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'
o£C
INCLUDING
Quotation Section
Railway Earnings Section
Electric
Railway & Industrial Section
Bankers* Convention Section
Bank &
COPYRIGHTED IN 1917 BY
WILLIAM B. DANA
COMPANY, NEW YORK,
THE FARMERS'
NO. 2738.
1917.
jFfnandal
manual
financial
LOAN & TRUST
HARVEY FISK & SONS
62 Cedar Sl
'
COMPANY
:
NEW YORK
v.'
BANK
NATIONAL
■
new york
of
Travelers' Letters of Credit
•
LIBERTY
THE
Exchange, Cable Transfers,
Foreign
City Section
UNDER THE ACT OF MARCH 3, 1879.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POSTOFFICe AT NEW YORK, NEW YORK,
NEW YORK, DECEMBER 15
VOL. 105.
Railway Section
State and
•
BROADWAY and CEDAR ST
UNITED STATES BONDS
The Company
Is a legal depositary for
paid Into Court, and Is author¬
moneys
Administrator,
Trustee, Guardian, Receiver, and In all
ized to act as Executor,
fiduciary capacities.
other
Acts as Trustee under
Mortgages made
NEW YORK CITY
BONDS
AND OTHER CHOICE
INVESTMENT SECURITIES
Capital
-
-
-
$3,000,000.00
'Surplus & Profits
4,000,000.00
by Railroad and other Corporations, and
as Transfer Agent and Registrar of Stocks
and Bonds.
Certificates of
Receives deposits upon
Deposit, or subject to check,
Interest on dally balances.
Manages Real Estate
on
Will act
any
as
Agent in the transaction of
approved financial business.
Depositary for Legal Reserves of State
Banks and also for moneys of the City
Capital
Surplus & Undivided Profits
Deposits (Nov. 20, 1917)
Fiscal
Cities.
-
•
-
-
YORK
NEW
$5,000,000 00
17,000,000 00
201,000,000 00
27 Austin
HARRIS.
Friars, LONDON, E. w.
Inc.
FORBES & CO.,
BOSTON
;
President
RICHARD DELAFIELD
Agent for States, Counties and
Act
Vice-Presidents
;
WILLIAM O.
JONE8
deal
and
munici¬
Government,
pal, railroad and public utility
FOR
BONDS
Cashier
ERNEST V. CONNOLLY
NEW YORK
munici¬
corporations and
fiscal agents for
in
SYLVESTER W.LABROT
GEORGE H. KRETZ
475 FIFTH AVENUE
as
palities
JOHN C. VAN CLEAF
MAURICE H. EWER
GILBERT O. THORNE
16-22 WILLIAM STREET
Corner William
Street,
Organized 1856
of New York.
;
Harris, Forbes &Co
Pine
of New York
and lends money
bond and mortgage.
Bank
The National Park
and allows
List
on
INVESTMENT
Application
Assistant Cashiers
PARIS
LONDON
FRED'K O. FOXCROFT
WILLIAM E. DOUGLAS
WILLIAM A. MAIN
J. EDWIN PRO VINE
HENRY L. SPARKS
BYRON P.
PERCY J. EBBOTT
Established
Cable Address SABA, NEW
1874.
Edward B. Smith & Co
John L. Williams & Sons
Established
BANKERS
8th
Corner
and
1810
Established
RICHMOND, VA.
Members New
MIDDENDORF, WILLIAMS & CO., Inc.
The Mechanics and
New York.
of the
m
Capital
ARTHUR W. SNOW, 2d V.-Pres. & Cashier.
RALPH T. THORN, Asst. Cashier.
PEDDIE,
of the City
Asst.
Surplus aruTProfits
•
-
-
$9,000,000
Cashier.
Deposits Nov. 20,1917
Foreign Exchange
THE
-$213,000,000
-
Department
Capital
-
(Earned)
Deposits, (Nov 20th 1917)
-
Surplus and Profits
-
-
-
•
$10,000,000
13,126,000
336,931,000
CARL J.
$130,000,000
Francis Ralston Welsh,
BONDS
First National Bank
CHARTER NO.
President
Vice-President
Vice-President
SCHMIDLAPP, Vice-President
Vice-President
Cashier
Asst. Cashier
Asst. Cashier
Asst. Cashier
Asst. Cashier
Asst. Cashier
GEO. H. BAYLOR,
Asst. Cashier
M. HADDEN HOWELL,
Asst. Cashier
S. FRED TELLEEN,
,
Asst. Cashier
ROBERT I. BARR,
Asst. Cashier
BE WALL S. SHAW,
Asst. Cashier
GERHARD M. DAHL,
ALFRED O. ANDREWS,
CHARLES C. SLADE,
EDWIN A. LEE,
WILLIAM E. PURDY,
CHARLES D. SMITH,
WILLIAM P. HOLLY.
NEW YORK
Philadelphia, Pa.
Chairman
HEPBURN,
ALBERT H. WIGGIN,
SAMUEL H. MILLER,
EDWARD R. TINKER,
NATIONAL BANK
DIRECTORS
OF RAILROAD,
GAS AND ELECTRIC
LIGHT AND POWER
COMPANIES
1
109-111 SOUTH
FOURTH STREET
PHILADELPHIA
Bank
of New York
-
A. BARTON
accounts
New York
OFFICERS
AMERICAN EXCHANGE
Resources over
Philadelphia
Street
The Chase National
m
m
HORACE F. POOR, Vice-President.
W.
1411 Chestnut Street,
30 Pine
City of New York
Surplus, $1,000,000
BUEL W. POOR, President.
JOHN
and Philadelphia
Building
Corner Fifth Ave. and 23rd St.,
Capital, $1,000,000
York
Stock Exchanges
Metals
National Bank
NATIONAL BANK
Fifth Avenue
1892
BANKERS
Main Streets
Baltimore Correspondents:
GARFIELD
YORK
ROBBINS
invited
■
Henry W. Cannon rd
A. Barton Hepburn
Albert H. Wiggin
John J. Mitchell.
Guy E. Tripp
James N. Hill
Daniel O. Jackling
Frank A.Sayles
Charles M. Schwab
Samuel
Edward
H. Miller
R. Tinker
Henry B. Endicott
Edward T. Nlchol
Newcomb Carlton
H. Ecker
Eugene V. R..Thayer
Frederick
itr©ratoetss of Jforeign Cxdjange
ta*tim
3nbe*tment
Maitland, Coppell & Co.
MORGAN & CO
Jc P.
Wall Street, Corner
of Broad
Corner of 5th
UOKGAN,
and Chestnut Streets
Orders
Letters
mm mm MNta• i
.imm
mm
And its Branches.
'T"
BOSTON
NEW YORK
PHILA.
■
69 Wall Street
Members N.Y., Phila. &
(Alex. Br own A Sons)
sold
of
Bankers,
Banks,
New York
Cor¬
Messrs. ROTHSCHILD
•
Investment Securities
London, Paris and Vienna.
fers.
world.
parts of the
Available in all
Travelers' Letters of Credit.
Members
for Travelers
tificates of Deposit.
Foreign
Exchange, Domestic and
Foreign Collections, Cable Trans¬
CREDIT
ISSUE LETTERS OF
Firms and Individuals
on favorable terms.
Cer¬
porations,
received
33 Pipe Street,
and Correspondents of the
Agents
and
Mmond&Ca
Exchange,
Stock
York
New
Members
Commission.
on
Accounts
PLACE, NEW YORK.
43 EXCHANGE
Connected by private voire*
bought
Belmont & Co.
August
Boston and Baltimore
Securities
Investment
United States
Available throughout the
Boston Stock Exchanges
New York, Philadelphia,
Australasia.
TRAVELERS' LETTERS OP CREDIT
& Co.
Brothers
Brown
m—*i.«
NEW YORK
Cie, Paris.
Agents for the Bank of
In al
for Travelers, available
parts of tbe world.
.
Banco Nacional de Mexico.
Commission.
Commercial Credits.
Letters
•'/
-
London.
Messrs. Mallet Freres &
Cable Transfers.
Circular
& Co.
N2 1 William Street
•
•
& Smiths Bank, Limited,
Union of London
PAKIS
Boulevard Hauumann
Securities bought and sold on
Credit
of
on
CO.,
&
J. & W. Seligman
and negotiate and
Telegraphic Transfers,
Bill* of Exchange,
Broad Street
KOBGANTHARJES
Foreign Exchange,
executed for all Investment Securities.
as agents of Corporations
Issue Loans.
Act
GRENFELL&C07L0ND0N
No. 22 Old
31
NEW YORK
COPHILADELPHIA
&
DREXEL
STREET
52 WILLIAM
NEW YORK
i'f*m
[VOL. 103.
THE CHRONICLE
II
New York Stock
and make Telegraphic
Transfers to EUROPE. Cuba, and the
other West Indies, Mexico and California.
Execute
the
for
orders
purchase and
Correspondents of
London & South Western Bk.,
financing of exports and imports.
LONDON
Travelers
Letters of Credit for
sale of
Bonds and Stocks.
Commercial Letters of Credit for the
BROWN, SHIPLEY & CO.,
Exchange
Draw bills of Exchange
Lawrence Turnure & Co.
Ltd., London
Jordaan & Cie, Paris
Russo-Asiatic Bank, Hong Kong
Banque Industrielle de Chine, Paris,
64-66 Wall Street,
hai,
New York
Peking,
Shang¬
Hong Kong, Saigon
T. Suffern Taller
James G. Wallace
Grenville Kane
and sold on com¬
Travelers' credits, | available through¬
States, Cuba, Puerto Rico, Mexico,
Central America and Spain. Make collections In and
issue drafts and cable transfers on above countries.
Investment securities bought
mission.
out the United
Joint
London Bankers:—London
Bank, Limited.
TA1LER5©
Stock
Francaise—Heine
Paris Bankers:—Banque
Graham, Parsons 3c Co.
& Co.
bankers
10 Pine Street, New York
435
HEIDELBACH, ICKELHEIMER & CO.
Investment Securities
37 William Street.
and
Government
MEMBERS
N.
EXCHANGE.
STOCK
Y.
Stocks and Bonds.
Winslow, Lanier & Co
j
of
Issue Commercial and
and
value.
established
Cable Address,
NEW YORK
Electric
Electric
Light and Power Companies
Gas
Railways,
Foreign Exchange Bought and Sold.
STREET
Municipal Bonda
Railroads,
of
Securities
purchase and sale of
Execute orders for
69 CEDAR
chestnut street
PHILADELPHIA
"Graco," Philadelphia.
Travelers' Credits
available in all parts
of the world.
BANKERS.
[Deposits
Received
Allowed
on
Bought
Subject
Sold
Schulz & Ruckgaber
Interest
Securities
Deposits,
and
Draft,
to
27 Pine Street,
on
New York
-
-
-
-
•
Members New York Stock
24 BROAD STREET,
NEW YORK
k
Members of the New York Stock Exchange.
INVESTMENT SECURITIES
Exchange
Commission.
purchases and sales
of stocks and bonds.
Execute orders for
foreign Exchange, Letters of Credit
BOISSEVAIN& CO.
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
i
Foreign Exchange bought and sold.
Issue commercial
credits in Dollars
available in China, Japan
MESSRS. PIERSON & CO.
(Successors
toAdolphBoissevain &Co.)
Amsterdam, Holland.
and East Indies.
Kean, Taylor & Co.
BERTRON, GRISCOM I CO.
York
New
Investment Securities
Produce
INVESTMENT SECURITIES
Exchange Bank
Land Title Building,
Broadway, Corner BEAVER ST.
S Nassau Street
CHICAGO
Foreign
Transfers.
•
Exchange
•
.
.
bought
,
and
sold.
Cable
Commercial and Travelers' Letters of
Credit available in all parts
of the world.
ACCOUNTS INVITED.
John Munroe & Co.
ALDRED & CO.
BOSTON
NEW YORK
H. AMY
Letters of Credit for Travelers
Commercial Credits.
&
CO.
24
Foreign Exchange
Stock Exchange
44 AND 46 WALL
ST.,
Fiscal Agents for
Transact
Exchange Place
New York
Members N. Y.
Cable Transfers.
MUNROE &
NEW YORK.
$1,000,000
Surplus and Undivided Profits 1,000,000
Capital
105 So. La Salle St*
NEW YORK
40 Wall Street
PHILADELPHIA.
a
General
Investment and
Exchange Business
CO., Paris
i
Stock
V ublln Utility and Hydro-Electrii
Companies
in
CHRONICLE
THE
DEC. 15 1917.]
3totiegtment anti Jflwantlal Honits
Wm. A. Read & Co.
MlLLETT, R0E& HAGEGi
,Higginson&Co.
INVESTMENT SECURITIES
Investment Securities
BOSTON
York
Chicago
MEMBERS
NASSAU AND CEDAR STREETS
Lombard Street
80
STOCK EXCHANGE
BOSTON
PHILADELPHIA
CHICAGO
LONDON. E. Co
YORK STOCK EXCHANGE
BOSTON
NEW YORK
& CO.
HIGGINSON
NEW
52 WILLIAM
LONDON
lb CONGRESS
ST.
BOSTON
NEW YORK
The
Hornblower & Weeks
42
Company
BROADWAY, NEW YORK
BOSTON
CHICAGO
Bonds
Securities
Investment
National City
NEW YORK
Short Term Notes
Acceptances
Goldman, Sachs & Co.
MEMBERS
NEW
National
AND
YORK, BOSTON
Direct
wires
City Bank Building
New York
CHICAGO STOCK EXCHANGES
principal markets
to all
Members of New York & Chicago Stock
Exchanges
Chicago
Boston
Established
1888
U. S. Government Bonds
Frazier & Gh.
Securities
Investment
Robinson & Co.
Portland
Providence
Detroit
Investment Securities
Chandler 4 Company
IHCORPORATEO
26
35 Pine St
Franklin Bank.Bldg.
NEW YORK
New Yccf^
Exchange Place
Members New York Stock Exchange
PHILADELPHIA
185 Devonshire St
Broad and Sansom Streets,
:
BOSTON
PHILADELPHIA
211 E. German Street,
15 Broad Street,
Baltimore.
New York.
Government
and
Loans, Municipal
Railroad
Securities
Bonbright & Company
Incorporated
HALSEY, STUART & CO.
High Grade Industrials
Incorporated—'Successors to
N.
HALSEY
W.
A
25 Nassau
CHICAGO
NEW
BOSTON
PHILADELPHIA
YORK
Street, New York
CO. CHICAGO
BOSTON
ST.
PHILADELPHIA
CHICAGO
DETROTt
PARIS
LONDON
DETROIT
MILWAUKEE
LOUIS
Railroad
Bonds.
Government, Municipal,
and Public Utility
Fiscal Agents for
Cities and Corporations.
W. C. Langley
& Co.
PUBLIC UTILITY SECURITIES
Investments
SIMON
115 Broadway, New
BORG & CO •9
York City
Members of New
gcHMIDT &(jALLATIN,
Members of the
York Stock Exchange
No. 46 Cedar Street
-
•
New York
i_..:
New York Stock Exchange
Hemphill, White1
111 Broadway
New York
New York Stock Exchange
Fidelity Bldg.
37 Wall Street
Buffalo
New York
t.
INVESTMENT SECURITIES
<3& Chamberlain
Members
h.
HIGH-GRADE
holtz & co.
MUNICIPAL AND RAILROAD
BONDS
Investment Securities
FOR INVESTMENT
MUNICIPAL AND
PUBLIC UTILITY
HARPER
& TURNER
INVESTMENT
BANKERS
BONDS
STOCK
EXCHANG|E BUILDING
WALNUT STREET ABOVE BROAD
39
SOUTH LASALLE
CHICAGO '
STREET
49 Wall Street, New York
PHILADELPHIA
Members Philadelphia Stock
Colgate, Parker & C
Exchange
[VOL. 103.
THEICHRONICLE
IT
finance
we
Jffaancfel
Jffaaittfal
^financial
ESTABROOK & CO.
Electric
Light, Power and Street
Railway
Enterprises with records
earnings
of
Members New York and Boston
Stock Exchanges
chase
&
company
established
investment securities
BONDS
we offer
15 State Street,
Investment Dealers
and
Bankers
BOSTON
-
BOSTON
19 CONGRESS ST.,
NEW YORK
Securities
Utility
Public
Proven
24 Broad Street,
Correspondence Solicited
SPRINGFIELD
BALTIMORE
HARTFORD
ELECTRIC BOND & SHARE CO71
Ervin & Company
$21,000,000)
(Paid-Up Capital and Surplus,
YORK
BROADWAY, NEW
New
Stock
Peace Stocks
121 Drexel
Bldg.,
NEW YORK
PHILADELPHIA
'
possibilities and should continue
to
show large earnings at the
of
termination
& Co.
CO.
A. A. Housman & Co.
N. Y. Stock Exchange
INVESTMENT BANKERS
N. Y. Cotton Exchange
Members
Members N. Y. and Phlla.
WORLD
Chicago Board of
61 Broadway.
NEW YORK
letter
oil companies
Exchange
20
Trade
Broad Street, New York
Street.
Branch Office—25 West. 33d
market
and
Booklet
on
1512 Chestnut St..
PHILADELPHIA
WIDE
N. Y. Coffee & Sugar
N. Y. Produce Exchange
Stock Exchanges
INTEREST IN OIL
IS
war.
h.f. bach man & co.
Correspondents
REMICK, HODGES &
the
Circular D-50 mailed on request.
St., Boston
Established 1866
New York
investment
501 Trinity Bldg..
Telephone Rector 3061
35 Congress
Industrial stocks
treats of twelve
which offer attractive
Conservative Investment
R. L. Day
Circular on
Exchange
BONDS FOR INVESTMENT
BONDS
For
York
Philadelphia Stock Exchange
RAILROAD
MUNICIPAL AND
Our Recent
Member
independent
C. I. HUDSON & CO.
sent on request.
NEW YORK
No. 66 BROADWAY,
R. C. Megargel &
Members N. Y.
27 Pine
and Chicago
Co.
Stock Exchanges
Members
New
York,
Philadalphla
and
Municipal Bonds
;
Chicago Stock Exchanges
New York
St.,
Telephone John
Eligible to Secure Postal
Miscellaneous Securities
1800
INCOME TAX
EXEMPT FROM FEDERAL
TELEPHONE RECTOR 7401
Savings Deposits
in all Markets
PRIVATE WIRES TO
William Rfomptonfa
PRINCIPAL CITIES
Municipal Bonds
parkinson &
burr
Century in this eBusiness
Over a Quarter
14 Wall Street
New York
Cincinnati
St. Louis-
Members of the New York and
Boston Stock Exchanges
53 State Street
7 Wall Street
BOSTON
NEW YORK
Municipal Railroads
Corporation Bonds
80 Broad Street New York
_
PHONE RECTOR 0140-CMLE
UDRESS "0RIEITMERT"
List C give* current
offering*
H. D. Walbridge
BONDS
14 Wall Street; New
Baker,Aylirig &Young
Public
A.
O. Slaughter
1X0 WEST MONROE
& Co.
STREET
CHICAGO, ILL.
& Co.
York
(New York Stock Exchange.
| New York Cotton Exchange,
j New York Coffee Exchange,
I New York Produce Exchange,
Mamber*( Chicago Stock Exchange.
| Chicago Board of Trade,
I Minn. Chamber of Commerce.
| St. Louia Merchants' Exchange;
(Winnipeg Grain Exchange.
Utility Securities
BOSTON
PHILADELPHIA
Pittsburgh
Chicago
Municipal and
Corporation.
SPRINGFIELD, MASS.
CHICAGO
John Burnham & Co.
ESTABLISHED 1865.
Chicago
New York
nnM nc
tJUNUO
SHAPKER, WALLER & CO,
M4 SOUTH
LA SALLE STREET
CHICAGO
Co
6 Nassau St., N.
Y.
MEMBERS NEW YORK STOCK
COLLINS & COMPANY
EXCHANQB
Deal in
Underlying Railroad Bonds
A. G.
Becker & Co.
Incorporated
BANKERS AND
(INCORPORATED)
BROKERS
and
Tax-exempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks
COMMERCIAL
PAPER
N. E. Cor. La Salle and Adam* St*.,
Chicago
187 So. La Salle Street..
CHICAGO
DEC. 15 1917.]
THE
v
CHRONICLE
Canabiatt
BANK OF MONTREAL
Canadian
CAPITAL
Government and Municipal
paid
up
-
-
ASSETS
16,000,000
$386,806,887
....
Bonds
regard¬
Sir
Frederick
.
New York
14 Wall
WALL STREET
C.J.STEPHENSON
I Agents
Toronto
St., New York
London
Montreal
*■
change
and
made at all
and Cable Transfers; Issue Commercial and Trav¬
el ens' Credits, available In any part of the world;
Issue drafts on and make collections at all points in
the Dominion of Canada and Newfoundland.
9 Waterloo
,
Municipal and
Banking and Exchange business of every de¬
scription transacted with Canada.
LONDON
Place, Pall Mall, S. W.
High
Incorporated by Royal Charter In 1840
New York Agency opened 1843
Paid-up Capital
Reserve Fund-
-
£1,000,000 Sterling
£620,000 Sterling
The
Bank
pf
England,
Bank
of
Scotland,
Limited.
Bank,
THE BANK OF NOVA SCOTIA
(Incorporated 1832)
5 Gracechurch Street,
London, E. 0.
part of the world.
Issue Drafts on
Collections in all parts of Canada.
CAPITAL
$6,500,00C
RESERVE FUND
TOTAL ASSETS OVER
12,000,005
110,000,000
Head Office, Halifax, N. S.
General Manager's Office, Toronto, Ont.
Bills
on
de Londres y Mexico,
Mexico City and Branches
Canada
or
West Indian
points favorably
negotiated or collected by our branches In the
United States.
Correspondence solicited.
New York
and make
Agents for Banco
Municipal and School
PAID-UP
190 branches throughout Canada, Newfoundland!
Cuba, Jamaica, Porto Rico, and in Boston, Ohl*
cago and New York.
Commercial and Travelers'
Credits Issued, available in all parts of the world.
Head Office:
W.T.OLIVER
\ Agents
P.C.HARRISON f
Buy and Sell Sterling and Continental Exchange
and Cable Transfers.
Grant Commercial and
Travelers' Credits and Cheques, available in any
Grade
Street, B. O.
BRITAIN.
The Bank of
«
,
and
Lombard
IN OREAT
The
New York Office: 52 Wall Street,
Government
OFFICE—2
BANKERS
Established in 1836
Toronto, Ont.
Canadian
Collections
Transfers.
available In all parts of the world.
St., E. C.
British North America
Corporation Bonds
Building,
Cable
points.
Lloyd's
Canadian Government,
P. R.
Agents
Travelers' Cheques and Letters of Credit Issued!
G. C. CASSELS, Manager.
C.
J
Buy and Sell Sterling and Continental Ex¬
Chicago Branch 108 South La Salle St.
Spokane, Wash.
Mexico, D. F.
London Offices, 47 Threadneedle
R. C. Matthews & Co.
Office, 16 Exchange Place
F. B. FRANCIS,
J. A. C. KEMP,
Buy and Sell Sterling and Continental Exchange
*
CJL-
Manager: Sir John Alrd.
Manager: H. V. F. Jones.
Assistant General
NEW YORK AGENCY
64
Wood, Gundy & Co.
518.500.000
--
Williams-Taylor,
R. Y. HEBDEN, 1
W. A. BOG,
A. T. SMiYH,
j
6%
to
515.000,000
REST
General
General Manager
Municipal Bonds to yield from
5%
HEAD OFFICE. TORONTO
PAID-UP CAPITAL
SIR VINCENT MEREDITH, Bart., President.
and
commerce
PrealdeatrSIr Edmund Walker,C.V.O.,IJL.D^D
Head Office—Montreal
ing Canadian Government
bank
canadian
of
$16,000,000
-
REST,
TOTAL
We invite correspondence
the
(Established 1817)
Agehcy, 52 Wall Street,
H. F. Patterson, Agent.
Correspondents
(I?;V>}pn
In Great Britain
(
g
Joint Stock Bank.Ltti
Bank of Scotland.
BONDS
C.
We Invite correspondence
MEREDITH
High Grade
5% to 6%
Bond Dealers and Financial
BOARD
LIMITEE
A.
179 St. James St.
Baumgarten,
J.J. Reed.
CANADA
MONTREAL,
Vice-Pres.
Wm. McMaster,
Bartlett McLennan,
H. B. MacDougalf,
A. E. Holt.
C. R. Hosmer,
D. C. Macarow,
A. P. B. Williams, Sec,
Company
46 Threadneedle St
MONTREAL
LONDON, E.C.
Head Office
Branches throughout the DOMINION OF CAN¬
ADA and NEWFOUNDLAND; In HAVANA and
principal points In CUBA, PORTO RICO,
DOMINICAN REPUBLIC. COSTA RICA and
VENEZUELA.
Also
In
ANTIGUA.
BAHA¬
MAS, BARBADOS, DOMINICA, GRENADA,
JAMAICA, ST. KITTS, TRINIDAD, BRITISH
HONDURAS and BRITISH GUIANA.
•
Members Montreal Stock Exchange
Dealers in Canadian Bond Issues
Montreal
SIR HERBERT S. HOLT.
E. L. PEASE.
President
Vice-Pres. A Man. DIrectos
C. E. NEILL, Gen. Manager
all
J. M. Mackle, Manager
112 St. James St.
&
-
f
G. Meredith, President
Sir Chas. B. Gordon, K.C.B.E.,
1869
Capital Paid Up$12,011,700
Reserve Funds...... $14,324,000
Total Assets
$300.000.000
Agents
OF DIRECTORS,
.
Credit -Canada,
Greenshields
dlE
ROYAL BANK OF CANADA
Established
Municipal and School Bonds
to yield from
'
CO.,
&
LIMITED
LONDON OFFICE—Bank Buildings.
Princes Street, E. O.
Daly &
R. A.
Co,
New York Agency—Cor. WIIHam Be Cedar
Sts
F. T. WALKER, O. E. MACKENZIE and
Our
dian
Monthly
Rerieio
Conditions sent
of Cana¬
on
R. L. ELLIS.
CANADIAN
Agents.
request
GOVERNMENT, MUNICIPAL
MONTREAL
it St. John Street,
AND CORPORATION BONDS
Bank of Nova Scotia
CANADIAN
CANADIAN
SECURITIES
Building
TORONTO, ONT.
Municipal and Public Utility
Bonds
Government, Municipal
&,
Canadian
[JESBITT.THOMSOM
11 6 COMPANY, LIMITED
822
ST. JAMES
MERCANTILE
If
ST, MONTREAL.
TRUST
B LD. H AM
Corporation
Lists on revues*
Government, Municipal
ILTQN.
and Corporation Bonds
A. E. AMES & CO.
74 Broadway,
Auctioneers
NEW YORK
Montreal
Toronto
DanmioH Secukitib
Adrian H. Muller & Son
CORPORATION-LIMITED
YORQMTO.
/-tOMTREAL.ljOrtDQM.ErtQ
Canadian Securities
AUCTIONEERS
w. graham browne & co.
Office, No. 55 WILLIAM STREET
Corner
Pine
222 St.
Street
Regular Weekly Sales
Canadian Securities
STOCKS and BONDS
EVERY WEDNESDAY
Kemerer, Matthes & Co.
B. W.
Members Phlla. Stock Exchange.
50 Broad Street, New
Atltho Exchange Sales Rooms
14-16 Vesey Street
Correspondence Solicited
Inquiries Solicited
OF
James Street
MONTREAL
Toronto.
Hamilton.
Direct
London,
Private
York
Buffalo.
Wires
Phila.
SOUTHERN
Strassburger
INVESTMENT SECURITIES
MONTGOMERY, AHA.
[VOL. 105.
CHRONICLE
TH
TI
Jorrtgn
NEW ZEALAND
AUSTRALIA &
LONDON CITY & MIDLAND
ONION OF LONDON & SMITHS BANK
BANK LIMITED
LIMITED
THE
THE
BANK OF
Head Office
WALES
NEW SOUTH
(.ESTABLISHED 1817.)
tip
C. 2
2 PRINCES
14,000,000
Sterling.
Authorized Capital
Subscribed Capital
Paid Up Capital
Reserve Fund
LONDON, E. C. 3
I, FINCH LANE,
19,474,900
Proprietor*
Reserve Liability of
$52,949,800
($5=£1)
Deposits
Aggregate Assets 31st
Mar. 1917...$287,130,048
Manager
FRENCH, General
J. RUSSELL
337 BRANCHES and AGENCIES in the
tralian States, New Zealand, Fiji, Papua
Aus¬
(New
Paid-up Capital
SIR FELIX
$25,933,325
Reserve Fund
transacts
Bank
$21,705,000
Australian Banking Business.
Wool and other Produce Credits arranged.
GEORGE
L.
Deposits
-
29, THREADNEEDLE
STREET
STREET, E. C.
SYDNEY
-
ME UNION BANK OF AUSTRALIA
and
To
£3,980,000
£4,000,000
£1,980,000/ gether
Reserve Liability of Proprietors..
Capital
Tptal
and
The Bank has 41 Branches In VICTORIA, 39 in
NEW SOUTH WALES, 19 in QUEENSLAND,
SOUTH AUSTRALIA, 22 In WESTERN
AUSTRALIA, 3 in TASMANIA and 44 in NEW
ZEALAND.
14 In
Office : 71 CORNH1LL, LONDON. E
Manager—A. C. Willis,
Assistant Manager—W. J. Essame.
Head
tit CAPITALS COUNTIES
Head
Office: 39
C.
BANE
Established 1834
LTD.
..
Threadneedle Street,
(paid-up Capital
Reserve Fund.-
increased
-
WESTMINSTER BANK
-
•
£3,500,000
-
-
£4,000,000
-
-
OLD BROAD STREET.
: E. Consolo.
E. G
Manager
Correspondents to the
of the
Place,
Italian Treasury.
ITALY :
Bari, Bergamo,
Arsizio, Cagliari,
Catania, Como,
Cremona, Ferrara, Florence, Genoa, Ivrea, Lecce,
Lecco, Leghorn, Lucca, Messina, Naples, Novara,
Oneglia, Padua, Palermo, Parma, Perugia, Pescara, Piacenza, Pisa, Prato, Reggio Emilia. Rome,
Salerno, Saluzzo, Sant. Agnello, Sampier-d Arena,
Sassari, Savona, Schio, Sestri Ponente, Syracuse,
Termini Imerese, Trapani, Turin, Udine, Venice,
BRANCHES IN
Acireale, Alessandria, Ancona,
HEAD OFFICE
Biella, Bologna, Brescia, Busto
Caltanissetta, Canelli, Carrara,
London, E. C. 2.
41, Lothbury,
Gracia 8&10
BARCELONA BRANCH: Paseo de
Calle de Alcala 43
MADRID BRANCH:
PARIS
Verona, Vicenza.
London
County
& Westminster Bank
(Paris) Limited
ERNESTO TORNQUIST & CO.,
.$31,200,000
011.640,000
West
Reserve
BilLs purchased. Commercial
available' anywhere, against
Union, Peterson's International
MILAN
Head Office
End Agency and London Office
Italian State Railways, 12 Waterloo
Regent St., S. W.
of £20 each.
Paid-up Capital
-
ITALIANS
BANCA COMMERCIALE
London Office, 1
Capita] £14,000,000,
Subscribed
Companies and Invites Correspondence.
Cable Address: "Elmfield London."
Western
W. O. Stevenson
-
-
Paid-up Capital.
usual shipping documents.
Shipowners Freight
Remittances and Disbursements to all parts.
'
fibers,
DEPARTMENT
London, E. C.
54, Lombard Street,
-
BRITAIN
GREAT
IN
Reserve Funds-.
Ap¬
Codes:
£2,200,000
COUNTY &
LONDON
Credits established
Trust
BRANCHES
MANAGER
of Banking Business transacted.
for American Banks and
Capital.
FOREIGN EXCHANGE
In 700,000 Shares
FOREIGN BILLS COLLECTED
£12,679,440
£4,594,443
H. HOLDEN, Bart., Chairman.
Sir 12DWARD
Acts., 30-6-16-$241,722,285
$8,760,000
—
$4,000,000
The Bank acts as Agent
£13,500,000
800
England.
American Troops en stationed In
-
upwards of 500 Offices in England,
Islands. -
Freight
proved
Nominal Capital
Paid Up
LIMITED
Mail and Telegraphic Transfers.
London, E. C.
54, Lombard St.,
Thb Bank has Branches In ill the Camp when
Issues Currency Drafts on all Cities.
Letters of
Credit and Circular Notes payable throughout the
World.
$1,705,000
Reserve Fund
FOREIGN EXCHANGE DEPARTMENT
THE
$2,029,360
-
By reason of the Belfast Bank purchase.
Wales and Channel
Every kind
HEAD OFFICE
Capital Subscribed
(5 dollars equal £1)
This Bank has
BARCLAYS BANK
i
$43,750,000
...
HO ARE
Secretary H. R.
Capital has been
London, England.
Subscribed Capital
Deposit & Current
$134,687,720
And the Reserve Fund
£7,980,000
Reserves
(Country)
THOMAS
LIMITED
The
..£6,000,000
Issued--..
Capital £2,000,000 1
Reserve Fund
E.
Foreign)
(Town and
HART
Limited
Capital—
Authorized
Paid-up
£55,231,863
$258,539,070
Bills of Exchange
Incorporated 1880
Established 1837
1916
SCHUSTER, Bart., Governor
$1,005,994,265
Reserves
£3,554,785
£1,150,000
Current Accounts,
General Managers
H.
H.
London Office
Head Office
£25,000,000
£22,934,100
....
LINDSAY ERIC SMITH, Deputy Governor
of
description
every
and
December 31,
$124,479,960
Subscribed Capital
Guinea), and London.
The
ST., LONDON, ENGLAND
Foreign Branch Office
..$19,474,900
Capitals
Fund
freserve
OFFICE
HEAD
5, THREADNEEDLE STREET, LONDON, L
Ma.
(
DU
L'AMERIQUE
>
22, Place Vendome
•
Agents in London for
BANQUE FRANCAISE ET ITALIENNE
Buenos Ayres,
&c. Societa
^
wt
POUR
CUD,
Rio de Janeiro, San Paulo, Santos,
Commerciale d'Oriente. Tripoli.
BUENOS AIRES
The Union Discount Co.
Established 1830
Oldest
establishment
business
in
the
-Telegraphic Address, Udisco,
CORPORATION
$15,000,006
Paid-up Capital (Hong Kong Currency)
39 CORNHILL.
River Plate
Hong Kong & Shanghai
BANKING
of London, Limited
*-»
London.
MS fe,i!»-"-WM0#l00'
13,000,006
Reserve Liabilities of Proprietors
Capital fully paid up and Reserves
£2,587,251
*
Capital Authorized
Capital SubscribedCapital Paid-Up
Reserve Fund
$5=£1 STERLING.
NOTICE
|| General Financial, Banking and
Commercial Business
4
Call
At 3 to 7
BANKERS
HEREBY
INTEREST
WADB GARDNER, Agent. $4
Days'
The
Per Cent.
Notice, 4J4
Company discounts approved bank
mercantile acceptances, receives money on
The
and
de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
CHRISTOPHER
R.
NUGENT. Manager.
"Clermont*!
LEU and CO/S BANK,
Founded 1755.
up
and!
J
Frs. 46,000,000
EVERY DESCRIPTION of
BANKING BUSI¬
NESS TRANSACTED.
Bills of Exchange
negotiated and collected.
Drafts and Letters of Credit
Issued.
Telegraphic Transfers effected.
Booking and Travel Depart ment.
(
,-
-
-
-
Bank, Ltd.
URUGUAY
CHILE
FRANCE: Paris
SPAIN: Madrid. Bilbao. Barcelona
LONDON. E. C.
Cable Address—Natdls, London.
Subscribed Capital.............
ZURICH, (Switzerland)
Fund
Discount
Company, Limited
CORNHILL
35
Reserve
Anglo-South American
ARGENTINA
National
The
LIMITED
Wall 8«
Per Cent.
"
Central America
Capital Paid
CHINA, JAPAN,
TLEMENTS. INDIA.
GIVEN
that the
allowed for money
GUATEMALA,
Cable Address:
LETTERS OF CREDIT
HI
PHILIPPINES, STRAITS SET¬
GRANT DRAFTS, ISSUE
NEGOTIATE OR COLLECT BILLS PAYABLE
deposit are as follows:
on
At
Clermont & Co.
IS
OF
RATES
$10,000,000
8,500,000
4,250,000
4,000,000
Paid-up
Capital
Reserve Fund
($5=£1 STERLING.)
$21,166,620
4,233,325
2,250,000
NOTICE
IS
HEREBY
GIVEN
that
the
OF INTEREST allowed
for money
RATES
on
deposit
are as
follows :
CAPITAL & RESERVES
£6,040,785 @1$5
HEAD OFFICE, OLD
or
14 Daya' Notlaa,
454 Ptr Cant.
Approved bank and mercantile bills discounted.
Money received on deposit at rates advertised
from time to time and for fixed periods upon
specially agreed terms.
.
Loans granted on
approved negotiable securities.
PHILIP HAROLD WADE. Manager.
£=$30,203,9293
BROADISTREET;
LONDON, E. C.
At Call 4 Par Cant Par Annum.
At 3 ta 7
per
NEW YORK (Agency), 60
Every
description
Exchange
of
WALL STREET
Banking end
business
YII
CHRONICLE
THE
DEC. 15 1917.]
$aufcet* & JSnifeenf outtfoe J?, g. Pnritett S> knritet* ottttibc A
.foreign
CHICAGO
CHICAGO
SPERLING & CO.
Basildon House, Moorgate
St*
London, E„ C*
FISCAL AGENTS FOR
Warren Gorrell & Co.
Public Utility
TIMBER BONDS
based always upon
and
Hydro-Electric Companies
INVESTMENT SECURITIES
expert verification
of
underlyingassets
203
South La Salle Sticel
NEW YORK AGENTS
SPERLING & CO., INC.,
332
CHICAGO
Chicago
So. Michigan Av„
120 BROADWAY.
Comptbir National d'Escompte de Paris
Capital fully paid
Frs. 200.000,000
up
Reserve Fund.
HEAD
London
BERGERE, PARIS
RUE
Office: Kins
Branches at
William
Manchester
Street,
the
of
^BANKING
every
Colonial
French
AND
GREEMEbbanUMS0KS
C.
E.
Liverpool
and
Nearly 300 Branches In France, Spain, Tunis,
Egypt, Madagascar, India and Australia.
.Agents
jforeigtt
42,000,000
Frs.
OFFICE: 14
EXCHANGE
Banks.
Banque Nationale de Credit
AND TRUST COMPANY
CHICAGO
of
business
description transacted. DEPOSIT AND
ACCOUNTS,
DOCUMENTARY
...frs. 150,000,000
Capital..
Reserve Fund
...
35,500,000
"
Sl/2% CHICAGO FIRST MORTGAGES 6%
the world.
for Estates,
Suitable
Trustees
Write for Bond
OFFICE
HEAD
BANK of BRITISH WEST AFRICA, LIMITED
16, Boulevard des
(Bankers to the Governments of the Colonies of
the Gambia, Sierra Leone, Gold Coast & Nigeria.)
The Bank has Branches in
Liverpool, Manches¬
ter/and all the principal towns in West Africa,
Canary Islands and Morocco, and is prepared to
transact
Business
of Banking
description
places.
every
with those
A State Bank.
Oldest Banking House in Chicago.
PARIS
Sanford F, Harris & Co.
$10,000,000
7,000,000
2,800,000
1,100,000
Capital
Subscribed Capital
Paid Up Capital
Reserve Fund.
$5 equal £l.
and Individuals
Circular C 25.
Italiens
Head office 17-18 Leadenhall Street,
LONDON, E. C.
Authorized
$2,000,000
Capital and Surplus,
CURRENT
CREDITS. SHIP'S DISBURSEMENTS AND
COLLECTION OF FREIGHTS in all parts of
Madison Sts.
Southeast Corner La Salle and
BRANCHES
Marseilles,
Lyons,
at:
INVESTMENT SECURITIES
Dijon, Nantes, Or¬
Angers,
Havre,
THE
Saint-Etienne, Tou¬
louse, and 140 others in^thelchief
Rouen,
leans,
centres
ROOKERY
CHICAGO
T.l.nttnn.if Automatic 54157
Telephones
| Harrig<m
of France.
7QM
New York Agency, € Wall Street
GENERAL BANKING
BUSINESS
Banca Italiana Di Sconto
which
with
Bancaria
Societa
High Grade Unlisted Stocks and Bonds
Italiana
di
Subscribed Capital
Lires 115 millions
Paid-up Capital
"
102
Deposits and Current Ac¬
counts (30th Sept. 1917).
"1135
Cash in hand and with the
Bank (30th Sept. 1917)—
"
39
Central Management and Head Office:
Special
20
ROME
Letters of Credit Branch,
Piazza
BRANCHES
di
at:
PARIS OFFICE, 2 Rue Le Peletier
London Clearing Agents: The London
western Bank, Ltd., 168, Fenchurch
foreign
LONDON OFFICE. 43 Lothbury,
& South¬
Street."
Orient*'
International Banking Corporation
55 WALL STREET, NEW YORK
Capital paid up,
Surplus,
.
•
.
%
•
Frs.82,000,000
Frs.27,750,000
—
India
Japan
Philippine Islands
Colombia
London:
San Francisco
Head
Office
Capital
£1,500,000.
'
Paid
Reserve Fund
Branches
Settlements,
and
In
India,
up
£562,500.
£500,000.
Burma,
Federated
London
Malay
Ceylon,
States,
York Agency—22
at
Alexandria,
Constantinople,
Barcelona,
Geneva,
Tunis, and
Brussels, Cairo,
Jerusalem,
Madrid,
Moscow, Odessa, Port Said, Petrograd, San Se¬
bastian, Seville, Smyrna, Valencia.
East
NATIONAL BANK of EGYPT
Head Office—Cairo.
Subscribed Capital—-£2,000,000
Paid-up Capital
•—£1,000,000
Reserve Fund
£1,200,000
Bank conducts every description of banking
and exchange business.
Established under Egyptian Law June, 1898,
right to issue Notes payable at
with the exclusive
sight to bearer.
Capital, fully
Reserve
paid.
S'229'23!
Fund—........-—...£1,881,850
LONDON AGENCY
6 AND 7 KING WILLIAM ST.. LONDON,
E.C.
AFRICA, Ltd.
LONDON, E. C.
£1,548,325 or
$7,742,625
Reserve Fund.
£2,000,000 or $10,000,000
Total Resources— £85,065,998 or $175,334,990
About Two Hundred and Fifty Branches and
A(pmri«a throughout South Africa.
W. H. MACINTYRE, Agent
HEAD OFFICE,
New York
The Bank of New South
Wales with branches throughout Australasia.
Italiens, Paris.
Correspondents in Lisbon and Oporto:
Credit Franco-Portugais
Office : 26, Bishopsgate. London, E. C.
Branches in India, Burma, Ceylon, British East
Africa,
Uganda and at Aden and Zanzibar.
Straits
Chine.,
Lyons.
Lombard St., E.C.3.
London West End Office, 4 Cockspur St.,S.Wl
London Office, 40
Head
PATROLEUM BANKING & TRUST CO. S. A.
Paid-up Capital
68 Wall St.,
London, E. C.
William Street
Bankers to the Government In British
Africa and Uganda.
The
Also representing
LYONNAIS
Central Office, 19 Boul. des
also
•
NATIONAL BANK OF INDIA limited
Mauritius.
STANDARD BANK OF SOUTH
Letters
390 branches in France, Algeria and
BISHOPSGATE, LONDON, E. C.
Cash and Bills Department:
51, Threadneedle St.,
New
15 Gracechurch Street,
and
Branch on the
Agencies of the Bank
Bills on Australasia
negotiated or collected.
Remittances cabled.
London OfTlce: 18. Blrchln Lane. Lombard St. E.O
Head Office,
Head Office
16,
Domingo
The Mercantile Bank of India Ltd.
on
demand,
by the London
payable
Head Office.
Branches and
in Australia and elsewhere.
Capital (fully paid).— Fcs.250,000,000
Reserve fund
Fes.175,000,000
BACKING
EVERY KIND OF
FACILITY
Panama
Santo
NAVAL
(Established by Royal Charter 1836)
Straits Settlements
-
MEMBERS OP
MILITARY AND
Drafts
Credit are issued
COLONIAL BANK
OFFERS
China
1834.
Pald-Up Capital
--£1.000,008
Reserve Fund and Undivided Profits 1.140,000
Reserve Liability of Proprietors.... $.009,000
CREDIT
$3,250,000
Branches in:
Established
FORCES.
$4,598,000
Capital—
AMERICAN
THE
CITY
Surplus & Undivided Profits......
Banking Cn. of Sydney Ltd
The Commercial
Incorporated In New South Wales.
Special facilities offered to
••The Only American Bank in the
E.C. 2
11 Regent Street.
W. 1
Pa¬
lermo, Turin, Venice, Bologna, Busto Arsizio,
Catania,
Florence,
Ancona,
Biella,
Como,
Monza, Sanremo, Verona and 50 others in the
CHIEF CENTRES OF ITALY.
CHICAGO
Lausanne
Waterloo Place. S.
Naples,
Milan,
Sugar Stocks
Film Stocks
Bank Stocks
$9 SO. LA SALLE ST.
Basle, Zurich, St. Gall, Geneva,
West End Branch
Spagna—Rome
Genoa,
oration
Public Utilities
Motor Stocks
Provinciale
Credito
*
Industrials
Italiana
and the
Societa
Paul H. Davis & ©omparcjj
the
incorporated
are
Apartado
(P.
O.
Box)
No.
CREDIT SUISSE
468—Tamplco,
Established 1856
Tamps, Mexico.
Members of the American
Association.
Capital & Reserves francs, 100,000,000
BankersI
Offers every Banking Facility.
Payments
collections made on all parts of Mexico,
in both Mexican gold and
New York Exchange.
Head Office: Zurich, Switzerland
m
and
Branches at Basle, Geneva, St. Gall, Lucern
Giaris, Lugano, Frauenfeld*
ALL BANKING
BUSINESS
[VOL. 105.
THE CHRONICLE
Till
eofBtuoi gorfe
ileto
JBatrfteTO anb Prober
PROVIDENCE
DENVER
•T, LOUIS
STRANAHAN
COMPANY
&
States
Mountain
Specialists in
Telephone
SYSTEM
BELL
NEW
A. G. EDWARDS A
SONS
St. Louis at
UTAH»
Public Service Companies
Worcester
Providence
Boston
New York
Augusta. Maine
New Haven
7% STOCK
No Bonds—No
In
COLORADO
ARIZONA,
WYOMING, IDAHO AND MONTANA
Wall Street
38
JN
MEXICO,
Bonds and Stocks of
Preferred Share#
412'Olivet Street
BOETTCHER. PORTER
COMPANY
BODELL
SI
DENVER
Cengrett
Be.ten
St.,
Yerk
Breadway, New
.111
CO,
A
Prevldencs
WeybosMt ft.,
II
SECURITIES
Bonds, Preferred Stocks and Local
of
the
DETROIT, MICH.
CEN fRAL WEST
Securities
HIGBIE
KEANE,
CO.
&
Established 1893
DETROIT
Dime Bank Bids.
& Clark
Richardson
MUNICIPAL BONDS
.
11 Exchange
Street, Providence, R. 1.
MILWAUKEE
Dealers In
Charles W. Moore
J. Herodon Smith
William
edgar, ricker
co.
&
WISCONSIN CORPORATION
H. Burg
ISSUES
MOORE & CO.
SMITH,
R. S. MOORE & COMPANY
^MILWAUKEE
WELLS BLDG..
Investment Bonds
NORFOLK,
INVESTMENT SECURITIES
Specialists
VA.
CO.
&
Established
10 Weyboeeet
300
MINNEAPOLIS
WELLS-DICKEY CO.
INVESTMENTS
MINNEAPOLIS,
ST. LOUIS SECURITIES
We
offer
CINCINNATI
GA. R. R. & BNKG.
Co,
MINN.
Original Purchasers of City of Minneapolis
and high-grade Northwest Municipal Bonds*
Twin City Rapid Transit Co. 6% Bonds,
Minneapolis National Bank Stocks.
ATLANTA
Guaranteed Stock
FIELD, RICHARDS & CO.
BROKERS
INVESTMENT
Robinson
Members St. Louis Stock Exchange
-
Wardiaw Co.
Humphrey
ATLANTA
GEORGIA
ST. LOUIS, MO.
til Oils* St.,
Providence, R. I.
St,
<0 Broadway
Broadway
&,
'
Local Securities
NEW YORK
NORFOLK. VA.
ST. LOUIS
Stix
Service
1893
MARK C. STEINBERG & COMPANY
Members New York Stock Exchange
Members St. Louis Stock Exchange
Public
Companies.
MOTTU
and
Bonds
In
of
Stocks
ST. LOUIS. MO.
I0» OLIVE ST.
Bonds, Stocks and Local Securities
HSS.
Cincinnati
Cleveland
.
Chlcass
,
New York
Detroit
ALABAMA
PITTSBURGH
CALDWELL & GARBER
We Recommend the.Purchase
ROBERTS
of
Members Chicago
Merritt Oil
HALL
A
New York Stock Exchange
Corporation
BANKERS
and
Board of Trade
Cincinnati Stock Exchange
BROKERS
SECURITIES
INVESTMENT
Bought—Sold—Quoted
Alabama
Birmingham
CINCINNATI
-
.
.
OHIO
.
.
CITIES SERVICE
Common and Preferred
Otto Marx & Co.
Fourth
307
Ave.,
Pittsburgh,
$250,000 Muskingum County, O.
BANKERS
GODDARD, HUNTER & CO.
ROAD
"
♦
Due
Pa.
Birmingham, Ala.
Price
on
Court 4806.
New
York,
Pittsburgh and
Stocks
and
Dealers in
Chicago
Southern investment Securities
Bonds.
5%
BONDS •
•
1927
1918 to
application
Weil, Roth & Co.
CINCINNATI
Chicago
New York
BUFFALO
Pittsburgh Securities
a
Specialty
CHILDS, KAY & WOODS
Union Bank
JOHN
Government, Municipal
and Corporation Bonds
Memben
NEW YORK STOCK EXCHANGE
PITTSBURGH
STOCK
edgar
friedlandeb
DEALER
PITTSBURGH, PA.
Bldg.
T. STEELE
IN
BUFFALO, N. Y,
EXCHANGE
SPECIALISTS
CHICAGO BOARD OP TRADE
Buffalo
and Western
Cincinnati Securities.
OHIO
CINCINNATI
IN
New York
Securities
BALTIMORE
PITTSBURGH BESSEMER & LAKE ERIE RR
Debenture 5%
PITTSB.
5%
AUGUSTA
Bonds, due 1919.
SHENANGO
&
LAKE
ERIE
Bonds, maturing 1940.
SUPERIOR CALIFORNIA FARM LANDS CO.
6% Bonds, maturing 1928
JOHN W. DICKEY
AUGUSTA, GA.
Avenue,
PITTSBURGH
CINCINNATI
BALTIMORE
DUQUESNE BOND CORPORATION
223 Fourth
Westheimer & Company
RR
Southern Securities
Establlahd
1886.
Members of
New
York
Cincinnati
the •
Slock Exchange
Stock
Exchange
Chicago Board of Trade.
Dec. 15 1917*.]
THE CHRONICLE
IX
ganfeetg an& ffcoktrg onlaOie Jfttto gorh
GRAND
LOS ANGELES
RAPIDS
SAN
The Preferred Stocks
■■
of
i
Pacific Coast
th«
American Public Utilities Company.
and Other
MUNICIPALITIES AND
CORPOfiATIONS
Utah Gas & Coke Company
61
having substantial assets
regular quarterly dividends.
Principal Gties
Broadway, New York
• Los
Angelei
San Francisco
and earning power
safe, profitable investments*
v*
Members:
Direct Private Wire New York to San FrancSoee
of
Company
Thay
E.F.HUTT0N & CO,
NEW YORK STOCK EXCHANGE
BONDS
Wisconsin-Minnesota Light & Power
pep
Securities
FRANCISCO
Oakland
*
Pasadena
Managed by
Kelsey, Brewer & Co.
WILLIAM R. STAATS CO.
LOS
Engineers
Operators
ANGELE3
SAN FRANCISCO
Grand Rapids, Michigan
BOND DEPARTMENT
343 Powell St.
San Franc^r
CHICAGO
Quotations and Information furnished
PASADENA
fO
^
Pacific Coast Securities
PHILADELPHIA
F. M. BROWN
Wm. G. Hopper &
Co.
TORRANCE, MARSHALL & CO.
STOCK & BOND BROKERS
Municipal and Corporation
California
18 SOUTH THIRD STREET
Philadelphia, Pa.
V. CL Hopper
Member Pblla,
Socurltlaa
LOS ANGELES,
CALIFORNIA
H. S. Hopper.
Stock Ex.
KANSAS
BONDS
800 Sanaome Street, Corner California
SAN FRANCISCO, CALIFORNIA
Member Pblla. Stock Ex
CITY; MO.
We Speclallxa In California
Municipal and Corporation
Quotations and
Information
BONDS
Established 1858.
PERRIN, DRAKE &. RILEY
LOS ANGELES
INVESTMENT BROKERS
San Francisco
Members
410 Montgomery St.
Bonds
J.
R. H. M0ULT0N & COMPANY
CALIFORNIA MUNICIPALS
MUNICIPAL BONDS
Title Insurance Building,
YIELDING 8 TO S%
1tocriptiw Circular
Bldg.,
on
Direct Wire to
Herzog & Glazier
14 Broad St., Now York
A.E.LEWIS
KANSAS CITY, MO.
CLEVELAND
of the
Security Bldg.,
Members of the
483 CALIFORNIA 8Y.
0.7. Stock A Bond Ex.
SAN FRANCISCO
■
PACIFIC COAST
OTIS & COMPANY
BART B fit CO.
LOS ANGELES
BONDS
LOS ANGELES, CAL,
MAX I. KOSHLAND
Pacific Coast Securities
INVESTMENT BANKERS
.
J.
INVESTMENT SECURITIES
reguest
MUNICIPAL AND CORPORATION
Second
San Francteeo stock aa
Bond Exchange
KANSAS CITY
R. SUTHERLIN & CO.
Commerce
ea
SUTRO & CO.
Municipal and Corporation
1st Nat. Bank Bid*.,
Purnlshed
Paclflo Coast Securities
PRESCOTT & SNIDER
Investment Securities
& CO.
DEALERS IN
Floor. Cuyahoga Bldg.
Cleveland* Ohio
SAINT
PAUL
Member
San Francisco Stock and Bond Exchange
Branch Offices: Columbus, Ohio; Akron. Ohio
Youngstown. Ohio; Denver. Colo.;Colorado
Springs. Colo*: Casper. Wyom.
F. E. MAG RAW
Mills Building
MUNICIPAL AND CORPORATION
SAN FRANCISCO
BONDS
Members of New York. Chicago
Columbus
and Cleveland Stock Exchanges and
Chicago'Board of Trade
.
.
Commercial Paper
Local Securities of the Twin Cities
Glebe Building
CHAPMAN DE WOLFE CO.
ST. PAUL, MINN,
851-353 Montgomery Street,
LOUISVILLE
SAN FRANCISCO. CALIF.
MACON
Stocks and Bonds
John W. & D* S. Green
Rochester Railway 1st & Id Mtge. 5s
Buffalo Railway 1st Consol 6s
W.
Buffalo Crosstown 0s 8t
ouUville Henderson
DAVIS
COMPANY
Southern Municipal Bonds
St. Louis 1st 8s
International Railway 5s
Louisville Lighting 1st 8s
LOUISVILLE
M.
Information and Quotations on all PaclISs
Coast Securities
Member San Francisco Stock A
PORTLAND, MAINS
Guaranteed Stocks
KY.
Henning Chambers & Co.
Bond Exchange
AND
MACON
GEORGIA
Wanted—'Wichita Water Co. 5a
due 1931
INVESTMENTS
INDIANAPOLIS
404 West Main Street. LOUISVILLE, KY.
M. PAYS0N &
H.
Members New York Stock Exchange
BREED, ELLIOTT & HARRISON
CO.
Investment Bankers
Portland, Maim
88 Exchange St.,
INDIANAPOLIS
CINCINNATI
PORTLAND, ORE.
CHICAGO
Investment Securities
MORRIS BROTHERS
PORTLAND
PHILADELPHIA
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
Great Eastern
First Mortgage 6% Bonds offered with
of Capital Stock,
Information
bonus
84 EXCHANGE ST.,
BONDS
,
upon request.
BEYER
Municipal and Corporation
Paper Co.
To Those Interested In Pulp. Paper and
Lumber Securities
&,
SMALL
PORTLAND, MAINE
OTTO F. HAUEISEN &, CO.
Established 1903
FAOX7IO COAST SECURITIES A SPECIALTY
Tatoptr*
Specialists in Local Securities
411
Fletcher
Trait
Building, Indiaaapella
F.
WiOiRAFT
LAWYER.
HALL & COMPANY
Specializing in Examination of
INVESTMENT BONDS
Local and Paclflo Coast Securities
NEWTON TODD
Local Securities and
Indiana Corporation Bonds a Stocks
LEWIS
BUILDING,
PORTLAND,
OREGON
Fletcher. Amer. Bank Bldg., INDIANAPOLIS
Municipal and Corporation Bench
•17-530
HARRIS
TRUST
BUILiHNG
11A WEST MONROE STRRR1
CHICAGO, ILL.
[VOL. 105
CHRONICLE
THE
X
Current
JBcm& inquiries
WANTED
CO.
J. LISMAN &
F.
York and
New
Members
Birmingham Water Go. 5s
Boston & Maine RR. 4s & 4}^s
BROADWAY, NEW YORK
6J
Chicago
Milwaukee & St. Paul All Issues
Terre Haute & S. E. Incomes
Texas C.—Waco
N. Y.
North
North
SPILLER & CO.
H. C.
INCORPORATED
Mountain & Southern 4s
Terminal 4s & 3J/£s
Wheeling & Lake Erie 4Ks, 1966
Wisconsin Central Refunding 4s
RAILROAD AND
63 Wall Street
27 State Street
Washington
4ND ALL
(111.) Water 4s & 5s
Peoria
Birmingham 5s & 4s
St. Louis Iron
Power Co. 6s
Niagara Falls
& N. W. Div. 6s
NorthernjNotes
International & Great
Mobile &
W. Co. 5s & Stk.
& N. J. Water 4s & 5s
Denver Irrig. Dist. 6s
Sterling Irrigation 6s
Newp. N. Lt. &
Duluth South Shore & Atlantic 5s
Galveston Houston & Henderson 5s
Housatonic Railroad 5s
Houston &
Water Co. 5s
Nassau County
Chicago
WE DEAL IN
Co. 5s
Butte Water
Guar. 4s, 1930
Canadian Northern
New York
Boston
WOOD, STRUTHERS &
CO.
Htock
York
New
Rights and Scrip
NEW
Securities
MEMBERS
Slretn
.V
YORI4
Pittsburgh Stock
100
United N. J. RR. & Canal
FREEMAN
Members New
34
PINE
&
COMPANY
York Stock Exchange
STREET, NEW YORK
Telephone 5089 John
Northern Pacific
Washington
Norfolk
&
3j^s, '51
Pittsb. Coal Co. Deb.
1944
4s,
of California 5s, 1937
120
•
e
■
Short
1947
1936
Battelle
&
Hartshorne
Members of
25 BROAD
81 Naasau Street.
the New
ELDREDGE
U.
NEW YORK
S.
Hickory, N. C.
Will buy
and sell
71
NEW YORK. N. V
54«
Tel
City of Springfield, Illinois
Petersburg, Fla.
Refunding ZlAs due
Application.
-
5s
Bought, Sold arid
due 1923-1925
Quoted
due 1917-1928
Judgment
Seasongood & Mayer
Rector
MICHIGAN SECURITIES
1920-1921
Refunding 4s
DILLON
IVf.
Broad wa?
Co., Okla.
N. C.
.
Co.
Trust Co.
FRANK J.
O.
632 Oar«
Bond Co.
Guaranty
MUNICIPAL BONDS
^
Mortgage & Trust
Mortgage
CINCINNATI,
ThI
N. Y.
Bank of Commerce
York Stock Exchange
STREET
6%
Attractive Prices on
Issues
INVESTMENT SECURITIES
PITTSBURGH, PA.
Madison Co.,
Bonds
Foreign Government
BULL &
6i Co.
Notes
Term
Equipment
Railway
Youg, Stock
JFL B. HOTCBIWSON
York Stock Exchange
of Nr-w
1st 4s
5s, 1931
& CO.
BROS.
BROADWAY, NEW YORK
Members
Union Pacific
Pacific R. R.
Southern
1928
SUTRO
Crucible Coal Co. 1st 5s,
Pittsb. McKeespt. &
Chestnut. Street,
PHILADELPHIA
1945
Div.
West.
Lake Shore Deb. 4s,
Westingh. Mach. Deb. 5s, 1920
St.
Exchange
3s, 2047
Terminal 3^s,
We Will Buy
Lincoln
(exchange
Philadelphia Stock Exchange
Quoted
Sold
Bought
Co
Robt. Glendlnnlng &.
STEAViSHIP SECURITIES
Investment
GENERAL ELECTRIC COMPANY
4s
Birmingham Terminal 1st
Chicago Stock Exchanges
Inquiries Solicited
JOEL STOCKARD
CO.
MATHENY, DIXON &
& CO.
Floor-Penooecot Bld'g
DETROIT
Main
Bonds and Mortgages
Empire Refining 1st 6s, 1927
Kan. City Clin. & Springf. 1st 5s, 1925
Louisiana & Arkansas 1st 5s, 1927
New Orleans Great Northern 1st 5s, 1955
Havana Electric Cons. 5s, 1952
Evansville Gas & Electric 5s, 1932
Chicago & Eastern Illinois 6s, 1934
Chicago & Eastern Illinois 4s, 1955
Hudson River Gas & Electric 5s, 1929
Central Branch 1st 4s, 1948
Fonda Johnstown & Gloversv. 4s & 4Hs
SPRINGFIELD,
ILLINOIS
Descriptive List on Request
Akron & Barberton
Cin. Ind. St. L. &
Pa.
Co.
Belt 4s, 1942
Chic. 4s, 1936
Shawinigan Wat. & Pow.
Gurtiss
WOLFF & STANLEY
T$l.
2860
or
6557
5s, '34
11
WALL
S
RiPPEL &
COMPANV
NEWARK. N J.
STREET
Aeroplane 6s,
ST.,
N.
STOCKS AND BONDS
4s, 1951
bought and sold for cash, or carried
conservative terms.
Inactive and unlisted securities.
Inquiries invited.
1918-1922
McKinley & Morris
Broaa
St., New York
i.
18 CLINTON
gtd. 3^s, '37-'41 -'42-'44
N. Y. Dock Co. 1st
27 William
Municipal Bonds
New Jersey
Tel. 2244-5-6
Rector
FINCH
TARBELL
&.
Members New
120
BROADWAY,
on
York Stock Exchange.
-
-
•
NEW YORK
DEC. 15
THE
1917.]
——
Current
r
Bleecker St.& Fulton
i
,1
-
i
ii
^Inquiries
*t
'
,
*
*
..
-1
■
Tl HWIIIH l«ITI
■
J. S. FARLEE & CO.
Fer'y Com.
Established
Morgans La. & Texas 6s
Indian Refining
XI
CHRONICLE
i"
1882
BROADWAY, NEW YORK
66
Minneapolis & St. Louis 1st 7s, 1927
New York Susquehanna & Western Rfd. 5s, 1937
L. & N., St. Louis Division 6s, 1921
Long Island Debs, (old), 1934
Long Island General 4s, 1938
Com.& Pref.
Paragon Refining
American Cities 5s & 6s
v
New Orleans Ry.
& Lt. 4J^s
Mobile & Ohio 1st 6s, 1927
Ft. Worth & Denvar City 6s, 1921
Otis Elevator Preferred
3. S. Bache & Co.
Buffalo
Clev. & Pittsb. Guar. Stock
Northern Central
Baltlraort
Rochester
Montreal.
Montgomery & Ward Preferred
Broad
#400
NEW YORK
Syracuse
Albany
V
Norfolk Ry. & Light 1st 5s, 1949
Norf. & Ports. Trac. Co. 1st 5s, 1936
Established 1865.
Cosden & Company
Bonds
Underly. RR. & Pub. Utility Bonds
Bio ren & Co
BANKERS
Middendorf, Williams & Company
Philadelphia
314 Chestnut St.
I incorporated
Federal Tax Free
BOSTON
Utilities
Securities.
Members New York and
Railroad.
<
Cities.
Bonds
and
Citizens Lt. Ht. & Pow. 5s, 1934
,
CO.
BANKERS
%
Consolidated
Power 1st 5s 1937
Power
Elk
Horn
Perm.
I
CO.
Stock
Exchange
WIRE
PRIVATE
TO
BALTIMORE.
ST.
Columbus Street Ry.
LOUIS
ST.
City Ry. & Lt. Co. 5s, 1923
Toledo Term.
BIGGS
1957
RR.
MD.
First 6a, 1932
Chicago & East Illinois Pfd.
Kirby Lumber
Pere
Marquette 5% Pfd
Syracuse Gas Co. First 6s, 1946
ffiasfc Ohio Gas Co.
Tri
Texas Pacific 1st 5s
Evansville & Terre Haute Rfd.5s
1874.)
Members Baltimore Stock Exchange
4390 Rector
Telephone,
Chicago & East Illinois 4s & 5s
Power Co. Securities
HARMANUS FISHER & SONS
f SOUTH
BROADWAY, N. Y.
York City
Rector 7126
Light &
Coal Corp. Securities
Water &
New
'Phone,
Securities
Gas, Electric
(Established
York
Exchangee
Baltimore Securities
of
J. A. CLARK &, CO,
120 Broadway
Stock
Baltimore
Coal Co.
Consolidation
Kings Co. Elec. Light &
&
V
N
Members
NEWBORG
Portland, Ore., Gas & Coke 6s, 1940
German American^ Bank
Negotiated
issue#
Security
W. W. LANAHAN &
New
'
Dayton Gas 5s, 1930
Columbus Gas 5s, 1932
Conservative
for
Investment.
Entire
Private wires to the Principal
Industrial
Municipal;
Utility
Philadelphia
Stock Exchanges.
60
CLEVELAND
MP.
BALTIMORE.
Public
Members
and
5«
-
it CO.
E. DENISON
C
Railroad and
Municipal,
Public
4J^s
4s
4s
4s
Cleveland, Ohio
Spokane, Wash
Duluth, Minn
Omaha, Neb
Lakewood, O., School District
INVESTMENT SECURITIES
Government,
8% Pref
Amer. Lt. & Trac. Pref,
-
First 6s, 193V
McLANE
A.
WILLIAM C. ORTON
Specialist Reorganization
25
Securities
T.1.7U01-* Broad
BroadSt., New York
32 South Street
Omaha C. Bluffs St. Ry. 5s, 1928
3urgess, lang & co.
Soar*
Adams Exp. Bids..
NEW YORK
Building
BOSTON
427
International Salt Co. 5s
25
Broad
New
Corp. First 5s, 1944
Chestnut
PHILADELPHIA
Street
STANDARD
a kirk
York
Exchange
Stock
Weekly
NEW YORK
Street
Bklyn. Union Gas Co. 1st 5s, 1945
Cent. Union Gas Co. 1st
Summary
Q
Will be mailed
on
New Amst. Gas Co.
N. Y. & Westches. Ltg.
5s, 1954
Westchester Ltg. Co.lst
5s, 1950
Investors on
RUSSIAN GOVT. BONDS
(All Issues)
/
Bought
Sold
—
—
Issues
CARL
INVESTMENT
Tel.
John
34
Pine
St.,
N.
C. B. &
Special Letter British
American
Railroads
under
Government control.
Copy mailed on request
MAalhex & ,s>tras
goscyh
Members
61
New
Broadway
York Stock Exchange
New York
Tel. Rector 3880
A. CO.
25 BROAD ST.. N.Y.
Q.—Illinois Div. 4s
Bethlehem Steel p. m. & Impt.
Evansville & Terre Halite 6s
5s
Ches. & Ohio—Coal River 4s & Consol. 5s
Wheeling & Lake Erie—Wheeling Div. 5s
Kansas City Fort Scott & Memphis 4s & 6s
Montreal Tramways 2-year 6s, 1919
Sinclair Oil 7s & Gulf 6s
Florida Central &
Utah
Fuel 5s
West
Kentucky Coal 5s
Pleasant Valley Coal 5s
Chicago & Eastern Illinois 6s
Missouri Kansas & Texas—All
Fran. Power 2d 5s
Rauscher & Childress
N.w York
Tel. 5834 Hanover
„
Texas & Pacific 5s
Spokane & Inland Empire 5s
64 Wall St.
Peninsular Cons. 5s
Cerro de Pasco 6s
Grand River Coal & Coke 6s
St. Louis & San
Ewen
Broadway, N. Y.
Y.
The Outlook For
and
request
H. PFORZHEIWIER
Phones 4860-1-2-3-4 Broad
American Railroad Securities
a
100
SECURITIES
3174-5-6-7.
analyzed in
L
Win. Carnegie
Quoted
Didrichsen & Co.
Con.5s, 1948
H.&P.4s, 1949
to
Standard Oil
5s, 1927
Kings Co. El. L. & P. Co. 5s, 1937
N.Y. Gas & El. L.,
Wanted
TOBEY
Members
Georgia Ry. & Pow. 1st Mtge. 5s, 1954
Western N. Y. & Penn. Trac. 5s, 1957
SAMUEL K.PHILLIPS&.CO.
$10,000
.
MD.
Hocking Coal Co. First Mtge. 5s, 1932
Lake Superior
We Will Sell
Bid
BALTIMORE,
SAM'L
'Phone 5330-1-2-3 Broad
issues
GOLDSCHMIDT
25 Broad Street
[VOL. 105.
CHRONICLE
THE
XII
Current JStmb
Hinqutrfes
Gulf Florida & Ala. Ry. 5s
Indiana Col. & East.
Traction 5s
& Asht. Ry. 5s
Clev. Painesv.
Guanajuato Red. & Mines 6s
INVESTMENT SECURITIES
Birmingham Water Co. 5s (Ala.)
Transportation
Automatic
Sullivan Machinery
Gray & Davis Common
& Pref.
United States Worsted
Members New
York end Philadelphia
71
Private Wires to
Dubuque Electric Pref.
Stock Exchangee
Phone 7189 Rector
Engl. Invest. & Sec. Pref.
New
Louchheim, Minton & Co.
(Ia.)
General Baking 6s
BROADWAY, NEW YORK
Philadelphia and Boston
HOTCHKIN & CO.
Incorporated
SHORT
Berdell %othette
fuMirMtffifrSetmtw*
88 Stat. St.,
84 Fin. St.,
securities
BroauwagJOk.
111
TERM
Curtis & Sanger
Knickerbocker Ice Co.
Members
1st 5s,
Ne]£ York, Boston and Chicago
Electric Co. 6s
American Power St Light Co. 6s
Qreat Western Power Co. 6s
Utah Securities Corporation 6s
American Qas &
1941
Stock Exchanges
WALL STREET
49
Chicago
New York
Boston
BABCOCK, RUSHTON& CO.
Members New York & Chicago
Explosives 1st 6s, 1945
Butterworth-Judson 6s, 1921
Havana Tobacco 1st 5s, 1922
Aetna
Corporation 6s
Lehigh Power Securities Corporation 6s
Western States Gas &fcElectric Co. 6s
Middle West Utilities
Home Ins. Bldg.
Chicago
Glover
International Salt 5s, 1951
Santa Cecelia Sugar 1st 6s, 1927
United Lead Debenture 5s, 1943
.
Private Phonea to
Boston, Mass.
New York, N. Y.
Philadelphia & Bo• ton
Stock Exchangee
7 Wall St.
New York
"
&
S46 Fourth Ave..
MacGregor
PITTSBURGH. PA.
Amer. Wat. Wks. & Elec. 5s, 1934
Chester Kennet St W1I. Elec. Ry.
Philadelphia & Easton Elec. Ry. 6s
Palmer Union Oil 6s
Twin Falls North Side L. & W. 6s
Twin Falls Oakley L. & W. 6s
Twin Falls Salmon River L. & W. 6s
West
6s
43
1921
Sis
Russian Government 6H«» 1919
P. WARD, 1» Broad St., N.
Bankruptcy and Reorganization Bonds
Y.
Pacific Power & Lt. 5s, 1930
Dubuque (Iowa) Elec. 5s,
Options in Russian Roubles
NEW YORK CITY
Phone, Hanover 4616
INCORPORATED
PHILADELPHIA
Japanese Government Bonds
All Issues
& CO.,
ELECTRIC RAILWAYS
Offerings Wanted
BOSTON
85 Devonshire St.
STERN & SILVERMAN
ALFRED R. RISSE CO.
It WALL STREET.
1925
Yadkin River Power 5s, 1941
NASON
McKeesport Tin Plate 5s, 1930
1926
Russian Government 6
FRANK
L.
Exchange Place, 'Phone 4601-3-3 Hanover.
Russian Government 6
Corporation Stocks
United Coal
Investment Securities
Superior Cal. Farm Lands 6s
Emmett Irrigation 6s
Biju Irrigation 6s
Empire Lumber 6s
Champion Lumber 6s
H.
DUNHAM & CO.
ZlMMERMANN
B. N. ROSENBAUM & CO. INC.
&
9 & 11 Wall St.,
FORSHAY
ENGINEERING
FSNANCINO
New York
NEW YORK
80 WALL STREET
negotiates large loans,
discounts the sale of securities for
Automobile
accessory,
Industrial
and Realty Projects.
This office
B. St O. Toledo Cincinnati 4s, 1959
Birmingham Terminal 4s, 1967
Clearfield & Jefferson 6s, 1927
Clearf. Bitum. Coal Corp. 1st 4s, 1940
Del. Lack. & West. 6s, 1921, Tax-Ex.
New Jersey
Securities
III. Cent.,Kankakee
& Southw. 6s, 1921
1990, Ctfs. of Dep.
Kan. City & Pac. 1st 4s,
OUTWATER & WELLS
L. St N., St. Louis 6s, 1921, & Gold 5s, *37
Mobile & Ohio, Montgom. Div. 6s, 1947
Tel. 30 Montgomery
II Exchange Place
Middlesex &
s. N. BOND & CO.
Commercial Paper
Municipal Bonds
111 Broadway
60 State
*
New York
Street, Boston
Bond Dept.
Rome Watertown & Ogd. Cons. 6s, 1922
Southern Railway St. Louis 4s, 1951
Denver & Salt Lake 1st 5s, 1943
Caro. Clinch. & Ohio 1st 6s, 1938
BAKER, CARRUTHERS & PELL
Cuban Govt. 4J^s, 5s, 6s
COMPANY
&
130 B'way
Phil*. Stock Exchanges
'Phone 8900 Rector
St West. 6s, 1921
N. Y. New Hav. St Hartf. 4s, 1955 & 1956
Pittsb. Bessemer & Lake Erie 6s, 1947
Pittsb. Shenango & Lake Erie 5s, 1940
Minn. St. Ry. 5s, 1919 & 1928
Mo. Kansas & Okla. 5s, 1942
Members New York and
W. P. Baker, Manager
New York Lackawanna
Louisv. Gas & El. Notes & Bonds
MILLER
Somerset Traction 6s, 1950
Nash. Chattanooga & St. Louis Ss, 1928
New York & Rockaway Beach 5s, 1927
Jersey City, N. J.
Bonds—Bank Stocks—Standard Oil Stocks
16 Broad Street
New
Phones 5161 to 6169 Hanover
New York
Weekly List
of
Investment
Current Bond
Securities
Offerings
will be mailed upon
A. B. Leach
Investment
Dick, Gregory & Co.
62 Cedar St.,
£3
25 Broad St.
86 Pear! St.
NEW YORK
HARTFORD
Philadelphia
[St. Louis
request
& Co., Inc.
Securities
105 So. La Salle St.^ Chicago
Buffalo
Boston
Minneapolis
Cleveland
Scranton
New York
Baltimore
York
DEC. 15 1917.]
THE
CHRONICLE
XIII
JNnamial
yfnantfal
F. B. HITCHCOCK & CO.
Sound
Investment Bonds
NEW YORK LIFE BUILDING
39 SOUTH LA SALLE STREET
CHICAGO, ILLINOIS
Bonds of first grade
utility companies arP
and profitable
investments
at
the
timely
present market.
utility
bonds
Real values represented by
remain
stable;
their
interest
BONDS
payments are not affected.
These bonds merit the attention of shrewd
investors:
Price.
Yield.
Northern States Power—5s
87^
6%
Ottumwa Ry. & Light
5s
95
6%
Mobile Electric--
5s
86J4
6%
Western States Gas & El-6s
87H
6%
Descriptive Bond Circular CC-80
liMiioisTraj^&Savoi^sBaiilC
CHICAGO
,
Will be sent upon Request.
Capital, Surplus and Undivided Profits
H. M.
Byllesby & Company
Pays Interest
on
Time
Has
218 So. La Salle St.,
1219 Trinity
CHICAGO
BIdg.,
NEW YORK
Accounts.
oh&nge.
Acta
SOUTHERN BONDS
and
sell
variety of
a
ex-
Buys and sells
Government, Municipal and
General Trust Business.
Corporation Bonds.
as
Girard
Trust
Company
PHILADELPHIA
Chartered
1836
Registrar and
Transfer
'buy
cellent securities.
,
Foreign Ex-
a
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
HIGH-GRIDE
We
Deals In
Transaots
$16,400,000
-
hand at all times
on
INCORPORATED
Deposits, Current and Reserve
-
Agent.
CAPITAL and
SURPLUS, $10,000,000
Interest allowed
high
deposits.
on
E.
grade tax-secured municipal
B. Morris, President*
bonds of the Southern States
and their sub-divisions offer¬
ing
a
safe security with
attractive
Your Liberty Bond
an
yield.
You can find out anything you don't
know about your Liberty Bond easily
Announcement
and
quickly
Do
DEPARTMENT
know
you
Liberty Loan
The Name of
Do
lose
HIBERNIA
how
bond
know
you
you
our
cash
to
sell
can
borrow
or
what
to
your
it?
on
do
new
your
If
you
it?
,
Send
for Booklet
"Your
BANK & TRUST CO.
H—45
Liberty Bond."
Broadway
NEW ORLEANS
Resources
consulting
know how
Loan coupon?
you
Liberty
Do
BOND
by
indexed booklet.
Write for descriptive booklet
Trust
John Muir &
Company
SPECIALISTS
IN
v
Odd Lots
^$35,000,000
was
changed
to
Main Office, 61 Broadway, N. Y.
New York, N. Y.
Newark, N. J.
New
Members New York Stock Exchange.
Irving
Should
Business Men
Trust
Buy Stocks
A large number of good securities are
Company
LUDWIG
November 30th, 1917
selling lower than they did in the panic
warning, anticipating this de¬
cline in the Stock Market, which has been
going on throughout the year, was placed
our
clients
on
61
understand
stantial
can
profits,
the long swings of the
readily help you to sub¬
thrvr correctly
advising
Write for free particulars.
Address Dept.
F. C. 19 of the
Finest Hunting and Trout
Fishing
lands in fee simple,
f
coal,
Babson Statistical Organization
MASS.
Largest Organization of its Character
in the World.
iron,
River
near
WELLESLEY HILLS,
Broadway
New York
Next Week's Pay
25,000 ACRES
the proper time for you to make your next
purchases.
A CJo,
January
2, 1917.
We
Market and
CRANE
Investment Securities
of 1907.
the hands of
&
Successors te T. W. Stephen
now
An urgent
in
Brooklyn, N. Y.
Bridgeport, Conn.
Haven, Conn.
Lock
New
roads;
a
and
few
On
Susquehanna
Pennsylvania
Haven, Pa.
York
no
including fire clay,
etc.
to
Buffalo.
inhabitants;
houses
near
low for all or part.
J. W.
Railroad
Thru trains
Many
some
old
timber;
station.
Price
Apply to
BEECHER,
Pottsville, Pa.
Envelope
should not be the first consideration of the
man who is building for the future.
These
are
the
times
of
reconstruction, of new
perspectives—and
new
opportunities.
A
leading publisher of class magazines offers
the man who is dissatisfied with his work,
who is
not certain
of
his future,
a
real
opportunity on the advertising sales staff
straight salary.
Lack of experience will
on
not count against him.
He will be carefully
trained in a profession that is
developing
big men for every phase of big business.
And he will be helped in every way to make
himself an important factor in this organi¬
zation.
Do you want to talk it over?
Ad¬
dress,
care
telling
your
story
in-full,
Financial Chronicle, P.
Station, New York,
Street
O.
X. Y. Z..
Box 3, Wall
[Vol. 10ft
33tb(tren&s
Jfinatutal
THE NEW YORK CENTRAL RAILROAD CO.
New York, December 12, 1917.
A
cents
$250,000
secured by first mortgage on
Certificates,
LOUVAIN
held under lease from
Guaranteed
COMPANY, Inc.
CONSTRUCTION CORPORATION
$3,000,000.
Capital and Surplus over
Y., Depositary
EQUITABLE TRUST CO. OF N.
January 24, 1918.
1917.
December 19,
J.
January
January
January
January
January
$12,500
12,500
12,500
12,500
137,500
1,
1919
1,
1,
1920
of the loan.
building is a fireproof structure erected
teurization, bottling and ice plant.
It is designed
The
1,
1922
1,
1923
the
for
sales
for a milk pas¬
CLARK & CO., Bankers.
Office of the
W.
past
$11,900,285 02.
York,
dividend
payable on
of record at
20th, 1917.
Checks' will be mailed.
HOWARD CORNING,
Treasurer.
YORK STATE RAILWAYS.
Grand Central Terminal, N. Y., Dec. 10 1917.
A dividend of ONE AND
ONE-QUARTER
PER CENT (SI 25 per share) on the Preferred
Stock of this Company has been declared, pay¬
able on Jan. 2, 1918, to stockholders of record at
the close of business on Dec. 20, 1917.
NEW
Its
MILTON S. BARGER,
listed.
Write
135
of the City
for Circular
COMPAQ
MORTGAGE
AND
TITLE
203
BROADWAY,
The transfer books
1917.
Dec.
Telephone, Main 7100
will not close.
A. C. ANDREWS,
f
BROOKLYN.
MANHATTAN.
quarterly
has declared a
capital stock of this bank
payable January 2nd, 1918, to stockholders of
record at the close of business December 24th,
MANTAGUE STREET,
Telephone, Cortlandt 6880.
Bank
of New York
The Board of Directors
dividend of 4% on the
YORK
NEW
Treasurer.
Chase National
The
these 5^ per cent first mortgage certifi¬
cates with out guarantee of principal and interest.
Denomi¬
nations of $100 or multiples thereof in various maturities, as
We offer at par
above
One
of
(l%%) upon the Preferred stock,
January 1st, 1918, to stockholders
the
close
of business
December
each mortgage certificate.
on
of the Bangor Railway
declared the regular quarterly
and three-quarters per cent
& Electric Co. has
Authentication of the Depositary will be
Depositary.
as
DIVIDEND NO. 25.
STOCK
The Board of Directors
net earnings,
endorsed
Maine.
Bangor,
PREFERRED
an
three fiscal years were
ELECTRICCOMPANY
BANGORRAILWAY &
to be the world's
after depreciation, for the same period, were
$472,887 04 per annum, an amount nearly twelve times the sum
annually due on the lease.
The mortgage is held by the Equitable Trust Company of New
average
STEWART, Treasurer.
E. K.
E.
aggregate net rental
of $400,000, at the uniform rate of $40,000 per annum, thus pro¬
viding unusually strong commercial backing for the loan.
The Sheffield - Farms Company, Inc., is an old-established,
successful business, well known in New York.
Its average annual
for
CO.
The Board of Directors of the Columbus Rail¬
Power & Light Co. has declared the regular
quarterly dividend of One and One-Half Per Cent
(1XA %) upon the Preferred Stock, Series A, of
the Company, payable January 2nd,
1918, to
stockholders of record at the close of business
December 15th, 1917.
Checks will be mailed.
largest, most modern and best equipped milk pasteurization plant.
In addition to the property covered by the mortgage, the loan
is further secured by an assignment of a ten-year lease executed by
Sheffield Farms Company, Inc.,
Bankers
CO.,
way,
1921
times the amount
the
&
COLUMBUS RY.. POWER & LIGHT
PREFERRED STOCK, SERIES A,
DIVIDEND NO. 16.
Valuation of direct security, $600,000.
the direct security is over two and one-half
The valuation of
HILTON,. Secretary.
A.
CLARK
W.
E.
Office of the
SERIAL MATURITIES:
$12,500 July 1, 1918
July 1, 1919
12,500
July 1, 1920
12,500
July 1, 1921
12,500
July 1, 1922
12,500
Total Loan, $250,000.
ROSSITER, Treasurer.
INDIANAPOLIS & LOUISVILLE
RAILWAY COMPANY.
52 Broadway, New York, December 13, 1917.
A dividend of one and five-eighths (1%) per
cent on the Common Stock and a semi-annual
dividend of Two (2) per cent on the Preferred
Stock has been declared out of the accumulated
surplus of the Company, payable on and after
December 29, 1917, at the office of Messrs. J. P.
Morgan & Co., 23 Wall Street, New York City,
to Stockholders of record at the close of business
York; the Normal Federal
personal property taxes in the State of New
Tax of 2 per cent will be repaid by the Guarantor.
Free from
Income
which will be held
CHICAGO
and Mortgage Company
New York Title
Meeting of
of the Annual
purpose
23, 1918, the stock transfer books will
be closed at 3 P. M. January 3, 1918, and re¬
EDWARD L.
Principal and Interest by the
to
as
Capital Stock of
January
opened at 10 A. M.,
the Brooklyn Plant of the
SHEFFIELD FARMS
the
For
stockholders of this Company,
Guaranteed First Mortgage
*
and Twenty-five
been declared payable Febru¬
ary 1,
1918, at the office of the Treasurer, to
stockholders of record at the close of business
January 3, 1918.
Sl^%
.
Dividend of One Dollar
(31 25) per share on the
this Company has
Cashier.
12, 1917.
PHENIX
&
CHATHAM
THE
NATIONAL BANK
of the City of New
AMERICAN
& FOUNDRY COMPANY.
CAR
December 7, 1917.
PREFERRED CAPITAL STOCK
DIVIDEND NO. 75.
A dividend of One and
Three-Quarters Per
Cent (1 Y\ %) on the Preferred Stock of this ComNew York,
Sany January 1, 1918, to stockholders of record
has this day been declared, payable Tuesay,
Monday, December 17.
the close of business
at
1917.
will be mailed by the Guaranty
Checks
ELECTRIC COMPANY
DIVIDEND NO. 31.
New York, December 10, 1917.
A regular quarterly dividend of two and onehalf per cent (2Yi%) on the issued and outstand¬
ing COMMON Capital Stock of American Gas
& Electric Company has been declared for the
quarter ending December 31, 1917, payable Jan¬
uary 2.
1918, to stockholders of record on the
books of the Company at the close of business
AMERICAN
Trust
December
18,
AMERICAN
&
FOUNDRY COMPANY.
New York,
December 7, 1917.
COMMON CAPITAL STOCK
DIVIDEND NO. 61.
quarterly dividend of One Per Cent (1%)
Extra Dividend of One Per Cent (1%)
Company have this
day been declared, payable Tuesday, January 1,
1918, to stockholders of record at the close of
business Monday, December 17, 1917.
Checks will be mailed by the Guaranty Trust
Company of New York.
S. S. DE LANO, Treasurer.
■"
A
and
on
an
the Common Stock of this
H. C. WICK, Secretary.
Utah
Power
& Light
Company.
Preferred Stock Dividend No.
The Board of Directors of the
Light Company has declared the
dividend
of
one
payable
January
2,
1918,
record at the close of business
E.
P.
20.
Utah Power &
regular quarterly
three-quarters
and
(1 % %) on the Preferred Stock of
per
cent
the Company,
to stockholders of
December 15, 1917.
Treasurer.
SUMMERSON,
Computing-Tabulating- Recording Company
50 Broad St., N. Y., N.Y., Dec. 13,1917.
The Board of Directors of this Company have
to-day declared a regular quaterly dividend of One
Per Cent, payable January 10, 1918, to stock¬
holders
of record at the close of business on
December 27, 1917.
Transfer books will not be
Cl066(l*
J. S.
inclusive.
1917.
BALL,
Treasurer.
AMERICAN GAS & ELECTRIC
EXTRA DIVIDEND COMMON
Secretary.
CAR
quarterly dividend of 3% upon the capital
stock has this day been declared by the Board
of Directors, payable free of tax Jan. 2 1918, to
shareholders of record at the close of business
Dec. 19th, 1917.
Transfer books will be closed
from the 20th instant to Jan. 2nd, 1918, both
A
B. L.
I
New York,
HASKINS, (
&
Cashier. ,
Vice-Pres.
December 13, 1917.
Treasurer.
S. S. DE LANO,
C. WICK,
York
&
FRANK B.
Company of New York.
H.
OAS
COMMON STOCK
OGSBURY, Treasurer,
COMPANY
ELECTRIC COMPANY
PREFERRED STOCK DIVIDEND NO. 44
New York, December 10, 1917.
The regular quarterly dividend of one and onehalf per cent (1^ %) on the issued and outstand¬
ing PREFERRED Capital Stock of American
Gas & Electric Company has been declared for
the quarter ending January 31,
1918, payable
February 1, 1918, to stockholders of record on
the books or the Company at the close of business
AMERICAN
January
18,
GAS
BANK,
THE MUTUAL
49-51 West 33d Street, New York.
December 13, 1917.
STOCK.
December 10, 1917.
An extra dividend of two per cent (2%) on the
issued and outstanding COMMON Capital Stock
of American Gas & Electric Company has been
declared out of the surplus net earnings of the
Company, payable in COMMON stock January 2,
1918, to' stockholders of record on the books of
the Company at the close of business Decem¬
ber 18, 1917.
FRANK B. BALL, Treasurer.
New York,
this day declared a
of Seven Per Cent. (7%)
of this bank, payable January
2nd, 1918, to stockholders of record at the close
of business December 17th, 1917.
HUGH N. KIRKLAND, Cashier.
The Board of Directors has
semi-annual
dividend
the capital stock
on
American Telephone &
&
Telegraph Co.
Thirty-Year Five Per Cent
Trust
Coupons
terms on
from
these bonds, payable by their
office or agency
in New York or In
paid In New York at the
pany,
Collateral
Bonds.
December 1, 1917. at the
of the Company
be
Gold
Boston, will
Bankers Trust Com¬
16 Wall Street.
G.'D. MILNE. Treasurer.
1918.
FRANK B.
UNITED
FRUIT
BALL, Treasurer.
'The Western Union Telegraph
DIVIDEND NO. 74.
Company
December 11, 1917.
DIVIDEND NO. 195.~
New York,
COMPANY
A
HAL®*
quarterly dividend of ONE AND ONE
CENT, and ONE PER CENT. ADDITI¬
PER
cent (two
dollars per share) on the capital stock of this
Company, has been declared, payable on Janu¬
ary
15, 1918, to stockholders of record at the
A
quarterly
dividend
close of business
of two
per
December 20, 1917.
JOHN W.
DAMON, Treasurer.
the Capital Stock
of this Company, payable at the office of the
Treasurer on and after the 15th day of January
1918, to shareholders of record at the close of
business on the 20th day of December 1917.
ONAL has been declared upon
The transfer books
LEWIS
will remain open.
PRESDNER, Treasurer.
Dec. 15
CHRONICLE
THE
1917.]
Jfinanrial
Dibt&entia
THE ELECTRIC LIGHT AND POWER CO.
OF ABINGTON AND ROCKLAND
North Abington,
Massachusetts.
NO.
DIVIDEND
49.
dividend of $4.00 per
A semi-annual
The Care of Your Affairs
share on
the capital stock of The Electric Light & Power
Company of Abington & Rockland will be paid
January 2, 1918, to Stockholders of record at the
close of business December 15, 1917.
Under
Voluntary Trust
a
STONE &. WEBSTER,
Transfer Agents.
'HROUGH
ELECTRIC COMPANY
EL PASO
DIVIDEND
PREFERRED
NO.
31.
those
dividend of $3.00 per share has
the preferred capital stock of
El Paso Electric Company, payable January 14,
1918, to Stockholders of record at the close of
business December 24, 1917.
declared
on
STONE &.
■
is
that is created
one
securities
Preferred Dividend No. 20
or
Pa.* December 12, 1917.
The Directors have this day declared a divi¬
dend of $1 75 per share on the Preferred Stock,
payable January 2, 1918, to all holders of record
December 20, 1917.
Cheques will be mailed.
EDGAR J. KAUFMANN. Treasurer.
Pittsburgh,
other
or
other reasons,
create
a
If you are
•
creating
DYEWOOD CORPORATION.
New York, December 4, 1917.
Stock Dividend No. 5.
Common Capital Stock Dividend No. 5.
1 "
The following dividends on the stocks of this
Corporation have been declared:
A dividend of $1.75 per share
(from a sum
set aside for the payment
of $7.00 per share
for the year 1917) on the Preferred Stock, paya¬
ble January 2, 1918; a dividend of $1.50 per share
on
the Comiaon stock, payable December 31,
1917, payable to stockholders of record of pre¬
ferred and common stocks at the close of business
Friday, December 14, 1917.
The Transfer books will not be closed.
Checks will be mailed by The New York Trust
Company of New York.
DE WITT CLINTON JONES, Treasurer.
such
advancing years, you may
benefit.
interested in deserving charities, by
have the satis¬
trust while living you may
a
the results of your benevolence.
UNITED
glad to discuss with you, either per¬
We shall be
Preferred Capital
sonally
as
by mail,
or
tary trusts.
of your
absence,
because of
property,
trust for your own
faction of seeing
the various forms of volun¬
/.,.'v
,.
Trust Company
Guaranty
of New York
140
LONDON
COMPANY.
6,1917.
A quarterly dividend of one and three-quarters
per cent upon the Preferred capital stock of the
American Locomotive Company has been declared
payable on January 21, 1918, to the Preferred
LOCOMOTIVE
AMERICAN
a
wish to be relieved from the care
If you
STORES, Inc.
30 Church Street, New
by
only after the maker's death.
DEPARTMENT
KAUFMANN
A testamentary trust, on
lifetime.
WEBSTER,
during the maker's
the other hand,
will, and becomes effective
voluntary trust takes effect
A
Transfer Agents.
arrange
protection of
dependent upon you.
A semi-annual
been
voluntary trust you can
a
immediately for the support and
El Paso, Texas.
OFFICE
FIFTH AVE. OFFICE
PARIS
E.C.
Fifth Ave. & 43rd St.
Rue des Italiens,l&3
32 Lombard St.,
York, December
Broadway
OFFICE
Resources more
the close of business on
1918.
Dividend checks will be mailed
January 19, 1918. <
A quarterly dividend of one and one-quarter per
cent upon the Common capital stock of the Com¬
pany has been declared, payable on January 3,
1918, to the Common stockholders of record at
$50,000,000
-
Capital and Surplus
$600,000,000
-
than
stockholders of record at
January 5,
close
the
Dividend
of business on December 18, 1917.
checks will be mailed on January 2,
Hftjfoenfc*
BitotoentJg
1918.
ROBERTSON. Secretary.
W. SPENCER
Office of
United Shoe Machinery
Corporation
Corporation have de¬
clared a quarterly dividend of IH% (3714 cents
per share) on the Preferred capital stock, and a
dividend of 2% (50 cents per snare) on the Com¬
mon
capital stock, both payable January 5th,
1918, to stockholders of record at the close of
business December 18th, 1917.
•v
The
Directors
this
of
A.
L.
COOLIDGE.
GUANTANAMO SUGAR COMPANY.
has this day declared a
dividend of One Dollar and Twenty-Five Cents
($1 25) per share, or at the rate of Two and OneHalf Per Cent {2}$%) on the stock of the Com¬
pany
for the quarter ending December 31st,
1917, payable January 2nd, 1918, to stockholders
of record at the close of business December 19th,
1917.
The transfer books will not be closed.
F. H. CLARK, Secretary & Treasurer.
New York, December 13th, 1917.
N. W. Corner
payable
record
1917.
a
dividend
monthly
per
payable
share,
stockholders
BATTERY
Allegheny Ave. St 19th St., Philadelphia.
December 5th, 1917.
The Directors
have declared a dividend of one
share from the net earnings of
dollar ($1.00) per
both Common and Preferred
Stocks, payable January 2nd, 1918, to stockhold¬
ers of record at the close of business on Decem¬
ber 17th, 1917.
Checks will be mailed.
WALTER G. HENDERSON, Treasurer.
Company
on
Yadkin River Power
Preferred
Company,
the Company, payable January 2,
stockholders of record at the close of
December 15, 1917.
E. P. SUMMERSON, Treasurer.
ferred Stock of
1918,
to
business
CAROLINA POWER St LIGHT CO.
PREFERRED STOCK DIVIDEND NO.
The Board of Directors of this Company
35.
has
dividend of one
cent on the Pre¬
Stock of the Company, payable January 2,
to stockholders of record at the close of
leclared the regular quarterly
ind three-quarters (l%%) per
ferred
L918,
business
December 15, 1917.
E. P.
SUMMERSON, Treasurer.
1917, to
the close of business
at
»
by Columbia
Dividend Disbursing Agent.
FRED
CHEMICAL COMPANY.
extra
Trust
CHEMICAL COMPANY.
New York, Nov. 23, 1917.
GENERAL
_
25 Broad Street,
CLARK, Secretary.
regular quarterly dividend of one and onehalf per cent (1)4%) will be paid January 2, 1918,
The
CONSOLIDATED
INTERSTATE-CALLAHAN
to
MINING COMPANY.
61 Broadway, New York City.
preferred
KELLY-SPRINGFIELD
of
Directors
of
The
quarterly
of business,
December 17,1917.
F. A.
New York,
SEAMAN, Secretary.
December 4, 1917.
& LIGHT CO.
New York, N. Y.
STOCK DIVIDEND NO. 33.
The regular quarterly dividend of 1)4% on the
Preferred Stock of American Power & Light
AMERICAN POWER
Securities
71 Broadwav,
semi-annual
PREFERRED
cent on the
capital stock of the company, payable Janu¬
15th-, 1918, to the stockholders of record at
business on December 31st, 1917.
E. G. WOODL1NG, Secretary. -
ary
been declared, payable January 2,
preferred stockholders of record at the
Company has
the close of
1918, to
close of business
December 17, 1917.
M.
AMERICAN BEET SUGAR COMPANY.
PREFERRED STOCK DIVIDEND NO. 74.
A Regular Quarterly Dividend (No. 74) of One
and 50-100 ($1.50) Dollars per share, on the Pre¬
ferred Stock of this Company, has been declared,
payable on December 31st, 1917, to Preferred
Stockholders of record at the close of business
December 15th, 1917.
Checks will be mailed.
C. C. DUPRAT, Treasurer.
TIRE CO.
dividend of One Dollar and Fifty
share on the Six Per Cent Pre¬
ferred Stock of this Company has been declared,
payable January 2, 1918, to stockholders of record
A
at the close
Board
Treasurer.
Cents ($1 50) per
THE SECURITIES COMPANY,
24 Broad Street.
New York, December 11th, 1917.
Company have this day declared a
dividend of two and one-half per
stockholders of record at 3:00 P. M.,
1917.
LANCASTER MORGAN,
December 19,
The Board of Directors of the Consolidated
Interstate-Callahan Mining Company has this
day declared a quarterly dividend of fifty cents
(50c.) per share, payable. January 2, 1918, to
stockholders of record on December 20, 1917.
JULIAN B. BEATY, Secretary.
New York. Nov. 19 1917.
The
No. 7.
of Directors
December 26th,
of record
December 20, 1917,
Checks will be mailed
Company
Stock Dividend
of this Company has
leclared the regular quarterly dividend of one
■md three-fourths per cent (1M
on the Pre¬
The Board
has to-day declared
of sixty-five cents (65c.)
of Directors
Board
COMPANY.
the
1918, to stockholders or
New York, Nov. 23 1917.
dividend of five per cent (5%) ill
Common Stock at par, and a special dividend of
two and one-half per cent (2)4%) in cash, were
this day declared upon the Common Stock of the
Company, both payable on and after February 1,
1918, to Common Stockholders of record at close
of business December 31, 1917.
LANCASTER MORGAN, Treasurer.
NO. 520.
DIVIDEND
The
SUMMERSON, Treasurer.
ELECTRIC STORAGE
15,
January
at the close of business December 31,
Checks will be mailed.
I. W. MORRIS, Treasurer.
GENERAL
An
COMPANY.
December 4, 1917.
THE
of
25 Broad Street,
Asheville Power & Light Company
Preferred Stock Dividend No. 23.
The Board of Directors of this Company has
declared the regular quarterly dividend of one
and three-fourths per cent (1 %%) on the Pre¬
ferred Stock of the Company, payable January 2,
1918, to stockholders of record at the close of
business December 15, 1917.
P.
Philadelphia, December 12, 1917.
this day declared a quarterly
two per cent.
($1.00 per share),
The Directors have
dividend
Treasurer.
HOMESTAKE MINING
E.
UNITED GAS IMPROVEMENT CO.
Broad and Arch Streets.
THE
The Board of Directors
Tl. ARNING, Treasurer.
YALE & TOWNE MFG. CO.
A dividend, No. 93, of two and one-half per
cent (2k%) for the quarter ending December
31st, 1917, has been declared by the Board of
Directors out of past earnings, payable January
2d, 1918, to Stockholders of record at the close
THE
of business
'
December 17th, 1917.
J.
H.
TOWNE, Secretary.
[VOL. 105.
THE CHRONICLE
XVI
jffaancfel
$1,250,000
The
Memphis Street Railway Company
Two-Year 6% Collateral Gold Notes
Normal Federal Income Tax, withheld at the source,
,
not
The
Due November 1, 1919
1, 1917
Dated November
exceeding 4%, will he "paid by the Company.
in Memphis,
Memphis Street Railway owns and operates all the street railways
Tenn., serving a
population of about 175,000.
secured by $1,928,000 mortgage bonds of the Company,
These Notes are
$1,416,000 First Mortgage Bonds
consisting of
and $512,000 General Mortgage Bonds.
and two-thirds times all interest charges. After pay¬
these Notes amounts to
5.73 times the annual note interest. .Over a period of 12 years, the surplus earnings, after pay¬
ment of bond interest charges, have averaged an amount in excess of three times the annual
Net earnings are
ment of all
interest
on
approximately
one
bond interest, surplus earnings applicable to interest on
these Notes.
Price 97% and Interest,
7.40%
to Yield
*
e*
'
Circular
•.
on
,
request
Bertron, Griscom & Co.
40
Land Title Building
Wall Street
NEW YORK
PHILADELPHIA
•
FROM
EXEMPT
LLOYDS BANK LIMITED.
TAXES
Capital Subscribed
Capital paid
-
tip
Reserve Fund
*
-
Deposits, &c. (Oct, 1917)
Advances, &c.
THIS BANK HAS NEARLY 900
Colonial and Foreign Department i
The Agency
do.
FRENCH
25,043,360
postal savings
CITY OF
18,000,000
795,206,310
CINCINNATI, OHIO
312,168,920
OFFICES IN ENGLAND & WALES.
434%
BONDS
17, CORNHILL, LONDON, E.C. 3.
AUXILIARY
4
LEGAL
HAT10ML PROVINCIAL BARK (FRANCE) LIMITED,
Due Sept. 1,
.
j
INVESTMENT
NATIONAL
1937
FOR
SAVINGS
BANKS AND TRUST FUNDS
IN
NEW YORK AND CONN.
Price
MELLON
secure
$ 109,000
of Foreign & Colonial Banks is undertaken.
LLOYDS BARK (FRANCE) &
to
deposits at 90%
$156,521,000
-
INCOME
(NORMAL AND SURTAXES)
Eligible
T Head Office:
71, LOMBARD ST., LONDON, EC. 3
FEDERAL
102 and
interest
Yielding 4.60%
BANK
PITTSBURGH
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS NOV.
20. 1917
RESOURCES
Loans, Bonds and Investment Securities
31
$116,048,758 26
Cash
Due from Banks
$145^17,025 43
LIABILITIES
Capital
Surplus and Undivided Profits
Reserved for Depreciation, etc
Circulating Notes
Deposits...
$6,000,000
4,112,563
1,287,527
4,926,500
129,090,434
00
64
10
00
69
$145,417,025 43
NASSAU
ST.,
NEW
YORK
CHICAGO
BOSTON
6 14
7,245,292 74
22,122,968 29
Overdrafts
R. M. GRANT&.CO.
iHeettnga
HANOVER NATIONAL BANK
of the City of New York.
New York, December 8th, 1917.
'
Notice isliereby given that the Annual Meeting
of the shareholders of this Bank for the election
of Directors to serve during the coming year and:
for the transaction of such other business as may
come
before the Meeting, will be held at the
banking-house, Nassau and Pine Streets, Tues¬
day, January 8th, 1918, between the hourslof *
12 o'clock m. and 1 o'clock p. m.
jc*
ELMER E. WHITTAKER, Cashier.
THE
DEC.
THE CHRONICLE
151917]
xtii
^financial
X'
BANK OF MONTREAL
ANNUAL STATEMENT
Result of the Business of the Bank for the
Statement of the
Year ended 31st October, 1917
Account, 31st October, 1916
—
;
ended 31st October, 1917, after deducting charges of management,
making full provision for all bad and doubtful debts
$1,414,423 99
Balance of Profit and Loss
Profits for the year
and
2,477,969 09
—
$3,892,393,08
Quarterly Dividend 2%, per cent paid 1st March 1917
Quarterly Dividend 2Y2 per cent paid 1st June, 1917
..
Bonus—1 per cent paid 1st June, 1917..
Quarterly Dividend 2l/2 per cent paid 1st Sept. 1917.
Quarterly Dividend 2l/2 per cent payable 1st Deo. 1917—
Bonus—1 per cent payable 1st Dec., 1917
War Tax
1917
Bank Note Circulation to 31st Oct.,
on
.
..
$1,920,000
160,000
47,500
100,000
.
Subscriptions to Patriotic Funds, $73,500, of which paid
Reservation for Bank Premises
.
Balance of Profit
$400,000,00
400,000 00
160,000 00
400,000 00
400,000 00
160,000 00
..
..
2,227,500 00
and Loss carried forward
Note.—Market price of Bank of
00
00
00
00
$1,664,893 08
—
Montreal Stock, 31st October, 1917, 210% ex. div.
GENERAL STATEMENT—31st October,
1917
'
Liabilities
-
Capital Stock
carried forward
———
-
——
-
-
Balance of Profits
$16,000,000 00
-
.
Rest—
Unclaimed
.
$16 $00,000 00
1,664,893 08
...._—
Dividends
...
Quarterly Dividend, payable 1st December,
Bonus of 1% payable 1st December, 1917
1917
$17,664,893 08
3,640 50*
$400,000 00
;. 160,000 00
t
—
560,000 00
18,228,533 58
$34,228,533 58
circulation
Dominion Government,
Notes of the Bank in
Balance due to
—
—
$29,308,086 00
i
—
Deposits not bearing interest
——
Deposits bearing interest, including interest accrued to date of statement—
Deposits made by and Balances due to other Banks in Canada—.
Balances due to Banks and Banking Correspondents elsewhere than in Canada
Bills payable..
—
Acceptances under Letters of Credit
Liabilities not included in the foregoing
13,638,962 36
71,114,641 55
246,041,786 81
4,147,482 91
496,621 28
1,024,346 75
365,771,927 66
3,335,499 58
—
644,275 82
$403,980,236 64
Assets
Gold and Silver coin current
Dominion notes
$20,592,891 86
30,760,233 25
.*
,
Deposit in the Central Gold Reserves
......
by Banks and Banking Correspondents
Balances due
Canada.
Call and Short (not
United States.—,
elsewhere than in
....
—
.......
exceeding thirty days) Loans in Great
14,500,000 00
$16,629,089 91
Britain and
100,610,214 54
Securities not exceeding market value
Railway and other Bonds, Debentures and Stocks not exceeding market value
Canadian Municipal Securities, and British, Foreign and Colonial Public Secu¬
rities other than Canadian
...—
117,239,304 45
28,573,322 12
12,571,625 43
Dominion and Provincial Government
33,455,254 64
1,494,676 00
.....—
Notes of other Banks.
.Cheques
on
other Banks
17,111,090 06 $276,298,397
—
Canada (less rebate of interest)
Loans to Cities, Towns, Municipalities and School Districts
.......
Current Loans and Discount selsewhere than in Canada (less rebate of interest)
Overdue debts, estimated loss provided for.
Current Loans and Discounts in
written off)
Liabilities of Customers under Letters of Credit (as per Contra)
Deposit with the Minister for the purposes of the Circulation Fund
$97,607,404
11,415,383
10,045,811
371,629
Bank Premises at not more than cost (less amounts
Other Assets not included in the
foregoing—
98
61
81
30
119,440,229 70
4,00(b(XX) 00
3,335,499 58
——
790,000 00
&.....
116,109 55
....
...
81
$403,980,236 64
FREDERICK
VINCENT MEREDITH,
WILLIAMS-TAYLOR,
General Manager.
President.
To the Shareholders of the
Bank of Montreal:
verified the Securities of the
We have checked the Cash and
.
Bank at the Chief Office and at
__ . . _
J. MAXTONE GRAHAM,
Montreal, 20th November, 1917.
HUTCHISON,
GEORGE CREAK,
JAMES
,
several of the Principal Branches
accord with the books of the Bank. We
under our notice have, m our opinion,
Books and Accounts at the Chief Office of
opinion it exhibits a true and correct
given to us, and as shown by the
times during the year, as well as on 31st October, 1917, and we found them to be in
have obtained all information and explanations required, and all transactions that have come
been within the powers of the Bank.
We have compared the above Balance Sheet with the
the Bank, and with the certified Returns received from its Branches, and we certify that in our
view of the state of the Bank's affairs according to the best of our information, the explanations
Books of the Bank.
at various
.
1
^Auditors.
I
Chartered Accountants.
.
aos
[VOL. 105.
THE CHRONICLE
XVIII
jfinaticial
$15,000,000
District
Miami Conservancy
Ohio
5vtfo BONDS
Due December 1,
Dated December 1, 1917
1922-46 incl.
Principal and semi-annual interest (June 1st and. December 1st) payable at the option
the holder at the office of the State Treasurer, Columbus, Ohio, or at The National
Issued in the denominations of SI ,000, $500, $100,
registration both as to
City Bank of New York.
in coupon
of
form, with the privilege of
principal and interest.
Exempt from all
are
not
Federal Taxes, except Inheritance Taxes; individuals owning these
required to make a statement of income derived therefrom or any
declaration of ownership to the Federal authorities. •
'
°
■
bonds
H,
f
District, organized under an Act of the
The Miami Conservancy
subdivision of that State for the
of cities-,- villages, farms and
highways, embraces an area of 169,600 acres of land in one of the
most important industrial and fertile sections of Ohio.
The District
takes in part of nine counties and includes the cities of Dayton,
Hamilton, Middletown, Piqua, Troy, Franklin, Miamisburg and nu-
Legislature of Ohio as a political
prevention of floods and protection
merous
other smaller
municipalities, having a total estimated popu¬
lation of 300,000.
of the chief manufacturing centers of
the
The Miami
.
.
Valley is
United
exceptional in having most fertile soil,
the region largely self-supporting.
There are about 1,000
one
States,* somewhat
which makes
factories in the District.
We shall be
upon
Due
Over
pleased to forward descriptive circular
giving full details
request.
$600,000 Annually December 1,
1922-1946 inclusive.
$^0,000,000 of these bonds have been sold privately. We offer the
balance subject to prior sale and advance in price without notice.
100 and Interest
Price
Yielding 556%
The $100 and $500
denominations are due in 1946
Interim certificates will be delivered
pending the engraving of
National
The
City Company
Guaranty Trust Company
Harris, Forbes & Co.
Continental
Halsey, Stuart & Co,
Fifth-Third National Bank
Bank
of New York
City National Bank of Dayton
A. B. Leach & Co.
Co.
The above information is based upon
All
and Commercial
Equitable Trust Company
Hayden, Miller & Co.
relied in the
of New York
Trust and Savings
The
of Cincinnati
William R. Compton
only.
definitive bonds.
purchase of these bonds.
Dayton Savings and
official statements and
We do not guarantee
of these bonds having been sold, this advertisement is
Trust Co.
statistics on which we have
but believe it to be correct.
inserted as a matter of record
The.
ommcrria
INCLUDING
Bank &
Railway & Industrial Section
Railway Earnings Section
Electric
Bankers' Convention Section
Quotation Section
State and
Railway Section
NO. 2738
SATURDAY, DECEMBER 15 1917
VOL. 105
City Section
Week ending December 8.
CtamMe.
Clearings at-
Inc. or
Terms of
Subscription—Payable in Advance
One Year—...
$10 00
6 00
-----
...—-
Six Months
European Subscription (including postage)
European Subscription six months (including
13 00
7 60
postage)
£2 14®,
£1 lis,
$11 50
-Annual Subscription in London (including postage)
gix Months Subscription in London (including postage)
Canadian Subscription (including pustage)
Standing Business
$4 2
22 <
29 03
50 00
87 (
Twelve Months (52 times)....
SoOndon
Front, Fine
Jacob
«-vwr>
i'r**m|f|t»ur and Treaa
Arnold G
li»n» Sec
Jr.,
S«ui»«rt
Vine-President*
—5.9
4,183,976
2,325,437
2,114,317
1,716,632
3,053,724
4,949,000
—17.5
3,528,896
—43.3
1,158,818
1,013,809
+ 23.3
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
+ 23.3
713,589
1,028,778
1,047,952
.861,516
+ 17.5
762,032
+ 24.1
799,567
+0.9
566,836
1,084,069
1,056,043
964,783
1,212,346
—10.6
892,004
1,050,000
935,235
+ 0.6
808,512
+ 3.2
543,663
944,005
701,877
675,909
854,624
430,350
708,535
628,437
492,078
680,000
982,270
675,948
+ 0.6
495,401
452,045
804,556
+ 22.1
600,000
494,391
1,211,322
—3.6
725,582
—42.1
841,221
301,959
300,000
+ 8.7
255,000
72,051
+ 78.0
45,131
683,388
+20.0
347,044
440,763
257,960
237,678
35,886
553,949
2,001,481
Youngstown
Akron
Canton.........
Rockford.......
1,300,000
869,355
Mansfield
Danville....
Lima
Lansing
1,067,7021
419,532!
326,055|
t
...
111.
Jacksonville,
Ann Arbor
j
Adrian
CLEARING HOUSE RETURNS.
The following table, make up by telegraph, &c., indicates that the total bank
clearings of ail the clearing houses of the United States for the week ending to-day
$6,020,089,240, against
been
have
corresponding
the
week
$6,557,921,564 last week and $6,699,048,970
820,000
1
.1
397,135,482
.
—.
*
„
San
Francisco
...
+ 20.8
+ 3.3
528,963,301
422,439,361
+ 25.1
61,069,620
30,306,000)
26,391,732!
8,350,624'
20,554,2171
20,000,000
30,799,000
—1.6
18,198,445
7,126,852
+ 45.0
22,642,000
12,137,649
4,423,600
10,733,885
10,679,336
50,951,739
19,892,361
11,847,809
4,069,669
10,400,000
7,027,990
2,212,004
3,412,215
2,197,185
2,088,595
1,203,238
1,147,329
117,682,069
+ 7.9
72,354,516
+ 16.9
55,532,651
61,997,229
46,982,225
40,657,592
45,202,344
—10.4
Stockton
2,377,130
...
Pasadena..
+ 33.7
+ 53.4
'
+5.8
2,079,218
4,342,025
2,654,718
2,426,088
5,860,035
3,647,884
2,584,007
+ 38.8
3,150,365
+ 20.8
2,464,045
+ 30.2
1,519,615
1,429,827
1,055,433
+ 11.4
804,320
1,181,829
3,207,419!
1,175,000,
1,137,073
San Jose........
+ 42.3
14,957,650
5,063,832
2,465,467
3,805,736
.........
+ 17.2-
14,512,032
3,646,273
6,206,818
,San Diego
Fresno
1,268,085
1,211,313
1,653,000
1,445,262
83,746,937
........
+ 11.2
—1.4
+ 5.3
+ 18.6
760,487,643
Sacramento.....
127,066,762
84,567,485
...
Tacoma
—5.3
785,656,9091
Oakland........
104,441,160
232,373,260
126,171,518
, -
Louis.
St,
Portland
249,815,553
235,683,293
277,709,528
.
._„i
City._
Spokane.
—5.2
—
Boston
Kansas
—20.7
$3,427,747,393
419,052,700
$2,717,127,475
Chicago
Philadelphia
Cent.
1916.
Salt Lake City..
York.
New
.
■<^2
1917.
+ 29.4
—12.3
104,725,688!
Tot.Mid. West.
San Francisco.
Seattle..
Per
Clearings—Relume by Telegraph.
Week ending Dec. 15
,
128,325'
Owensboro
Los Angeles....
last year.
+ 1.4
....
South Bend.....
WILLIAM H DANA COMPANY
George rt. Dhiim and Arnold (5
Dana,
of all
of fh# Company
,
4,894,099
5,835,674
Springfield, Ohio.
by
morning
"■Wurflay
,
7,808,100
0,986,422
+ 3.5
—26.2
Decatur.....
COMPANY, Publisher*,
and Depeyster Sts., New YorJfc»
—17 0
6,500,000
Quincy....
B. DANA
WILLIAM
PuiUiwrieO
7«Pfi.
+ 9.8
14,517,383
291,274,939
24,020,200
20,731,769
22,017,075
17,506,264
7,913,170
6,070,900
5,617,893
3,630,738
3,169,750
1,841,896
1,103,272
1,105,277
10,122,200
10,679,376
Bloomington
South La Salle Street, Telephone Majestic
Office—Edwards & Smith, 1 Drapers' Gardens, £L U.
Qhicago Office—39
4.5
26,915,984
360,917,657
30,451,650
33,309,665
31,584,313
17,425,183
9,490,124
1,428,957
1,250,000
...
111..
Wayne
Lexington
+ 14.4
2,000,000
Rapids...;
Fort
«—18.6
70,621,144
54,259,854
1,504,376
3,214,896
5,868,000
j
Springfield,
486,702,612
39,680,133
$
1,208,971
Columbus
Toledo—
Dayton
Evansville
Advertising—Per Inch Space
v.
Indianapolis
Grand
Industrial (3 times yearly)
(3 times yearly)
Bankers' Convention (yearly)
) Three Months (13 times)
Cards < giX Months
(26 times).
Ri.cinuoa
j
.........I
inch space (14 agate lines)....—
( Two Months
(8 times)
rransient matter per
____j
Milwaukee
electric Railway
(semi-annually)
Terms of
Cleveland ......i
Detroit
railway AND
Bank and quotation (monthly)
Bailway Earnings (monthly)
State and City
following Supplements—
507,256,223
38,943,376
80,806,387
51,806,479
29,561,016
12,051,000
10,477,400
10,830,524
4,800,000
5,489,657
3,451,893
3,008,139
Chicago
Cincinnati.. ....
Peoria
Subscription includes
%
+ 4.2
$
1914.
1915.
Dec.
1916.
1917.
PUBLISHED WEEKLY.
—3.7
934,715
440,000
760,199
800,857
412,501
287,160
—4.6
.—
.
New
45,442,273
34,682,151
57,406,229
1..
_
Baltimore..
........
.
Orleans.
j..
—3.3
—14.7
+ 27.0
$4,155,214,814
827,413,208
$4,821,616,074
680,427,694
$5,502,043,768
1,197,005,202
—9.4
'—13.3
$6,699,048,970
—10.1
741.1391
477,693
+ 55.3
327.224
958,885]
723,223
+ 32.5
557,712
602,987
239,701,6441
193,708,051
+
138,201,552
119,313,898
203,032,529
+ 55.6
85,023,860
44,610,234
20 ,"817,649
16,653,274
11,675,123
11,453,958
8,685,427
5,446,725
3,970,321
4,624,547
1,804,951
2,627,883
1,589.169
71,889,441
32,691,648
18,849,161
12,905,330
9,264,297
5,503,197
8,621,703
4,830,914
3,121,097
4,350,641
1.615.741
2,486,382
1.312.742
1,627,836
1,749,433
North
965,741
Yakima..
23.7)
—13.8
$4,982,628,022
1,037,461,218
Eleven cities, five days
839,481
Reno
Long Beach.,...
Total Pacific..
Pittsburgh
Detroit
+ 15.0
Minneapolis
day_„_....
_...__
$6,020,084,240
Total all cities for week
39,264,116!
Omaha
46,290,8171
130,482,227
39,902,911
32,312,924
St. Paul.......'.
18,979,664!
16,912,937
Denver
Total all cities, five days...
All cities, one
+ 21,6
19,800,184)
8,152,216!
16,905,326
9,305,706'
16,627,822
+ 19.1
10,746,314
—24.1
__i
Duluth..
St.
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, ani hence in the above the last day.of the week has to be In
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending December 8 follow:
The full details for the
City..,.
Kansas
Joseph......
Des Moines..
8,049,996'
9,113,886
Sioux City......
Wichita
Topcka
Lincoln
Cedar
Week
ending December 8.
York...... 3,661.543.150
—9.1 2.525,915,329
+ 26.4
4,028,614,270
1,361,502,169
220,831.054
+3.6
55,482,276
40,822,144
13,764,778
5.153,067
141,291,177
44,404,619
•
300,984,336
380,598,691
75,058,640
Philadelphia....
Pittsburgh...
...
72.460,769
,
—5.5
Baltimore
46,491,318'
49.186,565
Buffalo
23,803,813!
20,559,479
+ 15.8
5.753,742
5.087,801
+ 13.1
13,151,334
9,081,434
Albany .."..J
$
$
%
$
'
34,946,842
,10,247,736
Syracuse
......
Wilmington.....
4,500,000
3,293,930
3.245,915
Reading...
2,616,891
2,628,538
Wilkes-Barre....
2,317,312
Wheeling....
4,161,724
3,275,071
2,054,031
3,613,782
2,585,256
+ 26.7
1,352,772
1.363,557
—0.8
2,080,884
1,373,490
1,5-52,122
1,354,151
+ 34.3
926,808
819,903
+ 13.0
1,004,200
958,700
+ 4.8
2,265,684
1,921,745
638,663
+ 17.9
—
4,414,458
Scranton
.
1
Trenton...
York
Erie
.
—.....—
Chester
Greensburg
Binghamton
Lancaster
....
...
510,600
Montclair
Total
'
,526,428,023
Middle. 4,249,581,946
+ 22.6
Boston
287,400,525
12,221,700
7,320,661
4,344,311
433,250
575,000
654,649
732,434
599,390
—2.1
1,996,678
1,430,290
...
.......
Aberdeen.
........
Tot.Oth.West.
St. Louis
New
Orleans:
3,059,540
Louisville.
Houston...
1,561,079
Galveston
—0.5
2,414,431
1,664,721
Richmond......
+ 12.8
1,919,016
2,32,9,974
1,683,129
1,707,070
Atlanta
2,927,395 V'
1,053,890
1,085,900
2,284,873
Fort Worth ...j.
......
Memphis.......
....
870,994
Savannah
993,338
Nashville.......
.591,359
647,248
Birmingham....
818,900
624.800
Augusta
1,743,700
427,573
1,245,551
"
428,533
2,9<H>Q61,605 1,629,833,420
Norfolk
237,866,208
+ 20.8
179^Hm685
128,016,126
10,044,i00
+ 21.6
9.49A300
7,202,000
—15.6
>T414,786
8,671,147
4,856,878
—10.5
4,040,962
4,172,889
—3.2
Portland
2,600,000
3,599,241
—27.8
4,069,875
3,218,767
2,015,706
1,280,856
3,999,922
+ 1.8
1,900,913
1,648,553
+ 69.4
1,146,852
+ 11.7
736,619
903,472
—18.5
7,327
3,480,021
3,056,895
2,730,496
2,663,951
1,520,811
1,432,014
879,887
765,234
'
2,350,000
475,000
2,401,178
429,148-
+ 10.7
323,068
1,236,271'
+ 9.1
+ 6.9
1,197,794
1,752,355
153.653.744
New
Bedford
Lowell
....—
Holyoke
+22.3
2,638,152
1,496,944
+ 30.2
737,351
490,503
+32.9
231,561,909
187,435,376
127,849 ,344'
41,927 ,963
91,037,188
24,475,611!
17,250,000
9,100,000,
43,797,188.
18,000,000
21,453 ,852.
12,226 ,689!
+29.6
+35.6
+14.1
76,459,204
18,838,493
14,014,954
8,135,099
4,145,769
10,158,110
8,359,114
15,164,946
.....
Jacksonville
Chattanooga....
Charleston
Mobile.....
....
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
Little Rock
11,632.283
Oklahoma
5.800.0001
Austin
Bangor..
700,000
625,000
+ 12.0
459,297
Total New Eng
329,949,982
279,435,175
+ 18.1
213.511,495
Note.—For Canadian
clearings see "Commercial and
3.295,618
Macon
2,382,271
Yicksburg
589,329)
1,934,525
2,198.240
Jackson
804,108
1,201.980
Tulsa
1,072,264
792,850
647,638
Dallas
.
.....
3,707,737;
6,675,722
21,000.000
Muskogee
J
Total Southern
547,984,604]
Miscellaneous News."
+ 41.1
25,034,575
17,585,460
12,284,834
8,337 ,419!
+ 9.1
5,756,765
25,050 ,976'
+ 75.5
•
+•25.8
15,346,665
11,523,851
21,413,125
11,228,449
6,832,506
8,286,354
6,117,369
2,780,307
424!+ 112.8
2,866,144
+1013.1
16,445 ,806
+ 9.5
32,277 ,790'
+ 86.4
14,498 ,960
+ 45.6
7,266 ,271]
+ 55.1
11,593 .046
8,140 ,204j
3,432 ,397i
+ 44.3
3,232
+ 31.7
9,962,884
6,304,663
6.719.903
4,381,426
2,783,380
1,930,702
3,020,575
3,831 515i
3,208 ,429,
+26.0
3,300,000
2,979,816
+ 43.0
2.307.589
1,953,210
1,426 ,715
2,542 ,496'
4,794 ,780j
7,085 ,174!
+ 21.2
1,028,306
+ 12.2
1,217,192
1,742,784
3,500 ,000!
+ 65.7
2,847 122]
+15.7
+42 2
+26.0
+91.2
+19.6
+40.0
1,902,131
4,040,436
3,218,492
3.438.590
4,501,636
404,313
502 709
414 ,585
638 ,114
1,938 ,841
5,583 ,609!
15,000 .000,
+ 77.3
+ 64.2
387,047,230' +41.6;
**
6.557.921,564 6,451,881,392
Outside-N. Y...
2,896,378,414 2,423,267.122
Total all
233,186
038,740
1,836,045
304,715,260
2,819,370
1,948,674
3,405,886
'
.
405,046,479.
385.178
Worcester
Fall River
v
776,087
165,709,799,
56,864,918'
Helena.
Billings
—38.6
1,349,676
Waterloo.
Hastings
7,516,780
Springfield
Hartford
New Haven
1,908.339
3,078,866
—8.6
Knoxville
Providence
10.6
—7.4
—11.5
2,561,230
—6.1
-
703,478
3,273,$54
—20.0
—8.5
794,123
2,801,061
2,479,361
+ 1.4
+ 18.1
642,985''
+ 6.4
+ 15.2
+ 60.5
703,385,
Springs
.......
+ 18.4
+ 1.5
+ 55.8
2,567,345
2,236,024
2,700,479
1,273,573
782,672.
5,770,656
943,772
688,243
Rochester
5,849,157
2,428,636
3,746,303
„
Pueblo.......
4,229,976
8,901,476
5,314,411
+ 15.0
11,438,641
7,403,677
4,148,857
3,802,265
Washington.....
+ 37.5
Fremont
1914.
1915.
Dec.
1916,
$
New
Rapids
Colorado
Inc. or
f
+ 25.6
5,854,556'
3,032,689
2,222,379;
2,500,000
Fargo
Clearings at—
1917.
+20.5
7,409,3161
3,427,5311
Davenport......
+ 12.2
14,025,442!
3,897,718|
....
.....
—1.6
+ 43.3
+
+
576,506
1,538,673
1,935,284
268,265,365
2,477,695
2.443.904
3,167,170
3,108,563
3,913,147
352,546
480,025
1,021,893
1,583,492
212,640,849
1.7,4,283,665,227 2,725,366,577
19.5'1,757,749,898 1,363,864,40
THE
2296
The
THE FINANCIAL
fVoL. 105.
CHRONICLE
SITUATION.
setting
turn to
up
of
be allowed
a
percentage limit to the re¬
on
"invested capital" is respon¬
sible for the second great defect in this law, namely
session the question
the necessity of determining what the "invested
of amending that portion of the War Revenue Act
capital" may be in each particular case.
In the
levying the war excess profits tax is commanding
foremost attention. There never was such unanimity great majority of instances it is practically impos¬
sible to determine what invested capital is.
As
of opinion regarding any measure as there is that the
far as the railroads and other public utilities are
provisions with respect to the tax referred to are
entirely unworkable. Aside from the fact that the concerned, it involves a physical valuation of plant,
equipment and everything else. The Inter-State
tax, as here levied, works gross injustice in numerous
Commerce Commission through a special division
cases, the language of the statute itself is anything
or department has been engaged in the task for years,
but intelligible, and there are wide differences of
and as yet has not succeeded in valuing completely
opinion as to how some of the provisions shall be
a single railroad in the country.
As far as partner¬
applied. An advisory board appointed to assist the
ships and private corporations are concerned, there
Secretary of the Treasury in interpreting the section
are
innumerable
instances
where absolutely no
and to devise methods for carrying it into execution
records on that point are available.
There has
is said to have given up the job as hopeless.
Lawyers
been no occasion for employing such records in the
and accountants alike confess inability to say what
Now that
Congress is again in
much of the
phraseology means or what
effect is to
therefore
and
past,
the
undertake
task
have been kept.
none
To
by valuing machinery,
now,
Both take shelter behind the plea
await the Treasury regula¬ plant, &c., would be attended by many complica¬
tions
and raise numerous perplexing questions.
tions before attempting to form conclusions—which
Take metal prices for example, which enter into the
is the literal truth.
cost of so many things.
These prices are double
Treasury officials on their part find the whole thing
and treble what they were before the war.
Shall
a riddle, though they are
nevertheless diligently at
be
given to it;
that it will be necessary to
according
to the best light at command.
In the meantime the
leading members of the committees of the two
work
formulating
rules and regulations
houses which had the measure
sage
for
be
through Congress, and hence are responsible
whole abysmal undertaking, confess that
taken?
ciation, obsolescence, &c.
#
All this would be avoided
in charge in its pas¬
the
higher prices be used or shall the original cost
Then there is the question of depre¬
these
viso which
by eliminating the pro*
places an arbitrary limit upon
profits,
taking these past profits just as they were
instead of
and are.
Let Congress therefore amend the law in
law is justified.
that one particular and provide that the tax shall
They have also expressed themselves, in interviews
with representatives of the press, as convinced that apply merely to the difference between the pre-war
The rate
the provisions for levying the tax must be modified or profits and the present or current profits.
of the taxation can be kept the same as the present,
amended, and some of them appear to be engaged in
the task of determining the changes that shall be made . running say from 20 to 60%, only that the per¬
Notwithstanding the widespread desire to elimi¬ centages shall be based on profits instead of on in¬
vested capital.
Where new money has had to be
nate the crudities and defects of this tax scheme,
raised and put into the business, a liberal allowance
there yet seems difficulty in agreeing as to the pre¬
public criticism of the defects of the
cise nature of the alterations to
to
us
And
be made.
It appears
Great
Britain,
revenue
10%, in determining the excess
The
itself, would do
substantial justice to all, and would make the law
a real excess profits tax,, as it is in
where the idea of deriving a large easy of administration, relieving both tax-payers
that the undertaking can be
made
very
simple.
simplicity itself ought to be the end in
Make /the law
could be made, say
from such
view.
of present
profits
over
those before the war."
arrangement would be simplicity
.
a
tax
originated.
In other words,
and Government officials
of
a
world of unnecessary
trouble and labor.
the amount by which
Why should a complicated method of procedure
derived before the war,
be retained when a simple/one can be so readily
and apply the tax to this excess.
As the law now
stands, elaborate machinery is set up for computing devised, one so much better calculated to achieve
the end sought ?
Such a method would at the same
profits for the three years before the war, namely
the calendar years 1911, 1912 and 1913, and aver¬ time make unnecessary the 8% tax on businesses
where no capital or merely a nominal sum is employed, •
aging the same (for the purpose of comparing these
and against which such strenuous objection is being
pre-war profits with the profits of 1917), and then
Income or profits in that case would stand
the whole machinery is thrown into the discard raised.
on the same basis with all other profits from business,
by the proviso that these profits shali not in any
and the special tax be applied only to the amount
event be "less than 7 or more than 9% of the in¬
provide
for
ascertaining
present profits exceed those
exceed past profits.
might make one
other change, and consolidate the income tax provi¬
extraneous features, and it is out of these that the
There are
difficulty of administering the law arises. To say sions relating to the tax on individuals.
that profits shall not exceed 9%, wholly irrespective two kinds of super-taxes, each beginning at a different
of profits actually earned, and to apply this heavy figure and ascending by different scales, and two
vested
by which present profits might
capital."
There have thus been lugged into
the law two wholly
-
While
Congress is about it, it
from 20% to kinds of normal taxes, with the minimum of exemp¬
60%) to the excess above this bare return of 9%, tion different in each case. There is no reason for
It is merely patchwork for which there is no
is to set up a wholly arbitrary standard for which this.
there is no warrant or justification.
It is a condi¬ justification or excuse, and which introduces needless
tion, moreover, inconsistent with the purpose of complications in the computation of the taxes, there¬
the law, which is to levy a special business tax by increasing the perplexities of tax-payer and officials
alike.
We are so near the end of the year that
on
extra profits, not on usual or normal profits.
special tax (which
runs
all the
way
Dec. 15 1917.]
quick action is
THE
now
all
would be
avoided, since
to
but by providing simple
necessary,
of this kind
processes
dispute about.
CHRONICLE
occasion for
there
much
would
be
always falls upon persons with
stationary incomes in a period of credit expansion is
well understood, but I am not
sure that it is
generally
recognized that inflation and the consequent rise in
prices would have a far more serious effect
delay
little
so
The law would command
greater
respect too, and the yield in
revenue
be
more
certain.
as
a
The greatest
would
monetary standard, and means,
in
A
manently attaining
will
any one
countries
backward and encourage
the standard.
turning
movement for
a
It is
from the
surprising that
silver States, who were
previous
debasing
silver
even
so
the Senators
reconstruction
active in the
the
people of the United States would
the evils and the mischiefs done
so
soon
forget
by this previous pro¬
following the
have to
States
be
of
nothing could be
-
engaged in
gigantic
a
harmful in
more
war,
and
obstructing the
financial processes for
carrying on the conflict than
action of this
kind, calculated to inject doubts as to
the character and
stability of the
country's monetary
standard.
times
It
laws, to close
to treat
in
is, unfortunately, too true that in
inclined to
we are
our eyes
disregard economic and
to the lessons of history, and
precedent with contempt, but surely no
authority will lend
a
listening
to undermine the financial
The argument now is the
,
remonetize
basis
silver
war
other
ear
to pleas intended
security of the country.
same as
would
one
be
in the past,
to
furnish
that to
a
larger
for
too, depending
quote them.
herewith:
now is
limited, and the demand
large, because of circumstances and conditions
growing out of the war.
But imagine what the out¬
put of silver would become under the stimulus of the
coinage of the metal in all the leading countries
free
of the world.
visit
financing this war out of cur¬
savings will be the attempt to finance it by infla¬
tion; not by the inflation of bank credits
alone; that
rent
is almost inevitable.
come
to inflation
"This old
The danger is that we
might
by the issue of paper money.
fallacy
comes up
guises; it is in men's minds.
there is
no
lack of the
in
a
hundred different
They do not
see
that
facilities for making pay¬
ment.
They do not clearly apprehend that the
thing that is limiting our efforts on all sides is the
scarcity of men and materials; not scarcity of
money.
The
satisfied
through.
mere
Government's
wants
can
only be
supply, to¬
gether with efficient organization and equipment.
The printing press will never
satisfy that need.
"At no time in the world's
history when paper
money inflation has anywhere been tried was there
a
corporate
augmented labor
an
condition
situation where there
of securities issued
such
are
as
we
have
many, many
to-day, a
billion dollars
by
public service corporations
whose income is fixed by law.
The advancing price
of all things which
corporations must have to live,
the prices of labor,
fuel, equipment, supplies of
every .sort, would show quick response to the infla¬
tion of the currency,
but the income of those cor¬
porations would still be governed by legal contracts
or Governmental
regulations.
Senator Shafroth's resolution author¬
to
appoint
foreign countries
international
an
a
Commission of three
with
a
view
for
agreement
to
reaching
the
coinage of
silver, expressly declares, in the preamble,.that the
object is to stimulate the production of silver.
But if that be the
result, in the United States,
a
like result would follow in all the other
silver pro¬
ducing countries of the world, and the world's
output of the metal would shortly be on an unexscale.
The capacity of the silver mines
ampled
of
the
world
under
tested; it admits of
pressure
no
has neyer yet been
question, however, that
duction would respond to the stimulus.
that
accomplished,
what happened
pro¬
And with
in
the
nineties of the last
century would not be
stance to what would
happen in the
early
circum¬
a
early twenties
of
the
new
century.
We
cannot
imagine • that
Britain, with the splendid, exhibition of war
financing it has given to the world during the last
Great
would
years,
proposition.,
The
for
a
moment
entertain
other
Entente
countries, how¬
such
might be inclined to follow the lead of this
ever,
"The alternative of
how much longer the
upon
The output of silver
three
we
prices.
extra
a
impressive and
deflate
of financial reconstruction
The harm that silver
money in¬
flation would do at such a time is
beyond calculation.
derlip's words
were
most
is to continue.
extending the country's credit facilities.
warning which Frank A. Yanderlip, in his speech
at St. Paul on
Wednesday of this week, enjoined
against the danger of paper money
inflation, applies
with equal force to silver
money inflation.
Mr. VanThe
and
the
Then it will
engaged in by all the belligerent
and maybe by the United
to
now
be
Europe,
for the absolute
is
credit
process
izing the President
The country
will
deflate
to
paganda, and which would have involved the country
in an
unexampled catastrophe, except for the fortitude
displayed by President Cleveland in holding out
repeal of the Silver Purchase law.
war
be
necessary
inflation
money
history of the world.
long and tedious
was
The period of financial
war.
momentous in the
war
movement, which precipitated so
many crises in the country's history, should think
danger from silver
after the
come
conjunction with the Entente Powers, to
engage
a scheme for
restoring bi-metallism, are not to
be taken
seriously. It is inconceivable that after
traveling such a long and weary road before per¬
in
our present monetary
standard,
should have the hardihood to propose
the
upon
financial condition of
many corporations than
ever the case in former
times."
We suppose the
reports in the newspapers that our
Government is seriously
considering the reinstate¬
ment of silver
2297
"The burden which
country and in the United States
with
the
idea
except in
a
that
sea
the
probability that
ready
now
have
And it is
may
carried
on
a
short while
ago.
be fittingly character¬
always to be remembered that the
have been put forward
by the silver mine
whether in the
be
good people will be
many
sweepingly rejected only
proposal
obsessed
are so
accept a proposal which they would
Therefore, the scheme should
ized.
we
cannot
of inflation that there is only too
much
to
war
owners
as
for the purpose
a
feeler
of seeing
propitious atmosphere which patriotic
fervor creates there
may not be a chance of
gaining
advantage for themselves by renewing the oldpropaganda.
They ought not to be left in
some
time
doubt
ment
as
on
The
to the attitude of
the
cotton
intelligent public senti¬
question.
crop
estimate of the Department of
Agriculture, made public
on
Tuesday, falling rather
below
the quite generally accepted opinion of the
trade, was instrumental in promoting a sharp advance
in the
very
price of the staple from the already existing
high level, but later in the week the gain was
in greatest measure lost.
At New York the
posting
THE
2298
followed by a rise of
of the estimate was
ment's aggregate a
approxi¬
year ago
pound in all the active options,
lost before the close of the day, while spot
was marked up 65 points to 31c. for middling
mately 1 cent per
in part
cotton
[Vol. 105.
CHRONICLE
close of
with the
of the season
stands as the
highest quotation since Sept. 14 1869.
The advance
in spots was wholly lost on Wednesday, the current
level of prices seemingly discounting unfavorable
developments, but there was a recovery of 35 points
on Thursday.
With the area under cotton practi¬
!
cally the sam e as in the preceding season, and the con¬
dition of the crop Sept. 25 (the final date for which
such reports are officially issued) somewhat better
than a year earlier, a yield at least moderately in ex¬
cess of that of 1916-17 had been expected.
But the
uplands, or 25 points under the high
which was reached on Nov. 26 and
somewhat greater amount
record, the
demand is such that
to continue abnormally high
tion in the United States
situation
prices
than a
remains to be ginned from Dec. 1 to the
the season.
It is evident, therefore, that
third short crop in succession and consump¬
as
are
the largest on
regards supply and
quite sure
until at least such time as
encouraging reports are
received from the crop to
be planted next
or
the need for
goods
spring
considerably abates.
That the Transvaal gold
fields will return a
smaller
yield of the metal for the full year 1917 than for
either 1916 or 1915 is fully confirmed by the result
for November
only
fine
received
by
cable this week.
Not
the production for the month at 722,839
ounces over 60,000 fine ounces less than a year
was
earlier date than
ago, but almost as much below 1915 and very little
usual over much of the area resulted in unusual de¬
above 1914.
Furthermore, for the year to date there
terioration, reducing the top crop to a practically
s
a
decline of 221,232 fine ounces from 1916—
negligible quantity in most sections. As a result of
8,299,844 fine ounces, comparing with 8,521,076
this the disposition recently had been to modify previ¬
fine ounces—and a loss of 12,716 fine ounces from
ously existing ideas of the size of the crop, but the
the previous year.
With the labor force in the
most widely current estimates of yield were between
mines considerably depleted > being now virtually
11 and 11
million bales, not including linters.
the smallest since 1909, an augmentation in yield is
The Crop Reporting Board in referring to the
hardly to be looked for in December—on the con¬
killing frosts stated in effect that they caught far
more than average impaature bolls,
doing damage trary, a further diminution is the likely outcome.
amounting approximately to a million bales and
The inherent strength of the commercial and in¬
lowering, the grade on much more of the crop.
dustrial situation in the United States is clearly attested
Fortunately, the report adds, "the killing frost was
followed by clear weather, and many of the frost-bitten by the recent statements of failures and in particular
by that for the month of November.
The insol¬
bolls popped open sufficiently to be gathered but
vencies during that month were, with the exception
there were left many immature bolls which were not
of those for September this year, the smallest in
sufficiently large to open.
In Northern Texas,
number of any monthly period back to September
Oklahoma and in part of Arkansas, Missouri and
1911, and less than in the corresponding period of
Tennessee these bolls are being more or less gathered
all years since 1909.
Furthermore, the volume of
and will add materially to tjie yield in those sections
liabilities, while in excess of several preceding
with the ginning machinery prepared to handle them;
months of the current year, fell below those for No¬
but in other States few of the immature bolls will
vember of any year subsequent to 1910.
It is true
be gathered as there is little machinery installed for
that the exhibit includes more large defaults than
occurrence
of killing frosts at an
handling them."
yield for
distinguished from the
Department's estimate points to a
The
(actual growth as
1917-18
in
amount marketed between
which may be increased by
forwarding of cotton held back last year, or dimin¬
ished by a tendency to keep the staple for still higher
prices) of 5,237,379,000 pounds of lint (not including
linters) equivalent to 10,949,000 bales of 500 pounds
gross weight each.
To this must be added some 1
million bales to cover linters, making the total
commercial
or
crop,
Aug. 1 and July 31,
12)^ million bales or about 500,000 bales
than the actual growth of 1916-17, over 4million
bales, less than in
smallest
since
crop
1914-15 and, at any rate, the
1909-10. An analysis of the
the Atlantic section an
estimate indicates that in
increase of
virtually 200,000 bales over 1916-17
is
promised, and from the Gulf region an addition of
228,000 bales is predicated.
In the Southwest,
however, where drought had already been an adverse
factor, before the damage
a
by frost was experienced
indicated, as also a
of 782,000 bales is
decrease
drop of 176,000 bales inTennessee.
The latest
issued
Dec.
on
ginning report of the Census Bureau
the 8th, and
1, would
total.
It
seem
showed
covering the season down to
to go to
that
confirm the Department's
9,704,017 running bales
had been ginned to the date
647,414 bales less than in the same
(excluding linters)
mentioned
on
period of 1916.
like
period of the two years
immediately
preceding, 22 comparing with 15 and 21 respectively,
but the indebtedness covered is only very moderately
heavier than in 1916.
A noteworthy feature of
-yield
less
the
Furthermore, to reach the Depart¬
the November
showing is that
notwithstanding the
comparatively extreme high level of
for almost all articles that come into
prices ruling
general con¬
the situation in the trading division
was exceptionally good.
Not only were the number
of reverses fewer than in any month for over six
sumption,
years,
but the resulting
debts fell below those
for
Moreover, in
such lines as general stores, groceries,, meats and
fish, and dry goods and carpets where the stress
would be expected to be sharpest, the failure situa¬
tion appears to have been notably favorable.
On
the other hand, and reflecting the effect of the war
revenue measure, the debts in the
liquor and to¬
bacco group show augmentation over a year ago.
According to Messrs. R. G. Dun & Co.'s tabula¬
tions, Upon which all our conclusions and deduc¬
tions are based, the number of insolvents in No¬
vember was only 981, against 1,251 in 1916 and
November of
all years since 1905.
with the liabilities $13,635,605 and
and $15,694,434 respectively. Dis¬
asters among manufacturers this year were the
smallest in number since 1911, but the liabilities
at $7,293,649 were greater than in the month of
both 1916 and
1915, consequent upon several
1,565 in 1915,
$14,104,612
Dec. 15
THE
1917.]
large failures in glass, earthenware and brick, and
In trading branches,
machinery and tools.
above, the situation
considered
amount and
largely
as
among
point of view of number
indicating that the mortality
or
last
was very
the
liabilities
average
(after elimi¬
the
statement
curve
of merchant
shipbuilding and the upward
of destruction of enemy
I have
satisfactory.
reason
debts of
restrict the
was
In the
less than $6,000.
to doubt that all
satisfactory."
nating six failures for over $100,000 representing
use
curve
submarines has been equally
no
continue
will
three
upward
The
satisfactory.
added that if the country
$1,649,000)
our
mercantile
of
downward trend
continued
has
losses
those too thinly-capitalized to weather
that
note
we
shipbuilding is not yet replacing
losses," he said, "Since Nov. 1, when I made my
extended period of unfortuitous circumstances,
any
"Our
ment.
stated
exceptionally good whether
was
the
from
as
2399
CHRONICLE
speaker
The
would economize
so as
to
of tonnage and set ships free for more
number forced to the urgent uses, if the Ensligh would follow the tradition
wall was greater than for November of several years of their race and put forth all their power, relaxing
previous, but the indebtedness at $1,139,425 was no effort to defeat the submarine, then the war
agents, brokers &c. group the
less than one-third that for the
period in 1916 and
actually the smallest for the month in eight years.
For the eleven months of 1916 there is disclosed
since
a
satisfactory status of affairs, the number of
very
disasters at 12,800
exhibiting
a
could end
considerable decline
The First Lord said that
only three torpedoed
only in victory.
been
had
there
June
ships in home waters of which the salvage had been
and
abandoned
decided
only
one
ship which it had been
repair for the present.
to
not
In June,
striking diminution as 27% of the total salved tonnage on hand was under
compared with 1915.
In fact, in those years the repair, while at present 80% was undergoing the
numbers were 15,741 and 20,452 respectively. As
repairing process. Since August the output of ships
regards the amount of indebtedness, too, a gratify¬ repaired in dry dock had increased 48% and repairs
ing situation is#to be noted, the 1917 total at $168,- afloat 45%. When the Associated Press inquired of
397,655 contrasting with $179,466,982 and $282,- a high Bdtish authority "if the anti-submarine war
680,874 one and two years ago.
The aggregate is was going well and what was the reason for the high
from
a
since
smallest
the
and
year ago,
account for
millions
a very
Manufacturing
1909.
defaults
5Y%
than in 4916, but in the trading di¬
$73,061,861 of this year's total
more
vision the debts
were
very
or
much below those of last
rate of
sinkings in the past three weeks," the answer
in part was:
"The
enemy
has had
He has actually been
work.
offensive of the
greatest
more
submarines at
attempting
a
submarine
possible magnitude in
an
comparing with $85,036,349. effort to reinforce his offensive on land. He is
Brokers, agents &c. indebtedness shows expansion trying to bring off a coup which will incline us to
this year, standing at $30,785,675, against $26,- peace.
He has failed signally on sea as on land,
and he has had to pay a heavy price.
Our counter554,332 but falls well below either 1915 or 1914.
The Canadian failures statement for November is measures are meeting with increased success, and the
$64,550,119
year,
a
distinctly favorable one, the exhibit as regards
number of defaults
and for
a
many years,
An aggregate of only 74 mercan¬
with 112 and
tile and industrial disasters compares
217
with the resulting in¬
standing at $785,920 and $1,012,802 and
and two years ago,
one
debtedness
$4,393,101,
For the eleven months
the number of failures
respectively.
of the current calendar year
not
enemy
in
will experience constantly increasing difficulty
maintaining his campaign."
smaller total of liabilities it is necessary to
back to 1911.
go
being the best for
only falls
very
much under last year (1,005, con¬
If
could accept the
we
sentative
Bolsheviki
as
wholly
repre¬
nearly representative of Russia as a
or
whole
there could
peace
with the Central Powers, would be a matter
of the
most
war
be slight doubt
a
separate
But at the moment what seems
future.
near
that
clearly in sight,is that a long /period of civil
A plan for holding a
is at hand.
constituent
trasting with 1,586), but the amount of debts at
assembly through which it has been hoped that a
The 1915
Trading liabili¬
$7,158,547 contrast with $11,108,283 and
peaceful solution might be reached among the Rus¬
sians themselves has collapsed.
Only a handful
$16,209,035 compares with $23,278,347.
totals
.were
of
ties
2,462 and $38,018,021..
of the
delegates to the assembly appeared in Petro-
Thursday, the date set for beginning the
The Bolsheviki are becoming more
$19,732,986 in 1916 and 1915, respectively; in the
grad
manufacturing division the comparison is between
convention.
$12,899,419, and
brokers, agents, &c., between $2,090,753 and
$6,959,765
among
and
$8,269,433 and
Admiralty concedes
in the losses of its merchantmen
in
week's
this
than
report.
1,600 tons
to 7 under
compares
vessels.
further increase
Fourteen
or
submarine
vessels of
more
sent to the bottom, in addition
which
with 17 (16 large and 1 small) for the pre¬
Italian losses for the
Dec. 8 amounted to 1
tons, one
a
by mine
that tonnage—an aggregate of 21,
week.
ceding
were
steamship of
week ended
more
than 1,500
of less than that size and 3 small sailing
One French steamer was destroyed. These
figures afford further evidence that the recent state¬
ment
First
dispatches
any
latter
in
a
Thursday modified his preceding state¬
belief that few Russians of a
Kaledines are reported by the
troops under General
Petrograd evening papers of Thursday to have been
victorious at Rostov on the Don and to have forced
the Bolshevik troops to
Nakhitchevvan.
cording to
off's
sileika.
a
a
In
were
defeated and retreated to Va-
Meanwhile advices from Berlin state that
formal truce has been
meaning of
government.
Other
of the
arranged with Russian
course
accounts
au¬
with the Bolshevik
declare that some
Russian Army already
are
demo¬
mentioned by
dispatches that Germany is seeking to impose
bilizing.
press,
retreat across the Don to
near Bielgorod,
ac¬
battle
a
Bolshevik staff report General Kornil-
Cossacks
divisions
had been conquered were
the
a
assembly to be held in Petrograd which is the
strength.
Cossack
over-enthusiastic.
speech in the House of
fact
express
Petrograd
main location of the Bolshevik
thorities,
Commons on
to retain power.
efforts
their
in
by the British Premier and Sir Eric Geddes,
of the Admiralty, that the submarine
Lord
menace
In
brutal
political faith antagonistic to the Trotsky-Lenine
faction are likely to hazard their lives by attending
$4,260,631 and $5,433,616.
The British
on
Among
the
peace
terms
Russia are a fifteen-year control of the Russian
wheat crop, the removal of all duties from Ger¬
man articles imported into Russia and the retention
of all Russian territory at present occupied by the
upon
These obviously
Germans.
would place Russia un¬
Kaiser.
earlier part, has been
one of severe anxiety in its military aspect.
After
the setback to the British troops in the Cambrai
section noted at the close of last week there were
several days in which very little news of a definite
character was permitted by the censor to be pub¬
lished, a factor that created fears that a disaster had
befallen the Allied troops.
However, the news
when it did begin to appear was in the main reassuing.
The Germans, following heavy artillery
preparations, had attempted to drive a wedge into
the British line west of Cambrai, but, although using
numerically superior forces, the net result was an
unimportant gain. An attack launched between
Bullecourt and Queant,was similar to that adopted
by Crown Prince Ruppreeht's troops when they
pierced General Byng's front southwest of Cambrai
and caused the British retirement.
In the latest
offensive huge waves of Bavarians were thrown
forward in an endeavor to overpower the defenders.
week, particularly the
The
pub¬
resumed. Injjhe
current instance, however, this view was notjconfirmed, intelligence received from both the French
and Italian fronts indicating that the lines ofithe
Allies are standing well against the concentrated
attacks of the enemy.
Airplane observers have
forwarded specific information of a massing of enemy
reinforcements in the Cambrai sector.
Neverthe¬
less the actual progress of the enemy after severe
fighting has not been of major consequence.
Some
British authorities seem inclined to welcome his
mass
attacks on the ground that operations have
been quite sufficient to justify a belief that the re¬
sults of these massed attacks would be very similar
to those at Verdun, namely, a terrible slaughter
unfavorable developments are
lication
complete control of the
der
[Vol. 105.
THE CHRONICLE
2300
tenaciously except at
penetrated a front line
in their preceding attempt to wreck
The
British, however, held on
one
point where the enemy
As
position.
of
to come when
important events is
of
troops.
enemy
The definite official statement
in Parliament that
September Germany, through a neutral power,
asked a conference with the Allies for the purpose
in
of
has revived talk that a new
worked out. Germany replied
conference was asked by Britain.
Notice
discussing
similar
move
that the
has
been
peace,
is being
given by
a
Scotland that he will
member of Parliament from
interpellate the Prime Minister
overtures have
Reports
also have been current that Turkey and Bulgaria have
intimated a willingness to negotiate separate peace.
The Lansdowne letter also is being freely discussed.
Some British correspondents intimate that there is in
this letter indication of a softening of British senti¬
ment as to peace conditions and that the document
has a definite errand, since it represents fears that
the war is,so piling up expenditures that there may
become necessary a distribution of landed estates.
In other words, the note, it is argued, bears the
stamp of alarm which is beginning to be felt by the
Tory leaders.
What is regarded as confirmation
that some peace move is receiving consideration is
the successive delays of Lloyd George in making his
at
an
early date
as
to whether any new
been received from
Germany and Austria.
heavily, the
machine gun and
rifle fire in the fighting which lasted from dawn on
Wednesday until 1 p. m,
The spot chosen for the
attack was similar from a strategic standpoint to
that near Gonnelieu and had it succeeded another
retirement by the British would undoubtedly have
been necessary.
The Germans are still keeping up
an
intensive bombardment of British and French
positions all along the Western front.
The Italians have resisted further advances by the
enemy.
Snow is falling heavily in the mountains
promised speech detailing the British war aims. The
along the northern Italian front, which may be ex¬
first reason alleged for the delay was that the Premier
pected to aid in driving the Austro-Germans back.
was
indisposed. The subsequent postponements
Amid the first flurries of the storm on Tuesday the
the Cambrai salient,
the Germans lost
them down with
British mowing
resumed his attack among the hills and was
rewarded by the capture of several positions.
Later,
enemy
however, the Italians
lost
their
in
a
counter attack regained
terrain, after which artillery
duels were
noteworthy victory for the
week has been the capture
The populace
British troops this
of Jerusalem by General
Allenby, Commander of the
tine.
The British
before the
ment
British forces in Pales¬
greeted the British commander
proclamation he announced that all
holy places would be protected
and
maintained.
Meanwhile the British army
continued its successful operations in Palestine,
cordially.
In
a
sacred buildings and
having captured several additional positions from
the Turks.
The fall of Jerusalem is believed to
mark the definite
fall of the long protracted efforts
of the Turk to capture
the Suez Canal and invade
Egypt.
Little business is
passing in financial London at
the moment.
There appears to have
British
an
centre
been at the
early week condition resembling
accompanied by specific explanations.
Premier, however, in a speech
yesterday
Lawyers' Club made a very frank state¬
declaring that the British Government
fully
President Wilson's speech. ,"We are
now," he continued, "at the half-wray house between
victory and defeat. A league of nations, arbitration,
&c., after victory would be all right, but without a vic¬
tory would be a farce. To end the war without repara¬
tion would be a farce in a tragical setting. We ought
never,to have started unless we meant at all hazards
agrees
resumed.
A
have not been
with
Victory," he said, "is an
It is because
I am firmly convinced, despite some untoward events,
that we are steadily progressing, that I believe peace
overtures to Prussia now would be a betrayal of the
people's trust. Britain's will is like tempered steel.
There is no sign of a break.
Victory is a question of
tonnage. Nothing can defeat us except a shortage of
tonnage.
Germany is desperately endeavoring to
force the issue before America is ready.
She will
not succeed.
This is the fateful hour of mankind."
to
complete our task.
essential condition of
world security.
continued. "To redeem Britain and
world must be the purpose of every
on
man
and woman who places duty above ease.
tary reverse of some magnitude.
As soon as silence
England and America must
marks the British War Office, it is inferred that Democracy is at stake.
closely that prevailing in New York, based
entirely indefinite fears of an anticipated mili¬
very
Lloyd George
Europe and the
Dec. 15 1917.]
THE
strain every resource.
their
tonnage.
The
CHRONICLE
Both must especially increase
most
fact of the
momentous
transposing the whole situation, was America's
replacement of Russia in the struggle against auto¬
year,
cracy."
A Geneva dispatch to
a
Copenhagen
news¬
declares that in receiving the Cardinals
paper
Dec. 23 the
Pope will deliver
ciamento
the
on
question of
important
an
on
pronun-
peace.
2301
that he wished to let
Germany know that Great Brit¬
ain realized her power
commercially and that when
the time
use
it would
came
it.
Germany should also
remember, he said, that the longer the
the less
advices
announce
material there would be to
go
and the Allies would
help themselves first.
that the
lasted
war
raw
around,
Cabled
amalgamation has been
arranged of four prominent iron and steel companies—
the Worthington Iron & Steel Co.of West Cumber¬
Andrew Bonar Law, Chancellor of the
Exchequer,5 land, the Phoenix Steel Works of Rotherham, Samuel
introducing a vote of credit for £550,000,000, Fox & Co. of Sheffield, and the Frodingham Iron &
making an aggregate of £2,450,000,000 for the cur¬ Steel Co. of Lincolnshire.
The capital, it is stated,
rent fiscal year,
in the House of Commons on will be at least £4,000,000 sterling. The total
weekly
Wednesday estimated that the present vote would output is about 25,000 tons of iron and 21,000 tons of
in
the expenditure to the end of March 1918.
carry
steel.
The average
daily expenditures in the last sixty-three
days have, he said, been £6,794,000, while the aver¬
daily expenditure for the period since the end of
age
the last financial year was
the
expenditure
excess
Chancellor
said,
was
£6,686,000.
The total of
the budget estimate, the
over
£300,000,000.
The belief
was
,
Another
crisis
has
about to
are
tion.
bill
situation
war
If the
should be still in progress when the next financial
began, the Chancellor believed it would be his
year
duty to devise additional taxation
certain that when the
so
to make it
as
ended there would be
war
possibility of having to impose
no
taxation at that
new
time.
appeal to the people by
The recent enactment of
to Russia would be recovered
later.
which
understood
Premier
for
the
and
full
a
they
have
lost
The
foregoing hint of
Chancellor
was
not
the London market.
loan
also
is
have
The
a
campaign for the
high-grade securities.
reflected the
Petrograd.
The
closed
volume of
London
portion
of
well.
the
French
The subscrip¬
yesterday, Friday, but the actual
Sales
amounted
the
Russian is¬
subscriptions has not yet been announced
officially.
Stock
new war
discouraging advices from
loan is said to have gone very
tion lists
favorable feature by
operating against improvement in the
demand for other
sues
taxation by the British
new
regarded
to
of British
£23,039,000.
war
bonds
last
week
The probability of the
Exchange and the Baltic Exchange closing
on
Monday preceding Christmas is being discussed.
It is also
suggested that the -banks may close, but
this is not
ness
expected, because it would
mean no
between
busi¬
a
conditions is
politicians.
register
ford.
reported by cable indicating
figures for the end of November.
figure is
5768,
mark of 5701
increase of
no
or
at the end of
less than 989
index
sents
price of
The "Economist"
67 points above the former high
October, and showing
Based
year.
1901-5, which is the
par
number, the end of November figure
a
gain of
no
an
points from that of the
corresponding \month of last
average
high record
new
less than 162.2%.
,,
on
the
of this
repre¬
The "Statist"
and
was
reading by the House of Commons
It
on
on
its second
Wednesday.
had
in
based
up
two
a
on
new
three
or
sensational speech at Bed¬
a
the
been
situation
months
cause
"When I
hanging in the
were
hang there for
say
a con¬
the country is
pass¬
time of danger," Colonel Churchill
a
bring about
seri¬
more
three
The future of the British Empire
of democratic civilization
continued, "I
was
reasonable
The country and the Allied
danger.
ing through
mean
a
there
are
persons
who wish to
They
premature peace.
listen¬
are
ing to the sophistries and dangerous counsel of
politicians.
really
aims,'
up
People who
to
mean
Huns.
The
say
make
British
Testate
peace
do
cer¬
your war
with the vic¬
not
mean
to
put
anything but the legitimate and righteous aims
with which
sue
as
this
entered the
we
were
war
and if such
is¬
I cannot
see
that there
slightest danger in submitting that question
to the free decision of the. whole nation.
Wilson's
statement
for
We
me.
may
an
seriously raised it could be decided
only by the whole nation.
is the
are
passed
it
siderable period.
the
September.
within
balance and would continue to
our
The non-ferrous metal bill
qualifications.
question that is agitating
completed
that
to expect.
ago
were
vised
175.9 at the end of
said
than
ous
number is 181.9,
which compares with 180.6, the re¬
figure for the month of October, and with
present registration
electoral
Spencer Churchill,Minister of Munitions,
He
torious
as
be
Tuesday made quite
"Econonist" and the "Statist" in their index
bers
exercise their rights
It is figured that provision for
could
Winston
on
tain
num¬
to
months.
Saturday and Thursday.
Commodity
prices in England continue to advance, both the
,
a
In
course.
will have thd vote
register will be made
new
by the
upon
the
are
their
Whether
new
general elec¬
his
of
women
if under
even
relied
vindication
soldiers and sailors
of franchise
be
to
circumstances,
new
a
electoral reform
an
enormously alters the present electoral
is
the
*
political
a
developed in aggravated form under the
surface and that the Premier and the Government
expressed by the Chancellor that'the advances made
sooner or
explanation of the delay of the promised
speech by Lloyd George is that
peace
war
aims
is
to end the war,
President
good] enough
however long it
If Russia has fallen out of the ranks,
take.
United
aid.
mean
of
States
The
has
fallen in( and is coming
longer Great Britain
to
and America
fighting side by side the closer they will be
drawn
together.
That is
a
will make amends for what
tremendous fact and it
we now are
suffering."
gives the Government control of all dealings in
non-ferrous
man
metals, and is intended to destroy Ger¬
monopoly in these metals.
John Dillon in the
British
Treasury
Dec. 8 indicated
course
of the debate expressed the belief that when the
was
peace
conference
the outflow.
came,
President Wilson
of the United States would
made
ineffective.
Andrew
on
behalf
require that the bill be
Bonar
Law
explained
at
the
advanced,
same
a
receipts for the
substantial gain,
time
a
week
corresponding increase in
Treasury bills outstanding
amounting to
ending
although there
were
£1,059,525,000,
pared with £1,011,583,000
a
week
ago.
as
again
com¬
Sales of
Treasury bills
exceeded the amount and children
for the week
than £47,176,000. The week's
expenditures amounted to £67,560,000 (against
£78,089,000 for the week ending Dec. 1), while the
total outflow, including repayments of Treasury
bills, advances and other items, was £166,010,000,
against £137,371,000 last week. Repayments of
Treasury bills were £70,569,000, as contrasted with
£56,585,000, and of advances £21,000,000, comparing
with £1,500,000.
Receipts from all sources totaled
£170,889,000, against £127,652,000 the week previous.
Of this total, revenues contributed £11,727,000, against £12,357,000.
Treasury bills were issued
to the amount of £117,745,000.
A week ago the
total issued was £66,388,000; war savings certificates aggregate £1,000,000, the same as a week ago,
and
other
debts incurred £19,524,000, against
£12,592,000. The temporary advances from the
Bank of England totaled £2,991,000, and compare
with £23,000,000 the preceding week.
National war
bonds total £16,552,000, as against £12,000,000.
The Treasury balance amounts to £15,474,000, in
comparison with £10,585,000 last week.
repaid by no less sum
—
An
undercurrent
of
French Governmental
unrest
still is evident in
It is stated in Parlia-
circles.
quarters that a letter
mentary
[Vol. 105.
THE CHRONICLE
2303
interned in German camps who are
undergoing sentences for misdemeanors. They are
to be allowed to return to occupied Belgium, Switzerland or France. Germany also is to set free prominent Belgian colonials arrested under reprisal measures. Further mutual liberations of prisoners are to
be discussed later under the agreement.
Advices from Constantinople by way of Vienna
that the Turkish Minister of Finance has
declared that by agreement with Germany no interest
will be p^id on loans granted Turkey for a period
of twelve years following the war. A rather significant development in the German political situation is
contained in a speech by Herr Strobel, Independent
Socialist, in the Lower House of the Prussian Diet,
The speaker said that peace would soon be achieved,
"if Prussianized Germany were so reformed that it
would be regarded as belonging to the world's
kultur.
The' nation's reactionary Prussian systern is the strongest support of our militarism and
imperialism, which we have to thank for this hideous
war. When Heydebrand, the Conservative leader,
asks where Prussia would be with a parliamentary
announce
system, the answer must be
Prussia would never have
in which General frightful
that a democratic, sane
jbeen rushed into this
catastrophe of war, When
Joseph Caillaux, who was recently accused of being
concerned in a campaign for a dishonorable peace,
sets forth a
number of facts brought to
of investigation into
course
charge is an attempt
alliances
against the safety of the State
nature tending to compromise the
concluded between France and foreign
of
by acts
light in the
The first
other cases.
a
Heydebrand
the Reichstag
position of the
country to demand governmental reform, it must be
asked who brought the country into this serious
position? It was the thoughtlessness of the Government and of the parties which encouraged the Government to support that unbelievable ultimatum to
Serbia." Here the President of the Diet called the
Governor of Paris, has asked declares that the'majority p^rty in
authorization for a prosecution of former Premier have taken advantage of the serious
Military
Dubail,
speaker to order.
Herr Strobel proceeded to say
criticised the
demand revowith peace propaganda.
The second and third lution," cried Strobel, "but I say it will come when
charges come within the jurisdiction of the military conditions favorable to it show themselves.
Who of
courts, but as to the first, deputies hold that if it is you would have believed that the U-boat war would
to be proceeded with it will necessitate sending the
be carried on for a year without evident results?"
concerned treasonable that the annexationists had severely
and the third has to do franchise reform measure. "I do not
The second charge
Powers.
relations with the enemy,
former Premier
was
before
a
high court.
absent from the Chamber
M. Caillaux At this there was a
of Deputies on Tues-
great interruption and conserva-
tive cries of "leave that to
Hindenburg." In a de-
bate on the franchise on Thursday of last week in the
Prussian Lower House, Herr Lohmann, National
Liberal, reserved a definite decision of his party regarding the electoral reform, but acknowledged the
necessity of a reform, especially in the nature of a
direct secret franchise. Herr Strobel, at the same
session, demanded an equal franchise for municipal
policy before the war."
I elections as well as the franchise for women. ViceA semi-official statement was issued in Paris President Friedberg asserted that the Prussians were
early in the week concerning the report published in the freest people in the world and that if^the bill
London on Saturday that the commissaries of the were carried through it should be done in considerapeople in Petrograd had in view the repudiation of tion of the whole political situation.
He added: "It
loans contracted by Russia abroad.
The statement is here a question of the King's pledge which must
says that the French Government considers the finanabsolutely be redeemed and not trifled with." The
cial engagements made in the name of Russia prior Socialists polled 78% of the total vote in the^recent
to the revolution are independent of the changes in
municipal elections at Leipzic, according to^a^report
regime that have occurred or of changes which may published by the Berlin "Vorwaarts." This repreoccur, and consequently impose themselves on all
sents a 5% increase over 1912, when the previous
asked by General Dubail.
He was, however, present on Wednesday and declared that had he been present the preceding day
he would have leaped to the platform of the House,
Continuing, he said: "I am here to-day and at an
early date I will dissipate this cloud of gossip and
will take occasion to explain to the Chamber all my
day when authorization was
those persons
the coupons
paid
as
representing Russia.
It is added that election
of Russian bonds due next month will be
such coupons previously have been.
the intervention of King Alfonso
was
held. The Independent Socialists
the total Socialist vote.
polled nearly 54% of
of
There has been no change in official bank; rates
which at leading European centresrixom 5% in London,
Belgium will repatriate all German civilians removed Paris, Berlin, Vienna,ytaly^and Copenhagen 5H%
from German East Africa who are interned in France, in Portugal and Norway; 6%iinglPetrograd andkSweGermany, in turn, is to set free all Belgian women ' den, and 43^%kinLSwitzerland, Holland and^Spain.
Through
Spain,
an
agreement has been reached under
Dec. 15
In
London the
Call
to
4%,
in London has been advanced
money
against 3%%
a&
have been received by
a
week
No reports
ago.
cable of open market rates at
European centres, as far as we have been able
other
ascertain.
to
BANK OF FRANCE'S COMPARATIVE STATEMENT.
private bank rate continues to be
quoted at 4%% for sixty days and 4%% for ninety
days.
2303
CHRONICLE
THE
1917.]
France
Total——
Bills
3,826,809
gain.
Note circulation
was
£206,000; hence total reserves were re¬
Despite these reductions, however,
£230,000.
proportion of reserve to liabilities advanced
357,721,603
1,425,000
800,649,100
575,432,068
366,754,461
1,166,851,638
1,348,182,519
1,150,083,698
22,821,152,440 16,383,953,565 13,449,562,520
3,708,000
39,059,028
26,654,467
236,748,361
86:973,000
deposits...Inc.
to
The
2,883,230,426
2,021,812,022
2,214,156,447
weekly statement of the Imperial Bank of
Germany, issued
marks; gold increased 386,000 marks; Treasury notes
securities
Government
decreased
£8,017,000.
of other banks
expanded 23,472,000 marks; notes
duced
Public
of Dec. 7, shows the following
as
Total coin and bullion increased 5,241,000
changes:
deposits increased £3,958,000,
though other deposits were contracted £12,486,000,
and
5,026,399,110
307,973,599
3,862,000
declined
ago.
5,066,013,719
247,175,065
....Dec.
19.58%, against 18.74% last week and 21.70% a
year
5,340,182,575
390,000
Inc.
England this week recorded a small
gold item—£23,134—as contrasted with
last week's substantial!
duced
—
Note circulation._.Dec. 90,630,000
The Bank of
the
1,385,185,949
discounted.-.Dec.
Advances
General
expanded
5,026,399,110
2,037,108,484
-.Dec.
Sliver
Francs.
Francs.
3,680,827,770
No obange
Abroad—.
Dec. 16 1915.
Francs.
3,303,074,091
3,826,809
.Inc.
—
Dec. 14 1916.
Dec. 13 1917.
Francs.
Gold Holdings—
In
Treasury deposits..Dec.
loss in its
Status as of
Changes
for Week.
000
marks; bills
63,000
discounted
marks; investments showed
000
were
re¬
88,592,000 marks; advances decreased 1,749,-
reduction of 2,338,-
a
increased 31,968,000
securities
other
marks;
£263,000. The marks; notes in circulation increased 68,787,000
English Bank's stock of gold on hand aggregates marks, while deposits registered a contraction of
£57,511,821, which compares with £55,105,924 a 8,352,000 marks and other liabilities of 92,496,000
year ago and £50,281,182 in 1915.
Reserves total marks. As the statement of the Bank for the week
£32,027,000, as against £35,598,584 in 1916 and
ending with Nov. 22 has not been received, it is not
£34,464,372 the previous year.
Loans now stand possible to give totals of loans, circulation, &c., for
at £91,535,000.
This compares with £104,059,713 the latest period. Gold on hand on Dec. 7 totaled
and £96,855,303 one and two years ago, respectively.
2,404,691,000 marks. This compares with 2,318,The Bank reports as of Dec. 8 the amount of cur¬ 760,000 marks in 1916 and 2,436,200,000 marks
the preceding year.
rency notes outstanding as £175,714,727, as com¬
'
pared with £172,794,818 a week ago.
The amount
Last week's statement of New York associated
of gold held for the redemption of such notes is still
banks and trust companies, issued on Saturday,
given as £28,500,000.
Our special correspondent is
again showed striking changes in its principal items.
no longer able to give details by cable of the gold
Loans
declined
securities)
(other
into and out of the Bank for the Bank
movement
week, inasmuch as the Bank has discontinued such
We append a tabular statement of com¬
reports.
BANK OF ENGLAND'S
1915.
Dec. 13.
Dec. 12.
Dec. 15.
1914.
1913.
•
43,934,000
37,957,340
34,266,810
40,416,000
—
£
£
£
£
£
-
57,511,685
35,591,935
28,795,595
8,028,166
37,464,317
11,194.036
27,018,013
25,075,054
35,420,649
52,136,369
Govt, securities
57,895,000
42,187,599
43,167,729
94,169,276 122,736,426
32,840,075
11,968,674
Other securities.-.-
91,535,000
104,059,713'
96,865,303 116,481,844
deposits
123,152,000 106,526,295
Other deposits
Reserve notes & coin 32,027,000
35,598,584
34,464,372
57,511,821
55,105,924
50,281,182
Coin and bullion—
55,272,166
72,414,101
also
round numbers
the
to
19.60%
liabilities
21.70%
5%
6%
5%
Bank rate
23.55%
55.10%
5%
33.31%
5%
being $68,217,000.
Exchange.
additional gain in gold of 3,826,809
an
to
The
holdings up
5,340,182,575 francs, of which amount 3,303,074,-
091 francs
abroad,
are
as
held in vault and 2,037,108,484 francs
against 5,066,013,719 francs last * year
demand
Net
deposits
reduced
(not
counted
as
reserve).
in the Federal Reserve bank of member
reduced
was
Reserves in
were
vaults (members of the
banks) showed an increase of $1,583,own
$109,949,000
to
reserve
banks
Net time deposits
Cash in
$13,079,000.
week, the Bank of France
francs; thus carrying the Bank's gold
was
further large increase, viz., $87,712,000,
a
Federal Reserve
announces
This feature
$3,553,037,000 (Government deposits of $867,-
000,
In its statement for the
were
the net amount in
large measure with the heavy liquidation
Stock
registered
Loans, however,
contracted,
substantially
associated in
on
to preparations
Dec. 15, and repayment by the
on
659,000 deducted).
Proportion of reserve
to
some measure
payments on the second instalment of the
to meet
Dec. 17.
Dec. 16.
'
-
due in
reserves,
banks of Government funds.
COMPARATIVE STATEMENT.
1916.
1917.
Public
heavy reductions in both aggregate and
were
surplus
Liberty Loan,
parisons:
Circulation
There
$42,000,000,
to
$543,436,000.
vaults (State banks and trust com¬
own
panies)
declined
reserves
in other
$347,000,
to
$20,039,000,
while
depositories (State banks and trust
held in vault and companies) gained $241,000, to $9,756,000. Circu¬
lation is now $33,480,000, an increase of $269,000.
1,385,185,949 francs abroad), and 5,026,399,110
(when 3,680,827,770.francs were
all of which was held in vault. The
silver item was reduced 390,000 francs.
Note cir¬
francs in 1915,
culation this week showed a
francs.
discounted declined 1,425,000 francs, while
francs.
Bills
General deposits expanded 86,973,000
Treasury deposits were
the
decrease of 90,630,000
Bank's
advances
Note circulation
compares
is
now
reduced 3,708,000 francs and
decreased 3,862,000 francs.
22,821,152,440 francs. This
with 16,383,953,565 francs in 1916 and
13,449,502,520 the year preceding. In the week
ending July 30 1914, the amount was 6,683,184,785
The
aggregate
reserve
registered
a
reduction
of
$42,106,000, which carried the total to $573,231,000,
and
in
with $633,165,000 held at this time
requirements, however, were
compares
1916.
expanded
reserves
which
basis
Reserve
reduced
of
hence the loss in surplus
total oft $53,077,940,
the total of excess reserves, on the
$10,971,940;
reached
only
the
13%
large
reserves
Federal
$99,044,510.
Surplus
for member banks of
Reserve
the
^system (but not counting
$109,949,000 cash in vaults held by those banks), to
reserves
a
year
ago
were
the last statement issued in that
$73,790,840, but this was on the basis of reserve
by the French Bank after the commencement of
hostilities until Dec. 24.
Comparisons of the various
requirements of 18%, including cash in vault.
The
bank statement is given in fuller detail in a sub¬
francs, that being
year
items
with the statement of a week ago
corresponding dates in 1916 and 1915 are as
and the
follows:
sequent section of this issue.
THE
2304
interesting features of the money
been the announcement from Wash¬
One of the most
situation has
$2,000,000 will be
ington that
[Vol. 105.
CHRONICLE
advanced by the War
Dec. 15.
Sept. 26, originally intended to mature on
But because of the large full payments received
the time of the Nov.
15 installment
announced that it would
Loan, the Treasury
at
of the Liberty
antici¬
departments to the Bethlehem Steel Co.
pate the redemption on Dec. 11.
Another issue,
on munitions contracts,
because of the company's
originally designed to mature on Dec. 15, was called
difficulties in obtaining funds from private sources. for
redemption on Dec. 6.
There still remains
This establishes a precedent which will aid in a prac¬
$685,296,000 of certificates of indebtedness matur¬
tical way in keeping the general money situation un¬
ing to-day, which should relieve the immediate situa¬
der control during the intermittent periods of strain
tion, and $690,000,000 maturing June 25 1918. A
which are bound to arise when the Government en¬
total of $35,000,000, representing the first semi-an¬
ters the market for new loans.
Rates for fixed ma¬ nual interest
and Navy
strain, but it is
well known that manufacturers desiring large sums
have been finding difficulty in obtaining accommo¬
dation;
While news of the advance to the Bethle¬
hem Steel Co. has just been announced, it is learned
that the Government already has made large pre¬
vious advances to companies, including the Bethle¬
hem, on contracts made on the cost plus percentage
'of profit plan.
The law authorizes the War and
Navy departments to advance up to 30% of the
amount of the contract in order to ; permit the con¬
turities do not
tractors
to
themselves reflect any
extend their facilities.
payment on the
to-day, which
becomes due
V/2% Liberty Loan,
likewise will be a source
another in¬
British Treasury
bills on a 6% discount basis dated Dec. 11. '
Referring to rates in greater detail, call loans this
week have ranged between 5 and 6%, as against
3@5% a week ago.
Monday the high was 6%,
with 5V2% the minimum and renewal rate.
On
Tuesday 6% was still the maximum and 5^% low,
This process is
$15,000,000 ninety-day
advanced to 6%.
but renewals were
On
Wednesday's
5@6% and 6% still the renewal basis.
Thursday and Friday one rate was quoted all
range
possible, however, only on certain recent fixed price
contracts made with the Bethlehem Steel Co., chiefly
& Co. offered
J. P. Morgan
of relief.
stallment of
was
day, 6% being
the high, low and
ruling quotation.
distinctly firmer tone was
for ordnance, and it does not cover long-standing
apparent, which was not unnatural in view of the
orders made before the entry of the United States
strain upon the banks resulting from withdrawals to
into the war.
In a statement given out early in the
meet the settlements for the coming installment of
week, Secretary McAdoo "hoped in view of exist¬ the Liberty Loan, as well as prospective heavy
ing financial conditions that persons charged with Government financing.
A range of 5J/£@6% was
financing large enterprises, both public and private,
given for all,periods from four to six months, al¬
would consult with the Secretary of the Treasury
though it was reported that funds were not obtain¬
before making commitments or expenditures which
able under 6% and even at this figure lenders were
would require borrowing money."
Obviously this unwilling to put out large amounts. . Sixty day
means that the Treasury desires that all plans in¬
funds require 5^% at the close and 90 day 5J^@
volving corporate financing be first presented for
5M%.
The demand, however, was light and
approval of the Treasury Department before being quotations more or less.nominal. A week ago sixty
carried out.
The Secretary's statement was in the
day funds were quoted at 5M%> ninety days and 1
form of a letter to E. A. Deeds of Dayton, Ohio, who
four months at 53^@5J^% and five and six months
wrote asking Mr. McAdoo's opinion of a plan for
at
53^2@5%%. At the corresponding date last
carrying out a system of flood control in the Miami
year, sixty and ninety days ruled at 4J4@43^% and
Valley, involving a total bond issue of $25,000,000.
four, five and six months at 4@4^%.
In
his letter Secretary McAdoo continued: "Of
Commercial paper rates were still unchanged,
course, I have no power or duty in the premises, but
with sixty and ninety days' indorsed bills receivable
in view of the financial situation as affected by the
and six months' names of choice character at 5J^@
Government's operations, which should have prefer¬
5M%> with names less well, known at 5J^@6%.
ence
at all times during the war, I feel grateful for
A moderate volume of business was reported among
the opportunity you give me of passing on this maU
out of town institutions, although the scarcity in
ter."
A War Credits Board has just been estab¬
offerings continues to restrict trading.
*
'
lished for the War Department.
Its duties will be to
Banks' apd' bankers' acceptances were slightly
see
companies working on war
that
In
contracts, for
adequately supplied with funds.
McRoberts, Vice-President of the National
munitions, &c., are
Samuel
York, has been appointed its
Chairman, the other members being LieutenantColonel N. V. Thompson of the Aviation Sec¬
tion of the Signal Corps, and Edward Clifford of
City Bank of New
Chicago.
Call money
has ruled on
renewals
on
about a 6% basis this
Stock Exchange business be¬
The 40% installment of the
Second Liberty Loan is due to-day, but in view of the
large volume of full paymehts that were made on
Nov. 15, the transaction may not be considered one
of major importance.
Its completion without spe¬
cific strain will be facilitated by the release of funds
by the Treasury in the form of anticipatory payments
on certificates of indebtedness.
On Tuesday $400,000,000 of United States certificates of indebtedness
were paid by the Treasury.
This was an issue dated
ing
at
more
money
that
rate.
also
a
active, especially
the week when
during the closing days
several large banks were buyers
fractionally higher.
J
follows:
,
Spot
—
"
•*
Delivery
Ninety
Sizly
Thirty
Days.
•
Days.
Days.
Delivery
within
30 Days.
@3H 3%@3 % 3%@3%
4 bid 3 %
Eligible bills of non-memb. banks
4@3
4©3%
4@3% 4% bid 3y*
Ineligible bills5}*@4>$ 5J4@4H
6 bid 5
member banks..
directors
The
New
of
of
The tone was firm, with quo¬
Detailed rates are as
prime acceptances.
tations
Eligible bills of
.
week, most
time
of the Federal Reserve
.
offered
offered
offered
Bank of
(Dec. 14) established open
for the purchase of acceptances as
York yesterday
market
rates
maximum rate, 4J^%.
2J^ to 4%. No other
changes in rates, so far as our knowledge goes, have
been made this week by the Federal Reserve banks.
Prevailing rates for various classes
of paper at
the different Reserve banks are shown in the fol¬
follows:
The rates
lowing:
Minimum rate, 3%;
had heretofore been
Dec. 15
DISCOUNT
RESERVE
FEDERAL
OF
BATES
BANKS.
8
a,
1
OF
Mineapolis.
o
a
Y
Newkro .
Boston.
in
from
Rome
Richmond.
•c
a.
3
Chicago.
§
55
<9
3
3
it
i
e
K
issued
of
on
Thursday
had
Government
Italian
1 to 15 days' maturity
Discounts—
4
3
4
4
4
1 to 15 days'
4
3
4
4
4
4
4H
4X 4^
4^ 4X
decree
a
establishing
National Institute
a
Exchange, with monopolistic
powers,
the
purpose
speculation in Italian
money
4
4
4
4
control the export of all national bonds.
4
4
4
4
foreign bank transactions also must be registered with
and
4
4
4
4
4
4H
4H
16 to 30
"
"
4H
4
4H
4H
4^
4H
"
"
4H
4
4H
4H
4X
4H 4H
4X
61 to 90
"
"
4^
4
4H
4H
4H
4H
31 to 60
4tt
4H
4X
5
4^
5
m
4h
4h
5
5
5
5
4H
5
5H
5X
5^
5
5
5X
4
4
Agricultural and
Live-Stock Paver—
91 days to 6 months maturity
announcement
the
of which is to reduce
Member Banks, Coll. Loans
maturity
that
Sk
3
«
DISCOUNTS AND LOANS
official
the
taken
8
CLASSES
2305
CHRONICLE
THE
1917.]
Trade Acceptances—
4
3H
4
4
3^
4
4
4
3H
4a
31 to 60
"
"
4
3H
4
4
4
4
3H
4
4
4
3H
"
"
4
3X
4
4
4
4
4
4
4
4
4
4
institution, which will be under the direction
new
of Minister of the
is
Rubles
assured.
now
This
Treasury Nitti.
taken
was
the stabilization of Italian exchange
to indicate that
well
were
maintained,
4
61 to 90
the
All
1 to 30 days' maturity
though the quotation is still
purchased in open market 2H to 4% except for San
Note.—Rate for acceptances
and New York, which latter yes¬
Francisco, whose rate ranges from 2J4 to 4M%.
terday (Dec. 14) established a minimum rate of 3% and a maximum rate
of corresponding maturities.
a
15 days and under,
landed at Vladivostok
Russian
on
one.
without perceptible effect
was
exchange.
They
in fact, subse¬
were,
.French exchange did not to any
quently denied.
3>£%.
entirely nominal
Reports from Tokio that Japanese troops had been
of 4H%.
with those for commercial paper
Ra,tes for commodity paper have been merged
an
appreciable extent reflect the uneasiness felt over
How absolute is the control that is
over
sterling exchange is indicated by the complete
absence of response to
such
the
feature this week
a
Despite the fears that
of
nervousness
on
the Western
war
approaching disaster there has hardly
review
extended
Rates
In these circumstances
still
Saturday,
Monday
The
for
compared
as
Colombia.
with Friday
from
arrived
steady with demand
were
developed
not changed from 4 7515@
feature* of
new
quotations
were
moment
demand, 4 76 7-16 for cable transfers
4 71 @4
71%
light in volume
at the levels of
sixty
for
days.
Trading
was
Tuesday and rates remained pegged
the day before.
Wednesday's market
on
dull and narrow;
was
justified.
not
any
cable transfers
sixty days at 4 71@4 71%.
On
and
no
4 75 3-16
is
a
4 7515@4 75 3-16,
at
4 76 7-16
and
metal
preceding week,
quoted
and
certainly
precious
on
the
of
been
single lot of $854,000 for Chile; $100,000
was a
the
in
front.
for gold exports reported during the
arrangement
week
changes
no
actual rates and demand bills
4
that has been
current early in the week
were
ripple in quotations.
at
being exercised
reported in
again quoted at
were
Dulness featured Thurs¬
day's trading, and whatever business was passing
region.
than
their
holding
dealings
bills
own
against the
enemy.
unofficial
The
available.
Paris finished at 27.22,
on
with 27.20% last week.
No
sterling
which
com¬
In New York, sight
the French centre closed at 5
on
recorded
and quotations for reichsmarks and
not
are
check rate
pares
were
being put through in German and Aus¬
are
trian exchange,
kronen
about steady throughout
were
slight net advances
that French and British troops were more
news
on
73%, against
5
73% cables at 5 71%, against 5 71%; commer¬
cial sight at 5 74%, against 5 74%; commercial sixty
Lire
days at 5 80%, against 5 79% a week ago.
finished at 8 21 for bankers'
the
8 27
as
preceding week.
against 13.00
sight bills and at 8 20
This compares
transfers.
cable
for
on
with 8 29 and
Rubles closed at 13.25,
Friday of the week previous.
Greek exchange continues to
be quoted at 5 13% for
checks.
As
to
feature
the
was
neutral
the outstanding
strength in Spanish ex¬
however,
This,
change.
exchanges,
continued
the
was
attributed
almost
wholly to the firmness on the London market, and
is
ostensibly
through at the rates previously
Friday's market ruled steady but dull as
current..
Francs
and before the close
having
United
continued to be put
German offensive to be launched in the Cam7
new
brai
were
7515@4 75 3-16, cable transfers at 4 76 7-16 and
sixty days at 4 71 @4 71%.
the
a
reflection of the rates originating there,
connection with the trade balance of the
States with Spain.
As a matter of fact, im¬
no
time
Under
for demand and 4 76 7-16 for cable transfers.
Com¬ the high rates prevailing, dealings in pesetas were
very light.
Scandinavian rates ruled steady and
mercial sight finished at 4 74%@4 75, sixty days
about
unchanged.
Swiss francs were firm and
at 4 70%@4 70%, ninety days at 4 68%@4 68%,
documents for payment (sixty days) at 4 70%@ slightly higher, while guilders remained pegged at
last week's figures. /Bankers' sight on Amsterdam
4 70%, and seven-day grain bills at 4 73%@4 74.
closed at 43%, against 43%; cables at 44, against 44;
Cotton and, grain for payment closed at 4 74%@4 75.
commercial sight at 43 7-16, against 43 7-16, and
commercial sixty days at 43 5-16, against 43 5-16
In the Continental exchanges this week, nervous¬
a
week ago.
Swiss exchange finished at 4 32 for
ness and hesitancy again marked operations,
with
bankers' sight bills and 4 30 for cables, as contrasted
the
undertone
were
Closing quotations
71@4 71% for sixty days, 4 7515@4 75 3-16
and still without change.
ever,
4
considerable
showing
The volume of transactions
Attention
standstill.
furnished
in
early
were
Declines
rumors
on
ence.
war
of
centres
the
displayed
to
recorded, largely
terests.
ing
still
most
week
the
weakness.
irregularity.
exceptionally light,
in fact, being at times at a complete
the market,
which
was
low
as
on
on
week's
Italian lire,
activity and
further pronounced
as
8 47 for checks
unconfirmed,
regarding portentous developments impend¬
the
war
news
substantial
front exercised
on,
took
rally
however,
on
a
took
practically negligible proportions.
with 4 35 and 4 32 last week.
closed at 32 50,
finished at 33.25,
way
Copenhagen checks
against 32 00.
previous week.
A week ago the
closed at 33.25, against 32.50 the
Spanish pesetas closed at 23.97.
final
Checks on Sweden
against 35.50, and checks on Nor
quotation
was
24.00.
selling by speculative in¬
Somewhat persistent, though
Later
portations from that centre are at the present
reduced to
more
a
cable
New
York
Clearing House banks, in their
as a result of the currency
week ending Dec. 14.
Their re¬
disquieting influ¬ gained $725,000 net in cash
accounts of
the
favorable tone and
place.
The
operations with interior banking institutions, have
Keen
interest
a
was
movements for the
ceipts from the interior have aggregated $6,445,000,
while the
shipments have reached $5,720,000.
Add-
ing the Sub-Treasury and Federal Reserve opera
tions and the gold exports, which together occasioned
the flow
the combined result of
loss of $87,297,000,
a
into and out of the New York banks for
week appears to have been a loss of $86,572,000
of money
the
follows:
as
in
Bank Holdings.
Banks.
Banks.
December 14.
Net Change
Out of
Into
received is fragmentary and
one-sided, but probably also because of the difficulty
which the, outside world encounters in explaining
That the
of war and anxious
understanding the Russian character.
or
Russians
as
people
a
were weary
enough.
had become evident
for peace
Kerensky's
despondent public statement made that plain,
even
before the Petrograd Bolsheviki seized the
negotiations
with the
41,092,000
Germans, and their attitude toward the allies of
$86,572,000
$47,537,000 $134,109,000
Russia, were of a character which appeared to admit
of only two possible explanations.
Either these
table indicates the amount of bullion
reins
Federal Reserve
operations and g<?ld exports
and
128,389,000
Loss
of
$87,297,000
But the subsequent
power.
$725,000
$5,720,000 Gain
$6,445,000
-
Banks' interior movement-.-.
Sub-Treasury
the actual news
cause
last
_
Week ending
IVol. 105.
CHRONICLE
THE
2306
Lenine, Trotzky and their colleagues
of
Loss
Total
The
following
anarchists and labor agitators
philosophical
principalJEuropean banks:
in the
were
deliberately conspiring to use the'Russian people's
December
13
December,^.14 1916.
1917.
Banks of
mood
to
the
betray
Total.
Silver.
Gold.
Total.
Silver.
Gold.
Germany,
its allies to
and
country
else, obsessed with their not at all
or
£
France
55,105,924
12,318,960 159,552,071
57 ,511,821
a
129,650,000
Russia *_
55,105,924
9,800 ,000 141 ,922,963 147,233,111
6,526 ,350 126 ,760,900 125,943,600
12,375 ,000 142 ,025,000 146,684,000
12,140 ,000 63 ,718,000 51,578,000
28,848 ,000 107 ,401,000 48,336,000
57,511,821
132,122,963
Germany. 120,234,550
England..
826,100 126,769,700
10,501,000 157,185,000
c
51,578,000
Spain...
78,553,000
Italy....
Netherl'ds
33,643,000
2,600 ,000
36 ,243,000
36,647,000
57,698,000
573 500
58 ,271,500
48,762,000
552,200
15,380,000
14,030,000
11,922,000
600 000
15
15,380,000
12,801,100
600,000
Denmark
10,515,000
153,000
Norway.
6,489,000
63,718,000
12,140,000
29,811,000
2,908,000
Aus-Hun
Nat .Bel .h
Swltz'land
Sweden
...
719,327,334
Prev .week718,756,638
Tot.week.
,980,000
14 ,030,000
11 ,922,000
10 ,668,000
6
10,133,000
8,340,000
was
39,555,000
49,314,200
15,980,000
12,801,100
10,133,000
8,508,000
168,000
they hoped to
they
see,
were
Gold holdings of the
a
Bank of France this year are
'
and
a
expedi¬
explanation, their actions
Whichever is the true
exclusive of £81,484,340
,
Russia for both years in the above statement
so-called gold balance held abroad. On the
latest reported date the amount so held was £230,860,000.
every
and raise the curtain
the other.
on
character, judged by any
as to fix
landmark in all the history of nations.
policy have been of
a
good faith, such
criterion of international
held abroad.
straining
ent to terminate the one war
6,065,000
73,615, 8507!92,943,184 713,008,735 69,825,260 782,833,995
73,176, 950791 ,933,588 721,798,023 69,681,160791,479,183
interfering with the worldwide and even
war of labor against capital which
vindictive
more
78,147,000
6,065,000
,489,000
disguised idea that international war for any pur¬
pose
notorious
♦
The gold holdings of the Bank of
have been revised by eliminating the
c
For
a
time it
certainly seemed
behind
stood
h Aug. 6 1914 in both years.
July 30 1914 in both years,
international
relations—just
of 1791 seemed for
EUROPE.
THE MILI TARYI SI T UA TIONglN
reached
differs from any
a
stage which in several respects
which its history has yet presented.
Itfhad been "predicted by many close observers that,
under
circumstances,
any
decisive, engagement
desperate /effortf at a
a
the battlefront would be
on
of/the
It was well
by Germany before the full severity
made
if the Russian people
a
the French people
as
time to stand
The
Bolshevik
evidently
leaders
The
themselves.
negotiations
through the
proceeded,
officer who had been
a
as a
this
held
with
agency
body in
sup¬
and Robespierres.
port of the excesses of the Marats
has this week, in its shifting
The European war
course,
as
cynical breakers of honorable
these
of
the
belief
Germans
petty naval
a
ringleader in the Kronstadt
mutiny and whom, with a touch which in a less
serious situation would have been opera bouffe,
Petrograd had placed in command
the usurpers at
present winter season should set in.
known that the economic situation of the Teutonic
of all the Russian armies.
countries, and the condition of theirJpeople,; were
the notion
such
which
ordeal
the
Previous
face.
enduring of another winter
to make the
as
Governments
in
experience
were
this
an
reluctant to
war/rhadj also
developments have proved, however, that
Later
of anything like
have returned one-third
variably
candidates.
wish
But
to
fromf Germany at precisely this season
the
those
apparently being the same
war conditions.
reason
another winter of
escape
had
overtures
also
come,
in 1916 and
on
the heels of German military successes,
when the
military situation might possibly have been
1915,
expected, first to
feated
belligerent
if the overtures
de¬
asking terms, and second,
remove
was
were
the inference that
a
considered, to insure acceptance
of better terms for Germany.
accepted
a
as a
was
therefore
demonstration largely involving such
Circumstances
purpose.
Italy
the Russian
in
situa¬
tion, preceding the movement against Cadorna,
such
on
as
greatly to favor the German surprise attack
that
unlucky general.
The
course
events, since the movement into Italy
to
a
were
halt, has been such
as
of Russian
was
brought
to add greatly to public
of the political oppo¬
did of Bolshevik
The conservative forces have gathered
about the Kossack General Kaledines in the
at
whose side
the abortive
now
interior,
stands also Korniloff, leader of
September revolt.
The result of this
remarkable situation is yet to be determined.
at
But
rate, civil war has certainly broken out
any
and
Russia
political
war
in
in the national assembly
is foreshadowed.
In
each, the advantage of position would ordinarily
rest with those
The recent Teutonic invasion of
more
of the Bolsheviki than they
nents
of the year;
on
.
taught that overtures for peace negotiations had in¬
come
outright unanimity
of the Russian people was erroneous.
The
elections to the new national assembly appear to
the part
at least
in actual
power
nominally command the
at the capital, who
army
and who have
openly threatened to reject the credentials of opposing
delegates to the national assembly.
shevik leaders
Unlike
even
virtue of
body.
no
They
are
themselves in
But the Bol¬
no secure
position.
Kerensky, they hold their power by
authority whatever from
are
to fail even more
any
political
certain to have failed already, and
completely in the future, either in
interest in the character of the next German demon¬
restoring public order or in averting famine and
stration.
destitution from the
It has been
demonstration would
accepted
occur
on
Something must still depend
as
probable that the
the Western front.
on
events in Russia,
and the Russian situation has in very many respects
become
an
inscrutable
puzzle.
This isjpartlyf Ob'e-
The
peace
Germans
people.
have received
their overtures for
in such manner as to place the Petrograd
a very doubtful position with its own
Government in
supporters.
The naive Bolshevik request for author-
Dec. 15
literature in Ger¬
it was bound to be,
ity to disseminate revolutionary
many
But
has been flatly refused, as
than
more
this, the German peace terms,
reported, embrace such
Russia
as
ignominious concessions by
of
the surrender to Germany
as
a
Russian
the granting
to Germany of control for a term of years over the
Russian wheat supplies, and the free entry of German
province with 20,000,000 inhabitants,
Even
merchandise into Russia.
it
a
might be supposed, could hardly
Socialist fanatic,
sink so low as to
such terms. A government which con¬
or
accepted them could certainly not long
approve
sidered
command the support even
of its own constituency.
predict from one
another what the future status of Russian
All this
being
day to
will
Government
has passed away forever," In
Paul Rohrbach, perhaps the most
influential semi-official writer in Germany, wrote in
British
supremacy
November last,
his
own
"Deutsche Politik": "The English are
paper,
perfectly right when they say that if the game be¬
tween them and us ends in an apparent 'draw,' it is
we
proceeds to show at length as proved by "the
political block" established by the Central
Bulgaria and Turkey, which, if England
solid
Powers with
break up, at least so
cannot
far
as
Turkey is con¬
is concluded, she has,
confession, lost the war."
when
then
cerned,
peace
according to her own
This conclusion does not rest even
mind
primarily
in the German
the establishment of a great
upon
That is not yet accomplished; it
military empire.
be.
vanquished."
who will be the victors and they the
This he
it is impossible to
so,
2307
CHRONICLE
THE
1917.]
fact has been the may prove not to be possible; it would, in all probability, be resisted by some, if not all, the lesser States
military disintegration of Russia for the present cam¬
involved.
It does involve a new economic empire
paign, and the Germans andAustrians have undoubt¬
which the conditions to-day insure.
Back of this
edly withdrawn troops from their Eastern lines
Meantime, however, the one sure
to send
re-enforcements to other battle
as
fronts.
and of what fighting quality have
surely say. The
How many troops
been thus transferred, no one can
possibilities of the situation may indeed very easily
exaggerated; not less so because of the present
be
uncertainty and discouragement.
But the general fact of German re-enforcements
remains in the military problem.
It has placed the
Entente Powers for the present distinctly on the
of
atmosphere
defensive, and
already hear of new and aggressive
we
activity by the Germans on the Western
front.
is
no surprise attack such as was dealt to the Italian
army.
Its force has been calculated and possibly
It is to be
remarked, however, first, that this
It
over-estimated.
has
to
do
with
organized, equipped and entrenched
thermore, it
winter
West
are
thoroughly
Fur¬
position.
when the rigors of a European
setting in, when all large operations
will
be obstructed
in the
by the influences of the
and when the mountain passes into Italy
be-blocked with snow.. Germany, there¬
season,
will
occurs
a
soon
fore,
can
make at least no more formidable a demon¬
in February 1916,
stand the
would
The
suzerainty.
the
There would be a practical
States
lesser
must
"save
their
the union of interest would require
control, and would be made so manifest as
but
face";
central
to
German military power and
organization.
German
require practicalj*and efficient economic union. It
Baltic to the Russian Gulf.
would extend from the
It would
embrace, perhaps, approximately 180,000,-
people; and would wield at once the most
000 of
im¬
posing power (machtpolitik), as the term is now
understood, in the hew world, military and economic,
which is to follow the war.
must insist on
be
a
a
high ethical
authority, puts it in this way: "We
being
a
World Power, or we cease to
Let no one say that small
Great Power at all.
States, too, can have a
There
...
States-in
our
convenience.
just
Munich,
Kerschensteiner, of
Dr.
and educational
so
are
day.
no
national life of their own.
ethical friendships between
There
are
only friendships of
of convenience last
And friendships
long as the convenience itself. This is the
foreign policy.
What we desire
sheet anchor of our
self-dependent
that Austria, Bul¬
English army was not ready and when
garia and Turkey shall find their greatest safety and
Germany's advantage in men at the - active front
was at least as great as it is to-day.
This is the prosperity through the German connection, and only
stration than she did at Verdun
when
for
now
confronts the various belliger¬
through Germany."
•
It is
a
situation in which calm
balancing against
considerations is
which the
and intelligent
another of all the offsetting
eminently to be desired, and in
one
yielding to vague fears and sudden
de¬
the stock exchange or elsewhere, may
presently leave in an absurd position those who have
indulged in such weakness.
spondency,
on
GERMANY'S DREAM OF
A
NEW ECONOMIC
EMPIRE.
It is
future, therefore, is a strong,
Germany, strong enough to secure
the
situation which
ents.
our
important that the fact should not
be lost
sight of that Germany dreams of economic conquests
as
well as military conquests, and that these are
proclaimed in the frankest manner by some of her
foremost writers and men of affairs.
The facts are
They have been frequently and
by the highest German
For example, Professor Welbruck, writ¬
easily ascertainable.
emphatically announced
authorities.
ing in April 1915 with
reference to what he had
pointed out as long ago as 1902 in regard to Eng¬
land's position in Egypt, now that Turkey has come
under German control, says: "Whatever the condi¬
tions of peace at
the end -of the war,
Dr. Friedrieh Naumann,
of Berlin, writing in 1915,
economic area
the existing
States of Germany and Austria-Hungary," hesitates
to mention the names of neighboring States which
must be brought in; which, however, Rohrbach did
in 1912 in his famous book, "Der Deutsche Gedank
in der Welt," in which he said, if Switzerland, Bel¬
gium, Holland, Denmark and others knew what was
for their interest they would apply to be taken into
the Germap Empire; and eventually they might be
compelled to enter. Naumann, after this reticence,
proceeds: "Into what sort of a union shall they be
brought? The answer is, a military union and an
after
declaring that "the large-scale
of Central Europe
economic union.
must be larger than
It is vital to
and economic functions so as
new
central
will have its
government.
own
customs
delimit the military
to work them into a
This
new
economic State
frontiers, just
as
the mili¬
State will have its trench defenses.
Within
these frontiers it will' promote a wide and active
tary
For this a central eco¬
required, which will be di¬
this idyl of rectly responsible for part of the economie_arrangeexchange of commodities.
nomic
government will be
will advise the national Govern¬
ments concerned and
ments
that have
promoting and
patents, trade-marks, &c., will be under they
compelling force,
with
descends
war
Customs, the control of
remainder.
to the
as
[Vol. 105.
CHRONICLE
THE
2308
so
methods
experimental
before existed become
never
of events
In the ends achieved
exports,
They may be
central control.
Commercial law, traffic policy, they must demonstrate their utility.
social policy and similar matters will only be in¬ salutary or the reverse—they are not sacred because
directly in its purview.
But the super-national forsooth they are done by a Government whose
economic State, once established, will steadily in¬ highest purpose and privilege it is to serve.
In the many phases of discussion which the rail¬
crease its powers and will gradually evolve an ad¬
road, problem evokes, it is-worth while to consider
ministrative and representative system of its own."
Under
such euphemistic terms
the governing the citizen under Government control, operation,
and ownership.
Heretofore the shipper has been
powers in Berlin have announced their program.
He has
Since the thwarting of the preliminary move, which a free party to a contract for service.
been an employer, as well as an owner.
Was to crush France, they have succeeded in holding
Buying
his ticket or paying his freight, he has been able
Austria-Hungary together and making its very exist¬
syndicates and trusts, organizations for
ence
dependent
and
Rumania
railroad
,
overrun
wisdom..
his
his
to
fifty*thousand miles of
and
utilize two hundred
to
German arms; they have wop
upon
the Balkan peninsula and
and brought Turkey into such a dependent
Bulgaria
In the march
question.
to
open
must prove their
Having paid
personal ends.
own
while he rides, and as he ships,
money,
the
entire railroad system
position that she is clinging to them as for her life.
Let us take their term and call it simply a "New
It is true that
a
of the country is his servant. '
Commission was created by legisla¬
protect his rights from extortion and dis¬
its history and
repudiation of all ethical crimination, and as a watchful agency has admit¬
relations, see what it implies.
It means a central tedly accomplished some good in this way—while
Empire in which the union of the parts is established its floundering helplessness to direct or control
and" secured by central control of military power.
practical operation by the fixation of rates has
This control would mean disregard of individual brought disaster and well nigh ruin.
Now, and
Economic
ignoring
and,
State/'
tion
to
origin, and its complete
community, wish
primarily
tariff.
It would depend
expression.
or
economic development protected by
indi¬
on
would be the ready instrument of
It
vidual ambition and autocratic control.
of
crease
area
of weaker States.
and absorption
treaties and national agreements as
holds all
valid when to its
able, and more
within its
means an
only
inevit¬
less incessant, struggle of groups
as well as of others with¬
or
attain
thought.
of life and
freedom
Germany
It
interest.
own
It
boundaries,
own
for
out,
It would be
seek, if it did not require, continual in¬
certain to
But
present world conflict must furnish the answer to the
It must be borne in mind that the longer
question.
the
and
continues
war
the
heavier
the
economic
the German people the
burden becomes upon
more
compelling becomes this promise of economic ad¬
which has been held out to them by the
and the more
vantage
Berlin Government from the outset,
which will
fear, is the only
urgent in their eyes the military success
insure
it.
agency
that will
defeat,
Military
open
their
we
exigencies of
roads
And
of
as
citizens
the
as
ceases
OF
TOILS
THE
of
a
Victor
novels
celebrated
his
of
one
describes the lone fight
GOVERN¬
OF RAILROADS.
MENT OPERATION
In
OCTOPUS:
THE
toiler of the
sea
of
It
Octopus.
Hugo
with
a
Government
the
suggests
in
submerged
citizen,
war,
His
control.
patriotism
fills him
'
with
feverish
would
His
energy.
calls and he
country
But at every turn he encounters
answer.
a
restriction from which he cannot extricate himself.
The very
agencies that he would use to make strong
the armies in the
to
be
sustain
and
The
roads
are
very
taken
be
would
himself
necessity of
a
In
a
a
many
state of war.
And it
world of change and chance he
presumptious
the author
a
egotist
who
of the only way.
to
contract
under
they become the vassals
and
compelled to observe all its regular
State,
able
make
to
independent contracts.
be asked, since transportation is so large
It may
a
where before they were
needs to orders,
industrial
part of general business, how can
or use
withdrawn from the direction, con¬
personal service of the citizen?
is
mediary
production be full
consumption be free while the great inter¬
and
tractual control and
Office Department as an agency
The Post
ernment is
a
routes his mail as
to
him
it pleases, it is under no
time, he
to
as
can recover
its derelictions unless he pays
surance,
of Gov¬
carrier for the citizen, but it
common
for
a
obligations
nothing against
special form of in¬
and he cannot engage it to perform any
solely and peculiarly personal to him.
carries only
a
minute part of the
goods—letters and parcels..
transfer of
Under "regu¬
penalties. * For the privileges of utilizing the eminent
domain, the chartered corporation promises to serve
the
people and it must do so in a reasonable way.
man who through years of experience
The business
and
study buys his
dant,
or
charges
gpods where they are most abun¬
cheapest, or best, has come to reckon freight
as
part of cost price, and to govern
proclaims
But just
as
himself
Often his very business life, profits
and success depend upon his acumen in these things.
He has located the most available fountains of sup¬
accordingly.
for their transporta¬
competitors.
plies, and, being free to contract
tion, he succeeds over his
This condition cannot
and rapid in¬
their industrial freedom.
These are
so.
be
from him
strengthen.
upon
be
away
Government he would
people have witnessed
held to
may
field,
operated by the
agents
lation," railroads as carriers must provide cars under
condition of the
striving to live and
work, while he feels tightening about him the coils
huge
free
tions, comply with all its edicts, and subject all their
And this agency
IN
fact is that the relation
the first outstanding
the
Government
of
it is proposed to operate the
of republican Government.
war,
function
a
service that is
to a sounder policy.
eyes
the
can
The outcome of the
her goal?
costly failure, by and because of
in the face of this
control
and
temporary
is not alone that war
prevail under Government
or
nominal ownership. It
come first, but that
orders will
the individual citizen can
receive
no
special service,
The
the needs and organism of his business.
State cannot know him as an individual, but
only
as a
dictated by
citizen, entitled to receive the same service
Dec. 15 1917.]
as
other citizen,
every
ate the
for
no
no more,
250,000 miles of railroads
less
as a
To
CHRONICLE
oper¬
unit requires,
instance, full utilization of the entire plant based
the
on
THE
As has lately been
capacity of its parts.
gested
sug¬
relief to congestion, this might, from the
as a
standpoint of successful business management of
a
single unit, require that Western grain should be
shipped
Gulf
to
common
than
rather
ports
Since the Government in
Atlantic.
to
must still be
sense
some
a
carrier, to induce this patronage or use of its
feel
not
2309
will
in
we
a
need
afraid,
are
a
operation
We do
one.
worse
that
now.
even
failure;
Government to which
whole devotion.
and
perpetuated to
glory and good.
before
give
we
our
its
to
guarantees
right to contract and to consent.
our
never
either
for
miserable
a
Government
a
citizens the
is
proved
prove,
believe
there
that
Control has
It is
whole allegiance,
We would behold it preserved
.
children's children in all its
our
It has
undertaken
now
a
mission
contemplated, for it is not only the
plant it would have to make freight rates that would
preservation of its honor, but the bringing of justice,
this direction of movement between
freedom, democracy to all the peoples of the earth.
impel
free
or secure
buyers and sellers, and thereupon it would be
setting
up a
discrimination it has by its Commission
Refusing to do this
impartial service to all shippers as common citi¬
sought for
in its
to prevent.
years
it must operate
zens,
capacity, and
man
be at
may
The illustration
business
or
part of its plant below its
a
serves
to show that the individual
firm who has been studying
find
will
roads
Government
himself
free agent,
make its whole
bound
plant
and at the
pay,
tion.
Not
out the
no
only would it require fifty
control
over
production and
ally enslave the business
in industry.
agency
a
require
but it would virtu¬
use,
and destroy his free
man
Of what
use
and where and how and what to
to know when
buy unless
you can
Already,
freely personally obtain it to sell again.
as
to work
years
that, in
present really magnificent service of the roads
leading railroad
the
man
combination
under mutual
interference has
serious
pointed out
has
for the
been
an
public good,
excess
Under
•
would
be
Government
operation
•
RED
Rushing north in
orders
all
place the
em¬
representative of his master,
who, clothed with authority doubly enhanced
war
will most likely give. orders
them.
take
The
use
which the
its extent.
benefits
To change his position to one
servitude rather than sovereignty will
friction in
rather than
individual makes
of the railroads is incalculable in its
our
civil life.
as
in
of practical
work instant
This is not the most impor¬
phase of the great and overshadowing problem
but it is one which doubtless will soon open our
tant
eyes
visits
war,
of
errand
the
foreign city—and in
a
Red Cross sends
American
We
we
do
not
believe
in
And no step
strongly show the
universal
do not believe in Government
i
ownership;
operation.
Red Cross
a
An
a
few hours the
and supplies on
It
is a
striking
benefit' to mankind
of
size and
in
fully equipped, to render first aid, without
waiting
the
Sad and
terrifying
having in existence
organization, sufficient
an
usual methods of voluntary charity.
as
is the occasion, it furnishes an
ment of the
Inevitably the mind of the citizen turns worldAnd how meet it
ward.
struction
which falls
are
we
We do
security
should
now
may
so
the
sooner
We
unselfish
this
from its direct
we
undertaking,
citizens
of
and
work,
and
we
truth
common
This
in the
influence
on
we
know riot when, when
won," there will be need for
And
prosecute the Government's great
we
must
forget.
not
We
cannot
subjects of the various countries
still
other, individually, enmity, and the
differences
And by the
essential in all
forgetting
Red Cross
keep glowing within us the spirit of love
which are the abiding heritage of our
humanity.
movement
ten million
us
tempering
of doubt and distrust.
national
see
influence, aside
unity and democracy in the world while
hold for each
rancor
an
of reconcilement and respect.
graces
while
conceive of
its
Sometimes,
public mind.
our
disposed to
society
helpfulness, that is too little, we fear,
the battle's "lost and
now,
are
heart, and its sobering affect upon the
the human
all
follow, that our people
forget the ministering hand and the
never
of
is, in the disorder and de¬
heavily across the sea, to
destined to contribute that order
call of brotherhood.
work
It
Government
nurses
and mercy.
succor
the
of
example
to what is being or is to be done.
possible to be taken could more
stifling coils of a socialistic State.
CROSS.
unparalleled affliction, the accident of an appalling
which
,•
brought to deal not with the servant of his servant,
by
a
looking to the enlargement and endow¬
American Red Cross.
ployee in the light of a deserter if he strikes, the
citizen in his business and his travel will at once be
and
would
a. movement
of priority
railway employees into the Government
but with the agent or
we
appeal for the support of the present
one
And while this may serve to
And
through the throes of
raging blizzard,
a
appreciated—namely
•
and State,
man
train hurries to the relief of stricken Halifax.
tion of all
service.
an
pur¬
TEN MILLION NEW MEMBERS FOR THE
and
confining ourselves to
are
integrity and
right of all the agencies
own
even
consideration—
the wholly altered position of the shipper, the busi¬
ness man,
and the citizen.
As the nation is now
engaged in war, Government operation at this time
will likely result in the nominal if not actual conscrip¬
We
its
energy,
irresistible
prior to the freedom of the individual
citizen to contract.
justice,
and
mighty conflict.
preferences that have congested rather than relieved
traffic.
of
and advance.
we prosper
his
"life., liberty and the
of what
be kept so,
he
in
exemplar
its
dynamo
a
sovereign in his
a
that
equal
as
single universal system
a
is
"taken
matter what his business or loca¬
problem of making
example
an
time is
same
not only would the ultimate solution
pay,
single
a
are
by the consideration of each citizen
before the law
pose,
gigantic endeavor to
a
is
citizen
pursuit of happiness" will do for
by which
of
mercy
the railroads
once
He
rise higher than its
never
The
democracy
perpetuation.
and
cannot contract with him as sC
and which,
and
the
at
over," will be engaged in
'
freight
corporation that cannot heed his per¬
sonal requirements,
freedom
can
ours
people.
the
source,
charges by independent
movements and schedules of
trite though true phrase, this
repeat the
to
Government of
embodiment of idealized national
loss.
a
But,
new
to
names
increase
comes
the membership by
at an opportune time.
mingles softly with the thoughts and feelings of
all.
It chimes with the bells of Christmas that
are
ringing round the world.
It enters the home,
THE
2310
sweeter
gladness of giving to those who though un¬
and in the
joy, the
known
are
midstjof its family joy points to a
in suffering and have
nothing.
And it enters the
a
devastated fields of a
proclaim that while "God's
to
with the world."
all's right
of
/
divinity in man while he yet
broken world of his own
in His heaven,
For we shall not forget
binds up the wounds
undoing.
bespeak for this movement the success that
has attended the countless endeavors to ameliorate
We
mankind in this era of wanton
the condition of
waste
looks
It
should be kept strong with growth and able with
means.
It furnishes a working base for a world¬
wide effort.
The membership fee is small, and the
obligations go no farther than the ability and inclina¬
tion to help in the furtherance of the good work.
In the lurid glare of this awful havoc that has
fallen on the peace and order of the world many
figures command our respect—the soldier in the
willful
and
forward
Happily the organization
war.
to
heroic
a
of reconstruction.
work
forum—and the citizen
in his obeisance to the law.
But the figure that
commands a respect and admiration without limit
is that of the woman who goes from the quietude of
field—the statesman in the
a
which cannot well be
protected home out into this red hell of slauhgter
wounded and comfort the dying, without
to heal the
hope of reward, urged on only by
divine nature which mothers the whole human
fear of danger or
that
Red
race—the
esteemed
a
Cross
privilege,
nurse'.
To aid her must be
it is accounted a duty.
tenth of those who may
even as
And ten millions are but a
paraphrased:
is inclined to the
it would be
best for the Government to have as director of trans¬
portation a man of broad vision, unhampered by
previous technical training in only one phase of
this many-sided subject.
Such a man could have
at his right hand practical railroad executives and
men practically trained in special phases of the work
fratricidal with which he will be compelled to deal. Such a
all, the satisfaction
of
Church, where the
altar lights fall soft on the bowed head of worshipper,
where the carols of children mingle with the anthems
of the redeemed, and sounds the diapason of a univer¬
sal deliverance through the charity which is love.
points to a greater gain than
a kindly deed.
It enters the
the
White House such a
appointed, "will not be a
mart,
and
war
Director, if
practical railroad mana¬
This correspondent then added something
tion close to the
It enters ger."
where the gains of the year are being
counted and the anticipation of holiday festivities,
the
[Vol. 105<
CHRONICLE
"The
President, it would seem,
belief that for the present emergency
of the expert assistants
decisions he would be called
could direct the efforts
man
and not be biased in the
/' V/
to make/' /
upon
Certainly it is incredible, that anybody could con¬
the notion that experience in a specialty in¬
ceive
volves bias and that ignorance
tion.
We must
assume
such form
the mid-week
as
a
prime qualifica¬
another at¬
nostrum will take
of
Government control the
problem by
tempt to solve the
some
is
that the notion of
a
indicated by the dispatches
that "under
left to
organizations;" that is, that
continue to be worked by railroad
operation of the railroads should be
actual
the
present railroad
the
roads
men,
will
and that the Director of Railroads
nominally
over
will be
But if experience and not
manage transportation, the roads
them.
the lack of it is to
practical
and fer¬
vid patriotism have not been and cannot be questioned.
are
already in the hands of men whose
training, executive ability, earnest industry,
Fairfax
Mr.
Newlands that
Harrison
the
in recent months handled
1915
without
furnish
plant
written
to
Senator
material
50%
more
traffic than in
enlargement of
plant, and
management is prepared "to
all the transportation which the existing
the
under
has
American railroad system has
can
present
produce under any form of
management."
Then he states what the roads do not
ask
or
want.
Government or
belong to this indispensable organization.
from anybody; so much ought to be spent every
year for several years to come, being now about
THE RAILROAD PROBLEM IN AN ACUTE
the equivalent of the $600,000,000 which has been
FORM.
In the plight to which they have been brought by spent, but if the money were in hand it could not
be used at present, because the material needed
thirty years of unwise regulation, increased by the
cannot be had.
They do not now ask the repeal
stresses of war, the railroads now find themselves
of anti-trust and • anti-pooling laws as relating to
faced, more sharply than ever before, by what is
themselves, because such relief is not immediately
mildly called "some measure of Government con¬
trol."
One phase of Government control we have needful, the "present system of voluntary unifica¬
tion" being adequate.
But they do ask four meas¬
discussed in the article preceding.
But let us con¬
They do not ask a billion from the
sider
the
the
against ?
practical difficulties in the way of
What is it the railroads are up
may be
summed up as: inability
experiment.
troubles
Their
to
keep their physical facilities
with
traffic;
handle
to
advancing in step
present traffic than they can
satisfaction of everybody; a de¬
more
the
advancing costs,
inadequacy of rates
pressed condition of their credit;
ures:
that
railroad
men
who
are
drafted shall be
eprolled and assigned to railroad service
until
ac¬
tually needed for military service; immediate rate
increases as already defined as necessary in the re¬
cent
special
Commission;
ment
"to
report
of the Inter-State Commerce
co-operation and aid of the Govern¬
secure
for them,
on
their
own
individual
by the Government to
especially in the line of wages;
be necessary, not only for enlargement of plant
as
measured against all advancing expenses.
So
but
for
renewing maturing obligations."
They
there is an apparent drift at the capital towards a
also ask, not any Director of Railways, but "imme¬
closer Governmental intervention than ever, and
diate appointment of a traffic officer," not to con¬
its form and extent are in consideration.
If we are to have a Director of Railways, he must trol and manage the roads bqt "to represent the
in all important matters," a man
be a man either with or without practical training Government
with whom the roads can deal, to avoid confusion,
and experience in railway management.
One Wash¬
secure active Government co-operation, the prompt
ington correspondent reported on Monday to his
and orderly transportation of Government traffic,
journal that the President was believed to be favor¬
"and avoid the excessive use of preference orders,
ably inclined to having such a functionary during
which congest traffic instead of facilitating it."
the war, and that according to a source of informa¬
credit, the new capital found
Dec. 15
Here
speaks the
who knows his business
man
3311
CHRONICLE
THE
1917.]
by long study of it through doing it, who has grown
is also
There
a
notion that by changing names,
especially by the device of enacting
and
a
statute
it; he is preju¬ and setting up a new functionary to "control," the
nature and working of things can be changed and
diced, if experience produces prejudice; and he is
We have
biased, if long handling of practical problems ugly problems can be solved or mollified.
been trying this for years, and especially in this
begets
bias.
Here
the theorizer,
the hobbyrider, the place-seeker, the mere politician, are year; it is easy, it is evasive, it is apparently doing
in it and has become saturated by
up
Let
couple together "some measure of Gov¬
us
Governmental operation, Gov¬
control,"
ernment
over," and Government assump¬
ernmental "taking
tion and
ownership,
templation and
successive steps in one unpar¬
as
related financial interests and
change; consider the subject as a problem
in such
a
for the
duration of the
And the country never so
coolness, serious study, the
who know by having wrestled with
way.
to
transportation efficiency for the success¬
let any man who can point
convincing terms a single par¬
war,
a
change would solve difficul¬
do
He is
so.
en¬
hearing.
a
ourselves, is it not clear
honest with
are
that this view of the
subject has
and
weak
the
factors:
as
thought.
interventions,
definite and
we
if
MORE DECISIONS
passed
merely,
ties and increase service rise and
grown
out of two
persistent refusal to grant
and
accordance with facts and necessities,
in
cowardly effort to avoid the labor
and
weak
the
as now
men
right
The
war
any
ticular in which such
rates
at least to
else, the courage to face troubles and grip them
in the
which
ending of the
If
seems
practical life, good plain common sense, and, above
all
Taking further
then,
solely with
take
not
reference to
titled
counsels of
could
Governmental
in
persistently ugly.
we
need
out
neither
less
subsequent time the "morrow" over
deem all
ful
affairs of the country,
and it
us,
political dangers and disturbances lurking
the
we
Lay aside, for the
of present owners, the cor¬
moment, the interests
flatters
But really it does nothing useful. It
solves problems nor flatters them into being
gain time.
being virtually one in con¬ greatly needed
as
socialistic undertaking.
alleled
and
ii
something,
absent.
UPON RESPONSIBILITY OF
ORGANIZED LABOR.
highest tribunal has this week once more
upon a
and has taken
question relating to organized labor,
ground which the masters of the or¬
The
ganization disapprove.
case came
from West
Virginia, and the decision, read by Justice Pitney,
with Justices Holmes, Clarke and Brandeis dissent¬
ing, upheld the action of Federal Judge Dayton
in.
enjoining the United Mine Workers of America
from attempting to interfere between employer and
employee in resisting the free play of the
right of contract.
The
cases were
Coal & Coke Co. and the
natural
by the Hitchman
Eagle Glass Manufactur¬
had attempted to
shops, whereupon the
attempted to organize the men and
ing Co. of West Virginia, which
operate their plants as open
We all object to defendants had
object to to bring pressure upon the employers by threats to
higher costs generally and to the war madness in call a strike.;
Europe which has mainly produced those, our ob¬
The majority opinion holds that the employing
jection to rate increases has no just standing; fur¬ company "was acting within its lawful rights in em¬
ther, to raise rates is a form of laying an insurance ploying its men upon the terms that they should not
cost on the whole people, but any conceivable form
be members of the United Mine Workers," and, fur¬
clinch
by running away from it?
higher transportation costs, but since we
the whole
on
from
the
least
lay
We cannot get away
choose the saner and
method, if we have the sense and
wasteful
of
would
intervention
or
people.
result, but
firmness to do
■
aid
Governmental
of
its cost
we
can
/
so.
Suppose the Government takes any added degree
control, short of
"ownership,"
the
with
or
there
fully
is
to the last plunge of
up
the perpetual labor issue,
the expectations, the arrogance,
employees stimu¬
greed,
the determination of the insatiable
lated
a
makeshift which they see is dictated by
what is called conscripting capital;
from
every
with
two
men's
lives
attempt to dictate prices and
notable
exceptions;
men's time
and
trenches and
on
the
profits,
conscripting
from
and men's service in
sea,
the country has not
shrunk; in all these lines the individual is warned
country's call. But from
that he and his are at the
any
attempt to deal with labor, the
chief factor in
providing the support without which it is vain to
send men to the war, we shrink back in tremor;
we
turn, and
twist, and
peer
around
corners
into
dark pathways, hoping to put the clinch
once more,
just once more.
All in vain. As
"Chronicle" has over and over pointed out, we
strange
off
the
'
'
"Having established this working agreement be¬
its employees with the free assent of the
tween it and
latter, the plaintiff is entitled to be
protected in the
enjoyment of "the resulting status as in any other
legal right; the fact that the .employment was termi¬
nable by either party at any time made no difference,
since the right of the employees to strike or to leave
the work gave no right to defendants to instigate a
strike
and defendants could not be per¬
mitted to interfere with these rights without some
.
just
.
cause or
excuse."
.
.
From
fear.
the
by
ther:
supreme
back and seeks
ganized
labor.
right of workingmen to form unions
fendants to invite men to
their union, they knew that
there
while re¬
maining there, and the defendants "were under a
everywhere else cows and slinks duty to refrain from unnecessarily injuring the plain¬
tiffs and their loyal employees; yet they deliberately
to make terms when faced by or¬
only defer the evil day of enforced reckoning, and
make it more evil.
The authority which declares
itself
and en¬
others to joiu
„was conceded by the Court, provided the objects be
proper and legitimate, "which is assumed to be true
in a general sense with respect to the United Mine
Workers of America"; it is erroneous to claim of this
right "that it may be exercised under any circum¬
stances and without any qualification; like other
rights in civilized society, it must always be exer¬
cised with reasonable regard for the conflicting rights
of others."
Therefore, allowing the right of the de¬
The
large their membership by inviting
*
I
the
plaintiff's mine was non-union and the men
were
under
obligation to stay out of unions
selected the most
injurious method by persuading
after
man
to
man
could
they
miliar
methods, causing destruction of property and
in
defendants
licious." /"
It
the
so
State commerce,
the
mote";
;
work after
this
they had actually joined the
on
of
men
to agree
their
not
or
sought except
sociations
measures
unionize
that
either
as a means
were
not
to the end of com¬
owners
which may
a
through fear of it;
any
violation of plain¬
tiff's
legal rights contrived by defendants for the pur¬
pose
of inflicting damage or having that as its neces¬
sary
effect is
volved
a
plainly contrary to law as if it in¬
breach of the peace, and a combination to
as
concerted breaches of contract by plaintiff's
procure
employees constituted such
a
violation."
The
dissenting members of the Court did not file
formal
opinions, Justice Brandeis merely remarking
that he believes the union acted within its
in the conduct
The
is that
own
legal rights
complained of.
corporations and
as¬
authorized by the laws of
State,
or
the laws of
any
whether
inasmuch
ants contended that
had
not
as
the several defend¬
have been
shown to
been
organized
particular law," they could not be held
The Court rejected this contention, holding
liable.
that such
construction would relieve labor organ¬
a
generally of all liability; that although the
defendants claim that an injured person can do no
izations
than pursue any
more
may
individual members whom he
connect with the injury and cannot
attack "the
powerful organization," the law in many States hasbeen so changed that "unincorporated associations
not, having corporate powers may
name
of the association," and,
been ruled that the
not
law rule that only
common
are
be sued in the
further, "it has also
capable of being sued
en¬
may
only be modified by express enactment but also
by statutory implication."
shop for himself or that he will have
fere with
may agree upon
dealings with union members, and therefore
no more
any
their
contract; that the former "may decide
employer and employee
upon an open
or
It had not been decided before
associations can be sued, and the defend¬
tities known to the law
ground taken by the Court now substantially
terms of
wherever used in this
States, the laws of any of the
United
the
"under any
peaceable,
is, if they stop short of physical violence or
coercion
under the Sherman
foreign country."
ants
be resorted to in the effort to
mine "are lawful if they are
existing under
Territories, the laws of
of the mines to change their meth¬
operation." Nor may it be assumed that all
pelling the
ods of
members
new
own name
"the word person or persons,
bona fide effort to enlarge
membership, "since the
desired
labor union be unincorporated it
a
Act shall be deemed to include
if they actually became members of the
a
.
Act, which in its concluding section provides that
to join the union, for the purpose
engaged in
Court, but
reversed, the higher tribunal hold¬
be sued under its
may
union"; further, the Court held that the defendants
were
was
ing that although
shutting down the mine, was the same for practical
purposes as
They were able to maintain
reargued in St. Paul last August, and the
was
lower Court
a
regards matters of form and technical nicety, to in¬
duce
conspiracy within the mean¬
appeal to the U. S. Circuit Court of Appeals the
matter
court of equity, "which
substance and essence of things and dis¬
looks to the
any
their contentions in the Federal District
The Court disposed of
actually joining.
allege
ing of the Sherman Act.
join and did not seek to in¬
their contract by remaining at
by saying that in
voluntary and unincorpor¬
are
associations, not subject to suit; also that the re¬
ceiver did not
union, and that the union organizer tried merely to
Mine Workers and the
that the
further,
ated
induce them to agree to
duce them to break
was
various local unions
employer the men need not
with the
contract
leave their work until
and that, moreover, any damage
"indirect, incidental, and re¬
it had sustained
contended for the defendants that under
was
The union
receivership for the mining company.
argued that the company is not engaged in inter-
mines.
The conduct
doing was unlawful and ma¬
organize
ing miners to
of
a
the employer and the remain¬
coerce
fa¬
attempted to reverse that policy by the
joined that by stopping work in a body
should have
open-shop policy, whereupon the
in ignor¬
union
identity, until so many
of their number and
ance
decided upon the
join the union, and, having done
to remain at work, keeping the employer
so,
[Vol. 105.
CHRONICLE
THE
2313
The Court further said that any attempt to
production, either by injuring
a
inter¬
plant
or
by disrupting a working organization, for the pur¬
inter-State trade, falls under
The decision in the
stand the person desiring employment may accept
Danbury Hatters was quoted and followed, holding
that labor organizations are suable and responsible
that condition or not, but after he has accepted it,
he is bound by it;-hence, whoever undertakes to in¬ like individuals; and in this instance the attempt did
tervene and unionize the plant, whether by doing or not go to the boycott but only to interfering with
The Court deemed it "clearly
threatening violence or by secretly inducing men to productive facilities.
may
require
dition of
break
pledge to remain non-union as
a
a con¬
employment, and when he has taken this
their
is entering into
contract,
a
conspiracy
The vice of unionism has
against individual rights;
long been that it does not stop with offering certain
undeniable and legitimate
advantages of collective
of interrupting
pose
not the intention
spiracies in restraint of inter-State trade."
The
trial, and
It will go
instead of offering
and also to
tion,
States
coerce
when
and
mands that each
place, such
In what
judgment
a
workers to join,
membership to their free choice,
employers.
welfare of
the
do
In the present situa¬
unusually rampant in
labor is
when
coerce
his
part
the
many
country
honestly in his
de¬
own
decision is especially welcome.
are
for
known
as
damages
Workers of America hajs
than three years ago,
the Arkansas coal
against
the
a
United Mine
also been obtained.
More
the Bache-Denman Company
court
below for
judgment for $600,000 has been obtained.
Court, but it marks one more
establishing the responsibility of organ¬
labor, and again Mr. Gompers "feels awful,"
to the Supreme
step towards
ized
for he declares that to hold
"is to hark back to the
monarchs of all
servants
affirms
ion
the United Mine Work¬
unlawful organization or
ers an
were
cases
a
remanded to the
was
case
bargaining and mutual protection (these being the
terest), but undertakes to
of Congress to exempt any one from
liability for injuries caused by combinations and con¬
best part
of organizing and entirely in the common in¬
an
liability to trebled damages.
as
a
an
that it is
conspiracy
they surveyed, and their employees
or
slaves."
This rhetorical flourish
inaccuracy, for the courts regard the un¬
lawful organization, up to
it engages
a
days when employers were
the line at which
in conspiracies; its conduct, not its char¬
acter, is what brings
it under condemnation.
Dec. 15 1917.]
THE
CHRONICEE
2313
Mileage,
RAILROAD GROSS EARNINGS FOR NOVEMBER.
Gross Earnings.
November.
Year
Year
Jn-
Year
Given.
Our
early preliminary compilation for the month
of November makes it
evident that the gross earn¬
1896-..
122
1897...
to
expand,
though the net results
even
126
1898...
117
105
unsatisfactory by
prove
of the rise in
reason
—
1901...
74
70
1904
operating cost and the great augmentation in
1903...
68
—
of
improvement
in
the
of
case
1905...
55
69
exceptions, howeyer, to the rule
are
ex¬
1906
There
penses.
1907...
respects the gross earnings
1909...
45
1910...
.45
even as
individual roads,
some
mainly Western roads
has been
As
table
a
of
the
embraces
merely the roads which
after the close of the
represented
mileage
1908...
51
1911...
51
1912...
46
1913
—
47
1914...
45
1915...
practice to give out estimates of the
revenues soon
56
44
1916...
which the grain traffic
on
heavily reduced.
our
make it
these being
—
37
1917...
37
Jan. ]
gross
month, the extent
1896
1897
No
to
is
aggregates
our
88.629
...
110
1900
—
large, it being for November, this,
very
year
1902
74
...
trend.
It is
pleasing, therefore, to note that there
increase in the gross revenues as
an
the
corresponding month last
9.10%.
or
What
increase is
that
and the
year
it
follows
before.
of $7,003,161,
year
gives special
year
compared with
emphasis to this
improvement both last
In November 1916
early statement registered $4,304,162 gain,
In the year
recorded
preceding (1915)
increase in the
an
29.07%.
or
however,
mileage,
be taken to reflect quite accurately the general
may
is
this
for
to
proper
recovery
This
our
large
or
5.59%.
of $19,544,753,
consisted in considerable part of
say,
1907
1908
1909
1910
45
51
86,371
91,093
89,275
95,689
84,452
80,891
50
44
—
—
—
1912
90,287
46
55
—
1911
83,968
83,677
97,240
74,037
78,706
81,008
87,809
69
...
—
1913
1914
47
—
45
—
1915...
44
1916..;
37
1917
37
...
60,220,508
57,887,073
1.91
57,818,885
2.05
63,536,601
71,044,232
87,119,750
154,770,493
59,940,539
65,522,732
3.04
69,828,448
68,138,393
1.77
73,469,030
72,221,471
+ 1,690,055
+ 1,247,559
2.70
79,457,311
83,073,462
65,353,898
86,734,797
81,367,951
83,939,791
71.015,980
83,060,461
+ 8,441,331 11.88
+ 13,001 0.01
81,461,551
67,190,044
—16,107,653 19.77
+ 19,544,753 29.07
+4,304,162 5,59
9.10
+ 7,003,161
1.50
2.41
2.51
1.74
2.05
1.50
1.78
1.45
2.26
0.45
54,149,899
57,853,427
61,260,137
57,983,250
65,109,098
83,250,084
53,425,317
61,744,772
58,007,375
77,063,789
76,936,630
0.82 411,624,390 404,636,777
a
of what had been lost in November of the
we
were
also
returns the
ber
1913
small
accentuated
was
comparing with
or
ex¬
by the fact that
poor
indifferent
or
hind 1915.
that the
1917
well
as
roads
and other unfavorable influences, de¬
almost
were
as
and much
numerous,
of roads combined there
then
was
more
For the whole body
prominent, than the increases.
an
increase for
a
trifling amount ($13,001), but the Canadian roads
at the time
were
excluded
States roads
1.73%.
combined
j
for
was
the
United
distinctively
decrease in amount of $1,106,724, or
a
After
antecedent
Prior
showing large gains, and with these
there
making
allowance
due
for
these
losses, the gains for 1917, 1916 and 1915
furnish
a
striking record of expansion.
to 1913 the returns were good. Thus, for
our early statement recorded a gain
November 1912
in the
ber
#
sum
1911
crease,
of $8,441,331, or
early statement also showed
our
though it
$1,247,559.
For Novem¬
11.88%.
in-
only moderate, reaching but
was
Previous to that
our
preliminary state¬
ments for November had recorded
for every year
an
2.48
1.73
1.72
1.77 559,918,434 511,496,013
+48,422,421
9.46
+ 52,786,825 9.72
+ 67,973,091 11.15
2.10 623,776,463
576,882,954 +46,893,509
+ 62,765,940
613,553,405 606,552,863
+7,000,542
2.41 673,611,217 626,496,472
+47,114,745
2.51 900,355,234 794,728,647 + 105,626,587
1.74 590,965,575 540,238,902
+ 50,726,673
2.06 575,231,637 662,099,137 —86,867,500
2.06 618,292,490 551,266,144
+ 67,026,346
3.04 717,209,180 644,249,456
+ 72,959,724
1.77 739,426,368 724,138,841
+ 15,287,527
2.70 775,171,527 712,244,329
+ 62,927,198
1.50 849,023,311 797,080,367
+ 51,942,944
1.78 754,669,473 824,911,415 —70,241,942
1.45 775,773,845 780,846,192
—11,072,347
2.26 802,350,502 670,718,045 + 131,632,457
0.45 839,381,141 746,242,796
+93,138,345
2.56 639,338,998 576,573,058
8.12
10.88
1.91
82,393
81,709
94,861
72,766
77,116
79,378
85,221
88,685
84,098
89,750
87,724
94,328
82,583
80,525
the
as
mentioned,
1.15
7.52
13.39
9.39
13.12
12.16
11.32
2.11
8.83
6.52
8.51
1.45
19.63
12.49
of
seem
little
improved results
reason
to doubt
decreases
for
the
other
two
ascribable to the great
are
con¬
traction which has occurred in the grain movement.
Except in the
of oats, grain has not been reach¬
case
ending Dec.
of
wheat
this season.
the present
1
were
only
freedom
same
as
For the five weeks
primary receipts
year
bushels,
34,186,000
against
49,129,000 bushels in the corresponding five weeks
of the year
our
2.92
12.91
3.68 595,487,645 542,700,820
1.48 677,212,805 609,239,714
There would
of last year
In
2.52
relatively small earnings of this system,^for;
that, owing to trade reaction,
noted
9.11
4.65
Note.'—Neither the earnings of the Mexican roads nor the mining operations
review for Novem¬
year before.
we
crops
creases
$16,107,653,
The significance of the unfavorable
9.88
8.64
in other years at
19.77%.
6.96
4.03
6.09
ing to
hibit at that time
2.28
12.58
+ 37,930,434
ing the primary markets with the
early tables, reached
4.24
10.43
+ 6,987,613
+26,767,279
1.36 460,682,396 433,915,117
1.28 461,937,617 424,007,183
previous year (1914), when the shrinkage, accord¬
our
.
10.79
20.94
the anthracite coal roads are included in this table.
early compilation
sum
55
—
1906...
•
2.56
1.28
—4,772,556
+8,695,984
+ 1,944,211
+5,650,284
+ 1,316,021
+7,706,629
+4,039,837
+2,333,435
+ 5,717,716
+ 5,935,134
+ 3,869,666
+ 1,345,176
—1,804,233
+ 7,515,357
our
however, it is only
1915 gain,
67
1905
results
The
systems.
70
1904...
%
39,415,623
50,213,481
47,777,989
59,800,183
59,169,448
68,966,766
62,023,087
44,188,179
41,517,497
45,833,778
2.10
96.630
102,492 100,995
90,106
88,251
86,742 84,573
93
1903—.
miles, including the three great Canadian
80,891
1.35
87-,907
93,873
88,235
95,172
93,195
96,867
103
1901...
not
(—).
30.
95,150
89,367
114
1899
by
0,81
95,103
88,235
1.77
119
...
89,214
3.65
116
—
1898...
Increase (+)
or Decrease
$
96,967
v.
Preceding.
%
97,494 94,059
103,453 101,924
90,106 88,251
86,742 84,573
84,002 82,427
83,677 81,709
97,240 94,861
74,439 73,168
79,108 77,518
81,218 79,588
87,809
85,221
90,287
88,685
86,371
84,098
91,093 89,750
89,275 87,724
95,689 94,328
84,452 82,583
80,891 80,525
100
—
Miles.
89,936
.96,391
89,367
98,684
114
1899...
1902
may
Miles.
Roads
1900
ings of railroads in the United States and in Canada
continue
Year.
Year
Given.
Preced. cre'se
and,yet larger totals in the same period
before. Corn receipts in the five weeks
only 13,563,000 bushels, against 21,628,000,
were
but
the
against
oats
receipts
were
bushels.
32,244,000
37,844,000 bushels,
'Adding the receipts
of
barley and
in
1916, aggregate grain deliveries for the five weeks
the
present
rye,
year
both of which
were
only
99,938,000
against 123,129,000 bushels in the
of last year.
movement
Our
smaller than
were
same
bushels,
five weeks
of the Western grain
summary
in the usual form is shown in the fol¬
lowing:
WESTERN FLOUR AND GRAIN RECEIPTS.
Five weeks
ending
Flour.
(bbls.)
Wheat.
(bush.)
990,000
926,000
2,707,000
7,221,000
Dee. 1.
Chicago—
1917..
1916.
_
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
5,440,000
9,807,000
16,566,000
14,537,000
3,063,000
4,191,000
662,000
964,000
Corn.
,
(bush.)
+■
Milwaukee—
1917..
121,000
1,010,000
1916..
261,000
1,866,000
414,000
1,541,000
4,326,000
4,019,000
2,123,000
3,101,000
532,000
670,000
439,000
495,000
2,306,000
3,806,000
2,399,000
1,408,000
3,025,000
1,936,000
352,000
330,000
44,000
86,000
1,000
21,000
St. Louis—•
1917..
1916..
Toledo—
1917..
84,000
,
161,000
91,000
362,000
445,000
381,000
440,000
1,241,000
......
1916—
353,000
Detroit—
back to 1896, with the single
'
excep¬
We
have
28,000
32,000
300,000
1917..
tion of 1908,
79,000
101,000
479,000
17,000
1916..
74,000
120,000
164,000
192,000
613,000
3,000
69,000
179,000
188,000
472,000
186,000
1,823,000
3,432,000
1,686,000
1,224,000
474,000
412,000
26,000
95,000
5,103,000
.5,020,000
21,000
119,000
936,000
904,000
2,085,000
301,000
515,000
14,667,000
17,806,000
451,000
5,252,000
4,048,000
1,307,000
5,984,000
5,920,000
1,742,000
1,687,000
3,925,000
8,506,000
1,769,000
1,196,000
2,301,000
993,000
1917—
2,335,000
1916
3,829,000
991,000
1,902,000
3,356,000
1,578,000
34,186,000
49,129,000
13,563,000
21,628,000
37,844,000
32,244,000
10,982,000
16,042,000
3,363,000
4,086,000
1917..
1916..
the
year
said
following the panic.
that
there
are
a
few
280,000
263,000
Cleveland—
instances
,
35,000
Peoria—
of
decreased
the
1917..
Minneapolis & St. Louis with $159,479 falling off;
Duluth—
the
Chicago
$57,747 and
earnings
Great
The loss in the
way
lows
year
a
time.
Western
Great
the
$16,034, besides
this
with
They
a
are
of
loss of
decrease
Northern with
a
few decreases by minor roads.
case
of the Great Northern Rail¬
is not large, but is noteworthy because it fol¬
a
big falling off in November of the previous
when the totalof the
gross
dropped $828,117 be-
1916..
1917..
1916..
———
.
Minneapolis—
1917..
1916..
-
......
Kansas City—
1917—
1916Omaha—
Total of All—
1917—
1916..
1,836,000
2,025,000
Jan.1 to
Wheal,
Corn,
Oats,
Barley,
(bush.)
(bush.)
(bush.)
65,540,000 117,459,000
92,980,000 153,192,000
(bush.)
20,167,000
31,717,000
4,609,000
4,936,000
25,407,000
35,954,000
14,703,000
19,746,000
2,206,000
3,205,000
1,589,000
1,681,000
432,000
16,535,000
28,772,000
17,716,000
2,036,000
3,484,000
3,081,000
3,996,000
2,000
54,000
.3,505,000
4,263,000
1,000
4,078,000
4,695,000
78,000
To
Rye.
Dec. 1.
Chicago—
I
Flour.
(bbls.)
1917— 8,845,000
1910— 8,662,000
30,758,000
71,640,000
Milwaukee—
1917—
963,000
8,303,000
7,860,000
10,530,000
28,881,000
37,958,000
20,573,000
1,769,000
1916-
9,802,000
St. Louis—
3,594,000
1916— 4,139,000
1917Toledo—
1917
4,828,000
.
6,906,000
1910-
Detroit—
1916-
2,457,000
2,431,000
2,564,000
283,000
320,000
1917-
4,316,000
Cleveland—
1916-
i ,869,000
3,314,000
686,000
646,000
741,000
1917-
(Vol. 105.
THE CHRONICLE
2314
1,063,000
(bush.)
complete
1910-
3,917,000
1917
Cliic Grt West*
1,377,523
Minn & St L.a
385,738
8,201,484
854,054
M St P & S SM
2,940,775
2,829,417
Great Northern
201,000
3,015,000
3,151,000
684,000
7,732,000
10,914.000
Total
164,000
a
665,000
7,242,000
6,212,000
71,009,000
12,150,000
20,627,000
13,610,000
25,929,000
36,528,000
18,889,000
23,450,000
34,621,000
7,455,000
25,502,000
12,320,000
S
$
$
$
'
$
$
1912.
1913.
1914.
1915.
1916.
WESTERN GROUP.
MIDDLE
AND
MIDDLE
7,593,000
13,248,000
7,559,000
92,750,000
OF
1917.
November.
26,284,000
41,944,000
Minnesota & Pacific,
and the Wisconsin
Fort Dodge
Includes Iowa Central.
EARNINGS
Minneapolis—
191729,000
26,123,965 25,513,376
28,656,711'18,750,533
28,701,574 26,963,333
...
Includes Mason City &
2,926,275
2,822,021
3,718,123j 2,422,899
3,709,000
2,583,000
3,513,000
75,000"
%
$
Canadian Pac. 14,942,000 13,157,000
321,000
15,000
19,962,000
38,216,000
—
1916
1912.
$
Dul So S & Atl
41,000
Dululh—
1913.
1914.
j
$
12,362,666
13,351,283' 8,057,359 13,407,015
1,176,990 1,176,762
1,435,270 1,330,9321 1,157,911
264,787
262,285
262,5881
197,043
310,595
7,644,204 7,921,727
8,217,518 9,045,635, 6,056,762
861,159
811,450
948,150!
858,559
1,013,533
$
$
-
15,490,000
11,268,000
27,092,000
34,541,000
2,397.000
1,766,000
2,118,000
1917—
NORTH PACIFIC GROUP.
1915.
1916.
1917.
November.
730,000
*
Peoria—
earnings of leading roads
NORTHWESTERN AND
OF
EARNINGS
following
analysis we annex the
our
six-year comparison of the
arranged in groups.
119,321,0^0
-
918,611
588,531
Kansas City—
35,113,000
1916
^1917—
1910
—
638.922
496,029
5,549,336
5,343,653
4,190,871
3,770,406
4,543,633
Illinois Cent.c.
7,418,742
6,659,150
5,981,280
102,725
5,077,115
94,178
5,798,041
106,709
111,598
109,672
506,368
371,243
846,586
352,419
634,111
402,599
652,820
640,128
Grd Tr Wes)
Canada
70.737,000 19,125,000
210,775,000 296,420,000 101,871,000
Tol St L & W.
627,562
West'n Mary'd
1,118,210
1,053,036
19,764,000
roads seem to have suffered
diminished movement of livestock,
a
though the livestock receipts as a whole ran some¬
what heavier than at this time in 1916.
The de¬
liveries of hogs fell off in notable fashion, but the
cattle receipts were on a greatly enlarged scale.
At Chicago the live stock movement amounted to
only 27,320 carloads, against 29,512, but at Omaha
the receipts were 11,024 cars, against 10,456 and
at Kansas City 14,882 cars, against 12,619.
The Southern cotton movement likewise was on
a
diminished scale notwithstanding the fact * that
c
208,736
Ala & Vicks.
Vicks Shr&P
248,771
Lou&Nashv_5
7,102,270
Mobile & Ohio
1,115,587
Southern Ry.)
j
CNO&TP) 10,443,159
NO&NE|
North Ala.)
1,731,828
Yazoo&MissV
Total
while at the' Southern outports the receipts were only 820,450 bales, against
1,074,478 bales in 1916, 880,771 bales in 1915,
1,429,985 bales in 1914 and no less than 1,917,962
bales in November 1913.
A summary of the cot¬
ton movement at the separate ports is furnished
258,334 bales in 1914;
RECEIPTS
OF COTTON
AT
t
SOUTHERN*PORTS IN NOVEMBER AND
30 1917, 1916 AND 1915. '
1 TO NOVEMBER
FROM JANUARY
Since January
November.
Ports.
1917.
Galveston
Texas
hales
City, &c
New Orleans
Mobile
—
Pensacola, &c
Savannah
Brunswick
—
"Hi
1916.
224,047
7,660
232,348
15,541
387,360
87,068
1917.
1916.
156,458
115,574
5,110,346
1,044,164
4,050,145
(6,120,630
I
497,210
938,652
9,180,400 {
I
317,345
I
62,814
1,699,343 1,340,688
5,046,463
386,837
752,366
270,069
49,061
1,124,273
1915.
1,168,920
*
1,708,149
Denv & Rio Gr
2,618,700
Mo Kan&T.o
3,944,181
1,653,000
2,173,122
-
Texas & Pacific
S
9,112,718
12,097,152 11,246,710 10,001.741
Includes Texas Central
and Wichita Falls
insert
now
our
1912.
$
$
1,449,378 1,174,888
1,875,121 ■2,231,822
3,033,044 3,106,635
1,268,453
970,252
1,965,808
1,784,923
1,583,472
2,260,303
3,026,338
1,184,978
1,946,650
1,662,553
2,397,000
3,607,570
1,427,000
2,152,587
Cincinnati.
1913.
$
$
$
Colo & South'n
1,514,629
2,322,695
3,293,224
1,234,168
1,953,760
9,747,606 10,318,476
line.
detailed statement for the
month, comprising all the roads which have thus
far furnished figures for November.
In a second
of the results for the
present comparisons
table
1.
1,348,316
1914.
1915.
1916.
1917.
November.
We
62,586
456,278
891,707
334,617
50,097
500,224
960,837
341,143
GROUP.
SOUTHWESTERN
OF
EARNINGS
a
810,352
the Frankfort &
Louisville & Atlantic and
6 Includes the
Total
161,844
5,154,110
1,052,155
6,044,147
5,337,128
1,148,964
6,312,772
12,725,164 16,358,367 15,475,061
20,850,351 18,280,297 15,740,356
......
St Louis S W.
$
161,186
179,393
167,004
we
same
roads for the eleven
months ending with No¬
vember.
276,287
11,138
20,816
9,000
178,297
133,037
16,500
26,400
34,142
43,277
Charleston-
1915.
178,428
196,166
5,933,296
1,092,664
S
120,024
152,049
1912.
1913.
$
'•
$
$
$
1914.
1915.
Ala N O & T P
price of the staple here in New York advanced
31c. a pound. 'The shipments of cotton
overland were only 456,304 bales, against 535,651
bales in November 1916, 278,310 bales in 1915;
insert:'
SOUTHERN GROUP.
OF
1916.
1917.
November.
over
in the table we now
Indianapolis Southern.
Includes earnings of
Ala Grt Sou
5,539,957
11,117,651 13,017,437 12,792,576
17,046,122 15,569,524 13,259,673
—
EARNINGS
the
to
Atlj
101,029
535,260
Total
from
4,622,508
•
DGH4MI
Some of the Western
also
693,393
992.921
Grand Trunk.)
175,433,000 263,510,000
^1916-17,698,000 396,990,000
711,759
917,313
596,322
Chic Ind & Lou
Total of All—
1917-16,126,000 239,719,000
1,165,637
Buff Roch & P
Omaha—
1917-
1,439,093
783,507
Tol Peo & Wes
1916-
275,518 1,802,156 2,493,769 3,104,646
613,260
389,880
90,889
57,311
231,505 1,125,452 1,486,907 1,750,151
122,607
93,310
153,404
•.
12,208
132,332
108,183
46,638
23,101
993,026 1,482,174
812,404
110,457
193,700
151,632
165,770
5,600
348,479
185,282
171,443
27,393
_
101
«.
GROSS EARNINGS
AND MILEAGE IN
Gross
Name of
NOVEMBER.
Mileage.
Earnings.
Road.
Inc.
1917.
1916.
(+)
Dec.
or
c
(—).
1917.
1916
1,902
—
Georgetown
—
Wilmington.,
17,611
11,475
Norfolk
66,240
93,814
129
2,841
26,397
102,928
8,293
65,153
156,721
291,037
338,300
616,703
639,529
5,252
60,775
91,517
Ala New Orl & T
P—
+30,308
+52,605
+5,072
+ 16,566
142
142
Total
820,450 1,074,473
...
95,892
385,738
275,542
178,428
196,166
242,473
347,015
6,990
1,165,637
3,722,300
13,157,000
1,435,270
711,759
1,662,553
2,397,000
99,066
310,595
255,946
5,549,336
5,343,653
+205,683
4,546
4,533
8,201,484
7,418.742
7,102,270
105,735
854,054
8,217,518
6,659,150
5,933,296
—16.034
+759,592
+1,168,974
+ 12,060
—159,479
8,260
4,766
5,070
8,170
4,767
5,071
120
120
1,646
1,646
Missouri Kan & Tex a
2.940,775
3,944,181
1,115,587
2,829,417
3,607,570
1,092,664
4,227
3,869
1,160
34,287
55,507
1,653,000
10,443,159
+111.358
+336,611
+22,923
—4.978
4,228
3,865
1,160
Mobile & Ohio
Newport News, &c_—
1,427,000
9,180,400
Ala
880,771 4,716,767 6,801,383 8,771,334
Notwithstanding the smaller cotton movement
the Southern roads make the best showing of any
in our tabulation.
Thus the Southern Railway
reports an increase of no less than $1,262,759,
the Louisville & Nashville an increase of $1,168,974
and the Illinois Central, with its line to New Orleans,
an
increase of $759,592.
Southwestern roads also
well,
the Missouri
as
witness the gain of $336,611 by
& Texas and of $226,000 by
Kansas
In the following we
show all changes for the separate roads for amounts
in excess of $30,000 whether increases or decreases.
the
St.
Louis Southwestern.
PRINCIPAL^CH ANGES~IN ~GRO'SS^ARNINGS IN NOVEMBER.
Increases«
TTlTYPfLSPV
$1,262,759
Canadian Pacific
1,785,000
Louisville & Nashville
1,168,974
Illinois Central
759,592
Missouri Kansas & Texas.
336 611
Canadian Northern
327.900
Buffa'o Rochester & Pitts.
273,456
St Louis Southwestern
226,000
Southern Railway
Maryland
Vicks Shrev & Pac
Colorado & Southern
Yazoo & Miss VaUey
Alabama & Vicks
Western
$65,174
52,605
45,596
32,485
30,308
(4 roads)
M
Toledo St Louis & West
Duluth So Shore & Atl__
Grand Trunk
Minn St P A S 8
.Chicago Ind & Louisville.
Representing 22 roads
in our compilation
$7,144,394
221,700
205,683 Minn & St Louis
111,358 Chicago Great Western__
92,302
Representing 2 roads
75,143
in our compilation
71,748
Atl
Central
Atlanta Birm &
Buffalo Roch & Pitts.
Northern.
Canadian Pacific
Chicago Great West..
Chic Ind & Louisv
Canadian
_
Colorado & Southern.
Denver & Rio
Grande
Detroit & Mackinac.
1,439,093
4,050,200
14,942,000
1,377.523
783,507
1,708,149
2,618,700
_
Duluth So Sh & Atl._
Georgia Sou & Fla
Grand Trunk of Can
Grand Trunk West
Det Gr Hav & Mil
Canada Atlantic
Great Northern
Illinois Central
Louisville & Nashville
Mineral Range
1
Minn & St Louis
Iowa Central
j
Minn StP& S S M—
Nevada-Cal-Oregon
Rio Grande Southern.
.
_
St Louis Southwestern
Southern
Ry System_
93,675
1,013,533
39,265
60,110
57,747
586
586
+273,456
+327,900 9,425 9,296
12,989 12,921
+1,785,000
—57,747 1,496 1,496
622
654
+ 71,748
+45,596 1,840 1,842
+221,700 2,588 2,577
384
384,
—3,174
601
601
+75,143
402
402,
+ 19,596
,
275
275
—4.603
180
180
+226,000
1,753
7,946
1,753
7.946
+1,262,759
—575
98
95
+20.535
+8,643
+92,302
+65,174
+32,485
1,946
1,944
247
247
101,029
Yazoo & Miss Valley-
535,260
1,053,036
1,699,343
Total (37 roads)...
83,939,791
76,936,630
(9.10%)
Central in both years.
a
$217,226
640
26
9,926
1,118,210
1,731,828
Western Maryland
increase
640
26
2,152,587
109,672
627,562
Toledo Peoria & West
Net
171
293
9,351
_
Decreases.
$159,479
171
293
2,173,122
Tenn Ala & Georgia.
Texas & Pacific
Toledo St L & West..
_
Denver & Rio Grande
247,545
363,581
6,952
Ann Arbor
Bellefonte
have done
208,736
248,771
Vicksburg
Vicks Shrev & Pac.
Includes Texas
V
These figures are for
three weeks only.
455
455
708
689
1,382
1,382
+7,003,161 80,891 80,525
Dec. 15 1917.]
THE
2315
CHRONICLE
GROSS EARNINGS FROM JANUARY 1 TO NOVEMBER 30.
FINAL PAYMENT ON FRENCH EXPORT CREDIT.
Name
Increase.
1916.
1917.
of Road.
Decrease.
Bonbright & Co., Inc.,
Dec.
on
Ala New Orl & Tex Pac—
Alabama & Yicksburg
Vicks Shrev & Pacific
Ann
2,586,449
2,973,224
75,163
13,905,474
Atlanta Birm & Atlantic.._
Bellefonte Central.
Buffalo Roch & Pittsburgh.
banks
295,203
374.065
260,098
638,920
1,660,861
1,631,216
1,956,064
2,005,281
2,846,547
3,612,144
73,680
Arbor.
11,823,737
1,483
Canada
the French banks,
$50,000,000
L_
1,103,413
Minneapolis & St Louis..!
Iowa Central.
I
MinnStP&SSM.
9,885,849
Mineral Range
Missouri Kan & Texas
Mobile & Ohio..
352,322
Nevada-Cal-Oregon
Rio Grande Southern
St Louis Southwestern.
105,089,471
112,864
Toledo Peoria & Western..
Toledo St Louis & Western
Western Maryland
Total (37 roads)
Net increase
93,432,745
a
fully taken
the
FRANCE.
Bankers
Association.!
vote
When the complete history of the
there will
probably be
more
no
financing of the great war is written
interesting chapter than the one dealing
And
among
them will stand prominently the story of the initial loan of
$10,000,-
agreed to place a few days
the Marne had been fought.
This was in September
known with certainty that the invader had been flung
000 which the National City Bank of New York
after the battle
1914, before it
of
was
Bordeaux
back, when the French capital had been moved from Paris to
and
when
the
State
to the extension of
of the belligerents.
Maurice Leon of
Department was still opposed
credit by. American bankers to any
the Bar of New York, whose initiative
brought about these first French
loans in the United States, tells the story, as follows:
war
"It seemed to
me
that the opportunity had
arrived for some one to come
opening the market of this country to her war
broached the matter to the French Ambassador, Mr. Jusserand,
forward to help France by
bonds.
who
I
■
was
kind enough to say that he
Frank A.
£550,000,000
on
that
can
He replied,
London
we don't know how it will be paid.
Mr. Bryan is of the opinion
American bankers ought not to lend money to any belligerent.
What
for
needed his bank's help.
fighting the battle of all free nations; that
this
America would not have
won her independence, because the independence of France was at stake
now; that at a time when the invader was on her soil any tangible American
assistance was bound to have incalculable effect, morally and materially,
the time not to forget that but for France
I said,
because of the difficulty in rendering it.
'The amount of the issue does
not matter," I told Mr. Vanderlip, 'but let there be a beginning at least.'
"Mr. Vanderlip thought a few minutes and then said, 'What France
asks is impossible—but we are going to do it."
And he did it.
The State
helping her to win the
Department
was
war.
The service would be greater,
informed of the forthcoming transaction and reasons were
given which, from
were
an
American standpoint, were
unanswerable,.and they
that with
It should be stated in justice to Mr. Bryan
ananswered.
until
that he understood
thought proved sounder than first, although it was not
him second
the United States entered the war on the side of France
in
week
would meet the expenditure until the
The average daily expenditure,
said
he
ducted
expenditure
an excess
of £1,383,000.
was
"The first French
war
bonds issued in the United States were in
tions of $10,000 and $5,000.
Attache
of the
the French Vice-Consul.
confirmation
denomina¬
They were drawn by me from a form
cabled
Maurice Heilmann,
Embassy, and Stanislas d'Halewyn,
was done I delivered them, secured a
it to the French Ambassador.
The
signed in Mr. Vanderlip's room by
efrom Paris and were
French
When this
of the credit and sent
which the
its
large customers told me some months later that his company had taken
some of the French Treasury bonds of that issue, and that when they were
offered by one of the bank's salesmen he said, in substance, 'We think you
ought to have some of these bonds.
They are absolutely first class and
we will take them off your hands at any time, at the same price you pay
manner
of handling the issue was
characteristic of the spirit in
transaction was entered into by the City
Bank.
An official of one of
for them."
"The $10,000,000 loan was put
bank,
or to any one
the
Bank was
through without any commission to
Mr. Samuel McRoberts of the City
else.
associated with Mr. Vanderlip in the conduct of
the
first conversation with Mr. Vanderlip.
dom's
first
aggression.
and
After
foremost
Mr.
issue
the budget estimate
the budget estimate
£309,000,000, but from that was to be de¬
The total excess
over
expenditure which had been recovered
or was
recoverable, and he estimated that sum at £225,00.0,000.
One of the
the
in
of the increased army expenditure,
causes
Chancellor,
Another
the increase in the aviation
was
the large number of troops employed
was
cause
said
program.
Mesopotamia, and the largest amount was due to ad¬
to the armies in France
vances
and Palestine.
STATES ADVANCES ADDITIONAL
CREDIT
TO BELGIUM.
UNITED
;
credit
additional
An
of
$2,000,000
-
was
advanced
,
to
champion
in
the
struggle
against
German
recovered from, an illness, which
being arranged, I took up with him the question
in the $25,000,000
National City Bank,
issue of French Treasury bonds, resulting
of April
1915.
This was syndicated by the
and the First National Bank.
These two issues
were the only issues of French Treasury bonds floated in this country prior
to the entrance of the United States into the war.
All the other credits
J. P. Morgan & Company
obtained here by France in that period were
being effected either jointly with Great
making
total of loans to that country of $67,900,000, and
a
bringing the total of all loans made to all the Allies up to
$3,885,900,000.
ARGENTINE GOVERNMENT TO PAY LAST OF
DUE IN
ment
NOTES
UNITED STATES.
deposited by the Argentine Government
Funds have been
City Bank of New York City for the pay¬
with the National
to-day (Dec. 15) of the $5,000,000 6% discount notes
a New York syndicate, the prin¬
sold in December 1914 to
cipal members of which were:
J. P. Morgan & Co., the
City Co., the Guaranty Trust Co., Kuhn, Loeb &
Co.j Harris, Forbes & Co. and Lee,
have
Higginson & Co. With
Argentine Government will, it is said,
this transaction the
paid off all the money it has borrowed in this country
outbreak of the war.
Early
on
short-term notes since the
in
1917
bankers
The
of
a
the
loans
obtained by Argentina from American
aggregated approximately $68,000,000.
to-day were part
$15,000,0(30, dated Dec. 15 1914, of which
paid the following year and $5,000,000 in
On Oct. 1 of this year the Argentine Gov¬
maturing notes which will be retired
total issue of
$5,000,000
were
December last.
ernment
paid off
a
loan of $15,000,000 which matured on
that date.
That both are now at
Vanderlip
occurred while the loan was
of another
1 he said had been
over
•
the negotiation following
work
for the Government in Washington is cause for congratulation, for back
in 1914 they, so to speak, fired the first American gun in this war by taking
the first step in granting America's financial assistance to France, free¬
my
In moving
January.
sixty-three days preceding Dec.
£6,794,000,
National
fully that which he had misunderstood in 1914.
Commercial
to £2,450,000,000.
up
Belgium by the United States Government on Dec. 8, thus
"I replied that France was
in
moved in the British
the 12th inst. by the Chancellor of
York.
Vanderlip, President of the National City Bank of New
be done?'
was
was
HOUSE
V
.
Oct. 30 for £400,000,000 it was sup¬
on
sum,
substance, 'The City of New York owes $100,000,000 gold in
and
discount
welcomed my assistance, and later saw
1 began by telling him that France
in
on a
BRITISH
IN
OF COMMONS.
1917-18
moved
was
first
with the flotation of the first French war loans in the United States.
offered
credit the Chancellor stated that when the previous
new
posed that this
*
were
Exchequer, Andrew Bonar Law, bringing the total for
the
[From the December number of the "Journal of the American
MOVED
CREDIT
the fiscal year
THE
STORY OF OUR FIRST WAR LOANS TO
The notes
up.
House of Commons
These figures are down to the end of the third week only.
the
It is understood that this week's lot of bills
A vote of credit of
294,400
upon
offering of $15,000,000 ninety-day
Treasury bills.
.
Includes the Texas Central in both years.
y
British
& Co. during the past week placed
additional
an
INCREASED
.-93,138,345
<
market
were
1,347,505
2,847,619
^242/796
839,381,141
(12.49%)....
arranged by
BILLS.
J. P. Morgan
basis of 6%.
1,604,412
71,903
1,043,960
13,437,860
12,291,925
16,285,479
Yazoo & Miss Yahey
"33",688
18,666,050
1,112,212
5,466,213
10,944,420
20,270,462
1.184,115
6,510,173
Texas & Pacific
75,505
5,820,576
1,428,632
37,169
12,381,551 .3,236,261
89,636,320 15,453,151
109,921
2,943
566,550
15.617,812
Southern Ry System.
Tenn Ala & Georgia.
also
obligation of different interests thanjthejother credits.
183,724
—. —
31,908,131
33,010,093
11,113,823
386,010
529,381
Credit,
likewise not yet matured, but this credit
J. P. MORGAN & CO. SELL MORE BRITISH TREASURY
98,311
1,005.102
10,069,573
31,832,626
38,830,669
12,542,455
a...
is the
Industrial
French
these bankers, has*
76,151,725 5,644,454
67,036,918 12,594,499
58,971,086 10,884,820
81,796,179
79,631,417
69,855,906
Louisville & Nashville.....
leaving for them still to payjpnly the fourth
which has not yet matured.
The
credit for $15,000,000,
Atlantic
Great Northern..
Illinois Central....
arranged by BonbrightJ&^Co., Inc.,
of three, aggregating $45,000,000, including
the credit mentioned above, has now been completed by
4,721,433
55,070,384
Dec. 12.
the repayment
Grand Trunk of Canada..
59,791,817
announced
fromSthelFrench
participating in the $15,000,000 Frenchjexportfcredit
Of four similar credits
...
Grand Trunk Western.
Det Gr Hav & Milw...
managers,
arranged in Sept. 1916 for the payment of thejthirdjand final
instalment of $5,000,000 which was due underjjthatjcredit
on
2,081,737
38,196,800 34,219,500 3,977,300
Canadian Pacific
139,069,290 127,057,87612,011,414
Chicago Great Western
14,970,148
14,674,695
295,453
Chic Ind & Louisville
8,395,132
7,496,961
898,171
Colorado & Southern.....
16,872,122
14,824,724 2,047,398
Denver & Rio Grande.____
26,032,550 23,239,682 2,792,868
Detroit & Mackinac.1,227,781
1,153,308
74,473
Duluth So Sh & Atlantic._
4,031,630
3,448,265
583,365
Georgia Sou & Florida
2,634,994
2,370,362
264,632
Canadian Northern.
syndicate
that funds had been received
7
placed on a different basis,
Britain or on collateral."
GERMANY DIVESTED
ITSELF OF RUSSIAN
SECURITIES.
From Stockholm
on
the 12th it was stated that
the Berlin
in connection with the possi¬
bility that Russia may repudiate its foreign financial obli¬
gations, that Germany before the war held about 1,500,000,000 rubles of Russia's state railway obligations as security
"Vorwaerts"
for loans.
has
points
out,
The greater
part of these, however, Germany
already gotten rid of in
tain the mark rate.
foreign markets in order to main¬
the United
PAY INTEREST ON
TURKEY NOT TO
LOANS FROM
GERMANY.
Turkey and Germany
will not pay any
of twelve years
have entered into an
agreement by which Turkey
Germany for a per cd
to her by
dispatch from Constantinople
the Turkish Minister of Finance being given as authority
statement.
for the
the
from
Germany is
to that
Street Journal'r adds:
financed by Germany since the beginning of the war-,
mentioned has been concluded, it shows that
making unusual concessions to Turkey in the evident fear that
°
:
out of the war.
OF
several weeks ago that
Following reports
the Bolsheviki
Nickolai Lenine and Leon
Trotsky, might repudiate Russia's international loans, an
Associated Press dispatch from London on the 8th inst.
stated that a decree was being prepared by the Bolshevik
Government repudiating all Russian foreign loans concluded
Russia, headed by
Government of
and railways on
by land banks
A
to
that effect was,
"Pravda"
on
the Agency says,
A Paris press
In
said:
concerning the report
Commissaries of the People
loans contracted by Russia
issued this evening
I
abroad.
French Government
cur,
the name of Russia prior to the revolution are indepen¬
that have occurred or changes that may oc¬
consequently impose themselves on all these persons represent¬
and
It is
*
added that the coupons
paid as such coupons
of Russian bonds due next
previously have been.
the previous debts of the
Therefore, he
Government.
month will be
.
money.,
report
Government officials
to-day (Nov.
;
general knowledge of the
situation, I am of the opinion that the preservation of human life and the
public welfare are concerned in this conservancy project, and that I ought
not to offer any objection to its prompt completion.
"Permit me to express my appreciation of your patriotic action in consultng me concerning this matter and requesting my opinion before attempt¬
ing to finance this work at this time.
Of course, I have no power or duty
in the premises, but in view of the financial situation as affected by the
Government's operations, which should have preference at all times dur¬
ing this war, I feel grateful for the opportun ty you give me of passing on
amounted to $325,000,000.
made to Russia,
$5,000,000 which had
through
the
really been made to
fol¬
view of the
charged with similar responsibilities in respect
both public and private, will make it
practice to consult with the Secretary of the Treasury before under¬
taking any new financing or, indeed, before making commitments or
expenditures which would require to be financed by borrowings.
It is
oniy by subordinating local and personal interests to the public welfare,
and by enforcing the most rigid econoihy in matters of public and private
enterprise, as well as in matters of personal expenditure, that the United
States can hope to bear its part of the financial burden of the war and to re¬
lease sufficient labor and. materials for war purposes without depletion
"It is my hope
to
The loss
war
would be reduced by just
however, included
of our
The loan was made
at the time, there was no
loans, would not by any means
this much.
should Russia repudiate her
be comparable with the amount
that others
financing of enterprises,
resources.
"W. G. McADOO."
(Signed.)
experienced by the United .States,
would be lost by France
the
their
representative of the Rumanian Government in' Washington possessing
the authority to sign for such a loan.
Therefore, the total set down as
loaned to Russia
tell me and from my
this matter.
Rumania.
Russian Ambassador because,
in part:
"Both from what you
30) were not greatly concerned over
the credits and loans
he should offer
ob jection to
The Secretary wrote
repudiate the war
is done the United
States stands to lose approximately $230,000,000, advanced since this
country entered the war last April.
As a matter of fact, up to Nov. 1,
which was the occasion of the last credit'arranged for Russia, the loansjand
The total of
said that he did not think
the-prompt completion of the undertaking and expressed
his appreciation of being given an opportunity to advise Mr. Deeds before
final arrangements were made for the financing of the project.
any
reports that the new government in Russia plans to
loans which have been made to that country.
If this
credits agreed upon
opinion of a plan for
The Secretary
$100,000,000.
Commerce" of the 1st inst, had the
regarding the Administration's
of the repudiation of Russia's debts:
>
.
Secretary's letter was
Deeds asking his
recovered sooner or later.
The "Journal of
the presen¬
prompted by a communication from Mr.
carrying out a system of flood control
in the Miami Valley, involving a total bond issue of $25,000,000-, designed
to prevent a recurrence of such a flood as was experienced in that district
n 1913, resulting in the loss of 400 lives and a property loss approximating
The
country were accepted by the
believed the money would be
lowing to say
in its issue of Dec. 7 of
McAdoo and his reply:
Secretary McAdoo, in a letter to E. A. Deeds, of Dayton, Ohio, President
of the Miami conservancy district, expressed the hope that in view of exist¬
ing financial conditions, persons charged with financing large enterprises,'
both public and private, would consult with the Secretary of the Treasury
before making commitments or expenditures which would require borrowing
the 12th inst., Chancel¬
lor Bonar Law was credited with stating that while the House
should not exaggerate what, was happening in Russia over a
long period, no State ever had repudiated its debts.
It
was almost certain that there would be a stable government
in Russia, and he could not believe that the efforts which the
Russian people had made to establish freedom and a free
Government would end in anything but the establishment
of a recognized responsible Government in that country.
If there was a stable Government, Russia knew that the
development and prosperity of the country would be impos¬
sible without aid and financial assistance from other coun¬
tries, and this aid and assistance would be impossible un¬
less
ought not to offer any objection to its prompt completion."
daily publication, "The Official Bulletin,"
tation of the matter to
^statement in the Commons on
In
carrying through plans for a system of
Miami Valley involving a bond issue
gives the following Account
changes in regime
ing Russia.
Secretary
the advisability
The Government's
considers the financial en¬
gagements made in
dent of the
seeking an opinion as to
the
responsibility.
statement says the
IN
flood control in
of $25,000,000,
Mr. McAdoo expresses the hope that others charged with
similar responsibilities respecting the financing of enterprises
will make it their practice to consult with him before under¬
taking any new financing.
In the case of the particular
matter referred to him, Secretary McAdoo gave it as his
opinion that "the preservation of human life and the public
welfare are concerned in this conservancy project, and that
of
published in London on Saturday, that the
in Petrograd had in view the repudiation of
The
TO BE CONSULTED
FINANCING LARGE ENTERPRISES.
answer to a communication addressed to the
of the Treasury,
contradicts the reported decision
the war. The statement issued to
merely an article printed by the newspaper
dispatch on the 9th inst.
semi-official statement was
A
SECRETARY McADOO
Government guarantees.
Telegraph Agency
loans made during
its own
much
present in operation.
.
said:
annul all foreign
the 12th inst. stated that
purchased in the United States for account of
Government will be sold in this country, and the
payment of bills incurred on contracts
It was said at the Russian Embassy
that a meeting of creditors and contractors would soon be
held, at which some plan of action would be adopted.
There
is no intention, it is said, to terminate existing contracts, but
as much of the material already made cannot be sent to Rus¬
sia, it is deemed wise to dispose of it in this country.
internal loans held
Petrograd
Washington dispatch on
the Russian
abroad, it was said, would also
be repudiated.
A Central News cable from Petrograd, via
London, on Dec. 11 printed in the "Financial America" of
The
-
proceeds applied to the
LIKELIHOOD OF REPUDIATION
RUSSIA'S DEBTS.
REPORTED
that date,
port.
of the material
at
Shares of
Arctic Sea port of entry
shipped were
.
agreement as
Turkey will drop
authorities have already taken virtual con¬
to European Russia, and most of
consigned to that destination. Some supplies
gone to Vladivostok, but they, too, are considered to be wholly safe
requisition by the Bolsheviki, as the latter's authority does not extend
goods
have
The "Wall
an
awaiting developments in Russia.
forward are in no danger of seizure by the
in warehouses,
supplies that have gone
Bolsheviki.
The British naval
The
Turkey has been
If such
ready to sail
received were permitted to go
trol of Kola, thp
Interest on loans advanced
following the war, said a
by way of Vienna,
was
Department, but supplies already delivered
whenjthe news of the fall of Kerensky
forward. Materials delivered since that
States Treasury
which were on board ships
time have been placed
Street
printed in the "Wall
dispatch from Berne,
Journal" of Dee. 10, says:
A
[Vol. 105.
CHRONICLE
THE
2316
which
and England.
INVESTMENT BANKERS COMMITTEE TO
CONSERVATION OF CAPITAL.
CONSIDER
.
The Investment
Bankers' Association of America this week
of a special committee to inves¬
announced the appointment
will be thoroughly discussed by the
his associates are attending tigate and consider the question of the
United States. As a matter of fact, the tal in its relation to the prosecution of the war.
The com¬
opinion prevails here that the Paris conference should first take the matter
mittee is headed by Allen B. Forbes of Harris, Forbes & Co.,
up before any of the Allies attempts to act independently.
New York, as Chairman, and the other members are N.
At the State Department to-day it was stated that American officials
would be surprised at a declaration of repudiation of the loans on the part
rose Hallo well of Lee, Higginson & Co., Boston; H.
Stu¬
of those who claim to represent the Government of Russia.
Lenine, it
art of Halsey, Stuart & Co., Chicago; H. C. McEldowney,
was said, may undoubtedly have stated in a spirit of hysteria that Russia
President of the Union Trust Co., Pittsburgh, and W.
would repudiate her loans, but it is felt here that upon more sober delibera¬
tion this position would not be maintained.
Russia, nor any other country,
Compton of the W. R. Compton Company,
for that matter, it was said, could afford to repudiate loans.
Russia will
The committee has no power to act on its own
need credit and it would be no way to obtain credit to begin by repudiating
The loan
Paris
question, it is understood,
conservation of capi¬
which Colonel House and
conference
is taken by the
before any action
Pen¬
L.
old loans.
The
following concerning
contracts
on
the suspension of awards of
appeared in the New York
behalf of Russia
"Times" of the 1st inst.:
The
Russian Embassy in
contracts made
Washington has suspended the awarding
possible by the financial
of
assistance granted to Russia by
R.
St. Louis.
authority,
and its recommendations and suggestions will be submitted
to the Board of Governors of the Association.
Its appoint¬
ment grows out of the discussion at the recent convention of
the Association in Baltimore of the necessity of conservation
of
capital in time of war. '
i
"
Dec. 15 1917.]
SUGGESTED
THE
MOVEMENT
TOWARDS
CHRONICLE
BIMETALISM
ESTABLISHMENT
—SILVER PRICE FIXING.
With
to
to
making
coinage of
Senate
ment
view
a
the
to
Dec. 4
on
silver,
visit
and
advices
as
the
the appoint¬
proposes
nations
10th inst.
of the
Washington,
from
which it claims is being
in
commission of three members
a
the neutral
The New York "Times"
special
resolution introduced
by Senator Shafroth
allied
our
international agreement
an
a
by the President of
REDUCE
in
the
to
the
of
world.
referring, in
consideration
given by the Treasury Department
in conjunction with allied and neutral governments for
international
based
system,
monetary
silver
on
an
well
as
The issuance
tablishing
OF
EXCHANGE
SPECULATION
IN
BY
ITALY
ITALIAN
TO
MONEY.
by the Italian Government of
decree
a
es¬
National Institute of Exchange, with mono¬
polistic powers, the purpose of which is to reduce specula¬
a
tion in Italian money and control the export of all national
bonds
made known in
was
11th inst.
dispatches from Rome
the
on
All
foreign bank transactions, it is stated, must
also be registered with the new institution.
It is further
said that the institute will have functions
of
resembling those
clearing house, together with judicial authority.
It will
a
be under the direction of Minister of the
Treasury Nitti.
gold to provide for the expanding credit of the world,
said:
:
;--;V
as
•
If the scheme is worked out along the line now being discussed, gold and
silver would be put upon a ratio of coinage together forming the basis upon
which the paper money of the United States and of the allied and neutral
countries would be
issued—bimetalism, in other words, would be restored
in the money standard of the nations.
At the conference
proposal to fix an advanced price for sil¬
a
of $1 an ounce, instead of the recently established
ver
ounce,
garded
as
If the double standard is" established it is
touched upon.
was
price of 86 cents
likely that the enhanced price of silver will be agreed
American
coinage.
an
re¬
upon for
>
.
The scarcity of gold, which forms the basis of currency coinage in the
United States and Great Britain, was
impelling
Shafroth
and
of Colorado,
that bi-metallism
nations
of
the
world
the
the other Allies,
the
British
Foreign Minister
gold and silver together
as
said
he
international bi-
an
gathered
the
convinced that only
was
impression
by putting
the basis of exchange could international credits
maintained.
Senator
mittee
Banking and Currency.
on
Whereas,
referred
was
the
to
Com¬
Whereas, To relieve such condition it is
silver
be
increased;
coun¬
sion
&c.,
expansion in world credits during the past three
That the President be authorized to appoint a commis¬
of three members
world with
to
visit
That the
be and the
sary,
and the neutral
sum
coinage
by Congress; and
of $100,000 or so much thereof
Treasury not otherwise appropriated to
pay
need of its service.
the
expenses
and compensa-
in
CIRCULATION SINCE MARCH.
The
Comptroller of the Currency
that
United
last,
as
plans
under
States
and
silver
during the coming
issue of Nov. 17
and to the joint
year
between representatives
way
Great
States
security for circulating notes
amounted to $681,565,810,
March 31
this
of
of
Britain
to
the
prevent
competition of
to
It
reported ^t the time that the price to be fixed
point where coinage becomes unprofitable.
was
expected to be somewhat below the prevailing rate of 86
cents
of
the
silver
standard
a
The first of
ounce.
an
Western
producers,
series of conferences with
a
looking to
ultimate fixing
the
price for silver, effective for
Government acquisition of
options
entire output were held by Treasury
one year,
on
member
of
the
Federal
officials
on
sentative
Reserve
Board,
and Albert
the conference.
ducers, most of whom
Senators
repre¬
the War Trade Board, represented the Gov¬
on
at
5 to
The
were
from Nevada,, there were present
Pittman, Smoot, Ashurst, Newlands and Shafroth,
The conference continued
announced that final action
been
5% rate
On the 12th inst.
rado,
on
notified
the 4th inst. when it
over
on
the
Convention in
was
progress
at Salt Lake City.
a
Director
Baker
the
of
Mint
that
Washington yesterday (Dec. 14) for
conference.
It is claimed
that
a
they
second
analysis of figures
an
on
production costs cited by Western operators shows that to
necessary
cents
output from
many
to fix a price of about $1
small mines it
an
higher than the present market.
have been approved
average
during
TO
5V2%.
farmers
to
raised from
was
Dec. 10.
on
March 19, when
on
rate of
a
bonds to be issued by the Land Banks
also
was
It is
referring to the 5% rate established by the Farm Loan
Board stated
lower than
"interest rates
that
before,*
ever
*
on
a
loans
farm
at
*
*
are
now
time when general
a tendency to advance."
The Secretary
evidently did not count upon an early advance.
The "Wall
Street Journal"
reference to the
new
yesterday (Dec. 14) with
following to
in advices from Chicago:
say
Farm Loan
find it
434s find Liberty Loan competition
more so,
a
assumed to have
have sold
on
Farm Loan issues are not
a
difficult and will
low net income yield as they did.
a
war
financing
Government bonds,
but
sort of Federal endorsement; otherwise they could
merit is their closeness to the
tivity.
very
especially if the Government has to put its
4^% basis.
on
not
of
Farm Loan rate had the
Their particular
ground, their first lien on agricultural produc¬
How great that merit is depends upon the sort of soil mortgaged
and the sort of tillage it gets.
Newer and poorer
sections thus far have
re¬
ceived most attention.
Concerning the
Loan Board's action,
Farm
patches from Washington
on
dis¬
press
the 10th inst. stated:
One of the immediate effects of the higher Farm
Loan rate, it is expected,
will be to encourage a
similar advance of private mortgage loan rates
land, which
from 34.to 2% above the Government loans.
now range
on
Re¬
ports reached the Treasury to-day that (the 10th) several insurance com¬
panies with big loans on Middle Western farm lands had decided to make no
new
loans, in order to keep its assets liquid, and would refuse to renew many
expiring mortgages.
The Farm Loan system has
started operation
placed nearly $30,000,000 in loans since it
six months ago, and applications for $300,000,000 are
Private loans outstanding on farm lands in the entire coun¬
pending.
$4,000,000,000.
try are estimated at nearly
The
new
interest rate
an¬
to-day will not apply to loans approved by any of the Farm Land
banks, though hot actually completed.
•
;
0
:
•
,
v
&
fixing of prices for silver
would be in
get maximum
an
interesting to note that Secretary of the
Treasury McAdoo in his annual report just made public
nounced
delegation of silver producers from Colo¬
Idaho, Montana, California, Nevada and
Utah,
Arizona
loans
on
established
was
announced.
According to yesterday's issue of the "Financial America"
postponed until the adjournment of the Silver
Mine Operators
increase since
or
5^% by the Federal Farm Loan Board
4^%
addition to the silver pro¬
In
and Governor Boyle of Nevada.
had
an
30
banks
than 2 million dollars per month
more
interest rate
The
Dec. 3.
Strauss# foreign exchange expert and the Treasury's
ernment
Nov.
INTEREST RATE ON LOANS TO FARMERS INCREASED
and to
practically the
Raymond T. Baker, Director of the Mint; Charles S. Ham¬
lin,
having shown
12 reported
on
national
of
than 17 million dollars,
more
are
prices
was
held
period.
United
the
of
purchases by other foreign Governments from raising
the
Dec.
on
Government bonds,
interest rates show
our
proposed Governmental control of silver produced in
the United States
,
INCREASE OF $17,000,000 IN -U< S. BONDS SECURING
neces¬
„
As will be recalled, we referred
a
The pool, which
October, had not recently participated
actively in the money market because of the absence of
in
.be
as may
is hereby appropriated out of any money in the
same
ion of such commission.
to
nations of the
view of making an international agreement as to the
a
of silver, subject to approval
Sec. 2.
allied
our
a
established in
was
and
enormous
again
was
tenseness in the money situation arising out of the
BY FARM LOAN BOARD
founded; therefore be it
Resolved,
"money'pool,"
transactions of the Government.
that the production
necessary
necessitates the enlargement of the base upon which such credits are
years
the
enormous
prefer that such balances should be paid in silver; and
Whereas, The
as
We give it herewith:
The settlement of balances of trade with silver using
tries threatens the depletion of our stock of gold, although such countries
of
known
avert any
increase
Shafroth's resolution
MARKET.
understood, between $4,000,000 and $5,000,000 in order to
.
Shafroth
MONEY
Banking
on
by the United States, Great Britain, France, and
Senator
otherwise
equilibrium of international
together with the neutral nations, of
system.
LOCAL
factor in the money market this week when it loaned, it is
Balfour, according to Senator Shafroth, strongly favored the im¬
monetary
be
an
saying while in this country last
as
maintain
to
%
mediate consideration
that
Senate Committee
as
EASES
Senator
system.
eventually would have to be established among
finance.
Mr.
bi-monetary
a
member of the
a
Currency, quoted A. J. Balfour
summer
the
establishing
for
argument
advanced at the conference
POOL
Money Committee, headed by Benjamin Strong
Jr., Governor of the Federal Reserve Bank of New York,
and
The "Times" further said:
The plan was taken up at a conference last week attended by Secretary
of the Treasury McAdoo, prominent bankers, and several members of
Congress.
MONEY
The local
ounce,
may
which is
be
12
This price is said to
tentatively by Treasury officials.
a
joint meeting of the House and Senate agriculture
mittees, the House and Senate banking and
mittees
and
purpose
nation in selling farm
the
bonds, it is said,
purchasers.
the Farm Loan Board
members of
yesterday for the
The
com¬
currency com¬
was
held
of finding a solution for the stag¬
About $40,000,000 of
available, but there is a lack of
quoted further stated:
loan bonds.
are
paper
Owing to the sale of Liberty bonds and the bonds of municipalities,
railways, short-time notes of the Treasury and other securities, Farm Loan
bonds, it is said,
are
not finding a sale.
dant and generally carry
bonds
are
Other securities which
are
abun¬
higher rates of interest, members of the Farm Loan
Board say, are receiving
going begging.
support from the investors, but the Farm Loan
situation members of
To meet this
the Board to-day
suggested that the
bill
of
report favorably to their respective Houses a
would authorize the Treasury to absorb the $40,000,000 worth
which are now without a market.
committees of Congress
which
bonds
4%%.
LOANS TO ALLIES AT
the loans to the
The fact that
Allies have been
24, against an interest rate
&%% since Sept.
Secretary of the Treasury
on
"Wall Street Journal" of
part of the
that
in
to
made at
of 4% paid
the Second Liberty
is commented upon
Dec. 10, and is also referred
annual report of Secretary
of the
the Allies, which
print elsewhere in to-day's issue of our paper.
We
quote what the "Wall Street Journal" has to say below:
Of the 83,324,129,750 loans actually made to the Allies by the U. S.
we
•
mately $1,100,000,000
About
credits extended, approixrate of 4M% per annum.
varying from;3 to ZH% per
total of $3,883,900,OOf
has been loaned at the
Government, out of a
$2,200,000,000 was loaned at rates
•
*
annum.
United States Government is now
lending money to the Allies at a higher rate of interest than it is paying
for money borrowed from the American people.
It was generally supposed
that the Allied Governments were obtaining accommodation at the same
generally known that the
is not
It
rate of
War savings is an
child
no
Let
had been putting out
obligations at
charged the borrowing
Sept. 24 an
aggregate of
at the rate
date cost
Governments from time to time, when on
approximately $2,200,000,000 had been loaned by
Notwithstanding that the second
Government.
our
Certificates of
Indebtedness issued since the
of 4%, about
therein 414 %
was
Vanderlip,
A.
Liberty Loan and
Act of Sept. 24 bore
$1,100,000,000 loaned to the Allies
interest
since that
YORK
NEW
RESERVE BANK'S
TIFICATES OF
above the rate at
We
are
giving to-day further extracts
(Sept. 24 1917) the normal rate of interest to
issued thereunder could
not exceed 4% per annum.
At the same time it rendered the bonds thus
Issuable exempt from certain classifications of taxes, thereby substantially
this Act
obligations of the United States
the Government of the money
received from the sale
amount which it might in turn take
be charged on the loans
to foreign Governments under the terms of the Act was not definitely fixed,
but was left in the discretion of the Secretary, though a minimum was
fixed.
In the exercise of that discretion it was determined to fix the rate
at 4H% per annum, the additional H% being added to compensate, in
part at least, the,loss to the Government due to the tax exemption features
on its own obligations above referred to and the cost incurred by the United
States of issuing its own bonds.
This rate in turn will be further increased
In case there should be higher rates of interest paid by the United States
during the continuance of the war for the moneys that it may invest in the
purchase of foreign obligations."
of Its obligations
from its citizens
by diminishing the
in taxes.
The rate of interest to
from the annual re¬
of the Treasury McAdoo, including a table
furnishing a summary of the different issues of Treasury
certificates of indebtedness put out.
It appears from this 1
summary that the New York Reserve Bank purchased some
short date issues of these certificates of which no previous
announcement has been made.
With reference to these
port of Secretary
follows:
increasing the cost to
PURCHASES OF CER¬
INDEBTEDNESS.
•
purchasing obligations of foreign
"By the terms of
and
Chairman of the National War
Washington on Dec. 9 on a two
weeks speaking tour through the Middle West and South
on
behalf of the war savings
certificate campaign. His
first meeting was held in Pittsburgh on the 9th inst., and
he will have spoken in sixteen cities before he closes his
tour in Chattanooga on Dec. 23.
Cities in wdiich Mr. Van¬
derlip is scheduled to,speak are Cincinnati, St. Louis, Mil¬
waukee, Chicago, Minneapolis, St. Paul, Omaha, Kansas
City, Dallas, Fort Worth, Houston,
New Orleans, Bir¬
mingham,. Atlanta and Chattanooga.
Frank
borrowing is the fact that Congress
be borne by the
that is the product
and that American labor
Savings Committee, left
Governments at a quarter
which the United States Government
has made the bonds and obligations
Issued exempt from certain classifications of taxes, thus increasing the cost
to the Government by diminishing the amount which it would otherwise
have received in taxes.
The Government is, therefore, reimbursing itself
In some measure for the concessions made in the matter of taxation through
a higher interest received from the borrowing Governments.
The matter
Is explained by the Secretary of the Treasury in his annual report as,
The reason for
of one per cent,
the finished article
American materials,
the making of supplies of all kinds for
our Army and Navy, and that every dollar diverted from the purchase of
articles not needed for our health and efficiency helps the Government
to that extent to procure things that are essential to win this war.
The war savings campaign marks the beginning of a new and I hope
permanent evolution of American life.
Self-sacrifice and self-denial have
always made real men, and real men are basis of strong nations.
Those of us who help to lay the foundation stone of thrift will be the
builders of a structure that will survive through all time, and will be render¬
ing a service of the utmost importance to our flag and country.
varying from 3 to 3 M
been
remember that dollars buy
us
of American labor and
materials are to-day essential for
% • The first issue of Certificates of Indebted¬
ness issued after the declaration of war.bore interest at.the rate of 3%.
This was followed by issues at 314% and 3M%, and finally by the first
Liberty Loan of 314%.
These were the rates which had consequently
rates
people have accepted the challenge
resolved to make the world safe for freedom and
American
purpose.
the Treasury."
24 the Government
that part may be.
of autocracy and
democracy. The
days of autocracy are numbered, and our men, our industries, and our
money are marching forward with irresistible force to accomplish that
have
in the first few
the Secretary of
Before Sept.
national life. Every man, woman and
that provides the sinews of war, for
possible for every loyal citizen to do his part,
epoch in our
matter how small
The
months following our entrance into the
war.
The bond issue Act of April 24, providing for the First Liberty Loan,
expressly stipulated that the loans made to Allies should bear the same
rate as the public issues.
Under the terms of the Act of Sept. 24, the
second bond issue measure, the loans made to the Allies were "to bear
such rate or rates 6f interest * * * as might from time to time be deter¬
mined by
War-Savings and Thrift
join the growing army
can now
War-Savings stamps make it
interest.
This was the case
McAdoo, in a statement issued
urging the purchase of the
savings to be an epoch in our national
life, and predicted that the present war-savings campaign
will mark the beginning of a new and perhaps permanent
evolution in American life.
He said:
McAdoo, dealing with loans to
Treasury
Dec. 8
stamps, declared war
by the Government since that date on
Loan and Certificates of Indebtedness,
in the
[Vol. 105.
CHRONICLE
THE
2318
purchases, the New York
"Times" yesterday had the fol¬
lowing to say:
of October the weekly statements of the Federal Re¬
York showed holdings of United States Government obli¬
During the month
serve
Bank of New
gations which were a mystery to those
cials of the Reserve Bank consistently
Offi¬
who analyze bank reports.
declined to discuss or explain the
the suggestion that perhaps
the Reserve Bank was buying Treasury certificates of indebtedness con¬
cerning which the Treasury made no formal announcement and which were
not publicly offered.
The long-kept secret has been revealed by a table in
the annual report of the Secretary of the Treasury, which shows that on
Oct. 11 the New York Reserve Bank bought $100,000,000 of 4% certifi¬
cates with a maturity of only seven days, and that on subsequent dates it
They would
items.
neither confirm nor deny
in
purchased certificates aggregating $50,000,000, some of which matured
one day, while others ran for two days.
No doubt these Issues were put
out for the purpose of placing the Government in funds in anticipation of
Liberty Loan
these two-day
and other receipts.
It is interesting to note that the last of
certificate issues, dated Oct. 29, were put out at 2% instead
It is presumed that the rate was exceptionally low by reason
understanding that the certificates would not be resold but kept
of at 4%.
THE
WAR-SAVINGS CERTIFICATE
That the
people of the country are
CAMPAIGN.
again responding in a
to the Government's efforts of securing
the war to a successful conclusion is
evidenced by the following which appeared in the "Official
Bulletin," the Government's daily newspaper of last Satur¬
generous
money
regarding the progress of the sale of
stamps, which began on Dec. 3:
War-Savings
of the War Savings Stamps sales campaign,
throughout the country, greatly encouraged
their arrival at the Treasury Department. Only
a few widely scattered figures were given, but from every section came the
declaration that persons of all ages and classes were participating both in
the selling and the buying and that the sales were gradully increasing.
The largest total reported, $340,000, came from Frederic W. Allen,
Director for Greater New York, it being the result of the first two days'
sales in the banks alone.
Figures on the sales of post offices and other
Official reports on the progress
began last Monday
Secretary McAdoo upon
agencies were not available.
From every other part of the northeastern
district came similar encourag¬
ing reports.
Upper New York workers are rolling up a good early total,
thanks in a large measure to the co-operation of the newspapers which are
giving much space to the sale.
Every mayor in Connecticut now has
bought a War-Savings stamp and stamp meetings are being largely attended.
"Gratifying" was Rhode Island's summary of its sales.
Other States in
the district reported steady sales with increasing interest.
The middle and northwestern stamp districts are out to make the same
sort of a good selling record that they did in the last Liberty Loan campaign.
Minnesota, which was the scene of a hard Liberty Loan drive, now is hearing
from an army of stamp salesmen and saleswomen.
Rural route carriers
are working particularly hard and the co-operation of rural school-teachers
Superintendent of Schools.
advertis¬
stamps in their regular advertisements and by window cards.
response to the sale," North Dakota advised.
and their
pupils Is being enlisted by that State
Montana is alive
ing
the
"Ready
by the New
manner
to carry on
day,
which
of an
with active workers, many merchants particularly
York Reserve Bank.
SAVINGS AND THRIFT STAMPS ON SALE
STATIONS, &C., PENNSYLVANIA RR.
WAR
AT
and in order to assist
the war, the Pennsyl¬
vania Railroad has completed arrangements for placing
on sale the new War Savings Stamps and Thrift Stamps
at ticket offices and in its shops, freight stations and in the
various departments on the lines east and west of Pitts¬
burgh.
A statement issued by the company says:
Every ticket agent on^the entire system, except where located in the
immediate vicinity of a post office, will have the stamps for sale, and will
keep on hand, at all times, a sufficient supply to accommodate investors.
It
not thought necessary to do this where post offices are near at hand,
At the
request of tbe Government,
in the raising
of funds for carrying on
was
as
the
Government will sell the stamps direct at those points.
of the campaign for the two Liberty loans, special
As in the case
jgg
efforts
investment in the Savings and Thrift Stamps,
on the part of employees of the system.
It having been found imprac¬
ticable to place the stamps on sale directly in the pay cars, arrangements
will be made wherever possible, to have them on sale near the pay cars
when employees are being paid.
At all ticket offices and other places where the stamps may be obtained,
cards will be displayed containing the words "War Savings Stamps Sold
will be made to
encourage
®l
Here."
War
Savings Stamps are
In reality $5 bonds of the
United States Gov¬
They will be offered for sale in Decem¬
ber 1917 and January 1918, at $4 12 each, and will be redeemed at their
full face value of $5 on Jan. 1 1923.
If held to maturity, they will net the
Investor 4% interest, compounded quarterly.
The stamp increasesiin
cost one cent monthly, beginning with Feb. 1 1918.
&
ernment
maturing in five years.
Dec. 15 1917.]
THE
The Thrift Stamps are of the value of 25 cents
each.
terest, but when 16 of them have been
CHRONICLE
They bear
no
in¬
The
acquired they may be exchanged
So "War Savings Stamp, by paying the difference
between $4 and the
price of the War Savings Stamp in the month the
exchange is made.
for
YORK
RESERVE
"CONVERSION"
BANK
BEGINS
LIBERTY
The Federal Reserve Bank of New York
the distribution
4% bonds issued
3^% bonds.
Lowered market prices for
BONDS.
on
said.
"Investigations that I have made recently convince me that the
hand of the Kaiser is behind certain
sales.
Of course I am not in
posses¬
sion of evidence which would convince a
jury of the truth of this assertion,
but I could convince any fair-minded
man of it.
Thoughtless persons who
think they have done their
duty when they buy bonds also sell them.
These thoughtless persons can be
changed to
which the applications for conversion were
received at the
bank.
On the 12th inst. the bank filled out
about
2,000
same
show
The
stamps,
war
stamps,
rapid
savings
stamps,
progress,
thrift
stamps
Secretary McAdoo
to
of
and
"conversion
of
Secretary said:.'.'
fours".
In
statement
a
view
The
coming fiscal
to
on
it.
■■■■■'"
.
great success of the
for
these
securities
Government's efforts to
has required
of
secure
the preparation of
ZlA%
that
smaller
second
from
as
there will
denominations
Liberty loan.
be
to
Liberty loan coupon bonds required it is esti¬
required 11,700,000 coupon bonds of the four
This
means
that for these two issues
are
idea
to the
as
for
Congressional
required
same
requirements of
Government, under recent legislation, for
engraving and printing of
stamps, war-savings stamps, thrift
stamps, and postage
war-revenue
stamps, as well as provide for increased orders for small
denominations
of United States currency notes and for
Federal Reserve notes.
As an example of what this involves the
Bureau on one day
during the
last week finally completed and delivered a
total of
81,498,000 pieces of
stamps, bank notes, bonds, securities, &c.
As nearly all this
production
is negotiable, continuous
precaution had to be exercised.
difficulties involved
in
filling these
enormous
in wbicb
the
installment
was
paid
initial
"2%
of
date
debtedness.
was
required with
of
$2,787,000,000,
the
subscription and
of
which
$841,000,000
$469,000,000 by Treasury certificates of in¬
-We print
the table below, together with the
Board's remarks relative
Payments
as
Federal Reserve
of Nov. 15
thereto:
on
Second-Liberty Loan (000 omitted).
Allot¬
i
v
Certifi¬
ment.
Boston
Cash.
cates.
$179,000
$40,000
113,000
1,151,000
Credit.
$74,000
$408,000
New York
Total.
$293,000
701,000
161,000
975,000
295,000
57,000
114,000
Cleveland
32,000
203,000
410,000
108,000
119,000
79,000
Richmond..
306,000
183,000
54,000
50,000
14,000
118,000
83,000
21,000
42,000
3,000
66,000
526,000
167,000
96,000
63,000
326,000
150,000
39,000
60,000
23,000
122,000
Minneapolis
132,000
54,000
20,000
10,000
Kansas City..
136,000
56,000
24,000
10,000
90,000
74,000
9,000
22,000
6,000
37,000
89,000
50,000
28,000
167,000
Philadelphia
__
Atlanta
Chicago..'
St. Louis
Dallas
i
....
San Francisco
requirements have
been great, but they are now
being met and successfully overcome.
On
the Bureau's present basis of
production it is hoped that the Department
will shortly be able to meet
promptly all requirements for the delivery of
bonds.
*
LOAN.
several Federal Reserve banks is
printed in the
Reserve
"Bulletin" for
December.
An
Bank.
of four.
time that the bureau has been called
upon to carry out this
enormous task, it has had to meet the
huge additional
The
no
■
the Second Liberty Loan (due Nov.
15)
of credits and
"
in coupon
relatively small quantities, but in eight denominations instead
the
1
represented payments in cash $1,477,000,000
by transfers
alone, apart
form, the preparation of coupons as
well as bonds is required, which
greatly increases the mechanical diffi¬
culties of the work.
By comparison regsitered bonds have been
At the
provided
matter
a
payments
complete deliveries upon subscriptions to the
bonds
all these bonds
'.
manner
meet
As
in
on
that
on
these
merely meant the preparation of conversion fours in¬
bonds.
additional
now is
was
40% is due to-day (Dec. 15) and 40% Jan. 15.
The table
dealing with the Nov. 15 installment shows total
needed to effect exchanges and
conversions and
requests for registered bonds, the Bureau has been called
upon
within a period of about six months to
prepare more than 20,000,000
separate coupon bonds.
to
describing the
have
In addition to the first
mated
has not been lessened
18%
payment
complete the deliveries of the first Liberty loan,
Though this figure
now been materially reduced
by conversion of interim certificates into
conversion fours, the task of the Bureau
table
Federal
has
of
■
he said,
for at the
It was estimated that 8,700,000
separate coupon bonds would be required'
stead
'
'
LIBERTY
A
con¬
enormous
conversions
This, however,
year.
MANNER OF PAYMENTS MADE NOV. 15
ON SECOND
number of bonds in the smaller
denominations.
It should
be remembered that there were over
4,000,000 subscribers to the first
Liberty loan and over 9,000,000 to the second
Liberty loan.
an
relentlessly with all enemies
y-
the
fours.
cannot
present tax rates
the
Congressional determination, and he had
the
preparation of the definitive first and second Liberty Loan bonds and
distribution
we must deal
during the remainder of this fiscal year more
money than
by law, and that no marked changes be made in the
for
Secretary of the Treasury stated to-day that the Bureau of
En¬
was making excellent progress toward the
successful
completion of the stupendous task imposed upon it in connection with
wide
will
we
put them in the penitentiaries,
for
11
The
a
there, for.
we can
on
graving and Printing
version
thoughtful ones if
affecting the Government.
We
are
by sales was urged by the Secretary.
interest rates, the Secretary said he
hoped it would not be
necessary to raise them above the present
4% rate for succeeding loans.
He also added that he
hoped it would be unnecessary to raise by taxes
announced, is being made in the printing of Liberty Loan
bonds
sales
America."
Touching
postage
Dec.
on
their
Discussion of plans for meeting the
question that has arisen from the value
of bonds being driven down
war revenue
and
how
and I want to see them
the
meet
them
influence the Kaiser's people, but
deliveries will be continued in this
order, and it is expected
that all requests for the "conversion fours"
received up to
.Nov. 19, will be satisfied by Dec. 21.
Though the Treasury Department has had
additional requirements of the Government for
were
"Some persons sell these bonds for
malevolent reasons," the Secretary
Liberty Loan
The delivery is being made in the order in
orders, aggregating, it is said, about $15,000,000, the
representing applications filed on Nov. 8 and 9.
Liberty bonds, the Secretary declared,
due to sales traceable to agents of the
Kaiser, thoughtless persons who do
not realize that
unnecessary sales drive down prices, and those who are
forced by circumstances beyond their
control to sell their bonds.
Dee. 12 began
the first lot of "conversion
fours"—the
in exchange for the first
of
im¬
was
hundred representatives of Liberty Loan
committees from all parts of the
country by Secretary McAdoo in a con¬
ference here (Washington).
The conference was the first of a series that
will be held for the purpose of
co-ordinating the efforts of
Liberty Loan
workers in coming
campaigns.
DELIVERY OF
LOAN
necessity for purchasers of Liberty bonds
keeping them
upon about a
pressed strongely
a
NEW
2319
261,000
Total
It is
$3,809,000
interesting to
which the loan
cepted.
was
$841,000 $1,477,000
84,000
$469,000 $2,787,000
note from
the above statement the
large extent to
paid in full by subscribers, being 73% of the total ac¬
It will further be noted that of this amount about
53% was paid
From this showing it is
apparent that a very large number of
,
by credit.
N. Y. RESERVE BANK'S ANNOUNCEMENT
CONCERN¬
ING PAYMENT OF LIBERTY BOND
COUPONS.
The
following announcement was made yesterday (Dec.
14) by the Federal Reserve Bank of New York
concerning
the payment to-day of
coupons on Liberty Loan bonds.
Dec. 14 1917.
The Federal
United States
Reserve
Bank
of New
Coupon No. 1 due Dec. 15 1917
First
announces
on
the
as
that
coupons
on
follows:
33^% definitive bonds
of the
Liberty Loan.
Coupons Nos. 1A
1917
York
Liberty Loan bonds will be paid Dec, 15
on
the
or
IB, whichever Is attached to the bond, due Dec.
15
upon the conversion of 3A% bonds of the
4% bonds issued
First Liberty Loan,
All coupons will be redeemed at the
office of the Federal Reserve Bank
of New York (Bond Issue
Division), on the fifth floor of the Equitable
Building.
While
the
bank
is
prepared to redeem coupons for
individuals, it is
requested that in order to avoid congestion, the individuals
cash their
coupons at banks or trust
companies,
or at such
post offices
as may
been authorized by the Postmaster
General to cash the coupons.
have
SECRETARY McADOO SEES KAISER'S HAND
BEHIND
LIBERTY BOND SALES.
subscribing banks qualified
as depositaries
and it is largely due to the
satisfactory arrangements made by the Treasury with
qualifying banks
that a payment of almost
$3,000,000,000 could be made without creating
any
congestion
himself
par,
of Liberty Loan bonds
Secretary of the Treasury McAdoo expressed
convinced "that the hand of the Kaiser is
behind
certain sales."
This statement was made
as
by Mr. McAdoo
at
a
conference in
Washington, had on the 10th inst. with
representatives of Liberty Loan committees from all sections
of the country.
The Treasury Department has issued the
following announcement relative
to Mr. McAdoo's
in which he urged purchasers of bonds to retain their
remarks,
holdings:
disturbance in the money market.
certificates of indebtedness fell due and
banks to the amount of
were
During the month
redeemed by Federal Reserve
$935,197,000.
There remained to be paid on
$1,385,296,000 of certificates maturing on that date, a small part
which, however, was received in payment on Liberty Loan account.
Dec. 15
of
In order to avoid the
necessity of withdrawing so large an amount on that
date the Secretary of the
Treasury has called the seri&s of $300,000,000
Treasury certificates
of indebtedness dated
Sept. 17 1917 and maturing
15 1917 for redemption on Dec. 6
1917, at par and accrued interest
pursuant to the provision for such
redemption contained in the certificates.
On Dec. 6 1917 interest on all certificates
of said series will cease to accrue.
Dec.
The series of $400,000,000
Treasury certificates of indebtedness dated
Sept. 26 1917 and maturing Dec. 15 1917, has been called for
redemption
on
Dec. 11 1917 at par and accrued interest
pursuant to the provision for
redemption contained in the certificates.
On Dec. 11 1917 Interest
such
on
all certificates of said series will
cease
to accrue.
'
•
■
.
The series of Treasury certificates of Indebtedness
dated Oct. 24 1917
and maturing Dec. 15
1917, will not be
be paid on Dec. 15
redeemed before maturity but will
1917.
VIEWS
DEVELOPED 'AT
ADVISORY
COUNCIL
NOVEMBER
OF
RESERVE
MEETING
OF
BOARD—
LIQUID PAPER AND HIGHER DISCOUNTS.
Referring this week to the sales
below
or
^
Regarding the meeting in November
of the Advisory
Council of the Federal Reserve Board to which a
reference
in these columns was made Nov.
24, the Federal Reserve
"Bulletin" for December says:
,
On Nov. 19 the
quarterly meeting of the Federal
held in
account
Washington.
Advisory Council was
The meeting proved to be unusually important on
questions presented for
consideration,
of the significance of the
prominent among which was that of rates of discount, and the
question
whether the Federal Reserve system could with
propriety be employed
any way to relieve the necessities of the industrial
enterprises of the
in
THE
2320
Y.—Bank of Geneseo.
Batavia, N.
Advisory Council was the same
being that the system must
every effort to maintain its liquid character and that commercial paper
regarded as eligible for discount must be of a kind calculated to provide its
means of liquidation.
Admission of long-term obligations, or obliga¬
tions short-term in form only, but requiring continual renewal and in¬
capable of settlement within a reasonable time by the use of funds growing
out of business transactions directly financed by them, was regarded as
unquestinably opening an avenue of danger to the system, both because
of the unliquid character of the paper, and because of the very large quan
tity of such paper almost inevitably to be expected for discount under pres¬
ent conditions, should paper of this character be held admissible for dis¬
On both points the view of the
that which has guided the Board, this view
country.
as
use
own
Conn.—Bridgeport Trust Co.
Y.—Brooklyn Trust Co., Franklin Trust Co., Manu¬
facturers' Trust Co., and Peoples Trust Co.
I
Buffalo, N. Y.—Buffalo Trust Co. and Citizens' Commercial Trust Co.
Montclair, N. J.—Bank of Montclair.
■ ■ .
New York City.—Bank of America, Bank of the Manhattan Co.,
Bridgeport,
of
Columbia Trust Co., Corn Exchange
Bank,
Co., Fidelity Trust Co., German-American
Germania Bank, W. R. Grace & Co.'s Bank, Guaranty Trust Co., Irving
Trust Co., Mercantile Trust & Deposit Co., Metropolitan Bank, Metro¬
Bank, Equitable Trust
York Trust Co., Pacific Bank, Scandinavian Trust
and U. S. Mortgage & Trust Co.
Ogdensburg, N. Y.—St. Lawrence Trust Co.
Passaic, N. J.—Passaic Trust & Safe Deposit Co.
Plainfield, N. J.—Plainfield Trust Co.
Utica, N. Y.—Citizens' Trust Co., Oneida County Trust Co., and
politan Trust Co., New
Co.,
banks.
Council with respect to rates of discount was
tinctly that they could to advantage be increased, such advance
called for by the growing pressure upon bank resources, and the
dis¬
being
necessity
discouraging unnecessary applications for discount.
Discussions during
sessions of the Council covered other questions of general importance
the system which are now pending, and resulted in recommenda¬
Central Trust Co.,
Bankers Trust Co.,
attitude of the
The
N.
Brooklyn,
Federal Reserve
count at
[Vol. 105.
CHRONICLE
Trust Co.,
Union
Deposit Co.
Utica Trust &
Watertown, N.
the
York Trust Co.
Y.—Northern New
affecting
the Board
tions to
which have been
RESERVE BOARD
The increases
taken under
RELATIVE TO
advisement.
NEW
INCREASES IN DIS¬
RATES.
COUNT
in the discount
rates of the
Federal Reserve
week
fol¬
approved by the Federal Reserve Board last
and noted in our issue of Saturday last, occasions the
lowing remarks in the "Bulletin" for December:
banks,
These advances
in rates are
in harmony
with the generally
Bulletin" for December reports
month the Board has designated as
reserve cities, Buffalo, N. Y.; Toledo, Ohio; Memphis, Tenn.;
Peoria, 111.; Grand Rapids, Mich., and Oakland, Cal., thus
making those places subject to the reserve requirement of
10% against demand deposits and 3% against time deposits.
upward ten¬
large, and are a recog¬
supply of loan capital
will be noted that the so-
Announcement was
of Robert H.
ARRANGEMENTS RE¬
November. A brief refer¬
ence to the negotiations to adjust exchange rates was con¬
tained in our item last week announcing the appointment
of Frederick I. Kent as head of the division created by the
Reserve Board
to investigate, supervise and authorize
foreign exchange transactions.
The announcement made
Bank of
PHILADELPHIA FEDERAL
ELECTIONS.
of
the
month of
control of the
November the work of
country's gold supply
as
requirements.
pected will be put
into
relating to. the licensing
worked out, and it is ex¬
operation at an early date.
THIRTY-SEVEN STATE BANKING INSTITUTIONS
NOW MEMBERS OF N. Y. RESERVE BANK.
Announcement was
made by the Federal Reserve
York
trust
companies are now
on
Bank of
thirty-seven State banks and
members of the Federal Reserve
Dec. 12 that
New
Second Federal Reserve District.
located in Manhattan and
Brooklyn.
Several applications for membership have been
submitted by banks in this district, but have not as yet been
system, in
Of this
this, the local or
number twenty-five are
approved.
The
now
banks and trust companies
Federal Reserve Bank of New York:
following are the State
members of the
Bank of Philadelphia,
and Edwin
Philadelphia
A
Director expires on Dec. 31, and he declined re-election to
;he Board, believing that the best interests of the bank
would be served through the election of a Director not
directly associated with the institution, and in order that
;he reserve bank might get fuller representation from the
member banks.
Mr. Rhoads's position as Governor is
not affected, and he remains eligible for re-election in the com¬
sufficient to cover
portation of unnecessary articles.
Regulations
of foreign exchange transactions have also been
a
Reserve
The amount of rupees now available is estimated
immediate requirements of trade, and it is hoped that
further arrangements can be made to take care of the future requirements
as they arise from time to time.
The question of gold export control has
been given a new aspect by reason of the development of the larger problem
of control of foreign trade In general With a view to discouraging the im¬
their
Reserve
ex-Governor of Pennsylvania, has been re¬
Class B Director.
Mr. Wayne succeeds as Class
A director
the Board in connection
has continued. Certain
branches of foreign trade have found it necessary to ask for the release of
considerable gold, and remedial action has accordingly been taken, notably
with respect to Mexico and Canada.
A special conference wjith represen¬
tatives of the Canadian bankers resulted in the Board's undertaking to
release $25,000,000 of gold prior to July 1 1918, in amounts not to exceed
$10,000,000 in any one month.
This permission has not been largely availed .
of, because the action taken of itself went far toward stabilizing exchange.
Negotiations have been in progress with various foreign countries looking
to the establishment of a plan which
would result in the furnishing of
exchange either through deposits made with the Federal Reserve Bank in
favor of such country, or through some other means of relief.
A notable'
example of the purpose of these negotiations is afforded by arrangements
made by the Secretary of the Treasury to supply to the importers of the
United States rupee exchange for the purpose of satisfying the legitimate
trade requirements of the country.
The embargo on gold exports has
made it difficult for importers of the United States to find remittances for
their purchases in India.
The Secretary of the Treasury has placed in the
hands of the Federal Reserve Board the administration and apportionment
of these rupee drafts and the Board has taken thd necessary steps so that
merchants requiring such remittances can make their applications through
the Federal Reserve bank of their district and receive allotments to cover
During the
President of the Girard National
elected a Class A Director
Stuart,
elected
exchange, fol¬
RESERVE BANK
Philadelphia, has been
the Federal
S.
lows:
with
Wayne, Jr.,
Joseph
Jacob
favored with a single vote,
cast for Mr. Thompson.
N. Y., who was
compared with 83
movement of gold for
"Bulletin", concerning rupee
N. Y.,
Thompson's opponent was
Mr.
votes.
2
received
Rice of Kingston,
Reserve
Class A di¬
of New
York, each for a term of three years from Jan, 1 1918.
Mr.
Treman's opponents in the election participated in by mem-?
ber
banks in Group 2, were John C. Leggett of Cuba,
N. Y., and C. P. H. Vary, of Newark, N. J., each of whom
EXCHANGE.
The arrangements made by Secretary of the Treasury
McAdoo to supply to the importers of the United States
rupee exchange for the purpose of satisfying the legitimate
trade requirements of the country are set out in the Federal
Reserve "Bulletin" for December in a paragraph dealing
in
of the re-election
Ithaca, N. Y., as a
and William Boyce Thompson, of Yonkers,
Class B director of the Federal Reserve Bank
a
as
GARDING RUPEE
with the
made on Dec. 12
Treman, of
rector,
restriction and savings.
DEPARTMENT'S
W, B. THOMPSON RE-ELECTED
YORK RESERVE BANK.
DIRECTORS OF NEW
as
TREASURY
TREMAN AND
H.
R.
eliminated/the only pref¬
secured by Government ob¬
ligations.
The former classification under which preferential rates upon
acceptances and short-term paper were established remains in effect.
The slight advances in rates now introduced are likely to have their most
important effect by way of suggestion or caution to member banks which
might otherwise apply too freely for discount during a period which should
far as possible be devoted to timely reductions of loans in harmony
with the policy of accelerating the absorption of Government obligations
by
during the past
that
market rates of interest in the country at
changed conditions of demand for and
existing throughout the country as a whole.
It
called commodity rate has for the time being been
erential rate retained being in favor of paper
dency of
nition of the
RESERVE CITIES.
Reserve
"Federal
The
Charles J.
ing January.
MONTHLY
Rhoads, Governor of the
Mr. Rhoads's term
Bank.
••
•
,
REPORT OF
.
■
RICHMOND RESERVE BANK
—LIBERTY LOAN
The
Federal Reserve
of office as a Class
RESULTS.
Bank of Richmond in
presenting
during Novem¬
states
continue to ac¬
centuate the disturbed conditions regarding labor, lack
of transportation facilities and abnormal conditions in many
directions.
"Aside from these notes of uncertainty,"
it is added, "the unprecedented high prices for cotton,
iobacco and other products have kept business generally
up to high water mark."
The increase in deposits and
clearings is referred to as follows in the report:
Farmers'paper is being paid up more closely than has ever been known
and considerable payments are being made on mortgages.
Land sales
unusually active at advancing prices.
Deposits in banks are the
highest ever known, but the demand for financing in every line has offered
ample employment for them.
Clearings show an increase of 35% and
post office receipts also indicate a considerable increase.
The latter is
attributable to a considerable extent to the location of contonments in the
bearing on business conditions
that the reports in the District
its statement
ber
are
District
and the
increased rates of postage.
Liberty Loan results in the Rich¬
has the* following to say:
The response of the people and the banks in this District to the Second $
Liberty Loan has been most gratifying.
The minimum apportionment
to the District of $120,000,000 was about 8% of the banking resources and
the maximum apportionment of $200,000,000, over 13% of the banking
The subscriptions reached the enormous total of more than
1201,000,000, the New York District and this District being the only
two in which the subscriptions exceeded the maximum apportionment.
Taking into account the Army subscriptions throughout the country,
amounting, it is understood, to some $53,000,000.which were credited
to the New York District, and taking also into account the subscriptions
of corporations with headquarters in New York, but doing business chiefly
in other parts of the country, the Fifth District eclipsed every other in its
In its reference
mond
to the
District the report
resources.
Dec. 15 1917.]
THE
response to the Second Liberty Loan.
CHRONICLE
It is anticipated that the financing
of this enormous subscription will be completed without strain or disturb¬
of
ance
normal
banking
conditions.
explaining
OF
DIRECTORS OF
RICHMOND
FEDERAL
The following announcement concerning the election of
Directors of the Federal Reserve Bank of Richmond is made
RESERVE
BANK
OF
Chicago,
Milwaukee,
Joseph, Denver,
226,850—an
than
scribers
The newly-
Jan. 1 1918.
only
limited number advised the appointment of Electors,
a
the
same was
Class A Director this year.
a
they
as
A number of banks, however, still remained
originally in these two Groups, and had originally appointed
were
Electors
for
the
election.
first
Board "that such elector has
Under
once
Electors
entered
were
as
the
ruling of the
a
This
serve
the largest possible
gave
Government
Boston, Detroit,
Moines,
Omaha,
St.
of
$1,035,226,850,
or
nearly
52%
offered.
4,000,000
more
■
<
men
and
subscribed for the bonds.
women
Of
ranging from $50 to $10,000, while the number of individual sub¬
to
$5,000,000 and
over
21,
was
their subscriptions aggregating
Groups the opportunity to vote.
Liberty
bonds widely throughout the country and place them, as far
as possible,
important because the strength of
Government finance, like the strength of Government policies, rests
upon
in the hands of the
people.
the support of the people.
the large number of small
that the interest of the
of
This
was
The large number of subscribers, especially
subscribers,
was most
people had been aroused
gratifying and indicated
as never
before in
an
issue
bonds.
The
were
subscriptions
announced.
were
The
closed
on
June 15 and
on
June 22 the allotments
following table shows in detail the subscriptions
and allotments by Federal Reserve districts:
•
,
Three
names
There
placed in nomination for Class A Director.
were
was
only
one
as
Out of
FIRST LIBERTY LOAN.
Class A Director.
Subscriptions and Allotments of Subscriptions by Federal Reserve Districts.
nomination for Class B Director, and the 100 ballots
all for Mr. D. R. Coker, as Class B Director.
were
The Class A and Class B
Directors whose terms expire this year were
elected by banks in Group No. 3 and banks in Group No. 2, respectively,
and therefore
$50 to $10,000, Inclusive.
Federal Reserve
$10,050 to $100,000, Inclusive.
r.
District.
Allotment.
Subscriptions.
Subscriptions.
Allotment.
only these Groups were entitled to participate in this election.
Boston
Respectfully,
New
CALDWELL
\
HARDY,
Chairman
$203,265,400
York...
of the Board of Directors.
Cleveland
SECRETARY McADOO AND
THE FINANCIAL OPERA¬
....
TIONS OF
THE GOVERNMENT.
:
Secretary of the Treasury McAdoo's annual
68,506,150
21,218,950
12,384,150
$1,296,684,850 $1,296,684,850
$560,103,050
$336,061,850
37,741,100
7,080,850
195,210,700
82,645,650
40,960,400
39,747,600
31,472,700
15,177,150
40,732,350
25,954,500
17,173,950
'
39,747,600
40,732,350
City........
Dallas...
San
25,954,500
129,405,600
....
Francisco
Loan financing, and the statistics he presents, particularly
in view of the fact that the figures of both the first and
Total...
second
$39,302,900
103,616,200
27,903,800
45,819,550
129,405,600
Louis
Kansas
part of
128,729,400
46,506,300
76,365,950
172,693,700
12,731,350
4,248,500
49,587,400
18,883,650
9,106,300
10,304,400
7,127,300
7,430,500
37,741,100
195,210,700
40,960,400
Minneapolis.....
report, issued last week, deals at length with the Liberty
112,412,100
68,506,150
....
Chicago
St.
$65,504,850
112,412,100
128,729,400
.........
Atlanta.
$203,265,400
274,019,550
274,019,550
Philadelphia
Richmond
A
with
York,
Des
One of the chief purposes of the campaign was to distribute the
representatives of their respective member
72 ballots cast, 60 were first choice for Mr. Edwin Mann
cast
Reserve
elects a successor," these original
banks and ballots sent them accordingly.
number of banks in these
Federal
been elected, he may continue to
such until the member bank property
as
The
177 banks in Group No. 3 entitled to vote for
among the
case
New
Paul,
$188,789,900.
Of 172 banks in Group No. 2 entitled to vote for a Class B Director this
year,
oversubscrpition
than
amounts
ville, S. C.,
for three years from
St.
this number, it is estimated that 3,960,000
people, or 99%, subscribed in
elected Class A Director to succeed himself, and Mr. D. R. Coker, of Harts-
serve
unacquainted
visited:
were
Kansas City,
the amount
More
At the election just held, Mr. Edwin Mann, of Bluefield, W. Va., was
elected Directors will
cities
Minneapolis,
Kan., Kansas City, Mo., Topeka, Kan.,
Louis, New Orleans, Birmingham, Chattanooga, Louisville, Cincinnati,
St.
To the Member Bank Addressed:
elected Class B Director to succeed himself.
therefore,
were,
The following
The total subscriptions to the First
Liberty Loan amounted to $3,035,-
RICHMOND.
Richmond, Va., Dec. 10 1917.
was
especially necessary, because it was estimated by bankers
only about 350,000 bond investors in the United States;
generally
Columbus, Pittsburgh and Baltimore.
by Caldwell Hardy, Chairman of the Bank's Board.
FEDERAL
causes of the war and placing the necessities of the
advantages of the bonds before the people of the
the
was
were
people
bonds.
RESERVE BANK.
and
It
country.
the
fully the
more
Government
that there
ELECTION
2921
11,878,850
Federal Reserve
issues
brought together,
are
make it
■_
j
$100,050 to $250,000,Inclusive.
desirable to
District.
same.
The facts and figures concerning the
Treasury certificates of indebtedness, the'loans to foreign
New
Governments
Philadelphia....,
Cleveland
the
details
regarding War Savings
cer¬
Allotment.
Subscriptions.
reproduce the
and
"•
Boston
$22,875,350
Over $250,000.
Subscriptions.
Allotment.
$40,802,000
79,173,300
35,628,000
660,901,850
16,355,750
York...
$10,293,900
7,360,100
57,035,100
57,814,050
-
Government^
likewise embodied in the report and
are
printed herewith along with those bearing
Loan
are
the Liberty
on
undertaking.
23,239,300
10,457,700
Richmond..
8,025,000
3,611,250
Atlanta.;
tificates, all related matters in the financial operations of the
3,460,000
1,557.000
11,987,000
9,596,600
33,533,050
15,089,850
45,806,550
.......
Chicago
St.
Louis......
6,695,700
Minneapolis
Kansas
FIRST
LIBERTY
LOAN
OF
1917.
1,269,350
12,510,000
7,558,250
3,015,000
3,401,200
1,356,750
26,294,300
8,100,000
13,704,150
6,166,850
20,130,000
6,041,500
$220,455,600
$99,205,000
$957 ,*983,350
$268,048,300
...
state of
war
Francisco..!...
San
a
•*"
Total......:
between the United States and the German Government), the
Secretary of the Treasury was authorized, with the approval of the Presi¬
dent, to issue bonds of the United States to the extent of $5,000,000,000
at
rate of interest not to exceed 3
a
higher rate of interest than 3 H % if
be issued at
a
XA %, convertible into bonds bearing
any
Total.
Subscriptions.
war.
Boston.
...
"
New York...
_L.
Richmond......
public subscription in the
of $2,000,000,000.
sum
decided to call this issue the First Liberty Loan of 1917..-
selected because the proceeds of the loan
This
It
was
name was
to be used for the purpose
were
of waging war against autocracy.
June 15.
on
or
after
are
They will mature June 15 1947, but the issue
after June 15 1932, in whole or in
part,
three
months'
exempt, both
estate
its
1917 and bear interest at
published notice,,
as
the rate of
that date, payable semi-annually on Dec.
to principal
on
at
par
be redeemed
may
The
and interest, from all taxation.,
by any State or local taxable authorities.
or
terms of the issue the holders of these bonds
in accordance with the
are
guide the Government
given the right of conversion
as
to
men
the amount
of the initial offering.
was
much confusion of counsel
Many students of finance and
experienced in large bond operations believed that the first issue should
not exceed
$1,000,000,000, and
some
thought that the amount of the first
loan should not
tions from
86,134,700
70,255,500
91,758.850
.......
48,948,350
149,044,450
$3,035,226,850
Total
36,663,550
175,623,900
San Francisco....
$2,000,000,000
Allotment plan:
Allotment.
Subscriptions.
Up to and incl. $10,000.. $1,296,684,850 100 per cent....
Over $10,000 up to and
560,103,050,60 per cent hut
exceed $500,000,000.
After receiving views and sugges¬
bankers, investment houses, business men, and investors in all
$1,296,684,850
not less
than $10,000 bonds.
220,455,600,45 per cent .but not less
I
than $60,000 bonds.
336,061,850
I
including $100,000. 1
Over $100,000 up to and
to the amount of bonds which the country
as
57,878,550
357,195,950
Under the
authority granted by the Act.
would readily absorb at one time and there
109,737,100
Kansas City.......
Dallas
bonds
164,759,750
201,976,850
88,593,650
46,283,150
272,702,100
65,029,450
53.759,250
62,182,900
286,148,700
_.
...
$265,017,900
593,987,000
except
Because of the size of this financial
undertaking there was no precedent
to
.
St. Louis..........
inheritance taxes imposed by authority of the United States or
or
possessions
.
Chicago.
and accrued interest,
interest day.
any
15 and
.
1,186,788,400
232,309,250
Atlanta........
Minneapolis
dated June 15
were
annum from
per
$332,447,600
..
of bonds
These bonds
Allotment.
subsequent series of bonds should
higher rate of interest before the termination of the
Philadelphia..
Cleveland.•...
3K %
2,225,000
Federal Reserve District.
a
;
Acting on this authority the Secretary of the Treasury on May" 14 1917,
through Treasury Department Circular 78, formally offered the first issue
for
7,005,900
3,013,050
2,820,750
City
Dallas..
THE
By the Act approved April 24 1917 (18 days after the declaration of
$12,155,700
180,723,250
17,083,750
16,970,200
3,744,900
2,736,550
12,814,150
2,172,350
3,636,000
7,744,950
including $250,000.
Over $250,000 up
less
| than $112,500 bonds.
234,544,300 25 per cent but not less
•I
than $600,000.bonds.
601,514,900.30
to and
including $2,000,000.
Over $2,000,000 tip to and
including $6,000,000,
per
cent but not
Over $6,000,000 up to and
46,674,150 21 per cent......
including $10,000,000.
$25,000,000..
50,000,000 20.22
$25,250,000......
25,250,000 20.17 per cent...
..........
per cent
99,205,000
f84,381,800
58,661,250
9,801,600
....
10,110,000
5,093,650
parts of the country, I finally determined to make the amount of the loan
$2,000,000,000.
This
ments of our own
part in the
ments to which the
It
was
effort
decision
was
Congress had authorized the extension of credits.
determined to make the appeal direct to the
was
of the 12 Federal
of
people, and
The 12 Federal Reserve banks, which
the
were used as
are
the
the central agency in each
Reserve districts for receiving subscriptions, for taking
details
for
the
payments after allotment,
allotment
Federal Reserve banks created
throughout its district,
of
subscriptioons,
the handling of
and the delivery of the bonds.
and
Each of the
Liberty Loan committees in cities and towns
in this
manner
12
great
organizations
were
constructed for the expeditious
handling of the unprecedented operation.
bond houses, newspapers, press associations and
Bankers, business
men,
citizens
co-operated in
generally
a
great
movement
that
vibrated
with
energy and patriotism and swept the country from coast to coast in the
greatest bond-selling campaign ever launched by any nation.
In
an
effort to
arouse
as
much interest
as
possible and to leave
no
23 cities, making public addresses in each, and keep¬
ing in close touch with the Department at Washington by mail and tele¬
graph.
This
was
a
part of a campaign of education for the
purpose
of
i
Total allotment..... $2,000,000,000
transfers of credit with the least pos¬
disturbance to the money market and to accommodate subscribers
by extending their payments over as great a period as possible, payments
were
on
permitted in five installments, as follows: 2% on subscription;
June 28, 1917;
Aug.
30,
20%
on
of
18%
July 30, 1917; 30% on Aug. 15, 1917; 30%
on
1917.
The number of subscribers was so great that the
facilities of the Bureau
Engraving and Printing were utterly inadequate to turn out the bonds
promptly.
Therefore interim certificates were furnished to the Federa
Reserve banks for delivery to subscribets as payments upon subscriptions
were
made.
The number of these certificates issued aggregated 7,672,560
—2,145,885 part-paid certificates and 5,526,675 full-paid certificates.
These interim certificates were
for payments on
by
a
receipts by the Secretary of the Treasury
allotted subscriptions, but were not valid until executed
Federal Reserve Bank as fiscal agent of the United States.
THE SECOND LIBERTY LOAN OF 1917.
stone
unturned to place the issue fully before the people, I made a trip through
the country, visiting
In order to facilitate the necessary
sible
every
made to give every man, woman and child an equal and ample
opportunity to subscribe.
Total subscrlnt.ions.. $3,035,226,850
by the essential require¬
war and the necessities of the foreign Govern¬
fiscal agents of the Government,
care
controlled
Because of the increased demands occasioned by the war and the finan¬
cial needs of the countries with which we are making common cause, the
Congress by the Act approved Sept. 24 1917, authorized the Secretary of
the
Treasury to issue, in addition to the $2,000,000,000 of bonds sold under
bonds in the total sum of $7,538,945,460,
bearing interest at a rate not to exceed 4% per annum, convertible into
bonds bearing interest at a higher rate than 4% per annum if any subse¬
quent series of bonds bearing a higher rate should be issued by the United
States before the termination of the war between this country and the
Imperial German Government.
This Act also repealed the authority
to issue further bonds under the Act approved April 24 1917.
In granting this new authority, the Congress also materially modified
the tax-emption feature of the bonds.
The bonds issued under the Act
approved April 24 1917, are exempt both as to principal and interest from
all taxation, except estate or inheritance taxes imposed by authority of
the United States or its possessions or by any State or local taxing authori¬
ties.
The bonds issued under the Act approved Sept. 24 1917, are exempt
both as to principal and interest, from all taxation now or hereafter im¬
posed by the United States, any State, or any possession of the United
States, or by any local taxing authority, except (a) estate or inheritance
taxes, and (6) graduated additional income taxes, commonly known as
surtaxes, and excess profits and war profits, now or hereafter imposed by
the United States upon the Income or profits of individuals, partnerships,
the Act
The interest on an
corporations.
amount of bonds
Federal Reserve
on
The
offered to the public on
90.
Atlanta
Chicago
11,132,700
Dallas.
4,783,2.50
28,004,500
$359,865,900
$323,879,600
and
to the needs of
of every
Cleveland
Atlanta.
Minneapolis.-Kansas City
San
ber of the camps where our
was a
for by
an
Oct. 1
including
Loan closed on Oct. 27 1917,
The total subscriptions amounted
or approxi¬
This was a
Second Loan was subscribed
of the country. Of this
9,306,000, or 99%, subscribed in amounts
ranging from $50 to $50,000, the aggregate of such subscriptions being
$2,488,469,350.
The fact tha,t such a vast number purchased bonds is
significant of the widespread interest of the people in the purposes of the
war and of their determined support of the Government in all measures
announcement, I accepted
50% of the
$3,808,766,150.
subscriptions and allotments by Federal
oversubscription, making the total issue
the
Reserve districts:
Second Liberty Loan Subscriptions
and Allotments of
Subscriptions by Federal Reserve
Districts.
and
Inclusive.
$10,050 to $50,000, Inclusive.
$50,000,000---.
percentage of
District.
Subscriptions.
Allotment.
441,101,150
$186,136,050
441,101,150
Philadelphia
135,278,500
135,278,500
Cleveland
186,121,600
186,121.600
Richmond
97,792,000
97,792,000
Atlanta
51,635.500
51,635,500
322,122,900
79,417,550
89,171,600
80,042,250
53,556,500
New
$186,136,050
York
Chicago
St.
Kansas City
Dallas
San
322,122,900
Louis
Minneapolis
Francisco
Total
103,071,200
bonds
20,407,600
per cent-
Total allotment-—
$4,617,532,300
235,582,300
bonds.
less
cent but not
than $4,000,000
Total subscriptions-
181,665,800
455,690,300
oversubscription, by Federal Reserve
$3,808,766,150
districts, was
follows:
Percent of
Oversub¬
Total
.
Subscriptions.
Federal Reserve District.
.
Cleveland-
Richmond
*
Atlanta
-------
-
Chicago
St.
72%
900,000,000
250,000,000
300,000,000
120,000,000
New York..
Philadelphia
59%
$300,000,000
$476,950,050
Boston..
scription
Quota.
380,350,250
486,106,800
201,212,500
90,695,750
585,853,350
52%
62%
68%
80.000.000
13%
420",000,000
39%
120,000.000
54%
105,000,000
34%
120,000.000
25%
184,280,750
140,932,650
150,125,750
77,899,850
292,671,150
City
Dallas
San Francisco.
Total
7.5,000,000
4%
210,000,000
39%
$4,617,532,300
Louis
Minneapolis
$3,000,000,000
54%
Federal Reserve district
exceeded its quota of the $3,000,000,000 of bonds offered.
The success of
the second loan, like that of the first, was a distinct triumph for the people
of the United States.
It not only demonstrated their ability, patriotism
and resources, but augurs the certain success of any future loans that may
It
is to the credit
Government.
be offered by the
This great
and
of the country that every
loan would have
been impossible without
the loyal support
of the people of the country, but even that support
have been secured except for the indefatigable, unselfish and earn¬
co-operation
est work of
hundreds of thousands of
I wish to record
splendid men and women throughout
the task without reservation.
volunteers and patriots, and
who threw themselves into
the United States,
thanks to all these splendid
particularly to the bankers of America; the Liberty Loan
which were formed in every State, city, town and community
organizations
in the United
States; the women of the country, who made a distinctive fight for the Lib¬
erty Loan through their own organizations; the Boy Scouts and Girl Scouts;
the newspapers and periodicals, which gave, as in the First Liberty Loan,
the most effective, unselfish and generous support, through their columns
and otherwise; the press associations, the business houses, the various
patriotic organizations, co-operative and fraternal societies, and other or¬
ganizations throughout the length and breatth of the land, which so gen¬
erously and earnestly gave their services to the great cause.
Thanks are
due also to those employers, who, in such large numbers, gave the fullest
opportunity to their employees to subscribe to the loan upon terms com¬
mensurate with their
I should like to
ability to make the required
make special mention
payments.
of the soldiers and sailors
of Amer¬
with subscriptions amounting to more per capita
than those received from the civil population.
These gallant men are not
only giving their services and their lives to their country, but are lending
their money as well to strengthen the Government in this great war for
ica,
who came forward
As in the case of
ment for
world democracy.
effort was made to facilitate the pay¬
second loan, and subscribers were permitted
the first loan, every
subscriptions to the
following installments: Two per cent with application; 18 per
1917; 40 per cent on Dec. 15 1917; 40 per cent on Jan. 151918
loan the Federal Reserve banks, as fiscal agents, issued
receipts for payments received on bond subscriptions allotted,
to.pay in the
cent on Nov. 15
For the second
their
time
own
payment
bonds on full-paid
the
thus obviating
subscriptions will be delivered at
is completed, or very shortly thereafter,
certificates in the name of the Secretary
of the Treasury.
During the Second Liberty Loan campaign it was possible to place on
sale, for over-the-counter deliveries, on full-paid subscriptions not exceed¬
ing $1,000 each, a large apiount of coupon bonds of the $50, $100, $500 and
$1,000 denomination.
Prior to the close of the campaign the following
bonds had been furnished Federal Reserve banks for this purpose:
the issue of interim
Federal Reserve
Boston..
per
,488,469,350
323,879,600
cent but
50,000,000 40.8152
and the definitive
$50 to $10,000,
249,963,950; 41.20
Including $30,000,000.
The
per
than $(600,000
America's rights and
required for its vigorous prosecution.
The following table shows
and
including $8,000,000.
could not
approximately 9,400,000 mean and women
conformity with the original
and
including $1,000,000.
Over $8,000,000 up to
$2
less
bonds.
not less
than $90,000 bonds.
756,586,700; 60 per cent but not less
than $150,000 bonds.
470,425,600! 50 per cent but not less
242,220,800 75
$200,000.
Over $1,000,000 up to
Kansas
number, it is estimated that
In
136,549,500
74,567,100
260,261,750
■
Allotment.
than $50,000
Over $200,000 up to
soldiers are being trained.
immensely gratifying fact that the
131,972,450
$814,751,400 $4,617,532,300 $3,808,766,150
$1,526,976,250
$100,000 up to and
Over
as
$4,617,532,300—ah oversubscription of $1,617,532,300,
mately an oversubscription of 54% of the amount offered.
more gratifying result even that the First Liberty Loan.
It is
35,689,450
100 percent-——Up to and incl. $50,000., $2 ,488,469,350
359,865,900 90 per cent but not
Over $50,000 up to and
back again in an effort to
to
Francisco.—...
30,526,250
7,859,900
12,750,750
2,47.5,000
Subscriptions.
the Government. The patriotic
available agency that performed
phenomenal success.
—_
182,581,700
82,943,050
525,955,600
150,122,200
201,212,500
90,695,750
585,853,350
184,280,750
140,932,650
150,125,750
77,899,850
292,671,150
Allottment plan:
subscriptions to the Second Liberty
The
and the issue
;
Total—
service they rendered.
trip across the country apd
-—_
Chicago
St. Louis
take the
message of the Government's needs to every section.
I visited the followng cities and made public addresses in each: Cleveland, Toledo, Indiana¬
polis, Chicago, Madison, Sioux City, Sioux Falls, Aberdeen, Butte, Spokane
Tacoma, Seattle, Portland, San Francisco, San Diego, Los Angeles, Salt
Lake City, Denver, Colorado Springs, Dallas, Fort Worth, Little Rock,
Memphis, Nashville, Atlanta, and Charlotte.
I also had the privilege of
speaking in many smaller cities and towns along the way and also at a num¬
a
380,350,250
486,106,800
_
Dallas
Allotment..
$407,713,700
1,151,184,000
295,127,000
409,787,200
1,550,453,450
80,335,700
73,986,400
20,811,200
7,494,050
63,971,950
Richmond
of
I made
$181,665,800
$476,950,050
399,982,100
Philadelphia
splendid service in the first campaign were placed at the disposal
the Government.
I can not express in adequate terms the great credit
that is due them for the great
$78,868,650
772,136,750
158,317,750
136,598,800
34,774,550
12,906,650
112,953,400
61,802,850
13,409,100
23,097,900
4,350,000
61,493,400
York
New
the same form of
organization was utilized; that is, the 12 Federal Reserve banks, as fiscal
agents of the Government, were the central agencies in their respective
districts operating through the Liberty Loan committees and in co-operation
with patriotic organizations and citizens generally.
The size of the issue, controlled as in the case of the First Liberty Loan
by the necessities of the situation, presented a colossal task, and it was
necessary to arouse the interest of the people of the entire country in the
co-operation
5,338,000
7,147,850
6,347,650
2,938,350
11,415,000
Subscriptions.
Allotment.
$135,135,100
Boston
than 4% per annum.
offering the Second Liberty Loan to the public
and
5,048,100
20,233,550
Total.
Over $200,000.
Subscriptions.
District.
reserved
such
26,616,000
8,236,050
Federal Reserve
bearing interest at a higher rate
largest possible degree
1
Total
"
assistance
Francisco-
San
if a subse¬
quent series of bonds bearing interest at a higher rate than 4% per annum
shall be issued by the United States before the termination of the war be¬
tween the United States and the Imperial German Government, the hold¬
ers of the bonds of the Second Liberty
loan shall have the privilege at
their option of converting their bonds at par into bonds bearing such
higher rate of interest.
If the privilege of conversion so conferred, however,
shall once arise and shall not be exercised within the period prescribed by
the Secretary of the Treasury, then the privilege of conversion shall ter¬
minate and shall not arise again, though thereafter bonds may be issued
In
10,284,450
it was provided that
with the terms of the Act
$242,220,800
24,913,000
43,517,600
Kansas City
to one-half the amount of any over¬
subscription.
The bonds were dated Nov. 15 1917, and bear interest at
the rate of 4% per annum from that date, payable semi-annually on May
15 and Nov. 15.
They will mature Nov. 15 1942, but the Issue may be
redeemed at the option of the United States on or after Nov. 15 1927, in
whole or in part, at par and accrued interest, on any interest day on six
months' notice given in such manner as the Secretary.of the Treasury shall
prescribe.
68,166,700
17,892,450
35,487,950
10,981,350
6,730,800
26,978,050
7,117,300
9,530,450
8,463,500
3,917,800
15,220,000
9,924,150
9,256,050
10,019,450
4,304,950
25,204,050
.
Minneapolis
allot additional bonds up
In accordance
-
Louis
St.
The amount of
of the Treasury
$3,000,000,000, and the Secretary
the loan was
37.546,500
Richmond
including $100,000.
Department Circular No.
1917, through Treasury
the right to
17,299,600
5,916,800
41,718,300
11,026,800
Cleveland
$23,800,850
51,125,050
13,419,350
$31,734,450
$45,327,050
90,650,400
19,221,750
6,574,200
York
Philadelphia
by the Act
equality of advantage.
Second Liberty loan was formally
an
$50,363,350
100,722,650
27,681,100
48,352,850
Boston
New
Allotment.
Subscriptions.
Allotment.
Subscriptions.
District.
approved Sept. 24 1917, the principal
of which does not exceed in the aggregate $5,000, owned by any individual,
partnership, association, or corporation, are exempt from the taxation
provided for in clause (5) above.
This change in the tax-exemption feature was deemed essential in order
that the bonds might be of the same value, as far as taxation is concerned,
in the hands of all investors, and in order that they might make the widest
possible appeal.
With the levying of increased taxes to meet the war
needs of the country, it was felt that to continue the issuance of tax-free
bonds in large amounts would give to the very rich a means of escaping
a large measure of taxation with no compensating advantage to the man
of moderate or small means who invested in Government bonds.
For
this reason the new bonds were made subject to the super income taxes and
excess profits taxes and the rate of interest was increased to 4%.
The
result is that all investors in the bonds issued under this Act will be placed
certificates authorized
Inclusive. $100,050 to $200.000,Inclusive.
$50,050 to $100,000,
approved April 24 1917,
associations, or
[VOL. 105..
CHRONICLE
THE
2322
79,417,550
Subscriptions.
Allotment.
$73,581,100
$73,581,100
168,326,200
41,180,450
168,326,200
79,545,600
38,442,850
79,545,600
41,180,450
38,442,850
12,848,600
12,848,600
82,080,700
82,080,700
24,916,250
24,916.250
18,537,050
144,550,500
43,402,750
18,537,050
27,389,400
11,292,300
43,402,750
$1,866,926,100 $1,866,926,100
$621,543,250
$621,543,250
89,171,600
.
80,042,250
53,556,500
144,550,500
27,389,400
11,292,300
V
(P
No.
Denominations.
of Bonds.
827,814
$50
$100
_
961,893
i
Total
96,186,300
99,097
49,548,500
304,752
§500
§1,000
Value"
$41,390,700
304,752,000
2,193,526
$491,877,500
-
Dec. 151917.]
THE
CHRONICLE
2323
Treasury Certificates of Indebtedness.
Issued Through Federal Reserve Bank of {three
ciphers
Date of
Ma¬
Rate.
Amount.
%
$
New
Mar.
3
1917
Cleve¬
Rich¬
delphia.
land.
mond.
$
S
5
50,000
3,000
20,000
3,500
3,500
2,000
1,500
5,000
2,500
2,000
2,500
2,000
2,500
15,800
5,350
16,400
3
200,000
2,500
4,500
2,400
7,000
5,525
20,000
200,000
10,400
7,045
7,200
8,000
3X
200,000
300,000
12,167
11,200
18,200
8,000
2,605
3H
7,200
5,600
2,400
4,200
3,300
4,700
5,200
13,000
12,171
14,000
10,000
9,000
10,400
12,800
9,882
8,850
14,000
15,000
30
136,150
9S.512
125,300
100,500
175,000
152,938
204,347
2,367
7,520
9,030
22,174
212,100
May 25 July
Apr. 24
1917
Apr.
24
1917
1917
June
8 July 30
Aug.
9 Nov. 15
Aug. 28 Nov. 30
3H
Apr. 24
Apr.
1917
Sept.17 Dec. 15
3H
24
__
3 n
19,400
15,140
250,000
300,000
Total.
Sept. 26 Dec. 15
Oct.
11 Oct.
18
Sept. 24 1917.
Oct.
16 Oct.
18
Sept. 24 1917.
Oct.
Sept. 24 1917.
Oct.
Oct.
24 Dec.
17 Oct..
Oct.
29 Oct.
100,000
10,000
15
Sept. 24 1917.
400,000
18 Nov. 22
Sept. 24 1917.
31
18
J
Grand
24,893
1,700
9,500
10,605
7,500
1,000
16,600
19,800
2,800
7,235
4,300
15,600
7,900
3,700
24,157
4,848
3,180
2r280
4,188
4,874
2,025
25,113
15,095
21,169
2,000
7,100
4,542
4,619
20,000
34,209
7,004
8,289
35,629,
11,000
7,000
9,009
10,595
23,000
24,000
13,600
38,863
8,323
6,535
32,963
12,710
9,541
10,600
12,038
20,000
26,471
11,472
5,883
18,141
5,028
5,205
7,217
13,408
19,100
33,700
,8,100
5,200
2,430
10,000
20,000
30,149
179,475
33,010
543,683
3,338,698!
19345
..
1917.
TREASURY CERTIFICATES OF INDEBTEDNESS.
The Secretary of
the Treasury
was
Indebtedness and
Circular
authorized, under the Act approved
time
was
Secretary of the Treasury by the Act approved
issues
one year.
The
a
Liberty loans.
maturity of from
one
to three
proceeds from these issues have been used, in anticipation
receipts from long-term bonds, to meet the immediate needs of the Gov¬
to,extend'credit to the foreign nations engaged in the war with
The certificates have been sold quickly through the Federal
Reserve banks, the fiscal agents of the Government, and have been
of providing for
a means
and
authorizing their acceptance
means a
large part of each issue
same
as
was
payments
on
been eased
Designated
long period in this
over a
of certificates
Special
Fedora}
Depositaries.
r--
Number of
District.
Number of
State Banks
Total
Number
National
and Trust
of Depositaries
Banks.
Companies.
Created.
173
92
265
280
210
490
206
115
321
205
120
325
204
180
384
issued
were
on
...
Atlanta.*.
125
87
212
Chicago
250
226
476
119
97
216
172
186
Louis.
Minneapolis
Kansas
73
137
41
195
163
358
2,228
.......
1,590
3,818
.....
San Francisco
Total
1
was
235
178
•
Interest at the rate of 2% per annum Is charged for these deposits, and
31
March
358
162
City:
Dallas
manner.
of indebtedness issued to Nov.
Of this amount $50,000,000
as
St.
bonds allotted.
absorbed in advance of its date,
proportion of transfers of credit involved in
prevented disturbances in the money market which might have resulted if
The total amount
District
Richmond..
This method of temporary financing has proved wise and beneficial and has
$3,388,698,000.
Reserve
Cleveland
the loan had been adjusted before the dates of payments on subscriptions.
the operation had not
of
New York
Liberty loans, the policy
adopted of issuing large amounts of certificates in advance of the bond
with the result that the
the
92.
Boston.
Liberty bonds.
In connection with both the First and Second
covered
Philadelphia
the requirements of the Treasury during the intervals be¬
tween the sales of
Department
likewise
Number .of National Banks and Slate Banks and Trust Companies in Each
ernment and
Germany.
6
made under the provisions
for them by credit.
Summarizing the foregoing by Federal Reserve districts:
plified the large financial operations of the Government, and facilitated the
Most of the certificates have been issued with
were
tificates and bonds and desire to
pay
The issuance of short-time certificates of this character has greatly sim¬
transfers of credit involved in the bond issues of the
bonds and
bonds and certificates of indebtedness without the
necessity of
making application and boing designated each time they subscribe to cer¬
The maturity of these certificates is limited to not exceed¬
Sept. 24 1917.
were made under
Designations made after Oct.
At the close of business on Nov. 13
1917, the Secretary had designated
1,903 national State banks and trust companies with authority to receive
deposits on account of their subscriptions to any one or all of the various
The authorized amount outstanding at
increased to $4,000,000,000, and the rate of interest
was
left to the discretion of the
Liberty loan bonds, and
81.
of Department Circular No.
of $2,000,000,000 outstanding at any one time, and at a rate of interest not
y2 per cent per annum.
No.
issue of both certificates and
April 24 1917, to issue Treasury certificates of indebtedness to the extent
to exceed 3
2,178j
20,000
1,620,493
.1—
Total
Grand total under Acts of April 24 and Sept. 24
months.
2,000
3,600
100,000,
20,000
385,197
685,296
20,000
Total.
enormous
2,753
10,800
1,718,205
Sept. 24 1917.
Sept. 24 1917.
By this
ury.
$
$
268,205
1917.
issues
$
Treas-
3
1917
was
$
$
San
Fran.
Dallas.
2
Apr. 24
of
City.
Mar. 31 June 29
Apr. 24
ing
Kansas
apolis.
1917
Apr. 25 June 30
May 10 July 17
any one
Mime-
Atlanta Chicago St.Louis
1917.
Apr. 24
*
Phila¬
York.
Boston.
turity.
1917
(.000) Omitted in All Cases).
Total
Date of
Issue.
Authorizing Act.
1917, before the war, under the Act approved March 3 1917, in anticipation
at the close of business
of internal-revenue taxes
ported that there had been collected through them $1,443,956 42.
amount
of certificates
payable in June 1917.
issued
on
account Of the
Consequently the total
under
war
the
Acts
proved April 24 1917, and Sept. 24 1917, was $3,338,698,000.
The
ap¬
A large
Oct. 31
public deposits during each of the past five fiscal
Year ending June 30—
part of these certificates have matured and been canceled.
The following table shows in detail the issuance of certificates through
Federal Reserve banks, the date of issue, the date of maturity, and the rate
of interest:
'
In consequence of the
to convert the
on
issue of the Second Liberty Loan at 4%, the right
3K% bonds of the First Liberty Loan into 4% bonds
Nov. 15, the date
the time of this
borne by the bonds of the Second Liberty Loan.
.
791,671 45
At
As conversion operations must be
was
LOANS
TO
with the
approval of the President, to establish credits in favor of foreign
the extent of the credits
Reserve banks will be strained to the utmost to
ticularly if
any
mediately present their bonds for conversion.
In
a measure,
care
for the situation, par-,
great number of holders of the bonds of the first issue im¬
interest payments
coupon
on
To
care
for the situation,
bonds converted will be made
GOVERNMENTS.
Governments engaged in war with the enemies of the United States, and to
at par
Liberty Loan, the facilities of the Treasury Department and of the Federal
FOREIGN
vested in the Secretary of the Treasury, on behalf of the United States,
handled coincident with the issue of the bonds of the Second Liberty Loan,
payment date for the bonds of the First
1,061,992 07
-
and just before
the first interest
$122,218 89
1,409,426 07
1,222,700 93
„
By the Acts of Congress of April 24 1917 and Sept. 24 1917, authority
arose
writing it is not known whether the conversion privilege will
be exercised in large measure or not.-
years:
-
1916.1.
3^% BONDS OF THE FIRST LIBERTY LOAN.
re¬
.
J
1917.
CONVERSION OF
1917, the Federal Reserve banks had
following table shows the amounts of interest collected upon all
so
established, from time to
purchase
time, to
from such foreign Governments, respectively, their several obliga¬
tions, such obligations under the authority of the Act of April 24 to bear
the
same
rate of interest and to contain in their essentials the same terms
and conditions as those of the United States issued under authority of the
Act, and under the terms of the Act of Sept. 24, to bear such rate or rates
of
interest, not less than the bonds of the United States, to mature at such
through adjustment coupons attached to the 4% bonds issued upon conver¬
date
sion.
under authority of either Act, and to contain such terms and conditions
These special coupons
Nov. 15 and at
will
care
for interest at 3y2% from June 15 to
4% from Nov. 15 to Dec. 15,
or at
3H% from June 15 to
or
dates, not later than the bonds of the United States then last issued
might from time to time be determined by the Secretary of the Treasury.
as
A total
Dec. 15.
The conversion
provisions
are
covered in Treasury Department Circular
No. 93.
these
-
.
appropriation of $7,000,000,000 was provided for these purposes,
$3,000,000,000 by the earlier Act and
$4,000,000,000 by the later.
Under
authorizations credits have been established in favor of the Govern¬
ments of Great Britain, France, Italy, Russia, Belgium, and Serbia, and
DEPOSITS OF PUBLIC FUNDS.
advances have been made to those Governments as indicated In the follow¬
Under the provisions of the acts approved April 24 and Sept.
24 1917,
authorizing the Issuance of certificates iof indebtedness and bonds to meet
ing tabulation, which includes all such credits and advances up to Nov.
1 1917:
'
expenditures incident to the war, authority was given to deposit with in¬
i
corporated banks and trust companies subscribing to the various issues
of bonds and certificates the proceeds
arising from their subscription pay¬
Country.
While
such
nevertheless
market
Credits Agreed
or
deposits were necessarily of
served
to
prevent
any
a
unusual
temporary character,
disturbance
of the
they
Great Britain
money
business conditions throughtout the country.
First Liberty loan, 134 national and 100
nies in six Federal
Reserve
State
banks and
districts made application
trust
compa.
and were accord¬
500,000,000
325,000,000
255,000,000
$24*5,OOO",000
159,700,000
165,300,000
Belgium
58,400,000
54,500,000
3,000,000
3,000,000
$3,131,400,000
$2,717,200,000
;
Serbia
Total
designated
depositaries of public moneys to enable them to make payment by
credit for bonds of the First Liberty loan and to receive cash deposits of
A total of $860,117,491 91
*
the United States who could negotiate a
from the date of the passage
in the Treasurer's general account.
subscribed for certificates of Aug. 9.
No. 81.
designationations made subsequent to Aug. 9 and prior to Oct. 6
be made
on account of the sale of
1917,
or
a
little
more
cover
the period
of the earlier Act, April 24 1917 up to Nov.
On the basis of the requests
than six months.
approximately $500,000,000 per month would be required to meet the urgent
war
needs of the foreign Governments
States.
The above deposits were made under Department Circular
All
manner
direct loan to his Government.
being made on the Treasury it was estimated that credits aggregating
Liberty loan, the number of special depositaries was
further increased by 83 national and 72 State banks and trust companies
covered deposits to
$414,200,000
the advance being made In this
PPlThe established credits Indicated in. -the above table
1
Prior to the Second
3,900,000
through the Russian Government In the absence of a Rumanian representative in
has since
funds was deposited with these banks, every dollar of which
been gradually withdrawn through the Federal Reserve banks
820,000,000
Of the credits and loans In favor of the Russian Government, $5,000,000 repre¬
sents a loan to the Rumanian Government,
of Liberty loan
which
Credits.
Russia *
France
Subsequently, 1,251 national and 780 State banks and trust companies
from the sale of said bonds.
[
$1,425,000,000
ingly designated as depositaries for these funds.
and credited
Established
$1,425,000,000
820,000,000
.•
Italy
prior to the
In the 12 Federal Reserve districts made application and were
funds realized
Loans Made.
Upon.
In connection with the Issues of certificates of indebtedness
as
.
thereto.
ments
Balances under
Loans and
both certificates of
the
With
a
receiving advances from the United
balance of about $4,000,000,000 remaining available for
period beginning Nov. 1 1917 and with these credits averaging about
$500,000,000 monthly,
it is
anticipated that the appropriation will be
ample to meet the requirements to the close of the fiscal
year. /
THE
2334
negotiating these loans
In
the judgment of the
Secretary has been
deter¬
represented to him as the actual necessities
for the purchase of supplies and materials and other requirements in
carrying on the war.
After obtaining all light possible as to the reasons
for such necessities, if it was determined that a loan should be made it was
then submitted to the President, and. If he approved, a credit of the sum
indicated was established and drawn against from time to time as the cash
largely by what was
mined very
requirements.
financial relations with the Allied Governments
every passible effort has been made to obtain the maximum results from
the credits established.
In Aug. 1917 formal arrangements were entered
into by the Secretary of the Treasury, with the approval of the President,
on behalf of the United States, and by representatives of the Allied Govern¬
ments for the creation of a commission, with headquarters at Washington,
through which all purchases made by those Governments in the United
States shall proceed.
The commission is composed of Bernard M. Baruch,
Robert 8. Lovett, and Robert S. Brookings.
These gentlemen are also
members of the War Industries Board of the Council of National Defense,
and by reason of this relation, are able to co-ordinate the purchases of the
United States Government with the purchases of the Allied Powers.
was
needed to meet those
conducting these
In
PRESIDENT WILSON
which have been
full follows:
purchased under the terms
into an equal par
amuont of gold bonds of
demand obligations was
liarly fitting that at Christmas season
cheer.
every
let us enjoy the
the world's weal
is the Christmas spirit in terms
membership
of action.
WOODROW WILSON,
SECRETARY OF WAR
New
Waldorf
on
COUN¬
WAR.
United States in the war
Government
in
a
people are
associated in this business
short space of time to expand
of the things that actually have
very
account
ground for pride in the
still find sound
stated
of the
has been required
3000%, if we take
been achieved not
only will we find that we have won the admiring
tion of visitors from the Old World,
* * *
be given an
the
the 12th inst. Referring
sometimes disposed to adopt a
complaining tone about our efforts, Secretary Baker
that "if we realize that practically every activity
CERTIFICATES.
the
Wednesday night,
the fact that
to
Red Cross.
pictured by Secretary of War Baker in addressing
York Southern Society at its annual dinner at
were
the tax-exemption
IN
accomplishments of the
The
President of American
BAKER ON PROGRESS OF
TRY
woman
man,
Red Cross
is left unfulfilled.
and child in the country, however
opportunity to assist the Government
In the financing of the war, I have determined upon an extensive campaign
for the sale of war-savings certificates.
The issuance of these securities
was authorized by the Act approved Sept. 24 1917, in an amount not to
order that
and
Christmas season if
obligations.
small their means, may
join the Red Cross
gratitude of every people.
Our conscience will not
this pledge of support to our cause and
the
features on its own ob¬
by the United States of
issuing its own
be furteer increased in
case there should be higher rates of
interest paid by the United States
during the continuance of the war for the moneys that it may invest in. the
In
steadfastly
suffering
referred to and the cost incurred
bonds.
This rate in turn will
WAR-SAVINGS
because this arm of the national service
efficiently maintaining the overseas relief in every
land, administering our millions wisely and well and awakening
You should
is
not definitely fixed, but was left
in the discretion of the Secretary, though a minimum was fixed.
In the
exercise of that discretion it was determined to fix the rate at 4J4% per
annum, tho additional M % being added to compensate in part at least the
purchase of foreign
be the branch
Red Cross because it alone can carry the
pledges of Christmas good-will to those who are bearing for us the real
burdens of the world war, both in our army and navy and in the nations
upon whose territory the issues of the world war are being fought out.
Your evidence of faith in this work is necessary for their heartening and
the terms of the Act was
Government due to
the Red Cross should
is expressed.
every
pecu¬
join the American
You should
of this Act the
ligations above
American Red Cross during
willingness to help
through which your
normal rate of interest to be borne by the
obligations of the United States issued thereunder could not exceed 4%
per annum.
At the same time it rendered the bonds thus issuable exempt
from certain classifications of taxes, thereby substantially increasing the
cost to the Government of the money received from the sale of its obligations
by diminishing the amount which it might in turn take from its citizens
in taxes.
The rate of interest to be charged on the loans to foreign Govern¬
loss to the
invited to join tbe
Christmas Eve.
The times require that
great national effort shall be loyally upheld, and it is
ending with
week
branch of our
per annum.
ments under
Americans are
Ten million
Interest on these
By the terms
People of the United States:
To the
the
the Governments
first placed at 3%
per annum, and shortly thereafter increased to 3H% per annum, these
rates being established to conform to the rates paid by the Government of
the United States on its short-term certificates of indebtedness issued under
authority of the Act of April 24 1917. in anticipation of receipts from the
sale of the bonds of the First Liberty Loan.
Subsequently, and coincident
with the sale of these bonds, the rate was raised to 3H% per annum, thus
conforming with the rate carried by the bonds.
For obligations purchased
since the approval of the Act of Sept. 24 1917, the rate was placed at 414%
interest,
RED CROSS.
not already a member
of the American Red Cross to join during the membership
campaign which begins to-morow, Dec. 16, and continues
until Christmas Eve, was issued this week by President
Wilson.
An addition of 10,000,000 to the present member¬
ship of 5,000,000 is the goal sought in the campaign.
The
President in his proclamation sets out that "the times re¬
quire that every branch of our great national effort shall be
loyallyupheld, and it is peculiarly fitting that at Christmas
season the Red Cross should be the branch through which
your willingness to help is expressed."
The proclamation in
ness
concerned.
URGES ALL TO JOIN
proclamation urging every one
A
of the Acts
referred to are in the form of short-term or demand certificates of Indebted¬
signed by the duly authorized representatives of the respective
Governments receiving advances of funds.
These obligations under their
terms shortly will be converted, at par, with an adjustment of accrued
The obligations
[Vol. 105.
CHRONICLE
commenda¬
but we will
strength, capacity
people." "All over this country,"
gathering unison of spirit, a
gathering desire for sacrifice.
Industry is diverting itself
from less important to more important things.
What we
used to know as capital and labor have for the most part
forgotten their differences, and the imperial theme now
that guides every man's thinking and every man's acting
such securities will be met by war-savings certificates.
is service to the nation."
In his concluding remarks Secre¬
The simplest possible plan has been evolved for the Issuance of the
tary Baker set out that "when we add the righteousness
certificates to the public.
Under it any person may invest amounts as
$2,000,000,000.
assisting the Government
exceed
small
25 cents at a time
as
at many
at post offices,
in the prosecution
banks, or trust companies,
and
mobilizing the
of our
*
United States will be evidenced by a warsavings stamp costing from $4 12 to $4 23, according to the month in which
purchased and having a maturity value of $5, and thrift stamps costing 25
cents may be accumulated towards paying for a war-savings stamp.
During December 1917 and January 1918 war-savings certificate stamps
will be sold at $4 12 each.
At the beginning of each of the, succeeding
months of 1918, starting Feb. 1, the cost of a stamp will increase 1 cent
per month.
The difference between the purchase price paid at any time
during 1918 and $5 represents the interest the Government will pay the
holder.
This interest is at the rate of 4% per annum, compounded quar¬
These
the intensity and success of our preparation,
material and spiritual and scientific resources
great people, and think of the character of our Army,
of our cause to
accredited persons will act as selling agents. The
Inaugurated on Monday, Dec. 3 1917. The certificates
Jan. 2 1918 and will mature Jan. 1 1923—that is, five years
places where
will be dated
said, "there has gone on a
he
campaign will be
after date.
of our own
and greatness
of the war
it is confidently expected that these certificates will greatly encourage
thrift and economy among the people of the country.
Liberty bonds are
offered in denominations of $50 and upward.
They do not present a
convenient form of investment to those who wish to accumulate savings
In small amounts and put their funds in obligations of the Government.
There are many mechanical and practical difficulties in the way of issuing
bonds in large amounts of denominations below $50.
The demand for
In addition to
obligations of the
see
we
possible conclusion to this.
victory on the field, but its
but one
will be military
Its first step
last step—its
fruits—the victory which will come stealing into New
day on the shields of our boys who come
to bring it to us, that we will value most, will be a vindica¬
tion in the sight of all men everywhere of the virtue of free¬
great
York Harbor some
dom,
civilization, of true civilization,
the vigor of
the in¬
international engagements and
terly
the average price of the stamps during 1918.
agreements—the fact that among nations, as among men,
With the first war-savings stamp bought, the purchaser will obtain a
In the course of his speech
war-savings certificate, containing blank spaces for 20 such stamps.
If the wages of sin is death."
righteousness of
violable
on
December 1917, or January 1918, the cost
each stamp or $82 40 for the filled cer¬
1923 the Government will redeem the cer¬
tificate at $100, giving the holder $17 60 for the use of his money.
Thrift stamps, costing 25 cents each, are from time to time as pur¬
chased to be affixed to thrift cards, which will be supplied without cost.
the 20 spaces are
to the
filled during
purchaser will be $4 12 for
tificate,
and
on
January
1
when filled at a cost
war-savings stamp bearing interest at 4%,
compounded quarterly, merely by turning the card into the post office,
bank, or other sales agency and paying the difference between $4 and the
Thrift stamps will not bear
of $4, may
current
interest, but a thrift card,
be exchanged for a
price of a war-savings stamp.
and re¬
of about 3%, has been
provided for the convenience of those who may have bought certificates
and later find themselves in need of their money. ♦ Upon 10 days' written
notice after January 2 next, postmasters will pay all certificates at their
cost to purchasers, plus an increase of 1 cent a month on each war-savings
The
privilege of surrendering a
ceiving the cost thereof,
stamp on the
The
certificate to the Government
plus interest at the rate
certificate surrendered.
Treasury Department is
Post Office Department in
receiving the cordial
the sale of these
General, at the request of the Secretary
lations requiring
co-operation of the
The Postmaster
certificates.
of the Treasury, has prescribed regu¬
employees of the Post Office
Department and the Postal Ser¬
effective assistance and co-operation to carry out the plan.
details of the offering of war-savings certificates are set forth
vice to give
The
Treasury Department
Circular No. 94.
in
Mr. Baker also
said:
"Somebody tells me
»
nobler
Is it not
are.
whom are
who
monuments
aid their
else said that we are fighting some
mind the thought—well, what if we
to save another's life than to save, your own? To
erected ? To those who benefit themselves or those
that somebody
That brings to my
else's war.
one
brothers?
is engaged in fighting its own battle. It
material standpoint, but that doesn't count. It is
fighting its own spiritual battle; it is fighting to save democracy.
"We are not fighting this battle alone.
I am not ambitious that the
glory of the final contest shall come to us alone.
I would rather it came
to the associated effort of democratic people everywhere.
Then, after the
war, neither they nor we can say that we own a monopoly of the democracy
"But in very
is
truth, our nation
doing so from
a
that has been won.
"When crude
mediaevalism has gone, when
the Hohenzollern and the
their doom before a victorious world democracy, when
there is democracy in all the world, there will still be heights to reach.
There will still be left to achieve large benefits for mankind."
Hapsburg confront
The following
from his
speech is taken from the
New York
"Times":
hear criticism.
There are two ways to look at this
progress—what we have done, and what we have not done.
comprehend that all the activities of the Government in the
"Here and there we
nation's war
One must
Dec. 15 1917.]
departments which
6
thousand-fold.
doing the
are
We
THE
had
to
war
CHRONICLE
work had to be multiplied by three-
undertake
problems
new
on
colossal scale
a
3335
ment, except
by-products, where the limit is placed at
on
15%.
Smaller packers
Not only have we won the admiration of foreign visitors who are familiar
sales.
The
with such things, but we have reason to
Cotton
such
as
These
none
knew before—a nation hating war and not used to it.
ever
things which the country was not prepared to do.
were
about looking for things to find
it doesn't
We
take much to satisfy
one goes
see
you
will
Packers with
unwillingness to fight does not
things, but
mean
that there is in democracy that
You will
itself,
what is
see
You will
inability to fight.
civilized and God-fearing nation, if it has to protect
will
you
guarantee of cilvization.
see a
that
see
see
can do
that
a
it, and
virtue which is sufficient in any contest to
which it may be called.
the things
things—money,
in millions of dollars, of dollars
been
that have
the thanks of the nation for the way he has mobilized the nation's dollars.
"There
an
was a
rum
recall, when
we
we
raised an army by getting out
Individuals
and an orator here and there.
corps
a
it
r
v,
was
But
to have let the volunteer
that problem would have been to leave a weakened nation.
system solv
Cf "
so
the raising of a nation, and
each man's talentj should be used."
The
accepted it," he said, "go to Yapof the sixteen training camps.
There you will see a cross-
or any one
population, rich and poor, bankers' sons and butchers' sons,
all working together, and, what is more, ail filled with the same thought—
it
our
from all parts
comes to me
of the nation—it is, How
ation, and in the operation of refrigerator and other cars
ucts of Class 1.
nnual
business in produ
stock
slaughtered live stock;
:ble by-products, including hides, wool and goats' hair; in
ine
refrig:.
On Class 2 tho
in food
This class embraces
profit is not to exceed 15%.
containing no material derived from slaughtered live
s
cts in which less than one-fourth the material is de¬
pro
in inedible by-products elaborated be¬
d live stock
yond the crude, including soaps and other cleansing materials, glue, gela¬
tin, glycerine, ammonia, sand paper, curled hair, gut string, pharmaceuti¬
cal preparations, leather,
commercial fertilizer; products of horn and bone;
business in packages, labels and advertising material for use in
with Class 1
connection
2; the operation of cars for products of Class 2.
or
On Class 3 there is
products
any
n any
limitation
no
This class includes the rais¬
profit.
on
foreign country; the operation of stock yards, banks or
institutions; dealing in options or future contracts on any
board of trade
exchange;
or
or
business which has nothing to do with food
any
products of slaughtered live stock
with products in Classes 1 and 2;
or
investments and income from corporations not
the concern.
soon can we get to
France?"
In computing the investment on which
profits
treated as a department of
to be figured in Classes
are
1 and 2, the following items are to be considered: Actual investment
Secretary Baker than lauded the big business men of the nation, who had
Washington to help the Government, and said:
gone to
crude,
ice and
loan agencies, or
"And if you do not believe they have
section of
It is not to exceed
This class includes business in slaughter¬
ing, feeding, and fattening of live stock; slaughtering and manufacture of
Secretary of War praised the young men of the nation for their
acceptance of the spirit of universal service involved in the draft.
hank
$100,000,000 must divide their
of which at Past one-fourth consists of material from
in
decided that it should be for the Government to say where
*
of
ing; in meats derived from slaughtered live stock; in other food products
rived from slaughte
fife
were called
raise regiments; sometimes an individual raised a division.
upon
in this
And
time,
excess
214 % of the gross value of sales.
or
This war requires three
done.
The Secretary of the Treasury deserves
and morals.
men
annual sales in
1 the annual profit is not to exceed 9%.
On Class
to transport pr
"I will not take your time to recount
of blankets,
"The imperial
theme that
are
business into three classes for the purpose of regulating profits.
what we have done to adjust ourselves.
have accomplished great
we
important,
Mr.
7, according to the Chicago "Herald,"
follows:
as
such a person.
peace-loving people suddenly summoned to go back 500 years
were a
You will
If
Dec.
on
value of
on gross
fault with, he will succeed—for usually
and deal with brute force, and see
more
be proud of our accomplishments.
allowed 23^%
are
main features of the rules announced by
man's thought is service to the
governs every
nation."
in land,
buildings, machinery and equipment, less depreciation; the value of stocks
of animals, materials or goods; amount of cash on hand and of current trade
accounts
receivable, less current trade accounts payable, unless interest-
bearing.
"While
we
fighting for democracy," he continued, "we
are
manifestation of democracy here.
giving
are
Payments
a
Equality in service for the good of all—
accruals of Federal income, corporation or excess
or
taxes shall not be deducted from
that is democracy."
profits
profits or charged to operating expenses.
Packers doing less than $100,000,000 business a year are limited to
profits
In telling how the whole nation was infused with one idea, he said:
not in excess of
V'When
apply to slaughtering and manufacture abroad; the operation of stock yards
of my time of life meet a man in khaki on the street there is
men
irrepressible desire to
an
They
Rich
That's the
For
on a
on
moonlight night,
some
way
we
their fathers—all of them, every
poor, no matter from what station of
same.
lies
'My son.'
say
are our sons, we are
or
feel,
one
when
boy,
a
his face
men.
of them.
life, side by side they
are
the
upturned,
field of France, having paid the supreme sacrifice, it does not mat¬
ter who he
was
not
possible in the time of the French Revolution
"Allied Kings of Europe."
It
he said, the dawn of democracy for all the world
When
partners now," he said,
are
"with great
the smoke of battle has cleared
federation, when the
because of the
But in 1917,
men
and great
there will arise
away
nations.
a new
world
and daughters of civilization will join hands to
sons
The Secretary then drew a vivid picture of the greatness of America fight¬
selfish object, but for the good of every
no
lives, and those who
are
man
and
who
woman
bring back
chariot with
a
some
loaded with loot," he said.
one
other chanied to its wheels
or
"They will
to
back with the glory of having
come
Secretary Baker continued, "and think of the character of
see
but
one
possible conclusion of the struggle."
our
army,
we
diers and said that all that
modern in the way of giving recreation for
was
the soldiers had been provided.
"Not because of wisdom in any particular place has this been done," he
"but because of
America makes
war
on
boards of trade;
food or products of
nothing to do with live stock,
demand for it from the whole American people.
a
it
as
was
The decision of the Food Administration to restrict the
done before."
never
first made
a
known
Nov. 24, and resulted in
by Mr. Cotton
on
maximum of 9%
was
protest
a
by five of Chicago's largest packers—Armour & Co., Wilson
Co., Cudahy & Co., Morris & Co., and Swift & Co.—
who sent representatives to Washington on Dec.
they
conferred
with
Administrator
Food
1, where
The
Hoover.
packers contended that the 9% basis might restrict their
.borrowing capacity and did not yield them sufficient to
for the
and
that
during
expansion of plant and equipment,
necessary
new
no
the
capital could be found for this
Administrator
Food
war.
slightly less than 9% and that
were
increase
virtually asking
was
expansion
and
the
raised
and
a
pre-war
any
to
consumers
purpose
in
Hoover
investigations showed that the
,
The Secretary told of what had been done to protect the' morals of the sol¬
said,
futures
profits of large packers to
stated that
"When you add righteousness of cause to the success of our preparations,"
can
has
or
wholly separate in its accounts
packing plant or wholesale marketing agency; any
slaughtered live stock.
and
freedom for the world, for themselves, and for all mankind."
won
which
The limitation does not
value of sales.
loan agencies; dealing in options
pay
to live, in the years to come.
"Our boys do not go to Europe, members of an army of conquest,
.
business
&
here.
was
protect the sacred principles upon which the freedom of the world stands."
ing for
or
gross
the operation of any retail store or market, if
and conduct from any
not possible in 1849 because the Kings
was
still retained their power, and it was not possible in 1870.
"We
banks,
2)4% of the
here, he is just American there."
over
The Secretary of War then told of the other times in history when
democracy had tried to embrace the world, but could not.
He said it
was
or
reply
earnings
request for an
pay
for plant
serious question of public policy
rights of the public in extensions created in this
Mr. Hoover also
manner.
packing industry,
country's supply,
as a
lack of confidence
on
the packers'
expressed the belief that in the
where the export
result of the
the part
was
war,
larger than the
there could be
no
of the banking community, in
earning capacity, and he took the view, it is
Secretary Daniels of the Navy was likewise a speaker at
the dinner, and in his remarks, which were also of consider¬
said,
able
capital for construction out of their earnings, and that if
length, he had the following to
say:
"We shall stay in this war until Germany shall see its war lords
deposed,
we shall live to see that
capable people freed from the mastery of mili¬
and
tarism that has made every
home
a
house of mourning.
plishment, because until it is accomplished
vine and fig tree,
own
pledge
every
America
and every
man
the word 'dedicated'
use
no
people
can
To this
has pledged its sacred honor, and to the
resource
and every dollar are dedicated.
advisedly, because it is
a
required specific extensions of plant to meet
needs, these would be considered
time to time.
I
holy consecreation of all
Can
we
that
they
The
to
earn
upon
their merits, from
packers afterwards, it is stated, announced
in full accordance with the principle set out
were
by the Food Administrator, that
per¬
their abilities to find
larger profits out of
war
no
industry should seek
needs, and J. Ogden Armour,
.
mar our
holy cause and
—
our
unselfish devotion?"
who represented
Armour & Co. at the conference, declared
that his firm
passion and hate to
^
the Government
war
be safe under their
that it is and all that it has to which America is committed.
mit
accom¬
that if the packers exhausted
prepared to
was
'
—
in
use
virtually all profits obtained
increasing production.
>
MEAT PACKERS' PROFITS FIXED BY GOVERNMENT.
The
Government's rules and regulations for the control
slaughtering and meat-packing industries were made
known at Chicago on Dee. 8 by
Joseph P. Cotton, head of
of the
the meat division of the United States Food Administration.
WHOLESALE
BEET
SUGAR
CENTS
100
PER
The United States Food
thorized
is to be under the Government's
wholesale price of beet sugar,
under
the
regulatory rules,
groups—those doing
over
an
and those whose
packers
are
supervision.
are
divided into
The packers,
two
general
annual business of $100,000,000
yearly sales fall belowr this mark.
or
All
to operate under license, and each licensee is
forbidden to make any
in
a
rate
change in his business that will bring
of profit beyond the limit fixed.
The larger pack¬
ers,
those doing
are
permitted to make not
an
annual business in
more
excess
of $100,000,000,
than£9 %Jom their invest¬
The raise in
increase
price
tion in order to
igure
San
was
at
10 cents
a
makiDg the
cane sugar.
Dec.
11
au¬
new
price $7 35.
The price of $7 35 is the
the basic centres for sugar,
effective
on
hundred pounds in the
authorized by the Food Administra¬
Francisco and New Orleans.
came
10
put beet sugar prices on a level with those
paid for Cuban
now
of
INCREASED
POUNDS.
Administration
Every detail of the business of both large and small packers
an
PRICE
on
namely New York,
The increase "which be¬
Dec. 12 is not expected
by the Food Ad¬
ministration to result in any advance in the present retail
price.
THE CHRONICLE
2336
ADMINISTRATION'S
FOOD
SHIP¬
ON
EMBARGO
and is subject to all present and future regulations of the
Government.
"Nothing in this Order shall be construed to affect
TO EAST.
MENTS OF CORN AND OATS
[Vol. 105.
or
United States
modify any of the
regulations of the War Trade Board regarding coal for export or bunker-
order to relieve the
In
ways
congestion of the Eastern rail¬
tog."
lines and to facilitate the movement of box cars for the
carrying of grain in the West, the Commission on Car Ser¬
vice of the railroads, has, at.the request of the Food Ad¬
DR. GARFIELD CONSIDERING "LIGHTLESS NIGHTSV
embargo, effective midnight Dec.
8, on shipments of corn and oats into territory south of the
Canadian border, east of the line separating Wisconsin and
Michigan, Indiana and Illinois and north of the Ohio and
Potomac rivers.
The congestion of railroads in the eastern
Indication that tbe Fuel Administration may soon order a
ministration, placed
AS FUEL CONSERVATION MEASURE.
an
Section of the country has been hampering the movement
drastic curtailment of outdoor electric signs in order
more
to conserve
coal,
given by the Administration
was
when it issued
11
Administrator, has under consideration
a plan calling for
"lightless nights" in all American cities and towns.
It is
of
understood the plan will call for a
bargo will relieve the situation.
streets other than those necessary
grain throughout the West, and it is expected the em¬
The embargo, it is stated,
will stop the movement of corn and oats into the already
badly congested eastern section of the country and a supply
of corn and oats for domestic consumption within the em¬
bargoed territory will be obtained at points of production
within that territory.
The Food Administration on Dec. 7 in announcing the
action of the Commission
Car Service issued the follow¬
on
To relieve the
bah
all lights in the
on
for the safety of travel,
and that stores, restaurants, and all
buildings shut off
every
lamp that is not essential.
The Fuel Administration's statement follows:
The United States Fuel Administration has under consideration a definite
plan for "lightless nights" throughout the country, somewhat similar to
"wheatless" and "meatless" days.
It is now proposed to darken all outdoor
lighting other than street lights
and special municipal lights needed for police purposes on.
of each week.
ing statement:
Dec.
on
statement that Dr. Garfield, the Fuel
a
On
certain nights
plan, signs would be
other nights, according to the
permitted to burn.
congestion
eastern railroad lines and enable the return
on
.
The plan under discussion provides for radical changes in the
order put
certain hours,
of box cars to western lines for use in handling
grain, the Commission on
out on Nov. 9 last, which restricted illuminated signs to
Car Service/at the request of the United States
Food Administration, has
making such exceptions of merchants' and theater signs as seemed reason¬
declared
zonal embargo on the shipment of corn and oats effective at
an
the close of business on Dec.
all
"To
8, as follows;
all railroads will issue embargo, effec¬
tive at close of business Dec. 8, against the loading, reconsignment,
or
movement of carload corn and oats into territory south of the Canadian
boundary, east of the line separating Wisconsin and
Michigan, Indiana
and Illinois, and north of the Ohio and Potomac Rivera from points out¬
No exceptions to this embargo
by Commission
on
will be made except as authorized
Car Service.
domestic consumption
within the embargo territory may be secured within the same territory,
"Forward copy of your embargo promptly to this office."
For
time the congestion on eastern lines of
some
stations
now appears
this order is impracticable.
in New York, Illinois,
light
State Federal Fuel Adminis-
and other States have reported in detail
the Impossibility of getting results from the old order.
on
They say it is
the tens of thousands of sinall signs that count.
"Lightless nights" would
save
coal in large quantities, according to the
figures before the Fuel Administration.
It would be
a
part of the plan to
show every Citizen the war necessity and have him join in the
saving.
In
residence, apartment house, and office building people would be
every
asked to
"It is understood that supply of corn and oats for
application it
before these special signs were darkened.,
as
of congestion in described territory
In actual
The evidence of all eyes is that the streets of cities are virtually as
railroads:
"By request of the United States Food Administration and on account
side.
able.
'
use
not more than one half the usual
lighting.
Under the conditions noted in the November, order the "white ways"
have kept their brilliancy and the
coal saving has not been large; under
the new plan th$ "white ways" would disappear entirely on certain nights.
railroads has been ab¬
sorbing and holding the cars properly belonging to the western section of
the country.
diversion of
It Is expected that this embargo order, in addition to the
a
large volume of traffic by shipments of grain and other sup¬
FOOD ADMINISTRATION UPHOLDS OBSERVANCE OF
MEATLESS AND
plies for the Allies to the Gulf and South Atlantic ports, will allow the cars
belonging to the western lines to be returned to that section for use, and at
the same time allow more prompt
tion of the country by
eastern
handling of freight in the eastern sec¬
lessening the number of
railroads.
There Is
a
very
be handled by the
considerable amount of soft corn in the western section
as
rapidly as possible.
now on
the proportion
It is thought
of waste will
be comparatively very small.
The embargo will stop movement
of corn and oats into the already
badly congested eastern section of the country, and
a
oats for domestic consumption within the embargoed
supply of corn and
territory will be se¬
cured at points of production within that territory.
The western lines
are
and need these
The Car
considerably short of the number of box cars they
cars very
badly for grain
Commission, a short time
movement at this time.
ago Issued an order requiring eastern
lines to deliver to western lines approximately 10,000 box cars to relieve
conditions the present embargo is designed to overcome, but the returns
to date show rather light deliveries to the western
4,
tion committee of the eastern lines, will do much toward solving the per¬
plexing problem of congestion in railway traffic in the eastern section of
country.
'
■
•
&
Vice-President
Co.,. the Chicago packers, at
conference
a
that the observance of "meatless Tuesday" and
"wheatless
Wednesday"
was
unnecessary
an
sacrifice by
the American public,
brought forth from the United States
Food Administration
on
Dec.
10 the
following statement,
declaring that such statements "are either* malicious
emanate
from
or
personal interest:"
Statements appearing in the Chicago press emanating
from interested
parties, protesting against wheatless and meatless days as unnecessary
sacrifices by the American public, are either malicious or emanate
from
personal interest.
The results from meatless days have, for the first time, given us
reserves
lines.
This drastic action, added to the constructive efforts of the transporta¬
the
Dec.
It is highly desirable that this soft corn be moved
having drying facilities
that with reasonable movement from
own,
of Armour
between Illinois State livestock associations in Chicago on
»
of the country this year.
to markets
cars to
WHEATLESS DAYS.
The alleged declaration by Arthujt Meeker,
of meat to aliow us to only
sufficient
partially comply with the quantities
This should be a matter of satis¬
requested by the Allies for shipments.
faction to the entire American people, that their devotion in this
enables
now
us
to at least partially fulfill our duties to the
matter
Allies in this
respect.
'
As to wheat, we have already exported
the whole of the surplus of the
1917 harvest, over and above the normal demands of our own population.
EXPORT AND FOREIGN BUNKER COAL PRICES FIXED
of wheat, so as to retain in the
AT 11 35 ABOVE DOMESTIC SCALE.
Fuel Administrator Garfield
on
Dee.
13 issued
It is necessary, therefore, for the Food Administration to restrict the export
our
an
order
fixing the price for coal loaded here into the bunkers of ships
and coal for export, at $1 35 a ton above the domestic price
own
United States sufficient supplies to
people until the next harvest.
carry
Therefore, all exports of wheat
from now forward are limited entirely to
volume of saving made by the
American people in their consumption of wheat and wheat products.
continuing our wheat shipments for December as far
are
as our
We
situation
allows, but even with all the conservation made we are still unable to load
scale. • Heretofore export and bunker coal has sold at the
figures set for sale within the United States. The new prices
month of December alone.
will apply to all countries except Canada and Mexico.
little accord with the
The
price increases were allowed, the Fuel Administration ex¬
plained, to give the American producers the profits that have
heretofore been taken
by foreign dealers.
The Fuel Adminis¬
tration found, it is said, that selling coal to foreign ships and
( for
export at the
same
price fixed for home consumption,
resulted only in putting a large gratutious profit Into the
hands of foreign vessel owners. and coal dealers.
The
following is the Fuel Administration's order:
"The United States Fuel Administrator,
an
appointing said Administration, and in furtherance of the purpose of said
order and of the Act of Congress therein referred to and
approved Aug. 10
1917:
or
other order
of the
United States Fuel Administrator, the maximum price of coal sold and
delivered to vessels for foreign bunkering purposes or for export to
foreign
countries, except to Canada and Mexico, shall be the price prescribed for
such coal at the mine at the time such coal left the mine, plus
transporta¬
tion charges from the mine to the port of loading, plus $1 35
per ton of
2,000 pounds.
or
To this price, computed
as
above, the seller of the coal,
such other agency as performs the actual work of bunkering or
loading the
add the customary and proper charges, if any, for storage,
towing, elevation, trimming, special unloading, and other port charges.
vessel,
may
400,000 tons of foodstuffs urgently required by the Allies during the
Statements of the above character, given
but for personal interest are in
spirit being shown by millions of homes in the United
States in an endeavor to aid the Food Administration in Its task.
The
"following telegram has been received at the United States Food
Administration:
*
Chicago, December 6 1917.
Herbert C. Hoover:
Answering your message.
Mr. Meeker made no statements discouraging
meatless or Wheatless days or any conservation measures.
As a matter
of fact, what he said was said before the. Live Stock Producers' Association
of nine different States at a meeting held Tuesday and was in favor of con¬
servation1
measures
on
meat.
Grain
foods
were
never
touched
upon.
There was no representative of the press present, and the representative
of the live stock association who gave out the matter over the telephone
was
acting under authority of
Executive order of the President of the United States dated Aug. 23
1917,
"Hereby orders and directs that until further
over
incorrectly quoted.
I want to assure you that I and our firm in every
in thorough accord with all the measures that you have adopted.
Mr. Meeker will see that an absolute denial goes out to the Associated
way are
(Signed) J. OGDEN ARMOUR.
Press.
This refers to
a
statement credited by Chicago newspapers to Arthur
Meeker, Vice-President of Armour & Co., at a meeting of the Live .Stock
Producers* Association recently held in Chicago.
Dispatches from Chicago on Dec. 4 containing the alleged
declaration by
Mr. Meeker read
as
follows*
Chicago, Dec. 4.—Abolition of wheatless and meatless days was recom¬
mended to the Food Administration to-day by State live stock associations
in the Middle West who met here with Joseph P. Colton, Meat Adminis¬
trator.
Members
of
the
associations
agreed
with
Arthur Meeker,
of
Armour & Co., that the abstenence from eating wheat and meat products
on
specific days was an unnecessary sacrifice,
Dec. 15 1917.]
THE
Mr. Meeker declared that
shortage
,
He said stocks of beef
that there
all
was
demands
an
were
exists only in the
supply of pork.
piling up in the coolers of
packing-houses,
decrease
on
power and
and
sugar
hand to meet
in
its
was
PLANS
OF
RAILROADS'
WAR
LIVE STOCK
BOARD
This order shall not affect
priority order No. 2, dated Oct. 27 1917, re¬
priority order No. 3, dated Nov. 2 1917,
relating to
Wyoming; and priority order
No. 4, dated Nov. 22
1917, and supplement A
thereto, dated Nov. 29 1917,
relating to shipments of cattle feed to
points in Texas and New Mexico,
issued by the undersigned.
lating to open-top
products,
urged.
RESPECTING
In witness whereof, and
by virtue of the aforesaid Act of
Congress and
the order of the President of
the United
States, I hereunto sign my name
this 7th day of
SHIPMENTS.
December, 1917.
(Signed)
ROBERT S.
In the absence of definite
orders from Judge
shipments into Chicago:
Beginning Monday, Dec. 10, all shipments of live
market will be stabilized in accordance with
Railroads'
War
a
Board.
stock into the
This plan, which also tends to stabilize
prices, was adopted at
of representatives of the
Chicago Car Service
roads'
War Board, the Federal Food
pers of Live Stock,
commission
and the
men
on Dec.
2, in order to end the dan¬
serious coal famine and the
slowing up of production
in munition plants, requested the
operators in all the great
a
ger
confer¬
and
of the
week and
arrive in
packing interesst.
Chicago
on
one or
two
light consignments during the remainder.
country's
and
after
Dec.
following statement:
Requests to coal operators Issued by the United
States Fuel Administra¬
tion to-day established the order
of preference in which
coal needs are to be
filled.
The request, directed to some
ship¬
10.
Under this plan, within a zone of
approximately 300 miles of
live stock will be received for
shipment to reach the
on
5,000 producers throughout the
country, provides for preferential shipments for
thirty days.
The requests are
designed by the Fuel Administration to insure the
fill¬
ing of the requirements of those coal users
Chicago,
Chicago market only
Tuesday, Thursday, Friday
or
Saturday.
Within the second zone, beyond 300 miles from
Chicago and up to the
36-hour limit for shipments of live
stock, shipments will be received to
reach the
Chicago market
The third
on
Monday, Wednesday, Friday
or
whose activities
the
Saturday.
any week
day.
markets of the
country.'
JUDGE LOVETTS ORDER GIVING PRIORITY
TO SHIP¬
MENTS
OF
FUEL,
FOOD
AND
tion,
on
Dec. 7 issued
preferential
a
shipments
purposes.
These
of Priority Transporta¬
general priority order directing that
be given railroad fuel,
livestock,
commodities
came
be
to
are
given
sequence mentioned.
"It is necessary in the
present situation to give preference in
shipments
requested, and we solicit and thank you in advance for
your
in this direction.
perishable food and feed, military supplies, coal for
by¬
product coking plants and fuel for industrial and domestic
transportation in the
as
WAR GOODS.
Judge Robert S. Lovett, Director
;
priority
The order be¬
effective Dec. 12, and is the first
general order issued
war.
issued by the Fuel Admin¬
istration for preference in
shipments for certain specified
purposes, the Fuel
Administration requests that you
give preference in shipments for the next
thirty days on Government order railway
fuel, domestic requirements, pub¬
lic utilities and munition
plants.
system of stabilizing shipments and
prices of
live stock will be extended with
necessary modifications to all the
big live
stock
essential to
are not
The following
request was directed to all operators in
Ohio, Michigan,'
Kentucky, Illinois, Indiana, Alabama,
Tennessee, Colorado and Oklahoma:
"Subject to compliance with orders heretofore
any
on
are
nation in the conduct of the
in the form of direct orders of the
Fuel Administration, but all
producers are asked to co-operate in
meeting these requests.
embraces all territory outside of the
36-hour limit from
zone shipments of live stock
may be made at
zone
military and economic efficiency of the
They
Chicago and from this
time to reach the Chicago market
It is probable that this
"domestic requirements" and
pub¬
war program,
In regard to the
request to the coal operators,
Dr. Garfield on Dec. 2 issued the
To avoid all the undesirable results of
this custom, what is called
the
system of regulating shipments was evolved and will
govern all
oil
give preference in shipments of
thirty days to industries essential to the
lic utilities.
days
zone
ments
a
coal for the next
Ship¬
Under the old plan, which allowed unrestricted
shipments of live stock,
heavy consignments of cattle would
of
coal fields of the
country to
Committee of the Rail¬
Administration, Growers
LOVETT.
Lovett, Fuel
Administrator Garfield
Chicago
plan recently suggested by
ence
cars;
movement of coal from mines in
Utah and
Fairfax Harrison, Chairman of the Railroads'
War Board,
on Dec.
9 authorized the
following concerning live stock
the
lighting plants, gas plants, water and sewer
works), flour mills,
factories, fertilizer factories, and
shipbuilders; also shipments of pa¬
petroleum and petroleum products.
per,
domestic consumption.
Contrary to general belief, it was said, exports of beef had
not increased
greatly during the war.
A decrease in the use of
pork and
however,
2337
now
adequate supply of beef and mutton
without
CHRONICLE
co-operation
"We win appreciate it if
you will advise the Fuel Administration of
any
free tonnage you have available
which we may call on
you to
gency requirements."
ship for
emer¬
<
All operators in
Pennsylvania and Kentucky were requested in a similar
form to give preference in
shipments for the next thirty days on Government
orders, railway fuel, domestic requirements,
public utilities, steel plants,
by-product coke ovens and munition plants.
All operators in West
Virginia and Virginia were requested to give prefershipments for thirty days on Government
orders, railway fuel, tide¬
shipments for New England, domestic
requirements, public utilities
and munition plants.
•
'
rnce
to
water
.
by the Government classifying materials for shipment.
was
The requests
It
issued at the urgent
request of the Fuel and Food Ad¬
ministrations,
and
other
Government
departments.
outside
of
the
lieving the congestion that has threatened
tion, which
to close down in¬
Judge Lovett's
10 1917, it is provided that
during the continuance of the war in which the
United States is now engaged, the President of
the United States is author¬
ized, if he finds it necessary for the national defense and
or
security, to direct
in his judgment, may
such
shipments'of commodities as,
be essential to the national defense and
security, shall have
priority in transportation by
otherwise; and
any
common
carrier by
preference
railroad, water
or
v
.
President, through the
un¬
dersigned, finds that it is necessary for the national defense and
security
that priority should be accorded to the
articles and commodities and to
theT extent hereinafter
specified.
Now, therefore, by
reason of the
premises, the undersigned, in the
President, orders and directs that
and after the
on
12th
name
day of
December, 1917, and until further order of the
undersigned, all common
carriers by railroad in the United
States shall give preference and
priority
in car supply and in movement to the
following commodities and in the order
numbered:
•
1.
Steam railroad fuel for current
2.
Live stock, perishable freight, food and
feed.
use.
4
(a) Shipments of military supplies when
consigned direct to the
United States Government or the authorized
officers of the United States
Army, Navy or Shipping Board, or to the Allies or the
proper representa¬
tives
thereof, destined to any contonment, post or
encampment, to any
point of export for movement thence to
Europe, to any arsenal or
navy
yard,
or material to any shipbuilding
plant under contract to the United
States Shipping Board for the sole
purpose of constructing vessels for that
Board;
Other shipments for the United
be authorized from time
to time
States
Government,
by the undersigned
as
as
the
same
necessary in
particular cases, but only upon request of the United States
Army, United
States Navy, or United States
Shipping Board, through a designated of¬
ficer or representative of the
respective departments located in Washington.
4. Coal to and for by-product
coking plants, and not subject to reconsignment; and
5.
not
Preference and priority in movement
only to coal for current
storage, consigned direct (and not subject to
for
use
but not for storage*
consigned direct
but
(and not subject to
reconsignment) to blast furnaces, foundries, iron and steel mills,
smelters,
manufactruers engaged in work for the United States
Government or its
Allies, public utilities
(including street and interruban railways, electric
CENTRAL
The
NEW
COAL
POOL
IN
DISTRICT.
plans of the Coal Shippers Terminal Pool Associa¬
was
formed in November by coal
administrators,
operators and railway men of Ohio, West
Virginia,
sylvania and Kentucky, for the purpose of
Penn¬
handling of the coal supply of the Central Coal District,
formally approved by Fuel Administrator Garfield
were
on
Dec:
6.
A
central
executive
which will have
charge of the
been
The
selected.
States
they represent
new
members
are,
of
and
advisory committee
pooling arrangement has
the
committee
and
the
Pennsylvania, J. P. Walsh, Vice-
President and Manager of Sales of the
Pittsburgh Coal
Co., and J. T. M. Stoneroad, President of the Carnegie
Coal Co.; Ohio, A. A. Augustus and Walter D.
McKinney;
West
Virginia,- H. E. Booth and C. H. Jenkinson, and
Kentucky, Calvin Holmes. This committee is to appoint
sub-committees of five
men
each at the cities where the coal
is to be pooled,
namely, Cleveland, Cincinnati, Columbus,
Toledo, Canton, Akron, Pittsburgh and Detroit.
It is be¬
lieved, it is said, that rapid and equitable distribution of
the coal supply of the Central District will be
brought about
under the pool arrangement, and that there will be an
end
unnecessary hauls.
The operators, it is stated, have
promised to follow closely the instructions of the Fuel Ad¬
ministration, and to do everything possible to
danger of a coal famine.
The Government's
Bulletin" said
of the
new
on
Dec. 7
the
avert
"Official
regarding Dr. Garfield's approval
pooling arrangement:
plans of the
Coal
Shippers Terminal Pool Association for establishing terminal coal
pools in the central west to facilitate handling of the coal
supply.
The
plan contemplates uniform pooling arrangements under the central execu¬
tive and
advisory committee of the pool association wherever pools
established with the approval of the Fuel Administration.
are
The pool committee, which represents coal
operators in the central ter¬
ritory met at Cleveland to-day with F. C. Baird, who has been
authorized
use
reconsignment) to
hospitals, schools and other public institutions, retailers of coal for use in
supplying domestic consumers only; and to coal, coke and raw materials
for current
SANCTIONS
Fuel Administrator Harry A. Garfield has
formally approved
.
(&)
districts.
of
3.
may
GARFIELD
or
Whereas, by virtue of the power conferred upon him
by said Act, the
President has designated the
undersigned as the person through whom the
orders and directions authorized
by said Act shall be given; and
Whereas, it has been made to appear and the
of the
coal
facilitating the
Whereas, by the Act of Congress entitled "An Act to amend the Act
to
regulate commerce, as amended, and for other
purposes," approved Aug.
that such traffic
Mountain
The Rocky Mountain
product is largely consumed in the districts whore it is
produced.
DR.
in the East.
practically all of the coal production of the country,
Rocky
The
order legalizes action
previously taken by the Eastern oper¬
ating committee of the railroads, giving priority to these com¬
modities, and, it is expected that it will go far toward re¬
dustries and public utilities
order reads as follows:
cover
to represent the
which A.
W.
general operating committee of the Eastern
railroads, of
Thompson is Chairman.
,
Fuel
Administrator Garfield's
veyed in
approval
of the
pooling plan
was
con¬
letter to Mr. A. A. Augustus, Chairman of the Central
Execu¬
tive and Advisary Committee of the Pool
Association, which read, in part,
as follows:
a
"After hearing the plans of the Coal
Shippers' Terminal Pool Associa¬
tion represented by your Committee and careful consideration of its
use-
you/pi an and
simplifying the
of
coal shortage and facilitating and
fulness in relieving the
gested centres as I shall approve from time to time.
"I also urge upon
Fuel Administrator
all shippers and railroads to co-operate with your asso¬
railroads and the public may receive
ciation to the end that the shippers,
approval shall carry with it, however, the provision that it shall
interfere with railroads in developing their plans now under considera¬
"This
not
tion
or
in the future along constructive
lines for the improvement of rail¬
service.
road
useful, as I
Fuel Administration, I shall support
the operation of this plan continues to prove
"So long as
believe it will, to the United States
Committee when necessary to secure full
your
creased
coal
prices
Garfield
scale is
new
problems
are
of
announced in¬
with the Eastern Tennessee
follows: Run of mine, $2.40;
as
For Utah where mining
prepared sizes, $2.65; slack, $2.15.
Run
co-operation."
The
11
Tennessee and Utah
For Middle Tennessee the increase
is ten cents per ton to conform
prices.
Dec.
on
the Middle
for
bituminous coal fields.
the full benefit thereof.
TENNESSEE.
MIDDLE
its immediate adoption and application to such con,
urge
UTAH AND
COAL PRICES ADVANCED IN
of coal, I wish to say that I heartily approve
movement and delivery
[Vol. 105.
CHRONICLE
THE
2328
difficult and expensive the new scale will be:
prepared sizes,
(15 cents increase).
The above increases, it is stated, are in addition to the
general 45 cents increase called for under the so-called
mine,
(20 cents increase);
$2.80
$3.30 (45 cents increase); slack, $2.50
"
FUEL AD¬
COX OF OHIO OVERRIDES FEDERAL
GOV.
MINISTRATOR
COAL
RELIEVE
SHORTAGE.
'
Fuel Administration at Washington having
The Federal
failed
TO
Washington labor agreement.
give immediate aid in response to his appeal for
to
relief from the acute coal shortage prevailing throughout
FOOD
PURCHASE
his
hands
own
sembled and sent
The coal shortage in Ohio is said to be
distressing: thousands of homes are alleged to have been
without
particle of coal this winter, and during the recent
a
days of below-zero weather reports from different parts of
the State indicated much suffering.
Schools all over the
State have been forced to close down, it
i
is claimed, because
of the coal scarcity, including Ohio State University.
The creation by
the officials at
Washington by Governor Cox
the Food Administration, with the ap¬
a
Food Purchase Board, to co-ordinate the purchas¬
in the
ernments allied with the United States
nounced
by
Administration
Food
the
members of the
new
board
W. V. S. Thorn, Chief of the Division of
his
authorized
on
war, was an¬
Dec.
The
11.
are:
the Food Administration (representing
Dec. 11,
on
OF
ALLIED
ing of food for the Army and Navy and also for the Gov¬
or
when he
AND
proval of the Secretary of War and the Secretary of the
Navy, of
The
shortage of coal in Ohio was first brought to the attention of
S.
GOVERNMENTS.
immediately to points in the State most seri¬
ously in need of fuel.
most
U.
BY
BUYING
CONTROL
TO
BOARD
COMMODITIES
M. Cox took matters into
and ordered all solid train loads of coal as¬
the State of Ohio, Governor James
Co-ordination of Purchases of
Allied and other controlled buying),
representative.
Major-General Henry G. Sharpe, United States Army, Quartermaster-
telegraphed Fuel Administrator Garfield that unless
General of the Army, or his authorized representative.
people of the State got immediate relief they would
"lose confidence in the Government."
Failing to hear from
General of the Navy, or his authorized representative.
Rear
the
Dr. Garfield, Governor
dent for
Ohio for domestic
take the
use.
His
appeal
to the President having
immediate results, Gov. Cox set about to
situation into his own hands.
Summoning M.J.
brought forth
no
Caples, Vice-President of the Chesapeake & Ohio, who is
Chairman of the Railroad Transportation Committee of the
Ohio Branch of the Council of National Defense, and Gen¬
At the first
Manager M. S. Connors of the Hocking Valley RR., he
took immediate steps
for procuring motive
special coal trains.
The three officials, with Charles C.
Marshall of
power
States
Paymaster-
Navy,
Federal Trade Commission.
regular meeting of the
new
board, held
on
the Food Administrator at Wash¬
ington, the board elected Rear Admiral McGowan Chairman
and G. C. Babcock of the Food Administration
The
1.
Secretary.
following principles of organization were adopted:
The
demand
certain
for
commodities
food
by
the
Army,
Navy,
Allies and civil population is greater than the supply of such
neutrals,
commodities.
One of the fundamental purposes
tect the above groups
to operate
the State Public Utilities Commission: E, D.
United
McGowan,
Dec. 11 in the offices of
2.
eral
Samuel
F. J. Scott, representative of the
Cox appealed directly to the Presi¬
authority to commandeer coal in transit through
Admiral
3.
The shortage of supplies and the
units has effectually suspended the
tual regulator of fair
4.
of the Food Administration is to pro¬
from exorbitant prices.
„
aggregation of buying in such large
law of supply and demand as an effec¬
prices, and stimulates speculation.
commodities in such large units under
The normal purchase of these
Leach, Assistant Fuel Administrator for Ohio; F. C. Mayer,
these circumstances by bid and contract is not only impossible in some cases,
Executive Secretary of the Ohio Fuel Administration, and
but in any event raises the
U. B.
held
a
and
taking
coal
meeting and made arrangements for handling the trains
is to go
a
of the cities suffering most keenly from the
care
direct into yards where coal is standing, assemble
train of
cars
and start it out at once, consigned
to the
County Fuel Administration organizations, formed several
weeks ago to
aid in handling the fuel problem.
tions will be left in the hands of the county
which have received thousands of
Dr. Garfield
not be
on
DistribuT-
administrations,
appeals for relief
Dec. 13 informed Gov. Cox that he would
permitted to interfere with the distribution of coal
in Ohio under the direction of the State Fuel Administrator.
In
a
telegram to the Governor, Fuel Administrator Gar¬
field said:
I must
5.
It is considered that it is vital to the general welfare that these
among
The efforts of the Federal Trade Com¬
inflated.
sellers at fair and just prices.
mission
are
The
to be directed to see that cost statements are not
new
Food Purchase Board has been formed to pro¬
well
you
the producer from exorbitant
tect the
consumer
prices.
It will decide which commodities are to be placed
in the category
as
as
of "allocated purchases," the method of ne¬
gotiation and the principles of purchase to be followed in
each instance.
The Federal Trade Commission will co¬
unreasonable profits
Each trade
operate with the new board in curbing
by seeing that cost statements are not inflated.
will be brought into
dealing,
and
when
conference for agreement
Trade Commission will determine costs and the
Federal P'uel Administrator for Ohio.
authority to act, and F. C. Baird is co-operating with him.
that the State authority be not
He has full
I must insist
the United States Fuel Administrator.
I
Washington
on
Dec. 13
declared the action of Gov. Cox to be unwarranted and would
surely disarrange the whole scheme of fuel distribution in
Ohio if carried into effect.
Ohio
that
Gov.
Cox
can
A
Any pressing need for coal in
show
will
be
met
immediately,
Dr. Garfield said on the 13th.
The seizure of coal by the
Governor, he added, will only bring confusion and add to
the difficulties of the situation.
the
ADMINISTRATION
was
issued by President Wilson on the 8th inst. at
instance
of
Food
IN
The
Fuel
ORDER
TO
Administration
TO
SAVE
CLOSE
and feeds used in the
1 1918 is not to
as
a
boal
Washington announced
fuel conservation
on
measure.
This pro¬
following is the President's proclamation:
United States of America.
A
PROCLAMATION.
by virtue of an Act of Congress entitled "An Act to
product on, conserving the supply,
and defense by encouraging the
and controlling the distribution of food
approved by the President on Aug. 10 1917, it is
provided in section 15, among other things, as follows:
"Whenever the President shall find that limitation, regulation, or prohibi¬
tion of the use of foods, fruits, food materials, or feeds in the production of
products and fuel,"
malt
or
saving
vinous liquors
for beverage purposes, or that reduction of the al¬
coholic content of any such malt or
assure
as a means of
to the Fuel Administration from outside sources, but it has not
given favorable consideration."
used during the
provide further for the national security
at
suggestion that school sessions be suspended
came
average
production of malt liquor will be permitted only by license.
FUEL.
rejection of the plan, said:
ceen
Hoover.
period from Jan. 1 1917 to Jan. 1 1918.
It is also provided
that the use of foods, fruits, food materials or feeds in the
Whereas under and
posal had been under consideration for several weeks by
Fuel Administrator Garfield, who, in making known the
"The
Herbert C.
production of malt liquor after Jan.
exceed 70% of the
SCHOOLS
Dec. 11 that it would not close schools in the Northern and
Central States
Administrator
Under the order the amount of foods, fruits, food materials
The
NOT
TO 2%%.
proclamation reducing the alcoholic content of beer to
By the President of the
FUEL
the
'
ALCOHOLIC CONTENT OF BEER LIMITED
2%%
!
Fuel Administration officials at
upon
Food Pur¬
!
permitted to interfere with the action of
scheme of
prices to be paid.
do not interfere with
the orderly distribution of coal in Ohio under orders issued by my authority
to Homer H. Johnson,
on a
the arrangement is agreed
chase Board will recommend
respectfully, but firmly, request that
large
purchases in certain commodities shall be made by plans of allocation
Gov. Cox's plan for relieving the shortage
shortage.
general price level of the country and stimulates
speculation.
Dugan, chief inspector of the Utilities Commission,
an
vinous liquor, is essential, in order to
continuous supply of food, or that the national
be subserved thereby, he is authorized, from time
prescribe and give public notice of the extent of the limitation,
adequate and
security and defense will
to
time, to
regulation,
prohibition,
or
reduction
so
necessitated.
Whenever such
Dec. 15 1917.]
THE
CHRONICLE
no person
shall,
notice shall have been
given and shall remain unrevoked,
after a resonable time
prescribed in such notice, use
or
feeds in the production of malt
of the United
States.
being threshed
out in conference.
An
on all export freight,
except for the United
Government, was ordered on Dec. 12 by the General
Operating Committee of the Eastern Railroads on all rail¬
roads
reaching North Atlantic Seaboard ports.
The order
stipulates "that all lines reaching north Atlantic
seaboard
ports be instructed
1 1918, use any foods,
fruits, food materials,
feeds in the production of malt
liquor unless he secures a license so to
do,
by the Commissioner of Internal
Revenue, and complies with
regulat'ons to be hereafter promulgated
governing the production
such liquor and the alcoholic
content thereof; and no
person shall import
any such liquor except under license
to be issued by the Division of
Customs,
Treasury Department, and in compliance with
any rules and regulations
governing with importation of such liquors which
may be promulgated.
In witness
whereof, I have hereunto set my hand and caused
to be issued
the 142d.
can¬
not be
promptly transhipped when it reaches tidewater."
Chairman George D.
Ogden, of the export
the
WOODROW WILSON.
12th
and
FOR
manufacturing plants in
in order to relieve
congestion shut down for
period fropi
noon
a
Dec.
7.
The Pittsburgh "Gaz¬
8th, in announcing the conclusions of the Com¬
on
advanced by B.
G. Follansbee, who believed the
chance to clear away some of the
congestion, but
other manufacturers were of
the opinion that the
importance of Govern¬
ment orders, which it was
said constituted 80
roads would then have
a
to
90% of the city's
facturing business, precluded
manu¬
any idea of a general shutdown.
The manufacturers, of whom
about 25 were present, seemed to
believe
that the congestion in the
Pittsburgh district was the fault of the
railroads,
who did not route
"around, instead of through the city,
despite the conges¬
tion in the yards here.
Some
of
the
co-operation
committee
members
on
the
the chairman of the
York
of
the
Produce
Steamship
Exchange, asking
steamship lines in remedying
pursuing the work of this Committee there
have been two matters
we would
deeply
appreciate if you will be good
enough to take under consideration in the
spirit of co-operation and the
public interest under existing conditions, to wit:
There
is
now
in
storage at the seaboard
terminals and public
consistent,
it
would
a
large tonnage, at railroad
warehouses, awaiting steamship space, and if
entirely
materially contribute to relief if, for the
present,
cargo, would give marked preference*to
the
seaboard, rather than to book new business from
the
steamship lines, in contracting
traffic
at
now
the
There is another situation which our
Committee desires to
respectfully
submit to your
organization, that is, instances of shipments where
cargo
booked for specific sailing fails to
arrive in time, thus
involving a second
engagement.
In event it were practicable for
the steamship lines, in
such
instances, to create a co-operative plan for the
purpose of turning such
belated shipments to other
steamship lines that might have available space
for the same
foreign destination, thereby adopting, in
substance, the
principle of co-ordination as has been
recently undertaken
same
between
railroads.
The
foregoing
but to freight for other
said
the shipping of
non-essentials,
pianos and other musical
instruments, the carrying of which brings
big revenue to the roads, could be
stopped and thus help the situation.
It was pointed out that a
three-day shutdown will occur at the Christmas
season, to include the day before
Christmas, Christmas Day and the day
following, and that this will give the railroads some
chance to catch up.
,,
Among the firms represented at the discussion
to
under consideration which
interior.
was
one
New
existing situation:
In
mittee, said:
The proposition
the
the
two week's
a
of
the
the country
Saturday, Dec. 22 1917, until Monday,
Pittsburgh Chamber of Commerce was
meeting of the Chamber's Manufacturing
Mining Committee
ette" of the
division,
following communication to
the
for
Jan. 7, made to the
voted down at
sent
similar
a
Committee
TEMPORARY CLOSING OF
MANUFACTUR¬
ING PLANTS TO RELIEVE
CONGESTION REJECTED.
and
inst.
Secretary of the Transatlantic Associated
Freight Confer¬
ence,
The proposal that all
specific
In
for overseas
shipment, so that the railway equipment which
would otherwise be available for
fuel, foodstuffs and Govern¬
ment freight, shall not be
used in moving traffic which
Robert Lansing,
Secretary of the State.
PLAN
all
taking this action,
Committee explained that "it is
vitally essential that
there be thorough
co-operation in the handling of traffic
Columbia, this 8th day of December, in the year
1917, and of the independence of the United
States of America
[Seal.]
once
the
the seal of
By the President:
embargo at
authority of the Export Division."
rules and
of our Lord
to
export freight
through those ports, except for the United States
Govern¬
ment, and that any existing permits be
cancelled," and
announces that "no
permits will Be issued except by
No person shall, after Jan.
the United States to be
affixed.
Done in the D'strict of
embargo
States
weight.
suggestions
apply
not
only
to
foreign territory.
the
transatlantic
v.
,
'
as
were
and Signal Co.,
Co.,
are
EMBARGO ORDERED ON EASTERN
EXPORT FREIGHT.
70% of the
such
depress prices of products in the United
slight differences between the House and
are
hereby find
average consumption of any such
foods, fruits, food materials, or feeds in
the production of such
malt liquor by such person
during the period from
Jan. 1 1917 to Jan. 1
1918, the unit of time to be fixed by
regulation; and
that on and after Jan. 1
1918, no malt liquor except ale and porter shall be
produced in the United States
containing more than 2 % % of alcohol
by
or
There
Senate bills, and these
States of
by said Act of Congress,
and determine that the national
security and defense will
be surserved
by the limitation of the amount of foods,
fruits, food materials,
and feeds used in the
production of malt liquor, and by reduction of
the
alcoholic content of malt
liquor produced in the United States.
And by
this proclamation I
prescribe and give public notice that on and after
Jan.
1 1918 the total amount
of foods, fruits, food materials
and feeds used
by
any person in the production of
malt liquor shall not exceed
do
powers
the exporters'
organizations and power to prevent acts
which would raise or
over
or
any such
Now, therefore, I, Woodrow Wilson, President
America, by virtue of the powers conferred on me
giving the Commission general
supervising
merce,
any foods, fruits, food
vinous liquors, or
import
liquors except under license issued by the
President and in com¬
pliance with rules and regulations determined
by him governing the
prod¬
uction and importation of
such liquors and the alcoholic
content thereof."
materials,
2329
Oliver
Pittsburgh Screw
Iron
and
Steel
Co.,
and Bolt Co.,
Lockhart
the Union
Switch
Pittsburgh Steel Products
Iron
and
Steel
Co.,
Genral
Chemical Co., Follansbee Brothers
Co., Thompson & Co., Pittsburgh
Plate Glass Co., United States
Glass Co., the
Westingkouse interests and
interests, the latter being represented by
Capt. J. Frank Tilley
and John H. Jones.
the coal
On the 7th inst.
the General
Operating Committee notified
shippers of export freight that permits would have
to be
obtained from it for all
shipments of steel, and that on Dec.
12 it would
control of shipments of all
commodities
Boston, New York, Philadelphia, Balti¬
Norfolk, and Newport News, except freight
consigned
assume
from the ports of
more,
to
an
officer of the United States
Government for export.
Its circular said:
.
The initial roads
WEBB
BILL
PERMITTING
PORT
The Webb
COMBINATIONS IN
TRADE PASSED
BY
EX¬
In
bill, designed to promote export trade
by le¬
galizing joint foreign trade agencies of American
exporters,
passed by the Senate on Dec. 12
by a vote of 51 to 11.
was
passed by the House at the last session—on
Efforts in the Senate on the 12th to
cut off de¬
bate by adjournment were
defeated by a vote of 47 to
11,
while a motion, made
by Senator Cummins, to re-commit the
bill was lost
by a vote of 47 to 12.
Opposition jto the
June 13/
led
bill,
by Senators Cummins and Reed, is said to have
been
based
principally
on
that
"
observance of the procedure
shippers
agent.
The
or
on
exporters perfect their
steamship agent will
commercial
ocean
arrange with
of railroad
freight, it is necessary
engagements with
steamship
this division for the
issuance
shipping permits for the forwarding of freight from
the interior.
The
controlling influences governing the issuance of railroad
shipping
permits for export freight have been in
the past very largely based
upon
condition of the respective
delivering lines at the seaboard, but if the
manu¬
facture of
war material
is, to be successfully prosecuted and the
tion thus
kept open for the movement of troops and
transporta¬
supplies, it is necessary
to
change the former practice of issuing railroad
shipping permits
to co-ordinate to
the fullest
the
ocean
transportation.
closest co-operation of
possible extent the inland rail
This
obviously
can
only
shippers, inland carriers, and
and to
movement with
be secured
ocean
through
transportation.
the argument that virtually it would
repeal provisions of the anti-trust laws
Its advocates
urged it
merce.
limit.
SENATE:
was
The bill
will not
accept freight in excess of quantity covered
by
permits, and shipments will not be
accepted after expiration of permit time
as
as
to
foreign
com¬
necessary so that American
GEORGE N.
PEEK
TATIVE OF
CHOSEN INDUSTRIAL
REPRESEN¬
WAR INDUSTRIES BOARD.
exporters may be placed in position to
compete with strongly
organized or Government subsidized
competitors of Europe.
An amendment
by Senator Cummins to authorize only the
maintenance abroad of Ameican
selling agencies was
Gifford of the Council of National
Defense, that
Peek, Vice-President of the firm of Deere &
43 to 18.
turers of
passage
The Senators
rejected
voting against the
Democrats—Hitchcock,
Republicans—Borah,
King,
Cummins,
Reed,
principal provisions in the
Law shall not be construed
Trammell
Gronna,
Norris, 6.
The
measure on
final
were:
as
Kenyon,
and
La
Vardaman,
Follette
5;
and
bill
are
that the Sherman
forbidding exporters'
combina¬
Clayton Anti-Trust Act's provisions shall
forbid ownership by
exporters of stock in export associa¬
tions.
The bill also extends
authority of the Federal Trade
Commission to suppress unfair
competition in export
was
made
com¬
on
Dec.
5
by Director W. S.
George N.
Co., manufac¬
agricultural implements of Moline, 111., had
been
appointed Industrial Representative of the War
IndustrialBoard.
Mr. Peek's duty will be to "meet
with manufac¬
turers
who
have
facilities
which
may be devoted to the
other materials
required by the
Government or Allies and consider to what
extent such
plants may or should be utilized for such
purposes or other¬
wise employed
advantageously and advise the Board in
the premises."
Mr. Peek and his assistants still
to be
ap¬
pointed will form a bureau of
manufacturing resources for
the further mobilization of
industry behind the
production of munitions
tions and that the
not
Announcement
or
war.
EIGHT-HOUR LAW ON
SUSPENSION OF
REORGANIZATION OF COUNCIL OF NATIONAL DE¬
FENSE—FORMER TRADE COMMITTEES DISPENSED
WITH, EXPERT
[Vol. 105.
CHRONICLE
THE
2330
GOVERNMENT
BUILDINGS.
order
An
ADVISERS APPOINTED.
suspending the eight-hour
law in the ease of
buildings in Washington was
The plans for the reorganization of the Council of Na^
issued as follows by President Wilson on Dec. 6:
tional Defense, which provides for the abolition of its many
In order to effect the more expeditious construction of the extensions,
industrial advisory committees and the appointment of new alterations, &c., of buildings numbered 500 to 508 14th St. NW„ Washing¬
ton, D. G., the early completion of said buildings for the use of activities of
war service committees to represent the several industries
the Treasury Department engaged on work in connection with war meas¬
furnishing supplies to the Government, have become effec¬
creating a national emergency, and by virtue of the provisions of the
tive.
Announcement to this effect was made on Dec. 7 by Act of Congress approved March 4 1917, entitled "An Act making provisions
for the naval service for the fiscal year ending June 30 1918, and for other
W. S. Gifford, Director of the Defense Council, who, at the
purposes" (39 Stat. U. S., 1192), whereby it is provided, "That in case of
national emergency the President, is authorized to suspend provisions of
same time, announced the appointment of men prominfen
law prohibiting more than eight hours' labor in any one day of persons
in all of the industries formerly represented by advisory com¬
engaged upon work covered by contracts with the United States: Provided
mittees, who will be brought into the Government service further, That the wages of persons employed upon such contracts shall be
as employees and expert advisers, and whose duty it will be
computed upon a basic day rate of eight hours' work, with overtime rates
to be paid for at not less than time and one-half for all hours' work in excess
to represent the Council of National Defense in negotiations
of eight hours."
I do hereby suspend the provisions of law prohibiting
with the new war service committees.
Among the Gov¬
than eight hours of labor in any one day by persons engaged in the
extension, alterations, &c., of the above-mentioned buildings belonging
ernment advisory experts who have already been appointed,
to the Government in the block on the west side of 14th St. NW., between
and the particular industries they will represent, are the
E St. and Pennsylvania Ave. NW., Washington, D. C.
This order will
work
certain Government
on
ures
more
following:
Raw
take effect from and after
YOrk.
Chemicals, &c.—L. L. Summers, L. L. Summers
Explosives,
New York.
& Co.,
The White House,
WOODROW
Metals and Cement-r-Eugene Meyer
Replogle, American Vanadium Co.,
Steel—J. L.
Jr., New York.
New York.
the Philadelphia Company, Pittsburgh.
Downman, National Lumber Manufacturers'
SECRETARY OF LABOR
Lumber—R.
ciation, New
H;
Asso¬
Locomotive Works,
Section.—Production—S. M. Vauclain, Baldwin
Philadelphia; Chief of Section, Rear Admiral A. R.
Couden.
Supplies—Julius Rosenwald, Sears,
Roebuck & Co., Chicago,
Section.
Chief of
.
.
.
■,
Cleveland, Vice-Chairman.
L. Scott, Lockwood, Greene & Co., Boston.
Fabrics—Charles Eisenman,
Cotton
Duck—A.
United States Rubber Co., New
American Woolen Co., Boston.
Shoes—A. W. Lawrence,
Wool—F. R. Edington,
York.
Q. M. C., U. S. R., Boston.
Machine Tools (power driven)—C. E. Merryweather, Motch & Merryweather Machinery Co., Cleveland.
Small Tools (hand operated)—G. E. Chatillon, New York.
Automotive Section—H, L. Horning, Waukesha Motor Co., Waukesha
Wise.
.
'
•
Electrical Equipment—Walter Robbins, Wagner Electric Co., St. Louis.
Wagons and Vehicles—E. E. Parsonage.
Production—Major H. S. Wonson,
.
The
PROFIT WILL NOT
Orleans.
Products
reorganization of the committee system
of the Council
discussed at length in our issue of
Oct. 13, page 1471.
It has been brought about mainly
because under the provisions of the Food Control Bill offi¬
cials who serve in advisory capacities to the Government are
not permitted to enter into contracts with the Government on
behalf of any corporation or concern in which they may
have any interest.
The old committee system of the De¬
National Defense was
WILSON DECLARES
FOR PRIVATE
CONSCRIPTION OF LABOR
Oil—J. F. Guffey,
Finished
WILSON.
'
Dec. 6 1917.
.
Nonferrous
of
this date.
materials—Bernard M. Baruch, New
BE TOLERATED.
conscription of labor, in bis
annual report made public on the 10th inst., William B.
Wilson, Secretary of Labor, referred to the proposals, more
popular he says earlier in the war than now, to settle labor
disputes by coercing wage earners.
Declaring these pro¬
posals both unfair and impracticable, Mr. Wilson states
that in the view of his department "public sentiment can¬
not be expected to tolerate conscription of labor for private
profit.
He further says that "should industrial conscription
become really necessary in order effectively to prosecute the
war, a policy less likely to be considered one-sided would be
desirable."
If workers were to be conscripted for industrial
purposes, he said "it would seem that the working oppor¬
tunities to which they were assigned, ought to be comman¬
deered so as to make such workers not coerced servants of
employers but employees of the Government itself."
We
give in full herewith that part of Secretary Wilson's remarks
dealing with conscription of labor:
Taking
Almost
up
the question of
insuperable obstacles
arise, however, when
labor disputes occur
by their
workmen
contro¬
fense Council had given cause for criticism, it is said, inas¬
also, the
much as in some instances committee members while acting
workers, being prevented by their employers from organizing on a business
as
Government advisers in making purchases, were often basis, tend to fall away from the pacifying influence of conservative, con¬
structive and responsible labor organizations and to come under that of
themselves sellers.
Irresponsible revolutionists.
As most labor lawlessness is traceable to
Director Gifford of the Council of National Defense, in a
this
responsibility for it can not be wholly diverted from the policy
—hardly patriotic in time of war—of arbitrarily obstructing labor organistatement announcing the reorganization, praised as patri¬
in which employers permit organization
workmen only on pain of dismissal.
Since in such cases the
have no responsible business representatives, only one party to
versies can be conveniently or satisfactorily heard.
In such cases,
circumstances
under
,
cause,
by the busi¬
to Washing¬
ton and help in carrying out the Government's industrial
program.
His statement said:
I
otic, faithful and invaluable the assistance given
ness men who laid aside their own interests to go
The Council
of National Defense was
established to bring about the co¬
and resources for the national security and welfare.
Previous to the entrance fo this country into the war, steps were taken by
the Council so to mobilize the industries of the country that they could ren¬
der effective assistance to the nation in its hour of need.
The crisis made
imperative the necessity for prompt action.
Since instant steps were
necessary, the Council of National Defense authorized the formation, un¬
der its direction, of co-operative committees of industry, to be composed
of men representative of their respective lines.
These committees have given faithful, patriotic and invaluable assist¬
ance to their country'.
Many of the individuals serving on them have done
sofonly at great personal and financial sacrifice. The thanks of the entire
country are due to these men, who unhesitatingly and unselfishly responded
to the Government's appeal for aid.
ordination of industries
machinery set up by the
administrative sense ideal as a means for making
permanent the mobilization of industry in a democracy at war.
Practi¬
cally it was effective, but the committees were placed before the public in
a position unfair both to themselves and to the Government.
The Council
and its War Industries Board, after giving this matter serious thought,
for some weeks, have concluded that it is now possible to arrange for meet¬
ing the Government's needs through the appointment of highly qualified
individuals as Government employees and expert advisers, and also to
meet the needs of industry as well as to assist the Government by repre¬
sentative committees created not by the Government, but by the indus¬
Technically, however, this necessary emergency
Council was not in the
tries
themselves.
therefore has become feasible to
discontinue the embarrassing situa¬
tion wherein the members of the present committees are apparently called
upon to act both as Government agents ar advisers and at the same time
as representatives of the industries.
In dissolving the present co-operative
committees of industry, the action is taken only with the highest praise and
thanks for their splendid and indispensable work, and at the same time
with the hope that representative committees of the industry will be formed
by the industries themselves at the earliest possible moment.
The establishment of such committees formed so as to entitle them to
speak for their entire industries will render immediately available valuable
sources of information upon which the Government can draw in connec¬
tion with the countless business and Industrial problems attendant upon the
conduct of the work necessary for the prosecution of the war.
It
,
zation of the
The
conservative type.
Department is, of course, aware
of proposals, more popular earlier in
to settle labor disputes by.coercing wage-earners.
proposals are both unfair and Impracticable.
They are
the war than now,
these
But
also widely
unpatriotic. It is enough to say of
public sentiment can not
be expected to tolerate conscription of labor for private profit.
Should
industrial conscription become really necessary in order effectively to
prosecute the war, a policy less likely to be considered one-sided would be
desirable.
It would seem—that is, if workers were to be conscripted for
regarded, and not without reason, as
them here that in the view of this Department
industrial
purposes—that the working,
assigned ought to
be
opportunities to which they were
commandeered, so as to make
such workers not
itself.
kind
employ¬
prosecution
of the
In every case in which responsible representatives of disputing
employers are willing to negotiate considerately with responsible represen¬
tatives of conservative labor organizations which represent their disputing
employees in the spirit in which they would negotiate with business com¬
petitors, labor disputes can be settled speedily, effectively, and without
friction through the mediation service of the Department of Labor.
By
simple and fair systems of collective bargaining between the Government,
labor organizations, and business organizations all labor disputes preju¬
dicial to
effective prosecution of the War can be promptly eliminated
from
problems.
Not only can this be done but It can be done to the
satisfaction of all concerned and in harmony with every patriotic purpose.
of employers but employees of the Government
There is, however, no reason for apprehending a necessity for any
of labor conscription in order to settle or prevent disputes between
ers and their employees which may interfere with a vigorous
coerced, servants
war.
an
war
Our
thelpirit of self-sacrifice for the common good—a
of our prejudices, sacrifice of our suspicions
each other, sacrifice of our material comforts, sacrifice of our lives,
be—to carry on unimpaired the democratic institutions handed
greatest need is
sacrifice of our
against
if need
down to us
pride, sacrifice
by our
fathers.
mediation in labor disputes under war
of Labor Wilson says:
The number of labor disputes calling for Government mediation increased
suddenly and enormously with the beginning of the war.
A majority of
the employers and employees involved in industrial controversies evinced
keen desire to secure the good offices of the Department of Labor through
its conciliators and to take advantage of the machinery created under
that section of the organic law of the Department the purpose of which in
this field of its activities has been the fostering of industrial peace on a
basis of Industrial justice.
During the four years the Division of Concilia¬
tion has been in existence the foundation has been laid to aid materially in
On the
subject of
conditions, Secretary
a
Dec. 15 1917.]
THE
CHRONICLE
the quick adjustment of such
disputes.
the Intervention of an
It had been demonstrated that
impartial third party in the person of a conciliator
approved by the Department invariably has
expedited the settlement of a
dispute which had culminated in a strike or a lockout.
In a large number
of instances the conciliators have been
able not only to
bring about agree¬
ment in cases of
existing differences—often arising from
—but to avert the threatened strike
altogether.
The success which has attended the
Department's
censures
and
of
workers
giving
representatives in the
"Let
industrial
peace
figures
running for
production
for
stated
and others for the period of the
a year
Labor has discovered that it has
a
based
are
on
a
war.
Employers, on the other hand, have
defender against unreasonable exaction.
The magnitude of the conciliation work from the
to the date of this report
Total for
achieved
by
from the
in
the
of
instances indicating
the
178,376
202,578
572,029
380,954
Department in
'•
labor
disputes resulting
THE
States and
were
employed
on
strikes,
212
new
a
and
Senate.
break
in
is at
length.
both
We
friendly terms
on
with Austria,
war
In
impossible for the United
was
Germanys ally,
the text of the
gave
issue of last week
In
offering the
Senate, Senator Stone, of Missouri, spoke
relations
between
the
United States is inevitably as much at
the
suspension of
United
States
cases
Germany.
war-
with
Austria-Hungary
In the circumstances It is impossible that amicable
co-ordinated
or
men,
that
in operation and the former employees had secured work
furnishing
supplies and
money
to all the Entente Governments;
the supreme war council has been
organized at Paris in which the Govern¬
ment of the United States is
The number of employees directly affected in the labor
disputes settled
by the Department's conciliators or pending and in
process of adjustment
declaration
of
war—April 6 to
while approximately 380,954 were affected
Oct.
25
1917—total
authoritatively represented and in which also
Britain, France and Italy are, represented to co-ordinate the Allied
Great
forces with
the view to concert and
co-operation
in the conduct of the
war.
572,029,
"This supreme war council has defined battle fronts in
Europe, one of
which has been defined to embrace
indirectly.
France, Belgium and_ Italy.
reach is
SECRETARY
OF
AGRICULTURE
CREASING
LABOR
Referring to the essential need
NEED
ON
ON
of
OF
the retention
IN¬
on
the
country's agricul¬
interests during the war, D. F.
Houston, Secretary
Agriculture, in addressing the Economic Club of New
Many
difficulties
Farm
burdened.
confront
machinery
To secure
best energies.
our
on
the 6th inst. had the
an
has
the
forces.
Fertilizers
are
farmer is the task of
Farmers
in
the
same community
must co-operate with one
Form of labor not heretofore regularly or fully
utilized must be employed and plans for the
shifting of labor from places
actively.
where the load has passed to communities where there is
urgent need must
be
perfected.
"
•
»
.
H"Whether
eral
more
drastic action will be needed remains
to be seen.
Gen¬
conscription
certain.
would present many difficulties.
Several things are
Relatively non-essential industries must be prepared to release
labor and capital for essential
undertakings; and, either through State
Federal action, any able-bodied individuals who
can
but will not do
or
use¬
ful work must be pressed into the service."
Mr. Houston took
as
the
subject of bus discourse "Neces¬
Steps to Victory,"
sary
above, spoke in part
as
and aside from the part quoted
follows:
"A clear, fixed, unalterable purpose to attain the ends
in
accepting Germany's challenge, based
on
a
we
had in mind'
thorough appreciation of
the meaning of this struggle and a willingness to make all
necessary sacri¬
fices, I regard
as
the first and last most essential steps to an early victory,
jfr "This war is a test of the spirit of nations
even
more
than their material
and strength.
The issue of it depends on the relative intelli¬
moral qualities and attitude of the people engaged.
Public opinion
resources
gence,
must
be anchored and the motive for terrible sacrifices be
firmly fixed.
No matter what the seriousness of the strain, there can be
Civilization cannot afford to entertain the thought of defeat.
under
one
This
general
com¬
single, well-defined battlefront, is the
another important?
These
no
faltering.
they
war
are
supporting the United States in the
all
waging against the Imperial German Government.
At
point the United States meets Austria-Hungary and Austria-Hun¬
gary is supporting Germany.
The two nations are in close contact and in
are
that
retaining
proposed its complete exemption.
The prob¬
lem is a constructive one.
Mere complaint is useless.
Our aim is to se¬
cure even greater production from the labor on the
farms; and It must be
more
a
one group or
and those countries in like manner
in price and transportation Is
adequate supply of labor everywhere will demand
An army could not be raised
without taking men from every field of
activity and it would have been
unfair to any class to have
another
battlefront
be shifted to meet the exigencies of war.
"The United States is supporting Italy as well as
England and France,
say:
h|s farms his regular year-round help.
attained.
continuous
against a common enemy along
particular temporary location of
advanced
Especially serious to the
one
groups may
following to
agricultural
as
"I am told that American
troops are up to this date massed in France,
but if they are operating on one of the
long defined battlefronts which em¬
braces Belgium and Italy I cannot see that it
would make any difference
where Americans, British, French or Italian
troops might for the moment
be located.
If all of them are co-operating in one
general movement
tural
on
laid out
mand.
FARMS.
farms of sufficient labor to promote the
scarce.
are
and
Is
as
re¬
co-operative.
On the other hand, the United States
.is sending troops and supplies to aid the Entente Allies,
including vast
sums to finance the Entente
Allies; the Government of the United States
its commissioners
dispute had been settled
York
and
Dual
lations between the two countries should be continued.
"In the prosecution of the war German and
elsewhere.
of
war
war
Austro-Hungarian troops
of which have reached the strike
stage; and in 51
on their arrival that the matters in
the
marked by many notable
was
"In this great world struggle all men know of the
intimate and appar¬
ently indissoluble relation existing between the Governments bf
Germany
and Austria-Hungary.
In the progress of events it has become manifest that
It adds:
found
since
why.it
between the United
war
virtually, although not actually,
belligerent against the United States.
He said:
adjusting 323 of these; has been
pending, a comparatively small number
was
state of
a
had
It has been successful in
satisfactorily
unable to adjust 43; has 104 cases
the plant
of
CONGRESS.
Monarchy
aligned itself as a
with
disputes that threatened
work and 28 lockouts.
The simple fact is
Dee. 7 of the resolution
on
Austria-Hungary, and declared that the
made up of
cases
the
of
Since war was declared on
April 6 1917 and up to Oct. 25
1917, the Department of Labor, says the report, had assigned
281
at
our
resolution to the
May 23.
commissioners of conciliation in 521
that
AUSTRO-HUNGARIAN WAR
THROUGH
Austria-Hungary to remain
discussed
con¬
a
reasons
declaration in
by the Secretary of Labor,
Dubois, Pa.,
and
were
in accordance with the terms of which the
mines were to continue in
opera¬
tion pending final ratification of the
agreement by the miners' convention
at
the
States
territory.
A cessation of work would have proved
disastrous to many forms of
industry, including a number Whose output is
vital to the successful prosecution of the war.
With a view to preventing
serious industrial contingency the
Secretary of Labor requested the repre¬
sentatives of the operators and miners to come to
Washington for
ference.
A tentative agreement was submitted
THE
through Congress
while this country
in
in the opera¬
tion of the mines in this
OF
Austrian-Hungary
houses
positive calamity was averted.
of the largest—if not the largest—bituminous
a
mining operations in fifteen counties
PASSAGE
speeches by leaders in the House
stoppage of
Upward of 75,000 workmen
pur¬
at the service of the world.
true, and very misleading.
declaring the existence
by the
Department of Labor of the difficulties between the operators and miners
Pennsylvania Bituminous Coal District No. 2 a
of Central
Pennsylvania.
are
war
told
are
worthy people, and that America
place this unexampled treasure
The passage
Central Pennsylvania Coal Fields.—The
threatened strike of the Central
Pennsylvania coal miners is a typical instance.
In this settlement
This district comprises one
upon a
RESOLUTION
it says:
coal deposits in the country, with
heaped
We
great farm values, that it is providential
the successful results
Central Pennsylvania coal fields,
concerning which
operations which would have amounted to
are
"These statements
cited in the report,
among them the strike
war are
blessings
so
that the actual volume of agricultural
things produced, bushels of cereals,
bales of cotton, number of
hogs and sheep and some other things is smaller
than in 1915, and that consumers
simply generally get much less for a dol¬
lar.
The same statement
may be made in a measure as to the
reported
statistics of industrial production.
It is highly important that these
things be seen in the right light, and that they are not
permitted to im¬
pair the motive for saving." ~
Indirectly.
228,123
period, Apr. 6 to Oct. 25 1917—
war
number
before produced
ever
that these
war
343,906
-
land
has the will to
Directly.
25 1917
Without proper interpretation and
these, statements of wealth in terms of
sources
as
session for
the
beginning of the
Apr. 6 to June 30 1917
1 to Oct.
in
of this when
relatively little.
Newspapers have written editorials about it.
poses.
no
is shown succinctly in the following table:
Workmen Affected——
Period—
A
found
without
war
The nation, for instance, has been in¬
formed that the value of the 1917
output of corn products is twenty-one
billions of dollars, whatever that is—a
sum equal to the total appropria¬
tions and authorizations made
by Congress in its last
agremeents
its industrial and con¬
rights.
Department
July
the
standing in the Government machinery
of its country whenever its demands
stitutional
of
responsible
In such times
dollars may mean
Great plants thus secured
periods—some
deluded by inflated
reports of the rapid growth of our
come from
explanation.
publicity and the consequent excitement which
invariably attends indus¬
uninterrupted
not be
us
wealth into thinking that we can meet
the burdens of this
further increased production and
economy.
There is danger
engaged in great operations were quietly averted
maintained.
All this was accomplished without
trial disturbances when heralded in the
press.
everybody and everything except himself,
indulges in irresponsi¬
ble criticisms, causing unwarranted
popular confusion and unrest, generally
aid and comfort to the enemy.
These things must be abated
through force of public opinion if possible, but in
any event abated.
misunderstandings
great majority of disputes has been most
gratifying.
In many instances
through the efforts of the Department, strikes which would have
involved
thousands
3331
"The pacifist is a constant
menace; the mere partisan a criminal, and
especially obnoxious is the vain, omniscent
partisan to whom the future
is an open book, who
alternately 'rags' the public and assaults its enemies,
coalition in the conduct ot the
open
war.
"Aside from acts of aggression and offense committed
by the Austro-
Hungarian Government against the United,States, which in itself the com¬
mittee declares to be sufficient cause for war, it Is
manifestly impossible
that the United States and Austria should be at
peace
the United States
are
at
The state of actual
war.
tween Austria and the United States.
that
this
and
authoritatively.
mand
great fact should
that
this
be recognized
National
honor
Governmeflt should
while Germany and
war
It Is better for
us
already exists be¬
and for the world
and acted upon affirmatively
and
national
assume
an
interests
attitude
of
alike
de¬
dignity, sin¬
cerity and commanding firmness in its international relations."
;
Senator La Follette of Wisconsin, who, as stated in these
columns last week, left the Senate chamber
the roll-call
shortly before
the resolution and did not cast his
vote, later
in the afternoon arose in the Senate and told
why he had
not
on
voted.
He
explained that
^hen
he left the
Senate
chamber he had gone to his office in the Senate Office Build¬
ing to draft
the
amendment to the
an
signal bell for roll-call
when he
was
hear it and
until
the
ment
on
on
war
resolution, and that
the resolution
his way to the office
must have rung
building.
did not know the Senate
He did not
was
voting, he said,
resolution had been adopted.
The amend¬
of
war
the Wisconsin Senator proposed that the United
States bind itself not to participate in
any
r
ession that any
of
our
territorial
ag
Allies might have against Austria-
-
Senator La Follette
Hungary.
had been
the
war
Before
said that if his amendment
accepted by the Senate he would have voted
resolution, otherwise he would have voted in
London, Socialist, of
the
Austria-Hungary would be under
tions with the United States.
of
ment that the United
plies to aid the Italian situation, which the Committee de¬
in the present con¬
duct of the war."
"
'One very
at war with Germany,
but not
recommend that the Congress
a
with
state of war
is that we are
with her allies.
I therefore very earnestly
immediately declare the United States in
serious catastrophe was
The enactment of
President.
this recommendation of the
this declaration involves very
little read¬
the United States and Austria-Hungary,
which this declaration declares to exist, actually
months.
The depredation on American lives and
justment of the affairs between
because a state of war,
has been
a
fact for many
forces has been small compared with that of
indulged in to an extent to constitute war
rights by Austrian naval
Germany, but they have been
this country, and this fact,
upon
Austria-Hungary, has more
position where the American
taken in connection with
and more brought that
other acts of
Government into a
people have realized that she must
said: ■*'
inflicted upon the Italian arms,
would have been
and
war,
As
as
a
resulted in the collapse of
great blow to those
much to
result of this
a
United States is sending ships, money and
supplies, and will probably soon
who will be facing and making war upon
send troops,
The Italian situation is one of the utmost
duct of the
4
A declaration of war by
war.
which, if it had not
Italy. Such a result
with whom we are associated in this
the United States as to any of her co-belligerents.
situation, the Allies have rushed aid to Italy, and the
been stemmed, might have
Austrian soldiers.
present con¬
importance in the
the United States against
Hungary will hearten the people of Italy, who have been
chievous
and
diluting
strengthen, from
a
Austria-
misled by the mis¬
by Germans.
It will
whole Allied cause. These
engineered
propaganda
military point of view, the
declaration of war against Austria-Hungary.
considerations, and the fact that Austria-Hungary is adhering to
strong considerations for a
are
Austria-Hungary.'
accompanying resolution carries out
"The
The report
Austro-German drive in northern Italy, the Austrian
forces were gradually being driven back by the forces of the Italian army.
With the assistance of German troops drawn from the Russian front, a very
Until the present
of the two houses of Con¬
Dec. 4, the President uses this language:
embarrassing obstacle that stands in our way
gress on
concluded with the state¬
well as sup¬
States will send troops as
clares to be "of the utmost importance
He said:
delivered at the joint session
Government informed the American
diplomatic relations between the United
broken, and handed him passports for
Tlie House Committee's report
Chandler of
,
"In his address
rela¬
himself and members of the Embassy .
of Illinois.
Chairman Flood of the Foreign Affair^ Committee opened
the debate in the House, with a comparison of AustriaHungary and Germany in the unrestricted submarine and
other campaigns, and closed with an explanation of the mili¬
tary necessities in the case requiring that war be recognized
as
existing with the Dual Monarchy in order to defeat
German autocracy more quickly.
The events leading up to
the necessity for declaring war against the Austro-Hun¬
garian Government were ably presented by Chairman Flood
when he reported the Foreign Affairs Committee's amend¬
Dec. 6.
obligation to break off diplomatic
April 6 1917, the Austro-Hungarian
States and Austria-Hungary were
New
ment to the House on
These
the
illegal and inhumane policy of ruthless
submarine warfare and is, as the
citi¬
deemed necessary to
unanimously the ac¬
companying resolution declaring that a state of war exists between the Im¬
perial and Royal Austro-Hungarian Government and the Government and
people of the United States, and making provision to prosecute the same.
committee believes, making war upon
zens on
the high seas,
American vessels and American
and other reasons which hre not
recapitulate here, induced the committee to report
The action of the committee is unanimous,
tion will
soon
become
a
and it trusts that the resolu¬
law.
'
be included
with Germany as an enemy.
discovered that Ambassador Dumba and Aus¬
implicated in instigating
the production of
munitions of war.
An American citizen named Archibald, traveling under
an American passport, had been instrusted with dispatches in regard to
this matter from Dumba and Bernstorff to their Governments.
These
facts were admitted by Dumba,
By reason of the admitted purpose and
intent of Dumba to conspire to cripple business industries in the United
States and by reason of the flagrant violation of diplomatic propriety in
employing'an American citizen protected by an American passport as a
secret bearer of official dispatches through the lines of an enemy of AustriaHungary, the Austro-Hungarian Government was requested to recall
September 191.5 it was
"In
consuls
trian
in
St.
in American
strikes
Louis and elsewhere were
They
were
Louis and New York were
implicated with
particularly in the circulation of strike propa¬
implicated in procuring forged passports from the
countrymen going home.
Long before
public our Government had evidence that
States for the use of their
United
the above activities were made
diplomatic and consular
the Austrian
for Germany's
service
used in this country
warlike purposes.
"While Austria's submarine warfare
it has adopted and
of the
was being
has been of a very limited
adhered to the policy of the
character,
ruthless submarine warfare
Imperial German Government.
The report
then reviewed the diplomatic
correspondence
Washington and Vienna concerning the submarine
attacks in the Mediterranean on the Persia, which led up to
between
Government on Feb. 14 1917,
pledge given by Austria in the Ancona
to be interpreted as modified or with¬
request by the United States
a
to know whether
the
and Persia
cases was
drawn
by
the declarations of Feb.
1917.
The report then
10 1917 and Jan. 31
continued:
reply, the Austrian Government, in an aide memoire of March 2 1917,
after reviewing the illegal blockade measures of the Allies, stated that "it
In
now,
as
Ancona
heretofore, firmly adheres to the assurances
given by it" in the
also stated that Austro-Hungarian
submarines had taken no part in the sinking of the British steamers Secondo
and Welsh Prince, and that "the assurance which it gave the Washington
Cabinet in the Ancona case and renewed in the Persia case has neither
been withdrawn nor restricted by its declarations of Feb. 10 1916 and
Jan. 31 1917."
Austro-Hungarian note endeavors, through a legal argument, to
show consistency between
these assurances and its declarations.
In this
Government evades a direct answer to the
American Inquiry, but in its argument it substantially adheres to the
declaration of Jan. 31 1917 for it states that "the entire declaration is
way
the Austro-Hungarian
essentially nothing else than a warning to the
may
"the
navigate the sea zones
Imperial and
effect that no merchant ship
accurately defined in the declaration," and that
Royal Government is, however, unable to accept a
responsibility for the loss of human lives which nevertheless may result
from the destruction of armed ships or ships encountered in the closed
In view of the explicit acceptance
Government of the
and avowal by the Austro-Hungarian
policy which led to a breach of
United States and Germany, the Government
In
a
of
state
S.
TO
proclamation formally declaring the existence of a
war
with Austria-Hungary, President Wilson on
Dec. 12 called upon
all citizens to give loyal support to the
prosecution of the war and defend the status of all citizens
of
Austria-Hungary within the United States.
In his
specified that unnaturalized
Austro-Hungarians, unlike the Germans in this country,
shall be free to live and travel anywhere, except that they
United States without permis¬
be in¬
terned.
They need not, however, register with police or
post office officials, as unnaturalized Germans will soon be
required to do, and are not barred from the 100-yard zone
around piers, docks and warehouses, closed to Germans.
Also unlike the Germans they are not required to leave the
not enter or leave the
may
sion, and those suspected of aiding the enemy may
District of Columbia.
such
The President's motive in drawing
is said
the sym¬
distinction between Germans and Austrians
a
to be
In the first place it is realized that
twofold.
Poles, Serbians,
Austria-Hun¬
gary, generally is not with the mother country in the war,
and they have not been guilty to any great extent of partici¬
pation in the campaign of violence practiced under the
pathy
the
of
Rumanians,
Hungarians,
Czechs, Slovacs, and other immigrants from
German
war
system.
tion of laborers in
such
Secondly,
a
large
propor¬
by Austrian officers or supplied from
Austrian bases
or
by
Austrian means.
Marguerite was sunk
Sardinia, while en route
Spain.
The submarine carried no flag or marks to indicate Its nation¬
ality.
It is known, however, that Austrian (sic) was the language spoken
by the officer of the submarine who came aboard the vessel with the board¬
ing party, and it is believed that the submarine was Austrian.
On April 4
1917 the American four-mast.ed schooner
submarine thirty-five miles from the coast of
to
of Austrian subjects
consists
that it
was
found practically
rigid regulations
the Germans, who, it is stated, are not. half
so
numerous and more individualistic.
Indication of the
President's difference in feeling toward subjects olj the
imposed
Dual
on
Monarchy is
seen
in the fact that nowhere in his
proclamation does he jise the-phrase "alien enemies" as was
done in previous proclamations referring to Germans. J Re¬
peatedly he refers only to
"natives* citizens, denizens or
subjects" of Austria-Hungary.
The following is the President's
BY THE
proclamation:
PRESIDENT OF THE UNITED STATES OF AMERICA.
A
PROCLAMATION.
relations between the
Dumba's successor, Count Tarnowski.
Many vessels have been sunk in the Mediterranean—the area in which
Austrian submarines operate—by submarines which carried no flag or
mark and the nationality of which was unknown.
A great many of these
undersea craft are believed to have been Austrian submarines or submarines
commanded
munition and steel plants and coal mines
impossible to administer against them the
Whereas,
of the United States found
it impossible to receive
a
PROCLA-
BE TREA TED LENIEN TL Y.
zones."
by
IN U.
case.
JThe Austro-Hungarian Government
The
WAR
AUSTRO-HUNGARIAN
MATION—SUBJECTS OF AUSTRIA
pronouncement the President
"The Austrian Consuls at St.
Dumba in these transactions,
ganda.
PRESIDENTS
manufacturing plants engaged in
Dumba.
-
United States Govern¬
States upon Germany,
Consequently, after the declaration of war
Charge at Vienna on April 8 that
New York, who was the only member
against the war resolution, was scath¬
ingly rebuked for his stand by Represenattive
York, Lenroot of Wisconsin and Heflin
the United States and the Im
ment that if war should be
In the House, after an extended debate, the
resolution was accepted by a vote of 363 to 1. Meyer
in the House to vote
declared to exist between
war was
perial German Government, it was intimated to the
declared by the United
for
negative.
Senate
[Vol. 105.
CHRONICLE
THE
2332
Tbe
Congress of the United
States ,in the exercise of the
vested in them, have resolved, by joint resolution
and House of Representatives, bearing date of Dec.L7.1917,
constitutional authority
of the Senate
follows:
as
"
Whereas, The
Imperial and Royal Austro-Hungarian Government ha
committed repeated acts of war against the Government and the people of
the United States of America; therefore, be it
t
> /
"Resolved, By the Senate and House of Representatives of the United
States ot America in Congress assembled, that a state of war is hereby
declared to exist between the United States of America and the Imperial
f
Austro-Hungarian Government; and that the President be, and
authorized and directed to employ the entire naval and
the United States and the resources of the Government
to carry on war against the Imperial and Royal Austro-Hungarian Govern¬
ment; and to bring the conflict to a successful termination all the resources
of the country are hereby pledged by the Congress of the United States."^
and
he
Royal
is
hereby,
military forces of
Dec. 15 1917.]
THE
CHRONICLE
Whereas, by Sections Four Thousand and Sixty-Seven, Four Thousand
Sixty-eight, Four Thousand and Sixty-nine, and Four Thousand and
Austria-Hungary resident in this country,
and
not included within the
Seventy of the Revised Statutes, provision is made relative to natives,
citizens, denizens, or subjects of a hostile nation or Government,
being
males of the age of 14 years and
upward who shall be in the United States
and
not
actually
exists between the United States and the
war
earnestly appeal to all American citizens, that they, in loyal devotion
to
their country,
dedicated from its foundation to the principles of liberty
justice, uphold the laws of the land, and give undivided and willing
measures which may be adopted by the constitutional
and
support to those
authorities in prosecution of the war to a successful issue and in
a
and
secure
obtaining
Statutes, I do hereby further proclaim and direct that the conduct
on
denizens
or
to be
the
part of the United States toward all natives, citizens,
subjects of Austria-Hungary, being males of the age of 14
years and
upward, who shall be within the United States and not actually
naturalized, shall be as follows:
All
natives,
citizens,
denizens
subjects
or
of Austria-Hungary
being
males of 14 years and upward, who shall be within the United States
and
that
they
are
employed in the
as
interfered with in any
way.
on Dec. 9, said:
or
statement, issued
Deposits in the Postal Savings banks of the United States and
deposits in
banking institutions, belonging to citizens or subjects of
Empire resident in this country, are not liable to
othe.' banks and
the Austro-Hungarian
seizure by the Government and will not be taken
into possession
Property Custodian.
There is no reason whatever
Alien
by the
why such persons
should be concerned about their
property, real or personal, or their funds
in banks or securities or other investments.
i
.
Under the Trading with the Enemy Act the test of
enemy character is
one of residence and not
nationality.
The Alien Property Custodian wiU
take into bis possession
account of,
just peace;
And, acting under and by virtue of the authority vested in me by the
Constitution of the United States and the aforesaid sections of the
Revised
observed
Mr. Palmer's
of
Hungarian Government; and I do specially direct all officers, civil or
military, of the United States that they exercise vigilance and zeal in the
discharge of the duties incident to such a state of war, and I do, moreover,
"enemy"
Enemy Trading Act, and, therefore, their property in this
of
Imperial and Royal Austro-
term
country will not be molested
naturalized;
Now, therefore, I, Woodrow Wilson, President of the United States
America, do hereby proclaim to all whom it may concern that a state
2333
the
only the property in this country used for or on
for the benefit of persons who are
actually resident within
or
territory.
enemy
The statement
the
issued'by Mr. Palmer
that which
same as
this country.
was
The earlier pronouncement
these columns
the 9th inst. is
on
made with respect to Germans in
was
Oct. 27 last, page 1671, and
on
referred to in
prompted
by the large withdrawals from banks by Germans, who
erroneously supposed that all their property would be seized.
was
not
naturalized, are enjoined to preserve the peace toward the United
States and to refrain from crime against the public
safety, and from vio¬
lating the laws of the United States and of the States and Territories thereof,
and to refrain from actiaul hostility or giving
information, aid,
OVER
6,000
to the enemies of the United
tions
which
States, and to comply strictly with the regula¬
hereby or which may be from time to time promulgated
are
by the President; and
with
ance
law
so
long
they shall conduct themselves in
as
accord¬
they shall be undisturbed in the peaceful pursuit of their
lives and occupations and be accorded the consideration due to all
peaceful
and
law-abiding
their
own
such
of said
as
restrictions
may
be necessary for
protection and for the safety of the United States; and toward
persons
as
all
with
such
are
enjoined to preserve the peace and to treat
friendliness
as
may
be compatible with loyalty and
allegiance to the United States.
And all natives, citizens, denizens or subjects of
Austria-Hungary, being
males of the ages of 14 years and
upward, who shall be within the United
States and not actually naturalized, who fail to conduct themselves as
so
enjoined,
in addition
to
all
other
penalties prescribed by law, shall be
liable to restraint, or to give security,
United States in the
Revised
the
manner
Statutes, and
as
or to remove and
depart from the
HAVEN LINES SERVING IN
Three
Grand
service
who
(1)
have been
Co.
hung in
a
employees of the
the
and
New York
Central
army
Lines,
or
navy,
prominent position in the main waiting
The total represented
by these three flags is 6,492.
This figure is doubly signifi¬
cant, for it discloses the patriotism of railway men, and also
shows how the
.at
railways have suffered from the loss
of
men
time when they are doing the greatest business in their
a
history.
INCREASED
prescribed in regulations duly promulgated by
authority vested in
USE OF
CANAL
I hereby declare and estab¬
me
No native, citizen, denizen
or
subject of Austria-Hungary, being
WATERWAYS AND BARGE
depart from the United States until he shall have received such permit
the President shall prescribe, or
except under order of a court, judge or
justice under Sections 4069 and 4070 of the Revised Statutes;
(2) No such person shall land in or enter the United States, except under
such restrictions and at such places as
(3) Every such
person
of whom there
the President
may
danger of the public
peace or
safety,
of whom there is reasonable
or
who
may
who violates
the United
States,
other officers
of the States
or
be at large to the
or
or any
criminal law of
Territories thereof, will be subject
by the United States Marshal,
or
his deputy, or such
prison, jail, military camp or other place of detention
be directed by the President.
may
This
proclamation and
the
regulations herein
apply to all land and water, continental
the jurisdiction
In
Witness
of the
United
or
contained
insular, in
shall
my
other
among
things
WORK.
that,
within
hand and caused the seal
of the United States to be affixed.
Done in the District of Columbia, this 11th
day of December in the year
of our Lord 1917, and of the
independence of the United States the 142d.
WOODROW WILSON.
By the President:
Attorney-General Gregory on Dec. 12 issued the follow¬
ing statement in explanation of the President's proclama¬
tion:
That
between
this
country
perform their duty,
laws, and enjoins
upon
warns
and
Austria-Hungary,
calls
upon
all
subjects of the enemy to conform to
our
American citizens the duty of treating subjects of
the enemy who remain loyal to the United States with all such friendliness
be compatible with loyalty and allegiance to the United State#.
as may
"This
to the
proclamation differs from
the
preceding proclamation,
relating
subjects of the German Empire, in that while it authorizes the
rest
and
may
be
internment
a menace to
contains
are
of
any
ar¬
subjects of the dual empire whose conduct
the safety of the country, the only restrictions which it
prohibition
against
either
entering
or
leaving
the
can
be
on
the Governor of the State of New York be requested
to direct the proper
including
State official to take whatever steps
co-operation
with
the
appropriate
may
Federal
be necessary,
Department,
to
provide suitable and sufficient equipment to enable the New York Barge
Canal and other developed waterways of the country to be made use of
to the fullest
sities
to
possible extent in providing transportation for the
war neces¬
of the nation and for the maintenance of its internal trade in order
strengthen its
The
efforts.
war
preamble in part set out that "it is, recognized by
in
freight traffic,- due to
war conditions, is severely taxing
capacity and ability of the railroads to handle, and that
the
every
possible transportation utility which
be used to the fullest extent not only to
supply of the ordinary necessities
facilitate and carry on
war
Commerce
it is
on
have should
an
adequate
but to
smoothly, promptly and efficiently
work."
A conference brought about
by the adoption of the resolution
of
we
enable
of our people,
Monday
of
was
this
held at the Chamber
week.
The
reported in the "Journal of Commerce,"
the instance of Governor Whitman with
"The proclamation issued by the President
to-day proclaims a state of
existing
as
unanimously adopted the following resolution:
the Government
.ROBERT LANSING, Secretary of State.
citizens to
far
so
both railroad and Government authorities that the increase
States.
Whereof, I have here unto set
6
as
extend
any way
FACILITATE
the Chamber of of Commerce of the State of New York
Dec.
the President shall designate, and to confinement in such
as
penitentiary,
TO
ascertained, there is great lack of sufficient equipment for
use on the New York Barge Canal and our other
waterways
Resolved,
believe
ground to believe that he is about to violate
regulation duly promulgated by the President,
any
to summary arrest
cause to
attempts to violate,
or
Declaring
prescribe;
may
be reasonable
that he is aiding or about to aid the enemy, or
URGED
GOVERNMENT WAR
a
as
war
AND
WAR.
the New York New Haven &
of the Grand Central Terminal.
room
CENTRAL
prescribed by Sections 4069 and 4070 of the
male of the age of 14 years and
upward, and not actually naturalized, shall
and
Y.
serving the country either in the
are
lish the following regulations, which I find
necessary in the premises and
for the public safety:
or
N.
in honor of the
Terminal,
Railroad
OF
President;
And pursuant to the
*
flags,
Central
Hartford
conduct themselves in accordance with law all
citizens of the United States
them
far
persons, except so
EMPLOYEES
NEW
or comfort
meeting,
was
held at
view to
developing
co-operation between citizens and a sub-committee of the
Committee on Inland Water Transportation, composed of
Major-Gen. Williams H. Block and R. A. C. Smith, Dock
Commissioner
meeting,
of
New
York.
a
Nearly
300
attended
the
it is stated, representatives of the Federal
and
State Governments and
tions of the
important civic and trade organiza¬
city composing the gathering.
United
States without first obtaining permission.
"Many subjects of Austria-Hungary have already demonstrated their
strong loyalty to this country by their faithfulness in industrial work, their
organization
of
recruiting
For the present,
ments
of
therefore,
subjects
restrictions
of
the
of
committees,
and
in
no restrictions will
Austria-Hungary.
previous
They
proclamation
service
with
our
Army.
be placed upon the move¬
are
relating
not
to
subject
Germany
to
the
enemy
aliens; they will be permitted to reside and labor in prohibited areas and to
travel freely
loyal
are
without molestation.
subject to arrest."
Only those who
are
dangerous or dis¬
i
NOT
TO
BE
SEIZED
a
BY
GOVERNMENT.
statement reassuring citizens or subjects of
UNIFICATION OF RAILROADS.
of the unification of
the railroads has
con¬
there have been reports as to
measures
from him
as
the likelihood of the particular
which he
to
might take, no statement has yet come
the course he will pursue and his first utter¬
expected to be embodied in a message to Congress
which is looked for shortly.
On Monday last, the 10th
The declaration of war by the United States against
Austria-Hungary has brought forth from A. Mitchell Palmer,
Alien Property Custodian under the Trading with the
Enemy Act,
matter
tinued to be before President Wilson this week, but while
ances
PROPERTY OF A USTRIANS RESIDENT IN THIS COUN¬
TRY
PROPOSED
The
are
inst., the President conferred with Senator Newlands, Chair¬
man of the Senate Committee on Inter-State
Commerce, on
the
was
transportation situation, and following the conference it
stated
that
the
President would
go
to
Congress for
special,legislation to bring about railroad unification during
the^war.^It is^stated^that while the President's advisers-
divided in their views
are
of
most
and
have
them
lands
dent
10th inst. in
Harrison,
letter to Senator New-
a
of
Chairman
the Railroad
do not seek
The railroads, Mr. Harrison declared,
Railroad
four
brotherhoods
Joint
Before his conference with the President on the 10th
Senator Newlands held
conference with members of the
a
Railroads War Board at which Mr.
delivered
him.
to
inst.,
Later
Harrison's letter was
Newlands
Senator
out
gave
a
and the Railway War Board,
"The Inter-State Commerce Commission
composed of railway executives, differ as to the necessity of legislation in
order to meet the urgent requirements of the war.
The Commission in¬
sists that unification of
or
operation should be conducted either by the carriers
by the President.
War Board
Railroads
Chairman Adamson,
arranged for under
successfully and will be further
is proceeding
billion dollars
pooling laws as relating to them; that they do not ask one
from the Government or anybody else."
have
take
to
by Mr. Harrison, Chairman of the Railroad
that the roads under present direction are pre¬
The American railroads under
nish all the transportation
in war.".
Kansas.
They have already made common use of box cars and of many
facilities
The recent action combining facilities of
intensive operation.
for
On the
common use
of coal cars in that territory
reservation to make
and equipment, to approach the highest
tions of the Railroads' War Board are prepared without
common
of facilities, power
use
of success in the transportation effort of the country.
measure
They point out, however, that in order to secure complete
that
Officials
Government to avoid unnecessary congestion upon Important
lines serv¬
/
travagant use of preference orders for shipment.
and cars to replace equipment wear¬
ing out and to provide for recent increase in traffic.
secure
to-night
until
now
Responsibility for recent
congestions, which it must be remembered are only in a limited but highly
Important territory, cannot be charged to lack of efficiency or earnest effort
to
railroad, nor has there been
hesitation or avoidable delay in obeying its orders and directions.
any
At
the request
War Board,
the
on
was
made
of Chairman Harrison of the Railroad's
President Wilson met the members of the Board
inst.
12th
as
Announcement
of
the
Board's request
are
advised that
we
will be received to-morrow.
appointment.
based
a
The members of the Railroad's War Board called upon
more
than
an
President Wilson
afternoon, and discussed the railroad situation with
hour.
The subject was discussed fully and frankly,
but no decision was reached.
Mississippi instructing them to loan
a
certain
proportion of their locomotives to the heavily burdened Eastern lines.
response to
In
these instruct'ons, 100 powerful locomotives will start within the
next 24 hours to. assist in
moving the thousands of tons of freight that is
congesting traffic east of the Mississippi and north of the Ohio and Poto¬
mac
to the number
On the
same
owned
by the Western lines in propor¬
by each.
day the members of the Railroad's War Board
(who include, besides Mr. Harrison, Howard Elliott, New
York New Haven & Hartford RR.; Hale
Chicago
Burlington &
Quincy
Holden, President
RR.; Julius
Chairman Executive Committee, Southern
Samuel Rea,
ferred with
The
day
a
Government freight carried over land grant roads and their
If the Government
takes over operation much of
decided whether it would be better for the Government to appropriate the
outright
or
have the public pay it in increased tariffs.
In addition to guaranteeing earnings, the
invested.
a
Kruttschnitt,
con¬
conference between Presi¬
dent Wilson and Representative Thetus W. Sims, the new
Government, if it operates the
estimate that they will
roads
The
between half and three-quarters of a
The
provements.
roads,
capital
next year
billion dollars in equipment and im¬
is said,
it
have to invest
are
ready
to
finance themselves,
their credit
whether under Government control or not, though they ask that
be
impaired by having to compete in bond sales with Government
not
expectation that the President will name an Ad¬
or Director of Transportation has given rise to
The
ministrator
speculation
as
to who will be chosen for the
Among those whose names are mentioned are Louis
post.
Brandeis, Associate Justice of the U. S. Supreme Court,
Comptroller of the Currency John Skelton Williams and
Secretary of the Interior Franklin B. Lane.
day conference of Presidents of the Eastern rail¬
An all
roads
was
held in this city
last Sunday, preparatory to their
discuss the situation with the Rail¬
Board and Administration officials.
It is said
visit to Washington to
roads' War
to have been the
could not be
conclusions of the majority at the conference
improved
under the control of the Board
upon.
FAIRFAX HARRISON ON WHAT RAILROADS DO AND
A letter
the
wants
NOT ASK FOR.
designed to correct a misconception existing as to
of the railroads in the present emergency was
addressed this week to Senator Newlands by Fairfax
Harri¬
Mr. Harrison
thing points out that the American railroad system
broken down, but on the contrary has handled 50%
Chairman of the Railroads' War Board.
son,
one
has not
more
business in recent months than in 1915
enlargement of plant,.
without material
They do not, he says, ask for one
billion dollars from the Government or
anybody else, nor for
repeal of anti-trust and anti-pooling laws.
What they
is an immediate increase in rates, priority
orders for prompt delivery of new equipment, appointment
of a traffic manager for Government freight and assignment
until railroad service, until actually needed for military
do ask for,
he
says,
service, of railroad men who may
be drafted.
Mr. Harri¬
son's letter follows:
Washington, Dec. 9 1917.
The Hon.
number of other railroad officials.
also marked by
accordingly.
this deficit could be
by increasing freight rates generally, but officials have not yet
Pacific Co., and
President Pennsylvania RR. System) also
was
and the high peak of
increasing percentage of Government freight reduces revenues
made up
the
rivers.
The locomotives loaned will be furnished
tion
months of
^or the entire
below
Increasing amount of Government freight the roads are called on to
transport.
for
Prior to the conference at the White House the War Board sent telegrams
to all the railroads west of the
period in 1916.
expected to assist in the reduction of earnings next year.
are
DO
Wednesday's conference, Mr. Harri¬
out the following statement:
at the White House this
same
competing lines is hauled for about half the usual freight rate and an
At the conclusion of
him for
net earnings for the first nine
on
hope that
be able to be of assistance to the President, in respect of any action
gave
cost the
arrangement might
probably increase in wages to employees and the second is the
he may contemplate.
son
an
Our consistent effort
has been to be of service to the nation in time of war, and we
we may
were
that existing arrangements
follows by Mr. Harrison on the 11th inst.:
The Railroad's War Board has asked the President for an
We
guarantee to be based on 1916 revenues.
such
With operating expenses increasing
Two factors
The first is
From the beginning their authority of the Railroad's
prevent them.
War Board has not been questioned by any
that
estimated
those of 1916.
railroads have, since
been operated with the highest efficiency,/ and
transported without substantial complaint the greatest
nto the war,
volume of traffic in the history of the country.
decides on Government
officials put the 1918 earnings at fully $100,000,000 below
considerable
The point of the whole matter is that the American
have
a
bond issues.
completion and delivery of engines and cars now on order will fur¬
entrance
the President
of 1917 the net earnings are estimated at about $65,000,000
those of 1917.
Opportunities through priority orders to
nish much immediate relief under the second head.
our
on
The dispatches add:
said to want such
are
traffic near,
Co-operation with Government departments and agencies is already well
organized and promises success.
urging
roads, probably would be called on to guarantee returns on new
ing territory of intense industrial activity and occasioned chiefly by ex¬
power
are
railroads during the war say that
1917, which fell $50,000,000 below the
year
money
(1) Co-operation of important military and industrial agencies of, the
Reasonable additions to
who
officials
operation, to ask Congress to guarantee the railroads pre-war earnings and
the railroads
results, certain
viz.:
action not within their power is essential,
(2)
question of the extension of Federal Control
The President, it is understood, is ready, if he
The American railroads under the direc¬
already reducing congestion.
began hearing railroad commis¬
making of satisfactory financial arrangements present
ever
Eastern roads and providing
plan
Wisconsin, Indiana, Minnesota, Nevada and
Government operation of
the
some
railways, Press dispatches from Washington on Dec.
stated
13
and hold
war,
provide
and efficient operation in peace and
The Committee
sioners from
during the
until Congress can
for proper management
present management are prepared to fur¬
which the existing plant can produce under any
form of management.
is
war
Government next year as much as SI00,000,000.
pared to furnish all the transportation possible to obtain un¬
der any management, was issued as follows on the 7th inst.:
for more
the railroads
over
them after the
These figures
War Board,
Commerce
House
the
claim that there is no necessity for
perfected; that they do not ask for the repeal of the anti-trust and anti-
A statement
of
Committee declared that "President Wilson probably would
legislation; that the unification of the railways already
the
opening of the hearing on the 11th inst. by the
perplexing difficulties.
"The railroads, on the other hand,
employees will co-operate in the
Congressional Committee investigating transportation
problems,
over
statement in which he said:
deny reports that the
in whatever action the President may take.
measure
At the
Mr. Gar¬
Tumulty.
opposed to Government operation,
are
and to have stated that the
the
Government, he said, though Government aid is asked in
obtaining for them on their own individual credit new capital
needed.
Mr. Harrison's letter is printed in full an in item
under a separate heading in to-day's issue of our paper.
they seek a loan from
Neither do
short conference with Presi¬
a
Secretary, Joseph P.
retson is said to have taken occasion to
fullest
efficiency.
Conductors, held
Wilson's
repeal of any legislation, believing the co-operative use of
facilities recently put into operation will bring about maxi¬
a
mum
Wednesday with local
Thursday A. B. Garretson, President of the Brotherhood of
Fairfax
from
Inter-State Commerce.
already, under the Army Appropriation
set forth on the
Board.
on
brief talk, too, on
operation under
The.position of the railroads themselves
administrator.
was
a
representatives of the four railroad brotherhoods, and on
to take over the roads for
power
Chairman of the House Committee
The President had
of this proposal de¬
clare the executive
an
be done,
Government operation,
out for
of the strongest supporters
some
Act, has
to what is necessary to
as
come
[Vol. 105.
CHRONICLE
THE
2334
merce,
Francis G.
Newlands, Chairman Committee on Inter-State Com¬
United kStates Senate:
My Dear Sir.—The American
in
railroad system has not broken down.
in recent months, handled
1915 without material enlargement of plant.
the contrary, it has,
On
50% more business than
•
'
I
Dec.
■
151917.]
THE
CHRONICLE
3335
,
Some misconception seems to exist as to the immediate
requirements of
the railroads in their present situation.
Their chief
operating troubles
are a
volume of traffic greater than the capacity of the
plants in certain limited
territories, aggravated by excessive
of preference orders, and their
use
now
serious malady of dilution of labor, which is general
throughout the country
and common to all industry.
Nevertheless, the railroads under present
holders of these
are
securities, their
It is my
belief, and the
In the two issues of
Liberty Loans, the banks have been
them at
form of management.
What the Railroads do Not Ask.
1.
will be
They do not ask $1,000,000,000 from the Government
or anybody
They could not invest it in plant and equipment if
they had it, because of the difficulties of getting materials and labor.
That
figure represents, in round figures, what ought to be spent in every
else at the moment.
year
for several years to bring the American railroad
plant up to capacity to
handle efficiently the growing traffic.
About $600,000,000
per annum on
the average has been spent for a number of years for road and
equipment,
which, at present prices, would be equivalent to about $1,000,000,000 for
road and equipment.
2.
They do not ask at this time for repeal of anti-trust and anti-pooling
relating to them, for they do not consider such relief immediately
laws
as
necessary
to increase unified operation.
maximum
The present
such way as to
system of voluntary unification is adequate for this. No
or
other reasons, to respond
What the Railroads do Ask.
required and another urgent appeal will be made
time, for their
some
facilitating it.
Most of the railroads need
more
worn out.
own
are
locomotive,
and steel industries.
The railroads are entitled to a remuneration for
their services, sufficient to meet their
obligations and defray the cost of
maintenance to an extent that they
may be able to meet the traffic demands
of the
public and the Government
the past few years there has been
orators
railroads expect to provide the capital.
5. Approximately 2,000
order,
now on
Priority
every year,
locomotives and
are necessary
of next year.
This is
orders
150,000
cars,
in addition to
for early construction to meet the require¬
no
more
than
and at present prices represent
application for
the railroads
a cost
usually require
of approximately $500,-
an
I.
C.
C.
evidenced by
as
the recent request of the Secretary of the
Treasury, that no
new
private
financing shall be undertaken without conference with him. the railroads
generally cannot next year provide through their usual channels for the capi¬
tal requirements for the acquisition of
equipment, and other possible addi¬
plant.
They invoke, therefore, the co-operation and aid of the Gov¬
through the Treasury Department and the Federal Reserve Board
them, on their
individual credit, the new capital found by
not only for enlargement of plant but for
own
th^ Government to be necessary
reneVing maturing obligations.
6;
•
.
.
■
Immediate increases in rates, as defined by the Inter-State Commerce
Commission's
special report to meet increasing operating expenses and
strengthen credit, are necessary in'Eastern territory, and may become
necessary in other territories.1
7.
Railroad
men
drafted to be enrolled and assigned to railroad service
until actually needed for military service.
Faithfully
'
yours,
GARY. President.
APPROVES INCREASE IN IRON AND STEEL
Advances in
ranging
freight rates
on
iron and steel commodities
to 40% were granted to the Western roads by
the Inter-State Commerce Commission on Dec. 4,
It is
stated that the increases were not as
great as the railroads
desired
up
they had asked to cancel commodity rates and
apply fifth class rates which would have caused increases
as
too
ranging
The Commission held that these
high and allowed
up
varying scale of increases
a
to 90% of the fifth class rate.
held that former rates
on
The Commission
iron and steel articles
were
entirely
territory, owing mainly to the
depression of the Chicago-St. Paul rate in competition with
low in Western Trunk
too
water carriers.
The new rates, which may be filed
shortly,
apply, it is stated, principally from Chicago, Peoria,
St. Louis, Kansas City, Minneapolis, St.
Paul, Duluth and
Mississippi river crossings to various western destinations.
will
No increase
prQposed in present rates from Chicago
was
to St. Louis and other west bank
the
Commission
specified that
relationships
present
FAIRFAX HARRISON, Chairman.
A.
FREIGHT RATES ON WESTERN ROADS.
varying from 20 to 50%.
loans,
yours,
F.
were
war
increase of rates.
Respectfully
While a number of railroads are able to
purchase their quotas of such
equipment without aid, it is apparent that because the United States has
to secure for
journalism, soap-box
assets, that you grant to the railroads an increase in rates sufficient to meet
their requirements, as we believe that the
railroads have been reasonable
necessarily occupied the investment market for
ernment
It is regrettable that for
mania to denounce and
persecute the
through its board of directors, respectfully requests in Its
behalf and in behalf of other banks
holding railroad securities as
own
The
essential for
are
000,000.
tions to
at all times.
a
It has been the cherished theme of
yellow
and cheap politicians.
approximately 3,800 locomo¬
prompt delivery of such equipment.
ments
banks, with their depreciating assets,
protection, be obliged to decline as generous
car
locomotives immediately, and enough
There
tives and 33,000 cars still on order undelivered for American railroads.
those
of
support as they have given in the past?
The Government should realize the value of
the railroads to the country;
with good earnings they are the
largest purchasers in the country.
Their
lean earnings of 1914-1915 were reflected in
the earnings of the
and just in their
and orderly transportation of Government traffic, and avoid the
excessive
use of preference orders, which congest traffic instead of
replace those
many
to the banks for
a
3. The immediate appointment of a traffic officer to
represent all im¬
portant Government departments in transportation matters, with whom the
railroads can deal, to secure active Government
co-operation, the prompt
4.
called upon to
they responded loyally,
This bank,
requirements of the present co-operative organization.
new cars to
success;
In the not very remote
future, other loans
Does it appear to you that the
will
efficiency.
interest has declined, or will decline, for selfish
to the
aid.
a
financial detriment.
a
railroads.
The co-operative use of facilities will be continued in
obtain
of
success
treatment of the railroads.
ing plant
any
the
upon
opinion is expressed by our board of direc¬
tors, that your Commission has been
dilatory and rather severe in your
do their utmost to make them
produce under
depends
same
management are prepared to furnish all the transportation which the exist¬
can
success
the railroads.
in
Mississippi river cities and
rates
no
commodity
must
disturb
from
rates
the
Kansas
City and St. Louis.
In explanation of the abnormally low
prevailing on iron and steel products in this
territory, the Commission's decision said:
rate heretofore
HEARING ON APPLICATION OF WESTERN ROADS FOR
INCREASED FREIGHT RATES INDEFINITELY
POSTPONED.
It
was
announced
on
the 8th inst. that the
application of the Western railroads for
a
hearing
on
the
The
reasons
assigned by the rail¬
recom¬
mendations for unification of the railroads and the
uncer¬
The
pending
demands of employees for wage increases, and the fact that
earnings for the entire year of 1917 will soon be available,
also were mentioned as reasons for
delaying the hearing.
The Commission issued its order deferreing the hearing after
receiving the following from E. S. Keeley of Chicago,
Chairman
of
the
Western
Railroads'
Special
Trunk
Line territories may
be taken
Freight Association
representative of
as
transportation conditions generally, the proposed rates
are not
'
In its report
relatively
in the matter the Commission said:
We think that the
use
of the fifth class
proportional rates there prescribed
has been justified as to shipments of iron and steel articles and
pipe from
east of the Indiana-Illinois State line,
moving on combination rates made
the Mississippi River.
In other commodity rates on the articles in
the general iron and steel list, including
pipe, applying between points in
the territory east of the Missouri River, including St. Paul and
on
roads for the postponement were the Commission's
tainty of the Government's future action.
Western
high.
15% increase in
freight rates, set for Dec. 17, had been indefinitely post¬
poned by the Inter-State Commerce Commission at the
request of the railroads.
If the difference between class rate levels In Central
and
Executive
Committee:
The recommendations of the Commission in its
special report to Congress
as to the action to be taken by Congress upon
them, as
And the uncertainty
well
as the uncertainty as to the
disposition to be made of the demands of
employees for wage increases, prompt the Western carriers to ask for a
Duluth,
increases up to
90% of the fifth class rates contemporaneously in effect
have been justified,
except that no justification has been shown for any
substantial change in the relationship as between the
commodity rates
from Kansas City and St. Louis.
ance
with the
Fractions shall be disposed of in accord¬
following rule:
Fractions of less than H, or .25, to be omitted; fractions of
greater, but less than %, or .75, to be shown
or
as
modity rates
on
%,
or
y%, fractions of %,
greater, to be increased to the next whole figure.
.25,
or
or
.75,
The. proposed com¬
pipe from Chicago, Memphis and Mississippi River points
points have been justified.
Increases proportionate to
to Missouri River
those justified in rates on pipe to the Missouri RiVer have been
justified
in the rates on pipe to the related points in the
territory intermediate to
the Missouri River, except that the new rates, other than the
proportional
rates to interior Iowa cities, above referred to, must not exceed
90% of
the fifth class rates.
postponement of the hearing of their application for increase in freight rates,
now assigned for hearing
on Dec.
17.
A further consideration
moving
them to make this request is that by the
early part of 1918, when the
above uncertainties probably will have been cleared
up, they will be in a
section with respect to rates to points in Iowa as
compared with those to
the Missouri River. No increases have been justified in the rates on
position to submit figures covering operation for the entire
rates to St.
year 1917 and
showing the extent to which maintenance of road and equipment has been
deferred.
There shall be
points In Kansas west of the west bank of the Missouri River.
FOR
INCREASED
BEHALF
OF
RAILROAD
RATES
ON
are
If the
increased, the rates from Chicago and Milwaukee to
Winona and from Chicago to La Crosse must be
correspondingly increased
The mixtures
now
under commodity rates must not be restricted in any case.
rates on
appear
BANKS.
railway material
are
in
a
chaotic state, and in
low, but upon this record we
are
some cases,
per¬
The
at least,
not prepared to say what increases
readjustment should be made.
or
following appeal to tbe Inter-State Commerce Com¬
mission to grant increased rates to tbe railroads sufficient to
meet their
Paul
in order to prevent undue prejudice to St. Paul.
The
of
violation of the long and short haul rule of the fourth
pipe
to
mitted
APPEAL
no
The Increases here found justified may be reflected in the
from points east of Chicago and the
through rates
Mississippi River.
requirements, has been made by the National Bank
Vernon, N. Y., in its
own
behalf and in behalf of other
banks holding railroad securities:
Applications
Vernon, N. Y., Dec. 13 1917.
Chairman, Inter-Stale Commerce Commission,
Washington, D. C.:
Dear Sir.—This bank and also other banks of the
country are to a large
holders of railroad securities.
For the past few months these
extent
securities have been rapidly
INCREASES IN LIVE STOCK RATES DENIED BY I. C. C.
depreciating in value.
As far
as
the banks
than
on
carloads
December 4
mission
which
was
will
increased
for
east
of
rates
on
livestock
in
less
the
Mississippi River were denied
by the Inter-State Commission, but per¬
given to make
result
in
small
new
minimum weight rulings,
increases.
The
increases
al-
lowed
amount
to
an
Article F,
apply mainly
of 15% and
average
shipment of breeding animals.
The Commission also
ordered Eastern railroads to cancel proposed rates providing
to
On roads where train crews are
on
Commission has
approved, minor rate increases not given official sanction
This practice has been somewhat common, and a Commission
practice of including in tariffs which the
resort to more drastic
nor
action will be necessary in any
Such action constitutes
instance."
amendment
into
a
vided
from
or
required to load
or
stations they will be paid way
cars or
Article
in
E, paragraph 2.
unload milk or milk
freight rates
as pro¬
On roads where train crews are not
required to load or unload milk or milk cans into or from cars or stations
they will be paid the rates
provided in Article E, paragraph 1.
as
For yard service the following
foremen, $5 30
Brakemen
helpers, $5 a day, and $5 20 at night.
constitute a day's work; overtime, pro rata; actual
or less to
be
to
minimum rates will apply: Conductors or
day, and $5 50 at night.
a
or
Eight hours
minutes
differential
The
counted.
for
and
Denver
West to
be
maintained.
violation of the Elkins
General rules; Article H:
Commerce Act,
the Inter-State
to
admonition
is hoped that neither further
statement said ' 'it
paragraph 1, dealing with milk service, reads as
follows:
cans
ordinary livestock, dependent upon value.
Railroads were warned by the Commission against the
charges
[Vol. 105.
CHRONICLE
THE
2336
Paragraph 1—AJ1 minimums to be preserved in all service either as to
service conditions
compensation in every form.
or
Paragraph 2—All the above rules, rates and conditions shall apply to all
WAR AND PEACE PRICES OF
RAILROAD SUPPLIES A S
persons
Paragraph 3—None of the rates of
WITH OTHER ICOMMODITIES.
COMPARED
filling the various positions for which these organizations legislate.
conditions herein requested to
pay or
operate as a reduction in pay or a less favorable condition.
Pacific Company through
The Southern
News"
its "Bureau of
gives the following comparison of "peace prices
established by the Government and
and
"war
says
the great increase disclosed is advanced as one of the
prices"
as
financial straits though
is admittedly the largest in history.
why the railroads are in such
reasons,
their gross income
Paragraph 4—All classes of service not herein named and all special allow¬
by
JAMES SPEYER ON NEEDED REMEDIAL MEASURES
.60
Bale--.
Cotton.
125 00
33 00
iron.
Ton
16 15
Bit. coal.
Ton
1 15
Pig
Pound
Copper.
Excess
1,600,000,000
value of pig iron
war
As
one
674,000,000
fixed by Government- —
his
bringing
885,000.000
Excess war value of bit coal fixed by Government
Excess war value of copper
213,000,000
fixed by Government
that the Government has approved an
means
consumer
of wheat, corn, and cotton
cost to the users of bituminous
increased cost to the
of $3,250,000,000 and an increased
coal, pig iron and copper of $1,750,000,000.
The increased value of these
The railroads
*
The Government "war
War prices for pig iron means an increased
locomotives, bridges and structural work of another
railroads claim they are operating and buying on a
In other words, the
basis and being paid on a peace
to the roads.
which occasioned
then
subject again, Mr. Speyer called at
the
up
joint resolution introduced in the House of
the 5th inst. by Representative Sabath,
on
and operate
over
to
all railroads and coal mines with a view
and price problems.
Con¬
transportation
remedying
The
this morning reported a resolution
newspapers
introduced by a
Representative in Congress, providing for Government control and opera¬
tion of railroads; and the reason this
that the railroads,
is
gentleman gives to justify his resolu¬
for political purposes,
in 1911 and
1912 delib¬
erately cancelled orders for equipment for the improvement of the railroads;
and then he goes op and says,
that the railroads have again deliberately
failed to make any efforts to increase their
of freight,
$150,000,000.
war
increase in freight rates
of Illinois, proposing that the Government temporarily take
tion
price" on coal alone means an added expense to
the railroads of $150,000,000.
cost of steel for cars,
the Inter-State Commerce Com¬
urging
cerning this action Mr. Speyer said:
for a higher price on their product.
reason
adopted at the previous meeting
developments since
.
point out that the same increased cost of labor and materials
applies to the production of transportation, and the very fact that'the
Government has established a higher price of materials they consume, is
self evident
the
tention to the
commodities arose from the increased cost
due to raises in the cost of labor and materils.
of production
of
Representatives
The Bureau adds:
This
Chamber
the
At the outset Mr. Speyer
Dec. 6.
on
mission to grant an
787,000,000
Government
behalf
monthly meeting of the Chamber of Commerce of the
referred to the resolution
of
$858,000,000
—
value of corn fixed by Government
war
Excess war value of cotton fixed by
Excess
23 Yt,
Government
on
vividly portrayed by James Speyer at
was
State of New York
2 75 (average.)
*
14
—
Excess war value of wheat fixed by
the
of the need that
adopt immediate remedial measures
of the carriers
1 10
62 00
Bushel
Corn.
RELIEF OF RAILROADS.
FOR
The railroad situation and the urgency
Government
S.
$2 20
$100
Bushel.-
Wheat.
U.
named in individual schedules will carry the same per¬
men
centage of increase in compensation as given in through freight service.
War Prices Fixed
Peace Prices.
made to
ances
facilities to relieve congestion
with the premeditated purpose of forcing the Inter-State Com¬
Commission to grant further increase in freight rates.
merce
Now, gentlemen, I defy that member of Congress from Illinois, to prove
basis.
the correctness of his assertions,
'
I think this is
DEMANDS OF
TRAINMEN
FOR INCREASED WAGES.
of
referring last week to the wage demands of the trainmen
and conductors
presented to the roads
of the Articles
one
Dec. 1 we gave only
(A) in the schedules asking for increased
Below
take occasion to set out other Articles in
wages.
we
on
railroad
Commission which you
Passenger trainmen on short turn around runs, no single trip of which
(computed
all
on
including suburban and branch line service, shall be paid
time
on
each run from the time required to report for duty until
responsibility at the end of that run) within ten
released from duty and
consecutive hours, and also for all time in excess
released at end of last run, and will be computed for
basis of actual overtime worked or held for duty.
each employee
on
the
Time shall be counted
continuous service in all cases where the interval of release from duty at
any
point does not exceed one hour.
Other passenger trainmen
not less than twenty
miles
required to report for duty until released at the end of last run.
shall be computed on
Overtime in
Overtime
the basis of actual overtime worked or held for duty.
all passenger
service per hour shall not be less than
one-
eighth of the daily rate.
Article C:
,
•
Regular assigned passenger trainmen who are ready for service the entire
month and who do not
lay off of their
own
accord Shall receive
monthly
a
guarantee as set forth in Article A, as a minimum for the calendar month,
Article D:
of
or
increase
in
mileage in
service
passenger
Through and irregular freight,
as
a
snow
as
plough and circus trains
follows: conductors, 5.3 cents a mile: flagmen and
follows:
to be
brakemen, 3.81
paid
cents
Runs of 100 miles or less, eight hours or less, either
around, to be paid for as 100 miles; overtime
pro rata:
straightaway
or turn
There
seem
helper, work, wreck and construction service to be paid
of 100 miles or less,
eight hours or less, either straightaway
as
a
follows:
mile.
or turn
paid for as 100 miles; overtime pro rata; actual minutes to be
con¬
Runs
around,
counted!
States Government authorities to
railroads, not only injustice to
also in the interest of the
coun¬
show a total depreciation within this year of
jobbing and dishonesty of a few in the past.
officials or wrongdoing by financiers should
exposed and the guilty ones punished, but not In a way to
let the guilty ones escape.
make the innocent
suffer and
the railroads of the
I believe that
country, as a whole, are now more
than
ever
While
before, and
efficienctly managed
that there is nothing that, during the last three or
the operating
the
"officials and stockholders have done to deserve,/
they could have done to escape, these heavy losses:
conditions as to
all parts of our great
our
railroads naturally are not identical in
country, the situation as regards most of the large
finances is similar enough to warrant
The depreciation
the following general
In all securities is caused by some factors
of money
loans at
comparatively high rates of interest, with special tax exemptions.
But
due to the
or
European war, to wit. the decreased purchasing power
the high cost
of capital, and the offering of huge Government
securities has been very much heavier than that in
other securities.
fact, the bonds of
In
are
ductors, 5 8 cents a mile; flagmeD and brakemen, 4.29 cents
United
still to be some people wrho believe, who like to explain all this
be mercilessly
than railroad
even
Article E, paragraph 2:
as
and this depreciation represents only part of the
by their owners since the European war began.
being largely due to stock
less
.
Local, way freight, mixed, pick up or drop, mine, roustabout, pusher or
to be
sustained
losses
total
actual minutes to be
counted.
real
.
the decline in railroad
mile.
a
1917, prices of railroad securities have fallen to an alarming
$1,750,000,000,
over
statement:
E, paragraph 1, refers to freight service
for the
extent, so that to-day they
companies'
portion of these increases in wages.
Article
but through
and especially so with a view to the successful prosecution
"
'
' •
Since Jan. 1
from
assignments in effect Nov. 1 1917 shall not be made if such change affects
any
come
the millions of holders of their securities, but
and nothing
crews
some
railroads,
for the future, Mr. Speyer spoke
lieve the financial distress of the country's
try at large,
four years,
Reduction
has
time
exclusive of overtime and extra service.
j
the
r
Mismanagement by railroad
■
initiate
Government
take, without further delay, comprehensive and effective measures to re¬
as
.
that
.
of the war.
hour, computed continuously from the time
the railroads and to us who own
present emergency,
a cure
follows:
The
come to
the report of the Inter-State Commerce
concluding remarks he said should be not only
change of policy,
shall be paid for overtime on a speed basis of
an
need
remedy for the
a
of ten consecutive hours
computed continuously from the time first required to report until finally
as
which in his
duty or held for duty in excess of eight hours
has
relieve the financial distress of
to
measures
of the
probably all have seen in this morning's papers.
the
to
Committee
clearly realizes the needs of the railroads; but
has come in
securities,
Turning
Article B sets out:
overtime for
States Senate, who
Commerce
Inter-State
the
of
the first ray of sunshine that
the schedules submitted to the roads:
exceeds 80 miles,
Chairman
Newlands,
United
It is refreshing, in connection
question.
to read the statement, which I will not read now, of Senator
with that,
In
only another instance of ignorance on the part of members
Congress as to the railroad
more
striking.
selling to-day at
vania
industrial corporations have declined very much
the difference is
bonds; but when we come to shares,
United States Steel Common shares, for example,
about 50% above July 1914 figures, while Pennsyl¬
selling over 20% and Baltimore & Ohio shares
Railroad shares are
nearly 50% below the figures
there must be
It is therefore evidence that
of July 1914.
special causes that have affected the prices of railroad se¬
sales of the latter securities
We have taken no protective
curities, and amongst these is the very heavy
in
our
market, made for
foreign account.
i
1
'
.
Dec.
such sales, which
the
THE
151917.]
whatever in the interest of
measures
'
corporations and investors
our
CHRONICLE
agains*
estimated to amount to about $1,700,000,000 sine®
are
Both of the above causes, the borrowing
ful consideration, so that measures may be decided on and enacted, not
only to provide for the present real and great emergency, but also with
of large sums by
and
our own
for
by foreign governments at attractive and rising rates of interest, and the
concurrent sale of railroad securities for
European account,
are
still oper¬
ating; but they cannot by themselves explain this extraordinary shrinking
in the value of
railroad securities.
our
This is due mainly to
of
our
It
seems
the
The
Chamber
of Commerce
citizens who
lack of confidence of investors.
that these two
gradually brought about this impairment of credit, and the diminishing
causes
Acting
tion, it
production and higher wages, by fixing prices; for instance, for pig iron,
of New
State
directly
our
or
cases
properties and capital invested.
York considers this
country
indirectly in railroad securities,
whole, and is of the opinion
as a
one
cannot be sepa¬
injury to both.
Mr. Speyer's recommendation thatlthe resolu¬
on
appropriate committee for considera¬
an
mittee.
in other
the
on
a
broad, and far-sighted policy
closely interconnected and
are
tion be referred to
The Government has
duly recognized the changed conditions and higher cost of
of the
interested
are
rated from the other without
superfluous for me to repeat here in detail the factors that have
a new,
only to conserve the legitimate investments of millions of
necessary not
our
formulating
future.
but also for the welfare of
the actual and prospective impairment of credit
railroad systems, and the consequent
net return
2337
view of establishing and
began.
#war
w
-
directed to be referred to the Executive Com¬
was
1
~
■
-
105% higher, for wheat 156% higher, for coal 115% higher, and for coke
But as regards the railroads, the dis¬
216% higher than before the
war.
cussion
freight rate increase of a paltry 15% have
been
and
going
arguments
or
a
will
unprejudiced observer that such
only
affected and restore confidence; in
30% would
A net increase of 25
and higher wages.
nearly achieve this desired end, and then only provided
more
the investing public
that the
fact, it
part of the heavy expenditures they are obliged to
a
incur through higher cost of coal
or
had
some assurance
that it would be permanent, and
companies would not be again obliged to pay out a large part
thereof to meet further increases in cost of operation.
I will refrain from mentioning—I don't want to weary you
the large amounts expended by the carriers for
steel cars,
public to
All
these
factors
cumulative
rate,
and
a
are
perating to the detriment of the
o
just
the
credit
are
,
if
declined just
owners
should be curtailed,
of life insurance policies, must suffer more and
intervene effectively.
But, gentlemen, it is not
It is well known that many of the com¬
panies have not been able to keep tip with the demands for extensions and
motive power and cars, and this, together
new
labor, has been felt all
only in industrial,
over
If the
but also in agricultural and mining sections.
improvement and development of
further curtailed
with the scarcity of skilled
the country, to the detriment of shippers, not
our
transportation systems have to be
stopped altogether for lack of funds, the consequences
We shall see railroad accidents and congestion of
or
must be most serious.
freieht and forced embargoes.
It has become
sell
practically impossible for the railroad managers to
long term bonds,
except at ruinous rates of interest.
Only
a
very
few
companies could raise funds necessary to take care of maturing obligations
and for
improvements and betterments, and
by selling stocks at
motive power and
new
borrow from hand to mouth, and this is the most precarious and dangerous
way of
and
financing, and
as you
all know, in time must lead to bankruptcy
receiverships:
A still
ties is
more
-
.
serious consequence
the depressing effect
on
of this depreciation in railroad securi¬
financial sentiment and affans generally.
It will result not only in decreased
committed at Houston,
city's streets, thirteen
negroes,
income tax returns, but also will make
soldiers of the 24th
United States Infantry, were hanged on the military reser¬
vation at Fort Sam Houston early on Tuesday morning,
Dec. 11.
Only army officers and Sheriff John Tobin of
Bexar
County,
present when the sentence
were
out
by soldiers from the post.
who paid the death penalty:
The following
carried
was
are
the
men
Sergeant William C. Nesbitt, Corporal Larson J. Brown, Corporal James
Wheatley, Corporal Jesse Moore, Corporal Charles W. Baltimore, Private
William Brackenridge, Private Thomas C. Hawkins, Private Carlos Snod-
Private Ira B. Davis, Private James Divine, Private Frank Johnson,
grass,
Private Rosley W. Young and Private Pat McWhorter.
No newspaper men or civilian spectators were allowed to
Of
secret,
a
the
sixty-three
place having been"kept
tried by the court-
negroes
martial for
complicity in the Houston riots, forty-one were
sentenced to life imprisonment.
Four were sentenced to
dishonorable discharge from the army, forfeiture of all pay
and allowances and
two
two and
to
The negroes
the
to
to be
confined at hard labor for from
half years.
a
Five others
were
acquitted.
sentenced to confinement for life will be sent
United
States
penitentiary at Fort Leavenworth,
Kansas, while those sentenced to two and
half years' im¬
a
prisonment will he confined in the United States disciplinary
barracks
Leavenworth.
Fort
at
Sam Houston
were
sixth Article
of
executions
at
Fort
authority of the fortyWar, which authorizes department com¬
manders in time of
to
war
of death without reference
country at
The
carried out under
into execution sentences
carry
cars,
that there is nothing left for them but to try to
par, so
court-martial of
army
an
murders
witness the execution, the time and
account of these undeserved losses that I think the Government
now
the
Texas, last August, when they engaged in mutinous rioting
in the
as
should they be put in jeopardy at this time.
nor
remedy is not found at an early date.
a
on
should
the
to
citizens, either directly as owners, or indirectly as savings
our
depositors and
more
only
so at a
much in need of and are just as much
as
purchasing power of a dividend dollar has
stopped altogether,
Millions of
bank
bound to do
serious consequence
most
It is not fair that interest and dividend payments
or
expenses
the purchasing power of a wage dollar.
as
Having been found guilty by
being implicated in
larger return-than they had before the war, as are the wage
The
earners.
have
must
These latter
entitled to
much
been
of railroad securities and railroad
owners.
into
valuation and new and higher taxes.
have
which
State and Federal, for
legislation,
connected with the physical
owners
cars
large degree, and additional financial burdens put
a
the railroads through
upon
with figures—
changing wooden
adopting safety devices, track elevations, all made in the in¬
terest of the
HOUSTON, TEXAS.
small in¬
a
longer suffice, even if granted, to solve the financial diffi¬
no
culties of the roads principally
will make up
SOLDIERS HANGED FOR RIOTINQ
IN
It must be evident to any
crease
THIRTEEN NEGRO
for months.
on
to
higher authority.
Were the
the executions would have required the
peace
approval of the President.
The commander of the Southern
Department of the Army
the authority under whom
was
the present executions were made.
the flotation of future Government loans more difficult than it otherwise
would be.
be
I think it is safe to say
that the decline in railroad credit will
BANKING AND
enterprises.
A
rate
adequate for the present, but liberal for the
and I consider that the holders of railroad securities have the right to ask
and expect that Congress
adopt well considered and comprehensive meas¬
It is useless to
a
few in the past, and how far
policies still being pursued through well intentioned
punitive regulations and harmful restrictions,
that
are
but sometimes
responsible for this state
especially at this critical time, when so much traffic has to be
by land which
an
emergency
was
formerly .transported by water.
exists which
no
The fact is
private individual or combination of
individuals, be they operating officers, stockholders or bankers, can over¬
For too long has the
come.
politics.
am
railroad question been made the football of
This intricate problem cannot be solved by the claims of narrow
special interests,
or
by beclouding the Issue with personal abuse.
convinced that any well considered and effective measures of per¬
manent relief which may
in rates,
be proposed, in addition to a necessary increase
will meet with the approval of the American
have absolute confidence in their desire for fair
But it is not
sense.
quired, but also,
we
only
a
people, because I
play and in their
common
remedy for the present emergency that is re¬
need, through
a
An
real change of policy, a cure for the
In view of the recommendations in the
Report of the Inter-State Com¬
Commission, just published, it seems premature to go into details
to the exact remedies
ignored, and I therefore
move
the adoption of the following resolution:
ydsterday,
Report of the Inter-State Commerce Commission, their
recommendations
to
repeal certain provisions of the law not hampering
operation of the railroads, and that "The United States Treasury should
provide them with financial assistance,"
over
to each carrier of
as
well
as
or,
Broadway,
an
dent during
upon return
Jewett
Last previous sale.
Nov. 1917—
650
.
■
650
■
Seabury,
Massey &
organized April 16
wras
membership
on
members
Jewett,
on
the Exchange
the firm
of
A.
Lowe,
the attorneys for the assignee.
are
Bros.
firm of Jewett Bros, of 120 Broadway,
14.
member.
are
Chas.
G.
Rehbein and J.
of
120
The firm of
1894.
Edward H.
He
admitted to
was
April 12 1894., The other
H. Jewett Jr.,
Marshall.
Geo. W.
Shortly
after
making the assignment, Jewett Bros, issued the following
statement:
•
Owing to the precipitate decline in certain securities carried by us for
customers and the
our
inability of some customers to put up additional margin,
firm finds Itself embarrassed and
an
in order to protect interests of all
we
We believe our embarrassment is only tem¬
assignment.
porary and that
present plans will enable us to resume.
4
The Chamber fully agrees with
and respectfully begs
attention and most care¬
Bank
as
made by the Presi¬
the Commission, and indorses its view
that the situation does not permit of temporizing,
to urge Congress that this matter receive prompt
Stock Exchange Listings on Dec.
13
trading list certificates of deposit issued
by the Central Trust Co. for 45,000 shares of the Irving Na¬
of the
ing
the period of his operation could be paid for by the carrier
to it of the property after expiration of that period.
on
added to the official
sued
operation, with provision
which improvements and betterments
650
and
15,000
shares
of the
Irving Trust Co.
(formerly the Broadway Trust Co.).
be suitable guaranty
adequate annual return for the use of the property,
of its upkeep and maintenance during
on
High. Close.
650
J ewett is the Stock Exchange
tional
that "In case the President
the operation of the carriers, there should
for fair terms
Dec.
The Committee
The Chamber of Commerce of the State of New York is much gratified
takes
Low.
required, but the subject is too important to be
to learn from the
the
stock,
assignment|wasImadefforHthe benefit of creditors by
the Stock Exchange
have made
merce
York.
♦—
future.
as
sale at auction of five shares of bank
BANK—New
Shares.
try to determine at this time how far
palpable mismanagement and misdeeds of
carried
a
having been made at the Stock Exchange.
5 Hanover National Bank....>.
paralysis of our transportation facilities and general finan¬
cial demoralization.
of affairs,
sales
no
earliest date, to help them to carry the financial burdens
ures, at the very
and to prevent
limited to
were
„
increase not only
future, is necessary; but by itself it will come too late to solve the problem,
I
NEWS.
Public sales of bank hnd trust company stocks this week
loans, not to mention the increased cost of capital for legitimate indus¬
trial
the
FINANCIAL
large factor in increasing the rate of interest on future Government
a
j
This
to
the result of
an
The new stock is is¬
agreement between the stockholders
Irving National and the Broadway Trust Co., look¬
a
closer
working
arrangement
between
the
two.
plan provided that the interests represented in the two
institutions be united in
a
joint stock ownership
arrange¬
ment, in which the stockholders in each would hold stock
THE
2338
the
two institutions.
The plan furthermore proposed that after
the exchange of stock had been effected, and new certificates
issued therefor under the new ratio, the new certificates
in both
on a
relative capitalization of
ratio based on the
less. The
substantial salary
increases,it is stated, which, under the comprehensive salary
plan adopted several years ago, are given annually in accord¬
who
Co. as deposi¬
tary, the latter issuing its deposit receipt in the name of
the owner of the joint deposit of Irving National and Broad¬
way Trust stock.
This deposit receipt, the plan set out,
would be negotiable and might be bought and sold in the
place of the stock of both institutions which it represents.
More than 91 % of the stock of each institution has been de¬
posited with the committees under the arrangement.
It is stated that although authority has been given to list
the certificates on the Stock Exchange, trading in the old
stock will still be permitted until there is sufficient amount of
certificates outstanding.
was
♦——
has been elected
Mr. Sweezy
Stock Exchange Governors
understood to be that he acted as both
will be at liberty to announce
the action taken
pending his
The action taken by Mr. Fiero is the
against Fiero unless he is able to get a stay
first
come
to the attention of
the
It is also the
the courts since the Committee on Business
Exchange Governors in some time.
Stock
appeal to
Conduct of the Exchange began
to the
order
four
years ago
the Exchange.
methods of doing business on
to scrutinize
The petition
Supreme Court on which the temporary
"was
granted
was
restraining
presented by Louis Marshall of Gug-
genheimer, Untermeyer & Marshall, whom Mr. Fiero has
as his counsel.
Mr. Fiero has been a member of
retained
the New York Stock Exchange
since Dec. 26 1907.
*—**
throughout the city,
voting extra compen¬
sation and bonuses to their employees as a Christmas gift.
The bankers are more liberal this year, it will be noted,
because of the prevailing high cost of living.
The Chase
National Bank announced on Dec. 13 that it would pay its
A number
as
of banking institutions
is usual at this time of the year, are
Christmas bonus of about 10% of their yearly
and would also pay their employees during the
employees
salaries
coming
equal to 16% Cf their annual salary, in
recognition of the increased cost of living.
The Chatham &
Phenix National Bank has decided to pay its employees
additional compensation
equivalent to 20% of their annual
salary, 10% payable in January and 10% in July.
The
directors of the Citizens National Bank on Dec. 10 voted
extra
an
the
of
Frick,
a
work of J. Massey
of the First National
Rhind.
*
♦—
William E. Woodward, of the
Industrial Finance Corpora¬
tion, has been elected a Vice-President
At
"
meeting of the directors of the Corn
a
of
heretofore
an
elected Vice-Presidents.
Assistant Cashier, were
Supreme Court Justice Donnelly on
Superintendent
Dec. 10 brought to an
Eugene Lamb Richards, State
the litigation between
end
and the stockholders of the
of Banking,
Carnegie Trust Co. of this city, when he
defunct
Cudihy and S. H. Kress, at one time directors,
ployees earning $1,200 a year and 8% to 6% to those earning
sum Up to $3,000, for the quarter ending Dec. 31.
compromised
without litigation for $10,000, $17,500
$74,500, respectively.
and
•••••>
•
■
•
_
Benjamin G. Talbert, for forty-four years a member of
the New York Stock Exchange and for ten years its chair¬
man,
died at his home in this city on Dec. 7.
Mr. Talbert
a member of the Exchange on Aug. 13 1873.
Pre¬
became
1913, he
vious to his retirement in
of John H. Davis & Co.,
man
of the Exchange
John Burckhardt,
partner in the firm
He served as Chair¬
from 1903 to 1913.
•
'
•
/'
formerly Assistant Cashier of the Ger-
city, has been elected Cashier, to
the late Loftin Love.
cashier of
was a
stock brokers.
-
the
succeed
had
Mr. Love, who died on Dec. 6,
Germania Bank for seventeen years.
of the First Ave. Branch of the
appointed an Assistant Secretary.
Albert C. Fuchs, Manager
Germania Bank, has been
«
The
the profit-sharing, the
bonus of 10% to em¬
a
claims against them
profits for the year, was distributed.
Brooklyn branches and
In addition to
signed
The amount thus recovered
by Superintendent Richards, who was in charge of the
Carnegie Trust Company's affairs since its faifure in 1911,
is in the neighborhood of $1,000,000 and must be paid by
more than 300 persons and estates.
Among those who are
required to pay under the judgment, according to the daily
newspapers, are Charles M. Schwab, $1,000; estate of James
Talcott, $30,000; Michael J. Lyman, $123,500; Joseph G.
Robin, $3,500; Bernard F. O'Neil, $50,000; estate of Charles
C. Dickinson, founder and at one time President, $46,000;
E. F. Hutton & Co., $10,000; Jacob Ruppert Jr., $10,000;
estate of Supreme Court Justice Charles W. Dayton, $5,000,
and Ossie J. Walsh, $102,500.
John B. Stanehfield, John
judgment against the same.
affected the clerks in the company's
office.
Exchange Bank
city yesterday, Dec. 14, Henry A. Potter, manager
the bank's Fifth Avenue branch, and Richard B. Brown,
been
Street
'
,
of this
year's profits with its employees in accordance with the plan
initiated last December.
On Dec. 14 10% of the bank's net
bank annouilced that it would pay a
of the Morris Plan
Company of New York.
mania Bank of this
Wall
Chairman
Bank of this city, has been
Broadway and Wall St.
This is in addition to the 10%
previously paid during the current year. The Franklin
Trust Co. on Dec. 13 announced that it would share its
and
George F. Baker,
gift to the board of directors of the
10% of their yearly salary.
capital, surplus
This distribution
He has
Jan. 1.
The bust1 is a
bank by Henry C.
lifelong friend and admirer of Mr. Baker.
It is the
corner
compensation to the bank's employees equal to
earnings, after deducting 6% on its average
on
house of Harris, Forbes
eighteen years, and during the last ten
Vice-President and General Manager.
as
a
year a sum
■
erected in the main banking rooms
at
has
:
duties
new
A handsome bronze bust of
found guilty by the
case.
his
of the Board of the First National
v
first instance of the kind that
assume
has served
years
porary order pending the trial of the action. If the in¬
junction is vacated when the case is argued in a few days,
appeal in the
a
will
& Co. for the past
principal and broker in the same transaction. The injunction
granted by Justice Giegerich will remain effective until a
motion is heard in the Supreme Court to continue the tem¬
the Exchange
,
of Harris, Forbes & Co.; of this city,
Vice-President of the First National Bank.
been connected with the investment
injunction was granted by Supreme
last Wednesday are
and service.
Everett B. Sweezy,
Court
Justice Giegerich on Dec. 13 to Raymond II. Fiero of the
Stock Exchange firm of R. H. Fiero & Co. of 25 Broad St.,
restraining the Governing Committee of the New York Stock
Exchange from enforcing the penalty voted against him for
violating the rules of the Exchange.
The charges of which
Mr. Fiero
receiving salaries of $3,000 a year or
with position
ance
*
A temporary
were
Company's employees will also receive the
deposited with the Central Trust
should be
[Vol. 105.
CHRONICLE
Comptroller of the Currency has
approved
an
increase
the Second National Bank of
Bank, N. J., raising it from $150,000 to $300,000.
$150,000 in the capital of
of
Red
♦
■
from that
Among the other banking institutions
announced
the
"extra
Guaranty Trust Co., the Mechanics &
Metals National
City Company
Bank, the National City Bank, the National
and the National Bank of Commerce.
two thousand
employees.
and navy
service.
10% salary bonus among its
This includes those in its London
and Paris offices, and the 238
who
are
at present in the army
and various other branches of the Government
This bonus, which is based on animal salaries, is
in addition to the 10 to
30% extra compensation which the
Company decided, on Nov. 4, to give to those of
of
its employees
of the City Bank of Syracuse
(N. Y.) at
Dee. 10 voted in favor of increasing the capital
the institution from $500,000 to $1,000,000.
The stock¬
meeting
on
holders of the bank are to
meet on Dec. 26 to
ratify the
action.
The bank,
Co. of this city announced on Dec.
11 that it would distribute a
a
directors'
♦
The Guaranty Trust
The directors
which have recently
compensation" for their employees are
of which Arthur N.
Ellis is President, cele¬
anniversary on Dec. 1 by opening for busi¬
ness in its new seven-story building on the corner of South
Salina and West Fayette Street.
The City Bank has en¬
brated its eight
growth since its organization in 1909.
a capital of $200,000, and surplus
of $20,000; and now has a capital of $500,000, surplus and
undivided profits of $216,477, and deposits of $5,727,327.
Mr. Ellis, the present executive head, was elected to the
joyed
a
prosperous
It started business
with
Dec. 15 1917.]
THE
Presidency last January.
Previously he had been
a
CHRONICLE
Vice-
Vice-President, was elected to the office of Second
Vice-President, succeeding Mr. Robinsin, and H. P. Mc¬
intosh Jr., formerly Fifth
Vice-President, was moved up in
President of the bank, and also head of the
Ellis, Joyce
& Hildreth
Co., manufacturers of high grade furniture.
The
other
officers
Chairman
and
D.
of
C.
Cashier,
of the City Bank are W. C.
Bray ton,
Board; Stewart Hancock, A. A. White
the
Webster, Vice-Presidents;
and
John
Moran
and
to Mr. Hart's
C. Harry Sanford
Kelley, Assistant
Mr.
Austin
Albert
,
,,
.
on
111., has been increased from 16
and
Wana¬
in
circular of
The
First
National
Bank
of
Philadelphia points out that "because of war
necessity, the
President of the United States has
become the most auto¬
cratic ruler of the world."
occurs
as
an
war
It adds:
incident of the American
participation in the world
and represents a situation
without precedent in the
and finance.
With a stroke of his
pen, the President has
000,000 to the country's bill for
anthracite coal
per ton increase at the mines
With such
quoted
at
the
by
so as
to
history of trade
just added $30,-
reason of the
permit of another
35 cents
increase for
wage
happenings
highest
and with the price of
middling uplands
level since 1869; with mess
pork quoted
$53, the wonder is that the
demand for jewelry and watches is
as the December Bulletin
of the New York Federal
Reserve Bank
heavy
finds it to be.
These are some features
of the present situation in
which
the tension has been
materially increased by the demands of several
hun¬
dred thousand
wage-earners for higher
pay.
Bank
was
of
born
head
of
T.,
Elliott, President of the Central National
Philadelphia, Pa., died on Dec. 7. Mr. Elliott
in Philadelphia
sixty-rfour years ago,' and became
the
Central
National
the late Theodore Kitchen.
death
was
a
the Western
Bank
in
1907,
succeding
Mr. Elliott at the time of his
Manager of the Girard Trust
Company and
Savings^Fund^Society^ andji Director
of the
Insurance Company of "North
America and ".the "Philadel¬
phia Warehouse Company.
He was also Vice-President
of the Union League and the
Rittenhouse Club.
♦
The directors of the German
Savings Bank of Baltimore,
Md., at a meeting on Dec. 10
unanimously decided to change
I the name_of thejnstitution to the
Citizens Savings Bank of
Baltimore City.
A request to make the
change-has been
forwarded to
the
operates under
State Bank
Commissioner/as the
State charter, and
permission is obtained the change in
The
a
and
excess
of
The bank's capital is $1,500,000
profits $3,900,000.
Deposits
undivided
$31,000,000.
4
S.
Eastman,
George T.
Guernsey Jr. and J. H.
Richards have been elected directors of the
Pacific National
Bank of Boise, Idaho, to succeed
William Howell, Frank H.
Parsons and John D.
Parsons and
Daly, resigned.
Messrs. Howell,
Daly have sold their stock in the bank to Messrs.
Richards, Guernsey and David
Miller, who have bought
about 932 out of the
3,000 shares of the bank, which has
capital
ceived
of
$300,000.
under
date
of
Cashier of the Pacific
According to
the
inst.
5th
advices
from
H.
a
re¬
Parsons,
about to take
the Idaho National Bank of
over
Boise, liqudating it through
National, this giving to the latter about 1,200
the Pacific
accounts.
new
F.
National, that bank is
have
we
;
•
4
s
C. W. Foster has been chosen
Vice-President and Cashier
of the National Bank of Commerce of
♦
William
in
are
Ben
*—-
around
surplus
Philadelphia and
New York.
the miners.
increased from 12%.
was
lawyer, having for several years practiced in Phila¬
delphia, and later serving as personal counsel for John
both
Chicago,
20%, the directors of the
a
meeting on Dec. 4 having declared a 5%
quarterly dividend, payable Jan. 1 to stock of record Dec. 31.
The 16% rate had been in effect since
July 1 1915, when it
o? the W); End
Mr. Nevin is also well known
the latter
to
institution at
a
monthly
Secretaty left vacant
«
Vice-President
Trust Co. of
Philadelphia.
representing
elected to the position of
Officer, and C. P. Zurlinden
The annual dividend rate of the State
Bank of
Secretary
Philadelphia* and New
a
Stucky, formerly Assistant
was
elected to the office of Assistant
was
Jan. 1 1918.
York, has been elected
as
G.
by Mr. Stucky's promotion.
William L. Nevin, Second
Vice-President and
of the John Wanamaker
Stores of
cotton
Vice-President, taking the place
A.
Assistant
as
Trust Officer
This
made Fifth
was
P. Mcintosh Jr.
Sixth Vice-President and Trust
E.
Taylor, for many years Assistant Tax Com¬
missioner "of Massachusetts, will become
associated with the
Boston Safe Deposit & Trust Co. of Boston
The
Megerth
of H.
Secretary and Trust Officer,
»
maker,
place and is now Third Vice-President of the
J. A. Mathews still remains
Fourth Vice-Preisdent.
bank.
Cashiers.
as
2339
Third
Houston, Texas, to
succeed P. S. Park Jr., who has
resigned to enter the military
service of the United States.
Mr. Foster, the new VicePresident and Cashier, has for several
years past been
National Bank Examiner in the Houston
district, and has
name
a
wide acquaintance
among the bankers of the State.
■■'■■■■
At
♦——
meeting of the directors of the Citizens Bank & Trust
Company of Louisiana at New Orleans on Dec. 5 Charles
W.
&
a
Ziegler, head of the wholesale
Ziegler, Ltd.,
was
elected
a
grocery
firm of Schmidt
director to succeed Johnston
Armstrong, and Victor Camors, President, of J. B. Camors
& Co., Inc., a New Orleans wholesale
firm, was elected
to fill the
vacancy
Mr. Torre served as
caused
by the death of Peter Torre.
director of the bank for thirty
years,
and at the time of his death was also
one of its Vice-Presi¬
dents.
a
-
bank
4
^
as soon as
a
the necessary
will go into effect.
German
Savings Bank, of which Charles Spilman is
President, was incorporated in 1878.
Its deposits now
aggregate $4,301,245.
An
increase of $100,000 in the capital of the First National
Bank
of San Mateo
County, Redwood, Cal., raising it from
$100,000 to $200,000, has been approved by the Comptroller
of the
Currency.
.
,
♦
'
»
A number of
■
important changes took place in the member¬
ship of the official
staff of the
Guardian Savings & Trust Co.
meeting of its [board of directors on Dec. 4.
H. P. Mcintosh
resigned the position of President of the
of Cleveland at
a
which he had occupied for the
past twenty years.
Under Mr. Mcintosh's
leadership the Guardian Savings &
company,
Trust Co. has grown from
approximately
$1,000,000
a
small institution with aSsets of
to
with
one
assets
of
nearly
$55,000,000.
The burdens of the office of the
President
have grown with the size of the
institution and Mr. Mcin¬
tosh felt that he could ask to be
relieved from these burdens
and responsibilities after
having borne them
of time.
Accordingly he tendered
his
for this length
resignation
as
Presi¬
dent and accepted the
Chairmanship of the board of direc¬
tors, in -which position he will still remain in direct touch
with all the transactions of the bank and
be available for
consultation
with
the
officers
on
all
directly affecting the policy of the bank
Mcintosh is succeeded
First Vice-President.
of
the
fitted
Guardian
important
as
matters
heretofore.
Mr.
President by J. A. House,
formerly
Mr. House has been in the
as
since
employ
its
organization
by experience and training to
and
assume
is
eminently
the duties of
the President's office.
tion of H. C.
of
First
Other changes resulted in the elec¬
Robinson, Second Vice-President, to the office
Vice-President.
Mr.
director of the company at the
Robinson
same
time.
was
also
made
a
George F. Hart,
The annual report of the Bank of Montreal
for the year
ending Oct. 31 1917 presented at the stockholders' meeeting
on Dec. 3, reveals that the bank
enjoyed a very satisfactory
Total assets
now stand at $403,980,236, and are the
reported by the bank during its one hundred
years' existince.
Last year total resources
aggregated
$365,215,541.
Profits for the year ending Oct. 31 amounted
year.
largest
to
ever
$2,477,969,
an increase of $77,498 over net earnings for
previous twelve months, which were $2,200,471.
The
the
total amount available for
distribution, made
for the year and a balance of
$3,892,393.
was
Of this
sum,
up of profits
$1,414,423 brought forward,
$1,920,000 was distributed in
dividends to shareholders, $160^000
on
note
circulation, $47,500
and Red Cross
tion for bank
as
a
were
was
Funds, $100,000
was
paid out in
contributed
was
laid aside
premises, and $1,664,893
w$s
to
as
war tax
Patriotic
a reserva¬
carried forward
balance of profit and loss.
As usual, dividends of 10%
and two bonuses of 1% were dis¬
interest-bearing deposits of the bank in¬
paid during the
tributed.
The
creased from
year,
$210,439,031
a year ago to $246,041,786 on
Deposits not bearing interest were $71,114,641 on the latter date as
compared with $88,767,018 last
year.
The Bank of Montreal has a capital of $16,000,000,
and a rest fund of equal amount.
Sir Vincent Meredith, the
President, has recently completed fifty years' continuous
Oct. 31 1917.
service
General
with
the
bank.
Sir
Frederick
Williams-Taylor is
Manager of the Bank of Montreal.
aggregated 71,434,360 tons, and is the heaviest in the history
of anthracite production.
This is an increase of 9,640,743
tons over the shipments for the corresponding period of last
MARKETS.Si
We^ reprint^ the, following, from the weekly circular of
Samuel"'Montagui.&iCo. oflLondon, written under date of
ENGLISH.GOLD AND SILVER
ITHE
Nov. 22 1917:
The Bank of
crease
of
;
rema'ns quietly
steady, but far from vigorous
that
Lehigh Valley.
Pennsylvania
{In lacs of rupees)—
circulation
Reserve in silver coin and bullion
Gold coin and bullion in India—,
Gold out of India
-----
Nov. 7.
114,15
28,36
22,38
1,93
—
held on
The stock in
Shanghai on Nov. 19 consisted of
4,800,000 dollars, as compared with
4
and 14,900,000 dollars on the 3d inst.
Quotations for bar silver per ounce standard:
in sycee
"
16
—
19-—
"
20
"
—
21—
"
Bank
—43Hd.cash
Bar
43 %
—43%
43%
43 %
—42 15-16 "
17
"
22
were
bars, the same as
about 23,300,000 ounces
about 25,700,000 ounces
rate..-
gold per oz.
Dec. 1:
FINANCIAL
for securities, &c., at
Week ending Dec.
14.
Mon.
Sal.
-d. 43
London,
British 4% per cents——
French Rentes (in
The
93%
93%
93%
99%
99%
98%
99%
59.50
59.50
59.5b
88.05
88.05
88.05
Per
85%
85%
85%
85%
(Steam).
STEEL CORPORATION.—
31
Oct.
Sept. 30 1917- 9,833,477
Aug. 31 1917-10,407,049
July
31
1917-10,844,164
June
30
May
31
1917-11,383,287
1917-11,886,591
April 30
1917-12.183.083
Mar.
31
Feb.
28
Jan.
31
Dec.
31
Nov.
30
Oct.
31
Oct.
31
Feb.
29
Jan.
31
1914—.4,032,857
Dec.
31
1914—.3,998,160
1914—.4,277,068
Nov.
30
Oct.
31
Boston
1912—5,304,841
1912...5,454,201
1912 —.5,379,721
1911 —.5,084,765
1911 —.4,141,958
1911-'..3,694,327
1911 —.3,611,315
1911—3,695,985
31 1911
3,584,088
30 1911 —.3.361,087
Mar.
31
Sept. 30
Feb.
28
Aug.
July
1916—.9,522,584
31 1916
9,660,357
31 1916—.9,593,592
June
30
1916—.9.640.458
Deo.
Sept. 30
Aug.
Jan.
1914—.4,653,825
1914
5,026,440
31 1914...4,613,680
31 1913 —.4,282,108
30 1913—.4,396,347
31 1913 —.4.513.767
31
July
June
1911 —.3,113,154
May 31 1016—-9,937.798
April 30 1911 ...3,218,700
9.829,551 Oct.
April 30 1916
Mar. 31 1911 —.3,447,301
1916—.9.331.001 Sept. 30 1913—.5,003,785
Mar. 31
Feb.
28 1911 —.3,400,543
Feb.
29 1916—.8.568:966 Aug. 31 1913—.5,223,468
Nov.
31
May
July
31
1913...5,399.356
Jan.
31
1911...3.110,919
1915— .7,806,220
June
30
1913.-5,807,317
Dec.
31
1915—7,189,489
May
31
1913 —.6,324,322
Nov.
30
31
1915—6.165.452
April 30
1913.-6,978,762
Oct.
31
1910—.2,674,750
1910 —.2,760,413
1910—.2,871,949
Sept. 30
7.922,767
Jan.
31
1916
Dec.
31
Nov.
30
Mar.
31
Feb.
28
Jan.
31
Pec
31
Oct.
Aug.
31
July
31
1915....5,317,618
1915....4,908,455
1915— .4,928,540
June
30
1915
The
only.
4,678.196
1913—.7,468.956 Sept. 30 1910—.3,158,106
1913
7,656,714 Aug. 31 1910—.3,537,128
1913
7,827,368 July 31 1910—.3.970,931
wi
1912
.7.932,164
figures prior to July 31 1910 were
issued quarterly-
These, extending back to 1901, were given in the
'Chronicle" of March 13 1915, page
ANTHRACITE COAL
876.
SHIPMENTS.—The shipments of
anthracite for the month of November, 1917, as reported to
the Anthracite Bureau of Information, Philadelphia, Pa.,
established a record for that month, amounting to $6,545,313
tons, an increase of 552,316 tons over those of November
1916.
The tonnage for the eleven months ending Nov. 30
21a
Jan.
Dec.
16
to
Jan.
3%
Jan.
Dec.
16
to
Jan.
1
3
Jan.
Holders of
rec.
Dec.
22a
2%
Feb.
Holders of rec.
Dec.
31a
i.
—
Atlantic Coast Line
1914—.3,324,592 May 31 1912—.5,750,986
31 1914...3,461,097 April 30 1912—.5,664,885
Mar.
Holders of rec. Jan.
I
Buffalo & Susquehanna, com,
20a
19a
Holders of
Jan.
Holders of rec. Dec.
la
2%
—
Dec.
Holders of.rec. Dec.
Dec.
4
{gudr.).^.
Boston Railroad Holding Co., preferred—
Boston Revere Beach & Lynn (quar.).—
Holders of rec,
Jan.
2%
Providence
Jan.
%
(quar.)
Lowell
&
Boston &
Jan.
Holders of
rec.
Dec.
20a
rec.
Dec.
3ia
rec.
Preferred
........
Jan.
1%
Jan.
Holders of
Deo.
15a
1%
Dec.
Holders of rec. Dec.
15a
2
Dec.
Holders of
rec.
Dec.
2
Dec.
Holders of rec.
Dec.
1%
Feb.
Holders of rec. Dec.
.2%
Dec.
Holders of rec. Dec.
2
—
Dec.
Holders of
rec.
Deo.
7a
Dec.
Holders of
rec.
Dec.
19a
19a
......——————
- —
(qnar.) (No. 86).
Chesapeake & Ohio——
Chicago Burlington &
Preferred
— .—
Quincy (quar.)
Western, com.
Detroit River Tunnels
Second
Holders of rec. Dec. 14a
Holders of rec. Dec. 14a
Jan.
Holders of rec. Dec.
Jan.
Holders of rec.
Dec.
10a
Jan.
Holders of rec.
Dec.
20a
Jan.
Dec.
Holders of rec. Dec. 28a
Holders of rec. Dec. 24a
Jan.
Holders of rec, Dec.
Jan.
Holders of rec.
Dec.
15
to
11a
7a
r
Dec.
29a
Jan.
15
Feb.
Holders of rec.
Jan.*
Jan.
Holders of rec.
Dec.
Jan.
8a
20a
Jan.
Holders of rec.
Dec.
If
Jan.
Holders of rec.
Dec.
31
Jan.
Dee.
Jan.
37%c, Jan.
$1 75
——
Jan.
1
Holders of rec.
Dec.
i
Holders of rec,
Dec.
f
2
to
Feb.
Jan.
Jan.
2(
S2%
Jan.
Holders of
rec,
Dec.
2]
2%
Jan.
Holders of rec.
Dec.
21
$2.50 Jan.
Holders of rec
Dec.
E
11
1%
—
4
to
1%
Jan.
Holders of rec.
Dec.
1%
Dec.
Holders of
Nov. 3t
Dec.
1(
Dec.
2(
Dec.
3:
rec
Dec.
If
Holders of rec
Dec.
1!
rec,
1%
Jan.
Holders of rec
2
Jan.
Dec.
1%
preferred {quar.)..
Jan.
Holders of rec
3%
{guar.)*
Jan.
Holders of
$1.50 Dec.
Washington
16
to
{quar.)
(No. 45)
—
.
Jan.
Dec.
11
to
Jan.
I
1H
Jan.
Dec.
11
to
Jan.
:
Jan.
Dec.
16
to
Jan.
1%
{qu.)
1%
4
& Chic., reg. guar,
Rensselaer & Saratoga
Southern Pacific Co. (quar.)
Dec.
1%
Securities Co
Special guaranteed
Dec.
8a
2
pref
(quar.).
Norfolk & Western com
(quar.)..
Northern RR. of New Hampshire {guar.).
Pittsb. Ft. Wayne
10 a
2
—
Philadelvhia Baltimore &
20a
Dec.
1%
Harlem, com. and
N. Y. Lackawanna & Western
Old Colony
Dec.
Holders of rec.
2%
RR. {quar.)—.....——
& St. Louis, first pref..
Norwich & Worcester,
Holders of rec.
Dec.
rec.
$5
......
New York &
Northern
Jan.
$1.25 Jan,
preferred
preferred
Jan.
1
Extra
New York Chicago
4a
15a
Si 25
Michigan Central
New York Central
Dec.
Holders of rec. Dec.
Holders of rec. Jan.
1%
—
—
...
Holders of
Jan.
1%
Preferred
———,
,———
Maine Central, common {guar.)——
Manhattan Railway (quar.)
Essex
Dec.
5
(guar.)...
Lehigh Valley, com. and pref. (quar.):...
Little Schuylkill Nav., RR. & Coal—....
Morris &
Holders of rec. Nov. 27a
1%
{guar.)!..——...
Mobile & Birmingham,
Dec.
2
New Jersey
Mahoning Coal RR,, common.
3a
Dec. 31a
1%
pref. (quar.)
Rapid Transit (quar.).....
Lackawanna RR. of
Dee.
Holders of rec.
3%
leased lines
Joliet & Chicago {guar—
Holders of rec.
Jan.
3
Interborough Consol. Corp.,
Kanawha & Michigan
3a
Jan.
3
——————
Interborough
Dec.
3.16
..........—_—...
Illinois Central,
Dec. 19a
rec.
2%
—J
Railroad
Dec.
rec.
Holders of
2%
Williamsport, preferred....—
Fonda Johnstown & Gloversv., pref. (qu.)
HockingV alley
rec.
Holders of
$5
(extra)
Elmira &
Greene
Holders of
Jan.
1%
and pref...—
—
Dee.
Dec.
2
(quar.).
& Western
la
1%
(quar.)
....
Clev. Cin
Chic. & St. Louis, pref. (qu.)
Delaware & Hudson Co. (quar.)..—...
Detroit & Mackinac, com.
I5a*
1%
Preferred
Delaware Lackawanna
15a
31a
2
—
...
—,
Chicago & North
—
& Louisville, common..
Chicago Indianap.
Nov. 30a
2
(extra)—
Canada Southern.....
rec.
Holders of
2,
(quar.) —
Common
Canadian Pacific, com.
1
3%
RR., common.—
Beech Creek (guar.)
30
1914_i.3,787,667
1914—.4,213,331
1914—.4,158,589
Feb.
Allegheny & Western, guaranteed...
Atchison Topeka & Santa Fe, pref.(No.39)
7,852,883
1917-11,711.644 Sept. 30
1917-11.576,697 Aug. 31
1917-11,474,054 July 31
1916-11,547;286 June 30
1916-11,058,542 May 31
1916-10,015,260 April 30
21a
25c
———_
Special.
31 1915—4,264,598 Nov. 30 1912...
Oct.
31 1912—.7,594,381
April 30 1915--.4,162,244
Mar. 31 1915—.4,255,749 Sept. 30 1912 —.6,551,507
Feb.
28 1915—.4,345,371 Aug. 31 1912—.6,163,375
31 1912—.5,957,073
Jan.
31 1915—.4,248,571 July
June 30 1912—.5,807,349
Dec.
31 1914—3,836,643
Nov.
la
Holders of rec. Jan.
'
Tons.
Tons. 1
Holders of rec. Dec.
Feb.
Preferred (extra)
Albany & Susquehanna
3,285,977 tons. There has been
a
steady decline in unfilled orders for the last seven months
and the present figures are the lowest since February 1916.
In the following we give the comparisons with the previous
May
Holders of ree.
Dec.
4%
.
Boston & Albany
la
Dec.
Dec.
50c
—
Preferred
figures show a shrinkage of
Tons.
Days Inclusive.
$1.50
$1.25
Southern, ordinary
Ordinary (extra)
regular monthly statement of the United States Steel
Corporation, issued on Monday, Dec. 10, showed unfilled
orders on the books of the subsidiary corporations as of Nov.
30 last to the amount of 8,897,106 tons, a decrease of 112,569
tons as compared with the amount on hand on Oct. 31.
Compared with the maximum of unfilled orders, which was
reached on April 30 and was 12,183,083 tons, the November
months:
Payable,
86%
TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF
Books Closed.
When
Cent.
Name of Company.
The
8,897,106
1917— 9,009,675
dividends announced for the
/;
in italics.
by large or important corporations:
Dividends announced this week are -printed
future
Railroads
1917.-
63,648,298 46,261,568
4,445,129 61,587,426
shows all the
The following
Alabama Great
Nov. 30
12,626,473
DIVIDENDS.
■
54%
93%
York on the same days has been:
oz..cts. 85%
TRADE AND
3,820,452
958,405 13,769,433
au&BLisceHaiicbtts H-etus-
*
43%
54%
•'
88.05
88.00
price of silver in New
Silver in N. Y., per
42%
54%
99%
59.50
Closed
—
Paris) _fr. 59.50
FrenchWarLoan (inParis). fr.
Frl.
42%
55
03%
Closed
—
Thurs.
Wed.
Tues.
42%
55 %
Closed
British 5 per cents
(furaraevctal
15,437,419
8,633,980
3,197,213
7,503,479
Dec. 14.
42%
ConsoM, 2% per cents———
20,270,617 21,455,345
9,845, S14 10,530,944
7,279,899
7,000.870
451,020
7,333,828 5,715,452
Total
7,935,185
5,636,427.
3,099,589
5,146,772
8,307,381
283,386
273,801
665,339
follows the past week:
10. Dec. 11. Dec. 12. Dec. 13.
Dec.
Dec. 8.
327,113
1915.
Tons.
Tons.
Tons.
696,346
772,417
838,096
900,241
MARKETS—PER CABLE.
daily closing quotations
Silver, per oz.———
Tons.
Superior——1,516,162 1,132,642
Duluth
—2,583,620 1,982,872 1,328,848
TwoHarbors
1,168,599
888,381
747,064
9-16d. below that fixed a week
reported by.cable, have been as
London,
Tons.
1916.
1917.
1915.
Ashland
;
The
1916.
Marquette—
To Dec. 1
1—
-November
1917.
Escanaba—
ago.
'.'A.',
;
Tons.
quotation fixed for forward delivery.
The quotation to-day for cash delivery is
the various ports
and for the season to
1917, 1916 and 1915,
for November
__5%
standard--77s. 9d.
November
record movement
61,587,426 tons by the heavy
to
up
Port—
No
ENGLISH
brought
tonnage, or within 2,060,872 tons of the
for the same period last year.
Below will be found the shipments from
43.281
Average
as
IRON ORE SHIPMENTS—A
shipments of Lake Superior iron ore was
established last month, when the unprecedented mark of
7,333,828 tons was reached.
This compares with 5,715,452
tons for the corresponding month last year, an increase of
1,618,376 tons.
The season's shipments, which up to this
time have been consistently running behind those of 1916,
SUPERIOR
LAKE
113,64
27,06
23,15
1,95
20th consisted of 3,700
Bombay on Nov.
the 12th inst.
The stock in
71,434,360 61,793,617
Central RR. of
Included as part of
tona in November 1917
for the 11 months
Jane 1 only and
V
*
record in November
Nov. 15.
114,77
29,46
21,90
1,93
Notes in
8,182,498
*2,373,351
avoid duplication) tonnage delivered to the
by the Lehigh &. New England RR. and
the tonnage of the latter.
This amounted to 122,108
(against 75,236 tons in November 1916), and to 1,287,712 tons
ending Nov. 30 1917; in 1916 this tonnage was Included from
amounted to 477,170 tons for the 6 months ending Nov. 30 1916.
♦After deducting (to
further increase in the
Oct. 31.
5,992,997
.6,545,313
—-
.
1,852,910
162,257
674,261
*204,913
*240,094
— —
New Jersey at Hauto
the
returns given below record a
Indian Treasury.
,.i
Total
628,239
161,615
720,308
England.... ...
Lehigh <fc New
works out at 40.lid. per standard ounce
present U. S. exchange), This would compare favor¬
The Indian currency
438,869
Erie—
43.05d. per ounce standard, the mintage value of
rupee,
calculated at 15 rupees to the sovereign. J
Should the news be correct, the assurance of so substantial a price for
silver deliverable in 1918 should stimulate individual mines to increase
their output, and it is quite possible that the total of 100,000,000 ounces,
large though it be, will not represent half the world's output for next year.
holding of gold by the
786,381
457,970
— — —
New York Ontario & Western
The former figure
(based on 4 76%, the
ably with
Nov.
11,802,088
11,092,071
6,535,290
9,684,935
6,503,423
5,392,423
1,798,023
7.083.S99
*1,901,465
1,158,158
679,198
—
Delaware & Hudson.,——————
of silver for delivery
ounces are intended for India (at the late of 5,000,000 ounces a month),
and the remainder for the financing of troops in France and elsewhere.
The rate Indicated was 86c. for delivery in New York and 85c. in San
in sycee and
1917.
13,808,321
12,974,405
7,685,946
11,444,340
7,949,482
5,163,107
1,082,453
621,584
979,607
Central RR. of New Jersey.—
Delaware Lackawanna & Western..1,012,330
officially confirmed J
have bought jointly
in 1918, of which 60,000,000
100,000,000 ounces
Francisco.
1916.
1916.
1,200,814
Philadelphia & Reading.-.-..tons. 1,329,259
in tone. The
fol¬
as
—11 Mos. to Nov. 30—
November-
—
from the rate of 3s.
has shown a disposition to rally
which it recently touched.
has been reported from America, but not yet
the British and United States Governments
Shanghai exchange
11 %d.,
It
lows:
1917.
v
year.
1917 and
SILVER.
•
for the entire
tons over the
Shipments by the various carriers for November
1916 and for the eleven months ending Nov. 30 were
against its note issue shows an in¬
compared with last week's return.
£1,000,000 has been engaged in New York for ships
Chile.
The market
twelve
GOLD.
Gold to the value
meat to
of 4,057,996 tons over the movement
months of 1916, and of 1,480,061
twelve months of 1911, the previous banner
year,
England's gold reserve
of £410,715, as
[Vol. 105.
CHRONICLE
THE
2340
Jan.
FTolde-s of
rec
Nov. 31
Dec. 15 1917.]
THE
CHRONICLE
Per
Name
Railroads
of
(Steam)—Concluded.
When
Books Closed.
Cent.
Company.
Payable.
Days Inclusive.
Per
Valley Railroad (New York)....
2 Holders of
Jan.
2 Holders of rec. Dec.
la
Baltimore Electric, preferred
Baltimore Tube, com. and pref.
2 HolaerB of rec. Dec.
la
Barnett Oil & Gas (quar.)
2 Holders of rec. Dec.
18a
X
Jan.
2X
rec.
Dec. 26a
Street and Electric Railways.
Dec
16 Holders of rec
Dec.
$1
15 Holders of rec
IX
IX
IX
Jan.
$1
Jan.
2 Holders of rec
Worcester Electric Cos., pref
IX
Jan.
1
IX
Jan.
Jan.
1 Dec.
9
IX
Dec.
20 Dec.
9
to
IX
Jan.
2 Holders of rec
IX
pref. {qu.) {No. 35)
(monthly)
Holders of
rec
,
Preferred (quar.)
Beidlng Paul Corticelli, Ltd., preferred—
22
Bell Telephone of Canada (quar.)
Dec.
15
15a
Dec.
8a
Jan.
9
Jan.
9
Dec.
15a
X
f
Common (payable in common stock)..
Cleveland Railway (quar.)..
Col. Ry.,Pow. & L., pref. A {quar.)_. —
f
Continental Passenger Ry., Phila
Jan.
1 Holders of rec
Deo.
1 Holders of rec
Dec.
15a
1 Holders of rec.
31
1
2 Holders of rec. Dec.
2X
Jan.
2
Jan.
2 Holders of rec. Dec.
15a
IX
Jan.
2 Holders of reo. Dec.
15a
Preferred
IX
Jan.
2 Holders of rec
Dec.
15
2 Holders of rec,
Dec.
15a
Jan.
2 Holders of rec,
Dec.
18a
z.
Holders of rec,
Dec.
—
2.X
Dec.
15 Holders of rec
Dec.
3
Jan.
14 Holders of rec,
Dec. 24a
$4.50 Jan.
1 Holders of rec,
Deo.
la
Jan.
1
Jan.
1 Dec.
23
IX
Jan.
1
11
IX
Dec. 31 Holders
IX
Jan.
2 Holders of rec
Dec. 20
IX
Jan.
1 Holders of rec
Dec.
3
-
(quar.)
Manila Elec. RR. & Ltg. Corp. {quar.)....
New York State Rys., pref. (quar.).._
Northern Ohio Trac. & Light, pref. {qu.)
Ottawa Traction (quar.)
Dec.
to
to
0
rec,
Dec. 22a
1
Jan.
2 Holders of rec,
Dec.
15
1
Jan.
2 Holders of rec
Dec.
15
Dec.
31 Holders of rec
Dec.
Dec.
15 Holders of rec
Nov. 30a
Second & Tnird Street3 Pass., Phila. (quar.)
Springfield (Mo.) Ry. & L., pi. (quar.)..
Springfield & A enia Ry., common
IX
Jan.
2
Dec.
Toronto Ry.
Jan.
$3
1
Holders of rec
Dec.
2 Holders of rec
Dec.
Dec.
10a
15
1
2
Jan.
2 Holders of rec
Dec.
Tri-City Ry. & Light, pre!, (quar.)..
IX
Jan.
1
Dec. 20
Trinidad Elec. Co., Ltd. (quar.)
Twin City Rap. Tran., Minn., com. (qu.)
Preferred (quar.)...
IX
IX
Jan.
Jan.
2 Holders of rec
Dec.
14a
IX
Jan.
2 Holders of rec,
Dec.
14a
(quar.).....
Union Passenger Railway, Philadelphia..
Union Traction, Phila
Holders of rec
10 Jan.
1
Jan.
to
10
$4.75 Jan.
1 Holders of rec
Dec.
15a
Jan.
1 Holders of rec
Dec.
10a
$1 50
United Lt. & Rys., com. (qu.) (No. 12)..
First preferred (quar.) (No. 29)
United National Utilities, pref. (quar.)..
1
Jan.
2 Holders of rec
Dec.
15a
IX
IX
Jan.
2 Holders of rec
Dec.
15a
Dec.
15 Holders 01 rec
Dec.
5a
United Traction & Electric, Prov., {quar.).
Utah Power & Light, pref. (qu.) {No. 20)
IX
Jan.j
2
IX
Jan.
2 Holders of rec
$1.60 Jan.
15 Holders of rec
—
Electric, com..
Dec.
19
to
75c. Dec. 31 Holders of
(quar.)
West End St. Ry., Boston, pref
West India Electric Co. {quar.) {No. 40)..
West Penn Rys,, pref. (quar.) (No. 2)_.
$2
Jan.
2 Dec. 21
IX
Jan.
IX
Dec.
1 Dec.
West Penn Tract. & W. P., pref. (quar.)
West Philadelphia Passenger Railway...
IX
$5
Jan.
Yadkin River Power, pref. {quar.) {No. 7).
IX
Jan.
Youngstown & Ohio River, pref. {quar.)...
IX
to
24
to
15 Holders of
Dec.
Dec.
15
rec
Dec.
31 Holders of rec. Dec. 20
Dec.
24 Holders of rec.
Preferred
Dec. 2
rec
to
Extra
Jan.
2
1
1
16
1 Holders of rec
Dec.
15a
2 Holders of rec
Dec.
15a
Dec.
10
rec
75c. Dec.
;
Dec.
Jan.
1
Holders of
IX
Jan.
1
Dec.
10
to
Dec. 20
IX
Jan.
1
Dec.
10
to
Dec.
IX
Jan.
Preferred
(quar.)
I
Case (J. I.) Thresh. Mach., pref. (quar.)_
Celluloid Company (quar.)
2
Dec.
Dec.
Cent. Aguirre Sugar Cos., pref.
(quar.)
Central Foundry, first preferred
2X
2
rec.
21
Dec.
15
20
Jan.
17a
17a
17a
2 Holders of rec. Dec.
20
15 Holders of rec. Dec.
31a
Jan.
15 Holders of rec. Dec.
31a
Jan.
2 Holders of rec. Dec.
IX
Dec. 31
Holders of
IX
22)
Certain-teed Products Corp.
First and second preferred (quar.)
Chandler Motor Car (quar.)
Jan.
IX
Jan.
Holders of rec. Dec. 20
Holders of rec. Dec. 14a
2
Jan.
J
rec.
10a
Dec.
in
20C. Dec.
Cbesebrough Manufacturing (quar.)_—.
2 Holders of rec. Dec.
31 Holders of rec. Dec.
15
30c. Dec.
Charcoal Iron Co. of America, com.(quar.)
Preferred
Extra
1
Jan.
1
-
31 Holdeis of
15
3
Dec.
14a
Dec.
rec.
22 Holders of rec. Nov. 30a
20 Holders of rec. Nov. 30a
50c. Dec.
-
2
31
$2
Dec.
31 Holders of rec. Dec.
2
Jan.
15 Holders of rec. Jan.
la
IX
Feb.
1 Holders of rec. Jan.
25a
IX
Jan.
1
X
(quar.)..
Dec.
Preferred (quar.)
Cluett, Peabody & Co., preferred (quar.).
Colorado Power, common (quar.).
Holders of
Dec. 29a
reo.
Holders of
14a
reo. Dec.
21a
Jan.
15 Holders of
Dec.
31a
1
Jan.
10 Holders of rec. Dec.
27a
2
Jan.
2 Holders of rec, Dec.
Consolldated Gas of New York (quar.)..
Cons. Interstate Callahan Mining (quar.)
IX
Dec.
Continental Can, common (quar.)
Common (payable In common stock)._
IX
<Computing-Tabulating-Recording (quar.)..
Consol. Gas Elec. L. & P., Bait, (quar.)
—
/35
Jan.
1
Feb.
21
IX
Jan.
Dec.
—
15a
9a
2 Holders of rec. Dec.
3
(quar.)
rec.
15 Holders of rec. Nov.
50c. Jan.
1
Holders of
rec.
20a
Dec.
20a
Holders of rec. Feb.
Holders of
8
rec. Dec.
17 Nov. 27
to
20a
Dec.
17
Jan.
2 Holders of rec. Dec. 24a
Copper Range Co. (quar.) (No. 43)
Jan.
2 Dec.
Jan.
Jan.
2 Holders of rec. Dec. 31a
2 Holders of rec. Dec. 31a
Extra (No. 44)
Crescent Pipe Line (quar.)
Crex Carpet..
IX
2 Holders of rec. Dec.
Crucible Steel, pref. (quar.) (No. 61)
Cuba Cane Sugar Corporation, pf: (quar.)
Jan.
2 Holders of rec. Dec.
15a
Cuban-American Sugar, com. (quar.)....
Preferred (quar.)
Cudahy Packing, common (quar.)
2X
Jan.
2 Holders of rec. Dec.
12a
IX
Jan.
2 Holders of rec. Dec.
12a
20
to
Jan.
2
ilO
Jan.
31a
2
Jan.
2 Holders of rec. Dec. 22
2
Jau.
2 Holders of rec. Dec.
7
North Side
(Brooklyn) (No. 47)
(No.133)........
Jan.
2 Holders of rec. Dec.
3
f
Jan.
2 Dec.
13
15a
17
Jan.
2
2 Holders of rec. Dec.
$1.25 Jan.
20
to
Trust Companies.
24a
Preferred (quar.)
Dec.
31 Holders of rec. Dec.
21
Dec.
(quar.)..±
Lawyers' Title & Trust (quar.) (No. 77)
2
31 Dec.
23
to
Dec.
IX
Jan.
2 Dec.
16
to
Jan..
Transatlantic
3
Jan.
2 Holders of rec. Dec.
31a
4
Jan.
2 Holders of rec. Dec.
22a
25
Jan.
2 Holders of rec. Dec.
20a
Jan.
10 Holders of rec. Dec.
...
—
...
30
2
,
Ahmeek Mining
(quar.)....
Ajax Rubber (quar.)
Alabama Company, common...
Alabama Company, first preferred (quar.)
Allis-Ckambers Mfg., pref. (quar.)
Amer. Agric. Chem.,com. (qu.) (No.
$2
18
15 Holders of rec. Nov. 30a
$1.50 Dec.
Dec.
31 Dec.
IX
Dec.
31 Holders of red. Dec. 20a
IX
Jan.
16 Holders of
rec.
Dec.
31a
hX- Jan.
Preferred (account accum. dividends)
Aliouez Mining (quar.)
Preferred (quar.) (No. 50)
IX
Cumberland Pipe Line (annual)
10
Del.Lack. & West. Coal (special
Diamond Match (quar.)..
31 Holders of rec. Dec.
Dec.
5
Miscellaneous.
IX
-
($20
15 Holders of
rec.
Dec.
31a
$3
$1 60
Jan.
21
to
Jan.
2 Holders of reo. Dec.
1
12
IX
16 Holders of rec, Dec. 24a
IX
Jan.
16 Holders of rec. Dec.
75c.
25)..
.....
American Bank Note, pref. (quar.)
Ainer. Beet Sugar, pref. (quar.) (No. 74)
Amer. Brake Shoe & Fdy., coin, (quar.)
Jan.
Jan.
2 Holders of rec. Deo.
Deo.
15 Holders of
24 Holders of rec. Dec.
Dec.
24 Holders of rec. Dec.
22
Jan.
2 Holders of rec. Dec.
22
Jan.
2 Holders of rec. Dec.
22
IX
IX
-
IX
31 Holders of rec. Dec.
21
21
IX
Jan.
Jan.
2 Holders of
rec.
Dec.
15
1 Holders of
rec.
Dec.
10
15 Holders of rec. Nov. 30
22 Holders of rec. Nov. 30
25 Holders of rec. Jan.
IX
Feb.
1 Holders of
rec.
Jan.
21
IX
Feb.
1
Holders of
rec.
Jan.
21a
Eastern Steel, common (quar.)
2X
Jan.
15 Holders of rec. Jan
2
1X
(quar.)r
Dec.
15 Holders of rec
l
Jan.
2 Holders of rec. Nov. 30a
Jan.
2
(quar.).'
18a
llo
Light & Power of Abington and
Rockland, Mass. (No. 49)
Electric Storage Battery, corn. & pf. (qu.)
Empire Steel & Iron, preferred..
17a
Dec.
20
5
Preferred (acct, accum. dividends)....
Equitable 111. G. L., Phila., pref.;
Jan.
2 Holders of rec. Dec.
20
3
Jan.
1 Holders of rec. Dec.
17a
Jan.
2 Holders of rce. Dec.
20
Jan.
2 Holders of rec. Dec.
15a
Foundation Co., common (No. 1)
Common (extra)
$3
20 Holders of rec. Dec.
19a
Galena-Signal Oil,
Dec.
fb
Feb.
Amer. Rolling Mill, common
American Sewer Pipe (quar.)
Amer. Smelt. & Refg., common (quar.)..
Amer. Smelt. Securities, pref. A (quar.)..
50c. Dec.
IX
Dec.
1
Holders of rec. Dec.
15
Feb.
1
Holders of rec. Deo.
31a
Feb.
1
Holders of rec, Dec.
31a
2
Holders of rec, Dec.
8
to
Jan.
19a
IX
2 Holders of rec. Dec.
15
2 Holders of rec. Dec.
20
31 Dec.
23
to
Dec. 31
1 Holders of rec. Jan.
20 Dec.
1
11
to
Dec. 20
15 Nov. 29
to
Dec.
6
Jan.
IX
Jan.
IX
Dec.
IX
IX
2 Holders of rec. Dec.
2 Holders of rec. Dec.
31 Holders of
14a
14a
Dec.
15a
Jan.
2 Holders of rec. Dec.
la
Jan.
2 Holders of rec. Dec.
la
2 Dec.
16
rec.
to
Jan.
7
— .
common
—
Common (payable in common stock)..
Preferred (quar.)...
Common (extra)
Preferred (quar.)...
IX
Jan.
15
to
Dec. 27
First
IX
Jan.
15
to
Dec.
15
of rec. Dec.
31a
1
of rec. Dec.
28a
15
preferred
«...—
of rec. Nov. 20a
5
Dec.
IX
Jan.
2
of rec. Dec. 21
3X
Jan.
1
of rec. Dec.
8a
(quar.)
Harbison-Walker Refrac.. pref. (qu.)
Hart, Schaffner & Marx, Inc., pf. (quar.)
Haskell & Barker Car (quar.)...
----Helme (G. W.) Co., common (quar.).—.
Common (extra)
Preferred (guar.)
to
Jan.
of rec. Dec.
rec,
Dec.
>3
3
20
20
Jan.
2 Holders of rec. Dec.
IX
.J an
2 Holders of rec, Dec.
19a
IX
Jan.
2 Holders of rec. Dec.
19a
IX
Dec.
15 Deo.
1
to
Dec.
16
1
to
Dec.
16
19a
IX
Dec.
15 Deo.
1
Feb.
15 Holders of rec.
194
Jan.
IX
Dec.
31
Holders of rec. Dec.
15
Holders of
15
Feb.
6a
2 Holders of reo. Deo.
21a
Dec.
31
IX
Dec.
31 Holdeis of rec. Dec.
IX
Jan.
1
IX
Jan.
2 Holders of rec. Dec.
15a
Jan.
2 Holders of rec. Dec.
15a
p 4.15
Dec.
16
rec.
to
Dec.
Jan.
15
2
Jan.
2 Holders of rec. Dec.
15a
Jan.
2 Holders of rec.
19a
Jan.
2 Holders of rec. Dec.
Jan.
2 Holders of
rec.
Dec.
15a
Jan.
2 Holders of rec.
Dec.
15a
25
$1
2X
(quar.)
—
Avery Co., preferred (quar.)
Baldwin Locomotive Works, preferred...
8
IX
Second preferred (quar.)
15
15 Dec.
194
10a
10a
Feb.
Jan.
IX
Guantanamo Sugar (quar.)
Gulf States Steel, common
Jan.
Jan.
e2
10
15 Holders of rec. Jan.
Jan.
15 Dec.
—
Great Lakes Towing, preferred (quar.)
Great Western Sugar, common (quar.)..
15 Holders of
5
Jan.
Jan,
...
(quar.)...
Globe Soap, common (quar.)
—;
First, second & special pref. stocks (qu.)
Goodrich (B. F.) Co., common (quar.)..
Preferred (quar.)
Grassed! Chemical, common (quar.)
Jan.
IX
IX
2
Preferred
Jan.
27
fb
(quar.)
Common (extra)
IX
rec.
,
*
— .
1
Atlantic Refining
Jan.
i Holders of
2
15
1
Jan.
American Steel Foundries (quar.)
Amer. Sugar Refin.. com. (qu.) (No. 105)
Preferred (quar.) (No 104).
j
Nov. 30a
IX
American Snuff, com. (quar.)
Preferred (quar.)
Atl. Gulf & W. I. 8. S. Lines, com
Holders of rec.
Preferred (quar.)
General Railway Signal,
Dec. 23
Anglo-Americal Oil, Ltd. (interim)
31
5a
Dec. 23
Associated Oil (quar.)
Dec.
2X
Preferred
Holders of rec. Jan.
21
to
(quar.)
Nov. 30a
} Holders
to
AmericanWoolen.com. (quar.)..
Holders of rec.
Jani
15
Jan.
1
31
IX
15
IX
1
Dec.
2
(quar.)
General Flreproofing, common (quar.)...
2 Dec.
(quar.).
10a
18a
2 Dec.
(quar.)
Dec.
15 Holders of rec. Dec.
3 Holders of rec. Dec.
Jan.
American Type Founders, common
rec.
15 Holders of rec. Deo.
15a
Jan.
American Tobacco, pref. (quar.)
20 Holders of
Jan.
Dec.
IX
...
Dec.
Dec.
3
-
rec.
15a
IX
(quar.)
$1
$1
(quar.)...
Holders of
n\% Jan.
Jan.
5a
1
31 Holders of rec. Dec.
Jan.
Dec.
15a
Dec,
IX
21
rec.
Dec.
18
3
(quar.)..
(qu.) (No. 22)
(quar.)
8
2 Holders of rec. Dec.
rec.
18
1 Holders of rec. Jan.
Amer. Radiator, common
15 Holders of rec. Dec.
15 Holders of
Holders of
18
2 Holders of rec. Dec.
Amer. Public Utilities, pref.
Dee.
Jan.
rec.
Dec.
IX
—
31
2 Holders of rec. Dec.
Jan.
Jan.
50c.
Holders of
(quar.)
General Baking, pref. (quar.) (No. 24)
General Chemical, common (special).
Common
(payable in common stock)
Preferred (quar.).—
General Electric (quar.).
3pecial (payable In stock)
75c. Feb.
IX
IX
Amer. Public Service, preferred
Nov. 30a
Everett, Heaney &Co., Inc. (quar.)__._.
Federal Sugar Refining, com. (quar.)
Firestone Tire <& Rubber, com.
common
15a
2 Holders of rec. Dec.
IX
Jan.
20
20
2
IX
IX
IX
Dec.
'
American Cigar, pref.
American Coal
•
American Locomotive, common (quar.)..
Preferred (quar.)*
rec.
2 Holders of rec. Dec.
Jan.
17a
—
Nov. 30a
Jan.
17a
—
rec.
1
Holders of rec. Dec.
90c. Dec.
Holders of
3
—
Holders of rec. Dec.
IX
Dec.
2 Holders of
25c. Jan.
....
1
(quar.)(No.51)
10
IX
common
1
com.
Dec.
2X
First and second, pref. (quar.)
Jan.
.
5
Dec.
Jan.
Amer. Internat. Corp., common (quar.).
Amer. Linseed, pref. (quar.) (No. 8)
to
Jan.
1
Jan.
1
IX
Debenture stock (quar.)
du Pont (E.I.) de Nemours Pow.com.(qu.)
Preferred (quar.)
I
*
1
$1.25
15
Jan.
Common (extra).,
Preferred (quar.)- (No. 75)
American Chicle, preferred (quar.)......
/SI
12
Dec.
1 Holders of rec. Dec.
15 Dec.
20
31 Holders of rec. Dec.
Preferred (quar.) (No. 44).
Dec.
Dec.
Jan.
2 Holders of rec. Dec.
Dec.
Amer. Gas & Elec., com. (qu.) (No. 31)
Common (payable in com. stock)
rec.
1
IX
Jan.
Dec.
2 Holders of rec.
Holders of
22
4
1
Jan.
1
Nov. 30a
Electric
r2
IX
Jan.
rec.
15a
(extra)
(quar.)
15
12
1 Holders of rec. Dec.
(qufir.)
Dec.
Dec.
Jan.
Preferred
$1.25
to
of rec. Dec.
Jan.
Preferred
(quar.)..
6
Holders
IX
31 Holders of rec.
20 Holders of rec. Dec.
15 Holders of rec. Nov. 30
IX
31 Holders of rec. Dec. 21
3.7157 Dec.
15 Dec.
Dec.
Eisenlohr(Otto) & Bros., pref. (quar.)
Dec.
Dec.
Dec.
Dec, 28
15a
Dec.
2 Holders of rec.
6a
24a
IX
American Can, preferred (quar.)
Preferred (final paym't oi accum. divs.)
Amer. Car & Fdy., com. (quar.) (No. 61).
16
20 Holders of reo. Dec.
Edmunds & Jones Corp.-, com. (quar.)...
Preferred (quar.)
TlX
Dec.
Dec.
15 Holders of rec. Nov. 30a
Dec.
Dec.
IX
Draper Corporation (quar.)
2
du Pont (E.I.) de Nem.& Co., com. (qu')
4X
Common.(pay. in 4% Liberty bonds)-. i 32
Preferred
Nov. 21
IX
Dominion Steel Corp. (quar.)..
Dominion Textile Ltd., com. (quar.)
Kodak,
to
4
.
———
■Dominion Canners, Ltd., pref. (quar.)...
Dominion Glass, Ltd., pref. (quar.)
Dominion Power & Trans., com. (quar.).
Eastman
24
2
Common (extra)..
3
Franklin, Brooklyn (quar.)
Guaranty (quar.)
rec.
15 Holders of rec. Nov. 21
16 Nov.
Dec.
Dodge Manufacturing, common (quar.)...
Dec.
15 Holders of
Dec.
75c. Dec.
—
29 Holders of rec. Dec. 22
5
—
Hudson
SI.50 Dec.
$1
-
Mutual
Preferred
Dec.
rec.
IX
(quar.)-.
Ordinary preferred (quar.)
Central Leather, preferred (quar.)
Cent. States El. Corp., pf. (qu.)
(No.
Extra
Holders of
1 Holders of rec. Dec.
31 Holders of rec. Dec.
31 Holders of rec. Dec.
■
Extra
•
31
5
...
Preferred
15 Holders of rec. Nov. 30a
IX
..
5
{payable in Liberty Loan 3Ms).
Mechanics, Brooklyn (quar.) (No. 133)..
Metropolitan (quar.)..:
Preferred B
20
4
...
Security Co: {quar.)
Graphophone,
Nov. 30a
3
{quar.)
{quar.).'...
First National Bank and First Security Co
Amer.
Nov. 28
2
—
Continental Oil (quar.)
Chatham & Phenix National {quar.)
American Express
Dec.
reo.
rec.
Canadian Consol. Rubber, pref. (quar.)...
Preferred
Banks.
rec.
Canadian General Ele., com. (quar.)
Canadian Locomotive, common (quar.)
Cleveland Elec. Ilium., com.
Dec.
Jan.
California Petroleum Corp., pref. (quar.)
1
Jan.
2 Holders of
Calumet & Hecla Mining (quar.)
Dec. 20 Holders of
$10
Cambria Steel (quar.)
75c. Dec.l5d Holders of
15a
Dec.
20 Holders of
IX
23
Jan.
Dec.
7a
15 Holders of rec. Nov. 30a
2 Holders of rec. Dec. 15a
50c. Dec.
(quar.)
Dec.
15a
15 Holders of reo. Nov. 24
2 Holders of reo. Dec. 20
IX
Dec.
Dec.
13a
Nov. 24'
$2
Chicago Telephone (quar.)
Chino Copper (quar.)
Dec. 31a
16
2 Holders of rec, Dec.
15 Holders of rec.
$1.50 Dec.
—
14a
20 Holders of rec
Dec.
Calumet & Arizona Mining (quar.)(No.56)
California Packing Corp., com. (quar.)
16a
IX
to
Jan.
10a
2
Extra
Public Service Corp.of New Jersey (quar.)
San Joaquin Light & Power, pref. (quar.)
Dec.
2
1
1
Jan.
31)——
Frankf, & Southwark Pass., Phila.(quar.)
Jan.
20a
20a
15 Dec.
Bucyrus Co. preferred (quar.) (No. 11)--,
Buffalo General Electric (quar.) (No. 93).
18a
7a
Extra
Deo.
IX
Buckeye Pipe Line
15a
2 Holders of rec. Dec.
Jan.
IX
$2
loa
15a
2 Holders of rec. Dec.
IX
13a
2a
2 Holders of rec. Dec.
50c. Jan.
(quar.)
16a
dan.
20a
Jan.
Dec.
Nov. 30a
26a
Dec.
2X
Jan.
29 Holders of rec
1 Holders of rec. Jan.
2 Holders of rec.
Common, Class "B" (quar.)
Cumulative conv. pref. (quar.) (No. 1)
Preferred 7% (quar.)
Booth Fisheries, common (quar.)
■-
Jan.
Dec.
Feb.
Jan.
Bethlehem Steel, common "A" (quar.)
1 Holders of reo,
Jan.
Union (quar.)
United States.
Dec.
31
2 Holders of rec
1
(quar.)
rec.
15 Holders of rec. Dec.
Feb.
3
Bankers
10 Holders of
Jan.
Jan.
•2.X
Peoples
1
31
2
X
IX
Preferred (No. 12)
El Paso Elec. Co., com. (quar.) (No. 26).
First
15
Jan.
Dec.
15 Holders of rec. Dec.
Borden's Condensed Milk, pref. (quar.)_.
Brooklyn Union Gas (quar.)
Eastern Tex. Elec. Co., com. (No. 4)
Chase National
Dec.
rec.
Dec.
Feb.
Duluth-Superior Tract.,com. <fc pref.(qu.)
First National
to
15 Holders of rec. Jan.
16a
Jan.
$3
Preferred
rec.
21
Jan.
_
X
.
Wash. Bait. & Annapolis
2 Dec.
10 Holders of
IX
IX
IX
h3X
Barrett Co., common (quar.)
X
Cities Service Com. and pref.
Common (payable in common stock)
Common and preferred (monthly) —.
First and second preferred (quar.)
Nov. 30a
Dec.
to
Cap. Tract. (Washington, D. C.) (extra).
common
.2 Holders of
Jan.
3c. Jan.
——
Dec. 20a
1 Holders of rec
Louisville Ry.,
IX
Dec.
,
2 Holders of rec
dan.
Trac., L. & P., pref. (quar.)
Brooklyn Rapid Transit (quar.)
Capital Traction, Washington, D.C. {quar.)
Brazilian
Indianapolis Street Ry
$1 25 Jan.
(quar.)
3c. Jan.
Extra
Nov. 2«Ja
1 Holders of rec
Boston &
El Paso Electric Co., p,ef. {No.
Books Closed.
Days Inclusive.
Barnhart Bros. & Spindler—
American Railways, common
Arkansas Valley Ry., L.«fc P., pref.(quar.)
Asheville Pow. & Lt., pref. (qu.) (No. 23).
Bangor Ry. & Elec., pief. (quar.) {No. 25)
& Lt.,
Payable.
Miscellaneous lContinued).
Jan.
50c. Jan.
1
2
(extra)
Carolina Power
When
Cent.
Name of Company.
-
Toronto Hamilton & Buffalo (quar.)
Union Pacific, common (quar.)
Common
3341
Dec
IX
Jan.
19 Holders of
rec.
Jan.
IX
Dec.
31
rec.
Dec.
75c. Jan.
2 X
Holders of
15a
9a
19
2 Holders of rec. Dec.
18a
Jan.
2 Holders of rec. Dec.
15a
4
„»
Jan.
2 Holders of rec. Dec.
15a
IX
Jan.
2 Holders of
15a
rec.
Dec.
,
Per
Name
of
Miscellaneous
When
Payable.
Per
Books Closed.
Cent.
Company.
Days Inclusive.
Dec. 24 Dec.
16
to
Dec. 25
Railway Steel-Spring, com. (quar.)——
IX
8
Dec. 24 Dec.
16
to
Dec. 25
Preferred (quar.)......
Ray Consolidated Copper (quar.).
SI
650.
10
25c
International Mercantile Marine, pref...
Deo, 26 Holders of rec, Dec. 20a
Dec. 10
Deo. 17 Nov. 21
to
Dec.
16 Deo.
1
3
Dec. 20 Holders
W
Deo.
3
Jan.
IX
Deo.
to
of
reo,
la
15 Holders of rec. Dec.
l Holders of rec. Dec. 15a
h 10
15 Holders of rec. Dec. 24a
Dec. 28 Holders of rec, Dec. 14a
Dec. 31 Holders of rec. Dec. 14a
IX
Jan.
15 Holders of reo. Jan,
50c;
Internal. Paper, pref. (quar.)
International Petroleum
......
14
Dec. 10a
Jan,
2
Common (extra)......--
Jan.
Deo.
4a
31
Special
....ti..—-n—
International Silver, preferred (quar.)...
4
Dec.
1X
Jan.
3} Holders of rec. Dec. 15a
31 Holders of rec. Dec. 15a
Jan.
1
l Dec;, 18
to
Jewell Tea, pref. (quar.)
IX
Jan.
2 Holders of rec. Deo, 20a
IX
Jan.
2 Holders of rec. Dec. 20
International Salt (quar.)
IX
......
.........
Kau/mann Depart. Stores, pref. (quar.).,.
Kayser (Julius) & Co., common (quar.)..
l Holders of rec. Dec. 21a
Jan.
2
1
(extra)
Jan.
1 Holders of reo. Dec. 21a
IX
Feb.
1 Holders Of rec. Jan.
21a
IX
50c.
Jan.
2 Holders of rec. Dec.
17a
6O0.
Dec.
31 Holders of rec. Dec,
Deo.
16 Holders of rec. Nov. 26a
.......
First and second preferred (quar.)....
Kelly-Springfield Tire, pref. (quar,)....
Kennecott Copper Corp. (quar.).....»..
Extra...
—
Dec. 31
25C.
Kerr Lake Mining (quar.) (No. 49).—
30C.
Keystone Tire & Rubber, common (quar.)..
20c.
Preferred (quar.),.....
........
3 1-3C.
Preferred (extra)
—
IX
Kolb Bakery, pref. (quar.) (No. 24)
2
Kresge (8. 8.), contmon
IX
Preferred (quar.)
.......
Holders of
rec.
Jan.
2
Dec. 22
Jan.
2
Dec. 22
Dec.
Dec. 13
Dec.
22
to
Deo, 13
Dec. 31
Dec. 14a
Dec. 31
Deo.
14a
Dec.
15
Dec.
la
Dec.
15'
Dec.
la
Lehigh & Wllkes-Barre Coal............
Liggett & Myers Tobacco, pref, (quar.) —
Llnde Air Products, common (quar.)....
Preferred
(quar.)...
Lone Star Gas (quar.).
Lorillard )P.) Co., common (quar.)—
Preferred (quar.)......
—...
Loose-Wiles Biscuit, 1st pref. (quar.)
Mackay Companies, com. (qu.) (No. 60)
Preferred (quar.) (Np, 56)
Magma Copper Co, (quar.)
........
Manatl Sugar, preferred (quar.).Manhattan Electrical Supply, com. (quar.).
First and second preferred (quar.)
Manhattan Shirt, preferred (<quar
Maple Leaf Milling, Ltd., common.:....
May Department Stores, preferred (quar.).
McCrory Stores, preferred (quar.).,..
Merchants Despatch Transp. (quar.)...,.
Mergenthaler Linotype (quar,) (No. 88).
Extra
Dec. 29
Dee. 22a
IX
Jan.
1
Dec. 17a
Deo.
31
Dec. 20a
IX
Jan.
1
Dec. 20a
2
,
.
Dec. 30
3
Jan.
Dec. 22,
2
2
Dec.
Dec.
15a
IX
Jan.
Jan.
l
Dec. 15a
IX
Jan.
2
Dec.
1
Jan.
2
Dec.
8a
Dec.
Preferred (quar.).....Southwestern Cities Electric, pref. (quar)..
South West Pa. Pipe Lines (quar.).
Standard Gas & Electric, preferred (quar.)
Dec. 20
Deo.
J
1
Dec. 20
Jan.
2
Dec. 10a
Jan.
2
Dec.
Dec. 20 Dec.
11
to
Dec. 19
to
Deo.
Dec.
15 Holders of rec. Nov. 23a
3
Jan.
l
Deo.
1
to
Dec.
Jan.
1
Dee.
1
to
Dec. 19
1.
Cloih,
17 Holders of rec. Nov. 19a
Jan.
1 Holders of
Dec.
15
15
Stromberg Carburetor (quar.)
Stutz Motor Car of Amer., Inc. (quar.)..
Subway Realty (quar.)...
IX
IX
Feb.
Feb.
75c. Jan.
—
rec.
to
rec.
15
15
Holders of
rec.
15
15a
Jan.
2 Holders of rec. Dec.
Jan,
2 Holders of
2
Jan.
2X
Dee. 31 Holders of
Swift & Co. (quar!) (No. 127)
Texas Company (quar.)
Tide Water Oil
2
Dec.
Deo.
31
Dec.
6a
3
Dec. 29 Holders of rec.
Dec.
15a
500. Jan,
2c. Jan.
2
Dec.
15
Dec.
15a
Deo.
15a
..
Jan.
2
,
Jan,
2
,
IX
Jan.
1
l
Dec.
15
,
15
,
Tobacco Products, pref. (quar.) (No. 20)IX
Todd Shipyards Corp. (quar.)—
$1 75
Tonopah Belmont Development (quar.). 12X0.
Tooke Bros., Ltd., pref. (quar.) (No. 21).
IX
si
Torrington Co., common (quar.)....,
25c.
Common (extra)
Preferred
3X
—
...
-
...
Deo. 20a
Tuckett Tobacco, pref. (quar.)...:
Dec.
5a
Deo.
5a
Underwood Typewriter, common (quar.)
Common (extra)...
IX
Dec.
Dec. 31
Dec. 21
IX
Dec.
Nov. 30
SI
Jan.
2
IX
IX
IX
Jan.
15]
Deo. 29a
Jan.
15
Jan.
Deo. 31
Deo.
11a
2
Jan.
Dec.
15
15
Dec.
1
15a
8a
Dee. 31
to
Jan.
31
to
Jan.
1
Dec. 31
Deo.
7a
15
Nov. 23a
18a
l
Dec.
16
15 Holders of rec. Nov. 30
2 Holders of rec. Dec. 21
2 Holders of rec. Dec. 21
2 Holders of rec.
Holders of
Deo.
15a
Jan.
1
Holders of rec. Deo.
16a
Jan.
1
Holders of reo.
Dec.
Jan.
Jan.
Dec.
Jan.
rec.
15 Holders of rec. Nov. 309
2 Holders of reo. Dec. 15a
Dec. 31
Holders of rec. Dec.
2 Holders of ree. Dec.
14a
Jan.
15 Holders of rec. Dec.
20a
$1
Jan.
15 Holders of
X
Dec.
15 Holders of rec. Dec.
la
IX
Jan.
15 Holders of reo. Deo.
31a
50c. Jan.
37 He. Jan.
olX
IX
rec.
5 Holders of rec. Dec.
Mar. 15 Holders of rec. Mar.
Deo. 31 Deo.. 11
to
10o.
Jan.
2 Holders of
Jan.
2 Holders
Dec.
14a
1
Dec. 21
Extra..:
U. S. Steel Corporation, common (quar.).
Common (extra)
...
5c.
Jan.
4
Jan.
151
Dec. 22
Utah Consolidated Mining (quar.)......
50c.
Utah Copper (quar.)
Utah Gas & Coke, preferred
Deo. 20
Utilities Securities,
ree.
$3.50 Dec. 31 Holders of
Deo. 31a
5
Jan.
20
Dec. 31
Extra...
'
North American Co. (quar.) (No. 55)
Northern Ontario Light & Power, pref
5
Jan.
20
Dec. 31
Victor Talking Machine, common
Common (extra)
....
Deo. 15
Dec. 31
Washington
Deo. 22
......
Jan.
3
4
Jan.
3 •]
Deo. 13
Western Grocer, common
Preferred
FeD,
1
Jan.
Western Union Teleg. (quar.) (No. 195)..
Jan.
1
Dec< 15a
to
Deo. 11
$4.75 Dec. 20
to
Dec. 11
Dec. 23
Deo. 15
IX
12H0. Deo. 28
Nov. 30
Dec.
Deo. 31
$1
Dec. 20
75c. Jan.
1
Dec- 22a
50c. Jan.
1
Dec.
22a
Jan.
1
Dec,
22a
Deo.
15
Deo.
16
IX
IX
to
,
IX Dec. 15
Jan.
1
,
(quar.)
Pennsylvania-Kentucky Oil & Gas. (qu.)
Pennsylvania Wat. & Pow. (qu.) (No. 16)
Pettibone-Miiliken, 1st pref. (quar.)..
IX
IX
IX
Jan.
1
Second pref. (quar.)
Phelps Dodge Corporation (quar.)
IX
Jan.
1
2X
Dec. 28
.
2X
Dec. 28
.
5
Dec. 28
.
20o. Jan.
Jan.
15 Holders of rec. Dec. 31
Deo. 20 Nov. 21
to
Dec.
Dec. 21
to
Dec. 31
to
Dec. 31
Deo.
31
12
20
3
Extra
...
2 Holders of rec. Dec.
Jan.
2 Holders of rec. Dec.
17a
Jan.
2 Holders of rec, Deo.
17a
Dec. 21 Dec.
9
to
Dec. 21 Dec.
9
to
2
—
21
rec.
Dec, 20a
17a
Dec. 21
Dec. 21
Dec.
15a
IX
Jan.
1 Holders of reo. Deo.
20a
IX
1*4
1*4
IX
Jan.
2
$1
—-
Willys-Overland, preferred (quar.)..
Wilson & Co., Inc., pref. (quar.)
Woolworth (F. W.) Co., pref. (quar.)
Worthington Putap& Mach., pf. A (qu,).
Jan.
2
.....
15 Holders of
IX
White Motor (quar.)
Jan.
2
Wheeling Steel & Iron (quar.)
15 Holders of rec. Dec. 20a
3
(quar.)
Jan.
1
Preferred
Deo. 31 Dec.
ix
.
Dec. 31
Holders of
Holders of
rec.
rec.
Dec. 24
Jan.
2 Holders of ree. Dec.
Jan.
.2 Holders of
Jan.
rec.
10a
Dec. 20a
2 Holders of reo. Dec.
20a
Dec. 24 Holders of rec. Dec.
17
Jan.
2 Holders of rec. Deo.
17
2
Jan.
1
3
Jan.
1
Holders of rec. Dec. 20a
IX
Jan.
1
Holders of rec. Dec. 20a
...
Common
Dec.
Deo. 15
15a
.
,
Deo. 20a
Deo.
18a
Deo. 18a
Dec. 18a
Nov. 23a
Dec.
14a
Dec. 31
16
to
Jan.
2
Jan.
2
16
to
Jan.
1
16
to
Jan.
2
Oct.
31
a
1
21
to
3
Jan.
31
2
Jan.
31
IX
Jan.
3
Jan.
15 Holders of reo,
Dec. 31a
IX
Feb.
28 Holders of rec,
Feb.
la
$3
Deo. 24
Dec.
la
2 Deo. 15
Dec. 31
Dec. 31
to
Jan.
1
e
Dec. 31 Dec.
8
to
Dec.
9
7H0.
Payable in stock.
Deo. 31 Dec.
8
to
Dee.
12
6 Less British income tax.
d Cor¬
0 Payable Id scrip,
4 Payable in Liberty Loan bonds,
/Payable In common stook.
ft On account of accumulated dividends.
ft Payable In 4% Liberty Loan bonds at par with all coupons attached.
I Payable In Victory Loan (Canadian Govt.) bonds,
m Less five cents per
war
Income tax.
»
.
Holders of rec. Dec. 20a
$1
Transfer books not closed for this dividend.
rection.
Bhare
Declared 7% payable In quarterly installments, viz.: 1%%
above; 1*4%, April 1 1918 to holders of rec. Mar. 15 1918; 1*4% July 1 1918
to holders of reo. June 151918 and 1H% Oct. 11918 to holders of rec. Sept. 141918.
as
2
Jan.
(extra)
Yukon-Alaska Trust (quar.)
Yukon Gold Co. (quar.)
Deo. 19a
Deo. 20a
.
93)
Preferred (quar.)
Dec. 15
IX
Jan.
Dec.
2X
3
8X0
Dec. 31
rec.
5
12
1
rec.
Youngstown Sheet & Tube, com. (quar.)
,
1
10c. Jan.
15 Holders of
15 Holders of
Yale & Towne Mfg; (quar.) (No.
,
43.750. Dec. 15
Jan.
17
Jan.
Dec.
Dec. 20
-
2
2
14a
Preferred B (auar.)
Yale & Towne Mfg. (extra) (No^92).—
.
2
Jan.
Dec.
2 Holders of ree. Dec. 20
Jan.
Dec. 27 Holders of rec. Dec.
4
...
Weymann-BrutonCo., common (quar,).
Common (extra)—
Nov. 30a
10
Jan.
rec.
3
Dec, 20
7
50o. Dec. 26
$2.50 Deo. 26
(qu.). 87Xo.
°
Extra
18
Dec. 10a
Dec. 18
12XC. Dec. 28
Jan.
1
IX
3
12
IX
5
to
Deo.
$4
2
50c. Dee. 24
Deo.
to
Dec. 24 Holders of rec. Dec.
5
.*
15:
$1.25 Deo. 20 ]
to
1
15
(quar.)..
Jan.
IX
pf rec. Deo. 17
1
Deo. 29 Dec.
IX
Jan.
15a
la
17
Deo. 29 Deo.
IX
IX
Deo. 13a
Deo.
IX
(quar.)
3
/5
18
Deo. 19
3
pref, (quar.)
Preferred (quar.)..,
OIL.
Dec. 31
5 Holders of rec. Dec. 18
2 J
to
14a
Jan.
15 1
7
5a
1 Dec. 21
Dec. 31
to
2 Holders of rec. Dec.
8a
Jan.
15
Dep. 15a
15 Holders of rec. Dec.
Jan.
15]
Dec. 21
15 Holders of rec. Deo. 31
2
.
Deo. 20
17a
of rec. Dec. 10a
'to
Dec. 21
1
IX
IX
IX
IX
(quar.)
Jan.
Dec. 21a
2 Holders of rec. Dec.
Dec. 31 1
SI
fx
10
21a
rec.
Jan.
Jan.
$1
....
—
Jan.
2
(No. 5)
United States Gypsum, pref,
U. S. Steamship
...
Dec.
Jan.
Jan.
Jan.
Dec.
Dec. 20 Holders,
Jan.
to
IX
United Drug, common (quar.) (No. 4)...
United Dyewood, com. (quar.) (No. 5)—
United Shoe Machinery, common (quar.),.
Preferred (quar.)...
U. S. Cast Iron Pipe &, Fdy., pref. (qu.)—
11
29 Holders of rec. Dec.
IX
Union Carbide & Carbon (quar.) (No. 1).
Unltcd Cigar Stores of Amer,, pref. (qu.)
Preferred (quar.)
Dec.
Dec.. 20a
5
(quar.)
Union Bag & Paper Corporation (quar.)..
Union Carbide (quar.)
United Fruit (quar.) (No. 74)..-..
United Gas Improvement (quar.).
United Paperboard, common (No. 1).—
Preferred (quar.)
Jan.
1
ree.
IX
IX
Preferred
1
Dec.
Dec.
...
11a
Jan.
1
IX
51 25
.....
1
Dec. 11a
1 Holders of rec. Jan.
5a
IX
IX
Jan.
19
2 Holders of rec. Dec.
Dec.
Deo, 15a
2
Deo.
Dec. 20a
Dec. 24
15
1
Jan.
Jan.
1
3
...
3
;
Dec.. 15
to
10
....
....
2
(quar.).
Quaker Oats, common (quar.)
Preferred (quar.)
Quincy Mining (quar.)l.
to
16
Standard Oil (Ohio) (quar.)-.
2
Extra
1
2 Dec.
6
Niagara Falls Power (quar.)
Nlles-Bement-Pond, com, (qu.) (No. 62)
Nlpissing Mines (quar.)
Price Bros. & Co., Ltd.
15 Deo.
Jan.
Dec. 24a
Nov. 30a
Prairie Oil <fc Gas (quar.)..,
15 Dec.
Dec.
1
15 1
(quar.)
Dec.
31
50c. Dec.
Pocahontas Logan Coal, common
Preferred
Dec.
6
Dec.
Deo. 20a
;
15 Holders of rec. Nov. 15
2X
3
-
Standard Oil of N. J. (quar.)...........
Standard Oil of N. Y. (quar.).
Extra
15
10
3
Extra..
;
Standard Oil (Kentucky) (quar.)
Standard Oil (Nebraska) (quar.)
Dec. 31
Dec. 10
...
Dec. 22 Holders of rec. Dec.
Dec. 15
Dec.
15 Holders of rec. Nov. 30l
Jan,
Dec. 31
(extra)
SI
Standard Motor Construct, (extra)......
Standard Oil (Calif.) (quar. )(No. 86)—.
Standard Oil (Kansas) (quar.)
Dec.
rec.
2X
2X
2]
Preferred
IX
rec.
2 Holders of reC.
2X
15a
21
Common
Dec. 15a
Dec. 31 Holders of
IX
IX
IX
15 1
Pittsburgh Plate Glass, com. (quar.).,.
Holders of
Jan.
3
—
Dec. 31
IX
2
Jan.
Pierce-Arrow Motor Car, pref. (quar.)..
Dec. 31 Holders of rec. Dec. 15a
2
.......
19a
Dee. 20
Jan.
Jan.
Special (from reserve for depletion)
Philadelphia Electric (quar.)
to
Dec. 20
I
to
Dec. 31 Holders'Of rec. Dec. 18
Jan.
Dec. 31 Dec. 13
to
1
1 Holders of rec. Dec.
Jan.
Extra
5
1
Jan,
IX
Preferred
IX
5
2 Holders of rec. Dec.
20 Dec.
Preferred "A
......
Steel Co. of Canada, com. (qu.) (No. 4)..
Preferred (quar.) (No. 26)...—.
IX
___
Dec.
31
15 Holders of rec. Dec. 31a
20 Dec.
Dec. 20a
3
Common (extra),
Packard Motor Car, pref. (quar.)
Pan-Amer. Petrol. & Transp. com.
Dec.
25
...
Jan.
2
National Sugar Refining.......
.......
Dec.
IX
ix
Jan.
National Surety (quar.)
National Transit (quar.)..............
(quar.)
10 Holders of rec. Dec. 28
2
2 Holders of rec. Jan.
IX
IX
Dec. 31
Old Dominion Co.
Jan.
Holders of
Dec. 24
Osage-Hominy Oil (quar.)..
Ottawa Light, Heat & Power (quar.),,...
Owens Bottle Machine, common (quar.)
Common (extra).-..
Preferred (quar.).
Pabst Brewing, pref. (quar.).
Pacific Mail Steamship, common....
15 Holders of rec. Dec.
Jan.
1
15 I
Oklahofha Production & Refining (quar)j.
■
Jan.
Jan.
Dec. 20
15a
7
6
75C. Jan.
10
Dec. 10
1 Holders of ree. Dec.
Standard Screw, common (quar.).
Dec. 31 ]
....
rec.
Jan.
Dec. 20a
Jan.
.....
Dec. 22 Holders of
2
IX
...
Dec. 22 Holders of reo. Dec.
IX
2X
Jan.
IX
Ohio Oil (quar.)
Extra......
OklahomaiGas & Electric, pref. (quar.)..
15c.
25C.
1
2
Ohio Cities Gas, pref. (quar.)......
Ohio Fuel Oil (quar.)
....
Nov, 30a
Dec. 21
1
.....
15 Holders of rec. Nov. 30a
1
IX
Ohio Cities Gas, com. (pay. in oom. stk.)
15 Holders of rec. Nov. 30a
Deo.
1 Holders of rec. Dec.
National Paper & Type, common (quar.)..
Preferred (quar.)
Northern Pipe Line..
Extra..
15 Holders of reo.
Dec.
Jan.
3
........
Dec".
Jan.
National Licorice, pref. (quar.) (No. 62)..
Extra...
Dec. 30
IX
3
New York Title & Mortgage (quar.).,..,.
New York Transit (quar.)...-
to
IX
Montreal Cottons, common (quar.)—
Preferred (quar.)...
........
Nevada Consolidated Copper (quar.)....
New England Co., 2nd oref..
Dee. 31 Dec. 22
Standard Parts, preferred (quar.)_...——
1
National Lead, common (quar.)__.,
National Lead, preferred (quar.)
IX
IX
IX
IX
7
10
...
Dec. 20
Dee. 15
Dec. 31
...
to
2
Jan.
National Grocer, common (quar.)...
8
9
31
Jan.
National Enamel. & Stamping, pref. (qu.)
National Glue, com. and pref. (quar.)
15a
Dee. 24 Holders of rec. Dec.
Jan.
IX
Nat. Biscuit, oom. (qu.) (No. 78)--..-.
National Cloak & Suit, com. (qu.) (No. 4)
Dec. 31 Holders of rec. Dec.
75C Dec. 20 Dec.
500. Dec.
IX
Muskogee Gas & Electric, pref. (quar.).
Narragansett Electric Lighting (quar.)...,
15a
IX
no
18
15a
5
•_
Standard Oil
1 Holders of rec. Dec. 21
31 Holders of rec. Dec.
Dec. 31 Holders of rec. Dee.
IX
,
Extra
Dec.
common (quar.)......
Preferred A and B (quar.)...,
....
.....
1 Holders of rec. Dec. 21
IX
Southern Utilities, pref. (quar.)...
South Penn Oil (quar.)_.._...
South Porto Rico Sugar, common (quar.)
8a
2
Preferred
15 a
IX
(quar.)....
Michigan State Telephone, pref. (quar.)..
Middle West Utilities, common (quar.).
Midwest Oil, preferred (quar.)
Montana Power, com, (quar.) (No. 21).
Preferred (quar.) (No. 21)-..
Montgomery, Ward & Co., pref. (quar.).
Mexican Petroleum, common (quar.)_...
13
2
.....
Mathieson Alkali Works, Inc. (quar.)..
Maxwell Motor, 1st pref. (quar.).....
Dec. 20a
l Holders of rec. Dec. 21
Jan.
IX
Dec.
to
Jan.
Dec. 31 Holders of rec. Dec.
...
2
to
15a
IX
...
.........
Jan.
IX
3X
........
Securities Co.,
-----Shawlnigan Water & Power (quar.).,
Shelby Iron
Sherwirt Williams Co. of Canada, pf. (qu.)
Sloss-Sheffield Steel & Iron, pref. (quar.),.
1
15a
2
—
Solar
22
Holders of ree. Jan.
Jan.
,
Dec. 15
Deo.
1
2 Holders of reo. Dec.
2
-
Extra
15
Feb.
Jan.
...
15
2 Holders of ree. Dec.
IX
Common (extra)
Preferred (quar.),.
Riordan Pulp & Paper, pref. (quar.)....,
Royal Baking Powder, common (quar.)..
Common (extra).,,.....
Preferred (quar),
Safely Car Heat & Lighting (quar.).
St. Joseph Lead
St. L. Rocky Mt. & Pad. Co., pf. (quar.).
Savage Arms Corp., common (quar.)
First preferred (quar.)
Second preferred (quar.)...........
Savoy Oil (quar.)
1
Extra...
•
Sears, Roebuck 5c Co., preferred (quar.).
Refining.
5
15 Holders of rec. Jan.
2 Holders of rec. Dec. 22
1H
...
Dec. 15
Dec. 22
Jan.
Jan.
25c. Jan,
3
Preferred (quar.) (No. 57)..
Reynolds (R. J.) Tobacco, com. (quar.)
l
2
3
—
2
J an
2
.
Days Inclusive.
Deo. 29 Holders of rec. Dec. 15a
5a
Dec. 20 Holders of rec. Dec.
Dee. 31 Holders of rec. Dec. 14a
IX
Realty Associates (No, 30)...
Regal Shop, preferred (quar.) (No. 92)....
Reo Motor Car, common (quar.),,.
Republic Iron «fe Steel, com, (qu.) (No. 5)
Jan.
Dec. 22
m
2X
$3 25
1H
Jan,
Jan,
—
Laclede Gas Light, common (quar.).....
Preferred
Preferred-
11a
1
ix
......
Lackawanna Steel common (qtiar.)
Common (extra)
Morris Plan Co
Dec. 11a
2
Kress (S. II.) Co., preferred (quar.).....
La Belle Iron Works, com. (quar.)......
Common (extra)
Preferred (quar.)
Books Closed.
When
Payable
Miscellaneous (Concluded).
2
-
Homestake Mining (monthly) (No. 620).
Illinois Pipe Line....
----—
Independent Brewing (Pittsburgh), com
Indian Kellning, common
Preferred (quar—
—Ingersoil-Rand, preferred—.....
Int.Harvester of N.J.,coin.(qur.) (No»32)
Common
Cent.
Name of Company.
(Continued).
Hercules Powder (quar.).—
Extra
[Vol. 1S5.
THE CHRONICLE
3343
0
V
Declared 5% payable in
quarterly installments beginning with March 15 1918.
Approximate; payable In common stock.
stock and 8% on pref. stock, payable In quarterly
above; second on March 30 1918 to holders of
record June 21 1918
fourth on Sept. 30 1918 to holders of record Sept. 20 1918..
* Declared 5% on 1st pref.* payable 2H% as above and 2M% July 1 1918 to
holders pf record June 3 1918.
t Payable as follows;
$3 75 In British Government 5% bonds due 1919 at par;
S3 75 In British Government 5Hs due 1921 at par; $12 50 in U. S. Liberty Loan
r
Declared 7%
Installments.
on common
First payment as
record March 22
1918; third on June 29 1918 to holders of
4s due 1942 at par.
Dec. 15
1917.]
THE
CHRONICLE
Auction
Sales.—Among other securities, the following
usually dealt in- at the Stock Exchange, were recently sold
York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
not
at auction in New
Shares.
Stocks.
Per cent.
Shares.
100 Acker, Merrall & Condlt Co.
100
(R. I.)
2,000 Sacramento
Valley
$1 each
535
common
§1
Bonds.
90 H
Copper,
$5,000 Valier-Montana
Land
Total
10,000 Valier-Montana
650
Water 2d Inc.
Land
Stocks.
*■
Shares.
$ per sh.
1,507 Newburyport Gas & Elec.
Co
wich,
Conn
25 Gray & Davis
Manufacturing
Stocks.
Shares.
S per sh.
200
30 The Fairbanks Co., pref
Stocks.
.
Canadian Bank Clearings.—The
clearings for the week
ending Dec. 6 at Canadian cities, in comparison with the
1916, shows
increase in- the aggregate of
'
.
55Yx
Stocks.
Shares.
% per sh
664 Gwynnbrook Distilling, Inc... 11
20 Corn Exchange Nat. Bank
.397%
5 German Theatre Realty
4 Woodbury Heights Realty Co.
1 Phila.
Oystermen's
Associa¬
tion, $25 par
10
pref., $5 each
3 Tioga Trust Co
1
Austin,
Hamilton
Calgary.
London.
$6 lot
2,765,207
2,178,897
2,202,804
4,131,680
Quebec
Tex., Water Co.
4
*
,
1st 5s, I960...
75'
$500 Philadelphia, City, 4s, 1939..
96H
$5,000 Superior, Cal., Farm Landl $25
Co. 6s, 1928, and 50 shares
stock/ lot
$900 Pittsburgh, Pa., park 434s,'18 9734
Oystermen's Assoc'n.$l lot
69 Pa. Warehousing & S. D
100
10,805,953
Vancouver
Ottawa
1st 53.
5 Mutual
82,531,811
66,511,312
77,445,540
9,281,004
7,479,260
6,373,650
♦3,000,000
6,080,101
Winnipeg
80
$3,000 Wilmington Light & Pow.
^$22 lot
S
Toronto.......
Per cent.
......
Halifax
St.
John
Victoria
Edmonton
Brandon
following information regarding
national banks is from the office of the
Comptroller of the
Currency, Treasury Department:
William
New Westminster
—8.7
65,841,716
+ 10.2
44,519,857
+ 17.3
68,209,521
6,208,540
4,939,773
3,739,217
+ 24.5
48,184,646
33,454,815
30,172,834
800,167
+ 32.2
1,142,782
2,473,714
+ 10.8
1,777,511
1,937,335
2,882,865
3,291,397
1,018,703
764,277
—2.6
1,727,644
1,691,361
+ 18.9
1,566,642
786,606
+ 42.5
767,275
286,199
+ 34.8
678,110
1,250,291
6,006,906
4,970,977
3,144,987
1,942,763
2,358,108
3,167,222
1,'819,137
1,593,617
1,953,747
2,918,470
2,050,118
616,113
292,675
1,065,993
977,565
539,325
622,298
+ 7.7
+ 18.9
2,848,724
4,908,538
7,908,791
2,506,408
+ 23.9
+ 36.6
+ 10.3
2,083,569
2,500,355
—12.9
+ 5.3
1,925,031
+ 9.5
4,095,854
5,120,656
+ 14.4
3,772,384
2,047,738
3,666,128
+25.9
450,579
+ 5,7.3
718,528
788,762
—8.9
243,149
469,457
288,686
292,136
!,
717,684
563,422
+ 27.3
550,789
Sherbrcoke
406,260
804,858
671,360
639,146
634,764
+ 25.9
Kitchener.
Peterborough
'
Capital
$25,000
Sulphur Springs, West Va.
25,000
Total capita!
$50,000
....
The Federal Reserve
Brantford
1914.
Medicine Hat.....
APPLICATIONS FOR CHARTER.
Capital
...
Moose Jaw
Fort
90,396,773
60,336,754
66,008,603
7,456,352
6,942,569
5,361,467
1915.
1,120,817
1,034,785
Reglna.
Saskatoon
For organization of national banks:
The First National Bank of Turkey, Texas.
The First National Bank of White
%
5,156,727
1,058,127
1,265,595
2,409,042
2,010,085
......
Letbbridge
Banks.—The
or
Dec.
Canada
Montreal
12Hc.
Bonds.
$10,000
Inc.
1916.
1917.
200 Acme
80 Independent Power, N. J,, pref.$1 lot
15 Independent Pow., N.J.,
com.\ $ 5
200 Calif.Mg.Corp.,pref.,$25 each/ lot
200 Calif. Mg. Corp., com., $25 ea.$3 lot
129 Decatur Lt. <fc Power, pref
129 Decatur Lt. & Power, com
$ per sh.
1 Fire Assocn. of Phila., $50
ea_306^
5 John B. Stetson, pref
..152
Non-reiill
Bottle
Co.,
30
_
Clearings at-
Stocks.
ea.l48H
2%
50 Union Stock Yards, Lancaster,
Pa., $50 each
Week ending December 6.
20 Warrants Amer. Pulley Co...
1
20 Broad Street Bank, $50 ecah_. 60
1 Land Title & Trust Co
521
10 West Phila. Title &Tr., $50
37 North Phila. Trust, $50 each..200
15 Phila. Life Insur., $10 each... 10^
National
an
7.8%.
26
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
week in
same
$ per sh.
•
15 Delta Building Trust.
Charter reeztended until
National Bank of Portland, Ore.
Liquidating
Agent: E. G. Crawford, Portland.
Consolidated with the
United States National Bank of Portland, Ore.
Capital
$1,000,000
com__9^-10K
By Messrs. Francis Henshaw & Co., Boston:
1 National Shawmut Bank
Ind.
For consolidation with other national banks:
4 LockwoodCo.,Watervilie,Me.l02H
Shares.
35,000
$190,000
Lumbermens
Corp., com. 15%
1 Adirondack Elec.
Corp., pref. 70
25 Phoenix Properties Co...$25 lot
77
_
Inc.,
9 Adirondack Elec.
75yi
1 Hill
94
106/^
.145
25,000
Silverton, Ore., conversion of the
Capital
VOLUNTARY LIQUIDATION.
$persh.
1 Ludlow Mfg. Associates
.119
12 Fall River Gas Works.
182
10 U. S. Envelope, preferred...
4 Dartmouth Mfg., common..215
36 Merrimack Mfg., pref
30.000
Mont., conversion of the
The Howard National Bank of
Kokomo,
close of business Nov. 27 1937.
5
25 Lawrence Duck Co
100-100^
2 Webster & Atlas Nat. Bank.205
1 Thames
Nat.
Bank,
Nor¬
$100,000
CHARTERS REEXTENDED
&
6s, 1928
Stocks.
Capital
capital
60
By Messrs. R. L. Day & Co., Boston:
Shares.
Peoples Bank of Silverton.
&
Water 1st 6s, 1923
Monterey Mining, $10 each.$10 lot
Winchester, Mass.
Horicon, Wis.
Capital
Conversion of State banks:
The First National Bank of
Chester,
Chester State Bank.
Capital
The First National Bank of
sh.
per
CHARTERS ISSUED.
Original organizations:
The Winchester National Bank,
The First National Bank at
Per cent.
...15c. per sh.
5 Hanover National Bank
Percent.
Valier-MontanaLand&Water,
51
142 City of N. Y. Insurance Co..
Stocks.
2343
>
Banks.—Following is
.
Total Canada...
*
298,205,306 277,542,801
+5.8
+7.8 225,134,885 148,839,458
Estimated.
the
statement issued
the Federal Reserve Board on Deo. 8.
Liquidation in some volume of discounts and acceptances, coupled with considerable decreases in net
deposits is Indicated in the Federal Reserve
Board's weekly bank statement issued as at close of business
Dec. 7 1917.
Federal Reserve notes in circulation show an increase for the week of 53.6
millions, while combined gold reserves indicate a gain of about 10
millions, largely through the exchange of Federal Reserve notes for gold.
The reserve
situation of the banks as gauged by the ratio of cash
reserve to net deposits
show an improvement for the week from 62.8 to 66.6%; while the note
reserve shows a slight decline from 63.8 to
63.2%.
The ratio of total cash reserves to net deposits and Federal Reserve note liabilities combined shows
a
rise for the week from 63.2 to
weekly
by
65.1%.
During tbe week the Reserve banks redeemed the outstanding balance of the
300 millions of U. S. certificates of indebtedness issued under date
of Sept. 17.
The result is seen in a considerable reduction of the collateral
loan account, largely at the New York bank.
The latter reports a gain
of about 45 millions in reserve, a reduction of
103.2 millions in discounts and an even larger reduction in collateral
notes secured by Liberty Loan bonds
and certificates.
Net deposits at the bank decreased 64.2
millions, while its note circulation went up by 15.7 millions.
Boston reports an increase of
35.3 millions in discounts on hand, largely customers'
paper secured by Liberty bonds and certificates, and a decrease of about 13 millions in
acceptances.
Its reserves declined about 6.5
millions, while its net deposits increased about 13.1 millions.
Cleveland reports a reduction of 22.9 millions in reserve
following the withdrawal of about 16.8 millions of Government deposits and a
change of an adverse balance or 20.6 millions in account with other Federal
Reserve banks to a favorable balance of 5.7 millions.
Reductions in the reserves of other banks are due to withdrawals of
Government deposits and
to heavy transfers of credit balances between banks
on the books of the Gold Settlement Fund.
Total discounts on hand indicate net
liquidation during the week of 69.6 millions of
paper, the larger total reported by the New York bank being
offset in part by increases under this head shown for the
Boston, Cleveland, Richmond, St. Louis and San Francisco banks.
About 55.4% of the total
discounts held, as againstnearly 70% the week
before, were member banks' collateral notes.
Of the latter, 283.7 millions, as against 405.6 millions,
were secured by Liberty bonds and certificates.
Acceptances on hand show a reduction of about 14.8 millions.
Over one-half of all bills held mature
within 15 days, while over
62% mature within 30 days.
Increases in the holdings of U. S. bonds are
reported by the Philadelphia, Atlanta and Dallas banks, while increases In the holdings of U. S. cer¬
tificates are shown mainly for the New
York, Philadelphia and Kansas City banks.
Total Government securities on hand increased during the week
by 10.5 millions.
Aggregate earning assets decreased 74.3 millions and constitute at
present 1,417% of the banks paid-in capatal, as against 1,536%
shown the week before.
Of the total, discounts constitute
70.2%; acceptances, 19.5%; U. S. securities, 10.2% ana warrants, 0.1%. During the week the banks' aggregate paid-in capital increased
by about $548,000, largely from the payment for Federal Reserve stock by newly
admitted members.
All the banks report increases in
capital account.
Government deposits show a decrease of 52.4 millions, while members' reserve
deposits declined about 52.3 millions for tbe week.
Federal Reserve Agents report a total of
$1,184,667,000 of Federal Reserve notes outstanding, an increase of $58,322,000 for the week.
Against
the total issued the Agents hold at
present $683,939,000 of gold and $536,473,000 of paper.
Federal Reserve notes in actual circulation are given as
$1,110,537,000, an increase of $53,554,000 for the week.
All the banks report additions to the volume of their note circulation.
The figures of the consolidated statement for the
system as a whole
we
are given in the following table, and in addition
preceding weeks, together with those of the corresponding week of last year, thus
The earlier figures have been revised in order to conform with new form
adopted by the
present the results for each of the
furnishing
a
useful comparison.
Federal Reserve Board
seven
as of June 22.
In the second table we show the resources and liabilities
separately for each of the
twelve Federal Reserve banks.
The statement of Federal Reserve
Agents' Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve
Agents and between the latter
and the Federal Reserve banks.
Combined Resources
and
Liabilities
Dec.
t
BE SOURCES.
Federal Reserve Banks
%
500,656,000
499,887,000
376,778,000
395,236,000
$
530,045,000
386,662,000
$
526 >792,000
at
9
the
1917.
$
Close
of
Nov. 3 1916.
Business
Oct.
26
1917. Oct.
$
$
December 7 191719
1917.
Dec.
$
$
Gold redemption fund
...
Total gold reserves
^
reserves
Bills discounted—members
Bills bought In open market
52,500.000
52,500,000
52,500,000
52,500,000
461,113,000
363,967,000
52,500,000
947,623,000
969,207,000
943,002,000
945,6127,000
932,325,000
877.580,000
841,494,000
426,436,000
683,939,000
17,485,000
661,824.000
12,278,000
623,948,000
11,549,000
629,906,000
11,420,000
'616,254,000
602,433,000
11,317,000
614,692,000
618,827,000
264,639,000
11,104,000
11,218,000
1,533,000
692,608,000
51,949,000
54,486,000
54,058,000
363,710,000
52,525,000
11,496,000
52,208,000
501,311,000
378,514,000
50,744,000
49,506,000
419,195,000
245,335,000
181,101,000
369,799,000
62,500,000
48,973,000
4,644,000
1,683,307,000 1,676,211,000 1,658,762,000 1,636,853,000 1,625,585,000 1,696,819,000 1,552,942,000 1,520,512,000
686,902,000
756,457,000
656,002,000
487,850,000
510,154,000
397,094,000
286,615,000
603,965,000
697,252,000
38,345,000
119,782,000
-
190,682,000
205,454,000
209,905,000
193,869,000
181,001,000
186,012,000
177,590.000
171,611,000
877,584,000
961,911,000
681,719,000
U. 8. Government long-term securities.
691,155,000
49,198,000
47,304,000
865,907,000
53,962,000
54,002,000
U. S. Government short-term securities
53,743,000
689,977,000
53,851,000
574,684,000
54,166,000
50,424,000
914,000
41,792,000
1,429,000
57,850,000
1,422,000
187.904,000
42,367,000
45,211,000
1,273,000
1,273,000
1,267,000
55,876,000
233,000
458,226,000
56,088,000
47,255,000
978,120,000 1,052,436,000
26,332,000
a7,091,000
310,572,000
373,160,000
979,141,000
11,872,000
924,898,000
790.306,000
14,383,000
684,959,000
17,838,000
788,538,000
7,725,000
302,525,000
428,544,000
271,796,000
317,901,000
336,904,000
537,000
314,397,000
537,000
446,382,000
537,000
279,521,000
332,284,000
537,000
288,573,000
537,000
364,842,000
537,000
3,293,000
3,736,000
2,989,000
1,588,000
1,354,000
1,185,000
Municipal
Total
hand
warrants
earning
assets
Due from other F. R. banks—net
Uncollected
Total dedue'ns from gross deposits.
0% redemp. fund agst. F. R. bank notes
▲11 other resources
Total
resouroes
'
507,403,000
385,724,000
52,500,000
1,631,358,000 1,621,725,000 1,604,704,000 1,584,328,000 1,573,377,000 1,546,075,000 1,503,430,000 1,471,539,000
Total gold held by banks
Gold with Federal Reserve Agent
on
1916.
52,500,000
Gold with foreign agencies
Total bills
8
929,934,000
....
Total
the
1917. Nov. 30 1917. Nov. 23 1917. Nov. 16 1917. Nov.
$
Gold ooln and certificates In vault,
Gold settlement fund
Legal tender notes, silver, <fco
7
of
2,968,000
373,160,000
537,000
2,499,000
158,127,000
41,548,000
11,167,000
233,000
13,235,000
560,802,000
224,077,000
6,896,000
32,540,000
36,565,000
281^77,000
332,302,000
36,565,000
500,000
3.001,836,000 3,104,843,000 2,956,130,000 3,012.406,000 2,697,170,000 2.721,534,000 2,528,365.000 2,447,841,000
420,000
2,881,000
'
961,195,000
CHRONICLE
THE
LIABILITIES.
67,136,000
Capital paid In
Gtownnvaafc deposits
196,411,000
1,426,618,000
Dim to member*—reserve account
22,291,000
Do* to non-members—clearing account
Memoir bank deposits—net
—
Collection
275*.16T,665
1 torus
Total gross deposits
al966807,000
1,056,933,000
V. R. notes In actual circulation
8,000,000
4,553,000
W. R. bank notes In circulation, net llab
4)1 other Uab.,tncl
Total
foreign Govt, credits
liabilities
Gold reserve against net deposit Uab
Gold and lawful monev reserve
Hold ms
..
against
donosit liabilities
net
.......
agst. F.R. notes In act. circ n.
Distribution by Maturities—
$
1-16 days bills discounted and bought.
1-15 days municipal warrants.
16-30 days bills discounted and bought.
16-30 days municipal warrants
S1-60 days bills discounted and bought.
31-60 days municipal warrants....
61-90 days bills discounted and bought.
61-90 days municipal warrants
Over 90 days bills discounted and bought
$
$
463,644,000
8,000
82,098,000
125,000
143,070,000
150,000
182,232,000
631,000
6,540,000
581,763,000
517,000
91,556,000
15,000
140,417,000
125,000
141,927,000
652,000
6,248,000
$
%
448,716,000
509,000'
517,000
5,000
113,067,000
98,000
121,757,000
100,252,000
96.891,000
523,000
77,715,000
651,000
5,611,000
147,000
5,139,000
373.281,000
8,000
68,475,000
I
$
t
526,620,000
518,000
66,295,000
5,000
146,900,000
135,000
120,481,000
453,144,000
...
54.663,000
67,155,000
52.000
72,313,000
193,000
7.564,000
51,887,000
78,000
101,512,000
24,000
75.211.000
69,667.000
.'
171,362,000
'
93,616,000
11,0001
59,999.000
94,000
2,719,000
$
I
233,277,000:1
j
344,190,000
90,000i
1,884,000
l,116.000j
Over 90 days municipal warrants....
Federal Reserve Notes—
Issued to the banks
Held by banks
In
—
circulation
Fed
..
815.210,000
.
Res. Notes ( * gents Accounts)
Received from the Comptroller
Returned to the Comptroller..
1,309,040,000
213.342.000j
Amount chargeable to Agent......
In hands.of Agent
..1.
Issued
Federal
to
1,403,967,000 1,356,155,000
219,300,000
How Secured—
=============
= ■■
■,
240,351,000
==
242,985,000
money
By commercial
1,201,184,000 1,146,754,000 1,122,777,000 1,095,698.000
218,475,000
205,800,000
205,470.000
219,390.000
220,420,000;
209,140,000
1,184,667,000 1,126,345,000 1,102,287,000 1,038,620.000
Reserve banks..
By gold coin and certificates
By lawful
229,810,000
1,311,427,000! 1,257,095,000
r
.
=====
.
==========
243,030,000
250,689,000
243,111,000
-_i
941.284.000
==========?= ============
249,495,000
500,728,000
464,521,000
Gold redemption fund
35,773,000
33,714,000
478,339,000
32,524,000
407,815,000
385,125,000
348,313,000
51,961,000
875,278,000'|
903,387,000
,
267.166,000
279,462,000
=j ===========
149,318,000
282,351,000
'
_
paper
....
■
—
408,714,000
379,130,000
338,851,000
288,695,000
256,451,000
14,823,000
31,843,000
355,033,000
32,187,000
32,111,000
33,204,000
31,604,000
14,921,000
333,378,000
320,827,000
314,322,000
304.872.000;
100,400,000
1... 1,184,667,000 1,126,345,000 1,102,237,000 1,038,620,000
995,384,000
941,284,000
903,387,000
875,278,000
279,462,000
439,202,000
365.107.000
303.704.000
270.185,000
15,454,000
With Federal Reserve Board
Total
Commercial paper delivered toF.R. Agt.
a
995,384.000
331,423,000
536,473,000
490,932,000
Net amount due to other Federal Reserve bank3,
532,411,000
$7,091,000, included in
gro33
431.182.000
deposits.
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12
Two ciphers (00) omitted,
Phlladel,
Boston
Cleveland
Rlchm'd
t Revised figures
FEDERAL
Atlanta
RESERVE
Chicago,
BANKS
St. Louis
at
CLOSE
of
BUSINESS
Dallas
Mlnneap.
DEC.
San Fran
7
1917
Total
RESOURCES.
Gold coin and certfs. In vault...
Gold settlement fund
Gold with foreign agencies,
32,520,0
25,414,0
2,888,0
„.
Total gold held by banks
Gold with Federal Res. Agents.
Gold
redemption fund..
..
Total gold reserves
Legal-tender notes, silver, &o...
Total
'
reserves
Bllils:
Discounted—Member
Bought in
Total bills
open
on
...
market
hand
U. 8. long-term securities..*
U. 8. short-term securities
Municipal warrants
Total earning assets.......
Due from other F. R. banks—Net
Uncollected
items.....
Total deduc'ns from gross dep
5% redemption fund against Fed¬
eral Reserve bank notes......
All
other
Total
resources............
resources
_
LIABILITIES:
*
Capital paid in
Government
deposits
Due to members—Reserve acct.
Due to non-mern.—Clearing acct
Collection item*
Due to Fed. Res. banks—Net.
Total
gross
.
deposits........'.
F. R. notes in actual drcula'lon.
F. R. bank notes in circulation..
All
other
liabilities,
including
foreign Government credits...
Total
a
liabilities
Difference between net amounts due
STATEMENT
Two ciphers (00) omitted
OF
from and
net
FEDERAL
Boston
amounts due to other
RESERVE
Phlladel
AGENTS
Cleveland
Federal
Reserve banks
ACCOUNTS
Richmond
AT
Atlanta
CLOSE
Chicago
OF
BUSINESS
St. Louis
DECEMBER
Mlnneap
7
1917.
Dallas
San Fran
Total
Federal Reserve notes—
Received from ComptrollerReturned to Comptroller
Chargeable to F. R. Agent...
In hands of F. R. Agent
Issued to F. R. Bank
65,610,0
395,515,0
87,134,0
87,199,0
20,810,0
162,820,0
4,220,0
19,202.0
3,480,0
8,055,0
4.730.0
4,697,0
316.0
30,000,0
31,500,0
39,320,0
224,640.0
47,854,0
30,330,0
33,300.0
65,610,0
395,515,0
87,134,0
llvered to F. R. Agent
39,359,0
239,601,0
F. R. notes outstanding.
65,610,0
395,515,0
1,734,0
37,511,0
4,731,0
4,156,0
1,870,0
63,876,0
358,004,0
82,403,0
83,043,0
55,858,0
57,728,0
Held by F. R. Agent—
Gold
coin and certificates..
Gold
redemption
fund
With Federal Reserve Board
Commercial paper
Total
..
—
2,000,0
3,604,0
58,815,0
48,152,0
2,513.0
62,820.0 157,673,0
13,102,0
53,277,0
62,618,0 1,184,667,0
~
~
240,351,0
2,438,0
13,574,0
2,693,0
38,121.0
407,815,0
18,034,0
21,804,0
500,728,0
53,277,0
48,126,0
62,618,0 1,184,667,0
13,544,0
12,534,0
20,825,0
30,155,0
48,152,0
1,000,0
53,277,0
48,126,0
208,0
62,618,0 1,184,667,0
6,443,0
74,130,0
47,918,0
56,175,0 1,110,537,0
14,080,0
67,0
2,500.0
1,554,0
2,263,0
25,912.0
37,970,0 106.631,0
18,266,0 50,975.0
40,805.0
12.997.0
20,500,0
12,996,0
38,860,0
12,154,0
87,199,0
57,728,0
62,820,0 157,673,0
58,815,0
48,152,0
30,356,0
33,348,0
32,076,0
18,852,0
51,620,0
14,203,0
87,134,0
87,199,0
57,728,0
62,820,0 157,673.0
6,849,0
58.815,0
3,226,0
4,478,0
60,896,0 150.824,0
55,589.0
47,152,0
48,799,0
2,930.0
48,126,0
35,773,0
Amount of commercial paper de,
F. R. notes held by banks.....
F. R, notes in actual circulate
1,924,0
536,473,0
f
Dec. 15 1917.]
THE
CHRONICLE
2345
Statement of New York City Clearing House Banks and Trust
Companies,—The following detailed statement
shows the condition of the New York City
Clearing House members for the week ending Dec. 1.
The figures for the
separate banks
the averages of the daily results.
are
In the
case
of totals, actual
figures at end of the week
also given:
are
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
National
MEMBERS.
Net
Loans,
Profits.
Capital
Week Ending
Dec. 8 1917.
Discounts,
\State Banks Nov.
Average.
Reserve Bank.
$
Net
Net
Bank
Legal
Legal
Demand
Time
Circula¬
Deposi¬
Deposi¬
Deposits.
Deposits.
Average.
S
Average.
$
tion.
taries.
taries.
Average.
Average.
$
Average.
Average.
Average.
Average.
Average.
S
$
Deposits
National
S
$
47,345,000
217,000
170,000
126,000
194,000
5,257,000
5,221,200
38,718,000
2,499,000
33,488,000
257,000
1,260,000
327,000
404,000
23,499,000
148,238,000
31,973,000
176,000
46,844,000
145,000
445,000
130,000
8,340,000
383,000
2,000,000
882,000
1,828,000
2,466,000
390,000
16,489,000
2,184,000
34,288,000
420,000
8,167,000
310,000
8,148,000
3,773,000
468,000
209,000
6,053,000
3,132,000
1,230,000
1,098,000
97,154,000
7,824,000
2,648,000
684,000
1,762,000
442,000
2,000,000
2,509,200
6,000,000
10,257,800
6,572,500
1,500,000
National City..
Chemical National.
25,000,000 c47.731.600
3,000,000
8,562,800
835,800
1,000,000
671,854,000
61,168,000
164,000
244,000
631,000
282,000
63,000
146,000
392,000
150,000
2,197,000
29,000
46,000
5,000,000
5,275,200
20,889,400
120,053,000
577,758,000
11,057,000
880,000
41,000
330,000
American Exch Nat.
Nat Bank of Comm
654,000
9,000
573,000
321,000
1,609,000
1,085,000
338,000
25,000,000
1..
500,000
Hanover National...
Citizens' National...
1,002,900
3,500,000
3,000,000
2,550,000
Chat & Phenix Nat..
29,436,000
556,146,000
1,954,000
75,900
16,371,000
152,863,000
9,100,000
17,249,000
300,000
National...
Nat Butch &Drovers'
16,560,600
2,761,700
68,000
2,576,000
886,000
526,000
1,290,000
33,584,000
344,000
2,148,000
78,225,000
266,876,000
9,806,000
68,015,000
147,016,000
38,189,000
1,587,000
555,000
463,000
1,428,000
8,957,000
74,820,000
144,470,000
2,173,200
47,435,000
13,698,000
12,242,000
522,000
231,000
9,088,000
25,717,000
1,322,000
113,000
28,000
844,000
69,000
1,000,000
4,589,000
2,102,500
10,436,000
197,000
49,000
365,000
Metropolitan Bank..
2,000,000
20,633,000
689,000
273,000
Corn Exchange Bank
3,500,000
1,500,000
126,801,000
1,020,000
389,000
603,000
2,182,000
Importers & Trad Nat
354,000
370,000
3,069,000
1,952,000
2,128,600
7,510,200
7,673,400
36,155,000
80,000
688,000
64,000
National Park Bank^
5,000,000
184,000
17,063,900
184,316,000
396,000
8,000
81,000
58,000
1,999,000
660,000
480,000
616.000
26,000
173,000
79,000
279,000
419,000
1,325,000
17,000
385.0001
437,000
2,681,000
Market & Fulton Nat
,
East River National.
First
250,000
84,400
2,758,000
1,000,000
3,758,000
10,000,000
4,500,000
28,321,600
5,304,900
20,704,000
400,816,000
National
National
Irving National
N Y County National
Chase
500,000
Fifth
13,126,500
:..
250,000
437,600
National.
1,000,000
3,000,000
1,000.000
3,424,000
4,256,800
888,100
1,188,300
2,155,400
12,980,400
4,691,500
26,125,400
National
National
Seaboard
Liberty National!....
Coal <fc Iron National
Union Exch National
Bankers Trust Co...
U S Mtge & Tr Co..
Columbia Trust Co..
Peoples Trust Co
York
Franklin
Trust
2 ,u03,300
1,292,200
2,000,000
25,000,000
1,000,000
Guaranty Trust Co..
Fidelity Trust Co...
Co
Co..
Nassau Nat, Bklyn..
Irving Trust Co..
39,000
432,000
337,000
404,000
50,000
543,000
134,000
270,000
1,045,000
365,000
65,000
245,000
114,000
39,000
254,000
67,000
95,000
219,000
635,000
213,000
406,000
645,000
38,000
162,000
"ll4",000
12,582,000
33,862,000
308,711,000
107,000
336,000
30,0C)0
31,000
180,000
161,000
132,000
79,000
83,000
594,000
436,000
177,000
325,000
211,000
611,000
236,000
68,379,000
99,000
132,000
3,135,000
247,000
477,000
115,000
45,000
434,000
159,000
235,000
106,000
15,000
151,000
745,000
205,000
595,000
146,000
588,000
410,000
142,000
486,595,000
10,894,000
85,164,000
23,608,000
82,967,000
28,523,000
54,821,000
14,480,000
27,844,000
1,331,800
11,032,700
1,168,700
4,070,900
1,121,200
1,082,200
1,000,000
81,000
2,112,000
41,000
409,000
65,000
13,020,000
6,210,700
2,000,000
1,000,000
1,500,000
Trust
149,000
3,381,000
7,340,000
49,751,000
83,848,000
1,213,200
5,000,000
1,000,000
3,000,000
Metropolitan Tr Co.
9,091,000
336,670,000
6,305,000
16,698,000
10,627,000
816,400
1,000,000
1,500,000
11,250,000
Brooklyn Trust Co.
New
101,371,000
350,200
10,000,000
400,000
1,000,000
1,000,000
National
Germania Bank.
Lincoln National
Garfield
84,000
599,000
336,000
69,000
164,000
216,000
23,000
86,000
19.000
262,000
184,000
267,000
72,000
363,000
254,000
121,000
235,000
67,000
96,000
817,000
87,000
.
3,240,000
13,667,000
3,556,000
20,079,000
28,174,000
10,872,000
21,306,000
108,204,000
25,267,000
147,665,000
447,000
2,167,000
29,404,000
13,738,000
1,276,000
16,175,000
154,921,000
on
Dec.
on
Dec.
on
Nov. 24
on
Nov. 17
State Banks.
8
4,582,489,000 47,252,000
4,647,148,000 48,686,000
4,375,504,000 45,951,000
4,457,547,000 47,710,000
Not Mem bers
Reserve
of Fed eral
500,000
1,372,700
People's...
200,000
503,400
250,000
812,900
885,900
2,300,200
13,657,000
3,042,000
4,413,000
5,901,000
16,426,000
1,000,000
1,500,000
868,300
2,353,600
54,000
1,014,100
654,100
5,826,600
10,819,200
113,490,000
...
German-A merican
Fifth
7.50,000
Avenue.......
100,000
German Exchange...
Bk of the
Metropolis.
1,000,000
West Side
200,000
326,600
...
N Y Produce Exch..
State
Totals,
Totals,
Totals,
Totals,
Totals,
Trust
avge for wk
actual conditi
on
Dec.
actual conditi
on
Dec.
actual conditi
on
Nov. 24
actual conditi
on
Companies.
Title Guar & TrustLawyers Title & Tr..
Lincoln Trust
910,000
2,474,000
actual conditi
of
17,458,500
on
Dec.
on
Dec.
on
Nov. 24
actual conditi
on
502,000
41,000
108,000
48,000
394,000
192,000
179,000
555,000
184,000
16,000
77,000
5,000
115,000
393,000
.108,000
593,000
242,000
804,000
251,000
124,000
756,000
1,107,000
137,000
373,000
97,000
589,000
2,441,000
375,000
7,345,000
2,044,000
.
Nov. 17
mm.
250,000
—
-
1,821,000
285,000
1,018,000
93,000
--------
333,000
3,790,000
51,000
3,559,000
50,000
938,000
6,676,000
i~,666
"893", 000
398,000
248,000
70,000
499,000
414,000
398,000
22,090,000
56,130,000
18,549,000
43,748,000
9,279,000
21,879,000
640,000
199,000
16,000
3,205,000
435,000
450,000
5,416,000
31,576,000
9,899,000
37,028,000
1,059,000
12,402,000
1,347,000
6,621,000
1,399,000
2,861,000
508,000
50,000
1,418,000
3,377,854,000 193,060,000 33,339,000
3,390,502,000 188,750,000 33,480.000
3,302,520,000 201,638,000 33,211,000
3,270,344,0P0 207,203,000 33,110,000
3,234,424,000 204,075,000 33,037,000
233,000
602,000
Reserve
375,000
403,000
13,552,000
3,059,000
3,974,000
100,000
5,315,000
5,000
655,000
234,000
364,000
35,000
231,000
148,000
342,000
375,000
988,000
562,000
1,446,000
3,528,000
2,775,000
6,018,000
663,000
15,000
5,000
296,000
5,000
17,381,000
5,704,000
12,903,000.
3,842,000
19,433,000
26,679,000
27,000
3,628,000
111,842,000
47,000
6,832,000 3,736,000
k6,236,000 k4,453,000
k6,115,000 k4,835,000
k7,381,000 k4,552,000
112,616.000
kll3,902,000
kll8,460,000
kll9,084,000
342,000
"457",000
774,000
1,844,000
49.000
k49,000
k49,000
k50,000
Bank.
1,446,000
603,000
196,000
196,000
208,000
52,000
14,152,000
578,000
154,000
299,000
319,000
121,000
241,000
76,120,000
2,627,000
540,000
559,000
76,165,000
1
actual conditi
actual conditi
225,000
6,959,000
120,000
350,000
7,575,000
64,508,000
2,253,000
9,449,000
2,518,000
5,478,000
543,436,000
585,436,000
543,130,000
530,878,000
38,001,000
23,967,000
8
10,234,000
1,300,000
353,430,000
1,117,000
181,000
150,000
47,000
4,953,000
21,712",000
23,926,000
202,990,000
49,646,000
8,994,000
20,288,000
17,898,000
19,246,000
19,018,000
5,642,000
5,184,000
568,200
t,--.
8,586,000
252,842,000
12,294,000
7,064,000
55,744,000
26,220,000
26,094,000
28,276,000
27,278,000
947,000
54,000
285,000
348,000
1,238,000
Fed eral
„
2,269,000
374,000
6,207,000
15,456,000
9,338,000
5,763,000
46,481,000
60,946,000
9,897,000
1,437,000
678,000
8,478,000
15,491,000
1,461,000
1,619,000
3,777,000
33,329,000
16,189,000
15,688,000
16,745,000
17,765,000
14,926,000
3,936,000
20,302,000
25,245,000
11,706,300
10,000,000
Totals, avge for wk
Totals,
Totals,
Totals,
Totals,
Mem bers
5,000,000
4,000,000
1,000,000
_
92,164,000
,
48,169,000
1,211,000
2,920,000
112,064,000
7,258,000
1,935,000 3,678,000 2,821,000
kll5,595,000 k7,379,000 kl,966,000 k3,648,000 k2,790,000
kl21,520,000 k8,071,000 kl,826,000 k3,800,000 k3,041,000
kl2Q,447,000 k8,252,000 k2,277.000 k3,893,000 k2,526,000
Nov. 17
Not
-
784,000
Bank.
Greenwich
Bowery
i.
7,357,000
3,179,000
Average for week.k 185,550,000 310,751,800 4,679,753,000 47,891,000 16,217,000 26,689,000
19,230,000 568,067,000
Totals, actual conditl
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
$
5,407,000
Mech & Metals Nat^.
Bank of America
Second
$
2,000,000
2,050.000
Merchants' National.
Pacific Bank.
with
Federal
Silver.
14J
Bank of N Y, N B A.
Bank of Manhat Co.
Atlantic
Tenders.
&c.
Members of Federal
with
Notes.
201
Reserve
and
Reserve
Investments,
(Nat. Banks Nov.
Additional
Bank
Legal
Gold.
2,500,000
544,000
589,000
k76,192,000 k2,834,000
k77,941,000 k2,921,000
kl78,804,000 k9,012,000
1,083,000
1,314,000
623,000
2,341,000
681,000
3,020,000
2,656,000
714,000
k517,000
k663,009
k589,000
k470,000
k560,000
k620,000
k854,000 kl,272,000 kl,267,000
2,924,000
21
,662,000
12,454,000
616,000
570,000
2,086,000
49,856,000
95,000
220,000
3,272,000
15,740,000
2,506,000
k3,279,000 k3,170,000
k3,310,000 kl,431,000
kg,381,000 k6,467.000
49,919,000
3,147,000
k48,903,000 k3,338,000
k51,97S,000 k+662,000
kl24,668,000 kl7,378,000
Grand aggregate,avge 201,376,600
339,029,500 4,869,363,000 57,863,000 18,801,000 30,776,000 22,686,000 577,105,000 6,284,000 83,539,552,000
196,379,000 33,339,000
Comparison prev wk.
+ 232,849,000 -1,199,000
+321,000
-546,000 + 765,000 + 15132000 -1,643,000
+ 74,455,000
14,029,000 + 150,000
Grand ag'gate, actual
Comparison prev wk.
condition
Grand ag'gate, actual
condition
Dec.
8... 4,770,718,000 57,010,000 18,668,000
—68,217,000 -1,889,000
Grand ag'gate, actual condition
Grand ag'gate, actual condition
Grand ag'gate, actual condition
Dec.
+497,000
30,487,000 23,823,000 553,192,000 6,242,000 b3,553,037,000 191,946,000 33,480,000
+ 82,000 + 2546000 -41,759,000 -1,381,000
+ 87,712,000
13,079,000 + 269,000
1... 4,838,035.000 58,899,000 18,171,000 30,405,000 21,277,000
594,951,000
Nov.
7,623,000 b3,465,335,000 205,025,000 33,211,000
24... 4,574,965,000 56,943,000 19,041,000 32,636,000 22,907,000
552,555,000 6,266,000 b3,440,782,000 210,914,000 33,110,000
17... 4,756,79S,000 64,974,000 20,896,000 32,443,000 22,811,000 546,640,000 11,019,000
b3,478,176,000 221,503,000 33,037,000
Nov.'10... 4,533,847,000 67,541,000 21,694,000 32,273,000 22,018,000
Nov.
561,048,000 12,706,000 b3,614,814,000218,587,00032,966,000
U. 8. deposits deducted,
$966,010,000.
b U. 8. deposits deducted, $867,659,000.
c Includes capital set a3ide for foreign branches, $6,000,000.
heavy increases in the aggregates of the Federal Reserve Bank members and the
corresponding decreases In those of the State banks and trust companies are
due to the inclusion in the Federal Reserve
System of aggregates of institutions formerly included in the State bank and trust company groups.
The name of the institu¬
tion and the date upon which its
figures were transferred is as follows:
Oct. 13, Guaranty Trust Co.; Oct.
a
k The
27, Bankers Trust Co.; Nov. 3, Bank
Bank, Metropolitan Bank, New York Trust Co., Franklin Trust Co. and Metropolitan Trust
Co.; Nov. 10, Brooklyn Trust Co.; Nov.
U. S. Moitgage <fc Trust Co. and
People's Trust Co.; Nov. 24, Columbia Trust Co. and Fidelity Trust Co.; Dec. 1, Germania Bank. J
STATEMENTS
OF
RESERVE
POSITION.
Cash
Reserve
Vault.
Members Federal
Reserve
bank.
State banks
*
TrustCompanles*
Total Dec.
8.
Total Dec.
1.
Total Nov. 24.
Total Nov. 17*
a
$
Reserve
Actual
a
Inc. or Dec.
in
Total
Reserve
Surplus
from
Depositaries
Reserve.
Required.
Reserve.
PreviousWeek
%
$
568,067,000 568,067,000 444,912,820 123,154,180
6,018,000 21,710,000 20,131,560
1,578,440
4,407,000
3,020,000
7,427,000
7,478,400
def.51,400
c
15,692,000
'.
,
Averages.
in
+6,013,130
—69,400
—67,850
20,099,000 577,105,000 597,204,000 472,522,780 124,681,220
+5,875,880
20,111,000 561,973,000 582,084,000 463,278,660 118,805,340 +25,646,480
21,483,000 530,096,000 551,579,000 458,420,140 93,158,860 + 10,082,130
29,597,000 536,816,000 566,413,000 483,336,270
83.076,730 —1,501,5.50
Cash
Reserve
in
Vault.
of America,
Pacific
17, Bank of Manhattan Co.,
.
Figures.
Reserve
b
Inc. or Dec.
in
Total
Reserve
Surplus
from
Depositaries
Reserve.
Required.
Reserve.
PreviousWeek
$
d
15,692,000
4,347,000
543,436,000 543,436,000 446,427,760 97,008,240
6,832,000 22,524,000 20,270,880
2,253,120
7,271,000
2,924,000
7,487,850 def.216,850
20,039,000 553,192,000 573,231,000
20,386,000 594,951,000 615,337,000
21,309,000 552,555,000 573,864,000
29,353,000 546,840,000 575,993,000
Not members of Federal Reserve Bank.
This Is the reserve required on net demand
-53,051,020
+ 736,480
—763,400
474,186,490
99,044,510 —53,077,940
463,214,550 152,122,450 + 38,738,76ft
460,480,310 113,383,690
466,732,690 109,260,130
+4,123,38"
—370,13^
'
deposits in the case of State banks and trust companies, but in the case of members of the Federal Reserve Bank
Includes
also amount of reserve required on net time
deposits, which was as follows: Dec. 8, $5,791,800; Dec. 1, $6,203,010; Nov. 24, $6,269,850; Nov. 17, $6,162,000.
b This la the reserve required on net demand
deposits in the case of State banks and trust companies, hut In the case of members of the Federal Reserve Bank
Includes
also amount of reserve required on net time deposits, which was as follows: Dec.
8, $5,662,500; Dec. 1, $6,049,140; Nov. 24, $6,216,090; Nov, 17, $0,122,250.
Amount of cash In vault, which Is no longer counted as reserve for members of the Federal
Reserve Bank, was as
follows:
Dec. 8, $110,027,000; Dec. 1, $110,674,000; Nov.
24, $113,296,000; Nov. 17, $112,884,000; Nov. 10, $102,543,000.
d Amount of cash In vault, which Is no
longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Dec. 8, $109,949,000: Dec. 1, $108,366,000; Nov.
c
24, $110,218,000; Nov. 17, $111,771,000; Nov. 10, $106,662,000.
1
THE CHRONICLE
2346
In addition to the returns of "State banks and trust
The State Banking Department reports weekly figures
■bowing the condition of State banks and trust companies
in New York City not in the Clearing House, and these are
•hown in the following table:
-
Eresents a statement covering all the institutions of this class
i the whole State.
The figures are compiled so as to distin¬
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following;
STATEMENT.
Differences from
(Figures Furnished by Slate Banking Department.)
previous week.
Inc.$34,470,600
December 8.
Loans and Investments
$957,699,000
,
—...
23,454,500
Inc.
Currency and bank notes
12,535,000
Inc.
407,700
Dec.
For definitions and rules under which the various items
89,200
—_—...
200,900
Specie..
Deposits witb the F. 11. Bank of New York
61,955,700
Total deposits
1,000,106,000
Deposits, eliminating amounts due from reserve de¬
positaries and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits 813,720,100
Reserve on deposits
203,200,300
Inc.
are
18,584,000
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 com¬
putation of the reserves were given in the "Chronicle" April 4
1914 (V. 98, p. 1045).
were
Dec. 18,793,000
Inc.
1G,739,500
RESERVE.
Slate
Deposits In banks and trust cos....
Total
11.82%
The averages
14,953,500
13.41%
..$28,142,700
-
-Trust Companies
$84,756,000
13.64%
90,301,600
14.54%
Banks-
....$13,189,200
25.23%
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
Percentage of reserve, 27.7.
Cash In vaults
com¬
panies in New York City not in the Clearing House" furnished
by the State Banking Department, the Department also
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
[Vol. 105
$175,057,600
STATE BANKS AND TRUST COMPANIES.
28.18%
Slate Banks
of the New York City Clearing House banks
Trust Cos.
Slate Banks
in
in
outside of
Week ended Dec. 8.
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Greater N. Y. Greater N. \ Y, Greater N.
Trust Cos.
outside of
Y
Greater N.Y.
COMBINED
compare as
RESULTS
OF
follows for
BANKS- AND
GREATER
Capital
COMPANIES
TRUST
Loans
Investments
Sept. 15—
Sept. 22—
Sept. 29...
6...
Oct,
Oot.
13...
Oct.
20...
Oct.
27...
Nov.
3...
Nov.
10—
Nov. 17...
196,346,300
325,016,300
—2,152,100
—5,164,400
207,546,200
—3,148,600
—4,721,200
_
+ 1,608,600
+44,190,800
Specie
Change from last week.
Tenders.
Vault.
20,586,900
—468,900
25,799,700
notes.
22,806,100
Change from last week.
taries.
$
4.645.698.3
4,374,901,1
206.401.2
45,759,5
252.160.7
+ 704,300
14,829,400
+231,300
43,322,500
195,424,000
—867,900
+ 1,721,400
575,440,1
4,722,059,0
4,739,736.5
4,347,900,5
4,376,818,1
201,925,6
246,539,6
4.402.615.3
191.423.1
241.279.8
234.053.3
674,456,3
606.777.5
4.446.207.1
4.524.374.4
4,405,739,9
180.862.3
225,748,0
636,841,0
226.347.4
218,872,0
043,019,0
693,873,3
588.667.7
85,904,7
84.363.2
83,834,2
96,122,9
224,530,9
625,012,3
221,694,0
623.908.0
611.381.8
—336,200
592,168,7
4,795,665,9
4,827,878,5
4.918.137.4
5,032,907,2
5,428,246,7
5,491,980,2
5,557,891,9
44,614,0
44,260,0
42,630,2
44,885,7
47.878.0
71.363.1
76.739.1
Dec.
1...
5,619,230,7
5,559,742,4
Dec.
8...
5,827,062,0
Nov. 24...
25,748,040
454,087,400 2,113,562,000
$25,938,700
in
Deposi¬
Specie.
Deposits.
16,937,000
Currency and bank
Reserve
Cash in
$
Ended—
$16,573,000
162,901,400
Change from last week.
Total
t
Legal
Demand
$88,950,000
38,506,722
Loans and investments.
$
and
$19,775,000
of Sept. 8
IN
We omit two ciphers in all these figures.
Week
of Sept. 8
as
series of weeks past:
a
YORK.
NEW
as
Surplus
Clearing House,
197,019,8
4,473,000,6
4.473.207.0
178.469.4
153.532.8
142.132.9
138.620.2
4.477.113.2
4.252.162.1
4,297,610,1
4,353,272,1
137,330,8
124,803,8
113.749.3
112.093.5
96,747,7
224.895.9
208,638,0
209,872,2
Deposits with the
Change from last week.
Deposits
Non-Member Banks and
Trust
RETURN
are
Reserve
on deposits
Change from last week.
—2,411,400
P. C. reserve to deposits.
26.4%
Percentage last Week..
Capital.
Profits.
Loans,
400,000
Gold.
Tenders.
Average.
$
%
Hudson Co. Nat., Jersey City
First Nat. Bank, Hoboken...
220,000
Second Nat. Bank, Hoboken.
125,000
2,495,000
5,525,600
47,635,000
462,000
619,000
100,000
467,000
116,000
3,000
Colonial Bank
500,000
300,000
970,800
748,900
142,800
491,500
201,100
597,000
715,000
184,000
Columbia
2,494,000
9,153,000
10,422,000
5,227,000
8,812,000
4,484,000
300,000
Brooklyn:...
300,000
Nat. City Bank,
Total
CLEARING
Reserve
+283,500
15.8%
15.7%
6,183,000
3,314,000
10,000
14,000
HOUSE.
Additional
with
Reserve.
Deposi¬
taries.
taries.
Average.
Average.
%
%
400,000
250,000
First Nat. Bank, Brooklyn...
First Nat. Bank, Jersey City.
37,765,000
Decrease from last week.
Legal
Average.
$
Average.
Silver.
Average.
494,700
599,500
677,900
618,600
1,334,700
791,100
701,000
308,100
500,000
—
Bank
Average.
Battery Park Nat. Bank.....
W. R. Grace & Co.'a Bank...
17.1%
17.9%
& Federal
Legal
&c.
$
$
23.0%
22.6%
Notes.
[Nat.banks Nov. 20
Members of
YORK
National
Discounts,
[State banks Nov. 14,
Federal Reserve Bank
31,181,300
+263,100
27.7%
last week.
over
INSTITUTIONS OF NEW
Investments,
Week Ending Dec. 8 1917.
+ Increase
373,968,900
+23,686,700
Companies.—Following is the report made to the Clearing House by clearing
"Clearing House return" on the preceding page:
OF NON-MEMBER
CLEARING
114,097,900
324,517.500
not included in the
Net
NON-MEMBERS.
579,904,300 2,317,848,800
—551,600 + 26,620,900
....
Change from last week-
t Included with "Legal Tenders" are national bank notes and Fed. Reserve notes
■eld by State banks and trust cos. but not those held by Fed. Reserve members.
non-member institutions which
R.
Bank of New York
650.784.6
682.360.1
208,841,2
F.
$
2,000
200,000
National
Net
Legal
Deposi¬
Deposits.
Deposits.
tion.
Average,
Average.
Average.
$
6,001,000
4,774,000
61,000
950,000
623,000
5,167,000
380,000
1,325,000
32,000
17",000
157",000
6,394,000
42,000
217,000
100,000
36,000
531,000
83,000
145,000
850,000
87,000
29,000
35,000
483,000
8,000
17,000
74,000
47,000
133,000
133,000
317,000
326,000
44,000
45,000
109,000
20,000
267,000
797,000
861,000
563,000
572,000
718,000
4,093,000
5,665,000
50,000
489,000
Circula¬
i
95,000
6,501,000
7,197,000
4,805,000
7,592,000
5,649,000
Bank
-
Time
409,000
1,000
Net
,
Demand
$
904,000
1,000
Deposits
with
626,000
776,000
2,047,000
5,886,000
3,888,000
2,771,000
196,000
2 95",000
119,000
400,000
467~66o
197,000
3,418,000
2,308,000
219,000
2,846,000
32,658,000
8,207,000
1,525,000
99,000
State Banks.
Not Members of the
"
1:
Federal Reserve Bank.
Bank of Washington
Heights.
Bank..
International Bank
500,000
100,000
1,600,000
687,900
6,935,000
Mechanics' Bank, Brooklyn..
829,100
North Side Bank, Brooklyn..
200,000
210,600
22,334,000
4,534,000
3,700,000
4,749,700
74,395,000
12",666
240,000
558,000
127,000
452,000
723,000
137,000
3,665,000
Bank
200,000
New Netherland Bank
200,000
Mutual
Yorkvllle Bank
.
Total
,
65,000
149,000
85,000
263,000
57,000
'
120,000
12,000
134,000
596,000
410,000
1,975,000
9,940,000
230,000
640,000
39,000
10,670,000
143,000
7
337",660
264,000
107,000
4,290,000
160,000
486,000
108,000
199,000
97,000
7,984,000
4,915,000
120,000
192~6bo
7,220,000
13,000
812,000
21,445,000
49,000
214,000
,
46,000
827,000
435,000
433,000
1,287,000
49,000
133,000
258,000
236,000
739,000
3,973,000
400,000
810,000
2,822,000
1,742,000
4,159,000
2,419,000
72,412,000
1,059,000
59,000
23,000
71,000
101,000
387,000
68,000
498,000
770,000
167,000
7,751,000
4,529,000
896,000
2,930,000
885,000
937,000
12,280,000
3,826,000
'
I
■
Trust Companies.
.
54,000
482,000
388,000
111,000
252,000
255,000
320,000
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
500,000
1,002,900
9,584,000
Mechanics' Tr. Co., Bayonne
200,000
338,500
7,454,000
700,000
1,341,400
Total..
447,000
44,000
38,000
17,038,000
491,000
97,000
94,000
169,000
Grand aggregate
6,895,000 11,616,700 139,068,000
4,618,000
1,526,000
2,629,000
Comparison previous week...
-^1,595,000
232,160 decrease
6,895,000 11,241,200 140,663,000
6,895,000 11.241,200 140,310,000
6,795,000 11,375,300 136,834,000
8,795,000 11,375,300 134,083,000
6,795,000 11,375,300 134,445,000
—197,000
+ 53,000
3,488,000
+ 127,000
4,815,000
5,134,000
5,193,000
5,547,000
1,473,000
1,443,000
3,361,000
1,279,000
1,487.000
1,390,000
3,123,000
Excess reserve
Grand aggregate Dec.
1
Grand aggregate Nov. 24
Grand aggregate Nov. 17
Grand aggregate Nov. 10
Grand aggregate Nov.
a
3
5,553,000
2,306,000
2,367,000
2,420,000
2,309,000
2,246,000
3,166,000
3,201,000
3,109,000
1,525,000
+ 323,000
9,137,000 9,021,000 all7,350,000 13,092,000
—418,000 -2,552,000.
+829,000 —825,000
9,555,000 11,573,000 8116,521,000
9,378,000 13,064,000 8115,999,000
9,443,000 15,660,000 all6,775,000
9,084.000 14,525,000 8117,773,000
8,978,000 12,282,000 8117,775,000
13,917,000
1,521,000
13,989,000
14,443,000
14,837.000
1,518,000
1,514,000
1,519,000
14,892,000
1„522,000
+4,000
U. S. deposits deducted, $10,731,000.
Clearing House Banks.—We give below a
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
^Boston
mmmary
BOSTON CLEARING HOUSE MEMBERS.
Dec. 8
Change from
Dec. 1
1917.
previous week.
Reserve requirements
demand deposits and
on
Reserve Bank.
for members of the Federal Reserve system
and "Cash in vaults.
1917.
Nov. 24
1917.
$5,479,000 Inc.
$20, ,000
$5,459,000 $5,458,000
Loans, dlso'ts A Investments. 488,148,000 Dec. 25,903 ,000 514,051,000 520,693,000
Individual deposits, lnol.U.S. 428,283,000 Deo. 23,803 ,000 452,086,000
456,261,000
Due to banks
134,761,000 Inc.
1,475 000 133,286,000 129,423,000
Time deposits
24.118,000 Inc.I 1,370 ,000
22,748,000 23,940,000
Exchanges for Clear. House.
17,016,000 Deo. 2,189 ,000
19,205,000 16,939,000
Due from other banks
99,958,000 Inc.
5,563 ,000 94,395,000 88,756,000
Cash in bank A In F. R. Bank
60,283,000 Inc.
4,807 ,000 55,476,000 58,803,000
excess
In bank and
Federal Reserve Bank
14,953,000 Inc.
7,337.000
7,616,000
10,088,000
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Nov. 10 presented the weekly returns under
a new classification of the members.
Both the Glrard and
Philadelphia
Trust Companies, which have been admitted Into the Federal Reserve
system, are now included with the national banks under the heading "Mem¬
bers of the Federal Reserve System."
The remaining trust company mem¬
bers of the Clearing House Association are grouped under the
caption
"Trust
Companies not Members of the Federal Reserve System."
10 %
companies not members of the Federal Reserve system the reserve required
is 15% on demand deposits and includes "Reserve with legal depositaries"
Week
Two
ciphers
(00)
ending Dec. 8
1917.
Dec.
omitted.
Mem. of
Trust
F. R. Syst.
Circulation
Reserve
are
3% on time deposits, all to be kept with the Federal
"Cash in vaults" is not a part of legal reserve.
For trust,
Cos.
1
1917.
Nov. 24
1917.
Total.
Capital
$23,975,0
$31,475,0
80,203,0
525.144,0
$7,500,0
19,612,0
80,502,0
605,646,0
$31,475,0
80,457,0
612,939,0
$31,475,(
Surplus and profits
Loans, dlso'ts A lnvest'ts.
Exchanges for Clear .House
22,175,0
849,0
23,024,0
27,470,0
Due from banks
129,966,0
513,0
130,479,0
Bank deposits
172,834,0
401,744,0
3,664,0
943,0
144,608,0
173,992,0
474,046,0
22,145,(
135,384,(
168,091,(
63,945,0
173,777,0
465,689,0
578,242,0
64,888,0
3,664,0
643,130,0
Individual
deposits
Time deposits
Totai deposits
60,591,0
52,770,0
49,394,0
U.S.deposlts(not included)
Res've with Fed. Res. Bk_
49,394,0
Res've with legal depos'ies
Cash In vault
8,276,0
8,276,0
20,387,0
3,320,0
Total reserve A cash held.
69,781,0
11,596,0
23,707,0
81,377,0
Reserve
required
42,352,0
9,528,0
51,880,0
Excess res. A'cash In vault
27,429,0
2,068,0
29,497,0
*
3,627,0
651,665,0
71,375,0
43,778,0
9,492,0
23,728,0
76,998,0
51,657,0
25,341,0
Cash In vault is not counted as reserve for F. R. Bank members.
80.797.C
617,952,(
471,216,(
3,962,(
643,269,(
77,903,(
50,055,(
9,074,(
23,958,(
83,087,(
52,207,(
30,880,(
Dec. 15
1917.]
THE
CHRONICLE
For
daily volume of business
The
The
to the fact that the
railway situation is daily becoming
more
STOCKS.
much
very
security markets have
All classes of securities
a
rather
mark the end of the most
severe
so
cause
may
Dec 11
Realization.. 100
8% Dec 12
99 A Dec 12
20
600
100
6
Dec 10
300
60
Dec 14
28
larger reduction for
400
100
whole
was
—
4
Cheques.
71A
4 75 3-16
4 7515
High for the week—
5 79 %
Low for the week
5
5 72*%
5 73%
80%
Germany Bankers' Marks—
High for the week
38
Dec 14
41% Dec 11
130
Deo 14
141% Dec 11
110
95
and
industrial
United
the Board
issues.
States
are
Bonds.—Sales of Government bonds at
limited to
Liberty Loan 334s, at 98.46 to
98.90, and Liberty Loan 4s, at 97.16 to 97.60.
For to-day's
prices of all the different issues and for the week's range, see
third page following.
Railroad and Miscellaneous Stocks.—The stock market
exceptionally dull early in the week, but the volume of
as the downward movement
progressed.
Monday the transactions totaled only 281,000 shares,
but on Thursday nearly 780,000 were traded in and on that
day a reaction from the low quotations then recorded set in.
Railway shares were again leaders of the decline and when
at the lowest Great Northern
had, within this week, added 7
points to its previous very low level, Union Pacific 6%,
Northern Pacific 634, Atchison
434, New York Central 434
was
business increased
On
and
a
considerable list of issues in the
points.
same
class from 3 to 4
The reaction referred to continued to-day and nearly
the entire active railway list closes from 1 to 4
points above
the low quotations of Thursday.
The miscellaneous list has, of
course, fluctuated more
widely.
General Electric declined over 10 points and re¬
covered 3%, U. S. Steel lost over 7 and
gained 434, Mex.
Petroleum dropped 7 and advanced 134, Beth. Steel B lost
6Jand regained 3. Mer. Mar. pref., on the other hand, lost
8 points to-day and closes over 13 lower than last week.
47.
Dec
67
Mar
Dec 10
20
Nov
38%. June
Dec 11
9
Dec 11
9
Dec
26 %
30
Dec 11
28
Dec
54%,
Dec 11 153
Dec 11
40
Dec 10
8
Dec 250
Aug
July
I Jan
30%
11%
Nov
Dec
17 %
Dec
40
Aug
Aug
Dec
78
fJan
Nov
40
Nov
88
£ June
|>Jan
44%
Mar
28^Deo 11
29 H
Dec 14
32%
31%
27%
51A Dec 14
52
Dec 12
92
50 %
Dec 11
93
Dec 10
92
33
Dec 10
3.3
% Dec 10
31
3
Jan
95
Dec 13 100
Dec 11
95
Dec 135
70
Dec
8
70
| Feb
Dec
8
70
Dec
100
43
Dec 13
43
Dec 13
43
Dec
80
Dec 11
80
Dec 11
80
1,600 151
Dec 11 170
99% Dec 13 102
Dec 10
14 H Dec
8
14% Dec 10
100 z80H"Dee 14 x80% Dec 14
400
2,100 145% Dec 11 170
100 100
Dec 13 100
97
Dec 12
97
Dec 12
950
43% Dee 12
47
H Dec 11
80
Dec 12
80
Dec 12
Nov
Oct
Jan
81
Aug
55
Sept
103H
Jan
$ Jan
Dec 281
99 %
Dec
12%
80%
Nov
27H
Sept
125Hi Jan
Jan
93
Mar
Dec 232
Jan
Dec 120 %
Dec 10 145%
Dec 13 100
200
1
Dec 114
Deo 10 151
1,600
Jan
97
Nov
43%
Dec
80
129H' Jan
66% j!Mar
Dec 120
Mar
60
50
69% Dec 13
69% Dec 13
69%
Dec
50
400
26
Dec 12
Nat Cloak & Suit... 100
NO Tex & Mex vtc 100
N Y Chic & St Louis. 100
26% Dec 14
Nov
200
60
Dec 12
00
Dec 12
25 %
56
700
17
Dec 13
18
Dec 12
300
14
Deo 11
14
Dec 12
15% June
10
Nov
100
41
36 H
38 H
Dec 12
41
Dec 12
40
Dec
57
Feb
21
Aug
Jan
2d preferred
__100
New York Dock. ...100
Norfolk Southern... 100
Nova Scotia S & C..100
Owens Bottle Mach..25
Pacific Tel & Tel
100
Pan-Am Pet & T preflOO
Peoria & Eastern
100
Pettibone-Mull 1st pflOO
Pierce-Arrow Mot no par
77
100
14
Dec 12
14
Dec 12
12%
Mar
20
Dec 13
20
Dec 13
20
Dec
63
Dec 11 x60%
wMay
35 H [July
84
$ Jan
Nov
100
300
61
1,470
1,000
51
100
Deo 14
MjDec
17
8
Dec 12
•
87
Dec 13
800
5
i! Dec 13
700
96
Dec
8
,
28H
Nov 125
54% Dec 11
51 Hv
Dec 106
18
17
Dec
Dec 11
Dec 13
87
5
Dec 13
99
Dec
87
34
Nov
(Aug
Jan
Jan
Jan
H
98
Jan
Jan
4%
Oct
12
Jan
91 %
30
Sept
99
Dec
100
30
Dec 12
30
Dec 12
Dec
100
41 %
100
91
Dec 12
91
Deo 12
88
Nov
100
400
98H
50
Dec 12
50
Deo 12
50
Dec
82
Jau
100
100
89 A Dec 11
Quicksilver Min pref 100
Rutland pref..
100
89 H
Dec 11
87
Dec 102
" Jan
200
% Dec 11
Preferred
Pitts C C & St L
Pitts Steel pref
% Dec 12
%
18
Dec 13
18
200
25
Dec 12
25% Dec 12
24
400
54% Dec 13
56
54%
555
Dec 13
Dec 12
18
50 120
Dec 14 120
100
.200 135
Dec 11 140
Dec 11
„100
100 108
Dec 12 108
Dec 12 108
Dec 14 115
135
June
Aug
4H " Feb
Nov
Dec
35
Oct
42
Jan
Dec 108
June
Jan
Dec 127 %
Jan
Dec 209
May
Nov 114H
Feb
Milling... 100
StewartJWarner
.100
100
77 A Dec 14
77H Dec 14
77%
Dec 100 %
100
43
43
Tide water
43
Dec 100 H
Jan
200 165
Dec 14 165
Dec 14 165
Dec 206H
Aug
United
„
Oil
100
Drug-.
100
Dec 14
Dec 14
200
69
Dec 10
70
Dec 10
64
Nov
50
100
49
Dec 14
49
Dec 14
49
Dec
2d preferred..!
100
Express
____100
Wells, Fargo Exp... 100
54
200
75
Deo 13
75
Dee 13
75
Oct
91
16% Dec 10
72 H Dec 11
16
Nov
21
preferred
U 8
Western
Pacific.....100i
Preferred
100
100
16% Dec 10
300
71
Dec 12
200
12"
Dec 13
100
37H Dec 11
high-grade
Atchison, Rock Island, Missouri
Pacific, Union Pacific, Northern Pacific, U. S. Steel and
Dec 12
Dec
100
Acme
Standard
and other active issues from 1 to 2.
A list of the latter includes
Jan
Mar
Dec 12
Dec 13 165
Aug
5%
Morris & Essex.
44
All the foreign
Nov 100%
100
100
.
94 %
2
11%
12
100
Michigan-Cen tral..
Jan
Jan
Apr
Dec
30% Dec 11
500
100
46
x59%
Dec 205
Nov
35
200
100
Dec
Nov
130
Jan
Jan
Feb
5
30M Deo 11
200
....100
24
41"
5% Dec 11
11A Dec 11
32 A Dec 11
36
Dec 12
100
100
2% Dec 12
Dec 14
100
300
325
H) & Co
Dec 12
Dec 12
300
,
3,700
200
1st
the Curb.
9
28
Dec 13
2% Sept
14% June
Nov
National
St. Louis,
Francisco, par.
Mon¬
Minneapolis, 5c. per $1,000 premium.
on
100
500
300 153
100
So Porto Rico Sug
Preferred
notably weak, but our own best
railways have not been exempt.
New York Central deb. 6s
have lost 3% points, Ches. & Ohio
5s, 234, St. Louis & San
Francisco 4s> series A, 1%; Union Pacific ref.
4s, 134 points,
other
100
44
has been the decline in value of all classes from
Russians
23
Manhat (Elev) Ry„_100
May Dept Stores...100
5 70%
5 71%
Bonds.—No sales of State bonds
have been reported at the Board this week.
The most important feature of the
general bond market
railway issues to
48
Deo 13
1st preferred
Lorillard (P)
Preferred
Cables.
Railroad
bonds dealt in here 'were
Dec 12
20
Loose Wiles Biscuit. 100
Domestic Exchange.—Chicago, no market.
Boston, par.
10c. per SI,000 discount bid and par asked.
San
State
47
Liggett & Myers....100
Preferred
100
Amsterdam Bankers' Guilders—
treal, SI 25 per SI,000 premium.
Cincinnati, par.
300
St L-San Fran pref.. 100
43 5-16
95
300
Kress (S
4 76 7-16
4 76 7-16
43 A
43 A
Nov 115%
600
Savage Arms
....100
Sears, Roebuck, pref.100
43 5-16
89 %
eoo
Preferred
Low for the week
High for the week
Low for the week
75
25
Jewel Tea Inc
..100
Kayser (Julius & Co) 100
KeLsey Wheel pref.. 100
-
4 71
Paris Bankers' Francs—
Nov
Dec 12
27
Haskell & Barker C no par
Int Harvester Corp.. 100
pre¬
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week
follows:
Low for the week—
45
46
90% Dec 11
Preferred
Hartman Corp
To-day's (Friday's) actual rates for sterling
exchange were 4 71 @4 71A
sixty days, 4 7515@4 75 3-16 for checks and 4 76 7-16 for
cables.
on
banks, sight 4 74%@4 75, sixty days 4
70H@4 70H.
ninety days 4 68 % ©4 68 A and documents for
payment (sixty days)
4 70 A @4 70 A>
Cotton for payment 4 74% @4 75 and grain for
payment
4 74%@4 7o.
To-day's (Friday's) actual rates for Paris bankers' francs were
5 80 @
5 80% for long and 5 74 % @5 74 A for short.
Germany bankers' marks
were not quoted for sight, nominal for
long and nominal for short.
Amsterdam bankers' guilders were 43 5-16
for, long and 43 7-16 for short.
Exchange at Paris on London, 27.22 fr.; week's
range, 27.21 A fr* Wgk
Sixty Days.
Aug
21
Dec 13
General Cigar Inc. ..100
Gull Mob & Nor ctfs 100
Commercial
Sterling Actual—
High for the week.
36%
Dec
June
5
8
Dec 10
...
for
,
May
Nov
7A
8% Dec
90
50
Jan
Feb
84 %
Deo 14
Dec 12
Feb
Apr
Dec
Dec 12
2 A
5
78%
Dec .17%
Dec 117
%
24
100
Nov
Jan
61 %
24 A
300
650
Jan
June
Dec 13
600
Federal Mg & Smelt. 100
Preferred
.100
General Chemical... 100
quiet and otherwise featureless
>
Dec 13
7A
46
1
43%
Nov 128M
4
Dec
6
Dec 10
61 % Dec 12
30
Dec 11
Elk Horn Coal
one.
and 27.22 fr. low.
8%
98 %
100
Laclede Gas
a
52 A
Dulutfi S S & Atl
100
Preferred
109
Eleo Storage Battery 100
Foreign Exchange.—In sterling exchange the same arbi¬
trary position is maintained.
Very little business is passing
and quoted rates show no essential
changes.
In the Conti¬
nental exchanges lire closed firmer and rubles
about steady.
a
%
Dec 12
100
t
_.
Continental Insur
only
Dec
% Dec 12
56
Dec 11
Highest
Dec 200
80
8% Dec 12
99% Dec 12
Dec 12
Cuban-Amer Sugar. .100
Deere & Co pref
100
the week has been done.
as
-
1
400
Preferred
'
,
100
100
80
% Dec 12
56
100
Chicago & Alton....100
showing the effect of Government
financing and increased industrial activity by an advance in
call loan rates to 6%, at which
figure much of the business of
The week
200
200
be found in the
reduction of unfilled orders at the end of November of
29
Deo 13 154
Clue tt, Peabody & Co 100
Agricultural Department's estimate of the cotton crop
indicates a yield of substantially less than the last
previous
estimate, which was reflected in the market by an advance
in the price of cotton.
The Steel Corporation has reported
vious months.
The money market is
Dec 11
Deo 13 154
80
Central Foundry
The
a
73
Dec 13
Lowest.
$ per share. $ per share.
Dec 13
70
Nov 140
Jan
Dec 12 180
Dec 180
Dec
Dec 12 180
Dec 13 30
29
Brunswick Terminal. 100
Calumet & Arizona
1.0
least three years of time.
compared with
73
1 ISO
400
Batopilas Mining
the change may
trying, under the impelling in¬
necessity, to accomplish in one year what
do without complications and friction would
require at
as
$ per share.
100
Atlanta Birm & A11..100
Barrett pref___.
100
world
112,500 tons,
$ per share.
Dec 12
fluence of
a
Range Since Jan. 1.
100 154
Computing-Tab-Rec
to
Week.
400
fact that the Government is
a
for
Highest.
100
100
Associated Oil..
and protracted decline in
departments
Range
which follow:
American Express... 100
of existing unfortunate conditions
in transportation and other
the pages
on
Am Brake Shoe & F pf 100
Assets
values which has taken place in recent
years.
Evidently the chief
100
American Bank Note. 50
gloomy atmosphere has
Perhaps the gloom is not
prevailed at the Stock Exchange.
quite so dense to-day as it has been, and if
2355.
Lowest.
Par. Shares
Adarfks Express
Albany & Susq
page
for
Week.
serious, and that certain military
depressed.
have again declined and
Sales
see
occurred this week of shares not
detailed list
our
Week ending Dec. 14.
more
activities in central Europe
suggest important developments
in that section in the near
future, the
continued
following sales have
represented in
Wall Street, Friday Night, Dec. 14 1917.
Money Market and Financial Situation.—Owing
complicated, if not
23L7
12 H
Dec 13
37H Dec 11
80
Jan
Feb
Jan
Jan
%
Jan
71
Dec 144
12
Dec
18 H
May
37%
Dec
48
July
Jan
Outside Market.—"Curb"
trading was active this week,
accompanied by heavy
losses
in
some
of
the
liquidation, which resulted in5
severe
principal issues.
The weakness ex¬
throughout the list.
To-day's market developed
strength and prices improved.
Aetna Explosives com., after
an
early advance from 834 to 9, slumped to 7, to-day's busi¬
ness
advancing the price to 7%. Air Reduction established
a new low
record, dropping from 65 to 60.
Chevrolet Motor
advanced a point in the early
trading to 6434, ran down to
60 and to-day rose to
6234.
Cities Service com. declined
from 209 to 204, but recovered to 210.
Curtiss Aerop. & M.
com. lost 4:%
points to 2534Submarine Boat, after a frac¬
tional advance to 13, weakened to
11% and ends the week at
12.
United Motors dropped a point to
1434 but sold back
to-day to 1534.
Wright-Martin Aircraft com. moved up
from 734 to 734> then down to
6%, with to-day's transactions
carrying the price up to 7.
Oil stocks were by far the most
tended
active issues and the weakest feature.
were
490.
Standard Oil stocks
quiet, with Standard Oil of N. J. losing 10 points to
Standard Oil of N. Y. went down from 248 to 235.
In the other oil stocks a
large number of issues dropped to
new low records.
Chief
the losers was Merritt Oil,
recovering to-day to 1834conspicuous for a decline from
88c., the close to-day being at 91c.
Midwest Refg.
among
which
fell
from
Midwest Oil
SI 07 to
lost 19
21 %
com.
was
to
16,
also
points to 90 and ended the week at 97.
Glenrock Oil
12 to 7, with the final figure
to-day at 734.
Mining stocks were quiet and generally easier.
Bonds were
lower with new low points in
quite a few instances.
Russian
Govt, bonds, in particular, suffered
heavily the 534s drop¬
ping from 45 % to 38 and the 634s from 56 to 47.
The former
sold finally at 39 and the latter at 49.
was
A
off from
complete
record of "curb" market transactions for the
week will be found
on
page
2356.
Exchange-Stock Record, Daily,
TWO PAGES
New York Stock
2348
OCCUPYING
Dec. 12.
11.
Dec.
Dec. 10.
8.
Dec.
80
80
80
79%
84
85
83
8312
83
45
47%
45%
4034
46
47
*52%
36%
54%
53
900
53%
53
38
15,100
Brooklyn Rapid Transit.-100
67,300
11,400
Chesapeake A Ohio
81
♦90
95
89
92
85%
47%
48%
54%
48
54%
46%
53%
88%
47
54
3934
41%
39
40%
55
*54
40%
39%
46%
7%
19%
38%
46%
46%
6-%
6%
*6%
"37%
38U
38%
19%
•67
* 18*4
"l8%
*49%
51%
40%
40%
♦_
*
39%
*
29
76
—
♦■"III
*26"
*20
23
*46
48
19
39%
10,800
67
69
90%
86%
88
86
6934
87%
4,900
2,500
17
18
9,900
47
47%
3,000
37%
38
2,400
66%
88"
.
91
1734
50
39%
*
"20
20
*19%
20
*45
50
*45
*46
48
50
*40
51
*40
51
*40
9
*5
9
*170
180
180
190
*
14
*11%
6
*5
6
11
n
11
11
1334
14%
20%
14%
1434
1334
14%
13%
19%
20%
19%
20%
20
22
1734
*15%
89
89%
89%
17%
89%
*25%
26%
25%
25^4
24%
*93
95
96
90%
*93
87%
634
634
6%
*15
8734
Illinois
87
2,100
634
6
6%
6%
3,620
*47%
48%
48%
48%
46%
*53
54
*5312
"V"
7%
4i2
7%
28%
67%
23%
3934
66%
2834
28%
38%
64%
28%
20
102
*70
80
1011
4438
15
4
418
22%
21%
23%
24,100
37%
38
38%
38%
66%
65%
67
68%
29
28
28%
28%
7,900
98
05%
2734
*17%
97%
New
64%
5,000
19,100
75
*70
27%
18
95
19%
*17%
99
44
30,017
Pennsylvania
13
13%
48
20%
"19%
20%
67%
57
6434
6634
35%
65%
69
*32%
35
*34%
37
*34%
36
*34%
38
*34%
37
*34%
34%
35
*35
*14
15
*14
15
13%
13%
13%
25%
22
22
22
22
*21
25%
*22
*32
44
*32
44
*32
Do
pref
900
24,550 Southern Pacific Co...
23%
2134
23%
23,000
55
53%
53%
55
57
15
15
16
15%
16
16
265
65
24%
24%
23
21%
53
56%
56%
15
15
8
14%
15
151
15
15%
15%
68
*61%
39%
39%
68
4%
6
100
7%
734
38
36%
38%
1,700
8,100
6,100
3,600
12
72
12%
734
8'
8
39%
37%
18%
19%
18%
19
19
12%
8
12%
37%
734
12%
12
12
12%
1934
1334
*22
26
2512
27%
600
9%
3,600
21
*20
21
*13%
14
13
13
*12%
13
26
*23
26
*20
25
*23
*24
*19
22
*17%
20
*18
21
19
19
793
*34
37
33
34
33
33
*32
36
400
*20
934
19
19
*19%
*33
37
*34
*10
10%
*10
10%
*2034
21%
*20%
22
17%
17%
*70
'
¥
95
*80
92
*33%
34%
96%
96%
64%
64%
~24%
25
*70
17%
*80
~
85
34
10
9%
22
*20%
47
45%
70
95
66
92
*80
92
32
34
31
82
*70
85
30%
*89
92
88
88%
61
64
6034
62%
23
23
22
82
*70
50
*12
1234
*53
55
51%
11
*10%
11
*10%
11
*38
39
*35
39
*52
53
39
56
.2434
2434
2434
25%
24%
70
70
71%
70
51
51%
*11
12
*53
56
53
*90
94
*90
99
11%
592
7184
92
72
*91
72%
97
53
52
*90
-f.
93
.
92
92
42%
42%
*89
95
90
161
91%
69
49%
100%
54
48
97%
*90
55
1303s 141
§68
48%
48
50%
94
94
94
9%
9%
57
51%
51%
94%
90
90
10
10
*51
.
100%
51
5334
93
94
53
54
51%
90
53
*105
108
53%
100% 101S4
1,450
100
150
28,500
107
55%
5334
101% 103
133
136
133
136
*80
95
89
*85
95
z3834
39%
91
39%
39%
400
3,500
3,500
100
8,000
18,400
26,515
566
1,500
41%
40%
89%
89
89
*87
*8634
91
260
95
26
20
19%
20
20
20%
21
21
12%
12%
12
12
11%
12
12
12
2,200
1,150
44
*41%
*22%
12%
*42
44
*42
44
55%
5684
55
93%
94%
95
95%
92%
95
60
60
*5834
52%
61
533s
5834
5334
58s4
53%
*89
54%
93
89%
100
56
53%
55
54
56
44,800
94
89
91%
90%
94
9,100
61
*59%
61
53
50%
52
*59
42
*42
*60
61
90
88
this day*
89%
87
t Ex-rights.
87%
5034
53
98
50%
andjasked prioei: ne sales on
44
53%
90%
42
*42
5584
98
86%
87
..100
100
100
100
Do
pref
100
American Shipbuilding...100
Amer Smelters 80c pref B.100
Do
pref 8er A stamped. .
Amer Bmeltlng A Refining. 100
Do
pref
100
American Steel Foundry.. 100
American 8ugar Refining..100
Do
pref
100
Am Sumatra Tobacco....100
Amer Telephone A Teleg.. 100
American Tobacco
100
Do
pref (new)
100
Am Woolen of Mass..
100
Do
pref
100
Am Writing Paper pref—100
Am Zinc Lead AS
25
Do
pref
25
Anaconda Copper
50
At! Gulf A W18S Line ctfs 100
Do
100
pref
1,900 American Malting
94
68
69
6734
107
*99% 100% *100
53
52%
z52%
50%
95%
92%
93%
9234
89
9038
9%
pref
pref (new)
100
"5",2O0 Amer International Corp. 100
.100
5,600 American Linseed
Do
pref
100
1,250
9,010 American Locomotive.... 100
71
106% 106% *106
100% 102%
133
136%
51
*87
*92
93%
71%
8%
Do
American Ioe (new)...
Do
43
14
•am
68%
200
43
25
93
7012
24%
68
8,600
*88
*12
*90
233g
T,600
Allls-Chalraers Mfg v t
41
*23
55%
z49%
100
95% 96
96%
96%
*105
108
*105
*105% 109
53»4 55
55
56%
57%
*56
1031
IO284 103% 1033g 104% 101%
140
56
50%
24%
67%
94%
161% 16134
38
23%
*94
9%
*30
"48%
*91
9234
7234
♦100% 101
*100% 101
54
54
53% 53%
47
9%
38
50
*90
111
11%
53
11%
24%
4734
49
2,600
82
11%
4834
*69
*90
94
—
10%
8,200
23%
4534-
50%
*
23,800
1,200
100
2134
2334
'
50
*69%
10%
39
1134
"moo
105%
*70
83
4534
*9%
51
10%
*33
23%
1134
11%
88%
63%
88%
62%
♦101
11
1234
313g
32%
*70
92
3234
*78%
33%
113s
55%
11%
68
"63"
92
*10%
*93
66
70%
*53
*52
400
"67"
10
Mln'g.10
C..100
Do
preferred v t c
100
Amer Agricultural Chem-.lOO
Do
pref
100
American Beet Sugar
100
Do
pref
100
American Can
100
Do
pref
100
American Car A Foundry. 100
Do
pref
100
American Cotton Oil
100
Do
pref
100
American Hide A Leather. 100
Alaska Juneau Gold
92
*80
100
100
50
Alaska Gold Mines
1,200
75
92
*12
*38
70
75
*75
71
97
*90.
97%
65
63%
65%
1051
10234 *102
10234
2334 24
2434 2434
*70
*65
*80
6434
3,800
2,200
6,000
2%
77
"70%
97
16
1534
& Miscellaneous
400
Do
pref certfs
100
17,600 Baldwin Locomotive—..100
100
Do
pref
1,200 Barrett Co (The)
I Less than 100 shares,
«Rx-dlT and rights.
100
100
116
Dec
Oct
3%
Sep
10
Apr
22%
Sep
47%
Sep
100%
Apr
49% Dec
26
May
114
Mar
84%;
Feb
108
Dec
55
Sep
36%
Dec
72
Dec
8
Jan
57
4
8ep
128%
53% Apr 17
35% June 1
68
Junel5
61% Nov 5
34
Nov 8
104% Jan
3
45
Jan 29
75%
Jan
41%
Feb
41%
Feb
19% Dec 14
13
Dec 14
16
20%Jan
~
22
Dec 11
32
June26
34
Dec 10
53
Jan
4
37%
Sep
8% Dec 13
18
Jan
3
14
Apr
17% Nov 14
39%Jan
3
34%
Apr
77% Dec 13
94%
Apr
18
Apr
45% Jan
34*2 Dec 12
100
pref
1,000 Advance Rurnely
Do
500
pref.
200 AJax Rubber I no
95
73
34%
~2%
2%
2%
69
*
91
"2
2
16
*72
72
72
*
21
45%
05
70
70
100
9%
21%
9%
9%
22
2%
15%
2%
16
15%
70
*75
2
2%
2%
*2%
17
*
95
^
*9%
*20%
2%
73
"73"
75
10
22
16
¥8
t
*70"
10
"2%
8%
8%
37
15% May
10
.
15
Dec 12
98%Mar24
33% Jan
3
70% Jan 30
19% Jan
4
48% Jan
2
z65
Dec 14
95
100
100
100
United Railways Invest...100
Do
pref
100
Wabash
100
Do
pref A
..100
Do
pref B
100
Weatern Maryland (new) .100
Do
2d pref...
...100
Wheeling A Lake E Ry_..100
Do
preferred
100
Wlaconslu Central
100
Do
Industrial
*20%
234
78
80
8%
8%
"47
*70
73
*75
37
*2%
17%
234
*2%
22
"2% "¥%
~*2% "2%
26
8%
934
10
9%
Novl5
21% Dec 12
51% May 15
100
pref
Oct
3
3
5738Jan 25
36% Jan
2
73% Jan 17
Nov21
100
100
'
1,340
8%
13
45
Jan
29
110% Jan
100
100
500 Third Avenue (New York) 100
100 Twin City,Rapid Transit.. 100
100
48,900 Union Pacific
5%
'12%
12
12
Do
Apr
74%
89% Feb
78% Dec 14
43
Deo 13
7
11% Nov
3,500 Texas A Pacific
70
434
4%
Southern Railway
3,155
105% 108
104% 107%
70
14
14
884
39%
*734
*6D2
68
105% 10834
*5
15
8
39%
15
6
*12
.
15
1073s 110
Seaboard Air Line
1834
24%
6%
15
600
80
24%
*5%
9
18
80%
*13%
9
8%
pref
22
18%
78
6
100
Do
Fran tr
Southwestern.
78%
18%
7934
*61
44
pref
St Louis
18%
18%
81%
68
*32
2d
St Louis-San
23
19%
81%
110% 111%
200
44
Dec 13
50
.50
50
ctfa. 100
79%
*18%
8134
*60%
1,400
Do
""600
1334
25%
pref
18%
912
19%
15%
37%
13
1st
77%
*812
*18%
56
Do
*21
14'
8%
82
8%
*8%
Reading
109,750
25%
35
*13
pref v t c
Nov
32
1211a Mar
_
77% Nov 15
Preferred Interim ctfa... 100
38
*34%
prior pref v t 0
3
17
95
Plttsb A W Va Interim ctfs 100
900
57
*32%
*34%
Do
600
"3",800
20%
50
100
100
100
Pere Marquette v t c.
Do
57
*16
100
100
May
Jan
61
Dec
10
103%Jan
52% Jan
29% Jan
138% Jan 24
21% Septll
43
"l9%
7
Apr
56%
20% Jan
34
Jan
64% Dec 11
Do
1,400
Nov
37% Dec 13
13%
64%
16%
A Western
Norfolk
2
8
Nov 7
Aug
7
23%
_
25%Jan
3
53% Jan
3
79% Jan
2
133% Jan
4
32% Jan 29
119
Jan
3
127
Apr 13
11
Jan
2
Dec 11
19% Nov
100
44
56
68
-
13%
681
110% 111%
N Y Ontario A Western
7,800
78
25% Jan
16
Oct
4
43
59
*13%
58% Jan 30
7
7818 NovlS
13%
*57%
54%
Dec
114
44%
"20"
38
69
7
il",900
48
"20%
72% Jan
105% Dec 13
48
84
Dec
100
N Y N H A Hartford
800
18%
98
Apr
Dec 13
15%
.100
York Central
Dec
17% Jan
50% Nov 16
81
'65%
*60
,
38% Mar
99%
23
78%
69%
*1512
Dec
32
106% Jan
8% Nov
8034
5834
17
115
13% Nov 5
Nov 8
78%
21
1434
Dec
118% Jan
40
82%
68%
1434
40
6
78%
*70
80
58
58
Dec
39% Jan
adjustment pref ...100
Northern Pacific
100
21
9
Apr
46
pref tr ctfa.100
Do
Mar
15
32
49% Jan
100
pref
Do
300
7%.
Dec 13
Dec
Mar
8% Mar
34% Jan
100
21%
68%
*56
1,100
*7
148%
6
39% Dec 12
pref
100
Missouri Kansas A Texas. 100
39
58%
*8
210
Mlnneap A 9t L (new)...100
Minn St Paul ASS M
500
80
22%
22
34
19
Mar24
Apr
8
82% Dec 13
22% Nov 5
87
Dec 13
Louisville A Nashville..L_ 100
38%
68
81
5,300
7,850
21%
14
34
Mar
15% Nov
100
50
pref
Valley
Missouri Pacific tr ctfs.
58%
44
40
19% Dec 12
Do
7%
*7
Do
Lehigh
4
4
21%
*34
Apr
Marl7
46
13% Dec 13
13%
82%
48
*22
46
11
43%
84%
45
9
LOO
Lake Erie A Western
400
40
*70
80
Southern
pref
4,100
106% 107%
734
7%
8
7%
*70
82
*75
*70
80
*70
15
84%
84-%
44%
84%
44%
44% Nov 10
41
Sept25
57% Jau
.100
100
100
pref
Do
52
513$
105% 107%
95
20
99
102%
*18
52.%
17%
*19%
20
20%
*101% 102%
*70
80
24%
No par
100
20
*15
15
Central
Kansas City
800
934
8%
834
5134
7%
2134
834
§15
51%
51%
Do
2,000
10
106% 109
7%
7%
4%
7%
23%
3834
68%
293s
38%
6834
28%
7%
80%
434
7%
23%
40
68%,
7
79
84
23%
*39
53%
112%
9%
-
*4%
2234
53
16
47%
Iron Ore properties..
3,000
15%
46%
41
20
*834
*15
23
108
54%
*80
80%
80%
*834
*17
117
*113
....
47%
10
25
41%
15%
15%
*46
Great Northern pref
11,600
47%
41
40%
46%
*8%
4
Interbor Con Corp, vto No par
6%
41%
16%
*17
Jau
100
.100
100
pref
pref
88%
6%
15%
10
2d
88%
39%
25
1st
Do
7,100
1634
47%
10
*9
Do
2434
42%
*17
Jan 29
30
Nov
Jan
2334
16*8
Feb
Jan
80
100
24%
42
Apr
70
51
100
85%
17%
38
16
3
61% Oct 31
18
Nov 7
24
100
prof..
23%
42
Dec
41
Do
Erie
82%
*16%
176
Jan
24%
z42
Apr
17
87
18
§ 165
38% June26
84% Apr 14
71
Apr 14
151% Jan
84%
23 %
43%
16
172% Feb
5
46% Dec 12
36% Dec 12
238
83%
*16%
Jan
Jan
Jao
Novl9
17
90
134%
Dec 13
*1512
88%
102%
136%
Dec
5% May25
100
17%
Dee
87
17%
88%
25%
93
6%
*16%
Deo
Oct
Dec
170
20,300
6,700
85
23
47%
89
.100
1,300
20*4
17%
pref
Denver A Rio Grande
"
14
15%
15
2d
16%
Apr
123
16% NOV
100
100
r
Oct
Apr
Apr
123
Delaware Lack A Western..50
300
*5
—
11%
11%
pref,,
71
11%
4
92
Dee 11
140
Jan
125%Jan 29
124%Jan 19
66% Dec 12
86
Dec 14
100
Delaware A Hudson
6,400
95%
170
'150
1st
Do
51
92%
93%
Do
Jau
183%
33
58
2
Novl4
Jan
88% June
zi62% Ma.r
10
41%Jan
1
Nov
80
Dec
81
3
14%Jan
Dec 13
35
_100
pref
65% Jan
6% Nov 5
18
42
.100,
81%
4
167% Mar23
36% Dec 14
126
Dec 12
100
Colorado A Southern
200
170
170
180
76% Jan
82
Jau
6% preferred temp Cuf3-_..
49
-
*40
50
93
94%
92%
95%
92%
96
13
'
20
Jan
17
Dec 12
pref.
Do
Feb
Nov
96
Dec 12
7% preferred temp otfs
76
48
.
*170
7
*60
*40
22
43
*20
76
126
Dec
72% Aug
53
Clev Cln Ohic <t St Louis.. 100
26%
102
Apr
18
45
Chic Rock Isl <& Pac temp ctfs.
26
*
76
■
48
18
*6%
3734
23
22
22
18
47%
*20
*5
*1612
17%
46%
♦
t
15%
17%
30%
37%
26% *-.--
*-.--
26
Do
276
46%
16%
46%
36%
18
49
39%
76
*11
1
18%
36%
68
140
22
95
190
*170
19%
37
*19
*40
94%
94%
18
36%
67
76
*46
50
*40
19%
37%
Dec
10612
Jan
100
_
100
100
Do
p ref..i.,
100
Chicago M<lw •% St PauL_100
Do
pref...
.100
Chicago & Northwestern.J100
1,106
19%
zB8%
85
Canadian Pacific
3534
91
pref.
1
4
83
Chicago Great Western
67I
7
*6
Do
100%
100% Feb
119
Jan
12
78% Dec 13
Dec 1?
per
100
__100
Baltimore A OWo
38%
68
68%
51%
40
26
*49%
44%
42%
pref
Atlantic Coast Line RR
20
140
140
18%
18%
§140
•
127% 13012
6%
6%
634
6%
36%
37%
126% 128%
43%
42%
4434
Do
f per tltars
108% Oot
Apr
I per share
share
107% Jan
8
S
share
per
78% Dec
Fe..l00
LOO
Atch Toi>eKa<fr Saata
11,580
1,400
3,300
11,200
3634
92
69%
91%
.
12834
43
78%
20
68
*90
69
91%
6%
39
3012
120
45'%
6%
44%
79%
7934
78%
80
53
127% 132
132% 133%
131% 132%
$
Par
Railroads
share
81
79%
84
S per
$ per share
79%
78%
f per share
80%
78%
82%
Highest
Diwest
Highest
Lowest
80
$ per share
•80
46 %.
On
STOCK
EXXJ HANQE
83%
80
473*
NlSW YORK
the
SHARE
PER
Range for Preston*
Year 1916
Jan. 1
basis of 100-share lots
Range Since
83
? per share
$ per share
83
83<4
P»««
Shares
14.
Dec.
Weekly and Yearly
orcc«din«
STOCKS
Week
Friday
Thursday
Dec. 13.
Wednesday
Tuesday
Monday
Saturday
CENT.
PRICES—PER SHARE, NOT PER
SALS
AND LOW
**m
PER SHARE
Sales/or
dlQH
ia«cti««
vi«u<)iv
,tocl"
during the
of
Por record
May
50
Apr
6%
Feb
Nov
20
94
Mar
149% Jan
2
85
Jan 24
104% Dec 13
70
Dec
3
48
129%
Apr
xSO
Sep
Jan
7% May
4% Dec 13
11% Jan
7
Nov 8
23% Jan
17
Sep
Sep
36% Dec 14
15% Jan
Jan
13%
68
41% Mar
18% Dec 12
30% Jan
23
Apr
41
Mar27
25
Apr
8% Dec 13
22% Jan
21
Dec
5
50% Jan
54% Jan
46
Dec
Dec 12
S3
Apr
7% Novll
18% Jan
14
Aug
29
Nov
12
7
12
Dec 13
23
Nov21
16% Nov
33
•
Oct
19
_
37% Jan
5
63
Septll
Dec 13
72
Dec
12
91
Dec
4
63
Dec 13
85
Dec
Dec
6%
19
32% May31
86% MarlO
95i2 May 2
103% Jan 24
102% Feb 15
15% Dec 13
65
Oct
July
10%
11%Jan
4
8%Mar26
Nov24
2
30%
Jan
80
45% Dec 13
2
9
5
Oct
July
70% July
03
Apr
96
Mar
Feb
61%
5
98
Jan
24
93
Apr
29% Nov 8
88
Dec 13
53
May28
44
Dec
57
100
Feb
2
Feb
75
4534 Dec 13
Jan
Dec
52
80% June20
118%May28
50% Jan
6
101% Jan
9
17% Mar29
3
NovlG
21% Dec 14
80
Dec
3
10
107%
lll%June 6
July
115% Aug
48%
Dec
Jan
98
8% June
45
4
Mar
Dec
16% Aug 6
Julyll
8% July 9
55
37% Nov20
9
7
Nov22
Oct
11
62% Aug
15% Feb
3
29% Aug
17
Feb
3
75
38% Mar
68
July
46
48
47% Nov 5
94
Novl4
4
106% Jan 20
82% Jan
8% Dec 14
Novl5J
88
Nov
99% July
19%Mar30
51
71% July28
93
Nov28
5
90% May25
99% Jan 31
92% Nov 13
102% MarlO
67% Dec 12
z99% Novl4
112% June 2
50% Dec 13
89% Nov
106
30
Dec
8
5
May26
100% Dec 12
130% Dec 11
89
Dec 12
3
87
NovlS
17
NovlS
11% Nov 9
37% Feb
Nov
1
51% Nov
8
40
117% Jan 19
75
June 7
84% July
91% July
88%
109%
Apr
Apr
44
Apr
120% June 9
104
Dec
121% Jan 25
62% Nov30
128% Jan 24
220
Marl2
115% May
zl23% Dec
188
Feb
37
Apr
Dec
92
Jan
54% MarlO
11
Jan
41%Jan 26
29% July
72%Jan 26
87
May26
59% July
18
58%June 9
100
June 9
109% Jan
105%
77
Apr
56
July
87% 8eptl3
54
Feb
8
43
Feb
3
121%Jan 22
70% July 2
60% Dec
Dec
52
94% Nov 2
102%Jan 15
136
Jan
2
al27% Dec
86% Deo 14
60
Jan
4
98%
Dec
fHx-dlridenfl. D Before payment of first installment.
New York Stock
for fcord of mIm
Record—Concluded—Page 2
during tb» wfc of «tock« u»u«lly Inactlte,
SIGH AND LOW SALE PRICES—PER SHARE, NOT
PER CENT.
second
aa«
Dec.
Monday
8.
Dec.
$ per share
73%
73i2
$
10.
Dec.
per share
735g{
73%
73%
74
75%
90
111% 113i2
17
*16%
11%
115s
*35% 37
*61% 62%
16%
62%
*62
64%
*63
145s
31%
*90
110
28%
83%
*90
29%
52
88
*87
13%
39%
39%
x37%
31
31
28%
28%
28%
28%
28
82
80%
28%
82%
27%
82
80%
81
78%
80%
83
83
80
80%
80
80
80
80
*90
110
*90
*87
110
*87
50
88
32%
*65s
7
6%
31%
32%
6%
38%
*83
14
*37
21%
21%
92%
91%
97
*94
70
67
*66
38%
87
83
122
74
33%
Crucible Steel of America. 100
97
94
*66
37
85
*80
102
600
39%
10%
13
35
*32
108%
41%
55%
93
Nov22
100
65
Nov
300
Greene Cananea Copper.. 100
34
Novl6
Gulf States Steel tr ctfs_..100
Do
1st pref tr ctfs__..l00
77
Nov
200
*9%
10%
31
800
32%
£104% 105%
1,600
18%
17%
19% 39,300
88% z74%
78% 137,900
25%
24% 25%
17,400
23
22% 24
3,700
20%
17%
91%
85
24%
22%
40
12,800
.
26
26%
25
24%
25%
24
24%
22%
23
22
55
53%
38%
29%
76%
22%
53%
*52
55
*52
55
38%
§38%
38%
*37
29%
29
29%
9Q>
38%
30%
27,800
79
75
77
12%
£69%
72%
15,500
*12
13
1,000
79
*70
79
100
55%
*55
57
55
42
39
39
31
31%
38%
£29%
30%
80
80
31%
79%
80%
*13
77%
79%
14
38%
*13
14
*13
14
12%
13
79
*76
79
71%
71%
*70
64%
*58
12%
*72
79
*70
*58
64
*58
*26
27
25
*54
56
x54%
19%
54%
20%
19
19%
17%
17%
17%
74
75%
73%
7
71
74%
68%
72
20%
20%
75%
75i4
27%
27%
43
43%
*60
64
64%
27%
43%
*58
64%
24
52%
21
53%
23%
49
23
52%
*58
64%
21
50
1,200
360
64%
21
22
501i
51%
18%
20
*67%
ijoo
52
18
"
23
70
27%
43%
26%
27
26
26%
25%
,40%
42%
42
40%
61
61
60
61
60
60%
1,900
41%
59%
*95
*95
*95
90
90
£58%
*95
6,133
23,800
1,300
*93
23%
23%
*34%
24
36
*93
*42
44
*93
106
33
44
17%
24%
21%
42
42%
17%
101
*45
47
41%
18%
34%
34
34%
33%
*4
4%
24%
*4
4%
4%
25%
36%
24%
26
38
27
"43%
431
*43%
45
*75
78
*77
79
*51
54
*51%
*41
18%
17%
100
*45
46%
33%
32
*4
£16%
101%
46%
4%
103
33
§4%
32%
4%
24%
25
*25
36
36
36
24%
40%
4%
36
25%
*25
36
25
24%
24%
43%
74%
38%
41
40
74
45
75
75
*75
25
"7",900
2,500
20",800
35
4%
25%
220
1,500
36%
25%
41%
1,800
2,390
1,900
79
42
108%
*41
98
*90
98
107% 109%
40
41%
95%
95%
21%
£20%
*90
98
2234
22%
22%
21%
7334
74%
74%
'75%
72%
*90%
94
94
*93%
95%
*70
72
*69%
71
*6
8
*6
8
134
134
130
134
*17%
18%
30
*17%
7
29%
95
"35"
27%
38
*34%
43
41
*96
34%
98%
12%
*96
135%
12%
134
"
133
12%
34
35
98%
71%
92
92
67%
6
68
66
'67%
7
26
34
42
33%
*96
12%
11%
*5%
127
66
4,000
128%
17%
17
17
2634
25%
28%
34
35
40%
*—
96
33%
90
33
98%
*96
41%
*
34
34
43%
400
9,600
1,500
19,300
1,925
33,600
95
33%
98%
11%
12%
§34
42%
*96
11%
12
121% 130%
121
45%
*86
90
*85
91
*85
90
*86
91
*90
96
*91
96
*91
96
91
91
91
91
£83
*60
70
*60
70
*60
70
do
60
59%
59%
*50
83%
62%
35%
36
35
3534
*34%
37
4,000
81%
83
85
9,050
3534
§85%
35%
851
*35%
84%
37
36
86%
82%
85
98% 100%
*101
36
115
*100% 108
117% 117% *116
118
115
116
*11
*11
82
*11
13
*
47%
*108% 110
*91
•
9.7
46
109"
*9i
*49%
50%
*98% 108
*89
108
200
112
113
1,700
11
900
95%
44%
95%
*94
50%
97
86%
45
*44%
45
46
*44
*44%
45
87%
107% 107%
76%
76%
*10
153.
*31%
33 lj
*98
87%
46
88%
106% 107%,
105% 108%
10%
10%
*
44
45
10%
103
106%
*
45
103% 107%
50
45
47%
45%
46%
46%
49
6,400
95%
44%
*44%
95%
44%
94
95
92
92
93
93
85
87%
45
*10
32%
43%• 43%
*44
81%
45
85%
103% 106
*89
92
43
42
42
1,650
43%
*43%
45
78%
75%
*10%
30%
77%
12
31
102
*98
102
*98
102
99
99
*98
.102
55
50
50
*50
55
48
-48
*47
78
78%
31%
11
31%
50
80
37%
37%
37%
63
*57
38
*36
37%
63
38
76%
36%
*56
*44%
*106
18%
18%
18%
35%
17%
72
18%
*70
71
71
77%
37%
77%
35%
36%
63
56
56
36
35
35
70
46%
108
*116
118
18%
70%
47
43%
44i4
106% 107%
102% 105
*114% 118
*114% 118
*34%
36
34%
34%
*44
78%
16%
17%
69%
69%
42%
43%
99% 102
114% 114%
82
82
35
17
17%
£34%
17%
34%
18%
*70%
42%
71
71
71
43%
43
44
100% *100
114% 114% *113
*34
*34
35%
86
*86
90
*80
90
59
*56
59
*56
59
*56
59
*56
59
day.
34%
100
*56
Ex-divldend.
81~"
34%
§86
*
Nov
pref
t«--25
v
International Paper
Do
stumped pref
66%Junell
42%
Apr
21% May22
11
Aug
74% Nov
2978 Jan
60% July23
37
Dec
74
108%
Jan
18% Nov
_100
100
Kelly-Sprlngfieid Tire
8
Nov
17% Dec 13
62% Feb
8
24% Dec 13
100
Intern Nickel (The)
*84
56%
f Less than 100 shares.
1,100
41,500
1,000
2,100
2,700
114
204
90
56%
123
106% Oct 29
47% Mar21
8
49%Jan
50% Nov 7
37% Nov
25
2
Jan
36% Mar23
64%Jan
4
Sep
Sep
Jan
75% Nov
9% Mar
77% Juno 6
4
56
50% May20
40
Dec
103% Junel3
64
May
Dec
85% Sep
64% Nov
26
Nov
68
Nov
10% Novl6
30,
25%
Dec
Mackay Companies
100
70
Nov 19
66% June
78
Apr
91
Do
pref
,-100
Maxwell Motor Inc tr ctta.100
Do
lBt pref Btk tr ctfs.,100
68
NovlS
89% Feb 17
67%Jan 15
6478 Dec
68% Junto
61%Jan
74% Jan
17
18
44
Dec
09
Sep
65
Dec
93
Jan
Jan
20
32
Dec
6078 June
88% June
129% Jan
105% Jan
49% Nov
49
25
Nov
_
39% Nov 8
101
....100
Nov
2
79% Nov 19
105
Dec 12
20% Oct 10
24
Feb
90% May 9
38% Nov 5
100
.100
99
100
Nevada Consol Copper
_
£58% Dec 14
......100
pref..
Nov
£67% Dec 14
84% NovlS
Do
pref
Dec 12
13
Do
pref
—.100
Miami Copper
..5
Midvale Steel <fc Ordnance
50
Montana Power
100
Do
pref
National Biscuit
_
19% Nov
Dec
5
40
2
Jan
106% Jan 10
97% June
43% Apr 30
67% June
109% Jan 25
109
Sep
Jan
124
June
127
39
Junel4
46% Oct
99% July 12
Apr
90% Dec
63%Mar23
57
'114
Jan
16
Nov
5
98
Nov
1
72% Mar21
25
100
31% Oct 10
3% Nov 8
143% Apr 19
Ontario Silver Mining
Pacific Mall
6
18
Feb
36
Dec 12
Do
3
pref
16
118
July
7% Sept21
30% June27
106%Jan 18
42
54% 8ept26
90
Aug 16
83% Jan 26
Jan
Do
pref
36% NOV 6
68
95% Oct 19
19% Nov 7
.100
....
5 £107
101
1
1
94% June
105% May 2 5
dep...
59
May 9
5% Nov
11%
Jan
Aug
Jan
31
100% May
118
Oct
48
Deo
11%
June
88% Nov
42% July
July
97
108
Nov
137
Jan
Sep
1,77
Sep
61% Nov
103% Nov
16978May
32
Apr
95% Mar
June
37
Nov
42
June
93
Nov
101
Dec
117
Nov
73% Nov20
4% Nov
United Cigar Stores
Do
pref
68
Jan
6378 Dec
Dec 11
238% Jan 22
17
Dec 13
29% Mar 9
25% Dec 13
110%Jan
85
Nov22
108% Jan 20
30% Nov 8
61%June27
102% July25
19% June20
96% Dec
4
11
9
121
Nov
Dec 13
42% Dec 13
168% Mar
22
84%
233
Dec
Sep
Nov
40% Feb
59% M ar29
33% Nov 7
33% Nov 8
100
Typewriter
100
Union Bag «fe Pa per (new). 100
United Alloy Steel.....No par
7
124%
Company (The)
100
Tobacco Products Corp...100
Do
pref
...100
74% M ar30
17
243
Jan
10
80% Aug 21
37
July
100% Dec
108% Sep
16% Dec
177% June
48% Sep
93% Nov
167
Jan
14
Mar
19% Deo
241% Nov
59% Deo
109% Mar
89
Novl7
105
Mar 12
99
£83
Dec 14
107
Jan
110
Oct
112
Aug 20
Jan 22
86
59% Dec 13
87%
Oct
129
Nov
'
35
Dec 13
July
49% June 2
81% Nov 5
127% Aug 14
69
Feb
105% Aug
100
98% Dec 11
120%Marl4
611%
Feb
120
100
105% Nov 8
154% Jan 22
136%
Jan
24% June26
15%
Jan
Feb
169% June
28% Nov
67% Nov
Dec
170%
100
,
______
U 8 Cast I Pipe & Fdy
Do
pref
100
10
Nov
100
U S Industrial Alcohol....100
Do
pref
100
44
Dec 11
United States Rubber
5
63
Jan
29
pref
98% Novl5
171% Junel3
88
Nov
9
106
June! 4
100
45
Dec 12
67
Aug 14
100
1st preferred
Smelting Ref & M
Do
Nov
7578 Dec
124% Deo
20
Feb
Superior Steel Corp'h
U 8
22
Feb
Studebaker Corp (The)... 100
Do
pref
100
Do
Junell
32% Apr
60
Sinclair Oil <fe Refg
No par
Sloss-Sheffleid Steel A Iron 100
Fruit
Oct
114
90
Saxon Motor Car Corp... 100
Scars, Roebuck <fc Co
100
Shattuck Ariz Copper
-.10
United
31
Jan
Jan
75
186
Apr
38
100
Do
pref
Royal Dutch Co ctfs
Jan
65%
Nov
74% Sep
117% Oct
34% Nov
Jan
Mar21
38% Dec 13
Ray Consolidated Copper.. 10
Republic Iron & Steel
100
36% Deo
100
Dec
26% Junel 1
24% Dec 12
100
Pressed Steel Car
Do
pref
19%
111% Dec
45% Novl4
156
Feb
11478 Dec
117% Nov
131% Oct
129% May
$;Jau
118
100
People's GLAO (Chic).. 100
Philadelphia Co (Pittsb).—60
Pittsburgh Coal of Pa
100
Aug
68% Mar
122%Jan
100
6
33
Nov
107
89% June
117% Mar28
New York Air Brake
North American Co
Ohio Cities Gas (The)
92
Dec 13
60
42
Nov
8
60
Utah Securities vtc
43% Nov 9
100
79% Dec 13
100
102% Dec 13
10
100
71% Nov
9% Nov 9
Virginia-Carolina Cbem___100
26
Do
pref....
Virginia Iron C A C_.
100
98
Oct
10
100
46
Feb
3
Western Union Telegraph. 100
Westlnghouse Elec A Mfg..60
Nov
8
114% Jan
3
,67% Jan
4
52% Jan
3
136%May31
121% Jan 19
118% May 25
24% Jan 22
46
48%
94%
99%
47%
106%
July
Mar
70%
Feb
115%
57
Dec
50
June
81%
63%
129%
£79% Mar
115
May
74% July
16% June
May31
36
112% Jan 26
108
Apr
Mar30
41
July
87
Mar
77
114
Aug
Apr
Jan
Dec
Dec
Nov
June
Nov
123
Nov
130
Nov
27% Dec
51
Apr
Jan
114% Dec
72% Nov
105% Oct
71% Mar
76% Dec 11
99%Jan
34% Dec 13
56
60
56
70% Jan
4
70
Apr
79
White Motor
50
33% Nov 2
62% Jan
Dec
59%
25
15
Nov
38% Jan
18
18
45
Willys-Overland (The)
34
Dec n325
Oct
June
Do pref sub rects full pd 100
69
Nov 16
June
Wilson A Co, Inc, v t C...100
Wool worth (F W)
100
42
Nov
Do
Do
1st preferred
pref..
.100
Worthlngton P A M
v t
c.100
8
8
Do
pref A
v t c
.100
88
pref B
t
t 0
100
50
100
19
May28
MarlO
51% Dec
94
Dec
117
22
118
Jan
141%
Jan
126% Jan 17
123
June
37% Junel6
25
July
Nov27
97% Junell
95
July
63
52
July
May
9
6 Par $10 per share,
Mar
84% M ar30
151
9
23% Feb
Do
Ex-div. and rights.
8
114% Dec 12
75
a
Nov
99% Dec 12
100
tjEx-rlghts.
Jan
12678 Nov
el3% Feb
p5078
p61% Mar p125%
3878 Dec
56%
Kenuecott Copper
No par
Lackawanna Steel
100
Lee Rubber & Tire...No par
300
'35
Nov
7% Nov 8
_
Do
Feb 10
56% Nov
193
26% Nov 8
100% Nov 15
Do
pref
100
Intern Harvester of N J.. 100
Int Mercantile Marine
100
100
90
deposit.
"8l"
2,800
23,100
*86
Bid and asked prices: no sales on this
100
300
63
36
•
1,200
36
90
34%
102
*52
3534
*86
34%
*98
100
63
34%
*52
*34%
cates of
Nov
190
184% 795,750 United States Steel..
103% 106%
Do
14,230
pref
£71%
73%
40,900 Utah Copper
*10
Nov
May
80%
10%
31%
120
72
100
79%
83%
102% 104%
*50
*57
500
42
75
31%
91
43%
10%
12
32%
-
Apr
116% Mar
2
1,000
90
*77
*36
100
13,900
48%
105% 106%
76%
78
32%
103% 108
91%
91%
92
78%
32%
44
82%
112%
92
12
77
*10
250
111
115%
10%
11
July
117% Feb
"""400 Underwood
112
'
110%
97
50
'
'
15,500
83%
*98% 108
13
13
.
80
38
Do
1st pref
.100
Tenn Copp & C tr ctfs.No par
46%
4
17
117
pref tr ctfs
Texas
91
43%
Jan
92% Jan
100
2d
20,800
*86
44%
Deo
80
Inspiration Cons Cupper...20
Internal Agricul Corp
100
"3",000
92
42%
Deo
93
415
98%
12%
*85
43%
112
135
Deo
49% Dec
110% Dec
May
May
"l",s66
46%
46
19
June
__
*45%
45%
61%Jan
88%
87
34
128
4
71
100
11,000
39,300
500
7%
Apr
Dec
Jan
93
34
'
129% 132%
42%
44
133%
72%
.
91
17
34%
40%
20%
25%
28
*--.-4
69%
*89%
66%
6%
6%
125% 127
124% 128
17%
17%
37%
98%
12%
132
21%
40
95
66
34%
*96
12%
136
69%
28%
96
21%
73
*93
42%
*96
35
74%
95
39%
98
21%
7
42%
42%
*90
124% 130
17%
17%
'37%
"42%
*
*90
22%
70%
67
18%
28%
30
107
98
*90
2234
107% 111
40%
40%
120
Marl6
Railway Steel Spring.....100
115
42
43
Dec
125
1,400
100
41
Dec
159
167% Jan 26
109
Jan
Dec
Dec 13
*99
Dec
18
107
109
116
113% Deo
09% Mar i
12478 Deo
70% Oot
100% Oot
64% Apr
29% Feb
51% Oct
187% Oct
Dec
35
Nov
29% Dec
June
24
24% Jan
June
114
Feb
13% Aug
85
44% Oct
8,500
109
116
106
41% Aug 25
171% Jan 26
131
100
131
91% Dec
Nov
99
Apr
50%
Nov27
*92
88%
Nov
19% July
39% Nov
74
Nov
46% July
38% Apr
63% Sep
30% Sep
6378 Deo
129% Dec 144% Jan
75% Jan xlll
Sep
43
107
99
117% Nov
108%
Public Serv Corp of N J...100
Pullman Company..
100
*92
*101
123
Jan
55% Jan
94% Jan
Dec 12
93
*101
109% 115
91% July
117%Jan
Dec 14
1,800
93
109
44
7
June
74
50
100
*101
115%
58
47% Apr
4
134%Jan 18
49
49
*94
109
.
7
£90
49%
100
*101
50%
63% Mar
100
49%
*93
109
50
10434Mar20
27% Marl2
.100
51
99
109
Apr
Feb 20
3
3,200
50
*94
June
49
108%
26
Do
16%
40
91% Dec
105% Mar
42% Jan
80% Jan
June
Junel3
National Lead
46%
5
15
Jan
Do
104
*43%
7
Nov
66
Aug
4178 Dec
Jan
1^300
40%
Nov
~~Nov
47
100
40
186
110
pref
100
Nat CoDduit & Cable No par
Nat Enam'g & Stamp'g_._100
3,800
700
July
"m"
137
4,000
22%
33%
Jan
7
*98% 105
18
101%
32%
74% '75%
.55
21%
32%
*92
40%
4134
*98% 105
42%
17%
21%
32%
100
99
4%
26%
37%
26
38
*92
*45
102
"34%
21%
32%
33%
100
*98% 105
46%
34
24%
22%
32
'
*98% 105
18
*26
100
*92
101% 101%
38%
"""206
35
*45
*23%
*37%
90
105
*91% 100
*98% 105
17%
10G
23%
35%
100
*42%
*98% 105 V
17%
24%
35%
100
90
105
f per that*.
415
101% NovlO
Do
2d pref stk tr ctfe.100
2.1Q0
22,400 Mexican Petroleum
..100
26
43%
25%
40%
26%
42%
65
*60
*95
*58
25
74% NovlO
100
92%
26%
305s
*39
pref tern ctls
Dec 13
Granby Cons M84P
10
17%
118
200
34
86%
100
3
100
107% *106% 107
21%
Electrio
Feb
200
40%
*30
28
32% Nov 15
10
10%
6% Novl7
Inc. .No par
100
38%
35
107
Dec 14
73
2634
24
Do
3
11% May 10
W
41
103% June30
100
102
39%
&
62%Jan 25
101%Junell
115%Jan 25
112% Feb
7
37% Julyll
112% Jan
2
Goodrich Co (B F)
Do
pref..
4,500
Do
41%
20%
90%'
Gaston W
30% Jan 25
5
Nov
£75
5
8
2
24% Nov 7
General Motors tern ctfs. .100
85
*83
87
Nov
Nov
Feb
85
100
15,300
37
102
pref...
General
69
37
Do
Nov 5
88% Nov 7
46% Dec 13
Cuba Cane Sugar
No par
Do
pref
100
Distillers' Securities Coip.100
Dome Mines, Ltd
10
27,600
94
70
600
2,500
34%
37
.84
910
74
34%
*66
36%
74%
76
29,300
400
5
78% Dec 14
18
26,750
74
pref
Nov
Nov 6
Nov 8
Nov 8
97
4,000
33%
5
100
75%
85
56
11%
35%
29%
25%
25
Consolidated Gas (N Y)..100
Continental Can
100
Do
16,400
86%
100
Corn Products Refining... 100
Do
pref
100
59",800
27%
84%
Dec 12
100
28
29%
7
6%
35
*30%
118% 12I34
6%
27
100
86
26%
No par
Colorado Fuel & Iron
24
*26
.
*85
Novl4
Columbia
160
35
93%
36%
102
108
22%
91%
118
*94
*10
37%
110
21%
30
97
40%
13
37%
110
32
75
*78
41%
*10
38
112
30
29%
7%
36
*82
160
41%
29
*6%
31
27
86%
*
102
*78"
£75
121% 123%
84%
85%
75
*74%
35
34%
*36
87
i=
77%
67
75
*36
86
26%
76%
27%
*6%
*95
97
*66
86
25%
77%
Dec 13
2,800
49%
87%
35
36%
46%
57
2,550
4,650
1,300
125% Apr 19
62%Jan 26
98
...
Highest
$ per share
101% Oct 22
3
100
Gas &Elec
Jan
4
Jan
14% Dec 14
10% Dec 13
29% Nov 6
100
Previous
1916
Junell
135
5
100
Cerro de Pasco Cop
Chandler Motor Car
156
Oct
89
c.100
pref
Chile Copper
7,100 Chlno Copper
89%
50%
26%
*74
75
*94
46%
SHARE
for
Year
Lowest
$ per share
615
Jan
4
93% Oct
100
v t
5,900
29%
90%
*89
28%
89%
77%
7%
85
29
26
32%
*6%
51
27%
29%
86
31%
31%
122% 123%
123% 124%
87
85%
36
88
90
48
26% ' 27%
77%. 78
29
110
27%
89%
90%
52%
*87
32
*74
29%
13%
84
Butte & Superior Copper... 10
110
27%
90%
32%
*10
800
30%
32%
*110
1,216
14
78%
41%
27%
32%
100
Burns Bros
Do
27%
40%
28%
41
63
13%
77%
~87
27%
63
30
27%
102
27
62%
100
Do
2,500
pref...
21,900 Central Leather
60%
£66% Dec 14
£66% Dec 14
pre! sub recta
California Petroleum
100
39%
78%
160
28
62
1,500
33
58%
14%
29%
*S3~
*95
32%
27
33
78
*78"
3234
57
59%
*97% 103
11%
32
cum
Range
Highest
$ per share
100
pre!
Do
15,600
5,500
15
42
28%
*
14%
*11
13%
91
52
68
34
107% 109
41%
32%
29%
*89%
52
68
11
57%
60%
*97% 103
63
52%
90
31% 31%
122% 123%
87
86%
75
*74%
*35% 37
*935s 97
15%
10%
Do
10,500
62%
13%
39%
31%
28%
110
28%
§90
*87
107%
15
11
83%
*82
84
106
16%
86
29
8312
84
94%
x61%
13%
li%
42%
42
*82
x94
£66%
29%
14%
•
62
63
34
*32%
*29%
£66%
32
35%
60
65
70%
97
15%
105% 106%
*97% 103
28% 29
30
95%
69% 25,800 Bethlehem Steel
70% 225,900
Do
class B oommon
11
34%
63
§30
97%
70
1
basis of 100-*ftare lots
Lowest
lndustrlal&Mlsc.(Con.) Par
100
105% 108
16%
16%
37
73%
67%
67%
96%
*11
*97% 105
42%
68%
98%
11%
*35
72%
share
per
PER
Range Since Jan.
On
Shares
$
92
97%
11%
30
145s
70%
Dec. 14.
$ per share
SHARE
EXCHANGE
Friday
Dec. 13.
12.
2349
pracading.
PER
STOCKS
NEW YORK STOCK
Week,
Thursday
$ per share
75%
*85
16%
*28%
4158
Dec.
11.
72%
90
98%
104% 114%
105
Wednesday
$ per share
72
75%
75
98
*100
Tuesday
Sales/or
the
Saturday
page
a
JunelA
Par $100 per share.
126
36%
100
66%
•
Oct
Nov
Sep
Sep
Sep
Certlfi-
New York Stock
2350
Y
STOCK EXCHANGE
Week
Week's
1947
1942
registered .....<11930
J -D
97.34 Sale
97.16
Q- J
No.
Q- J
V 8 3a registered...
Q-F
99
*9934
CT 8 3a coupon
Q-F
Q- F
99
104
9934
10514 104
Q- F
101
105% 104% Dec
Q-F
96
9734 Oct '17
Q-N
96
97
84
<11930
*1918
*1918
0 8 48 registered..
1925
V 8 43 coupon....
.*..1925
U 8 Pan Canal 10-30-yr 2a.*1936
V 8 Pan Canal 10-30-yr 2s_ . 1938
Q 8 Panama canal 3s g
1901
0 S Philippine Island 4a. 1914-34
0 8 2a consol coupon
Foreign
80
Q-M
Q
F-A
Sale
67H
Exter dt 5s of '14 ser A
...
External loan 4Hs
1949
1949 F
rrencb Repub 5Ha secured
92
29
yo
100
92%
23
90
90
70
81
90
90
90
35
80%
90
75
76
29
74%
74
82
76%
97%
95
80
305
80%
229
75
Sale
Sale
74
80%
73i2
70%
8
98
97%
608
9534
93%
95
287
93%
M- N
88% Sale
88%
91%
271
88%
F- A
99% gale
99%
9934
939
98
Sale
95%
9734
452
€% Corporate atock.
4Hfl—
Canal Improvement 4s
04
—
52
Nov
..
OOBV 48 iSSUO Of 1910
East Okla Dlv 1st g 4s
Nov
MB
S
-
J
06
-
J
*84
Registered
78%
el952
1934 A-O
1934 A-O
1918 J
1925 J
1933
20-yr conv 4Hfl
Refund A gen 6a Series A. 1995
1922 J
Pitta Juno 1st gold 6s
803s
&H8.1925
J
Consol
1957
6s4.1921
*7*1%
-
Sale
79% Sale
79
J
M-N
88
87
82
85%
F-A
Car Clinch A Ohio 1st 30-yr 5s '38 J -D
Central of Ga 1st gold 5s..pl945 Fr A
1945
M-N
Chatt Dlv pur money g 4a 1951 J -D
Mac A Nor Dlv 1st g 58—1940 J - J
Nov'17
82% 84% Nov'17
100
Apr '17
101%
95%
83%
66%
Cen RR A B of Ga col g 5s__ 1937 M-N
Cent of N J gen'l gold 5a
1987 J - J
82
Registered
80-year oonv secured 5a.. 1946 A-O
Big Sandy 1st 4a
1944 J -D
Coal River Ry 1st gu 4a.. 1945 J -D
Craig Valley 1st g 5a
•
No price
1940 J
-
Friday; latest this week.
Aug'17
78
78
Mar'17
103
103
97% June'17
97%
104% Apr *17
90
Aug '17
95%
101%
106
101%
97%
104% 104%
90
15
Oct '17
100
Nov'17
100
June'13
94% 101% 100
100% Jan '13
55
Nov'17
55
65
91
Aug '17
76
87
100
09
104%
99
73
Sale
55
98% Deo '17
98% 108
104% 104%
104% Jan '17
72
73
73
....
Sale
65%
66%
Sale
72
75%
78
84
Apr '17
52
288
aDueJan.
d Due April,
98
3
90
85%
59%
87
78%
70
84
97.%
98%
74%.
67
mm
96% 100
90
mmmrn
mm
-
-
92
1st A refunding 4s.
1959
t
»
Clev Cln Ch A St L gen 4s. 1993 J -D
20-year deb 4Ha
1931 J - J
W W Val Div lat g 4s
C I-St L A C consol 0s.1st gold 4s
Registered
1993 J -D
1939 J - J
1
mm
Dec '17
Co O
90
May'17
90
July'15
mmmrn
mmmrn
88
mm -
96
Jan
54%
75%
....
61%
77
90
--
"
96%
m
59%
83
101
59% Nov'17
83
101
Oct
.
69
70 >
71%
79
Cln S A CI eons 1st g 6a.. 1923
C C C A I gen cons g 6s__1934 J - J
IndB A W 1st pref 4s....1940 A-O
O Ind A W 1st pref 5s
dl938 Q. J
65
88
87
O
mmmm
102%
65
80
Nov'17
88% May'15
102% Jan '17
107% Aug '17
94
July'OS
73%
mm
mm
mm.mm
100% 102%
mm
_
««...
*17
mmm
mmm
mmm
6%
6%
83%
M-N
69%
70%
69%
Ft W A Den C 1st g 6a...1921 J -D
Conn A Pas Rlvs 1st g 4a
1943 A-O
Cuba RR 1st 50-year 5s g—1952 j.j
93%
90
95%
86
94
78
78
71
95%
.
.
88
.
46
10
93;
2
..
81
19
2
mmmm
102% 102%
106% 116%
2%
82% Nov'17
5% Oct '17
5% Dec '17
4mm
84
mmm
...
Nov'17
5%
83%
73%
mm*mm
Nov'17
4%
J
87,
81
74%
...
10
82
-
F~-A
87
79
m
93
Oct
81%
83%
12%
46
96
100% 101
....
86
51
mmmm■
83
81
Apr
mmmm
.
59
mm
10%
45
.
96
Feb *17
74% July'17
73% June'17
84
Nov* 16
62%
100% 105% 102% Oct '17
A-O
1947 J
.
mmmm
Feb '17
62%
87%
-
...
*17
49%
J
A
..
'17
J
-
II "70" *90*
83% Mar'17
mmmm
1935
108
10
Mar'll
mmmm
*1936 Q- F
1929
82
105
m
May'17
IIII IIII
N
-
J
Colorado A Sou 1st g 4s
Refund A Ext 4Ha
104
mmmrn'
82
--
64
64
1
118%
100
mm
Sale
1
111
■
„
8
Jan '17
25
1
--
mm
105
107
91%
9534 103
m
100
100
81%
1940 J - J
1920 M-N
*1836 Q-F
1961
Nov'16
75
11834
86%
mm
June'17
62
102
mm
111
— — — —
59
mm
mm
86% Nov'17
63%
1940 M- S
Cleve Short L 1st gu 4Hs
Col Midland 1st gold 4s
Dec '17
——
55
J
C Find A Ft W 1st gu 4«» g.!923 M-N
Day A Mich 1st cons 4 Ha. 1931 > - J
Spr A Co! Dlv lstg 4a
Deo '17
—
—
m
82
80
----
mm
105% Nov'16
84%
64
mm
H
J
1st guaranteed 4s..^..._.l959 J - J
Cln D & I lBt gu g 5s
1941 M-N
General 5s Series B_
....
D
-
59
118
m m «. m
100%
100%
Oct '17
96% 102%
97%
97%
mm
9534 Oct '17
....
83%
^mmm
J
-
mm
97% June'17
9934 Oct *16
9758 July'15
102
61%
100% 112
78%
Sept'17
55
60
F-A
Chlo A West Ind gen g 6s_.gl932 Q-M
Consol 50-year 4a
1952 J - J
Cln H A D 2d gold 4Ha
1937 J - J
'
9434
108%
73
...
mm
61%
69%
95
75
30%
10234
17%
11%
96
87%
105%
84
Feb '16
Del Lack A Western—
94
8684
92
J
-
D
65%
J
-
J
71%
86%
94«4
F-A
93%
98
98
84
87
M-N
87%
93
93
F
72%
82% 102% Feb '03
85% Nov'16
96% Feb '10
J
Mar'17
59%
73
80% Mar117
66
79«4
96%
84
96% Sept'17
Trust Co certlfs of deposit
90
-
"
96%
120%
105% 118
mm
—
m
76
76
87
'17
Oct
58
97%
100
92
1992 M- S
20-year convertible 4Ha..1930 F-A
92
110
85% 103
92
100
1939 M-N
1939 M-N
1992 M- 8
88%
78
79
101% Sale
61987 Q- J
Registered
84
100
Nov'17
103
81
1st consol gold 6s
88%
101%
J
General gold 4Hs
100
88
107%
97% 10434
mm
St L Dlv 1st coll tr g 4s.. 1990 M
103% 10934
97
105%
102*
"1
mm
Cairo Div 1st gold 4s
Cln W A M Div 1st g 4S..1991 J
Nov'16
....
-
Cent Vermont 1st gu g 4s„el920 Q-F
Cheaa A O fund A impt 5s. .1929 J - J
90
107
100% 111%
99
102%
106% Deo '16
Nov'17
99% 107% 104
81
97
97
Oct '17
84
84
84
1946 J
J
88%
88
Deo '17
1930 J
— m
88
-
58
.
99%
107
—
9734 Oct *17
1919 A-O
..
.
M-* fl
Superior Short L 1st 6s g_i?1930 M-' 8
107%
103% Feb '16
Mobile Dlv 1st g 5s
-
99%
99% 105
J
1921 J
94%
—
71
M-N
100
*99%
107
97
90
98
74%
M- S
Nov' 10
87%100% 100% Nov'17
79% 92% 99% Oct '17
-
Registered
84
88% Dec '17
Feb *17
85
#94%
•
100
99% Oct '17
100%
1947 J
Leh A Hud Rlv gen gu g 5s.'20 J - J
N Y A Long Br gen g 4s—1941 M- S
77
99-38 June'17
87% 100
*91% IIII
Mid GaA Atl Div 5a
Am Dock A Imp gu 5s
*79*
Oct '17
—
58
Chic T H & So-East let 50..1960 J
77
73%
—
9953
North Wisconsin 1st 6a
St P A S City 1st g 0s
78% 101%
'12
— — —
—
70
95%
71%
81
.
—
50
94%
92%
97%
Jan
—
IIO84 118%
—
86% Sept'17
75%
73
6s_._1930 J -D
Cons 6s reduoed to 3Ha.. 1930 J -D
"96%
91
—
111% Nov'16
85
104
93
—
—
-
m
"l7
Oct
mmmm'
94% 103%
—
97%
97%
11178 Dec '15
97%
99%
9934
72%
cons
mmm.
mm
'mmm
—
Sale
8t Paul A K C Sh L 1st 4HS '41
75
7834
*99% IIII 102*
Choc Okla A G gen g 5a..ol919 J - J
Conao! gold 5s
1952 M-N
Keok A Des Moines 1st 5s.1923 A-O
4m
93% 102%
mm
60
Chic St P M & O
9012
112
J
Consol 1st g 6s...
1922 J -D
Canada Sou cons gu A 5s—.1962 A-O
Consol gold 6a
76
101% 110% 11034, Nov'17
59
88
Jan *17
88%
Burl C R A N—1st g 5S..1934 A-O
CRIP&NW 1st gu5s__ 1921 A-O
118%
84
--
—
1932 J - J
Coll trust Series P 4s
1918 M-N
RI Ark A Louis lst4Hfl--1934 M- S
July'15
9284 Mar'17
71%
76%
79
All A West 1st g 4s gu._1998 A-O
Clear A Mali lot gu g 6s..1943 J - J
Roeb A Pitta 1st gold
90
20-year debenture 5s
93%
m
97% 105%
<07% 94% Nov'17
97% 104% June'16
1002 Oct '16
J
*75* *89 ~
115
-
mm
J
95%
85
mmmm
A-O
96%
-
104% 111
mmmm
Nov'17
1933 M-N
-
90% Sept'17
75
78
80
♦
Sept* 17
9938 Deo *16
84
86
99
Sale
1922
1937 M- S
4Hs
105
*75*
A-O
Ouffalo RAP gen g 5a
80
m
102% Oct '10
100
93
-
—.
—
—
98%
95%
101% 118
Sept'17
95
103
95
A-O
J
—
79%
80
mm
1933 M-N
J
98%
^
14
103% Apr '16
1921 A-O
93%
—
97%
86%
71
--
92%
86
—
—
101%
80
mm
Sept'17
10134 Nov'17
104% Dec '17
109% Ape '16
—
—
86%
mm
>mm
104
-
99%107%
129% Aug '15
75
Dee "17
115
July'17
*74'
Sale
Monon River lBt gu g 5a..1919 F - A
Ohio River RR 1st g 5s...1936 J -D
General gold 6s
1937 A-O
Pitts Clev A Tol 1st g 6s
*87%
+m~m
—
88
--
80
86
—
1
*•
99% 102
1879-1929 A-O
100
80%
—
81% Oct '16
81%
-
104
99
*.«*•*»
Mil Spar A N W 1st gu 4s.1947 M- 8
St L Peo & N W 1st gu 58.1948 J - J
Chicago Rock Is! A Pac—
99% 104%
90%
CentOhloR l8tcg4Hs_.1930 M- S
CI Lor A W con 1st g 6s...1933 A-O
78
80
84
.
Southw Dlv 1st gold
99
80-%
80% Nov'17
9984 Oct '17
J
-
91
9934 July'17
J
PJunoAMDlv 1st g 3 Ha 1926 M-N
P L E A W Va Sys ref 4a. 1941 M-N
107
93% May'17
82%
-
3"-D
106%
79
91
-
61948 A-O
61948 Q- J
85
-
100
.1987 M-N
1879-1929 A-O
*72% *89*
83
-
84
...1987 M-N
..1879-1929 A-O
100
^
-
72% Deo '17
90
Ashland Div 1st g 6s... 1925 M- S
T
J
Mich Dlv 1st gold 6s_* 1924 O
Jf
Dec '17
-
80%
88%
80%
99%
92%
61925 Q- J
....
mmmrn
l»87 M-N
72
80% Oct '17
80%
-D
105%
72%
Registered
pl087 Q-F
100% 101%
104%
mm
86% Oct *17
78%
71
95%
105
104% 104%
88
102% Dec '16
86
Nov'17
83%
J
103
80
92
88
1886-1920 F-A
..1987 M-N
J
83
80%
92
106%
100
«.«
mm
16
Deo
88
88
A
-
107
88
-
91% Oct '17
78
Aug '17
84%
-
Bruns A W 1st gu gold 4a. 1938 J - J
Charles A Sav let gold 7s. 1930 J - J
M-N
LAN coll
lilt 50-year gold 4a
93% 101
97%
94
mm
97% 100% 100% July'17
100% Sept'17
-
79
,
*92%
811 Sp Oca A G gu g 4s
J
J
85
J
dalt A Ohio prior 3 Ha
J
J
85
1964
gold 68—1928 M-N
1st gold 5s—
J
-
Sale
9934 10334
Or-
m
Oct '17
97% 106% 100
104% Sept'17
99% 108
Mil L S A West 1st g 0S..1921 M- S
Ext A Imp s f gold 5a
1929 F-A
85
Cal-Arla lst& ref 4Hs"A"1962 M- S
8 Fe Pres A Ph 1st g 5s... 1942 M- S
61952 M- 8
.
77%
Man OB4NW 1st, 3 Ha. 1941
76
&tl Coast L 1st gold 4s
gold 4a
_8av F A W 1st gold 6a
1
Milw & S L 1st
75
Rocky Mtn Div let 4s... 1965 J
Trans Con Short L 1st 4s. 1958 J
Ala Mid 1st gu
79
73%
75
Gen unified 4H9-
9612 104%
79
93
71%
44
17
79
87
J -D
-
m
70%
Nov'17
J
-
gu3Ha---194l
*17
-
83
M-N
1928
61%
Oct
mm
2
-
1921
79
210
-»
98
1920 J
Registered
—
98%
70% 107%
72% 82%
84
105%
79
94%
65% 10234
9734
1919 J
Sinking fund deb 5S
Registered
—
96%
98
Sinking fund 5s..... 1879-1929 A-O
87%
Deo *17
95%
Milw A No 1st ext 4Ha*-1934 J -D
Cons extended 4H«--i-1934 J -D
103
84
J
1921 J
Registered
70%
76
72% Aug '17
J
Wis A Minn Dlv g 5s
Stamped 4a
——
—
64
-
J
3H«
—
94
J
Registered
—
—
65%
-
General 4s
mm
-
46
-
Chic A Nor West Ex 4s 1886-1920 F
96
77
—
9934 Oct
7234 Nov'17
85% Nov'16
73
73%
73%
96%
....
98
51
44
82
.
90
-
-
67
•
92
80%
83
----
mm
67% Sale
Wis Valley Dlv 1st 08
109% 117%
103% 110
Nov'17
8034
mm
94%
8ept'17
52
57
8034 Sale
I960 J -D
Stamped
-
Des Plainest Val 1st gu 4Hsl947 M- S
Frern Elk A Mo V 1st 6s.. 1933 A-O
A-O
115%
100% 100*%
84%
85%
J
-D
-
Registered
Debenture 5s
Ann Arbor 1st g 4a..
61995 Q ■ J
Atch Top A S Fe gen g 4a... 1995 A-O
73%
*
74
84%
J
6a.. 1924 J
assura g
103
50
-
1984 J
1932 J
J
La Crosse A D 1st 5s
105
78
55
100
22
78
J
-
C M A Puget 8d 1st gu 4s.l949 J
Dubuque Dlv 1st s f 6s. J. 2920 J
Sept'17
101% 103
110% Sept* 17
1004 103% Oct '17
78
Sept'17
7933
38
50% Juue'17
20
'L7
75
-
Chic A L Sup Dlv g 5s...1921 J
Chic & Mo Riv Div 5s...1926 J
Chic A P W 1st g 5s
1921 J
Sinking fund 6s
Railroad,
Oonv gold 4s„
84
General 5a stamped
6s deferred Brown Bros ctfa
Adjustment gold 4s
71% Sale
102%
99% 100%
104
117%
♦105
41
32
75
64
100»4 106%
Virginia funded debt 2-3a—.1991
1996
61995
61995
61995
1955
Sale
100
Highway Improv't 4Ha„.1965
90
-----
mm
92% Feb '16
mm
64
Nov'17
99% 1U0
100% Sept'17
Dec '17
103% nd% 104
Highway Improv't 4HS..1963
mm
74
Convertible 4Ha
91%
101
^mmmrnrn
75
25-year debenture 4s
110%
110%
84
90
75
Deo '17
78
79%
J
-
Q- J
Gen'l gold 3Hs Ser B
cl989 J
General 4%a Series C-..el989 J
96
97
mm
76
97% Dec '16
Gen A ref Ser A 4H3——«2014 A -O
Gen ref conv Ser B 5s...a2014 F-A
111
97
,
Nov'17
96% Jan
74
I III *9*8% 10034 July'17
Canal Improvement 4Ha. 1965
„
97
72
mm****
m-4*
1925 J -D
"97
97
Sept* 17
July'17
97
101
Canal Improvement 4H8.1964
Registered
e 1989
Registered
96
1962
1960
Registered
Registered.
General gold
83%
'm>
35
35
107%
80% 90
97
Chicago Milwaukee A St Paul—
104%
11034
8734 102%
89
102%
87
102%
78
....
30%
mm
100% Ayr 17
84% Apr '17
70
Nov'16
98%
100%
97
mm
58%
55*%
100
1947 J - J
Ind A Loulsv 1st gu 4a
1956 J - J
Chic Ind A Sou 50-yr 4s
1958 J - J
Chlo L 8 A East 1st 4HS---1969 J -D
97%
27%
mm
mm
J
97%»Jan '16
96
....
6
Nov'17
87%
87
Sale
20
88
89
87%
1961
Canal Improvement 4a
:8734
88
1961
Canal Improvement As
88
87
4H% Corporate stock...1957
8H% Corporate atock...I954
N Y State—48
90
87
1968
1957
1960
1957
t% Corporate etock
"23
98% Sept'17
97
97%
96
97%
55
99
81%
mm
mm
Mar'17
32
25
91
m
mm
-
97% 106
91%
95%
1963
1959
Corporate stock
4% Corporate atock
4% Corporate atock
--
9734 Feb '13
1947 J
Refunding gold 5s
Refunding 4s Series C
Fargo A Sou
91%
96
96% 102%
98
99%
1
7
Sept'17
July'17
100
902 105«4
91%
95
9734
-
June'17
75
76
100
82
1
87
74
54
2
91%
etock
1964
atock.... 1969
atock
1965
89
83
m
1
J
92
.
76
m
,
97
-
95% 101%
92
July* 17
33
97
Chlo Ind A Loulsv-—Ref 6a. 1947 J
98%
250
notea_l9l!8
iHS
i
Chicago Great West 1st 4a._1959 M- S
98%
97
msm
m
mm
29% Nov'17
51
80%
9534
93
100
mm
29
84%
Purch money 1st coal 5a.. 1942 FA
Chic A Ind C Ry 1st 5a... 1930 J - J
Permanent 4s
1919
1921
flat* and City Securities.
N Y City—4HflCorps.tock.1960
99
«»
90
Oeu'l gold 4s Series A_._el989 J
70%
90
36
1
82%
.
30%
....
*
—
97
73%
82
101
Guar Tr Co ctfs of dep
33%
70
Convertible 5H % notes. 1919 F- A
t'l'hese are prices on the Oasis of $5 lo£
6
Nov'17
98
1934 A-O
74
M-N
notes
6234
53%
58%
-
July'16
92
92%
24%
33% Deo *17
72
-
mm
96%
98% Sept'17
Sale
22%
General consol 1st 5s__... 1937 M-N
U S Mtg A Tr Co ctfa of dep
50
39%
97
96% Sale
9334 Sale
....
mm
Dec '17
85%
J
-
40%
74% Sale
A-O
Parts, City of, 5-year Os
1921
M- S
I'okyo City—5s loan of 1912
M- S
0 K of fit Brit & I 2-yr 58—1918
80%
____
....
96%
90
49% July'17
35
71
1.
mm
Nov'17
83
99%
82
1st consol gold 6s
93% 101
73 %
'17
Oct
75
42%
1919
724
75
75
New
8934 100%
Sale
M-N
IHs Corporate
86
Sale
Mexico—Exter loan £ 5s of 1899 Q- J
Gold debt 4s of 1901——1954 J -O
4Hb Corporate
92%
90
Sale
76
82
95%
Chic A E III ref A Imp 4a g.. 1955 J
U S Mtg A Tr Co ctfa of dep..
91% 100
2
90
75
74
80
1958 M- 8
General 4a
72%
3
91
Marseilles (City of) 3-yr 68—1919 M-N
4Hn Corporate
74
65
189
J
Y-~j
,..1931
5-year 5H% notes
Convertible 5H%
95
93
96%
8934
93%
-
73
88%
73
99%
99%
90%
j
-
A-O
98%
9284 '"*3
74
8-year 6H%
8434
80%
F-*A
ioan.
Lyons (City of) 3-yr 6s
90%
Sale
Japanese Govt—£ loan 4 Ha- 1925
Second series 4H»
1926 J
Do
do
"German stamp".
Sterling loan 4s
124
2124
94
89% Bale
1949 J
See Great North
Nebraska Extension 4a... 1927 M-N
Registered..
...1927 M-N
90%
9013 Sale
Illinois Div 40
10234
92
Sale
92
A-O
Dominion of Canada g 5a—1921
Do
do
1926 A-O
Do
do
1931 A-O
A-O
Railway 1st lien 3Hs
1950 J - J
Chic B A Q Denver Dlv 4a..1922 F-A
Illinois Div 3H«
1949 J - J
Oct
71
mmmm
mmmrnm
mm
Joint bonds.
Oct '17
80
8713
7214
A
-
99%
110
97
86%
100%
93%
99%
J
M- S
'84*
91%
93%
91%
Sale
90*3 94
A
-
99
-
A-O
80% Dec '19
74
80%
05
Oct '17
Sale
...
F
93%
89%
8484
80H
35
J
M-N
104% 111%
9734
98
July'15
90%
Sale
902
inner Foreign Sccur 68..... 1919
A-O
80%
Anglo-French 5-yr 5s Exter loan.
M- 8
80%
Argentine—Internal 5a of 1909..
75
M-N
Bordeaux (City of) 3-yr 6s_ 1919
J -D tChinese (Hukuang Ry)—-5s of 11
W»- 8
902
Cuba—External debt 5s of 1904.
mm
J
9934
98%
Dec '17
Feb *16
Government.
'17
88% Sept'16
96% 113% Feb '15
55% 58% Oct '17
37
38
41
-
98% 101%
*17
82%
J
99«4
104
Dec '17
100
F
73
70
High
Low
No.
69%
J
96%
Since
Jan. 1.
mm
-
9634
Range
O CO
CO
High
Ask Low
84% Jan '13
73
Nov'17
82
Bid
Chesapeake A Ohio (Con)—
J
9(J34 Nov'17
0634 NoVl7
99
Nov'17
99
Nov'17
97%
96%
96%
0 0 2a consol
High
Lot0
T3S
Range or
Last Sale
fe
^
Dec. 14.
ending
Week's
Price
Friday
Dec. 14.
Y. STOCK EXCHANGE
Week
98.90 5426 98.44 100.30
97
100.02
97.60 8883
98.48
M-N
U 8 4a 2d Liberty Loan
98.54 Sale
N.
Since
Jan. 1.
High
Ask Low
Bid
U. S. Government.
?I
BONDS
Range
Range or
Last Sale
Dec. 14.
ending Deo. 14.
0 8 3He Liberty Loan
i
Price
Friday
I?
BONDS
N
Exchange—Bond Record, Friday, Weekly and Yearly
e Due May.
0 Due
-
73%
100% 103
A
June. ADueJuly. ADueAug. oDueOct.
101%
78
101%
Nov'17
93
3
3
77% 88%
101% 107%
...
98
102%
1
93
99%
pDueNov. $ DueDeo. #Optton8al®
Dec. 15 1917.]
New York Bond
8i
Price
!«.
Dec. 14.
BONDS
N. Y. STOCK EXCHANGE
Week ending Deo. 14.
Week's
Range
Friday
Range
High
If. Y. STOCK EXCHANGE
Week ending Deo. 14.
No. Low
»0-year conv 5s
1935 A
93
1922 J - J
1943 M-N
8512
Alb A Susq conv 3>*a
1946 A - O
Eense A Saratoga 1st 78.-1921 M-N
4s..1936 J - J
Consol gold 4^8
1936 J - J
Improvement gold 5s
1928 1 -D
1st A refunding os
1955 F - A
cons g
Rio Gr June let gu g 5s_.-l939
Rio Gr Sou 1st gold 4s. ..1940
Gold 4s
J
67% Nov'17
50
65
5178
2d ext gold 5a
1923
4th ext gold 6s
1920
6tb ext gold 4s
1928
N Y L E A W 1st g fd 78-1920
Erie 1st cons g 4s prior
1996
1996 J
1st consol gen lien g 4s. 1996
-
Jan
'17
104
100
99% July'17
99% 102%
94% Nov'15
IIII 107% Deo '16
66'8
67% Dec *17
39
41%
38%
45
42
95
95
103
Aug '17
103
-.—
June'17
~78% in"
78%
97
95
96
"87" "97"%
99% 106
99% --93% Sale
84%
99
82
84
78%
*75
-
J
....
89
99%
^.1937 3 -3
J
J
44*8-1999 J - J
_1999 3-3
49--. 1948 A - O
-
1955 F-A
Houston Belt A Term 1st 6s. 1937 3-3
Illinois Central 1st gold 4s—1951 3 - J
1951 3-3
1951 J - J
let gold 34*s
...
80%
102
....
—
79%
Purchased lines 34*8.
1952 J - J
L N O A Texas gold 4s„ .1953 M- N
Registered
1953 M-N
Cairo Bridge gold 4a
1950 J - D
„
Gold 34*8
■
1951 3
Registered
1951
Sprfngf Dlv 1st g 34*8—1951
Western lines 1st g 4a..—1951
Registered
1951
-
8%
7%
- J
F-A
_
Registered
Registered
-
Memph Dlv 1st g 4a...1951 J
-
D
Registered
1951 J St Louis Sou 1st gu g 48—1931 M.ind 111 A Iowa 1st g 4s
1950 J Int A Great Nor 1st g 6s
1319 M-
245
...
1
III
...
mmmm
5
99
92%
87% 10134
99
89%
111
121
118
118
90
105%
~82" "98%
113
80%
June'17
136% May* 06
99% Oct '17
124%
99% 110%
10934 Aug *16
17
6
15%
86%
9334
72%
80
*82% "8884
Nov'16
*90" *90%
95
87
90% Apr '17
97
Sept'17
93
—
92
Sept'17
92
92
78
85%
88
Sept'17
June'17
80
81
75
65%
76
Nov'17
95% Sep '12
79%
80
82
7434
85% Jan *17
72
73
73
73
Apr '17
61%
100
—
92
75%
78" "95"
85%
85%
.89%
73
Feb '14
76% May'17
83
"99%
*80" "SO*
May'14
74
70
84
89
74%|
,0934
July'09
79%
70
90%
Nov'15
80
90
78
84
78%
89
94%
*70% "83 "
Aug'12
192
June'16
72% Jan '17
72%
72%
62
65
Sept'17
05
71
83%
—
77% Aug '17
69
80%
80
IIII "79%
June'16
71%
80% N ov'16
79% Oct '17
nil
107% 117% May'10
92
90
79%
84%
90
90
Nov* 10
Jan '17
98% Nov'17
114
S
J
Kansas City Sou 1st gold 3a.l950
Registered
A
-
N
O
Apr 1950 J
Kansas City Term 1st 4s— .1960 J
-
J
-
68%
72%
91%
67%
65
Apr '17
89
95%
94%
95
Nov'17
59%|
74% Deo *17
79% Nov'17
81%
8178
63
80
95
-
J
82%
84%
75%
91%
...L
95
70%
83
1st A
refunding 5s
1965
--
Genera! 4s
Missouri Pae 1st
—
--
cons g
—
68—1920 M- N
.1945 M- 8
1st A ref conv 5s
3d 7s extended at
4%
Boonv St L A 8 1st 5s
Cent Br U P 1st g 4s
95
93
89
Oct '17
90
80
Oot '17
07%!
90
90
a Due Jan.
104% 104%
89% 90%
Apr *17
Nov'17
'17
Oct
'17
94
80%
81%
Feb '05
105
99
100
100
79
10378 103%
98% 109
100
103%
Apr '17
Oct
100
98
Aug'17
63%
94
94
Aug '17
81% May'17
95
114%
94% 10384
95% Nov'17
j
103
99% 106
5912 63%
75
91%
10834 10834
105
105%
74
85%
Nov'17
Dec '17
74
73
'17
81%
79
"77" Mar'io
75
Nov'10
91% June'17
106
105
1st consol 4s
1951 A-O
N O Mob A Chic 1st ref 58-1960 J - J
New Orleans Term 1st 4a_—1953 3 -3
N O Tex A Mexico 1st 08— .1925 J -D
Non-cum income 5s A
1935 A-O
New York Central RR—
..1935 M-N
.1998 F-A
-
-
1997 J
-
Debenture gold 4s
74
43
Nov'17
43
64
49%
45
June'17
45
61%
60
Feb '15
"79" "84
80% Nov'17
30
38
38% Deo '17
83
847S
83
92
79% 90%
81% 101
80% 83
89% 90
92
88
102
80
101%
91%
90
102
6 Due Feb.
g
57
78%
54%
5734
30
30
3258 Nov'17
40
30
33
69%
09% Apr '17
70
70% Mar'17
41
40% Nov'17
40
79
58
Nov'17
52%
85
50
50
Nov'17
50
80
45
51
Deo '16
40
....
25
....
35
-
45% Feb *17
901s Sale
89% 90%
53% Sale
99%
98%
85
30
4978 Sept'17
26%
49%
32%
69%
27
Nov'17
27
45
40
Nov'16
90%
85%
86
88
86
1
*69% "69%
*45% "49
100
9934
98%
85
11
Dec '17
52%
5434
99% Nov'17
60
July'17
60% Apr '17
82
Apr '17
85%
96
89%
90%
86
71
70%
*401
52% 68%
99% 106%
55% 60
60
61
80
82
Feb *13
77% Dec '13
82
78
80
"88%
94
92%
102
mi "73
10034101%
91% 10334
92%
July'14
71" "80"
71%
" 71%
8078 Oot '17
IIII ~6(i
66%
66% Dec '17
78
Sept'15
105% IO434 Aug '17
*82
_
102
80
80
Deo'17
10034 Apr '17
"Si*
_
102
109
IO484 114%
Feb '16
68" "78%
68
*85" mi
July'17
93
65
July'17
Aug'17
93
90
Deo *17
93
90
90
74%
85
77
97
98
99% Nov'17
9134
96% 108
99% 102% 110% Mar'17
30
May'17
*25,
30" "30"
.
35
"23" nil
77
Aug'16
9678 Feb '13
*16
30
Oot
59
Deo *16
58
Nov'17
90
94%j
93
Oct '17
34
45
35
37
10
88
92
258
88% Sale
75
77% Sept'17
72
' 99%
50%
68
67
58
03
35
88
70%
853s
113%
8884
8884
71%
71%
70%
73
74
Sept'17
7834
74
857s
78
77%
94%
92
Deo *16
67
....
A
A
O
J
1930 J
-
3
2d guar gold 5s
1936 3 -3
1930 3 -3
....
65%
69
Nov'17
60
" ~81~"
65
69
80
89%
Mar'17!
75
80
96%
97
75
96% Apr '17
70%
*83* IIII
3>*s.M951 A - O
1981 J - *>.
6a.l942JJ -d
Mob A Mai 1st gu g 40—1991 M- 8
N J June R guar 1st 4a—1980 F-A
N Y A Harlem g 3*s
2000 M-N
N Y A Northern 1st g 58-1923 A-O
9534 Nov'16
May'16
104
89
07%
*76% III
s Option
Nov'10
94
Mar'16
89% Feb '10
80
May'17
01
101
96%
sale
8078
6784 Sept'17
69
Sept'17
Beech Cr Ext 1st g
Oot.
30
57
28
79
-
0 Due
9884
848*
-
h Due July.
92
Deo'16
7034
J
J
Due June,
97
85%
70
-
Cart A Ad lat gu g 4s
Gouv A Oswe 1st gu g
63
83
92
30%
.1998 F-A
Registered
95
Sale
57
30
F-A
-
38%
'17
85% Nov'17
94
1934 M-N
Battle Cr A Stur 1st gu 3a. 1989
Beech Creek 1st gu g 4a_. 1936
Jan
80
Registered
*747g "91 "
"88" *91%
"80% "95"
83
J
J
1998 F
Registered
"74" "91%
NoV'17
42%
O
1998 F
Mich Cent coll gold 3 >*S-1998
9134
108
853$ Deo '17
1934 M-N
Registered
91%
100
Nov'17
103% Oct '16
IIII *70
1959 M- S
1938 M- N
gu.1961 F-A
1948 J -D
Pao R of Mo 1st ext g 4s-1938 F-A
2d extended gold 6s—„ 1938 J - J
St L Ir M A S gen eon g 5s. 1931 A-O
Gen con stamp gu
g 5s__1931 A-O
Unified A ref gold 4s
1929 J - J
Registered
;_1929 3 -3
Fvlv A G Div 1st g 48—.1933 M-N
Verdi V I A W 1st g 68.-1926 M- S
Mob A Ohio new gold 6s
1927 J - D
1st ext gold 6s
51927 Q- J
General gold 4a
..1938 M- S
Montgomery Dlv 1st g 5s. 1947 F-A
St Louis Div 5s—
1927 J - D
St L A Cairo guar g 4s
1931 J - J
Nashv Chatt A St L 1st 5S..1928 A - O
Jasper Branch 1st g 0s... 1923 3 - J
Nat Rys of Mex pr lien 4>*s.1957 J - J
Guaranteed general 4s... 1977 A-O
Nat of Mex prior lien
4>*8—1926 J - J
Lake Shore coll g 3>*a
94% 100
82% 93
59% 71%
Oct '00
80% Feb *17
89% Mar'17
96
-
Registered
65
81
"75" "70%
J
102%
June'17
82% June'17
-
91
70% Nov'17
Nov'17
59% Deo '17
No price Friday; latest bid and asked this week,
J
Texas A Okla 1st gu
g 5a—1943 M- 8
Missouri Paciric (reorg
Co)
1st A refunding 5s
1923 — —
1st A refunding 5s
1926 -- ..
Ref A Imp 4>*s "A"—.2013 A
81
94%
78
55
Lsh Val N Y 1st go g 44*8-1940 J
2003 M-N
91
65
74
1940 J
91
"8212
M K A Okla 1st guar 5s„ 1942 M-N
55
M K A T of T 1st gu
40
g 58.1942 M- S
Sber Sh A 80 1st gu
D *—g 5s. .1942
New York Cent A Hud Rlv—
Guar 3>*s
1997 J
Oct '09
89
90
IIII "80
J
4s..2003 M-N
-
St Louis Div 1st ref g 4s—2001 A-O
Dall A Waeo 1st gu
g 5s.. 1940 M-N
Kan City A Pac 1st g 4s„1990 F-A
Mo K A E 1st gu g 5s
1942 A-O
Conv deb 6s.......
98% 100
1936 J
4>*s
Registered
91
Lake Erie A West 1st g 5s..1937 J - J
2d gold 5s
1941 J - J
North Ohio 1st guar g 5s.. 1945 A-O
Genera! cons 44*a
1944 M-N
2004 |M- S
.
„
1950 A-O
Ref A lmpt 6a
1st ext gold 5s
1st A refunding 4s
Gen sinking fund
Consol 4a Series A
Feb '11
90
Missouri Kansas A Texas—
1st gold 4s
1990 J -D
2d gold 4s
01990 F-A
40-year gold loan 4s
'14
82% Aug'17
88
67%
D
Tames Frank A Clear 1st 4s. 1959 J -D
*
"92% "9934
1st Chic Term s f 4s.....1941 M-N
M 8 S M A A 1st g 4s lnt
gu.'26 J - J
Mississippi Central 1st 6s
1949 J - J
108% Jan '17
9834 Jan
IIII "87%
D
cons g
MStPASSMcong4sIntgu.l938
98
108% 108%
Oct '17
94
106
10834 Jan
78%
93%
.
85% Nov'15
86% July'17
6934 Dec' 16
7%
8
1951 M- S
J - J
"56% "69%
—.1951 J -D
Joint, 1st ref 5s Series A. 1963 3
Registered
Lehigh Val (Pa)
90
Refunding gold 4s
...
Dec '17
72% Deo '17
.1951 J -D
1951 J -D
Gold 34*8
85
Des M A Ft D 1st gu 4s..1935 J - J
Iowa Central 1st gold 5s„ 1938 J -D
95% Mar'16
81
F-A
Bellev A Car 1st 6s.
1923 3 -D
Carb A Shaw 1st gold 4S..1932 M- 8
Chic St L A N O gold 58—1951 J -D
82
80
J
J
93%
102% May'16
77%
J
-
J
Apr '17
93%
75%
Litchfield Dlv 1st gold 3s. 19,51 J - 3
Loulsv Dlv A Term g 34*8.1953 J - J
Registered
1953 3 -3
Middle Dlv reg 6a
1921 F-A
Omaha Dlv 1st gold 3s.
1951 F - A
8t Louis Dlv A Term g 38.1951 J - J
89% Sept'17
Aug'17
73
Registered
—.1951 3-3
.Extended 1st gold 34*8—1951 A - O
Registered
.1951 A - O
1st gold 3s sterling—
1951 M- 8
Registered
1951 M- 8
Collateral trust gold 4a—1952 A - O
Registered
1952 A - O
1st refunding 4s
-.1955 M- N
—
1927 J -D
1921 A-O
1st consol gold 58
1934 M-N
1st A refunding gold 4s
1949 M- S
Ref A ext 50-yr 5s Ser A-1962 Q-F
85%
113
—
...
99%
94%
Feb
Gulf A S 11st ref A t
g 5s_.61952
28%
June'16
118
-
„
87i2
111
J
O
J
-
Nov'17
87%
J
Debenture ctfs "B"
!
93
Sept'17
Aug '17
Feb *17
105% Aug '17
99%
70%
1977 M- S
gold 7s
Pacific Ext, 1st gold 6s
102
85%
85% June'16
93%
75
79
75%
87%
f g 58.1925 J -D
s
1st
81
June'12
92%
90% 98% 98
106
99% 112
104%
96%
,69% "81% 90%
100
99%
56% "59% 59%
85
94%
106% 113%
102% 107
12
85
9734
92% 96%
100% 106%
1033g 103%
N
Nov'11
J
1st guar gold 5s
1937 J - J
Will ASF 1st gold
5S..103S 3 -D
a re en Bay A W deb ctfs "A"
Feb
103
„
60
Nov'17
87
....
108%
108%
109% 102% May'17
85% 85
857s
9658 Jan '17
99
100% July'17
103% July'17
|M- S
92
>68
Dec '17
88
107% 109
95
103%
96% 103
Minneapolis A St Louis—
28%
J
-
Manila RR—Sou lines 4s„. 1936
Midland Term—1st
28% Jan *17
-
48.1948 A
1922 J
1937 J
50-year 5s. 1963] A - O
L A Jeff Bdge Co gu g 4s—1945 ~~
S
Stamped guaranteed
85% June'17
Dec '17
58—1936 F-A
cons gu g
107
'17
103"
Aug'16
88
83
98%
81
90%
'11
93% 100
90
cons gu
106%108
97
-
-
Gen
Mex Internal 1st cons g 4S..1977
IIII "97
87%
J
102%
82% 100%
60
J
-
101
'17
85
Jan
95
102% 106%
Nov'17
Aug '10
56% Oct '17
95
7734
79%
103% Apr '17
96% Aug '17
J
1937 F-A
95%
7734 Nov'17
79% Oct '17
79
g 4>*8.1945 J - J
Pensac A Atl 1st gu g 68—1921 F-A
60
95%
75
SAN Ala
Jan *17
♦52" HI
May'17
95% Feb '17
96%
Jl
-
7)1952
—
N Fla A S 1st gu g 5s
N A C Bdge gen gu
108%
Jan
—I
Registered
100
108
95
M- S
00
90
"85% "89"
89
95% 10184 98% Oct '17
97% May'10
80%
10378 Oct *17
99%
108
108
M*48:
M-N
90
"85 ~ "89"
July'17
110% 112%
82% Aug *17
Oct
90
IIII "77%
'
1965
gu
109
"79% "94
50
F-A!
87
IOO" l06* *
85% Feb '17
100
Nov'17
102% July'17
102% Mar'17
74
J
LAN AM A M 1st g 4f*8 1945 M- S
100% Dec '06
mi "57%
J
-
L A N-South M Joint 4S..1952 J
106% 1067s
July'17
102% 103
103% 10334
110%
99% no
100
103
-
Atl Knox A Nor 1st g 5s.. 1946 J -D
Hender Bdge 1st s f g 6s__ 1931 M- S
J - J
Lex A East 1st 50-yr 5s
A-O
109
mi
1930 J
..1930 J
Kentucky CeDtral gold 4s. 1987
84
95
-
£--.1940 J
tt Minn Nor Dlv 1st
g
40
42
-
..1933 J
ext guar 4s
June'16
95
1933 J
Registered
Registered
68%
68%
J f
Mont ext 1st gold 4a„ .1937 3 -D
Registered
1937 3 -D
Col A H V 1st ext
g
Col A Tol 1st ext 4s
90
38
-
1933 J - J
Reduced to gold 4>*s.l933 J - J
cons g
88.
38
92% Sale
93%
Registered
Registered
8S34 Sept'17
1933 J
ft Paul M A Man 4s
1st consol gold 6s
Minn Union 1st g 6s
Mont C 1st gu g 6s
73
82%
43%
3934
1919 J -D
1931 M-N
Paducah A Mem Dlv 4s_. 1946
St Louis Dlv 1st gold 6S—1921
2d gold 3s
1980
Atl Knox A Cin Dlv 48—1955
*48" "73%
106% Jan '17
—
EH A Nash 1st g 6s
L Cln A Lex gold
4>*s
NOAM 1st gold 6s
2d gold 6s
"66% "87%
Sale
43
——
Registered
1940 J - J
Collateral trust gold 5s—1931 M-N
Dec '16
49%
73
37%
38%
O
- O
-D
- J
- J
- O
- J
4tfs Serfee A_„ 1961 J
Registered
1961 J
98^2 Oct '17
1937 M-N
1940 3 r 3
Unified gold 4s
97% June'17
-
let A ref
104
100
1091a
98% ' 99%
98% 99
97% 100%
1—
5s„1942 J -D
3 V A Ind 1st cons gu
g 6s
1926 J - J
£vansv A T H 1st cons 6s. .1921 J - J
1st general gold 5s
1942 A - O
*1921 Q
100
98% Mar'17
84
g
Registered
104
Gold 59
9812
93
"4812 ~487I
Terminal 1st gold 53—1943 M-N
Mid of N J 1st ext 5s
1940 A - O
Wilk A East 1st gu
Hocking Val 1st
102
N Y&RB 1st gold 5s
1927 M- S
Nor Sh B 1st con g gu 5s_ol932 Q- J
Louisiana A Ark 1st g 5s. —1927 |M- S
Louisville A Nashv gen 69.-1930 J -D
"94" "94
...
J
Susq A W 1st ref 58-1937 J
2d gold 4>*8—
1937 F-A
General gold 5s
1940 F-A
Registered
104
90
"96%
N Y
3
J
A
Q coll 48—1921 J
9934 105%
9712
Long Dock consol g 6s
1935 A - O
Coal A RR 1st cur gu 6a. 1922 M-N
Dock A Jmpt 1st ext 5s.. 1943 J - J
N Y A Green L gu
g 6s.. 1946 M-N
1959 3
93
95
Gen conv 4s Series D„,1953 A - O
Chic A Erie 1st gold 5s. —1982 M-N
Clev A Mahon Vail g 5s—1938 J - J
Erie A Jersey 1st s 1 6s.-.1955 J - J
Geneesee River 1st s f 6s. .1957 J - J
4J*s
84
Sept'17
99% Oct '06
1937 M-N
Guar refunding gold 4s.—1949 M- S
Registered
1949 M- S
N Y B A M B 1st con g 58.1935 [A-O
Deo '16
113
94% June'16
98%
20-year p m dob'5s
'17
96
8er1es A1953 A - O
SeriesB
1953 A-O
Fort StUD Co 1st g 4
>*8-1941
Ft Worth A Rio Gr 1st
g 4s. 1928
Galv Hous A Hen 1st 5s_—1933
Debenture gold 5s
9978 105
conv 4s
1930 A
84%
Jan
87
1949 M- S
1934 J -D
74%
98%
94
85
74%
1922 M- S
1932 J -D
4s
Unified gold 4s
105% Mar '08
~82~ "87"
Registered
1996 J - J
Penn coll trust gold 4s. .1951 F-A
Mt Vernon 1st gold 68—1923 A
101
J
-
J
33
—
Apr '17
Ioo"%
105
1938 J -D
99-% Nov'17
90
Nov'l7
O
J - J
M-N
M- S
M-N
M- S
M- S
A-O
J -D
M- S
J - J
1919
3d ext gold 4>*S—
86
113
102% 106%
'13
87
94
51931 Q
.
981a
75% July'16
Aug '17
9934 103
-
1st consol gold 4s
General gold 4s
Oot
100
1945 M
1945 M-
gold 6s—51031 Q.
84
79
J - J
A-O
cons
53
82
M-N
A
1st, lnt reduced to 4a——1933 J
67%
98% Mar'17
High
100% 114
103% Aug '17
Gold
Nov'17
53
No' Low
Mar'17
105
61% Apr *11
55%
High
113
-
Ferry gold 4>*s
38
Since
Jan. 1.
101% Deo *17
-
63
July'17
Ask Low
101% 112
1933 J
Registered
90
49
38
NY A Erie 1st est g 48—1947
Paclflo
75
50% Dec '17
37
Aug '17
95
Range
or
Leh Val Coal Co 1st gu g 5s. 1933 J
Registered
Long laid 1st
91
53
J
Dul Sou Sliore A Atl g 5s.-1937
Elgin Jollet A East 1st g 58.1941
jfcrli 1st consol gold 7s
1920
gull Co Branch 1st
g 5a
Florida E Coast 1st
67
75
73
-
-
*62% ~86
Range
Last Sale
100
1941 A'
Registered
Leh A N Y 1st guar g 4s
11
Nov'17
1995 J -D
Registered
99%
89% 107
73% 89%
75
-
DetRlvTun—Ter Tun 4^81961
Dal Mlssabe A Nor gen 5s__1941
Dul A IronRange 1st 5s
1937
Registered
1937
Great Nor C B A
85
88
D
J
-
Rio Gr West 1st gold 4s.. 1939 J
I
88
J
J
Mtge A eoll trust 48 A-.1949 A - O
D§8 Moines Un Ry 1st g 5s. 1917 M- N
Dtt A Mack—1st lien g 48—1995 i -D
do
Bid
95% 101%
1940 J
Guaranteed.-.
60-year
9534 Oct '17
89%
89%
72i2 73% Deo'17
10078 105% 112% Dec *16
62is Sale
62%
63
68
Dec '17
66is 68
8912
69lg
O
-
9534
83
9034
Week's
Price
Friday
Leh V Term Ry 1st gu g 5s.. 1941 A
lit lien equip g 4>*s
1st A ref 4s
2351
Dec. 14.
High
Delaware A Hudson—
Oenv A R Gr 1st
IS
BONDS
Since
Jan. 1.
or
Last Sale
Ask Low
Bid
Record—Continued—Page 2
June'17
80
81%
101
102%
Weeks
Range or
Last Sale
N. Y. STOCK
EXCHANGE
N Y Cent A H R RR
Dec. 14.
14.
Week ending Deo.
Bid
{Con.)—
k
48 1993 A ■
1932 J •
58-41922 A ■
BWAOTRletgug6s-1918 M
Rutland iBtcon g4^s...l941 J Og A L Chain let gu 4b gl948 J Rut-Canada letgu g 4a. 1949 3 ■
Bt Lawr A Adlr 1st g 58—1996 J ■
2d gold 68
1996 AUtica A Blk Rlv gu g 48-1922 J •
Lake Shore gold 3&s
1997 3 ■
Registered
1997 J -
67%
80%
90
70%
Philippine Ry 1st 30-yr a f 4a
937 J
Pitts Sh A L E l8t g 58
943 J
-
3
997 J
-
J
92
June '09
101
Nov •18
103
Nov '16
90is
97
72
74
9712 July'16
Dec '17
74
74U
78
July'17
78
87
70
Sale
83
84i2
83
97%
1931 MReglstered
...1931 M
Kft A A G R 1st gu C 5s
1938 J '
Mahon C'l RR 1st 68...U934 J <
Pitta A L Erie 2d g 58—_al928 A •
Pitts McKAY 1st gu 68-1932 J -
83
84%
83
96%
83%
83%
Atlantic City guar 4s g
St Jos A Gr 1st 1st g 4s
St Louis A San Fran (reorg
J
Registered
48
Registered __i
J L A 8 1st gold 3^8—1951
—1952
20-year debenture 48—1929
II Y Chic A St L 1st g 48-1937
Registered
1937
1st gold 3)*8_.....
guar...2361
2361
58—1916-22
Equlp trust 4^8-1917-1025
NY Connect lstgu4>4BA—1953
We8t Shore let 4s
Registered
If Y C Lines eq tr
Non-conv deben
84%
80
June'08
74i2
80'2
81
*79% *86*
14Ha'46
1918
Boston Terminal 1st 48—1939
New England cons 5s
1945
Conaol 4s
1945
Providence Secur deb 48—1957
Prov A Springfield let 58.1922
Providence Term let 4s—.1966
W A Con East 1st 4 Ho
1943
N YOA Wref 1st g 48a—01992
Registered $5,000 only..01992
93%
56
50
50
Refunding 4s
Atl Birm 30-yr 1st
52%
J
CI A Mar 1st gu g
52%
68
75%
47% Dec '17
84
Nov'17
40
64
83
110%
'17
50
79
92
88%
20-year conv 4s
20-year conv 5s
74
78%
J
15
41
37%
75%
-D
*68" mi
57
921
65%
64% Dec '17
64%
83
Morgan's La A T 1st 7s..
65
92% June'12
79
Mar'17
77
80
No of Cal guar g 5s
7534 Oct *17
74
82%
Ore A Cal 1st guar g 6s
98
96% Aug *17
107%
107%
122
Nov'16
96% 101
107% 122
So Pac of Cal—Gu g 5s__ _
107% Oct '17
83
8338
107"%
Tex A N O con gold 5s
100%
100%
...
8338 Sale
*8i* mi
83
,
103
Sale
105
97%
*78% *93%
117% May'17
118% 134
117% 13634
105
105
...
105
84
103
-
Registered
J
-
994 J
J
.
Ala Cen 1st g 6s
918
943
85
79
Nov'17
79
92%
102% Sep '16
85
98% Apr *17
90
July'17
80
9334
Atl A Char A L 1st A 4>^s
91%
92
75
83% Jan
80
81% Mar'16
J
83%
944
-
82
92%
1st 30-yr 5s ser B
J
83
944
-
Oct '17
948
-
Atl A Danv 1st g 4s
948
-
58
69%
61% June'17
54% ....
68% 89% 91% May'17
103%
104
103% 109
61
67%
58
Sale
91% 91%
103% 110%
103% 103%
00
,
90
85%
89
110%
74,
87%
93% 99%
99% 101
100% Feb *17
99%
99%
101% 102%
90
99%
99% July'17
87%
96%
85 "
101% July'17
82%
90
89
96%
96I2 Sale
88%
Nov'17
90
90
Sale
89
89%
89%
89% Nov'17
84% Sep '16
92
Aug '17
*84% I III
98
94%
70%
70
925 J
-
945 J
-
Mob A Blr
prior lien
g
6s_
80 Car A Ga 1st g 5s
931 M-
Series E 5s
;
1st cons 5 0-year 5s.
99%
*81%
81
Aug '17
80
86%
81%
81%
*89%
81% July'17
8734 Deo'16
Aug *17
89
*89* *97*
80
93
91
96% 100%
84%
9234 102
*80% III!
88% Feb '17
Apr '17
90% Juiy'12
80%
88
71
71
99
Mar'17
89
93
88%
88
98
98
92
Q9
88% Sept'17
82
99%
92
Nov'17
90
95
82%
86
9384
95% July'17
80
Sale
80
Mar
40
70
50
90
89
955 J - J
939 A-O
044 F-A
*99* *99*
Kan A M 1st gu g 4s.__.
Tol P A W 1st gold 4s
3Hs
5s..
4s
98%
92
99%
Ore RR A Nav con g
88%
88%
Ore Short
92
1083s
91% 101%
99
99%
95% Oct *16
89%
96
95%
95%
90
'17
100
100
87
90
Nov'17
70
84
91%
9734
50
62
9134
Aug'17
52
62
80
7784 Nov'17
7734
83%
44
43
43
60
9134
3
-
J
*65%
3
925 J
950 A-O
917 F-A
....
....
42
Line 1st g 6s—1922
..1946
Guar refund 4s
..1929
Utah A Nor gold 68..—1926
1st extended 4s
1933
Van da 11a cons g 4s Ser ▲
1955
Consol 4s Series B_.
1957
J
-D
F-A
43
*80* *87%
Aor '17
87
80
95
90
Nov'17
63
952 A-O
J
.80%
Jan
18% Mar'06
946 J -D
928 J -D
-
104%
Nov'17
93
-
10
Feb *17
70
990 A-O
2
50
90
4s.. 1946
Due Feb. cMay. g Due June, h Dup July, it Due Aug.
80
Apr '17
90
99%
100
947 J - J
927 J - J
02008 M 8
1st oonsol g 5s
Mar'17
106% Nov'04
90
92
947 J
Union Pacific 1st g 4s
98%
Dec '17
99%
95
917 J
2d 20-year 5s...
Registered
June'17
95
*95%
953 J - J
930 A-O
927 J
20-year conv 4s
1st A ref 4a
92
....
935 J -D
Western Dlv 1st g 5a_.
General gold 5s
lst refund g
99
asked. aDueJan. ft
Feb '17
93% Mar'17
9534 Mar'17
93% Sept'17
94% Oct '17
78%
935 A-O
Ulster A Del 1st con g
99%
89% Oot '17
95% May'17
91
931 J - J
F-A
WMlnWAN Wlstgu 5e 930
935 J - J
Tor Ham A Buff 1st g 4s..i
99
*85* "95
Mar'17
78
La Dlv B L 1st g 5s—
88
93
May'10
9834 Apr *17
105
77
$2000
2d gold Inc 6s
89%
May'14
92%
99
100
000 3 -D
60-year gold 4s
Coll tr 4s g Ser A
90% Oct '12
97% Nov'17
92
958 A-O
924 F-A
.
_
W O A W 1st cy gu 4s
Tol St L A W pr Hen g
96% Feb '12
104% Dec '10
100%
J
-
Tol A O C 1st gu 5s
Deo *16
104
S
Va A So'w'n 1st gu 5s_
87
*96
102% June'll
103% Aug '16
003 J
92* I60"
Dec '17
S
S
930 M-N
97%
97
"95" "99"
Sept'17
May'17
Sep *12
926 M-
94% 102%
96% May'17
9234
9234
....
921 M-
Tex A Pac 1st gold 5s
Oct '17
70
100
73
919 M-N
Virginia M id ser D 4-5s
9534 102%
86
72
103
62%
948 M-N
96% Dec "17
9434 Nov'17
*8734
102% 103% June'17
100
Sept'16
100
945 J - J
927 A-O
99%
80
....
General 6s
89%
103
100
3
Series F 5a
104%
May'17
J
89
101
July'17
65
10134 103
Rlch A Meek 1st gu 4s
Spokane Internal 1st g 5s_.
Ter A of St L 1st g 4His
1st con gold 5s
1894Qen refund s t g 4s
8t L M Bridge Ter gu g 5s
80
99
101
Rich A Dan deb 5s stmpd.
Mortgage gold 4s
'17
Feb '17
96% Dec '17
*51" III
88
87
80
9234
92%
J
96%107%
Feb '17
68
*91%
-
2
87
.68
81%
922 J
99% Mar'17
92
96%
940 A-O
Knox A Ohio 1st g 6fl
Nov'17
92% Dea '17
91% 100
Ga Midland 1st 3s
1st gold 6s
96%
93%
956 M-N
938 M- S
Con
8
117
Jan '93
102
'
• 96%
91%
*88%
109*%
Apr *17
95
E T Va A Ga Div g 6s
67
,75
949 A-O
930 J - J
Atl A Yad 1st g guar 4s...
Ga Pac Ry 1st g 6s
88%
88% Mar'17
79%
4a
J
E Ten reo lien g 5s.
103% Sept'17
107
Oct *16
98%
2d
70
J
55
"lie
Dec '17
67
-D
81%
59%
M-
63
90
70
94% 104
573s
81%
64%
3
-
68
59%
Oct *17
59
3
-
951
92
*57% Sale"
39
79
93%
77%
100% Aug *16
956 A-O
938 M- %
3-3
Develop A gen 4s Ser A
Nov'17
Nov'16
80
95
80
*58*
94% Nov'17
' 107% Sept'lG
93% Aug '17
80
83
J •
MF •
MJ •
J •
—
77% Sale
90
91
J
81
F>
105% 105
Jan *16
102% Oct '17
76
-
77
D
A„1942 J ■
SeriesB
1942 AInt reduced to 3H3--1942 A •
Series O 3Ma
1948 M
Series D 3^8—
1950 F •
Erie A Pitts gu g 8Hb B„1940 J •
Series C
1940 J •
Gr R AI ex 1st gu g 4^8.1941 J •
Ohio Connect 1st gu 4s
1943 MPitts Y A Ash 1st cons 58.1927 MTolWV AOguA^sA...1931 J •
Series B 4^8
1933 J •
Series C 4a
1942 M
PC C A St L gu 4 J48 A—.1940 ASeries B guar
1942 A ■
Series C guar
1942 M
Series D 4s guar
1945 MSeries E 3Hb guar gold.1949 F •
Series F guar 4s gold...1953 J ■
92%
91%
Ala Gt Sou 1st cons A 5s..
•
J •
J ■
M
F•
J J ■
A•
M
M-
94
96% 1053s 100% Oct *17
100
104% 100
Nov'17
92
St Louis dlv 1st g 4s
Sept'lG
86% Deo '18
61
76
103% 109% 110% Oct '17
73
76% Oct '17
■
So Pac RR 1st ref 4s..._.
Mob A Ohio coll tr g 4s..
95
109% Nov'15
100% 101% Dec '16
...
....
88
Mem Dlv 1st g 4>is-5s
135
84
Dec '17
85
84
90
J
103% Aug '17
91% Oct *17
99%
955 J
994 J
Southern—1st cons g 5s..
123% May'17
---
63%
-
97%
99% Apr ,'17
Oct '16
100
104
950 A-O
943 J - J
So Pac Coast 1st gu 4s g_.
107%
100% Jan *16
95
937 M-N
937 J - J
San Fran Terml 1st 4s...
Nov'17
82
82%
A-O
920 J - J
938 A-O
927 J - J
1st gold 6s
94% Deo *16
-
•
*
...
Aug'17
....
921 J - J
918 A-O
60
107%
Oct '17
95
95
Louisiana West 1st 0s
64%
1
70
70
95
A A N W 1st gu g 6s
83% Feb '14
9
100
81%
941 J
-
79%
97
*30 M-N
Waco A N W dlv 1st g 6
7834
3L8|
87% Sept' 16
88
Oct '17
101
933 M-N
937 J - J
Gen gold 4s lnt guar
106
78%
70
933 M-N
70
'*42
89%
88
-
924 M-N
57
80
83
86%
954 A-O
Houa E A W T 1st g 58...
70
75%
87
....
Gila V G A N 1st gu g 5s..
Sept'17
Apr.'16
67
69%
Feb '14
74
Sale
931 M-N
931 J - J
H A T C 1st g 5s lnt gu
66
78% Sale
90%
A
-
2d exten 5s guar
Sept'17
Oct '17
Sale
87
929 J
3^8—*
Aug '17
95
90
949 F
Through St L 1st gu 4s.
Dec '15
97
*74* Safe"
Mort guar gold
Aug *Q9
99% June'17
D
934 J -D
949 F - A
GHASAMAPlst 6s
3,
103% Dec '16
100%
66
-D
-
Registered
105% May'15
87
July'14
88
Aug '13
Oct '17
*90% *96*
929 M> S
g
Mar'17
80
J
-
949 J
Cent Pac 1st ref gu g 4s
99% Deo *14
4^8...1935 Wl
-
920
J
k 949
77%
79%
87
60!
97
929
Gold 4s (Cent Pac coll)..*
55
101
*83*
J
-
945
70%
49%
54%
~95
J
-
4
70%
47
~
Southern Pacific Co-
Apr'17
70
3
latest bid and
96%
J
...
May'17
78
80
9934
,
J
-
Seab A Roan 1st 6s
77% Aug '17
60
3
CI A P gen gu4H8fier
J
-
Consol gold 5s
Ga A Ala Ry 1st con 5s—0
Ga Car. A No 1st gu g 58—
'14
60%
100% Feb '17
74%
-
1st land gr ext g 5s
'ii
58
55%
53%
930 J
943 J
Fla Cent A Pen 1st g 5s...
56%
Sept'17
15
60%
47% Sale
049 J
918 J
Car Cent 1st con g 4a
54
52% Nov'17
Juiy'l7
66%
^July'17
^Dec *17
57
70
....
M- S
4s._e 933
1st guar 5s red
4^8—1955 J *
g 4s—.1923 M
1919 M1943 M...1948 M-
•No price Friday;
g
70
F
3
Q
J
1921
Registered
1921
Guar 3Hs coll trust reg A.1937
Guar 3Hs coll trust serB.1941
Guar 8Mb trust ctfsC—..1942
Guar 3^8 trust ctlsD
1944
Guar 15-25-year gold 4s.. 1931
40-year guar 4s ctfs Ser E. 1952
ClnLebANorgu4sg—1942
..o
56
40
60
IIII "71*
949 F -A
959 A-O
Sept'17
"4034
57
*60% Sale"
950 A-O
Oct '17
107
.
Guar 1st gold 4^s
Gold 4s stamped
Adjustment 6s
79% Dec '17
„
1960
GeneraUXs—
1966
Aileg Val gen guar g 4s„.1942
D R RRAB'ge 1st gu 4s g. 1936
Phlla Bait A W 1st g 4s—1943
Bodus Bay A Sou 1st g 6s. 1924
Sunbury A Lewis 1st g 48.1936
U N J RR A Can gen 48—1944
Pennsylvania Co—
8 A A A Pass 1st gu g 4s
Registered
39%
68
J
950 A-O
90% Nov'17
33
Sale
98% Jan
J
-
943 J
919 J
Seaboard Air Line g 4s
*12
79% Apr *16
1055 J
4 Hi 8
-
8 F A N P 1st sk fd g 5s
98% 100%
90% 99%
74
Nov'17
88
Sale
75
mi "74%
Nov'17
66
53
100% 100%
66
104
90
83
'17
Oct
98% Oct '17
78
May'16
90
May'17
66
101
-
2
103
928 M-N
936 A-O
929 A-O
Gray's Pt Ter 1st gu g 6s. 947 J -D
94
91% Jan
M
F \
O
AO
N A W Ry 1st cons g 4s..1996 A O
Registered
1996 A
J
Dlv'l 1st Hen A gen g 48.1944 J D
10-25-year oonv 4s
1932 J S
10-20-year conv 4s
1932 MS
10-25-year conv 4^8
1938 MPocab C A C Joint 4s...1941 J C C A T 1st guar gold 6s_ 1922 J Bclo V A N E 1st gu g 48-1989 HNor Pacific prior lien g 4s... 1997 Q Registered
1997 QGeneral lien gold 3s...._c2047 Q Registered
c2047 Q *
St Paul-Dulutb Div g 4s. .1996 J *
BtP ANP gen gold 6s—1923 FReglstered certificates. .1923 Q *
Consol
J
J47 A-O
57
75
50
M
Oonsol gold 4s
-
98%
J
75
•
Norf A Sou let gold 6s
1941
Nort A Weet gen gold 6s
1931
Improvement A ext g 6s.. 1934
New River 1st gold 6s
1932
Consol gold 4s
90
952 J
82%
81%
F
Consol gold 6s—
101
J
1st terml A unlf 6s..
89
62%
79
62
J M
J •
M
3 ■
M
Norfolk Sou 1st A ref A 6fl—1961
PenneyIvania RR 1st
_
56% Nov'17
M
Paducab A Ills 1st e f
4s.
J
-
931 J
990 J
.
101% Nov'17
104
-
931 J
Consol gold 4s
84%
79
64
J
M
A•
6S..1931
..1968
Wash Cent 1 Bt gold 4s
1948
Nor Pao Term Co 1st g 6s. .1933
Oregon-Wash 1st A ref 4a... 1961
Pacific Coast Co 1st g 6s
1946
Sale
60
50
MA•
1st consol gold 4s
41
58
Nov'17
58—1637 M-
Naugatuck RR 1st 48^—1964
N Y Prov A Boston 4s—1942
8t Paul A Duluth 1st
960
41
h
cons g
56
A3 MF•
Cent New Eng let gu 4b. .1961 J Hartford St By let 4s.—1930 M-
General 4s
57
932 J -D
79
65
54
Sale
95%
62% Oct '17
90
55
42%
57
989 M-N
989 J - J
85
81
70%
58%
65
Oct
175
69
68%
J
955 A-O
82
82
100% Jan
1955
Non-conv deben 4s..-.1956
Harlem R-Pt Ches 1st 4a.l954
B A N Y Air Line 1st 48-1955
J
-
55%
h
B 6s
17
53%
Sale
2d g 4s Income bond ctfs.y
Non-conv deben 4s
N H A Derby cons cy 58..
54
*60 ~ *65% *61* Dec"
98% July'17
3
J M3 F-
NYW'chesAB 1st ser
J
St L 8 W 1st g 4s bond ctfs..
79
7612
J
-
91%
G2i2
75
J
950 J
950 J
87% NoV'17
86
-
83%
88% Oct '17
83
-
97%
82
77%
951 J
K C A M R A B 1st gu 6s.
82
75
97%
Sale
82
14;
Jan '17
109
66
80%
Nov'17
82
82
66
J
-
947 J
K C Ft S A M cons g 08—
K C Ft 8 A M Ry ref g 48.
797s July'17
MM
AJ M3 3 4a..-.1930 F 4s
1954 3 4a
1956 I -
Houaatonle R cons g
65% Nov'17
42
Feb '17
Southw Dlv 1st g 5s—.
Feb '14
90
OS's
ser
St L A S F RR
Nov'17
87
1947
Non-conv deben 3^8....1947
Non-conv deben 3J%8
1954
Non-oonv deben 4s
1955
Non-conv deben 4s......1956
Oonv debenture 3^8
1956
Conv debenture 6a
1948
Non-conv deben
66
>—
Co)
Income series A 6s..
80
78
77%
3 •
M
M
AA A -
61
St Louis A San Fran gen 6s.
General gold 5s.
"99% *99%
July'16
0812 105
i
956
997 J - J
951 A-O
Cum adjust ser A 0s
9912 Aug'17
N Y N H A Hartford—
Non-conv deben 4s
Cons Ry non-conv
Prior lien
123U Mar'
92
1931 M-
Debenture 4s
103" io£%
130% Jan '
99is
INQ-
956
79
Prior Lien ser A 4s
104% Deo '
103
May'
-
—1931
.—1931
1940
1940
Michigan Central 5a
8312 Nov'17
80
78%
Registered
<
J
"74" *8734
F
78
Jersey Central coll g 4s
88
83
4s—1928 M
....1
940 A-O
1st consol gold 5s
Reading Co gen gold 4s
"2\
Mar'10
921 M-N
70%
2d gold 4HJs
ft
Pere Marquette 1st Ser A 6s
1st Series B 4s
Juue'17
87
921 Q-
97
101%
101%
100
C St L A P 1st cons g 5s..
Peoria A Pekln Dn 1st 6s g—
70%
70
IIII
101%
O
-
10434
98% 100%
97
97
95%
25-year gold 4s.
2d guaranteed 6b
1934
McKees A B V 1st g 6S.1918
932 A
92% Oct *17
98lz Nov'17
80is Aug •17
"ml
94*2
R W A O con let ext
No.
High
Nov'17
91
91
70% Apr '17
Pine Creek reg guar 6e
Debenture gold
Series I cous gu 4His.. .
Low
Ask
Bid
957 M-N
963 F-A
Series G 4s guar
94
7634
Last Sale
14.
Dec.
P C C A St L {Con.)
High
May'16
113
90is
1.
.
Low
76i2 Aug '17
65%
N Y A Pu 1st oonfl gu K
Jan
No.
High
Ask Low
Range or
Friday
W. Y. STOCK EXCHANGE
Week ending Deo. 14.
Since
Week'i
Price
BONDS
Range
Price
Friday
BONDS
[vol. 105.
Record—Continued—Page 3
Bond
New York
2352
68
Sept'17
86-% Sale
85
86
86
8634
91
81%
77% Sale
77%
78
82
101% 103
100
J
82%
78
80
Nov'17
102%
103
96
Dec '17
100%
58
June'17
8134 Sale
90
16
58
86
100
90
98%
*3l
81%
95%
16
76%
95%
80
95
100% 108%
9534 108%
J
-D
81%
82%
82%
83%
82%
94%
J
-
96
98
98
Dec '17
97%
98
J
-
93
100
90
Apr '16
88% Apr '17
88%
81% June'17
81%
92
92
F-A
81%
M-N
80
88%
92
0 Due Oot. v Due Nov. g Due Deo.
* Option sale.
Dec. 151917
]
New York Bond
BONDS
Price
II. Y. STOCK EXCHANGE
Dec.
▼era Crui <k P 1st gu
4>*a_.1934 J - J
Virginian 1st oa Series A
1962 M-N
Wabash 1st gold 5e
—-1939 M-N
3d gold 5s.—
1939 F -A
1939 J
89>2
95'»2
81
-
S
-
J
-
105
98
J
gu 3
1937 J
Income 5a
Western Pao 1st
aer A
Wheeling A L E 1st
75
58
85
84%
7534
85
85
Nov'17
100U Sale 100%
100%
Mar'17
71*2 85% 86
40
5a.--1946 M-S
Oct
36
79
79%
g 5a—1926 A- O
98
79%
99
80%
60,
Trust
1949 M- S
ctfs of deposit,
co
Feb '17
100
76
"85 ~
71
88%
75%
83% July* 17
83%
91
81% Nov'17
81%
68
67
93
93%
J
94
94
con gu g 58—1941 M-N
Bklyn Q Co A 3 1st 5s
1941 J - J
Bklyn Un El 1st g 4-5s—1950 F-A
78
80
May'17
May'13
-
Bk Q Co A 8
89
92% Oct '17
73
8ept'17
92
75
73
8634
78
July'17
Manufacturing
77%
87
69
70
Aug'17
70
74%
Am Ag Chem 1st
Conv deben 53
Sale
82
Det United 1st cons
g 4 Ha.-1932
FtSmith Lt A Tr 1st
g 58—1930
Hud A Manhat 5s Ser A
1957
Adjust Income 5a
1957
N YA Jersey 1st5s
1932
J
-
J
-J
cons g
~48~ "9"
11
coil 4H3-195G A-O
Interboro Rap Tran 1st 5s. .1966 J - J
"51%
-
J
30-year adj inc 5s
.a 1942 A-O
N Y State
M-N
Rys 1st cons 4 H8Portland Ry 1st A ref 5s
1930 M-N
Portld Ry Lt A P 1st ref
F-A
58.1942
Portland Gen Eleo 1st 5a. 1935 J - J
St Jos Ry L H A P 1st
g 58-1937 M-N
St Paul City Cab cons
g 6s—1937 J - J
Third Ave 1st ref 4s
I960 J - J
Adj Inc 6a
ol960 A-O
Third Ave Ry 1st
g 5s.
1937 J - J
Trl-Clty Ry A Lt 1st s f 5s.. 1923 A-O
J
80%
Nov'17
83
Oct '17
76%
85
78% Dec '17
82%
95
May'17
95
77
80
Sept'17
80
30
Mar'14
—.
.
....
IIII ~87%
18
mi nr
95
nil "59%
Dec *17
58
58
92
31
34
27
95
95
95
90
92
73%
95
•
92
92
82
Sept'17
82
90
64%
60
Aug'17
60
63%
Oct
III! "go"
60
58%
•58
69%
50
30
79%
78
Electric Light
Atlanta G L Co 1st g 6s
1947 J.-D
I
99
golumbus Gas 1st gold Gs—1932
onsol Gaa
deb 6s
1920
75%
conv
Q- F
ConsOasE LAP Of Bait
5-yr5s'21 M-N
Detroit City Gas gold
5s.-.1923 J - J
.1
98%
ftl94Q M- S
Eq G L N Y 1st cons g 58-1932 M- 18
Gas A Elec Berg Co c
g 5s.. 1949 J -D
Havana Elec consul g 5s
1952 F-A
Hudson Co Gas 1st g 5a
1949 M-N
Sept'17
31%
42
Dec '17
7934
93%
do
5e_..el919 Q- F
Ref and ext Lst g 6s
93
1948 J
-
1948 J
"
June'17
105.
110
June'17
110
76
Nov'17
76
97%
97%
95% Oct *17
97% Sale
95
90
93
Mu Fuel Gas 1st
gu g
Syracuse Light A Power 5a.. 1954
81
J -D
J
-
Utlca Oas A Elec ref 5#
F,tv gold 5a
1957 J
...1950 J
-
-
A
-
J
-O
No price Friday; latest bid and asked.
103% 10478
97% 10534
77% 88
105% 105%
96% 101
92% 101
80%
93%
95
100
100
July'17
100
100
96
115
98%
98%
89% Oct '17
99
8978 102%
Sop *03
IIII "96
90
Sept'17
"oa"
—98
100
Apr '17
100
89
89
Mar'17
89
92
94
July'17
94
101%
94
97%
84%
99% Nov'15
88
87
103%
101%
9934
93
77%
Nov'17
Dec *17
84
97% May'17
July'17
80%
95
98% Oct '17
92*4 Sept'17
101% Nov'16
99
Aug '17
97%
"93% "97%
"87 ~ "94%
93
97
94%
99
,
*""5
88
4
94%
84
7534
87%
*14
92
94%
tmmmm
*
22
9534
9434 103%
98
84
77%
5
119
77
99
85
85
Sale
92%
97%
97
97% Nov'17
96%
96%
100
"""3
59
3
95
110
102
59
76%
105%
78
*""o
'13
111% 110
95
81%
106%
__
"4
1
8834
109%
89% 89%
102% 104% 105
104% 102%
98% 99%
91
91%
----
94% 96%
9934 100
26
1
3
Nov'17
Nov'17
101
m
110
129
8834 104%
109% 128
89% 103
100
m
~3
102%
66% "79%
99% 102
97% 100%
«****«»
110
91%
8884
110% 109%
86%
107
100
99%
....
96
Oct
66%
68%
66%
100
100% 100
98
97% Nov'17
97%
99
103
78% Aug *17
•
100
100
81
96%
9638
85% Mar'16
95
66%
85
81
....
100%
70%
May'17
70
90
78
Mar'17
104
100
104%
85
92% 103
96'%
Sale
92
99
%
....
95
81
70% Sale
77
1
96
J
18
78%
99
Aug *17
81
100
98
9784
104%
60
84
925„
1
95% 99%
1 119
119%
83%
85
83% Apr '17
79
92%
105
82
10
8534
9634
9634
119
9is4 104%
92
"
82
98
90%
2
9134
Dec *17
82
June'17
111
100
110%
98
Dec '17
90
102
92
94
Dec '17
94
103
99
Nov'17
99
106
104%
,
104%
9734
~
-
~
-
J
-
97
80
10
86
90
90
99
88
88
"l
88
101
97
98
10
96% 106%
Sale
89
8234 Aug'17
J
90
J
49
50
Nov'17
100
100%
76%
J
-D
100
J
-
J
75
F-A
-D
J
-
Sale
-
Sale
74%
95
96%
91%
94%
9134
98%
----
07
95% Sale
1920 J
J
-
..1942 M-N
Col F A I Co gen s f 5s
1943
Col Indus 1st A coll 6s
gu... 1934
Cons Coal of Md IstAref 68.1950
Elk Horn Coal conv 0s
1925
J
-
J
J
96'%
96%
77
.77
96
95
91%
91
101
80
74% Sale
74%
J
81
85
D
M- 8
93%
903a
49
64
99% 104%
74%
9284
96% 109
91% 10034
97
3
85
„
82
94
82
96%
93%
*>•**.*>
'
81%
97%
74%
81
80
95
Dec '17
82%
95
Sale
77
95
1
—
94% Mar'10
_
101%
96% 104
86% 102
91
08% 8ept'17
98% Aug *17
_
95
84
mmmm
74%
94
80
4
81% Dec '17
85
103%
....
17
103
95% 10234
100
Dec *14
.
-D
-D
1
96%
89%
78%
July'17
Apr '17
87%
F-A
-
4
July'17
88
F-A
J
73
76
M- 8
1923 A-O
1st cons 6s Series A
..1950
Mldvale Steel A O conv 8i 5sl936
Pocah Con Collier 1st 0 f 53.1957
Repub I A S 10-30-yr 6s s f.1940
St L Rock Mt A P 5s
96
15
417
5
87
-D
J
Elk Horn Fuel 1st oonv 5s-1918 M- N
Gr Rlv Coal A C 1st g
6s...ftl9l9 A-O
III Steel deb
A-O
4Hs
Indiana Steel 1st 5s
1952 M-N
Laokaw Steel lat g 5s
100
-
96%
9334
97%
97%
95%
102
8I84
82%
88% May'17
-
notes5s. 1917 A-O
1st A ref 5s guar A
91
Nov'17
-
J
100% 104%
9734 99%
84%
J
1922 J
20-year p m & Imp a t 58.1936
Buff A Susq Iron a f
6s—..1932
Debenture 6s
a 1926
Cubaba C M Co 1st gu 6s... 1922
11
85%
J
._el924 A-O
Coal Iron & Stool
Beth Steel 1st ext s f 5s
5
98
90
80
J
-
104%
9734
99%
83
11
98%
98%
98%
98%
***«•
*****
*>•*•*«*
•82%
94
103%
95
96%
8
95
94%
95
8
94% 101%
85
85%
16
8834
85
107%
M-S
S3
83
84
10
83
J
84
85%
10
85
95«4
A-O
93% Sale
93
31
93
101%
Btrapd-1955 J - J
Tonn Coal I A RR gen
6s..1951 J - J
U 8 Steel
Corp—\coup...dl903 M-N
85%
93%
78%
96% Sale
10-60-yr Ssfreg j.. .<41963 M-N
Victor Fuel 1st s f 5s
1953 J - J
Va Iron CoalACoke 1st
g 58.1949 M- S
83
J
-
78%
95
Sale
78%
80
Sale
S F
95
2
95
96%
98%
2
208
98% Dee '17
75
80
Dec *16
89
90
Dec '17
*
*
*
Telegraph & Telephone
Am Telep A Tel coll tr 4s—1929
J
81%
Convertible 4a..
1936 M- S
20-yr convertible 4Hs----l^^ M- S
30-yr temp coll tr 5s
1940 J - D
89%
J
Cent Dist Tel 1st 30-yr 68—1943 J
-
Keystone Telephone 1st 5s.. 1935
J
89
-D
Commercial Cable 1st 2 4s. .2397 Q- J
Registered
..2397 Q- J
Cumb T A T 1st A gen 5s... 1937 J - J
-
83
81%
98
86
89%
88
Sale
99
83
68%
90
73
81
90
9234
86
93%
92
101
88
106%
89
101%
97% 103
Nov'17
69
July* 17
Sale
90
98
Apr *10
69
3
69
90
101%
"99%
86
101%
101%
98
m
9134
97
J
7
...
97% Dec '17
73
86
103%
*
88
89
78
95
96% 107%
98
107
85"
Nov'17
95
101%
mmm.-
87%
98% 101%
9234 98
96
N Y Telep 1st A gen 9
UHBA939 M-N
Pac Tel A Tel 1st 6s
1937 J - J
85%
86
8538
873,
15
90%
91%
90
91%
91%
8
90
3
98
South Bell Tel A T 1st a f 6s 1941 J
West Union coll tr cur 6s...1938 J
91% 10134
97% 101
84
85
IIII "99%
87%
90
Metropol Tel A Tel 1st s f 6s 1918 M-N
Mich State Teleph 1st 58—1924 F-A
N Y A N J Telephone 6s
g—1920 M-N
Nov'17
85
101
83%
102
75%
96% 103
84
95
J
-
89%
97% 102%
95% 102%
90
9334
Jan *17
89%
J
J
110
95
Refunding A extension 58.1933 M-N
United Fuel Gas lstsf 6s—1936 J
Utah Power A Lt let 5s—.1944 F
Utlca Elec L A P 1st g 58...1950 J
116%
90
-O
Trenton G A El 1st g 5s
1949 M- 8
Union Elec LtAPlstgGa—1932 M- S
'17
9234 Dec '17
80%
•
81%
95
79%
F-A
J
Oct
105% June'17
90% Aug '17
6a„1947 M-N
M- N
Oct '17
78
71%
96%
conv 5s
1919
Conv deben gold 5s
1922
Stand Gas A El conv s f 8s.. 1926
Byracuse Lighting 1st g 5s..1951
June'17
104% Apr '17
93
1947 M- S
Philadelphia Co
~90" 105%
105
98
6a.. 1943
90% 95%
96% 103%
90% Deo '10
83%
"73" III!
Pcod Gas AC 1st
Registered
...1947 M- S
Ch O-L A Coke 1st gu
g 5s 1937 J - J
Con Q Co of Ch 1st gu g 5sl930 J -D
Ind Nat Gas A Oil 30-yr 5«1930 M-N
96%
....105
5s International Series...1930 F-A
Pat A Passaic G A EI 53
1949 M- 8
Refunding gold 5s..
102
Nov.'17
Corp unifying A ref 5a —.1937 M-N
A-O
95
Feb *13
I 90
1949 F - A
Ed Eleo 111 1st coos g
5s._ 1995 J - J
NYAQ E! L A P 1st con g 5s 1930 F-A
Pacific G A El Co—Cal G A E
cons g
Oct
96%
98
O
J
105%
'17
Westlngb'seEAM
.
95"
93
....
.1930 M- N
West Electric 1st 5s Deo
98% 129"
101% 108%
97
101%
90
85
Purchase money g 4s
-
119
Conv deb 0a.
91
Dec '171
92% Nov'17
-D
Pacific G A E gen A ref 6a.. 1942 J
Pac Pow A Lt 1st A ref
20-yr
j
lOl"
100% 100% May'15
1927 M-N
N YO ELH APg58
100
Aug *17
1100
....
1934 A-O
Milwaukee Gas L 1st 4s
Newark Con Gas g 5a
98%
94%; 95
100 | 96
Convertible deb 0s
1925 M- 8
Ed El 111 Bkn 1st con
g 4s. 1939 J - J
Lac Gaa L of 8t L 1st g
June'13
,102
107%
97%
75%
without warrants attach
Stamped
...1930
U 8 Realty A I codv deb
g 5s 1924
U 9 Rubber lt>-yr col tr
6s.. 1918
1st A ref 5s series
A_.
1947
U S Smelt Ref A M conv
68.1920
V-Car Chem lat 15-yr 5s...1923
Sept'15
96
"4
7734
9134
92
81
The Texas Co conv deb 6a.. 1931 J
Union Bag 4 Paper 1st 5s. .1930 J
Oct *17|
97
_._.:ioi% Oct '16
....
-
53
9S34!
Kan
City (Mo) Gas 1st g 5s. 1922 A-O
Kings Co El LA Pg 58—1937 A-O
Purohaae money 6s
1997 A-O
9934'
100
Detroit Gas Co cons 1st
g 5a 1918 F-A
Detroit Edison 1st coll tr
5s. 1933 J - J
1st A ref 5s ser A
7534
J
-
1930 J
lat a f 7s 1920 warrinta attch
'17
7534
87%
9434
----
-D
50
Oct
"73"
"89%
"
....
June'17
103% Jan
J
-
1929 J
June'17
54
75
— m
....
F-A
Standard Milling lat 6a
97% Sopt'17
7534
7634
Feb
16
97
84
9 is4 Sale
1944 A-O
70
90
J
95%'
-
5
Aug '17
9434 sale
A-O
.......1951
80
A-O
J
1935 J
37
Clncln Gas A Elec IstAref 5s
1956 A-O
Columbia G A E 1st 5s
1927 J - J
«.*«**
-
73
91
87% Sale
.......1952 M- »
1st 6a
61%
10234'l03
M-N
5s
60
and
Bklyn Un Gas lat cons g 5s. 1945
Buffalo City Gas
Istg 6s—.1947
70%
mm
119
5734
'17
Apr '14
88
9084
87% 10034
90
93%
'
J
-
Latrobe Plant lstsf 5s—1921 J - J
Interocean P 1st s f 5s....1931 A-O
Sinclair Oil A Refining—
'OS
60
Oct
2
87%
96% 199%
96% 109»4
91% 102%
Railway Steel Spring—
101
85
84
75
58
*229
June* 16
73
95
5s.......1952 M-N
N Y Air Brake 1st conv
0s..1928 M-N
108
"4
July'17
83
101
83
"88%
90
89
...1934 M-N
Nat Euam A St.pg 1st 5s
Nat Starch 20-yr deb 6s
National Tube 1st
8034
Sale
31,
91
88
88%
70%
87
....
96% Nov'17
105% Oct '16
93%
89% Oct *17
87% Sale
87%
87%
1951 Fr A
con 6s A 1921 A-O
1st Hen A ref 0s series
C..1921 A-O
192% 102%
96%
96%
96% Dec '17
91% Oct '17
88%
91%
'17
95
Mexican Petrol Ltd
100
Sept'17
118
100
93
Lorlllard Co (P) 7s
90%
Oct
83
94
58
90%
132
87
....
J
Liggett A Myers Tobao 7a.. 1944
*7278 "78%
96
165
97%
94%
76
5s
101%
"42
7534
87
lat Agrlcul Corp 1st
20-yr 5s 1932 M-N
Int Paper Co 1st con
g 0s—1918 F-A
Consol conv a f g 6s
.1035 J - J
7134
47%
87%
92
100%
88
A-O
9834
99»4
102
70
73
93%
90%
75
27
92% Nov'17
9834
mmmm
94
8634
....
75
Sale
4HS-.-1936
97%
79%
'17
103%
Sale
71
iDgeraoll-Raixl
75
102
M-N —87%
M- S
97
100
85
Sale
103"
17%
July'17
Sale
General Baking 1st
25-yr 6s. 1936 J -D
Gen Electric deb g 3
Ha
1942 F-A
75
102% Mar'17
J
Gaa
95
Aug '17
mmtmm
.1924 F-A
99%
79
88% Nov'16
72% July'17
90% Feb 17
nil "gs "
87
94%
8884 Sale
1928 A-O
1st 25-year s f 5s
Cuban-Am Sugar col!
100
49%
19
89
94%
tr 0s.. 1918 A-O
Distil Sec Cor conv 1st
g 5s. 1927 A-O
E I du Pont Powder
J -D
99
77% Aug *17
98
75
F-A
Debenture
50
89
Nov'17
Apr
Industrial
5a
9834
89%
May'17
17%
Sale
&
0
100%
97% July'17
79
Aug *17
49%
73
-
St Louis Transit
gu 5s....1924 A-O
United RRs San Fr s f 48—1927 A-O
Va Ry A Pow 1st A ref
58-1934 J - J
50
94%
Nov'16
93
99
....
94
76% 100
9834 Aug *17
Income 0s
-.1948
Union Elev (Chic) 1st
g 5s.. 1949 aV6
United Rys Inv 6a Pitta Iss.
1920 M-N
United Rys St L 1st g 4s
1934 J - J
-
81%
81
100% June'17
87%
-
Undergr of London 4H9-—-1933
83
81
J
-
77%
80%
75
127
Nov'17
75
Cent Leather 20-year
g 5s_.1925 A-O
Consol Tobacco g 4s
1951 F-A
Corn Prod Ref sfg5s
1931 M-N
25%
100%
50
73%
76% 99%
"42
52
•
89
Am Writ Paper 1st s f 5s
1919 J - J
Baldw Loco Works 1st 5s—1940 M-N
Cent Foundry 1st s f 6s__.1931 F-A
11
100
71%
J
-
51%
"4778 "69%
G
77% Sale
43.1990 A-O
New Orl Ry A Lt
gen 4 H 8--1935 J
N Y Munlclp Ry 1st s f
58 A 1966 J
N Y Rys 1st R E A ref
48—1942 J
Sale
38'
12
Feb '17
92
94
89
....
1932 A-O
Am Cot Oil debenture 5S...1931
Am Hide <fc L 1st s f g 6s
1919
Am 8m «fc R 1st
30-yr 5s sorA d'47
Am Thread 1st coll tr 4s
1919
Am Tobacco
40-year g 6s... 1944
Gold 4s
..1961
'14
50
11
100
....
84%
83
82
101%
82
9734
10138 101%
100
101%
68% 86%
68%
Jan
47%
12
98
Stamped tax-exempt
1930 A-O
Metropolitan Street Ry—
Bway A 7th Av 1st 0 g 58.1943 J -D
Col A 9th Av 1st
gu g 53—1993 M- S
Lex Av A P F 1st gu
g 58--1993 M- S
Met W S El (Chic) 1st
g 4a-1938 F-A
Milw Elec Ry A Lt cons
g 5s 1926 F-A
Refunding A exten 4Hs_-1931 J - J
Mlnneap St 1st cons g 5s.—1919 J - J
Montreal Tram 1st A ref 58.1941 J - J
68%
84
F-A
Interboro-Metrop
Manhat Ry (N Y)
~68~ "69%
M- S
F-A
82
93% 100% Feb *17
100% Apr *17
81%
94%
J
-
Wash Water Power 1st 6s..
1939 J - J
Wilson & Co lat 25-yr s
108.1941 A-O
77%
82
83
____
Pub Serv Corp N J gen 5S..1959 A-O
Tennessee Cop 1st conv 6s. .1925 M-N
80
'92" 101%
92% Oct '17
90
90
80
12
91 s4
Nor States Power
25-yr 6s A 1941 A-O
Ontario Power N F lat 6s...1943 F-A
Ontario Transmission 6s
1945 M-N
67
44
a
F-A
1951 J
4Hs
'17
83%
70
& O Pow 1st 5s..1954 M-N
F-A
Nassau Eleo guar gold 4a. 1951 J - J
Chicago Rya 1st 5s
1927 F-A
Conn Ry A L 1st A ref
g 4Hsl951 J - J
guar
Oct
99% 101
1950 F-A
Kings County E 1st g 48—1949
Stamped, guar 4a..
.1949
Stamped
Ref <fc gen 6s
81% 101%
77%
101%
94
101%
Oct '17
J
83
99
N Y Dock
50-yr lat g 4a
1951 F-A
Niagara Falls Power 1st 5s.. 1932 J - J
Nlag Lock
93
-
84%
Sale
Morris
*85" "88%
May'17
85
30
75
& Co 1st s f 4
Ha
1939 J - J
Mtge Bond (N Y) 4s ser 2..1966 A-O
10-20^yr 5s series 3..
1932 J - J
72% Nov'17
55
guar 4-5s
Montana Power lat 5a A...1943 J
82
74%
92%
6-year secured notes 5a—1918 J
Bk City 1st con 43—1916-1941 J
Btaraped
99%
77
85%
36
11
J
-
76
68%
A term 1st 4s '36 M-N
Street Railway
Brooklyn Rapid Tran g 58.-1945 A- O
lat refund conv gold 4a—2002 J - J
f GS..1941 J
99%
July'17
1
34
101% 103
Great Falls Pow 1st s f 5s.-1940 M-N
Int Mercan Marine s f
6s—1941 A-O
100
36
30
85
part pd A-O
A-O
77
62%
73%
-
a
36
Sale
High
89
Granby Cons M 8 & P con 6s A '28 M-N
Stamped...—...
1928 M-N
80
Winston-Salem S B 1st 4a.-1960 j"-"j
WiajCent 50-yr 1st gen 4s—.1949 J
J
8up A Dul dlv
Computing-Tab-Reo
100% 103
99% Mar'17
75
....
86
"79% *8778
76
98% 100
IO534
85%
64%
32
Low
88%
1955 J - J
1900 A-O
5s
Coll tr Aconv 6a Ser A
do
do
full paid
'17
100% Apr '17
98%
S
85
7534
1
75
A
-
Bldgs 5a guar tax ex
Cerro de Pasco Copp env 6s 1925 M-N
Chic Un Stat'n lat gu 4 Ha A 1963 J - J
Chile Copper 10-yr conv 7a_1923 M-N
86%
.
58
No.
64%
83
Bush Terminal lat 4a—...1952 A-O
84%
High
64%
6s—1926 A-O
Braden Cop M coll tr a t 68.1931 F
Conaol
Apr '17
85
57%
80
99% 105%
84% Jan '17
76% Aug *17
71»4
1943 A-O
2? 1943 Nov
RR 1st oonsol 4a
1
78
s f
Since
Jan. 1.
30
4H8*39
Booth Fisheries deb
Ask Low
Range
h
or
30
Gonv deb 6s series B—...1926 M- S
Armour <k Co 1st real est
J -D
"73"" "77""
80
76l2
Refunding 4%s series A—1966 M-
•
81% 101
"99" 100%
Wheel Dlv lat gold 5a
1928 J - J
Ex ten A Impt gold 5a_—-1930 F-A
;
2
7484
J
-
93
Range
Last Sale
66%
Miscellaneous
Adams Ex coll tr g 4a—...1948 M- 8
Alaska Gold M deb 6a A
1925 M- 8
'16
76
1945 F - A
1952 A- O
West N Y & Pa 1st g 5a
Gen gold 4a
2!
100%
106%
Week's
Friday
Dec. 14.
Bid
35
88
Sopt'17
78
May'17
99% Sept'17
80
Aug '12
80
Ha—-1945 F-A
1st 40-yr guar 43
West Maryland 1st g 4a
Oct
Price
Inter st Period
Week ending Deo. 14.
High
35
""14
99
—
Des Moines Dlv 1st
g 4a._1939 J - J
Om Dlv 1st g 3
Ha
1941 A-O
TplACb Dlv 1st g 48
1941 (VI- 8
WashTerml 1st
91%
95%
81%
93%
81%
82i2
80
L010
Sept* 17
91%
N. Y. STOCK EXCHANGE
2353
BONDS
Since
Jan. 1.
High NO
35
J
Range
IN
or
Last Sale
Ask Low
87
-
lBt lien equip s Id g 5a
1921 (VI
let lien 50-yr g term 4a—1954 J
Det A Cb Ext 1st g 5a
1941 J
Range
14.
Bid
Debenture Series B
Week's
Friday
Week ending Dec. 14.
Record—Concluded—Page 4
June'17
101
101%
96%
103
90
Aug '17
96
101
105
Mar'17
102
Fd and real est g 4H8
-
J
-
J
1950 M-N
Mut Un Tel gu ext 5s
1941 M-N
Northwest Tel gu 4Hs g—1934 J - J
99%
86
91%
9934
Sale
99%
99%
Oct
4
86
86
98
1
*17
95
91%.
94
91% Dec '17
89
90
Nov'17
101% 101% Sept'17
*
*
*
85% 100%
91
102
103%
90
9934
101% 101%
106
aDueJan.
d Due April.
eDue May. tfDuo June, ft Due July, k Due Aug. 0 Due Oct.
94
p Due Nov.
Nov'16
j Due Deo.
sOptlonsale.
Dec. 8
Dec.
10
Dec.
for Previous
1916
Range
exchange
Year
Highest
Lowest
Highest
Lowen
Shares
14
Dec.
Dec. 13
12
Dec.
11
stocks
boston stock
Week
Friday
Thursday
Wednesday
T ues day
Monday
Saturday
Next Page
Range Sines Jan. 1
Sales
of the
PRICES,
CENTUM
PER
PRICES—SOT
SHARE
[Vol. 105.
EXCHANGE—Stock Record
BOSTON STOCK
2354
Railroad*
126
125
30
*
80
•20*
*
78%
78%
*
80
"26"
21
21
170
*150
160
*150
160
♦2
5
*2
5
*2
5
30
*10%
•
5
*
34
*148"
150
*
34
*
5
♦"III
♦148"
*
mo
125*"
*47
47%
*
t
*80*
83%
8
8%
9
8%
29
28%
28%
*90
95*"
*90
*18
20
*83
90,.
*82
*36
38
"
95
*36
„
90*"
90%
18
*78
92%
*1%
1%
*8
50
*47%
49
*77%
*90%
*1%
80
*91
37
*48
*48
90
35
79%
*75
79
74
74
93
91
91
90
91
9
*96
*1%
*8
*94%
*43
*42%
44
*61%
89%
62
44
88%
89%
61%
61%
84
10%
95
95
95
60%
*58%
60
*9%
9%
9%
4
4
9%
4
4%
147
60
♦122% 123
*5
6
15
*13
15
*
*95
*88
*88
90
89
5
114
66
63
63
61
63
*61
65
115
112
112
110
110
108
108
33
*31
33
31
31
*29
30
*10
11%
*10
12
116
118%
110
118%
119"
44
*44
46
45
11
120
47%
*45%
47%
28
*25
116% 117
117
117% 120
*45
47%
28
*25
12
*10
10
122%
*46
43
27
*25
27
*25
114
117%
28
117
113
115
111
41
40
26
26
25%
26
85
87%
81%
85% !
80%
25%
88%
*107
107% *106% 107%
5
*4%
*4%
5
*1
*1
1%
*80
105% .105% *103% 104 j
1
4%
4%
4%
4%
1%!
*1
1%
80
81
2%
*.25
.60
*.25
13%
50%
*12%
50%
13%
*41
42
*41
42%
*10%
11%
*.55
.60
79
78%
2%
238
.60!
*2%
*.25
50%
*12%
*17
11
*16%
12
42
10%
*40
.60
17%
62
*16
61%
63
425
418
420
41%
41%
41%
2
*1%
2
4%
*1%
4
9
9
42%
41
*1%
,
13%
*42
4%
4%
4'
9%
4%
9%
9
4%
13%
42%
9
*4%
4%
5
4%
45
i13"
40
26
26%
80%
84
4%
2
2%
48%
12
12
"16%
.55
.55j
Last Sale 16
i
59
61
415
415
13
13%'
11
40%.
40%
Nov'17;
59%
59%:
415
...
♦so
23%
*1
1%
2%
5
7
5
5%
5%
2
2
2
5
*4%
*6%
2
*1
1%
*1
2
*1%
6%
7
1%
*1%
2
58
*56
*17%
*2
*56
58
18
18
18
*17%
9
9
2%
*13
14
*12%
18
'...j
2
20
66%
S7/it
13%
-
-
*i~
66%
8%
13%
^2
66%
8%
13
13
%
1%
*1
37
37
58
20
66%
66%
8%
5
23
*26%
27
55
48
51
*5%
*18
6
*.74
*5%
*18
20
.80
6
17%
.74
5%
20
.74
5%
20
*18
1%
13%
66%
8t«
2
*13
*66
67
»
12%
Aug'17.
j
|
8%
12%
12%
35%.
56%
17
17
*62
21%
21%
.75
21%
57
855 Pond Creek Coal
1.31 Qulncy
*20%
21%
21
140 Ray Consolidated Copper.
39 St Mary's Mineral Land.-
49
50
49
.75
*.60
.75
5%
5%
5%
5%
5%
Last Sale
*17A*
19% Nov'17!
j
1%
*1%
1%
*1%
1%
1%
1%
.15
*.10
.15
*.10
.15
Last Sale .16
5
5
5
_
5%
3
3
2%
2%
234
2%
2%
2%
2%
*3%
4
3%
3%
3%
3%
3%
3%
3%
2%
3%
1%
1%
1
1%
2%
*11%
*76%
*2%
2%
11%
77
2%
2%
11%
Nov28
Nov
_
Sbattuck-Arizona—
Lake
!...— South Utah m a s
—
79
34% June
55% NOV
10% June
2
July
23% Nov
76% Junel8
42
Sept
73% Dec
Novl9
94
Anr 28
88
Jan
93% Dec
20
Dec 13
36
Jan
18
25
July
43
7
4% Apr
l%June
5
Oct
2
Dec
0
4% Jan
31
18
Jan
5
Jan
16
9
8% Aug
5
Nov
1
Nov
7
1
16
10
Nov
Jan
7
Dec
31% Nov
77
Dec
6% July 2
11% Oct 18
9% 9ept26
6
Mar
93% Nov
9% Nov
24% Mar28
20
July
32% Nov
Nov20
2% Jan
1
Nov26
2% Jan
33
16
Nov
1
28% June 18
25
60
Nov
7
94% Feb 21
81
10
25
10
20
Nov
5
32% Apr
3
89% Mar 6
61% Jan
205 Superior
25
1,625 Superior a Boston Copper. 10
508 Trinity
25
1,075 Tuolumne Copper
1
7
Nov
56% Dec 11
48
Dec 11
.74
Dec 11
*2
3
*2
3
2
*1
2
*1
2
*1
2
33
33
*32
34
*32
33
32
32
3,
Bid and asked prtoea
*.40
2%
.75
a Ex-dlvldend
*%
*2
3
*2%
|
Last Sale 2
32
%
and rights
7234
2%
33
Last Sale
3
Nov'17
5
200 Utah Copper Co
526 Utah Metal a Tunnel
10
1
5 Victoria
25
25
25
25
Winona
51 Wolverine
!
.75" Oct* 17
e Assessment paid
Wyandott
ft Ex-right*
•
Ex-dividend.
*
Marl2
70
July
83
Dec
95
18
10
Jan
1
Oct
30% MarlO
6% Jan
2
Nov
9
.12 Nov
1
4% Nov
5
2% Dec 12
3
Nov 19
1
9% Dec 14
72% Nov
105
Nov
5
9
67% Jan
4
52%Jan
4
3% Sept2 7
21% Feb 20
118% May 29
2
Oct
22
6
Jan
2
2
Oct
8
5% Jan
25
1
53% Mar
3
2% JaD
3
.15
Aug 23
Aug
1% Jan
6
4% July
8% July 11
6% Jan
Nov
4
.19 July
8% Jan
16
37g Jan
12% Feb
40% Feb
12% July
2% Jan
36% Nov
Nov
110
24% July
26
.31 Jan
23% Deo
109% Nov
1% July
7
July
16% Mar 6
2% Oct 31
32
20% June
5
31
5% Oct
19
11% Mar
July
2
976 Utah Consolidated
76
59
Jan
934
2%
27g Apr
Nov
1% July
67% Mar 12
2
9%
72%
9%
*75%
234
2%
4% Jan
.50 June
3
12
"
10%:
10%
,
.30
43% Nov 12
1% Mar28
76%
30
25
10
10
25
5
24% Jan
20
50
5
234
3
Mar20
50
76%
17*2 Apr
10% Jan
4% July
9
July
2
Nov
33% Nov
92% Mar20
340
Do
pref
1,025 Utah-Apex Mining
zlo
Jan
6
4% Nov
108
Jan
15
5
25
66% Dec
1,113 u 8 Smelt Refin a Mln—
2%
77% July
3
Jan
19% Nov
July
1% Jan
2612 Mar 7
l%Dec 14
22
10
5% Mar24
98
9
Nov
1% Aug
,
4
Dec
6% Nov
9
Nov
3% July
2
15% Jan 17
3
May23
1% Aug 20
57
19% Feb
9% July
2
6
4% Nov
At
11%
2% Feb
27
Nov
5% May
8
Apr
3t2 Mar
Aug 22
9
8
45
77
6% Nov
Nov
80
42
2%
Mar22
4
45
11
July
13% Nov
120
Nov
3
19
41%
*76%
June
17
44%
2%
2%
6
Jan
43
11%
78
7% Deo
Nov
20
20% Jan
44%
2%
37g Mar
July
4% Dec
6
Mar
92
41%
2
2
11% July
3
Jan
46%Jan
lat
*2
73% Nov
87% NOV
17
7
44%
2 At
2
July
64% July
9
44
*77%
*%
16
*1%
2%
46
12
44%
At
Nov
7
16
4234
2
16
Jan
1%
2%
Nov
Nov
27
7% Jan
45
At 1 At
640
July
16
44%
2
101
Dec
14
3
5
45
1%
June
510
Mar
44
3
%
3%
66
Feb 20
Jan
44%
*1
*%
2%
100 Santa Fe Gold a Copper.
379 Shannon—
250 South
Dec
26
68
44%
*2
'
5
...
105% Mar
42
Jan
63
Mayl2
41%Dec 13
*lAt l%>
44%
44%
_
Nov'17
*4%
5
45
127 Osceola..
17%'
*.70
19
277 Old Dominion Co
Nov
5% Feb
1% Aug
25
25
10
—
63
*.10
45%
j
j
July
Nov
Nov
Apr
Nov-
18
7% July
60
26
25
Lake
63
*17
64
*48
55
-
1,536 NiplsslDg Mluea
1520 North Butte
8%
1278
*36
*53
36 i
56%
17%
5
1%
pref
North
1%
44%
Do
2%
83%
97%
86%
a4 May
Dec
29% July
52
25
5
100
100
5
1
Ojlbway Mining
.16
*44%
145
River Company
Dec'17,
5
5%
new
Nov'17i
1%
*5
j
450 New Arcadian Copper——
209 New idrla Quicksilver
56
27%Jan
1% Oct 26
5
60 Nevada Consolidated
1%
13
;
Last Sale 1
63
5%
649 Mohawk
_
6
Mar
7% Dec 14
25
25
25
Colony
28% Jan
85% Jau 26
35
25
— ...
Last Sale %
17
*17
1%
13
8%
63
*.60
70
*8%
8%
*50
i
Consol
Michigan
.....
17
Last Sale 22
18
Valley Mine,
170 Mayflower-Old
1
59
i
14
*1%
1%
*13%
6%
.
*16%
18%
80 Mass
Dec'17
*58
|
Mason
125% Nov
Dec
590
68
25
25
25
5
Copper
Aug
10
9
Nov
57gDeo
1% Feb
91
52
1% Apr 23
6
——
372 Lake Copper co
615 La Salle Copper.:
5%
1
*.14
*5
Dec 13
3% Nov
1
25
pref
Lake
Keweenaw
2%
6
|
1%
Do
666 Isle Royale Copper
750 Kerr
Nov'17
Last Sale 2
56%
17%
22%
*50
1%
1%
2
58
23
80
6%
*1%
58
•
Dec'17
*2
I
♦1
*56%
18%
20
21
5%
6
*56%
*22%
56%
1%
6
1
36
65
55
Last Sale
2
*..—
122% Nov
13
Jan
2
2
39% Dec 13
25
25
1
-
20 Island Creek Coal
54
82
4% 4%
t
5%
*%
*63
5
2
35%
17%
300 Indiana Mining
5%
17%
129% Nov
2
2% Jan
Dec 13
37
100
Canauea
1%
Last Sale 5%
*17
Greene
7%
5%;
37""
66
*.74
4%
%
17%
'*51
*50
12%
65
Dec 13
11
100
Granby Consolidated
Dec'17
1%
*50
*80%
21
5i2
58
Co
7%
2
58
1,873 Copper Range
|
1%
2
*%
59
18%
Nov20
59
415
5
330 Haueock Consolidated
8
1%
5%
1%
12*2
66
18
-----
5
Novl9
10
10
Nov'17!
5%
6%
6% Sept
15% Junell
5
.35
25
25
...
Nov
8% Nov
40
5
10
10
40 Calumet a Heela
52%
82 .
20%
*7%
1%
*4%
79% Mar
Sept
31
28% Jan
41%Jan 26
73
Jan
3
2
4% Oct
*1
63% May
June
50
Jan
70
Nov
25
%4
*65
*56%
12
25
25
190 Franklin
5%
168% Aug
ll%Jan
l%Jan
108
Nov 2 4
4%,:
13%
58
% Septl2
48% Dec 13
2
4%
*%
*35"
25
—
74% Dec 14
10
8%
12%
2
38%
*38
14
1
66%
8%
6%
1%
2
57%
18%
2
*12
14
*—
-
1%
*1%
57%
5%
2
26
750 east Butte Copper mtn—
8'
20
2
26
4% Jan
Oct
8%
*8%
*80%
5%
6
*4%
8% Jan
1
25
25
10
—
'9
4%
81
1%
4% Dec 13
121
8%
23
*1
115% Feb
29
Dec 13
8% Dec 12
81
*4%
*5%
*2
*6%
*1
27
Oct
80% Dec 13
10
21%
5%
Jan
25
26
20
23
*4%
Mar
136% Jan
530 Daly-West
82
4%
1%
4%
Nov
33
22
3
30% Mar 8
135
May28
955|Davis-Daly Copper,..:
23
82
♦23
5%
70
58% Jan
4%l
8%'
*80
81%
177
155%JaD
104
Oct
Feb
Jan
9
'2%;
8
23%
Oct
16% May
Jan
Dec 12
4%
52%
Oct
59
28
38
*1%
*50
175
35% Dec
15
Feb
35
June
35
4
*1
158i2 Apr
125
68
Nov
155% Nov
7
2
2
4%
Dec
102
May28
8
Nov
107
Mar
Nov
165
162% Apr 16
Nov
27
Deo
66
140
102%Jan
Mar29
Dec 11
40
40
Last Sale 32%
23%
*4%
116
25
25
4
Last Sale 68
*80
100
2% Jan
Dec
42>
120% Dec
11
Jan
16
2
39%
8
53
Dec 10
1%
70
52%
166% Jan 25
46
Jan
3
Dec 14
10
4%
40%
38
54
Dec 13
29
1%
*36
54
108
10
50
4%
*65
55
112
7
92% Aug
Nov
181
Jan
50
Nov20
797 Calumet a Arizona
j
420
168 Centennial
70
*53
10
Mar26
95
£59
410,Chluo Copper-
38
1%
9
124% MarlO
147
Jan 19
25
11
*36
8
Marl6
Jan
May
% Nov
23% July
Novl2
Lead a Smelt.
39%!
40%!
*65
8
1
78
..100
Mining
\raer Zinc,
11
70
*1%
155
— —
11
38
8%
1%
31
1% July 16
Jan
Jan
-
100% Nov
89
Feb
169
Dec 14
—
Sept
Sept
100% Mar23
81
Mar30
79
Dee 12
60
.
102% Sept
Dec 12
35
Dec
June
63
73% Dec 14
Oct
35% Dec
95
18
120
39%
39%
39%
Jan
100
-
39
39
*36%
*1%
102
30
99
———-
pref
16
18% Jan
4
33% Jan
2
110
10
Do
pref
1,165 Arizona Commerolai...—
2,500 Butte-Balaklava Copper..
Butte a Hup Cop (Ltd)
y0%!
.60
*65
*8
Dec 12
Allouez
495
j
10%
72
1%
""l20
48%'
12
38
8
95
Company..
Algomah
48%
*36%
8
Dec 12
pref
Do
Dec'17
48%
*67%
*1%
Dec 14
655 Alaska Gold
40%
i
5
13
200 Ahmeete
75
2'/,
74%
76
9%
17
10
50
(w h) 1st pref.100
Adventure Con
.55
60%'
Do
Nov'17
40%
420
170%Jan
10
pref
100
6
2,125 Ventura Consol Oil Melds.
4%
.60
60
23
226
Dec 14
Do
10%!
*15%
186
16% Dec
Dec
Dec 12
119
100
1,848 United Fruit
3,442 United Shoe Mach Corp.. 25
238
Do
pref
;
25
100
"11,355 u 9 Steel Corporation
114
39
.60
420
13% Jan
250
Mar
159% Apr
8
10%
,
4
140
100
1,994 Swift a Co
155 Torrington.
121
12
42
10%
72% Nov
Jan
64 Pullman
Last Sale .25
12
Jan
Jan
100
Electric
111 Reece Button-Holo
4%
2'
2%
12%
42
66
Mining
.00
|
147% Deo
4
9
25% July
187 Punta Allegre Sugar
104
4%
75
50
14
42
42
2
4%
14
*41%
*2%
101% Feb
Jan
8% Dec
225
Dec
29
Last Sale 1
78
78
*48%
I
104
1%
*.25
.60
14
*41%
40%
*13
*1
*.58
17%
63
2%'
12%
*40
.60
420
63%
420
|
51
51
11
*.57
18%
*60%
420
8%
2%
50%
'38
July
27
tc8% Apr
175 Nova Scotia Steel a c
25%
"83%
25%
87%
41
98
22
61
39%
40
25%
87%
40%
5
1
Jan
"29"
113%
38
41
86%
101% Mar
79
Nov
10
61
27
26%
41
♦26
Jan
97%Jan
12% Dec
Septl3
—
Nov'17
Last Sale 115
*113
120
11
121"
66% Nov
60
20% June22
...100
15 Mergenthaler Linotype.—100
Mexican Telephone
10
New Eng Cotton Yarn
100
Do
pref
100
181 New England Telephone.. 100
Nipe Bay Company
100
100
99
*31
33
Aug
Jan
3
93
87%
87%
Aug'17
100
100
115
67
*31
42
92
5
846 Massachusetts Gas Cos.-.100
l" Sept'i 7
*63
*63
*
134% Sep
8
June
Dec
63
117
♦115% 117% *116
125% Oct
124
Oct
3% Dec
74%
Last Sale 92%
100
Dec
10
1,130 Internat. Port Cement
Do
pref
1,010
5%
13%
"73%
89
*88
100
101%
Apr
114% Mar
123
3% Apr
16
May
121% Jan 22
8%Mayl6
55% Feb
% Dee
Dec
58
Dec 12
88
7
106
105
10
172 Edison Electric Ilium
63
Last Sale
87%
87%
61
8
Mar
Not
Deo
102
95% Mar
9
100 Genera!
120
120
2
100
100% 100%
Apr
67% Jan
86
Feb
100% June 9
75
Julyl7
£87% Dec 13
100
120
75%
100% 100%
64
14
8
79% Dec 14
140%
63
♦34
Sept
July
35% Dec
125
M&?
825 Cuban Port Cement
9%
97
74
63
124% 124%
5
Nov
100% Dec 12
38% Nov 8
10
pref
59 McElwaln
79
-
69
126%June 9
121% Jan 24
128%Jan 25
Deo 12
105% Dec 13
pref
Metal Construe Inc
Do
40
13
64
2
Do
10
Dec
90
100
pref
119
15
*13
78
129
—
140"
*63
*%
100% Aug
z55
94% May 2
103% Jan 27
2% Jan
9
Dec 12
8
25
50
100
100
109
....
64
2
157
May
20
Sept
Feb
107
250 East Boston Land
78
129% *123
""*%
Jan
50% Marl7
Jan
6
1
stoasfgulf 4wi8s Lines.-100
61
9%
*119% 120%
♦5%
7
97
pref
Do
87 Art
142
13%
*95
79%
9%
97
64
77% Jan
Dec
97
74
89% Dec 14
100
-
pref
Do
73
Chemical—100
171 Amoakeag Manufacturing.—
61
*00
63%
78
64
89
"91% ¥l%
^7%
"
78
5
46% Nov21
20 American Woolen of Mass.100
61
141
5%
Do
311
61
*95
*95%
50
134% Dec
84% Feb 13
110
Jan 15
34% Novl5
50
pref...
5,311 Amer Telep a Teleg
79%
9%
123%
13%
Dec
162
10%
91%
*3%
5%
87
50
West End Street.—
201 Amer Sugar Refining-—„
40
88
63
9%
"i
145
123
124
124
Dec 13
220 Amer Pneumatic Service.-
101% 103
88%
*60
*3%
6
*5
*13
59%
9%
145
146% 146%
147
18
....
-1%
*39
89 ■
92
9%
100
pref
10 Amer Agrieul
Do
pref
105% 100
*9%
9%
93%
*58%
c-100
c
94"
"91%
*79%
93%
*60
2
3
52% Jan
Jan
8% Aug
Aug
44
Dec
26
Apr
Colony.
102
4% Dec
6% June26
31% July 3
Jan
150
*61
02
To""
10
*94%
1
£87%
89%
*61%
T0%
98
7
105
203
100% 101%
*38
39%
43
*79%
*10
£86
135
Hartford
90
93%
105% 106
103%
89
9
100% Mar 7
Dec 13
1% Dec
Sept
17
Novl7
Do
8
92
107
101
*79%
10%
*79%
107
43
Feb
Jan
Jan
2
Vermont & Massachusetts.100
78
*73
*1
1
9
94%
96%
105% 107
103% 104%
85
—100
June
90
Dsc'17
89%
8
1%
1%
105% 105%
103
103%
83
131% Dec
94
Dec
Miscellaneous
9
*8
96%
Last S'Jle 48
Feb
87
92% Jan
133
118% Nov27
21% 8eptll
90% Oct 30
"401
36%
July
162
Sept
69% Sept
Jan
100
Dee'17
35%
35
35
July
110
122
100
115 Rutland,
Last Sale 87
*82"
38
154
78% Mar22
Old
"49
Feb
Oct
123
Northern New Hampshire. 109
18
90
»
Dec 13
27
Mar28
6% Dec 12
401 nynha
Oct'17
90
90%
90%
20
*90
140
45% July
42
150
5
Jan
44
38
...
Do pref stamped
246
7
23%
28
28%
..
Jan
108
5% Jan
Mar
102% Apr
6
150
Novl2
555 Mass Electric Cos.—-.-—100
1%
6%
7%
28
Feb
Nov30
102% Novl2
100
River
17 Maine Central
87
1%
Last Sale.Wz
*
20
*19
Nov'17
87
Aug 31
90
.
100
Georgia Ry ft Else atampdiOO
Do
pref———
109
118%Nov"*i7
1%
7%
8%
pref-—-
136 Fitcbburg pref
85
30
148
100
.100
Jan
40% Feb
Dec
3
July 2
30
5
4% Feb
3
July
145
Dec
4
no par
Connecticut
45
.
Last Sale 83%
28%
9
no par
pref
Do
10
*1
*88
*90
Do
Nov'17
Last Sale 125
85
8%
235% Maj
pref
Chic June Ry <fe u s y
2
28
29%
*88
Aug
Nov'17
89
"n%
2
Aug
200
Nov* 16
Aug'17
Last Sale
83%
*
89
"*1%
34
Jan 30
3
Nov
65% Apr
119
Mar22
133
Boston & Wore Elec --no par
44
119
*80"
83%
I
"*!% "*2~
..
47
*
119
Marl6
213
July 3
June28
Diet Sale 30
i20"
46%
45
Dec 12
2
Do
*85
*100
47%
47%
121
*80~
120*
*100
9
150
Nov'17
Last Sale 4%
*90
*90
*90
18
100
Last Sale 143
5
34
Feb
100
100
2*"" Sept" 17
Last Sale 13
150
*148
150
Last Sale
19
88% Jan
Feb
52
Feb
—100
102 Boston <k Maine
2 Boston ft Providence
*150
30
*10%
30
*10%
20"
"26"
20
11
Jan
Boston Suburban Eleo.-no par
80
*18%
21
21
♦150
Jan
79
198
Dec
172
175
122% Dec 14
2 83* Dec 14
78% Dec 6
100
1,505 Boston Elevated
10 Boston <fe Lowell
30
28%
26 Boston a Albany
122% 122%
28%
29%
*122% 125
30%'
30%
30%
30%
123
126
*125
126
*125
31
30%
,
8ij Jan
.59 Deo
28% Jan
8% Oct
12% Jan
.15 Jan
2% Dec
54% Jan
49
Feb
81%Nov
53% Apr
5% Apr
2% Dec
12% Jan
75
June
5% Dec
2% Jan
3% Mar
45
Oct
1% Aug
Hail-paid.
I
30% Nov
127% Nov
11% Mar
8% Nov
8% nov
67% Feb
Dec. 15 1917.]
THE
Outside Stock
Boston
Bond
ton Stock
Last
Bonds—
Sale.
U S Liberty Loan
334 s 1947
Second Liberty Loan 4s.
Am Agric Chern 53...1928
98.30
~
-
53
1924
Am Tel & Tel cod 4s.
.1929
5s temporary
Alliance
N E Telephone 5s
Chicago
90
_
_
9034
Dec
6,000
8134
Nov
9234
67
7634
Jan
Jan
Jan
9234
Dec
93
15,000
10434
104
102
Jan
Oct
8534
Jan
Dec
.9934
Jan
Nov
78
Mar-
90
9,000
90
Nov
6,000
9234
Nov
10034
10234
Mar
93
8934
5,000
8934
Dec
10034
Jan
Jan
Exchange.—Record of transactions
Last
Par
for
Low.
Shares.
High.
255
90
91
90
since
90
Dec
39
445
Feb
Feb
9534
Aug
new...
no
1834
Preferred
1854
8334
1
..
Preferred
1
17
Nov
25
July
31
81
Feb
94
Apr
642
■
1
Dec
740
12
Nov
250
2
Dec
1,575
40
15
_
Chicago Elevated Ry
100
134
81
2
234
40
4534
corn.
Chic Pneumatic Tool.
.100
Chic Rys part ctf "2"
"40"
:
.
434
3534
Jan
Nov
78
170
140
172
834
25
Jan
Middle We3t Util pref.
100
National Carbon pref.new
Nov
92
Aug
People's Gas Lt
Jan
106
50
105
Dec
Sears-Roebuck
57
55
57
Nov
115
25
114
38
450
85
2
3634
Pub Serv of No 111
pref. 100
-
-
100
...
57
114
115"
-
3534
85
—
250
..100
95
100
250
128
com
95
"54"
Stewart Warner Sp comlOO
45
100
Swift &
Co.........i.ioo
Union Carbide &
CarbonlO
United Paper Bd com.. 100
Mar
130
106
Jan
Deo
10234
Jan
225
Nov
95
50
115
Dec
120
239
Nov
Feb
Jan
50
Feb
74
July
43
Dec
101
11634 12234
43
5034
3,954
11534
Nov
21,625
4034
Nov
Nov
16
16
17
27
15
107
108
55
107
Chicago Telephone 5s. 1923
Commonw-Edison 5S.1943
Liberty Loan 3 34 s
1947
Liberty Loan 4s.. ....1942
45
310
43
95
94
'
95
149
9334
Dec
8354
84
58
Nov
34 34
Jan
Jan
11734
8434 May
10734 May
$9,000
Jan
9934
9734
Jan
55
2,000
55
Dec
7034
Jan
97.30
5,000
2,000
9534
Nov
102 34
Feb
6,000
91
Nov
10334
98.30 Dec
7934
1,000
9334
25,000
3,000
9534
div.
9534
cEx-25%
7934
Dec
Jan
8934
92
Nov
102
9534
Dec
10334
Jan
stock
div.
a
For bonds the quotations
Ex-rights.'
are per
cent
for
]Low.
High.
Range
Shares.
since
28
49
49
49
Jan.
Low.
10
49
1,
High.
Nov
Dec
12434
Jan
55
Feb
47 54
Apr
4c
4c
6,400
2c
Nov
1
July
Apr
15c
1
15c
100
13c
Nov
48c
Jan
4C
1
Harb-Walk Refrac, pf.100
ioi"
Indep Brewing, com....50
La Belle Iron Wks
pref. 100
Lone Star Gas
1
i)4
"95"
Mfrs Light & Heat_.__.50
51)4
3
com
50
101
101)4
134
1
11834 11834
45
101
895
Dec
154
90Vs
109
Dec
Jan
334
Oct
95
95
Jan
51
34!
128 34
100
52)4
985
51
Nov
73 54
Jan
Jan
Sept
Apr
3)4
100
3
Nov
734
Jan
9)4
1534
40
9
Dec
1734
Jan
3)4
9
9
16)4
.
4134
25
90)4
20
25
13
.
120
10
4134
.
.
50
1534
Nov
22
425
41
152
25
Nov
30
15
10
May
Jan
21
Nov
56
.
Nov
42
1,090
*3734
Dec
9
205
Oct
2,378
65
Dec
7934
Dec
9134 Mar
13434 May
103.
Dec
x7
6634
8834
23,228
10334
2
834
130
4334
43
7934
834
4234
77
77
transactions
43c
.
13
,
Jan
Aug
July
43e
"W%\
50c
6,100
43c
Nov
1.55
Jan
20c
.
25c
8,600
20c
Dec
1.20
Jan
434
119
.
5
120
250
95
434 May
Apr
US
7c
84
2,000
10c
500
10c
82 34
.
8c
10c
.
8 7 34
320
8234
201
9434
...
7C
Dec
17%
135
per
cent of par
per
value.
Jan
Nov
934
Jan
Dec
5334
Jan
73 34
Sept
20
80
Feb
74
2,325
66
Feb
92
Apr
15
32
Nov
39
Jan
.
98
fNov
97.60
38,000
97
Nov
8434
1,400
8234
Dec
9734
73
4,000
Nov
84
Jan
45
72 34
45
57
Feb
45
5,000
90
4,000
90
Dec
09
9834
2,000
96
Nov
103
Jan
10034 10034
1.000
Dec
10634
Jan
43
43
------
8934
9134
------
97
97
.
(new) '66
9434
1966
Oct
Mar
90
9834
1960
June
9834
------
------
------
100.5
100
Nov
10034
200
42
Nov
89)4
Dec
104)4
Jan
97
Dec
107)4
Jan
9434
Dec
102
13,000
6,000
9434
9534
8334
16,000
8234
2,000
99
Nov
60
2,000
60
Dec
9634
Dec
93
Dec
9634
9634
95)4
95
7,000
93
1930
68
Dec
9934
60
9634
90
2.300
8234
9934
82 34
------
9534
95
------
Jan
10,000
Jan
Apr
102)4 May
Jan
9634
10234 Mar
Nov
74
Jan
10534 May
Jan
9934
Baltimore
Stock*
Exchange.—Complete record of the
transactions at the Baltimore Stock
Exchange from Deo. 8
inclusive, compiled from the official sales
Dec. 14, both
share, not
of par
Prices for stocks
21c
13634
May
May
Nov
15734
cent.
per
cent
are per
Friday
Stocks—
Par.
Sales
Week's Range
Price.
for
of Prices.
Week.
Low.
High.
Range
Shares
since
Arundel Sand & Gravel 100
Atlantic Petroleum.
3134
Baltimore Electric pref.50
38
Canton Co.
100
High.
EL & Power. 100
Consolidation Coal
100
89
150
July
150
July
14
1,203
90
871
6
22
2334
100
Preferred trust ctfs.. 100
Mer & Miners Trans... 100
Mt V-Woodb Mills v t rlOO
91
Dec
Dec
114
8,988
1,955
2334
2334
285
22
Dec
1,828
12
Oct
57
-
25
60
55
Oct
Jan
Jan
4434
2034
6734
3)4
'
Mar
127
88)4
634
334
22
65
620
6
3)4
»
Dec
Jan
1834
Dec
Jan
534
Jan
Nov
Jan
65
29
55
July
15
15
15
42
13
Mar
19
Jan
6334
6334
6534
93
6034
Mar
73
July
59
60
145
59
Dec
84
Jan
22
24
368
22
Dec
3534
"
100
Wayland Oil & Gas
Jan
234
56
Cosden Gas preferred
5
Davison Chemical..no par
Houston Oil trust ctfs.
v t r......
39?4
9-34
46
150
634
334
Jan
Dec
Dec
100
8834
Nov
31
38
91
".92)4
..5
.
55
34
150
234
38
150
Consol G
Cosden & Co
32
234
I.
Jan.
Low.
"2.3"
234
5
234
.
234
805
91
Aug
234
Nov
Jan
5
Jan
Atlan C L (So
■
Caro) 4s *48
80
'
Bait Sparrows P&C
4)4s'53
Central Ry cons 5s... 1932
90
80
Deo
Dec
99
Dec
101
July
82
2,000
82
Dec
97
Jan
99
1,000
18,000
77
7734
96
-----
96
90
"9934
6S..1923
Cosden & Co A 6s
Series B 6s
72
10134
Nov
10234
Jan
Dec
9334
Jan
Dec
90
Dec
9834
10734
Aug
16,000
90
77
96
9934
Dec
110
Mar
71
Dec
95
Aug
Aug
99)4 100
4,000
77
38,000
72
73
Georgia Pacific 1st 6s. 1922
9834
Jan
9834
1,000
71
Klrby Lum Contr 6s.51923
Funding 5s small.. 1036
Wash Bait & Annap 5s '41
Dec
90
3,000
99
'Notes 5%,.,
Lake Roland El gu 5s. 1942
No Bait Trac 5s
1942
No Central series A 5s 1926
United Ry & E 4s
1949
Income 4s1
1949
80
1,000
99
82
Consol G ELfcP 434b. 1935
Notes 6%
conv
$2,000
90
99
Chicago Ry 1st 5s
1927
City & Suburban 1st 5s '22
Consol Coal
80
90
78
73,000
18,000
7,000
10134 10134
96
95)4
72
10134
Dec
Sept
95
Nov
9734
10634
Jan
Jan
.100
_
_
Jan
......
99
99
4,000
99
Nov
10434
99
.
99
9834
Nov
106
Feb
101
101
7,000
2,000
2,000
101
Dec
101
Dec
7434
Dec
8434
16,000
54
Dec
6734
Mar
7434
-
-
-
-
80
-
"
75
54
54
54)4
80
80
100
80
Dec
"90
Jan
80
80
4,000
80
Nov
88
Jan
Jari
Jan
Feb
58 34
May
9534
38
1,870
35
Dec
115
$1,000
115
Dec
118
50
2,000
45
Apr
68
Volume of Business at Stock
Exchanges
Jan
50
the
all dollars
value.
Jan
TRANSACTIONS AT THE NEW
DAILY,
115
are
For bonds the quotations
per cent.
Jan
Oct
Dec
115
*35)4
Exchange.—The complete record
Philadelphia Stock Exchange from
inclusive, compiled from the official
lists, is given below.
share, not
12034
34
4234
Mar
95
Dec. 8 to Dec. 14, both
sales
Jan
May
28c
35
-
Stock
at
Jan
8234
7234
------
4 34s. 1965
Week ending
1917.
of
Mar
32
WEEKLY
YORK
AND
Stocks.
Dec. 14
Philadelphia
734
4734
226
7034
Bonds—
Mon Riv Con C&C 6s 1949
Pittsb Brew 6s
1949
Jan
Bonds—
27
W'h'se El & Mfg, com..50
Aug
Week.
100
U S Steel Corp, com... 100
West'bouse Air Brake..50
gen
434s
Pennsyl-Wat & Power. 100
United Ry & Elec..
50
Sales
\
Week's Range
of Prices.
j
Columbia Gas & Ele.c_.100
_T
5
Jan
Dec
1
Dec
334
434
98.20 98.80 $34,450
Last
50
_
1,795
205
103
-
Sale
64
_
Jan
84
380
65
-—-
Dec
50
Ross Mining & Milling.
San Toy Mining...
10334
97
——
Dec
50
Pittsburgh-Jerome Oop_.l
Nov
97.40
-
Nov
Dec
Pittsb A Mt Shasta Cop.. 1
Pittsburgh Oil & Gas. .100
Pittsb Plate Glass, com 100
6034
98.24
49
90
50
Nov
32
-
-
100
100
25
Jan
67
5
205
-
-
Jan
1,344
334
*3734
-
------
100.
90
Ohio Fuel Supply......25
*
"834
-
Oct
90
Pirrsb Brewing, pref
-
Dec
Gla3sMach,pflOO
Oklahoma Gas, new
-
-
Dec
7934
stock
Price.
1
—
97
Traction...... 50
Preferred
-
96
93
Last
Ohio Fuel Oil
69
49
.
Sale
Fireprooflng
6434
334
434
1,000
Friday
Nat
2234
100
-
Reading gen 4s...... 1997
Spanish-Am Iron 6s..1927
Preferred
Mines..
Jan
3434
2234
7,510
3,000
of par value.
Diana
3434
Oct
3,890
69
34,950
9234
...
not per cent.
Cold Bar Mines.-.
Dec
25
49
per
100
Jan
2734
100
14, both inclusive, compiled from the official sales
lists, is given below.
Prices for stocks are all dollars
common
43
2234
49
to Dec.
Crucible Steel
Dec
69
100
49
Pittsburgh Stock Exchange.—The complete record of
Pittsburgh Stock Exchange from Dec. 8
Citizens
Jan
28
lOO.lOJune
transactions at the
AmWind
5734
4134
320
2934
Dec
Jan
10.200
99.26
97
9634
9334
98.52
98.30 98.30
&Ex-50%
Par.
Nov
Mar
Nov
9634
9254
-----
"9234
Co 1st 6s. ..1941
Stocks-
Dec
25
25
lists, is given below.
941*
Nov
9,000
8334
8834
8134
Dec
8834
8234
55
& Co 1st g 5s... 1944
share,
43
25
28
51
85
10
4534
25
1
10
3,301
85
43
Oct
82
'8834
------
Metr W Side El ext
g 4s '38
C 1st Cs 1943
Ex-divldend.
Nov
6734 June
5834 May
June
100
•
Peop Gas L
South Side Elev 4)48.1924
Nov
Dec
16534 May
Dec
43
Chicago Rys 5s
1927
Chic Rys 4s..series "B"
x
Consol
to
Chicago City Ry 5s.. 1927
40
Jan
Bonds—
Wilson
Pennsyl RR
Phlla Elec lBt 5s
Do
small
Welsbach Co 5s
220
423
30
8334
United Rys Invest 58.1926
U S Steel Corp 2d 5s. .1963
60
44
Armour & Co 434s..-1939
Swift
Nat Properties 4-6s small.
Mar
12734
46
107
100
Jan
54
47
Ward, Montg, & Co pref..
Wilson & Co common..
100
340
Dec
9,700 C124
-
-
Amer Gas&El 5s small 2007
Elec & Peoples tr ctfs 4s '45
Aug
Dec
43
.
120
78
Dec
85
258
135
120
Mar
3534
25
97
124
120
Preferred
...100
Shaw W W common...
Preferred
255
Jan
11834
4234
5134
6534
Keystone Telep 1st 5s 1935
Lehigh Valley cons 4 34s '23
Lehigh Val Coal 1st 5s 1933
& Coke 100
Quaker Oats Co
Preferred
-
Inter-State Rys coll 4s 1943
Mar
.
4234
6134
20
*
95
90
Mar
6734
_.
7834
Jan
2534
Bonds—
115
Dec
7934
Jan
69
U 8 Liberty Loan 3
34 s 1947
Second Liberty Loan 4s
95
Dec
Nov
50
95
Dec
Dec
5134
21
28
2234
2534
100
95
92
1734
267
200
------
Warwick Iron & Steel. .10
West Jersey & Sea Shore 50
Westmoreland Coal
50
Feb
45
35
54
25
85
100
Apr
33
1734
5134
4334
50
129 34
190
878
25
------
United Cos of N J
100
United Gas Impt__.____50
U S Steel Corporation
.100
22034
14234
987
100
2,575
Jan
.
5134
334
Feb
225
Jan
434
37 34
Dec
37
Jan
Mar
85
1
Nov
47
14
24
1
170
102
Dec
25
101
45
9
1034 ENov
55)4 Nov
t r 50
108
37
Jan
--
-
25
Philadelphia Co (Pitts).50
Pref (cumulative
6%) 50
587
47
Feb
33
50
2,135
]
6734
2734
Nov
9
-
1734
104
105
Corp..
Dec
10
9
—
1134
111
95
Hartman
24
60
101
10034
132 34
47
147
50
Wm Cramp & Sons
York Railways pref
Nov
779
275
.10
Preferred
Jan
16
1034
_
Mar
74
49
-
MIdvale Steel & Ord..._50
Minehill & S H._
.50
Pennsvl Salt Mfg
50
v
46
Nov
24J4
57
Philadelphia Electric
Jan
Dec
66
16
11
Pennsylvania
66
42
32
June
24
59
Lit Brothers
Feb
July
47
100
103
Jan
5434
1
..50
102
.100
154
55
Apr
37)4
24
------
50
109
Deere & Co pref.
121
Dec
19
"4734
100
Receipts 1st paid
Lehigh Valley
June
Nov
°
10
934
Jan
Jan
7
22
Dec
32
6634
Keystone Telephone
Lake Superior Corp
Lehigh Navigation
■
Nov
8334
40
6634
Tonopah Mining
High.
144
112
61
Elec Storage Battery. .100
Insurance Co of N A
10
High.
19
43
100
1.
Jan.
90
61
J G Brill Co...
since
Low.
32
43
Union Traction
Low.
3 6255
1.
Range
8334
50
Tono-Belmont Devel
Jan.
19
for
32
------
Philadelphia Traction. .50
Reading
50
Week.
Range
19
High.
t c.100
v
Iron
Phila Rapid Transit
Sales
of Prices.
255
<
■
Week's Range
Price.
.
at
compiled from official sales lists:
•
Sale
Fisheries,
92 34
50,000
2,000
Oct
90
Friday
Booth
Nov
Sept
Week.
Shares.
8334
-par
Consol Trac of N J
93
to Dec. 14,
Stocks-
91
1,000
77
9334
6734
10
no
Susq Corp
Cambria
8934
^
_
------
Stock
Chicago Dec. 8
1,000
2,000
6734
1932
10034
83
77
1.
100
Nov
9034
92%
1944
98.20 Dec
97
92
93
Buff &
High.
9034
M13S River Power 53. .1951
Insurance
American Gas of N J..100
Jan.
Low.
82 H
9034
8234
Atl G & W I SS L 5S..1959
Gt Nor C B & Q 4s...1921
Swift & Co 1st 5s
since
92
-
receipts
Western Tel & Tel 5s. 1932
Range
Shares.
Week's Range
of Prices.
Low.
Price.
Bos¬
at
Week.
98.20 98.80 186,100
97.10 97.60 112,700
97.22
Par.
American Stores
for
of Prices.
Low.
High.
Sales
Sale
Stocks—
to Dec. 14, both inclusive:
Friday Week's Range
Last
2355
Exchanges
Sates
■!
-
Friday
Record.—Transactions in bonds
Exchange Deo. 8
CHRONICLE
Prices for stocks
are
all dollars
For bonds the quotations
are
Shares.
Saturday
Par Value.
STOCK EXCHANGE
YEARLY".
Railroad,
&c.,
State, Mun
<k Foreign
United
Bonds.
Bonds.
Bonds.
100,200
$9,431,500
$232,000
Monday
282,800
Tuesday
483,900
746,200
26,423,.500!
45,287,000!
Wednesday
Thursday
Friday
757,800
69,558,500'
70,180,500!
1,139,000
1,271.000
1,227,000
1,352,000
530,910
48,397,000
2,906,810 $269,278,000
per
Total
States
1,021,500
$782,000
764,000
1,606,000
1,330,000
1.252,000
929,500
$994,000
2,115,000
2,978,000
2,674,000
2,387,000
2,492,000
$6,242,500
$6,663,500
13,640,000
[Vol. 105.
CHRONICLE
THE
2356
Sales
Friday
New York Stock
Stocks—No. shares
value
Par
Bank shares, par
Bonds.
Government bonds...
$13,640,000
State, mun., &c..bonds
RR. and misc. bonds..
6,261,500
6,242,500
18,420,000
Total
bonds
3%
Dec
%
Nov
1%
Apr
1 115-16 1 9-16 2 1-16
6%
6
5%
44,900
%
July
2%»
Deo
r
4,800
5%
Dec
14%
Mar
%
2,300
%
Sept
%
July
%
2%
Dec
3
Dec
6%
Mar
Z
Dec
%
Sept
19%
Sept
818,409,500
Esmeralda Oil Corp r
1
Federal Oil
1
Friars Oil
r
'
$22,100
4,521
$33,950
Monday
3,914
20,550
Tuesday
11,326
73,700
8,319
30,500
Wednesday.
17,812
103,250
14,733
15,636
.___.
Total
78,100
14,072
56,350
69,450
13,147
Thursday
Friday
56,000
58,000
9,719
52,000
47,100
12,000
61,000
105,000
64,700
26,188
$250,950
$301,200
outside security market from
the transactions in the
to
Dec. 14,
Dec. 8
It covers the week ending Fri¬
both inclusive.
understood that no such reliability attaches
transactions
on
the "Curb" as to those on the
regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only mem¬
in business, and they are
bers of the Exchange can engage
permitted to deal only in securities regularly listed—that is,
securities where the companies responsible for them have
requirements before being
admitted to dealings.
Every precaution, too, is taken to
Insure that quotations coming over the "tape," or reported
complied with certain stringent
end of the day, are authentic.
In the official list at the
On the "Curb," on
the other hand, there are no restrictions
dealt in and any one can
them included in the
lists of those who make it a business to furnish daily records of
the transactions.
The possibility that fictitious transactions
may
make prices and have
in,
that dealings in spurious securities
or even
in mind,
In the circumstances,
be included, should, hence, always be kept
particularly
regards mining shares.
as
question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
It is out of the
we
give it for what it may be worth.
of Price?
Midwest Refining r
Northwestern Oil
100
r
7
100
Rice Oil
"5%
.
r
Sapulpa Refining
r.
%
8%
United Petroleum
Low.
Canadian Natural Gas._.l
Bitter Creek Copper r
1
Boston & Montana Dev..6
Carwen Steel Tool
-.10
100
41c'
44c"
Canada Copper Co Ltd..5
1%
Butte Ramsdell Cop r
Calumet & Jerome Cop r
Cash Boy
1
Consol Arizona Smelt
5
*
«.
Consol Copper Mines
5
~6%
1
2lc
1
40c
Lavelle Gold
Jan
Louisiana
15
Dec
45
M
Jan
Magma Copper
Jan
Marsh Mining r
Jan
Mason
1%
5%
Mllford Copper r
14
Mar
50
Nov
140
Jan
Mines Co of America
Nov
225
Oct
Mogul Mining r
Dec
85
Aug
Mar
Mother Lode
25%
30
1,500
16
Feb
62%
July
1
10
550
Inter-Lube Chemical r_._5
2%
Oct
Ophlr
^
,»,*.».*
%
1,000
3%
% 13-16
16%
3,000
2%
900
200
2%
Marconi Wirel Tel of Am 5
10
-.10
North Am Pulp & Paper(t)
16
Peerless Truck & Motor 50
13
N Y Transportation
2%
13
6,500
300
7-16 Nov
1
Mar
2% June
r
5
Smith Motor Truck
r
10
1
Triangle Film Corp v t c.5
United Motors.r..(no par)
U S Steamshlp.____.__ .10
World Film Corp v t c
Former
_r
Standard
4%
7
New York Transit
Ohio Oil
Prairie Oil & Gas
Standard Oil of N J
100
Allen Oil.r
Barnett Oil <fc Gas.r
10
1 1-16
Dec
25c
■July
46c
45c
47c
35c
Nov
.470
10 %c
10%c
13c
16,700
8c
Nov
56c
Jan
33c
32c
38c
16,100
32c
Dec
72c
May
-
~
•
1 %
11-16
-
%
32e
33c
34 c
5-16
'
%
Feb
22c
Nov
% May
1 13-16June
1%
Apr
Dec
13-16
Oct
60c
1
Jan
Troy-Artzona r
12c
1
Apr
United Eastern
1
9
Jan
15
Nov
35
May
1%
West
15%
7,200
5,900
Jan
14%
1%
14%
Nov
49
Jan
1,900
1%
Dec
6
Mar
1,250
22,800
1
Dec
2%
July
6%
2
2%
1,600
3-16
21.170
17c
■
1
14c.
15c
12,000
03c
71c
10c
May
%
14c
Dec
Nov
2,450
lie
3%
Oct
4,400
3% 3 9-16 313-16
3
3%
3
White Caps
1%
He
15-16 13-16
White Caps
1%
,
------
5
Unity Gold Mines
%
:
------
1
1,400
Dec
128,000
1,700
18,900
20,000
*,.*1,
10c
10,500
2%
Nov
10,700
60o
4%
%
2%
4%
62c
5%
Jan
Feb
Jan
July
Jan
Dec
Feb
Mar
Jan
4
July
Oct
84 c
Apr
Dec
33c
Mar
4%
5%
EndCousolldated-_5
------
Extension. 10c
Mining...10c
Wilbert Mining
1
Nov
%
Apr
1
Jan
17
July
Both Steel 5%
65
June
21
June
%
15-32
%
2,200
5c
11,900
34o
Jan
14c
July
2%
35C
3,100
13,000
1,670
30
17%
600
16
Feb
3%
100
2
Oct
Feb
notes..1919
5S..1919 "93%
------
Canada (Dom of)
3%
6% notes (two-year)
Nov
96%
93%
97% $18,000
96%
Dec
98%
Feb
95
93%
Oct
97%
Aug
77%
Dec
1,850
193
40
185
July
193
Dec
Great NorRy
290
181
278
Dec
435
Jan
410
10
400
Nov
640
Jan
490
500
42
480
Oct
800
Jan
248
125
222
Oct
345
5%s
r
77%
98%
Russian Govt 6%s
5% notes '20
254,000
98
99
Dec
99%
Nov
98%
98%
99% 127,000
98%
Nov
99%
Nov
23,000
1%
Dec
1 15-16
278
Mar
17c
Dec
-------
'20
1919
Rights
Sept
Sept
15C
Bonds
4% May
%
7%
40
3%
3%
%
6%
-
r.1919
..1921
Ry 5% notes '19
-
1%
6,000
77%
77%
2
1-16
51,000
98
4
Nov
97
97
5,000
97
Sept
98%
49
46
55
122,000
46
Dec
98%
39
36
45% 125,000
36
Dec
94%
Jan
96%
Dec
99
Feb
-
-
-
-
96%
3,000
96%
Aug
Jan
Jan
1
7-16 Oct
9-16
3,350
1%
13,400
1
Dec
4%
Apr
950
10
Nov
10%
Oct
13c
Dec
52o
Southern
•
Aug
1 3-16
Bethlehem Oil & Gas.r.10
10
10
10
Boston-Wyoming OH_r._l
15C
13C
21C
1%
6%
8,500
8%
7-16
...1
Sept
14
13c
235
Standard Oil of N Y...100
Other Oil Stocks
Nov
9%
1,910
8,000
Success Mining r
410
'490*
15%
8%
Feb
192
100
25c
Dec
8
17
1 3-16
3%
280
Dec
July
14%
8%
General Elec 6% notes
25
20c
21c
14
11-16
Cosden & Co new 6s...—
100
19,200
17c
14%
Apr
Superior Cop (prosp't) (t)
Tonopah Extension Mln.l
17
Rights
June
Dec
Oil
£1
76c
Sept
Subsidiaries
Anglo-Amer Oil
Nov
31c
%
Oct
35
100
10,700
22c
30c
%
Sept
%
5
Wright-Martin Airc.r.. (t)
Aug
2%
8
1
U S Lt & Heat com_r--10
Jan
SOc
32,600
400
6
Jan
Dec
7c
4,500
Dec
Mar
5c
5c
3,600
May
Sept"
46c
9-32
3
11-16 Oct
%
%
15-16
1
15%
United Zinc Smelt (no par)
Oct
%
4
9,100
1-16
1
1,070
11%
12
July
2%
88c
Stewart..
Oct
Nov
2 1-16
Jan
Jan
10
%
Apr
Dec
12,500
9%
5%
Sept
%
2%
Nov
Apr
Aug
75c
25%cJu!y
24,550
111-16
8%
Apr
280
'
23c
7-16
2
11
1%
Dec
Nov
2%
Silver King Cons of Utahrl
4,475
13
1,000
8,000
30c
'
(no par)
27 %c
90C
800
1%
3-32
46c
1,500
11,500
20c
1
Sliver King of Arlz.r
6%
7%
1%
40c
3%
13-32
Nov
3%
15-16
Standard MotorConstrrlO
58c
Nov
5c
7-16
Feb
20%
5%
6
125
1
4%
Oct
3
5
Prudential Pictures
Mar
4,000
Standard Silver-Lead
3% June
Oct
'As
12%
59%
6%
5%
1-16
1-16
1
1
1
Rochester Mines
Nov
Nov
40c
1
7-16
Oct
Dec
%
31
Oct
60
1%
%
%
44
Aug
%
1,100
1%
-r
1 1 13-16
20
Aug
1
9-16
Nov
8,000
4,200
1%
1 5-16
„
Portland Cons Copper._.l
Consolidated
Oct
5-16
%
1
58c
-
~
w
Ohio Copper new r
Rex
50
Sept
5%
Nixon Nevada
Provincial Mining
Mar
%
5
May
Feb
Mar
Dec
Dec
37%
"40"
May
Feb
Nov
3
500
%
%
%
18
10
Jan
4%
%
13,300
50
%
105
10%
1%
Oct
1
Feb
50
50
Dec
Dec
11-32 Nov
25C
Nov
Dec
Dec
Dec
Nov
3%
5%
July
4c
2
350
Jan
9%
1,000
60
1,300
2%
17c
5c
5
Mines
5,100
11,600
30,500
5c"
10e
5
r
New Cornelia r._.
112,000
3%
..
Oct
Mar
11
6%
Nov
6c
49c
590
3%
Oct
3%
Dec
900
5%
9-16
4,875
12c
2,700
3%
20,000
Nov
69c
13
3%
r
NIplssing
%
4%
17c
Feb
2%
11,000
1,850
70
Lake Torpedo B't com r 10
First preferred r...„_10
Pocahontas-Logan Coal
Jan
10c
Dec
20,250
12
2
.
Kre8ge (S S) common.. 100
Maxim Munitions r
13
Dec
500
31c
5,200
14c
65
2%
Keyst Tire & Rubb com. 10
Transit
8
3c
7,250
Jan
*77c
4,500
%
78c
30c
Nevada
Oct
4
Nov
3-16
6c
Aug
1%
12c
1
National Zinc & Lead r._l
June
Nov
Deo
3-16
National Leasing r
8
3-16
Oct
2%
Nov
85c
9-16 11-16
28c
25
10,500
Jan
44c
73c
1
Dec
Sept,
2
Jan
3%
Dec
Aug
13c
__1
r
Dec
Nov
12o
19,300
3
1
Monster Chief r
90
_
2%
2%
73c
__..l
...
Dec
Nov
2%
Jan
July
1%
1.600
800
21-32 11-16
f
5
Valley.
McKinley-Darragh-9av_
.
1%
7%
3-16
5
1
July
2%
40c
Dec
Nov
1%
*H
30,460
1
181
9%
7-16
Nov
%
4%
25,000
4%
%
_1
3,600
9
Dec
4%
1
1
13-16 May
Mar
12c
^
1
r___
88
Dec
15c
5,125
7,000
9-16
3%
Consol
37
%
5,900
*1%
%
12c
1
Dec
2%
Aug
25c
12%
%
50c
70c
10c
Oct
Aug
Feb
% 13-16
%
25c 4 11-16
3-16 Dec
Mar
3
2 3-16
1
Jan
Nov
2%
6%
7,100
------
1
25c
Josevlg-Kennecott Cop__l
19%
440
Nov
3
Consolidated .10
r
Nov
7%
%
r
34c
1%
2%
%
2 5-16
Extension
Mar
Sept
1%
Globe-Dominion Copper. 1
Jumbo
160
%
40c
Gibson Cons Copper.r__l
Jerome Verde Cop
Dec
1 1-16
4%
Fortuna Cons
Blossom r,
3o
8,700
%
First Nat Copper
Mining
June
2,800
7-16
Goldfield Merger r
3
4%
6%
1
1
5
Goldfleld
Feb
214 2 9-16
Cresson Con Gold M & M 1
r..
2%
1%
Aug
21c
%
4%
Copper Valley Mining r..l
70
/ Intercontinental Rubb.lOO
-
Consol-Homestead
Emma Copper r...
1%
3
'
„
Jan
Dec
1% 1 11-16
3
Coco River Mining r_
Sept
78c
%
2,500
41o
1%
Dec
11,000
4%C
37c
Oct
Nov
36o
Jan
Mar
6
20,300
2
3c
1%
1,000
10,100
14% June
58,100
4,450
1%
1%
39c
1
Denbigh Mines.r_
6
45c
%
4%c
...1
r
7
5%
Cerbat Silver M & M.r..l
Cerro Gordo Mines
1%
41c
1
Nov
20
Oct
2%
21
1,200
Jan
2%
% May
5,450
July
820
Nov
Oct
4,500
1,500
Dec
100
746
%
39o
%
1
5
1
1
Oct
4
Dec
%
Butte & N Y Copper
15%;
23
%
10c
68,200
50c
39c
Jan
6%
1,700
25c
Jan
Sept
2
200
%
Mar
1%
200
Oct
Nov
15
3
59,500
2%
Sept
Nov
1,150
21%
Sept
%
7c
As
%
5%
70
7-16
5-1G
12,300
5%
73
22%
11,900
2,600
70
......
3,700
%
13,650
70
r
2%
3-16 June
1%
9c
5-16
100
Everett, Hcancy & Co r 20
Jan
Apr
%
Cramp(Wm)S&E B.r. 100
Curtisa Aerop & M com(t)
DHall Switch & Signal r.100
1%
11%
6%
70
r
Nov
Nov
%
3
%
Nov
Dec
Sept
6%
Butte Cop & Zinc v t c
10%
615
9
Oct
55c
Dec
Butte-Detroit Cop & Z..1
50
210
10c
Dec
1%
1%
100
64%
60
204
3,000
50c
Oct
Dec
1%
Jan
2%
Oct
%
34o
1%
% June
8%
*62%
Cities Service com.r.__100
4,550
2,000
1
5
Bradshaw Copper r
51%
Dec
13,900
12c
10c
Kewanus
10,050
1,000
Mar
'
1%
Klrkl Porphyry G M.r__l
La Rose Consolidated...5
%
Mar
6%
8c
8%c
Atlanta Mines.r
Aug
2%
12%
1%
1
Big Ledge Copper Co....6
Mar
1%
25
Feb
Dec
Dec
1%
June
3-16
.....
Car Ltg & Power.r
Aug
Nov
7-16
1
300
6%
1 "As
"9-16
r.10
Alaska-Brit Col Metals.. 1
99%
15
Aug
Mining Stocks
40
45
54
11-16
3,936
Feb
15
Mar
Nov
9,700
Dec
45
45
Jan
10%
Sept
%
60
800
Jan
Dec
5%
Nov
4%
25
1,800
16c
.
3-32
%
50
16
Jan
75c
Nov
52c
3%
400
16%
Jan
1
14%
•5
3%
Apr
1,300
160
Dec
4,220
"5-16
65
%
Dec
Nov
5%
9-16
10c
14% June
2
4c
lie
Dec
1
r
Acme Cop HiU Mines
Iron
High.
Sept
35
stk r.._10
new
Mar
%
%
1 % 1
-
1
r_
United Western Oil
Victoria Oil
—
-
-
Aug
1%
1 6-32
%
%
-r
188
Oct
July
%
47c
8%
%
.1
Nov
Jan
1,300
9-16
1
r
Sept
8%
%
8%
1
Stanton Oil
July
1%
.
Security Prod & Refg com 5
t
1.80
Jan
M 1 5-16 115,000
%
% 23,200
15-16
5
r
5%
5%
1
i
Red Rock Oil & Gas
4%
Jan
600
38
35
Pan Amer Petrol com r.50
Penn-Rentucay Oil
3,500
4,300
6%
Jan
%
1% June
42% Aug
Jan
10,800
30e
5%
Mar
98
7,500
5%
15%
Dec
28,000
6%
28c
29c
5
r
5c
14c
6%
1
com
4c
5%
Nov
2,900
12c
13c
Nov
%
23,700
4%C
5
4%
11%
11,395
%
eoc
Oct
10
16,800
109
%
47C
1
r
r
Oklahoma Prod & Ref
26
1'5%
Preferred
Cbevrolet Motor
38,500
16
.£1
bearer
9
46
%
Canadian Car & Fdy r 100
Preferred
860
90
1
Oklahoma Oil com
60
*26"
prof.100
Amer Tin & Tungsten r_„ 1
Brlt-Am Tob ord'y....£l
_
1,000
Dec
2%
1,800
21%
%
55c
26
Air Reduction r_.(no par)
Submarine Boat.
1.07
55c
1% 13-16
97
1
i__l
r
Jerome-Prescott Cop r___l
46
7%
46
Amer & Brit Mfg,
'
11,800
42,000
1 3-16
50
NY-Oklahoma Oilr
Jim Butler
'
Aetna Explosives t (no pan
Manhattan
13-16
85c
91c
1
International Mines r___l
Range since Jan. 1.
for
Week
High. Shares.
Low.
Par. Price.
Stocks—
Electric Gun
Oct
16
1
Midwest Oil, com r
Preferred r
Great Verde Ext Cop r
'
Week'8 Range
Last
Sale
Preferred
Dec
3-16
Green Monster Mining. .60
Sales
Friday
14.
Week ending Dec.
Ordinary
3-32
2,575
9-16
Hecla
Preferred
30,100
5-16
%
"l8%
Caledonia Mining
Any security may be
meet there and
may creep
11%
5-32
%
Somerset Oil
It should be
whatever.
2,800
Sequoyah Oil & Ref
day afternoon:
to
Nov
4%
11%
1
10
Merritt Oil Corp r
Omar Oil & Gas
Market.—Below we give a record of
Deo
25
3-32
""H
1
Osage-Homlny Oil
New York "Curb"
8
Sept
8
3%
£1
r
Oil
Preferred
55,278
$403,000
67,167
....
$11,400
1,100
1,590
1,972
4,017
10,527
6,982
'
Nov
15
12
21
Metropolitan Petroleum 25
3,669
5,577
Saturday
1
3,700
4
Kenova
Bond Sales.
Shares.
Bond Sates.
7
23%
7
5%
r
Lost City Oil r
Shares.
Bond Sates.
Shares.
%
3-16
%
1
Internat Petroleum
Week ending
Dec. 14 1917.
6,300
9,500
8,200
8,600
8
23
r
Humble Goose Cr O&R
Baltimore.
Philadelphia.
2%
7%
100
Houston Oil com
(
'
Boston.
*
AND
Feb
%
2%
1
r
4,700
Jan
5%
3-16
10
r
Glenrock Oil
TRANSACTIONS AT THE BOSTON, PHILADELPHIA
BALTIMORE STOCK EXCHANGES.
1
%
%
%
2%
1
t
Hanover Oil & Ref r..._._5
DAILY
3%
%
Elk Basin Petroleum _r_.5
Elkland Oil & Gas
$1,112,282,450
13% June
5%
700
6%
3%
15-16
293,082,500
$993,163,250
$24,699,500
$26,546,000
...
Cumberland Prod & Ref
$790,450
$257,310,750
284,871,500
450,981,000
$18,000
6,663,500
-
Crown Oil.r
6%
1
r
Dec
18,200
44,350
5%
5
5
Cosden & Co.r
Preferred
High.
Low.
Shares.
High-
Low.
Price.
Other Oil Stks. (Cond.)
219,541,839
178,322,525
10,504,131
2,906,810
$269,278,000 $904,550,675 $16,452,353,780 $18,906,932,600
$278,700
$125,300
$4,200
1.
Week.
Sale
1916.
1917.
1916.
1917.
Exchange.
for
of Prices.
Jan.
since
Range
Week's Range
Last
14.
Jan. 1 to Dec.
Week ending Dec. 14.
Salts at
70,000
t No par value,
Odd low.
change
this
rUnllsted.
week,
u
Sept
y
Ex-rights,
z
and
I Listed on the Stock Ex¬
will be found. oNew stock.
Issued, x Ex-divldend.
i Listed as a prospect.
where additional transactions
Ex-cash
stock
Ex-stock dividend.
dividends,
w When
Dec. 15 1917.]
THE
current
—The publishers of "Lefax"
military subjects
sheets
as
a
part
are
CHRONICLE
notice.
now
of their
including
New York City
a number of sheets on
loose-leaf data sheet service.
indexed
are
on
the same
the "Lefax'* data sheets
covering the various branches of
general
subjects.
They
are
published by Lefax,
Inc.,
as
matter of
a
The
105
170
180
Nat
100
N Y Title A
Casualty Co
record,
mmmm
City Invest'g
Preferred-.
as
13
16
60
Bid
Savings Bank,
Dayton and the Dayton Sav¬
for full details.
—At
97Vz and interest to yield 7.40%, Bertron, Griscom &
Co; of 40
St.,- this city, and Land Title
Building, Philadelphia, are offering
$1,250,000 Memphis Street Railway Co. 2-year
6% collateral notes, due
Nov. 1 1919.
Net earnings are
approximately one and two-third times
all interest
charges.
After payment of all bond
interest, surplus earn¬
ings applicable to interest on these notes amounts
to
OH
Stocks
erShare
r
interest.
The
notes
[)
Buckeye Pipe Line Co
800
450
[)
*80
300
325
3
10
410
440
*30
35
Cumberland Pipe Line..
120
3
190
3
118
122
3
128
132
3
170
180
3
com...
*80
85
*1U4
1134
13
Erie
185
195
95
100
5*282
287
*33
38
5
*812
9i2
consisting of $1,416,000 first mortgage bonds and
$512,000
0
Solar Refining
265
180
tificates of the Sheffield Farms
Co., Inc.
by a first mortgage on the
0
Co.
These certificates
are
12
90
Washington Oil
80
84
320
330
0
*28
33
•r
Cent.
__
j
taken
over
The letter shows
comparisons
1914 and 1917
respectively, as well as
war.
of common
stock
they have compiled
the
of the
course
as
last
feature of the volume is
booklet which
a comprehensive
index which enables the holder of
bond to quickly ascertain the
points on which he may desire information.
6.00
7
30
132
142
94
Ordinary,
125
150
60
5
*57
0
95
85
30
97
Companies
Bid
Ask
America*
495
515
Manhattan *
310
320
Co's.
New York
205
210
Mark A Fult
245
255
Bankers Tr.
170
365
180
Meeh & Met
Amer
Exch.
Atlantic
Battery Park
400
150
Bronx Nat__
.
270
285
-
-
—
200
150
111
114
Chlo A West Ind 6s'
109
113
Del. A Hudson 5s 1920 F&A
Erie RR 5s 1919...
A-0
95f2
88
90
General Rubber 5s 1918. J AD
Gen Elec 6s 1920
.J&J
96U
08U
97
6% notes (2-yr)
Great Nor 5s 1920
9834
9612
9712
9978
97
102
*40
45
0
Phelps-Dodge Corp..
260
280
0
440
*25
500
700
0
Woodward
420
35
55
35
0
com
*89
91
290
300"
9
90
94
375
New York-
440
405
375
People's*
205
210
Prod Exch*.'
380
387
Public...
'205
215
_
—
mm—m
161
285
295
23d
Cosmopol'n*
85
95
East River..
60
Fifth Ave*— 3500
65
875
900
175
185
Germ-Amer*
135
145
German Ex*
395
.
185
Hanover
305
200
t650
95"
71
87
89
50
105
130
Metropolitan
340
110
chester)
155
Puget Sd
Tr L A P
com.
N Y Life Ins
s205
200
"
115
125
47
946
960
•52
575
590
79
275
93
19
260
220
565
"
Scandinavi'n
TltleGuATr
Tranaatlan 'c
I75"
Union Trust
340
360
125
135
USMtg&Tr
400
255
.
240
250
490
Mechanics' •
215
270
UnitedStates
900
150
Westchester.
130
"
110
120
115
Brooklyn.
Brooklyn Tr
120
Franklin
Irving
Liberty
370
390
Nassau
200
Lincoln
280
300
Nation'ICity
265
North Side*.
175
200
130
140
Queens Co..
_
„
People's
People's
_
Montauk*—
Hamilton
265
1(
f
90
93.
90
95
—
52
avaua
Tobacco Co
Preferred
81
98
:
51
160
1
iternat Banking Co
100
iternatlonal Salt
100
1st gold 58 1951
5
-
m
I New
(*) are State banks,
stock.
yEx-rigbte.
f
s
AAO
90
100
AAO
25
40
85
]
26
29
|I ehlgh Valley Coal Sales.
61
jC
*212
1932
Genl -is 1932
I .emington
91
5
60
•05
70
100
40
44
100
tls Elevator common
Preferred
70
74
Typewriter—
Common
preferred..
100
58
61
2d
275
100
1st
m
preferred
100
39
42
com.. 100
115
120
100
86
88
1 ■oyal
85
at auction or at Stock Ex¬
Sale price.
76
"
41
mm
74
8
59
—
A-O
9
1st
9
~
60
60
39
8
54l2
1
12
Dl
6
/48
]
13
147
12
2
Baking Pow
Preferred..
a
100
...100
1st g 5a June 1 1922.. J-D
)teroontluen Rubb com. 100
■
7
650
140
38
141
'
22
9
275
625
Manufact'rs.
70
88
orden's Cond Milk com. 100
Preferred
.100
34
59.
1(
245
Kings Co
95
275"
84
6
590
_
125
100
5
preferred
United Lt A Rys com
570
82
50
2d
no"
78
120
20
3
140
165
210
100
Preferred
53l2
10
925
140
150
Homestead *
4S0
62
corn
*5
420
...
60.
Graphophone
•20
285
640
Greenpolnt
68
100
Preferred
1434
N Y Trust..
350
65
m
8D2
Trust—
A
38
100
74
12
360
35
Preferred
32
8012
Mut'l (West¬
212
Miscellaneous
52l2
68
31
88
97
210
68
195
130
Imp A Trad.
change this week.
67
Preferred.
Tr A Dep.
145
Hillside *„.
Banks marked with
1
and
11
9~7"
Lincoln Tr..'
....
84
Industrial
36
68
Mercantile
115
Harriman.—
*
9
33
165
425
500
Flatbush
"
)
90
96
6
)
142
First
_
350
265
Yorkville*—
Brooklyn.
Coney Isl'd*
200
335
_
250
295
Ward*.
Wash H'ts*.
Westch Ave*
West Side*.
230
Garfield
205
Fulton
Guaranty Tr
135
995s
9534
993« 100
80
First MtgO 6s 1951—.
mmmm
95
32.
75
Union Exch.
Unit States*
4500
215
25
100
State*.
Corn Exch*.
3
9
I
120
Sherman
158
<mm
240
400
Commerce..
3
430
195
Law Tit A Tr
440
Second
320
325
400
....
Hudson
Irving Trust
220
230
Seaboard-
Columbia*..
310
Farm L A Tr
200
City
7012
Fidelity
460
200
Citizens
69l2
Equitable Tr
270
Park...
98
99i8
92
Empire
Pacific *
mm
Y Central 4^81918-MAN
5s 1919—
90
175
110
m
MorganA Wright 5s Deo 1 '18
99
165
320
m
9914
36
205
mm
9834
67
200
Colonial*... GOO
97
97
33
300
98
95i2
206
62
100
Gotham
203
)
~
8884
m
96
3
—
m
9612
9
m
m
95
J
220
98
96
mmmm
m
9812
24
715
A Phen
—
JAJ
99
97
SSi2
9
9
JAJ
'18.MAN
1921
99
9514
88i2
255
Chelsea Ex ♦
Greenwich*.
88
375
15 '18.F-A
96U
Laclede Gas L 5s 1819—F&A
77
20
MAS
9612
96i2
Mioh Cent 5s 1918
50
73
D
Ask
84
45
9
700
100
Germania*
0
100
200
First
195
3
Preferred.
4MB
41
190
245
New Neth*.
Fifth
*39
CentralTrust
Columbia*..
Commercial-
New York Co
Coal A Iron.
)
'19. J&D
97
9512
95l2
18.MAS
5MB 1918
K C Term Ry 4Mb
300
100
-
Int Harv 5s Feb
K C Rys
Gas & Eleo
96*2
Hocking Valley 6s 1918 MAN
Utilities
285
160
99i4
97i4
0
250
90
9934 100
9834
96l2
Beth Steel 5s 1919.-F&A 16
Canadian Pao 6s 1924.MAS 2
275
150
Chemical
Amer Tel&Tel 4Mb 1918F&A
Balto A Ohio 5s 1918 —J&J
5s 1919
J&J
75
Metropolis*.
Butch A Dr.
Chase
150
106
243
Metropol'n *
Mutual*...
-
BryautPark*
Chat
Bid
125
65
Merchants..
ISO
Bowery*
Bronx Boro*
Trust
100
100 100
Notes—Per Cent.
235
0
Banks.
Short-Term
0
Preferred
Ask
104
0
Public
Bid
400
100
0
and
'
98
350
100
Young (J 8) Co
40
0
130
93
Reynolds (R J) Tobaoco.100
90
0
mer
New York City Banks and Trust
190
100
Preferred
0
Banks-iV.Y.
17
250
233
)
quote all
*15
200
Preferred
60
229
16
£1
Johnson Tin Foil & Met-100 100
MaoAndrews <fc Forbes.. 100 -170
77
0
or
bearer
.100
SO
0
they will establish in Pittsburgh.
—Didrichsen & Co., 34 Pine St., this
city, will buy, sell
issues of Russian Government bonds.
Telephone 3174 John.
*14
Conley Foil
0
of their firm,
Britlsh-Amer Tobao ord..£l
duPont (E I) de Nemours
"
open the new offices which
93
80
83
50
95-
85
70
450
72
Ask.
85
*75
84
6.00
Bid.
.'[(K)
Fdry„ iblij
Amer Machine &
Preferred
investment bargain possibilities in sound
public utility, securi¬
ties are described in literature
which will be seht
upon request by H. M.
Byllesby & Company, 220 South La Salle
Street, Chicago, and 1220 Trin¬
ity Bldg., New York.
of
Preferred..
108
0
—The
—Kean, Taylor & Co. announce that on Jan. 1 Mr. Jerome Hill
Jerome Hill & Co., Pittsburgh, will become a
member
Par
98
105
.
Amerioan Cigar common. 100
0
1
6.00
7.00
0
Colt's Patent Fire Arms
Mfg
7.00
Southern Railway 4Mb..t..
0
comprehensive analysis of the Seaboard Air Line
Ry., Adjustment
5% gold bonds, due 1949, has been
prepared for distribution by W. C.
Langley & Co., members of New York Stock
Exchange.
The analysis
also covers the
prior obligations of the road.
6.00
5.00
Toledo & Ohio Central 4s—
7.00
Tobacco Stocks—Per Sha
ire.
0
2d preferred
—A
5.60
5.60
7.00 6.00
48
0
Carbon Steel common—.
5.00
6.25
4
a
6.00
5.00
5.70
5.00
20
0*
6.75
5.70
6.00
0
the result of thousands of
questions asked during
two Liberty Loan
campaigns on this theme.
A
5.75
6.25
0
a
6.25
N Y Ontario & West
4Mb...
Norfolk & Western 4Mb
6.00
5.75
7.00
0
Baboock A
6.00
6.75
7.00
0
Atlae Powder common.
Liberty Bond,"
6.75
6.25
77
45
0
prices for
dividend rates.
—John Muir & Co. have issued
"Your
7.00 6.00
7.00 6.00
Equipment 4s
Ordnance Stocks—Per Share.
with 12 important British
systems
by the Government immediately on the
outbreak
5.00
6.25 5.25
Equipment 4^8.—
i
Southern Pacifio Co 4^s__
73
4
leading American railroads
were
5.75
5.00
Seaboard Air Line 58—
Bouds.
5.50
6.75
St Louis Iron Mt A Sou 5s
St Louis & San Francisco 6s.
comparing
of the
6.60
Equipment 4s
Pennsylvania RR 4Mb
100
0
5.50
5.70 5.00
5.70 5.00
._
Equlpment 4Mb
240
0
6.00
6.50
Equipment 4Mb.-.'
410
0
impending changes in the American
railroad adminis¬
Joseph Walker & Sons, 61 Broadway, New
York, members
New York Stock
Exchange, have issued a special letter
of the
236
390
6.00
7.00
New York Central Lines 6s_,
'
0
of $100 or
multiples thereof will be issued in various
See the advertisement for full
details.
—In view of the
498
0
6.00
7.00
5.70
480
493
7.00
5s
Mobile & Ohio 5s
305
450
6.00
6.00
6.00
440
295
0
tration Messrs.
which
600
410
0
secured
Denominations
maturities.
of the
585
0
0
6.00
7.00
Missouri Kansas & Texas 5a.
Mlssouri Pacific 5a
105
213
Standard Oil (Kansas)..
Brooklyn plant of the Sheffield Farms Co. and
guaranteed principal and interest by the New York
Title & Mortgage
are
95
208
6.50
Minn St P & S 8 M
4MB....
255
0
0
6.50
6.00
5.00
Louisville & Nashville 5a__—
Michigan Central 5a
190
245
6.00
5.50
Equipment 4Mb.
Kanawha & Michigan 4Mb..
285
0
0
our
7.00
7.00
7.00
Illinois Central 5a
233
5.75
7.00
Equipment 4MB
Equipment 4s
Hocking Valley 4s
Equipment 5s
410
6.00
6.75
6.75
Chicago & N W 4Mb
Chicago RI & Pao 4Mb
Colorado & Southern 5s
9
Southern Pipe Line Co_.
7.00
6.75
6.00
*11
5
6.75
7.00
3
Penn-Mex Fuel Co
5.25
5.25
6.50
Chlo Ind & Louisv 4Mb
Ohio St Louis & N O 6s
1
3
.
5.75
6.00
6.00
3
Indiana Pipe Line Co
6.25
Georgia 6s
Equipment 4Mb..
Chicago & Alton 4s
Chicago & Eastern 111 5Mb..
Equipment 4Mb...
200
Galena-Signal Oil
Basis
mtral of
130
Eureka Pipe Line Co
227
advertising columns to-day the New York Title &
Mortgage
Co., 135 Broadway, this city, and 203
Montague St., Brooklyn, are offer¬
ing for private investment $250,000
53^ % guaranteed first mortgage cer¬
175
Canadian Pacific 4Mb...
Caro Cllnchfleld & Ohio 5s
40
3
3
particulars.
—In
160
Wea A Bronx
Equipment 4s
84
3
390
another page for
65
Baltimore & Ohio 4Mb
Buff Rooh &
Pittsburgh 4Mb
825
425
0
on
205
55
Bid. Ask.
18
0
See to-day's advertisement
190
Equipments—PerCt,
Ask.
by $1,928,000 mortgage bonds of
general mortgage bonds.
other
secured
are
*17
[)
5.73 times the annual
note
60
RR.
Bid.
1
Wall
the company,
45
80
Casualty
U S
Quotations for Sundry Securities
Standard
of
Ask
70
USTltleGAI
Surety.
All bond price* are "and
Interest" except where marked "X*
Bank of
Equitable Trust Co., City National Bank
ings & Trust Co.
See the advertisement
170
Realty Assoc,
(Brooklyn)
Title AM G
in
Guaranty Trust Co., Halsey Stuart & Co., Fifth-Third
National
Cincinnati, Hayden, Miller & Co., A. B. Leach &
Co., William
R. Compton &
Co., Continental & Commercial Trust &
95
160
Bid
100
Mtge
National City Co., Harris, Forbes
& Co.,
Ask
85
85
66
offering of
an
$15,000,000 Miami Conservancy District of Ohio
5M% bonds, due Dec. 1
1922-46, inclusive.
Price 100 and interest,
yielding 5M%.
The bankers
composing the syndicate include
98
Lawyers Mtg
Mtge Bond.
engineering and
having been sold, the selling syndicate have inserted
this week's issue of the
"Chronicle"
75
Sheridan Bldg.,
Philadelphia.
—AH the bonds
plan
Ask
65
Amer Surety
Bond & M G
The
far issued consist of
digests of Government publications on such
subjects as the cleaning and care of the
rifles, semaphore and other forma
of signalling, drill
regulations, range tables, description and operation of
rifles, principles and modern
developments of trench warfare, and methods
of
estimating distances.
The sheets are of uniform
size, punched to fit
the standard loose-leaf
Realty and Surety Companies
Bid
Alliance R'ty
so
pocket book, and
2357
•Per
share.
/ Flat price,
6 Baala.
n Nominal,
d Purchaser also pay*
accrued
x
Ex-dJ vldend.
y
Ex-rights.
dividend;
•
11
13
New atook.
CHRONICLE
THE
2358
imrvsiraetd mtl
JfUrilrjaaxI %ntrtliQgnc&
GROSS
RAILROAD
The
[Vol. 105.
EARNINGS.
earnings of various STEAM roads from which regular weekly or monthly returns
aan be obtained.
The first two oolurana of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. X to and including the latest week or month. We add a supplementary state¬
ment to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.
It should bo noted that our running totals (or year-to-date figures) are now all made to begin with the first of
January instead of with the 1st of July.
This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year.
In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year.
Our own totals have accordingly also been altered to conform to the new
practice.
The returns of the electric railways are brought together separately on a subsequent page.
following table shows the
gross
^
Jan. 1 to Latest Date.
Latest Gross Earnings.
Jan. 1 to Latest Date
Latest Gross Earnings.
ROADS.
Current
Current
Year.
or
Previous
Year.
Year.
Previous
Year.
%
Week
$
%
$
Month.
Ala N O & Tex PacAla &
Atch Topoka & S Fe
Atlanta Birm & Atl
Atlanta & West PtAtlantic Coast Line
a
Chariest & W Car
Lou Hend & St L
Baltimore & Ohio_
M-yB & OCh TerRR
Bangor & Aroostook
Bessemer & L Erie-
Birmingham SouthBoston & Maine
Buff Roch & Pitts
Buffalo &
_
_
Susq RR_
Canadian Nor SystCanadian Pacific.
Caro Clinchf & Ohio
_
Central of Georgia.
Cent of New Jersey
Cent New England
.
Central
Vermont..
Ches & Ohio Lines_
Chicago & Alton
Chic Burl &
b Chicago & East 111
c Chic Great West
-
_
Chic Ind & Loulsv.
Chicago June RR__
Chic Milw & St P-.
dChic & North West
Chic Peoria & St L_
Chic R I & Gulf.___
Chic Rock Isl & Pac
d Chic St P M & Oin
Cine Ind & West
Cine Terre II k 8 E
Colorado
Midland.
Colorado & South.
Cuba
Railroad
e
Delaware & Hudson
Del Lack & West..
Denv & Rio Grahde
Denver & Salt Lake
Detroit & Mackinac
Tol
Detroit
& Iront
Det & Tol Shore L.
Dul & Iron Range.
Dul Missabe & Nor
_
Dul Sou Shore & Atl
Duluth Winn & Pac
Elgin Joliet & EastEl Paso & So West-
Erie
Florida East Coast.
Fonda Johns & GIov
Georgia
RailroadGrand Trunk Pac_.
_
Grand Trunk
Grand
Syst.
Ry
Trunk
Grand Trk West.
Det G H & Milw..
Great North System
Gulf Mobile & Nor.
Gulf & Ship Island.
Hocking Valley
Illinois
.
_.
._
__
__
__
..
__
...
__
__
•
_
_
..
__
»_
Central
Internat & Grt Nor.
Kansas
City South.
Lehigh & Hud Riv.
Lehigh & New Eng.
Lehigh Valley..
Los Angeles & S L__
Louisiana & Arkan.
Louisiana
208,736
248,771
78,348
__
Ouincy
Ry & Nav
f Louisville & Nashv
Maine Central
Maryland & Penn_
_
Midland
Valley
Range
Minneap & St Louis
Mineral
Minn St P & S S M.
Mississippi Central.
g Mo Kan & Texas.
Mo Okla & Gulf—
h Missouri Pacific..
Nashv Chatt & St L
Nevada-Cal-Oregon
Month.
..
._
._
j New York Central October
Boston & Albany October
Lake Erie & W
October
Michigan Central October
4th week
1st
week
2d
week
3d
week
(28 roads).
(30 roads).
(29 roads).
29 roads).
4th week
25 roads).
1st
week
2d
week
27 roads).
25 roads).
3d
week
4th week
1st
week
(25 roads).
(30 roads).
(18 roads).
__
Cleve C C & St L October
Cincinnati North October
__
__
Pitts & Lake Erie October
Tol <fe Ohio Cent. October
__
Kanawha & Mich October
Tot all lines above October
N Y Chic & St Louis October
N Y N H & Hartf_
October
Previous
Year.
Year.'
$
.
1,591,655 1,493,443
136,284
687,009
5,320,506 5,101,179
20745164 17851688 180476683 168628982
2,023,618 1,935,437 18.940,696 17,899,337
6,794,553 6,139,225
687,711
713,311
4,990,388 4,261,189 43,395,981 38,190,702
5,063,791 4,312,711 43,881,194 38,697,258
2,043,375
1,607,294
181,838
241,961
2,531,575 2,185.343 21,435,090 20,079,879
6,735,034 5,097,174
581,334
860,021
2,999,614 3,002,596
266,804
333,263
179,083
588,026
NO Tex&Mex Lines October
n
Current
..
__
37503092 32264055 326702220 299342447
1,546,355 1,425,860 14,204,259 12,828,086
7,704,668 7,087,456 71,643,938 66,799,206
N Y Ont & Western October
634,209 7,757,103 7,512,422
771,188
N Y Susq & West-- Ocfcobor
363,139
275,235 3,526,247 3,350,526
Norfolk Southern.. October...
472,921
456,369 4,468,206 4,056,820
Norfolk & Western. October
6,300,313 5,266,244 54,665,808. 49,718,618
Northern Pacific... October
8,338,680 7,683,068 73.021,576 65,571,412
Northwest'n Pacific October
4,066,072: 3,843,213
407,409
482,707
Pacific Coast Co... October
615,680 4,074,358! 6,246,195
580,339
23172622 20311486 215117 790 192229 964
October
p Pennsylvania RR
Bait Ches & Atlan October
118,892
1,089,165: 1,049,201
122,682
Cumberland Vail. October
366,882 4,066,495 3,050,915
433,389
October
Long Island
1,739,470 1,269,953 14,578,191: 12,723,360
776,617
94,571
851,454!
99,462
Mary'd Del & Va October-.
N Y Phila & Norf October
463,075
4,584,849! 4,362,870
487,196
Phila Bait & Wash October
3,187,745 2,247,789 26,905,138: 21,052,411
W Jersey & Seash October
570,224! 7,459,938 6,802.556
644,003
West'n N Y & Pa October
1,319,212 1,265,690 12,480,165: 11,455,568
October
7,438,264 6,826,131 66,025,766; 63;588,314
Pennsylvania Co
Grand Rap & Ind October.
516,825
5,486,3021 4,920,386
550,657
/Pitts CC&StL October
6,526,122 5,790,017 61,350,879: 53.005,858
__
_
__
-
_
__
Total
lines—
30199326 25806 480'277940 449 245436 123
14723 881 13285224:134641 7101123028 104
East Pitts & Erie October
West Pitts & Erie October
All East &
West- October.
44923208 39091 704 412582 160 368464 227
.
_
2,157,387 2,121,108H9,549,682118,599,282
October
Pere Marquette
Pitts Shaw & Nor__ October.
Reading Co—
Phila & Reading. October
Coal & Iron Co..
Total both
cos_-_
Rich Fred & Potom
Rio Grande South.-
Rutland
St Jos & Grand Isl.
St L Brownsv & M_
St Louis-San Fran.
St Louis Southwest.
Seaboard Air Line..
114,644|
107,964
1,033,030
1,829,538
6,257,325 5,600,,760156,540,334 50,672,444
October
4,776,132 4,788,750; 40,713,545: 33,684,844
October
11033457 10389509'97,253.879 84,357,287
October
295,675i 4,008,570 3.081,272
446,455
529,381
566,550
16,933!
4th wkNov
14,770
October
352,235 3,649,088 3,362,404
391,534
1,750,331
October
222,131! 1,947,699
221,411
October
3,115,856
452,383 j 3,204,781
325,321
October
5,671,613 5,158.162 49,209,650 43,496,437
1st wk Dec
340,000 16,034,812 12,721,551
417,000
October
2.840.116 2,292,797i24.780,094 21.035.859
18900510 156921531159909 480 132896089
October
..
__
__
_.
_.
_.
Southern Pacific
k Southern Ry Syst. 1st wk Dec 2,386,626 2,233,178 107490068 91,869,498
Ala Great South- October
688,471
525,132 5,826,002 4,894,822
Cin N O & Tex P October
1,202,753 1,068,898 10,928,928 9,800,657
_.
__
New Orl & No E. October
Mobile &
Ohio^..
__
1st wk Dec
Georgia Sou & Fla 1st wk.Dec
Spok Port 8c Seattle October
Tonn Ala & Georgia 4th wkNov
Tennessee Central. October—
Term RR Assn. St L October
St L M B Term.. October
Texas & Pacific
1st wk Dec
471,648
249,874
68,981
622,366
2,891
171,292
299,740
301,252
501,938
Toledo Peor & West November
109,672
Toledo St L & West 4th wkNov
Trin & Brazos Vail. October.:.
135,035
128,243
13423 874
Pacific Syst- October
October...
945,778
Virginian
;
Union
October.
Wabash
__
3.830.117
Western Maryland- 4th wk Nov
October
317,882
966,393
175,971
1,219,238
Yazoo & Miss Vail. November. 1,731,828
Western Pacific
Western Ry of Ala. October
Wheel & Lake Erie. October
__
3,984,859 3,225,583
261,102 12.792,329 11,374,925
63,443 2,703,975 2,438,805
4,308,789
5,637,547
512,448
109,921
112,864
3,337
1,408,852
1,492,363
158,135
2,974,183
312,074 3,168,013
2,081,753
256,708
2,629,085
542,487 20,772,400 19,208,537
1.112.212
101,029 .1,184,115
111,337
6,510,173 5.466.213
141,048
834,428
796,482
11984 870 106013 479 93,688,243
877,310 9,144,740 7,333,337
3,557,408 33,551,605 30.968,986
297,833 12,291,925 10,944,420
800,532 8,222,489 6,730,969
1,376,180
1,101,984
135,875
913,509 9,244,955 8,545,051
1,699,343 16,285,479 13.437.860
352,684
""
..
Current
Period.
Various Fiscal Years.
Previous
Year.
..
Year.
__
__
.
__
__
Current
Year.
Previous
$
Weekly Summaries.
Year.
New Orl Great Nor_ October
July
Duluth South Shore & Atlantic- July
Mineral Range
-— July
Pacific Coast
July
St Louis-San Francisco.
July
Southern Railway System
July
Alabama Great Southern
July
Cine New Orleans & Tex Pac. July
New Orleans & North Eastern July
Mobile & Ohio
July
Georgia Southern & Florida. _ July
Canadian Northern.
AGGREGATES OF GROSS EARNINGS—Weekly
*
Previous
Year.
Current
or
S
1,660,861
178,428 1,956,064
1,631,216
196,166 2,005,281
2,586,44974,720 2,848,547
October.
15304 553 13591999 136204 293 118087157
4th wkNov
101,416 3,612,144 2,973,224
110,055
October.
1,187,751
1,432,937
140,545
180,824
October... 3,661,236 3 ,088,725 35,689,823 30,082,354
170,007 1,667.288
1,412,969
203,261
September
1,423,844
October
151,754 1,842.129
'
202,722
October
12525425 11567029 111166993 100722312
October
1,552,270
163,732
167,996 1,669,898
October
3,306,779
393,185
399,883 3,699,791
October
1,249,280 1,092,752 10,513,587 9,569,908
October
907,272
121,782
93,1091
972,890
October
5,519,782 4,857,573 49,626,736 46,lli,605
1st wk Dec
264,679 14,227,373 12,088,416
321,899
October
1,401,154
142,807' 1,461,891
168,619
1st wk Dec
916,000
917,900 39,112,800 35,137,400
1st wk Dec 3,289,000 3,139,000 142358290 130196876
October
2,618,917
325,770. 3,550,717
379,330
October
1,592,598 1,4.11,781-J 2,762,566 10,976,223
October »_• 3,331,397 2,958,207
1,616,461 28,977,801
October
477,316
460,474 4,581,252 4,323,730
October.
420,082
394,900 3,741,186 3,725,484
October
5,046,572 4,315,499 44,978,312 41,394.738
October
1,911,764 1,717.163 17,171,101 14,642,9^2
October
11342614 10586316 101573663 89,555,128
October
1,898,964 1,533,012 17,465,428 13,775,184
4 th wkNov
324,467
342,008 14,970,148 14,674,695
1st wk Dec
168,341
8,582,756 7,665,302
187,672
October
296,778
253,220 2,717,364 2,321,770
September 10382216 10147279 83.361,130 80,648,600
10148267 9.308,479 81,670,372 73,626.172
September
October.
1,501,986
201,986
171,169 1,796,415
October-..
378,682
328,438 3,117,128 2,740,886
October... 8,162,555 7,526,793 70,422,539 63,596,218
October
2,106,855 2,129,026 18,081,880 17,438,351
October...
219.089 2,216,098 1,963,373
218,948
October...
268,493 3,079,853 2,257,380
337,799
October...
1,348,441
179,177
1,307,707
209,996
1st wk Dec
367,157
365,794 17,239,279 15.190,518
October
504,337 6,147,787 6,431,997
587,890
October
2,862,524 2,323,814 25,221,792 22+93,949
October
5,342,937 4.537,218 48,044,405 42,735,812
1st wk Dec
,532,300
533,400 26,564,850 23,773,082
October
209,094
191,387 1,747,717 1,574,891
4th wk Nov
1,153,308
24,950
1,227,781
29,080
October
1,943,570
229,848
216.090 2,251,496
October
159,277
149,728 1,539,065 1,460,866
October
6,422,208 6,413,009
969,806
881,681
October
1,899,046 1,985,542 13,210,349 12,786,569
4th wkNov
137,347
108,310 4,031,630 3,448,265
October
1,564,596
147,268
1,746,331
150,400
October
1,334,379 1,282,414 13,224,479 11,863,430
September 1,005,590 1,177,525 10,305,852 9.103.813
October
7,775.716 6,664,330 66,553,835 62,176,832
October
560,740
759,794 6,866,026 71,113,885
October892.677
'843,486
86,726
84,070
October
536,405
350,037 3,354,026 2,754,461
2d wk Nov
223,980
140,76.3 5,241,959 4,288,740
1st wk Dec 1,218,138 1,151,306 61,009,955 56,221,690
1st wk Nov 1,022,441 1,004,124 44.316,041 40,032,117
1st wk Nov
7,907,555
194,823
180,122
8,150,121
1st wk Nov
60,598 2,850,703 2,833,518
69,805
November 8,201,484 8,217,518 81,796,179 76,151,725
October
229,628
164,149
1,942,769 1,718,905
October
1,914,526
1,664,145
171,463
248,757,
October
1,066,127
791,069 8,990,277 6,810,640
November- 7,418,742 6,659,150 79,631,417 67,036,918
October
1.355,37211,208,901 10,077,882 8,590,978
October
1,177,940 1.096,040 11,079,264 9,211,195
October
187.848
194,425
1,904,738
1,809,484
October
286,143
3,085,536 2,494,632
349,263
October
4,970.374 4,434,852 44,935.979 40,628,309
October
1,216,365
949,186 10,567,777
9.643.814
October
129,294
150.849
1,349,935
1,318,479
October.
199,981
262,159
1,712,335
1,991,461
4th wkNov 2,214,435 1,787,371 69,855.906 58.971,086
October
1,277,22011,204,694 11,870,168 10,678,074
October
52,875
50,621
447,944
407,775
October
264,234
222,022
2,379,349
1,715,969
4th wkNov
31,953
35,897
1,103,413
1,005,102
1st wk Dec
232,407
244,652 10,118,256 10,314,225
1st wk Dec
612,308
665,160 32,444,934 32,578,290
October
119,428
77,430
753,261
704,643
1st wk Dec
903,171
837,937 39,733,840 33,848,030
October
178,829
163,086
1,569,237 1,282,804
October
7,199,531 6,832,081 64,688,550 56,778,583
October
1,453,249 1,269,903 12.410,872 11,085,228
4th wkNov
10,503
12,896
352,322
386,010
Victesburg. November
Vicks Shrev & P_ November
Ann Arbor
4th wkNov
Week
20,008,991
15,173,499
16,197,889
16,486,251
22,586,348
14,310,980
15,466,995
15,112,670
19,956,475
12,204,471
Increase
%
6.31
18,822,876
+1,186,120
14,570,110
14,870,725
14,948,609
19,627,363
+ 1,327.164! 8.93
+ 1,537,642 10.23
+2,958,985 15.07
13,764,197
13,821,685
13,270,115
17,927,429
11,733,379
+603,389! 4.13
+546,783 3.97
+ 1,645,310 11.91
+ 1,842,555 13.96
+2,029,046 11.32
+471,092
Dec
to
Nov
to
Nov
7
30
30
to
Oct
31
to
Oct
31
to
Dec
7
to
Oct
31
to
Oct
31
to
Oct
to
Dec
31
7
to
Dec
7
4.01
♦
Monthly Summaries
Previous
Year.
Year.
?
Cur. Yr. Prev. Yr.
Mileage.
248.738 271,928, 066
February.- .249.795
247.317 321,317, 5.60
March
.248,185
248.120 326,560 287
.248,723
April
247.842 353,825 032
.248,312
May
.242.111
241,550
.245.699
July
.247,099
August
September- .245,148
October
82,257
November.
80,891
244,921
246,190
243.027
81.032
80,525
June
-
.
,499,600 19,064,000
971,783
1,712,425
482,535
516,578
2,881,472
,974,101
,577,830 19,131,987
,453,526 44,651,908
,545,139
1,964,056
3,934,633
,615,441
1,322,887
,689,985
.150,044 5,362,863
1 ,343,661
1,206,244
and Monthly.
or
Decrease.
to
surrent
$
Year.
1
1
1
1
1
1
1
1
1
1
1
increase
or
Decrease.
%
*
+ 2 .655,684
269.272, ,382
0.99
294.068, 345 +27 .249.215 9.27
288,740 653 +37 ,819.634 13.10
308,132 ,969 + 45 ,692,063 14.82
351,001, 045 301.304 803 +49 .696,242 16.49
353.219, 982! 306,891 ,957 +46 .328,025 15.09
373,326, 7111333.555 136 +39 .771,575 11.92
364,880, 086,330,978 ,448; +33 ,901,638 10.24
80.996 ,019; +7 ,998,168 9.88
88,994. 187
+7 ,003,161
83,939, 791' 76,936 ,630
9.10
Includes Cleveland Lorain & Wheeling Ry. and Cincinnati Hamilton & Dayton,
b Includes Evansville & Terre Haute,
c Includes Mason City &
Fort Dodge and the Wisconsin Minnesota & Pacific. > d Includes not only operating revenue, but also all other receipts,
e Does not include earnings of
Colorado Springs & Cripple Creek District Ry.
/Includes Louisville & Atlantic and the Frankfort & Cincinnati,
g Includes the Texas Central and the
a
Wichita Falls lines,
h includes the Sc. Louis Iron Mountain & Southern,
j Includes the Lake Shore & Michigan Southern Ry., Chicago Indiana &
Southern RR., and Dunkirk Allegheny Valley & Pittsburgh RR.
k Includes the Alabama Great Southern, Cincinnati New Orleans & Texas Pacific.
New Orleans & Northeastern and the Northern Alabama.
2Includes Vandalia RR.
n Includes Northern Ohio RR.
p Includes Northern Central.
♦We no longer include Mexican roads in any of our totals.
Dec.
151917.]
THE
CHRONICLE
2359
Latest Gross
Earnings by Weeks.—In the table which
follows we sum
up separately the earnings for the
first
week of December.
The table
covers
4.01 % increase in the
aggregate over the
First Week of December.
Iowa
& St Louis.
168,341
365,794
533,400
68,443
"""538
1,151,306
-
612,308
903,171
249,874
417,000
2,386,626
501,938
Southern Railway System
Texas & Pacific.
665,160
837,937
261,102
340,000
77",666
2,233,178
153,448
542,487
Operating
fourth
week
of
30 roads and shows
covers
the
November
final
our
expenses
statement
11.32% increase in the aggregate
Fourth Week of November.
1916.
$
Increase. Decrease.
$
$
Previously reported (20 roads). 18,256,273
16,305,886 1,954,517
78,348
110,055
324,467
137,347
35,897
850,888
10,503
14,770
2,891
135,036
Atlanta Birmingham &
Atlantic
Chicago Great Western
Duluth South Shore &
Atlantic
Mineral Range
Minneapolis St Paul
& S S M.¬
Nevada-California-Oregon.
_
Rio Grande Southern
Tennessee Alabama &
GeorgiaToledo St Lbuis & Western
Total (30 roads)
Net increase
74,720
101,416
342,008
108,310
31,953
818,633
12,896
16,933
3,337
111,337
29",037
1,141,512
1,726
910
347,925
120,246
86,678
768,690
1,020,354
J
$
„„
2,107,838
109,739
2,181,337
10,143
288,622
306,676
563,325
|
Revenue from transporta.
than transporta.
1916.
8
1917.
$
1916.
8
-
1,138,199
552,799
986,711
485,827
585,399
"30,448
500,884
28,574
84,096
61,341
615,847
528,147
529,458
463,508
22,755
18 217
87,700
65,950
50
2
113
1,834
Express taxes
Operating income.
'60
1,066
15,390
9,452
16,332
,
RAILWAY
26,673
AND
latest
Gross
Name of Road
or
Company.
Week
21,685
PUBLIC
Earnings.
Current
Year:
or
Month.
Previous
Year.
72,196
56,438
UTILITY
COS.
Jan.
1
to
Current
Year.
surplus of STEAM railroads reported this week:
Gross
Earnings
Net
Current
Previous
Year.
Year.
3,661,236
3,088,725
Roads.
Atlantic Coast
Jan
1
Oct
Oct
31—
Chic. Ind & Louisv.b
Jan
1
to
Oct
Pacific
1
to
-Oct
Coast
731,945
264,775
261,632
6,785,202
2,367,986
2,369,123
378,682
328,438
168J32
132,059
3,117,128
2,740,886
1,053,589
841,947
.Oct
—
1
to
Oct
Oct
31—
1
to
Oct
615,680
123,796
74,772
2,881,472
411,064
356,831
2,206,149
2,425,898
800,869
1,070,125
18,097,340
16,513,463
5,475,262
4,931,662
966,393
800,532
382,451
343,358
6,730,969
3,166,845
2,600,575
Oct
31—
—
Net earnings here given
are
after
b Net earnings here
given
are
before
a
;
i
Gross
deducting taxes,
Net
Fixed Chgs.
Earnings.
& Taxes.
$
$
%
6,952
1,479
247
'16
6,990
844
256
11
mos
*17
73,680
'
.
«■
'16
6,793
75,163
;
2,717
10,650
2,816
Gross
Net after
Other
Gross
Earnings.
Taxes.
Income.
Income.
%
S
%
Cuba RR—
Oct '17
r
587,890
'16
2,861,604
'16
89,465
2,156,599
1,268
933
*
$
93,886
87,092
5,169
851,398
90,733
146,832
676,444
375,784
3,480
671,275
,
854,878
348,623
Oct *17
62,427
90
23,948
'16
17,248
62,529
25,679
135
25,814
'17
16,563
511,043
160,727
2,117
162,844
*16
170,418
469,271
127,581
2,519
130,100
165,573
650,970
128,782
779,752
270,234
mos
23,858
'16
mos
1,533,682
669,003
126,276
'17 13,964,812
4,188,902
1,542,837
5,731,739
*16 10,954,551
10
2,716,681
2,928,963
1,275,724
4,204,687
2,678,085
795,279
266,589
Gross
Net
Other
Total
Charges
Earnings.
Earnings,
Income.
Income.
& Taxes.
$
$
Bangor & Aroostook—
%
%
$
*
Oct '17
393,185
208,678
•12
128,231
399,883
184,946
30,499
215,445
10 mos'17
116,872
3,699,791
1,239,760
341,432
1,581,192
'16
1,144,865
3,306,779
1,269,080
269,433
1,538,513
1,176,368
172,645
36,033
Toledo Peoria & Western—
Oct *17
122,372
22,151
16,081
38,232
•16
7,673
126,288
37,462
12,076
49,538
Nov '17
28,136
109,672
8,967
15,000
23,967
8,432
•16
101,029
8,748
20,538
11 mos'17
26,504
1,184,115
114,386
199,052
313,438
205,396
*16
1,112,212
155,175
136,931
292,106
293,414
163,708
174,387
1129,437
_
—
_
1,731,581
11,790
189,860
513,100
918,957
S
1,102,134
306,438
1,537,671
682,948
172,807
547,027
832,272
144,236) 1,239,782 1,090,282
146,084 1,486,279
1,284,473
905,016 9,827,672 7.961,265
1515,231 1462,388 13,418,589 12,107,552
D D E B &
Batt(Kec) September
38,580
20,989
333,116
342,224
Duluth-Suporior Trac October
Balance,
139,148
121,230
1,319,120
1,144,675
East St Louis &
Sub- October
Surplus.
307,827 271,636 3,005,218 2,452,655
Eastern Texas Elec— Octobers
76,334
72,131
770,607
$
676,982
El Paso Electric Co..
October...
111,012 104,990 1,067,118
893,492
42d St M & St N Ave
1,232
September
148,081
77,855
1,339,960
1,345,393
g Federal Lt & Trac..
588
October.—
254,713 201,809 2,290,802 2,062,032
Galv-Hous Elec Co.. October
197,920
4,076
171,761
1,682,260
1,598,198
Grand Rapids Ry Co October
103,246
103,659
1,085,922
1,075,481
7,834
Great West Pow
Syst October
336,667
320,252
3,276,452 3,052,059
Harrisburg Railways October
98,922
86,312
977,251
Balance,
834,198
Havana El Ry, L &• P October
635,822 532,358 5,672,408 4,939,812
Surplus.
Honolulu R T & Land
September
58,620
"62/793
527,494
483,517
Houghton Co Tr Co. October
$
2(1,024
25,956
285,953
270,531
b Hudson &
Manhat. October
549,352
513,465 5,168,243 4,845,319
Illinois Traction
October
1226,336 1083,573 11,032,660
def3,153
9,958,372
Interboro Rap Tran. October
3563,592 3546.933 33,316,521 30,995,512
59,740
Jacksonville Trac Co October
59,744
49,646
567,592
516,516
Keokuk Electric Co. October.
300,660
20,431
20,591
203,942
198,730
Key West Electric Co October
506,255
13,649
6,712
118,379
93,559
Lake Shore Elec Ry. October
142,840
136,113 1,475,625 1,343,126
Lehigh Valley Transit September
269,787
234,155 2,148,439
1,860,553
Lewist Aug & Waterv October
6,700
78,606
72,302
764,735
678,519
Long Island Electric. September
23,479
24,568
200,910
9,251
192,340
Louisville Railway.
October
310,524 260,559 2,700,396
2,557,994
Milw El Ry & Lt Co.
def7,574
October
698,131
599,992
6,442,651
5,673,803
Milw Lt, lit & Tr Co October
def35,473
190,838
160,691
1,831,341
1,520,919
Nashville Ry & Light October.
211,324 205,999
2,022,941
1,966,146
Newp N & H RyG&E September
129,810
102,197
939,101
780.825
N Y City Interboro.
509,518'
September
61,905
24,028
559,546
491,496
N Y & Long Island.
September
58,224
41,043
528,690
350,058
318,327
N Y & North Shore.
September
17,897
14,947
128,745
121,367
3,015,058
N Y & Queens Co..
September
84,268
103,809
874,656
1.070,800
New York
f,526,601
Railways October
1103,615 780,263 10,489,450
10,378,753
N Y & Stamford
Ry. October
27,485
24,461
344,993
309,869
Balance»
N Y Westches & Bost
October.
47,315
60,133
465,225
463,084
Northampton Trac.. September
Surplus
19,721
17,394
162.462
149.642
Nor Ohio Elec
Corp October
551,295 455,923
$
5,345.584
4,284,009
North Texas Electric October
298,952 205,491
2,017,396
1.584,034
Ocean Electric (L
I)
September
17,302
19,207
137.512
133.790
Pacific Gas & Elec.
80,447
October
1672,914 1566,406 16,743,884 15,687,374
g Paducah Tr & Lt Co October
98,573
26,211
26,437
249,683
256,578
Pensacola Electric Co October
25,807
21,439
436,327
283,246
232,104
Pbila Rapid Transit. October
2602,141 2417,096 24,592,267
22,430,290
362,145
Phila & Western Ry.
August
50,444
44,524
368,651
332,631
Port (Ore)
Ry,L&PCo. October
522,294 459,720 4,903,679
4,491,148
g Puget Sd Tr. L & P.
September
805,827 690,475 6,716,732
5,871,027
30,559
©Republic Ry & Light October
452,968
338,613 3,922,706 3,269,261
Rhode Lsland Co
October
23,402
486,464
478.522
5,035,746 4,879,705
Richmond Lt & RR_
September
37,818
36,873
15,535
350,705
310,159
St Jos Ry, L, H & P.
October
124,480
113,297 1,241,597 1,110.853
def5,966
Santiago El L & Trac September
51,639
45,971
421,205
402.484
Savannah Electric Co October
108,042
88,589
72,246
787,456
Second Avenue
671,203
def 1,308
(Rec) September
80,737
43,956
652,828
626,565
_
St Louis Southwestern—
Oct'17
__
„
Rio Grande Southern—
10
__
g Columbia Gas & El
October
Columbus (Ga) El Co
September
Colum (O)
Ry, P & L October
Com'w'th P Ry & Lt. October
Connecticut Co
October
Consum Pow (Mich). October
Curab Co (Me) P & L October.
v Dallas Electric Co.
July
Dayton Pow & Light October
.
145,899
504,337
4 mos'17
Fixed
Charges.
*
207,592
1,638,860
726,248
Year.
28,216!
24,761!
228,707
217,279
89,429
109,024: 1,118,342
1,021,328
1659,665 1122,910 15,807,395 7,211,134
44,939
38,5711
454,347
390,147
835,614 712,715 8.718,356
7,221,362
91,873
77,658
781,745
625,163
354,895 307,437! 3,278,924 2,883,975
1763,894 1458,380 15,905,165 13,718,061
816,042 812,1611 8,396,687 7,998,520
514,113
418,910 4,655,527, 3,791,694
267,632 251,683, 2,589,282 2,391,105
jOctober
EastjOctobor
1,185,666
date.
Previous
2512,154,2474,878123,168,136 21,998,158
43,397!
36,466)
375,348
318,477
Prop. September
Chattanooga Ry & Lt October
Cities Service Co
Cleve Painesv &
124,725
25,367
183,694
77,173
18,509
29,405
84,965
latest
/8006000 /7262000 /76436.000 /70413,000
11,699|
12,49(5j
97,383
95,354
Cent Miss V El
.
Bellefonte Central..Nov *17
■
LRyCorp(NYC) September
Berkshire Street Ry. October
Brazilian Trac, L & P October
Brock & Plym St Ry.
September
Bklyn Rap Tran Syst September
Cape Breton Elee Co October
Edison
October
Detroit United Linas
September
Earnings.
>
11,804
202,866
79,191
19,338
53,508
84,048
g Detroit
deducting taxes.
'
137,693!
__
8,222,489
—
Western Pacific-b
Jan
580,339
1,974,101
....
Texas & Pacific, b
Jan
1,047,568
844,622
31—
July 1 to Oct 31
1,082,073
7,611,625
31—
Oct
Year.
35,689,823 30,082,354 11,061,358 10.326,620
Chic. Rock Isl. & Gulf b .Oct
Jan
Previous
Year.
,
Adirond El Pow Corp
September
Atlantic Shore Ry
October
cAur Elgin & Chic Ry
September
Bangor Ry & Electric October
Baton'Rouge Elec Co October
Belt
Line.a..
to
Earnings
Current
Aug. 31—
80,392
3,704
87,367
69,149
from trans
to
155,064
74,671
83,514
3,853
expenses....
1,882,571
I
of August— —Jan. 1
$
156.808
73,294
Oper. other
ELECTRIG
Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with
charges and
765,454
11,528
351,263
1917.
23" 699
Net
903,402
926,116
2,163
446
17,957,764 15,112,493
1,300
42,464
—Month
Western Express Co.—
Total from
transportation...
Express privileges—Dr
rev.
16,029,615
2,217,577 18,861,166 15,877,947
1,867,136 17,935,050 13,696,609
I
Operating
$
4,339,701 38,003,012 31,142,108
2,231,863 20,045,247
88,225
Operating income
n
Uncollec.
~2~ 393
1 to Aug. 31—
1917.
1916.
350,441
Net operating revenue
"17", 541
Jan.
1,589
40,034
Total operating revenues.
3,944
32,255
19,956,475 17,927,429 2,055,719
2,029,046
(11.32%)—
4,130
3,628
8,639
1,118,342
65
14,768
129,848
taxes...
«
1917.
Ann Arbor
....
transportation
week last year:
same
101,512
2,497,605
2,367,757
Net operating revenue
Uncollectible revenue from
1
the
5,654,499
4,512,987
Revenue from transport'n
2,372,607
Oper. other than transport'n
124,998
Express
For
6,308,140
5,189,798
5,099,310
2,726,702
Total operating revenues.
119,874
659,614
558,101
Month of August
1917.
1916.
$
8
Wells, Fargo & Co.—
transportation..
ll",228
40", 549
590,966
471,092
5,420,669
233,829
7,709
Total from
65",234
1. 12,204,471 11,733,379
(4.01%)
6,049,250
258,889
260
Express privileges—Dr
52,852
631,740
27,873
71,204
Operating income
12,245
11,244,109
5,823,439
79,175
expenses
Net operating revenue
Uncollectible rev. from trans.
Express taxes...
"i",io6
1916.
$
1,297,275 12,494,553
665,534
6,445,302
683,259
604,083
66,832
244,652
Operating
"l",966
1917.
$
656,365
26,893
Total operating revenues.
$
19,331
1,363
232,407
J
Minneapolis St Paul & S S M._
Missouri Kansas & Texas..
Mobile & Ohio..
St Louis Southwestern
over
917,900
150",000
Central
Total (18 roads)—
Net increase
264,679
Revenue from transport'n_
Oper. other than transport'n.
Jan. 1 to Aug. 31—
1916.
$
1,352.201
695,835
Express privileges—Dr
Decrease.
$
57,220
■
3,139,000
.1
_
Increase.
1,218,138
__
Grand Trunk of Canada.
'
Grand Trunk Western
Detroit Grd Haven & Milw.
Canada Atlantic
Minneapolis
$
321,899
916,000
3,289,000
187,672
367,157
532,300
68,981
Chicago Indianapolis & Louis v.
Colorado & Southern
Denver & Rio Grande
Georgia Southern & Florida
1916.
$
Canadian Pacific
week last year.
same
1917.
$
Southern Express Co.—
Total from
transportation.—
18 roads and shows
1917.
Buffalo Rochester &
Pittsburgh
Canadian Northern
EXPRESS COMPANIES.
—Month of August—
.
*
.
_
..
.
1
Jan.
Earnings.
Latest Gross
Name of Road
Week or
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
October
Southern Cal Edison.
..
Midland- September
Staten Isl'd
October
Tampa Electric Co..
September
Avenue
Rap Tran. October
of N YC September
October...
Virginia. By & PowerWash Bait & Annap. September
Westchester Electric - September
Twin City
Union Ry Co
Westchester
October
West Penn Power.
g
West Penn Rys Co_
.
October
October
York Railways
Youngstown &
b
Ohio.
October
/ Earnings now given
c These
in milreis.
Electric Railway
and Other
677,495
374.106
196.908
3,211,334
6,312,257
2,409,790
5,137,360
619,493
865,499
293,064
800,008
279,865
Massachusetts
1917.)
509,490
>--
be inaccurate, but
with
Year.
<jj
1,450,924
13.031,640
Brazilian Trac, L &
c3,900,000
Jan 1 to Oct 31c76,436,c00c70,413,000c39,884,000c38,893,000
Western Union
Oct 7,464,665 5,937,010 2,120,013 1,663,539
Jan 1 to Oct 31-—63,471,538 50,508,030 15,422,690 13,861,494
Companies.
•
■
Year.
<g
Year.
<jjj
Year.
$
2,540,002 1,543,496
22,780,059 14,371,241
P—Octc8,006,000 c7,262,000 c3,716,000
- —
i V
.
Net
Gross
after
These outlays have
or
nothing
Earnings.'
38,571
454,347
390,147
847,140
718,742
2,987,195
'16
10 mos '17
'16
2,290,802
2,062,032
10 mos '17
'16
Consol Gas El Lt
Oct '17
(Bait).
'16
4
mos
'17
'16
Federal Lt &
Trac__Oct
'16
11
134,549
125,634
mos '17
1,443,589
1,337,152
'16
Lake
Oct
Elec
61,706'
50,509
48,708
493,218
487,233
20,097
31,235
185,910
201,632
27,683
307,158
302,229
-
34,845
51,235
476,207
505,119
136,113
1,475,625
1,343,126
10 mos '17
*16
214,244
233,621
670,863
685,919
61,873
679,507
661,639
35,321
36,521
346,848
363,827
Gross
Oct '17
Net
Fixed Chgs.
& Taxes.
Surplus.
*16
10 mos '17
'16
After allowing for
other income
York
New
-Gross
cents.
-Net
Previous
Year.
Current
Year.
Earnings
Previous
,
Year.
cl62,129
1,570,428
762,657
8,868,641
894,618
8,880,430
499,830
662,511
853,283
838,329
7,835,765
7,568,936
277,560
2,474,878
9,,385.835
1 to Sept 30
9,598,490
2,300,603
85,864
2,799,058
53,508
def11,922
101,504
Belt Line a.—
. ——Sept
Jan 1 to Sept 30
513,100
29,405
547,027
9,415
55,305
Sept
80,737
652,828
43,956
626,565
25,155
123,220
Second Ave a
Jan 1 to Sept
30
331,568
Sept
30— —
3,,099,638
38.5S0
DDE Bway & Bat a
Sept
338,116
Jan 1 to Sept 30
Third Ave a——
Jan
1 to Sept
—
•
def2,259
118,536
167,852
120,003
15,417
2,839,764
1,099,598
1,069,794
20,989
342,224
4,213
23,617
def 2,905
def9,043
def4,315
148,836
27,536
148,081
77,855
1 ,339,900
1,345,393
43,573
455,809
Sept
61,905
559,546
24,028
491,496
13,710
130,797
Southern Boulevard a—Sept
Jan 1 to Sept 30
18,557
167,032
6,553
148,166
33,329
31,815
Union Ry (N Y C) a—Sept
Jan 1 to Sept 30
249,346
106,109
2,018,249
56,716
556,814
def28,699
486,810
42d St Man & St N Av a
Jan 1 to Sept 30—
N Y
City Interboro a
Jan 1 to Sept
30
Sept
2 .236,569
3,726
524,146
def 1,188
_Sept
48,752
423,400
17,416
374,106
10,946
73,663
def6,243
74,248
20,782
509,490
17,687
146,459
def 12,4 65
Sept
76,868
619,493
--Sept
23,479
200,910
24,568
192,340
4,711
28,800
5,454
12,171
N Y & Long Isl Trac a-Sept
Jan 1 to Sept 30
58,224
350,058
41,043
21,746
318,327
56,450
5,936
36,390
N Y & Queens Co a.u--Sept
Jan 1 to Sept 30
84,268
874,656
103,809
1,070,800
def23,144
def87,764
def4,044
def 201
Sept
17,302
137,512
19,207
133,790
6,614
58,417
7,778
49,885
North Shore a -—Sept
Jan 1 to Sept 30
17,897
128,745
14,947
121,367
5,614
31,646
37,375
37,818
5,920
65,113
13,364
80,800
1,494
11,636
8,452
22,375
Westchester Eleci a
Jan 1 to Sept 30
Yonkers
Jan
a—-
— —
1 to Sept 30
Long Island Elec a
Jan 1 to Sept 30
Ocean Elect (L I) a
Jan 1 to Sept 30
N Y &
■
Richmond Lt & RR a_-Sept
Jam 1 to Sept 30
350,705
36,873
310,159
Island Midland a Sept
Jan 1 to Sept 30
31,277
282,152
32,527
258,329
Staten
a
c
Net earnings
Other income
here given are after deducting taxes,
amounted to $78,327 in Sept. 1917, agst.
abolished and other cases
Moreover, a
still await
praying
petition has been filed
should be put upon a
mile traveled with a mini¬
of the
might
earnings for the first eleven months of 1917 exceed those
previous year by $444,268.
But however satisfactory these figures
nave been under normal business conditions, the increases in gross have
not been sufficient to cope with the increased cost of operation.
Increases
in fares have been constantly overtaken and passed by the rise in wages
and the cost of materials.
passenger
cl75,058
1,618,566
1,488,663
Jan
Commission.
fares on interurban and country lines
mileage basis at the rate of 2, 2)4 or 3 cents per
mum of 6 cents.
That these various measures have resulted jn a
relief is shown by the fact that with no increase in car
that certain
inter bore ET (Elev) a_Sept 1 ,429,849
5,754,801
5,416,050
Jan 1 to Sept 30—
13,,583,945 12,851,839
1,557,130
1,262,487
3,007,107
Total Interboro R T a Sept 3,,073,471
14,274,700 14,635,232
Jan 1 to Sept 30—
_29,,752,929 27,458,579
Brooklyn Rap Tran a—Sept 2,,512,154
21,998,158
Jan 1 to Sept 30—
23,,168,136
564,502
New York Rys a_----.-Sept 1,,048,391
(V. 105, p. 1522.)
reduced fares also were
Certain
decision by the
substantial amount of
miles run, the gross
Earnings-
324,612
352,103
Hudson & Manhattan a Sept
Jan 1 to Sept 30-—
3,,223,714 2,965,535
1,518,444
,643,622
Interboro R T (Sub) a—Sept 1.
Jan 1 to Sept 30—
16,,168,985 14,596,738
State
$764,000
of
made
bonds.
Street
Northern and
of first
issued, all of which
earning
in large part
Railways.
Year.
paid as presented.
Eovver startling increases in the cost of all materialsthwarted
y the of the property—efforts which have been
and supplies necessary
in the operation of the road.
The P. S. Commission in Aug. 1916 auth¬
orized certain changes in operation, designed to effect economies.
The request to reopen the whole Bay State case was granted on May 26
and after hearings begun June 21 an agreement was reached that for a
trial period of six months from July 15 for a 6-cent fare on Sundays and
holidays and on Saturdays after 1 p. m<
At other times tickets, sold at
the rate of 20 for $1, are receivable in the cities and in some few cases
between cities and adjoining towns.
Experience shows that the tickets
collected amount to 15% of total fares, so that the average fare is 5.63
received.
Street
Current
Roads.
S
12,328
10,753
139,736
126,057
32,877
32,211
.324,967
321,841
45,205
42,964
464,703
447,898
98,922
86,312
977,251
834,198
.
1917, $907,000 underlying bonds fell
Bonds of the Boston & Northern and
Notes.—During the year
were
railway companies have been issued to the Bay
Street Railway Co. in place or the underlying bonds paid and
bonds have been issued on other accounts.
Because of the condition
the security market an issue of $850,000 of one-year 5% notes was
dated Mar. 15 1917, secured by $1,417,000 of above mentioned
Treasury Bonds.—There remain in the treasury of the Bay State
Ry, Co. as of Dec. 1 1917 $377,000 bonds of the Boston &
Old Colony street railway companies.
New Pref. Slock.—During the calendar year 1917 5,300 shares
preferred stock of the Bay State Street Ry. Co. were
were taken at par by your trustees.
Status.—The year has been spent in earnest efforts to increase the
Balance,
Earnings.
"
*
Bonds and
Old Colony street
def,476
14,714
129,359
141,292
Earnings.
$
Harrisburg Rys
rebuilding
putting of wires under ground,
to enure to the public. The"
and the new dynamo for the
station at Quincy.
due and
34,190
372,351
359,410
$
consisting largely of
Notes.—Owing to financial conditions and the fact that the
Bay State Co. is selling below par, the payment
not be financed by the usual means.
An issue
of equipment trust notes in the case of the cars and an agreement for con¬
ditional purchase in the case of the dynamo proved necessary.
Through
their agency the money has been provided; the dynamo is installed and
nearly ready for service, and the cars are being delivered, though far later
than the builders' contract required.
(V. 105, p. 908.)
*253,887
112,159
*213,622
132,545
1,238,926 *2,084,687
1,287,201 *1,873,723
33,789
27,917
3,049,981
142,840
'16
Shore
Ry Syst
'17
-
354,137
335,153
3,205,254
5,672,408
4,939,812
'17
'16
-Nov
Keystone Telep
70,606
*
635,822
532,358
'16
10 mos '17
172,086
123,702
670,112
494,825
79,943
679,128
688,865
201,809
Ry, L&P.Oct '17
Havana El
114,042
3,438
55,609
56,635
.
of operation,
first preferred stock of the
for cars and dynamo could
997
11,692
11,490
116,839
1,180,744
'17
2,541,135
254,713
Surplus.
386,330
357,323
1,340.975
'16
& Pow
Balance,
12,689
14,926
172,448
170,677
44,939
East Oct '17
been a
economy
—
Equipment
Fixed
Charges.
$
$
Clev Painesv &
to
9 mos.'17
feed¬
_?165,123 $69,501
Power stations.-.---.
75,151
85,926
167,197 Land and buildings.— 18,036
16,286
41,572
9,713
9,275
60,647 Sundry equipment—heavy burden on our finances, adding little
ers—
bridges, abolition of grade crossings and the
the benefits from which may be said chiefly
case is quite different with the 200 new cars
'
Taxes.
for the corre¬
chiefly:
Year '16.
Electric lines and
$14,309
Reconstruction of„cars
power
Milreis.
$436,881, against $806,409
Year' 16. 9Mo.' 17,
construction..-$147,524
Track construction and
public requirements 378,269
Cars and elect, equip.
89,535
Track
American Tel & Tel—Oct 2,855,026
Jan 1 to Oct 31
-26,710,863
,c
amounts to
of material in
practically un¬
been avoided
reconstruc¬
1917 amount
—Net Earnings
Current
Previous
Earnings
Current
Previous
Gross
present calendar year would depend upon estimate
for the first 10" months the net, after cost of operation
and fixed charges,
sponding period in 1916.
,
'
Improvements, cfee.—'Under existing conditions, with the cost
many cases 100% above normal and street railway bonds
salable, construction and improvement have necessarily
wherever possible.
The expenditures upon improvements and
tion during the calendar year and for the first 9 months of
to $883,350 and $464,713, respectively, including
of ELECTRIC
net earnings
and
Bay State for the
consoli
Public Utility Net Earn¬
railway and other public utility gross and
charges and surplus reported this week:
Companies, Boston.
Electric
(1 Sth Annual Re-port—Year ending Sept. 30
Pres. Gordon Abbott, Boston, Dec. 7, wrote in substance:
New Fiscal Year—Bay State Street Ry.—The fiscal year of Bay State Street
Ry. has been changed to end Dec. 31.
Earnings in 1917.—Any attempt to state the operating results of the
Includes constituent
a
table gives the returns
ings.—The following
2,018,249
4.828,788
934,843
423,400
209,790
figures are for
■//.
companies.
794,862
2,839,764
8,441,904
3,099.638
8,537.793
2,236,569
5,405,430
89,351
28,825
all sources,
Represents income from
dated company.
148,166
258,329
382,152
835.272
.
annual reports of steam
and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month.
This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Nov. 24.
The next will appear in that of Dec. 29.
6,792,055
76,868
94,101
31,257
Railroad— September
Yonkers
167,032
6,276,361
179,669
48,752
20,618
349,834
648,730
St RR— October
g
6,553
502,261
88,718
17,416
15,799
272,744
555,787
20,782
Reports.—An index to
Annual
railroads, street railways
659,572
32,527
82.458
167,852
846,915
106,109
18,557
624,229
31,277
82,710
331,568
805,687
249,346
609,622
Boulevard- September
Southern
Thira
Current
Month.
Company.
REPORTS.
ANNUAL
latest date.
to
$
or
[Vol. 105.
CHRONICLE
THE
2360
118,380
5,321
$81,523 in 1916.
contracts under which
supplied with coaLex¬
pired in the spring and summer.
With one exception, it was impossible
to secure their renewal at any price.
Since Aug. 21 purchases at any price
have been practically impossible, while deliveries on existing contracts
halting and uncertain, and the coal received is not only higher in price
but inferior in quality.
A full statement of the situation has been laid
before the Fuel Administrator and the Public Service Commission.
In the meantime the cost of such fuel as is now being delivered tc the
Bay State shows an increase of 116% over the fuel cost for the year 1916,
and the supply on hand is far below that which is required to assure con¬
tinuous operation during the winter,
Coal cost $262,877 more for the
first ten months of 1917 than for the corresponding period of 1916.
It is
estimated that coal needed for 1918 will cost $423,000 more than for 1917.
State Investigating Commission.—The last Legislature created a com¬
mission to investigate street railway conditions aad report to the next
Legislature.
That. Commission has held hearings in Boston, Fall River,
Pittsfield, Lawrence, Springfield and Worcester, and has visioed New York,
Philadelphia, Cleveland, Chicago, Milwaukee, Columbus, Toronto and
the Increased Cost of Coal.—The
Street Ry. Co. has heretofore been
Serious Effect of
the Bay State
are
work.
Covered.—No dividends have been
stock and only one on its pre¬
the income of your trustees
the interest charge on the
$3,000,000 of Massachusetts Electric Companies' notes.
These mature
on April 1 1918.
The occasion seems to necessitate joint action by both
preferred and common shareholders, that their respective interests may be
defined and reconciled in the plan for meeting this maturity.
Your trus¬
tees therefore look with approval upon the formation of committees rep¬
resenting the two classes of shares.
'
[As to receivership of Bay State Street Railway Co. see news items
on
a
subsequent page.
The protective committees for Massachusetts
Eiectrid Cos.' stock and notes were named in V. 105, p. 2184, 2272.]
INCOME ACCOUNT—BAY STATE STREET RAILWAY.
—Years ending Dec. 31
Years ending June 30—
1914.
Montreal.
It has not yet completed its
Maturing Note Issue—Interest Not
paid by the Bay State Co. on its common
ferred stock during this calendar year; therefore
has been reduced to an amount far less than
1916.
Gross
earnings
$10,413,618
Operating expenses
7,972,801
$2,440,817
62,431
Gross Income
$2,503,248
Deduct—Taxes
$626,250
Bond, &c., interest._
1,119,549
Rentals, &c
;—
223,295
Common divs
(ti%) 102,586
Net earnings.-
Other income
First
pref. divs. (6%)
Balance,
surplus
175,952
$255,616
1915.
1915.
7,232,554
$9,538,407
6,897,752
$9,614,153
6,427,863
$2,326,280
$2,640,655
$3,186,290
$9,558,834
63,941
66,459
81,096
$2,390,221
$625,537
1,145,563
$2,707,114
$653,381
1,143,356
$3,267,386
$643,323
1,108,624
$24,704
$73,202
207,827
200,168
--(2^)512,930(5^)1077153
164.916
164,916
210,805
164,916
$243401
brought forward Dec. 31 1915 was $232,169; adding
$43,592 reserve for winter expense, miscellaneous (net) $4,097, and
ducting $43,290 reconstruction, loss on property retired $27,447, leaves
a surplus as of Dec. 31
1916 of $464,738.
Note.—The suimlus
de¬
Dec. 15 1917.]
THE
BALANCE SHEET OF BAY STATE STREET RY,
1916.
1915.
^
II
'
^
Road and equip't.47,208,959
Sinking Iund3, &c.
78,851
Misc. phys. prop266,711
Adv. to leased r'ds
Cask
31.
72,096
311,367
139,136
$
Premium 1st pref.
357,480
Funded debt....*23 ,971,000
413.503
Notes
receivable.
112,115
107,264
390,348
368,321
Electric Cos...
Notes payable
Accts. in suspense.
Dep. for matured
283,551
308,004
Miscellaneous
to
Pres. E. A.
2,748,600
357,480
crease in
Mass.
700,000
1,200,000
1,375,000
and prices paid for other products
handled and used.
Last year we paid
$87,500,000 for live stock.
This year, for not more than
10% additional,
paid $129,000,000, an increase of
$41,500,000, or nearly 40%.
These
values and costs have involved use of
additional jsums of capital and bor¬
rowed money, items
which, of course, are well offset by larger values
on
10,258
Vouchers,
39,166
119,713
Mat'ls & supplies. 1,130,692
Discount on bonds 1,452,361
Reconstruction...
433,409
Prop'ty abandoned
134,078
30,889
Int.,tax.,&c.,accr.
396,348
204,181
82,273
Unadj., &c., accts.
Accrued deprec'n.
Winter, &c., res've
Surplus
we
270,581
83,000
&c.___
Matured int., &c_
431,541
6,000
accounts
insurance
451,321
111,181
336,786
bonds
Deferred
Prepaid
Total
*
637,747
1,264,024
522,125
52,306,4S6 51,141,670
Total
319,469
299,366
inventories.
purchased
purchased
43,593
232,169
.52,306,486 51,141,670
After deducting $146,000 bonds in
treasury.
MASSACHUSETTS
ELECTRIC
COMPANIES
YEARS ENDING
Income—
Divs. on stocks owned..
Interest on notes, &c
1916-17.
$14,706
21,023
SEPT.
INCOME
ACCOUNT
30.
1915-16.
^
1914-15.
1913-14.
$159,627
$591,557
$1,154,843
$5,500
8,865
150,000
$5,500
2240.]
$1,077,291
$5,500
10,100
150,000
Interest
Divs. on pref. stocks.__
$513,068
78,489
$35,729
Total income-
Expenses—
Salaries—general officers
Legal exp. and taxes...
$111,259
48,368
INCOME ACCOUNT.
77,552
14,436
172,143
(2%)484,128
$1,145,949
sur.$8,S94
Balance,
sur.
def
or
$164,365
def.$4,738
MASSACHUSETTS ELECTRIC COS.—GEN.
1917.
Net profits
$
Sundry
Preferred
...-40,228,991 39,698,991
27,581
21,029
35,000
700,000
Dep. forcoup. notes
due May 1 1915
Apr.
1 '18a
1,000
1,000
76,808
3,572,915
77,179
3,572,276
3,000,000
3,557
Vojichers payable.
and
In Nov.
3,000,000
1,135
80,050
.....43,942,296 44,070,475i
Preferred shares include those
on
Brown Shoe
arrears
Oct. 27 '17.
of dividends have been
Plants
..10,314,422
Branch houses
2,647,364
Car line......... 1,300,139
Investments
1,586,166
Bond
the
estimate
our
assessment
at
*
.
Net sales
FOR YEARS ENDING OCT. 31.
1916-17.
1915-16..
1914-15.
1913-14.
$21,882,016 $15,913,373 $10,764,328 $10,744,467
$2,414,088
$1,719,762
$553,726
$833,642
1461,642
161,013
229,680
172,334
130,636
176,740
*
profit, &c
Interest
...
Depreciation
Repairs, patterns, &c.,
charged off.
105,848
Federal income, war and
excess profits taxes
(est.)
410,000
Preferred divs. (7%)
a248,955
Common dividends
(6%)360,000
79,671
36,126,
*-
264,250
—_
273,000
a
sur. or
def
sur$l,059,605sr$l,203,507
After deducting $6,545 dividends
278,250
(3)180,000
—
on
def$32,678 sur$37,639
redemption.
stock purchased for
BALANCE SHEET OCT. 311917.
Assetsi—
„
1916.
S
ings, &c
b647,438
Mach'y & equip..
b595,354
Lasts
1917.
Liabilities—
Real estate, build
676,999
$
Preferred stock...
Common stock...
536,146
Notes payable,
bl66,926
168,760
4,966,365
y90,081
Cash
380,815
Accts. receivable. q4,383,641
4,966,365
Accounts payable.
Accrued accounts.
358,521
3,409,579
Inventories
6,631,318
5,256,216
47,911
92,419
17,909,849
15,604,200
....
Trade names, &c.
Securities
....
...
Prepaid exp., &c
Total...
139,196
Reserved
—
1916.
$
3,600,000
3,700,000
6,000,000
6,000,000
4,450,000
703,554
3,815,000
422,470
17,561
Surplus
Total
p.
2274, 1805.
41-,988,173
Mar.
19
26,684,670 17,969,210
1,562,464
7,730,120
6,745,463
...
Total .........64,727,255 41,988,173
1917
reported substantially
following data to the Boston Stock Exchange:
on
-
Inventories
of stocks
on hand
or on consignment:
Products,
$10,221,734; consigned merchandise, $5,529,221; Less drafts
thereagainst, $637,753; balance, $4,891,468; materials
and supp., $1,553,406; and advances on purchases, $277,252.
16,943,860
Accounts and bills receivable: Customers' accounts,
$6,296,877;
bills receivable (trade), $94,087;
sundry debtors, $401,374:
family account (since paid), $47,511; Puritan Food Products
Co., $873,460
7,712,808
drawn
Investments In other companies and advances thereto
Advances on live cattle secured by mortgage—_.
—
Cash in hands of trustee for redemption of bonds,
$250,000;
cash in banks, in transit and on hand, $2.778,058.^
Deferred charges: Old Dutch Cleanser, trademarks, &c.,
$350,-
777,791
1,422,570
3,028,058
000; prepaid interest on loans, $115,605; unexpired insurance,
$75,330; other prepaid expenses, $27,486; unexpired bond dis¬
count, $135,006.
703,427
Of the total current liabilities aggregating $19,121,012 as of Oct. 28
1916,
$17,051,153 represents bills payable, $960,820 trade accounts, $204,211
wages accrued, $265,309 employees' deposits, $95,892 family
accounts,
$111,307 taxes and $432,320 dividends.
(2) Rights of Preferred and Common Shares.
The company shall pay to the holders of said 20,000 shares of
6% pref.
stock, dividends (M, & N.) at the rate of 6% per annum, and no more.
Such dividends shall be payable out of the net earnings or
surplus of the
company.
The company shall pay to the holders of said 65,505 shares of
7% pref. stock, dividends (M. & N.) at the rate of 7% per annum, and no
more, out of the net earnings or surplus.
The said dividends upon all of
the said pref. stock, both 6% and 7%, shall be and be taken to
be, fixed
and absolutely payable, in the half-yearly installments aforesaid, for and
in each year wherein the net earnings are as much as $1,000,000, and onehalf of said dividends shall likewise be and be taken to be fixed and abso¬
lutely payable in the half-yearly installments aforesaid, for and in each year
wherein the net earnings are as much as $700,000.
Said dividends upon
said pref. stock shall also be cumulative and shall be payable and be
paid
before any dividend or dividends on the common stock.
Whenever all said cumulative dividends on said pref. stock, both
6%
and 7%, for all previous years, shall have been held together with the ac¬
crued half-yearly installment of dividend for the current year, the com¬
pany1 may, in its discretion, declare, set apart and pay dividends on the
common stock, out of the net earnings or out of any excess of the
surplus
of the company over the sum of $3,500,000, but not otherwise.
The surplus of the company shall not at any time, while any of its said
pref.shares are outstanding, be reduced below said sum of $3,500,000 by
the payment therferom of any dividend or dividends upon the common
stock, nor by any stock dividend based upon surplus.
Voting power, subject only to the happening of certain contingencies as
specified in Section 33 of the by-laws, lies exclusively in the common stock,
one
,928,735
400,000
1,266,730
17,909,849
15,604,200
b The above amounts are stated after deducting
depreciation charges
amounting to $126,343 on real estate and buildings, $281,699on
machinery
and $306,040 on lasts, or a total depreciation allowance of
$714,081 (see text above); also from real estate $40,000 for mortgage as¬
sumed on plant or machinery,
x After deducting $97,600 for redemption of
pref. stock and $300,000 special reserve for contingencies, which may
arise due to the war.
y Includes investments and securities
(incl. 380
shares of Brown Shoe Co. pref. stock), $60,961, and advances to
salesmen,
&c., $29,120.
q Includes in
1917 prepaid purchases, $185,152.
z In¬
cludes special reserve from redemption or pref. stock, $400,000, and
special
reserve for contingencies which may arise due to war of
$400,000.—V. 105,
and equipment
payable
Surplus & profits.
5,449,500
3,273,500
-
for Fed.
Income, war&excess prof, taxes (est) 410,000
Special reserves.z800,000
company
8,750,000
erties, $195,606
$12,803,776
Office, warehouse and team equipment, &c., $307,646; automo¬
biles, $123,728; construction work in progress at branch
houses, $23,535—-454,909
•
ACCOUNT
363,140
Bonds..
-v
approximately $410,000,
large volume of orders on
hand, all plants being
exceedingly busy.
During the year just ended we have built at Litchfield, 111., a modern
plant 250 ft. by 40 ft., four stories and separate power
plant; same is
equipped with latest shoemaking machinery and w hile only
completed May
1 is now making 2,000 pairs men's
Goodyear Welt shoes daily.
INCOME
Res. for taxes, &c.
•
.
1
we
9,973,745
32,647,635 16,282,712
2,000,000
6,550,500
(1) Assets of $43,847,199 as shown by Consol. Balance Sheet Oct. 28 1916.
(After giving effect to dividends declared on Oct.30 1916 and Nov. 6
'16.)
Real estate, buildings, machinery,
&c.—-Packing houses, com¬
plete, $9,194,962; construction work, $76,876: branch houses,
$1,997,282; refrigerator cars, $1,339,049; miscellaneous prop¬
Mo., Dixon, 111., Murphysboro, 111., and
Litchfield, 111., occupying an aggregate of more than eighteen acres of floor
space and equipped with every modern appliance in shoemaking machinery.
The total book value of buildings,
machinery and equipment was reduced
from $2,163,799 to $1,449,717
oy a charge of $714,082 for depreciation.
The present appraised value is $2,604,661.
The net book value of build¬
ings, machinery, &c., $1,449,717, as above, includes real estate and build¬
ings, $687,438; machinery and equipment, $595,354, and
lasts, $166,926.
(Compare balance sheet below.)
The Manufacturers' Appraisal Co.
completed on Oct. 1 1917 an appraisal
of the real estate, plants and
machinery, which shows the above book value
to be conservative, the
appraisal showing a present value of $2,604,661.
During the year we have charged as part of the expenses of manufactur¬
ing $51,646 for repairs and renewals, and the entire cost of dies and
pat¬
terns, $54,203, together with depreciation on plants of
$229,680, making
a total of $335,528
charged to operations.
Capital Stock.—We have during the year retired an additional $100,000
of preferred stock and canceled
same, thereby reducing the amount out¬
standing to $3,600,000.
Sales and Profits.—The net sales for the year
ending Oct. 31 1917 total
$21,882,016, against $15,913,373 in 1915-16 and $10,764,328 in 1914-15.
From the information now at hand
regarding the war excess profits and
taxes,
$
2,000,000
Bills and accounts
discount.._
The
Oct. 28 '16.
$
stock, 6%__
1,574,721
Total .........64,727,255
Plant.—The company owns and operates nine
large and modern plants
for the manufacture of,its product, four located in
St. Louis and one each
in Moberly, Mo.,
Brookfield,
and have set aside that amount out of the
yearns earnings.
Outlook for 1918.—-We started the year with a
...
Pref.
1,057,916
2,222,449
2,899,380
Bills & accts. rec.12,969,009
Inventory
Oct. 27*17.
Liabilities—
8,346,948
2,529,682
Pref. stock, 7%.. 6,550,500
Common stock...11,449,500
Cash...
Company, Inc., St. Louis, Mo.
(.Report for Fiscal Year ending Oct. 31 1917.)
income
8
SHEET.
Oct. 28 '16.
$
Assets—
The report, signed by
George Warren Brown, Chairman
of the Board, and John A.
Bush, President, in St. Louis,
Nov. 30, says in substance:
Bal.,
de¬
surplus in Nov. 1916, amounting to $2,724,500.
b Equal to 5.72%. on the $2,000,000
preferred stock.
2,556,534
adjusted, $23,662,200, and those on which dividends are
unadjusted,
$428,300, and warrants for pref. shares, $39,815.
a Secured
by a deposit
122,658 shares of Bay State St. By. Common stock.—V.
105, p. 2272,'2184.
Net
1916 the
Total—.43,942,296 44,070,475
which
$609,242
clared and paid from
89,029
2,434,273
$2,310,584
as
company resumed the payment of dividends on com¬
stock, paying \ %%, and have paid quarterly dividends of 1
% % each
to and including Dec. 1917.
A 50% common slock dividend was
up
loss,
surplus...
bl 14,400
mon
cou¬
pons unclaimed-
Profit
723,642
a605,490
95,341
$3,266,628
BALANCE
Total
*
shares.*24,130,315*24,129,676
shares..14,293,100 14,293,100
Coup.notesMayriS
1,000
1,000
Dividends and
Cash for coup.,&c
Arrearsof divs. pur
§
'15.
$
above for the
year ending Oct. 28 1916 include
$316,222 paid May 1 1916 (at the annual rate of
6% on $2,000,000 stock'
and 7% on $6,550,500 stock for the
period from Oct. 15 1915 to April 30
1916), and $289,268 paid Nov. 1 1916 (3%) on
$2,000,000 pref. stock and
3%% on $6,550,500 pref. stock.
Common
do
.....
S
30
116,162,156
115,438,514
585,366
Preferred dividends
a
1916.
Oct.
3,011,415
(6) 120,0001
—-(7)458,535/
"
Common dividends.
SEPT. 30.
1917.
Bay State St. Ry.
notes
SHEET
Liabilities—
stocks
owned
0*£LStl
28 '16.
$
4,430,529
First preferred dividends
Second preferred dividends..
Balance, surplus....
BAL.
1916.
S
Assets—
Oct.
$
184,811,000 133,960,986
Expenses, depr., bond, &c., int., &c_ 180,380,471 130,949,571
155,000
(4)968,256
$676,207
def.$84,650
—.
$165,599
def.$129.870
Oct. 27 '17.
.
Years ending—
Total sales.
$4,375
18,318
'
Total
.
The gross sales divided as follows:
(a) All products derived from animals
and slaughtered, $160,000,000;
(b) all other edible products
and prepared, $16,000,000, and
-(c) non-edible products not
derived from annuals purchased by us,
$8,000,000.
Out of receipts from
sales of animal products, amount loft as
net profit was
$2,500,000 after
deducting war tax reserve.
This represents an
average of fie. a lb. for
all animal products, and it is our belief that
profit from edible portion has
been less.
Nevertheless, it has been considered by the Government
necessary to impose some control on profits of
packers.
[During the year
the company made a mortgage to the Illinois
Trust & Savings Bank and
William H. Hqnkle as trustees to secure a bond
issue of $12,000,000, of
which $9,000,000 were sold to take
up the old 1st M. 5s,
$3,273,500, and
for other purposes.
See offering in V. 103, p. 2345,
180,000
464",738
Cudahy, Chicago, Nov. 27, said in substance:
The volume of business stated in
pounds increased 10%.
The large in¬
dollars was due to largely
increased values and costs (principally
for live stock), but in proportionate
degree to increases in wages, freights
23,307,500
,150,000
10,863
2361
(The) Cudahy Packing Company, Chicago.
(Report for Fiscal Year ending Oct. 27 1917.)
1915.
$
Common stock...20 ,517,200
20,517,200
Preferred stock... 3 ,484,300
Coupon, &c., dep.
Accts.
DEC.
1916.
Liabilities—
S
46,751,920
173,286
477,246
CO.
CHRONICLE
vote for each share.
In case of voluntary or involuntary distribution of capital, or any
liqui¬
dation, dissolution, or winding up (whether voluntary or involuntary), the
holders of all said pref. stock, both 6% and 7%, shall be entitled to and
shall be paid in full in money by the company both the par amount of their
shares and unpaid cumulative dividends thereon before any amount shall
be paid to holders of common stock.
There are no priorities between the two
'
classes of pref. stock, except as
The 6% pref. stock may
be called for redemption at $100 per share plus any unpaid cumulative
dividends; and the 7% pref. stock may be called for redemption at $105
per share plus any unpaid cumulative dividends in the order in which they
were respectively]originally issued, as shown by the serial numbers
respec¬
tively of the original certificates representing said pref. shares, when issued,
beginning with the last share so issued, and proceeding in inverse order to
to the
redemption price and the dividend rates.
so issued.
Said redemption shall be made upon, and
only
preferred dividend payment days, on 60 days' prior notice in writing.
the first share
upon,
—V. 105, p. 1312,
1000.
[Vol. 105.
CHRONICLE
THE
2363
gasoline, and in Dec. 1915, 76%.
As several large refining com¬
panies in which stockholders in Standard companies have considerable
holdings have been classed as "independent," the percentages given are
stocks of
& Rubber Co., Akron, Ohio.
{Annual Report for Fiscal Year ended October 31 1917.)
Pres. F. A. Seiberling, Akron, 0., Nov. 26, wrote in subst.:
The past year has been our record year, sales being $111,450,644, against
$63,950,400 for the preceding year; the net profits being $14,044,206,
against $7,003,330 for the preceding year; an Increase of 74% in volume
and 100% in net profits.
Of this volume less than 1% is contributed by
Tire
Goodyear
direct war business.
Plant extensions under
doubling
its
/
■
■
■
,
«
have been completed, nearly
providing facilities sufficient for
your directors
way a year ago
productive capacity, and
to come. • To provide for these extensions
during the year increased the fixed capital by the sale
stock and $3,372,000 common stock (V. 104, p. 1048).
several
,
j
^
years
of $7,500,000 pref.
extraordinary conditions affecting transportation
land, it was found necessary to carry large supplies of raw
finished products, which abnormal condition is reflected in
covering Items of inventory and liabilities.
Due to the
on sea and
materials and
the figures
The
company's goodwill, growing out
with
products, is
though
24 1917.
342, and the usual dividend at
amounting to $1,499,040.
the rate
paid dividends
$2,228,of 7% per annum on the pref. stock,
,
,
,
.
,
redeemed during the year.
$14,044,206, subject to Federal
taxes for the year.
Additional credits not applicable to the operations for
the said year amounted to $193,690.
There remains an unappropriated
surplus of $12,763,681, subject to Federal taxes for the year.
RESULTS FOR YEAR ENDING OCTOBER 31.
>
1916-17.
1915-16.
1914-15.
1913-14.
Gross business
$111,450,644 $63,950,400 $36,490,652 $31,056,129
Net income
$14,044,206 $7,003,330 $5,137,083 $3,391,165
Preferred divs, (7%)-.
$1,499,040
$764,239
$469,583
$431,667
Cash common divs.(12%)2,228,342(12)1261,332(21)1686,151 (12)604,056
Pref. stock of the par value of $606,300 was
The net income for the year amounted to
$10,316,824
Balance, surplus
BALANCE
SHEET OCTOBER 31.
1917.
Mach. & fixtures. 10 817,292
1
Pats.,tr.marks,&c.
Securities owned-.. 1 ,706,426
18,700
Pref. stock in treas."
6,794,120
5,894,936
1
1,111,317
7% cumulative.24,393,700 17,500,000
Common
stock...20,278,620 17,500,000
15,410,800
6,000,000
payable —.... 4,864,761
Sundry other ac¬
counts payable.
850,968
1,889,478
Notes
payable
Purchase accounts
Com. stock for sale
663,600
to employees
Notes rec. for
stock,
Preferred
'
■
$
Liabilities—
$
S
1916.
$
1916.
1917.
4 ftOA/ft,'riTT,
Real est. & bldgS-14 12.5,498
$2,355,442
$2,981,349
$4,977,759
cos
1,006,378
stk. secured 1 ,033,640
Inventory
28 ,495,624 16,943,077
Advances to cos ..12 ,390,345 /2.194.592
cap.
618,495
Adv. to agts.,
&c.l
280,403
Doubtful
3,444,812
3 ,783,354
Accts. & notes rec.16 ,384,333 10,013,971
626,821
803,919
Prep'd rentals, &c.
243,765
175,587
Suspended assets.
Cash..
is
stocks.......
....82,562,592 49,217,794
Total
a
contingent liability for
also
....
.82,562,592 49,217,794
Oil Cos.,
&c.
&c.)
The report of the Federal Trade Commission on the price
of gasolene in 1915, a volume of 224 pages dated Apr. 111917,
gives the following particulars valuable for record:
Price of Gasolene in 1915—Earnings,
>
1. ThatTthe several Standard companies have maintained a distribution
of territory in the marketing of gasoline, and that no substantial competi¬
tion in the chief petroleum products exists among the several, Standard
Findings 'ofyheQCommission .LZ"7?
■
,
territories occupied by the various Standard companies,
competition is offered by the so-called independents.
Such
is especially noticeable in
a large part of the
Central States, where Oklahoma-Kansas refiners, and jobbers supplied
by them, have competed keenly with the Standard of Indiana, and aloDg
the Atlantic and Gulf coasts, where the Texas Co. and the Gulf Refining
less
North
competition
Co.
The
Co.
of
competitors of the Standard OH
in the Rocky Mtn. States.
when asked if his comany followed the Standard prices, said: "I should say as a rule we do.
pa
N
Tow and then we take the initiative and make a price higher or lower, but
as a rule we follow the Standard's prices, or the subsidiaries of the former
..
Standard.
.
.
.
I think the Standard
who
of the Western
Oil Co. is the competitor
usually raises or lowers the price."
H. G. James, Secretary
Refiners' Association, made a similar statement on this subject.
Magnolia Petroleum Company.
Petroleum Co. is commonly known as a Standard company,
that it Is not controlled in the same way as are other
Standard companies.
About 70% of its stock was owned by J, D, Archbold and H. C. Folger, Jr., in 1915, but, as the result of an agreement with
the Attorney General of Texas, the stock is placed in the hands of a trustee
(Judge F. A. Williams of Galveston) appointed by the State.
The trust
agreement provides; "That during the continuance of this agreement the
certificate of shares in the said Magnolia Co. held in trust shall not be voted
by anyone in the management of the affairs of the Magnolia Co., except
that the trustee shall have the right, in his discretion, upon the written
request of the owners thereof, to vote the same, subject to this exception;
The five trustees [equivalent to directors] of the Magnolia Co. shall be
elected by a majority vote of the remaining shares of stock."
On matters of general business policy Messrs. Archbold and Folger have
been consulted.
Before voting tne stock the trustee is to ascertain how
Messrs. Archbold and Folger would like their stock to be voted, and if his
The Magnolia
but it should be noted
judgment concurs with theirs he is to vote it accordingly.
rectors and officers of the Magnolia Petroleum Co. do not
possible of explanation apart from the foregoing conditions.
4. The Commission has found no direct evidence of collusion among the
several Standard companies in violation of the dissolution decree.
[It is also found that "the combination of pipelines with the other branches
of the industry has tended to establish and perpetuate monopoly," and
that gasoline has deteriorated in quality, a variety of products being sold
under that name.]
*23
Wjji Recommendations of the Commission.
"
'
:
JFITa law~providing for the reopening of antitrust cases on the application
of the Attorney General by a bill of review for the purpose of securing such
_
modifications of decrees as new conditions may require.
2. Abolition, by legislation, in certain cases, of common
stock ownership
dissolved under
have been members of a combination
3. Effective limitation upon common ownership of stock in potentially
competitive corporations by withdrawing the power of voting and control.
4. Legislation which, while recognizing common ownership, would fix
upon such common owners the responsibility for the acts or each of the
several companies so owned, which prevent competition.
. ■
5. In the long run it would probably be the most effective policy to
segregate the ownership of the pipe lines from the other branches of the
petroleum industry.'
6. Publicity of statistics under branch of Federal Government.
7. Classification of gasoline products .ionly^tbose complying with law
to^be sold in inter-State Commerce.&
M fehi*
•
Position^ofthclSlandarcCCompanics.
In using the terms "Standard" and "other" as applied to various refining
companies, the Commission is adopting a generally accepted usage
An
examination of the lists of stockholders of the various companies called
"Standard" shows that they are owned by bodies of stockholders which
are
so similar in
membership as to justify the common usage
This
common ownership Is in accord with the decree which dissolved the Standard
Oil Co. of New Jersey In 1911.
Throughout this report, though the several
Standard companies are often treated as a group, this is not to be taken as
obscuring the fact that they maintain separate organizations
including
officers, directors, and refining and marketing machinery.
Throughout the year 1915 the pipe lines and producing companies allied
with or controlled by the several Standard companies held in their posses¬
approximately 65% of the total quantity of the crude oil held by pipe
lines and producers east of the Rockies; and their control increased to about
70% In the latter part of the year.
As already stated, they held from 71
to 81 % of the crude oil held by refineries during 1915.
The refineries owned by what are clearly Standard companies produced
over 60%
of the gasoline products produced in the United States during
1915 by refiners reporting to the Commission, which refiners embrace all
the more important concerns in the United States; and these same refineries
sold about 65% of the total quantity of gasoline marketed, while their
sion
exports were approximately 83 % of the total exports In 1915.
the various Standard companies, refiners and jobbers held
In Aug .1915
79% of the
While the di¬
hold stock in
1915, owned 5,995 whole
out of a total of 983,383
Folger owned 1,574 shares
Jersey company, and 2,085 shares in the Standard of New
748,666 shares, and was President of the Standard of
out of a total of
other products to
the
York
New
quantities of gasoline and
New York and New Jersey companies.
The Magnolia Co.
regularly sold large
the "Standard Cos."
Standard companies
division of territory
embracing the whole country, and that almost without exception each
Standard marketing company occupies and supplies a distinct and arbi¬
trary bounded territory.
The States served by Standard tank wagons are:
(1) Standard Oil Co. of N. Y.—Me., N.H., Vt., Mass.. R. I.,Conn, and N.Y.
Territory:—States Served by Tank Wagons of
The investigation establishes the fact that the several
have, with respect to gasoline, maintained a Complete
Division of
(2) Atlantic Refining Co.—Pennsylvania and Delaware.
(3) Standard Oil Co. of N. J.—N. J., Md.f Va., W. Va., No.
Caro. and Dist. of Col.
Standard Oil, Co. of Ohio—In Ohio.
Standard Oil Co. of Ind.—Mich., Ind., III., Wise,, Minn., No. Dak.,
So. Dak., Iowa, Mo., Kan. and north of Okla.
(6) Standard Oil Co. of Nebraska—In Nebraska.
(7) Standard Oil Co. of Kentucky—Ky., Miss., Ala., Ga. and
(8) Standard Oil Co. of Louisiana—Louisiana, Arkansas and Tennessee.
(9) Magnolia Petroleum Co.—Texas, Oklahoma and Arkansas.
(10) Continental Oil Co.—Mont., Idaho. Wyo., Colo., Utah
(11) Standard Oil Co. of California—Wash., Ore., Calif., Ariz,
Caro., So.
Fla.
and New Mex.
and Nev.
WAGONS, ALSO RETAIL
GASOLINE PRICES ON STANDARD TANK
PRICES IN LEADING TOWNS IN SPECIFIED STATES
Ohio
Mass.
-New JerseyWagon. Retail. Wagon.
January__._cts 11.61
13.91
13.32
July
10.50
11.85
14.00
October
17.13
18.61
21.13
In 1917—
IN 1915.
-Pennsvlv'a-
Retail. Wagon. Retail. Wagon.
15.93
15.66
12.25
14.23
9.00
31.55
11.00
11.00
23.14
18.94 21.30 17.42
[Gasoline prices as now reported are: Boston, 25c.; Cleveland,
Philadelphia, 27c,; New York City, 24c.—Ed.]
"
not
Shell
appears to be one of the most important
Co. (of California) on the Pacific coast, though not
A. L. Beaty, General Counsel for The Texas Co.,
.
companies.
2. That this absence of competition is due to a community of stock owner¬
ship, which community of interest is the result of the ratable distribution
of stock under the dissolution as ordered by the court.
3. That the facts disclose such advances in prices of gasoline and such
differences in price corresponding to Standard marketing territories as are
in corporations which
the Sherman law.
Standard's business, even as far north as
California—controlled by foreign interests—
have made inroads on tne
Maine.
York.
30,000
"45,000
12,763,681 a2,253,167
the
there is a community
In each of the
more or
in the New
notes receivable discounted,
Investigation—Standard
on
practically all of the stock of
and of the Carter Oil Co.
That
oil-producing properties is clear.
231,445
$300,000
(.Report
of interest with large
237,208
amounting to $4,084,900, and guarantee of loans by Canadian bankers to
the Goodyear Tire & Rubber Co. of Canada, Ltd., amounting to
x After deducting $606,300'pref. stock redeemed.—Y. 105, p. 2276, 1213 0
Gasoline
Standard of New Jersey owns
Standard of Louisiana
2,298,000
531,445
Goody.Hts.R.Co2 ,827,872
There
as
about 30% of the
of the Texas Co.,
175,587
....
Deprec. of plant
Insur. on branch
Co. & to
Total
"independents" in this report.
Standard stockholders owned
stock of the Tidewater Oil Co. and about 25% of the stock
which are here classed as "independent."
Another company included among the "independents" in 1915 is the
Midwest Refining Co., though it is known to have operated in such a way
as to have made it an ally rather than a competitor, and is now reported
to have come under the direct control of the Imperial Oil Co. (Ltd.) of
Canada, which is a Standard concern.
classed
3,248,030
acc'ts
Adv. to Goodyear
Impt.
control
companies,
.Standard companies, Mr. Archbold, in
shares of stock in the Standard of New Jersey
shares, and is President of that company.
Mr.
(current)
Suspended accts.
Surplus
approximately
position
other
Reserves—
...
\
Although their percentage of control has declined since 1906, when tes¬
timony taken in the Standard Oil case showed them to possess
85% of the business, nevertheless they still occupy a dominant
in the trade, and the aggregate volume of their business has increased.
Moreover, a material part of the apparent decline in percentage of
by Standard companies is due to the fact that certain large
in which various Standard stockholders have considerable interests, are
The
of satisfactory trade relations
70,000 customers and more than a million users of its
steadily increasing in value and constitutes its most valuable asset,
not listed in our balance sheet.
"
Extracts from Report of The Audit Co. of N.Y., Dated Nov.
The reserve for depreciation, amounting to $3,248,029, is equivalent to
25.59% of the plant value of $12,689,056 as of Oct. 31 1916.
From the current assets there have been eliminated accounts whicn are
doubtful of collection and are included in suspended assets.
Full provision
for non-collection is provided in the reserve for doubtful accounts.
During the period under review there were declared and
on the common stock at the rate of 12% per annum, amounting to
over
conservative.
'
Production
of
Crude
Retail.
14.27
13.20
-
18.89
23c.:
Oil and Gasoline.
petrol¬
1915
1914..
de¬
creased considerably during 1915.
This decrease was shiefly due to the
decline in the output of the Cushing pool in Oklahoma, which produces a
crude peculiarly rich in gasoline.
This pool produced about 8,000,000 bbls.
in June 1915 and 3,800,000 bbls. In October.
Its total production in 1915,
however, was over 23,000,000 bbls. greater than in 1914.
As
result of the foregoing fact, the estimated gasoline content of the
crude produced in 1915 indicates a marked decline during the year.
This
estimate is made on the basis of the usual yields of gasoline from the crude
oils produced in the several oil fields.
The estimates of the gasoline con¬
tent of the crude oil produced in Jan., July and Dec. 1915 are: 175,608,000
gallons, 172,094,000 gallons and 145,601,000 gallons,.,,respectively.
The production of gasoline products as reported by refiners to the Com¬
mission " increased somewhat during 1915, the maximum monthly output
coming in October.
The total production for the year was over 1,548,-
Practically the entire supply of gasoline Is .made from crude oil or
The total production of such oil in the United States in
was
about 306,000.000 bbls., as compared with 301,000,000 bbls. in
The monthly production of light (gasoline yielding) crudes, however,
eum.
a
799,000 gallons.
During March, April, May, June and July, the posted price
crude was 40 cents a barrel, and many thousands of barrels
of Oklahoma
were sold at
the price received down to 28 and even 25 cents
of December the posted price had risen to $1 20
a barrel, and'to this was added in the case of Cushing crude premiums rang¬
ing as high as 60 cents, which brought the real price paid by small inde¬
pendent refiners up to $1 80.
Under such circumstances, the smaller re¬
finers were naturally forced to advance the price of gasoline, this being the
product that would bear it; and the large refiners were not unwilling to
discounts, which brought
a barrel.
Bv the middle
see
the rise.
„
unusual increase in the holdings of crude oil by various
and pipe line companies during the latter part of 1915.
In
the stocks of Mid-Continent crude oil held by pipe lines
There was an
large producers
round
and
numbers
producers
increased from 75,300,000 bbls. in January to 100,650,000
and between the same months the total stocks of Pennsyl¬
Illinois and Mid-Continent crudes, as compiled from
bbls. in October,
vania. Lima-Indiana,
bbls.
published sources. Increased from 96,600,000 bbls. to 125,525,000
in the demand for gasoline is the internal combustion
Though returns could not be secured from some who had gone
out of business in 1916, the figures indicate that the horse-power of gaso¬
line engines sold in 1915 was approximately 62% above that of 1914.
The sales of gasoline by refiners increased from the beginning of 1915
until September, remaining high thereafter until November, and, though
decreased, were much higher in November and December than they had
been in January of the same year.
Returns from refiners reporting to the
Commission show an increase of 38% in sales of gasoline and naphtha to
jobbers and consumers during 1915 as compared with 1914.
The exports of gasoline products (gasoline, naphtha and benzine) were
over 315,400,000 gallons during 1Q15 and 209,546,000 gallons during 1914,
the
The chief element
engine.
Dec. 15 1917.]
THE
CHRONICLE
increase in exports of over
50%.
In 1914 exports were
approximately
18% of the quantity manufactured.
This increase in
exports, though
small compared with the total
quantity produced, was one factor in causing
the advance in the
price of gasoline.
To recapitulate, our
investigation shows that a decreasing supply of
light crudes, coupled with increasing foreign and domestic
demands, ex¬
plains a part of the advance in gasoline prices
during 1915, but that part
of the advance in certain
sections, at least, was unnecessary and to a cer¬
tain extent due to artificial
conditions already pointed out.
2363
an
Crude Oil Production
of Standard Oil Co. of New Jersey—Carter Oil
In
Company.
a
memorandum prepared at the request of the
Commission, F. H.
Bedford, Vice-President of Standard Oil of New
Jersey, under date of
June 30 1916
reported: "On Jan. 1 1915 the company had a daily crude
production of about 2,000 bbls., with no reserve stocks in
storage.
It
was believed that this
condition was uneconomic and that sound
business
policy made imperative the acquisition of a sufficient
production and stored
reserve to insure
against the contingency of having at any time to shut
down or curtail the operation of the
company's refineries for lack of crude.
The company therefore caused the Carter
Oil Co., which was and had
been for many years a
subsidiary, to qualify to do business in Oklahoma,
with a view to
acquiring producing territory.
Then came the crest of the
output in the Cushing field, and this company was
importuned by produc¬
ers to buy the excess of
crude which overran their storage
Capacity.
The
Carter Oil Co. did, therefore, at the instance of this
company, buy some
18,000,000 bbls. of oil in tanks.
This constituted only about six months'
supply for the New Jersey company's refineries, and it is now
being %awn
upon at the rate of about 20,000 bbls. per
day. At the present time the
Carter Co.'s own production is about
8,000 bbls.
per
VARIOUS STATISTICS AS REPORTED
1915.
Gasoline engines sold,
horse-power_
Of which for trucks & motor cars.
Of which for power boats.
COMMISSION.
1914.
22,524,858
17,263,382
2,129,557
L_
day.
TO THE
Automobile consumption, estimated
on aver, of 450
gal. y'lyperear__ 933,750,000
Sales of gasoline by refiners
reporting—
Standard companies
1,221,805,000
Other refiners—_______
627,985,000
Exports of gasoline products—
8 Standard companies
261,296,673
17 "Other" companies:
:.
/
54,181,892
Crude oil on hand Dec. 31. bbls
185,634,143
Crude oil produced, bbls
305,952,000
1913.
13,887,331
10,449,937
2,457,769
11,279,143
7,561,972
2,427,563
678,600,000 535,950,000
919,058,000 824,987,000
412,172,000 274,363,000
174,539,6131188,043,379
35,007,2311
141,549,769
301,527,000
EARNINGS AND DIVIDENDS OF REPRESENTATIVE
COMPANIES.
There follows a table which shows for 1915 the
investment (capital stock,
funded debt and surplus) at the
beginning of the year, and the net earnings,
dividends and additions to
surplus during the year for a number of repre¬
sentative refiners.
The companies covered are 10 Standard
companies
which market gasoline by tank
wagon; 6 small "independent" Pennsyl¬
vania refiners; 5 medium-sized
"independent" Mid-Continent refiners; and
the 2 big Gulf Coast
independent refiners.
The Standard of
Kansas, a
purely refining company, is also included.
In a majority of the
cases, the
figures have been checked against the books of the
companies by the agents
of the Commission.
The investment figures used are those found on the
books
of the
com-
ganies and represent the capital employedthe absence of actual appraisal,
in the business (capital stock,
onds, long-term notes and
surplus).
In
these figures are the best available.
(1) Standard Companies—Refining and Marketing Companies.
1st of Year.
Atlantic
% on
•Earnings.
44,394,666
Stand, of N. Y,
90.471,958
of Ohio.
& Surplus,
21.7
$25,755,509
15,998,376
14,464,263
36.0
2,136,256
563,946
23.9
44,394,666
90,471,958
8,953,697
17.9
Divs. (for %
below)'
see
3,144,423
8,953,697
Stand, of Kan.
Cap. Slock
Invest.
Refin'g$25,755,509 $5,592,425
Stand, of Ind..
Stand,
Net
3,144,423
16.0
$1,000,000 $4,592,425
3,600,000 12,393,376
6,000,000
840,000
8,404,263
1,296,256
240,000
323,946
1915.
3.7
21.7
36.5
14.5
36.0
23.9
16.6
9.7
8*1
7.8
20.6
Standard of New York
Standard of Ohio
20.9
7.9
21.2
"79
8.1
16.0
1.2
6 7
6 6
—
Standard of Kansas
...
—
actory
19.5
$48,271,905
$3,473,485 $6,051,232
Companies—Pennsylvania Group.
$6,607
-3.3
122,756
7,547
6.1
302,264
16,961
178,235
5.6
$198,070
122,756
302,264
10.000
6,961
12,3
bl,453,438
206,355
def.28,119
dll,782
250,768
$6,607
1,974
5,572
,
j
c855,167
400,906
i
c8A
293,840
.
472,036
351,044
cl0,238,724 • '
400,906
73-i
e$l,877,572
358,957
76.0
472,036
65,872
18.8
351,044
1,100,979 n20.4
g346,510
£81,312 g23.5
f5,387,327
£346,510
Company 11...
128,915e$l,382,697
358,957
13,999 ' ee76,873
434,244
666,735
20,759 unavaiaible
Co..
(June 30 yr.)
58,235,974m7,410,326
12.7
$7,179,582
$1,007,541
'14.0
Aver. 24 cos...$26,370,674
$4,934,235
18.7
41,135,974
$,000,000
3,393,326
$5,800,736
$314,030
$696,779
inde¬
pendent gr'p.
with
Note.—Several
subsidiaries, and
subsidiary producing
$25,266,716 $l,762,113t$3,257,604
company.
"independent" companies
an
own pipe lines, elther.dlrectiy'of
through
Important part of the stockholders of the Standard companies
stockholders, in
plDe-ltne
companies'.
Most of the independent refining
Net earnings are shown above before deducting interest
funded debt except in one case; see "g."
a Caoital stock was increased during the year by
$1,589,275 and bonds by $2,640,000, half of each (in all $2,114,637) added to investment as of Dec. 31 1914 (V. 100,
1669).
One-half of stock ($794,637) added to capital stock and surplus as of
p.
that date.
Inteiest paid on bonds ($551,705) added back to
earnings.
Losses of
$9,107 on "royalty and producers account" deducted from earnings.
b Includes $197,327 additions to surplus on account of
gain by reappraisal,
Includes $2,103,128 in outside investments
on
which but
$6,250
returns
were
reported. Based on investment of $8,135,596, net earnings equal 10.5%.
d On pref. stock only.
Does not include common stock dividend of $2,539,737
paid in Feb. 1916.
e As of Nov. 30 1914.
By the end of the]year Investments amounted to $5,137,Earnings for 13 months to Dec. 31 1915, excluding $135,000 Income from pipe
line Stocks
on
which no investment
bonds ($24,759)
was
reported on Nov. 30 1914.
not deducted from earnings.
Interest paid
Based on investment of $5,137,23.9%.
The
of Nov. 30 1914, amounted by
089 and earnings of $1,226,185, net earnings on investment equal
capital and surplus here given as $1,877,572
as
Dec. 31 1915 to $5,310,829, based on which dividends equal 2.5%.
The $1,382,697
added to surplus includes $310,186 on account of premium on capital stock and
donated stock.
j
ee
12.3
.7
8.4
•
4.2
24.7
26.5
1.0
1.9
3 3
10.5
14.2
4.4
y.l
26.9
62.6
8.2
73.3
4~5
4.1
....
25.2
u50.7
30.6'
—
.30.0
....
1.6
6.9
v29.4
76.0
8.7
6.9
18.8
15.2
5.2
13.2
6.3
5.9
5.2
\z24.9
z8.0
z20.4
\zl0.3
zD.l
z8.1
.120.2
v21.6
23.5
11.7
11.2
6.0
.
on
15.5
17.1
books
of
accounts,
y
Dividends
v
....
....
/
f
4.0
11.9
13.3
earnings for 13 months,
12.7
Loss,
of
x
5.5
Small
$2,539,737
6.8
concerns
on
7.3
with
common
unsatls-
stock
paid
INTERCOMPANY PURCHASES OF GASOLINE BY
SPECIFIED STANDARD
COMPANIES; x 1915 (in Gallons).
■
Companies
Companies Purchasing Gasoline—
——■—
Selling
Stand. Ind.
Gasoline.
anabAti.Ref.
Atlantic Ref.
Standard
Standard
ofKy.
6,493
........
2,009,077
3,503,078
14,562
......
Vacuum
La..
...
Stand. N.J.
Stand. N.Y.
....
bl00,875
Stand. Ohio.
y22,95Q
975,720
.....
........
12,543,631
,
—
19,919,013
311,903
—
8,440,011
....
_z53,729,015
273,854
........
308,514
—
b321
Total
Companies
Specified.
y3,014,240
30,150
14,012,606
15,642,874
13,612,250
55,939,223
17,885,287
28,359,024
54,314,772
409,389
321
...
2,114,657
—
Total 12 003.21,671,574 36,298,680
x
of Ohio.
6,999,142 z3,510,386
4,756,304
10,872,008
13,612,250
2,752,788
1,254,950 37,817,420
........
Stand. Ind..bl,570,434
Stand. Kan.17,885,287
...
Standard
of N.Y.
30,150
Magnolia—
Solar
——-r-
Standard
of N.J.
Imperial Oil.
........
....
2,114,657
2.4,957,322 72,159,701 50,247,516 205,334,793
The
companies specified are the chief Standard companies east of the
Mississippi
River, with the exception of the Midwest Refining Co., which waS not controlled
by
Standard interest in 1915, but
operated In harmony with the Standard of Indiana.
It is located in Wyoming.
The Standard Cos. in 1915 also purchased gasoline
from Mid Continent
laneous, 261,092 gals.
i>
y Atlantic Refining Co. reported 451,313 gallons sold
during 1915 to the Stand¬
z
Includes crude naphtha.
[Report is signed by William J. Harris; Chairman; Joseph E. Davles, William
Colver and
John F. Fort.
Commissioner Will
draft of the report could not be submitted to
him.]
H.
Parry being ill,
the final
[The report describes the results of refining
oil as accomplished by dis¬
tillation as follows, the more volatile products
rising first, so that we have
in the following order
(1) crude naphtha or benzine, which, when purified,
with sulphuric acid, is heated in steam stills in the
presence of live steam,
producing gasoline and finished naphtha; (2) kerosene distillate, from which
are obtained refined oil,
illuminating oil or kerosene, and under pressure
gas oil, fuel oil and crude naphtha, this last available for making additional
gasoline; (3) heavy tar distillate affording
paraffin wax and lubricating oil;
(4) carbon, largely used for fuel and manufacture of electric carbons.—Ed.
S"anta™Cecilia Sugar CorporationTNew"York.
(jFirst Annual Report—Balance Sheet of Oct. 15 1917.)
Includes $25,000 account
increased book value of stocks of
ducing company.
f Good-will of $2,922,820 deducted.
a
subsidiary
pro¬
Based on capital stock and surplus, includ¬
ing goodjwill|($8,310,148), dividends equal 5.2%.
Pres. M. H. Lewis, N. Y., Nov. 9 1917, wrote
in
Subst.:
On Aug. 14 last your
corporation acquired all the property, assets and
business of the Santa Cecilia
Sugar Co. (per plan in V. 104, p. 1596; V. 105,
p.
295, 1808).
As the fiscal year of that
company ended June 30 1917, its annual report
and general balance sheet is enclosed herewith.
The trial balance annexed
hereto shows the status of your coimoratlon on Oct. 15
1917, as taken from
the books of the home office.
It does not contain, however, certain
treasury securities received and to be received in connection with the or¬
ganization of your corporation.
Said securities consist of $3,000 1st mtge.
bonds, 1,318 shares of the pref. stock and 361 shares of the common stock
of your corporation.
••
Condensed
trial
balance,
y.
n.
Assets (Total, $3,762,135)—
Real estate, with
companies own tank cars.
089.
5.6
13.3
35.3
9.8
included, z Excluding good will of $2,922,820 from capital and
k On account of reorganization In
May 1915, it is difficult to make satis¬
factory analysis of the accounts for that
year.
'
Mid-Continent-Gulf Coast Group (Producing,* Refining and Marketing). '
Gulf Refg.Co. k$13,672,948k$l,631,048
11.9 k$i3,122,948
$1,608,881
on
5 5
....
surplus,
43,072
'
.
f5,387,327
keting)
c
6.0
3.1
6.9
3.3
6.1
4.4
843,384
bl,453,438
..
Co. 10 (also mar¬
on
10.6
v7.8
644,640
$198,070
..
also
12.5
7 9
361,914
—
Company 8
Company 9
are
9 7
-
200.000
[Cosden
Ed.]-.e$2,152,572e$l,091,185 e50.7
Allied
13 4
10.0
480,000
& Co.
of
9 2
15.3
2.6
Feb. 26 1916 not
Mid-Continent Group (Producing and Refining).
Aver,
6.2
38.9
22.8
v6.7
Gulf Refining Co.
The Texas Company
Based
34.0
37.5
15.0
v4.8
—
u
7 6
12 0
24.9
—1.6
Company 8
Company 9.
Company 10
7.7
4 8
.
29.9
Standard of Nebraska
30.4
Standard of Kentucky..... 26.4
Standard of California
1Q.8
Company 1 x__
Company 2 x
Company 3 x
Company 4 x..
Company 5
Company 6—
Company 7
9*4
9.8
30.2
..
1,496,793
4,936,086
(Independent)
& marketing.*10,238,724
Texas
9.3'
17.9
14.2
B.
Co. G.refin'g.
The
23.9
1.0
16.5
22.8
[Pure Oil
Co.], produc¬
ing, "refining
7
13.8
91.6
Magnolia Petroleum Co.... 19.2
Continental Oil Co
41.3
3 9
1,124,640
Co. 5
Co.
23.4
0 9
ard of New York,
—
r
1914.
16.4
Standard of Indiana
Standard of New Jersey.___
37.5
ardgroup—$49,051,056 $9,574,872
"
"
% Divs.on Cap.Stk.&Surp.
1913.
1914,
1915.
1913.
Atlantic Refining Co
561,914
Stand-
3.
Co. 4,
Invest.-
4,561,280
9,529,945
4,533,667
1,496,793
4,936,080
Co. 1, refining.
Co. 2,
"
Company—
on
1,183,037
a7,097,308
90,227,638
"Other"
COMPANIES,
-% Net Earns,
360,000
10.6
90,227,638
19,667,660 31,923.909
852,011 '
813,511
Marketing Companies.
Co.
Name of
REPRESENTATIVE REFINING
1913-1915.
MARKETING
:
4,968,665
14.2
Stand, of Calif-
(2)
AND
,
4,533,667
249,979,868
Aver, of
Average for 23 of the companies.
34.0
20.6
Stand, of Ky._
t
PER CENT OF NET EARNINGS ON
INVESTMENT AND OF DIVIDENDS ON
CAPITAL STOCK AND SURPLUS FOR 24
1,543,037
J-249,979,868 51,531,569
MagnoliaPet'mal5,667,308 a2,217,228
Stand, of Nebr.
Refining Co
Interest paid on bonds ($22,166) added back to
earnings,
m Interest paid on bonds
and serial notes
($1,017,000) added back to earnings
n Exclusive of
good will.)
if good will ($8,310,148) Is included in
investment,
net earnings on invest,
equal 13.2%.
r For year ended
May 1 1916.
independent refiners as follows: From Chanute (Kam.) Re¬
fining Co., 2,040,000 gals.; Constantin Refining Co., Tulsa,
Okla., 255,811 gals.;
Cosden <fc Co., Tulsa, Okla., 875,149
gals.; Consumers' Refining Co., 906,226 gals.;
Indiahoma Refining Co., St. Louis, 631,310
gals.; International Refining Co.,
Tulsa, Okla., 652,543 gals.; New State Refining Co.,
209,177 gals.; and miscel
Producing, Refining and Marketing Companies.
Stand, of N.
Continental Oil.
5.6%.
Midwest
Added to
Surplus.
to
k Includes $8,212,395
(average 1914-15) loan from the Gulf Pipe Line Co.
and
the Gulf Oil Corporation, on which
no Interest was paid.
These loans, which are
drawn from related
companies, are part of the capital of the Gulf
Stand.
CAPITAL, SURPLUS, NET EARNINGS AND DIVIDENDS OF 24
REPRESEN¬
TATIVE COS. FOR YEAR 1915 (Capital Slock and
Surplus as of First of Year).
year amounted
net
earnings
i
—
Investment at end of
$200,000.
Based on investment of
$957,628
earnings of $89,312, after deducting
$8,000 paid as interest on bonds,
on investment equal
9.3%.
Based on capital stock and
surplus (less
good will) of $372,794, dividends equal
and
net
Company Ilk
[For the 9 months ended Sept. 30 1917 the amount of crude
petroleum
marketed was reported as 254,249,000
bbls., an increase of 14% over the
first 9 months of 1916,
accompanied by decrease in the stocks on hand from
174,028,351 bbls. on Dec. 31 1916 to 164,249,000 on Sept. 30.—Ed.
Investment
g In May 1915 company reorganized.
$957.628, of which bonds amounted to
office,
.
.
oct,
15
1917.
M
fields, pastures, fences, roads, bridges,
&c., $2,708,886; deduct reserve for replanting cane fields,
$118,350
-----$2,590,536
Manufacturing plant, $692,625; reserves for deprec n, $246,461;
total, $440,164; warehouses, residences, &c., $108,487; railroad
and equip't, $120,220; orchards, $814
675,685
Livestock, $35,643: field equip., &c., $15,906; furn., &c., $10,020
61,569
Current, account with Cuba office, "covering cash, merchandise,
material and supplies, expenditures on current operations and
other
plantation accounts
239,965
Cash in banks and on hand—New York
71,504
Accounts receivable, $6,620; bills receivable—advances on con¬
tracts, $15,000—
21,620
Sugar on hand—8,197 bags, at cost at Boqueron._„
75,754
Liberty Loan bonds, 15-30-year, 3>£%--10,000
Admin, exp., $4,672; int., $6,584; susp., $2,090; deferred, $2,156
15,501
Offsets (aggregating $3,762,135):
Capital stock—common, $1,750,000; preferred, $1,000,000
$2,750,000
First mortgage
bonds—6%
750.000
Bills payable—Loans, $100,000; acceptances, $20,000
120,000
Accounts payable, $1,673; accrued interest, $7,600:
9,273
Sugar—Net proceeds to date on completed and uncompleted sales
113,928
Miscellaneous income
18,934
cane
—
""Report'of
"'the
Santa
Cecilia Sugar Co..
revolution which
-
Year ended
June
SO
1917.
prevailed in Cuba during the major portion of the
grinding season seriously delayed operations and greatly increased cost of
production, although no material destruction of property took place on the
Estate.
Substantial additions and betterments were made during the year.
,
completion of the program
of the high price
The
of factory reconstruction has been postponed
The property generally is
Weather conditions at
in good condition.
.
June 30 have been
the Estate since
1916-17.
482,472
*$779,076
414,782
Net earnings---.--.--
95,264
Additions & betterments*
hand.
Not including sugar on
■
V
1917.
1916.
^
2,437,111 2,414,293
Manufacturing plant
"
RR.& equipment...
103,487
120,3.51
13,010
&e—"
fixtures,
Furn,
Plantation sundries.
93,682
Cash———————
28,41,5
3'Aa,
Accts.
hand--
22,083
Total
747,000
41,332
27,691
20,4.33
378,589
190,916
Total .——....3,629,955
3,366,134
terest, &C——
-
—-
18,728
••
Oper.
Other
being prevented,
damages, and
recognized and settled in
account in the
at ali
particularly at
Trinidad
Sugar
Sugar
Co.
Co.
$
•
991,659
31,888
2,414,858
74,493
construc'n
Lands, pastures, roads
and wells
481,020
1916.
1,057,666 4,464,183
4,014,125
19,341
251,682
fnter-co. capital stock
Organization exps__
.3,934,731
37,532
receivable-
42:532
"5:606
lOO^lO
"
7,893
1,989
83,902
7,346
5,182
535
305,127
1,030,196 1,375,325
64,506
28,228
planters, &c
65,616
26,677
164,130
140,303
161,317
4,728
185,413
Sugar Co.
225,252
106,043
669",257
9,489,697 7,730,685
Surplus on stock of subcos. with public
1st mtge. 6% convert.
2,400
2,995,200
1,200,000
18,021
payable
credit bal
Accr'd bond interest-_
Accounts
Co__
payable
Surplusjaccounts
18,021
-
764
li: 924
720,517
162,976
24",124
8,495 1,081,442
112,500
11,924
541,497 1,261,047
122,396
309,497
270,120
123,332
8,817,189 2,042,053 2,684,013
Total
18,021
169,350
53,377
3,377
50,000
167,500
112,500
Prov.for U.S.inc.taxes
E. Atkins &
2,995,200 2,980,200
—
15-year notes, due 1931
Reserve for fire loss
outstanding
9,900
1,500,000 1,250,000
1,500,000
(1931)
9,900
2,400
2,400
-
Coll. trust 6% convert.
Inter-co.
-
-
2,400
Of sub-cos.with pub.
(1935)
550,000
Bondholders'
holders of the
to
&
137,638
55,676
9,489,697 7,730,685
After
yearly
A
deducting depreciation reserve,
proportion written off.
-
dividend of $15 per share,
y
Organization expenses less
by the
Co.) and payable to the
amounting to $82,500, declared
Compania Azucarera Florida (Florida Sugar
Punta Alegre Sugar Co., has been included in the
accounts.
committee urges
Committee.—The following
4% bonds of the Boston
Ry. Co. and Old
& Northern Street
due July 1 1954
Colony Street Ry. Co.
with the Boston Safe. Deposit
depositary, under the bond¬
protective committee agreement dated Dec. 8 1917.
deposit their bonds at once
Trust Co., Boston, Mass.,
(Chairman), James Dean,
Jr., John E. Oldham, Philip
W. Eugene McGregor, Secre¬
tary, 35 Federal St., Boston, and Ropes, Gray, Boyden & Perkins as attys.
Compare report of Massachusetts Electric Companies. (the
news
H.
John R. Macomber
Ecker, William L. Garrison
Frederic B. Washburn, with
item below
above; also see
1522.—V. 105, p.
under "Annual Reports"
and V. 105, p. 2184,
2271, 1522.
Bleecker Street
& Fulton Ferry
RR.—Abandonment.—
Service Commission has granted the railway permission
to abandon parts of its former route over which the last horse car was run
on July 26 fast.—V. 105, p.
1522, 496.
The N. Y. Public
Ry.—Bondholders' Committee.—
Boston Northern Street
State Street Ry. above.—V.
See Bay
93, p. 285.
Ry. System.—Mortgages to Secure
Loans Made by Canadian Govt, to Subsidiary Companies.—
There were deposited on Dec. 3 1917 with the Secretary of State at
Ottawa three mortgages each dated Nov. 23 1917, and made to His Majesty
the King by the Mount Royal Tunnel & Terminal Co., Limited, the
Canadian Northern Western Ry. Co., and the Duluth Winnipeg & Pacific
Ry. Co., respectively, to secure advances to said three companies, respec¬
tively, from loans made by His Majesty to the Canadian Northern Ry.
Canadian Northern
Co.—Compare V.
Canadian
See
x
capital. Its
Some lines, it is
communities served
of service.
$686,000;
Frederick
3,100,000 3,100,000
897,600
-
valuable property.
normal
proportionate rates of fare
holding company)
3,100,000
Inter-company
Drafts
a
the Bay State hold its own and make real progress.
[Attorney Pillsbury for the company stated that on Dec. 12 the company
had only three days' supply of coal and its usual estimate of probable
for the six months beginning with October 1917, after operating expenses,
fixed charges, capital obligations, &c., shows: Oct. 1917 profit,
November deficit, $10,000; December deficit increased to $334,000; Janary deficit increased to $376,000; February deficit increased to
March deficit increased to $1,668,000.
holders'
427,414
Cajpital stock—
Notes
the public is
situation and that the
established in some way so
I expect to see
594,125
Liabilities-
bonds
v
It seems to me that
reproduction cost is much in excess of its outstanding
general serve a prosperous and well settled section.
true, are a burden and must be lopped off unless the
show a greater willingness than heretofore to pay the cost
Some additional money must be spent in equipment and other improve¬
ments.
But as a whole the property is in good shape and under
operating conditions and with reasonable and
22,137
12,199
8,817,189 2,042,053 2,684,013
after
1897.
results
$226,000;
57,781
967
Cash
bonds
def__def.886,949sr.3,254,189
■
Stockton and
E. Atkins & Co._
P. A.
Bal., sur. or
June 30 1917 was $22,814,544,
June 30 1917.—V. 105, p. 2093,
not permanent.
Bondholders' committee:
115,293
from
Total....
401,075
5,340
26,568
7,706
120,577
"
36,675
229,836
molasses
269",377
7,514
81,930
161,653
102,513
5,340
11,328
216,631
Supplies in stores
—
Unliquidated sugar &
nliquh
Acc'ts receivable
2,869,591
lines in
117,858
and debit balances
Supplies in warehouse Sugar in process
Exps. acc't 1918 cropPrepaid insurance, &c_
722,936
117,949 1,060,541 1,191,871
331,350
334,358
124,531
Good-will
Live stock
125,722
44,518
197,398
690,911
209,826
1917.
new
plantings
Sept. 30
May 31
31*16..
State
These conditions are
Florida—Consolidated
Punta
Mortgages
2,858,716
Its
Alegre
and
J'ne S0'17. Dec.
income.—.15,218,239 19,167,577
61,340,505
Int. on fund, debt; 8,836,021
8,735,630
42,978,893 Hire 01 equipm't— 1,064,702
990,085
2,063,627 Other deduc'ns— 1,228,628 1,211,796
Pref. divs. (2%).. 1,177,264
1,177,264
16,297,986 Com. divs. (2^%) 3,798,574 3,798,613
Gross
showing a better understanding of the transportation
earning power of street railways Is likely to be
that the investor will regard it as having stability.
When this has been done the Bay State will be
1917(INTER-COMPANY
fields
—6
;
$
stock and bonds.
•
Cane
"
Street Ry., Boston.—Receivership.—Judge
in the U. S. Circuit Court at Boston on
Dec. 12 appointed Wallace B. Donham (Vice-President of
the Old Colony Trust Co.) as receiver of the property on
petition of Archibald McNeil, Sons & Co., of Bridgeport,
Conn., holders of a claim of $19,000 for coal.
President P. F. Sullivan is quoted as saying:
The receivership is made necessary by the coincidence of unusual cash
requirements and a lack of borrowing capacity.
The large cash require¬
ments proceed from the high cost of operation.
The lack of borrowing
capacity is due to the poor credit of street railways.
Their earning power
is regarded as poor security.
They can neither borrow money nor sell
CONSOLIDATED BALANCE SHEET MAY 31
ACCOUNTS ELIMINATED.)
Plant under
-
income..15,218,239 19,167,577
Bay
shortage.
zBldgs., equip., &c
'*•
•
Frederick Dodge
is expected;
The construction program is nearing completion and the plants should
be ready to operate Dec. 1 if weather conditions permit.
A special effort
is being made to ship sugar as early as possible in order to help relieve the
Co.
146,256
1917 and Dee. 311916:
Months Ending—
31'16.
The total profit and loss surplus
deducting $4,003,253 adjustments to
through interruptions,
rainy
the estimated
season's crop
productiveness
"
3
Income..12,359,523
income—-
Gross
ail the cane before the commencement of the
season.
31 ali sugars have been sold and have realized
value as shown in the report below.
The results of the first
at the Punta Alegre plantation show that in quality and
the company's lands are satsifactory. .
Claims have been presented to the Cuban-Government for
it is hoped that at least part of the claims will be
the course of time.
These claims have not been taken into
attached statements.
A severe drought has been experienced during the entire summer
three estates, but since August conditions have improved,
Punta Alegre, and a total output of about 425,000 bags
Since May
'"
Oper. expenses
46,723,726
Taxes, &C—— 2,087,099
Alegre Sugar Co.
from harvesting
*"
earnings—61,170,348
Gross
ending May 31 1917.)
President Edwin F. Atkins, Boston, Nov. 1, wrote in subst.
The year was one of unusual business disturbances, arising from the
European war, as well as from an insurrection in Cuba.
This started in
February and continued during most of the crop, causing many and exSensive stoppages andof the cropThese delays notestimates to the expenses,
ut decreased .output
delays. from the early only increased extent of
about 81,000 bags, the decrease arising in part from burning of fields by
■
$269,587
ELECTRIC ROADS.
Ending-—
J'ne 30'17. Dec.
(Second Annual Report—Year
Assets—
$17,874
INVESTMENT NEWS.
—6 Months
S,.
value; of the
accrued from
along with the
Mtge. 6%
present sugar
$91,540
$169,552
bal. sheet, 1916, $164,-
Earnings.-—For 6 mos. to June 30
.
the treas¬
and in part from
$8,495
RR.—Bonds Listed—TheN. Y. Stock
Exchange has authorized the listing of $10,076,800 ToledoCincinnati Division 1st Lien & Refunding 4% bonds, series
"A" due July 1 1959, with authority to add prior to July 1
1918 $1,173,700 of said bonds on official notice that they
have been distributed and are outstanding in the hands of
the public, making a total to be listed of $11,250,500.
These bonds cover the company's interest in the portion of the former
Cincinnati Hamilton & Dayton system acquired by the Toledo & Cinr
cinnati RR., per plan in V. 102, p. 1059; V. 105, p. 715,908.
; .
.
incl.
$2,552,935, less
the insurgents,
219,082
37,151
20,746
13", 119
RAILROADS, INCLUDING
price), improved
Punta
$323,246
13,837
7,627
Baltimore & Ohio
167,000
a Includes 10,617 acres (at purchase price and attending expenses,
$1,500,000 common stock issued at par as part of purchase
with 4,657 acres of cane and 1,216 acres of made pastures,
reserve for replanting cane fields, $115,823.
Note.—Of tne $1,500,000 common stock, $191,000 was held in
ury of the company June 30 1917, but was carried at no
$721,300 issued 8% cumulative pref. stock with dividends
Aug. 1 1911, $6,200 was held in treasury June 30 1917,
remaining $753,000 of the authorized issue of $1,500,000 1st
bonds.—V. 105, p. 2005", 1808.
1
__
GENERAL
747,000
227,500
payable F. & A.).
payable
...
Accounts payable. _.
Accrued
bond
in¬
3,629,955 3,366,134
-
$869,812
$67,511
Net additions to sur.
$
20,551
52,741
$258,527
.
89,936
'30,868
charges—
$206,840
$102,181
714,800
Surplus
183,258
receivable, &e.
Sugar on
Deferred
interest
-
consolidated balance sheet below
$123,332
*
Excluding dividends paid in 1916, amounting to $18,000 for the Trini¬
dad and $275,000 for the Florida Sugar Co., paid to the Punta Alegre
Sugar Co. and applied as a reduction on the investment account.-—V.
105.
p. 2099.
/ vv .
v
715,100
Bills
10,000
U. 8. 15-30-yr.
*
20-year 1st M. 6%
bonds (interest
32,009
14,579
74,001
53,739
35,543
Live stock.
$404,445
$153,554
219,082
23,314
41,545
1,500,000 1,500,000
Preferred stock-..-.
456,763
100,056
79,339
c525,273
.
$869,812
1910.
stock
Common
$341,027
def.82,500
Deduct—Good-will included in consol.
130; less adjust, acc't Trinidad div.,
$29,455
$16,643
Liab titles—
jkoSCtft
&C-
;
$206,840
Surplus as per
$35,379
;
Real estate&lmpts.a
& field equip.,
$125,071
$321,945
cr.82,500
Propor. organ'n exp__
Adjust, on 1916 report
69,711
73,897
147,816
39.041
.
Bond
$173,06.3
SHEET JUNE 30.
BALANCE
Buildings-
$341,928.
218,627
$911,357
41,545
—
Deduct—Depreciation
$554,276
381,213
$119,037
$56,006
surplus—$202,938,
$171,756
Balance,
$723,713
381,785
74,774
60,646
'
66,092
Balance
$2,054
464,210
$254,457'
$364,294
Repairs, deprec'n, &c—
Interest on bonds, &c—-
$3.89
505,109
(3 Cos.).
84,748
$341,027
54,534
$363,490
Balance
27,473,708
$3.76 ,:V.
223,573
*$609,401
354,944
$4.62
(New York)
Molasses output (gals.)__
Gross earnings-;-----—
Operating expeuses, &c__
Sugar Co.
79,345
$206,840
Co.
Sugar
(bags)____
Operating profit
Proportion of overhead
during construction.-
Inter-comp'y divs. 1917
19,554,080
16,690,146
Florida Consolidated
Trinidad
Sugar Co.
Alegre
Total output
ENDING JUNE 30.
191.5-16.
1914-15.
1913-14.
output(lbs.net wt.) 19,194,500
price realized c. & f.
YEAR ENDING
LOSS STATEMENT
MAY 31 1917.
Punta
ACCOUNT FOR YEARS
INCOME
Avge.
favorable.
will likely result in
earnings, like those of
legislation.
bulk of which comes
U. S. Food Commis¬
situation in Cuba continues difficult and
further increased cost.
Cuban taxes on corporation
this country, have been largely increased by new
As sugar is Cuba's most important commodity, the
to the United States, the matter of price-fixing by the
sion is of great interest to planters.
The labor
Sugar
CONSOLIDATED PROFIT AND
uncertainty of deliveries.
of materials and
account
on
[VOL. 105.
CHRONICLE
THE
2364
"Canadian
105, p. 2271,
Northern
Northern Ry.
Chambersburg
Street
See
(Pa.)
2093.
Western
Ry.—Mortgage.—
System" above.—V. 98, p. 1155.
Green Castle
& Waynesboro
Ry.—Sale.—
Hagerstown &
Frederick Ry. below.—V. 105, P.
388.
Dec. 15 1917.]
Charleston
&
THE CHRONICLE
Western
Calendar
Gross
Net after
Years.
Earnings.
Taxes.
1916
$2,025,370 $648,022
1915
1,776,596
476,172
—V. 100, p. 2009.
Carolina
Other
Interest
Common
Dividends.
Income. Rents, %c.
$64,843 $309,105
45,259
326,246
Cities Service Co.—Sub. Co. Note
Balance
Surplus.
of
(5)$60,000 $343,760
195,185
Offering.—
See Cities Fuel & Power Co.
under "Industrials" below.—V.
105, p. 2271.
-
Cleveland
Cincinnati
Chicago
&
St.
Louis
Ry.—
Six
($6,000) Cincinnati Indianapolis St. Louis &
Chicago Ry. First
Cohsol. 6% Mtge. bonds have been drawn
for redemption on
May 1 1918
105 and int. at office of
Treasurer, Room 3111, Grand Central Ter¬
minal, N. Y.—V. 105, p. 72.
at
Connecticut
2365
The White Plains Extension of
the subway was
opened Mar. 3 1917.
number of passengers
carried for that month
amounted to
Ry.—Earnings.—
Company.—Underlying
Bonds Paid.—
The $150,000
Torrington & Winchester Street Ry. 1st M. 5s, due
Dec.
1 1917, were paid off at
maturity at Hurlbut Nat. Bank, Wins ted, Conn.—
V. 105, p.1418,1309.
September, six months later, 310,342
passengers
approximately 80%.
were
The Jerome Avenue line of
the subway
system was opened June 2 last.
During that month 168,150
passengers were carried.
In September, three
months later, 247,970
passengers were carried, an
increase of 48%.
On June 3 that part of the
Seventh Avenue
subway line between Times
Square and the Pennsylvania Station
was opened.
It is nothing more than
a shuttle service.
In June it
accommodated 99,636
passengers, whereas
three months later,
September, it accommodated
252,255, increase 153%.
As to the financial
end, I am confident that even in
1919—the first
we go
year
into
partnership with the city in subway
operation, when all the many
extensions will be open—the
subway will earn its preferential of
$6.335,000, with at least $105,000 to
spare.
The earnings of the
subway for the fiscal year 1917 amounted to $21,454,892.
Based on the actual
earnings for the first four months of this
cal year, and
fis¬
estimating for the remaining eight months
on what our
ence has shown, the
experi¬
gross operating revenue of
the subway for 1918 will be
approximately
$24,300,000
Assuming that the Seventh Avenue,
Lexington Avenue and Eastern Park¬
way lines of the new
subway (excluding East River
tunnels) will be open
around the first of the
year, the Livonia Avenue and
Nostrand Avenue fine
July 1 1918, and East River tunnels
by Jan. 1 1919, and
on known traffic
factors, the gross operating revenue of basing forecasts
the subway for
1919 will amount to at least
In 1917 the
-.-.$26,500,000
operating ratio of the subway was
37.83%; in 1916 it was
35.52%; in 1915 it was 34.76%, and in 1914 it
was
35.14%.
increase in wages and cost of
Owing to the
materials, we will assume an
of 44%, which
operating ratio
provides an ample margin of
safety for contingencies, such
as
depreciation, renewals and obsolescence.
This would
new
_
Detroit United Ry.—Fare
Agreement Abrogated.—In
nection with its action
con¬
on Dec. 1,
abrogating the 7-ticketsfor-25-cents agreement entered into with the
city on Aug. 7
1913, this company on Dec. 2 began
charging straight 5-cent
fares on its lines.
The "Electric
Railway Journal" in review¬
ing the situation gives the following in part:
The
higher rate
of fare
applies
on
all
city lines except the
Sherman,
City Council on Dec. 4, by
against the company, adopted:
way
We will have a
surplus of
Or $105,000 more than
the preferential of
contract with the
on its
investment.
It
is understood
about $6,000,000.
See
■"
<
*
Ry. System" above.—V.
102,
p.
.
153.
i
control of the
Chambersburg Green
authorized and
outstanding $300,000 each of common
stock, pref. stock
and First Mtge.
5s, due 1933, which last named Issue
has no sinking fund
and Is non-callable.
There are also
outstanding $299,500 Second Mtge. 5s,
due 1937, of a total
authorized amount of
$300,000, and $193,900 First
Refunding Mtge. 5s, authorized $1,000,000.
In connection with the
above acquisition the
Hagerstown company has
Issued $300,000
15-year collateral trust
5% gold coupon notes dated
Sept. 1
1917.
The
operating about two miles of track in
Ossining, N. Y.,
has been granted
permission to increase its fares to
7 cents.—V. 94. p. 68.
Interborough-Metropolitan Co.—Operations,
Interborough Rapid Transit Co.
See
July 1915
130,894 (December 1916
December 1915
-.265,323 (September 1917
Compare this with the original subway:
Original Subway.
First month (Nov. 1904)- 6,150,917
27 months later
15,961,984
Increase
159%
608.828
1,301,684
Queensboro Subway.
First month (July
1915)—
130,894
27 months later
Increase
1,301,684
886%
Construction
Co.
that
sell its
surplus light and power to the
the
Subway Construction Co. has a
surplus of
Capital stock of $6,000,000 is all
owned by Inter¬
Use of
Company's Conduits by Municipal
Light & Power System
use of
Interborough's lines for
Ithaca Traction Corporation.—Rate
Increase.—
The New York Public
Service Commission has granted this
company an
increase in its fares to 6 cents.
The company operates about 12
miles of
track in Ithaca and East
Ithaca, N. Y.—V. 99, p. 538.
Kansas
City Railways Co.—Bonds.—
The company is
seeking permission to issue $2,000,000 bonds to
pay for
extensions and betterments
already made.—Y. 105,
p.
2272, 1993.
Kentucky Traction & Term. Co., Lexington,
An increase
Ky.—
from 5 to 6 cents in fares has been
announced because of in¬
creased cost of materials, &c.
Tickets will be sold six for
35c.—V.105,p.818.
Lehigh Power Securities Corp.—Definitive Notes.—
Notice is given that the
10-year 6% secured gold notes are
ready for de¬
livery—V. 105, p. 1208. 818.
Massachusetts Electric Cos., Boston.—Annual
Report.
a
See "Annual Reports" on
&c.—
The operation of new
subway lines has now gone far
enough to revCa
not only a remarkable and
rapid growth of travel, but it also
reveals indi¬
cations of an
amazingly increased riding in the future.
I would not be at all
surprised if ten years from now New York
would be
building still further additions to the vast
network of new
rapid transit
lines that are now oearing
completion.
The congestion of traffic in
the sub¬
way ten years from now will, 1
believe, be far greater than it is to-day.
In short, new evidence
is added to what the
history of new transit lines
In New York has
invariably shown; namely, an increase both In
travel and
population.
Not only does
population increase, but people ride
more
and more frequently.
The "riding habit" increases.
Look at the
experience of the old subway during its pioneer days.
The
subway was originally designed to
accommodate 400,000 passengers
per
day.
It was thrown open to the public Oct.
17 1904.
One year later—
think of It—the
subway carried 12,677,761 passengers—a
daily average of
422,592.
Within a year's time the traffic
exceeded the supposed
capacity.
July 1915 was tbe first full month the
Queensboro subway was in opera¬
tion.
Here is a table showing how
the traffic has increased:
Subway
furthermore, that under an arrangement between
Interborough
City of New York, the
municipality might be able to secure its
light and power at one-half the
present cost.
It is not unlikely that the
question of Interborough's
broadening out and
entering the electric light and power
supply field will derive its first impulse
from the incoming
administration.
Some of the biggest electrical
engineers
in this
country have given serious thought to this
phase of Interborough's
future activities, but on all
sides it emphasized that the
city would have
to take the first
steps through the medium of
appropriate legislation in or¬
der to make possible
Interborough's development along the lines
above
mentioned.—V. 105, p.
2272, 2183.
'
below.—V. 100, p. 2167.
Interborough Rapid Transit Co., N. Y.—Growth
of
Traffic and Earnings Due to New Subway
Lines.—President
Theodore P. Shonts on
Wednesday authorized the followingi
of
and the
Interest payable M. & S.
Hudson River & Eastern
Traction Co.—Fare Increase.
This company,
Surplus
Private corporations like the
road
acquired includes 31 miles of track from Blue
Ridge
to
Chambersburg, connecting with the Hagerstown & Frederick Summit
road at
Shadygrove, Pa.
With this additional
mileage the Hagerstown & Frederick
Co. will have
operating control of about 120 miles.—V.
105,,p. 909, 389.
in
Edison Co. own the
high-tension electric wire
subway systems of this city, thus
estopping the Interborough or any other
corporation from using these conduits.
Although the City has the right
to take over these electric
subways on the payment of cost and a certain
percentage in addition, still experts
say that this would be
since Interborough Is well
unnecessary,
supplied with conduits.
They also point out that upon
completion of the new subway lines and
elevated extensions,
Interborough and the city of New York became
ners.
part¬
And consequently,
they add, it would be entirely logical for the
In¬
terborough, at the bidding of tbe city, to extend its power house facilities
with a view to
supplying the city and private consumers with
light and
power; and,
Castle &
Waynes¬
boro St. Ry. passed Into the
hands of this
company, the transfer involving
about $1,300,000.
The Waynesboro (Pa.)
company at last accounts had
our
surplus electric light and power.
Traction
experts point out that the
Interborough subways, elevated lines, and even
the New York
Railway's street car lines are
equipped with electrical con¬
duits.
Furthermore, it has also been suggested that the
upper part of the
steel arches between the
subway tracks might be utilized for a
mail tube system.
pneumatic
the old routes.
Hagerstown & Frederick
Ry.—Acquisition—Notes.—
On Nov. 30 last
under
by the city
Now comes the question of the
ultimate
the transmission and sale of
its
It is thought the
company will obey the Council's order
regarding skip stops and rerouting, and also
put the cars
company.—V. 105, p. 2272, 2093.
.
borough Rapid Transit Co.
The construction
company's work is practi¬
cally finished except for some extra work
it is doing for the
city.
It is
pointed out that since there is little use for
the big $6,000,000
surplus by the
construction company, this
might be turned over to
form of a dividend.
Interborough in the
This would bring
Interborough's surplus up to around
$23,000,000.
Possible
Winnipeg & Pacific Ry.—Mortgage.—
"Canadian Northern
.
preceding page.
Receivership for Bay State Street Ry.—Bondholders' Committee.
See that company above.
Statement • by
Noteholders' Committee.—The noteholders"
committee, Charles G. Bancroft, Chairman,
says:
Financial affairs of Massachusetts
Electric, Cos. are in an exceedingly
precarious condition, owing to the probable
necessity of readjusting the
structure of Bay State Street Ry.
(common stock of which Is
owned by your company), due to lack of
working capital and early approach
of maturing obligations, a condition
brought about by increased expenses
of Bay State Street
Ry. and its inability to get
authority to increase
correspondingly its revenue.
Since the protective committee has been
formed in Interests of
preferred
and common stocks, it seemed
necessary to form a committee
financial
interests
to
of noteholders.
deposit
We believe it is essential to
your
with International Trust
your notes at once,
Girard
to protect
best
Interest
or the
Co., Boston,
Trust Co., Philadelphia.
[The committee has been increased by addition of
George H. Stuart,
3d, Treasurer Girard Trust Co. of
Philadelphia, and J. O. Neff, Vice-Pres.
Fidelity Trust Co. of Philadelphia.]
See V. 105, p. 2272, 2184.
Memphis Street Ry.—Offering of Collateral Gold Notes.—
Bertron, Griscom & Co., New York and
Phila., are
offering,
by advertisement on another page, at 973^ and
int., $1,250,6% Collateral gold notes, dated Nov. 1
1917,
due Nov. 1 1919, but callable in whole on
30 days" notice at
100^ and interest.
Interest M. & N.
Trustee, The New,
York Trust Co., N. Y.
Denom. $1,000 c*.
Normal Fed000 Two-Year
i
$6,440,000"
$6,335,000, which,
any return is received
.
Interborough were it allowed to
municipality and private consumers.
right to operate freight
Duluth
i
Interborough equity in the Rapid Transit
Subway Construction Co., and the
potential revenues which would
to the
accrue
had unmistakable information
that at no time did either of the
litical factions intend that
po¬
any relief should be provided to meet the
war¬
time conditions.
On the other
hand, each faction planned to outdo the
Other to hold up the matter
indefinitely for whatever advantage might come
to them
politically.
Each wanted the slogan "We
Kept Car Fares Down"
for use at the next election.
Because of this situation, the
without further
delay, as has been stated, and within its company acted
legal rights, to
the end that there
might be sufficient revenue to render
proper service to
the car riders.
In ad
sincerity, we advise the public to weigh in the balance
the course of the
present Common Council.
on
city, is paid before
Equity
of reprisal
The "Electric
Railway Journal" says that the Council under a
decision
rendered five years
ago by the U. S. Supreme Court in
the Fort Street
rental case has a right to order the
company off of streets where franchises
have expired.
Such an order would affect
approximately 20 lines.
It
is unlikely,
however, that the Council will take this drastic
step, because
a cessation of
service would cripple
plants which are making munitions of
war for the
Government.
On tne other
hand, the company could cancel
transfer rights and the
workingmen's tickets, both of which are
voluntary
concessions by the
.
Outside Assets.—An official
statement says:
A statement of the
company says in substande:
We
back
5,000,000
$5,940,000
500,000
*
The company has
big resources which have been
given scant attention
heretofore.
They consist of
A resolution directing the
company to pay about $10,000
per day
as rental for streets on
which franchises have
expired; (6) rescinded permis¬
sion to the
company to operate skip-stops on
practically all the city lines;
(c) recalled the resolution under which the
company had rerouted many
lines downtown; (d)
placed at the disposal of the
Municipal Railway Com¬
mission a fund of
$35,000 to employ engineers to investigate and
determine
whether the fare increase was
justified; and (c) instructed the Corporation
Counsel
to ascertain whether
the company has
any
inter urban cars within the
city of Detroit.
1,300,000
2,600,000
-
sinking fund on bonds
equipment ©f lines in
Leaving net income from oper.
applicable to the preferential.
Add to this for
non-operating income
(a)
and
_
$11,600,000
1 %
construction and
operation under contract No. 3
proved immediately."
Company officials declare that the change in rate of fare
came about
because the city authorities failed to
co-operate with the company toward
war-time economies.
The company
hoped by the installation of skip-stop
service and through
rerouting of cars to effect economies which
would
make it
unnecessary at this time to increase fares.
The Detroit
_
.
Nos. 1 and 2
As representing 5
% interest and
issued for subway
operating expenses.
The men in
the service must be
paid for their labor; taxes must be
paid; we must pay
for necessary
materials, and we are not now getting
enough money to do
these things, to
say nothing about providing for interest
and dividends.
Our operations for the month
of October were on the
basis of an annual
deficit of more than
$2,000,000.
Even the rates of fare in effect
prior to
Aug. 7 1913 are insufficient to
yield, under present conditions, a return
upon the capital invested, and it is certain
these conditions cannot be im¬
-
give for operat¬
ing expenses
Add to this for taxes
For rental under contracts
"The conditions making this course
necessary are regretted as much
by
ourselves as anybody else.
The present rates of fare in
Detroit are not yield¬
ing Income sufficient to meet
ordinary
-
^
-
Fourteenth, Crosstown and Harper lines, where old rates of
8 for 25 cents
and six for 25 cents continue
under a franchise with seven
years to run.
President Brooks in announcing the
company's action said in part:
The
179,142.
In
carried, an increase
THE
2366
eral income tax withheld at
the
source,
not exceeding 4%,
paid by company.
For description of issue
of^Pres. T. H. Tutwiler, see V. 105, p. 2184,1802.
will be
and letter
city's investment in transit facilities shall be withdrawn from
requirements under this contract." for any specified length of
Missouri Pacific Ry.—Decree
Value of Bonds.—
On $1,000 Bonds.
Sept. 1 1915 $702 61
(2) Bankers Trust Co., 16 Wall St., N. Y.—
First Collateral Mortgage bonds of 1890 with coupons maturing Feb. 1 1916 and thereafter.
707 65
The holders of these bonds still have the option to come in under the
•
Refunding
86 asked,
reorganization plan, receiving thereunder 100% in new 1st
5s of the Missouri
Pacific RR., which are now quoted at
—V. 105, p. 1802, 1618,
.
Mount
Royal Tunnel & Terminal Co,, Ltd.
'Canadian Northern Ry.
See
N. Y.
—Mori.—
System" above.—V. 105, p. 1209.
Chicago & St, Louis RR.— Dividends
Unchanged.
been declared: (a) the regular annual divi¬
Preferred stock, payable 2M% Jan- 2 1918 to
and 2V2% July 1 to holdefs of record June 3;
and ib) the regular semi-annual dividend of 2 H % on the Second Preferred
stock, payable Jan. 2 to holders of record Dec. 21.
Following is the record
The following dividends have
of 5% on the First
holders of record Dec. 21
dend
of dividend payments:
DIVS. (since 1907)—
First
'
( '08. '09. *10. '11-12. '13. '14. '15.
.
.
^
5
5
5
7lA 5 yrly.
7 A 5 yrly.
0
0
i
1916.
5
2A
0
5
5
2H0
0
1917.
5
5
3
j 5
preferred
Second preferred
Common
0
0
0
3 yrly. 4
William A. Morgan of Buffalo, N. Y., has been elected a director to
fill a vacancy caused by the resignation of W. D. Turner of Cleveland, O.
—V. 105, p.
819.
York &
New
Pennsylvania RR.—Committee.—
the property and insure a continuance of opera¬
tions of the road a permanent organization has been formed, consisting of
V. G. Hartman, Shinglehouse, N. Y., as chairman and Guy M. Beasor,
Secretary of the Canisteo Chamber of Commerce and Manager of the
property, as Secretary.
The committee, it is said, plans to finance the
roaa by an issue of not more than $156,000 of stock and a bond issue of
between $250,000 and $300,000.
A proposal to electrify the road is reported
to be under consideration.—V. 105, p. 2272, 1708.
In
an
effort to purchase
New York
Railways Co.—Sub. Co. Abandonment.—
See Bleecker Street &
Fulton Ferry RR. above.—V. 105,
Northern Ohio Traction &
p..2272,1618.
Light Co.—Bonds.—
Ohio P. U. Commission has granted this company permission to
$1,000,000 in 7% serial bonds.—V. 105, p. 2273, 2094.
The
ssue
of 1914 Listed.*—The
authorized the listing of $20,000,000 Refunding & Improvement Mortgage 43^% bonds, series
"A," due July 1 2047.
These bonds were sold in July 1914
to retire $10,000,000 5% notes and on account of capital
expenditures. Compare offering, in V. 105, p. 2273, 1618.
Ry.—Bonds
Pacific
Northern
N. Y. Stock Exchange has
Norton Taunton &
Attleboro Street Ry .—Bonds.—
P. S. Commission has granted this company perpiis$120,000 20-yeaf 5% mtge. bonds, the proceeds to pay the
balance of the purchase price of the property formerly owned by the Norton
& Taunton Street Ry., which the present company acquired at receiver's
The Massachusetts
sion
sale.
to issue
Compare V. 104, p. 2452.—V. 105, p.
290.
Nova Scotia Tramways & Power Co.—Stock Inc.; &c.—
In connection with the company's application "to increase the authorized
capital stock from $6,000,000 to $10,000,000 and to issue $975,000 in bonds,
the P. U. Commission at Halifax, N. S. has approved items of proposed
capital expenditure amounting to $845,641, and holds over for further con¬
The board further for thb present
sideration items aggregating $569,586.
refuses to increase the capital.
Traffic
on
.
.
standstill at present, due to the
visited the city (see V. 105, p. 2236).—V. 104, p^ 257.
the company's lines is at a
disaster which has
Ocklawaka Valley RR.—Petition to Cease Operations.<—
This company, operating ,54 miles of line between Palatka and Ocala,
Fla., has petitioned the Florida Railroad Commission for permission to cease
operations and discontinue its line.
It is alleged that the road is being
operated at a loss.—V. 100, p. 1752.
Old
Colony Street Ry.—Bondholders' Committee.—
See Bay State
Street Ry. above.—V. 104, p. 2343.
Philadelphia Rapid Transit Co.—Modification of Pro¬
posed Lease of Municipal Rapid Transit Lines, Proposing New
Division of Earnings—Abolition of Exchange Tickets—h-Ceni
Fares, Subject to Modification, with Universal Transfers and
5% Return to City and Company.—Dr. William Draper Lewis
and Director Twining, on behalf of the city administration,
submitted on Dec. 7 to the Philadelphia Council's Joint
Committee on Street Railways and Finance a modification
of the proposed contract and lease of the city's high-speed
lines, submitted to Councils on Aug. 17 last (V. 105, p. 819).
The modified agreement is understood to be acceptable to
the "controlling influences" in the transit company.
In agreeing to the abolition of the 3-cent exchange tickets the company,
it is said, gives up an annual income of $1,000,000, but it is reported to be
willing to agree to this because, by the amended contract, its dividend rate
of, 5% is assured, and because it is assured that the city Will not menace it
with the threat of a rival high-speed system.
Condensed Statement by Dr. Lewis Dec. 7 as to Amended Contract.
Exchange Tickets.—The amended contract provides that "within sixty
days after this contract shall become effective, exchange tickets shall be
abolished outside of the delivery district, and universal free transfers shall
be substituted therefor."
On the opening of the first operating section of
the Frankford line, the exchange tickets,inside the delivery district are to
be abolished and free transfers substituted.
The
company's present annual
revenue from these 3-cent exchange
than $1,000,000, 80%, or $800,000, being derived
of the delivery district.
The city does not relinquish any part of the annual payments made to
the city by the company under the 1907 contract.
Company's Dividend.—While it is expressly stated that "the understand¬
ing of the parties and the basis of this agreement is that the fares shall be
such as will produce sufficient gross revenue
*
*
*
to provide a net
income sufficient for a cumulative return of 5% upon the company's capital
stock, it is !also stated
that "so long as this contract shall continue in
effect the company shall not pay to or accumulate any fund to pay divi¬
dends on its present issue of capital stock in excess of 5% per annum,
cumulative from the date upon which this contract shall become effective.
Rental to City.—As in the contract presented on Aug. 17, the rental paya¬
ble to the city is the amount of the interest and sinking fund charges on
the bonds issued to acquire its transit facilities.
IGfrThe following amendment, however, has been added to the article on
rental (Article XVIII:)
"The city reserves the right from time to time to determine what por¬
tion of the interest and sinking fund charges upon its investment in transit
facilities shall be borne by the car rider and what portion shall be borne
tickets is slightly more
from the sale of tickets oxitside
by the taxpayer, and may
any
company's rental to the city would otherwise
the
withdrawn by ordinance:
be computed, the
and in determining
requirements of the unified system only the balance of the city's
investment so certified by the City Controller shall be taken as the cost
of the city's transit facilities leased hereunder."
Limitations on Power of Board of Supervising Engineers.—We have in¬
the fare
provisions making clear the purpose of the board and its power.
"Nothing in this article shall deprive the company's officers and di¬
of the company's properties, nor shall anything
herein contained be deemed a delegation to the board of any of the powers
serted two
following issues, who did not assent to the plan
obtain the decree value of their bonds in cash:
of reorganization, can now
(1) At union Trust Co.. SO Broadway, N. Y.—
Trust o% bonds of 1887 with coupons maturing
the rental
time.
such case the City Controller "shall omit from the amount of
the actual investment of the city in transit facilities upon which the amount
In
amount of the investment so
several years was President of the road, but who
subsequently resigned as both a director and President, has been elected a
director again,—V. 105, p. 1419, 1104.
specify that any or all of the
the best interests of the city, by ordinance
of
Minneapolis & St. Louis RR.—Director.—
Newman Krb, who for
Holders of bonds of the
[Vol, 105.
CHRONICLE
from time to time,-as it shall determine to be for
(a)
rectors of the management
director of the Commission."
(b) "The board, how¬
to alter the location or to curtail or postpone
which has heretofore received or which may here¬
after receive the authorization of the city by a vote of the people or ordi¬
vested by law in the
ever, shall have no power
the construction of any line
nance
of Councils."
Organization of Board of Supervising Engineers.—As planned, the board
engineers, one representing the city, one the com¬
pany and one appointed by the joint action of the Mayor and the Presi¬
dent of the company.
As amended, the third member, or Chairman, is
eliminated.
In case of a disagreement between the representatives of the
city and the representatives of the company, they appoint an arbitrator;
or, failing to agree on an arbitrator, the P. S. Commission makes the ap¬
pointment.
Provision is also made for the temporary appointment of a
general arbiter.
Disposition of Gross Revenue.—In the contract as originally presented,
there were eleven deductions from gross revenue to meet payments under
eleven items, the paymentsr thereunder being in the order of the items.
The first six items included all expenses for operation and maintenance,
consisted of three expert
taxes, fixed charges, interest and sinking fund payments on new securities,
payments into the various depreciation reserve funds and payments to the
city under the 1907 contract.
These items remain unchanged.
In the amended contract, items seven to eleven, inclusive, have*been
stricken out, and the following items substituted:
Item 7.
"Payments to the city and the company
tive investment of each
in proportion to the rela¬
equal to a return of 5% p. a, on such investment."
is fixed at the amount or par value of its
The company's investment
capital stock now authorized and issued, viz.: $30,000,000, less any in¬
remaining unpaid on any shares.
"For the purposes of this item, the city's investment shall be the cost of
the city's transit facilities leased hereunder
computed, according to the
provisions of Article IX and certified under the provisions of Article XXIII,
provided, however, thaj the return on the city's investment in city's transit
facilities, constituting each individual operating section of the city's sys¬
tem, respectively, shall not be chargeable against or paid out of the net
revenue until after the expiration of one year from the date of the begin¬
ning of the operation of such section by the company."
Item 8.
"Payments to the city equal to the difference between the pay¬
ments to the city under Item 7 and the gross amount of the interest and
sinking fund charges upon the city's investment as so certified under the
provisions of Article XXIII."
The cumulative feature is retained in a modified form: "The foregoing
stallments
payments under the various items shall be cumulative.
Payments under
Items 1 to 5, inclusive, shall be cumulative in the order named, and shall
be made before any application of gross revenue in subsequent years, to
payments.
Deficits in Items 6, 7 and 8, however, shall not be
until all current payments in any year shall have been made and
company's initial surplus restored.
Thereafter any deficits in Item 7
shall be made up before deficits in Items 6 or 8.
Accumulation and Distribution of Surplus.—The company's initial sur¬
current
made up
the
surplus at the date of the contract.
The
surplus is the surplus earned under the contract.
Paragraph 3 of the
accumulation and distribution of surplus.
It
provides that:
"All balances remaining after the payment of the
foresaid items shall
plus referred to is the company's
new
Article XX deals with the
be credited to
surplus."
If in
any
year the gross revenue shall
full for all of the deductions and payments
not be sufficient to provide in
specified in Par. 1 of the article,
surplus shall be applied to the deficit in the order of the items and
to the extent that may be necessary to make up full payment thereof, and
thereafter the company's initial surplus shall be applied to any remaining
deficit in the same manner.
Should there still remain a deficit it shall be
accumulated and met as provided in Par. 2 hereof.
Revision of Fares Upward.—Article XXI, Clause (c), provides: "In,case
at any time there shall be a shortage of current net revenue for these pay¬
ments and the new surplus shall have been exhausted and the initial surplus
depleted to the extent- of $500,000, there shall be such a revision of fares
upward as will produce gross revenue sufficient to meet all of the require¬
ments of Article XX, Par. 1, and make up within a reasonable time the
the
new
and any deficit in payments of the various items in former
provided in Article XX, Par. 2."
upward shall be effected as follows: "Within thirty days
after the initial surplus shall at any time have been depleted to the extent
of $500,000, the board shall prepare and file with the Commission a schedule
of fares and charges which, in its opinion, will produce said gross revenue.''
initial surplus
years, as
Revision of fares
Comparing the 40-year contract now proposed with an
Lewis says in part: *
"(a) Mr. Taylor proposed that exchange tickets should be abolished and
earlier plan, Dr.
the company was to receive full compensation therefor out of the
We obtain the abolition of exchange tickets without com¬
pensation.
"(b) Mr. Taylor offered the company an assured 5% cumulative return
before the city received anything, and in addition a 10% int. in surplus.
"We have been able to negotiate a contract on a flat 5% return without
any contingent Interest in the profits, the city and the company's invest¬
ment standing on the same basis.
"(c) Mr. Taylor provided that the company might, in order to make its
own return assured, raise fares at any time without consent either of the
City Councils or the Public Service Commission.
"While it is true we have provided that the fare shall always be sufficient
to meet the requirements of the contract, the fixing of those fares is left
where it belongs—with the P. S. Commission—-and the city will share with
that
"city treasury.
the company equally the benefit to be derived from such
"That an increase in fare is probable is not denied.
increase. * * *
It is not correct,
however, to say that such an increase will be due to the provisions of this
contract except in so far as the contract takes away from the co. at the
outset about $800,000 of revenue.
I may say the company urged that
fares should be adjusted at the time the contract went into effect and ex¬
change tickets were abolished.
The Administration has insistedhowever,
there should be no change in fare until actual operation under a decreased
increased expenses which the company, as well as all other
fare and the
lines
of
is feeling
1310, 1209.
business,
Y. 105, p-
Piedmont
Net after
$1,224,159
1,010,547
2006, 1490.
$518,595
398,287
Years.
1915"
—V. 104, p.
Railroad War
See
an
Taxes.
Other
Income.
$9,653
11,073
increase is imperative."—
Ry.—Earnings.—
Interest
Charges.
$344,647
345,570
Other
Balance
Deduct's.
Surplus.
$182,224
62,611
$1,376
1,179
Regulations.—Government Control.—
page.—Y. 105, p. 2273, 2JL85.
general news on a preceding
Rio
E.
such
(Elec.)
Northern
Gross
Earnings.
Calendar
1916
&
shows
L.
Mudge,
Grande Southern
Brown
has recently
resigned.—V.
San Diego
RR.—Officers.—
been elected President, succeeding
H. U.
103, p. 1509.
& Arizona
Ry.—Bonds—Acquisition—Status.
Commission has authorized this company
to issue $1,500,000 in 6% bonds, the proceeds to be used to
acquire all the capital stock of the San Diego & South East¬
ern Ry. or its property, or both.
A San Francisco news¬
paper gives the following particulars:
•—The Calif. RR.
& South Eastern Ry. Co. (V. 102, p. 2255) has $1,650,000
In addition, it owes notes payable of $563,896,
payable of $15,859, all of which is to be taken care of by the
The San Diego
of stock outstanding.
and accounts
DEC. 15 1917.]
THE
CHRONICLE
stockholders of the South Eastern
Ry.
The J. D. & A. B. Spreckels Se¬
curities Co. owns
$1,209,500, and R. C. Gillis $439,900 of the
outstanding
stock.
The San Diego ,& Arizona
Ry, Co. is now engaged in
San Diego to
Seeley, Imperial County, via Tia
building
road from
the
Southern Pacific Co. $4,645,179.
Any additional funds necessary to com¬
plete the road are being advanced by the Southern Pacific Co.
[The San Diego & S. E. Ry. owns some 73 miles of road in and
about
San Diego,
Cal., including lines to Foster, 25 miles; Coronado, 21
miles;
Tia Juana (on the San
Diego & Arizona Ry.), 18 miles, &c.
On the south¬
ern division the
company handles the freight business, while the
passenger
service is operated by the San
Diego Electric Ry.—y. 105, p. 2095.
San Francisco-Oakland Terminal
Rys.—Renewal Notes.
This company has asked
authority to issue $218,460 of 6% demand notes
to banks in San Francisco and Oakland and
to pledge as collateral
Its General Lien
Mortgage bonds.
These notes are in renewal of
notes issued
Dec. 16 1915.—V. 105, p. 1898, 1618.
security
one-day
Ry. above.—Y. 105,
p.
1999, 1898.
Southern Traction, Bowling Green,
Ky.—Receiver.—
Southwestern Traction Co., Temple,
on
Tex.—Sale.—
Dec. 18 sell at foreclosure at Belton,
Waco,
Tex., of Nov. 17, is made to satisfy the bondholders
represented by the
Susquehanna Trust & Safe Deposit Co. of Pa.—V. 102, p. 346.
Springfield (Mo.) Ry. & Light Co.—Twelfth Dividend.—
The directors on Dec. 5 declared the twelfth
consecutive quarterly divi¬
dend of 1H% on the $750,000
7% cum. pref. stock, payable Jan. 2 to hold¬
ers of record Dec. 14.
This was erroneously referred to last week as an
initial distribution.—V. 100,
982, 813.
Springfield & Xenia Railway.—Dividend Reduced.—
The company has declared
an
annual dividend of 2 % on the
Bids
State
10.
RR.—Offered for Sale.—
invited until
are
'
outstanding
$300,000 common stock, payable Dec. 20 to holders of record Dec.
In Dec. 1916, 1915 and 1914 the
company paid 3%.—V. 101, p. 2072.
Texas
Dec. 17 by the Board of Prison
Commissioners,
purchase of this road, extending from Rusk to
noon
Huntsville, Tex., for the
Palestine, Tex., 32^ miles.
Twin
City Rapid Transit Co.—Strike Situation.—
Strikers in the St. Paul and
Minneapolis traction controversy have been
by the Secretary of the Minnesota State Federation of Labor to
ordered
return to work
pending an investigation by the President's Labor Commis¬
sion.—V. 105, p. 2185, 2095.
Winston-Salem
Southbound
Ry.—New
Stock.—
to
its
On
charter
increase
to
31
1916
the
,
AND
1917 the company declared an extra dividend of 1% on the
$5,000,000 pref. stock, payable Dec. 31 to holders of record
Dec. 21.
The regular dividends of 8% on the
pref. stock
and 7%. on the $4,600*000 com.
stock, payable quarterly
during the year 1917-18 were also declared payable on stock
follows:
as
Regular Div.
InstalVt
First.
Com. (1*4%)[Payable Dec. 31 '17
Pref. (2%)
[Record
Dec. 21 '17
—V. 105, p. 1106, 717.
—
Second.
common
desire to effect the
stock have indicated
When, in the judgment of the President
sufficient
a
and
desire
to
many
secure
of the
an
ex¬
preferred
and is pre¬
number
of stockholders
company.
of the West
Virginia company,
have
signed the enclosed agreement,
Delaware company proposes to purchase the entire
assets, good-will
and business, "paying therefor in the stock of the
Delaware company an
amount equal to one of the alternatives
suggested in the basis of exchange
set forth above," thus
placing "the Delaware company in exactly the same
business position as that in which the West
Virginia company is to-day, and
leaving the West Virginia company to be dissolved at the
proper time."
When the above plan is
finally consummated the enterprise will be under
same management now in
charge-of the affairs of the West Virginia
company, and with the new opportunities, increased facilities'for
financing
and other advantages to be
obtained, it is expected that the business will
continue to grow and be conducted
along the same lines which the West
Virginia company has followed so successfully.
the
The following new stock would be
required to carry out
the aforesaid options in case the holders of all the
old shares
of both classes accept the same two
options respectively.
Issuable under Options—
"a" cfc "c." "a" & "d." "6" & "c."
New preferred
stock,______$7,686,685 $2,500,000 $5,186,685
New common stock.
The
Third.
Fourth.
Mar. 30 '18 June 29 '18 Sept. 30 '18
June 21 '18 Sept. 20 '18
None
be issued to retire all of the old shares under the
various options as chosen
Fifty-First Dividend
Declared on Common Stock.—
A quarterly dividend (No.
51) of 1 % % has been declared upon the com¬
stock, payable Dec. 31 1917 to stockholders of record Dec. 15 1917.
mon
—V.
104, p.
1389, 1146, 1141.
Sugar Refining Co.—Refinery Reopens.—
The Chalmette refinery near New
Orleans, La., on Dec. 11 began opera¬
again after having been closed down about 2Yt months, due to the
shortage in raw sugar.—V„405., p. 2274, 2186.
tions
^
• yT
American telephone
,
following
is
.
.
& Telegraph Co.—Notes.—The
pronounced
substantially correct:
The company has purchased in the
open market slightly more than
$30,000,000 of its own and associate companies' notes.
At one time last
year
$50,000,000 of these notes were outstanding.
They mature on
Feb. 1 1918 and carry interest at
4>£ % a year.
Jan. 1916 the notes consisted of
$40,000,000 of American
Telephone & Telegraph obligations and $10,000,000 of associate com¬
panies' issues.
The company at the time arranged so that it could sub¬
stitute
$20,000,000 of associate companies' notes for a like amount of
Telephone & Telegraph notes.
This substitution was made
$18,390,000.
At the end of last year there were, therefore,
$21,610,000 of American Telephone & Telegraph notes and
$28,390,000
of associate companies' notes in the hands of the
public.
Purchasing of the notes began as early as last December and up to date
the total bought Is $16,390,000 of associate
companies' notes and $14,610,000 of the big company.
Some of the notes were obtained at a slight
premium and others at a discount.
There are now only $7,000,000 of the
American Telephone & Telegraph notes and
$12,000,000 of the associate
companies' notes in the hands of the public.
These, it is announced, will
be retired
promptly oh maturity.—(New York "Sun," Dec. 13.)—Y.
105, p. 1804, 1710.
American
to the extent of
American
Tobacco
,
Class B
Age"
"b" & "d.
^1,662,337
6,071,019
3,787,337 $8,196,019
"Chronicle" is informed that only sufficient of the new stock will
by the shareholders.
The reincorporation will leave undisturbed the
$1,936,800 outstanding 1st M, 6s due June 1 1930 and the
$2,500,000 serial 6 %
notes of 1916, due May 1919 to 1926 —V.
104, p. 1389, 1146, 1141.
Mar. 22 '18
American Can Co .—Plant.—"Iron
exchange,
their
When issued in
MISCELLANEOUS.
American Brake Shoe & Foundry Co.—Extra
Preferred
Dividend—Dividend Declared for Year 1917-18.—On Dec. 11
of record
of the
stock of the Delaware
company is cumulative as to dividends,
ferred as to assets in the event of the dissolution of the
company had
INDUSTRIAL
;
enthusiastic
an
change that will give them the security of the preferred stock
offered, and
at the same time to secure for them a
20% holding of common stock which
will enable them to
participate in any extra earnings of the company.
The present preferred stock is non-cumulative as to
dividends, and has no
preference in the assets of the company upon dissolution, while the
of
account
on
Dec.
(2) For one share of the [$5,186,685, par
$100]—Common stock.
Option (c), One share of preferred and one-fifth of a share of common
Option (d), one and one-twentieth of a share of the common stock.
The West Virginia company agrees to
pay all the expenses of the reor¬
ganization, including the issuance and exchange of stock.
As far as it has been possible
tp reach the available stockholders of the
West Virginia company, it appears that there will
be a practically unani¬
mous assent to the
proposed plan.
The holders of the preferred stock have
American
its authorized capital from
$125,000 to
"corporate purposes."
outstanding $1,145,000 non-nego¬
tiable debt to affiliated companies and
presumably the new stock whicn
has already been taken over by the aforesaid
proprietary companies was
issued to reduce this floating debt.—V.
105, p. 1705.
$1,245,000
capital stock upon the bases
following, it being understood that a stockholder has the right to
apply one option
to a portion of his stock and apply another
option to the remaining portion:
Basis of Exchange.
(1) For one share of the [$2,500,900, par $100] present
pref. stock—
Option (a), one share of preferred and one-fourth share of common stock.
Option (b), one and one-tenth share of common stock.
-
This company whose capital is owned
jointly by the Norfolk & Western
Ry. and Atlantic Coast Line RR. has filed at Raleigh, N.
C., an amend¬
ment
_
the
Tex., the property of this company, which owns and
operates an interurban railway between Temple and Belton and the
city lines in Temple.
The sale, to be made under the order of the U. S.
District Court at
p.
with preference also as'to
case of dissolution.
Par value $100.
Divs. quar_ $15,000,000
Common stock with no par value
_-150,000 shrs.
This capitalization is considered
sufficient to meet the financial needs
of the business for some years to come.
The Columbia Graphophone
Mfg. Co. of Delaware now offers to pur¬
chase the shares of stock of the American
Graphophone Co. of West Vir¬
ginia and pay in exchange therefor its own
holders
On the ground that the company is not
operating its cars a joint petition
by the city and county has been filed, asking that a receiver be
appointed.
Several weeks ago the defendant sold its
plant to Cal Hirsch Sons Co. of
St. Louis for junk.
Judge Moss in the Circuit Court enjoined the sale
and the case was
appealed.—Compare V. 105, p. 1899.
Special Master W. G. Haag will
Company, the Columbia Graphophone Mfg. Co.—Authorized
Capital.
Cumulative Preferred stock,
shown
Southern Pacific Co.—Allied Co.
Acquisition.—
See San Diego & Arizona
7%
2367
assets in
a
Juana, Mexico.
The com¬
pany is of the opinion that by acquiring the South Eastern
properties it is
securing valuable feeders and obtaining a firm foothold in the
San Diego
territory.
The San Diego & Arizona
company has $2,000,000 of stock outstanding.
Of this $1,000,000 is owned
by the J. D. & A. B. Spreckels Securities Co.,
and $1,000,000 by the Southern Pacific Co.
To finance the construction
of the road, J. D. & A. B.
Spreckels have advanced $3,606,022 and
•
A New
Dec. 6 said:
Co.,
Inc.,
N.
(Non-Voting) Common Stock
Y.—$50,000,000 of
to Be Available to
Take
Elizabeth Ave., Newark. .The proposed works are
estimated to cos.
over $500,000 and will consist of a
three-story factory 100x240 ft.; one1
story forge shop and two-story office building.
The contract calls for com¬
Up $25,000,000 Short-Term Loan and for Other* Purposes as
Needed.—Of the 1,000,000 shares of common stock author¬
ized, only 402,424 shares are issued, leaving 597,576 shares
pletion by April 1.
It is said that the
about 400.—V. 105, p. 2186, 2096.
of said
common
Jan. 7
on
This company has awarded
a
contract for the construction of its
new
on
American Car &
An
new
plant
plant will give employment to
Foundry Co.—Extra Div.—
extra
dividend of 1% has been declared on the common
stock
the regular quarterly
1%, both payable Jan. 1 to holders
record Dec. 17.
A like amount was paid in
July and Oct. last.—V.
addition
p.
2000,
to
in
of
105,
1899.
American
Gas
Co., Philadelphia.—Listing.—
The Philadelphia Stock Exchange has listed an
additional $1,354,400
capital stock, being the total amount to be issued under stock allotment
of 21% authorized June 9 1917,
making the total amount listed $7,804,100.
See V. 104, p. 2554.—V. 105, p. 1106, 911.
American Gas & Electric Co.—Stock Dividend.—
extra dividend of 2%,
payable in common stock, and the regular
quarterly 2\i% have been declared, on the $3,941,550 common
stock, both
An
payable Jan. 2 to holders of record Dec. 18.
Stock dividends of
2% each
semi-annually (J. & J.) since July 1914.—V. 105, p. 2186.
have been paid
American
Graphophone Co., N. Y.—Plan for Re-incor¬
poration—Exchange of Stock.—It is proposed to give this
enterprise the benefit of a Delaware charter and the stock¬
holders
are
therefore requested to deposit their certificates
with the New York Trust Co.
the stock of the new Columbia
as
trustee for
exchange for
Graphophone Mfg. Co. of
Delaware on the basis below
shown, in case the amounts
deposited justify the consummation of the plan.
President Francis
York, Dec. 14,
says
S.
Whitten in
circular
dated at
New
in substance:
For several years your directors have
regretted the restrictions and com¬
plications arising out of organization under the West Virginia statute
and have wished that the financial as well as the
operating end of the
business should have the benefit of the trade name of
"Columbia,"
•
rep¬
resenting the expenditure of large sums of money.
To remove these conditions and limitations, it has been deemed wise to
reorganize under the
corporation laws of the State of Delaware, which permit of substantial
savings in State taxation.
To this end, there has been incorporated in
Del.;
stock unissued.
The shareholders will vote
changing 500,000 of these 597,576 shares now unis¬
sued into "common shares Class
B", having the same rights
to dividends and upon
liquidation of the company as any
other shares of common stock, but without
any voting right
or
privilege.
There is also authorized $54,010,600 6% cum.
pref..stock, of which some $52,699,700 is outstanding.
The company, it is announced, has no
plan for issuing any
of the proposed
non-voting Class B common stock' under
developments which can now be foreseen.
Prest. Hill says:
"The management simply desires to be in position to issue
stock if the
need should arise in the future, and after much deliberation it was
decided
to take steps to prepare for such a
contingency in a way which would not
disturb the present voting rights of the existing stock.
The $52,000,000
preferred stock carries voting rights,
widely distributed, lies the balance of
common
and
with the preferred,
power, as there is
stock outstanding."
Extracts from
Articles
of
Incorporation
[When
which
is
only $40,000,000
Amended].
The common stock and common stock B, with
respect to each share of
either outstanding, shall have equal rights in the matter of
dividends.
In
case of liquidation or dissolution or distribution of assets
of the said
corporation, the holders of pref. stock shall be paid the
merged
par amount of their
Erer. sharesamount shall be payable or paid to the holders of the common
and the amount of dividends accumulated and unpaid thereon
efore any
stock
or
the
stock B; the balance of the assets of said
merged
be divided ratably among the holders of the common
B, share and snare alike, without distinction
common
corporation shall
stock and the common stock
between shares of the
Statement
by
common
stock and the common stock B.
President
Operations during the current
1917
Percival
year
S.
Hill,
Dec.
8
1917.
have been successful.
Up to Dec. 1
increase of $16,207,669, or over
the sales of the company show an
25%, over the corresponding period of 1916, and the sales in 1916 were
greater than in any preceding year since the company as at
present con¬
began its operations.
stituted
Our
any
profits for 1917 will, we believe, be somewhat larger than last
year
preceding year, even after provision for increased taxes.
or
This increase in the volume of business and the
great increase in cost of
raw material, have made it necessary for us to
consider financing.
Leaf
tobacco Is an item of
raw
material that must be carried 18 months to three
before It is properly usable In the manufacture of our high-grade
standard brands of tobacco and its products.
With an increasing volume
of business we cannot permit our stocks to diminish, and leaf tobacco has
years
and more than
an adequate stock now involves a
$50,000,000, or about twice the invest¬
than trebled In market value in the last five years,
more
doubled in the last two years, so
constant investment of more than
that
ment of a few years ago.
"
,
.
This growth of business and increased cost of raw material have required
the investment of a much larger amount of working capital than was for¬
merly required, and the company has, therefore, borrowed $25,000,000 [on
three months 6% discount notes, dated Nov. 1917, subject to three renew¬
als], in order to insure its ability to meet the growing demands for its manu¬
factured products [V. 105, p. 2096, 2186).
Naturally, the directors have not taken this step of incurring so large an
indebtedness without giving grave consideration to the ways and means
of caring for it, and while the arrangements that they have made are such
as to require no action in the immediate future, they deem it prudent that
measures should now be taken which will enable them to meet the necessity
when It arises.
While they have adopted no hard and
fast"plan, preferring to await the
conditions which will exist when action becomes necessary, they are very
decidedly of the opinion that the creation of the proposed "common stock
B" should
now
be authorized In order that it may be made
carrying out of such plan as may be ultimately
p. 2186. 2096.
& Co.
are
issue
of
offering at 99 & int., to yield 73^%, this company's
$10,000,000 Two-Year 7% secured gold notes,
dated Dec. 1 1917, and due Dec. 1 1919 and guaranteed as
to principal and interest and sinking fund payments by the
Cities Service Co.
The proceeds from the sale of this
issue are to be used in the further development of the oil
properties of the Cities Service Co.
A detailed description
of these notes appeared in last week's issue.
The company was Incorporated
V.
Columbia Graphophone Manufacturing Co.—Plan.—
Connecticut Brass & Mfg.
declared
an
outstanding
Liggett has resigned as President to become Chairman of the
Harry W. Goddard, Vice-President, has been elected
to the Presidency.—V. 105, p. 2187, 2001.
(par £1), payable free of income tax Jan. 15 1918.
This compares
dividend of 16% (3 shillings) declared in June 1917 and 10% (2 shil¬
lings) in Jan. 1917.—V. 105, p. 2096,1710.
Consolidated Gas Electric Light & Power Co. of Bait.
Month of October
Net, after taxes.!
Fixed charges
declared
have
the regular
quarterly dividends of l%%
com.
DIVIDENDS (%)—
1903 to 1909.
1910.
1911 to Jan. 1918.
common in cash..
5H% yearly
6
*
7% yearly.
Also Nov. 1915 5% and in July 1916 7% in stock, and Jan. 25 1917
10% cash with right to subscribe for 10% ($1,208,910) common at par.
(a)
$29,724,000
8%
cumulative
convertible
preferred
stock
official
on
convertible preferred stock, making total listed $75,000,000 class "B."
Earnings.—For 10 months to Oct. 31 1917 and cal.
(including subsidiaries):
years
10 Mos. end. —Yrs. end. Dec. 31,—
Oct. 31 '17.
1916.
1915.
,
Total net earnings
(incl. Sub. Cos.)
—
Balance available for dividends
$36,856,785 $43,593,968 $17,762,812
Represents partial amount, balance to be provided at the end of the
year.
During the 10 months ending Oct. 31 1917 the company paid dividends
aggregating $6,294,800.
CONSOLIDATED BALANCE SHEET (INCLUDING
Assets—
SUBSIDIARIES).
Oct. 31 '17.
account
Dec. 31
*16.
x$192,038,884 $131,983,860
2,332,565 :
524,756
778,341
618,352
——
Fund for redemption of mortgages
Investments:
35,316,550
2,117,867
28,734,778
y33.501.055
—
Notes and accounts receivable
Miscellaneous market securities
35,080,672
26,696,922
5,447,700
Liberty Loan subscriptions
Cash for coupon payments.
Cash in banks, &c
—
20,635.020
17,864,706
24,201,141
16,482,695
852,890
6,727,362
846,474
21,342,831
1,816,927
»
Deferred charges
ISlUih-
$385,206,093 $220:737.257
8% cumulative convertible preferred stock
7% non-cumuiative preferred stock—.
Common stock.-
$29,724,000
14,908,000
14,908,665
59,448,000
14,862.000
Funded, &c., debt of subsidiary companies.--- zl33,157,500
-
payable—
4,656,310
69,100,406
1,327,235
Act.
pay. accr d acts. adv. paym's oncont., &c.
Accrued bond interest—
Coupons payable
16.987,675
32,145,451
Crown
Overall
Manufacturing
Co.,
Cincinnati,
Ohio.—Offering of Preferred Stock.—Breed, Elliott & Harri¬
son, of Cincinnati, are
offering at par, $100 per share,
$250,000 (total authorized and outstanding) Cumulative
Maturing 7% pref. stock, dated as issued and maturing
M. & N. from Nov. 1 1919 to May T1927 incl. in variable
amounts.
Divs. quarterly.
Callable at 103 on any div.
date oh 30 days' notice.
The company carries on a permanent and stable business serving 15,000
retailers in all parts of the U. S.
An extensive export trade is being de¬
veloped.
Chemical Co.,
-
Defiance
(Ohio) Gas & Elec. Co.—Rate Increase Vetoed:
The City Council ordinance granting an increase in gas rates has
vetbed by Mayor Bronson.—V. 103, p. 241.
Western Coal Co.—Special
special dividend of 40% ($20 per $50 share)
has been declared on the $6,590,700 stock, payable on Dec. 28
Delaware Lackawanna &
to
of record
holders
Dec.
12
follows:
as
bonds at par, issue due 1919; $3
issue due 1921; $12 50 in U. S..
$3 75 in
British
75 in British bonds at par,
Liberty Loan 4% bonds at
par, due 1942.
Fractional amounts on $1,000 British bonds of the two issues and on
$50 U. S. Liberty bonds will be settled by the company in cash at 95%,
1% and 98%, respectively.
'
The company does a very large commercial business and earnings show
about 6]^ % on its sales.—V. 104, p. 2455.
•
Edison
Detroit
Co.—Earnings.—
Net
Oross
Years
Ending—
Oct. 31
Dec. 31
1917
1916.--
Earnings.
$11,933,193
after
Taxes, &c.
$3,793,641
3,795,693
10,066,786
Compare bond offering In V. 105, p. 2275.
2,586",590
60,000,000
Bal. Avail.
for Divs.
$2,757,693
2,717,413
Manufacturing Co.—Extra Dividend.—
Dodge
9!370!l98
Interest
Charges.
$1,035,948
1,078,280
An
extra dividend of 4% on the common stock has been declared along
the regular quarterly disbursement of 13^%. each payable Dec. 24
stock of record Dec. 22.
The regular quarterly \%% on the pref.
with
Total
$385,205,093 $220,737,257
on
stock was also declared
naces^&c deducting $50,440,301
reserve for depreciation, relining of fur-
Dominion Bridge, Co.,
account.
Includes total $181,477,000 less
$36,069,200 in
or canceled.
300 purchased for sinking fund
The
treasury and $12,250,-
J
A3ieri9l°7UCtillg S6'294>80° dividends paid during the
^ °L9c^a 81 the Corporation held $276,000
*92,000: 7%
8%
cum.
period ending
Dref
convert
Mr
non-cum. pref. stock and $552,00C common
are book values, subject to
adjustment to
by actual Inventories when taken at close of fiscal
Values given for inventories
values shown
year..
Advance From Govt.
Because of difficulties in
obtaining funds
United
States Government War and
Navy
from
private
sources
DepSments hav?
the company
$2,000,000 to expedite deliveries.—V. 105,
the
advanced
p. 2274
2096
Canadian West. Nat. Gas, L., H. & P.
Co., Ltd.—Earn.
S%mr,—
19}M7
SS0M56
™"An,Cr- Pf?10r',n.0f Se"re&0^9 *{. 7.mi flZ'.OOS
8258
Balance,
A2°24%
Ltd-16
—vT 104""p~.~455?
Cerro de Pasco
'
73
179-602
726,045
m'879
u™51 "wl!
*§8'K22
auw&co"
W9.391
def .$26,049
50,000
o0,389
def. 40,160
Mining Corp.—Production (in lbs.)
mos- 1917, 66,366,032.
—
2C00L 1900?' N0V* 1917, 6'440'000'11
Ci,ti®s
.J11®1' & Power
Notes.—A
Gold
Co.—Offering of Two Year Se¬
syndicate, headed by Montgomery
payable Jan. 2 to stock of record Dec. 22.—V. 104, ■
1048.
p.
Include worked materials and contracts in progress less
bills rendered
cured
been
Dividend.—A
^52 890
,2,492,409
-30*000,000
v39,932,183
—
Profit and loss————
stock
Baltimore.—Decision.—
Judge Duffy in the Circuit Court at Baltimore, Md., on Dec. 3 handed
an opinion denying the motion of the Davison company to dissolve a
temporary injunction granted Sept. 25 last, in the suit by the Baugb
Chemical Co. to compel the Davison company tq supply It with 960 tons
of sulphuric acid per week.
The contract with the Davison company was made In April 1913 and
provided that it should furnish 30,000 to 50,000 tons of acid a year to the
Baugh company for five years.
The Davison company contended that it
was unable to fulfil the contract through various stresses, although due
diligence had been used to do so, and through difficulty of obtaining pyrites.
It Is believed that the case will go to the Maryland Court of Appeals.—
V. 105, p. 392.
down
459,050
Contingent, &c., funds
Approp. Burp. Inv. for working capital & add's-
Oct
105.
(Wm.) Cramp & Sons Ship & Engine Bldg. Co.—Notes.
434,453
—
Dividends declared (not due)
z
&c.—
"Annual Reports" above.- -V.
It is reported that the $1,500,000 5% serial notes, dated June
1916,
carrying the right of renewals of six months each, will be renewed at the
close of this month, although the company is said to have cash in hand to
pay off at least a part of the issue.—V. 105, p. 2275, 2001.
68,590,000
on
under
,
Securities pledged as collateral
Stocks, &c., securities incl. real estate mtges_
Material and supplies
;
Contracts in progress, &c
y
$267,950
,
Contingency and depreciation funds
Notes
$287,242
"Gasoline Investigation'
Davison
expend, for repairs and maint
$43,524,804 $61,717,309 $24,821,408
Int. on bonds and notes (Sub. Cos.)
6.463,018
3,772,555
2,342,596
Provision for deprec. & depletion, &c>
*205,000
14,360.785
4,716,000
Property
$129,186
„
after providing for taxes (incl. war
income and war excess profit taxes)
*
$2,541,135
1,180,744
494,826
417.969
1212, 822.
•
notice of Issuance in exchange for present outstanding subscription receipts
witn authority to add prior to July 1 1918 $276,000 additional of said
preferred 6tock on offical notice, that it has been sold and is outstanding.
(b) Additional $30,000,000 class l'B" common slock, non-voting, but only
on official notice of issuance in exchange
for outstanding 8% cumulative
$2,987,195
1,340,975
'
670,111
383,621
Continental Oil Co.- -Earnings,
See
p.
On
Bethlehem Steel Corporation.—Listing of 8% Pref.
Stocky &c.—The N. Y* Stock Exchange has authorized the
listing on and after Dec. 15 1917:
$718,743
357,323
123,701
104,436
$118,339
-
and pref. stocks, the common dividend being payable
Jan. 2 to holders of record Dec. 20. and the preferred dividend being pay¬
able Jan. 15 to stock of record Jan. 2.
No extra distribution is included.
the
!
Balance, surplus
-V. 105, p. 1806, 1712.
Company.—Regular Dividend—No Extra.—-
directors
1917.
$847,141
386,330
172,086
95,905
-
Dividends
4 Mos. end. Oct. 31
1916.
1916.
1917.
Gross income.,
Del.—Officer.—
Leland Lyon, formerly Comptroller of the company, has been elected
Secretary-Treasurer to succeed E. B. Coy, deceased.
Isaac Fogg was
chosen Asst. Sec. & Asst. Treas.—V. 105, p. 2096, 1311.
The
Co.—New Chairman—Pres.
John E.
Board of Directors.
a
each on
{in Pounds).—
See American Graphophone Co. above.
stock
Barrett
under Delaware laws on Nov. 28 1917.—
2274.
p.
Chile Copper Co.—Production
available in the
A press dispatch from London states that the company has
interim dividend of 3 shillings a share (15%) on the £2,000,000
Atlas Powder Co., Wilmington,
105,
1917—Nov.—1916.
Increase.\ 1917—11 Mos.—1916.
Increase.
8,872.000
4.098,000
4,774,000180.420,000
38,996,385
41,423,615
It is officially stated that the operations of the company are still limited
by the oil-fuel supply, which is not up to the amount required.
This indi¬
cates that the production figures would be considerably larger if the com¬
pany could secure all the fuel it needs for capacity work.—V. 105, p. 2001.
determined upon.—-v..105.
Anglo-American Oil Co., Ltd.—Dividend.—
with
[VOL. 105.
CHRONICLE
THE
2368
new
for traffic
Montreal.—Quebec Bridge Open.
Quebec bridge over the St. Lawrence River was
Dec. 4.—V. 105, p. 1312, 1212.
formally opened
/
on
'Eastern
Steamship Lines, Inc.—Bond Payment.—
The "Boston Transcript" of Dec.
8 said: "Up to Dec. 7 the holders of
$4,011,850 of the Eastern Steamship Lines 5% income bonds had agreed
of their par value in cash in answer to
the offer to buy $4,800,000 of the bonds with an appropriation of $3,600,000
established for the purpose.
This includes the large holdings In the
New Haven RR. treasury.
According to the last annual statement of
the New Haven, that road had in Its treasury fi. e., the treasury of Its sub¬
sidiary, the New England Navigation Co.] $2,500,000 of these mortgage
and income bonds.
It is understood that the holders of $1,100,000 of
additional bonds have signified their wish to convert their bonds into cash
at 75.
To do this the company would have to increase its sinking fund
appropriation, as $4,800,000 par of bonds would utilize the entire appro¬
priation so far made.
The company has some unexpended cash and If
the bondholders desire it, may set aside sufficient cash to buy in $300,000
more of bonds and thus satisfy the
$1,100,000 bonds waiting to sell."
Compare V. 105, p. 2275, 2187.
to turn in their bonds and take 75%
Edmunds & Jones
Corporation.—Dividend.—
The directors have declared a quarterly
dividend of 25c.
a
share
on
the
stock, payable Jan. 2 to stock of record Dec. 20.
This is a reduc¬
tion of 75c. a share quarterly.
The regular quarterly dividend of l%%
common
on
the pref.
stock also has been declared,
payable Jan. 2.
It is stated that the common dividend was
reduced in order to conserve
the company's cash resources, that it might meet the excess profits taxes
without resorting to borrowing.
Earnings are reported to show somewhat
better than last year, $600,000 having
Oct. 31 last.—V. 105, p. 1901, 1620.
been earned in the ten months ended
Dec. 15 1917.]
Empire Steel
THE
&
Iron
Co.—Accum.
CHRONICLE
Divs.—Directors.—
In addition to the
regular semi-annual dividend of 3%
cum. pref.
stock, the company declared an
on the $2,500,000
extra dividend of 5% on
accumulations, both payable Jan. 2 1918 to holders of
record
Dec. 20 1917,
thereby reducing the amount of accumulated dividends to
35 M %.
On Oct. 1 1917
1H % was paid on account of dividend in arrears
and in
July 3%.
'
William J. Wilson of Robert
Winthrop & Co. has been elected a director.
—V. 105, p. 1108.
6%
account
of
Parr Alpaca Co.—Extra
Dividend.—
(S. S.) Kresge Co .—Sales.—
1917—Nov.—1916.
$2,751/87
$2,427,071
Fisher Body
Corp. & Sub. Co., N.
*
m
Y.—Earnings.—
3 Months Ending
Oct. 31 '17. July 31 '17.
.
Total earns. &
income from all sources,
incl. earnings from
oper., discounts
earned, int. received,
$776,205
28,856
$993,561
,
$1,810,019
69,109
$747,349
40,253
_
1918, to vote
increasing the capital stock from $105,000,000 to the
$125,000,000, states that in case the increase be
authorized, it is the purpose to offer to stockholders of record
amount of
Jan. 14 1918 the
right to subscribe at par for one share for
ten shares
outstanding, subscriptions to be made on
or before Feb. 15
1918, and payment to be made either in
full on or before that
date, or one-half on or before Feb. 15
1918, and one-half on or before
April 17 1918.
on
each
The
in
company
$240,000,000,
this
circular
estimates
its
total
orders
for
1917
at
against $103,000,000 in 1912.
The circular, in other
respects, furnishes
substantially the data that appeared in the "Chronicle"
for Dec. 1
(pages 2187,
as
2188).
•
The circular also states that
"the company has
munitions."
See V. 105, p. 21&7.
orders for
now no
.Increase. I
Scripps-Booth Corporation below.—V.
105,
^
,
Net profits
Lukens Steel
Co., Coatesville, Pa —Plate Mill.—
McCord
Manufacturing Co. (of
10 Mos. to
2188, 2002.
p.
Nov: 17.
'17.
$4,266,000
Increase.
5,412,038
615,873
1,915,033
212,560
recently incorporated
105, p. 1902, 1423.
&
Kilburn Co.,
Oct. 1 to
Dec. 13 1917.
■
_
Net orders received
Net shipments
—V.105,
p.
3 Mos. end.
a sufficient
amount to pay the full
7% dividend on its $75,000 pref.
stock, set up a
substantial reserve for excess
profits tax and have left a
surplus of about
$7 50 per share on the
75,000 shares of common stock of no par value.—
V. 103, p. 2242.
'
(R. H.) Macy & Co.—Litigation.—
See Victor
Talking Machine Co. below.—V. 105,
Harbison-Walker Refractories
Co., Pittsb.—Earnings.
Sept. 30 Years—
1916-17.
♦Net profit
Preferred divs. (6%)...
Common
1915-16.
1914-15.
$1,498,889
$6,725,817
$3,540,604
576,000
576,000
dividends..(8%) 1,440,000 (7) 1,260,000
Balance, surplus
Previous surplus-
1913-14.
(2)360,000
$1,124,988
576,000
(2)360,000
576,000
$4,709,817
8,547,258
$1,704,604
6,842,654
$562,889
6,279,765
$118,988
6,090,767
.-...-$13,257,075
Total
$8,547,258
i,842,654
$6,209,765
Common divs. (18%)..
x3,240,000
Total surplus
$10,017,075
$8,547,258
$6,842,654
$6,209,765
♦After
deducting ordinary and extraordinary
repairs, depreciation of
mining and train outfits, and
depletion of clay, coal and ganister properties.
x
Declared and paid from
surplus prior to Mar. 11913.—V. 105,
p. 502.
Hartford
(Conn.) City Gas Light Co.— New
The shareholders will vote
Jan. 15 1918
Investigation" under Reports above.—V.
105,
above.—V.105.
Oil
p.
Co.
of
N.
J.
follows:
As
below, also
2002.3
War
See general news
on
a
"Uiderj'Annual Reports"
•
.
Vice-President, has
&c.—
2277, 2188.
p.
4
.
.*
Toronto .—Divi¬
Ltd.,
President.—
An initial div. of 50c.
per share has been
G. H. Smith,
jJL-~
H.Mt
Regulations.—Coal Prices,
preceding page.—V. 105,
International Petroleum Co.,
dend—New
declared, payable Jan. 19.
been
elected
President
to
succeed
W. C. Teagle,
recently elected President of the Standard Oil
Co. of New
Jersey.—V. 100, p. 1441.
Jones
and Globe
Tea
Co.—Earnings (Grand
Union
Tea
Co.
Grocery Stores).—
1917—Nov.—1916.
$1,128,352
$855,484
—V. 105, p. 2098, 1807.
Increase. J
1917—11 Mos.—1916.
$8,761,973
Increase.
$272,868($10,861,009
Kansas
Natural
Gas
Co.—Status
of
4'Chronicle" is advised
officially as follows:
$2,099,036
Bonds.—The
Provision for the
payment of the
principal and interest on the second
mtge. bonds is contained in the
stipulation entered into on Dee. 17 1914.
There has been no
change in the status of these bonds since the
stipulation
was signed.
[At last accounts there were
outstanding $1,700,250 of the
second mtge. bonds.]
The receiver has paid the interest for
1915 and 1916,
as provided, and if the
earnings for 1917 are sufficient will pay the interest
for that year some time
after Jan. 1.
Payment of the principal will be
made by the receiver as soon as
he is able to do so.
If the receivership
should terminate and the
property be turned over to the stockholders
before all of the
obligations mentioned in the
stipulation have been paid in
full, presumably, it will be up to them
to provide for the retirement of
the
unpaid balance.—V. 105, p. 719, 611.
Keystone Tire & Rubber Co .—Extra Dividend.—
i
■Tin addition to the
regular quarterly dividends of
2% on the $2,oOC,000
? %'cum. pref. stock and
3% on the $2,500,000 common
stock, an extra
dividend of 1-3 of 1% was
declared on the pref.
stock, all payable Jan. 2
1918*to holders of record Dec. 22
1917.v\.
^
^
Jg
.
_
Extra
V. 105, p. 719.
23
DividendTtJlecord.
Prefer re dzD i v i aenas— .Oct. 1 ' 1 QTjan.'i 7/fnr/l
7
Regular
2X%
2%
2%
Common dividends
2%%
''July111" Oct: 17 .Jan.' 18
2%
2%
2%
—1-3 of 1 %
paidjeacn'quar. to Jan.
Z%,.irZ%
uN
Also If
Total
Not in hands of public
July 31 1917, $329,106 worth of the
$14,050,000
auth. 1st pref. being held in the
sinking fund, then amounting to $350,185
(see V. 105, p. 14lf. 1427).
.
W. E. Flanders has
resigned as Pres. to become Chairman of
Board, and Ledyard Mitchell was elected a director and
President of the
company.
James C.
the
Brady,
formerly
was
stated that
no significance need be
attached to the resignation
as Mr. Mitchell had been added
to the staff
purely to
the management.
Mr. Flanders is
expected to continue as
the active head of the
company.
of Mr.
Flanders,
strengthen
Reports have been current that the directors on Dec.
11 would resume
dividends on the second pref.
stock, but the directors stated that no such
plan had even been contemplated, and that
there was no indication of such
a departure for the
present, at least.
Earnings are stated to be highly
satisfactory and the
handling some Government business with the indications incompany is
favor
now
of further
While orders from the Government are
not
might be taken, they serve to keep an organization
intact ana permit sufficient return
to offset overhead
charges which other¬
wise might eat into
any company's surplus.
Shipments are said to have
been
satisfactory during the past few months and the management enter¬
tains a
contracts of this character.
the most profitable that
hopeful feeling for the future.—V. 105,
p.
Metropolitan Edison Co.—Increase
1526, 1427, 1417.
in Rates.—
This company has filed with the
Pennsylvania P. S. Commission supple¬
ments to its schedule of
rates, which, if approved, will provide for an increase
of 15% in all classes of
service with the
exception of house lighting, the new
rates to become effective on
Jan. 1 1918.—V.
Metropolitan Steamship Co.—Receiver Confirmed.—
E. M. Golie has been
confirmed
Jersey courts.—V. 104, p. 457.
Midwest Refining
See
1527.
as
receiver for this company by the New
»
.
Co.—Control, &c.—
"Gasoline Investigation" under
Reports above.—V.
Mount Logan Oil Shale
Bankers'
104, p. 2003,
Refin'g Co.—Stock Underwritten.
Securities Co. of Denver wires that it has
underwritten
Refineries will be built
immediately to extract oil out
of the shale from the
properties owned by the refining company.
Mount
%rVV-r%^
/.
.
j.'
a*
'18
Vernon-Woodbury Mills.—Debenture
Notes.—
Refunding.—The Mercantile Trust & Deposit Co., Baltimore,
will shortly offer at 99 and
int. a new issue of $2,000,000
6% debenture notes, dated Jan. 1 1918, due Jan. 1
1919, but redeemable at par and int. in whole or in
part
July 1 1918.
The proceeds of these notes, together with
one-year
cash from the
notes
Bros.
Prior to
$400,000 stock.
.
Industrial
1807.
Co., Inc.—Voting Trust Ends Jan. 2—
Listing.—The voting trust will terminate Jan. 2 1918 and
the N. Y. Stock
Exchange has accordingly authorized the
listing of the new stock certificates when and as issued
in
exchange for the voting trust certfs. or otherwise as
The
Imperial Oil Co., Ltd.—Status.—
Standard
p.
Maxwell Motor
104, p. 1424, 1313.
Stock.—
on
increasing the outstanding
common stock from
$1,250,000 to $1,750,000.
There is also $750,000
8%
pref. stock
outstanding, and all the shareholders, both common and
pre¬
ferred, will be allowed to subscribe for
the new common shares at
a share) to the
par ($25
extent of 25% of their
respective holdings,
** An
exchange journal states that, in common with
various other proper¬
ties, this company is
barely earning its dividend of 12% p. a. an < th»*
a
d_crease tn 10% p. a. is thought not unlikely.—V. 105,
p. 292.
See
p. 1214.
Magnolia Petroleum Co.—Control, &c.
See "Gasoline
It
Sept. 301917.
$547,677
$952,544
tJ
$802,500
...$934,000
2276, 2270.
1914.
Chairman of the Board, will continue as a
director.
"Financial America" on Dec. 11 said in
substance:
Phila.—Earnings.—
.
...
31
$1,490,012
$140,042
—
1916.
The Gillette
Safety Razor Go. of Canada has been
In Canada with a
capital stock of $2,000,000—V.
Hale
Dec.
1915.
x
11 Mo.
$482,579
.
ending
Not stated
$4,554,361
$2,569,052
Net earnings...
$712,875
$675,087
$324,473
The company has earned for
the first ten months in
1917
July 1918.
Issued.
Authorized.
7% cum. 1st Pref. Stock...$13,775,100
x$140,000 x$134,900 $14,050,000
6% non-cum 2nd Pref
10,127,400
x872,600
11,000,000
Common stock—
12,778.000
x222,000
13,000,000
Boston.—Earnings.—
1917.
7,327,071
828,433
,
N. Y.), Detroit.—Earn.
Years
1916.
Oct. 31 '17.
,
Gross business
Exchanged.
■
10 Months
ending Oct. 31—
Razor blades sold
(dozens).*
Razors sold.
$2,129,276
This company's 204-inch
mill, said to be the largest of its kind in the
world, will be placed in operation
early in Feb. 1918.
The rolling
of the mill is estimated at
capacity
200,000 tons per annum.
The mill will be
capable of rolling a plate 192 inches in
width.—v. 105, p. 2277.
war
General Motors
Corporation.—
Gillette Safety Razor
Co.,
Increase.
$12,488,997
Loose-Wiles Biscuit
Co., N. Y.—Director.—
*
See
1917—11 Mos.—1916.
$320,918]$14,618,273
Elisha Walker, of William
Salomon & Co., N. Y., has
recently been
elected a director to succeed G.
G. Henry, of the same
firm, deceased.—
V. 104, p. 1903, 861.
^
upon
Increase.
(S. H.) Kress & Co.—Sales.—
1917—Nov.—1916.
$1,740,910
General Electric
Co.—Subscription Rights as to $10,000,000 (10%) New Stock—A
circular dated Dec. 10,
calling a
special meeting of the stockholders for Jan. 3
Mos.-1916.
$324,5161 $25,364,761 $22,118,209 $3,246,552
$1,651,444
$1,330,526
—V. 105, p. 1902, 1526.
to
'17.
/
&c., before
deduction for excess
profits tax
$1,033,814
Interest on floating debt
Net income—
—V. 105, p. 913. 502.
6 Mos.
Oct. 31
-
Increase.\ 1917—11
—V. lOo, p. 1902, 1526.
An extra
dividend of 7% has been declared in
addition to the regular
quarterly dividend of 2%, both payable Dec.
31 to holders of record Dec. 19.
2369
treasury, will be used to retire $2,500,000 6%
maturing Feb. 1.1918.
Extracts from Letter of Pres. Howard
Baetler, dated Dec. 12 1917.
Plant, &c.—The company is one of the
largest manufacturers of cotton
duck and similar fabrics in the
world.
Its property includes three
groups
of mills
containing the following number of spindles:
Maryland Group, consisting of 7 mills in Baltimore..
75,556 spindles
Columbia Mills, situated at
Columbia, 8. C
30,348
"
Tallassee Mills, situated at
Tailassee, Ala.
68,076,
"
Total
These mills
173,980
are complete
manufacturing units, including in addition to
buildings and textile machinery, all necessary power
plants, storage
warehouses, operatives houses, &c., necessary to conduct the entire
manu¬
facturing operation from the raw cotton to the finished
product.
The
buildings and machinery alone are now insured for
$7,524,000.
Security.—No mortgage indebtedness may be placed
upon the property
during the life of the notes.
Consequently, as there is no other indebted¬
ness, these notes will have as
security all the property of the company
which is
conservatively valued in excess of $11,000,000.
Quick Assets.—Upon the completion of this
financing, the company will
have an excess of current assets
(cash, cotton, goods in process, merchan¬
dise and accounts
receivable) over current liabilities of over $4,500,000,
after setting aside Federal war tax.
Earnings.—The mills have been in operation for 17
years.
Sales during
the period previous to the war
averaged $6,755,000 per year, and the aver¬
age net earnings were
$506,000.
Net earnings for the three years
(19151917) averaged in excess of $750,000 per annum.
Voting Trust.—The majority of both preferred and common
stock is in a
voting trust composed of the following trustees: Waldo
Newcomer, Pres.
National Exchange Bank; J. J.
Nelligan, Pres. Safe Deposit & Trust Co.;
A. II. S. Post,
Pres., Mercantile Trust & Deposit Co., all of
Baltimore, Md.
Compare V. 101 p. 1906; V. 104, p. 1268.
the mill
National Aniline & Chemical
Secretary William T. Miller, in
has been directed to
a
Co., Inc.—Denial.
recent statement, says: "Our
attention
the effect that this
company is
rumors now current to
under the control of German interests.
view of existing conditions, obviously so
Such statements, if made, are, in
false that they are assumed to be
malicious.
"The fact is, this company
-
is American owned, is under
American con¬
trol, is operated by American chemists, and makes American dyes from
raw materials.
It has brought together an aggregation of pro¬
American
exclusively American control adequate to safeguard
disastrous conditions forced upon the country
inception of the war in 1914."—V. 105, p. 2277. 2188.
units under
ducing
American consumers from the
at the
Co., Boston.—
Newburyport (Mass.) Gas & Electric
Sale of Stock—Status of Company.—
1,710 shares of new stock was recently offered'to the stock¬
share (par 8100); 203 shares were subscribed for, and
An issue of
holders at 8130 per
be offered at auction in
auctioneers.
balance, 1,507 shares, were to
Dec. 12 through It. I/. Day & Co.,
the
Boston on
,
,
„
President Philip Cabot, as of Dec. 1 says: "The directors believe that the
company is in a sound condition; and that the present rate of dividend can
be maintained."
[Dividend rate 1909 through 1917, 8% per annum
A
No bonds.]
Stock out at last advices, 8285,000.
(Q.-J. 15).
Court Decision.
Queens Gas Co.—Supreme
New York &
Court on Dec. 10 dismissed the writ of error obtained by
affirmed the unanimous decision of the New York State
in the so-called Douglaston gas main case in which the
Public Service Commission ordered an extension of the company's mains.
The decision establishes the power of the Commission to require public ser¬
vice corporations to make needed additions to facilities.—V. 100, p. 1597
The Supreme
the company and
Court of Appeals
asset and a contingent
appropriated for this purpose.
The following published data are officially approved:
"On Jan. 1 1917 the company had surplus of $10,784,546.
Since then
it has continued to operate at capacity, and in spite of the heavy taxation
to which this enterprise must be subject, it is the general opinion that
there will be enough left out of earnings to add considerably to the surplus
which has swelled so rapidly since the war swamped American industries
with orders.
The company, it is thought, will be in better position than
most companies after the war, since its plants should find a steady business
in peace products.
It is stated that this company is perhaps the only
machine company in the country that is able to build a lathe at a profit
for the manufacture of 16-inch guns.
Compare V. 104, p. 658, 565.
Min. & Smelt. Co .—-Output (lbs.)
806,000128,553,000
8,234,000
36,787,000
in
stock
payable Dec. 20.
In Oct. and Nov. last an extra of 3% was
quarterly 2%.—V. 105, p. 2004, 1424.
paid in addi¬
Co.—Governmental Proclamation.—Reduc¬
ing the Alcohol Content in Beer.—
Pabst Brewing
See
188, 177.
general news on a previous page.—V. 105, p.
of $2 50 a share has been deciared on the common
stock in addition to the regular semi-annual dividend of 50 cents a share,
extra dividend
An
20.—V. 105, p. 2278, 1527,
payable Dec. 26 to holders of record Dec.
both
Phelps-Dodge Corporation.—Extra Dividend.—
has been declared on the $45,000,000
regular quarterly $2 50, both payable Dec. 28 to
Of the $7 50 extra distribution $5 is a payment
for depletion.
Dividends declared since 1909 are:
An extra dividend of $7 50 per share
stock in addition to the
holders of record Dec. 18.
from reserves
1913.
1912.
1909 to 1911.
1914.
1915.
In 1917
1916.
Mar. June.
10
10
10
10
5
% 10 yrly.
2 yrly.
--V. 105, p. 1109.
Reg'r,
6A
4
10
Extra.:.
Butler & Pierce Mfg.
Pierce
10
SA
Corp.—Proposals.—
The Empire Trust Co. as trustee will receive sealed
22 for the sale to it of $157,500 First Mtge. 20-year
103,
bonds.—V.
p.
Sept. Dec.
2A
2A
2A
5A
5A
7A
2A
22 A
proposals till Jan.
Sinking Fund gold
1305.
Pioneer Mill Co., Ltd.,
Honolulu.—Div. Reduction.—
Francisco News Bureau" announces that this company will
(pionthly) dividend from 2% to 1%, beginning Jan. 1918, until
further notice. Cap. stock outstdg., $5,000,000, par $20.—V. 103, p. 849.
The
"San
reduce its
Pittsburgh
Co.—President Wilson Increases An¬
Ton.—Wage Matters.—.
Coal
thracite Coal Prices 35 Cents a
See page
2228 in last week's issue.—V. 105, p. 1903, 1808.
Prairie Oil &
Gas Co.—Extra Dividend.—
declared an extra dividend of $2 a share on the $18,000,000
stock in addition to the usual quarterly dividend of $3 a
Directors have
outstanding
share, payable Jan. 31 to holders of record
extra dividend of $4 a share was declared.
was omitted.—V. 105, p. 1109.
Three months ago an
Dec. 31.
In July last the extra
dividend
Republic Rubber Corp., Youngstown, O,—Bal.
Sheet.
balance sheet is published in connection with the $3,000,000 7% pref. stock offering (compare adv. in "Chronicle" of Istst week) by
Geiger-Jones Co. of Canton, O.
The statement shows the company's
finances as of Oct. 31 1917 (as adjusted) giving effect to said sale. (V. 105,
The following
p.
2279.)
CONSOLIDATED
[Giving
BALANCE
Effect
to
SHEET
Sale of
This
Lands, bldgs., equipment,
water rights, &c
x$5,323,540
Investments in stocks of
companies.
128,370
Raw materials & supplies,
work irt process, &c
*5,159,268
Cash
483,759
Accounts receivable
2,278,801
Notes receivable
166,781
other
_
.
Due
from
officers
29,797
employees
y100,000
balance
of
proprietary selling co's.
$3,000,000
AS ADJUSTED.
1917
Preferred Stock.]
232,618
1,054,601
(incl. orexpenses).
402,287
Total each side
.15,359,822
Patents..
items
organization
—V. 105, p.
An
with officers). 4,164,453
payable
2,847,185
444,530
Accounts payable
contract
Salaries & wages payable-
pref. dividends._
Accrued taxes
:
115,355
77,638
35,566
1,541
paid on
extra was
Deprec'n of property
Deprec'n of patents
receiv.
Tire adjustments
Distiib.com.stk.to emp'ees
671,458
100,000
110,000
20,000
16,696
Co. based on cost.
Note.—(1) This statement gives effect to this issue of $3,000,000 pref.
includes conservatively estimated net profits
stock now underwritten, and
of all known expenses and
issue of pref. stock have been applied
underwriting to organization expense.
Further, it gives effect to the exchange of the corporation's capital stock for
Sept. and Oct. of $202,000, after deduction
fixed charges.
The proceeds of the
to current liabilities, and the cost of
proprietary companies.
(2) All good-will items, adver¬
and many other items which might be construed as deferred
have been written off,
(3) The proprietary companies have a contingent
tising material
Pulp & Paper Co., Ltd;, Montreal.—Directors.
Riordon
Thos. E. Warren, Manager of the
Ticonderoga Pulp & Paper Co. (the
been elected a director to succeed F. W. Avery
The board was also increased from seven to nine
members by the election of C. B. Thorne, Manager of the Hawkesbury mill,
and F. B. Whittet. Sec.-Treas. of the company.—Y. 105, p. 1715, 295.
American subsidiary), has
deceased.
of Ottawa,
(Cocoa & Chocolate Mfrs.),
Rockwood & Co.
Brook¬
lyn, N. Y.—Offering of Serial Bonds.—S. W. Straus & Co.,
Inc., are offering at par and int., to net 6%, $650,000 First
Mtge. 6% serial bonds, dated Nov. 15 1917, due serially, but
callable after one year at 102 & int. A circular shows:
Maturities, $32,500 Nov. 15 1918-1926 inclusive and$357,500 Nov. 15
1927.
Denom. $1,000, $500 and $100 c*.
Federal income tax of 4% piad
by company.
Trustee, S. W. Straus.
Interest M. & N. at any of the
Inc.
(a) to maintain a surplus of $600,000 and no divi¬
will reduce the surplus below this amount, (b) To
maintain quick assets equal to at least 150% of all outstanding liabilities,
including these bonds; (d) not to mortgage any of its assets, and (e) to set
offices of S. W. Straus & Co.,
The company agrees:
can be paid which
dends
up proper reserves.
Letter of Pres. Wallace T.
Nov. 15 1917.
from
Extracts
Jones, New
Organization.—Founded in 1886 by William E. Rockwood and Wallace
T. Jones with a capital of $15,000.
In 1901 the capital stock was increased
to $200,000.
As the business grew the capital stock was steadily increased,
the present capitalization on Feb. 4 1917 being $2,250,000, divided into
$1,750,000 first pref., $125,000 second pref. and $375,000 common, with a
surplus (earned) of $626,206.
The company manufactures cocoa and chocolate, dealing with large
wholesalers, jobbers and manufacturers, and its market extends all over
the United
States and many foreign countries.
We manufacture no
the land and building,
$1,148,800, covering nearly all of
Security.—A first and only (closed) mortgage op
machinery and equipment, valued at
the block bounded by Washington .Park
and Waverly Aves., Brooklyn,N.Y.
Earnings.—For calendar years 1913 to 1916 and average for these four
years, with dividends paid for 1916 [from balance sheet—Ed.]:
Calendar Years— Arge. 4 Yrs. 1913.
1914.
1915.
1916.
Net earnings
$185,349
$79,640
$176,877 $267,099 $217,790
Divs.—1st pref. (7%), $51,065; 2d pref. (8%), $10,000; com.$37,500 98,565
Balance, surplus,
$119,225
.$626,206
for the year ending Dec. 31 1916
Total surplus Dec. 31 1916 (after adding previous surp., $506,982)
Sales have shown so large an increase during the last few years
that we
shape of our purchase
Total sales in 1916
amounted to $3,622,249.
Our sales for the first nine months of 1917 were
$3,500,000, as against $2,431,000 for the same period of 1916.
have just made large additions to our plant in the
of real estate and construction of new buildings.
SHEET
BALANCE
&
Real, estate
new
JAN.
1
1917
(TOTAL EACH
bldgs.
$186,151
(less mtges, $81,000)
Machinery, fixtures, &c
Trade, good-will^ &c
SIDE, $2,173,402).
Cap. stk. (auth. &
1st pref. stock
2d pref. stock
issued):
$750,000
_
125.000
474,214
.Common stock
— ...
375,000
449,671
160,000
Cash.
67,641 Loans
17,391
Accounts receivable
495,933 Deposits
89,805
Merchandise (at cost)
483,158 Accounts payable
20,000
Miscellaneous..
15,118 Reserves for machinery, &c.
do
for bad debts
' 10,000
Stock, J. Van Dyck Co.(cost)
1,000
626,206
N.Y, City bond account—
516 Profit and loss
Note.—Since this balance sheet was drawn, real estate has been acquired,
new buildings erected and new equipment installed at a cost of $407,500,
making the total value of plants, machinery and fixtures, as above set
forth,-$1,148,800.
Moreover, the mortgages ($81,000) have been taken
up by this financing.
This bond issue is now the only mortgage obliga¬
—
—.—
of
tion
the company.
Purpose of Issue.—To
provide additional working capital, to refund and
and to release the capital tied up in the
acquired in 1917.—V. 105, p. 2279.
consolidate maturing obligations
new
buildings constructed and land
Royal Baking Powder Co.—Extra
Directors
have declared an extra
Dividend of 2%.—
dividend of 2% on the
$10,000,000
stock along with the regular quarterly dividend of
1A % on the pref. and 2% on the. common, all payable Dec. 31 to holders
of record Dec. 15.
Dividend record follows:
outstanding
capital
DIVIDENDS— '02. '03. '04. '05. *06-'09. *10'13. '14. '15. '16.
%
8
8
8
8
10 yly. 12 yly. 10
8
8
Common
Extra in December
103,
p.
..2
_.
2
1917.
8 ,
2
2243.
Louis
Rocky
Mountain
&
Pacific
Co.—Voting
Certificates.—
York Curb Market Association listed an
additiona
6,260 shares of v. t. c. (par $100), making the amount listed 87,260 shares
v. t: c. out of a total of 100,000 shares of common stock.
The voting trust
as extended will expire Dec. 15 1920.—V, 105, p. 1536, 1516.
Scripps-Booth Corp.,. N. Y.—Directors—
A.
H.
Sarver,
formerly with the Buick Motor Co.,
elected President of the
has recently been
Scripps-Booth Co., succeeding Clarence H.
Booth,
Fred W. Warner, of Pontiac, Mich., Pres. of the Oakland Motor
Tire Co., and Edward Ver Linden, Pres. of the Olds Motor Works, both
Vice-Presidents and directors of the General Motors Corp., have been
elected directors of the Scripps-Booth Corp., to succeed A. P. Sloan Jr.
and Thomas W. Warner, respectively, resigned.
It is officially stated that further changes will be made in the ScrippsBooth board at a meeting scheduled for next week.—V. 105, p. 1715, 1110.
resigned.
Includes land, buildings, equipment, water
the shares of the
stock in
the pref.
record Dec. 21.
In July last 10%
the common stock and in Oct. 2%.—V. 105, p.2190,2099.
On Dec. 7 the New
5,000 shares covered by
Notes
at the Knight
for
Dividend.—
has been declared on the common
the common and IH % on
dividend of 2%
extra
addition to the regular quarterly 3 % on
stocks, all payable Jan. 1 to holders of
—V.
$6,755,400
rights, &c., plant property
based primarily upon the appraisals thereof as of April 1 1917 and June 30
1917, plus additions to Aug. 31 1917.
y Secured by note with stock as
collateral.
* Cost values at the Republic Rubber Co. and book values
x
1314, 1215.
(R. J.) Reynolds Tobacco Co.—Extra
Trust
Doubtful accts.
its large Russian con-"
receivers. The com¬
is at present turning out about 100,000 rifles a month and 10,000
bayonets a day.
It is getting ready to make the Browning macbire gun,
patented by the Colt's Patent Fire Arms Mfg. Co., Hartford, Oonn.
("Iron Trade Review," Dec. 8.)
A press dispatch from Washington on Dec. 12 said:
"Much of the ma¬
terial purchased here for account of the Russian Government will b* sold
in this country and the proceeds applied to the payment of bills i CU red
on contracts at present in operation.
It was said at the Russian Fmb ussy
to-day that a meeting of creditors and contractors will soon be 1 eld, at
which some plan of action would be adopted.
There is no internio r to
terminate existing contracts, but as much of the material already made
cannot be sent to Russia, it is deemed wise to dispose of it in this country."
nominal or par value,
201,539.85 shares (incl.
.
Cartridge Corp.,
Business.
This company has received an additional order to
tract of 200,000 rifles and 160,000 extra barrels and
St.
Accrued interest.
Metallic
pany
without
stock
Common
Reserves for—
Unadjusted
Deferred
31
7% cum. pref. stock
Accrued
and
Stock contract with officers
OCT.
Arms-Union
Remington
Bridgeport, Conn.—War Order—Status of Russian
confectionery.
Dividend.—
Pacific Mail Steamship Co .—Extra
of the
York City,
Dividend.—
of 60 cents (3%) per share has been declared on the
addition to the regular monthly 40 cents (2%) per share, both
An extra dividend
tion to the regular
receivable
plan of consolidation, the organization of the
merged company under New York laws, capitalization, &c., see V. 105,
p. 2279, 1808. 1622, 1527.
details
For full
Condensed
Sugar Co., Honolulu.—Extra
Onomea
Decrease.
1917—11 Mos.—1916.
Decrease. I
1917—Nov.—1916.
2,844,000
3,650,000
—V. 105, p. 1527.
liability of $391,805 as endorsers on notes
discounted.
♦
Niles-Bement-Pond Co .—New Plant.—
This company has purchased a tract of 55 acres on the Newark meadows
at Kearny, N. J., and is having preliminary plans prepared for a new plant,
but the extent of the same and whether it will be constructed at once or
not is understood to depend on the amount of Government business ob¬
tainable.
It is denied that between $2,000,000 and $3,000,000 has been
Old Dominion Copper
[Vol. 105.
CHRONICLE
THE
2370
Shattuck
Arizona
Production—
Copper
Copper (lbs.).
1917777,616
11 months 1917
11,308,705
—V. 105, p. 2280. 2005.
November
Co.,
Inc., New
Lead (lbs.).
77,633
1,962,589
Shawinigan Water & Power
York.—
Silver (oz.). Gold (oz.).
13,798
103.52
148,527
1,456.42
Co.—Offering of Two-Year
Notes.—A syndicate, composed of Brown Bros. &
Co., Lee, Higginson & Co., Alex. Brown & Sons and Jackson
& Curtiss are offering a new issue of $4,500,000 two-year
Convertible
6% Convertible
gold notes, dated Dee. 15 1917, due Dec. 15
DEC. 15 1917.]
THE
CHRONICLE
1919.
Interest J. & D. 15 in N. Y. City and Montreal with¬
out deduction from notes held
by residents of the U. S.
Comparative Results of Operation So. Cal. Ed. Co. and Pac. Lt. & Power
Corp.
September
9 mos. to Sept. 30
12 mos. to Sept. 30(<Combined.) (Sep'ate) (4mos.com) (Separate)
—Separate—
for
present
future taxes in Canada.
Denom. $1,000 & $500c
part, on 60 days' notice, at 101 and int., on
prior to Dec. 15 1918, and at 100^ and int.
thereafter,
but if so called
may nevertheless be converted if presented
at least ten
days before the redemption date
or
Callable, all
1917.
$
or
196
Earnings for Cal. Years [Int.
on these notes will call
for $270,000 yearly.)
Gross.
Net, aft. Taxes. Int. Charges.
Balance.
$1,349,715
$1,189,263
$436,750
$752,513
1,805,217
1,560,622
499,153
1,061,469
2,325,872
1,897,944
544,208
1,353,736
1917 (2mos. est.)
2,905,204
2,154,364
694,326
1,460,038
Net earnings for 1917 (2 mos.
estimated) are $2,154,364, equal to more
than 2 1-3 times interest
requirements for 1918, including interest on this
new issue.
As a result of the expenditures
represented by these notes,
very substantial increases in net earnings are assured.
These $4,500,000 notes are followed
by $15,000,000 capital stock paying
7% dividends, and having a market value, at present quotations, of
about
$16,000,000.
Total funded debt, including these
notes, $16,940,761.
1911
1914.
ited to
_____________
"Railway and Indus trial"
Sheffield Farms Co.,
Inc.—Offering of Guaranteed Cer¬
tificates.—The New York Title & Mortgage Co. is offering
by advertisement on another page an issue of $250,000
5%%
Guaranteed First Mtge. Certificates secured
by first mort¬
the Brooklyn plant of the Sheffield Farms
Company
Inc., held under lease from Louvain Construction
Corp.
Guaranteed as to principal and interest
by the New York
Title & Mtg. Co.
Denom. $100, multiples thereof in vari¬
ous maturities.
The advertisement shows:
gage on
,
certificates
free from personal
property taxes in
the normal Federal income tax of
are
the
State of
York;
2% will be repaid by the
Maturities, $12,500 July 1 1918, Jan. 1 1919,
&c., to Jan. 1
1922, inclusive, and $137,500 Jan. 1 1923.
guarantor.
The valuation of the direct
security is over 2Yi times the amount of the
loan.
The building is a fireproof structure erected for
a milk
pasteuriza¬
tion, bottling and ice
plant.
It is designed to be the world's largest, most
modern and best
equipped milk pasteurization plant.
The loan is further secured
by an assignment of a ten-year lease executed
by the company for an aggregate net rental of
$400,000, at the uniform
rate of $40,000
per annum, thus providing unusually
strong commercial
backing for the loan.
The company is an
old-established,
annual sales for the
past three fiscal
successful business.
Its average
years were $11,900,285.
Its average
after depreciation, for the same period were
$472,887 per
annum, an amount nearly 12 times the sum
annually due on the lease.—
V. 105. p, 2005, 503.
earnings,
Sloss-Shef field Steel & Iron Co .—President to
Retire,—
Waddill
from the
Catchings, President and director, will ultimately withdraw
company's activities to enter the banking firm of Goldman, Sachs
Co., New York.—V. 105, p. 1809.
Solvay Process Co., Syracuse, N. Y.—New Stock.—
As already announced the stockholders will
vote Dec.
18
1917 on in¬
creasing the capital stock from $18,000,000 to
$36,000,000, par $100.
Treasurer Robert W. Swift,
writing to the "Chronicle" on Dec. 6, says:
"If this action is carried
through by the stockholders, as is anticipated,
.
it does not mean that the total amount
authorized will be issued at once."
The
company is a manufacturer of Alkali and has properties
located,
at
Syracuse, N. Y., Detroit, Mich., and Hutchinson, Kan.
In 1881 it
acquired the American rights to the patents of Ernest and Alfred
Solvay,
who
had
revolutionized
the
manufacture
of soda
the
ash.
Soon
thereafter
plant at Syracuse, N. Y., the first soda ash works in
America, was
built, and from an initial capacity of thirty tons of soda ash
per day, it
has grown to be the
largest plant of its kind in the world.
The products
manufactured by the company include: Soda
ash, calcium chloride,
bicarbonate of soda, modified
sodas, causticized
crystals, monohydrate crystals, caustic soda and
isher).—V. 105, p. 2190, 1528.
Southern
Canada
Sept. 30 Years.
1916-17.
Net
Power
Co.,
ash,
crown
-Earnings,
1916-17.
profits
&c.~
1915-16.
$126,7061
Not
Total income
$130,654
$83,351
3,948/ stated.
Bond, int &c.,
86,172
62,000
$83,351 Balance ,_sur plus.
-$44,482_ $21,351
W.
C.
Hawkins, Secy, and
Managing Director of the Dominion
Power & Transmission Co., of
Hamilton, has been elected President, and
Col. J. R. Moodie, of
Hamilton; James Davidson, of Montreal; Charles E.
Read, of Ottawa; George Parent,
K.C., of Quebec, and W. H. Miner, of
Granby, were elected directors.—V. 105, p. 1315. 722.
Other income
Total
income-.__$130,654
Southern Counties Gas Co. of Calif.—New
Debentures.
The California
RR.
the
Comm. has authorized the
company to execute to
Central Trust Co. of Illinois a debenture
agreement, and to issue
$400,000 10-year 6% debentures at not less than 90 and
interest, the pro¬
ceeds from $325,000 of the debentures
to refund notes and accounts
pay¬
able, and from $75,000 of the debentures to reimburse the
treasury for
capital expenditures, and after this reimbursement to
pay notes and ac¬
counts
payable.—V. 105,
Southern
p.
915, 186.
California
"
Edison
Co.—Earnings.—G. Ulspecialty of dealing in the
bricht, New York, who makes a
company's stock, reports as of Nov. 26 1917:
The growth of the company's
business, both actual and prospective, is
gratifying.
The power and light business for the
year ended Sept. 30
1917, measured by the increase in electric
output, increased 7%, the power
business alone growing 11%.
very
The decrease in gross revenue is due
to the change from a retail to a
wholesale basis in Los Angeles since
May 1 last.
Very large contracts for
have been made recently which include the San Diego Gas &
Electric
Co. and the Santa Barbara Gas & Electric
Co. for practically their entire
electrical requirements.
A vast amount of new business is in
sight, espe¬
cially from numerous industrial and agricultural
plants now operated by
steam, which find present fuel prices
prohibitive.
Due to the large proportion of the
power
company's hydro-electric generation,
exceptionally low.
In the last fiscal year over
90%
furnished by water power, and in order to increase its
water storage and economically continue
to meet its demands, the com¬
pany has just completed raising the height of its
Huntington Lake dams
operating costs
are
of the output was
an
additional
insure
24,328
31
continued
feet.
This
economies
will
so
in future.
increase the
435,561
3,630,298
184,164
storage capacity
as
to
1915-16.
$
5,135,217
5,019,987
3,814,462 5,135,217 5,019,987
1,726,299 2,323,665 2,316,989
2,153,667 2,088,163 2,811,552 2,702,998
deprec.
Los
A. city contract 23,672
117,779
117,779
Bal.fordepr.
&
:
surplus...264,749 264,024 2,271,446 2,088,163
2,929,331 2,702,998
♦Gross
revenue for 1916-17 affected
by sale of gas properties in June 1916,
and change to wholesale basis in Los
Angeles City Mhy 1 1917.
Actual
increase in electric output was
7%, which is reflected in
surplus.
Development.—•
The
Big Creek hydro-electric development, the first
part of which was
completed by the Stone & Webster Construction Co. for the
Pacific Light
& Power Co. in
1912, and which stores water in
Huntington Lake at an
elevation of approximately 7,000
ft., is described at length as to construc¬
tion methods, &c., in the
"Engineering News-Record' of Dec. 6, pages
1044 to 1047.—V. 105, p. 2005. 1809.
Standard Car Construction Co. of Phila.—New
Stock.
This company, which on Nov. 26 filed a
certificate at Dover, Del., in¬
creasing its capital stock from $1,000,000 to
$2,000,000, has its works at
Sharon, Pa., and manufactures tanks, cars and
steel-plate construction.
It has apparently no connection with
the Standard Steel Car Co. of Pitts.
Standard Oil
See
105,
p.
"Gasoline
186.
Co.
Standard Oil Co.
sion
to
as
of
Nebraska.—Earnings, &c.—
Investigation"
under
"Annual
Reports"
above.—V.
-
Gasoline
(of New Jersey).—Report of Commis¬
Investigation—Earnings,
&c..—The
annual report of the Federal Trade
Commission issued this
week refers to its
investigation of the
gasoline situation and
its belief that "the gasoline market is
dominated
ous Standard Oil
Companies." See the
by the vari¬
findings of the Com¬
relationship of the companies, their earn¬
ings, &c., under "Reports" above.
mission
as
to the
A. C.
Bedford, then President of the Standard Oil Co. of New
Jersey, in
April last authorized the following statement in reference to
the special
report of the Federal Trade Commission:
"The Standard Oil Co. of New
Jersey has maintained that the rise in the
price of gasoline has been due to the natural operation of the law
of supply
and demand.
The Federal Trade Commission now
sustains that conten¬
tion in principle, and to a large extent in
degree, for the Commission finds:
"1. A marked decline during 1915 in the
gasoline content of the crude
oil produced in that year;
"2. A rise in the cost of manufacture;
•
"3. An increased export demand for
gasoline, as well as an enormously
increased domestic consumption incident to the
large addition to the num¬
ber of automobiles, &C.
"The Federal Trade Commission does intimate that
a portion of the rise
in the price of gasoline, at least in some sections
of the
due to conditions which it characterizes as
'artificial.'
"We know of no artificial conditions whatever which
country, may be
have affected prices,
and the fact is that the operations of this
company have been dictated solely
by sound and legitimate business considerations.
"It is significant that while in the dissolution suit
the (government ad¬
duced proof that the Standard Oil
companies of that time controlled the
sale of 87% of the gasoline marketed in this
country, the Federal Trade
Commission finds that these same
companies now handle only 65%.
"It is a matter of common
knowledge that during the past few years a
great number of new oil companies have been
organized in this country
and have invested hundreds of millions of
dollars in the business.
The
Federal Trade Commission does not
suggest that any practice savoring of
unfair competition on the
part of the former Standard Oil
restrained in any way the free and
unhampered growth and
of any old companies.
"The fact is that the Standard Oil Co.
companies has
success
of these
new or
obeyed the decree in the dissolution suit
of New Jersev has
scrupulously
affirmed by the Supreme Court.
Our observance of the decree has been under the
constant supervision of the
as
Department of Justice, and it has made no complaint against us.
The
Federal Trade Commission, in its
report of an exhaustive inquiry into our
business, does not intimate that any practice or policy of this company is
at variance either with the law or that decree."
Subsidiaries.■—This company's subsidiary, the Carter Oil
Oklahoma, Kansas, &c., on or about Oct. 25 in¬
creased its- authorized capital stock from
$2,000,000 to
$25,000,000, and on Nov. 26 another subsidiary, the Stand¬
ard Oil Co. of Louisiana, filed at Baton
Rouge a certificate
increasing its capital stock from $5,000,000 to $10,000,000.
Co. of
"Financial America" has inclined to the belief that these
changes, and others possibly to follow,
Ltd.
1915-16.
Solvay snowfl>ke
filler (paper fin¬
1916-17.
$
under
res.
—
Compare map on page 191 of
Section.—V. 105, p. 1808, 1527.
&
88,690
Balance —-241,077 264,024
Add'l rev. cred¬
Data from Letter of Pres. J. E. Aldred, Dec. 1917.
The company is one of the
largest producers of hydro-electric power in
It owns or controls water powers in
Quebec of a capacity of
500,000 h.p., of which 330,000 h.p. is
developed and now in use, with
170,000 h.p. undeveloped, in reserve.
Also owns about 800 miles of
high
tension transmission lines,
including lines to Montreal and the
city of
Quebec, and furnishes electricity to more than 50
net
(net)
452,254 3,918,584
&e__.209,209 188,230 1,764,917
Interest,
the world.
communities, comprising
substantially all the larger cities and manufacturing districts in the Province
of Quebec.
Total population of territory served about
1,500,000.
Proceeds of this issue will be sufficient to
complete the construction work
now in
process and to pay all present floating debt.
This construction
and floating debt represent
improvements and enlargements of hydro¬
electric and other properties, which have been and are a
vital factor in the
prosecution of the war by the United States and its allies.
No further
mortgages or liens can be placed on the property or assets
unless these notes shall thereby be retired.
$
Total income 450,286
Trustee,
of N. Y.
1916.
$
are
Guaranty Trust Co.
New
1917.
Net earnings_361,596 427,926
3,483,023
Other inc.
convertible at the holder's option, at
any time, into com¬
mon capital stock Of the
company, at the rate of $110 in notes for each
$100 of stock, with an adjustment of interest
and dividends.
The
1916.
$
Oper. revenue..600,166 703,630 5,652,132
6,132,482*8,161,472 8,376,079
Oper. exp., &C.238.570 275,704 2,169,109
2,502,184 3,026,255 3,356,092
or
The notes
2371
may
be
prepara¬
tory to some sort of extra or stock disbursement to the
shareholders. While nothing official is available, the
journal
named recently said that "there is nevertheless a
sup¬
posedly well-grounded suspicion that something in the nature
an extra or a stock dividend
may take place between now
of
and Feb. 15," and adds in substance:
The reason for the Jersey company's subsidiaries
increasing their capital
stock is obvious, that is, to avoid the
unnecessary payments on surpluses.
If this is true of the smaller
operating companies, it is argued, it is also
true of the New
Jersey company.
There has been talk for the last few months of the
possibility of the
com-
Sany's owns 80% of its holdings in the Imperial Oil Co.,capital of $50,000,of Canada. New
ersey disposing of Imperial, which has
authorized
an
000, [only $23,789,400 of which is issuedl.
The distribution, according to
these reports, will be one share of Imperial for
every six owned of Jersey.
Imperial company would then be quite free to actively enter the
American field, could take over the Midwest
Refining Co. which it is
supposed to control (V. 105, p. 2003), and could vigorously expand without
interference from Washington.
The
The "Wall Street Journal"
recently reported:
Increase in the capital stock of the Carter Oil
Co., from $2,000,000 to
$25,000,000, and proposed increase in the capital stock of the Standard
Oil Co. of Louisiana from $5,000,000 to
$10,000,000, both owned by the
Standard Oil Co. of New Jersey, have given rise to the
opinion in certain
quarters that the New Jersey company Is contemplating a readjustment in
its own capitalization, or the distribution of its
holdings of stocks of some
of its subsidiary
companies.
The present
capitalization of the Standard Oil Co. of New Jersey is
$100,000,000.
The rapid development of some of its subsidiaries in the
last few years, to say nothing of the big expansion in the business
handled
by the Jersey corporation directly, has outgrown the
company's capitali¬
zation, in the opinion of certain people who believe the company
shortly
may make its capitalization more representative of the extent of Its
business.
In connection with the suggestion that the
company may distribute stock
of subsidiary
companies, interest centres in the Imperial Oil Co., Ltd., of
Canada, the big Standard organization In the Dominion.
The Imperial
company has developed into one of the most formidable units In the
Stand¬
ard
group.
As a Canadian corporation, its business is understood to have
increased greatly during the war, through increased
activity in Canada,
and through export sales.
Imperial company is operating, or will have in operation when present
plans are completed, a series of refineries reaching from the Atlantic to the
Pacific, located at Halifax, N. 8.; Sarnia, Ont.; Regina, Sask.; and Van¬
couver, B. G.
The company easily is in control of the oil business of
Canada.
It is capitalized at $50,000,000 (of which $23,789,400 is out¬
standing].
It originally was capitalized at $1,000,000.
[Compare V. 96,
p. 556; V. 102. p. 348; V. 103. p. 848; V. 105. p. 2002.1
Standard Oil Co. of Louisiana has been mentioned as a possible melon
for New Jersey stockholders.
The Louisiana com pan v also has had a
remarkable growth in the last few years, largely through export business,
which the company has been able to handle advantageously oecause of its
location at seaboard, and because it was close to the big new production in
1932
the Gulf Coast fields.
Carter Oil is a. producing company,
and as a result of its activity in getting
lands in the eastern fields, in the mid-continent and in Wyoming
one of the most valuable of the Jersey company's holdings.
has
[On
of
Tulsa, Okla., and Independence, Kan., increased its capitalization from
$50,000 to $4,360,810.
The company has, for several months, been leasing
new
become
19
Oct.
a
"Topeka Capital" said: "Yesterday the Carter Oil Co.,
the
large area in Cowley, Greenwood and Butler counties.
Its Former Subsidiaries Since 1911.
$63,692,88411916—x$98,627,875
62.401,20411917
99,959,825
Cash Dividends Paid by the Company and
-
x
$51,786.63411914—
yl07,795,36111915
Includes $8,363,786 distributed
by National Transit Co. out of assets
50% to $6,362,500 and $250,000 pay¬
In reduction of its capital stock by
by Colonial Oil Co. as 100% stock dividend in liquidation of its
y Includes $39,335,352 disbursed by Standard Oil Co. of New
from repayment of loans to former subsidiaries.
ment
affairs.
Jersey
of the Federal Trade Commission, cited under
Reports," gives this company's capital and surplus
on Jan. 1 1915 as $249,979,868 [the outstanding capital stock
is and long has been $98,338,300; total auth. issue, $100,000,000]; while the net assets on Jan. 1 1916 after adding
the surplus for the year 1915 ($31,923,909) aggregated
$281,903,777.
Stock Holdings.—The following table, compiled by the
General Service Corporation, shows the holdings of the
Standard Oil Co. of New Jersey, as indicated by deducting
from the amount of the company's holdings officially re¬
ported on Dec. 31 1906 (V. 85, p. 791), the amounts of the
stock in 33 of the subsidiary companies, which the company
was required to distribute to its stockholders under the order
entered in the U. S. Supreme Court May 15 1911 (V. 93, p.
1390), the results being thereafter unofficially revised from
time to time in some particulars:
The report
"Annual
Stock Holdings
of the Standard Oil Co. of N. J., Compiled as Aforesaid.
Capital
*%
Stock.
Companies—
Own.
61.3
99.3
Amer. Petroleum Co._.$3,140,000
Bedford Petroleum Co.
350,000
Carter Oil Co......
Companies—
Penn. Lubricating Co..
100,000
61.0
7,140,000 100.0
xDeutsch Am.Petr.Co
_
Gilbert & Barker Mfg .Co
(?)
Hope Natural Gasf Co..
Imperial Oil Co., Ltd.
(V. 96, p. 556; V. 102,
60.0
S. O. Co. of Louisiana.
(?)
Seeabove
1,000,000
10,000
60.0
30.0
25,000
98.8
TaylorstownNat.GasCo
500,000 100.0
Underhay Oil Co
United Oil Co
3,000,000
3,000,000
80,0 West India Oil Co
y23,789,400
348)
*%
Oum.
Soc. Ital. Am. Petrol'm.
40,000 100.0
Hazlewood OH Co
Capital
Stock.
$50,000
Peoples Natural Gas Co. 1,000,000 100.0
River Gas Co
190,000
52.6
Romana Americana
5,000,000 100
S. O. Co. of Brazil
500,000 100.0
Seeabove 100.0
Clarksburg L. <fe H. Co.
p.
100.0
(?)
99.3
200,000 100.0
Interstate CooperageCo.
Marion Oil Co
West India Oil Ref. Co.
300,000
West Virginia Oil Co.—
200,000
Month of
Co. of New Jersey.
Total anthorized Issue $50,000,000.
100,
subsidiary of Imperial Oil Co., Ltd;—V. 105, p. 2005.
Reported to have been sold,
1441), is
p.
a
Oil
Standard
See
104,
"Gasoline
p.
Co.
of
Net profits available for
under
"Annual
Copper Co.—Status.—The following is
approximately correct:
un¬
Tennessee Copper Co. is expected to report earnings this year of about
$1,200,000, or $6 a share, on its stock.
This would be equivalent to earn¬
ings of $3 a share for the 400,000 shares of the Tennessee Copper & Chemical
Co., which owns all but a small proportion of the copper company's stock,
and Would constitute a record for the old company, wnich attained its pre¬
vious high in 1912, when net income was $1,095,875.
The plants have been brought into first class shape by the new manage¬
ment and are now producing at'full.
Acid output is averaging about 850
tons daily, or more than at any previous period.
This acid is all shipped to
the International Agricultural Corporation.
Tennessee's acid-producing
costs are estimated at around $2 a ton, so that, although it cannot take ad¬
vantage of the high market for sulphuric that now prevails, it reaps a sub¬
stantial
profit from the $4 81 a ton it receives from Internat. Agricultural.
All litigation arising out of Tennessee Copper's acid contracts has been
settled except the suit brought by the Imperial Russian Government,
which is still under negotiation.
Tennessee, however, set aside
reserves
last year in
preparation for the most adverse settlement, and so stockhold¬
nothing further to apprehend from the suit, while a favorable out¬
come would free part of these reserves and return them to earnings.
Notwithstanding the improvement in earnings, the directors of the
Tennessee Copper & Chemical Co. are not likely to put the stock on a divi¬
ers
have
dend basis in the
near
future.
that there is little chance for
they hold that
and
the
resources
a
In fact, some influential interests believe
dividend as long as the war continues, as
should be conserved carefully until peace comes
("Wall
readjustments are made.
necessary
Street Journal.")—
V. 105, p. 395.
Tide
Water
Oil
Co.—Extra
Dividend.—The
company
ha? declared in addition td the regular quarterly* dividend of
2% on its outstanding $31,900,000 capital stock, an extra
dividend of 3%, both payable Dec. 29 to holders of .record
Dec. 21.
This extra dividend compares with other extra
dividends as follows:
•
' H
DIVIDEND
Dvds.—
RECORD
'99 to Apr. 1 *16 July '16
SINCE
Company's property is free from mortgage and no mortgage can
securing these notes.
...
105, p. 2100.
6% gold notes (this issue)
Capital stock
Premiums realized
a
quarterly 3%, both payable Jan. 1 to holders of record
105, p. 1110, 1216.
Mass.—Divs. Omitted.—
In
order to prepare for the payment of excess profits taxes, directors
the Union Twist Drill Co. have decided to pay no dividend for Nov. and
Dec.
The company paid a 25% dividend in common stock on Jan. 2 last,
or
and has paid $6 a share each month up to and including October, with $14
extra in June, making total payments for the year of $74 in cash and
25%
in stock.
•
The
common
stock is
now
United Alloy Steel Corp.,
$1,500,000.—V. 105,
2190.
Canton, Ohio.—Plant.—
The "Iron Age" of Dec. 6 describes with
company's heat-treating plant at Canton,
p.
a
number of illustrations tbi
O.—V.
$1,000,000
%
2.358,400
1,332,140
Company.—Does entire electric lighting and industrial power busi¬
ness in Springfield (Mass.) and Longmeadow and practically all in West
Springfield.
Population served, about 116,000.
Enlargements, expected
to be finished about Jan. 1, will increase capacity to 40,000 k. w.
The
company owns all of the $350,000 com. stock of the Indian Orchard Co.,
which owns 5,000 electrical h. p. water-power development, and purchases
surplus power of that company.
Current for lighting is sold at a maximum rate of 9 cents per k. w. h.
No similar company in the State charges less.
Power business has in¬
creased very rapidly during the past five years and demand is steadily
The
iUCT6EfSi]Q|?«
Capital stock of $2,358,400 represents $3,690,540 actual cash paid in.
$200 per share shows market value equity above obli¬
Present quotation of
gations of approximately $4,700,000.
Comparative Statement of Earnings Since 1911.
1911.
1913.
1915.
1916.
1917.
$589,639 $777,417 $890,065 $1,008,518 $1,242,532
255,686
346,942
370,218
467,007
500,180
Dividends.—These have been regularly paid for nearly thirty years and
since 1888 never less than at the rate of 6% per annum.
The present divi¬
dend rate is 12%.
For the 17 years 1901-1917, inclusive, including the
value of rights, shareholders have averaged to receive 16% annually.—
V. 105, p. 78.
Year—
Gross earnings
Net earnings
States
United
Steel
Corporation.—Unfilled Orders.—
See "Trade & Traffic Movements" on a preceding page.
Stock by Subsidiary Companies.—
Increase of
The Indiana Steel Co. recently increased its authorized
capital stock from
$20,000,000 to $50,000,000, and the Universal Portland Cement Co. from
$1,000,000 to $3,500,000.
All of the new stock will be issued forthwith,
the entire issue, it is understood, being owned by the U. S. Steel Corp.
Steel Export
Traffic Placed in Charge of Committee.—
2230 in last week's issue.—V. 105, p. 2280, 2190, 2006.
Victor Talking Machine Co., Camden, N. J.—Extra Div.
has recently declared the regular quarterly dividends of
on $5,000,000 common stock and 1%% on the $900 preferred stock,
both payable Jan. 15 1918 to holders of record Dec. 31.
In addition to the
regular dividends the company has also declared an extra dividend of 15% l
on the common stock, payable Dec. 15 to holders of record Dec. 12.
This
extra dividend compares with other extra dividends as follows:
The company
5%
Common Dividend Record.
1912,
1901-11.
6% ann.
None.
Regular %
Extra %.
Preferred dividends have been
annual rate of 7
1913.
1914.
-
1915/1916.
1917. 1918.
10
10
10
20
20
20
5
10
10
25
30
80
15
paid regularly since incorporation at the
%.
Litigation.—
This company
*
has asked for the dismissal of the suit brought against it
by R. H. Macy & Co.
The defendant states that the complaint failed to
set forth any reason for action under the Clayton law, that the Federal
District Court did not have the authority to try the case, and that the
Sherman and Clayton laws were unconstitutional.—V. 105, p. 1216, 826.
Wabash Valley
Electric Co., Clinton, Ind.—New Stock.
It is stated that the company
a
total of
$400,000—V. 104,
Western
Union
p.
has issued $150,000 preferred stock, making
670.
Telegraph
The company on Dec.
dividend of 1^%, an
Co.—Extra
Dividend.—
11 declared in addition to the regular
extra dividend of 1%, each payable
Jan. 15 1918 to holders of record Dec. 20 1917.
Dividend Record 1893 to Jan. 15 1918.
1909-13. 1914. 1915.
3H
4H
1893-07.
1908. *
Reg.__% 5yearly
3H
Extra. %
2 H % stk
—V. 105, p. 2190, 1904.
3yearly
Western United Gas & Elec.
1916.
1917. Jan. *18.
5 *
5%
HI
1H Quar.
1
Co., Aurora, 111.—Earns.
Jan. 31'17.
—8 Mos. end. Sept.30—
1917.
1916.
$1,605,238
$1,111,926
937,363
605,975
549,357
$667,875
313,292
Gross earnings.—
$505,951
217,618
$441,019
213,131
$354,583
$288,333
$227,888
Operating expenses and taxes
Balance,, surplus..
Torrington (Conn.) Company.—Extra Dividend.—
Union Twist Drill Co., Athol,
be placed
$990,376
preceding
1994.
An extra dividend of 1 % has been declared on the common stock in addi¬
tion to the regular
Dec. 21.—V.
i
stock issued
on
Bond interest
under "AnnualTReports" on
new
Capitalization.
Net income
"Gasoline Investigation"
construction and
thereon without retiring or equally
Oct. '16
Stock, &c.—
See
new
Year end.
1917: Jan. Apr. July Oct. Dec.
Extra....
None
1%
1%
5% 3%
3%
Regular..
Paid eight per cent, per annum-—1899 to Dec. 1917, incl.
On March 13 1917 a stock div. of 10% was paid.
page.—V.
obligations for
The bankers report:
property.
1899.
...
$148,111
been issued to fund
See page
Tennessee
$305,503
$453,614
dividends—
United Electric Light Co., Springfield, Mass.—Offering
of Three-Year Notes.—Estabrook & Co., New York and
Boston, are offering, at 98]4 and int., yieldingfl6.65%, a new
issue of $1,000,000 Three-year 6% coupon gold notes dated
Dec. 1 1917, due Dec. 1 1920.
Principal and interest pay¬
able at the First National Bank of Boston.
The notes have
2656.
derstood to be
$279,068
130,957
48.5%, due entirely to reduction in operating expenses and to increased
volume.
Economies that were to be created through the consolidation of
the United Drug Co. and the Riker & Hegeman Co. in the early part of
1916 are now being reaped in the reduction of expenses, through higher
efficiency of organized effort.
Compare V. 105, p. 2280, 186.
above.—V.
Reports"
$930,033
$1,105,702
800,199
Allowing for proportionate part of the earnings required for dividends
the first and second preferred stock applicable to the month of October,
the net earnings this month are at the rate of $18 21 per share per year on
the common stock outstanding.
The common is now paying 5%.
The company in October did the largest business for any month in its
history, while sales increased 28%; gross earnings increased 25.25%, but
the net earnings increased 48.5%.
The percentage of gross profit in
October was 32.68, against 33.44 last year, or a reduction of .76%, which
is the result of the company's policy of holding prices to the public at as
low a level as possible,
indeed, as will be seen by comparison of percentage
of gross, the company did not raise prices to the public in the same pro¬
portion that cost of ingredients increased.
That this policy is successful
shows itself in increased sales and in final net profits, which increased
y
Ohio.—Earnihgs, &c.—
Investigation"
$4,236,515 $3,306,482
on
50.6
The International Petrol. Co. .Ltd., capitalized at $20,000,000 (V.
Increase.
1916.
1917.
October—
Sales
Gross profits
$1,384,770
All exp., deprec'n & provisions for taxes931,156
60.0
50.0
100,000
Drug Co.—The following published statement
approved:
United
stands
Oklahoma Pipe Line Co. 5,000,000 100.0
♦
Per cent owned by Standard Oil
x
[Vol. 105.
THE CHRONICLE
3372
105, p. 2280, 2190.
--
of assets over liabilities for the first eight months of
ending Jan. 31 1918 was $415,869.—V. 104, p. 1392.
The gain in excess
the fiscal year
Westmoreland
The stockholders
on
Coal
Dec.
Co.—Merger.—
11 approved the plan for the merger of the
Coal Co. into the Westmoreland
Penn Gas Coal Co. and the Manor Gas
Coal Co.—V. 105, p.
2191.
Wickwire Steel Co.
(Buffalo).—Stock Increase.—
filed at Albany increasing the authorized capital
$3,000,000 to $8,000,000.—V. 105, p. 2006.
A certificate has been
stock from
York
(Pa.) Gas Co.—Gas Rate Advance.—
This company has filed with the Pennsylvania Public
tariff of rates effective for one year, embracing an
Service Commission
advance of 15 cents.
it is said, will be affected by the increase, which
puts the service charge at 25 cents a month per customer.—V. 85, p. 416.
a new
A total of 10,500 customers,
DEC. 15 1917.]
THE
CHRONICLE
really stimulating features.
Most people are await¬
ing further developments.
There was some
foreign buying.
Prices closed 6 to 10
points higher.
There is a trifling net
The (&amm£xcml Times.
^i
COMMERCIAL
advance for the week.
EPITOME.
December. cts7.05 @ 7.08
January
7.11 @7.13
Friday Night, Dec. 14 1917.
Business is still active,
orders.
These are
dustries
and
but it is largely
on
various
products
needed
in
Manufacturers
war.
March
SUGAR
are
of
on
evil times.
an increase of 10
cents per 100
pounds in whole¬
sale prices of beet
sugar.
The new price is $7 35 per 100
pounds at the basic sugar centres of New
York, San Fran¬
Cold weather
has helped retail trade in
cisco and New Orleans.
Another slight increase
may be
authorized when the Cuban
freight rates are
heavy clothing, shoes and rubbers.
Jobbing trade, contrary to tie usual experience, at this time
of the year, is active.
Buyers seeing that textiles continue
to rise in
price are in many cases buying more freely,
especially
as the
certainty of a third short cotton crop in succession
gives
ground for apprehending still higher prices for cotton
and
which will
been
rest
stalled "in
the
all
kinds
of
and
near
indispensible articles
what
he
was
of
food
accustomed
and
clothing twice
pay in
frequent declines in the stock market
stimulate
fuel and
commercial
raw
business.
materials has
a
pre-war
are
The
more
The
not calculated to
high price of labor,
dispiriting effect,
less
or
especially on the smaller manufacturers.
November build¬
ing operations were the smallest for three years
past.
But as
already intimated, there is a large trade doing in the
and
in
on
the Pacific slope it is
supplemented
shipbuilding and mining.
aggregate
by great activity
LARD lower; prime
Western,
25.50@25.60c.; refined to
America, 27.75c.; Brazil,
advanced for a time,
owing to small
receipts of hogs, higher pirices for them and
covering of
shorts.
Commission houses have
occasionally been pretty
good buyers.
On the whole, however cash trade has been
rather quiet.
To-day prices declined, hogs dropping 40
cents on larger
receipts than expected.
For the week prices
are
the
Continent,
28.75c.
27.50c.;
South
Futures
,
lower.
.
•
.
DAILY
CLOSING
PRICES
Sat.
January delivery..cts_24.25
May delivery
24:32
OP
LARD FUTURES
Mon.
Tues.
Wed.
24.65
24.62
24.35
24.65
24.65
24.35
.
IN
CHICAGO.
Thurs.
24.00
24.12
Fri.
23.60
23.75
PORK higher; mess, $52
50@$53; clear, $54@$59. Beef
products higher; mess, $31 @$32; extra India mess,
$52@$54.
Cut meats firm; pickled
hams, 10 to 20 lbs., 25c.; pickled
bellies, 31 @33c.
In Liverpool the general market was
firm,
with a scarcity of supplies.
On the 13th inst. there was re¬
leased
are
an
more
increased amount of bacon and
lard,
liberal.
as
arrivals
To-day prices declined, January ending
$44 70, a decline of $2 30 for the week.
Ribs ended at
$23 77 for January and $23 90 for
May.
Butter, creamery,
50M@51c.
Cheese, State, 2434c.
Eggs, fresh, 60c.
COFFEE higher; No. 7
Rio, 7%c.; No. 4 Santos, 9%@
934c.; fair to good Cucuta, 10 34 @10 34c.
Futures have
fluctuated within narrow limits.
At times there has been
some outside
buying which has caused a certain steadiness.
Offerings have not been large.
But the trade demand has
at
been
comparatively small.
Brazilian prices have on the
whole been steady or firm, but for all that there has
been a
or
dealers
raw
American seed, $1 22@
Cocoa-
December
_18.60@18.751 February..18.60@
I April
January _.18.60@18.65(March
18.85@18.95 |May
coun¬
thrice
or
years.
to
1734@18c.
Soya bean,
1734@17%c.
Spirits of turpentine, 4634@47c.
Strained
rosin, common to good, $6 85@$6 90.
Cottonseed oil
closed higher on the
spot at 18.60c.
Closing prices follow:
@
@19.00
PETROLEUM firm; refined in barrels, $12
15@$13 15;
bulk,
$6 50@$7 50;
cases,
$16 50@$17 50.
Naphtha,
73 to 76 degrees, in
100-gallon drums and over,
finished
to
The
and
OILS.—Linseed steady; city,
the
and
Orleans.
$1 25; Calcutta, $1 40.
Lard, prime, $2 30@$2 35.
nut, Cochin, 21@22c.; Ceylon,
10% of
material
11th inst. at the
Island.
temporary
metropolis alone loaded
goods, including
fuel, lumber and steel, &c.
To make bad worse, there have
been heavy snowstorms
causing further congestion.
On
Thursday night the storm area covered
practically New
England,. New Jersey, New York,
Pennsylvania, Ohio and
Indiana, with a wind hereabouts of 90 miles an
hour, wires
down and all traffic
badly delayed.
Holiday business is
tempered by noticeable economy, in the class of
goods pur¬
chased even though the total business
may make no bad
showing.
Civilian trade generally apart from
holiday
transactions shows that a
very considerable section of the
American population is
keeping its buying within moderate
bounds.
Sugar continues scarce.
The householder finds
with
the
on
approximately 7,000,000 pounds, were being
throughout New York State, outside of
city, Pennsylvania, Maryland, Connecticut and Rhode
moved
or that to the
detriment of
It is said that
something like 200,000 freight
stalled in New York or within a radius of
300 miles
are
crop sugar was made
New
to
50,000 bags,
general trade.
them
new
International Committee has
Venezuela.
The first new Porto
Rico sugar,
amounting to 947 tons, has arrived here. Cali¬
fornia beet sugar is
beginning to arrive. Himely estimates the
Cuban crop at 3,620,857 tons if
conditions are normal. The
distribution of 7,000,000 pounds of
sugar to New York whole
salers began on the 12th inst.
under the direction of the
Refiners'
Distributing Committee. At the same time
much
of this
city. The total number of freight cars of this
try being put at 2,300,000.
In that case nearly
In
through brokers.
They think this
big improvement on present methods.
The first
bought both Cuba
lack of cars is a serious
handicap to business in
many sections of the country.
It calls for at least
cars are
freight.
freight New York, amounting
35,000 bags, including 20,000 bags to New
York, and the
to
wholesale business
going on
throughout the country, despite high prices.
On the other
hand, however, there is an undoubtedly a certain
spirit of
conservatism throughout the United
States.
Credits are
more
closely scrutinized than they were a year
ago.
The
great advance in prices, of course, calls for
larger capital in
doing business. Banks are not encouraging the
locking up
of large sums of
superfluous stocks.
Meanwhile the cost of
living is still very high.
Labor is scarce.
So is transporta¬
tion.
The
embargoes against this section
Raw sugar has
extent at 4.90c. cost and
fixed price of 4.90c. cost and
Southwest business is
especially good, with cotton at
a
bale.
At the West there is a
general scarcity of
merchandise, especially of heavy clothing.
There is a brisk
wholesale trade in the Northwest.
Collections are fair.
They are most prompt at the South.
It is a remarkable
so
a
sales of
$150
is
some
week.
a
cases
will be
and
there
finally adjusted,
probably within
refined prices have fallen 20
points to the basis
of 8.15c. for fine
granulated.
Refined sugar brokers want
a method
adopted similar to that governing the distribution
of beet sugar in the West
goods.
One of the advantages of the
big snow storm
despite its drawback, is the fact that it furnished a
heavy
protecting covering for the winter wheat crop.
At the South
that
occur
bought to
some
cotton
fact
for
authorized
tires, furniture, and even of musical instru¬
producing war supplies, especially as pleasure cars
and other luxuries have fallen
easier
cts.7.34@7.35 August. _cts_7.66@7.67
7.41 @7.43 September
_.7.74@7.75
_7.49@7.50 October
7.81 @7.82
7.57@7.58
extra fine
granulated; centrifugal,
97-degrees test, 6.70c.; molasses, 89-degrees
test, 5.90c.;
granulated, 8.15@8.30c. Food Administrator Hoover has
automobiles,
ments
April
May
7.19@7.21 June
7.28@7.28 July
February
Government
undoubtedly enormous.
Peaceful in¬
being diverted to the manufacture of munitions
are
2373
lack of
Gasoline, firm;
54%c.
motor gasoline, in steel
24c.; to
barrels, to
garages,
consumers, 26c.;
76 degrees, 38c.
gasoline, gas machine, steel, 41c.;
72 to
Prospects for new production are
less hopeful.'
As usual at this season, field operations
being
handicapped.
In Pennsylvania, however, a 1,166 barrel
gusher has been found in Springhill
Township, Green
County,
Some reports, too, whatever may be said to the
contrary, are to the effect that in spite of the winter
season,
there will be active operations in the eastern fields
under the
spur of very attractive prices and a
big demand.'
Yet, it is
insisted in many
quarters, that- there is no great promise
of success, in
developing new production.
Pennsylvania dark $3 75
'7
North Lima
Cabell.
Mercer black
Crichton
$2 08
South Lima
Indiana
2 08
2 23
1 50
Illinois,' above. 30
degrees
$2 12
1 98
Kansas
Princeton
2 12
Corning
2 80
2 72
;
Wooster
Thrall
2
Soto
2 00
Electra...
2 00
1 90
____
Strawn
De
38
and
Okla¬
homa
__
2 00
Somerset, 32 deg_. 2 55 Caddo, La., light. 2 00
Ragland
1 20 Caddo, La., heavy. 1 00
Plymouth
2 00
Moran
Canada.
2 48
2 00
j..
Healdton
120
2 03
Henrietta
2 00
TOBACCO has been in moderate demand
The firmness of prices tends, for the time
and
firm.
being at any ratp,
to restrict transactions.
Holders show no signs,
however,
of giving way.
Havana and Sumatra have also been firm,
but trading has been on a small scale.
The tobacco crop
this year is put by the Government at
1,196,451,000 pounds,
worth $249,000,000,
against 1,150,622,000 pounds, worth
$169,088,000 last year.
In 1915 the crop was 1,062,237,000
pounds, wortlf $96,281,000; in 1914, 1,034,679,000 pounds,
worth $101,411,000; in
1913, 953,734,000 pounds, worth
$122,481,000.
Judging from the figures officially presented
the American crop this year
is^ the largest ever known.
The smallest in recent years was in
1911, when it was 905,109,000 pounds, worth $85,210,OCX).
A Louisville, Ky.,
dispatch said that prices of tobacco reached a new high point
there when the sale of 103
hogsheads of old burley of the
col on v type was made at 40 cents a
pou^ d.
COPPER is quiet at the tixea
price"of 2334 centsT^JIt
is
expected that
an extension of the present
agreement to con¬
tinue the copper price of 2334 cents a
pound for the four
months period ending May 31
next, will be the chief topic
discussed at the
to-day,
conference< to
be
between representatives of
held
the
and
in Washington
producers
Government
copper
members of the War Industries Board.
orders are large, but private trade is
light.
But the con¬
opinion seems to be no price change will be made.
higher, but quiet on the spot at 634 @6%c., with the
embargo preventing local deliveries.
Permits must be ob¬
sensus
of
Lead
tained and this is no easy matter.
90c.
In London a high record
at
Here there has
prevents
latterly been
business.
Total
none
Tin higher on the spot
price has been reached.
for sale.
stocks
660
Scarcity of
tons;
afloat
course
4,840
with
good
a
certainty
will
as
be.
less
anxious than producers.
more
are
extent by the
some,
conditions
worse than
ever.
Also a good many are awaiting action
on the Pomererie Bill designed to give the Government full
control of the steel industry.
Some of the Federal Trade
Commission it is understood favor further reductions in
the prices for basic product.
Under the circumstances,
private consumers are buying cautiously awaiting more
settled prices.
The mills are receiving Government speci¬
fications more rapidly than they had expected.
Unable
to buy pig iron the steel ingot output in the Pittsburgh and
Valley steel works is only about 75% of their capacity.
has made transportation
storm
scarcity of
Meantime
Laredo, &c
NewOrJeans
1,010
13,872
14",882
2,117
305,856
35,119
1,929
53*. 126
223",445
29.285
1,000
34,119
1.929
Mobile
Pensaeola..
64,580
93", 454
264,201
Brunswick
68,423
7,174
43,157
28,218
"9",450
44,842
183,540
51,440
64,307
13,564
142,730
64,157
390,577
1,600
66,604
Baltimore..
59,015
1,367
1,952
Philadel'a..
7,252
4 2" 6 5
62,334
7,252
42,658
76,009
76,009
Savannah.
2,908
21,383
24",291
106,167
5",482
York.
12,344
17",826
Boston
San
68,423
21,000
Fran..
15,951
Washington
Detroit.
Tots!
15",951
956
956
*
Total....
1916. lO? ,333
73,218
77,464 1,103,604
279,417
514,444 1,897,465
55,655 177,618 1,418,212
864,392
53.018 147,417
405,899
965,048 2,789.165
352,326
897,505*2.114,223
32,213
45,251
Total 1915.
14,630
21,181
In addition to above, exports, our
telegrams to-night also
give us the following amounts of cotton on shipboard,
cleared, at the ports named.
We add similar figures
New
not
for
York.
On
Shipboard. Not Cleared forGer¬
Britain. France.
Dec.14 at—
Other
Coast
many.
Great
production is sold for the first
Most of the tin plate
Allies.
458,939
5,492
5,492
Port Arthur
tonnage holds up exports to
ocean
33,255
311,495
Total.
114,189
"2,117
4,514
4,514
Other.
France.
Britain.
Total.
Other.
Britain. France.
Norfolk.
STEEL trade has been affected to
The
Great
Great
from—
New
blizzard.
1917
Wilmington
Of course under the circumstances consumers
chief buyer.
1917 to Dec. 14
Exported to—
From Aug. 1
14 1917.
Exported to—
Exports
Galveston
indirectly
the war demand.
Private consumers have less and
chance as time goes on.
Philadelphoia has been the
largely monopolized directly or
PIG IRON is
by
Week ending Dec.
7%@7%c.,
spot supply in New York.
There is still un¬
to what the Government's established price
Spelter quiet and lower on the spot at
tons.
{ VOL. 105
CHRONICLE
THE
3374
Cont't.
Leaving
wise.
(
Stock.
Total.
'
half of next year.
I
Galveston
.
_
_
New Orleans.
34.314
_
9",718
235
_
Savannah
.
5,000
800
COTTON
10",278
Mobile
THE MOVEMENT OF THE
CROP,
as
indicated by
this evening the total receipts have reached
158,476 bales, against 194,741 bales last week and 182,262
bales the previous week, making the total receipts since
Aug. 1 1917 3,179,576 bales, against 4,326,808 bales for the
same period of 1916, showing a decrease since Aug. 1 1917
of 1,147,232 bales.
Mon.
Sat.
ll",6l5
477
1,058
Mobile
"298
4",459
5,594 ,50.895
92
2,909
******
7",546
New Orleans
36.775
8,296
----
----
4*
6,751
8,296
"298
Texas City
Port Arthur—
2,902
7,032
8,797
Aransas Pass, &c.
Pensaeola
10,561
11,720
139
559
584
-
********
********
A
-
-
~
-
'*!***.**
•*»
'
Jacksonville 1
M
■
I
**
Brunswick
**
—
—
5", 376
3",746
5". 596
4",765
Savannah
*.**'*>*•
—
-
********
"671
1,560
1,335
857
449
384
358
223
302
4,270
973
1,217
510
Wilmington
2,049
Norfolk
N'port News, &c
-+,******
«,
-
«.
**
*.
100
1,008
1,414
—
««»«««•
**
W
7,006
>
1,883
10,488
188
3,259
6,657
1,693
793
915
********
188
537
********
*********
********
—
1,800
24,329
2,000
•
167
1,469
********
2,005
1,277
535
1,250
_
Baltimore
1,904
'
—
82
New York
Philadelphia.
1,800
2,052
2,000
-
2,794
**
**
-
"679
Charleston
Boston
Total.
Fri.
Thurs.
Wed.
Tues.
6,097
5,196
L
1,693
___
30,199
22,493
Totals this week.
28,528
30,744
12,878
33,634 158,476
shows the week's total receipts, the total
1 1917 and the stocks to-night, compared with
The following
since Aug.
last year:
This
Since Aug
Week.
Texas City
Port Arthur.^...
"298
&c_.
50,895
Orleans
2,909
Mobile
Pensaeola
1,855
Jacksonville
24,329
2,000
7,006
1,883
10,488
Savannah
Brunswick
______
Charleston
Wilmington
Norfolk
;
188
N'port News, &c.
New
3,259
York
Boston
6.657
Baltimore
1,693
This
1917.
1916.
71,914 1,633,922
197,791
12,938
19,591
29,554
2,148
949,522
41,745
67,770
,3,214
25,565
8,895
278,691
17,684
421,495
29,159
318,672
18,862
466,406
14,954
654,929
21,615
90,400
14.5,774
60,924
171,244
1,811
99,085
59,638
55,519
4,000
4,715
1,569
21,326
39,367
667,392
73,000
127,720
75.593
331,896
8,786
17,790
40,649
19,500
13", 200
256,095
29.200
58,590
47.201
78,262
Week.
882
'""255
3,472
1,442
1,400
3,389
Philadelphia
Since Aug
1 1916.
986,776
25,231
5,492
4,230
725,110
61,819
1,155
27,050
| 1 1917.
36.775
8,296
Galveston
Pass.
*
~7~702
223,451
9,600
74,709
48,467
114,092
145,252
143",338
13,207
8,591
32,329
6,767
6,076
1,025
158,476
3,179,576^200,130 4,326,808 1,313,912 1,569,065
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
1917.
Receipts at—
.
36,775
Galveston
TexasCity,&c.
8,594
New Orleans.
50,895
2,909
24,329
Mobile
___
Savannah
Brunswick
2,000
Charleston,&c
Wilmington.
_
Norfolk
N'port N.,&c.
All others
Tot. this week
Since Aug.
.
7,006
1,883
10,488
188
13,409
158,476
1916.
71,914
"15,086
41,74.5
3,214
21,615
4,000
4,715
1915.
81,209
19,424
56,000
7,005
26,301
5,000
8,821
14",946
2,238
24,377
7,148
5,646
200,130
243,169
1,659
21,326
1914.
1913.
1912.
144,529
26,749
59,519
6,610
31,700
171,308
20,591
65,088
7,779
88,097
50,379
21,029
90,788
24,860
8,000
3,800
7,815
13,573
24,695
7,397
5,083
9,500
13,041
10,822
25,802
6,045
8,135
428,369
312,795
335.203
22,674
7.657
52,394
16,601
7,853
16,454
1_ 3,179,576 4,326,808 3,645,796 3,820,186 6,508,118 6,764.632
The exports for
of
the week ending this evening reach a total
of which 45,251 were to Great Britain,
to France and 32,213 to
other destinations.
Ex¬
77,464 bales,
».—_
98,588
51,810
Total 1916
Total 1915.
.
20,718,
33,530
15,000
—
100
7,476
10,278 134,139 1,179,773
19,546 210,216 1,358,849
29.170 117.151 1,524.387
38,316
58,552
28,595
Speculation in cotton for future delivery has been moderate
prices.
The Government crop report
largely responsible for the rise.
It was smaller than a
good many of the previous estimates.
When the total was
announced at 2 p. m. on the 11th inst. as 10,949,000 bales
it was a signal for a sharp advance.
In fact, the total rise
on that day was some
100 to 110 points.
The crop is the
smallest since 1909 and if the American consumption is to be
in the main at rising
was
8,000,000
bales, or
a
bales and the foreign consumption 5,000,000
total of 13,000,000 bales, a good many doubt
whether the advance has even yet
various
ton
as
quarters is that Europe
it can get transportation
The idea in
culminated.
will take
for.
as
much cot¬
As for this coun¬
try, mills are receiving big orders from the Government and
of them are sold ahead for many months To come.
some
Meanwhile trade interests
are
steady buyers.
Spinners are
"calling" cotton. Contracts here are largely held, it is stated,
by trade interests.
Speculation has been relegated largely to
the background.
The price has been raised by the tew of
supply and demand plus determined holding back by the
South, partly on speculation. • But the crop is the smallest
three short crops in succession.
Meanwhile Liverpool
prices have been rising with little interruption and spot
markets at the South have also advanced, although not so
of
futures.
Wall Street and Western buying, partly
has at times been a noteworthy factor.
The
oversold. The Government report on
the 11th inst. caught the shorts napping.
Previous to that,
however, there had been more or less evening up of transac¬
tions.
Many had feared that the Government might put
the crop at anywhere from 11,000,000 to 11,200,000 bales,
but when it was seen that it was only 10,949,000 bales, the
effect was electrical.
Heavy covering of shorts, buying
as
cover,
by
trade
in
interests,
and
ports for the week and since Aug. 1 1917 are as follows:
Wall
upward
the
Street
and
the
movement
West
was
>
set
swift.
Spot markets became stronger.
At times during the week
contracts have been scarce both here and in Liverpool.
beginning to talk much higher prices.
There
propaganda on foot to induce the farmer to
hold for 35 to 40 cents, on the ground that there is to be a
The South is
to be a
seems
great scarcity of cotton
the close of the
Totals. 1
we
■
<
market had become
Dec. 14.
New
2,000
*
to
Receipts to
Aran.
4", 000
5,000
64,827
Total 1917
rapidly
Stock.
1916.
1917.
6",000
our
week ending
Galveston
7",000
8,000
York
Other ports
For the
given below.
telegrams from the South to-night, is
New
10,458
175
17,000
175
Norfolk
Friday Night, Dec * 14 1917.
800
180
Charleston
218,369
301,988
242,295
57,790
8,404
78,087
128,252
.144,588
60,222
16,684
13,800
5.500
1,123
2,500
20,408
5,608
6,300
dicted,
season.
in this country, especially towards
In fact, all sorts of prices are pre¬
If the Government fixes a price on cotton,
it is
con¬
high, i. e., 30 cents and above.
The Government's aim, it is argued, will be to encourage the
Southern farmer to plant a big cotton crop, on the ground that
cotton is one of the necessities of the war.
Liverpool has
shown at times no little strength, and Manchester has been
tended that it will be relatively
in the price here led to
On the eve of
the ginning and crop reports of the 8th and 11th inst., respec¬
tively, there was considerable liquidation of long cotton and
the short interest was further increased.
The strength of
the technical position became apparent on the 11th inst.
when the Government crop estimate was announced.
But,
beyond all this, it is contended that the rise in cotton this
season has not been predicated on speculation: it has been
brought about by the natural operation of the law of supply
and demand in connection with the actual trade in raw and
manufacturing cotton.
On the other hand, prices at times
stronger.
Recently, too, the break
the formation of quite a liberal short
have
as a natural reaction after a sharp
sympathy with a weaker stock market.
have been rife at times of German successes.
The
weakened
both
advance and from
Rumors
interest.
DEC. 15
1917.]
THE
CHRONICLE
impression is general that Germany is massing great bodies
of troops on the Western front, having transferred them
from the Russian frontier.
A statement early in the week
by Secretary of War Baker hinted at the possibility of tem¬
porary German successes.
The tenor of the London dis¬
patches indicated a certain amount of uneasiness in the Eng¬
lish capital.
All this tended to make the cotton market
less sensitive.
more or
be
It
contended that if there should
was
Allied armies, it might
to the
good deal
of liquidation in stocks and commodities, from which cotton
a reverse
would
not
cause a
Holdings on speculation in the South
are still bel ieved to be large.
And the New York stock, what¬
ever may be said about the scarcity of warehouse room here
and the difficulties of rail transportation, has been steadily
increasing.
Coastwise facilities, it is understood, have
improved.
In any case the New York stock within a month
has gained some 57,000 bales.
Nor is the possibility of
Government regulation of the price dismissed as entirely
improbable.
It has excited more discussion in the past
week than ever before.
The impression is growing that the
war is to be more prolonged than was at one time expected
and it is recognized that the tendency is towards Federal
regulation of many different departments of business ac¬
tivity.
Even the railroads are mentioned as something
which may possibly come under Government operation.
Besides it is urged that there is at least the possibility that
the Government has underestimated the crop.
It would
not be the first time.
Sometimes in the past it has largely
underestimated it..
To-day prices declined under scattered
liquidation.
The census figures on home consumption
were bullish, but fell flat.
So did the figures on stocks at
consuming establishments, stores and compresses.
Liver¬
pool bought and also trade interests, but Wall St., the
West and the South sold.
Middling upland closed at
30.70c., an advance of 75 points for the week.
\
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
escape.
.
Dec. 8 to Dec. 14—
Sat.
Tues.
29.95
Middling uplands____
Mori.
30.35
31.00
Fri.
30.70
Wed.Thurs.
30.35
30.70
YORK
NEW
QUOTATIONS FOR 32 YEARS.
for middling upland at New York on
Dec.14 for each of the. past 32 years have been as follows:
The
quotations
1917-C. ..-30.70
1916-.18.30
1915-..
1914...
1913-..
1909.c__ —15.10 1901.C.
1907;-,.
1906
7.35
.13.25
—
...
10.00
1911...
5.81
1903
15.15
—
—
1890
8.55'1894—
—
9,75
8.00
_.
8.56
12.4511895—
1902—.
8.00
..
__
9.38
1889— ..10.31
9.88
1888.
..10.56
1887
5.75
1886
5.88
—
—
9.45
....
1891
10.45(1898—
1905-... ___12.00 1897.__
1904....
8.15 1896—
1910--_
1892
7.69
12.10 1899-..
1912--. -__.13.20
—
1893. c—
8.50
9.10 1900.
1908...
.12.25
__
_—
7.12
__
—
.
__
THE VISIBLE SUPPLY OF COTTON
to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
as the afloat, are this week's returns, and
consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
up
well
Dec. 14—
at.'
,
,
Stock at Manchester
Market
Closed.
Total.
Contract
Spot.
35.000
_
Total Great Britain
...
1916.
401,000
21,000
457,000
....
Stock at Hamburg..
Stock at Bremen
Stock at Havre
_u__
158,000
4,000
57,000
29,000
...
Stock at Marseilles
Stock at Barcelona
.
Stock at Genoa
_____
Stock at Trieste
....
...
Total Continental stocks
248,000
______
1915.
1914.
707,000
29,000
59,000
842,000
60,000
82,000
708,000
25,000
54,000
'
795,000
*1,000
*1,000
239,000
6,000
68,000
228,000
*1,000
984,000
*1,000
787,000
241,000
*1,000
*10,000
*102,000
177,000
2,000
18,000
41,000
*5,000
596,000
355,000
'*1,000
289,000
2,000
61,000
544,000
Total European stocks
India cotton afloat for Europe
705,000 1,339,000 1,580,000 1,142,000
33,000
28,000
57,000
104,000
Amer, cotton afloat for Europe._
831.274
404,647
245,000
625,706
Egypt, Brazil,&c.,a,float for Eu'pe
48,000
90,000
76,000
74,000
Stock in Alexandria
304,000
227,000
235,000
*200,000
Stock in Bombay, India.
*450,000
407,000
479,000
413,000
Stock in U. S.ports.
_1,31£,912 1,569,065 1,641,538 1,393,768
StockinU. S. interior towns
1,248,095 1,379,059 1,513.251 1,305,404
U. S. exports to-day.___.__
8,083
14,855
•
5,774
25,962
Total visible supply__________4,375.781 5,703,792 5,991 ,291
Of the above, totals of American and of her descriptions are
Liverpool stock..bales
5,445,529
as
follows:
445,000
268,000
561,000
600 ,000
Manchester stock
29,000
27,000
44,000
67 ,000
Continental stock.
*265,000
*208,000
*455,000
*488 ,000
American afloat for Europe.____
831,274
245,000
625,706
404 ,647
U. S. port stocks...
1,313,912 1,569,065 1,641 ,538 1,393,768
U. S. interior stocks..
1,248,095 1,379,059 1,513 ,251 1,305,404
U.S. exports to-day.
8,083
5.774
25,962
14 ,855
American..
Total
_
..3,315,781 4,659,792 4,729,291 4,277,529
...
East Indian, Brazil, &c.—
Liverpool stock
London
stock
133,000
21,000
8,000
*40,000
28,000
76,000
304,000
*450,000
...
Manchester stock
Continental stock
India afloat for
Europe
Egypt, Brazil, &c., afloat.....
Stock in Alexandria, Egypt...
Stock in Bombay, India.
Total East Tndia, &c_
Total American
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
263,000
25,000
25,000
*90,000
104,000
48,000
*200,000
413,000
,060,000 1,044,000 1,262,000 1,168,000
...3,315,781 4,659,792 4,729,291 4,277,529
Total visible supply
4,375,781 5,703,792 5,991,291 5,445,529
4.44d.
ll.OOd.
7.47d.
22ild.
Middling Upland, Liverpool
11.95c.
7.40c.
18.60c.
30.70c.
Middling Upland, New York
10.25d.
7 -00d.
21.8.5d.
33.40d.
Egypt, Good Brown, Liverpool__
8.75d.
11.40d.
18.00d.
31.00d.
Peruvian, Rough Good, Liverpool
4.15d.
7.10d.
10.60d.
2l.35d.
Broach, Fine, Liverpool.
4.00d.
7.22d.
10.72d.
21.53d.
Tinnevell„ G ood, Liverpool
_____
Estimated.
:
Continental
SALES.
Futures
Closed.
bales.
_
9.56
__
SALES AT NEW YORK.
Spot Market
1917.
Stock at Liverpool
Stock at London
*
•.
AND
MA'RKET
2375
imports for past week have been 68,000 bales.
The above figures for 1917 show an increase over last week
of 73,336 bales, a loss of 1,328,011 bales from 1916, a decrease
of 1,615,510 balesfrom 1915 and a decline of 1,069,748 bales
from 1914.
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday—
___
...
__
.
Total
unchanged
Quiet, 40 pts. adv
Steady, 65 pts. adv.
Quiet, 65 pts. dec..
Quiet, 35 pts. adv..
Quiet, unchanged
Quiet,
__
Firm
...
1,100
1,100
400
400
600
Barely steadySteady
600
3,000
Firm
Easy
r_
____
FUTURES.—The
900
3,000
__
900
Firm
"AT"THE INTEiilOrrTOWXS the movement—that is,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
the
detail below.
highest, lowest and closing prices at
week have been as follows:
Movement to Dec.
New York for the past
Towns.
14
Movement to Dec.
1917.
Monday,
Dec. 8.
Dec. 10.
Dec. 11.
Friday,
Tuesday, Wed'day, Thursd'y,
Dec. 12.
Week.
28,80-.34 29.51-.61 29.55-/65 29.90-.25 29.9S-.35 29.80-.33
Range..
Closing.... 29.33-.35 29.64- 69 30.30-.40 29.81-.86 30.30-.40 29.75-.85
—
January—
.
Range..... 27.98-.53 28.50-.90 28.90-.S5 29.02-.53 29.15-.45 28.93t.40 27.98-185
Closing.... 28.52-.53 28.8S-.89 29.53-.57 29.07-.07 29.37-.40 28.95-.97
Pine
__
28.29
—
28.71
—
29.39
—
28.90
—
29.16
—
28.56
—
4,311
454
936
19,000
2,695
Rock..
6,043
128,442
5,450
50,98,5
4,639
Bluff...
4,000
88,987
11,779
3,000
53,210
3,000
120
2,440
123
20.215
3,970
10,068
17,000
340,493
40,357
11,000 46,610
10,525 152,438
1,265
12,000
85,467
164,864
88,371
208,607
301,647
120
Ga., Albany..
5,496
ColumbUs
Macon
Closing
28.22-.24,28.64-.65 29.32-.3S 28.8S-.91 29.14-.20 28.54-.57
Closing.... 28.05
28.45
—
—
—
29.15
'
~
—
—
*
28.75
-4
—
■— 28.96
—
•
28.37
——'
—-
—
—
—
....
June—
—■
Range
Closing.
—
—'
27.78
—
—
.—
28.14
—
—
—
29.00
—
28.82
—
—
,—
28.48
—
—
—
29.00
—
28.72.— 28.14
—
27.35-.69 27.82-.11 28.15-. 10 28.37-r.81 28.40-.75 28 09-.02 27.35-110
Range
Closing.... 27.71-.73 28.07-. 11 28.75-.80 28.43-.44 28.67-.72 28.09-.13
—
__
28.60
—
2S.12-.25
—
^—
28.45
—
28.10-.12 28.37
1,180
10,411
3,509
4,126
353
34,138
2,647
252
26,511
7,103
170
89,494
1,147
52,701
1,855
87.155
2,891
__
2,763
33,213
3,179
92,708
650
12,303
656
15,332
671;
„
.
10,128
39,509
1,619
11,941
534
14.156
1,389
5,245
747
32,509
12,675
586'
13,315
6,109
13,768
10,820
4,273
86
17,146
30,000
596,617
28,200
1,756
46,146
1,567]
20,696
1,159
...
692
City..
1,000
29,403
800
30,285
489,895
29,003
186
■
19,885
4,505
1,060
78
Raleigh
3,295' 24,713
127,529
4,867
50,211
829
....
O., Cincinnati.
Okla.,Ardmore
28.12-.60
—
100
159
2,162
54,005
5,312
19,238
500
23,750
700
11,800
8,670
2,1661
1,420
168
8,298
2,418] 32,870
72 7i
9,559
31,605
9,254
225
370
98,025
8,937] 23,945
49,466
44,192
1,841!
11,461
Closing.... 27.41
—
27.77
—
27.79
—
.....
Closing.
...
—
26.95-.97 27,34-.36 26.88-.90
1,950
13,128
10,000
1,500
8,500
630
23,696
427
9,759
936
23,315
-18,855
800
6,501
493
27,767
1,335
1,462!
3,930
400
3,524
53,311
3,014
16,254
4,911
86.454
3,241! 41,342
600
10,298
500
4,627
2,129
14,458
40,069
560;419
30,169 245,761
39,881
770,763
1,217
969
Chlckasha
...
I29c.
S.C.,Greenville
Greenwood
j 27c.
Nashville
NEW ORLEANS CONTRACT MARKET.—The
closing
quotations for leading contracts in the New Orleans cotton
have been as follows:
market for the past week
_
_■
Brenham
Dec.
8.
Monday,
Tuesday, Wed'day, Thursd'y,
Dec. 10.
Dec. 11.
Dec. 12.
Dec. 13.
Friday.
365
22,501
18,147
"993
2.000
l",500
59.455
2.121
3,000
5-50
1,430
304
23,179
213
2,322
"950
1,819
36,985
1,060
9,489
270
40.208
1,568
4,952
Dallas.....
4,424
84,811
119
21,345
3,019
11,458
41,378
1,92«
7,108
2,852
359!
78,007
1,794
38,520
231
3,151
Ciarksville
—
San Antonio.
53,821 1,858,40*
51,730 L ,267,838
55,349
2,974
48,147 225,625
13,008
1.350
23,268
1,718
500
991
'
2,608'
January
March
May
July
October
36,855
57,083 279,786
1,932
5,265
716!
2,000
— 28.45-.53 29.22-.29 28.65-.73 28.92-.96 28.45-.50
27.49-.52 27.94-.99 28.60-.62 28.22-.24 28.39-.40 27.95-.04
27.23-.25 27.68-.70 2S.38-.41 27-94-,98 28,16-.17 27.65-.70
27.10-.12 27.58-.59 28.28-.30 27.86-.89 28.06-.08 27.51-,52
—-1 26.97 — 27.40-.43 28.13-.16 27.72-.73 27.94-.95 27.36-.41
25.82-.84 26.10-.20 26.65-.70 26.21-.23 26.54-.60 26.05-.15
5,567.244'177,796\379059
28.00
*
Last year's
figures are for Greenville.
The above totals
show that the interior stocks have in¬
—
Tone—
Spot
Options
103,139
Dec. 14.
Total, 41 towns218,856 4,366,760187,4201248095 216.106
December
7,489
18,536 299,075
Honey Grove.
Paris....—
Saturday,
3,346
324'
250
Tex., Abilene
Houston
•
'
—
Tenn.,Memphis
/30c.
2,000
_w.
26.22-.43 26.64-.85 26.83-.60 26.95-.48 27.15-.35 26.88-.25 26.22-^60
26.43-.48 26.85-.90 27.40
33,312
Hugo
Oklahoma
Range
October—
Range
.1,998
48,248
—■
August—
17,576
116,725
3,265
Yazoo
1,050
46.216
3,004
Mo.,St. Louis..
N.C.,Gr'snboro
—
July—
7,203146,286
5.753
7,863
Vicksburg
2,769
40,599
7,3641 83,779
15,000
23,769
13,235
47,553
4,004
459
Natchez
59]
1,300
1,414
6,832
Meridian
:
4,652
33,405
142,483
Greenwood
Range.—.. 27.67-04 28.11-.42 28.50-150 2S.62-.15 28.67-.03 28.34-.88 27.67-150
28.00-.02 28.40-.42 29.10-.15 28.71-.73 28.93-.96 28.34-.35
Closing
7,056
6,882
21,667
54,439
41,000
6,232
4,000
24,860
—
May—
181!
1,028;
41,416
171,424
103,947
107,951
La., Slireveport
-W-
15.
9,201
1,730, 31,844
1,535
......
Miss.,Columbus
Clarksdale*
April—
_
Dec.
5,124
1,732
..
Rome
,
Stocks
___.!
34,657
19,907
1,273
332
Augusta
,
18,400
1,627
27.88-.25 2S.30-.65 28.71-.60 28.80-.43 28.82-.23 28.54-.10 27.88-160
Range
i
Week:}
9,615
52|
27,811
Range
—
2,600
31,916
Atlanta..
March—
185
43,062
Athens
Closing
Season,
515
...
Little
__
15 1916.
Shipments.
Week. I
1,000
Selma
Ark., Helena.
February—
3,534
1,500
Montgomery.
8.80-/65
:
Range
14.
100
Ala., Eufaula
_
December—
Dec.
Week.
Receipts.
Week.
Dec. 14.
Dec. 13.
Season.
Slocks.
ments.
Saturday,
Ship¬
Receipts.
Quiet
Steady
Steady
Vy. st'dy
Firm
Firm
Steady
Steady
Steady
Steady
Steady
Steady
during the week 31,436 bales and are to-night 130,964
bales less than at the same time last year.
The receipts at
all towns have been 2,750 bales more than the same week
creased
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. 1 in the last two years are as follows:
Week.
Island
Via Louisville
Via Cincinnati
934
-
7,284
-29,843
Via Virginia points—a
Via other routes, &C—
Total gross
Chi
i
-mvi
223,441
3,960
38,798
22,405
144,174
264,766
250
3,518
—
—
Since
Aug. 1.
488,428
-.-29,003
—13,338
Via St. Louis.
Via Mounds. &c._
Deduct
-1916-
-1917Since
Dec. 14.
hipped—
Via Rock
Week.
©28,200
9,704
165
2,527
4,402
5,691
32,287
Aug. 1.
©572,951
163,120
3,721
63,683
49,988
55,29a
380,634
-.34,384
-
79,339
5,169
3,761
5,491
217,631
43,688
322,109
—
Inland, &c., from South
56,740
163,353
Total to be deducted— .—47,607
583,428
14,421
299,432
Leaving total net overland*..—36,569
602,544
68,555
990,058
Including movement by rail to Canada.
©
land exhibits
a
season
-1916Since
-1917Since
In Sight and Spinners'
.
Southern consump'n to
Aug. 1.
3,179,576
602,544
1,654,000
Week.
158,476
Takings.
Receipts at ports to Dec. 14
36,569
Net overland to Dec. 14—
Dec. 14*. 81,000
Total marketed
...—«
Interior stocks in excess.....
Week.
Aug. 1.
200,130
4,326.808
68,555
81.0Q0
990,058
1,547,000
276,045
31,436
5,430*120
893,153
.....
349,685
28,310
6,329,273
......
North. spinnV takings to Dec. 14 68,484
1.095,796
98,734
...
——Counting Round as Half Bales
1916.
1915.
6,863,866
1,025,325
Arkansas——.
California
Georgia....
consumption; takings
are not
Since Aug. 1—
—422,265 1915—Dec. 17——590,459 1914—Dec. 18
463,221 1913—Dec. 19—
cotton at Southern and other
each
day of the week.
1,470,195
Bales.
6,571,050
6,633,931
9,177,788
-
principal cotton markets for
.
.
Closing Quotations for Middling Cotton
Week ending
Dec. 14.
Saturday, Monday.
Galveston
28.25
New Orleans...
28.19
Mobile
28.25
s
Savannah
29H
Charleston...., 29
...
28.50
29 M
Philadelphia... 30.20
Augusta....... 28.75
29.50
Memphis
......
Dallas
Houston
Little Rock
28700
28H
29H
to
us
29.25
28.75
29.00
29.25
29.00
29
29
28 W
28.75
28.75
29.50
28.15
28.35
REPORTS
28.75
29.00
29
29.25
30
30.60
20.38
29.50
28.25
28.60
29.50
29 H
30.60
29.38
WEATHER
29.50
29^
31.25
28.88
29.50
BY
29,25
29.25
South Carolina
29.00
29.25
29.25
88*
29
29H
■
.
29
29.25
29.25
30
30.95
30
29.38
29.50
28.55
29.38
30.95
28.85
29.50
27.95
28.45
29.50
29.50
2,887,473
...
All Other States.....
13,478
—
13,073,386
Included with all other States.
The number of round bales Included this year is 173,339, contrasted with 177,662
bales In 1916 and 93,361 bales In 1915.
The number of Sea Island bales Included is 77,638, compared with 102,496 bales
in 1916 and 77,165 bales In 1915.
The distribution of Sea Island cotton for 1917 by
States is: Florida, 33,579 bales; Georgia, 39,883 bales, and South Carolina 4,170
bales.
AGRICULTURAL DEPARTMENT'S COTTON CROP
ESTIMATE.-—The report on cotton, issued
tural Department on Dec. 11, is as follows:
by the Agricul¬
The Crop Reporting Board of the Bureau of Crop Estimates of the United
States Department of Agriculture estimates, from the reports of the cor¬
respondents and agents of the Bureau, that the total production of cotton
in the United States for the season of 1917-18 will amount to 5,237,379,000
lbs. (not including linters), equivalent to 10,949,000 bales of 500 lbs,
gross weight.
The estimated production, with comparisons, by States, follows:
—Bales of500 lbs., Gross
Tempera¬
freezing point in most
Galveston,
Tex.—-Freezing temperatures have prevailed
exception of the lower Rio Grande
vicinity. Young truck and other tender vegetation suf¬
fered severely.
There has been rain on three days of the
week, the precipitation reaching sixty-four hundredths of an
inch.
The thermometer has averaged 51, ranging from
the State with the
32 to 70.
Abilene, Tex.—Dry all the week. The thermometer has
ranged from 10 to 62, averaging 36.
Brownsville, Tex.—No rain the past week.
Average ther¬
mometer 63, highest 84, lowest 42.
Dallas, Tex.—Dry all the week.
The thermometer has
averaged 39, the highest being 64 and the lowest 14.
Fort Worth, Tex.—There has been no rain the past week.
The thermometer has averaged 37, ranging from 12 to 62.
Palestine, Tex.—It has rained on one day during the week.
The thermometer has ranged from 20 to 76,
averaging 48.
San Antonio, Tex.—We have had no rain the
past week.
Average thermometer 52, highest 80, lowest 24.
Taylor, Tex.—Dry all the week, minimum temperature 20.
New Orleans, La.—There has been rain on three
days of
the past week, to the extent of one inch and one hundredth.
The thermometer has averaged 45.
Shreveport, La.—There has been rain on one day during the
week, the precipitation being forty-four hundredths of an
inch.
The thermometer has ranged from 18 to 50.
Vicksburg, Miss.—Rain has fallen during the week, the
rainfall reaching one inch and fifty-two hundredths.
Aver¬
age thermometer 29, highest 61, lowest 16.
Mobile, Ala.-—Rain has fallen on three days during the
week, the rainfall being ninety-eight hundredths of an
inch.
The thermometer has ranged from 22 to
62, averaging
41.
Selma, Ala.—Rain has fallen on four days and sleet on one
day of the week. The rainfall reached one inch and fifty
hundredths of an inch.
Average thermometer 29. highest
39, lowest 12.
Lbs. Lint.
1917.
State—
Wweight— Price per lb.
1917.
1911-15*
(Census.)
23,762
872,830
1,375,277
2,297,697
64,787
1,465,301
1,152,041
399,007
4,180,240
927,273
358,538
69,871
957,106
7,629,000
17,000
271,719,000
589,589,000
Georgia..,.. 869,778,000
Florida.....
19,240,000
Alabama—.
241,491,000
Mississippi.. 428,526,000
Louisiana.— 294,216,000
Texas....-.1,492,085,000
Arkansas...
428,436,000
Tennessee—
98,612,000
Missouri
24,434,000
Oklahoma—
425,687,000
California—
32,066,000
Others—...
13,871,000
570,0Q0
1,236,000
1,820,000
40,000
505,000
895,000
615,000
3,115,000
895,000
206,000
51,000
880,000
67,000
29,000
62,699
823,526
43,620
13,604
Virginia..—
No. Carolina
So. Carolina
TT.
1
S
otav
Dec. 1.
ange.
1916.
(Census.)
27,127
654,603
931,830
1*820,939
41,449
533,402
811,794
443,182
3,725,700
1,134,032
382,422
general, although not heavy.
sections.
;
Friday
TELEGRAPH.—Advices
ture has been lower and below the
over
482,478
818,136
1,055,482
169,544
—....
Tennessee....
United States
9,703,612
10,352,031
38,392
Carolina...
29.00
by telegraph this evening from the South denote .that
rain has been quite
9,704,617
Missouri..
Virginia—.—.
1,768,270
319,756
801,133
37,514
612,703
445,316
1,021,843
A 238,821
2,781,283
13,126
4,021
5-yr.
29.00
28775'
on—
Tuesday. Wed'day. Thursday.
28.65
28.50
28.75
Wilmington—.. 22%
Norfolk
Baltimore
3,172
——
725,962
Oklahoma
7,889,191
available.
Bales.
1914—Dec, 18
1913—Dec. 19
———
557,950
.........
1914.
1,439,556
840,295
17,688
72,962
2,285,924
382,093
97,031
61,108
674,340
1,018,796
1,230,168
291,183
3,746,578
16,814
'8,850
50,270
1,692,049
418,795
723,426
51,080
667,009
741,358
832,060
318,466
3,405,182
23,221
4,571
1,642,980
.....
Louisiana........
Mississippi........
North
939,959
: 753
655,145
13,699
3,305
999,654
19,868
46,989
25,222
43,424
Florida
377,995
Movement into sight in previous years:
Week—
1915—Dec. 17.
—.
—
604,998
442,681
'
8,754
789,489
———,
Arizona
*
These figures are
COTTON GIN¬
ON
REPORT
completed and issued on Dec. 8 its report on the amount of
cotton ginned up to Dec. 1 the present season,' and we give
it below, comparison being made with the returns for the like
period of the three preceding years:
Texas
Came into sight during week—307,481
Total in sight Dec. 14..
....
*
BUREAU'S
Alabama
to date the aggregate net over¬
decrease from a year ago of 387,514 bales.
and that for the
CENSUS
NING.-—The Division of Manufactures in the Census Bureau
1917.
Revised.
The foregoing shows the week's net overland movement
has been 36,569 bales, against 68,555 bales for the week last
year,
Savannah, Ga.—There has been rain on two days during
week, the precipitation being thirty-two hundredths
of an inch.
The thermometer has ranged from 26 to 72,
averaging 40.
Charleston, S. C.—Rain has fallen on three days during
the week, the rainfall reaching twenty hundredths of an
inch.
Average thermometer 47, highest 67, lowest 27.
Charlotte, N. C.—Rainfall for the week ninety hundredths
of an inch.
Average thermometer 30, highest 47, lowest 13.
Memphis, Tenn.—Snow on three days of the week, the
the
82,976 1,289,490
overland-—-.84,176 x,185,972
Shipments-
Overland to N. V., Boston, &c—11,609
Between interior towns
1,614
♦
[Vol. 105.
THE CHRONICLE
2376
1917.
1916.
Cts.
27.3
27.7
28.4
28.8
50.5
28.0
28.5
26.7
26.7
28.2
27.3
27.5
26.5
28.0
Cts.
19.4
19.4
19.6
19.9
31.0
19.5
20.5
19.1
19.4
19.6
19.5
19.0
19.0
20.0
23,846
8,296
-,dduct!on was il,191,820
bales (500 lbs.
gross
—.
—
27l
.5,237,379,000 10,949,000 11,449,930 14,175,872
19^6
in 1915; 16,134,930
baled in 1914; 14,156,486 bales in 1913; 13,703,421 in 1912; 15,692,701 in
•1911, and 11,608,616 in 1910.
The price per lb. to producers Dec. 1
in 1915 was 11.24; 6.8c. in 1914; 12.2c. in 1913; 11.9c. in 1912; 8.8c. in
1911, and 14.1c. in 1910.
WORLD'S SUPPLY AND TAKINGS OF COTTON/
1917.
Cotton Takings.
Week and Season.
Week.
Visible supply Dec. 7——
visible supply
Aug. 1
—
307/481
Bombay receipts to Dec. 13—
612,000
61,000
632,000
62,000
ship'ts to Dec. 13.
Alexandria receipts to Dec. 12.
Other
supply to Dec. 12 *—-.
Total supply—
■
Week.
4,302,445
American in sight to Dec. 14..
Other India
1916.
Season.
Season.
5,555,357
2,814,776
6,329,273
255,000
37,000
417,000
43,000
377", 995
107,000
10,000
24,000
1,000
3,198,251
7,889,191
583.000
106,000
464,000
48,000
4,656,926
9,896,049 6,075,352 12,288,442
4,375,781
4,315,781 5,703,792
6.703,792
371,56)
284,560
87,000
6,584,650
5,316,650
1,268,000
Deduct-^-
Visible supply
Dec. 14
Total takings to Dec. 14 a—.
Of which American...
Of which other
*
©
281,145
258,145
23,000
—...
5,520,268
4,532,268
988,000
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills,
1,654,000 in 1917 and 1,547,000 bales in 1916—takings
not being available—and the aggregate amounts taken by Northern and
foreign spinners, 3,866,268 bales in 1917 and 5,037,650 bales in 1916, of
which 2,878,268 bales and 3,769,650 bales in American,
b Estimated. M
—
,—I.Irmf
jU FALL
——M,IT,
ith— ■ -
—
.
--rill
■■■I
'm
nfTfT
i
-
»
Wage
RIVER
DISPUTE.—At ji joint meeting
of the executive committees of the Cotton Manufacturers'
Association and the Textile Council
cided to
on
Dec. 10 it 'was de¬
appeal to the Department of Labor at Washington
to designate a board to arbitrate the question of the general
advance in wages to be granted the operatives ultimately;
or, if it becomes necessary, to form a special board for
this case to advise how the board be made up.
The board,
however constituted, is to decide whether the 12
ad¬
vance offered by the manufacturers for a six months' period
and now in force is fair to the operatives.
The manufac¬
turers and operatives in the proposition that they have
adopted jointly have mutually agreed to abide by the
board's decision whether the advance is to be fixed at 10%
as originally proposed by the manufacturers (that amount
Dec. 15 1917.]
has
THE
CHRONICLE
2377
been
accepted in other New England textile centres
12^%, as offered by the manufacturers in
compromise
or
15%, as requested by the operatives.
been
reduced.
America
rather liberal scale.
1917.
1916.
277,376
2,253,228
2,735,001
Since
Week. Aug. 1.
Since
Week. Aug. 1.
1915.
Receipts (cantars)—
This
week
Since Aug. 1
Since
Exports (bales)—
To
Week. Aug. 1.
Liverpool
To Manchester
57,870
20,738
31,824
^
To Continent and India.
To America
Total
352,445
6,541
i
8",043
2,051
exports
110,432
MANCHESTER
71,311
40.823
40,040
26,382
;
16,635 178,556
MARKET.—Our
on
a
there
a
is
poor.
foreign
increasing. Needless to say prices all over
high and mills are operating slowly as their
supplies of wheat are small.
France will have to
import
heavily.
The trouble is that although the French Govern¬
ment owns liberal
quantities in exporting countries,
they are
on the
whole, coming forward but slowly. For this
reason,
France will have to
buy in America.
In Italy the weather
has
64,536
44,762
50,384
55,140
from
market
acreage
arrivals
France
27,538 214,822
cable
offering
freatly of native wheat inscarce and farming size and
facilities
tocks reduced, labor
France
of
fair
are
6,126
10,532
2,998
7,882
are
liberal and North America
continues to ship freely.
Wheat has been firm with small
stocks.
Some of the dry
territory in the southwest has had considerable snow.
But
parts of western Kansas and Texas are still in
need of mois¬
ture.
In France the weather has
been cold, with rain in
parts and also snow.
The agricultural outlook
there is
called fair, but the fact is not
disguised that, the
238,669
2,239,485
Nov. 21.
Canada
Liverpool reported the
dull, with more liberal local mill
offerings, as Government
is assisting local mills with
supplies.
Foreign arrivals are
ALEXANDRIA RECEIPTS AND
SHIPMENTS.
Alexandria, Egypt,
and
Man¬
chester this
evening states that buyers hesitate, as orders
are taken
reservedly.
We give prices for to-day below and
leave those for
previous weeks of this and last year for
are
are
been bad.
It has been too cool and wet.
There is
little snow there.
The invasion has
given rise to a good
deal of apprehension as to
stores and also future
comparison:
sup¬
1917.
8K lbs. Shirt¬
32» Cop
Twist
Cot'n
ings, common
to
84i lbs. Shirt¬
Mid.
finest.
32a Cop
Uv's.
Oct.
d.
26
28 H
@
30
15 0
@19
19*
2
30
@
32
15 6
@19
9
@
16
30 H
32
@
32 H
35
23
34 H
@
36?* 17 0
d.
s.
d.
14
d.
d.
8.
Cot'n
common
d.
d.
b.
d.
5
@11
6
®
1644 9
6
@11
6
11.13
@
1794 9
1894 9
1944 9
@11
@11
744 11.42
6
even
11.14
21.27 15J4
@20 144 21.55 1654:
151044
644@201044 22.10 17J4
16
@22
6
@
@
22.16 18
6
9
10
In
gasp.
Russia,
meanwhile,
and what is more, there is
such circumstances, the
12.08
Moreover, the
a
Of course, under
agricultural outlook is not good.
is light as compared with that of last
@
38>*
17
3
@23
0
22.47 18
@
1944 9
6
@
39
17
6
@24
0
22.10 1844
@
1994 9
6
@24 3
@12
22.3111744
144 12.05
@
1894 9
6
@12
144 11.00
regards the last crop in fixing prices which
they
considered unduly low.
In the United Kingdom the weather
Dec. 7.
Dec. 14.
14,000
and
16,000
379*
39
@
17
6
Nov. 30.
18,000
15,000
has
,
11,000
____
10,000
7,000
10,000
______
103,000
482,000
58,000
451,000
331,000
27,000
15,000
174,000
98,000
368.000
110,000
103,000
129,000
57,000
afloat....
Of which American
69,000
414.000
298,000
32.000
27,000
189.000
101,000
6o,000
401,000
268,000
48,000
20,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily
closing prices of
spot cotton have been
Spot.
Saturday.
as
follows:
Monday.
Tuesday.
Wednesday,
Thursday.
Friday.
{
1
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Mid.Upl'ds
22.00
22.05
22.16
22.31
22.31
22.52
22.58
22.68
22.83
22.83
3,000
3,000
3,000
Market,
f
12:15
P.M.
mid.
uplands.
Sales
3,000
HOLIDAY
.
Steady
•
2,000
1 pt.dec.to
Steady
3@5 pts.
Irregular
10@17 pts.
2 pts.adv.
advance.
advance.
f
Dull
Dull
1
<
Bar. steady
10 @11 pts.
adv.on
Quiet
5@7 pts.
unch.to
9 @11 pts.
adv. on
new
new.
1 pt. dec.
5 pts. on
unch." on
old.
old.
Market
/
opened \
Market,
4
P. Mi
j
old.
on
The prices of futures at
below.
adv.
on
Sat.
Dec? 14.
12 44
Mon.
1244
1244
p.m. p.m. p.
New Contr't
January
February
d.
d.
4
dec.
*
Tues.
4
129*
unch. to
2 pts. dec. 2
new
Thus:
Quiet
to
2
new
4
to
pts.
on
27 pts.
on
dec.
pts.
Quiet
dec.
new
11 pts.
old.
Liverpool for each day
The prices are given in
pence and 100ths.
Dec. 8
2 pts.
on
Steady
unch.
on
old.
given
are
22 41 means 22 41-100d'
Wed.
12 9*
4
Thurs.
129*
4
4
m. p.m. p.m. p.m. p.m.
p.m. p.m. p.m. p.m. p.m.
d.
22
22
d.
d.
d.
d.
d.
d.
44
d.
52
d.
60
49
59
44
47
57
55
51
51
53
57
63
62
60
48
60
52
48
22
March
April
May
Old Contr'ts
December
Dec.-Jan
HOLI¬
DAY
Mar .-Apr
May-June
40
42
59
37
59
62
59
39
56
48
55
45
57
45
54
22
34
54
36
53
45
51
41
54
41
51
51
49
47
20
20
20
_
_
70
60
20
_
85
20
_
__
Jan .-Feb.
95
the
discouraged, owing
60
90
00
00
60
17
27
80
16
75
16
85
85
12
65
75
75
85
75
02
92
92
42
70
52
01
91
47
91
57
57
57
74
84
26
36
73
31
41
73
41
41
58
68
57
57
01
cool
and
wet.
Friday Night, Dec. 14 1917.
owing to the snow¬
Purchases
from
mills
no
easy matter.
They say
most serious trouble now is
they have little to offer.
The
the question of
transpor¬
tation and delivery.
Plenty of flour, it is believed, is in
transit for New York.
But just where it is and when it
will
arrive are questions difficult to determine.
The big storm
Buffalo
made
country
It is hard to
matters
worse.
The great cold wave in
aggravated conditions already bad
enough.
lighter flour to the New York side even after
it arrives at the terminals.
A good
many cars, it is said,
have been held for weeks on the New
Jersey side.
In Liver¬
pool prices have been easier, owing to free arrivals of both
flour and wheat.
At the same time, the
consumption has
are
liberal
The sup¬
In Aus¬
Old re¬
there are liberal and the mills are
grinding freely.
It is said that the
surplus of wheat will reach80,000,(X)0bush.'
One trouble is that some of the old
reserves have been ai d
are still
being damaged by the improper storage.
In Ind a
the weather is also
good, but the acreage was reduced and the
clearances are light.
In Argentina new wheat is
moving
freely and it is of excellent quality, but the lack of
transporta¬
tion causes apprehension.
Spot wheat there is being pressed
for sale.
In this country the North American
visible supply
increased last week 1,974,000 bush, as
against a decrease in
the same week last
year of 995,000 bush.
The total
supply
is now 81,656,000 bush,
against 145,492,000 bush, last
year and 128,828,000 the year before.
The total crop of
winter and spring wheat in the U.
S., in the lastest statement,
is put at 650,828,000 bush,
against
serves
636,318,000 last
year
and
1,025,801,000 bush, in 1915.
The total crop this
year is the
smallest with the exception of last
year since 1911, when it
was
621,338,000 bush.
Grain crops that can be used for
breadstuffs,
are,
however, nearly 1,000,000,000 bush, larger
155,000,-
than last year.
Also the yield of white potatoes is
000 bush, larger than the last
crop.
have
Mr. Hoover says
we
already exported the surplus from the 1917 harvest and
a wheatless
day adopted.
To-day Argentina reports
stated that the weather was
generally favorable for moving
and
threashing, being clear and hot. Hot winds in southern
Argentina are causing damage, but elsewhere the
yield is
decidedly good. Prices in American markets were firm
he wants
with
light receipts and
wheat belt has had
No. 2 red
No. 1 spring
fair milling
a
heavy
demand, but the winter
snows.
OF WHEAT FUTURES IN
NEW yorkSat.
Mon.
Tues. Wed. Thurs. Fri.
cts_225
225
225
225
225
225
229
229
229
229
229
229
has fluctuated within
very restricted bounds,
time and then rallying.
The trade has been
light.
Extremely cold weather at the West has inter¬
fered with the movement of the
crop.
No improvement in
this respect is looked for until the
weather moderates.
Lat¬
terly there have been some signs of it.
The Eastern
corn
declining at
one
rather
are
lines
still
delivering cars to the Western roads. With better
weather the
marketing is expected to increase noticeably.
The available stock decreased last
week
against
an
increase in the
same
bushels.
Flour has been rather
quiet, partly
storm and bad traffic conditions.
Foreign arrivals
native crops are
moving more freely.
fair and the consumption is
plies are
regulated.
tralia, on the other hand, the weather is
good.
as
BREADSTUFFS.
scarce.
Farm¬
to the action of the Gov¬
as
continued
Indian
d.
41
22
__
are
DAILY CLOSING PRICES
Fri.
129*
acreage
Both seed and fertilizers have been
in Russia
ernment
_
Total stock—
Of which American___
Total imports of the week
Of which American
each
ers
'
_
export
Forwarded
Amount
year.
for past week:
Nov. 23.
_
Actual
this
snow.
the Bolsheviki
is very cold,
36 X
took
Of which exporters took
at
weather
37
Sales, American
are
the
lack of
@111044 11.90
@111044 12.21
LIVERPOOL.—Sales, stocks, &c.,
1
as
Uv's.
1694 9
Sales of the week
Of which speculators
Good
down
part of its terms for an armistice with Russia
that it shall
have control of Russian wheat
markets for 15 years,
which?
with other terms
demanded, has made
Mid.
finest.
@
Deo.
7
to
20.42 15J*
Nov
30
d.
b.
ings,
Twist
9
d.
plies.
Yet foreign arrivals at southern
ports of Italy are
increasing.
There is no doubt that Italy will have to
import
freely of wheat and oats. Germany is said to have laid
1916.
101,000 bushels,
956,000
week last year of
This makes the total
2,253,000 bushels, or about
half what it was a
year ago, and only a little more than a
third of the total at this time in 1915.
The latest Govern¬
ment report makes the
crop smaller by about 32,000,000
bushels than the
preliminary estimate, or, in other words,
3,159,494,000 bushels.
Last year it was
2,566,927,000
bushels.
In Liverpool
prices have been firm with export
offerings light.
Arrivals have also been small.
It is true
that the demand in
Liverpool has not been very urgent, but
for all that there is a
steady trade and arrivals are inade¬
quate. American clearances are small, Argentina is offer¬
ing sparingly and comment is made on the fact that
receipts
American markets are still
light. Also, the fact does not
at
escape
notice that the stock
at
American points of distribu¬
tion is still small.
Liverpool people are not
looking for
much increase in
export clearances from this
country until
late in January. Little
help is expected from Argentina, as
preference will be given there to shipments of
other grain.
1
embargo against shipments of corn
brought about an unsettled cash situation
in Eastern markets.
At the same time Western prices
On the other hand, the
to the East
[Vol. 165.
CHRONICLE
THE
2378
has
dropped sharply.
On Monday last cash quotations at
Chicago fell on some grades 20 cents a bushel.
To make
matters worse, nobody knows how long the embargo will be
in force. 1 Theoretically the value of corn in the East has
been much increased by the embargo cutting off Western
for the five years 1911-1915, based on the reports of|the
correspondents and agents of the Bureau, are as follow:
(1916 figures revised.)
have
supplies. Yet people are puzzled as to what is the right basis
of prices.
Meantime, receipts at Western points, owing to
very cold weather, have fallen off.
Argentina corn has been
quoted as high as $2 25.
The cold weather at the West
is of course favorable for curing the crop.
For one cause or
another, the situation in the corn market is "mixed."
The
embargo against shipments to the East naturally tends to
cause an accumulation of stocks at the West and sooner or
#
expected to tell on prices all over the country,
especially when the embargo is removed.
It is true that the
crop is large, but the world needs enormous supplies of food¬
stuffs.
Yet as long as the embargo on shipments from Western points to the East exist it must, it is argued by some, have
a more or less depressing effect in Western markets.
To-day
prices declined slightly. Argentina crop news was bad.
Fully 30% of the crop is said to be damaged.
Rain there
is badly needed.
Rut all this fell flat, as also did the small
receipts. Nevertheless, there is a net advance of a fraction
at Chicago for the week.
later this is
CORN IN NEW YORK.
Mon. Tues. Wed. Thurs. Fn.
DAILY CLOSING PRICES OF
^
Sat.
No. 3 yellow
CORN FUTURES IN CHICAGO.
Mon.
Sat.
December delivery in elevator.cts.
have advanced with
a
December has been selling at a
124%
124%, 124%
119% 119% 119% 121%
-.118% 119
May delivery in elevator
Oats
124%
124
124 %
Wed. Thurs. Fri.
Tues.
good demand from shorts.
good premium over May.
Very cold weather has cut down the receipts.
Premiums
in the sample market have at times increased somewhat.
The embargo on shipments to the East prevents sales, except
for distant shipment.
Theoretically this cuts both ways—
hurts the West and helps the East.
In other words, the
natural tendency would be depressing in the West and
bracing in the East.
Eventually, when the dammed-up
■supplies at the West are released, it is natural to suppose that
the effect might be a decline in prices generally.
But now
position is naturally strong, with Western
Even Western prices, however, have shown
the effects of small receipts.
Supplies of oats for domestic
consumption in the East are light.
But large stocks are held
for export.
At a pinch they might be utilized to some extent,
at least temporarily, in relieving the Eastern scarcity.
Last
week the visible supply decreased 1,571,000 bushels, as
against an increase for the same week last year of 2,246,000
bushels.
The total now is only 26,665,000 bushels, against
74,655,000 bushels a year ago and 35,479,000 at this time
in 1915.
The crop report was about as expected % It prac¬
tically confirmed the preliminary estimate of a high record
yield.
The total is now put at 1,587,286,000 bushels, as
against last year's revised total of 1,251,837,000 bushels,
with 1,549,030,000 in 1915 and 1,141,060,000 in 1914.
In
Liverpool trade has been quiet, but prices have been firm,
reflecting the strength in the American markets and the
smallness of Canadian offerings.
The American clearances
have been liberal, but as the weather throughout Europe
has been cold the consumption has increased.
At the same
time European stocks are moderate and the Canadian
movement, as already intimated, is. small:
On the other
hand, the crop in this country is. the largest ever known, and
some believe that when it begins to move freely there may
be at least some temporary decline in prices.. To-day prices
declined.
At Chicago they fear an embargo on shipments to
'the Gulf.
Net changes for the week show an advance,
however, of about 2 cents on December.
At one time it
■the Eastern cash
supplies cut,off.
was
P.Unit
Winter wheat—1917
1916.
Standards
cts.
___
No. 2 white
DAILY
_
CLOSING
PRICES
OF
OF
OATS
Sat.
PRICES
CLOSING
Mon.
87%
88
86%
86%
OATS
IN
NEW
YORK.
Spring wheat—1917...
88%
89
8914
8914
89)4
89%
FUTURES
IN
Sat.
December delivery in elevator,cts_
May delivery in elevator
The
following
are
89%
90
CHICAGO.
Mon.
Tues.
Wed. Thurs.
71 ]4
69
72 %
70%
73%
71%
75%
72%
Fri.
74%
71%
75%
72
Average 1911-1915......
All wheat—1917--
--
1916
Average 1911-1915-Oat»—1917
.......
1916
26.1
15.2
418,070,000 209.9
13.8
480,553,000 162.7
848,372,000
781,906,000
16.5
542,615,000
24.4
90.3
Barley—1917
12.6
232,758,000 197.2
8.8
18,961,000
45,941,000
32,316,000
13.9
155;765,000 152.8
263,746,000 81.8
490,098,000
459,046,000
238,062
215,792,000
650,828,000 200.9
1,307,418,000
12.2
636,318,000 160.3
1,019,968,000
51,911,000
43,572,000
41,527,000
37,703,000
15.5
806,361,000
87.5
705,890,000
36.4
1,587,286,000
1,251,837,000
1,230,499,000
66.9
1,061,427,000
±
1916
'
14.2
30.1
52.4
655,928,000
38.5
8,835,000
Average 1911-1915......
23.7
208,975,000 113.7
473,133,000
237,539,000
31.8
7,757,000
23.5
182,309,000
88.1
160,646,000
7,474,000
4,102,000
3,213,000
2,494,000
1,006,000
——
26.4
197,211,000
59,676,000
41,399,000
77.1
31,903,000
17.4
17,460,000 160.1
14.1
11,662,000 112.7
27,954,000
13,147,000
20.4
4.7
73.4
16,514,000
8,473,000 297.0
25,148,000
9.7
14,296,000 249.0
35,541,000
18,615,000 140.0
36,278,000 189.4
26,120,000
37.6
869,000
47.6
41,325,000
88.7
748,000
—
16.6
964,000
1917...
100,025,000
48,S62,000 122.1
1,474,000
2,186,000
Average 1911-1915—
Buckwheat
114,389,000
15.2
1,809,000
1916
58.0
60,145,000 166.3
808,000
Rye—1917
14.7
828,000
Average 1911-1915
33.8
25,266,000
88.5
22,370,000
442,536,000 122.9
543,865,000
286,953,000 146.1
419,333,000
362,910,000
1916
Average 1911-1915..-
-
Flaxseed—1917
1916
........
Average 1911-1915
Rice—1917
1916
...
Average 1911-1915..
Potatoes—1917 ;
8.5
4,390,000 100.8
3,565,000 80.5
3,689,000 98.4
953,000 91.4
—
1916
....
12,127,000
68,717,000
36,673,000
60.4
219,137,000
87,141,000
110.3
96,121,000
1916....
774.000
91.7
70,955,000
84.8
60,141,000
Average 1911-1915
629,000
95.8
70.6
42,525,000
60,257,000
79,528,000 1709.0 1,359,491,000
Average 1911-1915—
Sweet potatoes—1917
-
—
1916..
Average 1911-1915
—
Tobacco—1917.
1916
Average 1911-1915—
Cotton—1917
1.41
49,395,000
16,472,000
16,635,000
16,901,000
1,446,000
1,413,000
1,209,000
33,634,000
34,985,000
35,132,000
wild—1917
—
91,192,000 1122.0 1,022,930,000
826,282,000
69,543,000 1188.0
1.64
55,721,000
1916
Average 1911-1915
Hay,
1.49
53,516,000
Hay, tame—1917
15,402,000 1349.0
19,800,000 790.0
17,044,000 800.0
0.94
1.19
1.01
207,834,000
156,503,000
136,352,000
827.1
1,196,451,000
24.9
297,442,000
816.0
14.7
169,672,000
813.3
1,153,278,000
983,723,000
155.7
10,949,000
27.7
1,451,819,000
156.6
11,449,000
19.6
193.0
14,175,000
10.4
101,889,000
10.0
1,122,295,000
709,629,000
675,000
9.23
6,237,000 734.0
45,780,000
1916
665,000
9.23
6,228,000 612.0
Average 1911-1915
540,000
10.80
5,839,000 563.0
32,864,000
1916
Average 1911-1915
Sugar beets—1917...
38,115,000
1,832,000
1916
_
8.6
15,701,000 652.0
1,107,000
Beans—1917
9.7
10,715,000 510.0
102,426,000
54,686,000
121,842,000
5,153,000
14.7
75,866,000 161.0
3,944,000
41,300,000
13.7
53,858,009 106.0
57,027,000
32.8
13,554,000 166.0
22,523,000
28,400,000
27.6
7,832,000 150.0
11,708,000
66,800,000
40,800,000
7.5
6.2
582,700,000 3398.0
252,310,000 4548.0
Hops—1917 ...;
29,900,000
92.94
27,788,000 337.0
1916
43,900,000 1152.5
Kafirs—1917
«.
1916
Onions (13 States)—1917.
1916
-
...
Cabbage (9 States)—1917..
1916.
Cranberries—1917
18,190,000
13.5
26,200,000
-
.
18.0
50,595,000
245,000
Average 1911-1915
71,857,000 212.0
...
11,47.5,000
9,363,000
6,073,000
3~,449", 660
471,000 7.32
58,203,000 366.0
68,194,000 274.0
1
17,030,000
12.0
1916
1916
Apples 1917
213,057,000
186,575,000
45,066,000 136.0
152,399,000
61,245,000
37,505,000 113.0
42,370,000
Average 1911-1915.
49,027,000 103.0
50,481,000
•
13,281,000 115.8
15,379,000
11,078,000
Peaches—1917
1916.
Pears—1917
1916
11,874,000
93.3
Average 1911-1915..'
11,341.000
82.8
9,392,000
12,832,000 260.0
33,398,000
24,433,000 252.0
61,463,000
Oranges—1917
1916.
J
—
Note.—Production of
and
bales
hops in pounds: cotton In pounds (per acre)
cabbage In tons: apples and cranberries In
products in bushels of weight.
-
tobacco and
hay, sugar beets and
(total):
barrels: orange3 in boxes; other
breadstuffs to market
prepared by us from figures collected by
York Produce Exchange.
The receipts at Western
The statements of the movement of
indicated below
the New
lake and river
are
ports for the week ending last Saturday and
1 for each of the last three years have been:
since Aug.
Flour.
Receipts at—
Corn.
Wheat.
Oats.
Barley.
Rye.
bblsAmbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs. bush.56lbs.
Chicago
Duluth
393,000
1,854,000
2,764,000
576,000
95,000
1,818,000
136,000
575,000
583,000
243,000
20,000
125,000
34,000
406,000
104,000
250,000
.....
Minneapolis
.
986,000
...
114,000
416,000
42,000
69,000
13,666
44,000
51,000
17,000
25,000
41,000
91,000
Louis....
74.000
348,000
3,000
85,000
...
Cleveland
St.
273",000
120,000
26",000
__
Kansas
Same
wk.
383,000
414,000
562,000
•
4,682,000
4,391,000
5,715,000
411,000
'17
'15
212,000
354,000
Omaha
8,606,000
7,035,000
5,154,000
514,000
18,011,000
5,428,000
6,184,000
436,000
,
"4",000
538,000
478,000
374,000
City.
Total wk.
502.000
600,000
106,000
56,000
Peoria
Same wk. '16
closing quotations:-
$
4,053,672,000
2,280,729,000
1,644,511,000
18,511,000
■-
1916...
Detroit
Wed. Thurs. Fri.
Tues.
Cts.
17,607,000
Average 1911-1915
Toledo
DAILY
1
Total.
3,159,494,000 128.3
88.9
2,566,927,000
59.7
2,754,164,000
26.4
32,050,000
1916
Average 1911-1915
Milwaukee
3M cents.
Total.
P. A ere
119,755,000
105,296,000
105,672,000
27,430,000
34,709,000
Corn—1917...
,
169% 169% 179% 179%. 171%
cts
DAILY CLOSING PRICES OF
Farm Value Dec
Production
Acreage.
Crop
~52,666
"2",000
1,742,000
2,933,000
4,522,000
485,000
810,000
773,000
FLOUR.
Spring, low grades
Kansas straights, sacks_10.55® 11 00
10 25@10 60 Kansas clears, sacks
11 80
City patents
.10 00@10 25
10 45® 11 35 Rye flour
Winter, low grades
Winter patents
Winter
straights
Winter
clears.^
Spring patents
Spring straights
Spring clears
Buckwheat
Since Aug.
1-
1916
6,286,000 110,519,000
7,271,000 202,621,000
1915
7,846,000 269,624,000
1917
Total receipts of
flour
9 70® 10 45 Graham flour
48,245,000 148,287,000 44,221,000 13,657,000
72,377,000 140,223,000 51,248,000 14,043,000
67,949,000 121,999,000 54,480,000 13,887,000
flour and grain at the seaboard ports for
the week ended Dec. 8 1917 follow:
GRAIN.
Wheat—per bushel—f. o. b.N. Spring, No. 1, new
N. Spring, No. 2
Red winter, No. 2, new
Hard winter, No. 2__
Oats, per bushel, new—
Standard
No. 2, white
No. 3, white
$2 29
2 26
2 25
cts.
89%
90
89
88%
Corn, per bushel—
No. 3 mixed
f.o.b.
1 71%
2 20
Western
c.
Corn.
Oats.
Barley.
Rye.
Bttshels.
Bushels.
Bushels.
Bushels.
300,000
216,000
32,000
685,000
27,000
309,000
6,000
100.000
484,000
153,000
443,000
.
207",000
1. f.
'
Baltimore
I. f.
$1 90
N'port News.
13,000
42,000
New Orleans*
1,621,000
AGRICULTURAL
CEREAL
AND
mates of the
Barley, malting...
Barley, feeding
1 30®
l 20®
1 45
1 30
DEPARTMENT'S
REPORT
ON
CROPS.—The
December
esti¬
OTHER
Crop Reporting Board of the Bureau of Crop
Estimates of the acreage, production, and value (based on
prices paid to,farmers on Dec. 1) of important farm crops
.of the United States in 1917 and 1916, with the average
150,000
20, boo
Montreal
17.000
1,035,000
Boston
No. 4, white
56,000
555,000
"3",000
572,000
4,400,000
403,000
2,531,000
SinceJan.1'17 20,563,000 193,904,000
Week 1916.
..
296,000
5,399,000
SinceJan.1'16 24,216,000 364,232,000
on
through bills of lading.
200,000
40,000
247,000
495,000
Total wk. '17
91,000
664,000
120,000
175,000
New York
Philadelphia
c.
Wheat.
Bushels.
$2 20
Argentina
Rye, per bushel—
New York
Flour.
barrels.
Receipts at—
No. 2 yellow kiln dried
No. 3 yellow
"33",000
12,000
255,000
390,000
48,787,000 131,149,000 16,935,000 13,756,000
550,000
2,517,000
210,000
606,000
55,711,000 172,991,000 26,379,000 15,996,000
Dec. 15 1917.]
-
THE
CHRONICLE
The exports from the several seaboard
ports for the week
ending Dec. 8
Exports from—
Wheat,
Corn,
Flour,
Oats,
bushels.
bushels.
barrels.
bushels.
New York
974,177
Boston
24,930
New
Barley,
49,987
66,017
6,302
401,700
42,000
Galveston.
664,000
40,000
Total week
664,000 451,687 193,017
269,443 468,157 1,555,082 480,517 606,919
The destination of these
exports for the week
July 1 1917 is
6,302
ous
17,988
heavily booked with orders, and are now devoting
looking after deliveries.
The vari¬
economy reforms adopted by the trade are
working to¬
are
wards
greater conservatism and there is less
speculation.
advance, and according to
yet reached top.
The De¬
partment of Agriculture's estimate of the cotton
crop, fore¬
casting a diminished yield, had little effect upon sentiment,
as it was in line with
general expectations and confirmed the
belief that the crop will be the third successive
small one in
and since
Prices, nevertheless, continue
below:
as
result of the
most of their attention to
24,930 112,021
4,740,036
a
Mills
127", 000
2,204,266
1916....
York, Friday Night, Dec. 14 1917.
heavy business recently placed with mills
and merchants, markets for
dry goods are experiencing a
period of quietness.
Trade, however, is not altogether at
a standstill, but lacks the
briskness noted a few weeks ago.
As
Peas,
bushels. bushels. bushels.
70,021
1,018,089
Newport News
Week
Rye.
172,000
Baltimore
THE DRY GOODS TRADE.
shown in the annexed statement:
are
2379
present indications have not
Flour.
Exports for
Week
July 1 to—
Since
Dec. 8.:
1917.
July
The
1
Dec.
Bushels.
Bushels.
112,021
...
468,157
1,644,161
18,376,074
3,307,448
178,620
17,224
26^,549
4,215
28,247
24,930
3,676,176
32,190
24,930
7,285,739
269,443 21,112,071
2,204,266
since
corn
July 1
for
the
1917 and
are
Corn.
,
1917.
al916.
j
Since
Since
Dec. 8.
July 1.
July 1.
Dec. 8.
Bushels.
Bushels.
Bushels.
Bushels.
Week
.
6,833,000 132,583,000 168,698,000
6,032,000
.al916.
July
Since
1.
July 1.
Bushels.
210,000
Bushels.
12,933,000
20,733,000
....
Australia
416*666
..
6*.460*666 27,848*666
450,000
...
23,876,000
9,060,000
993,000
160,000
84,000
Oth. countr's
384",000
8,299", 000 66,500*,000
17,536,000
18,590,000
material
1,676,000
3",580,000
*
North
Issuance
7,943,000! 172,972.000 240,780,000
America.—The
of
both
manifests
Canadian
and
during the continuance of the
a
Revised.
The
679,000
Government
exports
until
ten
22,908,000
90,813,000
officially prohibited the
days.
This is effective
war.
.
quantity of wheat and
mentioned
was
afloat for
corn
Europe
dates
on
follows:
as
Wheat.
|
United
Corn.
'United
Kingdom.
Continent.
Bushels.
Dec.
has
after
Total.
8 1917..
1
Continent.
Bushels.
Total. '
Bushels.
Not avail able
9 1916..
Bushels.
Not avail able
Dec.
Dec.
Kingdom.
Bushels.
Bushels.
1917..
40,808,000
38,400,000
Dec. 11 1915..
The
visible
at
granary
supply
of
grain,
8 1917
GRAIN
Wheat,
United States—
...
are
has been less talk of the Government
material or the manufactured
such action will be taken.
with no improvement noted in
Oats,
Rye.
Barley.
bush.
bush.
bush.
bush.
1,376,000
511,000
703,000
596,000
690,000
458,000
328,000
29,000
728,000
10" 000
Government.
20,000
12^c.
70,000
733,000
1,330,000
Buffalo
...
517,000
52",000
News
To", 000
¥2,666
452,000
120", 000
15,000
9,061.000
1,078*666
54,000
377,000
12,000
Detroit...
........
35,000
180,000
15,000
113,000
1,131,000
792,000
669,000
556,000
246,000
1,414,000
16,000
Chicago
M il waukee.
..
Duluth
.
110,000
4,725,000
36,000
241,000
549,000
Minneapolis..
158,000
15,000
29,000
;
Louis
i...
130,000
2,423,000
683,000
727,000
2,000
401,000
14,000
27", 000
107,000
Indianapolis
^
691,000
113,000
1,278,000
188,000
128,000
671,000
81,000
Total Dec.
8 1917
*25,672,000
Total Dec.
1
*21,031,000
Total Dec.
9 1916:
Total Dec. 11
1917
59,191,000
1915
185,000
19", 000
670,000
448,000
552,000
432,000
4,670,000
._
Lakes
,234,000
120,000
2,000
129,000
j.
.
Peoria.*...
177,000
28,000
Kansas City
46,023,000
16,000
45,000
1,730,000 17,270,000 3,331,000
3,652,000
1,932,000 18,595,000 3,768,000
3,910,000
3,373,000 49,182,000 2,010,000
4,782,000
5,181,000 20,218,000 2,535,000
3,188,000
Last week's repeated.
Including Canadian wheat,
now
.
Ft. William & Port Arthur.
Canadian
Total Dec.
8
Total Dec.
11917
1917......17,513,000
Including Canadian
15,000
372,000
4,200,000
2,419.000
22,000
79,000
15,000
6,991,000
22.000
79,000
7,228,000
21,000
66.000
16,000
96,000
21,000
19,318,000
at
15,000
26,553,000
19,981,000
Total Dec.
9 1916*
Total Dec. 11 1915
*
4,213,000
3,221,000
10,4)79,000
5,000
7,000" 19,392,000
9,951,000
Buffalo and Duluth.
Summary—
American
25,672,0007?1,730,000
Canadian
Total Dec.
17,513,000 J
8 1917...
-.43,185,000
—40,349,000
1 1917..
Total Dec.
9 1916...
—85,744,000
17,270,000 3,331,000 3,652,000
6,991,000
22,000
79,000
1,745,000 24,261,000 3,353,000
3,731,000
1,947,000 25,823,000 3,789,000
3,976,000
3,380,000 68,574,000 2,010,000 4,878
000
66,004,0003^5,186,000 30,169,000 2,551,000 3.209,000
Total Dec.
Total Dec. 11 1915
15,000
heavy consumption and large buying by the
Gray goods, 38%-ineh standard are quoted at
WOOLEN GOODS.—Business in markets for woolens and
continually being adjusted to prevailing condi¬
tions, and various economical policies have been adopted to
conserve supplies..
Manufacturers are kept busy meeting
the demands of the Government and are not
seeking ordinary
business though there is a good demand for this account.
Nothing of new interest has developed in the market for
dress goods where trade is
moving along at a steady rate.
Jobbers and retailers
report a good demand although the
high prices are having a tendency to check business.
The
first sale of the shipment of Australian
wool, slightly less
than 5,000 bales, will be made in Boston on Jan. 3.
Two
more vessels
bringing upwards of 46,000 bales are expected
to arrive at that
port within the near future and further
auctions will be arranged.
FOREIGN
Canadian—
Montreal
result of the
worsteds is
duty-free.
.Note—Bonded grain not Included
above: Oats, 306,000 New
York, 10 000 Du¬
luth; total, 316,000 bushels, against
2,007,000 in 1916; and barley,
218,000 In New
York, 3,000 Baltimore, 3,000
Duluth, 108,000 Buffalo; total,
337,000, against
318,000 in 1916.
.
.
k
«<
Other
a
495,666
3,000
12,000
Toledo
*
Corn,
875,000
Newport
a
follows:
as
STOCKS.
74j6,000
New Orleans-a
Galveston
Omaha
in
and
delivery. Blankets and
napped goods for Fall delivery have been opened during the
week, and prices showed advances ranging from 67 lA to 70%.
Usually prices are not named until later in the season and
sales are made subject to whatever these
may be, but this
year the price is being quoted before the sale is made and
orders have been as large as mills have been
willing to accept.
Jobbers have been buying
sheetings for delivery next Summer
at full prices.
Jobbers as well as bag makers have also been
watching the market closely for prompt goods of the weights
they can use.
During the earlier part of the week there
was a
slightly easier undertone to the markets for print cloths
with second hands
selling at moderate concessions, but as the
fabrics were readily absorbed the market
subsequently
developed firmness.
Cotton dress goods have been more
active as many interests who formerly used woolens are now
turning their attention to cotton goods owing to the short
supply of woolens and the fact that prices for cotton goods are
cheaper.
Heavy goods of all kinds are in small supply as
11,000
....
Baltimore
On
lake
fixing prices for either
product, and many believe
Export trade remains quiet,
shipping conditions.
DOMESTIC COTTON GOODS.—While less
activity is
noted in markets for staple cotton
goods, a fair amount of
business is being placed for forward
2,670,000
Philadelphia
St.
was
at
and
dry goods.
actively engaged, and are reported to
delivery as far ahead as the middle
result, many lines have been withdrawn
from sale.
Spot fabrics are more difficult to procure and
the available
supply of merchandise is steadily decreasing,
despite the efforts of mills to maintain production.
There
hush.
York
Boston
19,728,000
comprising the stocks
principal points of accumulation
seaboard ports Dec.
New
22,721,000
advanced,
have accepted business for
of next year.
As a
no
Total....
have
been reflected to any
great extent in markets for
raw
85",000
2,076,000
,
Manufacturers
Since
raw
virtually despaired of lower levels for the
product.
Mill agents are continually elimi¬
nating the freight allowances on sales of goods, and most
are now
being sold f. o. b. mill, which, in addition
to the advance in
prices, is greatly augmenting the cost of the
merchandise to the purchaser, as he must
pay the freight
charges.
Jobbers have been showing less interest in the
market, and only buying on a limited scale, as, owing to the
excessive prices, too much
capital is required to move the
goods.
Retail distribution is also becoming less
active,
though the pessimism noted in financial circles has not as yet
week
1916
for
have
fabrics
following:
Week
It also gave assurance that supplies of raw ma¬
too plentiful during the remainder of the
none
Prices
merchants
~4~ 319
36,071,386
4,740,036 137,034,664
2,596,478
6,847,449
•1917.
India
season.
manufactured
Wheat.
Argentina
many yeafs.
terial will be
Bushels.
1,302,876
shipments of wheat and
Exports.
Danube
1
1917.
17,641,683
37,115
...
shown in the
North Amer*
July
1917.
560,105
Dec. 8 1917 and
Russia
Since
8,
1917.
208,747
4,405
world's
ending
July
Bushels.
countries..
1916...
8.
Week
864,715
Brit.No.Am. Col's.
Total......
Dec.
1
1917.
Indies..
Total
Corn.
Since
Barrels.
Bar r els.\
Other
Week
1917.
)
United Kingdom.
11,705!
Continent
100,316
So. & Cent. Amer.
West
Wheat.
Week,
and, Since
to
as
DRY
GOODS.—There
continues
to
be
a
good demand for linens, but business is restricted by the
scarcity of supplies.
Retailers and jobbers are uncertain
.
to
whether they will be able to secure goods for next
spring, and have been endeavoring to place orders as far
ahead as possible.
They are also urging importers to hasten
delivery of goods already due as they are poorly
as
with goods for the
holiday trade and usual
Importers are likewise having their troubles
are
light while it is becoming
supplied
January sales.
as
their stocks
difficult toplace orders
According to latest advices
fully 60% of the looms will be engaged with Government
work during the
coming year.
As a result,/ many merchants
are
turning their attention to various substitutes which are
also becoming scarce and
high priced.
Markets for bur¬
laps have been quiet and featureless during the week.
Prices, however, have remained steady with
light weights
quoted unchanged at 17.25c. and heavy weights at 21.50c.
with
manufacturers
abroad.
more
[Vol. 105
CHRONICLE
THE
2380
of the 6% 10-year gold loan,
redemption at par on
London, E.C., and 341 bonds
1926, were duly drawn by lot for
Dec. 14, from which date the said bonds
Ctrr
iTiiti jip
NEWS
ITEMS.
9 bonds at
Indifference to the Sacredness of
Obligations.—This subject is covered in an edi¬
which appeared in "The Financial Times" of Canada,
Canada.—Municipal
publication office
Montreal, on Dec. 8 and which we
reprint
herewith:
In the
sacredness
number of municipalities in Canada, and particularly
Quebec, which do not exhibit any proper sense of the
There are a
Province of
The blow that is administered to every kind of municipal
credit throughout the Prbvince when a municipality such as St. Michel de
Laval fails to make provision for its interest payments at the proper time is
a serious one, and the taxpayers of all the rest of the Province will feel its
ill effects when they next come to borrow money for their municipal re¬
quirements.
But this fact does not seem to disturb in the least the official
rulers of St. Michel de Laval, who are placidly tolerating a situation which,
in effect, makes them the chief agents in the appropriation of the bond¬
holders' money for the relief of the delinquent taxpayers of their village;
for if they had performed their plain duty in regard to the mass of out¬
standing overdue taxes there would have been no necessity for delaying
of
public credit.
the interest payments.
This incident emphasizes the need for a bureau or
Provincial Government for looking after the affairs of
as appears to be contemplated in a bill mentioned
Throne this week.
The precise nature of the bureau
lished is not yet clear; but any office, under control of
..
.
department of the
municipalities, such
in the speech from the
which is to be estab¬
an energetic and
fully-empowered Superintendent, which will devote itself to keeping a
fatherly eye upon the municipalities and bringing them up to the scratch
when they are guilty of sins of finance or of maladministration, will be a
clear and notable gain for this Province.
If the new bureau had been in
existence last month It is possible that the holders of bonds of St. Michel de
Laval would have been relieved of a good deal of their nervousness, by the
knowledge that there was in existence an authority which would bring
pressure to bear on the delinquent municipality to compel it to fulfil its
obligations.
Nobody doubts that that municipality will in the long run
either voluntarily or under pressure, acquit itself of its debt to the full
extent.
What is needed is some authority to see that the task is per¬
formed as soon as it is due, and not deferred until the bondholders are
compelled to take action in their own defense.
The Montreal bill as now drafted for presentation at Quebec seems to
consist chiefly of demands that the Legislature surrender to the city
various items of revenue which are at present pocketed by the Province.
If the city's rulers cannot find some way of financing the city without
taking the money from the Province, we fear that they are not destined
to have
307 and 334.
305 bonds at $1,000 each,
(Republic of).—Final Payment on
See reference
in
our
Illinois (State
Export Credit.—
Rehearing
For. Against.
Brocicton
6176
Cambridge
7 268
4130
.-3806
Chlcopee
1888
Fall River...7050
Fitehburg
2951
Gloucester
1994
Haverhill ...3765
Holyoke
4578
Leominster. .1126
1574
6671
2581
1559
3428
3383
1138
Rahway, N.
4470
3654
1667
6850
2981
2121
3891
6012
6700
43S1
1315
3883
1436
8360*
3055
1624
3987
1649
For. Against.
.3332
1127
2267
3128
Springfield ..8046
5761
6483
2111
2713
Salem
Taunton
_.
until
Dec. 27 by J. F. Barnhart, Clerk Bd. of Ed., for $125,000 5% 9>£-yr.
school bonds.
Int. semi-ann.
Cert, check for 2% of the amount of
bonds bid for required.
12
m.
aver,
la.—BOND SALE.—The Albia State Bank,
awarded $50,000 refunding bonds.
Neb.—BOND SALE.—The $10,000
5% 5-20-year opt. water-works-system bonds voted in July have been
disposed of at par to local investors.
Denom. $100. Int. Jan. 1 & July 1.
ARCHER COUNTY (P. O. Archer City), Tex.-—BOND SALE.—The
$60,000 6% coupon road warrants (V. 105, p, 1122) have been awarded to
ALBIA, Monroe County,
reports state, has been
4343
3018
Voted.—
of govern¬
ALEXANDRIA, Thayer County,
the Bianton
Boise,
stated that
in
of
said
principal and interest thereof has been authorized by law and ordinance.
Bids are desired on blank forms which will be furnished by the City or said Trust Company.
Bonds will be delivered on Dec. 27 1917 in New York
City and must then be paid for.
Each bid must be accompanied by $2,540
cash or a certified check of $2,540 drawn to the order of F. L. Conder,
Secretary-Treasurer upon an incorporated bank or trust company.
FINANCIAL STATEMENT.
Estimated value of taxable property.
Assessed value taxable property last assessment,
Value of municipal property
Bonds outstanding
REDEMPTIONS.
Idaho.—Bond Call.—The following
been called for
bonds have
payment:
73 to 90, incl/, of the $90,000 municipal funding bonds,
dated Jan. 1 1902, will be redeemed at the Chase National Bank of New
York Jan. 1 1918.
,
'
Bond No. 7 of Alley Paving Dist. No. 5, dated Jan. 1 1911, will be re¬
deemed at the Treasurer's office Jan. 1 1918.
Bonds Nos. 253, 254, 256 and 259 to 280, incl., of Paving Dist.No. 7,
dated Jan. 1 1908, will be redeemed at the City Treasurer's office Jan. 1 *18.
Bond No. 6 of Sidewalk and Curb Dist. No. 33, dated Jan. 1 1912, will
be redeemed at the City Treasurer's office Jan. 1 1918.
Interest will cease on above named bonds on and after said date.
Bonds
Nos.
Webster
Groves
School
District
(P.
O.
Webster
Groves),
St. Louis County, Mo.~^-Bond Call.—Bonds
dated July 1 1905, serial Nos. 61 to 80, inch, being the entire
outstanding remainder of said issue are called for
on Jan.
1 1918, to be presented at the National
Commerce in St. Louis.
payment
Bank of
La.—Certificate Call.—Payment will be
made on Jan. 1 1918 at the office of the Commissioner of
Public Finances of paving certificates of the issue of 1916,
due Jan. 1 1918, Nos. 1 to 133 incl., for $1,000 each.
The official notice of this certificate call will be found among the advertise¬
New
ments
Orleans,
elsewhere in this Department.
Government of the Province
of Buenos Aires,
drawing was held on Nov. 15 at the head office of the
London County & Westminster Bank, Ltd., 41 Lothbury,
a
422,050 91
_
"
,
$2,520,250 91
(Including this issue)
Sinking funds (except for water, market house
Total indebtedness
$32,607 12
and street bonds)
Cash in treasury
■
.
$27,000,000 00
17,911,125 00
2,986,792 41
1917
971,200 00
;
i
indebtedness.
held for sole purpose of retir¬
ing floating indebtedness above
Floating debt included to above, payable
129,185 87
from
.
46,119 44
current revenues
Bonds for public utilities owned by City of
Asheville, whose income has proven suffi¬
cient for maintenance, interest payments,
and sinking fund:
Water bonds
"370,000 00
33,000 00
Market house bonds
improvement bonds, including a portion
of this issue, for which sufficient assessments
have been levied to insure payment of in¬
Street
terest and
.
Net
Indebtedness,
—
computed under regulations
governing
deposit of postal savings funds
Offical circular states that the City
the payment
of any part of
to the
West Asheville, recently
aver,
annexed
which is about 4,000.
ASHLAND, Boyd County, Ky.—BOND
6% street-impt. bonds were awarded to the
at par and tot.
Denoms. 62 for $500 and
1917.
Interest semi-annual.
will be received, it is
$1,573,896 58
$100. Population, 1910 census, 18,762.
Bureau of Census, 1917, 21,156. This
include population of
City of Asheville,
946,354 33
of Asheville has never defaulted in
either principal or interest of any debt. The
Present city tax estimated by per
rate is $1.50 the
opulation, as
estimate does not
'
335,441 90
principal
Total of deductions
ASHLAND, Ashland
Aires (Province of).—Bonds Drawn for Payment.
—Notice is given that pursuant to the terms of the general
Buenos
bond of the
Banking Co. of Houston.
ASHEVILLE, Buncombe County, No. Caro.—BOND OFFERING.'—
Sealed bids for $127,000 street bonds will be received by the Board of
Commissioners of the City of AsheviHe until 12 m. Dec. 19: said bonds to
be dated Dec. 1 1917 with interest at 5% per annum, payable Dec. 1 and
June 1, principal and interest payable in New York, in gold,
Denom.
$1,000.
Due Dec. 1 as follows; $7,000, 1919 to 1935, incl., and $8,000
1936.
The bonds are to be prepared under the supervision of the U. S.
Mtge. & Trust Co., New York, which will certify as to the genuineness
the signatures of the City Officials and the seal impressed thereon.
The
legality of the bonds will be examined by Caldwell & Masslich, New York,
and the purchaser will be furnished
without charge the opinion of
attorneys.
These bonds are general obligations of the city issued under
the Municipal Finance Act, 1917, for the purpose of paying the expense of
certain local improvements, and an unlimited tax for the payment of the
Floating
BOND CALLS AND
on
11.—V. 104, p. 2033.
J.—Commission Form of Government
question of adopting the commission form
ment carried at an election held Deo. 10.
It is
in 1911 and 1913 the proposition was defeated.
The
City
eleven
YET SOLD.—Jas. McCausland.
AKRON CITY SCHOOL DISTRICT (P. O. Akron>, Summit County,
Ohio.—BOND OFFERING.—Reports state that bids will be received
2891
Quincy
(P. O. Abilene), Dickinson County,
& Co. of Wichita recently purchased
are now
June
5756
3530
Pittsfleld.
New York City.
AND NEGOTIATIONS
follows:
AKRON, Ohio.—BONDS NOT
1179
6609
1509
1822
3336
......2694
Northamptonl671
Peabody
738
be presented for pay¬
& Co., 44 State Street,
Auditor, advises us that up to Dec. 10 no sale had been made of the
issues of 4H % bonds, aggregating $208,750, offered without success
1916
Agst.
1753
7105
1769
1097
3436
1515
2571
New Bedford 0691
6669,
6898, 6900, 6901,6904,
1928
For.
1127
5507
1228
1222
3116
Marlboro ...1759
3877,
4168.
4395,
4705,
5018,
5188,
5415,
5815,
6071,
6332,
6448,
offering to investors $90,000
% high-school-building bonds.
Denom. $1,000.
Date May 1 1917Prin. and semi-annual int. payable
at the State Treasurer's office, Topeka.
Due May 1 1937, subject to call
$5,000 at any int.-paying date after May 1 1927; $5,000 yearly May 1
to 1936, incl., and $40,000 May 1 1937.
Total debt, icnludmg this issue,
$133,000.
Assessed val. 1916, $6,129,877; actual val. (est.), $7,500,000.
and 1917 in 18 cities on
—1917—
as
ABILENE SCHOOL DISTRICT
and
rehearing of the case, in
1916
For. Agsl.
1714,
Kan.—BOND SALE.—D. E. Dunne
elections, four
—-1917
PROPOSALS
BOND
this week have been
of Liquor Licenses.—At the recent municipal
cities—Fall River, Fitehburg, Haverhill and Taunton—
voted in favor of a return to the issuance of liquor licenses.
the
offices of Lee, Higginson
Boston, and 43 Exchange Place,
term, affirmed the decision
of the lower court in holding that the amendment lost for
lack of receiving sufficient votes.
While the amendment
received a majority of the votes cast for members of the
General Assembly, the Court held that it did not receive a
majority of all the votes polled.—V. 104, p. 2258.
Massachusetts.—Four Cities Vote to Return to the Issuance
give the results for 1916
license question:
6768, 6770, 6771, 6872.
The above drawn bonds also may
ment at the
Tax Amendment Case.—The proposed amendment to
constitution, giving the General Assembly
power over the subject-matter of taxation of personal prop¬
erty, submitted to the voters at the general election in Nov.
1916, was effectively killed on Dec. 7, it is said, by the State
we
863, 882,
1108,
r
6694, 6698, 6723, 6744,
6913 and 6928.
of
Below
418, 451. 458, 461, 463,
2031,
2223, 2248,
2490,
2676, 2705,
2850,
3142,
3257,
3275,
3521,
3705,
Article 9 of the
Supreme Court which denied a
which the Court, at the October
156.
294,
1481, 1487,
editorial columns this week.
of).—State Supreme Court Denies
Letter C.—Nos. 415,
466, 491, 555, 571, 583, 660, 661, 674, 697, 699, 701, 799, 829,
904, 940, 944, 957, 991, 1000, 1042, 1043, 1076, 1097, 1106, 1107,
1129, 1144, 1157, 1212, 1214, 1224, 1336, 1346, 1408, 1436,
1492, 1507, 1514, 1516, 1582, 1627. 1646, 1675, 1676, 1689, 1692,
1715, 1789, 1891, 1918, 1946, 1954, 1957, 1959, 1976, 1979, 2017,
2050, 2058, 2068, 2090, 2144, 2158, 2162, 2163, 2170, 2177,
2249, 2287, 2304, 2305, 2312, 2358, 2364, 2468, 2469, 2471, 2473,
2493, 2521, 2523, 2527, 2532, 2544, 2609, 2612, 2656, 2660,
2719, 2746, 2747, 2755, 2759, 2763, 2772, 2787, 2800, 2809, 2811,
2875, 2882, 2889, 2890, 2903, 2996, 3019, 3027, 3063, 3084, 3133,
3146, 3154, 3173, 3177, 3203, 3223, 3226, 3232, 3248,
3264,
3318, 3332, 3346. 3404, 3410, 3428, 3444. 3445, 3450, 3464, 3503,
3536, 3552, 3563, 3586, 3593, rf604, 3657, 3698, 3700, 3701, 3703,
3717, 3718, 3776, 3779, 3781, 3783, 3801, 3840, 3846, 3861, 3871,
4001, 4008, 4021, 4022, 4041, 4045, 4046, 4072, 4085, 4089, 4145,
4170, 4171, 4183, 4189, 4198, 4216, 4217, 4267, 4315, 4345, 4366,
4403, 4416, 4431, 4483, 4541, 4553, 4607, 4618, 4619, 4667, 4679,
4764, 4779, 4815, 4842, 4910, 4914, 4923, 4924, 5003, 5011, 5014,
5046, 5085, 5095, 5104, 5118, 5121, 5124, 5129, 5135, 5140, 5147,
5232, 5238, 5245, 5268, 5309, 5311, 5343, 5352, 5383, 5384, 5394,
5436, 5448, 5463, 5585, 5645, 5646, 5693, 5768, 5769, 5779, 5799,
5862, 5863, 5864. 5866, 5871, 5941, 5953, 5959, 5977, 6019, 6034,
6090, 6095, 6099, 6242, 6249, 6274, 6277, 6280, 6293, 6305, 6331,
6333, 6346, 6348, 6359. 6376, 6401, 6413, 6414, 6435, 6438, 6444,
6452, 6453, 6474, 6497, 6510, and 6533.
19 bonds at $5,000 each. Letter D.—Nos. 6628, 6634, 6659,
much success,
France
A—Nos. 4, 16, 33 , 53 , 86, 114, 115 and
$500 each, Letter B.—Nos. 236, 241, 244, 263, 268, 286,
8 bends at $50 each, Letter
Financial
torial
will cease to bear
interest, viz.:
SALE.—On Dec. 3 $31,419 97
Merchants' Bank & Trust Co.
Date Sept. 21
1 for $419 97.
County, Wis .—BOND
stated, until 11 a. m. Dec. 17
OFFERING.—Proposals
for $110,000 5% 13>£-yr.
refunding bonds.
DISTRICT NO. 19 (P. O. Aurora), Hamilton
SALE.—The $15,000 5M % 20-year school-building
Nov. 19 to James T. Wachob.of
$15,200—101.333—and tot. Other bids were:
AURORA SCHOOL
County, Neb.—BOND
bonds—V. 105, p.
Omaha for
1819—were awarded on
Dec. 15 1917.]
Bolger, Mosser
THE
CHRONICLE
Willaman Co., Chicago__$15,000 less
$151 for
Bellan Investment Co., Denver
15,000 less $440 for
Bosworth, Chanute & Co., Denver
15,000 less $523 for
Hanchett Bond Co., Chicago
15,000 less $697 for
-
expenses
July 3
BARNARD TOWNSHIP,
Hughes County,
expenses
expenses
expenses
bonds
BAXTER
SPRINGS, Cherokee
County, Kan .—BOND SALE.—
Dunne & Co. of Wichita
recently purchased and are now offering
investors $100,000 5%
lateral-sewer-system bonds.
Denom. $500 and
$1,000.
Date Nov. 1 1917.
Prin. and semi-annual int.—M. &
N.—
payable at the State Treasurer's office,
Topeka.
Due $10,000 yearly.
Nov. 1 from 1918 to
1927, incl.
Bonded debt, including 5his
issue, $122,000.
Assessed valuation, $1,086,121; actual valuation
D. E.
(est.), $3,000,000.
BAYARD, Morrill County, Neb.—BOND SALE.—The Lincoln
Trust
$4,500 water-ext.
105, p. 1912.
and
V.
$9,000
5%
sewer
20-year
bonds
mentioned
City have purchased and
in
BEAUMONT, Jefferson County, Tex.—DESCRIPTION OF BONDS.—
The $100,000 5% gold
coupon park-site-purchase bonds voted
Aug. 7—
V. 105, p. 2198—are in the denoms. of
$1,000 and $500.
Date Jan. 1 1918.
Int. J. & J. at the City Treasurer's office or
at the National
City Bank,
N. Y.
Due $2,500 yearly from 1919 to
1938, incl.
Up to Dec. 8 no date
had been set for the
offering of the above bonds.
J. G. Sutton is City
annual.
CASS COUNTY (P. O.
Logansport), Ind.—BOND
Sealed proposals will be
received, it is stated, until 10 al
BEMIDJI, Beltrami County. Minn.—BOND OFFERING
$100,000 4% 9%-year
1917.
Prin.
and
semi-ann.
int.—J.
&
S.
ment bonds offered
Loan
D.—payable
at
were
Belmont
County,
Ohio.—BONDS NOT
SOLD.—No
Dec. 11.—V. 105, p. 2289.
on
BEVERLY, Essex County, Mass.—NOTE OFFERING.—Bids will be
by the City Treasurer, it is stated, until 5
p. m. Dec. 17 for
$25,000 notes dated Dec. 20 1917 and due
April 11 1918.
BONNER COUNTY (P. O.
Sandpoint), Ida.—BOND OFFERING.—
The County Commissioners will
receiver bias until 2
p. m. Dec. 20, it is
stated, for $100,000 not exceeding 6%
10-15-yr. (opt.) road and bridge
bonds.
Int. semi-ann,
received
BOUND
BROOK, Somerset County, N.
Dec. 4 three issues of
5% floating indebtedness
were
awarded
at
J.—BOND
SALE.—On
bonds, aggregating $28,900,
and int. as follows:
$15,000 to First National Bank, Bound Brook,
v
10,900 to II. K. Gaston, Somerville, N. J.
par
•
3,000 to Firemans Relief Association.
Denoms. 28 for $1,000 and 1 for
$900.
Int. J. & D.
Due $1,900 on
Dec'. 31 1918 and $2,000
yrly. on Dec. 31 from 1919 to 1931 incl. and
$1,000 Dec. 31 1932.
"
;
l^ioWIE
COUNTY (P. O. Boston), Texas.— VARRANT
Df'E. Dunne & Co. of Wichita recently purchased and are now
SALE.—
offering to
Denom. $1,000.
int.—A. & O.—payable at the
loanty Treasurer's office, or at the Seaboard Nat.
Bank, N. Y.
Due
$1*090 yearly April 1 from 1918 to 1922, incl., and $2,000
yearly thereafter.
Total warrant and bonded debt,
$224,000.
Sinking fund, $18,000.
Assessed val. 1916,
$15,669,000; real valuation (est.), $50,000,000.
"
ivfestors $50,000 6% coupon road and
bridge warrants.
)at© Oct. 10 1917.
Prin. and semi-annual
BRAINTREE,
temporary loan
Norfolk County, Mass.—TEMPORARY LOAN.—A
negotiated on Dec. 11 at a discount less than
5%.
BRIARCLIFF
MANOR, Westchester County, N. Y.—BOND SALE.
—II. A. Kahler & Co. of New York
were awarded $16,500
5% water bonds
offered on Dec. 11 at 101.083.
Denom. $500.
Date Nov. 1 1917.
Int.
M. & N.
Due $1,000 yearly on Nov. 1 from
1921 to 1936 incl. and $500
on Nov.
1 1937.
Bids of 101.01 were received from Geo.
B. Gibbons &
Co. of New York and Isaac W. Sherrill
Co.,
Poughkeepsie.
BROOKFIELD TOWNSHIP RURAL SCHOOL
DISTRICT, Trum¬
bull County, Ohio.—BONDS NOT
SOLD.—BONDS TO BE SOLD AT
PRIVATE SALE.—No bids were received
for the $3,000 5% school bonds
offered on Dec. 1—V. 105,
p. 2111.
These bonds ,we are advised, will
be disposed of at a private sale.
,
BRYAN, Brazos County, Tex.—BOND SALE.—On Nov.
5%
high-school-building bonds—V.
105,
p.
24 the $90,000
to the
2111—were awarded
BURLEIGH COUNTY
(P. O. Bismarck), No. Dak.—BOND SALE.—
On Nov. 10 the First Nat. Bank of
Bismarck was awarded $45,000
hYt %
refunding warrant bonds for $45,125, equal to 100.277.
Denom. $500 or
$1,000.
Date Dec. 1 1917.
Int. J. & D.
Due $25,000 in five years and
$20,000 in 10 years.
BURLINGTON SCHOOL DISTRICT
(P. O. Burlington), Des
County, Iowa.—BOND SALE.—On Dec. 6 the
$137,400 5%
refunding school bonds—V. 105, p. 2198—were awarded, to the Harris
Trust & Sav. Bank of Chicago for
$138,922 50—101.108—and int.
Other
Moines
bids
were:
,
.
.
Geo. White & Co.,
Geo.
M.
Bechtel
Dav'p't_$138,920|Halsey.,
Stuart & Co., Chic_$138,305
Mosser
&
WillaDavenport
138,4301
man, Chicago
138.745
Denoms. not less than $100 or more than
$1,000.
Date Jan. 1 1918.
Int. J. & J.
Due $1,000 yearly on Jan. 1 as follows:
$10,000 1 922 to
1924, incl., $12,000 1925 to 1927, incl.,
$14,000 1928 to 1930, incl., $15,000
1931 and $14,400 1932.
In addition to the
$137,400 bonds which mature
Jan. 1 1918, the district has
outstanding t'be following bonds: $41,000 due
Aug. 1 1919, $9,000 due Nov. 1 1920 and $3,100 due Dec.
1 1920.
A levy
of $10,000 was made July 2
1917, which will be applied towards the liqui¬
dation of the $41,000 mentioned aid a
levy will be made in 1918 and 1919
sufficient to pay the remainder of all said
bonds as they mature.
The
actual valuation of real and personal
property within the district for the
year 1917 is $19,571,116.
Taxable valuation, $4,892,779.
Moneys and
credits, $2,687,736.
School levy to be collected in 1918, 47 mills.
&
Co.,
CALDWELL COUNTY (P. O.
IBolger,
Lockhart), Tex.—BOND ELECTIONS.
—It is reported that an election will be held
in Lockhart DLstrict Dec. 22
to vote on the proposition to issue $200,000 road
bonds.
Vol. 105, p. 2111.
A proposition to issue $15,000 bonds in
Road Dist. No. 6 was held on
Dec. 15 and on Dec. 18 the issuance of
$15,000 bonds in ROad Dist. No. 3
will be submitted to the voters of that district.
V.
105, p. 2111.
CALIFORNIA.—BOND OFFERING.—Friend W. Richardson.
State
Treasurer, will sell at public auction at 2 p. m. Dec. 27 at
Sacramento,
$5,000,000 434% gold coupon highway bonds.
Denom. $1,000.
Date
on
Dec. 4
were
awarded
Banking Co., of Meridian,
Total bonded debt
CECIL COUNTY (P. O.
19 for
on
for
equip¬
Guaranty
that day to the
$1,200
(109.09)
and
int.
1917.
Int. ann. on
April 1 at County
Due $100 yearly on April 1 from
1922 to-
(this issue included) $1,100.
Elkton), Md.—DESCRIPTION OF BONDS.—
on Dec. 4 to
Townsend, Scott
tion of $500 and dated
July 1
int.—V. 105, p. 2289—are in the
denomina¬
1916.
Int. J. & J.
CLARKE
COUNTY (P. O.
Taitman),
The $45,000 loan warrants
offered on Jan.
awarded to
local banks.
BONDS NOT SOLD.—No award
has
bonds offered on Jan. 6 last.
Miss.—WARRANT SALE.—
6
last
(V. 103, p. 2357)
were
t
been made of the
$4,500 schooP
CLARKSDALE, Coahoma County, Miss.—BOND
SALE.—On Dec.
the $100,000 coupon street
impt. bonds (V. 105, p. 2198)
to the Win. R.
Compton Co. of St. Louis at 101.20 for
were
4
awarded
5Hs.
CLOQUET INDEPENDENT SCHOOL DISTRICT
Cloquet), Carlton County, Minn.—NO BONDS TO BE
NO. 7 (PJO.
ISSUED.—We
advised by L. F. Leach, District
Clerk, that the $70,000 bonds reported
having been recently voted were sold on March 27 last
as
are
as
these columns
on
mentioned in
April 7.
COHOES, Albany County, N. Y.—BOND
OFFERING.—Bids will be
received until 10 a. m. Dec. 24
by Adelard Gibeau, City
Comptrolle) for
$28,500
4registered tax-free bridge-improvement bonds.
Denom*
$500.
Date Dec. 15 1917.
Int. J. & D.
Due $1,500 yearly on Dec.
15
from 1918 to
1936, inclusive.
Certified check for 20% of the amount
of'
bonds bid for, payable to the
City Treasurer, required.
Bonded debt
(excluding this issue) Dec. 31 1917, $813,743.
Sinking fund, $1,272.
Tax rate (per
$1,000), $24 80.
COLLINGSWOOD SCHOOL DISTRICT
(P. O. CoIIingswood),
Camden County, N. J.—BOND
SALE.—This school district
Assessed valuation 1917, $12,928,162.,
sold $9,939 68 5% school
impt. bonds due in
thorized at an election some time
ago
by
1941,
recently
The bonds were
au¬
a vote of 107 to 10.
COLUMBIA CITY,
Whitley County,
Ind.—WARRANTS NOT
SOLD.—No award was made of the
$16,000 6% warrants offered on Nov.
12—V. 10,5, p. 1913.
These warrants will be reoffered
sometime
E. E. Erdmann is
City Clerk.
after
COLUMBIA COUNTY SCHOOL DISTRICT
NO. 2
(P. O. St.
Helens), Ore.—BONDS SOLD.—During November
$18,500 5H% bonds
were awarded to Morris
Brothers, Inc., of Portland.
Denom. $500.
Date
Nov. 20 1917.
Prin. and semi-ann. int.
payable at County Treasurer's
office, St. Helens, or at State fiscal
agency in New York City.
Bonded
debt (incl. this issue),
$38,500.
Assess, val. 1917,
$1,147,220; actual value
(est.), $2,300,000.
Population in 1917 (est.), 2,500.
CORNING, Steuben County, N. Y.—BOND
OFFERING.—Harry
Rood, City Clerk, wilfreceive bids until 2 p. m. Dec.
20 for $12,000
5%
bonds.
Denom.
water
$400 yearly
on
$400.
Date Jan.
1
1918.
Jan. 1 from 1919 to 1948, inclusive.
Int.
J.
&
J.
Due
CORSICANA, Navarro County, Tex.—BONDS
NOT TO BE ISSUED.
30 will not be issued, we are
—The $.50,000 deep
well bonds voted April
as the city has given up
thejdea of digging a well.
BONDS PROPOSED.—After Jan. 1 next
the city will very
likely ask for
bond issue for $400,000, to be used for a
water system.
informed,
was
Harris Trust & Sav. Bank of
Chicago at par and interest.
&
Jan. 1 1918.
*
'
1932, incl.
that day
Date Dec. 15
the office of the
received for the two issues of 5
% assessment bonds aggregating
$27,583 99, offered
Jan.
The $10,000 5%
20-year road bonds awarded
& Son of Baltimore at 102 and
or
BETHESDA,
bids
Trust
Denom. $100.
Date April 1
Treasurer's office in Meridian.
on
Mtge. & Trust Co. of N. Y.
Certified check on an
incorporated
trust company for
2% of the amount of bonds bid, payable to the
Board of Chosen Freeholders,
required.
The opinion of Reed, McCook &
Hoyt of N. Y. that the bonds are legal and
binding obligations of the above
Board will be furnished pin-chaser.
The U. S. Mtge. & Trust Co. will
certify as to the genuineness of the signatures of the
officials and the seal
impressed upon the bonds.
Purchaser to pay accrued int.
Bonded debt
(incl. these issues), $4,857,000;
sinking fund, $369,269; assessed valua¬
tion, $196,298,924.
OFFERING.—
m.
Int. semi-ann.
SCHOOL DISTRICT, Lauder¬
dale County, Miss.—BOND
SALE.—The $1,100 6%
building and
SCHOOL DISTRICT
SALE.—The State Land Board of
Oregon has purchased at par a $5,000 5%
building and equipment bond.
Int. J. & D.
Due Dec. 1 1937, subject to call at
option of Board.
BERGEN COUNTY (P. O.
Hackensack), N. J.—BOND OFFERING.
—Further details are at hand relative to the
offering on Dec. 17 of the
following 5% coupon or registered (purchaser's option) bonds not to
exceed
the amounts given—V.
105, p. 2289:
$519,000 road-impt. bonds.
Due $46,000 yearly on Dec. 15 from
1919
to 1928, incl., and $59,000 on Dec.
15 1929.
66,000 hospital bonds.
Due $2,000 yearly on Dec. 15 from
1918 to
1945, incl., and $1,000 yearly on Dec. 15 from 1946 to
1955, incl.
U.
bridge bonds.
aver,
CAUSEYVILLE CONSOLIDATED
,
JOINT
m.
now
CASPER, Natrona County, Wyo.—BOND
OFFERING.—Proposals
Bryan, City Clerk, until 10 a. m. Dec.
21 for
$59,000 6% 10-30-yr. (opt.) city
building bonds, it is stated. Int. semi¬
.—Proposals
will be received by Geo.
Stein, City Clerk, until 8 p. m. Jan. 7, for $25,000
bridge construction bonds at not exceeding
5% int.
Int. semi-ann.
Due
$1,250 yearly on July 1 from 1927 to 1946, mcl.
Cert, check for $500,
payable to the City of Bemidjt, required.
Proposals for these bonds will be received until 11:30 a.
by Jos. A. Brokel, County Collector.
Denom. $1,000.
are
will be received
by C. M.
Secretary.
BENTON AND LINN COUNTIES
NO. 9 (P. O. Corvallis), Ore.—BOND
numbered
offering to investors $200,000 5% coupon
road-improvement bonds.
Denom. $1,000.
Date July 1 1917.
Prin. and semi-ann.
int.—J. & J.—
payable at the fiscal agency of the State of
Oklahoma in N. Y. City.
Due
$8,000 yearly July 1 from 1918 to 1942, incl.
Total bonded
debt, including
this issue, $708,288.
Assessed valuation,
$20,553,582; est. actual value.
$30,000,000.
ornamental-street-lighting,
Denom. $500.
are
at hand relative to the
to
the $4,500
offered
CARMEL (TOWN) SCHOOL
DISTRICT UNIT NO. 2 (P. O. Mahopac), Putnam County, N. Y.—BOND
OFFERING.—Further details are
offering on Dec. 20 of the $35,000
5% school bonds
—V. 105, p. 2289.
Proposals for these bonds will be received
until 8 p. m.
on that
day by P. O. Anderson, Clerk of Board of
Education.
Denom.
$1,000.
Date Jan. 1 1918.
Int. ann. at the Putnam
Co. Nat. Bank,
Carmel.
Due $5,000 yearly on Jan. 1 from
1919 to 1923, incl.
Certified'
check for 10% of the amount of bonds
bid for required.
CARTER COUNTY (P. O.
Ardmore), Okla.—BOND SALE.—Geo.
W. & J. E. Piersol Co. of Oklahoma
Okla.—BOND SALE.—
On Nov. 21 Robinson &
Taylor of Oklahoma City purchased $53,000
6%
impt. bonds at par and int.
Denom. $1,000.
Int. semi-ann.
purchased
now
from 5,001 to
10,000, incl., and mature$250,000 July 3 1936, $375,000 yearly
July 3 from 1937 to 1948, incl., and
$250,000 July 3 1949.
Bonded debt Oct. 1
1917, $39,069,500:
Assessed
valuation 1917, $3,722,606,407.
road
Co. of Lincoln recently
1917.
Principal and semi-annual interest—J. &
J.—payable at?-,
the State Treasurer's office,
or, at the option of the
holder, at the Cali¬
fornia fiscal agency in N. Y.
City.
These bonds are part of an
issue of'
$15,000,000, due $375,000 yearly July 3 from 1923 to
1962, incl.
The
BARBERTON CITY SCHOOL DISTRICT
(P. O. Barberton), Sum¬
mit County, Ohio.—BONDS
NOT SOLD.—No award was made of
the
$30,000 5% coupon building bonds, it is
stated, offered on Dec. 8.—V. 105,
p. 2198.
bank
2381
&
a
CORVALLIS, Benton County, Ore.—BOND SALE.—Morris Broth¬
ers, Inc., of Portland, were awarded on Nov.
19 $12,848 11 6%
5H-yoar
improvement bonds for $12,936 11 (100.68) and int.
Mrs. Joan
M. Schaffer of Corvallis submitted a
bid of $2,077 for $2,000 of the
aver,
issue,
Denom. $500, except one fractional bond
for $348 11.
Date Nov. 1 1917.
Prin. and semi-ann. int.
(M. & N.) payable at the office of City Treasurer.
Total bonded debt (incl. this
issue), $484,326; less water bonds of
$74,500;
net bonded debt is
$409,826.
Assess, val.
1916, $2,332,530.
Actual
(est.), $3,887,549.
Population in 19K, 4,552; 1917 (est.), 6,325.
COTTONWOOD COUNTY CONSOLIDATED SCHOOL
DISTRICT
NO; 24 (P. O.
Storden), Minn.—BOND SALE.—On Dec. 5 the
$45,000
5H% tax-free site-purchase bonds (V. 105, p.
2198) were awarded to the
Wells-Dickey Co. of Minneapolis for $45,510 (101.133) and int.
The
First Nat. Bank of Windom bid
par for 5M % bonds and Bumpus & Co. of
value
Detroit offered
a
premium of $505.
CRESTLINE, Crawford County, Ohio.—BOND SALE.—The
$1,900
5% 1-5-year serial sewer bonds offered without success on June
5—V. 104,
p. 2367—have been awarded to the
Sinking Fund Trustees at
par and Int.
CROOKSVILLE, Perry County, Ohio.—BOND SALE.—The
$4,800
5% coupon refunding bonds offered
awardedf to the Crooksville Bank at
On
Aug. 20—V.
par and interest.
105,
p.
412—were
CUYAHOGA FALLS. Summit
County, Ohio.—BONDS A WARDED
IN PART.—Of the five issues of
5% sewer assessment bonds, aggregating
$47,950 52, offered on Oct. 13 (V. 105, p. 1438), the
$13,195 issue was
awarded on that day to the Provident
Savings Bank & Trust Co. of Cin¬
cinnati at 100.05.
BOND OFFERING.—W. F.
WillLston, Vil. Clerk, will receive bids, it is
stated, until Jan. 7 for $100,000 river bonds.
Cert, check for
10% of the
amount of bonds bid for
required.
CYGNET,
Wood
County,
Ohio.—BOND
of 5% bonds,
aggregating $2,800,
V. 105, p. 412—were awarded on
Bank Co. at par and int.
SALE.—The two Issues
offered without success on July 24—
Aug. 14 to the Wood County
Savings
CYPREMONT
DRAINAGE
DISTRICT, La .—BOND SALE.—On
Nov. i the Citizens' Bank of Jeanerette,
La., was awarded the $14,000
5%
1-35-year serial Sub-Drainage Dist. No. 2 bonds offered on
Feb. 5 last
at 98 (V. 104, p. 378).
DAYTON,
Ohio.—BOND OFFERING.—Additional information
Is at
5% coupon or regis¬
(V. 105, p. 2111).
Proposals
for these bonds will be received until 12 m. on
that day
by C. J. Neal,
Director of Finance.
Denom. $1,000.
hand relative to the offering on Dec. 17 of the
$100,000
tered (purchaser's option) water-works bonds
Date Dec. 1 1917.
Prin. and ann.
int. payable at the American Excnange Nat.
Bank, N. Y.
Due $5,000
yearly on Jan. 1 from 1919 to 1938 incl.
Certified or
solvent bank other than the
of bonds bid for, payable to the
some
cashier's check
on
one
making the bid, for 3% of the amount
City Treas., required.
Bids to be
made
„
$
THE
2383
forms furnished by the Director of Finance.
Purchaser to pay accrued
Official circular states that the city has never defaulted in the pay¬
on
int.
Bonded debt (excl. this issue) Dec. 2
1917, S62.205.392; water bonds, incl. in above, $13,630,064; sinking fund,
$5,812,076.
Assess, val. Jan. 1917. $969,767,060.
interest.
ment of bonds, notes or
DENNISON,
Tuscarawas County,
Ohio.—BOND OFFERING.—
will be received until 12 m. Dec. 23 by H. J. Andrews,
Village Clerk, for the following 6% street-improvement bonds;
$3,500 Logan street-improvement bonds.
Due $500 yearly on Sept. 1
from 1918 to 1924, inclusive.
Sealed proposals
5,000 Logan street-improvement
assessment bonds.
Due $500 yearly
March i from 1918 to 1927, inclusive.
on
,
Date Nov. 15 1917.
Interest annual.
Certified check
for $100, payable to the Village Treasurer, required.
Purchaser to pay
accrued interest.
Total debt Dec. 4 1917, $81,000; sinking fund, $3,800;
assessed valuation, $3,500,000.
Denom. $500.
-
DODGE CENTRE, Dodge County, Minn.—WARRANT SALE.—On
4 the $30,000 6% 1-10-year serial coupon tax-free sewer warrants
Dec.
S". 105, p. 2198) were awarded were: Minnesota Loan & Trust Co. of
inneapolis at par.
Other bids to the
Wells, Dickey & Co., Minneapolis, $30,000, less $700 for expenses.
Schanke & Co., Mason City, $30,000. less $762 for expenses.
Kalman, Matteson & Wood, Minneapolis,
St.
$30,000, less $985 for expenses.
County, Minn.—BOND
20-30-year (opt.) gold coupon tax-free building and equipment
105, p. 2198) were awarded to the First National Bank of Duluth
bonds (V.
at 95.786 and interest.
Other bids were;
Bolger, Mosser & Willaman, Chicago
Halsey, Stuart & Co., Chicago.
EAST
.
95.005
93.80
—
Ohio.—BOND OFFER¬
O. L.
5 for
1 for $700.
Date Nov. 1 1917.
Int. semi-ann.
Due $500
Oct. 1 from 1927 to 1931 incl. and $700 on Oct. 1 1932. Cert,
2% of the amount of bonds bid for, payable to the Vil. Treas.,
Bonds to be delivered and paid for within 10 days from time
Columbiana
PALESTINE,
County,
ING.—Sealed proposals will be received until 12 m. Dec. 31 by
Butts, Vil. Clerk, for $3,200 5% coupon park bonds.
Denoms.
$500 and
yearly on
check for
required.
Purchaser to pay accrued int.
of award.
EATON
County, Mich.—BONDS VOTED.—The
carried, it is stated, at the election held
Eaton
RAPIDS,
issuance of $30,000 water bonds
Dec. 3.—V. 105, p. 1913.
SCHOOL
ELMENDORF
DISTRICT
ACTION
Tex.—NO
County,
YET
(P.
Elmendorf), Bexar
Secretary of the
O.
1.—V.
TAKEN.—The
School Board advises us that no action has been taken looking towards
issuance of the $15,000 school building bonds on account of pending
the
liti¬
gation.—V. 104, p. 1619.
FAIRFIELD TOWNSHIP HIGH
SCHOOL DISTRICT (P. O. Swan
Quarter), No. Caro.—BOND OFFERING.—Sealed bids will be received
until Jan. 7 next by W. F. Credle, County Supt. of Schools, for $5,000
building bonds.
Bids are requested on bonds bearing 5, 5*4 and 6%
interest.
The bonds are to run for a period of 15 years from the date
thereof.
Assessed valuation 1916, $386,278.
Total tax rate (per $1,000),'
$6 65.
A similar issue of bonds was sold on July 16 last.—V. 105, p. 519.
Rice County,
Minn.—DESCRIPTION OF BONDS.—
The $15,000 5% permanent improvement revolving fund bonds awarded
Nov. 27 to the Wells-Dickey Co. of Minneapolis at 102 (V. 105, p.
on
Int. J. & D.
2290) are in denom. of $1,000 and dated Dec. 1 1917.
on
offered.
GREENVILLE, Washington County, Misb.—BOND SALE.—The
$50,000 5% bonds offered on Nov. 15 (V. 105, p. 1730) were awarded on
that day to the Wm. R. Compton Co. of St. Louis on a 5.375 basis.
De¬
nom. $500.
Date Jan. 1 1918.
Int. semi-annual in St. Louis, Chicago
or New York.
Due $2,500 yearly on Jan. 1 from 1919 to 1938, incl.
HAMILTON
DESCRIPTION
Due
1937.
FAYETTE COUNTY (P. O. Uniontown), Pa .—BOND SALE.—The
County Commissioners have awarded, it is stated, $94,000 4*4% road
bonds to Glover & Mac Gregor and Geo.
Dec. 15 1917.
Due Dec. 15 1927.
G. Applegate of Pittsburgh. Date
FILLMORE COUNTY SCHOOL DISTRICT NO. 138
(P. O. Lanes-
boro, Minn.—BOND SALE.—On Dec. 7 the $45,000 5% bldg. and equip,
the Minnesota Loan & Trust
and int.
Kalman, Matteson
& Wood of Minneapolis bid $47,990.
This bid appears to br higher than
that of the purchaser, but is so reported by the Sec'y of Board of Education,
and presumably had some qualifying condition which it was impossible to
bonds—V. 105, p. 2199—were awarded to
Co. of Minneapolis for $47,975 (106.611)
accept.
.
COUNTY
(P. O. New Albany), Ind.—BOND SALE.—On
Dec. 3 the $11,480 4*4%iroad bonds—V. 105, p. *199—were warded, it
is stated, tq the Mutual Trust & Deposit Co. of New Albany at par.
FLOYD
FORT
SMITH, Sebastian County,
Ark.—BOND SALE.—The $10,time ago were all disposed
000 Paving Dist. No. 12 bonds authorized some
of to local investors.—V. 103, p. 2447.
HAMMOND, Lake County, Ind.—BONDS NOT SOLD.—No award
made of the $22,000 4*4 % 20-yr. pumping plant bonds offered on
FRANKLIN
TOWNSHIP
RURAL SCHOOL DISTRICT
(P. O.
Cent), Portage County, Ohio.—BOND OFFERING.—Sealed proposals
12 m. Dec. 17 by J. G. Paxton, Clerk of Dist., for
$70,000 5% building and equipment bonds.
Auth. Sec. 7626 Gen. Code.
Denom. $1,000.
Date Jan. 1 1918.
Int. A.& O.
Due part each six
months beginning-Oct. 1 1919.
Cert, check for $200, payable to the Vil.
Treas., required.
Purchaser to pay accrued int.
will be received until
FRIO COUNTY COMMON SCHOOL DISTRICT NO. 15
(P. O.
Melon), Tex.—BOND SALE.—The $5,000 5% 15-20-yr. (opt.) coupon
building bonds (V. 105, p. 412) were purchased with county funds at par
and- int.
GERBER
DISTRICT
SCHOOL
8.—V.
105,
(P. O.
Gerber), Tehama County,
Calif.—BOND ELECTION.—An election will be held Dec. 20 to vote
$4,500 6% 3-year school bonds?
on
Denoms., $1,000,
$1,500 and $2,000.
DISTRICT
(P.
O.
Germantown).
Ohio.—BOND SALE.—On Dec. 11 the $5,000
SCHOOL
County,
5% 1-5-yr. serial deficiency bonds—V. 105, p. 2290—were awarded to the
First Nat. Bank of Germantown at 100.60 and int.
The Farmers and
Citizens Savings Bank of Germantown bid $5,027 50.
GLOUCESTER, Essex County, Mass.—DESCRIPTION OF BONDS.—
The $10,000 4*4 % drainage loan bonds awarded on Dec. 4 to the Gloucester
Safe Deposit & Trust Co. of Gloucester at par and int.—V. 105, p. 2290—
are
1820.
,
■
HART
TOWNSHIP
(P.
O. Hart), Oceana
County, Mich.—BOND
bids until May
OFFERING.—W. H. McFarland, Twp. Clerk, will receive
$25,000 5% coupon highway impt. bonds.
Denom. $1,000.
Date May 1 1918.
Int. M. & S. at the First National Bank, Hart.
Due
1
next
for
Sart yearly fromsinking fund $4,090. Bonded debt (ecxl. this issue) Dec.
1930 to 1938 incl.
1917 $26,000,
Assessed val. $2,209,180, tax rate
(per $1,000) $22 55.
HAYS, Ellis County, Kan .—BOND SALE.—An issue of $135,000
5% street-improvement bonds which was recently purchased by D. E.
Dunne & Co., of Wichita, is now being offered to investors.
Denom.
$1,000.
Date Aug. 1 1917.
Due $13,500 yearly from 1918 to 1927,
inclusive.
Total debt, including this issue, $326,500.
Water and electric
light debt, included, $140,500.
Assessed valuation, $2,983,444; actual
value (estimated), $4,000,000.
HENNEPIN COUNTY (P.
O. Minneapolis), Minn.—BOND SALE.—
$2,750 Ditch No. 29 bonds
On Nov. 5 the County Sinking Fund purchased
Int. J. & J.
for 4%s.
Denom. $275.
Date Jan. 1 1918.
$275 yearly on Jan. 1 from 1919 to 1928, incl.
in denomination of $1,000 and are dated Dec. 1
1917.
Int. J. & D.
County, Kan .—BOND SALE.—D. E.
purchased and are now offering to in¬
Dickinson
HERINGTON,
Due
Dunne & Co., of Wichita, recently
$30,473 31 4*4% improvement bonds.
Denoms. $1,000 and $500.
Dated July 1 1917.
Due $1,500 yarly July 1 from 1918 to 1936, inclusive,
and $1,973 31 July 1 1937.
Principal and semi-annual interest (J. & J.)
vestors
payable at the State Treasurer's office, Topeka.
Total debt, including this
Issue, $307,000.
Water and light debt, included, $160,000.
Assessed
valuation, $2,189,000; actual value, $2,750,000.
These bonds are a
and general obligation of the entire municipality.
direct
HIGGINS, Lipscomb County, Tex.—BOND SALE.—An issue of
$20,000 5% 10-40-year (opt.) water-works bonds has been awarded to the
Kansas City, Mo., at par and interest.
Denom.
$500.
Date Jan. 1 1917.
Interest annually on Jan. 1.
Merkle Machinery Co.,
COUNTY
O.
(P.
Ohio.—BOND SALE.—
Hillsboro),
The $5,264 21 5% coupon road bonds offered without success on June 1—
V. 104, p. 2666—-have been awarded to Breed, Elliott & Harrison of Cin¬
cinnati
at par
and int.
BONDS NOT
YET
SOLD.—The County Auditor advises us that the
$7,800 5% bonds offered without success on Oct. 6—V. 105, p. 1547—are
still unsold and that the county would be pleased to dispose of the issue
privately.
•
HIGHLAND PARK, Wayne County, Mich.—BOND SALE.—Dur¬
ing the latter part of November Bolger, Mosser & Williman of Chicago
were awarded $57,000 20-year police station building bonds at par and int.
4*4s, it is stated.
HILLSBOROUGH
or
(P. O. Tampa), Fla.—BOND ELEC¬
election will be held Dec. 18 to deter¬
shall issue $875,000 5% 30-yr. serial road-
COUNTY
TION.— We are advised
mine whether
that
an
not this county
construction bds.
HOBOKEN, N. J .—BONDS NOT TO BE ISSUED.—The two issues of
4*4% school-building bonds, aggregating $679,176 61, offered without
on June 27 (V. 104, p. 2474), will not be issued.
NOTE SALE.—The $125,000 5% school notes authorized on Oct. 3
(V. 105, p. 1439), and maturing six months from date, have been pur¬
chased by the Trust Company of New Jersey.
success
Hughes
HOLDENVILLE,
County,
Okla.—BONDS OFFERED BY
is offering
W. & J. E. Piersol Co., of Oklahoma City,
6% coupon park bonds.
Denom. $1,000.
Date
Aug. 1 1917.
Principal and semi-annual interest (F. & A.) payable at the
fiscal agency of Oklahoma in New York City.
Due $1,000 in the odd
years on Aug. 1 from 1919 to 1937, inclusive.
Gross debt, $215,000.
Water debt, $115,000.
Sinking fund, $25,000.
Assessed value 1917,
$1,431,758; established actual value, $2,500,000.
The sale of these bonds
was reported in V. 105, p. 733.
to
investors
$10,000
HOMESTEAD SCHOOL DISTRICT (P. O. Homestead), Allegheny
County, Pa .—BOND OFFERING.—Further details are at hand relative
the offering on Dec. 19 of the $165,000 4*4% coupon building bonds
(V. 105, p. 2290).
Proposals for these bonds will be received until 7:30
p. m. Dec. 19 by W. H. Langham, Secy, of School District.
Denom.
$1,000.
Date Dec. 1 1917.
Int. J. & D. at Monongahela.
Dueparteach
year, beginning Dec. 1 1919.
Certified check for 2% of the amount of
bonds bid for, payable to the "District," required.
Bonded debt (excl.
this issue) Dec. 10 1917, $274,000; sinking fund, $73,000.
Assessed value,
$10,404,000; tax rate per $1,000, $15 00.
to
HOUSTON, Tex.—BONDS PROPOSED.—The city
issuing $100,000 bonds after the first of the year.
HOUSTON
GERMANTOWN
Montgomery
p.
HARTFORD, Washington County, Wise.—BOND SALE.—On Dec.
1-15-yr. serial coupon water works ext. bonds—V. 105,
p. 2199—were awarded to the Hartford Exchange Bank at 100.174 and
int.
Bids, at about par, were received from the following:
Chas. F.
Coffin, W. R. Compton Co., Halsey Stuart
& Co., Bolger, Mosser &
Willaman, Taylor, Ewert & Co., all of Chicago; First National Bank of
Hartford and the Second Ward Savings Bank of Milwaukee.
4 the $15,000 5%
BANKERS.—Geo.
FOSTORIA, Seneca County, Ohio.—BOND SALE.—The five issues
of 5% coupon street impt. assessment bonds, aggregating $42,300 offered
on Oct. 23—V. 105, p. 1547—were awarded on that day to Weil, Roth
& Co. of Cincinnati at par and int.
the question of issuing
Oct. 18 to
HIGHLAND
Jefferson County, Miss.—BOND SALE.—On Dec. 4
electric-light-plant and water-works-system bonds
(V. 105, p. 732) were awarded to the Jefferson County Bank, Fayette, at
par.
Denom. $500.
Date Nov. 1 1917.
Interest annually on March 1.
FAYETTE,
1
CITY SCHOOL DISTRICT, Glenn County, Calif.—
OF BONDS.'—The $20,000 5% building bonds awarded
Cyrus Peirce & Co. of San Francisco for $20,027 70 (100.138)
and int. (V. 105, p. 1820) are in denom. of $1,000 and are payable yearly
on Oct. 1 as follows: $1,000 from 1921 to 1934 incl. and $2,000 from 1935
to 1937, incl.
Iqt. ann. in Nov.
on
Dec. 1 from 1918 to 1920, incl.
the $17,000 5% 20-year
Due Nov.
Seneca County, Ohio.—BONDS NOT TO BE
$6,500 electric light and power company bonds au¬
by the Village Council in May—V. 104, p. 2035—will not be
F. B. Reed Is Vil. Clerk.
GREENSPRINGS,
thorized
at par
EUREKA, Lincoln County, Mont.—BOND SALE.—Charles S. Kid¬
& Co. of Chicago have purchased the $16,000 6% 10-20-yr. (opt.)
coupon water bonds offered on Nov. 5.—V. 105, p. 1820 at 101.03*
$5,000 yearly
Ohio.—BONDS NOT SOLD.—
5*4 % street impt. bonds offered on Sept.
The bonds will not be reoffered until spring.
625.
p.
OFFERED.—The
der
FARIBAULT,
County,
Highland
made of the $4,240
was
105,
was
DISTRICT (P. O. Duluth),
SALE.—On Dec. 7 the $100,000
Louis
4*4%
GREENFIELD,
No award
Nov.
INDEPENDENT SCHOOL
DULUTH
[VOL. 105.
CHRONICLE
HEIGHTS
(P.
O.
of
no
Harris County, Tex.—
Mayor, advises us that up to
Houston),
BONDS NOT YET SOLD.—J. B. Marmion,
Dec. 8
is contemplating
sale had been made of the $195,000 (unsold portion of an issue
$225,000) 5% 20-40-year (opr.) school-building bonds offered without
on Sept.
17 (V. 105, p. 2112).
success
HUBBARD
SCHOOL DISTRICT
(P. O. Hubbard),
Ohio.—BONDS TO BE OFFERED SHORTLY—The
without success on July
the market in the near
VILLAGE
Trumbull County,
$150,000 5% coupon school bldg. bonds offered
16—V. 105, p. 307—-will again be placed upon
future.
Due $1,000 yearly beginning Dec. 1 1918.
GRAND
HUNT
County, Mich.—BONDS AWARDED IN
PART.—Of the nineteen issues of 5% bonds aggregating $321,000 offered
on
Dec. 10—V. 105, p. 2290—$100,000 water-bonds were awarded to
Edmund Bros, of Boston at 103.46 and int. and $49,000 impt. bonds to
Geo. E. Ellis of Grand Rapids at par and int.
Other bids were:
„
RAPIDS,
Kent
'
$321,000
F~<Name—
Total.
$100,000
Water Bonds
First Trust & Savings Bank, Chicago
$324,210
Halsey, Stuartj& Co., Chicago
323,506
Harris Trust & Savings Bank, Chicago
$102,900
R. L. Day & Co., Boston
102,099
Detroit Trust Co., Detroit
101,600
Grand Rapids Trust Co., Grand Rapids
101,500
W. R. Compton & Co., Chicago
101,050
Michigan Trust Co., Grand Rapids
100,175
O. Shinkman, City Clerk, advises us that the remaining issues will be
read vert ised.
GREENBURGH
(Town) SCHOOL DISTRICT (P. O. Tarrytown),
N. Y.—BOND OFFERING.—William C* Wright,
Westchester County,
Clerk Bd. of Ed., will receive bids until 2 p. m. Dec. 20, it is stated, for
$15,000 4*4 % 1-15-yr. serial school bonds.
Int.
ann.
COUNTY
(P.
O.
Greenville),
Texas .—BONDS NOT YET
OFFERED.—Up to Dec. 8 no date had been set for
$100,000 5% Road District No. 2 road bonds voted
836).
J. F. Hales is Clerk of Commissioners' Court.
the offering of the
Aug. 11 (V. 105,p.
HUNTERDON COUNTY (P. O. Flemington), N. J .—BOND OFFERJohnson, Director of the Bd. of Chosen Freeholders, will
ING.—John
receive bids, it is
serial road bonds.
bonds bid for
stated, until 11 a. m. Dec. 20 for $48,000 4*4% 2-9-yr.
Int. semi-ann.
Cert, check for 2% of the amount of
required.
IMPERIAL IRRIGATION
DISTRICT (P. O. El Centro), Imperial
County, Calif.—BOND OFFERING.—Further details are at hand relative
offering on Dec. 18 (not Dec. 17. as first reported) of the $1,500,000
5% gold coupon (with priv. of reg.) canal-system-improvement bonds (Y.
105, p. 2199).
Sealed bids for these bonds will be received until 10 a. m.
on that day by F. H. Mclver, Secy. Board of Directors.
Denom. $1,000.
Date July 1 1917.
Int. J. & J. at the Treasurer's office, El Centro.
Due
on
July 1 as follows: $19,000 1938 and 1939; $28,000 1940 and 1941;
$37,000 yearly from 1942 to 1945, incl.; $47,000 yearly from 1946 to 1949,
incl.; $57,000 1950 and 1951; $56,000 1952; $150,000 1953; $175,000 1954
and 1955; $200,000 1956 and 1957.
These bonds are tax-exempt.
Certi¬
fied check for 5% of amount of bid, payable to the District Treasurer, re-
to the
Dec. 15 1917.]
quired.
THE
CHRONICLE
debt, including this issue, Dec. 5
1917, $6,000,000.
Floating debt, $300,000.
Assessed valuation 1917,
$25,467,949.
Tax rate
(per $1,000), $17 50.
Bids will be received
MARSHFIELD,
Coos County, Ore.—BOND
SALE.—On Nov. 26
were awarded
$35,496 17 6% 1-10-year
improvement bonds, dated Dec. 1
1917, for $35,772 17, equal to
*00.777.
Other bidders were:
Lumbermen's Trust Co.,
Moon
Morris Brothers, Inc., of-Portland
for the whole or
any part of
part of an issue of $2,500,000
authorized
by vote of 2,372 to 181 at an election held
May 26, $1,000,000 of which
has already been sold.
Abstract of proceedings and
legal opinion of Chas.
P. Eells, of
Goodfellow, Eells, Moore & Orrick,
attorneys-at-law, San
Francisco, Cal., approving the validity of said
bonds, will be furnished the
successful bidder.
The board of directors reserves the
right to reject any
or all bids.
These bonds have been
approved by the Irrigation District
Bond Commission of California.
the
$1,500,000.
These bonds
(opt.)
are
Portland
First Nat. Bank, Portland
35,506 17
*
Less discount of $800 for
Bk.,Coquille(for$4,000) 4,120 00
attorney's fees, &c.
Denom. $500, except one fractional
bond fqr $496 17.
Prin. and semiint. payable at office of
City Treasurer.
Total bonded debt (incl. this
issue), $184,656 64; sinking fund, $12,800.
Assessed
ann.
$2,674,639; actual
1917 (est.), 5.000.
School
,
,
MASSENA (Town), St. Lawrence
County, N. Y.—BOND OFFER¬
ING.—Sealed proposals will be received until
2p.m. to-day (Dec. 15) by
Andrew J. Hanmer, Town
Supervisor, for $75,000 5% coupon
bridge
bonds.
Denom. $500.
Date Feb. 1 1918.
Int. F. & A.
Due $3,000
yearly on Feb. 1 from 1919 to 1943, incl.
Certified
MEDFORD,
for these bonds will be received
until
12
m.
on
(incl.
this
issue) Dec.
1917 $52,319,098.
10
Purchaser to pay accrued int.
1917 $465,000.
No
that
104,
LANSDOWNE, Delaware County, Pa.—BOND SALE.—The
$25,000
4% tax free coupon road bonds offered without
success on June 5—V.
104,
Whelen & Co. on a 4)4 %
LANSFORD, Carbon County, Pa.'—BONDS VOTED.—The
question
of issuing $50,000
park, sewer and street impt. and $12,000
funding 4)4 %
5-30-yr. (opt.) bonds carried at a election held
recently—V. 105, p. 1548.
Int.
semi-annually.
These bonds will be sold as
money is needed.
LARKSVILLE, Luzerne County, Pa.—NO ACTION YET
TAKEN.—
No action has yet been taken
looking towards the issuance of the $130,000
bonds voted in November
1916.—V. 104, p. 2666.
LASSEN COUNTY (P. O.
Susanville), Calif.—NO ACTION YET
TAKEN.—No action,has yet been taken
looking towards the issuance of
the $60,000 Boulevard Dist. road
bonds.—V. 105, p. 1332.
LEBANON
VILLAGE
SCHOOL
DISTRICT
(P.
O.
Lebanon),
Warren County, Ohio.—BONDS NOT
SOLD.—The $35,000 5%
coupon
high-school bonds offered on Dec. 7—V.
105, p. 2022—were not sold.
I
LEE COUNTY (P. O.
Giddings), Tex.—BONDS NOT YET OFFERED.
—Up to Dec. 8 no date had been set for the
offering of the $150,000 5%
Road District No. 1 road
impt. bonds voted March 20.—V.
104, p. 1413.
Denom. $1,000.
Date April 10 1917.
Int. A. & O.
Due April 10 1957;
subject to call.
John H. Tate is Co.
Judge.
LE
FLORE COUNTY
this district.
The bonds were placed in two
days.
In view of the
great
demand for these securities, which is
considered remarkable at
this time
when investment conditions are so
unfavorable, the
syndicate at once
exercised its option on an additional
$5,000,000 and these, too*
were
readily taken up by the public at the same terms—100
and interest.
The bonds are exempt from all Federal
taxes, except inheritance
taxes,
and individuals
owning the same are not required to make a
statement of
ncome derived therefrom or
any declaration of ownership to the
Federal
authorities.
LINDEN
SCHOOL
DISTRICT
(P.
,
O.
Linden), Union County,
N. J.—BOND SALE.—An
issue of $63,000 5% school
bonds has been
awarded to the Trustees for the
Support of Public Schools of New
Jersey
at par.
Denom. $1,000.
Date Nov. 15 1917.
Int. M. & N.
Due
$3,000 yearly from 1918 to 1934 incl. and
$4,000 yearlly from 1935 to 1937
incl.
LORAIN, Lorain County, Ohio.—BONDS
VOTED.—By a vote of
2,430 to 295 the question of
issuing $175,000 Black River-impt. bonds
carried, it is stated, at the election held Dec.
4.—V. 105, p. 1821.
LOUISE, Yazoo County, Miss.—BOND OFFERING
POSTPONED.—
The offering of the two issues of
6% sewer and liquidating bonds,
aggre¬
gating $7,500, advertised which were to have been
offered on Dec. 4, has
been postponed until a later date.
M
LYNDHURST TOWNSHIP (P. O.
Rutherford), Bergen CdtfJuT,
N. J.—BOND OFFERING.—John
F. Woods, Director of
Revenue, will
receive bids, it is stated, until 8
p. m. Dec. 27 for $200,000 sewer
bonds.
Cert, check for 2% of the amount of
bonds bid for required.
MACOUPIN COUNTY (P. O.
Carlinville), III.—BONDS VOTED.—
The issuance of $160,000
4)4% road bonds carried at -the election held
Dec. 1—V, 105, p. 1227.
J. A. Blaeuer is
County Clerk.
MADISON COUNTY (P. O.
London), Ohio.—BOND SAKE.—The
$27,000 5% coupon highway bonds offered
without success on Nov.
26—
V. 105, p. 2199—-will be
pin-chased by the State Industrial
Commission.
MALDEN, Middlesex County,
Mass.—TEMPORARY LOANT^Un
Dec. 10 a temporary loan of
$300,000 issued in anticipation of
revenue
and maturing in six months—V.
105, p. 2291—was
awarded to
White,
Weld & Co. of Boston at
4.95% discount plus $7 premium.
Other bidders
were:
Discount. I
R. L. Day & Co., Boston
4.98% [8. N. Bond & Co., Boston
Curtis & Sanger of Boston bid
4.74% discount for
Discount.
5.10%
$100,000.
MANATEE COUNTY (P. O.
<
Bradentown), Fla.—BOND
'
OFFERING.
—Sealed bids will be received, it is
stated, until 10 a. m. Jan. 7 for the
$200,000 6% road and bridge construction
bonds voted in
Commissioner's Dis¬
trict No. 2 on Nov. 6.
V. 105, p. 2022.
Date Jan. 1 1918.
Due $40,000
Jan. 1 1928, 1933, 1938, 1943 and
1948.
KWm. M. Taylor is Clerk,
Board of County Commissioners.
MARION
^
COUNTY
(P.
O.
Marion), Ohio.—NO ACTION YET
TAKEN.—No action has yet been taken
looking towards the issuance of
the $50,000 La Rue-Richwood
pike bonds.—V. 105, p. 1439.
MARSHALL COUNTY (P. O.
Marshalltown), Iowa.—BOND
FERING.—Newspapers state that proposals will be received
$100,000 4)4 % bridge-construction bonds.
next for
OF¬
until Jan. 1
State
Treasurer, Columbus, Ohio,
The bonds
or at the National City
Bank, New York City.
issued in denominations of
$1,000, $500 and $100 (the
are
$500
and $100 denominations
being due in 1946 only) and
with the privilege of
registration, both
are
coupon in
form,
principal and interest.
as to
The
Issue matures $600,000
yearly on Dec. 1 from 1922
Interim certificates will be delivered
pending the
The
legality of the bonds
was
The Miami
lature of Ohio
$100,000,000,
embraces
an
as
a
and
Act of the
Legis¬
of that State for the
prevention
1913 destroyed 400 lives and
property approximating
protection of cities, villages, farms and
of 169,600
area
an
political subdivision
industrial and fertile
acres
Troy, Franklin, Miamisburg and
highways,
of land
sections of Ohio.
counties and includes the cities of
having
to 1946,
inclusive.
engraving of definitive
approved by John C. Thomson of
Oakley of Chicago.
Conservancy District, organized under
iof floods, which in
-LJ
,
,
The bonds, which are
legal investments for savings banks, trust
com¬
panies, commercial banks and building and loan
associations in the State
of Ohio, are dated Dec.
1 1917.
Principal and semi-annual interest (June
1 and Dec. 1) is payable at the
option of the holder at the office of the
New York City and Horace S.
Assess,
val. $596,380;
(est.) value $1,000,000.
9,000 Pocola Twp. bonds.
Bonded debt, including this
issue, $19,000.
Assess, val. 1916,
$393,513; est. actual value $600,000.
Denom. $1,000.
Date July 1 1917.
Prin. and semi-annual int.
(M. &
S.) payable at the fiscal agency of Oklahoma in
N. Y. City.
Due July
1 1942.
considered, it is
CONSERVANCY DISTRICT, Ohio.—BOND
SALE.—Com¬
mencing last Monday (Dec. 10) a syndicate headed
by the National City
Co., Harris, Forbes & Co. and the
Guaranty Trust Co., all of New York
City, offered to investors at 100 and interest,
$10,000,000 5)4% bonds of
to investors the
LICKING COUNTY (P. O.
Newark), Ohio.—BONDS NOT SOLD.—
No bids were received Tor the
four issues of 5% bonds
aggregating $99,500
offered on Dec. 8.—V.
105, p. 2112.
»
;
«,
LINCOLN COUNTY SCHOOL DISTRICT
NO. 55 (P. O. Suther¬
land), Neb.—BOND SALE.—On Dec. 7 $36,000
6% high-school-building
bonds were awarded to the Farmers
State Bank of Sutherland for
$36,726
(102.016) and int.
Denom. $1,000.
Date July 1 1917.
Int. J. & J.
Due $3,000 yrly.
July 1 from 1922 to 1933 incl.
,
'■
' •
(P. O. Merced), Calif.—BONDS
PROPOSED.—
MIAMI
bonds.
(P. O. Poteau), Okla.—BOND
SALE.—Geo.
W. & J. E. Piersol Co. of Oklahoma
City has purchased and is now
offering
following 6% 25-yr. coupon road impt. bonds.
$10,000 Cameron Twp. bonds.
Bonded debt this issue $10,000.
2572.
p.
MERCED COUNTY
The question of
issuing $1,250,000 highway bonds is being
stated.
•
KOSCIUSKO COUNTY
E. 2368—were recently awarded to Townsend,
asis.
OFFERING.—Sealed
MENDHAM, Morris County, N. J.—NO ACTION YET
TAKEN.—
Leo Robinson,
Borough Clerk, advises us that no action has
yet been taken
looking towards the issuance of the
$30,000 4% reservoir bonds.—V.
Assessed
(P. O. Warsaw), Ind.—BOND SALE.—On
Dec. 5 the $35,757
4)4% 6)4 yr. aver, road bonds—V. 105,
p. 2112—were
awarded to Geo. B.
Williams for $35,762
(100.013) and int.
There were
no other bidders.
Ore.—BOND
Medford, for
Bonded debt
floating debt.
County,
$500v payable to the Recorder, required.
The legality of these bonds
will be approved by Howard A.
Hanson, at¬
torney, of Seattle, whose opinion will be delivered to
the purchaser, and
they will be certified as to genuineness
by the First Nat. Bank of Medford.
Bidders will be required to bid
upon blank forms furnished by the
Recorder.
Bonds will be delivered in
Medford, Chicago or New York, at option of
purchaser.
semi-ann.
will be furnished
purchaser.
Jackson
bids will be received until 12 m.
Dec. 21 by M. L.
Alford, City Recorder,
for $25,000 5%
coupon refunding bonds.
Denom. $1,250,
Date Feb. 1
1918.
Prin. and semi-ann. int.
(J. & J.) payable in Medford,
Chicago or
New York, at the
option of the purchaser.
Due $1,250
yearly Jan. 1
from 1920 to 1939, incl.
Cert, check on a national bank or
trust company,
or
any bank of
is
S.
check for 1% of the
for, payable to the above Town
Supervisor, required.
amount of bonds bid
Hayes, Co. Treas.
Denom. $1,000.
Date April 1 1918.
int. (A. & O.) payable at
option of holder in New
York exchange, at the office of the
Co. Treas.
Due $5,000 yrly. on
April
1 from 1919 to 1934 incl. and
$20,000 yrly. on April 1 from 1935 to
1940
incl.
Cert, check on an
incorporated bank or trust company for
2% of
the amount of bonds bid for
required.
The validity of these bonds
will
be
approved by Hawkins, Delafield & Longfellow of N. Y. whose
opinion
and
1917,
Population in 1910, 2,980;
MASON CITY, Cerro Gordo
County, Iowa.—BOND SALE.—Local
sewage-disposal bonds have been awarded to the
National Bank.
JEFFERSON COUNTY (P. O.
Watertown), N. Y.—BOND OFFER¬
ING.—Additional information is at hand relative to
the offering on Dec.
17 of the $200,000
4%% registered highway impt. refunding
bonds.—V.
105, p. 2291.
Bids
day by B.
(est.), $5,000,000.
First
25 (P. O.
Jonesboro),
sale had been made of
Board.
valuation
value
papers state that $10,000
5% 20-year building bonds offered on Aug. 16
(V. 105, p.<4730).
Denom. $100.
Date Aug. 1 1917.Int. F. & A..
R. L. Dickerson
Secretary of Parish
Co.,
—
$41,861,040.
JACKSON PARISH SCHOOL DISTRICT NO.
La.—BONDS NOT YET SOLD.—Up to Dec. 3 no
the $7,000
& Gidley, contrac¬
tors, Portland
$35,496 17
Durfee, Niles & Co., Tol_*35,546 17
35,531 17 R. E. Shine, V.-P. 1st Nat.
$35,633 67
-
Devereaux
Mtge.
Portland-
IOWA FALLS, Hardin
County, la.—BOND SALE.—Geo. M. Bechtel
& Co. of
Davenport were awarded on June 1 last $24,304 4
)4% funding
bonds for $24,375
25, equal to 100.293.
Denom. $1,000.
Date June 1
1917.
Int. J. & D.
Due in 5, 10 & 20 yrs., subject to call
after 10 yrs.
ITALY INDEPENDENT SCHOOL
DISTRICT (P. O. Italy), Ellis
County, Tex.—BOND SALE.—Powell, Garard &
Co., of Chicago, were
awarded on Jan. 6 the
$23,000 building and equipment bonds
(V. 104, p.
472.
The price paid was
$23,802 50, equal to 103.499.
•
JACKSON, Jackson County, Mich.—BOND
OFFERING.—Clifton
H. Vedder,
City Clerk, will receive bids until 8 p. m.
Dec.; 17 for $70,000
4)4% water-works-impt. bonds.
Denom. $1,000.
Date Dec. 15 1917.
Intt semi-ann.
Due $4,000 yearly on Dec. 15 from
1919 to 1928 incl. and
$3,000 yearly on Dec. 15 from 1929 to
1938 incl.
Cert, check for
2% of
tne amount of bonds bid
for, payable to the above City
Clerk, required.
Total bonded debt (incl. this
issue), $1,126,894.
Assess, val.
Prin.
2383
Bonded
in
one
of the most
important
The District takes in
part of nine
Dayton, Hamilton, Middletown,
Piqua,
numerous
other smaller
municipalities,
total estimated population of 300,000. ' The
Miami Valley is one
of the chief
manufacturing centres of the United States, somewhat
excep¬
tional in having most fertile
soil, which makes the region
largely selfa
supporting.
There are about 1,000 factories in the District.
The official circular states that the total
estimated cost of
carrying out
the project as approved
by the consulting engineers is
$24,945,000, and the
plan is to issue $15,000,000 bonds the first year and
$5,000,000 each in
the second and third
years.
The benefits
to
the
circular,
estimated
cost
amount
of
the
approved by court,
according
to
$75,706,678,
work.
The
bonds
or
District, supported by levies against all the
District.
more
are
a
than
three
times
the
direct
obligation of the
taxable property within
the
The total 1916 grand tax
duplicate value of properties assessed
benefits, which includes cities, villages and
counties, assessed as units,
is $1,194,816,600.
About 50% of the benefits of
$75,706,678 are assessed
against the real property in the District In
proportion to the benefits;
50%
against the municipalities within the Districts as units.
for
The $15,000,000
bonds just issued represents the total
bonded debt at this time.
Secretary of the Treasury McAdoo, in replying to a letter
from E. A
Deeds, President of the Miami Conservancy District,
Dayton, Ohio, in
which the latter asked for
permission to proceed with the flood
control
financing, announced that he had no objection to offer to the
financing
of this project, since "the
preservation of human life and the public
welfare
are concerned in this
conservancy project."
Although the $15,000,000 bonds have all been
placed, an advertisement
on a preceding page of this week's issue
simply as a matter
appears
of
record.
MILLERSBURG SPECIAL ROAD
DISTRICT, Calloway County,
Mo.—BOND ELECTION.—On Dec. 21 an
election will be held to
vote on
the question of
issuing $11,000 road-impt. bonds, it is stated.
MINERAL CITY, Tuscarawas
County, Ohio.—BONDS TO BE REOFFERED IN SPRING.—The $8,000
6% water-works bonds offered with¬
(V. 105, p. 1439) will be reoffered in the
out success on Oct. 1
spring,
MINERVA VILLAGE SCHOOL DISTRICT
(P. O. Minerva), Stark
Ohio.—BOND SALE.—The following bids
wene received for
the $3,900 6%
coupon bldg. bonds offered on Dec. 3.—V.
105, p. 2200:
Durfee, Niles & Co., Toledo
$4,037 80
First National
Barnes
County,
Bank,
ville
3,915 00
MONTGOMERY, Hamilton County, Ohio.—BOND
SALE.—During
November $7,670 5%
534-year
aver, street bonds were
to the First Nat. Bank of Norwood at
par.
awarded, it is stated,
MONTOURSVILLE, Lycoming County, Pa.—BONDS
ISSUED AT PRESENT.—The
$40,000 street-paving
June 5—V. 104, p. 2369—will not be
issued at present.
land is Boro.
Secretary.
MYERSDALE,
Somerset
County,
NOT TO BE
bonds voted on
Sam. E. Sunder¬
Pa.—BONDS NOT
15-30-year opt.
FERED AT PRESENT.—The
$20,000 4%
TO
BE
OF-
street-paving
2384
and
sewer
10—V. 105, p. 414—will
E. J. Dickey is Borough Secretary.
bonds voted at the election held July
not be offered until next year.
NEW
BRAUNFELS,
Comal
SALE.—The
Tex.—BOND
County,
$10,000 5% 5-40-year opt. fire-statiori bonds voted at the election held
Sept. 11—V. 105, p. 1227—were awarded on Nov, 17 to local investors at
par.
Denom. $100.
Date Nov. 1 1917.
Int. M. & N.
Darke County, Ohio.—BOND SALE.—An issue of
$4,000 6% bonds was recently awarded to W. L. Slayton & Co. of Toledo
at 101.27.
Denom. $400.
Date Dec. 11917.
Int. J. &D.
Dueinl923.
NEW MADISON,
OFFERING.
by Harry A.
Archibald/City Comptroller, for the following 5% registered bonds:
$96,700 municfpal-impt. bonds.
Due $12,000 on May 1 from 1920 to 1926,
NEW ROCHELLE, Wesfthester County, N. Y.—BOND
—Sealed proposals will be received until 11 a. m. Dec. 17
incl., and $12,700 on May 1 1927.
110,500 school bonds.
Due $10,000 yearly on May 1 from 1923 to 1932,
incl., and $10,500 on May 1 1933.
A
_
23,000 city-yard-bldg. bonds.
Due $3,000 yearly on May 1 from 1923
to 1929, incl., and $2,000 May 1 1930.
■
31,000 refuse-destructor bonds.
Due $3,000 yearly on May 1 from 1923
to 1932, incl., and $1,000 May 1 1933.
Date Dec. 1 1917.
Prin. and semi-annual int.—M. & N.—at the office
of the City .Treasurer.
A deposit in cash or a certified check on some
solvent banking corporation in New York or any national bank for 2%
of the amount of bonds bid for, payable to the city; required.
Bids must
be upon printed form furnished by the above City Comptroller.
Bonds
to be delivered at the office of the U. S. Mtge. & Trust Co. of N. Y. at
11a. m. Dec. 21.
The bonds will be engraved under the supervision of
the U. S. Mtge. & Trust Co. of N. Y., who will certify as to the genuineness
of the signatures and the seal thereon, and their legality will be approved
by Caldwell & Masslich of New York, whose opinion will be furnished
purchaser.
Purchaser to pay accrued int.
Total bonded debt, excl. these
issues,
$2,984,138.
Sinking fund, $79,490.
Assessed val. real estate,
$60,875,726, franchises $1,497,370; total valuation, $62,373,096.
„
„
„
„
,
.
NORTH BEND, Coos County,
Ore.—DESCRIPTION OF BONDS.—
$26,288 25 6% 1-10-year opt. improvement bonds awarded on Nov. 27
Inc., of Portland for $26,364 25—100.28$—and int.
and blank bonds—Y. 105, p. 2292—are in denom. of $500, except one
fractional bond for $288 25, and are dated Dec. 1 1917.
Prin. and semiThe
to
Morris Brothers,
payable at City Treasurer's office.
Other bidders were: First
Bend, par for $5,000, and Scandinavian-American
Bank, Marshfield, $21.308 25 for the entire issue of $21,288 25.
Total
bonded debt, incl. this issue, $192,634.
Assessed valuation 1917, $1,308,030; actual value (est.), $3,500,000.
Population in 1910, 2,078; 1917
int.
ann.
Nat.
Bank of North
(est.), 3,350.
NORTH WILKESBORO, Wilkes County, No.
FERING.—Proposals will be received until Dec. 20 for
bonds, it is stated.
DISTRICT
SCHOOL
YAKIMA
NORTH
(P.
Caro.—BOND OF¬
$95,000 6% funding
Yakima),
O. North
Yakima County, Wash .—BONDS PROPOSED .—Reports state that
issuance of $75,000 school-building bonds is being considered. ->»» b V*
the
NORWICH, Chenango County, N. Y.—BOND OFFERING.—Sealed
until 2 p. m. Dec. 20 by Edward C. Davis, City
bids will be received
Chamberlain for $12,000 5%
appropriation bonds.
Series No. 2.
Denoms.
(16) $500 and (4) $1,000.
Date Jan. 1 1918.
Int. J. & J. Due $500
yrly. on Jan. 1 from 1919 to 1934 incl. and $1,000 yrly. on Jan. 1 from 1935
to 1938 incl.
Cert, check for 1% of the amount of bonds bid for payable
to the above City Chamberlain required.
Purchaser to pay accrued int.
Mich.—BONDS AWARDED
IN PART.—Concerning the $250,000 4K% coupon highway bonds, for
which bidwere rejected on Nov. 35 (V. 105, p. 2200), F. B. Babcock,
County Clerk, under date of Dec. 11, writes us as follows:
Wm'. B. Dana Co TTNcw"York / NT Y.V
M «** ft*
'
Dear Sir.—In reply to yours of recent date, beg to advise that cannot
state when the $250,000 Oakland County highway bonds will again be
OAKLAND COUNTY (P. O. Pontiac),
Eandled on the market. Certain ofthink
laced by local banks. I do not the
re-advertise
in all probability they
as
maturities have already been
that It would be necessary to
will handle the entire issue. ,
Yours truly,
B. BABCOCK,
***■
rTT"
7m"
1'
'
County Clerk.
—mmrmmmm-mmm
iw.
SCHOOL DISTRICT (P. O. Okauchee), Waukesha
County, Wise.—BOND SALE.—An isue of $14,000 5% school bonds was
awarded on Oct. 1 to local investors at jpar.
Denoms. 50 for $100, 10 for
$500 and 4 for $1,000.
Int. ann. in Feb.
Due Feb. 1930. 1 ■
t I "
OKAUCHEE
ONEIDA,
County,
'Madison
Int. J. & D.
May 22 1917.
Y .—BOND
N.
advises us that an issue of
awarded in May last to the Oneida
Clerk
SALE.—The
City
$6,125 25 4sewer bonds was
Savings Bank of Oneida.
Date
Due parteach year beginning Dec. 1 1917.
INDEPENDENT SCHOOL DISTRICT (P. O. OsMahaska County, Okla.—BOND OFFERING.—Bids (sealed
will be received until 2 p. m. Dec. 20 by L, T. Shangle, Sec.
Board of Education, for the $55,000 5% coupon tax-free building bonds
voted Oct. 10—V. 105, p. 1731.
Denom. $1,000.
Date Jan. 1 1918.
Int. J. & J. at Oskaloosa.
Due $5,000 yrly. from 1928 to 1938 incl.
Cert,
check for $1,000, payable to the "District," required.
Bonded debt,
including this issue,
$345,000.
No floating debt.
Assess, val. 1917
$2,225,000.
' i
OSKALOOSA
kaloosa),
and verbal)
OTTAWA COUNTY (P. O. Miami),
5 the propositions to
election held Dec.
jail bonds carried, it is
PAULDING,
$3,350 5%
The
were
stated.—V. 105,
Okla.—BONDS VOTED.—At an
issue $350,000 road and $50,000
415. » jm
yfrfr-* W >-♦*
p.
Paulding County, Ohio.—BONDS NOT SOLD.—The
refunding bonds offered on Oct. 27—V. 105, p. 1440—
not sold.
COUNTY SCHOOL DISTRICT NO.
7 (P. O. Langhorn),
Ariz.—BIDS REJECTED.—All bids received lor the $10,000 5H% 20-yr.
PINA
building bonds offered on Dec.
1—'Vj. 105, p. 1915—were rejected.
SOLD^-
PLEASONTON, Atascosa County, Tex.—BONDS NOT YET
Up to Dec. 4 no sale had been made of the $20,000 5% 40-yr. reg.
works bonds offered without success on Aug. 23—V. 105, p. 1228.
Armstrong is Town Clerk.
'
POND
SCHOOL
Cal.—BOND
water¬
E. H.
DISTRICT (P. O. Bakersfield), Kern County,
3 the $7,000 6% 5-11-year serial coupon
SALE.—On Dec.
School-building and equipment bonds (V. 105, p. 2133), were awarded to
of San Francisco, for $7,181, equal to 302.585.
F. M. Brown & Co.,
PORTLAND, Ore.—BOND OFFERING.—City Comptroller Charles A.
McLennan will receive proposals until 1 p. m. Dec. 24, it is stated, for
$65,000 dock bonds.
k
PORTSMOUTH,
Scioto
County,
Ohio.—BOND
OFFERING.—
will be received until 12 m. Jan. 3 by Louis A. Bucker,
Auditor, for $15,000 5% coupon sewer-extension trends.
Denom.
$500.
Date Nov. 1 193.7.
Int. M. & N. at the office of the City Treasurer.
Due $5,000 yearly on Nov. 1 from 1925 to 1927, incl.
Certified check on
some solvent bank for 2% of the amount of bonds bid for, payable to the
above City Auditor, required.
Bids must be unconditional.
Purchaser
to pay accrued interest.
Sealed proposals
City
CITY SCHOOL DISTRICT (P. O. Portsmouth),
County, Ohio.—BOND SALE.—On Nov. 30 the $40,000 5%
school bonds (V. 105, p. 2023) were awarded, it is stated, to the
First National Bank of Portsmouth at par and interest.
PORTSMOUTH
Scioto
coupon
POTTER COUNTY (P. O. Amarillo), Tex.—NO BONDS CONTEM¬
PLATED.—The reports that this county was contemplating the issuance of
$150,000 roaddmpt. bonds are erroneous, according to a letter received
from the County Judge.
V. 104, p. 1181.
j M
'MM >' f* >«f
Butler
County, Pa.—NO ACTION YET TAKEN.—
F. P. Critchlow, Borough Clerk, advises us that no action has yet been
taken, looking towards the Issuance of the $10,000 road bonds, voted on
June 10.—V. 104, p. 2668.
1
1 ;
;
t
j
;
r^'i* ) ^
^
J-;©!
PROSPECT*
QUINCY,
Logan
County,
Ohio.—NO BONDS TO
BE ISSUED.—
Using newspaper
reports, we reported In V. 105, p. 2200, that this village
recently voted $10,000 street-impt. bonds.
We are now advised by J. M.
Cromer, Vil. Clerk, that this village does not intend to issue bonds at
present.
<
' :
M
'
M M |
*7'v!
RANDOLPH, Cedar County, Neb.—BOND SALE.—The $6,000 5%
5-20-year opt. coupon sewer bonds offered on Aug. 30 V. 105, p. 735)
were awarded on Oct. 10 to the Lincoln Trust Co., Lincoln, at par.
105.
oil.
CHRONICLE
THE
r
RAVENNA, Portage County, Ohio.—BOND SALE.—An issue of
$5,217 66 5% paving bonds was awarded on Nov. 24 to the Sinking Fund
Trustees at par and int.
Denoms. $500 and $217 66.
Date Sept. 51917.
Int. M. & 8.
Due part each year from 1918 to 1927 incl.
Pacific
RAYMOND,
County,
Wash.—BOND
OFFERING.—City
Treasurer M. Neville will receive proposlas, it is stated, until
Dec. 24 for $134,330 not exceeding 8% improvement bonds.
check for 5% required.
Sauk
REEDSBURG,
County,
Wis.—BOND
8 p. m.
Certified
SALE.—On Nov.
5
$6,500 5% West Side Sewer Dist. bonds were awarded to the Citizens' Bank
of Reedsburg at par.
Denom. $500.
Date Oct. 1 1917.
Int. ann. on
Feb. 1 at City Treasurer's office.
Due $500 yearly on Feb. 1 from 1919
to 1931, inclusive.
INDEPENDENT SCHOOL DISTRICT (P. O. Riesel),
County, Texas.—BOND SALE.—Halsey, Stuart & Co. of
awarded on April 2 the $12,000 5% coupon building bonds.
V. 105, p. 1415.
The price paid was $12.050—equal to 100.416.
Denom.
$500.
Date Apr. 2 1917.
Int. ann. on Apr. 2.
Due 1957, subject to call
part yearly after 5 years.
*
RIESEL
McLennan
Chicago
were
•
No?
SCHOOL DISTRICT NO. 3, Wilson County,
$5,000 6% 20-year building bonds
were awarded to the Hanchett Bond Co. of Chicago at par.
Denom.
$500.
Date Jan. 1 1918.
Int. J. & J.
Due Jan. 1 1938.
RIDGE
ROCK
Caro.-r-BOND SALE.—On Dec. 3 the
ROCKY RIVER, Cuyahoga County, Ohio.—BOND OFFERING.—
will receive bids until 12 m. Dec. 20 for the
following 5H % assessment bonds:
$4,350 00 Wooster Road impt. bonds.
Denoms. 3 for $400 and 7 for $450.
Date Dec. 1 1917.
Due on Oct. 1 as follows: $400 1919, $450
*
1920, 1921; $400 1922; $450 1923, 1924; $400 1925 and $450
1926 1927 and 1928.
Frank Mitchell, Village Clerk,
46,259 10 West Lake Road impt. bonds.
Denoms. 1 for $259 10, 6 for
$500 and 43 for $1,000.
Date Dec. 1 1917.
Due $2,259 10
Apr. 1 1919, $2,000 Oct. 1 1919, $2,000 Apr. 1 1920, $2,500
Oct. 1 1920, $2,000 Apr. 1 1921, $3,000 Oct. 1 1921, $2,000 on
Apr. 1 and $2,500 on Oct. 1 from 1922 to 1924, incl., $2,000
Apr. 1 1925, $3,000 Oct. 1 1925, $2,000 Apr. 1 and $2,500
Oct. 1926 and 1927, $2,000 Apr. 1 1928 and $3,000 Oct. 1 1928.
26,159 40 West Lake Road impt. bonds.
Denoms. 1 for $159 40, 6 for
$500 and 23 for $1,000.
Date Nov. 1 1912.
Due $1,159 40
Apr. 1 1919, $1,000 Oct. 1 1919, $1,000 Apr. 1 1920, $2,000
Oct. 1 1920, $1,000 on Apr. 1 and $1,500 on Oct. 1 from 1921 to
1923, incl.. $1,000 Apr. 1 1924, $2,000 Oct. 1 1924, $1,000 on
Apr. 1 and $1,500 on Oct. 1 from 1925 to 1927, incl., $1,000
Apr. 1 1928 and $2,000 Oct. 1 1928.
24,964 00 Beach Cliff Blvd. impt. bonds.
Denom. 1 for $964, 10 for $500
and 19 for $1,000.
Date Dec. 1 1917.
Due $964 Apr. 1 1919.
$1,500 Oct. 1 1919 and $1,000 on Apr. 1 and $1,500 on Oct. 1
from 1920 to 1928, incl.
*
«
24,687 00 Falmouth Drive impt. bonds.
Denoms. 1 for $187, 9 for $500
and 20 for $1,000.
Due $187 Apr. 1 1919, $2,000 Oct. 1 1919
and $1,000 on Apr. 3 and $1,500 on Oct. 1 from 1920 to 1928, incl.
Auth. Sec. 3914, Gen. Code.
Int. A. & O.
Certified check for $500
required.
Bonds to be delivered and paid for within 15 days from time of
Purchaser
award.
Dec.
193 7,
1
to
pay
accrued int.
$138,186; no floating debt;
valuation 1917, $3,206,330; tax rate
Bonded debt (excl. this issue)
sinking fund, $9,949. Assessed
(per $1,000), $14.20.
O. Runge), Karnes County, Tex.
RUNGE SCHOOL DISTRICT (P.
—BOND SALE.—As a matter of record we are
reporting the sale of the
$40,000 5% building bonds voted Dec. 12 1916.
V. 103, p. 2448.
bonds were awarded in December 1916 at 103-20 and lithographed
to Powell, Garard & Co. of Chicago.
Denom. $1,000.
Int. Feb. 1 & Aug. 1.
Due $1,000 yearly for 40 years.
These
bonds
Date Feb. 1 1917.
■
Ohio.—BOND SALE.—The $70,bonds offered without success on
awarded during that month to the Provi¬
ST. BERNARD, Hamilton County,
000 430-year coupon street-impt.
May 31 (V. 104, p. 2370) were
dent Savings Bank & Trust Co. of Cincinnati at par.
»
.
ST. PETERSBURG, Pinellas County, Fla.—BONDS A WARDED IN
PART.—Of the four issues of 5% bonds, aggregating $180,000, offered on
were awarded at par and int. to local
Central Nat. Bank, $20,000 to American
2023),'$60,900
Nov. 20 (V. 105, p.
banks as follows: $20,000 to the
Bank & Trust Co.,
and $20,000 to First Nat.
Bank, all of St. Petersburg.
PARISH FOURTH SCHOOL DISTRICT (P. O
Mandeville), La.—BOND SALE.—The $15,000 5% bldg. bonds voted at
the election held April 3 (V. 105, p. 1519) were awarded to thp Covington
TAMMANY
ST.
Bank & Trust Co.
Denoms. $100 and $500.
Due part each year on May 1.
of Covington at par.
Int. M. & N.
May 1 1917.
SANTA FE SCHOOL DISTRICT (P.
Mex.—BONDS VOTED.—The question of issuing
stated, at an election held Dec. 31
ty, New
Date-
O. Santa Fe), Santa Fe Coun¬
$28,000 school
bonds carried, it is
SCOOBA, Kemper County, Miss.—BOND SALE.—The $3,000 6%
20-year electric-light bonds offered on Oct. 15 (V. 105, p. 1549) were
awarded on Nov. 23 to John Nuveen & Co., of Chicago, at par.
BEACH,
SEAL
County,
Orange
Calif.—BOND OFFERING.—Pro¬
posals will be received by M. H. Snow, City Clerk, until 8 p. m. Dec. 20
for $45,000 b% sewer-system bonds voted on Nov. 12—V. 105, p. 2114.
Denoms. 30 for $1,000 and 30 for $500.
Date Jan. 2 1918.
Prin,. and
semi-ann. int. (J. & J.) payable at office of City Treasurer.
Due $1,500*
yearly on Jan. 2.
Cert, check for 2% of the amount of bid, payable to the
City Treasurer, required.
SHACKLEFORD COUNTY (P. O.
Albany), Tex.—BOND SALE.—
The $50,000 5 % 5-40-year (opt.) coupon Road
tion bonds (V. 105, p. 1640) were awarded on
at par.
Dist. No. 2 road construc¬
Nov. 3 to Jno. B, Oldham
-
Mendenhall), Miss.—BOND SALE.—
that on Aug. 6 last A. Q. May of
awarded the $60,000 Central
Highway Dist. and $40,000 Fifth Supervisor's Dist. 9% 25-year bonds
offered on May 7.
V. 104, p. 2264.
IDenom. $500.
SIMPSON
COUNTY
(P.
O.
Chancery Clerk T.J. Peacock advises us
Jackson and Harris & Co.
of Chicago were
SIOUX CITY, Woodbury
County, Iowa.—BOND SALE.—An issue Of
18 has
$200,000 refunding bonds advertised to be offered for sale Dec.
been sold at private sale, we are advised by the city authorities.
SOUTHEAST ARKANSAS LEVEE DISTRICT, Chicot Desha and
Counties, Ark.—BONDS NOT TO BE SOLD THIS YEAR.—
Lincoln
Board of Directors,
await the
not less than
5-30-year serial refunding and levee
on April 10.
V. 104, p. 1624.
H. Thane, Sec'y
the Board has decided to
further
efforts
SOUTH ST.
to sell
advises us under date of Dec. 4 that
close of the war before making any
$800,000 nor more than $1,009,000
impt. bonds offered without sucdess
PAUL, Dakota County, Minn.—BOND ELECTION.—
Reports state that the question Of issuing
will be submitted to a vote on Dec. 18.
$100,000 street-paving bonds
O. Rockport), In4.—BONDS NOT SOLD.—
The County Auditor writes us that the $18,000 414% 10-year infirmary
bonds offered on Dec. 7 (V. 105, p. 1822) were not sold for the reason that
the money needed was supplied from the sale of the county farm.
SPENCER COUNTY (P.
SPRINGFIELD
SCHOOL DISTRICT
(P. O.'Springfield), Sarpy
County, Neb.—BOND SALE.—The Lincoln Trust Co. of Lincoln pur¬
on Oct. 1 $20,000 5% school bonds at par.
Denom. $1,000.
Date
July 1 1917.
Int. ann. on July 1.
Due .July 1 1917. These bonds were
voted at the election held June 11 (V. 105, p. 97).
chased
TERREBONNE PARISH SCHOOL DISTRICT NO. 3 (P. O. Houma),
OFFERING.—H. L. .Burgess, Supt. of Parish School Board,
11a.m. Jan. 15, it is stated, for the $75,000 5% school
bonds mentioned in V. 105, p. 628.'
La.—BOND
will receive bids until
CONSOLIDATED SCHOOL DISTRICT (P. O. Tiro), Craw¬
Ohio.—NO ACTION YET TAKEN.—No action has yet
towards the offering of the $40,000 school bonds voted
election held Sept. 26.
V. 105, p. 1437.
Wm. W. Davis is Clerk
TIRO
ford
County,
been taken looking
at the
Board of Education.
TODD COUNTY (P. O. Long Prairie), Minn.—BOND SALE.—On
3 the $30,000 5% 6-11-year serial funding bonds (V. 105, p. 2200)*
awarded to Wells-Dickey Co. of Minneapolis at par and int.^ Ru-
Dec.
were
olph Kleybolte & Co. of
Cincinnati bid $29,250.
Dec. 15 1917.]
THE
,
TOLEDO, Ohio.—BONDS AUTHORIZED.—An
for the
ordinance
CHRONICLE
providing
issuance of $150,000
5% 30-yr. park and boulevard bonds
City Council, it is stated, on Dec. 5.
passed by the
WASHBURN, Bayfield County, Wis.—BOND
SAVE.—The Common
Council has issued the
$18,000 5% 20-year coupon
street-impt. (city'sportion) bonds recently authorized.
V. 105, p. 2201.
Denom. $500.
Date
Nov. 1 1917.
Prin. and semi-annual
int. (M. & N.) payable at the
Con¬
tinental & Commercial Nat.
Bank, Chicago.
was
UNION
COUNTY (P. O.
Marysville), Ohio.—BOND SALE.—Two
5% road bonds, aggregating$29,900, were
awarded in November,
stated, to the People's Bank of
Marysville at par.
These bonds,
together with five other issues of
5% road bonds, aggregating
were offered on
$54,720,
Oct. 4, the sale
having already been reported by us.—
V. 105, p. 1822.
issues of
It
is
UTICA,
N.
troller, wiU
WATERTOWN, Middlesex County,
Mass.—TEMPORARY LOAN.—
On Dec. 10 the
temporary loan of $50,000, issued in
anticipation of revenue,
and maturing Apr. 16 1918
(V. 105, p. 2293), was awarded to F. S.
Moseley
& Co. of Boston at
Old
Y.—BOND OFFERING.—Stuart W.
Snyder, City Comp¬
m. Dec. 19 for the
following registered tax
$40,000 00
O.
,
WAUPUN
was
awarded
on
DISTRICT
(P.
O.
Waupun),
Fond du Lac
building bonds
$100 to $1,000.
issue of $16,000
4%
been awarded to local investors at
par.
Date Sept, 1 1916.
Int. ann. in Feb.
Denoms.
WAVERLY, Pike County, Ohio.—BOND OFFERING.—Bids will
be
received until 12 m. Dec. 29
by Leo W. Larbach, Vil. Clerk, for $3,500
6%
2-8-year serial funding bonds.
Denom. $500.
Date Nov. 15 1917.
Int.
semi-ann.
Due $500 yearly Nov. 15 from
1919 to 1925 incl.
Cert, check
10% of the amount of bonds bid for,
payable to the Vil. Treas., required.
Bonds to be delivered and paid for within
10 days from .time of award.
Purchaser to pay accrued int.
Bonded debt (incl. this
issue) Dec. 8 1917,
$56,979; sinking fund, $410; assessed val.,
$1,402,830; tax rate (per $1,000),
$15.
May
Denom. $2,000.
Date July 1 1917.
Due $2,000 yearly July 1 from
1919 to 1928 incl.
July 1.
SCHOOL
has
Waco), York County, Neb.—
Trust Co. of York
5.53% discount
County, Wise.—BOND SALE.—An
VERONA SCHOOL DISTRICT
(P. O. Verona), Essex County, N. J.
—BONDS VOTED.—By a vote of
134 to 38 the question of
issuing $35,000
4)4 % school bldg. bonds carried at an
election held Nov. 27.
par.
__4.89% discount
4.90% discount
„__4.95% discount
;
WAUPUN, Fond du Lac County, Wise.—BOND
SALE.—The Gen¬
Contracting Co. of Minneapolis has been awarded in
payment for work
performed the $40,000 4% street impt. bonds
mentioned m V. 105, p. 417,
and also $7,000 6%
special impt. 1-5-year serial bonds.
purchaser.
Prin. and semi-ann. int.
payable at the office
City Treas.
Cert, check for 2% of the
amount of bonds bid
for,
payable to the City
Treas., required.
Bids must be unconditional.
building bonds at
were:
„
eral
of the
WACO SCHOOL DISTRICT
(P.
BOND SALE.—The First Loan &
Other bidders
Richardson. Hill & Co.. Boston
5%
public-impt. bonds.
Date Dec. 1 1917.
Due $4,000
yearly on Dec. 1 from 1918 to 1927, incl.
2,221 76 4)4%
delinquent tax bonds.
Date Oct. 11917.
Due $221 76
Oct. 1 1918. and $500
yearly on Oct. 1 from 1919 to 1922, incl.
Denom. to suit
20 $20,000 5%
Int. ann. on
4.69% discount.
Colony Trust Co., Boston
R. L. Day & Co., Boston
S. N. Bond & Co., Boston—
receive bids until 12
free bonds:
2385
for
WAKE COUNTY (P. O:
Raleigh), N. C.—BOND OFFERING.—A. J.
Wood, Clerk Bd. of Co. Commrs., will receive
bids, it is stated, until 12 m.
9 for $100,000
5% 30-year funding bonds.
Cert, check for $2,000
Jan.
required.
-
WESTCHESTER
.
WALWORTH COUNTY SCHOOL DISTRICT
NO. 13 (P. O.
So. Dak.—BOND
Selby),
SALE.—An issue of $15,000
5% school bonds has been
purchased by State school and
public land funds at par.
Denoms. $100
and $200.
■'»
OFFERING.—Proposals
WAPAKONETA, Auglaize
County, Ohio.—BOND SALE.—The three
Issues of 5% coupon
street-impt. bonds, aggregating $29,000, offered with¬
on Nov.
19—V. 105, p. 2114—were
awarded on Dec. 7, it is
stated, to Otis & Co. of
Cleveland, at par and int.
WARREN,
Warren
of 434% sewer,
(V. 105, p. 205)
at
101.091.
County, Pa.—BOND SALE.—The
flood-protection and fire-truck bonds,
$500.
issues
Date
July 1 1927.
BOND
three
aggregating $17,000
July 31 to Harris, Forbes & Co. of N. Y.
July 1 1917.
Int. J. & J.
Due
were awarded on
Denom.
CALL
O.
White
will be received until
1918 to 1927, inclusive.
Denom. $1,000.
Date Dec. 1
at
the
office
national bank
SAL£J.-^-The $66,500
5% coupon street-impt. and bridge bonds offered
on Nov. 3
(V. 105, p.
1441) have been purchased by the
Sinking Fund Trustees. *
(P.
Plains),
N.
Y.—BOND
12 m. Dec. 18 (date
changed
from Dec. 4) by Robert A.
Patteson, County Comptroller, for the follow¬
ing 5%'bonds:
$127,000 coupon Bronx Parkway bonds.
Due $3,000 June 1 1955;
$19,000
yearly June 1 from 1956 to 1961, incl., and
$10,000 June 1 1962.
120,000 registered county sewer bonds.
Due $12,000 yearly June 1 from
out success
WARREN, Trumbull County, Ohio.—BOND
COUNTY
of
or
the
1917.
County Treasurer.
trust company for
Prin. and int. (J. &
D.) payable
Certified check on a State or
3% of bonds bid for, payable to Wm.
Bonds to be delivered and
paid for at office
Archer, Co. Treas., required.
of Co. Treas. not later than
Dec. 27.
These bonds will be certified as to
Purchaser to pay accrued interest.
genuineness by the U.S. Mtge. & Trust
Co., which will also certify as to the
signatures of the county officials
and the seal impressed
thereon, and legality will be
approved by Hawkins,
Delafield & Longfellow, of New York
City, a copy of whose opinion will
be furnished purchaser.
Bonded debt
i(excluding this issue), $9,974,550 51; floating debt, $211,616
87; assessed valuation, real
estate, $404,692,668; personal, $7,365,702.
FINANCIAL
ENGINEERS.
City of New Orleans, La.
THE
BOND CALL
November 28th, 1917.
PUBLIC NOTICE is hereby
given, under the
provisions of Act No. 23 of 1914, as amended
by
Act No. 69 of the General
of Louisiana for the
year
Assembly of the
1916, and under
State
CERTIFICATES issued by the City of New
Orleans of the issue of 1916 and due
January 1st,
1918, from No. 1 to No. 133, both
inclusive, each
for $1,000, will be
paid at this office on the first
to said date.
A. G. RICKS,
Commissioner of Public Finance.
Purchasers
Engineers
ordi¬
nances Nos. 1800 and
2895, Commission Council
Series of the City of New
Orleans, that PAVING
day of January, 1918, with interest
Financiers
STONE&WEBSTER
Contractors
Operators
Managers
FINANCE public utility developments.
of
Public Utility and Industrial
BUY AND SELL securities.
Properties
DESIGN
Bteam
electric
power
stations, hydro¬
REPORTS—VALUATIONS—ESTIMATES
developments, transmission
lines, city and interurban railways,
plants, industrial plants and
gas
43 EXCHANGE
PLACE, NEW YORK
LONDON
CHICAGO
buildings.
CONSTRUCT either from
IS IT NOT
signs
SOUND POLICY
for
do your
to
you
ing business with
bank¬
MANAGE
Company?
Such
look
a
you
are
can
trator,
not
your
as
if
It
you
Executor,
Guardian,
Trustee.
only
money
alive, but,
act
or new
railway, light,
power
projects.
161 BROADWAY .NEW YORK.
Expert Operators and Engineers
is
at
Electric Light, Power, Water, Gas.
Ice and Street Railway
Properties,
while
wish,
BOSTON
NEW YORK
CHICAGO
We
Adminis¬
Receiver
Legal
lic
Deposi¬
descrip¬
a
This
tends
Company
to
Personal
Estate
Bonds
to
remittance
and
the
of
Real
High Grade
fc collection
rents,
Investment
Bonds
to
Pub¬
Reports
Stocks.
and
General
Alton 8. Ml let
HUMPHREYS&MILLER, Inc
ENGINEERS
"Management of Your Estate."
Power—Light—Gas
Municipal and Corporation
UNION TRUST
166
Issues Underwritten
COMPANY
Eighty
Preferred
Alex. O. Humphreys
inter¬
Write for our booklet
NEW
of
Mortgage
Engineering.
est and dividends.
OF
and
Valuations,
time*
at
Issues
First
lof
Property
and
prepared
Entire
Utility
at¬
management
the
i
especially
are
offer
or
tion.
and
Engineering &
Management Corporation
and gas
can
for funds [of. every
tory
General
public utility properties,
companies.
company
after
on
proposed extensions
Trust
a
Own de¬
architects.
neers or
REPORT
our
from designs of other engi¬
or
We
YORK
the
specialize
In
securities
BROADWAY
of
MINING
NEW
YORK
ENGINEERS
Mississippi Valley and the
Broadway
South.
Capital and Surplus $8,600,000
H.
M, CHANCE
Mlnln, Engin.er.
&. CO.
Mid G«olo,l,ta
COAL AND MINERAL PROPERTIES
BOND
F.M. Chadbourne& Co.
Broad
St.
[ississippi Valley Trust Co.
Examined,
Managed,
Orexel BJdf.
Appraised
PHILADELPHIA
ST. LOUIS
Investment Securities
786
DEPARTMENT
W. H.
Goadby & Co.
Members New York Steck
Newark, N.
J.
NO. 74 BROADWAY
Exchange
NEW
YORK
These bonds
were
YAKIMA
4y2e.—V. 105,
offered without success on Dec. 10 as
[VOL. 105.
CHRONICLE
THE
2386
COUNTY
NO. 54, Wash.—BOND
school-building bonds were
SCHOOL DISTRICT
SALE.—On Dec. 1 $3,000 5% 10-20-year (opt.)
p. 2294.
awarded to the State of Washington at par.
WEST VIEW
(P. O. Pittsburgh), Allegheny County, Pa.—BOND
of $8,000 4H% trunk-sewer bonds was awarded on
Denom. $1,000. Date July 1 1917.
bonds
WEST WINDSOR TOWNSHIP SCHOOL DISTRICT (P. O. Dutch
Neck), Mercer County, N. 3.—BOND SALE.-—The $28,500 4H % school
(unsold portion of an issue of $38,000) (V. 104, p. 2158) have been
Ohio.—BOND OFFERING.—
Brown,
Auth.
Sec. 3914, Gen. Code.
Denoms. 20 for $500, 9 for $100 and 1 for $344 13.
Date Nov. 1 1917.
Int. semi-ann.
Due part each year on Nov. 1 from
1918 to 1927 incl.
Cert, check for 5% of the amount of bonds bid for,
payable to the Vil. Treas., required.
Bonds to be delivered and paid for
sold.
within 10 days from time of award.
SALE.—An
YELLOW SPRINGS, Greene
issue
County,
Bids (sealed or verbal) will be received until 12 m. Dec. 22 by H. C.
Vil. Clerk, for $11,244 13 5H% coupon street-impt. assess, bonds.
Aug. 14 to G. G. Applegate at par.
Int. J. & J.
Due July 1 1947.
Norfolk County, Mass.—TEMPORARY LOAN.—On
8 the temporary loan of $60,000 issued in anticipation of taxes, dated
10 1917, and maturing May 15 1918—V. 105, p. 2293—was awarded
WEYMOUTH,
Dec.
Dec.
to S. N. Post
& Co. of N. Y. at 5.10% discount.
CANADA,
-i;,.
Texas.—BOND SALE.—The
of 5% road-impt. bonds, aggregating $50,000 (V. 105, P« 311)
WHEELER COUNTY (P. O. Wheeler),
two issues
were
awarded to Smith Bros, at par.
SALE.—On
(V.
bonds
Dec.
were
COTEAU, St. Pierre School District,
D. Perkins &
from Dec. 10) by
Paterson, Secretary-Treasurer, for $210,000 6%
debentures.
Denoms.
$500
and $1,000,
Date Nov.
M. & N.
Due in 5 or 10 years (to be decided by price).
G.
WILMINGTON, New Hanover County, No. Caro.—BOND OFFER¬
10 a. m. Dec. 19 by Thos. D.
F.
school building
1
1917.
Int.
providing
A UTIIORIZED.-By-laws
Ont.—DEBENTURES
GALT,
Date
Que.—DEBENTURE OFFER¬
ING.—Bids will be received until Jan. 8 (date changed
P. Harper & Sons, of Seattle, bid
Denver, bid for 5^8 and 6s, and
Co., of Seattle, bid for 6% bonds.
par for 5s.
Other bidders were: Wm.
for 5Ms; Oswald F. Benwell & Co., of
Wm.
Denom. $3,739 22.
/
Sept,. 20 1917.
Wash.—BOND
(opt.) building and equipment
purchased by the State of Washington at
8 the $5,000 5-10-year
105, p. 2294)
Municipalities.
and
Provinces
% 40-year coupon debentures.
for $60,000
WHITMAN COUNTY SCHOOL DISTRICT NO. 102,
its
CARLETON COUNTY (P. O. Ottawa), Ont.—DEBENTURE OFFER¬
ING.—Chas. Mac Nab, Co. Clerk, will receive bids until to-day (Dec.15)
ING.—Sealed bids will be received until
for the issuance of $45,000
and Treas., for the following 5% coupon bonds:
$75,000 funding bonds.
Due $6,000 yearly, Oct. 1, from 1918 to 1922,
inch, and $9,000 yrly., Oct. 1, from 1923 to 1927, incl.
25,000 permanent improvement bonds.
Due $1,000 yearly, Oct. 1, from
extension debentures were passed by
Meares, City Clerk
1918 to 1942, incl.
Denom.
$1,000.
Int. semi-ann.
-
*
4
A
deposit
,
nn,
of 2%
GUELPH, Ont.—DEBENTURES AUTHORIZED —A by-law providing
paving bonds was passed by Council on Nov. 19,
for the issuance of $4,213
It is stated.
m
^
required.
The
LEAMINGTON, Ont.—DEBENTURES AUTHORIZED.—On Nov.
and all bids is reserved.
Similar issues of bonds were awarded on Sept. 20 to Geo. B. Gibbons &
Co. of New York.—V. 105, p. 1334.
right to reject
any
passed a by-law,
sidewalk debentures.
PRINCE GEORGE, B. C.—DEBENTURE
WOODSFIELD, Monroe County, Ohio.—BOND SALE.—On Dec. 7
$1,396 6% impt. bonds were awarded to the First Nat. Bank of Woodsfield for $1,400 (100.285) and int.
The Monroe Bank of Woodsfield bid
par.
Denom. $69 80.
Date Sept. 1 1917.
Int. M. & S. ( Due $69 80
each six months from Mar. 1 1918 to Sept. 1 1927 incl.
SHERBROOKE, Que.—DEBENTURES PROPOSED.—A by-law pro¬
viding for the issuance of
Forest
$116,000 street-improvement and $34,000 Rock
power-station debentures is being considered, it is stated.
SIFTON
RURAL
MUNICIPALITY,
ELEC¬
Man.-DEBENTURE
Dec. 18, it is stated, to vote on the ques¬
$59,800 highway debentures.
■■■■,.
TION.—An election will be held
at par.
tion
County, Ma us.—LOAN OFFERING.—
Dec. 22 by the City Treasurer
anticipation of revenue, dated Dec. 18 1917,
Worcester
of issuing
4,012 to
bonds carried, it is stated, at
WINNIPEG, Man.-DEBENTURES VOTED.—By a vote of
Bids will be received, it is stated, until 12 m.
•
SALE.—Two issues of 6%
15-year water and light debentures, aggregating $30,000 have been awarded
Terry, Briggs & Co. of Toronto at 87.50 and int.
Denom. $1,000.
Date Mar. 1 1917.
Int. F. & A.
to
WOOSTER, Wayne County, Ohio.—BOND SALE.—The two issues
of 5% bonds, aggregating $3,675, offered without success on Nov. 21
(V. 105, p. 2201), were subsequently awarded, it is stated, to local banks
WORCESTER,
20
it is stated, providing for the issuance of $1,400
Council
.
for $200,000 notes issued in
and maturing April 5 1918.
hydro-electric-system and $18,558 water-works,
Council on Dec. 3, it is stated.
2,024 the question of issuing $500,000 school
the election held Nov. 30 (v. 105, p. 1917).
.
,
FINANCIAL
Metropolitan
ATLANTIC MUTUAL INSURANCE COMPANY
New York, January
Trust Company
191.7c
OF THE CITY OF NEW YORK
TSts Trusteei, in conformity with the Charter of the Company, submit the following statement of its affairs on the
Zlsl of December, 1916.
The Company's business has been confined to marine and inland transportation Insurance.
Premiums on such risks from the 1st January, 1916, to the 31at December, 1916-———.$8,087,174.02
Premiums on Policies not marked off 1st January, 1916
——............
903.703,66
__
———$7,855,092.25
Total Premiums.—
complete banking
respondent
financial insti¬
tutions.
.interest on the Investments of the Company received
during the year $337,271.78
Interest on Deposits In Banks and Trust Companies, etc..—.—.
103,475.76
Rent received leas Taxes and Expenses..109,638.08 $
650,385.62
......
GEORGE C. VAN TUYL, Jr.,
$3,360,156.87
Sjcasee paid during the year
a
service of the highest order
to business clients and cor¬
.—............$8,990,877.68
/Premiums marked off from 1st January, 1916, to 31st December, 1916
offers
President
Less- Salvages
..—.—$322,138.57
Re-insurances...——— 686,832.53 $
BEVERLY CHEW,
908,971.10
Vice-President
$2,451,185.77
fto-tnsurance Premiums and Returns of Premiums
EDWIN F. ROREBECK,
Vice-President
$1,389,298.73
Expenses,
including compensation of officers and clerks, taxes, stationery,
advertisements, etc....—
..........
...
.....
$
HAROLD
.
740,899.72
B.
THORNE,
Vice-President
F. McNAMARA,
Vice-President '
JAMES
A dividend of Interest of Six per cent, on the outstanding certificates of profits will be paid to tfcs
Holders thereof, or their legal representatives, on and arter Tuesday the sixth of February next.
The outstanding certificates of the issue of 1911 will be redeemed and paid to the holders thereof, os
ROGER
j
thereon will
The certificates to be the sixth of February next, from
eolr legal representatives, on and after Tuesday produced at the time of payment andwhich date &I2
canceled.
terest
cease.
A dividend of Forty per cent. Is declared on the earned premiums
elst December, 1916, which are entitled to participate In dividend, for
Will be issued on and after Tuesday the first of May next.
By order of the Board,
EDMUND L. BAYLIES.
BEACH,
NICHOLAS BIDDLE,
JOHN N
©. STANTON FLOYD-JONES,
PHILIP A 8. FRANKLIN,
HERBERT L. GRIGGS
Treasurer
H. HARTMANN,
Secretary
GEORGE
JACOB C. KLINCK,
RAVEN,
Trust
JOHN J. RIKER,
Officer
ROBINSON.
DOUGLAS
JUSTUS RUPERTI
WILLIAM JAY SCHIEFFELEEfr
CHARLES D. LEVERICH,
GEORGE H. MACY.
NICHOLAS F. PALMER,
P. KAVANAGH,.
Vice-President
BERTRAM KRUGER,
FLOYD-JONES, Secretary,
ANTON A.
LEWIS CASS LEDYARD,
WILLIAM H. LEFFERT3,
JAMES BROWN,
JOHN CLAFLIN,
GEORGE C CLARK,
CLEVELAND H DODGE*
CORNELIUS ELDERT,
RICHARD H. EWART,
of the Company for the year endinf
which, upon application^ certificates'
G. STANTON
TRUSTEES.
ANSON W. HARD,
SAMUEL T. HUBBARD,
,
60 Wall Street
SAMUEL SLOAN,
WILLIAM
SLOANE,
Member of Federal
WALTER WOOD PARSONS.
CHARLES A.PEABODY,
JAMES H. POST,
LOUIS STERN,
WILLIAM A. STREET,
CHARLES M. PRATT,
DALLAS B. PRATT,
GEORGE C. VAN TUYL. Jf.
RICHARD H. WILLIAMS.
GEORGE E.
Reserve
TURNURE,
A. A. RAVEN, Chairman of the
System
Board.
CORNELIUS ELDERT. President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 2d
Ufilted States and State of New York
Bonds
.._$
©took and Warrants ot the City of
.
New
York
and
Stocks of Trust
Companies and Banks
Sftocks and Bonds of Railroads......
Other
Securities.,.
...
Estimated Losses
670.000.00
Deposits In Banks and Trust
Companies
Steal Estate cor. Wall Street, William
...
Steal
and
Estate
under
Exchange Place
on
Staten Island
provisions
Laws of
of
.
Premium Notes.—...............
Bills Receivable
Cash Is bands of European Bankers
to pay
_
Unpaid
and Losses Unset¬
of Adjustment
Unterminated Risks...
Profits
of
and
$ 3,632,239.0®
1,135.785.42
Taxes
Premiums
hi foreign countries....
Loans
...
CO.
on
Termi¬
CORDAGE
373.669.04
-
-
including Com¬
pensation, etc....
Certificates of Profits
153,309.94
Ordered
Re¬
MANILA, SISAL, JUTE
deemed, Withheld for Unpaid Pre¬
75,000.00
866,035.06
1,068,547.73
miums
Source..
22,557.84
1,210.20
Outstanding...
7,668,850.00
Income Tax Withheld at the
Suspense
5,899.75
Account
Certificates of Profits
losses under policies payable
Cash in Bank
MFG.
266,399.25
106,624.24
174,943.90
Unpaids
nated Risks:
Claims not Settled,
AMERICAN
Interest
...
Return .Premiums Unpaid
Re-insurance
2.000.000.00
3.900,000.00
_
on
Certificates
1,773,550.00
8,588,575.20
367,185.00
(hela
Chapter 481,
1887)
tled in process
Premiums
Special
Street
Vice-President.
LIABILITIES.
ASSETS.
Noble & West Streets, Brooklyn, N. Y. City
206,311.98
2,808,785.77
135,000.00
$17,458.990.74
$13,546,488.68
Yhua leaving a balance of
.—$3,912,502.06
Accrued Interest on the 31st day of December, 1916, amounted to
$49,286.30
Rents due and accrued on the 31st day of December. 1916, amounted to
$25,933.03
Be-insurance due or accrued, in companies authorized in New York, on the 31st day of
December, 1916, amounted to
....$ 245.472.80
Rote: The Insurance Department has estimated the value of the Real Estate on Staten Island
in excess of the Book Value given above, at
$
63,700.00
"She Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
....
BANKCRS TRUST COMPANY
.....
...
.
Company's valuation by..—........
........
3d the fcastaof these Increased valuations the balance would be..........
—.—$1,988,969.90
...........$6,285,864.09
Acts
as
Accepts
Executor
Deposits
Trustee
and
Custodian
Interest
Agent
on
Pays
them
DEC. 15 1917.]
THE CHRONICLE
Cotton
John D.Herklotz
3Trturt Companies
Chas. O. Corn
August Schierenberg
XXX
Paul Schwara
The NEW ENGLAND
Frank A. Kimball
Herklotz, Corn & Co.
COMMISSION MERCHANTS
Rhode Island
TRUST COMPANY
BOSTON, MASS.
CAPITAL, $1,000,000
Hospital Trust Company
*
Providence, R. I.
SURPLUS, $2,000,000
Safe Deposit Vaults
15 William Street
New York
Authorized to act
as
Executor, and
CAPITAL
to receive and hold
or on deposit from Courts of
Equity, Executors, Administrators,
Assignees,
Guardians, Trustees, Corporations and Individuals.
New York Cotton
Exchange
New Orleans Cotton
Exchange
New York Produce
Exchange
New York Coffee
Exchange
as
DIRECTORS.
HERBERT J. WELLS,
President
HORATIO A. HUNT,
Vice-President
Transfer
PRESTON H.
GARDNER, V.-P. & Trust Officer
THOMAS H. WEST
JR., Vice-President
WILLIAM A. GAM
Subject to Check.
OFFICERS
JAMES R.
WELL, V.-President
HENRY L. SLADER,
V.-President
HOOPER, President
ARTHUR
Geo. H. M'Fadden &
NEW YORK
FREDERIC ZEREGA & CO.,
Havre Correspondents:
d'IMPORTATION
BOARD
de
et
COMMISSION
Milan Correspondents:
McFADDEN & CO., LTD.
Alexandria Correspondents:
REINHART & CO., LTD.
OF
.
Frederick P.
MEMBERS
NEW YORK COFFEE
EXCHANGE
NEW YORK PRODUCE
EXCHANGE
NEW ORLEANS COTTON
EXCHANGE
COTTON
PHILADELPHIA
UTICA, N. Y.,
WELD AGO.,
LIVERPOOL.
PROVIDENCE.
NEW BEDFORD.
ROBERT
MOORE
&, CO.
Delmonico Building
COTTON
WILLIAM
RAY
A
GO,
Successors to
GEO. COPELAND
COTTON
25-26 Cotton
&
future
the New York and
Arthur
L.
1917
Sbattuck
The United States Life
Insurance Co.
IN THE CITY OF
NEW YORK
Issues Guaranteed
Contracts.
JOHN P.
125 West Monroe
MUNN, M. D„ PRESIDENT.
St., CHICAGO
Finance Committee.
Capital
-
-
$6,000,000
-
Surplus & Profits
Deposits
-
-
2,500,000
upon
favorable
Thoroughly equipped to handle
to
pertaining
banking,
and
accounts
of
individuals.
CLARENCE H. KELSE Y. Pres.Title
Ou.& Tr Co.
WILLIAM H. PORTER. Banker.
ED.
TOWNSEND, Pres. Imp. eft
or
Com¬
pany, for a limited
terms
0
all business
invites
the
banks, corporations, firms
Good men, whether experienced
In life insurance
not, may make direct contracts with
this
and
territory, if desired; and secure
for themselves, in addition to
first year's commis¬
sion, a renewal interest
insuring an income for the
future. Address the
Company at its Home
Office
No. 277 Broadway, New York
City.
CO.,
New
CHARTERED 1853
York
delivery contracts executed
Liverpool Cotton Exchanges
United States Trust
45-47
Production of Mills Financed
Sales Cashed With or Without
Guarantee
225 FOURTH AVE.
York
WALL STREET
Capital,
Surplus and Undivided Profits,
$2,000,000.00
$14,534,092.74
-
Founded 1854
This Company acts as
Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current
rates
New York City
on deposits.
holds, manages and invests money, securities and other
property, real
personal, for estates, corporations and individuals.
It
EDWARD
Utilities
in
growing communi¬
ties operated and
WILLIAM
M.
SHELDON, President
WILFRED J.
Secretary
CHARLES A.
ROCKEFELLER
„
..
WORCESTER, Secretary
EDWARDS, 2d Asst. Secretary
A.
STEWART, Chairman
of
the
PAYNE WHITNEY
EDWARD W. SHELDON
CHAUNOEY KEEP
ARTHUR CURTI8S JAMES
WILLIAM M, KINGSLEY
WILLIAM STEWART TOD
Board
OGDEN MILLS
CORNELIUS N BLISS JR
HENRY W. de FOREST
WILLIAM VINCENT
ASTQB
CHARLES.F. HOFFMAN
Z
WILLIAM SLOAN J"
Middle West
Utilities Co.
Suite No.
West
1500
Adams
St,
L. F. DOMMERICH & CO.
CHICAGO, ILLINOIS
FINANCE
B.
EDWARDS
ACCOUNTS
OF
MERCHANTS, DISCOUNT
MANUFACTURERS AND
AND GUARANTEE SALES
BROKER
Tribune Building, NEW YORK. N. Y.
FOR SALE,
-Timber, Coal, Iron, Ranch and
other properties.
Confidential
Negotiations,
Investigations,
Settlement
its. Purchases of Property.
States, West Indies, Canada, Mexico.
United
or
TRUSTEES
JOHN
FRANK LYMAN
JAMES 8TILLMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
Their securities
offered to investors.
W.
KINGSLEY, Vice President
WILLIAMSON PELL, Asst.
WILLIAM
financed.
GEO.
Trad. Nat. Bank
50,000,000
-
*
JAMES TALCOTT, Inc.
72
Atwood,
Dart.
1850
M. Sears
Arthur R. Sharp
Henry
factors
Public
J.
C.
BROKERS.
Exchange
Orders for
Hodgman.f
Swan,
OF ILLINOIS
received
MERCHANTS
Members New York Cotton
Exchange
Asociate Members Liverpool Cotton
Association.
H.
Rowland Hazard,
Royal C. Taft,
Edwin M. Richards
Herbert
Accounts of banks and bankers
56 Beaver Street, New
York
William
TRUST COMPANY
MERCHANTS
BOSTON,
FALL RIVER,
William L.
Frank
Lovering
CENTRAL
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
82-92 Beaver Street, New York
City
Callender,
Holbrook,
Sullivan,
Benjamin M. Jackson,
Frank W.
Matteson,
Henry H. Proctor
Fish
Gage
Sydney Harwood
Stephen M. Weld & Co.
Walter R.
James E.
Hobbs
Goddard.
Walworth Pierce
Morris Gray
Frank H.
on
Ernest
George H. Davenport
Francis W. Fabyan
20-24 EXCHANGE PLACE, NEW YORK
NEW YORK COTTON
EXCHANGE
NEW YORK STOCK EXCHANGE
Stephen O. Metcalf,
James R. Hooper
David P. Kimball
Robert A. Leeson
J
D. Cameron
Bradley
S. Parker Bremer
Robt. H. I.
Henry D. Sharpe,
Isaac B.
Merrlman,
Charles C.
Gardiner,
Alfred K. Potter,
Edward
Franklin W.
Alexander Cochrane
GWATHMEY & CO.
Secretary.
Edward D. Pearce,
DIRECTORS
Alfred Bowditch
WILLIAMS, Asst. Secretary
Herbert J. Wells,
Lyman B. Goff,
Howard O. Sturges,
George Wigglesworth, Chairman
Arthur Adams
WELLS, Secretary
HARRINGTON, Asst. Trust Officer
HENRY B. HAGAN, Asst.
Secretary
ERNEST A.
HARRIS, Asst. Secretary
GEORGE H.
CAPRON, Asst. Secretary.
RALPH S.
RICHARDS, Asst.
HENRY N. MARR,
Secretary
EDWARD B. LADD, Asst.
Treasurer
RAYMOND MERRILL, Asst. Treas.
CHARLES E. NOTT, Asst.
Secretary
ORRIN C. HART, Trust Officer
ARTHUR F. THOMAS, Asst. Trust
Officer
R. B. GAGE,
Manager Safe Deposit Vault
Liverpool Correspondents:
SOCIETE
G. A.
Treasurer
SO Broad St.
PHILADELPHIA
JOHN E.
Vlce-Pres.
FREDERICK P. FISH,
Vice-President
FREDER'K W. ALLEN,
Bro.,
121 Chestnut St.
JOHN H.
ADAMS, Vice-President
ALEXANDER COCHRANE,
COTTON MERCHANTS
3,500,000
or
Also acts as Trustee under
Mortgages and
Agent and Registrar of Stocks and
Bonds.
Interest Allowed on
Deposits
Chicago Board of Trade
London Commercial Sale Rooms
(Coffee E.)
$3,000,000
SURPLUS
money or property in trust
Law
MEMBERS OF
General Offices, 254 Fourth Avenue
NEW YORK
Established
over
60 Years
'/
[VOL. 105.
CHRONICLE
THE
XX
Jfmattctal
jTfnatutal
^Financial
>
C. W, McNEAR &
6%
Pacific Power &
Bruns.-Balke-Coll. 7% pfd. Stk.
'
INVESTMENT SECURITIES
Hotel
New Morrisson
of
'
'
#
•
Chicago
COMPANY
Argentine Government
Dallas
suitable for investment.
Gold Loan of 1909
5% Internal
*
•'
Child*& Company
C. F.
Wollenberger & Co.
Specialists
for Railroads
Bonds
U. S. Government
INVESTMENT BANKERS
CAPITAL, $500,000
CHICAGO
134 So. La Salle Street
■■■
New Orleans
Detroit
Corporations.
Buy and Sell Bonds
MILWAUKEE
f
Philadelphia
Chicago
Negotiate and Issue Loans
&CO.
First Nat. Bank Bldg.
Salle St.
CHICAGO
Investment Securities
Bolger, Mosser & Willaman
29 So. La Salle St.,
105 So. La
Powell, Garard & Co.
Chrrges
•
EVERSZ&
Light 7% Pf.Stk.
AMES, EM ERICH
Earning*
times Interest
tnd Established
St.
Chicago
Net
3
Utah Power &
New York
66 Broadway
Chicago
76 West Monroe
Light Co. 5s
Kentucky & Indiana Term.
MUNICIPAL BONDS
Gold Bonds
Railroad 4s *
Chicago Junction
COMPANY
208 So. La
CHICAGO
NEW YORK
120 Broadway
CHICAGO
Salle St.
Borland Building
105 So. La Salle St.
Of the Banks in
JJO q7
Q£»/0
New York City use
FOE THE1E
Successors to
CHECKS
105 South La
New York
F.
in
BOSTON,
Co.
York
Street, New
Delivery
Liverpool and New
Orleans
Also orders for
SUGAR
York Coffee Exchange.
Cotton Exchanges.
COFFEE AND
At the New
GRAIN AND
PROVISIONS
v.
Dubuque Electric Co. 1st 5s
Lehigh Pow. Sec. Corp. 6% Notes
York & Boston Stock
Exchange?
111 West Monroe Street
CHICAGO
SOUDERS&COc
W.G.
BUILDING
HANOVER SQUARE
INVESTMENT BONDS
EMERY, PECK & R0CKW00D
*
NEW YORK
MILWAUKEE
DETROIT
109-412
COTTON MERCHANTS
Liberal Advances
Members of New
INVESTMENTS
R, E, Wllsey & Company
,
Board of Trade, and
COTTON SEED OIL
At the New York Produce Exchange.
COFFEE EXCHANGE
HIGH-GRADE
Pref.
Nebraska Power Co. 7%
At the Chicago
Hubbard Bros. & Co.
MASS.
Co. 1st 6s
Commonw. Lt. & Pow.
COMMISSION MERCHANTS
j&t the New York,
BANKERS
1856.
Execute Orders for Future
COTTON
PRINCE & CO,
H.
Public
Municipal, Railroad and
Utility Bonds
Henry Hentz &
16 to 22 William
Salle Street
CHICAGO
Cotton
Established
& TAYLOR
YARD
INVESTMENT BANKERS
& Son
George La Monte
SI Broadway
CO.
TAYLOR, EWART &
PAPER
SAFETY
NATIONAL
South
208
Made on Cotton
Continental & Commercial
La Salle Street
Bank B!d&
CHICAGO
CHICAGO
Consignments.
BONDS
INVESTMENT
Hopkins, Dwight & Co
COTTON
*
"
& CO.
KING, HOAGLAND
and
,
Allerton, Greene &
COTTON-SEED OIL
208 S. LaSalle
COMMISSION MERCHANTS
King,
W.T. HATCH &
Street,
RAILROAD, MUNICIPAL
AND
71
Broadway,
Limited, New Orleans
NEW
'•
J
LEHMAN BROS.
Nos. 16-22 William
Coffee
York.
YORK STOCK
;
W
J
.
DominicK & DominicH
Established 1870
INVESTMENT BONDS
;
115
KM.*.
EXCHANGE
List on Application.
Devitt, Tremble & Co. Inc.
Orders executed on the above Exchanges, as well
as in New Orleans, Chicago and foreign markets.
FIRST
New York
Street, New York.
Members of the Stock, Cotton,
and Produce Exchanges, New
Irt
-
MEMBERS OF
CORPORATION BONDS
fcEEMAN, STERN & CO.,
SONS
CHICAGO, ILL.
Building.
Room 52, Cotton Exchange
NEW YORK.
'
[Established 1863.]
Successors to
'
NATIONAL BANK
27
RICHMOND, VIRGINIA
Capital and Surplus,
John M. Miller Jr.,
Members New York
Stock Exchange.
CHICAGO
& Cashier
Chas. R. Burnett, Vice
in
INVESTMENT SECURITIES
YORK
$3,000,000
•
President
W. M. Addison, Vice Pres.
Dealers
PINE STREET
NEW
'
BROADWAY
PHILADELPHIA
DETROIT
Pres.
Correspondence IrwUed
Consolidated Gas Co. of
N. Y.
Municipal Bonds
Elston & Company
6% Conv. Debs.
Due
Feb.
GAS AND
SEASONGOOD, HAAS& MACDONALD
.
Members New York Stock Exchange
60 Broadway
Yielding
MUNICIPAL
1, 1920
New York
St. Louis
"Are Exempt
39 South
Milwaukee
La Salle Street
CHICAGO
from
Send
ELECTRIC BONDS
Philadelphia
from All Income
4^%
to
Taxes"
6%
for List
THE HANCHETT BOND CO.
39
South La Salle Street
CHICAGO
@FedFRASER