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Bank &
Quotation Section^
Railway Earnings Section
Railway & Industrial Section
Bankers* Convention Section
©Om»l«HTK> IN 1,1, NV WILLIAM B. DANA COMPANY, New
YORK.
VOL 107,
Issued Weekly
210.00 PerYeer
Electric Railway
State and City
MATTER
NEW
JUWIM, t«TR. ATTWK PORT OPFICg AT
YORK, DECEMBER 14,1918.
NCW YORK, NCWYORK, UN OCR THE APT OP MARCH
William B. Dam Cou, Publishers,
138 Front 8L.N.Y City.
Section)
Section
1. 1WI.
NO. 2790.
Jfftunutal
^financial
financial
THE FARMERS’ LOAN & TRUST
HARVEY FISK & SONS
COMPANY
THE LIBERTY
32 Nassaa St
Foreign Exchange, Cable Transfer*,
NEW YORK
NATIONAL
Travelers' Letters of Credit
Trustee, Guardian. Receiver, and hi all
other fiduciary capacities.
Acts
Trustee under Mortgages made
fcy Railroad and other Corporations, and
as Transfer Agent and Registrar of Stocks
and Bonds.
as
Reoelves deposits upon Certificates of
or subject to check, and allows
Interest on dally balanoes.
Manages Real Estate and lends money
on bond and mortgage.
Will act as Agent In the transaction of
any approved financial business.
Depositary for Legal Reserves of State
Banks and also for moneys of the City
of New York.
Fiscal Agent for States. Counties and
Cities.
Deposit,
16-22 WILLIAM STREET,NEW YORK
Bench: 475 Fifth Avenue, at 41st Street
LONDON
BROADWAY and CEDAR ST
UNITED STATES BONDS
NEW YORK CITY BONDS
AND OTHER CHOICE
INVESTMENT SECURITIES
*
Capital j . . . $3,000,000.00
Septa t Profit!
4,000,000.06
*£
■
The National Paik Bank
fbf
New York
Wdf
Capital- Surplus & Undivided Profits
Deposits (Nov. 1,1918) -
•
•
•
•
Vice-Presidents
GILBERT Q. THORNE
JOHN C. VAN CLEAR
WILLIAM O. JONES
MAURICE H. EWER
GEORGE H. KRETZ
SYLVESTER W.LABROT
Cashier
27 Austin
Friar*. LONDON. E.
Assistant Cashiers
FRED*K O. FOXCROFT
WILLIAM E. DOUGLAS
w,
HARRIS, FORBES & CO.* I no.
BOSTON
Act as fiscal agents for munici¬
palities and corporations and
deal in Government, munici¬
pal, railroad and public utility
BONDS FOR INVESTMENT
List
ERNEST V. CONNOLLY
BYRON P. BOBBINS
Street, Corner William
NEW YORK
$5,000,000 00
18,592,000 00
172,670,000 00
President
RICHARD DELAFUCLD
WILLIAM A. MAIN
J. EDWIN PROVINH
HENRY L. SPARKS
«*
Harris, Forbes &C©
Pine
Organized 1858
PARIS
lfsntMf Federal Reserve Bank
and Mew York Clearing Boom
BANK
OP NCW YORK
The Company la a legal depositary for
moneys paid Into Court, and la author¬
ised to act as Executor. Administrator.
^
on
Application
Cable Address SABA. NE W YORK
.
Established 1874.
Edward B. Smith & Co
John L. Williams & Song
Established 18^'
BANKERS
Cerner 8th and
Main Streets
RICHMOND, VA.
Baltimore Correspondents:
MIDDENDORF, WILLIAMS & CO.. Ins,
GARFIELD NATIONAL BANK
Fifth Avenue Building *
Corner Fifth Ave. and 23rd St.. New York.
Capital, $1,000,000
Surplus, $1,000,006
BTTEL W. POOR, President.
HORACE F. POOR. Vice-President.
ARTHUR W. SNOW. 2d V.-Pres. A Cashier.
RALPH T. THORN, Asst. Cashier.
JOHN W. PEDDLE, Asst. Cashier.
THE
BANKERS
Established 1810
The Mechanics and Metals
National 6ank
of the
Capital
$6,000,000
Surplus and Profits
$11,000,000
...
Deposits
Nov. 1,1918
-
$221,000,000
Foreign Exchange Department
Letters of Credit
$150,000,000
Ffancis Ralston Welsh,
First National Bank
Philadelphia, Pa.
CHARTER NO. 1
1
f
BONDS
of r ailroad, gas and electric
UGHT AND POWER COMPANIES
H
109-111 SOUTH FOURTH STREET
ACCOUNTS
INVITED
The Chase National Bank
of the City erf N«w York
Capital
210,000,000
Surplus and Profits
15,022,000
Deposits (November 1.1918^
•“* S69.88f.000
OFFICER**A. BARTON HEPBURN. O r. Advisory Bd.
ALBERT H. WIGGIN,
Chairman
EUGENE V. R. THAYER,
President
.
NEW YORK
over
New Yob*
City of New York
NATIONAL BANK
Resources
1411 Chestnut Street* Philadelphia
30 Pine Stbbet
AMERICAN EXCHANGE
Foreign Exchange
Members New York ond Philadelphia
Stock Exchanges
PHILADELPHIA
-
SAMUEL H. MILLER,
EDWARD R. TINKElt,
CARL J. SOHMIDLAPi*.
GERHARD M. DAHL,
ALFRED O. ANDREWS.
CHARLES O. SLADE.
EDWIN A. LEE,
WILLIAM E. PlfrtDY.
CHARLES D. SMITH.
WILLIAM P. HOLLY.
GEO. H. SAYLOR.
M. HADDEN HOWELL.
S. FRED TELLEEN.
ROBERT I. BARR.
SEWALL 8. SHAW,
LEON H. JOHNSTON.
Vice-President
Vice-President
Vice-President
Vice-President
Cashier
Asst.
Asst.
Asst.
Asst.
Asst.
Asst.
Asst.
Cashier
.
Cashlsr
Cashier
Cashier
Cashier
Cashlsr
Cashlsr
Asst, Cashier
Aset. Cashier
Asst. Cashlsr
Asst. Cashier
DIRECTORS
Henry W. Cannon
Samuel H. Miller
A. Barton Hepburn
Edward R. Tinker
Albert H. Wlggln
Henry B. Endlcott
John J. Mitchell
Edward T. Nichole
Guy B. Tripp
Newcomb Carlton
James N. Hm
Frederick H. Ecker
Daniel O. Jadding
Eugene V. R. Tbay
Frank A« Sayles
Cart J. Bchmidlapp
Charles M. Schw
iwab
Gerhard M. Darn
Andrew Fletcher
..
~
$*
n
4
(Vot. 107.
9nbtttotetd 9mats ati& Seaton* of yore!gn.Cxcfrntgt
I. P. MORGAN & CO. Maitland,
Wall Strwt, Corner of Broad
DRIXEZi
GO., PHILADELPHIA
&
Cornea of 5th and Choetnut
Streets
MORGAN, GRKNFELL&CO., LONDON
No* 22 Old Broad Street
borganThabjes
31 Boulevard
Securities bought and
Foreign Exchange,
&
~6o7,
PARIL
Hauumann
Orders executed for all Investment Securities.
Act ae at/wits of Corporations and negotiate and
iasui Loaub
Bffie of Exchange* T*
Telegrap'iMe Transfera.
Letterw gf Credi;
on
England* Ltd.* London*
Commercial Credits.
IS Duett* St
BOSTON
u west
REV YORK
Commercial and Travellers
on
,
Agents for the Bank oi Australasia*
Travelers, available In all
world.
BROWN BfiDTHERSTSTCO.
Bostos
NEW YORK
ftaUHUSU
& 60,
Letters of Credit
Messrs. Mallet Freres St Cle, Parts*
Baneo Nacional de Mexico,
And its Branches.
sold on Commtasion.
parts of the
KIDDER,
The National Provincial 4k Union Bank of
Cable Transfers.
Urcular Letters for
Coppell & Co.
S2 W1LUAM STREET
NSW YORK
NEW YORK
ffatte* tf Urn YmK fUUUfUm
TBAVSLXBS' LRTSBS Ot OBBDIV
Afaflabte throughout tba United State*
BARING BROTHERS & CO, LTD.
LONDON
August Belmont & Co.
43 EXCHANGE PLACE, NEW YORK.
Members New York Stock Exchange,
Investment Securities
Agents and Correspondents of the
Messrs. ROTHSCHILD*
foreign Exchange
Deposit Accounts
London and Paris*
J. & W. Seligman & Co.
ISSUE LETTERS OF CREDIT
for Travelers
Available In all parts of the world*
Commercial Credits
Travelers’ Credits
Draw bills of Exchange and make Telegraphic
Transfers to EUROPE, Cuba* and the
other West Indies, Mexico and California.
BBOWN, SHIPLET & CO.
NS 1 William Street
NEW YORK
of
Execute orders for the purchase end sad#
Bonds and Stocks*
LONDON
Lawrence Turnure A Co.
64-66 Wall S«r**t,
New York
T. Snffem Taller
James G. WaF ce
QreovOle Kane
Investment securities.bought and sold on emu#
mission.
Travelers' credits, available through¬
out the United States. Cuba. Puerto Rice, Mexico,
Central America and Spain. Make collections In and
Issue drafts and cable transfers on above countries.
TAILERACO
London Bankers:—London
Bank, Limited.
Joint
Stock
10 Pine Street, New York
Investment Securities
A Co,
Divestment Securities
HEIDELBAGH, KKELHEIMER & CO.
Members
37 William Street.
New. York Stock Exchange
MEMBERS
Winslow, Lanier & Co.
N.
Y.
STOCK
EXCHANGE.
Execute orders for purchase and
Stocks and Bonds.
sale of
Foreign Exchange Bought and Sold.
NEW YORK
Issue Commercial and Travelers' Credits
available in all parts of the world.
BANKERS.
Deposits Received Subject to Draft.
Intcrci
Deposits. Securities
Bought and Sold on
on
Schulz &
Barclays Bank* Ltd.* London
J or da an ft Cie, Paris
Russo-Asiatic Bank, Hong Kong
Banqufe Industrlelle de Chino, Faria
Shanghai, Pelting* Hong Kong* Saigon*
Tientsin* Haiphong, Yunnan Fa
Ruckgaber
27 Pina Street
Commission.
Letters of Credit for Travelers
Correspondents of
59 CEDAR SIREET
Allowed
33 Pine Street* New York
Park Bankers:—Banque Francalse—Heine
New York
Membert of New York Stock Exchange
Foreign Exchange, Letters of Credit
Graham, Parsons dcCo.
Investment Securities
Commercial Credits issued In Dollars,
Kean, Taylor & Co.
Pounds
Sterling, Francs. Guilders. Pesetas, etc.
London Agents: Messrs.
Produce
S44 Fourth A vs-
CHICAGO
PITTSBURGH
PHILADELPHIA
Government and Municipal Bonds
Securities of Railroads, Electric
Exchange Bank
Broadway, Corner BEAVER ST*
105 So. La SaHe St.
495 Chestnut struct
Fruhllng & Goschen
New York
Bonds for Investment.
5 Nassau Street
NEW YORK
BANKERS
Foreign Exchange
Capital
....
31,000,000
Surplus and Undivided Profits 1,000,000
Foreign Exchange bought and sold.
Railways, Gas and Electric
Light and Power CompafiiBi
of
established
value.
Cable Address. “Graco.” Philadelphia.
Cable
Transfers. Commercial and Travelers’ Letters of
Credit available in all parts of the world.
ACCOUNTS INVITED.
John Munroe & Co.
WfW YORK
BOSTON
Letters ot Credit fo* Travelers
OsmmMMM
Ore^^
iisiKBOB
^
A
BOiSSEVAJN & CO.
14 BROAD
24
li^tsnrMENT $Eeirt£rrits
COHMEfeCfAL DEPARTMENT
,
EXCHANGE
Pleeal Agents for
Public
*
(Successors toAdolphBdfesevaln ACo.)
Amsterdam, Holland.
Exchange Place
New York
Members of the New York Stock Exchange.
Foreign Exchange
CO,, rab
STREET, NEW YORK
ALDRED & CO.
Utility and Hydro-Electric
ChawvSbla
Due. 14 1918.]
THE CHRONICLE
m
Inbetftmoit anb financial Jbmiti
Lee,Higginson &Co.
MlLLETT, R0E& HAGEM
NEW YORK
CHICAGO
BOSTON
BOSTON
INVESTMENT SECURITIES
SAN FRANCISCO
New York
Chicago
HIOGINSON & CO.
80 Lombard Street
LONDON. E C.
NEW YORK STOCK EXCHANGE
Goldman, Sachs & Co.
Member* of New York A Chicago Stock Exchanged
Hornblower & Weeks
42
BOSTON STOCK EXCHANGE
52 WILLIAM ST.
NEW YORK
IS CONOR ESS ST
BOSTON
The National
BROADWAY, NEW YORK
Company
Investment Securities
Bonds
SMITH & GALLATIN
MEMBERS
MEW YORK* BOSTON AND
CHICAGO STOCK EXCHANGES
Short Tern Neks
Member* of the
New York Stock Exchange
111
Direct wires to all principal markets
National City Bank Budding
New York
Broadway
New York
Chicago
Detroit
Providence
Portland
Robinson & Co.
EitaUiiiwd 1888
U. S. Government Bonds
“Burnham’s Manual
of Chicago Securities
LtyiNi ■evjiw/ve
Banker*
821 Chestnut St., Philadelphia
Chicago
allowed
Interest
Sent upon request
Exchange Place
New York
John Burnham & Co.
41
subject to check
High-grade investment securities
Member* Philadelphia. New York
•ad
Chicago Stock Exchanges
26
Members New York Stock Exchange
deposits
an
Investment Securities
(Revised to Oct. 1, 1918)
South La Salle St.
CHICAGO
BERTRON, GRISCOM & CO., INC.
Bonbright & Company
Incorporated
'“'■"“■“ESs!?
INVESTMENT securities
AO Wall Street
J23 Nassau Street New York
Land Title
Buil^iny
PHILADELPHIA
NEW YORK
Frazier &■ Co.
211 E. Redwood Street, Baltimore
BOSTON
DETROIT
.
William
^Bonbright & Co.
Bonbc4ghjh£ Os
H. AMY & CO.
Investment Securities
Broad and Sansom Streets,
PHILADELPHIA
PHILADELPHIA
CHICAGO
Members N. Y. Stock
Exchange
44 AND 48 WALL ST.
Ikanaact
a
SIMON BORG &
General Investment and Stock
Mcmbcrt of New York Slock
HALSEY, STUART A CO.
Incargarated—Successors te
N. W. HALSEY A CO. CHICAGO
CHICAGO
NEW YORK
BOSTON
PHILADELPHIA
ST. LOUIS
MILWAUKEE
DETROIT
*
4
bought and sold for cash,
Fiscal Agents for Cities and Corporation».
H. T. HOLTZ & CO.
New Ym*
or carried on
conservative terms.
Inquiries invited.
FINCH A TARBELL
Member* New York Stock Exchange
ISO BROADWAY,
.
.
NEW YORK
HIGH-GRADE
INVESTMENT SECURITIES
M. C. BOUVIER A CO.
Members
MUNICIPAL AND
PUBLIC UTILITY
BONDS
BONDS
NEW YORK
FOR
INVESTMENT
HARPER & TURNER
investment bankers
.TOOK *XCH*WOC
.UttfclNO
tmuTwevc 98*8*
t-aaAE&R STREET
MUNICIPAL AND RAILROAD
Exchange
Since 1889
20 BROAD STREET
-
Inactive and unlisted securities.
New York Stock
CHICAGO
•
Excitant/*
■
Government, Municipal, Railroad
and Public Utility Bonds.
89 SOUTH
No. 46 Cedar Street
STOCKS AND BONDS
CO.,
PHILADELPHIA
Members Phfladslnhla ****** Esehaiini
.
Colgate, Paifeer & Co.
[VOL. 107/
THE CHRONICLE
IT
financial
fiaamM
financial
WE FINANCE
Power and Street
Railway Enterprises with records
of established earnings
Electric light,
ESTABROOK & CO.
Members New York and Boston
Stock Exchanges
CHASE
INVESTMENT SECURITIES
BONDS
WE OFFER
Bankers and Investment Dealers
Proven Public Utility Securities
Correspondence Solicited
15 State Street,
24 Broad Street,
BOSTON
NEW YORK
a COMPANY
-
19 CONGRESS ST.,
BOSTOR
SPRINGFIELD
BALTIMORE
ELECTRIC BOND & SHIRE CO.
Hffeld-Up Capital and Surplus, $21,000,000)
71 BROADWAY, NEW YORK
MUNICIPAL AND RAILROAD
Municipal Bonds
BONDS
For Conservative Investment
R. L. Day & Co.
35
United States
Government and
William ftftmpton fa
Investment Bonds
Municipal and Corporation
Government and Municipal Bonds
Over a Quarter Centum
Congress St., Boston
New York
High Grade
14 Wall Street, New York
Cincinnati
St. Louis
Pittsburgh
Chicago
Issues Underwritten
in Otis bueineee
We
Jackson. Miss.
Correspondent*
REM1CK, HODGES & CO.
C. I. HUDSON & CO.
PARKINSON A BURR
No. 66 BROADWAY, NEW
Philadelphia and
Chicago Stock Exchangee
Members
Members of the New York and
Boston Stock Exchanges
New York,
BOND DEPARTMENT
Mississippi Valley Trust Co.
ST. LOUIS
TELEPHONE RECTOR 7401
53 State Street
Wall Street
NEW YORK
YORK
specialize In securities of
and the
the Mississippi Valley
South
Miscellaneous Securities
BOSTON
in all Markets
PRIVATE
jKmtos A jtatei wttte SU g.
WIRE8JT01PRINOIPAI, CITIES
CHICAGO
GREENebaum sons
H. F. BACHMAN & CO.
Established 1846
AND TRUST COMPANY
Southeast Corner La Salle and Madison StSc
INVESTMENT BANKERS
Members N. Y. and Phlla. Stock
CHICAGO
Capital and Surplus, $2,000,0(W
6&% CHICAGO FIRST MORTGAGES 6%
Exchangee
61 Broadway
NEW YORK
lilt Chestnut St.,
PMILADBLPHIA
TIMBER BONDS
based always upon
expert verification
of und erlying asset?
Thomas C. Perkins, inc.
Investment
Bankers
332 so. Michigan Av„ Chicago
Suitable for Estates, Trustees and
Oldest Braking House in Chicago. A State Bank,
A.
O. Slaughter & Co.
1*0 WEST MONROE STREET
CHICAGO, ILL.
CONNECTICUT
HARTFORD
Entire issues of preferred and common stocks
ef established and dividand«paying New Eng*
land Manufacturing Companies.
Momb
S. N. BOND & CO.
Commercial Paper
WE OFFER
bankers and investment
dealers all
or any
Municipal Bond*
original Issues of such companies
paying from 7 to 10 per cent.
Correspondence invited.
111
ESTABLISHED 1866
AuJlil»lG^0t<£Co
8 Nassau St.. N. Y.
MEMBERS NEW YORK STOCK EXCHANOB
Deal in
Tax-626mpt Guaranteed & Preferred
Railroad & Telegro
Co. Stocks
s{ Chicago Stock Exchange.
(.Chicago Board of Trade,
Minn. Cheather of Comatnrce;
/St Local* Merchant*1 EacUs
[Winnipeg Grain Exchange.
E. T. KONSBERG & CO.
664 So. La Salle Street
CHICAGO
Street, Boston
W. F. Baker, Manager Bond Dept.
ARMOUR & CO.
Debenture 6s.
Members Chicago Stock Exchange
^S.VWONES
$0
RAILROAD/Sr “
■ONTQOMRY, ALA.
MUNICIPAL
Corporation Bonds
Bonds
and
New York
Broadway
60 State
Underlying Railrao
INew York Stock Exchange,
New York Cotton Exchange,
New York Coffee Exchange,
New York Produce Exchange.
WE PURCHASE
part of
Individuals
Write for Bond Circular C 25.
to
Broad Street
List C
-
NewYbmi
gives current offerings.
B. W. Strassburgei
SOUTHERN INVESTMEMT SECURITIES
JJULSF^^M^p^FeFwWFjp^ mR.wSwg
Dec. 14 1918
iVT
THE CHRONICLE
Canadian
BANK OF MONTREAL
(Established 1817)
Canadian
CAPITAL paid
Government and Municipal
Bonds
up
-
-
-
REST
THE CANADIAN BANK
OF COMMERCE
$16,000,000
-
TOTAL ASSETS
-
-
-
16,000,000
-$426,322,096
Head Office—Montreal
We invite corre-oondence regard¬
ing Canadian Government and
Municipal Bonds to yield from
SIR VINCENT MEREDITH, Bart., President
Sir Frederick William*-Taylor,
General Manager.
F. B. FRANCIS,
64 WALL STREET
Agents
Chicago Branch, 108 South La Salle St.
Wood, Gundy & Co.
C* P. R. Building
TORONTO
President, Sir Edmund Walker,C.V.O.,LL.D.,D.C.
General Manager. Sir John Alrd.
Assistant General Manager. H. V. F. Jones.
New York Office, 16 Exchange
NEW YORK AGENCY
R. Y. HEBDEN,
W. A. BOO,
A. T. SMITH
5*4% to 8*4%
HEAD OFFICE. TORONTO
PAID-UP CAPITAL
918,000,000
REST
.........
918,M0,000
Spokane, Wash.
Foreign
Exchange
Mexico City.
bought and sold.
Commercial
credits issued
in any part of the world.
London
available
Place
1
felldHEfeJ*-Buy end Sell Sterling
ng end Continental Exchange end Cable Transfers, Collections
made at all points.
Travelers* Cheques and Letters of Credit
available in ail puts of the world.
Banking and Exchange business of every de*
ida.
scriptkm transacted withi Canac*
.
“
‘
*
’
“*
Offices, 47 Threadneedle St., E. C.
9 Waterloo Place, Pell Mali, S. W.
and Trafalgar Square.
G. C. CASSELS, Manager.
LONDON OFFICE—2 Lombard Street. B. O.
BANKERS IN GREAT BRITAIN,
The
Bank
of
England,
The Bank of Scotland,
Lloyd’s Bank, Limited.
CANADIAN
SECURITIES
Canadian
Government, Municipal
and Corporation Bonds
Qivirnmiiit, Municipal
& Corporation
Duramen SrcuKiins
CORPORATION- LIMITED
A. E# AMES & COi
74
my,
TORONTO. MONTREAL.LQNOOrLUia
HIV YORK
C. MEREDITH & CO.,
Cngineett
J. M. Mackle, Manager.
Cuba. Jamaica, Porto Rico, and in Boston, Chi¬
and New York. Commercial and Travekra
Credits issued, available in ail parts of the world.
Bills on Canada or West Indian points favorably
negotiated or collected by our branches In tbs
United States.
Correspondence invited.
cago
New York Agency, 52
Purchasers
Contractors
Engineers
Operators
Managers
of Public Utility and
Grea*
R. A. Daly & Co.
GOVERNMENT, MUNICIPAL
|ff"^ of Nova Scotia
CHICAGO
Building
TORONTO, ONT.
NEW YORK
LONDON
AUR
“Monthly Review,** a
”
THE
ROYAL BANK OF CANADA
Established 1869.
Capital Paid Up
Reserve Funds
Total Assets
WILLARD CASE ft COMPANY
ENGINEERS
916,000,000
$698,800,000
HeadTOffice
Montreal
SIR HERBERT 8. HOLT. President
.
E. L. PEASE, Vice-Pres. * Man. Director
O. E. NEILL, Gen. Manases.
obligation, upon request.
GREENSHIELDS & CO.
Mmmbmn Montreal Stock Emekmmgm
Dmalmn in Canadian Band Uturn
17 St. John St.
S
landH
DOM
VENEZUELA. Also In ANTIGUA. BAHA¬
MAS. BARBADOSjDOMINIOA. GRENADA.
JAMAICA. ST. KlfTO, TRINIDAD.
HONDURAS and BRITISH GUIANA.
SPAIN—Barcelona.
LONDON OFFICE—Bank Buildings.
Princes Street, E. O.
New York Agency—Cor. William’* Cedar Sts.
P. T. WALKER. O. B. MACKENZIE and
J. A. BEATSON, Agents.
Montrad, Cut.
Canadian Securities
W. GRAHAM BROWNE&OQ
222
St
James Sttxt
MONTREAL
Dtwlapmnt of
Industrial Plants 4k Equipments
Reports
914,000,009
brief
summary of business conditions
in Canada, will be sent to you with¬
out
rfank ‘of Scotland.
BRITISH
AND CORPORATION BONDS
REPORTS—VALUATIONS—ESTIMATES
lfe1?* at* * Mld,aa d
Britain)
LONDON, E. C.
MONTREAL
CANADIAN
Industrial
Properties
43 EXCHANGE PLACE,
A. P. B. Williams, Sec.
Wall Street
H. F. Patterson, Agent. ‘
Agents
46 Threadneedle St.
119 St. James St.
CONSULTING
General Manager’s Office, Toronto, Ont.
187 brandies throughout Canada. Newfoundland,
J. J. Reed.
JO-WHITE COMPANIES
Financiers
-
In
BOARD OF DIRECTORS.
O. Meredith, President.
Sir Chas. B. Gordon, G. B E., Vice-Pres.
O. R. Hosmer,
Wm. McMaster,
D. O. Macarow,
H. B. MacDougall,
A. Baumgarten,
A. E. Holt,
THE
(Incorporated 1889)
PAID-UP CAPITAL
98,100,000
RESERVE FUND
19,000,000
TOTAL ASSETS OVER
198,000,009
Heed Office, Halifax, N. S.
Correspondents
LIMITED
Bond Dealers and Financial
THE BANK OF NOVA SCOTIA
oa
Operating Methods 4k Conditions
CANADIAN
Municipal and Public Utility
Bonds
Peterarinatlona of
Worth of Established Properties
IT BATTERY PLACE
NEW YORE
jHintag engineers
H. M. CHANCE A CO.
fJESBITT. THOMSON
1 6 COMPANY. LIMITED
If
SS ST JAM E S ST, MONTREAL
MSMCANTILK TRUST OLD.HAMILTON.
AUCTIONEERS
Hotopern
Office, No. 66 WILLIAM STREET
F. WM. KRAFT, Lawyer
Regular Weekly Sales
Specialising In Examination 4k Preparation ef
OF
County, Municipal and Corporation
Mining Engineers and Geologists
Bonds, Warrants and Securities and
COAL AND MINERAL PROPERTIES
Proceedings Authorizing Same.
Rooms 817-890, 111 W. Monroe St.,
Examined, Managed, Appraised
Harris Trust Building
PHILADELPHIA
Adrian H. Muller & Son
CHICAGO. ILLINOIS
Corner Pine Street
STOCKS and BONDS
EVERY WEDNESDAY
At the
Exchange Sale#
14.16 Veaew S
if!
THECHRONICLE
5
CVol. 107.
fndga
AUSTRALIA & NEW ZEALAND
BANK OF
NEW SOUTH WALES
IWITABLUBSD 1S1T.)
Mi Op Capital
LONDON JOINT On ft MIDLAND
BANK LUTED
i. THREADNEEDLE STREET, LONDON, UL
...»
853,798,600
Aggregate Assets. 31 March 1911. $305,904,997
Sir 1. RUSSELL FRENCH. K. B.E.,
General Manager
330 BRANCHES sad AGENCIES In the Aus¬
tralian States. New Zealand. FIJI. Papua (Near
Guinea) and London.
Tbs Bank transacts every description of
Australian Banking Badness.
Wool and other Produce Credits arranged.
rtmrrtrma
MNI
vn«
DIN #LD
OwmS
W
WiSB
DM, ITKCCT, LC.L
London Office
29. THREADNEEDLE
STREET. E C., 2
THE DMON BANK OF MSTULU United
Incorporated 1389
Established 183T
Capital—
and Issued..-..-.....£8.000,000
Paid-up Capital £8.000,0001 To■ ■■ —
Subscribed Capital
$172,140,000
•
Paid-up Capital and Re¬
serve
Fund
-
71,725,000
-
Deposits
■
•
•
$1,564,855,000
»
Money at Call and Short
Notice
Investments and
Exchange
Advances
Total Capital and Reserve*
£8.883.008
The Bank has 41 Branches in VICTORIA. 80 In
Head Office: T1 CORN HILL, LONDON. E.C.
Manager—A. O. WILLIS.
Assistant Manager—W. J. Wseems
BANCA COMHERCIALE ITALIANA
£18,679,440
800
£3,300,000
BRANCHES IN GREAT BRITAIN
FOREIGN EXCHANGE DEPARTMENT
84, Lombard Street, London, E. C.
-
-
F. O. Goodenougb
W. O. Steveneoa
-
MANAGER
-
-
522,580,000
-
Bills of
-
-
-
-
-
LONDON COUNTY WESTMINSTER
AND PARR’S BANK UNITED
568,965,000
521,850,000
TiAnerim Officers Proceeding to Eonpe
This Bank has made arrangements te enable
American efffeers having ecceunts with them te
cash their Cheques free eS charge In Franca at
any Branch ef the BANK OF FRANCE er ef the
SOCIETE OENERALE and at the BANQUE FRAN.
CAISE POUR LE COMMERCE ET L’INDUSTRIE,
Farley las Italy at My Branch ef the BANCA COM*
MERCIALE ITALIANA, end In the Reef East at
any Branch ef the IMPERIAL OTTOMAN BANK.
ESTABLISHED IN 188$
Authorised Capital
£30,000,008
'
(1.500.000 Shares ef £20 each)
Subscribed Capital
27,314,286
Paid-up Capital
6,828,541
6,828,561
Reserve
(
une,
1918.)
Current, Deposit and other Ac¬
count
£230,428,748
Cash In Hand and at Bank of Engand
42,931,098
Money at Call and Short Notice
29,528,761
Advances and Discounts
117,402,238
Cuftemcrs havc the advantage ef using all er
Head Offle. MILAN
Paid-up Capital
Reserve Funds
£13^800,006
Capital Subecribed
Paid Up Capital
Cash in hand, Balances at
Bank of England and
starve
SKALAND.
Nominal Capital
CHAIRMAN
Authorized
£4.000.600
of Proprietors
guerre Liability
Fund „£8.085.000/sethor
£4.086.600
54, Lombard St., London, E. C.
Reserve Fund
.
Heed Office
GEORGE STREET
SYDNEY
LIMITED
HEAD OFFICE
Btad Office
Fund
14,750,000
Liability of Proprietors— 19,4X4*300
BARCLAYS BANK
My ef the 1,300 Offices ef the Bank far their
easiness sennectlens end far their Mall, which
will he carefully distributed.
$31,800,000
....$11,040,000
HEAD OFFICE: 41, LOTHBURY, EX. 2.
Foreign Brandi Office: 82, Cornhill, E.G. 8.
AOENCY IN NEW YORK.
Iff BROADWAY
Branches ere sstehttshed at all the Camps where
American Treeps are statlened In Eaoglead.
London Office. 1 OLD BROAD STREET. E. C.
Manager: B. Oonsdo.
SPANISH BRANCHES:
BARCELONA
Paseo de Gracia 8 and 10
MADRID
Oalle de Alcala 48
HR EDWARD H. HOLDEN. Bart.. Chairman.
West End Agency and London Office of the
Italian State Railways, 12 Waterloo Place.
Regent St.. 8. W.
International Banking
AFFILIATED IN FRANCE:
London County * Westminster Bank (Paris). Ltd.
PARIS
•
23. Place Vendome
LYONS
87. Rue de la Repobllqac
BORDEAUX
22 ft 24. Goars de 1'Intendance.
Corporation
85 WALL STREET. NEW YORK CITY
Correspondents to the Italian Treasury.
Capltsd..............
Surplus ft Undivided Profits
64 Branches In
Italy, at all the
principal points in the Kingdom.
„
MARSEILLES
81. Roe Paradis
AFFILIATED IN IRELAND:
$3,250,000
—$5,368,000
ULSTER BANK LIMITED
Branchee In:
India
China
Japan
Agents In London and Representatives In
U. S. A. for
BANQUE FRANCAISE ET fTALIENNE POUR
L’AMERIQUE DU SUD.
Straits Settlements
Java
Panama
g Philippine Islands
London
us
Colombia
Santo Domingo
San Francisco
Bueno* Ayres, Rio de Janeiro, Sen Paulo.
Ac. SocleU Commerciale
Santos,
d Orlente. Tripoli.
The
Anglo-South Americac
ERNESTO TORNQUIST & CO, Lda. The Union Discount Co< Bank, Ltd.
BUENOS AIRES
of London, Limited
ARGENTINA
Eatabllahed 1830
Oldoft business establishment in
River Plate
Capital fully paid
up
$9 CORNHILL.
Telegraphic Address, Udlsco, London.
the Capital Authorized
and Reserves
£2,$87,251
Clermont
&
Co.
GUATEMALA,
NOTICE IS HEREBY GIVEN that tb«
RATES OF INTEREST allowed for money
deposit are as follows:
The Company discounts approved bank and
mercantile acceptances, receives money on de¬
posit at rates advertised from time to time, and
fruits loans on approved negotiable securities.
CHRISTOPHER R. NUGENT. Manager.
The National
Company, Limited
LEU and CO.’S BANK,
LIMITED
ZURICH. (Switzerland)
.
i
i
i.
Fr*‘ M*800'009
Bills ef Exchange NegotUted sued Collected.
Drafts end Letters of Credit Issued.
Telegraphic Transfers Effected.
Booking and Travel Department.
f NOTICE Is hereby given that the RATE OF
INTEREST allowed for money
per cent per annum.
DUS.- Throe
on
Deposit
Approved bank and mercantile bills discounted.
on deposit at rates advertised
Money received
(Tom time to time and for fixed periods up
snorts Itr agreed onm
r Loans granted bn approved negotiable securities.
PHILIP
HAROLD WADE.
LOtfDOff, E. C.
j
NEW TORE (Agency), If WALLSSTREET
Every description of Banking and
Exchange business
THE
NATIONAL PROVINCIAL HAD
UNION BANK OF ENGLAND
Limited.
4.838.888
3.880.008
($5=£1 STERLING.)
ETERT
**
Cable Address—Natdls, London.
Subscribed Capital
$81,186,888
•'■nil
C*£iiiaFu!5 *nd}
LONDON. E. C.
Paid-up Capital
ResarvelFund
Founded 1T86
-i
Discount
-
£6,338,794 @ $5 per £==331,693,970
HEAD OFFICE, OLD BROAD STREET,
At Call $ Far Cent
At 3 te 7 i>Sy* Motlee. 3 Per Cent.
3$ CORNHILL
CAPITAL * RESERVES
4,000,006
*5=£1 STERLING.
Cable Address: “Clermont”
SPAIN: Madrid, Bilbao, Barcelona
8,500,000
4.850,006
BANKERS
Central America
URUGUAY
$10,000,006
Capital Subscribed
Capital Paid-Up
Reserve Fund
an
General Financial, Banking and
Commercial Business
CHILE
FRANCE: Faria
Manager
($S=£l.)
SUBSCRIBED CAPITAL
PAID-UP CAPITAL
*
RESERVE FUND -
$141,422,100
$20,000,000
Heed Office!
IS. BISHOKGATE, LONDON, ENGLAND.
with
Offices In
and Wales
numerous
England
Dec. 141918.]
THE CHRONICLE
foreign
^orei#!
ymfpi
SPERLING & CO.
kom NATIONAL BANK
Basildon Hotit*, ifoorfatiSl
UnHot>) E. C.
99
4fekd
86,000*000
Established
omep
d’Esciipte de Paris
LONDON
spo.ooo.ooe
Reserve Fund..
Fr*. 42.000.000
HEAD OFFICE: 14 RUE BERQERE. PARIS
London Office: Kins William Street. E. C.
GENERAL BANKING BUSINESS
disbursements and
Boris. Zurich, St Gill, Gotiovt, Lausanne
Authorised end
Subscribed^
Paid-up Capital......
....
“
-
Lottery. E.C. 2
West End Branch
lie Regent Street
Waterloo Piece S. W. 1
Surplus,
.
up,
.
.
Reserve Fund....
Reserve Liability of Proprietors
2,000,000
£8f040«O00
Drafts payable on demand, and Letters of
Credit are issued by the London Branch on the
Head Office, Branches and Agendas of the Bank
in Australia and elsewhere. Bills on Australasia
_
negotiated
Head
or collected.
Remittances cabled.; ;
Office, Sydney, New South Wale#.
London Office:
r
18, Birchln Lena, Lombard Street, E.C. 8.
Fr8.27,750,000
.
Limited.
Heed Office: 17 Moorgate Street, London, E.C.
Chief Office In New Zealand, Wellington*^
Special facilities offered to MEMBERS Of
“ im.om.ooo
Central Management and Head Office:
FORCES.
p*“,S2^.Eula :
Uncalled
capital
ROME
BRANCHES at: Genoa. Milan. Naples. Pa.
lermo. Turin. Venice, Bologna, Catania, Leghorn,
Florence, Ancona. Messina, San Remo. Como
and 60 others in dklEP CENTRES OP ITALY.
Bank In Winterthur est 1882
est 1888
Bank, Ltd.,
Company. Now York. 399 Broadway.
fhe Mercantile Bank of India Ltd.
Capital 21,000,000.
Paid up £602,800.
Reserve Fund i 000.000.
Branches in India, Burma, Ceylon, Straits
Settlements, Federated Malay States, Chtofc,.
and Mauritius.
STANDARD DANK OF SOUTH AFRICA, Iti
HEAD OFFICE, LONDON, E. C.
Paid-up .Capital—
mI'ZmS
£2,000,000 or 810.000,000
ITcarrys Fund
_
Total Resources
£44,230,278 or $221,151,278
About Two Hundred and Fifty Branches gad
igMiri,, throughout Sooth Africa.
...
,
*
.
.
Capital, fully paid
Reserves
••
Zurich
•
Frs. 50,000,000
“ 11,900,000
•
Winterthur
-
Tamps, Mexico.
bf the American Bankers'
.
Members
,Association.
.
Offers every Banking Facility. Payments
oollectimii made on all parte of Mfcrioo.
in both Mexican
and
gold and
New York exchange.
yinantfal
St. GaU
Lausanne etc.
Head
Office
Gracechurch Street, London
££5Q0,QQQ
-
Swiss Banking Association PETROLEUM BANKING & TRUST CO. S. A.
Apartado (P. O. Box) Ho. ttP^TBnpIo
PARIS OFFICE, t Rue le Peletier
Joint Proprietors with the Guaranty Trust Co. of
New York ef the Italian Discount and Trust
*».!$•"*
•
.
Oorrespondants In all oarts of thg world
t'
.3*
64, Lombard St. E. C.
S,040,000
—
Frs.82,000,000
.
1,*M,000,000 THE AMERICAN MILITARY AND NAVAL
Stud*
15
LIMITED
EtioMsSed 1834.
Incorporated in New South Wales.'
-
107.000,000
London Clearing Agents: Barclay’s
ST.*
Commercial Banking Company
of *
►rporation
Capital paid
Urea 180,000,000
Capital
AGfeNtfY
7 KING WILLIAM
Paid-up Capital...................i2,OSO,eOO
LONDON OFFICE, 43
with which are incorporated the
Sodeta Bancarta Italiana
and the
Soelata Italiana di Credite Provincial#
AND
THE
me world.
Banca Italiana Di Sconto
£3,000,000
£1,663,278
LONDON, E. C. 4, ENGLAND.
140 others in the chief centres of
France.
Branches lit Manchester and Liverpool
Nearly 800 Branches In France. Spain. Tonis,
Egypt. Madagascar. India and Australia.
Agents of the French Colonial Banks.
BANKING AND EXCHANGE business ob
description transacted. DEPOSIT ANY
CURRENT ACCOUNTS. DOCUMENTAR1
DOLJLJECTION OP FREIGHTS In all Harts ol
8
Toulouse, Toms, Troyes, and
enne,
Egyptian Law
Reserve Fund..
BRANCHES at: Lyons, Marseille*,
Havre, Angers, Bordeaux, Dijon,
Nantes, Orleans, Rouen, Saint-Etl-
120 BROADWAY.
under
Capital, fully paid
PARIS
NEW TOES AGENTS
Office—Cairo.
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
16* Boulevard dee Italians
SPERLING <fc jCO.t INC.*
p#f «u>
.....ftl, 160,000*000
Rescrre Fund
in4
ric
,
of EGYPT
Capital
FISCAL AGENTS FOR
.
nr
Documentary credits. Bills collectedexchaags. travolors' letters of credit. Re.
The Colonial Bank
Established 1836.
Capital SubMribMi
Paid-up Capita..
8s
SSC
WEST INDIES,
WEST AFRICA,
SIS,000,000.09
S3,7S0,000.00
81,625,000.00
£1
■.
^
.
LIVERPOOL,
MANCHESTER
LONDON.
reprecepttng The Bonk of New Seuth
Waftee with brancEes throughout Australasia.
Also
American Banks and individuals are invited to
avail themselves ef this Bank’s services in con¬
nection Pith U. 5. Forces now la Europe.
.Head Office:
;
28, Gracechurcb St., London, E.C. 3, Eng
..
NATIONAL BANK OF DOHA IMed
Bankers to
Subscribed Capital—£2.000.000
Paid-up Capital
-£1.000.000
Rewnt Fund...—«J0UMOAE ...
conducts every description or banlrfnj
and exchange business
New York
Agency:
22 William Street.
the^OoTernment
In British East
Africa and Uganda.
Head Office: SC. Bishopsgate. London. ET C.
Branches In India, Burma, Ceyltm, BrWsh East
Africa, Uganda and at Aden and Sandbar.
The
*
Ionian Bank, Limited
Incorporated by Royal Charter.
Offers every banking facility for transactions
with Greece, where It hsa been established for
80 years, and has Branches throughout the
Country.
Also at Alexandria, Cairo, Ac., In Egypt.
Head Office: Basildon House,
Moorgate Street,
LONDON, E. C. 2.
_
Hong Kong & Shanghai
BANKING CORPORATION
Paid-up Capital (Hoof —it
■sssrvs FuaS/ln Gold- .115.000.
I
[
gSBWVi’TishllMs^rpropriet^-!^!1GRANT DRAFTS.
816AQQA00
534.600,000
15.000,000
ISSUE LETTERS OP CREDIT.
NEGOTIATE OB COLLECT BILLS PAYABLE IN
CHINA. JAPAN. PHHIPPINBO. STRAITS SET¬
TLEMENTS. INDIA.
WADE GARDENER. Agent. 84 Watt St.
CREDIT
SUISSE
grf.KWAu|
|68jB
Capital Sc Reserve, francs 160,606,000
Heed ORfesc
^bwteh, Seritserland
Geneva,
W. C.
Langley & Co.
Investments
Cell, Lueerns,
SINKS8
115 Broadway, New York
dtp
*■111
THE CHRONICLE
[Vol. 107
Current gbmfb inquiries
F.
WANTED
J. LISMAN & CO.
Emmett Irrigation District 6s
Lindsay Water Co. 1st 5s
6t BROADWAY, NEW YORK
Great South Bay Water Co. 5s
San Antonio Water Co. 5s & 6s
Pittsburgh & Shawmut 5s
Leavenworth City & Ft. Leaven¬
Mason City & Fort Dodge 4s
worth Water 4s, 5s & 6s
Philippine Railway 1st 4s
Peoria Water Works 4s & 5s
Houston Belt & Terminal 5s
Pascoag Water Co. 5s
Ibab«n N*w York and Chicago Stock Exchangee
WE DEAL IN
Galveston Houston & Henderson 5s
Duluth Rainy Lake & Winnipeg 5s
Rock Island, Frisco Terminal 5s
Wabash, Des Moines Division 4s
Wabash, Toledo & Chicago 1st 4s
City Wat. Co. of Chattanooga 6s
Newport News Lt. & Wat. Co. 5s
Birmingham Water Co. 5s
Laramie Valley Irr. Diet, bonds
Bessemer Coed, Iron & Land 6s
H. C. SPILLER & CO.
Houston & Texas Central General 4s
Missouri & Illinois Bridge & Belt 4s
Pere Marquette Lake Erie & Detroit River 4J^s
INCORPORATED
27 State Street
63 Wail Street
Boston
Chicago & Eastern Illinois Receivers Certificates
AND ALL RAILROAD AND STEAMSHIP SECURITIES
New York
Pacific Light 6s Power 5s, 1942
Great Western Power 5s, 1946
Pacific Gas 6s Electric Co.
C. B. &
Q. Neb* Ext. 4s, 1927 WOOD. STRUTHERS & C0>
Ore. Short Line Con. 5s, 1946
6 Nassau Street
Hackensack Water 4s,
1952
NEW YORK
People’s Gas Lt. & Coke 6s, 1943
Milwaukee El. Ry. & Lt. 5s, 1926 Chic. Burl. & Qu., Ill. Div. 3J^s/49
Kentucky Central 1st 4s, 1987
Davies Thomas & Co. Oregon Sht Line 1st Consoles, 1946
C. St. L. & N. O. Consol. 3J4*, 1951
Members N. Y. Stock Exchange
L.& N., At.Kn.& Cin.Div.4s, 1955
6 Nassau St.,
New York
Lexington & Eastern 1st 5s, 1965
Telephone Rector 5520
Marine Trusts
We have ready for free dis¬
tribution a reprint of an article]
which appeared in the Decern-;
ber issue of the Marine News,
[describing
the
LIBERTY BONDS
$10, $50, $100 and $500 Bonds
Slock
characteristics of First Mort-
Hannevig & Co.
Marine Financing
Marine Securities
139
Broadway, New York
Foreign Exchange
Letters of Credit
Seaboard Air Line 1st Cons. 6s, 1941
Kansas City Terminal 6% Notes, 1922
Moline Plow 7s, 1919-24
Procter 6s Gamble 7s, 1919-23
Houston 6s Texas.Cent^Gen. 4s, 192]
MATT. H. CONNELL
*“
Br°^?Sphon.: Be
YoA
Warrants for
Liberty Bonds.
investment
'gagegMarine Trusts.
Send for Pamphlet C-5.
Dividend
Hartshome & Battelle
INVESTMENT SECURITIES
Member* of the New York Stock Exchange
25 BROAD STREET
NEW YORK
Lehigh Power Securities 6s, 1927
American Power 6c Light 6s, 1921
Denver Gas & Electric 5s, 1951
American Power 6c Light Preferred
Nebraska Power 6c Light Preferred
Fort Worth Power 6c Light Preferred
H. L. NASON A CO..
85 Devonshire St.
BOSTON
Kansas City Gas Company
Penna. Water 6s Power Co.
Marion Light 6s Heating
Indiana Railway Company
5s, 1922
5s, 1940
5s, 1932
5s, 4930
SAMUELK.PHILLIPSA.CO.
«2T Chestnut St„
J. S. Farlee Si Go.
ESTABLISHED 1882
INVESTMENT
BONDS
5% Refunding Gold Bonds
Due Serially 1919 to 1938
STOCKS
4.35%
B J.Van Ingen &Co.
52
Broadway
New York
Aome White Lead & Color Works 6a
Detroit United Ry.—Issues
Michigan Municipals
Local Detroit Stooks
55
B’way, N. Y.
Tel. Rector 1195
SUTRO BROS. & CO.
120 BROADWAY, NEW YORK
Hwbin of Now York Stock Exchange
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light 6s
Power of Baltimore Securities
Elk Horn Coal Corp. Securities
Wash. Balt. 6s Annapolis Securities
J. HARMANUS FISHER & SONS
(Established 1874.)
SOUTH ST.
BALTIMORE. MD.
Member* Baltimore Stock Exchange
Mechanics 6s Metals Nat. Bank
Bankers Trust Co. Rights
Park National Bank
Chase National Bank
Bond 6s Mortgage Guar. Co.
FRANK J. M. DILLON
71 Broadway
NEW YORK. N. Y.
Tel. 6460 Bowling Green
Chicago 6s North West. Gen. M. 5s
“when issued,” 1987
Armour 6s Co. 6s, 1919-1924
BULL & ELDREDGE
SI Nassau Street, N. Y.
Tel. 582 Cort.
Glover & MacGregor
845 Fourth Ave., PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
United Goal Corporation Stocks
Fairmount Goal & Coke 4s, 1919
Yukon Alaska Trust Co.
Tobacco P oducts Scrip
Minn. & St. Louis 7s, 1927
MILLER & COMPANY
Msmbara New York and Phtla. Stock Exchange*
180 B*way
*Phone 8900 Rector
New York
PHILADELPHIA
CITY OF HOBOKEN, N. J.
Prices to yield
Securities
JOEL STOCKARD A CO.
Member* Detroit Stock Exchange
DETROIT SUCH.
Byrl. Cedar Rap. & No. 5s, 1984, Cou p. & Reg*
Cent, of Ga. Chattanooga Div. 4s, 1961
Central Ohio 4J4*. 1980
Columbus & Hocking Valley 4s, 1948
Cent. RR. & Banking Co. of Qa. 6s, 1987
Carolina Central 4s, 1949
Housatonic RR. 6s, 1987
III. Cent. Western Line 4s, 1951
Jackson Lansing & Saginaw SHs, 1951
Long Island Cons. 4s & Cons. 6s, 1981
Long Island North Shore Branch 5s, 1982
Little Rock Hot Springs & West. 4s, 1989
Mobile & Birmingham 4s, 1945
New England RR. Cons. 4s, 1946
New York Connecting 4H>, 1963
Richmond & Allegheny 2nd 4s, 1989
Southern Ry. St. Louis 4s, 1951
Western Transit 3 Ms# 1988
BAKER, CARRUTHERS & PEU
Bond*—Bank Stock*—Standard Oil Stock*
15 Broad Street
New Yerk
Phones 5161 to 5169 Hanover
Dec. 14
1918.]
THE CHRONICLE
IX
Current JSottb Snqufrf e*
Birmingham (Ala.) Water Co. 6s
Burlington (Vt.) Gas Lt. 5s
Clinton (la.) Water Co. 5s
East St. L. Interurb. Wat. Co. 5s
Guanajuato Pow. & Elect. 6s
Ellicott Square 5s
Huntington (W.Va.) Wat. Co. 5s
Hutchinson Wat. Lt. & Pow. 4s
San Antonio (Tex.) Wat. Co. 6s
York (Me.) Lt. & Ht. 4^£s & 6s
York County Power 5s
New Hamp. Elec. Bys. Com. & Pf.
Atlantic Ave RR., Bklyn., Gen. 5s, *31
Brooklyn Union Gas Co. 1st 5s, 1945
Cedars Rap. Mfr. & Pow. Co. 5s,. 1953
Johnstown (Pa.) Pass. Ry. 4s, 1931
Kings County Elev. 1st 4s, 1949
L&urentide Pow. Co., Ltd., 6s, 1946
Milw. Light Ht. & Tract. 5s, 1929
New Amsterd. Gas Co. Cons. 5s, 1948
Shawinigan Wat. & Pow. Co. 5s, 1934
Union Ry. Co.* N. Y., 1st 5s, 1942
Wm.
Ben’g’ton (Vt.) Wat. Pow.& Lt.5s
Berlin Mills 5s & Pref.
Big Four, Springf. & Col. 4s, 1940
H&rtem Riv. & Portchester 4s, 1954
Housatonic RR. Con. 5s, 1937
Kan. City Ft. Scott & Mem. 6s, 1928
Tel Reetor 3273-4.
New London North, RR. 4s,
New England RR. Con. 4s, 5s,
N.Y. Providence & Boston 4s,
St. Louis & San Fran. Gen. 6s,
1940
1945
1934
1931
Wabash, Omaha Division 33^s, 1941
West Virginia & Pitts. 4s, 1990
Carnegie Ewen
2 Wall
Street, New York.
HOTCHKIN & CO.
83 State
St.f Boston, Blass.
ham§ Distance Mqrikome
Main 460
Chicago & Eastern Ill. Issues
Coal Sales Co.
6s, 1922
Dominican Republic 6s
D. L. & W. Coal
Evansville A Terre Haute 5s
Eotabliahed 1805.
Biorex & Co.
BANKERS
M« Chestnut St.
Phlludelphla
Oonrnumt,
MaakhaL Railroad and
Public UtIUtlas SocurltiM.
Members New York and PhikUMphie
Stock Exchanges.
BUFFALO GENERAL ELECT.
NIAGARA FALLS POWER
5s, 1932
Kirby Lumber Com. A Pref.
Lehigh Valley Coal Sales
Missouri Kansas & Texas Issues
New Mexico & Arizona Land
WILLIAM C. ORTON
Specialist Reorganisation Securities
38 Broad
St., Now York
Tol. 71SO-1-3 Brood
J. S. Bache 6l Co.
Members of the New York, Stock Etchants
Tel. 540ft Broad
NEW YORK
Brandies and Correspondents
Albany
Cincinnati
Cleveland
Pittsburgh
Buffalo
Kansas City
New Orleans
Chicago
Philadelphia
St. Louis
Syracuse
Troy
Baltimore
Boston
Rochester
-
Prina wfeu to tbs Principal OMu.
Berdrll brothers?
AMERICAN TOBACCO CO.
Dividend
VubUtlMitg Secuntiea
tit Uroadmav
Scrip
2t.1L
Alabama Power Co. 1st 5s
NEWBORG & CO.
Now
SO
York Stools
BROADWAY, N. Y.
Telephone. 4890 Sector
PRIVATE WISE TO ST. LOUIS
Railroad, Municipal, Industrial and
Public Utility Bonds for Conservative
Investment.
Entire
Adirondack Elec. Pow. Co. 1st 5s
Consumers Power Co. 1st 5s
Idaho Power Co. 1st 6s
Mountain States Pow Co. 1st 5s
Tennessee Power Co. 1st 5s
West Penn Power Co. 1st 5s*
Private Phonos to Philadelphia Sc Boston
W. W. LANAHAN & CO.
Bought, Sold, Quoted
& jfrms
gusepfr W&ulhcK
Stock Exchange
Members New York
•1 Broadway
New York
BUY—SELL
V
6
MIDWEST
REFINING
STOCKS—RIGHTS
Atlas Portland Cement
Hecker-Jones-Jewell 6s, 1922
CARL H. PFORZHEIMER & CO.
West Virginia & Pittsb. 4s, 1990
Dealers In Standard Oil Securities
TOBEY & KIRK
DUNHAM & CO.
Specialists
48
Exchange Place, *Phono 1980*5 Hanover
CHICAGO
SECURITIES
Members New York A Chisago Stock
\
ROYAL DUTCH PETROLEUM
New Shares and Dutch
Full-Paid Warrants
City Baking Co. of Balt. 6s, 1935
Crew Levick 6s, 1931
Empire Refining 6s, 1927
Washington Water Power 5s, 1939
BABCOCK, RUSHTON 4CQ
Security Issues Negotiated
BANKERS
*
Members N. Y. and Baltimore Stock Exchanges
Canada Copper 6s, 1928
Phones 4860-1-2-3-4 Broad.
25 Broad St., N. Y.
1ST South La Salle St.
T Wall Street
Chicago
New York
Chic. A Nor. West 6s, 1987 i
Gulf & Ship Island 5s, 1952
Northern Pacific Prior Lien 4s, 1997
Houston Belt & Term. 5s, 1937
Tenn. Coal & Iron 5s, 1952
Montana Power Co. 6s, 1943
Consumers Power Co. 5s, 1936
Lackawanna Steel Co. 6s, 1950
Pocahontas Con. Coll. 5s, 1957
Colorado Fuel & Iron Co. 5s, 1943
McKinley & Morris
11 WALL ST. 19. Y.
ToL 8344-5*5 Rector
Members New York Stock
15 Bread Stseat
•
-
NEW YORK
Central RR. of New Jersey 5s
Southern Indiana 1st 4s. 1951
Central Branch Union Pacific 4s. 1948
Central Indiana 1st 4s, 1988
Missouri & Ill. Bridge & Belt 4s, 1951
Macon Dublin & Savannah 5s, 1947
New Orl. & Qt. Northern 1st 5s. 1955
Pine Bluff & Western 1st 5s, 1938
Norfolk & Southern 1st 5s, 1941
El Paso & Rock Island 1st 5s, 1951
New Mexico Ry. & Coal 5s, 1951
Texas & Oklahoma 5s, 1948
Missouri Kans. & Tex. Ref. 4s, 3004
WOLFF & STANLEY
rtf. 3850 or 5657
tt William
St., Now York
Cleveland Electric HI. 5s
Montreal Tram. & Pow. 6s, 1919
Oregon RR. & Navigation 4s
Albany & Susquehanna 3 Ms
New York & Harlem 3 lA*
Maine Central 4^s
Scioto Valley & New England 4s
Balt. A Ohio 1st 4s, Coup. & Reg.
Wheeling & L. E. 5s, 1926 & 1928
Gordon Ironsides & Fares 6s
Detroit United 7s
Detroit Edison 6s & 7s
General Electric Deb. 5s
Union Pacific Ref. 4s
Chic. Ind. A Lou. 4s, 6s & 6s
L. & N., Pensacola & Atlantic 6s
Seaboard Air Line 6s 6 Underlygs.
American Spirits 6s
New York Dock 4s
Mexican Government 4s & 5s
SouthernpRy. Underlyings
Philadelphia Co. Issues
SAM’L
’Phon. 5380-1-2-3 Bro.d
Chicago Railways 1st 5s
United RR. of San Fr. 4s, Ctfs.
Virginia Ry. & Power 5s
GOLDSCHMIDT
25 Broad Street
IVot. 107.
THE CHRONICLE
CINCINNATI
DENVER
Mountain States
ROBERTS A HALL
fHwdniMtl StoA
Telephone
Wall Street
38
In St. Louis at 412 Olive Street
*
*
BELL SYSTEM IN COLORADO,
NEW MEXICO# ARIZONA, UTAH,
WYOMING. IDAHO AND MONTANA
;
7
>■
1 ?•»
1
ST. LOUIS
INVESTMENT SECURITIES
CINCINNATI
OHM
7% STOCK
No Bonds—No Preferred Shares
SECURITIES
$50,000
CLARKSVILLE,
BOETTCHER, PORTER
& COMPANY
4% BONDS
DENVER
of the
To Net
CENTRAL WEST
Weil, Roth & Co.
CINCINNATI
DETROIT, MlgH.
-
KEANE, HIGBIE & CO*
MUNICIPAL BONDS
1140 Pcnobeeot Bldg.
Smith
1
WnUam H. Burg
EDGAR
"W5.'!«!'!
FRIEDLANDER
CINCINNATI
OHIO
MINNEAPOLIS
MOTTU & CO.
WELLS-DIC CEY CO.
Established 1893
LOUIS, MO
~
Cincinnati Securities
SMITH, MOORE & CO*
ST.
Tm-" m>”
DEALER IN
DETROIT
NORFOLK, VA.
Investment Bonds
NEW YORK
rrrrfrrrrj
!""
Chirks W. Moors
OLIVE ST.
»%
MINNBAMLiS. MINN.
NORFOLK. VA.
MU C. STDNBEKG i CO.
NEW YORK
99 Broadway
INVESTMENTS
Or)
Minneapolis
Iftskri Nm York Stock Exchange
Members St. Lout* StocklEzchange
300
PORTLAND, ORE.
iroadway
ALABAMA
ST. LOUIS
ST. LOUIS SECURITIES
MARX & COMPANY
BANKERS
Members St. Look Stock Exchange
Birmingham* Ala.
STIX & CO.
Dealers in
Southern Investment Seeuritiee
MORRIS BROTHERS
THE PREMIER MUNICIPAL BOND HOUSE
OP OREQON
Established Oeor 26 Years
Government mid Municipal Bonds
PORTLAND. OREGON
Investment Securities
BUFFALO
•09 OLIVE ST.
ST. LOUIS
HALL A COMPANY
JOHN T. STEELE
PROVIDENCE
INVESTMENT BONDS
BUFFALO, N. Y.
STRANAHAN & COMPANY
Specialists in
Bonds and Stocks of
Government, Municipal
and Carporation Bonds
Legal and Paolflo Coast Securities
LEWIS
Buffalo and Western New York Securities
LOUISVILLE
Pnblio Service Companies
Nov York
Boston
Nek Haven
ProYidonco
AususU.
~~
MACON
JOHN W. DICKEY
AUGUSTA, GA.
Guaranteed Stocks
BstaMfcbad I880
AND
MACON
-
-
-
GEORGIA
PORTLAND, MAINE
OTIS 4. COMPANY
INVESTMENT
BANKERS
Members of New York, Chicago, Columbus
,"d
Cfcggadgtgft EfCfcn... and
due 1931
We
buy and sell bonds issued by
Ohio Corporations
Henning Chambers A Co.
Members New York Stock Exchange
BALTIMORE
CINCINNATI
H. M. PAYSON A CO.
Investment Bankers
Portland, Maine
•t Exchange St.,
We buy and sell
BALTIMORE
SAINT PAUL
F. E. MAG RAW
INVESTMENT BONDS
CLEVELAND, O.
American Tel. & Tel. 7% Notes
LOU IS VII
ILLE, KY.
Wanted—Wichita Water Co. 5.
STANLEY & BISSELL
MAMTIELO BLDG.
fc‘fc.^1r.rTr? ISJru “ *•
404 West Main Street. LOUISVILLE. KY.
CLEVELAND
Branch Offices: Columbus, Ohio; Akron. Ohio.
Youngstown, Ohio: Denver. Colo.;
Colorado Springs, Colo.
Buffalo CrosTtow. V,COn*°* “
INVESTMENTS
CLEVELAND
CUYAHOQA BLDQ.
—
Rochester Railway 1st & Sd Mtge. Ss
W. M. DAVIS COMPANY
Southern Municipal Bonds
Southern Securities
V
John W. & D. S. Green
Worcester
AUGUSTa
PORTLAND, OREGON
BUILDING,
8PSOIAUST8 IN
MUNICIPAL AMD CORPORATION
BONDS
Commercial Piper
Local Securities of the Twin Ottfae
Globe
Building
ST. PAUL, MINN.
CINCINNATI
Securities
Westheimer & Company
mi the
Now York Stock Exchange
Cincinnati Stock Exchange
Chicago
Booed
of
Trade
Dec 14 1918.].
THE CHRONICLE
zi
Jftoattctal
jfinahc(4i^
LOS ANGELES
Pacific Coast Securities
To the Holders of:
BONDS
.
M. Vv.
v-
,'i(
’
.
7v
Philadelphia
of MUNICIPALITIES AND
CORPORATIONS
company
Collateral
and
tuning substantial
and earning power
Ttust 5% Gold Bonds,
WILLIAM R. STAATS CO.
LOS ANGELES
SAN FRANCISCO
PASADENA
Due 1949.
The undersigned, Trustee under the
Mortgage securing the aboye
bonds, has on deposit $3,775,000, being the uninvested balance of pro¬
ceeds received from the sale of
property (Brunot Island Plant) formerly
under the lien of the mortgage
securing this issue.
The undersigned will receive tenders of the above
bonds, at not
exceeding par and interest, sufficient to exhaust the eash balance in
hand. Tenders should be addressed,
Philadelphia Company Bond '*.r
Tender, care of Maryland Trust Company, Trustee, Baltimore, Md., ^
must be for all or any part of the bonds
offered, and must be received by
said Trustee at its Trust Department at or
prior to three o’clock on Jj
CHICAGO
We Specialize in California
Municipal
•
Corporation
BONDS
PERRIN. DRAKE «. RILEY
i-OS AN.ELCS
R. H. MOULTON 6 COMPANY
December 20, 1918.
CALIFORNIA MUNICIPALS
Title Inanranoe Building,
LOS ANGELES
Advices as to bonds accepted will be mailed by the Trustee on or before December 23rd, 1918. Bonds so
accepted, accompanied by^Federal""
Income Tax Ownership Certificate covering accrued
interest, must be
delivered to the Trustee at its office in Baltimore, Md., not later than
SAN FRANCISCO
F. M. BROWN A CO.
3:00 P.
M., December 27, 1918.
DEALERS |N
MARYLAND TRUST
COMPANY, Trustee,
Municipal and Corporation
BONDS
BftltitfiDtt, Md.
too Sunsome Street. Corner California
SAN FRANCISCO. CALIFORNIA
Quotations and Information Furnished
on
P'"?*!'
-"4PUV
y JM,
—i'
..
.1 IV.—
.
i
Pacific Coast Saourltlos
„
„
t - v
r
1858
r~?
a.
SUTRO A eO.
BANK
INVESTMENT BROKERS
San FrancUfo
410 Montgomery St.
Members
San Francisco Stock
and Bond irrrnawge
Head Office: 71, LOMBARD ST„ LONDON, E.C.1
CHAPMAN DE WOLFE CO.
!$*■§$$ Montgomery
($5
Capital Subscribed
Capital paid op
Street.
SAN FRANCISCO. CALIF.
Stocks and Bonds
Member San Francisco Stock A Bond
Deporitt, Ac. (Dec, 1917) 873,489,728
Advances, &c*
do.
307*333,545
Brrfcangs
INDIANAPOLIS
THIS BANK HAS NEARLY 900 OFFICES IN ENGLAND & WALES.
Colonial and Foreign Department: 17, CORNHILL, LONDON, E.C. 3.
The Agency of Foreign & Colonial Banks is undertaken.
INCOMES
Is the name of a little monthly Magazine which
we will tend to yon without Charge.
is ourpocket
aim toedition
makeofIt financial
andIs
Jtuable
the most concise
that
FRENCH
news
published.
Its object is to
Ask tor It.
serre.
AUXILIARY:
LLOYDS BANK (FRANCE) A NATIONAL PROVINCIAL BANK
BREED. ELLIOTT & HARRISON
Cincinnati
INDIANAPOLIS
Detroit
Chicago
Milwaukee
OTTO F. HAUEISEN & CO.
Established 1002
ill Fletcher Trust Building, Indianapoll.
NEWTON TODD
Local Securitiee and
Indiana Corporation Bonds A Stocks
Fletcher-Amer. Dank Bldg..
~
iNQiANAPOLIfl
PITTSBURGH
■■
.....I
■
■
Pittsburgh Securities
a
Specialty
CHICAQO.
ROCK ISLAND AND PACIFIC
To Holders of Gold Bonds of 1003 and
Appurtenant Coupons of May 1. 1914.
Notice is hereby given that pursuant to an
order made on the 2lst day of November. 1918.
by the District Court of the United States
for the Southern District of New York, in a
suit pending between Central Trust Company
of New York, as complainant, and Chicago,
Rode Island A Pacific Railroad Company, as
defendant,
upon
hours of said
Union Trust
presentation during business
bonds
and
sum
of sixty-six
one
CHILDS, KAY & WOODS m2?*
Fsartt!
May 1.
1914, the
PITTSBURGH, PA.
Members
NEW YORK STOCK EXCHANGE
PITTSBURGH STOCK EXCHANGE
CHICAGO BOABO OP TRAD.
coupons
to Central
Company of New York at its
office, 54 Wall Street, New York City, for
appropriate notation, the holder thereof (or
the registered owners in case of registration
of bonds) will be entitled to receive for each
$1,000 er bonds, if accompanied by the appur¬
tenant coupon which matured May I, 1914,
the
Union Amdo
(FRANCE) LIMITED.
Notice*
RAILROAD COMPANY.
Specialists in Local Securities
£1J
25,043,360
20,000,000
Reserve Fond
Information and Quotations on all Pacific
Coast Securities
—
•156,521,000
-
third cents,
or
sum of sixty-five and o—loo
cents; holders of coupons which matured, May
1, 1914. presented separate from the bonds to
which they appertain, will be entitled to re¬
ceive the sum af6na and 40-153 cents for each
820 of such coupons.
,
Dated, New York. November 21st. 1918.
WALTER O. NOYES, Receiver.
Copper Stocks
Investors considering the future of Cop¬
per 8tocks will find in a Statistical and
Information Table Just prepared a handy
reference on the achievements of the
leading Producing and Junior Coppers.
The list comprises 32 copper companies
and will be sent gratis on request.
Ask
for Copper Chart C-330.
HUGHES &DIER
Stocks—Bonds—-Grain
^
Members/PhUa. Stock Exdiange
I Chicago Board of Trade
SO BROAD
ST.. NEW YORK
Suite 012-520.
W. H.
Tel. Broad 1202
Goadby & Co.
Membra New York Stock Exchange
NO. 74 BROADWAY
NEW YORK
{Yoi«. 107.
THE CHRONICLE
XU
flmuuinl
Jffttatutal
Foreign Legal Forms
Bond Secured
planning to do business in South
America must provide their representatives there with
adequate legal powers of attorney, stating specifically
the authority conferred. Model forms for use in
Argentina, Chile and other South American countries
will be furnished upon request by our Commercial
Service Department.
Notes
Business houses
Short
ous
term notes
and growing
of prosper¬
utility
eom-
nies afford the Investor safe and
profitable investment.
Yield 8%.
Maturities 10 to 28 months.
The
Write for descripttee circular*,
First National Bank
E M. ByUesby & Company
Iaoorporated.
of Boston
Capital and Surplus
Resources
Branch
at
•
$27,500,000
over
$250,000,000
•
•
....
230Be.LaSaUeSt.
CHICAGO.
1220 Trinity Bldg.
NSW YORK.
REDEMPTION
OF
FIRST MORTGAGE S% BONDS OF
Buenos Aires, Argentina
The Equitable Illuminating Gas Light
Company of Philadelphia
Notice Is hereby given that, pursuant to the
terms of the Mortgage of THE EQUITABLE
ILLUMINATING GAS LIGHT COMPANY
OF PHILADELPHIA, dated
February 1st,
Government, Municipal, Railroad
Public Utility
Industrial
1898, Fifty (50) Bonds were this day drawn in
accordance with the requirements of Article Third
of the Mortgage, being bonds numbered:
14 1051 2001 2934 4041 5002 6059 6885 7383
108 1323 2312 3138 4258 5166 6252 6917 7489
318 1459 2464 3351 4312 5281 6460 7026
588 1505 2554 3503 4434 5501 6522 7167
785 1739 2768 3740 4650 5676 6783 7226
968 1838 2911 3851 4811 5807 6808 7228
These bonds will be paid at 105 and accrued
interest to January 1st, 1919, on presentation at
the office of The New York Trust Company, No.
26 Broad Street. New York City, on and after
January 2d, 1919.
Interest will cease on the
above bonds on January 1st, 1919.
THE NEW YORK TRUST COMPANY,
Investment Bonds
A. B. Leach &
Co., Inc.
Investment Securities
62 Cedar
St., New York
Philadelphia
Boston
Baltimore
Scranton
'
105 So. La Salle St., Chicago
Buffalol
Pittsburgh
Cleveland
Minneapolis
Detroit
Milwaukee
By B. G. OUBTS, Secretary*
_
December 1st, 1918.
$®anteb
PEACE
Wanted
INVESTMENTS
Experienced Bond Man
to take
There
in high
HIGH-GRADE
SOUTHERN BONDS
We buy and sell highgrade tax-secured municipal
bonds of the Southern States
and their sub-divisions offer¬
ing
a
safe security with
an
attractive yield.
Write for
descriptive booklet.
are
still excellent opportunities
yielding investments, notwlth-
'
standing recent advances.
Babson'a Reports give definite advice
the most attractive of fifty thousand
or more bond Issues.
as to
Particular8 free.
Address Depart. FC-26
Babson’s Statistical Organization
WELLESLEY HILLS, MASS.
a
very
important position
with large investment banking
house offering a diversified list of
securities. Only those who have
had actual
selling and executive
experience in the business should
apply. An attractive salary to
the right man. All replies will
be treated in the strictest confi¬
dence. Address CF., P. O.
Box 372, City Hall Station,
New York, giving full particulars
as
to past
experience.
Largest Organisation of its Character in the
World.
BOND DEPARTMENT
HIBERNIA
GEORGE W.
MYER, JR.
BANK A TRUST CO.
Certified Public Accountant
NEW ORLEANS
60 WALL ST., NEW YORK
Resource*
$40,000,000
Audits, Investigations,
Estate Accounting,
Income Tax Returns.
Telephone H&nove 6266
BOND MAN of fifteen years experience as
salesman and manager, at present employed
would like position with Bond House or
Trust Company. Salary secondary consider¬
ation.
Address, “E. L„" care Commercial &
Financial Chronicle, P. O. Box S, Wall Street
Station, New York City.
WANTED
High Class Bond Man
Address,
**H.
J.,”
care
Commercial
&
Financial Chronicle, P. O. Box S, Wall Street
Station, New York City.
Dec. 14 1918.]
THE CHRONICLE
Bibili ettbs
xm
yfnsnttal
THE NEW YORK CENTRAL RAILROAD CO.
New York, December 11, 1918.
Conditioned on the approval of the DirectorGeneral of Railroads being given, a Dividend
of One Dollar and Twenty-five Cents ($1.25)
per share on the Capital Stock of this Company
has been decJared payable
February 1, 1919,
_
the office of the Treasurer,
at
to stockholders
^record at the dose of business January 3,
For
the purpose of the Annual
Stockholders
or
this
Meeting of
Company, which wUl be
“Is your
held January 22, 1919, the stock transfer books
will be closed at 3 P. M. January 3, 1919, and
reopened at 10 A. M. January 23. 1919.
MILTON 8. BARGER, Treasurer.
house
The Chatham & Phenix
National Bank
in order?”
of the City of New York.
A quarterly dividend of 3%
upon the capital
stock has this day been declared by the Board
of Directors, payable free o€ tax
January 2,
1919,
to shareholders of record at the dose
of business December 19, 1918.
Transfer books
will be closed from December 19, 1918, to
Janu¬
ary
“The
2, 1919.
of Your Estate” is
B. L. HASKINS.
Vice-President and Cashier.
New York, December 12, 1918.
this company.
of the City of New York'
a
quar¬
terly dividend of 4% on the capital stock of this
bank, payable January 2, 1919, to stockholders
of record at the dose of business December 24,
1918.
The transfer books will not dose.
A. C.
ANDREWS. Cashier.
Dec. 11, 1918.
BETHLEHEM STEEL CORPORATION.
Notice of Dividends on Eight Per Cent
Cumulative Convertible Preferred Stock.
Seven Per Cent Non-Cutnulative Preferred
Stock. Common Stock and Class B Com¬
mon Stock.
The fourth installment of 2% of the eight per
cent dividend upon the Eight Per Cent Cumu¬
lative Convertible Preferred Stock and the fourth
installment of 1H % of the Seven Per Cent divi¬
dend upon the Seven Per Cent Non-Cumulative
This booklet will interest every man who is
giving
thought to the safeguarding of his business and per¬
sonal interests. We will gladly mail you a copy
upon request
Address Trust
OF NEW YORK
80
Broadway
Company
84 Wall Street
42nd Stmt Branch
Madison Are. A 43*4 ft.
Plait Branch
r'
Department
Central Union Trust
788 Fifth Avenue
2H% dividend upon the Common Stock and
tixe Class B Common Stock of the Corporation,
ch was declared on October 24, 1918, will be
which
fth At#. Branch
486 Fifth Ai
Capital, Surplus and Undividsd ProAts $30,000,00$
_
on January 2. 1919,
payable
holders of
to the respective
record of said four classes of stock at
the dose of business on December 16, 1918.
Checks will be mailed.
Dated New York, December 2, 1918.
B. H. JONES, Secretary.
UNITED
DYEWOOD CORPORATION.
York, November 29, 1918.
Preferred Capital Stock Dividend No. 9.
Common Capital Stock Dividend No. 9.
New
The following dividends on the stocks of
this Corporation have been declared: A divi¬
dend of $1.75 per share (from a sum set aside
for the payment of $7.00 per share for the Jrear
1918) on the Preferred stock, payable January
2, 1919; a dividend of $1.50 per share on the
Common stock, payable January 2, 1919; pay¬
able to stockholders of record of Preferred and
Common stocks at the close of business Satur¬
day. December 14, 1918.
The transfer books will not be dosed.
Checks will be mailed by The New York
Trust Company, of New York.
DEWITT CLINTON JONES,
Treasurer.,
Municipal Bonds
Exempt From All Federal Incomelaxes
*$85,000 Rochester. N. Y..
rear...
*
American Woolen Company
(Massachusetts Corporation)
QUARTERLY DIVIDENDS.
Notice is hereby given that the regular quar¬
terly dividends of One Dollar and Seventy-Five
Cents ($1 75) per share on the Preferred Stock
and One Dollar and Twenty-Five Cents ($1 25)
per share on the Common Stock of this Company
will be paid on Jan. 15, 1919, to stockholders of
record Dec. 16, 1918.
Transfer books wUl be closed at the close of
business Dec. 16, 1918, and will be reopened at
the opening of business Dec. 30, 1918.
WM. H.
DWELLY, Treasurer.
Boston, Mass., Dec. 6, 1918.
75,000 New Haven, Conn
*870,000 Dee Moines, la
*17,000 Sioux City, la
88,000 Superior, Wla
10,000 Dubuque, la
*
80,000 Canton, Ohio
80,000 Cascade County, Mont.
178,000 Spartanburg Co., S. C.
87,600 Portsmouth, Va
51,000 Asheville, N. C
99,000 Lyndhurst, N. J
48,000 Buncombe^ Co., N. C
157,000 Miami, Fla
80,000 Surry Co., N. C
89,000 Greenville, N. C
_
_
....
*
American Woolen Company
Rate Maturity Yield
1933
4.80%
4*%
1936
4*
5
4H
4.40
1938
4.40 ]
1919-88
5
4.60
1981
4.50
1938i
4.50
4
-BM
4.30]
1989-88
5
1931-37
4.70
4H
1988-37
4.70
1938
6
4.80
4.80
BH
1919-57
5
1919-57
4.80
•
1939-88
4.876
6
1938*
4.875
6
1938-88
4.90
6
1919-88
5.00
Legal investment for Savings Banks
and
Trustees
in
New
York
State.
(Massachusetts Corporation)
EXTRA
DIVIDEND
ON
COMMON STOCK
R. M. GRANT & CO.
Feb. 1 1919, or as soon thereafter as prac¬
ticable, to Common stockholders of record
Dec. 16. 1918.
WILLIAM H. DWELLY, Treasurer.
on
Boston, Mass., Dec. 6, 1918.
a
sixteen-page booklet
describing the ser¬
vices performed by
The Chase National Bank
The Board of Directors has declared
Management
Boston
31 Nassau St., New'fork
Chicago
THE CHRONICLE
XIV
[Vol. 10?
9nbe*tment ^anfetrs
H. T, HOLTZ & CO.
Municipal
Public Utility Bonds
and
!
3® SOUTH LA SALLE STREET
CHICAGO
A Concise Pocket Digest containing current
FINANCIAL NEWS
FOR INVESTORS
Our little
on
monthly magazine entitled “INCOMES” will' keep you posted
We shall be glad to mail “Incomes”
regularly without charge or obligation. Its object is to serve.
all Important financial events.
to you
Latest Issue
on
Request.
BREED, ELLIOTT & HARRISON
High-Grade Investment Securities.
Indianapolis
Cincinnati
IDftftinilifi
ZHbftento
Bibftenbg
EASTERN TEXAS ELECTRIC COMPANY
AMERICAN OAS & ELECTRIC COMPANY.
AMERICAN LOCOMOTIVE COMPANY^
30 Church Street, New York, December 6, 1918.
A quarterly dividend of one and three-quar¬
ters per cent (IH%) upon the Preferred capital
stock of the American Locomotive Company
has been declared payable on January 21, 1919,
to the Preferred stockholders of record at the
close of business on January 3, 1919.
Dividend
checks will be mailed January 20, 1919.
A quarterly dividend of one and one-quarter
per cent (1 H%) upon the Common capital stock
of the Company has been declared payable on
January 3, 1919, to the Common stockholders
of record at the close of business on December
18. 1918.
Dividend checks will be mailed Jan¬
Beaumont and Port Arthur, Texas.
(Texas Corporation.?
PREFERRED DIVIDEND NO. 1.
COMMON
DIVIDEND NO. 1.
A semi-annual dividend of $3 per share on the
Preferred capital stock and a semi-annual divi¬
dend of S2 50 per share on the Common capital
stock of Eastern Texas Electric Company have
been declared, both payable January 2, 1010, to
stockholders of record at the dose of business
December 20,1018.
STONE & WEBSTER,
Transfer Agents.
EL PASO ELECTRIC COMPANY
El Paso, Texas.
■I
PREFERRED DIVIDEND NO. 33.
A semi-annual dividend of $3 00 per share
has been declared on the preferred capital stock
of El Paso Electric Company, payable Janu¬
ary 13, 1910, to Stockholders of record at the
close of business December 23, 1918.
STONE & WEBSTER
Transfer Agents.
KAUFMANN DEPARTMENT
STORES, Inc.
Preferred Dividend No. 24.
Pittsburgh, Pa., December 11.1018.
The Directors have this day declared a divi¬
dend of SI 75 per share on the Preferred Stock,
payable January 2 1019, to all holders of record
December 20,1018.
Checks will be mailed.
ISAAC KAUFMANN, Treasurer.
OUANTANAMO SUQAR COMPANY.
a
Chicago
The Board of Directors has this day declared
Dividend of one dollar and twenty-five cents
(11.25) per share, or at the rate of two and onehalf per cent (2)4 %) on the stock of the Company
for the quarter ending December 31, 1018, pay¬
able January 2, 1910, to Stockholders of Record
at the close of business December 10,1018.
The
Transfer Books will not be closed.
F. H. CLARK, Secretary Sc Treasurer.
New York, December 11, 1918.
CAROLINA POWER & LIGHT CO.
PREFERRED STOCK DIVIDEND NO. 39.
"The Board of Directors of this Company has
declared the regular quarterly dividend of one
and three-quarters (In%) per cent on the Pre¬
ferred Stockof the Company, payable January 2,
1910, to stockholders of record at the close of busi
DeCflm%liliSl8ilBI8BB.
PREFERRED STOCK DIVIDEND NO. 48.
New York, December 11, 1018.
The regular quarterly dividend of one and onehalf per cent (1H %) on the issued and outstand¬
ing PREFERRED Capital Stock of American
Gas Sc Electric Company has been declared for
the quarter ending January 31, 1919, payable
February 1. 1919, to stockholders of record on
the books of the Company at the close of business
January 18, 1910.
FRANK B. BALL. Treasurer.
AMERICAN OAS & ELECTRIC COMPANY.
COMMON STOCK DIVIDEND NO. 35.
New York, December 11, 1918.
A regular quarterly dividend of two and onehalf per cent (2H%) on the issued and outstand¬
ing COMMON Capital Stock of American Gas
Sc Electric Company has been declared for the
quarter ending December 31, 1918, payable
January 2, 1919, to stockholders of record on
the books of the Company at the close of business
December 18. 1918.
FRANK B. BALL, Treasurer.
AMERICAN OAS & ELECTRIC COMPANY.
EXTRA DIVIDEND COMMON STOCK.
New York, December 11, 1918.
An extra dividend of two per cent (2%) on the
issued and outstanding COMMON Capital Stock
of American Gas Sc Electric
Company has been
earnings of the
stock Januon the books
of'the Company at the close of business Decem¬
ber 18. 1918.
FRANK B. BALL, Treasurer.
CHINO COPPER COMPANY.
25 Broad St.. New York, Dec. 6, 1918.
The Executive Committee of Chino Copper
Company has this day declared
quarterly divi¬
Office of The United Qas Improvement Co.
N. W. Corner Broad and Arch Streets.
Philadelphia, December 11. 1918.
The Directors have this day declared a quar¬
terly dividend of two per cent ($1.00 per share),
payable January 15, 1919, to stockholders of
record at the close of business December 31,1918.
Checks will be mailed.
I. W. MORRIS, Treasurer.
2, 1919.
W SPENCER ROBERTSON. Secretary.
THE WESTERN UNION TELEGRAPH CO.
New
York, December 10, 1918.
DIVIDENb
NO. 199.
A
quarterly dividend of ONE AND THREE
QUARTERS PER CENT has been declared upon
the Capital Stock of this company, payable at the
office of the Treasurer on and after the 15th day
of January, 1919, to shareholders of record at the
close of business on the 20th day of December,
1918.
The transfer books will remain
LEWIS DRT
J. I. CASE THRESHING MACHINE COMPANY
(Incorporated)
Racine, Wis., U. S. A., Dec. 4. 1918.
dividend of one
The regular quarter-yearly
dollar and seventy-five cents
($1.75) per share
upon the outstanding PREFERRED STOCK of
of this Company has been declared, payable
January 1, 1919, to the holders of Preferred
Stock of record at the close of business Monday,
December 16, 1918.
WM. F. SAWYER, Secretary.
50 Broad Street, New York, N. Y.
The Board of Directors of this Company hat
to-day declared
a
regular quarterly dividend ol
cent, payable January 10th, 1919, tc
stockholders of record at the close of business oz
December 24. 1918.
Transfer books will not tx
closed.
J. S. OGSBURY, Treasurer.
November 26, 1918.
one
per
THE YALE & TOWNE MFG. CO.
RAY CONSOLIDATED COPPER COMPANY.
A dividend, No. 99. of Two and One-Half Per
25 Brbad St., New York, December 6th, 1918.
Cent (2H%) tor the quarter ending December
The Executive Committee of the Ray Consol¬
1918, has been declared by toe Board of
idated Copper Company has derived, for the 31st,
Directors out of past earnings, payable January 2d
quarter ending December 31st, 1918. a dividend 1919, to stockholders of record
at the (dose of
of seventy-five cents per share, payable Decem¬ business
December 23rd, 19181
ber 31st. 1918, to stockholders of record at the
J. Bt. TOWNE, Secretary.
close of business
Treasurer.
a
dend of $1 00 per share, payable December 31,
1918, to stockholders of record at the close of
business December 16, 1918.
C. W. PETERS, Treasurer.
uary
December 16th. 1918.
E. P. SHOVE, Treasurer.
.
on
For other dividends
see pages
xxand xxi.
'
1
IV1
THE CHRONICLE
Inbctftment fSat&tti
CHICAGO SAVINGS BANK
and TRUST COMPANY
Safe Bonds
[Vox,. 107.
Dec. 14
1918.]
THE CHRONICLE
Snbestment Ranters
A
Complete Investment
and Trust Service
THE BOND DEPARTMENT of the First Trust and
Savings Bank buys and offers for sale carefully selected Munici¬
pal, Industrial and Railroad bonds, as well as the various issues
of United States Government bonds. These bonds are
pur¬
chased primarily for the bank’s own investment and the ex¬
perience gained during more than thirty years of dealing in high
grade securities is placed at the disposal of its clients.
THE TRUST DEPARTMENT acts
Trustee, Paying
Agent and Sinking Fund Depositary under bond and note is¬
sues.
Complete information regarding these facilities will be
gladly furnished upon request.
Calls
as
correspondence invited from those desiring
plete and satisfactory investment and trust service.
or
First Trust and
Savings Bank
Capital and Surplus $10,500,000
CHICAGO,
ILLINOIS
-
THE BOND DEPARTMENT
*
of the
Illinois Trust &
Savings Bank
believes that in the period of reconstruction ahead of
us, the investment bankers of America will measure up
to their responsibilities just as
they have done in the
period of
war
Interested
financing.
and
attentive
consideration
of
their
problems awaits any of our fellow members of the
investment banking fraternity to whom we can be of
service.
Eugene M. Stevens
Vice-President
com¬
William L. Ross
Manager Bond Department
Roger C. Ballard
Sale8 Manager
fVoi.. 107.
THE CHRONICLE
ITHI
Investment
Continental and Commercial
Trust and Savings Bank
CHICAGO
Capital, Surplus and Undivided Profits $9,500,000
OFFICERS
George M. Reynolds, Chairman of Board of Directors
Reynolds:
John Jay Abbott
President
Vice-President
David R. Lewis
Vice-President
Vice-President
Arthur
Louis B. Clark.
Henry C. Olcott
Vice-President and Mgr.
Chas. C. Willson
Wm. P.
Kopf
Bond Dept.
Cashier
Secretary
Everett R. McFadden__Asst.
Secretary
Edmund J. Claussen
Asst. Secretary
John P. V. Murphy
Mgr. Sav. Dept.
D. Edward Jones.Asst. Mgr. Sav. Dept.
Robert J. Hercock
Asst. Cashier
Albert S. Martin..
Asst. Cashier
.Asst. Cashier
George Allan
Thomas E. McGrath
Asst. Cashier
Municipal, Railroad, Corporation Bonds and Short Terra Notes
The
capital stock of this bank is owned by the stockholders of the
Continental and Commercial National Bank of Chicago
,
Trustee for
inmPBaHWjlguwypMs
Corporate Issues
This Company is equipped to aci as
Trustee under
Deeds of Trust.
Fiscal Agent for the payment of Bonds and
5 Coupons of corporations and municipalities.
Registrar and Transfer Agent of the Capital
Stock of Corporations.
Depository for Bondholders, Committees, and
under Reorganization Agreements.
Mortgages
Our Bond
Offers
or
Department
complete investment service to purchasers of
high grade bonds. Lists submitted; information available
a
THE NORTHERN TRUSTCO-BSKK
N. W. Corner La Salle & Monroe Sts.,
Total Resources
over
Chicago
$38,000,000
uifflinntiiiuuiinBnHiiHininniiiuaiiiiiiiiininHmiiniiiinHHniniuruigmimmiinmi
III! Il|i;llhll!llillt
Dec. 14 1918.]
THE CHRONICLE
xiz
^financial
2,000,000 Security Buyers
Before the
war
there
were
grade securities in Chicago.
To-day there
are more
approximately 50,000 buyers of high
than 2,000,000 in the Chicago district.
Seven in every nine persons in
The
Chicago who read English read
Daily News.
That financial advertisers take full
advantage of this extra¬
ordinary avenue of approach to the security buying Chicago public
is self-evident, The Daily News
ranking second in the amount
of financial advertising carried in all
Chicago newspapers.
Only one newspaper—a 7-day paper—carried more financial
advertising than The Daily News last month.
Here is the
showing relative
in agate lines fpr
gains of all papers: .
score
The Daily News..
Tribune
Post
Herald-Examiner
Journal
American.
__
_
_
■<
_6
7
6
7
6
6
days
days
days
days
days
days
November, 1917 and 1918,
1917.
1918.
Gain.
16,363
48,819
19,055
31,906
17,378
11,748
32,019
16,656
56,891
30,594
24,048
25,435
14,181
8,072
11,539
Loss.
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
7,858
8,057
2,433
Sellers of
mm
mm
mm
mm
mm
mm
mm
mm
high grade securities (and none other are admissible
to the columns of The Daily News) have a fine
opportunity to de¬
velop this vast investing audience through the confidence which
The Daily News has built up around its financial
pages by persistent
rejection of all forms of speculative financial advertising.
THE DAILY NEWS
“It Covers
Chicago”
[Vol. 107.
THE CHRONICLE
XX
jHnandal
^initi»iiiiinininniiiniHi>nimniitnmiinniiinnm!iiii»intiiniiinnnnmifmmKimiin»nnmiifninnninimn!HimiiHnHfimHiimHtwmmiiiniiniimfnigs
Will your heirs conserve
what you leave them?
npWO
young men were
each left
large
a
by a relative whose estate
we settled, and without using even a dollar of
the principal, they immediately made trust agreements with us, under which we hold the principal and pay them the income. The result is
that the principal is intact.
JL
amount
of money
and
woman, who were each gi'Teo $150,000 under
Within two years the son
their father’s will.
had entirely dissipated his share. Since he had
not been educated to support himself, he is now
dependent on relatives and is exceedingly unhappy. Much of his sister’s money has also
melted away and the remainder is being used
and controlled by her husband.
In contrast is the action of a young man
n
ss
EE
ssr
EE'
[
H
M
n
n
|
1
n
=E
n
55
EE
As trustee under will or trust agreement,
this Company will safeguard the interests
of your heirs.
Our officers at either the
Uptown or Downtown office will be
glad to talk with you about this matter.
EE
M
n
M
Bankers Trust Company
•
n
Member Federal Reserve System
Downtown Office:
16 Wall Street
Astor Trust Office:
Fifth Ave. at 42nd Street
EE
lli
SBttiftienb*
Bibftient)*
©fofofcnlw
AMERICAN CAR AND FOUNDRY COMPANY
New York, December 2nd,l918.
UNITED FRUIT COMPANY
DIVIDEND NO. 79
A dividend of one and three-quarters per cent
{IX %) on the Preferred Stock of this Company
has this day been declared payable Wednesday,
January 1, 1919, to stockholders of record at the
dose or business Thursday, December 12,1918.
Checks will be mailed by the Guaranty Trust
quarterly dividend of two per cent (two
dollars per share) on the capital stock of this
Company has been declared, payable on Janu¬
ary 15, 1919, to stockholders of record at the
PREFERRED CAPITAL STOCK
Company of New York.
S. S. DeLANO,
H. O. WICK, Secretary.
DIVIDEND NO. 78
A
close of business December 20,
DULUTH
AMERICAN CAR AND FOUNDRY COMPANY
New York, December 2nd, 1918.
COMMON CAPITAL STOCK
DIVIDEND
NO.
Doited Shoe Machinery
Corporation
Corporation have de¬
a quarterly dividend or IX % (37X cents
per share) on the Preferred capital stock, and a
dividend of 2% (50 cents per share) on the Com¬
mon capital stock, both payable January 4.1919,
to stockholders of record at the close of business
December 17, 1918.
L. A. COOLIDGE, Treasurer.
65
The
clared
A quarterly dividend of two pa* cent (2%) on
the Common Stock of this Company has this day
been declared, payable Wednesday, January 1,
1919, to stockholders of record at the close of
business Thursday, December 12, 1918.
Checks will be mailed by the Guaranty Trust
Company of New York.
S. S. DeLANO, Treasurer.
H. O. WICK, Secretary.
Directors of this
THE ELECTRIC STORAGE BATTERY CO.
Allegheny Avenue & 19th Street.
Philadelphia, December 4, 1918.
HOMESTAKE MINING COMPANY.
December 3, 1918.
DIVIDEND NO. 532.
The Board of Directors has to-day declared a
monthly dividend of Fifty Cents (50c.) per share,
Directors have declared a dividend of
one
dollar ($1.00) per share from the net
earnings of the Company on both Common and
Preferred Stocks, payable January 2, 1919, to
stockholders of record at the close of business on
December 16, 1918.
Checks will be mailed.
WALTER G. HENDERSON. Treasurer.
The
payable December 26th, to stockholders of record
3 o’clock P. M., December 20,1918.
Checks will be mailed by Columbia
1918.
JOHN W. DAMON. Treasurer.
Treasurer.
Trust
Oompany, Dividend Disbursing Agent.
FRED CLARK, Secretary.
KELLY-SPRINGFIELD TIRE CO.
Yadkin River Power Company
quarterly dividend of one dollar and fifty
($1.50) per share on the Six Per Cent.
Preferred Stock of this Company has been
declared, payable January 2, 1919, to stock¬
Preferred Stock of the Company, payable Janu¬ holders of record at the close of business Decem¬
ary 2, 1919, to stockholders of record at the close ber 16. 1918.
F. A. SEAMAN, Secretary.
of business December 14, 1918.
A
Preferred Stock Dividend No. 11.
The Board of Directors of this Company
has declared the regular quarterly dividend of
One and Three-Fourths (IX%) Per Cent on the
Electric Light and Power Co.
New Orleans, La.
The regular quarterly dividend of one and
three-quarters per cent (IX%) on the Preferred
stock of the Company has been declared payable
December 31, 1918, to stockholders of record
December 10, 1918.
The transfer books of the
Preferred stock will be closed at the close of
business December 10, 1918, and will be re¬
opened on January 2, 1919.
J. A. McKENNA, Treasurer.
Consumers
WILLIAM REISER, Treasurer.
cents
^
New York, December 3, 1918.
ELECTRIC
EDISON
CO.
PREFERRED STOCK DIVIDEND NO. 51.
The regular quarterly dividend of IX % on
the Preferred Stock of the DULUTH EDISON
ELECTRIC
COMPANY has been declared,
payable January 2,
1919, to holders of record
the close of business De¬
of Preferred Stock at
cember 21, 1918.
C. E. VAN BERGEN, Secretary.
Asheville
Power
&
Light Company
Preferred Stock Dividend No. 27.
The Board of Directors of this Company
has declared the regular quarterly dividend of
One and Three-Fourths
(1&%) Per Cent
on
the
Preferred Stock of the Company, payable Janu¬
ary
2, 1919, to stockholders of record at the close
of business December 14, 1918.
WILLIAM REISER, Treasurer.
Utah Power &
Light Company.
PREFERRED STOCK DIVIDEND NO. 24.
The regular quarterly dividend of one and threequartersper cent (1X %) on the Preferred Stock
of the Utah Power & Light Company has been
declared, payable January 2, 1919, to stockhold¬
ers of record at the close of business December 16.
1918.
GEORGE B. THOMAS, Treasurer.
INTERNATIONAL HARVESTER COMPANY.
Quarterly Dividend No. 2, of $1.50 per share,
upon the 800,000 shares of Common Stock, pay¬
able January 15, 1919, has been declared to stock¬
holders of record at the close of business Decembrr 24,1918. G. A. RANNEY. Secretary.
V
b
/
U
Dec. 14
1918.]
THE CHRONICLE
^financial
$3,000,000
West Penn Power
Company
First Mortgage 6% Gold Bonds, Series “C”
Dated March 1, 1916
Due June 1, 1958
The West Penn Power Company supplies
78 cities and towns located ten to fifty miles
electricity for light and power to some
from the city of Pittsburgh, Pennsyl¬
vania, the combined population of which is estimated at 440,000.
These
bonds, in opinion of counsel, are secured by a first mortgage on all the
physical property of the Company, the replacement value of which is largely in excess
of the outstanding bonds.
provides a graduated Maintenance Fund ranging from 1}4% to
Depreciation Reserve Fund of 2% annually of First Mortgage Bonds
outstanding, and also stipulates that additional bonds may be issued only under
conservative restrictions. The franchise situation is eminently satisfactory.
The mortgage
2^%, and
a
The
proceeds of this issue will be used for the purpose of increasing the Com¬
pany’s generating, transmission and distributing capacity, including particularly
the cost of the new Springdale plant. The Company’s generating capacity upon
completion of this plant will be increased 40,000 K. W., or 43 per cent, over that
from which the 1918 earnings were derived.
STATEMENT OF EARNINGS
(As officially reported)
Sept. 30 1918
For the Year Ended
Dec. 31 1917
-
Income..$5,236,389 70 $4,000,308 97
3,404,242 68
2,713,957 64
Operating Expenses, Maintenance and Taxes
Gross Earnings, including Miscellaneous
Net Earnings..
Annual Interest on
Bonds requires
$1,832,147 02
$13,723,000
$1,286,351 33
First Mortgage
738,380 00
WE RECOMMEND THESE BONDS FOR INVESTMENT
Price 99 and Interest,
yielding
more
than 6%
information which we regard as reliable, and, while we do not guar¬
the data upon which we have acted in the purchase of this security.
AH statements herein are official, or based on
antee
them, they
are
A. B. Leach & Co., Inc.
Halsey, Stuart & Co.(inc >
Chicago
—
New York — Chicago
New York
Continental and Commercial Trust and
Savings Bank
Chicago
“Passed by the Capital Issues Committee as not
but without approval of
Incompatible with the national interest,
Opinion No. A3034."
legality, validity, worth, or security.
HHbftienb*
American Telephone & Telegraph Co.
A dividend of Two Dollars per share will be
paid on Wednesday, January 15, 1919, to stock¬
holders of record at the close of business on
Friday, December 20, 1918.
G. D. MILNE, Treasurer.
BANKING ROOMS
GROUND FLOOR
Safe
Deposit Vault 4,000 Boxes
Will Sell or Sublease
5th Ave.& 42nd St., Section
Finest Equipped in New York City
FRANK L. FISHER CO.
Real Estate Investment Brokers
50 East 42nd Street,
New York
“The Investment Banker’s Part”
by Jacques 8. Cohen, of J. S. Bache & Co.
problems to be met in the
coming International Financial readjustment
A discussion of the
This booklet sent
on
request
Rudolph Guenther, Inc.
Specialists in Financial Advertising.
25 Broad Street,
N.Y.
Phone Broad 266
[Vot. 107.
THE CHRONICLE
XIII
fitumtial
$10,500,000
Chicago and North Western Railway Co.
General
Mortgage Gold 5% Bonds
Due November 1, 1987
Interest
payable May 1 and November 1
Coupon bonds in denomination of $1,000 each, with privilege of registration as to
principal and exchangeable for bonds registered as to both principal and interest.
S. A.
in
letter
a
Lynde, Esq., Vice-President of The Chicago and North Western Railway Company,
to the undersigned, states in part as follows:
“Of the authorized amount, there will have been issued and outstanding, including the present
issue, $31,316,000 3
bonds; $30,554,000 4% bonds; and $28,472,000 5% bonds. Of the balance of
$74,658,000 bonds $60,182,000 are reserved to retire prior liens and the debentures due in 1921 and
1933, and the remaining $14,476,000 bonds are reserved for improvements or additions, including
equipment, but not exceeding $1,000,000 in any one year.
“The present issue of bonds has been sold to reimburse the Company for expenditures heretofore
made for construction, additions, improvements, &c., to the Company’s properties and the retire¬
ment of matured bonds which have been in large part temporarily financed by bank loans.
*
“The General Mortgage is secured by a first lien on about 2,900 miles, and subject to $41,516,000
Prior Liens (for which bonds of this issue are reserved) on additional 2,138 miles.
The first lien
mileage includes the. entire double track main line of the Company from Chicago to Council Bluffs,
Iowa, its main line to Elroy, Wisconsin, forming, with the main line of the Chicago St. Paul Minne¬
apolis & Omaha Railway Company, a main line from Chicago to St. Paul, its main line through south¬
ern Minnesota and into South
Dakota, and the main line from Chicago to Milwaukee.
The Gen¬
eral Mortgage Bonds are
also secured by a first lien on the Chicago Terminal properties of the
Company.
“The Chicago and North Western Railway Company has outstanding $22,395,000 Preferred Stock
and
$145,152,500 of Common Stock, having
a present
market value of approximately $174,000,000, and
which dividends have been paid uninterruptedly since 1878, the present dividends being at the
rate of 8% per annum on the Preferred Stock, and
7% per annum on the Common Stock.
on
“The
Railway Company has made its contract with the United States Railroad Administration,
by the terms of which the annual compensation to be paid to it is $23,364,028, to which should be
added its other income, which for tl>e year 1917 amounted to $3,496,045, while the total fixed charges
of the Company, including interest, sinking fund payments, &c., for the same
period amounted to
only $10,357,302.
“The present issue of General Mortgage Bonds will mature on November 1, 1987, will bear interest
at the rate of
5% per annum, payable semi-annually on May 1 and November 1 of every year, and will
be issued as coupon bonds in denomination of $1,000, with privilege of
registration as to principal,
and exchangeable for bonds registered as to both principal and interest.
Both principal and inter¬
est of the bonds will be payable in gold coin of the United States of
America, without deduction for
any tax or taxes which the Railway Company may be required to pay or to retain therefrom under
any present or future law of the United States of America, or of any State, County or Municipality
therein, excepting any Federal Income Tax, the bonds and coupons being stamped to the effect that
this tax will not be assumed by the Company.
“We
advised that these bonds
are a legal investment for savings banks in the States of New
York, Massachusetts, Connecticut, New Jersey, Michigan, Minnesota, Wisconsin and other States.
are
“The issuance of these bonds has been approved by the Director-General, United States Railroad
Administration, and by the appropriate Commissions of the States of Illinois, Michigan, Wisconsin
and Nebraska.
“Application will be made in due
The
smaller
1918.
list the bonds
on
the New York Stock Exchange.”
undersigned will receive subscriptions for the above Bonds
and accrued interest to date of delivery.
The
a
course to
at 100 per cent.
right is reserved to close the subscriptions at any time without notice, and to allot
amount than applied for.
Payment for bonds allotted is to be made on December 24,
KUHN, LOEB & CO.
New
York, December 11, 1918.
The issue
advertisement
having been oversubscribed, the subscription books have been closed and this
appears as a matter of record only.
Dec.
THE CHRONICLE
141918.]
fima
financial
$3,000,000
Republic Motor Truck Co., Inc.
First Mortgage and Collateral Trust 1% Serial Gold Notes
(Total Authorized Issue, $3,000,000)
Dated November 1.1018.
Due serially November 1,1920 to 1923 inclusive. Principal and semi-annual interest (May
payable in U. 8. gold coin in New York. Coupon Notes of $} ,900 denomination, with privilege of
registration as to principal. Company agrees to pay interest without deduction of the Normal Federal Income Tax not
exceeding 2%. Bankers Trust Company, New York, and The Guardian Savings & Trust Co., Cleveland, Trustees.
and November 1)
Subject to redemption, in whole or in part, on any interest payment date
thirty days* notice at the following prices, plus accrued interest:
on
103
for Notes with 4 years or more to run from redemption date
years or more but less than 4 years to run
for Notes with 3 years or more but less than 3 years to run
101H for Notes with 3
101
100H for Notes with less than 3
The following is a summary
the Company, taken from a
1
years
to
run
*
fitted by F. W. Ruggles, Esq., President and General Manager of
to the Bankers t copy of which will be sent on request:
Purpose of Issue—To reduce current floating* indebtedness and to provide additional working
capital for the further expansion of the business.
Business—The Company is the largest manufacturer of motor trucks in the United States.
The output for the fiscal year ended June 30, 1918, was approximately 17,000 trucks.
Present manufacturing capacity is 25,000 to 30,000 trucks per annum. The Company
owns the entire Common Stock of The Torbensen Axle Company, which is the largest manu¬
facturer of axles for motor trucks in the country. Through the latter it controls the M. & S.
Corporation, which has
a
large production of
a
patented locking differential.
Property—The plant of the Republic Motor Truck Co., Inc., is located at Alma, Mich., cover¬
ing approximately 40 acres. The plant of The Torbensen Axle Company is at Cleveland,
O., covering 4 acres. The plant of the M. & S. Corporation is at Detroit, Mich., covering
2Y2 acres.
Security for Notes—These Notes are to be secured by a first mortgage on all the fixed assets
of the Republic Motor Truck Co., Inc., and by pledge of the entire Common Stock of
The Torbensen Axle Company. A consolidated financial statement of the Republic
Motor Truck Co., Inc., and The Torbensen Axle Company, as of October 31,1918, based
upon a report of public accountants and after giving effect to the present financing,
shows net quick assets amounting to $5,900,401.
Earnings—Combined net sales of the Republic Motor Truck Co., Inc., and The Torbensen
Axle Company for the year ended June 30, 1918, amounted to over $25,300,000. Net
profits before providing for Federal Taxes amounted to $2,253,303.
General—The transition from a war to a peace basis can be readily accomplished as only about
30% of the production has been devoted to war work. Republic trucks are manufactured
in seven sizes and distributed through about 1,300 dealers located in every State in the
Union. The prospect for future business is bright as the demand for the products of the
companies is limited only by ability to increase manufacturing schedules. According to '
the report of examining engineers all properties are thoroughly modern and in a high state
of efficiency. The management of the companies will continue in the hands of the same
men who have been with them since their inception.
AU
and
legal details have been approved by Messrs. Breed, Abbott & Morgan, New Yorktfor the Bankers,
by Messrs. Tolies, Hogsettt Ginn & Morleyt Cleveland, for the Company.
MATURITIES AND PRICES
$500,000 Series “A,” due November 1,1920—99^ and interest, yielding about 7^£%|
“
<(g ft tt
500,000
1,1921—99
7^%
it£ tt it
7^%
1,1922—98^ “
1,000,000
1,1923—98
1,000,000
7^%
(1
it
tt
tt
it
it
n
tt
“
tt
a
tt
“
tt
tt
a
offer the above Notes for subscription when, as and if issued and received. Subscription books
opened at 10 A. M. Monday, December 16, and may be closed without notice. The under¬
signed reserve the right to refect any subscription and to allot a lesser amount than applied for.
We
will be
The information and figures used in this advertisement are taken from sources we consider trustworthy, and,
while not guaranteed, they have been relied upon by us in the purchase of these securities for our own account.
Hallgarten & Co.
New York
Geo. H. Burr & Co.
New York
Chicago
A. B. Leach & Co., Inc.
New York
“Passed by the Capital Issues Committee as not incompatible with the national interest,
but without approval of legality, validity, worth or security.
Opinion No. A-2797.”
Chicago
[Vol. 107.
THE CHRONICLE
XX1T
financial
Through Your Own Bank
Arrangements may be made with the Anglo-South American Bank, Ltd., to
finance American commerce with Latin-American and European countries
through your own bank. This bank maintains eleven branch offices in
Chile, eleven in Argentina, and one in Uruguay, as shown on the map,
as
well
as
cor¬
respondents in
the other
of
tries
coun¬
South
America. In ad¬
dition
this
to
unusually com¬
plete service,
this
bank has
branches in the
chief commer¬
cial centers of
Great Britain,
France and
Spain, and cor¬
respondents in
other parts of
the world. With
capital and
serves
of
re¬
more
than
$32,000,000, the AngloSouth American
Bank, Ltd., of¬
fers
exceptional
facilities to
financial insti¬
tutions having
no
direct con¬
nections in these
countries.
Write
for Booklet “Collection Tariff.
Anglo-South American Bank,
New York
Head Office
London
Ltd.
Agency, 60 Wall Street
John Cone, Agent
F. C.
Harding, Sub-Agent
W. M. Dawkin, Sub-Agent
Capital and Reserves
Over $32,000,000
/p Pie
0
yommetria
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State
SATURDAY, DECEMBER 14 1918
VOL. 107
Clearings at—
PUBLISHED WEEKLY^
1918.
Wot One Year
Wot Six Months
Chicago
European Subscription (including postage)
European Subscription six months I including pnataga)
Annual Subscription in Tendon (including postage)
Six Month#Subscription in London (including postage)
Canadian Subscription (including postage)
A* 1 A«.
r r T _. n
£1 11*.
Subscription includes following Supplements—
Baits Aitd Quotation (monthly)
Railway Earnings (monthly)
Statk and City (semi-annually)
Railway and Industrial (3 times yearly)
Electric railway (3 tames yearly)
Bankers’ contention (yearly)
Terms of Advertising—Per Inch Space
Transient matter *per inch space (14 agate lines)
( Two Months
(8 times)
Standing
Branding RniiinMu*
Business r»rd«
Cards )
1 Three Months (13 times)
v
14 20
22 00
29 00
gix Months
(20 times)
Twelve Months (52 times)
60 00
87 00
Chicago Office—39 Sonth La Salle Street, Telephone Majestic7396.
IfONDON Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.
CLEARING HOUSE RETURNS.
Ac., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $7,145,952,695, against $7,315,355,346 last week and $6,094,158,538 the
corresponding week last year.
Wan mm
458,190,517
336,601,374
273,666,769
163,511,905
*131,00,000
105,259,621
101,577,821
65,390,228
72,464,077
62,455,967
$2,717,127,475
397,135,482
277,709,528
232,373,260
126,171,518
127,066,762
84,567,485
55,532,651
45,442,273
34,682,151
57,406,229
$4,885,407,380
975,468,923
$4,155,214,814
780,249,763
City
St. Louis
SanlFrancisco
Pittsburgh
-
-
Detroit
Baltimore
New Orleans
PEleven cities, 5 days
■Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
Total all cities for week
*
Per
Cent.
1917.
1918.
Boston
Springfield, Ill..
Fort Wayne
....
Youngstown....
Akron
Canton
Rockford
Lexington
Bloomington
Quincy.
South Bend
Mansfield
Danville
Tim*
_
.
Ann Arbor
Adrian
Owensboro
Tot. Mid .West
San Francisco
Los Angeles
Seattle
Spokane
...
+29.6
+3.1
+24.6
+82.9
+ 21.9
+ 108.9
+8.8
Portland
Salt Lake City..
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Pasadena
Yakima
Reno
+ 17.6
Long Beach
Total Pacific..
+ 15.0
+ 15.4
+21.2
+ 17.8
+25.0
$5,860,876,303
1,285,076,392
$4,935,464,577
1,168,693,961
+ 18.7
+ 11.0
$7,145,952,695
$6,094,158,538
+ 17.2
Partly estimated.
The full details for the week covered by the above will be given next Saturday,
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last
all cases estimated, as we go to press Friday night.
Evansville
..
The following table, made up by telegraph,
$3,125,289,101
Dayton
Lansing
Jacksonville, Ill.
Addresses of both. Office of the Company.
New York
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids...
Springfield, Ohio
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold O. Dans, Vice-President and
•Chicago
Philadelphia
Cincinnati
Cleveland
Detroit
Milwaukee
Decatur
WILLIAM B. DANA COMPANY, Publishers,
fmt. Pine and Deseyater Sts.* new Verb.
Clearings—Returns by Telegraph.
Week ending December 14.
day of the week has to be in
Kansas City....
Minneapolis
....
Omaha
St. Paul
Denver
Duluth
St. Joseph
Des Moines
Sioux City
Wichita
Topeka
A*Detailed figures for the week ending Dec. 7 show:
Lincoln
Davenport
Cedar
Week ending December 7.
1917.
1918.
$
New'York
Philadelphia
Pittsburgh
....
Baltimore
Buffalo
Albany
Washington
Syracuse
Reading
Wilmington
2,504,745
4,624,482
Wilkes-Barre
Wheeling
Trenton
York.
Erie
Chester
Greensburg
Binghamton
3,986,366,994
428,085,528
131,560,500
91,247,212
27,402,876
5,547,048
17,000,000
9,711,038
4,525,672
4,996,490
2,639.310
4,606,132
,
Rochester
Scranton
3,300,000
1,384,357
....
Lancaster
Montclair
Altoona
2,261,516
1,647,747
1,000,000
810,500
2,220,495
559,052
864,742
.....
Springfield
Portland
Worcester
Fall River
New Bedford
Lowell
Holyoke
Bangor
Tot. New Eng.
Note.For
Inc. or
Dec.
1916.
1915.
$
$
%
+ 8.9 4,028,614,270 2,525,915,329
3,661,543,150
300,984,336
220,831,654
+
12.5
380,598,691
72,460,769
55,482,276
75,058,640 + 75.3
49,186,565
40,822,144
46,491,318 +96.3
20,559,479
13,764,778
23,803,813 + 15.1
—3.6
5,087,801
5,153,067
5,743,742
11,438,641
8,901,476
13,151,334 + 29.3
7,408,677
5,314,411
+
6.9
9,081,434
3,273,254
+2.5
4,148,857
4,414,458
3,802,265
2,801,061
4,500,000 + 11.0
3.245,915
2,479,361
3,293,930 —19.9
2,628,536
2,414,431
2,616,891 + 76.1
+ 8.1
2,054,031
1,919,016
2,317,312
3,613,782
2,329,974
+
11.1
4,161,724
+ 0.8
2,585,256
2,927,395
3,275,071
1,363,557
1,053,890
1,352,772
+2.4
+ 8.4
1,552,122
1,085,900
2,086,884
1,354,151
943,772
1,373,490 +20.0
+ 7.9
819,903
688,243
926,808
958,700
818,900
1,004,200 —19.3
—2.0
1,921,745
1,743,700
2,265,684
427,573
+9.6
638,663
510,600
493.571
600,000
700,000 +23.5
$
.
Total Middle. 4,734,866,436 4,250,281.946
Boston
Providence
Hartford
New Haven
Rapids
Fargo
Clearings at—
332,781,335
11,645,300
8,315.654
5,621,964
3,924,832
2,400,000
3,749,691
2,500,000
1,871,707
1,1894275
750,000
653,721
375,403.479
Searings
+ 11.4 4,527,028,023 2,901.555,176
+ 15.7
287,400,525
12,221,700
7,320,661
4,344,311
4,040,962
2,600,000
4,069,875
3,218,767
2,015,706
1,280,856
736,619
859,444
—2.9
—7.7
—7.9
—22.2
—7.1
—7.1
+ 1.8
—24.0
330,109,426
+ 13.7
see
—4.7
+ 13.6
+29.4
NO. 2790
Week ending December 7.
r£hz (fahvouitlt.
Secretary.
Railway Section
and City Section
237,866,208
10.044,100
8,671,147
4,856,878
4.172389
3,599,241
3,999,922
1,900,913
1,648,553
1,14635?
903,472
719,311
279,529,486
179,697,685
9,497.300
7,327,904
3,480,021
3,056,895
2,730,496
2,663,951
1,520311
1,432,014
879,887
765,234
459,297
213,511,495
“Commercial and Miscellaneous News.”
Colorado Springs
Pueblo
Fremont
Waterloo
Hastings
Aberdeen
Helena
Billings
Tot. oth.West.
St. Louis
New Orleans
Louisville
Houston
Galveston
Richmond
Memphis
Atlanta
Fort Worth
Savannah
Nashville
Norfolk
Birmingham
Augusta
Jacksonville
....
....
Chattanooga
Charleston
Mobile
Knoxville
Little Rock
Oklahoma
Austin
Macon
.
Vicksburg
Jackson
Muskogee
Tills*.
Dallas
Shreveport
Total Southern
$
548,195,756
62,162,703
96,834,014
67,740,210
32,988,219
14,333,000
11.860.400
11339,814
5,280,000
5,573,042
4,807,577
4,166,281
2,134,756
1,259,326
3,581.853
9,015,000
1,950,000
2,187,975
1,200,000
1,520,981
1,602,742
1,233,453
1,121,036
1,102,376
1,083,448
667,429
950,000
1,011,847
776,168
354,328
136,673
1,069,220
899,139,627
131,619,983
35,358,000
41,143,263
10,163,920
37,497,550
20,148,566
4,860,928
8,514,737
5,370,809
2,194,435
3,807,609
2,101,635
1,000,000
1,173,327
1,308,512
794,233
1,228,892
308,286,399
1917.
Inc. or
Du.
$
%
+8.1
507,256.223
38,943,376 +59.9
80,806,387 +20.0
61,806,479 +30.8
29,561,016 + 11.6
12,051,000 + 18.9
10,477,400 + 13.2
+3.8
10330,524
4300,000 + 10.0
+ 1.5
5,489,657
3,451,893 +39.6
3,008,139 + 38.6
+6.6
2,001,481
1,504,376 —16.3
3,214,896 + 11.4
5,868,000 + 53.6
—2.5
2,000,000
1,428,957 +53.1
1,250,000
—4.0
1308,971 + 25.8
1,300,000 +23.3
869,355 +41.9
+3.4
1,084,069
+4.3
1,056,043
+
12.2
964,783
677,658 + 15.6
—3.3
982,270
—5.2
1,067,702
419,532 +85.1
+8.7
326,055
+6.6
128,325
1,280,370 —16.5
786,014,937 + 14.4
104,725,688 +25.7
30,306,000 + 16.7
26,391,732 + 56.9
8350,624 + 21.7
20,554,217 + 82.4
+0.7
20,000,000
3,646,273 + 33.3
6,206,818 + 37.3
+ 6.1
5,063,832
2,465,467 —11.0
+0.5
3,805,736
3,207,419 —34.5
1,175,000 —14.9
+3.2
1,137,073
965,741 +35.5
+7.1
741,139
958,885 +28.2
239,701,644 +28.6
191ft.
$1
1915.
$
486,702,612
39,680,133
70,621,144
54,259,864
26,915,984
14,517,383
10,122,200
10,679,376
6,500,000
5,835,674
4,183,976
2,325.437
2,114,317
1,716,632
3,053,724
4,949,000
3,528,896
1,158,818
1,013,809
1,028,778
1,047,952
861,516
1,212,346
1,050,000
935,235
675,948
804,556
1,211,322
725,582
300,000
72,051
683,388
760,487,643
360,917,657
30,451,650
33,309,665
31,584,313
17,425,183
9,490,124
7,808,100
6,986,422
4,894,099
3,815,486
2,344,643
1,902,926
1,295,732
1,287,059
2,022,202
2,469,000
1,786.198
1,200,883
713,589
762,032
799,567
566,836
892,004
808,512
643,663
495,401
600,000
841,221
301,959
255,000
45,131
83,746,937
30,799,000
18,198,445
7,126,852
14,512,032
14,957,650
2,377,130
6,866,035
3,647,894
2,584,007
3,150,365
2,464,045
1,055,433
1,181,829
839,481
477,693
723,322
61,069,620
22.642.000
12,137,649
4,423,600
10,733,886
10,679,336
2,079,218
4,342,025
2,654,780
2,426,088
1,519,615
1,429,827
804,320
934,715
440,000
337,224
557,712
138,201,552
193,708,051
347.044
528,963,301
85,023,860
44,610,234
20,617,649
16,653,274
11,676,123
11,453,958
8,686,427
—2.3
—8.7
130,482,227
39,902,911
32,312,924
16,912,937
16,627,822
10,746,314
14.025.442
7,409,316
5,854,556
6,849,167
2,428,636
3,746,303
2,567,345
2,236,024
2,700,479
1,273,573
703,478
794,123
2,401,178
429,148
1,236,271
2,638,152
1,496,944
405,055,712
+6.5
304,715,260
231,561,909
165,709,799
56,864,918
24,475,611
17,250,000
9,100,000
43,797,188
19,031,975
60,165,835
21,103,731
11,271,301
16,726,687
10,723,757
4,318,060
6,878,868
5,595,400
4,826,781
4,589,267
1,729,510
2,853,094
8,500,000
11.632,283
5,800.000
3,295,618
589,329
804,108
3,707,737
6,675,722
22,975,052
3,761,085
+0.3
+8.8
+ 2.8
167,849,344
41,927,963
21,453,852
12,226,689
8,337,419
25,050,976
16,445,806
32,277,790
14,498,960
7,266,271
11,593,046
8,140,204
3,432.397
3.232,424
502,709
3,831,515
3,208,429
1,426,715
2,542,496
4,794,780
7,085,174
8,500,000
2,847,122
414,585
638,114
1,938,841
6,583,609
16,141,131
91,037,188
25,034,675
17,585,460
12,284,834
6,756,765
15,346,666
11,523,851
2if413t125
11,228,449
6332,507
8,286354
388.188,361
26836536ft
188,039,239
56,428,016
56,000,000
20,198,353
20,279,231
17,872,330
18,421,765
9,500,000
9,470,551
7,896,462
2,913,656
4,618,752
3,112,000
2,317,853
3,480,084
863,362
849,404
761,364
1,500,000
559,936
1,758,877
2,750,000
1,778,359
431.309,594
203,032,529
—7.4
39,264,116
46,290,817
18,979,664
19,800,184
8,152,216
16,905,326
9,305,706
8.049,996
9,113.886
3,897,718
3,427,531
3,023,689
2,222,379
2,500,000
782,672
642,985
703,385
2,350,000
484,233
1,349,676
2,819,330
1,948,674
+43.7
+21.0
+6.4
+2.4
+ 119.2
+9.0
+ 2.0
+ 17.7
166,228,515
61,891,080
25,153.000
13,342,714
5,424,896
68,902,966
23,946,887
62,032,420
14,439,339
7,058,152
18,083,825
10,836,864
12,243,452
6,000,000
8,024,517
6,000,000
3,721,753
1,605,292
2,700,000
7,800.000
9,151,342
2,900,000
2,600,000
507,051
700,000
3,051,076
8,330.565
21,500,000
3,114,505
566.289,811
554.752.716!
—13.4
—25.6
+ 34.8
+2.6
+4.3
+ 39.2
+ 10.3
+ 32.2
+8.2
—36.2
+ 15.6
+30.3
—22.7
—40.4
+ 34.5
+25.8
+3.1
—31.6
—37.4
+ 8.1
+ 1.0
+ 183.5
—12.8
+43.2
+3.6
—18.9
—7.2
—6.4
—8.2
—21.3
—50.0
—21.1
—14.0
—12.9
—17.4
+24.8
—0.4
—17.2
+2.1*
5,446,725
3.970,321
4,624,547
1,804.951
2,627,883
1,589,169
1,908,339
3,078306
776,087
433,250
575,000
1,996,678
323,068
1,197,794
1,752,355
737,351
6,117,369
2,780,307
2,866,144
3,300,000
2,979316
2,307,589
1,028,306
1,902,131
4,040,436
3,218.492
3,438390
4,501,636
404,313
676,506
1,538,673
1,935,284
Total all
7.315.355,346 6,565,916,381
+ 11.4 6,454,316,834 4,284,158,798
Outside N. Y.
3,328,988,$5$ 2,904,373,231
+ 14.6 2,426,102,564 1,758,343.46$
2210
THE CHRONICLE
THE FINANCIAL SITUATION.
While the railway executives, the security owners
who own the properties, several commercial bodies,
and substantially
heard from, are
[Vol. 107.
country should squarely face the condition that the
railroads must promptly go back into private con¬
trol with all legal difficulties, unless the only prac¬
tical alternative, an extension of time, is promptly
all business men who have been granted,” The dilemma he states is merely his
in accord against Government own. His opinion, which he presents at some
ownership or anything tending thereto and in favor length, that the extension is the best policy, lies
of an earnest determination and a prompt beginning within his right to hold; but it seems needless to
of preparation to keep the pledge given by the con¬ spend space upon so plain a fact as that the alterna¬
trol law, and while, also, only a technical point of tive to either immediate legislation or
prompt
jurisdiction halts a procedure to test in the courts return is to proceed, calmly, deliberately, and with
the very recent seizure of the cables, Mr. McAdoo, a clear and serious determination, to
finding a prac¬
still acting as Director-General of Railroads, has tical and honorable method of
keeping the pledge.
this week proposed to the heads of committees in
From the premise, not denied by anybody, that
the two branches of Congress that the term of con¬ a permanent solution cannot be reached within
trol be now extended to five years.
this short session, Mr. McAdoo declares that only
The seizure of these private properties was with¬ three courses are open: to continue Governmental
out precedent.
It was also without any authority operation for not more than the 21 months as
other than what might be called the higher^law of pledged, or “the prompt return of the roads to
pri¬
national self-preservation; but it was accompanied vate control;” or extension to five
years.
This is
by a pledge of return unimpaired within the maximum met by the existence of another course: to proceed
time of 21 months after the formal proclamation of with preparations to stand
by the pledge.
peace.
As we pointed out, only last week, this
The proposed escape out of the present embarrass¬
pledge, as a bare legal proposition, has no value, ment would, he thinks, accomplish great gains; it
since there is no practical recourse against formally “would take the railroad
question out of politics for
repudiating it, or of letting the term pass without a reasonable period; it would give composure to
moving for any action, or of violating it on the pre¬ railroad officers and employees;” it would restore
tense of a prolongation.
This last is now openly railway credit, and it would admit carrying out
advocated, and the suggestion is made that a simple improvements. On the contrary, it would not
joint resolution might suffice.
take the subject out of politics for any period, but
Mr. McAdoo finishes by saying that the President would
intensify the turmoil over it, and after the
authorizes the statement “that this conclusion (ex¬ five years what would
happen to the political side
tension of control to five years) accords with his of this
huge problem? It might give “composure”
view of the matter”
No question of
to
railroad
personal
officers, and procrastination of duty
veracity can be raised, and he is especially close to always composes the conscience. It might compose
Mr. Wilson; yet this is plainly in disagreement with the doubts of
employees concerning the wage rates
the President’s public statement on the 2d that he they now
enjoy and the additions they hold in
hopes Congress “will have a complete and impartial hopeful prospect. To coolly defer fulfilment of an
study of the whole problem instituted at once and obligation which is practically non-enforceable by
prosecuted as rapidly as possible,” with the hint the legal processes that bind individuals, may bring
that he may feel compelled to end the control at a composure to the
obligor; but honor is not thus
very early date, as the lesser evil, if Congress re¬ appeased nor does honesty cease to be the better
mains inert and he perceives that waiting to the end
policy.
of the term will be “merely prolonging the
Mr. McAdoo’s letter reduces to this: the problem
period
of doubt and uncertainty.”
is very difficult; therefore let us plead that we are
What Mr. McAdoo says of the necessity, in rail¬
unequal to grasping it and settling it and let us just
road work, of a disciplined organization and “com¬
put it off for three years more, in the hope that it
posed conditions” is of course sound; the remainder may settle itself somehow. The difficulties are
of his letter is little else than a statement of alter¬
undeniable, and no intelligent man wishes to under¬
natives and conclusions which are palpably non rate
them; but in the name of reason and all human
sequitur. It is in our view incorrect to say that experience shall we escape them, or lighten them,
we are now confronted with the
necessity “either by trying to run away from them? Again and
of legislating intelligently about the railroad
prob¬ again, the “Chronicle” has pointed out, in the last
lem at this session of the Congress or of
promptly twelve years, that this course of successive surrenders
returning the roads to their owners.” The session, before labor agitators and successive deferring of the
as he says, is too short to allow
intelligent and per¬ whole problem of transportation was only piling
manent treatment of the subject, but it is not too
higher the difficulties and lowering the moral fibre
short to make a beginning of preparation. Mr. of the
people. To-day we have a fresh proof of itjn
McAdoo, however, denies that any middle ground this proposition.
between prompt legislation and prompt return can
If five years, why not ten, and have the “com¬
be discovered, asserting that inasmuch as the short posed conditions” endure still
longer? At the end
session does not permit a complete and permanent of the five
years, there will be a more plausible
settlement there is nothing to be done but promptly to demand for another five.
Why disturb things
return the roads or adopt his advice to extend the
(will be the cry) when we are going along pretty
term.
He repeats this assertion twice, declaring well and have
adapted ourselves to things as they
that “those who oppose an extension of five years
should face the situation squarely and
acknowledge
that they prefer the immediate return of the rail¬
roads to private control under the old conditions
.
are? This is inevitable in human nature.
One lie
begets more lies; one procrastination heightens the
temptation to more, and weakens the moral power
to resist it.
This is the danger we are in now:
without remedial legislation;” and again, that “the we have paltered, and procrastinated, and taken the
Dec. 14 1918.]
THE CHRONICLE
easy line of least resistance, and dodged trouble,
until we must grapple with it or yield to it. Which
will the country choose, or will it just continue
drifting?
Shall
confess before ourselves and the
world that we lack the courage, the intellect, the
fidelity to our word, the honesty, the conception of
sound policy, to take hold of this trouble and find
a sane and just way out of it?
Such propositions are unworthy of such a people as
we
Americans believe ourselves and are believed of
the world to be.
Since November 5 Congress seems
to have considerably found itself, and it does not
we
likely that so palpable an attempt at retreat
problem which will still pursue us can make
any headway; yet public opinion should rally to the
support of the right in Congress by an unmistakable
appear
from
a
expression.
The cotton crop
Another fact this ginning report assists in disclosing
is how slowly the staple is being marketed this
year,
leading to the conclusion in
some
quarters that,
whether in consonance with the advice of the Gover¬
nors of the various growing States to hold for not
less than 35 cents per pound, or not, there is a
strong disposition manifested to hold cotton back.
With the amount ginned from Aug. 1 to Dec. jL
9J/£ million bales there had come upon the mar¬
through the ports, overland movement, Southern
consumption and 41 interior towns during the same
interval less than 4% million bales, or virtually but
50%, whereas in the previous year the total was 5*^
million bales or nearly 60% of the ginnings, and in
1916 about 7 million bales or 67%. On the other
hand, the stocks in public storage at the South other
than at the ports and 41 interior towns, and the
stocks at compresses, according to the reports issued
by the Bureau of the Census recently, have increased
of late more largely than at the same time a year
ago.
There is, of course, the possibility that
holding, if persisted in, may force values to a
higher level than present demand seems to warrant.
But, on the other hand, there is just as strong, or
even stronger, probability that the keeping of large
known supplies off the market may force a much
over
ket
estimate of the Department of
Agriculture, made public on Wednesday, confirms
the most recent official approximation as well as
estimates issued under private auspices and con¬
sequently indicates a restricted yield and the fourth
short crop in succession. Being so fully in line with
expectations the announcement of the estimate was
without appreciable effect upon the markets of the
world, although at first it was followed by a decline lower level of values than would result from the
in prices. With the area planted in cotton last normal marketing of supplies.
spring quite a little greater than in the preceding
season and the crop at the start in much better
The commercial failures statement for-the United
condition than in 1917, and above the average of States for November 1918 is in essential agreement
earlier years, hope was entertained that a yield with preceding monthly exhibits since March in
considerably in excess of 1917-18 would be secured. showing a steady and, as a rule, important decline
But unfavorable weather in July and August and, in the number of defaults, thus furnishing indis¬
particularly, the severe drought in the Southwest putable evidence of the strength and stability of the
caused marked deterioration in the status of the
mercantile and industrial situation of the country.
plant. In fact condition on Sept. 25 (the final It is inconceivable, however, that the status of affairs
date for which such reports are officially issued) could be otherwise with business active generally
was announced as the lowest on record for that time.
and trade passing upon price bases that offer a much
The holding off of killing frost to a d te later than better than normal margin of profit. Readjustment
usual was reviewed as a rather important factor in of our affairs to a peace basis with accompanying
the situation, but its effect was apparently rather drop in values will not unlikely subject those slen¬
negligible if the estimate of the Department be ac¬
cepted as conclusive.
The Department’s estimate foreshadows an ul¬
timate yield for 1918-19 (actual growth as distin¬
guished from the commercial crop) of 5,595,529,000
pounds of lint (not including linters), equivalent to
11,700,000 bales of 500 lbs. gross weight each. To
this must be added some 1J4 million bales to cover
linters, making the total production 13 million bales,
or about 400,000 bales more than the growth of 191718, but nearly 4 million bales less than in 1914-15.
An analysis of the estimate denotes that in the
Atlantic section an increase of approximately 730,000
bales over 1917-18 is to be expected and from the
Gulf region an addition of 495,000 bales. In the
Southwest, however, the baneful effect of the
drought is indicated in a decrease of 992,000 bales.
The latest ginning report of the Census Bureau
issued on the 9th, and covering the season down to
and including Nov. 30, tends within certain limits to
confirm short crop estimates. It showed that
9,563,124 running bales (excluding linters) had been
ginned to the date mentioned or 150,405 bales less
than in the same period of 1918. To reach the
Department’s estimate only 2,136,000 bales remain
to be ginned from Dec. 1 to the close of the season,
but a somewhat greater amount than a year
ago.
derly capitalized to a severer test.
The insolvencies during November were the small¬
est of any monthly period back to 1894, when the
failures results by months were first compiled. The
volume of liabilities, moreover, while in excess of
several previous months of the current year, and
slightly greater than for the corresponding period
of 1917, was below that for November of any other
year back to 1910.
The month’s exhibit includes
fewer large defaults than in the like period of any
year of the preceding seven, but, due to a consider¬
able swelling of the indebtedness of those in manu¬
facturing lines, the liabilities represented are the
largest for November since 1914.
According to Messrs. R. G. Dun & Co.’s compila¬
tion, which furnishes the basis for our deductions
and conclusions, the number of mercantile casualties
in November was only 570, against 981 in 1917 and
1,251 in 1916, with the indebtedness $13,815,166
and $13,635,605 and $14,104,612, respectively.
Disasters among manufacturers this year were the
smallest in number of any month since July 1906,
and less than
ever
authentic records
before in November
so
far
as
show, but the liabilities at $8,783,greater than in the month of either 1917,
1916 or 1915, consequent upon several failures of
large size in cottons and machinery and tools. In
trading branches the situation was exceptionally
588
were
THE CHRONICLE
2212
[Vol. 107
good, the number of reverses having been fewer than tinguished officials, officers of the army and navy
in any month of which there is record and the re¬ and the Foreign Committee of the Chamber of Dep¬
sulting debts fell below November of all years uties arrived in the forenoon and another train
since 1910. Moreover, the only evidence of stress brought American Ambassador Sharp, Colonel E.
to be noted is among hotels and restaurants—lines M. House, General Pershing, General Bliss, Admiral
most unfavorably affected by high costs and re¬ Benson and other prominent Americans.
Mayor
Goede
of
Brest
in
a
short
formal
address
strictive war measures. In some important branches
greeted
the indebtedness reported is little more than nomi¬ the President on behalf of the city, saluting him as a
nal. In the agents, brokers, &c., group the number “messenger of justice and peace.” “To-morrow,”
forced to the wall was much smaller than for No¬ le added, “it will be the entire nation which will
vember of several preceding years, and the indebted¬ acclaim you and our whole people will thrill with the
enthusiasm over the eminent statesman who is the
ness at $525,422 less than one-half that for the period
in 1917 and actually the smallest for the month in champion of their aspirations toward justice and
thirteen years.
iberty.” Commenting on the President's arrival,
For the eleven months of 1918 a most satisfactory the “Pall Mall Gazette” of London suggests sig¬
status of affairs is disclosed, the disasters numbering nificantly: “Mr. Wilson will at least have an oppor¬
only 9,299 and exhibiting a very considerable decline tunity to see for himself the havoc wrought by the
from a year ago and a most decided diminution Germans in France and Belgium and from personal
contrasted with 1916. As regards the volume of conferences be able to understand the point of view
debts, too, the situation is strikingly favorable, the of those who suffered from these infamous depre¬
1918 total at $150,770,496 comparing with $168,- dations. President Wilson has a judicial mind.
897,655 and $179,466,982 one and two years ago. No living statesman is better able to weigh evidence
Manufacturing casualties account for $66,883,837 or more ready to face facts with courage and deter¬
of the 1918 aggregate, or 6J4 millions less than in mination.”
1917, and in the trading division the debts were
It is difficult to appraise accurately the value of
very much below those of last year, $53,493,184
contrasting with $64,550,119. Brokers, agents, &c., recent statesments of war policy or penalization of
Indebtedness, on the other hand and reflecting the Germany, originating from Lloyd George and other
outcome of earlier months, at $30,393,475, was but members of the British Cabinet, in view of the fact
slightly under last year and nearly 4 millions larger that these statements were all made in the heat of
than in 1916.
an election campaign.
Possibly, after the results
The Canadian failures statement for November have been registered at the polls, we shall be able to
makes a distinctly favorable showing as regards obtain a greater degree of definiteness regarding the
number of insolvents, but, owing to a number of real plans and aspirations. Several British ministers
unusually large suspensions in the manufacturing have gone out of their way to emphasize the fact that
class, the liabilities were close to double those of no restrictions upon the British navy will be permitted
1917. An aggregate of only 58 mercantile and in¬ to come before the Peace Conference in the form of
dustrial disasters compares with 74 and 112 one and discussions, statements designed, of course, to dis¬
two years ago, with the debts involved standing at courage any serious introduction of the subject.
An
$1,455,721 and $785,920 and $1,012,802, respec¬ Associated Press dispatch from London quotes
tively. For the eleven months of the current cal¬ Arthur J. Balfour, Secretary of State for Foreign
endar year the number of failures not only falls Affairs, as authority for the view that the meeting
very much under last year (797 contrasting with in Paris this month will be merely informal and
1,005) and is only about half that of 1916, but the preliminary to the conference of the associated Gov¬
amounts of debts at $12,642,438 compares with ernments after the first of the year.
At the later
$16,209,035 and $23,278,347. Trading liabilities of conference will be formulated all the important terms
$4,651,195 contrast with $7,158,547 in 1917; in the of peace agreements. This conference, Mr. Balfour
manufacturing division the comparison is between added, will be the most important and the longest
$7,309,110 and $6,959,765, and among brokers, &c., of the series, and when it has been finished the enemy
between $682,133 and $2,090,753.
countries would be-called in to ratify the conclusions
reached. The Foreign Secretary said that he be¬
lieved the question of a League of Nations the most
According to schedule, the steamer George Wash¬
ington, with the President's party on board, arrived important work imposed on the conference. The
in the harbor of Brest at 1 o'clock yesterday after¬ “prominence Mr. Wilson has given the subject is a
noon, and the President set foot on French soil two valuable contribution to civilization,” he declared.
hours later. He was due to reach Paris last evening “I think a League of Nations a vital necessity if this
where adequate accommodations have been provided war is to produce all the good we expect to come out
for his comfort and entertainment. The arriva of it. The United States will have to bear a large
of the President in Brest marked the culmination
of an imposing naval spectacle, which began as the
Presidential fleet rounded the outer cape and passec
the entrance forts into the harbor where the George
share in the work it involves.
thing
more
than
a mere
It should be
some¬
instrument to prevent
war.
The world is more complicated than we are inclined
to think.
It would be folly to imagine it possible to
Washington anchored at the head of a long double constitute a world with States endowed with equal
column of American dreadnoughts and destroyers powers and rights. But I wish to say emphatically
and the units of a French cruiser squadron. Since that, in my opinion, to devise in concert workable
early
morn ng a
fleet of aeroplanes had hovered
the entrance to the harbor
on
over
the lookout for the
machinery for them is
the conference
can
one
of the highest functions
deal with.”
approaching steamer. A special train bearing Ste¬
Speaking at Bristol on Wednesday of the in¬
phen Pichon, the French Foreign Minister; Georges demnity which Germany and her allies must be
Leygues, the iViirister of Marines, and other dis¬ compelled to pay, Lloyd George declared the war
Dec. 14 1918.]
THE CHRONICLE
had cost Germany less than it had cost Great Britain.
It had cost Great Britain, he declared, £8,000,-
2212
the majority and
the Soldiers’ and
Independent,, Socialist Party and
W/orkmen’s Council of Greater
000,000—a gigantic sum. The German bill, he Berlin, could not and would not oppose any demand
believed, was £6,000,000,000 or £7,000 000,000, }y the Entente that William II be handed over to
and he contended that it was indefensible that the the Allies for trial. As to the ex-Crown
Prince, the
person who was in the wrong and had lost should opinion expressed during the discussion was even
pay less than the person who was declared to be in more hostile than that directed against the exthe right and had won. A British Imperial Com¬ Kaiser. Holland itself seems to be
modifying its
mission, the speaker said, had been appointed to own position on this subject. The Premier who,
investigate the capacity of Germany (to pay) and on Wednesday, declared in the Lower House that
he had received its report. As summarized by there should be no
question of internment nor could
Lloyd George this report showed:
there be a demand for the Kaiser’s return to Germany
First—As far as justice is concerned, we have an because of the right of sanctuary, is quoted in a
absolute right to demand the whole cost of the war dispatch received from The Hague, as also saying:
from Germany
“It is possible that foreign Governments might
Second—We propose to demand the whole cost
desire
to consult with Holland regarding a new
of the war from Germany.
Third—When you come to the exacting of it, place of residence for the Kaiser. The Dutch
Government would not be disinclined to this, on
we must exact in such a way that it does not do more
harm to the country that receives it than the country condition that Holland be given a place in such a
consultation corresponding with the country’s honor
that is paying it.
Fourth—The committee appointed by the British and dignity.
“The present arrangement is provisional,” he
Cabinet believes that that can be done.
Fifth—The Allies are in exactly the same boat. explained, “the Government reserving its definite
We shall put in our demands all together and what¬ decision.”
ever they are they must come in front of the German
.
war
debt.
The first consideration in the minds of the Allies,
the speaker continued, would be the interests of the
people
upon whom the Germans had
not the interest of the German people
and
had
made
war
and
who had made
been
Financial London appears to
be paying much
greater attention to the peace conference and the
political campaign which Lloyd George is so adroitlyconducting than to operations in securities. It is
most probable—it is in fact conceded—that a coali¬
tion majority will be returned, but the many threecornered contests make it impossible to estimate
how many seats the Labor party will get. The polls
will be opened to-day (Saturday) and the count of
votes is set for December 28.
Very little change in
guilty of that crime. With
regard to the former German Emperor the Premier
said, “There is absolutely no doubt that he has
committed a crime against international right and
there is absolutely no doubt that he ought to be helc
responsible for it so far as the European Allies are the actual market situation in London has taken
concerned.” The Premier hoped that America
place since the armistice was signed. There is
would take the same view when President Wilson some discussion
among members of the Stock Ex¬
arrived as to the demands that would be put forward,
change of resuming sessions on Saturday, but it is
on the part of the European
Allies, “to make the hardly likely that any immediate action will be taken
Kaiser and his accomplices responsible for this as the
present volume of business does not justify
terrible crime.”
the move; in fact, the Christmas holidays are to be
A number of estimates have appeared this week extended this
Not only will the Exchange be
year.
of what other countries will demand of Germany. closed on Christmas
Day but on the following Thurs¬
France is expected to present a bill of $68,000,000,day, Friday and Saturday as well as on January 1.
000, which will include the return of five milliard Deputy Chairman Atlay has been elected Chairman
francs paid Germany by France forty years ago of the London Stock
Exchange, succeeding Chairman
plus interest to date. Belgium’s bill is reported to be Quekett who is retiring on account of illness.
in the vicinity of $7,000,000,000.
However, there
A favoring interpretation is being given the
appears reason to believe that the United States will British Government’s ‘ decision to nationalize the
not itself present a bill.
Secretary Daniels, address¬ railroads, although the original statement by Win¬
ing the Southern Commercial Congress at Baltimore ston Churchill that the Government proposes nation¬
on Wednesday, said that the American representa¬
alization is the only authority yet available for
tives at the Peace Conference would “ask nothing the statement that Government
ownership is to
in the way of territory nor indemnity,” and would take
place. Belief appears to be general that the
“insist upon such provisions in the treaty as will give terms that the Government will
grant will be some¬
the smaller nations the same right that greater what above
present prices which are but slightly
nations will enjoy and the elimination of any meas¬
over the low point reached in the last ten years.
war
which may produce irritation and make possible
another war. The day of isolation in the United
ures
States has
Winston Churchill’s statement about the railroads
was in the form of a reply to the question of a heckler
passed for good or ill,” said Mr. Daniels, during an electioneering speech. The railways are
profoundly believe it is for good. This Re¬ not in Mr. Churchill’s department and no other
public must concern itself with every problem that member of the Cabinet has confirmed his statement.
touches the peoples of every portion of the world.”
A press dispatch from London, however, quotes
“and I
experts as saying that even if Government control
Wednes¬ had not been decided upon the eight-hour day, which
day considered the alleged demands which the has just been granted to railroad workers, would
Allies are expected to make upon Holland for the cause its adoption. For the Government to restore
The heads of the German Government
on
custody of the former Kaiser. After long discussion the railroads to private competitive ownership, the
it was decided that the Government, as representing cabled dispatch says, with the present wage scale
would be to hand over bankrupt properties because
the earning of dividends would be out of the question.
The London “Times” estimates the country's new
railway
wages
bill at £127,000,000, the items of which
of £47,000,000, bonuses
£55,000,000 and the cost of the eight-hour day
£25,000,000. It is not known whether Government
are
the
(V*l. 107.
THE CHRONICLE
2214
pre-war
wages
mate indebtedness under this head up
to £267,The figures of bond sales are considered
disappointing in view of the appeal for the re¬
373,000.
investment of
is
usually
war
a poor
loan dividends.
While December
investment month in view of taxes
and other expenses, but the main cause undoubtedly
is the lack of enthusiasm for war bonds now that
control or Government ownership is the Cabinet's hostilities have ended.
intention but it is considered doubtful if the railways
British revenue returns for the week ended Nov.
can make both ends meet under either system.
There is a strong demand from the working classes 30, showed a slight falling off, while expenditures
and business men for a reduction of charges of were further increased by the payment of £49,-
*
transportation to the pre-war level. The war in¬
creased passenger fares alone fully 50%, yet no one
suggests that wages could or should revert to the old
level, since it is claimed that the workers were under¬
paid in comparison with American standards or with
other British industries
The only London paper
that comments favorably upon the nationalization
plan is the “Daily Chronicle” which argues that
national control of the railways worked so well during
the war that an immense national post-war railway
combination appears to be inevitable. In default
of the fact of national control, the London “Chron¬
icle” argues, there would be a combination of big
railway interests. Accompanying the news of the
proposed nationalization comes the report that the
Government has decided to give all railway workers
an eight-hour day, beginning with the locomotive
engineers. Railway clerks are not affected as they
salaried staffs.
index
number of British
The
rank
as
715,000 interest on the war loan. The total of
Treasury bills outstanding indicated an expansion
for the week of no less than £7,326,000. The
week's expenses
totaled £91,921,000 (against £46,028,000 for the week ending Nov. 23), while the
total outflow, including repayments of Treasury
bills and other items, amounted to £188,312,000,
compared with £140,934,000 last week.. Receipts
from all sources equaled £187,303,000, as con¬
trasted with £135,541,000 a week ago. Of this
total, revenues contributed £11,995,000, against
£15,627,000 the preceding week; war savings certifi¬
cates were £1,400,000, against £1,600,000, and other
debts incurred £7,173,000, against
£1,480,000.
War bonds amounted to £21,978,000, comparing
with £27,213,000, while the week's advances reached
a total of £45,000,000, as against £13,115,000 the
previous week. Sales of Treasury bills were £99,677,000. This compares with £76,272,000 in the
week preceding. Treasury bills outstanding aggre¬
gate £1,121,133,000, against £1,113,807,000 a week
ago.
The Exchequer balance now stands at £7,601,000, in comparison with £9,610,000 last week,
a reduction of £2,009,000.
commodity prices
compiled by the “Economist” shows for the end of
November a total of 6212, compared with 6210 at
the end of October. Tms latest level is 55 points
below the high record for the compilation reached at
the end of August and the December figure repre¬
In Paris trading on the Bourse remains quiet)
sents an increase of 182.6% from the basic figure of
2200 representing the average of the various com¬ Though Thursday's Bank of France return does not
modities concerned for the five-year period 1901-05. evidence the fact, reports had it that the Bank had
At the beginning of the war (July 1914) the “Econ¬ received or was to receive $60,000,000 in gold.
omist” index was 2565, the advance since that date, This fium was received from Russia by the Germans
and by the terms of the armistice will be turned
therefore, having been 3647.
over to France in trust.
The money is credited
British trade still is shown to be suffering as a by the Bank to the common account of the Allies
result of the war, especially because of the diversion in conformity with the terms of the armistice.
of tonnage from usual channels. For the month of
A commission has been appointed by the new
November, according to the Board of Trade state¬
ment, an increase of importations of £7,115,000 was German Government (whatever that may mean)
registered. The import increases were chiefly in to work out a plan for economic socialization. It
food and raw material, cotton having decreased has held a meeting for organization but has adopted
£2,000,000. Exports decreased £163,000, no with¬ no specific program of procedure. The Berlin
standing an increase in cotton textiles of £2,750 000. Bourse and banking and industrial circles, accord¬
The official figures for the month and for the eleven ing to the correspondent of a press association, do
not expect the immediate enactment of radical
months ending with November are appended:
measures.
-November
Jan. 1
The impression prevails that the EbertNov. 30
to
1918.
1918.
1917.
1917.
£116,868,000
43,219,000
£109,753,091
43.382,335
£1,204,669,760
460,191,151
£981,889,968
488,168,477
Eteen of imports... £73,649,000
£66,370,756
£744,468,609
£493,721,491
Imports—_:
Exports....
Sales of British war bonds for the week of Dec. 7
amounted to £20,711,000 through the banks, as
compared with £16,831,000 for the week ending
continuous sale
sales to Nov. 30
through the po^t offices aggregated £634,000, bring¬
ing the total up to £45,778,000 through this source
and the aggregate total £1,369,485,000. Sales of
war savings certificates of £1 each for the week of
Nov. 30 were £2,700,000, bringing the total ulti¬
Nov. 30, making the total of the
to date £1,323,707,000.
The week's
Hasse Government is convinced that the present
political and economic situation is inauspicious.
This seems to have been confirmed by recent utter¬
ances of the leaders of both wings of the Social
Democracy. Emil von Strauss, one of the leading
directors of the Deutsche Bank, stated in an inter¬
view that the Government would make haste slowly
in carrying out its program for economic radicalization, and that the final decision would be rendered
by the people. He declared that there was impera¬
tive need of avoiding extreme measures, which
might impair German credit abroad, as the country
naturally expected to enter the world markets as
buyer and seller. The seizure of the nation's gold
Dec. 14
1918.]
THE CHRONICLE
supply by the Entente, Herr
von
2215
Strauss said, 684,000 francs, bringing the total outstanding; up
In 1917 and 1916 the
would mean the destruction of Germany's credit to 29,028,387,000 francs.
basis and would result in financial anarchy and in- respective amounts were
22,821,152,240 francs and
ability to purchase foodstuffs, which was the first 16,383,953,565 francs. The amount outstanding
requisite toward righting the present situation.
immediately preceding the outbreak of war was
6,683,184,785 francs, while just prior to the signing
There was no change in official discount rates at of the armistice with Germany
the total stood at
leading European centres from 5% in London, 30,821,245,000 francs. Comparison of the various
Paris, Berlin, Vienna and Copenhagen; 5J/£% in items with the statement of last week and corre¬
Switzerland; 6% in Petrograd and Norway; 634% sponding dates in.1917 and 1916 are as follows:
)
in Sweden, and 434% in Holland and Spain. In
BANK OF FRANCE’S COMPARATIVE STATEMENT.
,
'
V ' :
1
London the private Bank rate continues to be quoted
at 3 17-32% for sixty days and ninety days.
Call
in London remains at 3%. So far as we have
been able to learn, no reports have been received
by cable of open market rates at other European
money
centres.
The Bank of England announces another substan¬
tial increase in its stock of gold on hand, in round
numbers £1,719,225, but the total reserve expanded
only £1,259,000, there having been an increase in
note circulation of £460,000.
An increase in public
deposits of £888,000 was this week offset by a reduc¬
tion in other deposits of £1,199,000. The proportion
of reserve to liabilities advanced to 15.89%, against
15.17% last week and 19.60% a year ago. Govern¬
ment securities expanded £1 1,000.
Loans (other
securities)
declined £1,696,000.
Threadneedle
Street's gold holdings aggregate £77,730,466. Last
year the total was £57,511,821 and in 1916 £55,105,924.
In 1914, just after the outbreak of hostilities,
it totaled £72,414,101, while in 1912 only £34,245,556
was held.
Reserves now stand at £28,672,000, which
contrasts with £32,027,291 in 1917 and £35,598,584,
the year before. Loans total £95,901,000, as against
£91,536,359 last year and in 1916 £104,059,713.
Clearngs through the London banfo for the week
were £437,240,000, against £446,580,000 a week
ago
and £384,992,000 last year. Our special correspond¬
ent is not as yet 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 not resumed
publication of such reports. We append a tabular
statement of comparisons:
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
Circulation
Public deposits
1918.
1917.
1916.
1916.
1914.
Du. 11.
Dec. 12.
Dec. 13.
Dec. 15.
£
£
£
Du. 16.
£
67.508.000
27,418,000
43,934,530 37,957,340
40,416,153 57,511,685
Other deposits...,.-152,999,000 123,152,831 106,526.295
Govern’t securities. 73,685,000
57,895,870 42.187,599
Other securities
95,901,000 91,535,359 104,059,713
Res’vs notes * coin 28,672,000
32,027,291 35.698,684
Coin and bullion
77,730,466 57.511,821 55,105,924
Propor’n of reserve
to liabilities
15.90%
19.60%
21.70%
Bank rate...
5%
6%
6%
£
34,266,810 35,591,935
52,136,369 43,167.729
94,169,276 122,736,426
32,840,075 11,968,674
96,865,303 116,481,844
34,464,372 55,272,166
50,281,182 72,414,101
23.55%
6%
33.31%
5%
The Bank of France in this week's statement
announces a
further gain of 3,753,775 francs in its
stock of gold on hand.
Chances
for Week.
Gold Holdings—
In France
Abroad
France.
Inc.
3,753,775
No Chance
Inc. 3,753,775
Silver
Dec.
568,000
Bllto discounted...Dee. 64,638,000
Advances
Inc. 26.846,000
Note circulation ...Inc.295,684.000
Total
Du. 12 1918.
France.
3,434,274,441
2,037,108,484
5,471,382,925
319.372,446
Status as ofDu. 13 1*1*.
France.
3,303.074,086
2,037,108,484
* •
*
-
Du. 14 1916.
,
France.
3,680.827,770
1,885,185,640
227,852,000
1,388,093,000
6346,182,571 5.066.613,71#
245,865,180
307,973.590
800,648,846
675,432,008
1,166,851,817 1,348,182,619
22,821,162,240 16,383,953,565
39,058,712
26.654<467
2,883,229,015 2,021312,022
For the week of Nov. 30 the
Imperial Bank of
Treasury deposits. .Dec. 30,047,000
General
deposits...Dec169,001,000
033.787,600
1,209,425,600
29,028,387,000
Germany shows spectacular changes,
them
1,186,858,000
marks, of no less than 704,448,000 marks in note
circulation, while Treasury notes were expanded
248,910,000 marks and deposits 470,739,000 marks*
Total coin and bullion declined 433,000 marks, and
gold 200,000 marks. Notes of other banks were
reduced 9,699,000 marks, and investments 592,000
marks. Advances increased 1,047,000 marks, other
securities 32,986,000 marks, and other liabilities
283,920,000 marks. Latest returns of the German
Bank's gold holdings indicate a decline to 2,308,358,000 marks, against 2,404,300,000 marks in the same
week of 1917 and 2,518,480,000 the year previous.
Note circulation is given at 18,269,030,000 marks,
which compares with 10,622,260,000 marks a year
ago and 7,333,660,000 marks in 1916.
an
increase in bills
among
discounted of
Last week's statement of New York associated
banks and trust companies, issued on Saturday, was
about as expected. Loans were expanded $47,355,-
000, while net demand deposits increased $53,346,000, to $3,790,871,000 (Government deposits of
$210,747,000 deducted). Net time deposits, how¬
ever, declined $1,980,000.
Circulation was ex¬
panded $208,000, to $35,654,000. Cash in vaults
(members of the Federal Reserve Bank) increased
$1,767,000, to $107,847,000 (not counted as reserve).
Reserves in he Federal Reserve Bank of member
banks expanded $13,891,000, to $553,208,000. Re¬
serves in own vaults (State banks and trust com¬
panies) decreased $22,000, to $10,385,000, and in
depositories (State banks and trust compa¬
nies, a contraction of $562,000 was noted, to $8,798,000. There was a gain this week in aggregate
reserves of $13,307,000, thus bringing the total to
$572,391,000, against $573,231,000 in the preceding
year.
Surplus, in consequence of an increase of
$6,871,080 in reserve requirements, indicated a gain
of only $6,435,920, which carried the total of excess
reserves to $70,616,670, in comparison with $99,044,510 in the corresponding week of last year. The
above figures in both cases are based on 13% reserves
other
The Bank's aggregate gold
holdings (including 2,037,108,484 francs held abroad)
are now reported 5,471,382,925 francs.
Last year
at this time they totaled 5,340,182,571 francs (of
which 2,037,108,484 francs was held abroad), while
in 1916 they stood at 5,066,013,719 francs, of which
1,385,185,949 francs was held abroad. Advances
during the week rose 26,846,000 francs. On the for member banks of the Federal Reserve system,
other hand, silver was reduced by 568,000 francs, but not counting cash held by these banks, which the
Treasury deposits fell off 30,047,000 francs, general present year amounts to $107,847,000. The bank
deposits were decreased by 169,001,000 francs and statement is given in fuller detail on a subsequent
bills discounted diminished by 64,638,000 francs. page of the “Chronicle*”
Note circulation recorded an expansion of 295,-
THE CHRONICLE
2216
*
[Vol. 107.
In local money circles there is no important change
to note.
Call funds have loaned as low as 4%%
and supplies seem ample for all purposes. The chief
Banks’ and bankers’ acceptances have shown a
fair degree of activity, though transactions in the
trouble is that Stock Exchange houses still are unable
to extend their loan accounts from the levels current
last September and the Money Committee give no
press
aggregate were not large.
Brokers, however, ex¬
the opinion that before long dealings should
assume much larger proportions.
The undertone
was
steady and practically unchanged. Demand
loans
on bankers’ acceptances continue to be quoted
promise or encouragement to believe that this situa¬
tion will be improved until the Government ceases at 434%. Detailed quotations follow:
—Spot Delivery
Delivery
to be an important borrower.
The issuance of
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days
Treasury certificates of indebtedness to the amount
Eligible bills of member banks
45£@4X 4%@4% 4%@4
4% bid
of $500,000,000, dated Dec. 19, in anticipation of Eligible bills of non-member banks
4%@4'A 4H@4tf 4J*@4H
4%bid
5H@5
5X@5
0
5X@5
bid
the Fifth Liberty Loan was announced by Secretary Ineligible bills
No
changes in rates, so far as our knowledge goes,
McAdoo on Thursday. The certificates are due May
have
been
made the past week by the Federal Re¬
20 1919 and subscription books will close Dec. 26.
The previous issue of $600,000,000, it was announced, serve banks. Prevailing rates for various classes of
had been oversubscribed. As to the terms of the new paper at the different Reserve banks are shown in the
loan details still are lacking, though Secretary following:
DISCOUNT BATES OF FEDERAL RESERVE BANKS.
McAdoo on Thursday advised the House Ways
and Means Committee that between $5,000,000,000
and $5,500,000,000 must be issued to finance the
i
CLAS8B8
OF
i t
Government this year. He based his statement DISCOUNTS AND LOANS
1
on
an
estimate of $18,000,000,000 in expendi¬
i £
3
1
Discounts—
tures.
The Secretary urged
the Committee Within 15 days, lncl. member
banks’ collateral notes
4
4
4
to approve legislation providing for
4
4H 4H 4 H 4
4H 4K 4 H 4tf
loans to
10 to 60 days’ maturity... 4 H 4 H 4 H 4H 5
4H 5
4X 4K 4H 4H 5
61
90
to
4
5
4
4
days* maturity...
the Allied Governments, after peace is declared,
5
5
5
H 4!X 4H 4%
H
H 4H 5
Agricultural and live-stock
5
5
5
5 H 5H 5
paper over 90 days
5H 5H 5H 5K 5 H 5 H
from bonds already authorized. Mr. McAdoo
Secured by U. S. certificates
of Indebtedness
Lib¬
anticipated no trouble in floating the next loan. The
erty Loan bonds—
Within 15 days, Including
interest rate will, he said, depend on the financial
member banks’ collat¬
eral notes
4
4
4
*4
4
4
4
*4 H 4
4H
*4H 4
market at the time the loan is floated, but reminded
16 to 90 days' maturity
*4H 4J4 4 K *4H *4M *4 M *4X 4 H 4H
4H 4 H
i
j
|
1
1 ,
!
.
or
the Committee the transaction would be directed
by Carter Glass, who becomes Secretary of the
Treasury on Monday. Brazil, Mr. Adoo told the
Committee, may want a loan to build up commerce
with the United States. Speaking of the Russian
loan, amounting to $187,000,000, the Secretary said
repayment is to be expected whenever a Russian
Government is successfully organized.
Dealing with specific rates, call loans this week
have ranged between 4% and 6%, against 5@6%
last week. Monday there was no range, 6% being
the only rate quoted all day. On Tuesday there
was a decline to 5%%>
which was the maximum,
with 5% the low and also for renewals. Wednes¬
day’s range was 5@6%, and 5%% the renewal basis.
On Thursday 6% was again the high and 5%% the
ruling figure, but the low declined to 4%%, while on
Friday the maximum was 6%, the low 4%%, and
6% for renewals. These figures apply to mixed
collateral loans, with all-industrials still quoted at
% of 1% higher. For fixed maturities the situation
remains without essential change. Some loans were
negotiated for thirty, sixty and ninety days at 6%,
but transactions were not large, and for the
longer
periods no dealings were noted. Nominally, 5%@
6% is quoted for sixty and ninety days and 6% for
four, five and six months, the same as a week ago.
Trade Acceptances—
1 to 60 days’ maturity
61 to 90 days’ maturity
..
4H 4H
*4X 4H 4H 4H 4H 4H 4H 4H 4M
4H 4Vi 4H 4H 4 H 4H 4H 4H 4K 4 H 4H 4 H
1 Rate of
3 to 4 H % for 1-day discounts in connection with the loan operations
of the Government.
Rates for discounted bankers’ acceptances maturing within
15 days. 4%; within 16 to 60, days 4H%: and within 61 to 90 days, 4H%
* Rate of
4% on paper secured by Fourth Liberty Loan bonds where paper re*
discounted has been taken by discounting member banks at rate not exceeding
Interest rate on bonds.
*
Rate for trade acceptances maturing within 15 days, 4 J* %.
4
a
Rate for trade acceptances maturing within 15 days, 4H %: 16 to
Fifteen days and under, 4H %•
90 days, 4H %
Note 1. Acceptances purchased In open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate Is higher than the 15-day dls*
count rate,trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application Is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 00-day
paper of the same class.
In
sterling exchange circles the position is rather
unsatisfactory since the market remains pegged at
a time when the movement of business is
showing a
tendency to return to pre-war channels. A number
of times during the week demand bills have evinced
moderate improvement to meet mail opportunities.
The re-establishment of open mail schedules will
undoubtedly aid in restoring more normal conditions,
though America at the moment is so overwhelmingly
a creditor that it seems
hardly reasonable to expect
a removal of
arbitrary restrains upon rates in the
near
is
future.
It is reported that Sir Edward Holden
shortly to visit the United States for the
purpose
of arranging new safeguards for the
of the pegged rates for sterling during
maintenance
the next few
In view of the fact that the second installment on
months, and it also is rumored in exchange circles
the Fourth Liberty Loan, as well as preparations for
here that negotiations with the Bank of England in
the year-end settlements, are now within measurable
the same direction are in progress.
distance, brokers do not look for any further easing
Referring to the movement in greater detail,
in the market for some time to come. Last
year
fixed-date funds from sixty days to six months were
•
quoted at 5%@6%.
Commercial paper rates remain
as
heretofore at
5%@6% for sixty and ninety days’ endorsed bills
receivable and six months’ names of choice
character,
with names not so well known at
6%. A ready
market is reported for the
ings
were
stricted.
light
and
as
best notes, but offer¬
a
result
trading
re¬
sterling exchange on Saturday was quiet and a shade
firmer; demand bills advanced to 4 7570@4 75%,
although cable transfers continued at 4 76 7-16 and
sixty days at 4 73%@4 73%* Monday’s market
was a dull affair,
with transactions light in volume;
rates were steady and still quoted at 4 7570@4
75%
for demand, 4 76 7-16 for cable transfers and 4
73%@
4 73% for sixty days.
Nothing new occurred on
Tuesday and quotations ruled without alteration
from the figures of the preceding day. On Wednes-
Dec. 14
1918.]
THE CHRONICLE
slightly easier tone developed and demand
declined fractionally, to 4 75%@4 7570; sixty days
and cable transfers, however, remained at 4 73%@
4 73% and 4 76 7-16, respectively; trading was not
active. Under the stimulus of a better inquiry,
incidental to a good mail steamer scheduled to sail
in a day or two, quotations moved up a trifle on
Thursday and demand was advanced to 4 7565@
4 76% and cable transfers to 4 76 7-16@4 76%;
sixty days remained pegged at 4 73%@4 73%. On
Friday the market ruled steady and without im¬
portant change.
Closing quotations were 4 73%
@4 73% for sixty days, 4 75 11-16@4 75% for de¬
mand and 4 76% for cable transfers. Commercial
sight bills finished at 4 75%@4 75%, sixty days at
4 72%@4 72%, ninety days at 4 71 @4 71%, docu¬
day
a
■:
by the Russian Government at Omsk
that all international obligations were to be recog¬
nized, except those under the Bolsheviki regime, and
that interest on Russian 5%% bonds would be paid,
created a favorable impression and resulted in re¬
ment last week
newed firmness in ruble currency notes. It is stated
that new ruble notes for Northern Russia, on the
basis of 40 rubles to £1, have been arranged by the
Allies, including America, with the provisional Gov¬
ernment to provide a stable foundation for Allied
traders in making remittances there. The new notes
will be issued only at Archangel at this fixed rate
against deposits made with the Bank of England,
which will be “earmarked” to insure the converti¬
bility of the notes. The new ruble will have a value
of about 12 cents, against the normal value of 51%
payment (sixty days) at 4 71%@4 72 cent for the old ruble.
The official London check rate on Paris finished at
and seven-day grain bills at 4 74%@4 74%. Cotton
and grain for payment closed at 4 75%@4 75%. 25.98, against 25.97% for a week ago. In New York
No shipments of gold either for export or import sight bills on the French centre closed «• t 5 45%,
against 5 45%; cables at 5 45, against 5 45; commer¬
were reported during the week.
cial sight at 5 46%, against 5 46%, and commercial
Dealings in the Continental exchanges have con¬ sixty days at 5 51%, against 5 51% last week.
tinued dull and confined to routine transactions. Lire finished at 6 36 for bankers, sight bills,.against
Consequently changes in quotations were slight and 6 37 a week ago, though cables were not changed
without special significance. In view of the fact, from 6 35. Rubles continue to be quoted at 14 for
checks and 15 for cables. Greek exchange closed
however, that there has been a perceptible improve¬
ment in the cable service and that the prospect is for 5 16% for checks and 5 15 for cables, against 5 16%
and 5 15 a week ago.
a material increase in shipping facilities from now
No new feature of moment developed in neutral
on, bankers here are predicting a substantial ex¬
pansion in the volume of foreign exchange business exchange. Trading was still at a minimum, although
before long, while the opinion is also expressed that a firmer trend was shown with Christiania, Stock¬
holm and Copenhagen remittances fractionally higher.
rates will soon show a distinct drift in favor of this
centre.
Recent developments in our international Swiss francs ruled steady without essential change.
relations would seem to confirm this view; such for Guilders emained at last week’s levels, while Spanish
instance as the abrogation by France of all favored pesetas were firm, closing at a slight net advance
nation treaties, which will undoubtedly bring about for the week, on the favorable features attached to
the new $100 000,000 Spanish credit.
responsive action in other countries. French ex¬
ments for
change ruled steady and without quotable change.
Lire cables are still being quoted at the official figure
arranged by the authorities some months ago, but
sight bills have been advanced to 6 36, against 6 37,
the rate so long current. No particular importance is
attached to this change, as the market is so narrow as
to make the quotation practically nominal. German
and Austrian exchange is not yet being dealt in on this
market. A cable dispatch from London under date
of Dec. 11 states that the value of the German mark
abroad has fallen below 42 to the British pound.
Before the war the mark was worth approximately
1 shilling, or 20 marks to the pound.
On Dec. 7,
at Copenhagen, 42.28 marks could be obtained for
one pound sterling; at Christiania 42.08 marks for a
pound; at Stockholm 41.5, and at Berne 41.083.
At Stockholm the rate of exchange on the Austrian
kronen has fallen to 77.20 to the pound sterling.
An additional factor in the rapid depreciation of the
mark is probably to be found in the statement of the
German Reichsbank for the week ending Nov. 30,
showing that the increase in German note circulation
during that week totaled £35,000,000, on the basis
of conversion into sterling at 20 marks to the pound
(the figures still being used for statistical purposes).
ended Nov. 30 the expansion in the note
circulation of the Reichsbank was at the rate of
For the year
Amsterdam finished at 42%,
against 42%; cables at 42%, against 42% commer¬
cial sight at 42%, against 42 3-16, and com¬
mercial sixty days at 41 15-16, against 41 13-16 a
week ago. Swiss exchange closed at 4 92 or bankers’
sight bills and 4 89 for cables. Last week the close
was 4 93 and 4 90, respectively
Copenhagen checks
finished at 26.90 and cables at 27.15, against 26.60
and 26.90. Checks on Sweden closed at 28.80 and
29.10 for cables, against 28.30 and 28.60, while •
checks on Norway closed at 27.90 and cables 28.10,
against 27.60 and 27.90 the previous week. Spanish
pesetas closed at 20.07 for checks and 20.15 for
cables. This compares with 19.85 and 19.95 in
Bankers’ sight on
the week preceding.
As to South American
quotations, the rate for
checks on Argentina finished at 45.15 and cables at
45.25, which compares with 44.85 and 45.00. For
Brazil the check rate declined and closed at 26.85
and cables at 27.00, aga nst 26.75 and 26.90 a week
Chilian exchange continues to be quoted at
ago.
12 15-32, while Peru is still at 50.125@50.375.
Far Eastern rates are as
follows:
Hong Kong,
80@80%, against 81@81.15; Shanghai, 122@
122%, against 123@123%; Yokohama, 54@54%,
against 56%@56%; Manila, 50%@50% (unchanged)
Singapore, 56%@56% (unchanged); Bombay, 36%
@36% (unchanged), and Calcutta (cables) at 36%@
£531,000,000 per annum for the last six months,
37 (unchanged .
£660,000,000 per annum for the last three months
and £988,000,000 per annum for the last two months.
The New York Clearing House banks, in their
As.to.Russian exchange, no transactions are reported
andAruble rates are wholly nominal. The announce¬ operations with interior banking institutions, have
-Jr
?
2218
THE.CHBONICLE
gained $7,129,000 net in cash as a result of the cur¬
for the week ending Dec. 13. Their
receipts from the interior have aggregated $12,026,000, while the shipments have reached $4,897,000.
Adding the Sub-Treasury and Federal Reserve op¬
erations, which together occasioned a loss of $87,359,000, the combined result of the flow of money
rency movements
into and out of the New York banks for the week
appears to have been a loss of $80,230,000, as
follows:
(Vol. 107.
the question of Germany’s colonies, and the
question of reparation and restitution for unlawful
"damage on land and sea. The last of these consider¬
ations does not appear to constitute any part in
calculating the sum named by Lloyd George in his
speeches of this week; yet all three considerations
necessarily bear on the general question.
enemy,
It has been remarked that these promises of
enormous indemnities are made in the stress of a
general election in Great Britain, and that this
explains
them. The explanation, however, hardly
Out Of
Net Change in
Banks.
Bank Holdings.
removes the feeling of
regret. It is a pretty large
Banks’ Interior
8124)264)00
84.8974)00 Gain 87.1294)00
Sub-Tress, and Fed. Reserve oper'ns
39,836,000 127,194,000 Low 87,3594)00 stage on which to employ such expedients, and no
Total
861.861,000 81334)91 .OOOLow 880,230.000 one can tell what effect these outgivings in England
The following table indicates the tfmount of bullion may have on France and Italy.
The whole episode
gives some color of plausibility to the theory that
in the principal European banks:
the very authors of the present proposals may be
Dee. 12 1918.
Dec. 13 1917.
Banks oh
hoping that President Wilson, representing as he
Gold.
Silver.
Total.
Gold
Saver.
Total.
does a country which has no selfish aims of its own,
£
£
£
£
will
veto the plan outright.
England.. 77,730,466
77,730,4661 67,611,821
67,611,821
Frances.. 137,370,977 12,760,000150,130,977
132,122,963 9,800,000 1414)22,963
Be
this as it may, there are certain aspects of
Germany. 115,417,900
1,053,410116,471.310 120,234,650 6,996,600 1274230,160
Russia *. 129,650,000 12,375,000142,025,0001
29,650,000 12,375,000 142,0254)00
Aus-Hun
11,008,000 2,289,000 13,297,000 11,008,000 24289,000 134297,000
Lloyd George’s distinct proposals which ought to
Spain
89,131,000 25,855,000 114,986,000 78,653,000 28,848,000 107,401,000
Italy...,. 38,439,000 3,200,000 41,639,000 33,643,000 2,600,000 36,243,000 be examined on their merits.
Speaking on Wednes¬
Netherl’ds 57,786,000
600,000 68,386,000 57,698,000
573,600 68,271,600
Nat. Bel. h 15,380,000
600,000 15,980,000 16,3804)00
day
at
6004)00
Bristol,
the
Premier
made
this outline of his
15,9804)00
Swltz’land 15,151,000
15,151,000
........
Week ending Dee. 13.
Into
Banks.
movement
c
....
Sweden..
Denmark
15,474,000
10,335,000
Norway.. 6,734,000
14,030,000
15,474,000 11.922,000
130,0001 10,465,000 10,515,000
6,734,000 6,489,000
14,030,000
11,9224)00
163,000 10,668,000
6,4894)00
Tot.week.719,607,343 58,862,410778,469,753678,757,834
Prev.weekJ717,634,967 58,859,5601776,494,527678,206,6881 64,234,100742,991,434
64,016,350742,223,038
s Gold holdings of the Bank of
France this year are exclusive of
held abroad.
£81,484,340
•
No figures reported since October 29 1917.
c Figures for both years are those
given by ’’British Board of Trade Journal”
Dec. 7 1917.
J» August 6 1914 In both years.
ENGLAND AND THE GERMAN INDEMNITY.
We cannot escape the
feeling that the public
declarations of Lloyd George and the British Govern¬
purposes:
“First—^As far
*
~
as
justice is concerned
we
have
an
absolute right to demand the whole cost of the war
from Germany.
“Second—We propose to demand the whole
cost of the war from
Germany.
“Third—When you come to the exacting of it,
we must exact in such a
way that it does not do more
harm to the country that receives it than the
country
that is
paying for it.
“Fourth—The committee appointed by the British
Cabinet believes that that
can
be done.
ment, regarding the war indemnity to be exacted
“Fifth—The Allies are in exactly the same boat.
from Germany, are a matter for
We
shall put in our demands all together and what¬
deep regret. This
ever
judgment is not based on the idea that Germany
they are they must come in front of the German
has
moral claim for exemption from
any punish¬
ment.
But the nature of the
situation, so far as it
bears on the attitude of these
English public men
is this: No declaration of
purpose has at any time
hitherto been made, of exacting from the
defeated
a
the entire cost of the war. On the contrary,
less explicit declarations have at
intervals
been made that the Allies discountenanced
“punitive
indemnities.” As lately as Nov. 13,
immediately
after the signing of the
armistice, Lloyd George
himself declared in a public speech:
enemy
more or
“No settlement that contravenes the
of eternal justice will be a
permanent
principles
war
debt.”
He then stated that the estimated cost of the
to the Allies was
£24,000,000,000,
war
roughly $120,000,000,000; of which the cost to England had been
£8,000,000,000, or $40,000,000,000. It is undoubt¬
edly too early for a close estimate on this point; but
it may be said that in general it accords with tenta¬
tive estimates already made,
notably the one first
published in Swiss banking circles and republished
by the Federal Reserve Board in a recent official
bulletin. In this, $175,000,000,000 was calculated
as the cost to all
belligerents. The amount named
or
The by the British Government officers as due to the
of 1871 imposed by Germany on France out¬ Allies does
not, as we have said already, appear to
raged all the principles of justice and fair play. Let include the
indemnity for unlawful damage done;
us be warned
by that example.
which,
according to the* calm judgment of the whole
“We must not allow any sense of
revenge, any
spirit of greed, any grasping desire, to override the world, should be imposed on Germany and which
itself would presumably rise into the thousands of
fundamental principles of righteousness.
Vigorous
attempts will be made to hector and bully the millions of dollars.
Government in an endeavor to make them
Taking up Lloyd George’s proposals as they stand,
depart
from the strict principles of
right and to satisfy some there is first the question of “absolute
right.” This
base, sordid, squalid idea of vengeance and of would
usually
be
determined
avarice. We must relentlessly set
largely by precedent.
our faces against But
so far as
that.”
regards exaction of the cost of war from
a defeated
Along with the attitude thus defined on that date caused* the enemy, even from a Power which hadwar, precedent is certainly against it.
must be considered the facts
that, so far as any one Napoleon
undoubtedly caused the series of great
knows, the opinion of the Entente countries as a wars
from 1803 to 1815, inclusive, yet no effort was
whole has not been
consulted; that the United States made to collect the cost of them from
France. No
Government is known to ask for
nothing, beyond such proposition was made after the Crimean
restitution for unlawful
damage to our shipping; or after the Russo-Turkish war. The tentativewar,
de¬
that the Paris Conference will have to
determine mand of the Japanese
plenipotentiaries at Ports¬
first the question of territorial
concessions by the
mouth, in 1905, that Russia pay an indemnity to
peace
one.
IT '
reimburse Japan for the cost of the Manchurian war,
was
not
accepted,
,4f »****#:«
THE CHRONICLE
Dfec.14 1918.]
or
insisted
dent does indeed exist in the
on
by Japan.
“goods,” natural products and .manufactured ar¬
Prece¬ ticles increases, the necessity for a medium of ex¬
of Bismarck's in-
Buying and selling ensues. Men
deminity from France in 1871; but this exaction trade less and less directly with each other; buying
Lloyd George himself appeared to reject in his speech from on£, selling to another; computing values
of Nov. 13.
more accurately and paying differences arising out
In declaring that collection of such an indemnity of exchange values in money; taking these money
is feasible, Lloyd George gives no facts or figures; returns for reinvestment to the end of wider; ex¬
yet they have a considerable bearing on the discus¬ change, that their labors may result in gm&ter
sion. When considering even “reparation and restitu¬ benefits and larger ownership,, the origin of profits
tion,” the financial community has been perplexed which is really a measure of benefits; the benefits
to know how Germany in its present condition could increase with the radius of man’s activities, owing
case
provide even for that without recourse to the markets
of her recent enemies. It was largely through re¬
course to foreign markets that France was able to
pay her billion-dollar indemnity to Prussia in 1871.
Now Germany certainly could not raise $120,000,000,000 at home; her own estimate of her national
wealth, at a time when the statisticians were in a
mood of exaggeration, was $80,000,000,000. But the
Allied markets will certainly not lend $120,000,000,000 to Germany, even with the prospect of redemp¬
tion of their
own war
Furthermore,
some
loans
as an
ulterior consequence.
of Lloyd George's colleagues in¬
sist that German merchandise must be excluded from
England as a part of the process, in order to protect
British industry. But if so, then exactly how would
Germany pay the interest on such foreign-held obli¬
gations? Some rather crude conceptions of political
economy appear to have entered the minds of Eng¬
lish public men.
As to Lloyd George's reservation, regarding ar¬
rangements to prevent such payments from doing
#more harm to the recipient than to the payer, he
would have helped the discussion by stating what his
safeguards are. People familiar with history are
aware that payment of the French indemnity to
Germany caused such disturbance of the German
money markets, such inflation and speculation, that
Berlin was the hardest hit of any European money
centre in the panic of 1873.
But it would also be
necessary for Lloyd George to inquire into the larger
consequences of such stupendous shifting of credits,
involving the economic ruin of one or more nations
and completely upsetting the finances of the others.
We shall presently see what the sober judgment of
the nations thinks ought, under all the circumstances,
to be the money payment imposed on Germany for
its proved wrongdoings and violations of law. It is
fairly safe to say that their eventual plan will not be
the plan set forth this week by the British Premier.
'
THE “DEMOCRACY” OF TRADE.
It
is
essentially a democratic institution.
ignores the boundary lines of nations. Race is
Trade
no
bar to its consummation.
line. It flourishes under all
It knows
no
color
change ari§es.
to what
term natural resources;
and inherent
energies, hence transportation of goods over long
distances; with the aggregation of men into comxnuni*
ties, new relations multiply, occasioning increasing
wants and needs, trading takes on the form of mer¬
chandising, no man or set of men can either pro¬
duce or exchange all of the components of the
civilized life, and business grows from little to big;
and by a natural evolution commerce becomes
complex and covers the earth.
It is important to restate these common truths
for their bearing upon present and future conditions
of trade. We need not repeat that commerce and
civilization are coeval. It is sufficient to impress
the thought that trade is democracy. There is in
it no spirit of domination. It is alien to any ele¬
ment of force.
Its sole purpose is mutual good.
It is an exemplar of equality and freedom, since it
gives value for value under no compulsion Of the
human will. It is true that men and peoples must
buy that which is necessary to life when individually
they do not produce it (as is generally the case in
a complex society) but the compulsion is in a con¬
we
dition outside the man. Even governments in
their assumed “control” of trade, nowhere under¬
take to compel men by law to sell what they need
for their own consumption or to buy what they do
not need and do not want.
All men trade, must
trade—it is the
requirement of life.
Trade, then, in essence (and mark the distinc¬
tion), is democratic, not autocratic. All men, all
peoples, are at this moment looking forward to
new, wide* and larger trade relations.
And this
is well, for it argues the Spread of civilization, and
greater good to greater numbers. But, keeping
to the purpose and uses of trade, it is apparent that,
however far it may extend, whatever be its volume,
it can harm no one. Therefore, as a privilege, a
necessity, and an occupation of man, and associa¬
tions of men, its object is prevented and its pur¬
pose thwarted, when, by artificial restraints or
discriminative aids, whether by greed or govern¬
ment, an element of force is introduced into its
exercise, or its motive changes from giving value for
value to giving a less for a larger value. Profit,
understand, is legitimate, because it measures the
benefit, and cannot measure for one party without
measuring likewise for the other.
flags. And, within
itself, it takes no note of forms of government.
In fact, it is a personal transaction, since neither
peoples collectively, nor States nationally, engage
in it.
Trade is an exchange of “goods” for mutual
Now let us not dismiss these truths as idealistic
benefit—the benefit inuring to individuals (cor¬ abstractions and say contemptuously the object
porations being but artificial persons), these indi¬ of trade is to “make money,” and the more money
viduals being owners in their own right.
its citizens make the more the State can take from
But as trade proceeds from simple barter between them by taxation for its own support and suprem¬
two original owners in a primitive state of being, acy.
This is the day of idealism, but we are at the
it becomes influenced and to some extent controlled same time striving to make it practical. And
by the relations which men, communities and the spirit in which the peoples enter into this new
peoples bear to each other as evidenced by law, and enlarged trade is a predominant factor in the
governmentjand civilization. As the varietyJ£of world's future peace. And first, the ability to
2220
THE CHRONICLE
IVol. 107.
,
trade, over distances, over seas, depends upon in¬
digenous natural resources and individual, com¬
munity, racial, character, and by character we mean
the combined physical, mental, and moral. Gov¬
ernments cannot endow these attributes, and they
cannot prevent their legitimate effects.
“Foreign
trade," therefore, in a unified world, reduces to
domestic trade, and depends for its origin ’ and
volume on the mutual attraction which “things"
have for each other in the light of man's wants and
needs, natural and acquired. It has no other
incentive or guide. And when at any moment of
time all its processes are consummated, in propor¬
tion to its universality, all men and all peoples
are possessed of an equality in the
enjoyment of life.
None has advantage over another, none has more
than another, though possessions be different in
kind, or titles to ownership be unequal. It follows
that to seek to “dominate" in foreign trade is con¬
trary to its natural spirit, and introduces selfishness
and force into that which is inherently free and
equal.
A corollary appears. “Government" cannot con¬
trol trade in the very nature of things. It cannot
influence what we term “foreign trade," trade
across and beyond national boundary
lines, in favor
of its subject or citizen peoples, by subsidies or re¬
strictions, save at the expense of a fellow people, if
we may use the term, elsewhere.
And if it seek to
secure the trade of other communities or
peoples,
by the exercise of this artificial power or force,
exclusively, in that moment, and by that act, it
becomes an “autocracy." The spirit of trade, if
true to its beneficent nature and purpose, seeks
no dominion, and rightfully can obtain none.
For
so diverse are these physical
resources, and these
natural powers of men, that, though one people
may be favored in territory or product or organizing
ability, these powers can be expended only where
they will do the most good, can thereby deprive
no other people, have in their exercise no
enmity,
...
thing. Left to itself trade is the /greatest
pacifist on ea. ih. But it may become an engine
of oppression when governments, acting in an
erroneous belief they can really change its
character,
route, and benefit, seek to prevent its natural,
exercise in and by others. Contiguity of popula¬
some
tion and terrain writes itself into the cost sheet.
The genius of organization may render a people,
be written in the foundation
world, some say it is, that what is termed
“oriental trade" belongs to Europe, not America.
If so why spend “good money" trying to divert it
from Europe? If the resources of the United States
and the “Yankee ingenuity" of our citizenry cannot
win against the world in the Latin American coun¬
tries south of us, we ought to lose. And artificial
methods, restrictions upon general interchange made
to “crush" another ambitious people, will only
result in the end in our actual loss, though seemingly
we gain.
This new world, a unit, blessed with
perpetual peace and magnificent opportunity, means,
if it means anything, that every people shall trade
wherever, and only where, they can do the most
good, give the greatest value for the greatest re¬
paramount.
It
may
of the
turn.
Is this the inner spirit of our present
the stirrings of our present preparations ?
outlook,
It is to
be doubted. Fear, and in fact enmity, creep into
the discussions. No names need be mentioned,
none should be mentioned.
But it is oft averred
that other greedy eyes look even now covetously
upon
the rich prize of “South American trade after
Why “greedy", why “covetously?"
the war."
Is not this
body, and
new
free world
a
fair market for every¬
people? Ought not the “best
Why waste time, energy, money, in
thinking of the other fellow, when all that is needed
is to “get busy?" Governments, laws, do they
not fall away like shed garments when territorial
boundary lines are crossed? Put it the other way,
can trade be fostered by
interferences, walls that
and have in their combined and ultimate result must be scaled, and barbed-wire restrictions th^t
only a benefit to peoples who do not engage directly m ust be broken down ? And if another be prevented
in the interchange. In a word the more one man, from getting into a charmed circle of
exchange can
community, or people, trades, the more others may that give us a ticket-of-leave to enter when we
trade.
will? Nq, the law of trade is unbreakable that it
Pursue the argument a step further and apply benefits, and if a merchant would sell his own
goods
it to our own trade outlook after the war. We need he must be willing his
competitor sell also.
not fear any people, or try to get trade “away"
Competition is co-operation. We want peace,
from any people, community, corporation, or in¬ not war. We would see goods
plentiful and cheap,
dividual, anywhere. For the trade ’which is not labor employed and well paid. Our manufacturers
ours because in it there is greater mutual
benefit, is not have expanded beyond our domestic needs.. The
ours by right, and obtained by
any form of artificial world is hungry—we have the largest civilized
stimulus or convention, in the end “costs more valley of plenty on the earth. When our
surpluses
than it comes to," and in the meantime wrongs are drained away by
foreign demand our production
others more favorably endowed, and brings an never clogs. We talk
earnestly of good will to all.
element of discord into the world that would not
otherwise obtain. Much is written about our
man
every
win?"
The trade routes open to us are infinite. Before
the war even our trade with Europe was incompara¬
capacity for trade with Latin American countries bly greater than any other continental exchange.
to the south of us.
And always coupled with it is What we trade in its final
analysis is more than
the idea that we must beware lest some other people things, it is
thought, invention, art, science, learn¬
seek and take it. If they are so endowed that they ing,
comfort, joy. We owe all of them to every¬
can give more value for value than we can
they body; everybody owes them to us. This is “hu¬
ought to have that trade, whatever its character may manity"—good for good, love for love. There is no
be, and the trade we are enabled to do will bring compulsion in trade. It may be that that “stem
us
greater corresponding benefits.
justice," which should rule, will visit a righteous
Honest trade (and no dishonest trade wins in punishment where it is
deserved, by withholding
the long run) we may dismiss all other, is not mili¬ the
good we have to give in trade, in certain in¬
tant.
It is not directed against anybody or any¬ stances.
That, now, is no part of our considera¬
thing, but always to and in favor of somebody or tions. The more things, the more thoughts. Lib-
Dec. 14
1918.]
.
THE CHRONICLE
2221
Honest trade plays no favorites. holding the licensing scheme a palpable evasion and;
: - 5
We give what we get; and get what we give. A the selling an actual selling just the same.
There seemed nothing left for the producer who
“League of All Nations” is a league for universal
trade. In a world of international law, order, wished to maintain a price to the consumer upon an
amity and concord, nations should not crowd each article perfected and carried into wide use at a cost
other, there is room for all. Markets are valueless often heavy except to discriminate against the pricewhen we have nothing to sell. As our surpluses cutter to the utmost. Of course, the Victor Com¬
pany had lo^g before refused to sell to the Macy
increase we need more markets and ever more.
What, then, is the outlook, and the duty? An store, which was the openly-cutting concern that
intensive sudy of resources, a comprehensive study precipitated the contest and carried it througfi;
of markets. Yes, we may now “combine” for for¬ while continuing to print the prices of its records in
eign trade, that is but a lagging acknowledgment its monthly descriptive lists, that company, for some
of all that we are saying. Trade must be “big” reason, has of late;removed the price-mark from the
that would cover the earth. Trade must utilize labels on its records, yet the subject is lying inabeyits own advantages that would succeed. Trafe ance as respects that particular line of goods, so fait
Another case, however, has cotqe up,
must travel the seas in its own bottoms that would as is known.
save costs and expedite returns.
The bee gathers involving the right to refuse to sell tp a prtco-cUite**
from all the flowers into one hive.
The industry The Colgate Company had for many years been
of a people is radio-active in trade, benefits all. following this simple plan, but after several Federal
'district courts, last year, had instructed juries that
Buying and selling, is but making and distributing,
both serve. Favored nation treaties cannot exist such a refusal tended to a combination under the
without corresponding national enmities. A “new Sherman Act, the Federal Attorney-General in¬
formed that corporation that it must cease taking
world” means a new deal all around.
Get agoing—that’s all. Make something some¬ notice thus of price-cutting or become liable to
erty is also light.
body needs. Find out who needs it. Make it
cheaper and better than anyone else does—'a cus¬
indictment.
The Colgates
brought
tomer is sure.
Build ships—deliver the goods. against them was decided in their favor, about a
Set up banks in other countries—credit follows trade month ago, by Judge Waddill of the Federal District
wherever it goes, credit is the dynamo in the ma¬ Court, sitting in Norfolk. Three sentences from his
decision are worth quoting:
chine, you can’t take it out and travel. Study the
persisted, and the action
needs, the interests, of the other man.
“It cannot be said that the defendant has no in¬
Make the bill-of-lading an affidavit terest in the prices at which its goods shall be sold;
of identity and worth. Advertise—what a man on the contrary, it had a vital interest, in so far as
never heard of, he cannot buy.
Pull together at cutting the same would tend to demoralize the trade.
Price-cutting would almost inevitably result in reduc¬
home; and pull apart abroad. If you know a short
ing the defendant’s business, in a given community,
route take it, but go, don’t wait for someone to to
only those engaged in that practice, and deprive
wants and
Don’t cheat.
democracy—world-trade is every¬ it of the patronage of the great body of wholesalers
body’s chance. Don’t go to the Government—it and retailers engaged in what they believed to be a
has nothing to sell and no mind to sell if it had. fair and legitimate conduct of their business. What
Get agoing—that’s all. And this war has nothing the public is interested in is only that reasonable
fair prices shall be charged for what it buys,
to do with our foreign trade, once it is over.
Forget and
and it is not claimed that the defendant’s manner of
it; get agoing.
conducting its business has otherwise resulted.”
Contracts between a manufacturer and distributors
A PROPOSAL FOR GOVERNMENTAL FIXING OF
and retailers of his goods (especially if such contracts
RETAIL PRICES.
Last week the Federal Trade Commission, under are made a condition of dealing) whereby the latter
authority given it under the Creating Act of four covenant to maintain a fixed price and not to re-sell
to any price-cutter, might conceivably be claimed
years ago, sent in a brief special report to Congress,
and also sent copies to the press, the subject being to fall within the definition of “conspiracy;” but the
“the control of re-sale prices by* the manufacturers common man cannot see how a refusal of the manu¬
of a class of articles in inter-State commerce,” the facturer to sell to anybody whose business conduct
displeases him can be deemed a conspiracy, for one
words “a class” clearly meaning “any class.”
The subject is an old and much-vexed one which person alone cannot become a conspirator. The
has been fought over a number of years through the common-sense view seems to be that a sale of any
courts, and the “Chronicle” has reviewed a number article, though patented, is an absolute conveyance
of successive decisions upon it. Several devices to of right to re-dispose of it on any terms. Plainly,
this end have been employed. Owners of copy¬ a store which considers it good policy to sell some
article at a loss can get the article, despite the produ¬
righted or patented articles have attached to them
notices that sale below a certain named price could cer thereof, by picking it up in the retail market.
not be made, but dealers have disregarded these The retailer’s right to sell at any price or at no price
notices and the Supreme Court has not sustained any article he can get in any lawful manner, and the
the attempt to control in that manner. The most producer’s right to keep the article from him by any
notable plan, adopted as a last resort and evidently lawful means, seem to stand together as unassailable,
under the advice of shrewd counsel, was that of the with the comment that price-maintenance is clearly
“license” adopted by the Victor Company, a plan for the consumer’s own good in the long run, not¬
which was not impracticable in the nature of the withstanding the best of us cannot quite turn away
from a bargain when it beckons us.
case, since phonograph and phonographic records
Now the Federal Trade Commission, apparently
are not consumed and consumable as articles of food
and of proprietary medicines are. But this failed stimulated by the Colgate case, makes the somewhat
broad statement to Congress that “the Supreme
as its predecessors had failed, the Supreme Court
come.
Trade is
2222
THE CHRONICLE
IVol. 107.
Court has made clear, in the present state of the law,
that maintenance of a re-sale price by the producer
is a restraint of trade and .unlawful.” So, it
adds,
it has enforced the law, although mindful that
price-
Federal Government, the owners getting
a fixed
rental based upon past earnings, but the matter is
of grave importance as bearing upon the return of
the properties to their owners now that hostilities in
cutting has sometimes been practiced “for unfair the war in Europe have ceased and the definite con¬
trade purposes; when so unfairly used, such
price- clusion of a treaty of peace is only a matter of a few
cutting is attempted to be cloaked as lawful com¬ months. From the unfavorable character of the
petition and justified by the Supreme Court de¬ exhibits now being made it would
obviously be an
cisions.” So the Commission seeks
fof something act of folly to urge the immediate turning back of
to* be done, inasmuch as “both price maintenance the
roads to their proprietors, inasmuch as the rise
and price-cutting under certain conditions are found in
operating costs under the conditions imposed by
to be unfair and business men dre
perplexed.” Government administration is
reaching proportions
Possibly with a desire to fend off legislation proceed¬ where it might be impossible for the roads to make
ings from other directions,, the'’Commission tries both ends meet and they might hence be
facing
to state the case in balanced form thus:
bankruptcy. Operating costs are mounting up with
“It is urged, and, the Commission
believes, with such rapidity that even the additional revenue de¬
reason,, that it would be unwise to vest in the rived from the great advances in rates
inaugurated
manufact'Uicrr of articles the right, without check
by
Railroads last June is no
the
Director-General
of
or review, both to fix and to
compel the maintenance longer sufficient to take care of the added
expendi¬
of fixed prices. It is true that business
practice tures. Put in another
form,
the
inclines, producers to fix the lowest possible
augmentation in
retail
price in order to insure the greatest possible sale of expenses has overtaken the improvement in gross
their product, but in the complex commercial
revenues resulting from the
higher rates, and net
organ¬
ism functioning between the production of an article earnings are now
declining. We have reference
and its final sale for actual
consumption both the to the roads as a whole; some of the separate
wholesale and retail merchant are entitled to
just systems have been in that unhappy state for some
compensation for useful service performed. It is time.
similarly urged that manufacturers should be pro¬
tected in their goodwill created by
The figures we present to-day cover the month
years of fair trad¬
ing and of sustained quality of merchandise.”
of October and, as in previous
months, are based
In looking for a common ground
upon
the
which
returns
the roads are obliged to file
upon which all
rights and all interests may be recognized and pre¬ with the Inter-State Commerce Commission at
served, the Commission recommends a law that if Washington, and therefore are made up in accordance
the maker of any article produced and sold under with uniform methods. As has been the rule since
competitive conditions wants to fix and maintain the higher schedule of passenger and freight rates
prices (as though any consumable article were sold were put into effect last June the gain in gross earn¬
under any conditions except
competitive or as if ings is satisfactory enough, aggregating, in fact, no
any producer would be indifferent about price main¬ less than $106,956,817, a ratio of improvement of
tenance), he must do this (the italics being our own:) 28.30%. Unfortunately, however, the increase in
expenses has reached yet larger figures, or $122,“File with an agency designated
by
the Congress
a description of such
article, the contract of sale and 450,404 (the ratio of addition being here roughly
the price schedule which he
proposes to maintain, 48%) leaving, therefore, an actual loss in net earn¬
and that the agency designated
by the Congress be ings of $15,493,587, or 12.63%, as will be seen by
charged with the duty, either upon its own initiative the following summary of the totals.
or upon
complaint of any dealer or consumer or other
October—
Inc. (+)
Dec. (—)
186 Roads—
party in interest, to review the terms of such contract
1918.
1917.
Amount.
%
Miles of road
and to revise such prices, and that
230.184
230.576
+ 392 0.17%
any data and Gross earnings
*484,824,750 *377367,933 +*106,956,817
or
information needful for a determination be made
available to such agency.”
What is this but a broad and bold
proposition,
made just as the war is over and the
country ex¬
pectantly awaits and will very surely demand a
general unbinding
ment upon private
of fixing all retail
conveyed that this
Operating
expenses
Net earnings
255,286,028
28.30%
+122,450,404 47.97%
*107,088,318 *122,581,905
—*15,493,587 12.63%
377,736,432
It is a circumstance not without
significance that
the exhibits of net earnings have been
growing poorer
with each succeeding month ever since the
very good
return for July.
For that month we had a gain in
net of $34,466,131, or
31.36%.
of the withes placed by Govern¬
business, for a permanent scheme
This naturally
prices? Incidentally the hint is encouraged bright expectations for
succeeding
would be a neat and timely addi¬ months. From the first,
however,
disappointment
tion to the powers of the
Commission, whereby that has been growing apace. The very next month,
body might get more work to do and broaden further August, though the improvement in the
gross proved
its own esteem and its public
Admit even larger than in July, the gain in the net fell to
consequence.
that the subject of price maintenance is
vexing and $24,312,758, or 20.58%. For September, with the
difficult, it does not strike us as likely that Congress gains in the gross still holding up, the increase in
the
will take seriously so anachronistic a further
venture net fell away to relatively nominal
figures, being
as this into the business of
regulation, a business of only $3,190,550, or 2.79%—this in face of a gain in
which the country has
already an unavoidable gross of over 36%. For October now, with a some¬
abundance.
what smaller ratio of
reaching
improvement in
the gross, yet
28%, the gain in the net by reason
RAILROAD GROSS AND NET EARNINGS FOR
of the continued large augmentation in
expenses
OCTOBER.
disappears and is replaced by a quite heavy loss in
The great augmentation in
expenses is still the net—as we have already seen, in
amount of $15,most striking feature in the
monthly returns of earn¬ 493,587, or over 12J^%. In tabular form the com¬
ings and expenses of the steam railroads of the United parisons of
gross and net for the last four months
States. The roads are now under the
control of the stand as follows:
over
THE
1918.]
Dec. 14
GROSS EARNINGS UNITED STATES RAILROADS.
Inc. (+) or Dec. (—).
1917.
•
1018.
3
I
Month—
4*117,661315 3430
.463,684,172 346,022357
July....
4-135,759,795 37.45
498,269,356 362309,561
August
487,140,781 357,772350 4*129,367,931 36.16
September
+ 106,956317 28.30
..484,824,750 377367,933
October
__
...
.
__
_
NET
July
August
September
October
...
......
EARNINGS.
1918.
*
1917.
%
144,348.682
142,427,118
117,470,621
107,088,318
109382,551
118,114,360
114,280,071
122,581,905
Month—
Inc. (+) or Dec.
(—).
+34,466,131
+24,312,758
+3,190350
—15,493387
31.36
2038
2.79
12.63
%
On account of the continued advances in wages
which forms one of the chief items in the rise in
operating cost, the expenses are growing heavier with
month, and evidently the end is not
yet, since only about two weeks ago the DirectorGeneral announced a raise in the pay of yet another
each succeeding
employees—this time the station
As compared with the corresponding period
class of railroad
agents.
of
a
year ago, expenses are now
heavier.
.
running about 50%
The rise in the ratio of expenses to earn¬
ings tells what is going on with unmistakable planiness.
Notwithstanding the higher freight and pas¬
approaching 80%,
it was less than 70%. Each month
latterly has shown further increase in the ration
For July it was 68.87%*, for August, 71.41%; for Sep-,
tember, 76.09%, and for October is now up to
77.92%. In October last year the ratio was no
more than 67.56%.
A graphic picture of the tre¬
mendous growth in the expenses and the correspond¬
ing rise in operating costs is furnished in the tabular
presentation we now insert. It should be under¬
stood that these figures of expenses do not .include the
taxes, in which there has been an independent further
senger
rates, this ratio is now
while last year
increase.
OPERATING EXPENSES.
—Expenses, 1918
Ratio to
EXCLUSIVE OF TAXES. .
Expenses, 1917— Inc. (+) or Dec.
Ratio to
Month—
Amount. GrossEarn Amount. Gross Earn
July
*319,335,490 6837% *236,140,306 68.24%
Auguat...— 355342,238 71.41%
244395,201 67.42%
September
369,670.160 76.09% 243,492,779 68.06%
October
377.736.432 77.92%
255.286.028 67.56%
(—).
%
+ *83,190,184 3533%
+ 111,447,037 46.60%
+ 126,177381 5132%
Amount.
+ 122.450.404
47.97%
What invests the great augmentation in expenses
in October with still further significance is that it
fo lows a similar state of things the previous year—
that is, in October 1917 we also had a case where
increase in expenses outran the increase in gross
the
earnings.
As
a
matter of fact, in
2223
CHRONICLE
reviewing the
bn jar
pressure under which railrdadiug was carried
such circumstances, and - because; of1 the unpre¬
cedented freight congestion which prevailed, both
roadbed and equipment got badly out of repair
and
price for this is now being paid in extraordinarily
heavy maintenance outlays.
r
‘
Of course, higher wages are not the only factor in
the great rise in operating cost, thoiigh undoubtedly
the principal one. Fuel costs more, so do materials
and supplies, and in fact everything entering into
the operating accounts of the railroads.
Here, how¬
ever, we may hope for some modification for the
better in the future. The rise in the pay Volls,
^"
though, it will be hard to overcome.
'
Even before the noteworthy rise in operating cost
this year and last, growth in the expense accounts
had been a disturbing feature, but in those days the
main trouble was that the carriers could not get
advances in rates as compensation for the augmenta¬
tion in expenses. Now in 4918, however, the net
earnings are shrinking still further in face of very
substantial advances in rates, both freight and pas¬
the
senger.
Carrying
further back
we
our
comparisons of the figures
even in 1916 and prior
find that
rising operating expenses were a feature in
For October 1916 the comparisons
were fairly good, our compilation then having re¬
corded $35,050,786 gain in gross earnings or 11.28% j
and $11,798,124 gain in net, or 9.91%. In October
of the year preceding (1915) we had a strikingly good
exhibit as regards both gross and net, the addi¬
tion to the gross having been $37,087,941 or 13.57%,
and the addition to the net, $30,079,562 or no less,
than 33.70%. These gains, though, at that time
represented in considerable part recovery of pre¬
vious losses, the totals of earnings having shown
decreases in gross and net alike in both the two
years preceding.
Thus for October 1914 our com¬
pilations registered $28,740,856 decrease in gross,
or 9.64%, and $8,014,020 decrease in net, or 8.38%.
In October 1913,our table showed a shrinkage in
the gross of $1,281,011 and in the net of $13,110,853, or 11.85%.
' :
v r
In October 1912, on the other hand, our figures
showed a gain in the gross in the magnificent sum of
$35,264,683 (due in part to the circumstance that
there was an extra working day in the month, owing
to there having been only four Sundays against the
previous five Sundays), and a gain in net of $14,822,-
years
railroad affairs.
observed that the
predominant characteristic of the statement was the
great rise in operating costs and the tremendous
augmentation in expenses under which really striking
gains in gross earnings were being converted into
losses in net earnings. In brief, our statement then
028. For October 1911 our compilations recorded
recorded $43,937,332 increase in gross, or 12.73%,
but attended by an augmentation of $50,267,176 in trifling gains, the increase in gross for the whole rail¬
road system of the United States being only $1,operating expenses, or 23.54%, leaving hence a loss
in net of $6,329,844, or *4.81%. With the further 370,362, or hardly more than one-half of 1%, while
was on the same slender basis,
diminution in the net the present year, in face of the addition to the net
really imposing gains in gross earnings, it will readily being no more than $2,110,767, or 2.30%. In
October of the year preceding (1910), the addition to
be comprehended that there is occasion for serious
apprehension regarding the future of the roads, even gross was also relatively insignificant, being $2,643,though for the time being the Government is standing 059, while at the same time there was a large increase
in expenses, and as a consequence net earnings fell
the loss.
behind no less than $10,489,004. In October 1909
Inspection of the returns of the individual com¬
of course, there were large gains in both gross and
panies reveals that outlays on maintenance account,
particularly in the case of equipment, show excep¬ net; $28,560,921 in the former and $15,360,538 in
the latter, the improvement at that time following
tionally large increases over last year. Possibly
these outlays may be on a more liberal scale than mainly because of the poor statement for October
will be necessary in the future, but on the other 1908, when there was a decrease in gross in the large
sum of $18,196,132.
In the net there was then no loss,
hand it should not be forgotten that the factor of
owing to the practice of the most rigid economy
higher wages enters here as a controlling element,
and the cutting down of expenses in all directions,
the same as in other groupings of expenses. Never¬
so that the loss in gross was converted into a gain of
theless, it is probably true that because of the severe
weather in the early months of the year and the $5,176,453 in net. In October 1907, which was the
total for October last year, we
2224
THE CHRONICLE
month when the panic occurred, there was .consider¬
able improvement in the gross, but the net fell off,
[Vol. 107.
$1,789,202 gain in
reporting $762,975 loss in
Railway is able to
owing to the great rise in expenses, which was a note¬ show $367,041 gain in net along with $3,130,236
worthy characteristic at that period. In the follow¬ gain in gross, and the Chesapeake & Ohio has saved
ing we furnish a summary of the October comparisons for the net $808,005 out of $2,421,056 gain in gross,
of gross and net for each year back to 1896. For but the Louisville &
Nashville, the Seaboard Air
1910, 1909 and 1908 we use the Inter-State Com¬
totals, but for the preceding years we give the
results just as registered by our own tables each year
—a portion of the railroad
mileage of the country
being always unrepresented in the totals, because of
out
some
of the roads to
Gross Earnings.
Year
Given.
Oct.
Year
PRINCIPAL
give
Preceding.
or
Decrease.
Year
Given.
Year
Preceding.
Increase
CHANGES
Pennsylvania (3)
excess
of
$100,000, whether
and in both
IN GROSS
Increases.
and net.
gross
EARNINGS
IN
a$15,814,746 Kanawha k Michigan
OCTOBER.
New York Central
65.904,593 Virginian
Baltimore & Ohio
5,735,632 Delaware k Hudson
Northern Pacific
3,828,762 Colorado k South (2)
Chicago Milw k St Paul 3,581,661 Wheeling k Lake Erie
Union Pacific (3)
3,407,139 Bessemer k Lake Erie..
Chicago k North West.. 3,398,713 Spokane Portland k S._
Great Northern
3,255,592 Toledo k Ohio Central
Southern Railway
3,130,236 Buffalo Rochester k P
Louisville k Nashville.. 3.117,342 Lake Erie k Western
Chicago Burl k Quincy. 3,086,718 Minneapolis k St Louis.
Erie (2)
2.926.602 Chicago Great Western.
Atch Topeka k S Fe (3).
2,427,374 Los Angeles k Salt Lake
Chesapeake k Ohio
2,421,056 New York Phila k Norf
Southern Pacific (8)
2,157,411 Chicago Ind k Louisv
Clev Cin Chic ft St L..
2,073,359 Chicago Ter H k S E__
Chicago R I k Pac (2). 2,003,930 N Y Susqueh k West..
Illinois Central
1,789,202 Richmond Fred k Potom
Norfolk k Western
1,727,637 New Orl Tex k Mex (3)
Michigan Central
1,654,151 Cin N O k Tex Pacific.
N Y New Haven k Hartf
1,648,460 West Jersey k Seashore
Delaware Lack k West.
1,386,875 Union RR of Penna
Atlantic Coast Line
1,325,853 Monongahela
Lehigh Valley
1,322,148 Mobile k Ohio
Duluth Missabe k Nor..
1,296,394 Grand Rapids k Indiana
Missouri Pacific
1,262,071 Washington Southern
Wabash
1,237,213 Alabama Great Southern
St Louis-San Fran (3)..
1,186,037 Maine Central
Mo Kan & Tex...
1,166,075 Yazoo k Mississippi Vail
Central RR of N J
1,134,907 N Y Ont k Western.__
Elgin Joliet k Eastern.. 1,059,827 Duluth k Iron Range
Chicago k Eastern Ill
832,377 Cumberland Valley
Minn St P k S S M
820,984 Atlantic City.
Pere Marquette
802,722 Georgia
N Y Chicago k St Louis
781,306 Toledo St L & Western.
Pittsburgh k Lake Erie
779,237 New Orleans k Northeast
Nashville Chatt k St L
683,978 Mo Kan k Tex of Texas
Boston k Maine
603,858 Detroit Toledo k Ironton
Philadelphia k Reading.
556,073 Port Reading
Grand Trunk Western._
549,117 Tennessee Central
Seaboard Air Line
507,254
Net Earnings.
Increase
In
separate
roads for amounts in
increases or decreases,
monthly figures for publication.
Year.
gross
In the South the Southern
Line and most others have suffered losses in net.
the following we show all changes for the
merce
the refusal at that time of
net.
or
Decrease.
%
1896..
62,589 ,268 65,982,600 —3,393,332 24,162,741 25,938,287 —1,775,546
1897..
72,051 ,957 67,359,774 + 4,692,183 27,875,335 25,825,573 +2,049,762
1898
79,189 ,550 74,808,267 +4,381,283 32,203,684 29,708,237 + 2,495,447
1899..
93,439 ,839 82,648,011 + 10,791,828 36,761,616 32,652,688 +4,108,928
1900
101,185 ,248 97,613,383 +3,571,865 38,239,892 38,530,251
—290,359
1901.. 114,274 ,630 100,811,585 + 13,463,045 45,303,549 37,609,947 +7,693,602
1902.. 112,017 .914 105,740,749 + 6,277,165 40,669,565 41,086,351
—416,786
1903.. 122,375 ,429 112,380,430 + 9,994,999 43.341.694 40,934,029 +2,407,665
1904.. 130,075 ,187 125,423,583 +4,651,604 48,561,136 43,713,268 +4,847,868
..5091
136,313 ,150 125,758,696 +10,554,554 49,824,783 46.794,680 +3,030,103
..6091
143,336 ,728 128,494,525 + 14,842,203 51,685,226 46326,357 +4,858,869
..7091
154,309 ,1991 41,032,238 + 13,276,961 46,983,606 50,847,903 —3,864,295
...8091
232,230 ,451 250,426,58 3 — 18,196,132 88,534,455 83,358,002 + 5,176,453
...9091
267,117 ,144 232,556,223 +28,560,921 104,163,774 88,803,236 + 15,360,538
...0191
263,464 ,605 260,821,546 +2,643,059 93,612,224 104,101,228 —10,489,004
...1191
260,482 ,221 259,111,859 + 1,370,362 93,836,492 91,725,728 + 2,110,767
..2191
293,738 ,091 258,473,408 +35,264,683 108,046,804 93,224,776 + 14,822,028
..3191
299,195 ,006 300,476,017 —1,281,011 97,700,506 110,811,359 —13,110,853
..4191
269,325 ,262 298,066.11 —28,740,856 87.660.694 95,674.714 —8,014,020
..5191
311,179 ,375 274,091,434 + 37,087,941 119,324,551 89,244,989 + 30,079,562
...6191
345,790 ,899 310,740,113 + 35,050,786 130,861,148 119,063,024 + 11,798,124
...7191
389,017 .309 345,079,977 +43,937.332 125,244,540 131,574,384
,329,844
1918
484,824 7501377,867,933
,867,
+106956817 107,088, 318122 ,581,',905*—15 ,493,587
..
—
...
Note.—In 1896 the number of roads included for the month of October
was 125
In 1897, 125;in 1898, 121; in
1899, 126; in 1900, 131; in 1901, 111; in 1902, 105In 1903, 168; in 1904, 100: in 1905, 96; in
1906, 91; in 1907, 88: in 1908 the returns
were based on 231,721 miles; In 1909 on
238,955 miles; in 1910 on 241,214 miles;
In 1911 on 236,291 miles; in 1912 on
237,217 miles; in 1913 on 243,690 miles: in
1914 on 244,917 miles; in 1915 on 248,072
miles; in 1916 on 246,683 miles; in 1917 on
2^7,048 miles; in 1918 on 230,184 miles.
Hocking Valley
495,863
Increases.
8359,534
337,179
304,166
303,722
299.836
281,671
276,694
273,359
264.438
258,827
254,073
249.600
245.924
238.795
237,787
216.796
209,417
197.924
176,330
168.439
164,409
156,117
153,639
149.636
140,416
134,862
134,514
133,473
129,833
129.636
128,804
128,232
123.836
120,932
120,249
119,561
119,375
115,667
115,588
107,876
Representing 110 roads
Chicago k Alton
476,989
in our compilation.$105,327,413
Texas k Pacific
473,148
Decrease.
Denver k Rio Grande
463,415 St Louis Southwest (2).
$199,873
Chicago St P M k O..
441,508
Kansas City Southern.
429,060
Representing 2 roads
Central of Georgia
in our compilation._
381,842
$199,873
Note.—All the figures in the above are on the basis of the
returns filed
with the Inter-State Commerce Commission.
Where, however, these
returns do ,not show the total for
any system, we have combined the
separate roads, so as to make the results conform as
nearly as possible to
those given in the statements furnished
by the companies themselves.
a This is the result for the
Pennsylvania RR., together with the Pennsyl¬
vania Company, and the
,
For the separate roads the
results, very naturally,
are the same as in the case of the
general totals, the
increases in expenses in numerous cases
outrunning
the gains in gross earnings,
_
noteworthy though these
latter have been. There are,
nevertheless, excep¬
tions to the rule—where there are
Pittsburgh Cincinnati Chicago k St. Louis, the
satisfactory gains Pennsylvania RR. reporting
$10,413,894
the Pennsylvania Com¬
in gross and net alike. One
$2,930,560 increase and the P. C. C.increase,
& St. L. $2,470,292 increase.
exception of this kind is pany
ft These figures cover
the operations of the New York Central
merely
the New York Central, which with
itself.
Including the various auxiliary and controlled
$5,904,593 in¬
in gross, is able at the same time to
report
$2,411,356 increase in net. On the other hand, the
roads, like the
Michigan Central, the “Big Four,” kc., the whole going
to form the
New York Central System, the result is a
gain of $11,423,868.
crease
Pennsylvania Railroad, with $10,413,894 addition
its Eastern lines, falls $1,946,366 behind
in net, and the Western lines of the
Pennsylvania had
a similar
experience, there being $5,400,852 gain in
to gross on
these with $434,247 loss in net
On the
Baltimore & Ohio we find a tremendous
augmenta¬
tion in expenses—so much so that with
gross on
$5,735,632
improvement in gross there is $4,225,831 loss in net,
the company having failed even to meet its
ordinary
operating expenses. The maintenance outlays were
of unusual proportions, but there were
likewise big
increases in cost of conducting
transportation. The
Erie, as it happens, managed to save for the net
$728,142 out of its gain of $2,926,602 in gross.
The New England roads have all suffered
heavy re¬
ductions of their net, the New Haven road
being a
conspicuous illustration, having added $1,648,460 'o
gross, but sustaining, nevertheless, $795,463 loss in
net.
Western roads and transcontinental
systems
the whole., fared quite well in
gross and net
such prominent systems as the
on
have,
alike,
PRINCIPAL CHANGES IN NET EARNINGS IN
OCTOBER.,
Increases.
Increases.
New York Central
6$2.411,356 Chicago Great Western.
$784,305
Northern Pacific
1,719,742 Illinois Central
762,975
Duluth Missabe k North
1,242,144 St Louis San Francisco(3)
597,145
Missouri Kansas k Texas
837,106 Buffalo Rochester k Pitts
529,494
Chesapeake k Ohio
808,005 Seaboard Air Line
514,851
Great Northern
798,898 Atch Top k Santa Fe (3)
496,153
Erie (2)
728,142 Central of Georgia
455,355
Union Pacific (3)
719,613 Mo Kan k Tex of Texas
445,074
Chicago k North Western
550,965 Chicago St Paul M k Om
408,365
Central RR of New Jers.
519,935 Maine Central
376,684
Michigan Central
371,962 Long Island
344,750
Southern Railway
367,041 Louisville k Nashville
283,316
N Y Chicago k St Louis.
272,092 El Paso k Southwestern.
278,580
Delaware Lack k West._
258,395 Denver & Rio Grande
253,382
Hocking Valley
217,079 Chicago R I & Pac (2)
249,974
Elgin Joliet k Eastern..
212U520 Internat’l k Great North
245,723
Pere Marquette
211,692 Virginian
243,886
Kanawha k Michigan.
199,900 Norfolk k Western
230,205
Grand Trunk Western..
185,178 Atlanta Birm k Atlantic.
209,545
Bessemer k Lake Erie..
161,896 Indiana Harbor Belt
206,277
N Y Susq k Western
160,077 Mobile k Ohio
192,445
Chicago k Alton
148,548 Colorado k Southern (2)
176,994
Minn St Paul & S S M_.
144,377 Yazoo & Mississippi Vail
176,162
Pittsburgh k Lake Erie.'
142,527 Central New England
173,307
Duluth k Iron Range
124,961 Bangor k Aroostook
165,631
Richm Fred k Potomac.
121,988 N Y Ontario k Western.
161,916
Atlantic Coast Line
106,865 Western Pacific
161,622
Alabama Great Southern
149,697
Representing 30 roads
Lake Erie k Western._.
149,090
in our compilation..$13,743,004 West
Jersey k Seashore.
148,673
Decreases. Texas k Pacific
142,615
Baltimore k Ohio
$4,225,831 Rutland
141,037
Chicago Milw k St Paul. 2,857,524 Pittsburgh k West Va__
120,274
Pennsylvania (3)
a2,380,613 Florida East Coast
113,436
Missouri Pacific
2,219,466 Belt Railway of Chicago.
108,125
Phila k Reading
1,553,844 Chicago Burl k Quincy..
107,953
Delaware k Hudson
1,015,270
Wabash
105,041
St Louis Southwest’n
(2)
855,868
Cine
New
Orl
k
Tex
Pac
102,659
N Y New Haven k Hartf
795,463
Southern Pacific (8)
791,337
Representing
64
roads
Boston k Maine
786.275
in our compilation__$27,995,207
._
_
_
„
a This is the result for the
vania Company and the
Pennsylvania RR., together
with the Pennsyl¬
Pittsburgh Cincinnati Chicago k St. Louis, the
Pennsylvania RR. reporting $1,946,366 decrease, the Pennsylvania ComPa*V*280,201 decrease, and
Chicago & North
the P. C. C. k St. L. $154,046 decrease.
6 These figures merely
Western, the Great Northern, the Northern Pacific itself.
the operations of the New York Central
Including the various auxiliary and controlled roads, like the
and the Union Pacific all
Michigan Central, the “Big Four,” kc., the whole going to
belonging in that category. York Central System, the result is gain of $2,745,347. form the New
But here, also, there are some
striking instances of
When the roads are arranged in
groups or geograph¬
the opposite kind, the Milwaukee & St.
Paul, for ical divisions, according to their location, the part
illustration, reporting $3,581,661 gain in gross with
played by augmented expenses in affecting results
$2,857,524 loss in net, and the Illinois Central
with is emphasized anew. For while
every fgroup, or
cover
a
1
9
8
.
7
1
9
1
7
191
Dec.
141918.]
THE CHRONICLE
j
'
—
1
"
'
78119911
”
"
,
mm*
—
geographical division, shows enlarged
gross
receipts,
all but two of these divisions record diminished net.
The exceptions are group No. 3 made up of those in
the Middle West, and the geographical division
comprising
No. 6 and 7, in which
are em¬
braced the larger Western systems already
to. Our summary by groups is as follows:
referred
groups
Group—
or
Group 1 (7 roads), New England.. 18,391,135 15,809,610
+2,581.525 16.97
Group 2 (31 roadS), East A Middle.131,561.999 100,404,149 +31,157,850 30.99
Group 3 (28 roads). Middle West... 62,437,876 45,730,340 * +16,707,536 36.53
Groups4 A 5 (33 roads). Southern
64.012,260 48,552,309 +15,459,951 31.84
Groups 6 A 7 (28 roads), Northwest..lll.773,795 84,332,660 +27,441,135 32.54
Groups 8 A 9 (47 roads), Southwest
69,248,773 59,056,795 +10,191,978 17.26
Group 10 (12 roads), Pacific Coast.. 27,398,912 23.982,070
+3,416342 14.25
..
-
Total (186 roads)
484324,750 377367.933 +106,956,817 2830
-Net
October—
Group No. 1
Group No. 2
Group No. 3
Groups Nos. 4 A 5.
Groups Nos. 6*7.
Groups Nos. 8 A 9.
Group No. 10
Total
-Mileage
1918.
1917.
7,172
27,572
21,685
37,673
7,162
27,588
21,740
37,953
65,481
54,233
16,419
65,459
54,155
16,468
'•
'
•'
-
1918.
8
1917.
8
1,802,439
19,344359
13,944398
15,210,608
31,232,155
15328,716
9,725,843
4,079396
25,638,845
12,756,654
16,688,890
30,261,359
22,011,354
11.144.907
Inc. (+) or Dec. (—)
8
%
—2,277,457
—6394,586
+ 1,187,644
—1,478382
+970,796
—6,182,638
—1,419.064
5532
24.55
9.37
836
3.21
28.09
12.73
—15,493,587 12.63
NOTE.—Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Include the Southern States south of the Ohio and
east of the
Mississippi River.
Group* VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Group* VIII. and IX. combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
GroupX. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
Wheat.
Oat*.
Bar op*
QmshJ
Qnuh.)
Apr
bushj
88,242,000 112,121,000 14,440,000
60.100,000 100393,000 17,104,000
3,023,000
3347,000
9,029,000
7393.000
10,684,000
10,116,000
8,222,000
21,081,000 12380,000
1,751,000
1.674300
32,887,000
26375.000
21,049,000
18,174,000
26,568,000
25,747,000
704.000
1337,000
388,000
5,959,000
3,587.000
2.535.000
1,952,000
6,567,000
2,700,000
1,057,000
1,074,000
2.131,000
4,164,000
2,366,000
3,131,000
3,152,000
3.000
1,000
3,000
3,714,000
4.265,000
1,768,000
6,315,000
3,599,000
123,000
566,000
61,000
77,000
166,000
3,247,000
1,925,000
29,025,000
25,269,000
14,443,000
13.804,000
896,000
2,541,000
294,000
295,000
39,381,000
14359,000
178,000
15.000
1,766,000
1,833.000
6328300
3,440,000
3,408,000
83,673,000
78,083,000
15.425.000
6,791,000
35,819,000 25,002,000
21332,000 19,402,000
8,688,000
44,036,000
31,188,000
Indianapolis—
16,126,000
31,682,000
10,381300
14.230,000
10,947,000
45,492,000
24,938,000
21,584,000
(bush.)
Com.
(push.)
•-
Chicago—
7,136,000
7355,000
Milwaukee
1918
691,000
842,000*
St. Louie—
2,427,000
3,155,000
Toledo—
1918____
81,000
1917....
255.000
Cleveland—
1918—
673,000
1917....
567.000
Peoria—
1918.— 1,863,000
1917— 1,587,000
Duluth—
1918
-
51.413,000
28,051,000
Minneapolis—
Eamingt-
230,184 230.576 107.088318 122,581,905
Pittsburgh.
Group* IV. and V. combined
-vi~
Detroit—
Gross Earnings
1917.
Inc. (+) or Dec.(—)
$
$
%
1918.
$
—
Four wka.
rout.
end.Oct.24.
(bblt.)
Jen. 1 to Oct. 24—
1917....
SUMMARY BY GROUPS.
Section,
October—
■■■■—
29,000
Kansas dtp—
3,000
Omaha and
1917
11375,000
28,963,000
565,000
845,000
336,000
33,000
1,000
5351,000
22,146,000
Total of AW—
1918
12,874,000 290,539,000 262,741,000 271307,000
1917
14,290,000 205,533,000 161,870,000 225,666,000
52,280,000 17,957,000
59,755,0Q0 15,762,000
The Western live stock movement also ran very
much heavier than in the same month of last year.
Thus, the Union Stock Yard & Transit. Co. o
Chicago reports live stock receipts of 30,796 car
loads, against 25,303 carloads in October 1917,
while at Kansas City the receipts comprised 19,628
carloads, against 15,967, though on the other hand,
the Union Stock Yards Co. of Omaha reports
receipts of only 12,074 cars, against 12,682.
In the South the roads had to contend with
a
diminished cotton movement. For the even month
of October 1918 the overland shipments were215,623
bales, against 306,991 bales, and the port receipts
731,517 bales, against 953,712 bales in October
Western roads, it should be pointed out, again 1917 and
1,422,709 bales in 1916. The details of
had the advantage of a very large grain movement. the receipts at the outports are shown in the following
This applies particularly to wheat and in smaller table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER AND FROM
measure to corn; oats and barley showed diminished
JAN. 1 TO OCT. 31 1918, 1917 AND 1916.
receipts. For the four weeks ending Oct. 26 the
Since Jan. 1.
October.
Ports.
receipts of wheat reached no less than 59,340,000
1916.
1916.
1918.
1917.
1918
| 1917.
bushels, as against 25,950,000 bushels in the corres¬ Galveston
bales
217,327 345,035 542,090 1,130,278' 1.578,109 2,106,400
83,229 302,812
City, Ac
14,836
10,072
92,282
91,306
ponding four weeks last year, while the corn receipts Texas
New Orleans
183,126
241,795 375,137 1,150,573
893,104 14110,620
Mobile
147,266
74.784
77,769
18,970
19,971
12,597
were 21,336,000 bushels, as against 8,895,000 bushels
5.857
6,682
14,720
37,638
87,367
Pensacola, Ac
J
29,079
Savannah
859.989
634,107
170,811
172,187
186,791
791,177
and the rye receipts 4,089,000 bushels, against Brunswick
10,000
21,000
67,400 139,370 135,132
12,500
Charleston
151,140
34,863
128,166
62,973
37,894 100,458
3,842,000 bushels; oats receipts, however, were only Georgetown
101
26,880
73,466
47,642
145,246
22,585
25,956
Wilmington
26,840,000 bushels, against 34,953,000; and barley Norfolk
177,314
52,502
121,818
272,060 522,889
47,346
550
695
57,934
Newport News, Ac...
4,206
5,123
7,564,000 bushels, against 11,594,000 bushels. Al¬
Total
731,517 953,712 1,422,709 3,690,041 3,896,317 5,726,905
together the receipts of wheat, corn, oats, barley
and rye at the Western primary markets for the four
(fnxvxmt fluents atifl discussions
weeks this year reached 119,169,000 bushels, against
NEW CREDIT TO BELGIUM.
85,234,000 bushels in the four weeks of 1917. The
An
additional
credit of $3,200,000 to Belgium was es¬
details of the Western grain movement in our usual
‘
......
form
shown in the table
are
we now
present:
WESTERN FLOUR AND GRAIN RECEIPTS.
Wheat.
Com.
Oat*.
Barley.
.
Four wks.
ci»d.Oct.24
Flour.
1918—
1917—
Milwaukee—
1918—
1917—
St. Louie—
1918—
1917—
Toledo—
1918—
1917—
Detroit—
1918....
1917—
Cleveland—
1918—
1917—
Peoria—
1918—
1917—
Duluth—
1918—
1917—
Rye.
(JMs.)
(buth.)
(bush.)
(bush.)
(bush.)
(bush.)
913,000
787,000
4,810,000
2,107,000
10,469,000
2,878,000
9,218,000
11,283,000
2,799,000
2,428,000
237,000
681,000
77,000
94,000
2,254,000
511,000
401,000
5,195,000
2,224,000
1,117,000
2,226,000
272.000
550,000
211,000
322,000
1,745,000
1,238,000
1,713,000
748,000
1,504,000
2,171,000
60,000
327,000
15.000
75,000
540,000
698,000
152,000
20,000
522,000
324,000
9,000
23,000
279,000
296,000
549,000
360,000
41,000
360,000
232,000
79,000
120,000
71,000
125,000
34,000
324,000
444,000
1,000
1,000
41,000
11,000
225.000
164,000
133,000
218,000
2,353,000
622,000
796,000
1,641,000
165,000
341,000
10,000
29,000
799,000
144,000
638,000
1,667,000
2,546,000
991,000
1,017,000
292,000
4,528,000
4,900,000
2,784,000
4,604.000
968,000
1,690,000
981,000
884,000
735,000
1,982,000
3.466,000
2,975,000
2,858,000
9,480,000
.
Chicago—
_
_
21,869,000
3,920,000
446,000
19,000
Minneapolis—
1918—
22,516,000
1917—12,622,000
Kansas City—
1918....
3,830,000
3,000
1917.—
2,705,000
Omaha and Indianapolis—
1918—.
1,244,000
1917—
1,525,000
Total of AH—
1918
1,670,000
1917.— 1,469,000
59,340.000
25,950,000
21,336,000
8.895,000
26,840.000 7,664,000
34,953.000 11,594,000
4,089,000
3,842.000
...
......
tablished by the Treasury Department on Deo.12. This
brings Belgium’s obligation to the United States up to
$213,320,000. With this new credit the aggregate aid to the
Allies since this country’s entry into the war has been raised
to $8,223,540,702, apportioned as follows: Great Britain,
$3,945,000,000; France, $2,445,000,000; Italy, $1,210,000,000; Russia, $325,000,000; Belgium, $213,320,000;
Greece, $39,554,036; Cuba, $15,000,000; Serbia, $12,000,000; Rumania, $6,666,666; Liberia, $5,000,000; Czecho¬
slovaks, $7,000,000.
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills was
disposed of this week by J. P. Morgan & Co. on the discount
basis recently
December 10.
prevailing, namely, 6%.
The bills
are
dated
CANADA’S SECOND VICTORY LOAN TOTALMARKET PRICES.
On Nov. 28, W. S. Hodgins, Chairman of the Victory
Loan Business Committee, announced that the total of
subscriptions reported to headquarters had reached $687,077,570, the. number of subscriptions being 1,067,879.
Returns were still coming in and the ultimate total would
be slightly larger.
In accordance with the new scale of prices fixed by the
special committee bond dealers are offering the various
maturities as follows: At 101 the 1937 bonds are on a 5.42%
THE CHRONICLE
3226
basis. At 100^ the 1933jbonds yield 5.46% and at lOO^i
the 1927 bonds yield 5.48%. The 1922 and 1923 maturities
at par
yield, of
course,
5lA%.
-
THE WORLD'S STOCK OF GOLD MONEY—PROPORTION
HELD IN UNITED STATES.
statistics, prepared by Joseph Kitchin,
F.S.S., and purporting to show that the United States holds
33% of the world’s gold supply, against 24% at the incep¬
tion of the war, has recently appeared in a number of the
English papers, and we reproduce it herewith. The figures
are given in millions of pounds sterling, and indicate the
changes in the stock of gold since the end of 1913:
The following
Dec.
31
1914.
June
30
1915.
June
30
1916.
June
30
1917.
June
30
1918.
396
442
515
558
566
557
340
266
340
260
370
280
420
371
490
495
550
520
1.042
1,165
1.349
1,551
1,627
593
588
535
426
299
283
(excluding India A Egypt)-.1,595
1,630
1.700
1,775
1,850
1,910
501
635
633
(In millions of pounds.)
1913.
Stock of gold in:
Banks of France. Russia, Ger¬
many
and England
Other State Banks and Treas¬
uries (except U. S.)
U. 8. Treasury
Total State Banks and Treasuries
1,002
In private banks and in the
hands of the public (by differ¬
'
•
ence)
Total stock of gold money
'■
Of which in the United States.
_
396
389
410
Equal to (of the whole)
25%
24%
28%
34%
33%
24%
A point to note is that during the period covered by these figures (which
Is practically the period of the war) the total stock of gold money has In¬
creased by £315,000,000, while the State Banks and Treasuries have in¬
creased their stock by £625,000,000, or about twice as much, the difference
having come partly out of the private banks, but mainly out of the pockets
of the public. The figures are based on the returns of the world’s output,
with due allowance-for the gold absorbed by the industries and by India
and Egypt.
J
iy.
INCBEA8E DURING THE WAR.
.
A second table shows the fluctuations in the figures in five different
periods:
Stale Banks
and
Treasuries,
Increase.
'
J
'
■
r
•
7 months to July 23 1914
11 months to June 30 1915
Year to June 30 1916
19171918.
*
<■.
\
,
Private Banks
and in Circulation (by
Stock of
Gold
difference).
Money.
Decrease.
£
£
40.000,000
123,000,000
184,000,000
202,000,000
76,000,000
5,000,000
53,000,000
109,000.000
127,000,000
16,000,000
-r\
Net Inc.
35,000,000
70,000,000
75,000,000
75,000,000
60,000,000
625,000.000 310.000,000 315.000,000
Kingdom and Russia; while to-day it must be far smaller than the 15%
mectioned above. and most of that smaller amount must be hoarded. It
may be that for some years to come gold will not be allowed to circulate
freely in European countries tar internal purposes, for the amount of gold
required by the Central Banks as a basis of their note circulation and the
structure of credit it will have to support will be very great.
wsmmmmemmmwmmmmmsemsammmlmammetsmmmmsmmmmm
MEXICA N±SUR SCRIP TIONS TO FRENCH LIBERATION
WAN.
Compania Bancaria de Paris y. Mexico, S. A.
Mexico, D. F.t November 26 1918.
The Commercial and Financial Chronicle, New York City:
Gentlemen—We consider that it may be of interest to you
to know the result of the French liberation Loan in Mexico,
and for the collecting of which we were the sole appointed
agent in this Republic.
...
The amount subscribed in four days, and for which we
eable<| to our coiTespondents jh Paris, the Credit Lyonnais,
to take in! our behalf reached the sum of 6,500,000 francs.
This total’we consider a success, taking into account that
conditions in this country have been abnormal for some time
past and are not well settled yet, and notwithstanding that
the French colony here contributed to some extent to the
Fourth Liberty Loan.
No doubt the enthusiasm for the loan has been greatly in¬
creased by the victory obtained in the war by the Allies and
(
,
the United States.
If you find worth recording in your paper the above data,
hereby authorized to quote if officially from
Yours faithfully,
us.
COMPANIA BANCARIA DE PARIS Y. MEXICO, S. A.,
N. MERINIA, Gen. Auditor.
PROF. HENRY C. EMERY'S IMPRESSIONS OF GERMAN
AND RUSSIAN BANKS.
An article in which he gives his “Impressions of German
and Russian Banks” has been penned by Professor Henry C.
Emery, of the Publicity Department of the Guaranty Trust
Co. of this city. In indicating that Prof. Emery talks from
an intimate knowledge of the subjects, a note
accompanying
the article says:
a
study for the Guaranty Trust Co. of the commercial, industrial
and financial conditions in Russia.
He left Russia early In l918 and on
March 10 was taken prisoner by the Germans in the Aland Islands, a part;
of Finland.
Until the middle of April he was kept behind barbed wire,
and lived in a dug-out in the camp of Tuohel; reported to be the worst
camp
in Germany, and filled chiefly with Russian soldiers.
After five
weeks In this prison he was released and salt to a small town in Pomerania,
where he was allowed somewhat more freedom, and finally was sent to
Berlin.
He was released and left Germany on Oct. 22. arriving in this
country on Nov.
10.
In his article Professor
says in part:
impressions on banking conditions
Emery
I have beat asked to give certain brief
Russia and Germany.
concerned, one can almost say that a chapter on
‘'Banks in Russia” would be like the famous chapter on “Snakes in. Ire¬
land.”
Officially there are no banks in Russia, except the State Bank,
which has absorbed all others.
This does not mean that the State Bank
as
I have seen thefn in
So far as Russia is
■
~
is now performing the normal functions of private banks.
Private business
is in large measure suspended and ordinary bank operations are suspended
with it.
What the final solution will be regarding the assets and liabilities
of the former banks is a question difficult to determine.
In the meantime
trading still continues on certain foreign stock exchanges in the shares of
Russian banks, of which, by Bolshevik decree, the shares have been an¬
nulled, and all the bank resources taken over by the State.
^
I found in Berlin that there was active speculation in Russian shares on
the Bourse, especially in shares of the International Bank.
So far aa I
could learn, however, such speculation was as much of a puzzle to conserva¬
tive German bankas, who knew Russian conditions, as it was to myself.
In buying Russian bank shares at the present time, one of course does not
buy title to property, but only an equity, to be adjusted when a new Gov¬
Such equities, however, have clearly seemed
ernment takes control.
sufficiently valuable to purchasers In foreign countries to make the buying
and selling of Russian banks still a problem for financiers.
During the first part of my stay in Russia, the most striking feature of
the situation was the general confidence in the prosperity of the banks, due
to the great increase in deposits and the volume of resources.
Few people
seemed to recognize that this was primarily due to inflated prices and de¬
preciation of the ruble. Any construction project, for example, cost
several times as much as before the war, and. consequently, the same
amount of materia] development represented much greater sums when they
appeared In bank balances. The same was true of commercial transactions
at the prevailing high prices.
Even bankers are frequently misled by
arbitrary figures and fall to see that larger sums for the same amount of
actual goods sold, or plants constructed, do not really mean an Increase of
business or a sound condition of prosperity.
„
£
;
At Dec. 311913 63% of the total stock of gold money was in State Banks
and Treasuries and 37% in the hands of private banks and the public, while
at June 30 1918 Che proportions were 85% and 15%.
The proportion in
the hands of the public apart from private banks was probably about 30%
before the war, mainly in France, Germany, the United States, the United
you are
Professor Emery, formerly Chairman of the United States Tariff Board
under President Taft and for inine years Professor of Political Economy
at Yale University, left New York in September 1916 for Petrograd to
make
,
[Vol* 107.
Results of
Inflation in Russia.
Another reason for the rise in prices of bank shares on the Stock Exchange
is to be found in the conditions which led to the rise of industrial shares
as well.
This was especially true during the summer of 1917, when an
analysis of industrial conditions revealed anything but a pleasing picture
of productivity.
As fast as the first revolutionary Government began to
inflate the currency, the people had plenty of money, with no opportunity
The
of purchasing goods, since these were practically unprocurable.
in market speculation. Further¬
more, in proportion as the value of the ruble began to fall, and doubts as
to its future increased, it seemed more desirable to put surplus rubles into
any form of industrial undertaking, rather than to carry them in cash,
in spite of the high rate of Interest being paid by the banks. In case of »
complete crash, the investor would have securities which would at least
be worth something,, even if the value of the ruble went to nothing.
The
striking feature of the situation was the slowness of the business world in
realizing that the big figures and the bank activity did not represent sound
business prosperity, but was primarily the result of an inflated condition
all along the Hue.
natural result
to use surplus funds
was
.
Another noticeable condition to the American observer was the slight
attention paid to keeping bank assets hi liquid condition.
Sqxne banka
which were looked upon as thoroughly solvent had their resources tied up
in enterprises which were either half developed or unable to maintain,
profits under existing. conditions—but such a condition was apparently
viewed with much greater equanimity than would have been the case
the United States.
It should be remembered that it was the custom of the
Russian banks to carry very little in the way of cash reserves.
They relied
rather on their borrowing credit at the State bank, a fact that put them
immediately at the mercy of the Bolshevists, the moment the State bank
was
seised.
...
4
_
In Germany.
In Germany also the first thing to attract the attention of the observer
was the tremendous increase in the annual balance sheets of the banks.
To take a single illustration, the deposits in the Deutsche Bank were one
and a half billion at the end of 1913, and more than five and a half billion
at the end of 1917.
Similar figures ot course appeared on the side of re¬
sources.
The dividend, which in the ten years preceding the war had
varied from 11 to 12)4%» bad been increased to 14%.
It would give a
totally unfair picture to suggest that these increases represented any such
condition as had been described for the earlier period in Russia.
Up to
the time that I left Berlin, on Oct. 22, there was no indication of any mis¬
trust of the German banks, or anything to indicate that their position was
not both solvent and liquid.
On the other hand, it was clear that the
great increase on both sides of the balance sheet did not represent a corre¬
sponding increase in normal industrial and commercial development.
Practically all business in Germany, except for retail business, was either
for Government account or under Government management.
The great
industries were selling direct to the Government, and getting their pay in
short term Government obligations.
Consequently, they did not make
the same demands for credit on the banks as in normal times.
In the
same way the commercial business of the country was organized under
about fourteen so called War Associations, which woe semi official bodies
for buying and selling goods.
All imports from neutral and Allied countries
were in the hands of the Central Purchase Association, the most important
of these various organizations.
The result was that private commercial paper,
such
as
bills of exchange,
hardly appeared in the market at all. The German banks had formerly
done a large business in the way of acceptances, but for the same reasons
this item dwindled to a small figure in the bank statements during the
war.
As the figures were published, the old item for “bills of exchange and
Treasury bills” was very large— for the Deutsche Bank on Dec. 31 1917
more than three billion marks.
Whereas formerly, however, 90% of this
item consisted of private commercial papa, at the present time it is prob¬
ably not an exaggeration to say that at least 85% of it represents Treasury
bills—that Is, short tom, non interest bearing Government obligations
Dec.
141918.]
THE ‘ CHRONICLE
presented for discount. The exact figures were never published to show
just what proportion of the assets consisted of private paper.
QUESTION £S:¥U EST%JBIXS8$^
"ESSET^
COUNTY, Ni Jt^ CLEARING HOUSE ; )
'
According to the Newark “News’’ of Nov. 27, the question
a* to whether a clearinghouse should be established for Essex
County was brought before the Essex County Bankers’ A$~
sociation at its annual dinner on Nov. 26, by the newlyelected President of the Association, WV If Cooper of the
National State Bank of Newark. The “News’^sajrs:: f ;"
:
Banks Government Agencies.
Obviously, the beaks under war conditions had become almost purely
agencies for Government financing. The great growth of deposits was due
to the fact that from the beginning of the war prompt steps were taken to
provide an ample means of circulation, and there was little to be done with
available smrplus money except to deposit It in the banks.
Large numbers
of small bustness men who would formerly have employed their surplus
means in the expansion of their business, being no longer able to extend busi¬
ness in this way. on account of the absorption of everything by Govern¬
ment agencies, left their money on deposit in the banks, or invested it in
Spencer S. Marsh, Cashier of the National Newark & Essex Banking Oo*.
asked those'present for expressions of opinion on the matter and several
men from various parts of the county indorsed it.
Mr. Marsh andothers
are at work on the project, it was stated* At present* clearing house busi¬
ness hre is conducted by the old-fashioned messenger method:*
securities on the Exchange.
The high level of prices for industrial securities naturally suggested to
me a parallel with the situation in Boaria in 1916-17; I felt that to a certain
extent these high prices represented a fall In the value of the mark, and the
desire to put savingsinto a safer form of bank deposits which, though en¬
tirely secure* might be paid in marks of diminished value. This view of
the situation* however, was dispoted by practically every one In the bank¬
ing world with whom I spoke. But it was generally admitted, neverthe¬
less, that the high prices were pot the result of a normal or sound industrial
situation, but were due to the facts already mentioned, that there was a
surplus of ready money which on the one hand could not he invested in
goods, since there was practically nothing.to be bought, and on the other
had could not be used for the extension of private business, because of Gov¬
ernment monopoly in all linee.
N. Y. 8T0CK EXCHANGE RULING ON “STOP MSS'*
STOCK ORDERS.
A resolution designed* it is said, to protect customers
against raiding and short covering, was adapted by the
Governing Committee of the New York Stock Exchange
on the 11th inst.
Secretary Ely announced its adoption
follows:
as
-i
■
-
—
m*
new yoke: stock exchange.
it,
Transactions “On
COMPARATIVE STATEMENT OP NATIONAL BANK
CHARTERS AND CAPITAL INCREASES.
or
“At the Close.”
19181 the fol¬
lowing resolution was adopted:
“That the offering in a public manner: I..T8 buy or sell securitdew'on
stop** above or below the market, or 2. To tray or sell securities 'at the
close’ is forbidden. Any member who shall violate thl» resolution may be
fined by the Committee of Arrangements in a sum not exceeding fifty
dollars, or may be reported to the Governing Committee, Who may sus¬
pend him for a period not exceeding wtxtir days.**
GEORGE W. ELY, Starrier**
According to a statement issued by the Comptroller of
Currency Williams on Dec. 4, during the' first eleven
months of 1918 217 applications were received for charters
for new national banks, with eapit&l of $13,060,000, com¬
pared with 273 applications received during the correspond¬
ing period in 1917, with capital of $18,075,000. The
Comptroller adds:
In these eleven months of 1916, 144 charters were granted, capital
$12,576,000, as compared with 174 charter* granted during the corre¬
sponding period in 1917, with capital of $11,225,000.
For this period hr 1918, 161 national banks increased their capital stock
fat the suht.of $18,641,100, agafnsr 168 banks increasing their capital fay
$22,659,990, during the same period in 1917.
Four banks reduced their capital during the first eleven months pf 1918
by $325XXX). During the same period last year 12 hanks reduced their
capital $700,800.
Thirty-ets national banks went into voluntary liquidation (exclusive
of those consolidating with other national banks) during the first eleven
months of 1918, their aggregate capital being $6,670,000, as compared
with 67 such banks liquidating during the same period in 1917, with an
aggregate capital of $6,267,500.
During the first eleven month* of'1918. the Comptroller of the Cur¬
rency refused twenty-one applications for riiarters for new national banks.
During the same period fan* year, twenty-nine applications were refused.
Stop"
To Member* of the Exchange
' ":
At a meeting of the Governing Committee, held Dec; 11
With regard to the resolution
the New York “Sun” says:
For a long time it has been possible for traders to
ascertain from the books
of specialists the stop orders recorded there and it has been known oxUtfae
flow of the exchange how many and the volume of stop orders there were
in the market.
If the resolution adopted by the exchange proves effective
stop orders win be kept
lea* extent*
confidential and the public protected to more or
F. H. SISSON ON PROBLEMS OP PEACE—ENGLAND'S
PLANS FOR DEMOBILIZA TION.
In
a
speech Before therEssex County Bankers Association
26, Fimncis H. Sisson, Vice-President of
at Newark on Nov.
'
the Guaranty Trust Co. of this city, took occasion to state
that, while ft is generally recognized that the economic,
f
wfll be unusual and Intricate, the fact that victory entails
discipline, reflection, plamnmg study and the exercise of all
our accumulated wisdom is only beginning to dawn upon the
nation. “Mobilizing for Peace” was the title underwhich
Mr. Sisson addressed the gathering, and he noted that **we
INSURANCE COMPANIES IN STATE OP WASHING¬
are just learning what a famous contemporary statesman so
TON REQUIRED TO DISPOSE OP BANK ST0CK8
?
aptly observed, namely, that “it is easier to make war than
—:EFFORTS TO REPEAL LAW.
to make peace.”
The relations to be established alter
Insurance companies doing business in fbe State of Wash¬
the war between Government and industry Mr. Sisson de¬
ington have been advised by the Insurance Commissioner scribed as “the most vital problem confronting business
of that State that as stocks of banks are assessable under
men/’ We quote what he had to say on the subject here¬
the laws of the State, a corporation must dispose of its bank
with:
stoeks to do business in that State. Inasmuch asallof the
insurance companies are large holders of bank stocks the
matter has been brought to the attention of the National
Board of Fire Underwriters by Henry Evans, President of
the American Eagle Fire Insurance Company, the Conti¬
nental Insurance Company and the Fidelity-Phenix Fire
Insurance Company of New York with the suggestion that
the banks of the country, to whom the matter is a vital
one,
be advised of the ruling and urged to assist in securing
We give Mr. Evans’s
the repeal or modification of the law.
letter herewith:
Dee. 10 1918.
IT. E. Mallalieu, Bet., General Manager National Board of Fire Underwriters,
76 William 8t., New York.
Dear Sir: 1 note from your Bulletin No. 346 of Dec. 7 1918 that the
Committee on Laws, at its meeting held Dec. 5 1918, gare consideration
to a circular letter from H. O. Fishback, Insurance Commissioner, of
Olympia, Wash., calling attention to the opinion of the Attorney-General
of that State relating to the investment of the capital and funds of insurance
companies operating hi the State of Washington, and from Which it is
evident that if insurance companies are to be permitted to transact business
in the State some amendment to the law must be made by the next Legis¬
lature.
It occurs to me that it is as important for the national and State banks
as for the insurance companies to have this law amended, and I therefore
suggest that it be called to the attention of the leading banks throughout
the country and urge upon them the advisability of writing to the various
banks with whom they do business in the State of Washington to interest
their local Representatives and Senators in securing a repeal or modification
of this law so that it will not include stocks of State and national banks
where such banks are supervised by proper authority.
In addition to taking this matter up with the various banks direct, it
advisable to bring it to the attention of the American Bankers’
Association, 5 Nassau St.. New York City. Col. Farnsworth is Secretary
seems to me
of this Association.
Yours very truly,
undoubtedly be necessary to retain a certain amount e# control
industry until the process of readjustment ha* proceeded, to th* stage
where such agencies are no longer needed or desirable. But th* funda¬
mental issue involved hr the problem is whether we ah&Li return to the
policy of private ownership end management of industries generally,
or whether we shall experiment with State Socialism.
The solution lies in
determining which policy will yield greater efficiency in production and
greater equity in the distribution of wealth.
Apropos of this question it is interesting to note that the first nine
months of Government operation of the railroads have cost almost $200,0004)00 in excess of receipts, in spite of greatly Increased rates*
Stringent Government control in peace times would certainly constitute
a deadly menace to commercial and industrial interests.
It would stifle
competition, undermine ambition and discourage initiative. It would offer
no incentive to high endeavor.
A reasonable protection of the public wel¬
fare by the exercise of a proper co-operation da the part of the Government
is quite another matter. That would not result in a repression pf business,
but rather m a relationship under which the ownership and management
of industrial concerns would remain in private hands, competition, which
causes economic waste, would be eliminated, and capital and labor would
each prosper in proportion to its respective contribution to national produc¬
tion, and in proportion to the public interest served.
Under such a system we should, indeed, have national reconstruction—
reconstruction which would create understanding and recognition of sound
principles and methods, a high sense of justice and fairness, and a general
co-operation for the best results attainable for all concerned, and for the
nation, which has a new and great part to play in world affairs.
It would dispel the overhanging menace of impractical idealism which
exists at Washington, and to some extent elsewhere, and of which business
men must take cognizance.
The obvious intention on the part of some to
force Government ownership of transportation and wires, if possible, and
the announcement of a poiiey of philanthropic restraint in foreign trade, are
but straws indicating the direction of the wind.
In pursuit of such eco¬
nomic will-o’-the-wisps unbalanced minds are led astray and would lure us
on into the bogs of Bolshevism.
The facts of human experience and human
nature have always proved a safer basis for human relations than the tissue
of dreams or the visions of what ought to be. Justice and fair dealing are
not impossible in a world of sound economics, and these standards furnish u*
a sounder platform than parlor Socialism or political expediency.
If the
spirit of common equity and reason can pervade Government, bureau and
legislative hall, as well as business office and bank, we may hope for a reIf will
over
.
(Signed)
HENRY EVANS. President.
adjustment to the conditions of peace which
own
will bring prosperity to our
people of all classes, and render useful service to the entire
part:
The solution seems to me to lie in
from an economic standpoint In our
that 2,289 applications were received and
by it, involving new securities having an aggre¬
gate par value of $2,564,021,000. The committee says that
although the signing of the armistice portends its termina¬
tion it is unanimously of the opinion that Federal super¬
vision of security issues be continued by some public agency,
preferably by one of the Government departments “in
such form as the check the traffic in doubtful securities
while imposing no undue restriction upon the financing of
legitimate industry.” The “Official Bulletin” of Dec. 9
gave the following from the report:
Nov. 11, states
world.
Stating that he did not view with alarm “the task of re¬
absorbing our 3,000,000 soldiers into industrial life, provided
we take adequate precautions to avoid a too rapid and
carelessly thought-out demobilization, Mr. Sisson said in
releasing first the men most needed
Industries, followed by the gradual
discharge from the army of the remaining forces which are not required
for European police duty and home defense, and coupled with the launching
of public
projects by National, State, and Municipal Governments.
England has supplied us with many guide-posts in the war and she may
furnish us with others in the transition period.
It is worthy of note that
elaborate plans have been made by the British Government to provide
employment for each soldier leaving its service. The British machinery
of war is being converted into the machinery of peace as expeditiously
passed
Barely six months have elapsed since the Capital Issues Committee,
was created by an Act of Congress approved April 5 1918, entered
upon Its duties as the successor to an informal body constituted by the
Federal Reserve Board early in the year.
Between May 17, when the present committee was organized, and Nov.
11, the date the armistice was signed, the Capital Issues Committee re¬
ceived and passed upon 2,289 applications involving new securities having
an aggregate par or face value of 52,564,021,000.
It has been the purpose of the committee to conserve investment capital
in order to insure an adequate supply thereof for the use erf the Government
and essential war industry; in other words, to give effect to the Govern¬
ment's policy of “war business first.” This purpose has been carried out
through the rationing of capital for use only by those enterprises and in¬
dustries which served some immediate and definite military or economic
All other issues have either been disapproved or made subject to
need.
suen conditions that they could not affect adversely the financial situation,
or increase the difficulty of raising funds by the Government.
Although nominally independent, the committee has functioned during
possible, so that thaw will be no period of industrial depression and
distress due to the idleness of workers.
Money grants to civilians and former soldiers who are unemployed,
owing to peace, are to be provided. There will be extra allowances for
dependants. These grants will run for thirteen weeks for civilians and
twenty-six weeks for discharged soldiers.
Men employed in “pivotal industries’* and mines will be the first to be
discharged from.the army, and workers in other trades will be i el eased
according to national needs. Married men will receive preference. For a
year after the war, permanent appointments to the civil service will be
reserved to officers and soldiers.
Hans are being worked out to give soldiers special facilities to obtain
and.
Men from the Dominions employed at war work in England will
be quickly released.
The Ministry of Munitions will be supplanted by thef
Ministry of Supply, which will dispose of war stores. Production o
materials needed in the building trades will be expedited.
Iron and stee
will be released from control at once, and other metals will be placed on
the pre-war basis in six months.
There has been no general discharge of British munition workers as yet.
The scale of war wagej in England in all trades continues high, because of
the high prices of the necessaries of life.
OF
DALLAS CATTLE
LOAN
DISCONTINUANCE
AGENCY—WAR FINANCE CORPORATION TO LOAN
OF ADVANCES ON CATTLE.
Along with the discontinuance of the cattle loan agency
at Kansas City to which we referred last week, page 2137,
the cattle loan agency at Dallas likewise discontinued opera¬
tions on Dec. 1. Judge W. F. Ramsey of the Federal Res¬
erve Bank of Dallas in announcing that no further loans
would be made by the cattle loan agency made public a
telegram received from W. P. G. Harding of the War Finance
Corporation calling attention to the fact that the War
Finance Corporation Act had been amended so as to permit
the corporation to make advances to banks, bankers and
trust companies up to 100% of the amounts advanced by
them on cattle. Mr. Harding's telegram, as published in
the Dallas “News” of Nov. 28, is as follows:
UP TO 100%
Owing to the changed conditions brought about by the armistice and the
consequent cessation of hostilities, the board has determined to curtail and
restrict its activities, Including the making of advances on cattle and sheep
under Section 9 of the War Finance Corporation Act.
Your agency will
therefore not consider any applications for advances under Section 9 re¬
ceived by the agency later than Dec. I.
The Act has been amended so as
to permit us to make advances to banks, bankers and trust companies under
Section 7 of the Act up to 100% of the amounts advanced by them on cattle.
Will give consideration to applications under 8ection 7 until further no¬
tice.
Hope to see you here first of week and discuss details with you.
was
quoted to the following effect in the
Dallas “News” relative to Mr. Harding's advices:
I am just in receipt of a telegram from W. P. G. Harding, National
Director of the War Finance Corporation, and I note that the Federal
Reserve Bank Is not authorized to act on applications for loans on live
stock received here later than Dec. 1.
1 had expected such action, in view of the signing of the armistice, and
thought that the War Finance Corporation should now be conducted for
liquidating in a reasonable time all loans.
All the applications which show great necessity and which are meri¬
torious have already been received, I believe, though it is perhaps true that
in December we would have received a great many good applications.
However, we all realized that a time limit must be set, and so far as I can
see, Dec. 1 is satisfactory.
In the meantime examination will be made of the applications heretofore
received and of such applications as are received between now and Dec. 1.
However, the most important part of the telegram is the statement that
the War Fiance Corporation Act had been so amended as to permit the
War Finance Corporation to make advances to banks, bankers and trust
companies under Section 7 of the Act up to 100% of the amount advanced
by them on cattle. I presume the same ruling applies to sheep.
Heretofore the law has permitted advances by the War Finance Cor¬
poration to an amount not exceeding 75% of the amount of the customer’s
note or notes.
The effect has been to tie up much paper, and the propo¬
sition has therefore been unattractive.
When in Washington last August, In a brief prepared by me at Mr.
Harding’s request, I presented so far as I could the advisability of the
amendment.
1 believed that such an amendment would largely solve
the credtt problem here in regard to owners of stock and the banks.
The amendment will be of incalculable benefit to cattlemen.
If the
banks make liberal use of this new ruling, and conservation and care is
used in extending credit to stock-raising customers, there is no reason
why the breeding herds of the country
may
not be saved.
REPORT OF CAPITAL ISSUES COMMITTEE.
The
Capital Issues Committee, in its report to Congress
covering the time of the organization of the present commit¬
tee, from May 17 1918 to the signing of th9 armistice on
upon
which
as
Judge Ramsey
{Vol. 107
THE CHRONICLE
2228
t
which had
as an integral part of the broad national movement
for its object the diversion of what has been estimated at one-third of the
nation’s industrial production, including man power, to war purposes.
Since the signing of the armistice the policies of the committee have neces¬
this period
sarily been modified to conform to the change in general conditions, but
the statistics covering the period since Nov. 11 are not yet available.
The
report, therefore, covers only the period during which the war emergency
continued.
Of the total amount of securities passed favorably by the committee in
this period, only 5366,914,000, or 14% of the total applied for, involved
the use of capital, labor and materials for new construction and equipment,
and of this amount $100,224,000 was in payment for work which had been
performed or was under contract before April 5 1918, the date of the pas¬
sage of the Act.
Less than 11%, therefore, of the $2,564,021,000 par
value securities passed upon by the committee was approved for new con¬
struction and equipment, and most of this was for extending and increasing
the facilities of public-utility companies serving war industries.
The statistical report does not, however, reflect either the full extent of
the committee’s work or of its influence in restricting unnecessary uses
of capital in this period.
Not only were numerous applications voluntar¬
ily withdrawn, after being presented to the committee, but large numbers
of prospective applicants yielded to the informal suggestions made by the
committee and its district committees that their enterprises or projects
should be postponed until after the war. Moreover, the very fact of the
creation of the committee was sufficient to discourage the offering of a
large volume of securities which were in contemplation, but which were
also postponed in conformity with the committee’s public appeals for co¬
operation.
These appeals
were
addressed generally to the investment
bankers of the
Federal Reserve System, to State
officials charged with the regulation of public utility and other corporations,
to local government officials, and to the business public.
The response
in most cases indicated a patriotic willingness to co-operate, and the work
of the committee has been greatly facilitated by the organized support of
the Investment Bankers Association of America, the National Association
of Municipal Accounting Officials, the National Association of State
Railroad Commissioners, the American Bankers Association, the United
States Chamber of Commerce, and the National Association of Blue Sky
country, to the member banks of the
Commissioners.
In passing upon the applications that are presented the committee has
sought and received the advice of the various Government departments
and agencies having an accurate technical knowledge of the needs of the
nation and the existing facilities for meeting them, including such agencies
as the War and Navy Departments, the War Industries Board, the Food
and Fuel Administrations, Department of the Interior, Department of
Agriculture, and others.
Toe committee has also had the benefit of the advice of the 12 district
committees on Capital Issues which were organized in the Federal Reserve
districts to make a preliminary investigation and report on the personnel
and financial methods of the various applicants and on questions of loc J
These district committees, composed of members who serve
have been of invaluable aid not only in passing upon proposed
security issues but also by acting on behalf of the committee in discourag¬
ing numerous local projects and enterprises which would have served no
necessary military or economic purposes.
The Capital Issues Committee is not authorized by law, and does not in
practice make any finding as to the legality, validity, security, or worth of
any issue of securities, but considers only the question of compatibility
necessity.
without pay,
with the national interest.
In the absence of specific power either to compel submission to its juris¬
diction or to enforce its findings, the committee has been unable to deal
effectively with many enterprises whose promoters or managers remained
deaf to every appeal to their patriotism.
This situation permitted the con¬
tinuance of a considerable traffic in worthless or fraudulent securities which
could not be checked by the committee although grossly incompatible
with the national interest.
The committee has had opportunity to follow closely the effect of the
Treasury has been so suc¬
cessful, upon the market for worthless securities, and had the war continued
it would have asked Congress to extend its powers so as to enable it to
wide distribution of Liberty bonds, in which the
protect not only the direct interest of the Government in preventing
economic waste but also the purchasers of Liberty bonds who are tempted
by unscrupulous promoters to exchange them for worthless stocks.
Although the signing of the armistice portends the termination of the
Capital Issues Committee as now constituted within a limited time, fixed
by the Act itself, the committee is unanimously of the opinion that Federal
supervision of security issues, here undertaken for the first time, should be
continued by some public agency, preferably by one of the Government
departments, in such a form as to check the traffic in doubtful securities
while imposing no undue restrictions upon the financing of legitimate
industry.
Dec. 14 1918.]
THE CHRONICLE
SENATOR OWEN TO STUDY BANKING ABROAD IN
INTEREST OF PROPOSED FOREIGN EXCHANGE
BANK—SUGGESTS BI-WEEKLY STOCK
EXCHANGE SETTLEMENTS.
study of financial practices and conditions in England,
France, Italy and Spain is to be undertaken by Senator
Robert L. Owen of the Senate Committee on Banking and
Currency. Senator Owen sailed on the Lapland on Tuesday
last, the 10th Inst., on his mission, the purpose of which, it is
understood, is to enable him to gather data in support of his
pending bill proposing the establishment of a Federal Reserve
Foreign Exchange Bank. Before his departure the Senator
in declaring that New York ought to be in
position to take
first place in the world’s financial field, stated that it could
not unless it is prepared to give the broadest possible market
se¬
curities. Referring to the fact that London has a bi-weekly
settlement for those who handle stocks on the Exchange, he
suggested that the New York Stock Exchange should ar¬
range without delay for a similar settlement plan, “in order
that the funds now tied up on daily stock loans may be re¬
leased in part to more fully accommodate commerce.”
The New York “Times” of the 8th inst. gave the following
account of what Senator Owen had to say:
In discussing the bill, which, he said, sought cheaper money rates so that
American business could compete with foreign commerce in international
trade on a more equal basis. Senator Owen declared that it had won the
approval of
of the leading business men and financial authorities in
the country.
He declared that the New York Stock Exchange should
inaugurate settlements on a bi-weekly basis, and said that in a recent
conversation with Benjamin Strong, Governor of the New York Federal
Reserve Bank, the latter had approved of the weekly plan.
some
“The Bank of France is required by its charter to be the servant of the
business interests of France,” said the Senator, “while the Bank of England
functions under its management not as a money-making institution, but as
the servant of the British manufacturer, producer and merchant.
The
Bank of England during the war, and the London banks have furnished
money to the British manufacturers and merchants at 3H% interest for
the vifal purpose of promoting the industries and the productive power of
Great Britain.
“The American banks should recognize a similar obligation; they should
extend the use of acceptances at a rate at least as low as is allowed in
London, and they should
encourage
commodity banking.
For fifty
impossible of adoption.” Mr. Streit’s statement, Is*
on the 8th inst., follows:
Concerning fortnightly settlements, it
A
for merchants’ bills and deal in all kinds of merchants’
and
sued
2229
years
before the war France and Belgium enjoyed a uniform 3% rate, and
America must not overlook this, for the American merchant, paying as high
as 4, 5, maybe 6% interest, will have to compete with
merchants who can
get all the money they need at a lower rate of interest.
“Briefly, the plan of the Federal Reserve Foreign Exchange Bank is to
increase the money supply which American business men can obtain to
enter into the foreign trade field.
The more money available, the more
commerce we shall be able to get.
Another thing I regard as indispensable
to American success in the foreign trade field is a Government-owned mer¬
chant marine.
I do not believe that our merchant marine should be
pri¬
vately owned.
“The banks in New York and the Federal Reserve banking system should
establish the most Intimate, cordial relations with London and with Paris,
and New York State should encourage by legislation the London banks to
place agencies in New York'to help make New York what it ought to be.
of the great world financial centres.
New York ought to be in the
position to take first place in the world’s financial field, but it can not
unless it is prepared to give the broadest possible market for merchants’
bills it must also deal in all kinds of merchants’ securities.
one
“A spirit of true co-operation should exist between the New York banks
and those of London, and both should function as servants of commerce.
London has a bi-weekly settlement for those who handle stocks on the
Exchange, and the New York Stock Exchange, the New York banka
co-operating, should arrange without delay for a bi-weekly settlement plan
in order that the funds now tied up on daily stock loans may be released in
part to more fully accommodate commerce.
I have talked to a number of
leading bankers, whom I do not care to quote, who fully appreciate the im¬
portance of this.
It would be better for the Stock Exchange, much better
for the banks, and far better for commerce.
Banks which desire to func¬
tion as servants of commerce should not think too largely in terms of the
daily fluctuations of the Stock Exchange.
“I understand that the very high rate in New York is alleged to be justi¬
fied on the ground that a high rate is necessary to restrain excessive specula¬
tion in stocks.
This alleged remedy is not justified, and is most injurious
in keeping up the high rate when our domestic commerce is entitled to a low
rate.
The remedy is not justified because the banks can prevent excessive
speculation by withholding loans beyond reasonable limits for such pur¬
poses.”
Senator Owen said he understood that some of the New York banks
a change in the present methods because it would interfere in
their business.
He declared that the bankers might as well object to Lom¬
bard Street, which handles the matter on a huge scale.
He recalled that
some such opposition was manifested to the establishment of the Federal
Reserve system, and pointed out that the system had worked well, increas¬
objected to
ing rather than decreasing deposits in the private banks. As for a sugges¬
tion that the local Federal Reserve Bank might handle the foreign exchange,
he declared that even the greatly increased personnel of the local bank was
having a hard time keeping up with domestic business, and that he favored
specialization on foreign exchange.
can
be stated that while the Fed¬
eral Reserve Act was being considered the New York Stock Exchange real¬
ized the possible far-reaching financial changes that its enactment might
bring about and early in 1914 a member of the Governing Committee went
abroad to study European systems of term settlements, weekly, fortnightly
and monthly, as practiced in various centres and the relationship thereof
with the Government banking institutions and the money markets.
A complete report was made to the
Governing Committee, which showed
thr t the congestion of security deliveries on settlement days and the large
shifting for transfer of funds involved would make any term settlement un¬
der present methods impracticable here.
The report further stated that in various European capitals systems for
security deliveries and credit extension on settlement days were in successful
operation and should be adopted here with modifications to conform to
local conditions.
A committee of five to consider the question and perfect such a plan was
appointed.
This committee, after overcoming many difficulties and having frequent
consultations with a committee of the Clearing House banks, has completed
such a plan, which will shortly be submitted to the members of the Stock
Exchange.
Until the proposed plan is tried and proved successful in relieving the con¬
gestion of security deliveries and payment therefor, under the present sys¬
tem of daily settlements, the operation of a term settlement would be Im¬
practicable and impossible of adoption.
PROPOSED BRANCH OF FEDERAL RESERVE BANK OF
ATLANTA AT SAVANNAH.
Plans are being developed for the establishment at Savan¬
nah, Ga., of a branch of the Federal Reserve Bank of At¬
lanta. The Savannah Clearing House Association
by a unan¬
imous vote on Dec. 4 decided to accept the terms under which
the Federal Reserve Board has consented to establish the
A meeting of the committee of the Clearing House
appointed to act in the matter was held on the 7th, inst., but
contrary to expectation no recommendations as to the ap¬
pointment of the agent, &o., were made, the committee de¬
ciding to leave that question to the Atlanta Federal Reserve
Bank, as well as the method of handling the agency, its loca¬
tion, and other matters as to its operation. The Savannah
“News” of Nov. 28, in stating that while the new agency will
serve directly the five Savannah banks that are members of
the Federal- Reserve system, it will also be of indirect ser¬
vice, it is thought by J. B. Pike, Deputy Governor of the
Federal Reserve Bank of Atlanta, to non-member banks.
agency
The “News” added:
It (the agency) will carry about $2,000,000 In currency. In addition to
the securities given as collateral for loans, and this will be directly available
to the banks who are members.
The capital stock of the Federal Reserve
banks is made up of stock subscribed by the member banks, each bank
joining subscribing
a fixed percentage of its capital stock and net resources.
When there is no local agency, as has hitherto been the case in Savannah,
banks that are members of the system in the Sixth District must ship
their securities to Atlanta.
This not only occasions delay and expense,
but is inconvenient in other ways.
If, Mr. Pike points out, a bank wishes
to withdraw its security and substitute some other security, as, for
example,
if a hundred bales of cotton has been offered as security and the bank wishes
to sell this cotton and substitute another hundred bales, the
delay of the
transaction with Atlanta occasions considerable inconvenience.
With a
local agency, the change may be quickly made.
Other advantages are as
obvious.
agency
He believes that Savannah will
greatly benefit by having the
here.
“The Federal Reserve banking system,” said Mr. Pike, “is going to be
of great value to this section of the country, we believe.
We are interested
in building up this section, its agriculture, its live stock, its commerce in
general. The South will not suffer commercially as the North is sure to
suffer in the readjustment period after the war, because the South has not
benefited to the same extent as the North by war industries.
There are
no munition plants here as there are there, and there has been no
such
turning of industrial plants into the manufacture of war materials. Our
shipyards are permanent, but the munition factories are not. We may
look for a continuance of the shipbuilding industry in the South and it will
be much easier for this section of the country to go ahead
commercially,
to strengthen its industries and to build up its ports.
The South, in fact,
has
an opportunity now that it has never had before.
We hope to develop our Southern ports particularly.
There should be
a great chain of ports—New Orleans, Mobile.
Pensacola and Savannah.
It is in such development that the Federal Reserve banking system is
interested. There is no reason why Savannah should not be the great
South Atlantic port and there has never been a greater opportunity to
make it so than at the present time. ”
Under the terms acceded to by the Savannah Clearing
House non-member as well as member banks, it is stated,
have agreed to pay a proportionate share of the expenses
in excess of the $5,000 allowed by the Government for the
cost of
operating the branch.
Following the statement of Senator Owen, S. S. Streit,
Chairman of the Clearing House Committee of the New
York Stock Exchange, has called attention to the fact that
FEDERAL RESERVE BANK OF ATLANTA ON COTTON
SITUATION.
study of the question of bi-weekly settlements had been
We referred two weeks ago to the action of the Governors
committee of the Exchange and that a of the cotton growing States in urging the farmers not to
plan would shortly be submitted to members. He added, sell cotton “for less than 35 cents a pound basis middling.”
however, that until “this plan is tried and proved successful M. B. Wellborn, Chairman of the Board of the Federal
in relieving the congestion of secmity deliveries ■
Reserve Bank of Atlantia in his report of business condi¬
the operation of a term settlement would be impracticable tions in the district, made public on the 2nd
inst., had the
a
undertaken by a
.
.
.
following to
say
regarding the situation as to
the cotton
indisputable fact that the present crop has cost more to produce
grown in the District and the growers feel that
they must obtain close to 35c. per pound if they are to realize a profit.
This applies to short staple cotton. The long staple cotton situation is
reported rather demoralized; the factors being reluctant to furnish ad¬
vances, and producers are holding, refusing to sell except at fair prices.
The decline in cotton was viewed as unwarranted and has seriously
affected our people in pocket and spirit.
The fanners are being morally supported in their holding movement,
and they will probably continue to receive sufficient financial assistance
to enable them to hold the bulk of their cotton off the market until higher
prices are established.
The business men think that the era of htgh prices Is here to stay for
some years because of the fact there is hardly a surplus in any particular
line. The sudden ending of the war has caused a let-up in business con¬
ditions and there is little tendency to place orders ahead at this time,
owing to the unsettled condition of the markets and the uncertainty of
The general consensus
the time of withdrawal of Government restrictions.
of opinion is that we should continue to conserve our resources and restrict
credits generally, with the exception that more opportunity be given to
During the war
those who are undertaking to produce something to eat.
little, if any, construction has been carried on and this applies especially
to farm buildings, and it is hoped that there will be a loosening up of credit
along this line, and also funds to purchase labor-saving machinery for
It U
an
crop of cotton ever
farmers.
While the banks show a
general willingness to carry cotton, there is no
large borrowing by the producer for the reason that a majority sold suffi¬
cient cotton early in the season at a fair price to liquidate existing indebted¬
ness and the forced economy and restricted credit, due to Government
regulation, has left the farmer in a relatively better position to carry his
surplus crop than heretofore prevailed. They are also better supplied
with cattle and hogs.
BUSINESS CONDITIONS IN NEW YORK FEDERAL
RESERVE DISTRICT FOLLOWING
SIGNING OF ARMISTICE.
In his monthly report of business conditions in the New
York Federal Reserve District (made public Dec. 2) Pierre
Jay, Chairman of the Board of the New York Federal Re¬
serve Bank, states that “attention in this District is centred
in the problem of readjusting business to a peace basis,
different lines reacting in different manners to the change
in conditions since the armistice was signed.” JThe, report
RESERVE BOARD RE-ELECTS DIRECTORS
FEDERAL
WHOSE TERMS EXPIRE DEC. 31.
crop:
than any
[Vo* 107.
THE ? CHRONICLE
2230
The directors of the Federal Reserve banks of the class
chosen by the Federal Reserve Board, whose terms expire
Dec. 31, have been re-elected by the Board for a period of
All present Chairmen, Federal Reserve Agents
Chairmen of the Reserve banks have also been
redesignated for the year 1919. This action, it was stated
on the 12th, was based on the desire to prevent disruption of
personnel in the Reserve system during the period of read¬
justment in which Reserve banks are expected to play an
important part. Directors re-elected were:
three years.
and Deputy
Allen Hollis, Boston
Reserve Bank; George Foster
Peabody, New York
bank; Charles C. Harrison, Philadelphia; H. P. Wolfe, Cleveland; Howard
Bruce, Richmond; Edward T. Brown, Atlanta; William A. Heath, Chicago;
William McC. Martin, St. Louis; William H. Lightner, Minneapolis;
R. H. Malone, Kansas City; W. B. Newsome, Dallas, and Walton N.
Moore, San Francisco.
AS SECRETARY OF
SENATE.
The Senate confirmed, Without objection on Dec. 6,
the nomination of Carter Glass as Secretary of the Treasury,
succeeding William G. McAdoo. The nomination of
Representative Glass was referred to in these columns last
Saturday, page 2138. Mr. Glass, who is at present Chair¬
man of the House Committee on Banking and Currency, Will
take up the duties of his new office on Dec. 16, withdrawing
from Congress, in which he has served for sixteen years.
Representative Glass was credited with stating on the 6th
that he had every reason to believe that the future policies
of the Treasury would not be different from those now being
pursued except as varying circumstances may suggest. He
was also quoted as saying:
NOMINATION OF CARTER GLASS
TREASURY CONFIRMED BY
There is no further statement that I could make at this time which would
either interest or enlighten the public.
I would readily wish that I may
succeed even approximately as well in administering the affairs
of the
Treasury as has the distinguished man whose retirement so dlatroesrw the
country. It is my judgment that his retirement is a national misfortune.
continues:
normal until about
In general the volume of business continued above
Nov. 10. and then contracted with gradually Increasing rapidity during
the next fortnight. Sales by retailers which were somewhat restricted at
the beginning of the period under report, because of the influenza
and the spirit of war economy—showed a decided gain toward the end
November.
On the other hand, sales to manufacturers, jobbers and re¬
tailers decreased considerably after the armistice was signed, * especially
in those lines where it was felt that new conditions would cause a fall in
epidemic
of
immediate requirements. Sup¬
The general rise In prices was
chocked somewhat but there was no widespread decline.
Profits as for
some time past, are reported as decreasing; due to high wages, the shortage
and inefficiency of labor, and in some lines, to large overhead asc ompared
with the volume of business done. The tendency to shorten credits con¬
prices, the tendency being to buy only for
ply of materials is generally satisfactory*
tinues, and collections
are, on
the whole, good.
With regard to the labor
Since the signing of the
situation the report says:
armistice the labor shortage has
almost disap¬
peared, except for a very slight scarcity in the unskilled class and of certain
kinds of clerical workers. Many fIrma report that former employees are
reporting back for their old jobs and that others are applying for work.
There Is little unemployment, however, except that just at present some
workers who have been employed away from their homes*in war plants,
are returning to seek permanent positions.
The New York State De¬
partment of Labor reports that the record August payroll In the State was
surpassed by that of September by 5% but that October showed a falling
off of about 4% from the September aggregate. ' The decline, both in
number of workers and in aggregate wages, was
felt in all of the eleven
industry groups reported on, being heaviest in the paper and textile
The decrease was due primarily to the recent Influenza epidemic.
traces.
RESIGNATION OF F. W. ALLEN AS DIRECTOR
SAVINGS IN NEW YORK.
It was announced on Dec. 6 that Frederic
firm of Lee, Higginson & Co., had tendered to
OF WAR
W. Allen of the
Secretary of the
McAdoo his resignation as State Director of War
Savings for Greater New York. Mr. Allen has served in that
capacity for more than a year, giving his entire time to the
Government. Mr. Allen in resigning highly commends the
many volunteers who have served with him during the war*
As a result of their efforts there are now over 17,400 war-sav¬
ings societies and over 36,400 selling agencies in New York
State. More than 2,000,000 individuals are recorded as
investors in War Savings stamps in New York City, and the
total amount received is over $40,000,000 in addition to the
partial payment on Liberty bonds of over $100,000,000*
The cash sales in the United States have been over $900,000,000, with a daily flow of from $3,000,000 to $5,000,000 into
the Treasury. Mr. Allen says:
Treasury
The effects of this
movement must continue to
be felt in Increasing pro¬
Individual
peace and that is quite as important to the
The striking evidence is in
as to the community and to the country.
the fact that the sale of stamps since the signing of the armistice has shown
a considerable increase over amounts in a corresponding time prior to that
portions in time of
event.
ELECTION
OF
DIRECTORS OF FEDERAL
BANK OF NEW YORK.
RESERVE
The Federal Reserve Bank of New York announced on
the 10th inst. the election by Group III of the member banks
of Charles Smith as Class A director, and Leslie R. Palmer
’
Clqss B director. Mr. Smith succeeds Franklin D.
Locke, while Mr. Palmer is a re-elected director. The an¬
nouncement of the election made by Pierre Jay, Chairman
of the Board of the Reserve Bank, follows:
The War Savings stamp sales will be placed throughout the
country under the management of the various Federal Reserve
banks.
SECRETARY OF TREASURY
WAR SAVINGS
as
FEDERAL RESERVE BANK
OF NEW YORK.
December 10 1918.
New York,
election of directors by Group
III of the member
and Mr.
banks, Mr. Charles Smith has been elected a Class A director,
Leslie R. Palmer a Class B director of the Federal Reserve Bank of New
York, each for a term of three years from Jan. 1 1919.
The following is a list of the candidates nominated with the number of
votes received by each in the column of first choice:
Class B Director.
Class A Director.
William S. Gavitt, Lyons, N. Y..109 George Alfred Cluett, Troy, N. Y. 65
Robert J. Gross, Dunkirk, N. Y_ 21 Man ton B. Metcalf, Orange, N. J. 71
Charles Smith, Oneonta, N. Y
197 Leslie R. Palmer, Croton-onHudson, N. Y_w
—195
Total number of votes cast
Total number of votes cast—331
Respectfully,
PIERRE JAY, Chairman.
327
appeal tp State Directors of War Savings to urge the
public to live up to their pledges for the purchase of War
Savings and Thrift stamps was made by Secretary of the
Treasury McAdoo in the following telegram sent to them
An
on
the 5th inst.:
earnestly urge upon you that your organization make every pos¬
sible effort to the end that pledgee for the purchase of War Savings stamps
be filled before the close of the year.
The Government’s monetary re¬
I most
Election of Directors.
To the Cashier:
Sir—As a result of the
McADOO'S APPEAL THAT
PLEDGES BE KEPT.
quirements woo never greater nor more
pressing than they are to-day.
Expenditures for November were greater than in any similar period.
These expenditures growing out of the war must be met by borrowing
from the people, and their magnificent response heretofore to the Govern¬
ment’s requirements
me confident that they will not fail to continue
their support to the end that aU payments resulting from war necessities
will be promptly met. Much remains to be done.
Our brave troops must
be maintain**! and paid until their work is fully accomplished and they are
returned to their homes.
This Is not a time for us to relax our efforts,
and the Treasury Department is making plans for larger and even more
important work during the coming year. Please make every effort to
bring this -statement before the people in your district and to urge upon
them the continued holding of their War Savings Oertificarss the ful¬
filment of their pledges and additional purchases as their means permit.
♦ * 5"
141918.]*
J
THE
'
Dec.
PLANS RESPECTING SALE OF 1919 ISSUE OF
WAR
‘
:
'
SAVINGS STAMPS.
'"
«
program for the sale of War Savings stamps in 19X9
announced yesterday (the 13th) fey the
Treasury, is almost
identical with that followed this year as
:Tbe
relating to cost of
the stamps in various months. In January the
stamps,
wortk $5 face value, will besold Jor. $412, and will increase
one cent a month until next December.
They will not ma¬
ture until Jan.. 11924, or pne year later than the stamps now
on sale.
Thrift‘stamps costing 25 cents each will be sold
throughout the year. They will be identical in design and
size with the present Thrift
stamps, but will be blue instead
of green. The War Savings
stamps, also blue, are consid¬
erably smaller than the present issue. New cards, on which
War Savin s stamps are to be
attached, will be issued, and
1919 stamps should not be attached to old cards.
If a War
Savings certificate has been only partially filled with this
year’s War Savings stamps, it will be entirely valid, and may
be redeemed eventually at the
maturity value of the stamps
it bears. The new stamps will
go on sale Jan. 1.
It is
said that indications now are that the sale of War
Savings
stamps this year will be about a billion dollars, as $930,090,000 in sales have been reported to
date, and belated reports
after Jan. 1 are expected to swell this
considerably.
.
NEW
ISSUE OF
EXCHANGE
WAR SAVINGS CERTIFICATESOF 1918 FOR 1919 ISSUE.
Authorized agents for the sale of War Savings Certifi¬
cates, it was announced on the 11th, may exchange unsold
certificates of the current year’s issue for the 1919 issue from
Jan. 1 to 10 of next year. Thousands of
druggists, depart¬
ment stores and merchants who hold authorizations of the
first-class bearing the signature of Secretary McAdoo are
now advised that the 1918 issue of
such certificates and
stamps is about to be recalled. The authorization for the
exchange of the certificates, as issued by the Treasury De¬
partment specifying the manner and rates for exchange,
is dealt with in the following
telegram addressed by Assistant
Secretary of the Treasury R. C. Leffingwell to Governor
String of the.Federal Reserve Dank.of New York:
Washington, D. C., Dec. 10 1918. *
Governor, Federal Reserve Bank, New York, N. Y*
'
From Jan.l to 10 1919. inclusive, each Federal Reserve bank and
branch
thereof and any incorporated bank or trust
company is authorized to receive
from an authorized agent of the first class War
Savings Certificate stamps;
series of 1918, for collection or for
exchange of the same for War Savings
Certificate stamps; series of 1919 mid United States Thrift
stamps with
cash adjustment in the following manner:
- •**
|
Tto aggregate value of War Savings Certificate stamps, series of 1918;
received from such authorized agent of the first class for exchange shall be
computed at the price of $4 24 tor each such War Savings Certificate
stamp;
the bank or trust company
making the exchange shall then deliver in ex¬
change therefor to such authorfcedfcgent'df‘thefiret CFassWar Savings
Certificate stamp series of 1919 computed at the
price of $4 12 each to the
extent that the same may be delivered without
exceeding the aggregate
value of the War Savings Certificate
stamps, series of 1918, received for
exchange and computed as above required. Any balance remaining of
such aggregate value shall be paid
by delivery of United States Thrift
stamps at 25 emits each to the extent that may be done without exceeding
such balance and any balance
remaining shall be paid in cash. Such ex¬
change may be made only on presentation by the authorized agent of the
first class of his certificate of appointment for the sale of War
Savings
Certificate stamps, series of 1918, bearing the facsimile
signature of the
Secretary of the Treasury.
1
An incorporated bank or trust company
receiving War Savings Certifi¬
cate stamps, series of 1918, for collection or
exchange is authorized to deliver
on or before Jan. 20 1919 such War
Savings Certificate stamps, series of
1918, so received to the Federal Reserve bank of its district together with
a statement setting forth the name of the
authorized agent of the first class
from whom the same have been received and the number of
stamps re¬
ceived from such agent.
•
: *■ 1' *
On receipt thereof the Federal Reserve bank as fiscal
agent of the United
States will pay such bank or trust
company $4 24 in respect of each War
Savings Certificate stamps, series of 1918, sO delivered, or at the option of
such bank or trust company will deliver in lieu of
paying cash War Savings
Certificate stamps, series of 1919, computed at $4 12 each and United States
Thrift stamps computed at 25 cents each and cash to an
aggregate not
exceeding the aggregate value of the War Savings Certificate stamps, series
of 1918, computed at $4 24 so received.
The foregoing provisions apply only to War
Savings Certificate stamps,
series 1918, not affixed to War Savings Certificates and
apply only to collec¬
tion or exchange of stamps held by authorized
agents of the first class.
Banks and trust companies shall not make such collection or
exchange
except for persons who are duly authorized agents of the first class and in
the manner above set forth, signed W. G. McAdoo.
Kindly communicate this information to all State directors and give
full publicity.
'
LEFFINGWELL.
Thh certificates an dated Dec. 19
1918, bear4H%~ toteresfc “are~p$?May 20 1919, are exempt from taxation, except estate inheritance
taxes, surtaxes, excess profits and war profits taxes, and will be
accepted
at par with adjustment of
accrued interest if tendered on the first install¬
ment date in payment on the
subscription price then payable of any U*'jB»
bonds offered for subscription, after the
offering and before the maturity
of such certificates. The amount of this
issue Is for a minimum of $500,000,000i~
■ n‘1
f :
'
*'-.■**■*
>..w
Subscriptions win be received at the Federal Reserve Bank of New York
up to the close of business on Thursday, Dec.
20, and payment must be
made to the Federal Reserve Bank of
New York on and after Dec. 19
up to Dec. 26 inclusive. -•••? ^
able
.*’•■
*.
■><
-
w.
4
SUBSCRIPTIONS TO FIRST OFFERING OF TREASURY
CERTIFICATES IN ANTICIPATION OF FIFTHS
ww’vLIBERTY LOAFl *
?
The first issue of $600,000,000 of
Treasury Certificates
of Indebtedness (referred to in our issue of Nov.
30, page
2047) issued in anticipation of the Fifth Liberty Loan was
~
'
‘r
oversubscribed,
fthe subscriptfoms amounting, according
to an announcement
P.
5 1918 and
-
.,
-
0m
of tfee Treasury Department
on
Deb.
certificates lire j&t&’lSIo..
will mature May 6 1919. They bear interest at
script closed
jq. * *u. * t
**
*
BANKERS IN NEW YORK RESERVE DISTRICT CON¬
SIDER PLANS FOR FIFTH LIBERTY LOAN. '
Plans for the launching of the Fifth Liberty Loan were
considered atja meeting of bankers in the New York Reserve
District on the 6th inst. held in the Bankers’ Club where
it was announced ‘that $180,000,000 of the first
instalment
of the
Treasury Certificates of Indebtedness will be
taken by banking institutions in this district. There will be
new issues every two weeks until
spring, when the Cer¬
tificates of Indebtedness are made to fall due and
pajrcnents
then fey subscribers to Fifth Liberty bonds will enable the
United States Government to meet them. A total of
$600,000,000 of the 4^ Treasury Certificates of Indebted¬
ness has just been put out.
These are dated Dec: 5 1918,
maturing May 6 1919, and 30% only are to be distributed
in the Second Federal Reserve District. A representative
banker from each county in this district was invited to attend
the meeting and learn the financial
plans of the Government
for the iinmodiate future. As members of the
County Di¬
rectors Of the Certificates Of Indebtedness
Organization,
these bankets were in a position to discuss ways and means
for distributing "the new scries. They were informed' at the
meeting .that the war expenditures of the Treasury Departmeht atC
exceptionally heavy af present and that it is
ex¬
As the
Government must have cash funds with which to meet the
expenditures it is essential that there be issues of Certifi¬
cates of Indebtedness, it was brought out.
Only by ready
response of bankers, to whom the short time investments are
pected they will continue
presented,
can
so
for several months.
these obligations be met, it
was
explained,
Those at the meeting were reminded of the estimates 'of
Secretary McAdoo, after the signing of the armistice, which
that for the current fiscal year ending July 1 1919, the
Government’s expenses will amount to $18,000,000,000. 'v Of
this amount appoximately $5,000,000,000 will probably be
raised by the Fifth bond issue, the bankers were told. The
were
remainder will flow into the coffers of the Government as
the result of the revenue bill now before Congress, which
will provide $6,000,000,000 and $7,000,000,000, in round
figures, which
Therefore the
dollars before
the problem
derived from the Fourth}Liberty Loan.
Treasury will need to borrow several billion
July 1 next, and the best methodjoflmeeting
in finance, the bankers were finformed, is
were
through the sale of Certificates of Indebtedness; A tele¬
from R. C. Leffingwell, Assistant Secretary of the
Treasury, which was read at the meeting summarized the
gram
situation.
This said in part:
The Government's actual cash expenditures during month of November
Just closed amounted in the aggregate to $1,935,000,000, so that in this
one month the cash outgo amounted to almost the whole sum realized from
the First Liberty Loan. Every indication is that at the time the armistice
was signed American industry had about reached its peak of payments for
this production, and also payments in liquidation of contracts. So far as
finance is concerned, the war will not be over until the war bills have been
paid and
our
soldiers have been brought home from France.
Though the
tArfr
SECOND
OFFERING OF TREASURY CERTIFICATES
IN ANTICIPATION OF FIFTH LIBERTY LOAN.
The second bi-weekly offering of
of Indebtedness (known as
the Fifth Liberty Loan was
Treasury McAdoo
on
Treasury Certificates
Series 5-B) in anticipation of
announced by Secretary of the
the 12th inst.
the New York Federal Reserve Bank
ing said:
An announcement of
concerning the offer¬
which your splendid organization is now called upon to undertake in¬
volves providing for the Government’s current expenditures when they are
greater than ever before, we have the agreeable assurance that expenditures
be counted upon soon to decrease, that the peak has been readied and
that the problem will be henceforward a diminishing one. Meanwhile,
the sale of Treasury certificates in adequate amounts will place the Govern¬
ment in funds to make prompt payment of ail war bills, including those
growing out of the liquidation of contracts and make more liquid the post-,
tion of the banks by such payment.
We know now what are the dimen¬
sions of the problem and that these dimensions are such as the Government
and the people of the United States may face with confidence.
America
may
Indeed, our financial position is stronger even
before, because we know now how great that strength Is and how stu¬
pendous the resources which may be called upon In time of need. The
amt
credit
unimpaired.
tfmn
,
-
Treasury regards the great system which has been worked out for the sale
of Treasury certificates to banking institutions and the deposit of the proceeds with such of them as qualify as one of greatest contributions to winning
the war. By this system it has been possible to mobilize the vast credit
resources of our thirty thousand banking institutions to meet war necessi¬
ties as successfully as other countries have mobilized those of their few great
consolidated banks. This thing could not have been done without the
magnificent organization which ha* been created in your district and in
other districts for the sale of Treasury certificates. It is particularly grati¬
fying to the Treasury that the up-State counties, including New Jersey,
subscribed 108% of their quotas to the total certificate issues In anticipa¬
tion of the Fourth Liberty Loan, as against 63% In anticipation of the Third
loan.
This means perfect distribution of Treasury requirements over the
whole haniring community, which is essential to the thorough mobilization
of our resources.
The Treasury is deeply appreciative of the splendid
work which ha* been done and looks forward to the future with confidence
and reliance upon your
organization.
Mr. R. H. Treman, Deputy
Governor of the Federal Re¬
Bank of New York, in his opening remarks congratu¬
lated the county directors oii the excellent showing they had
made in the last campaign. He stated that in eighteen
counties the banks as a group had taken all or more than
their quotas. These “100% counties” were as follows:
serve
Per Cent
Subscriptions
to Quota.
167%
*
Greene
Columbia
136
133*
♦New York
♦Richmond
128'
124'
♦Kings
Broome
Montgomery
Ulster
Essex (N. J.)
Suffolk
Sullivan
115'
Oswego
112*
Queens
107'
♦
Counties.
154r
151142*
123*
118
118
Rensselaer
103*
Schenectady
102'
101*
Middlesex (N. J.)
Clinton
100'
Albany
No
[Vol. 107
THE CHRONICLE
2233
half of 1%, it is prepared to accommodate the
their own funds as fully
as they conscientiously can, with due regard to the fact that
the Government’s needs must come first in finance just now.
Ray Morris, Director of Sales, who also addressed the
bankers, said in part, when commenting upon the future:
profit of
one
reasonable needs of those who use
vitally important facts which no one knew six months
and which greatly lessens the extreme sense of difficulty present at
that time.
The most vital one is the duration of the war, and that is set¬
tled.
Almost equally important to us as bankers is the ability of the
Reserve bank machinery to meet the demands made on it.
That, too, is
now a known fact, not an unknown one.
The known facts are that the Government’s expenditures are tempo¬
rarily running at the highest point of the war period. Demobilization is
expensive. We have a great army abroad which must be fed and equipped.
We ard still making loans to our Allies, and we are adjusting war contracts,
frequently by payment of an immediate sum in relesae of future obligations.
We know some
ago,
know, will soon begin to decrease rapidly, but at
determine to meet them, with the same energy, willing¬
ness and courage that we have displayed in the past.
From the standpoint of the Federal Reserve Bank, the wrong way to
finance a certificate campaign is to have a few fellows in each county heavily
over-subscribe their quotas, and then borrow just as much as Mr. Treman
will let them, while the rest of the banks stand on the side lines and cheer.
The right way is for every bank to take its quota, borrowing as little as pos¬
sible, rather than as much as possible. It may interest you to know that
there were 349 banks that did not borrow at all during the last campaign.
These expenses, as you
present we must just
County Directors.
James P. Philip, Catskill, N. Y.
C. W. Clapper, Hudson, N. Y.
Eliot Spalding, Johnson City, N.
T. W. Swan, Amsterdam, N. Y.
them that they could depend upon the Federal Reserve Bank
to aid them in every legitimate way in advancing to the Gov¬
ernment their share of credit.
He explained at length the
functions of the Reserve bank and showed that while it
could not encourage the practice of borrowing simply to
make a profit, such as over-borrowing by those who might
be disposed to borrow on the certificates at 4% and make a
Y.
E. Coykepdall, Kingston, N. Y.
Uzal H. McCarter, Newark, N. J.
Walter S. Rose, Patchogue, N. Y.
F. E. Bridges, Liberty, N. Y.
Robert A. Downey, Oswego, N. Y.
G. S. Downing, Jamaica, N. Y.
Wm. O. Feathers, Troy, N. Y.
W. T.Hanson.Sr., Schenectady, N.Y.
Henry C. Parker, New Brunswick.
J. F. O’Brien, Plattsburg, N. Y.
Jacob H. Herzog, Albany, N. Y.
County Directors appointed.
SUBSCRIPTIONS IN RICHMOND FEDERAL RESERVE
DISTRICT TO FOURTH LIBERTY LOAN BY STATES.
In a table, dated Dec. 5, showing the subscription to the
Fourth Liberty Loan by States in the Richmond Federal
Reserve District, the total figures for the District are given
counties in the Second Federal as $352,685,200, whereas the Secretary of the Treasury in
Reserve District, Mr. Treman pointed out that there were his annual report made public last week gives the figures as
only five counties in which one or more banks did not sub¬ $352,688,300 in the approximate final figures of several
scribe to 100% or more of their certificate quotas. In the weeks ago (published in our issue of Nov. 23, page 1958)
other sixty-nine counties 418 banks had subscribed to 100% the amount was given as $352,688,200. The following is
or more of their respective quotas.
Each of these banks was the analysis presented by the Richmond Reserve Bank:
recently presented with a handsomely engraved certificate of ANALYSIS OF SUBSCRIPTIONS TO THE FOURTH LIBERTY LOAN
IN THE FIFTH FEDERAL RESERVE DISTRICT.
“Distinguished Financial Service.” These parchments, it is
Percentage
Quota.
expected, will adorn the offices of many of the enterprising
of Quota.
Subscription.
State—
107.16
$88,064,800
$82J80,000
banks which rendered conspicuously patriotic service in the Maryland
185.67
51,262,100
27,608,000
District of Columbia
119.57
40.511.400
33,880.000
West Virginia
fourth campaign. Of the 418 “one hundred per cent banks’
134.54
86,079.500
63,980.000
Virginia
120.76
48.186,850
39,900,000
mftlring this notable record, 142 yrere State banks and trust North Carolina
118.88
38.580.550
Out of the seventy-four
companies.
There will be continued need for urging economical living
to the American people, for the conservation of bank credits
and for the sustained mobilization of those credits for use by
the Government, Mr. Treman said. He explained that at
the present time the expenditures of the Government are
about $75,000,000 per day and emphasized the fact that there
rigid economy and thrift on the part of the
people of the United States to meet such vast expenditures.
He said that since the signing of the armistice there had been
a perceptible slackening in sentiment in this regard and that
the same people who a few months ago gladly responded to
the restrictions of the Government relative to the use of
food, coal, gasoline, &c., were now disposed to indulge
.themselves in luxuries and. personal extravagances. Mr.
Treman cited the fact that there appeared in the newspapers
recently intimations that it was proper to encourage free
Christmas giving now that the war was over, both in the
matter of ordinary presents and in the use of gold coin for
Christmas gifts. Mr. Treman thought this was extremely
fallacious and consideration of the actual facts by patriotic
men and women would lead them to that view.
America
will be called upon to furnish large amounts of capital to
rebuild the devastated sections of Europe. This capital can
be provided only by the people of American through their
savings and accumulations.
With the position that this country has acquired since the
beginning of the war we have a great opportunity, and it
behooves us to avoid the grave mistake that the Roman Em¬
pire made, which died of its sins and extravagances. Mr.
Treman in discussing the next bond issue said that no defi¬
nite or official decision had been reached with regard to
what the Fifth bond would be. He indicated that there had
been a suggestion for a 4% tax-free bond and the suggestion
of a 5% bond subject to taxation. While urging the bankers
to conserve their credit to the utmost in their several com¬
munities, because the Government’s needs must for a few
months longer continue to come first, Mr. Treman assured
must continue
South Carolina
Total
32.452.000
$280,000,000
$352,685,200
LIBERTY BOND RULING OF NEW YORK
125.95
STOCK
EXCHANGE.
The Committee on Securities of the New York Stock
Exchange has ruled that deliveries on Monday, Dec. 16
of Liberty bonds, on which interest is payable Dec. 15,
shall be made without the Dec. 15 coupon and interest cal¬
culated for one day only.
SUBSCRIPTIONS TO LIBERTY LOANS BY INSTITU¬
TIONS UNDER NEW YORK STATE BANKING
DEPARTMENT.
Subscriptions by institutions and individuals under the
supervision of the New York State Banking Department for
themselves and for their patrons to the Fourth Liberty Loan
bond issue totaled $998,019,175. Of this amount the in¬
stitutions and individuals supervised subscribed for $98,100,625, while the subscriptions of their patrons totaled
$899,918,550. The total amount of subscriptions to the
four Liberty Loan bond issues by these institutions and
individuals, according to reports to State Superintendent
of Banks, George I. Skinner, was $2,705,680,248, or approxi¬
mately one-sixth of the total amount subscribed in the
entire country. In supplying this information, a statement
issued by the Banking Department under date of Dec. 7
says:
The trust companies were the largest subscribers among the State
institutions to the first three Liberty Loan bond issues, but were surpassed
in their subscriptions to the fourth issue by the savings banks which pur¬
chased bonds amounting to $62,872,725 for themselves, while their sub¬
scriptions for patrons were $34,722,300, or a total of $87,595,025.
subscriptions of the savings banks of the State for themselves and
The
their
bond issues totaled $238,986,978. While trust com¬
subscriptions to the fourth issue for themselves only amounted to
$21,594,850, their subscriptions for their patrons were $625,430,800. or a
total of $647,025,650.
The total subscriptions of the trust companies for
themselves and their patrons for the four Liberty bond issues were
$1,730,105,500.
patrons for the four
pany
Dec. 14 1918.]
THE CHRONICLE
Banks of deposit and discount
subscribed for themselves and their
patrons to the fourth issue to the amount of
$228,436,050, while their
total subscriptions to the four issues were
$667,606,110,
The following tables give the
subscriptions of the 'institutions under
Superintendent Skinner’s supervision to the Fourth
Liberty Loan Issue,
together with their total subscriptions to the four issues:
SUBSCRIPTIONS TO FOURTH LIBERTY LOAN.
Amount
Subscribed by
Subscriptions
Institutions.
from Patrons.
Total.
Trust companies
$21,594,850
$625,430,800
$647,025,650
Banks of deposit 3c discount
Savings bulks
Private bankers
Agencies of foreign corpora¬
tions
Savings A loan associations!
Investment companies
Safe deposit companies
Personal Joan companies and
brokers
Credit unions
16,948,500
52.872.725
1,177,250
211,487,550
1,329,400
228,436,050
87,595,025
2,506.650
3,720,200
892.050
613,150
251.700
21.286.400
25,006,600
26,700
3.500
7,000
291,550
33,700
295,050
$98,100,625
$899,918,550
$998,019,175
34,722,300
1,801.550
3,237,200
324,800
•2,693.600
3,850,350
576,500
TOTAL SUBSCRIPTIONS TO FOUR ISSUES.
>'
Amount
Subscribed by
m
„
from Patrons.
Total.
$236,311,350 $1,493,794,150 $1,730,105,500
96,732,075
570,874.035
667,606,110
130.323,315
108,663,663
238,986,978
2,985.750
4,428.060
7.413,810
banks
Sayings
Private bankers
Agencies of foreign
Subscriptions
Institutions.
.
Trurt companies
Banks of deposit A discount
corpora-
^>ns-.
12,570,500
Savings A loan associations-
3,474,050
2,851,600
877,350
Investment companies
Safe deposit companies
Personal loan companies and
brokers
Credit unions
60.450
25.450
30,222,550
4,451,250
5.314.450
667,400
42,793,050
7,925,300
8,166,050
1,544,750
14,850
1,037,950
1,063,400
75,300
$4864211,890 $2,219,468,358 $2,705,680,248
MAJORITY REPORT ON WAR REVENUE BILL.
The war
the Senate
bill was taken up for consideration by
Tuesday of this week. The bill as revised
by the Senate Finance Committee, was presented to the
Senate, as we indicated last Saturday, page 2139, on Dec.
6; on the 9th inst. Senator Simmons, Chairman of the Com¬
mittee, filed with the Senate the majority report on the
bill; the minority report was submitted on the 10th inst. by
Senator Penrose, who was joined in the
signing of the report
by Senators Lodge, McCumber, Smoot, Townsend and
Dillingham. In reporting the bill on the 6th Senator Sim¬
mons served notice that
every effort to expedite the passage
of the bill would be made; the Republican leaders were said
to have denied at the same time any intention to filibuster
against the measure, but asserted that the provision fixing
revenue
on
the amount of the revenue to be collected for the fiscal
year
1920 would be fully debated. As revised by the Senate
Committee to meet the conditions incident to the signing
of the armistice, the bill is designed to raise
$5,953,466,000
as against $8,200,000,000 which would have been
yielded by
the bill which passed the House Sept. 20. The bulk of the
revenue is to be derived from corporation and individual in¬
comes, excess and war
profits and special taxes
on
luxuries.
The principal feature of the bill were indicated in our
issue of last Saturday.
The following estimates of Senate Committee experts of
comparative yields from the revised bill and the original
House draft were made public on the 6th:
Incomes
War excess profits
Estates or inheritances
Transportation and insurance
Beverages
Tobacco
Admissions and dues
Excise taxes
Special taxes.,
Stamp taxes
Miscellaneous
Floor taxes
Total estimated
*
Senate Bill.
House Bill.
$2,207,000,000
$2,376,186,000
2,400,000,000
75,000,000
229,000,000
450,000,000
240.600,000
54,000,000
123,000,000
73,866,000
31,000,000
3.200,000,000
110,000,000
192,550,000
1,137,600.000
341.204.000
109,000.000
616,305,000
165,000,000
32,000.000
2,638,000
70,000,000
revenue
$5,953,466,000
$8,182,492,000
Included in other sections.
Senator Simmons's majority report, discussing
1920 taxation features of the bill said:
the 1919-
The committee was of the opinion tnat provision should be made in the
present bill for the termination, after 1919, of the war profits tax and for
the reduction of the excess profits tax.
The country has a right to know
how soon and in what degree the burden of war taxes can
prudently be
reduced.
During this period of reconstruction, however, business (par¬
ticularly new business) is entitled to go forward without the burden of an
80% tax upon profits. In time of peace the existence of an 80% profits
tax would be a positive evil, for the perpetuation or continuance of which
no sufficient reason has or could be given.
For the year 1920, therefore, the committee recommends that the war
profits tax cm* brackets be abolished; and that the rates of the excess profits
tax be substantially lowered; and that the rate of normal tax be reduced
by one-third, i. e., in the case of corporations from 12% to 8%, and in
case of individuals from 12% to 6% to 8% and 4%.
It is estimated that
these changes would reduce the revenue for 1920 as compared with 1919
by approximately $1,400,000,000. and that there would be net reduction
from other miscellaneous sources of about $500,000,000, attributable
chiefly
to shrinkage in the yield of beverage taxes.
With respect to taxes other
than income and profits taxes the committee recommends no
change in
rates for the fiscal year 1920.
2233
The main outline of the program proposed
by the committee thus
becomes clear. For the fiscal year 1919 it is
planned to raise nearly
$4.6004)00.000 from income and profits taxes, and something like
$14200,*
000,000 from other sources; for the fiscal year 1920 it is
planned to raise
womewhat less them $3,000,000,000 from income and
profit taxes, and ’
about $1,000,000,000 from other'sources.
;
About the general wislom of such a
program we entertain no serious
doubt.
It is imperative that profits and income for the
year 191$ be
heavily taxed. This is not only necessary, but equitable and in accordance
with sound public policy. The profits realised
during 1918 are In large
part war profits; they are now in the pocket of the
taxpayer; they should
contribute heavily before they have been dissipated or
reinvested toward
the payment of the expenses of the war to which in
large measure they are
attributable.
;;
But it is equally important that these
special taxes should be reduced
as the occasion which
inspired and justifies them recedes into the past.
To fail adequately to tax the war
profits of 1918 would constitute a mani¬
fest miscarriage of fiscal justice.
Not to provide now for the reduction
of the war profits tax would be
equally inexcusable.
On the
subject of the
excess
profits tax, the report
says:
In the first place, the committee does not recommend that
individuals
and partnerships be brought under the war excess
profits tax, but follows
the provisions of the House bill to an alternative
plan at the same rates.
It unifies the two taxes by the simple device of
including the war profits
tax as an additional bracket of the rate
schedule.
The committee has also simplified and reduced the rates of the
excess
profits tax adopted by the House. The rates imposed in the House Mil
were 35% of the net income in excess of the
excess profits credit ($3,000
plus 8% of the invested capital), and not In excess of 15% of the invested
capital; 50% of the net income in excess of 15% and net in excess of
20%
of the invested capital; and 70% of the net income in
excess of 20% of the
invested capital.
;
'•
The committee proposes in lieu of the House provisions of
35,50 %Pd 70%
two substitutes of 30 and 60%, with no change in the deduction
or “excess
profits credits.’’
The third bracket of the committee plan is, as stated
before, simply the
war profit tax of 80%.
The preceding rates are applicable
only to taxes payable in 1919 covering
income for the yew: 1918.
For the year 1920 and thereafter the war profits
tax (or bracket) is repeated and the excess
profits rates are reduced from
30 and 60% to 20 and 40%.
The House bill provides, in effect, alternative war
profits and excess
profits taxes, the taxpayer to pay whichever is the hlghe*. To this plan
grave objection was made on Constitutional grounds and because the
scheme
was
troublesome to the taxpayer.
The plan was also criticised
Treasury Department.
In place of this alternative scheme the committee recommends a
single
war excess profits tax, which is
mathematically equivalent to an alternative
plan at the same rates. It unifies the two taxes by the simple device of
including the war profits as an addit onal bracket of the rate schedule.
Experience with the existing excess profits war tax proves beyond doubt
that the tax discriminates against small corporations.
Some limitations
of the tax upon small corporations Is thus
required. The method of limit¬
ing the tax adopted in the House bill is, however, open both to economic
and possible legal objections.
A few dolla s* difference in the income or
invested capital might, under the House bill, make thousands of dollars
difference in the tax.
Your committee accordingly recommends the
adoption of a limit so fixed thsf the tax can in no case be more than 30%
of the net income in excess of $3,000 ahd not in excess of
$20,000. plus
80% of the net income in excess of $20,000. Thus, the tax of a corporation
with profits of $20,000 or less can not exceed 30% of such
profits less $3,000.
To the very large corporation this limitation will
obviously not afford any
substantial reduction of the tax.
To the small corporation it will mean
a great deal.
For the year 1920 the limit had been adjusted (to correspond with the
change made in the rates of the excess profits tax) so that the tax can in
no case be more than 20% of tie net income in excess of
$3,000 and not in
excess of $20,000 plus 40% of the net income in excess of
$20,000.
As to the tax on corporations the report says:
as
conferring undue discretion
on
the
The committee has provided for a uniform tax upon the net Income
of corporations, this rate being 12% for the 1918 taxable year and
8% for
succeeding
years.
Undef the House bill the 12% rate applied only
to so
distributed in dividends or paid in the dis¬
charge of interest-bearing obligations, or in the purchase of Liberty bonds
issued after Sept. 1 1918, and on the balance the rate wae 18%,
much of the net income
as was
A new section dealing with deductions for net losses in
the income tax as is described in the report as “one of the
most
to
important provisions of the bill” and one “quite
tax laws.”
Regarding it the report says:
new
our
At present no recognition is given to net losses—that is, if
any year the
losses and expenses of a taxpayer exceed his gross income the excess (or, in
other words, the net loss), cannot be carried over into the next
year. For
purposes of taxation the settlement must be made upon the basis of each
year’s business by itself. The chief merit of the present plan Is its sim¬
plicity of administration. But it does not adequately recognize the
exigencies of business, and under our present high rates of taxation, may
often result in grave injustice.
The committee had accordinaly incorporated an amendment which
provides that under certain limitations net losses sustained in 1917 or in
1918 may be deducted in computing the net income of the taxpayer for the
succeeding taxable year; that,a net loss sustained in the future may be
deducted from the net income of the preceding taxable year, and If it is in
excess of the net income for such preceding taxable year such excess may
be allowed as a deduction in computing the net income for the succeeding
taxable year.
Provision is made for the necessary adjustment ef the
taxes for the years involved and for crediting or refunding to the taxpayer
any amounts found due under such adjustment*
The report
in the bill:
also has the following to
say as
to othei changes
The committee amended Section 213A so as^to require that any gains J
profits and income derived from salaries, wages or compensation for
personal service, of whatever kind and in whatever form paid, and so on,
be subject to income tax, leaving the constitutional question as to the
authority of Congress to tax certain salaries to be settled by the courts in
any case in which the question may be raised.
The proceeds of life insurance policies paid upon the death of the insured
are under this bill exempt from taxation only when paid to individual
beneficiaries or to the estate of the insured. ‘ This limitation has been
removed so as to place all beneficiaries (individual, soiporate or •thiswise)
on the same footing.
__
[Vol. 187.
THE CHRONICLE
2234
«™mptirtn of soldiers’ and sailors' salaries has been modified by
removing the $3,500 limitation, but its operation has been restricted to the
duration of the war, and It Is made to apply only to those In active service.
The provision subjecting the interest on new Issues of State and municipal
bonds to
M income was also stricken out.
Apart from the Con¬
stitutional question. It seemed unwise for Congress to attempt to impose
this tax upon the obligations of States and municipalities as long as the
The
the obligations of the United
8tates are not free to tax in a similar maimer
States.
Bonds Issued by the War Finance Corporation have
list of obligations, the Interest on which is exempt
bonds were Issued under the same terms as the
the original Act of Sept. 24 1917, with respect to
and it is felt that no discrimination ought to be made
been added to the
from the tax. These
Liberty bonds Issued under
exemption from taxation,
In the income tax law.
LEGISLATION ASKED TO LEGALIZE
CONTRACTS.
Assistant Secretary of
Goethals of the General
INFORMAL
War Crowell and Major-General
Staff appeared before the House
$893,000,000 to pay interest on war debts and
$579,000,000 for continuing the building of a merchant
marine. These expenses compare with the $24,599,000,000
appropriations for the current year, ending next June 30,
with the $18,000,000,000 which probably will be actually
spent this year, and with the ordinary annual expense of
about $1,000,000,000 before the war.
The advance estimates are necessarily rough, and many
Departments, it was said, expect to cut them down during
the next few months as committees of Congress work over
the figures in drafting approrpiation bills. Heretofore annual
estimates have exceeded the appropriation authorizations,
and the actual expenditures have usually been considerably
less than the appropriations.
Secretary McAdoo trans¬
mitted without comment the estimates of various Depart¬
ments as submitted to him and compiled at the Treasury.
A press dispatch from Washington summarized the budget
ments,
Military Committee on Dec. 9 and asked for legislation
legalizing Government war contracts given in an informal estimates as follows:
The War Department wants $2,556,000,000 next year for bringing the
manner.
“Without the legislation there will be many cases
army home from Europe, maintaining part of the force, continuing fortifi¬
of bankruptcy/* declared Mr. Crowell, “and the Govern¬ cations and other purposes, and the Navy Department estimates its neeus
ment will be liable for hundreds of millions of dollars, with at $2,656,000,000, even more than this year.
The Shipping Board asks $500,000,000 for building ships already author¬
court litigation pending for many years.” As pointed out in
ized by Congress, $60,000,000 for operation of vessels, $17,451,000 for re¬
these columns on Dec. 7 (page 2151), during the feverish cruiting and training officers and crews, and $1,453,000 for Incidental
rush of the last few months manyorders for wars upplies were administration expenses.
The item of $£93,000,000 as interest on public debt includes provision for
given verbally by telegraph and letter and in other informal meeting
the semi-annual payments on Liberty Loan bonds already out¬
ways, and manufacturers in many cases entered upon large standing and those to be issued in the near future, and this sum is not sub¬
commitments without the protection of a formal contract ject to any great alteration.
There is small provision for post offices and other bublic buildings, and
with a patriotic desire to do all in their power to aid the
river and harbor improvements.
Only $1,567,000 is included in the esti¬
Government in its war preparations. When the armistice mates for buildings, and practically all of this is for continuing construction
was signed and the War Department began to cancel war
already under way. Similarly, about half of the $19,870,000 for rivers and
harbors is for maintenance or continuance of existing projects; $5,000,000
contracts, a standard form of cancellation agreement was
is asked as a general fund for use by the Secretary of War, and $4,000,000
worked out designed to simplify matters and release capital for flood control on the Mississippi River.
For Congress, It is estimated, expenses will be $17,955,000; for the Presi¬
and materials as speedily as possible for peaceful production.
dent and a few bureaus revolving about him, $5,981,000; for the State De¬
The Treasurer of the United States refused, however, to
partment, $12,725,000; for the Treasury and ail fiscal purposes, $1,427,O. K. the proposed agreements, and stated that there was 515,000; Panama Canal, $12,216,000; Interior Department, and a number
of public works projects, $270,283,000; Department of Agriculture, $58,no legal authority for paying out money in settlement of
283,000; Department of Commerce, $39,388,000; Department of Labor,
contracts entered upon in an informal manner. The amounts
$26,712,000: Department of Justice, $14,188,000; Federal Courts, $1,410,involved are said to run into many millions of dollars. It 000; for foreign intercourse, including consular activities, $11,042,000:
for Indian affairs, $11,939,000, and for pensions arising our of past wars.
was explained to the Committee that three classes of con¬
$220,000,000, the usual sum sought.
tracts were affected; first, the irregularly assigned, but under
There is provision in the estimates for $287,000,000 for the establishment
which complete deliveries have been made; second, those for of sinking fund, reported perfunctorily in previous years. In the face of
which no formal contracts were made and under which deliv¬ tremendous public debt, however, it is regarded as probable that Congress
will provide for a real redemption fund with which to pay bonds when
eries have been made in part; third, those where an industry
they fall due in future years. The estimated total of $7,443,000,000 does
was directed to prepare for the manufacture of merchandise,
not include this item, nor $358,307,000 for postal service, the needs of which
but under which no deliveries were made. These informal are covered automatically by appropriations, but are met directly from
postal revenues.
contracts, verbally given in many cases, were enfered into in
That officials count on the continued functioning of the War Risk Insur¬
good faith, the Committee was informed, and there is no ance Bureau, to administer soldiers’ and sailors’ insurance and compensa¬
payment, is indicated by the request for $12,367,000 for administra¬
possibility of the Government paying unjust claims. But a tion
tion expense.
great saving will be effected if the War Department is allowed
The cost of collecting Federal taxes is put at $27,346,000, and this would
be spent largely in the administration of the taxes during the calendar year
to act promptly in making settlements.
The Senate Judiciary Committee, it is said, has favorably 1919.
An unusual item in the estimates is $20,000,000 asked for conducting the
reported a bill by Senator King of Utah, under which all decennial census throughout the United States.
A little more than $30,000,000 would be spent by the Department of
persons, firms and corporations having contracts with the
Agriculture
in fighting plant and animal diseases and educational work.
Government since the beginning of the war would be re¬
For the Tariff Commission, $400,000 is asked, or twice as much as the ap¬
quired to file copies of their agreements withjthe Attorney- propriation for this year.
Despite the uncertainty of life for a number of Government war agencies,
General and the Commissioner of Internal Revenue.
’
a
now
are made for the War Trade Board, $2,465,000; War Industries
Board, $1,000,000; Food Administration, $12,000,000; Fuel Administra¬
tion, $1,500,000; Capital Issues Committee, $450,000; and Council of Na¬
tional Defense, $675,000.
Payments to soldiers and sailors, or their dependents, on account of com¬
pensation, or Government allowances, are expected to run to nearly $120,000.000.
Ten Millions is the estimated cost of collecting customs and ad¬
ministering customs regulations.
estimates
HOUSE
COMMITTEE SEEKS TO CUT WAR
APPROPRIATIONS.
finding out just how much'ofj’the money
appropriated for war purposes can5.be dispensed
with now that peace has come, Chairman Swager Sherley
of the House Appropriations Committee hasTappointed a
BY SECRETARY McADOO FOR LEGISLATION
special sub-committee of seven to conduct hearings and re¬ REQUEST
EXTENDING AUTHORITY TO ESTAB¬
With the object of
heretofore
"
port as soon as possible. The committee, which began its
hearings on Dec. 2, is headed by Mr. Sherley and includes
Representative Gillett (Mass.), Canon (Ill.), Ware (Pa.),
Eagan (N. J.), Sisson (Mass.) and Byrnes (S. C.). It is
the purpose of the committee to hear the responsible head
of every
department, board,
tion which has had a war
accurate statement of just
commission or other organiza¬
LISH CREDITS FOR ALLIES.
The request for the enactment of legislation authorizing
the extension of credits by the United States to the Allies
for one year after the termination of
letter addressed by Secretary of the
the
war
is made in
a
Treasury McAdoo to
appropriation, and demand an Representative Kitchin of the House Ways and Means
how much money they can get Committee. The letter, dated Dec. 5, was made public
along without.
Cancellations thus far made, it is said, have not impressed
the Sherley committee, while its members were shocked by
the revelations of the vast reserve supplies already held
while contracts for the manufacture of some of the supplies
held in numerals of tens of millions are still running on.
Dec. 9. The Secretary estimates
of war bonds already authorized
that about $1,500,000,000
will be available for this
purpose, but the credits cannot be continued after peace is
proclaimed without specific legislative authority. Secre¬
tary McAdoo also proposes legislation to permit the Treasury
after Dec. 15 to extend credits to the Allies with the under¬
standing that they might be used for “such purposes growing
BUDGET ESTIMATES FOR 1920 YEAR EXCEED SEVEN out of the war as the Secretary of the Treasury shall deter¬
mine.” Legislation is likewise asked to permit the notes
BILLIONS.
Departmental estimates of financial requirements for the which the Allied Governments have given in return for
fiscal year 1920 submitted to Congress at its opening session credits to be converted into long time obligations, the ma¬
pn Dec. 2, called for total appropriations of $7,443,415,838, turity of these to be determined by the Secretary of the
Of which $$,212,000,000 was for thelWar and Navy Depart¬ Treasury, with a maximum of thirty years for loans under
Dec. 14 1918.]
THE CHRONICLE
the First
Liberty Bond Act and twenty years for all others.
Under existing law the
maturity of these foreign Govern¬
ment obligations must coincide with
the maturity of Liberty
loans from which the loan
payments came. Of the $10,000,000,000 authorized by Congress for Allied loans,
$7,608,690,484, it is stated, has been paid out as cash and
$611,647,218
represents credits established but not yet ad¬
vanced in cash or otherwise made effective.
Secretary Mc-
Adoo allows $279,659,298 for further credits
for war pur¬
This makes $8,500,000,000,
leaving $1,500,000,000
available out of credits
already authorized, and the limit of
which the Secretary does not
purpose enlarging.
Mr. McAdoo’s letter follows:
poses.
Washington, December 5 1918.
Dear Mr. Kilchin—In my annual
report on the state of the finances for
the fiscal year ended June 30
1918,1 called attention to the fact that, until
certain of the Allied countries
could resume their normal
activities, the
United States should he prepared to sell
them on credit, even after the
declaration of peace, foodstuffs, raw
materials, and manufactured products
of which they
might be in need, and stated that I should recommend
the
enactment of legislation
extending the authority to establish credits in favor
of foreign
Governments, for a reasonable period and within reasonable
limits,
to meet needs
growing out of the war. I enclose herewith the draft of a
bUl which is designed to confer
such authority and recommend its enact¬
ment.
Under the existing law, credits
may be established by the
Treasury, with the approval of the President, only for theSecretary of the
purpose of the
national security and defense and the
prosecution of the war. in favor of
Governments engaged in war with the enemies of the United
States, and the
authority to establish such credits ceases upon the termination
of the
war
between the United States and the
Imperial German Government. If the
draft bill enclosed herewith should
be enacted, Lhe authority to establish
such credits would be continued for
the period of one year after the termina¬
tion of the war, and, after Dec.
15 1918, credits might be established, with
the approval of the
President, for purposes growing out of the war
and after the termination of the
war, in favor of the Governments of such
foreign countries as were previously engaged in war with
the enemies of the
United States.
The obligations of the Allied
Governments which have been acquired by
the United States pursuant to
existing law are, in form, payable on demand.
Under existing laws the Secretary
of the Treasury is authorized to convert
all such obligations, acquired under
the authority of the First Liberty Bond
Act or of the Second
Liberty Bond Act, into “long-time obligations of such
foreign Governments, respectively, maturing not later than
the bonds of
the United States last issued under the
authority of this Act or of said Act
approved April 24 1917, as the case
The bonds of the United
may be.”
States issued under the Act of April 24
1917, the First Liberty Bond Act,
mature June 15 1947, and the bonds last
issued under the Act above quoted,
the Second Liberty Bond
Act, mature Oct. 15 1938.
The provisions of Section 2 of the draft bill
herewith presented are in¬
tended to continue the
authority at this time vested in the Secretary of the
Treasury in regard to such conversion and to prevent a limitation of
such
authority in case bonds of the United-States should be hereafter
issued under
the Second Liberty Bond Act
bearing a short date of maturity.
The present appropriation for loans to
foreign Governments in the amount
2235
Provided that the authority granted
by this section to the Secretary of the
to establish, with th?.
approval of the President, credits for for¬
eign Governments, as aforesaid, shall cease
upon the expiration of the
period of one year after the termination of the
war between the United
States and the Imperial German
and provided, further, that
Government;
after Dec. 15 1918 such credits
may, with the approval of the President,
be established for such
purposes growing out of said war as the
Secretary of
the Treasury shall
determine, and, after the termination of said war, In fa¬
vor of the
Treasury
Governments of such foreign countries
previously en¬
gaged in war with the enemies of the United
States.
Section 2. The obligations of
foreign Governments acquired by the Sec¬
retary of the Treasury by virtue of the
provisions of the First Liberty Bond
Act, the Second Liberty Bond Act, the Third
Liberty Bond Act. or the
Fourth Liberty Bond Act shall
mature at such dates as shall be determined
by the Secretary of the Treasury; provided
that such obligations acquired
by virtue of.the provisions of the First
Liberty Bond Act or through the
conversion of short-time obligations
acquired under said Act shall mature
not later than June 15
1947, and all other such obligations of foreign Gov¬
ernments shall mature not later than
Oct. 15 1938.
as were
The intention of
Secretary McAdoo to recommend the
enactment of legislation
extending the authority to estab¬
lish credits in favor of the Allies was
indicated in his annual
report made public last week, in which he gave the
following
information relative to ths loans to
foreign Governments;
LOANS TO FOREIGN GOVERNMENTS.
By the Acts of Congress of April 24
1917, Sept. 24 1917, April 4 1918
(Exhibit 3), and July 9 1918
(Exhibit 7), authority was vested in the
Secretary of the Treasury on behalf of the United
States, with tlje approval
of the
President, to establish credits in favor of foreign
governments
engaged in war with the enemies of the
United States, and, to the extent
of the credits so
established, from time to time to purchase at par from
such foreign
governments, respectively, their several obligations. A
total appropriation of
310,000,000,000 was provided for this purpose.
Under these authorizations
credits have been established in favor
of the
Governments of Belgium, Cuba,
France, Great Britain, Greece, Italy,
Liberia, Rumania, Russia, and Serbia, and advances
have been made to
these Governments as indicated in
the following tabulation, which
includes
all such credits and advances
from April 24 1917 up to Nov. 1&
1918, a
pariod of a little more than 18months:*
Other
Country—
Cash
Established.
Charges
under
Advances.
against
Established
Credits.
Credits.
Belgium
Cuba
France
Great Britain
Greece
Italy
Liberia
Rumania
Russia
Serbia
3192.520,000
3173,380,000
15,000,000
2,445,000,000
10,000,000
319,140,000
1,970,000,000 3200,000,000
3,945,000,000 3,696,000,000
15,790,000
1,210,000,000
325,000,000
5,000,000
275,000,000
249,000,000
15,790,000
159,000,666
1,051,000,000
5,000,000
6,666,666
•
Balances
Credits
5,000,000
187,729,750
12,000,000
5,000,000
1,666,666
137,270,250
1,395,000
10,605,000
of 310,000,000,000 is not
increased in the draft bill presented to you here¬
with.
It is very difficult to estimate with
Total
any degree of accuracy how much
38,171,976.666 37,098,714,750 3220,790,000 3852,471.916
of the present
appropriation will be required for loans to meet the war ex¬
penditures of the foreign Governments, how much
The currencies needed in
France, Great Britain and Italy for our war
will be available for
loans for purposes growing out of the
expenditures in those countries have been provided
war, and what will be the require¬
by the respective foreign
ments of the Governments of
Governments under an arrangement whereby the dollar
the Allies for reconstruction purposes.
The
equivalents of the
date of the termination of the war and
amounts
so provided'have been made
the terms of the peace treaty are im¬
available to the respective
foreign
portant factors, as well as the extent to which such
Governments for use to meet their war expenditures in the
United States,
foreign Governments
will be able to pay for their
and thus the needs of these Governments
requirements in the United States out of the
for advances from the United
dollar equibalent of our
military expenditures abroad, by sales of securities States have been reduced by a corresponding amount. The following
or commodities
tabulation shows the amounts of the
exported or by the use of private credits.
foreign currencies placed at the
The actual cash advanced to the
disposal of the United States, and the dollar equivalents
Allied Governments, together with
paid therefor in
credits dedicated to and
the
United
States, for the period commencing during the month of
made effective for specific purposes,
aggregate
January
1918
37,608,693,483 70. while credits established, but not
up to November 15 1918; ’
yet advanced or made
effective for specific purposes, amount to
3611,647,218 30, cringing the
total of the credits out of which
advances have been or may be made up to
Country.
Francs.
38,220,340,702. After providing, say, 3279,659,298 additional
Pounds Sterling
Lire.
Dollar Equival’t.
for out¬
standing commitments, and the continuance of
purcnases— largely of
France.
'3.571.436.076:38
foodstuffs—for war purposes, the amount of the
3631.275,365 86
existing appropriation Great Britain
(310,000,000,000) which will be available for use under the draft bill
24,270,545-1-6
115,633,978 20
may
Italy
be roughly estimated at
1
39,540,419
31.500,000,000.
5,284,348 38
!
The gross needs of the Governments
of the Allies from the United States
Total
for after-the-war purposes
1
they have estimated at a much greater total than
3752,193.692 44
31,500,000,000, but I believe investigation will show a considerable
re¬
On
the
morning of Nov. 15 1918 there remained an available
duction in such estimates. A part of their
authoriza¬
requirements may be provided
tion for the establishment of
credits in favor of foreign
by the treaty of peace through awards in their favor
Governments
for reparation either
amounting to 31,828,023,334. To what extent these
in money or materials; a
part will be provided out of the dollar
Governments will
equivalent require further credits before the
of our military expenditures
termination of the war depends
abroad, and a part of it should prove possible factors that can not
upon
now be determined.
for these countries to finance
It is important that our
through sales of private credits. A balance, loans be discontinued
foreign
as
soon
as
however, is likely to remain which it may be
impossible to provide other ditions of our industries and the may be, havidfe due regard to the con¬
than by the use of loans from the
essential needs of the
Government of the United States, and the ments; in the
foreign Govern¬
meantime they should be held down to a
above amount of about
minimum. Never¬
31,500,000,000 should be sufficient for the purpose.
theless, until certain of the Allied countries can resume
I cannot feel that victory has been
their normal
really won in the war if at Its conclu¬ activities the United
States should be prepared to sell them on
sion the countries which have side
by side with us borne the stress of the after the
credit, even
declaration of peace, foodstuffs, raw
conflict are not supplied by some
materials, and manufactured
available means with credits to the extent
products of which they may be in need. I shall
that they may be unable to
recommend the enactment
provide their own finances, so that they
of legislation extending the
may
procure in this country the supplies needed for
authority to establish credits in favor of foreign
their people and for the re¬
Governments
for a reasonable period and within
construction of their economic life.
reasonable limits to meet
From the standpoint of
enlightened needs growing out of the war.
policy, the United States should put itself in position to
provide the credits
Valuable information as to the needs of the
necessary to sell its surplus products until the establishment
Governments of the Allies
of normal peace
for war purposes, their
urgency, and the necessity of meeting them "from
conditions.
advances by the United States has been furnished
The draft bill enclosed merely
from Europe by the
enlarges the existing powers to make for¬ Inter-Ally Council on War
Purchases and Finance and by its
eign loans, so that, within the limits of the
President,
present appropriation, and, if
Oscar
T.
Crosby, formerly an Assistant Secretary of the
occasion should arise, the
Treasury and now
Secretary of the Treasury, with the approval of Special Finance
Commissioner of the United States in
the President, will be authorized to
Europe.
establish credits after the termination
The Inter-Ally Purchasing
of the war from which, in the
Commission, constituted in August 1917.
light of conditions as they develop and if it be through forma]
arrangements entered into by the Secretary of the
clearly in the public interest, foreign loans may be made for
Treas¬
purposes grow¬
ury. with the approval of the President, on behalf
of the United States
ing out of the war.
with representatives of the Governments of
the Allies, has been of
I am sending a copy of this letter to
great
Senator Simmons.
assistance both to the foreign Governments concerned
and to the Treasury
Very truly yours.
in securing the best results from the
expenditure of the advances made,
W. G. McADOO.
Through the relationship of the Purchasing Commission to the
War Indus¬
The
tries Board the purchases of the Allies have
the bill proposed
been co-ordinated with these
McAdoo:
of the United States.
Section 1. That the proviso at the end of Section 2 of the Second
Liberty
Demand certificates of indebtedness signed.
Loan Bond Act, as amended by the Third
by- the duly authorized
Liberty Bond Act and the Fourth representatives of the
respective Governments are now held for all
Liberty Bond Act. be and hereby is amended so as to.read as follows;
funds
which have been advanced and now bear interest
equivalent to the rate
'
_
following is
by Mr.
of 6% per annum upon the
fixed upon consideration of
entire amount advanced.
This rate has been
the rate of interest paid by the United Stater
on liberty bonds and certificates of indebtedness and of the loss of revenue
resulting from the tax exemptions accorded to those issues and other
incidental costs and expenses.
•
CHARLES E. HUGHES SEES GREATER EFFICIENCY
IN PRIVATE THAN GOVERNMENT CONTROL.
Charles E. Hughes, former Justice of the
Court, made some interesting observations
U. S. Supreme
in speaking on
“Some Reflections on Conditions Following the War” before
the Institute of Arts and Sciences at Columbia University
on Nov. 30.
Asserting that “it is regrettabebut true that
Governmental enterprise tends constantly to inefficiency”
Mr. Hughes added that “on a fair examination of condi¬
tions where Governmental management has been main¬
tained I believe that from the standpoint of efficiency the
comparison favors the private enterprises.” We quote in
part from his remarks as follows:
With the ending of the war we find ourselves with the familiar constitu¬
tional privileges and restrictions, and it behooves officers of Government to
realize that to make a pretense of military exigency for ulterior purposes
when military necessity has ceased is simply an abuse of power which
not be permitted to escape censure.
It is undoubtedly true that when¬
will
during the war, extraordinary powers were fittingly
Goverrfmental control was assumed for war purposes, the
to conditions of peace must of course be effected gradually
ever,
exercised and
readjustment
and with the
circumspection essential to the protection of all the public and private in¬
terests involved.
But the immediate purpose should be to readjust as
soon as may be, not to use war powers to control peace conditions, a pro¬
ceeding essentially vicious and constituting the most serious offense against
institutions. What changes we shall desire to make in order to suit
conditions which follow the war we must make deliberately after dis¬
cussion and with proper authorization.
Peace policies must be prosecuted
with the authority and distribution of powers and according to the methods
which pertain to peace.
•
In connection with the prosecution of the war we have practically oblitereated State lines.
Does this mean that as we return to peace we shall
The people who
find our Federal system irksome and an anachronism?
are instinct with the love of freedom cherish local self-government.
The
right of self-determination inheres in the local community and we mouth
vain words in talking of the rights of small States, of self-determination,
and of the priceless liberties of mankind, if we do not recognize that it is
our
new
*n
elimination of unnecessary waste, opportunities
which are helpful alike to the manufacturer, the con¬
sumer, and the laborer by providing stable conditions.
The war has
compelled co-operation and the Government, under this compulsion, has
fostered what It previously denounced as criminal.
We have had the experience of many years in trying to impose rules of
uncertain scope with respect to restraint of trade.
Lawyers have been
unable to tell their clients whether proposed conduct would elicit the praise
due to a conspicous business success with corresponding gain to the com¬
munity or would land them in Jail. Of course, we cannot go forth to win
our proper place in the world's trade under such uncertainties and restric¬
tions.
And it is idle to talk of removing economic barriers abroad while
maintaining them at home. In the first place, the mere size of a business
does not warrant its condemnation.
Wrongdoing and not a mere con¬
restraint and
ception of power should be the basis of Governmental
pro¬
hibition.
If we aim at actual wrongs we shall be more successful than if
we attack bogies.
Define and punish wrong, but free commerce from
being hampered by fear of constructive evils.
Neither labor non* the general public gains anything
difficult matter of
The future has no
supervising the activities of industry and commerce.
reward for ignorance, and the
stupid arbitrariness and
partiality of little bureaucrats selected in the course of payment of political
debts do not spell the liberty for which our sons went forth to die.
There are no difficulties iu the field of industry which cannot be solved
if we insist on methods of justice.
The whole international aim is to en¬
throne justice.
How shall we hope to attain this end among the nations if
we cannot establish justice in our own community?
And what is justice?
It is not having my way, or having your way, because, it Is my way or
your way; it Is not in gathering arms and munitions to enforce one's win
by main strength; it is the calm and thorough consideration of all the per¬
tinent facts and the arbitrament which gives to each his fair doe.
Is
decentralization
credit
in¬
service at reasonable rates. The
vestment. while insuring adequate
democracy saved by a world war ought
to be able to supervise great un¬
will really serve the common interest.
of Government ownership and operation'is, after all, a
Of course, there are those whose interests lie sim¬
■severely practical one.
ply in extending the activities of Government so as to embrace all industry
afhd who are endeavoring to proceed along what they conceive to be the
line of the least resistance in trying to keep in Government hands in time
of peace what has been taken temporfly by reason of the exigencies of war.
The instinct of the American people I believe can be trusted to thwart the
Insidious plans of these enemies of liberty, who, if given their way, would
cot stop short of tyranny which, whatever name it might bear, would leave
little room for preference as compared with Prussianism.
It is regrettable, but it is true, that Governmental enterprise tends
constantly to Inefficiency. It would from any point of view be unsafe to
take the experience of the last year as a guide.
The splendid stimulus of
the war spirit put us at our best.
The general disposition to serve and
to be content made conditions excetionally advantageous for Governmen¬
tal experiment.
Again, the situation In the past year with respect to the
movement of traffic has been abnormal.
But apart from these considera¬
tions the experiment would not appear to afford a basis for expecting a
bet balance of benefits in Government ownership and management.
I
do not mean to imply that the record of private enterprise is an agreeable
one, but on a fair examination of conditions where Governmental manage¬
ment has been maintained, I believe that from the standpoint of efficiency
the comparison favors private enterprise, and that in this country we can¬
not afford to ignore t£ie fact that inefficiency is the blight upon our
undertakings.
It cannot fail to be observed that even in
from denying free
honest business, and to secure this legitimate freedom it should be
the function of Government to provide intelligent supervision which win
aim at the detection and punishment of abuses and not at the crippling of
opportunities rightly used. The Webb bill is but a slight advance. It
needs the background of large undertakings and wide experience.
More¬
over, if conduct is essentially wrong, it is not purged by giving it fruition
on foreign soil; and if conduct is not wrong but beneficial, it oughfe to be
encouraged in the interest of industry and trade wherever undertaken.
And here let me say that I hope that one lesson of the war will be increased
respect for expert knowledge on the part of those to whom is intrusted the
scope to
power.
There is Just as much danger to our prosperity in undue
as in overcentralization.
Take our railroads as an example. If we are
not to have Government ownership, we must have a sensible- plan of regu¬
lation. We must have a plan of regulation which will permit sound
and growth, which will stabilize securities and offer inducements for
dertakings In a fashion which
standardization, the
for trade agreements
precisely the freedom from outside control in purely local affairs which is
the essential foundation of democratic institutions.
I believe that we are
not disposed to surrender that principle.
The reason we have won this war and may contemplate the future
with composure is that we are not a mere confederation, or league, but a
nation with an abiding sen&e of national unity and of adequate national
The question
[Vol. 107.
THE CHRONICLE
2236
this goal unattainable?
I trust that there will
be no more straggles in futile opposition
right of collective bargaining on the part of employees. The
of the right of representation and the prompt bearing of grievances
the open doors to reasonable and just settlements.
And in
to the
recognition
provide
returning to
peace conditions there should be the utmost care to preserve every possible
means
which has been found
helpful during the war for the
investigation
of demands.
conditions— it would
be ide to ignore this—and every effort should be made to meet them.
It
has seemed to me th£t at this time it would be well to have a quick survey
of all the important public work in the various 8tates and municipalities
which has been held up during the war, and that intelligent effort should
be made to set it going aa rapidly as possible all over the country to take
up the labor slack.
I assume that this is receiving the attention of officers
of the Government.
Certainly we should not wait idly for critical con¬
ditions to arise. The question of the distribution of labor and the preven¬
tion of unemployment, so far as may be, needs at this time the most ex¬
pert attention. There is a poor outlook for the blessings of peace if men
who want to work should be unable to find work at fair wages.
We emerge from the war with a new national consciousness; with a
consciousness of power stimulated by extraordinary effort; with a conscious¬
ness of the possibility and potency of co-operation and endeavor to an ex¬
tent previously undreamed of; with a national pride and enthusiasm spring- •
ing from our share in the complete, victory which finally rewarded the stead¬
fastness, unconquerable spirt and long sustained sacrifices of our brave
allies and to which we had the privelege of making the decisive contribu¬
of the complaints of labor mid for the adjustment
The indications are that we are facing serious labor
public
connection with the war, de¬
of countless workers, inefficiency
notorious. The notion that the
conduct of business by Government tends to be efficient is a superstition
cherished by those who either know nothing of Government or who know
nothing of business. The tendency is strongly the other way.
Along with this Is the grave question of putting the direct operation of
these great activities unnecessarily under political control.
That is the
most serious question.
The dovetailing of Government with business is
spite the endeavor and patriotic impulse
in important fields of activity has been
*
tion at the critical moment.
I have been talking of needs
at home, but our thoughts are perhaps more
with the coming conference across the sea. Many are busy with
world programs, but I think we shall come nearer to the probability if we
consider what will naturally be evolved out of the matters requiring con¬
sideration than if we start at the other end and attempt to formulate a plan
engross
of world government.
A host of matters
table.
Of course, these treaties, stipulations
must be settled at
the peace
and rules, however carefully
expected that provision will
drawn, will give rise to questions.
It is to be
be made for judicial determination by an appropriate
of all questions thus arising and very likely of other
Further, all
arise between the contracting powers.
international tribunal
questions which may
needed rules will not
be adopted and all questions will not be settled at the coming conference.
Itr may be assumed that provirion will be made for other international
conferences, or for what will be in substance international assemblies
of a legislative character, where additional rules of international conduct
And it Is to be hoped that
will be established by consent of the nations.
the security, particularly of small States, which will be recognised and guar¬
anteed in their national existence, will be assured by the free nations who
alone can give perpetuity to the peace which has been won.
There will be
no disposition to permit the treaties now being signed to be regarded as
scraps of paper.
More than this may be attempted but let us not be
deceived.
The only real assuqMe of the future lies in the
England to the side of
and Italy to the aid
last brought America to the defense of liberty, and
spirit which brought
of both, and then at
while that spirit ani¬
mates these great peoples, the small nations and the interest* of inter¬
national justice will be secured. There is no hops for the world in an
America which loses its virility, its intense national consciousness, and its
apt to injure both. Such is the havoc wrought by political machines de¬ patriotic ardor. Let us cherish and stimulate the love of country so finely
manding that position and profit go with political favor and as political evidenced in the great war. for there is no cause for despair in a republic
reward.
We shall have quite enough of this sort of thing in the necessary
for which men are willing to die.
extension of Governmental activities without courting additional difficul¬
ties.
attend
But, in eandeavoring to escape the evils which are likely to
upon
Government ownership and management, it is folly to go to the other ex¬
treme and to sacrifice the advantages and economy which
these activities may afford.
Reasonable opportunity for concert
Government supervision is necessary to afford the best service and
waste, and if we have learned this lesson from recent experiences it
a great gain.
We are not left to the choice of extremes—that
ftance.
M.
L.
REQUA ADVOCATES
REPLACING UNRE¬
STRICTED COMPETITION BY CO-OPERATION—
U. S. BOARD OF TRADE PROPOSED.
co-operation in
under
prevent
Pointing out that “it is of vital importance to our national
will be
is. either welfare that we shall profit in time of peace by the lessens
Government ownership and management or a law-compelled absence of which we have learned in time of war,” M. L. Requa, Gen¬
helpful co-operation among those directing public service enterprises.
eral Director of the Oil Division of the U. B. Fuel Adminis¬
And again, if we are to look forward to the common prosperity and lay
the foundation for the individual betterment of men, women and children
tration, declares that “we must, unless we are Wind to all
which cannot be secured except by success in production and exchange, we
evidence, so alter our laws as to permit eo-eperation effort.**
must give a freer course to co-operation in industry. - We need progress
Dec. 14 1918.]
THE CHRONICLE
Mr. Requa’s views in the matter were expressed on Dec. 6
before the Heat, light and Power Group of the War Emer¬
gency
and Reconstruction Conference held at Atlantic City.
In part he said:
'--wL \!s*.
It needs only a review of the activities of Government daring the
past
year and a half to demonstrate how utterly inadequate existing laws have
been In meeting even the simplest problems. Industry might not combine
railways, but Government was forced to combine them to give reason¬
able and adequate service. Industry might not sit in conference and discuss
trades relations, practices and prices lest it infringe upon the Sherman
law, yet Government promptly demanded, co-operative a3«ton m order that
industry might efficiently discharge its functions.
By agreement with Government, uniform prices have been fixed; pooling
of output has been accomplished; markets have been divided; methods of
distribution have been agreed upon; competition has been largely eliminated
and Government direction and supervision substituted; and industry,
through sane co-operation and intelligent effort, has accomplished results
possible of attainment in no other way. Government and industry have
worked hand in hand and pointed the way to future activities which, if
realized, can but be mo6t highly beneficial to all.
2337
Industry should most efficiently, beneficently and wisely perform Its
functions as the servant of the people.
7
a A,
I am not a believer in Government ownership; it cannot hope to adminis¬
ter with the same success as the corporation or individual; but I am most
profoundly a believer In Government supervision—-provided the method of
supervision be properly planned and that the officials exercising that super¬
visory authority
are
and experience.
adequately equipped for the task by past training
'
^
oar
I think we may safely assume as axiomatic that Government should
supervise wherever Government supervision becomes necessary. The
method of this supervision may be (and I believe often has been) funda¬
mentally and economically ursound. It will take time to readjust matters
satisfactorily—but such readjustments must eventually be accomplished
in the interest of both labor r nd capital.
The glory and the greatness of this nation has rested upon the initiative
of the individual.
That spirit must be fostered, protected, encouraged.
Government may properly supervise, restrain, indicate limitations, but,
emphatically, it should leave Industry to execute the plans agreed to. The
incentive of individual activity along proper lines in the winning of success
should remain
pressed
untrameiled.
When individual
initiative shall
be sup¬
shall have passed the zenith of our glory as a nation.
During my sojourn in Washington I have been struck by the spirit of mu¬
tual distrust that has apparently characterized some Governmental de¬
partments, on the one hand, and the world of industry on the other. A
condition of this kind is to be deprecated.
What its Justification may be,
I am not attempting to determine.
But. if Government and Industry are
to fulfill their respective duties satisfactorily, it is obvious that there should
be complete mutual confidence.
Industry must not attempt to “put
something over”—and Government must treat with Industry upon the
high plane that has characterized the public utterances of the President
during the war. The individual who cannot conform to these high ideals
should have no place in industry, and equally no place in Government.
Under suph a policy Industry must recognize its obligation to play the game
squarely and fairly, and Government must recognize its obligation as the
protector, guide, mentor and friend of honest industry.
If 1 were to define the “spirit of the times” as applied to the management
of any of our great corporations, I should say that It meant a broad, human¬
itarian view of social problems, a sympathetic interest in the welfare and
aspirations of the masses, a constant and intelligent effort to abolish the
poverty line by helpful suggestion and wise counsel, a realization that the
old order passeth, that labor is entitled to a Just wage, rational hours,]decent working conditions, and that capital is entitled to a profit commen¬
surate with the hazard of the particular industry in question, and that both
must work in harmony If either is to survive.
Trades-unionism has come into existence because mankind was forced
to collective bargaining in self-defense.
That there are bad leaders of
unions is no more an excuse for condemning all unions than is the condemna¬
tion of all corporations because of the acts of the few. Public sentiment
must see to it, m the future, that the one is execrated equally with the other;
and, if so, neither can long survive.
I am aware that we have far to go to reach the goal.
Labor and capital
must be educated; led; counseled.
In large degree, the high wages of to-day
will bring no-lasting benefit to many who receive them.
Whether it be
get-rich-quick investments, whiskey, or red lights—improvidence in one
form or another—all too soon finds the bottom of the purse.
I do not
minimize the task.
I know its appalling proportions; but I also know that
it can be successfully accomplished, in great part, if we will but make the
effort.
It cannot be done alone, either by Government or Industry.
It
demands the united, co-ordinated, co-operative effort of both, working in
closest harmony.
It is not the work of a day, or a year. A decade will
serve in which to begin the task; a century will not see it completed.
In place of the doctrine of unrestricted competition, we must substitute
the doctrine of co-operation.
The fundamental principle of our anti-trust
laws is unrestricted competition, and despite the “rule of reason” laid down
by the Supreme Court, that principle remains substantially unimpaired.
It has been recognized that certain Governmental supervision Is desirable.
In fact necessary; but in an attempt to maintain unrestricted competition
we have inflicted upon the nation a system so utterly inefficient and inade¬
quate that it broke down completely in the hour of emergency and stress
and necessitated the substitution of various makeshifts, ail founded more
or less upon co-operation as the fundamental principle.
It Is of vital importance to our national welfare that we shall profit in
time of peace by the lesson which we have learned In time of war. We
must, unless we are blind to all evidence, so alter our laws as to permit co¬
operative effort. The events of the past eighteen months have conclusively
proved the case. If our attempts have been hastily thought but and
blunderingly executed it tn no way alters the soundness of the conclusion
that industrial activities of the future must be founded upon co-operation
and that unrestricted competition must follow its blood-brother “fright¬
fulness” into the limbo of oblivion.
As citizens of a democracy It is our
duty and obligation to see that the lesson finds wise interpretation in
our
we
laws.
In
proposing the creation of the United States Board of
Trade, under whose jurisdiction should come the industrial
and commercial activities of the nation, Mr. Requa said:
In
This body should largely parallel the Supreme Court of the United States
manner of appointment; it should be surrounded by all the dignity that
characterizes the Supreme Court; a seat upon this
board should be as eagerly
sought and should confer the same high honor, as related to industry, as
a seat upon the Supreme Bench confers upon Law.
It should be locked
upon as the crowning glory in a successful career, to be priced above every
other business emolument; it should be given only to those of distinguished
character who have made for themselves names of highest integrity; un¬
blemished in every relation of life; unexcelled for wisdom.
This is the
type of man who should be selected to compose such a body.
Into the hands of a body of such men should be committed the super¬
vision of American industry.
This body would plan all policy of foreign
trade relations; it would limit, guide, and counsel, both as to foreign and
domestic commerce; it would, in short, prescribe the ethics, limit the activi¬
ties, determine the practices, and represent Government—to the end that
EXPORTATION OF MANUFACTURED PRODUCTS OF
WHEAT TO UNITED
KINGDOM, FRANCE, Ac.
The War Trade Board announced on Dec. 2 that, after
consultation with the United States Food Administration,
it was prepared to consider applications for licenses to
export
manufactured products of wheat, with the exception of
wheat flour, to all countries.except the United Kingdom,
France, Italy and Belgium and the Central Powers. Pur¬
the United King¬
dom, France, Italy and Belgium proper will continue to be
made by the Allied Provisions Export Commission acting
on behalf of the Governments of these countries.
Applica¬
chases of these commodities for shipment to
tions for licenses to export these commodities must be made
in accordance with the rules and regulations, of the War
Trade Board. Exporters who in the past have been refused
licenses may now submit new applications.
CHANGE OF REGULATIONS GOVERNING THE EXPORT
OF WHEAT FLOUR TO WEST INDIES AND
SOUTH AMERICA*
In announcing that as a result of consultation with the
United States Food Administration applications would be
considered for licenses to export wheat flour to the West
Indies, Mexico, Central America and South America, the
War Trade Board on Dec. 5 said:
These applications will be granted by the War Trade Board when ap¬
proved by the Grain Corporation, and arrangements have been made by
which this approval will be expressed by the War Trade Board In Wash¬
ington to avoid any possibility of delay.
Applicants Who in the past have received refusals of licenses to ship
wheat flour to these destinations may now re-apply in accordance with
the following procedure:
First. Applications for licenses to export to the French West Indies
must be accompanied, as in the past, by import licenses honed by the
authorities of the colonies of destination.
Second. Applications for licenses to export to the British West Indies
should not be submitted at the present time, inasmuch as the applications
file with the War Trade Board are in excess of the actual require¬
Islands. Announcement regarding the policy to be adopted
in connection with shipments to the British West Indies will be made at a
later date.
Third. Applications for licenses to export to Mexico should be accom¬
now on
ments of these
panied by a copy of the original order from the consignee duly certified
by the American Consul at the point of destination. This Is In accord¬
ance with the recent announcement of the War Trade Board, W. T. B. R.
320, issued Nov. 19 1918.
Fourth. The requirements of Cuba will be taken care of as in the past,
by shipments made by the Food Administration Grain Corporation, con¬
signed to Armonde Andre, Director of Subsistence, Republic of Cuba.
At the present time, therefore, no applications will be considered for licenses
to export wheat flour to Cuba.
Fifth. Applications for licenses to export to the Dutch West Indies,
Central America and South America should be filftd on application form X,
in accordance with the rules and regulations of the War Trade Board.
EXPORTATION OF SOFT GREASES.
It is announced by the War Trade Board, after consulta¬
tion with the U. S. Food Administration, that applications
for licenses to export
inedible animal greases testing 40 de¬
titer and below will be considered, subject to the rules
and regulations of the War Trade Board. The previous
announcement with respect to animal and vegetable fats
and greases (W. T. B. R. 294, Oct. 31 1918) is hereby with¬
grees
drawn.
The Board says:
Applicants should state in their applications the degree of hardness of
the grease they desire to export. Applications not giving this information
will be considered as covering greases testing above 40 degrees titer, and
will consequently be refused.
In order that the collectors of customs may have evidence that the
greases shipped against licenses which may be issued are as described in
the licenses, such licenses will bear the following clause:
“This license is not valid unless presented to the collector of customs with
a certificate from the inspector of the Bureau of Animal Industry of the
U. 8. Department of Agriculture, showing that the degree of hardness
conforms to the description given on this license.”
Arrangements have been consummated with the Bureau of Animal
Industry of the Department of Agriculture whereby inspectors are authorized
to issue certificates upon proper examination of greases to be exported.
Every shipment made in accordance with the above procedure is subject
port of exit by the Bureau of Animal Industry for
Agriculture.
to re-examination at
the Department of
REGULA TIONS GOVERNING EX PORTA TIONS OF WO
HAIRS AND BRISTLES.
On Dec. 4 the War Trade Board announced that applica¬
tions will be considered for licenses to export wool, mohair,
camel’s hair, alpaca, cashmere and all similar hairs; also
all tops, noils, yams, shoddy and waste of the foregoing;
and all manufactures of wool, mohair, camel’s hair, alpaca,
[Vol. 107.
THE CHRONICLE
2238
cashmere and all similar hairs; journal waste; human hair,
manufactured and unmanufactured; human hair press cloth;
animal hair, manufactured and unmanufactured; animal
turing industry from the direction exercised by the Government during
the war period probably will be made, it was said.
Anticipating the removal of the maximum prices on cotton goods, selling
agents from cotton mills throughout the country have been conferring with
hair press cloth; and hog bristles,
War Department officials to learn the Department’s plans for the release
and sale by the Government of the stocks of cotton goods cm hand that were
to have been used in clothing the new army.
They were told that no part
of the stocks will be leased or sold in the open market if a disturbance in
manufactured and unmanu¬
The Board further says:
Applications for licenses to export second-hand clothing will be consid¬
ered provided evidence satisfactory to the War Trade Board is filed with
the application (Form X-15), showing—
1. That the applicant is engaged in the business of buying second-hand
clothing for the purpose of exporting the same; and
2. That the purchaser abroad is engaged in the business of buying and
selling second-hand clothing: and
3. That the second-hand clothing is suitable and intended for wear as
factured.
the cotton goods market and trade would result.
According to present
plans, it is believed the Department will apportion the stocks between
American commissions tor European relief and sell back a certain pro¬
portion to the manufacturers.
Because of the uncertainty that has been raised on the part of manu¬
facturers and producers generally in all parts of the country concerning
the Government’s plans for the sale of the huge stocks of Government
cotton goods, copper and hundreds of toher commodities that formed a
part of the American war machinery, it became known to-day. that the
such and not intended for use as rags.
creation of an inter-departmental selling commission is being given serious
consideration.
Officials admit that the distribution of the materials. now on hand on
Government account could be expedited to the greatest possible benefit
to the industries and public if the distribution were centred in one organi¬
zation acting on behalf of the purchasing departments.
As yet, it was said,
this plan has progressed no further than that of an idea, but it is hoped that
a similar plan, having for its purpose the centralization of sales of Govern¬
ment-owned materials will be adopted and the necessary machinery set
REMOVAL OF RESTRICTIONS AGAINST SPECULATIVE
SHORT SELLING ON NEW YOkK AND NEW
ORLEANS COTTON EXCHANGES.
The restrictions
against foreign and speculative short
selling on the New York and New Orleans cotton exchanges,
imposed on Nov. 13 by the Committee on Cotton Distri¬
bution of the War Industries Board (see “Chronicle” Nov. up by the time it is proposed to release the stocks in Government ware¬
16, page 1880), were removed by the Board on the 9th inst. houses.
Notice of the withdrawal of the prohibition was received in
the following advices to the respective exchanges:
PROPOSED INTERNATIONAL COTTON CONFERENCE.
Please read from the rostrum of your Exchange before the opening
It was announced on Nov. 29 that plans for the organiza¬
Monday morning, post on the bulletin board and send to each member
tion of a general committee, representing domestic cotton
firm carrying contracts the following notice:
The prohibition of foreign and speculative short selling of contracts on
interests, which shall have charge of the arrangements for
the New York and New Orleans Cotton Exchanges, ordered by the Dis¬
an international cotton conference, proposed by the Na¬
tribution Committee on Nov. 13, was an emergency measure.
The con¬
ditions that existed following the signing of the armistice have been re¬
tional Association of Cotton Manufacturers, have been
lieved and the emergency has passed. Our Government having made
adopted by the Board of Governors of the association. An¬
trade agreements with neutral nations, the export of cotton to all but enemy
nouncement of this was made by Rufus R. Wilson, Secre¬
countries is now assured.
Available tonnage in sufficient quantity to
allow exports fully 50% in excess of last season’s shipments is more proba¬
tary of the association, who said it was hoped that the gen¬
ble.
The requirements of spinners and manufacturers can now be bought
eral committee would be able to perfect its organization and
and moved without war-time restrictions.
Confidence is restored and un¬
der the circumstances the restrictions placed on the New York and New
plans and send to Europe a special committee, which would
Orleans Cotton Exchanges on Nov. 13 are hereby removed.
extend invitations to associations of spinners and other in¬
The Committee wishes to express to the officers and members of the
terests in Great Britain, France, Italy, Belgium and other
Nenf York and New Orleans Cotton Exchanges its sincere appreciation of
Allied
and neutral European countries. The last inter¬
the splendid spirit of co-operation and helpfulness exhibited by them in
making effective the order of the Committee.
national cotton conference
was
held in Atlanta in 1907 and
Regarding the removal of the restrictions, Walter L. was attended by more than 800 delegates, 100 of whom were
Johnson, President of the New York Cotton Exchange, foreign spinners or manufacturers. Most of the subjects
was quoted in the “Journal of Commerce” of the 10th as
considered at the Atlanta conference need further develop¬
'saying:
ment, in the opinion of cotton factors. Other subjects
I think the Committee on Cotton Distribution has done a very wise
suggested for the post-war conference to be held in this
thing in removing the prohibition. The effect will be to encourage specu¬
lation, for, as soon as the restriction on short selling was imposed, it has country would cover world’s consumption requirements of
naturally the result of reducing speculation on the long side of cotton to a cotton, future possible cotton production in the United
minimum. Speculation on the long side wants a free market and counts
States, co-operation in reconstruction and development
largely on the covering of short interest to insure profits.
French and Belgian cotton industries, and permanent
of
To-day’s trading has shown that the market is in a position where the
prohibition of short selling is no longer necessary, for the market closed to¬ reorganization of affiliated interests attending the confer¬
night practically where it did last night. There was no decline brought
about by any short selling to-day, and as a matter of fact, speculation in
short selling in the market at the present time is exceedingly small.
How¬
ence.
The
general committee that will have charge of arrangewill be drawn from every important branch of the
removed.
domestic industry, and President Shove and Secretary Wil¬
There may be an increase in the Liverpool short interest In this market
son of the National Association have been empowered to
if they still feel that
purchase^ in Liverpool against sales here are attractive.
If the market declines very much from the present level I look for specu¬
form and call the first meeting of this committee of about
lative purchases.
sixty-five members it has been decided that its membership
The only restriction now remaining on the New York shall be
made up as follows:
Cotton Exchange, the “Journal of Commerce” points out,
1. Five members appointed by the Secretary of Agriculture.
is the two-cent-a-pound limit on daily fluctuations. The
2. Five members appointed by the Secretary of Commerce.
limit was formerly three cents a pound, but was cut down
3. The President and nine members of the National Association of Cot¬
to two cents a pound a few months ago. Members, it is ton Manufacturers.
4. The President and nine members of the American Cotton Manufac¬
said, believe that this restriction is no longer necessary and turers’ Association.
are hoping to see its disappearance in the near future.
5. The President and four members of the Southern Cotton Shippers*
ever,
I think it will gradually increase
COTTON
PRICE
FIXING
now
TO
that the restriction has been
CEASE
JANUARY
1.
‘
ments
Association.
6. Five members representing the manufacturers of textile machinery.
7. The President and four members of the National Association of Corn-
fixing and restrictions on cotton fabrics
imposed by the Price Fixing Committee of the War Indus¬
pressmen.
tries Board will cease on Jan. 1. Announcement of this was
made by the committee on Dec. 12, almost simultaneous
with the request along these lines made by the National
Council of American Cotton Manufacturers’ Association in
9. The President or a member of the Cotton Exchange in each of the
following cities: Charleston, Dallas, Galveston, Houston, Memphis,
Montgomery, Savannah, New Orleans and New York.
10. One member appointed from each of the eleven cotton-growing
session at Washington. In special advices from Washing¬
ton the “Journal of Commerce” yesterday said:
From this committee will be selected a smaller executive
committee which will have direct charge of the conference
The conference discussed the taxation features of the pending revenue
bill, the probability of a new tariff policy as affecting the cotton textile
industry, and the problems of the readjustment of cotton manufacturing
contracts.
No conclusions were reached on these subjects, but it was de¬
plans and which will in turn appoint
many
to look after details of the conference.
As
Maximum price
cided to continue the War Service Committee that has been stationed in
Washington during the war to look after the interests of the cotton textile
industry.
Mr. Lawrence [John F. Lawrence, Director of the Clothing
Division of the Belgian Relief Commission] outlined to the conference the
requirements in the way of cotton fabrics and clothing for Belgian relief
under the Belgian Relief Commission.
The conference voted to take up
at once the preparation of data in regard to the output and capacity of the
industry in the United States to meet the demands of the reconstruction
to be set in operation under peace conditions.
The conference of the Price Fixing Committee with representatives of the
Cotton Goods Manufacturing Industry was brief and formal, the committee
merely going through the procedure of formally acquainting the industry’s
representatives with the Board’s plans to go out of existence on Jan. 1.
Announcement by the committee of the releasing of the cotton manufac¬
8. The President and four members of the National Ginners’ Associa¬
tion.
States.
sub-committees
previously noted,
one of the first activities will be the sending of a special com¬
mittee to Europe to extend formal invitations to associations
of spinners and affiliated interests.
RESIGNATION OF COMMITTEE ON COTTON DIS¬
TRIBUTION OF WAR INDUSTRIES BOARD.
The resignation of the Committee on Cotton Distribu¬
tion of the War Industries Board, composed of Charles J.
Brand, Chairman W. L. Clayton, J. Temple Gwathmey
and E. H. Inman, was announced yesterday by B. M.
Baruch of the War Industries Board.
Dec. 141918 ]
THE CHRONICLE
’
=
=
=====
=
=====
=f=
points in any one day. Trading in coffee futures was sus¬
pended on the Exchange on Oct. 18 at the direction of the
U. S. Food Administration.
Numerous conferences and
..
„
•’
•
'
’.r.a. ■■■■„ 1
On behalf of the Food Administration the
was made on the 6th:
NEW YORK COFFEE EXCHANGE TO RESUME TRAD¬
ING IN FUTURES DEC. 26.
The Board of Managers of the New York Coffee and Sugar
Exchange voted on the 11th inst. to reopen for trading in
coffee futures on Dec. 26 at 10:30 a. m. Trading will start
with the May delivery with the fluctuations limited to 150
^
,
-
===
2239
•**
;■■■,
u
V-
v^Tiaal..
following
an-
nouncement
The United States Food Administration has decided that the revised
regulations as submitted to the New York Coffee Exchange on Dec. 2 are
as far as they can go consistent with the
proclamation- of the President
covering coffee on Jan. 30 last. This proclamation required all greencoffee dealers to be licensed. Under the provisions of the Food Control
Act hoarding and unreasonable profits are
expressly prohibited and are
illegal. Even if all the special rules and regulations covering coffee dealers
were rescinded by the Food Administration
they would still be amenable
to the law under the President’s proclamtaion noted
above.
A special committee, appointed by the Coffee
Exchange to confer with
the Food Administration in Washington, has indorsed the amended regu¬
lations for the approval of the members of the Exchange, which is to vote
on the matter of reopening the
Exchange on Monday next.
The principal change in the rules is that permitting profits to be aver¬
aged over a period of 90 days. This enables dealers to offset possible
losses which may occur on the present excited market as against fixed
profit
on individual stocks heretofore required.
This profit is the maximum
average gross profit of 7H % over the purchase price.
exchanges of messages had since taken place between the
Exchange and the Food Administration. On Nov. 22 it
was stated that the latter had sent to the
Exchange notice
that it was “disposed to remove, as far as consistent with
safety, regulations governing coffee,” this, it was said, ap¬
plying to dealings in futures. Existing rules covering actual
coffee transactions were to be continued in force,
The advices from the Food Administration resulted in the
according
to these advices, until further notice.
The receipt of these calling of a special meeting of members of the Exchange on
advices resulted in the Board of Managers of the
Exchange the 9th to consider the question of reopening. A tie vote
protesting to the Government authorities against the failure on the question, it is said, resulted, this putting the matter
to permit the full
dealings in coffee, saying that it would be up to the Board of Managers, who decided on the 12th to
harmful to reopen the Exchange unless all restrictions were re¬ reopen for future
trading on Dec. 26. Formal announce¬
moved. This action, it was said, was indorsed
by the San ment was made from the rostrum of the Exchange yester¬
Francisco Chamber of Commerce, New Orleans Board of day morning by President S. H. Dorr, that it would be re¬
Trade, and others.
opened for trading on Dec. 26. It was also made known that
In its advices to the Food Administration on Nov. 22 the the Board of
Managers had adopted the following amend¬
Coffee Exchange said:
ment to trade rules:
Tha restrictions imposed by the Administration have
prevented specu¬
lation and profiteering in this
country during the war They have inci¬
dentally encouraged speculation in producing countries by creating a large
shortage here.
By limiting the quantities imported, limiting profits and
depriving our merchants of the open trading market which has existed on
this Exchange for 35 years, these restrictions have now
produced a situa¬
tion
more
nearly approaching
a comer or
monopoly in favor of the foreign
producers, and unfortunate for consumers, than has ever existed in the
history of the coffee trade.
Large supplies which these restrictions have prevented from coming here
are now
held by foreign producers and speculators at prices 50 to
100%
higher than prevailed six months ago.
The war is practically over, and the markets of the
world, including
millions of people in Central Europe whose
supplies are exhausted, will
soon be free to
compete for the surplus stock existing in exporting coun¬
tries which Mr. Hoover stated in his address at
Washington on Nov. 12
Is “more than a sufficiency to carry the world
during the next 12 months
on any basis of likely demand.'*
A committee of the
Exchange was forthwith named to
Washington to confer with the Food Administration
regarding the removal of all restrictions and this conference
wai followed by one in New York on Nov. 29 between
the
special committee of the Exchange and George W. Zabriskie
n.nd George W. Lawrence of the Food Administration. In
a report to the Board of
Managers of the Exchange on Dec. 2
concerning the results of its activities the special committee
go to
said:
This Committee, appointed by your President on Nov. 11
1918, con¬
ferred with the Pood Administration, Coffee
Division, in Washington on
Nov. 23, regarding the issues raised in
your telegram of Nov. 11, your
letter of Nov. 20 and their telegram of Nov. 18.
We beg to report as fol¬
lows:
The Food Administration state that the general rules
governing all
war, were proclaimed
by the President of the United States and cannot be changed by the Food
Administration The application of these rules by defining what con¬
stitutes a reasonable profit, hoarding, &c., is left to the Food Administra¬
tion and is covered by their special rules.
We understand that the jurisdiction of the Food Adminsitration ends
when peace is declared and, meanwhile, in order to relieve the conditions
which now confront the coffee trade, to facilitate the
reopening of the
Exchange and the mportation of coffee, that the Food Administration is
disposed to modify existing special rules, so far as is consistent with the
general rules as laid down by the law.
The modifications now suggested are* embraced in the enclosed com¬
munication from the Food Administration They are submitted to you
with the endorsement of this Committee, for
approval by your members
and so far as is practicable, by the trade.
dealings in foodstuffs (including coffee) during the
The advices from the Food Administration
changes agreed
on
as
to the
by it as to the rules covering green coffee
given as follows in the “Wall Street
transactions were
Journal” of Dec. 3:
The profits as stipulated under the existing rules covering coffee,
spot
and which is afloat for this country up to Dec. 15 1918, are to remain un¬
changed. On coffee shipped after Dec. 15 1918, the maximum average
gross profit shall be 7H% over purchase price, plus the charges now per¬
mitted under the rules—such average profit to be figured on a three months'
basis.
The idea of this change being to enable dealers to make an
average
profit on three months’ business rather than a fixed profit on each par¬
ticular lot.
Rule 4, covering the number of re-sales permitted, remains in
effect,
but the elimination of profits on such re-sales, in so far as coffee afloat
after Dec. 15, is governed only by the average profit of 7H% mentioned
above.
The rule limiting stocks to ninety days’ supply In this
countrywill not be changed.
This has no bearing on coffee to arrive.
The “Wall Street Journal” added:
The Food Administration also calls attention to the fact that “Import
licenses will be issued freely to all licensees in good standing, irrespective
of their business for the years 1916 and 1917.”
“Arrangements have been made that import license numbers are not
required to be furnished to the United States Consul at port of shipment,
.and the only requirements now in force for import licenses, is that the buyer
•must hold an import license from the War Trade Board in order that
proper entry can be made.”
To avoid abnormal fluctuations of price and injurious speculation inci¬
dent thereto, trades for future delivery in any one month during any one
day shall not be made at prices varying more than lHc. per pound above
or below the closing bid price of such month of the preceding business ses¬
sion of the Exchange.
This is without reference to the price of Nov. 9
1918.
Nor shall trades in any month be made in any one day at an ad¬
vance of more than 1 He. per pound above the lowest
previous price of
such month on that day, or a decline or more than 1 He. per pound below
the highest previous price of such month on that day.
For the purpose of
this rule, the closing bid price shall be not less than the minimum price
prescribed therein. This rule shall be In effect until peace is declared by
the President, and for such period after the declaration of peace as the Board
of Managers may hereafter determine.
One of the developments of the restrictions was the action
a committee of the National Coffee Roasters* Associa¬
tion appealing in the following telegraphic advices (printed
in the New York “Commercial” of the 9th inst.) to the Food
Administration for the removal of the restrictions:
of
The coffee trade of the United States in meeting assembled at the city
Cleveland, Dec. 5 1918, notes with extreme concern the increasing gravity
of the situation entailed by the short supply of coffee in the United States.
This in the face of the largest accumulation of stocks in the producing
countries ever known.
Such shortage due to Government restrictions
of
having superseded the laws of supply and demand, which governmental
action has resulted in tying the hands of the coffee dealers of the United
States but has left foreign interests free to advance prices to the extreme.
This situation has already resulted in a radical increase in cost of roasted
coffee to the consumer, an advance that, unchecked, will more than double
the normal price of coffee unless a remedy be found.
As a matter of fact, the higher cost thus far paid by the consumer does
not begin to equal the Increased cost to the roasting distributor.
The restrictions imposed by the Food Administration which the coffee
trade has loyally accepted while we were in the throes of war, were enacted
with the express purpose of keepign the price of coffee unchanged during
the war period.
The war conditions are rapidly passing.
The continuance of these restrictions, however serviceable they may have
been during the war period, now fail to serve the best interest of the coffee
consumers of this country, and are jeopardizing the very existence of the
coffee industry of the United States, give the foreign producer the sole
benefit in the extreme advances that have already occurred.
The certain and unprecedented further advance In the cost of the roasted
product to the consumer, should present regulations be maintained, argue
unanswerably for the removal of all such barriers to free and untrammeled
trading.
With their removal and the trade allowed to proceed with the conduct
of business in like manner as in the pre-war period, the price of coffee, now
mounting upwards by leaps and bounds in producing countries, would
respond to natural economic laws and would benefit the coffee industry
of this country, and ultimately, the consuming public as well.
With the gradual lessening of the price of food commodities, we consider
it unjust to the public that coffee should sharply advance, when by Gov¬
ernmental co-operation such advance might be checked.
Therefore, be it resolved that the coffee trade of the United States In
convention assembled petition the United States Food Administration
to remove all restrictions forthwith, whereby conserving the safety and
interest of an important industry and of the consuming public as well.
Notice that the U. S. Food Administration had removed
the ban on coffee imports from Hayti was received by the
Exchange
on
Nov. 29 in advices from the Food Administra¬
tion which said:
The Department of State having advised us of the withdrawal of the
limited licenses arrangement covering the importation of Haitian coffee,
this is to advise you that application for the import of this coffe into the
United States made on the regular form to the War Trade Board, will have
the approval of this Administration.
RESTRICTION ON IMPORTATION OF COCOA BEANS
FROM AFRICA MODIFIED.
The War Trade Board announced Dec. 6 that theyjwill
consider applications for licenses to import cocoa beans in
an amount not to exceed 800 tons, coming from* the west
coast of Africa on the SS. C. C. Mengel.
Allocation will
be made by the War Trade Board.
MODIFICATION OF IMPORT RESTRICTIONS ON
FLAXSEED OR LINSEED FROM THE RIVER PLA TE.
The War Trade Board announced Dec. 5 that the
restriction placed upon flaxseed or linseed by W. T. B.
issued July 5 1918,
of licenses for the
import
R. 160,
has been modified to permit the issuance
importation of these commodities when
originating in and coming from the River Plate district
(Argentina and Uruguay) in a total amount of not to exceed
20,000 tons prior to Jan. 1 1919, and 15,CC0 tops each for
the months of January, February, March and April. Allo¬
cation will be made by the War Trade Board..
MODIFICATION OF IMPORT RESTRICTION ON
TALLOW FROM THE RIVER PLATE.
the War Trade Board (Dec. 5) that,
exception to list of restricted imports No. 2, item 117,
applications will be considered for licenses to import meat
tallow as classified under paragraph 622 of the Tariff Act of
1913 when originating in and coming from the River Plate
district (Argentina and Uruguay) in a total amount of not
to exceed 3,000 tons per month.
Allocation will be made
by the War Trade Board.
It is announced by
as an
depressed by lack of organization or
by wasteful organization.
It has been
demonstrated that the land of the country, if properly cultivated and used,
could have yielded food and other products of the soil to a much larger
extent.
It must be among the first tasks of the new Government to repair
this error, which added so much to our difficulties in our struggles against
the submarines of the enemy.
The war has given a fresh impetus to agri¬
culture.
This must not be allowed to expire.
Scientific farming must be
promoted, and the Government regard the maintenance of a satisfactory
agricultural wage, the improvement of village life. Mid the development
of rural industries as essential parts of an agricultural policy.
Arrangements have been made whereby extensive afforestation and
A systematic
reclamation schemes may be entered upon without delay.
improvement in the transport facilities of the agricultural areas must form
an essential part of every scheme for the development of the resources of
the soil and the Government is preparing plans with a view to increasing
these facilities on a large scale.
The principal concern of every Government is. and must be, the con¬
dition of the great mass of the people who live by manual toil.
One of the
first tasks of the Government will be to deal on broad and comprehensive
lines with the housing of the people, which during the war has fallen sosadly into arrears, and upon which the well-being of the nation so largely
depends. Larger opportunities for education, improved material con¬
ditions. and the prevention of degrading standards of employement, a
proper adaptation to peace conditions of the experience which during the
war we have gained in regard to the traffic in drink—these are among the
conditions of Bocial harmony which we shall earnestly endeavor to promote.
Until the country has returned to normal industrial conditions it would
MODIFICATION OF IMPORT RESTRICTION ON TAN¬
NING MATERIALS AND EXTRACTS AND
QUEBRACHO WOOD.
be premature to prescribe a fiscal policy intended for permanence.
must endeavor to reduce the war debt in such a manner as may inflict
least injury to industry and credit.
The country
all the raw materials and all the credit which it can
We
the
will need all the food,
obtain, and fresh taxes
ought not to be imposed on food or upon the raw materials of our industry.
At the same time a preference will be given to our colonies upon existing
duties and upon any duties which for our own purposes may be subse¬
quently imposed.
which has been most clearly taught us by the war is
the nation of being dependent upon other countries for vital
supplies on which the life of the nation may depend. It is the intention,
therefore, of the Government to preserve and sustain where necessary
these key industries in the way which experience and examination may
prove to be the best adapted for the purpose.
If production is to be main¬
tained at the highest limit at home, security must be given against the
unfair competition to which our industries may be subjected by the dump¬
ing of goods produced abroad and sold on our market below the actual
One of the lessons
the danger to
The War Trade Board in an announcement issued Dec. 5
B. R. 154, issued June 30 1918, restricting
the importation of tanning materials and tanning extracts,
is revoked, and that applications will be considered for li¬
states that W. T.
import tanning materials and tanning extracts,
in an amount not to exceed 12,000
tons per month from Nov. 30 1918 to June 30 1919.
Allo¬
cation will be made by the War Trade Board.
It is also announced that list of restricted imports No. 2,
item 146, is amended to permit the licensing of quebracho
wood, as classified under paragraph 624 of the Tariff Act of
1913, originating in and coming from the River Plate dis¬
trict (Argentina and Uruguay) in an amount not to exceed
6,000 tons per month from Nov. 30 1918 to June 30 1919.
Allocation will be made by the War Trade Board.
censes
[Vol. 107.
THE CHRONICLE
2240
to
except quebracho wood,
FOSTERED BY MUTUAL
CONFIDENCE BETWEEN CAPITAL AND LABOR
URGED BY LLOYD GEORGE.
INCREASED PRODUCTION
of production.
Active measures will be needed to secure
cost
employment of the workers of
Industry will rightly claim to be liberated at the earliest
possible moment from Government control. By the development and
control in the best interests of the State of the economical production of
power and light of the railways and the means of communication, by the
improvement of the Consular service, and by the establishment of regular
machinery for consultation with representative trade and industrial or¬
ganizations on matters affecting their interest and prosperity, output will be
increased, new markets opened out, and great economies effected in in¬
dustrial
production.
It will be the duty of the new Government to remove all existing in¬
equalities of the law as between men and women.
the country.
INTERNATIONAL LABOR LEGISLATION AS PART OF
PEACE TREATY URGED BY FRENCH DEPUTIES.
The Labor Committee of the Chamber of
Deputies
on
Nov. 29 adopted a report submitted by Justin Gobart,
Under Secretary for the Medical Services, on clauses rela¬
outlining the policy cf the Coalition Government
a detailed statement
issued by Premier Lloyd George and Chancellor of the tive to international labor legislation to be inserted in the
Exchequer A. Bonar Law, lays stress on the necessity of peace treaty. A press dispatch from Paris outlined the
increased production as the basis of all schemes for improving proposals as follows:
The first clause will promulgate the reforms adopted by the Berne con¬
the conditions of the people. This is to be fostered by en¬
ference in 1912, which contained prohibitions against night work for young
couraging scientific agriculture and the development of industrial workers and a ten-hour day for women and youths in factories.
rural industries, with State aid if necessary to enable return¬
The second clause will submit to an international labor conference the fol¬
ing soldiers to take up small land holdings. Comprehensive lowing reforms: A minimum age of fourteen years for the employment of
children, an eight-hour day for adults in factories or mines, with a half
plans for encouraging industry and eliminating waste are day’s rest weekly, the organization of a reciprocal agreement for sick pay,
also outlined. The necessity of just relations between capi¬ old age and disability pensions, unemployment insurance and legislation,
tal and labor, with mutual confidence, is insisted upon in concerning accidents occurring during employment.
It w.ll also provide for equality in wages and working conditions for for¬
the following passago of the program:
eign and home workers.
In
toward reconstruction after the war,
There is one condition for the success of all efforts to increase the out¬
put of this country, namely confidence.
Bolshevism is the poison of pro¬
duction.
Russia proves that.
Russia will not begin the building up of a
productive system until Bolshevism has worked itself out.
All classes must give confidence to those who have brains—those who
have capital to those with hearts and hands to work.
I say to labor, “You
shall have justice.
You shall have fair treatment and a fair share of the
amenities of life.
Your childem shall have equal opportunities with the
To capital I say, “You shall not be plundered and
children of the rich.”
penalized. Do your duty by those who work for you and your future is
free for all the enterprise or audacity you can give us.“
But there must be equal justice, and labor must have happiness in its
heart.
We "will tolerate no sweating, and labor must have its just reward.
as
The reconstruction plans
follows:
of the Government are outlined
The care of the soldiers and sailors, officers and men, whose
for us our great deliverance, and who return to civil life, is a
members of the armed forces of the Crown as may desire to avail them¬
selves of facilities for special industrial training, and to return to civil life
worthy of their services to the country.
Plans have been prepared, and will be put into execution as soon as the
new Parliament assembles, whereby it will be the duty of public authorities,
and if necessary of the State itself, to acquire land on a simple and economi¬
cal basis for men who have served in the war, either for cottages with
gardens, allotments, or small holdings as the applicants may desire and be
suited for, grants being provided to assist in the training and in initial
equipment.. In addition to this, we intend to secure and to promote the
further development and cultivation of allotments and small holdings
generally so far as may be required in the public interest.
Increased production must necessarily be the basis of all schemes for the
mp rovement of the conditions of the people.
The war has revealed the
extent to which the resources of the country have been dissipated and
periodic international labor
be admitted, comprising delegates
of workers and employers.
The object of the conference will be to promote
international labor legislation by successive conventions.
An arbitration committee or court will be appointed to settle differences
arising between the signatories as to the application of conventions.
The date of the first conference is to be not more than six months after
the signing of the ppace treaty.
The conference, in addition to an examina¬
tion of the above questions, will prescribe the organization of a system of
labor inspection for each signatory, reports of which can be compared at will
at a great international labor bureau, the cost of maintaining which will be
defrayed by the signatories and which will be given the task of preparing
statistics and the carrying out of technical and social investigations, the
centralization and comparison of prescriptions issued by virtue of interna¬
tional conversions concerning labor, and the making of national reports on
their application.
heroism
primary
obligation of patriotism, and the Government will endeavor to assist such
won
under conditions
The third clause calls for the institution of
conferences at which non-signatones.may
STEEL CONTROL AND PRICE FIXING TO END DEC.
31—JUDGE GARTS VIEWS AS TO FUTURE.
Announcement that Government supervision of the
steel industry, including the fixing of prices, would end on
Dec. 31, was made by the War Industries Board on Dec. 11.
following
a
conference in Washington with members of the
General Committee of the American Iron & Steel Institute
The meeting was held for the purpose of determining the
future relations of the Government with the industry in
view of the recent announcement that the War Industries
Board would cease to exist on Jan. 1. A schedule of new
maximum prices, effective Jan. 1, materially lower than
Dec. 14
1918.J
THEf CHRONICLE
2241
-
--7;
the present prices had been prepared by Judge E.H.Gary,
Chairman of the Steel Committee, for submission, to the
Boatd at this weekVmeeting. Robert S. Brookings, Chainman of the Price Fixing Committee of the War Industries
Board, announced, however, that when the Board goes but
of existence the present prices fixed in agreement with the
industry would be allowed to expire on Dec. 31 and that no
new maximum prices would be fixed, the Government hav¬
ing determinsd to relinquish control of the industry, in¬
cluding price fixing, with the exception of embargoes, over
which the War Trade Board would continue to have
thority.
au¬
The statement issued by the Board" on the 11th
inst. said:
As maximum prices on steel will expire on the 31st of this month, the steel
industry had its usual meeting with the Price-Fixing Committee to-day.
far the purpose of determining as to what the Govermgaent policy regarding
the fixing of steel prices would be after the datenamed.
At this meeting, the Chairman of the Price-Fixing Committee called
attention to the widely published letter of resignation of the Chairman
of the War Industries Board taking effect Jan. I and the acceptance of
such resignation by the President and said that as the War Industries
Board will cease to function after Jan. 1, no new price agreements wUl be
entered into by the Price-Fixing Committee, and that all former prices
heretofore fixed would still be allowed to expire by limitation.
The chairman of the Price-Fixing Committee in closing this the last
meeting of that committee with the steel industry, expressed the Govern¬
ment’s appreciation of the earnest, enthusiastic and patriotic service which
the steel industry had rendered the Government in solving Its most import¬
ant and vital industrial problems so essential to the winning-of the war.
In response. Judge Gary, speaking for the steel industry, expressed its
appreciation of the perfectly fair and Just treatment it has always received
at the hands of the Price-Fixing Committee, and while their prof its had been
restricted, the industry had been so stabilized as to greatly reduce the dif¬
,
ficulties of reconstruction which they now face.
According to the “Journal of Commerce,” the proposed
schedule of steel prices that was to have been submitted to
the board, indicating the reduction in price of various steel
products,
was as
Present
Price.
Kinds of Steel—
Iron ore (no recommendation).
Pig iron, Bwwmor
Pig Ifw, basis.
Pig iron, foundry
Bigots, basic
Blooms and large billets
Proposed
Approx.
Price.
Redact n.
$35 20
a
33 00
34 00
a
47 50
Slabs
Small billets
Sheet bars.....
51 00
...
7056
64 06
Wire rods
Heavy shapes
Plates, sheared
Plates, universal
67 20
72 80
Merchant bars
64 96
a....
43 50
46 00
47 00
47 00
67 20
64 96
60 48
57 00
62
67
67
60
72
20
20
48
a
$4 00
400
400
4 00
400
500
500
400
..
.
.
400
500
0 00
400
....
65 00
87 00
87 00
70 00
dll2 00
Wire nails
Black sheets
Blue annealed sheets
Galvanised sheets
Tin plate.
Standard blade
...
pipe
Rails, standard heavy Bessemer.
Ralls, open hearth
Rails, light
140 00
e7 75
dlOO 80
62 70
....
.
....
.
.
.
....
.
.
...
105 28
88 48
135 52
e7 35
d91 84
55 00
57 00
6160
600
600
400
40
600
----
-mm-
500
Reduced S3 per gross ton.,
c Net tons,
d Gross ton. • Per 100 lbs.
In a lengthy statement issued on Dec. 9 Judge Gary made
known the intention of the General Committee of the Ameri¬
can Iron & Steel Institute to recommend to the War Indus¬
tries Board “a moderate reduction in the scale of maximum
a
prices.”
We quote in part what he had to say below:
I have intimated that values or prices generally throughout this country
We ought to get bade to a peace basis
are abnormal and unreasonable.
so soon and as speedily as possible.
It should be accomplished In an orderly
and methodical manner and with the least disturbance to general business
and without injustice to any.
This is peculiarly a time for constructive
thought and action; for cool heads, for courage, for the exercise of a spirit
Of fairness—even for sacrifice when necessary.
There should be no dan¬
ger in this country of serious business depression.
We are so rich and
prosperous and our resources are so large that the indulgence of feelings
of doubt as to our financial, commercial or industrial safety and progress
would be wholly unjustified.
Our prospects are bright, our opportunities
for success are greater than ever before.
Even if there should be some
decreases in volume, we may look forward with confidence.
I predict
the next five years, in this country, wUl be the most progressive, prosperous
and successful of our history: the results will astonish even the most opti¬
mistic of to-day.
We need to be conservative, thoughtful, persistent,
fair-minded and wise up to the limit of our understanding.
And now, gentlemen, I am going to surprise and perhaps disappoint
some of you, and no doubt you will have justification on account of your
own business situations; bnt I beg of you do not hastily reach a final con¬
clusion in regard to the suggestion that is to be made.
After a pain«fa*3riHg and exhaustive consideration and discussion, cover¬
ing the larger part of two days, the General Committee, or at least a ma¬
jority of its members, perhaps all of them, have reached the conclusion
that at the meeting to be held in Washington next Wednesday there should
be recommended to the War Industries Board a moderate reduction In the
-scale of maximum prices for our commodities, commencing Jan. 1, the re¬
ductions and adjustments to be made on mi equitable basis, in considera¬
tion of all the circumstances and after careful study.
If all present would
agree to reductions and are prepared to systematically make a new schedule.
—*
,
..
.'MM
'fSSSm
It
shqpld be done at this meeting, but I think that all interests would be
subserved if these matters, as heretofore, are referred with power by this
meeting to the General Committee, for submission and consultation with
the War Industries Board.
The propose*! schedule would becompleted
Prior to the meeting in Washington, though its preparation necessarily
imrolvee much study and labor. '
^
* ‘t- r '-O''
I presume many of you, at first Mush, taking into .account your costsnt
production, will present arguments against, the adoption of the proposal.
Still, I hope you will give due consideration to the thoughtswhich have
been expressed by your chairman.
•*
jj 7- _; *r; ■ - .-7 ■ >ri
Ton have a chance to do something valuable towards sustaining the bust*
ness equilibrium of the country. While some might suffer losses at
present,
perhaps it would prevent greater losses in the future. We would be leaders
In a movement calculated to methodically readjust
conditions(in an orderly
We might have some Influence in steadying business generally; and
way.
remember, the workmen are more interested, hi this question than any
others, for labor constitutes the greater part of the cost of production from
the raw material down to the finished product and Its use by the consumer.
It seems to me the unanimous consent of the members of the iron and
steel industry to a recommendation to the War Industries, Board for
reduction in prices is called for, especially after a long period of united
effort, on the invitation of the War Industries Board, to agree, upon prices.
If reductions are made now and manufacturers accept them willingly,
even though sacrifices have to be made, we may be consoled by the fact
that we are approaching better times, lower costs, a more natural and sub¬
stantial basis, and that we are probably doing the right thing,
t feel
reasonably confident the Iron and steel men will, as heretofore, especially
during the war, be willing to do their part In promiting the welfare of all
who are interested. Those who buy our products will correspondingly
reduce their prices and thus do their part tn the direction mentioned, and
so on down the line; it may extend to others.
In
reverting to the labor situation Judge Gary said in part:
Necessarily we must consider of paramount importance the labor situ¬
ation.
During the war the wage rates have been Increased materially and
frequently. They are now much higher than ever before: It is claimed in
some respects that they are out of proportion.
I believe we have not been
paying more than was proper and just. The necessary costs of living have
been growing and unless, and until, they are reduced, it would seem that,
on the average, the present wages are reasonable.
It is urged that on the
basis of the present wages, employers cannot afford to make reductions in
the prices of their commodities, and many insist they are entitled to higher
rates.
If there are to be reductions, they must be gradual and
.
.
CHRONOMETERS,
&c.
MAY
AGAIN
BE EXPORTED.
$37 00
Barbed wire, blade
Barbed wire, galvanized
—
BINNACLE8,
^
Plain wire
Plain wire
—
considered in individual cays.
follows:
Skelp, sheared
Skelp, universal
Skelp, grooved
-
The rescinding of W. T. B. Ruling 285, issued on Oct.
28 1918, with respect to the refusal of export licenses.for
shipments of “binnacles, sextants, compasses, chronometers
and similar instruments for navigation and equipment 4>f
ships,” was announced on Dec. 7 by the War Trade Board
which adds:
/
Applications for licenses to export these articles will now be considered
by the War Trade Board, and exporters who in the past have been refused
licenses may now submit new applications. Such applications must
In accordance with the rules and regulations of the War Trade Board.
be
REMOVAL OF RESTRICTION ON IMPORT OF CALCINED
SPATHIC ISON ORE.
The Wax Trade Board made known Dec. 7 that the re¬
striction previously placed upon the importation of ocean
shipments of iron ore, limiting importations to shipments
shipments as ballast from Sweden or Spain,
had been modified to permit the issuance of licenses for the
importation of calcined spathic iron ore originating in and
coming from England, when shipped as back-haul cargo.
A previous modification of the restriction upon iron ore was
announced in W. T. B. R. 308, issued Nov. 11 1918.
from Cuba and to
RESIGNATION OF CHARLES M. SCHWAB AS DIREC¬
TOR-GENERAL OF EMERGENCY FLEET CORPORATION,
resignation of Charles M. Schwab as Director-General
Emergency Fleet Corporation was accepted by Presi¬
dent Wilson in a wireless message from the transport George
Washington on Dec. 7. The message was received as fol¬
lows by the President’s Secretary, J. P. Tumulty:
The
of the
U. S. S. George Washington.
Mr. Charles M. Schwab:
I accept your resignation only because yon wish it and because I feel that
I must do so in fairness to yon.
You have been exceedingly generous in
giving your services, and they have been invaluable. Want to thank you
cordially indeed for all that you have done. Shall always remember
it as I am sure all your associates in the Government will, as a service of
unusual value and distinction.
WOODROW WILSON.
very
Mr. Schwab, who had laid
aside his own shipbuilding plans
eight months ago to serve the Government in its work of
shipbuilding, was quoted in the New York “Times” of the
19th as saying:
The emergency for which I entered the Government service has passed.
The Emergency Fleet Corporation has been placed on a basis for economic
construction rather than wartime construction. My own affairs are of
such magnitude that I fed I will be of greater service to the country there
during (he period of reconstruction than I could as Director
Corporation.
of the Fleet
Charles Piez, Vice-President and General Manager of the
Emergency Fleet Corporation, has been elected to succeed
Mr. Schwab as Director-General.
THE CHRONICLE
2242
RESIGNATION OF SHIPPING CONTROL COMMITTEE
OF UNITED STATES SHIPPING BOARD.
The Shipping Control Committee of the*U.fS. Shipping
Board has resigned,?its resignation to take”effect Dec. 31.
The Committee/composed of P/A. S/Franklin, Chairman,
H. H. Raymondfand Sir^Connop Guthrie, in its letter of
resignation said:
In view of the very material reduction In the movement of military
traffic to France, and the general easing down of that situation, and the
fact that the altered conditions regarding shipping will probably free a
good deal of. tonnage of commercial trades, this committee feels that the
time has come when It should be relieved of the duties delegated to It by
the resolution of the United States Shipping Board, dated Feb. 11 1918.
Accordingly, the committee tenders its resignation, effective at the con¬
venience of the Board, but In any event not later than Jan. 1 1919.
Both
before and after the acceptance of their resignations, the individual mem¬
bers of the committee In an unofficial capacity will be very glad to render
whatever assistance may be desired, and will do everything possible to
see that there shall be|no interruption of business during the change of
control.
The committee is very deeply appreciative of
ng to
them
an
the Board’s action in extendopportunity to have been of such service as was within their
power during the emergency, and desires to express their sincere thanks for
the many courtesies received from the Board.
The following resolution accepting the resignation
adopted by the Board:
was
Resolved, That the resignation of P. A. 8. Franklin, Chairman, and
H. H. Raymond and Sir Connop Guthrie, as the Shipping Control Com¬
mittee of the United States Shipping Board, said resignation to take effect
Dec. 31 1918, be and the same is hereby accepted, and be. it further
Resolved, That the United States Shipping Board hereby expresses its
grateful appreciation of the highly efficient and patriotic service of the
Shipping Control Committee in its successful conduct and discharge of
duties that have been most difficult and involved mid of the highest im¬
portance in the successful prosecution of the nation’s military plans and
operations; and be it further
Resolved, That the thanks and acknowledgments fo their colleagues of
the United States Shipping Board be extended to the Shipping Control
Committee.
PRESIDENT PARDONS ARMY OFFICERS NAMED IN
HUGHES'S AIRCRAFT REPORT.
Lieutenant-Colonels J. G. Vincent and George W. Mixter,
officers named by Charles E. Hughes in his report on
the aircraft investigation, as having been guilty of trans¬
acting business with private concerns in which they were
financially interested, were on Dec. 3 pardoned by President
Wilson. The following statement was issued in the matter
army
at the White House
on
Dec. 3:
It was announced at the Executive Office to-day that the President had
pardoned Lieutenant-Colonel George Mixter and Lieutenant-Colonel J. G.
Vincent, whom the recent report on aircraft production showed to be
technically guilty of a breach of the statutes, because he entirely concurs
in the views of the Attorney-General with regard to these two cases.
He
believes that the two gentlemen concerned were entirely innocent of any
improper or selfish intentions; that their guilt was only technical, and that
their services to the Government, which have been of the highest value
and of the most disinterested sort, deserve a most cordial recognition.
This procedure in pardoning is irregular, but evidently
done in view of the President leaving here on his trip
was
to
Europe.
The pardon now vitiates any prosecution be¬
cause conviction or acquittal would mean the same
thing.
The effect of the pardon merely will be to head off any prose¬
cution. If Lieutenant-Colonels Vincent and Mixter accept
the pardons these acceptances would carry with them, it
is pointed out, acknowledgment of technical guilt. The
President’s action followed the receipt of two letters from
Attorney-General Gregory dealing separately with the
cases
of the two officers.
These letters, which set forth the
reasons for recommending clemency,
Attorney-General’s
were made public as follows:
Dec. 3 1918.
To the President, the White
House\
My Dear dr. President:—In the report submitted to me by the Hon.
Charles E. Hughes at the conclusion of the aircraft investigation, Lieuten¬
ant-Colonel J. P. Vincent was one of three officers found to have transacted
business for the Government contrary to the prohibition contained in Sec¬
tion 41 of the Criminal Code and against whom prosecutions were recom¬
mended.
In transmitting the report to you I said;
“I agree with Judge Hughes’s conclusion that Lieutenant-Colonel Vin¬
cent violated Section 41 of the Criminal Code, which prohibits any person,
directly
or indirectly interested in the pecuniary profits or contracts of a
corporation, from acting as an officer or agent of the United States for the
transaction of business with such corporation.
I further agree with Judge
Hughes that the evidence does not afford ground for the conclusion that
the Government was defrauded, or that there was any intent to defraud
on the part of any of the parties concerned, or that the services rendered
were not worth the amount paid therefor, or that the estimates of the out¬
lay of the Packard Company were not fair estimates.**
While there was a violation of the statute, I do not think the ends of
Justice require that Colonel Vincent be prosecuted.
Colonel Vincent was one of the designers of the Liberty motor.
At that
time he was not in the employ of the Government, but was Vice-President
of the Packard Motor Oar Co.
When the motor had been designed the
Packard company tendered Mr. Vincent and its engineering staff any
facilities for such service as might be necessary to test out and develop the
design for production. The authorities authorized Mr. Vincent to build
the required number oi models and experimental motors, and he directed
his company to do the work under his supervision,.
Later, during the
progress of the work, he was commissioned in the Signal Corps, resigning
[Vol. 107
officer.of the Packard company, but retaining the ownership of
as an
stock.
His offense is that he acted for the Government in connection with
settling the compensation to be paid the Packard
company for this work.
evidence that he did not act in entire good faith, or that any
advantage was taken of the Government.
The production of the Liberty motor was one of the great achievements
in connection with the war.
Colonel Vincent rendered invaluable services
There is
in
no
designing and perfecting It.
In view of all the circumstances I recommend that a full and complete
pardon be granted for the offense, as I believe it was unwittingly commit¬
ted.
Respectfully,
T. W„ GREGORY, Attorney-General.
The text of the other
"letter
is
as
follows:
Dec. 3 1918.
To the President, the White House.
My Dear Mr. President:—The report made by the Hon. Charles E. Hughes
investigation shows that LieutenantColonel George W. Mixter acted for the Government in supervising inspec¬
tion and production at the Curtiss Airplane Sc Motor Corporation while he
owned 25 shares of the preferred stock of that company of the par value of'
$2,500.
I concurred with Judge Hughes in his conclusion that this was a
to me at the conclusion of the aircraft
violation of Section 41 of the Criminal Code.
Lieutenant-Colonel Mixter testified that he had formerly owned a small
amount of both common and preferred stock in the company referred to;
that at the time he was commissioned he had sold the common stock and
overlooked the fact that he still owned the preferred.
There is nothing
in the evidence warranting the conclusion that Lieutenant-Colonel Mixter
did not act in entire good faith in the trarilaction referred to, or indicating *
that he was influenced by his ownership of this preferred stock, which paid
a fixed dividend.
Lieutenant-Colonel Mixter has performed efficient service for the Govern¬
a substantia] sacrifice.
I believe that the offense wras un¬
wittingly committed, and recommend that he be granted a pardon.
ment, and at
Respectfully,
T. W. GREGORY, Attorney-General.
12,000 AIRPLANES, 31,814 MOTORS OUR WAR
PRODUCTS—PROBLEMS OVERCOME.
Full information in regard to the status of airplane manu!acture at the time of the signing of the armistice was given
out
by the War Department
on
Nov. 27, when
represen¬
tatives of the press were invited
to inspect an exhibit
of aircraft material prepared for the information of Congress
and the General Staff of the army.
In addition, Lieut.
H. H. Emmons, in charge of the Engine]Production Division,
explained some of the difficulties overcome in attaining
quantity production of the Liberty motor. A special dis¬
patch- from Washington to the New York “Times” on the
27th gave the following account of the interview:
When the armistice was signed contracts had been awarded for the
manufacture of 95,993 airplane motors.
The original number of Liberty
motors contracted for was 22,500.
This was raised to 51,100 Liberty
twelves.
Contracts also were made for 10,000 Hispano-Suiza 300 horse-
motors, 8,000 eight-cylinder Liberty motors, and other models.
production Up to the signing of the armistice was 31,814, of which
15.131 were Liberty motors.
In October 5,603 motors were tinned out,
with a contemplated production of 8,000 in Jan. 1919 and 10,000 a monthfor the four months following.
Besides the 31,814 motors the War Depart¬
ment provided 12,000 airplanes and 700 kite balloons.
This and other information was disclosed to newspaper men at the
War Department this afternoon in the presence of Secretary Baker when the
power
The
lid
was
.
lifted from the aircraft situation at
an
exhibition of aircraft material
prepared for the information of Congress and the General Staff of the army.
The exhibit was concentrated on the De Haviland four, an observation
machine of advanced type, the American-built airplane most extensively
used at the front.
The front half of the fuselage was shown, typical of'
more than 500 stock machines awaiting shipment when the armistice was
declared.
It was equipped with four machine guns, two forward, fixed
Marlins, and two aft, both of the Lewis type.
It was explained that more than 38.000 Marlins had been made, and the
statement was advanced that they compared with best aerial machine guns
used.
They were credited with firing 750 shots a minute. They are so
Synchronized as to fire between propeller blades. The rear guns were
mounted on a flexible gear, so as to fire, through a circle of 360 degrees,
in almost any direction, 1,500 shots a minute for the two guns.
The gunner
can fire them separately or simultaneously with the same trigger.
The explanation was made that at the time of the declaration of war the
only available gun for the fixed forward position was the Marlin, the
Browning not having yet been developed. The Marlin was so mounted
as to discharge the empty shells and had a
disintegrating steel belt to prevent
the shells and belt fragments from flying back into the faces of the aviator
and his observer.
In adopting the Lewis gun, the only one not u$ing a
belt, for the flexible rear position, it was necessary to redesign it so as to
take United States ammunition, thus increasing its ammunition capacity
from forty-seven to ninety-seven rounds per container.
The statement
was made that, starting with nothing, production in less than twelve
months reached 30,000 Lewis flexible machine guns and 38,000 Marlins
of the fixed type.
The instrument question involved many phases.
The statement was
made that the General Electric Company, within eight weeks, was pro¬
ducing 250 airplane compasses a week, that minute chains in the anerqid
barometers which serve as altimeters were obtained from Switzerland,
and that the way in which the National Cash Register Co. has developed
a tachometer was a story of absorbing manufacturing interest.
It was explained that it had fallen to the United States to supply the
spruce for the entire air program of the Allies and the United States.
In
October 1917 these requirements were given as 5,000,000 feet a month,
with only 2,500.000 feet a month being produced.
In October 1918 it,
was stated, the requirements were 20,000,000 feet a month, with more
than 25,000,000 feet being produced.
These operations involved the
employment of 30,000 men in the Northwest.
The statement was also made that early in the war it was evident that
the Irish supply of linen would fail, that cotton fabric for airplane use was.
developed in this country and that at the time the armistice was signed.
2,500 looms were producing 1,200,000 yards a month of airplane fabric.
There had been delivered up to that date a total of more than 13.000,000*
Dec. 14
1918.]
THE CHRONICLE
yard* of airplane fabric. For the finer balloon cloth
3.200 looms were
required to produce about 720,000 yards a month.
The story of the aircraft engine situation was
told by Lieut. H. H.
Emmons, United States Naval Reserve Force, who was assigned to the
army as Chief of the Engine Production
Department. He detailed the
development of the Liberty motor.
“Engines required," he said, “fell naturally into three classes: Elemen¬
tary training, advance training, and combat. As to the
elementary train¬
ing, there were available the following engines: Curtiss
Ox, of approximately
90 horse power, and A-7-A,
4-cylinder engines of approximately 100 horse
power, and Hall-Scott.
Orders were consummated for the production of
these engines as promptly as
possible.
“For advanced training, there were available
the Gnome 110 horse power,
the Le Rhone 80 horse
power, and the Hispano-Suiza 160 horse power.
The General Vehicle Co. proceeded with the
production of the 110 horse
power Gnome.
The Union Switch & Signal Co. was persuaded to take
the contract for the production of the
2,600 Le Rhone engines, 80 horse
power type.
Their contract has been continued, and the Union Switch &
Signal Co. has delivered up to this date
approximately 1,200 of these
engines. We have had the assistance of
George Guillot, the engineer of
the French Gnome and Le Rhone
factories, who pronounces the engine
built for the Union Switch &
Signal Co. to be the best rotary engine ever
constructed.
We arranged with the Wright-Martin Co. to increase their
facilities for the production of the 150 horse
power Hispano-Suiza type,
and their work had such
good results that in May 1918, that company
delivered 530 of these engines in one month.
“As to combat engines, it was clear that the
only one available for our
manufacturing
purposes would be the Liberty, and the test made of it in
July and August showed that it functioned properly and was a
satisfactory
engine.
We therefore started production of it.
It was estimated that we
would require 22,590 of these
engines to take care of the requirements of
our navy and
army.
We therefore made contracts as follows: Packard
Motor Co., 6,000; Lincoln Motors
Co., 6,000; Ford Motor Co., 5,000;
Nordyke and Marmon, 3,000; General Motors
Corporation, Buick, Cadil¬
lac, 2,000; Trego Motors Corporation, 500. The first of
these contracts
was signed in
August 1917, and production work started immediately.
“The Liberty twelve-cylinder engine as
originally designed was of the
300 horse-power class, producing
approximately 330 horse-power. All the
parts of the engine were designed to stand the stresses
incident to this
horse-power. When we had succeeded in getting tools and
equipment to
build this 330 horse-power
type and had produced approximately 300 of
them, we were advised by authorities in France that
higher horse-power
would be required.
By readjustment of the parts the engineers stepped
up the horse-power of this engine to 375, with the result
that certain of the
parts would not stand this strain,
notably the crankshaft, and it was
necessary to stop productive efforts and increase these parts
to stand this
additional power requirement. After several weeks’ work this was
accom¬
plished, and when we had produced approximately 500 of this
type we were
again notified that an increase in power would be
required, and that what
would be needed for the summer of 1918 would be
400 horse-power or over.
“We, therefore, again delayed production while the engineers
rearranged
the engine parts so that the
engine would develop approximately 440 horse¬
power.
The resulting strain placed on all the
parts of the engine was too
great.
We were obliged to enlarge and
strengthen crankshafts, connecting
rods, bearings, &c., together with all the adjacent parts. It became
neces¬
sary to change the metallurgical specifications, which resulted in
changes in
the methods of the steel mills.
In increasing the size of the parts all of the
jigs, tools and fixtures in the machine-bull ding plants, the parts of fac¬
tories, forging shops. Ac., were rendered obsolete and we had to construct
new equipment to meet all these
conditions in order to meet the require¬
ments as given to us by our aviation authorities
in France.
“The extent and magnitude of these
changes so required is Illustrated
by the fact that the engine when competent to
develop 330 horse-power
weighed 785 pounds, without water or oil, while, when it was
competent
to develop 440 horse-power,
it weighed 860 pounds.
"In spite of this difficulty, on
May 29 1918, one year after the first
scratch of the pencil toward the
design of the engine was made, we had
produced and delivered into service 1,100 Liberty twelve-cylinder engines.
This is an accomplishment which has not been
equaled heretofore in this
or any similar
industry, either in this country or elsewhere.
“Much agitation has centred about the assertion that
thousands of
changes were made in this engine. This agitation is entirely incorrect and
unfounded.
The changes arranged themselves in three
groups: Design,
increase of powe~, and manufacturing
limits.
“There have been but two changes in design in this
engine since it was
first laid out in May 1917.
One of these was to change the oil system
from the so-called scupper feed to forced feed.
Either system worked
properly on the engine, but the latter system is fool-proof, while the former
is not.
We, therefore, substituted the latter system. The other design
change was an alteration in one part of the connecting rod to allow the
rod to have sufficient play without cracking.
“The changes due to increasing the
horse-power twice were the result
solely of the demands of our aviation authorities that the power be in¬
creased.
As the engine was used in service and as the
manufacturing pro¬
2243
PLANS FOR EXTENDING AIR MAIL SERVICE.
Details of the plans for extending the aerial mail service
were set forth in an
address by Charles N. Kight, special
representative of the Post Office Department Aerial Mai]
Division, in an address before the New York Chamber of
Commerce at its regular meeting on Dec. 9. Mr.
Kight
pointed out that after the new rate of 6 cents for letters sent
by air mail goes into effect on Dec. 15, a letter provided
with a 6-cent stamp and marked
“By Aeroplane,” may
be mailed in New York up to 4 o’clock in the
afternoon and
will leave by airplane at 6 o’clock the next
morning.
Such
mail will have an
advantage over even special delivery
letters sent by rail, and will gain from five to
eight hours
in the trip to Chicago or
points
beyond, and two hours and
thirty minutes
cents
an
to Washington.
If in addition to the 6
extra 10 cent stamp is affixed, the letter will have
the added
advantage of special delivery service at the point
The time required for the trip to
Chicago
of destination.
is expected to be nine
later be cut to six and
hours, which Mr. Eight said would
a
half hours.
The time from coast
to coast will
eventually be forty-two hours, he said.
Mr. Right’s address was given as follows in the “Journal
of Commerce” for Dec. 10:
Charles N. Kight, special representative of the Post Office
Department
Aerial Mail Division, made plain to the members of the Chamber of
Com¬
merce at its regular meeting, the
advantages of the new aerial mail service.
He said that the new service had proved
phenomenally successful.
“The success of this movement has been
phenomenal and beyond our
most ardent expectations,” said Mr.
Kight. “it has been in effect since
May 15 between Washington and New York, and now we are
perfecting
a system between New York and
Chicago, which service will be effective
on Dec. 15 when the war has
released some of these large De Haviland
machines, so that it will enable us to make the Initial trip between New
York and Chicago in about nine hours.
We propose to cut that down
later to six and a half hours.
It Is also the program of the Department
to extend this service all over the
country, reaching the aspiring centres.
When this matter is considered by the Government
they take into con¬
sideration the fact that New York sets the pace.
What Is done in New
York is followed in other places; your influence extends
everywhere. We
credit you with inspiring the activities of the country at
large, because, as I
said before, you set the pace.
When we are pleasing New York we are
pleasing tne United States, and when we are aiding New York to develop
her interests commercially and financially, we feel that we are
aiding the
whole country through your influence.
“This service has been effective between Washington and New York
for the last four months.
On Dec. 15 it will be effective between New
York and Chicago, and later it will be extended to all
aspiring centres in the
United States, which extension will simply mean,
figuratively speaking,
that all those aspiring centres will be located in your own suburbs.
When
we reach San Francisco in forty-two
hours, that places San Francisco
nearer to New York than Chicago, does it not?
“After Dec. 15 you can put a letter any time up to 4 o'clock in the post
office and put six cents on it and mark it “By Aeroplane." and it
goes by
an aeroplane that leave at 6 o clock the next
morning, and it has all the
rights and privileges of .a letter with a ten-cent extra stamp on it. It has
the advantage over even special delivery mail sent by rail.
It has the ad¬
vantage between that and having the extra ten cents put on it. For in¬
stance, in Washington, Philadelphia and New York, as soon as the aero¬
plane reaches its terminal it is rushed to the post office and there sre a
special corps of boys who receive that mail and hurry it to the addresses,
which justifies us in stating that that letter is in actual flight with the ex¬
ception of a few minutes, from the time it is given to the aeroplane until lb
is delivered to its destination.
Now, by putting on an extra ten cents,
that is, six cents for postage and ten cents extra—this six-cent rate goes Into
effect Dec. 15—that mail, as soon as received, we will say, in Chicago, is
delivered immediately to boys who distribute it to the addresses, and if
for a point beyond Chicago, of course it carries the advantage of the time
saved between New York and Chicago, to all sections of the country. Just
the same as it is here going north, and from Philadelphia and Washington
going south.
“Now we have only about two hours and thirty minutes over rail mail be¬
tween Washington and New York, and by the way, that is one of the best
services we know of.
It Is wonderful and you are to be thanked, and all
the industrial institutions in this city are to be thanked for the liberal sup¬
port we have had.
It has inspired us to go ahead regardless of expense, I
was going to say, but that Is not true, because
they are holding us down,
but ic has inspired us to use every effort to perfect this service according
gressed, it became evident that some of these limits should be changed,
and this action has been followed.
“The production of engines as to types Is as follows: OX-5,
to plans.
8,412; His¬
pano-Suiza. 4,101; Le Rhone, 1,178; Lawrence, 451; Gnome, 280; A-7-A,'
“1 want to impress on you the importance and value of this service to
2,250; Bugatti, 11; Liberty. 15,131; total, 31,814.
you, especially in the transmission of important documents.
I had the
“The results achieved by the Liberty engines were so satisfactory
to the
pleasure of addressing the United Engineers a couple of weeks ago, and
Allies that commencing in June 1918, they were very insistent in
I was followed by a gentleman who had a magic lantern
placing
performance, and
with us large orders for engines.
It soon became apparent that we would
I had been claiming that we rivaled the
telegraph even, and when he got
need additional sources of engine supply over and above the 22,500 which
up he said*
‘I want to indorse one statement that Mr.Kight made. I was
was originally planned for our own army and
navy. We, therefore, increased
sitting in the office of a friend in Philadelphia, who prepared a letter and
the number of manufacturers by adding the three
plants of the Willys- dispatched it by air service. Then he weit to the telegraph office and
Overland Co. at Elmira, Elyria and Toledo, and also the Oldsmotor Co.
telegraphed his friend in New York that he had sent this valuable package
at Lansing, Mich., to the list of Liberty producers.
We also placed orders
by aeroplane.
He then went and got on a train and came to New York,
for 8,000 8-cylinder Liberty engines with Willys-Overland and the Buick
sat down in the office, and found that that letter had been received an
Motor Co. at Flint, Mich.
When this was completed we had placed orders
hour and twenty minutes before he got here, and about forty minutes after
for engines as follows: OX-5, 9,450; A-7-A, 2,250; Gnome, 342; Le
that the telegram came.
Rhone,
Now, I am willing to say that congestion is
3,900; Lawrence. 451;Hispano-Suiza-150 4,000; Hispano-Suiza 180, 4,500;
possible. There are instances, not quite as positive as that one, that I can
,
Hispano-Suiza 300, 10,000; Bugatti, 2,000; Liberty-12, 51,100; Liberty-8,
8,000; total, 95,993.
“During October last we were producing over 150 Liberty 12-cyllnder
engines per working day.
“During October we produced of all types of engines a total of 5,603.
This is more than the total production of France and England during one
month during the four years of the war.
“By following this method of production, we have achieved the following
results: Designed, developed and put into production during one year a
400 horse-power type of perfectly satisfactory performance; designed, de¬
veloped and produced within eighteen months over 15,000 of these engines,
and produced during eighteen months engines of all types totaling 31,814.
That the result has been satisfactory is apparent from the entire course of
aviation during the last few months."
refer to, but 1 want to say this, that it doesn t make any difference what
the climatic conditions are, rain, storm, snow, or anything, our machines
make 100% and have been making 100% for months between Washington
and New York.
It is safe for men to assume, with the care that is being
exercised in the selection of pilots and machines, that that same percentage
of 100 will be made from New York to Chicago, commencing on Dec. 15.
“If you do not want to put ten cents on a letter and want it to go by aero¬
plane, and want it to get special service, put on six cents and marie it
‘Aeroplane Service.’ That gives you five to eight hours adantage to
Chicago, and to the West it give you that advantage over all by steam mall.
It does not make any difference if it is special delivery by steam mail, you
get that advantage.
By paying the other ten cents your letter is in con¬
tinual flight, except for a few minutes, from the time it is received by the
party to whom it is addressed, it makes no difference in what part of the
understand
[Vol. 107.
THE CHRONICLE
2244
maintaining a record of 100% efficiency. Another cardinal point which
I wish to taring out is that it required 37 men to operate the same sendee
It/’
Department's plans for extending
the mail service will he found in the report of the PostmasterGeneral, referred to in another article.
Further details of the
PLANNING AIR LINE
SERVICE FROM AUSTRALIA
TO LONDON.
Australian commercial
and financial interests are making
plans to connect Australia with London and other parts of
the British Empire by commercial airplanes, according to a
British Wireless dispatch from London on Dee. 9. A com¬
pany has been formed to
route to London by way
finance the survey of an aerial
under army supervision, while I have attained
20 men.
When it is considered that in a month more
Committee.
issued by the Civil Aerial Transport
time when the
that in the circumstances I owe it
that my resignation be accepted for the
me
airplane will compete with the telegraph, the Post Office,
and the railways. It is stated that nearly five hours could
be saved between London and Paris, one day between Lon¬
don and Turin, twelve days between London and Calcutta,
and thirteen days between London and Johannesburg. The
committee recommends the formation of a special branch of
the Government air service, beginning on a “modest scale
under the Air Ministry to insure that all preliminary action
will be taken without delay."
HEAD OF AIR MAIL
field management.
Captain Iipsner's letter in part was given as follows
in
the New York “Times" of Dec. 7:
since the ending of the war there have come to
representatives of certain aircraf t
Aircraft Association to have th3
Post Office Department spend tens of thousands of dollars unnecessarily
In constructing special airplanes made for mail carrying and having ex¬
tensive alterations made on the military airplanes which the War Depart¬
ment. at the direction of Secretary Baker, has turned over, and is turning
over, to the Post Office Department to be utilized in the air mail service.
Appreciating that ray duty vs a public servant is to avoid all unnecessary
expenses and knowing that the public expects the aerial mail service to make”
every effort to salvage and utilize the thousands of military airplanes left
over from the military aircraft program. I have opposed the policy of going
into these unnecessary expenditures.
Having in mind also the disapproval
expressed by the Senate investigating committee last August of the methods
of the Manufacturers* Aircraft Association, I have also been fearful of the
delays in the extension of the aerial mail service which will taka place if
so-called technical men and novices lacking experience in this new field
should be permitted to interfere in the handling of the aerial mail service
my attention apparent efforts made by
manufacturers and the Manufacturers*
and its equipments.
We have made and maintained the most
remarkable record of 100%
efficiency and the only way to supply the country with the extensive air
mail service which it demands is to keep obstructions away from it.
To-day
I read with dismay and amazement in the evening papers a statement by
Second Assistant Postmastor-Oenoral Otto Praeger that the air mail service
was to have special airplanes constructed for carrying mail, and, at the same
time, an order which he issued placing novices in charge of important
branches of the air. mail service.
Last evening I spoke to Mr. Praeger
regarding this new order and he cut me short and stated that those were
the conclusions he had reached and that they would be carried out regard¬
less of what I thought or said.
Appreciating the fact that you are pressed by details of the many
branches of the Post Office Department, I did not attempt to go any
further in this matter.
During the 111 days in which I had charge of the
air mail service only two legs of trips failed on account of weather and three
mjaccount of accident. There was a total of only seven forced landings.
In November we operated a perfect month without any failures, showing
ondusively that the service under my supervision had reached and was
accepting Captain Iips¬
Dec. 7 1918.
New York City.
communication of the 6th inst., with
newspaper dipping, and tendering your resignation.
Your resignation is
hereby accepted, effective this date.
Your letter from beginning to end is a tissue of misstatements about
matters of which you should have been fully conversant, and in order that
the records of the Post Office Department in this matter may be complete,
I desire to set out the following corrections of statements made in your
communication: The dippings you attached, stating that a new air mail
flying machine designed and equipped specially for nationwide aerial mail
service, soon to be inaugurated, is now being built by the Post Office De¬
partment, and that Second Assistant Postmaster-General Praeger has told
the House Committee on Post Offices and Post Roads, has no foundation
in fact.
No such machine is in contemplation or in course of construction
and no such statement was made in the testimony of the Second Assistant
Postmaster-General before the House Committee on Post Offlbes and Post
B. B.
Lipsner, Hotel McAlpin,
Sir:—This fas to acknowledge your
__
Roads.
Protesting that the plans outlined by Postmaster-General
Burleson in his report for extending the aeroplane mail
service all over the country involved a useless waste of public
money, and that unnecessary delay would be caused by plac¬
ing “so-called technical men" and novices lacking experience
in charge of the aerial mail service and its equipment, Cap¬
tain B. B. Lipsner, Superintendent of the air mail service
since it was started between New York and Washington
last April, sent his resignation on Dec. 6 to PostmasterGeneral Burleson, giving a detailed account of his reasons.
In his letter of resignation Captain lipsner called attention
to the proposal to have special airplanes built for postal
service instead of using the military planes turned over to
the postal authorities by the War Department. This he
characterized as waste and inefficiency, as also the “exten¬
sive alterations" which, he alleged, were to be made to such
army planes as were to be used.
In a caustic letter accepting Captain Iipsner's resignation,
Postmaster-General Burleson on Dec. 7 charged that Cap¬
tain Iipsner’s letter was “a tissue of misstatements" about
matters with which he should have been conversant.
Mr.
Burleson denied that special planes were to be built or
extensive alterations made to the former army equipment,
and asserted that the men chosen to manage the new service
were aviators with practical experience in both flying and
In the past three weeks
to the American public to request
reasons as already stated herein.
The Postmaster-General's letter
ner’s resignation read as follows;
The report foreshadows the
CAPTAIN LIPSNER RESIGNS AS
SERVICE.
than 11,000 miles of air
thousands of letters carried, no further comments
are necessary.
1 endeavored to maintain this high standard of efficiency
by operating the service with the maximum economy. You no doubt are
familiar with the fact that I developed the plans of the air mail service
and its extensions and hoped that it would have been operated on the same
successful basis as to-day.
This I am sure can be done with the airplanes being turned over to the
Post Office Department by the War Department without any extensive
expenditures of the public money. As an evidence of this statement,
permit me to cite Max Miller’s performance in operating one of the HandleyPage planes with only ten minutes observation. He successfully flew the
huge plane alone and made a perfect landing. I believe you will agree with
travel were covered and
of Sydney and Port Said. The
possibilities of aviation from a commercial point of view are
dealt with in a report,
better results with only
that the
alterations
on military airplanes which the War Department by*direction of Secretary
Baker has turned over and is turning over to the Poet Office Department
to be utilized in the aerial mail service has no foundation except in your
own imagination.
Except for the application of sldis on running gear
of certain planes to meet snow conditions this winter, no alterations of
any character to the planes turned over by. the War Department are in
contemplation or execution, save the experimental modification which
you requested on three Haviland planes in order to decrease its landing
speed and the minor modification which you requested to facilitate the
The statement in your letter designed to create the impression
Post Office Department is considering, or authorizing, extensive
bettor loading of mail in the Handley-Page.
You have not opposed any of these alterations, but have
nor have you opposed the purchase or construction
mail planes, but, on the contrary, in a letter written to
suggested them,
of specially devised air
the 8econd Assistant
Postmaster-General on Oct. 31, from Chicago, urged the construction of
a fleet of specially constructed twin-motor airplanes for carrying the mail.
This recommendation was rejected by the Second Assistant PostmasterGeneral in a letter to you, dated Nov. 5. 1
Your statement intimating that novices lacking experience will be per¬
mitted to interfere with the handling of the aerial mail service and its equip¬
ment is on a pm* with the other statements in your communication.
The
in charge of flying operations and the other in charge of
maintenance and equipment, who succeeded you, and will be directly in
charge of the flying operations, are aviators, which you are not, and have
two
officials,
had
experience in field management and
one
supervision, which you had not
when you entered the service.
You state: “I wish to resign to
keep my records as first Superintendent
mail service spotless.”
You were not the first Superintendent
of that service.
The first Superintendent of the Aerial Mail Service was
Major Reuben H. Fleet of the United States Army, who launched it under
great difficulties and maintained it with an enviable and
record.
Between Aug. 1 and Dec. 1, during which period the excellent rec¬
ord of the air mail service to which you refer was performed, you were in
the West and the South and other points on other work of the department,
of the aerial
distinguished
of touch with actual flying operations between
The achievements of the aerial mail service
were accomplished not by you, but by Second Assistant Postmaster-General
Otto Praeger, who has directed its movements from its inception to the
present time in ail its details.
You will deliver to the Postmaster at Elizabeth, N. J.. in accordance
with the telegraphic directions of the Second Assistant Postmaster-General,
all blueprints and other papers and travel commission of the Post Office
Department, and take his receipt therefor.
The reorganization of the aerial mail service was announced
for eighty-two days, and out
New York and Washington.
by the Post Office Department on the 7th. This reorgani¬
zation included the abolishment of Captain Iipsner's office
of Superintendent of the Aerial Mail Service and the creation
instead of two main sections—one on maintenance and equip¬
ment and the other on flying operations.
First-Lieutenant
J. Clark Edgerton, who was in the Aerial Mail Service during
its operation by the army authorities and who has since been
on testing and flying work in Boiling Field, resigned from
the army and was appointed to take charge of flying opera¬
tions of the mail service. Dr. L. T. Bassler, who served
with General Pershing's staff in Mexico and subsequently
as Adjutant and instructor in the West Virginia Flying Corps
unit, which went to France, was given the position of Chief
of the Maintenance and Equipment Section.
NEW
YORK STATE LAW PROVIDING MILITARY
TRAINING FOR BOYS IN EFFECT DEC. 3.
By proclamation of Gov. Whitman of New York Deo. 3
set as the date for enrolling all boys in the State 16, 17
was
and 18 years of age for compulsory military training under
the State Military Law. From that date all boys of the
specified
ages
must receive military
training whether in
Dec. 14 1918.]
THE CHRONICLE
school
or at work and the
employment of any
enrolled is made a misdemeanor. Following is
mation issued by the Governor in the matter;
boy not so
the procla¬
boys above the age of sixteen years and not over the age of nineteen years
shall be given such military training as the
Military Training Commission
of the State may prescribe; and
Whereas, With the coming of peace the varied training contemplated by
this Act becomes more important than ever
through its interpretation as a
universal selective training program instilling in our youth a sense of re¬
sponsibility to the State in time of peace as well as in time of war, and pre¬
paring than to meet this responsibility intelligently and effectively, not
only through the lessons of good hygiene,’ correct personal bearing, disci¬
pline, and obedience to properly constituted authority, so prominent in
military drill, but also by emphasizing the importance of vocational train¬
ing which may be of service to the State; and
Whereas, The Military Training Commission is required to issue to each
boy complying with the law, in order that he may legally attend school
or be employed, a certificate
stating that such boy Is enrolled for military
training and Is meeting the requirements of the law as to such training; and
Whereas, The Military Training Commission has prepared to enroll
boys and Issue certificates on Dec. 3;
Now, therefore, I, Charles 8. Whitman, Governor of the State of New
York, do hereby designate Tuesday, Dec. 3, between the hours of 9 a. m.
and 9 p. m. as a time when all boys sttxeen, seven teed and eighteen years
of age shall appear in parson at the nearest public schoolhouse to enroll and
be credited with compliance with the Military Law of the State.
called upon to answer a. series of
questions, and received a certificate which, under the law,
he must possess before he can legally attend school or be
was
employed.
The information obtained from the enrollment blanks, it
is expected, will give the Bureau of Technical
Military
Training of the Military Training Commission ail the data
necessary for the extension of the technical military drill and
work in parts of the State not now covered by training units
where further arrangements for drill space can be made.
The enrollment blanks will also furnish the Bureau of Voca¬
tional Training the information it needs in order to pass upon
the military training equivalency of work which boys of
these' ages are engaged in throughout the State.
These
data are needed in order that the Military Training Commis¬
sion may comply with that section of the Military Training
Law which provides that the training required of the boys
may
be met in part by vocational training
experience
or
which will specifically prepare the boys for service useful
to the State in the maintenance of defense, the promotion
of public safety, the development of the State’s resources,
and the construction and maintenance of public improve¬
ments.
The carrying out of the law is in the hands of the State
Military Training Commission, consisting of Brig.-Gen.
George A. Dyer, Chairman; Dr. George J. Fisher, Physical
Secretary, International Young Men’s Christian Associa¬
tion; and Dr. Thomas E. Finnigan, Deputy State Commis¬
sioner of Education.
AERIAL COAST DEFENSE PLANS.
,
An extensive system of aerial coast defense patrols, with
90 stations for airplanes and dirigibles and 25 “rest stations’’
for storage and landing purposes, the whole to cost $85,769,300 iq the next fiscal year, was recommended to the House
Naval Affairs Committee on Nov. 27 by Rear Admiral Tay¬
lor, Chief of the Bureau of Construction and Repair, and
Capt. Steele, of the Naval Air Service. The plans as out¬
lined provide for 90 stations, distributed between the At¬
lantic and Pacific Coasts and including Panama, Hawaii,
Guam, Alaska and the Philippines, where triplanes, which
can develop 160 miles an hour, and dirigibles, some of the
Zeppelin type, will base. The fleet of dirigibles would
include four huge ships of the rigid type, costing $1,500,000
each, twelve smaller balloons to cost bbout $250,000 each
and a number of still smaller type costing $75,000 each.
The operation of the coastal stations would cost about $8,000,000, Capt. Steele said. Training stations would require
$3,000,000 more, and experimental stations another $3,000,000. Capt. Steele gave the following list of stations estab¬
lished or planned and the number of planes each would
require:
Chatham, Mass., 24; Narragansett Bay, R. I., 24; Rockaway Beach, 24;
Cape May, N. J., 18; Hampton Roads, Va., 24; Cape Lookout, N. C., 12;
Brunswick, Ga., 18; Miami, Fla., 12; Key West, Fla., 24; Galveston, Tex.,
24; Panama Canal Zone, 24; St. Thomas, W. I., 12; 8an Francisco, 24;
San Diego, Cal., 24; Seward, Alaska, 6; Pearl Harbor, Hawaii, 24; Hilo,
Hawaii, 12; Guam, 12; Cavite, P. I., 12.
Besides these, Fort Angelus, Wash., and the mouth of the
Columbia River are in mind as possible stations. The Navy
Department’s original estimate for air service had been
$225,000,000, but the signing of the armistice resulted in the
cut.
on a
Capt. St8ele insisted that the air estimates
not war, plan.
peace,
The
Navy Department, Capt. Steele intimated, is certain
protecting the Pacific coast will not now be miscon¬
strued by Japan.
The value of the Zeppelin type of aircraft was questioned
by members of the Committee. Admiral Taylor said that
a German machine of this
type had flown during the war
that
.
Whereas, The Military Law of the State of New Yorkprorvidea that all
Each boy enrolled
2245
were
based
;
,
■
from Berlin to German East Africa. He predicted inter¬
continental flights in the near future of such craft.
IMMIGRATION LAW MODIFICATIONS—REPATRIA¬
TION OF CERTAIN ALIENS IN SERVICE OF >r:
UNITED STATES OR ALLIES.
A resolution (H. J. Resolution 331) providing for thejreadmission to the United States of certain aliens who have
been conscripted or have volunteered for service with the
military forces of the United States or co-belligerent forces,
was approved by the President on Oct. 19.
In explaining
the difference between this' resolution and
passed the House
on
one Vhich had
June 29, Representative Burnett in
the debate on the joint resolution in the House
when it passed that body, said in part:
on
Sept. 25,
On the 29th of June of this year we passed the House joint resolution
which provides for the readmission of lawfully resident aliens who enlisted
In our armies, notwithstanding certain pro visions that would exclude them
under the general Immigration law.
In addition to that It was provided
that lawfully resident aliens who joined the Czecho-Slovaks and Polish
and other independent forces might also be readmitted.
Those that
joined the Czech-Slovaks forces must have filed
a declaration of intention
Since that time several treaties have been consum¬
mated and others are in progress of consummation by which aliens of co-
to become citizens.
belligerent nations
may be conscripted here if they do not elect to return
to their own countries within a certain time after the ratification of
those
treaties.
The President during the recess wrote to me, calling attention
hardships and Injustices of the act as it stood then, asking
for an interview In regard to some changes that the State
Department
desired to propose.
On my return I saw the President and had a consul¬
tation with him and also with representatives of the State
Department,
and a bill was prepared by the State and Labor Departments which added
to the law we had already passed, those who joined
co-belligerent forces,
in order that those who returned to their countries and joined the forces
of our co-belligerents might have the same right to return as those
to some of the
joining
forces have.
That provision was sent down as an amendment
by
the State Department and had no time limit for admission of the
alien, and
the bill as reported is not exactly as the State Department’s bill, but it con¬
tains the principle that the Stfcte Department and the President insisted
on.
It simply puts those who joined co-belligerent forces on the same foot¬
our own
ing as those who Joined our forces, and that is the
law that we passed on the 29th day of June.
principle change in the
The other modification is that it removes the obligation upon
the Czecho¬
slovaks forces to have their first papers before having the
privilege of re¬
admission. but since that time the Czecho-Slovak people have become a
recognized belligerent by this country it was thought by the committee
that we should put them upon exactly the same
footing with those who
enlisted in our own army.
Another modification of the law that was dis¬
cussed and agreed upon by the committee.
Under the old law they must
have applied for readmission within 12 months after the termination of the
war.
It was thought by the committee that our armies having increased
so much on the other side, that after the expiration of the war
there would
probably be a very serious congestion and that a good many good men,
men who had made good soldiers, could not get back within one
year for
lack of transportation.
Therefore that was amended so that the admis¬
sion must be applied for within 12 months, but they might be
actually
admitted wlthih two years.
Now, that is the first part of it.
a
The
law:
following is the text of the joint resolution as it became
(Public Resolution No. 44—65th Congress—H. J. Res. 331.J
Joint Resolution Authorizing the read mission to the United States of cer¬
tain aliens who have been conscripted or have volunteered for service
with the military forces of the United States or co-belligerent forces.
Resolved by the Senate and House of Representatives of the
States
United
of America in Conyress assembled, That, notwithstanding the provisions
of section 3 of the Immigration Act of Feb. 5
1917, excluding from the
United States aliens who are likely to become a public
charge, or who are
physically defective, or who are contract laborers, or who have come in
consequence of advertisements for labor printed, published or distributed
in a foreign country, or who are assisted by others to come, or whose ticket
or passage Is paid for with the money
of another or by any corporation,
association, society, municipality or foreign Government, or who are
stowaways, or who are illiterate, aliens lawfully resklent in the United
States when heretofore or hereafter enlisted or conscripted for the
military
or naval service of the Uniced States, or of
any one of the nations co¬
belligerent of the United States m the present war; and aliens lawfully resi¬
dent in the United States who have enlisted for service with Czecho-Siovak,
Polish or other independent forces attached to tde United States
to the army or navy
Army
of
oneof the co-belligerents of the United States
in the present war, who may during or within one year after the termination
of the war apply for readmlsslon to this country, after being
honorably
discharged or granted furlough abroad by the proper military or naval
authorities, or after being rejected on final examination in connection with
their enlistment or conscription shall, within two years after the termina¬
tion of the war, be readmitted; and that any alien of either of the
foregoing
descriptions who would otherwise be excluded under said section pf the
Immigration Act on the ground that he is idiotic, imbecile, feeble-minded,
epileptic, insane or has had one or more attacks of insanity, or on the ground
that he is afflicted with constitutional psycohpathic inferiority,
tubercu¬
losis, a loathsome or dangerous contagious disease, or mental defect, shall
be readmitted if it is proved that the disability was acquired while the alien
was serving in the military or naval forces of the United
States at at any
one of the nations co-belligerent of the United States in the
present war or
in an independent force of the kind hereinbefore described, if such
aHf>o
returns to a port of the United States within two years after the termination
of the war; and that the head tax provided in the Immigration Act of
Feb. 5 1917 shall not be collected from aliens readmitted Into the
United
States under the provisions of this resolution.
or
any
28,000 NAMES ADDED TO AMERICAN CASUALTY
LISTS.
A
new
[Vol. 107;
THE CHRONICLE
2246
estimate of total casualties in the
American Ex¬
peditionary Forces was made public by General March,
Chief of Staff, on Nov. 30, based on cabled advices from
General Pershing, which brought the corrected figures down
to Nov. 26.
The revised total was stated at 262,693, as
against the 236,117 previously announced. General Per¬
shing, it was said, has thus far forwarded no explanation of
the increase, and it was assumed that an error occurred in
the transmission of the previous figures. General March
explained that the revised figures on prisoners could not be
deciphered in General Pershing’s message. The principal
change in the revised list is the addition of 13,100 men missing
in action. This would seem to indicate that the total of
deaths, from all causes, previously stated at 53,154, will
eventually turn out to be much larger. The revised totals
are made up as follows:
Killed
.28,363
12,101
16,034
1,080
in action
Died of wounds
Died of disease
Died of other causes
Missing in action
„
Prisoners
Wounded, 180.055, divided
as
Pershing insisted that to avoid unnecessary distress verification of reports
was necessary.
Senator Hitchcock conceded that while fighting was in progress reports
might be slow, but added:
“But it stopped Nov. 11 and still we don’t know what has happened.”
General March replied that on Nov. 11 he cabled General Pershing to
send promptly a complete total casualty summary of dead and missing.
General Pershing replied that it would be done, and a report of seriously
wounded would come without delaying reports on the dead and missing.
Senator Hitchcock observed that apparently about 160,000 casualties
still were unreported.
General March said, as Secretary Baker had. that most of these were
slightly wounded.
Senator FreUnghuysen of New Jersey said that apparently the total
American deaths were 60,000, and of these only 42,000 had been reported.
He urged that the committee act to expedite the final returns.
Genera] March, discussing demobilization, said General Pershing was
selecting units for the occupational force of about 1,250,000 men, and that
all the other American soldiers in France would be brought home as rapidly
as shipping could be provided.
BRITISH NAVTS WAR
Wounded, missing or prisoners: Officers, 1,042; men, 5,363.
In addition 14,661 officers and men of British merchant
14.200
(unintelligible)
follows:
Severely wounded
54,751
Undetermined
43,163
Slightly....
02,036
An investigation of the delay in publishing the lists of
American casualties was begun on Dec. 3 before the Senate
Committee on Military Affairs. From the New York “Tri¬
bune” of Dec. 4, we take the following account of the pro¬
ceedings before the committee:
Secretary Baker, appearing before the Senate Military Committee to-day
LOSS 39,766.
The British naval casualties from the outbreak of the war
to Nov. 11 numbered 39,765, the Admiralty announced on
Nov. 26. These were divided as follows:
Killed or died of wounds: Officers, 2,466; men, 30,895.
vessels and fishing
while pursuing their
boats lost their lives by enemy action
ordinary vocation, and 3,295 were taken
ITALY1 S TOTAL CASUALTIES 2,000,000.
The total casualties of the Italian armies in the European
about 2,000,000 men, of whom 400,000 were killed
died of wounds and 100,000 died from disease and other
war were
or
Nov. 25 by the Ita¬
city. Five hundred
thousand others are listed as permanently disabled, leaving
1,000,000 who were wounded but not permanently disabled,
missing or prisoners.
according to figures given out
on
to
causes,
overseas,
lian Bureau of Public Information in this
explain the delay in completing the publication of American casualties
said he thought most of the unreported names were those of men
slightly wounded and would come by mail.
General. March, Chief of Staff, and Assistant Secretary Keppel were
with the Secretary. Mr. Keppel said the system of obtaining and verifying
casualty reports in France had been slow at first and if it had to be done
over again it probably would be done differently.
Other Governments
experienced similar difficulties, although they had been perfected their
systems four years.
Senators were unable to understand why only something over 100.000
names had been published, when it had been officially announced that the
casualties numbered 262.693.
The Secretary said every effort consistent
with accuracy was made to prevent delay, and that General Pershing had
been urged repeatedly to expedite his lists, sending the names of the dead
first.
“The department from the beginning," Mr. Baker said, “has never
held up, withheld, or delayed giving out casualty lists.
Our policy has
been to give a complete statement as soon as possible.”
Many complaints, he explained, had been based
upon
misunderstanding
and suspicions that the lists were being held up, and distress had been
caused among relatives by inaccurate reports in soldiers’ private letters.
He told in detail of the publication plan under which a telegram is sent
immediately to the next of ldn before a name is put on the lists transmitted
by mail to the newspapers for simultaneous publication throughout the
country.
“Has there been any unwarranted delay on the other side?” asked Senator
Weeks of Massachusetts.
“I don’t feel free to say that,” Mr. Baker answered.
‘‘Has General Pershing been asked to expedite the reports?”
“Repeatedly; repeatedly.”
*
prisoner.
1,000,000 BRITISH DEAD.
It was officially announced at London on Nov. 27, accord¬
ing to newspaper advices, that during the war the forces of
Great Britain actually lost nearly 1,000,000 men, killed or
dead through various causes.
Recently it was stated that
the British losses totalled 658,704, but this number did not
take into consideration men who were reported missing,
who actually lost their lives, but of whom there is no trace,
did it account for men who died at the front from sickness.
The totals given are understood to include Dominion and
Indian as well as home forces.
Casualties in the British Indian Army during the war,
or
according to figures given out on Nov. 29, totaled 101,439,
of which number 33,051 were killed, died of wounds or are
missing. The wounded totaled 59,296 and 9,092 were taken
prisoner. Most of the casualties were suffered in Mesopota¬
mia.
The strength of the Indian Army at the outbreak of
the war was 239,561. During the war 1,161,789 were
recruited, of which 757,767 were combatants. The ifumber
“There have been so many cases it seems to me the system was ineffi¬
cient,” Senator Weeks observed.
“The system at central headquarters was too slow.at the outset," Mr.
Baker continued, “but it has been improved.
We had to choose between
speed and unreliable information and a somewhat slower system but
of men sent overseas was 953,374.
reliable.
Whether we’ve had too much time spent on reliability and
accuracy is a question on which there might be a difference of opinion.”
The British losses in all theatres of activity, including
Senator Hitchcock of Nebraska said that soldiers’ mail has been “awfully”
killed,
wounded, nnd missing, were officially placed at
delayed and that there must be literally shiploads of it held up.
Mr.
Baker disagreed, and also said he doubted if a statement by Senator New
3,049,991 on Nov. 19. Of the total 658,665 were killed,
of Indiana that it takes an average of twelve days to get answers to letters
mcluding 37,000 officers.
to the department could be true.
The German losses were placed at 6,330,000 by the Socialist
Senator Johnson of California asked what was holding up the names of
the men included in the total number already announced.
“Vorwaerts” of Berlin on Nov. 20. The newspaper’s esti¬
“I don’t know why,” Secretary Baker answered.
“We’re getting them
mate, which was unofficial, said that 1,580,000 German
«s rapidly as the cables are able to carry them.
I think the major part
soldiers had been killed up to Oct. 31 and the fate of 260,000
of these missing are of slightly wounded and coming by mail.
I cabled
General Pershing a suggestion made to me by Mr. Stone of the Associated
was not known.
Four million soldiers were wounded and
Press to send the deaths first and let the seriously wounded follow and then
490,000
were prisoners.
the slightly wounded.
I asked General Pershing if hf3 machinery was
American casualties, according to a corrected list made
^adapted to cable the deaths first. He replied that sending of wounded
was not delaying the lists of dead, and that no speed could be gotten by
public on Nov. 30, totaled, as noted above, 262,693, exclu¬
the process suggested.”
sive of prisoners. A previous statement had placed the
Senator Johnson asked how many Americans had been in actual fighting
total at 236,117, of whom 53,154 were killed or di d of
up to the signing of the armistice.
wounds or other causes.
Secretary Baker estimated 750,000, and General March added that it
above that number, but “somewhat less than 1,000.000.”
General March also said unless relatives of Americans who had lost their
lives requested otherwise, all bodies of the American dead would be brought
men,
home, without legislation by Congress.
How soon the transportation of
bodies would begin General March said he could not state.
Obviously, General March said, while active fighting was in progress,
reports of casualties were slow.
He read telegrams exchanged between the
department and General Pershing last July and August after the heavy
American losses in the Chateau-Thierry fighting, which were delayed in
transmission.
In reply to orders from Secretary Baker advising General
Pershing that the delay was “creating a feeling of distrust” of the depart¬
ment, General Pershing replied detailing difficulties of securing and verify¬
ing casualty reports, and assuring that all possible speed was being exercised.
Genera] Pershing explained that the troops were widely separated, with
some in British and French hospitals, that sometimes records were de¬
stroyed, and that the field telegraph wires were overburdened. General
4,000,000 AUSTRIA-HUNG ARTS WAR CASUALTIES.
The total casualties of the Austro-Hungarian army
during the war amounted to 4,000,000 men,- of whom
800,000 were killed, according to advices from Copenhagen
to the Exchange Telegraph at London on Nov. 29.
Seven¬
teen thousand officers were among the killed.
was
Italy’s losses have recently been estimated at 2,000,000
of whom 500,000 were killed or died of wounds or dis¬
ease and 500,000 were listed as permanently disabled.
No statement of French losses has ever been made public.
Dec. 14 1918.]
THE
CHRONICLE
•200 U-BOATS DESTROYED
DURING WAR—AMERICAN
WARSHIPS ACCOUNTED FOR TEN122 SURRENDERED SO FAR.
Approximately 200 German
-during the
course of
made at London
the
on
war
Not. 29.
types built by the Germans
-360.
submarines
according to
were
Whatever plans
destroyed
an announcement
The total number of all
estimated to have been
was
spirit word, act and fact the benefits of bur
organi¬
zation, whose efficient work has been made
possible by the volunteer
serving of the people at America. A large American
Red Cross force te
working with our troops in England and a
yet larger force in
were
engaged in fights in which it was known that submarines
were present.
The Navy places the total number of
fights
in which it was reasonable
to^suppose that a submarine was
France,
where a personnel of 18 in June
1917 has developed into an organization
of more than 7,000 men and
women.
Our other
smaller, are equally effective in their various fields ofcommissions, though
operations.
near, at 500.
more
Deo. 1,
mem¬
no commitment
beyond the payment of $1. More th*n
47,000,000 American people subscribed to the
American Red Cross within
eleven months a total
aggregating $313,000,000 in money, and contributed
manufactured goods of an estimated value of
approximately $44,000,000. >
After rather extensive
journeys In England, Belgium. France, Switzer¬
land and Italy, I can
report to the American people that wherever our
troops have been fighting the American Red
Cross has been with them,
conveying to them in
Accounted for two U-boats,
yachts for three, submarines for
'One and submarine chasers
for four. Forty-six vessels
on
be developed
bership involves
sinking or capturing ten German submarines. The British
Admiralty gives the Americans credit for nine, owing to the
fact that one case is not
absolutely certain. Destroyers
Eight
may
by Governments, whatever calls may
be made upon the Red
Cross organizations of the world to
supplement the
work of the
Governments, It is dear that the American Red Cross must be
kept strong and efficient that it
may do its share in full measure, l As the
world now finds itself, the
people of America are in a position to do the
most,
the people of America
are looked to for the
most, and, in my opinion, the
people of America owe the most to
suffering humanity.
As far as can now be
foreseen, there will be no further occasion for cam*
palgra for Red Cross funds. During the week
before Christmas there is
to be a roll call,
giving every citizen an opportunity to register as a member
of the volunteer humanitarian
agency for the American people!, which is
recognized throughout the world as the
Aiherican Red Cross. This
American Naval Headquarters at London on‘Nov.
26
-announced that it had credited American
warships with
lurking
2247
German submarines surrendered at Harwich
over by the Allies.
making ajotal of 122^.taken
FLORIDA HOUSE RATIFIES SENATE
PROHIBITION
AMENDMENT.
PRESIDENTS PROCLAMATION APPEALING TO ALL
TO JOIN RED CROSS—H. P.
DAVISON'S
STATEMENT.
The issuance of a proclamation
by President Wilson ap¬
pealing to every American to join the Red Cross for
1919,
"“and thus send forth to the whole human
family the Christ¬
mas greeting for which it waits
and of which it stands in
greatest need,” was made known on the 8th inst. The Red
Cross has designated next week—Dec. 16 to 23—as
Roll Call
Week, in which it will conduct a campaign for members for
the coming year. The President’s
proclamation follows:
To the American People:
'
One year ago 22,000,000
Americans, by enrolling as members of the
Bed Cross at Christmas time, salt to the
men who were fighting our battles
-overseas a stimulating
message of cheer and good will.
They made it dear
that our people were of their own free choice
united with their Govern¬
ment in the determination not
only to wage war with the instruments of
-destruction, but also by every means in their power to
repair the ravages
of the Invader and sustain and renew the
spirit of the army and of the homes
which they represented.
The friends of the American Red Cross in
Italy, Belgium and France
have told, and will tell again, the
story of how the Red Cross workers
restored morale in the hospitals, in the
camps and at the cantonments,
and we ought to be very proud that we have
been permitted to be of service
to those whose sufferings and whose
glory are the heritage of humanity.
Now, by God’s grace, the Bed Cross Christmas
message of 1918 is to be
a
message of peace as well as a message of good will.
But peace does not
mean that we can fold our hands.
It means further sacrifice.
Our mem¬
bership must hold together and be increased -for the great tasks to
come.
We must prove conclusively to an attentive
world that America is per¬
manently aroused to the needs of the new era, our old Indifference
gone
forever.
The exact nature of the future service of the
Red Cross will depend upon
the program of the associated
Governments, but there is immediate need
to-day for every heartening word and for every helpful service. We must
not forget that our soldiers and our
sailors are still under orders and still
have duties to perform of the highest
consequence and that the Bed Cross
Christmas membership means a great deal to them. The
people of the
saddened lands, moreover, returning home
to-day where there are no
homes, must have the assurance that the hearts of our
people are with
them in the dark and doubtful days ahead.
Let us, so far as we can, help
them back to faith in mercy and in future
happiness.
As President of the Bed Cross, conscious in this
great hour of the value
of such a message from the American
people, I should be glad if every
American would join the Red Cross for 1919, and thus send
forth to the
whole human family the Christmas
greeting for which it waits and of which
it stands in greatest need.
WOODROW WILSON.
H. P.
,
The State House of
Representatives of Florida in special
session unanimously adopted on Dec* 3 the
Senate “bone
dry” bill, which strengthens the prohibition law of the
State by providing that no
whiskey or other alcoholic bever¬
ages can be transported within the State after
Jan. 1, and
that possession of more than four
quarts of whiskey or simi¬
lar liquors or more than
twenty quarts of beer by any person
after that date shall be a misdemeanor*
As reported in these columns last
week, the Senate rati¬
fied the Federal Prohibition Amendment
by a vote of 25 to 2,
and the concurrent resolution
ip now before the House*
The following is a list of the States which have
gone “dry”;
the number is 32:
Alabama,
Arkansas,
Arizona,
Colorado,
Georgia,
Idaho.
Indiana,
Kansas.
Iowa,
Mississippi,
Michigan.
Montana,
Maine.
North Dakota,
North Carolina,
New Hampshire,
New
Mexico,
Nebraska,
Oklahoma,
Oregon,
South
South
Dakota,
Carolina,
Tennessee.
♦Texas,
Utah.
Virginia,
Washington.
West
Virginia,
Florida,
Wyoming,
Ohio,
Nevada.
* In
another article in these columns we
give in detail the steps taken so
far in trying to declare the Texas measure
unconstitutional.
If the Florida House of
Representatives ratifies the Na¬
tional Prohibition Amendment, it will be the
fifteenth State
to ratify the proposal.
The other fourteen States are:
Mississippi,
North Dakota,
Texas,
Massachusetts,
Virginia,
Maryland,
Delaware,
Kentucky,
Carolina.
South
Montana,
South
Dakota,
Of the Territorial possessions gone
Rico and Hawaii make up the list. -
Arizona,
Georgia.
Louisiana.
“dry,” Alaska, Porto
MICHIGAN ADOPTS SUFFRAGE
AMENDMENT.
By a majority of approximately 500,000 the State of
Michigan has adopted the equal suffrage amendment voted
upon at the general elections held Nov. 5.
The other amend¬
ment, requiring all ^future amendments to the constitution
to be on one ballot, was
adopted by a vote of 307,169 to
66,726.
The States now having equal
suffrage for women are: Wy¬
oming, Idaho, Colorado, Utah, Washington,
California,
Oregon, Arizona, Kansas, Nevada, Montana, New
York,
Oklahoma, Michigan, South Dakota and North Dakota.
In Vermont women are allowed to vote
only on municipal
subjects, while in Rhode Island the women can only vote for
Davison, Chairman of the American Red Cross War
Council, who went abroad in September to confer with those
in charge of the field of Red Cross
activity in the Allied
countries, arrived in New York on Nov. 27. In a statement Presidential Electors.
issued by him on Dec. I he said that, “as far as can now be
foreseen, there will be no further occasion for campaigns for TEZAS STATEWIDE
kPROHIBITION ACT HELD UN¬
Red Cross funds.” Next week’s roll call, as
stated above,
CONSTITUTIONAL—TRANSPORTA
TION
is for the registration of members for 1919. We
FEATURE STILL IN EFFECT.
quote as
follows from Mr. Davison’s statement:
That there will be an appealing cry of
humanity from all over the world
no one can doubt.
The needs of France, Belgium.
Italy, Russia and the
Balkans will not terminate with the formal declaration of
peace.
A hard
winter is ahead.
Exposure and the hardships of war and the dislocated
industrial conditions of the world have produced
hunger, want and disease.
Politically the outlook for a new and better world is bright, but the
economic conditions are ominous.
There will be such distress in the world
that it cannot be met by voluntary
organizations. Governments them¬
selves must bear the chief burden, and I am confident
that co-operation
between the Governments may be relied upon in an endeavor
to meet this
wholesale work of relief which will be needed.
In addition to this there will,
however, be the necessity and opportunity for supplementary work which
Red Cross organizations throughout the world can
do. should do and must
do.
Certainly the women of America, working through the Red Cross
chapters, and the women in other countries able to do similar work will
find their hearts dictating more than their hands can do.
I hope no
woman will think of relaxing her endeavor to meet
the calls for supplies
of whatever character, as issued from Red Cross
headquarters at Wash¬
ington, until
a
comprehensive and definite program may be worked
out.
The Court of Criminal Appeals on Nov. 27 took
final
action in the case of C. F. Meyer of Cexar
County who was
arrested for selling intoxicating liquors, and
by overruling
the motion of the Attorney-General for
rehearing, sustained
its decision in which the Statewide Prohibition Act of
the
Thirty-Fifth Legislature was held to be unconstitutional
to selling of liquor.
This decision, it will be noted, relates
only to the selling
of liquors, and Attorney-General
Looney has given warning
as
that the State-wide law is still in effect so far as it
prohibits
the manufacture and transportation of
liquor. This would
mean that breweries can not resume
operation and that
saloons can not have stocks shipped to them.
The Comptroller has already announced that
he would
not receive applications for liquor licensesuntil after the
issuance of the
event any were
and that in the
presented, he would refuse to grant them,
mandate in the Meyer case,
following the ruling of the
The extension of the
Attorney-General that the State¬
prohibited the issuance of such licenses. It is
expected that mandamus proceedings will be brought in the
Supreme Court to compel the Comptroller to issue licenses.
No applications for liquor licenses have been filed in the
Comptroller’s department since the Court of Criminal
wide law
Appeals overruled the niotion for rehearing in the Meyer
case, but with proper licenses saloons may now resume
business in that territory of the State not affected by local
option laws or the Ten-Mile Zone Act. All of the larger
cities in Texas are included in this territory which constitutes
about 90% of the State’s area. At the time the
State-wide
prohibition law became effective, June 26 last, only about
fifty saloons were in operation in the entire State, all others
having been put out of business either by local option elec¬
tions or by the ten-mile zone law enacted by the last Legis¬
lature.
By means of a series of
injunction proceedings pending in
Fifty-Third District Court, Attorney-General Looney
proposes to keep Texas dry until the Supreme Court has
passed upon the £>tate-wide law.
The Dallas “News” in commenting on this case says:
Judge Morrow wrote that the subject has been examined in the light of the
Attorney-General 'a motion for a rehearing and to go over the matter again
The Attorneywould be but a repetition of the court’s original conclusions.
General says the law should stand as a military necessity.
Judge Morrow
disagrees, holding that the Legislature passed laws drawing zones around
military camps, also punishing persons who sell or give liquor to soldiers,
and mentions Federal regulations and power of Federal authorities to re¬
strict or stop sale.
He further declares that the Legislature also prohib¬
As further
ited the sale of liquor to nine-tenths of the civil population.
proof, he cites the fact that the State-wide law was not made effective until
the
three months after the Legislature
military emergency involved.
Presiding Judge Davidson in
Judge Davidson further sayd:
people a subject of
“I, therefore, concur in
overruling the
it is
motion for rehearing.
Let the Constitution still be paramount as
written and ordained, and so remain until the people see proper to
it in the manner pointed out and required by the Constitution, or
change
by or¬
daining another Constitution.
“Judge Morrow’s reasoning is irrefutable on the question of
of the Constitution over legislative action. The legal mind ought
UNITED STATES
December 11 1918.
not to
supreme.
“It would invest Texas with militarism to the overturning of the civil
authority, and would do away with the power of the people to make a
constitutional form of Government.”
A mandate to Sheriff Tobin of Bexar County ordering the discharge of
Meyer will be issued by the Clerk of the higher court Friday.
The Houston “Post” says that the prohibition test case originated from a
proceeding by F. Meyer, arrested in Bexar County for
selling intoxicants.. Meyer contended that he was illegally restrained, as the
law was unconstitutional, and the case came direct to the Court of Criminal
Appeals and was not considered in the lower courts. The question of con¬
stitutionality of the law enterecMnto civil courts when the District Court of
Travis County, on petition of the Attorney-General, enjoined common
carriers from transporting liquors.
The Attorney-General, as stated, holds the portions of the Act
forbid transportation, receiving and delivery of intoxicating liquors to
.be unaffected by the decision of the Court of Criminal Appeals, and he has
enjoined various railroads in the State from committing these above named
writ of habeas corpus
which
acts.
The Gulf Colorado Sc Santa Fe Railway has appealed to the Third Court
of Civil Appeals to dissolve this injunction, and the
these features of the law will likely be carried to the Supreme Court.
constitutionality of
of
McAD00\KEC0MMENDS CONTROL OF RAILROADS
BE EXTENDED TO FIVE YEARS.
The recommendation that the period of Federal control
MR.
extended from twenty-one months after
the\war, as provided in the present law,
to five years, is made inja letter addressed on the 11th inst.
by Director-General of£ Railroads McAdoo to the Chairman
of the Inter-State Commerce Committees of the House and
Senate. Mr. McAdoo'points out that less than three months
of the present session of Congress remain, and that it is
presumably impossible to secure legislation in this period
providing a permanent solution of the railroad problem.
To attempt to continue Federal control under the inadequate
provisions of the present Federal control Act he says, and
for the very brief period it authorizes, “would be to multiply
our difficulties and invite failure.”
He further says that
he is convinced*, on the other hand, “that the return of the
railroads to the old competitive conditions will be hurtful
alike to the,public interest and to the railroads themselves.”
to the
public interest, to attempt to operate the railroads under the provisions
of the present law.
In the first place, the time is too short, and, secondly,
the present legislation is inadequate.
As to the shortness of time, it is clear to me that the railroads cannot be
successfully operated under Federal control during the nexi. two years in
the face of an automatic transfer to private control at the end of that time
or of an earlier relinquishment by proclamation of the President.
Every
month tnat passes will bring more clearly to the minds of the officers and
employees the fundamental change in management that is impending, and
the question as to what that change means to the individual.
It is against
human nature that there can be complete and single-minded attention to
duty under such difficult circumstances. This will be especially true on
account of the inevitable discussion as to what ought to be done.
Already this discussion is m full swing and its reaction cm officers and
employees cannot be consistent with the complete concentration upon their
daily duties. State railroad commissions, railroad security holders, railroad
executives, shippers' organizations and other interests are naturally and
properly discussing the subject and proposing various solutions. However
desirable this discussion is for the crystallization of public sentiment,
cannot result otherwise than to produce a state of uncertainty with
it
ferment
will inevitably
the vast army of railroad officers and employees, who
feel that they face a rapidly approaching change in management.
No business in the United States so imperatively requires
among
disciplined or¬
ganization and composed conditions of operation for officials as well as for
employees as the railroad business. Not only does the safety of the lives
millions of passengers depend upon such displined and efficient organiza¬
tion, but the commerce of the country as well. To keep this vast army
officers and employees in a state of uncertainty and ferment for a period of
two years would be harmful in the highest degree to the public interest.
It would be impossible to prevent a serious impairment of the morale of
the railroad organizations.
From the viewpoint of needed improvements, the period of two years is
entirely too short a time within which to plan and carry out the compre¬
hensive improvements which ought to be made to meet the country’s require¬
of
of
ments under peace
railroads for
which would
event
of the rail¬
Federal control
only three courses are open: (1) Government operation
the
one year ana nine months following a proclamation of peace,
mean, in my judgment. Government operation for a period in no
longer than two years and three months; (2) the prompt return
roads to private control, or (3) extension of the period of
to five years.
I am convinced that It is wholly impracticable, as well as opposed
question for a moment the fact that the Legislature is inhibited from sus¬
pending constitutional provisions. The consequences of such a conclusion
•would be appalling, for if the Legislature can suspend one clause of the
Constitution, it can suspend any or all of such provisions, and even the
Constitution in its entirety.
This would empower that body to suspend
the right of trial by jury, and overturn that clause which inhibits the sus¬
pension of the writ of habeas corpus. It would make the military superior
to the civil authority.
It would overturn Sec. 2 of Art. I, destroy Art.
XVII, abolishArt. I, Sec. 29, and make the Legislature autocratically
of the railroads be
the termination of
RAILROAD ADMINISTRATION.
My Dear Judge Sims: The question of railroad legislation is of such vital
importance to the country that I take the liberty of submitting to yon my
views as to the course that should now be pursued.
The war is ended and
we are now confronted with the necessity either of legislating intelligently
about the railroad problem at this session of the Congress or of promptly
returning the railroads to their owners.
Less than three months of the present session of the Congress remain.
It will be impossible, I presume, to secure legislation in this short period,
providing a permanent solution of the railroad problem. This being true,
superiority
,,
offers to Mr.
cable and wise alternative.”
his'concurring opinion said: “It was with
in the opinion originally handed
to be to our
period of Government control for five
McAdoo’s mind “the only one, practi¬
This extension, he says, “would
take the railroad question out of politics for a reasonable
period. It would give composure to railroad officers and
employees. It would admit of the preparation and carrying
out of a comprehensive program of improvements of the
railroads and their terminal facilities which would immensely
increase the efficiency of the transportation machine.
It
would put back of the railroads the credit of the United States
during the five-year period so that the financing of these
improvements could be successfully carried out. It would
offer the necessary opportunity under proper conditions to
test the value of unified control, and the experience thus
gained would of itself indicate the permanent solution of
the railroad problem.”
In the event that Congress shall
fail to grant the five-year extension proposed, Mr. McAdoo
states, he does not hesitate to say that the railroads should
be returned to private ownership at the earliest possible
moment. In presenting his recommendations, Mr. McAdoo
announces that “the President has given me permission to
say that this conclusion accords with his own view of the
matter.” Mr. McAdoo’s letter to Representative Sims
(which is identical with that sent to Senator Ellison D. Smith
of the Senate Committee on Inter-State Commerce) follows:
years
adjourned, concluding there was no
view of concurring with Judge Morrow
down that he was correct, and ought not
discussion or question for debate.”
a
.
fVoL. 107.
THE CHRONICLE
2248
conditions.
could hardly
period, and un¬
at the
make the
the hearty co-operation of the rail¬
Many of the improvements
be completed and put into operation inside of the two-year
der such circumstances and facing a change to private management
end of two years, it would be unwise in the highest degree to
improvements and impossible to secure
road corporations.
Because of the inadequacy of the present legislation, the authority of the
States and the Federal Government has been left in doubt by provisions
which I opposed when the bill was under discussion.
Conflict between
State and Federal jurisdictions will grow more acute under this law.
The
revolving fund appropriated by the Congress will be insufficient to carry
the Federal operation for a two-year period.
More than that, it is of the
utmost importance to the commerce, industry, and life of the American
people that a comprehensive program of improvements to railroad proper¬
ties shall be carried forward over a period of at least five years, such a
program
will involve expenditures of at
least $500,000,000 per annum, or
$2,500,000,000 for the five-year period. The needed funds are not pro¬
vided by the present law.
Moreover, it is difficult under the present law, without the consent of the
corporations, to carry forward a comprehensive plan of joint improvements,
which, to be of value to the public, must of Itself disregard the selfish and
irreconcilable competitive interests of the various carriers.
Many ter¬
minal improvements, to be genuinely serviceable to the public, must be
made without regard to the interest of any particular carrier.
Therefore,
agreements between the Government and the railroads affected will, in
many instances, be impossible, and if the Government should proceed with
such improvements, using the people's money for the purpose, without
securing the carriers’ consent, litigation would undoubtedly arise upon
Dec.
the termination of Federal control, with the
Government’s Investment In the properties
danger that a large part of the
might be lost.
/,
ment issued
Upon the efficiency of the transportation machine w America depends
prosperity of the nation. Involved In this
prosperity is the extension of our foreign trade. We produce so much
more than we consume that markets must be found for that surplus. Those
markets are the competitive markets of the world.
We must be able to
enter them upon equal terms with any other nation.
Our transportation
system, both on land and water, must therefore function at the highest
point oi efficiency and at the lowest possible cost, if we are to get our rea¬
sonable and fair share of the world's trade and in turn be able to keep a
prosperous, contented and happy population at home.
To at tempt to continue Federal control under the inadequate provisions
of the present Federal Control Act. and for the very brief period it author¬
ises. would be to multiply our difficulties and invite failure. On the other
hand, l am convinced from the experiences of the Iasc year, that the return
of the railroads to «he old competitive conditions will be hurtfui alike to
the public interest and to the railroads themselves.
This course, however,
will bring fewer evils in its train than the unsatisfactory, if not impotent,
Federal control provided for by the present Act. The railroads weVe taken
over as a war measure.
They have been operated during the past year
for the paramount purpose of winning the war.
I think it will be generally
admitted that the war service has been successfully rendered, and I am
sure that experience of great value and benefit has been gained not only
for the public, but for the railroads themselves during this brief test.
There Is one, and to my mind only one, practical and wise alternative,
and that is to extend the period of Federal control from the one year and
nine months provided by the present law to five years, or until the first
day of January 1924. This extension would take the railroad question
out of politics for a reasonable period.
It would give composure to rail¬
road officers and employees.
It would admit of the preparation and
carrying out of a comprehensive program of improvements of the railroads
and their terminal facilities which would immensely increase the efficiency
of the transportation machine.
It would put back of the railroads the credit
of the United States during the five-year period, so that the financing of
these improvements could be successfully carried out. It would offer the
necessary opportunity under proper conditions to test the value of unified
control, and the experience thus gained would of itself indicate the perma¬
nent solution of (he railroad problem.
The American people have a right to this test. They should not be
denied ft. It is to their interest that It should be done. In my opinion,
It Is the only practicable and reasonable method of determining the right
solution of this grave economic problem.
d am not now and have not been for the last year Interested In proving
or disproving the theory of Government ownership or any other kind of
theory. The railroads have been operated for the last year with the pur¬
pose of serving efficiently the paramount needs of the war and at the same
time furnishing the best powfble service to the public, whether such opera¬
tion tended to prove or to disprove any theory of railroad control, no mat¬
I have formed no opinion myself as to what is the best disposition of the
railroad problem because the test ha$ not been sufficient to prove con¬
clusively the right solution of the problem. I believe that a five-year test
will give the American people the right answer.
An ounce of experience
is worth a ton of theory, and with the start already made under war condi¬
tions it would be a comparatively simple matter to complete the test so
well begun and thereby gain the invaluable experience which will determine
the solution of a problem which has vexed our State and national politics
and our economic development few the last generation.
There are those who may say that an extension of five years for such a
test will mean Government ownership.
Personally I do not believe it.
But whether such a test would indicate that the ultimate solution shall be
Government ownership or a modified form of private ownership under ef¬
fective Federal regulation should not cause us to hesitate or refuse to act.
It seems to me that in a democracy like ours, where public opinion and the
judgment cf the majority must finally control, the plain duty is to take
those steps which will fully inform public opinion, so that the judgment
may be based upon knowledge rather than upon theory.
Any test which
will Illumine the subject so completely that public opinion may operate
upon it Intelligently would seem to be desirable In any drcumstancej.
In this connection, may I draw your attention to the statement I made
before the Committee cf the Senate on Jan. 21 1918, in reply to a Senator
who asked if I believed “in the Government ownership of railroads.”
I said:
“I do not, or I have not, at least, felt that it was necessary to take
actual ownership of the railroads.
I believe that it will be
the return of peace to restore the competitive conditions to the same
the
impossible after
they existed prior to the outbreak of the war. *
I favor some form
control of a far stronger, more
intelli¬
gent and effective character than we have had heretofore, because I am
satisfied that a stronger Government control will be demanded and will
have to be worked out, both In the interest of the public and in the interest
of the security bidders of these railroads.”
situa¬
of the
old conditions without remedial legis¬
Those who may oppose an extension of five years should face the
tion squarely and acknowledge that they prefer the immediate return
railroads to private control under the
lation.
It is idle to talk of a return to private
which will cure the defects of the existing laws.
control under legislation
There is neither time nor
opportunity for such legislation at present. It Is impossible and hopeless
for the Government to attempt the operation of the railroads for twentyone months alter peace under the present law.
Therefore, the country
should squarely face the condition that the railroads must promptly go
back into private control with all existing legal difficulties unless the only
practical alternative, viz., an extension of time. Is promptly granted.
I hope that the Congress in Its wisdom will grant a five-year period for a
test of unified railroad operation under proper provisions of law which will
make that test effective and at the same time take the railroad question
out of politics while the test Is being made.
Unless this is done, I do not
hesitate to say the railroads should be returned to private ownership at the
earliest possible moment.
The President has given me permission to say
that this conclusion accords with his own view of the matter.
Cordially
W. G. McADOO.
FROM RAILROAD
ADMINISTRATION.
The resignation, effective Jan. 1, of Robeit S. Lovett as
Director of the Division of Capital Expenditures of the
Railroad Administration was announced on Dec. 5.
Mr.
Lovett will return to the management of the Union Pacific,
of which road he was this week elected President. A state¬
•>
v~: ■ * / >' ;
the ride of appearing fulsome, that in my
judgment no business agency—public or private—has been more absolutelyfree from political influences and considerations or more completely domK
nated solely by what was conceived to be right and in the public good than
the Railroad Administration, due to the inspiring example and superb
I should like to say, even at
firmness of the Director-General
himself.
V.*
A statement issued at the same time
McAdoo said:
*
>, V
<
?
.
„•;*
by Director-General
I
I have accepted with great reluctance Judge Robert 8. Lovett’s resigna¬
tion as Director of the Division of Capital Expenditures of the Railroad
He has served with such signal
ability and such single devotion to the interests of the country during the
trying period of the past year that no commendation, however strongly
expressed, could do justice to him. .
-y
,
v
S ’
\
>
y
Judge Lovett has not only had charge of one of the most important divi¬
sions of the Railroad Administration, but has also been an invaluable coad*
jutor and counsel in connection with the great problems of unified operation
and Federal control of the railroads during the past year.
Administration, effective Jan. 1 1919.
W. G. BE SLEWS CRITICISM OF
ADMINISTRATION.
RAILROAD
*
Besides criticising the work of the Railroad Administra-.
tion, W. G. Besler, President and General Manager of the
Central Railroad of New Jersey, has taken exception to,
President Wilson’s asse#ions in his message to Congress that,
the railroads had failed to meet the requirements of the war.
These criticisms of Mr. Besler’s were made in a speech on
“Some Aspects of
the Railroad Problem,” delivered by him
dinner given in Newark on Dec. 11, which brought to
a close the Readjustment Convention.
The New Yorl^
“Times” of the 12th, in its account of Mr. Besler’s remarks,,
a
said:
After quoting from the President’s message to Congress on the eve of his,
departure for the Peace Conference, that part of the document in which
Mr. Wilson referred to .the railroad’s inability to cope with the emergency
situation of the war, Mr. Beeler said:
“Some of us are not prepared to admit that It was impossible to route
troop shipments and freight shipments without regard to the advantage of
disadvantage of the roads concerned. Nor do we admit that the railroads
were not equal to the Immense tasks imposed upon them.
The only cause
of whatever congestion began to develop in the latter part of last year wa%
occasioned by the mischievous activities of certain Government depart-,
ments and agencies which brought about such a hopeless snarl and tangle
in the movement of traffic as to well nigh paralyze transportation.
“Mr. McAdoo has done practically nothing which the railroad executives,
had not planned and set in motion before he took hold.
The same execu¬
tives and employees have been working for Mr. McAdoo; the only differ¬
ence is that which the railroad executives were not permitted to do wa^
made the order of things and they were directed to do.”
Mr. Besler criticized the Railroad Administration for stating that upward
Of a half billion of dollars has been advanced to the various railroads since,
the first of last April.
In this connection Mr. Besler said:
this statement that the railroads are so hard
the the Government has had to lend them this large amount in order,
them going. The fact is that these advances are nothing more or
than partial payments on account of rent due the railroads for the use
“Many people suppose from
up that
to keep
less
of their lines.
“If aU the money
that
was
due since the 1st of April had been paid the
would have been close to three-quarters of a billion.
I should like tq,
call attention to the fact tnat for the eight months period the railroads are
still $220,405,417 below the operating income of the same period in 1917,
when the roads were operated under private ownership, tills notwithstand¬
sum
ing 15% and 25% increases in rates which have been made and whicl\
of revenue totaling $440,805,542.
“We are disinclined to challenge the statement of one high in authority,
but manifestly such a person Is not necessarily omniscient.”
At this point Mr. Besler recalled what President Wilson had said of Jef¬
ferson Davis,"in effect that he was not disposed to accept any one’s counsel
save his own, and as some were inclined to regard die quotation as aimod at
Mr. McAdoo there was much laughter.
In dosing his remarks, Mr. Besler said he believed it was the opinion of
most railroad managers that “the properties should not be returned under,
existing conditions.’* He declared that Congressional action must deal
with tne question of return so that rates sufficient to meet existing costs,
amount to an increase
of operation would be assured.
He
would majee the railroad man’s wage
also expressed the hope that Congress
high enough so that young men would
be attracted co the railroads and that provision would be made so that the
roads could give the public service as high as the traffic income would per¬
mit.
yours,
ROBERT S. LOVETT WITHDRAWS
the*
return to the Union Pacific. •1'
at
might be.
of Governmental regulation and
by him regarding his withdrawal frofci
Upon the cessation of hostilities I resolved to relinquish es early as
possible without inconvenience my position with the Railroad Administration here, which I had taken only tor the period of the war, and take a rest
which my health demands.
In the meantime Mr. C. B. Beger, who
succeeded me on the Union Pacific, when l resigned my connection with
that company to go with the Railroad Administration in March last,.
received a very attractive offer from an important manufacturing and
commercial institution which it was necessary for him to act upon without;
delay. He has agreed to accept the position, and the Union Pacific
Executive Committee have invited me to resume my former position
with that company.
In the circumstances the Director-General has been?
good enough to relieve me on Jan. 1, and after two months rest I expect
.
extent as
i-tt.
Railroad Administration says:
A
in great measure the future
ter what it
2349
THE CHRONICLE
141918.]
_____________________
FIVE-YEAR RAILROAD CONTROL.
Jacob H. Schiff of Kuhn, Loeb & Co.
expressed his views to Secretary of the Treasury McAdoo
with regard to the period of Federal railroad control was made
public as follows yesterday:
JACOB H. SCHIFFON
A letter in which
New York. Dec. 10 1918.
McAdoo, Secretary of the Treasury, Washington, D. C.:
It appears to me that, if possible, the necessity should be avoided to go
to Congress for new legislation at present, which, if at all, could likely
not be obtained except after considerable discussion and delay; thus a
Hen. W. G.
.
THE CHRONICLE
3250
period of uncertainty would be created which would be most disturbing
and unfortunate.
Under existing laws the Government can
retain the railroads for a
period which will amount likely to not lees than twenty-seven months.
This, for practical purposes. Is just as good and perhaps better than a fiveyear period, and if the President will declare it as his Intention to continue
to exercise control until the expiration of the time now given him by law,
tmt that, at the end of that time, the roads are to be returned to their ownera, the latter will know what they have to deal with and make, in the
meantime, adequate preparation, including the obtainment of legislation.
If such be needed and can be had.
I suggest an early announcement be made by the President that, in order
to give time for proper preparation and adjustment of conditions, he had
decided to name Jan. 1 1921 as the date at which the Government will
surrender control of the railroads to their owners.
This would permit the
final dosing up of this entire situation before the present Administra¬
tion goes out of office, and would take the entire question at once out of
politics, which is most desirable.
JACOB
H.
8CHIFP.
a. DAVIES WARFIELD'S VIEWS ON FIVE-YEAR CON%
TROL OF RAILROADS.
S. Davies Warfield, President of the National Association
of Owners of Railroad Securities, was asked on the 12th
inst. what would be the position of the Association in view
of Director-General McAdoo’s letter to Congress asking
that the time for the return of the railroads be extended for
five years. Before leaving for Charleston that night, Mr.
Warfield said:
The position taken in respect to the return of the railroads has been re¬
cently announced In two statements In the press. Nothing in the present
situation alters the course then determined upon as far as I can see.
These
statements were made after President Wilson's annual message to Congress,
leaving it to that body to work out the methods under which the railroads
are to be returned and to enact such legislation as may be necessary as
[Vol. 107
merits that exist under either private or Government
ownership and oper¬
ation.
Most of them, indeed, embody reforms for which railroad oft
leers
have clamored these many yean.
First, and foremost, the Sherman Law is out of business. He was tewnoj
out of the window by Mr. Fairfax Harrison and the Railroad War
Board as
declared; but President Wilson and Mr. McAdoo chloro¬
formed and embalmed him on the 28th of last December.
Let us briefly suggest the other obvious
blessings of the present regime:
1. The pooling of equipment and terminals.
The
2.
elimination of unnecessary trains and duplicated service;
3. The more economical loading and routing of
freight;
4. The unification of passenger ticket oil ices;
5. The elimination of the frills of the business, such as observation can
for which no adequate fare was paid, Ac.;
6. The frank recognition of the necessity on the part of
Government,
which adds to the expenses of operation, to find the increased rates and fores
with which to pay those expenses; and
7. The assertion of the right of the Federal Government to control the
railroad situation as a whole In the national Interest. In spite of
conflicting
State laws and obstructive State commissions.
These are great gains, and it is the duty of every railroad
to see
to it that they are brought clearly to public attention.
We must face the
fact very frankly that the decision of this momentous issue Is
absolutely
in the hands of the public.
The public must take one of two broad pedicles.
It may prove profitable to sum up the factors
constituting the two
horns of the dilemma, one of which our nation must choose as its ultimate
soon as war was
policy.
As
with practical railroad experience and as an observer of Govern*
operation throughout the world, I am convinced that the most
economical operation can be attained under private ownership.
Amf the
gains we have obtained from Government operation can all be retained
under private ownership.
The great fact about Government operation is the inevitable tendency
toward extravagance and Inefficiency.
If the deficit from operations
one
ment
always be made up out of taxation, if there Is to be no reward for
forethought, it is impossible to expect careful watchfulness
over expenditures.
The supreme test which we in this country must apply to our
plan of
dealing with this whole question must be this: which plan will provide the
necessary transportation at the lowest possible cost 7
early as possible.
This means that we must not alone make the best and most economical
It was at that time we announced the names of the recently appointed
use of existing faclities, but we must
provide the new facilities needed
Advisory Counsel to the Association, ex-Senator Ellhu Root, John G.
v
Mllburn, New York; John E. Miller, Chicago; Hugh L. Bond, Baltimore, for the future development of our country*
We cannot here view the question as one might In
and Ferney Johnston, Birmingham, Ala. The Executive Committee in
England or France,
where the necessary railroads are already built.
consultation with the Advisory Counsel and. also general counsel. Is now
How are we to develop our existing roads, and how are we to build our
engaged in considering plans for the return of the railroads. As already
stated, a letter was sent to the Chairman of the Inter-State Commerce new railroads? The heart of the problem is this: Shall it be by the log¬
rolling and pork-barrel methods under which we have developed our postCommittees of the Senate and of the House, requesting that representatives
offices, our rivers and our harbors, or shall it be by offering reasonable
of the Association be heard in respect to the return of the railroads as soon
reward to those who by prudent forethought
as plans in connection therewith could be formulated.
and initiative exert their
imaginations and spend their money in developing the country 7
This Association does not propose precipitate action.
Every one real¬
As citizens we cannot consider the railroads being returned to
izes the importance of this subject, and it is the purpose of the Association
private
prior to presenting any suggestions it may formulate to the Congress to owners merely for the reason that immediate return would redound to the
benefit of large holders of the securities in some of the
consult with committees, organizations and others concerned, including
companies.
Any plan of returning these properties to private owners must contem¬
shippers, that unity of thought can be secured if possible. The Federal
plate three general propositions:
Control Act provides twenty-one months from the final announcement of
1. That a fair return may be paid upon existing investment.
peace for the return of these properties, therefore Congress, which is after
2. That a sufficient return may be earned upon railroad properties to
all the body that will settle this question, provided Itself with abundant
attract the necessary capital with which to
time to mature plans for their proper return under strict and comprehensive
develop existing lines and to
build new lines; and
plans for Governmental regulation. We have faith in the Congress that
3. That railroads must compete for capital in the money markets of the
ft will see that when the railroads are returned within the time specified
world, and must, by the same token, pay for that capital with some re¬
by the Federal Control Act it will be done under plans fair alike to the
shipper, the traveling public, labor and to the security owners. And we gard to the risk.
It has been suggested that the nation might adopt some such course
have equal faith in the Railroad Administration that they will give the
with reference to railroads as is employed by New York City in its con¬
Congress sufficient time for working them out.
tracts with the subway and elevated.
The cardinal point in those relations
is that the city provides a large portion of the
capital, but agrees that a
fair return upon the private capital employed shall be earned and
paid
THEODORE P. SHONTS ON “TO-DAY'S RAILROAD
before the city’s investment gets its return.
After both sides have earned
PROBLEM."
a fair return, the
remaining profits are to be divided equally.
Such a plan is advantageous where there is an assured traffic.
But there
In a memorandum made public on the 9th inst. dealing
is grave question whether that plan would have resulted in such
daring
with ‘‘To-dayV Railroad Problem,” Theodore P. Shonts, statesmanship as was embodied in the
building of the Great Northern by
President of the Interborough Rapid Transit Co., expresses Mr. Hill, the cutting across Salt Lake by Mr. Harriman, the building of
the N. Y. P. Sc N. by Mr. Cassatt, or the construction of the Florida East
the same opinion as that entertained by thoughtful and ex¬
Coast by Mr. Flagler.
The cardinal thought is this: that If we are to escape not only the bureaucperienced people generally, namely ‘‘that the most econom¬
ical operation can be attained under private ownership.” cracy, extravagance and dead level of Government ownership and opera¬
tion. but also the political risk involved In the creation of a new and gigantic
Mr. Shonts points out that the gains we have obtained from
class of Government employees, we must be willing that some men who
Government operation can all be retained under private exercise energy, daring and prudence shall receive some fair measure of
for their effort.
In other words, we must recognize that it Is no
ownership. He declares that “if we are to escape not only reward
crime to make money in railroad building, if the
money is made honestly
the bureaucracy, extravagance and dead level of Govern¬ and
fairly.
ment ownership and operation, but also the political risk
If this principle Is not to be recognized, the money for future railroad
involved in the creation of a new aDd gigantic class of Gov¬ development simply cannot be obtained under private ownership. To
return the properties to their present owners without
recognition of that
ernment employees, we must be willing that men who exer¬
principle simply means that the tendencies of a year ago will be revived—
cise energy, daring and prudence shall receive some fair and inevitable bankruptcy or Government ownership will again stare the
measure of reward for their effort.”
To return the proper¬ railroads in the face.
If this principle of permitting capital to earn sufficient reward to attract
ties to their present owners without recognition of that prin¬ the means for normal future railroad
development is recognized, my ob¬
ciple, said Mr. Shonts, “simply means that the tendencies servation is that the principle will be made concrete in some such form as
of a year ago will be revived—and inevitable bankruptcy the following:
1. A plan of Government regulation which will be scientific and not
in Government ownership will again stare the railroads in political; which will apply the same point of view to
approving rates as to
the face.” We quote what Mr. Shonts has to say in full approving the chemical composition of a steel rail;
2. Concentration in the regulating authority which adds to the
expenses
herewith:
of the roads of responsibility for the rates with which those
expenses must
The purpose of the following observations is simply to express a point of
be met;
view on to-day’s railroad problem In the light of certain general principles.
3. Provision that initiation of rates shall be in the hands of the carriers;
President Wilson has stated frankly that he has no definite solution of the
that rates may not be suspended, except upon complaint and after a hear¬
problem and has left it to Congress. We may assume, I think, that he also
ing. and that final decision must be made within sixty days;
hopes for full expression of views from the people.
4. Establishment by Congress itself of the fundamental principles to
I do not approach this problem as a banker or as a trustee for railroad in¬
govern the reasonableness of rates, such principles to include fair reward
vestments.
If I did. my chief concern, would necessarily be to safeguard
for excellence of service, efficiency of management, and
prudent fore¬
the trusts committed to my care.
sight In providing new facilities against future needs.
a
As
citizen, however, with many years of experience in railroading and
If these four principles could be embodied into law, it seems to me that
with a special experience in a plan of working with municipal government in
tbe public would gain immense advantage by the promptest
possible re¬
transportation problems along lines which may offer a suggestion. I shall
turn of tbe properties to their owners.
I do not urge for one moment that
try to summarize the railroad situation as I see it.
the old days of unrestricted operation shall be restored.
Regulation, with
I agree heartily with President Rea of the Pennsylvania that we must
full publicity, has, I believe, come to stay.
take Government control as now in effect as a fad—and let that be our point
But there Is no use in blinking our eyes to the stern facts.
If the rail¬
of departure.
And we must agree that the present system of operation has roads are not permitted to earn sufficient money to attract new
capital,
in it certain merits, which must never be sacrificed.
Most of them are
and if the risks of the business are not to be met with adequate reward
can
economy and
Dec. 141918.]
THE CHRONICLE
2251
tothose who take thorn, there Is no use of again trying the experiment of
private ownership. It will be doomed to failure.
The great danger to the public interest in the present immediate situa¬
tion is that the owners of existing railroad securities (that is, those having
most at stake), and the agitators and theorists (that is, those having least
at stake), may come to such agreement in opinion that they would Jointly
become militant hi favoring a continuance of the present plan of Govern¬
ment control.
That would mean that the great interests of the public
at large would suffer through lack of appreciation and understanding.
We must frankly recognize that here is a case, not for courts, for com¬
missions, or indeed, for Government. The people will and should decide
this issue, and the greatest service railroad men can perform is to see to it
that the American people understand clearly the momentous issues in¬
volved. If the case is put cearly before the people, I, for one, have perfect
confidence that (heir decision will be the same as that of every railroad
‘executive who is seeking to preserve and promote the welfare and prosperity
•of our common country.
with other steamship lines under the control of the Railroad
Administration. The relinquishing order became effective
on the 6th inst., although for purposes of accounting it fa
regarded as effective from Deo. 1. Leading steamship
lines which, it is said, will remain under Railroad Adminis*
tration control include the Southern Pacific, or Morgan
Lines, Old Dominion, Baltimore Steam Packet, Chesapeake
Steamship, Ocean, Fall River, Hartford & New York and
San Francisco Portland & Seattle lines. The following is
Director-General McAdoo’s order:
F. A. VANDERLIP ON THE RAILROAD AND WAGE
thereof, to wit: Clyde Steamship Co., a corporation of the State of Maine?
Mallory Steamship Co., a corporation of the State of Maine; Merchants
and Miners Transportation Co., a corporation! of the State of Maryland?
and Southern Steamship Co., a corporation of the State of Delaware; con¬
sisting of steamships, tugs, lighten, barges, ships, boats, and marine craft
of any and every kind or description and all the tackle, appurtenances
to and appliances thereof, together with all wharves, docks, warehouses,
and other property of every kind or nature, real or chattel, owned, leased,
chartered, controlled, or used by said companies or either of them in con*
ducting or in connection with said transportation systems to the end that
such systems be utilized for the transfer and transportation of troops, war
material, and equipment, to the exclusion as far as may be necessary, of
all other traffic thereon, etc., the said possession, control, operation, and
utilization to be exercised by and through the undersigned William G.
McAdoo, Director-General of Railroads; and
Whereas the emergency which made such exercise of the war power
necessary and desirable has by reason of the signing of an armistice with the
enemies of the United States ceased, and the use of the transportation
systems aforesaid Is no longer necessary for the transfer and transportation
of troops, war material, and equipment, or otherwise for the war purposes
PROBLEMS.
Frank A.
of this city,
Vanderlip, President of the National City Bank
speaking at the annual meeting of the American
Association of Woolen and Worsted Manufacturers at the
Waldorf-Astoria on the 5th inst., stated, according to the
New York “Times” that, “If those who have the respon¬
sibility of the great railroad interests will be statesmen, I
think that they will evolve a plan that will appeal to Congress
which will enable the roads to be taken out of
a
controversial
position.” Government operation of the railroads, Mr.
Vanderlip added, has not worked out satisfactorily, and
President Wilson has recently declared that the present
program is not to be continued.
It is not been possible to
•obtain a copy of Mr. Vanderlip’s speech, and some of his
further remarks are given as follows in the “Journal of
Commerce:”
There has been a complete change in the international credit position.
We had always been a debtor nation, but there has been a change of about
S13.000.000,000 in four years—we have bought back our securities held
abroad, have loaned money and have become a great creditor nation.
'There has, too, been a tremendous growth of national spirit.
Our increase in productive capacity has been great.
We are prepared to
produce far beyond our consumption. We have learned to save capital.
The estimated number of bondholders in this country two years ago was
380,000. To-day there are 20,000,000 holders of Government bonds and
33,000.000 holders of War Saving stamps.
Four years ago there was genera] suspicion of business men. That has
been wiped away.
Business men have made great sacrifices for the common
cause.
In the ranks of our armies working men and men of great interests
have stood shoulder to shoulder.
We have learned the strength of Government and the limitations of
Government.
Government operation of the railroads has been tried.
But the Administration has changed its mind because the people have
changed their mind, and I
am exhilirated over the prospect of a sound
solution of the railroad problem.
You may say, ‘‘That’s all very well, but look at the difficulties.”
There
Is the labor problem; wages are up, efficiency down.
Cancellations may
throw out of employment millions of men.
There have been canceled some
-six or seven billions of dollars’ worth of business; how can we possibly find
aix or seven bull lions of new business to take its place?
This cancellation was largely of contracts which were industrially im¬
possible to perform. The army was being planned for 5,000,000 men. It
is largely a cancellation of things which existed only on paper.
Can we replace that part of thd canceled contracts which could have
been performed?
Under normal conditiosn in the last four years emigra¬
tion would have brought us 5,000,000 able-bodied men.
They did not
-come.
On the other hand many have left; 40,000 went to joint the colors
-of their countries, perhaps 1,000,000 would measure our loss.
What of
the immediate future?
It is estimated that 1,000,000 persons will go to
Europe temporarily at least when transportation is opened up. Still more
than 2,000,000 of our men are in uniform.
We have called into industry thousands of women and some men not
usually wage earners. The war pressure is over. Many of these will
return to their normal life.
We are facing transition, but not necessary a
great surplus of labor even after war work
On the wage
has been readjusted to peace.*
question, the “Times” quotes him
as
saying:
thousands of women, many of whom were
wrage earners for the first time, were employed.
Many of these were
Industrially inefficient and will return to other fields.
While some wages, such as those'paid in shipyards and munition plants,
have been fantastic—little less than absurd, having regard to the fact that
much of this labor was new to the tasks—the general level of wages, I be¬
lieve. will not decline.
It is reckless to speak of a hurried squeezing of
Inflation out of money, or nonbuying of commodities, until prices drop.
As you know, hundreds of
That would spell disaster.
Wage earners should be brought into closer co-operation with the manage¬
ment of industries, and in return labor will be required to contribute greater
efficiency. Co-operation should solve the labor problem. .We can afford
to pay high wages if we get high efficiency, and it is along that line that we
We must get the workers to see that Bolshevism would bring
must work.
about the disorganization of
society.
DIRECTOR-GENERAL McADOO'S ORDER RELINQUISH¬
ING CONTROL OF ATLANTIC COASTWISE
STEAMSHIP LINES.
relinquishing from Federal control the Clyde,
Mallory, Merchants & Miners and Southern steamship
-companies was issued by Director-General of Railroads
McAdoo on Dec. 5. Control of these four Atlantic coast¬
wise steamship lines was assumed by the Railroad Adminis¬
tration on April 13 in accordance with a proclamation issued
by President Wilson on April 11 (published in the “Chronicle”
April 20, page 1634), and their operation w^s consolidated
An
order
ORDER OF
RELINQUISHMENT.
Whereas In the exercise of the war power by proclamation dated April 11
1918, the President of the United States, through Benedict Crowell, Acting
Secretory of War, took possession and assumed control as of the 13th day
of April 1918, of the following systems of transportation and appurtenances
of the Government:
Now, therefore, I, William G. McAdoo, Director-General of Railroads,
by virtue of the power conferred upon me by the President of the United
States, do hereby relinquish from Federal control, effective December 0
1918, at 12:01 a. m.f the said Clyde Steamship Co., Mallory Steamship
Co., Merchants A Miners Transportation Co., and Southern Steamship
Co., together with all of the steamships, tugs, lighters, barges, ships, boats,
and marine craft of any and every kind or description, and all the other
tackle, appurtenances, wharves, docks, warehouses, and other property
as described and set forth in the proclamation of the President, dated
April II 1918, as aforesaid, and restore the same to the possession ot their
respective owners.
For accounting purposes, this order may be treated as effective Decem¬
ber 1 at 12:01 a. m.
Given under my hand as Director-General of Railroads, the 5th day of
December 1918.
W. G. McADOO,
Director-General of Railroads.
AUSTRIAN PEACE EFFORTS IN 1917 BLOCKED BY
GERMANY, SAYS CZERNIN.
That Austria made desperate efforts to withdraw from
the war in 1917, but was blocked by General Ludendorff
and the military party in
Germany,
was
asserted by Count
Czemin, formerly Foreign Minister of the Dual Monarchy,
in an Associated Press interview at Vienna on Dec. 9. The
Austrian Government, Count Czemin said even went so
far as to offer Germany Galicia, her richest coal and oil
province, if Germany would give up Alsace-Lorraine to
France m order to make peace but the offer was declined,
and, the Count said, Germany threatened to attack Austria
if the latter tried to make a separate peace. The interview
quotes Count Czemin as follows:
“I never thought it
possiole to beat the Entente, particularly after Amer¬
ica entered the war,” said Count Czemin.
“There
were two ways
to ar¬
One was a separate peace with the Entente, the other a gen¬
eral peace together with Germany.
“A separate peace would have meant war with Germany, since thereby
we. because of our geographical position, would have cut off from Germany
her Turco-Bulgarian allies, and it would have been impossible for Ger¬
many, with her allies’ interests in Turkey and Bulgaria, to allow us to pull
out of the war.
1 have proof that Germany at once would have made war
range peace.
on us.
“Consider that two months ago, when she was beaten, with a revolution
in her own country, she was then strong enough to send troops to defend
Bavaria, when Andrassy, the last Imperial Foreign Minister, offered Presi¬
dent Wilson a separate peace.
What would Germany have been able to
do six months before, when she was almost victorious in France?
“Consider What a war with Germany meant for us—first, civil war, bocause of our 10,000,000 German population, and also the possibility of the
Hungarians turning against us, with Tisza a pro-German, and in addition
the uncertainty of the
actions of
the* Poles
and Czechs, who wore already
dealing with the Entente.
‘‘Even supposing that we had turned over to the Entente, and had suc¬
ceeded in winning the war—there never would have been any winning side
for us, because the Entente, by the conference of London in 1916, promised
freedom to the various peoples of the Empire, leaving us in the divided
condition we are in at the present time.”
Referring to Germany, Count Czernin said that there was only one group
bent upon a victorious peace and declaring that England
must be crushed.
“This was the Military Party,” he went on, “headed by Ludendorff,
who is a remarkable military man.
But it was our misfortune that he was
too strong and too popular with the soldiers; so the Emperor needed him
ami could not send him away.
“I sent Emperor Charles a letter, a copy of which I have at your disposi¬
to him that the submarine warfare surely would fall, that we
tion,
would never win, and that we must force Germany to conclude peace.
I told him that a revolution was coming; that Emperor William would lose
in that country
THE CHRONICLE
2252
his throne, and that he himself would lose his throne, and that every Gov¬
ernment head must see that we were the losers.
“I
urged
upon
him that
we
must try for peace before we were crushed,
that Germany’s situation was the same as ours and that only military men
believed it possible to win the war.
America’s entrance, I pointed out,
meant our ruin and her influence would be felt within a few months in
spite of the belief in Germany that America would never be able to arrive
In time."
KAISER MERELY A
The Kaiser
TOOL SAYS HARDEN.
merely a tool in the hands of the military
party, who were the real authors of the war, according to
Maximilian Harden, the most outspoken of the journalistic
critics of the old regime, who said in an interview in the
London “Daily Express’* that the former German Em¬
peror had missed his vocation and should have been a
showman. The Emperor was never happier, Baid Harden,
than when “posing in the limelight.” The interview, as
forwarded by wireless to the New York “Times” on Dec.
9, was as follows:
was
The "Daily Express’s" Berlin correspondent telegraphs an account of a
conversation he had with Maximilian Harden.
Asked what part the
Kaser played in willing the war. Harden replied:
"He had no personal part.
He was discredited in this country, and was a
mere tool in the hands of the military party, which looked on him as a
coward, and
afraid that when the moment came to declare war he would
So, when "The Day’’ arrived they sent him
away on a trip to Norway.”
"Then, if the Kaiser is not guilty, who are the guilty parties?" asked the
correspondent.
"All our Generals were guilty,’’ was the reply.
"But if I tell you the
names and the persons are handed over their blood will be on my head."
Asked for his opinion of the Kaiser. Harden replied:
"You know what I suffered because of him; so I cannot be accused of par¬
tiality. But the impression abroad concerning the Kaiser is a false one.
foreigners saw the facade, but not the interior.
"I want you to see the Kaiser as he really was—a man who, because of his
physical infirmities was unable to dress himself, unable even to eat without
using a special implement, a knife and fork made in one piece. He was
always talking about the old German God, but what was the old German
God doing in Turkey and Bulgaria?
"The fleet was his plaything.
He was never happier than when posing
in the limelight.
It did not matter what was the part—warrior, horseman,
was
refuse to sign the declaration.
sailor—all were the same to him.
He was a man who missed his vocation.”
Asked what was his vocation. Harden said:
“Oh, he should have managed
a cabaret or taken a show on a tour. He
great showman."
Harden became thoughtful as he spoke of peace.
"Even before America entered the war I knew we could not be victorious,"
he said.
"But when she came in I knew we should be beaten, and I fought
with the censors to tell this to the German people.
When Wilson pub¬
lished his fourteen points, I advocated that we should accept them, because
I knew we could not have better or more favorable conditions."
„
was
a
Speaking of the relations between Germany and the Allies, Harden
marked:
"There
are
millions of Germans who
re¬
sincere and the Entente should
but should treat us as men.
If the Allies base the peace terms on
are
[Vol. 107
Third. When you come to the exacting of it, we must exact in such a
that it does not do more harm to the country that receives it than the
country that is paying for it.
Fourth. The committee appointed by the British Cabinet believes that
that can be done.
Fifth. The Allies are in exactly the same boat. We. shall put in our
demands ail together and whatever they are they must come in front of the
German war debt.
The Prime Minister continued:
“The first consideration in the minds of the Allies will be the interests
of the people upon whom the Germans have made war, and not In the in¬
terests of the German people who have made war and have been guilty
of that crime.”
With regard to the former German Emperor, the Premier said:'
"There is absolutely no doubt that he has committed a crime against
International right, and there is absolutely no doubt that he ought to be
held responsible for it, so far as the European Allies are concerned."
The Premier said that he hoped that America would take the same view
when President Wilson arrived as to the demand that would be put forward
on the part of the European Allies "to make the Kaiser and his accomplices
way
responsible for this terrible crime.”
The Premier said that the military service Act was passed to meet a
great emergency.
When that emergency was passed the need was passed
and the Act would lapse, he said, adding that there was no intention to
ft.
Whether Great Britain would require conscription in the future in any
shape or form, Mr. Lloyd George said, depended not upon the opinion;
which he now expressed but upon the peace terms which -were made.
renew
Continuing, the Prime Ministar said:
“What drove us to conscription was the existence of conscript armies on.
the Continent that inevitably rushed the world into war. They could
not have great military machines there without tempting the men at thehead of them to try their luck with those machines.
The Germans always
felt that there was nothing to resist their perfect military machine.
"If you want a permanent peace, if you want to prevent the honors of
this war being repeated, you must put an end to conscript armies on theContinent of Europe. The first thing to do is to prevent the repetition
of blunders of the past by making it impossible to have those great conscript
armies in the future.
"We did not have the machinery for an offensive war. Our navy is a.
defensive weapon and not an offensive one, and that is why we do not mean
to
give it up. We have kept these Islands free from invasion for centuries,
and we mean to take no risk in the future."
Mr. Lloyd George asserted that the decision which would be taken in the
next few months In the Peace Conference waa
the world.
going to leave
a
mark upon
The ages to come, he said, would be able to reap the fruits of it.
GERMANY MUST PAY, SAYS LLOYD GEORGE, AND
GUILTY INDIVIDUALS BE PUNISHED.
That Germany must pay the cost of the war up to the
limit of her capacity was also asserted by David Lloyd George,
the British Premier Minister, in a speech at Newcastle on
Nov. 29.
The Premier also declared that the individuals;
guilty of starting the
be brought to punishment,
war must
otherwise there would be “one law for the poor wretched
criminal and another for kings and emperors.” A British
wireless dispatch from London on Nov. 29 gave the following
of the Premier’s address:
not treat us as it would treat the militarists
summary
The armistice terms are very hard.
the armistice conditions, then Germany is ruined.
"Without Alsace-Lorraine and Silesia Germany can never be an indus¬
trial country.
The loss of the Lorraine iron fields will be disastrous."
"We are now approaching the Peace Conference," the Premier continued.
"The peace of victory is not vjengeance or retribution, it is prevention.
First of all, what about those people whom we have received without
question for
own sons
years to our shores; to whom we give equal rights with our
and daughters, and who abused that hospitality to betray the-
land, to plot against security, to
SPAIN BREAKS WITH GERMANY.
spy upon
it and to gain such information
enabled the Prussian war lords to inflict not punishment but damage
and injury upon the land that had received them as guests?
Never
as
Following reports from Paris last Sunday that the Spanish
Prenlier intended to expel the German Ambassador, Prince
von Ratibor, and members of his staff, who are
alleged to
have been engaged in spying and supporting agitation
against the Spanish royal family, a Madrid dispatch on
Dec. 9 reported the publication of a decree relieving Polo
de Beraabe, the Spanish Ambassador at Berlin, from the
functions of his office.
again."
Mr. Lloyd George said the interests of society and fair play demanded
that it should be made perfectly clear that the people who acted in this
-
merited punishment for the damage they had Inflicted.
The second question was the question of indemnities, the Premier
added.
In every court of justice throughout the world, the party which
lost has had to bear the cost of litigation.
When Germany defeated France
she established the principle, and there was no doubt that the principle
way
the right one.
of her capacity.
was
Germany must
pay
the cost of the
war up
to the limit
"But I must use one word of warning,” he continued.
"We have to>
consider the question of Germany’s capacity.
Whatever happens Germany
is not to be allowed to pay her indemnity by dumping cheap goods upon
DAVID
LLOYD
GEORGE ON ALLIES'
AGAINST GERMANY.
WAR
BILL
In
announcing £24,000,000,000 as the amount of the Allies*
bill against Germany, the British Prime Minister,
David Lloyd George, this week declared it to be the purpose
“to demand the whole cost of the war from Germany.”
The Premier’s remarks were addressed to a gathering at
Bristol, England, on Dec. 11, and the Associated Press dis¬
patches reported what he had to say as follows:
war
•
Befor the war the estimated wealth of Germany, said the Permier, was
£15,000,000,000 to £20,000,000,000 sterling, so that if the whole wealth
of Germany were taken, he said, there would not be enough to pay the
account; therefore, he had before this used the words, "Germany should
pay to the utmost limit of her capacity.”
The Premier stated that the war had cost Germany less than it had cost
Great Britain.
It had cost Great Britain, he stated, £8,000,000.000 ($40,000,000,000)—a gigantic sum. The German bill, he believed, was £6,000,000,000 ($30,000,000,000), or £7,000,000,000 ($35,000,000,000). He
contended that it was indefensible that the person who was in the wrong
and had lost should pay less than the person who was declared to be in the
right and had won.
The Premier said that a British Imperial Commission had been appointed
to investigate the capacity of Germany (to pay) and that he had received
its report.
He summarized his remarks on this point as follows:
First. As far as justice is concerned, we have an absolute right to demand
"tiie whole cost of the war from Germany.
Second. We propose to demand the whole cost of the war from Germany.
That is the only limiting principle we are laying down.
She must
for her wanton damage and devastation by dumping
cheap goods and wrecking our industries.
"There is a third and last point:
Is no one to be made responsible for
the war?
Something has been responsible for a war that has taken the
lives of millions of the best young men of Europe.
Is not anyone to be
made responsible for that?
If not, all I can say is that if that is the case
there is one justice for the poor wretched criminal and another for kings
and emperors.”
us.
not be allowed to pay
Mr. Lloyd George declared that there
of nations
were two
offenses against the law
tha# had been committed.
"One," he said, "is the crime against humanity in the deliberate plotting
The other is the outrage upon international law. It is a
crime, a brutal crime, to devastate the lands of another. Whoever did
that ought to be responsible for it.
"The submarine warfare did not mean only the sinking of ships, but it
was a crime against humanity in that it sank thousands of harmless mer¬
chantmen.
In the whole history of warfare between nations chat had nbver
been sanctioned.
It is rank piracy and the pirates must receive the
punishment.
"We mean to see that the men who did not treat our prisoners with
humanity are to be made responsible. 1 want (his country to go to court
with a clear conscience, and she will do so.
There is not a stain on her
record.
We will not be afraid to appear before any tribunal.
"Now these are the things which we have to investigate.
We mean
that the investigation shall be an impartial one, a perfectly fair one.
We
also mean that it shall be a stern one, and that it shall go on to the final
reckoning.
“We have got so to act now that men in the future who feel tempted to
follow the example of the rulers who plunged the world into this war wfll
know what is awaiting them at the end of it.
We shall have to see that
of the great war.
Dec.
3353
THE CHRONICLE
141918.]
this terrible war, which has inflicted so much destruction on the world,
which has arrested the course of civilization and in many ways put it baric,
which has left marks on the minds, upon the physique and the hearts of
LEAGUE OP NATIONS NEEDED TO SUPERVISE LESS
DEVELOPED NATIONS, SAYS BALFOUR. :-'IV[
myriads in many lands that this generation will not see obliterated—-we
by the action we take now, just, fearless and relentless, that it is a
crime that shall never again be repeated in the history of the world.**
While endorsing the principle of the League
Arthur J. Balfour, British Secretary of State
must see
HOW BRITAIN HELPED US GET OUR MEN ACROSS.
Details of the tremendous efforts and sacrifices made by
Great Britain to enable the American Government to send
over the huge armies which finally turned th9 scale and helped
win the war for the Allies are gradually coming to light in the
speeches of Lloyd George and other public men. A press
dispatch from Leeds on Dec. 7 quoted the British Premier,
as saying in part:
“I shall never forget that morning when I sent a cable message to Presi¬
dent Wilson, telling him what the facts were and how essential it was that
we should get American help at the speediest possible rate, and inviting
him to send 120,000 infantry and machine-gunners to Europe,’* said
Premier Lloyd George in the course of a speech to three thousand persons
here to-day.
“The following day,** continued the Premier, “there came a cablegram
from President Wilson:
‘Send your ships across and we will send the
120,000 men.’
“Then I invited Sir Joseph McKlay,
the Shipping Controller, to Downing
Street, and said:
"
‘Send every ship you can.*
“They were all engaged in essential trades because we were cut down
right to the bone. There was nothing that was not essential. We said,
‘This Is the time for taking rides.*
“We ran risks with our food and we ran risks with essential raw materials.
We said:
The thing to do is to get these men across at all hazards.'
“America sent 1.900.000 men across, and out of that number 1,100.000
were carried by the British mercantile marine.
The good old ships of
Britain have saved the liberty of the world many times.
They saved it
in the days of Queen Elizabeth, saved it in the day of Louis XIV, saved it
In the days of Napoleon and have saved it in the days of Kaiser Wilhelm II.”
“
The same dispatch continued the following statement
made by the British Shipping Controller to the Associated
Press in regard to the transportation of the American army:
The real effort to accelerate the movement of American troops began at
the end of March, when we realized that it was necessary to do what we
could with British bottoms to supplement the American effort.
We sent a
mission to the United States with the object of seeing the fitting out facil¬
ities there.
So far as they were not required for American troopships they
were utilized to the maximum in fitting out British troopships.
Affairs, called attention in an Associated Press interview
on Dec. 6 to the great difficulties to be overcome, due to
the differences in the degree of development attained by the
various nations.
“I do not think,” he said, “that the
world can be made safe for democracy merely by multiplying
the number of democratic States,” and expressed the opinion
that the League of Nations would have to exercise a con¬
siderable degree of supervision over some of the less developed
countries. Mr. Balfour said the question of a League of
Nations was the most important subject to come before the
Peace Conference.
France, well
this million
over a
were
million
were
carried in British ships.
can
British shipping at that time was in a perilous situation,
but, in order to further the movement of American troops, we were pro*
pared to make every sacrifice.
The following steps were taken: From South Africa we removed every
passenger steamer, and for the time being practically killed trade with that
country. From India and Australia we removed all the fast steamers
plying to and between those two countries, and we made very dangerous
sacrifices of meat supplies—endangering even those of the British army—
by transferring these ships to the North Atlantic, thus wasting refrigerator
space as meat was not available for export from North American ports.
Our loss of essential imports owing to the fitting out of ships for the
carriage of American troops amounted to well over 1,000,000 tons. That
sacrifice of Imports was made at a time when our total imports had been
reduced to 32,000,000 tons a year, of which 14.000,000 were munitions
and 13,000,000 essential foods, as compared with the peace figure of 64,000,000 tons.
One hundred and seventy-five British vessels of more than 1,500,000 tons
deadweight were put specially in the service of carrying American troops,
and we even fitted up fighting ships for that purpose.
While the sacrifice
to Great Britain was heavy, the practical isolation for the time being of the
overseas dominions involved very serious hardships to those dominions—
hardships which were borne without complaint, recognizing, as the domin¬
ions did, the vital necessity of the measures taken.
follows
deal with.”
he said:
‘‘I think, if the amount is to be determined by President Wilson’s fourteen
points, the narrowest interpretation of those points would call for a payment
which would strain Germany's resources to the utmost.”
of the New York “Times”
saying further on the same subject:
The London correspondent
quoted Mr. Balfour
as
“One of the great difficulties Is the great gradations of civilizations with
different Ideal? and different methods of thought.
It is folly to suppose
that the world can be quickly turned into a series of free States with free
institutions like the United States.
The world is not made like that;
Europe is not made like that. There will be a great many States
created in Europe which the League of Nations must care for.
“It is all very vague speculation, but I am emphatic in my opinion that
the creation of something like a workable international machinery for this
even
WORLD'S SHIPPING LOSSES DURING WAR.
highest function the conference can propose for Itself. I do
complexity of the problem can be exaggerated.
“One of the most striking and illuminating phrases of President Wilson,
spoke of making the world safe for democracy. I do not think the world
will be safe for democracy merely by multiplying democratic States.
Prob¬
ably the number of democratic States will be enormously increased; but we
must not assume that because we have recreated the map of Europe wars
will be impossible, or even unlikely.
“I do not, indeed, believe that true democracy will be capable of such
long-designed criminal schemes as the autocracies have proved themselves
capable of. Germany cherished and deliberately pursued such a far-sighted
policy of international crime that I think it is impossible that a true demo¬
cratic State could accomplish, but It is obviously true that passions may
arise between neighboring democracies which may make them quite as
prone to war as other Governments.
Mr. Balfour then referred to the history of the Balkan States and the
criticism that the Allies were about to Balkanize Europe and create a system
of small States, ever ready to fly at one another’s throats.
He went on:
“It would be intolerable if the United States and the Associated Powers
were to call into being all these small States and make no provision to make
sure that Europe was not again to be turned into a cockpit.
It is for this
reason that I believe a League of Nations is needed, not only to control
the criminal instincts of great autocracies, but to see that war should not
again be permitted to devastate the world. I think that the league ought
to act as trustee of these countries that have not yet reached the state at
which true democracy can be applied.
Democracy is not a suit of clothes
than can be put on at any stage of development.
“One of the difficulties we must meet is the habit of using phraseology
only applicable to advanced countries in regard to countries concerning
purpose is the
not think the
The total destruction of Allied and neutral shipping from
the beginning of the war until the end of Oct. 1918 through
as
Referring to President Wilson’s phrase, “make the world safe for democ¬
racy,” Mr. Balfour said:
“I do not think the world can be made safe for democracy merely by
multiplying the number of democratic States.”
Mr. Balfour explained that he was not thinking especially of Germany,
but of new States in process of formation in Eastern Europe.
“We must not assume,” he said, “that when such a system ts created
In Eastern Europe wrong will be impossible.
The passions which arise
between neighboring democracies make them quite as prone to undertake
Some critics say that the
strife as if under other forms of Government.
changes that are being made in Eastern Europe will Balkanize Europe,
but I look forward to something different.
It should be intolerable if
Europe and America made no provision against turning Europe into a
cockpit for further wars.
“I believe a League of Nations will be required to superintend and control
not only the criminal ambitions of great autocracies, but to prevent any
rash and inconsiderate countries from going to war.
It is impossible to
talk about democracy except for countries which have reached a relatively
advanced stage of civilization.
A league could be trustee for those less
developed. Holding this view, I regard a League of Nations the greatest
work of the conference.”
Discussing the question of the war damages Germany will have to pay.
of the royal navy.
.
reported
preliminary to the conference of the Associated Governments at the first
of the year which would formulate all the important terms of peace agree¬
ments.
This conference, he added, would be the most important and long¬
est of the series.
When It was finished the enemy countries would be called
in to ratify the conclusions reached.
Mr. Balfour said the British Government had not yet made any fixed
arrangements for President Wilson to visit England, as it would be pre¬
mature to do so until more was known regarding the President’s own
plans. Great Britain would be guided solely by his wishes.
The Foreign Secretary said he believed the question of a League of Na¬
tions was the most important work imposed on the conference. “The
prominence Mr. Wilson has given the subject is a valuable contribution to
civilization,” he declared.
“I think,” continued Mr. Balfour, “a League of Nations is a vital neces¬
sity if this war is to produce all the good we expect to come out of it. The
United States would have to bear a large share in the work in involves.
It
should be something more than a mere Instrument to prevent war.
The
world Is more complicated than we are inclined to think.
It would be
folly to imagine tt possible to constitute a world with States endowed with
equal powers and rights.
“But I wish to say emphatically, m my opinion, to devise in concert
workable machinery for them is one of the highest functions the conference
The whole of
ships
the output exceeded the wortd’c losses by more than 1,000,000
tons.
In the case of Great Britain, although the output
had not overtaken the losses, yet if purchases abroad were
taken into account the losses of the last five months were
balanced by the gains.
was
Arthur 1. Balfour, Secretary of State for Foreign Affairs, In outlining
his views on the peace conference to-day, told the Associated Press that
he thought the meeting in Paris this month would be merely Informal and
escorted to the United Kingdom danger zone by
belligerant action and marine risk was 15,053,786 gross
tons, according to an official announcement at London on
Dec. 6. New tonnage constructed during that period
amounted to 10,849,527, and 2,392,675 tons of enemy
ships were captured, making the net loss 1,811,584 tons.
British merchant tonnage losses were 9,031,828 gross tons,
consisting of 5,622 vessels. Of these 2,475 ships were sunk
with their crews, and 3,147 vessels were sunk and their
crews left adrift; the total casualties resulting among mer¬
chant seamen numbering over 15,000 men. New con¬
struction in the United Kingdom in the same period was
4,342,296; purchases abroad were 530,000 tons and enemy
tonnage captured was 716,520. The net loss was 3,443,012
tons.
The statement added that in the last seven months
The interview
by the Associated Press:
Ships were gathered from every source, with the result that in the six
months between April and September 850,000 American troops, or 60%
of the total number carried within that period, were transported in British
In all, of the 2,000.000 and more American troops transported
bottoms.
to
of Nations,
for Foreign
*
2254
THE CHRONICLE
which it should not be used at all.
It Is to these, I think, that the League
of Nations can act as trustee and to help In the path of progress.”
Mr. Balfour paused, then said very earnestly:
“May I add that I regard this as one of the greatest tasks before the
conference? We may fail, but we must make an effort to deal with the
problems thrust on mankind; and I think the prominence President has
given the subject Is a valuable contribution to the history or civilization.”
Aalred as to the position of Russia at the conference, Mr. Balfour said:
”It is extremely difficult to say that now.
In Russia the Bolsheviki
seem to control certain parts, and olher Governments other parts.
It
must not be forgotten that there are certain fragments of ancient Russia—
States in the northwest, like Finland—which ask for complete independ¬
ence, and I think ought to have it.
The conference must decide what
line to take toward them; but unless things change completely I see no
prospect of any Government having title to represent Russia as we used
to think of it.”
He added that all legitimate interests would, of course, have a hearing,
and every effort would be made to ascertain the views of those concerned.
SIR
ROBERT
BORDEN
URGES ANGLO-AMERICAN
LEAGUE TO ENFORCE PEACE.
Sir Robert Borden, Canadian Premier, speaking at the
annual Thanksgiving Day banquet of the American Society
London, approved of the plan to form a League of Na¬
tions, but insisted that England and America are able to
command the peace of the world by acting together.
He
at
said:
Let us have a League of Nations, if it can be realized, but at least let us
have that understanding and unity of purpose and action between the two
world-wide, English-speaking commonwealths which will save humanity in
years to come from the unbearable horror, suffering and sacrifice of a war
such as this.
United by ties of race, language, literature and tradition, the nations of
the Britanic commonwealth and the States composing the great American
Republic can command the peace of the world. They could have com¬
manded it in July 1914, If they had given Germany their joint warning.
They, therefore, stand answerable to the world for the responsibilities
imposed upon them.
By their overwhelming power and unequalled influence, neither nation
can divorce itself from these responsibilities.
Let no minor consideration,
no petty rivalry and no unworthy
distrust divide those who, united, can
command the world’s abiding peace.
CROWN PRINCE REPORTED TO HAVE RENOUNCED
RIGHT TO THRONE.
The formal renunciation of his rights to the throne by
Crown Prince Frederick Wilhelm of Germany was announced
in Associated Press dispatches from Paris under date of
Dec. 6, which stated that advices to that effect had been
received at Basel from the semi-official Wolff Bureau at
Berlin. The act of renunciation was quoted as follows:
I renounce formally and
definitely all rights to the crown of Prussia and
the Imperial crown which would have fallen to me
by the renunciation of
the Emperor-King or for other reasons.
Given by my authority and signed
by my hand. Done at Wieringen,
Dec. 1 1918.
WILHELM.
In an interview with a correspondent of the Associated
Press on the Island of Wieringen, received in New York
Dec. 3, which bore no evidence of delay and
presumably was
given not earlier than Dec. 2, Frederick William was quotsd
as saying: “I have not renounced
anything, and I have not
signed any document whatever.” He added that should the
German Government decide to form a republic he would be
content to return to Germany as a simple citizen,
ready to do
anything to assist his country, even to work as a laborer in
a factory.
The interview in full will be found in another
article below.
FORMER CROWN PRINCE BLAMES WAR ON GENERALS
AND DIPLOMATS—WAR LOST AFTER FIRST
MARNE DEFEAT.
In a remarkable interview on Dec. 3 with a
representative
of the Associated Press, Frederick Wilhelm, former Crown
Prince of Germany, declared that he was convinced, after
the first battle of the Marne, that Germany had lost the
war,
and urged then that negotiations should be opened for
peace,
but was told by the General Staff to mind his own business.
He declared that he had never desired the war in the first
place, and criticized the strategy of the German Generals
and the “awful mistakes” of the diplomats. The former
Crown Prince was also quoted in the interview as
denying
that he had renounced his rights to the throne. An Associ¬
ated Press dispatch from Paris, under date of Dec.
6, how¬
quoting advices received at Basel from the semi¬
official Wolff Bureau at Berlin, stated that the Crown Prince
had signed a formal renunciation of the throne on Dec. 1.
The interview with Frederick Wilhelm was
given as fol¬
lows in Associated Press dispatches from
Holland, dated
Dec. 3:
ever,
“I have not renounced
anything and I have not signed any document
whatever.”
Frederick William Hohenzollem, who still claims
the title of Crown
Prince, thus answered the question of thefAssociated Press in the course
of
[Vol. 107
lengthy conversation to-day, which took place in the small cottage of
village pastor on the island of Wieringen, where he is interned.
“However,” he continued, “should the Gorman Government decide to
form a republic similar to the United States or France, I shall be perfectly
content to return to Germany as a simple citizen ready to do
anything to
assist my country.
I should even be happy to work as a laborer In a factory.
“At present everything appears chaos In Germany, but I hope things
will right themselves.”
Asked what, in his opinion, was the turning point of the war, he saldr
“I was convinced early in October 1914 that we had lost the war.
I
considered our position hopeless after the battle of the Marne, which we
a
the
should not have lost if the chiefs of
case
our
General Staff had not suffered
a
of nerves.
“I tried to persuade the General Staff to seek peace then, even at a
great
sacrifice, going so far as to give up Alsace-Lorraine. But I was told to
mind my own business and confine my activities to commanding my armies.
I have proof of this.”
What finally brought about the downfall of the German military power,
he declared, was revolution induced by four years of hunger among
the
civilians and the troops in the rear.
This, together, with the overwhelming
numbers being gathered by the Entente Powers since America’s entry into
the war, had undermined the confidence of the German fighting forces.
“My soldiers, whom I loved and with whom I lived continuously, and
who, if I may say so, loved me, fought with the utmost courage to the end,
even when the odds were impossible to withstand,” the refugee
prince went
on.
“They had no rest, and sometimes an entire division numbered only
These were opposed by fresh Allied troops, among whom
600 rifles.
were American divisions containing 27,000 men apiece.”
Describing how he left the front, Frederick William declared: “I was
with my group of armies after the Kaiser had left Germany.
I asked
the Berlin Government whether they desired me to retain my command.
They replied negatively, and I could not continue to lead armies under
orders of the Soldiers’ and Workers* Council.
“Therefore I came to Holland without hindrance.
No shooting or
bombing occurred and I quit the army with the greatest regret after having
participated in the trench life with the soldiers for so long. I have not
been in Germany for a year, and from the beginning of the war I have taken
only three or four fortnight leaves.”
Speaking of the beginning of the war, Frederick William asserted:
“Contrary to all statements hitherto made abroad, I never desired war,
and thought the moment quite inopportune.
I was never consulted, and
the report about a Crown Council being held in Berlin to decide on the war
I deny on my oath.
I was enjoying a stay at a watering place when mobili¬
zation
was
ordered.
“My father, also, I
am sure, did not desire war.
If Germany had sought
the best opportunity for making war she would have chosen the period
either of the Boer War or the Russo-Japanese War.
“From the beginning I was certain that England would enter the conflict.
This view was not shared by Prince Henry and other members of my
family.
“People have credited
me with warlike intentions, but I was only a
soldier with a desire to see the army kept thoroughly efficient, and I
worked hard to bring this about.
People blame me for the failure at.
Verdun.
But I refused twice to attack there with the troops at my dis¬
posal. On the third occasion my attack was successful for the first three
days, but I was not properly supported.
“I thought that the Verdun attack was
a mistake.
We should have
attacked to the eastward of Verdun, whore there would have been great
probability of success.”
The ex-Crown Prince was rather bitter regarding the work of the General
Staff, which he asserted was responsible for numerous mistakes, including
the attack in March 1918, which he was ordered to
make, contrary to his
own view, and was compelled to obey.
He declared that Ludendorff
was the mainspring
of Germany’s warlike activities, while von Hinden-
burg was a mere figurehead.
“Ludendorff and his staff,” he added, “continually underestimated the
enemy’s forces, and never believed that America’s contribution of soldi era
was as great as It actually
proved to be.”
Frederick William declared himself to be an admirer of President Wilson,
who, he felt assured, would bring about a peace of justice for the German
people.
“Any humiliation of a nation containing seventy million people,” he
concluded, “would only leave a feeling of revenge.
Such a nation cannot
be crushed.
The armistice terms are very severe and almost impossible
of execution, as the Entente Powers are taking away a large portion of the
means of transport.”
Asked whether Germany, if victorious, would not have imposed even
more severe terms, he expressed the belief that such would
not have been
the case.
When the Brest-Litovsk treaty was mentioned he said its terms,
were hard because in Russia the Germans were confronted
by the Bolsheviki,
With regard to air raids on unfortified cities, the fierce submarine war¬
fare, the bombardment of Paris and the deportation of women from the
occupied districts to work in Germany, Frederick William said he had
always entirely disagreed with these policies.
In connection with Germany’s actions in Belgium at
the beginning of the
war, the ex-Crown Prince said that the German General Staff had in¬
formed him that Field Marshall Haig was in
Belgium in July 1914, making
a complete
military survey for future operations. When it was suggested
that the German staff had done the same
thing, Frederick William said he
knew nothing about it.
German diplomats, he declared, had made “awful” mistakes, being un¬
able to see the viewpoint of the countries where
they were stationed and
misreading opinion in other
countries.
Referring to the notorious Kaiser
telegram during the Boer war, he said:
"My father was made to send this telegram by his political advisers.”
The former Crown Prince is living a very
simple life now.
He strolls
about the island, chats with peasants, and is
learning the Dutch language
from a small boy.
He says he is interned, although in reality not interned,
as all the other German officers have been
permitted to leave Holland.
He does not expect his wife to come to Holland.
She will remain in Berlin
to superintendent the education of their children.
Frederick William discussed various subjects quite
frankly with the
correspondent for two hours, but requested that some of the matters under
discussion should not be published.
AN AUSTRIAN VIEW OF THE RESPONSIBILITY FOR
STARTING THE WAR.
Fear rather than aggression was the motive
underlying
Austria’s fatal ultimatum to Serbia in 1914, which precipi¬
tated the world war, according to statements made to the*
correspondent of the New York “Tribune” at Vienna on
Dec. 3 by Dr. Otto Bauer, the new Austrian
Foreign Secre-
Dec. 14 1918.]
THIS CHRONICLE
2255
tary, who based his assertion upon documents found in the following the entrance of the United States into the war
archives of the Foreign Office at Vienna by the revolutionary and served in the
Department. In
Government. Dr. Bauer also said that the documents do December 1917 he wasAdjutant-General's
called upon by the War Department
not prove that Germany incited Austria to war, but rather to direct
the work of the War Risk Insurance Bureau over¬
that she remained passive before her ally's determination to seas. After the
completion of his duties in that capacity
do so, and allowed her to act as she wished. The Foreign he entered active service
with the troops, serving until the
Secretary also outlined, the “Tribune’s” correspondent attack which resulted in his death Major
Straight was a
states, the terms Austria proposes to put forward at the son-in-law of the late William ©.
Whitney.
Peace Conference.
The interview was given as follows in a
Besides numerous personal expressions
by bankers and
copyrighted special dispatch to the “Tribune” printed on others of the sense of loss in his death, the various
organiza¬
.
Dec. 6:
The proposals to be presented by Austria at the peace conference, Dr.
Otto Bauer, the new Secretary of Foreign Affairs, told me to-day. Include:
1. All disputed territorial questions to be referred to plebiscites.
2. Other questions, like the division of State property among various
nationalities, to be solved by arbitration.
3. Sanction to be given to Austria’s union with confederated Germany.
4. An outlet on the Adriatic.
5. Compensation to Serbia to be paid by all nations composing the old
dual monarchy.
I put several frank questions to Dr. Bauer.
He answered them frankly.
“Do the documents in Foreign Office archives provide any additional
proofs of German responsibility in the war?" I asked. He answered:
“The documents I have read so far are especially interesting to us be¬
cause they disclose the motives producing the Serbian ultimatum.
They
prove that the Hungarian statesmen at that time wished to forestall the
disruption of the empire by crushing Serbia, the greatest element of danger.
Fear rather aggression was the main motive of the falling nation’s last
desperate throw.
“The documents do not prove that Germany incited Austria to make
war, but rather that Germany remained passive before her ally’s deter¬
mination to do so, and allowed her to act as she wished.
I believe the
dispatches from the Austrian Ambassador in London will confirm my
opinion that Britain did her utmost to avert war.
“If the archives establish the guilt of individual statesmen the new
Austrian Assembly probably will insist upon their trial.
Unfortunately,
three of the statesmen upon whom the heaviest accusation of guilt rests
are out of our reach—Count Tisza and Count Stuergkh are dead and
Berchtold fled to Switzerland.
“What is the Austrian official attitude toward Germany?’
“Our point of view is that German Austria cannot stand alone economi¬
cally.
Geographically her position is impossible. Salvation for her can
only be found as a unit in a confederation of States composed of the old
empire, or a unit in a confederation of German States. The refusal of a
confederation by the other States rules out the first alternative, so we are
thrown back upon the second.
There is none of the old hate entertained
toward republican Germany.
There Is no danger to European peace in
Austria’s unity with a federalized Germany.
I hope the peace conference
will sanction the proposal.”
Bauer insisted on Austria's terrible economic situation, pointing out that
she had fulfilled the Allies’ conditions of order and tranquility.
He hoped
Bohemia might be induced to send coal for the sake of averting the economic
catastrophe threatening Vienna before the end of next week.
DEATH
OF
WILLARD D. STRAIGHT—TESTIMONY
TO HIS WORTH.
tions with which he was identified have adopted resolutions
in tribute to Maj6r Straight’s memory. The executive
committee of the Asiatic Association, of which association
Major Straight was formerly President, the National For¬
eign Trade Council and the New York Chamber of Commerce
are among the bodies which have
adopted resolutions on
his death.
That of the Asiatic Association is
as
follows:
On behalf of the members of the American Asiatic Association, the execu¬
tive committee have to record their sense of the irreparable loss the asso¬
ciation has sustained by the untimely death of its former President and
present member of the committee. Major Willard Straight. Stricken in
the midst of exacting duties performed in the service of hts country, Major
Straight died as he had lived,, an earnest, devoted and self-sacrificing
patriot. His associates on this committee who have had ample occasion
to appraise his value as a fellow worker in the task of broadening the rela¬
tions and deepening the sympathy between the United States and the
peoples of Eastern Asia can testify to the fact that in this field of effort
Willard Straight had no peer.
His preparation for the task, leading up
through experience in the consular and diplomatic service to responsible
initiative in financial negotiations and constructive enterprises of farreaching import, was unique, equally in kind and degree. It is the simple
truth that no man can fill the place in the work of Asiatic development
and reconcilement which his death leaves vacant.
Even in times like these
there is an exceptionally tragic pathos about the interruption of a career
the brilliancy of whose past achievements was merely the earnest of serv¬
ices still more valuable to the immediate future of Asia and to the world
at large.
His associates have lost a resolute leader, a wise counselor and
a well-beloved friend.
His country has lost a distinguished representative
of the best type of Americanism, and an authoritative exponent of her
obligations and her true policy toward Asiatic millions with whom her
destiny is indissolubly bound. Those who knew him most intimately have
lost the companionship of a man of rare personal charm, large-minded
toleration and warm-hearted Impulses whose generous expression was the
characteristic note of a nature of exceptional fineness of temper.
EUGENE P. THOMAS, Acting President.
JOHN FOORD Secretary.
CENTENNIAL ANNIVERSARY OF BROWN BROTHERS
& COMPANY.
In commemoration of the 100th anniversary of the estab¬
lishment of their Philadelphia house,JBrown Brothers & Co.
dinner to the members of their Philadelphia staff
on Friday evening, Nov. 29.
Impressive services in memory of Major Willard D. A loving cup was given to John C. Dawson, the senior power
Straight, who died on Dec. 1 in Paris of pneumonia following of attorney, who joined the staff in 1880 and who with his
an attack of influenza contracted while at the front, were
father and grandfather have been successively and- promi¬
held in this city at Grace Church on the 6th inst. Banking nently associated with the house during the entire period
and business circles were well represented in the host of of 100 years. A loving cup was also given to Harry W.
persons present at the services.
Although not yet forty Smith, who has been in the service of the firm continuously
years of age (he was bom in Oswego, N. Y., in 1880), Major for 48 years.
Founded by Alexander Brown in Baltimore in 1800, the
Straight had achieved an enviable position in the business
world, the scope of his undertakings bringing him interna¬ business was expanded by the establishing of William Brown
tional recognition. Following his graduation from Cornell & Co. in Liverpool in 1810 (now the widely known firm of
in 1901, Mr. Straight was appointed to Sir Robert Hart's Brown, Shipley & Co., London); John A. Brown & Co. in
Chinese Imperial Maritime Customs Service, and remained Philadelphia in 1818 at what was then 174 High Street (now
in Nanking and Peking for two years. During the Russo- Market Street); Brown Brothers & Co. in New York in 1825
Japanese War he acted as correspondent in Tokio, Seoul and and in Boston in 1844.
Manchuria for Reuter’s Agency and the Associated Press.
The firm name in Philadelphia was changed to Browns &
In 1905 Mr. Straight was appointed American Vice-Consul Bowen on June 11839, and on Dec. 11859 was again changed
at Seoul, and the following year he acted as private Secretary to Brown Brothers & Co.
The house has the unique dis¬
to the American Minister at Havana.
Later, with the estab¬ tinction of being one of the few house? in the United States
lishment of a Consulate General at Mukden by the United which have been continuously active for over a century and
States, Mr. Straight was assigned to the post of Consul- in which the direct descendants of the founder have taken,
General. In 1908 he returned to the United States and was and still are taking, prominent parts.
made Acting Chief of the Bureau of Far Eastern Affairs of
The business was originally the importation from Great
the State Department. In 1909 he became a representative Britain of linen goods, followed later on by other commodi¬
in China of the American banking syndicate which included ties and also by the exportation of cotton and other mer¬
J. P. Morgan & Co., Kuhn, Loeb & Co., the First National chandise—largely in vessels owned by themselves. With
Bank and the National City Bank. Mr. Straight was suc¬ the expansion of the foreign trade of the United States and
cessful in obtaining for this syndicate, representing United the growth of their own business and capital, they soon
States interests, an equal share in the railroad loan which began to do a general foreign banking business, and to-day
China was negotiating at that time. With the completion their high reputation is established all over the world.
of his work for the syndicate Mr. Straight became connected
The organization of a bond and stock department was a
with J. P. Morgan & Co. In Oct. 1915 he severed his con¬ natural progressive step and the activities of the firm in
nection with the firm in order to take up the study of inter¬ this field have covered all classes of securities within the
national law. In the same year he became Vice-President limitations of what are known as high-grade investments.
of the American International Corporation of New York.
The present members of the firm are Charles D. Dickey,
He was also a member of the National Foreign Trade Coun¬ Eugene Delano, James Brown, Thatcher M. Brown, Moreau
cil, and served as Chairman of the Committee on Foreign Delano and John Henry Hammond, New York; George
Commerce and the Revenue Laws of the New York Chamber Harrison Frazier and James Crosby Brown, Philadelphia,
of Commerce/ Mr. Straight entered the army immediately and Louis Curtis, Boston.
gave a
at the Bellevue-Stratford Hotel
(Voi.. 107.
THE CHRONICLE
2256
INVESTMENT BANKERS'
•
ASSOCIATION—ANNUAL CONVENTION.
-
'
committee recommended the appointment by the Associa¬
RAILROAD CONTROL.
tion of a special committee which shall give its entire thought
The railroad question formed one of the important .con¬
to the solution of the question of the return of the railroads
siderations at this week’s annual meeting of the Investment
to private ownership.
The following resolution to this end,
Bankers’ Association of America, held at Atlantic City on
offered in the report, was unamimously adopted at Tues¬
Dec. 9, 10 and 11. John*E. Oldham of Merrill, Lynch &
day’s session of the convention:
Co., as Chairman of the Association’s* Railroad Securities
Resolved: That the Association put itself squarely on record at this time
Committee, presented the report of the committee, which
opposed to public ownership of railroads or permanent public operation
reviewed at length the principal events bearing on the pas¬ and emphatically in favor of an early return to private ownership under
altered methods of regulations as will insure sound railroad credit and
sage of the railroads from private to public control.
In his such
an
adequate transportation system.
Further. That a committee of the Association be appointed and charged
report Mr. Oldham said in part:
ACTION ON QUESTION OF
as
be as to the responsibility
facilities inadequate for the
needs of the country even in times of peace—whether they were more
largely the result of conflicting and restrictive legislation, which added to
the burdens of operation and prevented the adoption of resources which
would have made operation more economical and efficient; or of failure
on the part of the Inter-State Commerce Commission and other regulating
bodies to permit such increases in rates as were necessary to offset in
creasing costs of labor and material, or to a few flagrant but scattered
cases of railroad mismanagement—we believe there is entire agreement
that owing to the conditions which had developed under existing laws
Government control was necessary as a war measure in order that the
most effective use might be made of such transportation facilities as were
available, regardless of their ownership, as well as to avert serious financial
Whatever differences of opinion there may
for conditions which made our transportation
disaster.
With the ending of the war the main purpose for which the railroads
were taken over has been served and we are now confronted not only with
the problem of readjusting the temporary relations which have been es¬
tablished between the railroads and the Government as called for by the
Railroad Control bill, but the more serious problem of the permanent policy
of the Government toward railway operation and ownership.
The necessity for the temporary control of the railroads by the Govern¬
ment as a war measure will undoubtedly be interpreted by some to indicate
that the transportation needs of the country cannot be met by private
management under any conditions. Careful consideration of the cir¬
cumstances, however, may well lead to the conclusion that the success or
failure of private management under a system of reasonable and fair regu¬
lation, has never been tested, but that the existing method of regulating
private management is a demonstrated failure.
Had the railroads been free to manage their properties as the Govern¬
ment has managed them, had they been allowed under proper supervision
to bring about such operating economies as would have been possible un¬
der greater unification of control; had they been allowed to meet increased
expenses with corresponding increases in rates, and thus maintain their
credit, it is reasonable to expect that they would have been adequately
equipped, both physically and financially, to have met the demands of the
war period and Government control in that case would not have been neces¬
sary.
Nobody to-day seriously questions the advisability of a policy of regula¬
tion which aims to protect the public from abuses and discriminations of
various kinds, but It demands at the same time a regulation which will en¬
able the well-managed railroads to maintain their credit upon a satisfac¬
tory basis. No business enterprise can be permanently successful without
credit and the railroads are no exception to the rule.
The alternative is
public ownership or some system of public control, where security will not
be dependent upon the merits of particular enterprises, but on the sound¬
ness of public credit.
While we do not feel that it is within the province of your present committee, whose term of office expires with this convention, to enter into a dis¬
cussion of possible solutions of the transportation problem, its members are
In agreement about a number of obvious facts in relation to it which it may
,
be well to touch upon briefly in conclusion.
First—The pre-war plan of railroad regulation was a demonstrated
fai*
ure.
Second—The railroads should not be returned to their pre-war status
without providing relief from the burdensome conditions under which they
have heretofore operated.
Third—Any plan of future Government control should eliminate the
conflict of control between State and Federal bodies.
Fourth—The Sherman Anti-Trust Law and State anti-trust taws in
their application to transportation should be repealed in the interests of
efficiency and
economy,
because such laws
are unnecessary
under proper
Governmental regulation.
Fifth—Any plan of Government control which increases operating expense
and regulates income should assume responsibility for adequate earnings
and sustained credit.
Our study of the railroad situation leads us to regard these facts as beyond
dispute and
point.
we
feel that any plan for the future must proceed from this
We may further add that the alternative of Government ownership,
which is being proposed by some as the best solution for the difficulties pre¬
sented, in the opinion of the committee does not offer the measure of relief
demanded.
I,
We find nothing in the experience of other countries in the Government
ownership at transportation which warrants the assumption that such an
experiment in this country will be successful. According to reliable au¬
thorities, the records of Government ownership the world over show de¬
creased efficiency, increased expense, lessened initiative, political interfer¬
ence and economic waste.
Furthermore, we find nothing in the experience
of our own country in the field of public ownership which encourages the
hope that we oui profitably extend its sphere.
The Committee recommended that the Association put
itself squarely on record “as opposed to public ownership of
railroads or permanent public operation, and emphatically
in favor of an early return to private ownership under such
altered methods of regulation as will ensure railroad credit
and an adequate transportation system.”
Expressing its
belief that the Association through the study and experience
.
of its members and their vital interest in railroad affairs,
is in a position to take a leading part in directing study and
legislation along right lines and to a sound conclusion, th9
with the special duty
railroad situation.
of giving diligent attention to this phase of the
RESOLUTION OF INVESTMENT BANKERS URGING
DISCONTINUANCE OF WAR AND EXCESS
PROFITS TAXES.
At
Wednesday’s session of the Investment Bankers’ Asso¬
the presenta¬
ciation (the 11th), in the discussion following
tion of the report of the Taxation Committee,
of which Roy
C. Osgood of Chicago is Chairman, it was brought out that
the Board of Governors of the Association had on Sunday last
past passed a
resolution in which the excess profits and war
profits provisions of the war revenue bill were declared to be
harmful to business and their discontinuance “at the earliest
time practicable” was urged. The resolution reads:
Whereas, The Investment Bankers’ Association of
America has extended
its co-operation to the Committee of Congress and the Treasury Depart¬
ment in the preparation of tax laws, and regulations under them , to raise
adequate revenue for war purposes; and
Whereas, The Association has favored a war profits tax adapted from
the English plan solely as a war measure;
Resolved, It is the <*ense of the Board of Governors of the Association that
the principles of taxation embodied in the excess profits and war profits
tax provision of existing law and the legislation now pending in Congress
are and will be harmful to business development under peace conditions
and should be discontinued at the earliest time practicable under recon¬
struction conditions.
Rober R. Reed, of counsel for the Association (Reed, Mc¬
Cook & Hoyt), referred in detail to the work of counsel
relative to the war revenue bill and what it had accomplished
the provisions taxing
municipal bonds, the elimination of the
provision limiting the deduction of interest thereby indi¬
rectly taxing municipal issues, &c. In part he said: *
toward the adoption of amendments to
future State and
The Senate Committee bill recently reported contains a number of provi¬
sions along lines advocated by your association, including New Section 204
and a related provision in Sections 214 and 234 covering the adjustment
of losses in successive years, the allowance of property paid in, in excess of
value as paid in surplus, and the requirement of a consolidated return
in the case of parent and subsidiary and allied companies, the latter provi¬
sion going, perhaps, too far especially in requiring the inclusion of a foreign
par
corporation owned or controlled by or in common with a domestic corpora¬
tion.
The Senate bill materially amplifies the provisions of Sections 327
and 328 as to exceptional cases and recognized the fact for which we have
contended for over a year, that the representative basis provided in fact a
representative tax, the Treasury applying to any such case case such tax
as it believes to be equitable by comparison with other representative con¬
In determining invested capita], intangible property acquired for
cerns.
stock subsequent to March 3 1917, is given substantially the same allow¬
ance as invested capital as such property acquired prior to that date.
Changes important to investment dealers, but too complicated for brief
discussion, have been made in the provisions covering the disallowance of
inadmissible assets such as municipal bonds.
In connection with the work
on the regulations of last year we obtained recognition of the fact that in so
far as the profits realized from dealing in municipal bonds are taxable the
capita] invested in them should be treated as invested capital. This point
is now recognized in the proposed bill, and we have also obtained provision
to the effect that “where all or part of the interest derived from such assets
is in effect included in the net income because of the limitations on the de¬
duction of interest” received from such assets purchased or carried on
borrowed money, a corresponding part of such assets are deemed to be
admissible assets.
With the end of the war, or rather with the realization of our assured and
glorious victory in the war, came the need of reconsidering many questions
of finance, including that of taxation.
Your association had opposed the
original .excess profits tax and had urged the war profits tax as a war meas¬
ure.
Putting aside other considerations, it put its shoulder to the wheel
and did what it could to make the war taxes sound and productive.
We
are aiming now to return to the conditions of peace and few things are more
important for that return that the establishment of a sound basis of taxa¬
tion and Federal finance, involving the very large question of the liquida¬
tion of our war debt and also the proposal of a permanent taxation and
tariff commission.
The most immediate question that confronts us, how¬
ever, is the perpetuation of the so-called excess profits tax in the pending
Senae bill, which was reported to the Senate on Dec. 6.
Your association
had repeatedly expressed the view that these taxes were justified only by
the conditions of war.
With the assurance of peace, we at once urged upon the Treasury and
others in Washington the great importance of freeing the business enter¬
prise which peace makes possible and necessary from these taxes. Within
a few days, after the signing of the armistice, and as a result of conferences
in Washington, Secretary McAdoo in a letter to Senator Simmons dated
Nov. 14 recommended that—
“
with the collection of the taxes levied upon war and excess
profits for the calendar year 1918 and payable in 1919, the war and excess
profits taxes shall come to an end, except in so far as it may be necessary to
subject to these taxes profits which, though arising from contracts mitered
into during the war period, would, under existing regulations, technically
.
.
.
Dec.
141918.]
THE CHRONICLE
be profits of 1919. and not profits of 1918. >' I can think of nothing which
would do more to encourage industry sad enterprise than this measure,
carrying with it as it would the assurance that with the cessation of war there
win come cessation of taxes on so-caned war profits and war excess profits."
Substantially the
same
recommendation
was
made by the President in
his recent message to Congress.
These recommendations have not been followed by the Senate Finance
Committee. The bill that went to the Senate on Dec, 6 perpetuates the
so-called excess profits tax. based on percentages of invested capital, at
rates but one-third less than those proposed for 1918.
These proposed
future rates
are
20% of the
excess
above 8% plus $3,000 and 40% of the
above 20% of the so-called invseted capital of every corporation
in which capital is a material income-producing factor.
As in the present law. the invested capital is one thing for one corpora¬
excess
tion, another thing for another corporation, depending on the accidents
organization and financing. It catches the accidents of the past
year and invites evasion in the craning year.
It is rase thing for a corpora¬
tion organized in 1904. another thing for a corporation organized in 1914.
both with the same properties and the same values in 1614 -and since, and
both perhaps acquired by the present owners through the purchase of
stock at the same values in 1914 or since.
It is one thing for a company
with successfully watered capital whose original values are hard to deter¬
mine, quite another for a corporation with conservative capital or whose
original values are unfortunately easy to establish. It is one thing for a
corporation financed by preferred stock, another thing for a corporation
with borrowed capital,
ft is one thing for a corporation with a valuable
good will developed tnrough yean, and quite another for one whose good¬
will has been acquired for cash or stock. The inequalities of an excess
profits tax are glaring and many of them unavoidable.
The present bill imposes a tax on corporations from which partnerships
are exempt, but the Committee report suggests that this Is equalized by
the fact that partners have to pay the surtax on undistributed profits.
extended into the future. The present Is the best.perhaps the
only opportunity that may be given us to aid In carrying out the wise
recommendation of Secretary McAdoo. As an alternative in the present
bill, we have urged the Senate Finance Committee to recast the profits tax
brackets so as to confine the excess profits tax to 1918 income'and to super¬
impose, as they call it, a war profits tax for an eighteen months or two
years period on war profits, the 1918 excess profits tax being credited upon
the war profits tax for the longer period.
The war profits would be, to
state it roughly, the excess of the profits of the longer period over a prowar normal income, such excess to be reduced proportionately by the rela¬
tive amount of the net income realized from new business in 1919. This
proposal carried out the recommendation of Secretary McAdoo and the
President and brings the profits tax to an end with the final accounting of
1919 war profits from 1918 business.
year or
of their
The fact is this discrimination is very severe against the moderate-sized
or small corporation, on the one hand, and against the wealthy partnership
on tile other.
A corporation In the West or South with a capital of $200,000 and an incrane of $60,000 will pay an excess profits tax of $12,000,
and its stockholders will pay on their dividends according to their wealth,
say, $6;000, a total of $18,000.
A competing partnership pays, through
its partners, say, $8,000 on the same income.
When the incorporated dealer
complains it is told that a wealthy banking partnership in New York pays
*
GEORGE E. ROBERTS ON RECONSTRUCTION.
The subject of “Reconstruction” was discussed at Tues¬
day’s session of the Investment Bankers* Association by
George E. Roberts, Assistant to the President of the Na¬
tional City Bank of Nsw York. Alluding to the fact that wo
are expecting to have a balance in our favor in all our im¬
portant business relations with other countries, Mr. Rob¬
erts presented the question as to how those countries are to
settle those balances, answering it by stating that we must
investment market which will take up
foreign
securities, and that task, he added, is up to the investment
“We can,” he said, “take no part in the recon¬
bankers.
struction of Europe if we insist upon pay for it now we
must arrange among ourselves to convert our compensation
create
into
an
an
investment.”
He also said in part:
confronted with the question, can we rise promptly to a full ap*
predation of the necessities of our newly attained position? Are we ready
We
are
lend, lend, lend continually and permanently to support and develop
foreign trade?
$2,000,000 as against $1,000,000 paid by a New York incorporated bank¬
The truth is that we have developed our Industries and increased our
ing house house. Perhaps this ought to equalize conditions across the wealth so far beyond that of the rest of the world that in the very nature
street in the Southern or Western town, but it will be difficult to demon¬
of things it Is new to our Interest to be a lending nation until the equilib¬
strate the fact.
The New York partnership also has a very legitimate
rium is in some degree restored.
complaint. The problem of dealing with the undistributed profits of
The suggestion has been made in this country that the United 8tatea
corporations Is directly involved In this situation—In fact, it might be mid
ought to forgive or cancel Its loans to Great Britain, France and the other
to be partly responsible for the effort to perpetuate the excess profits tax.
Allies on account of the services which those countries have rendered to
This is a problem which apparently mint be met in some constructive way.
the world, this country included, in the war.
1 am not going to discuss
It has been suggested that a complete exemption be granted from the sur¬
the merits or the difficulties of that proposition and it may be doubted
taxes oi, say, 60% of any business profits, with the idea that this might
whether these countries would care to have the proposition discussed or
furnish a basis of equalization between corporate and non-corporate
any such action taken, but it is pertinent to say that from our own stand¬
businesses.
point, in view of the present situation in the exchanges, early payments
All these are serious and conclusive objections to the excess profits tax
upon either principal or interest are undesirable.
We already have more
as a practical administrative measure.
Such, we take it, is the view of the than our share of the world's gold, and additions to our stock would be
Treasury. Not the least potent objection possibly lies in the fact that an harmful instead of advantageous. Payments in goods upon any such
excess profits tax will produce a revenue only in the excess profits years.
scale as would be required would cause an interference with our established
It will tend materially both to hasten and to protract those years and like
industries for which the country is not prepared, and which certainly would
some other tax measures to destroy the source of revenue, not only of itself
be vigorously opposed.
There Is no doubt that on this proposition the
but of other revenue measures, including the income tax.
In all the pro¬ business interests of the country would say that we do not want the goods,
posals that have been made of this or that amendment there has been none and this would mean that we must increase the loans by the amount of the
which did not violate a cardinal principle of sound taxation, confiscate the
interest, perhaps for years to come—not because the debtors are unable to
income of some and grant relative immunity to others.
pay, but because it will be regarded as mutually advantageous that pay¬
The fundamental objection to the prof its tax, however, is neither its dis¬
ments shall be deferred.
crimination nor its accidents. It is, that it is destructive of the very spirit of
Our own interests will be best served by allowing our income from the
business enterprise. It taxes not capital nor in a right sense the income from
foreign loans to remain in the possession and service of our debtors. Neither
capital, but the brains, the initiative, the ability or faculty that makes capital the principal nor the interest will ever be wrung from distressed peoples.
productive. This conception is made quite clear by reference to the When the payments are made it will be done by the natural readjustments
"faculty" taxes of colonial days, the relatively small taxes on occupations
in international affairs, and by that time the productive powers of all
which developed In some States into quasi-income taxes.
In Massachu¬ countries probably will have so increased that no burden will be felt.
setts about 1876, a commission which was appointed to revise the tax laws
In conclusion I would like to emphasize what to me is a most suggestive
recognized that these taxes involve double taxation in so far as they taxed feature of this international situation, and that Is the restraint which la
the income or faculty derived from the property or capital invested in the put upon us by natural economic law to prevent our pursuing a harsh and
trade which was already taxed.
In order to remove this objection, and selfish policy toward our debtors. We are, I repeat, under constraint by
that the tax might rest on the faculty of the trader and not of his capital,
our own interests to allow both principal and interest to remain in the
it proposed a deduction from the taxable income of 6% of the capital
Think of just what that means; it means that this
debtor countries.
employed. The tax would then rest on the "faculty," on the ability and capital instead of being passed over to us, will remain in use in toose debtor
These taxes were relatively small, lil-enforced
success of the trader.
countries.
It will be used to finance their business, to enlarge their in¬
and, we suppose, negligible in their effect on business.
dustries and give employment to their people.
**
It will contribute to the
The Federal excess profits tax Is in fact this old faculty tax now pro¬ strength of their banks, it will build up their wealth, and if we want to
posed as an exclusive tax on corporations. It is tax on the faculty to make take the narrow view of it we may say that this capital of ours in their hands
capital productive, on the faculty to succeed.
It is also a tax on initiative, will help to strengthen them as competitors of ours in world trade. And
opportunity and enterprise, .from which the unearned income of secured yet it will be to our advantage to do it. In order to serve our own interests
capital Is exempt. The opportunity of moderate success is left open, but we must serve the common interests, and that principle holds throughout
the opportunity of rapid or great success is barred.
The small merchant the business world.
of to-day, if this tax were applied to him, could not hope to be the John
The problem of progress is a problem of production.
It will never be
There are very great dif¬
Wanamaker or Marshall Field of to-morrow.
solved as they are trying to solve it in Russia, by paralyzing industry and
ferences in the relative importance of capital and management.
In many by trying to divide up the existing stack of wealth. It Is the steady flow
businesses, there is something approaching a normal return based on
of new wealth into circulation that counts.
We must increase the flow.
capital. In others, including mercantile businesses, the ability of the That is to be accomplished by improving the social organization, by de¬
trader would seem to be the dominant factor.
There is no normal in the
veloping the individual efficiency of the people, and by improving the in¬
profits of purchase and sale, or in the number of turnovers. Even a very dustrial equipment, or, in other words, by the accumulation of capital.
large capital is at best a tool in the hands of the successful trader and while
varying rates of return are necessary to protect or compensate the capital
AMERICA’S PROBLEM ONE OF READJUSTMENT,
in different businesses, and the excess above such a return may well be
taxed under the artificial conditions of war, the tax on such excess is in
SAYS R. C. LEFFINGWELL, ASSISTANT SECRE¬
principle and effect a tax on the ability or faculty which makes the capital
TARY OF TREASURY.
productive.
At Wednesday evening’s banquet of the Investment
When we compare the case of a successful business man who has accom¬
plished something woth while and in its accomplishment has made an excess ers Association, R. C. Leffingwell, Assistant Secretary
profit of $60,000 in an incorporated business, with the idle son of a rich
a
Treasury, in referring to the fact that
father who receives $60,000 of income from an investment, the question
of which, if either, of these incomes should pay the higher tax answers it¬
deal of talk of reconstruction, declared that he did not
self. And yet it is not the answer of the Senate Finance Committee to the
there is “any such thing as
recommendation of Secretary McAdoo.
That Committee would take in
in
America.” Continuing he said:
1919 and every year thereafter 20% to 40% of the earned $50,000 without
They have had a reconstruction problem in Europe, or they thought they
touching the unearned $60,000, except of course in so far as both may have
had.
They have had reconstruction committees.
They have had re¬
to pay the income tax and the balance of the earned income may for a time,
construction plans and reconstruction reports.
We have not had these
i. e. until distributed or realized by the sale of stock, escape the surtax.
Against such a proposal as a permanent revenue measure in this country— here, and we have not the reconstruction problem. Europe’s reconstruc¬
tion problem Is a problem of raw materials.
We have raw materials. The
and even as a post-war measure its permanence is seriously threatened—
We violate no war has been destroying wealth for four years. The war has been destroy¬
your association has entered its protest at Washington.
ing human life for four years. It is not thinkable, gentlemen, that after
confidence in advising you that the elimination of the excess profits tax
to
our
Bank¬
of the
there has been great
think
reconstruction whatsoever here
after 1918. as we are reliably informed,
leaders, who will, on the other hand, we
will be acceptable to the House
believe, insist on higher excess
profits rates than those in the Senate bill, whether they
be confined to one
of waste, of economic waste,
glut of materials or labor .^Therefore,
four years
problem.
there should be such a thing as a
I say we have no reconstruction
THE CHRONICLE
2258
But there is a problem of readjustment, and the Government of the United
States and the people of the United States firmly believe that the Ameri•can business man can be counted on to solve the problem of readjustment.
Let him alone.
Business needs freedom; business needs co-operation but
it does not need leading strings.
And if I understand the policy of the Gov¬
ernment of the United States to-day, that is its policy; business shall have
co-operation, but not leading strings.
Noting that “when the armistice was signed there were
outstanding or sold some 17 billion dollars worth of war
bonds or of Liberty bonds, and a billion dollars in maturity
value of War Savings certificates,” Mr. Leffingwell added
“there was no floating war debt,” America thus being in the
“extraordinary position, the unique position in the world
to-day, of approaching the problems of readjustment finance
without any back indebtedness to be refunded.” As to the
readjustment problem, Mr. Leffingwell said in part:
As I see the problem of readjustment, its just the problem the Post¬
master put to you, for all the years before we entered into the war we were
enjoying our own wealth, we were living our own lives on our own little
continent, very content, not much stirred by the problems of the war.
I think we were growing a little materialistic.
I think most of the men
who came out of the routine of business life in response to the demands
of the war feel better for it.
I think we all fed grateful for what the war
has meant in our lives.
It has given us a broader point of view; it has given
us wider interests.
We have come down to Washington and have gone
out about the world and have seen things and dreamed dreams that were
new to us.
We are not going back.
We
going to be the same people again. Now, the future of
it, is something like this: We are a vast storehouse of ma¬
terials and food that the world needs.
Europe has been suffering for four
years from a war which barely touched us, barely touched our lives, al¬
though it did fire our ambitions. Europe must have the things they want,
and we must sell them to her.
There’s where the bankers’ interest begins.
Europe has no means to pay immediately, but she has a perfectly good
credit.
She cannot ship us gold, and we do not want her gold.
She
cannot begin to ship us commodities until her own reconstruction
problem
Is solved.
We can keep our stuff or we can sell It to her on credit.
When the war broke out in Europe in 1914 New York, the financial
•centre of the Western Hemisphere, the whole of the Americas, was
helpless.
The one great nation in the world that was not involved in this war was
helpless. Why? Because we did not have any foreign trade balance
In our favor.
We actually received—it is hard to remember it now—but
we actually received a commission of British financiers and economists
to
discuss how Great Britain could help out the United States In solving the
financial problems of the United States growing out of the fact that Great
are never
America,
•
as
I
see
Britain was in the war.
It did not take more than a few months for the
thing to turn around.
Well, we had no call money market except that based on stocks. Every¬
body knows that a call money market based on stocks is liquid except
when you need a call money market.
And that’s what happened in New
York.
We closed the Stock Exchange.
It was very wise and very
■necessary. Meanwhile Great Britain drew in her current assets.
If we
-are to have in the Western
Hemisphere a financial capital, we must have
a market for
acceptances; we must be prepared to provide commercial
credits for foreign trade.
If we are to go on beyond that for a long period
of years and retain our position as a creditor
nation, we have got to provide
fiere a market for financial credits, for investment securities, for
foreign
Governments, and there opens up a field which is quite untouched, so far
as the American investment banker is
concerned.
The American investment banker, if I may
say one word of criticism
-of him, is a bit too conservative.
He dreads asking his clients to buy
something they have never bought before. He must measure up to this
new opportunity or fail to do the
great service which is before him, the
opportunity for service, the opportunity for service to the world, as well
as service to his own
country, and open up a field of profitable investment
for his clients.
The world has been engaged deliberately,
vigorously, and enthusiastically
In
destroying wealth,
and you cannot go on turning over your wealth
and your labor and your services to the Government to be used in work¬
ing destruction, however glorious that work may be without creating a
situation Buch as exists throughout the world to-day.
That problem presents itself in the countries of central
Europe. These
discussions are going on everywhere. At the bottom of it the answer
always is: Can you get. the people to save and invest their money in se¬
curities?
Just by so much as they put out of their savings into securi¬
ties they actually release capital,
and the problem is solved.
The
only way that this thing will be done is by getting twenty millions, thirty
million, or forty million to put their money at the service of the Govern¬
ment, at the service of new industry, at the service of Europe, to create
the capita] which the world is
going to need out of savings instead of out of
’bank credits.
So it seems to me that the one message
that the Treasury ought to put
•before the bankers of America to-day is this:
We are not through with
war finance.
The war is over; we are not going to quit when the bills of
“the war are not paid; we are not going to
saddle them on all the
•carrying
people by
credit operation. We must sell Government bonds.
These
bonds must be made attractive, or should be made attractive.
Secretary
McAdoo has said that they shall be of short maturities.
They must be
made attractive in other ways.
And yet we must remember that they
cannot be soundly so, that the requirements of the Government cannot be
wisely met, without the kind of effort that has been made before. I think
on a
‘Once
more—only once
patriotic campaign.
more we
must go
through the throes of
a
great
THOMAS W. LAMONT ON FOREIGN INDEBTEDNESS.
Thomas W. Lamont of J. P. Morgan & Co. in the report
•of the Association’s Foreign Securities
Committee, of which
he is
Chairman, in reference to what is to be the immediate
adopted by the committee, stated that the
committee proposed to. begin by establishing contact with
program to be
•Government officials in countries in which American capital
is invested. He further said, “our view would be to secure,
■digest and classify information on points affecting existing
investment of American capital; then to concentrate this
information in the hands of an office of a permanent charac¬
ter, for the information of the members of the Investment
[Vol. 107.
Bankers' Association and of their clients.”
The best known
organization which is already functioning along lines proposed
to be followed by your committee, said Mr. Lamont, is the
Council of Foreign Bondholders in England. He added:
This body, which has been in existence for over fifty years, keeps elaborate
records and spends $50,000 per annum for running expenses.
It will be
wise for your committee to compile the same sort of information which,
each year in the report of the Council of Foreign Bondholders,
as to each country in which English capital is invested.
is furnished
Among other things, Mr. Lamont said:
Formerly America was the largest debtor nation in the world. Now in a
brief space of a little over four years its position has been reversed, and
next to Great Britain, it has taken its place as the greatest creditor nation
of the globe.
Before the war, America’s indebtedness abroad was, ac¬
cording to best data obtainable, approximately $4,000,000,000. Within a
year after the great war began, America began to buy back her foreignheld securities, and as I figure it to-day, she repurchased about threefourths of the total.
This would leave outstanding abroad American se¬
curities of all kinds to the value of about $1,000,000,000, and the Interest
due on this sum is say $50,000,000 per annum..
Now let us look on the other side of the picutre.
Private investors in
America have loaned to the foreign Governments approximately $2,000,000,000, still outstanding. They may have loaned to private corporations
and in other ways $500,000,000 additional. The United States Government
has loaned a total which will probably soon reach $8,500,000,000.
This
means an indebtedness of all kinds of $11,000,000,000 owed from outside
this country to the Government and the people of the United States, with
only $1,000,000,000 on the other side of the ledger, or a net indebtedness to
the United States of $10,000,000,000.
The annual interest on such an
Indebtedness will amount to at least $400,000,000.
Prior to the war the annual merchandise trade balance in America’s
favor averaged over a series of years somewhat less than $500,000,000, but
this trade balance was almost, if not completely, offset by the invisible bal¬
ance made up of interest which we owed abroad on American securities, of
freights for transporting out goods in foreign bottoms, of money spent by
tourists, of insurance in foreign companies, Sec.
*
With the tremendous food supplies that Europe will still need from us,
and the great mass of material for reconstruction, it is probable that in the
future merdhandise trade balance in
our
favor will amount to at
least
$1,000,000,000 per annum. Furthermore, the invisible trade balance that
I have just described will, with the construction of our own merchant ma¬
rine, largely disappear. In other words, after the declaration of peace I
should look to see foreign countries owing America each year $1,000,000,000
in actual trading account.
Add to that the $500,000,000 interest on for¬
eign indebtedness, not to mention payments on account of principal, and
we shall see a staggering total of $1,500,000,000 owed and payable to
America each year.
How long will such a balance continue to accrue?
No one can say, but it would not be surprising if the period should exceed
three years.
How is such
an enormous annual indebtedness to America to be settled ?
When you ask the question you answer it. There is no possible way, except
through the continued and heavy investment by America in foreign obliga¬
tions, both public and private.
Such obligations must, it goes without say¬
ing, be sound. They will be sound. But there is no doubting the issue
that if the world is to move on, if its people are to be housed and fed and
clothed, if rich America is to do her full share in rendering these services,
then we shall have to lend to and in foreign countries on a scale that five
years ago we had never even conceived possible.
PRESIDENT-ELECT BAKER ON RAILROAD SITUA TION
AND OPPORTUNITIES IN FOREIGN FIELD.
William G. Baker, Jr., of Baker, Watts & Co., Balti¬
more,
in addressing the convention following his election
as
President of the Association, referred to the railroad ques¬
tion, stating that “with approximately $17,000,000,000 of
railroad securities in the hands of investors, the situation is
one in which you have a very vital interest.”
Mr. Baker
further said:
The President stated in his speech to Congress that he favors the return
private operation, but with some modification of their
status as it existed before Governmental control.
As an association we
have placed ours^ves squarely on record on this question.
As owners
ourselves and as representing those of our clients Who own railroad securi¬
ties, we must be concerned in such a final solution of the problem as will be
fair alike to the public, the shipper, the railroad operatives and the owners.
Here is a field for broad and patriotic thinking,.and again I emphasize the
statement that it is our duty as an association, not alone to appoint a com¬
of the railroads to
mittee,
as you
have directed, but to put our best individual thought and
endeavor into the subject.
Mr. Baker also said:
The investment banker of this country should be in a position to finance
deserving enterprises in any part of the world. If the United States is to
retain in any measure the position which we believe she has attained in the
financial leadership, this is imperative.
It means two things—an oppor¬
tunity for legitimate business for the investment banker and the stimulation
of our external commerce.
As true as it is that commerce follows the flag,
it Is equally true that commerce follows credit.
I do not believe it an
exaggeration to state that the investment banker has an opportunity in this
field to not only promote his own interest, but to reserve the interest of
the manufacturer, the shipping merchant and wage earner, by making it
possible for peoples of foreign lands to get credit in America because where
the credit is obtainable goods will be bought.
Many of you are already
thinking of it, and some of you are pushing open this door of opportunity.
I believe it is essential that every member of the association should earn¬
estly familiarize himself with the great opportunities which will likely
present themselves in foreign fields.
RESOLUTION
ANENT
DEVELOPMENT OF PUBLIC
SERVICE.
A resolution offered at Tuesday’s session of the Investment
Bankers’ Association by O. B. Willcox of Bonbright & Co.,
on behalf of the Committee on Public Service
Securities,
adopted as follows:
Whereas, public utilities are the great time—and labor—and money
saving machinery of our country, the continued and increasing efficiency
was
Dec. 14 1918.]
THE
CHRONICLE
of which is essential for the
growth
the high wages of American
and development of American industries,
labor, and the health, welfare and comfort of
the people;
Whereas, the public regulation of utilities is intended to establish
able rates and to prohibit excessive
charges; and
reason*
Whereas, Commissions charged with the regulation of utilities have in
many decisions recognized and declared that the primary interest of the
State and the public is in adequate and efficient service rather than in
cheap
and inefficient service, and that it is the
duty of the regulating authorities
in the interests of the public to fix such rates as will
give utilities good
credit and attract capital for their development and extension;
Resolved, that the capital necessary for the development and expansion
•of adequate and efficient public service can be
secured, in competition with
■opportunities few safe and profitable investment in unregulated enterprises,
only if the State and municipal bodies regulating public utilities, by just
valuations of property devoted to public use and by fair rates for public
service provide for the payment of all costs of operation, permit the re¬
placement out of earnings of property worn out or no longer useful, and
allow the accumulation of funds sufficient to assure the credit of public
utility companies and the continued payment of fair returns on the capital
2259
act as part of the police force of the world.
The hope Is, in accordance
with one of the points advanced by the President, that aa the League
becomes more and more a living institution, as its
influence and its poten¬
tial power is used to control the nations as they will, then the agreement
of the Powers proportionately to reduce their armament, led or induced
further by the enormous cost of such armament, that that motive will lead
to
proportionate reduction with the League of Nations as a practical
assuring justice and protection to all nations great and small.
That is the reasonable method of dealing with reduction in armament
a
means of
and you cannot deal with It in any other
way.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The public transactions in bank stocks tMs week were
limited to the sale at the Stock Exchange of one lot of 25
shares. No trust company stocks were sold at auction.
Shares. BANK—New York.
25 Commerce, Nat. Bank of
Low.
liaving been
busy
a
one
for the Association, stated that
besides the fact that its membership had been represented
in large numbers in the army and navy of the United
States,
its work had entailed the raising of money for the Govern¬
ment for the sale of Liberty bonds. He added:
During the present
ment
year
there has been marketed
on
behalf of the Gov-
total of
$11.165,564,550 of Liberty bonds, and it is an interesting
fact to note that in eight of the twleve Federal Reserve districts the
selling
organizations, which have achieved such wonderful success in placing these
bonds for the Government, have been headed by members of tills Asso¬
ciation. The regular business of investment banking has been subordi¬
nated to the needs of the Government.
It has been a source of gratifi¬
a
cation that the investment banker has been able to respond in an unselfish
manner to the call for service and has become a
very important factor in
the winning of the great world war for democracy.
WILLIAM H. TAFT ON THE LEAGUE OF NATIONS.
“Clinching Purposes of the War” served as the title of an
address delivered at the Investment Bankers’ convention
by ex-President William H. Taft. Mr. Taft observed that
“you can’t have
and
can’t have liberty of nations
unless one nation limits its liberty to give liberty of action
to every other nation, and what we have got to aim at is
international law wMch shall constitute international lib¬
erty regulated by law.” Unless we do, he went on to say,
“instead of making peace and permanent peace we are mak¬
ing war necessary.” As Mr. Taft put it “we have got to
maintain a police force to keep the peace of half the world,
otherwise instead of helping peace by tMs treaty of peace,
we are making war certain.”
He further said:
peace
you
And then, of course, in this treaty we have got to lay down
principles
of international law.
You never had a congress of Powers that interna¬
tional law was not added to and that is what we are going to do now.
We
can’t
help it.
We hav0 got to lay down additional rules. We have got
And so what I am seeking to demon¬
strate, and it seems to me to be obvious, wiuh all the certainty of a mathe¬
matical demonstration, is that this treaty cannot be made and then en¬
forced and made a permanent influence for good and continuing the work
we have begun in the war by the defeat of
militarism, unless we create first
a court internationally to deal with the questions the
treaty raises and cre¬
ates; second, a commission of conciliation; third, a police force made up
of the combined forces of the great Powers making this treaty—and I do
not include Germany in that, I mean the really great Powers that
fought
the war and made the treaty, to wit, the four, the five, England, France,
Italy, United States and Japan.
Now, with that police force and then the Congress of Powers, which is
in effect a legislative body for that half of the world in laying down the
rules and new rules of international law, we have an association, I don’t
■care whether you call it a league or not, but what it is in effect is a
league
of nations to enforce peace in that half of the world.
Now, those four planks are the planks of the League of Nations to En¬
force Peace, that have been projected, were projected, in 1915 and were
ap¬
proved by the President at a dinner we held in Washington in 1916, and Is
the League of Nations which has been adopted in England, and which has
been adopted in France by societies of influence, and it Is the thing that is
referred to when you see a statement of “The League of Nations.”
Vary¬
ing in some details, it may be, but those are the bases.of action,,hose are the
constitution, the skeleton, of the League of Nations.
We are trying to be practical.
What Is the League of Nations to do?
it is to protect all countries from the dangers of war.
It Is to secure to
them the object that they now seek to accomplish by armament for defense
and protection.
England in her Isolated position, and that was shown in the war, is so
situated that if she did not have this fleet to protect her in time of war
she would starve in six months; if she did not have this fleet to protect, to
give her ammunition and other things, with which she could prepare war
supplies, she would be helpless in content with any nation having greater
resources.
Therefore her fleet is the insurance of her independence and
her integrity and she would be a fool to give that up until the League of
Nations shall have proven itself a protection upon which she can rely.
And so with us.
There is nothing inconsistent between the League of
Nations as we may adopt it and proper preparation for defense on our part
through universal training or through means consistent with a republican
form of government such as has been found in Australia and in Switzerland.
We will have to contribute to a police force if we are to become a part of
the League of Nations, and in making that contribution there is no reason
to define rules of international law.
why we shoijjd not have an adequate preparation so that we can meet our
•obligation promptly.
I see Secretary Daniels in his report speaks of continuing the progress
already made toward our plan planning for a greater navy which*shall
%
195
195
Last previous sale.
Dec. 1918— 195
»
invested.
SECRETARY FENTON ON WAR WORK OF
ASSOCIATION.
Frederick R. Fenton, in Ms report as Secretary of the
Investment Bankers’ Association, referring to the year
High. Close.
195
W. Frank Carter, a Vice-President of the Mercantile
Trust Co. of St. Louis and one of the prominent financiers of
that city, has tendered Ms resignation, effective Dec. 31, in
order to resume the practice of law. Mr. Carter was elected
a
Vice-President of the Mercantile Trust Co. over nine years
He will retain Ms stock in the institution and continue
ago.
a member of its board of
directors., Mr. Carter took an
active part in the four Liberty Loan campaigns in St. Louis,
and is Vice-President of the United War Work Committee.
Festus J. Wade, President of the Mercantile Trust Co., in
confirming Mr. Carter’s resignation, said: “Mr. Carter has
quit the service with my warmest friendsMp, and he is held
in Mghest esteem by the officers and directors, all of whom
wish him success in Ms profession. Mr. Carter made a most
capable officer.”
♦
The capital of the Bank of the Urnted States of tMs city
has been increased from $200,000 to $1,000,000.
The
enlarged capital became effective Dec. 2. The new stock
was issued to the old stockholders at par—$100; it has a
market price of $155, while the book value is $125 per share.
•
♦
■■
"■
Frank C. Mortimer, Assistant CasMer of the National
City Bank of New York, has been elected a member of the
Board of Regents of the American Institute of Banking.
The following constitute the new Board of Regents:
O. M. W. Sprague,
Chairman, Professor of Banking and Finance in
University, Cambridge, Mass.
E. W. Kemmerer, Professor of Economics and Finance in Princeton
University, Princeton, N. J.
Fred I. Kent, Bankers Trust Co., New York, N. Y.
Frank C. Mortimer, National City Bank, New York, N. Y.
George E. Allen, 5 Nassau St., New York, N. Y.
Harvard
•
A
meeting of the stockholders of the Bankers’ Trust Co.
city will be held on Dec. 27 to vote on the proposal to
increase the capital (recommended by the directors on Dec.
12) from $11,250,000 to $15,000,000. The new stock, we
understand, will be offered to shareholders at par ($100) in
the proportion of one share for every three shares now held.
The bid price of the stock is now 480, being a large advance
witMn the past month.
The reason for the proposed in¬
crease in the capital of the Bankers’ Trust Co. is said to be
to make the same correspond more accurately with the
company’s deposits, wMch now amount to approximately
$300,000,000.
of tMs
The Irving National Bank of this city has issued for distribu¬
tion a “GrapMc Trade Chart and Commercial Map of Latin
America,” wMch is the latest publication in the Irving
foreign trade series. TMs chart and map supplements the
information already provided in “Trading with Latin
America,” and is intended to express grapMcally for the
benefit of the importer and exporter, facts beyond the
possibilities of the former publication. There are shown
details concerning area, population, imports, exports,
facilities of transportation, commumcation, and commerce,
elevation, distribution of products, rainfall and other forms
of information relating to Latin American trade.
A copy
of the chart and map may be obtained on application to
G. A. O’Reilly, the institution’s foreign trade repre¬
sentative.
At a meeting of the directors of the Chemical National
Bank of this city on the 11th inst. John Clausen, heretofore
Vice-President of the Crocker National Bank of San Fran¬
Vice-President. Mr. Clausen will head
foreign department and will bring
to it an experience of 25 years gained in foreign banking
throughout the world. Mr. Clausen, who was bom in
1876, received his early education in Copenhagen, Dencisco,
was
elected
a
the Chemical National’s
United States in 1892. He became
a citizen of the United States in 1898, and subsequently
served in the United States Army during the SpanishAmerican War, 1898 to 1899. He likewise saw military
service in Cuba.
In 1899 he accepted a position with the
North American Trust Company of New York in their Branch
at Matanza, Cuba, which was later absorbed by the Banco
Nacional de Cuba (National Bank of Cuba), remaining
with them until 1905.
In June 1906 he accepted a posi¬
tion as Assistant Manager of the International Banking
Corporation at their branch in Mexico City, remaining with
that institution until May 1 1907, when he resigned to
accept a position as Manager of the Mexico City Bamking
Company, S. A., Mexico City, leaving them on Jan. 1 1910.
He assumed the management of the Foreign Department
of the Crocker National Bank of San Francisco June 30
1910, and on March 13 1917 was elected a Vice-President
of the bank.
Mr. Clausen is a member of the San Francisco
Chamber of Commerce, serving actively on the Foreign
Trade Committee of that organization, and holds member¬
ships in the San Francisco Commercial Club, the Bohemian
Club, the Olympic Club, the Economic Club, the Press
Club, the Commonwealth Club, the Advertising Club,
National Association of Credit Men, the American In¬
stitute of Banking, the Pan-American Society of the United
States, and the Academy of Political Science of New York.
mark, and
came
to the
the first Pan-American Financial Con¬
received an appointment from the Secretary
of the Treasury to membership in the committee having in
As
an
[Vol. 107
THE CHRONICLE
2260
outcome of
ference he
charge the arrangements for the return visits of bankers
and merchants of the United States to Central and South
America which had for its view the strengthening and im¬
proving of financial, commercial and political relationships
with those countries.
Later he participated as a member
of the commission visiting Central America, February to
April 1916. He was also made Chairman of the Permanent
Group Committee especially assigned to Guatemala for the
purpose of fostering closer financial and commercial ties
between the United States and that Republic and served
as a member of the Committee of Fifteen, appointed by the
Commissioner of Education, Department* of the Interior,
to study the question of Educational Preparation for For¬
eign Service in secondary schools, colleges and universities
of the United States and other nations. He was delegated
on Oct. 4 1918 by the Department of the Interior to serve
as special collaborator in the Bureau of Education, Wash¬
ington, D. C., to assist in the survey of business needs and
school opportunities for training for foreign service.
A second edition of its booklet, ‘‘When Prices Drop,”
has been issued by the National Bank of Commerce in New
York to meet the demand which exhausted the first edition.
The booklet presents a study of post-war problems involved
in the readjustments of prices, wages and commercial
policies.
A special meeting of the stockholders of the First National
Bank of Brooklyn will be held on Jan. 14 1919 to vote upon
the question of authorizing the directors to increase the
capital from $300,000 to $500,000 in order that the institu¬
tion may avail of the privilege to act in a fiduciary capacity
extended to national banks under the recent amendment to
the Federal Reserve Act. The new stock, we understand,
will be offered at par, which is $100 per share.
♦—
The banking quarters of
the First National Bank of
Herkimer, N. Y., have been remodeled and increased in
size by Hoggson Brothers, the New York builders, without
any interruption to the bank’s business.
The room has been
practically doubled in area, the public space being thirteen
by thirty feet, enclosed by a counter screen of mahogany,
plate glass panels, with pedestals and pilasters supporting
A room has been set aside for women
patrons, equipped with grey enamel furniture. Hoggson
the beautiful cornice.
Before becoming identified with the bank, he was a
in the University of Winchester, Ky., and at the
professor
Berkeley
member of Oglesby Bros, he
School, New York. As a
practiced law at 51 Chambers
At a meeting of the stockholders of the City Bank & Trust
Co. of Hartford, Conn., on Dec. 9, the recommendation of
the directors to increase the capital stock of the institution
from $440,000 to $500,000 was unanimously ratified. The
new stock will consist of 600 shares of the par value of $100
each, thus increasing the number of shares from 4,400 to
5,000. Present stockholders, of whom there are about 160,
are given until the close of business Jan. 6 1919 in which
to exercise the privilege of subscribing to the new issue in
proportion to their present holdings. F. P. Holt is President
of the City Bank & Trust Co.
The dedication of the beautiful new building erected by the
Rhode Island Hospital Trust Co. of Providence took place
on Dec. 3 following a meeting of the directors and stockhold¬
Herbert J. Wells, President of the
ers of the institution.
trust company,
opened the exercises with a short speech of
welcome, which was followed by an address given by Presi¬
dent Faunce of Brown University.
In the course of his
remarks President Faunce said: ‘‘Every building is a con¬
fession of faith, a creed made visible. What is its message
to the
passerby ?
It is that the greatest asset in modem
business is character.” At the close of the ceremonies,
President Wells invited those present to inspect the building.
Special attention was called to the board room, which is to
be placed at the disposal of the various charitable institu¬
tions of Providence as a place to hold their board meetings.
The
banking
room,
with its vaulted roof, cream-colored
marble pillars surmounted by Corinthian capitals, and its
carved bronze doors and trimmings is most artistic and
beautiful.
A plan, looking to the consolidation of the First National
Bank of New Bedford, Mass., and the Mechanics National
Bank of that city, under the name of the First National,
has been arranged by the directors of both institutions and
will shortly be submitted to the stockholders. A joint
committee has been appointed to arrange the necessary
details.
The capital of the First National Bank is $1,000,000
while that of the Mechanics National Bank is $600,000.
forty-ninth annual report of the Philadelphia Trust
Co., of Philadelphia, for the twelve months ending Oct.
31 1918, is now being distributed in pamphlet form.
The
report shows gross income for the period of $1,502,025.
From this sum $936,756 was deducted for disbursements,
including interest, leaving net income of $565,269. With
the balance of $1,002,890 brought forward from last year
the company had $1,568,159 available for distribution.
From this $194,196 was deducted for amounts applied out
of current earnings in reduction of book values of sundry
The
charged off;
$240,000 was appropriated for four quarterly dividends
at the rate of 6% each; $10,000 was subscribed to the Y.M.
C. A. War Fund and $10,000 (of a total subscription o
$30,000) was paid into the War Chest Fund, leaving a
balance of $1,113,963 to the credit of undivided profits.
In the Banking Department total deposits at the close of
the year amounted to $25,255,013; individual trust and
agency accounts totaled
$144,735,506, while corporate
trusts reached the sum of $153,562,000.
Pursuant to the
policy established by the directors in reducing the book
values of the company’s investments, in order that they
may conform to present market prices, the sum of $162,987
was charged off diming the year.
The company has a capi¬
tal of $1,000,000, surplus of $4,000,000 and undivided
profits of $1,113,963. Henry G. Brengle is President of the
securities and toward other items set apart or
institution.
»
Brothers modernized the building in 1914, when
it was
thought sufficient room had been provided for future develop¬
ment, but its growth has called for still further enlargement
of the quarters. The bank was organized in 1884, and has
a capital of $100,000.
Its present officers are H. G. Munger,
President; C. S. Brewer, Vice-President; C. A. McCreery,
Cashier, and G. J. Sluyer, Assistant Cashier.
*
«
.
Albert Shipman Oglesby, President of the First National
Bank of Tuckahoe, N. Y., died on Dec. 4 of pneumonia.
Mr. Oglesby who was 44 years of age wa3 born in Kentucky.
St.,*N. Y.
Edward H. Preston, President of the Manayunk National
Bank of
Philadelphia, died
on
Dec. 9.
Mr. Preston had
His father,
of the bank.
been connected with the bank for 44 years.
James M. Preston, was one of the incorporators
The Norwalk National
Bank, of Norwalk, Ohio, ac¬
announcement by the Comptroller of the Cur¬
cording to an
has been placed in voluntary liquidation as a result
of its absorption by the Citizens Banking Company of Nor¬
rency,
walk.
Still
laterJadvices’oflthe^ComptroUerJoffthe.Currency
Dec.
THE CHRONICLE
14J1918.]
that a charter has been issued for the
Bank of Norwalk, which will represent a
Citizens Banking Co.
are
EXCESS OF
Citizens National
conversion of the
8
+371 A31
+268.168
+283,729
+276.992
+268.947
+266344
+ 146.832
+220.801
+218310
+320374
+266.793
8
to
+270,865
+ 203.647
+280.738
+221,462
+228.072
+223,449
+ 266,005
+254.963
+ 288,097
+256,333
Jan
Feb
March
April
.
May..
June
July
..
Aug
...
Sept...
Oct.__.
Nov
Deo
+372.224
+207349
+ 187,152
+180333
+245.615
+218,891
+261391
+310.861
+360385
+314,155
+339.199
+818.400
+3,281,045
+3.091,0061
...
Announcement was made on Nov. 30 that the officers and
directors of the National City Bank of Memphis had pur¬
chased the stock in that institution held by Theodore Read
and the Security Bank & Trust Co. of Memphis,
of 292 shares of a par value of $29,200, at a premium of
Total
The officers of the National City Bank are:
C. W. Thompson, President; W. L. Huntley, Vice-President;
S. Steinberg and J. Martin Speed, Vice-Presidents; Edward
C. Tefft, Cashier; E. M. Levi, Assistant Cashier, and L. W.
Hughes, Manager of new business department.
shre.
Totals for merchandise,
The City National Bank of Greenville, S. C. (capital
$100,000) has been placed in voluntary liquidation, having
been consolidated with the Norwood National Bank of
ted.)
Bank of Los Angeles,
of Montreal, held in
Dec. 2, Sir Vincent Meredith, President of the
organization, made two important announcements. The
first was that the stock of the bank would hereafter be on a
basis (effective at the next dividend period)
2% in bonuses as formerly, and the
second, that a branch of the Bank of Montreal would be
opened in Paris at an early date in order to supply Canadians
traveling abroad with the necessary banking facilities “and
to further the interests of Canada generally in France.
OCTOBER.
The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for October and
from it and previous statements we have prepared the follow¬
ing interesting summaries:
IMPORTS AND EXPORTS FOR
UNITED STATES.
in all cases omitted.)
Import*.
Export*.
1917.
1918.
467,648
553,986
629,928
549,674
411,363
522,930
503,443
April
May
550,925
483,730
June
673,467
372.758
507,438
527,932
650354
503,009
July
August
'September
October
November
December
3613.325
$504,797
March
488,656
454,607
542,101
487.328
600.136
....
Total
—
1916.
1917.
1918.
3330336
401,784
410,742
398,569
3233,942
474.804
464,686
444,714
510.167
614.924
492,814
516.167
523,234
322,853
260.350
3241.794
199,480
207.715
270.257
253.936
280.727
306.623
225,926
267,855
236,197
221,227
220,535
227.911
242.162
278,981
241,463
272.999
262,257
246,766
1916.
1918.
Import*.
January
February
March
-April
May
-June
July ...
August
-September
October
.'November
"December
83.748
6,084
2,809
3,668
3399
9,784
7.199
8.277
2.284
2.178
1916.
1917.
820.720
22.068
17,920
16.965
67.698
67.164
69.052
46,049
31,333
11.164
7,223
4,638
8371.884
Total
1918.
810.213
13.685
10,774
11.503
84.404
2.549
1,912
11.919
8.312
9,395
11.780
6.849
7,054
26.335
27,974
6,621
81,892
2,213
1,555
2.746
2.611
1,470
8165.793
Ex¬
of
Export* port*.
Im¬
port*.
Ex¬
Im¬
port*.
of
Export*
t
3
3
61349 135,820
38,100 31,117
26,127 27,613
28,505 12,290
20,515 21,938
53,897 29,969 23,928
197,369
69317
53,740
40,795
42,453
since July for six yean
1917.
1916.
858.926
103,766
139,499
32,372
52.262
815.008
91.339
27,304
18.692
4,172
4.150
2.906
17.066
122.736
8552.454
8685.990
Silver.
Odd.
Merchandise.
Im¬
of
port*.
port*.
Export*.
Bret**
Exec**
Bxct*t
Ej-
Ex¬
port*.
of
Export*
Im¬
port*.
Ex¬
Im¬
port .
port* .
of
Etport
*
*
6,016
9,776
6,122
27,322
62.108
41,239
92,562
97,609
46,973
158.620
26,409 77,188
19,947 10,543
10,715 11,983
12,763 3,183
9,017
8,738
7,925
11,837
/ Excess of imports.
AND SILVER MARKETS.
THE ENGLISH GOLD
We
of
of
reprint the following from the weekly circular
Co. of London, written under date
Samuel Montagu &
Nov. 14 1918:
GOLD.
The Bank of England gold reserve
of £533,345, as compared with
crease
against its note issue shows an
in*'
last week’s return.
CURRENCY.
sterling drafts
Is. 5 31-32d.
respectively. The
object is to preserve steadiness of exchange with India, notwithstanding
the adverse conditions brought about by a partial failure of the monsoon.
The probable effect of unfavorable crops will be to bring into circulation
some of the rupees lately hoarded in such profusion and many of these will
flow into the Government treasuries in payment of taxes.
The India Council has announced that it is prepared to sell
on London to the extent of £1,000.000 a week.
The rates are
and Is. 6 l-32d. for immediate and deferred drafts,
*
3184351
193,936
213390
218336
229.189
245,796
182,723
199.316
164339
178,669
176,968
204334
GOLD.
Export*.
Exc***
Exce**
port*.
{
Stiver.
following exhibit:
SILVER.
prognoxticated last week, reduced rates of war risk
As we
insuranss hare
caused a fall in the price.
After remaining no less than 71 successive work¬
ing days at 49J4d., the quotation fell Kd. on the 12th inst. to
official maximum has now been fixed by the British Treasury at this figure.
The Shanghai exchange rate is easier.
The Indian currency returns, as
will be seen below, show a substantial advance in the holding of silver.
On the 7th inst. the total, 3,109 lacs, was the highest since Dee. 15 1915,
4854d. The
lacs were recorded.
doubled since that date.
when 3,114
The note issue, however, has mere
INDIAN CURRENCY
32.952.468 32391.636
>86,233.513 35.482.641
+80,790
months:
3
3
3
%
%
S
3
7,849 7,089 103392
1918.. 2,088,883 1,023,485 1,065,398 14,938
951,205 906,817 157,688 64,317 103,271 30,490
1917.. 1,858,022
724,737 1,237,882 36,078 293,417 /258330 22.698
1916.. 1,962,619
8,293 200,636 fl92343 15,946
585,458 580,428
1915.. r,165,886
48,034 123,984 15,144 108,840 16,942
1914..
615,270 567,236
1913..
839,001 680,747 258,254 10,828 23,681 /12.853 20,576
per a-Tinnm
FOREIGN TRADE MOVEMENT OF THE
(In the following tables three ciphers (000) are
MERCHANDISE.
+ 1.631
......
Gold.
of
Export*.
1000*
instead of 10% plus
January
February
port*.
omit¬
ted.)
that city on
12%
Im¬
port*.
4
Mo.
Nov. 21 of Roy Palmer Hill¬
annual meeting of the Bank
—180,5701
Similar totals for the four months
»■—
■
—12.628
+1377
/Excess of imports.
Cal.r announces the death
man, its Cashier and Secretary.
on
At the
Ex¬
make the
Trust & Savings
+27.161
+7304
+ 4317
3
3
%
S
%
%
1918.. 5,063,110 2,569,489 2,493,621 36,441 57,973 /21,532
/172359
360,123
532,482
1917.. 5,146,050 2,504,022 2,642,028
1916.. 4,443 340 2,009,833 2,433,407 101,484 480,397 /378913
1915.. 2,867,694 1,451,268 1.416,426 15.873 345,660 Z329685
113,960 207,959 46,887 162,072
1914.. 1,662,113 1,548,153
1913.. 2,005383 1,460,3341 544,949 74,6631 51,591 22,972
Greenville.
The Guaranty
+708
Bxcet*
(000s
•
—327
+2.641
+ 6316
+2.679
+6,730
+2.118
+ 1323
+ 3,168 +4.669
+25,271 + 1.933
—4397
+8370
gold and silver for ten
MerchandUe.
10
Mo*.
omit¬
S
8
3
4
+630
—668 —38.206
•
+2.070
—81,69b
+2,636
+8.916 —121,679 + 6,469
+814 —15.407 + 7.170
+ 5.436 + 39383
—3,022
—29.188 —24.175 + 3,215
+35.451
+41.748
+4,986
+1,722 +27367 + 13,292
—Imports.
+ Exports.
consisting
$1 10 per
+ 146.685
1917
1918.
1917.
1916.
1916.
1917.
1918.
Lonsdale, President of the institution. An invitation
rejoin the bank has been sent to the soldier employees.
sueer.
MerchatuUae.
♦
The intention of the National Bank of Commerce in St.
Louis to take back into their old positions without loss of
rank the fifty-one employees in the Government service
is made known in an announcement issued by John G.
EXPORTS OR IMPORTS
s
than
RETURNS.
ATss. 7.
137,61
(within
29,25
29.91
81,69
20,37
20,40
20,46
12
12
12
Nov.
9
The stock in Shanghai on
consisted of about 22,550,006 ounces
in sycee and 811,200.000, as compared with about 24,300.000 ounces In
sycee and 811,400,000 dollars on the 2d inst./ Quotations for bar silver,
per ounce
Oct. 31.
136,43
Oct. 22.
135,73
In Lac* of Rupee*—
Notes in circulation—
Reserve in silver coin and bullion
*
and without India)
Gold coin and bullion in India
Gold coin and bullion out of India
standard:
Nov. 8
Nov. 9
Nov. 11
Nov. 12
Nov. 13
-
No quotation
The quotation
cash_49Hd. Nov. 14
“ 49 Hd. Average
“ 49 ^d. Bank rate
” 482*d. Bar gold, per
“ 48^d.
cash 48 94 d.
_
*’ 49.125d.
6%
oz.
standard..77s. 9d.
fixed for forward delivery.
to-day for cash delivery is %d. below that fixed a week ago.
SILVER.
1918.
.January..:...
‘February
March
April.
'May
.
June
.July
August
September
October
November
Deeember
Total
1917.
85,887
36.628
6316
13,432
12,251
46381
8,666
40,666
20349
10.340
82,087
*
7,694
6.656
4.363
6,272
8,965
5,538
7.604
10,465
6,983
4,789
10425
884.131
1916.
1918.
1917.
1916.
,
84,636
4,947
6,748
4,856
6,212
4,644
4,336
$5,998
4,449
6,963
33,346
2,478
2.977
31352
5.081
7,298
5351
5.214
2376
4.741
2,235
5.815
6330
6316
7347
9,008
7,257
7.172
6,766
2,176
2,725
3.183
2.426
2317
2.880
2392
2383
370395
3,420
5,681
6,796
6,050
9,086
6,155
353341
MARKETS—PER CABLE.
The daily closing quotations for securities, &o., at London,
as reported by cable, have been as follows the past week:
ENGLISH FINANCIAL
Import*.
Export*.
2396
2380
3353
332.263
London,
13
Silver, per ox., Dec. 13._.d.
Consols, 2y> per cents
British, 6 per cents
British, 4)4 Per cents
French Rentes (in Paris), fr.
French War Loan (In Paris) fr
Week ending Dec.
The
Dee. llJDee. 12. Dec.
m.
Thmr*.
J.
Dec. 7.
Dec. 9.
Dec. 10.
Sat.
Mon.
Tuet.
48 7-16
48 7-16
48 7-16
48 7-16
48 7-16
Holiday
Holiday
Holiday
62.90
59 H
69)4
94)4
99)4
69)4
94)4
99 H
59H
94 H
99)4
•4)4
99J4
•4)4
•934
62.90
62.90
62.90
62.90
•3 .to
88
88
88.50
3830
....
Wed.
48 7-16
price of silver in New York on the same day* has been;
Silver in N.
Y., per os.-cta. 101K
101H
101)4
M&N
181*
161)4
2262
THE CHRONICLE
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel
issued its regular
on
Corporation
on
Tuesday, Dec. 10,
orders
of Nov. 30
This is a falling off of
Last year at this time
corporations,
the month than ordinarily.”
In the following we give comparisons with the
previous
months:
Tons.
Not. 30 1918.. 8,124,663 Jan.
Oct. 31 1918.. 8,353,298 Dec.
Sept. 30 1918.. 8,297.905 Nov.
Aug. 31 1918.. 8,759,042 Oct.
Tons
31
31
30
31
7,922,767 Mar. 31 1913— 7,468,956
7,806,220 Feb. 28 1913— 7.656,714
7,189,489 Jan. 31 1913.. 7,827,368
6,165,452 Dec. 31 1912.. 7,932,164
July 31 1918.. 8,883,801 Sept. 30
5,317,618 Nov. 30 1912.. 7,862,883
June 30 1918— 8,918,866 Aug. 31
4,908,455 Oct. 31 1912.. 7,594,381
May 31 1918.. 8,337,623 July 31
4,928,540 Sept. 30 1912— 6,551.507
hpril 30 1918— 8,741,882 June 30
4,678,196 Aug. 31 1912.. 6,163,375
Mar. 31 1918.. 9,056,404 May 31
4,264,698 July 31 1912.. 5,957,073
Feb. 28 1918.. 9,288,453 April 30
4,162,244 June 30 1912.. 5,807,349
JRD. 31 1918.. 9,477,853 Mar. 31
4,255,749 May 31 1912— 5,750,986
Dee. 31 1917.. 9,381,718 Feb. 28
4,345,371 April 30 1912— 5,664,885
Not. 30 1917— 8,897,106 Jan. 31
4,248,671 Mar. 31 1912— 5,304,841
Pet. 31 1917.. 9,009,675 Dec. 31
3,836,643 Feb. 29 1912.. 5,454,201
Sept. 30 1917— 9,833,477 Nov. 30
3,324,592 Jan. 31 1912.. 5,379,721
Aug. 31 1917—10,407,049 Oct. 31 1914— 3,461,097 Dec. 31 1911..
5,084,765
July 31 1917—10,844,164 Sept. 30 1914— 3,787,667 Nov. 30 1911..
4,141,958
June 30 1917.-11,383,287 Aug. 31 1914.. 4,213,331 Oct. 31
1911.. 3,694,327
May 31 1917—11,886,591 July 31 1914.. 4.158,589 Sept. 30 1911..
April 30 1917—12,183,083 June 30 1914.. 4,032,857 Aug. 31 1911.. 3,611,315
3,695,985
Mar. 31 1917—11,711,644 May 31 1914.. 3,998,160
July 31 1911— 3,584,088
Feb. 28 1917—11,576,697 April 30 1914.. 4,277,068 June 30
1911.. 3,361,087
Jan. 31 1917—11,474,054 Mar. 31 1914.. 4,653,825
May 31 1911.. 3,113,154
Dec. 31 1916—11,547,286 Feb. 28 1914.. 5,026,440
hpril 30 1911.. 3,218,700
Nov. 30 1916—11,058,542 Jan. 31 1914.. 4,613.680 Mar. 31
1911.. 3,447,301
Pet. 31 1916—10,015,260 Dec. 31 1913— 4,282.108 Feb. 28
1911..
Sept. 30 1916.. 9,522,584 Nov. 30 1913.. 4,396,347 Jan. 31 1911.. 3,400,543
Aug. 31 1916— 9,660,357 Oct. 31 1913.. 4,513,767 Dec. 31 1910— 3,110,919
July 31 1916— 9,593.592 Sept. 30 1913.. 5,003,785 Nov. 30 1910— 2,674,750
2,760,413
June 30 1916— 9,640,458 Aug. 31 1913.
5,223,468 |Oct. 31 1910— 2,871,949
May 31 1916— 9,937,798 July 31 1913.
30 1910.. 3,148,106
5,399,366;Sept.
April 30 1916— 9,829,551 June 30 1913— 6,807,317 Aug. 31 1910—
3,637,128
Mar. 31 1916— 9,331,001 May 31 1913.. 6,324,322
July 31 1910— 3,970,931
Feb. 29 1916— 8,568,966 April 30 1913.
6,978,7621
SUPERIOR IRON
ORE
SHIPMENTS.—The
during the month of
November 1918 totaled 4,285,861 tons. Compared with the
remarkable record of 7,333,828 tons established in Novem¬
ber 1917, the current shipments show a decline of
3,047,967
tons.
The season’s shipments to Dec. 1 1918
aggregate
61,156j732 tons, comparing with 61,587,426 tons last year
and with 63,648,298 tons the year before.
Below will be found the shipments from the various
ports
for November 1918, 1917 and 1916, and for the season
to
ore
Deo. 1:
1918.
Tons.
»
Port—
Escanaba
i1917.
Tons.
-To
1916.
Tons.
Dec.
1917.
Tons.
1918.
Tons.
Marquette
Superior
Duluth
Two Harbors
Total
Philadelphia..
Baltimore
....
©omwcrcial audB-Xiscellaticoxts JIcius
W^MW^WW^/VWV\...
brought from page 2303.—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:
Wheat.
Oats.
207,000
.
Duluth..
Milwaukee
Toledo
Detroit
St. Louis
Peoria
Kansas City
Omaha
15,000
..
Indianapolis
47,000
85,000
6,000
.
Total wk. '18
Same wk. '17
Same wk. ’16
Since Aug.l
1918
1917
1916
1,516,000
4,125,000
5,310,000
608,000
83,000
32,000
472,000
8,000
470,000
801,000
24,000
360,000 13,489,000
436,000
411,000
4,682,000
8,606,000
1,093,000
3,164,000
143,000 .1,217,000s
88,000
96,000
1,178,000|
28,000
172,
51,000
55;
403,000
230,(
723,000
158.1
337,000
67;
443,000
204.1
344,000
164,000;
3,660,000
4,391,000
7,035,000
133,000
745,000
588,000
134,000
Portland, Me.
Philadelphia
.
Baltimore
New Orleans*
129,857,00017,611,000
►144,221,00013,657,000
N51,248,000114,043,000
Montreal....
Boston..
Total wk. *18
Since Jan. 1*18
Week 1917—
Blnoc Jan .1’17
Wheat.
Corn.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
31,000
88,000
78,000
10,000
31,000
73,000
706,000
215,000
52,000
19,000
78,000
37,000
22,000
1,000
274,000
181,000
77,000
316,000
9,000
29,000
61,000
119,000
89,000
481,000 5,731,000
230,000
1,783,000
343,000
142,000
16,535,000 85,568,000 19,708,000 96,454,000 9,213,000 7,348,000
572,000!
4,400,000
20,563,000193,904,0001
*
403,000 •2,531,000
Total
Total 1917
-
July 1
Week
Dec. 7
44,674
6,303
Barrels.
Bushels.
710,510
1,078,005
11,372
113,758
2,530,810
5,216,545
Since
Week
Dec. 7
Bushels.
Bushels.
16,491,758
24,009,658
Since
July 1
Bushels.
1,591,499*
"Kobo
804,605
16,125*
31,024
12,905
5,289
44,505
300,696
112,021
1,958,150
2,596,478
7,747,355
2,204,266
40,501,416
36,071,386
corn
33
2,253-
23,227
24,930
2,445,5067385,739*
for the
week
ending Dec. 7 1918 and since July 1 1918 and 1917
shown in the following:
Wheal.
Exports.
C1917.
1918.
Since
Since
July 1.
Week
Dec. 7.
Since
July 1.
Since
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
8,627,000 108,814,000 132,484,000
Argentina...
"712",665 54,520"o6o
a
al917.
Week
Dec. 7.
North Amer.
Russia
Danube
Total
are
Corn.
1918.
Australia
India
Oth. countr’s
nce-
Corn.
July 1
The world’s shipments of wheat and
140,000
5,721,000 12,933,000-
6*.460,666 ■983.666 13,95l",666
830,000 17,296,000 23,878,000
5,623,000
9,168,000
174,000
1,632,000
993,000
98,000
1,647,000
8,299,666*
1,676,000
10,343,000 187,885,000 172,983,000 1,224,000 21,319,000 22,908,000*
Revised.
The
quantity of wheat and
was
corn
afloat for
Europe
dates
on
follows:
as
Wheat.
Corn.
United
United
Kingdom.
Dec.
7 1918..
Nov. 30 1918..
Dec.
8 1917..
Dec. 9 1916..
Continent.
Bushels.
Bushels.
Not avail able
Not avail able
Not avail able
Total.
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
40,808,000
The visible
22,721,000
supply of grain, comprising the stocks in
at principal points of accumulation
seaboard ports Dec. 7 1918 was as follows:
390,000
48,787,00Ql131,149.06oll6,035,000113,756,000
at
lake
and
GRAIN STOCKS.
United States—
New York
Boston
Newport News
New Orleans
Galveston
Buffalo
aHoat
Toledo
Detroit
:
“
_•
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Total
Total
Total
Total
Wheat.
bush.
Corn.
bush.
1,555,000
322,000
723,000
255,000
125,000
1,000
39,000
47,000
4,184,000
2,118,000
8,812,000
19,975,000
1,434,000
61,000
13,797,000
afloat
Dec. 7 1918
Nov. 30 1918
Dec.
81917
Dec.
91916
2,158,000
6,512,000
22,054,000
2,831,000
14,622,000
287,000
4,292,000
5,827,000
252,000
45.660
4,000
98,000
36‘,666
115,000
458,000
lb",666
64",666
137,000
246,000
97,000
356,000
324,000
112,071,000
121,561,000
25,672,000
59,191,000
2,196,000
2,611,000
1,730,000
3,373,000
Montreal
4,520,000
Ft. William & Pt. Arthur.. 4,449,000
Other Canadian
11,971,000
216,000
Oats.
bush.
Rye.
bush.
1,709,000 1,014,000
80,000
2,000
392,000
362,000
518,000
799,000
247,000
530,000
Barley
bush
260,00
"5.666
3,000
998'666 2,557,000
10,358,000 3,058,000
876,000
975,000
743,000
53,000
6,000
215,000
79,000
4,352,000
850,000 1,455,666
1,022,000
755,000
475,000 1,332,000
122,000
194,000
486,000
1,254,000 1,465,000
748,000
270,000
35,000
55,000
2,227,000
101,000
270,000
302,000
36,000
1,622,000
134,000
90,000
815,000 1,151,000
323,000
28,801,00012,365,000 6,614,000
29,143,00011,511,000 6,101,000
17,270,000 3.331,000 3,652,00049,182,000 2,010,000 4,782.000
Note.—Bonded grain not included above: Oats,
Duluth, 3,000 bushels; total,.
3,000, against 316,000 bushels in 1917; and barley, Duluth, 77,000 bushels
; total,
77,000, against 337,000 in 1917.
Canadian—
Total
Total
Total
Total
Dec. 71918
Nov. 30 1918
Dec. 81917
Dec. 91916
20,940,000
22,946,000
17,513,000
26,553,000
519,000
2,559,000
532,000
4,000
413,000'
216,000 3,612,000
219,000 3,250,000
15,000 6,991,000
7,000 19.392,000
4,000
2,000
22,000
413,000
340,000
79,00096.000
Summary—
American
112,071,000
20,940,000
2,196,000 28,801,00012,365,000 6,614,000
216,000 3,612,000
4,000
413,000
Total Dec. 71918
133,011,000
Total Nov. 30 1918
..144,507,000
Total Deo. 8 1917
43,185,000
Total Doc. 91916— 85.744.000
2,412,000 32,413,00012,369,000 7,027,000
2,830,000 32,393,00011,513,000 6,441.000
1.745,000 24,261,000 3,353,000 3,731,000
3,380,000 68,574.000 2.010,000 4378.000*
Canadian
255,000
Receipts do not include grain passing through New Orleans for
foreign ports
through bills of lading. *
'J
*
Wheal.
Since
Barrels.
United Kingdom. 88,959
Continent
164,013
So. & Cent. Amer.
2,453
West Indies
34,832
Brit. No. Am. Cols
Other countries..
10,339
Minneapolis
Flour.
2,303,000
305,000
1,146,000
290,000
125,000
1,059,000
503,000
65,000
below:
as
Week
Dec. 7
Milwaukee
Duluth
Barrels
243,000
92,000 108,000
140,000
666,000
23,227 300,596:2,633,144 546,289 110,810
24,930 112,021) 664,000 451,687 193,017
Flour.
and Since
July 1 to—
“
Total receipts of flour and grain at the seaboard
ports for
the week ended Dec. 7 1918 follow:
New York...
3,000
Exports for Week,
Chicago
6,697,000 2,207,0001 1,607,000
5,715,000! 1,742,000
485,000
5,154,000! 2,933,000
810,000
6,507,000 278,911,000 83,180,000 141,999;
6,286,000 110,519,000 48,245,000 148,287;
7,271,1000202,621.000 72,377,000140 ,223,1
Receipts at—
14,566
July 1 1918 is
Baltimore
bbls.imbs bush. 60 lbs. bush 56 lbs. bush 32 lbs. bush.iSlbs.
bush.5616s.
Chicago.
Minneapolis
44,674-
The destination of these exports for the week and si
Philadelphia
Corn.
45,810
129,000
683,000
7,747,355
2,204,266
Peas.
Bushels: Bushels.
14,000
Newport News
Total week.
Week 1917—
Barley,
4,227 283,596 1,606,144 438389
5,000
1,540,240
Rye.
Barrels.1 Bushels. Bushels.
991,000
1394,000
New Orleans..
Galveston
Oats.
granary
Breadstuff s figures
Flour.
Flour.
Bushels
1.002,115
305,000
313,000
Portland, Me.
Boston
1916.
Tons.
4,285,861 7,333,828 5,715,452 61,156,732 61,587,426
63,648,298
Receipts at-
Com.
1
722,658
838,096
772,417 6,774,969 7,000,870 7,279,899
206,847
327,113
273,801 3,457,054 3,197,213 3,820,452
631,237
900,241
665,339 7,565,608 7,503,479 7,935,185
1,004,140 1,516,162 1,132,642 14,068,341 13,769,433 12,626,473
1,285,496 2,583,620 1,982,872 26,567,288 20,270,617 21,455,345
435,483 1,168,596
888,381 8,723,471 9,845,814 10,530,944
Ashland
an
New York
mentioned
November-
Wheat.
Bushels.
Tons.
1916—
1915—
1915..
1915—
1915—
1915—
1915..
1916..
1915..
1915..
1915—
1916—
1915..
1914—
1914—
shipments of Lake Superior iron
Exports from—
as
1918, amounting to 8,124,663 tons.
228,630 tons from October’s total.
the unfilled tonnage aggregated 8,897,106 tons.
Judge
Gary is quoted as saving: “The decrease in tonnage is ac¬
counted for principally by greater shipments than
bookings
of new orders. The cancellations were no greater
during
LAKE
The exports from the several seaboard
ports for the week
ending Dee. 7 are shown in the annexed statement:
monthly statement showing unfilled
the books of the subsidiary
{Vol. 107,
Dec. 141918.]
BANK NOTES—CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &o.—We give below tables which
show all the monthly changes in national bank notes and In
bonds and legal tenders on deposit therefor:
CHARTERS EXTENDED.
The Louisville National Banking Co.,
until dose of business Dec. 8 103$.
.
Circulation Afloat Under—
The Citizens National Bank of Springfield, O.
1917-18.
total
legal
9
Nov. 30 1918..
Oct. 811918..
684.468,950
684,446,440
683,026,300
682.411.730
Sept. 301918..
Aug. 811918..
July 81 1918-
690.831.260
June 801918..
690,384,150
May 311918..
691,579,160
688,969,710
688,060.610
685,349,410
684.508.260
683.581.260
681,565.810
Apr. 80 1918—
Mar.301918..
Feb. 281918..
Jan. 811918..
Dee. 811917..
Nov .30 1917—
Tenders.
$
9
t
40,421,622
41,833,562
43,467307
44,108.182
36.150.417
36378379
35.989375
36,189,817
36352360
37347375
36311.670
37397349
38.103387
Total.
Tenders.
Bonds.
%
716383,155
721,471,137
721.933,170
724318.652
676,431333
679,637375
678,465363
680310.479
40,421,622
41333362
43367307
44,108.182
687377345
36.150.417
723.728362
687326308 86378,977
687,998,070 85.989375
686.098360 36,189.817
724305,485
723,987,645
36352366
680.992,730 37.047375
681.521345 36311370
681314.981 37397.649
678348.778 38.103387
722388,177
720.919.507
718,040,005
717333315
719313.630
684,667.147
71735236ft
.
$90,054,730 Federal Reserve bank notes outstanding Dee. 1, of which $96,214,050
$740,680 by lawful money.
covered by bonds and
The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
public
moneys
held in national bank depositaries on Nov. 30.
U. 8. Bond* Held Nov. 30 to Secure—
Bonds on Deposit
Noe. 30 1918.
On deposit to
On deposit to
Federal
secure
Reserve Bank National Bank
Notes.
Nates.
$
2s,
4s,
2s,
2s,
2s,
3s,
U.
U.
U.
U.
U.
U.
S.
S.
S.
8.
S.
S.
Consols of 1930
Loan of 1925
Panama of 1936
Panama of 1938.1
One-year certifs. of lndebt’ness
One-year Treasury^otes
!
Totals
Total
Held.
secure
$
14,137,750
2,593,000
404,500
285,300
73.712,000
9,301,000
561,833,100
50,506,050
47,216,640
24,913,160
100,433,550
684,468,950
9
575,970,850
53,099,050
47,621,140
25,198,460
73,712,000
9,301,000
784,902,500
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Nov. 1 and
Dec. 1 and their increase or decrease during the month
November.
National Bank Notes—Total Afloat—
Amount afloat Nov. 11918
Net amount retired during November
$721,471,137
4,617,982
Amount of bank notes afloat Dec. 1 1918
$716,853,155
Legal-Tender Notes—
Amount on deposit to redeem national bank notes Nov. 1 1918
Net amount of bank notes retired in November
Amount
on
$41,833,562
1,411,940
deposit to redeem national bank notes Dec. 1 1918
$40,421,622
Canadian Bank Clearings.—The clearings for the week
ending Dec, 5 at Canadian cities, in comparison with the
same week in 1917, show an increase in the aggregate of
29.7%.
■
Week ending December 5.
Clearings at—
Canada—
Montreal
Toronto
1918.
1917.
$
$
Inc. or
Dec.
1916.
1915.
%
8
Charter extended until
Sales.—Among other securities,
$
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Stocks.
Per cent. Shares.
Per cent.
Stocks.
200 M. V. AH Weather Train
1
160 Park Terrace Co
813 2-3 Kiasena Park Corp
Controller, $1 each...
$1 lot
490 Parls-Hencken Co
$6Katharine8.D.B.Co.,Inc. 30
$400 lot30 Schleffelin A Co., pref
248 The Hencken Co
50
15 Sohleffelin A Co., corn..
49 Hencken-Schaefer Co____
5
20 Amer. Eqult. Assurance of
50 2-3 Kiasena Park Corp
5150 lot
N. Y
260
0 Parls-Hencken Co
j
65 N. Y. Fur Auction Sal. Corp.127
5 Blue Peter Cig., pref. .$3 per Sh.
10 United Wire A Trading
5 Blue Peter Cig., eom..$lX per Sh.
43
4,400 MonitorSil.L. AZ.M. AM.,
$11 lot
6,000 Kornkob Mining
300 Federal Primer, com
$1 each
$46 lot
$11 lot
450 Frudden Wheel
75 Atlantic Blau Gas, pref
$15X per sh.
$5 lot
500 ReoMot.Car, $10 each.$22 per sh.
251 Atlantic Blau Gas, com....$10 lot
16 McNamee Kaolin, pref
336 Individ.
Drinking Cup]
$610 lot
2d pref., $10 each
2,000 Southern Oil A Chem
$500 lot
>$100 lot
50 Amer. Bankers Safety Co.,]
1,000 Individ. Drinking Cup.l
pref
>$99 lot
com., $10 each
..)
60 Amer. Bankers Safety Co.,
Bonds.
Per~cent.
com
$3,000 Sierra A San Fran. Power 5s, *»«
78 Knox Hat Ine., 1st pref .1
1949..60
21 Knox Hat Ine., 2d pref. >$1,400 lot $24,000 Export Phosphate 1st s. f.
75 Knox Hat Inc., com
j
7a, 1920
50
By Messrs. R. L. Day & Co., Boston:
Shares.
Stocks.
$ per sh. Shares. Stocks.
$per eh.
6 Nat. Shawmut Bank
192
20,000 Wyoming Oil, $1 each.
3 Continental Mills
82
10,001 Intemat. Cons. Oil,
5 Lowell A Andover RR
89 X
Wyo., $1 each.
0 Hood Rubber, pref
520 Choracelo Mfg., $10 ea
99 X
10 Boston Insurance
415 X
600 La Z&cualpa-Hidalgo
>$1,000 lot
30 Hlngham Water
105
Rubber, $5 each....
1 Boston Atheneum, $300 par 415
80 Pitts. A East. RR.,
2 Cambridge Gas Light
A__
$50 each
154X
10 Montserrat Synd. of
1 Columbian Nat. Life Ins.-.115
20 Boston Electrolytic Oxy-1
Beverley
622)4 Milner Land Inc
>$120 lot
$1 per sh.
gen, pref..
12 Boston Electrolytic Oxy¬
1,000 Worlds Film, $5 each....$250 lot.
625 Liberty Farms Corp.,1
gen,com..
i
»mm
10 Bowman Corp., pref.... |
pref. v. t. o
..>$2,500 lot
500 Liberty Farms Corp.,1
7 Bowman Hotel Corp., >$165 lot
^
j
com
6 Puget Sound Trac. L. A
P., com
16 X
5 Hood Rubber, pref
99X
20 Tampa Electric
110
3 Idaho-Ore. Lt. A P., pf.]
30 Sidney Coal, Ltd., pref. >$405 lot
90 Sidney Coal, Ltd., com.J
50 Illinois Surety
$5 lot
22 Knox Hat Inc., 1st pref..$487 lot
52 Knox Hat Inc., 2d pf.$2H per sh.
102 Knox Hat Inc., com. v.t.c.$60 lot
com. v.t.c
J
27 Calif. Ry. A P. prior pref..
$16,000 Edgewood Land 1st 8s, due
due 1916
$80 lot
$52,000 Metrop. By-Products Inc. Hg
3d M. bonds
$501 lot
$21,600 Metrop. By-Products Inc. h
2d M. bonds
$500 lot
$5,000 Lido Corp. 6% pref. ctfs.
indebtedness, 1925-...
$112 lot
By Messrs. Millett, Roe & Hagen, Boston:
Shares.
Stocks.
$ perish.
1 Mass. Mills—Georgia
83)4
8 Naumkeag Steam Cotton
171)4
2 Mass. Consol. Rys, pref
3)4
71 Export Phosphate, pref
20
110 New Haven Trap Rock, com..
1
122 New Haven Trap Rock, pref.. 25
15 Baush Mach. Tool, com
35
8 Mass. Lighting Cos., pref
72)4
32 Gray A Davis, Inc., com., $25
each
17)4-17)4
Shares.
Stocks.
$ per sh.
1 Boston Atheneum, $300 par
425 h
5 Gray A Davis, Inc., pref.,
wdl
deposited
92)4
142)4
Per-cent.
$1,000 Bost. A Me. RR. 3)4s, 1921,+*
Nov. 1916 coupon A sub. on
*/86X
$20,000 Mexican Tel. A Tel. 1st ref.’** ^
and ex. 5s, 1930.
Certf. of dep.f 10 2
2 Everett Mills
Bonds.
$500 U. S. Worsted Inc. certf
-
Shares.
Stocks.
165 U. S. Loan Soc. of Phil.,
100 States Light A Power,
Bonds.
information regarding
Comptroller
Treasury Department:
....
....
...
...
Th?Ottisens'
-
-
.....
$ perish.
$10 ea. 7)4
com.$40 lot
Per cent.
$1,000 Laurentlde Power 1st 5s, *46 87H
3,000 Chesa. A Del. Canal 4s, 1926^82X
1,000 Mahom. A Shenango Ry. A
Lt. cons. 5s, 1920
94)4
1,000 Harrisburg Sch. D. 4s, 1921 98)4
1,000 Philadelphia. City, 4s, 1938 96
500 Phila. Country Club 1st Be,
86)4
foJtowingJshowsXall the dividends announced for tho
large
important corporations.
announcedithis\week
printed iri*italic8.
....
Total........
103 i
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
Stocks.
$ per sh.
9 1st Nat. Bank of Merchantv. .200
.200
3 Merchants Trust, Camden
.160
60 West End Trust
3
7 Greenwich Real Est., $50 each
21
8 Kltannlng Coal, $1 each
350
19 Phi la. National Bank
2 Nat. State Bank, Camden... .213)4
50 Holmesburg Trust, $50 each.
62)4
13 Fire Assoc, of Phila., $50 each .310
207
3 2d A 3d Streets Pass. Ry
4 United Gas A Elec., lstipref.
40)4
...
Conversion of the Citizens Banking: Co., Norwalk.
12X
Bonds.
90,396,773
65,841,716
60,336,754
44,519,857
81,756,732
1940
66,008,603
68,209,521
79.870,137
Winnipeg
7,456,352
Vancouver
6,208,540
16,403,873
6,942,569
Ottawa
10,375,608
4,939,773
5,361,467
3,739,217
7,858,529
Quebec
DIVIDENDS.
2,647,738
2,848,724
Halifax.
4,591,208
4,908.538
3,666,128
Hamilton
The
6,515,759
7,908,791
5,120,656
8.800,804
Calgary
future by
or
2,506,408
2,083,569
2,765,207 +25.2
London
3,462.852
2,500,355
1,777,611
Dividends
St. John
2,439,847
2,178,897 + 12.0
are
1,925,031
+2.9
1,937,335
Victoria
2,265,332
2,202,804
—1.1
3,772,384
2,882.865
4,131,680
Edmonton
4,087,813
Per
When
4,095,854
+8.7
3,291,397
5,156,727
5,603,039
Regina
1
Cent. Payable.
Name of Company.
800,167
1,018,703
Brandon
1,058,127 —13.6
914,596
1,142,782
764,277
941,618
1,265,595 —25.6
Lethbridge
7 Railroads (Steam).
—0.6
2,473,714
1,727,644
2,409,042
Saskatoon
2,396,946
Albany A Susquehanna
4)4 Jan. 2
+34.2
1,691,361
1,566,642
2,010,085
2,698,325
Moose Jaw
3
2
Jan.
—5.4
786,606
678,110
Allegheny A Western
1,120,817
Brantford
1,059,660
Atchison
Topeka A Santa Fe, preferred.
2X Feb. 1
767,275
1,250,291
1,034,785 +24.3
Fort William....
1,285,016
Creek
Jan.
2
Beech
50c.
(guar.)
286,199
243,149
575,280
450,579 +27.7
N. Westminister.
Boston A Albany (quar.)
2H Dee. 31
788,762
469,457
563,983
718,528 —21.6
Medicine Hat—
2
4
Jan.
Boston A Lowell*..—
—4.5
563,422
550,789
717,684
685,915
Peterborough
Boston A Providence (.guar.)
2)4 Jan. 1
+ 5.5
639,146
804,858
Sherbrooke
849,153
1
Canada Southern
Feb.
.1
1
)
1
—6.1
634,764
671,360
Kitchener
630,368
Dec. 31
Canadian Pacific, oommon (quar.)
4)2
Deo.
31
2
Chesapeake
A
Ohio
277,542,801
225,134,885
Total Canada.
380,787,043 298,205,306 +29.7
Deo. 26
2
Chicago Burlington A Quincy (quar.)..
2
1
Jan.
Chicago Groat Western, preferred
Chicago A North West., com. (quar.)..
1X Jan. 2
National Banks.—The following
Jan.
2
Preferred (quar.)
2
Rock island A Pacific, 7 % pref.
3)4 Dec. 31
national banks is from the office of the
of the Chicago
3
Dec. 31
6% preferred
Cleve. On. Chic. A St. L., pref. (guar.)..
IX Jan. 20
Currency,
Dec. 27
2
tColorado A Southern, 1st preferred
4
Dec. 27
tSecond preferred..
APPLICATIONS FOR CHARTER
Be.
Feb. 15
Dayton (Tehn.) Coal, Iron A Ry., pref
Capital. tDelaware A Hudson Co. (quar.)
For organization of national banks:
2 X Dee. 20
$25,000 Detroit Hillsdale A Southwestern.
The Amboy National Bank, Amboy, Ind
6
2
Jan.
For conversion at State banks:
Detroit A Mackinac, com. and pref
2X Jan. 2
25,000
The First National Bank at Aneta, No. Dak
3
Jan. 15
Detroit River Tunnel...
Conversion of the Aneta State Bank, Aneta.
Erie Jk Pittsburgh (qnitr )
87X0. Dee. 10
300.000 Fonda Johnst. A Gloversv., pref. (qu.)
The National Bank of Wisconsin at Madison, Wis—
IX Dee. 16
Conversion of the Bank of Wisconsin of Madison.
2
Dee. 31
Hocking Valley
25,000 Illinois Centred, leased lines............
The First National Bank of Paynesville. Minn
2
2
Jan.
Conversion of the First State Bank of Paynesville.
2X Jan. 2
Interborough Rapid Transit (quar.)...
375.000 Hanatehn a Michigan (guar.)
Total
IX Dee. 81
tLehlgh Valley, com. and prof, (quar.) $1.25 Jan. 4
CHARTERS ISSUED.
(JUlt Schuylkill vm rr. a Coal
$1.26 Jan. 15
Feb.
1
$5
Coal RR., common
National Bank of Clayville, N. T.
.................
$25,000 Mahoning
2
$1.25 Jan.
Preferred
The First National Bank of Dardanelle, Ark
25,000
1H Jan. 1
(quar)
Oonwsion of State banks:
2
Jan. 29
AflrMgan CentralNational Bank of Norwalk, Ohio
100,000 Mobile
2
Jan.
1
A Riminfhiun..
82,531,811 +62.5
66,511,312 +22.9
+3.1
77,445,640
9,281,004 +76.7
7,479,260 +38.7
6,373,650 +23.3
3,000,000 +53.0
+ 7.2
6,080,101
10,805,953 —18.6
134,154,650
Charter extended
not usually dealt in at the Stock Exchange were
at auction in New York, Boston and Philadelphia:
Deposit far—
Bonds.
Louisville, Ky.
dose of business Dec. 12 1938.
Auction
Bonds and Legal Tenders
on
2263
THE CHRONICLE
.
-...$150,000
-
-
_
Books Closed.
Days Inclusive.
Holders
Holders
Holders
Holders
Holders
Holden
Holders
Holden
Holden
Holden
Holden
Holden
Holders
Holden
Dec. 14
Dee. 14
Holden
Dee. 18
Dee. 18
Holden
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
roc.
rec.
rec.
rec.
rec.
reo.
rec.
reo.
Dec.
Dec.
Dec.
Dee.
Nov.
Nov.
Deo.
Dee.
Nov.
Dee.
Deo.
Dee.
Dec.
15a
23a
31a
17a
30a
30a
20a
31a
80a
6a
19a
14a
2a
3a
1
1
30a
27
27
20
Dec.
Jan.
Jan.
of roe. Dee.
to
Dec.
to
Dee.
of roe. Jan.
Holden of roe. Nov.r27a
Holden of roe. Dec. 20a
Holden of roe. Dee. 14a
Holden of roe. Jan.
8a
Holden of roe. Nov. 30a
Holden of roe. Doe. 10a
Holden of roo. Dee. 13a
Dee. 13
to
Jan.
6
Holden of roe. Dee. 20a
Hidden of roe. Dec. 24a
Holden of roe. Dee. 14a
Dee. 17
to
Jan. 16
Holden of roe. Jan.
8a
Holden of roe. Dee. 20a
Hidden of roe. Dee. 16a
Holden of roo. Dee. 31a
Dee. $
to
Jan.
I
to
to
2264
THE CHRONICLE
Per
Cent.
Name of Company.
Bsifroeds (Steam)
When
32.12 >4
1X
$2.50
IX
Jan.
Feb.
iNew York Central RR. (quar.)
New York A Harlem, com. and pref
Jan.;
N. Y. Lackawanna A Western (quar.) —
Jan.
l
Feb.
Norfolk A Western, ad), pref. (quar.)
Norfolk A Western, common (quar.) ..
1H Dec.
Northern Central
*$2
Jan.
4
Northern Securities Co
Jan.
Noruieh A Worcester, pref. (quar.)
2
Jan.
Old Colony (quar.)
IX Jan.
Pittsb. Ft. Wayne A CMc., reg. guar, (qu.)
IX Jan.
IX Jan.
Special guaranteed (quar.).
Pittsb. McKeesp. A Youghiogheny
$1.60 Jan.
Rensselaer A Saratoga
4
Jan.
Southern Pacific (quar.) (No. 49)
IX Jan.
Toronto Hamilton A Buffalo (quar.)
IX Jan.
Union Pacific, common (quar.)
2* Jan.
....
Street Ac Electric Railways.
Asheville Power A Lt., pref. (qu.) (No.27)
Boston Elevated, common
Jan.
Jan.
Jan.
Preferred
Brazilian Trac., Lt. A Pow., pref. (qu.)
IX Jan.
Carolina Power A Lt., pref. (qu.) (No. 39)
Jan.
IX
Cities Service, com. A pref. (monthly)
X Jan.
Common (payable in common stock)....
X Jan.
Cities Service, com. A pref. (monthly)..
X Feb.
Common (payable In common stock). n
Feb.
Cleveland Ry. (quar.)
IX Jan.
Continental Pass Ry., Philadelphia
Dec.
$3
1
Jan.
Duluth-Superior Traci., pref. (quar.)
Eastern Texas Elec. Co., com. (No. 1) —
2X Jan.
3
Jan.
Preferred (No. 1)El Paso Electric Co., com. (qu.) (No. 30)
2X Dec.
El Paso Elec. Co., pref. (No. 33)
3
Jan.
Frankf. 4c S’wark (Phila.) P. Ry. (qu.).
4
Jan.
Illinois Traction, preferred (quar.)
IX Jan.
3
Jan.
Indianapolis Street Ry—
Manhattan Bridge Three-Cent Line (qu.).
IX Dec.
Manila Elec. RR. A Ltg. (quar.)
IX Dec.
—
Ottawa Traction, Ltd. (quar )
1
Jan.
Bo .us
1
Jan.
Second A Third Sts. Pass.. Phila. (qu.).
$3
Jan.
Springfield (M o.) Ry. £Lt.,pf. (qu.) (No. 16)
IX Jan.
Springfield A Xenia Ry., pref. (quar.) —
IX Dec.
Toronto Ry. (quar.)..
1
Jan.
Twin City Rap. Tran., Minneap., com—
1
Jan j
Preferred (quar.)
IX Jan |
Union Passenger Ry., Philadelphia
$4.75 Jan.
Union Traction, Philadelphia
$1.50 Jan.
United Lt. A Rys., com. (qu.) (No. 16)._
1
Jan.
First preferred (quar.) (No. 33)
IX Jan.
West End Street Ry., Boston, preferred •$2
Jan.
West India Elec. Co. (quar.) (No. 44)
IX Jan.
West Pram Rys., pref. (quar.) (No. 6)..
IX Dec.
West Pram Tr.& W.P.,pf.(qu.) (No. 16)
IX Dec.
West Philadelphia Passenger Ry
$5
Jan.
Yadkin River Power, pf. (qu.) (No. 11)..
IX Jan.
York Railways, preferred (quar.)
*1X Jan.
Banks.
IX
2X
4
3
2
Commerce, National Bank of (quar.)...
Commercial Exchange
Coney Island, Bank of.
2X
1
(quar.)
First Security Co
Green point National (Brooklyn)
Extra
Mechanics (Brooklyn) (qu.) (No.
137)..
10
*6
*1
10
10
3
2
Metropolitan (quar.)..
$1
*2X
North Side, Brooklyn (No. 49)
Extra
State
Union Exchange National
3
2
•3
4
Washington Heights, Bank of (quar.)
Yorkville (quar.)
3
*5
Trust Companies.
Guaranty (quar.)..
Lawyers Title A Trust (quar.) (No. 81)..
Manvfasturers (quar.)
N. Y. Life Insurance A Trust
Scandinavian (No. 1)
United Slates
Miscellaneous
Adirondack Elec Power, pref. (quar.)..
Ahmeek Mining (quar.) (No. 28)
Ajax Rubber. Inc. (quar.)
AUls-Cbahners Mfg., pref. (quar.)
Pref. (extra aoot. accumulated diva.).
Alloues Mining (quar.)
Amor. Agric. Chem., eom. (qu.) (No. 29)
Preferred (quar.) (Ne. 54)
American Bank Note, preferred (quar.).
Amer. Beet Sugar, pref. (quar.) (No. 78)
Amer. Brake Shoe A Fdy., com. (quar.)..
Preferred (quar.)
American Can, preferred (quar.)
Amer. Car A Fdry., com. (qu.) (No. 65)
Preferred (quar.) (No. 79)
American Chicle, preferred (quar.)
American Cigar, preferred (quar.)
American Coal
American Express (quar.)
American Fork A Hoe, common (quar.)..
American Hide A Leather, preferred...
American Gas A Elec., eom. (qu.) (No.35)
Common (payable i t common stock)
—
Preferred (quar.) (No. 48)
Amer. Internat. Corp., com. A pref .(qu.)
American Linseed, preferred (quar.)...
American Locomotive, eom. (quar.)
Preferred (quar.)
American Public Service, pref. (quar.)..
American Radiator, common (quar.)
American Sewer Pipe (quar.)
Amer. Smelters Securities, pref. A (qu.)
Preferred B (quar.)
Amer. Smelting A Refg.. eom. (quar.)..
American Snuff, oommon (quar.)
Preferred (quar.)
American Steel Foundries (quar.)
Extra (payable In 4)4 % L.L. bonds)
American Stores, first preferred (quar.).
Amer. Sugar Refining, eom. A pref. (qu.;
Common (extra)
American Telephone A Telegraph (quar.)
Amerioan Thread, preferred
American Tobacco, pr el erred (quar.)
American Type Founders, common (quar.)
Preferred (quar.)
Amerioan Woolen, oommon (quar.)
Common (payable In Liberty Ln. bds.)
Preferred
(quar.)
Name of
2
1
2
2
10
10
15
10
1
1
7
2
2
2
2
2
2
2
2
2
1
2
2
2
1
1
2
30
2
2
2
16
13
2
2
1
31
31
2
2
1
1
31
2
2
2
1
1
2
2
2
1
16
16
1
2
30
Holders
Jan.
4
Holders
Holders
Holders
Holders
♦Holders
Dee. 28
Dec. 15
Holders
Holders
Holders
Holders
Dee. 15
Holders
Holders
Holders
of ree.
to
of ree.
of ree.
of ree.
of ree.
of ree.
Dee. 11a
Jan. 22
Dee. 17a
Dee. 14a
Jan. 31a
Nov. 30a
Dee. 31a
to
Jan. 10
• to
Dec. 31
of ree. Dec. 14
of rec. Dec. 10a
of rec. Dec. 10a
of ree. Dec. 16a
to
Jan.
1
of ree. Nov. 30a
of ree. Dee. 26a
of ree. Dee.
2a
Holders of rec.
Holders of rec.
Holders of ree.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of ree.
Holders of rec.
Holden of ree.
Holders of rec.
Holders of rec.
Holders of rec.
Holden of rec.
Holden of ree.
Holders of ree.
Holden of rec.
Holders of rec.
Holden of rec.
Dec.
21
to
Holders of ree.
Holden of ree.
Holden of rec.
Holden of rec.
Hidden of ree.
Hidden of rec.
Holders of rec.
Hidden of rec.
Holden of rec.
Holders of rec.
Holden of rec.
Hidden of rec.
Holden of rec.
Holden of rec.
to
♦Dec. 21
to
Dee. 23
Holden of rec.
Hidden of rec.
Holden of rec.
Holden of rec.
♦Holden of rec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
14
14
14
14
14
14a
14a
15a
15a
14a
30a
16a
20a
20a
2a
23a
29a
14
1
21a
20
15
15
29a
14a
14a
14
16a
16a
14a
10a
16a
16a
2
1
2
2
14a
14
20
,
Chase National (quar.)
Chatham A Phe nix National (quar.)
Coal A Iron National (quar.)
Extra
Extra
First National
Becks Closed.
Days Inclusive.
(Concluded.)—
Morris A Essex
....
5
IX
*2
25
10
25
IX
$2
$1.50
IX
hX
Jan.
2 Holden of rec. Dec. 24a
Jan.
2 Dec. 20
to
Jan.
1
Jan.
2 Holden of rec. Dec. 11
Jan.
2 Holden of rec. Dec. 11
Jan.
2 Holden of rec. Dec. 20a
Jan. “ 2 Dec. 24
to
Jan.
1
Jan.
2 ♦Holden of rec. Dec. 21
Jan.
2 •Holden of rec. Dec. 21
Jan.
2 Holden of rec. Dec. 31a
Jan.
2 Holden of rec. Dec. 31a
Jan.
2 Dec. 22
to
Jan.
1
Jan.
2 Dec. 22
to
Jan.
1
Jan.
2 Holders of rec. Dec. 21
Jan.
2 ♦Dec. 20
to
1
Jan.
Jan.
2 Dec. 12
to
Jan. 14
Jan.
2 Dec. 12
to
Jan. 14
Jan.
2 ♦Holden of rec. Dec. 13
Dec. 31 Deo. 21
to
Jan.
1
Jan.
1 Holden of ree. Dec. 31a
Dec. 31 ♦Dec. 22
to
1
Jan.
Dec. 31 Holden of rec. Dec.
Jan.
2 Dec. 15
to
Jan.
Jan.
1 •Holders of rec. Dec.
Dec. 10 Holders of rec. Dec.
Dec. 31 Holden of rec. Dec.
Jan.
2 Holders of ree. Dec.
Jan.
Dec.
Dec.
Jan.
Jan.
$1.50 Dec.
2
Jan.
IX Jan.
75c. Jan.
IX Dec.
IX Dec.
3
Dec.
IX Jan.
2
Jan.
IX Jan.
IX Jan.
IX Jan.
$2
Dec.
IX Jan.
IX Dec.
IX Jan.
2X Jan.
Jan.
/2
IX Feb.
90c Deo.
IX f Jan.
IX Jan.
IX Jan.
IX Jan.
3
Deo.
X Dec.
Jan.
IX
IX Jan.
IX Dec.
3
Jan.
IX Jan.
IX Dec.
mix Dec.
IX Jan.
IX Jan.
X Jan.
2
Jan.
12X0 Jan.
IX Jan.
1
Jan.
IX Jan.
IX Jan.
45
Feb.
IX Jan.
107.
2
31
15
15
15
31
15
15
2
31
81
31
2
1
1
2
2
21
2
15
2
2
2
1
20
2
20
3a
14a
19a
Holden of rec. Dec. 10a
Holden of rec. Dec.
7
Holden of rec. Nov. 30a
Holden of rec. Dec. 31a
Holden of rec. Dec. 31a
Holden of rec. Dec. 17a
Holden of rec. Dec. 23a
Holden of rec. Dec. 23a
Holden of rec. Dec. 16a
Holden of rec. Dec. 14a
Holden of rec. Dec. 20
Holders of rec. Dec. 20
Holden of rec. Dec. 16a
Holden of rec. Dec. 12a
Holden of rec. Dec. 12a
Holden of rec. Dec. 20
Holden of rec. Dec. 14a
Holden of rec. Dec. 20
Holden of rec. Nov. 30a
Holders of rec. Dec.
5a
Holden of ree. Dec. 14a
Holders of rec. Dec. 18
Holden of rec. Dec. 18
Holden of rec. Jan. 18
31 Holden of rec. Dec. 16a
2 Holden of ree. Dec. 16a
3 Holden of rec. Dec. 18a
21 Holden of rec. Jan.
3a
2 Holden of rec. Dec. 14
31 Dec. 22
to
Dec. 31
Dec. 20
20 Dec. 10
to
2 Dec. 14
to
Dec. 22
2 Dec. 14
to
Dec. 22
16 Nov. 28
to
Dec.
5
2 Holden of rec. Dec. 14a
2 Holden of rec. Dec. 14a
31 Holden of rec. Dec. 14a
31 Holden of rec. Dec. 14a
to
2 Dec. 21
Jan.
1
2 Holden of ree. Dec.
2a
2 Holden of rec. Dec. 2a
15 Holden of rec. Dec. 20a
1
Nov. 15
to
Nov. 30
2 Holden of rec. Dec. 14a
15 Holden of rec. Jan. 10a
16 Holden of rec. Jan. 10a
to
Dec. 29
16 Dec. 17
1 Dec. 17
to
Dec. 29
15 Dec. 17
to
Dec. 29
Per
Ceit.
Company.
Miscellaneous (Conti rued).
Armour 4c Co., pref. (quar.) (No.
Associated OH (quar.)
Atlantic Gulf A W. 1.88. L.. common..
Preferred (quar.)
Atlantic Refining (quar.)
Autosales
—.....
Corporation, preferred (quar.)
Baldwin Locomotive Works, preferred.
Baltimore Electric, preferred
Baltimore Tut>e, Inc., pref. (quar.)
Barnhart Bros. A Spi idler—
Firtt and second preferred (quar.)
Barrett Co., common (quar.)..
Common (extra)
Preferred (quar.)
Beldlng Paul CorticeUl, preferred
Bell Telephone of Canada (quar.)
Bethlehem Steel, common (quar.)——
Common B (quar.)
—
Cum. conv. pref. (quar.)
Non-cum. preferred (quar.)
—
Bingham Mines Co. (No. 7)
Booth Fisheries, common (quar.)
Preferred (quar.)
Borden’s Condensed Milk, pref. (quar.)
Brandram-Henderson, Ltd., pref. (qu.).
Brier Hill Steel, common (quar.)
Feb.
Jan.
Jan.
*ix Jan.
3Xh Dec.
Jan.
2
Jan.
2X
2X Jan.
2
Jan.
Jan.
IX
m50c. Dec.
60c. Jan.
Jan.
IX
IX Dee.
1H
*IX
*1
Brooklyn Union Gas (quar.)
Buckeye Pipe Line (quar.)
1
Bucyrus Co., pref. (quar.) (No. 15)
2
Buffalo General Elec, (quar.) (No. 07)
California Packing Corp., com. (quar.). $1
Preferred (quar.)
IX
California Petroleum, preferred (quar.).. *1X
Pref. (account accumulated dividends). ♦A2
Calumet A Arizona Mining (quar.).... $2
Calumet A Hecla Mining (quar.)
$15
Cambria Steel (quar.)
75C.
Extra
Canada Steamship Lines, pref. (quar.)
Canadian Consol. Rubber, Ltd., pf .(qu.)
Canadian Crocker- Wheeler, com. A pf.(qu.)
Canadian General Electric, Ltd., com.
75c.
IX
IX
*1X
(quar.) (No. 78)
2
2
3
U4
6
Car Don Steel, common (quar.)
Common (extra)
First preferred
Second preferred (annual)
Case (J. I.) Thresh. Mach., pref. (quar.).
Celluloid Company (quar.)...
$1
IX
IX
IX
Chicago Telephone (quar.)
Chino Copper (quar.)
Cincinnati Gas A Electric (quar.)
Cin. A Suburban Bell Telep. (quar.)...
Cleveland-Akron Bag, common (quar.).
Common (extra)
Cluett,Peabody4cCo.,pf.(qu.) (No. 24).
Colorado Power, common (quar.)
Common (extra, pay. in L. L. bonds)
Preferred (quar.)
.........
Colt’s Patent Fire Arms Mfg (quar.)
Columbia Graph’ne Mfg., com. (quar.)
Preferred (quar.) (No. 3)
3
20c.
30c.
2
$1
IX
$1
IX
4X
lx
X
Xi
IX
$1.50
$1.75
IX
Computing-Tabulating-Recording (qu.)
1
Consolidated Arizona Smelting (quar.)
Consolidated Gas (quar.)
Con. Gas, El. L. A P., Balt., com. (qu.)
IX
Continental Can, Inc., com. (quar.)
5C.
2
IX
IX
Preferred (quar.)
Continental Oil (quar.)
Continental Refining, pref. (quar.)
3
20c.
Copper Range Co. (quar.)
Crescent Pipe Line (quar.)
$1.60
Crex Carpet
Crucible Steel, pref. (quar.) (No. 65)_.
Cuban-American Sugar, com. (quar.)..
Preferred (quar.)
Cuba Cane Sugar, pref. (quar.)
Cumberland Pipe Line
....
Davls-Daly Copper Co. (No. 2)
Dayton Power A Light, preferred (quar.)..
Detroit A Cleveland Navigation
Diamond Match (quar.)
Dodge Mfg. Co., common (quar.)..
Common (extra)
Preferred (quar.)
Dominion Conners, Ltd., pief. (quar.)..
Dominion Glass. Ltd., com. (quar.)
Preferred (quar.)
Dominion Iron A Steel, pref. (quar.)
Dominion Steel Corp.,com (qu.) (No.49)
Dominion Textile, Ltd., com. (quar.)..
Preferred (quar.)
Draper Corporation
Duluth Edison Elec., pref. (qu.) (No. 50)
duPont (E. I.) de Nem. A Co.,com.(qu.)
Debenture stock (quar.)
East Butte Copper Mining (No. 3)
75c.
3
IX
2X
IX
IX
6
25c
*1X
$2
2 •
IX
2
IX
IX
1
IX
IX
IX
2
IX
2
IX
4H
IX
50c.
Dividend No. 4
Eastern 8teel, common Rruar.)
1st and 2d preferred (quar.)
Eastman Kodak, commob'tquar.}
Common (extra)
Preferred (quar.)
$1
2X
IX
2X
7X
IX
IX
Eisenlohr (Otto) A Bros., Inc., pref. (qu.)
1
2
3
62
♦3
2
Elgin National Watch (extra).
Empire Steel A Iron, preferred.
Equitable Ilium. Gas Light, Phila., pref
Fairbanks Co., pref. (quar.)
IX
IX
11 1-36
2
2
Galena-Signal Oil, preferred
New preferred
General Chemical, common (extra).
Preferred (quar.)
General Electric (quar.)....
Extra (payable in stock)....
2X
IX
2
2e
...
IX
IX
IX
Preferred (quar.) (No. 58).
Goodrich (B. F.) Co., common (quar.)
Preferred (quar.)
Goulds Mfg., common (quar.)
Preferred (quar.)...
GrasseUl Chemleal, common (quar.)..
Common (payable In common stock)
Preferred (quar.)
1
-
-
-
Dec.
Dee.
Jan.
Jan.
Jan.
Dee.
Dee.
Dec.
Dec.
Jan.
Dec.
Dec.
July 30
2
2
Extra................
Jan.
Jan.
Jan.
Jan.
Jan.
Dee.
Jan.
1H
IX
IX
IX
f6
IX
!i
.r,
Dee. 1$
to
Holden of
Holden
Holders
Nov. 21
Holders
Holden
Holden
Dee. 21
of
of
ree.
to
of
of
of
Dee. 31
31a
30a
Dee. 10a
Dee. 14
Dee. 16
Dee. 7«
Dee. 14a
Jan.
1
ree. Dec.
ree. Dec.
ree.
ree.
rec.
to
1 Holders of ree. Jan. 27a
2 ♦Holden of rec. Dec. 21
2 ♦Holden of rec. Dec. 21
15 ♦Holden of ree. Dec. 30
14 Holden of rec. Dec. 2a
15 Holden of ree. Dee. 31a
2 Holden of ree. Dee. 16a
2 Holders of ree. Dee. 16a
2 Holden of ree. Dee. 16a
2
Holders of ree. Dee. 16a
31 Holden of ree. Dec. 20a2 Holden of ree. Dee. 14a
2 Holden of ree. Dee. 14a
14 Holden of ree. Nov. 30a
2 Holders of ree. Nov. 30a
2 Dec. 21
to
Jan.
1
2 Dee. 21
to
Jaa.
1
2 Dee. 21
to
Jan.
1
2 Holden of ree. Dee. 12a
14 Holden of ree. Nov. 23
2 Holden of rec. Dec. 20
31 Holders of rec. Dee. 20a
16 Holders of rec. Nov. 30a
1 Holders of rec. Dec. 16a
1 ♦Hollers of rec. Dec. 20
1 ♦Holders of rec. Dec. 20
23 Holders of rec. Dec. 6a
31 Holden of rec. Dec.
7
14 Holden of ree. Nov. 30a
14 Holden of ree. Nov. 30a
2 Holden of rec. Dec. 14
31 Holden of rec. Dec. 20
31
Jan.
1
Jan. 15
Jan. 15
Mar. 31
IX
Centennial Copper Mining (No. 4)
Central Leather, preferred (quar.)
Cent. States Elec. Corp., pf.(qu.) (No.26)
Certain-teed Products Corp.—
1st A 2d pref. (quar.) (No. 8)
Chandler Motor Car (quar.)..
Charcoal Iron of America, com. (quar.).
Preferred
Books Closed.
Days Inclusive.
.
Jan.
1
Jan. 16
1
$5
Feb.
1
IX Jon.
5
Dee. 15
Dee. 30
$1
1
3X Jan.
$1.25 fan.
2
2
IX Jan.
IX
IX
IX
IX
3X
IX
IX
$2
Common (extra)
Preferred (quar.)
When
Jan.
1
Dec. 31
Dee. 31
Dec. 31
Jan.
2
Dec. 31
Jan.
1
2
Jan.
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Jan.
2
Jan.
2
Jan.
1
Jab.
1
Jan.
1
Jan. 15
Dec. 20
Dec. 16
Dec. 31
Jan.
1
Jan.
1
Jan. 10
Dec. 17
Dee. 16
Jan.
2
Jan.
1
Jan.
1
Dee. 16
Dec. 31
Dec. 14
Dec. 16
Dee. 14
Dec. 20
Jan.
2
Jan.
2
Jan.
2
Dee. 16
Dee. 30
Jan.
2
Dec. 16
Dec. 16
Jan.
1
Jan.
1
Jan.
1
Jan.
2
Jan.
1
Jan.
1
Jan.
1
Jan.
1
Jan.
2
Jan. 15
Jan.
1
Jan.
2
Dec. 16
Jan. 25
Dec. 31
Dec. 21
Jan. 15
Dec. 16
Jan.
2
Jan.
2
Jan.
2
Jan.
1
Jan.
2
Dec. 21
Jan.
2
Jan.
2
Dec. 16
Jan.
1
Dec. 15
Dec. 16
Jan. 10
Dec. 31
Dec. 31
Feb.
1
Jan.
2
Jan. 15
Jan. 15
Jan.
2
Jan.
2
Dec. 16
Feb. 15
Jan.
2
Jan.
2
Jan.
2
Dec. 3:
Dec. 3
Dee. 31
Holders
Holden
Holden
Holden
Holden
Holden
Hollers
Holden
Holden
Hidden
Holden
of
of
of
of
of
of
of
of
of
of
of
rec.
Holden of
ree.
of
of
of
of
of
ree.
Holden
Holden
Holders
Holden
Hidden
Dec. 15
Holders
Dec. 22
Dec. 22
Holden
Holden
Holders
Holden
Holden
Holden
Holden
Hidden
Holden
Holden
Holden
Holden
Holden
Nov. 26
Hidden
Holden
Nov. 24
Hidden
Holders
Holden
Holden
Holden
Holden
Holden
♦Holders
Dec.
1
Holders
Holden
Holden
Dec. 22
Dec. 23
Holden
Holden
Holden
Holders
Holders
rec.
rec.
rec.
rec.
Dec. 14
Jan. 10
Jan. 10
Sept. 26
July 26
Dec.
Dec.
ree. Dec.
ree. Dee.
ree. Dec.
rec. Dec.
16
16a
16a
7
10a
10
Dec.
Dee.
Dec.
Dec.
Dec.
Dec.
Dec.
20a
ree.
ree.
rec.
rec.
ree.
17a
16
16
30a
16
21
of rec. Dec. 24
to
Jan.
1
to
Jan.
1
of rec. Dec. 21a
of ree. Dec. 31a
of rec. Nov. 30a
of rec. Nov. 30a
of rec. Dec. 14a
of rec. Dec. 16a
of rec. Dec. 16a
of rec. Dec. 24a
of rec. Nov. 30a
of ree. Nov. 7a
of ree. Dec. 14a
of rec. Dec. 20a
of rec. Dec. 20a
to
Dec. 16
of rec. Dec. 14a
of ree. Nov. 20a
to
Dee. 16
of ree. Nov. 30a
of ree. Dee.
6a
of ree. Dec. 14a
of ree. Dee. 14a
of rec. Dee. 16a
of ree. Nov. 30
of ree. Dee. 10
of rec. Dec. 16
to
Deo. 16
of rec. Nov. 30a
of rec. Deo. 28a
of rec. Deo. 28a
to
1
Jan.
to
Dec. 31
of ree. Dee. 14
of ree. Dee. 14
of rec. Dee. 14
of ree. Dee.
5
of ree. Dec. 14
Holders of rec. Dee. 31
Holders of rec. Dee.
7
Holden of rec. Deo. 21
Holden of rec. Nov. 30
Holden of rec. Jan. 10
7
Hoklen of ree. Dee.
Holden of rec. Deo.
7
Holden of rec. Jan.
2
Holden of rec. Dec. 2
Holders of ree. Nov. 30
Holden of ree. Nov. 30
Holden of rec. Nov. 30
Holden of rec. Deo. 20a
Holden of ree. Dec. 16a
Holden of ree. Dee. 14a
Holden of ree. Dec. 20
Holden of res. Dec. 20
♦Holden of rec. Dec.
7
Dec. 27
to
Dec. 31
Holden of rec. Nov. 25a
Holden of rec. Dee.
6
Holden of ree. Nov. 18
Holden of ree. Nov. 30a
Holden of ree. Nov. 30a
Holders of ree. Dee. 31a
Holden of ree. Dee. 18a
Holden of ree. Dee.
7a
Holden of ree. Dee.
7a
Holden of ree. Dec. 20
Holden of ree. Dec. 20
1
to
Dec.
Dec. 16
Hidden of ree. Feb.
5a
Holden of ree Dec. 20a
Holden of rec. Dee. 20
Holden of rec. Dec. 20
Holden of rec. Dec. 15a
Holden of ree. Dec. 15a
Holden of rec. Dee. 15a
rec.
to
Dec. 14
1918.]
Name of
THE CHRONICLE
Per
Cent.
Company.
When
Books Closed.
1 Payable.
Days Inclusive.
Corp.,
1 Holders
(qu.). 51.75 J ran.
1 Holders
IX . An.
Great Northern Iron Ore Properties
Dec. 17 Holders
52
Great Western Sugar, common (quar.).
fan.
2 Holders
IX
Common (payable in L. L. bonds)
10m
fan.
2 Holders
Preferred (quar.)
fan.
2 Holders
IX
Guantanamo Sugar (.quar.)
2 Holders
51.25 ran.
Gulf.States Steel, common (quar.)..
ran.
2 Holders
2X
First preferred (quar.)
ran.
2 Holders
IX
Second preferred (quar.)
ran.
2 Holden
IX
ran. 20 Holders
IX
[Dec. 31 •Holden
•IX
Haskell A Barker Car (quar.).
Ian.
2 Holders
51
common
Preferred (quar.)
.
2X
Preferred (quar.)
Hercules Powder, common (quar.).
Common (extra)
IX
2
2
50c.
5c.
Horn Silver Mines
Illinois Pipe Line
Imperial Tobacco of Canada, ordinary.
Preferred
Indian Refining, common (quar.)
Preferred (quar.)
6
•IX
*1
3
IX
3
10c.
IX
IX
International Salt (quar.).
50c.
Jewel Tea, Inc., pref. (quar.).
IX
i
First and second preferred (quar.)..
IX
IX
IX
Kaufmann Dept- Stores, Inc., pref. (qu.)
Kennecott Copper Corporation.
Capital distribution
50c.
50c.
25c.
.
.
Kresge (8. S.) Co., com. (quar.)
Preferred, (quar.)
La Belle Iron Works, common (quar.).
(Common (extra).
Preferred (quar.)
Lackawanna Steel (quar.)
Laclede Gas Light, common (quar.)
2X
IX
1
2
2
.
.
.
IX
IX
2X
-
-
Preferred
Laurentide Co., Ltd. (quar.)
-
3
.
Lehigh Valley Coal Sales (quar.)
-
)
-
Preferred (quar.)
Mackay Cos., com. (quar.) (No. 54).
Preferred (quar.) (No. 60)
Magma Copper (quar.)
Manati Sugar, pref. (quar.)
-
-
-
.
-
)
First and second preferred (quar.)..
Manhattan Shirt, pref. (quar.)
Mason Tire A Rubber, com. (No. 1)
Preferred (quar.) (No. 9)
;
-
-
-
-
-
)
)
Mexican Petroleum, common (quar.)
Preferred (quar.)
.
.
Michigan Sugar, pref. (quar.)
Montana Power, com. (quar.) (No. 25)
Preferred (quar.) (No. 25)
Montgomery Ward ft Co., pref. (quar .)
Montreal Cottons, Ltd., com. (quar.).
Preferred (quar.)
.
-
-
.
-
Narragansett Elec. Lighting (quar.).
.
-
)
-
.
.
Preferred...-National Lead, common (quar.)
National Lead, preferred (quar.).....
.
-
-
-
.
Preferred (quar.)
Oil, pref. (quar.)
Sugar Refining (quar.).
Surety (quar.)
Transit (quar.)
Extra................
Nevada Consol. Copper (quar.).
-
National
National
National
National
.
-
.
....
.
New York Dock, preferred.
New York Transit (quar.)..
-
.
.
.
Extra
North American Co. (quar.).
Northern Pipe Line
Northwestern Yeast (quar.).
Extra
.
-
.
.
.
.)
Preferred (quar.)
Ohio Cities Gas, preferred (quar.).
Ohio Fuel Oil
Ohio Fuel Supply (quar.)..
.
-
.
.
Ohio Oil (quar.).
Extra
.
.
.)
Old Dominion Co. (quar )...
Ontario Silver Mining (quar.).
.
.
t)
Otis Elevator, common (quar Jn
Preferred (quar.)
Ottawa Car Mfg. (quar.)
Bonus
:
Ottawa L., H. A Power (quar.)
Owens Bottle-Machine, com. (quar.)
-
.
.
.
.
Preferred (quar.)
Pabst Brewing, preferred (quar.).
Pacific Mall Steamship, common.
Common (extra)
.
-
.
.
-
.)
Preferred (quar.).
-
.
.)
Phelps, Dodge A Co. (Inc.) (quar.).
.
Extra
-
.
Philadelphia Electric (quar.)
Pierce-Arrow Motor Car, pref. (quar.).
Pittsburgh Brewing, common (qua
Pittsburgh Coal of Penna., com. (<
Preferred (quar.)
.
.
.
-
-
-
Pittsburgh Rolls Corp., common..
Price Brothers (quar.)
Provincial Paper Mills, common (quar.)..
Preferred (quar.)
.
.
.
.
3
IX
IX
1
50c.
IX
1
IX
IX
w2
.
May Department Stores, pref. (quar.)
McCrary Stores Corp., pref. (quar.).
52
IX
IX
-
2
IX
IX
*ix
2X
2X
v2
2
15c.
IX
IX
*ix
1
IX
*3X
51
IX
IX
IX
2
2
3
IX
IX
IX
2
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Feb.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Dec.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Deo.
Dec.
Dec.
Dec.
2
2
24
24
26
20
31
rec.
of
of
of
of
of
of
of
of
rec.
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
of rec.
Holders of rec.
Holders of rec.
Dec. 15
to
Dec. 15
to
Holders of rec.
Dec. 7
to
to
Dec.
1
Dec.
Dec.
Nov.
Deo.
Deo.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
23
23
30a
14a
14a
14a
19a
16a
16a
16a
10a
20a
16a
14a
14a
24
24
20a
19
22
__
16
16
1
2
15
1
31
2
1
1
2
2
31
31
16
2
2
31
31
31
31
16
16
2
2
1
1
2
2
2
2
6
2
2
2
2
20
1
31
1
31
31
10
2
15
2
2
1
U
14
16
2
15
15
31
1
31
31
31
14
Dec. 31
Jan. 15
IX Jan.
20C. Jan.
of
15
15
2
IX Jan.
Jan.
2
3
60c. Dec. 1€
60c. Dec. 1C
75c Dec. 31
5
Dec. 2C
2X Jan. 15
4
Jan..15
3
Dec. 20
*25c. Jan. 20
*25c. Jan. 20
2
IX Jan.
Jan.
2
5
Dec. 1C
*3
*3
Dec. 1C
IX Jan. 2
2
2
Jan.
1
IX Jan.
•50c. Dec. 2C
62 Xc Jan. 15
<50c. Jan. 15
51.25IDec. 31
54.75 Dec. 31
12 Xc Jan. 3
Dec. 31
51
4
50c. Jan.
Dec. 31
52
IX Jan. 15
IX Jan. 15
Jan.
2
2
2
Jan.
1
IX Jan.
75c. Jan.
2
2
IX Jan.
IX Dec. 14
50c. Dec. 1C
Dec. 16
51
IX Dec. 1C
51.25c Jan. 1(
2
IX Jan.
2
IX Jan.
Jan.
2
IX
2
Jan.
2X
3X Jan. 2
Jan.
2
m2
43.75c Dec. 14
Jan.
2
2
50c. Dec. 14
Jan.
25
lx
IX Jan. 25
lx Jan. 25
1
1
Jan.
Jan.
1
2
2
Jan.
1
2
IX Jan.
Per
Cent.
Name of Company.
Miscellaneous (Continued)—
Great Lakes Transit
2265
Holden of rec. Dec.
2a
Holders of rec. Dec.
2a
Holders of rec. Dec. 14a
Holders of rec. Dec. 16
Holders of rec. Dec. 24
Holders of rec. Dec. 14a
Holders of rec. Dec. 7
Holders of rec. Dec. 20a
Holders of rec. Dec. 20a
Holders of rec. Jan. 20a
Holders of rec. Dec. 20
Holden of rec. Dec. 16a
Holders of rec. Dec. 10a
Holders of rec. Dec. 10a
Holden of rec. Deo
2a
Holders of rec. Dec. 16a
Holders of rec. Dec. 16a
Holden of rec. Dec. 17a
Holders of rec. Dec. 17a
Holden of rec. Dec. 17a
Holders of rec. Dec. 10a
Holders of rec. Dec. 2a
Holders of rec. Dec. 2a
Holders cf rec. Dec. 23
Holden of rec. Dec. 19
Holders of rec. Dec. 16a
Holders of rec. Dec. 18
Holders of rec. Dec. 14a
Holders of rec. Dec. 14a
Holders of rec. Dec. 7a
Holders of rec. Dec. 7a
Holders of rec. Dec. 20
Holden of rec. Dec. 14
{(Holders of rec. Dec. 20a
rfHoldets of rec. Dec. 20a
Holders of rec. Dec. 20
Holders of rec. Jan. 31
Holders of rec. Dec. 10
Holders of rec. Dec. 20
♦Holders of rec. Dec. 20
Holders of rec. Dec. 24
Holders of rec. Dec. 4a
Holders of rec. Dec. 14a
Holders of rec. Dec. 14a
Holders of rec. Dec.
2
Holders of rec. Dec. 14a
Holders of rec. Dec. 14a
♦Holders of rec. Dec. 20
Holden of rec. Nov. 30a
Holders of rec. Nov. 30a
♦Holders of rec. Jan.
2
Holders of rec. Dec. 14a
Holders of rec. Deo. 30a
Holders of rec. Jan.
8a
Holders of rec. Dec. 11a
Holden of rec. Dec. 16a
to
Deo. 21
Jan.
1
De«. 21
to
Jan.
1
Holders of rec. Dec. 13a
of
Holders
rec. Nov. 22
Holders of rec. Dec. 24
Holders of rec. Dec. 31a
Holden of rec. Dec. 31a
Holden of rec. Jan.
la
Holden of rec. Dec. 9
Holden of rec. Dec. 20a
Holden of rec. Nov. 30a
Holden of rec. Nov. 30a
Holders of rec. Dec. 16a
Holden of rec. Dec. 2a
Holders of rec. Jan.
4a
Holders of rec. Dec. 21
Holden of rec. Dec. 2a
♦Holden of rec. Dec. 31
♦Holden of rec. Dec. 31
Holden of rec. Dec. 16a
Holders of rec. Dec. 13
♦Holders of rec. Dec. 12
♦Holden of rec. Dec. 12
Holders of rec. Dec. 14a
Holders of rec. Dec. 14
Holden of rec. Dec. 14a
.
Holden of rec. Dec. 31a
Holders of rec. Dec. 31a
Dec. 3
Dec. 29
to
Dec.
3
to
Dec. 29
Holden of rec. Dec. 20a
Holders of rec. Dec. 17a
Holden of rec. Dec. 20a
Holden of rec. Dec.
7
Holden of rec. Dec.<131
Holden of rec. Dec.d31
Holden of rec. Dec. 15
Holden of rec. Dec. 15
Holden of rec. Dec. 20
Holden of rec. Dec. 22
Holders of rec. Dec. 22
Dec. 7
Dec. 16
to
Holden of rec. Deo.
2a
Holden of rec. Deo.
2a
Holden of rec. Nov. 30a
Holden of rec. Dec. 14a
Holden of rec. Dec. 14a
Holden of rec. Dec. 19a
Holders of rec. Dec. 23a
Holden of rec. Dec. 20a
Holden of rec. Dec. 20a
Holden 6f rec. Dec. 20a
Holden of rec. Nov. 23a
Holden of rec. Dec. 16a
Holden of rec. Nov. 30a
Holden of rec. Jan. 10a
Holden of rec. Jan. 10a
Holden of rec.-Jan. 10a
Dec. 21
to
Jan.
1
Dec. 15
to
Dec. 30
of
rec.
Holden
Dec. 15
Holden of rec. Dec. 15
When
Books Closed.
Payable.
Days Inclusive.
Miscellaneous (Concluded).—
Preferred (quar.).
Steel, com.(qu.) (No. 9)
Preferred (quar.) (No. 61)..
Reynolds (R. J.) Tobacco, com. (quar.)...
Common Class B (quar.)
Preferred (quar.)..
Riordon Pulp A Paper, Ltd., pref. (qu.)..
Royal Baking Powder, common (quar.)
Common (extra)
Preferred (quar.)....
Safety Car Heating ft Lighting (quar.)
St. Joseph Lead (quar.)
Si. L. Rocky Min. A Pac. Co., com. (qu.).
Republic Iron ft
Savage Arms Corp.,
com.
(quar.)
First preferred- (quar.)
Second preferred (quar.)
Savoy Oil (quar.)
Sears; Roebuck ft Co., pref. (quar.)
ShattuckrArizona Copper Co. (quar.)
Shawlnigan Water * Power (quar.)
Sherman-Williams Co. of Can., pf. (qu.)
Solar Refining
Extra
South Penn Oil (quar.)
South Porto Rico Sugar, com. (quar.)..
Preferred (quar.)
S. W. Pennsylvania Pipe Lines (quar.).
Standard Gas ft Electric, pref. (quar.)
Standard Oil Cloth, Inc., com. (quar.)..
Common (extra)
Preferred A and B (quar.) (No. 18)
Standard Oil (Calif.) (quar.) (No. 40)..
Standard Oil (Kansas) (quar.).....
Extra
Standard Oil (Kentucky) (quar.)...
Standard Oil (Nebraska)
Standard Oil of New Jersey (quar.)....
Standard OH of N. Y. (quar.)
Standard Oil (Ohio) (quar.)
Extra
Standard Parts, preferred (quar.)
Standard Screw, common (quar.)
....
...
15 Holders of rec. Deo. 31a
15 Holders of rec. Deo. 81a
28 Holders of rec. Feb.
la
IX
23 Holders of rec. Dec. 2a
32
2
30 Holders of rec. Dec. 14a
20 Holden of rec. Deo. 7a
IX
75c. Dec. 31 Holden oi rec. Dec. 16a
3
Jan. 15 Holden of rec. Jan.
6a
30c.
Jan.
2 Holders of rec. Dec. 16
10c.
Jan.
2 Holders of rec. Deo. 16
IX Jan. 2 Holders of rec. Dec. 21
2 ♦Holders of rec. Deo. 14
*2X Jan.
IX Feb. 1 Holders of rec. Jan. 15a
IX Jan. 2 Holden of rec. Deo. 14a
3
Jan.
1 Holdero of rec. Dec. 20a
3
Jan.
1 Holders of rec. Deo. 20a
1 Holders of rec. Dec. 20a
IX Jan.
IX Dec. 31 Holders of rec. Dec. 24a
*2
Dec. 31 ♦Holders of rec. Dec. 14a
*2
Dec. 31 ♦Holders of rec. Deo. 14a
•IX Dec. 31 •Holden of rec. Dec. 14a
IX Dec. 23 Holden of rec. Dec. 10a
50o. Dec. 20 Dec. 10
to
Dee. 20
2
Dec. 31 Holden of rec. Dec. 21a
IX Dec. 16 Holders of rec. Nov. 30a
IX Dec. 15 Holders of rec. Nov. 30
IX Dec. 15 Holden of rec. Nov. 30
15c.
Dec. 23 Holden of rec. Deo.' 12
1 Holden of rec. Dae. 14a
IX Jan.
*50c. Jan. 20 ♦Holden of rec. Deo. 31
IX Jan. 10 Holden of rec. Dec. 27
IX Dec. 30 Holden of rec. Deo. 15
5
Dec. 20 Dec.
1
to
Dec. 20
6
Dec. 20 Dec.
to
1
Dec. 20
5
Dec. 31 Dec. 13
to
Jan.
1
Deo. 31 Holden of rec. Dec. 14a
so
2
Dec. 31 Holden of rec. Dec. 14a
3
Dec. 31 Holden of rec. Deo. 16
•IX Dec. 16 ♦Holden of rec. Nov. 30
1
Jan.
1 Holden of rec. Dec. 14a
1
1 Holden of rec. Dec. 14a
Jan.
1 Holden of rec. Dec. 14a
IX Jan.
2X Dec. 16 Holden of rec. Nov. 15
3
Dec. 14 Dec.
1
to
Dec. 15
3
Dec. 14 Dec.
1
to
Dec. 15
3
Jan.
2 Dec. 15
to
Jan.
2
10
Dec. 20 Nov. 21
to
Dec. 20
Dec. 16 Holders of reo. Nov. 20
5
3
Dec. 16 Holden of reo. Nov. 22
3
1 Nov. 30
Jan.
to
Dec. 18
1
Jan.
1 Nov. 30
to
Dec. 18
1 Dec. 21
to
Dec. 31
IX Jan.
6
Jan.
1 Holden of rec. Dec. 14a
3
1 Holden of rec. Dec. 14a
Jan.
IX Feb. 1 Holden of rec. Jan. 10
Feb.
1 Holden of rec. Jan. 10
IX
76c. Jan.
2 Holden of rec. Deo. 16
25c. Jan.
2 Holden of rec. Dec. 16
2 Holden of rec. Dec. 16a
31.25 Jan.
IX Jan. 2 Holden of rec. Dec. 20a
2
Jan.
1 Dec. 8
to
Jan.
9
2X Dec. 31 Holden of rec. Deo. 2
IX Dec. 30 Holden of rec. Dec. 19a
Dec. 3(
5
Holders of rec. Dec. 19a
Dec. 31
2
Holden of rec. Deo. 9a
3
Dec. 31
Holden of reo. Dec. 9a
Jan. 16
Holden of rec. Jan.
10f
2
IX Jan. 2 Holden of rec. Dec. 21a
31.75 Dec. 2( Holden of reo. Dec. 6a
]
5c. Jan.
Dec. 12
to
Dec. 22
IX Dec. 1J Holden of rec. Nov. 30
*3
Jan.
]
Jan.
•1
]
1
Holders of reo. Dec. 14a
IX Jan.
1 Holden of reo. Deo. 14a
5
Jan.
Holders of rec. Dec. 14a
IX Jan.
Holders of rec. Deo. 6a
IX Deo.
Jan.
Holders of rec. Dec. 12a
51.25
Dec.
Holders of rec. Nov. 29a
IX
Holders of rec. Dec. 16a
IX Jan.
1
Jan.
Holders of rec. Dec. 16a
Holders of rec. Dec. 14a
IX Jan.
Holders of rec. Dec. 14a
IX Jan.
2
Jan.
Holders of rec. Dec. 20
Jan.
51
Holden of rec. Dec. 31
1
Dec.
Holders of rec. Deo. 2a
Holders of rec. Jan.
IX Jan.
la
50c.
Jan.
Holders of rec. Dec. 17
Holders of rec. Dec. 17
37XC Jan.
Dec. 14
to
Dec. 25
IX Dec.
4
Dec.
Holders of rec. Dec.
2a
10c Jan.
Holders of rec. Dec. 16
5c. Jan.
Hoi:era of rec. Dec. 16
Nov .30
to
Dec.
2
IX Dec.
Dec.
2
Nov 30
to
Dec. 2
25c.
Dec.
Holders of rec. Dec. 17
52.50 Dec.
Holders of rec. Deo. 16a
Holders of rec. Dec. 16
IX Jan.
Jan.
*5
♦Holders of rec. Dec. 31
♦Holders of rec. Dec. 31
•IX Jan.
Holden of rec. Dee. 13
IX Jan.
Holders of rec. Dec. 14
IX Jan.
Holders of rec. Dec. 14
IX Jan.
Dec.
Dec. 1
to
54
Dee. 31
2
Dec.
Dec. 5
to
Dec. 16
Holders of rec. Deo. 21a
52.50 Dec.
Dec.
Holders
of rec. Deo. 21a
IX
4
Dec.
to
Dec. 21
Jan.
1
3
Dec.
Dec. 21
to
Jan.
1
Holders of rec. Dec. 20a
IX Jan.
Holders of rec. Dec. 16a
2X Jan.
Holders of rec. Deo. 16a
IX Jan.
2
Dec.
20
1
to
Jan.
Jan.
1
Dec. 20
to
Jan.
1
Jan.
Holders of rec. Dec. 14a
Dec.
51
Holders of rec. Dec. 20a
IX Jan.
Holders of rec. Dec. 23
IX Jan.
Jan.
Holders of rec. Dec. 14a
51
Jan.
Holders of rec. Dec. 10a
IX
Holders of rec. Deo. 20a
IX Jan.
Holders of rec. Dec. 20a
IX Jan.
2
Holders of rec. Dec. 23
Jan.
•Dec. 14
to
Dec.
Dec. 15
•51
3
1
Common (extra)..
Preferred (quar.).
..........
Preferred
Steel Co. of Canada, com. (qu.) (No. 8)_.
Preferred (quar.) (No. 30)
Stromberg Carburetor (quar.)
Extra
Stutx Motor Car of America (quar.)
Subway Realty (quar.)..
Swift ft Co. (quar.) (No. 132)
Texas Company (auar.)..............
Texas Pacific Coal ft Oil (quar.)
Tide Water Oil (quar.)
Extra
Tobacco Prod., com. (pay. In com. stk.)
Preferred (quar.) (No. 24)
Todd Shipyards Corp. (quar.) (No. 10)
Tonopah Extension Mining
Tooke Bros., Ltd., pf. (quar.) (No. 26).
Torrington Company, common (quar.)—
Common (extra)
Underwood Typewriter, common (quar.)
Common (extra).....
.....
Preferred (quar.)...
Union Bag ft Paper Corp. (qu.) (No. 9).
Union Carbide ft Carbon (quar.)
United Cigar Stores of Amer., pref. (qu.)
United Drug, common (quar.) (No. 8)..
Common (extra) (No. 9)
United Dyewood, com. (quar.) (No.
Preferred (quar.) (No. 9)
United Fruit (quar.) (No. 78)
United Gas Improvement (quar.)
United Paper Board, common
Preferred (quar.)
United Shoe Machinery, com. (quar.)
9).
Preferred (quar.)
U. S. Gypsum, preferred (quar.)
U. S. Industrial Alcohol, com. (quar.)..
U. S. Steamship (bi-monthly)
Extra
U. 8. Steel Corp., com. (quar.)
Common (extra)
Utah Consolidated Mining (quar.)
Utah Copper (quar.)
Utah Power A Light, preferred (quar.)
Victor Talking Machine, common (quar.).
—
Preferred (quar.)
Wabasso Cotton Co. (quar.) No. 4
Warren Bros. Co., 1st pref. (qu.) (No. 67)
Second preferred (quar.) (No. 67)
Washington Oil (annual)
Western Canada Flour Mills, Ltd. (qu.)
Western Electric Co., Inc., com. (qu.)
Preferred (quar.)
Western Grocer, common
Preferred
Western Union Teleg. (quar.) (No. 199)..
Weyman-Bruton Co., com. (quar.)
Preferred (quar.)..
Wheeling Steel ft Iron (quar.)
Extra
White Motor (quar.)
Wlllys-Overland Co., preferred (quar.).
Wilson A Co., Inc., pref. (quar.)
Wolverine Copper Mining (quar.)
Woolworth (F. W.) Co., pref. (quar.)..
Worthington Pump & Mach., pf. A (qu.)
Preferred B (quar.)
Yale ft Towne Manufacturing (quar.)..
Yukon-Alaska Trust (quar.)
......
Jan.
Jan.
Feb.
Dec.
Dec.
Dec.
*
From unofficial sources,
a Transfer books not closed for this dividend,
b
British Income tax.
d Correction,
e Payable In stock.
/Payable In common
stock,
g Payable In scrip.
A On account of accumulated dividends, i Payable in
Liberty Loan bonds. I Red Cross dividend, m Payable In U. 8. Liberty Loan
4X% bonds. » Payable in Canadian Government Victory Loan bonds, t De¬
clared subject to the approval of Director-General of Railroads,
r The New York
Stock Exchange has ruled that stock will not be quoted ex-dlvidend on this date
and not until further notice, s Ex-dlvidend on this date,
i Declared 7%, payable
In quarterly Installments of IX% each on Jan. 2, April 1, July I and Oct. 1 1919
to holders of record on Dec. 16 1918, March 15, June 16 and Sept. 15 1919, respec¬
tively.
u Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 301919
to holders of record Sept. 26.
Payable one-half In cash and one-half In L. L. 4X % bonds.
Declare 6% on common, payable 2% as above and 2% each on May 20 and
Aug. 20 1919. all to holders of record Jan. 31 1919. x $2.04X».
s
w
[Vol. 107«
THE CHRONICLE
2266
Member Banks of the Federal Reserve System.—Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
contained in the statement were given in the weekly statement issued under date of Deo. 14 1917 and which was published
m the “Chronicle” of Dec. 29 1917, page 2523.
/
STATEMENT
»nA
to *
SHOWINa^NC^IgSgU^ Ag.D. “ CENTRAL RESERVE
Substantial reduction In the total of U. 8. bonds as against a further increase in the amounts of Treasury certificates held, also llauidatlon or loans
a corresponding decline in deposits, are indicated by the Federal Beserre Board's weekly statement of condition on Not. 29 pf 753 member banks
fiSdSi^^Treasury certificates show an increase for the week of 38.7 millions, largely at the banks outside the three central reserve
warpaper
cities. JT. 8.
reporting banks, and from 22.9 to 22.6% for the bankf in the
combined to total Joans and investments declined ftam 21.2 to 21.1% for all
^^et^ShdraiSs of Government deposits for the week totaled 13.1 millions.
For the Greater New Y«k member tanks a decrease under thte head
of 21 millions is shown.
Aggregate net demand deposit* decreased 91.5 millions at all reporting banks and 78.6 millions at the centinl reserve city banks.
Time deposits increased 6.3 millions.
Reserve balances with the Federal Reserve banks show a decline of 983 millions, or only sUghtiy less than the
loes in total net, including Government depoeits. Cash in vault fell off 5.6 millions.
*«*»*•-*»—■' «
«
..
...
.
,,
^
.
Far all reporting banks the ratio of deposits to investments shows a decline for the week from 78.2 to 77.8%.
For the New York tanks a dedliy
of thisratio from 88 to 87.2% is noted. The ratio of combined reserve and cash to deposits, because of the relatively largerdecrease in reserve baldeclined from 15.8 to 15% for all reporting banks and from 17.1 to 163% for the banks tathe central resale cities. “Excessreserves" ofaD
ancesT
show a decline from
reporting
Is noted.
For the banks in the central reserve cities a decrease In this item from 104.9 to 62 millions
150.7 to633 millions.
1. Dsts tor all reporting
106
44
Humber of reporting tanks—
Rtchm'd.
8
Two ciphers (00 omitted.
14,352,0
50,1363
42*8333 243143 15,4653
21321.0
338.991,0
74399,0 96,4263 543113 423393
Dallas.
73
Total.
ion From.
45
f
5
t
t
S
35
32
101
45
$
at. Loot* JfMSMf Sam. CUt
Catoago.
Atlanta
81
85
53
S
8
0.8. bonds to seems dreulafn
Other U. 0. bonds. Including
liberty bonds
0,0. eertUS. of indebtedness..
Total U. 0. seeurlties
Loans see. by U. 0. bonds, As.
All other loans A Investments.
Reserve with Fed. Res. Bank.
Gam in vault...—......—
Net demand dspoatts..
Thns deposits....
Government deposits........
FhOodd. Cleveland
Ham York
Boston.
Member Banka.
banks la each district.
53
f
8
#
753
0,419,0 13,7103 173293 343053
267.7613
126,2473 43,9353 12327,0 26.9133 243003 343763
8963853
18.951,0 17.655,0
7,996,0 43,0253
721,9143
8,485,0 17,923,0
72.2963 123023
53,266,0 353,3593 28,7573 70,6573 22,490,0 31,3583
89,439,0 742,486,0 114348,0 209,916,0 101316,0 883623 217,4943 733923 27,131,0 68346,0 50.125,0 1123063 13863603
8.7223
9,748,0 7,4833 18,402,0 1348304.0
813593 243733
110319.0 661,4243 170,170,0 95.7273 393093 20,668,0
786322,0 4444335,0 619,9163 960310.0 388359,0 319,7043 1,412,698,0 3653733 256,978,0 4563283 185385.0 5553903 10,4523983
59.1003 628.4543 663273 723713 33,6013 274593 148,127,0 34,931,0 22370.0 363353 15,1373 473673 1.1924793
892,0643
9348.0 16,9353 12,9513 25,0923
62,9663 13,7243
25,4823 131369,0 21320,0 35,3333 19.9783 173663
689,172,0 4,4533043 614,9223 7483973 323.424,0 221333,0 t ,100391,0 2523193 215,404,0 3633583 1433913 4263763 9,5523823
68,606,
124,4103
13613983
253263
380,7773
743633
91,7343
983633 261,4623 16301,0 225357,0 67,695,0
47,1043)
585329,0
43243 12,1633* 7,970,0 22,9983
77,1043 183783
63,455,0 2663423 27,9103 50.04131 18.103,0 163413
2. Dsts for banks la ends Central Reserve city, banks la
Ckicaeo. M. leads. Toted Control Baa. Clttaa.
Nam York.
Two ctphsrs (00) amtusd.
Nov. 22.
Nov. 29.
64
Humber of reporting hanks...
0.0. bonds to sseure ctrculat'n
Other 0. 0. bonds* Ineluding
Liberty bonds............
0.0. eertUs. of indebtedness..
Total 0.0. seeurlties
Loans see. by U. 8. bonds, Ae.
36,334,0
Nov.
29. Nov.
64
$
f
all other Reeerve cities and'other reporting banks.
36334,0
29.
44
S
Nov. 22.
NOV. 29.
48,008,0
48,008,0
f
Nov.
460
1713833
22.
170
$
752
f
267,7613
207,1173
90,104,0 890385.0
46,1373 7213143
182,9013 1380400,0
70,732,0 14483043
884318.0 104520980
593903 1492,1793
45380,0 8923043
711,082,0 9352382.0
97,0113 1,461,098,0
34,9083 585329.0
937,123,0
083,190,0
13873303
14713433
10301,0773
1490,4723
397*087,0
9*044,440.0
1,454.7873
6983243
171*3893 48370,0 47,720.0
...
Nov.S2.
753
8
283,664,0 295,150,0 67,694,0 32,883,0 3844413 400,535,0 423304,0 446,484,0 88340,0
9,452,0 878,476,0 3703433 300,670,0 2674103 42,7623
839434,0 336350,0 29,740,0
659482,0 668,134,0 98353,0 62,890,0 810,725,0 819386,0 895363,0 885389.0 179,9723
623,5363
607,103,0
59,030,0 19457,0 685,390,0 706,268,0 485328.0 488,443,0 77380,0
All other loans A investments. 3,746350,0 3,780,667,0 872.087,0 264,8433 4383,480.0 4,921,037,0 4,686,231,0 4.696,1223 882387.0
Reserve with Fed. Res. Bank.
5954703 644,522,0 104,142,0 273493 726,7613 779363,0 404,767,0 4514133 00.8513
OaSb to vault.
7,339,0 158383,0 158364,0 191397.0 192,943,0 41*484,0
114,485,0 115,5103 37,059,0
Hat demand deposits........ 4,083,3173 4,162,206,0 758,7213 178,6063 5,020,644,0 6,099427,0 3317,992.0 3334.137,0 714440,0
Time deposits......
2063513 207348,0 1433123 53,923,0 403,786,0 403,799,0 856,9753 8533773 200,3373
Government deposits..
242,1283 263,062,0 47.190.0 14,412,0 303,730,0 300321,0 250*5023
263*4953 31397,0
1Ratio of eonabinod reserve and
22.6
243
24.7
154
18.3
22.9
19.9
193
18.4
Mb to total net deposits...
r*
Nov. 29.
29. Nov.
171
8
$
8
ram.
CarnUnt Banka.
•
Nov. 22.
460
3
8
10355,0
i
122
122
14
8
1,1193
Nov. 29.
I
'v3
*
'
•*’
214
21.1
183
-The Federal Reserve Banks.—Following ie the weekly statement issued by the Federal Reserve Board on Deo. 7:
Further increases in the holdings of war paper and one-year Treasury certificates and substantial gains in members* reserve deposits are indicated
In the Federal Reserve Board's weekly bank statement, issued as at close of business on Dec. 6 1918^
Investments.—The week saw a further increase of 64.8 millions in the Reserve banks* holdings of war paper, the total, 1,467.3 millions* constitut¬
ing about 62% of the banks' aggregate earning assets. Other discounts on hand declined 63 millions. Buis benight in open market show a reduction
of 3.8 millions.
The distribution of this paper among the several banks shows considerable change, the New York bank reporting net liquidation of
683 millions, while Chicago shows an Increase of 60.3 millions under this head. An increase of 123 millions in the volume of Government short-term
securities is due largely to the purchase by the banks of one-year Treasury certificates to secure Federal Reserve bank notes. Total earnings assets show
an increase for the week of 67.7 millions. ' *
Deposits.—Government deposits declined 213 millions, while members* reserve deposits show an increase of 68.9 millions, or slightly in excess of
the increase in total investments. Net deposits show a gain for the week of 36.1 millions.
Reserves.—A further gain of 2.2 millions in gold reserves is shown, while total cash reserves show an increase of about 1 million. Hie banks* rethe total amount of F. R.
millions for the week. Their
aggregate liability on F. R. bank mites in circulation is 92.8 millions, which is an increase of 63 millions over the previous week’s total.
Capital.—During the week the banks* paid-in capital increased 8232,000, largely as the result of payment for Federal Reserve bank stock by newly
admitted members in the Philadelphia, Cleveland and San Francisco districts.
The figures of the consolidated statement for the system as a whole are given in tha following table, and in addition
present the results for each of the seven preceding weeks, together with those of the corresponding week of last year,
thus furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of
the twelve Federal Reserve banks. The statement of Federal Reserve Agents* Accounts (the third table following)
we
in Federal
g’ves
itween
details
regarding
and the
transactions
the latter
the Federal
Reserve
banks. Reserve notes between the Comptroller and the Reserve Agents and
FEDERAL RESERVE BANK OF NEW YORK.—The week statement issued by the bank subdivides some certain items that are included
under a more general classification in the statement prepared at Washington. Thus, "Other deposits, Ac.,** as of Dec. 6, consisted of "Foreign
Government deposits," $93,008,105; "Non-member bank deposits, 85*577,534, and "Due to War Finance Corporation," 82,056.750.
Combined Resources
and
Liabilities of
the
Federal Reserve Banks
at the
Dec. 0 1918. Nov. 29 1918. NOV. 22 1918. Nov. 15 1918. Nov. 81918.
RBSOURCES.
Gold in vault and in transit..
Gold settlement fund—F. R. Board...
Gold with foreign agencies.......
Total gold held by banks
Gold with Federal Reserve Agents
Gold redemption fund.....
8
353,208,000
870,938.000
422,491,000
5329,000
395.292,000
5.829,000
8
8
371,498,000
435,892.000
5329,000
8
8
Close
Nov. 11918.
f
883333.000
449.248300
5329300
or
Business Dec. 6 1918.
Oct. 25 1918. Oct. 18 1918.
8
8
Dec. 71917.
8
876,679,000
882.160300
415.676.000
5329.000
416.413300
6329300
599,454,99#
374,778,999
52399,999
781,528.000 772,059,000 813.219,000 815441.000
827,718.000 838.910300 798.184390 804,402.000
1,207377,000 1,216,541,000 1,168,917.000 1.166379.000 1,145.640,000 1.149359300 1.184.998,000 1.173321.000
78,496,000
76.613300
78,129,000
61.950300
57390.000
74.957,000
63,460*000
73433,000
929.934.999
483.939.999
17,485,999
875327,000
433,885,000
5,829300
386,437.000
435,452,000
5329,000
Total gold reserves.............. 2,067,401,000 2.065413,000 2.060465,000 2356,777,000 2.046.591300 3.052429,000 2.045.132.000 2,035.313,000 1,431,358,999
53,966,000
Legal tender notes, tilyer, Ae.
53.037300
55,158,000
55.992,000
53.456,000
52372300
51,949,999
53,039,000
54448.000
Total reserves.................. 2,121.367.000 2.120371,000 2.116457.000 2,1093i6.000 2.100339,000 2.105*685300 2.098*169300 2.087.685.000 1.483,397,999
RQQs discounted: Scoured by Govern¬
ment war obligations..
1,467.322.000 1,412.511.000 1.281445.000 1358.416300 1316.967300 1,252304.000 1,092,417.000 1462.767300 1 484,992,999
All other
396,362300 402,684.000 428.190.000 439392,000 480471300
425.799300 J
493,043,000 453,747.000
Bills bought In open market
371,506,000 375,341.000 368.784300 377377,000 374,522.000 377372.000 398.623.000 370.136300
199,482,999
...
.......
...
Total bins on band
2,235.190,000 2.190.536300 2,078,219.000 2.175.685.000 2,171.760,000 2,123.019.000 1.944.787300 2.058.692.000
0.0. Government long-term securities.
29.196.000
29.134.000
29.472.000
28451300
28,205.000
29,132,000
29,478,000
29379,000
0.0. Government short-term seeuritiee
67.738.000
105.606.000
92,664,000
148,180,000
88.750.000 822360.000
93,449.000
91,956.000
AO other earning assets......I.......
24,000
197300
27300
27,000
27,000
35.000
28.000
28,000
877384,999
Total Maming aSBCtS...
2,370,019,000 2312,359300 2,255.560.000 2498,640.000 2493.223.000 2441476300 2495.122*000 2.154,832.000
Uneollected items (deduet from gross
978.129.999
deposits).....
6% redemp. fund agst. F. R. banknotes
AU other
resoureee
Total
*
resources
,T.T
650,039,000
736,328,000
819,010300
717.785.000
4,844,000
22.440.000
4,621,000
4.525,000
24.175300
4,008,000
18.169,000
21,309,000
687,468,000
684315300
856.923.000
803317300
334.994.999
8.924,000
8,703,000
17375.000
3.692.000
16379300
3,425300
13.757300
2,943,999
18,790300
5,168,709,000 5,194,988,000 5,219,527.000 5.148.418.000 5.104.244.00015352.114300 5470.785.000
Includes amount formerly shown agalns items due from or due to other Federal Reserve banka net.
49.198.999
59.424.999
914.999
537,999
5.063416.0001 3,991,834,999
Dec. 14
THE CHRONICLE
1918.]
Dec. 0 1918. Nov. 29 1918. Non. 22 1918. Non. 15 1918.
Non. 8 1918.
Non.
11918.
Oct. 25 1918. Oct. 18 1918.
V*- •
Dec. 71917.
$
$•' - >
$
g "A ■ ■
$
80.025.000
79.190400 ,, 79457,000
80,072,000
79.360,000
79,903,000
79,824,000
49,648.666
1,134,000
1,134,000
1.184400
1,134,000
1,134.000
1.134,000
1.134,000
1,134,000
Government deposits
78618400
179668,000 ; 158,548,666
185,355,000
207,157,000 <113,174,000 246.401600 160,256,000 249,397,000
1,547.838.000 1,488,893,000 1,604,033,000 1,449,949,000 1,545,996,000 1.442,493.000 1,683,499,000 1,506.727,000 1,437,174,068
15,586,000
573.727,000 527,796,000 543,975,000
Collection items
702,107.000 585,090,000
514,512,000 602,667,000 + 620,608.000
189,841,000
Other deposits, inch for. Gov't credits.
106,685,000 105,894,000 113,967,000 113.385,000 114.941,000 111627400 117.001400 112.634,000
S
LIABILITIES.
80.304,000
Capital paid la
Surplus
*
v
:
.,
Total gross deposits
2,354.390,000 2,404,611,000 2.451,782,000 2683.462.000 2,348,989,000 2,347.692,000 2,580.825.000
V. R. notes hi actual circulation
2.584,523,000 2,568,676,000 2,555,215,000 2,562,617,000 2,558,196,000 2,515,504,000 2,507.912600
72.930,000
68.864,000
80,504,000
F.R. bank notes In circulation, net llab.
63,338,000
58,859,000
92,799,000
86.003,000
an other liabilities
48,472.000
47,237,000
50,867,000
45,086,000
42665400
55.559,000
54.492,000
2.384619.000 1,811,189,000
2,502.488400 1,110,537,000
8,000,000
55.666.000
40.552400
3,042,000
Total liabilities—
5.168.709.000 5.194,988,000 5,219,527.000 5,148.418,000 5.104.244,000 5.052.114,000 5,270,785,000
61.8%
60.9%
Gold reserve against net deposit Uab..
52.1%
61.4%
506%
52.3%
51.7%
506%
Gold res. agst. F. R. notes In act. dre’n
51.3%
506%
496%
50.9%
50.7%
51.5%
Ratio of gold reserves to net deposit and
50.6%
506%
50.9%
50.9%
Fd. Res. note liabilities combined—
51.7%
51.3%
51.8%
Ratio of total reserves to net deposit and
49.9%
496%
49.6%
Fed. Res. note liabilities combined..
50.5%
50.4%
49.5%
50.0%
Ratio of gold reserves to F. R. notes In
actual circulation, after setting atide
594%
69.4%
59.6%
59.8%
60,5%
60.6%
59.0%
35% against net <V»pnt|*ll abtlltle*
J
5.063616.00Q 3,001,836,000
51.2%
72.4%
504%
78.8%
?
•
50.6%
■'
51.1%
^
*
‘
*
...
616%
—........
“l
73
3
8
*
,3
DtntrUmtion Or MatmrttUn—
;$ *■
1
\
,
1-15 days bills discounted and bought. 1,432,969400 1605,634400 1606.215.000 1653610400 1654620,000 1636,423.000 1,198,861400 1643.320.000
16,701,000
11.402,000
1-15 days U. 8. Govt. short-term sees.
69.029,000
15488.000
18,481.000
250.906.000
11,473,000
8.895400
5,000
7,000
2,000
33,000
7400
2.000
1-15 days municipal warrants
5,000
5400
16-80 days bills discounted and bought.
188,642400 221,020400 249.254.000
170,319,000
225.900,000 175.680.000 l«f8,765,000 176,019,000
101,000
117.000
6,022,000
137400
16-30 days U.8. Govt, short-term sees.
73400
10675,000
1,188.000
: 5400
IO.606
7,000
1640 days municipal warrants
10,000
3.000
3140 days bills discounted and bought444,719,000 470.666400 338.876,000 301.760400 304415.000 2916H400 279,786.000 * 265.699.000
42400
163,000
617.000
10635400
9,132400
10.684.000
3140 days U.8. Govt. Short-term sees.
12,584.000
9,220400
15,000
6400
5,000
7.000
7,000
3140 days municipal warrants
4.000
15400
16,000
164,334,000
61-90 days bills discounted and bought
165,185400 337646,000 834495400 ,319473.000 284,735.000 232691.000 188.485400
8.851400
2423,000
8657,000
8,109400
351,000
1,086.000
2,194,000
61-90 days U. 8. Govt, short-term secs8,676,000
3,000
5,000
10,000
10,000
6,000
20,102400
16633.000
12,034,000
21,708,000
12.229.000
17,755400
Over 90 days bills dlae’ted and bought.
22,849400
23,151400
41,300,000
66.793400
61,913.000
64,199.000
Over 90 days 06.Govt .short-term seas.
70,323,000
63669,000
72676,000
62,319,000
6,000
10,000
3.000
6400
3,000
3400
Over 90 days municipal warrants..
:
75.3%
,05.1%
’
8
463.644,669
V.iei
;
82,698,696
""
125*999
143,070.990
*“
150,000
182,232,999
,
*
"**631*,999
6,549,999
-
'
Federal Bssnrnn Noun—
1,184,667.999
lamed to the banks
........... 2,741,852,000 2.773,043400 2,768,777400 2.761612400 2.743.686.000 2,710,680.000 2,697.090.000 2,667,024,000
185,490.000
195.176.000
189,178400
164,536,000
74,139,999
157629400 204,367.000 213662.000 199695.000
Held by hMh
.....
Tn Cnwltllnn
...
2,584,523,000 2.568,676400 2655615.000 2662617,000 2658.196.0Q0 2615604.000 2607,912.000 2602,488,000 1,119,537,999
.
Fed. Em. Noun (AnnttU Account*)—
Reoetved from the Comptroller
3.731661400
Returned toCffnrptrnfw
Amount chargeable to
In hands of Agent
........ -
Agent
.............
lamed to Federal Reserve
How Seamed
677,229,000
3,692,060,000 3,660640400 3,629,140,000 3,609.760,000 3651680,000 3625.460.000 3,488,640,000 1,649,699,999
236,633,999
603,417400 591,693,000 580.183,000 : 572478400 562,931,000 560660.000 557.446.000
3,054,632.000 3,088,643.000 3.068647.000 3,048457.000 3437.682.000 2498649,000 2,964,600,000 2,931.194.000 1,493,967,999
219,399,999
312.780.000 315.600400
300470400 287445400 293,996,000 287469.000 267610*000 254.170400
banka.. 2.741.852.000 2,773,043400 2,768,777400 2.761412400 2,743.686.000 2,710,680,000 2697490400 2.667.024,000 1,184,667.999
By goldeoinandevtifieates......
By lawful money
.........
By QigiM* pnpr ...................
Gold redemption fund...............
With Federal Reserve Board
201639.000
245.351.999
1,534.475.666 1456,502466 1499660466 1.595633,666 1698.046.656 1650,821',666 1412.092,666 1,493,503.666
78,053,000
78.609,000
78,586400 ^81,776,000
78,793,000
78652,000
75,679,000
77.991400
6*99,728*.999
212,627400
231,627.000
211426400
210,176,000
198,176400
200,176,000
207476400
894629.000
35,773,999
497.815.999
2,773,043,000|2,768,777,000 2.761612.000 2,743,686400 2,710480.000 2,697.090,000 2.667,024,000
1,184,667,999
Eligible paper delivered to F. R. Agent. 2,161,189,000 2,114.588,000 2,006406,000 2.120696,000 2.116.238.000 2460.562.000 1.901,642.000 2412,927.000
a Net amount doe to otter Federal Reserve banks.
5Thla Item Include* foreign Government credits, t Revised flgorea.
536,473,999
Total.......................... 2.741,852,000
WEEKLY STATRM»NT of RESOURCES tad
Bottom.
IW ciphers (00) omitted.
RESOURCES.
Gold ooin and eertifo. In vault..
Gold settlement fund
925.923400
900,071.000
S
878,498400
878451.000
867407.000
868678400
899613.000
LIABILITIES of EACH of the 13 FEDERAL RESERVE BANK8 at CLOSE of BUSINESS PEC. 4 WH.
N&m York.
PkOadn1. CUndamd. gtckm’d.
9
:
26116
9
i
AJkmta.
9
CSMosys, BtrLtuU. Mtmuap. Kau.CUt
9
n:9
9
8,3666
9
2,1716
202,0
7,619,0 23,927,0
8.300,0 >796306 266076 30643,0 31,661,0
8166
233,0
233,0
2916
1756
Gold with foreign agendas
36034
46,565,0
4034
127,0 34,7654
253,647.0
54622,0 426474 30,6274 25,4246
2046
408,0
525,0
2.011,0]
Total gold held by banka.....
Gold with Federal Ree. Agents..
Gold redemption fund
...
506764
58.750.0
6,9454
309.980.0 436824 65,917,0 27,6896 166946 104673,0 28,9116 $$*$42,0
270,653,0 82,861.0 125,972,0 60,638,0 43,5796 262,124,0 53.0836 59*926,0
36156
4.085.0
5,653,0
5,498,0 12,6046
909,0
7,900,0
24,906,0
Dallas.
8emFrau.
•
5.729,0
6,600,0
9
iTual.
9
11,041,0
39,665,0
321,0
204,0
353,208.0
422691,0
5,829,0
32,054,0 12,533,0 51,0276 781628,0
52,799,0 22600,0 117,993,0 1.207677,0
3,684,0
2602,0
795,0
78,496,0
65,171,0 379.301.0 85609,0 99.852.0 88,537.0 87,235,0 169,8156 2,067,401,0
1,304,0
1622.0
2,452,0
93,0
364,0
1126
53,966.0
179,0
Total gold reserve*—....... 115,971,0
1,5174
Legal-tender notes, silver, Ac...
605639,0 133,643,0 192,798,0 94630,0
749,0
7146
5444
44.416,0
Total reserves
117,488,0
Bills dieoounted: Secured by Govt
649,9554 134,1876 193647,0 94,944,0 65650.0 380,823,0 87,761,0 99,9456 88,649,0 38639,0 170,179,0 2,121667,0
...
war
obligations
.............
AH other......
Bills bought In open
....
market
122,877,0
12,747,0
16,9424
’
669,840,0 164,232,0 1136316 70,665,0 43,067,0 113,544,0 49649,0
83,704,0 18634,0 16,031,0 17,926,0 39,5246 65615,0 29,784,0
4,745,0
3682,0 12,7156 97,624,0
107,883,0 6,142,0 51,5016
27,355,0 18,048,0 52.0756 1.467,3226
.7,787,0 43,125,0 81600,0 30,1856 396.362,0
13,482,0 9.7886 3,600,0 43.702,0 871,506.0
22,539,0
956066 276,683,0 83.778,0 43,808,0 80668,0
1,153,0
124,0
8667,0
4,5106
534,0
56686
4,139,0
3,4036
4616,0 12,6126
27,0
53,448,0 125,962,0 2635,190,0
4,0006
3,461,0
29,196.0
2,910,0
3688,0 105,6066
27,0
Total bills on hand
152666,0
1,403,0
U. 8. long-term securities
U. B. short-term securities—...
5,416,0
AH other earning assets.....—
861,427,0 188,608,0 1816636 91,973,0
1688,0
1634,0
1697.0
1,4254
3,784,0
8687,0 13,0496
88,334,0
Total earning assets
159.385,0
PneoHseted Items (deducted from
901,158,0 198620,0 195,500,0 96,991,0 100,383,0 293605,0 90,499,0 48,0716 92638,0 606586 133.0116 2670.019,0
...
—
gross
53,767,0
deposits)
6% redemption fund against Federal Reserve bank notes
AH other resources
—
128,653,0
......
------
------
......
73,928.0 56,647,0 46646.0 33,678,0 70,564,0 59618,0
......
17628.0
------
53
------
——-
105.0 20,241,0
36,064,0
650,039,0
566,0
268,0
1,1616
1.090,0
258,0
1.7566
4,844.0
22,4406
.#
245,0
1,003,0
1.141,0
7,893,0
325,0
3,680,0
373,0
8206
2516
1628,0
261,0
796,0
7256
16656
243,0
622,0
188,0
226,0
331688,0 1488.800,0 410,440,0 446687.0 240,0606 200,468.0 747.7826 238,943,0 165,658,0 236,019,0 120,496,0 341668.0 5,168.709,0
Total resources
LIABILITIES.
Capital paid In..—.....
Government depodts...
Due to members—Reeerve
-——
acc’t.
Collection Items
Oth. deposits ind. for Gov't ered.
6698.0
76,0
25,978,0
98,361,0
40,7014
165440,0
Total groas deposits
V. R. notes in actual circulation. 151,943,0
4.448.0
F. R. bank notes In dre’n—Net.
3.784,0
AH other liabilities
.....
20,727,0
649,0
14,7164
646,495,0
134.334,0
100,642,0
3,7886
2,929,0
3,149,0
46506
3,658,0
4,614,0
8,942,0
3,187,0 11.1166
80,3046
7646,0
216,0
38,0
116,0
40,0
1,134,0
9683,6 5,643,0 17,045,0 185655,0
9603,0
3,600,0 126936 38,675,0 11678,0
13,937,0 22604,0
92,614,0 118,589,0 53,166,0 37602,0 214685,0 67,093,0 47,187,0 69,143,0 33,996,0 78,907,0 1.547,838,0
63629,0 39668,0 39,1696 23,0636 60630,0 46.994,0 10648,0 28,941,0 12,620.0 24,315,0 514,512,0
2696
25,0
3,236,0 106,685,0
55,0
2.4386
2.0
18,0
1.
■a
896,187,0 169,780,0 1806166 95,935,0 73,576,0 306,428,0 115,634,0 67,563,0 107,969,0
721,544,0 223,9814 246,044,0 135,386,0 117,432,0 408,642,0 112642.0 90,315,0 111637,0
5,080,0
7,554,0
3,219,0
9,805,0
2672,0
4,505,0 14,608,0
27,254,0
6,009,0
2,099,0
1.694.0
3,831,0
2,301,0
1,728,0
6,772,0
3,050,0
22,439,0
3,124,0
52659.0 123,503,0 2,354690,0
59686,0 206,071,0 2,584,623,0
4,125,0
3,920,0
92,799,0
3,160,0
1,677,0
55,669,0
331,888,0 1,688,800,0 410,440,0 446,887,0 240,060,0 200,468.0 747,7826 238.943.0 165,658,0 236,019,0 120,496,0 341,268,0 5,168,709,0
Total liabilities
•Difference between net amounts due from and net amounts due to
other Federal Reserve banks,
s
Net amount due to other Federal Reserve Banks. * Overdraft.
STATEMENT OF FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS DEC, 0 1918,
Bottom.
Two ciphern (00) omitted.
Nun Tori.
PBOadd. Clendand. Bichm’d.
Atlanta.
Chicago. Bt.LouU. M inneap. Kan. Cite
8
9
9
9
9
9
9
9
9
9
Federal Reserve notes—
Reodved from Comptroller— 232.540,0 1615.680,0 318,420,0 312,960,0 188,280,0 192,080,0 517,040,0 152,440.0 114,481,0 152,700,0
50,7176 324,3416 59,171,0 31,586,0 34.785,0 26,005,0 42621,0 26,450.0 18650.0 26662.0
Returned to Comptroller
Dalian.
das Fran.
9
S
Toia
9
99,920,0 235,320,0 3,731661,0
20,638,0 16,803,0 677629,0
8916396 259649,0 281674.0 1536956 166,075,0 474619,0 125,990.0
6,805,0
7,220,0 45,3456 42,560,0
112,800,0 27,160,0 186806
96631,0 126,438,0
Issued to F. R. Bank
162,303,0
Hdd by F. R. Agent5,000,0
Gold coin and certificates
8,935,0
Gold redemption fund
Gold Sett. Fd., F. R. Board.. 44.815.0
Eligible paper, min. req’d.... 103653,0
778,639,0 232,089,0 262,494,0 146676,0 120,730,0 432,259,0 119,185,0
91,281,0 118.018.0
60,162,0 218,517,0 2.741.8526
13,052.0
2,073,0
41,800,0
84,3566
12,581,0
231,627,0
3.235,0 10,432,0'
75,679,0
6,684,0 107,561,0! 900,071,0
37662,0 100,524,0,1.554.475.0
162605.0
of. eligible pftptf deliv¬
ered to F. R. Agent
-A. 152666,0
162,303,0
F. R. notes outstanding
10660.0
F. R. notes held by banka
778639,0 232,089,0 262.494,0 146675,0 120,730,0 432659,0 119,185,0
31,281,0 118.0186
861,427,0 156,199.0 180,964,0 91,025,0 83,435,0 276,683,0 76.266,0
778,539,0 232,089.0 262,494,0 146675.0 120.730,0 432,259,0 119,185,0
6643,0
8,108,0 16,4506 10,889,0
3698.0 23,617,0
56,995,0
42,918,0 80668.0 63,448,0 105,990.02,161.189,0
91,281,0 118,018,0 60,162,0 218,517,0 2,741652.0
966,0
6,481,0
876,0 12.446,0, 167,329,0
408,642,o'112,342,0*
90,315.0 111.537.0 59,286.0 206.071,0 2,584,523,0
Total
12,750,0
183,740.0
12,913,0 12,2086 13622,0
74,000,0 70,153,0 100,000,0
507,886,0 149,728,0 136,522.0
1,638*6
59,000,0
85,637,0
2,000,0
2,504,0
2,305,0
2,82*76 2,952,0
38,770,0 259,297,0 48,131,0
77,151,0 170,1356 66,102,0
Anwumt
<
F. R. notes In
actual drcula’n.
151,943,0'
721.5446 223,9816 246,044.0 135686,0117.4326
4,950,0
8,420,0
2,939*6
49,860,0
65,219,0
79682,0
19,120,0
218,517.0!3.054,632,0
| 312.780,0
181,823,0
Chargeable to F. R. Agent
In hands of F. R. Agent....... 19,620,0
60,162,01218,517
,0^2,741652,0
THE CHRONICLE
2268
[Vol. 107
Statement of New Fork City Clearing House Banks and Trust Companies.—The following detailed statement
shows the condition of the New York City Clearing House members for the week ending Dec. 7. The figures for the sep.
arate banks are the averages of the daily results.
In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
Net
CLEARING HOUSE
MEMBERS.
Profits.
Capital.
11
estate Banks Nov. 1>
l Trust Co's Nov. 1J
Weak Ending
Dec. 7 1918.
-
Members of Federal
Reserve Bank.
Bank of N Y. N B A.
Bank of Manhat Co.
Merchants' National.
Meeh A Metals Nat.
Bank of America
Loans,
Discounts,
Investments,
2.000,000
6.525.500
2,500,000
7.165.700
2.000,000
2.809.700
11.137.700
6,000.000
1,500,000
6.859.700
25,000,000 61.380.200
National City
3,000,000
9.623.200
Chemical National.
951,000
1,000.000
Atlantic National
300,000
108,600
Nat Butch A Drovers
6.571.300
5,000,000
American Exeh Nat.
Nat Bank of Comm.. 25.000.000 24.376.700
600,000
1,097,500
Pacific
3,500,000
3,081,400
Chat * Phentx Nat.
3.000.000 18,278,000
Hanover National.,
2,550,000
2.992.200
dtlaeos* National.
2,000,000
2.316.800
Metropolitan
8.548.600
3,500,000
Corn Exchange
8,023,000
1,500,000
Importers A Trad Nat
National Park
5,000,000 18.591.200
250,000
100,800
East River National.
4,018,200
1,000,000
Second National
10,000,000 31,608,600
First National
4,600,000
6.647.300
Irving National
N Y County National
1,000,000
392.900
1,000,000
664,000
Continental.
Chase National
10,000,000 15.522.900
200,000
Fifth Avenue
2.223.700
200,000
871,100
Commercial Exeh—
400,000
763.900
Commonwealth—._
2,008,600
Lincoln National
1,000,000
1,000,000
1.372.600
Garfield National...
Fifth National
260,000
408.900
1,000,000
Seaboard National..
3.716.100
3,000,000
4.132.800
Liberty National...
1,000,000
Coal A Iron National
1,028,100
1,000,000
1.326.600
Union Exchange Nat.
1,600,000
2.518.300
Brooklyn Trust Co..
Bankers Trust Co... 11,250,000 16.283.200
2,000,000
U 8 Mtge A Trust Co
4.628.600
25,000,000 27.428.900
Guaranty Trust Co.
1,000,000
1.283.200
Fidelity Trust Co...
Columbia Trust Co..
5,000,000
6.850.500
1,000,000
1,306,400
Peoples Trust Co....
New York Trust Co.
3,000,000 10.769.900
Franklin Trust Co
1,000,000
1.170.100
Lincoln Trust Co
1,000,000
614,300
2,000,000
4.383.200
Metropolitan Trust..
Nassau Nat, B’klyn.
1,000,000
1,173,000
1,600,000
1,142,000
Irvfng Trust Co
Farmers Loan * Tr__
5,000,000 12,009.800
...
Gold.
Tenders.
saver.
AC.
Additional
National
Bank
and
Federal
Reserve
Notes.
Average.
Average.
Average.
9
9
9
$
S
Legal
46.629,000
59,995,000
29,460,000
164,170,000
29,845,000
594,104,000
81,313,000
17,090,000
3,084,000
24,000
329,000
80,000
8,340,000
719,000
8,356,000
121,000
86,000
11,000
613,000
285,000
54,000
459,000
4,171,000
111,000
557,000
1,183,000
70,000
77,000
3,000
92,000
12,000
111,771,000
401,565,000
15,574,000
90,596,000
133,348,000
41,155,000
37,146,000
99,031,000
34,698,000
199,662,000
3,172,000
18^238,000
317,958,000
100,080,000
11,075,000
6,899,000
310,474,000
20,269,000
5,932,000
6,722,000
14,423,000
12,377,000
7,698,000
1,030,000
54,000
33,000
599,000
67,000
62,000
40,000
119,000
4,000
35,000
357.000
48,224,000
70,098,000
190,000
14.540,000
6,000
13,460,000
12,000
36,650,000
82,000
265,976,000
151,000
59.844,000
42,000
454.649,000 1,777,000
10,656.000
90,000
23,000
92,585,000
52,000
27,133,000
51,000
97,994,000
27,885,000
74,000
19,476,000
20,000
70,000
50,331,000
3,000
15.643.000
41,202.000
95,000
122,223,000 3,743,000
111,000
314.000
70,000
160,000
175,000
3,026,000
247,000
111,000
53,000
163,000
257,000
300,000
489,000
198,000
33,000
148,000
167,000
412,000
411,000
143,000
20,000
499,000
431,000
36,000
15,000
4,112,000
161,000
60,000
22,000
197.000
5,000
26,000
246,000
.
49,000
52,000
26,000
147,000
81,000
120,000
38,000
56,000
84,000
11,000
34,000
14,000
37,000
81.000
172,000
18,000
Reserve
with
Deposits
Legal
Deposi¬
Legal
Deposi¬
taries.
taries.
Average.
Average.
9
9
209,000
4,555,000
963,000
8,232,000
2,953,000
148,000
1,383,000 2,101,000 31.547,000
410,000
3,608,000
337,000
810,000 2,506,000 104,709,000
541,000
607,000
8,444,000
208,000
122,000
1,846,000
385,000
64,000
7,000
11,613,000
523,000 1,228,000
583,000 1,398,000 36.997,000
238,000
630,000
1,700,000
994.000 2,943,000 12,980,000
464,000
671,000 17,595,000
672,000
371,000
4,792,000
740,000
982,000
3,355,000
2,641,000 4,560,000 15,011,000
52,000
209,000
3,506,000
485,000 1.342,000 20,959,000
15,000
37,000
516,000
257,000
680,000
2,154,000
708,000
693,000 19,698.000
2,065,000 1,674,000 13,016,000
182,000
613,000
1,492,000
15,000
776,000
102,000
1,348,000
633,000 38,897,000
511,000
678,000
2,423,000
82,000
122,000
828,000
170,000
180.000
878,000
171,000
2,081,000
971,000
115,000
186,000
1,457,000
211,000
181,000
778,000
137,000
485.000
6,582,000
26,000
9,525,000
459,000
143,000
677,000
1,930,000
313,000
1,924.000
317,000
130,000
617,000
3,616,000
62,000
718,000 29,508,000
157,000
311,000
4,803,000
311,000 2,760,000 47,363,000
55,000
983,000
159,000
220,000
816,000
9,401,000
254,000
607,000
2,428.000
8,000
8,109.000
165,000
151,000
203.000
2,036,000
26,000
1,873,000
340,000
41,000
664,000
4,169,000
90,000
322.000
1,259.000
500,000 1,952,000
4,884,000
62,000
273,000 16,542,000
Average.
9
109,000
475,000
256,000
with
Average.
9
Totals, actual eondltl
on
on
on
on
Not Mem hers of Fed eral
State Banks,
Greenwich..
500,000
250,000
1,000,000
2,000.000
Bowery
N Y Produce Exeh.
State
Totals, avge for wk
Totals, actual
Totals, actual
Totals, actual
Totals, actual
3,750,000
1,206,500
548,300
4,048,200
oondltl on Dec. 7
eondltl on Nov. 30
oondltl on Nov. 23
eondltl on Nov. 16
Trust Companies.
Title Guar A Trust..
Lawyers Title A Tr..
Totals, avge toe wk
Totals, actual eondltl
Totals, actual oondltl
Totals, actual eondltl
Totals, actual eondltl
Deposits.
Average.
Average.
Assress.
9
Bank
9
t
1,752,0001
770,000
288,000
15,451,000
1302,000
3,718.000
15,908.000
4.928.000
654,000
1345,000
429,000
146.000
296.000
5,809,000 4,908.000
4322.000
70,000
7,760,000 2,193,000
150,000
245,000
975,000
46,000
51.000
4,022,000 4398,000
60,000
650,000
1,507,000 8341,000
753,000 1,000,000
247,000
197,000
25,000
9,502,000
f.100,666
100,000
35,000
196,000
140,000
1,654,000
429,000
480,000
13,345,000
22,831,000
4,862,000
211,222,000 11.851,000
41,375,000
6,933,000
366,703,000 22,567,000
452,000
8,049,000
8,700,000
67,152,000
23,135,000
1,611,000
2,722,000
51,668,000
14,484,000
1,704,000
12,364,000
1,786,000
32,087,000
1,176,000
9,830,000
648,000
1,023,000
36,693,000
109,704,000
8,982,000
210,000
395.000
245,000
10,144,000
5,980,000
46,188.000
64,269,000
11,731,000
'
3,682,305,000
3,628,302.000
3,712,817,000
3.703.293.000
150.975,000
152,898,000
152,203,000
152.935.000
602,000
279,000
353,000
102,000
42,000
522,000
1,504,000
707,000
1,296,000
312,000
626.000
1.413,000
1,169,000
296,000
1,852,000
2,542.000
73,000
50,000
233,000
15,000,000
4,934,000
21,031,000
34,089,000
66,000
72,414,000 2,738,000
1,373,000
953,000
3,647,000
5,859,000
356,000
75,054,000
71,000
74,752,000 2.784.000
71,190,000 2,728,000
71,557,000 3.007,000
73,237,000 2.936.000
1,427,000
1,149.000
1,285,000
914,000 3,557,000
996,000 3,658,000
938,000 3,469,000
1.103.000 3,120,000
5,822,000
6,110,000
5,626.000
5,405,000
158,000
421,000
195.000
368,000
75,351,000
75,120.000
74389,000
73.826,000
71,000
71,000
68,000
54,000
1,257,000
Pffnfr
Reserve
11,947,900
5,236,200
38,715,000
23,131,000
107,000
195,000
145,000
176,000
205,000
74,000
575,000
433,000
2.090,000
1,068,000
660,000
430,000
20,790,000
12,600,000
449,000
575,000
9,000,000
17,184,100
61,846,000
302,000
321,000
279,000
1,008,000
3,158,000
1,090,000
33.390,000
1,024,000
62,569,000
61.884,000
63.149.000
63,501,000
309,000
291\000
291,000
293,000
320,000
292.000
298.000
312,000
276,000
211,000
323,000
324,000
968.000
804,000
854,000
994,000
2,976,000
910,000
1,519,000
1,893,000
1,107,000
33,215,000
34,103,000
33,878.000
35.203,000
976,000
1,033,000
1,032,000
1,039,000
on
on
on
Dec. 7
Nov. 30
Nov. 23
Nov 16
35.654,000
35,446,000
35.565,000
35,615,000
5,000
5,000,000
4,000,000
on
60,000
3,674,671,000 151,740,000 35.599,000
227,000
10,000
481,000
235,000
Not Mem bert of Fed eral
70,000
800,000
412,000
398,000
Reserve
14,594,000
5,181,000
19,596,000
33.044,000
1.476,800
816,600
Deposits.
Circula¬
tion.
14,071,000
4,533,020,000 34,202,000 13,516,000 19,915,000 40,214,000 553,208,000
4,489,912,000 34,743,000 13,438,000 20.926.000 36,973,000 539,317,000
4,545,815,000 36,401.000 13,681,000 20,426,000 36,949.000 583,362,000
4,653.190,000 35,808.000 13.233,000 20,665,000 36,786,000 514,061.000
Dec. 7
Nov. 30
Nov. 23
Nov. 16
Net
Time
32,757,000
51,980,000
21,916,000
165,374,000
25,836,000
586,503,000
59,292.000
13356,000
2,752,000
86.742.000
284,125,000
13.939,000
81,533.000
129,447,000
32,111,000
24,280,000
107,353,000
25,172,000
158,660,000
3,792,000
14,796,000
157380,000
99,986,000
10,295,000
5,087,000
276,797,000
17,360,000
5,904,000
6,711,000
Average for week.. 192,000.000 355.796,400 4.494,121,000 34,614.000 13,818,000 20,111,000 39,502.000 536,716,000
Totals, actual eondltl
Totals, actual oondltl
Totals, actual eondltl
National
Net
Demand
3,250,000
3,433,000
3,565,000
Grand aggregate .avge 205,650,000 377,028,700 4,628,381.000 37,654,000 15,612,000 21,343,000 44,157,000 545,733,000 1,446,000 a3.783,115,000 152,835,000 35,599,000
Comparison prev wk
—31,708,000 -1,750,000 +499,000 +125,000 + 1723000-11,033,000 —310,000
+ 15,120,000 —1,517,000
+86,000
Grand ag’gate. actual oondltlon
Comparison prev wk
Dec.
Grand
Grand
Grand
Grand
Nov. 30... 4,622,986,000 37,762,000 15,157,000 22.133,000 41,435.000 548,677,000
Nov. 23... 4.680,521,000 39.699.000 15,128.000 21,687,000 41.272,000 592.421.000
Nov. 16... 4.789.928.000 39,037.000 14,830.000,22.092,000 40,900,000 523.031,000
Nov. 9.. 4.746,200,000138,948.000 15,109.000121,769,000 41,634,000 556,558,000
a
ac'gate,
ag’gate.
ag'gate.
ag’gate,
actual
actual
actual
actual
condition
oondltlon
oondltlon
oondltlon
7... 4,670,341,000 37^295,000 15,093,000 21,105,000 44,739,000 562,006,000 1,068,000 b3,790,871.000 152,022,000 35.654,000
+47,355,000 —467,000 —64,000 -1,028,000 +3304000 + 13329000 —872,000
+53,346,000 —1,980,000 +208,000
U. B. deposits deducted, 8205,117,000.
1,940.000
2,088,000
1.475.000
1,402,000
3 737,525,000 154,002,000 35,446,000
3,820,984,000 153,303,000 36,665,000
3,812.322.000 154.028.000 35.615.000
3,774.405,10001150 .985,000 36.824.000
b U. 8. deposts deducted. $210,747,000.
STATEMENTS OF RESERVE POSITION.
Averages.
Members Federal
Reserve Bank.
State banks
Trust oompanles*
Total Dec. 7Total Nov. 30Total Nov. 23.
Total Nov.10.
*
Cash
Reserve
fa Vault.
9
Reserve
in
Actual
Inc.
a
Reserve
Surplus
Depositaries
Total
Reserve.
Required.
Reserve.
9
9
9
Dec.
from
PreviousWeek
or
536,716,000 536,716,000 482,259,430
5,859,000 14,570,000 13,509,720
3,158.000
5,008,500
5,068,000
9
9
54.456.570 —12,932,290
1,060,280
+ 113,560
59,500
+ 8,000
10,621,000 545,733,000 556,354,000 500,777,650
10.444,000 556,766,000 567310,000 498.822,920
10,458,000 561,418,000 571.876,000 507,467,490
10,320.000 667,018,000 677.338.000 507,908,010
55.576,350 —12,810,730
68,387,080 +3,978,570
64,408.510 —5,021,480
69,429.990 + 11,321,810
8,711,000
1,910,000
Figures.
Cash
Reserve
in Vault.
Reserve
in
Total
b
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
9
9
9
9
9
Inc.
553,208,000 553,208.000 483328.900 69,979,100
770,820
8,512,000
5,822,000 14,334,000 13,563,180
4,982,250 def.133,250
2.976,000
4,849,000
1,873.000
b
10,385,000
10,407,000
10,329,000
10,367,000
562,006,000
548,677,000
592,421.000
523.031.000
572,391,000
559.084.000
602,750.000
633398.000
501,774,330
494.903,250
605.686,020
504386370
or
Dec.
from
PreviousWeek
9
+6,928,300
—626380
+ 134300
70,616,670 +6,435,920
64,180,750 —32383330
97.063,980 +68361350
28312.730 —38329320
Not members of Federal Reserve Bank.
This Is the reserve required on net demand depoalta In the eaae of state banks' and trust companies, but In the ease of members of the Federal Reserve Banka
Include! also amount of reserve required on net time deposits, which was as follows: Doc. 7, $4.552 300; Nov. 30, $4,597,470; Nov. 23, $4,614,030; Nov. 16. $4388.050.
b This la the reserve required mi net demand depoalta In the eaae of State banka and trust
oompanles. but tn the eaae of members of the Federal Reserve Bank tnetadea
also amount of reserve required on net time depoalta. which was-as follows: Deo. 7, $4,529,250; Nov. 30,
$4386,940; Nov. 23. $4,566,090; Nov. 16. $4.509340.
c Amount of oash In vault, which la no longer oounted as reserve for members of the
Federal Raswe Bank, was aa follows:
Deo. 7, $108,045,000; NOV. 30. $107,625,000; Nov. 23. $108,056,000; Nov. 16. $108,076,000.
d Amounts ofeaab In vaults, which isno longer counted aa reserve for members of the Federal Reserve Bank, was aa follows:
Deo. 7, $107,847,000; Nov. 30, $106,080,000; Nov. 23. $107,467,000; Nov. 10. $106,492,000.
a
Dec. 14 1918.]
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 Companies
$15,432,500
12,738,800
12.01%
9.92 %
$62,381,800
34.179,600
13.07%
7.16%
$28,171,300
21.93%
$96,561,400
20.23%
COMBINED
RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
(Two ciphers omitted.)
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
10
17
24
31
7
14
21
28
Oct.
Oct.
Oct.
Oct.
nov.
Nov.
Nov.
Nov.
Nov.
Dec.
5_.
12
19
28
2
9
16.
23
30
7
$
5.231.510.0
5.281,063,9
5.230.921.4
5,173,081,5
5.249.106.5
5.233,177.2
5.294.283.6
5.296.960.1
5.373.198.8
5.413.086.8
5.388.287.9
5.457.805.1
5.499.400.2
5,471,164,4
5,489,226.0
5.470.203.8
5.360.177.9
5.330.133.6
*
IN
Reserve in
Deposits.
Specie.
Tenders.
Total
Cash in
Vault.
$
$
$
$
$
160,390.0
162.708.1
158.979.5
158,188.3
158.412.2
159,383.9
167.004,9
165,439,1
161.405.3
155.019,9
162,821,8
166,005,7
155.117.7
158.735.3
161,000,2
161.553.8
162.160.3
156.978.3
567,064.2
549.748.1
551.742.6
558,574,4
583.554.8
554.898.2
571.118.2
567.673.3
687,014.3
574.142.4
580.295.4
619.305.3
585.223.6
591.280.8
610.910.4
603.681.3
602.957.6
592.651.4
Demand
4.297.646.1
4.317.718.7
4.314.490.2
4,406.150.0
4,475,183,9
4.418.249.8
4.427,043,3
4.450.212.9
4.537.675.4
4.435,747,6
4.487.786.5
4.520.463.8
4.364.815.8
4.430.932.2
4.515.346.9
4.511.208.2
4.449.150.6
4.458.973.9
•
i
Stale Banks.- 1
Dee. 7.
*
1. Trust Companies.
,
Capital as of Nov. 1.
Surplus as of Nov. 1.
1918.
Differences from
previous week.
$
$
Specie
Currency A bk. notes
Deposits with the F.
R. Bank of N. Y__
43.943.600
571,455,500
99,188,500
21.9%
Deposits
Reserve on deposits.
P. C. reserve to dep.
Inc.
Inc.
Inc.
Dec.
\Dec.7.
^1918.
9
$
99,550,000
169.723.600
4,738,000 1,912,684.400 Inc.
115,600
12,712,600 Ino.
623,800
19,604,500 Ine.
24,100,000
42.973.600
479,941,100 Ino.
9,725,800 Dec.
27,054,800 Ino.
Loans and Investin'ts
Differences from
previous week.
9,926,100
30,200
461,000
1,621,100
187.512.600 Deo. 2,371,000
11,613,600 1,891,976,700 Ino. 24,697,500
Deo.
280.327.600
324,100
2,669,400
18.6% Deo.
0.2%
0.1%
■,
mary
The averages of the New York Citv 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:
Loans
and
Investments
-
Boston
State Banks
Total
4
Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly-statement for a series of weeks:
RESERYE.
Cash in vaults
Deposits in banks and trust cos
YORK CITY.
STATE BANKS AND TRUST COMPANIES IN NEW
Week ended Dec. 7.
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished bn State Banting Department.) Differences from
Dee. 7.
previous week.
Loans and Investments
$701,752,600 Inc. $1,663,700
Specie.
8,040,700 Dec.
97,000
Currency and bank notes
414,000
15,612,500 Inc.
Deposits with the F.R. Bank ol New York
54,161,100 Dec. 4,637,000
Total deposits
746,373,100 Dec. 3,121,800
Deposits, eliminating amounts due from reserve de¬
positaries and from other banks and trust com¬
panies in N.Y. City, exchanges and U.8. deposits 675,858,900 Dec. 5,296,700
Reserve on deposits
124,732,700 Dec. 3,593,200
Percentage of reserve, 20.5%.
Week
Ended—
22S9
THE CHRONICLE
Legal
73.349.2
72.650,0
72.410.2
71.853.1
70.700.1
71,038,6
70.472.1
70,816,0
69,970,7
69.765.2
70,376.0
71.255.2
69.692.6
68,979,4
69.440.7
69.250.6
68.759.7
67,037,7
87,040,8
90,058,1
86,569.3
86.335.2
87.712.1
88.345.3
96.532.8
94.623.1
91,434,6
85,?54,7
92.445.8
94.750.5
85.425.1
89.755.9
91.559.5
92.303.2
93.400.6
89.940.6
Deposi¬
taries.
*
Included with “Legal Tenders” are national bank notes and Fed. Reserve notes
held by State banks and trust cos., but not those held by Fed. Reserve members.
In addition to the returns of 4‘State banks and trust
BOSTON CLEARING HOUSE MEMBERS.
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 are permitted in
the computation of
the reserves were given in the “Chronicle”
April 4 1914 (V. 98, p. 1045).
Nov. 30
1918.
Not. 23 J
1918.
$
$
$
$
Circulation
4,704,000
5,000
4,703,000
4,708,000 Inc.
Dec.
9,735,000 533,132,000 539,948,000
Loans, diso’ts A investments. 523,397,000
Individual deposits, lnol.U.S, 446,494,000 Dec. 11,550,000 458.044,000 480,488,000
Due to banks
116,719,000 Inc.
1,839,000 114,880,000 119,900,000
Time deposits
71,000 14.005,000 13,570,000
14,076,000 Inc.
100,000 16,580,000 16,567,000
Exchanges tor Clear. House. 16,680,000 Inc.
Due from other banks
75,045,000 Dec. 2,492,000 77,537,000 80,397,000
Cash in bank A in F. R. Bank 64,050,000 Ino.
1,231,000 62,819,000 68,253,000
Reserve excess in bank and
Federal Reserve Bank
16,479,000 Inc. 1,961,000 14*518,000 17,503,000
Philadelphia Banks.—The Philadelphia Clearing House
ending Dec. 7, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system*
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
-‘Cash in
vaults” is not a part of legal reserve. For trust companies
statement for the week
Reserve system the reserve
not members of the Federal
required is 15% on demand deposits and includes ‘‘Reserve
with legal depositaries” and “Cash in vaults.”
Week « tiding Dee. 7 1918.
Two ciphers
(00) omitted.
Capital
—--
Surplus and profits
Loans, dlsc'ts A investm’ts
Exchanges for Clear .House
Due from banks
..
Bank deposits
Individual deposits......
Time deposits
Total deposits
U .8 .deposits (not included)
Ree ve with Fed .Res.Bank
Res’ve with legal deposit’s
Cadi in vault*
Total reserve A cash held.
Reserve required
Excess res. A cadi in vault
*
Cash in vault la not
Trust
Cos.
Members of
F.R. System
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.
Changes from
previous week.
Dec. 7
1918.
Nov. 30
1918.
$3,000,0 $31,475,0
7,498,0
85,075,0
25,565,0 739,703,0
377,0
24,513,0
10,0 116,323,0
276,0 152,325,0
15,071,0 468,885,0
4,883,0
15,347,0 626,093,0
32,021,0
51,322,0
1,880,0
1,880,0
759,0
19,058,0
72,260,0
2,639,0
2,244,0
48,931,0
395,0
23,329,0
$28,475,0
77,577,0
714,138,0
24,136,0
116,313,0
152,019,0
453,814,0
4,883,0
610,746,0
......
51,322,0
18,299,0
69,621,0
46,687,0
22,934,0
NOV. 23
1918.;
Total.
$31,475,0
$31,475,0
733,911,0
25,189,0
122,448,0
152,011,0
469.482.0
4,776,0
626,269,0
27.593,0
60,905,0
1,932,0
17,976,0
70,813,0
48,264,0
22,549,0
743,957,0
25,857,0
86,165,0
84,795,0
127,515,0
169,622,0
474,320,0
4,685,0
038,627,0
38,435,0
48.604,0
2,128,0
18.967,0
69,699,0
48,950,0
20,749,0
counted aa reserve for Federal Reserve bank member*.
=S"C
Non-Member Banks and Trust
member Institution, which
are
Companies.—Following is the report made to the Clearing House by
“Clearing House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
Capital.
Profits.
NON-MEMBERS.
Week ending Dec. 7 1918.
Members of
Tederal Reserve Bank.
Battery Park Net
Bank...
OotumMa Bank
New Xetbertand Bank..
W. R. Grace A Co.'s bank...
Yorkvllle Bank
Vint Nat Bank. Brooklyn
...
Nat.*Clty Bank. Brooklyn
Fin Nat Bank. Jersey City
Hudson Co Nat Jersey City
.
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Be gbts
Colon a! Bank
International Bank
Mutual Bank
Mechanics' Bank. Brooklyn
North Side Bank. Brooklyn
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Warn
on Trust Co.. Brooklyn
Bayonne
Mechanics' Tr Co
.
Total
Grand aggregate
...
Comparison previous week
.
reserve.
30...
23...
16...
Grand aggregate Nov.
9...
U. S. deposits
$
Loans,
Discounts,
Infiestmenti,
Legal
(Md.
&c.
Average.
$
10,999,000
13,541,000
4,276,000
6,190,000
8,186,000
National
Bank
A Federal
Average.
$
12,000
24,000
4,000
4,000
2,000
4,000
2,000
81,000
39,000
Tenders.
Average.
$
21,000
Stiver.
Average.
$
24,000
1,500,000
1,000,000
200,000
500.000
200.000
300,000
300.000
400.000
250,000
1,549,200
651.200
196,500
757.100
609.100
663.100
695,000
1,325.800
761.200
4,650,000
7,108.200
72,845,000
172,000
100,000
500.000
600,000
200,000
1,600,000
200.000
469,500
1,088.400
198.800
548,000
865,700
226,600
2,431,000
10,519.000
5,420,000
8,092,000
22,414,000
4,896,000
70,000
240,000
153,000
3,100,000
3.397,000
53,772,000
500,000
200,000
1,030,700
377,900
7,778,000
9,014,000
315,000
17,000
11,000
13,000
16,000
75,000
700.000
1,408,600
16,792,000
332,000
24,000
91,000
7,982,000
6,157,000
10,220,000
5,294,000
8,450,000 11,913,800 143,409,000
+ 1,531,000
•OTtfOOUj
Grand aggregate Nov.
Grand aggregate Nov.
Grand aggregate Nov.
■
(Nat. banks Nov. I ]
(State banks Nov. 1 )
(.Trust cos. Nov. 1J
$
8 450
•
"
12',656
3,000
294,000
57,000
46,666
Reserve
Notev.
Average.
$
108,000
206,000
191,000
Reserve
with
Additional
Legal
Deposi¬
with
taries.
taries.
Deposits.
Deposits.
Nationa
Bank
Circuit*- •
turn.
Average.
$
Average.
Average.
$
Average.
9
Average.
1
1,070,000
1,738,000
164,000
1,062,000
211,000
634,000
867,000
838,000
618,000
547,000
850,COO
276,000
t
'Vei’ooo
Net
Demand
Net
Time
6.493.000
12,571,000
4,411,000
4,723,000
4,605,000
5,863,000
69,000
3,733,000
481,000
448,000
5,233,000
6,777,000
3,430,000 “584.666
291,000
119,000
396,000
194,000
6,293,000
1,187,000
62,000
53,000
79,000
57,000
300,000
672,000
1,481,000
7,438,000
13,000
297,000
11,000
102,000
273,000
14,000
33,000
464,000
54,000
134,000
601,000
131,000
175,000
316,000
337,000
266,000
943,000
247,000
136,000
676,000
227,000
848,000
1,982,000
238,000
'315,666
2,211,000
11,272,000
4,553,000
7,649,000
24,638,000
4,442,000
692,000
697,000
1,417,000 2,284,000 4,107,000
732,000
54,765,000
1,250,000
75,000
199,000
263,000
604,000
296,000
5,262,000
5,947,000
1,162,000
3,526,000
274,000
767,000
296,000
11,209,000
4,688,000
’iie’ooo
1,096,000
+ 13,000
+ 102,000
2,180,000
+4,000
4,039,000 12,312,000
+ 149,000 + 127,500
919,000
1.196.000
1.041,000
1.185,000
2,176,000
1,867.000
2,066.000
2,132,000
3,890,000
4,121,000
4,148.000
4,154,000
1,021,000
1.117.000
1,030.000
1.027.000
11,037,000
10,999,000
11,105,000
11.397.000
414,000
570,000
4,364,000
1,166,000
8,412,000
396,000
21,666
187,000
354,000
54,000
570,000
7,000
30,000
223,000
4,000
UlUlottBO
8,450.000 11,913,800 141,096.000
7.350.000111,035.300 141,801,000
7.350,000'11.035,300 142,624,000
Deposits
Legal
Deposi¬
253,000
125,000
176,000
261,000
161,000
<mmi|11,91$,800 141,878,000 1,083,000
deducted $4,487,000
non*
YORK CLEARING HOUSE
Net
CLEARING
olearing
not included in the
54,106,000
‘619’,666
273,000
39,000
319,000
9,440,000 a120,080,000 12,231,000
+ 704,000 +3,214,000 + 199,000
1,187,000
+ 12,000
8,736,000
8.924,000
8,370.000
9,204,000
1,175,000
1,174.000
1,177,000
1.191.000
116,866,000
116.711.000
116,693.000
114,625.000
12.032,000
11375.000
11.802,000
11,755,000
THE CHRONICLE
3270
.
[Vol. 107.
ASSETS.
jtettkittg and ffinatixml.
Gold and Silver coin current
Dominion notes.
Deposit in the Central Gold Reserves
Balances due
BANK OF MONTREAL
—
$25,492,841 03
68,531,256 00
27,700,000 00
by Banks and
Banking Correspondents
elsewhere than in Can¬
ada
$14,703,461 29
ANNUAL GENERAL MEETING HELD 2ND DEC. 1918.
Call mid Short (not exceed¬
ing thirty days) Loans
Great Britain and
United States
97,029,549 19
Call and Short (not exceed¬
in
Meeting of the shareholders of the Bank
held Monday* December 2nd* in the Board Room
at the Bank’s headquarters.
Amongst those present were:—
D. Forbes Angus, R. B. Angus, H. W. Beauclerk, D. R. Clarke, F. J.
Cockbum, Lieut .-Colonel Henry Cockshutt, A. J. Dawes* H. R. Drum¬
mond, C. J. Fleet, K.C.; G. B. Fraser, Dr. W. Gardner, Sir Charles
Gordon, G.B.E.; C. R. Hosmer, Lieut.-Col. G. R. Hooper, Harold
Kennedy, H. B. Mackenzie, Wm. McMaster, Sir Vincent Meredith*
Bart.; W. R. Miller, John Patterson, Rt. Hon. Lord Shaughnessy.*
K.C.V.O.; Dr. F. J. Shepherd, L. J. Skaife, A. E. Warren, R. Campbel1
The 101st Annual General
Montreal
of
ing thirty days) Loans in
was
Nelles.
On motion of Mr. R. B. Angus, Sir Vincent Meredith was requested
to take the chair.
Mr. C. J. Fleet, K.C., moved, seconded by Mr. H. W. Beauclerk, that
Lieut.-Col. George R. Hooper and Mr. W. R. Miller be appointed to act
as Scrutineers, and that Mr. C. H. Cronyn be the Secretary of the
Canada
114,104,398 22
Dominion and Provincial Government
Securities not exceeding market value.. 46,870,586 00
Railway and other Bonds, Debentures and
Stocks not exceeding market value
11,375,199 29
Canadian Municipal Securities, and Brit¬
ish, Foreign and Colonial Public Se¬
curities other than Canadian
52,085,835 19
Notes of other Banks
2,767,397 00
Cheques
on
other Banks
This was carried unanimously.
The Chairman then called upon the General
$370,351,651 50
146,028,861 28
(less rebate erf interest)
Loans to Cities, Towns, Municipalities
and School Districts
15,598,069 21
Current Loans and Discounts elsewhere
than in Canada Hess rebate erf interest). 14,649,836 95
Overdue debts, estimated loss provided for
855,445 15
Bank Premises at not
Manager* Sir Frederick
Willlams-Taylor, to read the Annual Report of the Directors to the
Shareholders at their 101st Annual General Meeting, held Monday,
December 2nd, 1918:
ten
more
Balance of Profit and Loss Account, 31st October, 1917..$1,604,893 08
Profits for the year ended 31st October, 1918* after deduct¬
ing charges of management, and making full provision for
all bad and doubtful debts
2,562,720 14
Contra)
Deposit with the Minister for the purposes of the Circu¬
3,674,865 17
lation Fund
Other Assets not included in the
1,038,166 60
160,000 00
46,000 00
200,000 00
$1,901,613 22
Since the last Annual Meeting, Branches were opened at Trafalgar
Square, London, England, and Sherbrooke Street West (Montreal).
Also temporary Offices were opened for the convenience of the Troops
while in Camp, as follows:
In Ontario—Exhibition Camp, Toronto.
Niagara Camp.
Petawawa Camp.
In Quebec—Valcartier Camp.
These were later closed as the Troops went into winter quarters, with
the exception of the Branch at the Exhibition Camp in Toronto.
The name of Graham, Ont.* Branch has been Changed to Sioux Look¬
...
out.
On the 12th October 1918 we acquired and took over the Bank of
British North America, and every Branch was inspected by a representa¬
tive of the Bank of Montreal.
All the Offices of the Bank, including the Head Office, have been
year.
(Sgd.) VINCENT MEREDITH,
Bank of Montreal,
2nd December 1918.
Preiident.
THE GENERAL STATEMENT.
The General Statement of the position of the Bank
1918 was read as follows:—
on
31st October
LIABILITIES.
Capital Stock.
Rest
Balance of Profits carried forward
I Ilsie'dooVooo’ 66
1,901,613 22
6,670 50
Quarterly Dividend, payable
1st December, 1918
Bonus of 1%, payable 1st
cember, 1918
$16,000,000 00
$17,901,613 22
Unclaimed Dividends...
$400,000 00
De¬
160,000 00
560,000 00
18,468,283 72
$34,468,283 72
Notes of the Bank in circulation
$42,082,209 08
Deposits not bearing interest
124,175,047 41
Deposits bearing interest, including interest accrued to date of statement
345,552,764 55
Deposits made by and Balances due to
other Banks in Canada
4,315,348 92
Balances due to Banks and Banking Cor¬
respondents elsewhere than in Canada.
Bills Payable
Acceptances under Letters of Credit.
Liabilities not included in the foregoing
3,086,740 51
311,894 45
....
THE PRESIDENT’S ADDRESS.
Sir Vincent Meredith, in moving
Directors to the Shareholders, said:
the adoption of the Report ef the
share¬
period
in ex¬
change for their holdings.
$2,326,000 00
inspected during the
IBIIl
VINCENT MEREDITH,
FREDERICK WILLIAMS-TAYLOR,
General Manager
President.
from the date of taking over, as; the agreement stipulated the
holders of the Bank of British North America should have that
in which to elect whether they would accept cash or our shares
on
Balance of Profit and Loss carried forward
H
$558,413,546 12
profits cannot be prepared until after the expiration of four months
$1,920,000 00
Reservation for Bank Premises.
■
The amalgamation was completed on 12th October, 1918, but the
combined balance sheet Showing the new capital and rest and undivided
160,000 00
Subscriptions to Patriotic Funds
216,650 26
■
assume the liabilities of the Bank of British North America.
At that
time the nature of the transaction and the terms of purchase were ex¬
plained; these, I believe, are equitable as well as advantageous te both
Banks.
400,000 00
Bank Note Circulation to 31st
1918
foregoing
At a Special Meeting of the Shareholders of this Bank, held ra loth
September, your permission was obtained to purchase the assets and
Quarterly dividend 2H % paid 1st March 1918 $400,000 00
Quarterly dividend 2 )i% paid 1st June 1918.
400,000 00
Bonus 1% paid 1st June 1918-.
160,000 00
Quarterly dividend 2H % paid 1st Sept. 1918.
400,000 00
Quarterly dividend 2H% payable 1st Dec.
1918
6,000,000 00
off)
■
The Directors have pleasure in presenting the Report showing the
result of the Bank’s business for the year ended 31st October, 1918.
Bonus 1% payable 1st Dec. 1918
than cost dess amounts writ¬
Liabilities of Customers under Letters of Credit (as per
THE ANNUAL REPORT.
October
21,424,138 77
Current Loans and Discounts in Canada
177,132,212 59
meeting.
War Tax
2,371,387 74
519,524,004 92
3,674,865 17
746,392 31
$558,413,546 12
Another matter that has engaged the attention of your Directors has
been the distribution of profits. It was thought the term “bonus”
was out of harmony with existing conditions.
After giving the matter
careful consideration, and having in view the fact that the earnings
of the Bank for some years past have warranted the payment of the usual
10% dividend with an additional 2%, it has been decided that the stock
should be placed oh a 12% basis, effective at the next dividend period.
A sum of $46,000 was donated to Patriotic and Red Cross Funds*
and I know the action of your Directors in this connection has your
approval.
The business of the Bank has been well maintained during the year.
In view of possible Government financing and the somewhat uncertain
outlook at home mid abroad, we have consistently set our faces against
over-expansion, which is to be deprecated under existing conditions.
While giving our customers all reasonable accommodation required, and
taking up many new desirable accounts, we have maintained a strong
iquid position, continuing a well-considered policy of the Bank; a policy
which, in the past as now, has added materially to the stability as well
as
the credit of the Bank at home and abroad and of Canadian finance
generally.
,
SUCCESS OF VICTORY LOAN.
The overwhelming success of Canada’s Victory Loan, 1918, again
evidences the loyal and patriotic spirit of our people and enables the
Minister of Finance to extend material assistance, should it be required,
to the Imperial or Allied Governments, in the interests of Canada’s
trade. The oversubscription of the Loan is an index of the sound
financial condition of the country and of the ability of the people te cope
with whatever situation may occur.
•
Business generally has been active and profitable, as banking accounts
abundantly attest, note circulation, deposits and loans being unprecedent¬
edly large. As an adequate supply of raw materials again becomes
available, it is reasonable to expect an extension of manufacturing opera¬
tions, and in the necessarily small stocks in merchants’ hands, there is
assurance of a good demand for mill products, even though the expects
tion of a recession in prices may prompt caution in purchasing.
WILL ESTABLISH AGENCY IN PARIS.
The question of opening branches in foreign countries to participate in
the business that may arise in connection with reconstruction require¬
ments abroad is one that has received considerable attention from your
Directors.
Following the policy of many English banks, we have deemed
it prudent to refrain from establishing branches at points far afield where
Canadian capital would be required in local and possibly competitive
industries, preferring rather to strengthen and extend our relations with
foreign banking houses and to retain their good-will, thereby conserving
our resources for the assistance and encouragement of home trade.
In
this connection, it may be well to mention that we propose presently to
establish an Agency of the Bank in Paris, not for the purpose of loaning
Canadian funds, but to supply necessary banking facilities to Canadians
traveling abroad, and to further the interests of Canada generally in
France.
The harvest in Canada, while not as bountiful
as we have reaped in
past years, has on the whole been satisfactory. Estimates from authori¬
tative sources place the yield of wheat from the three prairie provinces
Die. 141918.]
TItE
160,000,000 bushels, and from the whole of Canada at approximately
200,000,000 bushels, a large proportion of which is high grads. Saskat¬
chewan, and more particularly Alberta, suffered somewhat through
damage by drought and frost, but in Manitoba a full average has been
at
emphasize another point, viz., that white the cost of everything els
has risen, the public have paid no higher rate of interest for banking
accommodation than before the war* : ^
-j. -0«. :
So far as this Bank is concerned, the' dividend has been comfortably
earned, and, as usual, we have made proper allowance for depreciation
and for business hazards.
^
i ’ *
Now that the war te wonVthe foremost'thought In every serious
Canadian mind to-day is directed toward the future., Every business in
the country . large ana small, from our great railways to the small shops,
is concerned and involved. As the business af otir.banks is withthe
whole community, we are specially and vitally interested^ War prices
have brought great prosperity to land and water transportation com*
panics, to merchants, to manufacturers, to farmers, and; to the laboring
class. « Only the salaried class and those whote.incomes are fixed have
suffered. Not only are prices of all commodities unprecedentedly high,
with a liberal margin of profit, but the demand for the staples of life ana
reaped, with an exceptionally good barley crop.
Immigration, upon which tile future prosperity of this country so.
largely depends, has been of a somewhat negligible quantity since the
outbreak of the war, although a number of experienced farmers, with
cash capital, have come into the West from the United States.
The total number of immigrants from foreign countries of necessity
has net been large. The immigrants entering Canada during 1916-17
numbered 87,000, of whom 78,000 came from the United States. - In
1917-18 the total Immigration was 55,000, of whom 46,000 came from
the United States. The reduction in 1917-18 is no doubt in a large
measure due to the entry of the United States into the war and tne
.
subsequent draft regulations.
It is confidently expected that we shall receive a huge influx from that
country to our Western Provinces with the return of peace conditions,
as the superior fertility of these lands is becoming more widely recog¬
nized; bnt I am not so sanguine in regard to settlers from .Great Britain
and foreign countries, where the difficulties of transportation will be an
adverse factor, although probably less serious than anticipated. There
is also the possibility that some restraint may be placed on intending
emigrants by their home Governments for some tune to come. Not¬
withstanding this, however, I feel Canada will attract and receive a
very considerable immigration in the not distant future.
The debt of Canada after the war is likely to reach a total of posdibly
$1,800,000,000 and, with other capital obligations, may exceed that
amount.
How the interest on this vast sum is to be met is one of the
most important of the many and complex after-the-war problems we shall
have to solve. Increased production will relieve us of a portion of our
burden, and this, with strict economy and growing population, will in
time adjust our difficulties.
POLICY OF TAXATION.
Taxation cannot easily be lessened and may be increased. A levy on
capital, advocated in some quarters, must only result in the stifling erf
individual incentive and enterprise, and the penalizing of industry, selfdenial and thrift. Taxing capital to the point of unemployment in in¬
dustrial enterprise would involve unemployment of labor and produce
serious consequences.
If placed principally on consumption, the burden
of taxation is'distributed. In this connection, it may be pointed out
that comparison, frequently made, of our taxation with that of Great
Britain ignores the incidence of customs duties, restricted in Great
Britain but supplying a large part of the public revenue of Canada.
The war which has convulsed the world for over four years has now
happily ended in a glorious victory for Great Britain and her allies.
During that long period of conflict, we have experienced anxieties, but we
are now assured of a peace such as we have so confidently anticipated and
for which our gallant men have so valorously and successfully striven.
./With the cessation of hostilities, the cancellation of munitions con¬
tracts has begun and the adaptation of war industries to peace conditions
will doubtless bring about a check, with, possible dislocation of business
and displacement of labor, but these adverse factors, I believe, will prove
transitory.
As the war ends, all signs point to a great demand for capital for re¬
construction, refunding and replacement purposes, and interest rates.
many
During the war this Back has done its full share ta financing the
Government, also Imperial Government purchases of wheat,
flour, Ac., in Canada.
HELPING EXPANSION OF CANADA.
With the acquisition of the Bank of British North America we are now
the custodians of $558,413,546 12, of which $34,468,283 72 belongs to
you as shareholders and $523,945,262 40 is entrusted to our care by the
public. It is worthy of note that this Bank's total assets are now as
great as were the combined total assets of all the' Canadian chartered
Dominion
banks seventeen years ago.
Thirty-four banks were in operation that
compared with nineteen at this date. You may be confident that we
have a proper appreciation of the responsibility involved in using this
great sum of money. We keep ever before us our duty to our depositors
and to the shareholders. At the same time the Bank has a further duty,
national in nature, in financing established business and in fostering the
young industries of the Dominion; in loaning capital for all legitimate
enterprise from the small farmer and live-stock breeder to the great
packing and milling industries; from the small trader to the great mer¬
chant and manufacturer. Governments, cities, railways and public
bodies look to us for temporary financial aid.
For these various purposed
our power is greater than ever before, and the Bank has never been hi a
as
But
sooner or
later
we
,
purposes, uao seems prooaoie.
If this competition is to be effectively
consequence, we
relatively small.
,
their relatives and friends.
PROBLEM OF EXCHANGE.
The Dominion has been penalized during the past year by a heavy
premium on New York funds. This new condition is a matter of wide¬
spread interest. All Allied countries have been at a similar disadvantage
in their dealings with the United States during war conditions. Our
dollar is worth at present only ninety-eight and a half cents fas the
United States. In other words. It costs one dollar and fifty cents to
send one hundred dollars across the line. The one and a half per cent
in question is lost to us. Canada receives no counter-value. In simple
language the obvious explanation is that more money is going out of
than coming into the Dominion. The prime factors are our Imports,
our exports and our interest payments.
Our exports in fact exceed our
imports, but Great Britain, by arrangement, has not been paying in cash
for munitions manufactured here on Imperial Government account.
On the other hand it is pertinent to mention that Canada is not paying
in cash the cost of maintaining our overseas forces.
In theory, there are four ways in which this onerous penalty can be
removed; by increased exports; by reduced imports; by paying in gold;
or by borrowing in outside markets. None of these remedies is at hand;
but with the return of peace
public loans in New York.
from the United States and the investment of Canadian funds in American
and foreign securities.
In conclusion it will bear repeating that Canada possesses ail the
attributes of a great nation excepting population.
The crying necessity
of the hour is for increased production. This cannot be fully achieved
without immigration.
We have room and opportunity for many millions
of farmers and for a good class of labor to develop our mineral wealth
and our fisheries and to convert our great forests Into lumber and into
faced of late.
The anticipated disturbance in bank deposits resulting from domestic
One sure way of attracting such immigration is to make
living in Canada cheap. To attain this object there must be an end to
the public and private extravagance of the pas^
pulp and paper.
necessity, finds it ultimate way back to the banks through one channel
another; and, therefore, the loanable capital of the banks is, in the
ELECTION OF DIRECTORS.
The ballot for the appointment of Auditors and the election of Directors
for the ensuing year was then proceeded with. The Scrutineers appointed
for the purpose reported that Messrs. James Hutchinson, C.A.; J. Maxtone Graham, C.A., and George Creak, C.A., where duly appointed
long run, undiminished. On the other hand, the strength of a banker’s
position lies largely in his command of numerous small deposits. The
volume of deposits has increased by many millions, but the number has
not grown proportionately.
Our own deposits are now $469,727,811 96,
as compared with $330,795,390 72 a year ago.
This sum includes
$58,950,000 Bank of British North America money.
Canada should at least be able to float
Then also we can hope for better things so
imports and exports are concerned. Also there is on balance a
large amount owing our Government by the Imperial Government and
$260,000,000 is owing the Banks of Canada by the Imperial Government
representing wheat and munition purchases. In due course these com¬
bined amounts will aid the exchange situation. The premium in question
should therefore diminish sooner or later to a point that will be im¬
material. Meantime it discourages the importation of non-essentials
far as
Government war loans has subsided, as was to be expected. Seeing
that the proceeds of such loans remain in the country, the money, or
As usual, we have
The increase of our savings
deposits is reasonably satisfactory.
As regards profits, an impression exists that these war years have been
unusually fruitful for the banks. The reply is that when adequate
provision has been made for unknown future rates of taxation in Canada
and elsewhere, for the increased cost of administration, for heavy de¬
preciation in even the most gilt-edged securities, it may be stated without
reservation that the net results are none too ample for safety. I would
The excellent reception which such loans
pared with 3.24% the previous year.
.*>.■. ,.
t,
We learn with pleasure that.our Waterloo Place and Trafalgar Square
have
offices in London
proved increasingly useful to Canadian soldiers,
have faced difficulties of unusual
special character.
v
have met in London is significant. With one minor exception, all in¬
terest payments on Canadian public loans domiciled in London and New
York nave been met at maturity,,.
In New York the value of call money In 1918 averaged 5.11% as com¬
expression of surprise at the stable financial conditions in the
certain large deposits of
.
Certain maturingloans have, however, been refunded
successfully at both centres.
Dominion.
The real basis of that stability is a banking system that bas proved
most efficient in peace times and, with the facilities accorded by the
Minister of Finance, has withstood the severe test of war times. The
system as it stands is, without doubt, adequate to meet any possible
demands arising during the reconstruction period and for years thereafter.
The public, long accustomed to banking stability, now accept it as
a matter of course.
The strong liquid position of your own bank has
been an important factor in the situation.
It is quite possible that the economic and financial problems of the
next few years will be more difficult to surmount than those we have
or
.
The volume of Canadian loans representing fresh money, floated in
either London or New York during the last twelve monthshas been
character with increasing equanimity. It is well to have reached this
stage; otherwise the strain would have been unsettling.
CANADA’S ADEQUATE BANKING SYSTEM.
The ease with which financial Canada has met the stress of war con¬
ditions has been favorably commented upon abroad. At home one hears
no
..
interoatinal transactions during the war.
.
,.K.
In London, the Important banking events of the year havfc been a
series of bank amalgamations regarded.fey, those competent to judge as
wise preparation for foreign, trade competition alter the war.. ..
The final judgment favorable to your Bank in the Banbury case given
by the House of Lords in London last June, was a source of gratification
to us and to banks generally, as the principle of good faith involved'has
been vindicated.
The price of money and rate of discount in London have both been
under control during the year, the former at 3 H% and the latter at about
President, is reflected in our statement. The number of our branches
has been increased by seventy-nine. Also we have taken over excellent
material in a staff that will serve us as loyally and efficiently as they did
the fine old institution, whose honorable career of more than eighty
years is now ended.
As we all know, bankers throughout the world have had to cope with
abnormal conditions since the outbreak of war. This statement applies
fully to Canada. During the year under review Canadian banks nave
encountered their share of problems.
We have become accustomed
In
.
$12,774,123 more than last year, ..
of British North America circulation. The total bank circulation in
Canada for the same periods were $227,5971808 and $189,852,907, fp-
coped with, the increased efficiency, co-operation and co-ordination to
which I have referred are essential. Our best energies must be directed
to greatly increased production of our basic, agricultural and other
great natural resources. In this way, and by strict economy in Gov¬
ernment. Municipal and personal expenditures, a solution can be found
of our difficulties of exchanges, the maintenance of our favorable trade
balance and the payment of our war debt. Otherwise, we must look for
a shrinkage in business, to be followed by a readjustment of the scale
of wages for labor and of the prices of all commodities.
We shall undoubtedly for some years have to pay in relatively high
taxation the price of our devotion and patriotism, but I am confident
this will be done uncomplainingly, in the belief that all present and
prospective difficulties can and will be overcome.
THE GENERAL MANAGER’S ADDRESS.
Sir Frederick Williams-Taylor, the General Manager of the Bank,
then made his annual address, as follows:
Mr. Chairman and Gentlemen:—The annual balance sheet presented
to-day for your approval ia the fifth issued during war conditions and
the first in the second century of this Bank’s history.
The increase in our resources, and also our responsibilities, through
the purchase of the Bank of British North America, referred to fay the
problems.
,
$42,082,209 08, or
Present figures naturally include Bank
foreign trade competition of cheap and skilled labor, together, with
advantageous transportation facilities, to a more pronounced extent
to
Canada than fo# many
in 1918 was 905 as compared with 1,172 in 1917 ana
1,609 in 1913.
•
■
'f
Our note circulation has risen to thogreatheight of
in tills country will, without doubt, have to
experienced.
..
feweTcommercial failures in
There have been
years.
The number
meet
than Canada has yet
v
stronger, more elastic position.
*
xu uivenea irom amnestic to war
luxuries is unlimited.
Tne Bank’s current loans in Canada are no# $146,028,861 28, an
increase, of $48,421,456 30 during the year.. Bank of.British North
America business accounts for $30,900,000 of the increase;
r
Our loans to municipalities are $15,598,069 21, as compared with
$11,415,383 61 a year ago. Practically the whole of this is advanced
against taxes and none on capital account.
Auditors, and the following gentlemen duly elected Directors: D.
Forbes Angus, R. B. Angus, J. H. Ashdown, H. W. Beauclerk, Colonel
Henry Cockshutt, H. R. Drummond. G. B. Fraser, Sir Charles Gor¬
don, G.B.E., C. R. Hosmer, Harold Kennedy, Wm. McMaster, Sir
Vincent Meredith, Bart., Major Herbert Molson, M.C., Lord Shaugh-
.
K.C.V.O. The meeting them terminated.
subsequent meeting of the Directors, Sir Vincent Meredith, Bart.,
was re-elected President, and Sir Charles Gordon, G.B.E., was re-elected
nessy,
At a
Vice-President.
be regarded, indeed, as remarkable that so little disturbance
has thus far been created.
For daily volume of business see page 2281.
The following sales have occurred this week of shares not
j&anlievs' <§a2jette.
Wall Street,
Friday Night, Dee. 13 1918.
Financial Situation.—The represented in
important event of the week affecting the security markets
STOCKS.
was an official recommendation by the Director-General of
Week ending Dee.
The Money Market and
Railroads that the Government retain control of the roads
for at least five years after the termination of the war instead
of the 21 months now fixed. The announcement of this
recommendation has caused a good deal of discussion, not
only among the holders of railway securities but in Congress,
in shipping circles, and by all who are in any way interested
in the future transportation business of the country. More¬
over, all the railway shares traded in during the past two or
three days have substantially declined.
At the same time some of the industrial stocks have been
weak on the prospect of a removal or modification of Gov¬
ernment control or restriction of product and prices.
As an
United
States
illustration,
Steel, which sold at 99% on
Tuesday, is down to 95% to-day and some of the copper
shares show a similar drop. On the other hand, some issues
in this group which are likely to benefit by freedom from re¬
strictions which the war imposed have advanced throughout
the week.
The money market is practically Unchanged, with rates
“pegged” and the Money Committee still “sitting
on
the
lid”
Foreign Exchange.—Sterling exchange has ruled quiet
The Allied Continental ex¬
changes were also dull and the neutrals while displaying
considerable firmness early in the week became somewhat
but steady during the week.
easier towards the close of business.
To day’s (Friday’s) actual rates for sterling exchange were 4 73 % i
>r cables.
4 73% for sixty days/4 75 11-16@4 75% for checks audit 76% for
cable
Commercial on banks,
i/wuiw) sight,
i»quvi 4
i
75%@4
io/ac?i 75%;
1.72^4 72%
>v/4t sixty
ot*u; days,
uo^o, 4
i 72%@4
72?_
ninety
Inety days,
*
‘'
"
...
4* 71 @4 71%,
and' documents for
payment (sixty
days)
4 71%<_
71% @4 72. Cotton for payment, 4 75% @4 75%, and grain for payment, 4 75%@4 75%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 51 % @
5 51% for long and 5 46% @5 46% for short.
Germany bankers’ marks
,
_
.
'
'
*
vu
were not
[Vol. 107
THE CHRONICLE
2272
quoted.
Amsterdam bankers’ guilders
were
41 15-16@42 1-16
for long and 42 5-16@42 7-16 for short.
Exchange at Paris on London, 25.98fr.; week's range, 25.92% high and
25.98 low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sixty Days.
Sterling Actual—
High for the week
4 73%
4 75%
4 76%
Low for the week
4 73%
4 75%
4 76 7-16
Parle Bankers' France—
5 45%
High for the week
5 51%
5 45
Low for the week
5 51 %
5 45%
5 45
Amsterdam Bankers' Guilders—
High for the week
42 1-16
42
Low for the week
41 9-16
42
4
Domestic Exchange.—Chicago, par. Boston, par. St. Louis, 25@
15c. per $1,000 discount bid. San Francisco, par. Montreal, $15 125
per $1,000 premium.
Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at
the Board include $2,000 New York 4s, reg., 1961, at 97%;
our
detailed list
Sales
13.
on
Batopilas Mining.
Beth Steel, pref
Bkiyn Union Gas
20
100
100
100
Brown Shoe, Inc
Brunswick Term’l
100
Butterlck
100
Calumet A Arizona
10
Case (J I), pref
100
Cent Foundry, pref. 100
Chic St P M A Om.,100
Cluett .Peabody&Co. 100
ComputingTa b-Rec. 100
Cons Interstate Call. 10
Continental Can, pf.100
Cuban-Amer Sugar. 100
Deere A Co, pref....100
50
Elk Horn Coal
Federal Min A Smelt. 100
Preferred
100
Fisher Body Corp.no par
Gen Chemical, pref.. 100
General Cigar, Inc. .100
Gulf Mob A Nor stk ctfs
Preferred
100
Hartman Corp’n
100
Int Harv, pref (new) .100
Iowa Central
100
Jewel Tea, Inc
100
.
.
Kelsey Wheel, Inc.. 100
Keokuk A Des Moln.100
Laclede Gas
100
Lorillard (P).
100
Manhattan (Elev)Ry 100
100
Guaranteed
Marlin-Rock v t c.no par
May Dept Stores
$ per share.
Dee 13
600j 54
100
.
Dee 11 95
Dec 11 107
Dec 10 92
Dee 9
1%
Dee 13* 14
Dee
66
Dec
1%
Dec 12 91
Dee 11 90
Dee 12 68
9
Dec 13
Dec 13 17%
Dec 12 69
Dec 10 92
300) 91
200 37% Dec 12 39
100 82
Dee 12 82
450 63
Dec 12 64%
100 38
Dee 12 38
600
9
9
Dec 10
100 107
Dee 10 107
100 150
Dec 9 150
400 93% Dec 7 94%
500 28% Dec 13 29%
100 12
Dec 11 12
300 40
Dec 13 40%
400 36% Dec 11 36%
200 102% Dec 11 102%
Dec 12 49
700 47
Dec 9
200
9
0%
100 34
Dec 12 34
300 54
Dec 9 54
100 114% Dec 11 114%
100
4% Dec 7
4%
500 32
Dec 9 32
100 28% Dec 11 28%
100
3% Dec 9 3%
100 86
Dee 12 86
400 157
Dec 11 160
500 100
Dec 7 100%
100 98
Dec 12 98
200 82% Dec 10 82%
800 61% Dec 11 63%
100 104
Dec 10 104
300 70
Dec 13 70
300 30
Dee 9 30%
1,100 109% Dec 10 110%
100 112% Dec 12 112%
500
9
8% Dec 9
1,700 34% Dec 13 36%
400 28% Dec 11 29
300 24
Dec 7 24%
400 14
Dec 11 17
200 43% Dec 10 43%
Dec 12 68%
3,500 46
200
6% Dec T 6%
700 31
Dec 7 33
Dec 10 62%
2Q0 60
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
11
9
9
7
7
13
9
12
10
9
13
11
Highest
% per share. $ per share. $ per share.
Jan
66% Dec 9 48
Sept 80
95
100107
100 92
400
1%
100 14
109 66
200
1%
300 91
100 90
100 68
3001
8%
250i 17%
200 66%
Preferred
100
Morris A Essex..
50
National Acme
50
National Biscuit.... 100
Preferred
100
Nat Rys Mex, 2d pf.100
N O Tex A Mex v t c.100
N Y Chic A St Louis. 100
New York Dock....100
Norfolk Southern
100*
Ohio Fuel Supply....25
Owens Bottle-Mach. .25
Peoria A Eastern.... 100
St L-San Fran pf A..100
Savage Arms Corp..l00
Southern Pac Union Pac100 138%
Ore Short L ctfs int..
Standard Milling
400 120
100
100
415 85%
Preferred
Stutz Motor Car.no par 13,100 47%
Third Avenue Ry_..10016,950 14%
Transue A Wms_.no par 1,100 39%
Underwood
100
100 112
United Drug, 1st pref.50
600 49%
2d preferred
100
100 84%
400 22
U 8 Realty A Impt.-lOO
200
Vulcan Detlnnlng
100
8%
100 71%
Wells, Fargo Express 100
Co
1001
Wilson A
pref
100
99%
Lowest.
Highest.
1001
pref series A
which follow:
Range since Jan. 1.
Range for Week.
Lowest.
Par. Shares
American Snuff
100
Am Sumatra Tob, pf .100
10
Assets Realisation
Assoc Dry Goods
100
Associated Oil..
100
pages
for
Week.
Adams Express
100
Am Smelters Securities
the
Dec 11
Dee 11
Dec 10
Dec ll!
Dee 13?
Dec 9
Dec 10
Dee 12
Dee 11:
Dec 12!
Dec 7*
Dec 12
Dec 10
Dec 13
Dec 12
Dec 12
Dec 9
Dec 12
Dee 12
Dec 10
Dee 9
Dec 7
Dec 9
Dec 11
Dec 11
Dec 9
Dee 11
Dee 9
Dec 11
Dec 12
Dec 10*
Dec 11
Dec 7
Dec 11
Dec 111
Dec 9
Dec 12
Dec 9
Dec 7
Dec 12
Dec 7
Dec 10
Dec 10
Dec 13
Dec 10
Dec 12
Dec 12
Dec 9
Dec 9
Dec 11
Dec 10)
Dec 13
Dec 10
Dec 7
Dec 12
Dec 9
Dec 13
89
May 96
Oct 107
86
81
Jan 103
1
Mar
2%
12
May 15
54
Apr 71
Jan
1
2%
89% Oct 94
78
Aug 93%
62
June 74
Nov
Dec
June
Nov
July
Oct
Nov
Sept
Nov
Nov
Jani 16% June
6%
7% May 18% Nov
May
63% Jan 71
92
53
Sept 82
73
33
69
45
30
Jan
Nov
Jan
65
Dec
Apr
Dee
Nov
Jan 39
July
7% Sept 13% June
99
Dec
July 107
136
90
22
9%
27
26
99%
34
8
27
37
107
2%
28
24%
3
82
144%
94
96
75
47
98
67
1
26%
90
106%
4%
17
13%
18%
14
40
46
4%
21
53
Jan
Aug 152
Feb
June 96
Jan 31% Nov
Oct
Apr 15
Jan 44%
Oct
Jan 43
June
Jan
June 103%
Jan 58
June
Mar 10
May
Mar 35% Dec
Mar 54
Dec
Oct 114% Dee
Jan
5% Nov
Oct 40% Nov
35
Oct
July
Oct
4% Jan
Mar
July 90
Mar
Aug 200
Mar 103% Nov
July 100% Dec
Oct 87
Sept
Jan 63% Dec
Oct 104
Dec
Mar
July 75
Jan 33
May
Aug 110% Dec
114
Mar
Sept
May 10% Nov
Apr 36% Dec
Nov
Oct 34
Jan 27
May
Nov 21
Feb
Oct 46% June
Dec 70% Aug
6% Nov
Apr
Apr 33% Nov
Jan 80% May
Dec 138% Dec
Dec
11 84
Jan 120
Jan
11 80
June 89
Oct 55
Deo
11 37
11
14% Nov 21% Jan
9 36%
Oct 42
May
Dec
9 100
Apr 112
Jan 50% Nov
7 46
10 77
June 84% Dec
Oct
9
8
Mar 26
9
Dec
9
7% Apr
Jan
11 63% Sept 83%
13 90% Sept 99% Dec
138% Dec 11 138%
120
86
66
16%
40%
112
50
84%
22
9
71%
13 99%
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
$1,000 Virginia fund, debt, 1991, at 78%, and $16,000 Vir¬
Outside Market.—Trading on the “curb” this week was
ginia 6s def. tr. rects. at 68% to 69.
The market for railway and industrial bonds has been in small volume and irregular. There was no definite trend
relatively inactive and in sympathy with the market for to prices, improvements made at different times being
shares prices have generally declined. There are, however, generally lost before the close of the session. Keystone Tire
a few exceptional features, among which is St. Paid ref. 4%s,
& Rubber com. played a prominent par, advancing at first
which have advanced a point, and Burlington, Lehigh, from 31 % to 34%, then dropping to 31%, while to-day’s
New York Central, Am. Tel. & Tel. and Rubber bonds, which trading advanced the price to 35. The close was at 33%.
are fractionally higher than last week.
Motor stocks displayed fair activity, United Motors moving
On the other hand, the local transportation issues, includ¬ up from 34 to 35%, then down to 34%. Chevrolet Motors
ing B. R, T., Inter. Met. and Inter. R. T. bonds, contin¬ recorded a few transactions up from 142 to 147 and down
uing the movement noted last week, are from 2 to 6 points finally to 144. Peerless Tr. & Motor was more than usually
lower. Other fluctuations have been within a narrow range. active and improved from 16% to 19%, with the close to¬
United States Bonds.—Sales of Government bonds at day at 18. Gen. Motors new deb. stock, “w. i.,” after early
the Board are limited to Liberty Loan 3 %s at 97.20 to 97.70; advance of a point to 81 fell to 78 and closed to-day at 79.
L. L. 1st 4s at 93.20 to 94; L. L. 2d 4s at 92.80 to 94.50; Stromberg Carburetor also showed a substantial rise—over
L. L. 1st 4%s at 97.02 to 97.60; L. L. 2d 4%s at 95.68 to 6 points to 34%. Aetna Explosives com. gained almost 2
96.10; L. L. 3d 4%s at 95.66 to 96.16, and L. L. 4th 4%s points to 8% but reacted finally to 7%. Burns Bros. Ice
at 95.62 to 96.
For to-day’s prices of all the different issues com. sold up 4 points to 49 and down subsequently to 47.
Submarine Boat fluctuated between 11 and 12 during the
arid for the week’s range see third page following.
week and to-day sold up to 12% and finished at 12%. Oil
Railroad and Miscellaneous Stocks.—The stock market
stocks generally were only moderately active. Penn .-Mex.
was strong during the early part of the week, as noted above,
Fuel was a feature.
After early weakness from 51 to 47
railway shares showing a gain of a point or more and many it advanced to 53, the final figure to-day being 52. Okla¬
industrials a larger advance. Later in the week this move¬ homa Prod. & Ref. was active and lost about a point to
Okmulgee Prod. & Ref. sold
ment was reversed, and of a list of the 10 most active railway 9%, recovering finally to 9%.
up from 1 % to 2% and at 2% finally.
improved
issues, 9 close from 2 to 3 points below Tuesday’s prices. over 3 points to 24% and reacted to Merritt Oil
22%. Midwest Oil
In the industrial list almost an equal proportion has dropped com. from 1.04 reached 1.20, but fell to 1.13. Intemat.
from 3 to 5% points, while the volume of business has Petroleum advanced from 15% to 16. Royal Dutch new
stock sold up 5 points to 64% and ends the week at 64.
In
steadily diminished.
these
Doubtless
and even more drastic fluctuations are bonds Chic. & N. W. new 5s sold for the first time up from
Interboro Rap. Tran. 7s
to be expected in such momentous changes as have just taken 101 to.101% and at 101% finally.
were weak, dropping from 97% to 95%.
place in all departments of not only our own national life,
A complete record of “curb” transactions for the week
but that of almost the entire civilized world. It may well will be found on page 2281.
'
New York Stock
Exchange—Stock Record. Daily, Weekly and Yearly
nmmviMn
"
OCCUPYING Turn
TWO mn>o
PAGES
For record of sales during ttae wwk of
stocks usually
Inactive,
_
BIQB AND LOW BALE
PRICES—PER SHARE, NOT PER CENT.
Saturday
Monday
Dec. 7.
3 per share
*94
95
Tuesday
Dec. 9.
Dec. 10.
f per share
t per share
94i*
901*
9514
901*
947,
901*
Wednesday
Dec. 11.
3 per share
94*4 95
95
90i2
Thursday I
the
Week
Shares
Friday
Dec. 12
Dec. 13
f per share
$ per share
93
Salesfor
"
2273
“
preceding page.
8TOCK8
NEW YORK STOCK
EXCHANGE
Railroads
Par
3.600 AtCh Topeka A Santa Fa..100
PER SHARE
Ranye since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
8 Per shots.
81
Mar23
80
Jan30
89*$ Apr22
S per ehetrs.
99* Novl2
92* Novl2
PER SHARE
Range for Prootom
Year 1917
Lowest.
Hiehsst.
% per share $ per share
75
Dee 107* Jan
900
Do
pref
100
75
Dee 100* Feb
300 Atlantic Coast Line RR..100
109
Nov20
*797*
Dee
119
Jan
7.900 Baltimore A Ohio
100
49
Jan24
62
NOV12
38* Dee
85
Jaa
Do
2.300
pref
100
53
Apr25
64* NOV13
48* Dec
767i Jaa
21,800 Brooklyn Rapid Transit.. 100
32*4
Decl3
48*
Jan
2
36
161U 159U 160*14 159U 15914
Deo
82
Jaa
4.300 Canadian Pacific
100
135 Mar25 174* Octl4
126
58*
57U 57*4
Dec 167* Mar
56l4 57U
6,100 Chesapeake A Ohio
100
49*4
JanlS
9
62*
Novl2
42
81*
Nov
8i2
*8*4
700 Chicago Great Weston..100
65* Jaa
912
6
11
Apr 9
Novl2
6
27i2 28
Dec
27l2 27*2
2.600
Do
14* Jaa
pref
100
32
181* Apr 9
Novl2
45U 467g
171* Dec
45‘8 455g
41* Jaa
7,500 Chicago Milw A St Paul..100
37* Apr22
54* Sept 7
35
80*4
78*8 79*8
78
Nov
92
80
Jaa
5.900
Do
pref
100
66I4 April
100
86* Novl2
99*4 100U *99*4 101
62* Deo 1251* Jaa
1.300 Chicago A Northwestern.. 100
891*
Mar25
107
Nov
9
85
*131
13712 *131
Dec 124* Jaa
137i2
Do
13712
pref
100
125
JulylS 137
Jan29
27
28
137* Dec 1721* Feb
271*
26*4 26*i
5,200 Chic Rock Isl A Pac temp ctfs.
*821* 84*
84
84
18
84*8 85*8
Apr22
32*
Novl2
841* 841*
16
8314 8412 *7714 8U4
Dec
38* Jana
1,300
7% preferred temp ctfs
71* 71*
68*4 68*4
56*4 Jan 15
71*8 73
88
Novl2
44
*7U2 721*
7n2 7ii* *67l2 6914
Dec
84* Apr
1,400
*35
39
6% preferred temp ctfs
*35
46
37
*35
37
JanlS
75
*35
Novl2
37
*35
37
*35
35* Dec
71
36
Clev Cin Chic A St Louis.. 100
Apr
*68
72
*68
26
72
*68
72
Feb21
40
*68
Nov
8
72
*68
72
24
*68
61
72
Nov
Jaa
Do
pref
*231* 251* *231* 251*
100
58* May 7
70
Nov22
23
23
*23
61*
80
Oct
Jaa
100 Colorado A Southern
251*
*50
541* *50
..100
18
541*
Apr22
271*
Novl2
*50
18
*50
Nov
80
54l2
Jaa
5412
Do
*41
1st pref
46
*41
100
46
47
Apr 3
55
Nov 4
*41
46
46
46
44*
Nov
200
57*
Jaa
*122
Do
2d pref
115
*112
100
40
116
*112
115
Apr
47
4
*111
41
114
Oct23!
*111
46
114
Mar
Sept
*175
Delaware A Hudson
180
*177
100
180
177
100*
179
*176
April
119*4
180
Novl2
176
176
176
87
176
Nov 151* Jaa
580 Delaware Lack A Western..50
6
*51*
6
160
6
7
*512
Aprl7 185 Sept 4
*512
*512
7
6i2
167* Dec ”238 Mar
*512
300 Denver A Rio Grande
61*
10
10U
10
100
10
2* Jan 4
9*4 10
7
Nov21
10
9*4
10
5
9*4
Dec
17
Jaa
912
9i2
1,600
Do
pref
18*4 19U
19
100
5
19
19iS
1912
Apr23
13* Jan 2
194 19*8
18*8 1914
41
9* Dec
Jaa
18l2 19
9.400 Erie..
32i4 3214
32
100
32
14
31*4 32*8
Aprl7
23* Novl2
3178 3214
31
32*8 *30*4 3U2
13* Dec
34* Jan
*22
Do
3,000
1st pref....
231* *22
100
JanlB
23*
231*
227* 227g
36*
12
*22
Nov
22l2 23
18* Deo
23*4 *22
49* Jaa
400
23i2
Do 2d pref
97
9714
100
97
967* 97*8
18* Jan25
98*
27* Novl2
9818 981*
97
97*4
16* Dec
96l2 97
39* Jaa
5.400 Great Northern pref
31*4 31*4
100
86
31*4 31*4
JanlS
3U2
106*
Novl2
32is
3U2
31*8
32*8
31*8 32
79i4 Dec 118* Jan
317g
Iron Ore properties. .No par
5,800
*98
101
98*8 98*4
25* JanlS
98*4 99*4
34* Novl4
98
98*4 99
98i2
22* Nov
981g 98i8
38* Mar
1,275 Illinois Central
7i4
7%
100
92
Jan 7 105* Nov 12
61*
7U
67#
67*
6l2
6ig
67g
6
6*4
86*
Dec 106* Jaa
6i2 26,320 Interboro Cons Corp_.No par
30* 3114
6
287g 30*
Decl3
281* 29l2
9* Jan 3
25
26*
28*4
5*
Dec
26i2
2414
17i* Jaa
25*8
Do
12,500
20U 201*
pref
100
21
21
21
24* Decl3
21
471* Jan 3
21U
21
2012 21
39* Dec
20ig 20is
72* Jaa
1,900 Kansas City Southern
*53
57
100
*55
*54
57
58
*55
15*
Apr
17
24*
55
Novl2
58
55
55
55
131* Nov
267* Jaa
200
*9
Do
11
pref
..100
46
*8U 11
Jan 5
*8
*8U 11
59* Nov 12
11
*8
40
11
*8
Nov
11
681* Jaa
lake Erie A Western
23
23
100
*20
26
*20
714 OctlO
25
*20
11*
Novl3
25
*20
25
*20
25
8*
Nov
25* Jaa
200
Do
pref
•59*4 60*4
100
18
60U 601*
60
25
60
Apr23
Oot22
60l2
23
59U 597g
6014
Oct
587g 59*4
63* Jaa
7,500 Lehigh Valley
*119
121
60
66
121
12 U2 1217g 1217, 120i2
11978 120
JanlS
65* Novl2
12U2
50*
Dec
120*
791* Jan
120i2
13
1.300
Louisville
A
14
Nashville
100
110
Jan 2 124* Novl2
13i4 14
13*4 14*8
14
1414
15
103
Dec' 133* Jaa
14lg!
14
14 I
7,500 MInneap A St L (new)...100
6
6I4
6
71*
6
6I4
6
Aprl7
57*
15*
Novl2
6
6i2
6i2‘
55s
6* Deo! 32* Jan
5*4' 4.300 Missouri Kansas A Texas. 100
*11
13
13*8 -13* *13
4* Jan 6
*12
6* Novl2
1312
3* Deo! 11
Jaa
131* *12
13 I
300
Do
27*8 28*8
pref
100
6* Jan29
2778 28*8
27*4 28*8
13*
Novl2
7
261*
28*8
27*8
Nov; 20* Jaa
26*
26* 16,100 Missouri Pacific tr ctfs... 100
58
58*8
20
58i4 58i4
JanlS
58*8 581<H 58*8 58*s *56
31* Novi2
58 I
56
197* Novi 84
Jan
57ig
2.300
Do
pref tr ctfs..
781* 7812
100
41
62
781* 79
JanlS
Nov 9
7812 79*8
78*8 79
61
77i2 78141 76i2 77i2
37* Dec
Jaa
9.300 New York Central
36
100
36iS
36
67*
JanlS
36l2
84*
351* 36*8
35*4 36
34i8 35i2
Novl2,
62* Dec. 103* Jaa
34*8 35
14,600 N Y N H A Hartford.... 100
2ll4 21U *21
27
22
*21
April
45* May29i
2U2 *21
2U*
21* 2H8 *21
21* Sept
627* Jan
2U2
300 N Y Ontario A Western.. 100
*106U 10714 107 107
18* Jan22
Nov 9;
24*
106lg
107l2
107
17
10718
107
107
Nov' 29* Jaa
107l2
107l4
2,900 Norfolk A Western......100
96
96U
102
Jan24 112* Novl2'
96
95*' 96
97U
96*8 97
95
92*
Dec
96i4
94i2
138*
Jaa
9412
4,600
Northern Pacific
47
100
471*
47
81* Jan24 105 Novl2
47
4718
471*
75
467* 47ig
465* 47
Dec 110* Jan
46*8 46*4
7.300 Pennsylvania
50
17
43*
June27
17
17i8 *15i2 17
60*
Novl2
17
*15i2 17
40* Dec
*15* 1612
67* Jaa
400 Pere Marquette v t c ....100
9* May
*58
62
*58
18* Novl2
63
12
Dec
*5812 60
58i2 58i2
36* Jan
100
Do
prior pref v t c
100
521* Apr 3
*45
64
49
•45
Nov 9
*45
49
45
49
•45
Nov
49
73i* Jan
Do
36
pref v t c
36
30
100
60
36*4 361*
Apr 5
Novi 8
361s 36*
37
36*4 377,
Oct
36*4
67 June
37*8
38*
37U
*78
Pittsburgh A West Va.__.100
801* *79
22* Jan 2
82
40* Novl4
801* *79
791* 79l2 *78
80
*80
82
18*4
Dec
35* June
Do
pref
83*4 84*8
100
61
82
JanlO
84U 84*4
85
Nov
14
84is 85*8
84
86
68
Jan
53* Apr
84*4
83* 8412
Reading
50
*371* 38
70* JanlS
*371* 38
Oct23
*371* 381* *371* 3812 *37l2 38*4 *37l2 38*4
96*
60* Nov 104* Jaa
Do
1st
pref
60
38*4 38l4 *38U 39U
35
Janl2
39
39
39
39
May
15
34
39
Nov
*36
Jan
*357g 39
45
39
Do
2d pref....
15U 167*
.5
35
40
Mar30
16U 1714
16
15*4 1612
16
July 6
337g Dec
167g
16l2
1578 16*4
45* Jaa
St Louls-San Fran tr ctfs. 100
9*
24U *1912 24l4 *19l2 24U *191* 24U *20
Apr 3
17* Dec 9
12
Dec
2414 *20
26* June
St Louis Southwestern
24U
100
19
38
Oct 2
*35
*34
25
39
*34
Novl2
38
22
38
*35
37
*34
Dec
32
Jaa
37
Do
pref
..100
28
Oct
97*
Jan
3
97* 10*
40*
9*4 IOI4
34
*97* 10
Dec
53
Jan
*912 1012
*9* 10
1,300 Seaboard Air Line.......100
7
2U4 2n2
12
Aprl7
22
Novl2
21*8 21*8 *21
*21
22
18
201*
Jaa
7* Dec
21
400
Do
pref
100
1017* 10214 10212 10314 1021* 1037* 102*4 1037g 101*8 201* *204
15* Aprl9
25* Nov 12
16* Dec
102*8 10H2 102*8 67,100 Southern Pacific Co
39* Jan
31
...100
80i* Jan24 110 Nov 7
3178
31*8 32
31*4 32l4
31*8 321*
30*4 31
75*4
Dec
30l2 31
98*
Mar
25,400 Southern Railway........ 100
*6934 70
20* Apr30
70
70
70
34* Nov 12
70
70
70i2
69»4 69*
21* Dec
6912 70
33* Jan
1,400
Do
pref
100
67
261* 29
Jan21
27
27
75* Nov 12
2814 291*
28*4
28
265g
61* May
2714
26*4
27
70i* Jaa
Texas
40,000
A
Pacific
*49
100
14 May
52l2 521* •521*
29*
Dec
9
*50
•52l2
60
11* Nov
19* Jan
527* 527g
300 Twin City Rapid Transit.. 100
1295* 130
130
39* Junel3
65* Jan31
131
62
130*4 130i8 132
Dec
95
Jan
13178 12914 130*8 129ig 130*4 17,200 Union Pacific......
73
100
73
109*4 JanlS 137* Octl9
73
73
73
73i2 *73
74
727* 73
101*
Dec
149*
Jaa
72*4 72*4
750
Do
pref......
100
69
*8*4
Jan
91*
8*
76* Novl2
81*
*8*4
85
Jaa
*8*4
69* Dec
9i2
9*
*812
9l2
100 United Railways Invest.. 100
*15
16
♦*4 Janl6
12 June27
*15
16
'I57S Te* *15
15i2 16*8
4* Dec
11* Jan
16i2
16* I6I4
Do
1,300
pref
100
9*4 10i8
10*
20
Apr
9
97* 10
May 7
97*
978
*9*4 10
II* Dec
23* Jan
9i2
9*8
9l2
9*
3,900 Wabash
100
7
38U 381*
Apr26
11* July 8
7
38l2 39
38*4 387g
Nov
38*8 38*4
15*4 Jan
38* 3812
37i2 38i2
2,700
Do
pref A....
100
*221* 25
36*4
Nov25
44*
Jan
2
24ig 241* *24
25
*23
68
*2312 25
Jaa
25
36*
Dec
*23i2 25
100
Do
pref B
....100
20* JanlS
13U 13*4
26*
June26
13
13*8 137S
18
13
Dec
13*8
1314 13l2
30i*
Jan
1314
13
127g
8,600
Western
*27
Maryland
(new).
100
30
12*4
Oct
8
*27
17* Febl5
30
*27
12
30
*27
Dec
*27
23
30
30
*27
Apr
30
Do 2d pref
20
100
Jan29
32
221* 23
June22
*22*4 23*
20
221* 23
Dec
2212 227g
41
Mar
21*4 22
*21i2 23
Western Pacific
63
100
13
63
Jan 2
24* Nov 12
64
63*4 63*4
64
*6312 64
10* Dec
631* 63l2
18* May
63l2 63l2
800
Do
preferred
100
46
Jan 3
10l2 101* *10
64
June27
*10
10l2 *10
48
10*4
351* Dec
10i2
9*4 10i2
July
9*4 10
600, Wheeling A Lake E By.. 100
20
8
20
*20
Apr22
12* Novl2
21
*20
21
20
19
207* 207g
20
71* Dec
227i jaa
19
700
Do
preferred
*34
100
171* Aprl7
37
26
*34
Novl2
*34
37
37
*34
*34
37
*32
16*
Nov
37
50*
Jan
36
Wisconsin Central
34 May
100
39* Oct22
33
Dec
54* Jaa
Industrial A Miscellaneous
25
25
24* 25*
25* 25*
24*4 25
*24* 25*
247# 25
2.300 Advance Rumely
11
100
61
Janl9
61 i *60* 62*
61
26* Nov21
61
60* 61*
60
60
7i* Nov
18* Jaa
61*
60
1.300
Do
pref
100
25* Jan 9
67* 67*
67
62* Nov 19
67
67
19
67
67*
67 1'
67
Oct
37* Jaa
67*
67* 67*
1,200
Ajax
Rubberlnc
49
50
Jan
2
4*
4*
67*
Dec 9
4*
4
4*
4*
4*
418
46*
80
Jan
Dec
4*
4*
37g
3*
2,200 Alaska Gold Mines
2
10
2
1* Apr27
2*
2
5* Nov 6
2
1
2
2*
2
2
Dec
2
2*
2
11* Jan
3,700 Alaska Juneau Gold Mln‘g.10
28* 29*
1*
29
Apr
1
3*
June21
30
30* 307g
31
30*
1* Dec
30
29*4 30*
8* Mar
31* 26,600 Allls-Cbalmers Mfg
100
17*4 JanlS
37 May24
83* 83*g
15
83* 83*4
8334 84
83
Dec
83* 84
83
32* May
83*
84
Do
3,000
preferred
100
Jan 4
72*
*101* 102 *1011* 102
101
86*
101
101
May
24
65
Dec
867* Mar
101* 101* 101*
800 Amer Agricultural Cbem.,100
1
78
Jan 2 106 Oct 17
*98?g
*98
99
72
99
*98
Dec
100
95* May
100
200
Do
pref
100
59
89* Janl7 101
59 I
60
Aug27
91
61* 647g
62
Dec
61*
62
63* 65
103*
Jan
63*
63* 14.900 American Beet Sugar
48
*82
100
Nov26
84
85
Feb27
85
85
63
*82* 90
*85
Dec 1021* Feb
*83
*82* 90
90
89
100
Do
pref
x82
100
Septl3
45* 4534
91*
45*4 47*
May
8
46* 47*
46* 48
78* Dec
98
Jan
45*4 46*
45* 46* 48,400 American Can
100
*96
34* Janl5
97
97*
97
60*Mayl7
97* 97* *97
63
29i* Nov
97* 97*
97*
97*4 93
May
1,100
Do
pref
100
Jan23
89*
98
84* 85
85
Decl3
87
Dec
867*
87* 89*
89* 91* *86*4 88*
111*
June
867g 88* 31.900 American Car A
Foundry 100
68* Jan 14
110
z107*a 1073,
91* Declli
57
Feb
110
80* June
200
Do
pref
106
100
*40
Jan 3 111* 8ept30
40* *38* 40*
40
100
Nov 118* May
39* 40
41
40*4 417#
40*
41*
5.300 American Cotton Ol
100
26
*82
Janl6
89
*82
89
86
4434 Oct 18
21
88
86
Dec
88
87* 87* *82
501* Jaa
88
300
Do
pref..
78
100
88
*14* 15
Mayl
Decll
15
14*4 14*4
80
15
Dec 101* Jaa
147* 15*
14*4 14*4
14* 14*
1.500 American Hide A Leather. 100
11*
JanlO
71* 72*
75
22>g
Sept
4
71* 74*
10
Feb
75*4
75* 76*
17* Mar
74* 75* *71*4 72
5,200
Do
pref
100
50
*38
Jan 2
41
94* Aug24
40*4 41
43* Dec
41* 41*
75
41* 437g
Jaa
42* 42*
41* 42*
2,800 Afherlcan Ice
100
*55
11* Jrn 2
56
49
*55
56
Oct28
57
56
87*
57
56*
58
July
167*
587g
Aug
57*
57*
2,100
Do
preferred..
*55
1100
56
38*4
Jan
16
61
Oct21
56
55* 56*8
35
Dec
55*4 56
66
56*
56* 57*
July
55* 57*
6,000 Amer International Corp.100
61* Sepll3
42* 42*
43
60* Oct 14;
46
45
42* 427*
Oct
44* 4478
62* Aug
45
43* 45*
46* 28,700 American Linseed..
100
27
7
Jan
84* 84*4
46*
Deem
84* 84*4
15*4 Feb
86*4 87*
851* 86*
29* Aug
87* 89*4
89* 92
5,300
Do
pref.
100
69* Jan 7
92
63
*62* 63*
Decl3
64
♦8
65
64
Feb
75
Nov
63*
64* 66*
63
64
64*
9,000 American Locmotive
100
*100
53* JanlS
71* May 16
*100
103* *100
102
102
46*
Dec
82*
Jan
1007g 101 *100 102 *100 102
400
Do
pref
100
*95
4
Jan
4
4
102* Dec 3
93
4
*3*4
Deo 1007* jaa
*3*4
4*4
3*4
3*4
3*
3*
3*
3*
600 American Malttnc
100
45
2*
45
*44
Sept28
45
13* Feb 61
8* Deo
*42* 45
19* Mar
43* 44
447g 48
46* 46*
1.500
Do
1st pref cert fa. cf dep
41
*116
142
*108
8eptl8
48
142
*108
142
*108
142
*108
142
*108
DeclOj
142
American Shipbuilding
90
Feb21
100
144
83* 84*
83*4 85
Mayl4
88
Nov
'93"
Nov d
84* 86*
85* 86*4
83* 84*4
817g 837* 43.120 Amer Smelting A Refining. 100
73
May 28
94* Oct 18
•107* 108* *103 110
1077g 1077g *107
67* Deo 112* June
108
108
108
*108
109
300
Do
pref
100
103
90
Sept 25 110* Novl2i r99* Nov 117* Jaa
91
91
91
91* 92*
90*4 92*
897$ 907g *87
87
5,700 Amer Steel Foundries
100
68
JanlS
*110
95
111
Novl9'
111* 111* 111* 112* 111*4 113
60* Dec
76 June
HU* 111*4 *111* 112
3,000 American Sugar Refining.. 100
98
Jan 16 116
*113
115
May 16
*113
114* 114* *113
115
*114
89* Nov 126* June
115
115
*114
115
100
Do
pref
100
108*
Mar23
114*
Dec
4
96*4 9378
106
Dec 121* Jan
98* 9978
99* 100*
97* 100
96
96* 98*
97* 20.400 Am Sumatra Tobacco
100
60*« Jan 5 146 May84j
102* 103*4 102* 103* 103
30 May
103*4 102*4 103* 1027g 103
62* Dec
102* 103
14,700 Amer Telephone A Teleg.100
90* Aug 5 109* Feb II
*191
200
195
195
95*4
197
198
197
Dec
197
128* Jaa
198*
198
*190
198*
1,000 American Tobacco
100
*100
140* Jan 6 198*4 Dec 6
102
100
123
100
Dec
220
100
Mar
100
*98
101
1,200
Do
pref (new)
100
92* Sept 14 100* Dec 6
57* 587#
89
Dec 109* Jaa
57* 58
57* 577$
577g 58*4
577$ 58*
57* 58
Am Woolen of Mass
11,300
100
44*
JanI5
60*
96
957g
May24l
37* Feb
96* 96*
96*4 96*4 *96
58* June
97* ♦96*
*96* 97*
600
Do
pref
92
100
Jan 4
*30
34
96* Dec 81
*30
36 I *30
87
Nov 100 June
34
*31
32
34
32
29* 29*
aoo Am Writing Paper pref
100
20*
April
39*
Aug28
17
*12* 13*4 *12* 137* *12*4 13*
Nov
13
54* Mar
13* 13*
13
12* 13
500 Am Zinc Lead A 8
25
12*4 Nov25
*45
21* July 3
48
10* Dec
*45l2 46* *451* 46*
41* Jaa
46* 46* *45* 48
*45* 47*
200
Do
41
Jait 2
pref
25
63* Jul) I!
65*4 66*
391*
Dec
66* 66*4
66* 677g
72* Jaa
66?g 6778
657g 661*
64* 6578 37,800 Anaconda Copper Mining.60
Jan
18
169*
Oct
*74*
18
I097g 110* 110* 111
51* Nov
87
1107g 112* 111
112
110
112* 111
May
111* 10.400 AtlGuif A W I SS Line... 100
97*
Jan
6
120*
*64
FeblH
67
*65
*64
68
87* Sept 121* Jaa
66
*64
68
*64
68
*64
66
Do
pref
58
100
Jan
5
67*
Nov20
75
54
74*4 75*
Feb
66
76*
76*8 78*
Jan .
76* 78*
75* 77
74* 76* 51,400 Baldwin Locomotive Wks.100
56* JanlS 101* May Ik
*1071* 1091* *107
13
109
*108
109
*108
Feb
109
*98
76* July
107
Do
pref
100
93
Jan 2
104
Oct2l!
109 ' 109* 109
«3
110
Dec 102* Jan
108* 109* 108?g 1087g 106* 108* 106* 106*
2,200 Barrett Co (The)..
85
Jan 4 110
100
Dec 9i
66
66
82
64* 64*
68
Dec 136
Jan
68*
68* 68*
800 Bethlehem Steel Corp
100
60* Nov 13
96
65
66
Mayl6
65*
66* Dee 615
67*8
67* 69
Jaa
67* 69
66
66* 67*4
67* 70,100
Do class B common.. 100
Novl2
59*4
94
106
106
Mayl6 r66* Dec 156 June
*105* 106
106
106
106* 106
106
106
*1057g 106*
2,400
Do
eum eonv 8% pref
96* JanlS 1067b Apr29
24
24
24
93
24
24
Deo 101* Oot
24
24*
24*
23* 23*4 *23* 23*
1,000 Booth Fisheries
No par
21
Jan21l 28* Sept 5'
•Bid and asked prices; no sale* on this day.
2 Ex-rights. | Less than 100 shares, a Rn-dlv.
and rights. • Ex-dlvldsod. * Before payment of first Installment.
891*
*106
89*
90
90
105
941*
93ig
93*4
891* 89i2
90
90
*102
107
*102*4 IO6I4
55i2
53*4 5514
53*8 54lg
56*4 5714
571*
56*4 56*4
36*4
3512 361*
32*4 35*s
107
*106
107
106
106
105
55
55*
55
551* 55*8
551*
551*
56*4 56*4 *561* 66*4
561* 56*4
567*
36* 37
36
36*8 37
37i8
36*4
161
161* 160 161
159U 1611* 1601*
5714 571*
57*4 58*4
58
58
581*
9'
9*
9*8
9*4
*914
9
9*4
28*4 29*
291* 30
*29
29*4
46* 47
47
47
461* 47*4 ’47”
79
79*
791* 791*
79U 801*
79*4
99* 99* *99
991*
99*4 99*4 100
*131
134
*131
132
*131
137
*131
27
28
28
28*
277b 28*4
271*
47*12
•
’27*
_
.........
^*191*
"978
......
.
’2466
,
.
.
-
-
-
1
-
4
...
‘
-
New York Stock
2274
Thursday
Friday
Dec. 12
Dec. 13
Shares
11.
Dec.
Dec.
Dec. 9.
Dec. 7.
Wednesday
Tuesday
10.
Monday
Saturday
the
Week
$ per share
t per share $ per share ! S per share
152
152
$ per share $ per share
156
154
*152 158
1531*
153%
154
154%
152
15412
7%
7%
7%
7%
7% *197% 20
714
7%
7
7%
7%
8%
21
21 I *20
21
20% 21
20% 20%
21
21%
4814
48%
47
47% 48
47% 48
47
4012 46l2 *4612 47
21% 21%
22% 22%'
21% 21%
22% 2278
22
23
2112 21%
691* 69*4
70% 70%
69% 7012
69i2 70%
68%
69%
62
08% 08i2
62%
63
64% I 62% 03
62% 0412
61
62%
6OI2 61
104% 104%
*105
100 *104% 104% *104% 106
*10412 100
34
34%
34% 34% *34
34%
34
34l2
33% 34% *33% 34
109
*106
109% 109% *108
109
109X2
106*4
106%
106%
100
106
19% 19%
19% 20%j
19% 20
19% 20
19% 19%
19% 20
38% 38% I
38
38% 371* 371*
381* 38*4
38% 38%
377* 38%
39%
41
41% 41%j 40
40
40% 39
*37% 39
39
39
39X4 39%
39% 39%! *39% 39%
391* 39%
*38*4 39%
•381* 39
100%
99%
102
102% 101% 101%i 100% 100?*
103
103% 103i« 103
*69
70%
70
70
71
72
72
71
73
72l2 *70
•70
47
47%
467* 475*
471* 48%
4812
477g
47%
48%
477*
47%
103
1031* 103*4 103
103
103
*101%103
*101% 103
102
102
567* 581*
57% 58%
58% 607*
58l2 61%
57% 58%
56% 57%
89
89%
90
90
90%
89% 89i2 *90
90
90
90% 90%
31
30% 31
31%
31% 31%
30% 31*2
30% 31%
30*4 31
81%
81
81%
81%
81
81%
80% 807*
81
81
81
81
48% 49%
49% 49%
49% 507*
50
51%
48%
49%
4812
481*
12% 12%
12% 12%
12% 12%
1212 13%
13% 13%
13% 13%
30
30%
30
30%
31
32%
31% 3114
31% 31%
31
31%
149
149
151% 152
152
151
151% 152
*148
151
151
127
126
127
127
129%
13012 127
126
126% 127
126
120
81% 81%
81% 82% *81% 82%
S2X2 82%
82% 82%
82
82
56% 57
56*4 56*4
57
57%
56X4 56%
58% 56%
*56% 57
*103% 106
104
*103% 106 *103% 106
104
104
104
*103% 106
81
*78
78% 80%
82
*80
82
*80
*80
83
88
*79
47% 487*
48% 49
487* 49%
481* 49
49% 49%
49
49
68
677* 677*
68%
68
68
68
69l4
*67
70
68
08%
46% 46%
*46%
46% 47
47l2 481*
*47
47%
47
47
48
46% 477*
48%
4812 49%
48X* 49
48% 48%
47% 481*
14
*13
14
•13
14
14
*13
14
14
♦13
*51
53%
53
52'
'61% '51% *51
52
*51
54
53
*51
115
115
114% 114%
115
115
115
114% 115
*113
28
27
27
28
26% 27% '26%
26% 27%
26% 27
113% 115
113%
1157*
112% 114*4
Do
pref
1,400 Cerro de Pasco
300
2,500
7,100
2,900
1,700
1,500
1,900
1,600
17,300
1,578
45,420
700
13,000
2,100
25,900
4,700
15,600
1,100
9,300
1,800
2,500
.
200
....
27*
112% 114*4
32% 33%
31% 32
65l2
z35%
*72
3912
91%
95
75
*89
95
*72%
74%
*62%
64
64
64
*28%
29
28%
52
52
53
29%
52
21
02
21
159
•104
*73
64
45
79
79*4
*104
•77
•104
30%
531*
221*
67%
66%
107
18% 19
•102% 105
57
*53
43%
*104
*90
68
*104
19
•103
*53
68%
•g3
fl
*95
•91
•120
75
•99%
957,
3%
*162
99%
96%
8%
14*4
34%
*47
48
52*4
52%
*93
*35
*95
*15%
34%
471*
507*
*93
*35
*94
97
38
100
165
165
14*4
34%
98
37%
100
80%
81%
99
99
14% 147*
185% 186
60% 81%
98*4 100
74%
38%
74%
38%
*73
39
14%
14%
185
185
107% 1077*
*106
•143
115
145
*13%
15
•41
100
•95
46%
737*
108
47%
74%
108
115
73%
*108
•471*
*45%
96*4
47%
47%
95% 96*4
111% 112
78% 787*
14% 14*4
47
*50
*45%
25%
87%
70
121
**113
55
•84
68%
43%
*50
70
47
45%
26%
26%
87%
8%
166
72
121
121
56
91
53%
517*
97
38
48*4
118
55%
117
95
34%
67>4
117
—
—
99*4
97
9
167%
*15%
34
49
61%
*93
97
*93
37%
188%
817*
80%
100
*73
39
100
76
39%
107% 108
148% 153%
14% 15%
46% 46%
103% 105%
*45
*87%
43%
20%
73%
507*
1
88
74-*
1*120
*113
567*
| *88
1 *67%
39
153
'
15%
46
102%
*95
74*4
74%
108%
47%
47
97% 99%
112% 113%
79% 80%
14%
i4
54% 54%
112% 112%
58
74*4
39%
106% 108
74*4
99
108% 108%
47% 48
68
89%
44%
*74
*45
98%
113%
79%
14%
54%
*58
89
437*
100
95
120
119
x74% 76
*90%
*93
37%
*95
14
187
60
89
*58
44%
43
*55
88*4
70
60
88%
43%
70
47% 47%
46*4 467*
257* 26%
26% 267*
88
88
877* 877*
73% 73%
73% 74%'
123%
121% 121% *121
*113
57% *57
91% I *88
70 I *67%
4*?
*73
100
80%
78
2,700
8,300
34,000
1,700
200
121
.*113
57
•54
1
91
91% *88
70
*67% 69
120
53
’
1 Lees then
88%
42%
*55
*46
60
88%
43%
25%
70
47
26
21
88
74
887*
75%
54
*87
*67%
100 shares.
54
91
70
Do
1st
preferred..
1,000
27,200
a Ex-dlv
end rights
SeptlS
Nov23
Mar26
Dec 2
Oct 11
Jan 16
Jan 16
32i* Apr 12
42% Apr 12
41
* 96
94
61
*96
50
Do
pref (new)
100
900
100
17,600 Wilson A Co. Inc, v t C
100
200 Wool worth (F W)...
Do
-—-—100
pref
3,100
.100
Do
prat A..
.100
Do
pref B.
100
: Ex-rlgbts
55
97
25
66
Dec
Dec
Dec
Nov
62% Jan
42% Aug
30% Jan
62% Jaa
101% June
1157* Jan
11*4
351*
29%
25%
.761*
Nov
Nov
Nov
Nov
d«.
76
18
Nov
13
11% May
6% Nov
28
118
Feb
Dec
74%
72%
32%
*91%
Nov
Dec
Dec
Dec
65
34
77
Nov
Nov
Nov
62%
24%
181*
60%
Feb
Dec
Nov
Nov
36% Dec
26
68
86%Mar25
108
Mar25
75% Nov22
II
Septlft
33% Jan 2
98 Jan 16
60 Jan
77*4 Aug
June
661* June
21% May
60% July
10% Nov
12«4 Nov
Jan
Nov
57% Dee
19i| Nov
49
13
67
Dee
Nov
Dee
84% Nov
26
Nov
39i* Dee
*58% Dee
95% Dee
13% Dec
Novl3
5
Nov 9
24
47% Feb
137
May24
99
MarSl
76% Deell
1087* Deel2
50% Oct 19
47% Decl2
116% Aug 28
113% Decll
93 Oct 19
16% Novl2
60% Nov 8
112% DeclO
73% July27
95% Apr 15
47% May 16
38% Jan 17
64% Feb 20
69 Jan 11
49
Nov 9
36% Jan
30
Novl2
16i* Jan 16
89% Nov 19
76 Jan
3
75% DeclO
46% Jan 2
110 Mar26 128% Oct 21
III Oct 2 115 Sept 9
69 Aug 28
34 Jan 4
91% Apr 6
86% Feb 5
70% July26
69 Jan 18
Mar
1061* Oet
47% Mar
49% Jan
771* June
64% Jen
Nov
Nov
66
70
71%May24
727* Nov 8
100
Jaa
137
40
~17% "Dec "36%
Junel7
Feb
104*4 Mar
27% Mar
63% Mar
68 June
477* Apt
134% Jan
103% June
37% July
112** Jan
917* July
117% Jan
66% Jan
94i* Jaa
44% Oct
24% Jan
41% Aug
171% Jan
146% Jan
93 .Jan
61% Jan
112
Jaa
92% Jan
47
Jaa
27% Nov
38
Nov
7% Nov
26% Nov
1701* Decll
18% Feb 19
39
Feb
83
Dec
247* Nov
747. Dec
S514 Nov 7
72% Oct 28
1241* Oct 28
61
Nov 6
36% Oct 29
61% Novl2
103X* Decll
19i« Oet 16
58% Feb 28
85% Decl2
73
Aug 13
100 Aug 5
1091* Mar 6
132% NOV12
78% Deell
104
Nov23
26% May 16
96
May 16
102% Sept 17
145 Oct 18
18
»
Feb
41
881* Nov
45% Dec
Feb
90% May
377. Dec
99
Dee
16 Nov
98
Nov
60% May
1037* June
30
Jan
27% Jan
64
Jaa
89% Feb
67% Jaa
61% Jan
74% Jaa
40
Jan
106% Jaa
977* June
43% Apr
67»* June
109% Jaa
117»* Mar
39 June
46% Oct
99% July
63% Mar
114
Jaa
26% June
Mar
166
39
Dec
317* Oct
3% Nov
18
Feb
72% Mar
143% Apr
7% Sep
30% June
Nov
Deo
24% Dec
26
Dee
88
Nov
Jaa
98
106% Jao
42
Jan
41% Jane
98% Aac
37% Dee
64% Sept
87
36
74
49
*90
99
90
Aag
Dec
Dee
83% Jan
Jan
Nov *107
Jaa
Dec IS1
106%
36%
881*
19%
Dec
Nov
Dec
Nov
60
89
Feb
Dee
69 May
47* Nov
123% Dec
15
Dee
26% Dee
331* Nov
83% Nov
86
Nov
80% Nov
45% May 3
34%Mar26
96
8ept27
96 Feb 16 100
11
21 July 6
127* Jan 2
114%
136% Jan 7 203 Oet 18
42%
82% Decll
48%Mar25
*86
Nov 9
*87% Mar 19 101
69%
80 Mayl3
65 Jan 24
34%
441* May 10
367* oct 30
81%
83% Mar28 108% Dee 6
98%
101% Jan 6 110 Julyl8
116% Jan 16 1541* Decll *105
10
19 May 7
11% Apr 6
100
800
1
Deo
Nov
Dec
Nov
78i* Feb 28
65 May28
42% Novl2
697* Nov 8
32% Nov 9
194 Oct 19
107
Decll
33% Jan 31
61
Mayl6
81% Novl3
106% Dee 6
21% July 6
54% May20
99% Feb 20
69*4 Deell
105% Mayl8
217* May 16
139 May22
67% Nov22
48 Oct 18
*72% Jan 15
92% Jan 2
70** Mar23
4% Aug22
133% June 8
14% Oct 9
26% Apr 11
39 Jan 24
837* Apr 24
801* July 3
Do
1st pref
100
Tenn Copp * C tr etfs. No par
100
Texas Company (The)
Tobacco Products Corp..100
Do
pref
100
Union Bag A Paper Corp.100
9,500
12%
33*4
10%
29%
95
Jan 16
79% Jan 2
55% Nov26
93 Apr 27
85 Oct
2
100% Jan 7
45% Jan 7
95 Jan
2
*38% 39%
104% 105%
*58
Nov29
16
42
pref............-100
Corp’n
100
------
*55
75*4
14*4
188
7
43% Jan 7
99% Mar 2
17% Nov30
99% Nov 4
87*t Augl6
35% Mar26
4x4 Jan 22
23% Jan 21
63% Oct 30
86 Jan
8
39% Jan 2
21 Apr 12
34 Jan 16
89% Jan 26
300 Superior Steel
100
125% Apr
Feb 19
50% Novi 6
103% Dec 12
747* May 16
91% June 4
96 Marl9
13
Nov25
37% Jan
7
88
Nov21
No par
1,500 United Alloy Steel
100
15,000 United Cigar Stores
105% 106%
Do
100
pref
*106
100
4,200 United Fruit
*148
153
152%
154% 152
100
15
5.500 U 8 Cast I Pipe * Fdy
15%
15% 157*
16%
Do
100
400
pref
47%
47% *42
46% *42
102% 101% 102% 13,100 U 8 Industrial Alcohol..100
103% 102
Do
pref
100
*95
98
*95
100
100
74
75
76
75% 19,100 United States Rubber....100
76%
Do
1st preferred
100
800
108% 1087* 1087* 1087* 1087*
50
47
47
1,800 U 8 Smelting Ref A M
48%
47% *47
Do
pref
60
300
47
47
47% 47%
47
98
95% 97% 479,800
97
99%
.100
Do
pref.
2.600;
113% 112% 113% 112% 112%
76
79% 20,050!
79
79%
80*4
14
1,000
13%
13% 137*
14%
.100
6,000
54% 55
54% 56
54%
.100
Do
pref..
200
*112
114
•111
114
38%
467*
123
120
Do
Jan
89
105%Novl2
23% Decl2
42% Nov25
64 June25
100
17,300 Railway Steel Spring
Do
pref
550
100
7,300 Ray Consolidated Copper. 10
14,900 Republic Iron A Steel....100
Do
700
pref
100
14.000 Royal Dutch Co etfs dep
5,200 Saxon Motor Car Corp... 100
2,300 Sears, Roebuck A Co....100
500 8hattuek Arts Copper—..10
9,400 Sinclair OH * Refg-.-No par
1,600 Sloee-Sheffleld Steel A Iron 100
92,200 Studebaker Corp (The)..100
36%
79%
78
39
.....
% per share
Nov23
247* Nov 9
70i2 Decll
73% Feb 27
108
Novl2
39
Novl2
1097* Decll
24 Oct 18
47% May 16
54% May24
417* Oct 17
May27
Jan 6
Jan 16
19
79
87
Do
pref.............100
100 Public 8erv Corp of N J..100
Pullman
Company..
100
1,400
97
36%
70
27
88
50%
Do
pref
100
Nat Conduit * Cable No par
Nat Enam'g A Stamp’s...100
Do
pref.............100
pref
Highest
S per share
50
71%Junel8
67 Jan
4
231* Jan 15
100
100
100
100
100
Mexican petroleum
100
Do
pref
....100
Miami Copper
.6
Midvale Steel A Ordnance.50
100
Montana Power..
Do
Lossest
Jan 12
Jan 31
Novl2
34
27X* Apr 10
83 Feb 18
781* Mar25
64*4 May24l
2
*33 Jan
Nov 1
15
6 JunelO
39
Feb 13
25% Oct 11
127% Jan 7 158% Oct 18
Aug21
106% Jan 16 164
88 Feb
1
75% Oct 10
597* Oct 18
38 Jan 2
104
Dec
9
96 Jan 10
80 Oct 23
74 Jan 26
58% Nov 6
38ir Jan 17
63 Oct 30 111% Apr 25
49x4 July30
6
34 Jan
681* Oct 18
42% Jan 16
19 June20
10 Jan
8
66 Junel8
38 Jan
6
104 Oct 14 121 Novl2
33 Oct 16
21 Jan 16
83% Jan 2 125X* Nov 6
35
Nov 7
27 Jan 16
451* May 15
24% Jan 15
65** Jan 3
58 Jan 22
67% Dee 6
41
Apr 2
41% Novl2
Mar25
29
91% Mayl6
67x4 Dec 2
24
Decll
12 Apr 2
437* Decll
17% Jan 8
92
Novl6
63 Feb 15
Maxwell Motor, Inc
Do
1st pref
2d pref
Do
300
Tsar 1917
161% Oct 26
127* JulylO
331* May 14
52
86
25
6,570 Pleroe Oil Corporation
1,700 Pittsburgh Goal of Pa...-100
Do
300
pref
100
100
2,100 Pressed Steel Car
*96
97
188% 190%
79% 81%
100% 100%
82%
101
*107%
*1071*
*95
74
81
100
»90%Jan
----
100
*14% 15
188% 191%
7
5
^
—
103% 103% 103% 103%
104
217* 221*
22% 22%
22%
74
75%
75% 76%
78%
99% 99*4 *97% 99%
100
97
99*4
102
99% 103
9
9%
9%
10%
9%
167
170
170
168*4
170%
15%
*15
15%
15%
15%
33*4 33*4
33% 34
34%
51
50
*49% 52
50
51% 63
53
51% 52%
77
pref
Do
Jan
Jan
100
Z00% 66% ,4,000 National Lead...
Do
200
pref
100
105% 105%
Nevada
Consol
Copper
6
3,200
187* 19%
50
800 New York Air Brake
North American Co
100
*54
59
26
8,000 Ohio Cities Gas (The)
42% 4314
5,600 Ontario Silver Mining....100
7%
7%
Pacific
Mall
88
6
2.400
34x4 35
*05
657* 17,000 Pan-Am Pet A Trans......50
Do
900
pref
100
•112% U6
1.400 People's O L A C (Chic)..100
52
52
4,300 Philadelphia Co (PtttSb)..6Q
31% 321*
44
44% 11,100 Pierce-Arrow M Car ...No par
95
103%
22%
Companies
2
3
f per share.
56% Nov29
102% Mar 14
2914 Mar 6
68X4 Jan 2
14% Apr 4
36% JunelO
34% Jan 29
28*4 Mar25
82% July 15
65X* Oct 7
297* Jan 15
Consolidated Gas ( N Y)..100
Continental Can, Inc
100
Corn Products Refining..100
Do
pref..
100
Crucible Stoel of America. 100
Do
pref
100
Cuba Cane Sugar
No Par
Do
pref..
..100
Distillers' Securitise Corp.100
Dome Mines, Ltd
10
Gaston W A W Inc.-No par
General Electric
...100
General Motors Corp
100
Do
100
pref
Goodrich Co (B F)
100
Do
pref..
100
Granby Cons M 8 A P
100
Greene Cananea Copper.. 100
Gulf States Steel tr ctfs_.100
Haskell A Barker Car..No par
Mackay
16% Jan
36% Jan
12
36
Cop
No par
100
Chandler Motor Car
Chile Copper
25
Chino Copper
5
Colorado Fuel A Iron....100
Columbia Gas AElec..
100
100
74%
200
*03% 65%
3.100
29
29%
2,300
52
521*
2,700
20% 21%
zl60% 102% 119,500
200
0,400
23*4 25
44% 45% 20,100
800
*747* 75
•102%
11,100
16
16%
8,920
47
47%
*96
100
91
91
122
120% 123% *120
70% 77%
77
78%
•Bid end asked prices, ae seles <m 1 hi*
17%
34x4
66X*
15
14%
187
26%
92
70
...
*41
*91
*73
*95
70 1 *55
46
45*4
123
121
68%
49
*93
38
43*4!
*120
*113
*88
*67%
15%
34%
34
48
1087*
48%
47%
97%
88
56%
L66
15%
99
74%
88
72
114
55
33
45
22%
78%
99%
977*
9*4
97
112
79
43*4
34%
657*
34%
65%
1
22%
76*4
*99%
112
79%
*13*4 15%
54
54
54
54%
113
•111
112
112
*56
58
59
•57
88% 88%
88% 88%
43%
...
45*4
77%
*22%
94
•88
*90
94
68
687*
68% 69%
105
105
19
191*
19% 19%
111
102
102% *102
59
*62
*62
59
43% 43X2
43% 44
7%
77*
8
8
123% 1237*
74% 76%
76
39
*95
45%
767*
*104%
16%
17%
47
49
69%
23%
42%
05%
*91
145% 145%
13% 14%
*41
46%
101% 1047*
100
98
25%
25
35
69
95
107% 108
*106
64%
29%
62%
21% 217*
163
167%
29
52%
34%
*91
98
8%
166%
15%
34%
47%
52%
*62%
32
63
48
86
65
22%
767*
99%
76
92
74%
*91
*73
32%
47
*84
62
*100
105
42%
651*
35%
70%
23%
43
32%
32
63
65
5312 54%
32% 32%
33%
44% 44%
45*4
*103
104
104
103% 103% *103
16
167*
16% 17
16% 16%
*40
47
47%
47%
47% 47%
85
85%
85%
85%
*84
86
66
•63% 65
65
67
66
74%
22%
22%
75%
99*4
957*
8%
22%
70
*23
25%
47
79*4
—^
431* 44
8%
7%
33*4 34
651* 65*4
*112% 115
55% 55%
31% 33%
44% 46
1017* 102
16% 16%
86
62
100
95
124
*100
•100
107
57
*53
43*4
73%
73%
73%
107
19% 19%
101% 103
19%
*84
*59
*95
*91
*120
86
61
100
95
126
29%
527*
217*
159*4
33
32%
64
64*4
347*
91
73%
66%
30
63%
22%
169
68%
32
*03
437*
25%
45%
*72%
*104%
17%
17%
48%
481*
—
32%
24
73%
107
106
56
65%
36%
71%
24
42
91
94
*90
68
94
7%
7%
33%
33%
65
66
64% 65
115
•112% 115 *112
55% 55%
*54
56
31% 31%
*31% 32
43% 44%
43% 44%
*99% 102
•99% 102
10
16
16% 16%
47
•46
47
47%
*7
33
-
17%
46*4
17%
46%
43%
7%
33%
43%
451*
*771*
79
64
25%
461*
79*4
25
25%
45%
16*4
45*4
16*4
16%
45
*90
*104
25%
24*4
44%
63
*63
64
107
24%
44%
63
35*4
*70%
21%
159*4 162%
21% 21%
159% 163
160%
33%
33%
33
237*
42%
91%
741*
23
•90
*73
29
64
66
36
72
*63
31%
t per share.
108 Feb 5
7
Dec 9
100
100
100
100
Range for Presto*
Highest.
Lowest.
1,100
3,800
1,500
1,500
18,300 Inspiration Cons Copper..20
100
200 Internet Agrtcul Corp
Do
pref
100
400
1,100 Intern Harvester (new)—100
13,700 Int Mercantile Marine. .100
Do
pref..
..100
105,600
20,400 International Nickel (The) 25
Paper......
International
100
3,500
Do
stamped pref
100
300
25
2,700 Kelly-Sprlngfletd Tire
No par
21,200 Kenneoott Copper
100
2,400 Lackawanna Steel
3,100 Lee Rubber A Tire...No par
Loose-Wiles
tr
etfs.
100
Biscuit
5,100
Do 2d pref
...100
200
'
112% 113% 113% 114%
31% 32
31% 32%
31% 31%
31% 31%
63
63
*63
64
07
67%
67% 67%
36% 36%
35*4 36
71
72
71
71%
22% 23%
*22% 23
*39% 40% *39% 40%
California Petroleum
Do
pref
Central Leather
PER SHARE
PER SHARE
Range rises Jan l.
On basis of 100-share lota.
Industrial0cMIsc.(Con.) Par
Burns Bros
100
Butte Copper * Zinc ▼ t c..6
Butte A Superior Mining..10
California Packing
No par
2,300
6,100
1,700
1,200
3,900
5,800
10,300
preceding.
Inactive, see second page
8TOCK8
NEW YORK 8TOCK
EXCHANGE
BdUsfor
bbabb. not per cent.
balm prices—par
aiaa and low
Record—Concluded—Page 2
week of stock* usually
of mIn during the
For record
Dae
Nov
Dee
Dee
Dee
Dee
167% Jaa
June
Jan
32% Apr
94% June
106% May
73% Nov
68
Jao
238% Jaa
29% Mar
69% Mar
74% Mar
110% Jan
108% Jaa
61% June
102% July
19% June
68
101
Dee
Nov
Dee
Dee
43
Nov
Dee
98Xs Nov
Nov
88
Dee
Dee
Dee
43% Nov
46
91
40
79%
103%
70%
9%
26
97
46
*76
33%
62%
83%
16
Jaa
80% Aug
106
Mar
113
Jan
49% June
127% Aug
120*4 Mar
164% Jaa
24% June
63
Jan
171% June
106 June
67
Aug
114% Jaa
67% Jaa
62% Jaa
Dee 136% May
Dee 121% Jan
Dee 118% May
24% Jaa
Dee
46 May
Nov
Dee 112% Jaa
Feb
Dee
Dee
Dee
Nov
Nov
Nov
69
43
Nov
997* Dee
113
Dee
23% Feb
88
Nov
60 May
S Par 810 per share • Far $100 per share.
243
77
Mar
90% Jan
66 May
70% Jan
621* jsa
38% Jaa
100
Mar
84% Mar
161
Jaa
126% Jan
27% Jane
97i« June
63
June
* Ex-dividend.
New York Stock
Si
BONOS
If. I. STOCK EXCHANGE
Week Ending Dee. 13.
If. S.
Owne—et
w
■#
-mm
converted
Liberty Loan
O 8 4%s
converted
J
M
from
1932-47 J
from
M
M
A
Fridas
Bid
D
Mi
Week's
mcm
*
Dsc. 13*
Ranse
l!
or
Last
Ask Low
97.74 Sale 97 JW
and prion an note—"and interest*
High No.
L
D
97.20
Sale 07.03
N 95.98
S 96.03
O 95.84
Sale 05.63
Sale 15.65
Sale 15.62
.
98
98
...
98
98
83
83
Coal River By 1st gu 4a. .1945
Craig Valley 1st g 5a
1940
Potts Creek Br 1st 4s
1946
BAA Dtv 1st eon g 4a
1989
2d consol gold 4a......1939
Greenbrier By 1st gu g 4a. 1940
Warm Springs V 1st g 58..1941
Ohio A Alton BR ref g 3s...1949
RaUssag 1st lien 3%s
1950
■
——
Chicago Burlington
....
....
Price
Dec. 13.
Bid
.
....
Denver Div 4s
Illinois Div 3%s
Illinois Div 4a
A
WesEs
Ratios
or
Last Sals
As* Low
84
82
82%
High
831*!
86% Mar’17
817* gale! 81%
82%
87% Sale 87%
88
75
76%
Nov’18
68 ...J 85% Nov* 16
96% Feb *16
84% Jan *13
76%
76% Nov’ 18
....
...J
73%
71
Oot *17
76
76%
50
53
88% Sept'161
92% 113% Feb *15
....
55
62
53
407*
41%
40%
Quincy—
1922
.1949
bonds.
c
Fridas *
Registered.
..1992
20-year convertible 4 %*._ 1930
30-year oonv secured 5s..1946
Big Sandy 1st 4b
1944
96.10 4403 9
96.16 911719
96 00 10310 9
98% Aug’18
97
99
98
Dec’18
97% 937g
106
105% Nov* 15
l
107
106% 108% Nov’15
1
107
98 June’18
93
98
99
July*18
971s 99
18
85% Oct*
85
851*
89
Sept’18
85
89
100 Feb ’15
....
....
A Ohio (Con)—
>.
General gold 4tf«
..1992
g
97,60 694 93.80
99.00
.
....
Chesapeake
97.70 3656
Sale 9394.00 281! 9
Sale 92.80
94.50 1602 9
ae$pi for interest and
BONDS
N. Y. STOCK EXCHANGE
Week Ending Deo. 13.
Bines
Jam. 1
D 93.42
N 93.14
Q J
Q J
Q F
U 8 4s coupon
Q F
U 8 Pen Canal
10-30-yr 2e J
Q F
17 8 Pan Canal 10-30 yr 2s
rt*.
N
Q
(7 8 Panama Canal 3s
g....l96l Q M
Registered........
]
Q M
C 8 Philippine Island 40-191
Q F
.
TBhmEmA| '
<r
'
.
J
U 0 4
Exchanger-Bond
Record, Friday^Weekly and Yearly * 2375
changed
defaulted
Jan. 1009 the Exchange mUM sf (wdttf
toirti
-
In
98% 101
Oct* 18
41%
35%
471*
99% N0VI8I
79%
79%
88%
88%
987* Oct’18
98i* Nov* 18
97%
71%
997*
79%
88%
99%
99%
79
80
1949
87% 89
80
fund
sinking
5s. 1919
99%
98
Sinking fund 4s
...1919
98% 99%
97
Joint bonds. Be* Great North.
Ferelyn Gevsrnivent.
Nebraska Extension 4a__.1927
94
F A
95
99% Sale
93% Nov’18
997* 420 94% 997$
89?* 95%
Anglo-French 5-yr 5s Ex ter loan. A O 96 M* Sale 99*4
Registered
...1927
91
96%
Mar'18
96% 1795 831$ 97 '
91
91
General
Argentine Internal 5s of 1909.
4s.
M S
...1958
84%
89
89%
85%
1
89
86%
20
86%
89
78
78-,; 89%
Chic A E Ill ref A Imp 4s
M N 1001* Sale 100%
29
g..l956
153
29%
Nov’18
1001*
84 £ 102
25
U S Mtg A Tr Co otfs of
30%
J
D t 70
29
71
dep._
29
71% Nov’18
Nov’18
22
30
53*8 72
1st consol gold 6«
•100
M 3
1934
95
95
100 Oot ’18
95
2
101
93
90*f
100
General
consol 1st 5s..... 1937
IF A
.75
72
92% 93% Oct T8
Aug’18
72
72
(J S Mtg A Tr Co ctfS of
90i« 91i4
F
75
A
80
85
84
dep.
757* Oct ’18
Apr ’18
70
80
84
757*
Guar
Tr
Co
otfs
of
A O
90
dep
Sale
75
97%
17
97%
Nov’18!
97%
76
75
Do
93*4 99
Purch money 1st coal 5a..1942
do
58
A O
A
967* 97
34
07
967*
97% Feb '13
Do
907* 971*
ChleA Ind C By 1st 5s
do
A O
97
1936
Sale 97
J
32
34
97%
Mar’17!
99
887*
Chicago Great West 1st 4s. .1959 M 6
64
104
65
64
Sale, 101%
29 54
65%!
104% 1055 94 1041*
Chic Ind A Louisv—Bef
F A t 87
6S.1947
Sale 87
J 101
101
87
15 801* 921*
Nov’18|
101
98
Seeond series 4>4s
Refunding
gold 5s....... 1947
....192
81
J
J X 86
Sale 86
J
88
5
103%
Apr
*17
Do do "German stamp'
831* 92?*
Refunding 4s Series C
65
86
1947
Sale 86
J
8
87
84%
Apr
’17
77
90
Ind A Louisv 1st gu 4s...1956
Sterling loan 4s
192
f
J 3 76
J
70
74% Nov'18
Nov’ldi
Ohio Ind A Sou 60-yr 4s
737* 76
IM N 100i* Sale 100%
1956
J
86
96% Jan ’17
100%
84
Chic
L 8 A East 1st
1021*
M N 100% Sale 100
4%s
1969
D
99
97%
Deo
100%
*16;
84
103
Chicago Milwaukee A St Paul—
Q J t 63 .... 62
Nov’18
40
62
Gcn’l gdd 4s Series A....a 1989
79
J
O
55
Sale 79
57
53
J
Nov’18
79%
40
53
70% 82%
Registered
LA O
el989
J
98% Sale 98%
929* Feb ’16,
98% 217 81% 991*
Permanent 4a
85
M 6
80
1925
D
85%' 85
8
82% 81
6 68
85%!
81%
O K of Gt Brit A Ireland—
Gen
A
761* 88%
82i*
ref Bar A 4%s....a2014
77
O
Sole; 75%
77% 163 64% 81
Gan ref oonv Ser B 5e...o2014
3-fear 6H% notes
> M N
85%
Sale!
A
99% Sale 99%
85%
86
22
174
99%
94
74
5-year 5H% notes
95U 999*
Gen'l gold ZH1 Ser B
M N
66% 69
98
<1989
Sale 077*
J
66
Nov’18
98% 550 919* 981*
66
66
General 4 Ms Series C
I F A 100% Sale 100/2
89% Sale! 89
<1989
J
'”2!
89%
101% 916 977* 105
77% 89%
25-year debenture 4s
76
Sale' 76
25/0 £
1934
J
76%,
81
667*
8!
Convertible 4%s
82
Salel 81%
1932
D
82%| 98 71% 89
State a ad City Seeurtti#*.
Ohio A L Sup Div g 56
98%
1921
J
97
Jan*18
97
97
Chic A Mo Rlv Div 6a
)M S
98
1926
95% 100
Sale 98
J
92 Oet ’18
32
987*
92
94
Oble APW 1st g fie
8714 987*
M 8
1921
98% Sale) 981*
94% 98% 98%
J
6
,7
98%
98%
O M A Puget Sd 1st gu 4s. 1949
95% 100%
877* 999*
78
SA O
98
Sale 98
J
79% 797*
27
80
11 74% 80
937*
877* 991*
Dubuque Div 1st s f 6s... 1920
7
J 100
102% Sale 102%
29
97%
Aug’18
102%
99%
97%
.02% 103U
Fargo A Sou assum g 6s..1924
104
5J D 102% Sale 102%
J
10
1047* Sept’17
102%
La Crosse A D 1st 6s
9314 103H
IM S 102% Sale 102%
98%
1919
103%
J
98
Jan
14
102%
*18]
‘98* "98 ”
93
WIs A Minn Div g fia
103U
82
IM N
1921
93
J
837*1 98 Nov’18'
93% 93%
10
94
95
85
94
100
WIs Valley Div 1st 6s
99
i M N
93
1920
J
93% 93%
2
977*
May'
03%
18|
85
94
Mttw A Nor 1st ext 4%a.. 1934
97% 977*
91
7 M N
93
D
93% 93%
7
90%
90%
93%
85
85
901*
9314
Cons extended 4%s
91
1 M N
1934
D
90
92% .... 897* oot *18
90%
85
Ohio A Nor West Ex 4s 1886-1926
Nsw 4%s
90*4
81% 90%
92%
7 M N 102% Sale 102%
A
929*
27
92%
102%
89
92%
938* 103
4)4% Corpora
Registered
7 M N 102% Sale 102%
1886-1926
92% 94
A
95
13
Deo’18
1021*
85% 95
General gold 3%s
931* 103%
SX% Corpora
75
4 MN
Bale! 75
1987 M N
Sale
84?«
75
8
847*
85
76
■ T Stats—Is..
85
671* 75
Registered
IM S
pl987 Q F
71
99
971* 98
Oot ’18|
July’18
71
71
99
99
General 4s
87
W|M VSTOMWI1 WS...
Sale
1 J
1987
M
J
N
87
971* 101
98% July’18
871*1
Canal Improvement 4s...
797* 88
94% 98%
Stamped 4s
2 J
81%
J
1987 M N
97% .... 97% Dec* 18
817*
Oct’18
79% 82%
97% 98%
General 6s stamped..
0 J
J
1987 M N 100 102% 101
97%
97% Oct ’18
Sept* 18
99% 103
941* 971*
Sinking fund 6s
4 J
1870-1929 A O 102%
J 107
104
106% Oet *18
May'18
104
104
Registered
1870-1929 A
5 J
J •96
.... 1021*
109% Apr 16
Dee’18
Sinking fond 60
I M % 107
1879-1929 A
94% July*18
106% Oet *18
94% 94%
Registered
,104% 107%
i M 8
1879-1929 A
•96%
96
100% June* IS
Nov’18
96
96
Debenture 5s....
100% 1014
97
L J
98
J •787*
1921
A
95%
1
787*
May’18
787a
95
<s deferred Brown Bros etfS..
96%
787* 787*
Registered
1921 A
100 Jan *18
651* 69
69
68%
16 44
100
100
71
Sinking fund deb 6s
98
1933 M
110% 921* oot * 18
93% 97
98
■allread
Registered.......... 1933 M
97
Nov’18
An Arbor 1st g 4s
Des Plaines Val 1st gu
94% 97
5199 5 Q J
77%
58
4%s *47 M
58*4 58
101%
Oot *16
Dee’18
51
Atohtson Topeka A Santa Fe—
From
Elk A Mo V 1st 6s. .1933 A
64%
110% .... 110
Dec’18|
110 *
10l“
Gen g 4s
G
Man
B
A N W 1st 3% S. 1941 J
60
199 5 A O
88
86% Sale 86%
Jan’17
37
87
79
90
MUw A S L 1st gu 3%s
5 A O •82
1941 J
85% Nov’11
MU L8 A Wsst 1stg6S
79% 85%
101%
6 Nov
1921 M
79% 80
100% Aug’18
1
79%
79%
98
102%
Ext A Imp s f gold 6s
71% 82
98%
6 Nov
1929 F
96% Nov’18
73% June’18
93
98
73% 73%
Ashland Div 1st g 6s
104%
6 M N
M
1926
81
Sale 79%
1117* D«o ‘15
103 70
81
Gone gold 4s
82%
Mich
Div 1st gold 6S
105
1924 J
5 J D
106%
75% 797* 72 Oot ’ll
102%
May’18
MU Spar A N W 1st gu
102% 102%
71% 87
80% 90
0J D
4s. 1947 M
76 Oct ’18
95% 98
95% Dec’ll
82
73
St L Peo A N W 1st
76%
96%
Okla Dtv 1st g 4s__.
98
8 M 8
gu 6S.1948 J
102% 98% Nov’18
92% 93
91% Nov’ll
92
98%
91% 91%
Chicago Rock 1*1 A Pao—
5 J
J
82% 79 June* 18
79
79
Railway general gold 4s... 1988 J
81% 82
8 J
J
82
84% 86
81%
Dec’ll
81%
72
84%
74% 86
•77
Registered........
78
2 M 8
1988 J
85% 867* 86% Nov’18
71% May’18
79
85%
71% 71%
Refunding
gold 4s....... 1934 A
2 M f
75% Sale) 75
93
72
99% July 17
75%
20-year debenture 6s
62% 80%
1932 J
2 M 8
85 • 857* 87
80% Aug' 18
Nov'18
66
77
RI Ark A Louis 1st 4
89%
80%
71
4 J
D
%o..l934 M
73% 73 Nov’18
85
837*
85
5
85%
73
62
74
Burl
C
R A N 1st g 6s
89%
Ala Mid 1st gu gold 5s...
8 M N
1934 A
95% Salel 951*
96
98% Nov’18
95%
96
C RIF A N W 1st gu 6S..1921
95%
98%
95%
8 J
A
J
97% 98%' 97% June'17
80
89
78 Oct *18
78
78
Choc Okla A O gen
6 J
g 6s..pl919 J
95%
J 110% .... 1207* Aug 15
97
May’18
'95 ~ 100*
Consol gold 60
2 M N
92
...1952 M
80
93
Sale 80
80
26 69% 81%
May’18
93
93
Keok A Des Moines 1st 6s 1923 A
66
4 A O 108
68
68
116
68
1
July*17
57
70
St Paul A K C Sh L 1st 4
1st gold 5s.
4 A O
70% 71
%s *41 F
70
105
93%
22 59
July 15
701*!
72
Chic St P MAO oons 6s
J
6 J
J
1930
107%
112
112
90% 91
Nov’18
6
91%
91%
102 112
Cods 6s reduced to
85% 92%
83
J
5 Q J
3HS..1930
88
90% Sept* 17
Sept’18
81% 88
1st 50-year gold 4s..
Debenture 6s
1930 M
51948
8 A O
90% 96
93
83% Sale 83%
Nov’18
51
84
North WbeonAn 1st 6s...1930 J
85% 93
73% ’87*
Registered...
104
8 Q
51948
J
118
84
Nov’16
92% Mar’17
St P A 8 City 1st g 6s
3
1919 A
997* 100% 100
85
85% 84
32
Dec’18
85%
99% 100%
75% 88
Superior Short L 1st 6s g.el930 M
i J
D
87
89%
Sale 87
95
15
May’18
87%
95
95
Chic T H A So East 1st 6s.. 1960 J
Pitts Junclst gold 6s...
757* 92%
60
2 J
68
J •92% .... 112
68
Jan 12
July*
18
58
58
Ohio
A
P Jons AM Die 1st gS H
Wsst
Ind gen g 6s. .#1932 Q M 104
1 M N
Sale
84%
86
104
103%
Nov'18
103 105
Consol 50-year 4s
80% 86
PLEA W VaSysref 4s.
1 M N
...1952 |J
65% Sale 65
75
80
787*
Nov’18
66%
72
83
Cin H A D 2d gold 4%s
Soothw Dfv 1st gold SHi
62% 70
75
5 J
J
1937 J
90 May*l7
87% 88
7
87%
88
80
O Find A Ft W 1st gu 4s g 1923 M
Osnt OhloR 1st e g 4 Ms.
88%
0M S
88
89%
100
Mar’ll
Apr 17
Day A Mich 1st eons 4 M> 1931 J
3 A O
83%.... 79
95%
79
79
Nov’18)—
Clev Cin Ch A St L gen 4s..1993 J
93% 96%
9 F A
68% 72
72
Nov’18
69
74%
Ohio Hirer BB 1st g 6s...
20-year deb 4M»~...... 1931 J
6 J
D
80%
Salel
95*4
80%
•*4
807*i
65% 831*
General gold fie
General 6s Ssrlss B
85
7 A 0
1993 J
90
80%
*
88
86% Aug’18
May'll
80
88
88
86%
Cairo Div 1st gold 4s
2 A O
1939 J
60%
99
837*
Mar’17
99%
Mar*
18
Buffalo BAP gen g fie...
Cin W A M Div 1st g 4a.. 1991 J
99% 99%
7 M S
65
69
63
107
Oct
991*
*18
June
18
997*
62
65
99
St
L Div 1st eoU tr g 4s
Gonad 4)4s
997*
76
7 M N
1990 M
77% 76
87%
99% Oet 17
Nov’18i
63
76
All A Wsst 1st g 4s gu
Spr A Col Div 1st g 4s
8 A O
1940 M
74%
97
76*4
73% June’17
Nov'H
W
W
Val
Div
1st g 4s
3 J
1940 J
J
68%
84
86%
103% Feb if
Nov'16|
C 18t L A C ooosol 6i
1 F A 101
1920 M
99% 101
101
99
8ept*18
Nov’IS
99
99
101
103
1st gold 4s
2 J
82
101
.*1936 Q
0
90
87
Deo *17
1007* Sept’lS
99%
103%
Registered
2 A O
.....*1936
Q
96% 98
88%
95%
2
95%
May’16|
85
100
Cin 8 A Cl eons 1st g 6s..1923 J
83 D
92%
87
102% Jan *17!
82% Nov’ll
C C O A I gen eons g 6s..1934 J
82% 84
107
5 F A 100
106
Nov’18
907* Dec’ll
106
106
Ind
B
96%
997*
A
W
1st pref 4s
fi M M
1940 A
71%
94
94
Sale 93
July *08,
94
9
85
O
Ind
94%
A
W
1st
pref 6s
41938 Q
1J D
73%
72*4 Nov’ll
Peoria A East 1st eons 4s. 1940 A O
72% 72%
56
59
6 J
J
86%
90
54%
54%
40
May’ll
62
90
90
Income 4s............1990 Apr
19
20
7 3
J
17
Oct T8
87%.... 97% June 11
12
17
Cieve Short L 1st gu 4%s
91
A O
6 J
J
1961
90
90%
84% Aug’11
Nov’18|
83% 90
Colorado A Sou 1st g 4s....1929
84% 84%
88
7 M N
Sale!
88
88%
89
Sale
63
88%
15
88%
83
82% 91
Cent of N J gen gold fis_...
88%
Refund A Ext 4M*
7 J
1936
80% 80% 79%
J
105% 106% 108% Nov’ll —-1 100
19 66
80%
82%
Ft W A Den O 1st g 6s...1921
Registered
108%
J
99% 102
7Q J
99%
Dec'18;
106% 100 Sept* 18
96
‘ 100
104
99%
Conn A Pas R1 vs 1st g 4s...1943
65
1J
J
100
100
100
4
97% 100
Cuba RR 1st 60-year 6s *...1952
95
0 J
J
94
Feb ’16
100
Apr T8
100
100
Del Lack A Western—
IM 8
93
100% Jin T3
Gant Vermont 1st gu g 4s
Morris A Ess 1st gu 3%S-2000
73%
....
71
OQ
V
75
66
Oct’18
71
8ept’18
65
75%
Ohsas A O fond A tmpt 5s
67%
N Y Lack A W 1st 6s
.1921
9 J
101%
102
J
91%
100
91% Nov’18,
Dec’IS]
80
94
1st consol gold 6s..
102%
Construction
6s
...-1923
9 M N
95*4
96 Oct ’18
100*4101 1007*
95
98
1007*'
1, 94% 101%
Term A Improvt 4s
1923
9 M N
89% 96
92% Oct*18i
99
104% Jaa’17
921* 03%
Warren 1st ref gu g 2%s—2000
90
102% Feb ’08,
•No price Friday latest
tMg week. s Dos Jan. d Dwa April. « Dus May.
# Due June, h Due July. * Due Aug. 0 Dus Oot.
9 Dus Nov. f Dus Dee. « Option aals
....
....
....
....
Iowa Div
....
'
..
....
....
....
'
*84%]
...»
....
....
1
....
*
....
'81%
....
....
....
....
——
....
.
....
*
....
'
■■■■■■■
B
*97% ::::
....
....
....
....
....
....
....
....
....
....
....
mmrnrn
....
....
mm
mm
....
rnmmm
....
....
....
....
....
....
..
..
....
....
....
——
.p
If!
000
....
....
....
....
....
....
....
....
....
....
....
----
....
....
....
——
—
....
....
_
....
....
..
...
....
,
l-H
——
..
Delaware * Hudson—
let lien equip g4H*
'591*
82
721*
57«s
671*
83
97
Dul Sou Shore A Atl g fie...1937
Elgin Joliet A East let g fie..1941
Erie let consol gold 7s..
1920
N Y A Erie let ext g 4s..-1947
2d ext gold fie
.1919
3d ert gold 4 He
1923
4th ext gold fie
1920
Stb ext gold 4s
—192M
prior...1996
let ooneoi gen
1996
Penn coll trust
1937
2d gold 4 He
52%
62
56
94
86
101%
87
103
90
A
M
J
M
General gold fie
1940
Terminal 1st gold fie... 1943 M
Mid of N J 1st ext fie....1940 A
Wllk A East 1st gu g 5s..1942 J
Rv A Ind 1st cons gu g 6s..1926 J
Evansv A T H 1st cone 6s..1921 J
1st general gold fis
1942 A
Mt Vernon 1st gold 6s...1923 A
Bull Co Branch 1st g fis..1930 A
Florida E Coast 1st 4HS...1959 J
Fort Bt U D Co 1st g 4HS..1941 J
Ft Worth A Rio Gr 1st g 4s. 1928 J
Galv Hous A Hen 1st fie....1933 A
Gnat Nor C B A Q coll 4s—1921 J
Bale
56
97
86
67
60
"91%
88%
109
106
93
108
99
97
1950
Apr 1950
City Term 1st 4s
1960
Registered
Ref A Impt fis
Kansas
Lake Erie A West 1st g fis.. 1937
2d gold fis
1941
North Ohio 1st guar gfia..1945
Leh Val N Y 1st gu g 4He—1940
84
80
76
83
91
69
73
70
73
70
No price
82%
81
1
80
375
80
92
80
91%
94%
85
921*
MStPA3SMcong4slntgU-1938
1st Chic Term s f 4s
1941
M 8 S M A A 1st g 4s lntgu.*26
Mississippi Central 1st fis...1949
Missouri Kansas A Texas—
96%
•
1st gold 4s
1990
.....
2d gold 4s
01990
1st ext gold fis
...1944
1st A refunding 4s...
2004
Trust Co cert fa of dep
Gen sinking fund 4Hs
1936
St Louis Div 1st ref g 4s. .2001
90
86%
111
106
•
91%
'95
5% secured notes
91
92
87
91
8ept*17
7584
81
80
Oct’18
Nov’15
June’17
80
July’09
75%
"77“
....
1
1
1
1
«oo
80
79!*
75% .... 958* sept’12
8484
84% Sale 84%
71
May’18
73% 75
81
81%
81% Sale
72
Feb’18
74% 84
78
Nov’18
79
79
Feb’14
60%
658* 76% 73% Nov’18
83
Aug 12
102
June’16
97
587* .... 58% Sept’18
62
Oct ’18
66
61
29
'25
72%
80
77%
87
70
71
71%
82
72
78
72
64%
73%
68%
58%
62
63
62
70%
64%
83%
65%
80
Oct’18
....
90
65%
94
82
J
M
J
O
J
J
J
J
0
J
J
K
N
....
94%
...
Oct’18
65!* July’18
94%
70%
—78
77%....
81
98
95!* Sale
78% 90
Sale
65
78
86
81
86
81
89%
.
91
84%
80
91
Friday; latest bid sad asked this
86%
Sale
Sale
83
85
92
93
99
91%
95
15
Oct’18
Nov’17
Feb *18
Apr*17
95%
96
82% June*17
65
89
89
65
65%
24
”7
75
80%
947#
98
90
90
65%
65%
85%
70%
96
70%
Registered
Debenture gold 4s
Registered
80
80
Lake Shore coll g
90
58
65
73%
71%
78
91%
83%
92
80%
84%
80%
94%
80
74%
91%
85
817*
91%
65
87
82
89%
89%
80% Feb ’17
80% Oct ’18
Nov’18
92
89
Oct’17
80
91
a Due
Jan.
17
44
2
* Dm Feb.
O
93
894
90
95
Sale
87%
99
78
97
81
85
Dec*18
78
97
Nov’18
Jan*18
771*
77%
71
97
70
78
95
78
72%
78%
84
92%
94
Jan *11
103% Apr *18
04
04
Aug* 16
Dec’18
82
83
100
101%
58%
1
57t*
'
....
83
1 74
1 95
1 102
73
90
Nov’18
95%
103%
78
Nov’18
67% Bept’18
83%
67%
95
95
95
96
88
681s
Feb’05
——
96%
....
101%
99
77
831*
48% 497*
50
Sale
....
8
83%
47%
88%
88
101
103
M
July’18
781* Nov’18
50%
50
Feb’15
86%
83%
50
Sale
49
99
60
60
101
104
93ls
41
40
79%
53%
60%
75*4
40is
83%
52
80
90
60%
73
37
32
46
42
34
71%
18
7i
83%
Dec’18
88%
10
88%
Jan '17
92
...
85% Novi 7
90
95
68%
697*
36
30
39
41
697*
697*
35% Dec’18
32
Sept* 18
41%
43>*
32%
41
37
30
40
....
J
F
M
99
93%
Oct *16
48
50
60
947*
J
101% 102%
911* June’17
80
N
i
Mar’10
Nov’10
77
75
*30 ‘
Dec’16
44
42
32%
Nov’18
May’18
32%
40
Nov’16
28
32
40
41
25%
69% Apr’17
60
53
60
Oct’18
Nov’18
38%
58
71%
87
59
65
60
73% Nov’18
55
Nov’18
89%
881*
89%
94%
95
931*
93%
637#
64%
99% Nov’18
58
Oct’18
82
April7
50%
*30%
88
95
Dec’16
30% Nov’18
Sale
....
100
10
17,
10
160
Sale
Dec’18
90%
’98*
72%
83
July’14
81
76
78
77
....
38
50
35
38
Aug ’16
....
69
97%
57
21
Sale
87%
88
71
62%
69%
72%
69%
62%
87%
1936
D
J
73%
90%
77*4
78
95% 101
Aug’18
Dec’18
97%
97%
55
57
68
N
Due Bept.
101
78%
85%
14
155
4
18
75
75*4
66% Aug ’18
88
88%
79
Nov’18
92
96% Apr *17
95*4 Nov’16
104
May’16
—-
71
89
95
71
78
21
69
....
85*4
102%
July’17
Aug'17
71*4
66% Oet’18
69% Dec’18
75
Mar’17
.1936
77
66is
101
92
65
30
38
21
60
92
40
21
70
967# Feb’13
100»4 Sale 100%
76% 78% 78%.
85% Sale 85%
75*4
100
58
84%
Nov’18
87
67%
55%
78%
71
93
90
78
80
89*4
89% 95%
85% 94
79
84%
Apr’18
Sept’15
10U* 8ept’18
95
May’18
30
21
67
97%
56
40
58
98
58
Oct’18
76% 85
Nov’18
99% 100% 100
110%
Mar’17
100% 104%
34
30
73%
Dec*13
807« Oct’17
77
86
105
101
70
85
84
60
53
Feb *13
97*8
84% Sale 84%
100%
85
97% 977* 96%
102
80‘* 82% 80%
84%
63
50
36
60
49
51
9134 93%
64% Sale
9934100
62
1997 J
1934 B
a
87
101
....
Aug’18
977# May’16
83%
101% July’18
101% 104
99
Aprils
94% 106
88% 94t* 93% Jan *18
60
July’18
68%
93
87
100
88
....
* "99“
93
95% Nov’18
95% 101
88
96%
82
111
100
90
100% 100%
82
78
83
79
91
87%
109
93
81
Oct*18
111
100
115
82
1934 *■
3Hs.__.1998 F
A Due July,
91%
Nov’18
94%.... 95
103% Bept’18
101% 113
J
M
J
Registered
1936
Beech Cr Ext 1st g 3 Hs-*1951
Cart A Ad 1st gu g 4s....1981
Oouv A Oswe 1st gug 5S..1942
Mob A Mai 1st gu g 4s
1991
N J June R guar 1st 4s
1986
N Y A Harlem g 3H*
2000
N Y A Northern 1st « fis. 1923
Dus June.
Nov*18
Nov’18
100%102
89%
89
891* 89%
Jan’17
96%
83% 88%
99% 101% 981* Nov’18
1003*
1100% Aug'18
91
95%| 87 Apr 18
104% 107% 100
8ept’18j
104% Feb *17!
93%
89
90% Apr *12'
78
100
Oct’18
100%
57% July’181
55%
*‘ext”.’16
Registered.
2d guar gold 5a
f
96
95% 100
93% 91
108
1998
Mlcb Cent coil gold 3H*-. 1998
Registered. ........... 1998
BatUe Cr A Stur 1st gu 3s. 1989
Beech Creek 1st gu g 4s.. 1936
Oct’09
70
8ept’18
99% Oct’06
Sale
Registered.
~96
70
94% June’16
78
Rlv A G Div 1st g
Verdi V I A W 1st g 6s...1926
Mob A Ohio new gold fis
1927
1st ext gold 6s
*1927
General gold 4s
1938
Montgomery Div 1st g fis. 1947
St Louis Div fie
1927
Bt L A Cairo guar g 4s
1931 J
Nashv Chatt A St L 1st fis..1928 A
Jasper Branch 1st g 6s...1923 J
Nat Rys of Mex pr lien 4HS-1957 J
Guaranteed general 4s
1977 A
Nat of Mex prior lien 4Hs__ 1920 J
1961 A
1st consol 4s
New Orleans Term 1st 4s—.1953 J
N OTex A Mexico 1st 6s...1925 J
Non-cum Income 5s A
1935 A
New York Central RR—
Conv deb fis
1935 B
Consol 4s Series A...
1998 F
Ref A imp 4Hs “A”
2013 A
New York Cent A Hud Rlv—
Mortgage 3H*
...
1997 J
78
July’18
80% 88
771* Sale
1929
4s—.1933
Registered
June’16
65
81% 80% Nov’16
80% Dec’18
79%
92
Nov* 10
117% May’10
Jan’17
7n% 90% 90
97% .... 95% Oct’18
D
97%103%
99% 101
...
70
89
78
Missouri Pacific (reorg Co)—
1st A refunding fie Ser A..1965
1st A refunding fie Ser Bo.1923
1st A refunding fis Ser C..1926
General 4s
1975
Missouri Pac 1st cons g 6s..1920
40-year gold loan 4s
1945
3d 7s extended at 4%....1938
Boonv St L A 8 1st fis gu.1951
Cent Br U P 1st g 4s.
1948
Pac R of Mo 1st ext g 4s_.193S
2d extended gold 5s
1938
Bt L Ir M A 8 gen con g fis.1931
Gen oon stamp gu g 5s..1931
Unified A ref gold 4s...1929
95
....
....
Dali A Waco 1st gu g 5s..1940
Kan City A Pac 1st g 4s..1990
Mo K A E 1st gu g fis....1942
M K A Okla 1st guar fis..1942
M K A T of T 1st gu g fie. 1942
Sher Sh A So 1st gu g fis..1942
Texas A Okla 1st gu g 5s. .1943
....
M
J
97
Nov’11
80
Sale
93
90
1
J
J
Registered.....
.....1940 J
Lehigh Val (Pa) oons g 4a..2003
General oons 4 He
2003
•
.
79%
J
J
J
J
J
A
97
Minneapolis A St Louis—
1st gold 7s
1927 J
Pacific Ext 1st gold 6s
1921 A
1st consol gold fis
1934 M
1st A refunding gold 4s
1949 M
Ref A ext 50-yr fis Ser A..1962 Q
Dee M A Ft D 1st gu 4s.. 1935 J
Iowa Central 1st gold fis. .1938 J
1951 M
Refunding gold 4s
....
_
M
J
J
J
J
67
Jan* 17
June’12
82% Nov’18
92
Aug’10
56% Oct’17
1
J
A
A
62
....
9
F
F
J
J>
1951 J
1951 J
1951 F
1951 F
1923 J
61
....
110%
1921
Middle Div res fie
Omaha Div 1st gold 3s...1951
Bt Louis Div A Term g 3s. 1951
Gold 3 He
1951
60
81% 90
95% Maril6
85% Nov* 16
80
80
80
Nov 18
100% 100%
100% May’18
108
104% 108
Nov’18
136% May’06
95
92% 95
8ept*18
109% Aug T6
79% 69% Deo *16
7
9%
884 Dec’18
10
75
83
817# Nov'18
83
"2
74
86
851*
85% 851*
73% 73%
73% June’18;73% 78%
73% Oct’lfr75
07% 75
Feb’18
85
85
85
Dec’18
95
83
101
J
85
81
99
102% May’16
90
Sale 90
76%
1953
Bt Louis Sou 1st gu g 4s..1931
Ind Ill A Iowa 1st g 4s_.....1950
Int A Great Nor 1st g 6s
1919
Janies Frank A Clear 1st 4S.1959
Kansas City Sou 1st gold 3s. 1950
»
•
"80 "
Litchfield Div 1st gold 3s. 1951 J
Loulav Div A Term g 3Hs 1953
85
74
June’16
89% April8
111
Nov’18
118
Apr’17
103% 91% Nov’18
85%
N
J
N
N
D
96
108
103
103
98
108
103
96
890
O
96
Nov’18
95%
96%
94% Nov’18
Sale 91%
92
89%
J
J
O
O
s
82
85% June’17
81
Sale
9534
J
59
62
Oct’18
97
92
75
....1961
1951
1951
Extended 1st gold 3HS...1951
Registered
1J51
1st gold 3s sterling
1951
Registered
1951
Collateral trust gold 4a... 1952
Registered.....
1952
1st refunding 4s
1955
Purchased lines 3Hs
1952
L N O A Texas gold 4s...1953
Registered
1953
Cairo Bridge gold 4s
1950
Registered
Spring! Div 1st g 3 Ha
Western lines 1st g 4s
Registered
Bel lev A Car 1st 6s..
Carb A Shaw 1st gold 4s..l932
Chic St L A N O gold 5s..1951
Registered
1951
Gold 3Hs
1951
Registered
1951
Joint 1st ref fis Series A. 1963
Mempb Div 1st g 4s...1951
Registered
1961
Dec’06
June'18
Jan’17
Jan’17
56%
Registered
1st gold 3 He
Registered
Registered
100%
100
70
83%
_
68
42%
48%
80
108
96
_
86
42
98*
Jan’18
71
97
65
let A ref 4Hs Series A .1961 J
Registered
1961 J
St Paul M A Man 4s
1933 J
1st eonsol g 6s
....1933 J
Registered
1933 J
Reduced to gold 4 He. 1933 J
...1933 J
Registered
Mont ext 1st gold 4s...1937 J
Registered
1937 J
Pacific ext guar 4e £...1940 J
B Minn Nor Div 1st g 4s.. 1948 A
Minn Union 1st g 6e
1922 J
Mont C 1st gu g 6s.......1937 J
Registered
....1937 J
1st guar gold fis.....1937 J
Will A S F 1st gold fis..1938 J D
Feb
Green Bay A W deb otfa “A"
Feb
Debenture ctfs ’’B”
J
Gulf ASIlstrefAtg fis. .51952 J
J
Hocking Val 1st cons g 4 He 1999 J
J
Registered
1999 J
O
Col A H V letexfg 4s
1948 A
A
Col A Tol 1st ext 4s
1955 P
J
Houston Belt A Term 1st fis. 1937
J
Illinois Central 1st gold 4s..1951
75%
55
85
80
60
108
108
67
641s
48
j
High
102
....
96ts 100%
88%
76%
88% 98
.
79
l
102% July’17
*
80
....
100% 100%
Jan*18
103
....
87
99
101 !>
78%
1
79%
72%
D
1949 ■« S
...1934 J D
20-year p m deb ,5s
...1937 M N
Guar refunding fold 4s
1949 M 8
Registered
1949 M 8
N Y B A M B 1st eon g fie. 1935 A O
N Y A R B 1st gold fis
1927 M *
Nor 8b B 1st con g gu 6s.sl932 Q
J
Louisiana A Ark 1st g fis
1927 M t
Louisville A Nashv gen 6S..1930 J D
Gold fis
1937 *1 N
Unified gold 4s
1940 J J
1940 J
Registered
J
Collateral trust gold fis
1931 M N
E H A Nash 1st g 6s
1919 J D
L Ctn A Lex gold 4HS...1931 M N
N O A M 1st gold 6*
1930 J J
2d gold 6s .77.
1930 J J
Paducah A Mem Div 4s..1946 F A
Bt Louis Div 1st gold 6s.. 1921 M S
2d gold 3s
1980 *■ 8
Atl Knox A Cin Div 4s...1955 M N
At! Knox A Nor 1st g fis..1946 J
D
Header Bdge lets fg6s.. 1931 M S
Kentucky Central gold 4s. 1987 J
J
Lex A East 1st fiO-yr fis gu 1965 A O
L A N A M A M 1st g 4H* 1945 M S
L A N-South M Joint 4s..1952 J
J
Registered
*1952 Q J
N Fla AS 1st gug fis
1937 ;F A
N A C Bdge gen gu g 4 Hs-1945; J
J
Peneac A Atl 1st gu g 6s..1921 IF A
SAN Ala cons gug fis...1936 !F A
Gen oons gufiO-year fis. 1963 A O
L A Jeff Bdge Co gu g 4a
1945 M 3
Manila RR—Sou lines 4s...1938 M N
Mex Internet 1st eons g 4s._ 1977 M S
Stamped guaranteed
1977 M S
Midland Term—1st a f g 5*. 1925 J
D
61%
49%
J
1932 J
Gold 4s
Unified gold 4s
Debenture gold fis
837#
968* 97%
90
100%
12
97% 101
Q J
Q J
J D
M 8
He. Low
99
High
Oet*18
Mar’17
Sale 1027*
103
100
Nov’18
Oct’13
105
103
J
J
Jan. 1
gal*
113
1945 M %
1945 M S
Registered.......
Long laid 1st oons gold fis. .51931
1st consol gold 4s
*1931
General gold 4s...
1938
Ferry gold 4He..
....1922
75
65
J
1933 J
4s.....1933 J
1st Int reduced to
Leh A N Y 1st guar g 4s
73
40
59%
23%
*1921 Q
Registered
63
i...
73
80
53
8684
86%
J
F
F
48%
Registered
-.96% 96%
93% 95
June’16
86
53
55
53
53% 62%
Sale 56
57%
96
Dec’18
1067* Jan* 17
99
Dec’18
97
Oct *18
108
108
Sale
86
gold 4S..1951
50-year conv 4s Ser A..1953
do Series B
1953
Gen conv 4s Series D...1953
Chic A Erie 1st gold fie...1982
Clev A Mahon Vail g 5S..1938
Erie A Jersey 1st s f 6s
1955
Genesee River 1st if 6s
1957
Long Dock consol g 6s
1935
Coal A RR 1st cur gu 6s. .1922
Dock A Impt 1st ext 5s
1943
N Y A Green L gu g fie...l946
N Y Sueq A W 1st ref fie..1937
80
90
82
90
100
78
Dee *16
587*
591*
587*
lien g 4s. 1996
Registered
,
84
1996
77
68
70
15
102
1001*
10012 10U* 1001*
81% —— 781* Oct *18
June’18
96%
97%
93% Jan’18
901*
96% —- 99% July'17
94% Nov*15
8II4
100
.... 100% July’18
74%
72
737* 72
HYLEAWlstgfd 7s.. 1920
60%
63
50
Mar’18
Nov’18
87
99
80
99
Leh Val RR lOyr con 6s._»1928
Leh Val Coal Co 1st gug fie. 1933
88%
98%
71
771*
101% 103%
90
WasTs
Mange or
A* Low
97% 107% 100
O
1941 A O
fis.. 1941 A
Registered
94%
79
....
94U
...1937
Leh V Term Ry 1st gu g
85%
731*
73%
797* Nov’18
Nov’18
80
6U* Dec ’18
62
87% Nov’16
92
6U4 April 1
39
July'17
733* 73% Dec ’18
Nov’18
6U*
631*
82
Dee *16
78
751* July’16
89
83%
Sale 83
96% June’18
100 100% N0VI8
1051* Mar’08
80l2
77
jrrfjiA
Fridag
Dee. 13
Bid
High
93%
74
735*
Gold 4e
1995
Dec Ble Tun Ter Tun 4 He.. 1961
Dul Miaeabe A Nor geo fie..1941
Dul A Iron Range let fie
1937
Registered..
Jan. 1
——
Improvement gold fie..-.1928
1966
let A refunding fie
Bio Or June let gu g fie...1939
Bio Or 8ou let gold 4e
1940
Guaranteed
1940
Bio Gr West let gold 4*.. 1939
Mtge A coll truet 4e A.. 1949
Dec A Mack—let lien g 4e..l995
Erie let cons g 4s
tJIrlOf
94i* Nov’18
95is 97
86*s 87% 861* Dec ’18
961*
96i$ Sale 96
77!* Nov*18
79
103% Sept* 18
103
1922
IMA ref 4e
1943
20-rear conv fie
.—-1935
Alb A Sueq eonr 3H«
1946
Renas A Saratoga let 7e..l921
Dearer A Bio Orande—
1936
let eone g 4e
j
Coneol gold 4 He
1936
Registered
***
Hloh Ho Law
A* Law
Bid
BONDS
N.Y. STOCK EXCHANGE
Week ending Dec. 13.
Mango
WeeJTt
/tUffff or
Lam Sal*
me*
Fridag
Dee. 13
BONDS
N. Y. STOCK EXCHANGE
Week coding Dec. 13.
[VOL« 107.
Record—Continued—Page 2
New York Bond.
2276
97ls
57ls
91% 103%
69
821s
87%
77
61
69
76
14
66%
74%
71%
89%
79
61
61
79
62%
71%
66%
69%
Nov’16
—-
....
73%,..
97
* Dm Oct.
73% Oct’18
89% Feb *16
80 May’17
95% June’18:
• Optica sale.
72
79is
95%
95%
Dec. 14 1918.]
New York Bond
BONDS
V. Y. STOCK EXCHANGE
Week ending Dec. 13.
N
Pries
Week’s
Frida#
Range or
Dec. 13
YCent4HRRR (Con.)—
NY A Pu Uteon*gug4e-1993
Pine Creek reg guar 6c
1932
B W AO eon latest 5e..A1922
Rutland let eon g 4He
1941
Og A L Cham let gu4eg.1948
Rut-Canada lat gugde. 1949
St Lawr A Adlr 1st g 5e
1996
2d gold 6a
1996 A
Utica A Blk Riv go g 4a..1922 J
Lake Shore gold 3H*
1997 J
Regtetered
1997 J
Debenture gold 4a
1928 M
26-year gold 4a
193l! M
Registered.
..1931
Ka AAOB 1st gu c 5a
1938 J
Mahon Cl HR let 5e
1934 J
Pitta A L Erie 2d g 6a...al928 A
Pitta McK A Y 1st gu 6a 1932 J
Bid
O
D
O
J
J
J
J
o
J
D
D
S
N
N
J
J
o
j
2d guaranteed 6a
1934 J
j
Michigan Central 6a
1931 M 8
Registered.
1931 IQ M
«•-1940 J
J
Registered-..
1940 J
J
J L A 81st gold 3 Ha
1951 M S
1st gold 3Ha
1952 M N
20-year debenture 4a...1929 A
N Y Chic A St L 1st g 4a
1937 A
Registered
1937 A
Debenture 4a
1931 M
West Shore 1st 4a guar...2361 J
Registered.
2361 J
NYC Lines eq tr 6a..1918-22 M
Equip trust 4Ha.. 1919-1925 J
N Y Connect 1st gu 4Hs A..1963 F
N Y N H A Hartford—
Non-cony deben 4s
1947 M
Non-cony deben 3 Ha
1947 M
Non-cony deben 3Hs
1964 A
Non-cony deben 4a
1966 J
Non-eony deben 4a
1966 M
Cony debenture SHs
1956 J
Cony debenture 6a
1948 J
Cons Ry non-cony 4a
1930 r
Non-cony (Mien 4a
1964 j
Noe-cony (Mien 4a
1956 j
Non-eony deben 4s
1966 A
Non-eony deben 4a
1966 J
Harlem R-PtChea 1st 4a.1954; M N
BA N Y Air line 1st 4a..1955 F A
Cant New Eng 1st gu 4a.. 1961 J
J
Hartford St Ry lat 4a
1930 M »
Houm ionic R oona g 6a...1937 M N
Nangatoek RR lat 4a
1964 M N
NYProy A Boston 4a...1942
Registered
J
981*
80
....
6H*
55U
831*
881*
GrRAIexlstgug 4 Ha. 1941
Ohio Connect lat gu 4a
1943
Pitta Y A Ash 1st cons 60.1927
Tol W V A O gu 4Ha A..1931
Series B 4 Ha
1933
Series C 4a
1942
P.CCAStLgu 4Ha A 1940
Series B guar
.....1942
Series C guar
1942
Series D 4a guar
1946
Series E 3Hs guar gold. 1949
Series V
•
euar 4s
sold...1953
....
75%
76
73
90%
75%
91
90
Sale
Jan '18
Nov’16
Nov* 16
931*
Apr *18
58
92
70
71
82
24!
81*4
Dec’18
73** Nov’18
91
9H«
891*
90
837* Nov’17
70
94
76
73%
92%
92%
102
105
103
102%
95%
1301* Jan '09
123U Mar* 12
991* Aug *17
981* Nov* 18
741* Aug *18
87 Feb'14
90 June’08
797* July’17
....
....
93
80%
74%
....
...
84
82
78
May'17
Sale
84
84%
851* Nov’18
84
86
10.
NoV17
717*
Sale
82
717*
Sale
82
78%
80
721*
46
82
6
2
781*
78l*
1001* Jan '17
98*i July'17
102
88% 89%
89
67
53
54
55
60
617*
89
Oct'18
65
Sept’18
55%
58% 66*4 Nov* 18
59% 63
Nov’18
59% 69
59
54
55
93% Sale
60
——
92
74
65
93
50
1
2
27
55
04
Oat '17
9U* Jen *i2
60
July'18
98%
75
72% 88
75% 871*
61
74%
71%
82%
70
80
77%
90
60
55
60
52
45
82
60
65
62
63
61
60
95
60
60
69
73%
60
69
45
661*
51%
73% Sale 73*4
73*4
79i« Dec '17
66
55% 67
Nov’18
69
-—
91
75
—
-IT
87
....
July*14
83
80%
55% Sale 55
Aug '13
68
....
14
90%
....
701*
....
70
....
*70%
Sale
86
109
707*
'707*
921* June* 12
88
88%
85
Sale
104%
J
D
J
J
M N
86%
Sale
90
97
82%
90%
75%
74
....
106
40 79
106%
71
86%
89%
72 " *80 ‘
40
79
65
66% 64%
Oct '18
78%
58
901*
13
Aug '18
90
80
68
827* 90%
74
1037* Sale 1037®
1037*
101%
103*4 Sept’17
75
100% 1037*
....
97
107
Oct'16
761*
771# Nov’18
66% 85
361* Dec’16
106*4 109% 107 Nov’18
78% Sale 78*4
79
88
84
Nov’18
95
LOOi* Feb’17
95% 96
95U Nov’18
....
77%
....
77%
.L
4
106% 108%
65% 80%
82
90
....
M
98% 104
97%
87%
....
98
907*
99%
92%
Sale
88
i
J
S
A
D
D
O
N
N
N
J
O
O
N
A
J
J
J
%
N
J
J
S
O
O
N
N
A
D
93%
95%
Aug '18
100
90%
90U
Nov’18
’38 ” "90%
99
92
Dec’18
100
....
89
N
J
J
8
1100
82%....
87%
80
....
84s*
....
98
9514
76**
76«*
747*
767*
831*
86
87
907*
031*
871* nov’18
841* Sept’16
92
Aug’17
1 02
j*n *93
Sale
——
817*
....
...
88
....
87*4
83
25
92%
927* 100%
857* 96%
85
871*
92" Dec” ! 7
981*
971* July'18
Feb *17
78
July’18
96% 98%
95% 971*
8H4 July'17
37*4 Deo '16
871*
871*
84
86
June’18
70
78
82%
87%
84
Oct ’17
871*
98% May’17
951#
96*4 May’18
104
901*
Deo '15
861*
96% Feb ’12
808*
901* Oct '12
808*
881* peb '17
88
751*
Apr '17
7512
901* July’12
81
841*
Aug '18
78 Oct '18
831*
93
961*
May’10
857* 95
98*4 Apr '17
92
857*
Dec'17
781*
881* sept'17
901* 94l2 931* Nov’18
901* 941* 93
Oct’18
99 June’17
901* 99
891* 93
90% Sept’18
891*
901* Sept’18
91
891* 93
Sept’lg
84
__
96%
96%
81
78
81
78
....
....
....
....
....
....
....
ft Due Fob.
F
A
A
O
Q
F
96% 92
J
A
J
J
J
A
J
O
J
J
J
o
J
J
100
J
J
A O
Oct
J
J
J
J
J
A o
M N
A O
A o
M N
J
J
88
88%
71%
74
49
46
96%
93
*89
High NO. Low High
887* 92
Nov’18
Noyi8
98% Oct*18
100 June’17
87
Mar* 16
95
M N
City guar 4a g...l951 J
St Joa A Green M 1st g 4s.. 1947
St Louis A San Fran (reorg Co)—
Prior lien Ser A 4s
1950
Prior lien Ser B 5s
1950
Cum adjust Ser A 6a
61955
Income Series A 6e
ft i960
St Louis A San Fran gen 6s. 1931
General gold 6s
1931
St L A 8 F RR cons g 4s..1996
Southw Dlv 1st g 5s
1947
K C Ft S A M cons g 6s. 1928
K C Ft 8 A M Ry ref g 4sl936
K C A M R A B 1st gu 5S.1929
St L S W 1st g 4s bond etfa..1989
2d g 4a income bond ctf*.yl989
Consol gold 4a
.....1932
1st terminal A unifying 5s. 1952
Gray’s Pt Ter 1st gu g 6s. 1947
S A A A Pass 1st gu g 4a
1943
SFANPlstskfdg6a
1919
Seaboard Air Line g 4a
1950
Gold 4a stamped..
1950
Adjustment 6a
.01949
Aek Low
89%
90%
87%
71%
45
99
93
95
96% 1001*
13
13
88%
71%
Oct '18
Jan’18
00
79
62% 73%
60
99
44
99
97% Deo'17
Sale
88
89
85%
89%
86
81% June’18
88
86%
70
71
717* Deo’18
641* Sale 63%
80% Sale 80%
71% Sale 71%
49
Sale
103
95%
’97
49
87%
74
58
67
60
.4
..
67%
67%
61
61
66% Sale
98%
66%
100
72
757*
73% 75
57% 677*
62% 637*
74% 79
72%
95%
72%
215
43
12
76
757*
72%
68
62
74
76
63
71%
661*
671*
66
60
44
76
65
77
62
86%
63% 77
85%
57
60%
57
61
Jan’14
52
58
97%
99% 103
10
67%
757*
73%
82%
91
75
Nov’18
67%
June’18
*91%
100% 101%
Noyi8
May* 16
Mayi7
Dec’18
76%
85% Aug’18
74
67
75
65
64%
81
60*4
100% Sept’18
97
78
90
101% 102% 101
75% 76% 76
80%
81% 81%
81% 88
Dec’18
20
70
65
54% 67%
100
100
67
"’2
22
6
27
68%
757.
76%
49
61
Refunding 4a
1959
64
51% 66
Atl Birin 30-yr 1st g 4s._«1933
Nov’18
73
75
Caro Cent 1st eon g 4s... 1949
Oct'18
75
77
Fla Cent A Pen 1st ext 68.1923
1st land grant ext g 6a.. 1930
93
101
Deo’15
Consol gold 6a
1943
95
Noyi8
921* 95
Ga A Ala Ry 1st eon 6s._ol945
90% June’18
90i* 901*
Ga Car A No 1st gu g 6a.. 1929
94 June’18
93%
94
94
Seaboard A Roan 1st 5s.. 1923
947*
91% June*18
91% 91%
Southern Pacific Co—
Gold 4s (Cent Pao coll)
79% 797* 79%
1949 J
80
70
82
Regtetered
11949 J
D
78% 90
Feb* 14
20-year eonv 4s
85% Sale 85%
#1929 M
86%
75% 88
20-year eonv 6a
1934 J D 102% Sale 102%
104% 327 86% 109%
Cent Pae 1st ref gu g 4a..1949 F
83% Sale 83%
84%
18 75
86
Registered.
1949 F
87% Sept’16
Mort guar gold 3 Hs. .11929 J
85*4 86
85*4
86%
85
88
80
Through St L 1st gu 4a. 1964 A
76
Nov’18
71
96
GHASAMAPlat 6S..1931 M
91% 101 100
Oot*18
2d extea 6a guar
..1931 J
97
96*4 Jan’18
96% 96%
GUa Y G A N 1st gu g 6s.. 1924 M
95
Nov’18
95
95
Hous E A W T lat g 6a
91
1933 M
99% 85% July'18
85% 85%
91
1st guar 6s rad
,.1933 III
95 100 Oct ’16
93% g8 103% Aug’17
1937 J
HATClatg6slntgu
Gen gold 4s int guar...1921 A
94% 93
Nov’18
87
93
Waoo A N W dlv lat g 6s '30 M
100% 109% Nov’15
A A N W lat gu g 6s
1941 J
95
93
Nov’18
93
93
Louisiana West lat 6a
1921 J
98*4 .... 100% Oot '17
Morgan's La A T lat 6a.. 1920 J
101% 100 Apr’18
lOd"
No of Cal guar g 6a
93
.1938 A
102% Oct ’17
Ora A Cal lat guar g 6a
95% 98% 95% Deo’18
1927 J
93%
80 Pae of Cal—Gu g 6s...1937 M N
93%
1077* Sept’16
So Pao Coast lat gu 4a g..l937 J
90% 93
93% Aug *17
San Fran Terml 1st 4a
79% 81
1950 A
79%
81
71%
Tex A N O con gold 6a
78
85
94
1943 J
Nov’16
So Pae RR lat ref 4a
84% Sale 84%
1966 J
32
86%
75%
Southern—1st oona g 6a
96% Sale 95%
1994 J
96% 171 867*100
Registered.
1994 J
——
1007* Aug '16
Develop A gen 4a Ser A...1956 A O
69% Sale 69%
69%
59*
Mob A Ohio ooll tr g 4a... 1938 M %
70% 75
75
75
2
65
80
Mem Dlv 1st g 4Hs-6s...l996 J
J
89%
92
July'18
87
92
St Louis div lat g 4a
J
75% 79
74
1951 J
Nov’18
64% 74
Ala Gt Sou lat oona A 6s..1943 J
95
o
93
Noyi8
93
877*
AU A Chari A L 1st A 4HS1944 J
J
82%
84% Oct’18
821* 84%
1st 30-year 6s Ser B
J
96% 98
1944
93% Oct* 18
91
95
Atl A Danv 1st g 4a
J
70 Oct '18
1948
70
70%
2d 4a................1948
J
80
81% Mar* 16
AU A
o
75
4sZZl949
Feb’17
E T Va A Ga Div g 6a
93
J
1930
99% 96 Mar’18
96
96
Coon lat gold 6a
1966 M M
95% Sale 95%
95%
91% 97%
E Tenn reorg lien g 6a
94
1938 M S
99
92% Nov’18*
86
92%
Ga Midland 1st 3a
52
O
1946
62
Dec’18
51
63
Ga Pae Ry lat g 6s
J 101
1922
101
101
100
101
Knoxv A Ohio lat g 6a...1925
J 100%
100 Oct '18
98% 101%
Mob A Bir prior lien g 6a. 1945
88
J
95
91% Oct '18
91% 91%
65
Mortgage gold 4a
J
1945
72% 68 Jan *18
68
68
Rich A Dan deb 5a atmpd.1927
o
91% 102
95 Jan *18
95
95
Rich A Meek lat gu 4a...1948
N
73
Sept’12
So Car A Ga lat g 6s
99
N
1919
99% 987* Dec'18
Virginia Mid Ser D 4-6S..1921
8
95%
102% June'll
Scries E 5s...........1926
S
93%
93
Apr '18
93
93
Series F 6a
1926
8
91%
104% Dec’16
General 6a
96
N
1936
102
98
Dec’18
93 \ 98
Va A So’w’n 1st gu 6a..2003
J
87
81% Sept’18
81% 81%
1st oona 50-year 6S..1958
O
70
83
70% Nov’18
67% 72%
W O A W lat cy gu 4s
1924
A
92
937* Mar’17
Spokane Internet 1st g 6s..1955
J
82
95% Mar'17
Term Aasn of St L lat g 4HS.1992
O
87% 991* 86
July’18
85% 86
lat cons gold 5s
A
1894-1944
947*
94% Dec’18
90
95
Gen refund if a 4a
J
1953
77% 81
81% Nov’18
61
83%
St L M Bridge Ter gu g 6a. 1930
O
90
941* 95% July’18
Texas A Pao lat gold 6s
D
90
2000
Sale 897*
90
2d gold Income 6a
46
65
41
#2000 Mar
41
46%
8ept’18
La Div B L lat g 6s
J
1931
86
93
May’18
86
86
W Min W A N W lstgu 6sl930
A
106% Nov’04
Tol A Ohio Cent 1st gu 6s..1935
J
96
99
901* Oot '18
90 ' 93
Western Dlv lat g 6a
O
87
1935
92% 100
Jan’17
General gold 6s
D
1935
74
84
93
Oct’18
93
93
Kan A M lat gu g 4s.....1990
O
78
80
67% Sept’18
67% 69
2d 20-year 6a
J
89
....1927
Sale 89
89
89
90
Tol P A W 1st gold 4a
J
1917
36
52
Aug’17
Tol StLAWpr lien g 3HS-1925
J
83% 84
Nov’18
671* 84
60-year gold 4a
O
1950
*63' 66 55 Nov’18
45
56%
Coll trust 4a g Ser A
A
1917
32
18% Mar’06
Trust 00 ette of deposit
18% 18
Aug’18
18
18
Tor Ham A Buff 1st g 4s. .A 1946
70% 87
80 Apr ’17
Ulster A Del lat oons g 6a..1928
89% Sale 89%
89%
85
89%
lat refunding g 4a...
1952
70
68
Sept’17
Union Pacific lat g 4a
89
1947
Sale 88%
89%
84
91
Registered
1947
86%
85% Oct’18
83
93
1927
20-year eonv 4a
90% Sale 89%
90%
82% 90%
lat A refunding 4a
#2008 M
82% Sale 82%
86
75% 87%
10-year perm secured 6s. 1928
104% 1047* 104%
105
101% 105%
Ore RR A Nav con g 4a..1946
85
87% 86
86
78% 86
Ore Short Line 1st g 6a
101
104
101
1922
Nov’18
997*104
1st oonsol g 6a
1946
99% 100% 97
Nov’18
94% 971*
Guar refund 4a
1929
87
88
87
Dec’18
807* 90%
Utah A Nor gold 6a
1926
91
98
Dec’17
lat extended 4a
1933
82
89
89
Feb*18
*89*
Vandalia cons g 4a Ser A...1955
80
Jan’18
80
80
Connote 4s Series B
1957 M
79%.... 80% June’18
80% 80%
Vera Crus A P 1st gu 4i*a.l934
35
8ept'17
*91%
IOO"
*96%
’81%
*89%
*54
’73"
....
—
Yad'iat’gVuar
....
„
..
..
’96% "98%
79% *92%
98
87
N
Since
----
103% 106%
108%
861*
Nov’18
901*
...^
73
60
96 108
76
Sept*16
68
62
Bid
M
Range
Jan. 1
....
87% Sale 87*4
88I4
84% 88
791* Oct *18
61
617* 6H*
028*
56
63%
60
60
69%
81% 84%
106% 109
106*4 Nov* 18
88**
891*
931* Dec '16
85
851*
1237* May’17
11714 May'17
104** 8ept'18
108
1081*
.861* Dee'is
103
80
....
Dec. 13
Week*#
or
Loot Sate
Range
....
Apr ’18
691*
31«* June’18
109
109
122
Nov* 16
106%
107%
108
6
60
69
111
P C C A St L (Con.)—
Series G 4a guar
1957
Series I cons gu 4Ha
1963
C St L A P 1st cons g 5S..1932
Peoria A Pekin Uniat 6a g..l921
2d gold 4Hs
....61921
Pere Marquette 1st Ser A 5a. 1956
1st Series B 4s
1956
Philippine Ry lat 30-yr sf 4s 1937
Pitta Sh A L E 1st g 5a
1940
1st oonsol gold 6s
1943
Reading Co gen gold 4s
1997
Regtetered
1997
Jersey Central ooll g 4s
1951
Price
FrUag
....
Sept'17
Apr '18
997* Dec *i3
88** Feb '14
69%
2277
BONDS
N. Y. STOCK EXCHANGE
Week ending Dee. 13.
Atlantic
1041* Dec '15
52% 65
69% Sale
A
M
F
J
J
J
M
M
J
J
M
A
A
M
M
F
J
70
90
He price Friday; ktas bid and sited. • Dm Jam,
70
101
103
94
76
....
94
High No. Low High
741* Mar’18
721* 741*
113 May* 15
96%
961*
*95% "98%
83
Nov’18
67% 83
60*4 Nov* 18
60
63
57
1997
Int reduced to 3HS..1942
Series C 3 H"
1948
Series D 3Ha...
1950
Erie A Pitta gu g 3Ha B..1940
Series C
.1940
— —
69
_.
General Hen gold 8s
o2047
Registered
a2047
Ref A Imp 4 Ha ser A
2047
St Paul-Duluth Dtv g 4a..1996
St P A N P gen gold 6a
1923
Registered certificates.. 1923
St Paul A Duluth 1st 6a.. 1931
1st oonool gold 4a
1968
Wash Cent 1st gold 4a
1948
Nor Pae Term Co lat g 6S..1933
Oregon-Wash lat A ref 4a
1961
Padfle Coast Co 1st g 5s
1946
Paducah A His lot a f 4Ha.. 1965
Pennsylvania RR lat g 4a..1923 M
Consol gold 6s
1919 M
Registered...:
1919 Q
Consol gold 4a
1943
Consol gold 4a
1948
Consol 4 Ha
1960
General 4Hs
1966
Alleg Val gen guar g 4a... 1942
D R RR A B’ge 1st gu 4a g. 1936
Phils Balt A W lat g 4a 1943 M
Sodus Bay A Sou 1st g 68.1924 J
Banbury A Lewis 1st g 4s. 1936
U N J RR A Can gen 4a..1944
Pennsylvania CoGuar lat gold 4Hs
1921
Registered
1921 J
Guar 3Ha ooll trust rag A.1937 M
Guar SHs coll trust ser B.1941 F
Guar SHs trust ctfS C...1942 J
Guar 3Ha trust etfa D...1944 J
Guar 16-26-year gold 4a.. 1931 A
40-year guar 4a ctfi Ser E.1952 M
Cin Leb A Nor gu 4a g...l942 M
Cl A Mar 1st gu g 4 Ha
1935 M
Cl A P gen gu 4Ha ser A.1942 J
Series B
1942 A
Since
Jan. I
dale
_
NYW’ehesABlsteerI4Hsl946
Beaten Terminal lat 4a...1939
Now England eons 6a
1945
Consul 4e
1946
Proyldenee Secur deb 4s..1967
Prow A Springfield lat 6s. 1922
PravidenoeTerm lat 4a
1966
W A Con East lat 4 Ha—1943
N YOA W ref 1st g 4a
#1992
Registered $6,000 only. .#1992
General 4a
1966
Norfolk Sou 1st A ref A 6s..1961
Norf A Sou lat gold 5o
1941
Nerf A West gen gold 6s
1931
Improvement A ext g 6o_.1934
New River lat gold 6a
1932
N A W Ry 1st corn g 4s..1996
Registered
1996
Div*l lat lien A gen g 4a. 1944
10-26 year eonv 4a
1932
10-20-year eonv 4a
1932
10-26-year eonv 4Ha... 1938
10-year eonv 6a (w i) ..1929
Pooah O A O Joint 4s ...1941
O O A T 1st guar gold 50.1922
•do V A N B lat gu g 4a 1989
Northern Pacific prior lien
railway A land grant g 4a. 1997
Range
Ash Low
77%
1021*
,
_
Record—Continued—Page 3
91% 95
91% 93
88
87
91
#
90
90%
91
Due June* ft Owe July,
....
’89*
....
t Due Aug.
• Due
Oct.
9 Doe
Now.
(Doe Dee.
•
Option sale.
*3
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 13
Price
Wests
Frida*
Range or
Dee.
Virginian let 5s series ▲
1962
Wabash 1st gold 6s
1939
3d gold 6s—
1939
Debenture series B
1939
1st lien equip sidg 6s
1921
1st lien 60-yr g term 4s...1954
Det A Oh Ext 1st g 6S
1941
Des Moines Dir 1st g 4s..1939
Om Dir 1st g 3 Vis
1941
Tol * Ch Dtv 1st g 4s
1941
Wash Terml 1st gu 3%s
1946
1st 40-yr guar 4s
1945
West Maryland 1st g 4s.... 1962
West N Y A Pa 1st g 6s
1937
Gen gold 4s
1943
iBOOme 6s
pl943
Western Pae 1st ear A 6s.—1946
Wheeling ALE lstg 6s
1926
Wheel Div 1st gold 5e
Extea A Impt gold 6s....
Refunding 4Ms series A..
RR 1st eonsol 4s
9612
88
Y. STOCK EXCHANGE
Week Ending Dec 13
Sines
Jan. 1
975$
....
96
....
.
747$
77*4
84
64
....
Sale
97*4 100
85*$
’
76
82
64
99
60
Dec* 17
66
Jan ’18
63
68
.
Oot *17
.
Oet’18.
Feb ’17
75
Nov’18.
Nov’18
Nov’18
8U2
811*
787$ Nov’18
82
831$
79
80
72
90
60
99
70
79*4
90
90
93
C
63
69
72
.
8
00
63
55*s
67U
6914
69
72
83
787*
72
....
*
5
j
Stamped guar 4s.
Ref A gen 6s
.
N Y A Jersey 1st 6s.
Stamped tax-exempt
Manila Elec RyALtsf 6e_.
Metropolitan Street Ry—
Lex At A P F 1st gu g 6s..
N Y Rys 1st R E A ref 4s...
Portland Ry 1st A ref 6s..
St Paul City Cab cons g 6s..
J
M
2
1
r
7
2
5
3
F
A
United Rys Inv 6s Pitts las..
Union Tr (N Y)c ertfs dep..
Equtt Tr (N Y) Inter ctfs...
Havana Elec consol g 6s...
Kings Co El L A P g 6s....
Lac Gas L of St L 1st g 6s.
mmmern
92?s sale
....
83
80
68
....
72*4
....
62
84
—
——
85
Sale
Sale
80
Sale
80
80
80i$
gale
80*$
81
75
80
80
79
85
70
74
85
95
80
30
....
....
97
83
991*
72
81
53*2
321$
597
95U
76i2
62i2
....
F
M
A
M
J
J
M
M
F
M
J
51 J
54 J
30
49
43
47
37
36
36
47
19
22
26
49 IN
i1
....
93*4
....
....
104
97
95*4
9H8
92*4
....
....
....
80
93
88*4
90U
100
90
797*
99
94
•Ns price Friday; latest bid and
72
55
051*
80*s
851$
88
87*$
85
86*4
80
08
14*4
09*4
26
87
45
90
58%
487$
....
746
666
4
4
757$ 85
73*4 811*
74% 841*
80
80
—.
3
85
76*4
811*
8H*
....
....
94
....
....
28
4
....
Nov’IS
....
—
i
94
94
3
95
761*
701 8
947$ Sept’lli
96** Aug *r r
95*
87
88
101**
....
! i
1
78
3
847 $
907 $
.
.
981 2
Sal 9
Jan ’1’ r
July’l’ 7
1007$ Nov* 11 3
85
Nov’ll3
....100
.
76* $
.
96
8ept’l’7
100
89
Apr ’1’7
Mar’l 7
7
Jnly’l
99*4 Nov'l !i
91*4
92
90
Nov’l 3
97*i May’l 7
70
Nov’l 8
98% Oot ’1 7
94
4
....
38
Vt
95
100
C)
62%
68
52%
27%
59
387*
90
91
70
56
58
50
97
96
80
60
66
25
22
22
77
25
26%
27
80%
55%
75
95
91
82
99
108
91%
93*4
897$
91%
95%
96*$
98
93%
94
94
97
Sal e
.
99%
78
99
94%
86%
86
68
947$
97%
76%
947$
86%
76%
957$
88
81*2
88«s
58
89*$ 90
Sale 111
82
85*2
85*2
82lS
83
1932
tndwstrlal
85
84
100
97
93
101U
1924
88
103
47
*5
88*4
997$
965$ Sale
80*a
9912 101
99*2 100
89*$ gale
75
100
a
Ingersoll-Rand 1st 5s......1935
Int Agricul Corp 1st 20-yr 6s 1932
Int Paper conv s f g 6s
1936
1st A ref s f conv 6s ser A1947
Liggett A Myers Tobac 7s..1944
1951
6s
Lorillard Co (P) 7s
1944
6e
1951
Mexican Petrol Ltd con 6s A 1921
1st lien A ref 68 series C..1921
Nat Enam A Stpg 1st 5e
1929
Nat Starch 20-yr deb 6s
1930
National Tubs 1st 6s
1952
J
M N
J
N Y Air Brake 1st conv 0S..1928
Pierce Oil 5-year conv 68.(1920
10-year conv deb 6a
.61924
Sinclair Oil A Refining—
f
warrants
1st s 7s 1920
attach
do without warrants attach
Standard Milling 1st 6s....1930
The Texas Co conv deb 6s..1931
Union Bag A Paper 1st 5s..1930
82
80
F
Cent Leather 20-year g 6s..1925
Consol Tobaeoo g 4s.......1961
Corn Prod Ref s t g 6s
1931
1st 26-year s f 6s
1934
Distil See Cor conv 1st g 6s. 1927
E I da Pont Powder 4HS...1936
General Baking 1st 15-f r 6s.1936
Gen Electric deb g 3%»
1942
Debenture 6s
1952
F
——
M
m
a
J
j
F
82
M
687$
101U
"sale
96
Sale
96
75i2
Sale
94
981*
99
1001*
83
9U*
85**
871*
U91*
78*i 88
88
951*
90*« 92*4
907* 100
18'
921* 1001*
90*4 106
897*
80
98*4 101
847* 95**
96H 99**
1171*
117
'"l 71
741*
50
6
6
64
17
90
79
977* 101*«
841*
9714
80
93
21
97*4 101
95
100
75
89*4
■a
*75* ~80*
66*4 74
94*4 1017*
96
96
68** 771*
931* 99
Nov’18
76
Oct ’18
92
....
111*2 111
93*4 Sale 93
11U2
11U2 112
93
92*$ 93
F
A
F
A
A
67
90**
89
981*
13; 107*4 117
112
111
A
65
4
921*
995* Nov’18
Nov’18
71*4 Oct *18
88
88*$
99% Nov’18
82
Nov’18
96*4
97
81
Mar’18
99*a
99*2
99*2 Dec* 18
8812
89*4
104
May’17
80
Nov’18
687$
687$
101
IOU2
..
7512
95i2
81
105*
92
80
75
88
92*4
85*|
75
117
Gold 4s
1951
Am Wilt Paper 1st s f 6s
1919
Baldw Loco Works 1st 6S..1940
100
97
901* 94
90
1047*
91
91
103
88
100
99*2
83
86
85
58
91
102*$ 1181*
78
891*
77
871*
78*2 85
12,
45
30
Dec’18
Nov*18
88
Sale
9912 100
92iZ Sale
997$ 100
96%
79
74
58
85
1117$
857*
85*2
85*2
90
897*
751*
8U2
Mar* 18
Dec* 18
99*2 98
Sale 101U
99
..1928
Conv debea 6s.
8H* 89
90
”31
”927$
1939
ll1
93*4
111*2
86
4 107
6
83*2
93
95
115
93
J
J
Dec’18
96*4 95
98*4 NOV’18
9912 100
100
997$ 100
100*8
88*2 Sale 88
88*4
105*4 181*2
106
175
95
98
91*4 92*4
93
97*2
97
100
20 95*4 101*2
30
83
90*2
F
F
99*4
95*4
41
46
175
175
130
90*2 91
....
j
J
9314
M
M
M
J
J
Stamped
1930 J
Union OH Co of Cal 1st 5s.. 1931 J
U S Realty AI conv deb g 5s 1924 j
U S Rubber 5-yr sec 7s
1923 J
1947 J
1st A ref 5s series A
U S Smelt Ref A M conv 68.1926 F
V-Car Chem 1st 15-yr 5a._.1923 J
Conv deb 6s
<1924 A
West Electric 1st 5s Deo....1922 J
165
162
Nov’18
162
95% Nov’18
94
Aug ’18
....
96
95
102
89
Sale
Sale
98
104
93
75U
87
93
63
937$
615$
102l2
867$
9912
Sale
Sale
Sale
Sale
Sale
Sale
96*2
1007$
98
Coal, Iron A Steel
95l4
J
1926
Beth Steel 1st ext s f 5s
88*4
N
1st A ref 5s guar A
1942
85
J
1936
20-yr p m A Imp s f 5s
90
D
Buff A Susq Iron s f 5a
1932
S
a 1926
Debenture fie
D
Cahaba C M Co 1st gu 6S..1922
A
85U
Col F A I Co gen s f 5s
1943
75
A
Col Indus 1st A coll 5s gu..l934
86*4
D
Cons Coal of Md IstAref 56.1950
95
D
Elk Horn Coal conv 6s
1925
O
Gr Riv Coal A C 1st g 6S..A1919
86
O
Ill Steel deb 4Hs
1940
N 598*2
Indiana Steel 1st 5e
1952
95*$
D
Jeff A Clear C A I 2d 5e
1926
96
O
Lackaw Steel 1st g 5s
1923
89
S
1950
1st cons 5s series A
88**
Midvale Steel A O conv s f 5sl936 M S
76**
J
Pleasant Val Coal 1st s f 5s.1928 J
J
88*2
Pocah Con Collier 1st s f 56.1957 J
94
Repub IAS 10-30-yr 5s s f-1940 A o
77
J
St L Bock Mt A P 5sstmpd_1955 J
95
J
Tenn Coal I A RR gen 5s..1951 J
100
M
N
U S Steel Carp—1 coup
dl963
98
8 f 10-60-yr Ssjreg
dl963 M N
86*$
Utah Fuel 1st s f 5s
1931 M N
60
J
Victor Fuel 1st s f 5s
1953 J
8612
Va Iron Coal A Coke 1st g 5e 1949 M S
Telegraph A Telephone
98% 1007$
71% 86
....
....
_
_
__
115
.... .
.
78
90
92
91
.
.
70
70
...
.
93
90
91%
97%
80
90
_
1
3
.
Am Telep A Tel eoll tr 4s
1929 J
Convertible 4s_.........1936 M
20-yr convertible 4Ms
1933
30-yr temp coll tr 5s
1946
1925
7-year convertible 6s
Cent Dlst Tel 1st 30-yr 5S..1943
Commercial Cable 1st g 4a..2397
....
97
89*$
891 2
lot June’l 7
96
Aug’l 7
105
Mar’l 7
73
97%
887$
84%
....
' Nov’l 8
101% Nov’l (1
98
97
82
69
89
86
99i2
9534
997$
96
98
June’18
101*4
102
Oct ’18
88
83
90
95U
Sale' 88U
Sale
96
85
90
89
86
75
87
95
94
85
997*
84l2
96
88
93U
96*2 102
867$ 88
83
83
90
90
68
1
45
223 101
102*2
143
88*2
76
14
921$ 100*8
138
90
97U
21
94% 101
2
947$ 98
Aug ’18
Oct ’18
64*4
64*4
102
102*2
86*4
87*4
100
99%
95*4
96*2
101
100*4
98
98
96
Sale
86
8812
92
86
99
931$
781*
87*2
May’18
911* 86U July’18
101
Dec ’14
90
85
90
86*4
NovM8
88
73
83
95
94
81
92
86
76
90
95
94
75*4
95%
Sale
Sale
97
Sale
Sale
86
|
75*4
Aug'18
Aug ’18
Feb’18
86
97U
98*2
97
89
97
89
89
88*4
70
Sale
80
861$
99
9
3
94*4
97
86
9612
26
8OI2
92
85*2
92*4
’88*4
”92"
88*4 Nov’18
Sale 935$
94
Nov’18
801* 81
96
95*2
95*2
Sale 997$
101
1005*
1005*
86*2
80
9212
347
20
98*4
81
97*2
96
96
101
1005$
83
86I2
777*
88
78
82
86
86
9212
681$
681$
85
95
85U
91
97
84
87
86
98
92
871$
93*2
92*2
Dec’ 16
86*2
_
90
90
93
97
70
89%
841* Oct •!) 1
1041* Apr ’ll
I3
24*4
June’17
987$ Dec’18
99*4
85**
11*2
63
85
——
Aug ’18
95*4
89*$
3
1
54
Deo ’17
Sail J
....
3
5
Feb ’18
Feb ’13
Salt J
....
1
95
91
Nov’18
Feb ’15
88
70
--.a.
Oct ’18
95*4
96**
91*4
...»
22
22
90
97
110
78
....
9312 97
76*2 Sal<i
100
1
•••
•
41
92*$ Nov’17
961$ Dec ’17
907* Deo’16
905$
95
....
87*8
89
85
00
May’18
94
100
92
i
32 M
33 IN I J
I
36 J
44 F
i
j
50 J
1
57 J
1>
50 J
86*4
71
75
105*2
95*4 Oct ’18
95ij
95i2
90
Sept’18
93*2 Nov’IS
....
1I
1I
1t
1«
I>
I)
1
781$
1
97
Sept’15
82
'
Pao Pow A Lt 1st A ref 20-yr
6s International Series...!
Pat A Passaic G A El 6s
1
1
Mar’14
103
Sale 94
91
82
85
97
Sale 104
22
8212
37 M 9
1
12 J
87%
May’17
Sept'17
Dec’18
50
June’17
25*4
95
92
M N
J
J
0 M e
2 IN
6
19 J
D
A
>2 F
19 M N
22 A 0
27 A Q
)7 A C
26 IN
£
39 J
J
L9 Q
1
34 A C>
27 IN >
18 J
Et
18 J
11
19 F
£i
95 J
30 F J L
78
13
85
65
50
50
25
22
22
77
69
50
57
35
22
3 J
3 J
92
85*8
Sale
83
*9012
l
92*2 Oct ’18
Mar’18
76
56
Aug ’18
....
6
F
96*s
89
——
July'18
97
Sale
O
Q
927$
(
]
]
mmmsg
—-
65
49
J D
IN N
A O
J
J
J
J
97
....
....
7
5
6
7
2
0
1
90
100% June’17
5
81*2
81*2
98*4 Aug’17
96
97i2 July’17
Aug’17
72** 74
99
May’17
18
45*2
447* 431$
17l2 453
Sale 11%
691* 64*4 Nov*18
99
88I2 Nov’16
67
Aug ’18
90*2 Feb *17
95
July’17
102*2 Mar’12
26
66
53i2
Sale
21
33*2
Sale 32
43*4
12*4
J
c
....
....
N
J
1
981$
a
is
....
....
—
09
2
4
18*2
100
05
02U
132
19
87
Oot ’18
45
52*$
757*
801*
18*2 Sale
1
——
Jan ’14
64
84
60
Sale
88
mm^mm
871* Nov’18
86*4 Oct ’18
741*
741*
TffW— —
60
797*
2
Nov’18
871*
65
87
64
J
D
M S
M S
F A
F A
J
J
J
J
i J j
6 J
J
AS
J
2 J
J
2 AO
2 M N
O M N
2 FA
5 J
J
7 M N
7 J
J
0 J
J
0 A O
7 J
J
3 A O
J
3 J
4 J
717* Dec’18
78
July’17
861$
885$....
88»$ 91
73*2 75
3
3
3
8
6
1
9
4 J
4 A
7 A
92
Dee’18
80 May* 12
80
991$ 101 May* 13
Sale 821$
83
84
821*
82*2
94
45*$
76*2
Gas and Elsctrlc Light
1st A ref'6s ser A.
mmrmm
95*4
95*4
96U Aug ’18
927$
95*2
A
6 IN
000*18
65
O
J
J
DA O
DAO
3M 8
8
Nov’18
977$
—
..
88
60
J
S
a
f
89%
95*2
——
a
J
J
rF
i J
J
Consol Gas conv deb 6s....
Cons Gas ELAP of Balt 6-yr,
Detroit City Gas gold 6s...
88
A O
J
J
J
J
J
J
J
J
J
J
M N
J
J
F A
F A
F A
F
A
L J
J
8312
80
96
80
High
Lew
60
18
18
27
101
Sept’18
927$ 96
8ept*18
102
101*2 Sale 101*2
92
91*4 Sale 9112
81
Nov’18
81
86<s
83
Apr *14
94 June’16
67
68
75
Sept’18
102
94
961$ Dec* 18
102
99
100*2 Dee’18
93% 894 Oct ’17
Sale 90
90*2
88
87*4
87*4
84
~95
June’17
103
108* Sale 108
Sale 79*2
80
801*
94
94*2 Nov’18
95
92*4
92*4
99
98?$ Sale 98
1
Street Railway
87*$
8612
90
96
80
98
100
1932 j
10-20-yr 6s series 3.
Jen. 1
Feb *18
96
Dec’18
855* Nov* 18
85%
M
C
I
h
....
.
I/tut Sole
Ask Low
HUH Ff
70
68*2
68*2
35
32*2 Dec'18
Dec* 18
34% 35
111
1928
Stamped
.
99i* Mar*17
73U
8012
82
57%
20
98*4
....
82
Range sr
Dee. 13
875s Sale
.
86
Sale 85*4
93
96
96
1 00
....
23
Aug* 18
36
86
94
88
_
Aug ’18.
1926
1920
B.
raden Cop M coll tr s f 6s. 1931
B ash Terminal 1st 4s
... 1962
Consol 6s
1956
Bldgs 6s guar tax ex
1960
c
C
C
Recta (part paid) conv 6s ser A
Coll tr A conv 6s ser A.. 1932
.
77
69
Conv deb 6s series
A
A
B
m
_
87*s 102
——
A
A
Frida*
Bid
65
33
33
Mtscella
High Ho. £aw High
2
84*4 961$
94
20 90
97%
961*
80
897$
Dec’18*.
90
90 Aug’18
90
98
96
100*4
NoVlSl.
65
65
65
Sept’18.
99*2 Sept’ 17
80 Aug ’12
76
Apr*17.
8414 Jan’17 .
.
Price
BONDS
Range
Ask law
Sale 931*
Sale 95
95
891*
£Hd
94
n
N
F
A
J
J
m s
j
j
j
j
j
j
A O
M
S
F A
F A
A O
J
J
A O
Nov
M
S
A O
J
J
F A
M S
M 0
J
J
J
J
M N
m
M
ii
Lou Sate
13
[Vol. 107.
Record—Concluded—Page 4
New York Bond
3278
IN
J
F
J
Q
2397 Q
Registered
Cumb T A T 1st A gen 6s
1937 J
Keystone Telephone 1st 5s..1935 J
Mich State Teleph 1st 5s—1924 F
N Y A N J Telephone 5e g__1920 M N
N Y Telep 1st A gen s f 4HS.1939 M
1937 J
Pacific Tel A Tel 1st 5s
South Bell Tel A T 1st s f 56.1941 J
West Union coll tr cur 5s ...1938 J
Fd and real est g 4>4s ....1950 M
Mut Un Tel gu ext 5s
1941 M
Northwest Tel gu
asked. • Dus Jan. d Due April. « Due May. # Due June, ft
4X* 8 ..1934 J
Sale 86
86*2
78
78
80
92
92
"9l” 93
Sale
9512
9514
96
1025* Sale 102
102*4
99*4 May’18
96*2 100
73
Nov’17
68*4
86I4
93*$
~8H~
96*2
91
95*4
95*$
93U
90
Sale
96*4
93
100
Sale
Sale
97
98
91*8
99
Jan’18
93*8
Apr *16
Nov’18
Aug’18
915$
95*4
957*
95
’
95*2
39
56
265
68*$
931*
98
91
97
91
93
91
93
91
12
97U
93*4 105
981$ 991$
80
96*2
97
101*2 Sept’17
94
Nov*16
Due July, k Due Aug. 0 Due Oct. 9 Due Nov. « Due Dec. * Option sale.
Dec.
141918.]
BOSTON STOCK EXCHANGE—Stock Record
MB ARM PRICES—NOT PER
CENTUM PRICES.
Saturday
Monday
Dee. 7
Tuesday
Dec. 9
Dec. 10
1
142
73
142
*142
74*4
97*2
32*2
9712
32
•168
•
3
30
•14*
145
73*2
97
33
*
3
30
*115
6174
*106
*70
*85
*2
11
*61*4
2**
117S
357s
3ft
95
112
24
101
*92
*110
•2214
*93
*47*2
*55*2
48
56
99
**2
1
5
112
115
*114
114*4
114
103
103*4
10212 103*2
*5712
68
96
87
*80
577g
*16*2
*85*4
17*2
111
•66I2
23*2
13*2
1212
*412
*80
*16
5
184
153
30*4
6*2
23*2
24
13i2
12i2
*4*2
13*8
12*2
3%
85
68*2
*130
100
96
*56
60
*124*2 125*2
50*2 50*2
*1212
13
38
36*2
124*4 125
53*2 53*2
145
145
4412
4478
*26
26*4
96
96*4
*111*2 112
8*4
8*4
*.75
96*2
*53
*.20
.30
47
13*2
*.40
*20
66*2
450
*48*2
*7
*.70
*48
*82
*24*2
*5*2
.50
2U2
66*2
450
*12*2
4534
*2*4
5*8
97g
*4*4
*79
13*4
13*4
45*4
3
5*4
10
4*2
82 j
5*4
457s
*2*4
5*4
9*4
*4*4
*434
35s
5
*12
*64*2
*8*2
1234
*.50
*156
*38
54
14*4
I *4*4
3*4'
3*4
4*8!
3*4
55
54*4
19*8 *19*4
2
1*8
8*4
12*4
.80
2
39
54
14*4
*65
66
*22
42
22*4
*.40
42
.45
3*4
*1*4
3*4*
*.10
.13
8 1
*7*2
*35*
*3
*.78
*47
46*4
3*8
*9
1*8
*212
*.99
21
*.60
1*2
3*4
3*41
.85
48
*9
*12
66
13*2
4578
56
56
Do
Railroad*
Albany
Elevated
A Lowell
A Maine....
A Providence..
Highest.
100
100
1221a Aprl7
100
100
37
80
19
July 11
100
160
Suburban Elee..ns par
146
80
104
40
170
3
Jan 2
Jan23
Aprl5
2
Jan26
10U Mar 1
pref
no par
Boston A Wore Else..no par
Do pref
...no par
25
Ohio June HyAUS Y....100 138 JulylO
July 2
Do
pref
100
82lj Aprl8
8 Oooneetleut Elver
100 104
FeblO
62 Fitchburg pref
100
53
Jan22
Georgia Ry A Elec ttampd 100 100 Sept19
Do pref
mo
70 Oct 3
138 Maine Central
.100
771* Junel8
725 Maas Electric Coe
100
H* Sept 6
Do pref stamped.
3,699
100
8ig Jan22
531 N Y N H A Hartford
..100
37
Feb26
Northern New Hampshire. 100
84 Oct
7
26 Old
Colony.............100
*88*a Junel4
32 Rutland, pref
100
30
Jan 2
Vermont A Massachusetts .100
80
Aug 0
236 West End Street
37
50
Feb20
70
Do pref
47
00
JanlO
12
*180
182
61*2
*.25
.40
2*4
5*8
9*2
4*2
5i6
9*4
4*2
9*4
4*2
82
| *78
49*2! *48*2
*7
7*2'
.75
50
84
25
5*2
1
5
*.70
48*4
*82
25
55
20
15S!
11*2
I
*1*8
1*4!
38*2
38?s
*64*2
*.50
I
14*4!
53
65
14*4
63*4
I
13*2
.47
*20*2 22
*67
68
445
445
1234 13
455s 46
3
*234
5*4
5*«
9*4
9
4*2’
*4*4
.75
49
84
25
*.70
48
*82
49*2!
7
.751i
6
1
2*4*
4
5
2478
5*2
*1*8
*5*4
*2tg
*3
*412
3*4
*3*4
3*4
3*2
1
55
19*4'
*55
*19
1*4
11*2
158
*10*2
15
70
i
8*2
13 1
.80
15s
39
53
I
14*4i
65
24
*12
*64*2
*8*8
1278
*.50
*13*
38*8
*53
14*4
*64*2
*22*4
I
48
84
25
5*2
1*2
6
2*4
1
1
4*4'
4
3*2
334.
55*8
19*4
158
11*2
15 1
70
85s'
13 j
.80
1*4
38*8
53*2
143«
65
23
45
.31
4
26*8
8*4
8*4
*.25
Aprl7
Jan30
Novl8
Jan 8
116*4 Jan 9
81
Feb25
88
Novl9
7*2 May 16
33 Mayl6
46 May29
95
Novl4
112*2 Dec 9
26
Jan 8
90 Oct 4
60 July 6
62
Apr 1
*7*2
*3»8
7*4
37#
7*2
3*8
278
7*2
3*8
*7*2
*3*4
27«!
*3
*.60
.75
•Bid and asked prices,
a
.82
47*2
46*4
358
9*8
1*4
4778
4634
3*2
9*4
1*2
3
3
.90
8 I
.90
20*4
21*8,
1
21
.75
*.60
.25
46
8*4
3*2
314
46
46
35»
3*2
*8*4
1*2
*212
.75
.85
21
*.60
«
9*4
I
1*4!
1
21
.75
3 j
.94
.90
3*8;
3
7*4
312
3
.85
477si
Ez-dlvldeod and rights.
263
134
105 <
47
47*4'
46*2
3*2
*8*4
1*2
212
47*2
3*2
9*4
1*8
2l2
1
z20
.60
1 j
20
.60
Assessment paid,
1
46
26j
125s Mar23
25
41
Jan 2
11
Jan 5
.20 Oct 21
17
Mar25
July
July
30
148
Nov
88
150
108
140
Feb
Jan
Jan
Mar
3
Aug
83*s Deo
1021s Nov
44
116
83
78
1
6
Dee
Dec
June
Dee
Deo
Dee
78*s Mar
133
85
Dec
185
16*s Dec
83
34
*45
88
1
110
90
105
Jan
Deo
Deo
66*2 Mar
Dec
Deo
Dee
94*4 May
1031s Jan
2% Jaa
74
Jaa
'
7*s Dec
Deo 6
Oct 9
Jaa
84*s Feb
Dec
73
Jan
92*s Jan
100*8 Mar
6*i June
31*4 July
52*4 Jaa
105
Apr
21*i Sept
90*2 Oct
115*2 Mayl5
115
A Hecla
25
25
25
1
1
1001
Do
165
190 1
100 1
110 1
1
300 I
175 1
pref
Lake.
Consol
25
lower-Old Colony... 25
1,1551
400 1
165 1
1
170 1
501
.
652 1
320 1
1*4 Aug29
5
Butte
Lake
15
25
33 C
25
J
8
8
Santa Fe Gold A
8
8
Lake.
8
8
S
Copper..
300
100
6251
1,1001
Copper
pref
b Ex-stock dividend.
10
25
10
10
25
5
25
10
25
1
50
60
14
Nov
Mar
126*4 June
121*2 Jaa
128*4 Jaa
Dec
Dec
58
June
100*4 June
75
July
97ia Jan
14*4 Dec
12 Us Jaa
66
Jaa
20*8 June
10
226
Jan
Jan
170*4 Jaa
18*2 Jaa
83*2 Jan
102
Ex-rights.
9
45
11
40
8*8
.48 Nov22
33
Mayl4
73*2 Mayl6
470
Dec 4
14*2 Febl9
51*2 Novl2
3
Sept30
67s Mar 8
12
Novi 2
6
Febl8
84*4 Oct 24
57*4 Nov 7
10*8 Jan 2
1
Jan 3
70 Mayl5
84
Febl8
29
July 3
6*2 Oct 18
.25
12*8
55
411
11
39*4
1*2 Apr
3*4 Nov
8*4 Dec
4
66
Dec
Dec
35
Nov
7
Dec
*4 Dec
52
Nov
80
Nov
20
Dec
4*4 Apr
1*4 June
1*4 Mayl5
8*4 Mayl4
3*4 Mar 6
5
Febl3
Jan 2
4*2 Nov 4
4*4 Oct 29
5
1
Nov
Nov
1*8 Aug
Mayl6
Mayl4
July 1
57
16
Mar 7
Jan 2
Jan31
10
22
65
978 April
Oct
1*4 Dec
4*8 Nov
6
7
66*2
20*2
2*2
17*4
Dec
Dec
Nov
Nov
Deo
Dec
Dec
Dec
Dec
Dec
Dec
Nov
1*2 Dec
Nov
Jan
Dec
17*sMayl6
*2 June21
.95 Marl9
15$ Dec 10
Dec 4
45*2 Jan 3
.30 Nov
.98 Dec
33
Nov
.25 Febl4
46*2 Junell
65
14
20*4 Feb20
78 Mayl6
25*4 May23
Decl2
63*4 Dec 10
21*8 Dec 5
42
Dec 2
.25 Decl2
3
AprlO
*2 Sept30
.25 Decl2
4
Febl9
1*4 Augl3
2iS Sept23
.75 Nov22
36
Aprl3
42
July24
Dec 9
2*g Aug26
*2 Nov21
Ex-dlvldend
67
Jan 9
Jan 2
1*4 Feb21
5*4 Jan 2
2
.20
Jan 3
Jan 8
87S Nov20
4*4 Sept27
4*2 Febl3
1% Aug20
50*2 Oct 18
47*2 Nov 8
4*8 Nov 18
12
Janl6
3 Mi Apr 8
3
Jan
2
Jan
36
Jan
1 Mi Mar
w
Half-paid
3
3
3
7
Jan
100*2 Mar
81
169
95
Mar
Jan
Mar
92*a Aug
12412 Mar
112
Jan
166*4 Jan
46
16
Jan
Mar
1627i Apr
68
June
155*2 Jan
58*4 Jan
30*8 Mar
135 May
121
Jan
87a Jan
414 Jan
108
Jan
IU2 Jan
U4 Jan
*4 Sept
‘ Feb27
6*4 July
11*4 Oct
20
Nov25
.40 Mayl9
6
.45Mayl3
54
Oct
Dec
Dec
1
21U July 3
54
July 6
16*4 Aug24
121* Nov30
1
1
70
Novl2
6*g Nov 6
20
80
1*4 May31
8*4 June25
1
25
1*4 Jan25
86
10
Nov20
12
Aug29
65
Aug29
8 Mi Janll
38
7101
185 C
405 E
260
Do
7,015 E
205 E
11,860 E
400 V
937 V
405 V
100 V
3*4 Septl7
25
.100
.100
pref
.40 July23
48
Dec 5
79i2 Oct
19*2 Jan 14
5
Jan 2
.80 Septll
5
Mar25
2
Jan 2
3U Decl3
6
.
Do
June21
73*2 Junel4
39
Janl7
5*8 June21
.65
Mar2 6
.40 June28
*5312 Oct 11
181* Dec 6
.
1
-
Feb28
3
;
155
427
10*4 June27
43*8 Mar25
1*2 Apr 10
47a Nov 12
8iz Mar25
100
70
Dec 10
6218 janig
1001
1,110
Junel3
1% Apr25
.15 Julyll
5
1,200;
12
71
10
310!
3.325‘J
5
9 At
7*8
*314
47*2
30
Oct 18
Deo 5
2ig Mar 2
15*8 Mar 4
*2 June27
26
25
10
25
25
486,
3
*44
44*2'
.30
.26
.30
4
*3*4
3*4
3V
Last Sale 1*4
Dec’18
Last Sale 10
Dec’18
*.80
158
45*2
44
.901
48
47
9*41
447s
*234
3
Adventure Con
Ahmeek
Alaska Gold
Algomab Mining
Allouez
Amer Zinc, Lead A Smelt.
Do
pref
1,730 Arizona Commercial
600 Butte-Balaklava Copper..
87
450
200
85
80
120
1
■13:
July
June
Mining
225 (
105 C
*.10
213
2
9
...
Nov’18
*40
.25
Dee
Dee
106
100
Jan 2
Jan
Jan
Mar
Mar
Jan
150
109*8
96
25
60*sMay24
388
88*ii Nov
9712
Decll
165 Amoskeag
*87*4 Deo
Manufacturing
Jan 2
«0i|
92
Nov
8
60
Dec
Do
48
pref
70
Jan 7
82 June 6
76
Deo
330 Art Metal Construo Inc
11
10
Feb21 *19
Decl3
6
Deo
70 Atf Gulf A W I 8 9
98
Lines..100
JanlS 120*4 Feb 16
88 Sept
5
Do pref
100
58i« Janl7
67*4
Nov20
705 Booth Fisheries
56*s Feb
no par
21
Jan25
28*2 Sept 5
3,559 Century Steel of Amer Inc. 10
10U Mayl8
14*2 Aug 19
230 Cuban Port Cement
10
11*2 Nov30
17*s May 1
9
Deo
1,720 East Boston LAnd
4
10
Jan31
6*4 Mayl5
37s Dec
15 Edison Electric Ilium....100 134
June21 186 Nov21
133*8 Deo
1,554 Fairbanks Co
25
27*sJune27
64*4 Novl6
35 General Electric
100 128
JanlO 157*4 Nov 9
118*4 Dec
508 Gorton-Pew Fisheries......50
27
35
Aug29
Aug30
695 Internet Port Cement.... 10
4*2 Oct 10
7*2 Oct 23
4
Deo
25
Do
pref
12
50
23
Apr23
Nov25
10
Deo
4,145 Island Oil A Trans Corp
10
3*s Aug23
6*s
Marl8
20 McElwaln (W H) 1st
88 8ept30
pref. 100
93
Novl3
92*2 Deo
317 Massachusetts Gas Coe...100
*77*4 JanlS
91*4 Nov 13
71
Dec
295
Do
pref
62 Junel7
100
71
63
Deo
Mergenthaler Linotype... 100 107 Junell 147 Nov 4
Novl4
110
Dec
New Eng Cotton Yam
:
88
95
JanlS
Oct29
35
Jan
Do
pref
100
60
Jan
694 New England Telephone.. 100
82ig July30 100*2 Oct 10
93
Dec
Nova Scotia Steel AC
56
100
69
July 6
Jan 2
*69
Nov
2 Pullman Company
100 102
Jan 7 130
Novl3
107
Dec
1,290 Punta Allegre Sugar
29
50
Jan 3
51
Dec 5
29
Dec
200 Reece Button-Hole
11
10
Jan29
1378 Marl6
10
Dec
2,502 Stewart Mfg Corpn
27 Oct 23
41*2
Nov20
1,327 Swift A Co
100 102
Aug30 146*4 Aug’17
116
Nov
71 Torrington
45
25
Jan29
56
Dec 12
40
Nov
1,789 United Fruit
100 115*2 Janl7 155
Decll *105
Dec
4,953 United Shoe Mach Corp.. 25
38*2 July 9
48*2Mayl6
37*2 Dec
405
Do
pref
25
243* Aug 9
26*2
May28
25
Oct
5,123 U S Steel Corporation
87
100
Mar25 116*2 Aug28
79*8 Dec
Do
pref
100 108
Mar25 113 Oct 22
103*4
Dec
1,205 Ventura Consol Oil Fields. 6
5
Jan 2
9
Nov 8
4*4 Deo
1^8
*1*8
2
*38
38
38*8
38
*53
53
53i2
53
14
14
14
1412’
*64*2 65 t
64*2 64**1
Last Sale,21*8 Dec’18‘
1*2
3
.82
8*4
,
.20
*45
Last Sale .75
.13!
U211
8
*1*8
*.10
8
*43
.30
26*2 26*2
95*4 97*8
112*8NovT8
8*4*
.13
.90
21
*.60
4*8
5*8
9*4
*4*4
4*4
4*4
Last Sale 7934 Nov’18
Last Sale' 48*4 Dec’18
*6*2
7*2
6*2
7
Last Sale I .80 Nov’18
*48*2 50
*48*2 50
Last Sale 82i2 Nov’18
*25
25*2 *25
25*2*
*5*2
5*4
5*2
5*4!
1*8
1*8
j
*5*4
6
*5*4
5*4)
Last Sale 2*4
Nov’18;
*3
4
3*4
3*2'
*4*2
5
4*8
4^!
3
3
3*2
3*8
3*4
3*4
3*2
3*2
55
55
54*4 55
Last Sale 18*g Dec’18
178
17s| *15s 2
*10*2 11*4'
10*2 10*2
Last Sale 12
Aug’18,1
*64*2 70
85s
8*>8
8*4
13
13
12** 12*4
*.10
3*8
9*8
1*8
278
4 A*
.40
46
5*8
9*4
4*2
*3*2
*1*4
.so;
5*4
378
*5*At
4
*47*4 477g
46*4 46*4
3*4i
3*2
358|
9
9*8
878
1
1*4*
1%'
3
3
! *2*2
1V61 .87*2 1
21 |
21*4 21*4
30*2
5*4
3*4
45*2
*3*2
*1*4
3
*.81
47
46
30*4
4*8
45*8
*2*4
3*4!
1
62
46
*13
135$ *12*4 13*2
*44
47
13
13*4
13
13*4
*40
.45
.45
.45
Last Sale 19
Nov'18
67
67
67
67
445
450
440
445
*13
13*2
3*4
*1*4
3
5*4
Last Sale 1
Nov’18
74
74
74
74*2
45*4
3
.80
5*8
4*2
98
Last Sale
44
.40
8*8
3*4
14*4
93
86
4
15
30UNOV19
June 4
90*4 Aug 5
45*t Jan 8
90
Jan 3
175
79
133
45
.....
26*8
97*4
45 I
.45
*3*8
65
23
61
2,210
Dee
Deo
70*2 Dec
147
85
125
65
78*i Jan 2
88*s Jan 2
.40 July l
4
8ept30
99
107
120
27
Highest
.....
13*8
23
4*2
*22*8
1*2
65
z23
30*4
5*4
23
22*4'
•40
19
11078 1107g
61*4
9
*48*2
*6*2
1*2
*38
53
1278
46
49*2
7*2
8*8
1278
46
1278
46
13
.45
82
*3
*9
*12
46
•
I
5% 5%
1*2
*1*8
75
*78
*1*4
*5*4
*2*4
55
*19
15
66
82
*434
3*4
3*2
3*2
3v8
13
*.50
53
*14
65
*22
*42
.45
2*2
*18*2
6*1
.30
46
14
47
i
5*8'
85
80
152
*30*4
100
4*8
445
*12*2 13
46
46
85
80
5*8
152
114
102*4 103*2
*57*2 58*4
96*2 97*4
85
85*8
68
68*2
Last Sale 133 Nov’18
Last Sale 90
Nov’18
4*8
68
436
114
24
14
*85*4
*68*2
.99
76
4*8
.45
22
68
80
18
*91
*.75
.45
*79*2
12
5
93
85
68
.99
76
*20*2
85
23*2
45g
*.75
13*2
85
25
280
61
100
100
Amer Pneumatic Service.. 25
Do pref
so
Amer Sugar Refining
100
Do pref
100
Amer Telep A Teleg
100
American Woolen of Maas.100
Do pref...
100
Lowest
Nov22
Novl2
Nov20
Sept 9
Aug 9
June 6
Junel7
15
Miscellaneous
529 Amer Agrloul Chemical
585
Do
pref
112*2 112*2
97
98
97*2 98
Last Sale 60
Nov’18
123
*122
124
50*4 *50
51
50
50
13
12l2 13
37*2 38
377s 38
37*2 38’
124
125*2 124 125
123*2 124*4
*55
55*2 56
55
55*2
152
155*
152
152*4 150
152
45*4 46*2
45
45*4
44*2 45*4
-
13*4
113
5*2
46*8
26*8
99*8
75
*4
*.25
46
113
103
*66*2
23*2
13*8
m
6
4*4
*91
85
68
*131
*92
377s
125*2
-
_
45*4
26*8
97*4
8
8*4!
13 |
.80'
8*2
1
46*4
.75
5*4
*97
*56
*121
50
50*4
13
13
-
_
63*
*23
97
60
125
-
*12*4
4
*3
12
15
70
58
llDg 11178
152*2 152l2
30*4 30*4
14578 15212
*45
5*2
234
3*2
*10
*412
*182
62
4*4
125
13*4
1*4!
2*4'
I
*11*2
6
*1212
37*2
46
*1
*3
*1858
'*15s
47
.48
.48
*20
21*2
68
68
436
450
13
13*4
5*4
*2*4
*378
4*8
.30
13*2
*5*4
*2*4
*54
1
76
5*2
l‘4j
6
37*4
125*2
*46
*13
46
*77
49*2' *48
*7
7*2!
.75
*.70
49
*49
84
*82
25
25*2
*1
34*4 34?s
Nov’18
23*4
*16
26*8 26*8
96*4
98U 997g
*111*2 112 *113
113*2 *113*4 113*4
8*4
8*8
8*4
8*4
8*2
8*2
4*8
*.25
46
83*2
212
13*4
12
103*2
*57*4 68*4
9612 97
24
14
12
5
13*4
23*2
96*4
26*8
97*8
412
13
Oct’18
Oct’18
83*2
2*2
111*4 112*4
80
18
_
63*8
*54
*4*4
*44*2
1334
30 Nov’18
138 Sept* 18
85
Nov’18
1,602 Boston
33 Boston
197 Boston
1 Boston
Boston
101
101*2 101*2 102
*99
99*4
98*2 99*2
Last Sale .85 Nov’18
*5
*5
5*4
5*2
1
24
5
182
*56
*123
50
14478 145*4
44*4 45*2
*.75
76
*45*2
Mnv’ 1A
110
*55
112*8 112*2
*66*2
12*2
4*8
96*2
26
_
92
*85*4 86
68*8 69
*131
137
*92
100
60
125
50*4 51
*12*4 13
37*2
_
92
*56
125
125
_
*5*2
456
.99
76
*74
11«
22*4 22*4
Last Sale 90
Nov’18
48
48
46*2 48
5*4
80
18
152
30*8 31
92
85
69
136
100
*92
96*2
58
•23
*130
*92
110
*22*4
112*4 113
114i2 114*2
103
103*2
*57*2 58*4
96*4 97**
*85*4 90
103*2
*412
*22i2
4
92
85
68
**2
115
182
62
*151
31
6
6
93
85
68
IAS
June’18
14** July’18
Last Sale 92
99*4
*5
11212
12
5
307g
4
*yi
12
34*2
101
48
56
99
5*4
_
*rso
184
62i2 63
152
152
63*8
30*2
*5*2
23*2
18
24
13*8
1212
*151
12
36*4
101*2 102
96*4 967g
*85*4 90
7912 80
*17*2
111*2 11178
*6612 68*2
23*8 24
13*2 1378
*66*2
24
63
IAS
3
85*2
2*2
13*8
35*4
212
233!*
*94
48
56
56*2
*5?«S
90
110*g HI
—
*180
*22*4
32
61*4
*83*2
95
112
110
32
Last Sale 109
Last Sale 70*4
2*4
*90*2
112
22
101
48
*5
112
*114
103
5778
96*2
95*4
—
*110
36
61*2
74
85
2*8
11*2
35*4
101*2 102
99
99*2
1
**«
9912
*5
5*4
5
*110*4 112
•111
95*4
*85*4
36
*92
48
56
----
101*2 102
99*2
1
**2
11*4
2*8
11*4
6D4
*107
1 *70
84
—-p.
71
Range for Preeiout
Year 1917
Lowest.
50 Boston A
2219
Range Since Jan. 1.
......
IOU2 102
yyi2
—
95
*92
48
56
57
*
74
85
112*2 112*2 *110
•22*4 23*4
22
48*2
*
61*4
_
2
11*2
36*4 1
30
*92
*14
142
*70*2
~
.*86
•107
*70
85
74
87
2
74*i
95
95
*32
32*4
*168
Last Sale
30
Last Sale
Last Sale
Last Sale
30*4
138
Last Sale
Last Sale
125'
115
115
115' ,*115
*61*4
----
2
11
138
*86
115
73*g
142
STOCKS
BOSTON STOCK
EXCHANGE
Week
Shares
Dec. 13
142
97
33
*
30*4
142
75*4
32*4
I
Friday
Dec. 12
142
*168
3
30
*
120
•107
*70
*85
74
87
32*2
*14
*86
61*4
95
•
138
*86
142
74
*95
75*2
94i2
32is
30U *__.
•
120
142
SaUsfor
Thursday
Dec. 11
*168
•14
138
142
75
74*4
*95
*32
*168
30*4
*115
Wednesday
BONDS
Sh Nut Pat*
70
Mar
41U Jan
73
Jan
15*4 June
214 Jan
52
Jan
85*4 Jan
690
Feb
27*4 Jan
68
3
Jan
Jan
7*4 Jan
16
9
92
Jan
Mar
Jan
4612 Jan
20*2 Jan
4
Mar
76*2 June
94
36
6
Apr
18
5
Jan
Jan
Jan
Aug
4*4 Jan
8*s Aug
15*2 Jan
3
May
5*2 Mar
98
Jan
26*2 Mar
6
Jan
1712 Apr
30
Mar
92*4
9*8
24*4
2*4
Mar
Sept
Mar
Jan
27S Jan
67*4 Mar
63*2 Dec
95
16
60
20
48
.58
Nov
NOV
Nov
Dec
Dec
6*8 Oct
.89 Dec
.10 Dec
28*4 June
94*2 Feb
32*8 Apr
89*4 Mar
3*4 Dec
3*8 Dec
16*8 Mar
8*4 Jan
8*2 July
2 A, Jan
67*4 Jan
62*2 Jan
37S Sept
21*2 Feb
6*8 Jan
3
1
May
40*8
43*2
Vs
9*2
2*s
Dec
Nov
Mar
Dec
Dec
2
2
Oct
Oct
Dec
31
.15
Nov
Aug
2
19
Mar
Jan
Jan
6*4 Jan
.31
6
Jan
Jan
6*8 Jan
53*2 Mar
2*8 Jar
,
all dollars
in bonds at Bos¬
Boston Bond Record.—Transactions
ton Stock Exchange Dec. 7 to Dec.
13, both inclusive:
Friday'
Last | Week’s Range
Sale |
of Prices.
\ Low.
Price.
Bonds—
U S Lib Loan 3 3*8.1932-47
let Lib Loan 4s. 1932-47
2d Lib Loan 4s.. 1927-42
1st Lib L’n 4 3*s. 1932-47
2d Lib L’n 43*8.1927-42
3d Lib Loan 43*8.-1928
4th Lib Loan 43*8.-1938
Alaska Gold deb 6s B.1926
Am Tel A Tel conv 6s 1925
AtIG A WI SSL 58.1959
Chic June A U S Y 5s 1940
Gt Nor-C B A Q 4s. .. 1921
Mass Gas 43*8
1929
Miss River Power 5s. 1951
N E Telephone 5s.... 1932
Punta Alegre Sugar 6s 1931
Sinclair Oil 7s with warr’ts
Swift A Co 1st 5s
1944
United Fruit 43*s
1925
U S Smelt RAM conv 6s.
Ventura Oil conv 7s. .1922
Western Tel A Tel 5s. 1932
93
93
913*
993*
913*
993*
93.64 July
.
93.04
94.54
95.34
20
100
100
93
92
July
Aug
Dec
Feb
943* Sept
743* Sept
873* Apr
1043*
833*
Mar
953*
923*
753*
943*
92
85
Sept
Jan
673*
843*
Aug
92
77
May
993* Dec
903* Sept
91
93
80
993*
973*
100
Jan
1003*
943*
July
Jan
823* June
92
Deo. 13, both
value.
Par.
Stocks—
1173* 121
Amer
Commonwealth-Edison 100
Cudahy Pack Co com. . 100
Cudahy Packing cash
Deere A Co, pref
100
Diamond Match
100
Hartman Corp
Hart Shaf A Marx
Illinois Brick
Libby (wi)
Lindsay
93*
X
133*
69
10
X
93*
X
1143* 117
132
104
95
131
103
94
111
1103* HI
643* 543*
75
75
63
633*
223* 23 J*
143* 15
30
30
59
59
90
90
99
993*
1623* 1703*
773* 793*
1233* 1253*
43
453*
58
64J*
3
33*
21
21
43*
43*
703* 753*
983* 99
63
223*
15
993*
1663*
Quaker Oats Co, pref..100
Sears-Roebuck common 100
Stew-War Speed com.. 100
78
100 1233*
433*
58
Union Carb A Carb.no par
Rights
United Paper Bd com.. 100
Western Stone
Wilson A Co common- . 100
Preferred
100
74J*
6s 1926
1927
1927
1927
1923
Com’w’lth-Edison 5s. 1943
Chicago City Ry 5s
Chic C'y A Con Ry 5s
Chic Ry ad inc4s
Chicago Telephone 5s
Commonw’lth Elec 5s’43
Pub Serv Co 1st ref g 5s '56
Swift A Co 1st g 5s...1944
82
132
104
Middle West Util com. 100
Preferred
100
Pub Serv of No Ill com 100
Bonds—
Booth Fisheries s fd
24
82
913*
91
913*
633*
903*
523*
903*
533*
28
28
28
963*
953*
963*
953*
97
953*
96
86
96
...
963*
183*
10
375
35
250
120
25
114
761
275
190
65
10
100
25
75
104
Nov
28
86
Sept
Jan
Nov
June
473* Jan
Jan
8
12
June
1073*
Jan
Dec
June
Jan
Oct
Jan
Oct
Oct
Nov
103
92
102
45
53
45
183*
143*
135
50
10
10
20
2,514
840
4,564
9,234
11,231
56,314
923*
133
47
102
32
1,415
51
$9,100
6,000
2,000
12,600
14,000
9,000
1,000
2,000
3,500
H*
1153*
June
Aug
June
Jan
Aug
Oct
Apr
473*
60
75
67
26
28
30
65
97
100
82
146
50
69
Feb
May
33*
26
913*
83*
753*
993*
88
Apr
913*
843*
Jan
Jan
Jan
91
Jan
52
27
923* June
873* Sept
May
89
78
90
Oct
Sept
623*
Dec
Nov
Aug
Aug
35
97
98
96
91
Pittsburgh Stock Exchange.—The complete record of
transactions at the Pittsburgh Stock Exchange from Dec. 7
to Dec. 13, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Sales
Friday
Stock*
Par.
Amer Sewer Pipe
100
Am Wind Glass Mach. 100
Preferred
100
Am Wind Glass pref—100
Gold Bar Mines
1
Indep Brewing com....50
La Belle Iron Wks com. 100
Lone Star Gas
100
Mfrs Light & Heat
50
Nat Fireproofing pref. .50
Ohio Fuel Oil
1
Ohio Fuel Supply
25
Oklahoma Natural Gas.25
Pittsb Brewing com....50
Preferred
50
Pittsburgh Coal com. .100
Preferred
100
Pittsburgh-Jerome Cop__l
Pitts & Mt Shasta Cop.. .1
Pittsb Oil & Gas
100
Riverside East Oil com
5
Ross Mining A Milling—1
U S Glass
100
U S Steel Corp com
100
West’house Air Brake..50
West’house El & Mfg—50
Bonds—
Cent Dist Telep 5s
Pitts Brewing 6s
Pitts Coal deb 5s
•
Ex-dividend,
1943
1949
1931
Last
Sale
Price.
86 3*
83
for
Week.
of Prices.
Low. High. Shares.
Week’s Range
16
85
82 3*
98
6c
16
88 X
83
98
7c
IX
IX
107
155
152
49 X
50
106
113*
11K
UX
44 X
29 H
2
16
43
29 3*
2
47
85 3*
11c
28c
16
44 X
29 X
2
7
47 X
85 X
13c
29c
73*
X
7X
X
63*
13c
28c
96
'43*
6c
33
96
93
43
6c
33
98 X
94
43 X
98
51
98
51
95X
95X
20
1,580
185
15
3,600
500
130
91
110
65
50
945
900
185
125
145
20
12,500
3,000
564
37
600
100
110
316
195
$2,000
2,000
2,000
Range since Jan.
12 X
45
73
Jan
Jan
Oct
96
Dec
Dec
6c
IX Jan
Mar
106
Jan
95
46 X Sept
June
7
133* Sept
X40X Sept
23
July
IX Mar
Sept
5
44 X
Nov
79 X
Apr
6C
21c
5X
X
Nov
Jan
Jan
Nov
Dec
6c
31
Sept
87 X Mar
Oct
90
Jan
39
97
Oct
50
95
Jan
Sept
3X
115
197
53
133*
163*
46 X
31X
4X
13
58 X
85 X
1
48c
8
IX
54
99
95
85 X
95 X
98
97X
Feb
Jan
Aug
Feb
Aug
Jan
Aug
Nov
June
Aug
Aug
Jan
Feb
22
'983*
84
94 X
77
56
80
1949
...1936
Funding 5s
1941
Wash BAA 5s
Wash A Vandemere 4 3*s’47
Income 4s
June
Aug
Mar
623*
20
Dec
803* June
173* Sept
773* Dec
Jan
Nov
Nov
76
80
Aug
213* Dec
243* Feb
313* Sept
413* Jan
33* Jan
833* Nov
733* July
55
89
90
75
Mar
Jan
90
23
Jan
213* Dec
June
17X
Jan
24
35 X June
3
Apr
10
Dec
33
?
55
Dec
Oct
June
June
Dec
Jan
Dec
933*
94
80
Feb
663*
813*
923*
Dec
Oct
Dec
663* Dec
883* Nov
923* Dec
90
78
90
94
86
81
Mar
95
Sept
983* July
93X
Aug
90
Apr
Nov
2,000
6,000
2,000
1,000
11,000
1,000
2,000
5,000
5,000
1,000
5,000
6,500
5,000
1,000
1,000
1,000
2,000
13,000
34,000
8,800
5,000
1,000
993*
77 X
Jan
913* July
20
May
86
87
993*
96
1013*
843*
Nov
87
953*
873*
Apr
Jan
82
65
Aug
Dec
96
22
90
99
92
86
65
983*
313*
943*
Dec
Dec
Dec
78
Sept
953* Nov
Apr
Sept
Aug
733*
Aug
80
76
Jan
Dec
Dec
Jan
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Nov
983*
313*
943*
Dec
92
83
71
52
May
923*
1033*
June
June
77
78
Nov
Nov
98
99
89
June
Mar
Jan
Dec
853* Nov
Oct
Feb
Feb
Dec
Dec
Dec
Dec
Feb
80
Dec
96
Dec
92
86 . Dec
Nov
79
Nov
59
Nov
82
85 3* Nov
Dec
76
Exchange.—The complete record
Philadelphia Stock
from
the
is given below. Prices for stocks ara all
not per cent. For bonds the quotations
of transactions at the Philadelphia Stock Exchange
Dec. 7 to Dec. 13, both inclusive, compiled from
official sales lists,
share,
dollars per
are
cent of par value.
per
Sales
Friday
for
Week’s Range
Week.
Sale
of Prices.
Low. High. Shares.
Par. Price.
Last
Stocks—
Baldwin Locomotive. .100
Buff A Susq Corp v t c.100
Preferred v t c
100
Cambria Iron
50
Elec Storage Battery. .100
General Asphalt...
100
Preferred
100
Hunt A Broad T, pref..50
Insurance Co
Keystone
of N A
Telephone
10
50
76
70
56
76
70
57
353*
393*
533*
363*
393*
543*
393*
77
74
78
163*
263*
163*
163*
263*
56 X
393*
54 3*
183*
723*
59
PhllaRapTranvot trrets . 50
26
11
11
173*
72
59
463*
30
33
30
33
30
33
253*
26 3*
253*
263*
693*
253*
263*
703*
853*
70
84
38
Tono-Belmont
Devel
Tonopah Mining
513*
763*
86
473*
38
23* 2 9-16
1
3 1-16
x39X 41
193
193
72
733*
3
1
393*
193
73
Westmoreland Coal
York
193*
723*
603*
463*
463*
513*
753*
853*
463*
753*
Dec
Feb
Mar
Nov
Jan
Mar
65
87 X
92 X
100
85
85
99 X
95
95
101
101X
84>* 84 X
96
96
22
22
90
90
98 X 99
91X 92
84
84
65
65
98 X 98 X
31X 31X
94 X 94 X
79 X 79 X
96
96
92
92
86
86
77 X
77
56 X
56
80
80
84 X
84
76
76
86
87
Nov
Dec
Jan
17c
37 X Sept
116
Aug
97 X May
47
May
98 X
85X
95 5*
Superior Corp—100
50
Lehigh Navigation
50
Lehigh Valley
Midvale Steel A Ord.—50
1.
16
88 X
96 X
101
13c
86
92 X
83*
43*
39}* Aug
313* Nov
93* Dec
Apr
Aug
82 X $7,000
55
1,000
90
4,000
94
6,000
78
1,000
66 X
2,000
86 X
4,000
92 X
1,000
95
2,000
85 X
6,000
97
23,500
98
8,000
87 X
1,000
92 X
7,000
100
1,000
86
17,000
87
116,000
99 X
12,000
66 X
Lake
High.
Low.
AGrav 6s '24
Dec
Nov
Nov
Nov
973* Sept
1,575
3X
Dec
Jan
Jan
Nov
106
143* June
22
30 X
37
Apr
Aug
253*
1083*
Jan
Jan
Oct
Oct
68
69
60
Dec
43
86
813* Dec
53* Sept
3X Jan
41
50
726
21X
82 X
55
89 X
92 X
78
825*
Syracuse Gas 5s
United El L A P 4 3*8.1929
United Ry A E 4s
1949
Nov
Nov
Dec
Oct
Dec
Dec
Mar
76
79
3X
Series B 6s
1932
Elkhorn Coal Corp 6s 1925
Fair A Clarks Trac 5s 1938
Fla Cent A Penln ext 6s.
Florida South 1st 4s. . 1945
Ga Car A Nor 1st 5s. . 1929
G-B-S Brewing stmpd 4s’51
Jamison C A C~G C 5s 1930
Kirby Lumb Contr’t 6s ’23
Md Elec Ry 1st 5s. .. 1931
Milw El Ry A L 43*8.1931
Monon Coal 5s
Monon V Trac 7s
N O Mobile A C 1st 5s '60
N News A Old Pt 1st 5s '38
Norf A Ports Trac 5s. 1936
Public Serv Bldg 5s
Dec
Nov
77X
37
Refunding 5s
1950
Convertible 6s
1923
Cosden A Co ser A 6s. 1932
Apr
Oct
1
46
Nov
Nov
Dec
Nov
Nov
Oct
Dec
Nov
Oct
Jan
Dec
Jan
20
17
21X
21X
29
30
Carolina Central 4s__1949
Chic Rys cons 5s ser A_.
Chlcago Ry 1st 5s....1927
Cine Gas A El refg 5s....
Cleveland Elec 5s
Consol G E L A P 43*s ’35
5% notes
6% notes
Consol Coal ref 43*s..l934
Nov
Jan
1703*
Dec
3
143*
June
Mar
00
133
104
98
Sept
Sept
18
40
70
50
175
16
Dec
3*
100
Feb
23* June
183* Nov
713* Apr
Dec
X
4,735
863*
963*
1443* May
933* May
843* Dec
963* Sept
690
Dec
298
June
Jan
235
87
1,610
X
...10
Swift A Co
Swift International
233*
13
68
100
com.100
100
light
85
103
85
102
High.
Low.
13
602
10
298
298
Radiator.... 100
Shipbuilding.... 100
Preferred
100
Armour A Co pref
American
Booth Fisheries—
Common (new)..no par
Preferred
100
Chic C'y A C Ry pt sh com
Preferred
Chic Pneumatic Tool.. 100
Chic Rys part ctf “2”
Chic Rys part ctf “4”
Range since Jan. 1.
for
Week.
of Prices.
Low.
High. Shares.
9X
Feb
33*
Feb
37
82
Sept
Oct
24 X
Jan
94
30
22 X
8
30
64
SepI
40
31X Jan
1H Sept
16
71X
71X
High.
Low.
271
170
823
385
585
98
43
17
105
111
10
215
128
225
33
16
76 X
75 X
79
163*
Bonds—
Atlan C L RR conv 4s 1939
Balt A Annap 8 L 5s. _ 1946
Balt Spar Pt A C 4 X* 1953
Sales
Week’s Range
71
5
Wayland Oil A Gas
Boston Sand
Last
Sale
Price.
33 X
29
9X
33
71X
71
20
29
50
50
Wash B A Annap
Preferred
inclusive, compiled from the official sales
Prices for stocks are all dollars per
For bonds the quotations are per cent
Friday
81X
6X
3X
81X
6X
50
Central
Pennsyl Wat A Power. 100
Seaboard Air Line pref. 100
United Ry A Elec
50
43
85
24 X
108 X
82
7
4
33 X
30 X
84
24 X
105
24 X
105
Northern
lists, is given below.
share, not per cent.
of par
43
Preferred
.5
Davison Chemical_.no par
Elkhom Coal Corp
50
Gulf Mob A Nor
Preferred
Houston Oil pref tr ctfs 100
Mer A Miners Trans v tlOO
Monon Vail Trac pref..25
Mt V-W’b’y Mills v t r-100
Preferred v t r
100
2X
2
42
Jan. 1.
Range since
105
500
115
73
37
37
100
5
Consolidation Coal
Cosden A Co
Chicago Stock Exchange.—The complete record of
transactions at the Chicago Stock Exchange from Dec. 7
to
Week’s Range
Sale
of Prices.
High.
Price. Low.
Arundel Sand & Gravel 100
Atlantic Petroleum
10
Baltimore Electric pref—
Baltimore Tube, pref..100
Coram'l Credit, pref B..25
Consol Gas E L A Pow.100
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Dec
Dec
Nov
Dec
Nov
Nov
Nov
94 3*
Par.
Stocks—
102.50 Aug
98.86 Oct
97.90 Mar
98.90 Nov
98.14 Nov
101
May
98.24 Nov
34 3* Nov
96.52 Jan
June
93
92.62 Dec
1,000
4,000
4,000
4,000
13,000
12,000
76,000
1,000
96
96
100
100
93
92
High.
Low.
Sales
for
Week.
Shares.
Friday
Last
Week.
High.
cent
value.
for
97.14 97.54 $7,600
1,450
93.04 93.54
92.62 93.30 10,600
600
96.64 97.20
95.44 96.10 13,500
95.34 96.10 56,750
95.34 96.04 121,600
32
2,000
32
1023* 102 3* 10,100
82
823* 10,500
1,000
933* 93 3*
5,000
953* 953*
5,000
923* 923*
1,000
753* 753*
753*
of par
Range since Jan. 1.
Sales
Exchange.—Complete record of the
7
Baltimore Stock
transactions at the Baltimore Stock Exchange from Dec.
to Dec. 13, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are
per
share, not per cent. For bonds the quotations are per
'Stock Exchanges
Outside
[Vol. 107
CHRONICLE
THE
2280
.
953*
953*
993*
46
46
753*
453*
753*
83
73*
73*
Bonds—
86
97.10
92.60
92.50
95.30
95.30
95.30
86
853*
903*
100
350
40
20
681
5,869
1,745
50
92
50
11,700
108
326
10
2
66
80
2,475
5
30
1,129
760
172
400
100
4,315
1,670
334
4
194
4,415
73*
50
7
10
100
97.20
$1,150
92.60
92.60
95.50
96.16
95.94
150
550
753*
83
86
86
903*
1,150
44,400
24,250
6,000
800
1,000
Range since
58 X
58
46
363*
48
Jan
Jan
Jan
Oct
Mar
143* May
47
153*
24
7
12
613*
55
423*
493*
67
80
Jan
Dec
Jan
Aug
Jan
Jan
Jan
Nov
Nov
Sept
Oct
433* June
23
29
24
233*
Jan. 1.
High.
Low.
June
Mar
June
Mar
z653* Sept
71
33
Jan
Aug
1 5-16Sept
23* July
363* Aug
1823* Aug
Oct
z623*
863* Mar
39
May
69
74
Mar
Jan
73* July
97
92.60
92.50
94.44
94.30
95.30
Jan
Dec
Dec
Sept
Sept
Dec
763* Sept
773* Mar
85
Sept
.
1003* May
70
57
43
57
393*
78
17
Dec
Dec
Mar
Oct
Dec
Dec
Jan
273* July
12
Nov
213* July
763* Nov
653*
Nov
593* May
52
Nov
763* Dec
863* Nov
603* Nov
30
Nov
373* Nov
273* Nov
30
Jan
723* Nov
953* Oct
383* Nov
33* Mar
4
423*
195
773*
1163*
48
76
Jan
Jan
Feb
Nov
Aug
Mar
Jan
953* June
93* Feb
102.40 Aug
97.9C Jan
97.84 Nov
95.90 Sept
98.52 May
Nov
98
Dec
86
Nov
86
Feb
95
Dec. 14 1918.]
THE CHRONICLE
Friday
Elec A Peop tr ctfs 4s. 1945
do
small
1945
Equit Ilium Gas Lt 5S.1928
Lake Super Corp 5s._1924
do
small
1924
Lehigh Valley 6s ctfe.1928
Consol regls 6s
1923
Annuity 6s
General consol 4s_.2003
Leh VaU Coal 1st 5S..1933
Natl Prop 4-6s small. .1946
Pram RR P W A B ctf 4s'21
Pa A Md Steel cons 68.1925
Peop Pass tr ctfs 4s. .1943
Philadelphia Co—
Cons A coll tr 5s stmp ’51
Phlla Elec 1st 5s
1966
do
small
1966
Phlla A Erie gen 4s
1920
Reading gen 4s
1997
J-C collateral 4s
1951
Spanlsh-Amer Iron 6s. 1927
United Rys gold tr ctf 4s’49
West N Y A Pa gen 4s.1943
x
Sales
Last
Week's Range
Sale.
of Prices.
Price. Low.
High.
Bonds—.
72
72
for
Range since Jan. 1.
Week.
Shares.
72
72 X
3,000
104J* 104)4
1,000
62,000
1,000
32,000
1,000
9,000
57
57
103
103 X
102X 102)4
118
118
80 H 80)4
40
30,000
3,000
3,000
102
78
87
94 X
95 X
88
17,000
34,000
1,300
1,000
54,000
5,000
1,000
3,000
3,000
94)4
95)4
96)4
88)4
87)4
96)4
88
87 X
100
100
57
57
70
70
Oct
74
Columblavllle Woolen r 10
Curtiss Aero A M,com_(t)
Emerson Phonograph
5
General Asphalt, com.r 100
Gen Motors 6% deb stk wl
Gillette Safety Razor .r_(t)
Hall Switch A S,com.r. 100
97)4 Sept
100)4 Apr
115)4 Sept
75
July
99)4 Sept
29
July
94)4 Oct
103)4
102)4
120
May
100
70
103
78
62
62
82)4
101
42
May
Jan
Dec
Jan
Dec
96)4
Mar
Mar
88
Dec
96
Jan
97
May
96 H Dec
91
Nov
87)4 Nov
101
Feb
60
Feb
70
Dec
Apr
89)4 Sept
93
96 H
Nov
July
Dec
80)4 Sept
83
Apr
99
July
56
July
60)4 Sept
Week ending
Dee. 13 1918.
su ocks.
Ac.,
Par Value.
Bonds.
Bonds.
403,970
*17,203,300
34,571,000
58,214,000
49,691,500
37,178,000
36,405,000
*737,000
1,718,000
1,750,000
1,725,000
1,626,000
1,756,000
*509,000
559,000
696,000
1,292,000
1,151,000
1,587,000
2,475,888
*233,262,800!
*9,312,000
Saturday
180,893
360,950
622,100
518,200
389,775
Monday
Tuesday.
Wednesday
.
Total
Railroad,
Slate, Mun
A Foreign
Shares.
Sales at
New York Stock
World Film Corp v t c
Wright-Martln Alro r
1918.
Stocks—No. shares
Bonds.
*4,488,000
8,617,000
6,575,000
5,459,000
8,048,000
6,215,000
*5,794,000 *39,402,000
Jan. 1 to Dee. 13.
1917.
1918.
State, mun., Ac., bonds
RR. and mlsc. bonds..
Total bonds
1917.
*39,402,000
5,794,000
9,312,000
*13,640,000
6.663.500
6.242.500
*54,508,000
*1,211,281,000
262,338,000
329,737,000
*26,546,000
*257,310,750
284,871,500
450,981,000
*1,803,356,000
Boston.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Bond Sales.
Shares.
*993,163,250
Baltimore.
Bond Sales.
10,927
17,676
17,674
14,314
12,123
17,209
*36,400
160,700
41,050
49,850
78,050
1,000
2,486
7,701
15,956
6,649
6,390
3,367
*9,500
64,850
156,350
57,800
54,350
13,000
89,923
*367,050
42,549
*355,850
Shares.
Bond Sales.
930
603
*25,700
19,000
141,000
77,350
27,000
86,000
6,851
*376,050
1,762
871
1,665
1,020
New York “Curb” Market.—Below we give a reoord of
the transactions in the outside security market from Dec. 7
to Deo.
13, both inclusive.
Friday afternoon.
It
covers
the week ending
It should be understood that no such reliability attaches
to transactions on the “Curb” as to those on the regularly
organized stock exchanges.
On the New York Stock
Exchange, for instance, only
Exchange can engage in business, and they
are permitted to deal only in securities regularly listed—that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the “tape,” or reported
In the official list at the end of the day, are authentic.
members of the
On the “Curb,” on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
It Is out of the question for any one to vouch for the absolute
trustworthiness of this record of “Curb” transactions, and
we give it for what it may be worth.
Friday
Sales
Last Week’s Range
for
Sale.
Week.
of Prices.
Par. Price. Low.
High. Shares.
Week ending Dec. 13.
Aetna Exploe_r___(no par)
£1
Brit-Amer Tob, ord
Ordinary bearer
£1
Bums Bros lee com r .100
Butt’w'tb-Jud Corp.r.(t)
Car T/tg A Power r. .
25
Chevrolet Motor
100
7X
"22X
6X
62
22 X
62
22)4
22 X
23 X
45
23
49
27
2)4
144
8H
142
2X
147
Range since Jan. 1.
Low.
High.
20,300
5X Dec
50
100
41)4 Jan
14)4 Apr
14)4 Apr
18X June
13,900
2,400
4,025
1,800
1.100
19
IX
100
Dec
Oct
Jan
16 X May
72
May
23 X Nov
23 X Nov
63)4 Nov
59)4 May
3)4 Mar
160
13
2X
39 X
81
106
4
17
4X
10
31X
2
42)4
------
-
X
------
34)4
12)4
34)4
X
6)4
3)4
X
500
X
X
4
------
4X
Subsidiaries.
Anglo-Amer Oll.r
£1
Buckeye Pipe Line.r...50
Crescent Pipe Line.r...50
Illinois Pipe Line.r
100
Indiana Pipe Line.r
50
Penn-Mex Fuel.r
25
Standard OH (Calif) r__100
Stand Oil of N J.r
100
Standard Oil of N Y.r.100
Union Tank Line.r
100
Oct
------
98
52
230
580
288
100
1
6X
6c
.5
r
Mining Stocks.
Alaaka-Brlt Col Metals.. 1
Mliuw
r
_
2
3)4
1
Big Ledge Copper
6
15X
4)4
22)4
21X
1
1
TCpwanaa
1
r
Liberty Silver (prospt).r.l
Magma rinppor
__6
Marsh Mining.r
1
Mason Valley
5
1
Nlplsslng Mines
5
Nixon Nevada
Ohio Copper.r
1
1
Onondago Mines.
Ray Hereules Mining.r_.6
Rochester Mines
Ran Tov
Mining
1
Tonopah-Belm Dev.r
Tonopah Extension
1
1
23c
64
4X
24 X
iox
2X
23c
59 X
25c
64 X
7
6X
X
X
------
X
9-16
39c
IX
2)4
40c
6Xc
1
39c
16c
37c
IX
2X
39c
88c
46c
3
350
------
40c
IX
IX
ex
5
1
1
IX
2X
40c
25c
lc
5c
43o
5
4X
X
38c
13c
38c
4c
3
34o
8X
33c
X
------
4X
3X
31c
4
3X
30c
8X
15X
IX
2X
40c
89o
12o
ISO
50o
59o
30c
34c
7-16
X
2 3-16 2X
50c
52c
8c
9c
28X
4Xc
X
9-16
42c
5Xc 7c
X 1 1-16
6c
14 X
84c
13-16
13-32
IX
IX
6X
5X
IX
IX
IX
2X
------
------
32c
Washington Gold Quart*. 1
88c
IX
21c
13c
28c
45c
87o
IX
19o
2o
13c
6Xc
Oct
425
200
Apr
2H July
X June
2
13
34 X
15,700
100
1,300
1,900
6,750
15,800
2,000
6,400
10,500
6,500
5,800
•
15
10
10
10
5,450
60
28
150
50
5
Dec
June
June
Nov
19X Jan
X Nov
3X Nov
2X Oct
x Sept
4
Dec
X Nov
Oot
X Dec
12 X
11X
85
36
138
90
26
210
490
248
85
317
5,900
750
4Xo
3X
35c
2,095
200
1,000
4,900
13,400
12,500
4,200
1.500
4.500
1,200
6.00C
8X
100
46c
13-16
55,70C
9,100
5,500
1,900
8,300
2,000
1,800
10,600
2,800
5,500
2,500
2,500
21,700
1,000
4X
3X
37c
8X
15X
450
1,300
3X
200
4X
%
4,050
4,100
33c
48c
89c
1 5-16
22c
2c
15c
15,500
6Xc
Mar
Sept
4,500
7,100
3,900
44,000
1,000
21,200
1,000
sept
Jan
Feb
Jan
Mar
Jan
Apr
Apr
Mar
Sept
Apr
Dec
Nov
Nov
5-10 Apr
34c
July
3o
July
Sept
Jan
Sept
Dec
Nov
Apr
Aug
Oct
Jan
Feb
Aug
Mar
7-10 July
Mar
X Feb
IX Sept
30c
17c
lc
June
Oct
Dec
2XcSept
2X
4X
X
37c
8c
June
Jan
Feb
Nov
Dec
July
lXc Oct
28c
27
305
12
42
Oct
Oct
June
4X Jan
39X Deo
83 X Nov
106
Deo
7X
18
Feb
May
Jan
Oct
5X Nov
Oot
34X Deo
15 X
6
X
5X
1
4X
May
Deo
Nov
Jan
Aug
20
Feb
56 X June
13X Oct
17 X
Feb
2X Apr
13X June
8X Deo
34X Deo
20 X May
35 X Nov
2
Feb
7X May
4
Nov
X Mar
11X May
IX Nov
17 X
Nov
IX
Deo
18X
100
40
192
99
53
249
036
302
107
420
Aug 1 3-18
Sen*
33o
Sdbt
8X
July
7X
Sept
5-16
4
Aug
Sept
X Sept
X Sept
25c
Sept
X Sept
IX Sept
33c
40c
18c
8c
47c
30
:Sept
Sept
6
12,500
5X
4X
X
Oct
June
25,500
34,000
X
13,400
3c
38c
92,100
20,950
30c
9,100
7A»
6,400
IX
20,250
37c
21,200
3o
4,800
42o
4,100 1 5-16
19,200
4X
6,200
4X
300
Feb
Sept
May
Sept
Sept
.
600
Apr
7X Nov
5
21
11
26,500
'A*
2,000 —15c
13,100
5X
600
5X
3c
160,600
4,500
IX
13,700
2x
1,100
39 X
12 X
10,100
45,000
IX
6,600
17 X
8,000
X
87o
73,000
1
6.70C
97
3,279
42c
3.40C
60.00C
6X
1
16.60C
18o
11.00C
50
5,800
1.30C
8,400
13.30C
8,800
1,900
Apr
Nov
10X July
14 X Dec
45c
40c
29c
Jan
Aug
Dec
8Xc
8Xc
------
3X
4X
8
55c
------
4X
X
2H
5,500
6,040
2,500
3,500
15,175
22,700
13,800
88c
13-16
7-16
6c
6c
X 13-32
X
16c
18o
17c
lie
11c
2X 2 9-16
2
115-16 2 1-16
84c
United Eastern Mining.. 1
United Sulphur Mines.r..l
Ward MLo A Milling
1
West End Consolidated..5
Western Utah Exten i r.. 1
White Caps Extension. 10c
White Caps Mining...10o
Wilbert Mining
1
77 X
16
9X
IX
9X
2X
__1
Seneca Copp Corp (no par)
Silver Canon
1
Silver Florae Silver r
1
Silver King of Arizona
1
Silver Pick Cons.r
1
Standard Silver-Lead
1
1
Stewart..
6
9o
2X
3X
------
_
Mother Lede.r
4
7X
1 11-1 61 9-10
IX
1.13
1.05 1.20
1 5-16
IX 1 5-16
120
137 X
1/120
470
48c
10c
Jim Butler.r
Jumbo Extension
74
16
16c
Booth r
1
54c
Boston A Montana Dev..5
31c
Caledonia Mining
1
Calumet A Jerome Cop.r 1
X
Canada Copper Co Ltd..6 2 5-16
51c
Candalaria Silver.r
1
Cash Boy
1 8)4c
Cerbat Silver M A M_r__l
IX
Consol Arizona Smelt
5 1 11-16
Consol Copper Mines..-.6
6X
Cresson Cons Gold MAM 1
5X
Dundee-Arizona Copper. 1
IX
El Salvador Silver.r
1
IX
Eureka Croesus Min r
1
IX
First National Copper
2X
5
40c
Fortuna Consol .r
1
27c
Goldfield Consolidated. 10
8c
Goldfield Merger.r
1
Great Bend.r
1
Hattie Gold Mln.f.r
43c
1
Hecla Mining
25c
5X
Howe Sound
1
4X
r
3X
------
.1
Atlanta Mines
Iron Rlofwnm
6X
5X
5Xo
------
1
23 X June
78
Nov
77 X Mar
1
Sept
13
Jan
2
5-16
7,800
5-16
20o
Nov
Aug
11X
17 X
92
37
155
98
53
231
580
289
107
371
19c
Feb
10H Sept
10
300
2,000
5,500
12,700
2,000
11,800
1,350
1,100
33,500
3-16
X
------
Glenrook Oil r
10
Houston Oil oom r
100
Internat Petrol _r
£1
Island Oil A Trans r.__.10
Merritt Oil Corp.r
10
Metropolitan Petroleum25
Midwest Oil common r_.l
Preferred .r
1
Midwest Refining.r
60
Northwestern Oil, com.r.1
Oklahoma Prod A Ref
5
Okmulgee Prod A Refg..5
Omar Oil A Gas com
1
Royal Dutch Co new_r__5
Sapulpa Refining.r
..6
Security Prod A Ref
5
Sequoyah Oil A Ref
1
Southwest Oll.r
1
Stanton OU.r
1
Victoria Oll.r
10
Am prion.
16X
92
37
155
98
47
230
577
283
106
371
------
Coeden A Co common r__5
Elk Basin Petroleum r...5
Esmeralda Oil r
1
Federal Oil
17X
High.
Low.
200
53,400
15X
X
X
92
Range since Jan. 1.
IX' 65,000
X
15
X
300
500
3,800
6
4
5X
3X
1,000
5,200
4,000
1,700
4X
X
4X
X
2X
19 X
42
43 X
11X 11X
14X 14 X
1-16
X
8X
8X
8X
8X
28
34 X
11
12 X
34 X 35 X
X
X
18
590
750
100
11
34 X
2
X
4X
X
2X
16X
4)4
Boston-Wyomlng Oll.r.. 1
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Stocks—
4)4
NorfAWes RR(to take bds)
Texas Co.r
Wilson A Co.r(to take bds)
Former Standard Oil
Other Oil Stocks.
Barnett Oil A Gas r
2,475,888
2,906,810
138,112,084
178,322,525
*233,262,800 *269,278,000 *12,788,035,715 *16,452,353,780
*2,500
*22,400
*125,300
Par value
Bank shares, par
Bonds.
Government bonds
11X
13
Rights.
V. s.
-
11X
37
78
102
4
14
33)4
10
5
5
(t)
Wayne Coal
291
IX
38
79
106
Hupp Motor Car
ai1
1 s i rH s
Keyst Tire A Rub. com. 10
Lake Torpedo Boat.r_.10
Manhattan Transit.r.. .20
Marconi Wire! Tel of Am. 5
Maxim Munitions.r
10
North Am Pulp A Pap (t)
Peerless Trk A Mot Corp50
Penn Seaboard Steel..(t)
Relo Equipment r
10
St Joseph Lead.r
10
Smith Motor Truck r
10
Stand Mot Constr.r
10
Steel Alloys Corp.r
5
Steamship.r
280
11X
100
10
Vacuum Oil
Week ending Dec. 13.
Exchange.
Week ending
Dec. 13 1918.
Pref erred, r
U S
TRANSACTIONS AT THE NEW FORK 8TOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
for
Ww
of Prices.
Low.
High. Shares.
Service, com_r._100 285
Stromberg Carbur-.no par
Submar Boat Corp v to.(t)
United Motors r..(no par)
United Zinc Smelt.(no par)
Volume of Business at Stock Exchanges
Week’s Range
Price.
Cities
104)4
Jan
73
Last
73)4 May
Jan
Dec
Dec
Dec
Nov
Dec
48
200
96)4
Sept
Sales
Friday
•
High.
101)4 May
47)4 Jan
1,000
3,000
100)4 100)4
88
94 X
67
65
900
62
62
40
96
102
78
Low.
Ex-dlvldend.
Thursday
Friday
2281
Oct
Feb
Oct
Jan
Apr
Deo
Nov
Nov
' Nov
Deo
Oct
Jan
Jan
Feb
Oct
Jan
Feb
5
Jan
86 X June
16
Deo
5X Mar
29 X June
2X Nov
1.24 Jan
IX
Jan
139
89c
10 X
Nov
Feb
40o
82
Jan
Nov
Oet
11X Mar
10X May
X Oct
IX Mar
58c
2X
June
Mar
6X Mar
70c
89o
13c
May
Deo
Feb
IX Mar
23o
96c
56c
Deo
Mar
Jan
IX Mar
2X Deo
52c
19o
Deo
Feb
IX July
2% Nov
*7X May
6
Nov
1 5-10 Nov
IX Aug
2X June
2X Jan
46c
Aug
7-16 Jan
11c
Deo
10c
Feb
86c
Sept
*Q*At
4X
Nov
Deo
11-16 Jan
90c
Jan
24o
Jan
9o
Feb
62c
July
42 1
Jan
2XcNov
2X Dec
8XoMar
6X Jan
56c
Apr
Jan
9
May
Oct
IX Mar
X Oct 1 3-10 July
2
Jan
6
July
3X Dec
4X Jan
Jan
27c
54c
May
7o
18c
Sept
Jan
7X Jan
15X Deo
60c
88c
Sept
Dec
1
X Mar
Aug
7-32 Apr
X June
2Xc Oct
9Xo Deo
% Oct
X Apr
11c
Aug
X Jan
7c
Jan
16c
Apr
IX Sept
3X Mar
Nov
1
IX Jan
4
2X Sept
Jan
3
July
6X Feb
X Dec
X Deo
4c
May
52c
Nov
37 Xc Nov
49o
NOV
25c
8
31c
Jan
73o
65c
11c
Oct
Jan
Oct
1X0 Nov
8Xc Sepl
4c
Sept
89c
Deo
IX June
23c
18c
X
14c
Sept
Feb
Jan
Jan
[Vol. 107
THE CHRONICLE
2282
Sales
Friday
Last
Week's Range
Sale.
of Price*.
High.
Par. Price. Low.
Bond*—
101M
102 X
96
99
101 x
1923
1920
1919
102 ys
1921
96X
KanCltyTermRy 6s w 1 '23
LlggettAMyers Tob 6sl921
Russian Govt 6Hs r.,1919
100
99 H
66
65
95 H
Cudahy Pack 7s
Gen Elec 6% notes
6% notes
Interboro R T 7s
1921
5H«-r
101
101
Amer Tobacco aerial 7* r’19
1920
Serial 7s.r
1921
Serial 7s.r
Serial 7s r
1923
Armour A Co deb 6s.r.1919
Braden Cop Mines 6s w l’31
Canada (Dom of) 5s_.1919
Cb A N W Ry gen 5s w i ’87
Cities Service deb 7s.rl966
Wilson A Co Inc 6s w 1 '28
Range since Jan. 1.
for
Week.
Shares.
Low.
100%
99%
99%
$2,000
101X 101% 16,000
102
102% 12,000
102 K 102% 130,000
101 Yt 101%
1,000
96
96
247,000
98 X 99% 153,000
101
101% 300,000
117
117% 28,000
101% 102% 51,000
101
101% 13,000
16,000
100% 100%
95% 97% 276,000
47,000
99% 100
99
99% 245,000
65
67% 25,000
65
96
65
95%
94%
101
102
97%
98%
99
95%
99%
98%
38
32
5,000
210.000
95%
New York City
Oct 101%
Oct 101%
Oct 102%
Oct 103
101%
96
Dec
Jan
Dec
Oct
Aug
Jan
Jan
Dec
Nov
Nov
Mar
Apr
Dee
Dec
Dee
Nov
Nov
Dec
Dec
Dec
Dec
Dec
Alliance R’lty
Amer Surety.
Bond A M GCasualty Co.
Preferred
Dec
14
60
.
.
65
67
Mtge Bond..
Nat Surety..
N Y Title A
225
75
19
67
y
t
Pi
Par
new £1
Standard Oil Stocks
Anglo-American Oil
Shar
r
Eureka Pipe Line
propaganda should, for instance, point out the folly of hoarding, the
pitfalls of investing, the essentials of credit, the rewards of saving, the
advantages of intimate relationship with banks.”
According to Mr.
Blodgett, “the high mission of bank propaganda from now on is to inspire
Americans to increase their financial power.”
He further says:
'i’While bapk presidents are urging business to adjust itself to the new
tar of things and to prepare for the demands and the opportuniplatitudes.
ties ofthe
not
975
450
*93
290
29
450
tion times.”
*36
160
175
175
86
115
100
150
•97
100
International Petroleum. £1 *15*4
National Transit Co...12.50 *15
New York Transit Co... 100 185
Northern Pipe Line Co. .100 ^108
Ohio Oil Co
25 *312
*52
555
Prairie Pipe Line.,
100 278
325
Solar Refining
100 325
Southern Pipe Line Co. .100 178
South Penn Oil
100 270
Southwest Pa Pipe Lines-100:Xl01
Standard Oil (California) .100 230
Standard Oil (Indiana). .100 680
620
Standard Oil (Kentucky) 100 335
Standard Oil (Nebraska). 100 450
Standard Oil of New Jer.100 576
Standard Oil of New Y’k.100 286
450
—
100
105
368
Union Tank Line Co.... 100
10 *36
*36
Washington Oil
era. their institutions are advertising just about as they did before
darkened the horizon and before reconstruction began.
Banks are
advertising as their officers talk.
These are not times for
By putting the right ring in bank publicity—making it informative, inspir¬
ing propaganda—a profound influence can be exerted in these reconstruc¬
Ordnance Stocks—Per
hare.
Explosives pref_._P
62
Aetna
are
Preferred.
Carbon Steel
common..
$13,723,000 first mortgage bonds.
let “C-5."
1
shippers who desire to finance American commerce
Uruguay and other South American countries.
cial institutions and
in Chile, Argentina,
—Hallgarten A Co., Geo. H. Burr A Co. and A. B. Leach A Co. are
jointly advertising on another page $3,000,000 Republic Motor Truck Co.,
Inc., first mortgage and collateral trust 7% serial notes. Subscription
books will be opened Monday, Dec. 16, and may be closed without notice.
Full particulars appear in the advertisement.
—Blake Bros. A Co., 44 Wall St., New York, have issued a card setting
forth listed and unlisted stocks which they believe to be desirable pur¬
chases at this time either for permanent investment of profit.
New York City Banks
and Trust Companies
All prices now dollars per
Banka—N.Y.
America*
Amer Exch_.
Atlantic
Battery Park.
Bowery *
BroadwayCen
Bronx Boro*.
Bronx Nat...
Bryant Park*
Butch A Drov
Cent Merc
Chase
Chat A Phen.
Chelsea Exch*
Chemical....
Cltisens
City
Coal A Iron..
Colonial*....
Columbia*
Bid.
500
220
170
190
400
135
125
160
145
20
165
415
240
115
400
215
455
216
400
155
Ask.
Banks.
230
180
200
_
_
145
175
170
155
25
170
425
^
Lincoln
Manhattan *.
iMech A Met.
Merchants
165"
Mutual *._..
New Neth*._
iNew York Co
New York
!Park
Prod Exch*..
Public
Seaboard
Second
Sherman
State *
"23d Ward*...
Union Exch..
United States*
Wash H’ta*.
Westch Ave*.
YorkvUIe*...
Commerce
tl95
Comm’l Ex*. 390
410
Commonwealth *... 195
Continental*. 100
107"
Corn Exch*.. 330
340
85
100
Cosmop’tan*.
Cuba (Bk of). 175
Brooklyn.
East River...
25
20
Coney Island*
130
First
110
Europe
Fifth Avenue* *1800 2200
Groenpotnt
Fifth
215
230
Hillside *....
First—
940
960
Homestead *.
Meehan ins' *
Garfield
170
185
Gotham
200
Montauk *
Greenwich*.. 330
340
Nassau
760 [National City
Hanover
740
Hardman
240
250 ijNorth Side*/.
515
People’s
Imp A Trad.. 505
.
..
•
250
170
330
125
Metropolitan* 170
jPaciflc *
125
410
225
475
225
Bid.
t Irving (trust
certificates) 270
415
Liberty.
515
_
i
375
200
130
425
135
535
200
225
450
400
125
120
115
145
500
275
160
29Q
140
265
150
110
70
57
85
200
133
175
130
275
430
275
180
340
135
175
215
140
Trust Co’s.
New York.
Bankers Trust
Central Union
Columbia.
Commercial..
Bid.
480
412
322
88
290
Empire
Equitable Tr. 385
Farm L A Tr. 410
210
Fidelity
Fulton
330
Guaranty Tr. 372
Hudson
135
...
Irving Trust- /See
\Nat
550
Law Tit A Tr
240
470
425
135
130
155
175"
310
155
280
165
120
80
62
95
207
138
200
140
95
110
Mutual(WestChester)
N Y Life Ins
A Trust
N Y Trust...
Scandinavian
Title Gu A Tr
Transatlantic.
U S Mtg A Tr
United States
Westchester..
Brooklyn.
Brooklyn Tr.
105
415
900
130
605
220
260
Kings County 620
Manufacturers 160
290
People’s
65
Queens Co...
Franklin
Hamilton....
Ex-rights.
49
248
89
75
25
68
202
105
113
95
*40
280
340
253
91
85
40
72
207
109
116
98
44
300
380
*25
675
45
85
725
55
05
H*100
104
com...
Preferred
Penn Seaboard Steel (no par)
...
Woodward Iron.
Preferred
Public Utilities
Amer Gas A Elec com...
Preferred
!
Amer Lt A Trac com
1
Preferred
]
*44
244
100
55
75
10
38
33
95
285
80
Preferred.
390
420
22
45
Preferred
Elec Bond A Share pref--100< d92
d92
8
43
Preferred.
81
Irving
Bank
100
850
610
310
170
425
920
140
520
230
270
650
75
Illinois Central 5e
North’n States Pow com.lC
Preferred
__1(
North Texas Elec Co eon
Preferred...1(
Pacific Gas A Elec com__l(
1st preferred
1(
Preferred
Republic Ry A
95
H
M
>|
59
70
n
)\
41
87
>
1( >
Light..__1( >
1( >
15
49
17
57
)\M
79
com.
96
M *11
> *32%
>
3%
>
16
>
5
38
M
1st preferred
2d preferred
1(
United Lt A Rys com
1C >|
1st preferred
1( M
Western Power common. 1( M
>
Preferred
i
Preferred.
11%
38
75
62
88
>
Preferred
South Calif Edison com. _1(
Preferred
1C
Standard Gas A El (Del).
Preferred
Tennessee Ry L A P com.lC
Preferred
1(
United Gas A Elec Corp.H
47
246
102
60
80
20
41
6.90; 5.40
6.50 6.00
5.75, 5.25
Equipment 4%s
Kanawha A Michigan 4%s._
Louisville A Nashville 5s
Michigan Central 5s
Minn St P A 8 S M 4%s
Missouri Kansas A Texas 5e.
Missouri Pacific 5s
Mobile A Ohio 5e
Equipment 4%s
New York Central Lines 5s_
.
Equipment 4%s
N Y Ontario A West 4%s.._
Norfolk A Western 4%s_...
Equipment 4s
Pennsylvania RR 4%s
Equipment 4s
St Louis Iron Mt A Sou 5s._
St Louis A San Francisco 5s.
Seaboard Air Line 5s
i
Southern Pacific Co 4%s
Southern Railway 4%s
Toledo A Ohio Central 4s...
1
.
Tobacco Stocks—Per Sh
'
6.25
6.00
7.00
7.00
6.50
6.50
6.00
6.00
6.30
5.85
5.85
5.75
5.75
7.00
7.00
6.50
6.50
6.00
6.25
6.25
are.
Par Bid.
98
American Cigar common. 100
83
Preferred
100
Amer Machine A Fdry. 100
60
Brltish-Amer Tobac ord__£l *21
Ordinary, bearer
£1 *22
100 180
Conley Foil
70
Johnson Tin Foil A Met. 100
Mac Andrews A Forbes..100 180
90
Preferred
100
Reynolds (R J) Tobacco. 100 375
B common stock.
100 280
Preferred
100 106
94
!
A dividend scrip
94
B dividend scrip
120
Young (J S) Co
100
95
Preferred
100
.
-
Short-Term Notes—Per
5.50
5.50
6.00
6.00
5.90
5.90
5.76
5.76
5.90
5.35
5.35
5.25
5.2b
6.00
6.00
6.00
6.00
5.50
5.75
d.7d
Ask.
103
90
80
23
24
220
100
200
100
400
300
109
98
98
150
105
Cent.
98% 99%
100% 100*8
100%
Amer Tel A Tel 6s 1919.F&A 100
Balto A Ohio 5s 1919...JAJ
99*s 99*8
Canadian Pac 6s 1924.MAS 2 100% 100%
Del A Hudson 5s 1920..FAA
98% 99%
96
96%
Erie RR 5s 1919
.A-O
Fed 8ugar Rfg 5s 1920..JAJ
97% 98%
’General Elec 6s 1920....JAJ 1005s 101
6% notes (2-yr) 1919.JAD 100% 100%
Great North 5e 1920..‘.MAS
98*8 98%
Hocking Val 6s Feh ’1ft MAN
K C Term Ry 4 %s 1921 .JAJ
97% 99
5s Nov 15 1923..MAN 15
99% 100%
Laclede Gas Lt 5s 1919. FAA
9812 99%
99% 99%
Lig"ettAMyersTob6s’21JAD
N Y Cent 5s 1919..MAS 15
99% 09%
Penn Co 4%s 1921..JAD 15
96% 97*8
Amer Cot Oil 5s 1919..MAS
7% notes Sept 1919
99
98
Rem Arms U M C 5# ’19FAA
98% 99%
Southern Ry 5s 1919.MA8 2
99% 99%
Utah Sec Corp 6s ’22 .MAS 15
88% 89%
W’house El A M 6s T9. FAA 100 100%
Winches RepArms7sT9. MAS
100
99*4 100
24
Industrial
and Miscellaneous
47
American Brass
10C 212 220
95
68
65
American Chicle com..__ 10C
11
76
74
Preferred
10C
46
140
83
American Hardware
10C 136
43
39
13% Amer Typefounders com. 100
87
83
10C
42
Preferred
97
95
78
Borden’s Cond Milk com. 10C
99
95
64
10C
Preferred
Celluloid Company
90
10C 135 140
102
64
Columbia Graphoph Mfg (+) *100
89
86
Preferred
10C
75
34
43
Freeport Texas Co
(+) *32
3
Havana Tobacco Co....10C
1
89
5
2
Preferred
10C
20
45
1st g 5s June 1 1922..J-D /38
52
11
10
Intercontinen
10(
Rubb com.
18%
Internat Banking Co
59
10C 160
62
10C
52
81% International Salt
70
1st gold 5s 1951
71*4
102
A-C
90
80
International Silver pref.lOC
13
89
34
Lehigh Valley Coal Sales. 50 *86
59
56
Otis Elevator common
1(X
4
84
1(X
81
18
Preferred
7
Remington Typewriter—
35
100
Common
34
40
1st preferred
10
100 108 112
103
2d preferred
42
100 100
72
Royal Baking Pow com. .100 125
90
Preferred
100
87
16
60
Singer Manufacturing
100 192 195
Texas Pac Coal A OU....1001080 1100
67
l
83
„„
jPub Ser Corp NJ 5s T9.MAS
100
288
81
26% 29
i
>
Preferred.
>
Banks marked with a (*) are State banks,
t Sale at auction or at Stock
Exchange this week, t Includes one-third share Irving Trust Co.
t New stock,
s
Preferred
Hercules Powder
Preferred
Puget SdTrLAP
800
595
290
330
112
duPont (E I) de Nemours
Preferred
Cities Service Co com
100
Preferred
Colorado Power com...
Preferred
125
68
5
35
155
20
150
485
417
327
100
305
Lincoln Trust
Mercantile Tr
A Deposit. 210
Metropolitan. 345
Equipment 4%s
Equipment 4s
Hocking Valley 4s
Equipment 5s
15%
6.60
5.70
5.70
5.75
6.00
5.50
5.50
6.00
6.00
6.00
5.75
5.95 5.45
5.75 5.25
6.25 5.75
6.25 5.75
6.25 6 95
6.25 6.95
6.25 5.95
6.25 5.50
6.25 5.50
5.90! 5.40
.
Chic St Louis AN0 5S
Chicago A N W 4%s
Chicago R I A Pac 4 %s
Colorado A Southern 5s..._
Erie 5s
195
113
316
54
565
283
350
183
275
105
233
690
540
350
460
580
290
475
105
107
373
40
*46
Mfg
6.00
6.10
6.10
6.15
6.50
6.00
6.00
6.90
7.00
7.00
6.25
Equipment 4%s
Chicago A Alton 4s
Chicago A Eastern 111 5%s__
Equipment 4%s
Chic Ind A Loulsv 4%s_.
16
350
75
200
100
100
70
Ask.
220
360
382
145
170
Equipments—PerCt. Basis.
Caro Cllnchfleld A Ohio 5s.
Central of Georgia 5s
105
155
100
Colt’s Patent Fire Arms
share.
Ask.
150
West A Bronx
Title AM G
j
185
90
130
110
*300
*65
190
90
93
67
■■■——BT
York agency at 60 Wall
St., this city, has issued a booklet entitled “Collection Tariff.
The New
York agents of the bank will be glad to mail a copy of the booklet to finan¬
—The Anglo South American Bank. Ltd., New
80
190
60
_
17% Baltimore A Ohio 4%s
Buff Roch A Pittsburgh 4%s
Equipment 4s
Canadian Pacific 4%s
87% 89%
Preferred.
jointly offered and advertised in to-day’s “Chronicle” by Halsey.
—The bond department of Hannevig A Co., 139 Broadway, this city,
specialists in marine financing and marine securities, have ready for dis¬
tribution a reprint Of an article which appeared in the “Marine News.”
The article describes the investment characteristics of first mortgage
marine trusts and will be mailed free to all inquirers who write for pamph
RR.
990
475
95
310
32
470
39
170
2
American A British Mfg.100
Preferred
100
*
Stuart A Co., A. B. Leach & Co. and the Continental & Commercial Trust
A Savings Bank, all of New York and Chicago.
The net earnings of the
West Penn Power Co. for the year ended Sept. 30 1918 are, according to
the bankers, nearly 2H times the annual interest requirements on the
Ask.
75
175
Equipment 4%s
—At 99 and interest, yielding more than 6%. a new issue of $3,000,000
West Penn Power Co. first mortgage 6% bonds. Series “C,“ due June 1
1958,
220
Bid.
Realty Assoc
(Brooklyn)
U 8 Casualty.
US Title Guar
Ask.
17%
Co....100
Preferred old
Preferred new
The part
Bank
85
f
Bid.
.
CURRENT NOTICE.
precedented demand for new resources,” Mr. Blodgett notes that "it will
be impossible to run the machinery of the industries of peace, to repair
the waste of war and to resume countless suspended projects with resources
measured by ante-bellum standards."
He points out that “the financial
resources of the nation are the sum of individual resources,” and declares
that “bank capital has never supplied the nation’s industrial needs;
.
.
the pooled resources of the people must do it. just as they did in pre-war
days, only on a vaster scale, and just as they were required to finance the
war/’ In what he has to say regarding the need of awakening bankers to
the part their publicity should play in the reconstruction, Mr. Blodgett
contends that, “notwithstanding the fact that bank presidents are them¬
selves constantly under the influence of propaganda, their imagination has
not pictured the pressing necessity of organizing a propaganda which will
provide the new resources absolutely necessary for national welfare."
r,Propaganda in its simplest terms,” he says, “is a ‘pointing out things.’
75
90
“and Interest’’ except where marked “f.
Ex-stock dividend.
which publicity can be made to play in promoting a greater
degree of efficiency in bank management is dealt with in a booklet by
Harvey A. Blodgett, of St. Paul, bearing the caption “Speaking Frankly
to Bank Presidents."
Stating that “when peace comes there will be un¬
Ask.
Quotations for Sundry Securities
Odd lots,
Ex-iights.
Bid.
95
85
216
Mortgage..
t No par value, i Listed as a prospect. I Listed on tbs Stock
Exchange this week, where additional transactions will be found, s New stock
r Unlisted.
« Ex-cash and stock dividends,
w When Issued. * Ex dividend
*
dollars per share.
Ask.
All bond prices are
99% Nov
100% Nov
99% Dec
Oct
Nov
Dec
Bid.
55
62
218
City Investing
99%
101%
117%
102%
101% May
100% Apr
78
73
97
Realty and Surety Companies
AH prices now
High.
99%
98% July
96
.
7
40
70%
14
57
>:
64
>
78
•Per share,
ft Basis, d Purchaser also pays accrued
Flat price,
n Nominal.
% Ex-dividend.
V Ex-rights,
----
dividend, e New stock.
(t) Without par value.
Dec. 14
1918.]
THE CHRONICLE
11
'
""""""
"
1
"""
*
11
■■
I
■—
■
2283
■■■■
.
■"■■■■■I,**
U-
Imixstnxettt amt f^aitoad Intelligence.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings
of various STEAM roads from which regular weekly or monthly returns
can be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and
including the latest week or month. The returns of the electric
railways
are
brought together separately
on a
Latest Gross Earnings.
ROADS.
Week or
Month.
subsequent
page.
Jan. 1 to Latest Date.
Latest dross Earnings.
ROADS.
Current
Year.
Current
Year.
Previous
Year.
Alabama A Vicksb. October
236,582
230,475
Ann Arbor
4th wkNov
97,544
74,153
Atch Topeka A S Fe October
15425189 12996636
Gulf Colo A S Fe October
1,768,506 1,629,583
Panhandle A S Fe October
510,798
650,899
Atlanta Birm A Atl October
463,206 385,835
Atlanta A West Pt. October
251,363
180,824
Atlantic City
October
350.372
226,536
Atlantic Coast Line October
4,987,088 3,661,236
Atlantic A St Lawr. June
187.384
122,364
Baltimore A Ohio.. October
18261058 12525425
B A O Ch Term.. October
155,183
163,732
Bangor A Aroostook October
462.944
393,185
Beliefonte Central. October
7,958
6.232
Belt Ry of Chicago. October
349,690
329.001
Bessemer A L Erie. October
1.530.951 1,249,280
Bingham A Garfield October
309,687
321.188
Birmingham South. October
92,840
121,782
Boston A Maine
October
6,104,232 5.500.374
Buff Roch A Pittsb 1st wk Dec
313,152
298.945
Buffalo A Susq Rk. October
187,427
168,619
Canadian Nor 8yst_ 1st wk Nov 1,133,100
916,000
Canadian Pacific. 1st wk Dec 3,480,000 3,289,000
Can P Lines in Me. October
117,946 122,550
Caro Clinch A Ohio October
408,123
359.643
Central of Georgia. October
1,774,420 1,592,578
Central RR of N J. October
4.434.685 3,299,778
Cent New England- October
456,095
477,316
Central Vermont
October
517,993
420,082
Charleston A W Car October
341,926
252,455
Ches A Ohio Lines. October
7,467,628 5,046.572
Chicago A Alton
October
2,388,753 1,911.764
Chic Burl A Quincy October
14429333 11342614
Oh Det A O G Trk. July
163,436
122,207
Chicago A East Ill. October
2,731,341 1.898,964
Chicago Great West October
1,740,764 1,491,165
Chic Ind A Louisv. October
1.082.409
844,622
October
Chicago Junction
323,653 296,778
Chic Milw A St P__ October
14616212 11034551
Chic A North West. October
13876431 10477718
Chic Peoria A St L_ October
194,321
201,973
Chic R I A Pacific. October
10160103 8,162,555
Chic R I A Gulf.. October
385,065
378,683
Chic St P M A Om_ October
2,496,072 2,054,564
Chic Terre H A S E October
554,594
337,799
Cin Ind A Western- October
271,355
218,948
Coal A Coke
September
147,808
112,558
Colorado Midland September
9,464
194,829
Colo A South RR__ 4th wk Nov
364.752
292,315
Ft W A Dfen City October
820,060
674,193
Trin A Brazos Val October
111,092
128,243
Colo A Wyoming.. October
90.978
105,000
Constit Rys of Mex 1st wk Nov
621,178
Crip Crk A Col Spgs October
79,954
89,833
Cuba Railroad
September
875,550
690,125
Delaware A Hudson October
3,172.081 2,867,915
Del Lack A West
October
6,729,812 5,342,937
Deny A Rio Grande October
3,257,741 '2,794,326
Denver A Salt Lake October'
223,698
209,094
Detroit A Mackinac 2d wk Nov
38,822
25,387
Detroit Tol A Iront October
354,043
238,377
Det A Tol Shore L_ October
169,995
159,277
Dul A Iron Range. October
1,098,610 969,806
Dul Missabe A Nor October
1,899,046
3,195,440
Dul So Sh A Atl
4th wkNov
142,730
137,347
Duluth Winn A Pac October
120,780
140,400
East St Louis Conn October
102,040
87,197
Elgin Joliet A East- October
2,394,206 1,334,379
El Paso A So West. October
1,179,466 1,113,680
_
__
_
.
Previous
Week
Month.
or
Year.
1,7^1,148
1,987,448
3,185,784' 2,888,606
13&560797 11&089569
15,796,925 14,032.454
4,893,461 5,765,304
3,772,885 3,248,562
2,041,704 1,432,937
3.503.185 2,839,928
46.380.850 35.689.822
986,133
926.429
143303243 111166993
1.514.477 1,669,899
3,957,702 3,699,791
72,995
66.727
3,287,438 3.235.286
11,466,648 10,513,586
2,908,243 2.704.286
1,229,763
912,890
57,896,268 49,401,338
17,160,550 14.307,864
1,882,930 1,461,890
43,305,000 39,112,800
14^859883
140242646
1,844,238
3,861,358
17,001,793
37,526,691
5,058,304
4,306,744
2,416,555
59,367,963
20,124,094
1,993,210
3,372,177
12,762,566
31,073,858
4,581,251
3,741,186
1,919,742
44,978,312
17,171,101
118462046 101573663
800,805
748.485
22,206,343 17,465,428
15.837.352 13,592,625
8,987,030 7,611,625
2,778,071 2,717,363
108988527 94,395,681
105303522 89,972,176
1,831,152 1,795,724
82,780,290 70,422,539
3,642,362 3.117.128
20.235,460 17,654,369
4,185,700 3,079,853
2,605,333 2,216,097
1,061,414
970,919
991,011
11,430,176 9,961,909
6,368,318 5,233,894
947,427
834,428
941,604
996,668
Mo KAT Ry of Tex
Mo A North Arkan.
Mo Okla A Gulf
Missouri Pacific
Current
Year.
Jan 1 to Latest Date.
Previous
Year.
Current
Year.
i
Previous
|
Year.
*
$
October
830,899
711,524 16,056,723 12,788.171
September
96,874
130,000 1,060,868
October
138,098
178.829 1,498,186
October
8,461.602 7,199,531 73,248,969 64.688,550
Monongahela
October
195.824 2,600,364 1,803.109
349,462
Monongahela Conn October
202,797 2,023.382 1,564,722
236,223
Nashv Ch&tt A St L October
2,137,227 1,453,249 17,790,855 12,410,872
Nevada Cal Oregon 4th wkNov
7,732
II,713
264,959
353,533
Nevada Northern
October
262,165 242,915 2,248,052 2,062,463
Newburgh A Sou Sh October
96.804 1,168,984
169,845
839,698
New Orl Great Nor- October
179,088 1,849,391 1,591,654
196,069
New Orl A Nor East October
471,648 5,411,699 3.984.862
591,210
N O Tex A Mex
October
175,756
153,441 1,639,809 1,159,380
Beaum SLA W. October
93,811
111,562
St L Browns A M October
461,585
325,321
3,2041783
New York Central. October
28673375 22768782 239294263 199417379
Ind Harbor Belt- October
487,642
420.658 4,542,970 4,362.529
Lake Erie A W__ October
713,311 7,729,450 6,794.553
972,138
October
Michigan Central
6,644,539 4,990,388 55.568.240 43,395,981
Cleve O C A St L October j
7,137,150 5,063,791 58,959,212 42,881,194
Cincinnati North October
295,785 241,961 2,277,224 2,043,375
Pitts A Lake Erie October
3.310,812 2,531.575 27,427,568 21,435.089
Tol A Ohio Cent. October!
1,133,380
860,021 8,320,314
Kanawha A Mich October
692.797
333,263 4,986,242
N Y Chic A St Louis October!
2,327,661 1,546,355 17,961,575
NYNH AHartf.. October
9,353,128 7,704.668 85,055,277
N Y Ont A Western October
900,824
771,188 9,320,357 7,757,103
N Y Susq A West.. October
504,877
295,459 3.589.234 2.961.302
Norfolk A Western. October
8,027,950 6,300,313 67,264,435 54,665.808
Norfolk Southern.. October
521,271
472,921 4,673,843 4.468,206
Northern Pacific
October
12167442 8,338,680 82.813.285 73,021,575
Minn A Internat. October
77,630
843,183
884,234
69,812
Northwest’n Pacific October
641.815
482,707 4,834,459 4,066.071
Pacific Coast
October
580,339
1,974,101
524,821
Pennsylvania RR.. October
36962924 26549030 300253436 243597375
Balt Ches A Atl. October]
122,682 1,170,675 1,089,164
130,991
Cumberland Vail October
433,389 4,672,898 4,066,494
561,621
October
Long Island
1,817,118 1,739,471 18,861,378 14.578,191
Mary’d Del A Va October
99.461
881,113
851,453
102,947
N Y Phila A Nor. October
727,733
488.939 6,126,779 4,609.282
W Jersey A Seash October
644,004 8.980.768 7,459,939
808,413
October
10368824 7,438,264 77,375.671 66,025,767
Pennsylvania Co
Grand Rap A Ind October
550.658 6,015,246 5.486.302
691,073
Pitts O C A St L. October
8,996,414 6,526,122 72,249,641 61,350,878
Peoria A Pekin Un_ October
101,561 1,053,580 1,015,495
111,892
Pere Marquette
October
2,960,109 2.157,387 23,400,041 19,549,682
Pittsb A Snawmut. October
100,090
109,131 1,127,973
965,059
Pittsb 8haw A Nor. October
78,257
107,964 1,050,650 1,033,030
Pittsb A West Va__ October
171,874 1,581,737
170,080
Port Reading
October
141,720 2,079,089 1,584,432
257,308
Quincy Om A Kan C October
723,844
97,010
84,057
890,777
Reading Company:
Phila A Reading. October
6,750,197 6,194,124 66,329,562 55,837,679
Rich Fred A Potom October
644,379
446,455 5,602,786 4,008,570
Wash Southern.
October
248,066 3.100,850 2,087,666
383,928
Rutland
October
424,201
391,534 3,858,229 3,649,088
St Jos & Grand Isl'd October
221.411 2.208.768 1,947,699
240.797
St Louis-San Fran. October
6.612.190 5.430.115 57,326,977 47,346,597
Ft W A Rio Gr__ October
955,739
108,696
117,008
808,389
8t L-S F of Texas October
III,345
1,161,660
961,335
123,620
St Louis S W Syst.. 1st wk Nov
363,000 16,485,767 14,327.813
368,000
St L Southwest.. October
1,026,629 1,075,517 10,608,859 9,367,521
St L S W of Texas October
656,065 5,517,474 4,597,291
505,080
San Ant A Ar Pass. October
411,823 3,565,417 3,339,734
478,073
Seaboard Air Line.. October
3,347,370 2.840.116 31,951,853 24,780,094
October
South Buffalo
94,427 1.301.921 1,014,232
140.108
mm
mm
.
•
26M
.
790,004
950,351
10,064,834 5,559,898
29,254,666 25,266.078
56,466,122 48,044,404
25,547,191 23,413,851
1,816,197 1,747,717
1,373,304 1,166,925
2,763,901 2,471,512
1,616.456 1,539,065
8,409,892 6,422,208
19,925,878 13,210,348
4.434.185 3,984,537
1,388,669 1,746,331
October
Southern Pacific
864,024
938,715
Arizona Eastern. October
16,632,632 13,224,478
October
Galv
Harris
ASA
12,306,600 11,439,533
Erie
October
Hous A Tex Cent October
9,492.516 6,923,296 71,446,475 59,246,263
Chicago A Erie.. October
Hous E A W Tex. October
1,209,803
852,421 8,797,711 7,307,573
Florida East Coast. October
Louisiana West.. October
611,213
560,740 7,333,519 6,866,026
Fonda Johns A GIov September
116,327
843,017
95.622
805,950
Morgans LaATex October
Ft Smith A Western October
Texas
A New Orl October
134,955
130,828 1,059,615
893,715
Galveston Wharf. October
Southern Railway.. October
81,738
872,229
927,895
65,185
Ala Great South. October
Georgia Railroad.. October
657.337
536.405 5,379,469 3,354,026
Grand Trunk Pac.. 2d wk Nov
Cin N O A Tex P. October
177,830
223,980 5.430.253 5,242,836
Grand Trunk Syst. 1st wk Dec 1,379,502
New Orl A Nor E October ’
861,442 65.957,520 54.878.850
Grand Trunk Ry 3d wk Nov 1.358.685
Mobile A Ohio.
October
982,667 54,586.267 46,041,931
Bg Grand Trk West. October
Georgia
Sou A Fla October
2,004,327 1,455,210 11,383,091 9,755.840
Det G H A Milw. July
South Ry in Miss October
265.944
274,888 1,759,411 2,015,444
Great North System October
12090441 8.834.849 80,657,056 73,594,695
Spokane Internat’l. October
Gulf Mobile A Nor. October
216,347
229,628 1.987,722 1,942,770
Spok Portl A Seattle October
Gulf A Ship Island. September
Staten Island R T__ October
226,242
234,995 1.974,730 1,665,768
October
Hocking Valley
Tenn Ala A Georgia 4th wk Nov
1,561,990 1,066,127 11,385,582 8,990,276
Illinois Central
October
Tennessee Central. October
9,769,270 7,980,068 88,993,826 72,212,676
Internat A Gt Nor. October
Term Assn of St L. October
1,319,817 1,355,372 11,123,939 10,077,883
Kan City Mex A Or October
St L Mer Bdg T_ October
132,983
110.946 1,112,535
990.659
K C Mex A O of Tex October
Texas A Pacific
October
111,121
128,562
999,078 1,074.890
Kansas City South. October
Toledo Peor A West October
1,507,335 1.078,274 12487380 10,168,745
Texark A Ft Sm_ October JJ
Toledo
St
L
A
West
October
910.520
127,720
99,667 1.014.102
Kansas City Term. October
Ulster A Delaware. August
114,613
102,206
938,970
938,970
Union Pacific
October
Lehigh A Hud Riv. October
191.753
187,848 1,904,827 1,904,738
Lehigh A New Eng. October
305,513
349,263 3,317,264 3,085,536
Oregon Short L__ October
October
Ore-Wash RRAN October
6,292,522 4.970.374 53.678.353 44,935.979
Lehigh Valley
Los Ang A Salt L
October
Union RR (Pa)
October
1,462,289 1.216,365 12,039,570 10,567,777
Louisiana A Arkan. October
Utah
October
134.338
145,171 1,388,675 1,283,015
Louisiana Ry A Nav October
Vicks Shrev A Pac. October
261,905
262,159 2.515.478 1,991,461
Louisville A Nashv. October!
10192132 7,074,789 83,560,674 62,753,637
October
Virginian RR
Louisv Hend A St L October
Wabash RR
October
287.963
202,722 2,357,952 1.842.129
Maine Central
Western Maryland. September
October!
1,410,692 1,277,220 13,538,535 11,870,168
Midland Valley
October
Western Pacific
October
332,255 264,234 2,853,022 2,379,349
4th wkNov
Mineral Range
Western
26,144
35.897 1,050,967 1,113,181
Ry of Ala October
Minneap A St Louis October
Wheel A Lake Erie October
1,216,595
962.522 9,953,872 9,031,795
Minn St P A S 8 M October
Wich Falls A N W. October
4,256,833 3.435.849 28,546,701 28.891.850
Mississippi Central October
Yazoo A Miss Vail. October
89,614
753,260
119,428 1,072.324
Missouri Kan A Tex October
3.556,118 2,390.043 27,069.350 21.257,708
_
_
_
__
....
.
.
15263 100 13239308 126556 955 108206117
388,185
337,960 3,722,021 3,566,609
1,882,010 1,773,918 17,770,511 16,161,976
864,116 7,536,244 6,475,261
809,938
172,410 1,702,982 1.508.180
177,369
395.392 3,629,596 2,923,525
394,262
677.675 6.712.234 5,472,078
677,497
636,536
610,706 6,142,457 5,226,199
12269788 9,139,552 105380258 73,847.359
688,471 7.543.922 5,826,002
822,985
1.371.191 1,202,572 12,567,165 10,928.927
471,648 5,411,699 3.984.862
591,210
1,397,986 1,248,350 12,311,396 11,426.867
288,806
2,923,482 2,359.453
323,467
1162,714 133,646 1,175,771 1,023,804
839,361
94,124
104.666
797,298
899,060 622,366 7,001,361 5,637,547
172,731
112,233 1.574,344 1,266,712
4,121
3,100
126,692
113,073
279,168
171,292 2,496,146 1,492,363
385,560
299,740 3,214,265 3,168,013
301,252 3,065,338 2,629,085
377,687
724,068 24,135,578 20,272,236
717.345
122,372 1,347,617 1,074,444
155,508
767,459 647,209 6,801,990 5,882,611
139.563
129,189
679.694
695,679
10897225 8.108.851 80,755,988 62,455,037
3,427,247 2,984,830 28,045,125 25,271,983
2,506,042 2,329,693 21,780,906 18,285,959
528,215 5,818,278 4,878,319
684,332
152,010
1,175,274
245,494
240,871 2,116,719 1,734,272
894.666 9,911,594 8,645,171
1,231,845
5,067,330 3.830.117 39,418,661 33,551,697
1,455,299 1,205,513 11,009.406 9,938,958
966.393 9,414,199 8.222,489
1,065,733
175,971 2.070.806 1.376.180
254,764
1,519,074 1,219,238 11,511.848 9,244,954
869,399
840,609
89,309
106.120
1,970,668 1,840,834 17,904,312 14,553,651
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
*
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
Weekly Summaries.
week
week
week
week
week
week
week
week
week
week
week
Sept
Sept
i 14
Oct
Oct
Oct
i
Oct
Nov
Nov
Nov
Nov
Dec
'
i
i
i
'
i
roads)
13 roads)
10 roads)
15 roads)
15 roads)
16 roads)
16 roads)....
15 roads)
11 roads)....
10 roads)....
7 roads)
Current
Previous
Year.
Year.
%
Increase or
Decrease.
%
%
7,230.476
9,735.164
7,172,415
7,762,172
7,664,060
11.833,602
7,581,166
7,194,421
7,551.945
7,631.596
6,251.935
8,158,016
5.656,143
6.931.491
6,809,000
10,309,702
6,615,360
6,850,256
6,734.968
7.492.658
%
+978.541 15.65
+ 1,577,148 19.33
+1,510,272 26.81
+830,681 11.98
+855,060 12.04
+ 1.523.900 14.78 1
+965,806 14.59 |
+344,165 5.03 1
+816.977 12.13 ;
+ 138,940 1.85 i
6.305.754
5.305.387
+940.367 17.53
•
Monthly Summaries.
Cur. Yr. Free. Yr.
December. .247.988
247.265
January.. ..240.046 239.885
228.835
..230.336
February..
237.463
March
..238.891
Mileage.
April
May.
June
..233.734
..230,355
.220.303
..231,700
July
..230.743
August
September ..232,186
October
.230,184
Current
Year.
343.875.052
282.394.665
362.761.238
285.776.203
232.255 369.409.895
228.892 374.237,097
219.294 363.165.528
230.570 463,684,172
230.015 498.269,356
232.378 487.140.781
230.576 484.824.750
Previous
Year.
317,
8?6.386
294 002.791
312, 276.881
260, 627.752
319 274.981
342, 146.096
323. 163.161
346, 022.857
362, 509,561
357, 772.850
377, 867,933
Increase or
Decrease.
%
+26.038.666
—11.608,126
8 IS
3 95
+50.484.357
16.22
+25.148.451
+50.134.914
+ 32.091 001
+40.002.412
+ 117661315
+ 135759 795
+129367.931
+
9.65
1570
ilii
34.00
37.45
36.16
106956817 28.30
the table which
Latest Gross Earnings by Weeks.—In
follows we sum up separately the earnings for
December. The table covers 7 roads and
Buffalo Rochester A Pittsburgh
Canadian Northern
Canadian Pacific
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hav A Milw.
Canada Atlantic
Increase. Decrease.
*
298,945
916,000
$
313,152
1,133,100
3,480,000
3,289,000
%
14,207
217,100
191,000
1,379,502
861,442
518,060
6,305,754
5,365,387
940,367
%
In the table which follows we sum up separately the earn¬
ings for the fourth week of November. The table covers 10
roads and shows 1.85% increase in the aggregate over the
week last year.
Fourth Week of
1917.
1918.
November.
Ann Arbor
Buffalo Rochester 8c Pittsburgh
Canadian Northern
Canadian Pacific
Colorado & Southern
Duluth South Shore Sc Atl
Mineral Ranee
N evada-California-Oregon
Tennessee Alabama Sc Georgia.
Texas Sc Pacific
Increase. Decrease.
$
74,153
432,763
414,528
1,354,700 1,183,300
4,502,000 4,598,000
292,315
364,752
137,347
142,730
26,144
35,897
11,713
7,732
3,100
4,121
717,345
724,068
%
23,391
9*7,544
7,631,596
Total (10 roads)...
Net increase (1.85%).
%
18",235
171,400
96,000
72,437
5,383
9.753
3,981
1,021
6,723
7,492,656
273,632!
134,692
138,940
For the third week of November our final statement covers
11 roads and shows 12.13% increase in the aggregate over
the same week last year.
Third Week of
*
S
Previously reported (6 roads)..
Ann Arbor
Grand Trunk of Canada
Nevada-Callfornia-Oregon.
Tennessee Alabama Sc Georgia.
Texas Sc Pacific
Total (11 roads)....
Net increase (12.13%).
Increase. Decrease.
1917.
1918.
November.
5,474.341
5,160.954
74,301
1,358,685
4,889
2,719
637,010
63,137
982,667
7,222
2,264
518,724
7,551,945
6,734,968
S
3ll,802
5,415
11,164
376,018
2,333
455
118,286
824,725
816,977
7,748
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroads and industrial companies re¬
ported this week:
Roads.
%
.Oct 4,987,089
....46,380,849
.Oct
88,406
Jan 1 to Oct 31...
931,423
Louisiana Ry Sc N Co.b. Oct
261,904
Jan 1 to Oct 3...
2,515,477
Pennsylvania System—
102,947
Maryland Del & Va.a. Oct
Jan 1 to Oct 31...
881,113
Oct
78,256
Jan 1 to
1,050,650
Jan 1
Previous
Year.
%
Current
Year.
%
Previous
Year.
$
3,661,236 1,188,938 1,082,073
35,689,822 11,616.299 11,016,358
35.148
24,786
86,725
365,091
892,676
392,259
262,159
98,104
13,175
453,133
1,991,460
675,945
99,461 def 17,508
3.018
851,453
def24,197
106,273
107,963 def34.437 def 15.642
1,033,030 def387,878 def150,958
.
Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
a
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Week or
Month.
Adirondack El Pow Co
Alabama Power Co_.
Amer Power Sc Lt Co
Atlantic Shore Ry
Aurora Elgin Sc Chic.
October
September
October
October
Current
Year.
16?,932
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Previous
Year.
$
147.158
195,767
274,022
1203,058 1004,972
9,961
11.804
210.299 202,866
73,541
79,191
21,909
19,710
214,109 168,564
1.488,031
2.158,579
1,332.822
1,509,119
207,592
145,305
September
1,602,068 1,638,860
726,248
759,258
Bangor Ry Sc Electric October
Baton Rouge Elec Co September
193,244
170,524
Blackstone V G Sc El September
I,744,027
1,436,010
Brazilian Trac, LAP September /9081000 /7925000 /77730.000 /68430.000
Brock Sr Plym St Ry. September
11,699
82,611
9,506
97,382
2761,039 2607,401 12.466.574 12.201.995
Bklyn Rap Tran Syst May
369,202
46,027
39.805
331,950
Cape Breton Elec Co September
Cent Miss V El Prop. September
28,216
29,847
249,255
228,706
151,946
89,429 1,499,619 1,024,736
Chattanooga Ry Sc Lt October
October
Cities Service Co
1784,000 1659.665 18.652,716 15,807,394
Cleve Painesv Sc East September
50,941
52,596
416,826
409,407
^Columbia Gas Sc El. October
856,709 835,614 9,353,690 8.718.356
Columbus (Ga) El Co September
91,873
876,585
781,745
95,028
Colum (O) Ry P Sc L_ October— 353,675 354,895 3,475.765 2,268.924
Oom’w’th P, Ry & Lt October
1799,629 1763,894 17,715,993 15,905,165
Connecticut Pow Co. September
724,434
97,746
76,472
632,939
Consum Pow (Mich) October
582,240 514,113 5,261,858 4,655.528
Cumb Co (Me) P & L October
247,729 267.632 2,663,996 2,589,282
218,689 174,387 1,902,453 1,486,276
Dayton Pow Sc Light October
October
1268,289 1129,437 II,063,958
9,827.671
g Detroit Edison
(/Detroit United Lines September 1710,423 1484.328 14,103,983 13.139,162
October
Duluth-Superior Trac
125,099 139,148 1,395.844 1,319,119
East St Louis Sc Sub. October
391,548 307,827 3,442,480 3,005,218
Eastern Texas Elec. September
79,889
738,589
94,589
622,288
a El Paso Electric Co September
933,514
104,290 105,018
955,836
Pail River Gas Works September
57.350
522,955
427,356
64,173
a Federal Lt Sc Trac
August
283,088 230,227 2.289,886 1,798,732
Ft Worth Pow Sc Lt_. October
94,583
112,621
Galv-Hous Elec Co. September
243,118 185.633 1,986,492 1,484,339
Grand Rapids Ry Co October
97,455 103,246 1,055.070 1,085,922
Great West Pow Syst October
391,756 336,667 3,721.362 3,276,451
Harrisburg Railways September
976,219
878,328
110.299 103,594
Havana ET Ry, L Sc P October.
733,443 635,822 6,775,949 5,672,408
Honolulu RT4 Land September
523,803
62,657
62.793
527,494
HoughtonCoEl L Co. September
301,718
33,881
33,135
303,436
246,916
Houghton Co Tr Co. September
259,929
25,258
28,608
5 Hud Sc Manhat RR September
395.697 352,103 3,620,534 3,223,714
Illinois Traction
October
1249,294 1226.336 12,102,409 11,032,660
Interboro Rapid Tran October
33,616,521
3299,624 3,563592
Jacksonville Trac Co September
582~792
507.848
54.794
97.820
Keokuk Electric Co. September
23.820
22,985
195,888
183,510
Key West Electric Co September
19,153
12,659
143,151
104,730
Road
Previous
Year, j
Current
Year.
Week or
Month.
Company.
Jan. 1 to Latest Date.
Current
Year.
S
16?,622
216,052
78,606
67,900
21.111!
19.131
Long Island Electric. May
Louisville Railway.. September
345.246 302.040
12.417
10,542.
Manhat Bdge 3c line May
Milw El Ry Sc Lt Co. October
761.466 698,131
Milw Lt, Ht Sc Trac. October
292,240 190,838
Montreal L, H Sc P__ October
970,106 905,216
October
Nashville Ry Sc Light
235,249 211,324
New England Power. October
341.938 257,796
187.664 142.310
NewpNAHRy.GAE October
Nevada-Cal El Coro. October
176,641 167,784
36.654
N Y Sc Long Island.. May
40.928
13,618
14,525
N Y Sc North Shore.. May
97.584
N Y Sc Queens Co
83,921
May
New York Railways. May
1017,842 1045.802
19,059
21,578
Northampton Trac.. July
Northern Ohio Elect October
585,622 551.295
North Texas Electric September
226,618 252,878
11.854
10.134
Ocean Electric (L I) May
Pacific Gas Sc Elec... October
1910,696 1619,738
Pacific Power Sc Lt__ October
154,800 151.310
Lake Shore Elec Ry. September
Lewist Aug Sc Waterv October
Previous
Year.
1,633,750
738,453
1,33*2,784
764.735
80.330
88.297
2,764,357
2,389,871
50.817
6.442,651
1,831,341
4.822.709
2,022,941
2,127,154
1,081,412
1,676,29a
57.575
7,237,405
2,466,308
5,297.130
2,317.048
2,842,420
1,766,613
1,844.277
166,154
54.141
358.846
4,679.714
130,577
5,997.743
2,263,466
159,837
60,954
490.349
5.042.054
122,831
5,345,584
1,718.444
34.856
36.896
18,412,850 16.296,962
198,993
23.298
204,534
367,306
257,439
31,397
47,385
October
2462,189 2602,141 26.056.022 24.592.268
October
49.440
45,285
October
166,667 124,346
627.971 522,294 6,288,847 4,903,679
Port(Ore) Ry.LAPCo October
744,454
865,213
Porto Rico Railways. October
72,493
86.047
1021,191 774,847 7.629.623 5,910,905
g Puget Sd Tr, L A P. August
3,469,834
(/Republic Ry A Light September 443,863 426.250 4,151,145
563.598
167.111
36.881
Richmond Lt A RR. May
39,705
St L Rocky Mt A Pac October
449,085 347.635 4.366.541 3,168,737
473.834
52,630
557.494
57,100
Santiago El Lt A Tr. October
698.867
858.149
Savannah Electric Co September
82,259
101.467
313,010
77 890
312.004
69.222
Second Avenue (Rec) May
86,764
18,639
83.010
Southern Boulevard May
18,841
Southern Cal Edison. October
699,958 726,000 6,715,637 6,698,705
122,195
29,128
Staten Is] Midland.. May
104,205
25,600
752,562
79,667
785,287
91,614
September
Tampa Electric Co
October
Tennessee Power
190,335 182,292 1,775,807 1,599,476
Tenn Ry, Lt A P Co. October
496,257 442,750
Texas Power A Lt Co October
308.131 261,005
Third Avenue Ry
330,733 350.327 1.593.223 1.705.118
May
180.225
189.439
D D E B A B RR. May
37.730
40,461
715.193
658,863
42dStMAStNA Ry May
149,763 150.474
Union RyCo(NYO) May
237,919 250,676 1,047,046 1.165.959
315,513
323.046
Yonkers Railroad. May
72.069
72.489
307.661
280,371
N Y City Inter Ry May
60.725
64.502
287.556
60.290
250,417
Belt Line Ry Corp. May
54,282
Third Avenue System October
797,504 896,965
Twin City Rap Tran. October
751,697 805,687 8,051.211 8,537.793
594,948 609,622 6.539,811 5.405,430
Virginia Ry A Power. October
943,843
Wash Balt A Annap. September
323.665 179,669 2,105,150
204.998
217,326
44.570
Westchester Electric. May
50.632
863,497
888,983
York Railways
October
80.583
92,737
293,064
349,445
31,257
34.928
Youngstown A Ohio. October—
Paducah Tr A Lt Co
Pensacola Electric Co
Phila Rapid TransitPhila A Western
Portland Gas A Coke
a
26.280
August
September
a Now covers only the lines east of York Beach, Me.: in the first four
months of 1917 covered also the lines west of York Beach, Me.
6 Repre¬
sents income from all sources,
c These figures are for consolidated comany.
d Decrease in gross earnings due to unusually early rains and recent
ifluenza epidemic. / Earnings given in milreis.
g Includes constituent
companies.
Current
Year.
Name of Road
or Company.
or
shows 17.53%
.
Total (7 roads)
Net increase (17.53%)
Latest Gross Earnings.
Name of
the first week of
1917.
1918.
First Week of December.
same
lVofc.107
THE CHRONICLE
2284
_
.
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week.
Gross Earnings
Current
Previous
Year.
Companies.
Year.
$
*
American Power A Lt—Oct 1,203,058
1,004,972
Oct 1 to Oct 31
13,210.372 11,176,677
Central Union Telep.b.Oct
995,876
870,330
Jan 1 to Oct 31
9,228,648 8,277,247
Chicago Telephone.b—_Oct 1,997,728
1,802,812
Jan 1 to Oct 31
18,568.325 17,912,168
Michigan State Telep.b.Oct
734,238
676,428
* Jan 1 to Oct 31
6.924,859 6,652,826
Net Earnings
Current
Previous
Year.
Year.
$
425,162
5,089,019
154.997
1.111,621
425,750
S
423,643
4,772,565
152,796
1.726,297
378.085
4,329,036
4,168,219
35,428
880,419
5,195,633
1,988,350
135,435
670,462
1,860,485
Philadelphia Co
...Oct 2,446,857 2,116,042
Apr 1 to Oct 31
14,599,546 12,311,883
Philadelphia Company—
Nat’l Gas Dept.a
Oct 1,104.761
845,001
Apr 1 to Oct 31
6,505,822 5,355,099
Oil Department .a
83,181
70.877
Oct
Apr 1 to Oct 31
—
468,217
381,597
Coal Department.a
Oct
100,408
149,987
Apr 1 to Oct 31
716,737 1,072,322
775,654
6,090,171
4,948,307
New York Telephone.b.Oct 5,676,611
Jan 1 to Oct 31
53,506,202
Elec Lt A Pow
50,369,352 17,093,269 18,687,045
Dept.a.Oct 1,010,160
6.573,230
Apr 1 to Oct 31
Street Ry Dept (excl Pitts
Rys Co) _a
Oct
48,345
335,538
Apr 1 to Oct 31
Santiago Elec Lt A Tr__Oct
57,100
Jan 1 to Oct 31
557,494
Southwestern Pow. A Lt.
Co. (sub. cos. only)..Oct.
Oct 1 to Oct 31
South Can Pow Co, Ltd.Oct
526.406
5,519.042
45,048
Southern New Eng Tel.b Oct
460,753
M
Jan 1 to Oct 31
4,254,602
Wisconsin Telephone.b.Oct
471,359
Jan 1 to Oct 31
4.415,876
565,985
342,788
343,487
2,560.014
30,807
276,758
46,443
606.548
900,030
5,199,537
3,052,814
68,934
373,056
22,717
177,503
397,755
2,441,031
50,146
367,749
52,630
473,834
4,261
45,766
23,536
226,583
18,148
86,669
19,281
156,126
434,749
175,757
2,056,788
190,125
2,084,268
14,701
110,873
4.576,558
20.588
35,270
124,465
409,991
3,995,612 1,152,741
131,459
438,111
4,216.948 1,211.343
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
188,899
1,418,318
1.037,177
115,105
1,236,792
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
%
*17,877
Oct ’18
*73,541
T7
34,398
79,191
919,128
348,971
12 mos *18
372,279
*17
873.287
82.273
Oct ’18
212,140
Caddo Oil’A Ref
67.532
’17
210,097
Co of La
618,964
12 mos ’18 1,835,586
•17
Oct ’18
151,946
13,513
Chattanooga Ry A
def27,131
89,429
’17
Light Co
319,040
12 mos ’18 1.740,407
269.943
’17 1,327,492
353,675
69,740
Columbus Ry. Pow Oct ’18
80.876
’17
354.895
A Light Co
1,098,137
12 mos ’18 4,221.027
*17 3,932.348
1,181,119
*449,692
Oct *18 1,799,629
Commonwealth
’17 1.763.894
652,642
Pow. Ry A Lt Co
12 mos '18 21,534,194 *6,808,588
System
Bangor Railway A
Electric Co
•17 19,149,110
7.555,227
20.219
19,499
237.923
226.181
11,098
17,758
141,879
def2,342
14.899
111,048
146,098
71,175
55,774
477,085
32,121
30,310
375,996
357,432
63,085
49,220
663,570
549,561
497,774
555,892
def 18,608
5.891.593
5,215,012
def57,441
def56.956
def87,489
6,655
31,656
434,567
631,558
def48,082
196,750
916,995
2.340,215
Dec. 14
1918.]
THE CHRONICLE
Gross
Earnings.
$ *
582.241
Co (Mich)
*17
514.113
12 mos ’18 6.381.701
’17 5.611.136
Cumberland County Oct’18
*247,729
Pow A Lit Co
*17
267.632
12 mos ’18 3.156.639
’17 3.065.173
East St Louis
Oct ’18
391.548
*17
Connecting
307.827
12 mos *18 4.129.734
*17 3.579.998
Ft Worth P & Lt Co Oct ’18
112.621
’17
94.583
12 mos *18 1,276,622
*17
956.716
Grand Rapids
Oct ’18
97.455
By Co
’17
103.246
12 mos ’18 1.273,010
’17 1.308.025
Havana Electric
Oct ’18
733.443
Ry, Lt A Pow Co
'17
635,822
10 mos ’18 6,775,949
’17 5.672.408
Huntington Devel Oct ’18
81.974
A Gas Co
’17
60.359
12 mos ’18
956,670
’17
581.272
Interboro Rapid
Oct ’18 3.299,624
Transit
*17 3.563.592
4 mos ’18 12,735.248
’17 12.473.400
Keystone TeleNov *18
129.051
phone
’17
134.549
11 mos *18 1.456,612
’17 1.443.589
Lewiston Augusta Oct ’18
*87,900
A Waterviffe St Ry
’17
78.606
12 mos *18
872.091
*17
889,877
Nashville Ry A Lt Oct ’18
235,249
Co
*17
211,324
12 mos *18 2.752,428
< Consumers’ Pow
Oct *18
Net after
Taxes.
$
213,832
186,910
2.690.938
2,444.860
*54,804
93.181
911.951
1,044,468
74,335
84,256
970,767
1.213,095
49,535
49,806
579,211
544.223
1,874
30,479
271,377
432,933
391,924
354,137
3,669,083
3.205,254
40,164
34,461
449,249
342,051
898,921
1,647,011
3,639,878
5,354,790
50,543
61,706
595,301
679,506
*771
Fixed
Balance,
Charges.
Surplus.
$
113,119
83.545
1.277,819
909,538
71,126
70,003
854.407
815,675
66,590
66,020
808,618
775,714
16,305
11,085
151,276
120,484
19,443
18,378
233.084
214.712
161,513
154,358
1,427,360
1,567,772
15,617
16,235
193,874
188,337
1,495.081
1.079,034
5,693,638
4,282,788
28,636
27,917
480,134
469.788
19,722
15.512
219,173
186,216
39.769
40,919
485,408
493,747
185,669
176,864
2,200,186
2,160,703
250,970
227,012
2,888,667
2,360,324
52,558
52,369
630,814
579,431
139,481
136,010
1.663,884
1,585,999
54,846
50,771
635,377
524,922
100,713
103,365
1.413.119
1,535,322
defl6,322
23,178
57,544
228,793
7,745
18.236
162,149
437,381
*34,288
38,721
*431.987
423,739
defl7,569
12,101
38,293
218.221
*237,258
*211,688
*2,356,527
*1,755,841
24,547
18,226
255,375
153,714
*76,460
*724,570
*200,141
*2,080,762
21,907
33,789
115,167
209,718
defl8.951
2,469
def120,964
40.758
18,761
33,028
482,668
382,483
def42,170
22,102
403,156
462,564
108,627
234,781
2,385,559
2,962,095
def30,417
def5,272
92,887
111,353
def42,115
def40,040
378,093
275.950
*36,063
53,112
*406,766
494,537
17,981
98,209
226,974
58,530
73,947
968,076
*17 2 439 835
876.230
Portland (Ore) Ry, Oct ’18
627,971
143,499
Lt A Pow Co
*17
522,294
198,966
12 mos ’18 7.408,679 2,603,342
’17 5 895 640 2,623,267
Southern California Oct ’18
d699,960
359,597
Edison Co
’17
725,000
461,793
12 mos’18 8.573,813
5,274,226
’17 8,335,714 5,322,419
Tennessee Power
Oct '18
190,335
22,141
Co
*17
182,292
47,097
12 mos’18 2,111,381
723,701
’17 1,914.174
690.784
Tennessee Ry, Lt
Oct *18
496,257
97,366
A Pow Co
’17
442,750
95,970
12 mos *18 5,861,757 2,041,977
’17 5,218,467
1,861,949
Texas Pow A Lt Co Oct *18
90,588
308,131
’17
261,005
103,883
12 mos ’18 3,150,006
1,041,683
,17 2.499.454
*
1,019,459
* After allowing for other income received,
d Decrease in gross earnings due to unusually early rains and recent
influenza epidemic.
x Decrease in earnings due to influenza epidemic.
* The increase
in expenses caused by bad weather and coal shortage is
explained by the company in the following note: “The increased cost of
operating the properties because of the weather and coal shortage during
the first ten months of 1918 over corresponding months of 1917, is shown
in the following statement for ten months ending Oct. 1918:
Increased
•cost of coal for electric plants, $388,000; increased cost of coal for steam
heating, $60,000; increased cost of gas oil and coal, $538,000; increased cost
of snow removal, $68,000; increased cost of car repairs, $204,000; total
$1,208,000. The loss of revenue during the first quarter of 1918 through
inability to keep the railway lines in continuous operation because of severe
weather, and the loss of revenue through the suspension of general business
tor a number of days is estimated at $300,000.
The loss of gross receipts
In Oct. 1918, due to quarantine regulations on account of influenza epidemic
Is estimated at $200,000.’’
Subsidiary Companies of the General Gas & Electric Co.
Statement of Estimated Cross Revenue for the Month of Nov. 1918 and 1917.
System—
Rutland
Northwestern Ohio
Sandusky
Binghamton
Sayre
New Jersey
1918.
1917.
$46,742
26,500
41,756
40,545
11,848
31,395
$42,352
25,049
49,888
34,974
8,703
21,151
985
864
Interurban Gas Co
$182,981
$199,771
2285
OPERATIONS, EARNINQS AND CHARGES.
Financial Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month.
This index will not
Include reports in the issue of the “Chronicle’8 in which it is
The latest index will be found in the issue of
published.
The next will
Nov. 30.
in that of Dec. 28.
Mobile & Ohio Railroad Company.
(70th Annual Report—Year ended Dec. 31 1917.)
on
1,870,652
63,248,483
2.159 cts.
6,848,421
A
1,160
1,140
1,876,095
67,854,648
2.188-cts.
7,148,933
—
1915-16.
1.122
1,777,784
54,932.768
2.219 cts.
6,842,318
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
B
Calendar Years-June 30 YearsOperating Revenues—
1917.
1916-17.
1915-16.
1916.
Passenger
Miscell. pass, train rev.
Freight
Other transports’n
rev.
Mail and express
Incidental, Ac
$1,586,293
41,061
11,263,406
114,189
377,844
221,713
$1,365,595
36.347
10,175,723
113,555
350,109
188,313
$1,484,645
39,001
10.655,490
116.529
369,354
194,846
$1,218,798
36,069
9.998.658
109,596
328,698
176,219
Total oper. revenue..$13,604,506 $12,229,643 $12,859,866 $11,868,038
Maint. of way, Ac
$1,424,371 $1,337,099 $1,467,755 $1,185,363
Maint. of equipment
3,266,114
2,727,969
2.486,541
2,993,980
Traffic expenses
454,761
438,047
446,770
429,098
Transporta’n expenses.
4,818,612
389,605
16,971
Transporta, for invest.. 0.17,456
Total oper. expenses.$10,352,977
Net earnings
$3,251,530
Taxes accrued
685,859
Uncollectibles
3,157
Operating income
$2,562,513
Hire of equipment..
962,037
Other income
121,728
Total gross income
$3,646,278
4,103,881
376,522
28,671
Cr.57,525
$8,954,664
$3,274,979
459,263
2,443
$2,813,273
516,788
91,014
$3,421,075
$518,176
200,303
1,377,090
157,018
Dividends (4%)
240,672
Additions A betterm’ts.
12,957
Total deductions....
ns
$2,506,216
Balance, surplus
140,062
$553,127
232,220
1,383,093
137,100
240,672
5,766
$2,551,978
_
General expenses
Miscell. operations
Deductions—
Rentals
Miscellaneous
Interest on funded debt,
do equip, obliga’ns.
$869,097
4,280,486
378,386
29,918
Cf.19,096
t9,578,198
3,281,668
524,685
2,026
$2,754,957
931,371
125,581
$3,812,009
$584,018
213,703
1,380,090
151,795
240,672
10,829
12,581,108
U .230,901
4,094,740
373,441
28,246
Cr .63,692
$8,533,737
$3,334,301
406,384
2,717
$2,925,200
186,761
70,529
$3,182,491
$558,573
250,047
1.386,103
134.638
240.672
5,391
$2,575,424
$607,067
GENERAL BALANCE SHEET.
Dee. 31 '17. JneZO'n.
Assets—
Liabilities—
$
%
Invest, in road...32,945,738 32,716,100 Capital stock
Invest, in equip..14,306,403 14,292,759 Funded debt
Sinking funds....
Mise. phys. prop.
95,414
406,210
986,017
3,556
979,981
706,690
Inv. in affll. cos..
Other investments
Cash
Special deposits..
Loans A bills rec._
700
Traf.,Ac.,bals.rec.
Bal. rec. from agts.
465,556
A conductors
542,586
Misc. acc’ts rec..
538,190
Material A suppl’s 1,532,448
Other current as’ts
330,872
Deferred assets
45,871
430,159
Unadjusted debits
Dee. 31 ’17. Jne 30'17.
$
$
6,016,800 6,016,800
28,590,000 28,660,000
70,968 Equip, tr. oblig’ns 3,098,000 3,249,000
410,914 Grants in aid of
construction
2,500
961,515
250,000
6,725 Loans A bills pay.
100,000
371,355
294,999
1,334,932 Traf.,Ac.,bills pay.
661,732 Acc’ts A wages pay. 1,947,639 1,674,172
88,778
1,900 Misc. acc’ts pay.. .103,117
181,972
191,782
233,300 Int. mat’d, unpaid
Dlvs. mat’d,unp’d
117,344
110,916
435,428 Debt mat’d, unp’d
7,800
16,800
300;633
303,501
528,441 Unmat’d int. aocr.
276,084
155,734
1,164,366 Oth. current liabil.
112,055
105,838
286,941 Deferred liabilities
238,302
51,532 Taxes accrued.
333,009
646,146
418.937 Operating reserves
679,483
Acer, deprec. equip .3,782,620 3,641,962
Other unadj. cred.
631,774
508,260
...
Add’ns to prop’ty
through income
and surplus....
312,010
Profit and loss.... 7,422,389
302,868
7,060,442
54,316,392 53,756.4901
Total
54,316,392 53,576,490
Note.—Securities of the company held by it Dec. 31 1917, unpledged,
$1,714,200; pledged, $501,000; total, $2,215,200.—V. 106, p. 2560.
Total
New Orleans & Northeastern Railroad Co.
(34M Annual Report—Year ended Dec. 31 1917.)
President Fairfax Harrison, Nov. 6 1918, wrote in subst.:
In the 33rd annual report for the fiscal year ended June 30 1917 the
operating and financial results for the first six months of the calendar year
1917 were set forth.
This report is now presented for the remaining six
months to Dec. 31 1917, on which date operation of the property for its
own account ceased, and operation for account of the U. S. Govt., as a
war measure, began.
The results for the full calendar years 1917 and 1916, as well as for the
last six months of those years, are shown for purposes of comparison.
INCOME STATEMENT FOR SIX MONTHS END. DEC. 31 1917
AS COMPARED WITH 1916.
6 Mos. 1917.
Oper. revenues....$2,674,388
Oper. expenses
1,818,693
Taxes A uncol.rev.
272,798
Increase.
6 Mos. 1917.
$565,642 Other income....
473,559 Total gross Income
159,700 Int. and rentals..
$582,896Dec .$67,617
Net Income
Increase.
$287,367
$188,382
870,264
120,764
262,042 Dec.13,177
$133,941
$608,221
OPERATIONS AND FISCAL RESULTS (204 MILES.)
Calendar Years
—Years end. June 30—
1916.
1916-17.
1915-16.
1917.
Operations—
FINANCIAL REPORTS
President Fairfax Harrison
1916-17.
1916.
Tons moved one mile...1763262 252 1602598129 1682689065 1597736390
Av. rate per ton p.m
0.635 cts.
0.626 cts.
0.639 cts.
0.633 cts.
Av. rev. train-load (tons)
457.14
430.12
460
408
Gross earnings per mile.
$10,728
$11,083
$10,573
$11,726
Oper. income..
appear
June 30 Years
Calendar Years
1917.
„
Average miles operated.
1,160
Operations—
Passengers carried
1,899,205
Passengers carried 1 mile 69,921,362
Av. rate per pass. p. m_ 2.269 cts.
Revenue tons moved...
7.483,036
Oct. 21 wrote in substance:
In the 69th annual report for the fiscal year ended June 30 1917 results
for the first six months of the calendar year 1917 were set forth.
This
report is for the remaining six months to Dec. 31 1917, on which date oper¬
ation of the property for the company account ceased and operation by the
536,597
Passengers carried
667,267
579,330
501,083
.449 26,656.273
30,534,296 25,771,499
Passengers carried 1 mile 42,4
Rev. per pass, per mile.
2.34 cts.
2.27 cts.
2.30 cts.
2.3
3 271 229
Revenue tons carried
3,381,788
2,827,642
2,942,062
Rev. tons carried 1 mile-540,568,681 451^526^319 522,737,869 422;060;241
Rev. per ton per mile
0.66 cts.
0.63 cts.
0.67 cts.
.065 cts.
Earns, per pass. tr. mile.
$1.47
$1.28
$1.33
$1.91
Earns, per fr’t train mile
$3.75
$3.53
$3.74
$3.72
Gross earnings per mile.
$21,967
$18,926
$17,725
$22,178
$
Earnings—
$
593,420
624,870
693,381
Passenger
980,753
2,807.263
3,287,379
3,537,502
2,986,299
Freight
422,862
380.979
400,275
Mail, express, Ac
451,010
Jets.
$4,011,444
$4,403,622
$3,781,662
$483,991
858,592
123,493
1,691,655
135,429
47,576
416,994
$415,352
662,004
125,173
1,158,216
145,054
83,477
213,299
$430,974
786,215
123,628
1,308,283
139,010
77,836
257,398
$406,689
644,471
126,135
1.141,549
Total oper. revenues. $4,969,265
Oper. Exp. & Taxes—
Maint. of way, Ac
Maint of equipment
Traffic expenses
Transportation expenses
139,824
U. S. Government as a war measure began.
The results for the full calendar years 1917 and 1916, as well as for the
1 ast six months of those years, are shown for purposes of comparison.
General expenses
Miscell. operations
Taxes
INCOME STATEMENT FOR THE SIX MONTHS ENDED DEC. 31
1917 AND INCREASE OVER 1916.
Increase.
July 1 to Dec. 31 ’17.
$6,962,222
$744,641
Operating revenues
Operating expenses
5,515,273
774,779
404,489
Taxes and uncollectible revenue
162,306
Total oper.exp.A taxes
Net earnings
Other income
$3,757,730
$1,211,535
472,522
$2,802,575
$1,208,869
175,630
$3,123,344
$1,280,278
284.140
$2,715,743
$1,065,919
135,655
Total net
Deduct—
Interest
$1,684,058
$1,384,498
$1,564,418
$1,201,574
$382,277
$435,269
102,763
$394,337
118,545
119,895
(4)240,000
$431,885
86,335
(4)240,000
$872,777
$691,642
$758,220
$443,364
Operating income
dec.$192,444
$1,417,607
1,069,426
dec.$165,731
dec.77,018
$348,180
dec.$88.713
375,147
Other income
Total gross income
Interest, rentals, Ac
Net income
$1,042,460
——a
$26,713
revenue
Rentals, Ac
Addit’ns A betterments.
Dividends
Total deductions
Balance, surplus
116,303
76,079
(4%)240,000
$814,659
$869,399
(4)240,000
$778,032
$606,466
i
68,677
188,398
Amount
GENERAL BALANCE SHEET.
Dec.31 ’17./tMe30'17.
$
6
Asset*—
Road A equlpm’t-18,106,986
MIscel. phys. prop.
3,650
Aim. OO0. Stock..
20,000
17,986,536
3,650
ctfs. of Indebt..
400,000
Other Investments
1,165
Cash
1,041,892
Traffic, Ac., bal..
Accounts A wages.
Misceil. accounts.
Int. mat'd unpaid.
.
163,843
Special deposits..
5,054
1,717,681 Dtvs. mat'd unpd.
162,443 Unmat'd int. aecrd
891
Loans A bills rec..
Liabilities—
Common stock
Funded debt
Decay ‘17. June 30 '17.
S
$
20,000 Equipt. tr. obllgs.
160,000
U. 8. Lib- bonds
U.
8. Treasury
Traffic, Ae., bal..
Agts. A cond. bal.
121,299
257,015
MIscel. accts. rec.
Mat'ls A supplies.
Oth. current assets
Deferred assets...
927,180
460,236
81,051
112,910
157,254
580,979
310,528
40,984
337
337
TJnadjustd debits.
516,250
Unmatured rents
accrued
Oth. current llab.
Deferred liabilities
Taxes
6,000,000
8,666,000
536300
217395
647,929
624,070
163342
10,218
16,559
6,000,000
8366,000
331
822
54,571
20,006
570,000
191.441
476,022
493,226
162.442
10,742
26,427
3,813
149,080
234,965
1,046,478
280,981
140,654
Oper. reserves
266321
Aecrd. deprec'n.. 1.080392
121,990
292,009 Oth. unadj. credits
Additions to prop¬
erty through inc.
123,865
Profit A loss, bal.. 3,675,955
122350
3,040,777
22,260,904 21,391,258
22,250,904 21,391,258
Total
Note.—Securities of co. held by It; pledged, $468,000.—V. 107, p. 1920.
Total
Alabama Great Southern RR. Co.
President Fairfax Harrison
on
Oct. 2 1918 wrote in subst.:
In the 40th annual report, for the fiscal year ended June 30 1917, the
results for the first six months of Hie calendar year 1917 were set forth.
This report is for the remaining six months to Dec. 31 1917, on which date
operation of the property for company account ceased
and operation by
S. Government began.
The results for the full calendar years
1917 and 1916, as well as for the last six months of those years, are shown
for purposes of comparison.
the U.
INCOME STATEMENT FOR THE SIX MONTHS ENDED DEC. 31 1917
AND INCREASE OVER 1916.
Last Hal/’17.
33,870,191
Oper. revenues
Oper. expenses
2,481,127
391,186
TaxesAuncoll.rev.
Oper. income..
Last Half'17. Increase.
Increase.
3813,131 Other income
3326.676
314,807
619,735 Total gross income 31,324,554dec.360,290
268,494 Int. and rentals..
371,446
39,164
3997,878dec.375,097
Years
-June 30
1916-17.
312
INCOME ACCOUNT.
-Calendar Years1916.
1917.
Years1915-16.
$4,100,575
1,136,300
443,079
deb.33,552
$5,641,402
$530,189
1,287,662
169,363
1,666,426
123,329
35,927
Cr.14,257
$3,798,638
$2,189,191
228,013
$1,961,177
$344,813
192,369
$660,312
1,287,028
187,755
1,822,324
135,168
35 ,683
Cr. 13,595
$4,114,675
$2,223,248
253,974
$1,969,274
$508,983
195,328
$498,852
1,341,320
160,321
1,621,706
107,001
36,211
Cr.4,028
$3,761,383
$1,880,019
198,718
$1,681,301
$203,111
180,804
Total gross income
$2,613,784 $2,498,359
Deductions—
Misceil., rents, Ac
$259,487
$263,994
Interest on funded debt.
405,886
357,788
Int. on equip, oblig
44,789
18,627
Add’ns A betterments.
316
1,690
a Divs. on ordinary
(4)^)352,350
(3)234,900
b Divs. on pref. stock.(7%)236,625(7^)253,526
$2,673,585
$2,065,216
$267,762
368,756
31,679
1,686
(7)548,100
(7)236,625
$250,468
330,345
24,045
Total oper. revenues.
Operating Expenses—
Malnt. of way A struct.
Maint. of equipment
Traffic expenses
Transportation
$636,853
1,466,266
196,644
2,261,268
expenses
General expenses
MIscel. operations
146,058
Transp. for investment
43,011
Cr. 15,689
_
Total oper. expenses. $4,734,410
Net operating revenue.
$2,416,645
Taxes accrued, Ac
522,468
_
Operating income
Hire of equip, (balance).
Income from invest., Ac.
$1,894,177'
$504,463
215,145
$4,248,982
1,274,932
506,371
deft.42,458
$5,987,828
-June 30
1916-17.
$4,401,650
1,434,269
529,046
deb.27,041
$6,337,924
$4,889,079
1,753,438
494,468
14,070
$7,151,055
_
Total
deductions
Balance, surplus
$1,300,827
$1,312,957
$1,129,151
$1,369,208
$1,454,608
$1,218,977
(7)548,100
(7)236,625
$1,389,583
^675,633
a Dividends on ordinary stock, in 1917, regular, 2H%; extra, 2%; in
1916 two dividends, 2H%, charged to profit and loss; extra 3%.
b On
pref. stock, regular 6%, extra 1%, in 1917; regular 6%, extra 1
in 1916.
GENERAL BALANCE SHEET.
Dec.31’17. JunelQ’17.
Assets—
S
$
Road A equlpm’t.24,165,400 23,165,715
Misc. phys. prop.
18,938
18,938
Inv. in affil. cos.—
Stocks
1,546,557 1,546,557
Bonds
481
481
Notes
299,807
299,807
Advances
51,210
41,410
Other Investments
150,088
251,181
Cash
1,375,918 1,197,712
Time deposits
835,379 1,304,617
Special deposits..
Traffic, Ac., bal..
Agts. A cond. bals.
Misc. accts. rec'le.
Material A suppl’s
Int. A divs. rec’le.
Rents receivable-.
Other curr’t assets
Deferred assets...
Unadjusted debits
191,125
366,851
158,875
498,056
548,737
79,351
8,842
61,318
623,152
$
Ordinary stock... 7,830,000
Preferred stock
3,380,350
Funded debt
.9,534,442
Equip, trust oblig. 1,135,000
Grvt.xrants.
1,500
88,295
Traffic Ac., bals.
Accounts A wages
627,366
Misc. accounts
356,456
Iut. matured imp'd
88,592
Divs mat’d unp’d.
104,787
dlv.
Unmat’d
decl.
118,312
Unmat’d Int. accr.
35,946
Unmat’d renisaccr.
10,920
Other current llab.
17,988
Deferred liabilities
54,496
Taxe3
327,161
Ius. Aoper.res’ves
364,600
Acer. depr. equip. 1,512,994
Other unad]. crel.
379,262
7,830,000
3,380,350
9,534,442
1,240,000
1,500
125,926
442,118
26,713
Profit A loss bal.. 4,984,904
26,393
4,412,301
147,950
106,290
73,180
118,312
36,152
11,213
18,412
11,300
121,975
385,748
1,494,927
226,417
Total..*
30,980,083 29,744,865
Total
30,980,083 29,744.865
Note.—Securities of the co. held by it unpledged, $2,158.—V.106,p.2648.
Guantanamo Sugar Go. (Cuba), New York City.
(13th Annual Report—Year ended Sept. 30 1918.)
The report of Pres. Wm. Moore Carson, with the income
account, bal. sheet, &c., will be found on a subsequent page.
Cane Harvested by the Company and Purchased from Colonos (tons of2,000 lbs.)
1917.
1916.
1915.
1914.
1918.
_
177,685
Own land
191,861
103,640
140.675
Total
479.018
422,000
306.974
251,106
937%
1916.
106.100
56.451
72377
235.428
11.47%
1915.
1914.
117.489
67,657
63.832
133316
79318
86358
248.978
10.42%
299392
11.17%
INCOME ACCOUNT FOR FISCAL PERIODS.
June 30 Years
12 Mos. to 15 Mos. to
1916.
1915.
Sept. 30’18 Sept. 30*17
$4,334,094
♦Gross sugar sales
Molasses sold
99379
Total
$4,433,973
■Producing and manufacturing expenses, Ac... 3,499,923
Profit on operations
$934,050
c Other income
128,464
Total profits.
— .$1,062,513
Deduct-uepr.of mills, Ac. $260,641
$3354,453
113,646
$3,468,099
2,801,425
$666,673
150,013
$816,686
$251,211
(10%)300,000<7^)225.000
Cash dividends
Stock dividends
Taxes A conting, (est.)
Total deductions
Balance, surplus
*_
deducting
sea
261,000
$821,641
$240,872
$2,720,995
1,834,116
1.845.046
$964,728 $1.010366
96.042
b203300
$1,060,770 $1314.166
$174,195
M70350
<12)329,970 (12)300,001
(9)247,478 (10)247.700
$476,212
$340,474
freight, commissions, Ac.
$2310345
45.167
$2,855,412
77,849
$2.798344
751.643
309,127
a
$718,351
$495315
Also indudes shipping
and office expenses in New York and Guantanamo,
$118,665 excess value of sugar carried over from previous crop,
b Includes
c
Indudes
interest (net), and rents (net), less loss on sugar and molasses carried over
from
Sept. 30 1917.
BALANCE SHEET SEPTEMBER 30.
1918.
1917.
1918.
1917.
LiabtHties—
Assets—
$
$
$
$
xReal eet.,bldgs. Ac.4,574,037 4,331,750 Capital stock
3,000,000 3,000,000
Adv. to Guant. RR. 788,198
144,300
160,644
788,198 Accounts payable
Guant. RR. stock..
1
1 Sight drafts....*.... 262,000
75,000
Dividends
Growing crops carr’d
75,010
to following season
320,466
203307 Taxes and contin¬
Inventories
gencies
1,100,426
374,606
261,000
Cash
69,362
618,536 Depreciation funds.. 893,361
757,262
Misc. accts. rec.,Ac. 711,697
528,328 Replanting fund
250,539
214,969
45,000
Unexplred lnsur.,Ac.
26,743 Other funds
45,000
21,970
Surplus
2,784,957 2,544,085
Liberty bonds
55,000
7,641,157 6371,969
After deducting
to June 30 1915.
x
174,407
58,157
104,256
191,969
60,160
135,217
220,310
59,187
160,010
336,820
387,346
43P 507
.7,641,157 6371,969
the Guantanamo RR. for Years ending June 30.
Results of Operations of
1917-18.
$417,133
Gross income
A taxes.
280,070
Net earnings$137,063
Depredation
49,899
Interest charges
63,931
Balance, sur. ordef
sur.$23,232
—V. 106. p. 820.
Oper.
Total
$425,643 betterments charged to surplus July 1 1911
expenses
1916-17.
1915-16.
1914-15.
$286,747
$261,494
$308,549
164,683
166,999
192,886
$141,550
$122,064
$68,608
54.238
34,024
39,949
63,931
65,973
63,872
sur.$18,184 sur.$21,338 def.$29,289
United Fruit Co., Boston.
(Preliminary Statement of Income for the Years end. Sept. 30.)
The following preliminary statement was made public
at the annual meeting Dec. 11.
The annual report, it is
said, will not be issued until the amount of the taxes for
1918, payable in 1919, is definitely known.
1917-18.
1916-17.
1914-15.
1915-16.
Total income
Interest on bonds
Taxes
$24,830,041 $17,592,391 $14,032,133 $7,614,570
839,544
867,567
1,399,835
1,714,048
689,146
*4,000,000
3,686,869
Net income
$19,990,496 $13,037,955 $11,943,151 $5,900,522
Dividends (8%)
2,927,544
4,025,320
3,903,392
3,415,468
$15,965,176 $9,134,563 $8,527,683 $2,972,977
Surplus for year
Previous surplus
25,198,060 21,567,370 14.039,687 13,592,405
Total surplus
$4i;i63,236 $30,701,933 $22,567,370 $16,565,382
Frofit and .Charges... a5,000,000
2,525,695
5,503.874
1,000,000
/Credits
loss
Total
...
surplus..
b4,773,367
$40,936,604 $25,198,060 $21,567,370
$14,039,687'
♦
On 1917 basis and for nine months to Sept. 30 1918. difference between
above charge of $4,000,000 and reserve of $4,446,534 is shown in balance
sheet, is amount of
a
excess of reserve aceummulated for 1917 taxes.
War emergency reserve fund,
b Accumulated surplus Nipe Bay Co.,
$2,876,643, and appreciation securities Old Colony Trust Co., trustee,
$1,896,723.
CONSOLIDATED BALANCE SHEET SEPTEMBER 30.
1918.
$
Assets—
Tropical land A
equipment— 60,960,872
Domestic A Eu¬
ropean prop’y
5,634,610
Steamships
xl3,427,595
U. S. A British
Govt, securs8,284,804
U. F. Co. secur.
64,218
Other Invest’ts.
2,947,237
Cash
20,351,798
Notes receivable
243,873
Acc’ts receivable
7,002,729
.
Dec 31’17. JuneZ0'17.
Liabilities—
220,752
364,840
83,176
392,326
390,888
6,650
2,040
44,332
39,639
373,805 Add’ns to property
throughinc.Asur.
Company cane
207,050
Colonos—Company land.. 80,107
1917.
114,884
62.988
73.234
Yield(96-deg.test)from cane 1034%
Total
1915-16.
1917.
Operations—
1916.
310
Average miles operated312
310
934,944
837,223
Passengers carried
1,036,624
895,947
Passengers carried 1 mile 84,231,639 60,040,675 68,007,528 53,146,919
Rate per pass, per mile.
2.11 cts.
2.14 cts.
2.08 cts.
2.12 cts.
Tons of rev. frt. carried.
4,618,491
4,173,304
4,934,731
4,358,527
of
tons
No.
carried 1 m.766,402,808 672,524,669 716,032,590 659,556,493
Rate per ton per mile
0.64 cts.
0.63 cts.
0.61 cts.
0.62 cts.
Tons of freight in each
train (revenue)
549.78
558.61
581.06
539.28
Gross earnings per mile.
$22,900
$19,321
$20,296
$18,203
Mail, express and misc.
Incidentals, Ac
Total
1918.
137.283
98.285
71,406
3953.108dee.399.454
Net Income
GENERAL STATISTICS.
Calendar Years-
Revenues—
of Sugar Made in Bags of 320 U. S. Pounds.
Soledad
Ysabei
Los Canos
♦After
expenses
(4:18t Annual Report—Year ended Dec. 31 1917.)
Operating
Frei
eight
IVoi,. 107
THE CHRONICLE
2286
Sugar A molass
Loans to planter
Old Colony Tr.
Co., trustee..
.
Oth. del’d assets
Advance pay’ts.
Transit Items..
2,660,809
*526,318
1917.
$
1917.
$
Capital stock
50,316,500 48,792,400
2,550,000
51,912,358 4^% deb. 1923 2,125,000
3,200,000
414% deb. 1925 2,800,000
2,083,903 Serial 5% debs.
June 1 1918
13,917,764
160,000
4-yr. 5% coupon
notes (1918).
4,317,456
10,000,000
455,279 Steamship oblig.
136,687
1,700,405
Drafts
774,331
6,603,625
1,021,442
payable.
17,440,629 Accounts pay’le. 3,269,976
1,770,589
267,171 Coupons pay’le.
2,204
6,777
975,848
8,504,692 Dlv. payable
1,006,330
946,407 Costa Rica Ry.
material acc’t
678,514
243,125'
243,125
Costa
2,610,026
1,039,044
1,228,698
& 642,224
1918.
S
Liabilities—
Rica
re¬
664,577
place’t res’ve.
1,079,276 Interest accrued
1,134.403 Rentals accrued
1,054.670 Deferred Uablls.
190,487
132,465
53,836
875,615
149,116
289,906
52,756
375.246
S3. construction
7,668,439
reserve.
Tax reserve
4,446,534
War emerg. res. 10,000,000
Deferred credits
490,453
Reserve for trop¬
ical losses
1,904,579
Profit and loss.
40,936,611
.
Total
127,624.855 111,060,724
Total
4,370,286
3,964,325
5,000,000
1,492.124
25.198,064
127,624,856 111,060,724
Total steamship tonnage, 188.315, against 184,036 Sept. 30 1917.
For offer-to buy in remaining bonds see a subsequent page.—V. 107, p.
2195.
x
Pacific Coast Co., New York and Seattle.
(Report for Fiscal Year ending June 30 1918.)
in subst.:
Pres. William M. Bamum, N. Y., Oct. 1, wrote
Results —Notwithstanding difficulties incident to Governmental regu¬
lation of coal prices and operation of steamships and railroads, the net In¬
come for the year increased somewhat, although substantially larger
amounts for depletion, depreciation and contingent reserves were charged
operations
The outlook for the coming year is favorable, coal milling
being our most important department
s,
A plan to dispose of our ten remaining ships upon terms which your direc¬
tors deem favorable, seems to be nearing completion [Y. 107, p. 1672, 909].
The company now has on hand bonds of the several issues of Liberty Loan
bonds aggregating, at cost, $306,407
to
Dec. 14
1918.]
THE CHRONICLE
Data from Report of V. Prea. & Gen. llgr. E. C. Ward, Auf. S$ 1918.
Government Activities.—On Aug. 21 1917 the Government assumed regu¬
lation of the coal industry; on Dec. 28 1917 It assumed control of the Pacific
Coast RR.
In Oct. 191/ it commandeered under charter five of the larger
veasels of the Pacific 88. Co.; after about 6 months’ operation these were
released and have subsequently been in regular service.
Operations.—Salaries, wages, and the cost of material and supplies have
substantially increased, but the increases have been offset to a large extent
by increases in revenue. The business of the subsidiary companies, par¬
ticularly that of the Coal company and the Railroad company, has ex¬
perienced marked fluctuations, bat as a whole it has maintained a slightly
higher level than in 1916-17.
Pacific Coast S3. Co.—This now being a non-operating company, the
only income derived is that from rentals of its properties. After charging
out repairs, depreciation, insurance, taxes, Ac., the net amount of such
income for the year was $10,067.
The major part of the general expense
of $26,277 was for expenses Incidental to closing up the company’s affairs.
Two Steamships Lost.—On June 14 1918 the S3. Ravalli was destroyed by
fire in British Columbia waters.
On March 5 1918 the 88. Umatilla was
stranded on the Japanese coast and eventually abandoned.
Both were
adequately covered by insurance, the adjustment of which will appear
>
in next
year’s statement.
Pacific Steamship Co.—The capital stock of this company was increased
daring the year $500,000, of which the Pacific Coast Co. took up one-half.
Of the amount purchased, $220,000 was offset by dividends declared by the
Steamship company and applied on the purchase. The dividends and
charter hire received, less depreciation on the steamers charged off, de¬
termine the Pacific Coast Co.’s net return from its floating property to have
been $115,476 in excess of the net return for the previous year.
Pacific Coast RR.—On Dec. 28 1917 the operation of this railroad was
taken ova* by the Government.
Efforts will be made to obtain as rental
an adequate return on the investment.
The net earnings for the six months ending Dec. 31 1917, added to the
estimated “standard return” for the six months ending June 30 1918, show
a decrease of $11,866 in the net
earnings for the fiscal year as compared
with those of the previous year.
The Chicago Milwaukee A St. Paul Railway Co. paid rentals to the
amount of $52,190 during the year.
Under the method prescribed by the
Government, only $45,956 appears in the accounts of this fiscal year; the
balance will appear in the accounts of the following year.
The $45,956 is
not included in the earnings, but is credited under miscellaneous rents.
In November advantage was taken of an opportunity to purchase 28
additional coal cars at a reasonable price.
Total gross additions to prop¬
erty. $110,992; net, $14,143.
Pacific Coast Railway.—The gross earnings decreased $13,284; operating
expenses decreased $8,257 and net earnings decreased $5,027.
The railway line came under Government control on Dec. 28 1917, but
we are unofficially informed, is not to be retained.
Earnings decreased,
due to the practical cessation of development work in the oil fields, the
increased use of motor vehicles and the decreased volume of oil passing
over the Port San Luis wharf.
On June 25 1918 increases in freight rates
approximating 25% were made in common with those of other railroad lines.
The production of beans in the country tributary is increasing substantially.
Pacific Coast Coal Co.—Gross earnings increased $1,952,171; operating
expenses increased $1,799,846; net earnings increased $152,324.
The total output of the mines was 939,114 net tons, as against 736,533
net tons (657,619 gross tons) last year, an apparent increase of 202,581
net tons.
However, owing to the different treatment this year of that
portion of the putput used fbr boiler fuel at the mines, the actual increase
over last year was 171,947 tons.
The amount of coal sold at all depots was as follows (in net tons): Prom
company’s mines, 755,052; other domestic coal, 84,956; foreign coal, 15.581;
total, 855,589, an increase of 144,960 net tons, as compared with last year.
During the year 73,674 net tons of briquets were manufactured and
81,553 net tons sold, a decrease of 32,037 ana 21,302 net tons, respectively.
On Aug. 21 1917 the Government assumed control of coal prices, and for
two periods of some length the prices fixed did not provide adequate mar¬
gins.
The prices as last readjusted on April 1 1918 provide margins of
profit that yield a moderate return on the investment, but not an adequate
return considering the hazards of the business.
The cost of mining has con¬
tinued substantially to increase, due in part to the higher cost of materials,
but to a larger extent to another substantial increase in wages on Nov. 15
1917 (the third increase in a period of 14 months).
The improvements
mentioned in the last report have been altogether or nearly completed.
It being impracticable to further work Black Diamond No. 12 mine, the
property has been abandoned and the investment ($70,848) written off.
Further development of tha Gem seam in connection with the
opening of
the Cannon mine having disclosed that the coal is not of merchantable
quality, the seam has been abandoned and the cost of its development
($48,436) has been written off.
The total cost of additions, including $106,558 for construction of new
top works at Burnett, was $434,469; deductions, $141,765; net, $292,704.
Lumber Department (on Pacific Coast Ry.).—Gross earnings increased
$23,163; operating expenses increased $1,599; net earnings increased
$21,565.
Sales substantially exceeded those for the previous year.
Pacific Coast Engineering Co.—This company was incorporated Nov. 27
1917 with a capital of $500,000, all owned by the Pacific Coast Co., for the
purpose of taking over the operation of the machine shops at Seattle pre¬
viously Included in the Railroad organization, but for some years doing
the repair work of the several affiliated companies and recently an in¬
creasing amount of outside work. A substantial amount of work is in
hand, including Governmental work.
Pacific Coast Co.—The purchase of the Issaquah coal mine has been com-
costbeen
and warehouse
Pier including
Sleted
of $307,384.
wharfadditions
No. 11,
eattle,athas
completed.TheTotal
during at
year,
Issaquah purchase, $398,386; offsets, $42,871; net additions to property
account, $355,516.
CONSOLIDATED INCOME ACCOUNT FOR JUNE 30
1916-17.
1915-16.
1917-18.
Gross earnings
$5,815,400 *$5,859,494 $7,212,557
4,720,212
172,737
$966,546
29,867
$996,413
$978,467
$6,284,493
5,432,521
171,552
$680,420
74,926
$1,053,393
$689,089
$249,131
$250,000
25,677
35,625
__
Operating
expenses
Taxes
237,632
Net earnings
Other income
Total net income
DeductInterest on bonds
Interest
4,598,911
on
notes.
$978,857
202,686
$1,181,543
$250,000
17,500
Loss
on steamships, Ac.
Depr. of coal mines, Ac.
Total
*
.
sur.
or
6,069,587
164,503
25,987
8,669
$250,000
37,500
39,919
49,912
Miscellaneous
928
Div. on 1st pref. (5%)_76,250
Div. on 2d pref. (4%)_.
160,000
Dividend on common „(4%)280,000
Balance,
YEARS.
lOM-lS.’’
110
76,250
160,000
(3)210,000
$771,081
139,709
76,250
160,000
41,418
76,250
160,000
(3)210
$784,678
$687,571
$815,087
def__sur.$396,865 sur .$225,332 sur .$365,822 def .$125,998
Includes P. C. SS. Co. operations for four months only.
CONSOLIDATED BALANCE SHEET JUNE 30.
Assets—
1918.
$
1917.
$
1918.
Liabilities—
$
1st pref. stock
1,525,000
2d pref. stock
4,000,000
Common stock
7,000,000
1st Mtge. bonds.. 5,000,000
Serial 5% notes
200,000
Property accts—20,173,994 19,457,924
Stocks and bonds
of sundry cos
503,621
254,621
Cash
695,112
1,027,150
Due agents, con¬
ductors, Ac
50,668
42,839 Vouchers, Ac
475,924
Due cos. A Individ.
840,322
623,086 Dividend Aug. 1__
129,063
Land notes A contr.
28,693
36,697 Accr’d bond int._
20,833
Taxes
accrued
26.362
Coup. Adlv.depos.
44,580
81,649
Insurance accrued
Liberty bonds
306,408
19,924
Coal and lumber..
497,366
303,417 Employees’ fund.
25,287
Notes receivable..
7,132
546,952 Depreciation, Ac.,
Investm’t account
accounts
954,036
N. Y. office
309,337
661,765 Disposition of S. S.
Prepaid accounts.
18,721
26,705
Congress susp’d
300,000
Claims against un¬
Miscellaneous
93,677
derwriters
24,287
80,835 Profit and loss
4,055,357
Miscellaneous
34,889
234,896 Other reserves
233,814
Mat’ls A supplies.
398,511
579,436
Total
24,114,566 23,721,760
-V. 107, p. 1672.
Total
1917.
S
1,525,000
4,000,000
7,000,000
5,000,000
400,000
445,498
129,063
2287
Texas Pacific Land Trust.
(Trustee's Report Calendar Year 1917.)
General Agent W. H. Abrams, Dallas, Tex., Feb. 14,
wrote to the trustees, Alphonse Kloh, Robert H. White and
David Rumsey, all of New York, in brief as follows:
as
Sales.—Some 50.079 acres of your land were sold in 1917 for $404,200.
compared with sales in 1916 of 67,765 acres at $446,986: average price
per acre in former year $6 58+; in latter, $8 06 +, or an increase of $1 48
per acre in 1917.
As is well known. Western Texas, in which the large
proportion of your lands are located, and much adjacent territory, suffered
the most long-continued and disastrous drouth remembered by the oldest
residents of that country.
The cattlemen, who constitute the more sub¬
stantial citizens of that section of the State, as a rule suffered such severe
losses on account of insufficiency of pasturage and water for their herds
that with many it is a matter of much discouragement, but with the recur¬
rence of rain and return of such favorable seasons as may be
reasonably
expected, the present unfavorable conditions will soon be forgotten.
Oil, Gas, Ac.—In our last report, that for the year 1916, considerable
space was given as to the oil, gas and mineral situation generally, in the
territory in which your properties are located. Considerable change has
taken place during the past year, in the counties of Palo Pinto, Stephens
and some adjacent counties in which there is at present great activity, but
not elsewhere in your territory.
The activity, however. Is confined to
sections where your holdings are, at best, small, and the few important finds
of oil and gas are quite remote, being some miles from any lands you own.
Many wells have been put down in the counties of Palo Pinto. Stephens.
Eastland and other counties during the past year or two, some shallow and
inexpensive, others deep and costly, say, over 3,000 ft., and rumor has It,
costing in some instances $35,000 or thereabouts.
Such a large proportion
of the borings have proven so-called “dry holes.” that no doubt,
up to the
present time, the cost of the search for oil has been largely more than the
oil found has been sold for.
Many of the shallow wells are small producers.
In only one or two instances, and those quite recently, have any large or
very important wells been developed. The most important one so far is a
well put down by the Texas A Pacific Coal Co., located in Eastland County,
about one mile west of the town of Ranger.
As always follows, land and
lease values on nearby lands have greatly advanced.
Your interests in this connection continue to be carefully looked after
and your properties conserved.
None of your properties that It was thought
might contain oil, gas or any character of minerals have been sold or per¬
manently disposed of for a number of years past, your policy having been
continued of leasing mineral lands on usual royalty basis rather than selling.
Little change has taken place during the past year in the oil or mineral
situation west of the Pecos River.
Prospecting for oil still continues, but
so far without Important or encouraging results.
Sulphur.—The presence of sulphur deposits in the north portion of Cul¬
berson County and on some of your lands has been known for years past,
and the present unusually high price of sulphur hat resulted during the
past year or two in organizations ostensibly to develop and market the
product being formed in considerable numbers, but nothing so far of im¬
portance has resulted from the effort, the amount produced and shipped
to market thus far having been negligible.
The opinion seems more or less prevalent that sulphur from that section,
situate as It is, distant 40 miles or so from any present railroad and hun¬
dreds of miles by rail from any considerable marker, cannot be marketed
with profit in competition with the extensive mines at tidewater in Southern
Texas and Tbilisi ana.
(As of Dec. 4 1918 the “Chronicle” learns that during the 11 months
to Nov. 301918 the land sales,
owing to the drouth of the past two years,
aggregated only about 17,000 acres, and in consequence the total out¬
standing trust certificates were reduced by purchase and cancellation only
from $2,705,700 to approximately $2,600,000. While oil has been discovered
on’adJacent land, none has yet been found on any of the trust properties.)
(1) LAND SALES, AVERAGE PRICE, AMOUNT IN CASH; (2) STOCK RE¬
TIRED, PRICE PAID THEREFOR.
Acres sold
Per acre...
..
1917.
1916.
1915.
1914.
1913.
50,080
67,765
$6.58
11.5%
53,367
$6.79
13.9%
14,472
36,750 258,720
$4.81
$4.38
25.18%
23%
1906.
1902.
lggg
29,859
$2.58
66%
27,685
$2.02
37%
$8.06
$5.28
Cash
27.1%
21.3%
Stock ret’d—
Tot. par val.$259,142$201,622$230,000$273,700$300,000$400,000$300,000
Cost per sh. $161.19 $136.48 $106.35
$98.31
$95.10 $83.22 $39.47
STATEMENT OF RECEIPTS AND EXPENDITURES.
Receipts—Cal. Years—
Cash on hand
Rentals on grazing lands
Oil and mineral lands
Land and town lot sales
Bills receivable—principal
Interest
Int. on dep. Cent. Tr. Co., N. Y_
Farmers’Loan A Trust Co_a..
1917.
$18,641
94,472
990
149,368
179,225
59,177
659
13,424
1916.
$6,446
92,880
175
78.007
158,309
55,716
1,500
336
49.094
16,450
149,916
165,553
61.410
56,922
550 r'
[694
336
$ 912
28 1
[81
150
130
Public roads
Sale of improvements
Money on prospective sales
Total receipts
Expenditures—
Legal expenses
State, county, Ac., taxes
U. S. income taxes
revenue
stamps
Examinations for oil & minerals.
Rentals refunded, Ac
Trustees’ compensation, Ac
L.
Cost of stock retired
Suspense
Total expenditures
Balance, surplus
750
...—
General expenses
Commissions
U. S.
1914.*
$32,758
88,402
1915.
$12,959
87,062
$515,957
$393,195
$361,681
$362,651
$23,091
17,178
1,611
38,719
1,388
150
$20,343
20,229
2,806
41,756
$21,181
19,740
5,212
46,116
$20,434
8,337
1,568
10,744
172
100
998
206
5,075
”2,031
720
T *
r
192
9,434
269,078
$349,692
$12,959
417,735
276,252
11,373
244,613
$512,185
$3,772
$374,553
$18,642
$355,235
$6,446
10,864
4,853
37,078
284
ASSETS AND LIABILITIES JANUARY 1
1918.
Assets—
2,136,471 84 acres of land situate in 34 different counties in Texas
notably; Glasscock, 59,902 acres; Upton, 42,336: Ector, 89,799;
Loving, 95,680; Reeves, 262,222" Jeff Davis, 102,824; Culber¬
son, 525,617; Hudspeth, 395,926; El Paso, 145,402; Pecos,
61,983: Presidio, 78,659; Midland, 69,459
No value given
Sundry town lots situate In different stations in Texas, along the
line of the Texas A Pacific Ry.t some of considerable, but
more of small value, numbering some 2.756 lots in all in towns
as follows: Mineral Wells, 21: Tye, 419; Loraine, 883; Iatan,
195; Big Sprlner, 45; Morita, 625; Stanton, 102; Germania, 160;
Van Horn, 306
No value stated
Bills receivable (face value) taken for deferred payments on sales,$1,113,420
Cash on band. N. Y .office, $2,735; Texas office, $1,037; total..
3,772
Texas A Pacific Income bonds
3,034
Texas Pacific Land Trust scrip
537
Liabilities—t
Texas Pacific Land Trust certificates outstanding (par
Accounts payable (balance of taxes, 1917)
value)..$2,705,700
7,469
GENERAL INVESTMENT NEWS
20.833
71,659
RAILROADS,
26,180
INCLUDING ELECTRIC
789,332
and has resumed his duties
342,949
151,262
as
President of this co.—V. 107, p. 2187, 1836.
Bangor Railway & Electric Co.—Fare Increase.—J
3,817,891
2,093
ROADS.
Baltimore & Ohio RR.—President Returns.—
Daniel Willard has been honorably discharged from the military service
This company has been authorized to increase its fares from 5 to 6c.
as an emergency
measure.—V. 107,
p.
1747, 801.
Bay State Street Ry.—Fare Increase.—
24,114.566 23,721,760
to
The Massachusetts P. 8. Commission has issued the
Receiver Donham’s petition for Increased rates:
following in
answer
“In the cities the company may charge a 7c. fare by the sale of 5 tickets
For the purpose of encouraging the use of tickets,
metal tokens for 35c.
the
rate may be made 10c., but it is the purpose to make the real fare 7c.
“On the country lines the company proposes zones averaging about 2
miles in length, charging 5c. in each, with a minimum of 10c.
makes
the rate, for the longer ndes, at least about 2Kc. per mile.
To this extent,
or
This
therefore, the schedule
proposed on the country lines will be approved.
made effective for a trial period
“It is our plan that the new schedule be
of two months."—V. 107, p. 2187, 2007.
Boston Elevated Ry.—Notes Applied for.—
This company has filed a petition with the Massachusetts P. 8. Commis¬
sion for authority to issue $3,000,000 notes or negotiable coupon bonds, pay¬
able in a period not exceeding 7 yrs. and to bear interest not above 7 %. The
proceeds would be used to fund floating debt incurred for construction and
equipment. The recent issue of $3,000,000 7% cum. pref. stock, callable
at 105 (V. 100, p. 2344; V. 107, p. 400), increased by Just this amount the
company's borrowing capacity, previously exhausted. [This pref. stock
will be ^'subject to the pref. stock to be issued upon the acquisition of the
West End St. Ry.” in case that property be purchased under Chapter 740
of Acts of 1911.—Ed.]
Trustees to Ask
Relief from Subway Rentals.—
7 said: “The trustees will ask that the
Cambridge subway and its connections be taken over by the State, 'or
some division thereof,’ meaning by the latter phrase the city of Cambridge.
The Cambridge subway represents an investment of $9,000,000, which the
Elevated Company has to carry, and on which it has, under the statute
adopted this year, to pay dividends.
“The trustees will ask also ‘for the assumption, in whole or in part, by
tile communities served by the road, of subway rentals and taxes payable
by the Boston Elevated RR. Co. in respect to lines owned and operated
by it.' In addition to the Cambridge subway, the Elevated pays rentals
for other tubes that aggregate more than $2,000,000 annually.
Theoreti¬
cally, the relief of the company from payment of subway rentals and taxes
The “Boston Herald" on Dec.
#
...
would enable it to lower the rate of fare.
Earning8.—8-Cent Fare.—Public operation under a board
of trustees began on July 1 1918, and, as required
Public Control Act, when the earnings fall below
by the
the
sum
required to meet the agreed charges and 5% on the stock,
fares were increased as of Aug. 1 from 5 to 7 cents and again
on Dec. 1 to 8 cents.
Even so, Boston authorities foresee
a large annual deficit, unless further relief is obtained, by a
ten-cent fare, the zone system or otherwise.
The increase
of about $3,000,000 per annum in wages granted by the War
Labor Board greatly aggravated the situation. Any deficit
which the State is called upon to pay will be assessed upon
the cities and towns in which the company operates.
Digest of Trustees* Statement
Issued Nov. 30 1918.
1. The law under which the trustees are
operating requires that they
provide out of the income from fares the cost of the service, including the
expense of operation, maintenance, fixed charges, a provision for depre¬
dation and obsolescence and dividends on capital invested.
2. Because of war conditions the expense or operation and maintenance
has been enormously increased, and by reason of the shortage of labor the
service has been necessarily impaired and provided on an unpreventable
It is also true that for a number of years, by reason of in¬
increase cost.
sufficient revenue, the equipment and track, especially on the surface lines,
have not been sufficiently provided for.
3. The increase in the cost of labor decreed by the National War Labor
Board has advanced the operating cost more than $3,000,000 yearly.
4. The trustees believe tnat a present charge of approximately $2,000,000
should be allowed annually for depreciation.
5. By the Act of the Legislature the trustees are required to pay $1,360,220 for dividends.
[Dividend rate 5% p. a. for first two years; then 5M %
for two years, and thereafter 6% during public operation.—E(J.]
Seven-Cent Fare Disappointing.—The 7-cent fare which took effect
Aug. 1 1918 theoretically should have produced an increase of 40% in
The cost of service, however, advanced beyond an¬
ticipation, and the actual trial of the 7-cent fare produced during August
but 23% increase in gross.
Then came the period of the epidemic and the
revenue fell off so that only an average of 9% increase was obtained.
It
has since risen to an average of 20% increase over the corresponding period
passenger revenue.
of last
year.
figures for the four months ended Nov. 1 1918 showed a loss of
$2,741,000 for the period, In face of this situation the trustees were com¬
pelled to take immediate action and decided upon an 8-cent fare, to be
effective Dec. 1 1918.
A higher fare has been considered and, having in
mind the figures alone, perhaps should have been fixed.
The
Zone
System.—Much has been said and written of the zone system.
trustees have given the subject
have, as heretofore announced,
to advise with reference to this
Income for Four Months, July
earnest and
The
thoughtful consideration, and
secured the services of competent experts
system of fares and fare collection.
1 to Oct. 31 1918, Under Public Control.
From 5-cent fares in July
From 7-cent fares in 1918, 5-cent fares in 1917—
August
September
October.
Advertising, &c
Total income
Other income
Total income
Operating
[Voi.. 107
THE CHRONICLE
2288
expenses
1918.
1917.
$1,525,538 $1,570,856
1,915,261
1,722,738
1,544,354
1,533,629
1,688,494
1,639,196
195,558
200,601
$7,047,591 $6,488,637
32,256
31,940
$7,079,847 $6,520,577
$7,307,242 $4,711,076
Digest of Circular Signed by Pres. Hudson of Boston & Maine.
The agreement has been signed by directors of Boston A Maine RR.,
as well as each of the leased lines.
It cannot become effective, however,
unless at the meeting it is approved not only by two-thirds in interest of
all the stockholders of the Boston A Maine RR. required by statute, but
with such unanimity that the Director-General of Railroads is satisfied
that he ought to give it the financial support of the United States Govern¬
ment which is essential to its success.
It is the unanimous recommendation of your directors that you give this
agreement such
approval.
Briefly
stated, their
for taking this
reasons
position are the following:
1. It funds the overdue floating debt. The Government advances the
money up to about $20,000,000 to pay this debt, and agrees to take as
security mortgage bonds of the consolidated company.
2. It ends the receivership and relieves the stockholders from the dangers
of liquidation, every day more imminent.
3. It adds greatly to the financial strength of the company (a) by per¬
_
manently changing about $2,500,000 of annual fixed charges into preferred
dividend charges, payable only when earned, and (6) by uniting to the
credit of the company the credit of the seven leased lines.
4. It provides that the leased lines contribute for the next five years
20% of their dividends to be put into a trust fund to be used to pay off the
bonds of the company, or if not needed for that purpose, to be invested in
permanent additions.
5. It relieves the Boston A Maine stockholders from any assessment and
from any obligation to subscribe for new stock as was required in previous
plans or reorganization.
6. It offers the common stockholders an opportunity to place $12,000,000
of new First Preferred 6% stock at any time during the next five years
to be used to pay off an equal amount of bonds issued to the Government:
until this is accomplished, all surplus earnings of the company [i. e., all
earnings applicable to dividends on the common stock and a part of the
earnings applicable to dividends on the pref. stock] shall be turned into
the trust fund provided by the plan.
[This fund will in the first instance
be used as additional security for $17,606,000 of the $19,879,000 bonds,
issuable, as below stated, to the Director-General of Railroads.—Ed.]
7. By providing for a mortgage to secure all the company’s bonds, old
and new, it makes it impossible to create in the future a large debt repre¬
sented by short-time notes not approved by the public authorities and yet
having the same hold upon the assets of the company as its bonds. [The
new mortgage will cover the consolidated properties and will secure the
$19,879,000 bonds to be issued to the Director-General of Railroads “as
well as other outstanding obligations of the Boston A Maine RR., and other
parties to said consolidation, and also such further issues of bonds as may
Be made from time to time, all as set forth in said plan.—Ed.]
8. It represents the best results that your officers and directors have
been able to obtain by nearly four years of constant work upon the problems,
and is more favorable to you than any other plan that has received serious
.
,
consideration.
It is one of the conditions of the Director-General s support of this con¬
solidation that the company shall enter into a satisfactory contract with
the Government in relation to the operation of the system during Federal
control.
Such a contract has been negotiated and you will be asked to
vote upon it at the same meeting.
The compensation provided thereunder
is what is known as the standard return, that is, the average railway operat¬
ing income for the three years ending June 30 1917.
..
New First Preferred Stock.—The
be known as Class A, B, C, D, E
“A”
“B”
“C"
“D”
First Preferred stock will
and F, as follows:
Total
Issue.
To Retire Leased Line Stocks—
...
—Ann. Div.Rate—
Including
$18,860,000
(for Fitchburg pref.)
(for B. A L. and L. A A. 8% stock),. 7,648,800
(for C. A M. stock)
7,917,100
(for Conn. Riv., M. A L. and L. A A.
10% stk.)
“E" (for K.AK. st.
Also If Issued—
-
See option V.l07p.l918
4,327,000
65,000
4%
5%
6.4
5.6
8
10
4.5
8
3.6
“F” (to retire bonds)
12,000,000
The first dividend on Classes A to E, inclusive, aggregating
will be
After
Jan. 1’24. Jan. 1 ’24
$38,817,900,
paid on July 1 1919 for the preceding six months.
New Board.—The first board of directors of the reorgan¬
ized road, to hold office until the first annual meeting, will
consist of the following-named sixteen members:
H. Leroy Austin, Catskill, N. Y.; Norman L. Bassett, Augusta, Me.;
Charles W. Bosworth, Springfield, Mass.; Frank B. Carpenter, Manchester,
N. H.; Samuel Carr, Boston; Charles Sumner Cook, Portland, Me.; Henry
B. Day, Newton, Mass.; James L. Doherty, Springfield, Mass.; Frederic
C. Dumaine, Concord, Mass.; Charles P. Hall, Newton, Mass.; Woodward
Hudson, Concord, Mass.; James M. Prendergast, Boston; John G. Sargent,
Ludlow, Vt.; Leslie P. Snow, Rochester, N. H.; James Duncan Upham,
Claremont, N. H.; George H. Warren, Manchester, N. H.—V. 107, p.
2187, 2007.
Brooklyn Rapid Transit Co.—Charges.—
Mayor Hylan, sitting as a Magistrate to investigate the Malbone Tun¬
nel accident on Nov. 1, on Dec. 11 issued warrants for the arrest on the
charge of manslaughter of Colonel T. S. Williams, President of the company;
S. Menden,
John J. Dempsey, Vice-President and operating head; W.
assistant to Colonel Williams and Chief Engineer of the New York
Municipal
Rys.; J. H. Hallock, President of the New York Consolidated RR., the
B. R. T. subsidiary which operated the Brighton Beach line where the acci¬
dent occurred, and Thomas F. Blewitt, Superintendent of the Southern
Division.
Edward Luciano, the motorman of the wrecked train, was held
for manslaughter for action by the grand jury.
Suit to Compel City to
Hasten Completion of Rapid Transit
Lines Under Contract of March 1913—19 Out of 41 Miles of
Road Still Unfinished.—Suit has been brought against the
city of New York and the P. S. Commission by the New
York Municipal Railway Corporation and the New York
442,821
389,633 Consolidated Railway Co., subsidiaries of the Brooklyn
Sundry charges
4,284
5,958
Rapid Transit Co., to compel completion of the city transit
Total deductions
$9,397,239 $6,559,335
system in accordance with the contract of March 19 1913.
Deficit after charges
$2,317,392
$38,758 The
plaintiffs allege that notwithstanding six years have
Dividends (4 months)
*424,240
424,240
elapsed since the execution of the dual service contracts
$462,998
Total loss
$2,741,632
there remain unfinished and still to be constructed or com¬
*For comparative purposes, same div. assumed for 1917 as for 1918.
pleted 47 miles of track out of a total of 115, and 19 miles of
A factor fn the extra cost of service is the increased labor payments
road out of a total of 41 of the lines which the city assumed
about
a.—see
above—Ed.]
[aggregating
$3,000,000 p.
brought about
through the decree of the National War Labor Board. Another important to construct by Jan. 1 1917 and which the Brooklyn company
factor in the cost of service has been the payment for rent of the Dorchester
agreed to equip and operate.
Tunnel.
The deficiency, therefore, bet ween the income and cost of serv¬
Taxes.
Rent of subways and tunnels
Rent for leased roads
Interest Boston Elevated bonds and notes
ice for these four months [including therein the
for this period] is $2,741,632.
291,814
285,561
489,908
269,675
859,496
899,106
agreed dividend accrued
The effect of this inaction
by the Commission, it is alleged, is threefold-
last week.
(1) The continuance of the transportation conditions which the dual
system contracts were intended to relieve and which have been aggra¬
vated by the war.
(2) The increased cost of construction and equipment both to the city
of
ana
[The initial semi-annual dividends under State control were announced
As required by the Public Control Act, the initial dividend
2H% on common stock covers the six months period ended Dec. 31;
subsequent distributions will be for quarterly periods on the basis indicated.
The gross revenue for November totaled $1,922,440. against $1,588,278
for November 1917—an increase of $334,162, or 21.04%; while for the five
months ended Nov. 30 the deficit after providing for the six months dividend
just declared, it is stated, was $2,574,505. From Dec. 1 to 9, inclusive,
under the 8c. fare, the gross revenue was $627,542, against $468,321 in
See p. 10 of “Electric Ry.'*
1917, an increase of $159,221, or 33.76%.]
Section.
Compare V. 107, p. 2187, 2097.
Boston & Maine RR.—To Vote on Merger Plan Jan. 9
and 10.—The stockholders of the Boston & Maine RR. and
Fitchburg, Boston & Lowell, Concord & Montreal, Con¬
River, Lowell & Andover and Kennebunk &
Kennebunkport, will vote Jan. 9 on approving the merger
plan, the Manchester & Lawrence on Jan. 10. The plan
was outlined in V. 107, p. 1918, 2007.
necticut
to the companies, especially in the matter of interest charges.
(3) The postponement of the time when the unified system will
become
self-supporting, thereby increasing the financial difficulties of the operator
and necessitating heavy burdens upon the taxpayers.
charged against the city and the Commis¬
The specific instances of delay
sion include the failure to complete:
(1) The Broadway (Manhattan) subway north of 42d St. and thence over
59th and 60th streets and under East River to Queensboro Bridge Plaza.
(2) The Montague St. tunDel connecting the Broadway (Manhattan)
subway with the 4th Ave. subway in Brooklyn.
(3) The subway connection between the Brighton Beach line [from a
point near Prospect Park station] and the 4th Ave. subway, thereby
enabling through transit by steel cars in subways from the Flatbush
section into Manhattan.
(4) The 14th St. (Manhattan) East River tunnel and subway line con¬
necting the Jamaica and Canarsie lines at East New York via the most
congested section of Brooklyn, with the Broadway subway at Union Square,
The failure to complete this line, it is asserted, has greatly
Manhattan.
overtaxed the facilities for reaching Manhattan by way of the Broadway
Elevated and Williamsburg Bridge.
Dec. 14 1918.]
THE CHRONICLE
(5) TheCulver line, thereby prolonging the difficulties of train operation
the surface of a street, with grade crossings.
(o) The extension of the Centre 8t.
loop through Nassau and Broad
sweets, Manhattan, thereby facilitating efficient loop operation by way
ot the Manhattan
Bridge and Montague St. tunnel between points in
-Drook'yn and lower Manhattan, and enabling the extension of operation
of Williamsburg Bridge trains to the
Battery. No plans for this extension
have yet been approved.
(7) Terminals, storage yards and shops necessary for the operation of
the city s railroads and the maintenance and
repair of equipment, Ac.
It is pointed out that no contracts whatever have
yet been let for certain
important parts of the city's work, and for certain essential connections the
letting of the construction contracts was unduly delayed and that in prac¬
tically all cases necessary effort has not been made to ensure the com¬
pletion of contracts.
Compare Rapid Transit in New York City below and in V. 106, p. 296,
1345, 1795; also report, V. 107, p. 703—V. 107, p. 2187.
OTl
Central Railway of Canada.—Sale Ordered.—
Referring to the agreements of sale between
the company
and its sub¬
sidiary lines, we are informed that the Exchequer Court of Canada on Oct. 9
last, on which day the trial of the case came on “Between the Central Ry.
of Canada and the City Safe Deposit & Agency Co., Ltd.’’ gave a decision
in favor of the latter and ordered a sale of the
property of the railway for the
benefit of the creditors.
The City Safe Deposit A Agency Co., Ltd., is
the trustee for the bondholders.
A notice of the judgment and order of the
sale will shortly be advertised.
Notice was given in these columns last week of the proposed sale of the
six subsidiary Dnes.
Compare Y. 107, p. 2187.
Charlottesville & Albemarle Ry.—New President.—
Norman James, a director, has also been elected President to succeed
Frederick C. Todd, deceased.
W. Allen Perkins was elected a director
to take the place of Mr. Todd.—V. 106, p. 1688, 606.
Chicago & Eastern Illinois RR.—Postponement of Sale.
The sale of this property at public auction, set for Dec. 10, after having
been postponed several times, has again been postponed for 90 days.—
V. 107, p. 1836, 1481.
Chicago & North Western Ry.—Sale of General Mtge. 5s.
—Kuhn, Loeb & Co. announce, by advertisement on another
page, the oversubscription of an offering at par and interest
of $10,500,000 General Mtge. gold 5% bonds, due Nov. 1
1987.
Interest M. & N.
Denom. $1,000 c*r.
Data from Letter of V.-Pres. S. A. Lynde, Dated N. Y., Dec. 10.
Both principal and interest of the bonds will be payable in
gold coin of
the U. 8. without deduction for any tax or taxes which the
railway company
may be required to pay or to retain therefrom under any present or future
law of the U. S. of America, or of any State, county or municipality
therein,
excepting any Federal income tax, the bonds and coupons being stamped
to the effect that this tax will not be assumed by the company.
General Mortgage Bonds.—Of the total authorized amount, $165,000,000,
there will have been issued and outstanding, including the present
issue,
$31,316,000 3M % bonds, $30,554,000 4% bonds and $28,472,000 5% bonds.
Of the balance of $74,658,000 bonds, $60,182,000 are reserved to retire
Srior
liens and
the debentures
1921 and 1933,additions,
and the remaining
14.476,000
bonds
reserveddue
for in
improvements
including
are
or
equipment, but
not exceeding $1,000,000 in any one year.
Purpose of Issue.—The present issue of bonds has been sold to reimburse
the company for expenditures heretofore made for construction, additions,
improvements, Ac., to properties and the retirement of matured bonds
which have been in large part temporarily financed by bank loans.
Security.—A first lien on about 2,900 miles and subject to $41,516,000
prior liens (for which bonds of this issue are reserved) on additional 2,138
miles, The first lien mileage includes the entire double track main line
from Chicago to Council Bluffs, la., its main line to Elroy,
Wis., forming
with the main line of the Chicago St. Paul Minn. & Omaha
Ry. Co., a
main line from Chicago to St. Paul, its main line through southern Minne¬
sota and into South Dakota and the main line from Chicago to Milwaukee.
The General Mtge. bonds are also secured by a first lien on the Chicago
Terminal properties.
Stock and Dividends.—The company has outstanding $22,395,000
pref.
stock and $145,152,500 of common stock, having a present market value
of about $174,000,000, and on which dividends have been paid uninter¬
ruptedly since 1878, the present dividends being at the rate of 8% per
annum on the pref. and 7% on the common stock.
Government Contract.—The company has made its contract with the U. S.
Railroad Administration, by the terms of which the annual compensation
to be paid to it is $23,364,028, to which should be added its other
income,
which for the year 1917 amounted to $3,496,045, while the total fixed
charges, including interest, sinking fund payments, Ac., for the
amounted to only $10,357,302.—V. 107, p. 1669, 1481.
same
period
Colorado Midland RR.—Decision.—
by said three issues of 1st M. bonds], and in addition the Evansville Hen¬
derson A Owensboro Ry., which is now a subsidiary company of the Evans¬
ville Railways Co., in such manner as may be deemed advisable.
Authorized Capitalization of Proposed New Company.
Common stock exchangeable for common stock of Evansv. Rys_$l ,000,000
Pref. stock, 6% non-cum., exch. for pref. stock of Evansv. Rys.
500,000
First Mortgage 6%
30-year bonds issuable
First and Refunding 5% 30-year bonds
p.
1836, 1579.
Colorado & Southern Ry.—Pref. Dividends—Contract.—
A dividend of 4% has been declared on the second preferred stock and
2% on the first preferred, both payable Dec. 27 to holders of record Dec.
17, “conditional on receipt of funds from U. S. Railroad Administration."
These dividends, together with the 2% paid on the first preferred on Nov. 15
1918, represent the 2% semi-annual dividends normally in the past payable
April 1 and Oct. 1, but this year deferred owing to the delay in completing
the contract recently signed fixing the compensation which the company
will receive from the Government for the use of its system (including the
Wichita Valley Ry.), at $2,833,579 (official).—V. 107. p. 2097, 1669.
Concord & Montreal RR.—To Vote
on
Plan.—
The stockholders will vote Jan. 9 on the Boston & Maine consolidation
plan as recommended by the Director-General of Railroads.—V. 107,
p.
1919, 1099.
Dayton Coal, Iron & Ry. Co.—Preferred Dividend.—
The directors have declared a dividend of 1% on the $2,000,000 out¬
standing pref. stock, payable Feb. 15 to holders of record Jan. 20.—
V. 107. p. 699.
Detroit United Ry.—Sub. Co.
Maturity.—
Answering our inquiry, we are advised that the $425,000 bonds of the
Wyandotte & Detroit River Ry. which matured Dec. 1 1918 were paid
at maturity.
The Detroit United Ry. will Issue an equal amount face value of its
Consolidated Mtge. 4M% bonds, which mature Jan. 1 1932.
These latter
bonds will be held in the treasury of the company.—V. 107, p. 2097, 2008.
Evansville & Eastern Electric
See Evansville
Ry.—Reorganization Plan.
Railways Co. below.—V. 104,
p.
952.
Evansville Henderson & Owensboro Ry.—Plan.—
See Evansville
Railways Co. below.
Evansville & Mt. Vernon Elec.
See Evansville
Ry.—Reorganization Plan.
Railways Co. below.—V. 104,
p.
952.
Evansville Railways Co.—Reorganization Plan.—The
bondholders’ protective committee for First Mtge. 5% gold
bonds of the Evansville & Eastern Electric Ry., Evansville
& Mt. Vernon Electric Ry. and Evansville Terminal Ry.,
in circular dated at Evansville, Ind., Sept. 19, addressed to
holders of said bonds deposited under protective agreement
of Jan. 24 1917, says in substance:
The
undersigned committee gives notice of the adoption of the following
plan of reorganization:
In the event of purchase of said properties and franchises by your com¬
mittee, your committee agrees forthwith to proceed to the organization of
a new company, owning and operating all of the above properties [covered
200,000
for rehabilitation—
1,200,000
Presently issuable (in exchange for old bonds, Ac
$743,000
Gen. Mtge. 30-yr. Income bonds, interest return limited to 5%
750.000
10-year Collateral 6% Notes.—To provide for the exchange of
[$52,900] 6% 5-year Collateral Notes in hands of purchasers at
par and to cover an equal amount of the same notes now out¬
standing as collateral to the bills payable of the EvansvilleRailways Co., the new issue to be secured as follows: 6%
bonds of E. H. Sc O. “subject to its outstanding pref. stock,
$288,000; common stock of Henderson Traction Co., $80,800;
common stock of Owensboro City RR. Co., $73,750.
Total
authorized note issue ($52,900 now issuable in exchange)
300,000
The new bonds will be secured by mortgage covering all of the property
and franchises of the above mentioned electric railways, purchased at fore¬
closure sale, together with the Evansville Henderson & Owensboro Ry.,
subject, however, in the case of this property to $203,600 pref. stock ana
_
to
a mortgage securing bonds which are to be issued as collateral for the
10-year Notes referred to hereafter.
The mortgages will also cover all
additional property hereafter acquired.
(1) Terms ofExch. for Existing Bds.,&c. First A Ref. 5s. Gen. M. Incomes.
Mortgage bonds
50 %—$659,500
50%—$659,500
Mortgage bonds, defaulted inter¬
est, 1917 and 1918, 2 years @ 5%.._ 50%— 76,000
60%— 76,000
Mt. Vernon Int. Coupon Notes
50%—
7,500
7,500
50%—
(2) Terms of Exch. for Existing Stock—
New Com.
New Pref.
Pref. stock, Evansville Railways Co
100%—$352,200
Common stock of Evansville Rys. Co__
■$f.ooo.666
The new company shall assume bills payable at present outstanding se¬
cured by Five-Year Collateral Notes, upon the agreement that the net
earnings, after the payment of interest on 1st M. bonds (if any are issued),
First and Refunding bonds and Five-Year Notes sold and
outstanding to
the amount of $52,800, shall be applied one-half to the payment of interest
on the General Mortgage Income bonds of the
company, and the remaining
one-half toward the payment of interest and principal of the bills
payable
secured by Five-Year Collateral Notes.
The adjustment to be made semi¬
annually and that portion which applies to the interest on the General
Mortgage Income bonds shall be deposited with the trustee and distributed
by it to the said bondholders as and when the directors direct, but in any
event whenever the amount so deposited is equivalent to 1 % of the General
Mortgage Income bonds outstanding. It is assumed the directors will
consider the immediate needs for improvements and betterments on de¬
termining the amount of net earnings to be distributed.
The mortgage securing the $1,200,000 new First & Refunding bonds$743,000 of which will be presently issued under this plan, will provide that
additional bonds may be issued at par to retire the outstanding pref. stock
of the Evansville Henderson & Owensboro Ry. Co. at not more than its
callable value.
It will also provide for the issuing of additional bonds for
improvement*, betterments and other property to cover not to exceed
80% of the actual cost of the improvements, betterments or additional
property, providing, however, that no bonds shall be issued for this purpose
unless the annual net earnings are sufficient to cover all bond interest,
including the bonds it is proposed to issue.
The issue of $200,000 1st Mtge. bonds shall be sold when and as the
directors may elect, for the purposes of rehabilitating the property or for
purchasing rolling stock, but not for maintenance. The mortgage securing
these bonds shall provide a sinking fund to retire any of the bonds which
may be sold for rolling stock within 20 years.
None of these bonds shall
be sold or hypothecated except at a price not less than that fixed by the
P. S. Commission of the State of Indiana as required by law.
Bondholders protective committee: Jas. T. Walker, A. F. Karges, W. H.
McCurdy, M. S. Sonntag, Henry E. Jewett, D. Gregg McKee, Earl S.
Gwin and Halstead Rhodes, with, as Secretary of the committee, C. Howard
Battin, Vice-President of the Mercantile-Commercial Bank, Evansville.
Depositaries: Pittsburgh Trust Co., Pittsburgh, Pa.; American-Southern
Nat. Bank, Louisville, Ky.; Old State Nat. Bank, Evansville, Ind.—
V. 107, p. 2187, 1192.
First
First
.
Evansville Terminal
See Evansville
Ry.—Reorganization Plan.—
Railways Co. above.—V. 104,
p.
952.
Georgia Southern & Florida RR.—Federal Manager.—
E. H. Coapman has been appointed Federal Manager for
and the HawMnsville Sc Florida Southern RR.—V. 107, p.
this company
1666, 1287.
Grand Rapids (Mich.) Ry.—Fare Increase.—
This company on Dec. 4 commenced charging a 6c. fare granted by the
commission to prevent the company from going into receiver’s hands.
—V. 106, p. 499.
The
Supreme Court of Colorado has recognized the jurisdiction of the
Colorado P. U. Commission over any railroad wholly within the State, and
has stricken out a ruling made in a District Court allowing the discon¬
tinuance of the property, which ceased operating on Aug. 4 last.—V. 107,
2289
Hawkinsville & Florida Southern RR.—Federal
See Georgia Southern Sc Florida RR. above.—V.
107.-p. 1670.
Mgr.—
Haytian American Corp.—Offering of Pref. Stock.—
Breed, Elliott & Harrison and P. W. Chapman & Co.,
Chicago, Ill., are offering a block of $500,000 7% Cumulative
Convertible pref. stock, of which there is authorized and out¬
standing $6,000,000. Ordinary common stock and founders*
stock, 60,000 shares or no par value.
“Passed by the Capital Issues Committee as not incompatible,” Sec.
Data from Letter of Pres. C. Edgar Elliott, New York, Nov. 11 1918.
Constituent Properties.—The corporation owns and controls through
bond and stock ownership:
(1) Haytian American Sugar Co., owning a modern sugar mill near
Port au Prince, Hayti, completed In 1918, with a daily
grinding capacity
of 2,000 tons of cane.
The company operates through ownership or lease
about 20,000 acres.
(2) Railroad Co. of the Plain of Cul de Sac, 60 miles of road, incl. sidings.
(3) Electric Light Co. of the Cities of Port au Prince and Cap Haitien,
rights, electric lighting plants in
40-year concession, 1906.
(4) Haytian Wharf Co. of Port au Prince, owning and operating a wharf
at Port au Prince under a 50-year Government concession dated from 1907.
which grants exceptional privileges.
«
Condensed Balance Sheet Sept. 30 1918 [Also Dec. 31 1917 Inserted by Ed.]
Sept. 30 ’18.Dec.31’17
Sept. 30 ’18. £>ec.31'17
owning and operating, with exclusive
Port au Prince and Cap Haitien under
Assets—
$
*
Securities...
3,581,120 3,575,675
RR. claim, Govern¬
Liabilities—
$
$
xCapital stock
6,000,000 S.SOO.OOO5
Oblig’ns assumed
840,000
840,009
ment of Hayti
Bills
1,008,189 1,008,189
1,025,000
payable
Accounts receivable. 779,130 1,043,985 Accounts payable
48,180
105,341
Accts. rec. (sub. cos.) 5,180,997 3,063,387 Accrued interest
21,503
Bills receivable
Accrued dividends..
4,200
89,850
76,125
Accrued interest
Profit and loss
190,287
188,156
98,758
Office furniture
6,598 Surplus
6,909
2,621,442 2,616,889
Cash
140,460
482,117
10,891,293 9,179,952
Total
10,891,293 9,179,952
On Sept. 30 1918 the preferred stock was $6,000,000, in $100 shares;
Total
x
ordinary common stock, without par value, 60,000 shares; founders’ stock,
without par value, 60,000 shares.
On Dec. 31 1917, pref. stock, $5,500,000;
ordinary common stock, 57,500 shares; founders’ stock, $60,000.
Earnings.—The income of the corporation for the 9 months ending
Sept. 30 1918 was $440,206; less dividends paid, $252,051; surplus, $188,156.
With the available supply of cane for the season of 1918-1919, the company
estimates it will produce a minimum of 110,000 bags of sugar and it con¬
fidently expects to have a sufficient cane supply in the season of 1919-1920
to enable it to operate to its present mill capacity of 225,000 bags.
It is
estimated that the net earnings of the four subsidiary companies owned will
be at least $1,200,000 for the year ending 8ept. 30 1919.
Full particulars regarding the company and its subsidiaries may be
found in V. 103, p. 145; V. 104, p. 451; V. 107, p. 801.
Henderson Traction Co.—Common Stock Pledged.—
See Evansville Railways Co. above.—V.
90,
p.
1363.
•
4
THE CHRONICLE
2290
Illinois Central Ey.—Obituary.—
General Manager, under the United States BE. Administration, died Dec. 9.—V. 107, p. 1747, 1003.
Thomas J. Foley.
Jersey Central Traction Co.—Fare Increase AUowed.—
The New Jersey P. U. Commission has allowed this company, which
operates in Middlesex County, to charge 7 cents in its 6-cent fare zones.
—V. 107, p. 1004.
Ey.—Subsidiary Company Decision.—
Kansas City
See
Metropolitan St. Ry. below.—V. 107, p. 2097, 1837.
Lehigh Valley Railroad Co.—Dividend.—
The company has
declared the usual quarterly dividend of SI 25
(2H %) on the common stock, payable on or as soon after
the company receives from the u. S. Govt, an adequate
a share
Jan. 4 1919 “as
payment of the
rental now due," to holders of record at the close or business on Dec. 14
1918.—V. 107, p. 2008, 1908.
Massachusetts Electric
Cos.—Meeting.—Plan.—
An official notice says: “The annual meeting of the shareholders is usually
held on the third Wednesday of December.
Inasmuch as it will probably
be necessary to hold a special meeting in the near future to consider the
terms of a reorganization plan now being formulated by the committees
representing the share and security holders, the regular meeting will not
at the usual date, but the shareholders will be called in special
meeting when the occasion arises. This postponement has the approval
of the committees representing deposited preferred and common shares.”
—V. 107. p. 2013, 1920.
be held
Memphis Street Railway.—Earnings—Need of Higher
Memphis on Nov. 24
gave in substance:
Fare.—“The Commercial Appeal” of
Pittsburgh (Pa.) Railways.—Receiver Resigns.—
The Court has named George F. Davidson to succeed Receiver James D.
Callery, resigned.—V. 107, p. 2188, 2098.
Pittsburgh Youngstown ft Ashtabula Ry.—
The Philadelphia Stock Exchange has struck off the regular list $15,000
First Consol. Mtge. 5% bonds due Nov. 1 1927, leaving the amount listed
$1.547,000—V. 106.
was
upon a
5-cent fare basis, the following comparative statement
submitted to the National War Labor Board:
Earnings for 7 Mos. ended July 31 1918, Compared with 7 Mos. 1917
1918.
1918.
1917
1917.
$1,190,992 $1,216,622 Deduction for taxes.. $95,341 $86,500
Net
Income
from oper.$235,129 $310,131
Operation—
Malnt. of way,&c.
$56.190 Deductions from net income:
$62,244
Malnt. of equlp’t.
Interest
72,371
66,387
$322,629 $317,786
-306,893
Transportation
294,066
Pay'toncartr.ctfs.
7,000
7,000
126,733
Sinking fund
Injuries A damages
142,102
17,600
17,500
Power house oper.
Amortization
111,832
79,650
32,847
24,457
General A miscell.
58,805
62,476
Reserve A deprec.
Total deductions.$379,976 $366,743
121,662
119,099
Net income (deficit)..$144,847
$56,612
Total expenses.
$860,521
$819,991 Car mileage oper...3,941,579 4,775,932
Gross oper. income $330,471
$396,631 Car hours operated.. 428,043
516,927
“It will be noted that in the foregoing statement there were carried items
of $119,099 for 1918 and $121,662 for 1917, as reserves for depreciation and
7 Months—
Gross receipts
—
2560, 709.
p.
Portland (Ore.)Ry.,
Light ft Pow. Co.— literease inRates.
Effective immediately, the Public Service Commission of Oregon on
Dec. 5 ordered a substantial increase in the power rates of this company.
—V. 107, p. 1837, 1385.
Quebec Ry., Light, Heat ft Power Co.—Negotiations.—
Referring to the delay in the settlement of the negotiations between this
and the Canadian Government over the sale of the Quebec &
Saguenay Ry., the “Financial Post” of Toronto says: “Some delay may be
company
now that Government railway matters have been placed under
the one body.
Previously the settlement was being carried on with Hon.
J. D. Reid, and it was thought a final decision as to the price and other
terms would have been reached before the end of the present year.
This
expected
unlikely
seems
now.
The influenza and the flood in Quebec Interfered
somewhat with the earnings of the railway in Quebec lately, but the im¬
proved rates are turning out to be a considerable factor in overcoming the
nigh costs of operation.’ —V. 107, p. 1187, 182.
Quebec ft Saguenay Ry.—Negotiations.—
Quebec Ry., Light A Power Co. above.—V. 107, p. 1288.
See
Racquette Lake Ry.—Application Denied.—
The New York P. S. Commission has denied this company’s application
for permission to cease operations each year from Nov. 1 to May 31.
—VT 69,
Demonstrative of the inability of the company to maintain service and
solvency
[Vol. 107.
p.
1248.
Rapid Transit in New York City.—Delays.—
The effect of the war in further delaying the completion of the several
lines of the Dual system under the terms of the Rapid Transit Agreement
of 1913 has had serious results to all parties in interest.
This fact has been
further disclosed by the events of the past week.
The Brooklyn Rapid
Transit Co., as stated above, has brought suit to compel the completion of
the lines which it has agreed to operate.
The total sum which the city
is still obligated to expend on the construction and improvement program
of the Dual System is unofficially reported as about $60,000,000, of which
$40,000,000 is needed to complete its contribution to the lines that
some
will be operated by the Interborougn Rapid Transit Co. (V. 107, p. 1100),
and $20,000,000 or more is required from it for the B. R. T. system.
A controversy between the P. S. Commission and the Board of Esti¬
mate as to extra allowances has brought out the statement that the opening
of the $10,000,000 Clark Street tunnel to Brooklyn, which might take place
in March next, affording much relief to the Brooklyn-New York service
of the Interborough Rapid Transit system, will have to be postponed unless
a contractors’ claim for $40,000 is
paid promptly. The completion of the
Eastern Parkway system is also being held up by the claims of the Inter¬
replacements, representing 10% of the gross revenues. These charges are
warranted by the U. S. Supreme Court and by all authorities, including
Continental Construction Co. for some $1,000,000 damages, &c., alleged
to be due it because of delays in furnishing plans.—V. 107, p. 2008, 1919.
State Commissioners.
“As here shown, the result of the first seven months’ operation in 1918
was a net income deficit of $144,847.
However, had no reserve for depre¬
ciation and replacement been charged against income but only the actual
amount expended in renewals, namely, $17,618, a deficit of $43,366 still
would have resulted and the same ratio being carried through the remaining
five months of the year the deficit for 1918 would be $74,341.
ital Expenditures of the Railroad Administration, and will, it is
“That, however, is figured
upon
the basis of the old
scale, but
wage
effective Aug. 1, the new wage scale became effective, increasing, upon the
basis of normal service, the pay-rolls of the company approximately
$21,600 per month.
So that, upon the basis of normal service for 1918,
new scale applied, the deficit would b8 at least $74,341, plus $249,200,
or $323,541.
“And had a 10% reserve for depreciation and replacement been charged
the deficit upon normal service would have been in excess of $425,000.
“The service has not been normal nor satisfactory. It has been the best
possible under the circumstances. However, notwithstanding its curtail¬
ment and the practice of most rigid economy, involving neglect of proper
maintenance, the deficit for the year will be in exceess of $250,000.
with
Suit Instituted
on
$150,000 Protested Note.—
Action against this company has been brought by the Memphis Bank of
Commerce & Trust Co., which has filed a bill in chancery seeking to recover
on a demand note for $150,000 protested on Dec. 2 and as yet unpaid
as claimed by the plaintiff.—V. 107, p. 1747.
Metropolitan Street Ry./ Kansas City.—No 8c. Fares.
Judges Sanborn, Van Valkenburgh and Pollock of the U. S. District
Court at Kansas City on Dec. 2 handed down a ruling in injunction and
Jurisdiction proceedings constituting a denial of the company’s plea for
injunctions against everybody with an intention of hindering fare increases.
The company’s petition stated that 8c. fares were necessary, two tickets to
be sold for 15c., with an additional lc. for transfers.—V. 102, p. 886.
Missouri ft North Arkansas RR.—Contract Signed.—
The Director-General of Railroads on Dec. 4 signed the first of the spe¬
cial contracts with the short line railroads by which they are taken under
a modified form of Federal control without guarantee of compensation.
Contracts were also signed with the Western Allegheny and South Georgia
railroads.
For facts as to the form of contract, see V. 107, p. 1717.—-V.
107,
p.
1579, 1385.
Monongahela Valley Traction Co.—Coal Co.—
Leading interests in the company have organized the Paw Paw Coal Co.,
a capita] of $150,000, to operate in Marion County.
Among the
incorporators are E. B. Moore, Smith Hood, O. F. Lough, S. M. Gallagher
and 8. E. Miller.—V. 107, p. 2009, 1287.
with
Montgomery (Ala.) Light ft Traction Co.—Receivership.
The Commercial Bank & Trust Co. of New Orleans on Dec. 6 filed appli¬
cation in the U. S. District Court at Montgomery, Ala., asking that a re¬
ceiver be appointed for the company.
The company recently was taken
over
by I. Newman & Sons of New Orleans. Compare V. 107,
p.
1747,1101.
New York
Railways.—Opinion as to Transfer Charge.—
Council Burr has filed a brief with the P. S. Commission
Corporation
through which the city contends that the P. S. Commission is without
jurisdiction to grant the company’s petition for permission to charge 2c.
for transfers.—V. 107, p. 2098 2009.
,
New Jersey ft Pennsylvania Trac. Co.—Fare Increase.
The New Jersey P. U. Commission has granted this company permission
to increase its rates from 6 to 7c. in each of its four zones between Trenton
and Princeton, N. J., in order to enable the company to meet an increased
wage award granted by the War Labor Board.—V. 107, p. 1101.
Northern Securities Co.—Dividend of 4%.—
A dividend of 4% has been declared payable Jan. 10 to holders of record
Dec. 27.
A dividend of 3% was paid in June and 3H % in Jan. last.
In
1917 an annual 3H % was paid in January and from 1913 to 1916 incl. 2%
yearly.—V. 106,
p.
2346.
Owensboro City RR.—Common Stock Pledged.—
See Evansville Railways Co. above.—V. 105. p. 2273.
Pacific Electric
Ry.—Minimum Fares Reduced.—
The California RR. Commission has reaffirmed its decision of Sept. 4,
fixing fares to be charged by this company, with exception of the minimum
fare which is reduced from 10 to 5 cents.—V. 107, p. 1101.
Philadelphia Company.—Tenders Asked.—
The Maryland Trust Co., as trustee few the First Mortgage and Collateral
Trust 5% gold bonds due 1949, has on deposit $3,775,000 cash, being the
uninvested balance of proceeds received from the sale of Brunot Island
plant, formerly under the lien of the mortgage securing this issue, and will
until 3 p. m. Dec. 20 receive tenders of the above bonds at not exceeding
par and Lnt., sufficient to exhaust the cash balance in hand.
See adver¬
tisement on another page.
Earnings for October and the Half-Year ended Oct. 31.—
The usual monthly statement of earnings will be found in our “Earnings’’
department oh
a
preceding page.—V. 107.
p.
2188, 2098.
Southern Pacific Co.—Judge Lovett Returns.—
Judge Robert S. Lovett has resigned
his
position
2188, 1921.
resume
107,
p.
as
as
Director of the Division of Cap¬
announced,
executive head of the Southern Pacific Co.—V.
Toledo St. Louis ft Western RR.—Notes.—
Walter L. Ross, Receiver, has applied to
the U. S. District Court at
Toledo, Ohio, for permission to issue $1,000,000 notes of.indebtedness to
obtain money to pay installments about to become due on $16,500,000
mortgages.
The
payment of
coupons
and the transfer of stock of this company,
heretofore made at its office, 60 Wall St., New York, will on and after Dec.
16 1918 be made by Columbia Trust Co., 60 Broadway, N. Y. City.—
V.
107,
p.
2188, 2098.
Twin City Rapid Transit Co.—Common Div. Resumed.—
A dividend of 1% has been declared on tbe $22,000,000 common stock,
payable Jan. 2 to holders of record Dec. 16.
Dividends of this issue were
paid at the rate of 6% from 1910 to 1917, incl., while on Jan. 1 1918 l\i%
was paid and in April 1%; the July and Oct. 1918 dividends were omitted.
The regular quarterly dividend of 1 % % was also declared on the preferred
stock.
Digest of Statement by President Horace Lowry, Dec. 5 1918.
During the past year this company has, on common with practically all
railway companies in this country, suffered from the abnormal in¬
creases in cost of labor and materials; and in addition, it has suffered an
unusual decrease in gross revenues, due to the fact that the Twin Cities
[Minneapolis and St. Paul] have not enjoyed industrial activity resulting
from the manufacture of war necessities.
In addition to the above, the
local authorities have thus far refused to grant any relief.
By the exercise of the most rigid economy the company has been able
to snow net earnings over its fixed charges for the first ten months of the
present year of only $472,924.
Out of this a dividend of 1%, amountin
to $220,000, was paid April 1 1918The following comparisons of l9l8 and 1916, clearly show the difficult
problems of the past two years: (a) The gross revenues have decreased 5%.
(6) the operating expenses increased 16%; (c) the net result will be a de¬
crease of about $1,600,000 in the net earnings for 1918 under 1916; (d) the
unit cost for labor and material, as represented by the cost per car hour
operated, advanced 29%.
The latest award of wages made by the U. S. National War Labor Board
will increase the unit' operating cost of your company for the year 1919 over
1918 10%, and for 1919 over 1916, 41 %.
This large increase in unit cost
principally due to labor, can only be offset by further reduction of service;
by securing an increase in fares from the municipal authorities; or by an
increase in gross revenues, due to a renewal of industrial activity in the
street
Twin Cities.
The directors have declared a dividend of 1 %, payable Jan. 2 1919, which
makes a total dividend of 2% paid on your stock for the year 1918, all of
which was earned prior to Oct. 1 1918, when wages of employees were
increased to meet the standard set by the U. 8. National War Labor Board.
The new scale of wages established Oct. 1 1918 will absorb any net earnings
which might otherwise have accrued during November and December,
unless the city authorities change their attitude and grant relief.
It is
hoped that such relief may be granted permitting earnings in excees of
fixed charges during 1919.
No fair-minded person can question the
justice of paying a reasonable return on your investment.—V. 107, p. 2099,
605.
United Railroads of San Francisco.—Litigation.—
This company
has filed a bill with the San Francisco Board of Super¬
visors for $6,865,510 alleged damages growing out of the city’s four-tracking
of streets on which the company claims to have exclusive rights.
The
company, not expecting settlement in the 90 days allowed the municipality,
plans at that time to enter suit in the Federal Court.—V. 107, p. 1386,1288.
Vera Cruz Electric Light, Power ft Traction Co.—
The “Stock Exchange Weekly Official Intelligence” of London erf Nov.
23 says: “Owing to the unusual conditions in Mexico, the accounts are not
yet ready for submission to the shareholders, but from unaudited state¬
ments that have been received, the directors fed justified in declaring a
dividend of 5%, payable on Nov. 26.
Last year, no dividend.”
West Virginia Trac. ft Elec. Co.—New Director.—
A. Hicks Lawrence succeeds O. Clement Swenson as a director.—V.
p.
107,
183.
Western
AUgeheny RR.—Contract Signed.—
See Missouri A North Arkansas RR. above.—V. 106, p.
1462.
INDUSTRIAL AND MISCELLANEOUS.
Aeroplane Engines.-—Order* and Output of Various Cos.—
A special dispatch from Washington
“Times” on Nov. 27 said:
to the New York
Dec. 14
1918.]
THE CHRONICLE
The
ftory of the aircraft engine was told by Lieut. H. H. Emmons,
Chief of the Engine Production
Department, who said (in substance):
For advanced training, there were available the Gnome
110 h.p., the
Le Rhone 80 h.p. and the
Hispano-Suiza 150 h.p. The General Vehicle Co.
proceeded with the production of the 110 h.p. Gnome.
“The Union Sioitch A Signal Co.(now
part of Westinghouse Air Brake Co.)
was persuaded to take the contract few the
production erf the 2,500 Le Rhone
engines, 80 h.p. type. Their contract has been continued and the Union
Switch & Signal Co. has delivered
approximately 1,200 of these engines.
We arranged with the Wriaht-Martin Co. to increase their facilities
for the
production of the 150 h.p. Hispano-Suiza
type and their work had such
_
5ood results
that in May 1918 that company delivered 530 of these engines
month.
n one
It was estimated that we would
care of the requirements of our
require 22,500 Liberty engines to take
and army. We therefore made con¬
Packard Motor Co., 6,000: Lincoln Motors Corp., 6,000;
Ford Motor Co., 5,000; Nor dyke A
Mamion, 3,000; General Motors
tion, Buick, Cadillac, 2,000; Trego Motors Corporation, 500. TheCorpora¬
first of
these contracts were signed in August 1917,
and production work started.
“The Liberty 12-cylinder engine as originally
designed was of the 300 h.p.
class, producing approximately 330 h.p. When we had produced
approxi¬
mately 300 of them, we were advised by authorities in France that higher
horse-power would be required. After several weeks’ work this was ac¬
complished, and when we had produced approximately 500 of 375
h.p.
type, we were again notified that an increase in power would be required.
We, therefore, again delayed production while the engineers rearranged the
engine parts so that the engine would develop approximately 440
h.p. The
extent and magnitude of these
changes required is illustrated by tne fact
that the engine when competent to
develop
330
h.p.
weighed 785 pounds,
without water or oil, while, when it was
competent to develop 440 h. p.,
it weighed 860
pounds.
“In spite of this difficulty, on
May 29 1918, one year after the first design
was started, we had
produced and delivered 1,100 Liberty 12-cyllnaer
engines. The production of engines as to types is as follows: OX-5, 8,412;
Hispano-Suiza, 4,101; Le Rhone, 1,178; Lawrence, 451; Gnome, 280;
A-7-£, 2,250; Bugatti, 11; Liberty, 15,131; total, 31,814.
..The results achieved by the Liberty engines were so satisfactory to the
Allies that commencing in June 1918, they were
very insistent in placing
with us large orders for engines.
It soon became apparent that we would
need additional sources of engine supply
over and above the 22,500 which
was originally planned for our
army and navy.
We, therefore, increased
the number of manufacturers by adding the three
plants of the
sOverland Co. at Elmira, Elyria and Toledo, and also the Oldsmotor Willy
Co. at
Lansing, Mich., to the list of Liberty producers. We also placed orders
for 8,000 8-cylinder Liberty engines with
Willy»-Overland and the Buick
Motor Co. (General Motors
Corporation) at Flint, Mich. When this was
completed we had placed orders for engines as follows: OX-5 9,450, A-7-A
2,250, Gnome 342, Le Rhone 3,900, Lawrence 451, Hispano-Suiza-150
4,000, Hispano-Suiza-180 4,500, Hispano-Suiza-300 10,000 Bugatti 2,000,
Liberty-12 51,100, Liberty 8 8,000; total, 95,993.
“During last October we were producing over 150 Liberty 12-cylinder
engines per working day, and of all types or engines a total of 5,603. We
have produced within 18 months over 15,000
Liberty engines, and during
18 months engines of all types totaling 3l ,814.”
[To what exter>t the cancellations of Government war orders will stop
the manufacture of these engines is not
definitely known.—Ed.]
navy
tracts as follows:
Aetna Explosives Co.—Plan Agreement.—The “Chron¬
icle” is informed that the following is
substantially correct:
Representatives of the bondholders and the preferred and common stock¬
holders on Nov. 11 reached an agreement as to the
plan for reorganizing
the company and terminating the existing
receivership. The program
decided upon was recommended to the various
interests by Judge Mayer.
It is now believed that the
receivership would be dissolved within two
months.
Under the plan adopted the bondholders have two
options, one that they
receive 85% in cash or 100% in new bonds bearing 6%
interest with a 20year maturity, l-12th of the bonds to be retired each year.
The preferred
stockholders are to receive $15 75 in cash, this being the arrears in
dividends,
and in addition $5 in cash on account of
principal. Furthermore, they are
to receive 75% in 25-year 6% bonds,
4% of these bonds to be retired an¬
nually at par.
The committee at the present has in hand the matter of
arranging the
details of the plan.
Compare V. 107, p. 2190, 1921.
3391
rrhecompany will have in Its treasury on Dec. 31 next, roughly, $35,000,000 in cadi. Government bonds and paper representing sums due from
the Government.
This amount will be left after setting aside $6,000,000
for the 1918 Federal taxes.
The company has about 250,000 tons of boats
and has outstanding
approximately $25,000,000 bonds and $13,500,000
P«rf. stock [as well as about $15,000,000 common stock. The $15,000,000
of bonded debt includes of course the
bonds of the several subsidiary com¬
panies.]—Y. 106, p. 2646, 2553.
Atlantic Gulf & West Indies SS.
Co.—Ownership.—
week's issue.
So® Merchants' & Miners’
Transportation Co. in last
—V. 106, p. 2646, 2553.
Auto Body Co.,
Lansing, Mich.—New Stock, &c.—
The shareholders have authorized an issue of
$600,000 preferred stock,
so that now the capital stock of the
corporation Is $1 ,600,000, of which
$1,000,000 shall be common stock and $600,000 shall be preferred stock.
The 6% preferred (a. & d.) cumulative stock shall have no voting power;
it shall be redeemable at
par on Jan. 1 1929, and may be redeemed, all or
part, at any dividend-paying date at 105 and int. Divs. Q.-F.; it shall
participate equally with the common stock in earnings of the company after
8% shall have been paid in each year on the common stock,
provided, a
surplus equal to 6% of the outstanding preferred stock be at all times
maintained, which shall be devoted to the payment of preferred dividends.
Shareholders may subscribe for the new stock at $10
per share, 25% on or
before Jan. 2 1919 and 25% on the first of each month thereafter until
the
whole subscription shall be paid.
Balance Sheet Auto Body Co. Nov. 30 1918 (Total
Each Side,
,
Property account
x!
Cash
Notes & accounts receiv’le
Inventories
......
Unexpired insurance
Deficit.
$1,728,455).
Capital stock
37 623
509,583
3,773
75,550
Bills payable
Accounts payable
Accrued payroll
Accrued interest-.
Accrued taxes
$1,000,000
573,393
128,205
6,857
12,500
7,500
x Consists of land,
$88,000; buildings, $624,925; machinery, $209,856;
factory equipment, patterns, &c., $161,835.
Barrett Company.—Extra Dividend of 1%.—
An extra dividend of 1 % has been declared on the common stock in
addi¬
tion to the regular quarterly
1%%, both payable Jan. 2 to holders of record
Dec. 21.
The total distributions for 1918 amounted to
8% including the
extra.
A statement issued by the company says that under normal con¬
ditions it is the expectation of the directors that this dividend rate can
be continued.
On adjournment of the directors’ meeting Dec. 12, Pres. W. H. Childs
said: “The outlook for the company’s business is very
encouraging. We
will show this year the largest gross
earnings in our history, and upon any
known basis of taxation, the largest net.
The company expects to inten¬
sively develop its business in the great peace staples it covers, including
roofing, road-surfacing and floor and rug coverings. We are readjusting
and developing a great many lines in our chemical business and intend to
take up actively an export trade which will be a new
enterprise on our part.
We will not have any labor problems, as we have so
many widely separated
factories and diversified lines of work.
“Another line for which a large demand is expected is the supplying
of
‘Tarvia’ for road building.
“The company’s export business, while it never amounted to much in
volume, showed a substantial increase this year, and we expect to be able
to go ahead with a further expansion of our
export lines.
We have also
developed a number of new lines of chemicals recently.
“On the whole we believe the outlook for the company is bright and for
this reason the directors decided to place the common stock on an
8% per
annum basis, which rate we feel can be maintained under normal condi¬
tions.”—V. 107, p. 1194, 908.
Bayer Co., Inc.—Sale by Custodian.—
The Sterling Products Co. of Wheeling, W. Va.,on Dec. 12 bid in for
$5,310,000 the entire capital stock of this company with its subsidiaries,
the Synthetic Patents Co., Inc., and Williams & Crowell Color
Co., sold
by the Alien Property Custodian at Rensselaer, N. Y. The. company is
a manufacturer of aspirin and other
products.
Bosch Magneto Co.—Sale by Custodian.—
Co.—Pref. Div. of 3%.
The Alien Property Custodian on Dec. 7 sold to A. C. Griffiths of New
York the property of this company for $4,150,000.—V. 107, p. 293, 183.
The company has in this case declared a single
quarterly dividend on account of the change In the fiscal year. It is sup¬
posed that at the meeting next March a full year’s dividend will be ordered
and paid in advance, as has been the custom heretofore.
A year ago the
company declared an extra dividend of 4% on the pref. and the regular divi¬
dend of 8%, payable in four quarterly installments.—V.
107, p. 1386.
This company has purchased the property of the Odell
Manufacturing
Co. of Groveton, N. H., and reincorporated it as the Groveton
Paper Co.,
Inc., all of whose capital stock it owns.
The Odell company, it is said,
held 31,000 acres of timber limits and had an output of 200 tons a
day,
made up of 100 tons of sulphite pulp, of which 60 tons is bleached: 40 tons
of bona papers, and 60 tons of fibre papers.—V. 106, p. 1903, 1798.
American Brake Shoe & Foundry
“A quarterly dividend of 3%’’ has been declared on the
preferred stock
along with a quarterly 1%% on the common, both payable Dec. 31 to
holders of record Dec. 20.
American Car & Foundry Co.—Russian Order.—
It is stated that the Russian Government has recently reinstated orders
for 4,000 freight cars previously ordered, but later canceled.
This com¬
pany, it is understood, will build 2,600 of the cars and the Standard Steel
Car Co. the remaining 1,400.—V. 107,
p. 2009, 1839.
American Coal Co. (New Jersey).—Dividend of $2.—
A dividend of $2
(8%) a share has been declared on the $1,500,000
capital stock (par $25), payable Dec. 21 to holders of record Dec. 20.
In
March and Sept. 1918, 10% each, making with the present dividend
28%
during 1918, as against 30% in 1917.—V. 107, p. 698.
American Gas & Electric Co.—Stock Dividend.—
An extra dividend of 2%, payable in
stock, and the regular
quarterly 2H % have been declared on the $4,100,800 outstanding common
stock, both payable Jan. 2 to holders of record Dec. 18.
Stock dividends
of 2% each nave been paid semi-annually (J. & J.) since July
1914. The
quarterly dividend of 1H% has also been declared on the pref. stock,
payable Feb. 1 to holders or record Jan. 18.
common
Joint Construction.—
See West Penn Power Co. below.—V. 107, p. 183.
American Metals
Co.—Meeting Postponed.—
The special meeting of stockholders to vote
upon dissolving the company
has been postponed until Dec. 17.
Compare V. 107, p. 2099, 2010.
American Sugar Refg. Co.—Removal of Sugar Restriction.
See page 2146 in last week’s issue.—V. 107, p. 2190, 1194.
American Tobacco Co.—Sales Estimated.—
It has been estimated that, on the basis of eleven months’ results, the
company will report sales approximating $145,000,000 in 1918.
This
compares with about $90,000,000 in 1917, a gain of 60%.
Business in
1916 amounted to $70,000,000.
This estimate for 1918 is for the company
proper.
If various subsidiaries are included, all or a majority of whose
stock Is owned by the American Tobacco, the total will reach $200,000,000,
against $109,000,000 in 1917.—Y. 107,
American Writing Paper
p.
1839, 1748.
Co.—Refunding Plan.—
In connection with the call for deposits of bonds under the refunding plan
the bondholders’ committee announces that over $7,500,000—or more than
two-thirds of the issue outstanding in the hands of the public—have as¬
sented to the plan.
The committee has extended the time for deposit to
Dec. 20.
Compare V. 107. p. 2190, 1748, 1671.
Anaconda Copper Mining Co.—Manganese Plant Closed.
This company has closed the ferro-manganese plant at Great Falls,
Mont., due, it is said, to the inability to market the product at this time.
—V. 107, p. 2190, 2099.
Appleton Co.—Extra Dividend.—
an
This company has declared the usual semi-annual dividend of 5% and
extra of 10%, both payable Dec. 16 to holders of record Dec. 5.
An
extra of
5%
was
paid in June last.
See V. 106, p. 2561, 89.
pP Atlantic Gulf & West Indies SS. Lines.—Large Treasury
Holdings.—The following published statements are pro¬
nounced substantially correct:
Brompton Pulp & Paper Co.—Acquisition.—
Burlington (Vt.) Light & Power Co.—New Rates.—
This company has filed a new schedule of rates, effective in December,
follows: First 10,000 cu. ft. per month, $1 40 per 1,000 cu. ft.: second
10,000, $1 30; next 30,000, $1 20; next 50,000, $1 10; all over 100,000,
as
$1 05.—V. 105, p. 2458.
Cadet Hosiery Co.,
Philadelphia.—New Stock.—
Replying to our inquiry relative to this company’s proposal to increase
its authorized capital stock from $2,250,000 to $2,650,000, we are ad¬
vised that it is not the intention at the present time to issue
any of the
new stock.—N. 105, p. 1000, 718.
California Petroleum
Co.—2%
on
Accumulations.—
A dividend of 2 % has been declared on the pref.
stock on account of
accumulations along with the regular quarterly of 1 H%. both payable
Jan. 1 to holders of record Dec. 30.
The accumulated pref. dividends
after this payment will aggregate 7%.
Earnings.—Results for nine months ending Sept. 30:
1918.
Gross earnings
$2,924,926
$2,245,286
517,544
72,982
Net
earnings.
Depreciation, expenses, &c
Bond interest
To minority stockholders of sub.
Income and excess profits tax
4,178
cos_
203,875
Balance
$1,446,707
Preferred dividends.
555,436
Spec, reserve (5c. per bbl., net output)
111,771
Balance, surplus
$779,500
1917.
,
1916.
$2,142,264
$1,668,532
$1,471,582
$1,064,599
34,981
77,504
83,200
23,207
$1,556,047
555,436
$958,292
370,291
-
$1,000,611
$588,001
An authoritative statement, giving the above data, adds:
“The earnings on the preferred stock for the nine months were at an
annual rate of 15.62% on that issue.
These figures are after duducting
estimated Federal income and excess profits taxes for 1918.
“The average price received for crude oil during the nine months’ period
was $1 14 per barrel.
The present base price received by the company
is
25 P6T barrel
“The financial condition of the company as of Sept. 30 1918 was very
strong, current assets amounting to $2,794,871. with current liabilities of
$891,505. This gives the company a net working capital of $1,903,366.”
—V. 107. p. 698.
Canada Copper Co.—Output (in Pounds).—
Jan
..445,2681 Mar. .292,0711 May .218,5891 July. .234,7591 Sept—142,466
..191,433
Production for the 10 months amounted to 2,593,394 lbs.—V.106,p.2124.
Feb..336,0001 April .321,5351 June _250,000| Aug. .161,2731 Oct
Century Steel Co. of America.—Stock Increase.—
This company has filed a certificate at Albany increasing the authorized
capital stock from $750,000 to $1,500,000.—V. 107, p. 2011, 805.
Cerro De Pasco Copper Corp.—Production (in Pounds).
1918—Nov.—1917.
5,398,000
107,
—V.
p.
Decrease.
J 1918—11 Mos.—1917.
6,440,000
1,042,000165,496,000
1922. 1839.
66,348,000
Decrease.
852,000
Chalmers Motor Co.—Prices.—
This company, it is stated, has notified its dealers and distributors that
there will be no reduction in price before July 11919.—Y. 107, p. 1387.
Colorado Power Co.—1% on Common, Incl. 3^% Extra.
An extra dividend of H of 1 % has been declared on the common stock,
payable in Liberty bonds Dec..20 to holders of record Nov. 30, in addition
to the regular quarterly of K of 1%. notlH% .payable Jan. 15 to holders
The quarterly pref. dividend of 1 *A% has also been de¬
of record Dec. 31.
clared, payable Dec. 16 to holders of record Nov. 30.—V. 107, p. 1289, 607.
Commonwealth Light & Power Co.—Offering of First
Mtge. 6$.—A. E. Fitkin & Co. are offering at a price to net
about 6J^%, $250,000 First Mtge. 6% gold bonds, dated
Feb. 1 1917, due Nov. 1 1947.
lnt. M. & N. Callable at
105 and interest after Feb. 1 1922.
“Passed by the Capital Issues Committee as not incompatible,” Ac.
Interest M. & N. at Guaranty Trust Co. of N. Y., trustee, and Old
Colony Trust Co., Boston, First Trust & Savings Bank, Chicago, Union
Bank, St. Louis, and Union Trust Co., Detroit.
Denom. $1,000, $500 and
$100 c*.
Company pays normal Federal income tax not to exceed 2%.
Data from Letter of V.-Pres. N. P. Zech, Dated N. Y., Sept. 30 1918.
Organization.—Company is a Maryland corporation serving through its
subsidiary companies, without competition, steadily growing communities
situated in rich agricultural districts in Texas, Kansas and Michigan with
electric light and power, and in six situations with ice or water.
The
population of the territory served is estimated at 100,000, and the company
m Its present state forms the nucleus of a large and substantial organization.
Properties.—Michigan.—Stearns Lighting & Power Co., serving Ludington, Scottville, Custer, Pentwater, Epworth, Hart, Shelby, Mears, etc.
Kansas.—Concordia Electric Light Co., serving Concordia. Washington,
Burr Oak, Mankato, Clyde, Jewell, Greenleaf, Clifton, Scandia, Courtland,
Formosa, Linn, Jamestown, Republic, Palmer, Randall, Aurora, Kackley,
Vining, Scottsville, Glasco, Simpson, Barnes, Agenda and Cuba.
Liberal Light, Ice & Power
Co.
Texas.—Jacksonville, Electric & Ice Co., Pearsall Water,
Co., Dalhart Ice & Electric Co., Dalhart Water Co.
Ice & Light
The above companies do the entire commercial electric light and power
business in 38 communities, serving without competition over 8,000 electric
customers, 850 water customers and three municipalities on wholesale basis
under favorable contract, and now have in operation 237 miles of high-ten¬
sion transmission line.
The plants have a capacity of about 5,500 k. w.
The 8tearns Lighting & Power Co. owns water power rights and dam sites
which can develop 3,000 h. p.
The company s properties have been in
successful operation for many years
under private ownership and are now
being brought under the supervision of experienced engineers and opera¬
tors.
It is proposed to develop through transmission line extention the
electric light and power business in contiguous territory.
Capitalization—
Authorized. Oulstand'g.
$10,000,000
5,000,000
Common stock
Preferred stock
Two-year 6% secured notes, due Sept. 1
The first mortgage 6% bonds
Underlying bonds not owned
1919
2,000,000
$1,500,000
701,700
817,000
*1,445,000
150,000
*$412,600 in hands of public—$1,030,000 deposited as collateral for
in treasury.
Security.—A first lien on all of the outstanding capital stock of com¬
panies, whose property is subject to only $150,000 bonded debt not owned.
Additional bonds may be issued: (a) at 85% of replacement value of
note issue—$2,400
additional properties; (6) at 80% of cash cost of betterments, improvements,
Ac.; (c) in exchange, $ for $, for bonds outstanding at the time of purchase
of properties, when net earnings equal at least 1 % times the
interest
annual
charge, including bonds proposed.
Earnings Year ended June 30 1918 (the Interest Charge Including the Stib.Cos.)
Gross earnings
$449,867 Interest on 6% notes
—$49,020
Net, after taxes
$136,941 Balance
$50,993
Annual interest charge
36,928
It is estimated as a result of rate adjustments now pending that the
additional net revenue accruing to the company will exceed $45,000 per an.
Sinking Fund.—Commencing Dec. 31 1922, 1 % of amount of outstanding
bonds 1922 to 1926, 1H% 1927 to 1931, 1H% 1932 to 1936, 1H% 1937
to 1941, 2% 1942 to 1946.
The funds may be used either Co retire bonds or for permanent improve¬
ments, extensions or additions which might otherwise have been made
the basis of the issuance of bonds.
For further data, descriptive of the company, and the two-year notes,
see V. 104, p. 2555.—V. 105, p. 2097. 1212, 610, 292.
Consolidated Gas Co. of Pittsburgh.—Holders of $5,000,000 ls£ M. 58 Offered in Exchange $925 of Philadelphia
Company 6% Pref. Stock for Each $1,000 Bond.—
The committee of holders of 1st M. 5s, the interest on which was de¬
faulted Feb. 1 1916, is recommending the acceptance of the new agreement
signed Dec. 7 offering an exchange of 18H shares (par $50 each, total par
value $925) of Philadelphia Company 6% cumulative preferred stock for
each
$1,000 bond, on condition tnat the suit brought
the default be abandoned.
Some $4,500,000 bonds out
In connection with
of the total issue of $5,000,000 have been
deposited with the committee: to make the settlement effective 80%, or
$4,000,000, must accept it. Depositing bondholders who have not with¬
drawn their bonds witnin three weeks after notice will be deemed to have
accepted it. C. 8. W. Packard is Chairman of the committee; depositories.
Pennsylvania Co. for Insurances on Lives, of Philadelphia, and the Peoples’
Safe Deposit & Trust Co. of Pittsburgh.
The pref. stock is quoted at about 68% ($34 per $50 share) and the $925
would therefore have a total market value of about $629 and at 6% p. a.
would pay $55 50 a year.
The present offer supersedes an offer of 17
shares (total par value $850) made some months ago.—V. 102, p. 525,1989.
Consolidation Coal Co.—Bonds Called.—
Forty-five ($45,000) First Mtge. sinking fund \YA% gold bonds of 1897
(outstanding $129,000) have been called for payment Jan. 1 at 105 and
lnt. at U. S. Mtge. & Trust Co. of N. Y.—V. 106, p. 2347, 1580.
Cosden & Company (of Dela.), Baltimore.—Status—
Bonds.—W. W. Lanahan & Co. of Baltimore in a circular
recommending the 15-year 6% Convertible S. F. gold bonds
of 1917, describe the present status as follows:
Capitalization (Total $10,328,500 Bonds and $21,597,640 Slock).
Cosden Oil & Gas Co. 6% 3-yr. notes, due July 1 1919; int. J.&J_
Cosden & Co. (Okla.) 6% 10-yr. bonds, due Oct. 11926;int. A.&O.
Cosden & Co. (Del.) 6% 15-year Sinking Fund Convertible gold
$380,000
869,000
bonds, due 1932, Series A & B (mortgage closed)
9,079,500
Common stock (par value $5): auth. $25,000,000-, outstanding..18,016,530
Preferred stock (par value $5), 7% cumulative, convertible;
authorized $7,000,000, outstanding
3,581,110
The 15-year 6% bonds are issued in two series, Series “A” and Series “B,”
equally secured. Series “A” bonds are exchangeable into common stock
at rate of $13 face amount of bonds for one share of common stock (par
value $5), and Series “B” at $11 70 of bonds for one share of common
value $5), both until July 1 1919, after which both at $13.
These bonds are secured by pledge of 1st M. 6% convertible gold bonds
of Cosden & Co., Oklahoma, and 3-year 6% convertible gold notes of
Cosden Oil & Gas Co., to an aggregate amount equal in par value to the
amount of bonds of this issue outstanding.
This issue is therefore col¬
laterally seemed by first mortgages on all the producing and other proper¬
ties now or hereafter acquired. Maximum issue is limited to $10,432,500.
Sinking Fund.—Either (whichever is the larger) (a) 5% per annum of
the face amount of bonds authenticated, to be applied (along with interest
on bonds so retired and held alive in sinking fund) in taking up the out¬
standing bonds; or (ft) 20% of the net earnings, after depreciation, to be
similarly applied, but bonds retired in excess of (a) are to be canceled.
Refinery.—The refinery at Tulsa, Okla., is a strictly up-to-date oil
refining plant, having been constructed during the past four years and
completed in 1918. It cost $17,000,000, but through charges made to
depreciation is carried at only $14,000,000. It is equipped for refining
crude oil into its various component parts, including gasoline, naphtha,
kerosene, gasoil, lubricating oil, paraffin wax, coke and other products/
A recently installed battery of high-pressure stills has largely increased
stock (par
the
percentage of gasoline produced.
a total capacity of 25,000 barrels per day if all the final
extracted, but when confining its production entirely to
gasoline, kerosene and fuel oil, it has a refining capacity of 75,000 barrels
of crude oil per day.
The plant has
by-products
[Vol. 107
THE CHRONICLE
2292
are
Properties.—(1) Owns approximately 10,000 acres of proven oil lands
are located over 700 producing wells and proven locations for about
750 additional wells.
(2) Owns leases in promising sections of the MidContinent field embracing approximately 400,000 acres located in Kansas,
Oklahoma and Texas, including a large acreage in the Ranger field.
Oil
in which
for shipping
Tank Cars.—Owns approximately 2.150 modern tank cars
facilities for its large business.
The .market value of these
tank cars u
$7,500,000, against which are issued equipment notes for less
than one-sixth of this market value.
Pipe Lines.—Owns and operates its own system of pipe lines, comprising
some 400 miles, through which it brings oils to the refinery from a number
of producing fields.
Export Co.—Also owns 28 A % of the stock of the Union Petroleum Co.r
one of the largest exporters of oil, with shipping facilities at New Orleans
and Philadelphia.
Earnings.—The earnings for the year 1917 were $9,567,594 after interest
charges, but before deducting Federal taxes and depreciation charges.
These earnings were made before the completion of the refinery.
For the
first six months of 1918 net earnings after interest on bonds were $3,819,171,
shipments being greatly hampered by the extremely severe winter months.
Net earnings for the last six months of the present calendar year should
be considerably larger.
The annual interest charges on the outstanding
bonds as of June 30 1918 called for approximately $643,000 per year.
Financing.—The property has been developed along a definite plan and
to-day it carried on the books at $40,748,424, and this after a depreciation
charge of over $4,000,000.
The company obtained $16,500,000 through
the sale of common stock at an average price of $11 83 per share (par value
$5), $3,500,000 through the sale of pref. stock at par ($5) and $12,000,000
from the sale of bonds.—V. 107, p. 1581, 1097.
to-day
over
Co.—Initial Dividend.—
Crowell & Thurlow Steamship
initial dividend
This
A press report states that this company has declared an
of $2 on new $10 par stock, payable Dec. 31 to stock of record Dec. 21.
is equivalent to dividend of $20 for old $100 par stock, on which one
ment of $10 and two of $20 each were made this year.—V. 107, p.
Dominion Steel Corporation,
pay¬
1840.
Ltd.—Bond Redemption.
Referring to this company’s issue of £99,500 of 5-year 6%
due Dec. 1, we are officially informed that the notes were
demption in advance of the maturity and have
in.—V. 107, p. 1011, 1840.
secured notes,
called for re¬
practically all been turned
Dresden Lace Works.—Sale by Custodian.—
capital stock of this company
Mueller of Norwalk, Conn.
The enemy interest of 1,250 shares of the
was sold on Dec. 7 for $135,000 to Richard
du Pont Chemical Co.—Charter.—
had granted a charter under Delaware laws with a
capital stock of $3,600,000.
This company has
(E.]I.) du Pont de Nemours & Co.—Decision.—
holding that
Law and sustaining the
The U. 8. Supreme Court on Dec. 9 handed down a decision
this company is not a monopoly under the Sherman
decision of the lower courts in the case of the Buckeye Powder
the du Pont Co.—V. 107, p. 2100, 1749.
(E. I.) du Pont de Nemours Export
Articles of incorporation have
with a capital stock of $100,000.
W. C. Edwards &
Co., against
Co.—Incorporated.—
been filed by this company in Delaware
Co., Ltd.—New Stock.—
to the Canadian Parliament will be
Act increasing the capital stock from
$4,400,000 to $8,000,000 and creating an issue of pref. stock. Greene,
Hill & Hill, of Ottawa, as solicitors for the company, have the matter in
charge.—V. 102, p. 1349.
Notice is given that an application
made on behalf of this company for an
Empire Refining Co.—Tenders.—
The Guaranty Trust Co. of N. Y., as trustee, will until 3 p. m. Dec. 17
receive tenders for the sale of $500,000 First Mtge. & Collateral Trust
10-year 6% gold bonds, dated Feb. 1
out interest.—V. 106, p. 2347.
1917, at not exceeding 104 flat with¬
Equitable Ilium. Gas Light Co. of Phila.—Called.—
Fifty ($50,000) 1st Mtge. 5% bonds dated Feb. 1 1898 have been called
for payment at 105 and lnt. on Jan. 2 1919 at New York Trust Co., 26
Broad St.—V. 107, p. 406.
Fairbanks, Morse & Co., Chicago.—Acquisition.—
the acquisition by Fairbanks, Morse
In reply to our inquiry regarding
Sc Co. of the manufacturing plants of
the Sheffield Car Co. of Three Rivers,
Mich., and the Fairbanks-Morse Electrical Mfg. Co. of Indianapolis, we
are advised that there were no printed circulars issued to the stockholders
of the various companies regarding the matter.
Fairbanks, Morse Sc Co. had both common and preferred stock author¬
ized, but unissued, and part of this was used in acquiring the two com¬
panies named, the purchase being on the basis of the comparative book
value of the stock of the respective companies.—V/107, p. 2011.
Ford Motor Co.—Operations.—
basis, is now reported
stated that the com¬
calls for the production of 1,000,000 cars.
This company, which was recently on a 100% war
to be making 1,000 pleasure cars per day.
It is
pany’s 1919 program
River
Rouge Steel Plant to Be Completed in 1919.—
Describing the River Rouge plant, the “Iron Age” says:
“A force of 5,000 men is rushing to completion, day and night, the Ford
plants on the River Rouge, Detroit, which will be the centre of an enter-
Erise expended
which willoneventually
$50,000,000.
$10,000,000
has
the work.absorb
Within
two monthsAlready
the coke
oven and by¬
een
product plant will be producing 12,000,000 feet of gas daily.
“The first of the two blast furnaces is nearing completion.
The fur¬
naces will each have a daily capacity of 600 tons.
A foundry, 264 x 968 ft.
will be constructed near the furnaces.
A power plant to cost $2,500,000,
and equipped with 12,000 and 20,000 k.wr. turbine generators and a steamdriven reciprocating engine, will be constructed.
“It is planned to have the entire works in operation by the fall of 1919,
when between 5,000 and 10,000 men will be given employment.
Eagle Contract.—
this company will continue to carry out its
boat.
In legislative circles, however, there
objection voiced in view of the cessation of hostilities.
It has been announced that
contract for the Eagle type of
has been
some
Aeroplane Engines.—
See
caption “Aeroplane Engines” above.—V. 107, p. 2192, 1582.
Garfield (N. J.)
Worsted Mills.—Sale.—
John H. Love, of N. Y., on Dec. 9 purchased
held stock of this company, consisting of 5,834
shares of pref. and 6,027 of 2d pref. stock.—V.
for $1,661,476 the enemyshares of com. stock, 125
107, p. 2101, 1923.
General Electric Co.—Strike at Erie, Pa.—
Machinists and electricians to the number of about
at the company’s Erie, Pa., plant, the dispute, it is
recognition of a new union.—V. 107, p. 1923. 908.
1,000 have struck
stated, being over
General Motors Corporation.—Aeroplane Engines.—
caption “Aeroplane Engines” above.
8ee
Refrigerator) Enterprise.—
for the new self-sustained
refrigerator, manufactured by its subsidiary, the Frigidaire
Corp., 725 Scotten Ave., Detroit. A circular says in brief:
Status of Frigidaire (Ice Making
The company reports many orders
A most sanitary food-preserving plant for household and other uses,
preserving food in a perfectly dry and even atmosphere at 42 to 44 degrees
Fahreheit, at the same time that it manufactures, automatically, cubes of
ice for table use and special purposes.
Contains two food compartments of
one-piece white porcelain steel lining, with rounded corners. Uses no
ammonia nor noxious gas, and needs no attention except oiling once every
three months a M-h.p. electric motor attached to an automatically con¬
trolled compressor.
Once connected to electric and water lines it operates
and maintains itself at a cost of less than $24 a year.
Price: natural ash
white
finish, $350; in
enamel, $367 50, f.o.b.
Dec. 14
Lever
Stock Voted.—
The stockholders on Dec. 10 voted the issuance of $150,000,000 6% de¬
benture stock of which $20,000,000 is to be set aside to be exchanged for
the outstanding issue of preferred stxfck, share for share, and a further $33,-
049,200 to be issued forthwith instead of preferred stock, in part payment
for property of the United Motors Corporation (V. 107, p. 1484, 2011).
A reduction in the authorized preferred stock from $100,000,000 to $20,000,000 was also authorized. Compare V. 107, p. 2101, 2011.
Gera Mills,
Passaic.—Sale.—
The Alien Property Custodian on Dec. 10 sold the enemy-owned interest
in this company consisting of 11,142 shares of common stock, and 5,000
shares of preferred stock for $1,525,000.—V. 107, p. 1923.
Great Northern Construction Co.
(Canada).—
The “Monetary Times,” Toronto, on Nov. 29 said in subst.:
It has
been decided by a court of appeal in Quebec Province that a distribution
of $1,500,000 of bonds by this company among its shareholders was not
according to law. The company in March 1899 undertook the construc¬
tion of the Great Northern Ry. of Canada (now part of Canadian Northern
Quebec Ry.), and sublet the work to a firm of contractors. The above
distribution was made before the contractors were fully paid. It was
made possible by the collection from the railway of cash, bonds and stock
of the railway in accordance with its contract.
When the time came to
complete payment to the contractors the company was insolvent.
The
whole of its capital of $500,000 had been employed in the construction of
the railway and all the receipts had already been expended.
Action was
accordingly taken against one of the shareholders who had received $6,000
in bonds which he had disposed of for $3,418.
The judgment was that as
he had sold the bonds he was liable for the amount received for them.
Greene Cananea Copper
Co.—Production.—
Silver (ozs.). Gold (ozs.)
Copper (lbs.).
Mines closed in Nov.
48,170,000
1917.—V. 107,
p.
1,330
169,560
5,100,000
Output for Nov. 1918.
Output for 11 months
1841, 1484.
12,658
1,493,772
Gulf Oil Corporation.—Decision.—
The U. 8. Supreme Court on Dec. 9 handed down a decision by which
this company wins its suit to recover a tax levied upon certain
as
income.
Justice Holmes is quoted as saying in his opinion: “It is true
that the petitioner and its subsidiaries were distinct beings in
of law, but the facts that they were related as parts of one enterprise, all
owned by the petitioner, that the debts were all enterprise debts due to the
members, and that the dividends represented earnings that had been made
4n former years and that practically had been converted into capital, unite
to convince us that the transaction should be regarded as bookkeeping
rather than as dividends declared and paid in the ordinary course to a cor¬
dividends
contemplation
poration.”—V. 106, p. 2125, 1340.
Gulf State Steel
Corporation.—Voting Trust Extended.—
having
certifi¬
Dec. 1 1921.
Power of attorney for the extension of the voting trust agreement,
been received from holders of majority of outstanding stock trust
cates, the voting trust agreement has been extended till
Assenting holders are notified to present their certificates to
Trust Co. and receive in exchange new voting trust certificates.
assenting holders
trust
certificates
the Guaranty
Non¬
will receive certificates of stock on surrender of their
to the aforesaid trust company.
Compare listing in
2101, 2011.
V. 107, p.
Hobbs Manufacturing Co;.
See H.
Worcester, Mass.—Sale.—
below.
W. Johns-Manville Co.
Hudson River Vehicular
Tunnel.—Bill Not Approved.—
The Senate Inter-State Commerce Committee has declined to approve
•the Calder bill for the construction of a tunnel between New Jersey and
Manhattan, partly at Government expense.
While refusing to report
bill in its present form, the Committee indicated its willingness to approve
a measure that would give permission for the construction of the tunnel if
the States of New York and New Jersey wish to undertake the work
entirely at their own expense.
the
Editorial Comment.—
2130 in last week’s issue and compare V. 106, p.
See page
Independent Pneumatic Tool
2761,1234, 718.
Co.—Extra Dividend.—
dividend of 5% has been declared on the $2,988,000 outstanding
capital stock, payable Jan. 2 to holders of record Dec. 20.
An extra of
6% was paid in July and 5% in May last.—Y. 107, p. 1923, 608.
An extra
International Mercantile Marine Co.—Developments.—
with
British
It is under¬
stood, however, that negotiations are proceeding.—V. 107, p. 2101.2012.
International Paper Co.—All Paper Restrictions End.—
See page 2148 in last week’s issue.—V. 107, p. 2192, 1575.
International Portland Cement Co.—New Co.—
President Struckman in a circular to shareholders says it is proposed to
organize a new company to be known as the International Cement Corp.,
into which the 50,000 shares preferred (par $50) and 102,312 shares com¬
mon (par $10) of present company will be exchangeable, share for share.
The new company, besides 50,000 shares of preferred (par $50), will have
407,000 shares common without par value.
Each holder of a share of preferred or common of the existing company
will have the right to subscribe for two shares of the new common at $5
a share.
The plan is underwritten by Hayden, Stone & Co.
[Further par¬
ticulars should appear another week.]—V. 107, p. 407.
Iron Cap Copper Co .—Bonds Subscribed.—
The stockholders have subscribed to the entire issue of $500,000 8%
First Mortgage bonds.
With the proceeds, the company proposes to
construct a high powered transmission line from the power plant of the
Inspiration Copper Co. to its own property.
Construction of this line
and transition of Iron Cap’s plant from steam power to electricity will
The balance will be used for the
cost in the neighborhood of $100,000.
building of new crushers, skips, steel headframes, &c.—V. 107, p. 2102,
It is stated that there have been no new developments in connection
the plan calling for the sale of the company’s
tonnage.
1841.
(H. W.)
Johns-Manville Co.—Acquisition.—
of stock control on the part of interests affiliated
with this scompany, the business, &c., of the Hobbs Manufacturing Co.
of Worcester, Mass., has been purchased and Charles R. Manville and F.
Stewart Andrews will succeed Pres. Clarence W. Hobbs and Treas. Harry
W Goddard in their respective offices.
The Hobbs enterprise manufac¬
tures paper box machinery and automatic vending machines.—V. 106,
Through acquisition
p.
401.
Kaufman Dept. Stores, Inc.—Reduction in Preferred.—
The directors have authorized a reduction in the outstanding pref. stock
from $9,525,000 to $9,450,000 by the purchase and cancellation of $75,000
offers for the sale of the
addressed to Ladenburg,
2125, 1684.
of the issue.
The Treasurer, therefore, invites
above amount of the issues, such offers to be
Thalmann & Co., New York.—V. 106, p.
Corp.—Output (in Pounds).—
1918—11 Mos.—1917.
112,146,000 /7.142,0001127,902,000 (73,468,000
J
15.756,000/
(58,124.000
Kennecott Copper
1918—Nov.—1917.
Kennecott
Brnden
—V.
107",
p.
2192, 2102.
Mining Co.—Silver Production (in Ozs.).—
Decrease. I
loiQ—jVor.—1917
1918—11 Mos.—1917
Decrease.
169 481
205,522
36,04112,361,026
2,396,297
35,271
Kerr Lake
—V. 107, p.
1923, 1484.
Kevstone
Tire & Rubber
1918—Nov.—1917
$1,962,373
——V. 107, p.
1484, 1104.
$67,194
$103,787
Sales.& Co.Increase.
I 1918—11
$1,651,444
Co.—November
Earnings.—
Increase.
1917.
1918.
November earnings
—V. 107, p. 1923, 1672.
(S. H.) Kress
2393
THE CHRONICLE
1918.]
$36,593
■
Mos.—1917.
$310,929 ($17,593,167
Increase.
$14,618,273 $2,974,894
it
Brothers, Ltd.—Additional
B
Stock.—
Subscriptions closed Nov. 23 for an issue of 1,000,000 6H % cumulative
B
shares
£1 each
’preference
of
at par, payable 1 shilling per share on
application and 19 shillings per share on Dec. 20 1918. The total author¬
ized of the “B” preference shares is £10,000,000, of which amount 1,000,000
shares have been issued to bear dividends at a rate of 6% per annum.
The
shares just offered will rank pari passu with the “B” shares already issued
and the dividends thereon will accrue as from Jan. 1 next.
A copy of the
prospectus of the company may be found in the London “Statist” of Satur¬
day, Nov. 16 1918. Compare V. 107, p. 506, 610.
Lewiston Land & Water Co.—Trustee Resigns.—
has filed a petition to resign as trustee
Oct. 1 1911 and of the property and
assets conveyed to it in pursuance of a decree of the U. S. District Court for
the District of Idaho, Central Div.. and for the appointment of a successort
The Securities Savings & Trust Co.
of an issue of refunding bonds dated
Mackay Companies.—Status
re
Federal Control—Suit.—
and Dis¬
Full
particulars may be looked for under “Current Events
cussions ’ on a preceding page or in a subsequent issue of the “Chronicle.”
Announcement has been made in Washington of the appointment of
Newcomb Carlton in charge of aU Marine cable systems.—V. 107, p. 2012.
Marlin-Rockwell
Corporation.—Status.—The following
are understood to be substantially correct:
The War Department, it is understood, will allow this company an ad¬
justment on its machine gun contract, and this adjustment, it is believed
indicates a disposition to deal as liberally as could reasonably be expected
with the manufacturers who took up the burden of arming the U. S. forces.
The company’s contract calls for delivery of 131,000 light browming
guns.
About 18,000 have been produced and of the remaining 113,000
it is expected that the order for 70,000 will be canceled.
The balance of
forty-odd thousand guns will be constructed, but over a longer period than
originally contemplated, the company gradually transferring its manu¬
facturing activities to peace products.
The price on the first 20,000 light Brownings included satisfactory amorti¬
zation charges.
After they are delivered under the original flat price
contract, the company will be reimbursed for the inventory then on hand,
which will be roughly $3,500,000, and will then proceed on a “cost-plus’'
basis to make the 40,000 guns referred to.
The option will be granted to
the company of taking until Jan. 1920 for delivery.
The reimbursement
published data
of the
up to
corporation for the expense of its elaborate preparation to produce
guns a day by June next will, it is said, include also allowance
$3,000,000 for machinery, tools and buildings.
officials are gratified at the volume of business offering in the com-
1,200
for approximately
The
of capacity.—V.
eany’s peace
products, especially
bearings,
107, p.roller
1746. this business being greatly
1842,
i excess
Maxim Munitions Corporation.—Par
Value.—
value of single shares of stock having been changed from $10 to
$5 each, as authorized by the shareholders last February, the number of
shares being thus increased from 1.000,000 to 2,000,000 (of which some
1,600,000 are stated to be outstanding), holders of the old certificates are
requested to present them for exchange at the U. S. Corporation Co.,
65 Cedar St., l*ew York.—V. 106, p. 2233, 1131.
The par
Mexican Eagle Oil
Co.—Salt Well.—
company’s geyser, known as Potrero de Llano No. 4, according to a
press report has turned into a salt-water geyser.
The well was known
as one of the most famous in Mexico, having produced about 105,000,000
This
barrels.—V. 107, p. 296.
Michigan State Telephone Co.—New Schedules
This company has received from the office
schedules of rates effective Dec. 1 which,
—
of the Postmaster-General
it is stated, will add about
$1,000,000 annually to the company’s revenue.
Schedules providing wage
increases for employees were also received.—V. 107, p. 2193, 506.
new
Midvale Steel & Ordnancs Co .—Cancellation.—
It Ls understood that the 12-inqh howitzer plant which was to have been
constructed by this company will'probably not be built due to the curtail¬
ment in gun production.—V. 107, p. 2013, 1842.
Miller & Lux Incorporated, California.—Offering of
Real Estate First Mtge. & Refunding “6% Gold Bonds.—
Cyrus Pierce & Co., San Francisco, are offering at par and
int. yielding 6% $1,000,000 Real Estate First Mtge. &
Refunding 6% gold bonds, dated May 1 1918, due May 1
1933, but callable at 102 and int. Int. M. & N.
“Passed by the Capital Issues Committee as not incompatible,” &c.
The Company.—One of the largest raisers of cattle and sheep in the
In addition to numerous extensive ranches in California, they own land in
other States. They also own the capital stock of the Pacific Live Stock Co.
of Oregon, which company owns extensive lands, and many head of cattle
and sheep in that State.
The corporation also operates abattoirs and does
U. 8.
extensive business in dressed meats.
Purpose of Issue.—In order to provide
an
additional working capital.
Capitalization as Result of Present Financing.
Capital stock.
Real Estate First Mortgage
& Refunding 6s
Authorized.
Outstanding.
$12,000,000
$12,000,000
*10,000,000
2,406,000
Reserved to retire 5% bonds of 1910 now outstanding, $5,000,000;
in the sinking fund of the 5% bonds of 1910, $591,000: bonds which may
be issued only after retirement of the issue of 1910, $2,000,000.
*
Earnings for Calendar Year 1917.
Gross earnings
.$4,509,282
Net (after maint., taxes, ins. & deprec’n) appl. to bond int
$1,241,686
Interest charges on issue of 1910, $250,000: on $2,406,000 1st & *
Ref. bonds (outstanding) $144,360; on $594,000 1st & Ref.
430,000
bonds, (in sinking fund) $35,640
Surplus
;
For description of bonds &c., see V.
$811,686
106, p. 1131.—V. 107, p. 185.
Montana Power Co.—Bonds Listed»—Earnings.—
Exchange has authorized the listing of an additional
$1,300,000 First & Refunding Mortgage 5% Sinking Fund Series A bonds,
due July 1 1943, making the total listed $22,340,000.
Earnings for Nine Months Ending Sept. 30 1918 and Calendar Year 1917.
Year 1917.
9 Mos. 1918.
$6,905,256
Gross earnings
$5,527,858
4,889,032
Net after expenses, taxes, &c
3,903,898
$3,143,427
Surplus for period
x$2,664,301
$677,026
Preferred dividends
$507,770
$1,654,958
Common dividends
$1,411,114
$811,443
Balance, surplus
$745,417
The N. Y. Stock
and in¬
of $76,895.—
x After interest on bonds, $1,157,434; bond discount, $83,645,
terest on floating debt, $75,412, less construction charges
V. 107, p. 408.
*
Montgomery, Ward &
Co.—Foreign Business.—
Announcement is made of a new departure in this company’s business,
which now will undertake to ship any wholesale quantity of any American
product to any part of the earth and guarantee
p. 1007.
its safe delivery.—V. 107,
Montreal Light, Heat &
Power Co.—Negotiations.—
Times” of Montreal on Dec. 7 said: “The Street is
keenly interested in the reported negotiations between the Montreal
Light, Heat & Power Co., and the Montreal Tramways & Power Co.,
in respect to a closer working arrangement in their electric power depart¬
That such an arrangement is in prospect there is no doubt, though
ments.
it is not believed that the matter has been finally closed.
So far as we can
learn, the deal will be restricted to a mutual exchange of privileges, and
will in no sense represent what is commonly termed a merger or consolida¬
tion.
It may, however, go to the extent of duplicating the relationship
existing between the Montreal Power and Shawinigan Companies, so far
as the Canadian Light & Power subsidiary is concerned.—V. 107, p
1104.
The “Financial
2294
THE CHRONICLE
Montreal Tramways & Power
Co.—Negotiations.—
See Montreal Light. Heat & Power Co. above.—V. 104, p.
1204.
Motor Products Corporation, Detroit, Mich. — Bonds
Offered—Earnings.—Bonbright & Co. are offering on a 6^%
basis a block of the First Mortgage 6% serial gold bonds of
1917, due serially. A circular shows:
These Bonds.—Authorized and issued, $1,000,000;
outstanding Sept. 30
1918, $755,000. Callable on any interest date, all or in part, at 101 and
int. upon 60 days’ notice.
Principal and interest J. & J., payable at
First & Old Detroit Nat. Bank, Detroit.
Denom. $1,000 c*.
Trustee,
Security Trust Co., Detroit.
Due $100,000 every six months, beginning
Jan. 1 1918.
On Sept. 30 1918, $245,000 had been retired—$100,000 at
maturity and $145,000 in anticipation of maturities. Maturities of out¬
standing bonds: $55,000 Jan. 1 1919, $100,000 July 1 1919, $100,000 Jan. 1
1920, $100,000 July 1 1920, $100,000 Jan. 1 1921, $100,000 July 1 1921,
$100,000 Jan. 1 1922, $100,000 July 1 1922.
Business.—The manufacture of miscellaneous products of
steel, brass
and copper, such as light stampings, tubes in a large
variety of sizes and
shapes, and a large variety of machined small parts.
Security, &c.—A direct first mortgage on all real estate, buildings and
equipment, valued on Sept. 30 1918 at $1,963,084. On the same date total
net assets amounted to $4,654,782, or six times the
outstanding bonds,
and net quick assets were $2,664,198, or over 3M times the bonds.
During
the life of this issue the net quick assets must at no time fall below
245 %
of the bonds outstanding nor below $750,000.
Capitalization Sept. 30 1918—
Auth.
Outst'g.
Class A common stock, no par value, non-voting shares.
95,000
75,000
Class B common stock, no par value, voting
5,000
5,000
1st M. 6% ser. gold bonds ($245,000 retired and canceled) Closed $755,000
Total Net Assets Sept. 30 1918 (Compare V. 106, p. 1794), $4,654,782, viz.
Real estate, buildings, machinery, &c., less depreciation
.$1,963,084
Land contracts receivable
Current assets: Cash, $350,299; accounts and notes receivable,
27,500
t1,047,121; investment. Liberty bonds, $80,000; inventory,
Mt. Vernon-Woodberry Mills, Inc., Baltimore.—$1,500,000 New Serial 6% Debentures and $500,000 Cash Used to
Retire One-Year 6% Gold Notes.—Tho Mercantile Trust &
& Deposit Co. of Baltimore has purchased an issue of $1,500,000 1, 2 and 3-year 6% Debenture Notes, dated Jan. 1 1919
and due $500,000 Jan. 1 1920, $500,000 Jan. 1 1921 and
$500,000 Jan. 1 1922. These notes, together with cash from
the treasury, will be used to retire $2,000,000 6% notes
maturing Jan. 1 1919.
Digest of Statement from Pres. Howard Baetjer, Baltimore, Dec. 4.
Property—New Notes.—The agreement securing this issue stipulates that
no mortgage indebtedness may be placed
upon the property during the life
As there is
no
other indebtedness
these
notes will have
as
security the entire property, which is conservatively valued at $12,000,000.
Upon completion of the financing, the company will have an excess of
current assets (cash, cotton, goods in process, merchandise and
accounts
receivable) over current liabilities, after setting aside Federal war taxes, of
more than $5,000,000, or over 3 times the amount of this
note issue.
Earnings.—The net earnings for the four years from 1915 to 1918 will
average in excess of $900,000 per year.
The interest on this issue of
notes amounts to but $90,000 per
year.
Plants.—The company is one of the largest manufacturers of cotton duck
and similar fabrics in the world.
Its property includes three groups of
mills situated in Baltimore, Md., Columbia, S.
C., and Tallassee, Ala.
These mills have a total of 165,000 spindles and are complete
manufacturing
units, including in addition to the mill buildings ana textile machinery,
all necessary power plants, storage warehouses,
operatives’ houses, Ac.,
necessary to conduct the entire manufacturing from raw cotton to finished
product. The buildings and machinery alone are insured for $9,000,000.
Approximately $1,000,000 has been spent upon the proparty in renewals
and betterments during the past four years.
Voting Trust.—The majority of both the preferred and common stock is
in a voting trust composed of the following trustees: Waldo
Newcomer,
Pros. Nat. Exchange Bank; J. J. Nelligan, Pres. Safe Deposit A Trust
Co.;
A. H. S. Post, Pres. Mercantile Trust A
Deposit Co., all of Baltimore.
[Holders of $1,500,000 of the outstanding 1-year 6% Gold Notes, due
Jan. 1 1919, accepted the privilege offered by the trust
company of extend¬
ing same for the new issue of $1,500,000 notes at the following prices:
Jan. 1 1920, 99H and int.; Jan. 1 1921.
and
99M
int.; Jan. 1 1922, 99tf
and int.J—V. 107, p. 2193.
National Bridge Co.—Charges.—
The
Federal Trade Commission on Dec. 12 issued a
complaint against
this company charging unfair competition.—V.
102, p. 1901.
National Ice & Coal Co., N. Y.
City.—Profiteering Denied.
In connection with the proposed investigation of
the Ice situation S. M.
Schatzkin, Vice-President, is quoted as saying, in substance:
“The present price of $4 40 a ton for ice is an increase of but 10 or
15%
over the’annual average for the
pre-war years.
This bears striking con¬
trast with the prices of other
commodities, which have risen from 100%
to 300%.
The efficient methods introduced by Ice Controller Odell for
eliminating waste and stabilizing prices have effected a saving to both
the consumer and the
companies.
“This small increase in the ice price occurred while manufacturers
have
been forced to pay twice as much for wages and coal.
Boats which for¬
merly cost $4 a day can now be had only at from $20 to $25 a day.
“Last winter the Washington authorities urged that as
large a crop as
possible of natural ice be harvested with a view to curtailing artificial
pro¬
duction and thereby conserving ammonia. To aid the ice men, who faced
possibilities of a serious loss through such a course, the State enacted
legislation guaranteeing them compensation of cost plus 10% on ice that
might
remain unsold on ther hands.
‘
During the spring the natural ice men, to help out in the emergency,
sold ice to the manufacturers at $3 a ton, which entailed a loss.
To com¬
pensate the natural ice men without saddling the burden on the State,
an arrangement was effected whereby the manufacturers
agreed to pay
the natural ice men 55c. a ton on sales after manufacturing was resumed.
As a result approximately $300,000 has been accumulated for this
purpose.
“In an effort to make it
appear that the larger companies have been
profiteering, it has been stated that one manufacturer stands ready to
supply ice at $3 a ton. H^can do this under the present condition because
he can run to capacity.
Should we all try to do this, it would mean a loss
for every one, for during the slack season there would
necessarily be a
curtailment of production.
“Burns Brothers, the coal concern, has been mentioned in connection
with the ice situation.
The confusion probably results from the fact that
the National Ice A Coal Co. was formerly known as the Burns Bros. Ice
Corporation, though it was in no way connected with the coal company. We
changed our name last spring to eliminate such confusion."—V.
107, p. 507.
(N. O.) Nelson Mfg. Co., St. Louis.—Stock Increase—
This
company, chartered in 1883 with $1,500,000 authorized capital
stock, recently Increased its stock to $2,500,000 all paid. The
company
has acquired the Union Sanitary Co., mfrs. of enamel ware at
Noblesville,
Ind., and now has nine selling branches throughout the country.
Louis D. Lawnin, Vice-Pres, is quoted as follows: “The N. O.
Nelson
Oo. employs 1.200 persons and 50% of these workers are stockholders,
owning 33 1-3% of the $1,500,000 capital. We are now
running full
capacity in all our factories. The company has some Government con¬
tracts.—V. 105, p. 1903.
V
New England Cotton Yarn Co.,
Boston.—Unique
History—Excess Properties Disposed of—Entire Bonded Debt
and Pref. Stock Redeemed—Dividends Resumed on Common
Stock—New Name.—This company, now to be known as the
New England Investment Co., has been completely freed of
bonded debt and preferred stock and its common stock re¬
duced to $3,000,000, is again receiving dividends.
The manner in which this has been accomplished
through
the wise co-operation of investment bankers appears in this
abridged statement from “Boston News Bureau” Nov.
19:
Organization.—Formed in 1899, embracing nine cotton-spinning mills
or near New Bedford, with 580,000
spindles, the company was cap¬
italized with $5,700,000 5% bonds, $5,000,000 7% preferred and
$5,000,000
common stock.
In 1904, the high price of raw materials and the
depres¬
sion in the knitting industry stopped the pref. dividend and
necessitated
$2,000,000 additional cash. As reorganized, the company emerged with
bond structure unchanged, with $2,000,000 6% pref. and
$3,900,000 com¬
mon stock.
Dividends were promptly inaugurated and maintained on the
preferred, and in 1907 6% common dividends were started.
Lease to Union Mills.—The next milestone was the
leasing of the property
in 1909 to the Union Cotton Mills of N. Y., which guaranteed the
bond
status and 7lA% dividends on the common.
After three years the lease,
however, proved too onerous, and the financial situation of both
companies
became critical.
Banking assistance was again forthcoming.
The Union
Mills paid over $500,000 in cash and $2,000,000 in 4% new
preferred stock
to New England Cotton Yarn, thus saving the latter
financially, for it
promptly disposed of the new securities. The two companies then parted.
All this was done under the guidance of the original
banking sponsors,
Kidder, Peabody & Co., who then put at the helm a new Treasurer, Frank
Bulkley Smith, a man of broad business experience who had made a suc¬
in
of the Slater Mills.
New Policy of Partial
cess
2,054,086; total, $3,531,506; less current liabilities, $867,308; net quick assets
2,664,198
Results for Calendar Years and 9 Months ended
Sept. 30 1918.
1913.
1914.
1915.
1916.
1917.
9 mos. ’18.
Sales..$3,229,287 $3,479,096 $4,433,204 $6,460,213 $9,633,002
Net... $351,567
$349,259
$438,288
$668,908 x$623.695 y$924,524
x Before deducting all interest charges and
proportion of bond discount
and expense and reserve for Federal and Canadian war taxes.
This
$623,695 was more than 11 times the interest on the $900,000 bonds then
outstanding, y Before payment of interest and before setting aside re¬
serves for Federal taxes, Ac.
Interest paid and accrued on all borrowed
money for this nine months’ period was $42,654.
Compare V. 104, p.
1595, 1269.—V. 106, p. 1794.
of the notes.
[Vol.107
different
proposition.
Liquidation.—From that date Cotton Yarn
Though pref. dividends had
was a
to be sacrificed in
1914, a vigorous policy of expending earnings for plant betterment was
adopted in order to meet new competition.
Floating debt was not only
reduced, but the company grew rapidly in operating strength.
The company had always been too big and unwieldy to
operate effi¬
ciently as a single unit. In 1915 Mr. Smith conceived the liquidation
pro¬
gram which he pursued energetically and adroitly for the next three years.
The Rotch Mills was sold and with the proceeds a
big batch of Cotton
Yarn bonds retired, the bondholders being given an attractive
opportunity
to exchange for new bonds.
Similarly the Nemasket Mill was sold. By
the disposal of these properties it was
possible to reduce the bonds from
$4,713,000 to under $3,000,000. In Feb. 1917 the company, through the
sale of its Bennett and Columbia Mills to the Fairhaven
Mills, further re¬
duced its size, those mills representing 200,000 spindles.
By this sale and
through the exchange of securities all but $400,000 of the Cotton Yarn
bonds and all but $50,000 of the 6% preferred were
retired, while the com¬
reduced from $3,900,000 to $3,300,000.
Prior to these negotiations stockholders were advised
by the bankers
that developments were pending, which were
likely to have a very beneficial
effect upon their securities.
Subsequently, the preferred stock, which
when Mr. Smith took hold of affairs was at $35, moved
up into the 80s, and
the common, an outcast in the 20s,
appreciated to 89.
Status as Holding Company—New Name.—After this sale the
remaining
mon was
plants were organized into three separate companies, which could be effi¬
ciently operated, and the Cotton Yarn itself went out of active manufac¬
turing, becoming simply a holding company.
In the past year the finishing touches have been
put upon the task of
wiping clean the Cotton Yarn slate. The $400,000 remaining bonds which
were covered by Liberty Loan issues have been
retired, the last of the pre¬
ferred canceled, and the common brought down to a clean
$3,000,000.
The common, moreover, has just paid a dividend of $6
per share, which is
being earned together with a handsome surplus.
Henceforth the name of the company will be the New England Invest¬
ment Co.
(Compare V. 107, p. 2014, 2006.)
New England Investment
Co.—History.—
See New England Cotton Yarn Co. above.—V. 107,
p. 2014.
New Jersey Worsted
Spinning Co.—Sold.—
The Alien Property Custodian on Dec. 10 sold certain shares of stock
representing enemy-owned interest in this company.—V. 107, p. 2103,1924.
Niagara Falls Power Co. (Consolidated Co.).—Cus¬
tomers.—In connection with the offering noted in last week’s
issue of the Hydraulic Power Co. Refunding &
Improvement
5s by Spencer Trask & Co., the following
are
data
given:
At the present time the demands
upon the company for power far exceed
its capacity.
Niagara Falls, N. Y., has come to be the world centre of the
electro-chemical industry in practically all its branches.
More than half
of the ferro-sillicon, ferrochrome and
graphite electrodes used in the U. S.
are produced at
Niagara Falls by companies using the power supplied by
the company.
Among the large manufacturing companies which take substantial blocks
under contracts for the most part running for long terms, are the
of power
following:
Acheson Graphite Co.
Aluminum Co. of Am.
Am. Sales Book Co., Ltd.
Buffalo Gen. Electric Co.
The Carborundum Co.
Cataract Ice Co.
Certainteed Products Co.
City of Niagara Falls
Cliff Paper Co.
Hooker Electroch. Co.
International Paper Co.
Isco Chemical Co., Inc.
Mathieson Alkali Co.
National Carbon Co.
Nat. Electrolytic Co.
Niagara Alkali Co.
Niagara El. Service Co.
Niagara Electroch. Co.
Niagara Falls Mill. Co.
Oldbury El.-Ch. Co.
Wm. A. Rogers, Ltd.
Shredded Wheat Oo.
The Spirella Co.
Star Electrode Works
Titan. Alloy Mfg. Co.
Tonawanda Power Co.
Union Carbide Co.
U. S. Lt. A Heat Own.
West. N. Y. Water Co.
Defiance Paper Co.
Electro Metallurgical Co. Niagara River Mfg. Co.
General Abrasive Co., Inc. Norton, Co., The.
The
company has a considerable number of other customers taking power
in blocks of less than one hundred
horsepower. Compare V. 107, p. 2193,
2014, 1924.
Obituary.—
President Edward A. Wickes died suddenly at his home
—V. 107, p. 2193, 2014.
on
Dec. 6.
Nipissing Mines Co., Ltd.—Extra Dividend.—
An extra dividend of 5% has been declared on the
$6,000,000 stock (par
$5) in addition to the regular quarterly of 5%, both payable Jan. 20 to
holders of record Dec. 31.
An extra of 5% was paid Jan. and Oct. last and
April A July was omitted.
Financial Statement
as
of Dec. 7—
Cash in bank, including Canadian and U. S. war bonds
Bullion and ore in transit and at smelters
Ore on hand and in process and bullion ready for shipment
$2,440,887
351,602
997,270
Total
—V. 107, p. 2103, 1672.
$3,789,759
Northwestern Yeast Co.—Extra Dividend.—
An extra dividend of
3% has been declared in addition to the regular
quarterly of 3%, both payable Dec. 16, to holders of record Dec. 12. An
extra div. of 3% has been paid quarterly since Sept 1914.—V.
107, p.1104.
Ohio State Telephone Co.—Offering of 7% Convertible
Notes.—F. R. Huntington, Columbus, and Otis &
Co.,
1 interest yielding about
convertible notes, dated
enom. $1,000, $500, $100.
“Passed by the Capital Issues Committee as not
incompatible,** See.
Int. J. A D. 10 at the office of the company,
Columbus, Ohio, or J.lP.
Morgan A Co., N. Y., without any deduction for taxes. Notes
may!be
registered as to principal.
Ohio, Trustee.
The State Savings Bank & Trust Co., Columbus,
Dec. 14 1918.]
THE CHRONICLE
Outstanding Capitalization, Dec. 10 1918, in Hands of Public.
Bonds of constituent cos.
17% conv. notes (thisissue)$1,300,000
(all closed mortgages) _$7.859,70017% preferred stock
6,617,425
Consol. & Refunding 5s— 5,008,0001Common stock
5,205,475
Data From Letter of Pres. Chas. Y. McVey, Columbus, O., Dec. 101918
Gorcmment Control and Approval.—This issue has the express approval
of the Postmaster-General, which is in control of the properties and business.
The proceeds are to retire underlying bonds and indebtedness arising out of
_
capita] expenditures.
By agreement between the company and the Postmaster-General, the
latter is to pay as annual rental, while Government control continues,
(a) an amount equal to the accrued interest on all obligations of the Tele¬
phone company, including these notes, and all obligations issued hereafter
during Government control; and (b) the further sum of $800,000.
Conversion.—At the option of any holder, all or any of the notes may be
converted at par, as follows:
At any time on or after Jan. 1 1921, into the
Telephone company’s preferred stock, at par; or, at any time on or after
July 1 1922, into the company’s 5% Consolidated A Refunding Mortgage
bonds, at 92 M, with adjustment of interest, of which bonds a sufficient
amount will be deposited with the Trustee, pursuant to the indenture.
Pref. Stock.—Ever since the company was formed, this stock has
regularly paid 7% dividends, Q.-J.
Dividends are cumulative. The
stock is also pref. a. & d., to the extent of par and dividends.
Earnings.—For the fiscal year ended June 30 1918, the one next preced¬
ing Government control, the total operating revenue was $4,063,519, the
total operating expenses, including taxes, were $2,371,943, leaving a
balance of $1,691,576, to which is to be added other income, $11,162,
making $1,702,738. Interest on all indebtedness amounted to $703,152;
depreciation was $437,014, leaving a balance of $562,572.
Directors (and Officers).—Among the directors are C. Y. McVey (Pres.),
Charles A. Otis, Cleveland, Otis & Co.; James Hutton, Cincinnati, W. E.
Hutton A Co.; Frank A. Davis, of Columbus, is Chairman of the board.
A full description of the company’s 1st mtge. 5% bonds, the business
activities, properties, Ac., will be found in our issue of Nov. 23 1918.
Compare V. 107, p. 2103, 2014.
4
Valuation.—
The Ohio P. U. Commission has made permanent the tentative valuation
of this company’s properties in Cleveland, Ohio, the present value being
$ 3,886,778, the reproduction value is placed at $4,352,441. The valuation
is as of April 1 1914.—V. 107, p. 2103 , 2014.
Ohio & Western Utilities Co.—Earnings.—
Years ending June 30—
Gross earnings
Operating
expenses
1917-18.
1916-17.
Increase.
$292,799
174,496
$202,175
129,324
$90,826
Net earnings
$118,303
$72,849
$45,454
Interested bankers who furnish these data state that the increase in
earnings “is due to the fact that the industries in the section served (cities
in Ohio, Kansas and Missouri) are turning to electricity as a form of poweJ
which enables them to speed up and increase production.”—V. 100, p. 1757.
Oswego River Power Transportation Co.—Sale.—
See Seneca River Power Co. below.
Owens BottJe-Machine Co.—Common Dividend.—
The regular quarterly dividend of 3% (75 cents) has been declared on the
common stock, payable Jan. 2 to holders of record Dec. 22.
The extra
of 2% (50 cents) which was paid quarterly in cash from Jan. 1917 to Jan.
1918 and in April, July and Oct. paid in Liberty bonds, has been omitted.
—V. 107, p. 2014.
Packard Motor Co.—Aeroplane Engines.—
See caption “Aeroplane Engines” above.—V. 107, p. 2103, 2014.
Passaic Worsted Spinning Co.—Sale.—
The Alien Property Custodian on Dec. 10 sold enemy-owned stock of
the company consisting of $4,236 common shares at $859,908.—V. 107.
p. 1924.
The 2d pref. 8% cumulative convertible stock so authorized Is entitled
8% per annum, payable quarterly (Q.-M.), which are
cumulative.
In addition, the holders are entitled at their option to con.
to dividends of
vert their 2d pref. stock at any time before Jan. 1 1926 and before
any
date fixed for redemption, into common
stock, at the rate of one share of
2d pref. for 10 shares of common stock.
The 2d pref. is redeemable, at
option or company, at $115 per share, on any dividend date, commencing
Dec. 1 1921, upon 30
days’ notice in writing, but the privilege of conversion
may be exercised up to date fixed for redemption.”
Capital Stock (1) Before and (2) After This Increase.
t°f
Stock—
Issued.
(1) Authorized.
Issued. (2) Authorized.
Pref. (now 1st
Second
Pierce Oil
Corp.—Listed—Earnings.—
The N. Y. Stock Exchange has authorized the listing of an additional
$625,000 common stock on official notice of issuance and payment in full,
making the total amount authorized to be listed $19,189,250. The pro¬
ceeds of this additional stock are to be used in payment of bank loans.
Income Statement for Eight Months ending Aug. 31 1918.
Gross income
x$l ,525,600
$4,222,6251 Other deductions
Provision for Fed. taxes._
162,3601 Net income for period
$2,534,683
Includes
x
miscellaneous, $151,896; depletion and depreciation, $717,879;
interest on debentures and gold notes, $456,745; interest on other indebted¬
ness
(net), $199,080.—V.107,
p.
2194.
Republic Motor Truck Co.—Note Offering.—A. B. Leach
& Co., Inc., Hallgarten & Co. and George H. Burr & Co.
will offer early next week a new issue of $3,000,000 Republic
Motor Truck Co., Inc., First Mortgage & Collateral Trust
7% serial gold notes. The notes are due serially Nov. 1
1920 to 1923, incl., and are offered at from 99^ and interest,
yielding about 734%. to 98 and interest, yielding about
7lA%. See advertising pages.
Purpose of Issue.—To reduce floating Indebtedness and to provide addi¬
working capital for expansion of the business.
Security.—A first mortgage on all the fixed assets of the company, and
by pledge of the entire common stock of the Torbensen Axle Co., the largest
tional
manufacturer of axles for motor trucks in the country.
Business.—Combined net sales of the Republic company and the Tor¬
bensen Axle Co. for the year ended June 30 1918 amounted to over $25,300,000; net profits before providing for Federal taxes to $2,253,303, and
net quick assets upon completion of the present financing to $5,900,401.
Only about 30% of the company’s production has been devoted to war
work, and thus it is anticipated transition from a war to a peace basis will
be readily accomplished.
The Republic Motor Trusk Co. is the largest
manufacturer of motor trucks in the United States, with an output for the
year ended June 30 1918 of approximately 17,000 trucks.
The present
capacity is 25,000 to 30,000 trucks per annum.—V. 107, p. 1835, 1583.
Republic Rubber Corp., N. T. City and Youngstown,
Ohio.—Stock Increase—Status, Earnings, &c.—
The shareholders voted Nov. 4 to increase the authorized issue of capital
stock by the creation of $2,500,000 2d pref. 8% cumulative stock and an
additional 400.000 shares of common stock. The directors are now offer¬
ing primarily to the common shareholders (and thereafter any residue to
the pref. stockholders) $2,000,000 of the 2d pref. and 100,000 shares of the
in combination, but not otherwise, one $100 share of 2d pref. and
five shares of common, without par value, for the sum of $100.
Each common stockholder is entitled to subscribe at the Dollar Savings
A Trust Co., Youngstown, O., on or before Dec. 10 for as many shares of
2d pref. stock as equals 10% of his present holdings in common stock, and
to nve shares of common stock for each one share of 2d pref. stock to which
he is entitled to subscribe, and also subject to allotment in case of over¬
common
subscription to further amounts.
Subscriptions are payable in
quarterly Installments of 25% each, as nearly as may be without In¬
volving fractional shares, on Jan. 1, April 1, July 1 and Oct. 1 1919, with
the right to anticipate any or all future installments at any of said dates,
or on Dec. 1 1918.
On or after D3c. 20 1918 the company will deliver
payment warrants for the shares subscribed, a separate warrant for each
payment date, and these must be presented when payment Is made,
whereupon certificates will be Issued.
$6,251,000 $10,000,000
$6,251,000
None
None
2,500,000
2,000,000
value)250,000 shs. 200,839 shs. 650,000 shs. 300,839shs.
Digest of Statement by President Quy E. Norwood, Nov. 18 1918.
Organization.—The corporation has been operating since Oct. 1917, dur¬
ing which time it has acquired nearly all the outstanding capital stock of
the Republic Rubber Co. of Youngstown, O., and the entire property,
assets, business and good-will of the Knight Tire & Rubber Co. of Canton,
O
and for these acquisitions and additional working
capital it has issued
$6,251,000 of pref. stock (which in the future will be known as 1st pref.
stock) and 200,839 shares of common stock, without nominal or par value.
New Stock, &c.—The gross sales are now running at about $18,000,000
per annum, which is more than three times the average for the Republic
and Knight companies during the three
years previous to 1917, and is
more than double the volume of business done
by these companies in any
one of these years.
As a result the company still lacks adequate working
capital. This lack has been temporarily supplied by bank loans, which
should now be replaced by permanent capital.
It is tne intention to apply
all the proceeds of this $2,000,000 2d
pref. and 100,000 shares of additional
common stock to increasing the working capital and to the reduction of
bank loans which have heretofore been made for that
purpose, the result
of which will be the placing of your company in a strong financial position.
The 2d pref. stock wjll carry with it full voting privilege, which, together
with the voting common stock accompanying it, will give the purchasers
immediately nearly 40% of the control in the affairs of the corporation.
The 2d
pref. stock will also carry with it convertible features, which, if
exercised, will increase the control of the purchasers of the 2d pref. stock
in the affairs of the corporation to 60%, and it is the hope of the manage¬
ment so to strengthen the organization and increase the volume of business
within the convertible period that the conversion privilege of the 2d
pref.
stock will be of constantly increasing value to the holders thereof.
It is,
therefore, important that the present common stockholders maintain
their equity.
To assure the success of this offering, the directors and certain of the
stockholders have already subscribed for more than $1,000,000 of the
stock which is now being offered.
Earnings.—The improvement in volume of business done and net profits
realized has been both steady and marked.
The sales for the ten months
of 1918 ending Oct. 31 were in excess of $13,600,000.
The net earnings
for the six months ending Aug. 31 were $865,714, after
deducting $217,737
interest charges.
These earnings are at the rate of 3 2-3 times tne present
preferred dividend requirements. Inasmuch as the company is now bor¬
rowing large stuns of money, for which it is obliged to pay interest at the
rate of, at least, 6%, the increase required from
present earnings to pay
dividends on the 2d pref. stock would be only the difference between 6%
and the dividend rate of 8%, or $40,000 for the entire year.
In normal
times the present plant capacity will produce a volume of business of, at
least, $24,000,000 annually, upon which a satisfactory margin of profit
be secured.
During the past year marked improvement in our affairs has taken place
without material additions to the plant assets and the business is now
can
on a
satisfactory profitable basis.
Conditions imposed by the war have hurt rather than helped the rubber
business and it is confidently expected that with a return of peace condi¬
tions the rubber business will be increasingly profitable.
Our products
are well and favorably known; the sales of our solid rubber truck tire
have increased 232%.
The net earnings for September, just available, were $161,829.—V.
107, p. 1925, 1843.
Royal Baking Powder Co.—Extra Dividend of 2%.—
Directors have declared an extra dividend of 2% on the $10,000,000
outstanding common stock along with the regular quarterly dividend of
1H % on the pref. and 2% on the common, all payable Dec. 31 to holders
of record Dec. 14.
Dividend record follows:
Dividends— 1902-05. 1906-09. 1910-13. 1914. 1915: 1916. 1917. 1918.
Common %
8 yearly 10 yrly. 12 yrly.
10
8
8
8
8
Extrain Dec..
—V. 106, p. 403.
..
2
2
2
2
Royal Dutch Co.—“New York Shares.”—
The Equitable Trust Co. of New York will be ready on and after Dec. 17
to deliver “New York shares” for ordinary stock to holders of its full-paid
subscription warrants upon surrender of these warrants duly executed.
The stock bonus of 50% recently announced will be offered to holders
of “American shares” of record on Dec. 23.
Stock bonus warrants therefor
will be sent to holders Dec. 30.
Against these warrants “New York
shares” may be obtained at any time upon payment, as provided therein.
—V. 107, p. 2015. 1485.
Pullman Co.—Annual Meeting Adjourned.—
The annual meeting of stockholders has been adjourned until Jan. 15.
—V. 107, p. 2194, 2103.
pref.)...$10,000,000
preferred
Common (no par
Phelps-Dodge Corporation.—Extra Dividend.—
An extra dividend of $3 50 per share has been declared on the $45.000,000 outstanding capital stock, along with two disbursements, one of
$2 50 (quar.) and another of $2 per share, which is payable from reserve
for depletion in 4)4 % Liberty bonds.
All declarations are payable Jan. 2.
to holders of record Dec. 20.
The last distribution was for the same
amounts and was paid Sept. 30 last.—V. 107, p. 1843, 1389.
2295
Seneca River Power Co.—Acquisition.—
company has filed a petition with the P. S. Commission for authority
This
to
acquire the stock of the Oswego River Power Transportation Co., and to
increase its capital stock to $200,000.
The Seneca River company was incorporated in 1902 in N. Y. State and
serves
electricity to the towns of Van Buren, Schroeppel and Lysander and
the villages of Baldwinsville and Phoenix, N. Y.
Capital stock authorized
and outstanding, $50,000 common and $50,000 pref.
Bonded debt at last
$96,000 First gold 5s, dated Dec. 1 1902, due 1922. Authorized,
Callable at 105 and int. S. S. Storer is Pres., Syracuse, N. Y.
Office, Baldwinsville, N. Y.
accounts
$100,000.
Shannon Copper
Co.—Output (in Pounds).—
1918.
Output, month of November
p.
1916.
926,000
8,731,000 5,433,000 8,682,500
Output, eleven months
—VT107,
1917.
684,000 (Closed)
1843, 1583.
Shattuck-Arizona Copper Co.—Dividend.—
The directors have declared
share on the $3,500,000 (auth.
quarterly dividend of 50 cents (5%) a
and outstanding) capital stock, payable,
we are informed, entirely out of income, on Jan. 20 to holders of record
Dec. 31.
In each quarter of 1918 the company paid a dividend of 25
a
centsJ2H|&^and also 25 cents (2H %) as a capital distribution.—V. 107,
Southern Bell Telephone & Telegraph
Co.—Merger.—
The Atlanta (Ga.) City Council on Dec. 2 voted permission for the mercer
with this company of Atlanta Telegraph a Telephone Co.—V. 107, p. 178.
Southern California Edison
Co.—Application for Notes.
This company has filed a petition with the California RR. Commission
tor authority to refund notes totaling $626,500 by issuing notes payable at
periods of not more than 12 months after date. The notes range from
$5,000 to $100,000 in amount and are held by various banks in Southern
California.—V. 107, p. 1008.
Stafford Mills, Fall River, Mass.—New Treasurer.—
Thomas B. Bassett succeeds Charles B. Luther as Treasurer and Clerk.
Mr. Bassett has also been elected a director.—V. 107, p. 508.
Standard Oil Cloth Co.—Bonds Paid Off.—
We are officially informed that the $200,000 bonds due Dec. 1 1918 were
to be paid off at maturity on Dec. 1 1918, payment to be made at office of
Guardian Savings A Trust Co., Cleveland, Ohio.—V. 107, p. 910.
Standard Steel Car Co.—Russian Order.—
See American Oar A
Foundry Co. above.—V. 107, p. 1389, 1008.
Stewart Mfg. Corp. (Die Castings).—Further Data.—
Reference was made in these columns Nov. 30 to the offering
at par
of $450,000 8% cumulative pref. stock by Richardson,
A circular shows:
HiU & Co., Boston.
THE CHRONICLE
2296
Authorized.
Capitalization—
Outstanding.
1st M. Real Estate 6% gold bds., due ser. 1920-24.$500.000
$500,000
8% Cumulative pref. stock, par value $100
450,000
450.000
Common stock, no par value
45,000 shs. 45,000 shs.
The corporation is engaged in die-casting, a business of growing impor¬
tance to many large industries.
Die-castings have come into commercial
use during the last few years and the future holds unusual promise of a
greatly broadened demand.
Company .—Founded in 1911 by the late J. K. Stewart, former Pres,
of the Stewart-Warner Speedometer Co.
Owns and occupies a new plant
10-acre tract in Chicago of fireproof construction and having 90,000
«q. ft. for manufacturing space.
The property is fully covered by all kinds
or insurance.
Production.—The corporation ranks as the second largest producer of
die-castings in this country, some 1,700 dies for the production of 1,000
-different articles having been manufactured by us during the past 7 years.
Earnings.—Net earnings for the past four years after depreciation have
averaged $343,248 annually. After deducting overhead expenses, bond
interest and cost of moving to the new plant, the profits for 1918 may be
estimated to amount to $375,000 net.
Preferred Stock Restrictions.—No new mortgage lien nor any evidence of
indebtedness maturing later than one year from its date, without the con¬
sent of the holders of 75% of the pref. stock outstanding.
So long as any
on a
pref. shall be outstanding there
shall be maintained
a surplus of current
assets over current liabilities of not less than $250,000.
The pref. has no vote unless and until the corporation dial! have failed
to pay dividends at the full rate thereon for one year, in which event it
votes as the common stock until default is cured.
From 1919 to 1924 incl.
the corporation must set aside annually for the retirement of pref. an amount
equal to 3% of the pref. issued, and thereafter 10% annually until all of
the pref. stock is retired.
No dividends shall be paid on the common stock
in excess of $4 per annum without paying an equal amount of such excess
into the sinking fund for the pref. stock.
Balance Sheet Sept. 30 1918 (Total each side, $2,469,344).
Liabilities—
Assets—
Land, bldgs., Ac., lessdepr. $910,316 1st M. R. E. 6% serial bds. $500,000
Dies, moulds, Ac
Patents, trade-marks, Ac__
375,000 8% Cumulative pref. stock 450,000
251,980 Common stock (no par val.) 1,148,569
Experimental charges, Ac. 280,856
Est. inventory of mat’ls, Ac.
Accts. A notes rec., less res.
Cash
318,622 Accrued bond interest
148,266 Reserve for contingencies
Unexpir. ins., prep’d int. ,Ac. 14,654 Surp.
Compare V. 107, p. 2104, 1673.
Submarine Boat
116,754
Accounts payable
taxes
18,253*
7,500
69,904
169,650 Accrued
earns.
9
mos.
_ .
Sept.30
156,364
persons are now
employed, though work has been somewhat delayed by the
turbines furnished by
an
electric
company
satisfy the Government inspectors.
Suit has been brought by Elihu B. Frost, a voting trustee, to remove from
office President Henry R. Carse, on allegations of improver management,
as instances of which are mentioned the payment of $40,000 in order to se¬
cure a Government contract for submarines and the payment to himself
of $75,000 in addition to an annual salary of $30,000 and special compensa¬
Mr. Carse denies all irregularities and says whatever was
tion of $2,500.
to
was approved by the board.—V. 106,
Swift & Co.—Directors.—
done
The stockholders on Jan. 9 will vote on
tors from 7 to 9.—V. 107, p. 2194.
Tennessee
p.
2349.
increasing the number of direc¬
Copper & Chemical Co.—Russian Settlement.
Under a stipulation entered into on Nov. 22, when the United States
District Court entered an order of discontinuance of suits brought by the
Imperial Russian Government against the company, $1,000,000 was to
be paid that Government by the company.
It is stated that a check for
-$1,000,000 was deposited in the National City Bank to the credit of the
Russian Government and it is supposed the money will remain in te
custody of the bank, until such time as the Government has recognized
.some Russian government.—V. 107, p. 2015, 1389.
Texas Power & Light Co.—Gold Notes Called.—
All of the 2-year 6% Secured Gold Notes dated Aug. 15 1917 have been
-called for redemption at 100M and int. on Jan. 6 1919 at the Bankers
Trust Co., 16 Wall St.—V. 107, p. 1751, 612.
(J. V.) Thompson Coal Properties.—Lands Sold.—
Additional coal lands owned by J. V. Thompson, bankrupt, have been
-disposed of for a total of $2,154,870, subject to the approval of the Thomp¬
son creditors, who will meet Jan. 7 before J. G. Carroll, Referree in Bank¬
ruptcy.—V. 107, p. 2104, 1673.
Tobacco Products Corp.—Stock Inc. Voted—Dividend.—
,
The shareholders on Dec. 10 voted to increase the common share capital
from $16,000,000 to $20,000,000, making possible the payment of the 10%
stock dividend on the common shares.
Compare V. 107, p. 2194, 2015.
Press reports state that the directors will meet in Jan. for consideration
Present plans are to discontinue the payments
of the common dividend.
in scrip which have been made since last April when the board felt that
-circumstances warranted the conserving of cash resources.
The company
is now in a strong position with respect to working capital.
Bank borrowings are approximately $700,000, and it is expected that by Jan. 1 these
will be entirely wiped out. [“Evening Sun” or N. Y., Dec. 11.]—Y. 107,
p. 2194, 2015.
Trumbull Public Service Co.—Three-Year Notes.—
The Ohio P. U. Commission has authorized this company to sell $1,300,000 of its 3-year 7% mortgage notes at not less than 90, the proceeds to
-reimburse the treasury for expenditures made for improvements, Ac.—
V. 101, p. 619.
Union
Electric Light &
Power Co.,
St.
Louis.—
Commission has handed down an order suspending
the company’s proposed increase in rates from Dec. 1 1918 until March
.30 1919—V. 107, p. 186.
The Missouri P. 8.
United Cigar Stores Co. of America.—Sales.—
An unconfirmed press report says that “the sales in November amounted
'to $4,600,000, an increase of $922,000.”—V. 107, p. 2195, 1751.
United Fruit Co.—Preliminary Annual Figures.—
See “Financial Reports” on a preceding page.
Plan of
'
.
partments.
We should have little trouble earning as much in the last six mnnth« of
the year as in the first half; that is if we make the same allowance for war
taxes.
In the six months ended June 30 last our net earnings after all taxes
amounted to better than $21 a share on the common stock.
This means
that if our allowance for taxes has been liberal enough we shall earn about
$43 a share on the $36,000,000 common stock.
Last year we earned less
than $29 and in 1916 about $15.
However, the new revenue bill has not
has been enacted, and I had rather stand on the statement that we should
earn as much in the last half as in the first before war taxes.
Our charge-off
for taxes in the first six months was more than our entire reserve for Federal
taxes in 1917.
There has been no discussion as yet of dividends on the common stock
despite our large earnings. I, for one, would prefer to know something
really definite on the country’s taxation program before recommending the
resumption of these
Of the $33,000,000 of bonded debt as it stood in 1915, only about $5,000,000 remains, consisting of two issues of 4)4% debentures, due in 1923
and 1925, and the company, it is announced, is proposing to buy these in
-the] open market as rapidly as possible at not exceeding par and interest.
In view of their low interest rate it is believed their retirement will be
rapid.—V. 107, p. 2195, 2015.
United Shoe Machinery Corp.—New Director.—
jP' Robert F. Herrick has been elected a director and member of the execut tive committee to succeed Elmer Howe, deceased.—V. 107, p. 1673, 910.
United States Rubber Co.—Business Results in 1918—
Remarkable Growth in the 18 Years Since Col. Colt Became
years
has
been executive head of the company, last week became Chair¬
in better shape. Cash on hand at the moment
than the entire amount of bills payable. I cannot see how the
company can need to do any more financing for many years to come.
Or course, we are always expanding our capacity—the sales figures show
how necessary that has become.
By the end of January our new tire plant
in Providence should be completed.
It will employ 5,000 men and be
capable of turning out $20,000,000 of solid and large pneumatic tires an¬
nually. A new cord tire unit is also proposed in addition to the Providence
and Detroit plants already engaged in cord tire manufacture, but where it
will be located has not yet been decided.
It is my opinion that there will be less and less demand for solid tires in
this countryI expect them to be almost entirely replaced by pneumatic
tires, even for heavy hauling purposes on big trades.
Recent statistics
prove that this is the trend.
We are now permitted to manufacture tires at the rate of 75% of our out¬
put in 1917. If all restrictions are removed we should go back into 100%
production by March at the latest. Demand for tires is unprecedented.
Even if automobile production were not to exceed the present rate, we would
be assured of capacity operations in its tire department for all of 1919.
As
it is we are many thousand tires behind orders.
Although not generally known United States Rubber makes a consider¬
able amount of insulated wire.
Its total in this little talked of department
will amount to several millions of dollars next year.. [From ‘'Wall St.
Journal” of Dec. 9.]
8ee late earnings, etc.—V. 107, p. 2094, 2104; V.
107, p. 2195.
is greater
See “Trade A Traffic Movements^’ on a preceding page;
Chairman E. H. Gary, discussing the slight decrease in the
tonnage reported for
Steel Situation as Interpreted by Judge Gary.—Federal Steel
Control to End Jan. 1.—Prices Agreed Upon—Pig Tin Prices.
Mr. Gary, in speaking before representatives of the steel industry on
Dec. 9, stated that the decision of the American Iron A Steel Institute’s
general committee was to recommend a moderate reduction in scale of
maximum prices for steel products.
Mr. Gary further suggested that
wages be not reduced, unless and until living expenses are lowered.
[Full
particulars may be looked for under “Current Events and Discussions” on
a preceding page, or in a subsequent issue of the “Chronicle”.]
See page 2149 in last week’s issue.—V. 107, p. 2015, 1925.
Utah Consolidated Mining
Watertown (S.
West Penn Power Co.—New Power Station—Offering of
$3,000,000 First Mtge. 6s, Series “C.”—Halsey, Stuart & Co.,
A. B. Leach & Co., Inc., and the Continental & Commercial
Trust & Savings Bank, Chicago, are offering at 99 and int.
$3,000,000 First Mtge. 6% gold bonds, Series “C,” dated
March 1 1916, due June 1 1958.
Int. J. & D. in N. Y. or
Chicago. Callable all or part on four weeks’ notice on the
first day of March, June, Sept, or Dec., beginning June 1
1923.
The proceeds of this issue will be used to reimburse
the company, including particularly the cost of the new
generating station at Springdale, Pa. (See adv. pages.)
“Passed by the Capital Issues Committee as not incompatible,”
Data from Letter of Pres. A. M. Lynn, Dated Pittsburgh, Dec.
of 1918, and
are practically assured of gross sales of $225,000,000 for the full year or
$50,000,000 more than in 1917. The total for 1916 would have been close
to $250,000,000 but for restrictions placed on importations of crude rubber.
Little did I think when I became President of the company nearly 18
years ago, that we would ever manufacture $225,000,000 of rubber goods
Jin a single year. Why, in the first year of my Presidency our sales total
was only $25,000,000.
Our tire sales in 1918 should run between $70,000,000 and $75,000,000.
:Last year they were less than $55,000,000. We were originally almost
Ac.
11918.
Company.—Supplies electricity for light and power to some 78 cities and
Pittsburgh. The combined population
increased over 86% in the ten-year period 1900-1910;estimated popu¬
lation now served, 440.000.
Capitalization (After Present Financing)—
Authorized. Outst’g.
Preferred 7% cumulative stock
$10,000,000 $2,750,000
towns located 10 to 50 miles from
10,000,000 10,000,000
*
13,723,000
(including this issue)
Two-year 7 % Collateral gold notes, due Feb. 1 1920
1,500,000 1,500,000
*
Authorized issue limited by the restrictions of the trust deed.
The 2-year 6% Collateral notes, dated Aug. 1 1917, maturing Aug. 1
1919 (of which there are $297,500 outstanding), have been called for
payment on Jan. 7 1919.
Purpose of Issue.—To reimburse the company for expenditures made or
to be made, for additional generating, transmission and distributing
capacity, including particularly the cost of this company’s new generating
station at Springdale, Allegheny County, Pa.
The initial installation of
this station will consist of two units of 20,000 k.w. capacity each, and when
ready for operation will add 40,000 k.w. to the West Penn Power Co.’s
generating capacity.
Tax Feature.—The mortgage provides that both principal and interest
of these bonds shall be payable, so far as the company may lawfully con¬
tract to do so, without deduction of any tax or Governmental charge which
the company may be required to pay, or to retain from such principal or
interest by any present or future law.
Under this provision the interest
on these bonds & now payable without deduction of the normal Federal
income tax to the extent of 2%.
The bonds are tax-exempt in Pennsyl¬
vania and are a legal investment for savings banks in the State of Maine.
Security.—The First M. 6s, Series “C, are issued under the same mort¬
gage with the $8,500,000 outstanding Series “A” 5% bonds, and are an
absolute first mortgage on all the physical property, rights and franchises
Common stock
First Mtge. bonds
.
,
owned by the company.
Additional bonds may be issued at par to the extent of 75% of the
actual cost of permanent improvements, additions or extensions, provided
net earnings are not less than twice the annual interest on all outstanding
First M. bonds (and on prior liens, if any) and the bonds proposed.
.
..
.
.
.iL
Property and Territory.—The physical property owned, directly or
ownership of all securities, includes 6 electric generating stations
capacity
D.) Water Co.—Bonds Called.—
Thirty-four bonds ranging from Nos. 11 to 335, both incl., are called
for payment at par and int. on Jan. 2 at the Empire Trust Co., 120 Broad¬
way, N. Y. City.—V. 99, p. 1604.
aggregate
of the board, Charles S. Soger, as President, taking
the active management and direction of affairs.
Col. Colt on Dec. 9, in an interview (approved for the
•
Co.—Dividend.—
quarterly dividend of 25 cents has been declared on the $1,500,000
outstanding stock, payable Dec. 24 to holders of record Dec. 17.
In
Sept, the dividend was reduced from 50 cents to 25 cents quarterly. Com¬
pare V. 107, p.1198.
A
over
We did a business of $190,000,000 in the first ten months
corporation’s
December, says: “Decrease in tonnage is accounted
principally by greater shipments than there were bookings of new
orders. Cancellations were not greater during the month than ordinarily.”
for
man
“Chronicle”) said in substance:
dividends'.
Our finances were never
.
Company to Buy Back All Remaining Bonds.—
President.—Col. Samuel P. Colt, who for nearly 18
exclusively a footwear concern, and this year our footwear business should
approximate $75,000,000, or about the same as tire sales. That leaves
$75,000,000 to be divided among mechanical goods and miscellaneous de¬
United States Steel Corp.—Unfilled Orders.—
Corporation.—Operations—Suit.—
A press report of Dec. 10 states that none or the company’s important
contracts with the Government has been canceled and that some 12,000
failure of the 1,500 h. p. steam
[Vot. 107
the West
through
with an
installed capacity of 34,561^ k.w.; also leases the power plant of
30 000 k.
the generating station at Windsor,
County, W. Va., a station con¬
structed jointly for the West Penn Power Co.
Gas A
Electric Co.
The first unit owned by this company was placed in opera¬
tion during the latter part of November 1917.
In Oct. 1918 the company started the construction of a new power sta¬
tion of 40,000 k.w. capacity at Springdale, Allegheny County, Pa.
This
Brook
and the American
station, with the several sub-stations and transmission lines necessary for
the distribution of the power to be generated, is being constructed at the
request of and with the financial assistance of the U. S. Govt. The location
and facilities are exceedingly favorable for economical production of power.
For other Investment
News,
see
foot of following page.
Dec. 14 1918.]
THE CHRONICLE
2297
gfepxrrls and jgcjctimjetttg.
GUANTANAMO SUGAR COMPANY
THIRTEENTH ANNUAL REPORT—FOR THE FISCAL TEAR ENDING SEPTEMBER 30 1918.
*
*
New York, November 15 1918.
To the Stockholders of the Guantanamo Sugar Company:
The Directors beg to submit the accounts of your Company
for the year ending September 30 1918 and a copy of the
Balance Sheet, together with the report of the General
Manager
have
as
on
the operations of the Company.
usual been audited
Co., and
a copy
—
previous years.
Operating costs have continued rising steadily, and taxes
payable by your Company to both United States and Cuban
Governments have largely increased.
The gross income was $1,062,513 46, from which has been
charged off the sum of $260,641 29 for depreciation on build¬
ings, machinery and equipment and for replanting of cane;
and a further sum of $261,000 which it is estimated will
suffice to cover all taxes and contingencies, leaving a net
profit for the year of $540,872 17.
Regular quarterly dividends have been paid at the rate of
for necessary additions and
improvements to your property amounted to $242,287 56,
as specified in the General Manager’s report.
Our fields at present give promise of a supply of cane
ample for a large output of sugar in the coming season,
subject to its successful harvesting and manufacture; and
the sale of our total production is already contracted for at
a higher price than that received for the past crop.
By order of the Board of Directors.
WM. MOORE CARSON,
year
President.
.
$4,334,093 75
99,879 02
$4,433.972 77
.
Deduct—
Producing and Manufacturing Costs and Shipping Ex¬
penses, Including New York and Guantanamo Office
Expenses
3,499,923 05
by Messrs. Price, Waterhouse &
of their certificate is appended.
the
Gross Sugar Sales, less Sea Freight, Commissions, Ac
Molasses Sales.
The accounts
The amount of cane ground was 479,018 tons and sugar
made 49,116 tons, as compared with 422,000 tons cane ground
and 40,177 tons sugar made in 1917.
The yield of sugar per
ton of cane was again adversely affected by unfavorable
weather conditions during the grinding season. While 8 per
cent more than in 1917, it was still below the average of
10 per cent per annum.
The capital outlay for
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING SEP
TEMBER 30 1918.
Profit on Operations, before providing for Depre
redation
of Mills and Equipment or for Replanting of Glane
Add—
Interest (net).
$88,097 76
Rents (net)
39,509 82
Miscellaneous (net)
$934,049 72
14,976 75
$142,584 33
„
Less—
Loss on Sugar and Molasses carried over from
14,120 59
September 30 1917 (net)
128,463 74
$1,062,513 46
Deduct—
Provision for Depreciation of Mills and Equipment and for
Ml
260,641 29
Replanting of Cane
$801,872 17
Deduct—
Provision for Taxes and Contingenci es- -estimate
261,000 00
Proflt for the year
$540,872 17
The accounts of the Company have
certified to by Price, Waterhouse & Co.
been auditedjand
DIRECTORS.
ERNEST BROOKS,
WM. MOORE CARSON, R. WALTER
GEORGE R. BUNKER, WM. E. GLYN,
O. LEWIS,
JAMES H. PO§y.
LEIGH,
OFFICERS.
President
Vice-President
....
Vice-President and General Manager
WM. MOORE CARSON
JAMES H. POST
Secretary and Treasurer
FREDERICK H. CLARK
.
.
O. G. SAGE
GUANTANAMO SUGAR COMPANY.
BALANCE SHEET SEPTEMBER
Deduct—Betterments
to June 30 1915
charged
to Surplus July 1
1911
Capital Stock—
$4,574,037 22
788,198 23
7,649 Shares held in the Guantanamo Railroad Company
1 00
Current and Working Assets—
Growing Crop carried over to 1918-1919
Season
$320,466 00
Advances to Guantanamo Railroad Company
Inventories:
Raw Sugar
on
hand,
Molasses
20,636 69
Stores and Supplies in stock and
in transit, at cost
496,519 02
Materials for New Construction
and Spare Parts, at cost
185,451 90
Colonos
Current Liabilities—
Bills Payable and Sight Drafts
Accounts
Provisions for
Taxes and Contingencies.....
711,697 31
69,361 87
The number of light and power consumers as of Sept. 30
and the total connected load on that date was 160,222 k. w.
$45,000 00
810,777 36
82,584 36
250,539 25
1.188,900 97
$2,544,084 60
Year as per
Deduct—
Dividends
540,872 17
300,000 00
2,278,921 06
2,784,956 77
$7,641,157 51
$7,641,157 51
1918 was 31,491
The unusually
rapid growth of the properties owned and controlled by the company in
the three years ended May 31 1918 is evidenced by an increase in the
number of consumers of 38.4%, in the total connected load of 41.3%, and
in the annual output of generating stations or 103.3%.
Statement of Earnings for Years ending Sept. 30 1918 and Dec. 31 1917.
Sept. 30 ’18. Dec. 31 *17.
Years ended—
Gross earnings, incl. miscellaneous income
$5,236,390 $4,000,309
Operating expenses, maintenance and taxes
3,404,243
2,713,958
Net earnings-$1,832,147 $1,286,351
Annual int. on $13,723,000 1st M. bonds requires.
738.380
The 1918 earnings reflect no benefit from the expenditures being made
at the present time for extensions to the property.
Upon completion of
the Springdale plant now under construction, the generating capacity of
the company will be increased from 91,436 k.w. to 131,436 k.w., or 43%,
thereby very largely increasing the earning power of the company.—
V. 107, p. 1925. 1751, 1486.
West Point Manufacturing Co.—Extra Dividend.—.
An extra
667,299 77
$3,084,956 77
55,000 00
Cuba)
261,000 00
Unexpended Funds:
Less—Bank Loans there against 360,000 00
Cash in Banks and on Hand (New York and
$3,000,000 00
$262,000 00
144,299 77
Payable
Balance at September 30 1917
Add—
Profit on Operations for the
account annexed
21,969 93
$415,000 00
Liberty Bonds
$50
-
Surplus—
1,100,425 95
Unexpired, &c
Sundry Accounts Receivable and Advances to
Insurance
Issued and Outstanding 60.000 shares of
each
For 1918 Dead Season Current Repairs and
Maintenance
For Depreciation and Extraordinary Repairs.
For Depreciation of Live Stock
For Replanting
29,044
$397,818 34
bags
$3,000,000 00
Authorized—60,000 shares of $50 each
$4,999,680 29
425,643 07
T
1918.
LIABILITIES.
ASSETS.
Cost of Properties—
Real Estate, Cane Lands, Buildings, Equipment and other
permanent Investments
30
dividend of 5% has been declared in addition to the regular
semi-annual dividend of 5%, both payable Jan. 2 to holders of record Dec.
16.
In June last an extra of 5% was paid.—V. 106, p. 2458, 928.
Willys-Overland Co.—Car Prices Cut—Aeroplane Engines.
A general reduction in automobile prices has been announced by this
company, the reductions being in all models excepting the No. 88 8-cylin¬
der passenger car.
See caption "Aeroplane Engines" above.—V. 107, p. 2195, 2104.
(P. W.) Woolworth Co.—Sales.—
1918—Nov.—1917—
$10,094,986
—V. 107, p.
$9,077,376
1583. 1843.
Increase. |
1918—11 Mos.—1917.
Increase.
$1,017,6101 $91,753.004 $83,501,673 $8,251,33
Worthington Pump & Machinery Corp.—Production.—
The “Chronicle” has been favored with the following:
The
gency
corporation has established an enviable reputation with the Emer¬
Fleet Corp., through its execution at its Snow-Holly Works, Buffalo.
N. Y., of a very large contract for 1,400 h. p. triple expansion vertical
marine engines.
This order was closed on Aug. 8 1917. and through a re¬
vision of plans work was not started until Oct. 121917.
The first engine
was shipped on Jan. 26 1918, and the 100th engine on Oct. 31. and produc¬
tion is stul being maintained at full speed.
The output, therefore, up to Nov. 11918 was 100 triple expansion marine
engine* of a combined h. p. of 140,000, aggregating some 7,500 tons or more
Westinghouse Air Brake Co.—Aeroplane Engines.—
See caption
"Aeroplane Engines" above.—V. 107, p. 1843, 298.
Weyman-Bruton Co.—Stock Increased.—
This company has
filed
a
certificate in Trenton, N. J., of increase in
capital stock from $12,000,000 to $18,000,000, the new stock consisting
of $3,000,000 preferred and $3,000,000 common, par in each case $100.—
V. 107, p. 2195, 2015.
Production has continued on a basis of three engines per week from the
beginning, and it is expected to continue at this or a higher rate, if neces¬
sary, tothe conclusion of the contract.—V. 106, p. 1905, 1224, 1143.
Wright-Martin Aircraft Corp.—Aeroplane Engines.—
See
caption "Aeroplane Engines” above.—V. 107, p. 2015, 1917.
THE CHRONICLE
2298
JVoi*. 107.
the
ships built and officially numbered were 1,814, of 2,560,500 gross tons of Which 437 or 1,771,560 gross tons were
seagoing steel steamers. Charles M. Schwab says that the
Emergency Fleet Corporation will be able to deliver between
COMMERCIAL EPITOME
8,000,000 and 10,000,000 tons of new shipping next year.
November deliveries total 500,000 tons. American ship¬
Friday Might, Dee. 13 1918.
There is still a note of hesitation in general trade, pending builders may now accept contracts for steel or wooden ships
developments as to a more decisive trend of prices. There to be built for private American interests as well as wooden
is as. yet much uncertainty. Under the circumstances ships for foreign account without making application to
trade in many lines is therefore rather quiet. It is to be re¬ the Shipping Board.
It is believed that this country will
gretted, too, that in the Middle West influeqza has again build an enormous mercantile fleet, gain foreign trade and
become more or less prevalent. This, with unseasonably save large sums in freight money. The prohibition on short
warm weather, has
certainly militated against business in selling of cotton futures on the Exchanges of New York and
general. Another thing which causes more or less anxiety New Orleans has been removed. The Liverpool Exchange
is the question of cancellations of orders by Government,
has modified its regulations so as to permit short selling
and also by civilian dealers. This affects both the retail and there if covered on the same day. The Coffee Exchange
jobbing trade. It is true that in parts of the country retail will reopen for unrestricted trading on Dec. 26, except that
business is brisk, but this is by no means uniformly the case. no trading will be allowed in months nearer than May and
There is little buying for distant delivery. Mail order trad¬ that maximum daily fluctuations are limited to 150 points.
ing is said to be large, partly from the very toet that influ¬ Butter is very high and it is now predicted that it will go to
enza is again prevalent m some parts of the country and re¬
$1 per lb. Farmers are apparently getting big prices not
stricts travel. Meanwhile, one idea is clearly traceable alone for their wheat, &c., but also for dairy produets includ¬
throughout the vast ramifications of American trade. That ing milk, for which the public is forced to pay prices that
$he (frommextizl
is the belief that the return of peace means lower prices for
all kinds of merchandise. The war demand stimulated
business and prices and caused, it is generally contended,
more or less inflation.
Peace is expected to cause deflation.
And it is an interesting question how export trade with parts
of Europe can be increased very much m the present politi¬
cal and financial conditions, particularly of such countries
say as Germany and Austria. But there is one exception to
the rule which favors a waiting policy in the trade of this
country, and that is the Northwest.
labor is becoming
more
Trade is brisk there,
plentiful with the discharge of mu¬
nition hands and potentially, at least, with the return of
thousands of troops, who, it is assumed, will soon be demobil¬
ized.
The Government will make an effort to secure em¬
ployment for soldiers, however, before mustering them out
of the service. Forty thousand men in the wooden ship¬
yards, it is estimated, will shortly be discharged and will
have to seek other employment.
The general tendency of
wages must sooner or later be downward, even if it is not so
already. Supplies of bituminous coal in most parts of the
country are said to be liberal, but anthracite still demands
seem beyond
reason.
The Government will have large
supplies to resell. Twenty-nine freight transports have
left France, bringing back steel rails, engine supplies, air
service
supplies and gas machinery, to be used in this coun¬
This is probably only a beginning. It is said that
300,000,000 pounds of Government-owned wool is to be
auctioned semi-monthly. Only amounts which can be
readily absorbed will be sold at each auction.
LARD steady; prime Western 26.80@26.90c.; refined for
the Continent, 29.25c.; Southern American, 29.40c.; Brazil
in kegs, 30.40c. Futures have fluctuated within narrow
bounds but in the main have been somewhat firmer, partly
on a demand from shorts and packers.
Also, the export
movement of lard and meats has been
very large. Further¬
more, an embargo was placed against hog shipments at
Chicago. This naturally increased then value. The
embargo is due to congestion. The firmness of corn has also
had more or less effect on lard. The hog embargo at Chicago
has been removed but it exists as against Pittsburgh. To¬
day lard prices fell and they end 25 points lower for tn3 week.
January hogs falling with lard receipts.
try.
OF LARD FUTURES IN CHICAOO.
high prices, a fact which is a source of general complaint. DAILY CLOSING PRICES
Sat.
Tues.
Wed.
Thurs.
Fri.
Man.
Building on the eve of winter is slow. Collections for the January delivery—cts.26.15 26.30 26.45 26.35 26.22 26.00
most part are good.
25.27
25.35
25.75
25.77
25.75
25.82
In the South, however, they are not May delivery
PORK steady; mess $49 @$49 50; clear $45 @$52; Beef
so prompt as in some other sections, as large quantities of
cotton are being held back for 35c. per lb. Merchants hope products firm; mess $35@$36; packet $37@$38; extra India
and believe that the tendency of money rates is toward a mess $63@$65. No. 1 canned roast beef, $4 25; No. 2,
,
lower level now that the war demand has slackened.
The future labor supply of this country is of course a matter
of profound interest. It will naturally be augmented by
returning troops. But the Commissioner of Immigration
predicts that the immigration tide will flow back as a result
of war, due partly to improved land and labor conditions
in the Old World. Steamship companies report that
1,250,000 applications have been received from aliens in
the last four years for passage to their native European
lands as soon as possible after the war. It is estimated that
2,500,000 desire to return to Europe. European countries
may restrict emigration, for all available man power will
be needed during the reconstruction period.
Looking to a
renewal of at least the normal export trade, representatives
of the American Exporters’ & Importers’ Association, the
Chamber of Commerce and other civic and commercial
organizations have been conferring with Government rep¬
resentatives on the question of a steady supply of ocean
tonnage to relieve the freight congestion at the port of New
York. New York men ask that the ban on import licenses
be removed and that the Government provide ships at regular
intervals in which freight may be removed from warehouses
in New York and vicinity. More than 100,000 tons of
east coast South American export freight is said to be piled
up here. It is asserted that the Government is facing a
billion-dollar loss because of its guarantee of $2 26 a bushel
for 1919 wheat crop and finds itself without funds and with¬
out agency with which to carry out the provisions of the
guarantee. Millers are selling flour below the price allowed
by the Food Administration. It is said that the British
Government is buying wheat from Australia at 96 cents per
bushel. Australia, it appears, has a surplus of over 200,000,000 bushels. One crop report indicates 14.7% in¬
crease in the winter wheat acreage of the United States,
with the spring wheat acreage next year the total
is expected
Ship¬
to
be the largest on record.
building will be pushed vigorously but exporters here
are not at all enthusiastic over a proposal to build wooden
ships for the foreign trade. Naturally they do not stand
the strain so well as steel ships. And now it is stated that
the Shipping Board has cancelled all outstanding contracts
for construction of wooden ships where builders have not
spent more than $200,000 on a ship. Contracts for 160
snips of this type were suspended recently. The contract
price for wooden ships averages about $700,000. The
Bureau of Navigation of the Department of Commerce
reports that the output of American shipyards during
November was 171 vessels of 357,660 gross tons, officially
numbered. They include a small tonnage built for France.
This total slightly exceeds that of October and is the largest
on record.
During the 12 months ended Nov. 30 1918,
Cut meats steady; pickled hams, 10 to 20 lbs.,
33^@33%c.; pickled bellies, 35@36c. Big exports of
meats.
To-day January pork closed at 48.85c., a rise of
35 points for the week. Butter creamery extras, 69j^@70c.
66@75c. Cheese, flats, 32 @37c. Eggs, fresh gathered extras,
COFFEE nominal. Trading in coffee futures will be
revided on Dec. 26 for May and later months, with fluctu¬
ations of not over 150 points daily. In some of the cost
and freight business Santos 2s were 23^c., 2s-3s 21^c.;
3s-4s, 21c.; 4s-5s, 20.75@20.85c.; 7s, 19.40c.; 8s, plus,
15 19.10c.; 7-8s grinders, 19 cents, all on American credit.
Rio and Santos prices have been more or less irregular. Rio
has at times advanced slightly, while Santos was reported
lower, even plainly showing less strength than Rio. The
stock at Rio is 854,000, against 604,000 a year ago; at
Santos 5,048,000 bags, against 2,294,000 bags last year.
SUGAR, raw still 7.28 for 96-degrees centrifugal; granu¬
$8 25.
lated 9 cents.
be taken over
One-third of the Cuban stock of 1918-19 will
by Great Britain. It is expected that the new
crop will reach about 3,600,000 tons, so that the allotment
to the United Kingdom would be 1,200,000 long tons and
2,400,000 for the United States. Fourteen centrals are now
grinding in Cuba, against 21 a year ago, and a number in
Porto Rico. Meanwhile refined sugar is in much better
demand as usual at this time, for the Christmas trade.
Refiners are not supposed to be holding very large stocks.
The International Sugar Committee has not been buying
much if any sugar of late, and as yet there have been no
allotments of new-crop sugar. Any scarcity will be only tem¬
porary.
In fact sugarfis to be more abundant.
The Amer¬
public saved 775,000 tons of sugar over their normal
consumption in July, August, September, October and No¬
vember this year. There are now no restrictions on Ameri¬
can consumption. The Department of
Agriculture estimates
the 1918 beet sugar production in the United States at 740,100 short tons, compared with 1917 production of 765,200
short tons. The acreage harvested in 1918 is estimated at
592,100 acres, a decrease of 72,697 from 1917. The acre¬
age planted was 689,700 in 1918, against 806,600 in 1917.
Beets worked in factories in 1918 are estimated at 5,822,600
short tons. The average price to growers in 1918 was $10 02,
compared with $7 39 for 1917. Colorado was first in out¬
put with 182,700 short tons. Utah and Michigan being close
seconds with 118,000 and 117,600 tons, respectively. Cali¬
fornia produced 109,300 short tons. The Haytian-American Corporation's sugar mill in Hayti recently completed at,
ican
cost of
$7,500,000t has statred operations, being the first
grind sugar for export since the Napoleonic
mill in Hayti to
era,
when Hayti was a French colony.
OILS.—Linseed nominal. Car lots, it is said, sold at
$155 for January. Trading is generally quiet. Lard
Dec. 14 1918 ]
THE CHRONICLE
2299
prime, edible, $2 30@$2 35.
The following shows the week’s total receipts, total since
Cooo&nut, Ceylon, barrels,
16H@16%e.; Cochin, barrels, 18@18H©- Soya bean, Aug. 1 1917 and stocks to-night, compared with last year:
18@18Hc. Com oil, crude, wood, 17$£@18c. Olive,
$4 25. Cod domestic $1 45@$1 50.
1918.
Stock.
1917.
Spirits of turpentine
Receipts to
70@71c. Common to good strained rosm, 14.70@ 15c.
PETROLEUM firm; refined in barrels, cargo, $17 25 @
$18 25; bulk New York, $8 25@$9 25; cases New York,
$19 25@$20 25. Gasoline steady; motor gasoline in steel
barrels to garages 24 He., to consumers 26 He- Gas machine
41 He. Just now field operations show only small wells.
North Texas develops some wild cat wells, i. e., in the Pan¬
handle, and it may mean something more; also sone wild cat
in Cotton Co., Oklahoma.
Pennsylvania dark $4 00
South Lima
Crichton
Princeton
140
2 85
2 58
2 25
2 25
2 15
2 38
Coming
Wooster
Thrall
Straws*
De Soto.
North Lima
$2 38 Illinois, above 30
2 28
degrees...*
S3 42
Indiana.^—
2 42 Kansas and Okla¬
Sonurwt, 32 deg.. 2 60
homa
2 25
Ragland
1 25 Caddo, La., light. 2 25
2 25 Caddo, La., heavy 1 55
2 25 Canada
2 78
1 45
2 33 Healdton
Electra
Moran
Plymouth
...
Henrietta
2 25
TOB ACCfCO has remained
quiet, pending further light on
the general situation. Nothing new concerning the trade
outlook has been reported. Meanwhile the trading is of a
hand-to-mouth character, and prices, though to all appear¬
ance
steady enough,
after all, largely nominal.
are,
COPPER 26c. It is said that a current report saying
that there is a surplus of copper on hand amounting to
800,000,OCX) lbs. greatly exaggerates the facts, although if
the present smallness of buying orders continues for another
60 days this condition of things will be realized soon after
Dec. 13.
This
Galveston
Texas City
"523
Brunswick
Charleston
of supply and demand will then become the supreme arbiter.
A general Committee of Iron and Steel Manufacturers at
meeting in New York
Dec. 9 reported in favor of a
rolling mill
products on and after Jan. 1, and this will be done. The
committee will have power in the matter. It is believed
that plates and shapes will be reduced $5, sheets and tin
plates $10 per ton, and other items in proportion with steel;
pig iron $3 decline. No great demand for rails has appeared.
In England there is a good demand for pig iron and an export
inquiry for rails, shapes and plates.
a
Norfolk.
N’port News, Ac.
"955
Baltimore
1,026
Philadelphia
Totals.
bales.
Galveston
Sat.
Mon.
Tues.
4,786
12,534
10,635
75
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
6,461
8,467
809
366
_
5,402
-i- — —
—
7,302
_
_
_
_
3,917
....
_____
10,354
1,027
_
_____
4,983
_
_
_
....
_
_
_
_
3,571
_____
8,351
1,206
_
_
_
_
_
_
_
_
1,832
_____
224
341
1,699
263
373
576
375
533
530
1,419
2,200
2,525
1,676
1,516
—
----
1,330
Wilmington
Norfolk
_
8,567
83
_____
_.
Thurs.
3,264
...
_
—
Wed.
Newp’tNews.&c.
—
new x ore
1
—
—
IrH
"T
“I
Baltimore
....
....
....
«...
....
Philadelphia
—
—
—
----
—
Boston
T otals this week.
Fri.
Total.
7,794
42,930
824
481
899
481
5,720
1,614
47,920
6.105
623
523
4,934
28,024
600
600
1,315
5,677
2.070
1,843; 11,179
188
106
106
1,026
1,026
1
19,366
30,153
31,368
"855
21,698
"955
57
17,942
—
—
26,868 147,395
Week.
1918.
1917.
986,776
25,231
5.492
280.950
4,242
278,591
60,111
2.909
725)110
61,819
430,668
25,483
318,672
l',800
21)650
"9-180
13*200
M
811,721
36,775
24,979
8,296
"8,533
621,212
58,247
482)402
41,850
82,080
Since Aug
1 1917.
24,329
654.929
259,321
?:88§
145)774
61,147
46.667
95.475
48.804
lS:l
131,578
2,663
2,522
3,259
llffi
m
30
17,684
18.862
300
60,924
171,244
1,811
99.085
59,638
55,510
3,389
78,262
169)242
143,252
12.624
13,207
32,329
6,787
14,321
10,325
147,395 2,357,795 158,476 3,179,576
1,400)795 1,313.912
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
1918.
Galveston
TexasCity.Ac.
New Orleans.
Mobile
Savannah
Brunswick
__
Norfolk
42,930
1,380
6,677
2,070
11,179
106
188
2,504
147,395
47,920
5,105
"m
1916.
1916.
36,776
8,694
50,895
2,909
24,329
2,000
7,006
1,883
10,488
All others
Tot. this week
1917.
1914.
71,914
81,209
m
56*000
3,214
21,615
2f:I
1SS
1,659
ma-
171,308
20,591
65,088
7,779
88,097
50,379
10,822
21,326
8,821
2,238
24,377
13,409
14) 946
m
7,657
24,695
7,397
5,083
158,476
200,130
243,169
428,369
21,029
90,788
62)194
ill?
8,185
§12,795
Since Aug. 1. 2.357,795 3,179,576 4.326.808 3,645,796 3.820,186 6.508.118
The exports for the week ending this evening reach a total
of 127,981 bales, of which 63,711 were to Great Britain,
4,610 to France and 59,660 to other destinations.
Exports for the week and since Aug. 1 1918
Week ending Dee. 13 1918.
Exported to—
Exports
Great
Britain. France. Other.
from—
Galveston-_
Texas City.
Pt. Nogales
New Orleans
27,217
Total.
29,799 57,016
are as
follows:
From Aug. 11918 to Dec. 13 1918.
Exported to—
Great
Britain.
France.
310,055
Other.
Total.
137,746
15,800
447,801
16,800
130
130
13,486
6,699
8,286 16,771
6,599
202,845
26,848
84,039
61.576
Savannah.. 11,083
2,300 16,923 30,306
5,327
4,750
68,111
30,875
348,454
26,848
60,500
60,817
189,428
5,646
30,875
5,646
Mobile
....
Pensacola
-
Brunswick
6,327
.
Wilmington
-
2,310
805
3,115
....
.
«
_
Total
8,847
63,711
Total‘1917.
4,750
*
Norfolk....
New York.
Boston
Baltimore.
Philadel’a.
PaclflcPorts
46,251
Total 1916. 170,333
11,581
135,050
16,718
11,450
6,002
31
36,867
4,801
97,690
"‘400
8,847
4,610 69,660 127,981
74,946
11,612
269,607
21,619
11,450
6,402
74,946
824,285
186,238
454,744 1,465,267
32,213 77,464 1,103,604
14,630 66,655 177,618 1,418,218!
279,417
405,8991
514,444 1,897,465
965,048 2,789,165
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
on
COTTON
Friday Night, Dec. 13 1918.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
147,395 bales, against 150^,747 bales last week and 136,346
bales the previous week, making the total receipts since
Aug. 1 1918 2,357,795 bales; against 3,179,576 bales for the
same period of 1917, showing a decrease since Aug. 1 1918
Texas City
Port Arthur, Ac.
106
New York.
Boston
On Shipboard, Not Cleared for—
moderate reduction in prices of steel and all
of 821,781
5,677
2,070
11,179
Wilmington
N’port N., Ac.
future. Itwillbeanopenmarketfor iron and steel afterJan. 1.
STEEL regulations by the Government will cease on
Jan. 1. This includes everything, prices, &c. The law
47,920
5.105
Jacksonville
Savannah
It is said that the output may be curtailed.
There are reports of resale lots of good size offered at 19 to
19 He. Producers are expected to announce shortly the
plan, under the Webb law, whereby they intend to handle
their foreign sales. It is true that the early discussion hinged
on the formation of a new export corporation, but latterly
the aim has been a plan to conduct foreign business through
a joint committee which would distribute sales
among pro¬
ducers. Reported sales of casting copper at 24 @24 He.
Tin higher at 71@72c.
There seems little prospect of a
removal of control.
Lead unchanged at 7.05c.
Spelter
lower and in fair demand at 8.55@8.60c.
PIG IRON is reported to be in pretty'good demand for
export. It will be a free market soon. Many of the trade
expect big buying from other sources before long. It is
maintained that consumption will outrun production at home
and abroad. Steel works have been building faster than
blast furnaces. England, it is believed, will want a good
deal of American iron. At the same time there is a fly in
the amber.
In other words, there are fears of cancellation
by buyers who contracted in some cases for large quantities
for delivery in the first half of 1919.
Of course, there is
strong opposition to anything of this kind, even in the case
of the Government. Yet it is intimated that even the
Government has been cancelling iron as well as steel orders
with a view of replacing their purchases at lower prices
later on. The committee of the trade, it is supposed, will
reduce prices $3 per ton.
There will be no pnee-fixing in
481
Pensacola
Charleston, Ac
Wilmington
refining.
899
Port Arthur
Aransas Pass, Ac.
New Orleans
Mobile—
This
1 1918.
42,930
Feb. 1.
The above estimate of 800,000,000 lbs. included
“stock in process,” blister copper on hand and in the process
of
Since Aug
Week.
Dec. 13 at—
Great
Britain. France.
Galveston
New Orleans..
Savannah
Charleston
Mobile
Norfolk
New York*
Other ports* __
24,480
30,777
Total 1918Total 1917Total 1916-
....
•
3",774
iff,666
10,074
12,000
Ger¬
many.
-
----
Other
Cont't.
Coast-
i
j wise.
25,200
17,860
4",666
7,000
4", 666
1,000
3,000
81,031
64,827
98,588
27,074
20,718
33,530
50,060
38,316
58,552
Total.
Stock.
lO.OOg
4.000
59,680
221,270
58.826
1,000
1,000
nm
50,147
500
800
16,000
4,274
800
23,000
11,000
•
Leaving
21,209
94,675
146,242
86,509
16,415 174,580 1,235,215
10,278 134,139 1,179,773
19,546 210,216 1,358,849
Estimated.
Speculation in cotton for future delivery has been on a
light scale at declining prices. They broke badly on the
11th instant, when it was found that the Government crop
estimate was about 200,000 bales larger than had generally
been expected, i. e., 11,700,000 bales, against 10,949,000
bales the estimate a year ago, 11,511,000 bales two years
ago and 11,161,000 bales in 1915.
Also, there have been
intimations that the domestic consumption in November
would make q poor showing tomorrow, owing to labor
troubles, the influenza epidemic and so on. The estimate,
as given by the Cotton Ginners’ Association, is 398,000 bales,
against 440,833 in October, 470,779 bales in September, and
534,914 bales in August. That would make a total of 1,864,000 bales to Nov. 30, against 2,278,181 bales in the
same time last year and 2,219,967 bales two
years ago. It
remains to be S9en how near these figures will come to the
Census figures of tomorrow. But it is generally expected
that the November total will make anything but a cheering
exhibit. Also there has been more or less Japanese selling
and a certain
amount of Southern hedge selling.
And,
although restrictions on short selling were removed here on
the 9th inst. Liverpool has thus far only partially modified
its regulations in this respect.
It allows short selling but
THE CHRONICLE
2300
requires that it shall be covered on the same day. Straddles
between months are permitted. Here the fact that the
crop is estimated by the Government at some 750,000 bales
larger than the December estimate of last year is dwelt upon
with considerable emphasis by those who believe prices are
bound for a lower level. Moreover, there is a growing fear
of big cancellations of cotton goods orders by the Govern¬
ment.
Also the Government holds very heavy stocks of
cotton goods.
It has far bigger stock than it can very well
The inference is that it will become a dealer to a
certain extent, possibly to a very large extent, in closing
out its surplus supply.
Cotton goods dealers want to
regulate the Government sales on prices. The question
is whether the Government will allow such regulations.
It has been doing its own regulation for the last two years.
As regards exports of raw cotton, they have increased some¬
what of late, but the fact remains that the total thus far this
year is far behind that of the same period last year.
The
NEW YORK QUOTATIONS FOR 32 YEARS.
1918-c.
1917—.
1916...
1915—
1914—.
1913...
1912...
1911...
28.80
30.70
18.35
12.15
7.30
13.25
13.10
9.20
tonnage problem has not yet been really solved.
It may be in a fair way of being solved, but when will the
actual solution be reached? Meanwhile, American mills,
1910.C
1909
1908
1907.
1906
1905
1904
1903
.15.05
.15.20
9.10
.12.10
.10.65
1902.c...
1901
1900
1899
1898
.12.00 1897
8.00 1896
.12.45 1895
..
-.
.
.
..
—
..
—
—
8.55
8.50
9.88
7.69
5.81
5.88
7.38
8.56
1894.
1893.
1892.
1891.
1890.
1889
1888—
1887
5.69
7.94
9.75
8.06
9.38
...
---
...
10.25
9.88
10.56
MARKET AND SAL!ES AT NEW
Futures
Market
Closed.
Spot
use.
ocean
[Vol. 107.
Market
Closed.
•
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
..
SALES.
Spot.
Quiet, 50 pts. dec.. Steady
Quiet, 15 pts. dec Barely steady
Quiet, unchanged.. Steady
Quiet, 55 pts. dec.. Steady
Quiet, 20 pts. adv._ Steady
Quiet, 5 pts. adv
Steady
Total
Contract
Total.
100
100
100
100
FUTURES.—The highest, lowest and closing price at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed’day,
Thurtd'y, Friday,
fearing cancellations, and with the domestic demand light,
Dec. 7.
Dec. 9. Dec. 10: Dec. 11. Dec. 12. Dec. 13.
Week.
are not buying raw cotton freely.
And small wonder. It
December—
is a time for watching and waiting, in the opinion of many,
27.75-.05 27.35- .95 27.55-.00 26.60-/75 27.00-.50 27.30-.75 26.60-/05
Range
rather than for aggressive buying, either of raw cotton or
27.75
27.60
27.60-.65 27.05
Closing
27.23-.30 27.30- .35
the manufactured goods. And this for the reason that now January—
26.50- .90 26.06-.75 26.36-.74 25.40-150 25.65-.25 25.97-.45 25.40-190
Range
that peace has come a good many think that war prices will
26.55
26.35-.45 26.39-.40 25.65-.77 26.00-.10 25.98-.02
Closing
be deflated. Then why buy on a big scale, now, it is asked, February—
only to see prices decline later on ? Some such reasoning as
25.43
25.58
25.40
24.75
Closing.
25.10
25.10
this is taken as explaining the dulness of the cotton goods March—
25.23-.84 24.95-.60 25.15-.50 24.35-.29 24.55-.10 24.85-.36 24.35-484
Range
business in most parts of the country, At times, more¬
25.43-.45 25.28-.30 25.25-.27 24.60-.70 24.87-.90 24.95-.00
Closing
over, Liverpool has been selling here.
Another factor was April—
Range
the strike of 100,000 hands in Lancashire for an increase in
24.70
24.45
24.50
23.90
24.20
Closing
24.30
wages of 40%.
Only a few firms conceded the workers’ May—
24.57-.93 24.01-.68 24.30-.59 23.45-.42 23.70-.25 24.05-.50 23.45Z93
Range
demands. And the interesting fact is that, owing to the
24.60-.62 24.33-.43 24.37
23.71-.75 24.02- .05 24.13-.14
Closing
smallness of the stocks of yarns, weaving sheds in Lancashire, June—
23.50
Range
23.50
it was feared, would soon be obliged to stop, throwing 200,23.85
23.68
23.70
23.50
23.50
Closing
23.60
000 more hands out of work, unless the strike was somehow July—
23.80-.30 23.30-.85 23.65- .95 22.90-.78 23.10-.65 23.45-.95 22.90x30
Range
brought to ail end. At the same time, stocks in this
23.80-.85 23.63-.65 23.65-.67 23.10-.15 23.37-.38 23.50-.53
Closing
country are large.
Some think the noticeable discounts August—
22.90-.95 22.55-.75 22.75-.05 22.30-.95 22.50- .58 22.71-.25 22.30-.05
on
the distant months are partly explained by a con¬
Range
22.80-.90 22.70-.75 22.75
22.30
22.58
Closing
22.75
siderable percentage of low grades in the American stocks. September—
On the other hand, there is hopeful feeling in many quarters
21.95-.00 22.40
22.00
22.25- .40 21.95-.40
Range
22.20 —i| 22.15
22.20-.25 21.70
22.00
22.15
Closing
as regards the future of the export trade.
Conferences have October—
been held in Washington looking to an increase in the supply
21.85-.15 21.45-.95 21.60-. 90 21.00-. 90 21.20-.70 21.52-.00 21.00 015
Range
21.15-.20 21.43-.45 21.60
Closing.... 21.85-.93 21.70-.75 21.75
of ocean tonnage.
That is the nub of the whole matter.
Get the ships and cotton will get to foreign buyers. At
} 28c. / 27c. 126c. < 25c. x 24c. a 22c.
any rate that is the widespread and fixed belief.
THE VISIBLE SUPPLY OF COTTON to-night, as made
Chairman
Brand of the Cotton Distribution Committee predicts that up by cable and telegraph, is as follows. Foreign stocks, as
the exports of cotton this season will be 50% larger than last well as the afloat, are this week’s returns, and consequently
year when they were 4,476,124 bales.
England, France, all foreign figures are brought down to Thursday evening.
Spain and Italy, as well as Belgium and various neutral But to make the total the complete figures for to-night
countries want cotton. It is simply a question of get¬ (Friday), we add the item of exports from the United
States,
ting the cotton to them. If Germany and Austria can including in it the exports of Friday only.
get a stable Government and sound finances, they will
Dec. 13—
1918.
1917.
1916.
1915.
at Liverpool
bales. 261,000
want large quantities of cotton also.
401,000
707,000
842,000
A point on* which Stock
Stock at London
16,000
21,000
29,000
60,000
—
—
—
—
— —
—
—
—
—
—
—
'
_
—
—
—
—
—
—
—
—
—
—
—
_
—
—
—
—
—
—
—
—
—
—
_
...
—
—
—
—
—
....
—
—
—
—
—
—
much stress is laid is that the world’s stock of cotton and cot¬
goods outside of this country is very small and in Europe
down uncomfortably near the vanishing point. Meanwhile
the world is shifting from a war to a peace basis.
The seas
are safe again.
An immense amount of reconstructive work,
as already intimated, must be done.
It is said, too, that
the world’s supply of shipping has suffered no serious net
loss during the war for the recent reason that newly built
tonnage has largely replaced the old that was destroyed.
And in this country transports are rapidly arriving with
returning troops. The ships will not return to Europe with
troops as they did only a short month or six weeks ago.
They will carry back merchandise of all sorts. In this way
cotton will find a certain, outlet to European marts.
But
in addition, as already stated, arrangements are being made
at Washington looking to the allotment of further amounts
of tonnage with a view of facilitating the efflux of cotton
from America.
Tonnage is badly needed because of the
congestion at Southern points. And the extreme need is
Stock at Manchester
ton
taken to mean that determined and successful efforts will
be made to remedy the present abnormal state of
affairs.
Meanwhile spot markets are generally firm
at high prices.
The ginning up to Dec. 1 was 9,563,124
bales, against 9,713,529 last year and 10,352,031 two years
In the period of Nov. 14 to Dec. 1, it was 882,119
ago.
bales, against 1,142,414 last year and 737,028 in 1916 and
932,337 in 1915. But this seemingly bullish exhibit lost
much of its point when the Government crop estimate ap¬
peared two days later and which was so much larger than
expected that it caused a break in prices of 80 to 100 points.
Latterly increasing exports have been a cheering factor.
The New York stock is very small and is believed to be
largely controlled by large spot interests. To-day prices for
a time advanced on Liverpool, and trade buying and
strong
Liverpool prices on the near months; also shorts covered.
Japanese selling let up. Spots were firm. On the rise the
South and Wall Street sold. There was a rumor that the
Lancashire strike had been practically settled. But the
market was long and liquidation caused a reaction later.
Middling uplands closed at 28.80c., showing a decline for
the week of 95 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
7 to Dec. 13—
Middling uplands
„*
Sat.
29.25
Mon.
29.10
Tues.
29.10
Wed. Thurs. Fri.
28.55
28.75 28.80
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre....
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
35,000
59,000
82,000
457,000
795,000
984,000
*1,000
*1,000
*1,000
*1,000
289,000
2,000
14,000
158,000
4,000
57,000
29,000
102,000
248,000
432,000
14,000
265,000
Egypt,Brazil,&c.,afloatfor Eur’pe
42,000
8tocfc in Alexandria, Egypt
353,000
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. Interior towns
U.S. exports to-day
.
53,000
1,000
25,000
Total European stocks
India cotton afloat for Europe.__
Amer. cotton afloat for Europe
—
330,000
62,000
Total Continental stocks
—
—
—
1
—
—
—
*565,000
1,409,795
1,343,638
25,873
239,000
6,000
68,000
228,000
*1,000
61,000
241,000
*1,000
544,000
596,000
705,000 1,339,000 1,580,000
57,000
28,000
33,000
625,706
404,647
245,000
74,000
90,000
76,000
304,000
227,000
235,000
*450,000
407,000
479.000
1,313,912 1,569,065 1,641,538
1,248,095 1,379,059 1,513,251
5,774
25,962
14,855
Total visible supply
4,450,306 4,375.781 5,703,792 5,991,291
Of the above, totals of American and oher descriptions are as follows:
American—
Liverpool stock
bales.
Manchester stock
Continental stock
American afloat for Europe
U. 8. port stocks
U. S. Interior stocks
U. S. exports to-day
Total American
East Indian, Brazil,
&c.—.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt..
Stock in Bombay, India
Total East India. Ac
Total American
268,000
561,000
600,000
27,000
44,000
67,000
*208,000 *455,000 *488,000
245,000
625,706
404,647
1,409,795 1,313,912 1,569,065 1,641,538
...1,343,638 1,248,095 1,379,059 1,513,251
25,873
25,962
5,774
14,855
135,000
23,000
*84,000
265,000
.3,286,306 3,315,781 4,659,792 4.729,291
126,000
16,000
30,000
*18,000
14,000
42,000
353,000
565,000
133,000
21,000
8,000
*40,000
28,000
76,000
304,000
*450,000
146,000
29,000
15,000
*89,000
57,000
74,000
227,000
407,000
242,000
60,000
15,000
*108,000
33,000
90,000
235,000
479,000
1,164,000 1,060,000 1,044,000 1,262,000
3,286,306 3,315,781 4,659,792 4,729,291
Total visible supply
4,450,306 4,375,781 5,703,792 5.991.291
Middling upland, Liverpool
11-OOd.
20.07d.
22.31d.
7.47d.
Middling upland. New York
18.60c.
11.95c
28.80c.
30.70c.
Egypt, good brown, Liverpool
33.40d.
21.85d.
30.79d.
10.25d|
Peruvian, rough good, Liverpool- 38.00d.
31.00d.
18.00d.
11.40d.
Broach, fine, Liverpool
I7.17d.
21.35d.
10.60d.
7.10d.
TinneveUy, good, Liverpool
7.22d
17.42d.
21.53d.
10.72d.
♦Estimated.
Continental imports for past week have been 20,000 bales.
The above figures for 1918 show an increase over last week
of 87,394 bales, again of 74,525 bales over 1917, a decrease
of 1,253,486 bales from 1916 and a loss of 1,540,985 bales
from 1915.
Dec.
141918.]
THE CHRONICLE
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
O.,
corresponding period of the previous year—is set out in
detail
below.
Movement to Dec. 13 1918.
Towns.
Receipts.
Ship¬
Stocks
Dec.
13.
ments.
Week.
Ala., Eulaula..
Montgomery
Season.
90
Selma
Ark., Helena
Little Rock..
Pine Bluff
1,379
14231
1,000
5,395
3,000
Ga., Albany...
265
_
Athena
Atlanta
Augusta
3,744
51,847
43,268
25,047
85,792
61,995
9,326
75,647
5,080
7,000
11,788
Columbus
96,967
237,351
41,519
109,721
735
Macon
Rome
8,616
1,882
4,804
La., Shreveport
Mias.,Columbus
Clarksdale
Greenwood
Meridian
Hatches
29,778
85,098
15,159
75.259
82,768
26,431
29,157
19.568
21.259
700
3,197
2,500
2,208
1,707
1,902
...
....
Vicksburg....
Yazoo City..
Mo., St. Louis.
N.C.,Gr*nsboro
Raleigh
Cincinnati.
Okla., Ardmore
Chlckasha
Hugo
Oklahoma
8. C., Greenville
Greenwood
612
7,916
1,079
181,632
17,278
3,800
61,053
189
4,410
”76
23,854
21,030
1,635
500
115
21,387
37,739
11,892
Tenn.,Memphis 31,503
404,136
Nashville
Tex., Abilene.
Branham
Clarksville
Dallas
Honey Grove
Houston
2,702
190
300
150
.
1,624
1,909
694
.
43,106
4,016
Paris
San Antonio..
700
190
Movement to Dec. 14 1917.
Week.
Receipts.
Season.
2,528
100
895 25,577
650 19,878
900
7,569
1,500
3,534
43,062
31,916
27.811
128,442
88,987
11,779
85.407
164.864
340,493
24,860
107,951
33,405
142,483
7,863
89,494
87.155
20.696
39,609
14.156
29.408
589,895
19,885
4,505
54,005
23,750
33,312
23.696
18,855
53,311
10,298
560.419
1,217
22,501
18,147
36,985
84.811
41.378
,,267,838
55,349
23.268
515
1,000
6,043
4,000
3,449 36,015
2,600 35,522
273
120
4,640
3,836 40,280 6,496
6,000 24,215 12,000
3,733 151,422 17,000
485 25,250
1,535
6,006 35,052
5,124
1,249 14,173
1,732
3,615 48,694
6,832
600
459
6,666
2,774 43,676
3,265
2,770 42,181
1,855
829
1,073 14,817
15^231
1,159
‘589 10,977
692
149 15,168
1,000
8,606 23,491 40,285
1,256
8,063
1,420
150
220
78
4,510 14,000
2,162
‘333 10~,143
2,000
3,758
6,800
2,029 23,993
9,439
630
400
500
280
700
16',800 293,812
Ship¬
Stocks
Dec.
14.
ments.
Week.
3,624
600
40,069
474
844
'300
6,754
950
250
14,698
250
5,212
26,574
1,051
8,572
1,819
46,861
1,840 12,080
4,424
857
17,873
5,421
1,794
999,077 71,781 285,077 51,730
69,714
2,957 10,110
2,974
400
25,506
991
3,598
Week.
185
2,600
1,627 18,400
332
936
4,311
19,000
5,450 50,985
3,000 53,210
120
2,440
3,970 40,357
11,000 46.610
10,525 152,438
1,414 15,000
4,652 23,769
13,235
7,103 47,553
1701 4,004
1,147 52,701
2,891 33,213
650 12,303
1,619 11,941
1,389
5.245
800 13,768
39.003 10,820
1,060 4,273
1001
169
5,312 19,238
700 11,800
1,950 13,128
420
9,759
806
6,501
3,014 16,254
500
4,627
30,169 245,761
'993
969
2,000
1,430
9,489
119 21,345
1,928
7,108
48,147 225,625
2,608 13,008
1,718
550
1,060
Total, 41 towns 167,9053,206,749155,5461343638 218,8564,366,760187,4201248095
The $bove totals show that the interior stocks have in¬
creased
during the week 12,359 bales and
are
to-night 95,543
bales more than at the same time last year. The
receipts at
all towns have been 60,951 bales less than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night.
The results for
the week and since Aug,
Aug. 1 in the last two years are as follows:
1918-
Dec. 13.
Shipped—
Via
Via
Via
Via
Via
Via
Via
Week.
St. Louis
198,117
9,563
58,970
34,447
81,839
207,061
.48,069
761,833
Rock Island
Louisville
Cincinnati—
Virginia points..
other routes, &c
.
.
.
.
Total to be deducted
Aug. 1.
171,836
8,506
13,360
1,433
4,902
2,770
3,118
13,980
Mounds, Ac
Deduct shipments—
.
O39.003
13,338
256
3,518
934
7,284
29,843
a588,428
223,441
3,960
38,798
22,405
144,174
264,766
94,176 1,285,972
Brownsville, Tex.—We have had rain on two days of the
past week, the rainfall being twelve hundredths of an inch.
The thermometer has averaged 71, ranging from 60 to 82.
Dallas, Tex.—It has rained on two days during the week
to the extent of one inch and thirty-four hundredths.
The
thermometer ranged from 40 to 76, averaging 58.
Palestine, Tex.—Rain on two days of the week. The rain¬
fall has been one inch and sixty-six hundredths.
Average
thermometer 62, highest 76, lowest 48.
San Antonio, Tex.—There has been rain on two
days of the
week, to the extent of two inches and sixty-four hundredths.
The thermometer has averaged 66, the highest
being 78
and the lowest 54.
Taylor, Tex.—There has been rain on two days of the past
week, to the extent of one inch and fifty-two hundredths.
Minimum thermometer 50.
New Orleans, La.—It has rained on one day during the
week to the extent of one inch and fifty-six hundredths.
The thermometer has averaged 67.
Vicksburg,
Miss.—Dry all the week.
mometer
Selma, Ala.—Dry all the week.
averaged 60, ranging from 39
The thermometer has
to 72.
Savannah, Ga.—We have had rain on two days of the
past week, the rainfall two inches and forty hundredths.
The thermometer has ranged from 49 to 72, average 60.
Charleston, S. C.—The week’s rainfall has been eighteen
hundredths of
an inch on one day.
Average thermometer
62, highest 74, lowest 49.
Charlotte, N. C.—We have had rain on one day of the
past week, the rainfall being twelve hundredths of an inch.
The thermometer has averaged 53,
ranging from 37 to 69.
Memphis, Tenn.—There has been ram on two days of the
past week, to the extent of thirty-one hundredths of an inch.
The thermometer has averaged 61, ranging from 46 to 75.
The following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8
of the dates
a. m.
given:
Dec. 13 1918.
Feet.
New Orleans
Above
of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Memphis
Nashville
Shreveport
Vicksburg
*
Below.
zero
4.7
8.5
9.0
9.3
12.8
Dec. 14 1917.
Feet.
3.6
3.3
8.1
*5.9
4.2
QUOTATIONS
FORMIDDLINGCOTTONATOTHER
are the closing quotations of
middling
cotton at Southern and other principal cottoh markets for
each day of the week:
MARKETS.—Below
Week ending
Dec. 13.
Galveston
New Orleans
Mobile
Closing Quotations for Middling Cotton
Savannah
30.10
28.50
26.25
29.00
*
Charleston
Wilmington.
217,631
43,688
a302,109
8,318
155,758
42,607
563,428
Augusta
Memphis
26.50
27.00
28.00
29.50
27.25
29.00
606,075
51,569
a Revised.
722.544
Dallas
Houston
Little Rock
29.75
29.00
Norfolk
Baltimore
Philadelphia
___
on—
Saturday. Monday. Tuesday. Wed’day. Thursd'y. Friday.
30.10
28.88
26.75
29.00
11,609
1,614
a29,384
The foregoing shows the week’s net overland movement
has been 39,751 bales, against 51,569 bales for the week last
26750
26.75
28.00
29.35
27.25
29.00
28.50
29.35
29.00
30.10
28.50
26.50
29.00
27.00
26.25
26.75
28.00
29.35
27.19
29.00
28.50
29.35
29.00
29.50
28.50
26.00
29.00
----
26.75
27.50
28.80
27.19
29.00
28785
29.00
29.50
28.50
26.00
29.00
27.00
26.00
26.75
27.00
29.00
27.00
29.00
28.00
29.10
28.50
29.50
28.50
26.25
29.00
27.00
26.00
26.75
27.00
29.05
27.00
29.00
28.00
29.10
28.50
NEW ORLEANS CONTRACT MARKET.—The
year,
and that for the season to date the aggregate net over¬ quotations for leading contracts in the New Orleans
land exhibits a decrease from a year ago of 116,469 bales.
market for the past week have been as follows:
1918-
In Sight and Spinners'
Receipts at ports to Dec. 13
Net overland to Dec. 13
Southern consumption to Dec. 13a
Week.
147,395
39,751
70,000
.257,146
.*12,359
Aug. 1.
2,357,795
606,075
1.539,000
4,502,870
647,022
.269,505
Since
Week.
158,476
51,569
81,000
291,045
31,436
a
.
52,474
Aug. 1.
3,179,576
722,544
1,654,000
5,556,120
893,153
322,481
5,149.892
Nor. spinners’ takings to Dec. 13.
923,131
6,449,273
83,484
1,215,796
These figures are consumption; takings not available.
Movement into
sight in previous
Week—
1916—Dec. 15
1915—Dec. 17
1914—Dec. 18
years:
Bales.
Since Aug. 1377,995 1916—Dec. 15
422,265 1915—Dec. 17
590,459 1914—Dec. 18
Bales.
.7,889,191
6,571,050
6,633,931
WEATHER REPORTS BY TELEGRAPH.—Our ad¬
vices
by telegraph from the South this evening denote that
light to
rain has been quite general during the week, but
moderate as a rule.
Galveston, Tex.—We have had rain
on
three days of the
East
ich. week,
the rainfall being
thirty-one
of an
The thermometer
has ranged
from hundredths
62 to 80, averag¬
ing 71.
Abilene, Tex.—Rain
day of the week. The rainfall
Average ther¬
mometer 58, highest 76, lowest 40.
Amarillo, Tex.—There has been rain on one day during
thelweek, the rainfall being six hundredths of an inch. The
thermometer has averaged 46, the highest being 64 and the
on one
has been twenty hundredths of an inch.
lowest 28.
•
closing
cotton
-1917Since
Takings.
ther¬
and the lowest 50.
29,471
23,537
102,750
Including movement by rail to Canada,
Average
65, highest 78, lowest 51.
Mobile, Ala.—We have had rain on one day the past
week, the rainfall being thirty-five hundredths of an inch.
The thermometer has averaged 63, the
highest being 72
1,981
1,203
5,134
.39,751
*
-1917Since
Week.
Aug. 1.
Since
2301
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
December
January
March
May
July
October
Tone—
Spot
Options
Dec. 7.
Dec. 9.
Dec. 10.
Dec. 11.
Dec. 12.
27.30 —
26.20-.25
25.00-.03
24.22-.30
23.57-.62
21.37-.47
27.30-.40
26 20-.24
24.85-.91
24.04-.05
23.20 —
20.85-.95
27.27 —
26.07-.10
24.74-.77
23.92-.96
23.15-.17
20.95-.00
26.50-.60
25.35-.40
24.00-.02
23.27-.30
22.62 —
22.40-.52
27.00-.15
25.70-.80
24.25-.35
23.50-.60
22.85-.80
20.73-.80
27.79 —
26.03-.06
24.25-.53
23.74-.75
23.10 —
20.95-.05
Steady.
Steady.
Quiet.
Steady.
Quiet.
Steady.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
Dec. 13
—Mr. John A. Hartcom, representative of Messrs. Henry
Hentz & Co. on the New York Cotton Exchange, died after
a
very
short illness
on
Thursday.
Mr. Hartcorn had been
member of the Exchange nearly 20 years, and his sudden
death from typhoid fever at the age of 46 came as a distinct
shock to his associates on the floor, with whom he stood in
a
high esteem. The funeral will take place Saturday even¬
ing at 8 o’clock from his late residence, 255 Jefferson Ave¬
nue, Brooklyn.
BRITISH COTTON WAGE QUESTIONS.—It was an¬
nounced early in the week by cable from London that the
Askwith Conference on the spinners’ demands for a 40%
advance on current wages had been ineffective. The em¬
ployers’ alternative offer to arbitrate has been refused, and
there seems to be no early prospect of a settlement.
A fur¬
ther cable of the 12th, bearing upon the weaver’s claim for
50% advance on current wages, states that a special court of
arbitration has considered tho matter and that
may be expected in about ten days.
to abide by the decision given.
a
decision
Both sides have agreed
THE CHRONICLE
2302
WORLD’S SUPPLY AND TAKINGS OP
Week.
1917.
Week.
Season.
|
4,362,912
Season.
4,302,445
3,027,450
supply Aug. 1
American in sight to Dec. 13—
Bombay receipts to Dec. 12
Other India smpm'ts to Dec. 12
Alexandria receipts to Dec. 11
Other supply to Dec. 11*
Visible
5,149,892
352,000
12,000
269.505
618,000
322,481
78,000
1,000
87,000
2,000
393,000
645.000
61,000
- -
92,000
2,814,776
6,649,273
376,000
37,000
114,000
43,000
4.696.417 9,026,342 4.742.926 10,134,049
Total supply
Deduct—
Visible supply Dec.
4,450,306 4,450,306 4,375,781
13
4.576.036
3.813,036
24,0001
763,000’
4,375,781
867.145 5.758.268
273.145 4.652.268
94,0001 1,106,000
246.111
222.111
Total takings to Dec. 13_o
Of which other
Of which other
West Indies, Ac.
i by Southern mills,
17—takings not being
EGYPTIAN COTTON CROP.—The Alexandria Cotton
Co., Ltd., of Boston, has the following by mail from Alexan¬
dria under date of Oct. 11:
News concerning the crop is in general satisfactory; the first and second
pickings are proceeding normally. Conditions have improved somewhat
and the results of the second picking will be slightly superior to those first
expected. In some districts the first picking has also proved better than
last year. The average yield per fedaan over the whole delta may now
be expected to reach 3 H cantars. The present condition of the crop and
the acreage as we know it leads us to expect from five to five and a half
million cantars fids year; but naturally at this early stage it is impossible
to forecast the outturn with any <certainty,
—iiy• ft
as the final yield depends,
‘
to a
great extent, on file weather during October and November, but with nor¬
mal conditions we think that our above estimate will be about correct.
—
—-
—v
States
respondents and agents of the Bureau, that
in the united States for the season
of 1918-19 will amount to 5,595,529,000
pounds (not including 1 inters), equivalent to 11,700,000 bales of 500
"
pounds lint and 21.7 pounds bagging and ties
gross
weight bales).
with comparisons,
1917
1918.
Price
par Pound
Dec. 1.
1915-16 a
{Census). 1918.1917
{Census).
Virginia
12,397,000
26,000
23.
North Caroling 414,729,000
870.000
788,
South Carolina
716.100.000 1.500,000 1,238,871 1,231,
Georgia
1,003,590,000 2.100.000
2,108
Florida
56
25.000
12,025,000
Alabama
392.124.000
820,000
517,890 1,228
1,210,000
905,55
579,348,0
Mississippi
Louisiana
525.000
638.72
251,160,0
Tests.
1.236.820,000 2.680,000 3,125,37
4.074.095
Arkansas
447,584,000
935,000
973,752
966,220
Tennessee
157.971.000
330,000
240.525
345,075
Missouri
33.537,000
70,000
60,831
63,049
Oklahoma.
263,065,000
550.000
959,081
917.393
California
47,860,000
*100,000
57.826
30,612
Arizona
21,737
24,393,010
51,000
Receipts at—
lM
....
3.826,000;
....
United States 5,595,529,000
*
Includes
a
Five year average.
some grown
5.666
95*532
11,700,OOP111 ^02,375
13,327,317
8,000
in New Mexico,
a
27.pi
27.7
Included in “all other.’*
gross) in 1916; 11,191.820
'►alepin 1913; 13.703,421
*J10. The price per lb.
to producers Dec. 1 in 1916 was 19.64; In 1915 was 11.24c.; 6.8c. in 1914;
12.2c. in 1913; 11.9c. in 1912; 8.8c. in 1911, and 14.1c. in 1910.
The average weight per running bale is estimated at 505-3 pounds gross,
compared with 502.4 pounds in 1917 (as reported by the Bureau of the
Census), 503.8 pounds in 1916; 506.6 pounds in 1915 and 505.5 pounds the
average of the preceding five years.
Production of Sea Island cotton was estimated as follows: Florida, 18,000
bales; Georgia, 22,000 bales; South Carolina, 8,000; total Sea Island,
48,000 bales. Last year, 92,619 bales (running) were ginned.
The production of Egyptian cotton this year is estimated at 38,000 run¬
ning bales (produced in Arizona and California).
we
returns
give it below, comparison being made with the
for the like period of the two preceding years:
Counting Round
1»18.
^
Alabama
Arizona
Arkansas
California
Florida
682,893
Georgia
Louisiana
Mississippi
Missouri
North Carolina
Oklahoma..
South Carolina
Tennessee
Texas
Virginia
_
AU other States
18,420
717,121
33,228
21,983
1,764,895
460,203
892.906
41.447
647,307
482,441
1,241,122
224,049
2,317,177
15,020
2,912
as
as
1917.
Half Bales1916.
443,988
9,430
789,471
25,225
43,423
1,643,930
559,021
728,859
38.533
482.521
817,795
1,055,676
170,009
2,889.697
13,638
3,313
504,998
3,305
999.654
19,868
46.989
1,692,049
418,795
723,426
51,080
567,009
741,358
832,060
318,466
3,405,182
23,221
4,571
United States
.9,663,124
9,713,529
10,352,031
The 1918 figures are subject to slight corrections when checked against
the individual returns of the gtnners being transmitted by mail.
The number of round bales included this year is 134,150, contrasted with
175,672 bales in 1917 and 177,662 bales in 1916.
The number of Sea Island bales included this year is 25,741, against
77.755 bales n 1917 and 102,496 bales in 1916.
The number of American Egyptian bales included this year is 10,170.
The distribution of Sea Island Cotton in 1918 by States Is: Florida,
10463 bales;
Georgia,
12,044 bales, and South Carolina, 3,534 bales.
ginned this season prior to
The corrected statistics of the quantity
Nov. 14 are 8,706.970 bales.
in
NEW YORK COTTON EXCHANGE.—New Regulations
Effect Jan. 1.—The Board of Managers of the New York
Cotton Exchange, acting under amendment to Rnle 25, ap¬
proved Deo. 5, have announced the following regulations to
go into effect on and after Jan. 1:
E
and
duty of the broker to
such atrana-
.
_
-
aclearing member all tradesmade before that time.
60,000
314,000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.—The following are the receipts and shipments for
the week ending Nov. 20
of the two previous years:
and for the corresponding week
1918.
1917.
This werfr_
Since Aug. 1
261,520
2,010,118
2,253.228
Exports {bales)—
Since
Week. Aug. 1.
Week. Aug. 1.
1915.
November 20.
Receipts {cantars)—
14,606
Liverpool
Manchester, Ac
Continent and India.
America
277,376
352,445
2,735.001
Since
Since
Week. Aug.
57,870
20,738
31,824
Bin
29,529
6,541
II
8",543
11,792
2,051
14,606 146.083
m
^
m
1.
26,382
110.432 16,635 178,556
MANCHESTER MARKET.—Our report received by
cable to-night from Manchester states that yarns are stronger
as a result of the strike, but cloths are
irregular. The de¬
mand for both is stagnant. We give prices for to-day
below and leave those for previous weeks of this and last
year
for comparison:
Non-cl earing
clock report to
Thereafter they shall
representative with
room
by 2 o'clock
1917.
1918.
Not
1 62
8 61)4
16 60
48
22
29 48
Dec.
6 41
13 41
VpTs
m
6
6
@
&
66 % 29 3 @87
29 3 @37
28 9 @37
28 S @36
27 0 @36
•
9
3
9
0
21.26 30
21.24 30%
19.96 32
20.60 34%
20 A0 36%
@
@
26 9 @34
25 0 @33
20.1637
@
@
66
@
58%
d.
S.
•n
id.
8% <6*. Shirt¬
82* Cop
Twist.
d.
d.
22.10 27
21.63 28 X
d.
30 0
30 0
e.
54%
*sf.
25 64
Corn
Mid.
8% U*. Shirt¬
ings, Common
U finest.
S2i Cof
Twist.
20.07>37%
ings. Common
to
d.
•
finest.
.d.
VpFs
d.
a.
d.
@29
@ 30
15 0
16 0
20.52
@19 0
@19 1% 20.42
@
32
16 6
@19 9
@
@
@
@
32% 15K>tt@2Q 1%
16 6
35
@2010% 22.10
22.16
36% 17 0 @22 6
22.47
38% 17 3 @23 0
@
@
39
39
17 6
17 6
11%
@24 0
@24 3
22.10
22.31
SHIPPING NEWS.—In harmony with the desire of the
Government to observe secrecy as to the destination of cotton
leaving United States ports, our usual details of shipments
have been suspended for an extended period but will be re¬
sumed shortly.
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week’s sales, stocks, &c., at that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Nov. 22.
Nov. 29.
Dec. 6.
3.000
4,000
5,000
2,000
1,000
2,000
58,000
228,000
109,000
41,000
27,000
181,000
142,000
66",666
55",666
266,000
149,000
117,000
103,000
143,000
96,000
282,000
153,000
72,000
46,000
167,000
133,000
Da. 13
.
1,000
Actual
export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
53,000
261,000
135,000
28,000
16,000
The tone of the Liverpool market for spots and futures
each day of the* past week and the daily closing prices of
spot cotton have been
Spot.
Market,
12:15
P. M.
Saturday.
(
(
1
Mid.Upl’ds
as
follows:
Monday.
Tuesday.
Wednesday.
Thursday.
Friday.
Quiet.
Dull.
Dull.
Dull.
DvU.
20.16
19.97
19.97
19.97
20.07
20.79
20.60
20.60
20.60
20.70
1,000
1,000
1,000
1,000
1,000
Good Mid.
Upland
Sales
his principal
account of an out-of-town principal, it shall be the
,
241,000
Aug. 1.
«
.
CENSUS BUREAU’S REPORT ON COTTON GIN¬
NING.—The Division of Manufactures in the Census
Bureau completed and issued on Dee. 9 its report on the
amount of cotton ginned up to Dec. 1 the present season
and
Since
Week.
Aug. 1.
Note.—A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement Shows that the receipts for file week ending Nov. 20
were 261.520 cantars and the foreign shipments 14,606 bales.
‘
.
Week.
15,0001 304.000 28,000
Total exports
...
All other
1916.
Since
1 Since
Week. I Aug. l.
Bombay
To
To
To
To
‘•M
—
1917.
by States, follows:
of 500 Lbs. dross Weight,
p&
1918.
Stale.
„
Nov. 21.
Alexandria, Egypt,
Bales
w
1918.
*
AGRICULTURAL DEPARTMENT’S COTTON CROP
ESTIMATE.—The report on cotton, issued by the Agri¬
cultural Department on Dec. 11, is as follows:
—,
_
BOMBAY COTTON MOVEMENT.—The receipts of
India cotton at Bombay for the week ending Nov. 21 and for
the season from Aug. 1 for three years have been as follows:
an by Northern and foreign
available—and the aggregaite amounts taken
1
In 1917, of which
spinners, 3,037,936 bales in 1918 and 4,104,268 bales
Estimated.
2,274,036 bides and 2,998,268 bales American.
“33.
All Wades made prior to that time
>nal trades made after that
y for signature,
l on fit* floor.
contracts.
COTTON.
1918.
Cotton Takings.
Week and Season.
[Vol. 107.
Futures.
Market
(
opened
(
Market,
f
(
1
4
P. M.
HOLIDAY.
Quiet,
Quiet,
19@21 pts. 7@11 pts.
Quiet, 1 pt Quiet, un¬ Steady,
decline to changed to 8@25 pts.
5 pts. dec. 19 pts. dec. advance.
decline.
decline.
Very st’dy.
Quiet,
Quiet,
pts. adv.
pts. adv.
24 pts. dec. 1 point dec. 1 point dee.
to 14
to 49
to 8
.
pts. adv.
Quiet,
4@26 pts.
decline.
Very
steady.
24 @45 pts.
advance.
Dec. 14 1918.]
THE CHRONICLE
The prices of futures at
below.
Sat.
Mon.
Dec. 7
to
Dec. 13.
12*4 12*4 12*4
Tues.
12*4 ['
1
4
Wed.
12*4
4
are
Thurs*
12*4
4
given
Fri.
12*4
DAY.
March
April.
d.
d.
d.
d.
d.
d.
d.
19.49 19.65
19.64 i9.6q 19.68 19.61 19.64
18.25 18.45 18.48 18.59 18.50 18.58 [18.42 18.45
17.35 17.58 17.60 17.71 17.70 17.79 17.54 17.65
18.48 16.83 16.91 17.11 17.13 17.13 16.84 16.92
15.26 15.71 15.801 16.20l 16.30 16.281 15.95 16.02
19*65
.
year ago.
The receipts of late have been
crop movement may be on the eve of big
larger. The new
figures. But, on
the other hand, the market had become oversold. Much
was laid on the fact that cash
prices hold their premia
uxns with rather remarkable
tenacity, for, after all, the crop
movement is as yet of only moderate volume.
The cash
stress
4
p. m.p. m p. m. p. m. p.m. p.m. p. m. p. m.
p. m. p.m. p.m p. m.
New Contracts. .d.
d.
December
January
HOLI¬
February
4
Liverpool for each day
2303
d.
4.
19.92 20.09
18.67 18.89
17.80 17.96
16.92 17.28
15.85, 16.26
demand keeps pace with it
even though the domestic trade
Admittedly, much depends upon the
As the crop movement grows export business,
is not very active.
export trade.
it is hoped, will increase.
are
not
buying
At the present time exporters
on a large scale; quite the contrary.
certain amount of foreign business, even
there is a
the aggregate it is only moderate.
Still,
though in
One fact is emphasized,
namely, the high price of hogs, and therefore the relatively
high feeding vaue of corn. It is maintained that farmers are
Friday Night, Dec. 13 1918.
Flour has remained quiet. There is a general disposition not likely to dispose of their corn at a material decline; the
to await Government purchases.
Meantime, the regular profits are too big in feeding to stock. And on the 11th inst.
buyers are not at all anxious. In fact they are well supplied. appeared the final Government crop estimate on corn, which
snowed a loss of over 166,000,000 bushels from the prelimin¬
There is no disposition to buy ahead. Consumers have un¬
ary estimate issued in November.
It was a bombshell.
It
pleasant memories of what occurred last summer through appeared after the dose, but the next day it caused a rise
overstocking. The congested condition of the market then of 5 to 6H cents. Only a moderate loss had been expected.
The
will not soon be forgotten. A good deal
of it had to be put last yield will not be 2,749,000,000 bushels, as was figured
month, but 2,583,000,000 as shown by the latest esti¬
in storage and kept for some time. That of itself was not
mate,
the smallest, with one exception, since 1914, when it
an enviable
experience. At the same time mill prices at was 2,446,988,000. In 1916 it was 2,566,927,000 bushels.
times have been firm. Mills are engaged in filling export On the other
hand, there is the fact that the cash demand
orders. They showed no uneasiness for a time, at least, though persistent, is not heavy. The export business, more¬
over the lack of domestic demand
although it is said they over, is not large. And a material increase in the crop
movement is believed to be not far off.
Unless it is offset
are paying premiums on wheat above the Government
prices by a good export demand, the
interesting question is, Can
in order to get what they want, despite the fact that
supplies present prices he maintained?' This is purely conjectural.
are large in this
country, particularly at Northwestern cen¬ But there are those who think that they cannot be. Lat¬
tres. Weekly export bids were made to the Government on terly the cash business has fallen off.
The weather has been
the 10th inst. The results were awaited with no small in¬ favorable for shelling.
To-day prices advanced 3 cents to
terest.
Domestic prices may depend largely on what the new high levels for the season on December, January and
Government pays. Certainly consumers are not disposed May. The rise on January for the week is 8 cents.
to pay more than the Government.
It turns out that it
DAILY CLOSING PRICES OF CORN IN NEW YORK.
bought 700,000 bbls., composed of 65% of hard wheat flour
Sat.
Mon. Tues. Wed. Thurs. Fri.
No.
3
yellow
and prices ranged from $10 35 to $10 55 for hard wheat flour,
cts_163*4 162*4 162*4 169*4 162*4 162*4
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
and $10 06 to $10 55 for soft, the outside prices
being 5 cents
Sat. Mon. Tues. Wed. Thurs. Fri.
lower than the Government paid last week. This result Dpc.
delivery in elevator
cts.132
133*4 134
134*4 137* 140*4
weakened the regular market somewhat. Offerings of sub¬ January delivery in elevator.
128*4 131H 131H 131>S 135*4 138*4
stitutes to the Government are largely of com flour. Mills
Oats have fluctuated within narrow limits, but have been
are showing a greater inclination to sell.
The output of higher with exporters again in the market. Early in the
Minneapolis mills in the week ending Dec. 11 was 449,655 week they were reported as having taken 300,000 bushels.
bbls., an increase of 49,430 bbls.
Later the total was put at about 500,000,
art Phila¬
Wheat visible supplies are decreasing. Last week the delphia and Baltimore. And exporters alsomostly
are believed to
visible total fell off 9,490,000 bushels in sharp contrast have bought rye. The fact is regarded as
encouraging that
with an increase in the same week last year of 4,641,000 exporters continue to buy for rail shipment after having filled
bushels.
In other words, the total is now 112,071,000 bush¬ their requirements for shipment on the Lakes. As people
els against 25,672,000 a year ago.
Canada’s stock decreased here see it this means a good steady export outlet for some
2,006,000 bushels, and the total is now 20,940,000 bushels. time to come, possibly for months. Europe is believed to
Western advices in regard to the winter wheat crop are in be badly in need of this cereal. In fact, there is believed to
the main favorable, but it is added that it would be the be a ready market for our entire
export surplus. Certainly,
better for snow protection. The outstanding factor in the seaboard demand has been one of the outstanding
wheat is that Europe will want 20,000,000 tons of foodstuffs features. Not only this, however, but domestic shipping
from this country, an increase of 6,000,000 tons over the trade at Chicago has increased. And the visible supply
total of last year. In France heavy rains have considerably decreased last week 242,000 bushels. Reverting to the
hindered sowing of the new crops. Growers have been export trade, it is understood that large quantities of oats
pushing on with this work as fast as possible and have nat¬ have been bought for shipment to New Orleans, as well as
urally been encouraged by the conclusion of an armistice to Atlantic ports. Latterly country offerings have been
with Germany.
It is hoped that the Government will Hght. On the other hand, the fact remains that prices have
immediately release all of the older classes of soldiers so seen no great advance. After all the decrease last week in
that additional labor for agriculture may be available. the visible
supply of 342,000 bushels looks rather small by
Farmers are receiving supplies more freely, and there is hope comparison with that in the same week last year of 1,325,000
that a substantial area will be put to wheat.
In Italy agri¬ bushels. And the total visible supply is 28,801,000 against
cultural preparations for the new crops continue to make 17,270,000 a year ago. The stock of barley is 6,614,000
satisfactory progress. Fair arrivals of wheat have been bushels against 3,652,000 last year, and of rye 12,365,000
noted, but the food situation has been rendered more diffi¬ bushels against 3,331,000 a year ago. The Canadian supply
cult by the food which as to be furnished to prisoners and of oats increased last week, 362,000 bushels and amounts to
peoples of the liberated regions. It is calculated that food 3,612,000 bushels. Latterly, too, the cash prices at Chicago
must be provided for 5,000,000 people additional.
In have eased somewhat. No. 3 white sold at %c. over Jan.
Algeria it is again stated that the last-harvest was very and the demand has fallen off. To-day prices rose and they
abundant. Heavv rains with a shortage of labor have end 2c. higher for the week.
caused delay to threshing and damaged stack grain.
In
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Spain the weather is seasonable and favorable for the new
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Standards
cts. 82*4
82*4-83 82*4-83 82*4-83 83*4-84
84
seedings. There appears to be no great activity in the No. 2 white
83
83
83
84
83
84*4
markets, but complaints of scarcity have decreased. More
OATS FUTURES IN CHICAGO.
favorable reference is being made to the supply situation. DAILY CLOSING PRICES OF Sat.
Mon. Tues. Wed. Thurs. Fri.
The outlook for the new crops is regarded as good.
cts_ 72*4
73
73*4 73*4
741
74
In Dec. delivery In elevator
71*4 72*4 72*4
72*4 73*4 745
Germany the people continue to make complaints concern¬ January delivery in elevator
ing their food shortage, but Liverpool people say they are
The following are closing quotations:
convinced that the shortage of bread, potatoes and meat is
FLOUR.
not so serious as reports state; that they cannot be starving
Tapioca flour
nom.
$10 75
Spring
three months after harvest, whatever may be the case six Winter
10 40
Hominy
nom.
Yellow granulated
10 75
nom.
months hence, and, of course, supplies on hand can be used Kansas
Rye flour
Barley goods—Portage barley:
8 75
more freely than hitherto, seeing that imports have been
No.
I
nom.
Com goods, per bbl.—
Nos. 2. 3 and 4
White flour
4 00
$8 50
promised. In Argentina unsettled weather continues to
Nos. 2-0 and 3-0
5 5005 65
Yellow flour.,
8 00
retard harvesting in the North. The weather in the South Rice floor, spot and
No. 4-0
5 75
Oats goods—Carload, spot de¬
to arrive
nom.
is very warm and heavy rains have been experienced.
9 80
livery
Barley flour (to arrive).$7 50@$8 00
BREADSTUFFS
,
—
DAILY CLOSING PRICES OP WHEAT IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs.
Fri.
No. 2 red.
cts_237*4 237*4 237*4 237*4 237*4 237H
No. 1 spring
240*4 240*4 240*4 240*4 240*4 240*i
Indian corn advanced. The firmness of cash
reduced crop estimate was the feature. It has
at big premiums over futures, favored by small
corn
with
No. 1 spring
a
been selling
stocks. In
fact, the visible supply last week fell off 415,000 bushels, or
about double the decrease in the same week last year, making
the total now only 2,196,000 bushels, against 1,730,000 a
Wheat—
No. 2 red
Com—
No. 2 mixed
No. 2 yellow
No. 3 yellow
GRAIN.
Oats—
Standard
$2 37*4
No. 2 white
2 40*4
No. 3 White
No. 4 white
....—--
nom.
166*4
1 62*4
Argentine
For other Investment News,
^Fowling
Malting
RyeNo. 2
see page
>262.
83*4084
84
83083*4
82*4@83
1 0501 08
......1 100120
1 75*4
[Vol. 107
THE CHRONICLE
2304
REPORT ON is a possibility of business being disrupted and a consequent
December esti¬ decline in prices. For the past month there has been an
Bureau of Crop easier undertone displayed as regards prices, and at present
value (based on indications are for further concessions. Conservative mer¬
prices paid to farmers on Dec. 1) of important farm crops chants are of the opinion that if the Government will dispose
of the United States in 1918 and 1917, with the average of its holdings through regular trade sources, undue depres¬
for the five years 1912-1916, based on the reports of the sion can be averted, as the trade is in a better position to
just where the goods can be placed. What action the
(correspondents and agents of the Bureau, are as follows know
Government intends to take, however, is still problematical.
1917 figures revised):
Reports have been current that most of the GovernmentProduction.
Farm Value Dec. 1.
owned fabrics will be sold to Allied Governments, and there
Acreage.
Crov.
are rumors that large sales have already taken place.
The
Per
Per
Total.
Acre.
Unit.
Total.
general export outlook, nevertheless, is not altogether satis¬
CU.
factory, but it is expected that as soon as trade conditions
have been readjusted, business with foreign countries will
24.0
136.6
107,494,000
2,582,814,000
3,528.313,000
Corn—1918
3,920,228,000
1917
116,730,000 26.3 3,065.233,000 127.9
be of large proportions. There has been a marked increase
1,787,605,000
105,566,000 26.2 2,761,252,000 64.7
Average 1912-1916—
658,449,000 206.7
recently in cancellations of orders for export, and in many
1,154,200,000
36,704,000 15.2
Winter Wheat—1918
412,901,000 202.8
27,257,000 15.1
837,237,000
1917
cases the fabrics were in warehouses awaiting shipment.
34,059,000 16.2
552,594,000 103.3
570,649,000
Average 1912-1916...
This has been particularly true as regards South American
16.0
200.9
356,651,000
720.423,000
22,406,000
Spring Wheat—1918
223.754.000 197.0
440,875,000
17,832,000 12.5
1917
trade, as freight space to these countries has been difficult
256,763,000 89.8
230,622,000
18,406,000 13.9
Average 1912-1916
to procure.
In manufacturing centres the absence of new
917,100,000 204.4
1,874,263,000
59,110,000 15.5
All Wheat—1918
636,655,000 200.8
business for civilian account is resulting in a steady curtail¬
1,278,112,000
1917
45,089,000 14.1
15.4
99.0
809,357,000
801,271,000
52,465,000
Average 1912-1916
ment of production, while the wage question is still un¬
44,400,000 34.6 1,538,359,000 71.0
1,092,423,000
Oat*—1918
settled. Although mills are confident that they will have
1,061,474,000
43,553,000 36.6 1,592,740.000 66.6
1917
39,456.000 32.9 1,296,406,000 40.2
521,386,000
Average 1912-1916
little difficulty in securing sufficient raw material, the
256,375,000 91.8
235,269,000
9,679,000 26.5
Barley—1918
211,759,000 113.7
240,758,000
prospects for much larger shipments to European countries
1917
8,933,000 23.7
201,625,000 58.9
118,682,000
7,500,000 26.9
Average 1912-1916
have caused many of them to consider the possibilities of a
14.4
151.6
134,947,000
6,185,000
89,103,000
AGRICULTURAL
DEPARTMENT’S
CEREAL AND OTHER CROPS.—The
mates of the Crop Reporting Board of the
Estimates of the acreage, production, and
17199
-
-
Rye—1918
4,317,000
2,711,000
1,040,000
924,000
807,000
Flaxseed—1918
1,938,000
1917
1,984,000
1,930,000
Average 1912-1916
Bice—1918
1,112,000
1917
980,000
783,000
Average 1912-1916
Potatoes—1918—
4,201,000
1917
4,374,000
3,687,000
Average 1912-1916
Sweet Potatoes—1918
922,000
1917
919,000
663,000
Average 1912-1916
55,971,000
Hay, Tame—1918
1917
55,203,000
60,892,000
Average 1912-1916
16,283,000
Hay, Wild—1918
1917
16,212,000
16,790,000
Average 1912-1916
Tobacco—1918
1,549,000
1917
1,618,000
1,290,000
Average 1912-1916
Cotton—1918
35,890,000
1917
j*.
33,841,000
34,920,000
Average 1912-1916-..
Sugar Beets—1918
692,100
1917
664,777
r-.
579,000
Average 1912-1916...
Beet Sugar—1918
592,000
664,000
679,000
Average 1912-1916...
Cane Sugar (La.)—1917244,000
212,000
Average 1912-1916...
Mapie Sugar and Sirup (as Sugar)—
*19,297,000
1917
*17,466,000
Seed—1918...
5,722,000
Sugar Beet
1917
4,594,000
372,000
Sorghum Sirup—1918
1917
415,000
158,000
Average 1912-1916
Beans (6 States)—1918—
1,754,000
1917
Average 1912-1916
Buckwheat—1918
1917
Average 1912-1916
1917
Peanuts—1918
1917
Kafirs (6 States)—1918—
62,933,000
44,547,000
17,182,000
16,022,000
16,336,000
14,657,000
9,164,000
17,600,1
40,424.000
34,739,000
28,851,000
397,616,000
438,618,000
361,753,000
86,334,000
83.822,000
14.6
16.4
16.6
17.3
19.0
7.6
4.6
9.1
36.3
35.4
36.8
94.7
100.3
98.4
93.6
91.2
95.8
1.35
1.51
1.61
0.94
0.93
1.11
865.1
823.2
801.2
155.9
169.7
182.6
9.83
9.00
10.3
2.600
2.302
2.655
1.997
2.129
63,541,000
75,459.000
83,308.000
76,798,000
14,374,000
15,131,000
18,573,000
1,340,019,000
1.249,608,000
1,033,357,000
11,700,000
11,302,000
13,327,000
6.822,000
5,980,000
5.972.000
1,480,200,000
1,630,414,000
166.0
86.0
166.4
160.0
79.6
340.2
296.6
48.7
191.7
189.6
90.0
119.6
123.0
70.8
135.4
110.8
72.9
•20.18
17.09
$11.38
•15.25
13.49
$7.91
27.9
24.1
11.5
27.6
27.7
12.0
10.02
7.39
$5.76
104,447,000
38,327,000
28,585,000
25,631,000
12,209,000
49,870,000
24,182,000
26,174,000
77,474,000
65,879,000
25,977,000
475,731,000
539,598,000
256,248,000
116,867,000
92,916,000
46,313,000
1,522,743,00
1.423,766,000
873,883,000
219,185,000
204,086,000
146,940,000
374,318,000
300,539,000
118,782,000
1,616,207,000
1,566,198,000
796,511,000
58.341,000
44,192,000
34,378,000
1,537,155,000
487,200,000
452,148,000
1,769,000
2,291,000
1,842,000
5,619,000
5,153,000
02.72
02.58
1.116
1.210
78.4
90.3
88.6
10.1
8.6
23.3
26.7
11.8
11.9
53,512,000 523.0
45,127,000 616.6
6,384,000
5,658,000
29.224,000 95.9
37,472,000 69.5
14,078,000
5.28
17,733,000
6.59
15,283,000
63,497,000 171.1
49.201,000 175.7
66,396,000 150.4
61,409,000 161.9
93,639,000
100,692,000
91,622,000
86,422,000
99,848.000
99,433,000
333,000
345,000
35,830,000
39,500.000
61,700,000
58,950,000
27,900,000
29,900,000
27,000
18,000
.174
.166
375.1
311.6
9.2
8.1
723.8
982.9
12.9
13.7
58,000,000 234.45
57,400,000 292.75
13,438,000 121.1
12,308,000 167.0
565,200,000 26.21
475,300,000 33.80
20,193,000 19.6
29,388,000 33.3
350,100,000 10.84
249,100,000 10.24
173,632,000 132.5
163,117,000 121.5
213,685,000 74.3
3.89
25,404,000
3.65
22,542.000
40,185,000 165.7
135.9
45,066,000
49,552,000 101.8
10,342,000 137.3
13,281,000 115.8
11,425,000 86.6
19,587,000 473.4
10,593,000 260.1
13,598,000
16,804,000
16,268,000
20,554,000
14,818,000
16,065,000
3,958,000
9,795,000
3,794,000
2,550,000
229,990,000
198,220,000
158,853,000
98,824,000
82,278,000
66,587,000
61,245,000
50,431,000
14,200,000
15.379,000
9,899,000
92,723,000
27,556,000
12,074,000
7,499,000
28,017,000
26,033,000
Broom Com (5 States)—
1917
Onions (14 States)—1918.
1917
Cabbage (9 States)—19181917
Hops (4 States)—1918
1917.
Cranberries (8 States) 1918
1917
Apples—1918
1917
Average 1912-1916
Apples, Commercial—1918
1917
Peaches—1918
1917
Average 1912-1916
Pears—1918
1917
...
Average 1912-1916
Oranges (2 States)—1918
1917
355,895,000
345,162,000
Total—1918
Total—1917
12,272,412.000
11,658,032.000
—
Note.—The production of tobacco, hops, beet seed and all sugar, in pounds;
cotton per acre in pound, total in bales; hay, sugar beets, cabbage, and broom com,
in tons; apples, total, in bushels, commercial crop in barrels; cranberries in barrels;
oranges in boxes;
*
sorghum sirup in gallons; other products in bushels of weight.
a Per tree.
6 May 15.
Trees tapped,
.
return of
higher prices.
The holiday business is well under
in retail centres, and while there is no indication that
the consuming public has abandoned its policy of economy,
way
an
entirely satisfactory trade is reported. While jobbers are
many are preparing for an active spring trade.
doing little,
Considerable
satisfaction
has been expressed
over
the
announcement of the War Industries Board late in the week,
that present fixed prices and restrictions on cotton goods
would be removed, effective Jan. 1. Many had expected
such action would be taken, as since the signing of the
armistice, there has been a general movement to have the
dry goods markets return to a normal basis.
DOMESTIC COTTON GOODS—Though moderate
business is being placed for staple cottons, the volume is far
below normal and there are still indications of prices easing.
Second hands are selling fabrics at concessions under Govern¬
ment fixed prices.
Neither manufacturers nor merchants,
owing to the many uncertainties, are making any particular
effort to encourage business for future delivery. The con¬
cessions being made by second hands for the purpose of
reducing their stocks are increasing, and there have been
cases where fabrics have been sold from four to six cents a
yard below Government quotations. Mills, too, are grant¬
ing concessions to attract new business, but the majority
of manufacturers are not pressing sales as they have confi¬
dence in the future, or after the readjustment from a war
basis to a peace basis has been completed. Sheetings are
offered more freely and some constructions of gray goods
are also obtainable at marked concessions.
Some widths
of sheetings can be purchased ten cents a pound cheaper,
while a certain line of gray goods listed by the Government
at 83c. per pound has been sold at 75c.
Converters are not
buying to any extent and many are sending in cancellations
of old orders.
Heavy cloths are not being pressed so freely,
but it is believed that there will be considerable of such
fabrics available in the near future, or when the Government
starts to
liquidate its holdings.
worsted goods
clarified by the
announcement that beginning with next week, auctions of
Government-held wool will take place. It is understood
though that a minimum price will be fixed, with the Govern¬
ment reserving the right to reject any or all bids. This
will enable manufacturers to make preparations for civilian
business. A number of mills are said to be unwilling, never¬
theless, to go ahead and produce goods until they have a
better view of the attitude of the trade.
While business
in the men’s wear division of the market is quiet at present,
merchants are becoming more hopeful that the turn of the
year will see much improved conditions.
In knit goods
circles there is much gratification over the announcement that
Government’s wool holdings will be auctioned as manufactur¬
ers need supplies.
As regards future prices for woolens and
worsteds in general, there is still considerable uncertainty.
WOOLEN GOODS.—In woolen and
markets the situation has been considerably
FOREIGN DRY GOODS.—Business locally in the linen
markets continues of small volume.
There has been but
little increase in available merchandise from manufacturing
centres, although it is expected that arrivals -will become
larger within the near future. Announcement has been
made, however, that the British Government wall continue
THE DRY GOODS TRADE
control, and that the prices fixed for yarns will continue
New York, Friday Night, December 13 1918.
until July 1st next.
This action, according to importers,
The entire dry goods trade is still in a general state of indicates that prices will go higher instead of lower as had
inactivity, with merchants as well as manufacturers con¬ been expected, as a result of the ending of the war. The
tinuing to adhere to their conservative attitude and watching scarcity of flax and the uncertainty, as regards production
developments. While there is an undercurrent of nervous¬ are believed to be the reasons for the continued control.
ness, it is due chiefly to the uncertainty as regards the Advices received from abroad state that many of the military
Government’s future action in disposing of its large holdings orders for linen have been materially reduced. Retailers
and contracts of cotton fabrics. Many in the trade fear report a fair business, although few are endeavoring to re¬
that the readjustment of conditions will cause more or less plenish their stocks.
Burlaps have ruled fairly active.
disturbance, and are therefore inclined to hold off. Many Light weights have been moving more freely at reduced
cancellations of Government orders have already been prices. Demand for heavy weights has also improved, but
reported, with more steadily coming to hand. Unless these supplies of these are small. Light weights are quoted at
fabrics can be sold through regular^trade channels there 11.50c., heavy weights at 16.40c. for small lots.
Dec. 14 1918.]
THE CHRONICLE
J»tate an£ Cit# gjeparfmjenf
NEWS ITEMS.
Canada’s Second Victory Loan Total.—Market Prices.
—See article in our “Current Events and Discussions”
columns of this week’s issue.
Colorado (State of).—Constitutional Amendments Adopt¬
ed.—All proposed constitutional amendments voted upon
at the elections Nov. 5, including the
“bone dry” prohibition
measure—V. 107/ p. 1685—were, it is stated, adopted, al¬
though at this time the official vote is not available.
Maryland.—Constitutional Amendment Adopted.—By a
vote of 81,494 to 19,099 the proposed constitutional amend¬
ment relating to absent voting—V. 107,
p. 918—was adopted.
Minnesota.—Dry Amendment Defeated.—We are advised
that the proposed constitutional amendment prohibiting
the manufacture, sale, barter, gift, disposition, or the fur¬
nishing, or transportation, or having or keeping in possession
for sale, barter, gift, disposition, or the
furnishing, or trans¬
portation of intoxicating liquor of any kind in any quantity
whatever except for sacramental, mechanical, scientific or
medicinal purposes, from and after July 1 1920—V. 107,
p. 918—failed of adoption by 756 votes.
The friends of the
proposed amendment at
asked for a recount.
The
matter is now before the courts of the State, and it will
probably require several months before decisive action is
reached, but so far as the official record is concerned at this
time, the amendment was lost.
A joint resolution proposing an amendment to Article X of the constitu¬
tion by adding thereto Section 16, to empower the town of Pendleton to
assess
abutting property for permanent improvements.
Texas.—Condition of State Funds.—On Sept. 1 1918 the
State Permanent School Fund of Texas contained
$491,592 67 in cash and $21,704,223 26 of various investments.
In the following table we give the details of the investments
held Sept. 1 1918 and of land notes and land owned for the
period ending Sept. 1 1916, this latter being the latest date
a report of these notes has been made:
for which
Condition of Permanent School Fund Sept. 1 1918.
Cash on hand Sept. 1 1918
City bonds
Independent school district bonds
County common school district bonds
State Penitentiary railway bonds
State of Texas bonds
Land notes
“
“
“
“
bearing 3% interest
4%
“
5%
“
“
are
Constitutional Amendments.—Following
the votes cast on the three constitutional amendments
proposed for adoption
on
For the amendment to Sec.
"against.”
Nov. 25—V. 107,
p. 1303:
2, Article XII.—479,420 “for” to 371,176
For the amendment to Sec. 9, Article XV., relating to the sale and
manufacture for sale of intoxicants as a beverage, the vote stood 463,654
"for” to 437.895 “against.”
The adoption of the referendum provision, referred to in these columns
on Dec. 7, was 508,282 “for” to 315,030 “against.”
Oregon.—Votes Cast
on All Measures.—The following
Nov. 5 and it will be noted that three
received the affirmative vote of the people:
votes were received
measures
2,872,000 00
00
00
00
00
00
8%
10%
*22,195,815 93
83 485 16
1,922,973 14
83,000 06
3,379 69
...
“
“
*47,797,442 69
Unsold land, 1,598,812 acres @ *1 per acre
L598I812
Total cash and securities Sept. 1 1916
-
Measure—
gon normal schools
For—Vote—Against
49,935
66,070
65,299
45,511
55,555
66,652
50,227
40,908
41,594
41,364
56,974
Appropriating money for children’s home
43,441
Prohibiting seine and set-net fishing in Rogue River
and tributaries
Closing Willamette below Oswego
Delinquent tax rate
Compensation for publishing legal notices
50,073
41.364
Portland, Me.—City Near Debt Limit.—Mayor Charles
an inaugural address on Dec. 9, gave the
municipal debt of the city of Portland at present as $3,075,000, requiring annual payments of interest to the amount
of $147,045. In the event of a contingency, he said it
would be possible to borrow only $80,000.
B. Clarke, in
15
*69,791,759 77
In addition to the Permanent School Fund, which is the
largest and most important fund carried by the State of
Texas, there are a number of other funds. The condition
of these funds (exclusive of land and land
leases) on Sept. 1
1918 were as follows:
Permanent University Fund.
*409 90
*625,600 00
5,750 00
Liberty bonds
*631,350 00
*631,759 90
Agricultural and Mechanics College Fund.
*1,110 35
*209,000 00 209,000 00
Permanent Orphan Asylum Fund.
Cash Sept. 1 1918
State of Texas bonds
*30,600 00
Liberty bonds
County bonds
*210,110 35
*96 33
9,400 00
7,000 00
*47,000 00
Cash Sept. 1 1918
State of Texas bonds
*47,096 33
Permanent Blind Asylum Fund.
*1.710 09
*134,400 00
County bonds
Liberty bonds
1.000 00
7,750 00
*143,150 00
Endowment Fund Medical Branch University Fund.
Cash Sept. 1 1918
City bonds
*5,000
Permanent Deaf and Dumb Asylum Fund.
Cash Sept. 1 1918
State of Texas bonds
$104,300 00
County bonds
4,990 00
Liberty bonds
*144 860 09
$611 87
5,000 00
*5,611 87
*1,591 58
21,200 00
on
Establishing and maintaining Southern and Eastern
Tax levy
17,228,906 26
$45,704,104 64
__
“
Cash Sept. 1 1918
State of Texas bonds
on
00
1 >603,317 00
absolutely
Ohio.—Votes
67
Total cash and bonds owned Sept. 1 1918
Land Account {Sept. 1 1916).
expenditures diminished.
people of the State must
meet the added expense.
Of course the State can spend almost any amount and can then
pass
laws to increase its revenue sufficiently to meet its
expenses, but this is
not sound business, and even if the
people of the State would stand indefi¬
nitely such methods of finance the result would be deplorable in the waste
and extravagance which would result.
The greatest task which the Legislature
has this gear is not the approval or disapproval of a Federal prohibition amend¬
ment, but it is a sound method of taxation and a careful retrenchment wherever
possible in its constantly mounting expenditures.
*432,000
408,000
37,017
295,800
430,500
Washington County Ry. bonds
H. T. & B. Ry. Co. bonds
T. & N. O. Ry. bonds
Cash Sept. 1 1918
State of Texas bonds
sufficiently to
54
05
*100,000 00
2,772,000 00
H. & T. C. Ry. Co. bonds
G. H. & S. A. Ry. bonds
appropriations for the fiscal year amount to $81,525,271,
or approximately $15,000,000 less than is
required for next
year.
Senator* Henry M. Sage, Chairman of the Senate
Finance Committee, is quoted as saying:
It is
necessary either that our receipts be increased or our
The State will either become bankrupt or the
pay more in taxation.
The only alternative to
tills is that the activities of the State be curtailed to a large extent.
I wish to call the attention of the people of the State to the fact that
each year new laws are being urged on the
Legislature which will add still
further to the State activities and increase enormously the expenses without
any intelligent suggestion or plan to increase the revenues of the State
*491,592 67
*1,887,037
5,135,068
4,322,026
5,884,774
County bonds
once
New York State.—Budget for 1919 Calls Forth Warning.—
According to tabulations completed by the Legislative Bud¬
get Committee, appropriations aggregating $96,858,064 will
be required of the 1919 Legislature. State Government
2305
130,490 00
Permanent Lunatic Asylum Fund.
Cash Sept. 1 1918
State of Texas bonds
$126,300 00
Liberty bonds
6,950 00
County bonds
2,000 00
*132,081 58
*3.044 00
135,250 00
#
*135,280 44
The figures for the fiscal year to Sept. 1 1917 were
lished in these columns on Jan. 12 1918, page 204.
pub¬
Tarentum and Brackenbridge, Pa.—Plan Consoli¬
dation.—It is reported that the Councils of these two bor¬
oughs are planning consolidation. The voters of both
boroughs will soon nave the opportunity of voting On the
proposition and business
Favor it.
men
of both boroughs appear to
In the event of consolidation the
new borough
be called Alleghany. Tarentum is one of the oldest
incorporated boroughs in Western Pennsylvania. Its
charter is dated March 7 1842. Brackenbridge was formed
adopted:
from a part of Harrison Township Dec. 1 1900. Tarentum
A joint resolution to amend Section 7 of Article VIII of the constitution,
has been dry for nearly 50 years, which has blocked
Abbeville0 bonded indebtedness by adding a proviso thereto as to the City of efforts to unite with Brackenbridge. An Act of theprevious
Legis¬
A joint resolution proposing an amendment to Section 14a of Article X
of lature now
the constitution, by allowing the City of Charleston through the City Council to
provides that consolidation may be effected
assess abutting property for
permanent improvement and to pay for the per¬ without removing operation of the Brooks license law from
manent improvement of the intersection of streets for curbing and the
laying previously wet
territory. Brackenbridge on Jan. 1 1918
of drains without the consent of the property owners.
A joint resolution to amend Section 5, Article XI, of the constitution,
had a bonded debt of $119,000 and assessed valuation of
relating to school districts, by adding a special proviso as to Greenville
$2,059,805 for 1917. The bonded debt of Tarentum is
County.
A joint resolution to amend Section 20, Article III, of the constitution,
much larger, being $346,500'for April 1 1918.
Floating
by inserting after the words “viva voce” the words “except by unanimous debt
(add’l),
$25,000.
$10,000.
Sinking
fund,
Toted
consent.”
assessed valuation 1918 is $6,123,964.
A joint resolution proposing an amendment to Article X of the constitu¬
Tax rate (per
tion by adding thereto Section 19, to empower the City of Abbeville to
$1,000), $10.50.
assess abutting property for permanent improvements.
A joint resolution to amend Article X (10) of the constitution by adding
Wyoming (State of).—Constitutional Amendments Adopted
thereto a Section 17 to empower any or all incorporated cities and towns
and
Defeated.—Of the three proposed amendments voted
to assess abutting property for permanent
improvements.
A joint resolution to amend Section 7, Article VIII, of the constitution,
upon at the elections held Nov. 5—Y. 107, p. 1022—amend¬
relating to municipal bonded indebtedness, by adding a proviso thereto
ments numbered 1 and 3 were adopted and amendment
as to the City of Orangeburg.
number 2 rejected. Amendment number 1 provides for
A joint resolution proposing to amend Section 17 of Article VIII of the
constitution, relating to municipal bonded indebtedness.
the prohibition of the manufacture, sale or keeping for sale
A joint resolution to amend Section 7 of Article VIII and Section 5 bf
of intoxicating
Article X of the constitution, so as to exempt the cities of Rock Hill and
liquors. Amendment number 2 proposed a
Florence from the provisions thereof.
special tax upon live stock for stock inspection, protection
South Carolina.—All Constitutional Amendments Adop¬
ted:—The following constitutional amendments voted upon
at the elections held Nov. 5 (V. 107, p. 1398), were all
may
and indemnity, while amendment number 3 provides for
the calling of a district judge to sit as a member of the Su¬
preme Court in a cause in which a justice of the Supreme
Court is unable to sit.
BOND CALLS AND
REDEMPTIONS.
Bond No. 4 for $50 and Bond No. 16 for $200 of Streei Impt. Dirt. No. 19.
Bond No. 1 for $50 of Street Improvement District No. 20.
Bonds Nos. 2-3-4 for $50 each and bonds Nos. 50-51 for $500 each, of
Street Improvement District No. 21.
Bonds Nos. 1-2 for $50 each and Bond No. 40 for $200 of Street Im¬
provement District No. 28.
Bond No. 1 for $50 and Bond No. 42 for $100 and
$500 each of Street Improvement District No. 29.
Treasurer
Francisco
“Chronicle,” that 95 San Francisco seawall bonds, dated
Jan. 2 1905, have been drawn for redemption on or before
Jan. 2 1919, on which date interest on them will cease.
The
bonds having been drawn by lot, the numbers will be pub¬
lished in the u&ial Dotice to bondholders.
Bonds Nos. 53, 66,247 and 1,264 of this issue, drawn
Nov. 9 1917, have not been presented for payment. Treas¬
urer Richardson also says that State Highway bonds Nos. 151
and 152, which matured July 3 1917, have not yet been pre¬
sented for payment.
Edmonton, Alta.—Bond Call.—The following debentures
will be paid at par and interest, New York funds, on or before
Jan. 1 1919, by having the same forwarded to the Imperial
Bank of Canada at Edmonton:
7
32
37
43
51
56
100
119
130
145
155
216
220
236
1044
1061
1101
1110
1111
1139
1147
1149
1171
1186
1191
1201
1213
1231
Series
310
331
366
400
402
428
459
463
464
521
541
574
23
35
67
81
86
87
112
118
146
150
152
157
190
207
217
268
294
BOND PROPOSALS AND
this week have been as follows:
CAMBRIA COUNTY (P. O. Eden.burg), Pa .—BOND SALE.—On
$500,000 4J4 % coupon county court house bonds (V. 107, p.
2024) were awarded to Graham, Parsons A Co. of Philadelphia, at 102.07
and int. Date Oct. 1 1918. Due yearly on Oct. 1 as follows: $13,000, 1919
and 1920; $15,000 1921 to 1924 incl.; $17,000 1925 and 1926; $18,000 1927;
$19,000 1928; $20,000 1929; $21,000 1930; $22,000 1931; $23,000 1932;
$25,000 1933 and 1934; $26,000 1935: $28,000 1936; $29,000 1937; $30,000
1938; $31,000 1939; $33,000 1940, and $29,000 1941.
Other bidders were:
McGregor,
Keene,Tayior&Co..N.Y.$509,314 00 Glover A
Pittsburgh
$504,315 00
Wm. A. Reed A Co., Phil. 508,389 50
National
City Co., N.Y. 503,995 00
Lyon, Singer A Co., Phil. 505,675 00
A.
B.
Leach
A
503,815 00
Co.,
Phil.
Frazer A Co., Phil
505,668 80
Brown Bros. A Co., Phil- 505,285 00 Mellon Nat. Bank, Pitts. 501.501 00
bonds Nos. 69-70 for
California (State of).—Bond Call.—State
Friend W. Richardson announces, says the San
-Series ‘ ‘A”
697
265
744
294
797
305
813
313
871
372
886
411
896
458
607
906
907
625
939
636
980
601
1020
604
1022
634
660
1032
673
BRISTOW, Creek County, Okla.—
reported that the City Council has passed an ordinance authorizing $35,000
water and sower bonds.
CALDWELL IRRIGATION DISTRICT (P. O. Caldwell), Canyon
County, Ida.—BOND OFFERING.—Proposals will be received until
Dec. 18 by the President Board of Directors, for $7,000 6% improvement
bonds, it is reported.
Certified check for 5% required.
Dec. 12 the
“"Ardmore, Okla.—Bonds Called.—Ed.Sandlin, City Treas¬
urer, will on Dec. 10 at the Chatham & Phenix National
Bank of N. Y. City, pay off and retire the following streetimprovement bonds:
4
581
694
599
601
614
“B'*—
618
641
646
654
655
657
663
683
719
722
732
758
761
762
765
775
796
800
830
832
851
860
872
873
1082
1086
1090
1095
1120
1126
1129
1163
1170
776
NEGOTIATIONS
CANTON, Stark County, Ohio.—BONDS TO BE OFFERED SHORT¬
authorized to refund indebtedness will b«
S. E. Barr, City Auditor.
CHICAGO SANITARY DISTRICT (P. O. Chicago), Cook County,
Ill.—BONDS VOTED.—It is reported that the Board of Trustees unani¬
mously voted a bond issue of $600,000 lake levelling bonds.
CLARINDA, Page County, Iowa.—BONDS VOTED.—At a recent
election a proposition to Issue $75,000 water-system-extension bonds
carried, it is stated, by a vote of 673 to 57.
CLEVELAND, Ohio.—BOND ELECTION.—According to an official
advertisement, a special election will be held on Jan. 6 1919 to vote on a
proposition to issue $2,500,000 bonds for the purpose of supplying a de¬
ficiency in the revenue of the city.
This proposition was previously de¬
feated on Nov. 5.—V. 107, p. 2024.
COLORADO (State ot).—BONDS PROPOSED.—It is reported that
the State Legislature will be asked to approve a proposition to Issue $10.000,000 4>4% 50-year road improvement bonds next January.
COLORADO SPRINGS, El Paso County. Colo.—DESCRIPTION
OF BONDS.—The $45,000 4% water refunding bonds awarded on Dec. 2
to local bankers—V. 107, p. 2205—are in denominations of $1,000 and $500,
dated July 1 1916. Int. J. A J. Due July 1 1946, optional after 1936.
COLUMBUS, Ohio.—NO ACTION YET TAKEN.—No action has yet
been taken looking towards the holding of an election to vote on the ques¬
tion of issuing $1,000,000 bonds.
V. 107, p. 2205.
COMANCHE AND BROWN COUNTIES COMMON SCHOOL DIS¬
TRICT NO. 79, Tex.—BONDS REGISTERED.—The State Comptroller
registered on Dec. 4 an issue of $1,500 5% 5-20-year school bonds.
CRAWFORD COUNTY (P. O. English), Ind.—&OND SALE.—On
Dec. 2 the Crawford County State Bank was awarded at par and interest
$3,600 4H% 10-year highway improvement bonds. Denom. $180.
LY.—Bonds for $83,500 now
sold in two or three months.
Interest M. A N.
CRITTENDON COUNTY (P. O. Marion), Ark.—BOND OFFERING.
—Sealed bids will be received until 11a.m. Dec. 16 by W. Anderson, Secre¬
tary of Board of County Commissioners, for $149,000 6% road bonds, it
is stated.
DADE COUNTY (P. O. Miami), Fla.—BOND OFFERING.—According
to reports,
Education, for $100,000 5% school bonds. Auth., Sec. 7629, Gen. Code.
Denom. $1,000.
Date Dec. 30 1918. Principal and semi-annual interest
(J. A D.) payable at the First-Second National Bank, Akron. Due $10,000
yearly on Dec. 1 from 1920 to 1928, inclusive. Certified or cashier’s check
drawn on some solvent bank other than the one bidding, for 2% of the
amount of bonds bid for, payable to the Treasurer Board of Education
required. Bonds will be delivered to the purchaser at Akron, Ohio.
Purchaser to pay accrued interest.
Official advertisement states that the
above district has never defaulted in the payment of its obligations, and
hat there is no controversy or litigation pending or threatened concerning
the validity of the above bonds.
Population 1910, 69,067: present population (esti¬
Assessed valuation 1915
Assessed valuation 1916
Assessed valuation 1917
Assessed valuation 1918
Bonds issued by vote of people—present fiscal year
Bonds issued without vote or people—present fiscal year
Bonds outstanding, Including present issue
Tax rate 1915
$14
Tax rate 1916..
*
15
Tax rate 1917
15
Tax rate 1918.
15
$133,274,580
145,471,330
230,000,000
245,000.000
166,500
DELAWARE COUNTY (P. O. Muncie), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m. Dec. 21 by Earle H. Swain,
County Treasurer, for $4,800 4H % L. A. Crouse et aJ highway improve¬
ment bonds of Washington Township.
Denom. $240. Date Oct. 15 1918.
Int. M. A N.
Due $240 each six months beginning May 15 1920.
DORMONT (P. O. Pittsburgh), Allegheny County* Pa.—BOND
SALE.—The $70,000 4H% 30-year tax-free impt. bonds dated Dec. 2
1918, offered on Dec. 6 (V. 107, p. 2024), have been awarded, it is reported,
Lyon, Singer A Co. of Pittsburgh at 102.27.
ERIE, Erie County, Pa.—BOND SALE.—On Dec. 6 the $25,000 4%
tax-free coupon (with privilege of registration) Mill Creek Improvement
bonds (V. 107, p. 2114), were awarded to the City Sinking Fund Commis¬
sioners at par and interest.
Due $14,000 May 1 1931 and $11,000 May 1
to
1932.
FORT BENTON, Chouteau County, Mont.—BOND ELECTION—
The voters of the city will have submitted to them on
to issue $35,000 water-impt. bonds, it is reported.
Date Jan. 15 1919, Prin. and semi-ann. Int. (J. A J.) payable
County Treasurer. Due $1,000 yearly on Jan. 15 from
1920 to 1929 incl.
Cert, check or cash on some solvent national bank or
trust company for 1 % of the amount of bonds bid for, payable to the Clerk
Board of County Commissioners, may be submitted.
A complete trans¬
script relative to the issuance of the above bonds will be furnished the
successful bidder upon the day of sale.
Bonds will be ready for delivery
Jan. 15 1919.
FRANKLIN COUNTY SCHOOL DISTRICT NO. 10 (P. O. Preston),
Ida.—BOND SALE.—An issue of $10,000 6% school bonds, offered on
Nov. 9, has been awarded to Sweet, Causey, Foster A Co. of Denver.
FREEPORT, Nassau County, N. Y.—BOND OFFERING.—Proposals
Clerk,
bonds
at not exceeding 5% interest.
Auth. Sec. 8, Art. 2, General Municipal
Laws (being Chapter 24 of Consolidated Laws).
Denom. $1,000. Date
Jan. 1 1919.
Int. J. A J. payable at the Freeport Bank, Freeport.
Due
will be received until 4 p. m. Dec. 26 by Sylvester P. Shea, Village
for $35,000 coupon (with privilege of registration) refunding water
$2,000 July 1 1921 and $3,000 yearly on July 1 from 1922 to 1932 ind.
2% of the amount of bonds bid for, payable to the Village
Treasurer, required.
Cert, check for
GALLATIN COUNTY (P. O. Bozeman), Mont.—BONDS
OFFERED SHORTLY.—According to local papers, the Board of
BRADDOCK SCHOOL DISTRICT (P. O. Braddock), Allegheny
County, Pa.—BOND SALE.—On Nov. 26 the $38,000 4
tax-free
coupon school bonds—V. 107, p. 1936—were awarded to the Mellon Nat.
Bank of Pittsburgh for $38,422 32 (101.111) and int.
Due yearly on
Commissioners will
probably offer in the near future $100,000 highway
Ind.—BOND OFFERING.—
Dec. 21 by D. H. Swan, County
Treasurer, for $18,000 4J^% 10-year Johnson Township highway bonds.
GIBSON COUNTY (P. O. Princeton),
Sealed bids will be received until 10
SALE.—BIDS
TO BE
County
improvement bonds.
follows: $1,000 from 1919 to 1936 incl.. and $2,000 1937 to 1946,
Va.—NO
proposition
$1,000.
advised.
County,
a
at the office of the
Borough Clerk that no bonds wil be issued.
BEVERLY, Essex County, Mass.—LOAN OFFERING.—The City
Treasurer will receive proposals until 5 p. m. Dec. 16 for a temporary loan
of $100,000, issued in anticipation of revenue, maturing April 3 1919.
BOLIVAR COUNTY (P. O. Cleveland). Miss.—BOND SALE.—An
Issue of $50,000 road bonds, recently voted, has been disposed of, we are
Washington
Jan. 17
FRANKLIN COUNTY (P. O. Columbus), Ohio.—BOND OFFER¬
ING.—Sealed bids will be received until 10 a. m. Dec. 30 by W. J. Berman,
Clerk Board of County Commissioners, for $10,000 5% Franklin County
Memorial Bldg. impt. bonds.
Auth. Sec. 2434, Gen. Code.
Denom.
p.
RE¬
Denom. $900.
JECTED.—All bids received for the two issues of 6% 10-year coupon tax-
free improvement bonds, aggregating $50,000, and offered on Sept. 23—
V. 107, p. 822—“were rejected, upon the request of the Capital Issues
Committee not to put them (the bonds) on the market.*'
HO, Ohio.—BOND OF¬
FERING.—Proposals will be received by Glenn M. Pine, County Auditor,
until 12 m. Dec. 20 for $6,000 6% coupon ditch assessment bonds.
Auth.
Sec. 6489, Gen. Code.
Denom. $500. Date Dec. 20 1918. Int. M. A S.
Due $500 each six months from Mar. 1 1919 to Sept. 1 1923 incl.
Cert,
check on a solvent bank for 2% of the bonds bid for, payable to the above
County Auditor, required. Bonds to be delivered and paid for within 10
days from time of award.
8EAVER
FALLS,reports
BeaverweCounty,
TO BE
sing newspaper
stated inPa.—NO
V. 107, BONDS
2205, that
theISSUED.
borough
There were no other bidders.
FAYETTE COUNTY (P. O. Washington C.
contemplated issuing $90,000 bonds, but have since been advised by the
BRISTOL,
Due Jan. 1 1939.
sion.
Board of Education.
as
Dec. 31, by the Clerk
DAYTON, Montgomery County, Ohio.—BOND ELECTION PRO¬
POSED.—Reports state that the city is contemplating the holding of an
election to vote on the question of issuing $1,500,000 to $2,000,000 bonds.
DEFIANCE SCHOOL DISTRICT (P. O. Defiance), Defiance
County, Ohio.—BOND SALE.—The $30,000 school bonds, recently
voted (V. 107, p. 2024), were purchased by the State Industrial Commis¬
None
3,108,500
80 per $1,000
40 per
1,000
40 per
1,000
40 per
1,000
AMITY, Yamhill County, Ore.—BOND OFFERING.—Proposals will
be received until 6 p. m. Dec. 20, it is stated, by W. R. Osborne, City Re¬
corder, for $3,000 6% 5-20-year water bonds. Denom. $500. Date
Nov. 22 1918.
Cert, check for 3% required.
ANACORTES, Skagit County, Wash.—BONDS AUTHORIZED.—
An ordinance has been passed authorizing the issuance of $90,000 general
and $60,000 special bonds. It is reported.
ANGELINA COUNTY COMMON SCHOOL DISTRICT NO. 18, Tex.
—BONDS REGISTERED.—On Dec. 6 an issue of $1,400 5% 10-20-year
school bonds was registered with the State Comptroller.
ANNE ARUNDEL COUNTY (P. O. Annapolis), Md.—BOND OFFER¬
ING.—Sealed bids will be received until 12 m. Jan. 7 by George Fox,
County Superintendent of Schools for the following two issues of 5% taxfree coupon bonds, aggregating $25,000:
$15,000 school building bonds. Denom. $500, Int. J. A D.
10,000 school-impt. bonds. Denom. not less than $100 nor more than
$1,000. Int. J. & J.
Date June 1 1918.
Prin. and int. payable at the office of the County
a. m.
DANVILLE FIRE DISTRICT NO. 1 (P. O. Danville), Caledonia
County, Vt.—BOND OFFERING.—On Jan. 1 1919 (9 a. m.) Asa Wesson,
Town Treasurer, will sell at public auction at the Caledonia National Bank
of Danville, $5,000 4% fire-district No. 1 bonds.
Denom. $1,000. Int.
Financial Statement Dec. 1 1918.
Incorporated 1836.
mated), 165,000.
proposals will b9 received until 10
Board of County Commissioners, for $98,000 6% road and bridge bonds.
J. A D.
AKRON CITY SCHOOL DISTRICT (P. O. Akron), Summit Coun¬
ty. Ohio.—BOND OFFERING.—We are specially advised that proposals
will be received until 12 m. Dec. 31 by J. P. Barnhart, Clerk Board of
Nov. 1
inch
fVoL. 107
THE CHRONICLE
2306
I
i
GOGEBIC
Date Nov. 15 1917.
a. m.
Int. M. A N.
(P. O. Bessemer), Mich.—BOND SALE.—
The $50,000 5% coupon hospital bonds, offered on Sept. 10 (V. 107, p.
1023) have been sold.te
COUNTY
Dec. 14
1918.]
THE CHRONICLE
GRANrre COUNTV SCHOOL DISTRICT NO. I
(P. O. DrumBOND SALE.—The $1,000 5%
5-lO-year (opt.) school
bonds ofTered on Nov. 11—V. 107,
p. 1762—were purchased on that day
by fche State Board of Land Commissioners
at par.
Denom. $1,000. Date
July 2 1918.
Interest J. & J.
«.«1,A££J£NSACK*
County,
bids will be receivedC*»*
until
Minn.—BOND OFFERING.—Sealed
by Ale*. Bchmalfeld, Town
8 p. m. Dec. 16
Clerk, for $3,000 5)4 % 20-year refunding bonds. Denom. $1,000. Inter¬
smni-annual
Certified check for $100, payable to the vfflage, required.
Purchaser
est
.
to furnish his
own
form of bond.
HAMILTON, Butler County, Ohio.—BOND SALE.—The following
for the two issues of sanitary-sewer bonds
aggregating
$55,361 20, ottered on Dec. 10—V. 107, p. 2024:
Wm. R. Compton Co., Gin .$55,434 401
Elliott k Harrison.
Seasongood 4 Mayer, Cin. 55,401 78] Breed,
Indianapolis. ~
$55,383 70
HARRIS COUNTY ROAD DISTRICT, Tex.—BONDS REGISTERED.
-—On Nov. 27 the State
Comptroller registered an issue erf $400,000 6%
10-40-year road bonds, we are advised.
.HARTFORD, Hartford County, Conn.—FINANCIAL
are in receipt of the
following financial statement in connec¬
tion with the sale of the
$800,000 4J4 % coupon permanent-improvement
notes recently awarded to the
Equitable Trust Co.. N. Y. V. 107, p. 2206.
$241,238,358
10,748,481
$2,170,536
3.675.000
5,845,536
4,902.945
2.03%
98,915
$14,000,000
Stoking funds.
Water debt
Net debt
Net debt to assessed valuation is
Population, 1910
City-owned property is (estimated at) over
COUNTY
ROAD
DISTRICT NO. 1,“ Tex.—BONDS
REGISTERED.—An issue of $150,000 5% road bonds was registered
on Nov. 29 with the State
Comptroller. Due $3,500 yearly.
HAVRE, Hill County, Mont.—BONDS
VOTED.—At
a
recent election
^proposition to issue $75,000 bonds carried, it is reported,
by a vote of
HENDERSON COUNTY COMMON SCHOOL DISTRICT NO.
Tex.—BONDS REGISTERED.—Recently an issue of $1,000 5 % 4$,
20years school bonds was registered with the State
Comptroller.
_
HILL COUNTY COMMON SCHOOL DISTRICT NO.
1*4, Tex.—
BONDS REGISTERED.—We are specially advised that on Nov. 25 an
Issue of $3,500 3% 5-10-year school bonds was
registered with the State
Comptroller.
HOLTVILIE, Imperial County, Calif.—BONDS NOT YET SOLD.—
The $6,500 0% municipal lmpt. bonds offered on
May 15 last—V. 106,
P. 2042—have not as yet been sold, but are still on the market.
Denom.
$500. Date May 1 1918. Int. J. & J. Due $500 annually from 1924
to 1936 tocl.
IDAHO (State of).—BOND SALE.—On Dec. 2 Clark Kendall Co. of
was awarded $150,000 highway bonds at 100.15.
Portland
ISANTI COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Cambridge),
Minn,—BOND SALE.—The $30,000 school-building and $10,000
refunding
bonds, offered on Nov. 6 (V. 107, p. 1762), were awarded on Nov, 15 to
Kalman, Matteson k Wood, of St. Paul, at 101 for 6s. Denom. $1,000.
Date Nov. 15 1918.
Int. M. & N.
Due Nov. 15 1933.
JACKSON, Hinds County, Miss.—BOND OFFERING.—Proposals
will be received until 10 a. m. Jan. 8 by P. M. Trussell,
City Clerk, for the
following two issues of
tax-free refunding bonds, aggregating
$110,000, at not exceeding 6% interest:
$20,000 bridge, street and school bonds. Date Peb. 1 1919. Prin. and
semi-ann. tot. (P. & A.) payable at the National Park
Bank, N. Y.
Due yearly on Feb. 1 as follows: $500 1920 to 1923 tocl.;
$1,000
1924 to 1938 tocl., and $3,000 1939.
90,000 sewerage bonds. Date April 1 1919. Prin. and seml-ann. tot.
(A. Sc O.) payable at the National Park Bank, N. Y. Due yearly
on April 1 as follows: $1,500 1920 to 1924
tod., and $5,500 1925
coupon
to 1939 tocl.
Denom. $500. Cert, check for 2% of the amount of bonds bid
for,
payable to City Clerk, required. The legal opinion of Jno. C. Thompson
of New York City as to the validity of the bonds will be furnished the suc¬
cessful bidder by the dty.
Offidal circular states that there Is no litiga¬
tion or controversy whatever pending or threatened
concerning the issu¬
ance of these bonds, or affecting the corporate existence or the boundaries
of the city, and that no previous issues of bonds have been
contested, and
that the principal and interest of all bonds
previously issued has been
promptly paid. Bonds will be delivered and paid for to Jackson and will
be printed by the city. Purchaser to pay accrued interest.
Assessed valuation
year
Financial Statement Oct.
as
1918-19:
1
1918.
$10,249,255
3,716,495
1,197,643
1
Banks and trust companies
Public service corporations
$16,032,530
$25,000,000
Population (Census), 1900, 7,186; 1910, 21,262:1914, 26,207; 1916.-31,000
Total bonded debt, $1,840,500, itemized as follows:
Sewerage,
$90,500
Paving
92,000
Sewerage, paving and sidewalks
41,000
Bridge and street improvement
37,100
Street, bridge and schools
20,000
Bridge and paving
13,500
Public buildings and lands
88,600
Buildings, paving and sidewalks
158,000
Estimated real value of all property
Street improvement
175,000
—
Schools
State fair purchase
Parks
Water works bonds—Issue No.
—Issue No.
—Issue No.
—Issue No.
149,500
220,900
44,000
*
1
2
3
4
$1,304,500
$196,000
145,000
95,000
100,000—
536,000
$1,840,500
536,000
Net amount bonded debt
$1,304,500
JACKSON TOWNSHIP (P. O. Owensburg). Greene County. Ind.—
BOND SALE.—On Sept. 10 the $2,000 6% 4-year township bonds (V. 107,
p. 919) were awarded to the Citizens’ State Bank of Bloomfield at 101.05.
JEFFERSON COUNTY (P. O. Beaumont), Tex.—BOND OFFERING.
—W. M. Carroll, County Judge, will receive bids until 10 a. m. Jan. 3
for $190,000 5% road bonds, it is reported.
Int. seml-ann. Cert, check
for $5,000 required.
JEROME, Yavapai County, Ariz.—BOND SALE.—The $100,000
5H% f^e improvement bonds offered on Nov. 30 (V. 107, p. 2024), were
awarded on that day to Powell, Oarard Sc Co., of Chicago, at 94.65.
Date
Nov. 15 1918.
Due 1938, subject to call one-tenth part every two years
after date of issue.
A bid was also received from Boiger, Mosser Sc Wiila-
Chicago.
KENT, Portage County, Ohio.—BOND SALE.—On Dec. 9 an issue of
$16,000 6% street-impt. bonds was awarded to Sidney Spitzer k Co. of
Toledo for $16,991 28, equal to 106.195.
Denom. $500. Date Nov. 1
1918.
Int. M. Sc N.—Other bidders on this issue as ofTered as 6s were:
♦
00
80
Included free bonds.
In addition to these bonds, the
following bids were received at different
rates of interest Call included free
bonds):
Graves, Blanchet k Thornburgh—5H% refunding,
Sidney^wjntzer k Co.—5M% refunding,
'
Spitzer k Co.—5%,
Bond Co.—5)4 %
of $327 75.
Hanchett Bond Co.—5H%
of $107 75.
LAKE
and accrued tot.
par
par and accrued tot., premium
par and accrued tot., plus prem. of $1 25.
refunding, par and accrued tot., plus premium
refunding,
and accrued tot., plus premium
par
CHARLES, Calcasieu Parish, La.—BOND ELECTION.—
kn
be held Jan. 14, it is stated, to vote on a proposition to
issue $200,000 bonds.
of the $5,000 6% 10-year coupon
general-impt.
—V. 107, p. 310—because of defects to the
sale
bonds offered
proceedings.
was
on
made
Sept. 5
LAMPASAS COUNTY COMMON SCHOOL DISTRICT NO. 7, Tex.
—BONDS REGISTERED.—This district registered with the State
Comp¬
troller on Dec. 4 an issue of $1,500 5 %
5-10-year school bonds.
LA SALLE COUNTY
(P. O. Cotulla),
No election was held nor will be held to vote
$300,000 road bonds (Y. 107, p. 2025).
Tex.—NO ELECTION.—
on
the proposition to issue
LEETONIA, Columbiana County, Ohio.—BOND SALE.—The $2,000
6% 1-10-year serial fire-truck bonds offered on Sept. 16 (V. 107, p. 920)
were awarded on Sept. 17 to W. L.
Slayton k Co. of Toledo for $2,025 40,
equal to 101.27
LIMA TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Pataskala),
Licking County, Ohio.—BOND OFFERING.—Proposals will be received
by J. A. Zartman, Clerk Board of Education, until 12 m. Dec. 16 for $5,000
5)4% 1-5-year serial school-bldg, addition bonds. Auth. Secs. 7625-28,
Gen. Code.
Denom. $500.
Date Dec. 16 1918. Int. semi-ann. Due
$500 each six months beginning Dec. 1 1919.
.
LOCKPORT, Niagara County, N. Y.—BOND SALE—On Dec. 12
$9,721 41 5% assessment bonds were awarded to H. A. Kahler k Co. of
N. Y. at 101.18.
Date Dec. 3 1918.
Int. seml-ann., payable at the office
of the City Treasurer.
Due $1,080 50 yearly on Dec. 3 from 1919 to 1926,
incl., And $1,080 21 Dec. 3 1927.
MALDEN, Middlesex County, MasTEMPORARY LOAN.—On
Dec. 2 a temporary loan of $450,000, issued in anticipation of revenue,
dated Dec. 9 1918 and maturing June 9 1919, was awarded to Salomon
Bros, k Hntlzer, of New York, on a 4.20% discount basis plus a premium
of $10.
Other bidders were:
Discount. Premium.
Blake Bros, k Co., Boston
4.24%
$5 00
Old Colony Trust Co., Boston
4.34%
4 00
8. N. Bond k Co., New York
4.35%
MAQUOKETA, Jackson County. Iowa.—NO ACTION YET TAKEN.
—No action has yet been taken and will not be until early next spring
looking toward the issuance of the $65,000 electric-light and power bonds
mentioned to V. 107, p. 1209.
MARSHALL,
Harrison
County,
Tex.—BOND
ELECTION—On
Dec. 17 the voters will decide whether they are in favor of issuing $10,000
5% 10-40-year water-works-improvement bonds.
MARSHALLVILLE,
Wayne County,
Ohio.—BOND
SALE.—On
Sept. 7 the $1,400 6% 1-10-year serial electric-light and improvement
bonds, dated July 1 l9l8 (Y. 107, p. 622), were awarded to the Orfville
National Bank of Orrville at par and interest.
MEETEETSE, Park County, Wyo.—BOND SALE.—On Dec. 2
Keeler Bros., of Denver, were awarded at par $7,500 6% 5-10-year (opt.)
water-works bonds.
Denom. $500.
Date Dec. 10 1918.
Interest annual.
A bid of par was also received from Sweet, Causey, Foster k Co., of Denver
MIAMI COUNTY (P. O.
sues
of
without
5%
success on
Troy), Ohio.—BOND SALE.—The three is¬
hlghway-impt. bonds, aggregating $16,000, offered
coupon
July 29 (V. 107,
p.
529), have been sold.
MILWAUKEE, Wise.—BONDS PROPOSED.—It is reported that the
city is considering the issuance of $150,000 hospital bonds.
MONTEREY COUNTY (P. O. Salinas). Cal.—BOND OFFERING.—
Proposals will be received by T. P. Joy, Clerk, Board of County Super¬
visors, until 2 p. m. Jan. 6 for $32,000 6% 1-32-year serial school bonds,
it is reported.
Int. seml-ann. Cert, check for 10% required.
MOSS POINT. Jackson County, Miss.—BOND OFFERING.—Pro¬
Dec. 31 by C. M. Fairley, City Clerk,
Date Dec. 3 1918. Int. J. k D. Cert.
m.
ports state that sealed bids will be received until 8 p. m. Jan. 10 by W. O.
Thompson, City Clerk, for $67,500 5% impt. bonds. Int. semi-ann.
Cert, check for 10% required.
MUSKEGON. Muskegon County, Mich.—BOND SALE.—Local pa¬
state that the city has sold $42,000 paving bonds to the John Nuveen
bonds
Issues
pers
Co. of Chicago.
The bonds (part of an issue of $110,000 paving
voted July 21—V. 107, p. 421) have been approved by the Capital
Committee, as was the former $68,000,
MUSSELSHELL
COUNTY
SCHOOL
DISTRICT
NO. 9 (P. O.
bids will be received
by Geo. W. Handel, Clerk Board of School Trustees, for
Musselshell), Mont .—BOND OFFERING.—Sealed
until Dec. 19
$4,600 5-20-year (opt.) coupon
school-building bonds at not exceeding 6%
interest.
Denoms. 4 for $1,000 and 1 for $600.
Interest annually, pay¬
able at the office of the County Treasurer.
Certified check for $200.
payable to the above Clerk, required. Total bonded debt (including this
issue), $17,100. Assessed value, $950,000.
ian), Ada County,
Idaho.—BOND OFFERING.—We are advised
Jan. 1 1919 $19,950 6% bonds will be sold.
sue
Deduct water works exemption
man, of
00
00
80
NAMPA AND MERIDIAN IRRIGATION DISTRICT (P. O. Merid¬
32,400
142,000
Funding
,688
-1,007
Durfee, Niles k Oo
676
Spitzer.Rorlck & Co..
814
Breed, Elliott k Harrison.. 924
MODESTO, Stanislaus County, Calif.—BOND OFFERING.—Re¬
869,137
Liquidation
Stacey k Braun
tor $7,000 6% refunding
check for $100 required.
*
Premium.
$902 00
^
Davies-Bertram Co
•John Nuveen k Co.
Prudden k Co
Seasongood k Mayer.....^ 976 00
Graves, Blanchet k Thorn¬
...1,080 48
burgh
1.1,040 00
posals will be received until 7 p.
bonds.
equalized for city purposes for the fiscal
Realty
Personalty
Ob
LAMBERT, Richland County, Mont.—NO SALE.—No
Financial Statement.
Total debt
HASKELL
uo
Otto k Co
r
•Handhett Bond Co._«i
STATE-
MENT.—We
Assessed valuation, 1917
Premium.
$944 00
988 00
847 75
ProySavings Bk. k Tr. Co. 720 00
W. L. Slayton AOo...
828 80
THlotson k Wolcott Co
811 20
New First National Bank
433 60
•Wm, R. Compton Co
915 25
Field, Richards Sc Co.
*'*^l'*»
refunding bonds of 1917.
of $36,500
These bonds
are
that on
part of an Is¬
NAVARRA COUNTY COMMON SCHOOL DISTRICT NO. 41, Tex.
—BONDS REGISTERED.—On Dec. 4 an issue of $6,000 5% school bonds
was registered with the State Comptroller.
Due $300 yearly.
NEWARK, N. J .—BOND OFFERING.—Proposals will be received by
A. Archibald, Director of Revenue and Finance, until 11a.m. Dec. 20 for
$3,000,000 tax-revenue coupon (with privilege of registration) bonds of
1918.
Rate of interest desired must be stated to bid.
Bonds to be de¬
livered at the City Comptroller’s office and payable at maturity, with inter¬
est, at the City Treasurer’s office.
The successful bidder or bidders will
be furnished with the opinion of Reed, McCook Sc Hoyt of New York that
the bonds are valid and binding obligations of the City of Newark.
The official notice of this bond offering will be found among the advertise¬
ments elsewhere in this Department.
NEW ROCHELLE, Westchester County, N. Y.—BOND SALE.—On
Dec. 11 the following two issues of 5% registered bonds, aggregating $76,137 50 (V. 107, p. 2206), were awarded to Geo. B. Gibbons k Co. of N. Y.
at 104.86:
$64,500 00 school bonds.
Denoms. 64 for $1,000 and 1 for $500.
Due
$5,000 yearly on May 1 from 1924 to 1935 ind., and $4,500
May 1 1936.
11,637 50 municipal improvement bonds.
Denoms. 11 for $1,000 and
1 for $637 50.
Due $2,000 yearly on May 1 from 1921 to
1925 tocl.. and $637 50 May l 1926.
Date Dec.
1
1918.
Other bidders were:
$11,637 50
$64,000
Total.
School Bonds. Mun. Impt. Bds.
$79,466 00
$11,815 00
...167,651 00
11,880 84
•
79,162 73
67,281 89
79,185 65
11,826 37
67,359 28
11.834
00
79,224 00
67,390 00
11.788 67
78.481 03
66,692 36
Bidder—
Farson A Son Co
Harris, Forbes Sc Co__
Remick. Hodges Sc Co
H. A. KahJer Sc Co—
National City Co
...
...
._
County. N. Y.—BIDS.—The following
27 for the three issues of 5% registered
aggregating $55,000, awarded as reported in V. 107, p. 2206:
R. M. Grant & Co
Niagara County Savings
Hanchett Bond Co., Inc
Parsons, Sons Sc Co
National City Co
Bank
Mun.Bldg.
$15,000
Park.
$13,500
$16,203 00
15,570 00
$14,609 70
14,000 00
Sewer.
$26,500
$27,461 95
27,200 00
14,267 50
27,027 50
14,490 00
27,460 00
16,127 85
14,719 45
27,632 34
NILES, Trumbull County, Ohio.—BOND SALE.—On Nov. 25 the
$10,000 9-10-year serial sewer-construction and $1,200 6-year municipal
water-works 5%% bonds, dated Oct. 1 1918 (V. 107, p. 2025), were
awarded to Season good Sc Mayer, of Cincinnati, for $11,576, equal to
15,827 50
16,095 00
103.357.
NORTH BALTIMORE, Wood County, Ohio.—BOND SALE.—The
$10,000 6% coupon debt extension bonds offered on Sept. 6—V. 107, p. 920
—were awarded on Nov. 27 to the First Nat. Bank of North Baltimore
at par and Int.
Date Sept. 1 1918. Due $500 each six months from
April 1 1921 to Oct. 1 1926 incl. and $1,000 each six months from April 1
1927 to Oct. 1 1928.
NORTH CARROLLTON, Carroll County, Miss.—BOND SALE.—
On July 22 $15,000 6% school bonds ware awarded to John Nuveen Sc Co.
of Chicago at par and Int.
A.
Due $500 yearly from
Denom. $500. Date Aug. 1 1918.
Int. F. Sc
1919 to 1928 incl. and $1,000 1929 to 1938 incl.
OREGON (State of).—BOND SALE.—On Dec. 10 the $250,000 4%
State highway bonds (V. 107, p. 2206) were awarded to Wm. Salomon &
Co. of N. Y. at 95.717, a basis of 4.39%.
Date Dec. 1 1918. Due $6,250
April 1 1924 and a like amount each April 1 and Oct. 1 thereafter until full
amount is paid.
Tex.— WARRANT SALE.—An
dated Dec. 2 1918, has been
purchased at par by the Palestine Water Works Co. Denom. $500. Date
Dec. 21 1918.
Int. J. Sc D.
Due Dec. 1 1933, subject to call any interestPALESTINE,
Anderson
County,
issue of $125,000 6% water-works warrants,
paying date.
PALM BEACH, Palm Beach County, Fla.—BOND SALE.—Accord¬
ing to reports an issue of $50,000 improvement bonds has been sold.
PAYETTE-OREGON SLOPE IRRIGATION DISTRICT (P. O.
Ontario), Malheur County, Ore.—BOND ELECTION.—According to
reports, a proposition will be submitted to the voters for the issuance of
$50,000 6% improvement bonds at an election to be held Dec. 25.
PEABODY, Essex County, Mass.—TEMPORARY LOAN.—A tem¬
$50,000 issued in anticipation of revenue, dated Dec. 17 1918
April 16 1919, was awarded on Dec. 13 to Salomon Bros. Sc
Hutzler of N. Y. on a 4.20% discount basis, plus a premium of $1.
porary loan of
and maturing
PERU, Miami County, Ind.—BOND OFFERING.—H. L. Baltimore.
City Clerk, will receive bids until 3 p. m. Jan. 2 for $40,000 5% 10-year
municipal bonds, it is reported.
PETASKEY, Emmet County. Mich.—BOND ELECTION.—A propo¬
sition to issue $25,000 bonds will be submitted to the voters on Feb. 2, it is
reported.
PIKE COUNTY (P. O. Magnolia), Miss.—BOND SALE.—It is stated
that on Dec. 5 $20,000 road bonds were awarded to Hugh L. White of
Columbia at 103.60, cost of legal opinion and the lithographing of the bonds.
WARRANT SALE.—It is also stated that oh the same day an issue of
$6,000 loan warrants was awarded L. L. Lampton at 6s.
PITTSFIELD, Berkshire County, Mass.—LOAN OFFERING.—
According to reports the City Treasurer will receive sealed bids until 11
a. m. Dec. 17, for a temporary loan of $50,000, issued in anticipation of rev¬
enue, dated Dec. 20 1918 and payable April 18 1919.
PLATTSBURGH,
Clinton
N.
County,
Y.—BOND
SALE.—On
Dec. 10 the $18,000 4)4% 2-19-year serial tax-free coupon or registered
water refunding bonds—V. 107, p. 2207—were awarded to H. A. Kahler
Sc Co. of New York at 100.33.
Other bidders, all of New York, were:
Geo. B. Gibbons A Co
100.171 Farson, Son & Co
100.111
POMPTON
LAKES,
Passaic County,
Dec. 10 the two issues of 5)4% coupon
bonds (V. 107, p. 2207). were awarded as
J .—BOND SALE.—On
N.
(with privilege of registration)
follows: $55,000 2-20-year serial
electric-light ana power bonds to B. J. Van Ingen Sc Co., of New York, tor
$56,639 (102.98) and interest; $27,000 1-13-year serial funding bonds to
the National City Co., of New York, for $27,410 13 (101.519) and interest.
The following bankers also submitted bids: New Jersey Fidelity Sc Plate
Glass Insurance Co., Newark; M. M. Freeman Sc Co., Philadelphia; Harris,
Forbes Sc Co., New York; J. S. Rippel Sc Co., Newark, and R. M. Grant
Sc Co., New York.
PORTLAND, Ore.—BIDS.—The following bids were also received on
Nov. 26 for the $168,648 10 6% 3-10-year (opt.)
awarded as reported in V. 107, p. 2207:
The Citizens Bank-Par, accrued int.
The Citizens Bank-Par, accrued Int.
Secur.Sav.ATr.Co -Par, accrued int.
Wm. Cannon
Par, accrued int.
U. 8. Nat. Bank
Par, accrued hit.
Lumbermens Tr.Co.Accrued interest
Morris Brothers
Accrued interest
gold general impt. bonds
and premium
and premium
and premium
and premium
Amount of Bonds
Bid for.
of 2.51 % for_$25,000
of 3 % for
25,000
of 2.06% for.168,648
of 2.57% for. 25,000
and premium of
and 102.78 for
and 103.10 for
00
00
10
00
2)4 % for. 10,000 00
168,648 10
168,648 10
168,648 10
Cars'nsAEarles, Inc .Accrued interest and 104.03 for
E.L.DevereauxACo.Par, accrued int. Sc prem. of $2,555.55 for..168,648 10
Bank of California .Accrued interest ana 103.10 for
15,000 00
Clark,KendallACo -Par, accrued int. Sc prem. of $5,413 60 for.. 168,648 10
Wm. Adams, City
Treas., acct. Fire¬
...
men's Relief and
Pension Fund—Par and accrued interest for
Wm. Adams, City
Treas., acct. Sink¬
ing Fund
Par and accrued interest for
7,000 00
53,000 00
..PRAIRIE COUNTY SCHOOL DISTRICT
NO. 40 (P. O. Mildred),
Mont.—BONDS NOT
made of
SOLD.—No sale was
the $2,500 6% coupon
5-10-year bonds offered on Nov. 5—V. 107, p. 1762—owing to a discrep¬
ancy in the official advertisement.
„
PRINCETON-CODORA-GLENN IRRIGATION DISTRICT (P. O.
Sacramento), Glenn and Colusa Counties, Calif.—DESCRIPTION OF
BONDS.—The $175,000 6% tax-free coupon irrigation bonds, awarded
during October to McDonnell A Co. of San Francisco for $175,556, equal to
100.317—V. 107, p. 1856—are in denom. of $1,000, $500 and $250 and are
dated July 1 1918.
Interest semi-annual (J. A J.) payable at the District
Treasurer’s office.
Due yearly from 1939 to 1958 inclusive.
PRINEVILLE, Cook County,
jail road
Ore.—BOND SALE.—The $85,000
completion bonds, voted during October (V. 107, p. 1593) have
been awarded to Keeler Bros, of Denver at 90 and interest. It is stated.
RENVILLE COUNTY (P. O. Olivia), Minn.—BOND OFFERING.—
Sealed bids will be received until 10 a. m. Dec. 17 by J. L. Johnson, County
Clerk, for $100,000 5% 1-20-year serial ditch bonds. Denom. $1,000.
Date Oct. 1 1918.
Prin. and int. payable at the Northwestern Trust Co.,
Minneapolis. Due part yearly on Oct. 1 from 1919 to 1938 inclusive.
Certified check for 5% of the amount of bonds bid for, payable to the
County Treasurer, required. The legality of the bonds has been approved
by J. M. Martin, Esq., of Minneapolis.
ROSS DRAINAGE DISTRICT (P. O. Arkadelphia), Clark County
Ark.—BOND SALE.—On Nov. 30 $200,000 6%_5-25-year drainage bond
were awarded to J. S. Caigeie at 102.75.
Date Feb. 1 1919. Int. F. A A
SAN
PATRICIA COUNTY ROAD DISTRICT NO. 4, Tex.—
BONDS REGISTERED.—We are specially advised that on Dec. 7 an issue
of $75,000 5)4% 10-40-year road bonds was registered with the State
Comptroller.
SCHENECTADY, Schenectady County. N. Y.—DESCRIPTION OF
...
NIAGARA FALLS, Niagara
bids were also received on Nov.
bonds,
(VOL. 107
THE CHRONICLE
9308
BONDS.—The $5,500 4)4% 1-11-year serial fire tractor bonds awarded
on Nov. 29 to the Police Pension Fund at par—V. 107, p. 2207—are in
denominations of $500 dated June 1 1918.
Int. J. Sc D. Due $500 yearly
on June 1 from 1919 to 1929 inclusive.
SEA BRIGHT, Monmouth County, N. J.—BOND SALE.—The
$50,000 5% sea-wall bonds, offered on Sept. 28 (V. 107, p. 1118) were
awarded on Oct. 24 to R. M. Grant Sc Co. or N. Y. at 100.02 and interest.
SEATTLE, Wash.—BONDS APPROVED.—It is reported that the
Capital Issues Committee has approved the issuance of $245,000 bonds,
to complete the 10th Avenue Northeast bridge.
SHAKOPEE, Scott County, Minn.—BOND SALE.—The $3,000 6%
2-year street-grading bonds offered on Nov. 12—V. 107, p. 1856—were
awarded to the First Nat. Bank of Shakopee.
SOLANO COUNTY (P. O. Fairfield), Calif.—BOND SALE.—Dur¬
ing September Carstens Sc Earles, Inc., of Seattle, were awarded $80,837 60
5% 1-20-year serial Green Valley Road DIst. No. 1 bonds at 85.
Denom.
$1,000. Date Nov. 20 1918. Int. J. Sc J.
SOUTHWEST LAGRANGE (P. O. Lagrange), Troup County, Ga.
—BOND OFFERING.—C. L. Smith, City Clerk, will receive bids until
12:30 p. m. Jan.
10 for $230,000 5% various improvement bonds,
reported.
it Is
STAMFORD, Harlan County, Neb.—BOND SALE.—We are specially
of Nebraska purchased at par for the
Permanent School Fund an issue of $9,500 5)4% electric-light and heat
bonds.
Denom. $500.
Date July 1 1918. Semi-ann. int. (J. Sc J.) pay¬
able at the County Treasurer’s office at Alma.
Due July 1 1938, optional
advised that on Nov. 7 the State
July 1 1923.
STANDARD SCHOOL DISTRICT (P. O. Bakersfield), Kern
County, Calif.—BOND SALE.—On Dec. 5 an issue of $30,000 6% bonds
was awarded, it is reported, to McDonnell Sc Co. of San Francisco for
$30,188, equal to 100.626.
after
STOCKTON, San Joaquin County, Calif.—BOND SALE.—In re-
{)ly
to bonds
our inquiry
to Dec.
who had
purchased
the $101,544.92
6J4 % G.
streetmpt.
3—V.
offeredason
107, p. 2115—the
City Clerk,
W.
Punch, states:
William B. Dana Co.
Dear Sirs:—Under the procedure of law, namely bond Act 1915, State
of California, there being no bids received, for the bonds referred to above,
will be ordered delivered to the contractor or assignee (Paul Sc Cald¬
well, contractor; Bank of Italy, assignee), but because of notice to with¬
hold, all matters pertaining thereto has been continued until Jan. 7 1919.
SYKESVILLE SCHOOL DISTRICT (P. O. Sykesville), Jefferson
County, Pa.—NO SALE.—No sale was made of the $25.•00 5)4% school
bonds offered on Sept. 24, nor has since been made, we are advised—V. 107,
same
p.
1118.
TARRANT AND DALLAS COUNTIES COMMON SCHOOL DIS¬
TRICT NO. 80, Tox.—BONDS REGISTERED.—An issue of $5,000 5%
40-year school bonds was registered with the State Comptroller on Dec. 6.
TIPTON, Tipton County, Ind .—BOND
OFFERING.—It is reported
received until 7:30 p. m. Dec. 31
City Clerk, for $3,750 5)4% 8 and 10-year bonds.
that sealed bids will be
TRANQUILLITY
SCHOOL
DISTRICT
Fresno County, Cal.—BONDS VOTED.—It is
to issue $50,000 lot-purchasing and high school
voted.
by C. B. Law,
(P. O. Tranquillity),
reported that a proposition
bldg, bonds was favorably
TUSCUMCARI, Quay County, N. Mex.—BOND OFFERING.—Pro¬
posals will be received until 1 p. m. Dec. 30 by E. F. Dunn, City Clerk,
for $5,000 6% 20-30-year (opt.) water works bonds.
Date Aug. 15 1918.
A certified check or cash for the amount of bid required.
Purchaser to
pay accrued interest.
All bids must be made unconditional.
VENICE ISLAND RECLAMATION DISTRICT NO. 2023 (P. O.
Stockton), San Joaquin County, Calif.—BOND SALE.—The $59,000
6% 10-20-year serial bonds offered without success on Nov. 11 (V. 107, p.
2026) were awarded, it Is reported, on Dec. 2 to Leroy T. Royone Sc Co.
and GIrvin Sc Miller, jointly.
VIGO COUNTY (P. O. Terre Haute), Ind.—BOND OFFERING.—
Sealed bids will be received until 10 a. m. Dec. 16, it is stated, by E. E.
Messick, County Treasurer, for $37,700 4)4 % 10-yr. highway-impt. bonds.
WARRENTON,
Clatsop
County,
Ore.—BONDS APPROVED.—
Reports state that the $200,000 dikes, dredging, Ac., bonds, recently dis¬
approved by the Capital Issues Committee (V. 107, p. 2115) have now
been approved.
WATERVILLE,
Kennebec
County,
Me.—BOND
OFFERING.—
Proposals will be received by 8. N. Annis. City Treasurer, until 10 a. m.
to-day (Dec. 14) for $25,000 4)4 % 20-year coupon tax-free refunding bonds.
Denom. $1,000.
Date Dec. 1 1918. Prin. and semi-ann. int. (J. A D.)
payable at the First National Bank of Boston.
Due Dec. 1 1938.
These
engraved under the supervision of and certified as to genuines
by the above bank; their legality approved by Ropes, Gray, Boyden A
Perkins of Boston, whose opinion will be furnished the purchaser.
Debt Statement, Dec. 3 1918.
Assessed valuation 1918
-.$8,654,850
Total bonded debt, including this issue
431,000
Population, 1910, 11,458.
bonds
are
WAUCHULA, De Sota County, Fla.—BOND SALE.—On Nov. 21
Toledo were awarded $42,000 6% bonds.
W. L. Slayton A Co. of
WESTON SCHOOL DISTRICT
Ohio.—NO SALE.—We are advised
(P. O. Weston), Wood County.
that an issue of $4,200 5% school
bonds was recently offered for sale, but they did not sell.
The issue was readvertised as 6s, and the State Industrial Commission gave notice that they
would take the bonds.
This Board had some bids on the issue for 6s, but
the matter is not yet definitely settled.
WHITE COUNTY (P. O. Montecello), Ind.—BONDS NOT SOLD.—
We are advised that the $5,505 50 5% 6-year ditch bonds, offered on Oct.
3 (V. 107, p. 1211), have not yet been sold but are still on the market.
Denoms. 1 ror $920 50, remainder $917.
Date July 3 1918. Int. J. A D.
WINCHESTER (P. O. Wins ted), Litchfield County, Conn.—
BOND SALE.—On Dec. 6 E. H. Rollins A Sons of Boston were awarded
at 100.913 $50,000 4)4% coupon funding bonds.
Date Nov. 1 1918.
Prin. and semi-ann. int. (M. A N.) payable at the First National Bank.
Boston.
Due Nov. 1 1928.
Other bidders were:
Horablower A Weeks, N. Y
100.70 Merrill, Oldham A Co., Bost.100.32
Richter A Co., Hartford
100.61 Harris, Forbes A Co., N. Y_.100.30
100.02
Roy T. H. Barnes A Co., Hart. 100.44 National City Co., N. Y
WINCHESTER, Middlesex County,
Mass.—LOAN OFFERING.—
Proposals will be received until 10 a. m. Dec. 16, it is stated, by the City
Treasurer, for the purchase on a discount basis of a temporary loan of
$100,000, issued in anticipation of taxes, dated Dec. 23 1918 and maturing
in 4 months.
WINDSOR (P. O. Detroit), Wayne
County, Mich.—BOND ELEC¬
be submitted to the
TION.—A proposition to issue $350,000 bonds will
voters at the coming January election, it is reported.
WORCESTER, Worcester County, Ma—.—TEMPORARY
LOAN.—
On Dec. 12 a temporary loan of $250,000 issued in anticipation of revenue,
dated Dec. 13 1918 and maturing April 3 1919, was awarded, it is reported,
to the Park Trust Co. of Worcester on a 4.16% discount basis, plus a pre¬
mium of $1 25.
WYANDOTTE, Wayne County, Mich.—BOND
OFFERING.—Pro¬
posals will be received until 8 p. m. Dec. 20 by Edward C. Bryan, City
Clerk, for $280,000 5% water-works extension bonds.
Denom. $1,000.
Date Dec. 1 1918.
Int. semi-ann. Cert, check for*$5,000, payable to
the City Treasurer, required.
YOAKUM, Lavaca County, Tex.—BONDS
25 the city registered an issue
with the State Comptroller.
REGISTERED.—On Nov
of $50,000 5% 20-40-year
hospita1 bonds
Dec*. 14
THE CHRONICLE
1918.]
YONKERS, N. \ .—CERTIFICATE OFFERING.—Proposals will be
Comptroller, until 12 m. Dec. 18 for
received by James J. Lynch, City
8475,000 6% certificates of indebtedness. Date Dec. I 1918. Prln. and
semi-ann. int. (A. A O.) payable at the City Treasurer s office in N. T.
Exchange. Due yearly on Dec. 1 as follows: $150,00011920. $125,000
1921, $100,000 1922 and 1923. Purchaser to pay accrued int. Date of
delivery, Dec. 23 1918. The legality of said tsrae will be approved by
Hawkins, Delafield and Longfellow of New York City, and a duplicate
original of their opinion will be furnished to each successful bidder.
YOUNGSTOWN, Mahoning County, Ohio.—BONDS NOT TO BE
ISSUED AT PRESENT.—Wean advised that the proportion to issue
between $300,000 and $400,000 hospital bonds—V. 107. o. 2207—“is
premature as yet and merely the chattering of some local officials. City
Auditor is R. Edwards.
BONDS AUTHORIZED.—On Nov. 18 an issue of $1,500 5% coupon
East Earl Avenue completion bonds was authorised.
$500.
Date Feb. 10 1919.
Semi-ann. int.
its Provinces and
CANADA,
Municipalities.
ALVINSTON, Ont.—DEBENTURE ELECTION.—An election will be
held Dec. 20, it is reported, to vote on a proposition to issue $2,807 29
6% power-plant purchasing debentures. Due in equal installments from
1919 to 1928,
inclusive.
BROOKE TOWNSHIP
(P. O. Brooke), Out.—DEBENTURE SALE.
debentures offered on Sept. 7
—The $6,646 5% five-installment drainage
(V. 107, p. 1025). have been sold.
BURLINGTON, Out.—DEBENTURE ELECTION PROPOSED.—It is
stated that the School Board wants the Council to submit a by-law at the
municipal elections to authorize the issue and sale of $30,000 debentures
for
a new
KISBEY, Sack .—DEBENTURE SALE.—On Nov. 1 the $1,000 7%
road-impt. debentures recently authorized (V. 107, p. 2116) were awarded
to a local investor at par.
Denom. $1,000. Date Nov. 25 1918. Int.
annually. Due Feb. 1 1930.
LAMPMAN, Saak.—DEBENTURE SALE.—On Sept. 6 the $1,800 8%
hospital debentures, mentioned in (Y. 107 ,p. 2116) were awarded W. L.
McKinnon A Co. of Regina at 98.50.
Denom. $120. Int. annually.
Date Nov. 1 1918.
of $30,000 6% debentures was sold, it is reported.
NEW TORONTO, Ont .—DEBENTURE SALE.—According to reports,
O. H. Burgess A Co., of Toronto, have purchased $53,000 6H% 25-install¬
ment sewer debentures.
NEW WESTMINSTER, B. C.—DEBENTURE SALE.—The Lumber¬
men’s Trust Co. of Portland have taken the last of the $500,000 6% 5-year
debentures offered on June 10 (Y. 106, p. 2474).
The amount just awarded
to the above trust company Is $230,000.
The first $100,000 of the issue
was taken by Wood, Gundy A Co., of Toronto, at a price of 93.68 (Y. 106,
p.
SALE.—According'to
reports, an
2676).
Subsequent issues taken by the Portland firm were placed on a
basis of 7.65%.
The last sale was held up for some days awaiting the
sanction of the United Treasury Board, which approved the sale last week.
PENTICON, B. C.—DEBENTURE OFFERING.—Reports state that
to sell a
payable
of an Issue of $35,000 6% irrigation debentures, the Council hopes
substantial amount locally.
Denoms. $100 and $500. Interest
at par in Montreal. Toronto and Penticon.
PROGRESS, Saak.—DEBENTURE. SALE.—J. A. Thompson of Ken¬
nedy has purchased at 98.50 and int. the $5,769 7% 15-year union hospital
bonds recently authorized (Y.
Nov. 1.
school-house.
CHATHAM. Ont.—DEBENTURE
Due Nov. 1 1933.
LONDON, Ont.—DEBENTURE SALE.—During November an Issue
Denom. $1,000 and
Due Oct. 1 1920 at the office
of the Sinking Fund Trustees.
2309
?
107,
p.
2116).
Date Nov. 1 1918.
Int.
SMITH’S FALLS, Ont .—DEBENTURE OFFERING.—I. A. Lewis,
issue of $9,720 6% debentures was
Town Clerk, will receive proposals until Dec. 16 for $11,000
and $12,900 water-works 6% 20-installment debentures.
Eastern Securities Co. of Halifax was awarded $133,500 debentures at
100.77—a basis of 5.95%, for immediate delivery, and took an option on
$295,000 at 101.63 for delivery when empowering legislation is obtained.
Other bidders were:
For
For
TORONTO. Ont.—DEBENTURE SALE.—On Dec. 13 an issue Of
$1,000,000 4h% gold debentures, issued by the Harbor Commissioners,
was awarded jointly to William A. Read A Co. of New York and the
Dominion Securities Corporation of Toronto at 83.39. Denom. $1,000.
Principal and semi-annual interest (M. A S.) payable in Toronto, New
sold in November.
HALIFAX, Nova Scotia.—DEBENTURE SALE.—On Nov. 29 the
_
$133,000.
99.69
99.08
A. E. Ames A Co
J. O. Mackintosh A Co
Mahon Syndicate
F. B. McCurdy A Co
Canada Bond Corporation
Balance.
100.03
99.31
99.098 (on whole)
98.25
98.57
Harris, Forbes A Co
Wood, Gundy A Co
98.55
98 82
98.64
Dominion Securities
York
or
London.
Due Sept. 1 1953.
Sterling Bank of Canada
R. A/Daly A Co
Kissel, Kmnicutt A Co
electric-light
Other bidders were:.
81.376 Wood, Gundy A Co. (Toronto
83.375
79.79
terms).....
179.199 Harris, Forbes A Co., N. Y_.77.30
A. E. Ames A Co
/
WINDSOR, Ont .—DEBENTURE SALE.—It is reported that Wood.
Gundy A Co. of Toronto have purchased three issues of 5K and 6% local
Impt. debentures aggregating $174,609 at 97.88.
WINNIPEG, Man.—DEBENTURES VOTED.—It is reported that at
HAMILTON, Ont .—BOND ELECTION.—At the coming municipal
elections by-laws to provide $47,000 market-shelter and $105,000 refriger¬
ating plant debentures will be voted upon, it is reported.
the municipal elections on Nov. 29 a by-law authorizing an expenditure of
$400,000 for a nurses’ home at the municipal hospital was carried by a
substantial majority.
s
NEW LOANS
NEW LOANS.
$9,000
PROPOSALS
CITY OF WOLF POINT, MONTANA
CITY OF NEWARK
6% WATER BONDS
NOTICE IS HEREBY GIVEN of intention
to issue and sell $9,000 Water, 6%, 20 year,
optional after ten years, bonds of the City of
Wolf Point, Montana, by the Council thereof,
MONDAY, THE 7tH DAY OF JANUARY.
A. D., 1919, at the hour of EIOHT O’CLOCK
P. M.. to the highest bidder, at the City Hall in
the City of Wolf Point, Montana.
Certified
check on a National Bank tor $3,000 required.
on
(Signed)
FRANK
Sealed
$14,000
CITY OF WOLF POINT, MONTANA
REFUNDING 6% BONDS
NOTICE IS HEREBY GIVEN'of intention
to issue and sell $14,000 Refunding 6%, 20 yr.,
optional after ten years, bonds of the City of Wolf
Point. Montana, by the Council thereof, on Mon¬
day, the 7TH DAY OF JANUARY. A. D..
1919, at the hour of EIGHT O’CLOCfc. P. M..
to the highest bidder; at the City Hall in the
City of Wolf Point, Montana. Certified check
on a National Bank for $3,000 required.
(Signed) FRANK KENNY.
Clerk.
LIQUIDATION
The Riverside National Bank, located at
Riverside, in the State of New Jersey, is dosing
All noteholders and other creditors
its affairs.
of the Association we therefore hereby notified
to present their notes and other claims for pay-
as
the Comptroller of the City of Newark, New Jersey,
office m
until 11 o’clock A. M. on FRIDAY, DECEMBER 20, 1918, at his
the City Hall, City of Newark, New Jersey, for the purchase of
Tax Revenue Bonds of 1918
KENNY,
Clerk.
proposals will be received by the Director of Revenue and
Finance, acting
of the City of Newark, in the amount of $3,000,000, issued pursuant to
Chapter 192, New Jersey Laws of 1917, and dated December 23, 1918,
payable June 23, 1919.
They may be registered upon request of the purchaser or holder.
No bids will be received for less than par.
Bidder must state amount of interest , expressed in multiples of one onehundredths of one per centum, he is willing to take for the loan, and the
bidder offering the least interest rate will be awarded the bonds, provided
that if more than one bidder offers such least interest rate, the bidder
offering the greatest additional premium shall be awarded the bonds.
All proposals for said bonds must be enclosed in a sealed envelope
addressed to the Comptroller of the City of Newark, City Hall, Newark,
New Jersey, and marked on the outside “Proposals for Tax Revenue Bonds.”
The right is reserved to reject any and all bids.
Bonds will be delivered at the office of the Comptroller of the City of
Newark on the twenty-third day of December, 1918, and will be payable
at maturity with interest, at the office of the Treasurer of the City of Newark,
City Hall, Newark, New Jersey. •
The successful bidder or bidders will be furnished with the opinion of
Messrs. Reed, McCook & Hoyt, of New York, that the bonds are valid
and binding obligations of the City of Newark.
A. ARCHIBALD,
Director of Revenue and Finance.
Newark, N. J., Dec. 11, 1918.
ALBERT L. PANOOAST. Cashier.
Dated, October 24. 1918.
Acts as
Executor
H. D.
Walbridge & Co.
14 Wall
Street, New York
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent*
Girard Trust
Company
PHILADELPHIA
Chartered
1836
CAPITAL and SURPLUS, $10,000,000
Maabtr ol F«d«ral Raaaraa Syttin
Public Utility Securities
‘4
Interest allowed
on
deposits*
E* B. Morris, President
THE CHRONICLE
3310
finanttid
Jffimirrfal
ATLANTIC MUTUAL INSURANCE COMPANY
The Trustee*, in conformity
Charter^Jhe grtPany,
*19$* thef°Uowin0 statement of its affaire on the
The Company's business has been
to marine
'•
confined
and inland transportation Insurance.
Premium on such risks from tbe lat January, 1917, to tbs. 3I«* December, 1917
$11,105,619.46
Premiums on Policies not marked off 1st January. 1917
1,135,786.43
Total Premium
$12,241,404.89
-
Premium marked off from 1st January, 1917, to 31*t
SnteSwK
on
$11,171,8605
December, 1917..
Deposl^in Banka
*136’991 '53
Rent received lea* Taxes and Expenses
Losses paid during the year...
Fbrefen Exchange Department
ITnr York. January 25tb, 1013.,
with the
92,474.60 $
624,877.34
Salvages
Arrangements can be macte lot
importation of merchandise
through the use of dollar ac¬
the
ceptances.
$3,513,653.20
.
Less:
Letter* of Credit Negotiated
$336,890.37
603,867.68 $ 840,764.00
$2,672,899.20
R®-tnsuranoes
Capital and Sorptas, UJStJHt
Re-Insurance Premium and Returns of Premium
$1,913,710765
Expenses, including compensation of officers and clerks, taxes, Stationery,
advertisements, etc
?...
$ 857.596.09
OFFICES
....
A dividend of Interest of Six per cent, on the outstanding certificates of profits will be paid to the
holders thereof, or tbelr legal representatives, on and after Tuesday the fifth or February next.
Tbe outstanding certificates of the issues of 1915 and of 19 l^wUl be redeemed and paid to the holders
thereof, or their legal representatives, on and after Tuesday the firth of February next, from which date all
Tbe certificates to be produced at the time of payment and canceled.
Interest thereon will cease.
A dividend of Forty per cent. Is declared on the earned premium of the Company for the year ending
31st December, 1917. which are entitled to participate in dividend, for which, upon application, certificates
will be Issued on and after Tuesday the seventh of Hay next.
By order of the Board,
G. STANTON FLO YD-J ONES, Secretary.
EDMUND L.
TRUSTEES.
BAYLIES,
JOHN N. BEACH
NICHOLAS BIDJC
james brown;
JOHN CLAFLIN,
GEORGE C. CLARK.
FREDERIC A. DALLETT,
CLEVELAND H. DODGE.
CORNELIUS ELDERT,
RICHARD H. EWART,
HERBERT L. GRIGGS
SAMUEL T. HUBBARD.
LEWIS CASS LEDYARfJ.
WILLIAM H.
CHARLES D. LEVERICH.
NICHOLAS P. PALMER,
WALTER WOOD PARSONS.
CHARLES A. PEABODY.
81-83 Fulton St.
Sames^h.
§6st7eks’
CHARLES
GEORGE E. TURNURE,
PRATT,
GEORGE C. VAN TUYL, Jr.
RICHARD
WILLIAMS.
LRD H. W
DALLAS B. PRATT,
Companies
..
Statutory Deposit with the State of
sland, Australia.
Queens!
3,000,000.00
Certificates
of
Profits
and
Bridge Plan
Long
City
FRXDXRIO G. LKB, President.
Woolworth
Building
New York
Interest
Unpaid
301,406.75
121,989.96
600,000.00
_
Return Premium Unpaid
Taxes Unpaid
Re-insurance
Premium on Termi¬
nated Risks
Claim not Settled, including Com¬
pensation, etc
Certificates of Profits Ordered Re¬
76,000.00
A
366.667.8/
183,517.10
deemed, Withheld for Unpaid Pre¬
miums.
1,009.577.74
1.038,460.86 Income Tax Withheld at the Source.
Certificates
of Profits Outstanding...
6,122.26
22,750.10
3,135.96
_
Balance
5,722,690.00
8TONB&WEBSTE1
5,318,322.55
....
698 675.67
2,187,198.87
FINANCE public utility
4,765.00
$18,041,890.25
December, 1917, amounted to
The Insurance Department has eattayUecT the value of the Real
in excess of the Book Value given above, at
Tbe Insurance Department’s valuation of Stocks, Bonds and other
j
•lectric developments, transmission
22,201.50
day of
$
Note:
DESIGN steam power stations, hydfc°
.$5,318,322.55
$
75,724.00
$
Estate on Staten Island
$
tines, city and intsrurban railways*
583.467.92
gat plants, Industrial
buildings.
63,700.00
Securities exceeds the
$2,303,887.87
...
On the basis of these increased valuations the balance would be
developmentOo
BUY AND SELL securities.
318,041,890.25
Balance brought down..
Accrued Interest on the 31st day of Deoember, 1917, amounted to
Rents due and accrued on the 31st day of December, 1917, amounted to
Re-Insurance due or accrued. In companies authorized in New York, on the 31st
Company’s valuation by
Long Island City
LIABILITIES.
Estimated Losses and Losses Unset¬
tled in process of Adjustment
$ 4,432,959.00
Premiums on Untarm I gated-Risks
1,060,660.96
—
3,900,000.00
New Utrecht
Irving Trust Company
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 2d Vice-President.
WILLIAM D. WINTER, 3rd Vice-President.
Rea! Estate eor. Wall Street, William
Street and Exchange Place
Real Estate on Staten Island (held
under provisions of Chapter 481,
Laws of 1887)
Premium Notes
Bills Receivable
Note Receivable
Cash in hands of European Bankers
to pay losses under policies payable
in foreign countries
Cash in Bank and In Office
Eighth Street
Now York
RAVEN, Chairman of the Roard.
CORNELIUS ELDERT, President.
ASSETS.
Brooklyn
92 Wost B'w&y
A. A.
United States and Suite of New York
Bonds
$ 1,186,000.00
Stock of the City of New York and
Stocks of Trust Companies A Banks 1,446,560.00
Stocks and Bonds of Railroads
3,287,120.86
Other Securities
305,410.00
Deposits
In Banks and Trust
8pecial
Now York
Aetna
JU!
WI
ILLIAM JAY SCHIEFFELIN.
SA
SLOAN.
0AMUEL
WILLIAM SLOANE.
LOUIS STERN.
WILLIAM A. STREET.
Flatbush
839 Flatbush A vs.
B*way A 8th St. New Utrecht Avw. Ac 54tii St.
Now York
Brooklyn
ANTON A. RAVEN.
LEFFERTff,
M.
Marks! Sc Fulton
plants end
CONSTRUCT either from our own de°
38,367,303.84
eigne or from designs of other eogl°
neers or
REPORT
MELLON NATIONAL BANK
architects.
on
publle utility properties,
proposed extensions or new projects
PITTSBURGH
MANAGE railway, fight, power sad gso
companies.
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS NOV. 1 1918
RESOURCES
Loans, Bonds and Investment Securities
Overdrafts
Cash
Due from Banks
$105,012,302 73
4 55
4,155,423 23
15,398,281 86
MW YORE
BOSTON
CHIfAfll
LIABILITIES “
Capital
Surplus and Undivided Profits
Reserved for Depreciation!, See
$6,000,000 00
4,420,368
2,613,573
2,000,000
4,761,000
31
56
00
00
104,771,070 50
$124,566,012 37
Borrowed from Federal Reserve Bank
Circulating Notes
Deposits
.
If There b A Market We Can find ft
We hold sales of stocks
and bonds every Wednesday,
charging $1 50 entrance fee
for each item. Our weekly
catalogues and postal card service
market. We take
pleasure in furnishing quotations.
reach every
Air
llIinoisTriist&Sm1iu>sBaiiR
Barnes & Lolland
CHICAGO
Capital, Surplus and Undivided Profits
Stock Brokers A Auctioneers
*
*
Philadelphia
flew Jersey
Municipal Bonds
$16,400,000
Has on hand at all times a variety of exPays Interest on Time'
Deposits, Current and Reserve
cellent securities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General^Tnist Business.
Corporation Bonds.
St.,
147 S. 4th
Descriptive List on Request
J.S. RIPPEL A COMPANY
18
CLINTON STREET
NEWARK, R. J.
Dec. 14
THE CHRONICLE
1918.]
Cotton
OH**. O. Corn
August Scblereuberg
lEntft Companies
Paal Bcbwan
Frank A. Kimball
Corn, Schwarz & Co.
COMMISSION MERCHANTS
15 William Street
New York
MEMBERS OF
New.York Cotton Exchange
Now Orleans Cotton Exchange
New York Produce Exchange
New York Coffee Exchange
London Commercial Sale Rooms (Coffee
Geo. H. M® Fadden &
The NEW ENGLAND
TRUST COMPANY
Ml Chestnut St.
E.)
Bro.,
.
„
,
,
,
.
GWATHMEY A CO.
20-24 EXCHANGE PLACE. NEW YORK
MEMBERS
YORK COTTON EXCHANGE
YORK 8TOCK EXCHANGE
YORK COFFEE EXCHANGE
YORK PRODUCE EXCHANGE
ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
Walter R. Callender
Edward Holbrook
James BLSalUvan
OFFICERS
.Vies President
COTTON MERCHANTS
52-92 Beaver Street, New York City
BOSTO
PHILADELPHIA.
UTICA. N. Y.
FALL RIVER,
PROVIDENCE,
WILD A CO..
LIVERPOOL.
BEDFORD.
Vice President
„
Q. A. Harrington,
Asst. Trust Officer
Robert T. Downs,
Asst. Trust Officer
Henry B. Hagan,
George Wlcglesworth, Chairman
Arthur Adams
Janies R. Hooper
Asst. S
Ralph s. Rich.
Asst. Secretary
J. D. Cameron Bradley
8. Parker Bremer
Alexander Cochrane
David P. Kimball
Robert A. Leeson
George H. Davenport
Francis W. Fabyan
Frederick P. Flab
Ernest Lovering
Walworth Pierce
James M. Prendergast
Charles H. W. Foster
Frank H. Gage
Morris Gray
Henry H. Proctor
ROBERT MOORE & CO.
Mills Building
Street. N. Y.
MERCHANTS
Members New York Cotton Exchange
Associate Members Liverpool Cotton Association
1850
_
1918
The United States Life
Insurance Co.
Henry L. Shattuck
CENTRAL
TRUST COMPANY
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts*
JOHN P. MUNN, M. D., PRESIDENT.
CHICAGO
Finance Committee.
Capital
Surplus & Profits
Deposits
-
$6,000,000
2,500,000
50,000,000
CLARENCE H. KELSEY. Pres.TUle Ou.A IV Co.
WILLIAM H- PORTER., Banker.
■D. TOWNSEND, Pres. Imp. A Trad. Nat. Bank
Good men, whether experienced In life insurance
not, may make direct contracts with this Com¬
received upon favorable terms
pany, for a limited territory, if desired, and secure
for themselves, in addition to tins year’s eommlsThoroughly equipped to hapdje all business, eion, a renewal Interest insuring an income for tbs
pertaining to banking, and invites thef future. Address the Company at lie Home Office
accounts of banks, corporations, firms and!
No. 277 Broadway. NsW York City.
individuals.
Accounts of banks and bankers
or
CHARTERED 185S
Successors to
45-25 Cotton Exchange
New York
Orders for future delivery contracts execu^iH
Hi the New York and Liverpool Cotton Exchangee
,
Asst, Secretary
i
Edwin M. Richards
Herbert M. Sears
Arthur R. Sharp
WILLIAM RAY A CO.
GEO. COPELAND A COCOTTON BROKERS.
Secretary
Ernest A. Harris,
Asst. Trust Officer
John E. Willi
Asst, r
George H. Cj
Providence. Rhode Inland
Augustus P. Lortng Jr.
125 West Monroe St.,
Rowland Hazard
Royal C. Taft
Hkkbekt j. Wells, President
Houasio A. Hunt.
Preston H. Gardner,
Vice President
V-Pres't and Trust Off.
Thomas H. West. Jr.,
William A. Gamwell.
OP ILLINOIS
Stephen M. Weld & Co,
Alfred EL Potter
William L. Hodgman
Frank H. Swan
Robert H. I. Goddard
RAYMOND MERRILL, Amt. Treaa.
JOHN W. PILL8BURY. Asst Bee.
ORRIN C. HART. Trust Officer
ARTHUR F. THOMAS, Asst Trust Officer
R. B. GAGE. Manager Bate Deposit Vault
LIVERPOOL COTTON ASSOCIATION
COTTON
Stephen O. Metcalf
ALEXANDER COCHRANE. Vice-Pres.
FREDERICK P. FISH, Vice-President
FREDER'K W. ALLEN. Treasurer
CHARLES E, NOTT, Secretary
EDWARD. B. LADD. Asst. Treasurer
Sydney Harwood
Franklin W. Hobbs
DnoCCTOBS
Henry D. Sharpe
Howard O. Starges
BOARD OF DIRECTORS
,
BOCIETE d’lMPORTATION et de COMMISSION
Milan Correspondents:
McFADDEN A CO.. LTD.
Alexandria Correspondents:
REINHART A CO., LTD.
15 Broad
Herbert J. Wells
Lyman B. Goff ’
J^M^HPGPER.flregtet
ARTHUR ADAMS, Vice-President
Broad St.
NEW YORK
-
NEW
Edward D. Pearce
OFFICERS.
FREDERIC ZEREGA A CO..
Havre Correspondents:
NEW
NEW
NEW
NEW
NEW
Hospital Trust
Company
BOSTON, MASS.
18
PHILADELPHIA
Rhode Island
CAPITAL, ll.SM.ttt
SURPLUS. B.HI.Mt
Safe Deposit Vaults
Authorised to set as Executor, and to receive and hold
money or property hi trust or an deposit from Courts St
Law or Equity, Executors, Administrators. Assignees.
Guardians, Trustees. Corporations and Individuals.
Also acts as Trustee under Mortgages and as Transfer
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to Check.
COTTON MERCHANTS
Liverpool Correspondents;
XXV
United States Trust
Company of New York
45-47 WALL STREET
Capital,
Surplus and Undivided Profits,
Jfattow
$2,000,000.00
$14,207,995.6$
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
Pounded 1854
It allows interest at current rates on deposits.
Production of Mills Financed
It holds, manages and invests
money, securities and other property, real of
Sales Gashed With or Without personal, for estates, corporations and individuals.
Guarantee
EDWARD W. SHELDON,
JAMES
tALCOTT, lie.
,
Pgasidapt
225 FOURTH AVE.
New York
City
WILLIAM M. KINGSLEY, Vice President
WILLIAMSON PELL, Aset. Secretary
WILFRED J. WORCESTER, Secretary
CHARLES A. EDWARDS, 2d Asst. Secretary
TRUSTEES
AMERICAN
MFG. CO.
JOHN A.
WILLIAM ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J, GAGE
PAYNE
Whitney
STEWART, Chairman of the Board
EDWARD W. SHELDON
CHAUNOBY KEEP
ARTHUR CURTI88 JAMES
WILLIAM M. KINGSLEY
WILLIAM STEWART TOD
OGDEN MILLS
CORNELIUS N. BLISS,
HENRY W. de Ft " Z.
WILLIAM VINCENT
CHARLES F. HOFFMAN
WILLIAM SLOANB
^
CORDAGE
MANILA. SISAL, JUTE
GSoble A West Streets, Brooklyn, N. Y. CMF
L. r. DOMMERICH & CO.
FINANCE ACCOUNTS OF MANUFACTURERS AND
GEO. B. EDWARDS
INVESTMENTS
SS
Broadway, NEW YORK, N. Y.
FOR SALE—Timber.
Canfldentlal
JToel, Iron, Ranah and
Negotiation*,
Investigations,
Settlements and fWchases of
United Stems.
Went LodBaS.
Property.
MERCHANTS, DISCOUNT AND GUARANTEE SALES
e
General Offices, 254 Fourth Avenue
NEW
Established
YORK
over
60 Ydan
.
v:
THE CHRONICLE
XXV t
ftosmtUA
ftn&tuial
Exempt from Federal Income Tax
Odd Lot
financial
ORIGINAL
Municipal and
Corporation Bonds, and High
Grade Investment
Stocks.
BONDS
County, Illinois
Drainage 6% Bonds
*
ISSUES
of Government,
MUNICIPAL
$114,000
Adams
[Vol. 107
Bought and Sold
Offerings solicited from Banks,
Individuals and Trust Estates
Bids will be promptly submitted
AMES, EMERICH & CO.
IMS. La Salle St.
Pint Nat. Bank
CHICAGO
Bolger, Mosser & Willaman Central Bond & Mortgage Co.
29 So* La Salle St.* Chicago
fOS So. La Salle Street
CHICAGO
EVERSZ & COMPANY
Negotiate and Issue Loans for Railroads
Corporations.
Bug and soil Bonds suitable for Investment.
J. M. HOYT, Chair—a
JAMES M. HURST. PreUdeat
C. B. LITTLE. Vlee-Prea. a Trai.
KENNETH D. STEERS. Vloe-Preo.
L. ▲. 8TEBBIN8. 800*7 A Oea. Counsel
W. M. BCHELLTNOER. AmTt 800*7.
and Established
134 So. La Salle Street
C. F. Childs &
CHICAGO
Company
6% Internal Gold Bonds of 1900
National Bank of Cuba
Stock
Wollenberger & Co.
INVESTMENT BANKERS
Specialists
CHICAGO
New York City use
NATIONAL
SAFETY
PAPER
105 So. La Salle St.
CAPITAL, $800,000
Of the Banks in
CHICAGO
NEW YORK
SOS So. La Salle St.
ISO Broadway
Bldg
MILWAUKEI
Cuban Government
U. S. Government Bonds
QOqf
Preferred
Borland
Building
FOB THEIR CHECKS
George La Monte & Son
61 Broadway
New York
Taylor, ewart & Co.
INVESTMENT BANKERS
F. H. PRINCE & CO
BAXKEBS
105 South La Salle Street
Cotton
CHICAGO
Henry Hentz & Co.
SS William Street
NEW YORK
BOSTON, MASS.
Municipal, Railroad and Public
Utility Bonds
HIGH-GRADE INVESTMENTS
IS Congress Street
BOSTON, MASS.
COMMISSION MERCHANTS
AND BROKERS
wr mu tun
Caldwell &
Company
'Intel ot New York A Boston Stock Birirnigg
SOUTHERN MUNICIPALS
of
few York Stock Exchange
tw York Cotton Ei *
rw York Coffee A
New York Produce Exchange
Chicago Board of Trade
Associate Members of
Liverpool Cotton Association
Hubbard Bros. & Co.
COFFEE EXCHANOE BUILDINd
Cumberland Tel. A Telep. Co. fie
Nashville Chattanooga A St. Louis By.
Nashville A Decatur Ry.
Nashville Railway A Light Co. Securities
NASHVILLE. TENN.,
ST. LOUIS. MO..
214 Union Street
$17 Security Bldg.
W. G. SOUDERS &CO,
HANOVER SQUARE
EMERY, PECK & R0CKV00I
1^*412 Continental & Commercial Bank Bldg
INVESTMENT BONDS
NEW YORK
CHICAGO
DETROIT
COTTON
MILWAUKEE
SANTS
Liberal Advances Made
208
oa
South
La
Cotton
Consignments.
Sallo
CHICAGO
Hopkins, Dwight & Co.
COTTON
and
COTTON-SEED OIL
COMMISSION MERCHANTS
Commercial Paper
Collateral
RICHMOND, VA.
•
CHICAGO
CMtafo, IB.
Dominick & Dominick
Established 1870
A. G. Becker & Co.
115 BROADWAY
(INCORPORATED)
33,000,000.00
John M. Miller, Jr., President
W. M. Addison, Vice-President
Charles R. Burnett, Vice-President
Frank F. Fagan, Vice-President
Alex. F. Ryland, Cashier
BONDS
B$4 SOOTH LA BALL! STRUT
Investment Securities
2M S. U Sab SI
BONDS
SHAPKER, WALLER A CO
Loans
Jffttanrtal
FIRST NATIONAL BANK
INVESTMENT
Municipal and
Corporation
CHRISTIAN & PARSONS CO.
Room 50, Cotton Exchange Building,
NEW YORK.
Capital and Surplus,
Street
COMMERCIAL PAPAR
187 South La Salle Street
Dealers in
INVESTMENT SECURITIES
Chicago
Members New York Stock Exchange.
Correspondence Invited.
N. Y., N. H. & Hartford Deb. 4s, 1922
‘Are
Yielding from 4H% to 6%
MUNICIPAL
GAS AND ELECTRIC BONDS
SEAS0NG00D, HAAS & MACDONALD
Membere New York Stock
$0
Breedway
St. Louis
Philadelphia
Milwaukee
39 South La Sallo Street
New York
CHICAGO
Municipal Bonds
Exempt from Federal Ineome Taxes.:
8nd for LUt
THE HANCHETT BOND CO.
:
If South La Salle Street
CHICAGO
@FedFRASER