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fittaiiriaf
The
UflifltCjtl lirtmide
INCLUDING
Bank & Quotation Section
Raikviv Enrninp:s Section
VOL. 107
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, DECEMBER 21 1918
The Thranicit.
PUBLISHED WEEKLY.
Terms of Subscription-Payable In Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months(including postage)
7 60
Annual Subscription in London (including postage)
£2 14s.
81x Months Subscription in London (including postage)
Si 11s.
Canadian Subscription (including postage)
$11 60
Subscription includes following SupplententsBANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EAR\ mos(monthly) ELEcTilIC RAILWAY(3 times yearly)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
NO. 2791
Week ending December 14.
Clearings at
1918.
1017.
Int.or,
I Dec. I
1916.
1915,
% 1
463,815,594, +15.4; 494,706,146 358,240,066
35,231,600, +86.71 38,891,699
33,216,600
68,677,369, +35.5, 66,236,632
39,159,418
52,769,5261 +30.2; 57,566,707
39,219,748
28,098,358 +16.5
25,391,877
19,928.357
13,071,000, +20.1
13,447,084
10,904,066
9,829,100; +29.7
12,076,800
8,321,500
9,874,9351 +14.4
11,113,843
8,244,727
4,363,400 +43.1
5,283,521
4,013,506
5,131,446 +2.1
5,749,597
4,238,625
3,157,304 +56.4
3,554,114
2,347,388
2,847,912 +30.5
2,473,640
2,246,501
1,692,189 +26.8
1,718,472
1.232,000
1,363,104 -3.7
1,687,276
1,404,519
3,246,768 +19.7
3,484,771
2,205,717
1,353,558 -4.0
1,241,695
720,995
4,896,000 +31.8
5,318,000
2,794,000
1,963,267 +8.6
1,052,097
985,623
1,800,000 -5.5
3,272,956
1,963,000
1,126,657 +30.3
868,928
733,607
1,250,000 +13.7
1,071,114
818,130
1,078,219 +7.6
942,304
835,000
1,150,000 +1.3
1,194,369
991.231
852,976 +36.7
859,619
645,863
787,308 +40.4
787,904
623,867
511,497 +16.1
519,007
630,693
771,384 +21.3
871,647
530,000
477,085 +10.1
378,430
322,569
916,346 -7.0
1,324,130
816,418
293,622 +19.6
318,144
250,000
1,227,498 +3.2
884,306
328,053
92,828 +54.5
70,349
64,780
723,717,850 +22.5 764,807,178 547,904,565
Chicago
535,120,997
Cincinnati
65,764,281
Cleveland
93,037,619
Detroit
68,709,151
Milwaukee
32,744,648
Indianapolis _ _ _ _
15,696,000
Columbus
12,748,300
Toledo
11,300,402
Peoria
6,243,912
Grand Rapids_ _ _
5,239,652
Dayton
4,936,807
Evansville
3,715,560
Terms of Advertisind-Per Inch Space
Springfield, Ill_ _
2,146,731
Transient matter per inch apace(14 agate lines)
1,313,960
$4 20 Fort Wayne_ _ _ _
Two Months
($ times)
3,887,628
22 00 Youngstown _ _ _ _
Vintiollaghe
1,300,000
29 00 Lexington
Standing Business Cards
6,452,000
60 00 Akron
Twelve Months(52 times)
2,132,008
87 00 Rockford
Canton
1,700,000
CHICAGO OvvicE-39 South La Salle Street, Telephone MajPstio 7396.
Bloomington_
_
_
_
1,467,583
-Edwards
86 Smith,1 Drapers' Gardens, E. C.
LONDON OFFICE
Quincy
1,421,678
South Bend
1,160,530
WILLIAM B. DANA COMPANY, Publishers,
Springfield, 0...
1,165,000
Front.Pine and Depeyster Sta., New Yerk.
Decatur
1,165,131
Mansfield
1,105,070
Published every Saturday morning by WILLIAM B. DANA COMPANY. Danville
593,322
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and Lima
935,796
Secretary. Addresses of both. Office of the Company.
Jacksonville, Ill.
525,190
Lansing
852,885
Ann Arbor
351,121
CLEARING HOUSE RETURNS.
Owensboro
1,266,568
The following table, made up by telegraph, &c., indicates that the total bank Adrian
143,400
clearings of all the clearing houses of the *United States for the week ending to-day
Tot. Mid.West 886,342,930
have been $7,284,145,417, against $7,008,217,855 last week and $6,308,084,353
the corresponding week last year.
San Francisco_ _ _ 124,814,885 102,243,642 +22.1
88,506,611
61,391,815
Los Angeles
32,726,000
30,810,000 +6.2
31,977,000
25,771,362
Clearings-Returns by Telegraph.
Per
Seattle
43,752,165
26,739,890
+63.6
19,156,921
13,536,405
Week ending December 21.
1918.
1917.
Cent.
Spokane
8,679,744
8,125,033 +6.8
6,536,833
4,421,862
Salt Lake City
17,073,728
17,671,805 -3.4
13,500,000
9,292,227
New York
$3,236,234,262 $2,988,107,219
+8.3 Portland
33,672,745
19,496,585 +72.7
15,311,818
11,834,410
Chicago
458,992,637
445,200,951
+3.1 Tacoma
5,901,179
3,777,183 +56.2
2,518,499
2.216,749
Philadelphia
370,598,042
332,503,237 +11.5 Oakland
7,973,998
5,665,097 +40.7
5,178,169
4,554,792
Boston
280,326,744
241,662,397 +16.0 Sacramento
4,827,251
4,161,462
+16.0
3,617,934
2,683,749
Kansas City
169,128,318
163,292,187
+3.6 San Diego
2,123,931
3,049,662 -30.4
2,268,197
2,359,731
St. Louts
*150,000,000
141,358,233
+6.1 Fresno
3,520,980
3,180,077 +10.7
2,561,549
1,426,730
San Francisco
113,698,148
97,207,626 +17.0 Stockton
1,919,925
2.694,280
-28.8
1,884,150
1,212,596
Pittsburgh
113,827,807
68,384,782 +66.4 Pasadena
1,015,254
1,400,363 -27.5
1,227,118
1,191,195
Detroit
66,337,435
50,857,626
+30.4 San Jose
1,05,0,000
1,222,511 -14.1
913,763
746,602
Baltimore
75,120,753
39,033,242 +92.5 Yakima
1,231,859
1,004,852 +22.5
765,015
460,000
New Orleans
63,937,967
54,451,788
+17.4 Reno
604,432
625,000 -32.9
484,913
309,205
Long Beach
1,132,423
873,713 +29.6
636,410
572.524
Eleven cities, 5 days
$5,098,202,113 $1,622,059,288 +10.3
Total Pacific
292,020,499 232,741,155 +25.5 197,044,900, 143,981,954
Other cities, 5 days
970,482,096
798,942,881
+21.5
190,544,503 194,026,542, -1.8 124,254,200
Total all cities, 5 days
89,017,377
$6,068,684,209 $5,421,001,969 +11.9 Kansas City_ _
54,347,270
33,856,270 +60.5
All cities, 1 day
37,655,964
1,215,461,208
37,098,784
890,082,384 +36.5 Minneapolis _ _
Omaha
53,524,854
46,619,187 +14.8
30,635,917
21,400,670
St.
Paul
18,557,842
Total all cities for week
17,098,931
+8.5
17,208,665
15,867,300
$7,284,145,417 $6,311,084,353 +15.4
Denver
27,000,000
19,526,063 +38.3
16,181,900
12,035,972
* Partly estimated.
St. Joseph
20,479,541
16,306,328 +25.6
14,025,928
8,896,191
The full details for the week covered by the above will be given next Saturday, Duluth
17,751,392
6,944,719 +155.6
8,319,302
9,638,901
We cannot furnish them to-day, clearings being made up by the clearing houses Des Moines
9,119,193
7,999,0611 +14.0
6,817,602
5,158,591
at noon on Saturday, aril hence in the above the last day of thelweek has to be in Sioux City
9,889,490
7,223,453 +36.9
5,522,261
3,767,763
all cases estimated, as we go to press Friday night.
Wichita
8,906,314
8,279,047 +7.6
5,440,575,
4,438,101
Detailed figures for the week ending Dec. 14 show:
Lincoln
4,009,389
3,757,308 +6.7
3,387,305'
2,657,359
Topeka
2,758,347
3,286,036 -16.1
2,367,3311
1,623,945
Davenport
2,500,000
2,263,944 +10.5
2,207,797
1,591,516
Week endiv Decenther 14.
3,694,238
Fargo
2,256,000 +63.3
2,333,539,
2,914,546
Clearings alHelena
2,717,712
2,282,453 +19.1
2,285,412'
1,652,085
Inc. or
Cedar Rapids.
2,109,049
1,987,657 +6.1
1,964,6211
1,562,165
1918.
1917.
Dec.
1916.
1915.
Pueblo
841,814
669,499 +25.7
675,092,
422,083
Waterloo
1,600,000
2,223,278 -28.0
2,111,872
2,215,426
$
$
%
$
$
Colorado Springs
807,396
920,267 -18.3
785,433
3,755,124,807 3,395,655,067 +10.6 4,277,023,998 2,871,031,617
1,390,6431
New York
Fremont
748,829
738,377 +1.4
624,936
364,667
403,700,180 340,317,598 +18.6 304,980,027 240,192,415
Philadelphia
Billings
1,400.000
1,307,808 +7.0
1,093,847j
851,579
Pittsburgh
121,000,000
68,890,677 +78.8
75,291,493
58,932,399 Hastings
490,145,
470,361
389,104
+4.2
277.186
86,598,442
Baltimore
42,628,007 +103.2
49,341,908
55,973,568 Aberdeen
1,701,149
1,273,681 +33.6
966,257.
1,030,325
24,017,762
Buffalo
19,317,673 +24.3
19,860,013
14,422,583
Total oth.West 435,498,467 381,316,270 +14.2 287,860,070, 225,267,965
4,800,000
4,433,022 +8.3
Albany
5,257,367
4,577,690
16,500,000
Washington
12,900,000 +26.4
10,691,945
1
9,397,151 St. Louis
7,693,492
165,820,349 148,618,429 +11.6 137,792,974 100,263,069
Rochester
6,940,086 +10.9
7,446,401
6,128,056
New Orleans..
62,731,999
3,690,649
Scranton
53,897,135 +16.4
3,149,184 +17.2
27,961,530
44,559,968
3,422,109
3,169,336 Louisville
25,313,433
5,229,123
Syracuse
3,986,278 +31.2
24,486,865 +3.4
24,609,295
20,055,565
3,670,466
2,911,613
2,701,495
Reading
18,153,467
16,000,000 +13.5
2,808,802 -3.5
13,700,000
11,803,752
2,924,508
2,382,939 Houston
Galveston
6,935,021
3,850,576
Wilmington
6,500,000 +6.7
3,452,300 +5.4
7,178,701,
5,564,214
4,305,272
3,193,488
2,107,691
62,409,662
Wilkes-Barre_ _ _ _
1,983,495 +6.3
42,393,077 +47.2
23,316,047, 15,871,454
1,865,172
2,005,442 Richmond
4,279,535
23,660,967
3,114,903 +37.4
14,643,400 +61.6
Wheeling
15,259,168
11,091,812
5,082,210
2,549,629 Memphis
63,147,546
3,902,978
3,646,939 +7.0
55,421,981 +13.9
Trenton
30,795,302; 20,488,393
3,209,097
2,105,391 Atlanta
14,105,449
1,167,721
1,324,055 -12.2
16,848,307 _16.31
York
12,528,033' 10,968,212
1,209,186
1,130,578 Fort Worth
6,548,953
1,836,918 +25.7
2,308,909
10,314,213 -36.5
Erie
6,949,463'
6,135,952
1,780,582
1,297,443 Savannah
18,520,085
728,200
1,052,900 -30.8
Binghamton
14,523,996 +27.5
8,343,520
10,210,734
990,900
934,200 Nashville
9,299,216
1,190,054 -11.8
1,050,000
7,709,219 +20.6
Greensburg
6,972,224
5,391,523
909,274
808,648 Norfolk
Birmingham
14,143,321
1,348,172
3,766,799 +275.5
1,600,000
Chester
3,930,573,
+18.7
2,894,048
1,330,025
1,023,837
2,166,311
4,027,070
Lancaster
2,158,039 +0.4
3,974,068
+1.3,
2,966,363',
2,588,520
1,870,484
1,710,138 Augusta
8,095,457
535,556 -22.6
Montclair
414,728
5,362,878 +51.0,
602,0641
3,070,000
656,281
478,636 Jacksonville
700,000 +7,9
Altoona
6,500,000
755,596
5,568,101 +16.71
4,007,026;
3,535,280
625,004
553,300 Little Rock
5,811,0.38
5,281,615 +10.0
4,307,165
2,676,658
Total Middle_ 4,455,188,195 3,923,369,725 +13.6 4,733,743,700 3,286,906,097 Chattanooga_ _
Knoxville
2,400,000
2,366,115 +1.41
2,417,584
2,049,110
Charleston
3,663,790
3,628,471; -1.8
3,165,261
2,192,455
Boston
324,229,272 298,274,211
+8.0 280,152,120 192,350,968 Mobile
1,638,901
1,666,234 -1.6
1,300,000,
1,095,814
Providence
12,688,900 -7.8
11,708,200
11,687,200
10,902,300 Oklahoma
9,191,273
10,676,057 -13.9
3,102,274
5,776,498;
Hartford
7,551,437
7,588,553
+0.1
8,272,027
7,651,866 Macon
2,000,000
2,250,000
-11.11
1,572,390,
4,798,691
New Haven
5,029,450
5,897,341
+17.3
5,393,437
4,397,017 Austin
3,600.000
4,000,000 -10.0
3,500,000,
4,000,000
3,900,000
Springfield
4,060,340 -3.9
4,824,143
3,337,392 Vicksburg
573,3001
488,354 +17.4
372,537
336,378
Portland
2,600,000 -3.8
2,500,000
2,955,733
2,345,976 Jackson
756,261
550,362
;
+37.4
502,747
Worcester
3,796,510 -8.3
3,482,088
4,622,185
3,197,215 Muskogee
3,247,200
3,413,050 -4.9
1,7
541;1
40 27
17
1
1,176,428
Fall River
3,200,666 +00.0
3,200,666
2,042,139
1,490,460 Tulsa
7,724.5211
7,097,807 +8.8
5,265,571
2,263,091
New Bedford
2,189,835 -22.4
1,698,709
1,872,316
1,357,263 Dallas
20,000,000
20,548,399 -2.7
14,474,376
Lowell
1,248,636
1,280,556
+2.6
1,179,383
1,093,972 Shreveport
3,100,000
3,608,766 -14.1
Holyoke
743,506 -2.2
725,600
1,089,878
699,466
Total Southern _573,018,279 495,603,698 +15.6 389.810,705' 280,220,490
Bangor
811,112 -17.4
689,766
714,830
488,507
Total New Eng. 366,149,485 342,194,603 +7.0 324,805.391 229,276,402
Total all
7,088,217,855 6,098,94373W
+14.9 6,698,071,944 4,712,557,37'1
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
Outside N. Y.3,253,093,048 2,703,288.234 +20.3 2.471.047.948 1.842t525,456
glItl
i ev
2312
THE CHRONICLE
STATE AND CITY SECTION.
A new number of our "State and City Section,"
revised to date, appears to-day)and all readers of the
paper who are subscribers should receive a copy of
it. As previously announced, this Supplement is
now printed in two parts, Part One containing the
New England, Central and Middle States having
been issued last June, while Part Two, embracing the
rest of the country, appears to-day. The change is
due to the fact that with the growth and multiplication of the municipalities of the United States the
demand for additional space has become too heavy
to satisfy within the limits of a single number.
THE FINANCIAL SITUATION.
The feature of the week in financial circles has
been the further drop in United States Government
securities. The stock market has also been weak,
tending downward on the growing complications in
the way of the speedy return of the railroads to their
owners. Mr. McAdoo's proposal that the Government be authorized to retain control of the roads for
five years after the official termination of the war,
instead of the twenty-one-months period fixed by the
existing law, meets with no favor in conservative
circles. It has simply served to widen the cleavage
between men of opposing schools of thought on the
question. Instead of the composure of railroad affairs for which Mr. McAdoo claims to be looking,
differences have been intensified.
All this bodes no good for the distressed roads.
Their credit, which has not been of the best in recent
years, threatens to become seriously undermined if
a speedy solution of the vexed problem is not found.
The fact that the Pennsylvania Railroad's $50,000,000 offering of general mortgage 5s at 993 was
this week quickly oversubscribed, in no way militates
against the correctness of this view,since the situation
would have to be desperate indeed if such a gilt
edged security on such choice terms did not find
ready takers. The Pennsylvania is sui generis
among railroads, and furnishes no criterion of the
railroad situation generally, which is becoming
steadily worse because, in the main, no one can tell
what the outcome is to be. The chief disturbing
factor is the uncertainty—it being impossible to
tell what is going to happen. In the circumstances
we think the best suggestion for dealing with the
question of the length of Government control is
that made by Jacob H. Schiff. Let President
Wilson announce that he means to hold control
for the full period allowed under existing law, or
say until Jan. 1 1921, and then make it incumbent
upon both sides to work out a solution within
that period. The 21 months will be none. too
long, but ought to be adequate. On the other hand,
the five-year period would be almost certain to fasten
Government control permanently upon the country.
The middle course here seems the best.
The decline in Government bonds has come about
through independent causes. It has been particularly marked in the new Fourth Liberty 43/0. These
have dropped below 95, the final sale yesterday
having been at 94.54, at which figure the yield to
maturity is considerably ovq 4%%. A variety
of causes has been assigned for the decline. It
has been urged that the bonds were being sold by
large holders who had oversubscribed and now, with
the approach of Christmas, wanted to recover some
•
[VoL. 107.
of the money locked up in the bonds. Again we have
been told that the bonds were being thrown overboard because of the restriction upon Stock Exchange
borrowing imposed by the Money Committee. Still
another explanation has been that holders were selling the bonds in order to pocket the loss and correspondingly improve their income tax return by
deducting the loss which they could not do so long
as the loss was not an actual but only a paper one.
The most tenable theory is that the issue being in
over-large supply, subscriptions • having reached
nearly seven billion dollars, the bonds have not yet
found permanent lodgment in the hands of genuine
investors or in financial institutions. Be this as it
may, the decline is furnishing an opportunity for
securing an investment bargain which is not likely
to be repeated for many a long year. Think of
securing a U. S. Government bond—unquestionably
the best security in the world—at a figure where the
yield is in excess of 49j70. Surely no one ought to
let an opportunity of that kind slip by. After the
Government has floated another loan the coming
spring,and definitely completed its war financing, an
improvementin market values ought quickly to ensue.
The winter wheat report of the Department of
Agriculture for Dec. 1, made public on Monday,
can be quite truthfully said to be of such a favorable
character as to go beyond the most sanguine expectations. With the area planted much the largest
in the country's history and the condition of the
cereal at this time much above the average—in
fact the highest on record for Dec. 1—the prospect,
barring disastrous developments later, is for a new
high mark in production by an appreciable amount.
Specifically, the autumn planting for the whole
country is estimated at 15.9%, or 6,726,000 acres in
excess of the revised approximation of area sown last
year, making the territory now in winter wheat
49,027,000 acres. Furthermore, contrasted with the
area from which the crop was harvested this summer
the augmentation in acreage is almost 34%, some
53/b million acres of the land planted in the fall of
1917 having been abandoned on account of winter
killing.
How fully the result reached meets the plans of the
Department finds attestation in the fact that before
there was any reason to anticipate the approach of
the end of hostilities in Europe a• campaign was
entered upon to bring about a large increase in area,
47,500,000 acres being suggested as a goal possible
to reach under favorable weather conditions. But
with a long and almost perfect planting season and
the stimulus of an abnormally high fixed price to
safeguard him, the farmer succeeded in putting in a
total a million and a half acres greater. Changes
in area have been general, according to the report,
in most cases upward and in a number of instances
very notably so. In Missouri an addition of 36% is
indicated; in Illinois and Oregon 25%; in Iowa,
100%; in Indiana, 22%; Nebraska, 12%; Kansas
(the premier State), 13%; Texas, 30%; Oklahoma,
10%; Kentucky, 11%; California, 42%, and Washington 135%. Reductions in area have occurred in
States of only limited production.
The condition of the crop on Dec. 1, as already intimated, was the best on record at that date, an
officially announced percentage of 98.5 (the outcome
of a more than ordinarily favorable fall growing
season), comparing with 79.3 last year, 85.7 in 1916
DEC. 211918.]
THE CHRONICLE
and a ten-year average of 88.2. Such important
producing States as Indiana, Illinois, Missouri,
Texas, Oklahoma, Ohio, Oregon and California
stand at 100 or better, and all others are well above
the average of earlier years except South Dakota,
where very little winter.wheat is raised. There is,
seemingly, a disposition in all quarters to agree with
the Department's conclusions as to the present
status of winter wheat, but there have been a few
complaints recently that unseasonably warm weather
is causing too rapid growth, which might place the
plant in a position subjecting it to the danger of
heavy winter killing from adverse climatic conditions
later. That, however, is not a matter to lay any
special stress on now,nor is it profitable to speculate
upon what will be the situation next spring. Assuming an average spring abandonment of area due
to winter killing and an average season for development thereafter, the Department of Agriculture forecasts a yield per acre of about 15.5 bushels, or a total
production of about 765,000,000 bushels, which, if
realized, would make the crop by far the biggest
ever raised in the United States, exceeding 1918 by
207 million bushels and the previous record of 1914
by 80 million bushels. With such a crop and an
average spring wheat yield, all previous records
would, of course, go by the board. The question,
therefore, arises as to what extent, if any, the
Government will be the loser through its guaranty
of a high fixed price.
2313
the South (34 cities) discloses a result about 13'
millions under 1917,and a total of $2,230,247 on the
Pacific Coast compares with $4,463,423.
For the eleven months of the calendar year 1918
the falling off is very heavy, a total of $431,640,485
for the 168 identical cities, comparing with $698,023,992 in 1917 and over 950 millions in 1916.
Greater New York's total for the period at $53,704,408 is 43% millions below that of 1917, and outside
of this city contrast is between $377,936,077 and
$600,480,784. Of this latter loss of 223 million dollars, 99 millions appears in the Middle West, with
Chicago, Cleveland and Detroit responsible for 61
millions of it; 61 millions loss appears in the Middle
Atlantic section; 7 millions on the Pacific Coast;
18 millions in the other Western group; 13 millions
at the South, and 25 millions in New England.
Returns from the Dominion of Canada for November furnish no evidence of activity in any of the
Provinces, although a little more work was projected
than a year ago. Reports are at hand from 40 cities,
and they give an aggregate of contemplated outlay
of $2,230,292 for the month, against $2,091,944 in
1917. For the eleven months of the current calendar
year the intended expenditure at the same 40 cities
foots up $34,740,266 ($26,844,857 East and $7,895,409 West), which compares with $32,222,130 ($26,606,723 East and $5,615,407 West) a year earlier.
President Wilson has spent the week in Paris
conferring with representatives of our Allies and disBuilding operations in the United States for No- cussing the many phases of the peace problem.
vember 1918 fail to furnish any evidence of the Next week it is expected he and Mrs. Wilson will be
acceleration of construction, but of course no benefit guests of King George at Buckingham Palace, in
was to be expected thus early from the lifting of the London. Press dispatches from Paris declare that
embargo on materials following the cessation of definite plans for the Peace Conference are not
hostilities abroad. The volume of projected opera- shaping themselves as rapidly as some of the Ameritions was the smallest of any like period in many can commissioners expected. In the meantime,
years, and there would seem to be no immediate however, President Wilson is taking advantage of
prospect of the resumption of activity on a great the opportunity to appraise public opinion in France
scale. In the "Dow Daily Building Reports" the and incidentally in Great Britain. His advisers deopinion is expressed that costs are too high to give clare he is entirely satisfied that these peoples are in
the speculative builder much of a chance to compete large measure in full accord with the principles he
for the quantities of material and labor at present has announced as necessary to a durable peace. Inavailable or which will be next year. Militating formal conferences are being held before the deleagainst building interests is the fact that the Pederal gates from the various countries actually assemble.
authorities have not as yet given the necessary re- These will continue right along but will not be parlease to savings banks and lending institutions in ticipated in by representatives of the neutral States.
.general that would permit them to loan freely,owing The feeling among all the Entente conferees, accordto the necessity of conserving capital for the forth- ing to dispatches from correspondents, is that the
coming Liberty Loan.
making of peace should be their first task in order that
Our compilation for November includes 168 cities, they may determine upon the broad outlines of the
all but 32 showing losses from a year ago, and the .League of Nations, which later representatives of
total of intended expenditures reaching but $18,- neutral countries will assist in completing. King
938,274, against $47,433,092 in 1917 and 753/ mil- Victor Emmanuel, accompanied by the heir to the
lions in 1916. Greater New York exhibits a very Italian throne, Prince of Piedmont, arrived in Paris
decided shrinkage even from the low total of a year on Thursday. He was received by the Franch offiago, the comparison being between $1,688,949 and cials and the general populace with unbounded en$6,089,979. The aggregate 'for the outside cities thusiasm, and in the evening paid a visit to President
(167 in number) is only $17,249,325, against $41,- Wilson at the Murat Mansion. The Italian King
343,113. The Middle West section (29 cities) re- personally and officially invited President Wilson
ports a total of but $4,591,212, against $14,076,676 to be his guest atthe Quirrinal and said that he had
last year and the territory west of the- Mississippi been requested by Queen Helena to extend the same
River (25 cities), exclusive of the Pacific Coast invitation to Mrs. Wilson.
group, furnishes an aggregate only about one-third
The fact that the President proposes to go to
that of 1917. The total for 41 cities in the Middle London next week has rendered it unnecessary for
Atlantic division (not including Greater New York) either the British Premier, Mr. Lloyd George, or
at $4,787,858 is over 5 millions below a year ago; Mr. Balfour, the Secretary for Foreign Affairs, to
New England cities to the number of 25 give an go to Paris as the conferences which had previously
aggregate only a little more than half of last year; been arranged can now be held during the Presi-
2314
THE CHRONICLE
[VOL. 107.
Chancellor, who, it is understood, will be Austen
Chamberlain. Bonar Law, the present Chancellor,
will continue his position as Government leader in the
House of Commons. It is reported that Threadneedle Street will suggest to the new Chancellor the
advisability of reviving the nine-months and twelvemonths Treasury bills to meet the requirements of the
short-loan market. It is probable, too, that Exchequer bonds maturing in two or even three years
will be issued periodically. These will attract the
ordinary investor. Long-term bonds similar to the
current war bonds also are probable, and their
proceeds will be utilized to pay off the floating debt,
which includes temporary advances from the Bank
of England exceeding £415,000,000. Some London
authorities believe that interest on the long-term
bonds will be reduced slightly from the present basis.
In this way they explain the improvement indicated
recently in the weekly sales of war bonds, which last
week amounted to £23,537,000, comparing with
£20,711,000 the week preceding and £16,831,000 for
the week before that. The sales of the continuing
issue of national war bonds through the banks now
amount to £1,347,245,000, and including the sales
through the post offices up to Dec. 7, the total is
£1,393,750,000. Sales through the post offices for
the week ending Dec. 7 amounted to £727,000
(against £627,000 the week previous), making the
total through that channel £46,505,000. The sales
of war savings certificates of £1 each for the week of
Dec. 7 were £3,267,000, against £2,700,000 the previous week, bringing the total under this head up to
£270,640,000. But it is not expected that rates for
either bonds or notes will be much reduced in the
One of the most interesting questions that is being near future, although Treasury bills may possibly
discussed in Paris and at the home capitals of the hr marketed at lower limits. For one thing, the
Allies is what shall be done with the German war- active demand for new captial issues may be expected
ships which have been surrendered. It is reported to keep rates up. A list of new issues that are in
that the American delegates to the Peace Congress course of arrangement includes a mortgage at 7% of
have resolved to advocate the sinking of these ships £1,520,000 for the Mond Nickel Co., and an issue
and to resist any proposition to distribute them on of £500,000 6% first mortgage debentures by the
the basis of naval losses. This announcement, it is Crucible Co. Both these issues have been authorized
said, is made by those in close touch with the Ameri- by the British Trade Corporation. This corporation
can representatives who feel that such a position is also interested in the Levant Co., which is a new
would result in avoiding contention and would ma- trading concern formed to influence trade in Turkey
terially support President Wilson's declaration that and the Near East. The capital at the start will
the war was not based on aggression or the acquisi- be £1,000,000. Its Chairman is Sir Maurice de
tion of property. England, through Sir Eric Geddes, Bunson,formerly British Ambassador to Spain. The
First Lord of the Admiralty, had, according to Paris new company has acquired the firm of Whittall
advices, previously acquiesced in the American plan Co. of Constantinople, and Saloniki, and also has arto destroy the captured or surrendered warships, ranged a working agreement with the National Bank
and, it is stated, will continue to support the United of Turkey, which in turn will open new branches.
States, although it is expected that some of the It is proposed that the Levant Co. eventually will
lesser naval powers will demand that the prizes be form subsidiaries to care for trade in Greece, the
Balkans, Egypt and Mesopotamia.
distributed.
This week's cable reports from London announce
bank consolidation in the form of the abanother
emphasized
The usual year-end dulness is being
of the Bradford District Bank by the
sorption
probreconstruction
in London. Readjustment and
Provincial & Union Bank of England.
National
is
It
uncertainty.
considerable
of
lems are sources
conceded that the election on Saturday resulted in The Bradford Bank will give two £60 shares (£12
a decided victory for David Lloyd George, and it is paid) for every five £10 shares (£4 paid). Of the
expected that he will be able to form a coalition Gov- latter £86,000 shares have been issued. The merger
ernment with a majority over all other parties com- adds about £10,000,000 to the larger bank's deposits,
bined. Nevertheless, there is a disposition to await making them about £186,000,000. It is announced
the actual count of the ballots, which will take place that Treasury sanction has already been given. The
on Dec. 28. The Bank of England has definitely Bradford has 15 branches in the woolen district,
announced this week that the present series of war making the new bank's total about 715 branches.
The British Government has removed all restricbonds will be issued only up to Jan. 18 next.. The
future borrowing policy of the Government has yet tions on dealings in non-ferrous metals. Copper and
to be determined, awaiting the selection of the new tin declined sharply on the publication of the an-
dent's visit to the British centre. President Wilson
has been much annoyed at the publication in the
Paris edition of a Chicago paper (which is temporarily being printed in Paris) saying that before
leaving for France he had approved the plan formulated by the League to Enforce Peace. In a
fOrmal statement issued in Paris• President Wilson
declared this statement to be entirely false. "I
am," the President said, "as every one knows,
not only in favor of a League of Nations, but I
believe the formation of such a League absolutely
indispensable to the maintenance of peace. But
the particular plan of the League to Enforce Peace
I have never directly or indirectly endorsed."
President Wilson's closest advisers say he has seen
no reason to change his belief that the foundation
of a League of Nations is inseparable from the
actual peace treaty itself. These advisers say also
that the President, in explaining his definition of the
"freedom of the seas", will reassure Premier Lloyd
George that he has no intention of demanding a
reduction of the Birtish Navy to a point involving
the unsafety of the Empire,. but to emphasize his
feeling that the plan of a League will strengthen the
Empire. The formal peace conferences are expected
to begin promptly after the turn of the year. It is
reported that President Wilson is finding it increasingly difficult to carry out the plans he outlined for
himself before leaving the United States. There are
slight prospects of his leaving Europe before Feb. 1,
which is mentioned in official circles in Paris as the
tentative date of depature with the lieklihood that
the actual date will be even later.
DEC. 21 1918.]
THE CHRONICLE
2315
nouncement. Lancashire cotton mills resumed work
Trading on the Paris Bourse throughout the week
on Wednesday after a number of trades' meetings has ruled quiet and in tone somewhat heavy. The
had been held to consider the labor situation. The French High Commission has issued a statement
strike involved 100,000 cotton spinners and had been intended to correct what it says is an impression
in full force since Dec. 9. During this time many in certain quarters "that the French Government
thousands of spindles were idle and many weaving is charging the American Expeditionary forces what
sheds had to be closed. The strikers sought an has been described as Trench Rents, and for
advance of 40% on the current scale of wages and damage done to property in actual warfare in the
the employees offered 40% increase on the basis of firing zone." The statement says, "There is no
standard rates as shown in piece lists. It is under- such thing as 'Trench Rent.' Damages done to
stood that the compromise settlement is on the private property in the rear of the operating forces
basis of a 50% advance on the pre-war wage standard. have always been indemnified by the Government
Referring to a report cabled from New York that to the owners of the property damaged. This apSir Edward Holden would shortly visit the United plies equally to the American, British and French
States to arrange for the maintenance of the rate in the regions where cantonments and manoeuvres
of exchange, the "Financier" of London claims are likely to harm fields, crops, barns, houses and
authority for the statement that the report has no the like. But of course this does not apply to the
foundation, as Sir Edward has no intention of leaving firing zone."
England. The London "Chronicle" enumerates
The French Senate has adopted the bill recently
important industrial developments which are im- passed by the Chamber renewing for 24 years the
pending in England and which involve expenditures privileges of the Bank of France. The Governof about £5,000,000. Chief among these is the ment is considering the presentation before the
building of a large refinery at Swansea by the Chamber of Deputies on Dec. 24 of a bill proAnglo-Persian Oil Co. This company is preparing posed by Deputy Jacques Stern to establish among
to spend £2,000,000 on wharves, railroad tracks and the Allies an "International Financial Union."
equipment. Many mining enterprises also are pro- The purpose of this union will be to distribute
jected. Efforts are being pressed to make London the expenses of the war among the nations on
the chief grain importing and distributing point the basis of populations and power to contribute.
in the United Kingdom, according to a well-informed The proposition is supported by 100 delegates
London correspondent. It is said that there is a of all parties and it is reported that a similar
marked tendency in the Dominions, particularly plan is under consideration by the British GovernAustralia and South Africa, in favor of the plan. ment. No definite steps have yet been taken in
The adoption is favored of the elevator system for London. Mr. Stern estimates that the war exhandling grain which has been in operation for many penses of the Allies totaled 424,000,000,000 francs
years in the United States and Argentina. The while the Central Powers' expenses aggregated
London "Chronicle" also understands that Lloyd 370,000,000,000 francs. Annual budgets at 5%
George is averse to a large Cabinet and when his with M of 1% premiunm for amortization would
Government is reconstituted, after the election re- total more than 40,000,000,000 francs. To avoid
sults are known, it will be found that the personnel international bankruptcy, Mr. Stern declares such
of the new cabinet will not exceed 12. Lord Milner an association to be necessary in order to float an
will leave the war office, and Sir Eric Geddes, the international loan estimated at 518,000,000,000
Admiralty. The latter will, it is expected, be francs to be distributed on a basis of population
appointed Minister of Transport to take charge of and production, each State to guarantee its prothe nationalized railway.
.portion from customs and other revenue. The
author of the bill hopes that the Peace Conference
The British Treasury statement for the week will adopt the plan at least in principle, leaving a
ending Dec. 7 was more favorable, in that revenues special commission to arrange details.
were increased, although the outgo was again
It is difficult to obtain from the cabled accounts a
slightly in excess of the income. Expenditures for
the week were £49,225,000 (against £91,329,00.0 satisfying idea of internal conditions in Germany.
for the week ended Nov. 30—this total having been The day-to-day developments appear to suggest ulenhanced by the payment of interest on the war terior purposes of some of the leaders, who so specloan), while the total outflow, including repayments tacularly are espousing the cause of the revolution.
of Treasury bills and other items, equaled £143,- One suggestion which has appeared in various quar126,000, against £188,312,000 last week. Receipts ters is that these leaders are intent upon exploiting the
from all sources were £142,887,000, compared with revolution on extravagant lines in order to cause it
£187,303,000 the previous week; war savings cer- to prove a failure, with the idea of this creating contificates totaled £2,300,000, against £1,400,000, and ditions which will call for "strong minds" later on.
other debts incurred £12,592,000, against £7,173,000. On Friday of last week large numbers of workers from
War bonds totaled £18,441,000, in contrast with Berlin and elsewhere went on strike, in some cases for
£21,978,000. Advances were £12,000,000, as against higher wages; in others for so-called famine subsidy.
£45,000,000 a week ago. New issues of Treasury Several newspapers did not appear and some of the
bills amounted to £83,629,000. Last week the largest department stores were forced to close. Emtotal was £99,677,000. Treasury bills outstanding ployees of one of these stores demanded lump sums
have shown a falling off and now stand at £1,120,- ranging from 100 to 500 marks as compensation
281,000, in comparison with £1,121,133,000 the for "extra drains on their pockets caused by the everweek preceding. Exchequer balances aggregate increasing price of clothes." It is estimated by the
£8,372,000, against £7,601,000, an increase of firm in question that to grant this demand would require the expenditure of 1,500,000 marks. It of£239,000.
fered to compromise on half that amount, but the
2316
employees in mass meeting voted against such a
move and decided to strike.
President Fehrenbach of the Reichstag on Friday of
last week convoked that body, his principal reason
being that the Entente might refuse further negotiations with the representatives of the present
Government, while it would most probably recognize
the authority of the old Reichstag and the Bundesrat. The weakening of the Bolshevik forces at
Berlin, according to advices received at our State
Department on Thursday, is indicated by a statement published in "Der Socialist" recently, in which
Breitscheid, an Independent Socialist, is quoted as
acknowledging that his party was hopelessly in the
minority and urging a merger with the majority
Socialists who are anti-Bolshevists. Poland has
severed relations with Germany, accusing German
authorities in occupied provinces of acting contrary
to Polish interests and working with the Bolsheviki.
At the request of the Polish Government Governor
General von Deseler and his entire staff will -leave
the territory of the Polish Republic. The Polish
Government is now in a state of transition. A
permanent government will be established after the
January elections to the Diet. Ex-Emperor Charles
of Austria-Hungary and four of his children are
suffering from influenza, according to a telegram
from Vienna. The former Emperor has a high fiver.
The former Kaiser is also reported to be ill with an
old malady, and.has been confined to his room since
Sunday. A press dispatch declares that the German
Government has decided to call a conference of
representatives of all the States of the former Empire
on Dec. 29 to elect a President of the German
Republic, this step being designed to avoid fresh
outbreaks. The Congress of German Soldiers' and
Workmen's Councils passed a resolution on Wednesday, according to a Berlin telegram, transferring
legislative and executive power to the Peoples' Commissioners (the Ebert Government) until other
arrangement is made by the National Assembly.
The Congress further appointed a Central Council
to exercise parliamentary supervision over German
and Prussian Cabinets, and with the right to appoint
and depose the Peoples' Commissioners of all of
Germany and, until final regulation of State affairs,
of Prussia. To supervise the conduct of business in
the Imperial Ministry adjuncts will be appointed by
the Peoples' Commissioners. They will be selected
from the Social Democratic Parties. The Congress
rejected a resolution demanding the elimination of
the bourgeois class from the Government, but on
Thursday decided on a constitutional form of Government and fixed June 19 for a meeting of the
National Assembly.
Official discount rates at leading European centres
continue to be quoted at 5% in London, Paris,
Berlin, Vienna and Copenhagen; 532% in Switzerland;6% in Petrograd and Norway;6%in Sweden,
and 43/2% in Holland and Spain. In London the
private bank rate has not been changed from
3 17-32% for sixty-day and ninety-day bills. Money
on call in London is still reported at 3%. No
reports have been received by cable of open market
rates at other European centres, as far as we have
been able to ascertain.
An additional gain in gold is recorded by the
Bank of England, the amount being £874,245, al-
[VoL. 107.
THE CHRONICLE
though as a result of the large expansion of £1,455,000
in note circulation, the total reserve declined £581,7
000. The proportion of reserve to liabilities, however, advanced to 16.26%, comparing with 15.89%
a week ago and 18.70% last year. This was largely
in consequence of substantial reductions in the
deposit items, there having been a decline of £9,115,000 in other deposits, while Government securities decreased £4,429,000. Public deposits expanded £1,450,000. Loans (other securities) were
contracted £2,683,000. The Bank's stock of gold
now stands at £78,604,711, and compares with
£57,572,496 last year and £54,347,800 in 1916.
In 1913, the year before the beginning of the war,
the amount held was £33,098,465. Reserves total
£28,091,000, as against £30,984,826 in 1917 and £33,573,700 the year before that. Loans aggregate £93,217,000, in comparison with £95,113,836 and £104,680,907 one and two years ago respectively. Clearings through the London banks for the week totaled
£442,220,000, as compared with £437,240,000 a
year ago and £390,639,000 in 1916. Our special
correspondent is not as yet able to give _details by
cable of the gold movement into and out of the
Bank for the Bank week, inasmuch as the Bank has
not resumed publication of such reports. We
append a tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1915.
1910.
1917.
1918.
Dec. 23.
Dec. 22.
Dec. 20.
Dec. 19.
Dec. 18.
68,903,000 45,037,670
Circulation
28,868,000 30,926,245
Public deposits
143,884,000 129,127,809
Other deposits
Government seen's_ 69,255,000: 57,820,020
Other securities_ _ _ _ 93,217,000 95,113,830
Reserve notes & coin 28,091,000 30,984,826
Coin and bullion.... 78,604,711 57,572,496
Proportion of reserve
18.70%
16.30%
to liabilities
Bank rate
5%
,
5%
39,224,100
53,580,815
109,007,255
42,187,508
104,680,907
33,573,700
54,347,800
35,097,450
53,134,578
98,733,682
32,840,075
102,450,297
34,443,684
51,091,134
30,220,050
37,458,949
115,405,743
14,805,529
103,293,843
52,608,354
70,378,404
20.50%
0%
22.68%
5%
34.41%
5%
The Bank of France reports a further gain of
289,000 francs in the gold item this week. The
Bank's total gold holdings therefore, now aggregate
5,471,671,925 francs, while in 1917 at this time
they amounted to 5,348,848,961 francs; of these
amounts 2,037,108,484 francs was held abroad
in each year. In 1916 the holdings totaled 5,076,625,703 francs, of which 1,592,680,318 francs
were held abroad. During the week, bills discounted were increased by 38,128,000 francs, advances rose 7,676,000 francs and general deposits
were augmented by 63,584,000 francs. On the
other hand, silver was reduced by 872,000 francs
a‘nd Treasury deposits fell off 186,475,000 francs.
Note circulation registered a further expansion
of 242,837,000 francs. The total amount outstanding is thus brought up to 29,271,224,000
francs, comparing with 22,353,770,285 francs last
year and 16,500,660,395 francs the year before.
Just prior to the signing of the armistice with
Germany the amount outstanding aggregated 30,821,245,000 francs, while immediately preceding
the outbreak of war in 1914 it stood at 6,683,184,785
francs. Comparison of the various items with the
statement of last week and corresponding dates
in 1917 and 1916 are as follows:
BANK OF FRANCE'S
Changes
for ;Week.
Francs.
Gold Holdings—
289,000
Inc.
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as of
Dec. 19 1918. Dec. 20 1017. Dec. 21 1910.
Francs.
Francs.
Francs.
3,434,563,441 3,311,740,476 3,483,945,385
2,037,108,484 2,037,108,484 1,592,680,318
289,000
Inc.
Total
872,000
Dec.
Silver
Bills dIscounted Inc. 38,128,000
Inc. 7,076,000
Advances
Ncte circulation Inc. 242,837,000
Treasury deposlts_Dec. 180,475,000
General deposits Inc. 63,584,000
5,471,671,925
318,500,440
971,915,000
1,217,101,500
29,271,224,000
41,377,000
1,451,677,000
5,348,848,961 5,070,625,703
247,410,897
299,091,603
594,201,540
813,918,309
1,208,886,214 1,334,792,505
22,353,770,285 10,500,060,395
155,115,633
31,321,207
2,894,228,773 2,180,209,027
DEC. 211918.]
THE CHRONICLE
2317
in any important additional strain in'money. The
House Ways and Means Committee on Wednesday postponed action requested by former Secretary McAdoo on legislation authorizing extensions of loans and credits to foreign nations
after peace treaties were signed. The committee
decided that such action at the moment was not
pressing and was, in fact, premature because of the
lack of knowledge as to the needs of the countries
which might ask the financial assistance. There is
reason to believe that Mr. McAdoo had in mind the
benefit to the industrial fabric at home here, which
might be expected to arise from the establishment
of such peace credits here. Presumably, these credits
would carry the same conditions as thoselgranted
during the period of hostilities, namely, that their
proceeds be spent entirely in the United States for
the purchase of supplies. Such a move, it is recognized, would operate as a basis for business which
our manufacturers, in view of the high wage scales
here, might otherwise find unavailable. It is
quite conceivable that in such circumstances foreign
Governments might feel inclined to utilize these
credits by buying from American manufcaturers at
prices higher than those current in other countries.
Hence a foreign demand for merchandise encouraged
by peace credits would be welcomed. The readjustment of wages to peace conditions hardly can fail
to be the source of more or less uncertainty and
possible disturbance in business and industrial
circles for many months to come. Industrial
leaders are recognizing the seriousness of the condition and are endeavoring to permit the situation
to work out gradually rather than by arbitrary
methods forcing direct issues with labor. Every
in
the
noted
several shiploads of American troops are arriving
be
to
day
general
is
easing
further
still
A
money situation. Call loans during the week have from abroad. The stream of labor is a steady one
been arranged as low as 33/2%. Supplies seem ample and sooner or later must make itself felt by increasing
for all Stock Exchange requirements, which still the supply of workers. Not alone will the arrivals
are restricted to the levels current about the middle of troops from foreign shores become increasingly a
of September so far as Stock Exchange loans are factor in the labor situation but there will be a large
concerned. The second installment of the Fourth readjustment required by the cancellation of orders
Liberty Loan was due on Thursday and was financed for war munitions which means throwing out of
without creating evidence of strain. The Money war employment hundreds of thousands of munition
Committee omitted its usual weekly meeting this workers who have been doing such splendid things
week because of the easier situation. It is possible for their country during the progress of the war.
that no further session will be held until active On the other hand, there will be some retirement
preparations become necessary for distributing the from men's Work of the female workers who also
Fifth Liberty Loan. One report current earlier in have given such satisfaction. Thus it becomes
the week was that the Committee had decided to quite obvious that readjustment of labor will be one
dissolve formally on Jan. 10; but inquiry developed of the main features to be considered in business
that there is no intention of taking such a step, the and industrial circles during the next few months—
plan being merely to do nothing until again needed. a feature which requires consideration in any broad
Some bankers feel that it would have been more analysis of money market prospects.
Referring to money rates in greater detail, loans
desirable for the Committee before relinquishing its
call have covered a range this week of 33/2@5%,
,
on
of
though
the
temporarily
money
even
control,
position to remove the remaining restriction, namely against 43/2@6% last week. On Monday the high
that of preventing an expansion of Stock Exchange was 5%, which was also the ruling rate, and 4% low.
members' loans. There no longer is fear, these Tuesday 5% was still the maximum, though the low
bankers assert, that speculation on a dangerous moved up to 49%; renewals remained at 5%. On
scale will develop. Trade and industry are recog- Wednesday the range was 4@49i% and renewals
nizing fully that serious problems must accompany were negotiated as low as 43/2%, The highest level
the transition from war conditions to those identified touched on Thursday was 434%, and this was also
with peace. This caution in business circles, as a the basis for renewals; the minimum continued at
whole, accompanied as is the case with important 4%. Friday's range was not changed from 3@
cancellations of war orders, is tending to cause 4% and 4% the ruling figure. The above figaccumulations of funds. Preparations are now not ures apply to mixed collateral loans, all-industrials
unnaturally in progress for the first of the year divi- being still quoted M of 1% higher. The drop in
dend and interest disbursements, but there appears call funds may be said to reflect large offerings by
no indication that these preparations would result banks incidental to their present large accumula-
Saturday's bank statement of New York Clearing
House banks and trust companies, which will be
found in more complete form on a later page of this
issue, again reflected Government financing. Government deposits were reduced from $210,747,000
to $167,006,000. There was an increase of $88,628,000 in net time deposits, to $3,879,499,000
(Government deposits of $167,006,000 deducted),
and a decrease of $30,747,160 in surplus reserve.
The loan item increased $2,687,000. Net time
deposits showed a contraction of $10,853,000, to
$141,169,000. Cash in vaults (members of the
Reserve Bank) was reduced $3,558,000, to $104,289,000 (not counted as reserve). Reserves in
the Federal Reserve Bank of member banks declined $19,450,000, to $533,758,000. Reserves in
own vaults (State banks and trust companies) decreased $197,000, to $10,188,000, while reserves
in other depositories (State banks and trust companies) declined $124,000, to $8,922,000. Aggregate reserves were reduced $19,523,000, to $552,868,000, which contrasts with $655,163,000 at the
same time in 1917. As mentioned above, surplus
decreased $30,747,160, thus carrying the total of
excess reserves down to $39,869,510, and comparing with $170,846,650, held at the corresponding
period a year ago. There was an increase of $11,224,160 in the reserve required, which of course
explains the heavy loss in surplus. The reserve
figures given both for this year and last, are on the
basis of 13% reserves for member banks of the
Federal Reserve system (but not counting $104,289,000 cash held by these banks) which the present
year amount to $104,289,000.
2318
THE CHRONICLE -
tions of funds. In time money, despite the easing
in demand loans, no important change may be noted
in the general situation. Loans were again negotiated in moderate amounts for the shorter maturities, but no business is being reported for the longer
periods. Sixty and ninety days money is still
quoted nominally at 5/
2@5%%, and four, five and
six months at 6%. A year ago sixty days was
quoted at 5%@6%, ninety days at 532@,5%%,
and four, five and six months at 5%@5%.
Mercantile paper also reflected the easier feeling
in the call loan market; and sixty and ninety days'
endorsed bills receivable and six months' names of
choice character are now quoted at 5/
2@5%%,
against 5%@6%, although names less well known
remain at 6%. The volume of transactions was
light, and trading dull.
Banks' and bankers' acceptances were steady and
without quotable change. A fairly good business
has been reported, for both local and out of town
account. The range for demand loans on bankers'
acceptances remains as heretofore at 431%. Rates
in detail are as follows:
Spot Delivery
Ninety
Sixty
Thirty
Days.
Days.
Days.
/
6@41/4 41/(,@4
4%@)434 41
434@44, 434t3t434 434 @434
53.4@5
0.0)5
534 @5
Eligible bilis of member banks
Eligible bills of non-member banks
Ineligible bills
Delivery
within
30 Days
47
/f. bid
4,4 bid
6 bid
No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Reserve banks. Prevailing rates for various classes of
paper at the different Reserve banks are shown in the
following:
1
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
DiscountsWithin 15 days,Incl. member
banks' collateral notes__ 4
16 to 60 days' maturity._ 43.4
61 to 90 days' maturity... 454
Agricultural and live-stock
paper over 90 days
5
Secured by U. S. certificates
of indebtedness or Liberty Loan bondsWithin 15 days, Including
member banks' collateral notes
4
16 to 90 days' maturity... I434
Trade AcceptancesI to 60(lays' maturity.
434
61 to 90 days' maturity _.. 434
1New York.
1•
CLASSES
OF
DISCOUNTS AND LOANS i
ga
I
j j
1 c)
... .
t
1j11111!
4
•
I
4 4
4
434 434 43.( 4
434 434 434 43i
434 43.4 454 43.4 5 434 5
43.4 454 43.4 5
454 434 43.4 5 454 454 454 5 5 5 5
5
5
534 534 5
534 53.4 534 534 534 531
4 4 4 244 4
4
4
4 tot 4
43
43.4 43.4 434 434 14% 24% toi 434 Lig 434 431
43-4 434 434.4% 454 43.4 454 436 454 436 454c
434 434 434 43.4 434 434 434 434 434 414 431
I Rate of 3 to 4%% for 1-day discounts In connection with the loan operations
of the Government. Rates for discounted bankers' acceptances maturing within
15 days. 4%; within 16 to 60, days 434%; and within 61 to 90 days, 434%.
'Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper re
discounted has been taken by discounting member banks at rate not exceeding
Interest rate On bonds.
'Rate for trade acceptances maturing within 15 days, 454%.
a Fifteen (lays and under, 44%.
Note 1. Acceptances purchased In open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate Is higher than the 15-day discount rate.trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application Is made by member banks for renewal of I5-day
Paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
palm of the same class.
A better tone has developed in sterling exchange,
there being an appreciably improved inquiry for
demand bills, owing to the more regular mail schedules which are becoming available. Rates, however,
are but slightly higher and may not be considered
to have been removed from the pegged basis which
has been current for such a considerable part of the
war period. Demands for remittances on account of
January dividend and interest remittances is usual
at this season of the year, but Europe has returned
to us such an overwhelming part of our securities
that these year-end remittances do not reach anything like their pre-war importance.
As to the day-to-day rates, sterling exchange on
Saturday was quiet but steady with demand at
[VoL. 107
3 cable transfers at 4 763/ and sixty
4 7565@4 75%,
days at 4 73%@4 7332. On Monday a slightly
easier tone developed and demand receded to 4 75%
@47570; trading, however, was of small proportions,
and cable transfers remained unchanged at 4 76 7-16,
and sixty days at 4 73%@4 7332. No new feature
was recorded on Tuesday and rates remained practically stationary; demand ranged at 4 75 11-16@
4 7570, but other quotations were unchanged.
Wednesday's market was firm and rather more active; demand bills were advanced to 4 75723/
2@
3 and cable transfers to 4 763/
4 75%
2@4 76 9-16,
although sixty days were still pegged at 4 73%@
4 73%; a fair volume of business was transacted.
Increased firmness developed on Thursday and there
was a further advance to 4 7580@4 75823/
2 in demand bills, while sixty days moved up to 4 73%@
5 there was a brisk inquiry for remittances to
4 73%;
cover payments of year-end remittances, while an
added influence in the trading was the fact that two
good mail boats are scheduled to sail at the end of the
week; cable transfers were steady, and still quoted
at 4 763/2@4 76 9-16. On Friday the market ruled
firm, with demand bills and cable transfers fractionally higher. Closing quotations were 4 7332@
4 73% for sixty days, 4 7580@4 75 13-16 for demand and 4 76 9-16 for cable transfers. Commercial sight bills finished at 4 75%@4 75 8,
sixty days at 4 723/
2@4 723
%, ninety days at 4 713/
8
@4 71%;documents for payment (sixty days) at 4 72
@4 723' and seven-day grain bills at 4 74%@4 75.
Cotton and grain for payment closed at 4 75%@
4 75%. There were no movements of gold recorded
during the week, but $500,000 was withdrawn from
the Treasury for shipment to South America.
Developmentsin the Continental exchanges during
the week have been without special significance.
While international bankers apparently agree in
predicting a speedy return to normal, operations
continue upon a restricted basis, with little or no
response shown to current events. The announcement that a large volume of tonnage for foreign trade
is to be released and that, though enemy firms are
to remain on the 'black list, practically unlimited
exports to Great Britain, France and Italy and their
colonies and dependencies are now allowed by the
War Trade Board, promises to open the way for a
substantial increase in foreign exchange business in
due course. An interesting feature also is the news
that quotations are now being received from Paris
on mail transfers to Belgium. The'Farmers' Loan
& Trust have announced that they are prepared,
through their Paris office, to make payments in
that country and that they are in receipt of further
advices from that office quoting rates for mail
transfers from Paris at 98 French francs for 100
Belgium francs. They also state that they are
prepared to make mailed transfers to Belgium for
relief and charitable purposes from this centre and
that until further notice the rate will be 5.50 francs
to the dollar. The dispatch also affirms that the
banks in that country are experiencing a great
shortage of currency and that the postal service is
working in all evacuated territory, which would
seem to indicate that the banks are starting again
to do business and that before long cables and mails
will be going forward directly from this side. A
good undertone was noted, especially during the
closing days of the week when fractional advances
DEC. 21 1918.]
THE CHRONICLE
2319
4
were recorded in francs. Exchange on Rome re- gained $5,662,000 net in cash as a result of the curmained at the rates previously quoted. No trans- rency movements for the week ending Dec. 20.
actions in German and Austrian exchange are being Their receipts from the interior have aggregated
recorded. Rubles are still deadlocked, though a $10,151,000, while the shipments have reached $4,fair degree of business is reported in ruble notes and 489,000. Adding the Sub-Treasury and Federal
ruble currency. A cable dispatch from London Reserve operations, which together occasioned a loss
states that the new Russian currency issued by the of $69,586,000, the combined result of the flow of
Provisional Government at Archangel has no relation money into and out of the New York banks for the
to the Imperial, Kerensky or Bolsheviki notes. week appears to have been a loss of $63,924,000, as
The official London check rate in Paris closed follows:
at 25.98, against 25.98 last week. The New
Week ending Dec. 20.
Into
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
York sight bills on the French centre finished at
Banks' interior movement
$10,151,000
$4,489,000 Gain $5,662,000
5 453/, against 5 453/2; cables at 5 45, against 5 45; Sub-Treas.
and Fed. Res. operations
49,158,000 118,744,000 Loss 69,586,000
commercial sight at 5 463, against 5 463, and Total
$59,309,000 $123,233,000 Loss $63.924.000
2, against 5 513
commercial sixty days at 5 513/
% the
The
following
table
indicates
the amount of bullion
previous week. Lire closed at 6 36 for bankers'
in the principal European banks:
sight bills and 6 35 for cables, the Same as a week
Dec. 19 1918.
Dec. 20 1917.
ago. Rubles have not been changed from 14 for Banks of—
Gold.
Silver.
Total.
Gold.
Silver. I Total.
checks and 15 for cables. Greek exchange continues
to be quoted at 5 163/ for checks and 5 15 for cables. England.._ 78,604,711
78,604,711 57,572,496
57,572,496
a _ _ 137,453,760 12,740,
150,193,76 132,469,618 9,880,0001142,349,618
In the neutral exchanges a distinctly firmer trend France
Germany_ 115,394,150 1,060,86 116,455,01 120,238,9
7,565,2 127,804,200
29,650,000 12,375,000142,025,
129,650,
12,375,0 142,025,000
developed, chiefly, however, in response to higher Russia
Arts-Hun c 11,008,000 2,289,000 13,297,
2,289,000 13,297,000
11,008,
Spain ____ 89,131,000 25,855,000114,986,000 78,582,0
28,595,000107,177,000
cable rates from abroad. Buying for speculative Italy
38,439,000 3,200,
41,6.39,000 33,643,000 2,600,000 36,243,000
Netherl'ds 57,653,00
600,000 58,253,000 58,292,000
569,600 58,861,600
account was held to be responsible for the firmness. Nat.Bel.h
15,380,00(
600,000 15.980,000 15,380,000
600,000 15,980,000
Switz'land 17,375,000
17,375,000 12,006,000
12,006,000
Swiss francs at one time rose to as high as 4 85 for Sweden___ 15,474,
15,474,
12,216,000
12,216,000
Denmark_ 10,335,
130,000 10,465,
9,922,000
147,000 10,069,000
checks, the highest point in quite some time and Norway__ 6,734,
6,734,
6,332,000
6,332,000
comparing with 4 92, the previous close. The Tot.week_ 722,631,621 58,849,860781,481,481 677,312,064 64,620,850741,932,914
Prey,week 719,607,343 58,862,41 778,469,753678,757,334 64,234,100742,991,434
Scandinavian rates were also strong and higher, a Gold holdings of the Bank of France this year are exclusive of £81,484,340
with guilders and pesetas fractionally up. One held abroad.
*No figures reported since October 29 1917.
reason given for the maintenance of the discount c Figures for both years are those given by "British Board of Trade Journal'
7 1917.
upon the American dollar at neutral centres is the forh Dec.
August 6 1914 in both years.
fact that while under present conditions gold should
be going out freely, gold shipments to neutral
FRANCE AND PRESIDENT WILSON.
countries are still prohibited. Trading on this
The greetings extended to President Wilson by the
market was not active and movements reflected French statesmen and people after his landing in
for the most part operations in the London and France on Dec. 13, and the beginning of informal
European markets.
conferences between the President and the responBankers' sight on Amsterdam closed at 42%, sible public men of that country, were a sufficiently
%; cables at 42 8, against 425
against 423
%; com- auspicious opening to what was bound to be in any
/
8, and com- case an impressive and appropriate episode in the
mercial sight at 42 5-16, against 425
mercial sixty days at 4115-16, against 41.15-16 last return of peace. Naturally and rightly, our own
week. Swiss exchange finished at 4 86 for bankers' press and people have laid aside whatever doubts or
sight bills and 4 83 for cables, which compares with objections, from the viewpoint of home politics, they
4 92 and 4 89 a week ago. Copenhagen checks may have entertained regarding the President's visit
closed at 26.80 and cables at 27.00, against 26.90 when the project was first discussed. The present
and 27.15. Checks on Sweden finished at 29.10 outstanding fact is the immensely enthusiastic celeand cables at 29.30, against 28.80 and 29.10, while bration of the new relations, created between the
checks on Norway closed at 27.80 and cables 28.00, United States and the European nations which were
against 27.90 and 28.10 in the week preceding. so recently its comrades in arms.
Spanish pesetas finished at 19.97 for checks and 20.05
The episode was made more natural because of the
for cables. A week ago the close was 20.07 and ungrudging recognition which our European allies
20.15.
have given to the supreme importance of our own
With regard to South American quotations, the part in the war There had been no hesitation in
check rate on Argentina has been advanced and the speeches of French and English public men, even
closed at 45.10 and cables 45.25, against 45.25 and before the visit of the President, in declaring that
45.25. For Brazil, the rate for checks was lowered, the aid of the United States had turned the scale of
finishing at 26.75 and cables 27.00, compared with war, whether through its provision of food for the
26.85 and 27.00 last week. Chilian exchange has Allies out of a none too abundant surplus of its
not been changed from 12 15-32 and for Peru at own, or through its extension of credits on a scale
50.125@50.375.
adopted by no other nation, or through its actual
Far Eastern rates are as follows: Hong Kong, military reinforcements at the moment when the
80@803., against 80@80%; Shanghai, 124@12414, Germans were again threatening Paris, rendering it
2; Yokohama, 52%@53, against doubtful whether a great Allied defeat might not be
against 122@1223/
54@543; Manila, 501A@503, against 503@503/
2, an immediate possibility.
Singapore, 563/2@56% (unchanged); Bombay, 363/
There is in some respects an interesting resem@36% (unchanged), and Calcutta (cables), 36%@ blance between the ovation given thus spontaneously
37 (unchanged.)
by France to President Wilson, and the very similar
ovation to Lafayette by the American people and
The New York Clearing House banks, in their Government when he revisited America in 1824.
operations with interior banking institutions, have Many of the circumstances, to be sure, were not the
2320
THE CHRONICLE
[VoL. 107.
same. Lafayette landed at New York, at the time the questions raised by it settled in such a way as to
of his great reception, forty years after the war was insure the future peace of the world." These in
over, and he came, not as a member of the French their form are very general statements; but they
Government, but as a private citizen. Nevertheless, embody a good deal of what the Peace Conference
the tribute paid to him by our people, based as it will have to consider.
It is still much too early to obtian a clear idea as
was, first on gratitude for his personal service in
various
the Revolutionary War, but second and equally on to what the drift of opinion among the
which
questions
the nation's increasing appreciation of what the delegations will be, on the larger
readterritorial
the
French alliance and the French reinforcements had must presently be settled—on
nathe
on
or
indemnity,
meant to our commanders at the critical period of that justments, on the money
be
may
It
itself.
Nations
of
League
war, took a form surprisingly like the French re- ture of the
regarding
declarations
explicit
that
indeed,
narrathe
said,
ception to President Wilson. We read in
tives of long lines of children throwing flowers into plan or purpose, such as those of Lloyd George and
Lafayette's carriage, of presentation to him of the his colleagues a little while ago, have been less in
freedom of the city at every point on his journey, of a evidence this week even than they were immediately
great open-air ball at Castle Garden, to. which all after Germany's surrender. There has been no
New York thronged, and, even more particularly, of sign of that "pre-arranged plan" of the French and
a constantly present note in all the speeches of the English governments for the terms of settlement
strongest personal' feeling towards France and her which was occasionally predicted in this country
when Mr. Wilson sailed. But on the other hand,
typical representative.
Thus far we are inclined to think that the manner there has been little if any actual indication of emof France's greeting to Mr. Wilson is itself the most bittered controversy or angry division of opinion.
interesting and significant incident of his visit. To what extent such differences will arise hereafter,
Like the episode of Lafayette, it has shown the ex- and with just what temper they will be approached
with
tent to which the quality of imagination and idealism by the various delegations, we may not know
can
we
s,
Nevertheles
come.
to
weeks
for
certainty
has exited and still exists in both countries. Cerresponand
of
soberness
spirit
a
that
already
army
see
American
tainly the quiet declaration of an
officer, during Pershing's visit to Lafayette's tomb sibility was bound to pervade the minds of stateslast summer, "Lafayette, we are here," touched the men as the time drew near for actual settlement of
feelings and emotions of the American people as these momentous questions—some of them much
completely ai it touched those of the French. One controverted, all of them surrounded with/ many
of the interesting developments in the sequel to complications. We believe that this attitude will
this war will be the extent to which these mutual become even more of a governing influence when
sentiments continue as between the lately allied the convention takes up its work.
Whatever special claims or special interests may
nations.
There have been times when such feelings had arise for discussion in the deliberations of the Conimportant political effect. It was sometimes modi- ference, we imagine that increasing recognition will
fied by larger political developments, as when. the of necessity be given to the fact that in many ways
United States was very nearly forced into war with it is a new world which emerges politically from this
France, through the lawless depredations of the war, that the Conference wit largely shape the conRevolutionary Tribunal against our shipping, less ditions of the new era, and that some questions will
than twenty years after our own Revolutionary War. almost certainly have to be considered on different
But even in that case the crisis was in reality sur- lines from those which were employed in former
mounted because of traditional friendship between international settlements. The active presence at
the United States and France; and the survival of the council of the United States, which has no territhat friendship on our own people's side has been torial ambitions and whose attitude in the war was
shown in their whole attitude towards the French altruistic and based on the common good of civilization, will in this respect be of great importance.
during the present war.
But neither the United States nor any other of the
on
Wilson
President
The speeches made both by
the one hand, and by President Poincare and M. recent belligerents is likely to have its own individual
Clemenceau and other leaders in the national and views adopted without modification or amendment.
municipal government of France on the other, were The ultimate settlement will be obtained through the
naturally directed, first of all, to these aspects of the consensus of judgment of the civilized nations It
occasion. The problems of the Peace Conference, would certainly not endure if it were obtained in
the final adjustment of terms between Germany and any other way.
the Allies, and the future international agreements
THE PEACE
or institutions, were touched upon only lightly. ARCHIMEDES'S FULCRUM AND
.
CONGRESS
The French President, in his speech of welcome at
The famous boast of the wise man of Syracuse
the luncheon in the Elysee Palace last Sunday,
pointed out that France "yearns now, even as you that if he were given a fulcrum he could move the
do, for a peace of justice and security;" that peace world illustrates the situation of the coming Peace
"must make amends for the misery and sadness of Congress.
Its first and imperative task is to see that justice
yesterday and must be a guarantee against the
done, and that Germany gets her deserts. That
is
this,
even
that
beyond
but
dangers of tomorrow;"
d, there remains the task of leading
accomplishe
,
could
unpunished
"remain
guilt
Germany's
should
it be renewed, the most splendid victories would the world unitedly to enter the new era which the
be in vain." President Wilson, replying to M. war has opened. Whichever it may take up first
Poincare, spoke briefly of the realization by the these two functions of the Congress are distinct, and
American people "that merely to win the war was no outside pressure or individual idiosyncracy should
not enough; that HI:must be won in such a way and be allowed to confuse them. Our intention is simply
DEC. 211918.]
THE CHRONICLE
2321
to call attention to the ultimate and more difficult bership, and, with still greater care, must the strucduty. For this the Congress has the adequate ture and spirit of the League be such as to create in
lever if it can only be wielded.
all a mutual and absolute confidence. This may
The fulcrum, it would seem, must be found in seem to make the scheme impossible, but it only
a League of the Nations in some adequate form. marks the completeness of the break with the schemes
Perhaps it is possible to indicate some features of and spirit of the past, and emphasizes the fact that
that League which are essential if it is to prove equal the demands of the new day are to be measured by
to the situation. It will be recognized at once that the greatness of the sacrifice which has been made
no giving a new name to any of the old schemes to secure it. No demand can be too heroic or too
will serve. The break with the diplomatic past ideal.
is complete. There is no hope that the devices for
The new League will be indifferent to the form of
peace in the form of European Leagues, Holy Alli- government of any State. That is a matter of their
ances, Congresses and the schemes based on balance own concern and generally the result of their parof power or of mutual interest, will be accepted, ticular history. This will be a League of States.
however peaceful or even Christian they may pro- It will be based upon the will of the people, accepted
pose to be. The traditions are all against them. and sustained by them, and established for their
No one of them has ever succeeded in securing con- welfare. This determines its purpose and its methfidence in the unselfishness of its members, in arrest- ods. Here we have President Wilson's statement.
ing progressive armaments, or preventing the He says: "What we seek is the reign of law based
aggressions of ambitious military chieftains or greedy upon the consent of the governed and sustained by
rulers. History has confirmed the saying of Machia- the organized opinion of mankind." And as to its
velli that "each treaty plants the seeds of a new aim: "One of its main objects is the settlement
war."
of every question, whether of territory, of soverOver against them The Hague Conferences were eignty, of economic arrangement, or of political
futile in that they had no binding force, either within relationship, upon the basis of the free acceptance
or without; and treaties, however widely adopted, of that settlement by the people immediately conhave too generally been held binding only so long 'corned, and not upon the basis of the material adas it suited the interest of the parties to them, to vantage of any other nation or people which may
serve as the model, or to carry on the traditions or desire a different settlement for the sake of its own
methods of the past for the new epoch. Nothing exterior mastery."
in the diplomacy and devices in use in the interIt will appear at once that if this conception of a
course of nations has secured confidence or served League is accepted, the arrangement for carrying it
to remove fear of individual aggression.
into effect, i. e., by what representative body and
The character of the situation is suggested by commissions and courts and force becomes a mere
a little incident in the life of the late Cardinal New- matter of detail—detail that may require months to
man. On his return to London after his appoint- determine, but which should not be impossible of
ment, Cardinal Manning called upon him and he accomplishment. The League must recognize the
refused to receive him, sending him a note in which right of each State, large or small, to determine both
he said: "As I find in my heart a rooted personal its domestic and foreign relations as it may judge
distrust of you, it is useless to keep up the forms of them beneficial to itself, but it must act in the spirit
friendship." That is the new order's reply to the of the League, and make no unfriendly distinctions.
old to-day.
Only so can an atmosphere of international goodIt is clear that the Democracy for which the world will be maintained.
is to be made safe is to be something quite different
Meanwhile the League may find opportunity for
from that principle which has drawn men into con- rendering aid in individual cases of economic or
tentious groups in the past, or which has broken internal need, not unlike that which in emergencies
out in fierce violence in Europe. It will demand of a more exigent nature is rendered by the Red
the test of welfare for all. It must be inspired and Cross, aid of the kind that some nations will urgently
controlled by so genuine a spirit of service that it call for now. It will open ways in which the strong
will challenge that test everywhere and expect to may help the weak and go far to vindicate the desire
succeed or fail as it may be found to meet it.
for service and to make brotherhood real.
The League therefore, if it is to succeed, must
It is not too much to suggest that the proposed
be a scheme so generous both in its initial presen- League should secure so much of disarmament at
tation and in the outline of the organization as to the outset as shall approach the limit of force which
secure support as generous and trustful. Otherwise each State may have to contribute to the forces of
it will carry in its bosom the divisive and destructive the League when and if emergency should demand
germs which sooner or later compass its defeat. A it, and shall gradually create a feeling among the
bitter debate, a pressing of self-interests, or an arbi- people in regard to the burden of undue military and
trary putting through of any particular project for naval expenditure as shall effectively prevent its
a League will effectually thwart its purpose and increase.
confirm the fears of its opponents.
However, the plan of a League must not be
It will have to embrace all the nations and be pressed as in any way a substitute for that settleaccepted by all. Otherwise it will stand in a domi- ment of the just claims before the Congress which
nant and compelling attitude toward some, per- must be received and satisfied to assure the acceppetuating the relation of the great State to the lesser, tance of the peace as the result of a complete military
defeating in its inception the purpose of a League victory won by the Allies. The Central Powers
for permanent peace. The fear of aggression, no resorted to the arbitrament of war, and they must
less than the temptation to aggression, must be accept the result. That is the only conclusion of
removed. The advantages of membership must be the war that will effect the complete refutation,of
made manifest to all as well as the privilege of mem- the principles in the strength of which Germany
2322
THE CHRONICLE
[VOL. 107.
where never hate is, or enmity, or pride of opinion,
or compulsion of mind, or force of the physical,
but only that drawing together in the spirit and the
presence of Righteousness and Ruth that gives and
takes until independence comes to each and equality
to all. Blood spilled like water, treasure spent as if
from an inexhaustible storehouse, idealism painted
on the panorama of centuries to come, a torn world
dripping with anguish desolated by destruction
lifting an undaunted resolve to make this lesson the
sublime agent of a reconstructed earth, these constitute the heritage of a Christmas morn that may
circle the globe with anthems to unwasting and
eternal Peace!
On his day of mingled thanksgiving and rejoicing
every human soul is conscious that all this vast
outer sphere of events and realities lives only in his
spiritual nature. Conscious of the vast, the heart
turns to its own and sets over its life the Star of
wise men that guides and guards. It is enough that
THE FIRST CHRISTMAS OF THE GREAT PEACE. love finds its satisfaction in the lesser things of life,
There are more thankful hearts on this Christmas lesser that transform to larger, because the giver is
Day of 1918 than this day of glad celebration ever more than the gift. It is enough, therefore, that the
knew before in its nineteen hundred years of history. war is over and peace dawns, that the soldier boy is
There may be, too, more of joy, but it is tempered coming home, that one may take up again the simple
by a sense of sorrow as wide as the world's woe and pursuits of other days, and that in the good deeds
want. All, all, are thankful—the victors and the near at hand one may forget the duties that hung
vanquished, the blessed and the bereaved, soldier heavy on the years just passed. We are Sons of the
Morning and the Children of Light. But we are all
and civilian—for the great agony is over at last!
Once, peoples believed it would not be, it could simple folk, and children of our fathers, happy in
not be. Now, it has come and gone—and the light that social communion and human helpfulness which
lifts on new hopes, new aspirations, new achieve- brings neighbor to neighbor and gathering about the
ments, for the glory and good of every man. "Blessed. Community Christmas Tree in kindliness and love
are the peacemakers: for they shall be called the know that in a world made safe and free there can
children of God." This is the first Christmas of be no more wars or rumors of wars forever. And
the Great Peace—and through all the world a wave so this Christmas Day our hearts have thanks!
of thankfulness runs that war is ended, war that
shall never come again if prayerful hearts are heeded,
and the wise constructive agencies of State and WHAT IS TRUE CO-OPERATION IN INDUSTRY?
It is an old saying that labor and capital are
Church are able to erect upon its ruins some divine
instrumentality that shall serve to bind all souls "allies not enemies." But the statement does not
really help us very much. And it assumes a solitogether in conciliation and concord.
And though millions hear on this day "a multi- darity and independence that does not and cannot
tude of the heavenly host praising God, and saying, exist. In a modern sense, and we live in the present,
Glory to God in the highest, and on earth peace, industrially speaking, there can be no labor without
good will toward men," the Day has passed beyond capital and no capital without labor. Literally,
its content and its creed into the keeping of hu- almost, one cannot Sexist without the other. If we
manity, and now represents more than any other go a step further in our analysis we find there is
holiday what earth hopefully believes is to be the nothing at all but labor, capital being labor transoutcome of the dark struggle—liberty and justice formed, stored-up, in permanent things, or their
in fraternity and democracy. So the day widens representatives.
War has taught us a few things—among them
and ascends and is ennobled. So the home with
its vacant chair, the heart with its irreparable loss, that a nation must depend upon its "man-power."
gathering something of the golden light that falls And that in a ratio of from five or seven to one, manon the future, may bow in humble adoration to the power must be exercised behind the battle lines.
Good, and feel the solemn sad rejoicing that bears Further, that without "industries," going concerns,
a chastened world onward to clearer visions and (capable of use or quick adaptation) coupled with
calmer ways. Christmas Day 1918, the first in natural resources, man-power behind the lines of
the era of universal and enduring Peace! That this battle would be ineffective, and of slow growth into
thought may be its crucifix and crown there. are serviceability. There is, therefore, at once, an
indispensable union between stored-up labor and
none to say nay.
As this "celebration" of the returning tides of life active labor. Thus it may be said the employer
to a barren earth, giving the Pagan as well as and employee each contribute "man-power" to the
Christian interpretation, spreads its gladness and perpetuity of government and the accomplishment
goodness among men, may not the contrite heart of peace and democracy.
The proposition we have now to contemplate is,
of man rejoice that out of the awful sacrifice, there
shall indeed arise a new birth in all that makes for does this condition change in time of peace? Supunity of peoples and brotherhood among men? pose there were no stored-up labor, no capital! ManFor now there is a new sanctuary builded in which power would be reduced to picking berries and exall may worship, a sanctuary of the human soul, changing beads. Suppose man-power were not
instituted war, the right of might to do as it will,
and a God-given commission of one people to overrun and govern the world. That doctrine is forever
to be wiped out of the books of any and every nation.
If President Wilson's going to France, whether
he stays a longer or shorter time, secures attention
to those features of a League of Peace, however
undefined, but which heh as in the main covered as
essential, his trip will be well worth while, and may
prove quite as important a contribution to the outcome of the war as any other that has been secured.
In any case, it cannot be held as simply "a grandiose
revolutionary experiment." It may be revolutionary
of much that has prevailed in the past, but it certainly is not to be held too large or too bold in its
aim and promise to be set over against that redemption of human society which the sacrifices of the
great war should accomplish.
DEC. 211018.]
THE CHRONICLE
2323
trained in the uses of things, knew naught of the follows that co-operation is impossible. To return
arts and sciences, the result would be the same, ownership in one case and not in the other prevents
nor would abundance of natural resources alter the it. If the process goes on, supposedly, until all the
condition. Civilization consists in controlling ele- stored-up labor, all the capital, all industries, are
mental laws; barbarism consists in being controlled State owned, the man-power of the laborer can no
by them. But, while everything reduces to man- longer be employed at his own will, for he has nopower, the trouble seems to be that the man-power where to employ it save by direction and permission
which exists in a static, stored-up form, called of the State. He ceases to be a factor in himself,
"wealth," is owned, is under the control of one he cannot co-operate. And without the use of his
man; while another has only the man-power resident inalienable physical man-power he ceases to be a
in his own physical and mental nature. Here seems free man, and becomes perforce a mere automaton.
to arise antagonism. Yet is it not true that nothWithout stopping to examine the possible power
ing exists which makes for comfort and happiness, of the individual to contract with the State for the
in a word not even civilization exists, until these use of his own labor, without pausing to analyze
two forms of man-power do unite, and operate in whether this "taking over" process has in every
harmony withleach other?
instance been by delegated or assumed powers of
Now there is no device known to man which administration, the question is to be seriously asked,
will subvert heredity; and there is no artifice which why give back to the conscript his individual manwill supplant liberty. Thus, this "man-power," power and deny him the right to his "corporation"
whatever its form or extent, must descend some- or "capital" man-power? He owned them both
where, and it must follow the line of natural descent; before the war. He then exercised to the full all
as, in the case of stored-up man-power, it may be his contractual, his co-operative, powers. Denied
diverted to an organism called the State. In the one, he is denied the other. And the result of a
latter case all men have an indefeasible right to war for democracy, for liberty, justice and humantheir own physically constituted man-power, with ity, is simply Socialism.
no opportunity of their own to exercise it, cannot
But there seems to be a division of thought at
contract for its use and employment, and become this point, and it is heralded as a "compromise"—
inevitably the slaves of the creature they erect, namely, that the individual shall retain all his
called the State. Of what use then is a strong rights and powers to contract, but shall yield to the
arm, an intelligent and cultivated mind, a will to State his contract rights over his stored-up labor,
do and be, a desire to help others, a resolve to pro- his industrial institutions, as far as what is known
tect and foster family and friends? These are all as "control" is concerned. Direction and exercise
nullified in the individual when the accumulations of stored-up labor, of capital man-power, is imposof one generation of laborers cannot follow the line sible, as far as human liberty and individual indeof natural descent, and must vest in an organism pendence obtain, while subjected to alien or outside
that cannot know the individual in his personal control. Follows, then, this—the laborer or emwants and needs. The value of his own physical ployee is as much interested in the survival of
mental man-power is thus destroyed; and there can private ownership, the survival of the individual
be neither competition in life nor co-operation. and corporate employer, as is that employer himEffort becomes no longer voluntary but forced. self: Follows, further, the employee and
the emThe only unity which results is slavery. Wealth, ployer cannot co-operate under any other system—
stored-up labor, being divested of personal owner- and while for the purpose of convenience employees
ship is divested of direction. Active man-power, may organize into committees to deal with comcommonly called labor, is likewise divested of direc- mittees of employers, when they deliver themselves
tion by its sole owner. The State remains—au- into the hands of organizations outside, "unions,"
tocratic and irresponsible; and what we term man- they forfeit their power to co-operate just
as effechood, character, disappears. There is no such tually as it is denied to them when free
employment
thing as liberty of action. Indepentence auto- by employers ceases to exist by virtue
of State
matically ceases to exist, is not possible. There control of industries. True co-operation
therefore
are no factors to contract, all forms of man-power can exist only when free men have
guaranteed to
are at the mercy of a power outside themselves, them their"man-power," whether it be in active
dayproduction becomes perfunctory, goodwill cannot labor or whether it be in the form of
so-called "capibe exercised, and the spirit, as well as the means, tal."
of co-operation dies.
And so long as the possession of man-power, be
Again, that our reasoning may be concise, we say it in one form or the other, is unequal as
between inthat what are commonly denominated capital and dividuals, equality of condition in life cannot
exist.
labor are forms of man-power. They have been If equality of condition does exist, or if
it could,
personally owned and directed. War intervenes, the average would be low, the tendency
ever downand both are placed at the service of the State. ward, for superior attainments through cultivation,
The corporation, industry, plant, as in the case of superior strength, intellectuality, thrift and
saving,
the railroads and telegraph, are "taken over" by would avail nothing. Competition is an
inevitable
the Government; likewise the man-power of the accompaniment of freedom. Freedom
the inevitaindividual, by the law of conscription, is "taken ble, inescapable, component of
co-operation. In
over." Our argument is not vitiated by the fact a last analysis all is labor—the individual
alone is
that a form of ownership remains. Liberty, and laborer. Such is the state of civilization
that while
contractual power, no longer exist in time of war. all possess personal man-power, though
in varying
Peace comes—and it is proposed to re-invest the degree, some must possess more capital
man-power
conscript with his civilian condition and powers, than others. And the only way these
two can really
and to retain permanently the corporation, indus- co-operate is by being free to come
together by
try, plant, and to proceed to State ownership. It contract for'a mutual good.
2324
THE CHRONICLE
USES OF TAXING POWER TO SUPPRES
CHILD LABOR.
Suppression of child labor by excluding its producc
from transportation having failed, the attempt to
reach the same end by taxation has advanced one
step by passage in the Senate, on Wednesday, by
•the heavy vote of 50 to 12, of the Lenroot amendment to the revenue bill, putting an extra 10% tax
on the entire product of any concern employing
such labor.
The law for the same end which was pronounced
unconstitutional by a five-to-fou: division of the
Supreme Court on June 3 was condemned by Justice
Day, who wrote the opinion, because "it not only
transcends the authority delegated to Congress over
• commerce, but exerts a power as to a purely local
matter to which the Federal authority does not
extend." If this new attempt is enacted, it remains
to be seen whether it will not be regarded as seeking
to exert, in another manner, a power which was
declared non-existent in respect to local subjects.
Possibly a question may also be raised as* to the
proviso that "all duties, imposts, and excises shall
be uniform throughout the United States." A
proposal to lay income taxes on a sliding scale
(New York being charged 10% more than North
Carolina, for instance) would doubtless appear to
everybody violative of uniformity; but what makes
a tax "uniform throughout the United States"?
Is a mere geographical uniformity enough and may
particular industries or classes be selected for rates
of extra severity?
We raise the question without assuming to answer
it. But all attempts to carry the tax power beyond
its primary and plainly legitimate purpose of raising
revenue for public needs are in a dangerous direction.
Import taxes, so far as they are intended to have
and do have the effect of lessening or of preventing
revenue by suppressing a trade, are open to' this
objection of using tax as a means for forcing other
ends than revenue. This policy, which goes by the
name of protection, is defended as on the whole
expedient; it is old and common,it is likely to prevail
yet a long time, and it is among the questions possibly to be soon fought over again with even greater
vigor, but it lies in a wrong direction notwithstanding. The most notable exercise of misdirection
was the destroying of the circulation of banks
organized under State laws, for the sole and express
purpose of making way for the national banking
scheme of more than a half-century ago. That was
then deemed good policy, and it had the excuse of a
war emergency; but war has now ceased and the
excuse of emergency (even if it could have been
raised in this matter) no longer exists. It therefore
behooves us to put a short stop to the invoking of
extraordinary and questionable powers.
A sufficient further objection is that if this perversion of the taxing power is once admitted there
is no place for limiting its employment. For
instance, some ardent reformer may call for encouragement of matrimony by putting a prohibitory
tax on the unmarried; a special tax on bachelors has
been suggested in Massachusetts, and in these progressive times the newly-enfranchised sex should not
expect exemption from such a gentle persuasive.
Once accept this doctrine that anything deemed for
"the general welfare" may be championed by perverting the power to tax, and any industry or trade
[VoL. 107.
may be fostered or suppressed; any class of persons
may be assisted or clubbed; anything conceivable
may be undertaken, subject, possibly, to the requirement that a geographical uniformity be preserved.
Child labor is at once morally wrong and economically foolish; it is indefensible, but that does not
compel or justify using bad means for good ends.
If every State already has some law regulating child
labor, as Justice Day said, the trouble lies in the
defects of such laws or in a laxity of public opinion
upon enforcement. Therefore, it must be said
once more that the place for campaign work by
those who are zealous to protect the children is
clearly indicated; carry the effort to the States where
most needed, instead of retarding the end by trying
to utilize questionable and unsafe Federal powers.
Let the propagandists produce some simple and
model statute and then concentrate themselves and
all the power of public opinion (which in the end is
always effective) upon the task of getting this
statute adopted; thus they can also do another good
work in furthering uniformity of legislation among
the States, which is something greatly needed, and
upon other subjects than this.
CANADA PREPARES FOR IMMIGRATION.
Ottawa, Dec. 20 1918.
In the opinion of Canada's Minister of Immigration, Hon. James Calder, there exists no doubt
whatever that soon after the signing of peace the
pre-war volume of immigration will set in for Canada.
"The biggest job which Canada must accomplish
within the next ten years," said Mr. Calder in an
interview, "is to get people into the country to
develop the wonderful natural resources. Taxes
are bound to be heavier and unless we secure settlers,
people will be moving out instead of coming in."
This is the doctrine on. which the Dominion
Government is now preparing to secure immigrants
by wholesale advertising in the British Isles and
by a scheme of careful selection and training. No
Westerner, such as Mr. Calder, would be intrepid
enough to paint alluring pictures of Western farm
life in the face of bitter protests by the organized
grain growers against what they believe to be injustices in the customs tariff. Accordingly, the
new immigration policy is being based upon certain
impending reductions of the import duty on agricultural implements. Other essentials of farm plant
may be included, according to the temper of Parliament. Sir Robert Borden's return from London
is likely to bring about a Cabinet discussion of
another salient demand of the Westerners: freer trade
with the United Kingdom. As the formulating of an
immigration program has been placed in the hands
of prairie province representatives, there is little
doubt that Western definitions of a national trade
policy will have the right of way. What far-reaching
changes may be permitted by Parliament is suggested
by the Government's official designation of Hon.
N. W. Rowell to father such untouched social questions as old age pensions, mothers' pensions, national
health department and a long list of State experiments. It is to be assumed that in this forward
movement some of the old-time pillars of the protective tariff are bound to crumble.
The Minister of Immigration reckons that Canada
can support 50,000,000 people instead of the present
population of somewhat less than 8,000,000. Even
allowing the number of European war victims in
DEC. 21 1918.]
THE CHRONICLE
killed and maimed to be 25,000,000, the effect on
immigration is relatively unimportant. The population of European Russia alone before the war increased at the rate of 3,000,000 a year and since
the Napoleonic Wars the population of Europe has
more than doubled. The old causes of migration
will again be set at work and Canada's 80,000,000
acres of vacant prairies will again assert its attraction. Meanwhile, says the political West, through
H. W. Wood, a grain growers' leader: "There is
no reason why manufacturing and agriculture should
not flourish side by side. The West will be one of
the biggest and most profitable markets for Eastern
manufacturers in the future; it, therefore, behooves
them to make that market worth while by making
farming worth while."
Mvcrent
gitents and Pistnssions
NEW PROBLEMS—OLD STANDARDS.
[By Daniel Chauncey Brewer, President of the North American Civic
League for immigrants.)
Peace is bringing the United States greater problems than
did war.
When the Hohenzollerns broke through the restraints of
law, America, after sufficient pause to understand herself,
struck back, and hard. What a magnificent plunge it was!
No reservations—no economies—nothing but conviction
that right must triumph—that we were right and that we
must be swift in doing God's errand.
Now we are poising for another plunge into a yet greater
adventure—Peace—that will not end in a year's campaign,
but, if properly guided, will last out our lives.
The blood is moving swiftly along vein and artery. We
are somewhat bedizened by the extraordinary victory in
which we were permitted to share. We know of the forward
leaps that nations have made after historic conflicts. We
are not unmindful of our resources, nor of the fields that are
opening to our commerce. Even the small trader on the
street realizes that the war experience has put us ahead a
generation, and is prepared to grapple with big things.
All this is promising and praiseworthy provided wisdom
and judgment control, but it must be admitted that while the
ship of state is admirably fitted out for a voyage, there is
some doubt as to the course it is to sail.
If this fact does not give cause for apprehension, it should
stimulate caution.
The warlissue was clear and sharp—people knew what to
do—and they did it.
The issues of Peace are obscure. Labor clamors for fuller
recognition; capital is eager to throw off restraint; the State
is not unwilling to participate in any broad and generous
policy that will better the lot of all. Some cry out for industrial compromise, and others for industrial war, and he is
a superman or a fool who claims to see very far ahead, or
to disentangle the right from the wrong in measures which
are crowding upon the public for discussion.
In such times the Nation can well give pause to make sure
that it is right befere it goes ahead—or, if it is impatient to
be off, can at least arrange to keep a tight hold upon platforms which have assured its political stability until its grip
closes upon something equally satisfying.
How to do this will be for statesmen and thinkers to decide. Two things are sure1. That no advance will be worth having which does not
guarantee the maintenance of law as well as the enjoyment
of Liberty;
2. That no time should be wasted in rebuking Bolshevikism which destroys Freedom by defying law, and which is
securing a hearing in our foreign colonies.
NEW CREDIT TO GREAT BRITAIN.
An additional credit of $250,000,000 was established by
the Treasury Department yesterday (Dec. 20). This
brings Great Britain's obligation to the United States up
to $4,195,000,000 and raises the aggregate aid to the Allies
since this country's entry into the war to $8,473,540,702,
apportioned as follows: Great Britain, $4,195,000,000;
France, $2,445,000,000; Italy, $1,210,000,000; Russia,
2325
$325,000,000; Belgium, $213,320,000; Greece, $39,554,036;
Cuba, $15,000,000; Serbia, $12,000,000; Rumania, $6,666,666; Liberia, $5,000,000; Czecho-Slovaks, $7,000,000.
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills was
disposed of this week by J. P. Morgan & Co. on the discount
basis recently prevailing, namely,6%. The bills are dated
December 17.
WAR DISBURSEMENTS BY FRANCE.
The following is taken from the "Official Bulletin" of
Dec. 16:
According to the "Economiste Europeen" (Oct. 4 1918) credits to the
Government voted by the French Chambers for the current year aggregate
53,355 million francs. This amount, added to the total credits granted for
the period Aug. 1 1914 to the end of 1917 (as shown in the April number),
104,412 millions, makes a total of 157,767 million francs. It is estimated
that actual disbursements of the Government were about 20% less than
the expenditures authorized. The French publication gives the following
main reasons of the progressive increase of the war expenses:
1. Increase in the number of the mobilized troops.
2. Intensification in the production of articles for war purposes, viz.,
munitions, armament, clothing, equipment, &c.
3. General rise in the prices of articles necessary for the feeding of the
troops and of the raw materials used in the war industries.
4. Increases of subventions to the families of mobilized soldiers, of pay
to combatants, of salaries of the various classes of State employees, &c..
caused largely by the high cost of living.
5. Progressive increase of the interest on the public debt and foreign
exchange charges.
Government borrowings since the outbreak of the war to Aug. 31 1918
are classed as follows:
(a) Domestic:
Million francs.
Funded loans
32,187
National defense Treasury bills
26,453
Short-term bonds
679
Advances of the Bank of France and the Bank of Algeria
19,415
Total
(b) Foreign:
Loans contracted in—
England
United States
Argentina
Spain
Japan
Switzerland
Holland-Norway-Sweden
78,734
12,553
11,887
471
326
197
97
147
Total
25,678
At the beginning of 1914 the French consolidated public debt stood at
28,776 million francs, which, through gradual conversion into or exchange
for war obligations bearing higher interest rates, was reduced to 25,715
millions. Combining this amount with the total war obligations contracted by the Government at home and abroad the "Economiste Europeen"
obtains a total national indebtedness on Aug. 31 1918 of 130,127 million
francs, or of $25,115,000,000. Of this total 104,412 million francs represent amounts of war loans raised by the Government. To this total should
be added about 22 billions revenue receipts proper for the war period
Aug. 1 1914 to Aug. 31 1918. This would give about 126,412 millions,
which is about 80% of the total credits voted to the Government for the
period.
THE NATIONAL DEBT OF SWEDEN.
From "Commerce Reports" of Dec. 11 we take the following:
The national debt of Sweden has increased from 1,054,110,000 crowns
In 1912 to 1,240,490,000 crowns at the end of 1917 ($282,501,480 to $332,451,320.) During 1917 the State revenue was 417,082,000 crowns and
expenses 534,660,000 crowns (8111,777,976 and $143,288,880). During
the year the Government borrowed 550,000,000 crowns from the banks for
the various war relief committees.
MODIFICATION OF REGULATIONS GOVERNING EXPORTATION OF MANUFACTURES CONTAINING
GOLD.
The War Trade Board on Dec. 14 announced that, owing
to the changed situation, it has been possible to modify the
regulations governing the exportation of manufactures containing gold (W. T. B. R. 297, Nov. 16 1918), which have
been changed to read as follows:
(1) On and after Nov. 16 1918, applicants for licenses to export any
manufacturers containing gold will be required to make their application
on Form X, as heretofore, and attach thereto, duly executed and filled in
Supplemental Information Sheet X-29 (a new form), together with any
other supplemental information sheets required for shipment to particular
countries, as Form X-101, Form X-102, &c.
(2) Licenses When Import Agreement is Given.—Licenses may be
granted for the exportation of manufacturers containing gold to all destinations, if the applicant shall file with the War Trade Board an agreemnet
(Form X-215) to the effect that the applicant will import into the United
States gold equivalent to the bullion value of the gold contained in the
commodities exported.
On Jan. 15 1919, and at the end of every three months' period thereafter,
each exporter in the United States who shall export manufactures containing gold under this section shall file with the War Trade Board, Washington, D. C., a report in writing (Form X-217. Dec. 1918) of all exportations of manufactures containing gold of bullion value more than 45% of
the value of the commodity made by him during the preceding three
months, and all importations of gold from any foreign country made by
him during such period, to which there must be attached a copy of the
customs import entry or entries countersigned by the Collector of Customs.
2326
THE CHRONICLE
(3) Licenses When No Import Agreement is Given.—Licenses may be
granted for the exportation of manufactures containing gold without such
agreement for import required by Section (2) in the following cases:
(a) When the gold bullion value contained in the commodity to be
exported does not exceed 45% of the whole value of such commodity,
but the gold bullion value in the aggregate shipments by any exporter
during a period of three months shall not exceed 33 1-3% of the whole
value of the total shipments by such exporter during such period. On
Jan. 15 1919, and at the end of every three months' period thereafter, each
exporter in the United States who shall export manufactures containing
gold under this section shall file with the War Trade Board, Washington,
D. C., a report in writing (Form X-217, Dec. 1918) of all exportations; or
(b) When the exporter is within the class set forth in paragraph (a)
preceding and the applicant files with his application an affidavit by the
manufacturer stating that the commodity was manufactured or in process
of manufacture prior to Sept. 15 1918, neither tho agreement (Form X-215)
to import nor the report (Form X-217, Dec. 1918) referred to in said
paragraph (a) need be made.
(4) In filling out reports of exportations of manufaotures containing gold
(Form X-217, Dec. 1918), exportations of commodities containing gold of
bullion value not exceeding 5% of the value of the commodity should not
be reported.
(5) Form X-216, Nov. 1918, and Form X-217, Nov. 1918, are hereby
withdrawn.
(6) Copies of the various forms described above may be obtained upon
application to the War Trade Board, Washington, D. C., or to any of the
branch offices.
[VoL. 107.
to have them accept the checks of the Stock Clearing Corporation in payment of Money loans without certification, each depositing member will
be liable for an assessment of an equal amount in addition to that of his
deposit, in the event of the sum in the possession of the Stock Clearing
Corporation being reduced below a prescribed minimum through any
financial crisis. Careful estimates as to the worst probable strain that
might be placed upon the institution indicate that the protection of the
money deposited should be more than ample for the saftey of the Stock
Clearing Corporation.
In connection with the clearing of money loans and for the purpose of
security and labor saving, it is proposed that bank loans will be sent to the
Stock Clearing Corporation for the purpose of being paid off.
Your committee is confident that through the operation of the Stock
Clearing Corporation at least 65% of the present daily extension of credit
received from banks will be eliminated, and because of the control by the
Governing Committee of the New York Stock Exchange through the
Directors of the Stock Clearing Corporation, and now and efficient methods,
there will be afforded protection against risk and liability to the members
of the Corporation that should cause the business of the Exchange to be
conducted on a safer basis than over before.
In addition to the improved relationship between the banks and the New
York Stock Exchange, the simplifying of much of the labor connected with
deliveries or securities should save a large percentage of effort and time
Involved under present conditions.
The expenses of operating the Stock Clearing Corporation will be met by
interest from deposits with banks, and by proper charges for clearing
money loans and securities.
At the beginning it is expected to confine the operations to Clearing
House stocks and include the clearing of money loans.
Counsel of the New York Stock Exchange has studied every feature of
the plan, has approved thereof; and prepared articles of incorporation
which will be submitted to the Governing Committee promptly after the
amendment to the constitution has been adopted. Furthermore, counsel
of the Clearing House of the New York banks has made a thorough study
of the subject, has examined the articles of incorporation as prepared, and
has approved thereof in so far as they affect the banks. Action under a
proposed amendment to the constitution is desired at this time that the
Governing Committee may be prepared to authorize the incorporation of
the Stock Clearing Corporation at the earliest possible date.
Before the Stock Clearing Corporation begins its operations an opportunity will be given to all members of the New York Stock Exchange interested to familiarize themselves with the details of the plan.
Respectfully submitted,
S. F. STREIT, Chairman,
E. V. D. COX,
BAYARD DOMINICK,
WM. A. GREER,
E. II. H. SIMMONS,
Committee.
PROPOSED CHANGES IN CLEARING SYSTEM OF NEW
YORK STOCK EXCHANGE—NEW STOCK .
CLEARING CORPORATION.
Important changes with respect to its system of clearing
loans and stock balances are contemplated by the New York
Stock Exchange. On Wednesday last, the 18th inst., the
Governing Committee approved an amendment to the constitution of the Exchange providing for the organization of
a company to be known as the Stock Clearing Corporation,
which is to perform the functions heretofore vested in the
Clearing House of the Exchange, "and such other functions
as the Governing Committee may see fit to vest in it." The
plan for the creation of the new organization, which it is
proposed to form under the laws of New York with a paid-in
capital of $500,000, all of which is to be owned by the Stock
Exchange, was proposed by the special committee of the
In accordance with the report, an amendment to the
Exchange, headed by S. F. Streit, appointed in 1914 "to constitution was presented to the Governing Committee
consider and report methods of clearing securities and money for action on the 18th inst., and adopted. Notice of its
loans, and of receiving, delivering and paying for securities." adoption is made as follows by Secretary Ely:
The fact that the committee was ready to submit a plan to
NEW YORK STOCK EXCHANGE.
the members of the Exchange became known last week, at
New York, December 19 1918.
The following Amendment to the Constitution was adopted by the
the time of the departure of Senator Owen for Europe, when
1918 and is submitted to the Exchange
Dec.
on
18
Committee
Governing
he suggested that the Stock Exchange arrange for bi-weekly in accordance with the provisions of Article XXXVIII of the Constitution
settlements for those handling stock on the Exchange. It and will become law on Dec. 26 1918, if not disapproved prior to that date
was then that Mr. Streit (as we noted on page 2229) told of by a majority vote of the entire membership;
ARTICLE XXVII.
the committee's having worked out a plan for relieving the
Amend by adding thereto a section to be known as Section 5 to road as
congestion of security deliveries. The report of Mr. Streit'd
follows:
committee was presented to the Governing Committee of
Sec. 5. The Governing Committee may cause to be organized a corthe Exchange under date of the 9th inst. We give the report poration to perform the functions vested in the Clearing House, and such
other functions as the Governing Committee may see fit to vest in it, and
herewith:
Exchange acquire and hold all or any part of the stock
New York, Dec. 9 1918.
To the Governing Committee of the New York Stock Exchange:
Gentlemen: The Special Committee of Five appointed June 10 1914 "to
consider and report methods of clearing securities and money loans, and
of receiving, delivering and paying for securities," submits the following
report:
Your committee finds that the stock exchanges of importance on the
continent of Europe have, in addition to methods of clearing contracts
similar to those of the present Clearing House of the New York Stock Exchange, adopted varying but on the whole uniform methods of clearing
money loans and stock balances which would materially reduce labor,
risk, and credit extension by the banks, If adopted hero.
The volume of business and conditions in New York, in the opinion of
your committee, aro such as to make it unwise to inaugurate a system as
complete in many ways as those already in operation in Europe, but the
plan submitted is based on fundamental principles that have proven sound
through over twenty years of use abroad and is capable of being largely
expanded.
The present restrictions on credit by the banks of New York handling
the business of Stock Exchange members, together with the congestion in
offices through the volume of deliveries and cumbersome and antiquated
methods involved, make it imperative that a new and efficient system bo
inaugurated in order that this Exchange may be able to continuo its cornmending position among the stock markets of the world. It Is therefore
proposed to incorporate under the business laws of the State of Now York
a company to be called the "Stock Clearing Corporation," with a paid-in
capital of $500,000, all stock being owned by the New York Stock Exchange.
This corporation will assume the work of the present Clearing House
and in addition undertake the clearing of stock balances and money loans
through the extension of its credit. Members of the New York Stock
Exchange using the facilities of the Corporation will keep to their credit
with the Stock Clearing Corporation an amount of money varying according to the volume of their business, but with a minimum of $10,000, on
which no interest will be paid, the same to be redeposited by tho Stock
Clearing Corporation to its credit in the banks, and to be kept as a free
and liquid sum for tho protection of the Stock Clearing Corporation in
its relationships to its members and the banks. The amount of money so
deposited with the Stock Clearing Corporation to equal an average of
$10,000,000, with a minimum of $9,000,000. Statistics based upon the
business of members of the New York Stock Exchange over a period of
many years have been compiled which show the possibility of said amount
being secured without difficulty or burden. It is understood that balances
now kept in banks may be reduced to correspond with the demands of the
Stock Clearing Corporation according to individual requirements.
In order to satisfy the requirements of the Clearing House banks, to
whom the proposed Corporation has been explained in detail, and in order
may on behalf of the
of such corporation, and do all things necessary to enable it to carry out the
purposes of its organization."
Respectfully,
GEORGE W.ELY,
Secretary.
The report was supplemented by the following statement
by Mr. Streit on Dec. 18, in which he said that "tho plan
prepared involves two activities on the part of the proposed
Stock Clearing Corporation:"
1. The clearing of loans; whereby tho advances of banks to brokers for
the purpose of paying off loans is reduced to a minimum. At the present
time when a loan Is called which a broker desires to reborrow, it is necessary
for him to secure credit from his own bank for the purpose of paying off
the loan. It is proposed to have the banks send their securities to tho
Clearing Corporation where they will meet the,toprosontative of the bank
loaning the money and while the securities are in the physical possession
of the Clearing Corporation the old loan is paid off and the new loan made,
with such changes In securities as may bo necessary by the brokerage house,
thus eliminating any credit advances by a third institution.
2. The clearing ofstock balances. The advantages therein are illustrated
by taking the situation under the present clearing system. If a member
buys 1,000 shares of steel and sells 900 shares the Clearing HOUSE)furnishes
him with a balance of 100 shares of stock to receive and pay for the next
day. If, however, the member buys 1,000 shares of stool and sells 900
shares of Southern Pacific, the present clearing system is of no assistance
to him should there be other transactions in tho same stocks. It is proposed
to furnish credit by the Clearing Corporation in such a manner that the
proceeds of the delivery of the 900 shares of Southern Pacific will be used
to reduce the debit caused by the purchase of the 1,000 shares of stool, so
that the net credit extension required will be only that necessary for the
payment of the difference.
CONTINUANCE OF MONEY RESTRICTIONS.
With regard to the continuance of the existing money restrictions, the New York "Evening Post" of yesterday
(Dec. 20) said:
It is the present intention of the financial authorities at Washington,
it was learned to-day, to continue the existing restrictions upon the money
market until the next Liberty Loan is out of the way. If this purpose
Is adhered to, members of the New York Stock Exchange will bo required until next spring to confine their borrowing operations at their
DEC. 211918.]
THE CHRONICLE
banks within the limits prescribed by the committee of Stock Exchange
authorities. This committee has fixed a definite maximum amount of
bank loans for every brokerage concern in Wall Street which is a member
of the Exchange.
The members of the Bankers' Money Committee who have been supervising the extension of credit to Wall Street firms for carrying on stock
market operations have themselves been anxious to discontinue their
control. They have felt that, with the ending of the war and the removal
of restrictions in many fields of industry and finance, it would be well to
permit a return to the old unrestricted methods of financing the Stock
Exchange. It was intimated to them, however, that the Treasury Department and the Federal Reserve Board wished a continuance of supervision
over the money market, and the bankers acquiesced in this decision.
. In brokerage circles not much concern was shown over the possibility
that money control would continue. The opinion was expressed that the
restrictions placed upon loans had come to be a small factor in derpessing
the securities market. The explanation for continuance of supervision
-by the banks was generally held to be in anticipation of another Government loan next spring, and the desire of the Washington officials to have
the banks in thoroughly "liquid" shape to take rare of their part in the
flotation.
NEW OFFERING OF FARM LOAN BONDS BY LIBERTY
JOINT STOCK LAND BANK AT SAUNA, KAN.
A second issue of $500,000 5% Farm Loan bonds issued
by the Liberty Joint Stock Land Bank (Salina, Kansas) is
being offered by Boribright & Co., Inc., of this city. An
earlier offering of $500,000 was referred to in our issue of
Nov. 9, page 1783; that issue was dated May 1 1918, was
made payable May 1 1938, and is optional on and after
• May 1 1923. The bonds offered this week will bear date
Nov. 1 1918, and are due Nov. 1 1938; they are optional
on and after Nov. 1 1923. They are issued in denominations
of $1,000, $500, and $100, and are offered at 1013/ and
interest to yield 4.65% to the optional period and 5%
thereafter. The bonds are part of a total of approximately
$3,500,000 which the bank contemplates issuing in a year's
time. They are issued under -the Federal Farm Loan Act,
are a direct instrumentality of the United States Government
and are exempt from Federal, State, municipal and local
taxation. Details of the Act of July 17 1916, under which
the bonds are issued, and which creates two classes of land
banks—Federal Land banks and Joint Stock Land banks—
both of which are under the supervision of the Farm Loan
Board, were given in our issue of Sept. 28.
OFFERING OF $200,000 FARM LOAN BONDS BY BANKERS JOINT STOCK LAND BANK OF MILWAUKEE.
An issue of $200,000 5% Farm Loan bonds, put out under
the Federal Farm Loan Act by the Bankers Joint Stock
Land Bank of Milwaukee, has just been offered at 101%
and accrued interest, yielding 4.60%, by Ames, Emerich
& Co. of Chicago, and the American Exchange Bank of
Milwaukee, which jointly purchased the bonds. The bonds
are the first to be issued by the new Land bank in Milwaukee.
The bonds are dated Nov. 1 1918, are due Nov. 1 1938 and
are redeemable on any interest date aftej five years from
date of issue at 100 and interest. Principal and semi-annual
interest (May 1 and Nov. 1) is payable in gold or lawful
currency at the Bankers Joint Stock Land Bank of Milwaukee. The bonds are in coupon form, interchangeable for
registered bonds and are issued in denominations of $1,000
and $500. They are exempt from Federal, State, municipal
and local taxation, are a lawful investment for fiduciary
and trust funds under Government jurisdiction, and are
acceptable as security for all public deposits. They are
secured by deposit with Government officials of either
United States Government bonds or first mortgages on farm
lands in Wisconsin and Minnesota. The bonds are also
the direct obligation of the Bankers Joint Stock Land Bank
of Wilwaukee, whose entire operations are under, direct
Government supervision.
The Bankers Joint Stock Land Bank of Milwaukee
operates under Federal charter and Government supervision,
and may be designated by the Secretary of the Treasury as
a financial agent of the Government and a depository of
public funds. It is organized for the purpose of assisting
in standardizing forms of investment based upon farm mortgage and of equalizing rates of interest on farm loans. The
officers, directors and stockholders of the bank are practically
identical with those of the Wisconsin Mortgage & Security
Co., whose business it is planned the bank will gradually
take over. The stockholders consist chiefly of country
bankers inIthe State of Wisconsin. The Wisconsin Mortgage
IS& Securities Co. has for four years been making farm loans
and selling its collateral trust bonds secured thereby. As of
Dec. 31 1917, this company owned 1,476 different mortgages
with a total value of over $4,000,000. Of these mortgages,
it is said, only four were delinquent to the extent of being
over 30 days past due on interest payments. The stock-
2327
holders of the Bankers Joint Stock Land Bank of Milwaukee
are liable for twice the par value of the stock owned by them,
as in the case of stockholders of national banks. Government appraisers examine and report the condition of the
bank at least twice each year. The bank is permitted by
law to make first mortgage farm loans equal to fifteen times
its capital. It is not liable for loans made in other districts
or by any other banks of the Farm Loan system. The
active direction of the bank will be in the hands of H. A.
Moehlenpah, President, and George D. Bartlett, Secretary.
The board of directors consists of the following:
H. A. Moehlenpah, President Citizens Bank, Clinton, Wis.
F. J. Carr, President National Bank, Hudson, Wis.
G. N. Fratt, Vice-Presigent First National Bank, Racine, Wis.
E. A. Dow, President State Bank, Plymouth, Wis.
F. W. Humphrey, Cashier, First National Bank, Shawano, Wis.
J. J. Jamieson, Cashier, First National Bank, Shullsburg, Wis.
Earl Pease, Vice-Precident, First National Bank, Grand Rapids, Wis.
J. R. Wheeler, President Farmers and Merchants Union Bank, Columbus, Wis.
George D. Bartlett, Sec'y, Wisconsin Bankers' Ass'n, Milwaukee, Wis.
Lewis Larson, President Island City State Bank, Cumberland, Wis.
C. E. Babcock, Vice-President, Necedah Bank, Necedah, Wis.
Ariew SECRETARY OF NATIONAL BANK AND CLEARING HOUSE SECTIONS OF A. B. A.
The arrangement under which the Clearing House and
National Bank Sections of the American Bankers' Association have been served by a joint Secretary will be discontinued on Jan. 1 next. The intention of Jerome Thralls
to resign as Secretary of both sections in order to accept a
post with the Discount Corporation of New York,now organizing, was referred to in our issue of Nov. 30, page 2071. Mr.
Thralls is to become Secretary and Treasurer of the new
organization and will take up his new duties about the first
of the year.
In filling the offices which Mr. Thralls relinquishes the
executive committees of the two sections feel that the field
for constructive service to the member banks is so broad as
to make it necessary that each section be served by a Secretary who can give his whole time and attention to the
activities of the section. Major Fred W. Hyde, who was
the first President of the National Bank section and for
many years Cashier of the National Chatauqua County
Bank of Jamestown, N. Y., has accepted the Secretaryship
of the NationalIBank Section. He will enter upon the
duties of his new:office Jan. 1. A Secretary for the Clearing House section will be chosen at an early date.
PROPOSED AMENTMENT TO FEDERAL RESERVE ACT
PERMITTING RESERVE BANKS TO HAVE
100% SURPLUS.
The enactment of an amendment to the Federal Reserve
Act which would permit Federal Reserve banks to accumulate a surplus equal to 100% of their capital, instead of 40%
as now, was urged upon- the House Banking and Currency
Committee on Dec. 19 by Governor Harding of the Federal
Reserve Board. The proposal is embodied in a bill of Senator Phelan's, which would also, it is stated, liberalize rediscounting through the use of Liberty bonds, remove restrictions which prevent the Federal Reserve"Board officers from
holding official positions with banks, permit the use of engraved signatures on bank notes, and authorize banks with
a paid-up capital of $1,000,000 to establish branch banks.
Governor Harding is said to have stated that while profit was
not and should not be the primary object of the Federal
banks, the banks had been so successful that several of them
if the proposed legislation were authorized, would have
100% surplus on Jan. 1, and that all would have that surplus
by next July. He explained that additional security for
the $2,500,000,000 of outstanding Federal Reserve notes,
as well as an increase in the Federal system to compete with
foreign financial concerns in future financing, would be made
possible by the legislation. Governor Harding is quoted
as saying:
The Board views with some concern the large amount of outstanding
Federal Reserve notes, but the banks have been obliged to support the
Government in its financing and we now hope we can reduce the outstanding notes.
In urging the legislation, Gov. Harding said that the capital and surplus of the Federal banks now aggregated about
$100,000,000, while that of the Bank of England is $97,000,000. James B. Forgan, Chairman of the Board of the First
National Bank of Chicago and a member of the Advisory
Council of the Federal Reserve Board, who, according to the
Chicago "Herald" of Dec. 13, is in favor of the proposal to
allow the Federal Reserve banks to accumulate a surplus equal
to 100% of their capital, is quoted in that paper as saying:
2328
THE CHRONICLE
[VoL. 107.
A 100% surplus will greatly strengthen the twelve Federal Reserve banks. within that section. The compensation of these men is usually in the form
Incidentally, many of them are enjoying such prodigious earnings this of commissions ranging sometimes as high as 25%, and commonly from
year that they have close to that amount now.
15 to 20%. It is, therefore, clear that a clever salesman, who could
Under the existing law, after the banks have set up a surplus equal to average the sale of only one $100 share per day, would make a profit of
40% of their capital, their earnings in excess of their 6% dividend payments from $15 to $25 a day, or much better earnings in all probability than he
revert to the Government.
would be able to obtain in any other line of busniess.
The Government can do only two things with this money, increase its
gold reserve against its currency circulation, or buy Government bonds. CARTER GLASS SWORN IN AS SECRETARY OF THE
The law on this point reads:
TREASURY.
"The net earnings derived by the United States from the Federal ReRepresentative Carter Glass was sworn in on the 16th
serve banks shall, in the discretion of the Secretary of the Treasury, be
used to supplement the gold reserve held against outstanding United States inst. as Secretary of the Treasury. The oath of office was
notes, or shall be applied to the reduction of tho outstanding bonded indebtedness of the United States under regulations to be prescribed by the administered by Judge James Hay of the Court of Claims.
Secretry of the Treasury."
Secretary McAdoo in handing over his commission to his
The Government does not need this money for either of these purposes. successor paid tribute to the
qualifications of the new
Its purchases of Government bonds with these funds would be but a drop
Secretary, and commended the work of the Treasury emIn the bucket.
In strengthening the Federal Reserve banks with a greater surplus we ployees. Mr. McAdoo said:
are strengthening our entire banking system.
In presenting you with your commission, Mr. Secretary, may I be perAdditionally, the Reserve banks, especially in Chicago and New York, mitted to congratulate you, sir, upon having received what I consider one
must find suitable permanent quarters, and expenditures for these should or the greatest honors that can be conferred upon any American citizen?
be made out of surplus earnings, rather than capital.
I think I may say without invidious comparison that the Treasury DeThe Chicago bank is spending $3,000,000 for a site and will spend be- partment is the greatest department of the Government. I do not mean
tween $5,000,000 and $6,000,000 for a building.
by contrast to diminish the responsibility and power of other departments
or the Government, but this great department, in the variety of its activities,
in the innumerable ways in which it touches the intimate life of the
REPRESENTATIVE PHELAN SUCCEEDS GLASS AS American
people, and in the fact that it deals with basic economics and
CHAIRMAN OF BANKING COMMITTEE OF HOUSE. finance upon which the prosperity of a people rests,is in my judgment the
most
Important
department of the Government.
Representative Phelan, of Massachusetts, Democrat, has
You come to its duties admirably
in ability, in character, in
been elected Chairman of the House Banking and Currency distinguished service to your country,equipped
to execute and perform those duties
Committee, succeeding Carter Glass, of Virginia, who has with signal distinction and honor. I am proud, sir, to be able to turn over
to you this splendid organization. I know it from one end to the other.
become Secretary of the Treasury.•
Its personnel is more patriotic, more cohesive, more earnest, and more
enthusiastic in the discharge of its duties and in the carrying forward of the
work
of the Government than any set or men and women with wjsom 1 have
PROPOSAL TO MAKE GOVERNMENT FISCAL YEAR
ever been associated. I could not say too much if I spoke a month in
END WITH CALENDAR YEAR.
commendation of the character and quality of the officials and employees
A bill to make the Government fiscal year the same as of the Treasury Department. They have been a constant source of Inspiration
me. They have been my constant reliance, and whatever of
the calendar year has been introduced in the House, it is success I to
may have achieved here is due in large measure to the devoted
said, at the request of Secretary Redfield. Department and loyal service of the men and women of the Treasury.
I also want to take occasion to say, sir, although you have been withof Commerce officials are reported to have told the House
drawn from the House of Representatives and put into a very much better
Inter-State Commerce Committee the change would save atmosphere
that I am very grateful indeed to the Members of the
the Government several millions. The fiscal year now ends House and Senate for the constant support they have given me. They
have met me in a spirit or the utmost courtesy and consideration and alJune 30.
ways with a disposition to be helpful. I say that not only with respect to
members of our own party, but with respect to the members of the opposing
HOUSE COMMITTEE POSTPONES ACTION ON BILL political party, and I am most grateful for the generous attitude and treatment they have always given me. Of course, we have to have some parEXTENDING CREDITS TO ALLIES AFTER PEACE.
tisan
once in a while, and partisans are not always fair, but
The House Ways and Means Committee on Dec. 18 voted that isexplosions
part of the job. It adds zest to the work and gives luridity to what
to postpone indefinitely action on the bill proposed by Sec- might otherwise be a tame affair, so I do not object to those things. They
part of the philosophy of public life.
retary of the Treasury McAdoo authorizing the extension areI am
sure, sir, that I speak for all the officials and all the employees of
of credits to the Allies for one year after the termination of the Department when I extend to you a most cordial and hearty welcome.
the war. The text of the bill was given in these columns I shall follow your career with the affection and solicitude of a deeply infriend and with all of the eagerness of an American citizen to see
last Saturday, page 2234. The committee is said to have terested
you perform the great task to which you have been called with the same
decided that such action was not now pressing and was pre- degree of distinction and unselfish service that has characterized your
mature because of lack of knowledge as to the needs of the career in the House of Representatives.
countries which might ask financial assistance.
J. H. RICH OF MINNEAPOLIS FEDERAL RESERVE
DISTRICT ON CONTROL EXERCISED BY CAPITAL
ISSUES COMMITTEE OVER UNSOUND
SECURITIES.
John II. Rich, Reserve Agent for the Federal Reserve
Bank of Minneapolis, in his monthly report of business conditions in the district, issued under date of Dec. 5, points
out that "the coming of peace presents several new problems
of practical importance, one of the most important of which
is adequate protection for the many thousands of people
who are not investors in the accepted sense, but who have
subscribed liberally to the successive war loans." Mr.
Rich says:
While exercising control over issues of securities for capital purposes
In order that current financing during the war might not be incompatible
with the Government's interest and purposes, the Capital Issues Committee in Washington, and its various branch committees, have likewise
exercised effective control over a miscellaneous assortment ef security
issues, which may be classed in their order as speculative, unsound, doubtful, fraudulent and grossly fraudulent! These run all the way from enterprises promoted by men with a sincere purpose, but of limited business,
financial or technical ability, to enterprises the main business of which is
to sell stock for the benefit of the promoters. In addition to enterprises
selling stock, bonds or securities of the usual and customary forms, there
have also appeared numerous enterprises offering participating certificates,
memberships, and other devices, by means of which they evade both State
and national jurisdiction, while at the same time accomplishing the purpose of taking substantial sums of money from investors.
Within the Ninth District [Minneapolis Federal'Reserve District), it is
altogether probaWe that within the last two years investors have been
persuaded to part with not less than $25.000,000 in exchange for various
kinds of securities, from which there is little hope of return in the form of
profits or dividends, and in many cases not even a substantial prospect of
salvage through liquidation.
The business of selling stock is highly specialized. Promoters, who are
clever, customarily avail themselves of competent legal advice, and proceed with the utmost thoroughness, method and system in the promotion
of the Issues in which they are interested. Schools for salesmen are a
common incident to these campaigns, and in these schools salesmen are
trained in tne effective methods of making their arguments plausible to
the investor. When they take the field, they are in charge of an expert
manager. They operate frequently in groups, dividing a given territory
among them, and rapidly and systematically clean up all the "prospects"
Mr. Glass, in his response announced that there would
be no change in the Treasury policies; we quote what he
had to say. herewith:
Mr. Secretary: Human nature in its very best aspect is a singular sort
of thing, and it affords interesting study always. I used to think that nobody In the wide world over got a greater satisfaction than 1 out of the
brilliant achievements of the man who has so notably held the pest of Secretary of the Treasury the last six years. That was when I had no dream
and no desire to be his successor In this office. For the last week or ten
days, notwithstanding my intense personal affection for the Secretary, I
find myself unable to derive for my own personal comfort the same degree
of §atisfaction from his really great accomplishments. I rather ascribe
It to the apprehension that I feel about the resulting contrast. But the
record has been made, and it is one of which every lover of his country
should bo proud, and It has been made by a man whom I am glad to call
my friend and of whom his countrymen should be proud. While I may
not hope to nearly reach the standard set, I unqualifiedly take it as the
standard, and I shall devote myself earnestly and diligently to the task of
at least keeping the ideal in sight during my incumbency of this office.
I want to say to you gentlemen of the Treasury Department that the
Secretary did not need to tell me of your great service. Mr. McAdoo,
with all of his fruitfulness of mind, his genius for initiative, his great capacity for work, could not have made such a brilliant record as he has made,
without the devoted assistance of a body of men who were inspired by
love for their country and by affection for their chief. I only ask that,
through the same consideration, I may have your confidence and your
co-operation, and that we together may, in some large measure, maintain
the great reputation which the retiring Secretary has made and continue
this Department as one of the great and useful institutions of the country.
I have asked that the usual formality of presenting resignations be dispensed with, because I have not in mind any change of policy and have no
desire to make changes of personnel except as circumstances and occasion
may seem to suggest. I shall rely on the staff with which the retiring
Secretary has surrounded himself, and I am sure I shall have your best
wishes and your intelligent co-operation.
The Speaker of the House suggested the other day that I had better bo
admonished by the Scripture which says, "Beware when all men speak well
of you," but I try to be somewhat of an optimist and it is a source of intense
gratification to me that so many people have spoken well of me and that
the press of the country has been generous In its reception of my nomination to this post. I shall do all that I possibly can to merit that confidence
and to confirm the good opinion that my countrymen seem now to have.
Secretary McAdoo in formally bidding farewell to the
Treasury officials and employees on the stops of the Treasury
building on Dec. 14 and introducing his successor made a
short speech thanking his associates for their co-operation.
The New York "Times" also quoted him as saying on that
occasion:
DEC. 21 1918.]
THE CHRONICLE
I never felt more alive in my life than I do at this moment. It might
be said that I am fading out, as they speak of a moving picture at the end
of a scene, but I am not going to fade out. I leave public life, I am glad
to say, with a greater enthusiasm about our splendid country, a greater
enthusiasm about the people in it, and a greater enthusiasm about the
future of democracy in the world than I ever felt before. I go out with
the most intense admiration for our institutions, their value, their power
and their idealism, strengthened and set forward immeasurably by the
great war.
In his office later, Mr. McAdoo, looking up at a painting of a predecessor, remarked:
That is how one Secretary of the Treasury looked when he retired. I am
getting out before I get that broken, after six years on the job.
2329
task which would have confronted them had the war continued throughout
the year 1919 or longer, and I am confident that, despite these handicaps,
they will not now relax their efforts and leave the task unfinished. Victory has come to us earlier than we might reasonably have expected, but
victory will not cause us to neglect the completion of that work which made
victory possible. Our men on the other side still have their work before
them and so have we. They will not leave until the task is fully accomplished, nor shall we.
I am sure then that the Treasury Department can with confidence
offer another Liberty Loan, and continue the sale of War Savings Certificates, knowing that the organizations will respond once more to the call
for service and will at once prepare the ground and sow the seed, so that
the harvest may be abundantly fruitful.
Mr. McAdoo who will also retire as Director-General of
Railroads on Jan. 1 is said to have taken a three months'
lease on a house in Los Angeles, beginning Jan. 1.
SECRETARY McADOO'S REQUEST FOR HIGHER PAY
FOR MEN IN CUSTOMS SERVICE.
Higher pay for those in the Customs Service of the GovAPPEAL OF SECRETARY OF TREASURY GLASS FOR
ernment was urged by Secretary of the Treasury McAdoo
CONTINUED SUPPORT OF GOVERNMENT.
in a letter addressed to Speaker Clark of the House of RepreAn appeal to the nation to continue the practice of thrift
acquired during the war to the end that further support be sentatives, in which Mr. McAdoo submitted revised estimates for defraying the cost of collecting the customs revegiven the Government in its calls for investment in another
issue of Liberty bonds, besides continuing the purchase of nues for the fiscal year 1920. Mr. McAdoo's action with
regard thereto was one of the last official functions to be
War Savings stamps and certificates, was issued by the
performed by him before his retirement as Secretary of the
new Secretary of the Treasury Carter Glass on the 19th inst.
Treasury. In his revised estimate, which increases the
Secretary Glass points out "that the treaty of peace has not
customs appropriation from $10,000,000 to $11,385,464,
.yet been signed nor any important part of our army deSecretary McAdoo provided for a minimum salary for inmobilized. Production of war materials and supplies had
spectors of customs of $5 a day, with corresponding increases
reached the peak at the time the armistice was signed and
for examiners of merchandise, customs guards, openers
the bills incurred during that period of maximum production
and packers, weighers, deputy collectors, laborers and other
must be paid." He adds that "the Treasury must issue
another large loan before the end of the fiscal year and I am employees. We give Mr. McAdoo's letter herewith:
The Speaker of the House of Representatives:
entirely in accord with the policy already outlined that this
Sir:—! have the honor to refer to the estimate recently submitted by
loan should take the form of bonds of short maturities." this department to Congress for defraying the cost of collecting the customs
revenues for the fiscal year 1920 in the sum of $10,000,000, which estimate
His statement in full follows:
In assuming the office of Secretary of the Treasury I desire to say a few
words to the American people and particularly to the splendid organizations
of men and women whose unselfish labors, under the leadership of my great
predecessor, have made the story of our war finance one of the most glorious
chapters in the history of America's part In the war.
Millions of Americans have contributed in the most vital, tangible and
necessary way to the winning of the war. They have loaned their dollars
to their country with no small sacrifice of personal comfort and enjoyment,
and have given largely of personal effort and service. For all time we have
disproved the slander that Americans are a money-loving people, incapable
of rising above materialistic things. In the eighteen short months of the
war the American people subscribed for $18,000,000.000 of Liberty bonds
and War Savings certificates. The banking Institutions and the people of
the country financed the requirements of the war in anticipation of the
Liberty loans and of the taxes for the fiscal year ended June 30 1918 by the
purchase of a total of $12,500,000,000 of Treasury Certificates of Indebtedness, all of which had been retired or provided for out of taxes or bond
Issues at the time the armistice was signed.
The expenditures of the Government, excluding transactions in the
principal of the public debt during the current fiscal year, beginning July
1 1918, to and including Dec. 16 1918, exceeded 89,600,000,000. Expenditures in the month of November nearly equalled $2,000,000,000, and in
the current month of December, to and including Dec. 16, exceeded
$1,000,000,000. The proceeds of the Fourth Liberty Loan so far received
have all been spent, and the remaining installments payable on.subscriptions to that loan will be needed to meet maturing Treasury certificates of
Indebtedness issued in anticipation of that loan and as yet unpaid.
Since the armistice was signed, Secretary McAdoo has estimated that
the cash outgo from the Treasury during the current fiscal year ending
June 30 1919 will amount to $18,000,000,000 and much more than half
of that amount has already been expended in the five and one-half months
which have elapsed. The treaty of peace has not yet been signed, nor
any important part of our army demobilized. Production of war materials
and supplies had reached the peak at the time the armistice was signed,
and the bills incurred during that period of maximum production must be
paid.
The Treasury must bistle another large loan before the end of the fiscal
year. and I am entirely In accord with the policy already outlined that this
loan should take the form of bonds of short maturities.
It is vitally important that the Treasury should continue in a most
energetic way the sale of War Savings stamps and certificates. Among the
valuable and much needed lessons we have partly learned from the war is
that of thrift and intelligent expenditure. Thrift helped to win the war
and will help us to take full advantage of a victorious peace. It is, therefore, imperative that we do not relax into old habits of wasteful expenditure
and imperative that the habit of reasonable living (on the part of those
of both largo and small means) so easily acquired during the war period,
be continued.
Millions of our people have become holders of bonds of their Government,
but some of them seem to feel that they are under no further obligation to
retain those bonds and they are selling them and using the money for unnecessary purposes or exchanging them for other securities of verydoubt ful
value. So long as the United States needs to sell bonds those who hold
the present issues should not dispose of them except under the spur of urgent
necessity. They have invested in the best security in the world and it Is
both to their own interest and to that of their Government that these securities be retained.
Organizations of patriotic men and women numbering probably well
over two millions have been created and have given their time and services to the sale of Liberty bonds and War Savings Certificates. These
great bodies of earnest and patriotic people, called together almost at
the outset of the war and augmented continually by new recruits have
accomplished a task which seems almost superhuman. My admiration
is great, not only for the work accomplished, but for the spirit In which
it was accomplished. It is my earnest wish to retain and continue these
great organizations until the work has been completed.
We face this work at a time when we are handicapped in ninny ways.
There is no doubt that there is throughout the country a feeling of relaxation, a feeling of solf-satLsfactIon at the work already performed, and a
strong and not unreasonable call to take up once more individual and business interests and activities. The organizations were prepared for the
was based solely on the normal expenditures of the present fiscal year
without providing for any increases in the compensations of the personnel.
In view, however, of the greatly increased cost in living, with the resultant
difficulty experienced by this department in retaining trained men of
proven capabilities in the customs service at the present salaries, as well
as the inability to secure competent employees from civil service registers
who are willing to enter the service at the inadequate salaries provided.
I have deemed it expedient to revise the estimate as originally presented
and to submit an amended one calling for an appropriation of $11,385,464.
I cannot too strongly urge that the same be given favorable consideration.
It is perhaps unnecessary for me to refer to the diminishing purchasing
power of the dollar at the present time, nor to the utter inability on the
part of employees working on salaries fixed by statute many years since,
to cope with the situation thus confronted. The increased cost of living,
and the humanitarian as well as the business necessity for raising the wage
scale of employees in proportion to such increase, has been recognized by
practically every non-Government concern in this country and prompt
measures have been taken by them toward ameliorating the conditions
which exist in this regard. This raising of the standard wage scale by
commercial concerns has resulted in an increasing number of customs men
of highly technical training and of many years' experience in the service
resigning to accept more lucrative employment in commercial life. During
the period of the war it has been possible in some instances, through appeals
made to the men on purely patriotic grounds, to prevail upon them to
remain at their posts, though at a great personal sacrifice on their part.
Now that the war contingency has passed, and patriotism can no longer
be used as a wedge to keep them in Government employ, there is every
likelihood that unless some inducement is offered to retain employees who,
by reason of their special qualifications, have made themselves almost indispensable in certain branches of the customs machinery, the Customs
Service will be so seriously crippled by reason of their separation therefrom
that it will be some time before the service has again reached that standard
of efficiency and economy that at present obtains.
In the revised estimate I have provided for a minimum salary for Inspectors of customs at $5 per diem and have also provided for increased
grades among the low salaried examiners of merchandise, customs guards,
openers and packers, weighers, deputy collectors, and laborers and other
employees. These recommended increases have been confined to employees
in the lower and intermediate grades and in no instance have been'made
applicable to employees at present receiving salaries considered sufficiently
large enough to make both ends meet.
In the above connection I may state that it is quite doubtful whether
there has existed in any other branch of the Government service a more
consistent and systematic effort directed toward retrenchment of expentures than in the Customs Service during recent years. In substantiation
of this statement there is given below a table showing the customs expenditures just prior and for four years subsequent to the customs reorganization
of July 11913, at which time 160 customs districts and independent ports
were consolidated into but forty-nine districts, viz.:
Saving From
Fiscal Year—
Expenditures. Preceding Year.
1913
$10,931.432.
1914
10,441.178
$490,254
1915
9,930,261
510,917
1916
9,813,085
117.176
1917
9,774,881
38.204
It will be noted from the above table that the original estimate submitted
for 1920 was $441.000 less than the actual expenditures during the fiscal
year 1914, immediately preceding the outbreak of the European war, when
normal conditions obtained throughout the country. add that the revised
estimate submitted herewith based on present abnormal conditions, though
providing for increases in compensation aggregating $1,385,464, is but
$454,032 in excess of the actual customs expenditures for the fiscal year
1913. I trust, therefore, that in determining the merits of the recommendations for increases in compensation involved in the revised estimate herewith submitted due weight and consideration will be given to the achievements made along the lines of economy in the administration of the customs
service as shown by the figures submitted above. Respectfully.
W. G. McADOO, Secretary.
The Treasury Department, in making the above letter
public on Dec. 15, issued a statement saying:
2330
THE CHRONICLE
This revised estimate is the result of a careful study made by Secretary
McAdoo of the relation of salaries in the Customs Service to the cost
of living. The investigation discloses the fact that the average salaries
of employees of the Customs Serciee had advanced during the period from
1885 to 1914 from $1,245 to $1,290. This means that during the period
of thirty years the increase made in the entire Customs Service was less
than 4%. During this same period the cost of living increased more than
50%. It is true that in 1918 Congress granted an additional compensation
of 5% on salaries of $1,200 or more, and 10% on those under $1,200 per
annum.
But it must also be remembered that during the period between 1914
and 1918 the cost of living increased a further 50%. In other words, during
the period between 1885 and 1918, the cost of living has increased at least
100%, whereas the average salaries in the Customs Service have advanced
less than 12%.
The situation bears most heavily on those receiving an annual salary of
less than $1,400. The inevitable result of the situation is that the Government loses the services of some of its best men, who are attracted to the
higher salaries offered by manufacturing and other business concerns.
Secretary McAdoo, therefore, recommends in his letter to Speaker of the
House that a minimum salary of $5 per day be paid to Inspectors of Customs, with corresponding increases for the examiners of merchandise,
customs guards, openers and packers, weighers, deputy collectors, laborers,
and other employees.
[Vol,. 107.
In contending that it should be limited, at least, to war
business, he expressed the fear that general business depression in 1919 might cause the Government heavy revenue
loss through tax refunds.
On the first roll call taken on the bill the Senate voted
(Dec. 16)36 to 16 to retain the Finance Committee's amendment providing for a refund of taxes to those who demonstrate to the Treasury Department that in previous years
they have suffered a net loss in their business. Senator
Lenroot, Republican, led the attack on the amendment.
Senators Smoot, Jones, of New Mexico, and McCumber
with Senator Simmons, defended the amendment, declaring
that demand for such a provision had come from agricultural as well as business interests. The amendment, they
said, was designed to balance taxes and is similar to an
English income tax provision. The Senate also adopted
on the 16th, without objection, the Committee's amendment
to the House provision authorizing the Commissioner of
Internal Revenue, in computing income taxes, to require
inventories. A number of important sections of the bill
were adopted on the 17th, among these being.
CONSIDERATION OF WAR REVENUE BILL IN
SENATE.
The war-excess profits rates for 1919, ranging from 30 to 80%, as reUnexpected progress has been made this week on the War
vised by the Finance Committee and estimated to raise $2,400,000,000 as
Revenue Bill in the Senate; on the 16th inst. such headway compared
with $3,200,000,000 under the House bill.
had been attained as to cause Senator Simmons, in charge
Individual income surtaxes ranging from 1 to 65%, as revised by the
and designed to yield $1,045,069,000, as compared
Committee,
measure
Finance
the
that
conviction
of the measure, to express his
$1,068.000,000 under the House bill.
might finally be passed before the Christmas holidays. On with
Rates of $6 40 and $2 20 per gallon, respectively, on distilled spirits for
the 14th Senator Simmons served notice on the Senate that beverage and nonbeverage purposes, as reduced from the respective $8
rates of the House bill and estimated to raise $450,000,000,
beginning on Monday, the 16th, he would ask that all other and $4 40 gallon
as against $760,000,000 under the House draft.
business be laid aside to give continued and uninterrupted
Taxes on freight, passenger, express, Pullman, and oil pipe line transporconsideration to the bill; action on amendments had been tation, as proposed in the Finance Committee's revision and estimated to
$229,000,000.
halted on the 14th by general debate, which prompted produce
Repeal on July 1 next of the law increasing first-class mail rates from 2
Senator Simmons to announce that it was necessary to to 3 cents an ounce and providing for restoration of the old pre-war rates,
expedite the measure, and to that end would endeavor to involving a revenue reduction of abot $50,000,000.
In addition to adopting many sections involving the
have the Senate dispense with miscellaneous business and
Committee's rate changes, the Senate also approved
Finance
the
On
daily.
way
of
right
bill
the
give
rule
recess
by the
virtually all of the Administration provisions of
17th
adopted
the
the
bill
of
on
13th inst. the Senate in its consideration
the entire tobacco and amusement tax sections. The former the income tax and other sections, including those for amoAiis estimated to raise $240,600,000 as compared with $341,- zation, allowances to oil, gas well, timber and mining enterspeech
204,000 under higher House rates and $212,150,000 under prises and for consolidated tax returns. In a lengthy
minority
existing law. Rates on cigars, cigarettes and tobacco range on the bill on the 17th, Senator Penrose, senior
that there
about 50% above existing law and about 50% lower than member of the Finance Committee, indicated
folrates in the House bill. In the section relating to amusement would be no filibuster on the bill by the Republicans,
last
leaders
minority
the
by
reached
agreement
the
lowing
principal
the
$50,000,000,
to
raise
designed
admissions
committee change continues the present tax of one cent on week. Senator P0111.'080 is quoted as saying, "it is because
each ten cents paid for admissions. The House bill pro- the bill is essentially a war measure that I am willing to supposed doubling the tax. Other excise taxes adopted, as port it, although dissenting from the special 1920 provisions.
revised downward by the Committee, included 5% on The Republicans will oppose the inclusion in the measure
bill
automobiles, motorcylcles, tires, automobile accessories, of the 1920 tax yield, as having no place in a revenue
voting
to
opposition
their
will
confine
they
but
time,
this
at
photographic
candy,
instruments,
musical
pianos and other
Opposfilms and plates, thermos bottles, electric fans, automatic against it when that part of the measure is reached.
according to
slot machines, sculptures and statuary. Approval was also ing the proposed 1920 rates, Senator Penrose,
it is impossible now to
given to the rate of 10% on sporting goods, cameras, fur the "Journal of Commerce," said
conditions
articles, firearms and ammanition, hunting knives, cigar forecast the Government's needs and industrial
levy anything
continuing
a
"as
that
declared
and
1920,
yachts
in
garments,
hunting
liveries,
holders,
and cigarette
strongly to repress and
and motorboats, and 3% on chewing gum, toilet soap and like the present rates would operate
enterprise." The paper
powders. On most of these articles the excise taxes, pro- discourage American initiative and
posed as imposts on semi-luxuries, were about twice as large quoted says:
He suggested that the bill's plan of raising one-third of the Government's
in the House bill. The House tax of two cents a gallon
revenue requirements by taxes and two-thirds by bonds is excessive.
out.
stricken
was
gasoline
on
Pointing out that England has raised during the war but 22% by taxes
The Senate approved the reduction from 10 to 5% on and France only 14%, he added: proportion of taxes to loans in the
"It is evident, therefore, that the
jewelry and imitations, the 5% tax on receipts of licenses United
States is over one-third greater as compared with England and over
25
each
on
cent
1
of
tax
the
and
films,
of moving picture
twice as large as compared to France.
"I am willing to go as far as anyone in raising as much of the war expenses
cents of retail sales of perfumes, toilet waters, patent medilay stress on the fact that
as possible from current revenue. Neither will I
provisions
House
of
Elimination
articles.
other
and
cines
small as compared
even the indebtedness already incurred is comparatively
also
was
houses
order
debts of the Allies, not
mail
the
taxing users of automobiles and
with the resources of the country, . . .
suffered."
have
they
accepted. The documentary stamp tax section was ap- mention the lossestariff,
Senator Penrose said that under existing unsettled
Speaking of the
proved without change.
economic conditions it is impossible to make the tariff an important factor
lengthy
a
of
16th
the
on
Monday
Following the conclusion
in revenue problems, but he expressed the hope "that at the proper time a
speech in criticism of the bill by Senator Smoot (Republi- tariff system will be adopted which will maintain all American actls ides
and prosperous."
can) the Senate on that day began consideration of undis- intact
As to the war excess profits system, Senator Penrose said:
the
to
exdeption
taking
In
bill.
the
puted sections of
"Any special profits tax ought in the future to be altogether abolished.
should be substituted some carefully worked out scheme of
section of the bill providing for a tax levy for 1920 to a total In their pla.:euniform
taxation upon income."
general and
of $4,000,000,000, Senator Smoot insisted that it was imamendment imposing a 10% tax on profits
committee
The
advance,
in
far
so
legislate
possible at this time to properly
inter-State commerce was adopted
entering
labor
child
from
and argued that the expenses of the Government might be
by a vote of 50 to 12—the Demo19th
the
on
Senate
considerably in excess of the sum provided for. Predicting by the
votes. Comtitutional questhe:negative
all
casting
•
crats
expenses,
1920
meet
that bonds will have to be issued to
the Senators who spoke
by
raised
were
principally
tions
Senator Smoot said by that time the Republicans would be
declared that its prialso
They
amendment.
the
in control of Congress, charged by the public with respon- against
revenue, but to meet the deraise
to
not
was
purpose
mary
legislasibility for the issue of bonds caused by Democratic
the Supreme Court inlholding the former Child
tion. He said he could see no reason for not having an extra cision of unconstitutional. Advocates of the legislation,
Act
Labor
other
and
tax
consider
to
year,
session of Congress next
its authors, saidlthat Congress had the right to
legislation. Senator Lenroot, of Wisconsin, Republican, including
taxing power to deal with ether subjects and conficriticised the bill's provision authorizing refund of 1918 use its
that the amendment would be sustained
predicted
dently
in
1919.
taxes to business concerns suffering net losses
DEC. 211918.]
THE CHRONICLE
by the Supreme Court. As retained in the bill, the amendment imposes the 10% tax on profits from products entering
inter-State commerce ftom mines and quarries employing
children under 16 years of age, and from mills, factories and
similar industrial establishments employing children under
14 yea-s, or those between 14 and 16 for more than eight
hours daily. Now taxes on fire, marine, casualty, and other
insurance companies were adopted by the Finance Committee
on the 18th before the Senate convened. In lieu of the House
tax of 1 cent on each dollar of premium charged for insurance
other than life insurance, the committee approved the following rates on policies written: Fire insurance, 14%; marine insurance, 1%70 on inland and 23% on export polices;
casualty, fidelity, burglary, plate glass and similar insurance, 1M%. The now rates were approved by the Senate
on the 19th. The principal action of the Senate on that day
was its adoption, by a vote of 34 to 22, of the committee
amendment repealing on July 1 next the present zone system
of second-class postage rates and substituting therefor a rate
of 1 cent a pound within 150 miles and 1% cents beyond.
Most of the day was spent in spirited discussion of this
amendment and the one by Senator McKellar of Tennessee
for a modified zone plan, which was rejected without a roll
call. The Senate adopted on the 19th committee amendments to give mutual insurance companies the same tax
privileges as life insurance companies, basing their taxes on
net income instead of on policies issued.
On the 19th Senator La Follette introduced a substitute
for the Committee's bill, proposing large tax increases,
principally on big incomes and war-excess profits. On the
13th Senator La Follette had filed his personal report on the
bill recommending the substitution of higher rates on income
and war excess profits and sharply criticising the Committee
draft. The bill, as now framed, said Senator La Follette,
"favors the rich and grinds the poor." He asserted that it
would take by taxation only $2,400,000,000 of the $5,000,000,000 profits made by corporations throughout the
war, or 48%,"although it has been widely heralded throughout the country as a bill which will levy an 80% tax on war
profits."
In place of the bill's levy of 30% on the excess of corporation's net income over credits and under 20% of invested capital, Senator La Follette's bill proposes 35% on
profits under 15% of invested capital. Likewise in place
of the bill's tax of 60% on profits in excess of 20%, the Wisconsin member proposes a tax of 60% on profits between
15 and 20%, and 70% on those over 20%.
The La Follette substitute also proposes, according to
the New York "Times," to retain the 12% tax on corporation incomes, but would cut the individual normal rate
from 12 to 2% and obtain the bulk of individual income
revenue from surtaxes. In lieu of the bill's surtaxes, ranging
from 1% on incomes between $5,000 and $6,000 to 65%
on those over $1,000,000, Senator La Follette's substitute
proposes graduated surtaxes ranging from 5% on incomes
between $6,000 and $7,000 to 78% on incomes over $500,000.
From individual incomes, Senator La Follette estimates that
his bill would raise $1,784,000,000, compared with $1,432,000,000 estimated under the pending measure. The
"Times" states that he made no estimate of revenue from
his proposed increases on war excess profits, but in his recent
minority report advocated securing about double the
$2,400,000,000 from that source proposed by the bill.
It should be obvious that a normal and reasonable rate of profit earned
by a corporation before war conditions prevailed cannot fairly be considered a war profit. Yet in its present form the proposed law will, as to
all new capital invested since 1913, disregard entirely the rate of profit
made by the concern prior to the war, and limit its earnings on such new
capital to a flat 10%•
For example: A concern with a capital of $1,000,000 earned 15% on its
capital during the year 1913 and prior thereto, or $150,000 per annum.
To meet new conditions it has been necessary to invest in the business an
additional $1,000,000 of capital due to increased prices and the expense
of doing business. Even by means of this increased capital, it probably
does not handle any larger quantity of merchandise than it did before the
war. Yet the war profits tax will not allow it to make the same rate of
return on this new capital as upon the old. On the original $1,000,000 of
capital the law will allow it to earn $150,000 or its original 15%,free from
the war profits tax, but on the second $1,000,000 it may earn 10%, or
$100,000, without being subject to a war profits tax. The result of this is
that on its total capital of $2,000,000 it may earn only $250,000, or 1214%,
free from the war profits tax, although it would have made $300,000 on the
same amount of capital invested in the business before the war.
There is no reason why there should be such a discrimination against
new capital. Unless the corporation mentioned is permitted to make
the same rate per cent return on its new capital as is earned on old capital
before the war, it is obvious that the tax goes far beyond being a war
profits tax.
We do not believe that Congress really intends to enact a law that will
impose a tax that will place a handicap on initiative and enterprise and to
subject new capital to a higher tax than old capital, especially when the
tax cannot be in any sense of the term classed as a war profits tax. To
impose the tax in its form proposed will be to commit a wrong. Thelaw
should be amended so as to allow any corporation to earn on new capital
the same rate of profit free from tax as it earned in the pre-war period.
If desired a limit on such percentage could be imposed as say not over
25% on new capital instead of the flat rate of 10% heretofore suggested.
This change should be made—especially in view of the fact that the present
draft of the proposed law allows corporations that were not engaged in
business during the pre-war period to withhold free from this tax the same
rate of profit on their entire new investment which other representative
concerns earned during the pre-war period. (Sec. 311 C). There is no
reason why new corporations should be more favored than the old ones.
It is true that in many cases profits have been higher than what is realized
in normal times, but this has been due largely to inflated values of merchandise and to inflated currency—a large paper profit may be shown—
but it is a paper profit only—it is a profit that will disappear in large measure upon the advent, already here, of falling prices, and it will be most
unfair to confiscate as a war profit a mere paper profit arising from inflated values in a line of business in no way connected with the war. Most
commercial corporations are at this time facing a loss—to require them to
part with 80% of their paper profit resulting largely from inflated values.
will leave them facing financial strain on a failing market. The merchant
who has not been engaged in war activities or in the sale of war commodities
has not made a war profit even though it may be a large paper profit and
it will be unjust and disastrous to the interest of the country to subject
him to a ruinous tax under the label of a war profits tax.
Unless the proposed war profits tax law is so amended as suggested so as
to discriminate carefully between profits that are war profits and those
that are not war profits, it will not only fail to accomplish the object of the
framers of the law, but will work great unjustice and hardship. Yours
very truly,
JAMES SIMPSON.
SUBSCRIPTIONS BY DISTRICTS TO FIRST OFFERING
OF TREASURY CERTIFICATES IN ANTICIPATION
OF FIFTH LIBERTY LOAN.
Last week, page 2231, we made mention of the fact that
the subscriptions to the first issue ($600,000,000) of Treasury
certificates issued in anticipation of the Fifth Liberty Loan
amounted to $613,438,000. The following are the results
by Federal Reserve districts, arranged in the order of the
percentage of subscription of their quotas:
Federal Reserve Bank—
Minneapolis
Chicago
New York
Philadelphia
St. Louis
San Francisco
Cleveland
Boston
Kansas City
Richmond
Atlanta
Dallas
Total
WAR PROFITS TAX—JAMES SIMPSON ON
UNFAIR DISCRIMINATION AGAINST,
NEW CAPITAL.
In conversation with some leading bank Presidents
in Chicago this week, James Simpson, Vice-President
of Marshall Field & Co., expressed some sdecided views
regarding the enactment of the taxtion measure pending in
Congress, with its discrimination against new capital; the
bankers suggested that publicity be given to Mr.Simpson.'s
argument. We accordingly publish it in full below:
THE
2331.
Quota.
$20,800,000
84,060,000
203,200,000
42,400,000
24,000,000
42,400,000
54,400,000
52,000,000
24,000,000
20,800,000
17,600,000
14,400,000
Subscription.
$24,500,000
97,235,500
222,830,000
44,128,000
24,231,500
42,400,000
50,700,000
47,901,000
21,115,000
17,963,500
11,600,000
8,833,500
$600,000,000
$613,438,000
FEDERAL RESERVE BANK'S CIRCULAR CONCERNING
EXCHANGE OF 1918 WAR SAVINGS CERTIFICATES.
The Federal Reserve Bank of New York in the following
statement calls attention to the fact that it will receive up
to Jan. 20 for exchange or collection War Savings certificates of the series of 1918:
The following announcement with respect to the exchan,
.
,e or collection
of War Savings certificate stamps shall refer only to War Sar lugs certificate
stamps, Series of 1918, not affixed to War Savings certifi:ates offered by
agents of the first class.
The Treasury Department announces that from Jan. 1 to 10 1919,
inclusive, War Savings certificate stamps, Series of 1918, will be received
by the Federal Reserve bank or by any incorporated bank or trust company
Dear Sir: I am writing you herewith in accordance with my recent for payment on the basis of $4 24 for each stamp offered for collection, or
cony ersation.
If offered for exchange, on the basis of War Savings certificate stamps,
Many senators and representatives have been so fascinated by the words Series of 1919, at $4 12 each, the aggregate total of the latter series to
"war profits" and have been moved by such an impetuous desire to levy equal but not to exceed the aggregate total of the 1918 Series offered for
a confiscatory tax on same that they have not paused to differentiate be- exchange, the difference, if any, to be made up by adding to the aggregate
tween income that is war profits and income that is not.
total of the 1919 Series offered for such exchange United States Thirft
Tho proposed law as drafted at present fails to make this distinction stamps at 25 cents each, any further difference remaining to be adjusted
and unjustly levies a tax alike on war profits and non-war profits.
by adding cash thereto.
The only justification offered for the proposed excessive tax on war
The Federal Reserve Bank of New York will receive on or before Jan.
profits is that citizens and corporations should not be allowed to make an 20 1919 from such banks and trust companies such War Savings certificate
undue profit out of war and that the Government should appropriate a stamps for exchange or collection and on receipt thereof will pay for or
substantial part of any such war profits if made.
exchange them on the basis above.
What then are war profits?
Dec. 16 1918.
2332
THE CHRONICLE
[Vol,. 107.
TIME LIMITATIONS ON GRAIN FUTURES' TRADING nouncement as to the expiration on Dec. 31 of maximum
prices fixed on cotton fabrics:
REMOVED.
As maximum prices on cotton yarn and cbtton fabrics will expire on the
Time limitations on trading for future deliveries in corn, 31st of this month, the cotton manufacturing industry will meet the Price
oats, rye, and barley were removed on Dec.6 by the:United Fixing Committee for the purpose of determining the future of maximum
price fixing after that date.
States Food Administration. Exchanges throughout the
The Chairman of the Price Fixing Committee calk(' attention to the
country were notified by telegram that all time limitations fact that as the War Industries Board, by executive action of the President,
would cease to function after Jan. 1 1019, no new maximum price
could be removed. It was announced, however, that it agreements
will be entered into by the Price Fixing Committee and all
was permissible to spread any one commodity between differ- prices heretofore fixed will be allowed to expire by limitation.
The Chairman of the Price Fixing Committee in closing the meeting
ent months to the extent of 200,000 bushels on each side, in
spoke of the exceptional difficulties which confronted the industry and the
addition to the 200,000 bushels, which may be carried on Price
Fixing Committee in dealing with the large number or mills and the
speculative account. The Food Administration stated that great variety of production involved in their problem. The prompt supply
conditions did not warrant abrogation or modification of the of large quantities of certain fabrics for war needs was made possible only
by the real and intelligent efforts of the manufacturers, and the Governpresent limit on speculative account.
ment wished to recognize its appreciation of the always helpful attitude
of the industry.
CHANGE IN GRAIN TRADING RULES OF CHICAGO
REMOVAL BY LIVERPOOL COTTON EXCHANGE OF
BOARD OF TRADE.
RESTRICTIONS AGAINST SHORT SELLING.
The directors of the Chicago Board of Trade met on Dec.6
"Financial America" of yesterday stated that all restricto act on a report of a special committee appointed to secure
modifications on trading regulations, and adopted the fol- tions against short selling have been removed by the Liverpool Cotton Exchange, according to a cable received and
lowing rules:
All regulations heretofore enacted governing the trading in corn, oats, posted yesterday on the local Cotton Exchange.
rye and barley for future deliveries are hereby rescinded. On and after
Saturday, Dec. 7, members will observe the following regulations in dealing in the above commodities for future delivery.
First—On contracts for the current month, no member shall have open
and outstanding any contracts for the purchase or sale for any person not
duly licensed by the Food Administration.
Second—No member shall carry for his own account or for the account of
any customer speculative commitments in excess of 200,000 bushels in any
one commodity. However, in addition to the aforesaid amount, it will be
permissible to carry so-called "spread accounts" to the extent of 200,000
bushels on each side.
Third—Daily reports of transactions to the Board of Trade Secretary's
office shall be discontinued from to-day on.
Fourth—Restrictions with regard to trading in provisions will remain in
force as heretofore.
WAR TRADE BOARD REVOKES REGULATIONS
'AFFECTING EGYPTIAN COTTON IMPORTS.
The War Trade Board announced on Dec. 19 that in a
new ruling (W. T. B. R. 425) the regulations affecting the
importation of Egyptian cotton announced in W. T. B. R.
144, issued June 20 1918, have been revoked, and applications will now be considered by the War Trade Board for
licenses to import, beginning Jan. 1 1919, not to exceed
40,000 bales of Egyptian cotton, without limitation as to
quality or grade. Control over the distribution in this
country of the licensed amounts will still be maintained by
CHICAGO BOARD OF TRADE LIFTS BAN ON GRAIN the War Trade Board through the Textile Alliance (Inc.)
NEWS.
On Dec. 4 it was announced that the Board of Trade had SENATOR SMITH SEEKS TO STABILIZE COTTON
lifted its ban of the war period on the expression of opinions
FREIGHT RATES.
or advice by members as to the probable course or coarse
It was reported on Dec. 19 that Senator Ellison Smith of
grains and provisions for future delivery. According to the South Carolina had presented to the Cotton Distribution
"Wall Street Journal" a statement by Secretary Manff said: Committee the Shipping Board and the Railroad AdminisIt will be permissible to indicate the probable course of markets, fur- tration a proposition
to stabilize freights on cotton for a
nishing in connection therewith facts and figures in substantiation of
opinions, so expressed. Advice to or requests by members of clients to period of 90 days so that shippers may have definite knowlbuy or sell, however, will not be permitted. Great care should be used in edge on which to base delivery contracts. Senator Smith
dissemination of market information and language employed. Expressions is said
to have stated that the uncertainty as to freight rates
of undignified character will not be considered in good form nor permissible under the new restrictions. The circulation of Broomhall's is holding up the movement of raw cotton and he has asked
cables and Argentine news is no longer in conflict with the wishes of the for immediate action.
Board of Directors, but members will be hold responsible for authenticity
of any such reports disseminated.
Announcement was made on Dec. 14 that two ships had
been allocated by the Shipping Board to carry cotton, the
Kirkle of 9,400 tons being ordered to Galveston to load cotton
MILLING RESTRICTIONS REMOVED.
The New York "Evening Post" of yesterday (Dee. 20) for England and the Challenger, 11,800 tons, sent to New
Orleans to load also for English ports. In making this
said:
Members of the grain and flour trade were greatly gratified to learn that announcement, Bainbridge Colby of the Shipping Board
all milling restrictions had been lifted by the Administration. In other said that great quantities of cotton were awaiting transwords, millers can now resume grinding as they did before the war, making
their customary grades and brands, which will doubtless facilitate business. portation and that he was hopeful of being able to follow up
these allocationa shortly with additional tonnage as it is
released from war requirements.
RESIGNATION OF COTTON DISTRIBUTION COMMITTEE OF WAR INDUSTRIES BOARD.
BILL TO PROHIBIT GAMBLING IN COTTON FUTURES.
Last Saturday, page 2238, we referred to the resignation
A bill to prohibit gambling in cotton futures and other
of the Committee on Cotton Distribution of the War Incotton products was introduced in the House on Doc. 13 by
dustries Board, headed by Charles J. Brand. In its anRepresentative Oldfield. It was referred to the Committee
nouncement in the matter the Board said:
The Committee on Cotton Distribution was charged with the duty of on Agriculture. Concerning the bill Walter L. Johnson,
broadening the channels of distribution and bringing into more rational President of the New York Cotton Exchange, is quoted in
use all grades of cotton below middling. It served in an advisory capacity the New York "Tribune" of Dec. 14 as
saying:
to the Cotton Committee, furnishing information
regarding present and
prospective supplies and consumptive needs of the nations dependent on
American cotton.
It advised the various agencies of the Government concerned in cotton
distribution regarding not merely the needs for cotton, but the ships and
other transportation facilitels therefor. In co-operation with the War
Trade Board, the Railroad Administration and the Shipping Board, it has
facilitated the movement of American cotton in export.
To give opportunity for normal conditions of supply and demand to reassert themselves, it prohibited foreign and speculative short selling in
future contract markets.
All regulations established by the Committee on Cotton Distribution
have now been removed.
This bill represents a periodical outburst on the part of foes of cotton
speculation. It is too ridiculous to be regarded seriously, Luna it seems
certain that it will die in the committee's hands, never being reported on.
If looked upon other than as a joke, it would put future exchanges out
of business. And if that is the purpose of tho Representative from Arkansas, there seem to be many means of direct and more constitutional
stops for achieving that end. We feel confident that the bill will be
brushed aside in Congress without receiving any attention or consideration.
The 'Tribune" also said:
Mr. Johnson said that the proposal of the exchange recently, that it
might be feasible to permit sellers of spot cotton to make deliveries at
three points outside of New York, had been abandoned, chiefly for the
reason that the innovation would increase the disparity between the price
of spots and futures by depressing the value of the futures.
The committee appointed by President Wilson to investigate the general cotton situation had previously been dissolved after it had reported to the President that there was RESTRICTIONS ON IMPORTS FROM GUATEMALA
no necessity for fixing a price for the various grades of raw LIFTED—SUGAR AND COFFEE TO HAVE PRIORITY.
cotton.
The War Trade Board made known oin Dec. 13 that all
restrictions
placed by any War Trade Board ruling upon
TERMINATION OF COTTON PRICE FIXING DEC. 31.
the importation of any of the following commodities from
Along with the announcement of the resignation of the
Guatemala had been removed:
Committee on Cotton Distribution, the Price Fixing ComCacao, Dyowoods, Fruits, Hides, Skins, Leather,
mittee of the War Industries Board made the following an- Manufactures of Leather, Lead, Photographic Goods. Tanned Skins and
DEC. 211918.]
THE CHRONICLE
2333
Applications for licenses to import any of the above comMAXIMUM PRICES ON SOLE AND BELT LEATHER.
modities originating in and coming from Guatemala will
The Price-Fixing Committee has authorized the follownow be considered by the Board, but consuls have been
instructed to certify invoices in such manner as to give ing:
At a meeting held between the Price-Fixing Committee and the reprepriority to all available shipments of sugar first and coffee sentatives
of the sole leather industry it was agreed that the existing maxisecond over all other commodities.
mum prices upon sole leather and belting should be discontinued after Dec.
CHANGE IN- REGULATIONS AFFECTING THE
EXPORTATION OF RAW COTTON.
Under date of Nov. 22 1918 the War Trade Board announced in its ruling W.T.B.R.38 that no individuallicense
would be required for the exportation of raw cotton to
Great Britain, France, Italy, Belgium, or Japan. In an
announcement issued by the Board on Dec. 14 shippers were
advised that it has been found necessary temporarily to
issue individual licenses for shipments to Belgium, and
License RAC-57 will therefore no longer apply to shipments
to Belgium. Hereafter and until further notice, therefore,
License RAC-57, issued through the Customs Service, authorizes the exportation, without individual export license,
of raw cotton to Great Britain, France, Italy and Japan.
The Board further says:
It should be noted that it is unnecessary to apply to the War Trade
Board for permission to ship under Special Export License No. RAC-57,
and no special document issued by the War Trade Board is necessary in
connection with such shipments.
Individual export licenses are required at present for all shipments of
raw cotton to countries other than those mentioned above. Such licenses
should be applied for in accordance with the Rules and Regulations of the
War Trade Board.
IMPORTS OF VEGETABLES FROM MAZATLAN,
MEXICO.
In a statement issued Dec. 14 the War Trade Board announces that applications for licenses to import vegetables
from Mazatlan, Mexico, will now be considered.
8, the date of their present expiration.
In making this announcement the Price-Fixing Committee wishes to
express to the industry its appreciation of the hearty co-operation of the
industry in assisting the Government in carrying out its was program.
OIL INDUSTRY ASKED TO SUSPEND VOLUNTARY
PLAN FOR STABILIZATION OF PRICES.
The Fuel Administration announced on Dec. 16 that in
line with the general policy of the Government lifting all
restrictions as rapidly as conditions would warrant, it had
asked the oil industry to suspend its voluntary plan to
stabilize prices and obtain uninterrupted flow of crude oil
which was recently extended for a period of three months;
and at the same time had taken similar action as to any
voluntary understandings or agreements with respect to
prices of crude oil or its refined products. The Fuel Administration says:
This suspension will be permanent unless events prove the necessity of
again exercising control. The Administration points out, however, that
the licenses now outstanding will remain in full force and effect until the
promulgation of peace, and that the rules and regulations as amended by
the order of Dec. 7 are still effective. All agreements will continue subject to cancellation or assignment on request of the United States Fuel
Administrator.
The allocation of supplies of petroleum products for the Allies will terminate with the allocation for shipment during the month of January.
The priority order with respect to export shipments of gasoline and kerosene will terminate with the allocation system. The allocation will continue to cover abviation gasoline and other supplies especially drawn from
the interior for foreign account until these supplies are finally taken over
by the Allies or until notice of discontinuance is issued by the Fuel Administration.
The order now outstanding regarding natural gas will remain unchanged
In its modified form.
By these various measures the Fuel Administration hopes to restore the
oil industry to normal conditions with as little disturbance as possible:
keeping in mind the fact that the authority for control still exists and will
be exercised, should occasion require, pending the promulgation of final
peace.
CRUDE RUBBERgMPORT RESTRICTIONS REMOVED.
The War Trade Board on Dec. 14 announced in a new
ruling (W. T. B. R.414) that all restrictions upon the quantity of crude rubber which may be imported from overseas
MODIFICATION OF CANADIAN RESTRICTIONS
have been removed. Application for licenses to import
AFFECTING STEEL SHIPMENTS.
this commodity will now be considered without limit as to
The
modification
of restrictions affecting steel shipments
quantity. It was also announced that the War Trade in Canada
was announced by Canadian War Trade Board
Board had withdrawn the Government option price, and on Dec. 11 in the following
order:
would require no further undertaking relative to maximum
In view of recent developments, which have made the steel situation
values. The Board says:
somewhat easier, and especially in view of the fact that certain United
Careful consideration has been given to the advisability of eliminating
the requirement of guarantees, but it has been found necessary to require
those undertakings for the present.
This relaxation, however, will not authorize the importation of any shipments of rubber from any country other than the country of origin. Applications for import licenses for such shipments will not be considered until
after Feb. 13 1919. The same policy will be applied to applicants for
licenses to import shipments of rubber now in the United Sytatas which
have been made in violation of the regulations.
On Nov. 22 announcement was made of the issuance of a
ruling by the War Trade Board whereby the import restrictions on rubber had been so modified as to permit the
receipt of 7,500 tons additional prior to Jan. 1. The original ruling limited to 25,000 .tons the importations which
were were to be licensed during October, November and
December. The increased amount was to be allocated by
the War Trade Board. In addition to the, 25,000 tons of
rubber authorized for import during the quarter. ending
Jan. 1 announcement was made that license might be procured for 7,500 tons more. Restrictions on imports of
hides and skins purchased before June 15 1918 were also
lifted,
SENATE RESOLUTION CALLING FOR INVESTIGATION
OF SPRUCE PRODUCTION.
The following resolution presented by Senator Poindexter,
was agreed to by the Senate on Dec. 5:
Resolved, That the Secretary of War is hereby requested to inform the
Senate what steps, if any, have been taken upon the recommendation of
Hon. Charles E. Hughes for an investigation of the spruce production
section of the Aeroplane Division of the Signal Corps of the United States
Army.
RESTRICTIONS ON FUR AND FELT HAT MANUFACTURE REMOVED.
The conservation plans governing the manufacture of
men's and women's fur and wool felt hats have been removed, effective Dec. 2 1918, according to an announcement
made by B. M. Baruch, Chairman of the War Industries
Board, who says:
The plans referred to were drawn up in agreement between the felt section, the conservation division and the war service committee representative of the above industries. Hat manufacturers may now produce
hats In accordance with their own ideas and desires.
States restricLions have been lessened and others modified, permitting shipments of plates, boiler tubes, &c., being made to Canada more easily than
in the past, in future it will be unnecessary to apply to the War Trade
Board for releases from stocks on forms which were provided for this
purpose, neither will it be necessary to supply monthly reports as in the
past.
Dealers and others are now at liberty to dispose of their stocks whereever they can, but the War Trade Board reserve the right to fix the price
in the event of receiving complaints to the effect that prices which are
being charged are excessive."
COPPER PRICE FIXING TO END JANUARY 1—WAGES
OF COPPER MINERS.
The War Industries Board announced yesterday (Dec. 20)
at the conclusion of its conference with representatives of
the copper producers that price-fixing of copper would end
on Jan. 1. The "Wall Street Journal" last night, in referring to the Board's announcement, said:
An open market in copper will resume on Jan. 1 1919 for the first time
since Sept. 1917.
Chairman Brookings of the Price-Fixing Committee of the War Industries Board also announced that the Board would dissolve Dec. 31 next.
Few copper producers attended the conference knowing the Board would
cease to exist after the new year and that fixed prices would cease.
It is estimated that the Government has on hand between 75,000,000
and 100,000,000 pounds of copper, compared with 62,000,000 pounds
Great Britain had when British Government control of metals ceased.
Federal-owned copper will not be dumped on the open market in this
country. It is understood, a plan may be devised whereby it will be
liquidated in conjuction with new production.
Some copper for next year's delivery has been contracted for, estimates
stating that 8,000 tons have been booked for January and February shipments. The price will doubtless have to be governed by the averages for
those months.
In the same issue it further said:
While it is anybody's guess, predictions here to-day were that no more
than 20 cents a pound would be paid when domestic consumers entered
the market. It developed that John D. Ryan, Chairman of Anaconda
Copper Co. and President of the Copper Export Association, had already
been here in conference on the subject of Government owned copper,
Apportionment of the Govement owned metal with new production as
sold was a suggestion made that may secure recognition.
Estimates which Pope Yeatman cabled from Europe as to probable
requirements for next year approximated 430,000 tons, or 963,200,000
pounds, divided as follows: France 200,000 tons, Britain 145,000 tons,
and Italy 85,000 tons. In New York the other day, Mr. Ryan gave this
total, but credited England with the amount that France will probably
need. Furthermore, the 200.000 tons which France was believed to have
inquired for, represents at the moment nothing more than an American
estimate made for the War Industries Board.
2334
THE CHRONICLE
[Vox,. 107.
An executive committee was chosen consisting of Chairman of the
EXPORT ASSOCIATION FORMED BY COPPER
board, President, First Vice-President, Second Vice-President and the
PRODUCERS.
following
directors: James McLean, Murray Guggenheim, Cornelius F.
•
William A. Clark, James MacNaughton, Adolph Lewisohn.
The formation was perfected this week of a copper pro- Kelley,
The executive committee will choose a selling committee, in whose hands
ducers' association under the provisions of the Webb Law, the actual conduct of the business will be placed. The executive committee
permitting combinations of American manufacturers and will, under the board of directors, determine the policies with regard to
export trade of the association. The officers of the association are:
others to merge their activities in the export field, conducting the
Chairman of the board, Simon Guggenheim; President, John D. Ryan;
their foreign business through a common agency. The new First Vice-President, Walter Douglas; Second Vice-President, R.L. Agassiz
organization has been formed under the name of the Copper Secretary and Treasurer, C. W. Welch.
Export Association, Inc. Its officers are: Chairman of the
Board, Simon Guggenheim; President John D. Ryan; First
PIG TIN PRICE TO BE CONTINUED UNTIL AMOUNT
Vice-President, Walter Douglas; Second Vice-President,
ALLOCATED IS DISTRIBUTED.
R. L. Agassiz; and Secretary and Treasurer, C. W. Welch.
The
Sub-Committee
on Pig Tin of the American Iron and
Mr. Ryan,in a statement issued on the 17th inst., regarding
Steel Institute announced on Dec. 19 that the total amount
the new Association, said:
All of the important copper producers of the country are represented in of tin allocated to the United States Steel Products Company
the directorate. The plan adopted by the Association is purely a mutual for distribution to American customers is approximately
one. Only a nominal capital is proposed. Two hundred and fifty thous- 10,000 gross tons. The price and plans previously anand dollars of preferred stock will be offered pro rata to all producers and
each producer will be entitled to one share of common stock, with cumula- nounced were given in detail in our issue of Dec. 7, page
tive voting power, based upon his production of copper. Common stock 2149. In the announcement of the present week it is made
will have no par and no market value, as it is provided that no earnings known that the War Industries Board has decided to extend
shall be divided among the common shareholders, and any profit made,
after providing for dividends or a retirement of the preferred, will be the period during which the base prices will be maintained
credited to the producers in proportion to their export sales.
beyond Jan. 311919, "until such further time as all of the
Every producer, large and small, in the country will be invited to join
tin
has been distributed. The statement of this week follows:
the Association on precisely the same basis as the larger interests; that is
all representation, voting right and other privileges are based upon the
proportion of production and export of each member of the Association.
Prices will be averaged over monthly periods and each producer will
receive identically the same price at the seaboard for his product.
It is believed that the plan being a purely mutual one, and providing
for no advantage on account of the size or location of any contributing
organization, will fulfill the expectations of its promoters and firmly
unite all American exporters of copper.
The production of American smelters and refineries was, before the war,
fully 70% of that of the whole world. It is believed now to be 85%•
About 60% of the pre-war production was exported. It is expected that
that proportion will continue to hold good. The Federal Trade Commission, in its investigation of the copper trade, found that by combination
of buyers in European countries and manipulation of markets for futures,
the foreign consumer had been enabled to obtain his copper from American
producers, over a period of years, for about 1 cent per pound less than
the American consumer has paid. It is believed that the Export Association will remedy this situation,and,without interfering with the domestic
trade, will not permit the foreign combinations to secure such undue
advantage.
The fact that every producer, large and small, in the country has been
or will be invited to join, and the door will not only be open, but will be
kept open for any who desire to come in, will, undoubtedly, satisfy every
passible requirement of public policy and it is the belief of all of the copper
people that the organization is formed along ideal lines to commend itself
favorably to the Federal Trade Commission or other Governmental agencies having to do with the regulation of export trade.
AMERICAN IRON AND STEEL INSTITUTE.
Sub-Committee on Pig Tin.
New York, Dec. 19 1918.
CIRCULAR LETTER NO. 9.
To the Tin Trade:
PIG TIN.
in response to inquiries, the War Industries Board has authorized the
publication of the letter quoted below, for the information of the trade.
WAR INDUSTRIES BOARD.
Washington, Dec. 18 1918.
B. M. Baruch, Chairman,
American Iron and Steel Institute, 61 Broadway, New York, N. Y.
Attention of Mr. John Hughes, Chairman, Sub-Committee on Pig Tin.
Gentlemen:
Pig Tin.—AllocatIons by Inter-Allied Tin Executive to United States for
distribution at Cost to American Consumers.
Referring to my letter of Dec. 2, fixing the price, terms and conditions
under which this Tin is to be distributed to consumers, dealers and jobbers.
the total quantity allocated is approximately 10,000 gross tons and the
estimated overhead cost from f. o. b. port of shipment, either Singapore
or Sydney, to f. o. b. delivery point in United States, including ocean
freight, marine and war risk insurance, interest, railroad freight, storage,
weighing and all other charges, will be covered by the provisional prices
announced in Circular Letter No. 8 of American Iron and Steel Institute,
dated Dec. 3 1918, namely, 72Ac. per pound ex dock or store port of
New York or Chicago, or f. o. b delivery points at Chicago and points
East, seller's option, or 71 Xc. per pound ex dock or store Pacific Coast
ports, seller's option.
In my letter of Dec. 2 1918, which was published in your Circular
Mr. Ryan is also quoted as saying:
Letter No.8 above referred to, United States Steel Products Company was
the above prices for shipment during the
In the past copper exports have approximated 60% of production. authorized to make sales at
months of December 1918 and January 1919. After due consideration,
This is running at the rate of 2,500,000,000 pounds a year and if the 60% the War Industries Board has decided to extend the period, during which
V.; to holds good this country will export 1,500,000,000 pounds of copper the base prices will be maintained, beyond Jan. 31 1919, until such time
year. If foreign selling agencies have been able to make one cent a as all of this Tin has been distributed.
The War Industries Board has further decided that, when the importaund out of the copper we sold them it means that they have taken out tion
and distribution of this Tin shall have been completed and all charges
our pockets $15,000,000 annually. We would like to keep that $15,- and costs accruing thereon shall have been finally and definitely ascer00,000 here and spend it in this country.
tained, the actual net price per pound be determined and proper refund
be made on the cost basis by the United States Steel Products Company
The "Wall Street Journal" of Dec. 18, in referring to the to
each buyer to whom said company has made a sale.
Careful consideration is being given to the needs of American consumers
new Association, said:
with respect to further importation of Pig Tin from the various producing
It 'was learned after the meeting that the War Industries Board sent centres, and when the proper time comes, a formal announcement will be
representatives abroad before the armistice was signed to determine made as to when and under what conditions import licenses will be granted
permitting importations to. be made.
Europe's copper requirements for 1919.
You are hereby authorized to promulgate this letter to the trade.
These were placed at 1,000,000,000 pounds and if Germany can finance
Very truly yours,
WAR INDUSTRIES BOARD,
herself this will mean an additional 50J,000,000 pounds, making 1,500,G. N. ARMSBY,
000,000 pounds in all. Germany, it is said, took 500,000,000 pounds of
Chief in Charge of Tin.
copper a year from 1912 to 1914. Europe's requirements have been
Sales of Tin made by the United States Steel Products Company will be
estimated by Government officials as follows: Great Britain, 200,000 long adjusted after final distribution, as soon as the cost price has been ascertons; France, 145,000; Italy, 85,000.
tained and determined under Government authority.
Very truly yours,
"The European nations," said Mr. Ryan, "are not going to get back
JOHN HUGHES,
on their feet unless they can put their people to work. And they will not
Chairman, Sub-Committee on Pig Tin,
put their people to work until they get raw materials." He added that the
growth in the metal industries of this country since the war started has
been enormous. There will be an absolutely open market in the metal as
BRASS SECTION OF WAR INDUSTRIES BOARD IS
far as the United States is concerned.
DISBANDED.
Mr. Ryan explained that every producer who signs an agency agreement
will receive one share of common stock. Each share of common stock
The War Industries Board, in announcing that the Brass,
will represent one vote for each 500 tons produced in the twelve months
preceding the time when the vote is taken. The 7% preferred shares nave Section of the War Industries Board had formally disbanded'
a par of $100.
Dec. 14, said:
The export metal will be sold at a net price f. o. b. New York. All the
Mr. Everett Morse, Chief of the Section, will return to Boston, Mass.,
details of the Association have been submitted to the Federal Trade Com- where he will resume his duties as President of the Simplex Wire & Cable
mission. It has been incmporated under the laws of Delaware. The Co. of that city.
total issue of common stock will aepend upon how many producers come
Mr. L. K. Comstock, Assistant, will resume his duties as President of
into the Association. Five hundred shares of no par value have been L. K. Comstock 8c Co., electrical contractors, New York City.
authorized.
Mr. H. A. Wyman will resume the practice of law at Boston, Mass.
With regard to the interests in the new Association Mr.
Mr. E. P. Charlton returns to his duties as Vice-President of the /PAW.
Woolworth
Co., New York City.
Ryan's statement said:
The Copper Export Association, Inc., which is the Association of American Producers of Copper, the organization of which has been under way
REPEAL OF COAL REGULATIONS IN CANADA,
ever since the passage of the Webb-Pomerene bill, in the last Congress,
held its first meeting this morning and the following directors were elected:
A Canadiasn Order-in-Council, repealing the regulations
Murray Guggenheim, Simon Guggenheim, F. H. Brownell, American
Smelting & Refining Co.; John D. Ryan, Cornelius F. Kelley and Ben- governing the importation, sale and distribution of coal,
jamin B. Thayer, Anaconda Copper Minlng Co., Inspiration Consolidated was issued as follows on Dec. 5:
Copper Co.; W. D. Thornton, Greene-Cananea Copper Co.; Charles
AT THE GOVERNMENT HOUSE AT OTTAWA.
Hayden, Charles M. MacNeill and D. C. Jackling, Utah Copper Co.,
Nevada Consolidated Copper Co., Ray Consolidated Copper Co., Chino
Thursday, the 5th day of .Thcember, 1918. •
Copper Co.; Walter Douglas and James McLean, Phelps, Dodge Corpora- Present: His Excellency the Governor-General in Council.
tion; R. L. Agassiz and James MacNaughton, Calumet & Hecia Mining
Whereas the Acting Minister of Trade and Commerce reports that tha
Co.; Stephen Birch, Kennecott Copper Corporation; William A. Clark, 'Fuel Controller has represented to him that the state of the domestic
United Verde Copper Co.; Archibald Douglas, United Verde Extension coal supply in Canada is such that urgent necessity exists for continuing
Mining Co.; Adolph Lewisohn, Miami Copper Co., and Gordon R. Camp- for the present the existing system of controlling the Importation, Sale
bell, Calumet & Arizona Mining Co.
and distribution of coal by regulations;
DEC. 211918.]
THE CHRONICLE
2335
And whereas the Acting Minister also reports that considerable confusion in these columns Oct. 12, page 1443, with his resignation
as
now exists in the public mind in respect to the provisions of the coal regulations, owing to the various amendments thereto which have, from time Di-ector of the Bureau Mr. De Lanoy was made Manager
to time, been found expedient;
of the Section of Marine Insurance of the Railroad AdminisTherefore, His Excellency the Governor-General in Council, under and tration.
by virtue of the powers conferred by the War Measures Act, 1914, or otherwise vested in the Governor in Council, is pleased to repeal the regulations
established by Order in Council of the 20th day of March 1918 (P. 0. 664), SENATE RESOLUTION ON MERCHANT MARINE.
with all subsequent amendments thereto, and the same are hereby repealed
On Dec. 5 the Senate adopted the following resolution
accordingly.
His Excellency in Council by virtue of the same authority, is further regarding legislation for the maintenance, development and
pleased to approve the accompanying regulations "A," "B" and "C,"
operation of a merchant marine:
amending and consolidating the existing regulations made by the Fuel
Resolved, That the United State Shipping Board be, and It is hereny,
Controller, and the same are hereby approved, ratified and confirmed
directed to report to the Senate as soon as practicable what legislation, in
accordingly.
its judgment, should be enacted by Congress to promote, continue and
His Excellency in Council is further pleased to order as follows:
The Fuel Controller and all other persons mentioned in the said regula- Insure the maintenance, development and operation of a merchant marine
tions shall be and they are hereby vested with the powers necessary to under the American flag.
enable him or them to give full effect to the said regulations.
AMERICANS OWNING PROPERTY IN ENEMY TERRITORY URGED TO REPORT IT BY DEC. 31.
According to the "Official Bulletin" of Dec. 3 every
American owning property in enemy territory was urged
on that date by the State Department to file complete reports before Dec. 311918. The "Bulletin" said:
The State Department issued the following statement extending the
date for receipt of these reports:
In a notice appearing in the "Official U. S. Bulletin" Feb. 8 1918, the
Secretary of State requested Americans owning property in the countries
of enemies of the United States and the allies of such enemies, or in territories under their military control et occupation, to fib o with the Department of State as complete information as possible regarding the character
and extent of that property. This action was deemed advisable in the
interests of the United States and of the persons concerned. Quite a
large number of Americans have already availed themselves of this opportunity of placing on record in the Department information regarding their
interests. Many Americans, however, have thus far neglected to make
such reports, including a large number of important American interests
which are known to have been sequestrated by the German Government.
The Secretary of State has designated a further period of 30 days, dating
from Dec. 11918, in which this information may be filed with the Department. These reports should show the location, nature and value of the
property in each instance, as well as its last known custodian.
Every person submitting information should show whether he be a
native or naturalized citizen of the United States.
It is understood that in receiving information regarding any American
losses of property the Department gives no assurance that it will be deemed
proper to take any action in this regard in behalf of any person or persons,
or case or class of cases.
BIELASKI RESIGNS FROM DEPARTMENT OF JUSTICEA. Bruce Bielaski, Chief of the Bureau of Investigation
of the Department of Justice, has presented his resignation to Attorney-General Gregory, to take effect at a
date not yet fixed. Mr. Bielaski has been at the head of
the Investigation Bureau since 1912, and previously had
been Assistant Chief. He is 35 years of age and supervises
what is said to be the biggest force of secret investigators
in the Government service. Mr. Bielaski has recently been
presenting evidence regarding German propaganda in this
country before the Senate Investigating Committee.
SENATE RESOLUTION INQUIRING AS TO ABROGATION OF COMMERCIAL TREATIES WITH U. S.
The Senate on Dec. 5 adopted a resolution, submitted by
Senator Jones of Washington, asking the State Department
what countries have proposed abrogation of commercial
treaties with the United States and what steps are necessary
toward abrogation of treaties preventing the United
States from giving preference to American shipping and
trade was adopted by the Senate to-day without discussion.
The following is the text of the resolution:
Resolved. That the Secretary of State be, and he is hereby, directed to
furnish the Senate the following information:
1. What countries, if any, have notified the United States of their intention to abrogate any treaties with the United States; and what treaties are
to be abrogated and the reason therefor, if any are given.
2. The countries with which the United States has treaties which prevent us from giving preferences to Americans or American ships in the
carrying of imports or expel ts, and what is necessary to be done to abrogate such treaties, and what, if any, steps our Government has taken to
secure the abrogation of the same.
WAR PROJECTS ABANDONED.
Announcement was made at Washington on Dec. 12 of
the abandonment of a large number of projects for the construction or extension of munition works, mostly planned
for the manufacture of high explosives. The largest project
in the list was for the establishment of a nitrate plant near ENACTMENT OF BILL PROVIDING FOR EXPULSION
AND EXCLUSION OF ALIEN ANARCHISTS.
Cincinnati. The War Department's announcement in
the matter was as follows:
The bill calling for the expulsion and exclusion from the
The director of operations has issued orders to the cons6ruction division United States of aliens subscribing in whole or in part to the
to abandon the following projects:
The establishment of a nitrate plant at Cincinnati; ,onstruction work tenets of anarchism became a law with its approval by Presiin connection with the establishment of a picric acid plant at Little Rock, dent Wilson on Oct.. 16. As statad in our issue of June 29
Ark.; the construction of a 4,000-kilowatt power plant with necessary 1918, when we gave the text of the bill as it had passed the
equipment in connection with the Milton Manufacturing Co., Milton,
Pa.; construction work in connection with the May's Landing plant of the House on Juno 21, the Act amends the immigration laws so
Bethlehem Loading Co., at May's Landing, N. J.; construction of the as to remove the limitation on the power of the immigration
sulphuric acid contact plant at Grand Rapids, Mich.; construction of a authorities
to deport an alien after five years' residence.
tetryl plant at Seiner, Mich.;establishment of nitrate plant No 3 at Toledo,
O.; construction of oil recovery plant in connection with the Cambridge It is understood that the bill was enacted in the form in
Gas & Electric Co. works at Cambridge, Mass.; construction and altera- which we have already given it.
tion of the Peters Cartridge Co. buildings at Cincinnati; construction of
phosphorus plant at Fairmont, W. Va.; construction of buildings and the
evacuation for laying the Manchester and Broadway plants of the Laclede
Gas Light Co. of water mains at St. Louis, Mo.; construction of a picric
unit at the Brunswick plant of the Butterworth-Judson Corporation,
Brunswick, Ga.; construction work in connection with erection of an 8unit sulphuric acid contact plant at Emporium, Pa.; construction of a
T. N. T. plant at Giant, Cal.; construction word In connection with the
erection of buildings and utilities for the toxic gas plant at Croyland, Pa.;
construction of toluoi recovery plant in connection with the Lynn Gas &
Electric Co., at Lynn, Mass.; construction work and alteration of buildings at the Western Cartridge Co. plant at East Alton, Ill.; construction
work on the welding school at Camp Jessup, Atlanta, Ga.; construction
of picric acid plant in connection with the plant of the Semet-Solvay Co.
at Grand Rapids, Mich. There will also be abandoned in connection
with this plant the construction of 20 five-room bungalows; five 100-man
barracks; 10 cottages and barracks for workmen and one clubhouse.
COLONEL H. D. LINDSLEY MADE DIRECTOR OF WAR
RISK INSURANCE BUREAU.
Following his assumption of the office of Secratary of the
Treasury on Dec. 16 Carter Glass announced tho appointment of Colonel Henry D. Lindsley as Director of the War
Risk Insurance Bureau. Since the resignation of William
C. De Lanoy in October the office had been temporarily
filled by Herbert D.Brown,Chief of the Bureau of Efficiency.
Colonel Lindsley has served for the last year on th) staff of
Major-General J. G. Harbord as chief of the War Risk
Section of the American Expeditionary Forces and has had
charge of all war risk insurance matters overseas. As noted
APPEAL BY PRESIDENT WILSON ON BEHALF OF
REFUGEES OF WESTERN ASIA.
An appeal by President Wilson on behalf of the American
Committee for Relief in the Near East, which will undertake
a campaign to raise a minimum of $30,000,000 from Jan.
12 to 19, was made public as follows on Dec. 12:
The White House, Washington.
For more than three years American philanthropy has been a large factor
in keeping alive Armenian, Syrian. Greek and other exiles and refugees
of Western Asia. On two former occasions I have appealed to the American
people in behalf of these homeless sufferers, whom the vicissitudes of war
and massacre had brought to the extremest need. The response has been
most generous, but now the period of rehabilitation is at hand. Vastly
larger sums will be required to restore these once prosperous, but now
impoverished refugees to their homes than were required to sustain life in
their desert exile.
It is estimated that about 4,000,000 Syrian, Greek and other war sufferers in the Near East will require outside help to sustain them through
the winter. Many of them are now hundreds of miles from their homeland. The vast majority of them are helpless women and children, including 400,000 orphans.
The American Committee for Relief in the Near East is appealing for a
minimum of $30,000,000 to be subscribed from Jan. 12 to 19 1919, with
which to meet the most urgent needs of these people.
I, therefore, again call upon the people of the United States to make even
more generous contributions than they have made heretofore to sustain
through the winter months those who, through no fault of their own, have
been left in a starving, shelterless condition, and to help re-establish these
ancient and sorely oppressed people in their former homes on a self-supporting basis.
WOODROW WILSON.
2336
THE CHRONICLE
STAND TAKEN BY RECONSTRUCTION CONFERENCE
OF U. S. CHAMBER OF COMMERCE ON RAILROAD
CONTROL—PROVISION FOR EUROPEAN COMMISSION—OTHER RESOLUTIONS.
The War Emergency and Reconstruction Conference of
War Service Committees held at Atlantic City on Dec. 3,
4,5 and 6, under the direction of the Chamber of Commerce
of the United States, brought about the creation of a new
and powerful federation of American industries. . This As-sociation, made up of the nearly 400 War Service committees,
was created by the committees to act in the future as the
spokesman for industry before the Government, just as the
committees acted separately as the point of contact between
industry and the Government during the war period. The
Federation voted to function under direction of a committee
of the Chamber of Commerce, and it will have back of it and
serving it the Chamber's organization. When necessary, it
will have, too, the benefit of the weight of the expression of
the membership of the Chamber. The Chairman of the
War Service committees will sit as an Industrial Advisory
Council to the organization. The views of this assemblage
of industries, respecting industrial readjustment, were expressed at the Atlantic City convention in a series of resolutions (some 32 in number), covering the most important
subjects engaging the attention of business men. Most of
these resolutions were adopted without a dissenting voice.
The Reconstruction'Congress expressed itself as opposed to
Government ownership and operation of telegraphs, telephones and cables, and on the railroad question it held that
Congress "should speedily enact legislation providing for the
early return, under Federal charters, to their owners of all
railroads now being operated by this Government under
Federal regulations permitting the elimination of wasteful
competition, the pooling of equipment, combinations or
consolidations through ownership or otherwise in the operation of terminals, and such other practices as will tend to
economies without destroying competition in service."
The Atlantic City assemblage also recommended "that the
construction of a great merchant marine be continued and
amplified, and that its operation under American control be
kept safe by such legislation as may be necessary to insure its
stability and its-lasting value to American industries." As
to public utilities, the Atlantic City congress placed itself
on record as follows:
Public utilities have faced difficult problems, which have been accentuated by conditions arising out of war. The development and efficiency of
such a utility as local transportation has immediate importance for every
community. It is recommended that the Chamber of Commerce of the
United States should appoint a committee to investigate and study the
question of local transportation as it relates to the control of rates and service, franchises, taxes, the attraction of capital into the business, and such
other questions as the committee may find pertinent. Such a committee
should report its recommendations to the Board of Directors of the National
Chamber, and the Board should deal with them in accordance with the
established procedure of the Chamber.
[VOL. 107.
Commerce, according to the "Journal of Commerce" or
the 5th inst., told the delegates how he had asked President
Wilson to send a message to the Reconstruction Conference
and had addressed to him the following inquiry:
Would it be helpful if American industry should name a thoroughly
representative committee, particularly' informed regarding the basic industries of the country, to be present in Prance during the course of the
peace conference and available for counsel on such phases of the peace
negotiations as may bear directly upon commerce and industry?
The following reply, Mr. Wheeler said, was received from
the President:
You may bo sure that I would send a message to the meeting at Atlantic
City, if I knew what message to send, but frankly, I do not. It is a time
when we all must thoughtfully take counsel and apply the wisest action
to circumstances as they arise.
To quote further from the "Journal of Commerce,"
President Wilson, the Chamber of Commerce head declared,
entirely ignored the question of industrial representation
at the Peace Conference.
In its further declarations the Reconstruction Conference
unanimously endorsed in letter and spirit the principles of
industrial creed enunciated by John D. Rockefeller Jr. in
an address before the gathering on the 5th inst. and urged
upon all units of industry—where they may not now be employed—the application of such principles, without approving or rejecting his particular plan on machinery; the principles advanced by Mr. Rockefeller are as follows:
1. Labor and capital are partners, not enemies; their interests are corn-,
mon interests, not opposed; and neither can attain the fullest measure or
prosperity at the expense of the other, but only in association with the other.
2. The purpose of industry is quite as much to advance social well-being
as material well-being and in pursuit of that purpose the interests.of the
community should bo carefully considered, the well-being of the employees
as respects living and working conditions should be fully guarded, management should be adequately recognized and capital should be justly compensated, and failure in any of these particulars moans loss to all.
3. Every man Ls-entitled to an opportunity to earn a living, to fair wages,
to reasonable hours of work and proper working conditions, to a decent
home, to the opportunity to play, to learn, to worship and to love, as well
as to toil, and the responsibility rests as heavily upon industry as upon
government or society to see that these conditions and opportunities
prevail.
4. Industry, efficiency and initiative, wherever found, should be encouraged and adequately rewarded and indolence, indifference and restriction of production should be discountenanced.
5. The provision of adequate means for uncovering grievances, and
promptly adjusting them, is of fundamental importance to the successful
conduct of industry.
6. The most potent measure in bringing about industrial harmony and
prosperity is adequate representation of the parties in interest; existing
forms of representation should be carefully studied and availed of in so far
as they may be found to have merit and are adaptable to the peculiar
conditions in the various industries.
7. The application of right principles never fails to effect right relations;
the letter killoth and the spirit maketh alive; forms aro wholly secondary,
while attitude and spirit are all important, and only as the parties in industry are animated by the spirit of fair play, justice to all, and brotherhood, will any plans which they may mutually work out succeed.
8. That man renders the greatest social service who so co-operates in
the organization of industry as to affoid to the largest number of men the
greatest opportunity for self-development and the enjoyment by every
man of those benefits which his own work adds to the wealth of civilization.
The following are some of the other resolutions adopted
the War Reconstruction Congress:
by
commisa
in
sending
of
itself
favor
recorded
The gathering
Cancellation of War Contracts.
.
sion to Europe to be available tO the American peace deleIt is in the public interest that all war orders placed by any contracting
gates in the event that they need assistance in the working
agency of the Government and accepted in good faith, whether formally
out of economic problems that may enter into the peace and regularly executed or not, should, upon cancellation by such contracting
agency, be promptly and equitably adjusted and satisfied as if every for
negotiations. The pronouncements on this point follow:
had been observed, and when so adjusted the amount ascertained
The business men of the United States, having devoted their energies
and resources toward the winning of the war, regardless of sacrifices'or to be due by the Government should be promptly paid, to the end that
may be utilized by the industries of the country to speed their
funds
these
fought,
apprecountry
this
principles
which
the
for
of
support
in
burdens,
ciate the necessity of continuance of unremitting effort in order that the transition from a war to a peace basis.
If it should be ascertained that legislation is necessary or desirable to,
world may be restored to normal conditions as quickly as possible and the
accomplish this end, Congress should forthwith enact such legislation.
blessings of peace brought to all peoples.
Officials dealing with questions of adjustment on account of war orders
In the accomplishment of these results the highest efficiency of the
great commercial and industrial powers of our own country and that of must necessarily be familiar with all the conditions affecting the orders.
will greatly promote expedition and the interests of both the GovernIt
the Allied nations will be developed only through co-operative effort and
ment and private enterprise for the• officials who made the contracts to
common counsel.
In order, therefore, to contribute to the fullest toward the prompt solu- remain in the Government service to participate in the readjustment.
tion of the problem presented, the Chamber of Commerce of the United
Removal of Restrictions on Industry.
States is requested to enlist the co-operation of national bodies devoted
It is in the public interest that all war regulations of Industry should be
to the extension and promotion of American commerce and particularly
revoked, and all war restrictions on industry should be removed, as speedforeign trade, in the appointment of a commission representative of
ily as practicable, save in the case of such Industries as are engaged in the
American business, which shall proceed without delay to Europe and esproduction, preparation or distribution of foods, feeds and fuel and such
tablish machinery for the following purposes:
last-named group of industries should be freed from war regulations and
A. To study at first hand the reconstruction needs of European counrestrictions as early as consistent with the welfare of this nation and of'
tries in conjunction with business men of these nations, in order to advise
the Allies.
the business men of the United States as to how they may be most helpful
Pivotal "Industries.
in meeting the necessities of Europe and caring for the interests of American
Conditions brought upon us by the European war at its beginning, as
industry and commerce.
the war, made it of the
B. To be available to the peace delegates of the United States for any well as our national necessities after we entered
at once be do
needed information which they may be able to present or for any other aid highest importance that a number of industries should
of capital and
which may be given by the business men of the United States through the veloped in the United States. Large investments, both
skill, have since been placed in those enterprises. Upon the production
medium of such a commission.
some of them, relatively small in themselves, the continuation of some
The Chamber of Commerce of the United States was also of
of our largest industries has depended. Some of the recently developed
requested to appoint members of the commission to represent Industries have national importance in fields much broader than the
the business men of the United States at the forthcoming markets of their products; for they may servo, for example, to promote
research, which will add to national efficiency, resources and
meeting of the Permanent Committees of the International scientific
wealth in many distinct ways.
Congress of Chambers of Commerce.
It becomes essential, therefore, that the Government should at once
have been developed during the
With regard to the propriety of a committee of business proceed to ascertain the industries which maintenance
of which is indisEuropean war and ascertain those the
men being appointed to participate in the European mission, pensable for the safety of our industrial structure and our military estabHenry A. Wheeler, President of the U. S. Chamber of lishment.
DEC. 21 1918.]
THE CHRONICLE
2337
When these pivotal industries have been ascertained, means suitable in
view of their nature and situations should at once be provided for their
encouragement and preservation.
industries which would act as advisory to the War Service Executive
Committee.
It is believed that the time has now arrived when such a council should
be
formed and it is recommended that this council be composed of the
Industrial Co-operation.
chairmen of the war service committees.
The war has demonstrated that through industrial co-operation great
The board of directors of the National Chamber has stated that, if it
economies may be achieved, waste eliminated and efficiency increased.
be the desire of this Convention, the Chamber will be glad to reconstitute
The nation should not forget, but rather should capitalize, these lessons by its
War Service Executive Committee and have it continue to serve in the
adapting effective war practices to peace conditions through permitting
same capacity in which it has acted during the war, directing attention
reasonable co-operation between units of industry under appropriate
particularly to the problems of reconstruction affecting all industries.
Federal supervision. It is in the public interest that reasonable trade
agreements should be entered into, but the failure of the Government
It is the opinion of your committee that this Conference should immedieither clearly to define the dividing line between those agreements which ately
take advantage of the willingness of the Chamber to undertake this
are, and those which are not, in unreasonable restraint of commerce, or responsibility,
and it therefore presents the following resolutions:
to provide an agency to speak for it on application of those proposing to
Resolved, That this conference requests the Chamber of Commerce of
enter into such agreement, in effect restricts wholesome co-operation and the United States
to appoint a War Service Executive Committee of such
deprives both industry and the general public of its benefits. The con- number as may
seem best to relate the efforts of all of the war service comditions incident to the period of readjustment renders it imperative that mittees, and to
aid in making effective the action of this conference and
all obstacles to reasonable co-operation be immediately removed through pledges its assistance to the
National Chamber in securing the service on
appropriate legislation.
the committee of such leaders of industry as may be called to act.
Federal Trade Commission.
• Resolved, That the chairman of the war service committees of the indusThe Federal Trade Commission was advocated by the President, and tries, or in their absence the vice-chairmen, shall constitute a council to be
was created, as an agency to make the administration of our trust legisla- advisory -to the War Service Executive Committee, and to meet from
tion explicit and intelligible, and to provide "the advice, the definite time to time at the call of the Executive Committee or any twenty-five
guidance and information" which business enterprises require. The members of the Council.
normal importance of the Commission's task is now tremendously inResolved, That new war service committees representing industries not
creased by the imperative need for wholehearted and sympathetic co-oper- now organized may be recognized by the War Service Executive Committee
ation between the Government and industry, especially during the read- or by the Council.
justment period, and suggests the desirability of the two existing vacancies
in the Commission's membership being promptly filled with able men of
WALKER D. HINES IN SUPPORT OF PLAN FOR
broad business experience and clear vision, prepared to assist actively
FIVE-YEAR CONTROL OF RAILROADS.
in discharging these tasks along constructive lines.
Taxation.
The cessation of hostilities brings to business interests a feeling of deep
concern in the matter of taxation. The problems of readjustment are made
more difficult through inequalities in the present law.
We believe, therefore, that in the consideration of amendments to the
present Act, or the passage of new revenue legislation, the Congress should
give most careful consideration to the views expressed by organizations of
commerce and industry. Ability to pay, inventory values, and proper
reserves, together with careful survey of the amount of revenue required
under the now conditions, are matters of vital importance to businesss
interests of the nation during this readjustment period.
Inventories.
We urge that Congress should give careful consideration to the grave
menace now facing all industry duo to the fact that both raw materials and
finished goods are carried in full measure to meet the extraordinary requirements of the Government and of the people, and that in large part the stocks
have been acquired at abnormal cost and are therefore carried into inventories at inflated values, thereby showing apparent profits which have not been
realized, and which probably will never be fully realized. These are
largely bookkeeping, or "paper profits," and should not be used as a basis
for taxation.
We therefore recommend that any tax law shall provide that during present conditions the taxpayer shall be allowed to make a deduction from his
apparent profit by way of a reserve for a subsequent shrinkage in the value
of merchandise.
We believe that the interests of the Government can be protected against
abuse of this privilege by the fixing of a maximum percentage of deduction
to be allowed, and by the use of proper methods of inspection and appraisal.
International Reconstruction.
In war we have made common cause with the Allies. We should likewise make common cause with them in seeking the solution of the immediate
problems of reconstruction which they face, because of the efforts they put
forth in the war. These problems peculiarly depend for their solution upon
commerce.
Raw materials and industrial equipment which we possess the Allies
urgently require, that they may reconstitute their economic life. We should
deal generously with them in sharing these resources.
In order that we may share our materials with the Allies, we must also
provide thorn with credits through which they may make the necessary payments.
Our ocean tonnage must supply our troops overseas and help to provision
the inhabitants of war-devastated regions. The part of our ocean tonnage
not required for these paramount needs, and vessels of associated countries
which are in a similar situation, should be entered in the common service
of all nations. This common service should secure to all nations their immediate needs for food, raw materials and transport for their products.
Property Rights in Mexico
By provisions in a constitution adopted while much of the country was
engaged in civil strife, and through subsequent legislation, Mexican authorities have threatened rights acquired by Americans in good faith, especially
in minerals, including petroleum. Against threatened confiscation the
American Government made formal protests. The attitude taken by the
American Government is heartily commended as in accordance with obvious
justice.
Education for Foreign Commerce.
In the larger opportunities which are to bo opened to American business
men to play a part in the international commerce of the world the need
will be felt for more men who are trained to a knowledge and understanding
of the languages, the business methods and the habits of thought of foreign
lands. Complete success can only come to those who succeed in putting
themselves into full accord and sympathy with the peoples with whom they
are to deal.
We urge upon our industrials that they take steps to provide opportunities to young men to obtain an education in the practices of overseas commerce and finance and in the practical use of foreign languages.
We call the attention of the various departments of government and of
educators to the importance of this matter and ask that special efforts be
made to supplement the valuable work already done and to open up every
facility to the furtherance of a successful prosecution of this educational
work.
Council and Executive Committee.
Your committee has given serious consideration to the suggestion that,
following.this conference, an executive committee should be appointed to
relate the efforts of the various war service committees, keep them continuously informed on matters of common interest, and co-ordinate their
work on national problems.
At the meeting in December 1917 it was suggested to the War Service
Executive Committee of the Chamber of Commerce of the United States
that as soon as practicable a council be appointed representative of all the
An address in support of Director-General McAdoo's
proposal that Federal control of railroads be extended for a
period of five years, delivered on Dec. 12 before a committee
of the Chamber of Commerce of the United States by Walker
D. Hines, Assistant Director-General of Railroads, and
formerly Chairman of the Board of Directors of the Atchison
Topeka & Santa Fe RR., was made public by the Railroad
Administration on the 17th inst. In addressing the gathering Mr.Hines explained that he appeared in place of DirectorGeneral McAdoo, who had been invited to outline his views
with respect to future control and management of the railroads, but who was unable to be present since he had been
called upon to appear before the House Committee on Ways
and Means. Stating that "undoubtedly a great many
people whose judgment is sound on this subject would far
prefer to turn the railroads back with adequate remedial
legislation," Mr. Hines said:
But that is not a practicable thing. The twenty-one months' solution is
not a practicable thing and will simply pile up conditions which are unsatisfactory now and which would grow increasingly unsatisfactory in the
twenty-one months, so that the practical choice is this: it is better for the
railroads to go back to private control promptly under the old conditions
or is it better to have a five-year extension of the present control with
provision for the continuing improvement of the properties, and with conditions which will make for a satisfactory morale in the railroad organization?
In part he continued as follows:
I think the very natural restiveness the country has shown as to the inconveniences of the last twelve moaths has operated in an unconscious sort
of way to constitute in the minds of many of the public the picture of Federal control, whereas it ought to constitute the picture of war conditions
and war necessities. So that the choice, as I look at it as now presented,
is not between the sort of burdensome retiuirements that existed last year
on the one hand and on the other the return to private control, but it is a
form of Federal control adapted to peace conditions of which there has been
so far no test on the one hand, and return to private control on the other
hand.
Explaining Mr. McAdoo's plan, Mr. Hines said the Dire°
tor-General desired that the question should not be solvedhurriedly, but time should be allowed for the thought of the
country regarding remedial legislation to crystallize. Continuing, he said:
Is it possible at this time to get remedial legislation? I think that
must underlie a consideration of that proposition, because there is no advantage in talking about turning back the railroads with remedial legislation if the conditions are such as to make the remedial legislation impossible.
Take some of the leading points that must be considered in a scheme
of remedial legislation. Take the question as to the extent to which there
shall be State control or whether there shall be any State control in respect
to "railroad rates or railroad improvements or railroad service," and we
find there are the most pronounced differences of opinion on that subject.
The National Association of Railroad Commissioners, at its recent meeting in Washington, made it very clear that it was opposed to the elimination
of State control. A great many other interests affected are strongly in
favor of eliminating that control. So on that fundamental point thert is
a clear-cut issue in respect of which I do not understand the public sendmeat has crystallized, and concerning which there would be a prolonged debate. Indeed, the point is so important and so far-reaching that it wo.ild
need a prolonged and thorough discussion before a decision would be reached
which could be satisfactory to the country.
Take the other question of overcapitalization. A great many people
who have given prolonged attention to this subject believe that one of the
insurmountable obstacles to satisfactory regulation in the past has been
the settled suspicion on the part of a large part of the shipping public and
on the part of labor that railroads were heavily overcapitalized, and that
all the showings made by the railroad companies as to need for additional
revenue were based on false premises ccuse they were based on overcapitalization. There has been no crystallization of sentiment on the subject,
though there have been a great many charges and counter charges in regard
to it.
There is the further question whether it is expedient to continue to
have in this country, say, 100 different railroad companies conducting the
public service. The question of how to bring about the transition of the
present ownership by many corporations, with a remarkable variety of
2338
THE CHRONICLE
ferent capital structutes, to new organizations with a new scheme of capitalization, and how to effect the exchange of the securities of the new company for the basis of securities of the old, and as to the basis of the capitalization and as to the basis of the representation upon the board of directors,
are questions of the very greatest importance which cannot be decided
without the most thorough consideration.
Then that involves the question of the application of the anti-trust laws.
Shall the anti-trust laws continue to apply to the railroads as they have in
the past? In dealing with that question the attitude of the public must be
considered. The public has appeared to have very definite views in the
past and yet the question arises whether those views °tight: to continue to be
applied to railroad operation if private operation is to be resumed. But you
can readily see that it is a question which cannot be disposed of in a short
time.
In his further representations,`Mr. Hines said:
[VOL. 107.
organizations throughout the country, and warn us all that we must keep
our demands w:thin reasonable limits, because there is a point beyond
which the public will not sustain us in raising wages.
At my direction claims of employees mentioned in supplements 7 and 8
to General Order 27 were given further consideration by your board, and
after an exhaustive investigation decisions embodied in supplements 7
and 8 were rendered.
It is true that wages in excess of those provided for in supplements 7
and 8 are paid in some localities and by some Indust'les, but these are of a
transient character such as shipyards, munitions plants, &c., and their
work will cease or be greatly reduced upon the return of peace. It is,
however, undeniably true that the wages established in supplements 7
and 8 compare as a class favorably and perhaps much more favorably
with those paid elsewhere.
When we consider these railroad wage questions it must be remembered
that the railroad business is not temporary. such as referred to above,
but of a permanent character and offering to employees steady work.
Railroad employees not only have steady work and generally speaking
more favorable living conditions as against temporary and uncertain employment and frequently less satisfactory living condition in war industries,
but they also have a reasonable amount of free transportation for themselves and their families as well as other privileges and advantages which
are everywhere recognized as of substantial benefit to them.
From reports and resolutions I have received from railroad employees
in various parts of the country since supplements 7 and 8 were promulgated, the vast majority of railroad men appear to be satisfied with those
orders and I am sure they are willing to give loyal, faithful and efficient
service to their Government at the rates of pay prescribed therein.
I cannot see my way clear at present to direct that they should reopen
this particular matter, as there has never been a time when the public
interest demanded more urgently the devotion and unselfish services of
all classes of railroad employees.
It will require an additional appropriation from Congress if Federal
control is continued for any considerable part of the twenty-one months.
Conditions are not favorable for getting a satisfactory appropriation, it
seems to me, either in this Congress or the next. We don't know exactly
what we can do, so it is hard to outline what is needed; it is hard to fix'
the amount of the appropriation—if you fix it large enough
to meet all needs it may be so large as to make Congress unwilling to lend it—if you fix it so small as to satisfy Congress, it may be so
small as to hamper you throughout the period. This question as to capital
expenditures it seems to me is of itself a sufficient reason for refraining from
holding on to the railroads for twenty-one months, and for adopting instead
the plan of a very early return. That is the plan that is emphasized in
the Director-General's letter as the thing that must be done, and also Is
what the President indicated in his message.
The Director-General emphasized in his letters that that must be done
unless, and here is the only alternative the Director-General is able to see
and the one he presents for consideration, Federal control be extended for
There were on Oct. 24 reports from Washington that the
five years, with an adequate provision for making these capital expendileading railway brotherhoods had renewed their request
four
tures, thereby continuing railroad operation under conditions which will
not affect the morale unfavorably, which will restore a satisfactory degree for time and one-half for overtime and were pressing the
of confidence in a reasonable permanency of management, and which will issue before the Railroad Administration's Board of Railroad
enable important improvements to go forward without interruption until
Conditions. The press dispatch said:
such time as the country will have had an opportunity to crystallize its Wages and Working
At present most of the men get the same rate of pay for overtime that
thoughts as to what ought to be done with this railroad problem as a
they receive for the standard day's work.
permanent solution.
The new application applies to the engineers, firemen, conductors and
trainmen's brotherhoods. In audition, the Switchmen's Union has asked
FOR
PROPOSAL
ON
VIEWS
JOHN J. MITCHELL'S
for time and a half creuit for holidays and Sunday work.
FIVE-YEAR CONTROL OF RAILROADS.
The Wage Board is cons.dering the application, and will make recomMendations to Director-General McAdoo. Railway firemen ask a special
John J. Mitchell, President of the Illinois Trust & Savings scale
of pay which would result in increase ranging between 25% and 80%,
Bank of Chicago and a director of several large railway in addition to the request for time and a half for overtime.
All the brotherhoods seek readjustments of wage scales throughout the
systems, was quoted to the following effect in the "Wall
to restore wage relationships and differentials which the last
Street Journal" of Dec. 12, regarding Director-General country
general wage advances wiped out.
McAdoo's proposal:
I scarcely know how to discuss McAdoo's latest suggestion regarding
railroad control. There is wisdom in taking time necessary to solve this
great problem correctly, but I think we should begin immediately. If we
fix in our minds some remote date for relinquishment of Government control
In its present form, the chances are Congress would do little or nothing
about it in the meantime."
NO INTENTION TO REDUCE WAGES OF RAILROAD
-277E4PEACE.
-4EMPLOYEES
According to press dispatches front Washington Dec. 12
it was authoritatively stated on that day that the Railroad
Administration has no intention of reducing wages of railroad
men generally after peace is declared, and it was added that
if the period of Government control is extended for five
years, as proposed by Director-General McAdoo, it is
probable that wages will stay at their present level. Mr.
McAdoo is also said to have stated that he' believed that
the present basis of Government compensation of railroads
or guarantee of earnings would be fair and adequate under
a five-year continuance of Government control. On
Nov. 13, following the signing of the armistice, it was said
that the Railroad Administration planned no reduction
under peace conditions in the wages of railroad employees,
and likewise no material lowering of freight and passenger
rates. Both, it was said, were likely to remain at their
present levels, although with many readjustments during
the period of changing the nation from war to peace. A
decision against certain railroad wage workers—shopmen
and maintenance-of-way employees—who after receiving
substantial increases in wages, had complained to the Board
of Railroad Wages and Working Conditions that the advances
were not made retroactive to Jan. 1 1918 was embodied in
a communication addressed by Director-General of Railroads McAdoo to the Chairman of the Board, G. H. Sines,
made public Nov. 29. Mr. McAdoo in his letter said:
As I have previously statel I am obliged to consider not only the interests
of the employees of the railroads but also the interests of the people of the
country in determining questions of wages and working conditions.
The officers and employees of the railroads are no longer servants of
private railroad corporations; they are now servants of the public. 'rho
Director-General also is a servant of the public, owing a duty to the public
as well as to the employees. I cannot be indifferent to the interests of the
public any more than I can be indifferent to the interests of the employed
and my constant effort has been to find the line of justice as represented
by fair wages and working conditions and square it with the interest of the
employees and the interest of the public.
I have not hesitated to announce decisions which involved immense
Increases in the wages of railroad employees throughout the
estimated at over $500,000,000. These increased wages must be paid
by the people of the United States, and in order to pay them I some time
ago announced large increases in freight and passenger rates. Numerous
protests against these have been made by shippers and farmers and other
117. D. CARTER ON INTENTION OF DIRECTOR-GENERAL McADOO TO ESTABLISH WAGES WHICH
• WOULD BE PERMANENT.
W. D. Carter, Director of the Division of Labor of the
Railroad Administration, and formerly head of the Locomotive Firemen's Brotherhood, in an address recently delivered
before the Academy of Political Science in this city on the
subject of wages of railroad employees, incidentally noted
that "the Director-General's plan has been to establish
wage rates that will be permanent." He was quoted to the
following effect in the "Wall Street Journal" of Dec. 7:
An effect of Federal control of the railroads upon labor has been the
demonstration to them that there are orderly means by which all differences
of opinion between employees and the railroads may be equitably adjusted,
Almost immediately after the creation of tho Division of Labor of the
Railroad Administration this work was systematically undertaken; in fact.
It may be said that the principal purpose of the creation of this division
was to bring about a kinder relation between official and employee.
Of course, in the pioneering work apparent discriminations, if not injustice to individuals, developed, and to remedy those the Director-General
has directed the Board of Railroad Wages and Working Conditions to
make further investigations in order that all may know that they will
have a "square deal."
The one thing that has, to some extent, defeated the purpose of such
an admirable policy has been the abnormal increase in wages of temporary
war industries. Just why the railroads, under Federal control, should
not pay 80 cents per hour when this rate is paid by other Governmental
agencies is difficult to explain. But when it is realized, as it will be, that
the Director-General's plan has been to establish wage rates that will be
permanent, beyond the war period, and after cost of living has decreased,
railway employees will not complain. I am sure that had the DirectorGeneral remained with us it would have been his purpose to have maintained the rates of wages and working conditions established by him. It
has been to accomplish this that he has refused to compote in wage increases
with other agencies and industries whose activities will be greatly affected
by a return of peace.
Another administrative measure; equally as important to railway employees as those mentioned in the foregoing, has been the recognition of
the eight-hour day by the Director-General. In some instances he has
not yet been able to grant higher rates of overtime after the eighth hour
of work, but usually in such eases it can be shown that the other benefits
of the wage order have been a great advance, and oven in those cases the
eight-hour day has been established with pro rata overtime for work performed in the ninth and tenth hour, and time and one-half for any work
performed after tho tenth hour in any day's work. Where past practices
have resulted in an eight-hour day and Urn° ono-half for overtime for large
numbers of employees in any class, this practice has been extended to all
employees in that class.
As early as Feb. 21 1918 less than sixty days after he railroads passed
under Federal control, General Order No. 8 was issued, which contained
the following provisions:
"N discrimination will be made in the employment, retention or conditions of employment of employees because of membership or non-membership in labor organizations."
This privilege thus granted, the principle of wage bargaining having
been recognized, and existing wage agreements confirmed by the DirectorGeneral, thus placed all employees on roads under Federal control on an
equality with employees on most of the roads where a more liberal policy
has heretofore prevailed.
DEC. 211918.]
THE CHRONICLE
The fact that the Division of Labor was created with the Director of
that division on full equality with Directors of other divisions indicating
the general attitude of the Director-General. It may be said that for the
first time "labor" is recognized on equality in solving the problems of
railroad administration.
No doubt, there has been impatience among railroad employees because
of delays in adjustments of matters affecting their well being, but It
should be remembered that all that has been accomplished has been the
result of the first eleven months of Federal control. Having regard for the
fact that approximately 2,000,000 employees have been involved; that
varying conditions existed on many railroads; that much of the work has
been created, and that it must take time to solve such problems, I feel sure
progress has been made with unusual rapidity in the settlement of most
questions.
Under the existing Congressional Act, the railroads will pass back to
private control on or before twenty-one months after the declaration of
peace. Under private control, as under Federal control, the labor problems are of great importance, and should have the serious consideration
of those who are to re-assume control. If Congress decides to enact addit.onal leg.slation affecting the railroads, I sincerely hope that the rights
and aspirations of labor in the operation of the railroads will receive due
consideration. What has been done under Federal control may serve as
an Illustration of what may be done under any forms of control. But so
long as the roads are under Federal control, it is evident that labor problems will be dealt with along different lines than was the practice when
the roads were operate by private corporations.
An effect of Federal control on Railway Labor has been the inspiration
for better things—that life is really worth living. I have said this with
full knowledge that Federal control of labor produces effects in keeping
with the peculiarities of temperament of those who govern. I speak of
the present and not of the future. What the future has for the well being,
contentment and casnequent efficiency of railroad employees rests with
those who are to dictate policies of the future.
2339 ,
non-competitive traffic; (6) the most efficient utilization of equipment
and provision for distributing the burden of furnishing equipment on an
equitable basis among the respective carriers; (7) a more liberal use of
terminal facilities in the interest of free movement of commerce; and (8)
limitations within which common carrier facilities and services may be
furnished by shippers or receivers of freight.
Should the policy of public ownership and operation be adopted, there
must be considered: (1) The just and fair price at which, and the terms
under which, carrier properties are to be acquired;(2) prohibiting the operation of railways as a fiscal contrivance, insuring their administration in
the interests of the convenience and commerce of the people, requiring
that they shall be self-supporting, and that their rates shall be properly
related to the ascertained cost of service, and retaining and extending the
economies and advantages of large scale production in transportation;
(3) responsibility and relationship of the railway administration to Congress
and other Federal authorities and to the States; (4) guarding against the
intrusion of party politics into railway management;(5) a status for railway
°facers and employees under which the railway officers and employees
under which the railway service will attract and retain the best talent;
and (6) maintenance of a tribunal for the determination of controversies
which will inevitably arise even under public operation.
The above outline is a mere enumeration of some important points to
be considered. We will at an appropriate time report to Congress such
information, suggestions or recommendations as we believe may be of
assistance in solving the many and difficult transportation problems.
The report deals at length with the upheaval of railroad
relations caused by the war and the Government's assumption
of operation, and the relations of the Inter-State Commerce
Commission to Director-General McAdoo and the Railroad
Administration. The Commission has co-operated fully with
the Government management, says the report, but the
Commission still retains its authority to review rates initiINTER-STATE COMMERCE COMMISSION'S VIEWS ated by the Director-General. Railroad valuation work
of the Commission, which will become of great importance
AS TO RAILROADS' FUTURE.
case of Government purchase, is proceeding with little
in
While expressing the belief that the time is not yet ripe
to recommend concrete proposals for legislation relating to interference, it is stated, on account of the war.
the future policy toward railroads, the Inter-State Commerce
Commission, in its annual report made public on the 5th RAILWAY EXECUTIVES' ADVISORY COMMITTEE
inst., stated that there should be in any event, provision
OPPOSED TO FIVE-YEAR CONTROL OF RAILROADS,
for complete unification of the railways in wartime, partial
The Railway Executives' Advisory Committee, in conmerger in ordinary times, limitation of railway construction ference at Philadelphia last week, when Director-General
to public necessity, and systematic encouragement of the McAdoo's recommendations that Federal control of the raildevelopment of inland waterways and their co-ordination roads be continued for five years were made public, issued a
with rail carriers. In other words, it is pointed out the statement on the 12th inst. in which they expressed the view
Commission is opposed to restoration of the old conditions that "to at present extend the time would simply lead
to
of individual competition, in which pooling of traffic was delay and confusion, demoralization of the organization of
forbidden by law, and to the building of now lines without the roads both to their corporate and operating side and
proof to the Government that they are economically neces- defer indefinitely a satisfactory settlement of this great
sary. If it is finally decided to restore railroads to private problem." The Committee's statement was given out at
management, says the Commission, there should be legis- Philadelphia by Thomas De Witt, Chairman, and was as
lation to permit their co-operation, emancipation of railway follows:
operation from financial dictation, Government regulation
The Standing Committee of the Association of Railway Executives has
of security issues; clearing away of the existing twilight zone considered the letter of the Director-General to the Chairman of the InterState Commerce Committee of the Senate and House, and has reached the
between the authority of State and Federal authorities in conclusion that there is sufficient time under the term of the
present Act
railroad supervision; efficient use of equipment and common to fully consider the railroad situation in all its aspects and to arrive at a
use of terminals. If, on the other hand, the policy of plan that would be just to the country as represented by its shippers and
the public
large, and on the other hand to the security holders and shareGovernment ownership should be adopted the questions holders andatemployees
of the railroads. They are in full accord with the
to be considered are: the price to be paid for the roads;, President in his statement as follows:
"The one conclusion that I am ready to state with confidence is that it
means to make them self-supporting; measures to define
would be a dis-service alike to the country and to the owners of the railroads
carefully the responsibility of the railway administration to return
to the old conditions unmodified. These are conditions of
restraint without development. There is nothing affirmative or helpful
to Congress and other Federal and State authorities; guaran- about
them. What the country chiefly needs is that all these means of
should be developed—its railways, its waterways, its hightees against intrusion of partisan politics into railway transportation
ways and its countryside roads. Some new element of policy is therefore
management, and creation of a tribunal to settlement of necessary—necessary for the service of the public;
necessary for the release
credit to those who are administering the railways; necessary for the
controversies over railroad matters. The Commission's of
protection of their security holders. The old policy may be changed
much or little, but surely it cannot always be left as it was. I hope that
views on the future of the railroads are set out as follows:
the Congress will have a complete and impartial study of the whole prob-
While we do not deem the present conditions and moment opportune in
which to recommend concrete proposals for legislation, we may indicate
certain lines of inquiry which must be pursued in order to reach sound
conclusions.
Whatever line of policy is determined upon, the fundamental aim or
purpose should be to secure transportation systems that will be adequate
for the nation's needs oven in time of national stress or peril and that will
furnish to the public safe, adequate and efficient transportation at the.
lowest cost consistent with that service. To this end there should be provision for (1) the prompt merger without friction of all the carriers' lines,
facilities, and organizations into a continental and unified system in time
of stress or emergency; (2) merger within proper limits of the carriers' lines
and facilities in such part and to such extent as may be necessary In the
general punlic interest to meet the reasonable demands of our domestic
and foreign commerce; (3) limitation of railway construcaon to the necessities and convenience of the Government and of the public, and as.uring
construction to the point of these limitations; and (4) development and
encouragement of inland waterways and co-ordination of rail and water
transportation systems.
Among the plans which doubtless will be proposed are the following:
(1) Continuance of the present plan of Federal control;(2) public ownership
of carrier property with private operation under regulation; (3) private
operation under regulation with Governmental guarantees; (4) resumption
of private control and management under regulation, and (5) public ownership and operation. Additional plans and modifications or combinations
of those enumerated might be listed.
If the policy of private ownership and operation under regulation is
continued, the following subjects will require legislative consideration:
(1) Revision of limitations upon united or co-operative activities among
common carriers by rail or by water; (2) emancipation of railway operation
from financial dictation; (3) regulation of issues of securities; (4) establishment of a relationship between Federal and State authority which will
eliminate the twilight zone of jurisdiction and under which a harmonious
rate structure and adequate service can be secured, State and inter-State;
(5) restrictions governing the treatment of competitive as compared with
lem instituted at once and prosecuted as rapidly as possible."
They feel that to at present extend the time would simply lead to delay
and confusion, demoralization of the organization of the roads both on their
corporate and operating side and defer indefinitely a satisfactory settlement of this great problem.
They regret to differ with the Director-General, recognizing the able way
he has managed the roads during the period of Government control, but
they feel confident that it would be unnecessary and unwise to extend the
period of control beyond the time now provided for under the Act.
The Committee on the 12th inst. changed its title to the
Association of Railway Executives. Problems relating to
the return of the roads to private operation were considered
at the conference. Among the problems the Committee
was under instructions to consider at its Philadelphia meeting was a system of governmental regulation when the
properties are returned which, while safeguarding the public,
will provide uniformity of regulation in essential matters,
insure a business treatment of the interests involved, attract
adequate capital and assure the commercial, manufacturing
and agricultural interests of the country of transportation
facilities which shall keep pace with their necessities. This
system, which Congress will be asked to adopt, should
aim, the Committee has declared, to deal equitably with
questions affecting rates and working conditions of railroad
employees.
•
The Railway Executives' Advisory Committee in conference in this city yesterday, accotding to the "Evening Sun"
last night, announced that Director-General McAdoo's pro.-
THE CHRONICLE
2340
[VOL. 107.
Commenting upon the arrangements now under consideration for the
making of loans to the Railroad Administration by the War Finance
Corporation to replace loaned funds in the Railroad Administration's halfbillion-dollar revolving fund, the Director-General said that there is a
poss.bility that it will not be necessary for the roads to obtain money from
this Government agency. In view of the returning normal conditions of
Robert S. Binkerd, Assistant Chairman of,the Committee, now in session the money market, the $100,000,000 or $150,000,000 needed by the more
executives
the
that
statement
the
at Grand Central Terminal, authorizes
important carriers may be obtained in the market, even before the next
are opposed to the extension of United States control beyond the twenty- Government bond issue is offered to the public. Settlement of this quesone months fixed by law.
tion, however, is wholly dependent upon the condition of the money marMr. McAdoo's statement in Washington that freight and passenger rates ket during the coming weeks and further consideration by the War Finance
characwas
extended,
was
control
would be reduced provided Government
Corporation and Railroad Administration members of the proposed transterized as a bid for the support of the shipper and the traveling public.
action.
The railroad executives see in Mr. McAdoo's statement that wages would
Additional emphasis was given by the Director-General to his contention
continue at present high rates, provided the control continues, a bid for that the railroad problem should not be permitted to become a political'
labor support.
issue, but should be settled by thepeople after a fair trial has been given
The executives expected to complete a definite constructive plan or to operation of the roads by the Government. But whether the five-year
remedial legislation under which the railroads would return to private con- test period will ne adopted, wh!ch the Director-General declared "would
trol. This plan will be held in confidence until it is submitted and acted give composure to the railroad situation and demonstrate the value of a
upon by all American executives at a meeting to be held in Chicago.
unified transportation system," Is a question to which all eyes have been
The approved plan will be presented to the House and Senate Com- turned, awaiting a decision by Congress.
mittees on Inter-State Commerce, which will begin their hearings in
posed extension of Federal control over the railroads for a
period of five years will meet with vigorous opposition from
the executive officials of the country's principal systems.
The "Evening Sun" said:
January.
SENATE COMMITTEE ON INTER-STATE COMMERCE
TO TAKE UP RAILROAD PROBLEM ON JAN. 2.
The Senate Committee on Inter-State Commerce on
Dec. 19 fixed Jan. 2 as the date when it would begin hearings
on the question of proposed legislation affecting the railroads.
The Committee, it is said, will make an exhaustive study of
the subject, considering among any other proposals which
may be offered the recommendation of Director-General
McAdoo that Government control of the railroads be extended from twenty-one months after the termination of the
war, as provided in the present law, to five years. Representatives of the Railroad Administration, members of the
Inter-State Commerce Commission and representatives of
the railroads, shippers and labor organizations identified
with the roads have been invited to present their views.
MR. McADOO SUGGESTS REDUCTION IN RAILROAD
RATES IF FEDERAL CONTROL IS CONTINUED.
The probability of a substantial reduction in freight and
passenger rates occurring within a year in the event of Congress approving his proposal that Government control of
the railroads be extended for five years was pointed out by
Director-General of Railroads on the 19th inst. in a conference with newspaper men. In reporting whitt Mr. McAdoo
had to say, the "Journal of Commerce" of yesterday (the
20th) said:
The Director-General made this statement more in the spirit of confession
than as a statement of fact to support his five-year Government rail control plan.
In discussing the railroad situation the Director-General virtually admitted that an accounting of the books of the Railroad Administration for
the first twelve months of Government operation of the rail system without
a doubt will show a deficit of no insignificant amount. This discrepancy
between railroad revenues and railroad expenditures, he said, is traced
to the increasing of wages of' employees, the construction of locomotives
and thousands of seriously needed freight and coal cars, track construction,
expansion of terminals and numerous other rail construction projects that
were needed if the carriers were to be put on an efficient operating basis.
The deficit to be disclosed on the Government's books at the close of
the year, of course, makes impossible, the Director-General said, the meeting of railroad rentals out of the revenues received from the freight and
passenger rates charged. Ono of the reasons for the deficit, he said, Is the
course of the Railroad Administration six months ago, when the railroad
wage increases were awarded, making the advances retroactive to the
beginning of the year just closing, and when freight and passenger rates
were increased approximately 25%, the Railroad Administration received
the benefit of the increased revenues for only six months. During the intervening six months, millions of dollars additional were being paid out by
the Government to railroad employees in the form of advanced wages,
when only the same revenues were being received.
In further explanation of the deficit, the Director-General also recalled
the enormous cost'to the Government connected with the evolution of the
over-burdened and "paralyzed" railroad systems to an efficient operating
basis under Government direction. Until the Government had taken
charge of the transportation systems, and had centralized operating authority, and co-ordinated the facilities, the railroads never would have been
straightened out in the manner that they were, the Director-General said.
The assertion was made by Mr. McAdoo that if the five-year control
extension plan were adopted by Congress, the further economies that could
be effected during this period In railway operation would completely offset
the increased wages of railroad employees and other increases occurring in
the roads operating under Government direction. Most pbobably, he said,
the wages now being paid to the operatives could be permanently maintained.
Coincident with this statement, Mr. McAdoo added that if the Railroad
Administration Is empowered by Congress to continue its operating direction during the additional five years asked, it would be the policy of the
Government not to revert an operating surplus to the Treasury but to
maintain a parity of revenues with expenditures, so far as possible, In ,,rder
that the railroads might be operated at cost, for the benefit of the public.
Complete refutation or the general impression that the railroads in their
present state are in a hopelessly "scrambled" condition, and that the return
of the roads to private managements at this time would result In a railroad
financial panic, also was made by the Director-General. Such impression,
he said, 18 unfounded. If necessary, the Director-General said, within
twenty-four hours orders could be issued returning to the owning railroads
the diverted equipment and completely restoring the identity of tne_individual roads under Government operation.
all111.
NEW YORK BOARD OF TRADE AND TRANSPORTATION
OPPOSED TO GOVERNMENT CONTROL OF
RAILROADS.
A resolution in which it expressed itself as "unalterably opposed to the Government holding the railroads," and declaring that "the interests of the public and good faith demand that the railroads, express companies, telephone and
telegraph companies must be returned to their owners at the
earliest possible moment," was unanimously adopted by the
New York Board of Trade and Transportation on the 11th
inst. The following is the resolution:
Whereas, the principal railroads of the country were taken under contro
and operation by the U. S. Government as a war measure, pursuant to a
law enacted for the purpose; and
Whereas, after several months devoted to the consideration of the question, the U. S. Senate and House of Representatives definitely determined
that the railroads should be returned to their owners at a time not to exceed
twenty-one months after peace, and the law was enacted with such provision, and the enactment of this provision was accepted by the country with
satisfaction and in good faith as the fixed policy of the Government and of
Congress, in respect to the termination of Federal control and as to the time
of its termination; therefore
Resolved, in the opinion of the New York Board of Trade and Transportation, that "in the interest of the public and in fairness to the owners," ot
the railroads, the question of the termination of Federal control should not
now be reopened for discussion, and we applaud the declaration of President Wilson in his recent address to Congress, "that it will presently become my duty to relinquish control of the roads, even before the expiration
of the statutory period, unless there should appear some clear prospect In
the meantime of a legislative solution." Be it further
Resolved, That we are unalterably opposed to the Government holding the
railroads, and we deprecate the efforts now being made in Congress to repudiate the policy of the Government, already adopted, after full deliberation, to return the railroads to their owners at a definite time.
Resolved, That the interests of the public and good faith demand that the
railroads, express companies, telephone and telegraph companies and the
cable companies must be returned to their owners at the earliest possible
moment that will permit the adjustment of the obligations of the Gove.n- ,
ment to such companies, and the enactment of such legislation as may be
necessary to protect the interests of such companies and the interests of the
public.
McADOO PUTS GOVERNMENT OWNERSHIP OF
RAILROADS UP TO PEOPLE.
Director-General of Railroads McAdoo, in speaking
before a union peace jubilee of six Episcopal churches in this
city last Sunday afternoon at the Sixty-ninth Regiment
Armory, referred to both the railroad question and to the
Fifth Liberty Loan, stating in the case of the former that he
would leave the question of Government ownership to the
people, and in the latter that we ought to make sacrifices,
even to the extent of going around in tatters, in order that
we might bring back our soldiers and pay our debts of honor.
The New York "Tribune" of Dec. 16 quoted him to the
following effect on both these matters:
Mr. McAdoo refused to forecast the future of American railroads. "I
won't suggest whether I think we ought to have public or private ownership," he said. "We'll leave that to the people, and I have faith in their
intelligence to judge correctly, even if they did return a Republican Congress last election. But by taking all lines in hand during the war we
announced that Uncle Sam was on the track, en route to get the Kaiser,
and we were given the right-of-way to victory.
"There will be a fifth popular loan in the spring," Mr. McAdoo said.
"I don't have to conduct it myself, but it is coming, and I advise you to
got ready for it. And I know you'll all subscribe to your limit, as you
did while the war was on. We should be glad to go around in tatters, if
necessary, in order to bring back our soldiers and to pay our debts of honor.
"In previous loans thousands of patriotic citizens bought bonds under
the actual impression that they were giving money to the Government and
receiving nothing in value in return. I received a letter recently from a
Western farmer who had purchased $4,000 worth of bonds. He not only
thought he had given the money outright,but asked me when we expected
him to pay the interest and whore he should go to do it.
"The selective draft absolutely democratized the war. To my mind
we mobilized the most magnificent army over sent out to fight. It was
made in a miraculously short time from a civilian population, and proved
In valor and skill the superior of the Kaiser's great military machine. Our
army was made up of equals fighting for democratic ideals, and It was
invincible.
"The one compensating thing gained by the war is a now national spirit
of militant idealism. It is worth all we have paid for it."
DEC. 211918.]
TIIE CHRONICLE
RESTORING RAILROAD PASSENGER SERVICE TO
NORMAL.
Director-General of Railroads McAdoo made known on
Dec. 10 the intention of the Railroad Administration, with
the passing of the war emergency to improve the passenger
service as rapidly as possible, It is pointed out that while
the necessity still remains for moving large quantities of slipplies to Europe and a considerable porportion of the railroad
passenger equipment will be needed in returning American
soldiers and sailors to their homes, "there is every reason to
believe that adequate service may be given in the future for
the ordinary business of the nation." The following is the
statement issued by the Administration:
To the American People: On Jan. 6 last important changes in passenger
train service on the Eastern roads became effective, and at that time I
issued a public statement, saying that "every patriotic citizen can directly
help the Government in clearing up the present unsat!sfactory situation
on the railroads by refraining from all unnecessary travel at this time."
The policy thus outlined has of necessity been continued throughout the
period of the war, because the primary duty of the railroads was to contribute their maximum power to the winning of tne war.
This emergency has now passed. The war has been won. In this
epochal outcome the America railroads have played a vital part. Transportation has underlaid every industrial activity during the war as it does
to peace t me. W thout adequate transportation our troops and the sup-plies for our own army and for the armies of our allies could not have
been moved. To this splendid achievement those Americans who refrained from traveling unnecessarily during the war may justly feel that
they contributed.
During the war the transportation of civilian passengers and of freight
not needed in the war was of secondary importance. After giving priority
to the movement of war necessities, it has been the po'icy of the Railroad
Administration to supply the most adequate service passible, both pusenger
and freight, to non-war business.
The war now being practically over, it will be the policy of the Railroad
Administration during the remaining period of Federal control, to give
to the public the best service of which the railroads are capable. While
the necessity still remains for moving large quantities of supplies to Europe. and while a consideranle proportion of the railroad passenger equipment will be needed in returning American soldier's and sailors to their
homes, the problem can now be definitely appraised and there is every
reason to believe that adequate service may be given in the future for the
ordinary business of the nation.
As rapidly as posSble, service will be improved, although tra,ns which
Were run under private control merely for competitive reasons, will not be
restored. Such service was unnecessary. Plans have already been made
for service to California, Floriaa and the Southeastern States during the
coming winter. The public may be assured that the Railroad Administration will do everything possibie to meet the needs of the traveling tiublic.
In line with this policy was the recent elimination, effective Dec. 1, of the
extra one-half cent a mile for traveling in Pullman cars, and of one-fourth
cent a mile for traveling in tourist coaches, which was imposed as a war
measure partially for the purpose of keeping passenger travel during the
war at a minumum.
There were some wasteful and extravagant practices during private
control of railroads. These will not be restored during the period of Federal control, but within the limits of good business practice, the public
may expect every reasonable convenience and comfort on the railroads
operated by the Government.
W. G. McADOO,
Director-General of Railroads.
POSTMASTER-GENERAL BURLESON URGES PERMANENT OWNERSHIP BY GOVERNMENT OF
TELEPHONES AND TELEGRAPHS:
A communication in which he urges the enactment of
legislation looking to permanent ownership by the Government of the telegraph and telephone companies has been
addressed by Postmaster-General Burleson to Representative
Moon, Chairman of the House Committee on Post Offices
and Post Roads. Mr. Burleson states that the systems can
be acquired "without the appropriation of a dollar from the
public treasury" by applying to an amortization fund for
25 years the savings made under Government ownership
through elimination of duplications in plants and operating
expenses. In support of the Government ownership resolution introduced in the House last week by. Representative
Moon, the Postmaster-General quoted from a letter of
Theodore N. Vail, President of the American Telephone &
Telegraph Co., and from the annual reports of a number of
the Postmasters-General since the Civil War, all of whom
agreed, he said, that Government control or ownership
would greatly contribute to the efficiency of service. In
part Postmaster Burleson's letter, made public on the 16th
inst., said:
The authority given by the Constitution for Government control of the
transmission of communication carries with it the implied obligation on
the part of the Government to provide the means of communciation. The
function of transmitting intelligence in the service of the general public
must of necessity be a monopoly so that it may be operatod in a way to
be accessible to the entire public.
The wire service is a public utility of universal necessity and is adapted
to the performance of no other function than that of conveying intelligence,
and disregarding the divergence of views as to Government ownership of
public utilities generally it must be recognized that electrical agencies of
communication stand alone as an essential utility performing a Government
function. The progress and prosperity of the nation are dependent upon
expansive moans of communication between and among the people.
An extended survey of the situation has been made by the Post Office
Department since the Government assumed control of the wire systems,and
it clearly appears that unification of control and operation are necessary
2341
to eliminate the wastes and inherent defects of the competing and duplicating system which has heretofore existed. It would be as logical to have
two or more post offices in the same town operating independently and
where the patrons of each had no means of communication with the other,
as to allow two telephone systems to operate in the same territory, for in
either case the cost to the public is multiplied and the utility divided.
Mr. Theodore N. Vail, President of the American Telephone & Telegraph Co., and probably the highest authority on wire service in the
world, in a communication of the 6th inst., in which he quotes extensively
from his annual report for the American Telephone & Telegraph Co., says
that the service should afford electrical communication "of every kind of
intelligence from any one at any place to any one at any other place; that
the service should be comprehensive, nation-wide, economical, at a minimum price, so that potential business could be developed."
"To do this effectively and economically requires the combination of
every kind of electrical transmission of intelligence into one system over
which the most efficient service could be rendered through the development of new and useful services, and the wire plant and facilities thus be
utilized to their fullest extent.
"To get the best result, therefore, the common control of this unified
system should extend to the furthest possible limits; should cover our nation and the international communications to the boundaries of all other
nations with which we have existing or potential relations.
"Whatever may be done in the practical reorganization and operation
of electrical communication, domestic or international, in or by the United
States, whether 'open wire,' cable,' or 'radio,' there should be such
close harmony of effort and operation, one with the other and all with the
internal wire systems, that, in effect, there should be 'one control' of all
and the co-operation and co-ordination of all connected or related activities, including research, investigation and experimentation. Only in this
way can the greatest results in service, in public benefit, in economy, or
in cheapness be obtained."
The Government alone can safely exercise a right of monopoly such as
the wire service calls for, but some plan of organization should be devised
which will combine all the advantages and the authority possessed by the
Government without losing the benefits of the experience of the bast opera-.
tion which our industrial world has demonstrated to be advantageous.
The advantages of private initiative in research, investigation and experimentation, and in other ways, where possible and consistent with Government monopoly,should not be lost in the inauguration of such a new system.
I believe an effective plan to accomplish that result can be worked out.
The information acquired through Federal control of the telegraph and
telephone systems since Aug. 1 last enables me to assure you that the entire
wire system can be acquired without requiring the appropriation of a dollar
from the public treasury and that through the savings by the elimination of
duplications in plants and operating expenses the entire telegraph and telephone systems of the country can be paid for through an amortization fund
in twenty-five years without increasing the rates to the public and at the
same time develop a national wire system available for the use of every
community in the country co-extensive with the present postal service.
The economic importance of the proposition to acquire the properties
by the Government is very great. Private capital is invested in public
service enterprises with the expectation of 7 or 8% and often a greater
return upon the investment. This, of course, the public is expected to
pay, while the Government can borrow money at 43%. The public,
however, pays the charge in either event. The difference between 4%%
and 8% for the money invested in the wire systems of the United States
would maintain and pay for the property in eighteen years and nine months.
The Government as owner would no more expect to charge for interest
on the investment than it would for money invested in postal facilities,
navy yards or other public property, and as Mr. Vail has so well said:
"In any utility the permanent plant and equipment are by far the largest
Items of capital investment, the maintenance of plant and the proper
provision for depreciation and obsolescence and taxes are second only to
the cost of wages.
"If the uses of combined plant can be multiplied, extended and utilized,
it not only means reduction in the investment relative to increased utilization; it means one charge for taxes, maintenance, depreciation and obsolescence, all of which will be reflected in the cost of operation, for, broadly
speaking, upon the cost of operation charges for service are based."
The telegraph and telephone systems are now being operated by the
Postmaster-General for the duration of the war. Awards have been
made for compensation, or compensation agreed upon, with the leading
telegraph and telephone companies, and the properties are now being
operated as one system. An opportunity is thus presented to demonstrate
the advantage or disadvantages to the public of the joint operation of the
telegraph and telephone systems and the postal service, which has been
so strongly urged upon Congress in one form or another for over seventyfive years.
The present control will, under existing law, cease upon the proclamation of the President of the ratification of the terms of peace. Many of
the independent telephone companies could not take back the properties
without serious loss to the investors and great detriment to the service.
I find that many of these companies were operating at a loss, due to the
waste incident to competition and diversity of State regulation, and that,
owing to the failure to set aside proper depreciation funds, many of the
properties were rapidly drifting into a condition where they could not give
proper public service and had been operating under such conditions
that new capital could not be provided for renewals—in fact, some of
the larger companies are losing hundreds of thousands of dollars a year in
some States in operating the properties under the abnormal conditions
which have existed during the present war.
The interest of the public and its investors and the maintenance of the
properties all require that the telegraph and the telephonaproperties should
not be returned to the owners in the present situation of affairs.
One of the objections advanced against Government ownership of the
telegraph and telephone systems is that the party in power would be able
to make use of the private information contained in telegraph and .telephone messages passing over the lines for political purposes. In this connection your attention is called to the fact that the Act of Congress approved Oct. 29 last provides heavy penalties for divulging the contents of
any telegraph or telephone messages. In fact, this law throws around
telegraph and telephone messages all of the safeguards as to privacy that
exist with respect to sealed communications passing through the mails.
Some such legislation as the pending joint resolution would seem to be
imperative in view of the facts stated.
MERCHANTS' ASSOCIATION APPOINTS COMMITTEE
TO REPORT ON GOVERNMENT OWNERSHIP OF PUBLIC UTILITIES.
The rapidly increasing importance of the questions involved in the operation of the public utilities has caused the
appointment by the Merchants' Association of New York
of a Special Committee on Government Ownership and
Operation of Public Utilities. This committee, which was
2342
THE CHRONICLE
[VOL. 107.
named by President William FeHowes Morgan at the request Washington into Brest. Stephen Pichon, the French
of the Executive Committee,contains the following members: Foreign Minister, and Georges Leygues,Minister of Marine,
Chairman, Frank R. Chambers, Chairman of the Board of the Rogers, representing the French Government, boarded the transport
Peet Co.
at 1.30 p. m. and extended the first greetings of France to
Professor Joseph French Johnson, Dean of the School of Commerce,
the American President. Shortly after the entire party
Finance and Accounts, New York University.
Otto Kahn, Kuhn, Loeb & Co.
boarded a tender, and at 3.24 o'clock the President first set
H. H. Porter, Sanderson & Porter.
on French soil. Here the formal greetings of the
foot
Francis II. Sisson, Vice-President of the Guaranty Trust Co., New York.
Mayor and citizens of Brest were extended amid scenes of
James G. White, President of J. G. White & Co., Inc.
In a letter asking the members to serve, Mr. Morgan out- indescribable popular enthusiasm. A two-day holiday
had been declared at Brest, and the city was beautiffully
lined the purpose of the committee as follows:
solWhether the public utilities of this country shall be acquired and operated decorated for the occasion. Thousands of American
by Federal, State or municipal governments, or whether they shall remain diers from the nearby camps took part in the welcome to
in private hands under suitable governmental regulation, is one of the vital their Commander-in-Chief, and 40,000 doughboys lined the
questions now before the people.
Although the Merchants' Association has hitherto contended that Gov- streets through which the President drove to the station to
ernment ownership and operation is economically, politically and socially take train for Paris. The ceremonies at Brest were imunwise and harmful, the changed conditions resulting from the war make
pressive but brief, consisting of an address of welcome by
desirable a re-examination of the subject to determine whether the Association shall continue its previous policy, or whether, because of the changed Mayor Goude and the presentation of an engrossed address
conditions, it shall modify its previous policy, and if so, in what manner by the City Council. In greeting the President Mayor
and to what extent.
The Executive Committee has, therefore, authorized the President to Goude said:
appoint a special committee to study and report upon the subject of Governmental ownership and operation of public utilities and industrial undertakings: such report to comprise a statement of the principal reasons for
the conclusions arrived at, and recommendations as to the policy of the
Merchant,' Association as to Governmental ownership and operation.
Mr. President: I feel the deepest emotion in presenting to you the welcome of the Breton population. The ship bringing you to this port is the
symbol under the auspices of which the legions of your pacific citizens sprang
to arms in the grand cause of independence. Under the same auspices today you bring to the tormented soil of Europe the comfort of your authorized voice in the debates which will calm our quarrels.
Mr. President, upon this Breton soil our hearts are unanimous in saluting
you as the messenger of justice and peace. To-morrow it will be our entire
nation which will acclaim you, and our whole people will thrill with enthusiasm over the eminent statesman who is the champion of their aspirations toward justice and liberty.
This old Breton city has the honor of first saluting you. In order to perpetuate this honor to our descendants, the Municipal Council has asked me
to present you with an address expressing their joy at being privileged to
incline themselves before the illustrious democrat who presides over the
destinies of the great Republic of the United States.
ARMISTICE EXTENDED TO JANUARY 17—STIFFER
TERMS EXACTED.
The extension of the armistice with Germany until five
o'clock in the morning of Jan. 17 was announced in newspaper advices on Dec. 13. The completion within the new
period of all uncompleted terms of the original agreement,
and the right of the Allies, if deemed necessary as an addiThe Mayor then presented the engrossed address of the
tional guaranty, to occupy the now neutral zone on the
east bank of the Rhine to the Dutch border, is provided for Council, which said in part:
the first to welcome the President of the United States to France,
in the new agreement, the terms of which are given as weBeing
respectfully salute the eminent statesman who so nobly personifies the
follows:
ideals of liberty and the rights of man. In order to perpetuate this event
First. The duration of the treaty of armistice concluded on Nov. 11 is through the ages we direct that these proceedings be deposited in the city
prolonged one month, until the 17th day of January 1919, at five o'clock in archives. Long live President Wilson. Long live the champion and
the morning. This extension of a month will be extended until the con- and apostle of international justice.
clusion of preliminaries to peace, subject to the consent of the Allied
Speaking in a clear voice, the President acknowle dgod the
Governments.
Second. The execution of the conditions of the agreement of Nov. 11, greeting and from a manuscript read a brief address in resuch as are not completely fulfilled, will be followed and completed in the sponse.
period of the extension of the armistice after regulations fixed by the
Following the addresses, the Presidential party drove
International Armistice Committee according to instructions of the Allied
High Command.
through the Cours Dajot, where vast crowds were assemThird. The following conditions will be added to the agreement of bled. Every foot of the way was lined with American solNov. 11: "The Allied High Command reserves the right to begin meanwhile, if it thinks it wise, in order to assure new guarantees, to occupy the diers in their dusty service khaki, and along the road were
neutral zone on the right bank of the Rhine to the north of the bridgehead great stores of war material, recently being rushed to the
of Cologne, up to the Dutch frontier. This occupation will be announced
American front. It gave the President his first glimpse of
by the Allied High Command by giving six days' notice."
Extension of the armistice was generally expected at the
time of signing, provided the Germans exhibited good faith
in the execution of its terms. The original duration of
thirty days was extended before the final draft was signed
to thirty-six days. That period expired Dec. 17.
The dispatch announcing the extension of the armistice
also stated that Marshal Foch had announced in behalf of
Herbert C. Hoover, the American Food Administrator, that
2,500,000 tons of cargo space lying in German harbors must
be placed under the control of the Allies to supply Germany
with foodstuffs. The ships are to remain German property.
According to dispatches received at London on Dec. 15
from Amsterdam and other cities, Mathias Erzberger, the
leader of the German Armistice Commission, has again
complained of the severity of the armistice terms. He asks
for the raising of the blockade, the liberation of prisoners of
war, and the immediate opening of the Peace Conference.
GUSTAV ADOR CHOSEN PRESIDENT OF THE SWISS
CONFEDERACY.
Gustav Ador, member of the Swiss Federal Council and
Pgpsident of the International Committee of the Red Cross,
on Dec. 11 was elected President of the Swiss Conferedation
for the year 1919. M. Ador received 142 votes out of a
possible 188.
PRESIDENT WILSON RECEIVES CORDIAL WELCOME
IN FRANCE.
The transport George Washington, carrying President
Wilson and his fellow delegates to the Peace Conference,
arrived at Brest in France in the afternoon of Dec. 13, after
an uneventful crossing that occupied nine days. The Presidential ship, convoyed all the way over by the battleship
Pennsylvania and five destroyers, was met early in the
morning of the last day of the voyage by a great squadron
of American battleships and destroyers and French cruisers,
coming out from the French port, which escorted the George
the American troops and material on the fighting ground.
At 4 o'clock the special train sent by the French Government
left for Paris, arriving at 10 o'clock Saturday morning.
The welcome accorded the American President by the
citizens of the French capital was everything that might
have been expected, in view of the traditional friendship of
the two countries, strengthened by the great events of the
war. President Poincare and Mme. Poincare, Premier
Clemenceau and the members of the French Cabinet were at
the station to welcome the President and Mrs. Wilson, and
drove with them to the palace of Prince Murat, which is to
be their home while in Paris. The trip was made by a roundabout route through the Champs Elysees and across the
Seine by the Alexander III Bridge. The route was lined
throughout by 50,000 French soldiers, and along a considerable portion by thousands of captured cannon and other
trophies of victory. It was estimated that 2,000,000 French
citizens participated in the welcome, in addition to the thousands of American and British soldiers on leave, who flocked
to thd city. At Paris as at Brest, a two-day holiday was
declared to enable the people to express their enthusiasm
and gratitude to the American nation and its President.
An official luncheon given by President and Mme. Poincare at the Elyse° Palace in honor of President and Mrs.
Wilson ended the official program of the day. At the
luncheon President Poincare delivered an address of welcome
to President Wilson, and the American Executive in reply
made the first notable utterance of his European visit. We
give the speech in full elsewhere, together with the formal
address of welcome by President Poincare. When President
and Mrs: Wilson returned from the Elysee Palace they
found in the drawing room of the Murat residence many
beautiful bouquets which had been loft there by all classes
of the French people. Soon after his return President Wilson
had a long conference with Colonel House and General Tasker H. Bliss. He also received a large delegation of•French
Socialists, who welcomed him to Paris on behalf of the workers. The President replied to this delegation in a brief ad-
DEC: 211918.]
THE CHRONICLE
2343
dress in which he emphasized the fact that this had been a victory would be in vain if the German atrocities remained
people's war, but asserted that the overthrow of military unpunished.
In responding to the French President's address, President
autocracy was not enough and that the co-operation of all
nations for the security of peace was necessary. The ad- Wilson declared that from the first the American people had
been concerned not alone with winning the war, but with the
dress in full will be found under another heading.
On Sunday the President and Mrs. Wilson attended church establishment of eternal principles of right and justice. He
twice, going in the morning to the American Presbyterian declared that "never before had war worn so terrible a visChurch and in the afternoon to the American Protestant age, or exhibited more grossly the debasing influence of
Episcopal Church. The President visited the tomb of La- illicit ambitions," and declared his belief in the necessity of
fayette in the Picpus Cemetery in the southeastern section such a settlement of the war as would "make men everyof Paris while returning home after the morning church ser- where aware that they cannot be entered upon without the
vice. No ceremony had been arranged at the cemetery, certainty of just punishment."
and he was accompanied only by Brig.-Gen. Harts, a secret
The address of the French President was as follows:
service operative and a French officer assigned to him as a Mr. President:
Paris and France awaited you with impatience. They were eager to
personal aide. The President, removing his hat, entered
acclaim in you the illustrious democrat whose words and deeds were inthe tomb carrying a large floral wreath, which, contrary to spired by exalted thought,
the philospoher delighting in the solution of
the custom there, by which the florist delivers the wreath and universal laws from particular events, the eminent statesman who had
the donor later makes the irisit and leaves his card, Mr. Wil- found a way to express the highest political and moral truths in formulas
which bear the stamp of immortality.
son insisted on carrying himself. On his card the President
They had also a passionate desire to offer thanks, in your person, to the
had written this inscription: "In memory of the groat La- great Republic of which you are the chief for the invaluable assistance which
had been given spontaneously, during this war, to the defenders of right
fayette, from a fellow-servant of liberty."
and liberty.
In the afternoon President Wilson made a brief call on
Even before America had resolved to intervene in the struggle she
President and Mme. Poincare at the Elysee Palace. At 6 had shown to the wounded and to the orphans of Frence a solicitude
a generosity the memory of which will always be enshrined in our
o'clock he had a short conference with Premier Clemenceau, and
hearts. The liberality of your Red Cross, the countless gifts of your feland a long talk with Herbert C. Hoover, who gave him the low-citizens, the inspiring initiative of American women, anticipated your
military and naval action, and showed the world to which side your symlatest information as to food conditions in Germany.
pathies inclined. And on the day when you flung yourselves into the
On Monday President Wilson received at the Hotel de battle
with what determination your great people and yourselves prepared
Ville the formal greetings of the Prefect of the Seine and of for unied success.
Some months ago you cabled to me that the United States would send
the President of the Municipal Council of Paris. In the
ever-increasing forces, until the day should be reached on which the Allied
course of the ceremonies the representative of the Council armies
were able to submerge the enemy under an overwhelming flow of
presented to him the great gold medal of the City of Paris, new divisions; and, in effect, for more than a year a steady stream of youth
and to Mrs. Wilson a diamond brooch. The President and energy has been poured out upon the shores of France.
No sooner had they landed than your gallant battalions, fired by their
responded with an address in which he dwelt upon the chief,
General Pershing, flung themselves into the combat with such a
wrongs inflicted upon France by the German invasion, and manly contempt of danger, such a smiling disregard of death, that our
longer
experience of this terrible war often moved us to counsel prudence
States
had
United
entered the war not only
declared that the
They brought with them, in arriving here, the enthusiasm of Crusader.
because they believed the Central Empires were wrong leaving for the Holy Land.
It is their right to-day to look with pride upon the work accomplished
and must be resisted, but because they were shocked at
and to rest assured that they have powerfully aided by their courage
the cruel manner in which the war was being conducted.
and their faith.
Later in the afternoon the President paid a short and inEager as they were to meet the enemy, they did not know when they
Premier
Clemen.ceau
at
to
the
War
formal visit
Ministry. arrived the enormity of his crimes. That they might know how the German
armies make war it has been necessary that they see towns systeThe President was accompanied on this trip only by Colonel matically
burned down, mines flooded, factories reduced to ashes, orchards
House, and spent about twenty minutes with the French devastated, cathedeals shelled and fired—all that deliberate savagery,
aimed
to
destroy
national wealth, nature, and beauty, which the imaginaalso
received
a
Wilson
visit
from
Premier. Mr.
Premier
tion could not conceive at a distance from the mon and things that have
Venezelos of Greece, the interview being described as a part endured
it and to-day bear witness to it.
In your turn, Mr. President, you will be able to measure with your
of the intimate personal exchanges by which the President
own
eyes
the extent of those disasters, and the French Government will
the
views
of
the
European
obtaining
statesmen
is
and they
make known to you the authentic documents in which the German Genare obtaining his.
eral Staff developed with astounding cynicism its program of pillage and
President Wilson, it is said, broke a tradition when he industrial annihilation. Your noble conscience will pronounce a verdict
on
these facts.
made his call at the Ministry of War. He decided also to
Should this guilt remain unpunished, could it be renewed, the most
accept the dinner invitations of foreign Ambassadors, his splendid victories would be in vain.
first acceptance being of the invitation extended by the . Mr. President, Franco has struggled, has endured, and has suffered
four long years; she has bled at every vein, she has lost the best
Earl of Derby, the British Ambassador to France. The during
of her children; she mourns for her youths. She yearns now, even as
visit of the head of a foreign nation to the Ministry and his you do, for.a peace of justice and security.
It was not that she might be exposed once again to aggression that
acceptance of the hospitality of foreign Ambassadors are
submitted to such sacrifices. Nor was it in order that criminals
not strictly in accordance with custom, but President Wil- she
should go unpunished, that they might lift their heads again to make
son is said to feel that the opportunities thus afforded of ready for new crimes, that, under your strong leadership, America armed
getting into personal contact justify him in disregarding the herself and crossed the ocean.
Faithful to the memory of Lafayette and Rochambeau, she came to
traditions.
the aid of France, because France herself was faithful to her traditions.
Conferences on economic and shipping questions relating Our common ideal has triumphed. Together we have defended the vital
as
to the return of American troops occupied a considerable principles of free nations. Now we must build together such a peace
will forbid the deliberate and hypocrital renewing of an organism aiming
share of President Wilson's time on Tuesday. These topics at
conquest and oppression.
Peace must make amends for the misery and sadness of yesterday,
formed part of the discussions at the interviews which he
and
it must be a guarantee against the dangers of to-morrow. The assohad with Edward Hurley, Chairman of the Shipping Board, ciation
which has been formed for the purpose of war, between the United
and Count Macchi di Cellere, the Italian Ambassador. States and the Allies, and which contains the seed of the permanent inattended
stitutions
of which you have spoken so eloquently, will find from this day
evening
he
a
dinner
given by the American
In the
a clear and profitable employment in the concerted search for
Ambassador, William G. Sharp, in honor of himself, Mrs. forward
equitable decisions and in the mutual support which we need if we are to
Wilson, and President and Mme. Poincare. Among the make our rights prevail.
Whatever safeguards we may erect for the future, no one, alas, can
Ambassadors
the
to
guests were
France, the Presidents of
that we shall forever spare to mankind the horrors of new wars.
the Senate and Chamber, the Ministers of Marine and assert
Five years ago the progress of science and the state of civilization might
Foreign Affairs, Marshals Joffre and Foch and the Prefect have permitted the hope that no Government, however autocratic, would
of the Seine and their wives, the American delegates to the have succeeded in hurling armed nations upon Belgium and Serbia.
Without lending ourselves to the illusion that posterity will be forPeace Conference, and Generals Pershing, Bliss and Harts. evermore safe from these collective follies, we must introduce into the
A reception followed the dinner, at which many notable peace we are going to build all the conditions of justice and all the safeguards of'civilization that we can embody in it.
men of France and the United States were present.
a vast and magnificent task, Mr. President, you have chosen
To such
to come and apply dourself in concert with France. France offers you
her thanks. She knows the friendship of America. She knows your
rectitude and elevation of spirit. It is in the fullest confidence that she
is ready to work with you.
I lift my glass, Mr. President, in your honor, and in honor of Mrs.
Wilson. I drink to the prosperity of the Republic of the United States,
our great friend of yesterday and of other days, of to-morrow and of all
time.
TEXT OF ADDRESS BY FRENCH PRESIDENT AND
PRESIDENT WILSON'S REPLY.
Speaking at the luncheon to President Wilson given at
the Elyse° Palace on Dec. 14, President Poincare expressed
the deep gratitude of France to America for aid, both bePresident Wilson's reply to President Poincare was as folfore and since our entry into the war, and praised the valor
lows:
unselfish
co-operation
of
the
our
troops
and
of
General PershPresident:
ing and the other officers. Referring to the devastation Mr.
I am deeply indebted to you for your gracious greeting. It.is very
wrought upon France, President Poincare declared that the delightful to find myself in France and to feel the quick contact_jof sym-
2344
THE CHRONICLE
pathy and unaffected friendship between the representatives of the United
States and the representatives of France.
You have been very generous in what you were pleased to say about
myself, but I feel that what I have said and what I have tried to do has
been said and done only in an attempt to speak the thought of the people
of the United States truly, and to carry that thought out in action.
From the first, the thought of a e people of the United States turned
toward something more than the mere winning of this war. It turned to
the establishment of eternal principles of right and justice. It realized
that merely to win the war was not enough; that it must be won in such a
way and the question raised by it settled in such a way as to insure the
future peace of the world and lay the foundations for the freedom and happiness of its many peoples and nations.
Never before has war worn so terrible a visage or exhibited more grossly
the debasing influence of illicit ambitions. I am sure that I sahll look upon
the ruin wrought by the armies of the Central Empires with the same repulsion and deep indignation that they stir in the hearts of the men of
France and Belgium, and I appreciate, as you do, sir, the necessity of
such action in the final settlement of the issues of the war as will not only
rebuke such acts of terror and spoliation, but make men everywhere aware
that they cannot be ventured upon without the certainty of just punishment.
I know with what ardor and enthusiasm the soldiers and sailors of the
United States have given the best that was in them to this war of redemption. They have expressed the true spirit of America. They believe
their ideals to be acceptable to free peoples everywhere, and are rejoiced
to have played the part they have played in giving reality to those ideals
in co-operation with the armies of the Allies. We are proud of the part
they have played, and we are happy that they should have been associated
with such comrades in a common cause.
It is with peculiar feeling, Mr. President, that I find myself in France
joining with you in rejoicing over the victory that has been won. The
ties that bind France and the United States are peculiarly close. I do not
know in what other comradeship we could have fought with more zest or
enthusiasm. It will daily be a matter of pleasure with me to be brought
into consultation with the statesmen of France and her allies in concerting
the measures by which we may secure permanence for these happy relations of friendship and co-operation, and secure for the world at large such
safety and freedom in its life as can be secured only by the constant association and co-operation of friends.
I greet you not only with deep personal respect, but as the representative of the great people of France, and beg to bring you the greetings of
another great people to whom the fortunes of France are of profound and
lasting interest.
I raise my glass to the health of the President of the French Republic
and to Mme.Poincare and the prosperity of France.
[VOL. 107.
emphasized with many audiences the importance of following up our association with England for the active work of the fighting with a union that
should enable America and England to tackle together the problems of the
settlement after the war and the continuing problems of the maintenance
of representative democratic government throughout the world. One of
the services resulting from this world's war (a war that will go down into
history as the war of German aggression) has been to bring to Englishspeaking peoples on both sides of the Atlantic a realization of the fact that
they had ideals in common, that their interests were very close together,
and that they had a similar duty as members of the Family of Nations to
do together what was In their power to maintain peace and justice throughout the world.
I hold that there is no reason why there should not be on the two sides
of the Atlantic the same relation for peace that has for a century obtained
on the two sides of the Great Lakes. It has been the fortune of America
to serve as the deciding factor in this war, but it seems to me essential for
Americans to remember that, while their own boys in khaki have rendered
magnificent service, our Allies, England, France, Italy and Belgium, have
been carrying the burdens of the war for four years, while our share has
been restricted to a little more than twelve months. Americans ought
now to make expression to England of their. obligation for the service rendered by England and England's allies in maintaining the struggle until
America was ready to come in. We should make clear our understanding
that these Allies were fighting not only for their own existence and for the
maintenance of civilization, but for the policies and the liberties of the
United States. Such a service can be rendered by. bringing to the work
of the English-Speaking Union hearty co-operat!on on the part of representative American citizens. I hope very much that you may be prepared
to give to the Union the benefit of your all-valuable name and influence.
I am, as ever, with much respect and with cordial regards,
Yours affectionately,
GEO. HAVEN PUTNAM, Late Major 176th U. S. Vols.,
President American Rights League.
Colonel Theodore Roosevelt.
THE KANSAS CITY STAR.
New York Offices, 347 Madison Ave., Dec. 5 1918.
My Dear Major Putnam: I do not care to go on any board or into any
organization of any kind at present, more especially as I am spending all
my endeavors to secure in this country a spirit of undivided American
nationalism, based on an Americanism which disregards all questions of
national origin and which treats this as a new nation, different from all
other nations, entitled to the single-hearted and undivided loyalty of every
one of its citizens, and bound to develop in every way its own distintive
American ideals.
But with general purposes of your league, or union, I am in hearty accord. I agree absolutely with you that this war has brought home to the
great majority of thinking men in this country the fact that we, the EngPRESIDENT WILSON'S ADDRESS TO FRENCH
lish-speaking peoples, of the United States and the British Empire possess
both ideals and interests in common. We can best do our duty, as memSOCIALISTS.
bers of the family of nations, to maintain peace and justice throughout the
On Dec. 14 a large delegation of French Socialists waited world by first rendering it impossible that the peace between ourselves can
ever
be broken. I agree entirely with what you say as to the immense
upon President Wilson and presented an address welcoming
service rendered to us by England, France, Italy, Belgium, and other
him to France and expressing approval of the peace prin- allies, and as to our
duty to give tangible expression to our sense of this
ciples outlined in his various speeches. In reply the obligation. Moreover, I agree that there is no reason why there should
not
be
on
the
two
sides
of the Atlantic the same relation for peace that has
President reiterated that the war had been a people's war for a century obtained on
the two sides of the Great Lakes.
and that the defeat of military autocracy was not sufficient
I regard the British Navy as probably the most potent instrumentality
for
peace
in
the
world.
I
do not believe we should try to build a navy in
to the fulfilling of its objects. He again asserted that the
to it, but I do believe we should have the second navy in the world.
co-operation of the nations for the security of the peace to rivalry
Moreover, I am now prepared to say what five years ago I would not have
be made was wholly necessary. The address in full fol- said. I think the time has come when the United States and the British
Empire
can agree to a universal arbitration treaty. In other words, I
lows:
believe that the time has come when we should say that under no circumGentlemen: I received with great interest the address which you have stances shall there ever be a resort to war between the United States and
just read to me. The war through which we have just passed has illustrated the British Empire, and that no question can over arise between them
in a way which never can be forgotten the extraordinary wrongs which that cannot be settled in judicial fashion, in some such manner as quescan be perpetrated by arbitrary and irresponsible power.
tions between States of our own Union would be settled.
It is not possible to secure the happiness and prosperity of the world,
It is wicked not to try to live up to high ideals and to better the condito establish an enduring peace, unless the repetition of such wrongs, tion of the world. It is folly, and maybe worse than folly, not to recogis rendered impossible. This has indeed been a people's war. It has nize the actual facts of existence while striving thus to realize our ideals.
been waged against absolutism and militarism, and these enemies of lib- There are many countries not yet at a level of advancement which permits
erty must from this time forth be shut out from the possibility of working real reciprocity of relations with them, and many other countries so comtheir cruel will upon mankind.
pletely unlike our own that at present no such agreement would be posIn my judgment, it is not sufficient to establish this principle. It is sible with them. But the slow march forward of the generations has
necessary that it should be supported by a co-operation of the nations brought the English speaking peoples to a point where such an agreement
which shall be based upon fixed and definite covenants, and which shall is entirely feasible; and it is eminently desirable among ourselves. Very
be made certain of effective action through the instrumentality of a League truly yours,
of Nations. I believe this to be the conviction of all thoughtful and liberal
TIIEODORE ROOSEVELT.
(Signed)
men.
Major George Haven Putnam, American Rights League, 2 West FortyI am confident that this is the thought of those who lead your own great
Fifth Street, New York City.
nation, and I am looking forward with peculiar pleasure to co-operating
with them in securing guarantees of a lasting peace of justice and right.
TO END
dealing which shall justify the sacrifices of this war and cause men to look ALLIED GOVERNMENTS URGE CHINA
back upon those sacrifices as the dramatic and final processes of their
CIVIL WAR.
emancipation.
GEORGE HAVEN PUTNAM AND COL. ROOSEVELT ON
DESIRABILITY OF ARBITRATION TREATY BETWEEN U. S. AND GREAT BRITAIN.
Copies of letters which have passed between Major
George Haven Putnam and Col. Roosevelt relative to the
desirability of a universal arbitration treaty between the
United States and the British Empire were made public as
follows in the New York "Times" of Dec. 11:
Dec. 4 1918.
Dear Colonel Roosevelt:
During my recent sojourn in England I accepted an appointment on the
organizing committee of the English-Speaking Union, the President of
which Is the Right Hon. Arthur J. Balfour, and I undertook to do what
might prove possible to secure for the organization membership and active
co-operation on this side of the Atlantic.
The purpose of the Union is to draw together in a bond of comradeship
the English-speaking peoples of the world.
This purpose is, as you know, in line with what I have myself had at
heart during all the active years of my life, and it was an ideal in which
my father before me was keenly interested.
During the years of the war I have taken the ground that the war should
be followed, with the least possible delay, by an association of the Englishspeaking peoples of the world. Since America came into the war I have
Associated Press dispatches from Pekin under date of
Dec. 2 reported that the American, British, French, Italian
and Japanese Ministers had had an audience that afternoon
with President Hsu Shihchang and presented to him a
memorandum expressing the grave concern of the associated
Governments in witnessing the continued civil strife in
China and their wish to encourage the efforts of both sides
for reconciliation. The dispatch then went on as follows:
The aide-memoire pointed out that the unhappy division among the
Chinese had proved no less harmful to foreign interests than disastrous to
the welfare of China herself. The unrest had been an encouragement to
the enemy, and during the supreme crisis of the war had hampered the
effective co-operation of China with the Allies.
China's disunion, the aide-memoire continued, was making difficult the
task of the reorganization of the world for the realization of peace and
justice among all nations. It expressed the hopefulness with which the
associated Governments had observed the steps already taken by the President to secure a settlement of the civil strife, and added that they had been
happy to believe the Southern leaders were similarly animated. Sympathy was expressed with the desire of both parties to set aside considerations of sentiment and legal technicality and seek a reconciliation upon the
basis of law and devotion to the interests of the Chinese nation.
The associated Governments emphasized that in tendering their advice
they had no ulterior plan of intervention, and that their only desire was
to lend encouragement to the aspirations and efforts of both parties for
DEC. 211918.]
THE CHRONICLE
reconciliation, enabling the Chinese nation to bear more worthily its part
in the reconstruction.
At Canton there was simultaneously presented an identical aide-memoire
to the heads of the Canton Government, together with a verbal statement
that this action did not imply recognition of the independence of the
Southern Government.
DENOUNCES TREATIES CONTAINING
MOST-FAVORED-NATION CLAUSES.
M. Clementel, Minister of Commerce, speaking on Dec. 9
in the Chamber of Commerce of Paris on the occasion of the
inauguration of the new President of the Chamber, Fernand
de Ribes-Christofle, said that in order tq allow France to
compete in the post-war economic battle the Government
had denounced all commercial conventions containing mostfavored-nation clauses. The press dispatches containing
the foregoing announcement quoted M. Clementel further
as follows:
FRANCE
M. Clementel declared that, as a result of the war, which was a real
economic revolution, work would not be resumed along the lines in force
prior to the war, because of the world problem of obtaining raw material,
which would be solved in favor of France only with sacrifices by collective
interests and the application of a new system.
Instead of liberty without restraint, the Minister said, it would be necessary to substitute organized or restricted liberty. He added that the situation showed the necessity of solving the vital question of increased production so that victorious France should not come out of the war economically conquered.
He said that among the teachings of the war there was one to which the
Government attached great importance. This was the necessity to consider the new relations between the heads of industry and labor. For the
idea prevalent in Germany of a struggle between classes, France must substitute a plan of co-operation of classes in the common interest.
*UNITED STATES AND ARGENTINA OFFER MEDIATION IN PERU-CHILE DISPUTE.
It became known in advices from Santiago, Chile, on
Dec. 7 that Joseph H. Shea, the American Ambassador, had
handed to President Sanfuentes a message from President
Wilson, offering mediation in the question of the provinces
of Tacna and Arica, in dispute between Chile and Peru, and
expressing the wish of the American Government for a
friendly settlement of the controversy. President Sanfuentes
thanked Ambassador Shea for the offer. He declared that
the matter should be settled in strict conformity with the
treaty of Ancon and in a manner dictated by justice. At the
same time, he said, neither the Government nor the people
of Chile wished for war and in his opinion the controversy
could be satisfactorily settled. On the same date dispatches
from Buenos Aires reported that. the United States had invited the Argentine Government to join in the offer of mediation. The latter accepted the invitation and President
,Irigoyen instructed the Argentine diplomats in Chile and
Peru accordingly. The State Department at Washington
denied, however, that it had made any representations of a
territorial nature to the Governments concerned, or that it
had indicated to Peru that it would use its influence in the
interest of holding a plebiscite in the disputed provinces. It
was also denied that American warships were to be sent to
Chilean waters. The text of the note of the American
Government was made public as follows on Dec. 12:
The President of the United States desires to inform Your Excellency
that the various incidents leading up to the severance of consular relations
between the republics of Chile and Peru have been viewed by the Government of the United States with the gravest apprehension. Any agitation
tending to lessen the prospect for permanent peace throughout the world,
particularly on the eve of the convening of the peace conference in Paris,
In which it is confidently expected that steps will be taken to provide for
an era of lasting peace among all peoples, would be disastrous, and those
persons who had caused this condition would be charged with grave responsibility before the world for their actions.
The President of the United States feels it his duty to draw to the attention of the Governments of Chile and Peru the gravity of the present
situation and to point out to these governments the duty which they owe
to the rest of the world and to mankind .in general to take immediate
stops to restrain popular agitation and to re-establish their peaceful relations.
That a satisfactory and peaceful solution of the matter in dispute between the two countries may be arrived at there can be no doubt, and the
Government of the United States stands ready to tender alone, or in
conjunction with the other countries of this hemisphere, all possible assistance to bring about an equitable solution of the matter.
On the 13th it was announced at Washington that both
Chile and Peru had replied in friendly tones to the note of
the United States. Peru, it was stated, indicated a wish
that the "good offices of the United States" might• be employed to bring about a settlement, while the Chilean
Government was said to have contented itself with an
expression of appreciation. Both replies were informal and
transmitted verbally through diplomatic channels by the
foreign offices of the South American countries.
Subsequently it was explained by the State Department
that all South American countries had been asked by the
United States to join in its suggestion to Chile and Peru
and not Argentina only as earlier news dispatches had in-
2345
dicated. Acting Secretary Polk made it clear that the
American Government was not offering its good offices to
compose the trouble between the two South American republics but at the same time let it be known that if such
good offices were requested they would be extended promptly.
This information was conveyed to all the South American
republics with the suggestion that each make similar representations to both Chile and Peru. Officials explained
that Peru's prompt acceptance of the proffer of "the good
offices" of the United States might simply be a misinterpretation of the State Department's note.
While the main endeavor now is to end the present strained
relations between Chile and Peru, it was said at the Depaxtment that the occasion might arise for a final settlement of the dispute by the carrying out of the provisions
of the treaty of Ancon, signed in 1883 by the two republics
and calling for a plebiscite in- the disputed provinces to determine their disposition.
The American Government was represented as being
particularly desirous that conditions in the Western Hemisphere be settled during the meeting of the Peace Conferonce at Paris. The Tacna and Arica dispute, it was said,
was the only serious disagreement now existing in the
Western world.
Dispatches from Santiago early in November indicated
that feeling was running high in both Chile and Peru because
of an old dispute in regard to the border provinces of Tacna
and Arica, taken from Peru by Chile after the war ending
in 1881. The peace treaty, it is said, provided that after
ten years a plebiscite should be taken in the provinces concerned to determine whether they wanted to remain with
Chile or go back to Peru. This plebiscite, it is said, however,
Chile refused to hold when the ten-year period ended,and the
question has rankled ever since. In an interview in the New
York "Times" on Nov. 27, Aurelio Miro Quesada, editor
and owner of "El Commercio" of Lima, Peru, characterized
the situation in the two countries as "the Alsace-Lorraine
problem of South America, with Peru in the role of France
and Chile in the role of Germany." Mr. Quesada, who is
brother of Antonio Miro Quesada, President of the Senate of
Peru, was quoted by the "Times" as saying:
"The difference between the two countries goes back to the war of 1879
between Peru and Chile." said Mr. Quesada. "The war ended in 1881,
and at the treaty of peace Peru lost the two provinces of Tacna and Arica.
However, it was arranged that after ten years' possession of the provinces
by Chile there should be a plebiscite so that the people in the territories
might say whether they wished to return to Peru or remain with Chile.
When the ten-year period ended Chile refused to assent to the plebiscite.
Chile held that the treaty of peace stipulated that Tacna and Arica were to
remain in its possession."
He then related the history of the various exchanges that had been conducted with regard to the two provinces.
We want to call the attention of the American people to this question,"
he said. "This country will soon do a great business with South America
and it will be well that before the Allies make large investments in South
America they learn of the true conditions in each country.• Peru is willing
that the American Government should act as arbiter in this matter. We
are certain that the solution by the American Government of this question
will be the right one. We accept it in advance. We do not want war with
Chile. The South American countries have learned a lesson from the
European war."
BOLIVIA OCCUPYING GREAT CHACO ZONE ALSO
CLAIMED BY PARAGUAY.
The possibility of another South American boundary dispute, in addition to that which has caused acute friction between Chile and Peru, is indicated in Associated Press correspondence from La Paz, Bolivia, dated Oct. 25. The influx of American capital seeking concessions to develop hitherto wild and unexplored sections is said to have awakened the
South American people to a realization of the potential value
of great stretches of territory whose boundaries and legal
status have never been definitely fixed. The correspondence
referred to said:
The influx of American capital into the central republics of South America
for the development of vast areas of hitherto untouched resources has caused
Bolivia and Paraguay to awaken to a realization of the possibilities that lie
in the disputed zone which is known as the Great Chaco.
The boundary between these two republics never has been fixed defifiltely
because of the wildness of the country, but both nations have been satisfied
with going on record as claiming all the zone, and then going about their
daily business without forcing the issue. Now that great development
companies from the United States are seeking concessions, the newspapers
and public men are urging that the old question be brought up for final
settlement.
The Great Chaco is a vast area north of Argentina, between the Pilcomayo and Paraguay rivers. It is claimed by both Bolivia and Paraguay,
though both admit that their claims are so large that they will have to give
up large areas in the final reckoning.
For several years Bolivia has been preparing quietly for the day of settlement,so that she is now in a position to press the issue to advantage. That
country has constructed a chain of forts at intervals of twenty miles, in
direct wireless communication with La Paz, has put its army in possession
of the strip, and settled back to wait for the argument which now appears
to be approaching.
2346
THE CHRONICLE
UNITED STATES TO BE REPRESENTED IN PERU BY
AMBASSADOR.
Steps toward raising the United States Legation at Lima,
Peru, to the rank of an Embassy were taken on Dec. 7,
when Secretary of State Lansing, with the approval of President Wilson, sent a letter to the Senate Foreign Relations
Committee, asking that this action be taken. Peru, it was
said,had signified a desire to appoint an Ambassador to the
United States, and the United States wishes to agree. In
his letter to Senator Hitchcock, Chairman of the Committee,
Secretary Lansing pointed to Peru's friendship and her alignment with the United States in the war, and urged the exchange of Ambassadors. Argentina and Brazil on the Atlantic side of South America, and Chile an the Pacific side,
now are represented here by Ambassadors. Special interest
attaches to the recommendation at this time because of the
boundary difficulties between Peru and Chile. The United
States has urged the two countries to hasten an amicable
adjustment of their differences to preserve Pan-American
.unity. Secretary Lansing's letter said:
If it should be the pleasure of Congress to grant this authority, which I
%strongly urge, the two principal countries on the Atlantic side and the two
principal countries on the Pacific side of South America would be represented in the United States by Ambassadors; the United States would likewise be represented by Ambassadors at their capitals.
Peru has always shown a friendly disposition toward the United States
and should be entitled to every consideration at this time, since she aligned
herself definitely with the United States in the war and has in the last few
months given over to the United States under cha.ter the German Vessels
which were sheltered in Peruvian ports.
The matter has been given careful consideration, both by the President
and me, and we are agreed that . . . it would be desirable to have an exchange of Ambassadors between the United States and Peru.
Lima dispatches on Dec. 10 announced that Dr. Francisco
Tudela, former Peruvian Foreign Minister, had sailed for
Washington to assume his post as first Peruvian Ambassador
to the United States, the Peruvian Congress having raised
the Legation at Washington to the rank of Embassy.
PORTUGUESE PRESIDENT ASSASSINATED.
Dr.Sidonio Paes,President of Portugal, was shot and killed
at Lisbon on Saturday night, Dec. 14, while in the railroad
station on his way to Oporto. The assassin, a young man
named Jaetne, was killed by secret service men in attandance
on the President. The Government on Sunday issued a
proclamation appealing to the patriotism of the people to
maintain law and order in the interest of the national defense,
and summoned a meeting of Parliament for Monday (the
16th) to decide whether the new President shall be elected
by direct vote of the people, as Dr. Paes ordered after the
successful revolution of last year, or by Parliament, as provided by the Constitution. A dispatch from Lisbon on the
17th announced that Admiral Canto e Castro had been
elected President in succession to Dr. Paos. Santos Fernandes, representative of the Portuguese Shipping Board in
New York City, was quoted in the New York "Tribune"
of Wednesday as saying that the new President of Portugal
undoubtedly had been chosen by Parliament "to conciliate
all factions." Lacking complete information, he said he
believed Canto was now provisional head of the Republic
and subject to a future popular election.
Numerous arrests have been made of political leaders
suspected of complicity in the assassination of President
Paes. Among these were Dr. Brito Camacho, leader of the
Unionist group in the Portuguese Chamber of Deputies, and
Magalhaes Lima, leader of the Republican party. Public
authorities are said to suspect that the crime was planned by
the League of Republican Youths. There is a unanimous
protest against the crime on the part of the population, and
demonstrations are foreseen. Union labor leaders have been
placed under protection by the police.
Dr. Paes, who was in his 46th year, became President of
Portugal on June 9 last after a universal, direct-suffrage
election in which he rolled up a large majority. Though long
prominent in the national life of his country, he first attracted
international attention when in December 1917 he headed
the successful revolt which overthrew the then existing regime. The struggle was short-lived and comparatively
bloodless. Not more than seventy persons were killed and
only a few hundred were wounded, though the city of Lisbon
suffered some damage during the bombardment by the rebel
forces. Dr. Paes at once proclaimed himself Provisional
President and succeeded in maintaining his position until
the election which ratified his aspirations. Paes had been
Minister of Public Works in Portugal and Professor of
[VOL. 107.
Mathematics in the University of Coimbra, and had come
to enjoy some reputation as a scholar. The start of the war
found him in Germany as Minister Plenipotentiary, but the
career was distasteful to him. Early in 1916 he resigned and
returned to Lisbon, renouncing all diplomatic ambitions
and embarking upon a military career. He succeeded in
obtaining a commission in the army and, apparently, at
once began his preparations for the overthrow of the existing
Government. There was some fear at the time that, because of his sojourn in Germany, he might not be cordial
in his relations with the Entente, but one of his first official
acts was to proclaim his intention to see that the Government lived up to every commitment with the Allies. Soon
he was devoting his attention not only to keeping faith but
to enlarging the measure of Portugal's participation. He
had been in office only a month when he squelched, almost
without difficulty, a counter-revolution. After that he set
about enlarging the educational outlook of his country,
pacifying the Roman Catholics by so revising the law
separating Church and State as to remove some of their
grievances and improving woeful industrial conditions.
He re-established relations with the Vatican, and this
course he defended at the opening of Parliament last
July, taking occasion at the same time to announce his
high approval of the army and navy and his determination
that Portugal should play an ever-growing part in the war
so long as the struggle continued. On Dec. 6, while walking
in the streets of Lisbon, Dr. Paes was fired at, but the shot
went wild. The President's aggressor was arrested.
President Canto, whose election to succeed Dr. Paes,
has just been announced,is about fifty-five years old and was
born in Lisbon. Since last September he had been Minister
of Marine and previous to that time was chief of staff of the
Portuguese Naval High Commission. In 1894 he was Governor of Lorenzo Marquez, Delagoa. Bay, East Africa,
and before that was head of a sailors' school at Oporto.
During the war and until he became Minister of Marine,
Admiral Canto was in command of the Portuguese naval
patrol and coast defense. He is said to be a scholar and
popular with the masses, but was never in politics. The
fifth President of Portugal in the past eight years, he took
no part in the revolution that deposed President Machado.
He accepted the Portfolio of Minister of Marine reluctantly,
it is said, preferring a naval command to public life.
DR. TOMAS A. LE BRETON SUCCEEDS DR. NAON AS
ARGENTINE AMBASSADOR TO UNITED STATES. •
It was announced on Nov. 27 that Dr. Tomas A. Le
Breton had been appointed Ambassador of Argentina to
the United States to succeed Dr. Romulo S. Naon, who
resigned earlier in the month. Press dispatches from
Buenos Aires on Nov. 19 had the following to say regarding
Dr. Naon's resignation:
In a lengthy decree to-day, accepting the resignation of Dr. Naon, President Irigoyen says that the Ambassador's resignation was based on a disagreement regarding the international policy of the President. The decree
declares that this policy has been maintained from the beginning of the
President's term, and has successfully protected the sovereignty and independence of the Republic. It adds that the Ambassador "cannot allege
disagreement with this policy, as he was acquanited with the Government's
inflexible decision to maintain this policy, that he accepted such policy and
approved of it in public manifestations, and because of this approval he
was sent back to the United States as High Financial Commissioner, in
which position it was expected he would be better able to perform his duties
before the American Government, and his resumption of his duties in
Washington cannot be explained in any other manner."
The President's decree quotes the Ambassador's telegraphic congratulations on the occasion when Argentina broko relations with Germany as
proof of his approval of Argentina's foreign policy.
President Irlgoyen denies that this policy prevented closer relations between Argentina and the United States and points to the closer economic
relations already existing. He then quotes a telegram from Dr. Naon
saying that the American State Department was pleased with Argentina's
proposal of economic co-operation. He also asserts that during the
Ambassador's visit in Argentina he did not propose any other policy than
that existing.
Dr. Naon on Feb. 8 1917, the decree adds, proposed that Argentina
endorse a neutral conference at Madrid designed to prevent hostilities
between Germany and America. The decree says this proposal was rejected. It then refers to a proposal by Dr. Neon that Argentina invite
Chile and Colombia to join Argentina in urging Germany to accept peace
in order that peace negotiations might be held in Argentina. Dr. Naon,
it is added, was informed that the Government could not take such a step
because the suggestion was not made by the belligerents and would be
misinterpreted by I he nations friendly to Argentina.
The Argentine Government, the decree continues, did nothing to restrict
the Ambassador's actions not to justify the causes given for the resignation
"unless it is on questions of internal politics where Dr. Naon is compromised by his past actions." The decree concludes by saying that Dr. Naon
cannot charge the Foreign Office with over having failed to show him all
consideration due his position "unless it be that the Foreign Office has not
agreed with his methods."
DEC. 211918.1
TIIE CHRONICLE
2347
business by the organization of nineteen additional branches and our net
deposits at this time average about $117,000,000.
It is considered good business policy that the guarantee to our depositors
in the shape of capital should keep pace with the enlargement of our
business, and, in pursuance of that policy, an increase of our capital to
$4,200,000 is now proposed for your approval. This increase of 7.000
shares will be offered to stockholders of record at the close of business
Jan. 31 1919 at $100 per share, the subscription privilege being 20% of
their holdings at that time. Subscriptions to the increase of stock to be
deposited with the bank and to be paid for on or before the close of business
Feb. 14 1919, for which temporary receipts will be issued, exchangeable
for stock certificates Feb. 17 1919. All subscriptions shall be based on
the agreement that fractional parts of shares shall not be entitled to dividends. The officers of the bank will assist the consolidation of fractional
into full shares, so far as they may be able to do so. New stock not subscribed and paid for by Feb. 14 1919 shall revert to the bank for such
disposition as the board of directors may deem for the best interests of the
bank. The blanks for subscription will be sent to the shareholders if the
increase is authorized.
We enclose a proxy and request a prompt return with your signature, if
AMERICAN Y. M. C. A.
you are unable to attend the meeting. This has the approval of the
American
Expeditionary
Force.
the
with
On Active Service
board and will be used to vote in favor of the proposed increase and also
Camp Gaboud, France, November 24 1918.
for the re-election of the present board of directors. It will be noted that
we ask for a five-year proxy. This plan has been of great convenience to
Dear Father:
To-day is Fathers' Day in the A. E. F., so I am going to take up a little the bank in the past and we ask for its renewal, with the explicit statement
strict
at
so
present. Auordingly I will that the stockholder has a right at any time to revoke the power.
of your time. The Censor is not
be able to tell you a little more than usual.
We expect to stay in this camp until next Tuesday, and then we are
The property at 50 Wall Street, which was formerly the
going to some place yet to be found out. This camp is located near the
town of Les Islettes. Les Islettes is situated four or five towns from where home of the Mechanics & Metals National Bank, has been
we started our drive through the Argonne Forest.
purchased by the National City Company. Following the
I came over on the S. S. °retie. We left the 23rd Street dock a few hours
after we boarded the steamer and went up to Halifax, where we stayed merger of the Fourth National Bank with the Mechanics
for one day and then proceeded to Liverpool. The trip lasted fourteen & Metals National Bank in 1914, the enlarged institution
days in all. We were put on a train and went direct to Dover, passing used
the quarters for a time until the completion of the alterthrough Crewe, Rugby, &c. The same afternoon we crossed the Channel
for Calais, where we stayed two days and then took a short ride on a train ations in the building of the Fourth National Bank, when the
and then marched to the town of Nortlenlinghem(?). Here we trained until Mechanics & Metals National Bank moved into the enlarged
the beginning of June, when we started for the front. We began our
quarters of the Fourth National Bank at Nassau and Pine
fighting career near the town of Montigny, which is in Lorraine and not
so very far from the German city of Strassburg. We stayed there until Streets. The building at 50 Wall Street has recently been
the 3d of August, and then started up through Chateau-Thierry to the Vesle used by the Federal Reserve Bank of New York. The NaRiver, where we made our first advance to the Aisne and then were shipped
will take possession of the property
up to where we started the Argonne drive. We pushed on to St. Juvin tional City Company
and came back for fourteen days' rest, and went up again and pushed the Jan. 1. While the property has been held at a figure apenemy back to the Meuse River. We were in the town of Raucourt on the proximating $1,500,000,the purchase price has not been made
11th of November, when word came of hostilities having ceased.
Many times we advanced too fast for the artillery to keep up, and toward public. The building has a frontage of 50 feet, with a depth
the last we advanced as much as sixteen kilometers a day, and we could of 117 feet. It is five stories high. A complete system of
not even get supplies; but luckily the IIuns left lots of cabbage, broad, vaults was installed in the basement by the Mechanics &
jam, &c., which kept us going.
Civilian population was still in the territory that we passed through, Metals National Bank, and the building is in such shape as
and the wyetchas shelled and bombed even them. Our Division was 129 to require but little in the way of improvements. The Na-days under shell fire, and then we had a fourteen days' rest and went up tional
City Company is now housed in the National City
again to the finish. I was with them all the way through, so you see that
God took good care of me, and now it is only a matter of a little time before Bank Building, at 55 Wall Street. The executive offices
I will be back home again; and as there is no more fighting, there will be of the company will continue in their present quarters in the
no need for worrying.
bank building, but the newly acquired property will be used
The 12th of November we were relieved by the French and pulled back
to St. Plermont, and from there went to Autreville, where we held the line exclusively by the company. It is planned to house at
until the 18th, when troops started to follow up the Germans to see if they 50 Wall Street the treasury, accounting, follow-up, stenohad carried out their agreements. We then hiked back to where we are
graphic, and several other departments, which have outnow located, a distance of about a hundred kilometers.
This night is the first night that I remember seeing lights lit at night grown their quarters in the National City Bank Building.
since I loft the States. Autos had their headlights on and fires were burning all over. It looked like a young Coney Island. Before this you could
The quarterly circular "Investments" has been issued by
not strike a match at night, as you would give away your position and then
you would be a goner.
Fulton Trust Company, 149 Broadway, this city, to its
the
DANA.
Hope you are all well. Lots of love,
depositors and friends, and will be sent to any one desiring
Machine Gun Company,
306th Infantry, Am. Exp. Force.
a copy. These securities are not offered by the trust com-
LETTER FROM SERGEANT WILLIAM DANA SEIBERT.
As an indication of the strenuous times the Upton boys
have had in Franco, the following letter from Sergeant
William Dana Seibert, the eldest son of the Editor of this
paper—a lad of 23, named for the founder of the paper, the
late William B. Dana—relating his personal experience as
a member of the Machine Gun Company of the 306th
Infantry, which forms part of the 77th Division, is instructive. That either he or any of his comrades should have
escaped with their lives, after being under shell fire for 129
days and participating in all the great engagements of the
American troops, must indeed be regarded as providential.
His immediate superior officer, Lieutenant Duff, was killed,
as also we believe this Lieutenant's successor.
pany, but are merely suggestions for investments. The
ITEMS ABOUT BANKS, TRUST COMPANIES, Szc. President, Henry C. Swords, includes his usual commentary
No sales of bank or trust company stocks were made at on conditions.
auction this week. Sales of bank stock at the Stock ExWalter B. Seymour, for twenty years connected with the
change amount to 45 shares.
department of Messrs. Brown Brothers & Co., will on
bond
York.
DANK—New
previous
Last
Low.
vale.
Clove.
High.
Shares.
200
200
200
Dec. 1918— 195
Jan. 1 take charge of the bond and investment department
45 Commerce, Nat. Bank of
of Messrs. Adams, Davis & Bartol, of 45 Wall Street.
The directors of Columbia Trust Co., of this city, on
Dec. 19 declared a quarterly dividend of 4%,payable Doc.31
The purchase by the New York Stock Exchange of the
1918 to stockholders of record at the close of business nine-story Mortimer Building at Wall and New streets is
Dec. 20 1918. This is an increase of 3'2%. The board also announced. The building has a frontage of 57 feet on Wall
declared an extra dividend of 2%,payable out of the ea:nings Street and 67.7 feet on New Street, and contains about
of the current year.
3,220 square feet. It is understood that the price paid for
the property was $750,000. Acquisition of the building
The report of the District War Resources Committee of gives to the Exchange a Wall Street frontage of nearly 72
the Resources and Conversion Section of the War Industries feet. The Exchange has heretofore had an entrance on
Board is ready for distribution. The report is issued by Wall Street on a plot of about 15 feet, between the Mortimer
The Merchants' Association, which financed and carried on and the Wilkes buildings. On Broad Street the Exchange
the work in the Now York District, which included the Hud- has a frontage of 137.10 feet. The newly purchased propson River counties a3 far north as Albany, and the northern erty was bought with a view to providing for a proposed
part of Now Jersey. The list of trade committees is con- expansion in the facilities of the Exchange. No definite
tained in the appendix.
plans have as yet been made for the future.
Action with regard to increasing the capital of the Corn
Exchange Bank of this city from $3,500,000 to $4,200,000
will be taken by the stockholders at the annual meeting on
Jan. 21. In the notice to the stockholders on Dec. 18 concerning the proposed action, Walter E. Frew, President of
the bank, says:
When the increase of capital was authorized in 1905, which was done to
take care of increasing business, the bank had twenty-one branches and
about $43,000,000 not deposits. Since that time we have enlarged our
A meeting of the stockholders of the New York Title &
Mortgage Co. has been called for December 26 to consider
the action of the board of directors and executive committee
relative to the organization of a $1,000,000 trust company.
One of the company's officers interviewed stated that for
some time the directors and officers of the New York Title
8:.; Mortgage Co. have been considering broadening the
scope of its operations to embrace a general banking an
2348
THE CHRONICLE
trust business in order to meet the requirements of its everincreasing clientele. They decided that their clients were
entitled to such additional service, and only the conditions
brought on by the war deterred them from sooner taking
action. They now feel that the times warrant their proceeding with the plan, and are organizing a trust company which
will also offer banking facilities, to be known as the "American
Trust Company," with a cash capital of $1,000,000, and a
paid-in surplus of $200,000. By so doing they are providing
for their customers and connections in the title and mortgage.
business, the additional service to which they are entitled,
and for which the demand has long seemed to exist. Among
the incorporators of the new company are:
Harry A. Kahler, President of New York Title & Mortgage Co.
George T. Mortimer, President of Equitable Office Building Corp.
George Zabriskie, of the firm of Zabriskie, Sage, Kerr & Grey.
William E. Harmon, Wood, Harmon & Co., real estate.
Walter H. Bennett, Vice-President of American Exchange Nat. Bank.
Edward M. Burghard, attorney.
Orion H. Cheney, President of Pacific Bank, and formerly New York
State Superintendent of Banks.
Charles J. Oberma.yer, President of Greater New York Savings Bank.
Hon. Morgan J. O'Brien, O'Brien, Boardman, Parker, Harper & Fox.
Ex-Senator James A. O'Gorman, O'Gorman, Battle & Vandiver.
The National Bank of Commerce of this city has prepared
a memoranda study of "Trade Opportunity in the Dominican Republic" for ready reference. The bank will supply
a copy of this data on request. This is similar to the trade
memoranda which the institution previously prepared on
the Philippine Islands.
William H. Granbery, who before he retired from active
business about ten years ago was well known in financial
circles, died on the 15th inst., in his seventy-seventh yea:.
Mr. Granbery was a member of the New York Stock Exchange from 1879 to 1906, and had served as a member of
its Governing Committee from 1898 to 1906.
The Farmers'Loan & Trust Co.of this city, which throughout the war has maintained offices in France,in the war zone
occupied by the American forces, in addition to its long
established London and Paris offices, announces that the
Paris office, following up the advancing armies through the
recently reoccupied countries of Belgium and Alsace-Lorraine, has completed banking arrangements with its correspondents so that payments may be made through recently
reopened banks in Brussels, Antwerp and about forty other
places in Belgium, also in Luxemburg and in Metz, Strassburg and twenty other points throughout Alsace-Lorraine.
The company also announced this week that it was ready to
make mail transfers to Belgium for relief and charitable
purposes. The rate, until further notice, being 5.50 francs
to the dollar.
[VOL. 107.
were engaged were accepted on the basis of living costs at
that time. For example, employees who entered the service of Bankers Trust Co. during the year 1916 will receive
cash distributions running from 22 to 35% of their salaries,
which are graded in accordance with the range of their incomes and the month when they entered the company's
employ. For the employees engaged during 19-17 the percentage varies from 8 to 25%, and for employees who have
been engaged during the year 1918 the distribution will be
5% of their salaries. Salaries above $2,500 are to be compensated in the same dollar amounts as those of $2,500.
In calculating these percentages the committee recommended
that those in receipt of salaries of $1,100 to $1,299 per year
should receive the highest percentage of compensation, as it
felt that this class carries the greatest burden. This semiannual distribution by the Bankers Trust Co. is not in the
nature of a Christmas bonus, and for the latter purpose the
Company has declared a 5% cash distribution.
Horace Havemeyer was this week elected a director of
the Bankers Trust Co. of this city, and at the same meeting
the directors authorized the usual quarterly dividend of 5%.
Stacy C. Richmond, a member of the banking firm of
Winslow, Lanier & Co., died suddenly of apoplexy at his
office on the 16th inst. Mr. Richmond was fifty-one years
of age. He was a graduate of Harvard, Class of 1890.
After serving with Spencer Trask & Co. for a number of
years, he became a member of the firm of Rhodes & Richmond. About 1904, he joined the Boston firm of F. S.
Moseley & Co., leaving them in 1909, to become a member
of the present firm of Winslow, Lanier & Co. Mr. Richmond was identified with numerous important enterprises,
being the President of the Niagara Falls Power Co. and a
director in many companies, among them the following:
American Cotton Oil Co., Pittsburgh, Fort Wayne &
Chicago Railway Co., Barney Estate Co., Cleveland &
Pittsburgh Railroad Co., Computing-Tabulating-Recording
Co., Electric Boat Co., Submarine Boat Co., New -London
Sp & Engine Co., National Securities Co., Niagara Development Co., Niagara Junction Railway Co., HaytianAmerican Sugar Corporation, Stenotype Co., Noiseless
Typewriter Co.
The Guaranty Trust Co. of New York announced on Dec.
18 that it will open a branch office in Liverpool, England,
about March 1. Permission to do so was granted by the
Superintendent of Banks of the State of New York upon
representation that this corporation finances exports of raw
cotton to Great Britain to a larger extent that any other
banking institution in this country, and that while this
business has been transacted heretofore through correspondent banks in Liverpool it will be advantageous both to American exporters and to the company to have a branch of the
company in that city. Premises have been secured on the
first floor of the Cotton Exchange Building, which is one
of the largest and most modern office buildings in Liverpool.
This is the second announcement of the opening of a branch
office in Europe made by the Guaranty Trust Co. of New
York since the signing of the armistice. A few weeks ago
it was announced that a branch office would be opened in
Brussels and that through its Paris office and correspondents
in Northern France and Alsace-Lorraine the company proposed to take an active part in the reconstruction of devastated territories through the extension of its banking
service. Vice-President John J. Lewis and Alexander
Phillips, Manager of the Paris Office, are now in Brussels
organizing the branch there.
Joseph R. Swan was appointed a Vice-President of the
Guaranty Trust Company of New York on Dec. 18. Mr.
Swan began his banking career as Secretary to Robert C.
Pruyn, President of the National Commercial Bank of
Albany, N. Y., later becoming Treasurer of the Union
Trust Company of Albany. He came to New York in 1910
since which time he has been a partner of the banking firm
of Kean, Taylor & Co. of this city. Mr. Swan will take
up his active duties with the Guaranty on Jan. 1.
The Guaranty Trust Company of New York announces
the appointment of R. E. Hanson as its correspondent in
Baltimore, Md., with offices at 211-212 Keyser Building,
Redwood and Calvert streets.
The Bankers Trust Co. of this city has just announced a
cash distribution to its employees as compensation for the
higher cost of living during the six months' period ending
on Dec. 31, in accordance with the plan devised by the officers of the company and the employees. This is the fourth
semi-annual adjustment of this kind that Bankers Trust
Co. has made since Jan. 1 1917 in an effort to stabilize salary
values during a period when the costs of all essentials have
been advancing steadily. Seward Prosser, President of
Bankers Trust Co., invited the co-operation of the employees
two years ago in working out such a program, and the reports made by their committee for each period have been
approved and accepted by the executive committee. The
officers have not considered these distributions as bonuses,
but as a just compensation to employees during a time when
living costs have greatly depreciated the purchasing power
of salaries. In working out the details of recommendations
to be made, the committee made its own investigation of the
proportions of salary that are spent for food, clothing and
rent in this metropolitan district, and also the percentages
of compensation that should be made in the different ranges
of incomes. The results were considered fair by officers,
and they have been entirely satisfactory to the employees,
who, through their committee, say in the report just presented that the next report may, because of peace, be based
on decreasing instead of increasing living costs. The distribution that has just been declared by the company gives
to all of its employees who were on its pay-rolls prior to
July 1 1916 a cash addition ranging from 30 to 40% of their
saltries. This cash distribution is proportionately less for
employees who have gone on the pay-rolls at different periods
The directors of the Bank of Rockville Centre, L. I.,
since 1916, because of the fact that their salaries when they have declared a 3% dividend, payable Jan. 2 1919. This
DEC. 21 1918.]
THE CHRONICLE
is the first dividend since 1917, it having been thought wise
to. discontinue dividends for a time and build up surplus,
due to bond depreciations. The bank has had, we are
informed, one of the most successful years in its history,
and shows surplus and undivided profits of $85,000 and
total assets of $1,700,000. It has received subscriptions
of over $1,000,000 to the Liberty Loans, oversubscribing
the entire allotment for the Rockville Centre District in the
Third and Fourth Loans.
H. C. Van Voorhis, formerly of Van Voorhis, Wilson &
Company, has been appointed Joint Manager with Walter
H. West of the Boston office of E. W. Clark & Co.
Harry I. Thayer was elected a director of the Boylston
National Bank of Boston on Dec. 5. Mr. Thayer is President of the Thayer-Foss Co., President of the New England
Shoe & Leather Association and General Secretary of the
National Tanners Association.
At a meeting of the directors of the Exchange Trust
Company of Boston on Dec. 10.the regular quarterly dividend of 1M% was declared, payable Jan. 2 1919, to stockholders of record Dec. 26 1918.
William Bradway, who has been identified with the
management of the Logan Trust Company of Philadelphia
since its incorporation in 1906 as Second Vice-President,
Treasurer and Trust Officer, has been relieved of the duties
of Treasurer and is succeeded in that capacity by Charles
V. Thackara. George W. Brown, Jr., has been made
Assistant to the President; Mr. Brown will continue to serve
also as Assistant Treasurer.
The annual report of tho Girard Trust Co. of Philadelphia
for the year ended Nov. 30 was submitted to the stockholders at the annual meeting of the company on Dec. 16.
During the year, as pointed out by President Effingham B.
Morris, in his address to the stockholders, the company
made a very important departure from its usual custom of
confining its loans to those upon stock exchange collateral
and did a large business in buying commercial paper. Net
profits are given in the report as $1,300,130. During the
year contributions aggregating $70,000 were made for the
care and relief of men in the American army and navy
through the Red Cross, Young Men's Christian Association
and other agencies. Subscriptions amounting to $11,262,100 were secured by the company for the Third Liberty
Loan and subscriptions aggregating $19,393,900 for the
Fourth Liborty Loan. There was an increase in the number
of depositors, the report shows, bringing the total up to
16,029, and trust accounts also greatly increased, making
a total of 2,677 of a total approximate value of 8219,000,000.
At the special meeting of the stockholders of the Corn
Exchange National Bank of Philadelphia on Dec. 17 (reference to which was made in our issue of Nov.23) the proposed
increase of the capital stock of the institution from $1,000,000.
to $2,000,000 was ratified. The new stock will be offered
to shareholders of record Dec. 17 at $200 per share, payment
to be made in full Dec. 31. The surplus and undivided
profits of the institution will approximate $4,000,000.
Julian Huet was elected a director of the Columbia Avenue
Trust Co. of Philadelphia on Dec. 5. The directors at the
same time declared the regular semi-annual dividend of 4%,
payable Jan. 1 to stockholders of record Dec. 20.
At a meeting of the directors of the National Security
Bank of Philadelphia on Dec. 17 George Ovington was appointed Assistant Cashier.
In order to provide for the large expansion in the business
of the Central Manufacturing District Bank of Chicago,
the stockholders will be asked at the annual meeting in
January to vote on increasing the capital of the institution
from $250,000 to $400,000. The new stock will be offered
to stockholders in proportion to their holdings at $125 per
share. A quarterly dividend of 1 3'2% (6% per annum) was
recently declared by the directors, payable Jan. 2 to holders
of record Dee. 31. William N. Jarnagin is President of the
Central Manufacturing District Bank.
2349
The Noel State Bank of Chicago has declared an extra
dividend of 2%, in addition to the regular quarterly one
of 2%, payable Dec. 31 to stockholders of record Dec. 24,
thus making a total of 10% paid this year.
A movement is under way to organize the South Shore
State Bank of Chicago. A permit to organize the institution has been issued to John A. Carroll, President of the
Hyde Park State Bank of Chicago; William J. Pringle and
Daniel A. Pierce. The bank will have a capital of $100,000
and is the first institution, it is said, to be chartered under
the new State law reducing the minimum capital necessary
to establish banks in outlying districts of Chicago from
$200,000 to $100,000. The proposed bank will take over
the business of the Windsor Park Bank and will occupy
the latter's quarters at Seventy-fifth street and Exchange
avenue. The stock of the new bank is being put out at
$115, giving it a capital of $100,000 and a surplus of $15,000.
Two banking institutions of Oklahoma City, Okla., were
merged on Nov. 30 when the State National Bank (capital
$250,000) purchased the assets of the State Exthange Bank
(capital $250,000). The consolidated institution is to be
operated under the name of the State National Bank and
has a capital of $500,000 with surplus and undivided profits
of $400,000. E. 11. Cooke, heretofore President of the
State National Bank and one of the organizers of that institution in 1893, has been appointed Chairman of the board
of directors of the enlarged institution, an office created
for him upon his resignation as President. Hugh M.
Johnson, formerly President of the State Exchange Bank
and one of the most successful bankers in the State of Oklahoma, has been elected President of the new State National
Bank and J. W. Teter and Tom G. Taylor,'heretofore a
Vice-President and Cashier, respectively, of the State
Exchange Bank, have been made a Vice-President and an
Assistant Cashier of the State National Bank. The complete roster of the institution is as follows: E. H..Cooke,
Chairman of the board of directors; Hugh M. Johnson,
President; Prentiss Price, J. W. Teter and Montford M.
Jones, Vice-Presidents; J. Arthur Williamson, Cashier, and
Frank L. Clark, Robert L. Smith and Tom G. Taylor,
Assistant Cashiers.
The directors of the Hibernia Bank & Trust Co. have
elected Vice-President R. S. Hecht of that institution to
succeed John J. Gannon who has asked to be relieved of
active duties. Mr.Gannon recently met with an automobile
accident, as the result of which he finds it necessary to
retire from active business in order that he may have opportunity for rest and recuperation. Mr. Gannon has been
head of the Hibernia Bank & Trust Co. since 1903. He is
a native of Chicago and received his early banking training
in that city, later moving to Texas where he became National
Bank Examiner. During Mr. Gannon.'s administration the
Hibernia has experienced a steady growth and is the largest
trust company in the South. Mr. Hecht, the new President,
although relatively a young man has to his credit a banking
experience not only local but national and international
as well. His early banking • education was obtained in
Chicago with the National Bank of the Republic and with
the Commercial National Bank of that city. He went to
New Orleans about thirteen years ago as Assistant Manager
of the Foreign Department of the Hibernia Bank & Trust
Co. He became Trust Officer in 1910,organized and became
Manager of the Bond Department in 19f1, and was elected
Vice-President of the institution in 1915. He has been
prominently identified with most of the large community
developments that New Orleans has experienced during the
past decade. Several years ago he worked out a financial
plan which made possible the building of the cotton warehouses and the grain elevators. Later he was appointed
by the Governor as a member of the Board of Commissioners
of the Port of New Orleans. When that city's financ i
affairs, some years ago needed readjustment, Mr. Hecht,
in conjunction with the Attorney for the Board of Liquidation
and the City Attorney, evolved a re-financing plan which
has put the financial affairs of the city on a sound and
practical basis. When it became apparent that the building
of the Industrial Canal was most urgent owing to immediate
war necessities, Mr.Hecht proposed,it is stated, the financial
plan which made possible the realization of this project.
He took an active part in the proceedings of the Louisiana
Constitutional Convention in 1913 which dealt with the
2350
THE CHRONICLE
refinancing of the State debt, and later formulated the
syndicate which was the successful bidder for the entire
new issue of State bonds. During the war, Mr. Hecht was
continuously active in various kinds of war work. In the
four Liberty Loan campaigns, he served as one of the
Executive Committee of five which had charge of the campaigns in the New Orleans district. He also served as
Assistant Director for the State of Louisiana in the War
Savings Stamp Campaign.
(Vol- 107
In a similar connection our King in Council has ordered that the Straits,
Settlement dollar and half-dollar pieces shall be of 600 millesimal fineness
instead of 900 as heretofore. This quality is the lowest authorized for any
coin in the British Commonwealth of nations, and is a clear indication
that the function of silver in British coinage is to provide material for a
token only.
SILVER.
The condition of the market is unaltered. Trade demand is hardly so
active as it has been of late. Insurance rates have been further reduced,
but not by a percentage sufficient to warrant an alteration in the official
maximum price.
Shanghai exchange is quoted 5s. id. per tael.
News as to the prospect of Indian crops is rater batter; the northeastern
monsoon is progressing favorably.
INDIAN CURRENCY RETURNS.
In Lacs of Rupees—
Oct. 31. Nov. 7. Nov.15.
Notes in circulation
136,43 137,61 138,67
Reserve in silver coin and bullion (within and without India)
29,91
31,09
32,11
Gold coin and bullion in India
20,40
20,40
20.44
Gold coin and bullion out of India
12
12
12
The above figures show that the silver holding, within and without
India combined, continues to increase; this fact, however, is owing really
to heavy purchases in America. For instance, of 27,93 lacs, the total
holding on Oct. 7 last, 22,07 were within India, while on Nov. 15, of 32,11
lacs only 17,64 were so held.
The stock in Shanghai on the 18th inst. consisted of about 20,600,000
ounces and sycee and $11,200,000, as compared with about 22,550,000
ounces in sycee and $11,200,000 on Nov. 9.
Quotations for bar silver per ounce standard:
Nov. 15
cash_48 d. Nov 21
cash_48 Md.
Nov. 16
- 48d. Average
" 48.75d.
Nov. 18
" 48%d. Bank rate
5%
Nov. 19
" 483d. Bar gold, per oz. standard_ _77s. 9d.
Nov. 20
%d.
" 483
No quotations fixed for forward delivery.
The quotation to-day for cash delivery is the same as that fixed a week ago.
Walter J. Hermann, Cashier of the Bank of Warm Springs,
Va., has become associated with the Hibernia Bank and
Trust Co. of New Orleans as Manager of its Collection
Department. From 1911 to 1913 Mr. Hermann was associated with the Commonwealth Bank of Richmond, Va.,
part of that time as Manager of its 25th Street Branch.
In 1913 he became Cashier of the Bank of Warm Springs.
For some years he has been a member of the American
Institute of Banking. He is a member of the Virginia Bankers Association, and has been active in Group 4 of that
Association.
•
The Hibernia Bank & Trust Co. will open its new Jefferson
Branch in its temporary office, 4305 Magazine Street, near
General Pershing, to-day (Dec. 21). The purpose of this
branch will be to furnish adequate and competent banking
facilities to the residents, corporations and business houses
of the Sixth District, and to co-operate with the people of
We have also received this week the circular written,
the neighborhood in the further development and improve- under date of
Nov. 28 1918:
ment of that section of the city. The bank has purchased
GOLD.
the property at the corner of Magazine and General Pershing
The Bank of England gold reserve against its note issue shows an increase
of
compared
as
£762,310
with
last
week's return.
Streets, immediately adjoining the temporary location, and
CURRENCY.
will occupy that corner later on with an up-to-date, fullyAs the issue by the National Bank of Egypt of 25 piastre notes sanctioned
equipped banking office.
by the Egyptian Government has failed to meet the deficiency of silver
The annual report of the Royal Bank of Canada (head
office Montreal) for the fiscal year ending Nov. 30 shows
that the institution enjoyed a very successful year. This is
eviden4ed in the large increase in total assets which now have
reached the huge sum of $427,512,982, a gain of over $90,000,000 during the twelve months. Only a small part of
this increase can be accounted for by the taking over of the
Northern Crown Bank, the major portion being due to the
strengthening and building up of the business of the organization in all parts of the Dominion. Net earnings for the year
are given in the report as $2,809,846, or equal to 103/2% on
the combined capital and reserve of the institution. Adding
to net profits the balance of $564,264 brought forward from
last year's profit and loss account, the sum of $3,374,110 is
shown available for distribution. Out of this sum the following amounts were appropriated: $1,614,702 for dividend;
during the year; $100,000 for officers' pension fund;$400,000
was written off bank premises; $133,651 to pay war tax on
circulation; $40,000 for various patriotic funds; $50,000 for
the Halifax relief fund and $500,000 was transferred to
reserve fund, leaving a balance of $535,757 to be carried
forward to profit and loss account for 1919. In addition to
the $500,000 transferred to reserve fund from profit and loss
account, a similar sum, representing a premium on new capital stock issued to Northern Crown shareholders, was also
credited to this fund, bringing the total amount of the reserve
fund up to $15,000,000, as against $14,000,000 last year.
The paid-in capital of the bank is $14,000,000. Last spring
the Royal Bank of Canada opened a branch in Barcelona,
Spain, and arrangements are now being made for the opening of a branch in Paris in the near future.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 21 1918:
GOLD.
The Bank of England gold reserve against its note issue shows an increase of £617,210 as compared with last week's return.
The Transvaal gold output for October 1918 was £2,887,455, as compared with £3,191,279 for October 1917 and £3,008,267 for September 1918.
This represents the smallest average daily output since the outbreak of the
war. The reason of this falling off is very evident. Gold is the one product
that has remained at its pre-war price, and, in gold mining as in every other
industry, the cost of production has risen very substantially. The result
is that several mines that were on a paying basis up to a fairly recent date
can now only be worked at a loss.
CURRENCY.
News has been received from Mexico that the President has signed a
decree placing the monetary system upon a gold basis. Owing to the high
value of silver, the country has been largely denuded of silver coin. In
order to prevent the continuation of this movement, the decree reduces in
future the silver content of the pieces coined.
currency in that country, the Ministry of Finance has put into circulation
10 piastre notes, to be exchangeable at the Government treasuries or at
the National Bank of Egypt agencies for ordinary notes. It is stated
that before the war the amount of silver in circulation was not more than
L. E. 2,500,000 in value. There is now L. E. 7,000,000; oven this does
not suffice and it is not practicable at present to secure the necessary
silver in order to coin a further supply. This great increase in the demand
for silver is attributable to the fact that prices have risen considerably
and that gold is not now available for hoarding.
SILVER.
The market does not show activity and continues steady in tone. There
is no doubt that surplus supplies will be readily taken for abroad as soon
as permission is given for export. Meanwhile about two million ounces,
purchased in America, and held there for some months pending the granting
of licenses for shipment, have been consigned to China.
The Shanghai exchange shows little change.
The Joint report of the United States Mint and Geological Survey gives
the silver production of the U. S. A.for the calendar year 1917 as 71,740,302
fine ounces, as compared with 74,414,802 fine ounces in 1916. The principal producing States were as follows: Montana, 14,555,034 ozs.; Utah,
13,360,935 ozs.; Idaho, 11,402,512 ozs.; Nevada, 11,217,654 ozs.; Colorado,
7,291,495 ozs., and Arizona, 6,962,257 ozs.
INDIAN CURRENCY RETURNS.
(In lacs of rupees)—
Nov. 7. Nov. 15. Nov. 22.
Notes in circulation
137,61
138,67
138,76
Reserve in silver coin and bullion
31,09
32,11
32,20
(within and without India)
Gold coin and bullion in India
20,40
20,44
20,44
Gold coin and bullion out of India
12
12
12
The stock in Shanghai on Nov. 25 consisted of about 20,900,000 ounces
in sycee and 11,300,000 dollars, as compared with about 20,600,000 ounces
In sycee and 11,200,000 dollars on the 18th inst.
Quotations for bar Miter per ounce standard:
Nov. 22
cash_48%d. Nov. 28
cash _ 48 Ad.
Nov. 23
48%d. Average
48.75d.
Nov. 25
5%
'184d. Bank rate
Nov. 26
48%d. Bar gold per oz. standard...77s. 9d.
Nov. 27
48%d.
No quotation fixed for forward del very.
•
The quotation to-day for cash delivery is the same as that fixed a week
ago.
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Lsidni,
Dec. 14. Dec. 16. Dec. 17. Dec. 18. Dec. 19. Dec. 20.
Weet eidlig Dec. 20.
Sat.
Mon. • Tues.
Wed.
Thurs. Frt.
Sliver, per oz
d 487-16 487-18 487-16 487-16 487-16 48 7-16
Conslis,2% per cents
HOL. 59%
59(
59A
594
594
British,5 per cents
HOL. 94%
94%
01%
94%
94%
British,44 per cents
HOL. 9934
9934
9934
9934
9934
French Rentes (in Paris) fr_ ____
62.15
61.85
61.95
62.50
_
French War Loan (In
Paris)
fr_
85.15
88.15
88.10
88.10
The price of silver in New York on the same days has been:
Silver in N.Y., per oz......ets_101A
10134
10134
10134
10134
10134
TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL SHIPMENTS.—The shipments
of anthracite coal for the month of November 1918, as reported to the Anthracite Bureau of Information at Philadelphia, Pa., are the smallest since February 1911'; the amount
moved aggregating only 5,276,659 tons. Compared with
6,545,313 tons for-tile same month last year, tho latest figures show a decrease of 1,268,654 tons. The large decline
2351
THE CHRONICLE•
DEC. 21 19181
in November's shipments is attributed by the Bureau to the
effect of the epidemic of influenza in the anthracite region.
The shipments for the coal year (beginning April 1) to date
total 52,186,416 tons as against 53,326,128 tons for the
corresponding period last year. A more optimistic outlook
is held regarding shipments for the month of December, as is
evidenced in the following taken from the Bureau's official
report:
"Conditions in the region have been much improved since December
came in; the force of the epidemic having largely spent itself, but in addition
to this there has been an increase in the supply of labor due to the return
of men from the army and from the munition plants and shipyards, so
that it is anticipated that the production during the current month will be
very close to normal."
Wheat.
Corn.
Exports.
1918.
1Veek
Dec. 14.
al917.
Since
July 1.
Since
July 1.
1918.
Week
Dec. 14.
a1917.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
207,000 5,928,000 13,073,000
North Amer_ 15,482,000 124,296,000 138,055,000
Russia
Danube
408,000 54,928,000 7,364,000 1,105,000 15,056,000 8,862,000
Argentina
870,000 18,166,000 24,358,000
Australia _
5,623,000 9,328,000
India
102,000 1,734,000 1,091,000
0th. countr'
96,000 1,743,000 1,846,000
Total
16,862,000204,747,000 180,196,000 1,408,000 22,727,000 23,781,000
a Revised.
Below we give the shipments by the various carriers for
The quantity of wheat and corn afloat for Europe on dates
the month of November 1918 and 1917 and for the respective mentioned
was as follows:
coal years to Dec. 1:
November- 8 Mos.-Coal Yr.-Dec.1
1918.
1917.
1918.
1917.
RoadPhiladelphia & Reading_tons_1,137,170 1,329,259 10,248,539 10,317,398
973,865 1,158,158 9,884,413 9,844,000
Lehigh Valley
Central Railroad of New Jersey 450,360 557,090 4,626,285 4,698,230
Delaware Lackawanna & West. 776,506 1,012,330 7,831,046 8,380,629
624,335 786,381 6,138,879 6,070,952
Delaware & Hudson
Pennsylvania
364,193 457,970 3,624,634 3,758,277
554,026 720,308 5,873,373 6,069,673
Erie
161,615 1,334,931 1,359,028
New York Ontario & Western_ 121,700
271,501 362,202 2,624,316 2,827,941
Lehigh & New England
5,276,659 6,545,313 52,186,416 53,326,128
Total
nitMlscellantousBZW13
(Comm etcta
Breadstuffs figures brought from page 2389.-The
statements below are prepared by us from figures collected by
the Now York Produce Exchange. The receipts at Western
laic° and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Corn.
Wheal.
Oats.
Barley.
Rye.
bbls.1981bs.hush.60 lbs.bush. 56 lbs.bush 32 lbs. bush.481bs.bush.501bs.
386,000
242,000 2,000,000 2,266,000 2,852,000
117,000
Chicago
254,000 1,334,000 1,198,000 1,027,000
4,957,001
Minneapolis _
3,260,00#
58,000
324,000
229,000
Duluth
579,001
222,000 1,499,000
316,000
17,00
142,000
Milwaukee __
32,000
209,000
69,000
Toledo
24,00*
15,000
81,000
Detroit
183,000
25,000
67,000
1,000
12,000
90,000
Cleveland ___
525,000
552,000
220,000
75,000
14,000
4,000
St. Louis_ _._
122,000
75,000
13,000
758,000
11,000
9,000
Peoria
366,000
686,000
78,000
7,000
Kansas City _
610,000
324,000
862,000
Omaha
26,000
596,000
188,000
Indianapolis _
Total wk.1918
Same wk.1917
Same wk.1916
428,00 13,053,00'
3,343,001
280,00
365,000 7,252,001
5,711,000
3,298,000
5,663,000
7,146,000 2,250,000 1,618,000
3,941,00 1,433,000
442,000
4,006,000 2,132,000
474,000
Since Aug.16,935,00 291,964,000 88,891,000 149,145,00032,107,000 19,229,000
1918
6,566,000 113,862,000 51,543,000 152,228,00045,654,000 14,099,000
1917
1016
7 IMAM 209.873.001 78.040.000 145.129.00i 53.380.000 14.517 000
Total receipts of flour and grain at the seaboard ports for
the week ended Dec. 14 1918 follow:
Receipts at-
Flour.
Barrels.
491,001
New York__ _
Portland, Me
65,00#
52,001
Philadelphia _
98,000
Baltimore ___
N'port News_
42,000
114,000
New Orleans*
Montreal_ __
20,000
Boston
52,111
Corn.
Wheal.
Oats.
Bushels.
2,735,000
153,000
1,155,000
1,032,000
Bushels.
36,000
152,000
630,000
1,155,000
42,001
6,000
Barley.
Rye.
Bushels.
Bushels. Bushels.
536,000
217,000 *510,000
20,000
65,000
226,00o
309,000
140,000
69,001
262,001
43,000
5,000
82,000
163,000
64,000
Total wk.1918
296,000
926,000 6,425,000
169,000 1,585,000
286,000
Since Jan.1'18 17,461,000 91,993,000 19,877,000 98,039,000 9,499,000 7,644,000
504,000 7,292,000
Week 1917.._
115,000
305,000
324,000 2,028,000
Since Jan.1'17 21.067.000201.196.000 49.111 000 133 177 0110 17 050 000 14.081.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Dec. 14 are shown in the annexed statement:
Wheat. I
New York
Portland, Me
Boston
Philadelphia
Baltimore
Newport News_
New Orleans
Galveston,
Total week
Week 1917
Corn.
Flour.
Oats.
I Rye.' I Barley,I Peas.
Bushels. I Bushels.
1,704,828 206,979
153,000;
516,000i
2,373,000;
719,0001
800,000,
977,000i
Barrels. Bushels. IBushels.i Bushels. Bushels.
66,864 866,374647,818 77,877 29,945
65,000
5,000
14,000
55,000
157,0001
35,000
42,000 140,0001
1
4,000 20,000
5,0001
I 1:23
7,242,8281 210,979 253,864 1,312,374647,818 112,877, 36,945
23,699 1,424,751213,814
1,342,775.
1 1,656
Tho destination of these exports for tile week and qince
July 1 1918 is as below:
Flour.
Exports for Week,
Since
Week
and Since
July 1 to
Dec. 14 July 1
Wheat.
Week 1
Dec. 14
Since
July 1
Corn.
Week
Dec. 14
Since
July 1.
I
Bushels.
Bushels.
Barrels. Barrels.
Bushels. Bushels.
726,407 3,979,429 20,471,187
Unite! Kingdom _ 15,897
1,591,499
Continent
217,087 1,295,972 3,263,399 27,273,057 206,979 1,011,584
23,372
So.& Cent. Amer. 12,000
16,125
121,758
West Indies
4,000
35,024
8,000
13rit.No.Am.Cola.
44,505
Other Countries_
2,253
Total
Total 1917
253,864 2,212,014 7,242,828 47,744,244
23.600 2.620.177 1.342.775 37.414.161
210,979 2,656,485
72.857.739
Wheat.
Corn.
Untied
Kingdom. I Continent.
Dec. 14 1918._
Dec. 7 1918_ _
Dec. 15 1917__
Dec. 16 1916_
Bushels.
Bushels.
Not avail able
Not avail able
Not avail able
Total.
Bushels.
United ,
Kingdom. Continent.
Bushels.
Bushels.
41,880,000
Total.
Bushels.
22,679,000
Auction Sales.-Among other securities, the following
not usually dealt in at the Stock Exchange wore recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent. Shares. Stocks.
Pet cent.
Shares. Stocks.
319 United Gas dr El. Corp. 2d pf.434
50 N. Y. Plate Glass Incur.
$136 perch.
200J. G. White Engineering
Co.,$50 each
Corp., pref
30 Hudson County Wat. Co-$10 lot
7334-75
338 Nat. Metal Seal Corp..)
3.08 N.Y.dr N.J. Water Co102
100
pref. $10 each
$101
120 Del Norte Co
14,614 Nat. Metal Seal Corp., lot
100 Orion! Bay Timber & Log100
corn., $10 each
ging Co., Ltd
16 Pacific Sugar Corp., pref_1351.1ot
83,022 Revenue Cons. Gold Mines
Inc., of Montana_ _ _$4,400 lot
20 Yolo Water & Power Co.,
common
32 lot
100 Carbon-Hydrogen Co. of
25 Yolo Land Co., Inc., com_1$115
Am., pref., with 100 she.
50 Yolo Land Co., Inc., pre(' lot
corn. bonus,$5 ea _$3.75 per sh.
20 Rich Marine Fire Indicating
55 Springfield Body CorporaSystem, $25 each
$21 lot
$7 lot
tion, preferred
6,210 Maine Mining & Mfg. Co.,
50 Virginia Ry.& P. Co., corn 30
$1 each
85 lot
500 Blaugas Co. of Am., ctfs_.$4 lot
400 John M. McAdams & Co.,
215 Guardian Tr. Co., Empire
Inc
$7 lot
Tr Co. ctfs. of dep_ $600 lot
40 Federal Dyestuffs Sr Chem.
6223. Milner Ld. Co.,Ibc_35 per sh.
Corp. v. t. c
$10101
882 Woods Motor Veh.Co.,coml$25
200 Woods Motor Vehicle Co.,
250 Woods Mot. Veh. Co., pref( lot
pref
$40 lot
50 United Table Bed Co., preft$25
300 First Mortgage Guar. Co__ 25
50 Unite! Table Bel Co.,cono! lot
300 Fisk Rubber Co., com____ 65
275 Acme Harv. Mach.Co., pf.13151
550 Acme Harv.Mach.Co.,com j lot 105,900 N.Y.-Montana Mines Co.,
El each
$100 lot
200 Amer. Auto Access. Co_ _$25 lot
1,700 New River Collieries Co.,
60 the Raticide Chemical Co.
pref
60
of N. Y., $50 each
$15 lot
50 Biograph Co
$60 lot
634 Permutit Co. corn
$500 lot
8,000 Bagdad Copper Co., $5
14 North Ave. Land Ca... _$25 lot
each
$2,250 lot
125. North Ave. Land Co _ _$20 lot
300 New York Sanitary Utiliza170 Biograph Co
$172 lot
tion Co
$100 lot
100 BronxGas & El.Co.,com$18persh
100 Dixie Gas Co.,$10 each $1 per sh.
500 United Equities Corp. pref 25
6,000 Big Jim Cons. Mining Co.,
250 United Equities Corp.corn. 1%
$1 each
$100 lot
500 Chicago Utilities Co.com.$51 lot
116 2-3 Chalmers Motor Corp., pf _ 16
500 United Gas & El. Corp.
525 Chalmers Motor Corp.,
1%
(Conn.) common
common
$3 per sh.
1,000 Tuxpam Star Oil Corp.,
100 Chic. & Alton RR. prior
$6 lot
$1 each
lien & partic. pref
15
20 J. G. White dr Co., Inc.,
common
834
.
Bonds.
- $200 lot
$50,000 Powder Land & Irrigation Co. 1st 5s; all coupons attached
30
2,300 Alabama Fair Grounds 6s, 1926
30,286 05 Mercantile Stores Corp. 3-year coll. tr. note, Series No. 1, $12,
023 55 paid on account of principal
$810 lot
5,144 97 Mercantile Stores Corp. 3-year coll. tr. notes, Series No. 1, $2,$205 lot
042 55 paid on account
500,000 demand notes, ndade by Acme Harvesting Mach. of Peoria, Ill__ ..$450 lot
8,000 Missouri Kan. & Texas Ry. 2-year 5% secured notes, extended,
Central Trust Co. certificate of deposit, unstamped
3034
4,000 'Whitehall Estates, Inc., 6% Series A notes, 1919; $1,500 Whitehall
$555 lot
Estates, Inc., 6% Series C notes, 1921
$755 lot
5,000 Yolo Water dr Power Co. 1st s. f. 5s, 1952: July 1918 coupon
$400 lot
3,800 Pacific Sugar Corp. interim receipts
60
38,948 05 Chalmers' Motor Corporation 6% notes, 1922
3100 lot
10,000 Lido Corp. 6% pref. ctfs. of indebtedness, 1925
I
' By Messrs. Millett, Roe & Hagen, Boston:
$ per sh.
'Shares. Stocks.
$ per sh. Shares. Stocks
10 Nat. Shawnaut Bank _ .. _ _19234-19234 1 Quincy Mkt. C.S.&W., pref _ _ __ 8234
Bonds.
167
9 Brookside Mills
90
20,000 Russian rubles 4s, issue of
5 Boott Mills,common
$2,500 lot
94
1894
1 Lancaster Mills
1
50 United Marble Cos., pref
By Messrs. R. L. Day & Co., Boston:
$ per sh. Shares. Stocks.
$ per sh.
Shares. Stocks.
35 Nat. Shawmut Bank _ .._ _19234-192% 1 Boston Atheneum,$300 par__ _ _425
6 Merrimack Mfg., common _70%-70% 2 Boston Wharf, ex-dividend _ _ _ _ 82
91
1 Lyman Mina
13634 2 Boston Storage Warehouse
20
2 Lawrence Gas
113
2 Boston Belting, let pref
8834 3 Nantasket Bch. Steamboat__ _ ..102
2 Esmond Mills. preferred
Per cent.
114
Bo?ds.
7 Arlington Mills
$1,000 Upper Coos. RR.434s. 1930 8034
200
6 Pepperell Mfg
3 Nashua & Lowell RR
14034 1,000 Bangor& Aroostook,Piscata(pais Div., 55, 1943
6 Manchester Trac. L. & P
7834
10634
20 Hood Rubber, preferred
9834 27,000 Amer. Blang ts Corp. 1st 6s,
115
1937
$5,000 lot
8 Draper Corp., ex-divi lend
By Messrs. Barnes & Loflan.d, Philadelphia:
$ per sh.
3 per sh. Shares. Stocks.
Shares. Stocks.
60 So. Jersey Gas Elec. & Trac__ 9954 651 Dobson Realty, $50 each
554
)i 25 Phila. Bourse, pref., $25 each 2134
28 Chess. & Del. Canal, $50 each
7 Unitel Gas & Elec., let pref__ 40
102 John C. Winston, common_ _ _ _ 1
19 John B. Stetson, corn_ _30234-3055(
474 rights to subscribe to Corn Exchange Nat. Bank at $200A39-142
Bonds.
Per cent.
5 Amer. Pipe & Construction__ _ 1034
$10,000 New Jersey Gas 1st 5s,'40_ 68
10 Bergner & Engel Brew., pref__ 26
731
1,400 Commonwealth Power Ry.
1 Philadelphia Trust
& Lt. 7s, 1923
Haddington Title & Tr
9334
96
1,000 Caddo 011&Refg. 1st 6s,'27 8134
50 Real Est. Trust, pref
330
1,000 Cosmopolitan ChM 6s, '21 20
1 Manayunk Nat. Bank
1,000 Mich. Nor. Pow. let 5s,'41 75
3 Fire Association of Phila_ _ _31034-311
500 Automobile Club of Phila. 50
delphia, $50 each..
3034
7,000 Pennsy. Canal gen. 6s, due
132 Phila. & Darby Pass. Ry
70%
1910
7
88 Bellefonte Central RR
)4
National Banks.-The following information regarding
The world's shipments of wheat and corn for the weak
ending Dec. 14 1918 and since July 1 1918 and 1917 are national bankl is from the office of the Comptroller of the
Currency, Treasury Department:
shown in the following:
•
2352
[VOL. 107.
THE CHRONICLE
APPLICATIONS FOR CHARTER.
For organization of national banks:
The First National Bank of Fairfield, Mont
The Liberty National Bank of Stuart, Okla
The First National Bank of Altona, Ill
For conversion of State banks:
First National Bank of Golva, N. Dak. Conversion of the
Security State Bank, GoIva
The Kensington National Bank of Chicago, Ill. Conversion of
the Kimbark State Bank, Chicago
Capital.
$25,000
25,000
50,000
25,000
200,000
$325.000
Total
CHARTERS ISSUED.
Original organizations:
$100,000
The Idaho Falls National Bank, Idaho Falls, Idaho
INCREASES OF CAPITAL APPROVED.
•The Liberty National Bank of Roanoke, Va. Capital Increased
from $100,000 to $200,000. Amount
$100,000
The First National Bank of Drumright, Okla. Capital increased
25,000
from $25,000 to $50000. Amount
$125,000
Total
CHARTEAS EXTENDED.
The National Exchange Bank of Wheeling, W. Va. Charter extended
until close of business Dec. 15 1938.
VOLUNTARY LIQUIDATIONS.
The National Bank of Syracuse, N. Y. Capital
$600,000
Liquidating Agent, Charles H. Sanford, Syracuse. Absorbed
by the Syracuse Trust Co., Syracuse.
Canadian Bank Clearings.-The clearings for the week
ending Dec. 12 at Canadian cities, in comparison with the
sumo week in 1917, show an increase in the aggregate of
Week ending December 12.
Clearings at1918.
1917.
Inc. or 1
Dec.
1916.
1915.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
$
S.
$
% I
$
139,320,268 76,727,405 +81.6 82,591,505 70,668,095
75,477,598 53,681,685 +40.6 61,822,827 45,077,690
76,186,826 61,825,124 +23.2 55,543,080 62,667,863
11,978,265 9,685,169 +23.7 6,885,808 5,233,713
12,323,401 5,850,473,+110.7 5,223,273 4,296,782
5,646,541 3,955,9291 +41.0 3,771,485 3,649,467
4,094,883 1,985,000+106.2 2,713,062 2,133,919
4,965,870 4,808,166 +3.3 4,829,898 3,404,361
8,020,597 8,466,209 -5.3 6,893,034 5,435,196
2,393,637 1,958,513 +22.2 2,041,119 1,458,934
3,249,222 2,222,243 +46.2 2,348,614 1,904,747
2,801,797 2,159,225 +29.7 1,484,151 1,292,249
3,972,023 3,344,214 +18.8 2,713,347 2,182,996
4,683,403 3,775,384 +24.1 3,452,872 2,918,624
764,750 +18.6
664,119
834,982
906,802
657,309
884,821 -7.7 1,249,970
816,181
2,425,149 1,998,091 +21.4 1,965,0'37 1,562,863
2,554,387 1,508,170 +69.6 1,400,163 1,472,812
775,205
576,823
1,117,928
690,443 +61.9
568,886
579,762
929,601 1,028,158 -9.6
231,056
502,205
399,441 +25.8
270,426
532,299
529,132
591,149 -10.5
649,576
949,614
608,262 +56.1
619,279
512,680
798,199
540,895 +47.7
617,775
756,404
684,597 +10.5
579,181
Total Canada
367.399.933 250.141.516 +46.9 251.691.692 219.281.282
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Per • When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Jan, 2 Dec. 15 to Jan. 1
Albany & Susquehanna
Jan. 2 Holders of rec. Dec. 23a
3
Allegheny & Western
Feb. 1 Holders of rec. Dec. 31a
Atchison Topeka & Santa Fe, preferred_
Jan. 10 Holders of rec. Dec. 24a
AtlanticCoast Line RR., common
2
Feb. 1 Holders of rec. Dec. 28a
tBaltimore & Ohio, common
500. Jan, 2 Molders of rec. Dec. 17a
Beech Creek (quar.)
2X Dec. 31 Holders of rec. Nov. 30a
Boston & Albany (quar.)
4
Jan. 2 Holders of rec. Nov.30a
Boston & Lowell
Jan. 1 Holders of rec. Dec. 20a
Boston & Providence (guar.)
23 Dec. 31 Holders of rec. Dec. 21a
Buffalo de Susquehanna, common
2
Dec. 31 Holders of rec. Dec. 21a
Preferred
Feb. 1 Holders of roe. Dec. 31a
Canada Southern
2X Dec. 31 Holders of roe. Nov. 30a
Canadian Pacific, common (quar.)
2
Dec. 30 Holders of rec. Dec. 27a
Central RR. of New Jersey (special)
2
Dec. 31 Holders of rec. Dec. Oa
Chesapeake & Ohio
2
Dec. 26 Holders of roe. Dec. 19a
Chicago Burlington & Quincy (quar.)..
1
Jan. 2 Holders of rec. Dee. 14a
Chicago Great Western, preferred
Chicago & North West., corn. (quar.)_. 1,i Jan. 2 Holders of rec. Dec. 2a
Jan. 2 Holders of rec. Dee. 2a
2
Preferred (quar.)
Dec. 31 Dec. 14 to Jan. 1
Chicago Rock Island & Pacific,7% pref _
3
Dec. 31 Dec. 14 to Jan. 1
6% preferred
Cleve. Cln. Chic. & St. L., pref. (quar) I.X Jan. 20 Holders of roe. Dec. 30a
Dec. 27 Dec.r18 to Dec. 27
Colorado & Southern, 1st preferred..._ 2
4
Dec. 27 Dec.r18 to Dec. 27
tSecond preferred
Dayton (Tenn.) Coal, Iron & Ry., pref_ 5c. Feb. 15 Holders of rec. Jan. 20
Detroit Hillsdale & Southwestern
2
Jan, 6 Holders of rec. Dec 20a
2X Jan. 2 Holders of rec. Dec. 14a
Detroit & Mackinac, corn. and pref
3
Jan. 15 Holders of rec. Jan. 8a
Detroit River Tunnel
3.16 Jan. 2 Holders of rec. Dec. 20a
Elmira & Williamsport, preferred
1 X Feb. 1 Holders of rec. Jan. 3a
Great Northern (guar.)
2
Dec. 31 Holders of rec. Dec. 13a
Hocking Valley
2
Jan. 2 Dec. 12 to Jan. 5
Illinois Central, leased lines
2X Jan. 2 Holders of rec. Dec. 20a
Interborough Rapid Transit (quar.)
1X Jan. 6 Holders of rec. Dec. 27a
Joliet & Chicago
1X Dec. 31 Holders of rec. Dec. 24a
Kanawha & Michigan (quar.)
1
Jan. 15 Holders of rec. Dec.r3la
tKansas City Southern, pref. (quar.)_ _
tLehIgh Valiey, corn. and pref. (quar.) 81.25 Jan. 4 Holders of rec. Dec. 14a
81.25 Ian. 15 Dec. 17 to Jan. 15
Little Schuylkill Nay. RR.& Coal
4,3A Feb. 10 *Holders of rec. Jan. 20a
Louisville & Nashville
$5
Feb. 1 Holders of rec. Jan. 8a
MahonIng Coal RR., common
$1.25 Jan. 2 Holders of rec. Dec. 20a
Preferred
Jan. 1 Holders of rec. Dec. 14a
Maine Central, common (guar.)
Jan. 2 Holders of rec. Dec. 7a
Lackawanna of New Jersey (guar.)
Manhattan Railway (quar.)
Di Jan. 1 Holders of rec. Dec. 113n
2
Jan. 29 Holders of rec. Dec. 31a
Michigan Central
$1.25 Jan. 15 Dec. 21 to Jan. 14
Mine Hill & Schuylkill Haven
2
Jan. 1 Doe. 3 to Jan. 1
Mobile & Birmingham
$2.1254 Jan. 2 Holders of rec. Dec. lie
Morris & Essex
15( Feb. 1 Jan. 4 to Jan. 22
t New York Central RR. (quar.)
$2.50 Jan. 2 Holders of rec. Dec. 17a
New York & Harlem, corn. and pref
N. Y. Lackawanna & Western (guar.). 1 A Jan. 2 Holders of rec. Dec. 14a
1
Feb. 19 Holders of rec. Jan. 31a
Norfolk & Western, ad'. pref. (guar.)._
$2
Jan. 15 Holders of rec. Dec. 31a
Northern Central
Northern RIC of New Hampshire (guar.). IA Jan. 1 Holders of rec. Dec. 9a
4
Northern Securities Co
Jan. 10 Dec. 28 to Jan. 10
2
Jan. 1 Dec. 15 to Dec. 31
Norwich & Worcester, pref. (quar.)
1 X Jan. 1 Holders of rec. Dec 14
Old Colony (guar.)
3
Dec. 31 Holders of rec. Dec. 15a
Philadelphia Baltimore & Washington_ _ _
Pittsb. Ft. Wayne & Chic., reg. gu.(qu.)
Jan. 7 Holders of rec. Dec. 10a
1 X Jan. 2 Holders of reo. Dec. 10a
Special guaranteed (quar.)
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam) (Concluded.)
Pittsb. McKeesp. & Youghiogheny__ _ _ $1.50 Jan.
*51
Reading Company, common (guar.)
Feb.
Second preferred (guar.)
500. Jan.
Rensselaer & Saratoga
4
Jan.
St. Louis & San FranciscoJan.
K.C.Ft. S. & Mem.,pref.It. ctfs (qu.)
Southern Pacific (quar.)(No.49)
1 A Jan.
Toronto Hamilton & Buffalo (quar.)_ _
1 A Jan.
2A Jan.
Union Pacific, common (quar.)
United N. J. BR. dc Canal Cos. (guar.)._ 2A Jan.
2
Jan.
Valley RR.(N. Y.)
Books Closed.
Days Inclusive.
2 Holders of rec. Dec. lea
13 *Holders of rec. Jan. 23a
9 Holders of rec. Dec. 26a
2 Dec. 15 to Jan. 1
1
2
2
2
10
2
Dec. 25 to Jan. 1
Holders of rec. Nov. 30a
Holders of rec. Dec. 26a
Holders of rec. Dec. 2a
Dec. 21 to Jan. 1
Holders of rec. Dec. 18a
Street & Electric Railways.
Asheville Power & Lt. pt. (qu.)(No. 27) 1% Jan. 2 Holders of rec. Dec. 14
Bangor By. & Electric, pref. (qu.)(No.29) 1% Jan. 2 Holders of rec. Dec. 20a
Boston Elevated Ry., common
235 Jan. 2 Holders of rec. Dec. 14
Preferred
zis Jan. 2 Holders of rec. Dee. 14
Brazilian Trac., Lt. & Pow., pref. (qu.) 1 A Jan. 1 Holders of rec. Dec. 14
Capital Traction, Wash., D. C. (guar.)... IA Jan. 1 Dec. 9 to Jan. 8
Carolina Pow.& Lt., pf. (qu.) (No. 39) 1% Jan. 2 Holders of rec. Dee. 14
Jan. 2 Dec. 21 to Jan. 1
Cincinnati & Hamilton Tract., cont. (qu.) 1
15( Jan. 2 Dec. 21 to Jan. 1
Preferred (guar.)
1 A Jan. 2 Dec. 17 to Jan. 1
Cincinnati Street By. (guar.)
Jan. 2 Holders of rec. Dec. 14a
Cities Service, corn. & pref. (monthly)_
Jan. 2 Holders of rec. Dec. 14a
Common (Payable in common stock)_
Feb. 1 Holders of rec. Jan. 15a
Cities Service, corn. & pref.(monthly)_ _
Feb. 1 Holders of rec. Jan. 15a
Common (payable in common stock). 11
Cleveland Ry. (quar.)
1A Jan. 2 Holders of rec. Dec. 14a
3
Jan. 2 Holders of rec. Dec. 21a
Columbus (Ga.) Electric, pref.(No. 25)
Jan. 15 Holders of rec. Dec. 31a
Consolidated Traction of New Jersey.- 2
$3 Dee. 30 Holders of rec. Nov. 30a
Continental Pass Ry., Philadelphia__ _ _
Duluth-Superior Tract., pref. (quar.)
1
Jan. 2 Holders of rec. Dec. 16a
Duquesne Light, pref. (guar.) (No. 16).... 1% Feb. 1 Holders of rec. Jan. 1
EasternTexas Elec. Co., corn.(No. 1)_ 2A Jan. 2 Holders of rec. Dec. 20a
3
Preferred (No. 1)
Jan. 2 Holders of rec. Dec: 20a
El Paso Elec. Co., ref.(No. 33)
3
Jan. 13 Holders of rec. Dec. 23a
Jan. 2 Holders of rec. Nov. 29a
Frankf. & S'wark (Phila.) P. Ry.(nu.). 4
Georgia Light, Power & Rys., pref. (qu.)_
Di Jan. 2 Holders of rec. Dec. 20a
Illinois Traction, preferred (quar.)__
1A Jan. 2 Holders of rec. Dec. 14
Jan. 1 Dee. 21 to Jan. 1
Indianapolis Street Ry
3
Manhattan Bridge Three-Cent Line(qu.) 15( Dec. 31 Holders of rec. Dec. 21a
1H Dec. 31 Holders of rec Dec. 20a
Manila Elec. RR.& Ltg. (quar.)
15( Jan.
Nashville Ry. & Light, pref. (guar.)
1 Holders of rec. Dec. 3
Jan. 2 Holders of rec. Dec. 20a
New England Investment & Security, pref. 2
1
Jan. 2 Holders of rec. Dec. 15
Ottawa Traction, Ltd. (quar.)
Jan. 2 Holders of rec. Dec. 15
Bonus
1
Philadelphia & Western Ry., pref. (guar.) 62Ao. Jan. 15 Holders of rec. Doe. 31a
1
Dec. 31 Holders of rec. Dee. 27a
Public Service Corp. of N. J. (guar.)._
750. Jan. 1 Doe. 21 to Dee. 31
Reading Traction
Republic Ry. & Light, pref. (qu )(No. 30) 1 A Jan. 15 Holders of rec. Dec. 31
*$3 Jan. 1 *Dec. 16 to Jan. 1
Ridge Ave. Pass. Ry., Phila. (guar.)
Scranton & Wilkes-Barre Tract., pf. (qu.) 1% Jan. 1 Holders of rec. Dec. 23a
Second & Third Sts. Pass.. Phila. (qu.).. $3 Jan. 1 Holders of rec. Nov.29a
South Carolina Lt., Pow. & Rys., pl.(qu.) 155 Jan. 2 Holders of rec. Dee. 20a
Jan. 1 Holders of rec. Dec. 14a
Springfield(Mo.)Ry.&Lt.,pf.(qu.)(No.16)
1 A Dec. 31 Holders of rec. Dec. 14a
Springfield & Xenia Ry., pref. (quar.) _
Jan. 2 Holders of rec. Dec. 14
1
Toronto Ry. (quar.)
Tr -City By. & Light, common (gnat)....Di Jan. 2 Holders of rec. Dec. 20a
5 Jan. 2 Holders of rec. Dec. 20a
Preferred (guar.)
Jan. 2 Holders of rec. Dee. 16a
Twin City Rap. Tran., Minneap., corn.. 1
1% Jan. 2 Holders of rec. Dee. 16a
Preferred (quar.)
$4.75 Jan. 1 Holders of rec. Dec. 14a
Union Passenger Ry., Philadelphia-$1.50 Jan. 1 Holders of rec. Dee. 10a
Union Traction, Philadelphia
Jan, 1 Holders of rec. Dec. 31a
United Electric Co. of N. J
United Lt. & Rys., corn. (qu.) (No. 16) 1
Jan. 2 Holders of rec. Dec. laa
First preferred (guar.) (No. 33)
Di Jan, 2 Holders of rec. Dec. 16a
Jan. 2 Holders of rec. Dee. 10
Utah Power & Lt., pref. (qu.)(No. 24)..
Wash., Bait. dc Annap. Elec., com. (qu.) $3.75 i Jan. 1 Dec. 25 to Dec. 31
750. Jan. 1 Dec. 25 to Dec. 31
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 14a
Washington Water Power, Spokane (quar.) 1
Jan. 2 Dee. 21 to Jan. 2
West End Street Ry., Boston, preferred $2
Jan. 1 Doe. 23 to Jan. 1
West India Elec. Co. (quar.) (No. 44)..
$5
Jan. 1 Holders of rec. Dec. 14a
WestPhiladelphia Passenger Sty
Doe. 31 Holders of rec. Dec. 20a
$2
Wisconsin Edison Co
Yadkin River Power, pf. (qu.) (No. 11) 1% Jan. 2 Holders of rec. Dec. 14
Youngstown & Ohio Ricer RR., pref.(qu.) IA Dee. 31 Holders of rec. Dec. 14a
82Hc Jan. 30 Holders of rec. Jan. 20
York Railways, preferred (quar.)
Banks.
America, Bank of
15
Jan. 2 Dec. 21 to Jan. 2 a
2H Jan. 2 Holders of rec. Dec. 28
Atlantic National (guar.)
155 Jan, 2 Holders of rec. Dec. 20a
Battery Park National (guar.)
1% Jan. 2 Holders of rec. Dec. 20a
Extra
4
Jan. 2 limbers of rec. Dec. 24
Chase National (quar.)
Jan. 2 Dec. 20 to Jan. 1
3
Chatham & Phoenix National (quar.)
Jan. 2 Holders of rec. Dec. 11
2
Coal & Iron National (quar.)
Jan. 2 Holders of rec. Dec. 11
1
Extra
*3
Jan. 2 *Holders of rec. Dec.'A
Colonial (gnat.)
Jan. 2 *Holders of rec. Dee. 20a
*3
Extra
4
Dee. 31 Holders of rec. Dec. 21
Columbia (No. 61)
2H Jan. 2 Holders of rec. Dec. 20
Commerce, National Bank of (quar.)
10
Jan. 2 Dec. 24 to Jan. 18
Commercial Exchange
6
Jan. 2 Holders of rec. Dec. d28
Coney Island, Bank.of
1
Jan. 2 Holders of rec. Dec. d2
Extra
4
Jan.
Holders of rec. Jan. 4
Corn Exchange (special)
6
Jan. 2 Holders of rec. Dec. 20
Cuba, Bank of, in New York (No. 5)
12H Jan. 2 Holders of rec. Dec. 31a
Fifth Avenue (guar.)
*3
Jan. 1 *Holders of rec. Dec. 31
Fifth National (guar.)
First National (quar.)
10
Jan. 2 Holders of rec. Dec. 31a
10
Jan, 2 Holders of reo. Doe. 31a
First Security Co
Greenpolnt National (Brooklyn)
Jan. 2 Deo. 22 to Jan. 1
3
2
Jan. 2 Dec. 22 to Jan. 1
Extra
4
Jan. 2 holders of rec. Dec. 20
Greenwich (guar.)
3
Jan. 2 Holders of rec. Dec. 20
Extra
*8
Jan. 2 *Holders of rec. Dec. 20
Hanover National (guar.)
Importers' & Traders' National
12
Jan. 2 Dec. 21 to Jan. 1
Irving National (guar.)
3
Jan. 2 Holders of rec. Dec. 28a
Jan. 2 Holders of rec. Dec. 26a
Manhattan Co., Bank ofthe (guar.)
$2
Extra
50c. Jan. 2 Holders of rec. Dee. 26a
Mechanics (Brooklyn) (qu.) (No. 137)_ $1
Jan. 2 Holders of rec. Dec. 21
Merchants' National (No. 231)
$2
Jan. 2 Holders of rec. Dec. 26a
Metropolitan (quar.)
2H Jan. 2 dllolders of rec. Dec. 19a
5
Mutual (guar.)
Jan. 2 Holders of rec. Dec. 26
New York, Bank of, N. B. A. (No. 270)_ 10
Jan. 2 Holders of roc: Dec. 21
Jan. 14
North Side, Brooklyn (No. 49)
3
Jan. 2 Dec. 12 to
Jan. 14
Extra
2
Jan. 2 Dec. 12 to
Park„Vational (guar.)
5
Jan. 2 Holders of rec. Dec. 17
10
Jan. 2 Holders of rec. Dec. 17
Special
3
Jan. 2 Holders of rec. Dec. 26
Seaboard National (guar.)
3
Jan. 2 Holders of rec. Dec. 13
State
4
Dec. 31 Doe. 21 to Jan. 1
Union Exchange, National
Jan. 1 Holders of rec. Dec. 31a
Washington Heights, Bank of (quar.)
•3
5
Dee. 31 Dee. 22 to Jan. 1
Yorkville (quar.)
Trust Companies.
*5
Dec. 31 *Holders of rec. Dec. 28a
Bankers (guar.)
Jan. 2 *Holders of rec. Dec. 20a
*5
Brooklyn (guar.)
*10
Jan. 2 *Holders of rec. Dec. 20a
Extra
554 Jan. 2 Holders of rec. Dec. 21a
Celtral Union (guar.)
4
Dec. 31 Holders of rec. Dec. 204
Columbia (guar.)
2
Dec. 31 Holders of rec. Doe. 20a
Extra
3
Dec. 31 Holders of rec. Dec. 23a
Empire (guar.)
4
Dec. 31 Holders of rec. Dec. 23a
Extra
Doe. 31 Holders of rec. Dec. 28a
5
Equitable (guar.)
Jan.'10 Holders of roe. Dec. 31a
5
Extra
2
Dec. 31 Doe. 25 to Jan. 15
Fidelity (guar.)
2
Dee. 31 Dec. 25 to Jan. 15
Extra
5
Jan. 2 Holders of rec. Dec. 23
Fulton (No.53)
2
Jan. 2 Holders of rec. Dec. 23
Extra (No. 10)
Dec. 31 Holders of rec. Dec. 20
5
Guaranty (quar.)
2
Jan. 2 Holders of rec. Dec. 28a
Irving (guar.)
Lawyers Title & Trust (quar.) (No. 81)
Jail. 2 Doe. 15 to Jan. 2
Jan. 1 Holders of roe. Dec. 20
Manufacturers (quar.)
2
1
I
THE CHRONICLE
DEC. 21 1918.]
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Trust Companies (Concluded).
Metropolitan (guar.) (No.88)
New York (guar.)
Peoples, Brooklyn (guar.)
Scandinavian (No. 1)
Title Guarantee & Trust (guar.)
United States
U. S. tillge. & Trust (guar.)
6
8
4
10
5
25
*6
Fire Insurance.
Continental
Fidelity-Phenix
$2.50 Jan. 8 Holders of rec. Dee. 28a
15
Jan. 8 Holders of rec. Dec. 28a
Dee. 31 Holders of rec. Dec. 20
Jan. 2 Dec. 22 to Jan. 2
Dec. 31 Holders of rec. Dec. 30
Dec. 31 Holders of rec. Dee. 14a
Dec. 31 Holders of rec. Dec. 23
Jan. 2 Holders of rec. Dee. 19a
Jan. 2 *Holders of reo. Doe. 27
Miscellaneous.
Abitibi Power & Paper, Ltd., pref.(guar.) 1% Jan. 2 Holders of rec. Dec. 20
13. Jan. 2 Holders of rec. Dee. 10a
Adirondack Flee Power, pref. (guar.)._
$2
Dec. 31 Holders of rec. Dec. 7
Ahmeek Mining (guar.) (No. 28)
31
Jan. 15 Holders of rec. Jan. 2
Air Reduction, Inc., cont. (qu.) (No. 7)_
14 Jan. 15 Holders of rec. Jan. 2
Preferred(guar.)
4
Jan. 10 Dec. 31 to Jan. 10
'Alabama Company,common
First and second preferred (guar.)._ - 1% Jan. 10 Dec. 31 to Jan. 10
1% Jan. 15 Holders of rec. Dec. 31a
Allis-Chalmers Mfg., pref. (guar.)
Jan. 15 Holders of rec. Dec. 31a
Prof. (extra acct. accumulated diva.). h%
$1.50 Dec. 31 Holders of rec. Dec. 17a
Allouez Mining (guar.)
Jan. 15 Holders of rec. Dec. 23a
Amer. Agric. Ch., corn. (qu.) (No. 29)- 2
1% Jan. 15 Holders of rec. Dec. 23a
1 Preferred (guar.) (No. 54)
75c. Jan. 2 Holders of rec. Dec. 16a
American Bank Note, preferred (quar.).
Amer. Beet Sugar, pref.(guar.)(No.78) 13 Dec. 31 Holders of rec. Dec. 14a
Amer. Brake Shoe & Fdy., com.(guar.) 1% Dec. 31 Holders of rec. Dec. 20a
3
Dee. 31 Holders of rec. Dec. 20a
Preferred (guar.)
13j Jan. 2 Holders of rec. Dec. 16a
American Can, preferred (guar.)
Jan. 1 Holders of rec. Dec. 12a
Amer. Car dc Fdry., corn.(mt.)(No.65) 2
13
% Jan. 1 Holders of rec. Dec. 12a
Preferred (guar.) (No. 79)
1% Jan. 2 Holders of roe. Dec. 20
American Chicle, preferred (quar.)
1% Jan. 2 Holders of rec. Dee. 14a
American Cigar, preferred (guar.)
$2
Dec. 21 Holders of rec. Dec. 20a
American Coal
1% Jan. 2 Holders of rev. Nov. 30a
American Express (guar.)
Amer. Gas & Elec., com.(qu.)(No. 35) 2% Jan. 2 Holders of rec. Dec. 18
Jan. 2 Holders of rec. Dec. 18
Common (payable in common stock). /2
1)4 Feb. 1 Holders of rec. Jan. 18
Preferred (guar.) (No.48)
American Hide & Leather, preferred.-- 1% Jan. 2 -Holders of rec. Dec. 14a
Amer.Intermit. Corp.,com.& pref.(qu.) 90c Deo. 31 Holders of reo. Dec. 16a
Amer.La Fra ace Fire Eng.,Inc.,corn.(qu.) 1% Feb. 15 Holders of rec. Feb. 8
1% Jan. 2 Holders of rec. Doe. 21
Preferred (guar.)
it Jan. 2 Holders of rev. Dec. 16a
American Linseed, preferred (guar.)._
American Locomotive, com.(quar.).__. 1% Jan. 3 Holders of rec. Dec. 18a
1% Jan. 21 Holders of rec. Jan. 3a
Preferred (guar.)
American Public Service, pref.(quar.)- I% Jan. 2 Holders of rec. Dec. 14
Jan. 1 Holders of rec. Dec. 20
Amer. Public Utilities, pref. (guar.).- gl
Dee. 31 Dec. 22 to Dec. 31
American Radiator, common (guar.).- 3
.50o. Jan. 15 *Holders of rec. Dec. 31
Amer. Rolling Mill, common (guar.)
525c. Jan. 15 *Holders of roe. Dee. 31
Common (extra)
*5
Feb. 1 *Holders of rec. Dee. 31
Common (payable in common stock)
*1% Jan. 15 *Holders of rec. Dec. 21
Preferred (guar.)
Amer. Smelters Securities, pref. A (qu.) 1% Jan. 2 Dec. 14 to Dec. 22
1g Jan. 2 Dec. 14 to Dec. 22
Preferred II (guar.)
3
Jan. 2 Holders of rec. Dec. 14a
American Snuff, common (guar.)
1)4 Jan. 2 Holders of rec. Dec. 14a
Preferred (guar.)
13
% Dec. 31 Holders of rec. Dee. 14a
American Steel Foundries (guar.)
Extra (payable in 43% L.L. bonds) m 1% Dec. 31 Holders of rec. Dec. 14a
1% Jan, 2 Dec. 21 to Jan. 1
American Stores, first preferred (guar.)_
Jan. 1 Dec. 21 to Jan. 1
Second preferred (guar.)
1% Jan. 2 Holders of rev. Dec. 2a
Amer.Sugar Refining, corn.& pref.(quo
% Jan. 2 Holders of rec. Dee. 2a
Common (extra)
$1
Dec. 31 Holders of rec. Dec. 21a
American Surety (guar.) (No. 118)
Jan. 15 Holders of rec. Dec. 20a
American TelephOne & Telegraph (guar.) 2
1234e. Jan. 1 Nov. 15 to Nov.30
American Thread, preferred
1% Jan. 2 Holders of rec. Dec. 14a
American Tobacco, preferred (quar.)
Jan. 15 Holders of rec. Jan. 10a
American Typo Founders, corn.(quar.). 1
1% Jan. 15 Holders of rec. Jan. 10a
Preferred (guar.)
Amer. 1Vinclow Glass Mach., pref. (qu.). 1% Jan. 1 Holders of rec. Dec. 23a
134 Jan. 15 Dec. 17 to Dec. 29
American Woolen, common (quar.)
Feb. 1 Dec. 17 to Dec. 29
Common (payable in Liberty Ln. bds.) i5
134 Jan. 15 Dec. 17 to Dee. 29
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 17
$1
Amoskeag Manufacturing
$2.25 Jan. 2 Holders of rec. Dec. 17
Preferred
15
Jan. 15 Holders of coup. No. 16
Anglo-American Oil, Ltd
134 Jan. 1 Dec. 15 to Dec. 31
Armour & Co., pref. (guar.)(No.2)_ _ _ _
Asbestos Corp. of Can., Ltd., corn.(No.1) 134 Jan. 15 Holders of rec. Jan. 1
1% Jan. 15 Holders of rec. Jan. 1
t Preferred (par.)
134 Jan. 15 Holders of rec. Dec. Ma
Associated Oil (guar.)
Feb. 1 Holders of rec. Deo. 306
Atlantic Gulf & W.I. SS. L., common.. $5
1% Jan. 1 Holders of rec. Dec. 10a
Preferred (guar.)
Dec. 30 Holders of rec. Dec. 16
Autosales Corporation, preferred (guar.) $I
*1% Jan. 2 *Holders of rec. Dec. 23
Avery Co. preferred (guar.)
Jan. 3 Holders of rec. Dec. 31a
2
Babcock if; 111/cor Co. (guar.)
Baldwin Locomotive Works, preferred_ 3% Jan. 1 Holders of rec. Dec. 7a
31.25 Jan, 2 Holders of rec. Dec. 14a
Baltimore Electric, preferred
Baltimore Tube, Inc., pref. (guar.). _
134 Jan. 2 Dec. 21 to Jan. 1
Barnhart Bros. & SpindlerFirst and second preferred (guar.)._ _
1% Feb. 1 Holders of rec. Jan. 27a
Barrett Co., common (guar.)
1% Jan. 2 Holders of rec. Deo. 21a
Common (extra)
1
Jan. 2 Holders of rec. Dec 21a
Preferred (guar.)
14 Jan. 15 Holders of rec. Dec. 30a
Beatrice Creamery, common (special). _ _ *3%
Bell Telephone of Canada (quar.)
2
Jan. 15 Holders of rec. Dec. 31a
Bethlehem Steel, common (guar.)
2% Jan. 2 Holders of rec. Dee. 16a
Common B (quar.)
2% Jan. 2 Holders of rec. Dee. 16a
Cum. cony. Prof. (quar.)
2
Jan. 2 Holders of roe. Doe. 16a
134 Jan. 2 Holders of rec. Dec. 16a
Non-cum. preferred (guar.)
75e. Jan. 1 Holders of rec. Dec. 19a
Billings & Spencer Co. (guar.)
50c. Jan. 1 Holders of rec. Dec. 19a
Extra
$1.25 Jan. 1 Holders of rec. Dee. 19a
Special
m50c. Dec. 31 Holders of rev. Dec. 20a
Bingham Mines Co. (No. 7)
Blumenthal (F.) Co., com. de pref.(guar.) 1% Dee. 31 Holders of rec. Dec. 30a
500. Jan. 2 Holders of rec. Dec. 14a
Booth Fisheries, common (guar.)
Preferred (guar.)
134 Jan. 2 Holders of roe. Dee. 14a
Drandram-Henderson, Ltd., pref. (rel.)134 Jan. 2 Holders of rev. Nov.30a
134 Jan. 2 Dec. 21 to Jan. 1
Brier Hill Steel, common (guar.)
334 Jan. 2 Dee. 21 to Jan. 1
Common (extra)
134 Jan. 2 Dec. 21 to Jan. 1
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 12a
Brooklyn Union Gas (guar.)
Brunsuick-Balke-Collender, pref. (guar.).
134 Jan. 1 Dec. 21 to Dec. 31
1
Jan. 2 Holders of rec. Dec. 20a
Bucyrus Co., pref. (guar.) (No. 15)- - _ _
Dec. 31 Holders of rec. Deo. 20a
Buffalo General Elec. (quar.) (No. 97) 2
California Elec. Generating, pref.(quar.). 134 Jan. 2 Holders of rec. Deo. 21
California Packing Corp., pref. (quar.). 1% Jan. 1 Holders of rec. Dec. 16a
1% Jan. 1 Holders of rec. Dec. 20a
California Petroleum, pref. (quar.)
Jan. 1 Holders of rec. Dec. 20a
Pref. (account accum. dividends).... h2
Dec. 23 Holders of rec. Dec. Oa
Calumet & Arizona Mining (quar.)---- $2
$15 Dec. 31 Holders of rec. Dec. 7
Calumet & Hula Mining (guar.)
I% Jan. 16 Holders of rec. Dec. 31
Canada Cement, Ltd. corn. (guar.)
Canada Steamships Lines, pref. (guar.) 134 Jan. 2 Holders of rec. Doe. 14
134 Jan. 10 Holders of rec. Jan. 1
Canadian Car & Foundry, pref. (guar.)._
Canadian Cottons, Ltd., corn. & pf.(qu.). 1% Jan. 4 Dec. 25 to Jan. 3
134 Dec. 31 Holders of rec. Doe. 20
pf
.(qu.)
Ltd.,
Rubber,
Canadian Consol.
Can. Crocker-Wheeler, corn. & pf. (qu.) 14 Dec. 31 Dec. 21 to Dec. 31
Canadian General Electric, Ltd., com.
2
Jan. 1 Holders of rec. Dec. 14
(guar.)(No. 78)
Jan. 15 Holders of rec. Jan. 10
2
Carbon Steel, common (guar.)
Jan. 15 Holders of rec. Jan. 10
3
Common (extra)
Mar.31 Holders of rec. Sept.26
u4
First preferred
6
July 30 Holders of rec. July 26
Second preferred (annual)
- 3% Dec. 31 Holders of rec. Dec. 20
Carbo-Hydrogen Co. of America, pref
Case (J. I.) Thresh. Mach., pref.(guar.) 134 Jan. 1 Holders of rec. Dec. 16
Dec. 31 Holders of rec. Deo. 16a
2
Celluloid Company (guar.)
2
Dec. 31 Holders of rec. Doe. 16a
Extra
$1 Dec. 31 Holders of rev. Dec 7
Centennial Copper Mining (No.4)
234 Jan. 1 Holders of rec. Dec. 21a
Central Aguirre Sugar Cos. (guar.)
Central Coal & Coke, common (guar.). _ 51A Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
134 Jan. 15 *Holdera of rec. Dec. 31
134 Jan. 2 Holders of rec. Dec. 10a
Central Leather, preferred (guar.)
Cent. States Elec. Corp., pf.(qu.)(No.26) 134 Dec. 31 Holders of rec. Dee. 10
Name of Company.
2353
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Certain-teed Products Corp.
1st & 2d pref.(guar.)(No.8)
Jan. 1 Holders of rec. Dec. 20a
Chandler Motor Car (guar.)
3
Jan. 2 Holders of rec. Dec. 1701
Charcoal Iron of America, corn.(guar.)_
200. Dec. 31 Holders of rec. Dec. 16
Preferred
30c. Dec. 31 Holders of rev. Dec. 16
Chicago Railway Equipment (guar.)
*1% Jan. 1 *Holders of rec. Dec. 20
Chicago Telephone (guar.)
2
Dec. 31 Holders of rev. Dec. 304
Chino Copper (guar.)
$1
Dec. 31 Holders of rec. Dec. 16
Cincinnati Gas & Electric (guar.)
134 Jan. 2 Dec. 15 to Dec. 21
Ctn. & Suburban Bell Telep. (guar.)._ $1
Jan. 2 Holders of rec. Dec. 24
City Investing, preferred (guar.)
1% Jan. 2 Holders of rev. Dec. 26
Cleveland-Akron Bag, common (quar.).. 154 Jan. 1 Dec. 22 to Jan. 1
Common (extra)
454 Jan. 1 Dec. 22 to Jan. 1
Cleveland Worsted Mills (guar.)
1;4 Dec. 31 Holders of rec. Dec. 20
Cluett,Peabody&Co.,pf.(qu.) (No. 24). 1% Jan. 1 Holders of rec. Dec. 21a
Colorado Power,common (guar.)
34 Jan. 15 Holders of rec. Dec. 31a
Colt's Patent Fire Arms Mfg. (quar.)
$1.50 Dec. 31 Holders of rec. Dec. 14a
Columbia Graph'ne Mfg., corn. (guar.) $1.75 Jan. 1 Holders of rec. Dec. 16a
1% Jan. 1 Holders of rec. Dec. 16a
Preferred (guar.) (No. 3)
13 Dec. 31 Holders of rec. Dec. 31
Commonwealth Finance Corp., pref
Computing-Tabulating-Recording (qu.) 1
Jan. 10 Holders of rec. Dec. 24a
Consumers E. L. de P., New Orl.,pf. (au.)
Dec. 31 Dec. 11 to Jan. 1
Consumers Power (Mich.), corn.(quar.).. 1
Dec. 12 Holders of rec. Dee. 126
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec: 190
Con. Gas, El. L.& P., Bait., com.(qu.) 2
Jan. 2 Holders of rec. Dec. 14a
Continental Can,Inc., corn.(guar.) -- 134 Jan. 1 Holders of rec. Dec. 20a
Preferred (guar.)
1)4 Jan. 1 Holders of rec. Dec. 204
glOc. Jan. 10 Holders of rec. Dec. 31
Continental Refining, corn. (monthly)_
Continental Refining, pref. (guar.)._ _ _
20c. Dec. 31 Holders of rec. Dec. 14a
Creamery Package Mfg., common (quar.)_ *1% Jan. 10 *Holders of rec. Jan. 1
Preferred (guar.)
*13-4 Jan. 10 *Holders of roe. Jan. 1
Cuban-American Sugar, corn. (quar.)__
234 Jan. 2 Holders of rec. Dec. 140
Preferred (guar.)
ec Dec. 14a
114 Jan. 2 Holders of r.
Cuba Cane Sugar, pref.(guar.)
Jan.
Holders of rec. Dec. 16a
Davis-Daly Copper Co.(No. 2)
25c Dec. 30 Holders of rec. Dec. 10
Dayton Power & Light, pref. (quar.).. 1% Jan. 2 Holders of rec. Dec.d20a
Detroit Edison (guar.)
2
Jan. 15 Holders of rec. Doe. 31a
Distillers Securities Corporation (quar.)_ _
% Jan. 18 Holders of rec. Jan. 2a
Extra
1% Jan. 18 Holders of rec. Jan. 2a
Dodge Mfg. Co., common (guar.)
134 Jan. 1 Holders of rec. Dec. 28a
Common (extra)
2
Jan. 1 Holders of rec. Dec. 28a
Preferred (guar.)
Jan. 1 Dec. 22 to Jan. 1
Dominion Canners, Ltd., pref.(guar.)_ _
134 Jan. 2 Dec. 22 to Dec. 31
Dominion Glass, Ltd.,com.(quar.)____
Jan. 1 Holders of rec. Dec. 14
1
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 14
Dominion Iron & Steel, pref. (quar.)_
154 Jan. 1 Holders of rec. Dec. 14
Dominion Steel CorP.,com (qu.)(No.49)
Jan. 1 Holders of rec. Dec. 5
Dominion Textile, Ltd., com. (quar.).
2
Jan. 2 Holders of rec. Dec. 14
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31
Draper Corporation
2
Jan. 1 Holders of rec. Dec.
Duluth-Edison El., pref. (qu.) (No. 50) 134 Jan. 2 Holders of rec. Dec. 21
duPont(E.I.)de Nem.& Co.deb.stk.(qu.) 134 Jan. 25 Holders of rec. Jan. 10
East Butte Copper Mining (No. 3)--50c. Deo. 31 Holders of rec. Dee.
Dividend No. 4
Dec. 21 Holders of rec. Dec.
$1
East Coast Fisheries, pref. (guar.)(No. 4) 134 Jan. 1 Holders of rec. Dec. 23
Eastern Steel, common (guar.)
234 Jan. 15 Holders of rec. Jan. 2
Eastman Kodak,commom(quar.)
23 Jan. 2 Holders of rec. Nov.30
Common (extra)
Jan. 2 Holders of rec. Nov.30
Preferred (guar.)
134 Jan. 2 Holders of rev. Nov. 30
Eisenlohr (Otto) & Bros., Inc. pf.(qu.). 134 Jan. 1 Holders of rec. Dec. 20a
Electrical Securities Corp., corn. (guar.) _ 2
Dec. 31 Holders of rec. Dec. 28a
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 24e
Elec. Storage Battery,com.& prof.(qu.) 1
Jan. 2 Holders of rec. Dec. 16a
Elgin National Watch (extra)
Dec. 21 Holders of rec. Dee. 14a
2
Empire Steel & Iron, preferred
3
Jan. 2 Holders of rec. Dec. 20
Prof. (account accum. dividends)_ --- h2
Jan. 2 Holders of rec. Dec. 20
Eureka Pipe Line (guar.)
5
Feb. 1 Holders of rec. Jan. 15
Everett, Heaney & Co., Inc. (guar.)
550c. Jan. 10 *Holders of rec. Dec. 31
Fairbanks Co., pref. (quar.)
2
Jan. 1 Dec. 27 to Dec. 31
FultonMot.Truck,pf (acct.accum.divs.)11 1-3h Jan. 10 Holders of rev. Nov. 18
Galena-Signal Oil, preferred
2
Dec. 31 Holders of rec. Nov.30a
New breferred
2
Dec. 31 Holders of rec. Nov. 304
General Bakigg, pref. (quar.) (No. 28)--1
Jan. 1 Holders of rec. Doe. 14
General Chemical,common (extra)
234 Feb. 1 Holders of rev. Dec. 31a
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 180
Gorham Manufacturing, preferred (quar.) *13,4 Jan. 2 *Holders of rec. Dec. 24
Granby Cons. M. S. & Power, Ltd. (qu.) *23-4 Feb. 1 *Holders of rec. Jan. 17
General Electric'
(quar.)
2
Jan. 15 Holders Of rec. Dec. 7a
Extra (payable in stock)
Jan. 15 Holders of rec. Dec. 7a
2e
General fly. Signal, corn. (qu.)(No. 22) 13.4 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.) (No. 58)
134 Jan. 2 Holders of rec. Dec. 20
Googrich (B. F.) Co., common (guar.). 1
Feb. 15 Holders of rec. Feb. Sc
Preferred (guar.)
154 Jan. 2 Holders of rev, Dec. 20a
Goulds Mfg., common (guar.)
1)4 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 20
Grasseill Chemical, common (ou r.)
13.4 Dec. 31 Holders of rec. Dec. 156
Common (payable in commoasock). IS
Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
134 Dec. 31 Holders of rec. Dee. 15a
'
Great Lakes Steamship (guar.)
*2
Jan. 2 *Holders of rec. Dec. 23
Extra
*2
Jan. 2 *Holders of rec. Dec. 23
Great Lakes Towing, common (quar.)_
134 Dec. 31 Dec. 16 to Jan. 1
Preferred (guar.)
1% Jan. 1 Dec. 16- to Jan. 1
Great Lakes Transit Corp., corn. (qu.) $1.75 Jan. 1 Holders of rec. Dec. 23
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 23
Great Western Sugar, common (quar.)_
134 Jan. 2 Holders of rec. Dec. 14a
Common (payable in L. L. bonds)._ _ 10m Jan. 2 Holders of rec. Dec. 14a
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 14a
Guantanamo Sugar (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 19a
Gulf States Steel, common (guar.)
234 Jan. 2 Holders of rec. Dec. 16a
First preferred (guar.)
ec 16a
1
1%.4
. 2 Holders of rec. D.
Second preferred (guar.)
Jam
Jan. 20 Holders
rs of rec. Dec. 16a
1
Harbison-Walker Refract., pref. (guar.)
Holders of rec. Jan. 10a
Hart, Schaffner & Marx,
pf. (qu.) 134 Dec. 31 Holders of rec. Dec. 20a
Hartford City Gas Light, com.
Inc.,
ct pref.(qu.)
50c. Dec. 31 Dec. 17 to Jan. 1
Haskell & Barker Car (guar.)
Jan. 2 Holders of rec. Dec. 16a
$I
Haverhill Gas Light (guar.)(No.92)
$1.1234 Jan. 2 Holders of rec. Dec. 21d
Helme (Geo. W.) Co., common (guar.) 234 Jan. 2 Holders of rec. Dec. 14a
Holders of roe. Dec. 14a
11%x Jan.Jan. 2 Holde
Preferred (guar.)
Hendee Mfg., pref. (quar.) (No. 21)
Holders of rec. Dec. 20
Hercules Powder, common (guar.)
2
Dec. 24 Dec. 15 to Dec. 24
Common (extra)
2
Dec. 24 Dec. 15 to Dec. 24
Homestake Mining (mthly)(No. 532)..
50c Dec. 26 Holders of rec. Dec. 20a
Howe Scale, common (guar.)
Jan. 1 Holders of rec. Dec. 270
1
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 27a
Hupp Motor Car Corp.,pref.(qu.)(No.13) 134 Jan. 2 Holders of rec. Dec. 20
Illinois Pipe Lino
Dec. 31 Dec. 1 to Dec. 22
6
d Imperial Tobacco of Canada, Ltd., ord. 1
Dec. 27 Holders of rec. Dec. 16
d Ordinary (interim)
13-4 Dec. 27 Holders of rec. Dec. 16
*1i
j
. 15
1 Holders of rec. Dec. 14a
Ingersoll-Rand Co., preferred
Jan.
3
1
Int. Agile. Corp., pref. (guar.)
*Holders of rec. Dec. 31
Intermit. Buttonhole Sewing M ach.(qu.) 10c. Jan. 2 Holders of rec. Dec. 16
International Harvester, corn. (guar.). 134 Jan. 15 Holders of rec. Dec. 24a
Feb. 1 Holders of rec. Jan. 15a
Internal. Mercantile Marine, preferred__
3
International Salt (guar.)
134 Jan. 1 Holders of rec. Dee. 14a
/s/and Creek Coal, corn. and pref. (guar.) $1.50 Jan. 1 Holders of rec. Dec. 27
Isle Royale Copper Co.(guar.)(No. 12) 50c. Dec. 31 Holders of rev. Dec. 7
Jewel Tea, Inc., pref. (guar.)
134 Jan. 2 Holders of Teo. Dec. 20a
Jan. 1 Holders of rec. Dee. 206
Kayser (Julius) & Co., common (guar.) 2
First and second preferred (quar.)___
134 Feb. 1 Holders of rec. Jan. 20a
Kaufmann Dept. Stores, Inc., pf. (qu.) 134 Jan. 2 Holders of rec. Dec. 20
Kelly-Springfield Tire, preferred (guar.) 13-4 Jan. 2 Holders of rec. Dec. Ifia
Kennecott Copper Corporation
50c. Dec. 31 Holders of rev. Dec. 104
Capital distribution
50c. Dec. 31 Holders of rec. Dec. 10a
30e. Jan. 2 Holders of rec. Dec. 20a
Keystone Tire & Rubber, com. (quar.)_
Kolb Bakery, Pref. (guar.) (No. 28) - -154 Jan. 1 Holders of rec. Dec. 14
Kresge (S. S.) Co. corn.(guar.)
234 Jan. 2 Holders of rec. Dec. 16a
'
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 16a
Kress (S. H.) & Co., common (guar.). _ _
1
Feb. 1 Holders of rec. Jan. 20a
1% Jan. 1 Holders of rec. Dec. 20a
Preferred (guar.)
1
Dec. 31 Holders of rec. Dee. 170
La Belle Iron Works, common (guar.)._
2
Dec. 31 Holders of roe. Dec. 17a
(Common (extra)
2
Dec. 31 Holders of rec. Dec. 170
Preferred (guar.)
134
4
134
134
134
134
7
7
7
,4
734
Name of Company.
Per
When
Cent. Payable. •
Books Closed.
Days Inclusive.
Miscellaneous-(Continued)
1% Doe. 31 Holders of rec. Dee. 10a
Lackawanna Steel(guar.)
3
Jan. 2 Holders of rec. Dec. 23
Laurentide Co., Ltd.(guar.)
2
Dec. 31 Holders of rec. Dec. 20
Lawyers' Mortgage Co.(guar.)(No.69)
Jan. 2 Holders of rec. Dec. 19
$2
Lehigh Valley Coal Sales (quar.)
$3.25 Dec. 28 Holders of rec. Dec. 27a
Lehigh de Wilkes-Barre Coal
1
Jan. 2 Holders of rec. Dec. 21
Library Bureau, common (guar.)
'2
Jan. 2 Holders of rec. Dec. 21
Preferred (guar.)
Liggett & Myers Tobacco, pref. (guar.) 1% Jan. 1 Holders of rec. Dec. 16a
2
Dec. 30 Holders of rec. Dec. 23a
Lone Star Gas (guar.)
Loose-Wiles Biscuit, 1st pref. (guar.) _ _
14 Jan. 1 Holders of rec. Dec. 18
Jan. 2 Holders of rec. Dec. 14a
Lorillard (P.) Co., common (guar.)---- 3
1% Jan. 2 Holders of rec. Dec. 14a
Preferred (guar.)
MacAndrews & Forbes,common (quar.)_.. '2;5 Jan. 15 Holders of rec. Dec. 31a
2% Jan. 15 Holders of rec. Dec. 31a
Common (extra)
I% Jan. 15 Holders of rec. Dec. 31a
Preferred (guar.)
1% Jan. 2 Holders of roe. Doe. 7a
Mackay Cos., corn. (guar.) (No. 54)
1
Jan. '2 Holders of rec. Dec. 7a
Preferred (guar.)(No. 60)..
50c. Jan. 6 Holders of rec. Dec. 20
Magma Copper (guar.)
$1
Dec. 31 Holders of rec. Dec. 25
Magor Car Corp. common (guar.)
$2
Dec. 31 Holders of rec. Dec. 25
'
Common (extra)
Preferred (guar.)
Dee. 31 Holders of rec. Dee. 25
13
1% Jan. 2 Holders of roe. Dec. 14
Manati Sugar, pref. (guar.)
Manhattan Electrical Supply,corn.(qu.) 1
Jan. 2 Holders of rec. Doe. 20a
First and second preferred (guar.)._ _
1% Jun. 2 Holders of rec. Doe. 20a
Manhattan Shirt, pref. (guar.)
PA Jun. 2 Holders of reo. Dee. 20a
Manning, Maxwell & Moore,Ihc.(guar.) 1% Jan. 2 Holders of rec. Jan. 2a
$1
Jan. 15 Holders of rec. Dec. 31a
Manufacturers' Light & Heat (guar.)_ _
w2
Mason Tire & Rubber, corn. (No. 1)
Feb. 20 Holders of rec. Jan. 31
134 Jan. 1 Holders of rec. Dec. 10
Preferred (guar.) (No. 9)
Massachusetts Gas Cos., common (guar.). *1% Feb. I *Holders of rec. Jan. 15
*$1.50 Jan. 15 *Holders of rec. Dec. 26
Massachusetts Lighting Cos., pref.(qua
'150. Jan. 2 Holders of rec. Dec. 21a
Mathieson Alkali Works,common (quar.)
Preferred (guar.)
1% Jan. 2 Holders of rec. Dee. 21a
May Department Stores, pref. (quar.)_
1% Dec. 31 Holders of rec. Dee. 20
McCrory Stores Corp., pref. (quar.)_ _
1% Jan. 1 Holders of rec. Dec. 20
Merchants' Dispatch Transport. (qu.)- 2% Dec. 31 Holders of rec. Dec. 24
Mergenthaler Linotype (guar.)(No. 92) 2% Deo, 31 Holders of rec. Doe. 4a
ir2
Jan. 10 Holders of rec. Dec. 14a
Mexican Petroleum, common (quar.)
Preferred (guar.)
2
Jan. 2 Holders of roe. Doe. 14a
Mexican Telegraph (guar.)
*234 Jan. 16 *Holders of rec. Dee. 31
1% Jan. 2 Holders of rec. Dec. 15
Michigan Drop Forge, preferred (guar.)
Michigan Light, preferred (guar.)
135 Jan. 2. Holders of rec. Dec. 16a
Michigan Stale Telephone, pref. (guar.). 1% Dec. 31 Holders of rec. Dec. 24a
Montana Power, coin.(guar.)(No. 25)
134 Jan. 2 Holders of rec. Dec. 14a
1% Jan. 2 Holders of rec. Doe. 14a
Preferred (guar.) (No. 25)
Montgomery Ward & Co., pref. (guar.) 1% Jan. 1 Holders of rec. Dec. 20a
3
Feb. 1 Holders of rec Dec. 20
Morris Plan Co
Mortgage-Bond Co.(guar.)
1% Dec. 31 Holders of roe. Dee. 23
Mt. Vernon-Woodberry Mills,Inc., prof. *335 Jan. 15 *Holders of rec. Jan. 2
Narragansett Elec. Lighting (quar.)_$1 Jan. 2 IIold ers of rec. Dec. 14a
2 Dee. 31 Holders of rec. Dec. 26
Nassau Light de Power (guar.)
National Aniline & Chem., pref. (quar.) *154 Jam
2*Holders of rec. Doe. 20
Preferred (account accumulated dies.) 5/1354 Jan. 1 5*Holders of roe. Dec. 20
National Biscuit, corn.(guar.)(No.82)
134 Jan. 15 Holders of rec. Dee. 30a
Nat. Cloak & Suit, corn. (qu.) (No. 8)154 Jan. 15 Holders of rec. Jan. 8a
Nat. Enamel & Stpg., pref. (quar.)__
154 Dec. 31 Holders of rec. Dec ha
National Fuel Gas (quar.)
2% Jan. 15 Holders of rec. Dec. 31a
2
Jan. 1 Holders of rec. Dec. lea
National Glue, corn. & pref.(guar.)National Grocer, common (quar.)
2
Dee. 31 Dee. 21 to Jan. 1
Preferred
3
Dee. 31 Dee. 21 to Jan. 1
National Lead, common (guar.)
134 Doe. 31 Holders of rec. Dec. 13a
National Licorice, pref. (qu.) (No. 66)- 1% Doe. 31 Holders of rec. Dec. 24
National Oil, pref. (guar.)
20c. Jan, 15 Holders of rec. Jan. la
National Paper & Type, corn. (quara_ _
2
Jan. 15 Holders of rec. Dec. 31a
Preferred (quar.)
154 Jan. 15 Holders of rec. Doe. 31a
National Sugar Refining (guar.)
Jan. 2 Holders of rec. Dee 9
National Surety (guar.)
3
Jan. 2 Holders of rec. Dec. 20a
Nevada Consol. Copper (quar.)
750 Dm 31 Holders of rec. Dee. 16a
New England Telep. de Teleg. (guar.)__ _ _
15
% Dec. 31 Holders of rec. Dee. 18
New York Dock, preferred
2% Jan. 15 Holders of roe. Jan. 4a
*134 Jan. 2 *Holders of rec. Dec. 20
New York Title dc Mortgage (guar.)
New York Transit (guar.)
4
„fan. 15 Holders of roe. Deo. 21
Nipissing Mines, Ltd. (quar.)
25c. Jan. 20 Jan. . 1 to, Jan. 17
Extra
25c. Jan. 20 Jan. 1 to Jan. 17
North American Co. (guar.)
134 Jan. 2 Holders of rec. Dec. 16a
Northern Ontario Light & Power, pref
Jan. 15 Holders of rec. Dec. 31a
3
Northern Pipe Line
Jan. 2 Holders of rec. Dee. 13
5
Northwestern Electric, preferred (guar.). _ *134 Jan. 1 *Holders of rec. Dec. 24
Nova Scotia Steel & Coal, corn. (guar.. 13
,
4 Jan. 2 Holders of rec. Dee. 14a
2
Preferred (guar.)
Jan. 2 Holders of reo. Dee. 14
Ogilvie Flour Mills, Ltd., common (guar.)I 3
Jan. 2 Holders of rec. Dec. 24a
Ohio Cities Gas. preferred (quar.)
134 Jan. 1 Holders of reo. Doe. 14a
Ohio Fuel Supply (guar.)
623.j0 Jan. 15 Holders of rec. Dec. 31a
Extra (payable in Liberty Ln. bds.)- 150e. Jan. 15 Holders of rec. Dee. 31a
oho
)O11 (guar.)
$1.25 Dee. 31 Dec. 3 to Dec. 29
$4.75 Doe. 31 Doe. 3 to Dee. 29
Extra
Ohio State Telephote, preferred (guar.)_ _ _
154 Jan. 1 Holders of rec. Dec. 20a
Oklahoma Natural Gas
550c. Jan. 20 *Holders of rec. Jan. 3
Oklahoma Production & Refining (quar.) 1235e Jan. 3 Holders of rec. Dec. 20a
Old Dominion Co. (guar.)
$1
Dee, 31 Holders of rec. Dec. 17a
Ontario Silver Mining (guar.)
50c. Jan. 4 Holders of rec. Dec. 20a
Osceola Consol. Mining (guar.)(No.93) $2 Dec. 31 Holders of rec. Dec. 7
Otis Elevator, common (guar.)
134 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
155 Jan. 15 Holders of rec. Dec. 31
Ottawa Car Mfg. (guar.)
Jan. 2 Holders of rec. Dec. 15a
1
Bonus
2
Jan. 2 Holders of rec. Dec. 15a
Ottawa L., H.ar Power (guar.)
154 Jan. 1 Holders of rec. Dec. 20
Owens Bottle-Machine, corn. (guar.)._ 75c. Jan. 2 Holders of rec. Doe. 21a
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 21a
Panama Power & Light Corp., pref.(qu.)
1% Jan. 2 Holders of rec. Dec. 26
Pan-Amer.Petrol.& Transp.,corn.(qu.) $1.25o Jan. 10 Holders of reo. Doe. 14a
Preferred (guar.)
154 Jan. 2 Holders of rec. Dee. 14a
Penmaqs, Limited, common (guar.)
134 Feb. 15 Holders of rec. Feb. 5
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 21
Pennsylvania Water & Power (guar.)._
154 Jan. 2 Holders of rec. Dee. 19a
Pettibone, Mulliken&Co.astaadpf.(gu.) 154 Jan. 2 Holders of rec. Dec. 23a
Phelps, Dodge & Co. (Inc.) (quar.)_ _
254 Jan. 2 Holders of rec. Dec. 20a
Extra
334 Jan. 2 Ilolders of rec. 1)ec. 20a
Special (payable in 4 % L. L. bds.)_ m2
Jan. 2 Holders of rec. Dec. 20a
Pierce-Arrow Motor Car, pref. (guar.). 2
Jan. 2 Holders of rec. Dec. 16a
Pittsburgh Coal of Penna., corn. (qu.)
134 Jan. 25 Holders of rec. Jan. 10a
Preferre.1 (guar.)
135 Jan. 25 Holders of rec. Jan. 10a
Pittsburgh Coal of N.J., pref. (quar.). _
134 Jan. 25 Holders of rec. Jan. 10a
Pittsburgh Plate Glass, com. (guar.)
11% Dec. 31 *Hollers of rec. Dec. 14
Pittsburgh Rolls Corp.,common
Jan. I Dec. 21 to Jan. 1
1
Price Brothers (guar.)
2
Jan. 1 Dec. 15 to Doe. 30
Pond Creek Coal, common (guar.)
3734c. Jan. 1 Hollers of rec. Dec. 27
Prairie Oil & Gas (guar.)
Jan. 31 Holders of rec. Dec. 31
5
Extra
*5
Jan. 31 *Holders of rec. Dec. 31
Prairie Pipe Lie (guar.)
*3
Jan. 31 *Holders of rec. Dee. 31
Procter & Gamble, preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 24a
Provincial Paper Mills, Ltd., corn.(qu.) 1
Jan. 2 Holders of rec. Dee. 15
Preferred (guar.)
134 Jan. 2 Holders of rec. Doe. 15
Quaker Oats, common (guar.)
Jan. 15 Holders of rec. Dec. 31a
3
Common (extra)
1
Jan. 15 Holders of rec. Doe. 3Ia
Preferred (guar.)
135 Feb. 28 Holders of rec. Feb. la
Quincy Mining (guar.)
$2
Dec. 23 Holders of rec. Dec. 2a
Railway Steel-Spring, corn. (guar.).-- 2
Doe. 30 Holders of rec. Dec. 14a
Ray Consolidatel Copper (guar.)
750. Dee. 31 Holders of rec. Dec. 16a
Realty Associates (No. 32)
3
Jan. 15 Holders of roe. Jan. Ca
Reece Buttonhole Mach.(q.)(No. 131) 300. Jan. 2 Holders of rec. Dec. 16
Reece Folding Mach. (guar.) (No. 39)_ 10c. Jan. 2 Holders of rec. Dec. 16
Regal Shoe, pref. (guar.) (No. 96)
1% Jan. 2 Dec. 22 to Jan. I
Reo Motor Car (guar.)
235 Jan. 2 Holders of rec. Dec. 14a
Republic Iron & Steel, com.(qu.)(No.9) 1% Feb. 1 Holders of rec. Jan. 15a
Preferred (guar.) (No. 61)
154 Jan. 2 Holders of roe. Dec. lie
Reynolda (R. J.) Tobacco, corn. (quar.) 3
Jan. 1 Hollers of rec. Dec. 20a
Common Class B (guar.)
3
Jan. 1 Hollers of rec. Dec. 20a
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20a
Riordon Pulp & Paper, Ltd., pref. (qu.) 134 Dec. 31 Holders of rec. Dec. 24a
[vol.. 107.
THE CHRONICLE
2354
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive,
Miscellaneous-(Concluded).
2
Dec. 31 Holders of rec. Dec. 14a
Royal Baking Powder, corn. (quar.)-__
Dec. 31 Holders of rec. Dec. 14a
2
Common (extra)
Preferred (guar.)
13.4 Dec. 31 Holders of rec. Dec. 14a
135 Dec. 23 Holders of rec. Dec. 103
Safety Car Heating & Lighting (quar.)_
Dee. 31 Holders of rec. Dee. 21a
St. L. Rocky Mtn.& Pao. Co.,com.(qu.) 2
15c. Dec. 23 Holders of rec. Dec. 12
Savoy 011 (guar.)
134 Jan. 1 Holders of roe. Mo. 14a
Sears, Roebuck & Co., pref. (quar.)Shattuck-Arizona Copper Co. (quarj_ 50c. Jan. 20 Holders of rec. Dee. 31a
134 Jan. 10 Holders of rec. Dee. 27
Shawinigan Water & Power (quar.)-Sherwin-Williams Co. of Can., pf.(qu.) 134 Dec. 30 Holders of rec. Dec. 15
Simpson Creek Coal, preferred (guar.).- 1% Jan. 1 Holders of rec. Dec. 21
134 Jan. 2 Holders of rec. Dee. 21
Sloss-Sheffield Steel & Iron, pref.(quar.) _
5
Dee. 31 Dec. 13 to Jan. 1
South Penn 011 (guar.)
Dec. 31 IIolders of rec. Dec. 14a
5g
South Porto Rico Sugar, corn. (quar.)
2
Dec. 31 Holders of rec. Dec. 14a
Preferred (guar.)
Dec. 31 Holders of rec. Dee. 16
S. W.Pennsylvania Pipe Lines (guar.). 3
Southwestern Cities Elec., pref. (quar.)_
134 Jan. 2 Holders of rec. Dec. 16
2
Jan. 2 Holders of rec. Dee. 20
Spicer Mfg., 1st pref.(quar.)
Dec. 24 Dec. 19 to Jan. 14
Standard Coupler,corn.(pay.in L.L.bds.) m2
4
Dec. 24 Dec. 19 to Jan. 14
Preferred
1
Jan. I Holders of rec. Dec. 144
Standard 011 Cloth,Inc., corn.(quar.)_ _
1
Jan. 1 Holders of rec. Dee. 14a
Common (extra)
Preferred A and B (guar.)(No. 18)-..- 134 Jan. I Holders of rec. Dec. 143
3
Jan. 2 Dec. 15 to Jan. 2
Standard 011 (Kentucky) (guar.)
3
Jan. 1 Nov.30 to Dec. 18
Standard Oil (Ohio) (guar.)
1
Jan. 1 Nov.30 to Doe. 18
Extra
Standard Parts, preferred (guar.)
134 Jan. 1 Dec. 21 to Doe. 31
6
Jan. 1 Holders of rec. Dec. 14a
Standard Screw, common (guar.)
Preferred
3
Jan. 1 Holders of rec. Dec. 14e
Steel Co. of Canada,corn.(qu.)(No.8). 134 Feb. 1 Holders of rec. Jan. 10
Preferred (guar.) (No. 30)
134 Feb. 1 Holders of rec. Jan. 10
75e. Jan. 2 Holders of rec. Dee. 16
Stromberg Carburetor (guar.)
25c. Jan. 2 Holders of rec. Dee. 16
Extra
Stutz Motor Carol America (quar)._ _ $1.25 Jan. 2 Holders of rec. Dec. 163
134 Jan. 2 Holders of rec. Dec. 20a
Subway Realty (guar.)
Jan. 1 Dee. 8 to Jan. 9
2
Swift & Co. (guar.)(No. 132)
235 Doe. 31 Holders of roe. Dec. 2
Texas Company (guar.)
134 Dec. 30 Holders of rec. Dee. 19a
Texas Pacific Coal & 011 (guar.)
Dee. 30 Holders of rec. Dec. 19a
5
Special
Dec. 31 Holders of roe. Dee. 9a
2
Tide Water 011 (quar.)
3
Dee. 31 Holders of rec. Dee. On
Extra
Tobacco Prod., corn.(pay. In con). stk.) 10/ Jan. 15 Holders of rec. Jan. 2
134 Jan. 2 Holders of rec. Dee. 21a
Preferred (guar.) (No. 24)
Sc. Jan. 1 Dec. 12 to Dee. 22
Tonopah Extension Mining
*3
Jan. 2 Dec. 22 to Jan. 1
Toronto Paper Mfg., Ltd
*1
Jan. 2 Dee. 22 to Jan. 1
Extra
75e Jan. I Holders of rec. Dec. 21a
Torrington Company, common (quar.)_
25o Jan. 1 Holders of rec. Dec. 21a
Common (extra)
2 3-16 Dec. 27 Holders of rec. Dec. 13a
Torrington Co. of Conn., common
334 Dec. 27 Holders of rec. Dee. 13a
Preferred
13,5 Jan. 1 Dec. 21 Lito Dec. 31
Trumbull Steel, common (guar.)
Common (extra)
234 Jan. 1 Dec. 21 to Dec. 31
134 Jan. 1 Dec. 21 to Dec. 31
Preferred (guar.)
Underwood Typewriter,common (guar.) 134 JIM. I Holders of roe. Dec. 14a
Jan. 1 Holders of roe. Dec. 14a
5
Common (extra)
134 Jan. 1 Holders of rec. Dee. 14a
Preferred (guar.)
$1.25 Jan. 1 Holders of roe. Dee. 12a
Union Carbide & Carbon (guar.)
Union Natural Gas (guar.) (No.62)_ _ _ _
235 Jan. 15 Holders of roe. Dec. 31a.
United Drug,common (guar.)(No.8)
134 Jan. 2 Holders of rec. Dec. 16a
1
Jan. 2 Holders of rec. Doe. 16a
Common (extra) (No. 9)
United Dyewood, corn.(guar.)(No. 9)154 Jan. 2 Holders of rec. Doe. 140
134 Jan. 2 Holders of rec. Dec. 14a
Preferred (guar.) (No. 9)
United Fruit (guar.) (No. 78)
Jan. 15 Holders of roe. Dec. 20a
2
United Gas Improvement (guar.)
$1 Jan. 15 Holders of rec. Dec. 31a
United Paper Board. pref. (guar.)
134 Jan. 15 Holders of roe. Jan. la
United Shoe Machinery, corn. (guar.)._ 50c. Jan. 4 Holders of rec. Dee. 17
37350 Jan. 4 Holders of rec. Dec. 17
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 20a
United Utilities, preferred (guar.)
United Verde Extension Mining (quar.)_ _ 50c. Feb. 1 Holders of rec. Jan. 3a
25o. Feb. 1 Holders of rec. Jan. 3a
Extra
U. S. Bobbin & Shuttle, corn.(quar.)
154 Dee. 31 Dec. 12 to Dee. 31
Preferred (guar.)
154 Dec. 31 Dec. 12 to Dec. 31
$5 Jan. 1 Holders of rec. Dec. 20a
U. S. Gauge, common
$1.75 Jan. 1 Holders of rec. Dec. 20a.
Preferred
U.S. Gypsum, preferred (guar.)
134 Dec. 25 Doe. 14 to Doe. 25
U. S. Industrial Alcohol, preferred (guar.) 134 Jan. 15 Holders of rec. Dec. 31a.
100. Jan. 2 Holders of roe. Doe. 16
U. S. Steamship (bi-monthly)
5c. Jan. 2 Holders of rec. Dec. 16
Extra
U. S. Steel Corp., corn.(guar.)
134 Doe. 30 Nov. 30 to Dee. 2
Common (extra)
Dee. 30 Nov. 30 to Dee. 2
2
Utah Consolidated Mining (quar.)
25e. Dec. 24 Holders of rec. Doe. 17
Utah Copper (guar.)
$2.50 Dec. 31 Holders of roe. Dee. 16cr
Va.-Caroltia Chem.,com. (qu.).(No.46). 1
Feb. I Holders of rec. Jan. 15a
2
Jan. 15 Holders of rec. Dec. 31az
Preferred (guar.) (No. 93)
Jan. 15 Jan. 1 to Jan. 5
Victor Talking Machine,common (qu.).. 5
Preferred (guar.)
134 Jan. 15 Jan. 1 to Jan. 5
Wabasso Cotton Co. (guar.) No.
154 Jan. 2 Holders of roe. Doe. 13
Jan. 23 Holders of rec. Dec. 31cr
Warner (Chas.) Co. of Del., corn. (qu.). 1
1
Dec. 20 Holders of rec. Dec. 16a
Common (extra)
Preferred (guar.)
134 Jan. 23 Holders of rec. Dec. 31a
Warren Bros. Co., 1st pf.(qu.)(No.67) 135 Jan. 1 Holders of rec. Dee. 14
Second preferred (guar.) (No. 67).
154 Jan. 1 Holders of roe. Dee. 14
*6
Dec. 31 *Holders of rec. Sept. 20
WashburnWire, common (guar.)
$4
Dec. 31 Dec. 1 to Dec. 31
Washington 011 (annual)
Welsbach Co. preferred
3% Dec. 31 Holders of rec. Dec. 21
Westchester d;Bronx Title & Mtge
4
Jan. 7 Holders of rec. Dec. 31
Western Electric Co., Inc., corn. (qu.) $2.50 Dee. 31 Holders of roe. Dec. 21cr
Preferred (guar.)
154 Deo, 31 Holders of roe. Dec. 21a
Western Grocer. common
Dee. 31 Doe. 21 to Jan. 1
4
Preferred
Dec. 31 Dec. 21 to Jan. 1
3
Western Power Corp., preferred (guar.)
1
Jan. 15 Holders of rec. 1)ec. 31cr
Western Union Tele r. wear.)(No. 199) 134 Jan. 15 Holders of rec. Dec. 20a
Westinghouse Air Brake (guar.)
$1.75 Jan. 31 Holders of roe. Dec. 31
31.25 Jan. 2 Dee. 18 to Jan. 2
Westmoreland Coal (guar.)
Extra (payable in 434% L. L. bonds)._ m$1.25 Jan. 2 Dec. 18 to Jan. 2
2% Jan. 2 Holders of roe. Doe. 16a
Weyman-Bruton Co., corn. (quar)...
1% Jan, 2 Holders of roe. Dec. 16a
Preferred (guar.)
2
Jan. 1 Dec. 20 to Jan. 1
Wheeling Steel & Iron (guar.)
1
Jan. 1 Dec. 20 to Jan. 1
Extra
$1
Dee. 31 Holders of rec. Doe. 14a
White Motor (guar.)
Willys-Overland Co.. preferred (guar.). 154 Jan. 1 Holders of rec. Dee. 20a.
Wilson & Co., Inc., pref. (quar.)
134 Jan. 2 Holders of roe. Doe. 23a
Si
Wolverine Copper Mining (quar.)
Jan. 2 Holders of roe. Dec. 14a
Woods Manufacturing, Ltd., pref. (guar.) 134 Dec. 31 Holders of rec. Dec. 28
Woolworth (F. %V.) Co., pref. (quar.)
154 Jan. 5 Holders of rec. Dec 10.5)
Worthington Pump & Mach., pt. A (qu.) 134 Jan. 2 Holders of rec. Dec. 20a
Preferred B (guar.)
134 Jan. 2 Ifolders of rec. Dec. 20a
fan. 2 Hal iers of rec. I)ec. 23
Yole & Towne Manufacturing (guar.)._
2
Young (J S.) Co.,common (quar.)
2% Jan. 2 Holders of rec. Dee. 20a
1% Jan. 2 Ilolders of rec. Dec. 20a
Preferred (guar.)
Youngstown Sheet & Tube, common (gu.)_ *2
Jan. 1 *Holders of rec. Dec. 20a
*3
Jan. 1 *Holders of rec. Dee. 20
Common (extra)
*134 Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
Dee. 31 *Doc! 14 to Dec. 15
Yukon-Alaska Trust (guar.)
*$1
* From unofficial sources. a Transfer books not closer for this dividend. b Less
BritIsh Income tax. d Correction. e Payable in stock. f Payable in common
stock. g Payable in scrip. h On account of accumulated dividends. i Payable in
Liberty Loan bonds. i Red Cross dividend. m Payable In U. S. Liberty Loan
434% bonds. n Payable in Canadian Government Victory Loan bonds. f Declared subject to the approval of Director-General of Railroads. r The New York
Stock Exchange has ruled that stock will not be quoted ex-dividend on this date
and not until further notice. s Ex-dividend on this date. I Declared 7%, payable
In quarterly installments of 154% each on Jan. 2, April 1, July 1 and Oct. 1 1919
to holders of record on Doe. 16 1918, March 15, June 16 and Sept. 15 1919, respectively.
u oeclared 8% on first pref. stock. payable 4% as above and 4% on Sept. 30 1919
to holders of record Sept. 26.
o Payable one-half In cash and one-half in L. L. 4%% bonds.
w Declare 6% on common, payable 2% as above and 2% each on May 20 and
Aug. 20 1919, all to holders of record Jan. 31 1919. x $2.0434.
2355
THE CHRONICLE
DEC. 21 1918.]
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published
in the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS DECEMBER 6 1918.
Investment on a large scale in Treasury certificates of the Dec. 5 issue and substantial curtailment of other loans and investments are indicated in
the Board's weekly statement of condition on Dec. 6 of 753 member banks in leading cities.
Holdings of Treasury certificates increased during the week by 217.2 millions, of which 123.4 millions represents the increase for the banks in
the central reserve cities, and 97.9 millions, the increase for the Greater New York banks alone. U. S. bonds, other than circulation bonds, on hand
show a reduction of 49.2 millions, this reduction being more or less uniform for all classes of banks and reflecting to some extent amounts received
during the week from customers in payment for Liberty bonds purchased through the reporting banks. Loans secured by U. S. war obligations (war
paper) went up 31.7 millions at the New York banks and 26.8 millions at all reporting banks, the Chicago banks reporting considerable liquidation
and
under this head. All other loans and investments fell off 132.3 millions, largely at the New York City banks. The ratio of U. S. war securities
war paper combined to total loans and investments increased from 21.1 to 22.4% for all reporting banks, and from 22.6 to 24.5% for the banks in the
central reserve cities.
Government deposits show an increase of 23.8 millions, the gains being however confined to banks outside the central reserve cities. Aggregate
net demand deposits went up 64.4 millions, almost exclusively at the central reserve city banks. Time deposits fell off 3.4 millions. Reserve balances
with the Federal Reserve banks show a gain of 73.5 millions, while cash in vault increased 10.9 millions.
banks this
For all reporting banks the ratio of deposits to investments shows a slight rise for the week from 77.8 to 78.1%. For the New York
of combined
ratio because of the relatively larger gain in investments, 1. e., Treasury certificates, shows a slight decline from 87.2 to 87%. The ratio
"Excess
banks.
reserve
city
central
the
for
16.7%
from
to
16.3
and
for
15.7%
all
to
reporting
banks
15
from
rise
reserve and cash to deposits shows a
reserves" of all reporting banks work out at 128.7 millions, as against 63.9 millions the week before. For the central reserve city banks an increase
•of this item from 61.9 to 81.5 millions is noted.
1. Data for all reporting banks in each district. Two ciphers (00 omitted.
New York. Philnda. Cleveland
Boston.
Member Banks.
Richni a. Atlanta.
Chicago.
3.1.
it Louis Vinnent, 'Can.
(
NIn
banal;
erv,
Trio,
753
106
44
$
$
$
$
$
$
$
$
$
$
$
$
267,294,0
34,374,0
13,710,0
17,929,0
6,419,0
17,655,0
19,001,0
11,492,0
42,846,0
15,465,0
23,915,0
50,136,0
14,352,0
eireulat'n
to
U. S. bonds secure
Other U. S. bonds, including
847,436,0
21,327,0 329,699,0 70,017,0 90,663,0 55,222,0 39,864,0 108,184,0 40,237,0 11,716,0 26.488,0 21,997,0 31,992,0
Liberty bonds
939,248,0
11,256,0 24,148,0 9,431,0 58,291,0
U. S. certifs. of indebtedness- 65,137,0 458,623,0 47,723,0 76,837,0 26,572,0 37,557,0 104,278,0 19,395,0 29,391,0
64,346,0 49,357,0 124,657,0 2,053,978,0
100,816,0 838,458,0 129,262,0 210,346,0 105,709,0 92,886,0 231,463,0 77,287,0
Total U. S. securities
73,648,0 24,959,0 8,964,0 10,705,0 7,492,0 18,361,0 1,275,467,0
Loans see. by U.S. bonds, &e. 110,075,0 692,102,0 169,188,0 97,244,0 42,246,0 20,483,0
180,799,0 527,081,0 10,320,451,0
All other loans & investments_ 757,899,0 4,074,098,0 626,277,0 966,625,0 369,050,0 320,168,0 1,417,092,0 365,301,0 253,750,0 462,311,0
45,656,0 17,040,0 49,660,0 1,265,779,0
Reserve with Fed. Res. Bank_ 74,897,0 649,243,0 63,333,0 88,126,0 34,547,0 27,474,0 153,759,0 38,204,0 23,840,0
402,958,0
62,844,0 13,323,0 9,133,0 21,670,0 11,771,0 23,063,0
26,321,0 134,208,0 22,731,0 39,037,0 21,462,0 17,395,0
Cash in vault
696,756,0 4,496,707,0 606,941,0 746,019,0 325,165,0 222,692,0 1,112,384,0 263,205,0 221,827,0 374,880,0 141,615,0 409,905,0 9,618,096,0
Net demand deposits
98,163,0 257,152,0 16,127,0 226,559,0 58,423,0 93,126,0 379,346,0 75,300,0 47,207,0 60,353,0 24,879,0 121,098,0 1,457,733,0
Time deposits
609,639,0
59.783.0 25.048.0 5.556.0 17.929.0 7.883.0 20.350.0
61.697.0 266,009,0 42,639,0 67.443,0 19.520.0 15.782.0
rInvprnment dAnomita
54
Number of reporting banks__
85
45
73
35
32
101
45
81
52
2. Data for banks in each Central Reserve city, banks in all other Reserve cities and other reporting banks.
New York.
Two ciphers (00) omitted.
Nov. 29.
Dec. 6.
Chicago.
Si. Leta..
Dec. 6.
Dec. 6.
Total Central Res. Citiss.
Dec. 6.
Nov. 29.
&ha Reserve Cities.
Dec. 6.*.
Nov. 29..
Country Banks.
Total.
Dec. 6. Nov. 29.
Dec. 8.
Nov. 29.
754
$
$
$
$
$
$
$
$
$
$
$
$
267,761,0
36,334,0 1,119,0 10,555,0
48,008,0 172,172,0 172,638,0 46,114,0 47,115,0 267,294,0
36,334,0
48,008,0
U. S. bonds to secure eiroulat'n
Other U. S. bonds, Including
896,592,0
270,345,0 283,664,0 52,920,0 29,146,0 361,411,0 384,241,0 402,530.0 425,938,0 83,495,0 86,413,0 847,436,0
Liberty bonds
721,974,0
U.S. certifs. of indebtedness_ 437,197,0 339,284,0 49,249,0 15,423,0 501,869,0 378,476,0 380,145,0 301,345,0 57,234,0 42,153,0 939,248,0
1,886,327,0
175,681,0
2,053,978,0
187,843,0
899,921,0
954,847,0
103,288,0
55,124,0
810,725,0
659,282,0
911,288,0
752,876,0
securities
Total U. S.
Loans see. by U.S. bonds, &c_ 638,833,0 607,103,0 51,847,0 19,181,0 709,861,0 685,390,0 486,291,0 485,672,0 79,315,0 77,650,0 1,275,467,0 1,248,712,0
All other loans & investments_ 3,674,875,0 3,746,550,0 875,637,0 261,060,0 4,811,572,0 4,883,480,0 4,653,649,0 4,700,936,0 855,230,0 868,377,0 10320 451 0 10,452,793,0
Reserve with Fed. Rea. Bank_ 617,244,0 595,270,0 103,639,0 28,523,0 754,406,0 726,761,0 449,649,0 405,802,0 61,724,0 59,701,0 1,265,779,0 1,192,264,0
392,097,0
116,525,0 114,485,0 37,031,0 7,301,0 160,857,0 158,883,0 197,586,0 192,338,0 44,515,0 40,876,0 402,958,0
Cash In vault
4,126,307,0 4,083,317,0 768,525,0 189,206,0 5,084,038,0 5,020,644,0 3,834,428,0 3,829,032,0 699,630,0 704,037,0 9,618,096,0 9,553,713,0
Net demand deposits
201,995,0 206,551,0 144,666,0 53,517,0 400,178,0 403,786,0 859,068,0 861,360,0 198,487,0 195,952,0 1,457,733,0 1,461,098,0
Time deposits
585,829,0
236,067,0 242,128,0 36,184,0 19,428,0 291,679,0 303,730,0 268,772,0 250.832,0 49,188,0 31,267,0 609,639,0
Government deposits
Ratio of combined reserve and
21.1
22.4
19.6
18.4
20.8
19.9
22.6
14.9
19.0
24.5
26.8
24.5
cash to total net deposits._
Number of reporting banks.-
64
64
44
14
122
122
466
467
165
165
753
*Including returns from six El Paso banks, shown In the country banks' column the week before. El Paso was made a reserve city Dec. 2.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Dec. 14:
Moderate liquidation of discounts and acceptances and a substantial gain in gold reserves are indicated in the Federal Reserve Board's weekly
bank statement issued as at close of business on Dec. 13 1918.
INVESTMENTS.-As against an increase of 16.5 millions in the total holdings of war paper the banks show a reduction of 30.9 millions in other
discounts. As a result the proportion of war paper to total earning assets of the banks shows an increase from 62 to 63%. New York reports a substantial reduction in the amount of war paper on hand, while Cleveland shows the largest increase in the holdings of this class of paper. Considerable
week
liquidation of other discounts is reported by the New York, Chicago and St. Louis banks. Acceptances on hand indicate net liquidation during the
is due largely
of 4.8 millions, the New York Bank reporting an even larger decrease. An increase of 5.9 millions in Government short-term securities
13.3
assets
millions.
declined
earning
Total
circulation.
to
note
bank
secure
certificates
Reserve
Treasury
Federal
2%
of
banks
to the purchase by the
DEPOSITS.-Government deposits declined 23.7 millions, while members' reserve deposits show an increase of 20.1 millions. Net deposits
because of the increase in the "float" declined 31.6 millions.
RESERVES.-The banks' gold reserves show a further gain of 11.1 millions, while their total cash reserves increased by 12.9 millions. This
to 49.9%.
Increase and the simultaneous reduction in aggregate net deposit liabilities account for a rise in the banks' reserve percentage from 49.5
NOTE CIRCULATION.-Federal Reserve Agents show an increaseof 22.8 millions net in Federal Reserve notes outstanding. The banks report
a total of 2,604.6 millions of Federal Reserve notes in actual circulation, an increase of about 20 millions for the week. Their aggregate liabilities on
Federal Reserve bank notes in circulation are 102.2 millions, or 9.4 millions more than the week before.
CAPITAL.-During the week the banks' paid-in capital increased by $188,000, largely as the result of payment for Federal Reserve bank stock by
newly admitted members in the Boston, New York and Cleveland districts.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year,
thus furnishing a useful comparison. 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.
FEDERAL RESERVE BANK OF NEW YORK.-The week statement issued by the bank subdivides some certain items that are included
under a more general classification in the statement prepared at Washington. Thus, "Other deposits, &c.," as of Dec. 13, consisted of "Foreign
Corporation," $4,422,576.
Government deposits," $92,140,883; "Non-member bank deposits, $4,473,057. and "Due to War in
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 13
1918.
Dec. 13 1918. Dec. 6 1918. Nov. 29 1918. Nov. 22 1918. Nov. 15 1918. Nov.8 1918. Nov. 1 1918. Oct. 25 1918. Dec. 14 1917.
$
$
376,679,000
415,676,000
5,829,000
502,840,000
393,810,000
52,500,000
829,913,000 781,528,0 )0 772,059,000 813,219,000 815,241,000 827,718,000 838,910,000 798,184,000
Total gold held by banks
Gold with Federal Reserve Agents..___ 1,107,771,000 1,207,377,000 1,216,541,000 1,168,917,000 1,166,579,000 1,145,640,000 1.149,859,000 1,184.998,000
61.950,000
73.233,000
63,460,000
74,957,000
80,821,000
78,129,000
76,613,000
78,496,000
Gold redemption fund
949,150,000
683,378,000
17,710,000
RESOURCES.
Gold In vault and in transit
Gold settlement fund-F. R. Board_
Gold with foreign agencies
Total gold reserves
Legal tender notes, silver,'ire
$
336,516,000
487,568,000
5,829,000
$
353,208,000
422,491,000
5,829,000
$
370,938,000
395,292,000
5,829,000
$
371,498,000
435,892,000
5,829,000
$
375,527,000
433,885,000
5,829.000
$
386,437,000
435,452,000
5,829.000
$
383,833,000
449,248,000
5,829.000
2,078,505,000 2,067,401,000 2,065,213,000 2,060,205,000 2,056,777,000 2,046,591,000 2,052,229.000 2,045,132.000 1,650,238,000
50,146,000
53,037,000
54,248,000
53,456.000
53,039,000
55,758,000
55,992,000
55,158,000
53,966,000
2,134,263,000 2,121,367,000 2,120,371,000 2,116,257,000 2,109,816,000 2,100,839,000 2,105,635,000 2,098,169,000 1,700,384,000
Total reserves
Sills discounted: Secured by Govern1,483,849,000 1,467,322,000 1,412,511,000 1,281,245,000 1,358,416,000 1,316,967,000 1,252,904,000 1,092,417,000 1 713,431,000
ment war obligations
365,614,000 396,462,000 402,684,000 428,190,000 439,392,000 480,271,000 493,043,000 453.747,000 f
All other
366,594,000 371,406,000 375,341,000 368,784,000 377,877,000 374,522,000 377,072,000 398,623,000 254,428,000
Bills bought in open market
2,216,057,000 2,235,190,000 2,190,536,000 2,078,219,000 2,175,685,000 2,171,760.000 2,123,019,000 1,944,787,000
Total bills on hand
28,251,000
29,472.000
29,479,000
29,189,000
29,478,000
29,134,000
29,132,000
29,190,000
U.S. Government long-term securities.
88,750,000 322,060,000
91,956.000
93,449,000
111,477,000 105,606,000
92,064,000 148,180,000
securities
short-term
U.S. Government
24,000
23,000
35,000
28,000
27,000
27,000
27,000
27,000
All other earning assets
967,859,000
53,774,000
48,046,000
994,000
2,356,750,000 2,370,019,000 2,312,359,000 2,255,560,000 2,298,640,000 2,293,223,000 2,241,276,000 2,295,122,000 1,070,673,000
Total earning assets
Uncollected items (deduct from gross
719,591,000 650,039,000 736,328,000 819,010,000 717,785.000 687,468,000 684.315,000 856,923,000 351,150,000
deposits)
6% redemp.fund agst. F.R.bank notes
All otLer resources
5,506,000
18,824,000
4,844,000 • 4,621,000
21,309,000
22,440,000
4,525,000
24,175,000
4,008,000
18,169,000
3,924.000
18,790,000
3,703.000
17,075,000
3,692.000
537,000
16.879.000
2,810,000
5.234,934,000 5.168.709.000 5.194.088.000 5.210.527.000 5.148.418.000 5.104.244.000 5.052.114.000 5.270.785.000 3.125.554.000
Total resources
* Includes amount formerly shown agains items duo from or due to other Federal Reserve banks net.
2356
THE.CHRONICLE
[VoL. 107.
Dec. 13 1918. Dec. 6 1918. Nov. 29 1918. Nov. 22 1918. Nov. 15 1918. Nov.3 1918. Nov.11918. Oct. 25 1918. Dec. 14 1917.
LIABILITIES.
$
$
$
$
$
$
$
S
S
Capital paid in
80,492,000
80,301,000
80,072,000
80,025,000
79,903,000
79,824,000
79,190,000
79,360,000
69,440,000
Surplus
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134 000
1,134,000
1.134,000
Government deposits
161,614,000 185,355,000 207,157,000 113,174,000 246,401,000 160,256,000 249,397,000
78,218,000
129,285,000
Duo to members-reserve account
1,567,927,000 1,547,838,000 1,488,893,000 1,604,033,000 1,449,949,000 1,545,906,000 1,442,493,000 1,683,499,000 1,549,030,000
Collection items
556,764,000 514,512,000 602,667,000 620,608,000 573.727,000 527,796,000 543,975,000 702,107,001) 196,767,000
Other deposits, incl. for. Gov't credits_ 106,012,000 106,685,000 105,894,000 113,967,000 113,385,000 114,941,000 111,827,000 117,001,000
14,282,000
Total gross deposits
2,392,317,000 2,354,390,000 2,404,611,000 2,451,782,000 2,383,462,000 2,348,989,000 2,347,692,000 2,580,825,000 1,889,364,000
F. It. notes In actual circulation
2,604,580,000 2,584,523,000 2,568,676,000 2,555,215,000 2,562,517,000 2,558,196,000 2,515.504,000 2,507,912,000 1,153.385,000
F. R. bank notes in circulation, net'lab. 102,202,000
92,799,000
86,003,000
80,504,000
72,930,000
68,864,000
63,338,000
58.859,000
8,000,000
All other liabilities
54,209,000
54,492,000
55,559,000
50,867.000
48.472,000
47,237,000
5,365,000
45,086,000
42,865,000
Total liabilities
5,234,934,000 5,168,709,000 5,194,988,000 5,219,527,000 5,148,418,000 5,104,244,000 5,052,114,000 5,270,785,000 3,125,554,000
Gold reserve against net deposit 'lab_
52.3%
52.5%
52.1%
51.4%
51.8%
50.9%
72.3%
51.7%
50.8%
Gold res. agst. F. It. notes in act. circ'n
51.5%
51.7%
51.3%
50.8%
50.2%
49.8%
78.7%
50.9%
50.7%
Ratio of gold reserves to net deposit and
Fd. Res. note liabilities combined_..
51.9%
51.8%
51.7%
50.9%
50.9%
50.6%
51.3%
75.1%
50.8%
Ratio of total reserves to net deposit and
Fed. Res. note liabilities combined_ _
49.5%
49.9%
50.0%
50.5%
49.9%
50.4%
49.8%
63.2%
49.6%
Ratio of gold reserves to F. It. notes in
actual circulation, after 9 ettIng aside
35% against net deposit II abilities_ _ _
59.5%
59.0%
59.8%
60.5%
59.6%
59.4%
60.6%
59.6%
Distribution by Matur0tiesS
o
0
0
o
0
0
1-15 (lays bills discounted and bought.. 1,453,;46,000 1,432,969,000 1,305,634,000 1,206,215.000 1,353,310.000 1,354,320,000 1,336,423,000 1,198,861,000 47a89,000
1-15 days U.S. Govt. short-term secs_
12,048,000
11,473,000
8,895.000
69,029,000
18,481.000
15,701,000
15,688,000 250,906,000
1-15 days municipal warrants
9,000
5,000
5,000
5,000
7,000
7,000
69,000
2.000
2,000
16-30 days bills discounted and bought_ 143,767,000 170,319,000 225,000,000 175,680,000 168,765,000 176,019,000 188,642.000 221,020,000
84,359,000
16-30 (lays U.S. Govt. short-term sees10,227,000
10,275,000
1,188,000
73,000
101,000
137,000
117,000
16-30 days municipal warrants
1,000
3,000
10,000
10,000
142,000
7,000
5.000
31-60 days bills discounted and bought_ 461,343,000 44,1,719,000 470,666,000 338,876,000 301.760.000 304,615,000 291,511,000 279,786,000 191,626,000
31-60 days U.S. Govt. short-term secs1,409,000
12,584,000
9,220,000
10,335,000
9,132,000
10,684,000
617,000
42,000
31 60 days municipal was•rants
14,000
16,000
4,000
6,000
15,000
15.000
5,000
151,000
7,000
61-90 days bills discounted and bought 132,992,000 164,334,000 165,185.000 337.346.000 334,095,000 319,973.000 284,735.000 232,891,000 213,195,000
61-90 days U.S. Govt. short-term secs899,000
351,000
1,086,000
2,023,000
2,194,000
3,557,000
8,109,000
8,676.000
61-90 days municipal warrants
5,000
3,000
10.000
632,000
10,000
Over 90 days bills discled and bought..
24,209,000
22,849,000
23,151.000
20,102,000
16,833,000
21,708,000
17,755,000
6,990,000
12,229,000
Over 90 days U.S.Govt.short-term secs.
86,894.000
70,323,000
72,275,000
66,793,000
63,569,000
61,913,000
64,199,000
62,319,000
Over 90 days municipal warrants
3,000
3,000
3,000
3,000
6.000
6,000
Federal Reserve NotesIssued to the banks
2,764,699.000 2,741,852,000 2,773,043,000 2,768,777,000 2.761,812,000 2,743,688,000 2,710,680,000 2,697,090,000 1,229,007,000
Held by banks
160,119,000 157,329.000 204,367,000 213,562,000 199,295,000 185.490,000 195,170,000 189,178,000
75,622,000
In circulation
2,604,580,000 2,584,523,000 2,568,676,000 2,555,215,001) 2,562,517,000 2,558,196,000 2,515,504,0002,507,012.000 1,153,385,000
Fed. ne3. Notes (Agents Accounts)Received from the Comptroller
3,781,800,000 3,731,861,000 3,692,060,000 3,660,540,000 3,629,140,000 3,609,760,0003,561,280.000 3,525,460,000, 1,693,820,000
Returned to the Comptroller
693,652,000 677,229,000 603,417,000 591,693,000 580,183,0001 572.078,000 562,931,000 560,860,0001 2,12,953,000
Amount chargeable to Agent
In hands of Agent
3,088.148,000 3,054.632,000 3.088,643,000 3,068,847,000 3,048,957.000 3,037,682,000 2,998,349,000 2,964,600,000 1,450,867,000
323,449,000 312,780.000 315,600,000 300,070,000 287,145,000 293,996,000 287,669,000
510,000;1 221,860,000
267.
II
Issued to Federal Reserve banks.... 2,764,699,000 2,741,852.000 2,773,043,000 2,768,777,000 2.761,012.000 2,743,686,000 2,710,680,000 2,697,090,000
1,229,007,000
How SecuredBy gold coin and certificates
250,327,000 231,627,000 212,627,000 211,626,000 210,176,000 198,176,000 200,176,000 207,176,0001 239,833,000
By lawful money
By eligible paper
1,596,9'28,000 1,534.475,000 1,556,502,000 1,599,860,000 1,595.233,000 1,598,046,000 1,560,821,000 1.512,092,0001 545,629,000
001(1 redemption fund
74,376,000
75,679,000
77,991,000
78,793.000
78.352,000
78,586,000
39,471,000
81,77(1,000
78.609,0001
With Federal Reserve Board
843,068,000 900,071,000 925,923,000 878,498,000 878.051,000 868,878,000 867,907,000 899,213.000 404,074,000
Total
2,764,699,000 2,741,852,000 2.773,043,000 2,768,777,000 2,761,812,000 2.743,686,000 2,710,680,000 2,697,090.000 1,229,007,000
Eligible paper delivered to F. R. Agent.. - •...... • 4., ..-..nr• .r. •..• • ..,.... .-...... •-• •• • ..,-.•-• •-“,.^. ••• ....-..• .••••••.• ••••-•,... •.• •...• .-•!••• •-••••.• ••• •• r• .-..., .,,,,, e• •-.....• ••••••,, •-•,.... • nn• n •,, ....nn •IS, f.,I1 "tn.
a Net amount due to other Federal Reserve banks. b This item Includes foreign Government credits. t Revised figures.
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS DEC. 13 1918.
Two ciphers (00) omitted.
Boston.
RESOURCES.
)old coin and certifs. in vault__
]old settlement fund
3010 with foreign agencies
$
3,834,0
39,727,0
408,0
8
S
8
3
254,657,0
248,0 15,954,0 2,398,0
127,605,0 35,306,0 43,274,0 16,986,0
2,011,0
525,0
408,0
204,0
Total gold held by banks
301(1 with Federal Res. Agents
3010 redemption fund
43,969,0
59,649,0
7,245,0
384,273,0 35,962,0 59,753,0 19,588,0 16,840,0 121,312,0 28,810,0 34,706,0 36,394,0 11,924,0 36,322,0 829,913,0
270,228.0 83,745,)) 115,174,0 60.481,0 43,055,0 233,266,0 52.933,0 56,615,0 52,645,0 22,436,0 117,49.1,0 1,167,771,0
25,000,0 7,900,0 1,636,0 5,590,0 5,844,0 13,001,0 3,306,0 4,177,0 3,051,0 2,201,0 1,270,0
80,821,0
Total gold reserves
:.egal-tender notes, silver, s&c
110,863,0
1,056,0
679,501,0 127,607,0 176,503,0 85,659.0 05,739,0 367,579.0 85,099,0 95,558,0 92,090,0 36,561,0 155,086,0 2,078,505,0
46,667,0
540,0
880,0
358,0
254,0 1,364,0 2,617,0
137,0
173,0
1,196,0
516,0
55,758,0
Total reserves
Bills discounted: Secured by Govt
war obligations
All other
Bills bought In open market_ _ _ _
111,919,0
726,168,0 128,147,0 177,443,0 86,017,0 65,993,0 368,943,0 87,716,0 95,695,0 92,863,0 37,757,0 155,602,0 2,134,263,0
127,797,0
10,840,0
14,660,0
624,953,0 163,285,0 145,823,f) 73,208,0 50,090,0 116,901,0 54,493,0 24,631,0 27,850,0 16,666,0 58,143,0 1,483,849,0
73,314,0 18,584,0 15,863,0 17,711,0 38,294,0 56,104,0 23,992,0 6,105,0 41,982,0 32,898,0 29,927,0 365,614,0
99,521,0 5,694,0 49,466,0 4,090,0 11,807,0 98,137,0 6,926,0 18,984,0 9,895,0 3,300,0 44,114,0 366,594,0
153,297,0
1,403,0
5,416,0
797,788,0 187,563,0 211,152,0 95,009,0 100,197,0 271,145,0 85,411,0 49,720,0 79,727,0 52,864,0 132,184,0 2,210,057,0
1,396,0 1,425,0 1,088,0 1,234,0
529,0 4,509,0 1,153,0
124,0 8,807,0 4,000,0 3,461,0
29,189,0
41,789,0 8,909,0 13,019,0 3,784,0 5,016,0 12,612,0 '5,568,0 4,927,0 3,506,0 2,915,0 3,986,0 111,477,0
...
27,0
27,0
Total earning assets
160,116,0
Jncollected items(deducted from
gross deposits)
63,377,0
840,973,0 197,897,0 225,289,0 100,027,0 105,769,0 288,266,0 92,132,0 54,771,0 92,100,0 59,779,0 139,631,0 2,356,750,0
Total bills on hand
7. S. long-term securities
7. S. short-term securities
kll other earning assets
i% redemption fund against Federa' Reserve bank notes
611 other resources
Total resources
245,0
1,087,0
New York. Philadel. Cleveland. Richm'ct. Atlanta. Chicago. St. Louts. Minneap. Ran. City
$
S
S
8
$
7,856,0 23,596,0 2,249,0 8,284,0
289,0
8,809,0 96,900,0 26,328,0 26,249,0 35,814,0
175,0
816,0
233,0
291,0
233,0
Dallas. San ?run.
_
$
S
5,697,0 11,454,0
6,023,0 24,547,0
201,0
321,0
174,960,0 70,144,0 52,322,0 56,517,0 36,085,0 75,888,0 54,578,0 15,575,0 52,218,0 25,454,0 42,473,0
t..,.
1,492,0
294,0
413,0
400,0
778,0
251,0
268,0
237,0
566,0
277,0
282,0
6,080,0 2,972,0
799,0 1,086,0
799,0 1,501,0
650,0
208,0 1,059,0
1,718,0
865,0
Tata.
S
336,516,0
487,568,0
5,829,0
719,591,0
"
5,500,0
18,824,0
336,744,0 1,749,073,0 399,560,0 456,266,0 243,941,0 208,900,0 735,376,0 235,344,0 166,486,0 238,806,0 124,132,0 339,706,0 5,234,934,0
it. t,, gl
i
11,%
,
1
20,773,0 7,546,0 8,972,0 4,050,0 3,189,0 11,123,0 3,798,0 2,929,0 3,059,0 3,161,0 4,014,0
80,492,0
116,0
40,0
216,0
649,0
38,0
1,134,0
37,439,0 8,078,0 26,879,0 5,554,0 13,352,0 14,508,0 7,663,0 6,035,0 9,133,0 8,309,0 5,140,0 161,614,0
671,669,0 77,795,0 120,045,0 52,085,0 41,130,0 218,457,0 56,432,0 49,314,0 69,733,0 34,249,0 82,188,0 1,567,927,0
148,838,0 68,828,0 39,414,0 40,994,0 25,815,0 55,103,0 44,928,0 10,591,0 31,944,0 14,021,0 25,105,0 556,764,0
101,037,0
10,0 1,914,0
18,0
132,0
19,0
2,882,0 106,012,0
LIABILITIES.
japItal paid in
6,688,0
lupins
75,0
3overnment deposits
19,524,0
3tio to members--Reservo acel_ 91,830,0
Jones:30)n items
51,183,0
)th. deposits Incl. for Gov't cred.
Total gross deposits
165,537,0
F. It. notes in actual circulation_ 155,817,0
4,872,0
E. R. bank notes In ciren-Net_
3,755,0
11 other liabilities
958,983,0 154,701,0 186,356,0 98,633,0 80,307,0 289,982,0 109,155,0 05,959,0 110,810,0 56,579,0 115,315,0 2,392,317,0
718,518,0 226,458,0 2,18,583,0 135,667,0 118,822,0 411,823,0 115,110,0 92,291,0 111,231,0 58,300,0 211,900,0 2,004,580,0
30,508,0 7,702.0 8,389,0 2,856,0 4,777,0 15,362,0 5,217,0 3,591,0 9,990,0 4,302,0 4,636,0 102,202,0
20,242,0 3,153,0 3,960,0 2,619,0 1,765,0 6,870,0 2,064,0 1,678,0 3,116,0 1,740,0 3,241,0
54,209,0
Total liabilities
336,744,0 1,749,67:1,0 399,560,0 .156,266,0 243,941,0 208,900,0 735,376,0 235.344,0 166,486,0 238,806,0 124,132,0 339,700,0 5,234,930,4
*Difference between net amounts due from and net amounts hie to other Federal Reserve banks. a Net amount duo to other Federal Reserve Banks. * Overdraft
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DEC. 13 1918.
Two ciphers (00) omitted.
Boston.
New York. P/31Iadel. Cleveland. Richred. Atlanta. Chicago. Si. Lotts. 3finneap, Kan.(11y
Dallas. San F;an.
Toes
Federal Reserve notes5
$
$
$
$
Received from Comptroller... 236,140,0 1,228,480,0 324,420,0 316,4-0,0 194,280,0 192,880,0 522,480,0 150,240,0 116,480,0 153,700,0 99,920,0 240,320,0 3,781,800,0
Returned to Comptroller
52,818,0 328,787,0 60,788,0 33,083,0 35,889,0 26,530,0 44,479,0, 27,752,0 18,559,0 26,715,0 20,950,0 17,302,0 693,652,0
1
Chargeable to F. R. Agent
183,322,0 899,693,0 263,632,0283,377,0 158,391.0166,350,0 478,001,0,128,488,0
97,921,0 126,985,0 7S,070.0!22,018,0 3,088,148,0
In hands of F. R. Agent
18,120,0 116,000,0 29,760,0 22,480,0 10,100,0 44,404,0. 44,600,01 6,475,01 4,350,0 8,020,0 19,140,01 '
1 323,449,0
1
I
Issued to F. It. flank
165,202,0 783,693,0 233,872,0 260,897,01 148,291,0 121,916,0 433,401,0 122,013,01 93,571,0 118,065,0 59,830,0 223,018,0 2,764,699,0
Held by F. R. Agent-1
001d coin and certificates
5,000,0 183,740,0
31,450,0
2,504,0
2,000,0 13,052,0
12,581,0
250,327,0
Gold redemption fund
8,551,0
12,488,0 11,989.0; 13,724,0 1,481,0 2,781,0 2,854,0 2,853,01 1,763,0 2,785,0 3,171,0 9,933,0
74,376,0
Gold Sett. F(1., F. R. Board
46,095,0
74,000,0 71,756,0 70,000,0 59,000,0 37,770,0 230,412,0 48,130,0, 41,800,0 49,860,0 6,684,0 107,5(11,0 843,008,0
105,553,0 513,465,0 150,127,0 145,723,0 87,810,0 78,891,0 200,135,0 69,030,0 36,956,0 66,320,0 37,394,0 105,524,0 1,596,928,0
Eligible paper, min. req'd
Total
165,202,0
Amount of eligible paper deity
ered to F. R. Agent
153,297,0
F. R. notes outstanding
F. R. notes held by banks
165,202,0
9,385,0
F. R. notes in actual clrcula'n_ 155,817,0
783,693,0 233,872,0 260,897,0148,291,0 121,946,0'433,401,0 122,013,0 93,571,0 118,965,0 59,830,0223,018,0 2,764,090,0
797,788,0 175,721,0 211,152,0; 94,386,0 84,746,0 2/1,145,01 81,194,0 48,595,0 79,727,0 52,864,0 125,795,0 2,176,410,0
783,693,0 233,872,0 260,897,0 148,291,0 121,946,0 433,401.0 122,013,0 93,571,0 118,965,0 59,830,0 223,018,0 2,764,699,0
65,175,0 7,414.0 12,314,0 12,624,0 3,124,0; 21,578,0 6,903,0 1,280,0 7,734,0 1,470,0 11,118,0 160,119,0
718,518,0 226,458,0 248,583,0 135,667,0 118,822,0 411,823,0 115,110,0. 92,291,0 111,231,0 58,360,0 211,900,0 2,604,580,0
THE CHRONICLE
DEC. 21 1918.]
2357
Statement of New York City Clearing House Banks and Trust Companies.-The following detailed statement
shows the condition of the Now York City Clearing House members for the week ending Doe. 14. The figures for the separate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week FAuling
Dec. 14 1918.
Net
Profits.
Capital.
Loans,
Discounts,
(Nat. Banks Nov. 11 Investments,
State Banks Nov. 1 ?
d;c.
(Trust Co's Nov. 11
Members of Federal
Reserve Bank.
Bank of N Y. N B A_
Bank of Manhat Co_
Merchants' National_
Meeh & Metals Nat..
flank of America__
National City
Chemical National__
Atlantic National __
Nat Butch & Drovers
American Exeh Nat_
Nat Bank of Comm__
Pacific
Chat & Phenix Nat__
Hanover Natlonal___
Ottizene' National_
Metropolitan
Corn Exchange
Importers& Trad Nat
National Park
East River National_
Second National__
First National
Irving National
N Y County National
Continental
..
Chase National
Fifth Avenue
Commercial Exch___
Commonwealth _ _
Lincoln, National__ __
Garfield National___
Filth National..._
Seaboard National__
Liberty National__ _
Coal dr iron National
Union Exchange Nat.
Brooklyn Trust Co.._
Bankers Trust Co___
U H Mtge & Trust Co
Guaranty Trust Co__
Fidelity Trust Co__
Columbia Trust Co_
Peoples Trust Co_ ___
New York Trust Co_
Franklin Trust Co-_
Lincoln Trust Co____
Metropolitan Trust__
Nassau Nat, D'klyn_
Irving Trust Co
Farmers Loan & Tr__
Gold.
Average.
$
2,000,000
2,500,000
2,000,000
6,000.000
1,500,000
25,000,000
3,000.000
1,000,000
300.000
5,000,000
25,000,000
500,000
3.500,000
3,000,000
2,550,000
2,000,000
3,500.000
1,5()0,000
5,000,000
250,000
1,000,000
10,000,000
4,500,000
1,00(1,000
1,000,000
10,000,000
200,000
200,000
400,000
1,000,000
1,000,000
250.000
1,000,000
3,000,000
1,000,000
1,000,000
1,500,000
11,250,000
'2,000.000
25,000,000
1,000,000
5,000,000
1,000,000
3,000,000
1,000.000
1,000,000
2,000,000
1,000,000
1,500,000
5,000,000
$
5,525,500
7,165,700
2,809,700
11,137,700
6.859,700
51,380,200
9,623.200
951,000
108,600
5,571,300
24,376,700
1,097,600
3,081,400
18,278,000
2,992,200
2,316,800
8,548,600
8,023,000
18,591,200
100,800
4,018,200
31,008,600
5,647,300
392,900
661,000
15,522,900
2,223,700
871,100
753,900
2,008,600
1,372,600
408,000
3,716,100
4,132,800
1,028,100
1,326,500
2,518,300
16,283,200
4,628,600
27,428,900
1,283,200
6,850,500
1,306,400
10,769,900
1,170,100
614,300
4,383,200
1,173,000
1,142,000
12,009,8(10
National
Bank
and
Federal
Reserve
Notes.
Legal
Tenders.
Reserve
with
Legal
Depositaries.
Additional
Deposits
with
Legal
Depositaries.
Average.
46,435,000
61,710,000
30,089,000
165,236,000
31,002,000
585,912,000
82,968,000
17,217,000
3,044,000
112,121,000
401,020,000
14,543,00(
92,004,000
133,141,00
41,900,00
38,046,00(
100,887,000
34,415,00
198,643,000
3,240,000
18,826,000
338,582,001
101,652,0(10
11,124,000
6,826,000
317,594,000
19,798,000
5,917,000
6,842,000
15,268,000
12,470,000
7,431,000
49,454,000
72,139,000
15,203,000
13,577,000
37,513,000
267,850,000
59,808,000
456,369,000
10,688,000
93,663,000
26,765,000
102,266,000
28,622,000
19,963,000
50,763,000
15,853,000
42,233,000
125,220,000
Average.
Average.
Average. Average.
Average.
$
$
$
24,000
214,000 4,606,000
109,000
85,000
334,000
426,000 1,096,000 5,819,000
301,000
81,000
70,000
158,000 3,061,000
243,000
7,762,000
160,000 1,314,000 2,075.000 34,151,000
655,000
336,000
170,000
460,000 4,384,000
8,389,000 3,025,000
874,000 2,414,000 105,215,000
145,000
676,000 8,296,000
551,000
246,000
89,000
206,000 1,855,000
199,00
123,000
11,000
373.00(
48,000
56,000
8,000
594,000
153,000
457,000 1,384,000 11,173,000
95,000
256,000
541,000 1,402,000 38,366,00
55,000
312,000
778,000 1,735,000
227,000
470,000
485,000 1,028,000 2,975,000 12.428,000
4,170,000
196,000
711,000 21,381,000
432,000
108,000
564,000
30,000
510,000 5,545.000
561,000
147,000
662,000 1,075,000 3,249,000
1,171,000
151,000 2,643,000 4,551,000 15,765,000
(36,000
418,000
242,000 3,425,000
52,000
55,000
541,000
653,000 1,309,000 21,022,000
3,000
150,000
16,000
562,000
42,000
08,000
21,00
276,000
628,000 2,357,000
11,000
398,000
580,000 21,080,000
668,000
1,045,000
430,000 2,087,000 2,000,000 14,805,000
51,000
43,000
216,000
654,000 1,489,000
33,000
13,000
101,000
16,000
769,000
600,000 2,868,000 1,344,000
690,000 41,075,000
57,000
164,000
522,000
839,000 2,328,000
52,000
51,000
84,000
880,000
105,000
40,000
18,000
152,000
909,000
160,000
121,000
158,000
161,000
762,000 2,630,000
4,000
5,000
100,000
246,000 1,541,000
34,000
32,000
232,000
889,000
194,000
361,000
252,000
135,000
574,000 5,991,000
190,000
21,000
437,000 8,717,000
6,000
39,000
611,000 1,603,000
150,000
14,00(
52.000
311,000
305,000 1,784,000
81,000
30,000
124.000
561,000 3,429,000
155,000
144,000
55,000
784,000 27,091,000
40,000
89,000
172,000
309,000 6,971,000
1,771,000
119,000
310,000 2,854,000 51,759,000
90,000
38,000
159,00
1,249,000
52,000
17,000
55,000
241,000
843,000 9,303.000
48,000
85,000
267,000
652,000 2,233,000
52,000
11,000
8,000
197,000 7,705,000
76,000
36,000
140,000
213,000 2,032.000
20,000
10,000
20,000
387,000 1.838,000
71,000
33,000
40,000
699,000 4,454,000
3,000
81,000
77,000
371,000 1,038,000
91,000
121,000
515,000 2,037,000 4.787,000
3,742,000
13,000
300,000 15.882,000
60,000
Average for week__ 102,900,000 355,796,400 4,543,852,000 33,812,000 12,476,000 19,939,000 41,628,000 551,089,000
Totals, actual conditi on
Totals, actual conditi on
Totals, actual conditi on
Totals, actual conditi on
State Banks.
Greenwich
Bowery
N '1 Produce Exch.State
Totals, avge for wk
Totals, actual
Totals, actual
Totals, actual
Totals, actual
3,750,000
Totals, avge for wk
4,018,200
Dec. 14
Dee. 7
Nov. 30
Nov. 23
1,210,000
290,000
1,719.000
2,543,000
127,000
31,000
349,000
74,460,000 2,835,000 1,443,00,0 1,119,000 3,233,000
5,762.000
75,042,000
74,752,000
71,100,000
71,557,000
2,021,000
1,093,000
2,768,000
2,784,000
2,728,000
3,007,000
9,000,000 17,184,100
Dec. 14
Dec. 7
Nov. 30
Nov. 2:3
1,409,000 1,292,000 2,973,000
1,257,000
914,000 3,557,000
996,000 3,658,000
1,427,000
938,000 3,469,000
1,149,000
122,000
176,000
221,000
62,000
572,000
443,000
National
Bank
Circulation.
Average.
Average.
Average.
S
764,000
32,837,000 1,794,000
51,046,000
22,782,000
292,000 1,803,000
172,188,000 9,635,000 3,730,000
27,614,000
603,484,000 15,618,000 1,445,000
438,000
59,485,000 4,970,000
13,791,000
145,000
557,000
2,711,000
295,000
82,638,000 5,809,000 4,917,000
290,375,000 4,866,000
14,493,000
75,000
81,524,000 7,784,000 2,203.000
133,080,000
150.000
295,000
979,000
34,195,000
23,704,000
50,000
107,655,000
51,000
24,906,000
160,802,000 4,041,000 4,922,000
49,000
3,832,000
650,000
15,517,000
157,763,000 1,451.000 8,246,000
775,000 1,000,000
105,609,000
196,000
217,000
10,248,000
25,000
4,845,000
283,135,000 9,678,000 1,100,000
17,492,000
5,907,000
6,685,000
210.000
100,000
15,000,000
394,000
10,201,000
36,000
371,000j 245.000
6,081,000
70.000
45,086,000
140,000;
800,000
62,334,000 1,654,0001
411,000
12,328,000
431,0001
397,000
13,859,000
483,000
23,454,000 4,597,000
219,245,000 11,008,000
46,594,000 2,723,000
367,667,000 22,240,000
455,000
8,371,000
64,787,000 8,730,000
22,457,000 1,622,000
51,267,000 2,719,000
14,450,000 1,744,000
12,620,000 1,80(3,000
32,302,000 1,163,000
50,000
653,000
10,138,000
37,761,000 1,076,000
112,895,000 8,440,000
3,770,285,000 140,022,000 35,698,000
3,682,305,000 150,975,000 35.654,000
3,628,302,000 152.898.00035,446.000
3,712,817,000 152,203,00035,565,000
203,000 1,296,000
256,000
13,000
661.000
482,000
421,000 1,020,000
Nol Mem bets of Fed eral Reserve Bank.
39,036,000
112,000
5,0(10,000 11,947,900
23,112,000
193,000
4,000,000 5,236,200
Totals, actual condlti on
Totals, actual conditi on
Totals, actual conditi on
Totals, actual condlt1 on
97,000
33,000
551,0(10
762,000
Net
Time
Deposits.
3,739,930,000 140,123,000 35.660.000
4,536,260,000 33,730,000 11,797,000 19,664,000 39,098,000 533,758,000
4,533,020,000 34,202,000 13,516,000 19,915,000 40.214,000 553,208,000
4,489,912,000 34,743,000 13,438,000 20,926,000 36,973,000 539,317,000
4,545,815,000 36,401,000 13,681,000 20,426,000 36,949,000 583,362.000
Not Mem bets of Fed era) Reserve Sank.
500,000 1,476,800
15,076,000
600,000
250,000
816,600
5,265,000
278,000
1,000,01)0 1,206,500
19,755,000
454,000
2,000,000
548,300
34,364,000 1,503,000
conditi on
conditi on
conditi on
conditi on
Trust Companies.
Title Guar & Trust_
Lawyers Title & Tr_ _
Dec. 14
Dec. 7
Nov. 30
Nov. 23
Net
Demand
Deposits.
15,262,000
4,838,000
20,810,000
34,287,000
67,000
507,000
75,197,000
72,000
5,728,000 1,052,000
5,822,000
158,000
6,110,000
421,000
5,626,000
195,000
75,956,000
75,351,000
75,120,000
74,289,000
72,000
71,0(10
71,000
68,000
20,420,000
12,640,000
418,000
575,000
711,000
315,000
5,000
62,148,000
305,000
298,000
283,000 1,015,000
3,114,000 1,026,000
33,060,000
993,000
61,717,000
62,569,000
61.884,000
63,149.000
297,000
309,0(10
291,000
291,000
299,000
320,000
292,000
298,000
260,000
276,000
211,000
323,000
890,000
968,000
804,000
854,000
3,194,000
935,000
2,976,000
910,000
3.250,000 1,519,000
3,433,000 1,893,000
33,258,000
33,215,000
34,103,000
33,878,000
1,075,000
976.000
1,033,000
1,032,000
Grand aggregate,avge 205,650,000 377,028,700 4,680,460,000 36,952,000 14,217,000 21,341,000 45,876,000 559,965,000 1,533,000 a3,848,187,000 141,188,000 35,660,000
Comparison prey wk_
+52,079,000 -702,000 -1,295,000
-2,000 +1719000 +14232000 +87,000 +65,072,000 -11,647,000 +61,000
Grand ag'gate. actual condition
Comparison prey wk.
Grand
Grand
Grand
Urand
ag'gate, actual
ag'gate, actual
agitate, actual
ag'gate, actual
condition
condition
condition
condition
Dec. 14_ __ 4,673,028,000 36,795,000 13,505,000 21,21(3,000 42,961,000 542.080.000 1,987,000 b3,879,499,000 141,169,000 35,698,000
+2,687,000 -500,000,1,588,000 +111,000 -1,778,000 -19,326.000 +919.000 +88.628,000 -10,853,000 +44,000
Dee. 7___
Nov. 30._
Nov. 23___
Nov. 16___
a U. S. deposits deducted, $188,755,000.
4,670,341,000 37,295,000 15,093,000 21,105,000 44,739,000 562,006,000
4,622,986,000 37,762,000 15,157,000 22,133,000 41,435.000 548,677,000
4,680,521,000 39,699,000 15,128,000 21,687,000,41,272,000592.421.000
4,780,928,000 39,037,000 14,830,000 22,092,000140,900,000523,031,000
1,068,000
1,940.000
2.088,000
1.475,000
3,790,871,000 152.022,000 35,654,000
3737525,00(1 154,002,000 35,446,000
3.820.984.000 153,303,000 35,565,000
3,812.322.000 154.028.000 35.615.000
b U. S. deposts deducted, $167,006,000.
STATEMENTS OF RESERVE POSITION.
Averages.
Cash
Rennie
in Vault.
Members Federal
Reserve Bank
State banks
Trust companies*
Total Dec. 14..
Total Dec. 7..
Total Nov.30_
Total Nov.23_
V-
Reserve
in
Depositaries
Total
Reserve.
a
Reserve
Required.
Actual Figures.
Surplus
Reserve.
Inc. or Dec.
from
PreviousWeek
$
$
551,089,000 551,089,000 490,391.590 60,691,410 +6,237,840
a
8,630,000 5,762,000 14,392,000 13,535,460
856,540
-203,740
1,901,000 3,114,000 5,015,000 4,950,000
56,000
-3,500
10,531,000 559,965,000 570,496,000 508,889,050
10,021,000 545,733,000 556,351,000 500,777,650
10,444,000 556,766,001) 567,210,000 498,822,920
10,458,000 561,418,000 571,876,000 507,407,490
61,606,950 +6,030,600
55,576,:450-12,810,730
(38,387,080 +3,978,570
64,408,510 -5,021,4801
Cash
Reserve
in Vault.
Reserve
in
Depositaries
Total
Reserve.
b
Reserve
Requtred.
Surplus
Reserve.
Inc. or Dec.
from
PrevioualVeek
$
$
5
$
$
s
533.758,000 533,758,000 494,337,710 39,420.290 -30,558,810
b
8,442,000 5,728,000 14,170.000 13,672,080
497,920
-272,900
1,746,000 3,194,000 4,910,000 4,988,700 def48,700
+84,550
10,188,000542,630,000 552,868.000 512,998,490
10,385,000 562.006.000 572,391,000 501,774,330
10,407,000 548,677,000 559.084.000 494,903,250
10,329,000 592,421,000,602,750.000 505,686,020
39,869,510 -30,747,160
70,616,670 +6,435,920
64,180,750 -32.883,230
97,063,980 +68,251,250
• Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the ease of State batiks and trust companies, but In the case of members of the Federal Reserve Banks
Includes also amount of reserve required on net time deposits, which was as follows: Dee. 14, $4,203,690; Dec. 7, $4,552,200; Nov. 30, $4,597,470: Nov. 23, $4,614,030.
b This Is the reserve required on net demand depomita in the ease 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. 14, $1,200,660; Dec. 7, $4,529,250; Nov. 30, 54,586,940; Nov. 23, $4,566,090.
c Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Dec. 14, $107,855,000; Dec. 7, $108,045,000; Nov. 30, $107,625,000; Nov. 23, $108,056,000.
d Amounts of cash In vaults, which is no longer counted as reserve for members of the Federal Reserve I3ank, was as follows:
Dec. 14, $104,289,000; Dec. 7, 5107,847,000; Nov. 30, $106,080,000; Nov. 23, $107,457,000.
THE -CHRONICLE
2358
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as rollows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from
Dec. 14.
previous week.
$703,647,700 Inc. $1,895,100
Loans and investments
22,400
8,018,300 Dec.
Specie
88,500
15,701,000 Inc.
Currency and bank notes
59,106,800 Inc. 4,945,700
Deposits with the F. It. Bank of New York
750,899,600 Inc. 4,626,500
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S. deposits 679,228,100 Inc. 3,369,200
751,600
125,481,300 Inc.
Reserve on deposits
Percentage of reserve, 20.6%.
RESERVE.
-Stale Banks- -Trust Companies
$66,779,200 13.99%
$16,046,900 12.34%
Cash in vaults
9.98%
29,683,100 6.21%
Deposits in banks and trust cos_-_.. 12,975,100
$29,022,000 22.32%
Total
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
Loans
and
Demand
Investments Deposits.
Specie.
Total Reserve in
*
Legal
Cash in DeposiCaries.
Tenders. Vault.
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov.30
Dee 7
8
8
5,281,063,9 4,317,718,7
5,230,921.4 4,314,490,2
5,173.081.5 4,406,150,0
5,249,106,5 4,475,183,9
5.233.177,2 4,418,249,8
5,294,283,0 4,427,043.3
5,296,960,1 4,450,212,9
5,373.198,8 4,537,675,4
5,413.086.8 4.435,747,0
5,386.267,9 4,487,786,5
5,457.805,1 4,520,463,6
5,499.400.2 4,364,815,8
5,471.164,4 4,430,932,2
5,489,226,0 4,515.346,9
5,470.203,8 4,511,208,2
5,360,177,9 4,449,150,6
5,330,133,6 4,458,973,9
$
72,650,0
72,410,2
71,853.1
70,700.1
71,038,6
70,472.1
70,816.0
69,970,7
69,765.2
70,376.0
71,255,2
69,692,6
68,979,4
69,440.7
69,250,6
68,759,7
67,037,7
$
11
$
90,058,1 162,708,1 549,748,1
86,569,3 158.979.5 551,742.5
86,335,2 158,188,3 558,574,4
87,712,1 158.412,2 583,5,54,8
88,345,3 159,383.9 554.898,2
96,532,8 167,004,9 $71,118,2
94,623,1 165,439,11567,573.3
91,434,6 161.405,31587,014,3
85,251,7 155.019,9,574,142.4
92,445,8 162,821,81580,295,4
94.750.5 166,005,7 619,305,3
85,425.1 155,117,7 585,223,6
89,755.9 158.735,3 591.280.8
91,559.5 161,000,2,610,910,4
92,303,2 161,553,8603,681.3
93,400,6 162,160,3 602.957,6
89,940,6 156,978,3 592,651,4
MN, 14
A 9344 1117 7 4 A97 41A 1
RA 211 9 09 979 A 1A11 AR4 1 A119 A91 9
Week
Ended-
STATE BANKS AND
•Included with "Legal Ten( era" are national bank notes and Fed. Reserve notes
held by State banks and trust cos., but not those held by Fed. Reserve members.
In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
TausT
COMPANIES IN NEW YORK CITY.
Trust Companies.
State Banks.
Week ended Dec. 14.
Dec. 14.
1918.
Differeoces from
previous week.
Dec. 14.
1918.
Differences from
previous week.
3
$
$
$
99,550,000:
24,100,0001
169,723,000
42,973,000
485,172,200 Inc. 5,231,200 1,922,401,300 Inc. 9,716,900
38,400
12,751,000 Inc.
28,200
9,697,600 Dec.
938,000
20,542,500 Inc.
259,200
26,795,600 Dec.
i
21,100 194,486,200 Inc. 6,973,600
43,964,700 Inc.
573,357,900 Inc. 1,902,400 1,900,560,900 Inc. 8,584,200
594,400
99,340,500 Inc. ' 152,000 280,921,000 Inc.
0.1%
18.4% Dec.
0.4%
22.3% Inc.
- --suma
below
give
-We
Banks.
House
Clearing
Boston
Capital as of Nov. 1.
Surplusas of Nov.l.
Loans and investm'ts
Specie
Currency & bk. notes
Deposits with the F.
R. Bank of N. Y
Deposits
Reserve on depositsP. C. reserve to dep.
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
$96,462,300 20.20%
The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
[VoL. 107
BOSTON CLEARING HOUSE MEMBERS.
Dec. 14
1918.
Chandes from
previous week.
Dec 7
1918
Nov. 30
1018
3
4,737,000 Inc.
Circulation
Loans, disc'ts & investments_ 533,210,000 Inc.
Individual deposits, Inci.U.S. 442,441,000 Dec.
115,005,000 Dec.
Due to banks
13,838,000 Dec.
Time deposits
Exchanges for Clear. House_ 15,370,000 Dec.
72,385,000 Dec.
Due from other banks
Cash in bank & in F. R.Bank 62,991,000 Inc.
Reserve excess in bank and
15,607,000 Dec.
Federal Reserve Bank
29,000 4,708,000 4,703,000
0,813,000 523,397,000 533,132,000
4,053,000 446,494,000 458,044,000
1,714,000 116,719,000 114,880,000
238,000 14,076,000 14,005.000
1,310,000 16,680,000 16,580,000
2,660,000 75,045,000 77,537,000
1,059,000 64,050,000 62,819,000
872,000 16,479,000 14,518,000
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending Dec. 14, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Dec. 11 1918.
Two ciphers (00) omitted.
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed.Res.Bank
Res've with legal deposit's
Cash in vaults
Total reserve & cash held..
Reserve required
Excess res. & cash in vault
Dcc. 7
1918.
Trust
Cos.
Membersof
F.R.System
33,000,0
7,498,0
25,472,0
356,0
10,0
276,0
15,310,0
$28,475,0
77,331,0
713,196,0
22,331,0
116,630,0
151,141,0
455,865,0
4,972,0
611,978,0
$31,475,0
81,829,0
738,668,0
22,687,0
116,640,0
151,417,0
471,175,0
4,972,0
627,564,0
22,720,0
50,156,0
2,124,0
18,475,0
70,755,0
49,236,0
21,519,0
15,586,0
50,156,0,
17,712,0
67,868,0
46,953,0
20,915,0
Nov. 30
1918.
Total.
2,124,0
763,0
2,887,0
2,283,0
604,0
331,475,0
85,075,0
739,703,0
24,513,0
116,323,0
152,325,0
468,885,0
4,883,0
626,093,0
32,021,0
51,322,0
1,880,0
19,058,0
72,260,0
48,931,0
23,320.0
331,475,0
85,165,0
733,911,0
25,189,0
122,448,0
152,011,0
469,482,0
4,776,0
626,269,0
27,593,0
50,905,0
1,932,0
17,976,0
70,813,0
48,264,0
22,549,0
•Cash In vault is not counted as reserve tor Federal Reserve bank members.
Non-Member Banks and Trust Companies.-Following is
the report made to the
Clearing House by clearing
non-
page:
member institutions which are not included in the "Clearing House return" on the preceding
HOUSE.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
Net
I
Capital. I Profits,
CLEARING
NON-MEMBERS.
Nat. banks Nov. 1
Week ending Dec. 141918. IState banks Nov.1
Trust cos. Nov. 1
Loans,
Discounts,
Investments,
Abe.
Gold.
Legal
Tenders.
Silver.
National
Bank
& Federal
Reserve
Notes.
Average. Average. Average. Average.
Average.
Members of
$
$
$
$
$
8
S.
Federal Reserve Bank.
137,000
28,000
16,000
12,000
Battery Park Nat. Bank_.-- 1,500,000 1,549,200 11,472,000
204,000
250,000
24,000
651,200 13,580,000
1,000,000
Columbia Bank
121,000
133,000
20,000
548,000 7,889,000
200.000
Mutual Bank
182,000
53,000
14,000
5,000
196,500 4,324,000
200.000
New Netherland Bank
4,000
5,000
757,100 7,683,000
500,000
W.R. Grace & Co.'s bank._ _
250,000
50,000
1,000
609,100 8,198,000
200,000
Yorkville Bank
124,000
65,000
23,000
4,000
663,100 7,652,000
300,000
First Nat. Bank, Brooklyn__
170,000
56,000
32,000
2,000
595,000 6,140,000
300,000
Nat. City Bank, Brooklyn..
283,000
85,000
156,000
80,000
400,000 1,325,800 10,268,000
Firs, Nat. Bank, Jersey City
152,000
61,000
3,000
39,000
761,200 5,292,000
250,000
gudson Co. Nat., Jersey City
Reserve
with
Legal
Deposilanes.
Additional
Deposits
with Legal
DeposiDries.
63,290,000 6,574,000 1,187,000
268,000
781,000 1,623,000 8,823,000 6,587,000
State Banks.
Not Members of the
Federal Reserve Bank.
469,500 2,411,000
100,000
Sank of Washington Heights_
500,000 1,088,400 10,485,000
.7lolon!al Bank
198,800 5,389,000
500,000
International Bank. __ . _ ..
865,700 23,657,000
Meets/Ace' Bank. Brooklyn_ 1,600.000
226,600 4,879,000
200,000
North Side Bank. Brooklyn__
70,000
209,000
154,000
116,000
15,000
287,000
11,000
253,000
19,000
39,000
503,000
70,000
528,000
119,000
Total.__.3,100,000 3,397,000 46,821,000
564,000
Total _ _ ,__ ......
-
323,000
2,129,000
11,286,000
4,687,000
24,661,000
4,403,000
039,000
39,000
319,000
570,000 1,259,000 1,975,000 3,232,000
744,000
47,160,000
997,000
7,734,000
8,526,000
314,000
18,000
10,000
20,000
700,000 1,408,600 16,260,000
332,000
30,000
500,000 1,030,700
377,000
200,000
868,000
8,450,000 11,913,800 145,479,000 1,068,000
Rand aggregate
+2,070,000 -28,000 -153,000
Jomparlson previous week_
Increase
$187,880
Excess reserve
)rand aggregate Dec. 7... 8.450.061111,913,800 143,409,000 1,096,000 1,021,000
919,000
8,450,000 11,913,800 141,878,000 1,083,000
3rand aggregate Nov. 30
7,350,000 11,035,300 141,095,000 1,117,000 1,196,000
aggregate Nov. 23
)rand
1 nqn nnn 1 nal non
•F P,En Ann 11 fig a 'MA 1,11 cm non
I Lk
• 1,
A
•
a U.S.deposits deflated.$4,836.000,
Nations
Rank
Circulateen.
Average.
Average. Average.
$
$
$
6,765,000
68,000
189,000
12,106,000
354,000
8,054,000
260,000
4,443,000
48,000
6,035,000
670,000
4,621,000 3,778,000
5,907,000
484,000
293,000
5,177,000
445,000
119,000
6,568,000
393,000
193,000
3,714,000
567,000
172,000
Trust Companies,
Not Members of the
Federal Reserve Bank.
Hamllton Trust Co.,Brooklyn
Mechanles' Tr Co.. Bayonne
Net
Time
De posits.
Average. Average,
s
$
148,000
1,111,000
769,000
1,441,000
511,000
1,200,000
318,000
770,000
1,103,000
608,000
838,000
383,000
613,000
575,000
541,000
850,000 2,649,000
696,000
356,000
4,650,000 7,108,200 82,398,000
Total
Net
Demand
Deposits.
127,000
162,000
677,000
321,000
369,000
282,000
881,000 1,910,000
236,000
242,000
401,000
20,000
14,000
88,000
94,000
235,000
266.000
484,000
249,000
290,000
5,327,000 1,165,000
5,377,000 3,585,000
102,000
329,000
750,000
548,000
10,704,000 4,750,000
2,142,000 3,027,000 12,805,000 7,879,000 al21,160,000 12,321,000 1,187,000
-38,000 -112,000 +493,000 -1,561,000 +1,080,000 +90,000
2,180,000 4.039,000 12,312,000 9,440,000 120,080,000 12,231,000 1,187,000
2,176,000 3.890.00011,037.000 8,736,000 116,866,000 12,032,000 1,175,000
„ 11,875.0001,174,000
1,867,000 4,121,000 10,999,000 8,924,000
(13 000 11.R02 nnn 1.177.000
9 nos 011(1 e 14A non it Ina min R.370.000 116 6
DEC. 211918.]
Alankrrs"
-azette.
Wall Street, Friday Night. Dec. 20 1918.
The Money Market and Financial Situation.—The
railway situation has continued to be a dominant factor in
the security markets throughtout the week. This situation is pre-eminently one of uncertainty. President Wilson
frankly admitted in his message to Congress that he has no
plan of his own to offer in regard to the railroads but that
the matter is one needing the careful consideration of that
body. The great question now seems to be will such consideration be given and when and under what conditions
will the roads be turned over to their owners. The matter
of lower freight rates in the near future has been suggested
by the Director-General, which if carried into effect may
add to the complications.
Aside from this, and perhaps other political or semipolitical affairs of which the National Capitol is the centre,
the developments of the week are generally favorable. The
Government report on the acreage and condition of winter
wheat shows the former exceeds last year's planting by.
between 6,500,000 and 7,000,000 acres and that the condition is at an average of 983/2%, as against less than 80%
at this time last year.
It seems reasonable to suppose, therefore, that if the
yield of this crop comes anywhere near what the above
figures indicate as possible, at the already fixed price of
$2 26 per bushel, the addition to the country's wealth from
this source alone will be a very handsome sum.
Bu3iness in the iron and steel industry is adju3ting itself
to the new conditions. Orders are being booked rather
slowly, doubtless because future prices are difficult to forecast. It is said that some inquiry is coming from Great
Britain and France.
The money market is decidedly easier, call loans having
touched 4%, or below, but the volume of business in this
department is not large.
Foreign Exchange.—Sterling exchange ruled firm though
not particularly active. The continental exchanges have
also been quiet but somewhat irregular.
To-day's (Friday's) actual rates for sterling exchange were 4 7340
4 739' for sixty days, 4 7580404 75 13-16 for checks and 4 76 9-16 for
7 sixty days,4 72%0
cables. Commercial on banks, sight, 4 75%04 75%;
4 72g; ninety days, 4 71%04 71%, and documents for payment (sixty
3 ®4 753/,, and grain for
days), 4 7204 7234. Cotton for payment, 4 75%
payment, 4 75%04 75%•
To-day's (Friday's) actual rates for Paris bankers' francs were 5 5134 ®
5 5134 for long and 5 4654@5 4634 for short. German bankers' marks
were not quoted. Amsterdam bankers' guilders were 41 15-16042 1-16
for long and 42 7-16042 9-16 for short.
Exchange at Paris on London, 25.98 fr.; week's range, 25.9754 fr. high
and 25.98 for low.
Exchange at 13orlin on London, not quotable.
The range for foreign exchange for the week follows:
Sixty Days.
Checks.
Sterling Actual—
Cables.
4 7334
4 75 13-16 4 76 9-16
High for the week
4 7334
4 7534
Low for the week
4 7634
Paris Bankers' Francs—
54534
High for the week
55134
54474
55134
54534
545
Low for the week
Amsterdam Bankers' Guilders—
42 1-16
4234
High for the week
423'
41 15-16
42%
42%
Low for the week
Domestic Exchange.—Chicago, par. Boston, par. St. Louis, 25®
15c. per $1,000 discount bid. San Francisco, par. Montreal, $14.6875
per $1,000 premium. Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to $55,000 Virginia 6s, deferred trust
receipts, at 69 to 70.
The market for railway and industrial bonds has been
unusually dull and weak. Day by day transactions have
been on a meagre scale and of a list of 22 representative
issues, 19 have declined and 3 are unchanged.
Railway bonds have been notably weak in sympathy with
the shares, including the local traction issues. B. R. T. 7s
lead this movement with a decline of 39/i points, while
Inter. Mets.are 2 points lower and Inter. Rapid Transits 1 IA.
So. Pan., Chic. Or. West., Atchison, Bait. & Ohio, St. Paul
and Eries are from 1 to 2 points below last week's closing
prices. On the other hand, Lehigh Valley, U. S. Rubber
and U. S. Steels are unchanged. In addition to the above
the amtivo list includes Ches. & Ohio, Burlington, Rock
Island, Mo. Pac., New York Central and Pennsylvanias.
United States Bonds.—Sales of Government bonds at
the Board are limited to the various Liberty Loans, which
have been dealt in on an enormous scale and all declined—
L. L. 3s to 97.74 from 98.30, L. L. 1st 4s to 92.20 from
93.50; 2d 4s to 92.90 from 93.20; 1st 43s to 96.90 from
97.50; 2d 43.s to 94.40 from 95.98; 3d 43s to 95.18 from
96.16; and 4th 43is to 94.50 from 95.86. For to-day's prices
of all the different issues, and for weekly range see third page
following.
Railroad and Miscellaneous Stocks.—The stock market
displayed an element of strength during the first two days
of this week, as it has so often done of late, but this tendency
was short-lived. On Wednesday a reverse movement began,
which has carried the entire railway list and a large proportion of the industrials traded in to a substantially lower level.
To-day's market has been the most active of the week,
and notwithstanding some recovery during the last hour of
business Canadian Pacific shows a net drop of 43 points,
Atchison and Reading
Southern Pacific 3%, St. Paul 3
3%, Northern Pacific 3 and Great Northern, New York
2359
THE CHRONICLE
Central, New Haven and Union Pacific from 2 to 29j.
Following tradition the industrials have fluctuated over a
wider range. Mexican Petroleum and Royal Dutch are
unique in an advance duringthe week of 5% and 53 points,
respectively. The Texas Co. is 1 point higher and U. S.
Steel, after advancing nearly 3 points early in the week,
closes without net change. On the other hand, Inter.
Mercantile Marine pref. is 43/2 points lower, Beth. Steel nit
Am. Locomotive and Am. Sum. Tobacco 3 and Am. Smelt.
& Ref., Atlantic G.& W. I., Bait. Locomotive and Crucible
Steel are down from 2 to 3.
For daily volume of business see page 2368.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
IVeek ending Dec.20.
Sales
for
Week
Range for Week.
Lowest.
Range since Jan. 1.
Highest.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
100 400 4934 Dec 20 52 Dec 17 48
Adams Express
Sept 80
Jan
500 91 Dec 19 91 Dec 19 81
Jan 103 June
Am Sumat Tobac pf_100
Mar 234 Nov
Assets Realization_ _ _10 400 1 Dec 18 134 Dec 16 1
Associated Dry G'da_100 4,100 1434 Dec 14 18 Dec 18 12
May 18
Dec
100
100 63 Dec 20 63 Dec 20 51
May 63
1st preferred
Dec
100 1,200 6534 Dec 17 6634 Dec 20 54
Associated Oil
Apr 71
Oct
Atlanta Birm & At1_100 600 7 Dec 18 7% Dec 18 7
Dec
June
100
Barrett, pref
100,10754 Dec 16 10734 Dec 16 9954 Jun 107% Dec
Batopilas Mining___20 1,600 134 Dec 18 134 Dec 20 1
Jan 2% Nov
100 3.200 8934 Dec 17 8934 Dec 18 8934 • Oct 94
Beth Steel, pref
Sept
100
Butterick
300 17 Dec 16 1714 Dec 20 734 May 1814 Nov
400 6434 Dec 17 6434 Dec 19 6334 Jan 71
Calumet & Arizona 10
May
100
100 92 Dec 21 92 Dec 20 73
Ja. 92
Case (J I)Pre
Deo
100 19 Dec 18 19 Dec 18 18
Central Foundry__ _1100
Nov 413.4 Apr
100
Preferred
200 35 Dec 14 36 Dec 20 33
Nov 53
Apr
Certain-TeedProd no par
100 3754 Dec 17 3734 Dec 17 30
Oct 4034 Nov
100
Chic & Alton pref
100 13% Dec 20 1334 Dec 20 1334 Dec 18
Nov
Chic St P M & 0m 100
100 8014 Dec 19 8014 Dec 19 69
Sept 82
Dec
Computing-Tab-Rec 100
100 3834 Dec 17 3834 Dec 17 30
Jan 39
July
July 107
Dec
Continental Can pref 100 200z10434 Dec 20 10634 Dec 19 99
Continental Insur____25 1,500 56 Dec 18 5934 Dec 19 44
Feb 593', Dec
1i i
Deere & Co, pref_
100 9534 Dec 19 9534 Dec 19 90 June 96
Feb
Diamond Match
100 • 10113 Dec 19113 Dec 19 113
Dec 113
Dec
Jan 4434 Oct
Federal M & S pref _ _100 500 3934 Dec 20 4034 Dec 14 27
Jan 43 June
Fisher Body Corp no par
500 36 Dec 2' 37 Dec 19 26
100
Preferred
100 93 Dec 16 93 Dec 16 7034 Jan 93
Dec
Gen Chemical, pref_l i i
100 103 Dec i6103 Dec 16 9934 June 103% Jan
General Cigar, Inc 100 1,2'' 4534 Dec 20 473-4 Dec 18 34
Jan 58
June
Gulf Mob & Nor stk Ws 300 8% Dec 19 9 Dec 14 8
Mar 10 May
lis
Preferred
iii 3334 Dec 19 3334 Dec i9j 27
Ma 3534 Dec
Homestake Mining_100
Nov
48x9334 Dec 20x9334 Dec 20 68 June 95
Internat Harvester—
Preferred (new) 100
211 114 Dec 1611434 Dec 16 107
Oct 11434 Dec
Ent Nickel pref
100
225 9634 Dec 20 9634 Dec 20 8834 May 98
Mar
100 200 32 Dec 16 32 Dec 17 28
Jewel Tea,Inc
Oct 4034 Nov
Liggett & Myers_ _ _ _111
20020434 Dec 19205 Dec 19 164q Aug 205
Dec
Preferred
100
Nov
10010634 Dec 20 10634 Dec 20 10034 June 110
100
211 154 Dec 16 154 Dec 19.14434 Aug200
Lorillard (P)
Mar
Manhat (Elev) Ry_ -100 2,585z90 Dec 16x97 Dec 16 z90
Dec 10334 Nov
Marlin-Rock v t c no par
200 8234 Dec 18 8234 Dec 181 75
Oct 87
Sept
May Dept Stores.,_100 600 61 Dec 20 6134 Dec 2 47
Jan 6334 Dec
National Acme
1
550 2934 Dec 19 30 Dec 16 2634 Jan 33 May
Natl Cloak & Suit_ _ _100
500 66 Dec 17 6734 Dec 17 55
Sept 6734 Dec
N 0Tex & Mex v t c 100 2,100 3134 Dec 19 35 Dec 16 17
Apr 3634 Dec
N Y Chic & St L___ _100
100 3034 Dec 18 3034 Dec
Nov
1334 Oct 34
100
preferred
100 4434 Dec2d
19 4434 Dec 19 40
Oct 48
Nov
New York Dock
100 5,700 2334 Dec 14 2634 Dec 2& 1834 Jan 27
May
100
Preferred
100 45 Dec 14 45 Dec 14, 42
Jan 4834 Oct
Norfolk Southern.-i00 2,200 15 Dec 14 2134 Dec 17 14
Nov 2134 Deo
Nova Scotia S & C...100
50 5834 Dec 16 5834 Dec 16 5634 July 70
Aug
()wens Bottle-Mach-25 1,300 47 Dec 14 50 Dec 16 46
Dec 7034 Aug
i00
100 40 Dec 17 40 Dec 17 40
Pacific Coast Co_
Dec 4534 Feb
Pacific Tel & Tel__ 100 200 2034 Dec 17 2034 Dec 16 1834 Feb 27
Oct
Pitts C C & St Louls_l i i
100 51
Dec 20 51 Dec 20 2534 Jun 5834 Nov
It L-San Fran pf A._1
100 30 Dec 18 30 Dec 18 21
Ap 3334 Nov
3avage Arms Corp 1
300 6134 Dec 18 6334 Dec 16 53
Jan 8034 May
100 86 Dec 19 86 Dec 19 80 June 89
3tandard Milling p1_100
Jan
Rutz Motor Car_no par 2,700x50 Dec 1 53 Dec 14 37
Oct 55
Dec
fexas Co rights
4,300 1434 Dec 20 1534 Dec 18 1434 Dec 1534 Dec
['bird Avenue Ry___100 900 1334 Dec 20 15 Dec 16 1334 Dec 2134 Jan
roledo St L&W_100 100 434 Dec 17 434 Dec 17 434 Dec 7
Oct
Pref trust recta
100 10 Dec 18 10 Dec 18 854 Ma 16
Aug
Cransue & W'ms__no par
100 4034 Dec 16 4034 Dec 16 3634 Oct 42 May
100
iJnited Drug
100 85 Dec 2 85 Dec 20 69 June 85
Dec
1st preferred
50 300 493', Dec 18 50 Dec 19, 46
Jan 5034 Nov
1
100 8534 Dec 14 8534 Dec 14 77 Jun • 8534, Dec
2d preferred
Vulcan Detinning_ A00
100 9 Dec 16 9 Dec 16 734 Apr 9
Dec
Preferred
1
25 35 Dec 20 35 Dec 20 2534 Ma 42
Sept
100 95 Dec 16 95 Dec 16 95
Westinghouse A B___50
Dec 95
Dec
1034
1
11
Outside Market.—Heavy trading in Keystone Tire &
Rubber and several of the oil shares with substantial advances in the prices of these issues were the features of an
otherwise quiet market on the "curb" this week. Price
movements generally show no definite trend and changes for
the most part were small. Keystone Tire & Rubb. corn.
on a heavy demand advanced steadily from 33% to 3934,
a new high record, until to-day, when it reacted to 37A
4. There was also active trading in Royal
and 'closed. at 373
Dutch (oil) stock, with an advance of almost 73/2 points to
8, then a drop to 65, with the close to-day at 6634.
71 /
Internat. Petroleum rose from 16 to 18
a new high figure,
and closed to-day at 18. Island Oil & Transport was conspicuous for a large volume of business and an advance of
about 2 points to 634, with the final figure to-day 5%.
Midwest Oil corn. after an early loss from 1.13 to 1.11, sold
up to 1.20 and at 1.19 finally. Midwest Refining from- 120
eased off at first to 118, then advanced to 125, closing to-day
at 123. In Standard Oil issues Penn.-Mex. continued to advance in the fore part of the week, gaining 3 points to 55,
but reacted later to 53. Elsewhere in the industrial list
business was quiet. Aetna Explosive corn. after early advance from 77% to 8 fell to 6% and ends the week at 67
/
3.
Chevrolet Motor went up from 144 to 150 and down to 145.
General Asphalt corn. declined from 38 to 36
recovered to
403/2 and sold down finally to 373/2. Gillette Safety Razor
improved 8 points to 114, the final transaction to-day being
at 110. United Motors lost about half a point to 34.
Mining stocks dull. In bonds the new Studebaker 7%
notes were introduced, though trading and price changes
were small. Business elsewhere in this department was without particular feature.
A complete record of "curb" market transactions for the
week will be found on page 2368.
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES
2360
For record of sales during the week of stocks usually inactive, see preceding page.
MOE AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Dec. 14
Monday
Dec. 16
Tuesday
Dec. 17
Wednesday
Dec. 18
Thursday
Dec. 19
Friday
Dec. 20
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
• PER SHARE
Range since Jan. 1.
On basis o/ 100-share Iota.
Lowest.
Highest,
RancerElifoSrHprAoRmos118
Year 1917
Lowest.
Highest.
e iehr
per share $97
Railroads
Par S Per share.
Per share.
Jan
75 Dec
81 Mar23 9934 Nov12
Atch Topeka & Santa Fe. 100
75 Dec 1001, Feb
100
80 Jan30 9212 Nov12
Do pref
Jan
8932 Apr22 109 Nov20 x7978 Dec 119
Atlantic Coast Line RE-100
100
3814 Dec
49 Jan24 62 Nov12
Baltimore & Ohio
4814 Dec
100
53 Apr25 6412 Nov13
Do pref
36 Dec
2834 Dec10 4814 Jan 2
Brooklyn Rapid Transit 100
100 135 Mar25 174% 0,314 120 Dec 188
6
726
5
7%
Canadian Pacific
78 Mar
j.1.1a%a
Jan
42 Nov
4934 Jan15 6233 Nov12
100
Chesapeake de Ohio
1 Jan
14:
6 Apr 9 11 Nov12
6 Dec 653
Chicago Great Western-100
18% Apr 9 32 Nov12
1712 Deo 1324841811244
100
Do prof
3714 Apr22 5414 Sept 7
35 Nov 92 Jan
Chicago Milw & St Paul..100
6614 April 8638 Nov12
6212 Dec 12512 Jan
100
Do prof
8912 Mar25 107 Nov 9
85 Dee
Chicago & Northwestern. 100
Do pref
100 125 July15 137 Jan29 13712 Dec 17212 Feb
June
18 Apr22 3212 Nov12
10 Dec
Chle Rock Isi & Pac temp etfs.
1171
:
14 Apr
.7.Tj asJana on
8
551770
4
44 Dec 186
5684 Jan15 88 Nov12
7% preferred temp ctis___
Apr
48 Jan15 75 Nov12
35% Dec 71
6% preferred temp ctfs--24 Nov
26 Feb21 40 Nov 8
Cloy CM Chia & St Louis-100
100
6134 Oct
5834 May 7 70 Nov22
Do pref
100
18 Apr22 2712 Nov12
18 Nov 30 Jan
Colorado & Southern
47 Apr 3 55 Nov 4
100
4478 Nov
Do 1st pref
41 Sept 46 Mar
40 Apr 4 48 Dec16
Do 24 prof
100
100 10013 April 11934 Nov12
87 Nov
Delaware & Hudson
Delaware Lack & Western-50 160 Apr17 185 Sept 4 16712 Dec 24381 Mar
214 Jan 4
5 Dec 17
7 Nov21
Denver & Rio Grande-100
100
5 Apr23 13% Jan 2
Do prof
9% Doc
Jan
14 Apr17 2338 Nov12
Erie
100
131s Deo
2318 Janie 3612 Nov12
40
4
98
11 Jan
1884 Deo 3
100
Do 1st pref
1812 Jan25 2714 Nov12
1512 Dec
Do 2d prof
Janr
86 Jan15 10612 Nov12
18
818
4m
7914 Dec 13
Great Northern prof
66
a
)r0
25% Jan15 3412 Nov14
Iron Ore properties-No 111p7
22% Nov
aan
92 Jan 7 105% Nov12
8534 Dee 106337121148 a
Illinois Central..
912 Jan 3
6 Dec13
Interboro Cons Corp__No par
534 Dec
Jan
24 Dec20 4712 Jan 3
39% Dec
100
Do pref
1512 Apr17 2414 Nov12
1312 Nov 2573 Jan
Kansas City Southern..._100
45 Jan 5 5912 Nov12
100
40 Nov 5813 Jan
Do prof
71, Oct10 1178 Nov13
812 Nov 2514 Jar,
Lake Erie & Western
100
18
23 Oct 5334 Jan
100
Do pref
APr'23 25 Oct22
55 Jan15 65% Nov12
5038 Dec 7913 Jan
Lehigh Valley
50
Louisville & Nash ville..._ -100 110 Jan 2 12434 Nov12 103 Dec
678 Dec
712 Apr17 1578 Nov12
Minneap & St L (neto)_ .. _100
Jan
438 Jan 5
313 Dee
634 Nov12
Missouri Kansas & Texas_100
7 Nov
100
612 Jan29 1312 Nov12
Do prof
20 Jan15 3158 Nov12
1978 Nov
Missouri Pacific tr etfs.__100
41
3713 Dec
100
Jan15 62 Nov 9
Do prof tr etre
67i Jan15
8458 Nov12
8212 Dec
100
New York Central
27 Aprll 4572 May29
2112 Sept
N Y N H & Hartford-100
1814 Jan22 2432 Nov 9
17 Nov
N Y Ontario dr Western 100
6125032333
88 .
9
8
23402:;24
9252 Dec 1113
Norfolk & Western
100 102 Jan24 11214 Nov12
5
.1
1j jij jaDa
Janaa
8113 Jan24 105 Nov12
78
75 Dec 1510148
100
n
Northern Pacific
Jan
4314 June27 5018 Nov12
4014 Dec
Pennsylvania
50
013 May 1 1872 Nov12
12 Dec 3834 Jan
-100
Pere Marquette v t o
5212 Apr 3 64 Nov 9
45 Nov
7312 Jan
Do prior pref v t e____100
aD
58
7 June
30 Apr 5 50 Nov18
100
37 Oct 6
Do prof v t o
2258 Jan 2 4032 Nov14
1884 Dec 3531 June
Pittsburgh & West Va
100
100
61 Janl
82 Nov14
5352 Apr
Do prof
543 701a Jan15 9614 Oct23 8013 Nov 10114 Jan
Reading ,
Jan
35 Jan12 39 May15
34 Nov 45
50
Do 1st prof
5 35 Mar30 40 July 6 3378 Dee 4512 Jan
Do 24 prof
ti:an
932 Apr 3 1714 Dec 9
51983
613s8 Jjj
2
12 Dec 3
St Louis-San Fran tr 001_100
19 Oct 2 25 Nov12
22 Dec 32 Jan
St Louis Southwestern.- _ -100
28 Oct 2 40% Jan 3
34 Dec
100
Do pref
714 Dec
12
Nov12
7
Apr17
Seaboard AirLine
100
Jan
1518 Apr19 2514 Nov12
1678 Dec
100
8012 Jan24 110 Nov 7
7534 Dec 9812 Mar
Southern Pacific Co
100
2038 Apr30 3472 Nov12
2112 Dec 3338 Jan
Southern Railway
100
Jan
100
57 Jan21 7514 Nov12
5152 May
Do pref
14 May 4 2912 Dec 9
1158 Nov 1
100
Jan
Texas Jr Pacific
39% Junel3 6514 Jan3I
62 Dec 95 Jan
Twin City Rapid Transit. 100
100 10934 Jan15 13712 Oct19 101% Dec 14914 Jan
Union Pacifies
69 Jan 3 7634 Nov12
6914 Dec 85 Jan
Do prof
100
434 Jan15 12 June27
414 Dee 1138 Jan
United Railways Invest..100
1012 Apr 9 20 May 7
1114 Dee 2334 Jab
pref
100
7 Apr26 1134 July 8
7 Nov
100
1534 Jan
Waoash
50
81, Jan
35 Dec20 4412 Jan 2
3014 Deo 3
100
Do prof A
Jan
2014 Jan15 2612 June26
18 Dee
100
Do pref B
1234 Oct 8 1734 Feb15
12 Dec 23 Apr
Western Maryland (new)_100
20 Dee 41 Mar
20 Jan29 32 June22
100
Do 2d prof
1012 Dec 1813 May
13 • Jan 2 2434 Nov12
A00
Western Pacific
3512 Dec
46 Jan 3 64 June27
100
Do preferred
712 Dec 48
2273 j
lan
ly
8 Apr22 1234 Nov12
Wheeling & Lake E Ry 100
1658 Nov 5053 Jan
1712 Apr17 26 Nov12
Do
100
preferred
33 Dec 5414 Jan
34 May 2 39% Oct22
100
Wisconsin Central
InD
du
ostrviraelt & Miscellaneous
2434 25
*2412 25
2514 2534 2534 2618 2534 2534 2413 25
712 Nov 3
11 Jan19 2634 Nov21
2,000 Advance Rumely
18
71
1 Jan
arl
100
60
6034 6114 60
*59
80
60
19 Oct
2578 Jan 9 627g Nov19
60
60
6034 6034 61
1,200
100
67
67
69
066
6713 6712 7014 71
4518 Dec 80
49 Jan 2 7214 Dec18
7214 67
1182 Jan
an
2,800 Max Rubberfne
50
4
413
3% 418
4
4
4
4
1 Dee
538 Nov 6
3
,
4 334 10,500 Alaska Gold Mines
1% Apr27
--ais -134
10
178
178
2
2
173 2
178 2
1% 1%
154 Dec
112 Apr 1
134 17.3 10,800 Alaska Juneau Gold Miteg.10
312 June21
813 MR
33% 3134 3234 3158 32
3012 3134 3018 3034 35,400 Allis-Chalmers Mfg
3114 3234 32
1734 Jan15 37 May24
100
15 Dec 3258 May
84
84
84
8418 8512 8412 8513 85
8513 084
8514 84
65 Dec 8673 Mar
7214 Jan 4 8612 May24
100
3,800
Do preferred
101 10134 1,5
101 10158 101 102
*10078 10112 *10034 10113 101 101
72 Dee
78 Jan 2 106 Oct 17
60
00
0 AmerAAgprirc
ofultural Chem_.
93
5:
1 M
99% 9918
Ja
an
y
*98 101
98% 101
9978 99% 0018 9018 *98 100
91 Deo 10
891g Jan17 101 Aug27
100
6212 7,100 American Beet Sugar
63
6412 6234 6358 62
63
6313 64
66
62
63
03 Dec 10212 Pah
48 Nov26 84 Feb27
100
*82
082
082
90
90
Jan
• *82
*83
*82
00
90
90
89
78% Dec 98
100 x82 Sept13 9118 May 8
29i2 Nov 53 May
4612 4814 46 -4713 54,300 Am
4512 4658 45% 4614 46
4713 4878 48
3452 Jan15 5034 May17
100
p
j
Can
:Meagre
97
97% 9718 97
9613 9634 *9613 9714
• *97
97
9812 *95
87 Dec 11112 June
8914 Jan23 98 Dec13
500
100
Do prof
8653 8634 8514 8658 85% 8814 8634 88
8534 8714 8513 85% 12,200 American Car & Poundry 100
15
0
,
38
4 Junmo
57 Feb 18
6814 Jan14 9114 Decll
May
100 106 Jan 3 11112 Sept30 100 Nov
Do prof
3 "4053 16;
-415i4 163-4 ;`-4612 111-3 ;41512 1114013 4033 ;56" 16(2
21 Dec
25 Jan16 4434 Oct 18
5
100
prC
o;3tton 01
Amirorican
May
89
*so so
Jan
Decll
89
*86
88
88
*86
90
*86
88
O82
88
10
501
112
2
Deo
le
80
ILO
78
100
1414 1373 14
1314 1312 2,600 American Hide & Leather 100
14
14
1412 1412 1412 1413 14
10 Feb 1714 Mar
117s Jan10 2218 Sept 4
6814 6978
6838 6953 69
70
7134 7134 7134 7212 6934 72
4314 Dec
60 Jan 2 9478 Aug24
100
42
40
4313 040
4313 *41
40
1671 A
jan
ug
4112 4112 *41
4312 *40
872 July 75
1113 Jen 2 49 Oct28
;o
cfT
100
oricarrprr
91E Aml
*58
57
056
57
57
57% 57
57
Oct21
57
85 Dec 355
3834 Jan16 61
5714 5714 *56
[erred
100
563.
55
5112 Bept13 6012 Oct 14
5738 5812 x57
5512 11,200 Amer International Corp_100
46 Oct 6234 Aug
57% 56% 5734 5618 5878 58
44% 4414 45
44
45
4534 4512 4612 44% 45
g
4614 45
918 lAuuly
1534 Feb
27 Jan 7 4612 Dec17
11,600 American Lineeed
100
89
89
88
88
Nov
*87
*86
90
89
88
9012 91
8812
48 Feb
6914 Jan 7 92 Dec13
000
100
Do prof
6118 62
61
6113 2,900 American Loomotive .....-100
63
63
63% 6418 6414 6413 x63
63
4652 Dec
53% Jan15 7134 May16
100 100
*100 102
*99 102 *100 102 0100 102 *100 101
87257
% j
Jan
03 Dec 106
100
100 s95 Jan 4 10232 Dee 3
Do prof
413 5
4
4
4
4
4
*3
314 314 0213 4
814 Dec 194 Mar
238 Sept28 1312 Feb
100
1,100 American Malting
*44
*44
*45
*44
48
*44
47
47
47
48
4734 *44
41 Sept18 43 Dec10
Do 1st pref certfs. of dep
142
*108
142
142
*108
142
*108
142
*108
*108 142 0108
88 Nov 93 Nov
90 Feb21 144 May14
American Shipbuilding_ _ _100
8212 8312 8158 8258 8012 8218 7838 8114 46,500 Amer Smelting & Refining.100
8178 8212 8218 83
6758 Dec 112% June
73 May28 9434 Oct 18
*10733 10814 0108 10812 *108 10814 10814 10814 10734 10734 *10714 10814
110
Do pref
100 103 Sept25 11014 Nov12 x9912 Nov 11712 Jan
88
85
86
84
8834 802 88
8518 5,100 Amer Steel Foundries.....100
• 87% 87% 8712 88
5018 Dec 75 June
58 Jan15 95 Nov19
11178 11253 *111 113
111 111
11013 11034 1,700 American Sugar Refining_ 100
*11034 11134 *11073
89% Nov 12632 June
98 Janie 116 May15
114 114 *112 115 *113 115 *113 115 *113 115 *113 11412
100
Do pref
100 10814 hfar23 11412 Deo 4 106 Deo 121% Jan
97
9778 98% 9734 98
9418 98
9418 96
96
97
99
30 May 6213 Dee
11,300 Am Sumatra Tobacco _
6034 Jan 5 145 May24
100
10118 10218 10118 10112 101 10112 10018 10114 x98
10238 103
98% 19,010 Amer Telephone & Tekli_100
9534 Dec 12813 Jan
9058 Aug 5 10914 Feb 1
19713 19712 195 19518 195 195 *191 19712 6,52
§198 108' 196 198
730
5 American Tobacco
100 1401, Jan 5 19834 Dec 5 123 Dec 220 Mar
*9812 100
*98 100
*9812 101
9812 9812
9934 9934 09812 100
89 Dec 10934 Jan
92/8 Sept14 10012 Dec 6
100
• 5712 58
5318 52% 53% 52% 5212
5134 5212 5212 5318 53
3712 Feb 58% June
4458 Jan15 60% May24
Mass
100
Kroripi
lereef of a
Ala
i)
Do
*94
09612 9713 *94
96
98
*9412 96
9512 *94
*9412 9534 1,4
87 Nov 100 June
000
00
92 Jan 4 9634 Dec 8
100
029
*2812 31
2912 30
2913 2834 29
3213 2958 2958 29
17 Nov 5412 Mar
2014 April 3938 Aug28
900 Am Writing Paper prof...100
1318 *1212 1312 1212 1234 . 01218 1234
1218 1211 13
*1214 13
1012 Dec 41% Jan
600 Am Zino Lead & 13
1218 Dec16 213s July 3
25
• *4512 4712 *4513 47% *4513 4713 *4513 461
46
4512 4558
46
3912 Deo 7212 Jan
Jan 2 5314 July 1
300p25 41
6414 6478 . 6413 8514 65
6534 8473 135% 8438 6518 6314 8412 36,720 Anaconda
May
5118 Nov
opreCopper Mining-59 z5918 Jan18 17414 Oct 18
110 1101 10912 110
• 110 11012 *11012 11134 10934 111
10812 109% 4,000 Ati Gulf & W I SS Line._ _100
Jan
8752 Sept
9734 Jan 6 12014 Feb18
*64
66
66
6514 6514 *85
*64
66
66
06412 68
084
Jan
54 Feb 66
100
58 Jan 5 6733 Nov20
100
Do pref
7434 7513 76
7714 75% 7634 74
7638 7314 7518 37,800 Baldwin Locomotive Wks.100
74% 75
43 Feb 1(
7
,
6
21 July
5612 Jan15 10133 May18
Jan
-93 Deo
Oct2I
93 Jan 2 104
100
Do prof
Jan
- ioi" 107 i17.11334 16634 108 1-667-3 10613 10812 §10614 10614 'la" 104 ---710 Barrett
82 Deo 136
85 Jan 4 110 Dec 9
100
Co (The).
84
64
6338 6333 6134 6134 6014 6078 2
Jan
6014 Dec 515
1:0
60
6014 Novl:I 96 May16
50
0 Bethlehem Steel Corp._._100
-64.12 6338 6434 6218 6338 6153 6278 6053 61% 41,600
66 id3-4
5934 Nov12 94 MaY10 :0618 Dec 150 June
Do class B common 100
10414 10414 104 104
10618 10618 104 10414 10414 10414 104 101
1011,.Oct
93 Dec.
9612 Jan15 10672 Apr29
Do cum cony 8% pref.__ _
2312 2312 23
23
23
*2212 23,2 *22
24
23
02212 2313
Jan2I 2812 Sept 5 21
No star
500 Booth Fisheries
*Bid and asked prime; no salmi on this day. 1 Hz-rights. I Less than 100 shares. a Es-div and rights s Ex-dividend. 6 Before payment of first Installment.
$ per share $ per share $ per share $ per share g per share $ per share
10,050
9312 93% 9313 9314 9373 9218 9312 8912 92
9314 9338 93
8812 8812 1,300
*89
89
8912 9012 89
90
8912 8778 89
.89
500
105 105
10478 105
'010212 107 *10212 106 *102% 106 *103 106
10,600
5212 53
53% 5414 5358 54% 5314 53% 5234 54
5312 54
5713 5734 *5612 5734 . 1,000
57
58
. 5633 5612 57
57% 57% *57
2834 3138 2834 3013 52,140
3218 33% 3234 3414 3318 3414 3414 33
8,700
15734 15914 15534 158
16018 161
15834 180
160 160
15834 159
5512 5614 4,930
58
57
57% 5718 5813 57
5534 5634 5612 57
8
812 1,000
834 834 *812 913
834 834
*834 913 *834 912
2,700
25% 2414 25
25
26% 2614 2612 2634 2512 2612 2513 26
19,100
4134 4318 4112 42
4478 4532 44% 4512 43% 44% 4238 44
7634 6,800
78
7813 7612 7838 75
*7812 7912 7918 7978 7858 80
3,400
99
9934 9878 99
9934 100
*9934 101
99,
4 9934 9934 100
*131 13712 *131 13712 *131 138 *131 13712 *131 13712 *131 13712
2534 2614 2614 2614 2534 2614 2538 2632 2518 2512 12,500
2514 26
80
400
80
81
078
79
07813 81
79
8012 078
79
077
86
4,100
65
67
67% *67
6812 6718 6818 65% 67
6712 68
600
*35
38
36
36
3434 3434
37
36
37
36
37
*35
72
72
*68
*68
72
72
*68
72
068
72
*68
*68
22
22
100
25
2512 023
*2234 2412 02234 25
*2312 2513 023
100
5412 *51
54
5412
5412 *51
050 • 5412 54
*52
5412 *51
*47
48
*45
48
600
*46
48
48
*47
48
47
47% 47
10313 10912 210514 10514 1,200
110 110
111 111
110% 111 *106 115
110
176 176 *176 180 §176 176 *176 180 *176 180
*176 180
812 512
512 512
400
512 512 *512 612 *512 612
*512 613
8
9
9
2,100
8
912 912
10
912 912
912 912 *9
1838 18
1758 24,800
17% 17
1818 1714 1818 17
1838 1858 18
3014 3,500
2934 3012 29
31
3012 3113 31
3114 3114 3013 31
22
21
2218 2218 22
500
*2112 2212 *2112 2213 *2112 2212 21
9438 9618 10,025
*9612 9712 96% 9773 9714 9773 97
9713 9512 97
31% 3214 21,700
3214 33
3118 31% 3133 3134 3214 33% 3212 33
900
9834 9834 9812 9812 *9778 99
99
*98
978 984 97% 97%
618 612
618 612
614 612
6
614 9,800
618 614
614 612
25
2614 '2634 26
2434 20
6,000
2614 25
25% 2412 2513 24
19
*20
1,300
2018 2038 2033 20
2012 *20
2014 1912 1912 19
*53
57
5414 5414
300
*53
57
57
5414 5414 5114 51141 *53
*8
11
*8
11
08
11
*8
11
*812 11
*8
11
2312 2018 2013
100
2312 020
O20
2313 *20
2313 020
2312 020
56
5713 9,700
57
58
5814 59
58% 5873 5812 5858 5812 59
100
*119 121 *119 121 *119 121 *119 121 *118 12012 119 119
13
1312 13
*1334 1412 1334 14
01334 141 *1314 1414 13
900
512
512
*538 558
*534 6
534 534
500
*512 6
513 5%
*10
12
*1013 12
1218 1218 *1113 13
*1238 13
11
300
11
2612 2814 2633 2558 2814 2434 2578 24% 2518 28,600
2558 2618 26
5418 5278 5318 2,500
5614 5412 55% 53
5614 5614 5653 56341 56
75
76
77
7,750
7534 7612 7634 7712 7714 7712 7614 7634 76
3313 3112 3212 20,615
3438 34% 343 3434 348 3453 33
3418 32
021
21
02012 22
22
21
21
22
2034 21
21
021
400
106 106
108 108
700
•106 108 *106 108
10711 10712 0108 108
9614 9534 9612 9514 9534 9414 9514 93
9412 7,100
94% 94% 95
45% 4513 13,905
46% 45
46
4653 4634 4638 465
4613 463 46
1534 1534 15
1413 1334 14
1512 16
1534 1413 1478 14
3,800
*58
60
63
*59
63
*58
*44% 49
*43
*44% 49
49
34% 3518 3414 3514 11,300
4 3578 3618 -56" Ida;
-.
04 161363
79
79
078
80
80
80
*78
80
80
81
600
8014 80
27,300
8314 8414 8334 8433 8312 8453 8212 8312 8114 83% 8038 82
*3713 3812 *3712 3812 *3712 381 *3712 3812 *3713 3812 *3712 3812
*37
39
*37
39
*37
39
*37
39
*37
39
03573 39
1434 1413 1413 6,930
16
1633 1534 1673 1533 1573 1412 1514 14
*19
2414
24
2414 *19
*1912 2414 1912 1913 *19
100
2414 *19
37
*33
37
•_._ 37 *__
37 *_
37 5.... 37
*8
838 812
9
9
8
912 ;61'4 912
912 912
*1812 19
2014 2014 20
*2014 21
1834 1978 1852 19
20
10114 10173 10134 10238 102 10234 10118 10214 98 10178 9734 9914 106,900
30
3033 3014 3058 3034 3114 30
3034 2812 30% 2834 2912 47,900
69
6912 69
925
6914 6914 6913 6912' 6913 6912 6913 6934 69
2513 2438 25
2612 2612 2612 27
2813 24
2612 2634 28
6,600
4814 4814
52
52
*48
52
*48
*48
52
*48
51
200
52
129 12958 12913 130
12912 13018 129 12934 127 12934 126% 12814 20,900
*7012 7318 72
7214 2,100
7212 7212 7213 721A 7213 72% 7212 72
*812
814 814
*812 9
*812 0
100
*813 913 *813 913
912
*1614 1712
1712 *18
18
*16
O16
1713 *1512 1613 *18
18
9
918
9% 918 2,000
912 912
913 918
914 914 *9
914
35
.36
3612 3714 3658 37
3612 35% 3638
3612 3634 36
9,000
2134 2134
23
02213 2312 221 2218 2214 2214 022
23 022
600
1234 1234 1234 1278 1234 1234 2,000
13
1234 127
1234 1234 13
*24
30
025
026
29 025
30
30 024
30 025
30
21
22
22
021
22
2114
2134, 21.34 2113 2113 021
021
800
62
6234
O62
6214 6214
*62
70
64
*62
65
600
012 012 - 914 912
12 16- *912 10
912 912
500
*912 10
1834 1834
19
*1813 21
O19
20 '19
20
019
20
200
19
*32
34
35
*32
*32
*32
36
34
34
*32
36
36
200
-aa-
1.:183
72
12912
26314
2361
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive. see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Dec. 14
Monday
Dec. 16
1
Tuesday
Dec. 17
1 Wednesday 1 Thursday
Dec. 19
1 Dec. 18
Friday
Dec. 20
Salesfor
the
Week
Shares
•
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
PER SHARE
Range for Notion*
Year 1917
Highest.
Lowest
Highest
Industrial&Misc.(Con.) Par $ per share. $ per share. $ sum share
per shore
$ per share $ Per share 1$ per share ' $ per share I $ per share 3 per share
1
4 Apr
100 108 Feb 5 161120et 26
89 Jan 125/
152 152
300 Burns Bros
*149 155 *150 15712 153 15312 *15212 15712 *15012 155
6/
634 Dec19 1278 July10
634 718
1
4 718 7,700 Butte Copper & Zinc v t c__5
7
74
714 714
718 712
712 7341
1254 Dec 1612 Jan 2 3312 May14
5214 Jan
2012 2018 2018 2038 2078 2012 2012 1934 2012 2,900 Butte & Superior Mining_10
*20
2012 *20
3612 Jan 3 50 Nov23
4214 Aug
4638 4712 1,600 California Packing___No par
49 I 4734 48
3334 Nov
4812 *48
48 I 48
4778 4778 48
100
12 Jan 7 2478 Nov 9
1
4 2058 2034 20/
1
4 21
101
/
4 Dee 3012 Jan
21/
2,025 California Petroleum
2118 21
2118 2112 21
21
21
prof
100
36
Jan
5
7012
Deell
Do
2912
68
6814
*64
6634
1,200
Nov
69141
69
6214
Jan
6914
6914
69
*6812 69141
69
..100
5638 Nov29 7338Feb 27
55 Dee 10112 June
6212 6038 6134 5914 6118 58
5934 9,300 Central Leather
6214 6212 6212 61
62
_
_
_100 10212 Mar14 108 Nov12
prof
97 Dec 11578 Jan
Do
-*102 105 *103 105 ;4'102 105 ,•103 105 *102 105
2914 Mar 6 39 Nov12
4 -1,857 Cerro de Pasco Cop_-No par
25 Dec 41 Feb
34 I 3334 3334 -3338 14134 I 34
34141 34
34
3412 34
_ _100
684 Jan 2 10978 Decll
1
4 Mar
700 Chandler Motor Car58 Nov 104/
*106 109 *10612 108 .2106 108 j*105 108 1•105 10612 *104 105
25
1412 Apr 4 24 Oct 18
1014 1834 19
1812 18/
1114 Nov 2758 Mar
1
4 6,100 Chile Copper
1
4 1938 19
1914 1912 1918 1938, 19/
5
3234 Dec20 47/
1
4 May16
3512 Nov 63/
1
4 Mar
1
4, 3418 3434 3378 3418 3234 3334 11,200 Chino Copper
1
4 3458 35/
1
4 x3478 35/
• 3678 37/
3912 3878 3918 *3812 39
2934 Nov 58 June
1,200 Colorado Fuel & Iron__ _100
3434Jan 29 5412 May24
41 I *3914 41 I 39
3918 *39
39
28/
1
4 Mar25 4178 Oct 17
1
4 3812 3812 *37
3912
2558 Nov 47/
1
4 Apr
800 Columbia Gas &Eloc__ _ _100
3834 3958 3812 38/
_ *38
40
8234 July15 10538 N ov12
76/2 Dec 13458 Jan
9958 10034 10034 10078 0978 100 1 9814 9934 9612 9818 5,411 Consolidated Gas( N Y)....100
i.99i2 lid
100
6512 Oct 7 95 Feb 19
1
4 *60
7012 6914 6912 *____ 63
76 Nov 10314 June
2,230 Continental Can, Inc)
6938 6934 70/
6978 7018 69
4818 4634 47/
2978Jan 15 5018 Nov16
1
4 24,800 Corn Products Refining .100
18 Feb 3714 July
4718 4712 4714 4734 4738 4838 4712 4812 47
100 29012Jan 7 10334 Dec12
103 103 ,*10212 10312 10258 10258 *102 10312
310
Do pref
8812 Nov 11258 Jan
*10212 104 I 103 103
5778 57
58
5638 5718 15,900 Crucible Steel of America..100
52 Jan 12 7478 May16
4534 Dec 91/
5734 5334 57
1
4 July
5658 57141 5714 58
100
86 Jan 31 9134 June 4
87
Do prof
83 Dec 11734 Jan
*8714 89 1 *8714 89 I *8714 89
8758
500
89
90 I 89
*89
27/
1
4 Apr 10 34 Nov12
24/
1
4 Nov 5514 Jan
3058 3058 3078 3114 3078 3138 3058 3078' 3014 3078 2958 3014 10,100 Cuba Cane Sugar.__.No Par
.100
804 8014 8014 7978 80
*79
8034 1,030
Do pref
78/
1
4 Mar25 83 Feb 18
1
4 Jan
74/
1
4 Dec 94/
8112 8134 *7934 8034 80
5214 50
5112 4912 5038 36,800 Distillers' Securities Corp_100 233 Jan 2 6434 May24
1
4 5114 5214 51
1134May 4414 Oct
4834 50 I 5014 51/
10
13 I 1212 1234 1212 1212 1212 1258 1238 1212 3,800 Dome Mines, Ltd
6 June19 15 Nov 1
1218 1212 12
012 Nov 2434 Jan
30 I 30
30
253400t 11 39 Feb 13
28 Feb 4112 Aug
2934 2934 3,400 Gaston W & W Ine_No par
3014' 2978 3018 30
3014 30
30
100 12734 Jan 7 15812 Oct 18 118 Dec 1711
/
4 Jan
700 General Electric
14978 151 ,*150 15114 150 150 I 15114 15138' 149 149 *147 150
100 10634 Jan 15 164 Aug21
1
4 Jan
12738 12712 3,800 General Motors Corp
7412 Nov 146/
126 126 I 12534 129 I 127 12812 127 129 , 12758 129
100
8212 *8178 83
7538 Oct 10 88 Feb 1
prof
7234 Dec 93 Jan
650
Do
*811
/
4 8212 8218 8238 8134 8134 *8134 8212 82
1041
5
38 Jan 2 &97s Oct18
5512 5612 4,200 Goodrich Co (II F)
57 , 5658 5714 5634 5714 5614 568
3214 Dec 611
/
4 Jan
57 I 56
*55
100
96 Jan 10 104 Dec 9 29138 Dec 112 Jan
100
Do pref
•10358 106 1 3'10358 106 ,•104 106 *104 106 ,*104 106 210214 10214
*7812 80 I 79
79
80
80
100
81 •
74 Jan 25 85 Oct 23
1,700 Granby Cons M S & P
80 i *79
1
4 Jan
80
65 Nov 92/
7912 80
4712 4712 *4618 47
4518 46
1,800 Greene Cananea Copper-100
3812Jan 17 5814 Nov 6
34 Nov 47 Jan
4734 4312 4712 48[8 *4612 49
5912
643
4
583
4
Apr
25,
66
5912
5878
Dec19
11112
1
*62
60
Steel
tr
ctfe-100
5834
68
States
*6212
1,700
Gulf
77
Nov
137
Jan
68
I
*65
46
4512 4512 4514 4514 *45
4512 1,100 Haskell & Barker Car,. No par
34 Jan 5 4914 July30
46 I 46
2712 Nov 40 June
4612 4612 *45
4712 4512 4678 4518 4534 10,950 Inspiration Cons Copper_20
4712 47
4258Jan 15 5812Oct 18
88 Nov 6612 June
4658 47 I 4634 4734 47
14 , *11
14
14
*11
14
14
10 Jan 8 19 Jwae20,
14 1 *13
400 Internet Agricul ("Anp.. _ _ _100
14 I *13
734 Nov 2178May
*13
51
51 I 5058 5058 *50
51
53
100
38 Jan b 65 June18
53 I *51
500
2614 Nov 604 July
Do pref
5158 5158 *51
100 Intern Harvester (now)._ _100 104 Oct 14 121 Nov12
*113 115 ,*112 11412 11314 11314 *110 114*110 11312 *110 11312
21 Jan 15 33 Oct 16
171, Dec 367 Ws;
16,400 Int Mercantile Marine. 100
2712 27/
1
4 2714 2778 2518 2734. 2618 27 I 2612 2612, 258 26
1
4 Nov 6
8338Jan 2 125/
18 11,112
100
324
2 151,700
6258 Feb 10612 Oct
Do prof
113 11478 114 11514 10834 11458 10912 11134' 11014 11178' 1091
3278 3314 3234 3338
1
4 33 1 3234 33
21
27 Jan 15 35 Nov 7
2412 Dec 473 Mar
7,700 International Nickel (The)25
32/
1
4 3234 32/
32
33 , 31
32
3234 33
31
32
100
2412Jan 15 4512 May15
4958 Jan
184 Nov
3112 2,200 International Paper
3112 32141 32
*62
64 I *62
63
64
*61
64 , *62
634
100
58 Jan 22 6512Jan 3
5014 Nov 7712 June
64 I *62
Do stamped prof
*63
7112 70
6918 70
72
41 Apr 2 72 Dec19
6912 7034 7,300 Kelly-Springfield Tire_ __25
36/
1
4 Deo 6412 Jan
6512 6512 6512 68 I 68
3434 3418 3438 3418 3438 3418 3412 3334 3418 20,000 Kennecott Copper._.No par
29 Mar25 4114 Nov12
26 Nov 50/
3414 3434 34
1
4 May
69
69 ' 6758 69
69 1 *6912 72
6718 68
100
6718 Dec20 9158 May16
6812 6812 69
3,099 Lackawanna Steel
68 Nov 103/
1
4June
12 Apr 2 24 Decll
1038 Nov 80 Jan
52212 2312 2314 2334 2312 2378 2312 2334 2312 2334 2278 23
6,200 Lee Rubber & Tire_ _.No par
43
4,
178 44
43
4478 43
4212 4212 43
42
43
1712Jan 8 4478 Dec19
42
1,700 Loose-Wiles Biscuit tr otfe..100
12[4 Nov 27/
1
4 Jan
95
95
96
*9112 961 *93
95 I *91
*91
95
96
200
100
53 Feb 15 95 Dec18
55 Jan 64 Jan
*91
Do 2d prof
*70
7314 •70
*70
74
7314 *70
70
§70
70 Dec14 78',Feb 28
1
4 Feb
350 Mackay Companlea ....._ _100
73
70
70 Nov 89/
731
/
4
6518
*63
*63
6518
*63
65/
1
4 *63
6518
6518
*63
100
64
64
57 Jan 4 65 May28
600
Do prof
5714 Dec 6712 Jan
*2834 2912 2934 2934 *2834 2912 2814 2814 2812 28341 2912 2912
700 Maxwell Motor, Inc
100
194 Nov 6134 Jan
2312 Jan 15 4212 Nov12
53 1 5212 53 I 5214 5212 *52
53
5212 5338 1,300
1
4 Nov 8
100
49 Dec 7418 Jan
5212 5212 *52
Do 1st Prof
504 Nov29 69/
2178' 2112 2134' 2134 2178 21/
1
4 2134 2034 2112
100
*2034 2112' *21
900
19 May27 323s Nov 9
13 Nov 40 Jan
Do 2d pref.
16112 16378 16334 16778 16714 170341 165 17014 16418 16712 16512 169 134,830 Mexican petroleum.
79 Jan 5 194 Oct 19
100
67 Dec 10612 Jan
*104 107 i*10312 107 *10312 107 1*104 107 *104 107 *104 107
_____.---100
87 Jan 15 107 Decll
1
4 June
Do pref
8472 Nov 97/
2438' 2418 2412 2334 24
2314 2338 3,300 Miami Copper-.--,-----5
2334 24141 2438 2412 24
1
4 Dec20 33'* Jan 31
25 Nov 4314 Apr
23/
1
4 46181 4518 4538 4434 4514 4414 4434 10,100 Midvale Steel & Ordninee-50
1
41 4514 4534' 45/
42/
1
4 Nov25 61 May16
4458 45/
3912 Dec 6712 June
*7412
79
I
*76
7918
7434 7434 *74
'79
*7412 79 I 7514 7514
64 June25 8112 Nov13 25834 Dec 10914 Jan
02300 Montana Power
loo
*10234, ____.4.10234 ____ *1021z ____I*Io212 ____ *10212 ___. *10234 ---100
95 Mar19 1064 Dec 5
954 Dec 1174 Mar
Do pref
1614 17
1612 1712 1634 17
1578 1612 - 8,i65 Nat Conduit & Cable No par
1618 1612 1612 17
13 Nov25 2158 July 5
13/
1
4 Dec 39 June
46/
1
4 4612 4618 4612 4512 46
1
4 May20
3,900 Nat Enam'g & Stampac.__100
24 Feb 4634 OM
374 Jan 7 54/
4434 464 4512 4534 4534 47
•90
94
*90
94
94
*90
94
*90
94
94 I *89
83 Nov21 9912Feb 20
901k May 99/
100
1
4 July
Do pref
3'89
66
64
*65
65
66
64
64
*64
65
1,000 National Lead
43't Jan 7 6934 Decll
100
37/
1
4 Dec 6314 Mar
6658' 65
65
10512 10512
1
4 May18
Jan
100
9934 Mar 2 105/
Do prof
100
99 Dec 114
•105 107 1'0105 107 *10512 107 *10512 107 *10512 107
1712 1712 17/
1
4 1712 1,200 Nevada Consol Copper____5
1714 Nov30 2172 May16
1
4 June
16 Nov 26/
1834 19 I 21712 1712 *1712 1814 *1712 18
10238 10212 4'102 107
103 103
500 New York Air Brake__ 50
9934 Nov 4 139 May22
98 Nov 156 Mar
10318 10318,3'102 106 *102 111
5212 52
52
514 5114 52
56
57
*53
37,2 Augial 5712 Nov22
100
57 I *54
500 North American Co
*55
39 Dec 7238 Mar
4212 4234 4212 4234 5,500 Ohio Cities Gas (The)____ 25
4212 4314 4234 4314 4258 43
4234 43
3518 M a r25 48 Oct 18
3178 Oct 14378 Apr
414 Jan 22 13 June17
1
4 7
8
758 7/
1
4
734 734
758 778 26/
8
2,500 Ontario Silver Mining---100
778 778
734 Sep'
3/
1
4 Nov
40
3812 3812 *3712 3812 3878 38/
1
4 3,400 Pacific Mall 68
36/
1
4 3712 3878 39
2312 Jan 21 40 Dec17
35
5
18 Feb 3012 June
67
6612 6714 66
6558 6612 65
6534 11,900 Pan-Am Pet & Trans
6534 6534 67
65
50
6314 Oct 30 7214 Oct 28
117 117 *114 117
115 115
1,300
113 11312 116 11614 117 117
100
86 Jan 8 12412 Oct 28
87 Nov 98 Jan
Do prof
5312 50
53
5214 5212 5212 53
5078 52
51
55
*51
3952Jan 2 61 Nov 6
/
4 Jan
1,900 People's G L di C (Chtc).._100
83 Dee 1061
3112 3112 3114 3134 3112 3112 3114 3114 2,800 Philadelphia Co (Pittab)_ -50
3012 3112 *3012 32
21 Apr 12 3514 Oct 29
2412 Dee 42 Jan
42/
1
4 4214 4212 4214 4212 4114 4212 15,900 Pierce-Arrow M Car.._No par
4134 4312 42
431/
1
4 44
34 Jan 16 5134 Nov12
/
4 June
25 Dec 411
*9934 101 *10078 101
10112 10112
104 104 *100 10212 *100 101
200
100
8934Jan 28 104 Dec14
Do pref
88 Nov 9812 Aug
1
4 1612 1634 1612 1634 164 1638 1614 1612 1618 1614 2,900 Pierce 011 Corporation
1614 16/
25
15 Sept13 194 Oct 16
4758 4734 *46
4634 4814 4634 47
47
48
4634 4634 47
42 Jan 15 5834 Fob 28 -3712,800 Pittsburgh Coal of Pa____100
2 Dec 641k Sepi
8578 8578 *84
86
7984 Jan 2 8578 Dec16
86
*83
86
8534 8578 *85
86
*84
400
100
Do prof
74 Dec 90 Aug
64
*61
*62
64
*61
64
64
*62
64
100 Pressed Steel Car
100
6378 6378 *62
5512 Nov26 73 Atig13
49 Dec 8314 Jan
*96 101
*95 100
*95 100100
*95 100
*96 100
*96 100
93 Apr 27 100 Aug 5 290 Nov 2107 Jan
Do pref
9012 9012 *90
95
*90
95
*9012 95
*9012 95
Jan
*9012 95
85 Oct 2 1094 Mar 5
100 Public Serv Corp of N 3_100
99 Dec 131
11912 11912 11834 118/
1
4 118 11838
120 120
•11938 122 *11934 122
100 100's Jan 7 13214 Nov12 106114 Dec 1674 Jan
850 Pullman Company
74 • 7438 7312 7414 7218 73
7414 7438 74/
1
4 7454 7414 76
4512Jan 71 7812 Decll
36/
1
4 Nov 58 June
4,000 Railway Steel Spring
100
*102 10312 *102 10312 *102 10312 *102 10312 *102 10312 *102 10312_100
95 Jan 2 104 Nov23
88
5912 Nia
Dec 107311,
Do prof
21/
1
4 2034 21
20/
x21
1
4 2058 6,400 Ray Consolidated Copper_10
2112 2118 2112 21
2134 22
/
4 May16
1
4 Apr
20/
1
4 Dec20 261
1912 Nov 32/
7514 7512 7514 7618 7518 7512 7478 754 7414 7518 5,700 Republic Iron & Steel__ _100 27258Jan 15 96 May16
7458 75
60 Feb 94/
1
4 June
*9712 99
9812 9812 9812 9812 *9734 9834 *98
99
9712 9712
100
925 Jan 2 1024 Sept17
89 Dec 10578 May
500 .,Do pref
103 10912 103 106
10238 105
9834 10012 10234 10612 10714 110
17,100 Royal Dutch Co etre doe_ -Nov
704 Mar23 145 Oct 18
818 858
834 834 *812 914
9
9
812 8/
914 912
1
4 1,700 Saxon Motor Car Corp.._100
434 Aug22 18 Nov13
u
38
814 Jan
7
12 Nov 26
16712 168 *167 170
168 168
168 168 *166 172 *167 172
600 Sears, Roebuck & Co._ 100 13334June 8 17012 Deell 1234 Doe
1538 *15
15/
1
4 *15
*15
15
1558 15
15
15
1512 *15
1458Oct 9 1814 Feb 19
600 Shattuck Arts Copper
10
15 Dec 2934 Mar
3312 3334 3358 3418 3334 3412 3358 3334 3312 3353 33/
1
4 3358 6,400 Sinclair 011 & Rerg..„No par
2514 Apr 11 39 Feb 5
2514 Dee 59/
1
4 Mar
*4912 52
51
51
51
51
5018 5018 49
52
*49
49
39 Jan 24 7114 May24
3312 Nov 74/
1
4 Mar
Sloss-Sheffield Steel & front®
5158 5212 5112 521
/
4 51/
1
4 5218 57,9008°° Studebaker Corp (The)-100
5218 5258 5134 5334 5134 53
33/
1
4 Apr 24 7278 Nov 8
33/
1
4 Nov 11012 Jan
93
*89
94
91
97
92
*88
92
97
*91
94
100
8012July 3 100 Nov 9
85 Nov 10858 Jan
600
Do prof..
37
38
*3512 37/
1
4 36
36
3518 3518 533
*35
*3512 38
3414 Mar25 4558 May 3
3014 Nov 5154 June
500 Superior Steel Cor'n___ _100
_ *____ 9812 •_--- 9812 *---- 9812 *---- 9812
*95 100 -95 Feb 16 100 Sept27
96 Dec 10212 July
Do 1st prof.._ ....._ _100
14
14
13/
1
4 -1-3-58 1458 1458 *1358 1412 14
1418 1358 1378 1,500 Tenn Copp & C tr etts_No par
11 Nov
127s Jan 2 21 July 6
19/
1
4June
190 190
189 18912 189 191)4 18758 188
187 188
18634 188
5,100 Texas Company (The).-..100 13612Jan 7 203 Oct 18 11434 Dec 243 Jan
8134 7958 8158
1
4 8112 81
7934 8012 80/
7912 80
30
424 Dec 80/
4812 Mar25 8238 Decll
1
4 Aug
rp 100
8Co
24,300 Tobacco Products
100
10012
10012
103
10112 103 210031
*95 10118 *99 102
792
4 101312 5,400
100 2871
/
4 Mar19 103 Dec19 288 Dec 105 Mar
Do prof.
*73
1
4 75
75
*73
7514 7514 *73/
75
78
*73
75
75
65 Jan 24 80 May13
100 Union Bag & Paper Corp_100
59/
1
4 Dec 112 Jan
39
3812 39
39
*3818 39
*3814 3914 38 105,000
3814 1
36/
1
4 Oct 30 444 May10
1
4 June
3412 Dec 49/
Alloy Steci___No par
United
'Iligli 105 10512 105 10612 10512 10614 10138 10512 104;8
15E
4
83/
1
4 Mar28 10814 Dec 6
814 Nov 12772 Aug
5,700 United Cigar Stores.....100
*106 120 *106 125 *106 120 *107 125 *107 125 *107 125
100 101',Jan 5 110 July18
9814 Dec 12034 Mar
,
preuf
Do ii4
*150
153
153
153
153
152
*148
153 2150 15014 1,200 Un oed
*150 154
100 11614 Jan 16 15412 Decll 2105 Dec 15438 Jan
*1414 1534 1514 1512 1512 1512 *1414 15
1412 1412
*1414 16
11/
1
4 Apr 6 19 May 7
10 Nov 244 June
700 U S Cast I Pipe & FdY---100
471
4712 •44
4712 *4418 4712 *44
4712 *42
*42
41 Mar25 47',Fob 1
42 Dec 63 Jan
100
Do prof
105
1033
104
103
4
104
10212 101 '
10t
10134 10278 10338
276734 1g18
78773142 . 7,400 II S Industrial A18011431_100 z 96 Dec 2 137 May24
9818 Nov 1714 June
*95
*95
99
99
99
*95
99
*95
99
*95
94 Oct 11 99 Mar21
88 Nov 106 June
100
100
Do pref..
74
7458 7518 7712 7734 7914 7814 7934 7712 7878
45 Dec 67 Aug
51 Jan 15 7934 Dec18
43,500 United States Rubber.
._100
/
4 10914 10914 10938 1091 *109 110
*10818 10914 *10814 10914 10914 1091
1
4 Jan
91 Dec 114/
lot preferred_ ._ _100 :95 Jan 15 10912 Dec19
Do
4812 47
47
*4658 471
4834 *47
46
*47
4812 *47
47
40 Dec 6734 Jan
3212 Apr 12 5034 Oct 19
50
500 U S Smelting Ref & M
4712 *44
*45
4712 *45
4714
48
4734 *46
4712 *45
*45
43/
1
4 Nov 5214 Jan
421
/
4 Apr 12 4734 Dec12
_50
Do pref.
94
9678
9618
9718,
9512
984
95/
1
4 9634 9612
9514 06
38 9618 326:8
1 000 UUnitedSotraettes Steel Corp_100
794 Dec 13658 May
8612 Mar25 11612 Aug 28
1
4 11234 11278 11218 jugs
*112 11234 113 11318 11278 11278 11258 112/
100 108 Mar25 11314 Decll 10234 Dec 12114 Jan
Do
75
74
7478 7258 7312 24,220 Utah Copper
77
7758' 27314 7558 7412 7578 74
72/
1
4 Dec20 93 Oct 19
7014 Dec 11834May
_10
*1312 1512 1314 1312 1318 1318 *1318 1334 1318 1318
•1334 15
600 Utah Securities v t a
11 Sept18 1634 Nov12
9/
1
4 Dec 2434 Jan
100
5434 55 I 5412 5112 *52
54'2 1,700 Virglnia-Carolina Chem_ _100
5412 5412 5412 5412' 5458 55
26 Not 46 May.
33/
1
4Jan 2 6014 Nov 8
*112
114
'7
'
112
114
114
*112
*112 114
*112 114
11358 11358
97 Dec 11214 Jan
100
100
98 Jan lt1 1135g Dec16
Do
prof
56
56
60
*56
60
g
*57
60
457
60 •57
1
4 July27
46 Feb 77 Mar
100 Virginia Iron C & C.
100
50 Jan 5 73/
8858 8814 8814 z
* 34 LT
*8818 8914 88
_ 88/
1
4 89
1
4 Jan
774 Aug 2 9553 Apr 15 s76 Dec 99/
1,200 Western Union Telegraph-100
1
4 43
-42r2 13-12 4312 4312 4314 4334 4314 43/
4312 4234 43
3134Jan 17 4712 MaYl6
3354 Dec 56 May
6,200 Westinghouse Elia:, & Mfg_50
70 I *53
*50
70
70
*55
70
*53
*55
70
*55
70
5214 Dec 7018 Jan
59 Jan 11 6412 Feb 20
Do 1st preferred
50
45
4512 45
45
47
*4512 47
4512 4512 *45
4438 45
33/
1
4 Nov 5212 Jan
1,400 White Motor
3638 Jan 2 49 Nov 0
50
1
4 25
/
4 2512 25/
2512 2434 2514 15,400 Willys-Overiand (The).- 25
2534 261
2514 26
2534 26
15 Nov 3812 Jan
1512Jan 15 30 Nov12
1
4 8834 8834 8834 288
8814
4.87/
1
4 8878 88/
*87
8814' *86
39
/
4 Nov19
69 Nov 100 Mar
800
75 Jan 3 891
100
Do prof (new)
747
771
/
4
74/
1
4
74/
1
4 75
7512
451s Jan 2 7714 Dec17
42 Nov 8414 Mar
15,750 Wilson & Co, Inc, v t 4,-100
7512 123
77
175
123 123
7634 12
70
*120 123 *119 122 *120 123 *120
3114
2 12705:44
Jan
9978 Dec 151
200 Woolworth (Ir W)
100 110 Mar25 128120et 21
*113 121 1 *110 121 *110 121 *110 121 ;3'11312 121 *113 121
100 111 Oct 2 115 Sept 9 113 Dec 12618 Jan
Do uref
513
*53
5412
54/
1
4 5578 5412
55
55
1
4 56
*5312 56
*53/
2312 Feb 3732 June
2,600 Worthington P & M v t e_100
34 Jan 4 69 Aug 28
00 ,1 *87
*87
90
89
*8212 90
*8712 91
*8712 9012 *87
1
4 June
88 Nov 97/
8538Feb 5 9112 Apr 6
100
Do pref A
68 I 63
68
26612 6612
*6712 69
6712 6712 *6712
50 Mac 89 June
1
4 July26
59 Jan 13 70/
800
_6812 68
100
Do prof B
I Less than 101 shares j Ex-rights a Er-div end rights b Par $10 per share n Par $100 per share.
'Bid and asked prices, ne sales on this day
Ex-dividend.
1
2362
zr,
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1009 the Exchange method of quoting bonds
changed
Jan.
BON DS
N. Y.STOCK EXCHANGE
Week Ending Dec. 20-
and prices are now-"and interest '-except for interest and defaulted bonds.
WM
ii
.1.
.
Price
Friday
Dec. 20.
Bid
Week's
Range or
Last Sale
Ask Low
').
4'2
Range
Since
Jan. 1
High No. Law
11013
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 20.
4-3
Chesapeake & Ohio (Con)General gold 434s
1992
Registered
1992
20-year convertible 414e....1930
92.20 Sale 92.20 93 50 202 92.20 98.50
30-year cony secured 58_1948
93.10 Sale 92.90 93.20 1797 92 80 100.00
Big Sandy 1st 48
1944
Coal River Ry lit gu 45_1945
97.00 Sale 96.93 97.59 313 93.80 99.00
Craig Valley let g 5s
1940
Potts Creek Br let 48
1946
94.56 Hale 91.40 95.98 12616 93.10 98.14
R & A Div let con g 48-1989
95.52 Sale 95.18 96.16 16059 94.70 99.10
24 consul gold 4s
1989
91.51 Sale 91.50 95.86 26518 91.50 98.10
Greenbrier Ry 1st gu g 48_1940
98 ---- 9834 Aug'18 ---- 97
99
Warm Springs V let g 58_1941
98
98 Dec'18 --.- 9718 9878
Chic Sc Alton R11 ref g 3s
1949
.. 100 10553 Nov'15 ---- 105 107
Railway let lien 33.4s
1950
_--- 10614 10634 Nov'15 .... 105 107
Chicago Burlington Sc Quincy98 _-__ 98 June'18 ---- 94
Denver Div 4s
93
1922
98 --_- 99 July'18 --- 9713 99
Illinois Div 33.4e
1949
83 _--_ 8511 Oct'18 ---- 85
8513
Illinois Div 48
1919
88 ____ 89 Sept'18 --- 85
89
Iowa Div sinking fund ba_1919
_-__ --__ 100 Feb '15
Sinking fund 48
1919
Joint bonds. See Great North.
Foreign Government.
Nebraska Extension 48__A927
Amer Foreign Secur bs
1919 F A 99% Sale 9934
9978 523 9112 9973
Registered
1927
Angie-French b-yr Si Exter loan_ A 0 97
Sale 9618
97 3853 8814 97
General 48
1953
Argentine Internal 5s of 1909____ If S 89 --_- 89
2 78
8914
Chic Sc E Ill ref Sc Imp 4s g_1955
89
Bordeaux (City of) 3-yr 13s .1919 If N 10034 Sale 10018
101
342 84 102
U S NItg Sc Tr Co ctfa of dep__
Chinese (Hukuang Ry) 53011911 .1 DO 63
70
70
15 53'2 72
70
lit C00301 gold 6e
1931
Cuba-External debt be of 1904_ NI S ___ 06
96
1 9012 100
96
General consul lit be
1937
Eater dt Sc of 1914 ser A 1949 F A ___ 9212 9318 Oct '18 ---- 9014 9114
US Mtg St Tr Co rites of dep.
External loan 4;43.
84 Apr '18 --- 80
85
1949 F A 80
84
Guar Tr Co ctfla of dep
Dominion of Canada g 5a
1921 A 0 97 Sale 97
98
49 9314 99
Porch money lit coal 5.s...1942
Do
do
_1926 A 0 97 Sale 9678
19 9078 9712
97
Chic Sc Ind C Ry let 58......1938
Do
Sale 9678
do
-A931 A 0 97
9738 89 8873 99
Chicago Great West let 48_1959
French Retell) 5345 secured loan_ __ __ 10133 Sale 101
10112 956 94 10413
Chic Ind Sc Loafer-Ref 68_1917
Japanese Govt-i loan 43.0.1925 F A t 8612 87
3
8612
87
Refunding gold Si
1947
Second series 43.4e
86 Dec'18 --- 80
1925 J J t 8612 88
312
3 927
82 :
Refunding 48 Series C....„1947
l
Do do "German stamp"_
86 Sale 86
8612 23 77
90
Ind Sc Loulsv let gu 4s
1958
Sterling loan 4s
1931 i- -.i:7513 --_- 7513
4 7373 76
7518
Chic Intl Sc Son 50-yr 4s
1956
Lyons (City of) 3-yr (111
1910 M N 10014 Sale 10058 101
102 84 10212
Chits L & East bit 4;is_
1969
Marseilles (City of) 3-yr 6s 1919 M N 10053 Sale 10033 101
125 81 103
Chicago Milwaukee Sc St PaulMexico-Eater loan 58 of 1899 Q J t 84 --- 62 Nov'18 --- 40 62
Gen'i gold 4s Series A____e1989
Gold debt 4s of 1904
53 Nov'18- 40 53
1951 J D 45
Registered
e1989
Paris (City of) 6-year 63
1921 A 0 99 Sale 9812
9918 759 8153 9912
Permanent 4s
1925
Tokyo City ba loan of 1912
M S 8034 8253 81 Dec'18 -- 88
Gen St ref Ser A 43.43____a2014
8212
U K of Gt Brit & IrelandGen ref cony Ser B 58.._.a2014
-year 53.4% notes
1919 M N 9953 Sale 9914
9958 453 9514 9953
Gen'i gold 33.4i Ser B__e1989
5-year 53.4% notes
1921 If N 9814 Sale 98
9814 302 9158 9812
General 411a Series C.__ _e1989
Convertible 53.4% notes 1910 P A 10012 Sale 10033 10078 1001 9778 105
25-year debenture 41
1934
.These are prices on the basis of $510.0
Convertible 434*
1932
Chic & L Sup Div g 5s
1921
State and City Securities.
Chic Sc Nto Illy Div 56_1926
X Y City-434s Corp stock 1960 hi 9 9712 9818 98 Dec'18 --- 8734 9878
Chic Sc P W 1s1 g .513
1921
43gs Corporate stock
1964 M S 9712 Sale 9712
9773
9 8778 9934
C If Sc Puget Sd let gu 48_1949
9758
19611 A 0 9712 98
41.43 Corporate stock
9753 15 8778 99'3
Dubuque Div let a f 69...._1920
4;4 s Corporate stock JulY1967
-102 10214 102
102
1 103
Fargo Sc Sou &mum g 69._1924
02144 103:
51
434s Corporate stoek
15 102
Sale 102
1985
10212
3
La Crosse Sc D let 58
1919
414s Corporate stock
1963 M S 10233 10253 10233 10253
Wle & Minn Div g be
6 93 10314
1921
4% Corporate stock
94
03
1959 hi N 93
93
1 85
lit
Wls Valley Div let Os
1920
4% Corporate stock
9334 Dec'18
1958 If N 93 91
85
94
Milw Sc Nor 1st ext 4;9 1934
4% Corporate stock
9314 1)ec'18 ---- 85
1957 M N 93 94
9314
Cons extended 43-4e------334
4% Corporate stock reg....1958 If N 9212 ..-- 891s Oct '18 ---- 85
Chic Sc Nor West Ex 4s 1886-1926
9034
New 43.4s
1957 If N 10214 -Hale 10214
10214
2 9353 103
Registered
1886-1926
43.4% Corporate stock1957 hi N 10134 Sale 10134
1023a
5 9312 10353
General gold 33.4s
1987
33.4% Corporate stock_1954 M N 84
8413
85
8413
1 76
Registered
85
p1987
N Y State-is
1961 hi S 9712 98
09 July'18 _
General 4s
99
99
1987
Canal Improvement 41
1981 J J 9712 9812 9812 July'18 --- 9114 98,2
Stamped 49
1987
Canal Improvement 49_1962 J J 9712
- 9734 Dec'18
_ 97I8 9812
General 58 stamped
1987
Canal Improvement 48....A960 J J 9712 ____ 9713 Oct '18 -- 9414 97'8
Sinking fund 68
1879-1929
Canal Improvement 43.49_1964 • J 107 _-__ 10611 Oct '18 __- 105 10812
Registered
1879-1929
Canal Improvement 434s..1965 J J_10212 Dec'18 _--- 10212 10112
Sinking fund 5e
1879-1929
Highway Improv't 43.48_1963 Nt S sur ____ 10613 Oct '18 __ 10112 10712
Registered
1879-1929
Highway Improv't 43.3s1965 M S --------1601* June'18
10018 10114
Debenture 58
1921
Virginia funded debt 2-3s_ .1901 J J7878 Dec'18
Registered
- 7873 7873
1921
Os deferred Brown Bros otfs_ -- -- -64.1; -71
70
69
Sinking fund deb Sc
55 44
71
1933
Registered
1933
Railroad
Dee Plaines Val 1st gu 43.4s '47
Ann Arbor 1st g 4s
711995 Q J 58
59
58
58
Frem Elk Sc MO V let 8s 1933
6434
1 51
Atchison Topeka & Santa FeMan GI B Sc N W let 33.0_1941
Gen g 48
1995 A 0
1 Sal 8434
8612 43 79
Milw Sc S L let gu 3)4s
90
1941
Registered
1995 A 0 ---- ---_- 8511 Nov'18 ---- 7912 8512
Mil L S Sc West let g 6s1921
Adjustment gold 4e
711995 Nov
1 8
7914
80
2 7134 82
Ext St imp s f gold 58
1929
Registered
711995 Nov ---- ----73'z June'18 __.- 732 7312
Ashland Div let g 68_1925
Stamped
711995 M N '1634 8012 7953
7553
7
94 10:
0
i 70
Mich Div let gold 09_1921
112 8
87
2,2
Cony gold 4s
1955 J D 76
79
751 4
Mil Spar Sc N W let gu 48.1947
Cony 4s lime of 1910
1960
9533 98
9538
9533
3 82
9818
St L Peo Sc NW let gu 58-1948
East Okla Div 1st g 48_1928 M S 9213 93 9112 Nov'18 --- 9112 9113
Chicago Rock tel Sc PeeRocky Mtn Div let 4s ..A965 .1 J ---- 8234 79 June'18 -- 79
79
Railtenti general gold 15.....1988
Trans Con Short L let 43_1958 J J 82 Salo 82
2 7458 86
82
Registered
1983
Cal-Aria 1st & ref 4iis"A"1962 M 8
8512 Nov'18 ---- 79
Refundtng gold 48
1931
85,2
Fe Press Sc Ph 1st g 58.. 1942 M S 93 9934 July'17 ---20-year debenture 55
1932
Atl Coast L 1st gold 48____h1952 M 8 84 138-le 81
4
-861-if
12
85
It I Ark Sc Louis let 43.4e 193-1
Gen unified 4A43
1964 1 D 8434 Sale 8434
85
19 74
8912
13uri C R. & N 1st g 5s
1934
Ala Mid let gu gold 58_1928 M N 96 ---- 9812 Nov'18 ---- 9553 9312
CRIF&NW
gu ba 1921
Brims & W let gu gold 48..1938 J J 80 • 89
78 Oct '18 ---- 78
Choc Okla Sc U gong 58.-01919
78
Charles & Say 1st gold 78_1936 1 J 11014 ____ 12973 Aug '1, --- ._ . Consol gold 58
1952
L de N coil gold 4e
e1952 M N 7934 ____ 80 Dec'18- 6914 8112
Kook Sc Dee Moines let 53 1923
Say F & W let gold 58____1934 A 0 108 ___ 108
108
St Petit& K C Sh L let 43.48'41
1 103 108
let gold 58
1934 A 0 9334 - - 105 July'15 --Chic SIP M Sc0cons 68
1030
Ball & Ohio prior 33.4s
1925 J J 8978 -S;le 8973
9078
9 -6i:2 -8
Cons the reduced to 3;48_1930
2-31
67
Registered
711925 Q J
9012 Sept'17
Debenture be
193)
let 50-year gold 4s
711948 A 0
821 82
8 -5;
83
North Wisconsin 1st Os
1930
Registered
/a 1948 Q J ------___ 9234 Mar'17 ..-St P Sc S City 1st g Os
1919
10-yr cony 43.411
1933
8134 Sale 8144
85
25 -ig3Superior Short L 1st Si g_e1930
4 -giRefund Sc gen be Series A.1995 j- -6 86 Sale 8578
871,I, 12 '7578 9234
Chic T II Sc So East let 58_1960
Pitts June 1st gold 88
1922 J I ---- --- 112 Jan '12 ---- ____ ____
Chia Sc West Ind gen g 6e_q1932
P Juno & M Div Ifit g 3548 1925 If N 8313 8912 80 Nov'18
Conmol 50-year 411
8013 86
1953
PLE&W Va Sys. ref 48_1941 M N
7512 781s 77
7733 - .
Cln II Sc D 2(1 gold 4)48..
1937
Southw Div let gold 33.0_1925 J .1 8713 Sale 87
0 Find Sc Ft W let gu 40 g 1923
88
10 8
70
2 88
3
12
Cent Ohio R let e g 455a-1930 M S 8933 --__ 100 Apr '17 ---Day Sc Mich let cons 43-48 1031
CI Lor & W con let g 59_1933 A 0 9553 _-__ 9313 Aug'18 ___ --Ciev Cin Ch Sc St L gen 4s 1993
9312 -96 12
Monon River let gu g Se....1019 F
_
10114 Nov'16 -_- ---- ---20-year deb 43.98
A
1931
Ohio River RR 1st g bs_ A936 J D 9514 ____ 9914 Oct '17 ---General 58 Series B
1993
General gold ba
1937 A 0 8914 ____ 88 May'18 ---- -8-4.- -iifi.Cairo Div let gold 4s
1939
Pitts Cloy (lc Tol let g (3s 1922 A 0 99 __ _ _ 9913 Mar')8 _-_. 9918 9918
Cin W Sc If Div let g 48..1991
Buffalo It & P gen g 5s
1937 If S 9912 107
St L Div 1st coil tr g 4s
9978 June'18 ---- 99
9973
1990
Con.sol 434s
1957 M N 8753 --- 9913 Oct '17 -Spr Sc Col Div let g 4s........1940
All & West let g 4
1998 A 0
7834 --- 97 Nov'16 -_- ---- ---W W Val Div let g 4e,...,...1940
Clear & Mah let go g 5s 1913 J J 801i ____ 10313 Feb '16 ..--- _-- -__ _
C I St L & C conaol 6s__1920
Roch & Pitts let gold 88_1921 F A 10012 ____ 101 Nov'18 _1st gold 48
- 161-- i63
k1936
.Consul let g 68
1922 J 0 101
10078 Sept'18
Registered
k19311
9912 10313
Canada Son cons gu A 5s
1962 A 0 94
9612 965*
9638
ClnS Sc CI cons lit g 58_1923
3 85 100
Car Clinch & Ohio 1st 30-yr be'38 J D ___. 87
8212 Nov'18 --- 8212 84
CCC&I gen cons g 6s...1934
Central of Ga let gold 58...._p1945 F A 100 ---- 997a Dec'18 ---Ind B Sc W let prof 48____1940
9612 9973
' Consul geld ba
1945 M N 9418 95
91
2 85
0 Ind Sc W let prof 58_41938
91
9433
Chatt Div pur money g 45 1951 J D 7313 __ 7234 Nov'18 --Peoria Sc Emit lit cons 48..1040
7231
723s
Mae & Nor Div 1st g 58 1948 J J 864 _-- 90 May'18
Income 49
---- C10
1990 Apr
00
Mid Ga & Atl Div 58
1947 J J 873.4 ___ 9753 Jill-m*17 ___ Cleve Short L let gu 4 yie......1961 A0
Mobile Div let g be
1918 J J 911.4 _ _ -- 8412 Aug'18 __ -- -iii14 -ii12 Colorado Sc Sou let g 45_1929 FA
Cent RR & B of Oa coil g 58_1937 M N 85 ____ 8858 Dec'18 ....-Refund Sc Ext 434*
N
1935
83
8353
Cent of N J gen gold 514._ 1987 J J 10412 10514 106
106
I 100 10813
Ft W Sc Den C let g 8s
1921 J O
Registered
h1987 Q J -_ 10612 100 Sept'18 __ 100 104
Conn Sc Pas Rises lot g 18_1943 AO
Am Dock & Imp gu Sc.....J921 J J 9978 10053 100
Cuba RR let 50-year be g...._1952 J J
100
1 9753 100
Leh Sc Hud Riv gen gu be '20 J .1 ____
100 Apr '18__Del Lack Sc WesternN Y & Long Br gen g 4s....1941 MS ____ 93 100131in '13 ___- 100 100
Morris Sc Ems let gu 33.0.2000 JO
Cent Vermont let gu g Is e1920 Q F ____ 75
86 Sept'18 _- -Ei" -8/14
1921 J J
N Y Lack Sc W let 69
Ohm & 0 fund & impt 5s 1929 J J
___ 9114 Nov'18
1923 F A
Construction 58
0 1 _I
. 0
80
133 10
94
133
let consul gold 50
1939 MN 91539914 Sale 119
Term Sc Improvt 4s
1923 MN
Registered
1939 NI N __ 100 10413 Jan'17 -_- --- --__
Warren let ref gu g 33.48-2000 FA
U. S. Government.
U 9 3;48 Liberty Loan_1932-4'7 J D
U s 4s converted from 1st Liberty Loan
1932-47 J D
U 43 2d Liberty Loan 1927-42 M N
U S 45gs converted from let
Liberty Loan
1932-47 ./ D
U S 4As converted from 2(1
Liberty Loan
1927-42 If N
U 13 4 X a 3d Liberty Loan...1928 M S
U B 4yis 4th Liberty Loan 1938 A 0
U S 29 consol registered___d1930 Q J
U S 2s cense' coupon
41930 Q J
U 9 48 registered
1925 Q F
U S 4s coupon
1925 Q F
U13 Pan Canal 10-30-yr 23_k1936 Q F
U H Pan Canal 10-30-yr 2s reg '33 Q N
U S Panama Canal 33 g
1961 Q M
Registered
1961 Q M
U S Philippine Island 48_1914-34 Q le
98.20 Salo 97.74
98.30 2845 97.20 102.50
Price
Friday
Dec. 20.
r.
Range
Since
Jan. 1
Bid
Ask
8114 Sale
- _
-r76.11 Sale
8712 Sale
7612 ___
88 _-__
------- -7213 90
6818 75
7313 -
Low
High No.
8114
8234 27
8634 Mar'17
8014
105
82
8718
109
88
75 Nov'18 ---8512 Nov'16
9634 Feb '16
8434 Jan '13
7812 Nov'18 ---71 Oct '17
8812 Sept'16
11314 Feb '15
5512 62
53
Oct'18 - 3934 Sale 3934
20
41
9812 101
7634 78
8614 83
9933 - -
9858 66'12
Law
72
High
86
6512 8512
76
905a
75
75
---7612
78
53
50
3514 4712
9938 Nov'18 ---- 9753
5 7112
7912
7913
8714
88
6 80
9873 Oct'18 ---- 98
9813 Nov'18 ---- 97
91
9134
---- -84
85
---- 28
94
9413 11
91 Mar'18 ---,
8.112
85
3
2914 Nov'18 ---- 28 29 Nov'18 --i'66 _ _ 100 Oct '18 ---63 512 72 Aug'18 ---7ols _ _ 7573 Oct '18 ---- 90 75 Nov'18 ---58 ____ 9734 Feb '13
---- -- 32 Mar'17
6212 Sale 004
195
85
100
101 Nov'18 ---81
_ _ 10012 Apr '17
65 ___ _ 8412 Apr '17
70 Nov'16
-6f17a
9612 Jan '17
9738 Dee '16
9973
7912
8812
9934
9934
8978 9554
91
91
78
89
3018
25
30
22
98 101
72
72
70
757a
75
75
51
98
69
101
7812 79
7833
79
11 7053 8258
9258 Fob '16
8412 Sale 8412
19 7612 881a
85
7512 Sale 7512
7673 97 8434 81
8412 Sale 84
85
94
331 74
66
89
68 Nov'18 --;:z1 66
86
83 8814 8838
8838 tut 7712 8913
76
7614 76
6, 6678 81
78
8034 Sale 8034
129 7114 89
83
9748 9814 97
Jan'18 ---- 97 07
951a 100 02 Oct '18
94
02
98
9918 98
6 9512 10013
981 4
76
7812 7973 Dec' 18 ---- 7413 80
100
_ 0712 Aug'18 ---- 9712 9912
- 104 1017a Sept'17
9812 10314 98 Jan '18 ---- 98 98
98,4 09
08 Nov'18 --- 95 100
99
9773 May'18
07114 9778
91
9012 Dec'18
9012
85
91
4 8114 9112
91
9112
9212 9258 9238 Dec'18 ---- 89
9253
9212 91
95 Dec'18
g5t2 95
73
80
75 I)ec'18 ---- 6712 75
71 Oct '18
71
71
85 87
8718
7978 88
8713
8112 ---- 8173 Oct'18
7931 8212
100 _
101 Sept'18 ---- 9912 103
10214
_ 104 May'18 ---- 104 101
---- -- 10912 Apr '16
9712 _
9113 July'18 ---- 908 9413
---- -- 98 Nov'18 -- 98
96
9753 Sale 9758
9753
1 95
9753
10(1 Jan '181-- 100 100
98 11018 9218 Oct '18 --- - 921a 97
98 ____ 97 Nov'18
9413 97
7714
10112 Oct '16
11018
110 Dec'18
110 iOi60 ___ 88
Jan'17
i&112
1.6175-8
9834
- 9612 Nov'18
10112- 11173 Dec '15
105 l.6614 10218 May'18
8014 87
76 Oct '18
91 10012 9812 Nov'18
---98 IOW2
93
98
f6218 1621
Ms
73
9812
02
80
Salo SO
80
841 4
72
7133 May'18
7138 7138
7518
76
6212 801s,
_
8013 Aug'18
66
8013
71
73
73
73
73
62
9273 98
9512 Dee'18
9512 98
9714 9812 9712 June'17
9512
97 May'18
95 10
6i 93 May'18
93
93
05
71
65
6612
70
57
70
74
7014
71
72
59
10714 112 112 Nov'18
102 112
83 _ _ 88 Sept'18
8112 88
905a 97
02
92
8518 03
104
_ 118 Nov'16
09s _ _ _ _ 100 Dec'18
-661;
10014
00 _ _ 95 May'l
95
95
60 64
. 58 July'18
58
58
101 10112 104 Dec'18 -- 103 105
61 Salo 64
9 6214 70
65
75 ---- 90 May'17
---- 88 Mar'll
84
70 Nov'18
79
79
71
72
72 Nov'18
7453
59
79
8013 80
4 6514 83,2
80
85 90
801 4 Aug'18
861 4
80
691a -- 8378 Mar'17
65
82
63 Oct '18
62 -(1576
8034 76 Nov'18
76
63
7418 -- 7312 Jut1t5'17
6813- 84 Nov'18
9912 1003-4 99 Sept'18
-66- -6682
00
87 Dee '17
8812 May'15
9253
10218 Jan '17
107 ___ _ 106 Nov'18
- 16672 94 July'08
_
59
58
59 -16 -46 -02
58
19
20
17 Oct '18
17
12
91
90 Nov'18
8312 90
8712 $778 8712
38 8234 91
88
791-t 7912 795s
7 66
80
8234
9934 105
9934 Dec'18
9934
96
65 - -65 -61- Feb '16
7518
73 -- 71
Oct'18
10173 -- 102 Dec'18
0534
96 Oct '18
92
9112 111
92
- 1021s Feb '03
00
*No mice Friday;latest Mil Week. a Due Jan. d Dud
Anal. 40 Duo May. g Due Juno. 71 Due July. k Due Aug. 0 Due Oat.
Week's
Range or
Last Sale
71
100
95
2 02
7513
10212
98
9334
Duo Nov. g Due Dec. s Option sale)
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec. 20.
*ma.
Price
Friday
Dec. 20
Week's
Range or
Last Sale
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 20.
Range
Since
Jan, 1
High No Low High
Ask Low
BO
•
Delaware & Hudson—
t H1,1382
:
14
.1.1i 2, E
9'1
8
4
0v
8
9
0
0
J
I
,
D
97
9518
1922
Ist lion equip g 4 As
8612 87
1943
let & ref 4s
97
98
05
1935 A
20-year cony 5s
7712 Nov'18
71
7712
7258 80
1916 A
Alb & Susq cony 3Sys
10112 1031s
103 ...... 1033s Sept'18
Reuss & Saratoga let 7s 1921
Denver do Rio Grande
7334 31 6012 77
7334 Sale 73
1938
1st cons g Is
11 68
80
77
8012 77
77
1936
Consul gold 4145
90
70
Nov'18
90
80
_-_
55____1928
Improvement gold
5918
5915
8
60
4814 63
4
0711955
let de refunding 53
92
8734 Nov'18 -82
Rio Or June 1st gu g 53—A836
6114 Apr'll -..-1910
Rio Or Sou let gold 48
39 July'17 ---1940
Guaranteed
3 63
73
7212
75
727g
72'2
48_1939
gold
lot
Rio Or West
6112
5718 6313 6112 Nov'18 ---- 50
Mtge & coil trust 4s A....1919
82 Dec '16 ---- _
6712 78
Del & Mack—let lien g 4s 1995
7512 July'16 ---- _
___ 89
1095
Gold 45
8112 8312 83 Dec '18 ---- 73 - 8378
Dot Riv Tun Ter Tun 4348_1961
_ 9634 June'18
9614 9712
97
Dul Missahe A Nor gen 55_1911
94 HU 911 i 941 i 1 90 10034
1937
Dal & Iron Range lot 53
10512 Mar'08 ---- ___- ____
1937
Registered
87
.. 87 Mar'18 -- 82
80
1937
Dul Sou Shore & Ati g 51
99 Nov'18
90
99 if)/
99
Elgin Joliet & East let g 5,3_1911
1 100 10112
10012
10012 10112 10012
1920
Erie let consol gold 7s
7818
78
Oct
781s
'18
----8114
ext
45-1917
g
let
Erie
N Y&
9714 -- 9618 June'18 ---- 9618 9618
1919
2d ext gold Is
9018 ---- 9312 Jan'18 ---- 9312 95
1923
3d out gold 4 Sys
9814 -- 9912 July'17 ---- ____ __
1920
4th eat gold Is
87,4 - - 9114 Nov'15 -1928
5th ext gold 48
100 1(11: 10033 July'18 ---- 100311 10038
NYLE&W Istgld 78_1920
7318 72
65
71
79
1996
prior
4s
g
Erie let cons
84 Dee7
- -_
29
,
-_
1096
Registered
54
5912 —25 -491
;-6412
59
58
let consul gen llen g 413_1996
73
---June'16
------1996
Registered
4 7514 8/1
86
80
86 _
Penn coil trust gold 4s 1951
53
51
91' 42
58
505s 51
50-year cony 48 Ser A 1953
31. 4212 59
53
Sale 50
50
1953
do Series 1-3
5512 771 4812 62
5378 Sale 5378
I953
Gen cony 45 Series D
96
Sale 9118
95
4' 82
96
1932
Chic & Erie 1st gold 5s
10678 Jan'17 ---86
Clev & Mahon Vail g 5s....1938
99
Dec'18 ---- - — iti10112
1955
Erie & Jersey let s I es
7 Oct '18 ---- 96 998
87 102
1957
Genesee River lets f 60
101 -- - 103 Dec '18 ---- 108 108
1935
Long Dock consul g 63
Jan'18 -- 103 103
90 -- 103
Coal & fIR 1st cur gu 60_1922
_
--- --8612 ---- 10212 July'17 --_-_Dock de [rapt let ext 53_ —1913
85
Jan'18
85
- 85
8618 -1916
N Y & Green L gu g 5e
7 74
80
84)
81
Sale
80
5s.._1937
ref
let
W
&
,
Busts
NY
10014 Doc'06 -1937
2d gold 410
1,178 60 June'18 ---- -i3( - -Jr
52
1910
General gold 5s
Jan'17 ---- _-_- ---97 -- 108
1913
Terminal let gold 53
Jan'17 ---9211 ---- 108
1940
Mid of NJ let Isla 53
67
71
Oct'18 ---62- -gi67
Wilk & East let gu g 5.3_1942
2312
---Jan'17
ET & Ind let cone gu g 6s....1926
97 Nov'18 ---- -51- -iii97 idd
Evansv & T H lot cons 68....1921
8518
-June'17
70
65
1942
Is
gold
general
let
---- 108 Nov'll --Mt Vernon let gold 6s-1923
95 June'12 ---____
Sun Co Branch tat g 58_1930
92
8212 Nov'18 ---- 81
8212
8318
1959
Sis
4
Florida E Coast let
92 Aug'10 -- ____ __ —
Fort St 15 D Co let g 448_1911
5612 _-_- 5512 Oct'17 ---- ____ ____
Ft Worth & Rio Or let g 46_1928
80 Dec'1880 80
81
75
19:13
Galv Hone A lien let Is
9513 Sale 9512
96 -iii 92
9612
Great Nor CBAQ coll 413_1921
9114 Nov'18 ---- 9134 9114
A1921
Registered
9134
9134
---- 85
Dec'18
9213
90
lot & ref 4)(s Series A _1961
96 June'10 --- ---- -1951
Registered
8812 -- 8912 Apr'18 ---- 8618 90
1933
St Paul NI & Man 4s
- 111 Nov'18 ---- 106 Ill
109
1933
let consul g 6s
Apr'17 -- __ ______
106 -- 113
1933
Registered
0113 Nov'18 ---- 51
9114 -55
95
9112
4345_1933
gold
to
Reduced
10212
NI
tv'16 ---99
8912
1933
Registered
90 Dec'18 ...-- -8.1.-12
- -668712 89
Mont ext let gold 45_19:17
8512 -- 9512 NI or.16 -1937
Registered
7614 -- -- 8512 Nov,15 ---- _--- ---1910
Pacific ext guar 4s £
80
83 -- 80 Nov 13 --- 80
E Minn or Div 1st g
101.12 -- 10014 NI ty'18,---- 10014 10014
1922
Minn Union 1st g Os.
11012 _- 103 Nov'181---- ill)Us 108
1937
Mont C lot 201 g 65
10312 ---- 13614 May'06 ---1937
Registered
99 ____ 95 Sept'18 --- 9258 93
1937
1st guar gold Is
_ 10934 Aug '13 ---Will & S F 1st gold 513_1938 • D 97 _
' 14 6934 Doo '16
-- ---_-- ::::
_
Feb
"A"___
ate
Green Bay & W deb
9
834
10
Feb
Debenture etre "B"
11.. 7.
83
8:931e
83
8012 86
Gulf & S (let ref A t g Is__01952 J
74
86
81
8512 8512 1)ec'18
Hocking Val let cons g 45,4s 1999 J J
7312 June'18
7312 7:112
J
1999 J
Registered
7312 Oct'18 ---- 7312 7312
19in A 0 7618
Col & if V let eat g 4s
75
8712 75
Feb'18
76
1955 te
Col & Tel let ext 48
85
85
81 Dec'18
95
83
Houston Belt AC Term let 55.1937 J
1
95
87
5
93
9112
2
91
9012
J
J
1951
4s
Illinois Central let gold
92 Sept'17 -93
1951 • J 69
Registered_
t ii-1-—i5
7534 Oct,'IS 90
73
1951 J J
1s1 gold 31-Ys
70 ---- 81 Nov'15
1951 • J
Regletered
Extended let gold 3 •ifi.....1951 * 0 73 ---- 80 Jone'17
1)51 * 0 70 ---Registered
-gr July-.0-1
1951 MS ___
let gold 38 sterling
1951 M
Registered
-71:i
72'2 89
1952 AO -gr 81 -176- r-32
Collateral trust gold 4s
913s Sept'12
1952 * 0 7518
Registered
8412 Sale 8114
8112
773e 87
1955 MN
let refunding 4s
71
70
6318 75
71 May'18
1952 J J
Purchased lines 3 As
10 7118 82
79
8114 80
80
L N 0 dc Texas gold 4s1953 NI N
72
72
72
7418 84
1953 NI N
Feb'18
Registered
73
-- 78 Nov'18
79
78
Cairo Bridge gold 413_1950 J
6915- 79
Fen'14
Litchfield Div let gold 33_1051 J J
.d12 7312 Nov'18
;
-6,11
653s i
Loulsy Div A Term g 34s 1953
83 Au g 12
1953• J
Registered
97 _-__ 102 June'16
_1921 FA
Middle Div Nig Is
5814 Sept'18
5814 5814
8
5'37
A
•
33_1951
gold
let
Div
Omaha
62
(141
82 Oct '18
61
62
St Louis Div & Turing 3e_1951 J
6534
63
7014 8314 651s Oct'18
1951 .1
J
Gold 34s
___
80
6158
1951
J
June'16
_
Registered
65
8112 8058 NOV' fl
J
1951
Bpringf Div let g 3Yis
8012 Dec'IS
7718
75 -8012
1951 F A
Western Ones lot g 413
1951 P A --- - - - 92 Nov'10
Registered
11712 NI !y'10
1923• D
Belley A Car lot tis
Jan'17
90.8 90
Carb & Shaw let gold It. _1932 MS
9178 -A-D 971s ---- 9558 Oct'18
Chic St L & NO gold 5&.1951
90
90
90
1951 • D
Oct'18
Registered
6512
6512
6512
Jilly'18
D
6a1s
1931
Gold 344s
1951 • 0
Registered
85,3 9(1
95
Joint let rot 513 Series A _19.13 J O 91
1 18 0(375
82 - _ ()
'18 --L
5 7018 70,8
Memph Div let g 48—.1951 J
65 Nov'17
1951 J O Registered
89 Fel, '18
80
80
St Louis Sou let gu g 45_1931 NI S
A)'17
98
89
J 81
1950 J
Ind Ill & Iowa let g 45
9512 9678 9512 Dec'18
_ 00
96
Int & Great Nor let a Ss__ 19l9 MN
8212 Junell -7911 90
James Frank & Clear lit 48_1959 J D
63
2 -Ei- 65
65
63
6312
Kansas City Sou let gold 36_1950 A J
73
Oct'09
1950 * 0 - _ Registered
7. 733 -ifi-2
851. 81
84
86
Apr 1950 J
Ref & inapt Se
81
26 7118 8312
KAOSSA City Term let 4s_ _1960 J J 8011 Silo 8012
92
8912
8931
90
78
1)ec'13
J
J
Erie
A
5t..1937
Lake
West let g
8058 Wet. '17
1911 J 1
2d gold 5s
8038 Oct '18 ...T.: 80
80-s
North Ohio let guar R5 s 1945 AO
92 Nov'14
8412 913
95
91
Leh Val N Y let gto g 4148._1910 J
89
Oet'l 7
J 8114 93
1910 J
Registered
711g 817g
80 Dec'18 Lehigh Val (Pa) 00118 a 48..2003• N 8012 81
92
1 85
Sale 91
92
General eons 41431........2003 M N 92
03-4
----
----
0
111 No price Friday; latent bid and asked this week. a Due Jan, 5 Due Feb.
2363
New York Bond Record—Continued--Page 2
DEC. 211918.]
4
Pries
Friday
Dec. 20
Weeks
Range or
Last Sale
14
40
Range
Since
Jan, 1
High No. Low High
Ask Low
Bid
96 102
Oct'18
Leh V Term Ry let gu g 58_-1941 A0 9758 10718 101)
113 Mar'17
_
1941 A0
Registered
98 -57-3.
4 fa;
103
103
Sale 10234
Lou Val RR 10yr call 63—n1928
9614 101
10012 100 Nov'18
Leh Val Coal Co let gu g 53.1933
Oct'13
_- 105
1933 1 J
11,9333
Registered
7914 ____
J J
1st int reduced to 40
70
70
-id- July'18
1945 MS 79
Leh & N Y let guar g 4s
1945 MS
Regletered
-66
9134
Nov'18
9612
9696
'
fo
8
ci!
Long Isid 1st cons gold 58_../31931 @
883s _
9414 June'16
111931 Q
let consul gold 45
7158 81
Dec'18
1938 J D 80 ___ _ 81
General gold 4s
85
85
85 Sept'18
1922 MS 8814 98
Ferry gold 43,4s
9914 Oct'06
1932 J D
Gold 45
78
71
78
Nov'18
78
M
89
1949
4s_
gold
Unified
97
97
97
Jan'18
J D 8018 88
11,3374
9
Debenture gold Is
7812
77
MN
2 70
7734 7712
77,2
20-year p m deb Is
10 7218 84
79
79
1949 MS 771 1, 79
Guar refunding gold 4s
95 Jan '11
S
1949
Registered
2 94
94
94
Sale 91
NYBAMBlatcong55.1935 * 0 94
9212 94
94 Dec'18
90
93
1927
NY & R B let gold 5e
Aug'16
90 __ 100
Nor Sh 13 let eon g gu 53_01932 Q
4 -if-gilDec'18
1927 MS 8734 931; 91
Louisiana & Ark let g 5s
Oct'18 —_- 109 111
/ gen 68_1930 J D 108 11212 111
Louisville & Nash,
2
118
,
'
8
012 Nov
,
0
MN 1011s 102 18
Gold 53
83
- _9
10
1 1_9
0_
0_0
8912 Sale
193
0J J
47
Unified gold 4s
1910 J J 8312 8414 9658 Jan'17
Registered
99
Collateral trust gold 5.3_1931 MN 10018 10112 9812 Nov'18 :::: 93
10018 10018
1919 J O
E II & Nash let g Os
---- 10018 Aug'18
87
91is 9512 87 A or 18 _--- 87
L Chi & Lox gold 444s..,.1931 NI N
1930 J J 10412 10712 100 Sept'18 ---- 100 101
N 0& M 1st gold es
-1930 J J 9312 100 10118 Feb '17
2d gold (is
9012 Apr '12
78
89
Paducah & Mum Div 43_1946 FA
Oct'18 ---- 100 10112
10014 -- 100
80 M
1921
,
St LOUIS Div lot gold 88_1
418 N14
77
MS 5514 -- 5718 July'18 ---i 5
2d gold 3s
83
N 83
83
gi12
All Knox & Cin Div 4s_ _1955
9513
_ 95 Nov'18 ----' 95
AU Knox & Nor 1st g 53 1916 J O 9414
--, 102 10313
'fender Bdge 1st a f g133 1931 MS lot% 113 10312 Sept'18
78
78 Nov'18 ---- 73
80
83
Kentucky Central gold 45_1937 .1' .1
96
9512 Nov'IS ____' 90
Lox & East 1st 50-yr 5.3 gu 1955 AO 9258 101
9614 84 Nov'18 ----1 8318 88
LA N & NI & M 1st g 414s 1945 MS 88
65
0
714
6714 6812
L & N-South NI Joint 4s 1952 ii --- 82
95
Feti'051 ----!
/11952 Q J
Registered
1937 FA 93,2 ---N Fie & S let gu g 53
_ 9778 May'113:___
8418
N & C Bdge gen gu g 4 qs_1945 J
I Hitt iii12
10114'
loot
Pease° & Atl let gu g 6s 1921 P A 10114
99
Apr'18 --- 09
99
9412 106
1936 P A
& N Ala COne gu g 5s
Jan
9312
9312 9312
0
'18'---A
95
9112
Gen cons gu 50-year 53_1963
60
LA Jeff Bilge Co gu g 4s
1945 MS 6853 ____ 60 July'18 ---- 60
N
1936
Manila RR—Sou lines 45
77 Marl()
Mex Internet 1st COM g 45_1977 MS
75 Nov'10
1977 51
Stamped guaranteed
Midland Term—lot s f g 5a_1925 J O 80 ___- 9112 June'17i ---Minneapolis & St Louis—
1
1927 1 D 10018 ____ 101 July'18 ---- 101 104
let gold 7s
---99 103 Oct '16
1921 A0
Pacific Ext let gold 6s
77
80
7812 Nov'18 --- 7114 7934
1)34 MN
let consul gold 5s
48
49 1 13 41
5312
lit & refunding gold Is..,1949 MS 4512 44
4 40
50
5018,
51
50,4
Ref & ext 50-yr Is Our A 1962 Q F 49
---60
Des M A Ft I) let go 4s 1935 J J
3 7554 8312
8312;
_. 813g 8134
Iowa Central 1st gold 53._1938 3D
47 1 38 4012 52
Sale 46
MS 46
Refunding gold 48
90
3 80
8912
88$4
1'Si 8812 90
98
19
NISt PASS M con g 44 lot go_ 35
92
N
Jan
'17,
NI
___
88
1st Chic Terms f 4s
5 9458 945s
9458
9453
9412
1111 J J
MSS M&A let g 4s intgu1.32
95
J _-_- 90
Dee'16 ----1
Miesise19131 Central 1st 53_1949 J
Missouri Kansas & Texas—
52 6018 73
69
6312
68
69
1990 J D
let gold 45
37
:14
F A
39
3512 Dec'18----1 28
25 gold 48
32
32 Sept'181----1 52
35
30
0 NI N
004
944
g190
1st ext gold 5s
20
-1 4
5,4 3
1
46
158 N
c:118.i..
4
342
Doev
4 4
73_2
3
4
lo_1 _S
43;
i
4
:
2 _4
i :
1 1:22
:
24:4
let & refunding 4s
42
41 1 11 41
Trust Co certfs of deD ___
Gen sinking fund 4 .1 45_ _1936
40 Nuv'16 ----l____
St Louis Div let ref g 43_2001 A 0 ____ 30
5% secured notes "ext"_'16
6912
---Doll & Waco let go g 58-1910
60
60 ____ 60
Oct'18 ---- 50
Ken City A Pee let g 48_1990 F A
53
36
53 Nov'18
0
A
58
50
Mo K & E let gu g 53.-1942
7318
60
73
87
7318 Nov'18
M K & Okla let guar 55_1912 M N
58
55 Nov'18 _-__ 49
MK AT of T let KU g 545_1912 NE S 5018 59
___51
Dec'16
Sher Sh & So list gil g 55_1942 J D _-- 65
40
30
301s Nov'18
Team A Okla 1st gu g 5s 1943 M S 3012 50
Missouri Pacific (reorg Co)
A
8914
1 1 79
88
8358 1
89
Ws
1st & refunding 5s Our A 1965
9512 95
96 1 10 8978 96
let & refunding .5e Our Ba_1023 FA 95
9134 9312 9312 Dee'13 ---- 8514 91
let & refunding 55 Set C 1925 FA
611/ 221 55.8 6714
1975 MS 6312 Bale 6314
General 4s
12 98 100
9918 9934 9918
9934
Missouri ['ac let cons g 6s 1920 NE N
58
53
Oct'18
53
58
M
1945
40-year gold loan 4e
,
34 78 extended at 4%...A038 M
100 Fen '13 ----!
Boonv St LA S 1st Is gu_1951 F Al
8438 9712 Dee'13
1948 .1 Di 63
Cent ilr U P 1st g Iii
Pee 1101 Mo let ext g 45_1938 F A1 8418 86 1 8412 Dec'18 __--' 7812 8412
____.10014
J,
85
J
1933
2d extended gold 53
9614!
4 9012 98
St L 1r M & S gen con g 5s_1931 A 0' 9614 Sale 9614
---Gen con stetnp go g 58 1931 AO
-gi47
8058 83 I 8214 juiY
82114
1929 J
Unified A ref gold 15
2
.1_2 -fi -18078
1929,J
Registered
7712' 15 66
7612 785s 77
lIly &0 Div 1st g 45_ _1933 M
78 Sept'151----'
86
Verdi VIAW let g 5s.. 1926 M
10514 ---- 10112 Sept'18:..... 101 j011;
1927IJ
Mob & Ohio new gold 6s
92
95
9518 ____I 95 May'18
7119271Q
let ext gold Os
71
80 1 71 Nov'18 ----I 05
70
General gold 4s
19381N1
Montgomery Div 1st g 58_1947:F A 85 _--- 93 July'17
90 Aug'17
0 84
87
St Louis Div Is
78
---Oct'IS
78
7612 85
1.;
37'j
92
St LA Cairo guar s 4s...219
---- 9518 101
Moony Chatt & St L let 5s 1928 A 0 100 -.-. 100
_10018 10414 11014 M tr'17
Jestoer Branch 1st g tis _1923:J
38
3058 _-_-1 33 Dec'18 -__- 30
Nat Rye of Mex pr lien 414s_19574
0
i..32
35 Aug '16 ----- -Guaranteed general 49_1977
30 --- 0678 Feb'13. ---Nat of Met prior lien 4 Sy e 1926 J J
1st consul Is
1951 A0 21 .-_- 21
70
69 i 69 Dec'18 .--.' 60
67
New Orleans Term let 41
1953 J
9712' 97
97
N 0 Tel & Mexico 1st 63..._1925 J
2
712
57
9
2
9 ,10
5612 55
5PI 77
9
Non-cum income 56 A__ _1935 * 0 56
New York Central RR—
Sale' 9334
99
10058 507 9112 10312
N
1935
Cony deb its
8212
13 69
73
7712 Sale] 7712
1993 FA
Consul 48 Series A
6, 77
8514
8758
2013 A0 8318 8112 84
Ref & imp 4'.4e "A"
Now York Cent A Hod My—
69
76
15
74
7512
J
74
1997 J
Mortgage 3Sys
Sale1
_ 1 6058 7114
7512 WS Aug '18
1997
Reidsterei1 _
8612 10 7434 8912
8614 Sole, 8614
1934 M N
Debenture gold 45
79
79
79 Nov'18
1934 M N
Registered
14 61
71
Sale i 70
7134
70
F A
Lake Shore coil g
6612
61
6612 Oc1'13
6213 _1991 F A
Regletered _
6 6212 6918
6)18
6918 Sale 6918
4F A
1398
Mich Cent con gold 3Sis 1,
_
A
6212 ___-1 '75 Mar'17
Registered
Battle Cr A Slur let go 3a_19139
861s ---- 96's Apr I/
Beech Creek let gu g 4s_ _1938
9334 Noo'16
1936 J
Registered.
---1938 J .1 92 -- -- 101 May'16
2d guar gold 59
J
01
Registered
A 0_
Beech Cr Ext 1st g 3 S45_499537 j
89 Nov'16 ____________
112
74
Cart A Ad list gii g 4g..... _1981 .1 O 9
()oily &()ewe let gut g 55..1912 .1
0-ct;-1;
1991iIf S 78
Mob & Mal 1st 3113 Is
N J Juno R guar 1st 18_1938 F A 64 ____ 8912 Feb '16 ____________
7514 ---N
NY & Harlem g 3',4t._._2000
9553 95511
9712 -- 9558 June'18
N Y & Ndrthern let g 513_1923 A O
g Due June
11 Due July.
n Due Sept.
o Due Oct. I Option sale
2364
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec. 20.
f
N Y Cent dc H R RR (Con.)NY & Pu 1st cons gu g 411_1993 A
Pine Creek reg guar 68.-1932 J
R W &0 con 1st ext 5s__h1922 A
Rutland let con g 434s___1941 J
Og & L Cham 1st gu 4s g_1948 J
Rut-Canada 1st gu g 48_1949 J
St Lawr & Adlr let g 5s___1996 J
2d gold 6s
1996 A
17tIca dr Blk Riv gu g 4s_1922 J
Lake Shore gold 334s
1997 J
Registered
1997 J
Debenture gold 68
1928 M
25-year gold 4s
1931 M
Registered
1931 M
Ka A &
lst gu c 5s.._1938 J
Mahon C'1 RR 1st egs
1934 J
Pitts dr L Erie 2d g 5s_ __a1928 A
Pitts Melt & Y let gu 6s 1932 J
2d guaranteed 6s
1934 J
Michigan Central 53
1931 M
Registered
1931 Q
4s
1940J
Registered
1940 J
J L & S lst gold 334a
1951 M
1st gold 334s
1952 M
20-year debenture 4s
1929 A
N Y Chic & St L 1st g 45 1937 A
Reglstered
1937 A
Debenture 4s
1931 PA
West Shore 1st 4s guar_23111 J
Registered
2301 J
N Y C Lines eq tr 5s__1918-22 M
Equip trust 434s__1019-1925 J
N Y Connect 1st gu 434s A.._1953 F
NYNH& HartfordNon-cony deben 4s
1947 IN
Non-cony deben 334s_...1947 111
Non-cony deben 334e
1954 A
Non-cony deben 45
1955 J
Non-cony deben 48
1956 PA
Cony debenture 33413
1956 J
Cony debenture Os
1948 J
Cons Ry non-cony 43
1930 F
Non-cony deben 4s_......1954 J
Non-cony deben 4s_
1955 J
Non-cony deben 4a
1955 A
Non-cony deben 4s_ 1950 J
Harlem a-Pt Chet] 1st 49_1954 IN
B& N Y Air Lino 1st 15_1955 F
Cent New Eng 1st gu 45_19131 J
Hartford St Ry 1st 4s
1930 M
Housalonio It cons g 5a.....1937 M
Naugatuck RR 1st 4s
1951 M
N Y Prey & Boston 4e
1942 A
NYIV'ehes&B laserI43-4s 1946 J
Boston Terminal 1st 4s_ 1939 A
New England cons 53
1945 J
Consults
1945J
Providence Secur deb 4s_ _1957 M
Prise dr Springfield 1st 56_1922 J
Providence Term 1st 48__ _19541 IN
W & Con East 1st 4345_1943 J
NYO&W ref let g 4s-g1992 M
Registered 85,000 only. g1992 M
General 4s
1955 J
Norfolk Sou 1st dr ref A 5e....19431 F
Nod dc Sou 1st gold eis
1941 141
Neff & West gen gold Os___ _1931 IN
Improvement & ext g tle...1934 F
New River 1st gold Os1932 A
N & W ay let cons g 4a_ _1996 A
Registered
1990 A
Div'l let lien & gen g 48_1944 J
10-25 year cony 48
1932 J
10-20-year cony 4s
1932 Ni
10-25-year cony 434s
1938 M
10-year cony 6s (w I) 1929
Pocatt C ,Ic C joint 4s
1941
0 C & T lst guar gold-58_1922 J
Solo V dr N E 1st gu g 4s 1989 Ni
Northern Pacific prior lien
railway dr land grant g 46_1997 Q
Registered
1997 Q
General lien gold 3s
a2017 Q
Registered
_a2047 Q
Ref & Imp 414s ser A
2047 J
St Paul-Duluth Div g 4s 1990 J
St P & N P gan gold es_..1923 F
Registered certlficates...1923 Q
St Paul & Duluth 1st 5s 1931
1st consol gold 4s
1968 J
Wash Cent 131; gold 43........1948 Q
Nor Pao Term Co 1st g 65_1933 J
Oregon-Wash 1st & ref 4s
1901 J
Pacific) Coast Co 1st g 58_ _ .1940 J
Paducah & Ille 1st s f 4341_.1955 J
Pennsylvania RR 1st g 19_1923 M
Consol gold 541
1919 Ni
Registered
1919 Q
Consol gold 40
1943 PA
Consol gold 4s.
1918 PA
Consol 4345
1960 F
General 450
1965 J
Alleg Val gen guar g 68__ _1942 M
D 1111 B'ge lat gu 4s g_1936 F
Philo Bait & W 1st g 4s_ _1913 M
Sodas Bay & Sou let g 58..1924 J
Sunbury & Lewis let g 48_1930 J
U N J RR & Can gen 45_1941 M
Pennsylvania Co-Guar 1st gold 4349
1921 J
Registered
1921 J
Guar 334s coil trust reg A.1937 NI
Guar 334s coil trust ser 13_1941 F
Guar 334s trust ctfs C
1942 J
Guar 3343 trust ctfs D_1944 J
Guar 15-25-year gold 49_1931 A
40-year guar 68 Ws Ser K.1952 M
Cin Leb & Nor gu 4s
Ni
(al& Mar 1st gu g 4348_1935 PA
Cl & P gen gu 434s ser A.1942 J
Series B
1942 A
Int reduced to 34s.1942 A
Series C 334s
1948 Ni
Series D 334e
1950 F
Erie& Pitts gu g 334s B 1940 J
Series C
1940 J
Or R dr I ex 1st gu g 430_1941 J
Ohio Connect 1st gu 4s
1943 Ni
Pitts Y & Ash 1st cons 59.1927 ad
Tol W V &0 gu 434e A 1931 J
Series B 4345
1933 J
Series
45
1942M
PC Ch St L gu 434e A 1940 A
Series B guar
1942 A
Series C guar
1942 M
Series I)40 guar
1945 M
Series E 334s guar gold_1949 F
Series F guar 68 gold_ _ _1953 J
New York Bond Record-Continued-Page 3
Price
Friday
Dec. 20
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No.
7734 -- 7412 Mar'18
10214 __ 113 May'15
98 ---- 9812
1
9812
80 __- 83 Nov'18
6118 ....__ 6034 Nov'18 --70 ____ 70 Jan '18 -8318
101 Nov'16
88% _ _ 103 Nov'16
9418 _ __ 94 Apr '18
7514 76
76 Dec'18 -733g 7512 733 Nov'18
9014 Sale 9014
0
9014
8834 Sale 8834
90
23
_ _ _ 8373 Nov'17
2
-_
9312 ____ 10412 Dec '15
102 _ _ 103 May'17
10518 ____ 130% Jan '09
10218
12314 Mar'12
9512 _
9912 Aug '17
9412 ---- 9812 Nov'18
_
7412 Aug '18
80511
87 Feb '14
90 June'08
7438 _ _
7978 July'17
8112 8338 84 Dec'18
82
8478 82
82
-3
78 ____ 85 Nov'17
7012 72
717s
3
717
8312 82 Dec'18
80
7634 7812 7812
7812
6
10012 Jan '17
_ _ _ 102
983 July'17
8358 Sale 8853
8834 10
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec. 20.
Price
Friday
Dec. 20
Low High
72% 7412
I VOL. 107.
Week's
Range or
Last Sate
Igl
ce I
Range
Since
Jan. 1
P C C dc St L (Con.)Bid
Ask Low
High No.1 Lou, High.
Series GI 45 guar
19571M N 8918 9613 92 Noy'1e _-__ 8878 92
Series I cons gu 434s....19631F A 9018 ---- 95 Nov'18 --.. 93
95
9514 0812
C St L & P lst cons g 5s_1932 A 0 101 -- 9812 Oct'18 ---- 9678 10012
6714 83
Peoria & Pekin Un 1st es g-1921 Q F ------- 100 June'17 -.-- ---- -60 63
2d gold 434s
b1921 M N
87 Mar'16
70 70
Pere Marquette 1st Sec A 5s_1956
- 8813 8812 8813
89
-1.5 -79 - -66 1st Series B 4s
1956
7112 74
7158 Dec'18
62% 7312
Philippine ay 1st 30-yr s 145 19371J
40 Sale 40
46
4 40
50
fie
94
Pitts Sit & L E 1st g 58
Jan'18 __....1 99
19401A 0 9518 .___ 99
99
70
76
1st consol gold 5s
194315 J 9334 __ - 9714 Dec'17 _
I
71
73%
Reading Co gen gold 4s
1997 J J 87% Sale 87
88
-Li' -Wilk -Hi
82 9214
Registered
199711 J 8578 8658 8112 June'18 ____ 8112 8112
8134 9218
Jersey Central coll g 4s_..19511A 0 86 88
8034 Dec'18 _-__ 8114 88
Atlantic City guar 4s g.._19511J J
St Jos & Green tel let g 4s 19471J J 75" -if- "fill) De
-o-'18:: -ii" -fiFs
St Louis & San Fran (reorg Co)Prior lien Ser A 4s
63 Sale 63
-1
643 115 5512 6712
-Prior lien Ser 13 53
1950
J 7814 79% 79
80
25 66
8258
Cum adjust Ser A 6s__-h1955 A 0 63 69
69
70
33 60
76
473
Income Series A Os
/11960 Oct
Sale 47%
49
50 44
55
92 9812
St Louis & San Fran gen 6s_1931 J J 103 ____ 1005* Sept'18 ---- 100% 10114
75
74
General gold 5s
1931 J J 9514 96
97 Nov'18 ____ 91
9'712
St L & S F RR cons g 4s 1996 J J
78 May'10 -_--- - - - - -.
Southw Div 1st g53.. 1947 A 0
K C Ft 8 dr M cons g (Ss_1928 M N i8
77
E0i5-t2,8 i.:5_2:,_i_e 1099112 MalY0.11374 -i.6 -663-8 idi7234 88 K C Ft S & M ay ref g 431938 A 0
5 &
7512
7612 15 02
77
7512 871s
KC&MR&B lstgu 58_1929 A 0
8518 Aug7'41a
8513 8518
St L S W 1st g 4s bond ctts1989 M N 74 76
74
1- 6378 77
61 -.fi1-2
2d g 4s Income bond etfs.p1989 S J 58
8534 57 Nov'18 _-__I 5012 57
7112 8238
Consol gold 4s
1932 J D
67
27 87
70
70 80
1st terminal & unifying 53_1952 J J -WI- 6
62
5 6
651 Dec'18 _...-- 52 65
_
Gray's Pt Ter 1st gu g 5s-1947 J
9812 Jan'14
_
_-S A & A Pass Ist gu g 4s
1943 J J 6712 Sale 06%
l; -6712
6712 --577% 90
SF&NP1stsktdg5s
19195 J
100 June'18 ___I 100 100
7 Dec'18 ..I 67
Seaboard Air Line g 45
A 0 -fil; -7578
1950
75
7578
58 61% 60 Oct '18 ..... 00
60
Gold 4s stamped
1950 A 0 7358 7414 73
ii --4
74
/1214 .
'73,14
53 ____ 55 Sept'18 __ _- 65 55
Adjustment 5s
o1949 F A 5412 Salo 5412
5612 25' 49 61
54
5814 5634 Nov'18 :___ 50 02
Refunding 4s
1959 A 0 58 Sale 53
63
52 515 68
55
593e 03 Nov'18
52
63
Atl Birm 30-yr 1st g 45_01933 M S 745* 78
74 Nov'18
1
5912
5912 -7
1 45
61
Caro Cent lit con g 40-1949 J J 7212 __ 76 ()ale
7
75
3 75
7
5012 5412, 54
541
2 5118 60
Fla Cent & Pen 1st ext 63_1923 J J 9518
---- -91
Sale 91
9278 12 82 95
1st laud grant ext g 5s 1930 J J 93 __ 101
Dee'15
50 Oat '17 -Consol gold 59
1943 J J ---- ---- 95 Nov'18
9112 Jan '12 ---- ---- --Ga dr Ala Ry 1st con 5s__o1945 J J 9118 ___ 9012 June'18
9012 9012
-- 60 00 July'18 --__ -fir -id931s -.-. 94 June'18
Ga Car dr No 1st gu g 5s__1929 J
04
1 94
__
____ --- ---Seaboard & Roan 1st 5s 1928 J J 9478 97 9114 June'18 -------1 -4
1 11-12
5
:
4
:
It
Pacific Co-741-8 -_-_-_-_ -733-4 iW8-i8 ____ -ii- -iiii Southern
Gold 45(Cent Pee coll)__k1949 J 0
12
/3_2_
70_
_ 2_11 .
69 ____ 7918 Doc '17 . ___ --- .......7958
13 9
76
51949 J D _7_8_
Registered
0 Feb791'42
5514 07
66 Nov'18 ....-- 60 69
8458 Sale 8458
20-year cony 4s
g1929 Ni
8578 161. -751; -88 29-year cony 5s
1934 J D 101
Sale 101
103
250 861s 10014
01 -:
-...: MEI; N-174-y-i5 -. -_:-_ ---- -----Cent Pao 1st ref gu g 45_1949 F A 8334 Sale 8334
8334 21, 75 . 86
75 --_- 87 July'14 ._ _
.
.
34 _ia._ 8
Registered
1949 F A - 5
Sep
8
8
1;
7
5
5
1
3
1
4
2
3
1
4
1
3
-1 -8.5._ -ii._
8012 -__ 83 Aug '13 ___ ---- -Mort guar gold 334e...k1929 J D 8
55 Salo 55
56
22 -ii" -4'5-12
Through St L 1st gu 45_1954 A 0 80 ____ 76 Nov'18
89
GH&SAM&Plat 5E4_1931 M N 914 tot 100
Oct'18
9018 ___ _ - - -7:- _-__ --__
07
9034 Jan'18
2d exten 5s guar
1931 J J
.70% ____ id Sept'17 .:-_----- ---Gila V 0& N 1st gu g 5s 1924 111 N ---- ---- 95 Nov'18 ._ -_-_1 -9
675
611:" -9
695
6;"
57 A pr 16
Nis 99l8 8512 July'18._ _ _1 8512
Hous E & W T 1st g 5s.-1933
N
8512
-- ---- 99% Deo '13 -._
---- ---__ -_1st guar 5s red
1933 NI N 9112 95 100 Oct '16
6912 _--- 883s Feb '14 -- -------98 103% Aug'17 ---, ---- -HSoTC 1st g Mint gu___1937 J J 90
Geis gold 45 int guar___1921 A 0 03
94
93 Nov'18
' "if" -.6i71" Sale 71
"71" --6 -67;"5Waco & N W div 1st 4 es'30 fil N
10012 109% Nov'15 ____1 ___ ......_
9212 June'l2 -_
A & N W 1st gu g 58
1041J J .„ 92
93
Nov'18
03
93
5213 65 60 Apr • 18 _
Louisiana West 1st Os__ _1921 J J 937
. ___ 10014 Out 17
63 70 69
69% _'
5 -6
8.6
0- -6
69
614
Morgatea La & T 1st Os_ _1920 J J _. __ ___ loo Apr • 1
__ MO-- 166'8112 8112
No of Cal guar g 55
10218 Oct 11
19.38 A 0 93%
e----I _
10
89
814 HA - 18
09
158 .11=1
18
8 __-___ 10514 109
Ore & Ca! 1st guar g 5e___1927 J J 9512 ___9312 9558 Dee'13 ____1 9338 9612
10613 __ 122 Nov'16
So Pac of Cal-Gu g 5s___1937 M N 96 _
10712 Sept'10
I _--107% ---_ 107%
10718 --:1 i5
8ii-8
.5- i6
So Pao Coast 1st gu 42 g__1937 J J 905* 93
9312 Aug '17
80 Sale 80
86
San Fran Tenni 1st 46_1950 A 0 My 79
91
81 Dec'18
1 7114 8113
93% Dec '16 ----------_
Tex & N 0 con gold 5e.-1943 J J 73 85
94 Nov'16
843 8814 85 Dec'18 ......- __ __ '
- 1.
i
So Par RR lst. ref 4s
gli14
1955 J J 8414 Salo 18
0905
43
:1
4 Au 8514 170 755* 8614
12373 May'17
__ __
Southern-lit cons g 5s._ -1994 .1
95% Sale
9612
8678 100
11714 May'17 Registered
_1991 J
Aug 1)3
101% ___ 105
105
10 1031210512
Develop & gen As Ser A...19.561A 0 -1T61-2 ..ge:le 6918
0012
1063s Sale 106%
108
253 10033 10812
Mob & Ohio coil tr g 45-19381 M S 7014 7478 75 Dec'18„6
..? 5
06
5 8
70
3
8658 90
8612 Dec'18 ____ 76
3612
Main Div Ist g 434s-58_1996
J 93 ____ 92 July'18 ____ 87
02
97 _ _ 103 Sept.16
St LAWN div 1st g 4s_ _1951 J J 73ts 703s 74 Nose18 ___ 6418 74
---Si
t84'-t 80 Nov'18.-72- -id95 ___ 93 Nov'18 ____ 8778 93
AlaGtSoulstconsASeA943J
Atl & Char! A L lst A 43481941,J J 8212 ____ 8412 Oct'18 ___ 82% 8412
86
Sale 80
8S3 75 79
90
1st 30-year Is Ser 13_ _1944IJ J 97 ___ 9312 Oct'18 ____ 91
95
8618 88
7914 Oct '18
7834 80
Atl & Dane 1st g
5
./ _--- --- 70 Oct '18 __- 70
3
194811
70,4
6113 Sale 61
6134 12 5658 6414
2d 4s
80
8112 Ma'
Mar
o'16
516
56
62
58 Oct '18 .___ 53
58
All AI Yad 1st- g suer As_ P.M A 0
90 ___ 9012 Dec'18.-. 8278 9034
Ig ileabr:1; ---_- -tio-- -E T Va & Ga Div g 6s. _ _1930 .1 J
W
7718 _ _ 74 Aug '18..... 74
75
95 100
Con/ 1st gold 5s
971
95
-1 0114 10
1 314
10314 109- 10378 Dec'18 -- 10038 1C1373
el Tenn reorg lien sr
S 9412 99
M Pfi
031 IV1
92% Nov'18 ___ 80
- -119
92/8
10118 _-__ 10334 Sept'17i.......
Oa Midland 1st 33
1946 A 0 52 _ _ 52 Dec'13 _ _ 61
03
98 ____ 107
Oct'16 --- ;
f
..
-6
"
,
..::
f
1
.
.
Ga Pao ity lmt 5439
____ 101 Dec'IS __ 100 . 101
1922 1 J
7014 ---- 765s
76%1
1
Knox,/ h Ohio 1st g 65_1925 J J 1005* ____ 100 Oct '18 ....-- 98%
6314 85
ME Dec.16! .___
..........
83 95 i 9112 Oct '18 ___ 0112 9112
Mob & Mr prior lien g 55_1945 J
107 _ _ 107 Nov'181... 10034 10318
___1945 5 J 65
Mortgage gold 45
7213, 63 Jan '18 ........ 68
OS
78
79t2 7812
79141
7 6514 301s
alch & Dan deb 51 strapd_1927 A 0 9214 102 I 03 Jan '18 __ 415
95
86 88
877
88 1
2 82
90
Rich & Meek 1st gu 4e__ _1918 Ni N
12
1 _____
-_95 100% Feb.17
So Car dr Oa let g 5s 1919 PA N 9334 -Sa-le, 9.334
9834,
2 -067
;-987-2
65
:
-1-8
_ 9514 Nov'18,-. 931.-1 -951-4
Virginia Mid Sor D 4-50....1921 111 • S '
9
73
212‘
-:110
-9
9-3
,
8
J u:
5'
1
7 -.7
enro
t:'18 ......
9318 101 100 Aug '1,
,
IN 100
Series E 5,4
19211 al S
9718 ..
Series F
1926 111 S 9158 ___ 10412 Dec'10
e9 -- - -9
-0-14 Nov'18
9014
88
General be
96 102
98 Dec'18 -_ -6.
6
9i
i3-:
95
90 Sale 90
90
5 83
9218
Va & So'w'n 1st gu 5s_2
3"
1 N
.. 100
936
J 87 ..._ 8158 Sept'18 ____ 815* 815*
96
Sale 98
99
4 9278 1001
1st cons 50-year 53_1958 A 0 7514 83
70% Nov'18 __ 671 7212
92 Sale 9112
9234 533 8573 9613
937 Mar'17 ____
W 0& W 1st cy gti 49___ .1924 F A 85 92
8312 __-- 8712
Spokane Internal 1st g 58_ _1955 J
85
8713
--_
82
953 Ntar.17 __. - - - -8234 ---- 8412 &MI6
Nov'18....- __Term Men of St L ist g 4346.1992 A 0 871; 9912 86 July'18 ____ -l-i512 -808712 __-- 92 Aug'17
1st cons gold 56
1894-1914 F A 95 -_ 9454 Dec'18 ___ 90
95
---- --- 102 Jai. '93
Gen refund s f g is
- --- .
7714 82
1953 J J
8112 Nov'18
01
8'314
80 _
-Bridge Ter gu g 58_1930 A 0 90% 9412 9513 Juise18 ---St L
-- - 8453 ___.. 92 - Dec •I 7
Texas & Pao 1st gold 5s.......2000 J D 90 92 90
- --- . •
9078
-i6
.34
-El;
2d gold income be..,,.. __moo Ni at 40 65
41 Sept'18 ____ 41
401
93 Sale 93
98
18 9618 9858
La D14,13 L 1st g 5s
1931S J
- 93 _ 80 May IS _ _ _. 80
86
9514 ---- 9712 July'18
9534 9'712
W Min W & N W Istgu 551930 F A
10612 Nov'04 --- 783s --_- 87 Feb '17
Tol & Ohio Cent 1st gu 51..1935 J J -tig- -66 8
90
813 Oct '18 ---- -8
32
6r
66
,93 - -9
7618 80
78 jujegs
-fli- -i£1Western Div 1st g 53
1935 A 0 87 92%
18
7478 -- 8114 July'17
_ _ _ -_
General gold 54
74
84
93
•
Oct'18
9
____
93
7618._ . 3734 Dec '16
Kan & Ni 1st gu g As
1990
938 j
AO
D 78
80 6713 Sept'18 __ 6712 69
8312 918712 Dec'18 ....... 8213 8712
2d 20-year Se
1927 J J 8912 95
89
8813 _
84 jImo'18 ___ _ 84
84
Tol P & W 1st gold 4s
1917 J J
Si
ti/3-8 86 Oct '17
_--- -- Tol St L & W pr lien g 3345_1925 J J _3
_6
_ -8
.
-3
-1-2, 8
54
2 N
Ao
ug
9
v
'
9
17
1
8 ---2 -6
.irs -15
89
iii
°8712 ---- 9614 May'17
50-year gold 4s
1950 A 0 53
50
56
50
45
5011
95,s ---- 0634 May'IS
Coll trust 45 g Ser A
-ii4/1-4 -664
1917 F A
9012 ____ 104 Dec '15
Trust co ctfe of deposit__
---- -..
- 7. --_ 3
13
314 1158 M
Auagr48
6 ...- -ifi- 18
8612 ---- 9014 Fob '12
Tor Ham & Buff 1st g 45_01946
---- ---80 Apr '17 __-70's 87
83 ---- 9013 Oct •12
Ulster & Del 131 eons g 5s_1928 5 I) 8914 95 8914 Dec'18 __ :i4
--- --ir
i::iii!
83
8812 F.-t''17
1st
refunding
4s
g
j
A
- 70
58 Sept'17 __...
757 ---- 83 Apr •17-----Union Pacific let it 4s
8814
15
8
7
75
90% July 12
Registered
1947 J J 883
_a_l_e 8
85
812 Oct'18 _- 83
43 s -8
93
8418 --- 81 Aug '18
Si
81
20-year cony 4s
1927 J
Sale
01
38
8318 ---- 78 Oct '18
78
78
1st & refunding 4e
Ni
88391.I
89
8314
83%
1 8
72
54
8 9
87
112
9653 ---- 93 May'10
__ _ _
10-year perm serured 6i_9928
g29
1. 8
8
.1 104% Sale 10412 105
88 10139 10514
8534 95
9834 Apr '17 .;_. ---- --Ore aa & Nav con g 44_1940 J D 85
8734 85
85
1
7838
e0
85% ---- 92 Deo '17
---- --Ore Short 1.1ne let g 04...1922 1, A 10112 103 104
104
7 997 104
7818
88% Sept'17
let cons& g 53
1948J J 95 100
9913
9912
1 941 9912
9312 94% 9312 Nov'18
9112 95
Guar refund 4g
Sale
3512
8512
8714
41
8078 905*
9234 9512 93
0(3'18 __ 9112 93
Utah & Nor gold 59-.1729
926 .1.1
3 0 91% ___. 98 Deo'17 -_
90% 99
99 Juntel7
1st extended 4s
1933 J J 8214 89 89 Feb'18 --- -8
8
.
0
11;
.-179
8-8918 93
9018 Sept'IS ____ 83 90
Vantialla cons g 4. Ser A.-1955 F A
80
Jan'18 ---0
8918 ---- 9011 Sept'18 ___ 87
9013
7913 ____ 8013 June'18 -- 8013 8018
Cowes's 4s Series 11
1957 M N
8918 93 91 Sept'18.____' 01
91
Vera Cruz So P 1st gu 4121-1934 J J --- ---- E5 Sept'17 -__ -- ---•No mice Fridas: latest bid and asked o Due Jaa,
Due Feb •Due June. li Due July, k Due Aug. 0 Due Oct s Due Nov • Due Dee. a Option sale.
.
-a-g; -6'61;
60
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 20
2365
New York Bond Record—Concluded—Page 4
DEC. 21 1918d
-4 4
Week's
Range or
Last Sale
Price
Friday
Dec. 20
1,-11
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec 20
Range
Since
Jan. 1
co
High No. Low High
Ask Low
Bid
1, 8414 96,2
91
9112 04
Virginian let 51 series A _ ___1962 MN 91
8' 90
97;
9714
95
Salo
95
N
1939
58
gold
Wabaah let
83
3,
8978
80
88
8912
88
VA
1939
2d gold 58
90
90
- - - _ 90 Aug '18
J
1939 J
Debenture Berke] 13
96
10014
Nov'18
98
97;
S
..._1921
5s_
let lien equips fit g
65
65
96 _-__ 05 Sept'18
let lien 50-yr g term 4e__ _1951 J J
_
9912 Sept'17
8758 102
J
Del & Ch Ext let g 5s__1941 J
'12
Aug
80
77
J
_-_J
Dos Moines Div let g 48...1939
A pr'17
70
72
1941 AO 69
Om Div let g 34e
S --_- -- 8114 Jan'17
1941
Tol & Ch Div let g 49
76
Dec'17
--4
773
VA
Wash Terrill let gut 31is.... 1945
82
82
_ 82 Aug '18
8118
1945 FA
let 40-yr guar 4s_
9 5718 72
61
1952 A 0 63; Sale 6338
West Maryland let g 4s
99
90
J
9714 997 99 Jan '18
1937 J
West N Y & Pa let g 5s_
70
60
85; 60 Aug'18
_1913 AO 70
Gen gold 4s_
'17
Oct
36
Nov
D1943
Income 68_
42 7914 90
86
8514
80
Western Pao let ser A 5s_ __1916 MS 85
93
Oct'18
90
93
96
Wheeling & L E let g 5e..__1026 AO 94
.
Feb'17
.
96 100
J 88
Wheel Dim let gold 5e__1928 J
9958 Mar'17
Exten & Impt gold M____1930 FA _-_- 9834
63
Nov'18
60
63
65
63
MS
A__1966
serlee
410
Refunding
5512 69
1949 M S 701s __- 69 Nov'18
RR let consol 4s.
6714 72
72 Nov'18
7314 82
Vilnaton-Salons S 13 let 48_1960 J
11
6914 83
80
8012
Sale
J
80
J
__IAD
Wis Cent 50-yr let gen 4e_
72
78%
7612 --_- 787 Nov'18
Sup & Dui div & term let 4.8'36 MN
Miscellaneous
1948
Adams Ex coil tr g 45
Alaska Gold M deb 6s A.... 1925
1926
Cony deb 68 aeries B
1920
Am SS of W Va let 5s
Armour & Co let real eat 4s '39
Booth Fisheries deb s f M.__ 1926
Braden Cop M roll tr s f (Is. 1931
1952
Bush Terminal let 45
1955
Consol 5,9
1960
Bldgs 5s guar tax ex
1927
Chic C & Conn Rye s f Sc
Chic Un Stat'n let gu 4348 A 1963
Chile Copper 10-yr cony 73._ 1923
Recta (part paid) cony Sc ser A
1932
Coll tr & cony (is ser A
Computing-Tab-flee s I 65 1941
Granby Cons MS& P con Sc A '28
1928
Stamped
1940
Groat Falls Pow let s f 5s
Int Mercan Marine s I Sc..,. 1941
1943
Montana Power let 5s A...
1939
Morris & Co lets f
Mtge Bond (N Y)4s ser 2 1966
1932
10-20-yr 58 sales 3
1951
N Y Dock 50-yr let g 4s
Niagara Falls Power let 5s._ 1932
a 1932
Ref & gen 65
Niag Lock &0 Pow let :is__ 1954
Nor States Power 25-yr 5s A 1941
Ontario Power N F let 55.._ 1943
Ontario Transmission 5s_ ___ 1915
Pan-AmPet&Tr18t cony6s'19-27
Pub Set-.( Corp N 3 gen 5.1._ 1959
Tennessee Cop 1st cony 6s__1925
Wash Water Power let 58..1939
Wilson & Co let 2.5-yr s I 68_1941
Street Railway
8 7978 88
85
8134
Brooklyn Rapid Tran g 59_1945 A 0 --__ 82
69
J _--- 57% 65 Dec'18 ---- 65
let refund cony gold 4a___2002 J
J
---- 953,4 Dec'18 __-- 9214 9812
6-year secured notes 5e___1918 J
97
9614 Aug '18 ___ 96
___Ctf8 3-yr sec 7%notes op A1921 J
91
141 90
96;
Sale 90
J 90
3-yr 7% secured notee_51921 .1
92
92 Dec'18 ____. 89
13k Ctv let cons 58_ _1916-1941 J
___ ---7() 80 IVIay'12
Bk Q Co &8 con gu g 5s1941 M N
.13
May
101
9912
J
511.__1941
Bklyn Q Co & let
8:3
-fi- -WI;
Sale 80
80
Bklyn Un El let g 4-58_1950 F A
8212 Dec'18 ____ 7812 8634
84
80
Stamped guar 4-551950 F A
Dec'18
717
77
68
A
F
48_1940
Kings County E let g
6312 -I 68
1112 6
6312
7112
0812 71
1949 F A
Stamped guar 48
62
82
1 55
6518
64
Nassau Elm guar gold 48_1951 J J 62
87
2
8512
88
8012
Sale
A
8512
F
1927
Chicago Rye let Se
8834 ---- 8712 Nov'18 -- 8512 87,2
Conn lty & L let & ref g 4j-01951 J J
'18
8614
85
8614
Oct
---_
8853
J
J
1951
kis
4
Stamped guar
80
6 63
7478
7312 74
7112
Del United let COM g 43s 1932 J
84 Jan '14
Ft Smith Lt & Tr let g 51_ _1936 M
111
61
4
-3.
-130
5912
-..1
8
:c17
Sale
5912
A
F
1957
Bud & Manhat Is eer A
1712 18
1834 90 1434 25
1712
1957
Adjust income 5a
Oct'18
87
00
87
85 100
1932 F
N Y & Jersey let 55
4612 405, 44
Sale 44
58;
Interboro-Metrop coil 4349.1056 A 0 44
85
7834 395: 75
Sale 75
75
Interbore 'Rap Tran let 5a._19661.1 J
1 7314 81's
80
16
7812
Sale
0
77
48.1990'A
g
eons
Y)
(N
Manhat fly
8014
2
80
74;
Sale
80
0
8412
A
1900
Stamped tax-exempt
80
80 80 July'18 ____ 80
Manila Elec Ity Ac Lt s f 58_ A953 M S 75
fly—
Street
Metropolitan
79
2 7614 85
79
85
J
79
Sway & 7th Av let o g Is- 1943
93 May'17
Col & 0th Av let go g 5s 1903,M S ---- 70
80 Sept'17
Lox Av & P F let gU g 53-1093IM S ---- 74
30 M r'14
Mot W H El (Chic) let g 4a 1938'F A
97 ____ 10012 June'17
MllwEiecfly&Ltconsg5dl928 F A
_
8112 Dec'18
83
3112 8112
J
J
Refunding & extol( 4148_1931
9334 Aug 17
0912
Mini:11w St let COON g 458,-1919 J .1
9712
96
July'17
_-__
J
59_1941
Montreal Train let St ref
74 Aug'17
At. Lt gen 414s 1935 J J
New Orl
99 May'17
N Y Municip fly let a I 58 A 19662 J
47
42
54
76 -if
Sale
42
1942IJ
1.4 Y Rya let It K & ref 48
209 1 112 2433
16
a1942 A 0 1312 Sale 13
30-year atij Inc 5s
6434
70
Nov'18
63
N
63
---M
410.1952
cone
N Y State Itys let
8812 Nov.16
09
N
72
Portland fly let & ref Is..,,,1030 M A
.
-(12
2 68
1---- 67 Aug'18
Portld fly Lt & P let ref 5s..1912 F J
9012 Feb '17
---Portland Con Mee let 58_1935 J
95 July'17
81
Shoe fly I. II & P 1st g tes__1937 M N
10212 Mar'12
_
St Paul City Cab cons g 58._1937 2j
55
15 5212 59
5112 5712 51
1060,2 J
Third Ave let ref 48
3312 45 2712 38%
Sale 30
419601 A 0 :10
Ad, Income M
97 Dec'18
J
90
96 100
97
1937 J
Third Ave fly let g 58
1(1 91
9513
95
96
TrI-CIty fly & Lt let s I 58_1923 A 0 95 __
7(3 Mar'1)
80
70
7012
1933 J J
Undergr of London 41is
00
6212 ---- 50 Aug '18 ---1 56
1948 -Income (Is
65
3 58
65
63
09
United Rye Inv Sc Pitts1se._1926 M
50
50 Dec'18
5514
---- 50
United Rye St L let g 48_ .1931 J
50 June'17
St L01113 Transit go 5s_._1921 A 0 ____ 57
25 May'18
1927 A 0
United Rib( San Fr s f 4s
Dec'18
2511 22
22
22
2(312
Union Tr (N 1')c ertf.3 dep_Dec'18
22
22
22
____
27 .
_
Emilt Tr (N Y) inter etti— _
8018
82 ---- 77 Oct '18 ---- 77
Va Its( & Pew let & ref Ss 1934
Gas and Electric Light
Atlanta CI I. Co let g Se_ _.1947
Bklyn Un Gas let cons g 5s_1945 nIl
Cincln Gas & 111cc Ist&ret 5a 1059 A 0
1927
Colombia CI A E let 53
Columbus Gas let gold 5s 1932
1920
Consol Gas cony deb Os
Cons Gas EL&P of Balt 5-yr 58'21 11
Detroit City Gas gold 58_1923
Detroit Edison let coil tr 6(4.1033
51910
lst & ref 5s ser A..
Eg CILNY let cons g 58_1932
Gas Ac Elea Borg Co 0 g 50._1940
A
1952
Havana Mee consol a 38
19.19
Hudson Co Gas let g M
0
53_1922
g
1st
Gas
(Mo)
Kan City
A
Kings Co Ki L & p g
1997 A
Purchase money Os
1925
Se
deb
Convertible
Ed El Ill Mcn let con g 48_1939
Lae Gal Lot St L let g 5e__e1919 (1
1934 A 0
Ref and ext let g 5e
Milwaukee Gas L let 45.__1927
1918
Newark Con Gas g Se
1948
NYGEL II & P a 5s
A
1919
Purchase money g 4a
1995
M
g
cons
let
III
Eleo
Ed
A
NY&Q El LAP let con g 55_1930
Pacific 0 At El Co—Cal0 & K-5(1_1937
ref
&
Corp unifying
Pacific 0& E gen Ac ref 5s 1942
Pao Pow & Lt let & ref 20-yr
A
58 International Series_ 1930
13
Pat & Passaic 0& El 58------.149 81
ft
60-1913
g
01st
&
cons
Peep Gas
1947
Refunding gold 59
Ch CI-I.& Coke let Ku if 58 1937
ConG Co of Ch 1st gu g 581936
Ind Nat Gas & 01130-yr 581936
Mu Fuel Gas let go g M 1947
A
1919
Philadelphia Co cony 58
1922
Cony deben gold .5a
08_1926
I
s
Stand Gas & El cony
Syracuse Lighting let g 58._1951
Syracuse Light & Power 68_1954
Trenton CI & El lot g 58____194e
Union Elee Lt & P let g 58_1932
Refunding & extension 58_1933
United Fuel Gas let s f 68_1936
A
Utah Power & Lt let 58____1944
1950
Utica Flee L & P let g 5a
Utica Gas & Elm ref 5s__1957
0
Westchester T.tg gold /Ss__ . _195n
9318 ____l03 Sept'15
1
93
95195
91
Dec'18
90 __ 91
9
8212
8212
88
82
- --_- 97 Feb '15
18
10114
Sale 103
103
97 ___ 9514 Oct '18
9612 _-_- 9512 Dec'18.._
9118 9912 90 Sept'18
92; --_- 9312 Nov'18 _
91 Feb '18
100 Feb '13
9058 9218 Nov.17 _
81
0(318 Dec '17
.05
93
8358 ___ 9078 Dee'10
9014 ___ 90 Dee '17
100 _-_- 97 Aug '18
90 110 110 June'17
797 --_- 78 Nov'18
9918 10
99,8 Salo 991s
Dec'18
94
95
91
8712 --__8412 Oct '18
112 Apr '17
,
_567; 101
93
91%
9
7612 I)cc'18
75
72
100 _-_- 947 Sept'18
9612 Aug '17
9534 95
95
8732 Sale 8712
95
88
95 Jan '17
11)0 July'17
2 -_-_-_-_ 101; 101;
.1511184% 85 Nov'18
80
96 Sept'17
---- 90
---- 100 Apr '17
89 Mar'17
---91 July'17
9612 9312 9914 Nov.15
92
Sale 9134
92
90 Nov'18
96
93
9712 May'17
$518 90
7114 7518 70 Nov'18
933s Oct '17
00 _- _ 90 Nov'18
10158 Noy'16
97
97
93
Dec'18
8912
8912
8912
101 June'17
90 Aug'17
03
.37
8912 97 105 Mar'17
88
95
85
8912 91
75
821
99 109
9112 9514
9331 9638
8978 98
1)112 9312
94
94
------_
-6,51;
9714 78
97
73
9918
8878 9438
8112 8618
-gr
68
7612
94% 94%
-
11 8634 95%
16 76; 88
Price
Friday
Dec. 20
47.
s
Week's
Range or
Last Sale
Ask Low
Bid
65
70
65
Sale 33
33
73 32
714 Sale
82
3
4-0
4
Range
Since
Jan. 1
High No, Low
1 60
65
4 18
35
3334 18 18
High
69
39
36
8758 11: 8112 89
8612
90
90 Feb .18 .......i 90
9614 70 89% 9614
96
83
79
Dec'18
80
751s 86
8558 Nov'18
85
74
8112 8112
58
58
---- 58 Mar'18
91
1' 85
8918
8918 Sale 8918
Sale 110
11014
9 102; 11812
110
8912
8514 49 73
Sale 8.112
85
8712
8512 29: 77
8418
8378 85
85
7812
2
85
85
84
82
91 100
- 100 Nov'18
9812
97
91
97 Sept'18
100 i(119012 94
93 Sept'18
9314 96
100 10212 10012 10214 1471 90 10478
41! 8512 92,4
92
9112
81
_ 75
8112 9
9
6,si 81 Nov'18
81
83 Apr '14
94 June'16
7334
5' 65
7334
7334
74
63
11 9018 9812
91
Sale 91
94
10012
99
99 102 10012 Dec'18
-___ 9314 8912 Oct '17
9l1
83
9018 9012 9012 Dec'18
2 8512 89
89
Sale 89
89
84 June'17
- 95
2
- jag- 1161Dec'18
107 112 103
1: 7312 86
8012
8018 8314 8012
9512
88
9.112 Nov'18
94
9034 9234
9234 Dec'18
92% 95
9914 45 9078 100
9914 Sale 9534
0Sale
96
A
83
ip 80
85;
83
8178
(3 80
o
j
N
O
O
0
"
j
A
A
0
Manufacturing & Industrial
Am Ag Chem 1st c 55
19
921 A
F
Cony deben 5s
Am Cot 011 debenture 58_1931 M N
1919 81 S
Atn Hide & L let A f g 6s
Am Sm At R let 30-yr Sc ser A 1947 A 0
Am Thread 18t colt tr 48_1919 j j
1F
54
A O
A
Am Tobacco 40-year g 6s_._1194
(bold 4s
191,3 J J
Am Writ Paper lets I 5e
Baldw Loco Works let 58_1040 M N
1931 F A
Cent Foundry let e I 6s
Cent Leather 20-year g 58_1925 A 0
CODE101 TObaCCO g 4s
C
orn Prod Ref s t g 53
993
19
354
1•
MMF N
A
let 25-year f 5s
Distil Sec Cor cony let g 58_1927 A 0
E I du Pont Powder 4As_....1936 J D
General Baking let 28-jr 6s-1936 J D
12 F
95
1,4 s
A
Gen Electric deb g 3348_19
Debenture 5s
1935 J
Ingersoll-Rand let 5s
23
9:335
10 N
j
Int Agricul Corp let 20-yr fie 19
lot Paper cony sf gM
_
1st & rots I cony Sc scr AI917 _
51 F
91
A -41)
A
Liggett St Myers 'fobs() 78_19
5s
1944 A 0
Lorillard Co (P) 78
1951 F A
58
Mexican Petrol Ltd eon fls A 1921 A 0
let lien & ref (is series C._1921 4 0
1929 J D
fis
Nat Enam & Stpg lit
1930 3 .1
Nat Starch 20-yr deb 5s
1952 M N
National Tube let 58
N Y Air Brake 1st cony 68..1928 M N
Pierce 011 5-year cony 6841920 J D
10-year cony deb M____51924 J J
Sinclair 011 At Refining1st s I 78 1920 warrants attach I? A
do without warrants attach F A
Standard Milling let 5s___ _1930 81 N
The Texas Co cony deb 61e_ 1931 J J
Union Bag & Paper let 58_ _1930 3 J
1930 J .1
Stamped
Union Oil Co of Cal let 5s_1931 J
U S Realty dr I cony deb g 58 19243 J
1923 J 0
U S Rubber S-yr sea 7s
1947 J .1
let & ref Is series A
U S Smelt Ref & 81 cony 68_1928 F A
V-Car Chem let 15
-Yr
e119
92:
1j
4
A O
D
Cony deb (Is
West Electric 1st 58 Dec_ _1922
00
112
90
0
51. 0
4
2142 10
858
98
90
0
958
9812 99
5 9014 106
1027s
100 10114 10212
897
4 80
8712
Sale 87
87
9912 100
9212 22, 848 9558
9212 Sale 92
9953 Nov'18 ---1 91378 99;
9978 100
117 Nov'18 ----1 117 11712
119
75
1: 71
75
75
7212 80
90
83
8814 37, 79
88; 89
9978 ____ 9934 Nov'18 ___-,1 977 10134
8412
82 Nov'IS ___.! SO
82
80
9714
12 9'3
97
Sale 968
97
I:
7312
7312
7312
7312
71
8012
9912 Dec'18 --- -1 9714 101
9912 101
9912 101
99,2 Dec'18 -_—, 95 100
8912
8912 90
.
.-2
-1
-9
_3_ -8
11 _7
141' May'17 --07
- - 100 13
80
Nov'18
----I 75
80
.
g212
70
7018 14 6614 74
7014 74
111 9434 1017
99
10114
9934 100
7
-I 19
734 19
16
06
- 96 Nov'18---6
171 6812 771
767
7678 Sale 7512
969312 99
Oct '18 -I98
9512 1114
0
112
119
11 2218 ----1 9012 9012
'
v
2 No
:
11114 Sale
_ _ 93
93
93
1, 10
9
4
7
86
3i2 1,
3
5
11134 112
315
93
93
93
175 165 Nov'18 ---- 10534 18113
16 106 175
161
--__ 175 16334
93
- - 96
9512 Nov'18 --I 95
94 Aug '18 ____I 9114 9214
.3.12
9
9 93
9712
97
9512 9614 9614
100
V 97 100
9914 100 100
100
27: 9534 10112
9934
9918 100
8918
9012
25' 83
8812 Sale 8838
I
45 86 100
100
9934 Sale 9934
96
Sale
41' S114
281 83
98
9618 -634 June'
98
95
2: 9612 10212
10212
10134 109 10218
88 Oct '18 --I 8678 88
90
89
83
83 Aug '18 ....„1 83
7514 90
90
93% 90 Oct '18 ---.1 90
93
63
61
6334 6434 Dec IS --._ 45
10234. 131 '101 10234
10258 Sale 10238
8812
8712: 171 j 76
8678 Sale 81358
III 9218 10018
9912'
9914 99% 9912
9518 96
14
97
3 94014 10
9
1
96
96
101
10014 10112 10
6 9478 98
97%
98
08
97
Coal, Iron & Steel
9514 96
9614 Dec'18
1921 .1 J
Beth Steel let ext s I 53
4
8714 8812 88
8812
lat & ref Sc guar A
9
853s
46
9:3
1 N 85; Sale 85
19
21J
20-yr p m & imp f 5s
90 May'18
96
26 :sd
932
.,11 D
,
s 90
_1
Buff & Susq Iron s I Se_a
---- 9112 8614 July'18 --....
Debenture 58
_ 101 Dee '14 --_Cahaba C M Co let go 61_1922 J D
8514 89
86 Nov'18
F
A
1943
5s
1
s
gen
Co
I
&
F
Col
7534 75
75
75
Col Indus let & coil Is gu 1934 F A
Cone Coal of NW lst&ref 58_1950 J D 86 _ _ _ _ 87 Aug'18
_
_
95
'18
Aug
95
J
D
1925
(3s
Elk Horn Coal cony
94
Feb'18
89A
A 0
00
Or Itly Coal & C let g 6s—h191
84%
S1
8478
83
1
Ill Steel deb 410
9712 9812 Dec'16
1952 M N 97
Indiana. Steel let 58
6 .1
23
2
A D
,
o 951s
Jeff & Clear C & I 2d 53_19
96
or,
9612 97
Laekaw Steel let g 5s
6
8834
1950 M S 8834 Sale 8812
18t eons fis series A
Sale S878
8914 60
Midvale Steel &0cony e f 581938 M S 89
76;
J
Pleasant Val Coal lets I 59_1923 J
8812 92 -8V-4 Nov'18
J
Pocah Con Collier let s I 58_1957 J
94
Sale 91
Itepub I At S 10-30-yr See f_1940 A 0 94
77
80; 81 Nov'18
.1
J
5s
P
stmpd_1955
&
Mt
St L Reek
9512 95
95,4
Tenn Coal I & Rit gen 58....1951 J J 95
143
100
Sale 9934
U S Steel Corp—lcoup___41963 M N 100
_ _ 100; Dec'18
98
s 1 10-60-yr 58;reg ___d1963 81 N
19:31 81 N 86
Utah Fuel let e I 5s
80 Dec. 16
70
1953 J J 60
Victor Fuel let e f Is
Va Iron Coal & Coke 1st g 5s 1949 51 ta 8612 8634 8612 Dec'18
92
86
7812
90
85
99
931s
8712
90
8614
85
73
83
95
94
81
92
-gg
76
90
95
94
8612
99
9414 97
9612
86
8012 92
8512 8814
9214 9814
81
80
9212 9712
06 101
96 10058
83
-gt-il;
92
1
32
9812 101.38
7112 8(1
78
90
92
91
70
70
99
90
-611; -571-2
5 80
90
----
----
Telegraph & Telephone
Am Telep & Tel coil tr 18___1929
1936
Convertible 48
1933
20-yr convertible 414s
1946
30-yr temp coil tr Sc
7-year convertible 68_1925
Cent Dist Tel let 30-yr 58_1943
Commercial Cable let g 18_2397
9397
Registered
Comb '1' & P 1st & gen 58.._1937
Keystone Telephone let 5s 1935
Mich State Teleph let
NY &NJ Telephone fis g1920
N Y Telep let & gen Flf 4148_1939
Pacific Tel St Tel let 58 _ _ _ _1937
South Bell Tel & T let ef 58_1941
1938
West Union colt tr cur 54
I950
F(I and real eat g 4148
1941
Mitt Un Tel go ext 5a
Northwest Tel go 41im a _ _1934
8618 96 77% 88
8514 Sale 85
86
78
Dec'18
78
3 82
9212
9134
4 9134
- -6619714
42 86
96
95; 9512 9514
102; 409 9334 105
A 10114 Sale 1003s
9812 9912
9914 May'18
9612 100
73 Nov'17
2
-681; -68-16818 Jan'18
_ 93,8
9312 _
95
9318
3 85
---- 9614 98 Apr '16
4 -6E-8-E193
91 Nov'18
A 88
98
97
97 Aug'18 _
9712 100
92
9114 -20 84
9012 91; 91
9612
6, 87
95,2
9514 9512 9512
97
2 86
9512
9314 9512 95
9312 20 8718 9312
9334 93
93
0212
3' 80
90
Sale 90
90
---- 99 10112 Sept'17
8114
94 Nov'16
.1
---
....
July. k Due Aug. o Due Oct. y Due Nov. f Due Dec. 8 Option sale,
*No price Friday;latent bid and naked. a Minis'. 4 Due April. o Due May, g Due June, 1) Duo
2366
BOSTON STOCK EXCHANGE-Stock Record
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Dec. 14
Monday
Dec. 16
Tuesday
Dec. 17
Wednesday
Dec. 18
Thursday
Dec. 19
Friday
Dec. 20
Satesfor
the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Sc. Niat Page
Range Sines Jan. 1.
Lowe.
Highest.
[VOL. 107.
Range for Previous
Year 1917
Lowest
Highest
Railroads
29 Boston & Albany
138 I 13734 13734 138 13812
100 12212 Apr17 148 Nov22 120 Dec 175 Jan
2,110 Boston Elevated
69
70
6934 68
100 37 Jan 2 80 Nov12
69
27 Dec 79 Jan
*93 _
95
95
95
57 Boston & Lowell
100 80 July11 104 Nov20
7012 Dec 133 Mar
2912 30
30
323 Boston & Maine
100 19 Jan23 40 Sept 9
15 Dec 45 Mar
Boston & Providence
1.68
Last Site 168- Dec'18
100 150 Apr15 170 Aug 9 150 Dec 213 Jan
Last Sale 3 June'18
Boston Suburban Elee_no par
2 Jan28
3 June 5
2 July
3 July
*14
30 *4'14
30
3 1* 13
14
3 *____ 15 *___ 15
50 Do prof
60 par 1014 Mar 1 15 Junel7
9 June 30 July
Last Sale 41 Nov'16
Boston & Wore Elea _no par
s-_-_-_-_ -3-614 *-_-_-_-_ -3-61Last Site 30 Nov'18
4 s-_-_-_- -1614
4 *-_-_-_-_ -i61Do prof
par
no
25 July19 3014 Nov19
30 Aug 38 Feb
13534 *____ 13534 *_ _ _ 13534 'P.._ 13534
Last Sale 138 Sept'18
Ohio Juno Ry & U S
138 July 2 147 Apr17 148 Nov 150 Jan
*8412 ----, *8412 ____ *8412 _-_-. *85 ____ 8512 8512
1 Do pref
100 8212 Apr18 8512 Dec19
8312 Dec 108 Jan
*115 123 *118 ____ *118 130 I*118 130 *115
118 ffir
11 Connecticut River
100 104 Feb19 125 Nov18 10212 Nov 140 Mar
5934 5934 *_-__ 60 *____ 60 1 58
58
*5614 -- - 5814 58
52 Fitchburg pref
100 53 Jan22 65 Jan 3
44 Dec 7812 Mar
*107 _--"107
____ *107
__ *107 ___
Last Site 109 Oct'18
Georgia Ry & Eleo stampd 100 106 Sept19 11614 Jan 9 118 Dec 133 Jan
*70
74 I *70
74 j *70
Last Sale 7014 Oct'18
74 I *70
74
Do pref
100 70 Oct 3 81 Feb25
June 9213 Jan
83
*8312 ----I 8313 8358 *8312 ----I *8313 ___- *8312 -10 Maine Central
100 7712 June18 88 Nov19
78 Dec 1001s Mar
23g 212 *214 212
214 212'
238 238 +214 238
8 2,695 Mass Electric Coe
238 -13100
134 Sept
71z May16
6S8 June
Dec
1
12
1212 12
13 j 1212 1312 1234 1314 12
13
124 13
5,181 Do pref stamped
100
812 Jan22 33 May16
8 Dec 3114 July
*3412 3458' 3412 3434 3414 3414. 3312 3414 3234 3312 3134 3212
239 N Y N 11 & Hartford
100 27 Feb25 46 May29
2134 Sept 5234 Jan
*91
_ _ _ _ *91
_. *91
__ I *91
Last Sale 92 Nov'18
__ _ _
Northern New Hampshire_ 100 84 Oct 7 95 Nov14
9013 Oct 105 Apr
109 110 *109 111
109 109 *108 109 *107 109
108 109
30 Old Colony
100 28812 June14 11212 Dec 9
85 Dec 135 Jan
*22
2234 *2212 24
23
24
*23
2334 2312 2312 22
2212
110 Rutland, pref
100 20 Jan 2 25 Jan 8
1813 Dec 8412 Feb
*91
99 , *94 101
*93 101 I .93 101
Last Elle 90 Nov'18
Vermont de Massachusetts_100 80 Aug fl 90 Oct 4
83
Deo 110 Jan
.4612 4712 *4512 47
45
4512 44
4413 45
45
45
45
645 West End Street
50 37 Feb20 50 July 5
34 Dec 5813 Mar
55
55 1 *5538 5513 55
5518 55
54
54
55
87 Do pref
ao 47 Janie 62 Apr 1 z45 Dec 74 Jan
Miscellaneous
1
10112 10112 10034 10134 10112 10112 10114- 10134 10134 102
101 102
710 Amer Agricul Chemical-100 7812 Jan 2 108 Oct 18
73 Dec 9434 May
99
9912 99
99 1 99
99
9812 9913 99
205 Do pref
9914
991s 99
100 8858 Jan 2 100 Dec 5
88 Dec 10313 Jan
*.60 1
*.60 1
*.60 1
*.60 1
.60 .60 *.25 .60
100 Amer Pneumatic Service
25
.40 July 1
212
Mar
2
238 Jan
1 Dec
5
5
514 514
5
5
*5
385 Do prof
50
514 51-1
514 *5
4 Sept30 1558 Mar 4
514
713 Dec 14 Mar
111 111 *111 112 *112 113 *112 113 *11013 11112
111 11114
35 Amer Sugar Refining
100 99 Jan 2 11512 May15
12814 June
Nov
90
114 114
112 112 ' 114 114 '
1 0113 114 1 114 114
34 Do prof
100 107 June 4 115 Dec 6 105 Dec 12113 Jan
10213 10318 10112 10212 10138 102 I 101 10112! 10012 10112 9318 99
3,601 Amer Telep & Teleg
100 9034 Aug 5 1091800t 9
96 Dec 12814 Jan
+5712 5814 *52
5212 *5212 5312 *5212 53121
Last Sale 5778 Dec'18
American Woolen of Mass.100 4512 Jan 8 8058 May24
3878 Nov 58 June
97
9714 395
9514 95
9514 9478 95121 95
209 Do pref
9512 9412 9512
100
90 Jan 3 9712 Decll 28714 Dec 10014 June
*_-_ - 85
85
85 • *81
85 1 85
84
85 I 84
75 Amoskeag Manufacturing___ 6012 Jan 2 92 Nov 8
60 Dee 75 July
.80
81
7334
81
81 *_- 81 1 7834 7834 *78
26 Do prof
7834
Vi3:1
76 Jan 7 82 June 5
75 Deo 9712 Jan
18
18
18
1812 *17
1814 .1713 18141 *16
85 Art Metal Construe Inc__ 10 11 Feb21 219 Deol3
1712
8 Dec 1434 Dec
+110 112 *110 112 i 110 110,*11012 111 *109 110
.151 11610 Atl Gulf &WISE% Line...100 98 Jan15 12014 Feble
Sept 12112 Jan
88
*
*66 ____' *6534 ___' *65
List Site 65 Dac'18
_
Do prof
100
5812
Jan17
Nov20
6714
Feb 68 Jan
5513
*2314 -2334
-- *2234 2312 *2234 -2314 2312 -2312
-195 Booth Fisheries
2234 2314 2234 2234
no par 21 Jan25 2812 Sept 5
1378 1414 14
14
1318 14 I 1378 14 1 137 14
1378 1373 1,525 Century Steel of Amer Inc_ 10 1014 May18 1412 Aug19
*1112 13
*1218 13
*1112 13 I *1112 131112 12
25 Cuban Port Cement
10 1112 Nov30 1713 May 1
.
9 Dec 2018 Kin;
512 512
5,2 512
512 512 *5
5,2 *--5
355 East Boston Land
10
534 May15
4 Jan31
Jan
378 Dec 10
180 180 *180 182
182 182 I 180 180
179 179
67 Edison Electric Illum-100 134 June21 188 Nov21 13318 Dec 228 Jan
6012 6034 6014 61
6012 61
6214
6013 61
1,393 Fairbanks Co
6034 6118 61
25 2712June27 8414 Nov18
*150 152 *150 152 *150 152 is151 152 "148 150
14858 14858
10 General Electric,
100 128 Jan16 15734 Nov 9 11834 Dec 17014 -San
3058 3058 29
29
30
3014 30
30 "2934 3012 192 Gorton-Pew Ffifierlee
59 27 Aug29 35 Aug30
- -*412 514 *412 5
458 434 *458 5
5
210 Internat Port Cement____ 10
5
412 Oct 10
712 Oct 23
4 Dec 1812 Jan
*20
23
*20
1912 20
22
1914 -111-4
1914 20 "19
20
420 Do pref
50 12 Apr23 23 Nov25
3312 Jan
Dec
10
438 458
412 412
414 5
514 614
23,850 Island 011 & Trans Corp__ 10
534 6
558 614
318 Aug23
614 Dec18
'91
93
*91
93
93
93
93
93
93
*91
93
93
110 McElwain(W ED 1st pref_100 88 Sept30 93 Nov13
9212 Dec 102 -Jan
85
85
85
85
85
8512 85
8512 8312 8412 8334 84
391 Massachusetts Gas Cos.... 100 27714 Jan15 9114 Nov13
71 Dec 10012 Mar
68
68
*68 ___ 68
8813 68
88
63
684 68
142 Do prof
88
100 82 June17 71 Nov 4
83 Deo 81 Mar
+131 135
132 132
132 132 *13218 __ 13218 133
Mergenthaler Linotype
30
100
107 Junell 147 Nov14 110 Deo 169 Jan
*92 100
*92 100
*92 100 I +92 ____
Last Site
New Eng Cotton Yarn._._100 88 Jan15 95 00429
35 Jan 95 Mar
List Site 9212 Aug'17
Do pref
100 80 Jan 9212 Aug
"iii- iii"
-iffi ioi" Ili' 9478 98
103 New England Telephone..100 8212 July30 10012Oct 10
93
Dec 12412 Mar
*53
60
*53
80
*53
60 1 *53
Sale
Last
60
60-- Nov'18
Nova Scotia Steel & 0-__100 56 July 5 69 Jan 2 z59 Nov 112 Jan
*119 121 +119 121 *11914 121
121 121 *118 11913 119 119
4 Pullman Company
100 102 Jan 7 130 Nov13 107 Deo 16814 Jan
*50
51
*50
5014 *50
5014 50
50 "49
50
25 Punta Allegro Sugar
50 29 Jan 3 51 Dec 5
29 Dec 48 Jan
*13
1312 21234 1234
*12
1212 1212
• 13 I
41 Reece Button-Hole
10 11
Jan29 1378 Marie
10 Dec 18 Mar
3712 3712 *3714 3712 3714 3712 37
3714 37 -37
3634 37
590 Stewart Mfg Corpn
27 Oct 23 4112 Nov20
12212 12312 123 12312 123 124 I 12314 124
12312 12412 12214 12312 1,473 Swift & Co
100 102 Aug30 146141%10117 118 Nov -Ai);
55
55
55
55 I 5434 5134. *53
55
5454 5134
82 Torrington
25 45 Jan29 56 Deol2
40 Nov 88 June
14912 15112 151 15134' 151 152I 15212 15312 153 151 xiioiTi 16112 1,241 United Fruit
100 11512 Jan17 155 Decil z105 Dec 15513 Jan
45
45
4512 4558: x45
4514 45
4514 4414 45
44
445s
900 United Shoe Mach Corp
:July 9 4812 May16
25 381
3712 Deo 5814 Jan
2612 2612 2912 26121 *26
2612 *26
2613 *26
135 Do pref
2634 26.8 2618
25 2434 Aug 9 2812 May28
25 Oct 3812 Mar
9512 95
9514 96141 9534 977 1 9614 9634 9538 9658 9438 96
3,080 U S Steel Corporation
100 87 Mar25 11612 Aug28
7958 Dec 135 May
*11213 113
11318 11338 *11234 11312 11214 11214 *11212 113
53 Do pref
100 108 Mar25 11338 Dec16 10334 Dee 121
Jan
*8
818
5
8181
34 8
8
8181
8
814
8
1,788 Ventura Consol Oil Fields_ 5
818
5 Jan 2
9 Nov 8
878 Jan
414 Dec
Mining
+.75 1
*.75 1 1 *.75 .90! *.75 1
Last Sal
Nov'18
Adventure Con
25
June27
134 Jan25
414 Jan
Oct
1
73
73
71
71
*72
74 1 *73
74
72
73
70
71
75 Ahmeek
25 70 Dec20 86 Nov12
70 Dec 108 Jan
*358 4
4
418
418 418
418 414 +378 414
225 Alaska Gold
358 358
10
138 Apr25
Nov 6
8
53
Dec
1112
1
Jan
+.20 .30 '.20
40 *.20 .30 *.20 .40
Last Site .20 Dec'18
Algomab Mining
.15 Julyll
25
.45 May13
14 Sept
114 Jan
45
4512 *44
45 I *43
45
4413 45
4412 45
45
182 Allouez
25 4112 Dec20 54 Feb27
46 Doc 70 Mar
*1212 1312 *12
1234, *1213 13
*1214 13
12
1238 1212 1258
25 Amer Zino, Lead & Smelt- 25 12 Dec19 2114 July 3
11 Dec 414 Jan
4512 4512 4512 4512 *44
45
*44
48
30 Do pref
25 41 Jan 2 54 July 8
40 Nov 73 Jan
*13
13% 13
13 I *13
1312 13
123.j 1234
13
720 Arizona Commercial
11
Jan 5 1814 Aug24
1514 June
818 Nov
*.35 .45
.45 .45 '1..35 .40 *.35 .40 *.35 .45
30 Butte-Balaklava Copper
.20 Oct 21
10
.48 Nov22
.25 Dec
214 Jan
*2012 22
+2012 22
*20
2112 *2012 22
*20
2112 20
25 Butte & Sup Cop (Ltd)._ 10 17 Marl!) 33 May14
20
1238 Dec 52 . Jan
66
6614 6514 66
65
65
6434 6434 6412 65
6413 6412
304 Calumet & Arizona
10 8212 Jan15 7312 May16
55
Dec
8514
Jan
440 415
435 440 440 440
440 440 440 440
435 440
46 Calumet & Heals
25 427 Feb28 470 Dec 4 411 Dec 590 Feb
*13
1312 1312 1312 *13
1312 *13
1312 *13
1312 *13
1312
25 Centennial
25 1034 June27 1412 Feb19
11 Dec 2714 Jan
4478 4478 4412 45
4414 45
44
44% 4334 4412 4334 4378
666 Copper Range Co
25 43511 Mar25 5112 Nov12
3914 Dec 88 Jan
234 234 *234 3
*234 278
234 234 *258 234
*234 3
500 Daly-West
20
112 AprIO
3 Sept30
113 Apr
3 Jan
51
5
/
4
5
5
5
5
5
5
478 5
4,145 Davis-Daly Copper
5
5
478 Nov12
10
87s Mar 8
714 Jan
314 Nov
914 914
912 912
914 914
914 914 *914 912
615 East Butte Copper Min
914 912
813
Mar25
10
12
Nov12
Dec
Jan
814
10
4
4
4
414 *4
414
4
414
414 *4
334 4
250 Franklin
25
3 June21
6 Feb18
4 Deo
9 Mar
*78
81
*77
81
*78
82 .78
List Sale 7934 Nov'18
81
Granby Consolidated
100 7312 June14 8434 Oct 24
86 Dec 92 Jan
*4814 49
*4612 4734 .47 48
*4714 48 45
25 Greene Cananea
34 4534
100 39 Jan17 5734 Nov 7
35 Nov 4612 Jan
*612 7
*612 7
*712 8
7
7
142 Hancock Consolidated
612 634
-;8r2 --7
538 June21 1018 Jan 2
25
7 Dee 2013 Jan
.70 .70 *.40 .75
.80 .80 *.80 .75 +.60 .70 *.60 .70
60 Indiana Mining
.40 July23
25
1
Jan 3
34 Dec
4 Mar
*4812 50 1 *4812 50
48
49
*4812 50
*4813 50
*4812 4912
201 Island Creek Coal
1 48 Deo 5 70 May15
52 Nov 76t June
+82
84 I *82 • 84
*82
84 .
82
84
Last Site 8212 Nov'18
Do pref
7912
1
Oct 1 84 Feb18
80 Nov 94
Apr
.25
2518 25
25
25
25
25
25
2413 2413 2413 2413
305 Isle Royale Copper
25 1912 Jan14 29 July 3
20 Dec 36
Jan
538 512
538 538
514 512 *514 513
518 533
518 538
695 Kerr Lake
5 Jan 2
5
8120ct 18
414 Apr
6 Aug
114 *1
118 *1
118
*1
114
.99
1
..95
1
500
Keweenaw
Copper
.80
25
Septll
134 May15
4,514 534 *514 6
114 June
434 Jan
*514 6
514 514 *518 6
110 Lake Copper Co
518 518
5 Mar25
25
834 May14
5 Oct 18
Jan
*238 234 *238 278 *214 234 *213 3
Last Site 234 Nov'18
La Salle Copper
2 Jan 2
25
114 Dec
314 Mar 5
5 Jan
3
3 1 *334 414 *3
4
*234 312
3
3
*3
314
30o Mason Valley Mine
3 Dec14
a
6 Feb13
418 Nov
838 Aug
412 412
412 412 *414 412 *418 41.4 *418 412 *4
412
355 Mass Consol
334 Sept17
25
7 Jan 2
5 Nov 1513 Jan
3
3 J
3
312
314 314
314 314
3
3
314
338
361 Mayflower-Old Colony... 25 .65 Mar213
412 Nov 4
1 Nov
3 May
312 312' *314 334 *314 33
4 *334 4
334 334
334 334
165 Michigan
.40 June28
25
414 Oct 29
153 Aug
512 Mar
5414 5414 54513 518 5412 517 *51
5158 5314 5418 5212 5334
305 Mohwak
25 5212 Dec20 6612 May16
57 Dec 98 Jan
.1812 19
*1714 13
*1714 18
*1714 18
List Sale 1818 Dec'18
Nevada
Consolidated
1818
Dec
2013
6
May14
18 Nov 2612 Mar
158 158 *113 2
*11z 2
*112 2
130 New Arcadian Copper_ ___ 25
114 Aug29
213 July 1
113 Dee
6 Jan
.1012 1112 *1013 11
*1012 11
*10
1012 *10
1012 10
10
20 New Idria Quicksliver____ 5 10 Nov20 1714 Mar 7
10 Nov
1712 Apr
*12
15 , *12
15
*12
15 .12
15
Last Sale 12 Aug'18
New River Company
100 12 Aug29 20 Jan 2
22 Jan 30 Mar
*64
70 , *8412 70
*6113 70
*6112 70
L ist Sale 69 Dec'18
Do prof
100 85 Aug29 80 Jan31
65 Den 9214 Mar
878 878
. 878
9
9
878 9
878 8%
8% 9
600 Niplastng Mines
5 8% Janll
97a April
July
*1258 1278 1212 • 1258 1234 1234 1218 1234 1234 1234'
21 125
680 North Butte
15 1238 Dec18 1738 May16
1?3344 rt 29
4518
4 F//4111:tr
4%55 .95
.75 .75 *.55 .95, *.55 .95
.30 .30 ---- ---130_
North Lake
25
.25 Feb14
.95 Mar19
.30 Nov
234 Jan
*138 2
*118
112 *138
112
133 138 *138 134 *114
50 Ojibway Mining
13
4
25
laJune21
Dec10
.98 Dec
Ps
278 Jan
*36
33
37
37
x35
35
*35
3612 .35
36
35 -35
92 Old Dominion Co
25 35 Dec20 4512 Jan 3
33 Nov 6734 Mar
*51
53
50
52
52
52
50
50 , *50
52
*50
53
133 Osceola
25 4612 June11 85 Jan 9
5313 Dec 95 Mar
14
14
*1334 14
1312 14
1312 1312 14
14
14
14
675 Pond Creek Coal
10 1312 Dec18 2014 Feb20
16 Nov 2834 June
*83
64
63
63
63
63
61
6412 83
63
62
63
202 Quincy
82
25
78
Dec20
RO Nov 9413 Feb
May16
*2113 22
*21
2134 *21
2134 *2013 2114
Lest Sale 2138 Dzo'18
Ray Consolidated Copper_ 10 2138 Dee 5 2534 May23
20 Nov 321s Apr
*42
44
44
44
44
4514 *44
46 , *44
46
__170 St Mary's Mineral Land__ 25 42 Dec 2 57 Jan 2
48 Dec 8934 Mar
.30 .30 *.30 .40
.35 .35; .30 .30
.30 .35 *.30 .40
830 Banta Fe Gold & Copper__ 10
.25 Deol2
114 Feb21
.58Dec
2 Jan
*312 334 *313 334
312 312!
312 312
334 314
313 312
285 Shannon
10
3 Apr10
534 Jan 2
Oct
ja n
*114
112 .114 112 .
114
112
138
138 *114
112 -------20 South Lake
Sept30
25
2
Ii
Jan
3
*.10 .13 *AO .131
.11 .13 *.11 .13 *.11 .121 *.11 .14
100 South Utah M & S
.11 Deol7
a
.20 Jan 8
*74 734
.10 Dec
.31 Jan
7
7
714 7(4,1 *7
712 *634 714! *612 7
420 Superior
•
25
4
Feb19
878 Nov20,
314 Dec 1658 Mar
*314 312
314 312
31a 314' *318 338
318 318'
31.4 314
725 Superior & Boston Copper_ 10
114 Aug13
414 Sept27'
353 Dee
814 Jan
3 1
3
3 1
3
3 I
273 3 .
3
3
212 3
1,720 Trinity
213 Sept23
25
413 Feb13
3 Nov
813 July
+.85 .90 *.80 .90, .80 .80 +.79 .80
.78 .78 *.78 .85 1,900,Tuolumne Copper
1
.75 Nov22
Aug20
1 May 2.44 Jan
*47
4734 *47
4812 4734 4734 4734 4734 *47
4713 4614 47
150,U 8 Smelt Refin & Min..- 54) 38 Apr13 50120ot 18
4018 Dee 6734 Jan
4614 47 i 4634 47 1 4634 4634 *4612 47 1 47
47 1 4512 4612
1691 1)0 pref
50 42 July24 4712 Nov 8: 4313 Nov 5212 Jan
312 312 *333 312
338 33s
314 314
338 338
314 312 2,384 Utah-Apex Mining
5
May31
114
41s
Nov18
178 Mar
378 Sept
834 878
834 9 I 2812 834
834 834
812 9 1 *812 834'
305 Utah Consolidated
5
812 Dec191 12 Jan16
913 Dec 2111 Feb
112 113
158 158
158 134
158 134
112 153
13
4 1% 10,050 Utah Metal & Tunnel
1
1 Deo 9, 314 Apr 8
243 Dec
(158 Jan
212 212
213 212 *214
212 *214 212 *214 212 *2
218
300 Victoria
25
21s Aue28
3 Jan31
2 Oct
6 Jan
11,f,,'
.90 1 ,*_-_ - .96 j
.05 .95 I .00 .98 1 1,436 Winona
25
12 Nov21
2 Jan 31
2 Oct
518 Jan
-in
20 . 18
18 1 20
20 I *19
20 I *19
20 .19
20 1
11 Wolverine
25 18 Dec16 38 Jan 31 31 Dec 5313 Mar
34*
*12
.80 *____
.60
Last Sale .60 Dec'18
Wyandott
25
.40 May191 14
1 Mar 71
.15 Aug
218 Jae
*Bid and asked prices. a Ex-dividend and rights. o Asaessment paid. Is Ex-stock
dIvideni. 1 Ex-rights. o Ex-dividend
w Half-paid
*140 142 *140 142 *___ 142
13734
6934 71
7012 71
6934 71
6814
9314 9314 91
93
93
93
+93
31
32
3034 3034 30
3034 30
*--__ 168 *168 ____ *___ 168 *-_-
56i297 -66-
!,1 e IL
THE CIIRONICLE
DEC. 211918.1
2367
Friday
Last Week's Rangel Sales
Sale.
ofPrices. I for
Price. Low. High. Week.
Outside Stock Exchanges
Bonds-
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Dec. 14 to Dec. 20, both inclusive:
Friday
Last Week's Range Sales
for
Sale
ofPrices.
Price. Low. High. Week.
Bonds-
US Lib Loan 354s_ 1932-47
1st Lib Loan 48_1932-47
2d Lib Loan 48_ _1927-42
1st Lib L'n 4%8_1932-47
2d Lib L'n 4%s_1927-42
3d Lib Loan 4%8-1928
4th Lib Loan 4%s_ _ 1938
Am Agile Chem 5s___1928
1924 101
5s
1929 85%
Am Tel & Tel 4s
1925
Convertible 60
Collateral trust 5s_ _1946
AtiG&WISSL 58_1959 83%
Central Vermont 4s_ _1920
Gt Nor-C B & Q 4s_ _ _1921
K C Mem & B inc 58_1934
K C & M Ry & I3dge 55'29
1929 92
Mass Gas 4548
1931
454s
Miss River Power 5s_ _1951 76
N E Telephone 5s_ _ _ _1932 93
1934
New River 55
Punta Alegre Sugar 6s 1931
Swift & Co 1st 5s_ _ _1944 96
United Fruit 454s__ _ _1923
U S Smelt R & M cony 6s_
Ventura 011 cony 7s_ _1922 93
Western Tel & Tel 5s_1932 91
97.24 97.84
93.04 93.04
92.64 93.04
96.64 07.40
94.64 95.95
95.24 96.14
94.60 95.90
99%
99
101
101
85
8554
100% 102%
95% 95%
82% 83%
60
60
95% 95%
7054 71
8934 89%
92
92
8654 8751
75
76
93
93%
79
79
90% 9154
96
97%
100 100
100 100
93
93
91
91
$8,400
7,050
46,700
4,750
26,850
87,150
57,700
3,000
5,000
16,000
7,500
1,000
17,000
2000,
2,000
9,000
4,000
3,000
26,000
20,000
7,000
1,000
3,000
12,500
22,000
20,000
30,000
4,000
Range since Jan. 1.
Low.
High.
96.52 Jan
93 June
92.62 Dec
93.64 July
93.04 July
94.54 Aug
94.60 Dec
92
Jan
92% May
77% Aug
94% Sept
867A, July
74% Sept
60
Dec
92
Mar
58% Apr
84% July
85
Sept
80% Sept
6754 Jan
84% Aug
75 June
77
May
90% Sept
93
Jan
93
July
80
Jan
8254 June
102.50 Aug
98.86 Oct
97.90 Mar
98.00 Nov
98.14 Nov
101
May
98.24 Nov
99. Feb
101% Nov
87% Nov
104% Nov
95% Dec
83% Nov
65% Sept
95% Nov
71
Dec
91
Oct
92% Nov
87% Dec
76
Dec
9454 Nov
79
Jan
92
Dec
97% Nov
100
Dec
10054 Nov
9454 Nov
92
Nov
Pittsburgh Stock Exchange.-Tho complete record of
transactions at the Pittsburgh Stock Exchange from Dec. 14
to Dec. 20, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Low. High. Shares.
Par. Price.
47% 47%
Amer Rolling Mill com_ 25
83
89
Amer Wind Glass Mach100 87
100 83% 83
84
Preferred
98
98
Amer Wind Glass pref _100
2% 2%
Consolidated Ice corn_ 50
89% 89%
Crucible Steel pref _ _100
1% 1%
Indep Brewing com_.._ -50
50
5
5%
Preferred
103 103
La Belle Iron Wks com_100 103
115% 115%
Preferred
100
158 160
100
Lone Star Gas
50 4934 49
4954
Mfrs Light & Heat
50
5% 5%
Nat Fireproof corn
15
1
15%
Ohio Fuel 011
25 43% 43% 44%
Ohio Fuel Supply
Oklahoma Natural Gas_25 30% 29% 32%
_50
2
2%
Pittsb Brewing corn
6%
6% 6%
50
Preferred
47
Pittsburgh Coal com__100
47%
Ile
Ile
12c
Pittsb-Jerome Copper.....1
25c
27c
Pittsb & Mt Shasta Cop_l 25c
7
7%
100
Pittsb 011 & Gas
Riverside East Oil com_..-5
%
%
7c
1
7c
San Toy Mining
130 131
Union Natural Gas__ _.100
United Coal Corp pref_100 66% 66% 661.4
96% 97%
U S Steel Corp com_ _ _ _100
60
62
Western Fire Ins
50
94
95
Wesc'house Air Brake_ _50 95
43
43%
West'house Elea & Mfg_50 43
BondsInd 13rewincr 6s
1955
40
2,930
180
20
25
10
225
80
30
55
130
245
130
100
1,161
4,748
150
320
75
3,500
6,500
2,7441
375'
1,000
105
70
110
20
806
155
35% 3554 $2,000
Range since Jan. 1.
Low.
43
45
73
96
2
89
1%
4%
103
114%
95
46%
3
13%
z4054
23
5
44%
6c
21c
534
54
7c
130
66%
87%
52
90
39
34
I
Aug
Jan
Oct
Dec
Feb
Mar
Jan
Sept
Dec
Sept
Jan
Sept
Jan
Sept
Sept
July
Mar
Sept
Nov
Nov
Jan
Jan
Nov
Aug
Dec
Dec
Mar
July
Oct
Jan
Apr
High.
55
Apr
89
Dee
96% Jan
101
Feb
May
92
May
334 Aug
9% Jan
Feb
115
119% Mar
Aug
197
53
Jan
5% Aug
16% Nov
46% June
32% Dec
4% Aug
Jan
13
58% Feb
Feb
480 Mar
8
Nov
134 Jan
16c Feb
151
May
66% Dec
116
Aug
62
Dec
9755 May
47
May
40
Jan
Armour & Co deb 65
100% 101% 10134 $4,000
Chic City&Con Rys 56 '27
25,000
5234 53
Chicago Rys 5s
1927
86
86
1,000
Chic Rys 45, series "B"
50
53% 30,000
Chicago Telephone 58_1923
96% 97% 11,000
Commonw-Edison 53..1943 9534 9554 96
6,000
Metr W S El 1st 45.._1938
58
58
1,000
Pub Serv Co 1st ref g 5s'56 87% 8634 87%127,000
Swift & Co 1st g 55_ _ _1944 97
963j 967-4 8,000
Range since Jan. 1.
Low.
96
52
82
50
9251
87%
45
78
90
i
High.
Sept 101% Nov
Jan 62% Aug
June 88% Apr
Jan 60
Nov
June 97% Dec
Sept 98
Nov
Apr 58% Nov
Oct 91
Nov
Sept 97% Sept
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Dec. 14
to Dec. 20, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Arundel Sand & Gravel 100
10
Atlantic Petroleum
100
Baltimore Tube
Comml Credit, pref B25
Congo! Gas EL & Pow..100
Consolidation Coal_.A0O
5
Cosden & Co
5
Preferred
Davison Chemical...Aro par
50
Elkhorn Coal Corp
Houston Oil pref tr ctfs 100
Mer & Miners' Trans_ _100
Mer & Min Trans v t.. _100
Mt V-W'b'y Miils v t r_100
100
Preferred v t r
50
Northern Central
Penna Water & Power_100
50
United Ry & Elec
Wash Balt & Annap_ _ _ .50
5
Wayland Oil& Gas
BondsAnacostia & Potom 5s 1949
Atlan C L (Conn) etts 5_
Bait Elec stamped 5s_1947
Boston Sand & Gray 58'24
Chariest & NV Car 1st 58'46
City & Suburban 1st 58'22
Columbia Ry G & El 58_....
Consol Gas gen 4%s....1954
Consol 0EL&P4As'35
5% notes
6% notes
Consolida'n Coal ref 5s '50
1923
Convertible 58
Cosden & Co ser A 63_1932
Series B 65
1932
(old Co) refund 6s_ _1926
Cosden Oil & Gas 6s...1919
Elkhorn Coal Corp 6s..1925
Fair & Clarks Trac 58_1938
Fairmont Coal 5s_ _ .. _1931
Florida South 1st 4s_ _1945
Ga Car & Nor 1st 58_ _1929
Ga L P& Ry 1st 5s_1941
Ga Sou dr Florida 5s_ 1945
Houston Oil div ctfs'23-'25
Kirby Lumb Contr't 6s'23
Md Elec Ry lst _ _ _1931
Milwaukee El Ry
5s&Lt1926
1st 5s
Minn St & St P C it 58'28
Monon Vall Trac 7s
N 0 Mobile & C 1st 5s 1960
Norfolk Ry & Lt 58_ _ _1949
1942
No Bait Trac 55
United E L & P 4543.. _1929
United Ry & E 4s_ _ _ _1949
1949
Income 45
1936
Funding 5s
1936
do
small
1941
Wash B & A 5s
1
75
24%
81
7
4
31%
29
70%
21%
30
3%
37
37
75
24%
10434
80
4
3154
29
70%
7154
71%
1654
76%
75
79
21%
30
90%
90
9254
93%
94%
100
83
89
85%
9654 95%
98
92%
100%
8654 86
87
86%
91%
96%
99%
9534
93%
8454 84%
96%
6554
96%
99
99
9854
91% 91%
84
99%
94%
98%
31%
95
10054
86%
77
54%
79%
81
84
Range since Jan. 1.
Low.
High.
77
24%
105
81%
7
4
3354
29
7154
71%
73
17
77
76
80
21%
31
354
14
75
75
8
90
335
486
60
477
15
301
5
313
111
230
129
36
383
1,000
250
24%
94
80
5%
3%
30
2214
64
56
62%
14%
68
69
60
17%
24
3
Sept
Jan 40
Feb
Sept
May
Oct 87
Oct 2534 Aug
Jan 10854 Dec
Dec 106
Jan
8% Jan
Sept
4% Nov
Jan
Jan 3954 Aug
Jan 3154 Nov
Apr 8054 June
Jan
Jan 92
Mar
Aug 90
June 17% Sept
Jan 77% Dec
Nov
Aug 76
Nov
Jan 80
June 24% Feb
Jan 31% Sept
Apr
3% Jan
90%
90
92%
93%
94%
100
83
89
85%
96%
98
92%
100%
8654
87%
91%
96%
9934
9554
9354
84%
96%
6554
96%
99
98%
91%
$1,000
5,000
1,000
1,000
5,000
11,000
1,000
1,000
2,000
35,200
8,000
2,000
1,000
103,000
34,000
4,000
4,000
15,000
6,000
3,000
3,000
1,000
1,000
1,000
1,000
12,000
1,000
86
82
90
90
90
96%
83
8354
78
90
94
81
98%
77
78
9054
96
93%
90
91
77%
91%
6534
91
88
9551
87%
Feb 90%
Sept 90
June 95
June 94
Jan 95%
Sept 100
Dec 83
Nov 89%
Oct 85%
June 98
Sept 99
Jan 92%
July 103%
June 86%
June 87%
Nov 94
Jan 97
Aug 99%
Apr 96
Apr 93%
Jan 84%
July 96%
Dec 65%
Oct 96%
Jan 102
Apr 99
Jan 92
99%
1,000
94% 4,000
98% 2,000
31%
1,900
1,000
95
1,000
10054
8654 3,000
77
24,000
5554 72,000
79% 2,000
81
300
84
11,000
98
8951
98%
31%
90
99%
83
71
52
7314
73%
80
Feb 99% Dec
Jan
July 95
Dec 98% Dec
Dec 31% Dec
Oct
Apr 96
Mar 100% Dec
Apr 86% Dec
Nov
Sept 79
Aug 59 . Nov
Nov
Aug 82
Aug 82% Feb
Jan 85% Nov
31%
72%
Dec
Dec
Nov
Dec
Aug
Feb
Dec
Nov
Nov
Nov
Nov
Dec
Jan
Dec
Dec
Jan
Feb
Dec
Dec
Feb
Dec
Dec
Dec
Dec
Aug
Nov
Feb
Es Ex-divIdend.
Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Dec. 14
to Dec. 20, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dolla s per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sales
Last IVeek's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
American Radiator_ .... _100
100
Preferred
Amer Shipbuilding..._ _100
Amer Straw Board
101%
Armour & Co preferred..
Booth Fisheries, common
(no par) 22%
new
100 81
Preferred
55
Chic CIty&C Ry pt sh,com
10
Preferred
Chic Pneumatic 'fool_ _100 6654
Chic Rys part ctf "2"....-Commonwealth-Edison 100 ,
Cudahy Pack Co, corn..100 104
Rights
100
Diamond Match
100
Hartman Corp
Hart, Shaff&Marx,com100
Preferred
100
2214
Libby(W I)
Lindsay Light
10 15
Mid West Mil, pref_ _100
People's Gas Lt & Coke 100 51%
Pub Serv of N Ill, pref _100 89%
Quaker Oats Co
100 295
100 100%
Preferred
Sears-Roebuck, corn_ _ _100 168
Stewart-WarnerSp,com100 79
Swift & Co
100 122%
Swift International
4354
Union Carbide & Carbon
Co
(no par) 56%
354
Rights
Ward, Montg, & Co, pref..
Wilson & Co,corn
100 74%
100 99
Preferred
Rights
Western Stone ,
295
125
118%
47
101
295
125
119
47
10154
Friday
Lan
Range !filet Jan. 1.
Low.
30 2:15
10 122
125 87
60 45
435 96%
22% 23%
180
81
81
210
34
% 2,320
954 12
1,595
66
68
270
8
9
216
113% 114%
610
104 105
1,008
100
%
%
110 Ill
100
63% 53%
25
75
76
85
110 110
15
2254 23
6,024
14% 15
85
57
57
10
5154 53
30
89
90
111
280 295
105
100 100%
164
167 171
2,261
79%
78
920
121% 124% 4,101
43
45% 11,130
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Dec. 14 to Dec. 20, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are par cent of par value.
June
Nov
Jan
July
Sept
18% ''Jan
75
Nov
% Dec
954 Dec
4754 Jan
8
Jan
100 June
104
Dec
54 Dec
92 June
45
Oct
53
Jan
103
Sept
18% Oct
1454 Nov
40
Sept
4034 Apr
70 June
235
Oct
9254 Aug
133
June
47
Jan
102
Aug
32
Oct
5854 6,236 47%
56
354 3% 30,701
3
109 109%
72 100
74% 77
626 46
99
99
130 91%
45
%
54
34
354 4
75
1
Apr
Dec
Aug
Jan
Oct
Dee
May
Stocks-
Sale
Par. Price.
Sales
Week's Range for
ofPrices.
1Veek.
Low. High. Shares.
19
10
1954
Alliance Insurance
American Rys pref _ ......100 69% 69% 6951
293
Dec Baldwin Locomotive_ _100
76% 76%
136
Jan
100 100% 10034 100%
Preferred
144% May Buff & Susq Corp v t c_100 72
7554
71
July.
50
100
55% 56
Preferred v t c
104
Nov Cambria Iron
39
40
50 39
Cambria Steel
50 115% 115% 11554
28
Sept Elec Storage Battery_ _100 54
54
54%
Feb General Asphalt
86
100 38
36% 40%
2% June
76
100
78
Preferred
18% Nov Hunt'ton & Bd Top, pf_50
16
16
71% Apr Insurance Co of N A_
26% 26%
10
16 June J G Brill Co, pref
70
70%
100
118% Nov Keystone Telephone.. _50
11
11
133
Nov Lake Superior Corp.._ _100 17%
17% 18%
% Dec Lehigh Navigation
50 71% 7154 7354
111
Dee Lehigh Valley
50 5634 5654 594
60
Oct Midvale Steel & Ord_ _50
46
46
76
Dec Minehill & S H
52
52
so 52
110
Dec Northern Central
75% 76
50
26
Oct Penns Salt Mfg
50 85% 85% 86
28
Jan Pennsylvania
50 45% 45% 46%
65
Jan Philadelphia Co (Pitts)61
Nov
3254 33
Pre((cumulative) 6% 50
97
Nov Phila. Flee Co of Pa....
25%
2554 25
295
Dec Phila Rap Tran v t r_
27
2751
50
100
Dec Philadelphia Traction....50 71
70
71
171
Dec Reading
50 80% 80% 8354
82
Nov Tono-Belmont
2% 2%
_1
146
Apr Tonopah Mining
3
1
3
3
50
Nov Union Traction
3854 39%
50 39
191 193
United Cos of N J
100
Nov United Gas Impt
69
Si) 73
73
7451
3% Dec U S Steel Corporation_100 95
94'4 97
110
Feb Warwick Iron & Steel...10
8% 854
77
Dec West Jersey & Sea Shore 50 45% 45
45%
9954 Mar Westmoreland Coal_ __ _50 75% 75% 75%
54 Dec Wm Cramp & Sons_ ......10A
81
81
854 Dec York Railways
50
754 734
Range since Jan. 1.
Low.
High.
325 19
15 58
100 58%
5 95%
831 58
60 46
35 3654
10 115
230 48
6,228 14%
1,370 47
80 1514
225 24
16 64
10
7
2,385 12
106 61%
1,449 55
50 42%
71 49%
131 67
50 80
2,601 4351
Jan 19% Jan
Oct 80
Feb
Jan 100% May
Jan 104
Dec
Jan 75% Dec
Dec
Jan 57
Mar
Oct 43
Jan
Jan 136
Oct
Mar 57
May 40%, Dec
Dec
Jan 78
Jan
Dec 17
Jan 27% July
Dec 7051 Dee
Nov
Aug 12
Jan 21% July
Jan 76% Nov
Jan 65% Nov
Nov 5954 May
Nov
Nov 52
Sept 76% Dec
Oct 86,
4 Nov
June 5054 Nov
110
2,018
480
27
305
336
250
117
13
278
2,770
320
91
21
40
100
Mar
June
Mar
Sept
Jan
Sept
July
Aug'
Aug
Oct
Mar
Apr
May
Mar
Jan
July
29
24
23%
z6554
71
1 5-16
2%
3655
18235
z6254
86%
754
39
69
74
714
37%
27%
30
7214
9554
354
4
4254
195
7754
11634
8%
48
76
9534
Nov
Nov
Jan
Nov
Oct
Mar
Jan
Jan
Feb
Nov
Aug
Mar
Mar
Jan
June
Feb
2368
Friday
Last Week's Range Sales
Sale.
ofPrices.
for
Price.
Low. High. Week.
BondsU SILlb Loan 3A8_1932-47
1st Lib Loan 45_1932-47
2d:Lib Loan 48_1927-42
2d Lib Loan 4A s 1927-42
3d Lib Loan 4 As_ _1928
4th Lib Loan 4Xs.._1938
Amer Gas & Elec 55..2007
Elec & Peoples tr ctfs 4s'45
do
small
1945
Keystone Teleph 1st 5s '35
Lake Superior Corp 5s 1924
Lehigh Valley 68 certfs '28
Consol registered 6s 1923
Gen consol 4s
2003
Leh Val Tran ref&imp53'60
Penn RR consol 4 A5_1960
Phila Co 1st 5sstmpd 1919
Cons & coil tr 58 stpd '51
Phila Electric 1st 5s__1966
do
small
1966
Reading gen 48
1997
United Rys Invest 5s_1926
West N Y & Pa gen 4s 1943
z Ex-dividend.
97.20 97.50
92.80 92.80
92.60 93.00
95.30 95.76
95.50 96.00
95.50 95.86
8534 86
86A
72
72
72
72 • 72
8834 88 A
60
61
102% 103
103 103
80A 80% 80A
79( 79A
97
97
99% 994
88
88
94% 943 95
97
97
87% 873
6334 633
72
72
Range since Jan. 1.
High.
Low.
$750 97
Jan
300 92.60 Dec
3,350 92.50 Dec
1,600 94.44 Sept
8,150 94.30 Sept
6,050 95.30 Dec
4,000 76A Sept
Sept
10,000 67
Oct
500 65
1,000 87% Oct
19,000 47% Jan
17,000 97% Sept
3,000 wog Apr
2,000 75
July
1,000 79A Dec
10,000 93
Sept
56,000 85A Feb
9,000 73
Apr
24,000 894 Sept
600 93
July
2,000 80% Sept
Apr
2,000 54
3,000 603. Sept
102..40 Aug
97.90 /Jan
97.84 Nov
95.90 Sept
98.52May
98.00 Nov
86A Dec
7334 May
74
Jan
Jan
90
62
Dec
103A Nov
103
Dec
8234 Nov
Jan
85
98% Jan
993 Dec
Dec
88
96
Jan
97 May
91
Nov
6735 Nov
Dec
72
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week outing
Dec. 20 1918.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad,
cec..
Bonds.
Par Value.
211,550 $19,508,000
328,515 29,116,000
448,697 42,710,200
340,730 32,087,500
384,175 36,173,125
500,253 45,486,800
$657,000
2,380,000
1,214,000
1,311,000
1,474,000
1,918,000
U. S.
Bonds
$3,632,000
6,509,000
8,344,000
.7,861,000
15,695,000
15,270,000
$9,299,500 $8,951,000 $57,311,000
Week ending Dec. 20.
1918.
Slate, Mun
dt Foreign
Bonds.
$572,000
1,485,000
1,447,000
1,786,000
2,078,000
1,931,500
2,213,920 $206,081,624
sales a;
New York Stock
Erchange.
lo17.
Jan. 1 to Dec. 20.
1917.
1918.
Stocks-No.shares_ _ _
2,213,920
2,673,171
. 140,326,004
180,995,696
Par value
$206,081,625 $245,357,300 $12,994,117,340 $16,697,711,080
Bank shares, par
$4,500
$1,000
$26,900
$126,300
Bonds.
Government bonds_ _ _ $57,311,000 $14,163,000 $1,268,592,000
$271,473,750
State,mun.,&e.,bonds
8,954,000
6,734,500
271,292,000
291,606,000
RR."Land misc. bonds_
9,299,500
5,560,000
339,036,500
456,541,000
Total bonds
$75,564,500 $26,457,500 $1,878,920,500 $1,019,620,750
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Dec. 20 1918.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
egg
Total
Philadelphia.
Baltimore.
Shares. !Bond Sales.' Shares. Bond Sates. Shares. 'Bond Sales.
8,367;
7,817i
15,781*
23,216
17,486
20,398
93,045
$56,750,
30,450,
53,000,
121,000:
116,550
47,0001
!
$424,750
5,176
4,016
8,229
4,221
3,146
3,531
$6,4001
80,9001
24,5001
16,100
51,5001
8,0001
7131
5531
9681
1,034'
706,
9071
$67,900
107,200
122,100
77,000
41,900
13,000
30,319
$187,4001
4,881i
S129,100
New York "Curb" Market.-Below we give a record of
.the transactions in the outside security market from Dec. 14
to Dec. 20, both inclusive. It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stook exdhanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
Is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
Insure that quotations coming over the "tape," or reported
In the official list at the end of the day, are authentic.
On the"Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transaotionA. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
It is out of the question for any one to vouch for the absolute
trustworth1ness of this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
Sales
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Week ending Dec. 20.
Stocks-
!vol.. 107.
THE CHRONICLE
Range since Jan. 1.
Low.
High.
8
5j Dee 163
*Aetna Explos-r--(110 Dar)
7,700
6%
67
Aetna Explos Guar tr ctfs_
SA Dec
6A
6A
90
635 635
58
53
Air Reduction r__(no par) 58
Doc 77
50 54
Brit-Amer Tob, ord. _51
23% 23%
100 14
*Apr 23%
Ordinary bearer
El 23% 22% 23% 8,300 14% Apr 23A
Burns Bros lee corn r _100
47
48
400 183( June 53%
Butt'sv'th-Jud Corp_ r_(t)
20
100 19
Dec 59%
20
Jan 160
Chevrolet Motor
100 145
145 150
1,300 100
Cities Service, com_r._100
Feb 305
284 290
195 200
Columbiaville Woolen r 10
11% 11%
45 1034 Sept 12
Emerson Phonograph_ _5
2A 2(
100
1
Aug
4%
Falls Motors v t c
10
400
3% Dec
4
33( 4
General Asphalt, com.r 100 3735 3634 403
9,100 23% June 40A
Gen Motors 6% deb stk WI
Nov 83%
78% 79%
900 78
106 114
Gillette Safety Razor.r110
2,950 77A Mar 114
4% 4)( 7,500
4%
Hupp Motor Car Corp..10
Jan
5%
Keyst Tire & Rub,com..10 3734 33A 393i 81,000 1134 Oct 393(
234
Lake Torpedo Boat_r._10
400
2
Dec
6
3% 4% 9,900
4
Marconi Wirel Tel of Am _5
2% July
5q
47
48
400 47
Dec 48
National Ice & Coal_r_100
2A
Apr
North Am Pulp & Pap (t)
2%
2
1.700
4%
294
May
Dec
Mar
Dec
Dec
Nov
May
Oct
Oct
Oct
Jan
Dec
Dec
Nov
Dec
Nov
Dec
May
Nov
Dec
Aug
Sales
Friday
Last Week's Range for
Sale.
Week.
ofPrices.
Stocks (Conci.)-- Par. Price. Low. High. Shares.
•
Peerless Trk & Mot Corp50
Penn Seaboard Steel_(t)
Paulsen Wireless_r._ _ _100
10
St Joseph Lead_r
Smith Motor Truck r....-10
Steel Alloys Corp_r
5
Stromberg Carbur_.no par
Submar Boat Corp v to(t)
United Motors r_.(no par)
US Light dr Heat,com.r 10
U S Steamship_r
10
Wayne Coal
5
World Film Corp v t c_ _5
Wright-Martin Aire r...(t)
Rights.
Penn Seaboard Steel
lrexas Co.r
/Wilson &Cos(t° take bds)
Former Standard 011
Subsidiaries.
El
Anglo-Amer 011_r
Galena-Sig 011,com.r.
_ _100
Illinois Pipe Line_r_......100
Ohio Oil_r
25
25
Penn-Mex Fuel_r
Prairie Pipe Line..r. _..100
South Penn Oli_r
100
Standard 011(Calif) r...100
Stand 011 of N J_r_ _ _ _100
Standard 011 of N Y.r.100
Vacuum Oil_r
100
Other Oil Stocks.
1
Barnett Oil & Gas r
Boston-Wyoming Oil_r_ _1
Cosden & Co common r-5
1
Crystal Oil & Ref_r
Elk Basin Petroleum r_ _5
Esmeralda 011 Corp _ r _-1
Federal Oil r
5
10
Glenrook 011 r
1
Globe 011_r
Guffy-Gllies Oil, pf.t.r_ 100
Houston 011 corn r--100
El
Internet Petrol_r
Island 011 & Trans
10
Merritt 011 Corp_r
Metropolitan Petroleum25
Midwest 011 common r-1
1
Preferred.r
Midwest RefinIng_r_ _ _50
Northwestern 011,com_r_l
Oklahoma Prod & Ref..-5
Okmulgee Prod & Refg_ _5
Royal Dutch Co new-r...5
Sapulpa Refining_r
5
Savoy 011
5
1
Sequoyah Oil & Ref
Sinclair Gulf Corp-r--(t)
Southwest 011.r
1
Stanton Oil_r
United Western 011, new_r
Victoria Oil_r
10
Mining Stocks.
Alaska-Brit Col Metals-1
America Minetir
1
1
Atlanta Mines
Big Ledge Coorper__
Boston & Montana Dev.
_ _5
Butte-Det Copp & Zinc_ _1
Caledonia Mining
1
Calumet & Jerome Cop_r 1
Canada Copper Co Ltd...5
Candelaria Silver _r
1
1
Cash Boy
Cerbat Silver M de M_r_.1
Consol Arizona Smelt- _5
Consol Copper Minus_ _ _ _5
Cresson Cons Gold M&M
El Salvador SlIver_r
1
Eureka Croesus Mm r...1
First National Copper_ _ _5
1
Fortuna Consol_ r
Goldfield Consolidated_10
1
Goldfield Merger_r
1
Great Bend_r
Hattie Gold Min_t_r_ _1
Ueda Mining
25c
1
Howe Sound
Iron Blossom_r
10c
Jim Butier_r
1
1
Jumbo Extension
5
Kerr Lake
1
Kewanus r
Liberty Silver (prospt)..r.1
1
Lone Star Consol_ r
5
Magma Copper
5
Mason Valley
Mother Lode.r......-1
Nipissing Mines
5
1
Nixon Nevada
1
Ohio Copper_r
Onoudago Mines_ r
1
Mining
_r_..5
Ray Hercules
Red Warrior MIning_r_l
Rochester Mines
1
San Salvadora_r
Seneca Copp Corp (no par)
1
Sliver Canon
Silver Fissile Silver r_ _1
Silver King of Arizona...!
1
Silver Pick Cons_r
Standard Silver-Lead....1
Stewart
1
1
Tonopah Extension
1
Tonopah Mining
United Eastern Mining_l
United Sulphur Mines r_ _1
Ward Min & Miillng __
Washington Gold Quartz-1
West End Consolidated...5
Western Utah Eaten i r_ _1
White Caps Extenslon_10c
White Caps Mining...10o
White Knob, pref _r_...i0
Yukon-Alas tr ctfs (no par)
Bonds
Am Tel & Tel 1-yr 65.r1919
Amer Tobacco serial 7s r'19
1921
Serial 7s_r
1922
Serial 7s_r
1923
Serial 7s r
1921
Armour & Co 6s
Beth Steel serial 78.r _1920
1922
Serial 78 r
Braden Cop Mines 65w 131
Canada(Dom of) 5a...1919
Ch &N W RN,gen Sew 1'87
1923
Cudahy Pack 78
Federal Farm Loan 5s_r_ _
Gen Elec 6% notes_ _1920
1919
6% notes
40
7
1-16
8
35
123%
34
5)‘
4
4%
1-16
Low.
high.
3,400
17% 19
40 *43
1,164
300
63' 7
14
200
1434
1-16
34 12,300
8
834
900
34
36% 2,800
1134 12% 4,100
3434 5,300
34
500
1% 115
5% 5% 11,600
3% 4
8,200
500
34
34
43' 4% 9,600
13
3434
634
14
Apr
Nov
Dec
Dec
Dec
5 June
21
June
II
Nov
19% Jan
1
Mar
334 Nov
234 Oct
Sept
Dec
20
56%
15%
17%
234
8%
363%
2034
3534
2%
734
4
A
11%
1-16
A
15
16
A,
A
600
2,500
6,500
A Dec
1234 Oct
A Dec
Dec
17% Nov
131 Dec
17%
91
153
315
55
275
287
232
580
289
375
2,540
25
10
100
4.330
135
10
20
135
25
65
1734
90
153
313
52
261
287
231
571
288
371
53
267
287
232
574
Range since Jan. 1.
1134
85
138
290
26
249
245
210
490
248
317
Fob
Nov
Sept
Sept
Oct
Sept
Sept
June
Sept
Sept
Sept
Feb
June
May
Feb
Apr
Dec
Dec
May
Nov
May
May
Nov.
Mar
May
M
18%
145
192
365
55
296
300
249
635
302
420
Oct
Jan
Jan
Jan
Dec
Oct
Oct
Nov
Nov
Nov
Oct
Aug 1 3-16 Jan
3-16 5-16 18,000
Jan
18c 19e 10,000 15o Sept 330
7,750
8% Feb
6)4 Sept
634 *7A
June
1% July
1
1
134 1,650
2,300
534 July
734 Oct
5% 6
30 Sept 5-16 Jan
40
Sc 61,300
50
Feb
2
4
1,3-6 Aug
2
2% 7,400
Jan
5
2% Sept
335
334 335 10,500
% 1 1-16 2,500
7-4 Dec *Ili June
500 100A Dec 10134 Deo
10034 10131
72
72
76% 1,100 3934 Jan 8634 June
18
16
1835 20,500 12% Feb 1834 Dec
(33( Dec
534
I% Jan
434 6% 136,000
23
2,000 1734 Mar 29% June
24
1% 1 11-16 2% 28,500
234 Nov
34 Jan
1.19
1.24 Jan
Apr
1.11 1.20 23,000 870
1
Apr
15-16 135 3,600
135 Dec
123
Nov
4,142 97
Mar 139
118 125
500 420 Sept 89e Feb
470 470
6A Apr
1031 Oct
935
9% 1034 23,000
1
Dec 1134 Mar
234 235 29,000
Nov
82
Nov
66% 64
7134 25,000 56
Sept 1034 May
6
7
6% 7% 1,200
Oct
400
9% Jan
6%
635 634
9-16
Mar
34 9-16 7,100
34 Sept
Jan 24
Oct
500 15
1934 20
4,000 250 Sept 58c June
360 400
135
235 Mar
1
1% 9,900
)4 Sept
13-16
234 Feb
X 15-16 10,500
9-4 Aug
634 Mar
234
2
2% 3,700
19.4 Sept
34
7
1%
40c
910
5-16 Apr 700 May
360 40c 13,700
3,650 340 July 910 Deo
88o 910
13c Feb
30 July
Sc 6350 19,600
15-16
% 1
17,400
194 Mar
94 Sept
530
520 540 19,850 380 Sept 960 Mar
30 Dec
2,000
30
9-4 Mar
30
320
Jan
230 350 37,000 300 Dec 560
Dec
1% Mar
7-16
A 7-16 25,000
2% Dec
134 AP.
2 3-16
234 2% 1.500
530
50c 53e 21,980 370 Aug 53c Dec
3c
Oct 190 Feb
8350 9340 9,700
1%
Jan
July
134 131 6,900 420
21/, Nov
1% 1% 111-16 1,200 1 5-16 Feb
6%
454 Aug *7% May
634 634 14,500
6
Nov
534
5
534 4,800
434 Mar
1%
134 Dec
A
13% 16,100 55c Mar
Feb
135
234 June
135 1% 3,900
700
1% Sept
2% Jan
1%
1% 231
700 30c June 46c Aug
40o 400
7,000
17c Oct
7-16 Jan
28c
260 29c
lc Dec lie Dec
70
90 20,800
2%eSept 100 Feb
40
40 434c 2,520
43o 430 10,000 33e June 860 Sept
Nov
2% Jan
534
534 5% 2,940
930
4% Feb *4% Dec
434 *434
A Nov 11-16 Jan
300
34 9-16
34c
Jan
32c 38c 10,100 32o Dec 900
14o
6,900
8o July 240
Jan
140 16c
5
Jan
Jan
5
534 2,000
134e Oct
7c
130
734c 6,500
90 Feb
48c
5,500 280 Feb 62c July
450 49e
8c
lo May 330 July
Sc 13c 351,000
2734 25% 28% 1,140 27
May 42
Jan
3
234 Dec
3
334 5,900
634 Jan
350
Apr
Jan 56c
34c 350 18,200 25c
9
Jan
10A Dec
83,
4 934 2,700
8
41c
Oct
36c 460 26,000 310
134 Mar
% Oct 1 3-16 July
%
3.4 25,700
43%
Jan
4
6
July
4% 5,100
2
3
4% Jan
Dec
3
3
334 '2,200
Mar
200
A Dec
A
35
Jan 540 May
290 31e
7,200 27c
% Dec
Dec
A
1% 7,500
734 Jan
14
1434
. 500
155.4 Dec
840 88c 10,000 000 Sept 88c Dec
13-16 13-16 13-16 4,300
Aug
A Mat
1
13-32 13-16 4,200 7-32 Apr
June
70
70 7350 4,500
2340 Oct 0940 Dec
/
sf. Oct
% 3,700
34 5-16
94 Apr
Jan
17c
16e 18e 24,500 llo Aug
Nov
1% 1 13-16 syg
1
234 Dec
4,520
4
Jan
2% Sept
3
3
300
4A
July
3
434 4% 4,532
531 Feb
A Dec
Dec
34
% 4,770
40 MAY 52o Nov
250
25o 360 16,500
Oct 89c Dec
890
890 890
1,000 730
Jan
1% June
1 3-16 1 5-16 6,100 65o
Oct 230 Sept
200
200 220 39,600 lie
180 Feb
1350 1340 2,000 134c Nov
Jan
100
9350 130 31,900 8340 Sept
June
131 Nov
1
1% 1% 5,625
134
Dec 26
Dec
22
550 22
26
99% 100
101 10134
10234 102 10235
10234 102%
102% 10235 102%
100% 10034
10034 1003,6
1003% looyi 1004
96
96
96
98% 99
10034 10034 101%
102 1023.1
10334 10334 103%
10034 101
10034 100%
Nov
$6,000 98% Aug 100
7,000 1003' Oct 1013‘ Dee
42,000 993% Oct" 102% Dec
6,000 9934 Oct 10334 Oct
Nov
82,000 9934 Oct 103
Aug 1003' Dec
1,000 96
1,000 0834 July 10094 Oct
July 100% Nov
5,000 97
Dec 96
Dec
85,000 96
85,000 94% Jan 99% Dec
136,000 10034 Doc 101% Dec
16,000 97% Aug 10294 Dec
25,000 1013-4 June 106% Aug
8,200 98% Jan 10194 May
13,000 99
Jan 10034 Apr
BondsInterboro R T 7s_ _ _ _1921
KanCityTermRy 6s w 1'23
Liggett&Myers Tob 6s1921
Penn RR gen 5s w 1
Russian Govt Ss r_ _1919
1921
5%s_r
Studebaker Corporation1919
7% notes_r 1
Serial 7% _r_w 1_ _ _1921
Serial 7% _r_w _ _1922
Serial 7%_r_w 1.....1923
Serial 7%_r_w
Serial 7%..r..w 1_ _ _1925
1928
Serial 7s_r_w I
1929
Serial 7s_ r_w 1
Wilson & Co Inc (is w 1 '28
Friday
Last Week's Range Sales
for
ofPrices.
Sale.
Price. Low. High. Week.
96g
9534 9734 255,000
100
99% 9934
99% 99
67
67
63
63
10034
9934
99/3s
68
65
98
100
100
9834
100
100
9934 9934
9934 9954
08% 9834
973i
95%
9734 9334
9734 9734
9534 9534
46,000
327,000
700.000
11,000
15,000
Range since Jan. 1.
Low.
9534
9934
9854
99
38
32
30,000 98
11,000 100
10,000 100
20,000 9934
10,000 9934
10,000 9834
16,000 9774
4,000 9734
175,000 9534
Dec
Nov
Nov
Dec
9934 Nov
1O04 Nov
9934 Dec
9934 Dee
Mar 78
Oct
Apr 73
Nov
Dec 9834
Dec 100
Dec 100
Dec 9034
33
Dec 99/
Dec 98%
Dec 9854
Dec 9734
Dec 97
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
u Ex-cash and stook dividends. w When issued. x Ex -dividend
y Ex-rights. z Ex-stock dividend.
CURRENT NOTICE
-On the advertising page opposite our weekly statement of bank clearings, the Autocar Company, of .Ardmore, Pa., manufacturers of the wellknown Autocar motor truck, are featuring their advertisement, "No
Standing Room for a Pessimist." The Autocar Company graphically
shows by a chart how immigration increased our labor supply from 1902 to
1914 and the loss since 1914, and points out that it will be a long time before our army will be released to resume productive occupations. No European country for some years will permit any large amount of emigration.
The quantity of food and other supplies which we furnished the European countries prior to 1914 was small compared with what it is now our
duty to provide. A big volume of business will be transacted throughout
the United States during 1919 and years to come. There will be an extensive use of modern machinery in every line of endeavor. There is no
doubt that all the labor available throughout the United States will be employed at good wages, this alone will automatically stabilize business.
The Autocar Company asks the business and corporation managers of the
country if they are now organized or are preparing to organize the personnel of their enterprises, so that they will secure their share of the volume of
business that will be transacted during 1919. Their page announcement
provides some striking facts for the business man and manufacturer who
Is in a hesitative state of mind regarding future conditions.
-An issue of $2,000,000 Niagara Falls Power Co. (Consolidated)
Hydraulic Power Co. of Niagara Falls Ref. & Imp. (closed) mortgage
5% bonds, due Oct. 1 1951 is advertised and offered for sale by Spencer
Trask & Co., 25 Broad St., this city. These bonds are exempt from
personal tax in New York State. Price and descriptive circular on application to the firm's N.Y., Chicago, Boston or Albany offices.
-A second issue of $500,000 5% Farm Loan bonds, issued by the Liberty Joint Stock Land Bank of Salina, Kansas, due Nov. 1 1938, is advertised in to-day's "Chronicle" by Bonbright & Co., Inc., of N. Y., Boston, Phila., Chicago and Detroit. Price 1013-4 and interest to yield
4.65% to optional period and 5% thereafter. Bonbright & Co., Inc., will
mail descriptive circular on request.
-Freeman & Co., specialists in car trust securities, 34 Pine St., this
city, are advertising as a matter of record only, the entire issue having
been sold, $1,200,000 Buffalo Rochester & Pittsburgh Ry. Co. Equipment Trust 6% bonds, Series K., at prices to yield 5.75 for any maturity.
All the features of this offering are described in the record advertisement
elsewhere in the "Chronicle."
-An interesting study entitled "Price Readjustment" has been issued in
booklet form by the National Bank of Commerce of this city. The article
some facts regarding price changes as a result of peace, and is a
further development of the previous booklet,"When Prices Drop," recently
P
distributed by the same institution. A foreword has been written by James
S. Alexander, its President.
-At 8734 and interest, yielding about 5.85%, Halsex, Stuart & Co.,
of New York and Chicago, are offering $2,500,000 Public Service Co. of
Northern Illinois first and refunding mortgage 5% bonds, due Oct. 1 1956.
Particulars of the offering appear in the advertisement on another page.
A circular describing the issue in detail will be mailed to any one asking for
Circular "N.A.-5.
-The "1918 Oil Bradstreet & Mining Directory, California," the ninth
volume of this publication, has been received at the "Chronicle" office.
It is issued by the Financial News Publishing Co., Van Nuys Building, Los
Angeles. Price, $1 50.
-V. II. Mardfin has resigned from the financial department of the
New York "American," with which he had been associated for nearly six
years, and is now with Chandler Bros. & Co., members of the New York
Stock Exchange at 34 Pine Street.
-Ernst & Ernst, certified public accountants, 27 Cedar Street, announce
the opening of a Philadelphia office in the Land Title Building.
Now York City Banks and Trust Companies
All prices now dollars per share.
-- - - •--Bid. Ask. Trust Co's. Bid. Ask
Banks.
Banks-N.Y. Bid. Ask. 11
New York.
America s.- 500 515 I:I IIrving (trust
Amer Exch._ 220 2'30 . certificates) 274 280 Bankers Trust 460 470
415
430
Central
Liberty
I.
Union 410 415
180
170
Atlantic
250 275 Columbia
315 325
Battery Park.. 190 200 .Lincoln
___ Manhattan *_ 175 185 Commercial__ 88 100
Bowery *_ _
133 145 ;Meth & Met_ 330 340 Empire
290 300
BroadwayCen 400125 135 Equitable Tr.. 390 400
Bronx Bore*. 125 175 !Merchants
Bronx Nat.._ 160 170 ; Metropolitan* 170 175 Farm L & Tr_ 410 420
375
Fidelity
210 220
Bryant Park* 145 155 1 Mutual *
200 2-1-67 Fulton
25 New Neth*
360
Butch & Drov 20
30 380
Cent Mere_ 165 170 New York Co 130 140 Guaranty Tr_ 37
135 145
410 420 I New York... 425
Chase
---- Hudson
135
_'Pacific *
Irving Trust_ ISee Irving
Chat & Phen_ 240
I 540
1N9a8t Bank
Chelsea Exch* 115 125 I,Park
-- -Law Tit & Tr
__ !I Prod Exchs_ _I 200
Chemical__
100
235 iiS
- - Lincoln Trust 110
- Public
420215 225
Citizens
460 470 ;Seaboard_.. 450 470 Mercantile Tr
City
& Deposit_ 210
• 400 425
Coal & Iron_ 215 225 I,Second
___I,Sherman __ 125 135 Metropolitan_ 345
Colonials__
-- _ Mutual(West155 165 1 State *
Columblas__ 400chester)
115 130
_ __123d Wards_ 124105 125
Commerce. 1200
- ,Union Exch. 145 155 N Y Life Ins
Comnel Ex.. 390 410
& Trust
,UnitedStats 500
775 825
Common._ N Y Trust... 600 610
_IWash Irtas_ 275
wealth s_._ 195
Continental*. 104 flo IIWestch Ave*.. 160 1-76 Scandinavian 290 310
290 310 Title Gu & Tr 345 -360
Corn Exch..... 340 350 Yorkville *
Transatlantic.- _ 170
Cosmoplan*. 85 100
US Mtg &Tr 425
- Cuba (Bk of). 175._-.. Brooklyn.
25 '1 1Coney Island* 140 155 United States 900 920
East River___ 20
265
280
Westchester
First
130
1
1
130 140
110
Europe
Greenpoint....,
150
165
Brooklyn.
Fifth Avenue*/1800 2200 il
215 230 41111181de *.. _._I 110 120 Brooklyn Tr.. 505 520
Fifth
80 Franklin
230
950 975 ;Homestead *-1 70
First
62 Hamilton_
26
20 270
175 190 IMechanics' s..I 57
Garfield
95 Kings County 620 650
200. _ IiMontauk s___I 85
Gotham
207
200
Manufacturers 160
Greenwich s.._ 330 34-0 ;;Nassau
Hanover
740 760 ;;National City, 133 138 People's
26
80
5
75
Harriman__ 245 255 ;;North Sides...! 175 200 Queens
' 130 140
___ !People's
Imp & Trad__ 510
* Banks marked with a (5) are State banks. t Sale at auction or at Stock
Exchange this week. 1 Includes one-third share Irving Trust Co. I New stock.
Ex-rights.
New York City Realty and Surety Companies
All prices now dollars per share.
High.
* Odd lots. t No par value. t Listed as a prospect. I Listed on the Stook
Exchange this week, where additional transactions will be found. o New stock.
r Unlisted.
2369
THE CHRONICLE
DEC. 21 1918.]
Ask.
Alliance R'Ity 55
Amer Surety_ 62
215
Bond & M
Casualty Co_
City Investing 15
Preferred._ 60
85
67
225
75
19
67
BM. Ask:
Bid. Ask.
Lawyers Mtge 105 115 Realty Assoc
80
Mtge Bond__ 85
(Brooklyn). 75
90
Nat Surety__ 216 220 U S Casualty_ 175 190
N Y Title &
U STitle Guar
Go
Mortgage__ 78
85 West & Bronx
Title & MG 150 170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "f."
1
RR. Equipments--PerCf.Basis .1
Standard Oil Stocks Per Share
Par Bid. Ask. ,Baltimore & Ohio 43-4s
6.00 5.50
5.95, 5.50
Anglo-American Oil new £1 1712 1734 'Buff Roch & Pittsburgh 434
Equipment 4s
5.96 5.50
100 985 1000
Atlantic Refining
6.25 5.70
100 460 485 Canadian Pacific 430
Borne-Scrymser Co
50 .92 94 'Caro Clinchfield & Ohio 5s.... 6.50 6.00
Buckeye Pipe Lino Co_
6.00 5.50
Chesebrough Mfg new......100 300 320 ICentral of Georgia 5s
6.00 5.50
100 29 32 I Equipment 434s
Colonial 011
100 455 475 ,Chicago & Alton 48
6.90 6.00
Continental 011
7.00 6.00
50 *37 39 'Chicago & Eastern Ill 534s
Crescent Pipe Line Co
7.00 6.00
Cumberland Pipe Line.....100 165 175 I Equipment 434s
6.25 5.75
Eureka Pipe Line Co_ _ _ _100 180 185 Chic Ind & Louisv 430
5.90. 5.40
Galena-Signal Oil corn....100 90 94 Chic St Louis & N 0 5a
5.75 5.25
100 115 130 Chicago &N W 4548
Preferred old
100 105 Chicago R I & Pac 4%s
6.5 6.00
Preferred new
6.2 5.75
100 145 155 Colorado & Southern 58..
Illinois Pipe Line
50 98 102
6.25 5.75
Indiana Pipe Line Co
11734 181
6.25 5.75
International Petroleum_ £1 '
uipment 4%s
Equipment 4s
6.25 5.70
National Transit CO.....l2.50 *15 16
Hrokng Valley 4s
6.25 5.50
New York Transit Co.-..100I 190 195 4 IE
6.25 5.50
Northern Pipe Line Co_100 108 113
inou
5.90 5.50
isipC
meennttrar5s
25 *310 315 IIllEg
Ohio 011 Co
5.9 5.50
Penn-Mex Fuel Co
25 *52 55 I Equipment 434s
100 570 580 Kanawha & Michigan 430_ 6.5 6.00.
Prairie Oil & Gas
5.75 5.50
100 265 270 Louisville Ar Nashville 5s
Prairie Pipe Line
6.1 5.70
100 325 350 Michigan Central 5s
Solar Refining
Southern Pipe Line Co...100 178 183 Minn St P & SS M 4%s
6.00 5.50
100 280 290 Missouri Kansas & Texas 5s_ 7.00 6.00
South Penn 011
7.00 6.00
Southwest Pa Pipe Lines_100 100 104 Missouri Pacific 5s
6.40 5.90
Standard Oil (California).100; 228 233 Mobile & Ohio 5s
6.40 5.90
Standard 011 (Indiana) _1001 685 695 , Equipment 434s
Standard 011 (Kansas).....100 520 540 New York Central Lines 58_ _ 6.00 5.85
6.00 5.85
Standard Oil (Kentucky)100 340 350 ! Equipment 434s
Standard 011 (Nebraska).100 460 478 N Y Ontario & West 434s_ _ _ 6.30 5.90
5.90 5.40
Standard 011 of New Jer-100 574 578 Norfolk & Western 43-4s.... _
5.90 5.40
Standard 011 of New Ylt 100 286 290 ! Equipment 4s
5.60 5.25
100 450 475 Pennsylvania RR 434s
Standard Oil (Ohio)
20
5
5
7.60
00 6
5.0
Swan & Finch
100 100 105 I Equipment 4s
Union Tank Line Co_ _100 104 106 St Louis Iron Mt & Sou 5s_ _
Vacuum 011
100 375 385 St Louis & San Francisco 58_ 7.00 6.00
•
7.00 6.00
Washington 011
10 *33 37 Seaboard Air Line 5s
7. 6.00
Equipment 4%s
Southern Pacific Co 454s.__ 5.80 5.30
6.25 5.50
Ordnance Stocks-Per S hare.
Southern Railway 454s
Aetna Explosives pref.__100I 62 68 Toledo & Ohio Central U.__ 6.25 5.75
American & British Mfg lOOj 2
5
Preferred
120
50 35
Tobacco Stocks-Per Share.
0010
B1. IAsk.
o
common_car
Atlas Powder common__ _11000°
155
Preferred
100 89 9012 American Cigar
Preferred
Babcock & Wilcox
1
110 113
80
3 80
Bliss(E W)Co common.. 50300 350 Amer Machine & Fdry....1
100
8° 6
75 British-Amer Tobac ord_£1 .21 23
Preferred
Ordinary, bearer24
Canada Fdys & Forgings..180 19
80
8 200
Carbon Steel common_ _100 ---- 100 Conley Foil
1110 ;80 220
1st preferred
100 Johnson Tin Foil & Met-1
70 100
2d preferred
1
100
) 67
83 70 MacAndrews & Forbes....100 185 200
Colt's Patent Fire Arms
Preferred
90 100
1
370 390
Mfg
25 *43 46 Reynolds(R J) Tobaceo..1
B common stock
duPont(E I) de Nemours
280 300
1
198
9
100 248 253
06 109
Preferred
& Co common
100 194
A dividend scrip
Debenture stock
100 89 91
B dividend scrip
94 19
88
,
Eastern Steel
100 75 85
Empire Steel & Iron com_100 25 35 Young (J IS) Co
100 120
Preferred
Preferred
100 95 105
100 z65 70
Hercules Powder corn......100 200 205
Short-Term Notes-Per Cent.
Preferred
100 106 109
Niles-Bement-Pond com_100 110 115 Amer Cot Oil 5s 1919__MpS 9918 9958
Preferred
7% notes Sept 1919
100 95 98
10014 10034
Amer Tel & Tel 6s 1919_F&A 10014 1001s
Penn Seaboprd Steel (no par) *40 41
Phelps-Dodge Corp
100 280 300 Balto & Ohio 5s 1919_ _J&J 993s 995
Scovill
_ 100 340 375 Canadian Pao 6s 1924.M&S 2 10014 101
Thomas Iron
50 *25 --__ Del & Hudson 58 1920_ _F&A 9834 99
Winchester Repeat Arms.100 700 ____ Erie RR 58 1919
A
8
97
5:2
8 98
68812
Woodward Iron
100 45 55 Fed Sugar Rfg 55 1920._ _J&I
85 95 General Elec Os 1920_ _ J&J 10078 10118
Preferred
6% notes (2-yr) 1919.J&D 1003810053
Great North 58 1920... _M&S 98% 99
Hocking Val 6s Feb '19 M&N
Public Utilities
Ii1- -61-iAmer Gas & Elec corn...... 50 5z95 100 K C Term Ry 4%s 1921_J&J 2
58 Nov 15 1923_ _M&N 15 9978 10018
Preferred
50 *44 47
Amer Lt & Tree corn_ _ _ _100 240 243 Laclede Gas Lt 5s 1919_ F&A 9812 9912
Preferred
Ligzett&MyersTobes'21J&D 9912 0934
100 99 101
Amer Power & Lt corn......100 52 57 N Y Cent Ss 1919.. _M&S 15 99% 09/
1
4
Preferred
100,
80 Penn Co 454s 1921_ _J&D 15 9612 9718
Amer Public Utilities com100I 10 20 Pub Ser Corp NJ 5s '19.M&S 98 99
Preferred
100 36 3912 Rem Arms U M C 5s'19F&A 9812 993s
•
Southern Ry 50 1919_M&S 2 9918 9938
Carolina Pow&Light corn 100 33
Cities Service Co cotn.....100 290 iti''' Utah Sec Corp (3s'22.M&S 15 89 90
Preferred
100 80 82 W'house El & M 6s'19_F&A 100 10018
991 100
Colorado Power corn.._ 100 26 29 Winches RepArms7a'19. ht&
Industrial
Preferred
1001 94 98
and Miscellaneous
Com'w'th Pow Ry & Lt_ _1001 21 23
Preferred
100 43 44 American Brass
Elea Bond & Share pref 100/ 492 95 American Chicle com
21.5
62 26
25
0
100
1
Preferred
Federal Light & Traction.1001
8 11
lii 74 76
lii 136 140
Preferred
100 41 45 American Hardware
Great West Pow 5s 1946_J&JI 81 83 Amer Typefounders com_100 39 43
13
Mississippi Riv Pow cotn_100
Preferred
100 83 87
Preferred
100 38 41 !Borden's Cond Milk com_100 971 98
_First Mtge 5s 1951.._J&J 75 77 I Preferred
100 95 98
100 135 140
Worth'n States Pow com_100 60 63 Celluloid Company
Preferred
100 88 90 'Columbia Graphoph Mfg (t)*102 104
d
North Texas Elec Co corn 100 58 6
78
4 I Preferre
100 86 89
(t) *32 34
Preferred
eportTexas Co
100 70
Pacific Gas & Elee com_100 43 44 'Havana Tobacco Co
100
1
3
lii
2
5
1st preferred
100 86 88 I Preferred
Puget Sd Tr L & P com__100 15 20 I 1st g 58 June 1 1922 J-D f38 45
Preferred
100 49 52 Intercontinen Rubb corn-100 10 11
100 160
Republic Ry & Light _ _ __100 18 20 Internat Banking Co
100 52 62
Preferred
100 55 57 .International Salt
1
4
A-0 70 71/
South Calif Edison corn 100 79 8112 I 1st gold 58 1951
Preferred
100 97 102 :International Silver pref _100 80 90 •
13 'Lehigh Valley Coal Sales_ 50 *86 89
Standard Gas & El (Del).. 50 .11
Preferred
50 '132 34 Otis Elevator common_ A I 61 65
4 I Preferred
-100 84 88
Tennessee Ry L & P com_100
3
Preferred
100 15 17 Remington Typewriter
1001 33 34
United Gas dr Elec Corp_100
3
5 I Common
100 107 110
1st preferred
100 38 40 I 1st preferred
100 100 103
8 I 24 preferred
24 preferred
100
5
United Lt & Rys corn.. _100 38 40 Royal Baking Pow com_100 125 ---100 87 90
1st preferred
100 70 72 I Preferred
Western Power common_100 14 16 Singer Manufacturing_ -100 188 193
Preferred
100 57 60 Texas Pat Coal & Oil__ _1001060 1075
W'houseChurchKerr&Co 100 64 67
' Preferred
100 80 86
l'er share. b Basis. d Purchaser also pays accrued dividend. a New Stock.
f Flat price. n Nominal. z Ex-dividend. p Ex-rights. (t) Without par value.
2370
THE CHRONICLE
[VOL. 107.
Investment anet Sailiraati Intelligente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Manth.
Jan. 1 to Latest Date.
ROADS.
Current 1Previous
Year.
Year.
Current
Year.
Previous
Year.
S
1
S
Alabama & Vicksb_ October
236.582, 230,475 1,987,448 1,721,148
Ann Arbor
1st wk Dec
67,910' 65,990 3,253,724 2,954,596
Atch Topeka & S Ire October
15425189 12996636 133560797 116089569
Gulf Colo & S Fe October
1,768,506,1,629,583 15,796,925 14,032.454
Panhandle & S Fe October
510,798 630,899 4,893,461 5,765.301
Atlanta Birm & Atl October
463,206 385,835 3,772,885 3,248,562
Atlanta & West Pt.. October
251,363 180,824 2,041,701 1.432,937
Atlantic City
October
350,372 226,536 3,503,185 2,839,923
Atlantic Coast Line October
4,987,089 3,661,236 46,380,850 35,689.822
Atlantic & St Lawr_ June
986.1:33
197.384 122.364
926.429
Baltimore & Ohio October
18261 058 12525425 143303 243 111166993
B & 0 Ch Term October
155,183 163,732 1,514,177 1,669,899
Bangor & Aroostook October
462,944 393,185 3,957.702 3,699,791
Bellefonte Central_ October
6,232
7.958
72.995
66,727
Belt By of Chicago_ October
349,690 329,001 3,287,438 3,235,286
Bessemer & L Erie_ October
1,530,951 1,249,280 11,466,618 10,513,586
Bingham & Garfield October
309,687 321,188 2,908,243 2,701,286
Birmingham South_ October
92,840 121,782 1,229,763
912,890
Boston & Maine. October
6.104.232 5,500,374 57,896,268 49,401.338
Buff Roch & Pittsb 2d wk Dec 327,354 298,916 17,487,904 14,606,810
Buffalo & Susq
October
187,427 168,619 1,882,930 1,461,890
Canadian Nor Syst_ 2d wk Dec 1,067,000 753,800 44,372,003 39,866,600
Canadian Pacific.. 2d wk Dec 3,780,000 2,908,000 146639883 143150645
Can P Lines in Me.. October
117,946 122,550 1,844,238 1,993,210
Caro Clinch & Ohio October
408,123 359,643 3,861,358 3,372,177
Central of Georgia. October
1,774.420 1,592,578 17,001,793 12.762.566
Central RR of N J.. October
4,434,685 3,299,778 37.526.591 31,073,858
Cent New England_ October
456,095 477,316 5,058,301 4.581,251
Central Vermont October
517,993 420,082 4,306,711 3,741,186
Charleston & %V Car October
341.926 252,455 2.416,555 1,919,742
Ches & Ohio Lines_ October
7,467,628 5,046.572 59,367,963 44,978,312
Chicago & Alton_ _ October
2,388.753 1,911.764 20,124,094 17,171,101
Chic Burl & Quincy October
14429333 11312614 118462016 101573663
Ch Det & 0 G Trk_ July
16:3.436 192.207
800,805
748,485
Chicago & East II1_ October
2,731,341 1,898,964 22,206,343 17,465,428
Chicago Great West October
1,740,764 1,491,165 15,837.352 13,592.625
Chic Ind & Louisv_ October
1,082,4091 844,622 8,987,030 7,611,625
Chicago Junction.._ October
323,6531 296,778 2,778,071 2,717,363
Chic Milw & St P.._ October
14616212,11034551 108988527 94,395,681
Chic & North West_ October
1387643L 10477718 105303522 89,972,176
Chic Peoria & St L.. October
194,3211 201,973 1,831,152 1,795,724
Chic R I & Pacific.._ October
10160103 8.162,555 82,780.290 70,422,539
Chic R I & Gulf_. October
385,0651 378,683 3,642.362 3,117.128
Chic St P M & Om _ October
2,496,072 2,054,564 20,235,460 17,654,369
Chic Terre II & S E October
554,594 337,799 4,185,700 3,079,853
Oin Ind & Western. October
271,355 218,948 2,605.333 2,216,097
Coal & Coke..
September
147.808 112,558 1,061,414
970,919
Colorado Midland_ September
991,011
9,464 194,829
Colo & Southern.... _ 1st wk Dec 234.160 217,739 11,661,336 10,179.648
Ft W & Den City October
820,060 674,193 6,368,318 5,233,891
Trin & Brazos Val October
834,428
111,092 128,243
917.427
Colo & Wyoming October
105,000
90.978
941,601
996,668
Constit Rys of Mex 1st wk Nov 621,178
Crip Crk & Col Spgs October
79,954
89,833
790.004
950,351
Cuba Railroad.._.... September 875,550 690,125 10,064,834 5.559,898
Delaware & Hudson October
3.172.031 2,867.915 29,254,666 25,266,078
Del Lack & West October
6,729,812 5,342,937 56,466,122 48,044.404
Deny & Rio Grande October
3.257,741 2,791,326 25,547,191 23,413,851
Denver & Salt Lake October
223,698, 209.091 1,816,197 1,747,717
Detroit & Mackinac 2d wk Nov
25,387 1,373.301 1,166.925
38,822
Detroit Tol de Iront October
354,043 238,377 2.763,901 2,471,512
Det & Tol Shore L_ October
169,995 159,277 1,616,456 1,539,065
Dul & Iron Range October
1,098,610 969,806 8,409,892 6,422,208
Dul Missabe & Nor October
3.195,440 1,899,046 19,925,878 13,210,348
Dui So Shore & Atl_ 1st wk Dec
68,0771 74,489 4,502,262 4,059,026
Duluth Winn & Pac October
120,780 140,400 1,388,669 1,746,331
East St Louis Conn October
102,040
864,024
87.197
938.715
Elgin Joliet & East_ October
2,391,206 1,334,379 16,632,632 13,224.478
El Paso & So West_ October
1,179,466 1.113.680 12,306,600 11.439,533
Erie Railroad
October
9,492,516 6,923,296 71,446,475 59,246,263
Chicago & Erie_ October
1.209,803, 852,421 8.797,711 7,307,573
Florida East Coast October
611,213, 660,740 7,333.519 6,866,026
Fonda Johns & Gloy September
116,3271 95,622
843.017
805,950
Ft Smith & Western October
893,715
131,955 130.828 1,059,615
Galveston Wharf October
872,229
81,738
927.895
65,185
Georgia Railroad October
657.337, 536,405 5,379,469 3,354.026
Grand Trunk Pac_ _ 3d wk Nov 169,573 202;110 5,599,826 5,414,946
Grand Trunk Syst_ 2d wk Dec 1,385,902 728,653 67,343,422 55,607,503
Grand Trunk By 3d wk Nov 1,358,685 982,667 54,586,267 46,041,931
Grand Trk West.. October
2,001,327 1,455,210 11,383,091 9,755.810
Det G H & Milw_ July
285,944 274.888 1,759.111 2,015.144
Great North System October
12090441 8,834,849 80,657,056 73,591,695
Gulf Mobile & Nor_ October
216,347 229,628 1,987,722 1,912,770
Gulf & Ship Island., September
1,974,730 1.665.768
•
Hocking Valley..
October
1,561.990 1,066,127 11,385,582 8,990,276
Illinois Central........ October
9.769,270 7,980,068 88,993,826 72.212,676
Internat & Gt Nor.. October
1,319,817 1,355,372 11,123.939 10,077,883
Kan City Mex & Or October
990.659
132,983 110,916 1.112,535
K0 Mex & 0 of Tex October
999,078 1.071.890
111,121 128,562
Kansas City South_ October
1.507,335 1,078,274 12487380 10,168.745
Texark & Ft Sm.. October
910.520
127,720
99,667 1,014.102
Kansas City Term.. October
938,970
114,613 102,206
938,970
Lehigh & Ifud Riv_ October
191.753 187.818 1,904,827 1,901,738
Lehigh & New Eng.. October
305.513 349.263 3,317,264 3.085,536
Lehigh Valley
October
6,292,522 4,970.374 53,678,353 11,935,979
Los Ang & Salt L October
1.462,289 1,216,365 12,039,570 10,567.777
Louisiana & Arkan_ October
134,338 145.171 1,388,675 1,283,015
Louisiana By & Nay October
261.905 262,159 2,515,478 1,991,461
Louisville & Nashv_ October
10192132 7,074,789 83,560,674 62,753,637
Loulsv Hend & St L October
287,963 202,722 2,357,952 1,842,129
Maine Central
October
1,410,692 1,277,220 13,538,535 11,870,168
Midland Valley___ _ October
332.255 264,234 2,85:3,022 2,379.349
Mineral Range _ _ 1st wk Dec
19,708
21,585 1,070,675 1,134,766
Minneap & St Louis October
1,216,595 962,522 9,953,872 9.031.795
Minn St P&SSM October
4,256,833 3,435,819 28,516,701 28,891,850
Mississippi Central_ October
89,614 119,428 1,072,324
753.260
Latest Gross Earnings.
Week or
Month.
Current
Year.
Previous
Year.
Jan 1 to Latest Date.
Current
Year.
Previous
Year.
Missouri Kan & Tex October
3,556,118 2,390,043 27,069,350 21.257.708
Mo K&T Ry of Tex October
830,899 711,524 16,056,723 12,788,171
Mo & North Arkan October
117,159 132,994 1,178,027 1,197,216
Mo Okla & Gulf.... October
156,909 178,829 1,516,995 1,569,238
Missouri Pacific..__ October
8,461.602 7.199,531 73,248.969 64.688,550
Monongahela
October
349,462 195,824 2,600,364 1,803.109
Monongahela Conn October
236,223 202,797 2,023,382 1,564.722
Nashv Chan & St L October
2.137,227 1,453,249 17,790,855 12.410,872
359,744
Nevada-Cal-Oregon 1st wk Dec
3,240
6,211
268,199
Nevada Northern... October
262.165 242,915 2,248.052 2.062,463
Newburgh & Son Sh October
839,698
169,845
96,804 1,168,984
New Orb Great Nor_ October
196,069 179,088 1.849.391 1.591.654
New On & Nor East October
3,984,862
591,210 471,648
N 0 Tex & Mex
October
175,756 153,441 1,639,809 1,159.380
Ileaum S L & W. October
803,399
111,562
93,811 1,187,194
St L Browns & M October
461,585 325,321 3,661,414 3,204,783
New York Central.. October
28673375 22768782 239294263 199417379
Ind Harber Belt.. October
487,642 420,658 4,542,970 4,362,529
Lake Erie & W October
972,138 713,311 7,729,450 6.794,553
Michigan Central October
6,644,539 4,990,388 55,568,240 43.395.981
Cleve C C & St L October
7,137,150 5,003,791 58,959,212 42,881,194
Cincinnati North October
295.785 241,961 2,277,224 2.043,375
Pitts & Lake Erie October
3,310.812 2,531.575 27,427,564 21,435,089
Tol & Ohio Cent. October
1,133,380 860,021 8.320,314 6,735,035
Kanawha & Mich October
692.797 333,263 4,986.242 2.999,614
N Y Chic & St Louis October
2,327,661 1,546,355 17,961.575 14,204.259
NYNH 3c trent October
9,353,128 7,704,668 85,055,277 71,643,937
N Y Oat & Western October
900,824 771,188 9.320,357 7,757,103
N Y Susq & West.... October
501,877 295,459 3,589.234 2,961,302
Norfolk & Western.. October
8,027,950 6,300,313 67,264.435 54,665.808
Norfolk Southern October
521,271 472,921 4,673,843 4.468,206
Northern Pacific
October
12167 442 8,338,680 82,813.285 73,021,575
Minn & Internat.. October
69,812
843,183
884,234
77.630
Northwest'n Pacific October
541,815 482,707 4,834,459 4,066,071
Pacific Coast
October
524,821 580,339
1.974,101
Pennsylvania RR.... October
36962924 26549030 300253436 243597375
Balt Ches de Atl October
130,991 122,682 1,170,675 1,089,164
Cumberland Vali October
561,621 433.389 4,672,898 4,066,494
Long Island
October
1,817,118 1,739,471 18,861,378 14,578,191
Mary'd Del & Va October
102,947
99,461
881,113
851,453
N Y Phila & Nor. October
727,733 488,939 6.126,779 4,609,282
W Jersey & Seash October
808,413 644,004 8,980,768 7,459,939
Pennsylvania Co.__ October
10368824 7.438,264 77.375.671 66,025.767
Grand Rap & Ind October
691,073 550,658 6,015,246 5,486,302
Pitts 00 & St L_ October
8,996,414 6,526,122 72.249,641 61.350.878
Peoria & Pekin Un_ October
111,892 101.561 1,053.580 1.015.495
Pere Marquette
October
2,960.109 2,157,387 23.400.041 19.549,682
Pittsb & Shawmut.. October
100,090 109.131 1,127,973
965,059
Pitts!) Shaw & Nor.. October
78,257 107,964 1,050,650 1,033,030
Pittsb & West Va October
170,080 171,874 1,581.737
Port Reading
October
257,308 141.720 2,079,089 1,584,432
Quincy Om & Kan0 Octobez
84,057
723,844
97,010
890,777
Reading Company:
Phila de Reading.. October
6,750,197 6,194.124 66,329,562 55,837,679
Rich Fred & Potom October
644,379 446,455 5,602.786 4.008,570
Wash Southern October
383,928 248,066 3,100,850 2,087,660
Rutland
October
424,201 391,534 3,858,229 3,649,088
St Jos & Grand IsI'd October
240.797
1,947,699
St Louis-San Fran_ October
6,612,190 5,430,115 57,326,977 47,346,597
.Ft W & Rio Gr.... October
108,696 117,008
955,739
808,389
St L-S F of Texas October
123,620 111,345 1,161,660
961,335
St Louis Seuthwest..'2d wk Dec 269,000 188,000
St L S W of Texas October
505.080 656,065 5,517,474 4,597,291
San Ant & Ar Pass.. October
478,073 411,823 3,565,417 3,339,734
Seaboard Air Line October
3,347,370 2,840,116 31,951,853 24,780,094
South Buffalo
October
140,108
04.4271,301,921 1 014.23,
Southern Pacific.... October
15263 100 13239308 126556 955 108206 117
Arizona Eastern.. October
388,185 337,960 3,722,021 3,566,609
Galv Harris & 3 A October
1,882,010 1,773,918 17,770,511 16,161,970
HOU4 & Tex Cent October
809,938 864,1161 7,536,244 6.475.261
Hous E & W Tex_ October
177,369 172,410 1,702,982 1.508.180
Louisiana West.... October
394,262 395,3921 3,629,596 2,923,525
Morgans La&Tex October
677,497 677,675 6,712,231 5,472,078
Texas & New On October
636,536 610,706 6,142,457 5,226,199
Southern Railway.._ October
12269788 9,139,552 105380258 73,847,359
Ala Great South.. October
822,985 688,471 7.543,922 5,826,002
Oin N 0& Tex P. October
1,371,191 1,202,572 12,567,165 10,928.927
New Orb & Nor E October
591,210 471,648 5,411,699 3,984,862
Mobile & Ohio
October
1,397,986 1,248,350 12.311,396 11.426,867
Georgia Sou & Fla October
323,467 288,806 2,923,482 2,359,453
South By in MISS October
162.714 133.646 1,175,771 1,023.804
Spokane Internat'l_ October
91.121 104,666
839,361
797,298
Spok Port'& Seattle October
899.060 622,366 7,001,361 5,637,547
Staten Island R
October
172,731 112,233 1,574,344 1,266,712
Tenn Ala & Georgia 1st wk Dec
129,642
2,950
2,183
115,256
Tennessee Central_ October
279,168 171,292 2,496,146 1,492.363
Term Assn of St L.. October
385,560 299,710 3,214,265 3,168,013
St L Men Bdg T_ October
377,687 301,252 3,065,338 2,629,085
Texas &
1st wk Dec . 611,203 519,313 21.746,781 20,791,549
Toledo Poor & West October
155,508 122,372 1,347,617 1,074,444
Toledo St L & West October
767,459 647,209 6,801.990 5,882.611
Ulster & Delaware_ August
129.189 139,563
679.691
695,679
Union Pacific
October
1089722,5 8.108.851 80,755,988 62,455.037
Oregon Short L_ October
3,427,217 2,984,830 28,015,125 25.271,983
Ore-Wash Rft&N October
2,506.012 2,329,693 21,780,906 18,285,959
Union RR (Pa)
October
684,332 528,215 5,818,278 4,878,319
Utah
October
1,175,274
152,010
Vicks Shrev & Pac_ October
215,494 210,871 2,116,719 1,734,272
Virginian RR
October
1,231,845 894,666 9,911,594 8,645,171
Wabash RR
October
5,067,331)3,830.117 39,418.661 33.551.697
Western Maryland.. September 1,455,299 1,205,513 11,009,406 9.938.958
Western Pacific
October
1,065,733 966,393 9,414,199 8,222,489
Western By of Ala October
2,070,806 1,376,180
251,761
Wheel & Lake Erie October
1,519,074 1,219,238 11,511.818 9,244,954
Wich Falls & N W October
89,309
869,399
106,120
810.609
Yazoo & Miss Vail_ October
1,970,663 1,840,831 17,904,312 14,553,651
P
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
4th
1st
2d
3d
4th
1st
• 2d
3d
4th
1st
24
Current
Year.
Previous
Year.
Increase or
Decrease.
%
week Sept (13 roads)_ __ _
9,735,161 8.153,016 +1.577.143 19.33
week Oct (10 roads).. _ _ _ 7.172.415 5.656.143 +1.516,272 26.81
week Oct (15 roads)........ 7.762,172 6.9:31.491
+830.681 11.93
week Oct (15 roads)_ _ .. _ 7.664.060 6,809,000
+855,060 12.01
week Oct (16 roads).. _ _ _ 11,833,602 10.309,702 +1,523,900 14.78
week Nov (16 roads)_._ 7,581.166 6,615,360
+965,806 14.59
week Nov (15 roads)._ 7,191,421 6,850.256
344.165 5.03
week Nov 111 roads)._ _ 7,551,945 6,734,963
816,977 12.13
week Nov 10 roads).-- 7.631.596 7,492,658
139,910 1.85
week Dec 15 roads)........ 7,582,03 3 6,51.1,597 44,9z1,115 15.99
week Dec
8 roads).. - 6,829,253 4,877,399 +1,951,857 40.02
1
• Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
I %
Mileage.
Cur. Yr. Prev. Yr.
$
December _ 217.934 217.26.5 313 375 052 317.836,386 +26,038.6661 8.18
January
210.016 239.885 232.391.665 204.002,791 -11.608.126 3.95
February...._230.336 223.835 362.761,238 312,276.881 +50,484.357 16.22
March
233.891 237.463 285.776.203 260.627,752 +25.143.451; 9.65
April
033.731 232,255 369,409,695 319 274.981 I50.134.911 15.70
May..
_230.355 223,392 374.237 097 342.146.096 32,091.001' 9.38
June
210.393 219.294 36.3,165,523323,163,161 40.002.412 12.38
July
231.700 230.570 463.681,172 346.022.857 +117611131534.00
August
230.743 230.015 498.269,358 362.509.561 +135759 795 37.45
September _232.186 232,378 487,140.781 :357.772,850 +129367.931 36.16
October ____230,1R4 230,576 484,821.750 377,867.933 1011956 617 28.30
DEC.211918.]THE
2371
CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of December. The table covers 8 roads and shows 40.02%
increase in the aggregate over the same week last year.
Latest Gross Earnings.
Name of Road
or Company.
Northampton Trac _ July
Northern Ohio Elect_ October
North Texas Electric September
Ocean Electric (L I).. June
$
$
$
I 28,408
October
Gas & Elec_
Pacific
298,946
327,354
Buffalo Rochester & Pittsburgh
Pacific Power & Lt_ _ October
753,800 313,200
1.067,000
Canadian Northern
Tr & Lt Co August
Paducah
fp
2,908,000
872,000
3,780,000
Pacific
Canadian
Pensacola Electric Co September
Grand Trunk of Canada
Phila Rapid Transit_ November
728,6531 657,249
1,385,902
Grand Trunk Western
Phila & Western_ _ _ _ November
_
Milwau_
Detroit Or Hay &
Portland Gas & Coke October
I
I
Canada Atlantic
Port(Ore)Ry,L&PCo. October
188,000
81,000
269,000
St Louis Southwestern
Porto Rico Railways_ October
g Puget Sd Tr,L & P.. August
6,829,256 4,8.7,399 1,951,857
Total(8 roads)
°Republic By & Light September
Ne increase (40.02%)
Richmond Lt & RR.. June
St L Rock,y Mt& Pac October
Santiago El Lt & Tr_ October
For the first week of December our final statement covers Savannah
Electric Co September
15 roads and shows 15.90% increase in the aggregate over Second Avenue
(Bee) June
Southern Boulevard_ June
the same week last year.
Southern Cal Edison_ October
Staten Isl Midland_ _ June
1917. I Increase) Decrease. Tampa Electric Co.._ September
1918.
First Week of December.
Tennessee Power_ _ _ _ October
Tenn Ry, Lt & P Co_ October
Previously reported (7 roads)_ _ 6,305,754 5,365,3871 94t),3671
Texas Power & Lt Co October
67,940
1,950
65,990
Ann Arbor
Third Avenue By.._ _ June
234,160
217.739; 16,421
Colorado & SouChern
DDEB&BRR__ June
68,077
74,489'
6,412
Duluth South Shore & Atlantic..
42dStM&StNA Ry June
19,708
21,5851
1,877
Mineral Range
UnionRyCo(NYC)June
3,240
6,211
2,971
Nevada-California-Oregon
Yonkers Railroad_ June
269,000
269,000
St Louis Sothwestern
N Y City Inter Ry June
2,950
2,183
Georgia..
767
&
Alabama
Tennessee
Belt Line By Corp_ Juno
611,203
519,313
91,890
Texas & Pacific
Third Avenue System October
Twin City Rap Tran_ October
7,582,032
6,541,897
1,051,395
roads)
11,260
Total(15
Virginia Ry & Power_ October
1,040,135
Net increase (15.90%)
Wash Bait & Annap_ September
Westchester Electric_ June
October
York Railways
Net Earnings Monthly to Latest Dates.-The table Youngstown
& Ohio_ October
earnings
Second Week of December.
I
1918.
I.
1917.
Increase.' Decrease.
with charges and
following shows the gross and net
surplus of STEAM railroad and industrial companies reported this week:
tJan. 1 to Latest Date.
Week or I Current Previous
Year.
Year.
Month.
Current
Year.
Previous
Year.
122.831
130.577
21.578 19,059
585,622 551.295 5,997.743 5.345.584
226,618 252.878 2,263.466 1,718.444
50,404
55.011
18,115 15,548
1910,696 1619,738 18.412,850 16296.962
154.800 151.310
198,993
204,534
26,280 23.298
257.439
367.306
47.385 31.397
2764,923 2512.229 28,820,945 27,104.497
56,993 45,018
166.667 124.346
627,971 522,294 6.288.847 4,903,679
744.454
865.213
86.047 72.493
1021.191 774,847 7.629,623 5.910.905
443.863 426,250 4.151.145 3.469.834
208.060
209,211
42,100 44,102
449,085 347,635 4,366.541 3.168.737
473,834
557.494
57.100 52,630
698,867
858.149
101.467 82.259
391,180
391,753
79,749 78,170
106,723
99.400
16,390 19,959
699,958 726,000 6.715,637 6.698.705
156,755
132,300
28.095 34,560
752,562
785,287
91,614 79,667
190,335 182.292 1.775,807 1.599.476
496,257 442,750
308,131 261.005
316,629 359,429 1,909,852 2,064,547
219,345
240.805
51,366 39,120
872.686
799,125
140,262 157.493
255.823 259.112 1,302,869 1.425,071
387,744
395.598
72,552 72,231
370,710
338,642
58,271 63,049
345,163
298,470
48,053 57,607
797,504 896,965
751.697 805.687 8,051.211 8.537.793
594.948 609,622 6.539.811 5.405.430
943.843
323.665 179.669 2.105.150
253,551
272.214
54,888 48,553
863.497
888.983
80.583 92.737
293.064
349.445
34.928 31.257
a Now covers only the lines east of York Beach, Me.; in the first four
months of 1917 covered also the lines west of York Beach. Me. c These
figures are for consolidated company. d Decrease in gross earnings due to
-Gross Earnings--Net Earnings
- unusually early rains and recent influenza epidemic. flEarnings given in
Current
Previous
Current
milreis. g Includes constituent or subsidiary companies.
Previous
Year.
Year.
Year.
Year.
Roads.
$
3
$
$
Electric Railway and Other Public Utility Net Earn385,750
96,132
79,575 ings.-The following table gives the returns of ELECTRIC
Duluth So Sh deAtl_a_ _Oct 483,850
4,086,822 3,645,891
314,168
600,484
Jan 1 to Oct 31
public utility gross and net earnings with
112,163
98.912
Oct
10,794
23,311 railway and other
Mineral Range_ b
950,847
997,678
21,145
48,383 charges and surplus reported this week.
Jan 1 to Oct 31
132,994 def16,626
26,913
Missouri & Nor Ark_ b_ _Oct 117,159
-Gross Earnings--Net Earnings
1,178,027 1,197,216
84,322
258,320
Previous
Current
Jan 1 to Oct 31
Previous
Current
Year.
Year.
Year.
Year.
178,828 cdef4,127
Companies.
46,018
Missouri Okla & Gulf_ b_Oct c156,908
$
$
c1,516,996 1,569,237cdef217,367
$
$
301,643
Jan 1 to Oct 31
113,018
114.931
198,441
588,206
271,068
204,868 Alabama Power Co_a_ Oct 275,827
N 0 Tex & Mex Lines.b_Oct 763,102
2,434,406 1,707.560 1,286,131 1,065,622
Jan 1 to Oct 31
6.720,561 5,320.506 1,822,422 1,789,664
Jan 1 to Oct 31
1.538
2.101
11.713
12,888
221,411
37,568 def29,758 Atlantic Shore Ry_b_ _ _Nov
St Jos & Grand IsI'd_ b_ _Oct 240,796
44.117
32.096
219,305
158,193
Jan 1 to Nov 30
148.148
2,208,768 1,947,699
51,323
Jan 1 to Oct 31
62.537
58.924
105,831
Oct 109,349
Colorado Power_a
644.875
728,135
a Net earnings here given are after deducting taxes.
1,281,049 1,150,042
Oct 1 to Oct 31
b Net earnings here given are before deducting taxes.
303,550
287,606
879,588
Mountain States Telep _ b.0ct 982,814
figures.
Corrected
c
8,825,477 8,260,187 2,794,629 2,733,521
Jan 1 to Oct 31
452,476
565,087
Teleg & Tele_p_b_Oct 1,888,121 1,730,152
ELECTRIC RAILWAY AND PUBLIC UTILITY COS. Pacific
17,788,662 17,395,593 5,232.568 4,611,636
Jan 1 to Oct 31
38,053
59,658
187,814
Providence Telephone.b.Oct 203,091
397.255
517,684
1,956,927 1,811,164
Jan 1 to Oct 31
Jan. 1 to Latest Date.
Latest Gross Earnings.
11,224
1,322
34,247
Name of Road
33,205
Tri-State Telephone_b_ _Oct
53,492
Week or Current Previou s Current Previous
79,956
335,416
or Company.
335,473
Jan 1 to Oct 31
Year.
Year.
Month.
Year
Year.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
$
$
$
i
Balance,
Fixed
Net after
Gross
161,932 147,158 1,488.031 1,332,822
Adirondack ElPow Co October
Surplus.
Charges.
Taxes.
Earnings.
275,827 198,441 2,434,406 1,707,560
Alabama Power Co__ October
1203,058 1004,972
Amer Power & Lt Co October
51,605 1,719,004
12,888 11,713
Atlantic Shore Ry___ November
158,193
219,305 Cities Service Co Nov '18 1,821,533 1,770.609
209 1,702,154
'17 1,732,412 1,702,363
Aurora Elgin St Chic_ September 210,299 202.866 1.602,068 1,638,860
21,477,178
212,157
21,689,335
22,186,935
'18
mos
12
73,541
79,191
Bangor Ry & Electric October
759,258
726,248
2,948 18,760,399
'17 19,110,628 18.763.347
21.909 19,710
Baton Rouge Elec Co September
193.214
170,524
Blackstone V G & El September,
1,744,027 1,436.010 Detroit Edison Co Nov '18 1,322,435
266,978
128,168
395,146
Brazilian Trac, L & P September J908i000 17925000 J77730,000 f68430,000
249,372
88,495
337,867
'17 1,156,068
82,611
Brock & Plym St By.. September
9,506 11.699
97,382
11 mos '18 12,386,394 3,261.912 1,224,431 2,037,481
Bklyn Rap Tran Syst June
2774,333 2677,328 15,240,907 14,879,323
941,187 2,309,198
'17 10,983,739 3,250,385
Cape Breton Elec Co September
369,202
46,027 39,805
331.950 Georgia Lt, Pow & Sept '18
10,856
18,423
29.279
109,237
Cent Miss V El Prop_ September
29,847 28.216
249,255
228.706
26,621
18,216
44,837
89,335
'17
Rys(and sub cos)
Chattanooga Ry & Lt October
151,946 89.429 1,499,619 1.024,736
293,285
219,695
512,980
1,222,173
'18
mos
12
Cities Service Co.._ ._ November' 1821,533 1732,412 20.474,249 17,539,806
304,889
222,081
526,961
'17 1,029.726
Cleve Painesv & East September
416,826
50.941 52,596
409,407
137,161 z162,772
478,262
304,146
Nov.'18
°Columbia Gas & EL October
856.709 835,614 9,353.690 8.718,356 Great Western
z83.093
139,178
369,059
'17
225,048
Power Co
El Co September
Columbus
876,585
95,028 91,873
781.745
12 mos '18 4,562,666 2,785,331 1.658,461 z1.112,272
Ry P & L_ October
Colum (0)'By
353.675 354,895 3.475,765 2,268,924
'17 3,976,722 2,515,433 6,679,691 z859,563
dCom'w'th P,Ry& Lt October
1799,629 1763.894 17.715.993 15.905,165
Connecticut Pow Co.. September
4,810 z198,517
202,467
387,371
Oct '18
97.746 76.472
724.434
632.939 Hudson &
5,050 x263,232
267,556
393,500
'17
Manhattan
Consum Pow (Mich)_ October
582,240 514.113 5,261,858 4,655,528
51,461 z2,318,287
247.729 267.632 2,663,996 2,589,282
Cumb Co (Me)P & L October
10 mos '18 4,007,905 2,357,668
49,232 x2,494,239
218,689 174.387 1.902,453 1,488,276
Dayton Pow & Light October
'17 3,617,215 2,534,273
g Detroit Edison_ _ _ _ November 1322,435 1156,068 12,386,394 10,983,739 Philadelphia
170,867
822,893
993,760
Nov '18 2,764,923
°Detroit United Lines September 1710,423 1484.328 14,103,983 13,139,162
205,463
810,756
'17 2,512.229 1,016,219
Rapid Transit
125.099 139.148 1,395.844 1.319,119
Duluth-Superior Trac October
564,584
4,659,408 4,094.824
13,407,453
'18
mos
5
391,548 307,827 3.442.480 3,005,218
East St Louis & Sub. October
'17 12,408,029 5,173.430 4.056.581 1,116.849
Eastern Texas Elec.__ September
94,589 79,889
738,589 • 622.288 Youngstown &
4.543
9,543
5,000
34.927
Oct '18
g El Paso Electric Co September 104,290 105,918
933.514
955.836
5,261
10,261
5,000
31,257
'17
Ohio
64,173 57.350
Fall River Gas Works September
522.955
427,356
56.321
60,000
116,321
412,940
12 mos '18
283,088 230.227 2.289,886 1.798.732
a Federal Lt & Trac_ August
65,233
125.233
60,000
349,383
'17
October
Lt_..
&
112,621
Pow
Worth
94,583
Ft
x After allowing for other income received.
Galv-Hous Klee Co__ September 243,118 185,633 1,986,492 1,484.339
97,455 103,246 1,055.070 1,085,922
Fixed Chgs. Balance,
Grand Rapids Ry Co October
Net
Gross
November
Sys
478,262
Pow
369,059 4,199,624 3.645,510
gOroat West
& Taxes. Surplus.
Earnings. Earnings.
Harrisburg Railways September 110.299 103.594
976,219
:
878.328
733,443 635,822 6,775,949 5,672,408 Philadelphia &
14,273
8.756
Havana El Ry,L & P October
23,029
56.993
Nov '18
62,657 62.793
14.073
5,515
19,588
Honolulu R T & Land September
523,803
45.018
'17
527.494
Western
33,881 33.135
83.921
169,264
HoughtonCoEl L Co.. September
253,185
301,718
609,620
303.436
12 mos '18
25,258 28,608
246,916
120,549
154,865
275,414
Houghton Co Tr Co_ September
259,929
'17
566.541
387,371 393,500 4,007,905 3,617,214
Hud & Manhattan__ October
1249,294 1226,336 12302.409 11,032,660
New York Street Railways.
Illinois Traction__ October
3299,624 3,563592
Interboro Rapid Tran October
33.616.521
-Gross Earnings--Net Earnings-97,820 54.791
582,792
Jacksonville Trac Co September
597.848
Current
Previou
Previous
Current
23,820 22,985
195,888
Keokuk Electric Co_ September
Year.
Year.
183.510
Year.
Year.
Roads.
19,153 12,659
143.151
Key West Electric Co September
104,730
$
$
Lake Shore Elec By.. September 216,052 167,622 1,633.750 1.332.784 Hudson & Manhattan....June 385.953
162,126
49,373
348,628
67,900 78,606
Lewist Aug & Watery October
738,453
764.735
2,459,708 2,207,346 1,054,027 1,136,360
Jan 1 to June 30
22,555 24,508
Long Island Electric.. June
102.885
112,885
935,156
796,455
Louisville Railway__ September 345.246 302,040 2.764,357 2,389,871 Interboro R T (Subway)June 1,700,646 1.732,211
11,380.297 11,556,960 5,804,685 6,691.708
Jan 1 to June 30
•
12,066 10,111
Manhat Bdge 3c Line Juno
69,641
60,928
761,466 698,131 7.237.405 6,442,651 Interboro R T (Elev)_ __June 1,588,964 1,525,027
638,622
534,257
Milw El Ry & Lt Co_ October
292,240 190.838 2,466,308 1,831.341
Milw Lt, Fit & Tree_ October
9,548,416 9,286,162 3,216.820 3,885,215
30
June
Jan 1 to
970.106 905,216 5,297.130 4,822.709
Montreal L, H & P__ October
Interboro R T_June 3.289,610 3,257,238 1.330.714 1.573,778
Total
235.249 211,324 2,317.048 2,022,941
Nashville By & Light October
20.928,713 20,843,122 9,051,505 10,576,923
Jan 1 to June 30
341.938 257,796 2,842,420 2.127,154
New England Power_ October
906,258
8,13.697
2,677,328
187,664 142,310 1.766,613 1,081,412 Brooklyn Rapid Tran_ _June 2,774,333 14,879,323
Newp N& II Ry.G&E October
4,152,632 4,736,218
15,240,907
Jan 1 to June 30
176,641 167,784 1,844,277 1,676.290
Nevada-Cal EI Corp_ October
498,132
121,535
1,058,493
934,213
_June
_
_
Railways_
44,461 37,595
N Y & Long Island__ June
210,615
197,432 New York
5,613,927 6,100,547 1,010,297 1,385,621
14,207 14,607
Jan 1 to June 30
N Y & North Shore__ June
75,561
68,348
N Y & Queens Co.._ _ Juno
84.795 97,994
443,641
11,056
2,028
588,343 Belt Line
57,607
June
48,053
Now York Railways_ June
934.213 1058.493 5.613.927 6.1no.A47
43.729
23.410
345.163
298,470
Jan 1 to June 30
[VOL. 107.
THE CHRONICLE
2372
INCOME ACCOUNT.
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
-Calendar Years- -June 30 Years
Year.
Year.
Year.
Year.
1916-17.
1915-16.
Operating Revenues1917.
1916.
$
$
$
Freight revenues
$9,158,135 $9,225,501 $9,168,129 $8,620,611
13,291 Passenger revenues
Second Avenue
June
79,749
78,170
22,988
2,501,222
1,779,080
3,038,026
2,082,995
Jan 1 to June 30
26,521 Mail, express, &c
391,753
391,180
39,793
463,517
602,392
497,628
559,572
237,936
197,232
253,266
213,274
Third Avenue
Juno 316,629
359,429
106,824
133,999 Incidental, 8cc
Jan 1 to June 30
721,878
1,909,852 2,064,547
666,565
Total
oper.
$12,466,859
$12,019,397
$11,060,440
revenue_$13,Q51,819
D D E Bway & Batt'y_June
7,333
8,511
51,366 • 39,120
Operating ExpensesJan 1 to June 30
219,345
20,367
10,069 Maint
210,805
$995,650 $1,092,408
of way, &c
$892,930 $1,049,127
42d St Man & St N Ave_June 140,262
64,159 Maint of equipment
157,493
39,621
2,769,126
2,705,302
2,701,812
2,995,286
Jan 1 to June 30
215,836
309,193 Transportation
799,125
872,686
3,592,235
3,165,159
4,292,038 3,300,479
N Y City Interboro_ __June
58,271
63,049
10,899
15,729 Traffic expenses
332,658
302,480
342,345
313,578
Jan 1 to Juno 30
338,612
370,710
58,918
89,399 General expenses
263,803
244,922
255,473
249,846
6,687 Miscellaneous operat'ns
r:,
63
84
i
78,379
8
c1/.2
17
18
5
8
c7
Southern Boulevard_ ___Juno
2,365
19,959
16,390
7
C1r,
.7
Cr.9,763
135
71
19,833 Transportation for inv
Jan 1 to Juno 30
106,723
13,595
99,400
Union Ry of N Y City__June 255,823
78,828
259,112
62,143
$8,021,244
Total
$7,592,379
$7,709,637
oper.
expenses..
$8,841,061
351,673
Jan 1 to Juno 30
211,355
1,302,869 1,425,071
Net
,
icex
teesaarcncirngesd
$4,210,758 $4,309,760 $4,445,615 $3.468,061
15,912
Westchester Electric___Juno
9,868
51,888
48,553
380,147
456,947
521,700
944,871
Jan 1 to June 30
39,105
272,214
253,551
28,569 Uneollectible revenue
673
236
898
117
Yonkers
Juno
10,157
23,220
72,552
72,231
Jan 1 to June 30
Operating income_ __ _ $3,265,771 $3,852,140 $3,923,679 $3,087,016
387,744
93,304
395,598
55,112
388,654
740,115
1,102,828
1,244,029
Long Island Electric_ _ _June
22,555
24,568
4,686
6,955 Hire of equipment
178,195
135,477
185,957
171,120
Jan 1 to Juno 30
102,885
112,865
7,637
2,063 Income from invest., &c.
New York & Queens Co_June
44,461
8,429
37,595
6,238
Total gross Income_ _ _ $4,695,756 $4,763,376 $5,204,702 $3,611,147
Jan 1 to Juno 30
210,615
197,432
1.154
8.300
DeductN Y & North Shore_ _ _ _June
14,207
14,607
2,572
3,715 Rental leased road
$1,210,815 $1,224,217 $1,211,096 $1,235,823
Jan 1 to June 30
68,348
75,561
1,082
15,289 Miscoll. int. & rentals
136,807
206,343
167,100
120,701
NY & Long Island Trac Juno 84,795
759,
660,000
609,625
97,994
def4,734
1,004,291
2,068 Permanent improvem'ts
Jan 1 to June 30
122,670
122,670
122,670
122,670
443,641
588,343 def117,340 def103,137 Pref. dividends (5%)...
a
Common
dividends..._(13)388,700 (12)358,800 (13)388,700 (11)328,900
Ocean Electric(L D_ _ __June
18,115
15,548
8,988
6,513
Jan 1 to June 30
55,011
50,404
5,912
12,090
Total deductions..
$2,538,153 $2,601,785 $2,549,566 $2,812,385
Richmond Lt & RR _ __ _June
42,100
3,595
44,102
3,236 Balance, surplus
$798,762
$2,157,603 $2,161,591 $2,655,136
Jan 1 to June 30
11,174
209,211
208,060
21,346
Staten Island Midland_June
28,095
34,560 def13,421
def2,091
a The dividends here shown include two dividends, 3%-33,6% charged
Jan 1 to June 30
132,300
156,755 def40,801 def16,465 to profit and loss May 1917; two dividends, 3%, charged to profit and loss
Manhattan Bridge 3c L_June
12,066
10,111
2,135
2,231 May and Nov. 1916; two dividends, 2%%-3%% charged to profit and
Jan 1 to Juno 30
69,641
60,928
10,308
14,968 loss May and Nov. 1916.
Nole.-All the above net earnings are after the deduction of taxes.
•
GENERAL BALANCE SHEET.
American Cities Company.
Dec. 31 '17. June30 '17.
•
Dec. 31 '17. June30'17.
AssetsLiabilUies-$
Gross
Net after
Fixed
Balance,
Road & equipt_ _ _14,459,043 14,492,122 Common stock_ _ _ 2,900,000 2,990,000
Taxes.
Charges.
Surplus.
Earnings.
Imp. on leased 17_ 8,443,260 7,608,189 Preferred stock__ 2,453,400 2,453,400
• $
90,130 Equip. tr. oblig'ns 1,880,000 2,020,000
Birmingham (Ala) Oct '18
283,749
71,832
69,749
2,083 Misc. phys. prop_ 134,430
Traffic, &c., bale_ 137,235
292,583
Light & Power Co
'17
315,789
106,336
69,480
36,856 Inv. In affil. cos.:
335,001
335,001 Accounts & wages 823,061
Stocks
903,563
12 mos '18 3,709,919 1,139,542
837,894
301,648
Bonds
298,407
298,407
41,269
Miscell.
accounts_
191,207
3,628,610
1,300,060
826,723
'17
473,337
Notes
78,163
84,175 Int. matured unp'd
900
608
Houston(Tex) Light- Oct '18
87,175
27,324
8,420
18,904
1,482
Advances
1,830
Divs.
mat'd
unp'd
2,665
3,493
ing & Power Co
'17
74,937
33,909
8,307
25,602 Other Investments 881,600
10,223
10,223
275,350 Unmat. dive. decl.
12 mos '18
995,272
358,215
108,801
249,414 Cash
7,706
8,325
3,178,695 4,174,448 Unmat. Int. accr_
136,995
'17
849,585
382,833
245,838 .Time deposit
. 299,710
299,392
965,517
965,517 Unmat. rents accr.
Knoxville (Tenn)
Oct '18
103,486
42,031
20,578
21,453 Special deposits
9,601 Other cur nt liabil.
25
33,781
9,066
Ry & Light Co
'17
94,529
32,990
20,468
12,522 Loans & bilis rec._
4,635 Deferred liabilities 304,398
286,974
4,586
12 mos '18 1,176,187
463,304
247,563
215,741 Traffic, &c., bats_ 602,828
324,045 Taxes
848,475
246,797
'17 1,072,150
423,560
244,558
179,002 Agts.& cond. bale. 236,136
282,227 Oper. reserves_ _ _ _ 610,402
774,492
Little Rock (Ark) Oct '18
110,522
7,809
18,774 def10,965 Misc. accts. receiv. 818,040
642,303 Accr. depr., equip. 3,151,188 3,026,684
Ry & Elec Co
'17
40,785
106,180
18,008
22,777 Material & supp__ 837,576
652,091 Other unadj. erect_ 196,114
139,291
12 mos '18 1,376,806
260,809
226,022
34,787 Int.& diva. rec_ _ _
19,166 Add. to property
21,556
'17 1,077,202
456,108
212,788
243,320 Other cur'nt assets
53,238
90,003 thro. Inc. & stir.. 8,467,387 7,617,913
41,088
27,480 Surp. not invested 333,203
932,781
Memphis (Tenn) Oct '18
21,793
43,933 def22,140 Deferred assets_ _ _
138,215
601,462 Profit and loss_ _ _ _ 9,854,531 8,896,268
Street Ry Co
'17
184,720
70,966
43,829
27,137 Unadjusted debits 1,161,662
12 mos '18 2,051,506
638,622
536,631
101,991
Total
32,561,830 30,977,835
Total
32,561,830 30,977,835
'17 2,142,432
839,304
531,276
308,028
Note.-Securities of the company held by it, $10,000.-V.107,p.401,291.
New Orleans (La) Oct '18
40,349
169,763 def129,414
685,241
'17
657,354
& Light Co
205,204
162,727
42,477
12 mos '18 8,290,995 2,395,096
996,751
398,345
Montana Power Company.
'17 7,714,548 2,876,307 1,917,062
959,245
Total
Oct '18 1,408,390
211,142
331,219 def120,077
(Results
for
Nine Months ended Sept. 30 1918.)
'17 1,433,511490,192
322,821
167,371
12 mos '18 17,600,687 5,255,590 3,953,661 1,301,929
The official statement made to the N. Y.Stock Exchange
'17 16,484,531 6,278,175 3,869,402 2,408,773
on Nov. 27 as to listing of $1,300,000 additional First & Ref.
EXPRESS COMPANIES.
-Month of Aly----- Mtge. bonds (making the total amount listed $22,340,000)
1918.
1917.
shows in substance:
American Railway Express Co.
19,413,293
Total from transportation
PURPOSES FOR WHICH THESE $1,300,000 BONDS WERE ISSUED.
Express privileges-Dr
9,740,904
For expenditures for construction and equipment of a dam and
power plant, &c., at Holler, Mont
$538,000
9,672,389.
Revenue from transportation
For $446,000 bonds and $79,000 pref. stock of Groat Falls Power
Operations other than transportation
307,598
Co. issued for construction and equipment; also for $373,000
bonds of Great Falls Power Co. issued against permanent imTotal operating revenues
9,979,987
762,000
provements, additions, etc., all in 1916
Operating expenses
11,086,062
CONSOL. INCOME ACCOUNT-9 MOS. ENDED SEPT. 30 1918 AND
Net operating revenue
def.1,106,075
CALENDAR YEAR 1917.
6,000
Uncollectible revenue from transportation
9 Mos.'18. Year 1917
•
127,974
Express taxes
Gross earnings
$5,527,858 $6,905,256
Operating expenses and taxes
1,653,573 2,023,332
def.
income
Operating
1,240,049
Net earnings
$3,874,285 $4,881,924
Interest on deposits, &c
26,987
1,923
Dividend from investment
2,625
5,185
Roads.
•
•
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Nov.30. The next will appear in that of Dec. 28.
Cincinnati New Orleans & Texas Pacific Railway Co.
Net income
Interest on bonds
Bond discount
Floating debt
Charged to construction
Depreciation
Preferred dividends
Common dividends
Surplus for period
$3,903,898 $4,889,032
$1,157,434 $1,491,711
83,645
96,574
75,412
Cr.76,859 Cr.192,680
350,000
(53.1 %)507,770 (7)677,026
(x34 %)1,411,114(6%)1654958
$745,417
$811,443
x Includes two months dividend ($20,833) on $2,500,000 stock which on
May 1 became entitled to share in idvldend distributions; also ono month's
dividend ($12,500) on $3,000,000 stock which came in for dive. June 2 1918.
(36th Annual Report-Year Ended Dec. 31 1917.)
CONSOLIDATED BALANCE SHEET.
Pres. Fairfax Harrison on Oct. 21 1918 wrote in substance:
In the 35th annual report for the fiscal year ended June 30 1917 the
Sept. 3018 Dec. 31 '17
Sept. 3018 Dec. 31 '17
operating and financial results for the first six months of the calendar year
Assets$
Liabilities (Con.)
$
$
1917 were set forth. This report is now presented for the remaining six Property
892,733,875 91,807 108 First & ref. mtge.
months to Dec. 31 1917, on which date operation of the property for its U. S. Lib. L. Nis_ 958,750
461,250 s. f.5% bonds__21,340,000 17,040,000
own account ceased and operation for account of the U. S. Govt., as a Materials & supp_ 493,996
503,207 First M.5% bonds:
Accts.& notes rec_ 878,265
916,713
Butte El. & P.. 3,985,000 4,036,000
war measure, began.
534,000
Mont T. Co- 523,000
The results for the full calendar years 1917 and 1916, as well as for the Cash
899,903 1,451,845
Mad. Riv. P.Co 2,109,000 2,151,000
34,541
30,915
ast sixt months of those years, are shown for purposes of comparison:
Sinking funds_ _ _ _
Great FallsP.Co 4,413,000 4,549,000
INCOME STATEMENT FOR SIX MONTHS ENDING DEC. 31 1917. Discount on bonds 2,903,439 2,351,865
75,115
151,911 b Bills payable_ _ 365,000 3,700,000
6 Mos.'17. Increase. Misc. def'd chges_
6 Mos.'17. Increase.
684,489
Accounts payable_ 667,018
Oper. revenues_...$6,738,334 2581,960 Other income_ _ - $702,959 $148,962
574,117
Accrued interest__ 447,037
Total
98,977,885
97,677,815
819,816 Total gross income 2,178,565dec$508,945
Oper. expenses__ 4,574,690
674,350
Dividends
605,600
Int. & rentals__.... 717,921
38,962
Depreo'n reserve.._ 1,338,781 1,345,856
Net oper. rev_ _$2,163,613dec$234,856
46,4411,
reserve
65,013
Accident
Taxes&uncoll. rev. 688,037
423,052
Net income_ _ __$1,460,641dec$547,907
24,070j
Sept. 30'18 Dec. 31 '17 M iscell. reserve.. _
TRAFFIC STATISTICS.
0 3,965,887 3,223,410
Surplus
$
-Calendar Years- -June 30 Years- Preferred stock...._ 9,671,800 9,671,800
98,977,885 97,677,815
Common stock_..*49,407,500 49,407,500 Total
PrOperations1917.
1916.
1916-17.
1915-16.
335
335
335
335
Miles operated
1,472,229
1,563,828
* Of this stock $40,633,300 is entitled to dividends and $9,000,000 is
No. passengers carried.... 1,613,748
1,339,516
Pass. carried one mile..141,898,936 102,309,881 121,366,936 86,821,875 held in voting trust with dividends deferred, $3,000,000 of same becoming
2.14 cts.
2.03 cts.
2.06 cts.
2.05 cts. entitled to dividends June 2 1919, 1920 and 1921. The amounts of stocks
Rev, pass. per mile_ _ _ _
Tons rev. freight carried 5,950,740 5,939,393
5,992,290
5,615,138 here shown do not include $28,200 pref. and $225,800 common held In
i 1187748,030 1245268,252 1245835,111 1177933,883 treasury of Great Falls Power Co.
Tons freight cart
0.77 cts.
0.77 cts.
Rev. per ton per ile_ _
0.74 cts.
a Being the value of the rights, franchises, real estate, buildings, plants
0.73 cts.
485
499
Av. train load (rev.) tons
511
478 and equipment, two-thirds interest in Groat Falls Townsite Co., and other
Earns, per pass. train m.
$2.18
$1.44
$1.69
$1.25 Investments.
$38.907
Gross earnings per mile..
$35,830
b Includes $50,000 due to Great Falls Townsito Co.-V. 107, p. 2293.
$36,266
$32,971
(Lessee of the Cincinnati Southern Railway.)
THE CHRONICLE
DEC. 211918.]
Cudahy Packing Co.
(Report for the Year ending Nov. 2 1918.)
Pres. E. A. Cudahy in the report made public Dec. 15
says in substance:
2373
Penn Plant.Baldt Plant.
I
New Haven Plant.
30,000 tons steel cast'gs I 70,000 tons plates [ 30,000 tons ingots.
This increase of 106,000 tons per year has been accomplished by a net
expenditure of $2,971,715 to Nov. 1 1918.
Financial.-These expenditures have all been made out of earnings, with
the exception of the proceeds of our last issue of capital stock of 27,000
shares, which were issued to convert an outstanding bond issue, and the
present issue will bring our total outstanding stock to 122,808 shares. .
Our present productive capacity, it should be noted, has been increased
five times, while our outstanding stock has been only practically doubled.
Since incorporation, dividends have been paid at the rate of $1 per share
quarterly until Aug. 1 1918, when this rate was increased to $1 50 per share
quarterly, which has been maintained up to the present time.
Working Capital.-You now find yourselves thoroughly equipped for a
program of peace business with two distinct lines of product which we
believe offer the best future of any branches of the steel business, but are
short of working capital, and to rectify this situation we are issuing the
35,088 shares of stock of no par value to our stockholders.
Earnings.-Net earnings for the year 1917 prior to the deductions for
depreciation, extraordinary reserves, income and excess profits taxes,
were
$1,532,6l2
After the deduction of all reserves, net earnings for 1917 were.._$1,045,021
Net earnings for the 10 mos. of the year 1918 to Nov. 1 prior to the
deduction for depreciation, extraordinary reserves, income and excess
profit taxes, were
$646,579
There has also been excluded from the above earnings a claim for approximately $150,000 which we have against the Govt. on existing shell contracts.
For the past six months our operations have been practically on a 50%
basis, owing to the unforeseen delays in the installation of our plate mill
machinery and accessories, attributable to great difficulty in securing labor,
machinery and accessories.
Therefore, the earnings for the ten mos. as given above, come practically
from the operation of50% capacity, while overhead exp. remained the same.
Outlook.-There is still to be spent, to entirely complete the Baldt plant,
some $200,000, but the mill is now in successful operation and should be
up to production within a relatively short time.
The demand for steel plates is greater than for any other product of steel,
and we have every reason to believe that it shows better prospects in demand
and in price than any other steel commodity.
General Balance Sheet Oct. 31 1918.
[Adjusted to show effect of proposed issue of 35,088 shares of new stock.]
Dec. 31'17 Oct.31'18.
Dec.31'17 Oct. 31'18
AssetsLiabilitiesPenn plant, equip.. 1,578.522 1,987,444 Gold bonds
300,000
14,000
Baldt plant,equip. 1,571,448 3,712,836 Accounts payable.. 653,607 1,149,803
Notes payable_ _ .. 525,000 1,220,000
New Haven plant,
equipment
814,299
876,628 Advance payment. 375,183 1,020,972
General
217,616 Wages, taxes, in184,701
Cash, accts., notes
terest, &c
57,586
172,863
receivable
1,382,408 2,692,626 Deferred paym'ts_
671,667
Inventories
1,375,084 2,173,989 Reserves and mis544,333
666,312
Prepaid accounts..
12,666
21,453 celianeous
Securities
75,075 Capital & surplus_ 4,641,357 7,279,448
Liberty bonds__ _ _ 150,000
250,047
Other assets
27,939
187,351
Status Under War Conditions.-During the past year probably the most
conspicuous features in our business were (a) its heavy expansion due largely
to war causes and (b) the greatly increased control as a war emergency
measure by the Government and the regulation of almost all of our activities by a large number of its different bureaus.
As illustrating the enormous expansion of the business and of the industry
(in which our company has fully measured up), I am quoting the following
statistics taken from some recent compilations: "The largest exportation
of fresh beef in any year prior to the war was 352,000,000 lbs. in the fiscal
year 1901; then dwindling down year by year to only 6,000,000 lbs. in the
year immediately preceding the war-while the total for the months endvithOclobtr 11 the currentar 4as410)0,000 lbs."
quantities as well as in
Pork
values. The total quantity of bacon exported in the ten months ending
with October 1918 was 906000,000 lbs., against a former high record of
593,000,000 lbs. In the full fiscal year of 1916. Hams and shoulders in the
same ten months were 478,000,000 lbs., against 287,000,000 lbs. In the
full fiscal year 1916.
By referring to the figures shown in our annual financial statement,
it will be observed that if total reserves for income and war revenue taxes
be added to our net profits as shown, we still have made less than 2.15 cents
out of each dollar we have taken in, and that our average profit has been
slightly less than %c. per lb. on the total volume handled, including both
edible and inedible products.
Increased Costs and Inventory.-The increased cost of live stock and of
labor present a tremendous problem to the packer due to the necessity of
financing the business on this high basis and of ocuring funds for this purpose. An indication of this is given in the statistics of our own company,
where the amount of our inventory covering products on hand and in process
&c., in various periods has been as follows: On Oct. 28 1916, $16,282,712:
on Oct. 27 1917, $36,647,635; on Nov. 2 1918, $41,664,734.
Sales, &c.-In the year 1913, for tho first time, the gross sales of this
company were above $100,000,000. The excess was from products not
derived from animals. During the fiscal year just closed, our gross sales
have amounted to around $286,000,000, of which $50,000,000 approximately have been from non-animal products. In 1913 our company paid
to the farmers of the United States some $75,000,000 for the animals purchased. This year and for a volume of weight approximately 33 1-3%
greater, we have paid more than $180,000,000. In 1913 we paid to our
employees some $7,000,000 for wages and salaries. This year we have
paid them in excess of $15,500,000. Our net profits as compared to 1913
are in about the same ratio to our turnover as in that year.
[During the year the company floated a $10,000,000 issue of 7% 5-year
notes (V. 107, p. 294). Despite this, notes and accounts payable show
an increase of more than $7,250,000. The surplus account has taken a
Jump of nearly $5,000,000, due to readjustment of the caiptal and paid-in
surplus account. See V. 107, p. 1840, 1922, 2191.]
INCOME ACCOUNT FOR FISCAL YEARS.
Nov. 2 '18. Oct. 27 '17. Oct. 28 '16. Oct. 30 '15.
Years endingTotal sales
$286,660,971 $184,811,423 $133,960,986 3116,162,156
Total
Oper. expenses, &c.. 280,498,751 180,389,894 130,949,571 115,438,514
7,097,066 12,195,065
2,785,412 Not stated
Res. for Fed'i taxes
-V. 107, p. 1924.
ni
$3.376,808
Net profits
1st pref. dividend_(6%)120,000
2d pref. dividend (7Y)458,535
Common dividend_(7%)801,465
$4,430,529
(6)120,0001
(7)458,5351
585,366
$3,011,415
605,490
$723,642
114,400
95,341
Balance to surp__
$1,996,808 $3,266,628 $2,310,584
$609,242
BALANCE SHEET.
Nov. 2'18. Oct. 27'17.
Nov. 2'18. Oct. 27'17.
LiabilitiesAssets$
4,446,624 2,899,380 Notes and acCash
Accts.& notes rec _19,267,330 11,885,045 counts payable_33,936,466 26,684,670
Inv.in stks.& bds. 2,093,936 1,586,166 Bd.¬e int. accr. 387,912
Material & supp_ _43,266,288 31,982,419 Reserve for Federal
taxes & conting_ 2,785,412
Car & refrig. line_ 1,481,740
7% sinking fund
Real estate, bldgs.,
machinery, &c..13,978,462 13,911,925 5-yr. gold notes..10,000,000
5% 1st M.g. bds_ 8,478,300 8,750,000
Sales branches.._ _ 2,783,090
2,462,319 Other liabilities_
Other assets
1,562,464
1st pref. stk.(6%) 2,000,000 2,000,000
Bond & note disc't
2d pref. stk.(7%) 6,550,500 6,550,500
(being amort.)_ 763,695
Common stock......11,449,500 11,449,500
Surplus
12,493,077 7,730,120
88,081,169 64,727,254 Total
Total
88,081,169 64,727,254
The Auditors' certificate, signed by Arthur Young & Co., reports the
transactions for the year through surplus account as follows:
.
Paid in capital surplus as at Oct. 27 1917
$2,057,5661
.
AdjUstment, bringing the capital assets at Nov. 1
1915 to their actual value at that date, as ap$4,573,129
praised
'2,498,400
Premium received, capital stock
17,163
Earned surplus as at Oct. 27 1917
$5,672,554
Sundry adjustments of 1917 profits
250,5871 7,919,949
Net profit for year, after dividends
1.996,808j
Total surplus, as per balance sheet, Nov.2 1918
$12,493,078
As common stockholders of record at the close of business Dec. 15
were given a stock dividend of 25%, and have the right of subscribing to
an additional 25%, of common stock at par, the company's outstanding
common stock on Jan. 6, when the dividends are payable, will total $17,174,300. Compare V. 107, p. 1749, 1840, 1922, 21.91.
Penn Seaboard Steel Corporation, Philadelphia.
(Official Statement of Dec. 14 1918.)
Referring to the stock offering mentioned on a following
page, President Rodney Thayer, in circular of Dec. 14,
says in substance:
Properties-First Year's Business.-Your Corporation was formed early
In 1916 by the consolidation of the Penn Steel Castings & Machine Co.,
Chester, Pa.; Seaboard Steel Casting Co., Chester, Pa.; and the Baldt
Steel Co., New Castle, Del. all of which companies had an enviable record
for the preceding 10 to 25 years. These three
in the steel casting business'
companies for the ten years prior to consolidation shipped an average of
24,000 tons of steel casting per year.
The first year's operation was devoted to consolidating the managements, standardizing methods, etc., but in the latter part of the year we
secured contracts from the British Government for 150,000 tons of shell
steel to be delivered in 15 mos.
To fulfill this contract we purchased the plant of the National Steel Foundry Co., at New Haven, Conn., doubled its steel-making capacity, and
enormously increased the steel-making capacity of the Baldt Plant, our
shell steel being manufactured at New Haven and Baldt Plants, and our
casting business at the Penn and Seaboard plants.
In the year 1917 we sold the seaboard plant, concentrating all our steel
casting business at the Penn plant, which has since been largely rebuilt
and rearranged, as described in our recent Bulletin 100 on that plant.
The company's total production for the year was 118,000 tons of product.
Peace Program.-Late in 1917 we foresaw the cessation of the demand
for shell steel, and after a thorough study determined that the plate business
for ships, locomotives, cars, etc., offered the best opportunity of any
branch of the steel business over the longest period after the cessation of
hostilities, and basing our program upon this premise, we proceeded to
convert our shell steel plant at New Castle into a plate mill, by the installation of the latest improved rolling mill machinery.
This work has been practically completed, and on Oct. 28 1918 we
started the manufacture of plate, as fully described in our Bulletin 101.
The not result of all these changes is that, whereas, at the time of consolidation your business spread over three plants producing a single line
of product of approximately 24,000 tons of steel castings per year, on
Nov. 1 of this year you had the three plants operating on three lines of
product as follows:
Total
7,097,066 12,195,065
Pierce Oil Corporation (of Va.), N. 'Y. City, &c.
(Official Statementfor Eight Months ended Aug.31 1918.)
The recent statement of the New York Stock Exchange
authorizing the listing of an additional $625,000 common
stack on official notice of issuance and payment in full gives
the following results for the eight months ending Aug.31 1918
(1917 figures inserted by Editor):
STATEMENT OF INCOME AND PROFIT AND LOSS FOR EIGHT
MONTHS ENDING AUG. 31 1918 AND CAL. YEAR 1917.
8 Mos. 1918. Year 1917.
Trading profits
$3,860,037 $3,954,771
Other income
362,588
154,272
Total income
Miscellaneous expenses
Depletion and depreciation
Provision for Federal taxes (6%)
Interest on debentures and gold notes
Interest on other indebtedness (net)
$4,222,625 $4,109,043
3151,876
$652,432
717,880
933,445
162,360
x195.709
456,7451
717,968
199,081J
Net income for the period
$2,534,683 $1,609,489
x Federal taxes for 1917 are estimated.
CONSOLIDATED BALANCE SHEET.
Aug.31 '18. Dec.31 '17.
Aug.31 '18. Dec.31'17.
LiabilitiesAssetsCapital stock-y18,564,250 17,485,750
x Oil lands, leaseAccounts payable_ 2,278,550 2,612,402
holds, pipelines,
22,147,133 22,438,370 Cap.stk.sub. cos_
911,250
Notes payable_ - _ _ 2,785,718 2,741,412
Refineries, distributing sta'ns,&c_10,530,272 10,582,769 Interest accrued... 139,267
Cash
869,526 Federal taxes.... _ _ 167,552
536,865
180,000
Notes & accts. rec. 3,378,339 2,639,766 Other taxes accr'd
93,885
5,348,043 5,265,825 Car Trust oblig'ns:
Inventories
394,003
Int.,ins.,&c.,prep'd 525,861
Maturing in '18
73,218
12,378
38,109
A fterDec.31 '18 542,974
Mlscell. investm'ts
975,871
Mex.net curt as'ts 1,970,639
6% cony.a. f. debsa9,406,000 9,523,000
125,000
6%5-yr.conv.g.notes1,975,000 2,000,000
Subs. to cap. stk_
Tank st'm'rs&barg 1,739,309 1,790,476 6%2-yr.gold notes 114,800
1,938,582 1,991,022 Pipe line const. loan:
Tank cars
Stable&gar. equip. 285,035
273,455
Due 1919
500,0001 1,000,000
Iron bbls. & drums 388,841
409,238 Due 1920
500,0005
Drill. tools&equip.
59,030
61,105 Mtg.on tank st'm'r 630,000
630,418
Profit and loss sur_11,214,111 8,693,561
Total
48,985,326 46,753,664
Total
48,985,326 46,753,664
a Payable at 105% of face value July 1 1924. x Includes capital stock
and advances to Compania Mexicana de Combustible and Midwest Producing Co. y The new stock listed on the N. Y. Stock Exchange increases
this amount to $19,189,250.-V. 107, p. 2295.
Pittsburgh Oil & Gas Co.
(Statement Issued by Pittsburgh Stock Exchange Dec. 17 1918.)
The Pittsburgh Stock Exchange issued on Dec. 17 1918,
at the time of the listing of $1,000,000 of new stock noted
below, a circular giving substantially the following:
Incorporated (Mar. 23 1903) in Delaware. Main office, Farmers' Bank
Building, Pittsburgh, Pa,
CapitalizationPar.
Authorized.
Outstanding.
$3,000,000
Stock (all of one class)
$5
$2,500,000
Bonds (Southern Oil Co.)
500,000
252,000
Dividends at the rate of 8% per annum have been paid each Feb., May.
Aug. and November since May 1 1917 (see below).
Bonds outstanding are those of Southern Oil Co.(a subsidiary company);
they are 1st Mtge. 6%, dated Jan. 1 1916, due $27,000 each six months
beginning July 11916; interest J. & J., tax-free. Of the entire issue $180,000 have been paid and canceled;$68,1100 have not been issued and $252,000
are outstanding. Olean Trust Co., Olean, N. Y., trustee. The P. 0. &
G. Co. owns all of the outstanding bonds amounting to $113,000 of a subsidiary company named Jantha Light & Fuel Co.
Capital Stock.-Originally $6,000,000 (60,000 shares, par $100). On
Sept. 9 1907 there was authorized $5,000,000 pref. stock, but none ever
issued. On May 1 1917 capital was reduced from $6,000,000 to $2,000,000.
Of the new stock (400,000 shares, par $5); 180,000 shares ($900,000), was
issued in exchange for the old stock ($6,000,000, par $100 per share) and
175,000 shares ($875,000), together with $25,000 cash was issued in ex-
2374
THE CHRONICLE
change for new property in Oklahoma and 45,000 shares ($225,000) was
sold for cash to stockholders at par ($5).
On July 31 1918 an increase in capital from $2,000,000 to $3,000,000
was authorized. Of the $1,000,000 of new stock $250,000 (50,000 shares)
was to be sold to stockholders of record on Nov. 19 1918 at par ($5) and
$250,000 (50,000 shares), together with $12,511 cash, to be issued to acquire
the properties of the United 011 & Gas Co. and the Wildwood Oil Co. A
balance of $500,000 of stock remain unissued in the treasury for future
needs.
PROPERTIES AND SUB. COS. (Stock All Owned by Pitts. 0. & G. Co.)
Acres Oil Territory
Name of Subsidiary Company
Located in
In
Held
under which Properly
State of
Operation. in Reserve.
Is Operated.
West Virginia
22,134
Southern Oil Co.
6,928
Pennsylvania
734
5,903
Ohio
4,185
2,564
Kentucky
10,977
1,135
Kansas
160
Illinois
178
Texas
2,206
Marnet Oil & Gas Co.
--i(i
California
87
Pittsburgh Oil & Gas Co.
80
Oklahoma
568
Jantha Producing Co.
670
Oklahoma
1,400
Norwood Oil Co.
2,400
Indiana
Gas distributing
1
JJantha Light & Fuel Co.
Ohio
plants
1Lynn Natural Gas Co.
Company owns (one unfinished) 9 gasoline producing plants with a daily
capacity of 1,000 gallons. Total number producing wells, 1,125. Daily
average oil production equals 810 barrels. Total oil acreage as shown
above equals 62,325 acres situated in nine different States.
BALANCE SHEET.
Sep.30'18. Mar.31 '16.
Sep.30'18. Mar.31 '16.
AssetsLiabilities$
$
Plant & invest_ _2,594,501 6,488,111 Common stock_2,000,000 6,000,000
Liberty bonds__
Bonds
25,000
252,000 412,000
Securities owned
58,640 Floating debt
262,668
Mat'l in wareh'se 61,7151 64,089 Current
33,474 252,484
011 and gasoline_
Surplus
434,381
52,128J
88,517
Accts.& bills rec. 100,686 101,377
.Cash
113,994
80,783
Def.P.&L.chgs. 34,499
[VOL. 107.
Government Expenditures on Railroads.-Authorizations and Expenditures.-Auth. to Dec. 1 '18- -Expend. to Nov. 1 '18Acct. Oper.
Capital
Acct. Oper.
Capital
Expenses.
Expenses.
Account.
Account.
$
$
$
$
Add'ns and betterments 125,209,969 507,687,414 34,507,862 203,373,738
Equipment
19,706,628 652,094,311
5,601,747 245,139,960
Construc. of extens's,
branches, &c
23,836 39,644,301
Cr6,291 15,104,009
Total all work
-V.107, p. 2097.
144,940,433 1199426,026
40,103,318 463,617,707
Albany & Susquehanna RR.-Action on Special Dividend Deferred.A circular dated Dec. 20 says:"On account of the probability that the new
Internal Revenue Bill, when enacted, will impose upon this corporation
taxes so heavily increased as to make it impossible or inadvisable for the
corporation to pay any special dividend (as has heretofore customarily
been done) out of the sum to be received from the Delaware & Hudson Co.
on the 2d day of January next, representing the 'balance of annual rental'
for the year 1918, the board of directors at its meeting held Dec. 16 1918
unanimously adopted the following resolution: 'Resolved, that, in view
of the present uncertainty in respect to Federal taxation, and the probability of heavier taxes when legislation shall be enacted, action on any special
dividend be deferred.
[Signed Charles F. Coaney, Assistant Secretary.)
-V. 106, p. 817.
Aurora Elgin & Chicago RR.-.Ian. 1 Interest to Be Deferred.-Holders of the $3,079,000 First & Refunding Mtge.
5% gold bonds of 1906 have received from Sec.-Treas.
H. C. Lang a circular dated Dec. 18 saying in Substance:
The increasing costs of operation referred to in the notice sent you last
June continue to affect net revenues adversely, and the payment last
October of the interest due July 1 was made possible only by the loan secured from the War Finance Corporation. (Compare V. 106, p. 2648:
V. 107, p. 905, 1579.)
The proceedings for increase of rates mentioned in the June notice have
in increasing to six cents the fares on the Aurora and Elgin City
Total
2,982,523 6,753,001
Total
2,982,523 6,753,001 resulted
lines,
and in substantial increases of light and power rates. These have
[The earnings for 9 months ending Sept. 30 1918, also shown, were pub- to some
extent offset the higher operating costs. The increase of suburban
lished in V. 107, p. 1924.1
the subject of negotiations. If these arc consummated before
Directors (and Officers).-Pres., Robert Law Jr.; V.-Pres. & Treas. D. rates is still
of the year as expected, the company will adopt higher rates for
Robertson; V.-Pres. & Gen. Mgr., E. B. Reeser; E. 0. Bartlett, S. S. the turn
and round trips on its interurban lines and bring suit to enjoin the
Mehard, D. H. Ramsbottom, John L. Porter, T. J. McGhee, C. P. Dior- single
enforcement of the Illinois statute limiting passenger rates to 2 cents per
Inger. The Secretary is Frank Braman.-V. 107, p. 1924.
mile. Other Illinois interurban rates, outside of the Chicago district,
have successfully followed this course, but until the confiscatroy suburban
Oklahoma Producing & Refining Co.
steam rates now in effect are corrected, it would be futile for this company
to further increase its rates because they are now higher than these less(Report for Nine Months ending Sept. 30 1918.)
than-cost rates of competing steam roads. (V. 107, p. 905, 1098.)
earnings above operating expenses and taxes are insufficient
Pres. Jn.o. M.Crawford on Dec.4 1918 wrote in substance: to Meanwhile,
cover interest charges and the payment of the interest on your bonds
Merger-Operations, &c.-These nine months have been a period of
'development and growth surpassing all expectations. The two groups of due Jan. 1 1919 must be deferred, the past due coupons to run at interest
independent companies, numbering 11 in all, belonging to the Union des as 133fore.
The matter of increasing rates and rehabilitating earnings has been and is
Petroles d'Oklahoma and to the Oklahoma Producing & Refining Co.,
receiving the constant and almost undivided attention and efforts of our
have been consolidated.
The earnings of the combined properties for the first nine months of officials, and the United States Railroad Administration has promised an
1918, before providing for depreciation, new development expenditures and early decision in respect to the revision of the steam railroad suburban rates.
Federal income and excess profit taxes, were $3,644,000. Your company's This contemplated revision and the increased travel which will result from a
equity in these earnings through its stock holdings is about 86%,or $3,131,- return to normal conditions, should make a decided change in operating
000. Profits of your Muskogee Refining Division, before depreciation and results and restore the company to its pre-war condition of financial
taxes, were $372,000 for the first nine months of 1918, as compared with strength and stability.-V. 107, p. 1579, 1098.
$175,000 for the first nine months of 1917.
Baltimore & Ohio RR.-Semi-Annual Dividend on ComThe present yearly dividend rate is 10% and has been the same since the
formation of your company. The dividend requirements at this rate are mon Stock Reduced from 2
to 2%-Payment Conditional.$1,000,000 yearly. Your company will in the last three months of the
year show earnings, before allowance for depreciation, new development The board of directors on Dec. 18 declared from the surplus
expenditures and Federal income and excess profit taxes, of approximately earnings of the company a dividend of 2% on the common
the full regular dividend requirement for the year.
Debt.-Including reductions made since the balance sheet given below stock to stockholders of record Dec. 28 1918. Payment will
was prepared, the indebtedness of your company has been reduced during be made on Feb. 1 1919, provided the necessary funds are
this calendar year by $1,500,000. Moreover,$1,811,000 has been expended
received from the Government on account of compensation
so far this year in new leases, development and equipment expenditures.
Operating Company.-Headquarters of the Oklahoma Producing & Re- on or before that date.
fining Corporation of America are at Tulsa, Okla., in our new three-story
It is officially explained that this is in lieu of the semi-annual dividend
office building. The operating corporation owns not only producing prop- which would ordinarily have been declared payable Sept. 1 last, the declaraerties, but pipe-lines and pipe-line systems aggregating more than 80 miles, tion of which was deferred. The total dividends declared for the year
275 tank cars, a complete refinery with a capacity of 3,000 bbls. a day, and 1918 upon the common will thus aggregate 43.%, as against 5% per
an adequate marketing department of thirty stations.
annum from 1915 to 1917, both inclusive.
Constituent Properties.-The Union des Petroles has been a most valuable
Tentative Figures for Calendar Year 1918.-An officer of
addition, not only as a revenue producer, but giving us access to the
future markets of France. The stock of this company has the premier the company stated that the negotiations with respect to
listing in the Parquet of the Paris Bourse. The new wells which are coming in in the Texas fields are the subject of enthusiastic reports from our ex- the contract with the Government has not been concluded,
perts. We have in Texas 2,200 acres in the Ranger-Breckenridge district. but has progressed sufficiently so that the income for the
which possess fine prospects for big production. A third well in Cotton
County, Okla., has just been completed, and is good for 300 bbls. a day. present year may be' approximated as follows:
Our steady settled production from 1,800 wells in the Mid-Continent field Federal compensation and non-operating income
$33,300,000
Is one of the basic things about the property. The value of our new leases Corporate expenses, rentals, interest on bonds and other deduc_ 22,100,000
is being verified by the proving-up of widely separated wells on the various
Surplus over charges
tracts, examples being Southern Oklahoma and Kansas leases recently
$11,200,000
Preferred dividends for year
reported.
2,354,000
Outlook.-Your management anticipates a healthy growth in business and
Balance for war taxes, common dividends
Is planning to increase its transportation, refining and marketing facilities
$8,846,000
to keep pace with its increasing production of crude oil.
"From this sum there must be deducted special income or
Listing.-Application has been made for the listing of the company's
shares on the New York Stock Exchange.
war tax under pending legislation, which, while not at present determinable, may require payment of something over
RESULTS FOR NINE MONTHS ENDING SEPT. 30 1918.
Gross earns, and miscell_ __ 6,479,655 To minority stockholders_ _
y$512,324 $1,000,000. In order to meet such tax and to maintain
Operating & miscell. expenses 2,835,598 Dividends paid
738,375 reasonable surplus it was advisable to confine dividend declarNet earnings
x$3,644,057
Bal., surplus 9 months_ _ _ x$2,393,359
y Proportion of earnings applicable to stock of Union des Potroles
d'Oklahoma not owned by the Okla. Prod.& Refg. Co.
x Before providing for depreciation, depletion and income and excess
profits taxes from Jan. 1 to Sept. 30 1918.
CONSOLIDATED BALANCE SHEET SEPT. 30 1918.
[Incl. Okla. ProducingA Ref. Co. and Okla. Prod.& Ref. Corp.of America.]
Assets.
Liabilities
Operated properties
$16,204,632 Capital stock
$9,845,000
Undeveloped lands & leases_ _
681,026
do do Union des Petr.
Pipe lines, bldgs., mach.,&c_ 1,742,040
d'Oklahoma _ b3,603,301
Miscellaneous investments_ _
11,454 Bills payable
2,260,000
Inventories
1,162,892 Accounts payable
1,544,546
Accounts receivable
2,853,434 Provision for war taxes ('I7)..
784,843
Call loans and treasury certfs.
154,008 Prem. on stock issued, less
,
Cash
underwriting commission
2,027,671
3,879,548
Deferred charges
30,717 Surplus (see below)
2,950,637
Total
324,867,875
Total
$24,867,875
b Book value of amount held by public.-V. 106, p. 1465.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Government Control of RRs.-Average Operating Income of RRs for Three Years Ending June 30 1917.-
The 'Railway Age" in its issue of Dec. 13 publishes the certifications
thus far made to the President by the Inter-State Commerce Commission
of the average railway operating income of the carriers for the three years
ending June 30 1915, 1916 and 1917, the basis for their compensation by
the Government during Federal control, are published as an appendix
to the Commission's annual report.-V. 107, p. 2188, 1836.
ation upon common stock at this time to 2%."
In other words, if the war taxes for 1918 aggregate $1,100,000, the
amount remaining available for common dividends and surplus will contrast as follows:
*1918.
1917.
1916.
Available surplus
$7,746,000 $5,740,703 $10,651,234
Common dividends
(4j,i%) 6,837,553(5)7,597,000(5)7,597,000
Balance, surplus
$908,447df$1,856,297 $3,054,234
* Figures for 1918 estimated by editor.-V. 107, p. 2287.
Bay State St. Ry., Boston.-Discontinuance Postponed.
Judge Morton in the U. S. District Court at Boston on Dec. 17 ordered
a postponement until Dec. 31 on the petition of Receiver Donham for permission to discontinue service on certain unprofitable lines.
Subsidiary Company Committee.See Lynn & Boston BR. below.-V. 107, p. 2287, 2187.
Berkshire (Mass.) Street Ry.-Zone System.This company with the permission of the P. S. Commission has put into
effect a new fare schedule retaining the 5-cent limit, but decreasing the first
fare zone from the'centres of Pittsfield and North Adams, to about 3 miles,
and to about 2 miles for the remainder of the distance.-V. 107, p. 1836.
Boston Elevated Ry.-Status, &c.-Legislation.-The "Boston News Bureau" of Dec. 14 said:
"The State of Massachusetts, operating the street.rallway system formerly operated by the Boston Elevated Railway Co., unless it speedily
obtains more revenue that the 8-cent fare is producing, will lose in the first
year over $5,000,000. This will come out of the pockets of the taxpayers
of Boston and vicinity. As a step toward reducing their deficit the public
trustees have petitioned the Legislature to be relieved from paying subway
rentals and taxes.
"Subway rentals are $1,400,000. Taxes are $900,000. If the system
did not have to pay any subway rentals or any taxes, the total street railway deficit would be reduced from $5,000,000 to say $2,700,000.
"The subway rentals are used by the City of Boston to meet the interest
on the bonds which the city sold to pay for building them. If the street
railway system does not pay its $1,400,000 subway rentals, the city of
DEC. 211918.1
THE CHRONICLE
2375
Boston must get the money for its bond interest directly out of the taxpayers. If the street railway system is exempted from paying its $900.000
in taxes, $900,000 additional must be paid by the other taxpayers."
Representative Gillen of Boston on Dec. 13 filed a bill with the Clerk of
the House to reduce the dividends on the stock of the Boston Elevated
Railway Co. to 2%% per annum until such time as the road shall be in
financial condition where it can restore 5-cent fares or less. This is in
place of the present dividend of 5% for the first two years, 534% for the
next two years and 6% thereafter, while the road is under the control of
the public trustees. The bill also provides that dividends shall be paid
annually instead of quarterly as under the present law.
7. Hampden RR.—No provisions are made for taking over the Hampden
RR.or delivering any stock or bonds to that company as the Superior Court
of Massachusetts has ruled that it has no valid claim against the Boston &
Maine. If that ruling should be reversed on appeal and the Hampden RR.
should recover a judgment against the Boston & Maine during the period of
Federal control, the Federal Government will loan the Boston & Maine a
sum sufficient to pay the judgment.
8. Advances by U. S. Government.—The Federal Government has agreed
to the following:
(a) To advance $17,606,060 cash for an equal amount of 5% mortgage
bonds to mature July 11921, the Government agreeing to receive payment
for these bonds at maturity in the company's new 10-year 6% mortgage
Results under 8-Cent Fares—Relief from Subway Rentals.— bonds at 98, if the company requests.
(b) To advance $2,273,000 cash for an equal amount of the 10-year 6%
The trustees issue the following statement:
mortgage bonds.
There has been a steady and gratifying increase of revenue under the
(c) To advance at 6% any sums necessary to pay off non-assenting stockfor
the
first
fare.
The
figures
12
days
under
the
8-cent fare show a holders; for this to receive the stocks to which the stockholders would have
8-cent
revenue of $857,692, as against $632,602 for the corresponding days of been entitled, same to be sold within a year and any loss to the Government
1917. This is an increase of 37.4% •
to be paid by the company in 10-year 6% mortgage bonds or cash, at the
It should be understood that the Act under which the trustees are operat- company's option.
ing provides that they shall "fix such rates of fare as will reasonably insure
(d) To advance any sum necesasry to pay off judgment by the Hampden
sufficient income to meet the cost of the service." The 8-cent fare will be RR. Co., if any such should be recovered, to be paid by the company in
given a thorough trial. The trustees are endeavoring to work out a zone 10-year 6% mortgage bonds.
system, not too complicated in its operation, which will provide sufficient
9. Accrued Interest.—On the obligations the principals of which are to be
revenue to meet the cost of service.
paid in cash by funds advanced by the Government, the accrued interest
The income under the 7-cent faro was clearly insufficient. There was a will be paid by the company from its current funds; also reorganization
deficit of $2,700,000 for the four months, three of which operated under expenses will be paid by the company.
the 7-cent fare. The principal factors in this increase were the added cost
10. Bonds, New and Old.—The new 5% and 6% mortgage bonds will be
of labor decreed by the National War Labor Board which will total more securedequally with bonds of the consolidating companies at present outthan $3,000,000 per year. The enormous increased expense of operation standing (except as $8,338,000 of these present bonds will have a prior
and cost of materials due to war conditions, the charge for the Dorchester lien on the portions of the line now covered by their mortgages), by a morttunnel, and the fact that by requirement of the legislative Act, dividends gage on all property now owned or hereafter acquired, excepting cash
on common and preferred stock will total $1,362,020 for the year.
accounts receivable and perhaps certain other property to be omitted for
The trustees feel that it is quite necessary in order that additional money convenience (see also V. 107, p. 1918).
may be provided for the maintenance and rehabilitation of the system that
11.—Reorganization Committee—Members-Representing,
relief be provided by the Legislature from the burden of subway rentals
Chm_Chmn. Board Old Colony Trust Co__Fitchburg RR.
and that capital should be raised by the sale of the Cambridge subway. Gordon Abbott,
Of R. L Day & Co. Boston
Bost. & Maine
The annual interest charge on subways and tunnels is now $2,003,425, as Henry B. Day
Charles Sumner Cook_Lawyer, Portland, Me
follows:
James L. Doherty_ _ _Lawyer, Springfield, Mass
Subwaus and Tunnels Investment and Annual Rental.
Benjamin A. Kimball_President, Concord & Montreal
Conc.& Mont.
Investment.
'Rental.
Investment.
Rental.
Philip Dexter
Lawyer Boston
Bost. & Lowell.
Tremont
$4,344,613 $195,508 Dorchester _ _$10,502,569 $472,615 Francis R. Hart
Vice-Chmn. Old Col. Trust. Boston.. Conn. River.
Boylston
4,806,847
216,308 Washington_ _ 7,925,339
356,640 Counsel, Frederick E. Snow, of Gaston. Snow & Saltonstall, Boston,
East Boston
Total
3,325,307
$34,602.064 $1,509,425 Secretary, Elbert A. Harvey, 50 State Street, Boston.
96,500
E. B. T. Ext.. 2,238,421
100,729 Cambridge_ -_ 9,007,442
494,000
12.—Capitalization of Reorganized Boston & Maine System.—
BeaconTunnel 1,458,968
71,125
& Maine bonds to remain outstanding
$43,338,000.
Total _
$43,699,506 $2,003,425 Boston
Boston & Maine bonds to be taken by Government
19,879,060
Compare V. 107, p. 2288, 2187.
Bonds of other merged companies to remain (viz.: Fitchburg
RR., $24,080,000; Boston & Lowell RR., $6,114.000; The
Wm. M. Butler Resigns as Chairman of Board of Trustees.—
Concord & Montreal RR.,$7,223,000; Connecticut Riv. RR.
William M. Butler, Chairman of the Boston Elevated trustees, has reCo. $2,259,000; Manchester & Lawrence RR., $274,000)
39,950,000
signed, his letter to the Governor saying: "During war-time conditions I
regarded the appointment as a call to public duty which could not be de- Bond; of controlled or leased companies [viz.: Vermont &
Mass. RR.,$772,000; Concord & Claremont RIZ. $500,000:
clined. These conditions have now happily terminated, and I therefore
Connecticut & Passumpsic Rivers RR., $1,900.,000; Verfeel at liberty to retire from the board."—V. 107, p. 2288.
mont Valley RR., $1,500,000; Sullivan Co. RR.. $357,000]
5,029,000
64
Boston & Maine RR.—Plan.—The "Consolidation.
Agreement," dated Nov. 26 1918, has been issued in pamphlet form in connection with the "Reorganization Plan' which
was fully outlined in the "Chronicle" of Nov. 16, page 1918,
the Consolidation Agreement being merely an amplification
of certain portions of the aforesaid plan. Certain paragraphs of the agreement are cited below.
A particularly clear summary of the plan has been prepared
by Elbert A. Harvey for Lee, Higginson & Co., which we cite
with some few additions as follows:
To become effective this plan must be accepted by the stockholders of the
various companies concerned. It is now thought to be in form to obtain
all necessary acceptances and approvals.
1. Merger.—Tho Boston & Maine RR. is to acquire the properties and
assume the obligations of the following seven directly leased companies:
Concord & Montreal RR. Co.
Fitchburg RR. Co.
Lowell & Andover RR. Co.
Boston & Lowell RR. Co.
Connecticut River RR. Co.
Manchester & Lawrence RR. Co.
Kennebunk & Kennebunkport RR. Co.
The companies leased by these seven companies will be leased by the new
consolidated company, that is, the sub-leases will be taken over and dividends paid in full.
2. First Pref. Stock.—The stocks of the seven companies directly leased
will be exchanged for like amounts of new Boston & Maine First Prof.stocks
with dividends at the rates of the old stocks except that during the first
five years, in consideration of the Federal Government advancing funds
for reorganization purposes, the rates will be reduced by 20%. The new
first pref. stocks will be in several series but all of like priority.
First Preferred Stock, Classes A, B, C, D, E and F—Annual Dividend Rate.
—Dividend Rate—
Total
Including
After
To Retire Leased Line Stocks—
Issue.
Jan.1'24. Jan.1'24.
[Being exchangeable therefor,$for $.]
"A"for
1
Fitchburg pref.)
$18,860,000
4%
5%
"B" for B. & L. and L.& A.8% stock)
7,648,800
8
6.4
"0" for C.& M.stock)
7
7,917,100
5.6
for Conn. Riv., M.& L. and L. & A.
10% stock)
4,327,000
8
10
"E"(for K.&K.st. See opt. V.107,p.1918)
65,000
3.6
4.5
Also If Issued—
"F"(to retire bonds)
12,000,000
6
6
Total new 1st pref., now to be issued Classes A to E, incl._ _J38,817,900
Total div. per year, 1st 5 years, $2,035,781; thereafter
2,544,726
Total saving during 5-year period
2,544,726
3. B. & M. Prof. Stock.—The $3,149,800 Boston & Maine 6% non-cum.
pref. stock now outstanding is to remain undisturbed, but the dividend rate
reduced to 4% during 5 years; however, if within 5 years the company shall
sell an additional $12,000,000 in 1st pref. 6% stock, at not less than par,
and apply proceeds to reduction of debt to the Govt., then divs. may be at
6%. Pursuant to the plan, the div. on this stock must be paid if earned.
Total reduction in dividend of 6% pref. stock, 5-year period, $314,980.
4. Status of B. & M. Common Stock.—No divs. are to be paid on the
common stock for a period of 5 years, unless the company sells $12,000,000
of 1st Prof. 6% stock at not less than par and applies the proceeds to the
reduction of debt to the Government.
5. Trust Fund to Retire Bonds.—The amounts earned for the stocks and
not paid out on account of the reduction in dividend on the pref. stock and
the omitting of dividends on the common are to be paid to a trustee to be
applied in the purchase from the Govt. of the bonds it takes for its advances.
Effect of Sale of $12,000,000 6% 1st Pref. Stock as Authorized.—If at any
time in the 5-year period $12,000,000 6% 1st Pref. stock is sold at not less
than par and proceeds applied to reduction of the debt to the Government,
then the restrictions as to dividends on the present pref. and common stocks
will be off except that there must be invested in improvements or used in
the reduction of debt a sum equal to the reduction in dividends on the 1st
Pref. stock, which reduction continues throughout the 5-year period, plus
the sum saved by the reduction of preferred dividend up to the time of
paying the Government $12,000,000, when the dividend on such stock may
(If earned) advance to 6%; such sums must be charged as expense and not
capitalized, and in figuring the amount of income applicable to Pref. and
com. dividends the reduction in the 1st pref. divs must first be taken out.
6. Notes, &c., to Be Paid.—The following $19,879,060 obligations are to
be paid, principal and interest, in cash:
Bos. & Maine 6% notes..$13;306,060 ritchburg notes
$1,859,000
Conn. River 6% notes__ 2,000,000 Boston & Lowell notes_ _ _
200,000
Vermont Valley6% notes 2,300,000
do bonds,due Oct. 1 '18 214,000
Also Non-Assenting Shares, &c.—Also there is to be paid in cash any
sums which may become due to non-assenting stockholders of the seven
lines directly leased who may bring proceedings to have the value of their
stock paid in cash in accordance with legislation authorizing reorganization.
Also expenses of reorganization and of certain stockholders' committees
are to be paid in cash. Such expenses are being strictly supervised by the
Federal Government.
Total funded debt
Remaining leased line stocks[see list in V. 107, p. 2008]
New 1st Preferred stock, cumulative
Preferred Stock
Common stock
46
$108,196,060
$11,431,140
38,817,900
3,149,800.
39,505,100
Total capital obligations
3201,100,000.
For mileage of system and other data see V. 107, p. 2007, 1918.
Brooklyn Rapid Transit Co.—Delay for Car Order.—
This company on Dec. 19 obtained an extension of five months to Nov. 1
1919 for the delivery of the 250 steel cars ordered by the P. S. Commission
for its surface lines, and the cars must be in actual operation not later thanNov. 1 1919 under the terms of a formal decision handed down by Supreme
Court Justice Russell Benedict.
Officials Indicted.—
Pres. T. S. Williams, John J. Dempsey, V.-Pres. & Supt. of Transportation; John H. Hallock, Pres. of the New York Consolidated Rys., which
operates the Brighton Beach Line of the B. R. T. System; Thomas F.
Blewitt, Division Supt. of the Brighton Beach Line: Wm.D. Menden, Chief
Engineer of the Brighton Line, and Edward Luciano, train dispatcher, who
operated the wrecked train on the Brighton Line on Nov. 1, were yesterday
morning indicted for manslaughter in the first and second degree by the
Kings County Grand Jury in its findings presented to Judge Campbell
in the Kings County Court.—V. 107, p. 2288, 2187.
Buffalo Rochester & Pittsburgh Ry.—Sale of
Equipment Trust 63, Series "K."—Freeman & Co., N. Y.,.
have sold, at prices to yield 5.75% for any maturity, a
new issue of $1,200,000 Equipment Trust 6s% gold bonds,
Series "K," dated Aug. 1 1918, due $40,000 each F. & A.
from 1919 to 1933, incl. Int. F. & A. (See adv. pages.)
Trustee, Central Union Trust Co., N. Y. Denom. $1,000 c*. Exempt,
from Pennsylvania State tax.
These Bonds.—The direct obligation of the company and are secured by
an absolute first lien on the following new equipment: (a) 4 eight-wheel.
superheater switching locomotives;(b)5 Pacific type passenger locomotives;
(c) 15 Mallet type articulated superheated locomotives; and (d) 1 heavy
Mallet articulated superheater locomotive.
The total cost of these locomotives amounted to $1,573,600, against
which the company has issued bonds of a total amount of $1,200,000 par
value, thus making an original equity of over 23%. All of this equipment
was ordered prior to May 1 1917.
Annual dividends of 6% on $6,000,000 pref. stock of the company and
of at least 4% on the outstanding common stock have been paid since 1902.
The amount of common stock now outstanding is $10,500,000.
Contract Signed.—
The contract 'between the United States RR. Administration anethis
company has been signed according to an announcement on Dec. 19.
The annual compensation is fixed at $3,276,410.—V. 107, p. 1099, 1003.
Buffalo & Susquehanna Railroad Corp.—Dividends.—
This company has declared upon the common stock to make 7% for the.
year 1918, a dividend of % of 1%, and an extra dividend of 2%, payable
on Dec. 31 to voting trust certificate holders of record Dec. 21; and has
declared the usual 2% semi-annual dividend upon its preferred stock, payable on Dec. 31 to voting trust certificate holders of record Dec. 21.-V. 107, p. 290.
•
Central of Georgia Ry.—Bond Call.—
See Chattahoochee & Gulf RR. below.—V. 107, P. 1003, 694.
Chattahoochee & Gulf RR.—Bond Call.—
Eighteen First Mortgage bonds have been drawn for payment out of
the sinking fund and will be redeemed on Jan. 1 at the Citizen's & Southern
Bank of Savannah, Ga.—V. 105, p. 2542.
Chicago Rock Island & Pacific Ry.—Advance.—
A press dispatch from Washington, Dec. 20, announced that the-War
Finance Corporation had granted an application for an advance of $9,700.000 to the company at 6%,subject to the approval of the Director-General
of Railroads.—V. 107, P. 2187.
Cincinnati & Columbus Traction Co.—Fares.—
The Ohio P. U. Commission has authorized this company to increase
fares not to exceed 3 cents per mile.—V. 107, p. 2097, 1099..
uolorado— & Southern Ry.—"Standard Returns."—
The contracts with the Federal Administration recently signed guarantee
this company an annual compensation while under Federal control of•
$2,833,578 93, covering its own line and the Wichita Valley By., while the
controlled Fort Worth & Denver City By. is to receive a guaranteed
$1,891,386 40, or a total of $4,724,965 33.—V. 107, p. 2289.
2376
THE CHRONICLE
Columbus Magnetic Springs & Northern Traction.—
The Ohio P. U. Commission has authorized the abandonment on Jan.
1 of this company's line operating from Delaware through Magnetic Springs.
—V. 107, P. 1099.
Connecticut Company.—Still Higher Fare Needed.—
[VoL. 107.
Louisville & Northern Ry. & Lighting Co.—Fares.-A proposal to increase fares from 5c. to be, between points in southern
Indiana and Kentucky has been declared unwarranted. It was recommended, however, that the application be denied without prejudice to the
right to apply for authority to fix rates at 6 cents.—V. 106, p. 1901, 1689.
Explaining why the company is not able to meet expenses at present
Louisville & Southern Indiana Traction Co.—Fares.
(6 cent) fare rates, the following statement (In brief) has been issued:
A proposal to increase fares from Sc. to 10c. between points in southern
It appears that many persons believe the present embarrassing financial Indiana and Kentucky has been declared unwarranted. It was recomcondition of the Connecticut Company is peculiar to this company alone. mended, however, that the application for the increase be denied without
The company feels that the public should realize that practically all street prejudice to the right to apply for authority to fix rates at 6c.—V. 106,
railways in the United States are in the same or worse condition. Increase p. 2757, 1901.
In wages, cost of materials and State-imposed burdens have brought about
Lynn & Boston RR.—Deposits.—
this result.
There seems to be an impression, because the company's earnings for
The protective committee representing the First Mortgage 5% bonds
the first ten months of 1918 showed a net decrease of $506,000, that the in inviting bondholders who have not yet deposited to turn in their bonds
6-cent fare has not produced as much revenue as had been produced under on or before Dec. 31 in a circular said:
"Shortly prior to Dec. 1, the date for payment of semi-annual interest
5-cent fares. This is not a fact. The increase in cost in 1917 was $810,000
greater than the increase in revenue. The payroll of the company for 1918 under the Lynn & Boston mortgage, the receiver.of the Pay State filed
is $740,000 more than it was in 1917. The increase in wages alone is more with the Court a report to the effect that he would not be able to pay this
than the $506,000 decrease. .
.
interest out of earnings and at the same time keep on hand sufficient workThe fact is that the increased cost of maintaining and operating the ing capital.
property has been so much greater than the increase in revenue that ends
"At the hearing upon this report, the bondholders' committee sugggested
do not meet. If the company had had a 5-cent fare during the last year the the advisability of the issuance of receiver's certificates.
loss would have been much greater than it is.
"The Court permitted the filing of a petition for issuance of receiver's
Moreover, the influenza outbreak in October and November reduced our certificates for this purpose, but indicated that no action should be taken
income by at least $200,000. Furthermore, the inability to operate all upon the petition until the Court had further light as to the receiver's
our cars, because we could not get platform labor, and the loss of income due probable needs and means for the operation of the properties.
to the fact that our young men have been away at camp and in France and
"The situation, therefore, is that the interest is in default, and the likelithat there has not been the usual volume of traffic to shore resorts, and other hood of making good this default in the Immediate future is uncertain."
3
sleiansure riding, have contributed largely to the condition the company now —V. 106, p. 189.
1
Possible Increase in Fares.—
This company has inaugurated a publicity campaign describing the increased cost of maintainitT trolley service and stating that increased fares
will be needed, and that it is probable that an effort will be made to
secure them in the immediate future.—V. 107, p. 1384, 1099.
Cumberland Co.(Me.) Lt. & Pow. Co.—Suit Brought.—
See Lewiston Augusta & Waterville St. Ry.above.—V. 107, p. 2097, 1480.
Denver Tramways Co.—Fares Increased.—
The Colorado P. U. Commission on Dec. 17 issued an order granting
this company authority to charge 7-cent car fares and 1 cent additional
when transfers are asked for.—V. 107, p. 2097, 1192.
Des Moines City Ry.—Receivership.—
Judge Martin A. Wade in the United States District Court at Des
Moines, Iowa, upon application of the company, named Homer A. Miller
and Emil A. Schmidt to act as joint receivers.—V. 107, p. 1287.
Fort Worth & Denver City Ry.—"Standard Return."—
The annual compensation guaranteed to the company under the Government contract recently signed is $1,891,386 40.—V. 107, p. 1837.
Georgia Northern Ry—Contract Signed.—
The contract with the United States Railroad Administration was signed
Dec. 20, fixing no compensation but providing for fair treatment to the
road by the Railroad Administration.—V. 101, p. 1013.
Hamilton(Ont.)Radial Electric Ry.—To Stop Operating.
This company has given notice that it will discontinue operations, it
being found impossible to continue in view of the losses being sustained.—
V. 107. p. 401.
Hetch Hetchy RR.—Description, &c.—
The "Railway Age' for Dec. 13 publishes an account, of which the below
is an excerpt, descriptive of the completion of this 68-mile line built by the
City of San Francisco. The article, which is illuminated with map and
photographs, says in part:
To convey construction material for the Retch Hetchy water supply
project, which San Francisco is developing in the Sierra Nevada Mountains, that city has built a railroad 68 miles in length, extending from Hetch
Hetchy Junction, on the Sierra Ry. of California, 26 miles east of Oakdale,
to the Hetch Hetchy dam site in the Yosemite National Park.
The Hetch Hetchy project is being developed to furnish San Francisco
and the neighboring communities with a domestic water supply of 400
million gallons daily. The project will cost $45,000,000 independent of a
pipe distribution system within the city limits, which tho city will probably
acquire from the existing water company.
A dam 300 feet high and about 900 feet in length along the crest will be
constructed across a gorge at the lower end of Iletch Hetchy Valley, impounding a reservoir seven miles long and one mile wide, containing 112
billion gallons of water. This will be released from storage and allowed to
flow 12 miles down the canyon of the Tuolumne River, where It will be
diverted into a tunnel 18.3 miles in length and 10 feet 3 inches in diameter,
at the lower end of which will be a regulating reservoir, whence the water
will drop 1,215 feet into a power house.
From here the water will flow through two tunnels, 5.7 and 11.3 miles in
length, respectively, thence across the San Joaquin Valley in a pipe line
45 miles long and through the Cosat Range by a tunnel 31 miles in length.
From the westerly end of this tunnel the water will be brought to the San
Francisco peninsula through a pipe conduit 19 miles in length, while 21
miles of tunnel and two miles of pipe aqueduct must be constructed on the
San Francisco pieninsula. The total distance from the Hutch Hetchy Valley to the city limits is 166 miles, of which 66 miles will be tunnel, 88 miles
steel pipe line, and 12 miles river channel.
Indianapolis & Frankford RR.—Purchase, &c.—
See Pittsburgh Cincinnati Chicago & St. Louis RR.—V. 107, p. 291.
Kansas City Railways.—Strike Situation.—
Representatives of the Kansas City street car employees have made
an offer to return to work pending another interpretation by the National
War Labor Board of its wage award.—V. 107, p. 2290, 2097.
Kansas City Southern Ry.—Dividend Conditional.—
The usual quarterly dividend of 1% has been declared on the pref. stock,
payable Jan. 15 to holders of record Dec. 31, "conditional on receipt of
sufficient funds from the U.S. RR.Administration.'—V.107, p. 1579, 1192
Haytian American Corp.—Obituary.—
See Niagara Falls Power Co. below.—V. 107, p. 2289.
Holyoke Street Ry.—Fare Increase Suspended.—
The Massachusetts P. S. Commission has further postponed till Dec. 23
the proposed increase in fare scheduled to take effect Dec. 15.—V. 107, P.
2008, 1384.
Interborough Rapid Transit Co.—Financial Status.—
Pres, Theodore P. Shouts has issued a reply to a recent circular letter
put out by C. H. Venner & Co., describing as false and misleading the facts
as therein related. The Venner statement was entitled "Warning; Interborough Rapid Transit Co.5% Bonds-7% Notes."—V. 107, p. 2008,1919.
Lake Erie & Western RR.—Pennsylvania System to Surrender Trackage Rights Between Indianapolis and Kokomo.—
See Pittsburgh Cincinnati Chicago & St. Louis RR.—V. 106, P. 2560.
Lehigh Valley RR.—Government Contract Signed.—
The Government has signed its contract with this company, the annual
rental being placed at $11,321,233 25.—V. 107, p. 2090. 2008.
Definitive Bonds.—
Drexel & Co.., Phila., announce that on and after Dec. 23 they will be
prepared to exchange definitive bonds of the Lehigh Valley RR,Co. 10-year
6% collateral trust gold bonds for interim certificates.—V. 107, p. 2290.
Lewiston Augusta & Waterville Street Ry.—Receiver.
w'Judge John A. Morrill of the Superior Court at Lewiston. Me., on Dec.
16 decreed a receivership for this company, appointing William H. Newell
and Alfred J. Sweeney as receivers. The above action was taken on the
application of the Cumberland County Light & Power Co., which controls the Lewiston property. The company's difficulties are attributed to
a loss of patronage following the increase iii fares from 6 to 7c.—V. 107,
p.,2098, 501.
Mahoning & Shenango Ry. & Light Co.—
The company has granted its street railway conductors and motormen
an increase in wages from 34 to 48c. an hour, thereby averting a strike
on the company's lines.—V. 107, p. 1101, 1004.
Minnesota & International RR.—Contract Signed.—
The contract with the U. S. RR. Administration was signed Dec. 20, the
annual compensation being fixed at $202,455.—V. 77, p. 451.
Missouri Pacific RR.—Federalr Treasurer.—
F, M. Hickman has been appointediFederal Treasurer.—V. 107, P.
2188, 1004.
New Bedford & Onset Street Ry.—Fares.—
This company has filed with the Massachusetts P. S. Commission notice
of an increase in fares from 7e. to 8c. to become effective Jan. 111919.
New Orleans Ry & Light Co.—Service Ordered Restored.—
The New Orleans Commission Council on Dec. 13 adopted a resolution
by which the company must (a) restore all street cars taken out of service
and (b) abolish the skip-stop system, thereby resuming the schedule in
effect last summer.—V. 107, p. 2188, 1579.
New York Central RR.—Dividend.
The dividend of $1 25 (1 3 %) declared last week on the capital stock,
payable Feb. 1 1919 to holders of record Jan. 3, was made conditional on
receipt offundsfrom U.S. Railroad Administration.—V. 107, p. 2188, 1920.
New York New Haven & Hartford RR.—Contracts.—
The American Locomotive Co. and other manufacturers of railway supplies have recently been notified by the company's purchasing agent, on
stationery of the Railroad Administration, not to ship any more material
ordered after Dec. 2, and stating that in case materials are shipped they
will probably be returned with charges collect, the company not having
decided just what materials it desires to cancel and which they intend to
accept. This action, it is understood, was taken after a conference of
railroad interests with respect to the heavy orders placed at the Instance of
the Federal Government since the United States entered the war. As
some of the contracts are spoken of as firm orders, it is supposed the Government will be looked to for a settlement of same.—V. 107, p. 1847.
. New York Ontario & Western Ry.—Contract Signed.—
The contract with the U. S. RR. Administration was signed Dec. 20, the
annual compensation being fixed at $2,103,589.—V. 107, p. 1748, 1670.
N. Y. State Railways.—Reduced Service Plan.—
The Now York P. S. Commission has granted this company permission
to put into effect its proposed reduction in street car service in Rochester
for 39 days beginning Jan. 1, as a trial. It is stated that if the company
could not have a 6c. faro as recently applied for, a reduced service must be
necessary in order to avoid receivership.—Y. 107, P. 2188, 2098.
Northern Central Railway.—Increase in Debt.—
The stockholders of this company will vote on Feb. 4 on a proposal to
Increase the funded debt.—V. 106, p. 923.
Omaha Street Ry.—No Fare Increase.—
The Nebraska Ry. Commission has refused the application of this company fcr permission to increase its fares to 7c.—V. 75, p. 1400.
Pennsylvania RR.—Oversubscription of $50,000,000 5%
Bonds.—Kuhn, Loeb & Co. have sold at 993, see adv.
on another page, $50,000,000 General Mortgage 5% gold
bonds, due Dee. 1 1968. The bonds are being sold to reimburse the company for expenditures heretofore made for
additions and betterments to the company's railroad, terminals, equipment and other facilities, and other capital
requirements.
Data from Letter of Pres. Samuel Rea, Dated Phila., Dec. 19 1918.
Bond Details.—Tho present issue will mature on Dec. 1 1968, and will
bear interest at the rate of 5% p. a., payable J. & D. Denom. $1,000 C.
The bonds have the further privilege of exchange for registered bonds without coupons, which latter will be re-exchangeable for coupon bonds. Both
principal and interest will be payable in gold without deduction for any
tax or taxes (other than a Federal income tax on the holder thereof levied
by the Government of the United States) which the railroad company or
the trustees may be required to pay or retain therefrom under any present
or future law of the U. S. of America or of the Commonwealth of Penna.
Authorized Issue.—The authorized 'total issue of bonds at any one time
outstanding (incl. bonds reserved to retire prior liens) is limited to an
amount not in excess of the aggregate par value of the theil outstanding
paid-up capital stock of the company. The company's outstanding paid-up
capital stock is now $499,265,700, having a present market value of approximately $452,000,000. Dividends on this stock are now being paid
at the rate of 6% per annum and in no year since 1856 has the company
failed to pay dividends on its outstanding stock.
The amount of bonds secured by its General Mtge, which will be outstanding after the issue of the $50,000,000 will aggregate $175,000,000, of
which $125,000,000 will be 434% bonds and $50,000,000 5% bonds. The
bonds reserved for the retirement of the prior liens amount to $164,014,638,
and by the terms of the mortgage the prior liens cannot be renewed or extended, but must be retired or paid off at maturity.
Security.—The General Mtge. covers all the railroad property and important leaseholds held by the company at the date of the mortgage, and
all the valuable terminals in Philadelphia, Harrisburg, Pittsburgh and other
places in Pennsylvania, and valuabki rolling stock, shops and other
equipment owned.
Government Compensation.—The draft of an agreement between the
Director-General of Railroads and this company and certain of its affiliated
companies, defining the terms and conditions upon which Federal control
shall be exercised and designating the compensation to be paid by the
Director General, has been prepared by counsel of the Director-General
and of the company, and will, it is anticipated, be shortly executed. The
annual compensation payable thereunder is the sum of $53,603,427, the
amount accruing to this company being $51,378,410.
In addition to the above sum, the company will be in receipt of income
from its investments, which in the year 1917 amounted to $20,107,723,
while the total fixed charges of the company, including interest, sinking
fund payments, rentals, taxes, &c.,for same period amounted to$25,053,423
Approval of Issue.—The issuance of these bonds has been approved by
be Director-General U. S. Rallroa d Administration.—V.107,p.2188, 2098.
DEC. 21 1918.]
THE CHRONICLE
Philadelphia Company.-Offer of Pref. Stock for Bonds.See Consolidated Gas Co. of Pittsburgh under "Industrials" below.
Dividend Action Delayed.Owing to the change in the fiscal year to end Dec. 31, the directors will
not act on the next quarterly dividend, payable about Jan. 31, until the
first of the year.
Tenders for 1st Mtge. & Coll. Trust 5s.The Maryland Trust Co., Baltimore, Md., trustee for the First Mtge.
& Collateral Trust 5% gold bonds, due 1949, gives notice by advertisement on another page, that it;having on deposit 33,775,000, being the uninvested balance of proceeds received from the sale of property (Brunot
Island plant), formerly under the lien of the mortgage securing this issue,
will receive tenders until Dec. 31 of the above bonds, at not exceeding par
and interest, sufficient to exhaust the cash balance in hand.-V. 107, p.
2290, 2188.
Philadelphia Rapid Transit Co.-New Officers.F. B. Ellis has been elected Secretary and G. W. Davis Treasurer to
succeed R. B. Selfridge, deceased.-V. 107, p. 2188.
Pittsburgh Cincinnati Chicago & St. Louis RR.Circular Regarding Government Contract-New $35,000,000
Debenture Gold Bonds-Purchase of Indianapolis & Frankford
RR.-President Samuel Rea in circular of Dec. 10, explaining the purposes of the stockholders' meeting called for
Dec. 30, says in substance:
Agreement with Federal Government.-The precise compensation to be paid
your company for the use of its property by the Government has not yet
been agreed upon, but your board believes that before the meeting is held
an agreement as to compensation will be reached with the Director-General.
The alternative to such an agreement is a proceeding in the Court of
Claims to ascertain the compensation to which your company is entitled.
The objections to that method of procedure are so serious that your board
cannot recommend it to the stockholders.
Congress has authorized the President of the United States, in the event
that this method of computing the compensation [on the basis of the average annual'railway operating income for the three years ended June 30 19171
should be found to be inequitable because of certain defined conditions,
to pay what he should determine to be just under the circumstances of the
particular case. The compensation in the agreement to be entered into
by your company will be determined on that basis. At the last annual
meeting a resolution was adopted authorizing an agreement of the character
now intended, but inasmuch as the terms which the Director-General is
willing to execute have been the subject of extended negotiations, it is
deemed best that the stockholders should act upon the final agreement.
$35,000,000 Debenture Gold Bonds.-To meet the demands of increased
transportation facilities incident to the growth and development of traffic,
there has been expended for additions and betterments to your road and
equipment,for which permanent financial provision has not yet been made,
the sum of 111,540,000; there is also authorized and uncompleted road and
equipment work which will in the near future call for approximately $25,000,000. The cost of the aforesaid additions and betterments already
made has been met largely through temporary loans made to your company, and, while the Federal Government will in the first instance pay the
cost of additions and betterments made during Federal control, eventually
the cost thereof will have to be financed by the company.
Definite provision should be made for the payment of the temporary
loans to your company and for the expenditures which will be made for
its uncompleted road and equipment work, and to that end you will be
asked to authorize an increase in the funded debt by the creation of $35,000,000 Debenture gold bonds to bear interest at 6% p. a., to be issued
as may be required.
Purchase of Indianapolis & Frankfort RR, a Subsidiary Road Built at a Cost
of $6,000,000. The Indianapolis & Frankfort RR. is a single track,
standard-gauge .road 41.17 miles in length, extending from a connection
with your road near Indianapolis, Ind., to a connection with your Michigan
division at Frankfort, Ind. It was constructed at a cost of about $6,000,000
in order that your company might have, over its own rails, a through north
and south line for the handling of its rapidly increasing business between
Louisville, Indianapolis and Chicago, and the northbound coal traffic
originating on its Vincennes division.
The road was practically completed on July 1 1918, and since that date
has been operated by the Federal Railroad Administration as a part of the
Michigan division of your railroad, and there is now being routed over it
all traffic formerly handled by your company over the tracks of the Lake
Erie & Western RR. between Indianapolis and Kokomo 154 miles]. As it
was built entirely in the interests of your company and forms a necessary
and important connecting link in your company's system of railroads, it is
recommended that you authorize the purchase of the road by your company, thereby making it a permanent and integral part of your company's
lines and providing, for the first time, a line between Chicago and Indianapolis entirely under the control of your company in lieu of the interposition
of a foreign railroad over which your company had trackage rights for a
limited time only.
2377
Second & Third Sts, Pass. Ry. (Phila.).-New Pres-
John L. Clawson has been elected President to succeed Horace T. Potts.
resigned.-V. 62, p. 785.
Southern Railway.-Advance.----
A press dispatch from Washington, Dec. 20, announced that the War
Finance Corporation had granted an application for an advance to the
company for about 16,800,000, subject to the approval of the DirectorGeneral of Railroads.-V. 107, p. 2188.
Twin City Rapid Transit Co.-Ownership Bill.-
The Minneapolis City Council on Dec. 13 passed a resolution favoring
the passage by the Legislature of a bill giving the city the right to purchase
and operate the street railway property in Minneapolis.-V. 107, p. 2290.
Union Traction Co. of Kansas,-Bonds Called.-
Nine 1st M. bonds have been called for redemption for the sink, fund at
the Warren Trust Co..trustee, Warren,Pa.,on Jan. 1 1919.-V.107,p.1194.
United Rys. of Havana & Regla Warehouse, Ltd.June 30 Years- 1917-18. 1916-17. June 30 Yrs.(con.) 1917-18. 1916-17.
Total recelpts____£3,052,101 £2,287,732 Pref. div. (5%)__ £139,333 £139,327
General expenses.. 1,800,304 1,303,530 Ordinary dly. (6%)x392,185 (5)326,820
General renewal
Net earnings_ _£1,251,797 £984,202
reserve
100,000
150,000
_
55,978
20,567 Insurance account
Other
10,000
10,000
invest.,&c. 303,850
333,062 Pension account.._
Int. onincome__10,000
10,000
Gross income_ _£1,611,625 £1,337,831
Surplus for'year
£5,560
£24,769
Int. on detenture
stk., Bk.fd.,&c_ £348,467 £350,858 Previous surplus
36,269
13.079
268,030
Inland revenue_ _ _ 536,000
Cuban taxes, du70,080
58,027
ties, dec
Total surplus
£41,829
£37,848
x The 6% ordinary dividend charged against the earnings of 1917-18
Includes a dividend of 2% paid July 22 1918 and one of 4% recently recommended by the Board. Compare the offering of £1,000,000 debenture
stock in V. 107, p. 1580.
United Railways of St. Louis.-Fare Decision.-
The Missouri Supreme Court has handed down a decision holding that
the P. S. Commission has full authority to set aside the Sc. fare contract
with the City of St. Louis, and the company, and to permit that company
to charge a 6c. fare.-V. 107, p. 2099, 1838.
Washington Bait. & Annap. Elec. RR.-Dividend.-
A dividend of 73i% has been declared on the common stock, payable
in Liberty bonds Jan. 1 to holders of record Dec. 31. In Jan. 1918 paid
3% cash on the common stock and April, July and Sept. paid 2% each
-V. 107, p. 1580.
White Pass & Yukon Ry.-Notes Paid.The company recently announced that the outstanding £14,000 6%
Secured Notes would be repaid at par on Nov. 30 at office of Glyn, Mills.
Currie & Co., Currie & Co., London, who would also pay interest coupon 9
on the same date, less income tax at 6s. in the pound.-V.107, p.2099,605.
INDUSTRIAL AND MISCELLANEOUS.
Acme Harvesting Machine Co., Peoria, Ill.At the Auction Salesroom in N. Y. City on Dec. 19 275 shares of the company's pref. stock, 550 shares of its common ($100 each) sold for $151 for
the lot, while $500,000 demand notes dated Dec. 28 1917, interest 6%,
with a citation that the note is subordinate to all other present and prospective debts incurred in the regular course of business operations, sold for
$450 for the lot.-V. 88, p. 159.
Ajax Rubber Co., Inc., N. Y.-New Stock.-
Pres. H. L. MeClaren in circular of Dec. 18 says in brief: "At a meeting
of the board held on Dec. 17 1918 it was duly resolved to issue 20.000 additional shares of the common capital stock of the par value of $50 per share,
in order to provide 11,000,000 additional working capital. The entire
proposed issue has been underwritten to net the company $1,000.000 [by a
syndicate headed by Prichitt & Co., 60 Broadway, N. Y. City-Ed.].
Stockholders of record at 3 p. m. Dec. 27 will be entitled to subscribe for
these shares in proportion to their present holdings, I. e., 10 new shares for
each 71 shares now held by them at and for the price of $55 per share.
Warrants representing stockholders' rights will be mailed in due course, and
the rights conferred must be exercised before the expiration date set forth
in such warrants."-V. 107, p. 1194, 1097.
Alabama Co.-Common Dividend of 4%.
-
The directors have declared a dividend of 4% on the common stock,
payable Jan. 10. This makes 10% during the year, 6% having been
authorized in July last. The initial dividend of 3% on this stock was paid
Dec. 311917. The Baltimore "Evening Sun" on Dec. 16 said: "Despite
$1,094,000 Bonds Retired Through Sinking Fund on Oct. 1.- the many
handicaps which the management had to meet in 1918 from
The Philadelphia Stock List Committee has reduced the amount of floods, the "flu" epidemic among its workmen and a labor shortage, the
Consol. Mtge. bonds on the regular list by a total of $1,094,000, represent- operations of the company for the past 11 months have been highly satising bonds purchased, canceled and retired through the sinking fund as of factory." The company has a well-equipped iron plant located just outOct. 1 1918,reducing the amountof the several series outstanding as follows: side of Birmingham, and has extensive coal lands, which are being develSo Retired.
Amount Left.
So Retired.
Amount Left. oped. Drewry & Merryman,of Baltimore,are interested.-V.106, p.2342.
Series A___ $2,000
$9,643,000
$9,998,000 Series F__ $8,000
AlaskaeJuneau Gold Mining Co.-New Bond Issue.B _ _.., 6,000
G _ -444,000
8,774,000
8,406,000
" D___ 84,000
The stockholders will vote Jan. 1 on approving an issue of $3,500,000
4,439,000
" H___ 25,000
2,519,000
" E._522,000
2,240,000
6,999,000 First Mtge. 10-year 7% gold bonds, of which $1,500,000, or so much
" L..__ 1,000
-V. 107, P. 1920, 402.
" J ___ 2,000
3,492,000 thereof as may be necessary, will be exchanged at par for outstanding
obligations and floating debt, 1500,000 to be sold at not less
par to
Pittsburgh Harmony Butler & NeVi Castle RR.-Fare. stockholders, to provide funds for alterations and enlargementthan
of milling
balance to be reserved for future requirements. FloatRates are increased from 20 to 50% on through tickets.-V.106,p. 2340. plant, and the
amounts
to
11,400,000.-V. 102, p. 1813.
ing debt now
Pittsburgh Rys.-Receivers.-
Alum Rock Gas Co.-Special Dividend.-
W. D. George has been appointed a receiver to succeed Hamilton F. A.
A special dividend of 2% is reported to have been declared payable in
Stewart, resigned. George S. Davidson who has been appointed to succeed
% Liberty bonds to holders of record Dec. 20. In Dec. 1917 an extra
Receiver J. B. Callery has not accepted the appointment.-V. 107. P. of 2%
was paid in cash.-V. 105, p. 2544.
2290, 2188.
Portland (Ore.) Ry.,Light & Power Co.-Rate Increases.
The Oregon P. S. Commission has issued an order increasing the commercial power rates for this company and the Northwestern Electric Co.
-V. 107. p. 2290, 1837.
Public Service Corp. of N. J.-1'Z Dividend.A quarterly dividend of 1% has been declared on the $29,999,600 capital
stock, payable Dec. 31 to holders of record Dec. 27. In Sept. the dividend
was reduced from 2% to 1%. Compare V. 107, P. 1385.-V. 107, p.
2098, 2009.
American Cotton Oil Co.-Obituary.-
See Niagara Falls Power Co. below.-V. 107, p. 1916.
American Graphophone Co.-Litigation.See Emerson Phonograph Co. below.-V. 106, p. 2651.
American Malting Co.-Liquidation Opposed.-
Holding that there is no present necessity for the liquidation of the company, a committee representing, it is said, about 8,000 shares of common
stock has been formed to oppose the liquidation, which will be voted on at
a special meeting on Jan. 9.
The common stockholders' committee contends that the deposit agreeRaritan River RR.-New Stock Approved.of the first preferred shareholders' committee makes "no equitable
The New Jersey P. U. Commission has approved this company's appli- ment
for impartial protection of the common shareholders, and that
provision
$160,000
capital
to
issue
permission
stock.
The
proceeds are this committee
cation for
is asking for proxies from the common shareholders in order
to be used partly to reimburse the company for expenditures already made to put through a liquidating plan obviously in the interests of the former."
for additions and betterments, and partly for providing for further im- "In
words, the common stockholders are asked to vote themselves
other
provements.-V. 101, p. 289.
out of their own rights and property without guarantee of fair treatment
and without recourse. The common stockholders' committee also conRhode Island Co.-Wages.-tends that there is no present necessity for the liquidation of the company,
The War Labor Board, following a hearing on Dec. 17, has announced a and that during the temporary suspension of the company's business for
decision by which the company must pay to its employees at least 33 1-3% the period of demobilization of our army is an inopportune time to realize
of the back pay due the employees under the War Labor Board's order of on its property investment."
last October.
The common stockholders' committee announced that it has in preparaThe company is given the alternative of paying the men 33 1-3% of their tion a plan by which the "interests of all classes of stockholders will be
iback pay now, 33 1-3% Feb. 1 and the remainder Mar. 1, or of paying conserved and the value of the company's property not be impaired as a
the men 50% of the amount due them now, 25% more March 15 and the going concern."
ast 25% April 15.-V. 107, p. 1670, 1482.
It is stated that the committee for the present is only temporary, being
represented by Williams, Folsom & Strouse, attorneys, and George B.
St. Louis-San Francisco Ry.-To Discontinue Branch.- Mott, Secretary.-V. 107, p. 2190, 2099.
Regional Director B. P. Bush has notified the Missouri P. S. CommisAmerican Metal Co.-Voting Trust.sion that application will soon be made for authority to discontinue the
Announcement is made that the Alien Property Custodian will put the
Springfield-Kansas City branchof
o thef
congnyteans
in whole 1r part
operation
of this company into the hands of a board of five voting trustees
control
City Springfield
• these being
who will serve for five years. These will include Henry Morgenthau,
paralleies
107, P. 1838, 4.
2378
[voLd07.
THE CHRONICLE
Joseph F. Guffey and BerthaId FIochschild. The German-owned interest
in the company will be sold shortly.
pany paid regular quarterly dividends of 3% (12% p. a.) since May 1918
previous to that 10% p. a. was paid, with extras of 5% in Marcia 1918
and
1% in Dec. 1917.
Sale Postponed.—
The Chicago "Tribune" of Dec. 17 quotes Treasurer 0. T. Hayes as
The special meeting called for the dissolution of the company has again saying: "We have felt that during the war period we did not want
to make
been postponed until Dec. 24.—V. 107, D. 2291, 2099.
more than 10% on capital and surplus. And, although we have just distributed a special dividend of 334% to common stockholders, we have kept
American Power & Light Co.—Sub. Co. Offering.—
within that 10% profit. We have no connection with the Fox River comSee Pacific Power & Light Co. below.—V. 107, p. 606, 504.
pany except that they take our surplus stock and sell it. Some of their
stockholders are also ours."
American Public Utilities Co.—Scrip Dividend.—
The company is capitalized at $2,500,000 preferred and the same in
The directors have declared the regular quarterly dividend of 13.4%, common stock. The surplus is about $1,500,000. Payments of 7% to
payable in scrip Jan. 1 to holders of record Dec. 20. In April, July and preferred stockholders and 1534% to common make a total of $550,000.
October the pref. div. was also paid in scrip, owing to war conditions.— 10% of the capital and surplus is $100,000 more than this.---V. 107, p.1748
V. 107, p. 999, 907.
American Railway Express.—Earningsfor July.—
Total receipts from oper_$19,413,293 Operating revenue
$9,979,987
Express privileges
9,740,904 Operating expense
11,086,062
Taxes
127,974
Total transport revenue $9,672,389
Non-transport revenue__
307,598 Operating deficit
$1,234,649
The above is the first monthly statement of the consolidated company
as filed with the I.-S. C. Commission.—V. 107, p. 2010.
American Realty Co.—Bonds Called.—
This company, a subsidiary of the International Paper Co., has called
fdt payment on Jan. 1 1919 eighty-five ($85,000) First Mortgage 5% Sinking Fund bonds of 1901 at par and interest at the Union Safe Deposit &
Trust Co.. Portland,
105, p. 2274.
American Rice & Cereal Co.—Bond Redemption.--
Six First Mtge.6% gold bonds, two of $500 each and four of $1,000 each
($5,000), have boon drawn for redemption on Feb. 1 at par at the Mississippi Valley Trust Co., trustee, St. Louis, Mo.—V. 105. p. 2274.
Bethlehem Loading Co.—Incorporation.—
This company, a Delaware enterprise, has filed a certificate of incorporation with the Secretary of State at Trenton, N. J., witn a capital
stock of $1,000,000 par $100.—V. 106, p. 2652.
Bethlehem Steel Corp.—Sub. Co. Bonds Called.—
One hundred and thirty-six ($136.000) 1st M. 20-year sinking fund 6%
gold bonds of the Spanish-American Iron Co., dated July 11907, have been
called for payment Jan. 1 at par and int. at Girard Trust Co., Phila.
Notice is also given that one bond called for payment in Jan. 1916, one for
July 1917 and one for Jan. 1918, remain unpaid.—V. 107, p. 1671, 908.
Brooklyn Borough Gas Co.—Rate Increase.—
The Public Service Commission on Dec. 13 issued an order permitting
this company to increase its rates for gas from 95c. to $1 10 per thousand
cubic feet, with the provision that this concession is for the emergency only,
and may be modified whenever conditions warrant. See V.107,p.1671, 908.
Brooklyn Edison Co., Inc.—Merger—Mortgage—
The shareholders of the Kings County Electric Light & Power 0 011
Dec. 18 approved the proposition to change the company's name to "BrookEdison Co., Inc." The Edison Electric Illuminating Co. of Brooklyn,
Press reports state that extra dividends of 25 cents a share in cash and lyn
the operating company controlled by the Kings County Co. will be merged
5% in stock have been declared on the common stock in addition to the into
the new company.
usual quarterly dividends of 50 cents a share on the common and 134% on
stockholders also approved the resolution passed by the directors
the pref. stocks. The cash dividends are payable Jan. 15 and the stock toThe
create
a blanket mortgage which is not to exceed $100,000,000 at any
dividend on Feb. 1, all to holders of record Dec. 31. A stock dividend of time. The
company now has an application before the New York P. S.
5% was also paid Feb. 1918.—V. 107, p. 2005.
Commission to issue $6,000,000 of these bonds, known as General Mortgage
gold bonds, Series "A." The proceeds of the sale of these bonds, when
American Shipbuilding Co.—Building Progress.—
will be used to pay off bank loans, amounting to about $4,000,A Chicago paper reports that the company has exceeded the require- authorized,
which have been made to pay for extensions and improvements to the
ments of its contracts in building vessels for the Government, but of course 000,
property. Some further improvements are contemplated with part of the ,
no more will be started for Atlantic waters this season. It has sent through balance,
after paying bank loans, and there will remain some funds for
85 or 90 vessels this season, 16 of which were not due till next May. Thir- working capital.
teen of these vessels were built in the Chicago yards. The standard tonThere will be no change in the capitalization of the new company as
nage of the boats is 3,500, but ten or a dozen of them have been built to a compared
with the present Kings County Co., so that stockholders will
tonnage of 4,200.—V. 107, p. 1381, 1289.
exchange their present certificates, share for share, in the new company's
American Telegraph & Telephone Co.—Reduced Rates. stock.—V. 107, p. 2191.
Postmaster-General Burleson on Dec. 15 announced a reduction in
Brown Hoisting Machinery Co.—New Officers, &c.—
long-distance and toll telephone rates, effective Jan. 21 1919. The night
Harvey H. Brown has been made Chairman of the Board; Alexander 0.
rate is to be half the day rate, up to midnight, and one-quarter the day rate Brown,
Pres.; Melvin Pattison, V.-Pres., Gen. Mgr. and director; Robert
between midnight and 4:30 a. m., while the day rates on general interstation business (no particular individual being called for) will for distances G. Clapp and John F. Price, directors.—V. 106, p. 926.
up to 24 miles be 5 cents for each 6 miles and for greater distances 5 cents
Calumet & Hecla Mining Co.—Output (in Pounds).—
for each 8 miles (about 63i mills a mile), all reckoned on air-line distances.
Total.
Cal. & Heck. Subsid s.
The "particular-person service" will involve an extra 25% charge, appli- November 1918
5,463,136 10,499,711
5,036,575
cable in case the person Is reached or refuses to talk. Further particulars November 1917
5,849,868 6,374,721 12,224,589
may be looked for under "Current Events" on a preceding page or in a 11
months to Nov. 30 1918
----128,988,908---- 128,988,908
subsequent issue of the "Chronicle."—V. 107, p. 2100, 1483.
11 months to Nov. 30 1917
73,119,278 71,559,177 144,678,455
American Woolen Co.—Status ofBusiness.—The "Boston —V.107, p. 1922, 1581.
American Rolling Mill Co.—Extra Dividend.—
News Bureau" says in substance:
Profits, &c.—Though nothing final with respect to net profits can be determined until after completion of inventory-taking next February, enough
is known of operating and financial results to warrant the statement that
1918 will prove to be the company's biggest year.
Operating Profits.—The company's operating profits this year should total
close to $75 a share and even after heavy depreciation and special reserves
there will be $25 to $30 left for the $20,000,000 equity issue. Obviously
these figures justify the distribution of the 5% extra dividend in Liberty
bonds on the common stock just authorized (V. 107, p. 2190).
Unfilled Orders.—Unfilled orders of to-day are slightly less than $50,000,000. as compared with $80,000,000 at the opening of the year and the highwater mark of rising $100,000,000 last March. The drop in forward business as a result of the conservative purchasing of the Quartermaster Department has brought with it, of course,reduced inventories and bank loans
and increased cash.
Operating Problems.—With the withdrawal of the U. S. from the market,
however, has come serious operating problems. The Government has not
ordered a distribution of the wool supplies, which it controls, nor indicated
the prices which will prevail for the clips. As a result the company is unable to name prices for the civilian goods which it is anxious to manufacture,
and which must be turned out to fill the void created by the cessation of new
war contracts, if the mills are to be kept running.
State of Orders.—The company has enough business on hand to keep its
weaving machinery busy until Jan. 1. But orders are running down to an
extent, which makes imperative the closing down of the preparatory carding
and combing machinery. In the next few weeks various shutdowns in the
system will have to be made, creating considerable operating idleness.
Future Operations.—Notwithstanding the immediate future, is likely to
be full of short-time operations, the management 1st horoughly optimistic
over the broad outlook. Once the present situation, arising from the Government's present policy on wool, is righted, and stable prices of goods assured, enormous civilian orders are expected to pour in.
Wool Auctions.—
Full particulars may be looked for under "Current Events" on a preceding
page or in a subsequent issue of "Chronicle."—V. 107, p. 2190, 1006,804.
Amer. Zinc, Lead & Smelt. Co.—Price Discontinuance.
Announcement is made that existing maximum prices on "A" zinc and
plates and sheet zinc should be discontinued on and after Jan. 1 next.
—V. 107. p. 1921, 1748.
Amoskeag Manufacturing Co.—Dividend.—
A dividend of $1 per share has been declared on the common stock, payable Jan. 2 to holders of record Dec. 17. In October the dividend was increased from 75c. to $1 a share.—V. 107, p. 1386, 1289.
Anglo-American Oil Co., Ltd.—Dividend.— ,
Canadian Car & Foundry Co.—Preferred Dividend.—
The directors have declared a quarterly dividend of 154% on the pref.
stock, payable Jan. 10 to holders of record Jan. 1. A diyidend of 334%
was paid on accumulations in July last, which was the only payment since
July 1 1914, the accumulations aggregating as of Jan. 1 1919 2634%.—
V. 107, p. 405, 293.
Cent. Hudson Gas & El. Co. (Poughkeepsie).—Bonds.
This company has filed with the New York P. S. Commission an application for authority to issue $750,000 10-year convertible bonds, the proceeds
to reimburse the treasury for moneys expended for extensions and improvements.—V. 106, p. 2652, 818. ,
Century Steel Co.—Stock Increase.—Acquisition.—
The stockholders have authorized an increase in the capital stock from
$750,000 to $1,500,000. The matter is now before the Capital issues
Committee for approval. The proceeds from the sale of the stock, It is
understood, will go towards the purchase of the assets, &c., of the Vulcan
Steel Co. of Vulcan, N. Y.—V. 107, p. 2291, 2011.
Chile Copper Co.—Production (in lbs.).1918—Nov.-1917.
9,854,000
8,872,000
—V. 107. p. 1922, 1839.
Increase.' 1918-11 Mos.-1917. Increase
982.000191,232,512 80,420,000 10,812,512
Computing-Tabulating-Recording Co.—Obituary.—
See Niagara Falls Power Co. below.—V. 107, p. 1840.
Consol. Arizona'Smelting Co.—Production for 9 Mos.Ore produced (tons)
Ore concentrated (tons)
Total smelted (tons)
Copper produced (lbs.)
Silver produced (ozs.)
Gold produced (ozs.)
Profits from operations
Average price of copper
—V.107,p. 1671.
1918.
1917.
137,342
107,077
82,270
76,713
120,674
102,437
15,500,000 13,930,000
349,237
175,530
11,067
6,815
$705,687 $685,776
24.00 cts. 28.474 cts.
Consolidated Gas Co. of N. T.—Toluol Operations.—
This company announces that the Government has stopped operations
of the various toluol extracting plants which were erected in connection
with the gas-making establishment by the Government.—V. 107, p. 805.
Consolidated Gas Co. of City of Pittsburgh.—Circular
Recommends Exchange of Bonds for 6% Cum. Pref. Stock of
Philadelphia Company.—The bondholders' protective committee, Charles S. W. Packard, of Philadelphia, Chairman,
in circular of Dec. 16 says in substance:
Directors have declared an interim dividend of three shillings per share
from the net earnings of the current year,free of British income tax, payable
Jan. 15 by the Nat. Provincial & Union Bank of England, Ltd.,or branches,
From the reports of our experts and counsel, and after negotiating with
or by the Guaranty Trust Co., N. Y. at the equivalent in U. S. currency
of $4.75 per pound sterling (equal to'
71 Yi cents per share), to all holders several prospective purchasers of the property, your committee unaniof share warrants to bearer issued in exchange for coupon No. 16 attached mously determined against any present foreclosure of the mortgage, feeling
that the realizable value of the assets, subject to the mortgage, would be
to such share warrants.—V. 106, p. 603.
totally inadequate to pay the bonds. Your committee then instructed
counsel to proceed against the Philadelphia Co., and if possible, to enforce
Anheuser-Busch Brewing Co.—Property Returned.—
Attorney-General Gregory on Dec. 13 ordered the return of the property the assumption of the principal and interest of yourbonds. A bill for this
of Mrs. Lilly Busch, widow of Adolphus Busch, of St. Louis which was purpose was filed in the U. S. District Court.
Following the argument of this case, negotiations with the Philadelphia
taken over by the Allen Property Custodian, Mrs. Busch having satisfied
the Department of Justice as to her American citizenship.—V. 107, p. 1289. Co. resulted in the execution, on Dec. 4 1918, subject to your approval, of
an agreement under which each depositing bondholder will receive 1834
shares of the 6% cum. pref. stock of the Philadelphia Co.,of a par value of
Asbestos Corp. of Canada.—Initial Dividend.—
An initial dividend of 13i% has been declared on the $3,000,000 common $50 Per share[in all,$925 thereof]for each $1,000 bonds of the Consolidated
stock, payable Jan. 15 to holders of record Jan. 1. In October last the Gas Co. This stock will bear dividends from Nov. 1 1918 at rate of 6%
per annum, so that each depositing bondholder should receive a dividend
preferred dividend was increased from 13,
4% to 1%% quar.—V. 107, p. of
$1 50 per share on this stock, on or about May 1 1919, or a total of
1289, 504.
$27 75 in cash on each $1,000 bond, and semi-annually thereafter. [The
above-mentioned suit will also be discontinued.]
Baldwin Locomotive Works.—New Director.—
The Philadelphia Co. has an auth. Issue of $25,000,000 6% Cum. Prof.
Arthur W. Sewall succeeds James Wilson Bayard as a director.—
Stock, of which $6,763,550 is now outstanding. Should all the $5,000,000
V. 107, p. 2100.
Consolidated Gas bonds be exchanged for this stock, as above sot forth,
11 Bayer Chemical Co.—Sale.—
there will then be outstanding $11,388,550 of this stock. It has preference
as to both assets and dividends, which are cumulative at the rate of 6%,
h_ See Grasselli Chemical Co. below.—V. 107, p. 2291.
and the dividends have been regularly paid since the creation of the issue
Beatrice Creamery Co.—Special Dividend.—
in 1912. The company has also outstanding $1,442,450 of 5% non-cum.
It was announced in Chicago on Dec. 16 that the directors had declared, Prof. Stock, which has a second preference as to assets but has priority
a' special dividend of 334% on the $2,500,000 common stock. The com- over the 6% preferred as to dividends. To pay the full dividend on both
DEC. 21 1918.]
2379 •
THE CHRONICLE
classes of Pref. Stock, after the exchange above referred to, would require
$755,435 annually. For the year ending March 31 1918 the Philadelphia
Co. earned net, applicable to dividends, $4,140,115, and for a five-year
average to that date, the income available for dividends was $3,608,819.
The total expenses incurred by your committee for printing, advertising,
experts' reports, counsel fees and compensation to members of the committee will approximate $75,000. Of this amount, the Philadelphia Co.
has agreed to pay two-thirds, or $50,000, and it will be necessary to raise
the remainder by an assessment on the bondholders of % of 1%, or $5 on
each $1,000 bond, to be paid at the time of the delivery of the stock.
Bondholders not wishing to assent to the terms of this contract may
prior to Jan. 15, withdraw their bonds on payment of the assessment of
$5 per bond. By the contract, the committee must be able to deliver
to the Philadelphia Co. at least $4,000,000 bonds, and that any withdrawals which reduce the amount of bonds in their hands [over $4,500,0001
to less than that amount will authorzie a rescission of the contract,by the
Philadelphia Co.-V. 107, p. 2292.
Consol. Ry., Elec. Lighting & Equip. Co.-Sale.See Electric Dynamic Co. below.-V. 107, P. 1922, 1671.
Consumers Power Co.-Offering of First Lien Bonds.Harris, Forbes & Co., Harris Forbes & Co., Inc., Boston,
the Harris Trust & Savings Bank, Chicago, and Coffin &
Burr, are offering, at 893/ and int., yielding about 6%,
$5,334,000 First Lien & Refunding 5% gold bonds of 1911,
due Jan. 1 1930, making the total amount now outstanding,
$22,263,000.
Subject to Approval.-The issue of these bonds must be submitted for
approval to the Capital Issues Committee and the offering will be subject
to such approval.-V.107. p. 184, 85.
Distillers Securities Corporation.-Extra Dividend.The directors have declared the usual extra dividend of 13.5% on the
outstanding capital stock in addition to tbe regular quarterly dividend of
34 of 1%, both payable Jan. 18 to holders of record Jan. 2. In April,
July and October an extra of 135% was paid.
At the meeting of the directors "a general discussion was had regarding
the future business of the companies, but nothing definite can be given
out for publication."-V. 107, p. 2011, 1671.
Donner Steel Co.-Capital Increased.This company has filed a certificate with the Secretary of State at Albany
increasing the authorized capital stock from $11,000,000 to $13,000,000.
Pres. William H. Donner in a letter dated Buffalo, N. Y., Nov. 25. says:
"It is proposed to increase the capital stock by adding an issue of $2,000,000 cumulative 8% first preferred, carrying interest at 6% on deferred
dividends, retirable at 105 at the option of the company at any time after
five years from Jan. 1 1919, to be non-voting unless default is made in the
payment of dividends, in which event it shall vote, share for share, with
the common stock of the company.
"Opportunity will be afforded the stockholders to subscribe to the new
issue in proportion to their present holdings, or for greater amounts if
available, conditioned, however, upon obtaininf, the necessary assent of the
See "Annual Report" in
proper governmental authorities for the issue.
V. 107, p. 2094.
East Coast Fisheries Co.-Director-Dividend.-
The directors on Dec. 18 elected Richard Cole of P. K. Wilson & Co. a
member of the board.
"Passed by the Capital Issues Committee as not incompatible." &c.
The regular 14% quarterly dividend was declared on the pref. stock,
Data from Letter of Pres. B. C. Cobb, Dated Jackson, Mich., Dec. 12 payable Jan. 1 to holders of record Dec. 23.-V. 107. p. 1195.
Company.-Does the electric light and power business of a large portion
Edison Electric Ilium. Co. of Brooklyn.-Merger, &c.
of the State of Michigan, including Grand Rapids, Saginaw, Flint, Bay
City, Kalamazoo and Jackson, which are among the most important manuSee Brooklyn Edison Co., Inc., above.
facturing centres in the State. The total population served is over 600,000.
Electro-Dynamic Co., Bayonne, N. J.-Acquisition.Authorized. Outstand'g.
CapitalizationThis company, controlled by the Submarine Boat Corp., and which
Common stock (4% paid in 1918)
$20,000,000 $11,250,000
manufactured the electric car lighting equipment for the Conformerly
Preferred stock, 6% cumulative
20,000,000 10,041,300
First Lien & Refunding 5s, due 1936
35,000,000 *22,263,000 solidated Railway Electric Lighting & Equipment Co., has purchased the
assets,
&c.,
of that company.
(closed mtges.)
Divisional bonds
1,799,500
* Includes $5,334,000 bonds now offered. These bonds were formerly
pledged under an indenture securing $4,000,000 Two-Year 6% Secured gold
notes, due July 11919. which have been called for payment.
Plants.-The hydro-electric plants owned by the company are located
on many different water-sheds and have a total installed capacity of 106,000
h. p. These are complemented by steam plants which bring the total
generating capacity up to 209,000 h. p. A network of transmission lines
connects the power plants with the various communities served.
Security.-A direct first mortgage upon a substantial part of the property
including generating plants of approximately 128,000 h. p. rated capacity
and by a mortgage upon the remainder of the company's property, subject
to closed mortgages, which aggregate less than 7%% of the total bond. debt.
Earnings for Year ended Nov. 30 1918.
Gross earnings
$6,489,943 Ann. int. on funded debt,
after
taxes,
mainteincl. bonds offered
Not,
$1,203,125
$2,757,467 Balance
nance and renewals
$1,554,342
For full details of bonds, properties, &c., see V. 92, P. 465, 526, 1458;
V. 105, p. 1106, 1208; V. 107, p. 699.
Call of $4,000,000 2-year 6% Secured Gold Notes of 1917.-
The company has elected to call all of its $4,000,000 issue of 2-year 6%
Secured gold notes, dated July 1 1917, and they will accordingly be redeemed at 1004 and int. on Jan. 17 1919 at the Harris Trust & Savings
Bank, Chicago, or at Harris, Forbes & Co., N. Y. City.-V.107, p. 699.
Emerson Phonograph Co.-Litigation.-
Judge Mayer in the U. S. District Court at New York in action instituted against the company by the American Graphophone Co., based on an
alleged infringement of patent, has dismissed, with costs, the plaintiff's
bill.-V. 104, p. 2346, 2237.
Empire Steel & Iron Co.-Accumulated Dividend.In addition to the regular semi-annual dividend of 3% on the $2,500,000
6% cum. pref. stock, the company declared an extra dividend of 2% on
account of accumulations, both payable Jan. 2 1919 to holders of record
Dec. 20, thereby reducing the amount of accumulated dividends to 327.
In Jan. 1918 5% was paid on accumulations and in July 2%.-V. 106,
p. 2563, 1035.
Farr Alpaca Co.-Extra Dividend.-
The directors have declared an extra dividend of 7% in addition to the
regular quarterly of 2%, both payable Dec. 31 to holders of record Dec.
20. In 'Dec. 1917 a like amount was paid.
Directors have also voted to employees a wage dividend of 8% and an
extra of 7% on the earnings throughout the year as provided by company's
profit-sharing plan which gives to employees a dividend on yearly wages
of the same percentage as that paid on the stock.-V. 106, p. 712.
Federal Mining & Smelting Co., N. Y.-Quarterly Report.-Pres. F. H. Brownell in circular of Nov. 30 reports
Continental (Fire) Insurance Co.-Dividend Increased. the results of operations for quarter ending Oct. 31 1918
A semi-annual dividend of 10% has been declared on the $10,000,000 compared with previous quarters:
capital stock, payable Jan. 8 to holders of record Dec. 28. This
places the
stock on a 20% per ann. basis. The company paid dividends of 8% in
July and 6% in Jan. last.-V. 106, p. 399.
Continental Refining Co.-Scrip Dividend.-
The regular monthly dividend of 1% has been declared on the common
stock payable in scrip Jan. 10 to holders of record Dec. 31. Said scrip
will be convertible at par into common stock on any date prior to maturity
at the option of the holder. If carried to maturity the scrip will be redeemed by the company with interest at the rate of 7% per annum. The
same amount was paid in scrip on Dec. 10 and Nov. 10.-V. 107, p. 2011.
Cornell Mills Corp.-Extra Dividend.-
•
An extra dividend of 8%, it is stated, has been declared on the stock
along with the regular quarterly dividend of 2% both payable Jan. 2 to
holders of record Dec. 17. In Jan. and Apr. '
1918 and Oct. 1917 paid
8%_extra.-V. 106, p. 1233.
Cosden & Co.-New Oil Pipe Line.-New Company.-
The Cosden interests are understood to be contemplating the construction of a pipe line from the Ranger fields of North Central Texas to Tulsa,
Okla., about 250 miles. According to a newspaper report, a new company may be organized as a separate enterprise, probably under title of
Southwestern Pipe Line Co., and will issue $5,000,000 preferred stock to
pay for the lino. This would provide a supply of oil for the Cosden refineries.-V. 107, P. 2292.
Creamery Package Co.-Common Dividend Increased.-
A quarterly dividend of 1 % has been declared on the common stock
and 13,5% on tho preferred both payable Jan. 10 to holders of record Jan. 1.
Dividends of 1%% have been paid quarterly on the common stock since
April 1913.
(1) Number Tons Shipped for Quarters Ended on Dates Named.
-Oct. 31 1917
-July 31 1918-Oct. 31 1918May 1918____ 6,098
Aug. 1917____12,188
Aug. 1918____ 6,110
Sept. 1917____11,059
June 1918.... 6,722
Sept. 1918____ 6,152
Oct. 1917____ 9,571
July 1918._ 6,577
Oct. 1918____ 5,887
32,818
19,397
Total tons_18,I49
(2) Excess of Earnings Over Expenditures in Operations for Same Periods.
Aug. 1917_4244,415
May 1918_4134,874
Aug. 1918_ £87,243
Sept. 1917._ 137,015
June 1918._ 90,179
Sept. 1918._ 154,435
July 1918-- 98,255
Oct. 1917_ 50,188
Oct. 1918_ 130,294
$431,618
$323,308
Total _ _ _ _$371,972
No aceount is taken of either ore depletion or depreciation, leaving that
for the end of the year.
A dividend of 147 on the pref. stock has been declared payable Dec. 16
1918.-V. 107, p. 908, 505.
Firestone Tire & Rubber Co.-Earnings-Decision.1916-17.
1917-18.
Oct. 31 Years-$75,801,507 $61,587,219
Sales for the year
Profits after deprec'n, losses, &c. and reserve for
x$6,520,442 $5,051,798
' taxes
Federal income and excess profits
510,0001 1,735,403
Preferred dividends (6%)
Common dividends (see below)
(60%)2,100,000J
Surplus for year
$3,910,442 $3,316,395
x Federal income and excess profits taxes for 1917-18 were $1,800,000.
Stock outstanding, $8,500,000 6% corn. pref. and $3,500,000 common:
par $10 a share. In the year 1917-18 the common shares received each
Delta Land & Timber Co.-Bond Call.quarter a dividend of $1 25 a share (1235%) and on Sept. 30 with the
3250,000 Refunding 6% gold bonds of 1913 have been called for redemp- regular $1 25, a special of 81 (10%) was paid, making 60% for the year.
tion on Jan. 1 1919 at 102 and int. at the Michigan Trust Co., Grand Rap- -V. 107, p. 805.
ids, Mich., trustee. [It was erroneously announced last week that all
The U.S. Circuit Court of Appeals at Cincinnati on Dec. 13 handed down
of this issue outstanding had been called.-Ed.]-1r. 107, p. 2100.
a decision in the case of this company against Frank A. Seiberling of Akron.
Ohio, President of the Goodyear Tire & Rubber Co., reversing the decree
Detroit Edison Co.-Offer to Shareholders of Ten-year of the U. S. District Court, which held valid and infringed by the Fire7% Convertible Debentures-Issue Underwritten.-Stockhold- stone Co. the Seiberling and Stevens patents covering automobile tire-making machinery-V. 107, p 805.
Dec. 31 1918
will have the right to subscribe
ers of record
for $2,600,000 10-year 7% convertible debentures at par for
an amount equal to 10% of the par value of stock then held.
All payments must be made to the Bankers Trust Co.,
N. Y., or the Security Trust Co., Detroit, either in full on
Feb. 1 1919, or in three installments-on Feb. 11919, 50%;
on May 1, 25%, and on Aug. 11919, 25%.
Forestal Land, Timber & Rys.-New Coupons.-
Holders of preference share warrants to bearer are informed that a new
talon and set of dividend coupons can belobtained at the offices of the
company, 149, Leadenhall St., London, E.C.3, on any day between the
hours of 11 a. m. and 2 p. m.(Saturdays excepted) on presentation of share
warrants.-V. 106, p. 391.
Fox River Butter Co.-Special Dividend.-
It was announced in Chicago on Dec. 16 that the directors had declared a
Digest of Letter of Pres. Alex Dow, Dated Dec. 17 1918,
special dividend of 10% on the $1,000,000 common stock. The company
Details of Issue.-These bonds will be convertible between Feb. 1 1921 has been paying regular quarterly dividends of 234% (10% per ann.) since
and Aug. 1 1928 at the option of the holders, into paid-up shares of the April 1913, with extras in Dec. 1917 of 1%; 1916,2%; 1915, 1%; 1914, 2%,
stock of the company of tho same par value. They are'to be dated Feb. 1 and 1912, 2%.
1919, duo Feb. 11929; int. F.& A. Denom.$100 or $1,000 c*. RedeemThe Chicago "Tribune" of Dec. 17 quotes Pres. H. S. Johnson as saying:
able on or after Feb. 1 1923 and before Feb. 1 1927 at 105 and int., and on 'This special dividend is really a return of subscribed capital. Part of the
or after Feb. 1 1927 and before maturity at 102 and int., on 60 days' notice, South State Street warehouse has been turned over to the Chicago Cold
and when so called for redemption, they may, at the option of the holders, Storage Warehouse and money we expected to use for equipment has not
provided the time for conversion has not expired, be converted into stock, been needed. Our regular dividends of 12% on common and 7% on preferred
as aforesaid, at any time before the date named for redemption.
have not been abnormal. We have made less on storage butter this year
Warrants.-Assignable subscription warrants will be issued specifying than before.
the amount of bonds for which the stockholder is entitled to subscribe.
"The price of butter is too high. but this is a result of Governmental
Such warrants will be issued only for amounts of $100 or multiples thereof. handling of the situation. If we had been allowed to handle all our stocks
For each fraction of $100 bond a fractional warrant will be issued, which, as usual there would not have been such an increase. Butter will go down
if presented on or prior to Feb. 1 1919, with other fractional warrants in about 25 cents a pou nd between now and next May. The Government
amounts aggregating $100, will be accepted as a subscription for a $100 limits our profits, but it does not limit our losses."-V. 107, p. 2192.
bond. Warrants will be mailed on Jan. 8 1919. Warrants must be surrendered and payment made on or before Feb. 1 1919.
General Electric Co.-Strike.ligUnderwriting.-The bonds have been underwritten and all bonds not
In sympathy with the strikers at the Erie, Pa., plant, nearly all of the
subscribed for by the stockholders on or before Feb. 11919, upon the terms 23,000 employees of the plant at Schenectady on Dec. 19 walked out.
hereinabove set forth, will be sold to the bankers who have agreed to take Employees at Pittsfield, Mass., to the number of 3,500 out of the 6,000
the sazne.
sias
employees also have struck.-V. 107, p. 2292. 1923.
2380
THE CHRONICLE
General Motors Corporation.-Stock Inerease.-
Jones Bros. Tea Co.-Sales.-
A certificate of increase in the authorized capital stock has been filed at
1918-Nov.-1917.
Dover, Del., increasing the stock from $300,000,000 to $375,000,000. $1,112,847
$1,128,352
Compare V. 107, p. 2292, 2101, 2011.
-V. 107, p. 2012, 1672.
General Petroleum Corporation.-New Stock Offering.
[VoL. 107.
Decrease.) 1918-11 Mos.-1917. Decrease.
$15,5051$12,402,860 $10,860,999 $1,541,862
Kennedy. Valve Manufacturing Co.-Redemption
Announcement is made that the common stockholder* will be given the
Forty-five Pirst Mtge. bonds of 1907 will be redeemed on Jan. 1 at 102
opportunity to subscribe at par for a portion of the increase of 82,976 shares and int, at the Chemung Canal Trust Co.. Trustee, Elmira, N. Y.
in the capital stock authorized in August in amounts equal to 10% of their
respective holdings, provided the assent of the Capital Issues Committee
Kings County Elec. Lt. & Power Co.-New Name, ctc.
is received as expected. The company has received permission from the
See Brooklyn Edison Co., Inc., above.-V. 107, p. 2192.
California RR. Commission to sell 13,600 of the new shares to its stockholders and the transaction awaits only this further assent.
(S. S.) Kresge Co.-Sales.The San Francisco "Chronicle" says:
1918-Nov.-1917.
Increase.
Increase.) 1918-11 Mos.-1917.
"No fractional shares will be Issued, but stockholders owning five or $3,373,710 $2,751,505
$622,1151$30,012,043 $25,364,873 $5,547,170
more shares will be entitled to subscribe for an additional full share. Sub- -V. 107, p. 2012, 1750.
scription rights purchased from present stockholders will not be recognized
by the company, it was announced. Proceeds from the sale
Lake Superior Corporation.-Peace Business.will be used in a manner to be determined by the directors. ($1,360.000)
Press reports say that in pursuance of the arrangement to deliver steel
The stock outstanding amounts to $13,490,200; total authorized, $25,- rails instead of shell steel on old contracts, it is understood that the Lake Su000,000. There was recently some talk of retiring more of the bonds of the perior Corporation is already running on steel rails and has ceased the
subsidiary controlled company, the General Pipe Line, but this plan is production of shell steel.
said to have been abandoned, owing to the advance in price. The present
These orders on the books represent fully 6'months' business, and it is
situation as to the company's holdings of bonds and notes as of Dec. 10 expected that this vill be only a small part of what will follow, so large
1918 was as follows:
are estimated to be Canada's rail requirements.-V. 107, p. 1923, 1750.
Issued
Of Which G.Pet. Held
Laurentide Co., Ltd.-Dividend Increased.June30'18 June30'18. Dec.10'18.
Gen.Pet. Corp.6% Secured Gold notes_$1,254,000 $154,000
A quarterly dividend of 3% has been declared on the 39,600,000 capital
$561,000
General Pipe Line 1st M.6% bonds____ 3,951,000
1,829,000 stock, payable Jan. 2 to holders of record Dec. 23, thus placing the stock
866,000
Liberty Loan bonds
277,250 abt.610,000 on a 12% per annum basis. In March 1917 the dividend was increased
The shareholders on Aug. 29 1918 voted to increase the authorized capital from 2% guar.(8% p. a.) to 2%% (10% p. a.), which rate has been constock from $16,702,400, all outstanding ($13,490,200 being common stock tinued to the present quarter.-V. 107, p. 1188. 1007.
and $3,212,200 7% cum. pref.) to $25,000,000. It is part of this increase
that is now to be offered. Compare annual report, &c., V. 107, p. 295,.
MacAndrews & Forbes Co.-Extra Dividend.1097, 1290, 2011.
An extra dividend of 2%% has been declared on the common stock, in
to the regular quarterly dividends of 1%% on the preferred'and
Granby Consol. Mining, Smelting & Power Co., Ltd. addition
°/i., on the common, all payable Jan. 15 to holders of record Dec. 31.
Anyox. Grand Forks.
in Jan. 1918 an extra of 1%% was paid on the common stock.-V. 106. P.
Total.
Total.
Copper Output (lbs.).
2014.
1918.
1918.
1918.
1917.
November
1 ,970,027
177,378
2,147,405
2,886,489
Eleven months
(A.) MacDonald Co.-Funding Plan.28.627,833
7,225,232 35,853,065 .35,846,388
-V. 107, p.2011, 1582.
A Canadian press dispatch states that the proposal for the funding of
dividend arrears on the company's preferred shares has met with such a
Grasselli Chemical Co., Cleveland.-Acquisition.substantial measure of support that the plan is pretty well assured to go
This company has purchased for $2,500,000 the chemical portion of the through. Compare V. 107, p. 1841, 408.
business of the Bayer Co., which was bid in by the Sterling Products Co.,
of Wheeling, W.Va., when offered fog sale by the Alien Property Custodian
Mackay Companies.-Litigation.(V.107, p. 2291).-V. 107, p. 2192, 908.
The Commercial Cable Co. on Dec. 16 filed papers in the U. S. District
Court at New York joining Newcomb Carlton, President of the Western
Greenfield (Mass.) Gas Light Co.-Gas Rates.Union, as a party defendant with Postmaster-General Burleson, in the
The Massachusetts Gas and Electric Light Commission has ordered a suit of the Commercial Cable Co. against the Postmaster-General to have
reduction in the price of gas front $1 80 to $1 70 per 1,000 cu. ft., effective set aside his seizing of the submarine cables. This now brings the suit
Jan. 1.--V. 87, p. 350.
within the jurisdiction of the Dirtrict Court in N.Y.-V.107, p. 2293,2012.
Guantanamo & Western RR.-Earnings.-
June 30 Yrs.- 1917-18. 1916-17.
Gross earnings __3748,664 $555,950 Gross income_ _ _ _
Net, after taxes:df.$14,567 $25,918 Int., rents, &c_ __
Other income_
75,372
55,945 Balance, deficit__
-V. 105, p. 2179.
1917-18. 1916-17.
$60,805 $107,303
152,618 143,293
$91,813 $35,990
Gulf States Steel Co.-Net Operating Income.-
Month of November
1918.
1917.
1916.
$65,687
$348,652 $304,490
-V. 107, p. 2101, 2011.
Magor Car Corporation.-Extra Dividend.The directors have declared an extra dividend of $2 on the outstanding
common stock along with the regular quarterly dividends of 13 % on the
preferred stock and Si on the common, all dividends payable Dec. 31 to
holders of record Dec. 25. An extra of $2 per share was paid on the
common stock in Jan., March, June and Sept. last.-V. 107, p. 1196.
Magma Copper Co.-Production (in Lbs.).-
1918--Notember-1917. Increase.) 1918-11 Months-1917. Increase.
-11 Months ending Nov. 30288,352
183,04319,815,742
9,527,390
809,228
992,271
1918.
1917.
1916.
$1,843,521
$3,829,019
$2,406,778 -V. 107, p. 2193, 2013.
Magnolia Petroleum Co.-Pipe Line.-
Hotel Traymore Co., Atlantic City, N. J.-Bond Call.- This company has commenced construction of an 8-inch oil pipe line from
Ninety-seven ($97.000) and six ($3,000) First Mtge. Sinking Fund gold Ranger to Corsicana, Tex., 120 miles.-V. 106, p. 2014.
bonds, clue Jan. 1 1927, have been drawn for payment for account of the
Mason Valley Copper Co.-Production (in Lbs.).sinking fund as of Jan. 11019, and will bo paid on and after Jan. 2 at 102
1918-Norenzber-1917. Decease.
1918-11 Months-1917. Increase.
and interest at the Guarantee Trust Co., Atlantic City, as trustee.- 1,073,400
235,128114,765,371
12,606,417 2,158,954
1,308,528
V. 104, p. 2015.
-V. 107, p. 2193, 2013.
Huntington Land & Improvement Co.-Bond Payment.
Mexican Eagle Oil Co., Ltd.-
We learn officially that the $920,000 6% bonds due Dec. 1 1918 were to
Referring to the conflicting reports regarding the company's great well
be paid off at maturity on Dec. 1 1918. payment to be made at office of reported as lost, the "Boston News Bureau" has received the following in
U. S. Mtge. & Trust Co., N. Y., and Security Trust & Savings Bank, reply to its inquiry: "Your cables just received. Potrero No. 4 may not
Los Angeles, Cal.-V. 105. p. 2188.
be lost as water is fresh not salt, pointing to damaged casing. But if it
be lost probably the field will continue to give production for some time
Hydraulic Power Co. of Niagara Falls.-Offering of Our capped wells elsewhere can immediately replace production lost
through Potrero No. 4. Dislocation in business will be momentary only.
Refunding ct Improvement Mortgage 5% Bonds du„e 1951.Our production is largely in excess of our demands. (Signed Cowdray.)"See Niagara Falls Power Co. below.-V. 107, p. 1484, 1290.
V. 107, p. 2293, 296.
Indian Refining Co.-Bond Call.-
One hundred seventy-four First Mtge. bonds of 1911, ranging from No.
2828 to No. 3994, have been called for redemption at 102 and int. on Jan.
1 1919 at the Bankers Trust Co., N. Y.-V. 107, p. 1195, 908.
International Portland Cement Corp-Reorg. Plan.-
Michigan City Gas & Electric Co.-Bonds Called.See Northern Indiana Gas & Electric Co. below.-V. 88, p. 1134.
Midvale Steel & Ordnance Co.-Eddystone Plant to
Close Jan. 11.-
The rifle plant at Eddystone, Pa., it is announced, will be closed down
President Holger Struckmann in circular dated at 347 Madison Ave., on Jan. 11. The plant was built by the Government and operated by the
N. Y., Dec. 10, says in brief:
Midvale Co.
Organization and Plant.-Your company is organized under the laws of
Manufacturers of rifles for the United States began on Sept. 17 1917,
Virginia and has an issued capital of 50,000 shares of preferred stock of a and on Sept. 16 1918 the company had turned out 1,000,000 modifid
par value of $50 each, and 102,312 shares of common stock, par $10.
Enfield rifles of the 1917 type, being about two months ahead of its schedule.
It owns the entire capital stock and all of the outstanding obligations of Last July the plant was given a second order calling for about 500,000 addithe Compania Argentina de Cement() Portland, a corporation of Argentine tional ritles.-V. 107, p. 2293, 2013.
Republic, the operating company, less 25 shares necessary to qualify diMt. Carmel (Pa.) Gas Co.-Receiver Appointed.rectors. It also owns 2,312 shares of the capital stock of the Cuban PortCharles C. Lark has boon appointed receiver for this company.
land Cement Co.
The first unit of the plant at Sierra Baya.s is now in operation, representNashua Manufacturing Co.-Par Value-Stock.ing the most modern design and construction and enjoying practically an
The directors have voted to reduce the par value of the capital stock
unlimited amount of raw materials of the highest quality. Owing to the
per share, and to issue five now shares of stock for every
scarcity of shipping, the price of imported cement in the Argentine has ad- from $500 to $100
the number of shares after the readjustment
vanced to between $15 and $16 per barrel. Even so, contractors are unable one of present capitalization,
directors have further voted to increase the
to secure their requirements. Very satisfactory earnings are promised. boing 14,500 shares. The
from
capital
stock
authorized
$1,450,000
to $10,000,000. The stockholders
Now that active operation has begun, we are confronted by a very substantial overrun in construction cost of the plant, due to war causes, so will vote on the above measures on Dec. 27.-V. 107, p. 2103.
that at this time it owes approximately $800000. It needs approximately
-Service
to
Close.Nassau Ferry Co.
$300.000 to complete construction, and requires over $450,000 for working
This company has announced that service will be discontinued Dec. 28.
capital. The sum of at least $1,500,000 should be raised, also, at once, The company operates boats between Houston St., Manhattan and Grand
in order to take advantage of the present favorable markets.
St., Brooklyn. The above announcement is the result of action by the
The plan herein set forth, it is believed, offers the only practical method Sinking Fund Commission of the City of New York, which did not approve
of procedure, and assures a strong financial position for the company.
the granting of a subsidy of $120,000 a year recently sought by the cornPlan.-The present obligations will be foreclosed and all assets trans- pany.-V. 85, p. 472.
ferred to the International Cement Corporation, to be organized under the
National Aniline & Chemical Co.-Accumulated Div.laws of Delaware with a total capital stock divided into:
The directors have declared an accumulated dividend of 3%% on the
Pref. stock, 6% non-cumulative, par $50 a share, all exchangeable,$ for $,for present 7% cum. pref. on or before Jan.10'19_$2,500,000 823,524,700 pref. stock payable Jan. 15 to holders of record Dec. 20, discharging all accumulations to date. The regular quarterly of 1,1% has
Common stock without normal par value, total issue
407,000 shs. also been declared payable Jan. 2 to holders of record Dec. 20. The comExchangeable share for share for present company began business in July 1917 and in July 1918 paid an initial dividend
mon stock on or before Jan. 10 1919
102,312 shs.
of 1 i4% and 1%% on accumulations. In October it paid a quarterly
Underwritten by Hayden, Stone & Co. and of1 %. There are also outstanding 395,900 shares of common stock with
fered for subscription at $5 per share to holders
no par value on which no dividends have yet been paid.-V.107, p. 1290.
of the present stock [whether common or pref.]
to the extent of 2 shares for each share held_ _304,624 shs
(Geo. B.) Newton Coal Co., Phila.-Balance Sheet Oct. 31
Subscriptions are to be paid by check (New York or Boston exchange) to
1917.
1918.
1018.
1917.
the order of the new corporation, delivered to Merchants' National Bank
Liabilities$
Assets1st pref. 7% cum-1,750,000 1,750,000
of Boston, 28 State St., Boston, as follows: 50% with subscription, on or Real estate, bldgs.,
before Jan. 10 1919, and the balance of 50% on or before Mar. 10 1919.
65,200
machinery, hce- _ _1,689,691 1,717,293 2d pref. 7% cum_ _ _ 56,200
Payments in full may be anticipated, but no interest will be allowed on Prepaid exp., &c._. 59,085
2,158,425 2,149,425
67,277 Common stock
anticipated payments. The entire plan is conditioned upon the deposit Coal, wood, &c
905,709 459,241 Mortgage bonds,5% 242,000 222,000
for exchange of not less than 75% of the present outstanding capital stock, Accounts receivable_ 837,369 1,009,196 Mortgage 54-10%..,20,000
32,481 Accounts paydble__ 619,290 677,969
27,923
both common and preferred, on or before Jan. 10 1919. The largest stock- Bills receivable
478,431 510,000
holders within reach have approved the plan.
89,085 145,378 Bills payable
Cush
59,784 Accrued charges__ _
57,792
45,726
The new company will have approximately $450,000 working capital, Inv estm'ts & loans__ 71,084
and if and as additional working capital is required, it is believed that ordi- Sink. hind for bonds 70,600
65,200 Reserve for inven
tortes & bad debts 57,901
64,258
51,924
nary banking loans, now no longer obtainable, may be readily made for the Organization exp_ _ 50,001
1,099,875 1,099,875 Special surplus (sinkrelatively small amounts involved.-V.103, p. 761; 4. 107, p. 407, 2293.
Good-will
95,259
95,259
822,300 822,300
log fund)
Trade agree:nents
Jewett Car Co.-Receiver Named.25,370
95,259 Undistributed profit 302,675
First pref. sink. fund 95,259
Miller of Newark, Ohio, on Dec. 12 was appointed Receiver
Wiiiiaxn
5,817,982 5,625,209
Total
5,817,982 5,625,209
for this company which is engaged in the manufacture of street cars at
Total
Newark, Ohio.
-V. 105. P. 185.
DEC. 211918.]
TITLE CHRONICLE
Niagara Falls Power Co. (Consolidated).—Offering of
Hydraulic Power Co. of Niagara Falls Refunding (t Improvement (Closed) Mtge. 5% Gold Bonds.—Sponcer Trask & Co.
are offering, by advertisement on a preceding page, $2,000,000 Hydraulic Power Co. of Niagara Falls Refunding &
Improvement (closed) mtge. 5% gold bonds of 1916, duo
Oct. 1.1951, making the total outstanding (including present
issue), $6,500,000. Authorized amount, $10,000,000. For
description of issue &c., compare V. 107, p. 2294, 2193, 2014.
This offering, it is stated, has been exceptionally well received. These
bonds are the direct assumed obligation of the Niagara Falls Power Co.
(Consolidated), and are secured upon the entire property of the former
Hydraulic Power Co. of Niagara Falls, the total bonded debt of the latter
company being at the exceptionally low rate of approximately $40 per h. p.
The present issue of $2,000,000 bonds closes the Refunding & Improvement
Mortgage, no additional amount being issuable thereunder except $3,500,000 reserved to retire a like amount of First & Refunding Mortgage 5%
bonds, due 1950. The bonds will be a lien prior to any securities that may
be issued by the consolidated company on property formerly owned by the
Hydraulic Power Co The net income of the consolidated company, as
officially reported for 1917, was equivalent to approximately 2 times annual interest charges on the total bonded debt. This income does not take
Into consideration increases in revenue to be derived from approximately
100,000 additional horsepower now being installed in the plant, upon which
the Refunding & Improvement Mortgage bonds are secured.—See also
V. 107, p. 2294, 2193.
Obituary.—
Stacy C. Richmond, President of the new company (V. 107, p. 2193),
died suddenly at his office on Dec. 16. Mr. Richmond was also a director
of the American Cotton Oil Co, Computing-Tabulating-Recording Co.,
Haitian-American Corp. and Submarine Boat Corp. Edward A. Wickes,
President of the old Niagara Falls Power Co., died on Dec. 6. Compare
V. 107, p. 2294.
Northern Indiana Gas & Electric Co.—Bond Call.—
This company, successor to the Michigan City Gas & Electric Co., has
called at par and interest on Jan. 1 1919 three ($3,000) First and Consolidated Mtge. gold bonds of the Michigan City company, dated 1907,
at the Central Trust Co. of Ill.. Chicago.—V. 107, p. 408.
Northwestern Electric Co., Portland, Ore.—Rates.
See Portland Ry. Light & Power Co. under "Railways" above.—V.
106, p. 1582, 195.
Oahu Sugar Co.—Extra Dividend.—
An extra dividend of 60 tents a share has been declared on the $6,000,000
capital stock in addition to the regular Tenthly of 20 cents, both payable
Dec. 23 to holders of record Dec. 6.—V. 99, p. 1371, 752.
Ohio State Telephone Co.—Offering of 7% Convertible
Notes.—F. R. Huntington, Columbus, and Otis & Co.,
Cleveland, are offering by advertisement on another page,
at 98 and interest yielding about 7%,$1,300,000 (total
issue) 7% convertible notes, dated Dec. 10 1918, duo Dec.
10 1922. A complete description pf this issue appeared in
the "Chronicle" of Dec. 14. Compare V. 107, p. 2294, 2103.
Onomea Sugar Co., Honolulu.—Extra Dividend.—
An extra dividend of 60 cents (3%) per share has been declared on the
stock in addition to the regular monthly 40 cents (2%) per share, both
payable D.-T. 20. The regular monthly dividend rate was reduced in April
last from 40 cents (2%) to 20 cents (1%) per share. In Dec. 1917 an
extra of 60 cents (3%) was paid.—V. 10,3, p. 1691.
Pacific Power & Light Co.—Offering of First cc: Refunding 5s.—Williarn A. Read & Co. and White, Weld & Co.,
are offering, at 893
4 and int., yielding 6.25%, a block of
First & Refunding (now First) Mtge. 5% gold bonds of
1910, duo Aug. 11930. Authorized, $30,000,000; certified
and issued, '4,863,000. Int. F.& A.
"Passed by the Capital Issues Committee as not incompatible," &c.
Data from Letter of Vice-Pres. A. S. Grenier, Dated Dec. 14 1918.
Company.—Incorporated in Juno 1910 in Maine, and is a consolidation
of various long-established properties, a number of which have been in
operation for over 23 years. Serves 47 communities and surrounding territory in Washington, Oregon and Idaho. It operates both hydro-electric
and steam-electric power plants, furnishing electricity for light and power,
and it also operates gas, water-works and electric city and interurban
railway properties.
Capitalization—
Outstanding. Authorized.
First and Refunding Mortgage 5% bonds
$8,292,000 $30,000,000
Two-Year 6% Secured notes due 1919
410,000
3,000,000
7% cumulative preferred stock
2,700,000
4,500,000
7% cumulative second preferred stock
1,500,000
2,500,000
Common stock
6,100,000
7,000,000
* $571,000 additional bonds are pledged to secure the $410,000 Two-Year
6% Secured notes.
Bond Issue.—The First and Refunding Mtge.5% Gold Bonds are secured
by a first and only mtge. lien on all the physical property of the company.
The mortgage securing these bonds covers plants and properties as follows:
Properly.—(a) Electric power plants having a capacity of approximately
20,515 k. w., of which 15,175 k. w. is hydro-electric.
(b) High voltage transmission lines aggregating 502 miles, in operation,
including 66 mile.s connecting the company's system at Pasco with the
system of the Washington Water Power Co. at Lind.
(c) Gas plants in Lewiston, Idaho, with an extension of the gas mains to
Clarkston, Wash.; Walla Walla, Yakima and Vancouver, Wash.; Pendleton
and Astoria, Ore.
(d) A street railway in Astoria, Oro., and in Walla Walla, as well as an
interurban railway from Walla Walla, Wash., to Freewater and Milton,
Ore.; total of 33 miles of main track.
(4 Water-works, having a total of 95 miles of main, in Yakima, Wash.;
in Prosser, Wash.; and at Kennewick and Pasco, Wash.
12 Months to Nov. 30—
1918.
1917.
1916.
Gross earnings
$1,812,181 $1,625,097. $1,452,218
Net earnings
$857,430
$848,899
$712,996
Equity—These bonds are followed by $4,200,000 7% cumulative 1st and
2d preferred stocks, upon which dividends at the full rate are being paid.
The bonds are also followed by $6,100,000 common stock.
Control.—The entire common stock, except directors' shares, is owned
by the American Power & Light Co., controlled by interests associated
with the Electric Bond & Share Co., which in turn is controlled through
stock ownership by the General Electric Co.
For full particulars of this issue see V. 93, p. 536; V. 94, p. 279; V. 96,
13• 793; V. 100, p. 402.
Redemption of Two-Year 6% Gold Notes.—
All of the two-year 6% secured gold notes outstanding, dated Aug. 1
1917 have been called for redemption on Jan. 18 1019 at the office of the
U.S. Mtge. & Trust Co., N.Y.. at 100A and interest.—V. 107, p.507.
Palmolive Co.—Offering of 5-Year 7% Sinking Fund Convertible Gold Notes.—Spencer Trask & Co., N. Y.; Bosworth,
Chanute & Co., Denver, and Morris F. Fox & Co. and Edgar
Ricker & Co., each of Milwaukee, Wis., are offering, at a
price to yield about 73'%,$1,500,000 Five-Year 7% Sinking
Fund convertible gold notes dated Dec. 2 1018, duo Dec. 1
1923. Auth. & outstanding, $1,500,000. A circular shows:
2381
"Passed by the Capital Issues Committee as not incompatible," &c.
Int. J. & D. in New York and Milwaukee. Company is obligated to
pay Federal income tax lawfully deductible at the source, up to 2%.
Denom. $100, $500 and $1,000 c*. Wisconsin Trust Co., Milwaukee.
trustee. Convertible at par, at the option of the holder, at any time on
and after Dec. 1 1919, into 7% Cumulative pref. stock at par. Notes
called for redemption shall retain conversion privilege until thirty days
prior to the date specified for redemption.
Redeemable as a whole (but not in part except with consent of bankers
named in indenture or through sinking fund) at option of company on any
Interest date on 45 days' notice, as follows (all notes so redeemed to be
canceled): 103 and int. on or before Dec. 11919; 102 and int after Dec. 1
1919 and on or before Dec. 11920; 101% and int. after Dec. 1 1920 and on
or before Dec. 1 1921; 101 and int. after Dec. 1 1921, and on or before
Dec. 11922; and 100% and hit. after Dec. 1 1922 and before Dec. 1 1923.
company.—Started in Milwaukee in 1864 as a partnership and was incorporated in Wisconsin on Dec. 20 1894 as the B. J. Johnson Soap Co. In
1917 the name of the company was changed to the Palmolive Co. The
main plant is at Milwaukee, and comprises three buildings with a floor area
In excess of 250,000 sq. ft. The plant is modern in every respect.
Capitaliz'n (upon Completion ofPresent Financing) Auth.
Outstand'g.
5-year 7% Sinking Fund Convertible gold notes_ _ _$1,500,000 • $1.500.000
7% Cumulative preferred stock
3,000,000
1,095,961
Common stock
1,734,371
3,000,000
Further particulars regarding the company and its issue of notes, pref.
stock, &c., should appear another week. Compare stock offering, V. 105.
p. 1424.
Penn Seaboard Steel Corp., Phila.-40% New Stock
or 35,088 Shares, Offered to Shareholders at $40 a Share (No
Par Value)—Issue Underwritten.—
Stockholders of record Dec. 18 are offered the pilvilege of subscribing
at the Guaranty Trust Co., N. Y., on or before Jan. 2, for 35,088 shares,
without any nominal or par value, of new capital stock at the price of $40
per share, to the extent of 40% of the amount of their registered holdings,
with the further right to subscribe for a full share for any fractional interest
In a share. Subscriptions must be both filed and paid at the aforesaid
trust company, 140 Broadway, N. Y. City, in New :'4''ork funds, not later
than Jan. 2 1919. Certificates for such stock will be delivered as soon as
practicable thereafter.
This issue has been underwritten by a syndicate, which has aTreed to
take the same or such part thereof as the stockholders may not subscribe,
the Corporation having agreed to pay to said syndicate a commission for
such underwriting. [Data from circular of Dec. 14, signed by C. F. Jemison, Secretary, 1417 Sansom St., Philadel phia.1
Status—Earnings—Plants—Need for Additional Working
Capital.—See "Annual Reports" on a preceding page.—
V. 107, p. 1924.
Pierce Oil Corporation.—Balance Sheet, &c.—
See "Annual Reports" on a preceding page.—V. 107, p. 2295.
Pittsburgh Oil 86 Gas Co.—Listed in Pittsburgh—Status.
The Pittsburgh Stock Exchange has listed $1,000,000 additional capital
stock, 25% of which was sold to the stockholders at par, $5, and another
25%, together with $12,511 cash, was used in acquiring the United Oil &
Gas and Wildwood Oil companies. See "Financial Reports" above.—
V. 107, p. 910, 807.
Pittsburgh Rolls Corporation.—Dividend.-A special dividend of I% has been declared on the $1.500,000 outstanding common stock, payable in 44% Liberty bonds on Jan. 1 to holders of
record Dec.20. The initial dividend was paid in July last.—V. 106, p.
2457, 2349.
Plymouth (Mass.) Gas Light Co.—Rates.—
This company has petitioned the Massachusetts Gas & Electric Light
Commission for that body to fix and determine the price of gas. The present rate of $2 as fixed by the Commission is held by the company to be
inadequate and confiscatory.
Pond Creek Coal Co.—Dividend Reduced.—
The directors have declared a quarterly dividend of 37% cents a share
on the stock payable Jan. 1 to holders of record Dec. 27. A dividend of
50 cents has been paid quarterly since July 1917.—V. 106, p. 1236.
Prairie Oil & Gas Co.—Extra Dividend.—
Directors have declared an extra dividend of $5 a share on the $18,039.09D
outstanding stock in addition to the usual quarterly dividend of $5 a share.
payable Jan. 31 to holders of record Dec. 31
An extra of $2 per share was
paid in each quarter of 1918 and in Oct. 1917 paid 31.—V. 107. p. 1197.
Providence Gas Co.—New Stock—
The stockholders of record Nov. 26 1918 were offered until Dec. 15 1918
the right to subscribe in proportion to their holdings of stock to an issue
of $1,260,000 of new capital stock in the ratio of one share of new stock for
each five shares of stock held. The new stock will be issued at par. $50
per share. and may be taken and paid for at the option of the subscriber as
follows: The full subscription on or before Jan. 5 1919, or half of the subscription may be taken and paid for on or before Jan.5 1919 and the balance
of the subscription on or before April 5 1919.
The offering was made subject to approval by the Capital Issues Comm.
Pres. John R. Freeman as of Nov. 26 writes:
"The steadily Increasing costs of construction material and labor and
losses incurred by operating for several months on a rate for gas which was
Inadequate to meet the increased costs of operation, have made it necessary
to raise additional funds to complete the new coke oven plant and provide
for its operation.
"The proposed issue of $1,260,000 of new capital stock is for this purpose.
The success of the issue is assured by an arrangement with certain stockholders, who have agreed not only to take their pro rata share of the new
stock but to underwrite at par the balance of the issue, without expense to
the company.
"The new plant which was begun early last year is nearing completion
and should begin production soon after Jan. 1 1919. For the present,
pending a demonstration of the new plant's earning capacity, it is proposed
that dividends shall not be paid in excess of 4% per annum."—V. 107. p.
2103. 1673.
Public Service Co. of Northern Illinois—Offering of
First & Refunding 58.—Halsey, Stuart & Co., Inc., are offering a block of First & Refunding Mtge. 5% gold bonds of
1911, due Oct. 1 1956, but redeemable on Oct. 1 1921 or
on any int. payment date thereafter at 110 and int. upon
60 days' notice. Total outstanding, $18,581,000. A circular shows:
"Passed by the Capital Issues Committee as not incompatible," &c.
Company.—Organized in Illinois in 1911 and now operates in 15 counties
surrounding Chicago, and having a combined population of 759,655, excl.
Chicago. The service includes electricity, gas, heating and water.
Consolidated Funded Debt Statement Outstanding.
Underlying div. bonds, mtges. on portions of property*
$11,221,500
First and Refunding 5% bonds, due 1956_a
.
18,581,000
2-year 6% Coll, gold notes, series "A,' due Oct. 1 1919
1,500,000
2-year 6% Coll, gold notes, Series "B," due Feb. 1 1920
1,773,300
6% gold debentures, due serially Mar. 1 1919-1922
4,000,000
Total funded debt
$37,075,800
*Does not include $3,466,000 Underlying bonds deposited under the
First & Refunding Mtge. a Does not include $4,366,000 First & Refunding bonds deposited as collateral security for the Series"A" and Series"B"
Collateral gold notes.
Security.—A mortgage covering as a direct lien all fixed property now
owned or hereafter acquired. This mortgage is now a first lien on important parts of the property. The bonds are further secured by deposit
of $3,466,000 of underlying bonds, or over 23% of the total underlying
2382
THE CHRONICLE
[VoL. 107.
bonds. The bonds, therefore, in addition to being secured by a mortgage
St. Louis Rocky Mtn. & Pacific Co.-Dividend.lien on all fixed property share in the lien represented by the deposited
The company has declared a quarterly dividend of 2% on the $10,000,000
underlying bonds.
common stock, payable Dec. 31 to holders of record Dec. 21.
Earnings for Calendar Years and 12 Months to Aug. 31 1918.
Common Dividend Record.
Calendar Years1915.
1916.
1917.
1917-18.
'14. '15. '16. '17.Jan.'18. Apr.'18. July '18. Oct.'18. Dec.'18.
Gross earnings
$6,903,228 $7,783,157 $8,797,764 $9,149,521 Rate ___ I% 1% 2% 3%
2%
1%
I%
1%
I%
Net, after taxes
3,153,858 3,274,674 3,488,431 3,516,405 -V. 107, p. 1843, 1385.
Interest charges
1,492,280 1,497.818 1,614,867 1,735,609
For full particulars of issue see V. 93, p. 1607; V. 94, p. 1190, 1321;
San Diego Consolidated Gas & Electric Co.-Offering
V. 102, p. 1254; V. 107, p. 1389, 1197.
of Bonds.-Blyth, Witter & Co., Los Angeles and San Fran-
3 yielding about 73.%, $483,000
Remington Typewriter Co.-Ace/cm. Divs.-Deposits.- cisco, are offering at 95%,
6% Debenture gold bonds, dated Dec. 1 1912, due Dec. 1
1922, of which the total authorized is $3,000,000 and the
amount outstanding $839,000. •A circular shows:
Premature newspaper reports to the contrary notwithstanding, the
directors have not yet declared the payment of the accumulated dividends,
aggregating 28% (not 27%) as of Oct. I on the First Pref. stock, but are
expecting to do so on Dec.28, payment to be made half in cash and half in
4% Liberty bonds. This is in accordance with the plan published in full
In the "Chronicle" of Nov. 16, page 1927. On the 2d pref. stock there are
32% of accumulated dividends which it is proposed to discharge partly
in 1st pref. stock and partly in cash and Liberty 44s (V. 107, p.1927.)
The committee reported all holders of 2d preferred except of a very small
percentage had assented to the plan, but the board decided to postpone
action until adjourned meeting Dec. 26. In the meantime the committee
will continue to receive stock from shareholders who have not yet deposited
stock under the plan.-V. 107, p. 2194.
Republic Motor Truck Co., Inc.-Sale of First Mtge.
and Collateral Trust Notes.-Announcement was made, by
advertisement in last' week's issue, of the offering by Hallgarten & Co., George H.Burr & Co. and A. B. Leach & Co.,
Inc., at prices ranging from 993/i and int., yielding about
7 WI%, to 98 and int., yielding about 732%, of $3,000,000
First Mtge. & Collateral Trust 7% Serial gold notes dated
Nov. 1 1918, due serially Nov. 1 1920-1923, inclusive.
Int. M.& N. in New York. Denom. $1,000 c*. [It is announced that the issue has been oversubscribed.]
"Passed by the Capital Issues Committee as not incompatible," &c.
The notes are subject to redemption, all or part, on any interest date
on 30 days' notice at the following prices, plus interest: 102 for notes with
4 years or more to run from redemption date; 1013i with 3 years or more
but less than 4 years to run; 101 for 2 years or more but less than 3 years
to run; 10034 for less than 2 years to run.
The company agrees to pay interest without deduction of the normal
Federal income tax not exceeding 2%. Bankers Trust Co., N.Y., and the
Guardian Savings & Trust Co., Cleveland, trustees.
Data from Letter of P. W. Ruggles, Pres. 8: Gen. Mgr., Alma, Mich,
Dec. 10 1918.
Organization.-Established in 1913 the corporate form being changed in
1916 from Michigan to New York. Owns the entire common stock of the
Torbensen Axle Co. and through that company controls the M.& S. Corp..
a gear manufacturing company at Detroit. It also owns the capital stock
of the Republic Motor Truck Co. of Calif., which operates an assembly
plant on the coast.
Capitalization upon Completion ofPresent Financing- Auth. Outstand'g.
First Mtge. & Coll. Trust 7% serial gold notes_ _ __$3,000,000 $3,000,000
Preferred stock, 7% cumulative (par value $100)___ 1,000,000 *950.000
Common stock (no par value)
100,000 sh 100,000 sh
* Balance of preferred stock, viz.: $50,000, has been purchased for sink.fd.
Business.-The largest manufacturer of motor trucks in the U. S., production for the year ended June 30 1918 having been about 17,000 vehicles.
The Torbensen Axle Co. is the largest manufacturer in the U. S. of axles for
motor trucks. The M. & S. Corp. has a large production of a patented
locking differential which it supplies to the Torbensen Axle Co. and to the
general market. During the war the companies have given a considerable
part of their production to war work (about 30%), but at the same time
have maintained an extensive commercial market. The truck is in
seven sizes, viz.: ;4 ton,
ton, 1 ton, 1% ton, 2 ton, 3A ton, and 5 ton
capacity.
Property.-The parent company plant is located at Alma, Mich., and has
an expanse of approximately 40 acres with a manufacturing capacity of
from 25,000 to 30,000 vehicles per annum; The Torbensen Axle Co. Is at
Cleveland, Ohio, with a plant covering 4 acres, and the M. & S. Corp. is
at Detroit, Mich., occupying 24 acres.
Security.-A first mtge. on all of the fixed assets of the company, now
owned or hereafter acquired and by pledge of the entire common stock of
The Torbensen Axle Co.
Purpose of Issue.-To reduce current floating indebtedness and to provide
additional working capital.
Consolidated Financial Statement as of Oct. 31 1918.
(After giving effect to the proceeds of the present issue of notes.)
Assets (Total each side, $15,656,769)Current assets: Inventories, $8,041,378; accounts receivable,
$12,676,786
&c., $1,082,463; cash, $3,552,945; total
2,607,852
Land, bldgs., mach., equip., &c., at depreciated book value
162,742
Investments in associated companies
209,389
Deferred and other assets
Liabilities$5,286,097
Current Liabilities: notes and accounts payable
727,288
Reserves for estimated Federal taxes, contingencies, &c
3,000,000
First Mortgage and Collateral Trust notes (present issue)
763,000
Pref. stock and purchase money obligations of Torbensen Co
Earnings.-Combined net sales (including parts) of the Republic and
Torbensen companies for the fiscal year ended June 30 1918 amounted to
over $25,300,000. Net profits before Federal income and excess profits
taxes amounted to $1,485,084 for the Republic company and $768,219 for
the Torbensen company, a total of $2,253,303. The Torbensen company
has outstanding an issue of $740,000 7% pref. stock requiring an annual
dividend of only $51,800. Interest charges on the new issue of First Mtge.
& Coll. Trust 7% serial gold notes will require only $210,000 per annum.
Compare V. 107,'p. 2295, 1835.
Royal Dutch Co.-Interim Dividend of 15%.
Joseph Walker & Sons have been informed by cable under date of Dec. 13
from their Amsterdam correspondent that the Royal Dutch Co. will pay
in January an interim dividend of 15%. This is equal to about $2 per share,
and will be distributed on the old (American) and new (New York) shares.
A circular was issued from The Hague dated Nov. 11 1918, stating that
in accordance with previous announcements, fls. 42,763,600 bonus shares
of fls. 1,000 or sub-shares of fls. 100 each, to be paid up out of the reserve,
are offered to shareholders upon payment of expenses and upon delivery
of dividend coupon 41. Shareholders will be entitled to such a number of
new shares or sub-shares as will represent at least one-half of the capital
represented by the dividend coupons 41 delivered up. Holders of one
dividend coupon of fls. 1,000 share are to be entitled to five sub-shares of
fls. 100. Dividend coupon 41 will therefore lose its original character.
The expenses to be paid will be fls. 110 for each share of fls. 1,000, or fls.
11 for each sub-share of fls. 100, such amount to be paid at the time of delivery of the.coupons. Provisional receip,ts will be issued for the present
and delivery will take place from Nov. 22 to Dec. 31 on each Monday,
Wednesday and Friday, and thereafter on Mondays only. [London announcement.] Holders of the Equitable Trust Co. certificates for American
shares of record Dec. 23 will on Dec. 30 receive stock bonus warrants repro.
senting their interest in this 50% stock bonus offered to holders of ordinary
stock.-V. 107, p. 2295, 2015.
St. Louis Munitions Corporation.-Organization.This company was organized late in October "for the period of the war
and one year thereafter" for the purpose of manufacturing munitions of
war for the United States and Allied countries. The nominal capitalization
is $1,000,000, but it is stated that the money invested in the eleven companies is between $5,000.000 and $6,000,000
Charter members: A. Gilbert & Sons Brass Foundry Co., St. Louis Frog
& Switch Co., Liberty Foundry Co., General Machinery Mfg. Co., the
Durbin Co., Walter Brown, an individual welding contractor; Measuregraph Co., Lincoln Steel & Forge Co., St. Louis Hardware Mfg. Co.,
Interstate Tool & Machine Co. and the Champion Shoe Machinery Co.
President, Charles Gilbert, Sec. of A. Gilbert & Sons Brass Foundry Co.;
Secretary, Emler Leschen, See. General Machinery Mfg. Co.; Treasurer,
W. T. Mellow, Sec.-Tress, of Liberty Foundry Co. Offices, 510 Locust
St., St. Louis.
"Passed by the Capital Issues Committee as not incompatible," &c.
Authorized. Outstanding.
Capitalization$6,000,000 $4,630,000
First Mortgage bonds
550,000
1,100,000
Notes secured by First Mortgage bonds
839,000
3,000,000
Debenture bonds
617,900
2,000,000
Preferred stock
2.955,000
4,000,000
Common stock
Company.-Incorp. in Cal. Mar. 31 1905, succeeding other companies
which had been serving part of its present territory since 1881.
Property.-Electric property consists of a steam generating plant of an
installed capacity of about 15,000 h.b. In San Diego, together with about
65 miles of transmission and 618 miles distribution lines. The gas property
consists of a manufacturing plant of 7,500,000 cu. ft. daily capacity and
holder capacity of 2,650,000 cu. ft. Distributing system, over 518 miles
of mains.
Earnings for Calendar Years and 12 Months to September 30 1918.
1917-18.
1917.
1914.
1916.
Year$1,377,721 $1,541,490 $1,602,174 $2.047,194
Gross
812,377
875,157 1,312,127
708,750
.Operating, maint. & taxes
735,066
727,017
729,113
Available for interest
668,971
$235,273 $245,205 $266,515 $314,840
Total interest charges
*Includes full year's interest on Debenture bonds now offered.
1914.
1918.
1910.
1906.
Business21,466
24,208
10,155
4,594
Gas consumers
23,168
2,212
7,139
18,600
Electric consumers
26,825
20,866
7,308
Lighting load in kilowatts
2,330
18,587
11,137
2,114
156
Power load in kilowatts
Total connected load kilowatts
Purpose of Issue-To refund comptiny's floating indebtedness incurred
in construction expenditures and to provide funds for additional work
necessary prior to June 30 1919. For further particulars of issue see
V.95, p. 1335; V. 100, p. 985; V. 107, p. 1750, 910.
Sherwin-Williams Co. of Canada.-Earnings-.
1916-17.
1917-18.
For Years ending Aug. 31Earnings before depreciation anti bond interest.._ _ _$1,162,957 $954,272
Net, after depreciation, bond int., war taxes, &c____ $586,584 $392,337
15,712,494 13,013,850
Total assets
-V. 104, p. 1708.
Spanish-American Iron Co.-Bonds Called.See Bethlehem Steel Corporation above.-V. 105, p. 2280.
Spring Valley Water Co.-Hetch-Hetehy Project.See IIetch Hetchy RR.under "Railroads" above.-V.107, p. 1389, 1105
Studebaker Corp..
Sale of 7% Notes.-Goldman, Sachs
& Co. and Lehman Bros., New York, the Merchants' Loan
& Trust Co. and the First Trust & Savings Bank, Chicago,
announce by advertisement on another page the sale at
subscription prices ranging from 100 and nit. for the 1921
and 1922 maturities, to 983i and int., yielding about 7.25%
for the installments due in 1928 and 1929, of $15,000,000 7%
Serial gold notes to be dated Jan. 1 1919, due serially,,as
below. Total authprized, $15,000,000.
"Passed by the Capital Issues Committee as not incompatible," &c.
Maturities.-Jan. 1:81,000,000 1921, $1,250,000 1922, $1,500,000 1923
and 1924, $1,750,000 1925, $2,000,000 1926 to 1929, inclusive.
Interest J. & J. in N. Y. without deduction for any tax or governmental
charge (except succession, inheritance & income taxes). Denom. $1,000 c*.
Redeemable at the option of the corporation upon any interest day upon
30 days' notice as a whole or as to any one series (but not less than all the
notes of any one series) by paying the principal amount and interest of the
notes, so redeemed, plus a premium of 1% tor the calendar year in which
said notes shall be redeemed, and an additional 1% for each full calendar
year between the year in which the notes shall be redeemed and the year in
which they mature. Trustee, Central Union Trust Co. of New York.
Data from Letter of A. R. Erskine, South Bend, Ind., Dec. 9 1918.
Business.-Established at South Bend Ind., in 1852 by II. and C.
Studebaker, who operated as a firm until 1868, and were succeeded by
Studebaker Bros. Mfg. Co., which with Everitt-Metzger-Flanders Co., was
merged into the Studebaker Corp. as of Jan. 1 1911. The mfg. plants at
South Bend, Detroit, Chicago and Walkervillo, Ont. cover 168 acres,
contain 5,000,000 sq. ft., are equipped with about 0)00 machines and
employ over 10,000 persons. The business is the manufacture and sale of
automobiles, horse-drawn vehicles, harness and automobile and vehicle
parts of all kinds and descriptions.
Capitalization upon Completion of Present Financing.
$15,000,000
7 Serial gold notes (this present issue)
10,965,000
preferred stock
cumulative
7%
30,000,000
Common stock
The corporation has no bonds, debentures or long-time obligations outstanding.
On March 1 1912 the corporation issued $8,000,000 of 5% Ton-Year
Serial gold notes, payable $400,000 s.-a. from 19l2 to 1922, but it was
possible in 1915 to pay over half of these notes and in Feb. 1916 to retire
them altogether.
Provisions Protecting These Notes.-As long as any of these new notes are
outstanding the corporation covenants not to mortgage any property,
unless it provides for the security thereunder of all the notes then issued
and outstanding, but nothing shall prevent the corporation from purchasing
property subject to a mortgage or from creating a purchase money mortgage to the extent of 75% of the value of property purchased, nor to the
pledging by the corporation or by any subildiary company as security for
loans, all accounts receivable or other liquid assets or any stocks, bonds or
other securities owned by them or any of thorn, other than shares of stock
of any subsidiary company. The corporation will maintain cash and quick
a.ssets equal to at least 14 times the amount of all liabilities and indebtedness, including notes at any time outstanding.
Purpose of Issue.-From the proceeds of these notes the corporation plans
to retire its outstanding bank loans, and apply the balance to the construction of the modern new automobile plant, started at South Bond in 1916.
This plant (to be finished by 1920) will have a capacity of 100,000 cars per
annum, and with the Detroit plant of 60,000 cars per annum, will double
our capacity.
Sales.-The combined sales of the antecedent firms and companies
during 58 years to Jan. 11011 amounted to $142,000,000, while the sales
of tho present corporation in the next seve years were $318,000,000.
covering 277,035 automobiles, 466,962 horse-drawn vehicles and large
quantities of harness and automobile and vehicle parts.
Earnings.-The net profits of the corporation anthits subsidiary companies for the seven years ending Dec. 311917, after charging off $2,193,000
depreciation, were $30129,000, an average of 31,393,890 per year. Notwithstanding the curtailment by our war operations and the restrictions on
automobile production, the estimated not profits for 1918, after making
provision for taxes and depreciation, will approximate $4,000,000.
We expect to be back in full quantity production of vehicles by Jan. 1919,
and of automobiles by March 1919, and next year our profits should be
considerably larger, while thereafter, with our plant enlargements completed, we expect greater profits than we have over experienced.
Assets.-The total tangible assets of the corporation at the date of the
organization of the corporation amounted to $23,692,723, of which $9,811,
DEC. 21 1918.]
THE CHRONICLE
990 was represented by plants and property and $13,880,733 by net quick
assets. As of Oct. 1 1918 these net tangible assets had increased to
$40,749,261, of which $16,476,108 was represented by plants and property
and $24,273,152 by net quick assets, the increase of $17,056,537, resulting
from surplus net profits left in the business.—V. 107, p. 2194, 298.
Submarine Boat Corporation.—Status.--A .published
statement thoroughly revised for the "Chromele" and
changed in essential respects by one in a position to know the
facts, reads as follows:
The Submarine Boat system has not had a dollar's worth of work canceled, but delay had arisen at the Newark Bay plant from the temporary
failure of the propelling machinery delivered to the company to pass tests.
The corporation secured a contract from the Shipping Board for 150 vessels
of 5,500 tons each, which it is constructing at Newark Bay. One of the
large electrical companies is supplying 1,500 h.p. steam turbines with reduction gear for these ships, but the gears had not been satisfactory to
Government inspectors, with the result that the entire Newark Bay
project, where 12,000 persons are employed by Submarine Boat Corp., was
held up. Everything is being done, however, to correct this situation.
The "Agawam," the first ship cleared for Genoa the 18th loaded with
and supplies, after making a successful
5,500 gross tons of sugar, fuel'
24-hour trial at sea.
Far from contemplating any curtailment of its shipbuilding activities,
Submarine Boat is preparing to build larger ships, as it will be the policy
of the Shipping Board henceforth to order ships of large tonnage which
can be operated most economically.
For the year 1918 Submarine Boat will have launched 20 vessels, aggrega4ing 110,000 tons.
If Secretary Daniels has his way, naval construction will continue on
a large scale. Although at the moment work has been suspended on ten
of the submarines recently ordered on the emergency program, but it is
considered this work will soon be released. The three-year building program is understood to call for 140 small bessels, of which probably ono
half will be submarines. Submarine Boat is in line for a considerable part
of this business. The company now has orders for boats of the S-type
alone numbering 30, of an aggregate value of about $37,000,000.
Owing to the multiplicity of unadjusted items it is next to impossible to
estimate the 1918 earnings of the corporation. For example, the company
has one claim for increased wages of $2,000,000 against the Navy Department. It can be said, however, that the year now closing has been one
of preparation for big output in 1919, and that unless unforeseen difficulties
arise the company should reap substantial profits in the ensuing year.
2383
warrant the payment of an extra dividend. Our friends may rest assured
that all earnings which can safely be paid to shareholders will be turned
over to them.
It must be borne in mind that the paper industry—because of quick
changes in the business itself and because of excessive Governmental
interference—is more difficult to manage than is generally the case in large
undertakings.
We will close our year on Dec. 31, this time representing a period of
eleven months only. As soon as our books can be closed, the amount of
taxes ascertained, and cash position of the corporation established, the
shareholders will be entitled to, and will receive, such extra dividends as
the circumstances may warrant in the Judgment of your board.—V. 107.
p. 2015, 808.
Union Electric Light & Power Co., St. Louis.—Rates.
This company has applied to the Missouri P. S. Commission to increase
cent perk. w. h. on all light and power current used by consumers
its rate
of fewer than 1,000 k. w. h. a month; and further permission to charge
consumers with repairs and renewal of equipment in cases where the
consumer was directly responsible.—V. 107, P. 2296, 186.
Union Terminal Co. of Dallas.—New Officers.—
The directors, with the exception of W. C. Connor, changed the entire
personnel of the board. Following are the new board: Frank* Ringer,
0. K. Dunlap, Elmo Sledge, W. B. Wells, T. A. Hamilton, 0. L. Clarke.
G. B. Herbert, C. E. Schaff, E. B. Van Zandt, F. J. Burke, C. L. Wallace,
W. J. Doyle, E. J. Engle and W. C. Connor. Frank Ringer was elected
President and C. K. Dunlap and F. J. Burke Vice-Presidents. J. W.
Everman was continued as Secretary-Treasurer.
The old directors were appointed when the Union Terminal Co. came
under Federal supervision; the new directors were elected in compliance
with the Government for a corporate directorate.—V. 107, p. 803, 403.
United Drug Co., Boston.—Sales—Estimated Earnings.
—Thefollowing statement published in Boston is pronounced
correct by the statistical department of Richardson, Hill &
Co. of that city, a firm specializing in the stocks of the United
Drug Co.:
The gross sales established a new high record in November. They
aggregated $5,200,000, compared with $3,900,000 in the same month last
year. During November, too, the company's manufacturing business
showed an increase of 48% over last year, and December is going equally
strong.
Sub. Co. Acquisition—Obituary.—
The big drug company now has a chain of over 200 "Liggett Drug Stores"
See Electro-Dynamic Co. above.
and 7,000 Rexall agencies, spread over the country, and through the abSee Niagara Falls Power Co. above.—V. 107, p. 2296.
sorption recently of the Allen & Cochrane, Ltd., stores of Ottawa, United
Drug is preparing a trade invasion of the Canadian field, putting a Liggett
Sullivan Machinery Co.—Extra Dividend.—
store on the busiest corners of the busiest streets in the leading cities.
The directors have declared an extra dividend of 1% on the $4,862,900
Total sales of the Liggett organization this year will top $50,000,000.
%, Approximately 10% of this, or $5,000,000, should be saved for net. After
outstanding capital stock, along with the quarterly payment of
both payable Jan. 15 to holders of record Jan. 1. An extra of I% was a reservation of about $1,000,000 for taxes and depreciation ,and dividends
paid in Oct. last.—V. 107, p. 1389.
on the $7,500,000 7% first preferred and $9,100,000 6% second preferred
stock, there will remain final net of $3,000,000, or 15% on the $20,050,000
Texas Company.—Stock Increase Approved.—
common
The stockholders on Dec. 16 approved an increase in the authorized
It will be interesting to know that, notwithstanding this record showing
capital stock from $69,375,000 to$85,000,000 authorized by gie directors the company during the war furnished the U. S. Government and the Red
in October. Of this increase the stockholders of Dec. 30 will be permitted Cross with substantial quantities of drugs, medical and hospital supplies.
to subscribe for $13,875,000, par $100 per share, in amounts equal to 20% food products, &c., at practically cost. And it did this at a time when it
of their respective holdings. .For details, &c., see V. 107, p. 1751, 1673.
had to divert such products from its regular business and when supplies
were becoming increasingly scarce.
Texas Power & Light Co.—First Mtge. Bonds Offered.-In the 19 months the United States was at war United Drug converted
business into the production of food prodHarris, Forbes & Co., N. Y.; Harris, Forbes & Co., Inc., much of its soda fountain supply to
continue the development of these food
ucts. The company is planning
Say.
Bank, Chicago, are products simultaneously with enlarging its soda fountain supply business.
Boston, and the Harris Trust &
Barleycorn's obsequies set for July 1
John
prohibition—with
of
offering $1,250,000 First Mtge. 5% gold bonds of 1912, due The spread
—is boosting this business beyond precedent.
June 11937. Int. J. & J. in N. Y. Callable at 105 and int.
To properly build up these lines the United Drug is considering the formaon any interest payment date. The present issue of bonds tion of a subsidiary company, details of which are yet to be worked out.
("Boston News Bureau," Dec. 17.).—V. 107, p. 2195. 2104.
was formally pledged under an indenture securing $900,000
United Fruit Co., Boston.—Statement Sent to Share2-year 6% Secured gold notes now called for payment.
"Passed by the Capital Issues Committee as not incompatible," &c.
holders.—Owing to the delay in the publication of the
Company.—Does the entire commercial electric light and power business
report, which awaits a decision by Congress as to
in a wide territory, including 86 municipalities (among them the cities of annual
Waco, Denison, Sherman, Paris, Temple, Palestine Tyler and Cleburne) the war taxes for the current year, the company has author- •
in Texas. Also does the entire municipal lighting in practically all of the ized the sending to its shareholders as explanatory of the
communities served and does a gas business in five of the principal cities.
figures published last week (page 2286) an annual summary
The total population served is estimated to be over 305,000.
Capital'(upon Completion of Present Financing) Authorized. Outstand'o
from the "Boston News Bureau" of Dec. 14, the text of
n
m
o
C
$10,000,000 $10,000,006
stock
condensed for the "Chronicle" as follows:11
4,000,0030
3,550,000 which has been
Preferred (7% cumulative) stock
Operating profits of $24,830,041 for the 12 months ended Sept. 30 were
450,000
Second preferred (7% cumulative)
30,000,000 *10,205,000 41%, or $7,237,650 ahead ef 1917, the previous high-water mark. InciFirst mortgage 5s
* Includes $1,250,000 bonds now offered. These bonds were formerly dentally they were within $600,000 of the net earnings for the three previous
Two-Year
$900,000
securing
6% Secured gold years, notwithstanding the derangements and interruptions which the fruit
indenture
pledged under an
and shipping departments have suffered from the war.
notes, which have been called for payment.
Importations of fruit were curtailed by the shortage of ocean tonnage,
Security.—A direct first mortgage upon all the property and franchises
to the relief of which the United Fruit contributed 52 ships, or 83% of its
of the company.
Earnings for Year ended Oct. 31 1918.
available tonnage. At present of the 23 ships under American registry,
$3,150,0061Ann'i int. on $10,205,000 5s.$510,250 7 are being operated in the fruit trade and 16 are in the service of the
Gross earnings
_$1,011,6831Balance
$531,433 Government. Of the 14 British ships two remain in the fruit trade, with
Net, after taxes _
the rest in the admiralty service. During the year 7 ships, 6 British and 1
----_----—V. 107, p. 2296,
American, were lost. The United Fruit carries its ships at approximately
ton; an actual valuation of $150 would appear reasonable.
Tobacco Products Corporation.-10% Stock Dividend. $71 a the
basis of 1917 taxes the final net for 1917-18 would equal a little
On
of
14,
Dec.
the
"Chronicle"
directors on Dec. 20
As foreshadowed in the
possible that the pending Act may increase the
authorized the issuance of $1,600,000 common stock for the payment of under $40 a share. It is the
war emergency fund will, if necessary, care
but
$5,000,000.
tax
levy
Capital
Issues
The
dividend.
stock
Committee
the
has
approved
10%
the
credits, moreover, to profit and loss surplus
special
The
increase.
that
for
increase. Compare V. 107, p. 2296, 2194.
offset the possible $5,000,000 tax increase. In short, the $40 a share balance stands after all deductions.
Tonopah United Water Co.—Bond Redemption.—
What became of the year's profits is easily explained by the $12,548,718
Twenty-two ($22,000) Series "A" and "B" Consolidated First Mtge
reduction in debt, which compares with net after dividends of $15,965.176,
6% bonds of 1906 have been drawn for payment at par and int. on and
that almost 79 cents of every $1 of profit left after paying Uncle
showing
Angio-California
Trust Co., San Francisco.—V.
after Jan. 2 1919 at the
Sam his war toll and stockholders their regular dividends was applied to
105, p. 2548.
the reduction of debt.
Directors have now voted to pay up to par for the $5,000,000 4%s of
Torbenson Axle Co.—Status, &c.—
1923 and 1925, the only obligation aside from current and trade indebtedSee Republic Motor Truck Co. above.—V. 105, p. 916.
ness left. The $50.316,500 stock will then own the business without a
prior obligation. Only as far back as Sept. 30 1915, United Fruit had
Toronto Paper Mfg. Co., Ltd.—Dividends.—
of bonded debt and a profit and loss surplus of $14,000,000,
The directors have declared a semi-annual dividend of 3% and an extra $33359,168
the current $40.000,000 surplus and (prospectively] no bonds.
against
outstanding
capital
stock, both payable Jan. 2 1919
of 1% on the $750,000
the 1918 record profits there was a direct charge for depreciation
to holders of record Dec. 21 1918. In Jan. and July 1918 the company of Against
$4,965,298, compared with a similar 1917 debit of $4,861,178. In the
also paid 3% regular and 2% extra.—V. 105, p. 2519.
past four years tile aggregate charge against book value of plantations,
equipment, railways steamships and the like foots up to almost $23,000,Torrington Co.—Extra Dividend.—
the continued drastic
Tho directors have declared an extra dividend of 1% on the common stock 000. The gain, which fixed assets show, despiteCo. during the year.in addition to the quarterly disbursement of 3%, payable Jan. 1 1919 to charge-offs, is due to the absorption of Nipe Bay
stockholders of record Dec. 21. An extra of 1% has been paid quarterly -V. 107, p. 2296.
since Jan. 1917.—V. 107, p. 1285.
United States Rubber Co.—No Change of Control.—
Chairman Samuel P. Colt authorized the following statement:
Trumbull Steel Co., Warren, Ohio.—Extra Div.—
declared
an
have
extra
said,
of
dividend
is absolutely no truth in the report which I am told is in circulais
on
"There
28%%
it
The directors,
the $6,000,000 outstanding common stock (par $100), along with the regu- tion in the financial district that the American International Corp. has
lar disbursements of 1 % on the common and 1.%% on the preferred bought privately large blocks of the stock of the United States Rubber Co.
In and is adding to its holdings through purchases in the open market, with
stock. All dividends are payable Jan. 1 to holders of record Dec. 20.
Oct. and July last 2M % extra was paid; April, 2%,and Jan. 4%.—V. 107, a view to securing control of the company."—V. 107, p. 2296, 2195.
p. 1198, 1105.
Union Bag & Paper Co.—Dividend Status.—The company in an advertisement says:
Because this company paid an extra dividend of 2% in Dec. 1917,
inquiry has been made as to why this has not been duplicated this year.
This year our main difficulty is the amount of taxes this corporation
will have to pay. The new bill before Congress (if enacted) may increase
our taxes by $750,000 snore than last year, which would amount to 73i%
on the capital stock of the corporation.
Your directors have subscribed for $400,000 of the fourth issue of Liberty
bonds, and pride themselves on the fact that a large portion of the payment
for the subscription is still to be provided for.
It often happens through increase in inventories and the existence of
unusual obligations that money actually earned cannot be distributed at
such period. The present position of the corporation is not such as to
United States Steel Corporation.—Litigation.—
Chairman Gary, in commenting on the announcement that damages
estimated at $40,000,000 had been claimed in the U. S. District Court at
Duluth by Captain Alexander McDougall against the Oliver Iron Mining
Co., a Steel Corporation subsidiary, said: "Our attorneys, after a careful
examination, have found no just or legal claim for these damages." The
plaintiff charged in his suit that the mining company had infringed his
patents for washing iron ore.—V. 107, p. 2296, 2015.
United Verde Extension Mining Co.—Extra Dividend.—
Directors have declared, along with the regular quarterly dividend of
50 cents per share a dividend of 25 cents extra, both payable Feb. 1 to
holders of record Jan. 3. In Feb. 1917 paid 25 cents extra and $1 50 on
account of capital depletion, and in May, August and November, 25 cents
extra.—V. 107, p. 1751.
2384
[Vol-
THE CHRONICLE
Washington (D. C.) Gas-Light Co.—Offering of First
Mtge. 5s.—Hamb1eton & Co., N. Y. and Baltimore, and
Baker, Watts & Co., Baltimore, are offering, at 98M and
int., to yield about 5.08%, $1,003,000 (First) General Mtge.
5% bonds of 1910, due Nov. 1 1960. Authorized and outstanding, $5,200,000. Int. M. & N. Denom. $500 c*.
Xhr Tourntercial
107.
uz
COMMERCIAL EPITOME
Friday Night, Dec. 20 1918.
Wholesale trade is in the main slow awaiting more light
on the question of future prices. In other words, the
transition from war to a peace basis makes fo'r caution in a
hundred departments of American business. It is true
that holiday trade has been active. But that is for the
moment. It helps retail business all over the country and
is therefore important. But looking at business in its
larger aspects, it is evident that caution is still the word of
order. Curiously enough mail order transactions are
unusually large. But the explanation of this is far from
pleasant. It means that there has been a recurrence of the
influenza epidemic in parts of the West. It has kept country buyers from the larger cities. The parcel post traffic
under the cistamstances is abnormally large. What the
country would do without this method of reaching consumers
in such circumstances is hard to see. At the same time,
however, there is no doubt that retail trade has been hurt
in many non-holiday departments not only by the influenza
but by the unseasonably warm weather which has prevailed
Wauregan Co.—Extra Common Dividend.—
An extra dividend of 2% has been declared on the common stock, along over much of the country. It is said too that many buyers
with the regular quarterly of 13i %, both payable Jan. .2 to holders of are awaiting the usual January bargain sales. The South
record Dec. 12.—V. 106, p. 928.
and the Northwest are points where business is the most
Western United Gas & Electric Co.—Offering of 7% active. It is significant, too, that coincident with high
Gold Debentures.—Emery, Peck & Rockwood, Chicago and prices for grain and cotton the purchases by those sections
Milwaukee, are offering, at prices ranging from 99%
3 and have been largely of the more costly articles. The South
int. to 96M and int. according to maturity, $500,000 7% has been paying cash in many instances. Labor, it is
gold debentures dated Dec. 1 1918, due serially $50,000 gratifying to notice, is somewhat more plentiful, though the
Dec. 1 1919-1928, incl. Denom. $1,000, $500 and $100 c*. gap made by the war has, of course, not yet been closed up.
"Passed by the Capital Issues Committee as not incompatible," &c.
Callable as a whole or in part on 30 days' notice on any interest date at It is a fact, too, that labor having become accustomed to
102. Int. J. & D. payable in Chicago, without deduction for Federal
abnormally high wages is plainly loth to accept lower
Income taxes,now or hereafter deductible at the source, not to exceed
2%• wages. And here is a matter which may be of no small
Northern Trust Co., Chicago, trustee.
Company.—Incorporated in Illinois in 1905 as a result of the consolida- significance- as
time goes on. It is feared that
tion of the Aurora Gas Light Co., the Joliet Gas Light Co.,
the
Grange high wages have gone to the head of labor and
Gas Light Co. and the Elgin American Gas Co. Gas is supplied La
Aurora,
Joliet, Elgin and 60 other cities and towns In Northern Illinois. in
The com- that scaling them down may be no easy matter.
pany supplies electricity in Aurora, Wheaton, Glen Ellyn, Montgomery,
Meanwhile, there is some cancellation of orders. Dealers
Oswego and North Aurora and steam heat in Aurora. The population
in not a few cases are letting stocks run down. The Governserved is estimated at 210,000.
Purpose of Issue.—The proceeds from the sale of these
ment is cancelling ordees for goods,but it is doing it in a conused to retire floating indebtedness of the company. debentures will be
Earnings.—Gross earnings for the year ending Sept. 30 1918 were $1,- servative way, with the design of preventing an undue break
899,936,and net earnings 3709,611. Net earnings are about double interest in prices. Similarly it is presumed that its sales of stocks on
on entire funded debt, including this issue.
•Franchises—The majority of the franchises extend beyond 1950, and all hand will be conducted in the same considerate manner. It
others extend beyond the maturity of the longest of these
is said that supplies of coal are now ample, especially as the
debentures.
These debentures precede $1,500,000 pref. stock
$3,000,000 common weather is mild and the rush on war work has stopped.
stock. Dividends of 6% per annum are paid on and
both classes of stock.
Management.—The management is in the hands of men experienced in This alone has meant a big saving of fuet. There is loss acoperating public utility properties. I. C. Copley, President
since organi- tivity at the big shoe manufacturing centres. The output of
zation in 1905, is active in its management.
Further particulars should appear another week.—V. 106, p. 1699, 509. the textile mills is smaller. Steel mills in some cases are
lessening their production. Stocks at the lumber mills are
Westmoreland Coal Co.—Extra Dividend.—
An extra dividend of 23,6% has been declared on the $7,500,000 outstand- piling up, even though production is said to be 20% under
ing capital stock In addition to the regular quarterly of 2
both payable normal. What is more, prices are down $3 to $8 under the
Jan. Ito holders of record Dec. 17. The extra will be paid Liberty
bonds. maximum fixed by the Government. With all drawbacks,
In Oct. last an extra of 23-i% was also paid.—V. 107, p.in
1198.
however, bank clearings in the United Stat33 were eno'rrnous,
Willys-Overland Co.—Status of Industry.—
making due allowance for high prices. Failures are
President John N. Willis is quoted as saying in substance: "The stocks even
of used cars are cleaned up. Many people have postponed buying cars still remarkably few. Money rates are reported easier.
until they could be assured that the driving of cars would not be restricted. Present prospects point to a phenomenally large wheat crop
Besides, the uses of motor cars have multiplied. With this heavy
this season. Preliminary estimates range from 960,000,000
plus the high price of materials and high wages, I see no chancedemand
of any
considerable change in prices, in the near future. Material prices and to 1,250,000,000 bushels. Of course, it is too early to set
wages are not likely to come down in a hurry. With the passing of the
first flurry of unsettlement of prices which followed the signing of the much store by crop estimates. The point is, how3ver,
armistice there is now a noticeable steadying of the market."—V. 107. that everything
now looks like an unprecedented
p. 2297, 2195.
yield. The condition of the crop is high, although
Wisconsin Motor Mfg. Co., Milwaukee.—Offering of probably. it would be better for more snow.
Pref. Stock.—Counselman & Co. Chicago, are offering, at Naturally there is great anxiety to renew the exportation
99 and div., a block of $250,0045 8% Cumulative Sinking of cotton on something like a normal scale after it had fallen
Fund Prof. (a. & d.) stock, par $100. Divs. Q.-M. Red. at nearly one-half below it during the war. The question of
110 and divs. after March 1 1920 on any div. date. A ships is of course one of the utmost importance. It is therecircular shows:
fore of interest to notice that ships with an aggregate carry"Passed by the Capital Issues Committee as not incompatible," &c.
ing capacity of 800,000 tons have been designated to be
Company.—Organized in Wise. March 12 1909 with an authorized capital
stock of $50,000, to manufacture high-grade internal combustion motors. turned over by the army to tho Shipping Board to be reThe capital has been increased from time to time largely from earnings.
turned to trade routes. And it is expected that 200,000
Capitalization—
Authorized. Outstand'g. tons more will soor be released. Freight rates will, it is
Serial gold notes (closed issue)
$250,000
$250,000
8% cumulative Sinking Fund Preferred stock
800,000
514,000 hoped, soon begin to decline. The French Commission is
Common stock
1,200,000
1,000,000 said to have been buying here of late. It is reported that
Plant.—Located at West Allis on about 63-i acres, owned in fee, with
20 steamships will arrive at Galveston within two weeks,
direct shipping facilities.
Product.—Supplies to a large and diversified list of manufacturers, for supposedly to take cotton cargoes to Europe. Liverpool
use in trucks, tractors, power boats, electric generators, pumps, hoisting
has removed all restrictions on cotton trading; that is to say,
plants and for other commercial uses.
Earnings.—For the nine months ended Sept. 30 1918 the net earnings, short selling is now permitted without limit. The Coffee
after providing for interest on the serial gold notes and a reasonably esti- Exchange
will reopen for business on the 26th inst. in futures,
mated amount for Federal taxes, were $224,891. Owing to the largely
increased deliveries during the last quarter of this year, net earnings should beginning with the May option and with daily fluctuations
show a very substantial increase, b3ing conservatively estimated for the limited to 150 points. It is intimated that at no very
year 1918 at $375,000, after allowance for note interest and Federal taxes.
may be taken as
distant day similar action
Worcester (Mass.) Electric Light Co.—New Stock.—
regards the sugar department of that Exchange.
The shareholders will vote Dec. 27 on increasing the authorized capital
stock from $1,400,000 to $1,800,000, par $100, the proceeds of the new The world's trade is gradually returning to the normal.
stock to be used to pay off floating debt.—V. 107, p. 1925, 1843.
Some 300 articles may be exported to neutral countries in
ip Wright-Martin Aircraft Corp.—Plans—Guarantee.— Europe, other than Switzerland, from the United Kingdom,
"The Wall Street Journal" of Dec. 16 said: "The directors of the Wright- France or Italy, since Dec. 15, without the necessity of
Martin Aircraft Corp. are scheduled to meet soon, when matters bearing
upon the future of the organization will be taken up. If the company can obtaining the usual guarantees against re-export. In other
secure a guarantee from the Government for a specified number of meters words, the ugly features of war are disappearing. All
annually it will continue in the aeroplane business. If not, there will be
a reorganization, and the plants of the company devoted entirely to the curtailments and restrictions placed by the War Industries
manufacture of automobiles. It is said that It is planned to retire the Board upon the production of induhtries less essential to the
pref. stock. Wright-Martin continues to manufacture the Hispano-Suiza American
war program, have been ordered removed by the
motor, but on a reduced scale. The company is in a very strong position
.War Industries Board, effective Jan. 1, when the Board
financially."—V. 107, p. 2297, 2015.
passes out of existence. The order also provides for the
Youngstown Sheet & Tube Co.—Extra Dividend.—
An extra dividend of 3% has been declared on the common stock in abolition of the Board's system of issuing priority certificates
addition to the regular quarterly dividends of 2% on the common and 1 %
on the pref. stocks; all are payable Jan. 1 to holders of record Dec. 20. An and priority ratings on transportation and materials to those
extra div. of 351 has been paid uuarterly since Audi 1917.—V.107,D. 1105. industries engaged in war production. At a joint meeting
"Passed by the Capital Issues Committee as not incompativle," &c.
American Security & Trust Co., Washington, D. 0., trustee. The
company will pay interest without deduction for any normal Federal income tax up to 4%.
Summary from Letter of H. S. Reeside, President of the Company.
Property.—Supplies without competition gas to the entire city of Was
D. C., and vicinity, serving a population of about 350,000, and in
addition to its very valuable land, buildings, gas holders, &c., it owns and
operates over 527 miles of gas mains, with some 75,000 meters in use.
Sales during the calendar year 1917 amounted to 3,899,032,000 cu. ft.
The company also controls by stock ownership the Georgetown Gas Light
Co., the Washington Gas-Light Co. of Montgomery County (Md.), and
the Roslyn (Va.) Gas Co.
Valuatidn.—The properties have been valued as of Aug. 13 1916 on the
basis of replacement cost at $18,222,449.
Security.—A first and only mortgage on the entire properties now owned
or which may be acquired. This mortgage is followed by an issue of
$2,600,000 stock (par value $20), upon which dividends have been paid
regularly for many years—the present being at the rate of 18% per annum.
The stock is now selling at about $55 per share.
Purpose of Issue.—The proceeds will provide funds for extensions, improvements and betterments.
Earnings for the Calendar Year 1917.
Gross earnings
$2,538,389 Net earnings
Operating expenses, &c__ 1,860,529 I Int. (incl. bonds offered)_ $677,860
260,000
Franchises.—Without limit as to duration in accordance with charter
rights conferred by Congress in 1848.
Compare V. 92, p. 194: V. 107, p. 2104.
•••••••
•
DEC. 211918.]
of the Committee on Adjustments After the War of the
National Association of Manufacturers and representatives of
the State organizations of the National Council for Industrial
Defense at the Hotel Astor, resolutions were adopted to the
effect that the country is "standing on the threshold of
unprecedented business expansion," due to the depleted
stocks in stores and factories all over the world. The first
day's auction sale for disposing of 15,000,000 lbs. of wool
held by the Government began on the 18th inst. in Ford
Hall, Boston. The 293 lots put up consisted of about 10,000
bales of Australian wool, 500,0000 lbs. of Cape wool, 3,000,000 lbs. of South American wool and 500,000 lbs. of
tops. Over 300 representatives of large mills and wool firms
put in bids. A number of lots were bought at well over $1
a pound. The auction is likely to be followed by another
for 20,000,000 lbs. at the end of the year. On Thursday
higher prices prevailed at the Boston sale. The best grades
brought unexpectedly high prices. A big auction of woolen
goods showed a decline in prices of about 25%. Unfortunately we are not yet wholly rid of the influenza. It is
supposed to have been brought originally to Boston by the
navy. Possibly recent warm weather helped to revive it.
The new cases here in one day were 341? a gain over the
previous day of 191. But of late the situation here has
apparently been improving. Decreases in influenza and
pneumonia cases and also in deaths from the diseases were
referred to by the Health Commissioner, as proof that there
has been no recurrence of the epidemic in New York, even
though some of the suburban schools have closed until the
23rd inst. The disease still prevails in parts of the West
and hurts business. A sign of the times is that large distilleries are said to be producing ketchup at plants that
formerly turned out whiskey and alcohol.
LARD lower; prime Western 24.40®24.50c.; refined for
the Continent 28.75c. Southern American 28.90c.; Brazil
in kegs 29.90c. Futures have declined. At times the
maximum fall permitted had ben reached. The stock in
Chicago since Dec. 1 has increased 390,000 pounds. The
receipts of hogs have been very large. On a single day
they we:0 estimated for all Western poino at 200,000.
Naturally it has not helped matters. Also there were
rumors of cancellation of orders. The total stock of lard
at Chicago is stated at 46,574,392 pounds, against 39,724,282
pounds on Oct. 1. The cash demand has been disappointing. All this with inc•easing stocks and a big run of hogs,
has left its mark on prices. To-day prices advanced, but
the end was lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed.
Thurs. Fri.
Man.
Tues.
Sat.
23.70
24.05
24.50
24.20
25.00
January delivery_ _cts_25.50
24.02
24.32
24.25
24.82
24.45
25.32
May delivery
PORK steady; mess, $51; clear, $45@$52. Beef products
steady; mess, $35©$36; packet, $37©$38; extra India mess,
$63@$65. No. 1 canned roast beef, $4 25.. No. 2, $8 25.
Cut meats continue steady; pickled hams, 10 to 20 lbs.,
33A ©33Ac.; pickled bellies, 35 ©360. To-day January
pork closed at $47.40, a decline for the week of $1.45. Butter creamery extras, 70©70Mc. Cheese, flats, 32©36Mc
Eggs, fresh gathered extras, 71 0.72e.
COFFEE nominal, but cost-and-freight prices have been
stronger. Spot trading has been very light. Rio No. 7s
have sold at 173.c., ex-ship, to arrive. Spot Santos 4s are
supposed to be about 22 to 223/2c. Later Rio 7s were offered at 155c. f.o.b. Tading in futures will be resumed on
Dec. 26, beginning with the May option, with fluctuations
restricted to 150 points a day. Considerable interest is
manifested in this event. The Shipping Board, it is stated,
moreover, has allotted five steamers for the South American trade. They may take coal southward, but on the
northern trip may possibly bring coffee. That may have a
drpressing effect on prices here, but just the opposite effect
on Brazilian markets, which, for the matter of that, have
latterly been noticeably firm at rising prices at Rio, and also
for spot coffee in Santos. Santos futures have lagged somewhat,and have even declined 'to a certain extent. The Santos stock is of course very large. The total is 5,176,000 bags,
against 2,903,000 a year ago. Rio has 864,000, against 584,000 at this time last year. The American Food Administration has issued a rule to control the profits on 25-bag lots
of coffee. Dealers defined as jobbers must limit their profits to 73270.
SUGAR remains at 7.28c. for centrifugal 96-degrees test,
Cuban and Porto Rico. The International Committee has
been buying new crop raw sugar. Owing to labor troubles
in Cuba, imports of sugar from the island have been small
since Dec. 1, i. e., only 9,700 tons. But now most of the
strikes have been settled. Shipments to this country are,
therefore, likely to increase in the near future. Some think,
however, that new crop will not come forward until the old
crop has been shipped. Some old sugar is now arriving.
It is certainly welcome. It will enable refiners to increase
their deliveries. The demand for refined, though not very
large, has been large enough to out:un the supply. It is
now said that the now refiners contract has been agreed
upon. As to future supplies, some 16,000 tons of old crop
sugar are on the way from the Philippines. The Philippines exported in the season of 1917-18 235,270 tons, against
199,945 in the previous year. In Cuba only 27 mills are
grinding, against 50 a year ago, but the number will rapidly
increase as labor conditions are better. Some refiners hare
have withdrawn from the market for the time being. None
are selling freely.
2385
THE CHRONICLE
OILS.-Linseed quiet but steady at 1.55e. for City raw
and 1.58@1.59c.for 5-barrel lots; prime edible,$2 30@$2 35.
Cocoanut, Ceylon, barrels, 163/2 ®16%c.; Cochin, barrels,
18@l8Mc. Soya bean, 17@173/2c. Corn oil, crude wood,
,.@18c. Olive, $4 25. Cod domestic, $1 45@$1 50.
173
Spirits of turpentine, 69M @70c. Common to good strained
rosin, $14 50©$14 75.
PETROLEUM steady; refined in barrels, cargo $17 25©
25@$9 25; cases, New York,
$18 25; bulk New York,
$19 25@$20 25. Gasoline steady; motor gasoline in steel
barrels, to garages 243/2c., to consumers 263/20. Gas
machine 41 Mc. The completion of a well starting at the
rate of five to seven thousand barrels in the so-called semiwildcat territory at West Columbia, Brazoris County,
Texas, was one of the most important features of the late
field work. The output of the California fields this year
is estimated at approximately 100,000,000 barrels, against
97,781,574 barrels in 1917.
Pennsylvania dark $400
2 77
Cabell
140
Crichton
285
Corning
2 58
Wooster
2 25
Thrall
2 25
Strawn
2 15
De Soto
2 38
North Lima
$2 38 Illinois. above 30
South Lima
$2 42
degrees
2 28
Indiana
242 Kansas and OklaPrinceton
2 25
horns
Somerset,32 deg_ 260
1 25 Caddo, La. light_ 2 25
Ragland _
2 25 Caddo. La., heavy 1 55
Electra
2 78
2 25 Canada
Moran
1 45
2 33 Healdton
Plymouth
2 25
Henrietta
TOBACCO has continued in the main quiet; certainly
business has been on a very moderate scale in most descriptions of domestic tobacco and little, if anything, better can
be said of the foreign descriptions. In the meantime price,
though steady enough to all appearance, are under the
circumstances regarded by very many as on the whole a
little better than nominal pending further developments.
Of course, this is a time when trade is usually quiet, stock
taking, &c., occuping the attention of many.
COPPER, 26c. The copper trade has formed an export
combination. All American producers are invited to join
the Association to stimulate foreign trade. The copper
trade is the first of the large industries to operate under the
protection of the Webb Pomerene law, which permits combinations of American industry to promote foreign trade.
All the important producers and refiners are represented,
it is said, on the directorate. It is estimated in some quarters that the production of copper in the United States during 1919 will reach approximately 2,500,000,000 pounds.
Under normal conditions 60% of the country's production,
it is said, is expected, and if this ratio is maintained it will
mean the exportation of about 1,500,000,000 pounds of
the metal. At the same time the peace time consumption
of the United States is estimated by Mr. John D. Ryan at
about 1,000,000,000 pounds annually. The Government
is said to have enormous stocks on hand. Government
regulation will cease on Jan. 1. Copper producers and the
War Industries Board had a conference in Washington
to-day in regard to prices. Tin steady at 71 ©72e. Lead
still unchanged at 7.05c. Spelter lower at 8.45@8.50c.
PIG IRON finds the last limitation removed. Now that
the war committees are no more, of course trading is free.
The industry is unrestricted. Many think the situation is
strong. Producers predict bright times ahead. In England,
too, the outlook is said to be optimistic. The coke production is improving. In the Connellsville region the influenza is said to be dying out. Foundry coke production is
increasing, even though it is. still far below requirements.
On the whole, the outlook is considered brighter. Peace
conditions are ahead. The committee that recently went to
Washington suggested a reduction in pig iron of $3 per ton,
i. e., $30 for basic and $31 for No. 2 foundry. Most merchant pig iron companies have adhered thus far to the
Government prices. It is said, however, that in the Cleveland district one producer has sold at the $3 reduction.
Some think they will be able to get the old prices as they look
for an increased demand. But many foundries have good
stocks of iron on hand.
STEEL trading will be free with the ending of this week.
All committees having to do with the regulation of the steel
business of this country will dissolve to-morrow. This will
be a long stride towards a peace basis. As to prices, it is
stated that No. 28 black sheets have been offered at 4.70c.
galvanized sheets at 6.05e. and plates at 3c., representing
declines of respectively $6, $4 and $5 per net ton. Steel
bars have been cut $4, or to $2 70; blue annealed sheets $7
per net ton; shapes, $5; light rails, $5; billets and sheet bars,
$4; Bessemer rail, $55. Spikes sold at $3 70 per keg, a
decline of 20 cents. Wire rods and wire products are unchanged. Tin plates at $7 35 per box show a decline of
40 cents.
COTTON
Friday Night, Dec. 20 1918.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
171,357 bales, against 147,395 bales last week and 150,747
bales the previous week, making the total receipts since
Aug. 1 1918 2,529,152 bales, against 3,302,575 bales for the
same period of 1917, showing a decrease since Aug. 1 1918
of 773.423 bales.
2386
THE CHRONICLE
[VOL. 107.
markets coincident with a steady trade demand. Of late,
it looks as though French and Japanese interests had been
buying here. Certainly the reports have been persistent
that they were buying the actual cotton and futures freely.
6,186 9,416 8,394 8,455 8,689
Prices have been very strong in TE.xas and elsewhere. And
1,231 1,215 1,503 2,758
560
meanwhile not only has the export outlook improved but
1,204 1,204
5,471 6,903 9,053 3,949 4,422 4,457 34,255 actual exports have increased. No day has passed without
of some volume. At times they have been quite
-766 -§TiL 1-.75'7 1-,174 -§i§ 1;342 6-A5 exports
468
343
337
500
729
974 3,351 liberal. If reports are true a good deal more cotton is going
1
3
1
'
37 10,435 out in the near future from this port. Liverpool has re-----------------------78
78 moved all restrictions
on trading. According to some
2'71
____
120
200
'70
_
661 Charleston advices a reduction in ocean freights'is near at
81ii'T
597 hand. A Washington dispatch
says that the War Department has returned to the shipping board 103 ships which will
Totalstailswpek_ 2R_3A2 29_:190 R1_176 RA_OR91 21_754 29_A34 171_357
be distributed for export, especially cotton. Other reports
The following shows the week's total receipts, the total have said that some 800,000 tons will be released in the not
since Aug. 1 1918 and the stocks to-night, compared with very distant future or certainly asfast as possible. Transports
are now rapidly arrivingfrom Europe bringing back our sollast year:
diers. On the return trip to Europe they will take merchandise, including cotton. Liverpool prices have been
1918.
1917.
Stock.
Receipts to
noticeably strong and this has reacted favorably on quoDec. 20.
This Since Aug' This Since Aug
tations at Houston and other Texas points which reported
Week. 11918. 1 Week. 1 1917.
1918. I 1917.
a good demand for the actual staple. Also it is supposed
Galveston
51,857 863,578: 30,221 1,016,997 264,000; 245,109
Texas City
1,783
26,7621
_
25,231
4,982
17,684 that unless political conditions in Europe become much
Port Arthur
more stable large American, English, French and Italian
5,492
Aransas Pass,&c_ 3,284
11,8171
487
4,717
New Orleans.._ _ _ 49,001 670,2131 44,310 769,420 444,369 344,348 forces will have to be maintained there for some time
Mobile
7,962
66,209;
902
62,721
29,978
13,682 time to come. This would mean a continuance of an army
Pensacola
4,640, 4,570
5,725
consumption of cotton goods on no moan scale. It might
Jacksonville
1,204
11,319. 1,400
28,450
9,600
14,300
Savannah
34,255 516,6571 17.766 672,695 262,058 242,698 affect very favorably the question of cancellations and reBrunswick
41,850 1,000
91,400
300
30,000 selling of United States Government stocks of goods, which
Charleston
6,889
88,969i 5,761 151,535
54,976
59,792
Wilmington
3,351
51,655!
595
61,519
50,0181 47,796 at one time recently was somewhat of a bugbear here.
Norfolk
10,435 142,0131 10,222 181,466
97,875' 80,585 Meanwhile, it is said that Gulf ocean freights have been reN'port News,&c_
78
2,7411
214
2,025
New York
2,5221
626
99,711 137,248, 133,829 duced $1 25 per 100 lbs. beginning with the February allotBoston
661
15,163. 4,457
64,095
13,150. 16,082 ment. It is also said that at least six European companies
Baltimore
597
13,0141.
468
55,987
13,0041 28,683 have opened, or are
about to open, agencies hero for the purPhiladelphia
3,389
10,325'
7,509
chase of cotton, with big credits at New York. Japan is
Totals
171,357 2,529,152 122,999 3,302,575 1,391,883 1,282,097
expected to buy heavily. The East Indian crop is reported
In order that comparison may be made with other years, to be the smallest in many years. The New York stock in
licensed warehouses is only about half as large as it was a
we give below the totals at leading ports for six seasons:
year ago. Also the November consumption, which was
Receipts atsaid to have been estimated by the National Ginners' Asso1918.
1917.
1916. 1 1915.
1914. .
1913.
ciation at only 398,000 bales, turned out to be, according to
Galveston _ _ _
51,857
30,221
60,237j 90,100 153,279
87,934
TexasCity,&c.
5,067
487
12,600
9,825
22,841
14,984 the Census figures, on the 14th inst., 457,376 bales of lint,
New Orleans_
49,001
44,310
31,090
53,777
77,242
88,393 against 440,833 in October and 590,763 in November
Mobile
7,962
902
3,707
3,344
6,289
13,788
Savannah _ _ _
34,255
1,766
13,758
19,631
75,152
44,884 1917. This had a certain effect, although it is true that.
Brunswick _ _ _
1,000
3,500
3,000
11,000
12,000 the total for the season up to November 30th was only
Charleston,&c
-6,889
5,761
2,741
5,396
17,587
7,169
Wilmington_ _
3,351
595
1,382
2,509
12,423
10,833 1,923,902 bales, as against 2,278,181 bales in the like
Norfolk
10,435
10,222
11,115
15,621
30,759
21,216 period last year. But here at least is some increase over
N'port N.,&c.
78
214
287
8,340
5,346 October and, the deficit as compared with November
All others_ _ _ _
last
2,462
11,521
8,513
8,488
13,882
12,651
year may possibly be attributed in part at least to the shortTotal this wk. 171,357 122,999 148,643 211,978 428,794 319,198
age of labor and the effects of the influenza epidemic this
Since Aug. 1.. 3,529,152 3,302,575 4,475,451 3,857,774 4,248,980 6,827,316 year. The quantity of linters consumed in November was
63,325
bales against 97,927 in October and 100,155 bales
The exports for the week ending this evening reach a total
November last year. But this decrease may reasonably
of 189,601 bales,,,of which 80,386 were to Great Britain, in
be attributed in part at least to the fact that an armistice
28,104 to France and 80,811 to other destinations. Exports in
the world war was declared on Nov. 11. Meanwhile
for the week and since Aug. 1 1918 are as follows:
Liverpool's stocks remain small, though they increased
45,000 bales this week. And it is contended that owing
Week ending Dec. 20 1918.
From Aug. 1 1918 to Dec. 20 1918.
to the smallness of the East Indian crop the British trade
Exported to-Exported toExports
may have to consume more American cotton this season
fromGreat
Great
than usual. All in all there is a hopeful feeling hero among
Britain. France. Other. Total. Britain. France.
Other.
Total.
many as to the outlook for better prices. The Southern
Galveston.._ 28,516
25,543 53,959 338,471
163,289 501,760 farmers continue to
hold back. The objective is 35 cents,
Texas City..
15,800
15,800
Pt. Nogalez
130
130 with some indulging in hopes of the more roseate figure of
NewOrlea
7,193
14,387 21,580 210,038
84,039
75,957 370,034 40 cents. The one groat factor, however, is
the hope of bigMobile
26,848
26,848
Pensacola
4,750
4,750 ger exportb in the near future. And this hope is encouraged by
Savannah
21,500
21,500
68,111
82,000
60,817 210,928 an actual increase, as already intimated, in the recent
figures.
Brunswick
30,875
30,875
Wilmington
5,646
5,646 On the other hand,some are not so optimistic. They believe
Norfolk
11,55
31
11,581 that Europe is not going to buy with avidity. They think
New York_ *26,05 *5,829 *13,455'045,339 161,105
42,606 111,145 314,946
it has not the money to do it, especially the Continent.
Boston
a 4,744
a775
a5,519
21,462
5,576
27,038
Baltimore__
905
905
12,35
12,355 And it is asked how can Germany and Austria, for instance,
Philadel'a__ al3,073
a998al4,071
19,075
1,398
20,473 buy on anything
like the old time scale when they took
PacificPor
a26,428a26,428
101,373 101,373
nearly 3,000,000 bales per annum? They have not the
Total_ _ _ _ 80,386 28,104 80,811189,301 901,64
214,342 535,5551,654,537 money. They have
as yet no stable government, and it is
Total 1917_ 106,939 4,192 42,092153,223 1,233,1171205,983 565,6812,094,781 believed that food is the one thing uppermost for the
time
Total 1916_ 67,537 20,390107,341 195,2681,487,951 426,289 1,072,389 2,986,629 being,
at any rate, in the former Central Empires. France,
* Including exports In November not previously available.
too,
is
laboring
under
great
disadvantage
s. Some of its
a Exports In November not previously reported.
mills seemed to have been dismantled. Of course itsfinances
In addition to above exports, our telegrams to-night also are not
altogether
what
they
would
be
in normal times.
give us the following amounts of cotton on shipboard, not And England, too,
is by no means flush after an exhausting
cleared, at the ports named. We add similar figures for four and
a
half
years
of
war.
It
may
decide
to do what it
New York.
has sometimes in the past done in the grain trade, even in
peaceful times when it was not pressed for food, i. e.,
On Shipboard, Not Cleared forlet America carry the grain while it bought it as it was
Great
required. Similarly, it is suggested, it may buy cotton
I Ger- I Other I Coast- I
Leaving
Dec. 20 at-Britain. France. many. I Conet. I wise. 1 Total.
Stock.
from hand to mouth and let this country pay warehouse
Galveston _
15,037 14,6001
11,785' 10,000 51,422 212,578 charges. Also there have been plain intimations that the
New Orleans.. 32,917 15,546
12,540
I 61,003 383,366 ginning figures to-day would be very heavy.
In fact they
Savannah _ _ _ _
8,0001'
6,000 14,000 248,058
Charleston
500,
500
54,476 were expected to be the heaviest since 1914 for the period
Mobile
9,970
9,970
1
20,008
from
Nov.
30
to
Dec.
13.
After
a
recent
sharp advance
Norfolk
400
400
97,475
New York *_ _ _ 10,000 3,0001
5,000
1 18,000 119,248 too some reactions are looked for. On the 18th inst. Deo.Other ports *_ _ 10,000 1,000 '
4,000
15,000
86,379 cember notices for 3,000 bales temporarily depressed the
Total 1918_.. 77,924 42,146
33,325 16,900 170,295 1,221,588 near months. They were unexpecteel. Finally American
Total 1917.. 51,211 38,954
24,440 18,379 132.894 1,149,203 stocks of cotton are of course very large. And no less
Total 1916-- 89,117 33,195
38,090 21,957 182,359 1,336,952 plainly the
total exports thus far whatever they may be
*Estimated.
in the future are far behind those of the corresponding
Speculation in cotton for future delivery has continued to figure last year. To-day
however, again advanced
keep within restricted bounds pending further developments, 50 to 70 points under theprices,
spur of a brisk trade demand.
but there has been enough demand to cause a sharp advance. Some Liberpool buying
buying also it appears by the
The two strongest factors in the situation had been the French commission andand
Japanese interest. A Galveston
improving outlook for exports and the firmness of the spot dispatch said that 20
steamers will arrive there in two
Sat.
Galveston
Texas City
Port Arthur, &c_
New Orleans_ _ _ _
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'port News,&c.
New York
Boston
Baltimore
7,31'7
Mon.
7,451
Tues.
Wed.
8,3'71 17,234
Thurs.
5,462
Fri.
Total.
6,022 51,857
1,783 1,783
3,284 3,284
7,961 49,001
695 7,962
THE CHRONICLE
DEC. 21 1918.]
weeks. New England bought here. January ends 246
points higher for the week. To-day the Census Bureau
report stated the ginning up to Dec. 13 this season at 10,252,402 bales, against 10,131,594 for the same time last
year and 10,838,799 in 1916. For the period from Nov.
30 to Dec. 12 the total was 686,703 bales, against 418,065
last year, 486,768 in 1916, 602,697 in 1915 and 898,843
in 1914. This was somewhat larger than was expected but
had no very marked effect. Spot prices advanced 220 points
during the week ending at 31c. for middling. No sales
have been officially reported.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs, Fri.
29.20 29.55 29.75 29.55 30.50 31.00
Dec. 14 to Dec. 20Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec. 20 for each of the past 32 years have been as follows:
1918_c
1917
1916
1915
1914
1913
1912
1911
15.15 19021c
15.20 1901
9.25 1900
11.80 1899
10.45 1898
12.30 1897
7.70[1896
13.2011895
31.00 1910_c
31.10 1909
17.15 1908
12.10 1907
7.50 1906
12.60 1905
13.1011904
9.6511903
8.70 1894_c
8.50 1893
10.06 1892
7.56 1891
5.81 1890
5.88 1889
7.19 1888
8.31 1887
5.75
7.88
9.88
7.94
9.38
10.25
19.75
10.56
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York ars indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the ma ket fo spot and futu es closed
on same days.
Spot
Market
Closed.
Saturday__ _
Monday ___
Tuesday,___
Wednesday_
Thursday __
Friday
Futures
Market
Closed.
SALES.
Spot. 'Contract Total.
Steady, 40 pts. adv. Steady
Steady, 35 pts. adv. Very, steady_
Steady, 20 pts. adv. Steady
Quiet, 20 pts. dec__ Steady
Steady, 95 pts. adv. Steady
Steady,60 pts. adv. Firm
Total
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
2387
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks. as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make th3 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.
Dec. 20Stock at Liverpool
Stock at London
Stock at Manchester
1918.
bales_ 305,000
16,000
75,000
1917.
430,000
21,000
26,000
1916.
784,000
28,000
61,000
396,000
477,000
67,000
1,000
21,000
12,000
153,000
3,000
64,000
30,000
873,000 997.000
*1,000
*1,000
*1,000
*1,000
247,000 .290,000
7,000
2,000
61,000
66,000
220,000 259,000
*1,000
*1.000
101,000
250,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
538,000
1915.
866,000
10,000
71,000
620,000
Total European stocks
497.000 727,000 1.411,000 1,617,000
India cotton afloat for Europe_.
14,000
37,000
68,000
28,000
Amer. cotton afloat for Europe
355,000 256,000 599,648 414.001
Egypt,Brazil,&c.,afloatfor Eur'pe
,
96,000
54,000
66,000
Stock in Alexandria, Egypt
361,000 320,000 227,000 240,000
Stock in Bombay, India
*570,000 *445,000 457,000 490,000
Stock in U. S. ports
1,391,883 1,282,097 1,519,311 1,677,854
Stock in U. S. interior towns___ _1,390, 23 1,259,429 1,382,887 1,533,958
U.S.exports to-day
5,949
4,570
23,699
20,323
Total visible supply
4,633,655 4.427,096 5,742,545 6,087.136
Of the above, totals of American and other descriptions are as follows:
Americanbales. 177,000 285,000 616,000 605,000
Liverpool stock
Manchester stock
42,000
20,000
48,000
38,000
Continentalstock
*85,000 *216,000 *453.000 *518,000
American afloat for Europe
355,000 256,000 599,648 414,001
U. S. port stocks
1,391,883 1,282,097 1,519,311 1,677,854
U. S. interior stocks
1,390,823 1,259,429 1,382,887 1,533,958
5,949
U S. exports to-day
4,570
23,699
20,323
Total American
East Indian, Brazil, etc.Liverpoolstock
London stock
Manchester stock
Continentalstock
India afloat for Europe
Egypt Brazil, &c.,afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
3,447,655 3,323,096 4,642,545 4,807.136
128,000 145,000
16,000
21,000
6,000
33,000
*16,000 *34,000
14,000
37,000
48,000
96,000
361,000 320,000
*570,000 *445,000
168,000 261,000
29,000
60,000
13,000
33,000
*85,000 *102,000
68,000
28,000
54.000
66,000
227,000 240,000
457,000 490.000
1,186,000 1,104,000 1,100,000 1,280.000
3,447,655 3.323,096 4,642,545 4,807.136
Total visible supply
4,633,655 4,427,096 5,742,545 6,087,136
Middling upland, Liverpool
20.40d. 22.31d. 10.09d.
7.63d.
Middling upland, New York
31.00c. 31.10c.
16.20c.
12.15c.
Egypt,good brown,Liverpool
30.79d. 33.15d. 20.65d. 10.354.
DecemberPeruvian,rough good, Liverpool_ 37.00d. 32.00d. 18.00d. 11.40d
27.35.-80 27.84-.30 28.45-.05 28.75-.44 29.15-.50 29.60-.00 27.35-100 Broach,fine, Liverpool
Range
18.79d. 21.35d.
9.654.
7.254
Closing.... 27.72-.80 28.30 -28.50-.51 28.80-.90 29.48-.50 29.95-.00--- Tinnevelly, good, Liverpool
18.04d. 21.53d.
9.77d.
7.37d
JanuarySaturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Dec. 14. Dec. 16. Dec. 17. Dec. 18. Dec. 19. Dec. 20. Week.
_
14 Range
P Closing..
25.93-.45 26.46-.93 26.85-.40 26.71-.30 27.45-.05 27.77-45 25.93-145
26.35-.45 26.89-.93 26.90 -27.30 -27.95-.00 28.44-45---
FebruaryRange
Closing_ _
25.40 -25.90 -25.95 -26.25 -26.70 -27.30 ----
March24.99-.30 25.38-.30 25.83-.27 25.75-.20 26.34-.60 26.39-.24 24.99-124
Range
Closing.... 25.25-.30 25.77-.80 25.85-.90 26.12-.20 26.53-.59 27.18-.24---
AprilRange
25.50-.60 25.50-.60
Closing.... 24.70 -25.15 -25.15 -25.40 -25.70 -26.20 ----
MayRange
Closintr
24.05-.55 24.67-.07 25.03-.44 24.95-.33 25.38-.57 25.35-.15 24.08 a15
24.55 -24.99-.05 25.05-.06 25.28-.32 25.52-.55 26.09-.15---
JuneRange
Closing.... 24.10 -24.45 -24.45 -24.60 -24.75 -25.40 ----
July-
*Estimated.
• Continental imports for past week have been 43,000 bales.
The above figures for 1918 show an increase over last week
of 183,349 bales, a gain of 206,559 bales over 1917,a decrease
of 1,108,890 bales from 1916 and a loss of 1,453,481 bales
from 1915.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
23.45-.03 24.12-.55 24.40-.55 24.33-.71 24.55-.80 24.45-.30 23.45 x30
Range
Closing.... 24.00 -24.40-.45 24.40-.41 24.55-.63 24.65-.67 25.22-.30---
Movemelt to Dec. 20 1918.
AugustRange
Closing
September-
23.20-.22 23.40-.75 23.60-.98 23.65-.75 23.85 -24.05-.50 23.20 z50
23.20-.22 23.60 -23.60 -23.75 -23.85 -24.50 ----
22.50-.72 22.90-.95 23.45-.50 23.15-.40 23.00-.15---22.50.50
Range
Closing.... 22.72 -23.10 -23.10-.20 23.15 -23.00 -23.27 ----
October-
Range
nualne
21.60-.12 22.15-.65 22.41-.87 22.40-.75 22.60-.85 22.45-.10 21.60.10
22.02-.12 22.50 -22.41-.43 22.55-.57 22.65-.70 23.00-.10---
300. 1 280.
27o. a 26o. x 25o. z 24o. *230.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cottoh markets for
each day of the week:
Week ending
Dec. 20.
Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday.'Wed'day. Thursd'y, Friday.
30.00
29.50
30.00
130.00
30.60
31.25
Galveston
New Orleans_ _ _ 28.75
26.25
29.00
27.00
26.25
26.63
29.00
26.75
29.00
29.38
27.00
29.00
28.00
29.38
27.00
29.00
29.00
29.88
29.50
29.25
_
56775
0750
29.38
27.75
29.00
29.00
27.50
27.00
Philadelphia ___ 29.45
27.00
hugusta
29.00
Memphis
Dallas
29.35
Houston
Little Rock____ 29.00
27.50
29.80
27.75
29.00
29.15
29.75
29.00
28.00
30.00
28.00
29.00
29.15
30.00
29.00
27.13
,28.00
29.80
27.63
29.00
29.30
30.40
29.00
27.88
28.50
30.75
28.63
20.00
29.55
31.00
29.50
28.38
29.00
31.25
28.63
29.50
30.10
31.25
29.50
Mobile
Savannah
Charleston
Wilmington_ _ _ _
Norfolk
Baltimore
NEW ORLEANS CONTRACT MARKET.-The closing quotations for leading contracts in the Now Orleans cotton market for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'da , Thursd' , Friday
Dec. 14. Dec 16 Dec. 17. Dec 18. Dec. 19. Dec. 20.
December
January
March
May
July
October
ToneSpot
ontlens
Towns.
Ship- Stocks
meats. Dec.
Week. Season. 'Week. 20.
Receipts.
Ala., Eufaula
Montgomery. 1,422
3,7441
2,528
53,269,
785 26,214
44,369,
912 20,067
1,101
Selma
600 7,569
600 25,071
Ark., Helena
Little Rock_ 6,275 92,067 3,143 39,147
2,500 64,495
334 37.688
Pine Bluff
9,540
21
188 4,66
Ga.,Albany
78,982 3,244 40,371
3,33
Athens
7,832 104,599 7,026 25,021
Atlanta
10,519 247,87
2,838 159,103
Augusta
Columbus____ 1,28
535 26,000
42,8041
4,798 11171
Macon
34,957
2,458 3223
Rome
15,034
La.,Shreveport 5,617 90,71
50,878
16,059
900
Miss.,Columbus
5,866
40,421
7,266 82,525
Clarksdale
43,181
Greenwood... 3,000 85,768 2,
27,947 1,16 1.5,173
1,516
Meridian
30,760
1,603
Natchez
2191 16.615
21,152
540 12.021
1,534
Vickiburg
800
22,059
300 15,668
Yazoo City
Mo.,St. Louis_ 2,651 214,283 3.685 22,456
18,178
900 8,063
900
N.C.,Gr'nsboro
3,9971
197
150
Raleigh
267
63,839 2,786 14,000
0., Cincinnati_ 2,786
Okla., Ardmor
25.780,
10,734
1.926
Chickasha
23,143, 1,296 4,56
2,104
Hugo
21,9871
600 6,8
600
Oklahoma
S.C.,GreenvIlle 2,500 40,239 1,500 24993
11,89'21.
9,439
Greenwood
435,846 16.648308,87
Tenn.,Memphis 31,71
1901
474
Nashville_ _
5,962
112
208
91
Tex., Abilene.._
15,124
243 5,39
426
Brenham _
28,959 1,287 9,67
Clarksville_ _ _ 2,385
49,137 1,145 13,211
2,276
Dallas
19,031
705 5,874
Honey Grove_ 1.158
51,051 1,050.12 50,717285,411
Houston
65,12
4,44 11.07
5.41
Parts
26.949
647 4,394
San Antonio_ 1,443
1 1.335.
Movement to Dec. 21 1917.
Receipts.
50
775
320
Ship- Stocks
menu. Dec.
Week. 21.
3,584
43,837
32,236
150 2,500
2,857 16,318
1,212 3,419
288 28,246
72 19,216
7,713 136,155 7,739 50,959
4,404
93,3911
523 57,091
81
11,815
29 2,492
1,882 87,349 3,875 38,364
12,705 176,631 10,078 49,237
9,844 350,337 6,297 155,985
775
25,635
134p 14,925
4,089 112,040 4,514 23,344
2,136
37,685,'
99 14,376
8,600 151,0831 5,644 50,509
298
8,161
330 3,972
2,500 91,994 1,500 53,701
1,500 88,655 2,213 32,500
901
21,600 1,537 11,670
1,195
41,204 1,053 12,083
411
14,567
570 5,086
500
29,908
600
5 13,668
49,978 639,873 48,959 11,839
1,161
19,202 1,033 4,401
241
4.746
250
150
3,677
57,682 1,280 21,635
23,750
800 11,000
1,205
34,512 1,328 13,000
654
21,350 1,680 8,733
1,521
20.3761
8,022
3,213 57,096 3-,161 16,363
294
10,5921
127 4,794
38,271 598,690 31,393252,639
1,217
969
393 22,694 -a; 1,747
226
18,373
163 1,493
2,109
39,094 1,683 9,915
4,595 89,406 5.874 20,066
1,696 43,074 1,255 7,549
49,628 1,317,466, 57,219 218,034
4,449 59,798f 2,845 14,612
370 23,6911 1,035 1,053
28.65-.70 29.15-.20 28.75 -28.50 -29.25 -29.40-.60
towns 174,3543,411,072127,1691390823224,6464,691.995213,312 1259429
26.70-.85 27.33-.35 27.05-.20 27.12-.19 27.70-.72 28.13-.17 Total, 41
25.05-.14 25.70-.73 25.75-.80 25.88-.92 26.22-.25 26.76-.81
The above totals show that the interior stocks have in24.25-.35 24.96-.97 24.85-.95 25.09-.02 25.92-.25 25.73-.75
23.70-.75 24.30 -24.29-.26 24.26-.30 24.23-.33 24.85 - creased duriug the week 47,185 bales and are to-night 131,394
21.60 -22.00 -21.85-.95 22.00-.06 22.10 -22.50-.55 bales more than at the same time last year.
The
Steady Steady Steady
Very st'y Very at's, Steady
Quiet
Steady
Steady
Steady
Steady
Steady
receipts at
all towns have been 50,292 bales less than the same week
last year.
2388
THE CHRONICLE
[Vol,. 107.
OVERLAND MOVEMENT FOR THE WEEK AND SINCE AUG. 1.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1918
1917
Dec. 20.
Since
Since
ShippedCotton Takings.
Week. Aug. 1.
1918.
1917.
Week. Aug. 1.
Week and Season.
Via St. Louis
3,686 b205,522 'a48,959 a637,387
Week.
Season.
Week.
Season.
Via Mounds, Sze
13,486 211,603
23,127 246,568
Via Rock Island
900
10,463
150
4,110
supply Dec. 13
4,450,306
4,375,781
Via Louisville
927
59,897
2,108
40,906 Visible
Visible supply Aug. 1
3,027,450
2,814,776
Via Cincinnati
1,777
36,224
655
23.060 American
in sight to Dec. 20...._ 316,328 5,496,220 286,627 6,735,900
Via Virginia points
2,862
84,701
2,214 146,388 Bombay
receipts
to
Dec.
19__
_
_
b60,000
412,000
75,000
451,000
Via other routes, Sze
16,473 223,534
21,483 286,249 Other India
shipm'ts to Dec. 19
12,000
2,000
39,000
receipts to Dec. 18.._ b38,000
431,000
35,000
449,000
Total gross overland
40,111 831,944
98,696 1,384,668 Alexandria
Other supply to Dec 18*
63,000
95,000
1,000
44,000
Deduct shipments.
Overland to N. Y., Boston, &c_ 1,258
30,729
5,551 223,182
Total supply
4,867,634 9,473..670 4,775,408 10,533,676
Between interior towns
1,164
24,701
1,742
45,430
DeductInland, &c., from South
4,903 107,653
a20,109 a322,218 Visible
supply Dec. 20
4,633,655 4,633,655 4,427,096 4,427,096
Total to be deducted
7,325 163,083
27,401 590,830 Total takings to
Dec. 20_a _ _ _ _ 233,979 4,840,015 348,312 6,106,580
•
Of which American
154,979 3,998,015 280,312 4,932,580
Leaving total net overland *
32,786 668,861
71,294 793;838
Of which other
79,000
68,000 1,174,000
842,000
b 30,000 bales added as correction for November.
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
The foregoing shows the week's net overland movement
a This total embraces since Aug. 1 the total estimated consumption by
has been 32,786 bales, against 71,294 bales for the week last Southern mills, 1,604,000 in 1918 and 1,735,000 bales in 1917-takings
not
being available-and the aggregate amounts taken by Northern and
year, and that for the season to date the aggregate net over- foreign
spinners. 3.236,015 bales in 1918 and 4,371,580 bales in 1917, of'
land exhibits a decrease from a year ago of 124,977 bales. which 2,394,015 bales and 3,197,580 bales in American. b Estimated.
1918-1917
BOMBAY COTTON MOVEMENT.
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Dec. 20
1918.
1917.
171,357 2,529,152 122,999 3,302,575
1916.
Nov. 28.
Net overland to Dec. 20
32,786
668,861
71,294
793,838
Receipts atSince
Southern consumption to Dec.20a 65,000 1,604,000 81,000 1,735,000
Since
Since
Week. Aug. 1. Week. lAug. 1. Week. Aug. 1.
Total marketed
269,143 4,802,013 275,293 5,831,413
Interior stocks in excess
41,0001 356,000 25,000 266,000 73,000 387,000
47,185
694,207
11,334
904,487 Bombay
5,496,220
Nor. spinners' takings to Dec. 20_ 52,686
1,005,817
6,735,900
45,548
Movement into sight in previous years:
Bales.
Since Aug. 1292,182 1916 Dec. 22
361,453 1915-Dec. 24
563,363 1914-Dec. 25
Bales.
8,181,373
6,932,503
7,197,293
WEATHER REPORTS BY TELEGRAPH.-Reports to
us by telegraph this evening from the South indicate that
rain has been general during the week, and rather heavy
at some points, tending to retard the movement of cotton
to market.
Galveston, Tex.-We have had rain on three days of the
past week, the rainfall being one inch and sixty hundredths.
The thermometer has ranged from 48 to 62, average 55.
Amarillo, Tex.-Rain on five days of the week. The rainfall has been one inch and sixty-two hundredths. Average
thermometer 38, highest 62, lowest 14.
Abilene, Tex.-We have had rain on five days the past
week, the rainfall being one inch and ten hundredths. The
thermometer has averaged 45, the highest being 58 and the
lowest 32.
Brownsville, Tex.-There has been rain on two days of the
past week, to the extent of two inches and ninety-six hundredths. The thermometer has averaged 64, ranging from
46 to 82.
Dallas, Tex.-It has rained on four days during the week,
to the extent of two inches and two hundredths. The thermometer ranged from 38 to 64, averaging 51.
Palestine, Tex.-The week's rainfall has been seventy hundredths of an inch, on three days. Average thermometer
51, highest 64, lowest 38.
San Antonio, Tex.-There has been rain on three days of
the week, to the extent of two inches and four hundredths.
The thermometer has averaged 54, the highest being 68 and
the lowest 40.
Taylor, Tex.-There has been rain on three days of the
past week, to the extent of one inch and forty-four hundredths. Minimum thermometer 34.
New Orleans, La.-Rain on three days of the week. The
rainfall has been five inches and two hundredths. Average
thermometer 58.
Shreveport, La.-We-have had rain on two days of the
past week, the rainfall being one inch and fifty-two hundredths. The thermometer has ranged from 37 to 65.
Vicksburg, Miss.-There has been rain on three days during the week, the rainfall being one inch and twenty-five
hundredths of an inch. The thermometer has averaged 62,
the highest being 74 and the lowest 48.
Mobile, Ala.-We have had rain on three days of the
past week, the rainfall being ninety-seven hundredths of an
inch. The thermometer has averaged 56, ranging from 41
to 72.
Selma, Ala.-It has rained on three days during the week,
to the extent of two inches and twenty hundredths. The
thermometer has averaged 50, the highest being 72 and the
lowest 37. •
Savannah, Ga.-We have had rain on three days of the
past week, the rainfall being nine hundredths of an inch.
The thermometer has averaged 55, ranging from 44 to 75.
Charleston, S. C.-We have had rain on four days of the
past week, the rainfall being ninety-six hundredths of an
inch. The thermometer has ranged from 41 to 74, average
58.
Charlotte, N. C.-Rain on one day during the week, to the
extent of one inch and fifty-eight hundredths. Average
thermometer 52, highest 71, lowest 34.
Memphis, Tenn.-We have had rain on two gays the past
week, the rainfall being fifty-one hundredths of an inch.
The thermometer has averaged 51, the highest being 69 and
the lowest 36.
Alexandria, Egypt,
November 27.
1,261,344
a These figures are consumption; takings not available.
Week1916-Dec.22
1915-Dec.24
1914-Dec.25
ALEXANDRIA RECEIPTS AND SliIPMENT.
286,627
Receipts (cantors)This week
Since Aug 1
•
1918.
1917.
1915.
242,099
2.252,217
269,753
2.522.981
294,664
3.029.665
1
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
To Liverpool
6,755 78,113 13,871
To Manchester &c
6,460 39,864 -___
To Continent and India_ 1,060 30,5S9 2,155
To America
..! 11,792 13,530
Total exports
71,741 7,996
20,738 ---33,979 1,342
13.530 3,592
79,307
40,823
41,382
29,974
14.275 160,358 29.556 139.988 12.930 191.486
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
irregular but with a better tone on account of East Indian
advices. We give prices for to-day below and leave those
for previous weeks of this and last year for comparison:
1917.
1918.
834 lbs. Shirt- Col'n
ings, Common Mid.
to finest.
Upl's
32s Cop
Twist.
32s Cop
Twist.
d. s. d,
Sept d.
s. d. d. d.
25 54
5534 30 0 038 6 21.03 28%
Nov
5534 29 3 037 9 21.20 30
1 52
8 5134
54 29 3 037 9 21.24 30%
15 50
0 53 28 9 037 3 19.96 32
22 48
50 28 3 036 9 20.60 34%
29 43
46 27 0 036 0 20.50 3634
Dec.
44 25 9 034 6 20.16 37
41
43 25 0 033 9 120.07 3734
13 41
20 38
40 24 6 033 0 120.40 38
000 00000 0
Came into sight during week_ _ _316,328
Total in sight Dec. 20
--_-
834 lb.. Shirt- Corn
ings, Common Mid.
to finest.
Upt's
d. s .d.
s. d. d.
30 150 @1913.4 20.42'
32 151% @199 21.27
3234 151034020 13.4 21.55,
35 16 6 0201034 22.10•
363.4 17 0 @226 22.16
3834 17 3 023 0 22.47
39 176 @240
39 178 @243
393.4 17 9 @246
22.10.
22.31
22.31
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks,&c.,at that port:
Sales of the week
Of which speculators took_
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Nov. 29.
4,000
Dec. 6. Dec. 13. Dec. 20.
5,000
1,000
2,000
1,000
2,000
66,000
266,000
149,000
117,000
103,000
143,000
96,000
55,000
282,000
153,000
72,000
46,000
167,000
133,000
53,000
261,000
135,000
28,000
16,000
218,000
175,000
42,000
305,000
177,000
109,000
91,000'
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Monday.
Saturday.
Market, (
12:15 i
P.M. i
Mid.UpFds
Good Mid.
•
Uplands_ HOLI-
Friday.
Dull.
More
doing.
20.11
20.25
20.48
20.40
20.74
20.88
21 11
21.03
21.03
1,000
5,000
250
Sales
Tuesday. Wednesday. Thursday.
Futures.
Market 1
opened J
Quiet at
1010 pts.
pts. adv.
Market I
4
i
P_ M• I
St'dy,3 pts
dec. to 22
22 ota.adv.
Dull.
1,000500
,
Steady at Steady, 10
19023 pts. dec. to
pts. adv. 4 pts.
advance.
Steady at St'dy,unch.
19041 to 13 pts.
ota. adv. ots. adv.
Quiet.
Dull.
20.40
Quiet,
Steady at
25034 5@1i2 pts.
pts. adv. advance.d
Barely
Steady at steady,
23035 1 pt.adv.to•
ots. adv. 24ots.deo.
The prices of futures at Liverpool for each day are given
below.
Sat.
Dec. 14
to
Dec. 20.
Mon.
Tues.
Wed.
Thurs.
Fri.
12%11214 1234 4 1234 4 1234 4 1234 4 12341 4 ,
p. mo.m.p. m.p. m.p. m.p. m.p. m p. m.p. m.p. m.p. m.,p. m.
:
New Contracts.' -1 d. d. d. d. d. d. d. d. d. d. I d.
20.1620.31 20.5320.6320.7720.75 20.9820.98 21.02,20.91
December ____
i HOLT- 18.87 19.09 19.35 19.50 19.57 19.50 19.80 19.85 19.85 19.61
January
DAY. 17.94 18.15 18.35 18.46 18.51 18.46 18.80 18.79 18.91 18.65
February
17.16 17.31 17.46 17.58 17.58 17.59 17.89 17.92 18.07 17.87
ei
March*.....I
16.05 16.23 18.3616.42 16.42 16.55 16.83 16.8517.06 16.86
Mull:
THE CHRONICLE
DEC. 21 1918
BREADSTUFFS
Friday. Night, Dec. 20 1918.
Flour has been quiet, with stocks rather large. Everybody has been awaiting action by the Government on the
question of exports. The Government has been accepting
bids on flour for export. The question is whether the business will again show a falling off. Certainly last week's sales
were much reduced, owing to cable instructions from Europe. This week the Government has bought nothing.
Much depends on the export outlet in shaping the future
course of prices. Meanwhile, the domestic trade here is
to all appearance well supplied. In fact some think the stocks
at New York are so large as to be over-abundant. It is remarked, too, that the consumption of flour has apparently
not much if at all increased since the use of substitutes
ceased to be obligatory. Moreoevr, prices here are somewhat weaker. Certainly they are in some cases under the
mill quotations. There is no doubt that there is some anxiety
to sell. The situation in some respects is certainly awkward.
Mills have to pay high prices for cash wheat. In fact in
some parts of the country they have to pay premiums.
This compels them to maintain pretty firm prices, and puts
them at a disadvantage with holders who are supposed to
ease quotations in order to facilitate business. The Food
Administration has rescinded the regulation restricting the
holding of flour and coarse grain to sixty days' requirements. Since early in November it is said that the Government has bought very heavily, so much so that it now seems
disposed to stop buying for a time.
Wheat acreage will be the largest on record and the condition of the crop is high. It is entirely too early of course
to reckon on the size, but already there are guesses of possibly 1,250,000,000 bushels. The Department of Agriculture forecasts a winter wheat crop larger by eighty million
bushels than any yield in the history of America. The
Government's appeal made before peace was in sight, saying
an acreage of 47;500,000 was desirable and the guaranteed
price of $2 20 a bushel, led to extraordinary efforts on the
part of farmers, and 49,027,000 acres were planted in a long
and almost perfect season. Last year the acreage sown was
42,301,000 acres. The rye acreage this year increased
to 6,820,000 acres. Russia, Once the United States' greatest
competitor in wheat production, is still torn by internal
troubles. Central, Western and Southern Europe are unprecedentedly short of foodstuffs. Primary receipts of wheat
in this country are liberal, but domestic and foreign shipments
are large. The weather is good but more snow is desirable.
Broonitiall's Sydney correspondent cables that the Australian wheat crop. according to the latest estimate, will
amount to some 80,000,000 ibushels, compared with 112,000,000 bushels last year. It has been reported that in
view of another wheat harvest becoming due, the Wheat
Board thinks it desirable to sell one million tons of wheat
at a minimum price of 4s. 9d. per bushel, conditional on
Australia being permitted to compete in the world's markets
and that the whole of the South African and Eastern markets
are reserved for the disposal of the balance of the crop. The
price of 4s. 9d. per bushel has been mentioned in Australia
for some time past as the likely selling price, but growers.
have been most unwilling to accept such a figure, claiming
that they ought to get 5s. 9d. per bushel. Broomhalls
also presumes that probably a further increase of
the huge stocks have induced them to modify their views.
In France field work has been much hindered by wet weather,
and this has been particularly the case in the central regions.
Early sown winter crops are showing a nice plant, milder
weather having favored growth. Transport conditions, however, remain unsatisfactory and supplies are difficult to
move. In southern Italy the weather has turned cold, but
this probably will not hurt the new wheat crop. In Spain
latest reports of the supply situation are more favorable
and the weather recently has been favorable for now seeding. The Food Commissioner has estimated the wheat requirements of Spain at 116,000,000 bushels, but official statistics for former years show that the consumption then was
136,000,000 bushels. The production in 1917 was 136,000,000 bushels, and as there have been regular arrivals
from Argentina during the season, stocks at the end of the
season should have been of a fair size. A Spanish paper
says that the 1918 harvest is 152,000,000 bush., but the preliminary official estimate was only 132,000,000. From Russia
there is no fresh authentic news available regarding crop
conditions or the supply situation. In India the outlook
has improved considerably owing to recent beneficial rains
over a wide area where moisture was most needed. There is
no doubt that the new seedings will be benefited, but, of
course, more rain will be necessary to work any measurable
change in conditions. In Argentina the weather is clear and
mild and harvesting is extending. This operation has been
seriously retarded by frequent rains recently. Farmers,
therefore, are taking advantage of the present favorable
weather to make as much progress as possible. Trading in
wheat is confined to narrow limits, with fluctuations small.
There still remain substantial amounts from the last crop
and this supply when augmented by the new crop will make
a liberal exportable surplus. The close of navigation at
Buffalo, N. Y., is announced. There are 118 vessels in the
winter storage fleet there carrying 38,227,000 bushels,
two-thirds of which is wheat. In the elevators are 14,728,000
2389
bushels including 8,900,000 bushels of wheat, 1,759,000 of
oats, 1,093,000 of barley and 2,819,000 of rye.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_237% 237% 2373i 2373 2373 237%
240% 240% 240% 240% 240% 240X
No. 2 red
No. 1 spring
Indian corn has declined, but rallied later. Many think
that the supplies of feed, however, will be very large. A
large movement of the crop is also looked for in the near
future. The recent advance, it is contended, discounted
the bullish Government report of last week. On the recent
big rise the market got long. With a weaker technical
position and a certain amount of•liquidation, prices receded
about 5 cents early in the week; that is, on January. Cash
prices have been another matter. The shipping demand at
Chicago, howevei., has been slow. On the rallies there has
been persistent selling. The prediction of an enormous
wheat crop was not without its depressing effect upon
corn, particularly when it became known that the condition
of the winter wheat in the United States was the best in
twenty years and the acreage the largest on record. The
talk to the effect that the total production of winter wheat
might reach 963,000,000 bushels, undoubtedly encouraged
those who had taken a bearish attitude toward
corn. Corn mills, as a rule, are reported to be idle.
Export sales of corn meal and corn flour have ceased. Reports from Argentina- are to the effect that the new corn
crop is starting under generally favorable conditions. It
may be that the huge exportable surplus remaining from
the last harvest has tended to influence growers and that
the acreage will be found to be smaller than last year.
Farmers continue to move forward goodly portions of their
holdings and consequently port stocks are steadily mounting.
The export demand has been of fair proportions lately. There
are increasing quantities of corn being offered f.o.b., and it is
believed some of these offering have been taken up by
American interests, but of course this corn cannot come
into America owing to the import restrictions.
On the other hand, futures have rallied and cash prices, as
a rule, have been firm. Certainly they have been much
better sustained than futures. In fact, they have remained
above the parity of futures. This has made not a few chary
about selling short. Besides Western receipts have not
increased as much as expected. .The weather, too, has been
threatening. Unsettled conditions may delay receipts still
further. Farmers seem to be marketing their hogs rather
than corn. Pastures were in better condition until late in
the fall than is usual at the West. The feeding demand of
corn may, therefore, not be so great as was generally expected at one time. But, on the other hand, farmers are
evidently more anxious to sell hogs fearing that the minimum
price of 173-i cents may not continue for more than a month,
and this operates, as already intimated, to check or restrict the crop movement of corn. • Also, the Government has latterly, it is said, been in the market for barley
for export. Barley futures advanced. It is intimated
moreover that there may be some easing of the regulations
in the matter of malting. All this has had more or less
influence at times in spite of the lack of Government demand •
for corn itself. And the visible supply continues small
despite the fact that last week it increased 281,000 bushsls.
That was only about half the increase in the same week last
year and the total is still only 2,477,000 bushels, against
2,407,000 a year ago; of barley it is 6,903,000 bushels,
against 3,675,000 a year ago, and rye 12,659,000, against
2,997,000 a year ago. To-day prices advanced 3 to 33/2c.
on wet weather, small receipts and covering in in an oversold market. Dec. and Jan. reached a new high level
for the season. Jan. shows small net rise for the week.
The crop movement is disappointing; it is far below expectations. The removal of restrictions on mills had a
good• effect. Bran advanced $12 a ton at Minneapolis and
Mr. Hoover's big export program is said to be regarded
with favor by the Allies.
DAILY CLOSING PRICEUF CORN IN NEW YORK.
. Mon. Tues. Wed. Thurs. Fri.
cte_1613 161% 161k 1614 1634 166k
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_138
141% 147
138% 140
138
January delivery in elevator
135% 134% 135% 136% 1364 139% •
No. 3 yellow
Oats, like corn, have declined; in fact they were largely
influenced by the weakness in corn and responded but
feebly when corn rallied." Also a weak point is the absence
of export demand, not to speak of the dulness of the domestic
trade. And receipts at primary points have been liberal.
To make matters worse, shipments from the same points
have been running well behind the receipts. In other words,
there is a free movement from the country, and at the same
time a scanty demand, either for home or foreign account.
The crop is large and barley is selling below a parity with
oats on a pound-for-pound basis. Moreover, the visible
supply of barley, as shown elewhere, is 6,906,000 bushels,
or some 3,300,000 more than a year ago. It is said, too, that
last week export buyers bought some 5,000,000 bushels of
cash oats from the Department of the Government. That
is believed to have satisfied the export demand for the present. Besides, exporters already own
largo quantities, it is said, which have been shipped less
rapidly than had been expected. The visible supply of oats
in the United States, though it decreased last week, 69,000
bushels, is 28,732,000 bushels against 15,876,000 a year ago.
THE CHRONICLE
2390
In!Argentinabrices for oats are gradually declining under the
pressure of somewhat larger offerings. The foreign demand
has been fair in that country. It has not, however, been
sufficiently large to maintain values. The outlook for the
new crop is fairly good; cutting has made satisfactory progress under the present good weather. On the other hand,
rallies have occurred from time to time at Chicago and
premiums have shown a certain firmness in the sample
market at around Mc.over January for No.3 white. Country
offerings have been light of late. To-day prices advanced
Mc. on January, but end lower for the week.
DAILY CLOSING PRICES OF 'OATS IN NEW YORK.
Mon.
Sat.
Thurs.
Wed.
Tues.
Fri.
81
Standardscts-820823 82082% 813082 813®82 811081%
81%
82%
82
82
813No. 2 white..._ - 82A
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat.
December delivery in elevator cts_ 72372%
January delvery in elevator
Wed. Thurs. Fri.
71
71M, 71
Mon. Tues.
71% 71 3
71% 71
72
71
71
The following are closing quotations:
FLOUR.
$10 50®$i0 75 Barley flour (to arrive)-$7 50©$8 00
Spring
10 40@ 10 65 Barley goods-Portage barley:
Winter
nom.
No. 1
10 75
10 50
Kansas
4 00
9 65
Nos. 2, 3 and 4
Rye flour
8 75
Nos. 2-0 and 3-0
5 50©5 65
Corn goods, per bbl.No. 4-0
575
$850
White flour
Oats goods-Carload,spot de8 00
Yellow flour
livery
9 80
Rice flour, spot and
nom.
to arrive
GRAIN.
OatsWheat$2 37% Standard
No.2 red
81(4)813No.2 white
81%
2 404
No. 1 spring
No. 3 white
80;e81
No.4 white
Cornnom. BarleyNo. 2 mixed
Feeding
05
1 67%
No. 2 yellow
Malting
INS1 15
1 633
No. 3 yellow
RyeArgentine
1 74%
No. 2
AGRICULTURAL DEPARTMENT'S REPORT ON
WINTER WHEAT AND RYE DEC. 1.-The Agricultural
Department's report on cereal crops Dec. 1 was issued on
the 16th inst., as follows:
The condition of winter wheat on Dec. 1 was 98.5, against 79.3 on
Dec. 1 1917, 85.7 on Dec. 1 1916 and the 10-year average of 88.2
The area sown this fall is 59,027,000 acres, which is 15.9% more than
the revised estimated area sown in the fall of 1917, viz.: 42,301,000 acres.
The condition of rye on Dec. 1 was placed at 89.0, contrasted with 84.1
on Dec. 1 1917, 88.8 on Dec. 1 1916 and a 10-year average of 91.4.
The area sown this fall is 6,820,000 acres, which is 1.7% more than the
revised estimated area sown in the fall of 1917, viz.: 6,708,000 acres.
For other Investment News, see page 2351.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Dec. 14 1918 was as follows:
GRAIN STOCKS.
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Oats.
Corn.
bush.
bush.
53,000 1,378,000
1,000
20,000
483,000
41,000
816,000
103,000
Wheat.
bush.
2,935,000
606,000
637,000
469,000
4,152,000
55,000
4,000
1,728,000
8,009,000
157,000
22,781,000
71,000
1,516,000
69,000
95,000
12,855,000
522,000
2,129,000
36,000
8,232,000
22,745,000
72,000
2,549,000
185,000
14,361,000 '186,000
113,000
347,000
. 297,000
4,038,000
436,000
924,000
223,000
Rye.
bush.
922,000
2,000
450,000
989,000
Barley.
bush.
369,000
18,000
3,000
77,000
476,000
1,759,000 2,819,000 1,093,000
11,638,000 3,058,000 750,000
774,000
58,000
11,000
209,000
74,000
4,820,000 954,000 1,517,000
601,000 1,316,000
y6 399,000
• 189,000 409,000 676,000
1,067,000 2,032,000 1,099,000
235,000
43,000
53,000
2,192,000 121,000
247,000
309,000
22,000
1,444,000 105,000
78,000
200,000
Total Dec. 14 1018
111,255,000 2,477,000 28,732,000 12659,000 6,983,000
Total Dec. 7 1918
112,071,000 2,106,000 28,801,000 12365,000 6,614,000
Total Dec. 15 1917
25,361,000 2,407,000 15,876,000 2,997,000 3,675,000
Total Dec. 181918
62,249,000 4,324,000 50,619,000 2,105,000 4,831,000
Note.-Bonded grain not included above: Oats, Duluth, 3,000 bushels; total,
3,000, against 47,000 bushels in 1917,and barley, Duluth, 77,000 bushels; total,
77,000, against 298,000 in 1917.
Canadian4,796,000
211,000
Montreal
767,000
• 3,000 434,000
7,331,000
Ft. William Sc Pt. Arthur
2,675,000
11,944,000
Other Canadian
358,000
••
Total Dec. 14 1918
Total Dec. 7 1918
Total Dec. 15 1917
Total Dec. 16 1916
SummaryAmerican
Canadian
Total Dec. 14 1918
Total Dec. 7 1918
Total Dec. 15 1917
Total Dec. 16 1916
24,071,000
20,940,000
17,683,000
25,575,000
211,000
216,000
12,000
8,000
3,800,000
3,612,000
5,463,000
18,569,000
3,000
4,000
21,000
434,000
413,000
165,000
108,000
111,255,000 2,477,000 28,732,000 12659,000 6,983,000
24,071,000
211,000 3,800,000
3,000 434,000
135,326,000
133,011,000
43,044,000
87,824,000
2,688,000
2,412,000
2,419,000
4,332,000
32,532,000 12662,000
32,413,000 12369,000
21,339,000 3,018,000
69,188,000 2,105,000
7,417,000
7,027,000
3,840,000
4,939,000
THE DRY GOODS TRADE
New York, Friday Night, Dec. 20 1918.
Now that merchants in the dry goods trade are fully
assured that the surplus stocks of goods owned by the Government will not be thrown on the market promiscuously
nor will compete with offerings from manufacturers, a more
cheerful feeling prevails with indications of business developing activity. While the immediate improvement has
not been marked, merchants are optimistic as regards the
future. In view of the many uncertainties experienced
during the past year, however, there are many who are
still inclined to follow a conservative policy. Early in the
[VOL. 107.
week the War Department announced that it has accepted
the services of the Special Advisory Committee of the Association of Cotton Textile Merchants of New York to aid in
disposing of surplus stocks of cotton piece goods. According to present plans, none of the surplus supply will be
placed on the domestic market until after May 1. The
Government has likewise assured dry goods merchants that
everything possible w.11 be done to alleviate any serious
mistakes and that every means will be adopted to prevent
injury to the industry. Since the signing of the armistice,
which resulted in large Government orders being canceled,
merchants have been showing considerable anxiety as to
what effect the selling of these fabrics would have on the
market. Consequently, buyers refrained from entering into
new commitments. Manufacturers feared that the reselling
of these holdings would unnecessarily depress quotations
and prospects of depression kept buyers from making purchases. Now that the atmosphere has been clarified, a
better view ()lithe future can be taken. As yet there has
been no intimation as to what values will prevail after the
first of the year, when Government fixed prices expire. At
present, prices are somewhat below the Government levels
on most classes of merchandise, and as conditions are gradually being readjusted to a normal basis of trading without
official regulation, no undue disturbance in:the market is
looked for. During the past week there has been less selling
by second hands, and it appears as though most of the
surplus stocks of goods have been liquidated and well distributed. Stocks ordinarily are not heavy, and should an
active consuming inquiry develop suddenly, the smallness
of supplies will, no doubt, be felt. Some merchants who
are anticipating improvement in business have been endeavoring to cover forward requirements, and many predict
higher prices. Prices for the raw material have ruled firm,
with exports to foreign countries increasing. The latter
has led to talk of a shortage before another crop is raised,
as European stocks are light and exports are more likely to
increase than decrease. A very optimistic feeling prevails
in export circles where merchants are making preparations
for an active trade. Cancellations from South American
countries have been fewer, while many new inquiries have
been received. The improvement in the shipping situation
is also being reflected in larger shipments on old orders.
DOMESTIC COTTON GOODS.-While there has been
only slight improvement in the inquiry for staple cottons, a
much better feeling prevails with activity 'expected after
the turn of the year. Several prominent merchants who
have the reputation of being conservative are displaying
more interest in the market. Second hands have been
offering sparingly and there has been some recovery in prices
from the low point of last week. Many traders are no
longer looking for further reduction in prices and have been
inquiring for supplies. The business that has been reported
has been mostly confined to small lots, but the aggregate
has been of fair volume. Manufacturers show less anxiety
as regards future business, and the announcement that the
surplus stocks of cotton goods held by the Government
would not be dumped on the market helped sentiment.
Converters have been more active, and fair-sized sales of
fine combed yarn cloths have been reported. Inquiry for
shootings has improved while demand for heavy goods has
also been better with prices firmer. Gray goods have likewise been in better request for delivery during both the first
and second quarters of next year. On the other hand,
narrow print cloths have ruled easier.
WOOLEN GOODS.-Tho feature in the market for
woolens and worsteds has ben the auction of piece goods
by the leading manufacturer. Prices for the fabrics, while
ranging from 10 to 35% below the recent high levels, were
mostly higher than had been expected, but the goods were
quite readily taken. Jobbers were credited with making
the largest purchases. Clothing manufacturers showed more
interest in the offerings as the sales progressed. In both the
dress goods and men's wear trades, business has been very
quiet as buyers have been uncertain as to values. Now that
the auctions have given them a better line on quotations
it is expected that things will improve. The first series of
Government wool auctions also took place during the week.
While approximately 48% of the offerings were withdrawn
the first day, only about 25% was withdrawn on the second
day of the sale. Some grades were higher than the issue
price, while others were from 10 to 20% below.
FOREIGN DRY GOODS.-Primary markets for linens
rule quiet, but retailers report a very favorable holiday
trade. Several fair-,sized shipments of fabrics were received during the week, although they w3re not large enough
to relieve the situation to any extent. Imp3rters are not
making any effort to do business, and in some cases have
received cancellations of orders which they refused to ahopt.
Advices from abroad continue to indicate higher prices.
Cables report that yarn prices have been officially advanced,
effective for the next half-year. There has been no improvement in the raw material situation, and spinners are not
certain as to whether or not there will be any increase in the
available. supply of Russian flax during the corning year.
Conditions in that country are too uncertain to place any
reliance on receiving supplies from there. Quietness has
prevailed in the market for burlaps with prices unchanged.
Light weights are quoted at 11.50c. and heavy weights at
16.40c.
DEC. 211918.]
THE CHRONICLE
ffitate ant Txty glepartment
2391
a bond issue whose maturity was limited to fifteen years.
Injunction proceedings were brought, and among the terms
discussed, was the constitutional limit on bond issues, of
25 years. Justice Rainey in his opinion said:
"That part of Section 27, Article 10, of the Constitution, which provides
STATE AND CITY SECTION.
that a sinking fund shall be created sufficient to pay the interest of the
indebtedness
for public utilities as it falls due and the principal
A new number of our "State and City Section," thereof withinincurred
twenty-five years from the time of contracting such inrevised to date, appears to-day, and all readers of the debtedness, contemplates that the bonds issued under said section should
for a period of time not to exceed twenty-five years, and does not mean
paper who are subscribers should receive a copy of run
that said bonds must run for the full term of twenty-five years, and the
issuance
it. As previously announced, this Supplement is tion." of bonds for a term of only fifteen years does not violate said sec_
now printed in two parts, Part One containing the The injunction was denied in the lower court and the judgment is susNew England, Central and Middle States, having tained.
been issued last June, while Part Two, embracing the
BOND CALLS AND REDEMPTIONS.
rest of the country, appears to-day. The change is
Kentucky (State of).-Warrant Call.-Sherman Gooddue to the fact that with the growth and multipli- paster, State Treasurer, calls for payment all State warrants
cation of the municipalities of the United States the stamped interest bearing from Dec. 1 1916 to May 31 1917,
demand for additional space has become too heavy inclusive. Interest on these warrants will cease Dec.22 1918.
to satisfy within the limits of a single number.
BOND PROPOSALS AND NEGOTIATIONS
this
week have been as follows:
NEWS ITEMS.
Idaho (State of).-All Proposed Constitutional Amendments Rejected.-We are advised that five proposed oonstitutional amendments voted upon at the general elections held
Nov. 5 last, were all rejected. An amendment to Article 8,
Section I., "to limit the bonded indebtedness of the State,
exclusive of debt of the territory and debts for construction
of State capital, to a sum not greater than 1%," was defeated
by a vote of 26,856 "against" to 18,027 "for."
Illinois (State of)-Tax Rate Reduced-The State Tax
Commission has fixed a rate of 75c. on each $100 of equalized
valuation. The rate is a reduction of 15c. from the present
rate of 90c. and represents, it was announced, a saving to
Illinois taxpayers of approximately $4,000,000.
New York.-Mayor's Committee Hears Arguments on Tax
Rates For Relief of Real Estate.-Mayor Hylan.'s Committee
on Taxation, of which Nathan Hirsch is Chairman, at a
final session held last Thursday, listened to many suggestions on how other sources of revenue might be found to
lessen the tax on real estate. State and city officials and
men prominent in the commercial and financial world all
expressed their views with the conclusion drawn that a
united effort should be put behind a bill drawn to meet
the views of the majority. It appears that an annual
mortgage tax instead of the present exemption recording fee
is under consideration. Other sources of revenue suggested
were an occupational tax, a business tax and special levies
on big interests, such as fire insurance companies and the
milk companies.
State Comptroller Travis advised the Committee that
his recommendation, that of the annual mortgage tax,
aimed principally to prevent the holders of long-term securities of that class from obtaining almost complete exemption from taxation, as they may under the present law.
The Comptroller in placing his suggestion before the
Committee explained that:
The amendments I had in mind provide for the retention of the present
recording tax to the extent of carrying exemption for a period of not more
than five to seven years. If tho debt is not paid within such time, a moderate annual tax of about $2 per $1,000 might be paid to some recording
officer. In the event that this plan proved objectionable, I would then
suggest that after the lapse of such exemption period, all such debts be
classed as investments taxable at a rate of about 20c. per $100.
The present mortgage recording law, while a just measure when enacted
in 1906, should not for that reason remain forever unchanged. Although
economical of administration and yielding over $39,000,000 at a cost of
about $500,000 to collect, nevertheless, it is not a tax measure but an exemption fee, extending immunity to over half of the State's taxable property aggregating $12,520,819,811. If all mortgages were drawn for
short terms,the effect would not be so bad, but the majority grant exempttions for periods of 20 years or more.
For example, where a recording fee of $5 is paid on each $1,000 exempted for 20 years, the annual tax is only 25c. per thousand. If the
exemption is for 50 years, it would be 10c. These instances, while extreme, are not by any means horrible examples, as there exist hundreds
of millions dollars' worth of securities attached by mortgages recorded
since 1906 which are exempt from local taxation upon the payment of about
10c. on every $1,000.
'
Oklahoma.-Maturity on Municipal Issues Decided.Reports state that the Oklahoma State Supreme Court rendered on Dec. 11 an opinion to the effect that the provision
of the constitution limiting the period of maturity of a
bonded indebtedness to twenty-five years does not prevent
the fixing of any term of years within the twenty-five. It
appears that the incorporated town of Broken Bow, in McCurtain County, held an election some time ago to vote on
ADIN HIGH SCHOOL DISTRICT (P. 0. Alturas), Modoc County,
Calif.-BOND SALE.-The $15,000 6% school bonds, voted during
November 1917(V. 105, p. 2111), have been purchased at par by the First
National Bank of Alturas. Due in 5 years, subject to call at the option
of the Clerk Board of County Supervisors. Interest annually.
AMANDA VILLAGE SCHOOL DISTRICT (P. 0. Amanda), Fairfield County, Ohio.-BOND SALE.-On Dec.6 $2,000 6'70 school-ground
improvement bonds were awarded to W. L. Slayton & Co. of Toledo at
104.360. Denom, $500. Date Oct. 1 1918. Int. A. & 0. Due each six
months beginning Mar. 1 1922.
ANACORTES, Skagit County, Wash.-BOND OFFERING.-Proposals will be received until 8 p. m. Dec. 27 by F. D. Cartwright, City
Clerk, for the $90,000 general and $60,000 special bonds, recently authorized-V. 107, p. 2306. Denom. $500. Cert. check for $2,500, payable
to the City Treasurer, required.
ANTWERP RURAL SCHOOL DISTRICT (P. 0. Antwerp), Paulding County, Ohio.-BOND SALE.-On Dec. 14 an issue of $9.000 6%
7-15-year serial school bonds were awarded to Prudden & Co., of Toledo,
for $9,587 50, equal to 106.305.
ASPINWALL SCHOOL DISTRICT (P.O. Pittsburgh), Allegheny.
County, Pa.-BOND SALE.-The $25,000
% 5-29-year serial school
bonds offered on Sept. 17 (V. 107, p. 1116), were awarded on that date to
the Citizens' Deposit & Trust Co.of Sharpsburg at par and accrued interest.
ASTORIA, Clatsop County, Ore.-BONDS APPROVED.-According
to reports, the Capital Issues Committee has approved the $200,000 5%
10-40-year (opt.) street-impt. bonds mentioned in V. 107, p. 2023.
ATASCOSA COUNTY COMMON SCHOOL DISTRICT NO,33, Tex.
-BONDS REGISTERED.-We are advised that on Dec. 11 an issue of
$2,000 5% bonds was registered with the State Comptroller.
ATASCOSA COUNTY ROAD DISTRICT NO, 4, Tex.-BONDS
REGISTERED.-On Dec. 10 $250,000
% road bonds were registered
with State Comptroller. Due $2,000 yearly.
BEVERLY, Essex County, Mass.-TEMPORARY LOAN.-On
Dec. 16 the temporary loan of $100,000 issued in anticipation of revenue
and maturing April 3 1919(V. 107, p. 2306), was awarded to E. M.Hamlin
& Co., on a 4.16% discount basis, plus a premium of $2.
Other bidders were:
Discount. Premium.
Blake Bros. & Co., Boston
4.18%
$200
Salomon Bros. & Hutzler, New York
4.19%
2 00
S. N. Bond & Co., New York
4.19%
125
Old Colony Trust Co., Boston
4.277
2 00
Bond & Goodwin. New York
4.40
BIGTIMBER, Sweet Grass County, Mont.-BOND SALE.-On
Dec. 16 the $40,000 6% refunding water bonds, series of 1917 (V. 107, p.
2205), were awarded to Benwell, PhillipsCo.,, Este & Co. of Denver, for
$41,565. equal to 103.912. Due Jan. 1 1939, subject to call Jan. 1 1929.
Total bonded debt, this issue only. Sinking fund, $7,000. Assessed
value, $977,095.
BOISE CITY INDEPENDENT SCHOOL DISTRICT (P. 0. iloise),
Ada County, Ida.-BONDS APPROVED.-The Capital Issues Committee
has approved an issue of $90,000 school-bldg. bonds, it is reported. A like
amount of bonds was sold on Aug. 31 to C. W. McNear & Co. of Chicago
at 100.027 for 43.s (V. 107, p. 1207). Guy Scudder is Clerk of Board of
Education.
BONITA SCHOOL DISTRICT, Morehouse Parish, La.-BOND
SALE.-An issue of $10,000 5% 1-10-year serial bonds, dated Feb. 1 1917,
was awarded to J. L. Arlitt of Austin.
BRONXVILLE, Westchester County, N. Y.-BOND OFFERING.
Proposals will be received by William F. Thompson, Village Clerk, until
8 p. m. Jan. 6 for $65,000 4X% 9 2-3 year (aver.) park bonds. Denom.
$1.000. Date May 1 1917. Int. semi-ann. Due $5,000 yearly on May
1 from 1922 to 1934 incl. Cert. check on a responsible bank or trust
company, for 1% of the bonds bid for, payable to the Village Treasurer,
required. The opinion of John C. Thomson of N. Y. as to the validity
of the bonds will be delivered to the purchaser. This issue has been
approved by the Capital Issues Committee.
CAMBRIDGE, Middlesex County, Mass.-BOND SALE.-The City
Sinking Fund Commissioners have the present month purchased $35,000
departmental equipment, $132,500 street and $30,000 building 4% coupon
loan bonds.
CASCADE COUNTY (P. 0. Great Falls), Mont.-BOND SALE.
On Dec. 16 the $100,000 coupon road-improvement bonds(V. 107, p. 2114)
were awarded to the Harris Trust & Savings Bank of Chicago at 101.660
for 5s. Date Jan. 1 1919. Due $5,000 yearly on Jan. 1 from 1921 to
1934, inclusive, and $6,000 yearly on Jan. 1 from 1935 to 1939, inclusive,
subject to call Jan. 1 1920 to 1938, inclusive.
CASMALIA SCHOOL DISTRICT, Santa Barbara County, Calif.BOND OFFERING.-Sealed bids will be received until 10 a. m. Jan. 6
by 0. A. Hunt, County Clerk and ex-officio Clerk Board of County
Supervisors (P. O. Santa Barbara), for $6,000 67
9 school bonds. Denom.
$1,000. Int. A.& 0. Due $1,000 yearly. Certified check for 10% of the
amount of bid, payable to the County Treasurer, required. Purchaser to
pay accrued interest.
CELINA, Mercer County, Ohio.-BOND OFFERING -Sealed bids
will be received until 12 m Jan 14 by G M Winter, Village Clerk, for
% refunding bonds Denom $1,000 Date Dec 15 1918.
$20,000
Int semi-ann Due $1,000 yearly from 1927 to 1947,incl Certified check
for $1.000, payable to the Village Treasurer, required Purchaser to pay
accrued interest
CHAGRIN FALLS, Cuyahoga County, Ohio.-BOND OFFERING.
-Sealed bids will be received by F E Lamson, Village Clerk, until 12 m.
Jan 6 for $2,112 54 6% 1-10-year serial coupon street-impt. bonds.
Denom $100(1 for $113 54). Date,-day of sale. Semi-ann.int (A.&0)
payable at the Chagrin Falls Banking Co of Chagrin Falls. All bids must
2392
THE CHRONICLE
be made on form furnished by the above Village Clerk. Certified check on a
solvent bank,for 5% of the bonds bid for, payable to the Village Treasurer,
required Bonds to be delivered and paid for within 10 days from time
of award]
CHILTON, Calumet County, Wisc.-BOND OFFERING.-Proposals
will be received until 8 p. m. Jan. 7 by A. J. Pfeffer, City Clerk,for the following two issues of 57 bonds, aggregating $28,000:
$18,000 sewer bonds. Due yearly on Jan. 1 as follows: $500 1920 to 1922
incl.; $1,000 1923 to 1924 incl.; $1,500 1925 to 1931 incl., and
$1,000 1932 to 1935 incl.
10,000 water-works bonds. Due yearly on Jan. 1 as follows: $500 1920
to 1931 incl., and $1,000 1932 to 1935 incl.
Denom. $1,000. Date Jan. 1 1919.
CINCINNATI, Ohio.-BONDS PROPOSED.-Local papers state that
the city contemplates the issuance of $420,500 street and sewer repair
bonds. They further state that the Capital Issues Committee has approved
the issuance of said bonds.
CLAY CENTER, Clay County, Neb.-BOND SALE.-During May
$3,500 (part of a $4,000 issue) 5% 20-year (opt.) water-extension bonds
were awarded to the Merkle Machinery Co. of Kansas City at par. Denom.
$500. Date Oct. 1 1917. Interest annually. The remaining $500 are still
for sale as 5s.
CLEVELAND COUNTY (P. 0. Shelby), No. Caro.-BONDS NOT
YET SOLD.-No sale has yet been made of the $25,000 Township No. 9
bonds, offered on July 9 (V. 106, p. 2575).
COLUMBUS, Lowndes County, Miss.-BONDS PROPOSED.
According to newspaper reports, an issue of 375,000 refunding bonds
will be placed on the market early in 1919. The bonds to be refunded
are an issue of 434% 20-year street and sewerage bonds issued in April
1899.
COMANCHE COUNTY (P. 0. Comanche), Tex.-BOND SALE.
The $120,500 5% 10-30-year (opt.) Road District No. 1 bonds offered on
Nov. 20 (V. 107, P. 1936), have been sold.
CRITTERDEN COUNTY (P. 0. Marion), Ark.-BOND SALE.
On Dec. 16 the $149,000 6% Road Improvement District No. 5 bonds
(V. 107, p. 2306) were awarded, it is reported, to the Bankers' Trust Co.
of Little Rock for $152.450, equal to 102.315. Int. semi-ann.
CUMBERLAND, Guernsey County, Ohio.-BOND OFFERING.
Proposals will be received by F. A. Seward, Village Clerk, until 12 m.
Jan. 15 for $4,000 534% 3-10-year coupon electric-light-plant purchasing
bonds. Denom. $500. Date Jan. 1 1919. Interest semi-annual. Certified check for 5% of the bonds bid for, payable to the Village Treasurer,
required. Bonds to be delivered and paid for within ten days from time
of award. Purchaser to pay accrued interest.
CUYAHOGA FALLS, Summit County, Ohio.-BOND SALE.
On Nov. 26 the following two issues of bonds, aggregating $128,500, were
awarded as follows:
$80,000 5% Cuyahoga River Purification bonds to William R. Compton
Co. of Cincinnati. Denom. $1,000. Date Dec. 1 1917.
Int. J. & D. Due yearly on Dec. 1 from 1919 to 1938, incl.
48,500 534% Chestnut Street Improvement bonds to Stacy & Braun of
Toledo, for $49,318 63 (101.687) and interest. Denoms. 48
for $1,000 and 1 for $500. Date May 1 1918. Int. M.& N.
Due $5,000 yearly on May 1 from 1919 to 1927, incl., and
$3,500 May 1 1928.
DADE COUNTY (P. 0. Miami), Fla.-BOND OFFERING.-Further
details are at hand relative to the offering on Dec. 31 of the $98,000 6%
highway bonds (V. 107, p. 2306). Proposals for these bonds will be
received until 10 a. m. on that day by Ben Shepard, Clerk Board of County
Commissioners. Date Jan. 1 1919. Principal and semi-annual interest
(J. & J.), payable at the U. S. Mtge. & Trust Co., of New York. Due
yearly on Jan. 1 as follows: $2,000 1920, $3,000 1921 and 1922, $6,000 1923
and $12,000 1924 to 1930, inclusive. Certified check on a responsible
bank or trust company,for 2% of amount of bid, payable to the Board of
County Commissioners, required. The purchaser will be furnished with
an opinion of John C. Thomson, attorney, of New York, as to the validity
of the issue. Delivery will be made at the office of the U.S. Mtge. & Trust
Co., New York. The bonds will be prepared under supervision of the
U. S. Mtge. & Trust Co., which will certify as to the genuineness of the
signatures of the county officials and the seal impressed thereon.
Financial Statement.
County bonds outstanding, not including this issue
$1,447,401 09
Of which Palm Beach County and Broward County, which
counties were organized from a part of Dade County,
have assumed
262,917 04
Note outstanding for equipment of Home Guard
This issue of bonds
School bonds out, general county obligation
$1,184,484 05
11,000 00
98,000 00
546,654 98
Total indebtedness, including this issue
Assessed value, real and personal property, and railroad..
$1,840,139 03
$13,052,742 00
DALLAS, Dallas County, Tex.-BOND SALE.-Local papers state
that the Wm. R. Compton Co. of St. Louis has purchased $400,000 schoolimpt. and $200,000 sewer 4% bonds.
DELOIT, Crawford County, Iowa.-BONDS NOT YET SOLD.-No
sale has yet been made of the $10,000 water-works bonds voted during
April (V. 106, p. 1709)•
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des
Moines), Polk County, Iowa.-BOND SALE -On Dec. 17 R M
Grant & Co of Chicago were awarded $500,000 5% school bonds at 102 552
a basis of 4 67%
Date Dec 17 1918 Interest semi-annual.
DETROIT, Mich.-BOND SALE.-On Dec. 16 the two issues of 434%
30-year coupon or registered tax-free general impt. bonds, aggregating
$350,000, dated Dec. 1 1918(V. 107, p. 2205) were awarded to the National
City Co. of N. Y. at 101.699 for 434s.
DONIPHAM COUNTY SCHOOL DISTRICT NO.' 36, Kans.BOND SALE.-During November $2,000 5% building bonds went to the
State of Kansas at par. Date Aug. 16 1918. Due yearly on Jan. 1 from
1920 to 1929, inclusive.
DORMONT (P. 0. Pittsburgh), Allegheny County, Pa.-FINANCIAL STATEMENT.-We are in receipt of the following financial statement issued in connection with the sale on Dec. 6 of the $70,000 434%
30-year tax-free impt. bonds awarded as reported in V. 107, P. 2306.
Financial Statement.
Assessed valuation 1918
$6,700,000 00
Total bonded debt (including this issue)
163,000 00
Less sinking fund
15,991 83
Net bonded debt
$147,008 17
Population 1918 (est.), 8,500.
DULUTH SCHOOL DISTRICT (P. 0. Duluth), St. Louis County,
Minn.-BONDS NOT YET SOLD.-No sale has yet been made of the
$300,000 school bonds, voted during July (V. 107, P. 528)•
EAST ORANGE, Essex County, N. J.-BONDS AUTHORIZED.
On Dec. 9 an ordinance was presented and passed on first reading by the
City Council providing for the issuance of$19,000 434% coupon Washington
Street Paving assessment bonds. Denom. $500. Date Dec. 1 1918.
Int. semi-ann. Due $2,000 yearly on Dec. 1 from 1920 to 1926 incl. and
$6,000 Dec. 1 1927.
EDWARDS COUNTY RURAL HIGH SCHOOL DISTRICT NO. 3,
Kans.-BOND SALE.-An issue of $8,000 5% building bonds was placed
with the State of Kansas during November at par. Date July 1 1918,
Due serially on July 1 from 1919 to 1933, inclusive.
ESSEX COUNTY (P. 0. Salem), Mass.-NOTE OFFERING.
Reports state that the County Treasurer will receive bids until 12 m.
Dec. 23 for $40,000 434% bridge notes. Date Dec. 15 1918.
ESSEX COUNTY (P. 0. Newark), N. J.-BOND OFFERING.-Sealed
bids will be received until 1 p. in,Dec. 24 by Amos W.Harrison, Chairman
[Voi.. 107.
of the Finance Committee of the Board of Chosen Freeholders, for the
5% tax-free gold coupon (with privilege of registration) tuberculosis hospital bonds, not to exceed $119,000, recently authorized (V. 107, p• 2205)•
Denom. $1,000. Date Dec. 1 1918. Principal and semi-annual interest
(J. & D.), payable at the U. S. Mtge. & Trust Co., New York. Due
$5,000 yearly on Dec. 1 from 1919 to 1928, inclusive $6,000 Dec. 1 1929
and $7,000 yearly on Dec. 1 from 1930 to 1938, inclusive, or such less
amount in 1938 and preceding years as shall remain unissued of said
$119.000 by reason of their sale above their par value. All bids must be
unconditional and accompanied by a certified check on an incorporated
bank or trust company for 2% of the amount of bonds bid for, payable
to R. W. Booth, County Collector, required. Bonds to be delivered
Dec. 27 1918 at 11 a. in. at the County Court House in Newark. The
bonds have been engraved under the supervision of, and will be certified
as to their genuineness by the U. S. Mtge. & Trust Co., New York, and
their validity will be approved by John C. Thomson, Esq., of New York
City, and a copy of his opinion as to the legality of the bonds will be furnished to the successful bidder without charge.
Financial Statement.
Net average taxation, 1915, 1916, 1917
$566,630,253 00
Net debt (computed as provided in Chapter 252, Laws of
New Jersey, 1916, as amended)
$8,502,707 83
Population Essex County (State Census 1915), 567,270.
FANNIN COUNTY COMMON COUNTY SCHOOL DISTRICT
NO. 83, Tex.-BONDS REGISTERED.-The State Comptroller registered
on Dec. 9 an issue of $2,500 5% 2-20-year school bonds.
FARMVILLE, Prince Edward County, Va.-BOND SALE.-We are
advised that the $50,000 5% 20-year offered in 1917 (V. 105, p. 1331)
were awarded as follows: $30,000 to Prudden & Co. of Toledo and $20,000
to local purchasers. Int. J. & J.
FAYETTE COUNTY (P. 0. Uniontown), Pa.-BOND OFFERING.
Proposals will be received by Harry Kisinger, County Controller, until
12 m. Dec. 28 for $94,000
% tax-free highway maintenance bonds.
Denom. $1,000. Date Dec. 30 1918. Int. J. & D. Due Dec. 30 1928.
FRAMINGHAM, Middlesex County, Mass.-TEMPORARY LOAN.
On Dec. 17 S. N. Bond & Co., of N. Y., wore awarded on a 4.25% discount
basis plus a premium of $1.25 a temporary loan of $75,000 issued in anticipation of revenue and maturing Sept. 30 1919.
FRANKFORT, Ross County, Ohio.-BOND SALE.-An issue of
$5,000 6% 10-year street-impt. bonds has been purchased by local banks
at par, we are advised. Denom. $500. Date Sept. 1 1918. Int. Sept. 1.
GLOUSTER, Athens County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Jan. 15 by Reuben Wagner Village Clerk for
the $5,000 5% 5 and 10-year refunding bonds recently authorized-V. 107,
p. 1936. Auth. Sec. 3916, Gen. Code. Denom. $500. Date Jan. 15
1919. Principal and semi-annual interest payable at the office of the Sinking Fund Trustees. Due $2,500 1924 and $2,500 1929. Certified check
for 5% of the amount of bonds bid for, payable to the Village Treasurer,
required. Bonds to be delivered and paid for within ten days from time
of award. Purchaser to pay accrued interest.
HAMILTON, Butler County, Ohio.-PURCHASER OF BONDS.
It is reported that of the three bids received for the two issues of sanitary
sewer bonds, aggregating $55,361 20 offered on Dec. 10 (V. 107 p. 2307)
the highest bid, that of the Win. R. Compton Co. of Cincinnati, was accepted. The price paid for the securities was $55,434 40, equal to 100.132.
HARRIS COUNTY (P. 0. Houston), Tex.-BONDS APPROVED.
According to newspapers reports, this county has been granted authority
to issue $400,000 road-impt, bonds by the Capital Issues Committee.
HAVRE, Hill County, Mont.-BOND OFFERING.-Proposals will be
received until 3 p. m. Jan. 24 by the City Treasurer for $75,000 6% watersystem bonds authorized by a vote of 68 to 9 at the election held Nov. 30V. 107, p. 2307. Due yearly as follows: $5,000 1926 to 1934 and $6,000
1935 to 1939, incl., subject to call after one year.
HIGHLAND PARK, Wayne County, Mich.-BOND OFFERING.
Delmer C. Gowing, City Clerk, will receive bids until 8p. in. Dec. 23 for
$80,000 20-year sewer impt. bonds. Denom. $1,000. Date Jan. 1 1919.
Prin. and semi-ann. int. payable at the Highland Park State Bank. Bids
must state rate of interest desired, 434 43i or 5% basis. Cert. check for
$500 required.
Financial Statistics.
Assessed valuation for taxation for year 1918-1919$132,634,930
Total bond debt, including this issue
2,871,026
Total water debt (included in total bond debt)
1,389,626
Floating debts (warrants, notes, &c.)
Nothing
Sinking fund on hand for redemption of bonded debt
364,007
Tax rate per $1,000, 1918-1919 city taxes
Tax rate per $1,000. 1918-1919 (State, county and school tax)_.._ _18.079
Tax levied per $1.000 to pay above issue
Sufficient to retire when due
Total tax rate per $1,000 for year 1918-1919 (all purposes)
$12.779
Population 1915, U. S. Census, 27,155; present population (est.), 39,000.
HOLLAND, Ottawa County, Mich.-BOND SALE.-During October
an issue of $9,279 5t 6% sewer bonds was awarded to local investors at par.
Denom. $100. Date Oct. 1 1918. Int. annually. Due yearly on Feb
1 from 1919 to 1923, incl.
HOLLANSBURG VILLAGE SCHOOL DISTRICT (P. 0. notionsburg), Darke County Ohio.-BOND OFFERING.-Proposals will be
received by T. J. Davis, Clerk, Board of Education, until 12 m. Dec. 27
for $1,100 6% 1-11-year coupon transportation bonds. Denom. $100.
Date Dec. 1 1918. Prin. and semi-ann. Int. (J. & D.) payable at the District Treasurer's office.
HOPKIN COUNTY COMMON SCHOOL DISTRICT NO. 53, Tex.BONDS REGISTERED.-This district registered with the State Comptroller
on Dec. 9 an issue of $1,400 5% 10-20-year school bonds.
IBERIA PARISH (P. 0. New Iberia), La.-CERTIFICATE SALE.Recently J. L. Arlitt of Austin purchased $70,000 5% certificates of payment, dated Nov.7 1918 and maturing $7,000 yearlY from 1919 to 1928 incl.
IDAHO (State of).-BOND OFFERING.-Proposals will be received
by John W.Eagleston, State Treasurer (P.0. Boise), until 10 a. in. Dec. 27
for $100,000 coupon (with privilege of registration) highway bonds at not
exceeding 454% interest. Denom. $500 and $100. Date Jan. 1 1917.
Prin. and semi-ann. Int. (J. & J.) payable at the State Treasurer's office
in N. Y. exchange at par if desired. Due in 20 years, optional in 10 years.
Purchaser to pay accrued int. and a lower interest rate is preferred to a
premium bid. Cert. check for 5% of the bonds bid for payable to the
above Treasurer, required. Bonds to be delivered within 10 days from
time of sale. These bonds are the balance of a $1,000,000 issue and all
bids will be unconditional as to legality, as the legality has been proved at
previous sales. Bonds furnished by State. Bonded debt (incl. this issue),
$3,068,750. Assessed valuation (approx.), $446,000,000. Actual value.
$1,250,000,000.
JACKSON TOWNSHIP (P. 0. Byesville), Guernsey County, Ohio.
-NO SALE.-No sale was made of the $36,000 5% Road District No. 1
bonds offered on Oct. 1-V. 107, p. 1304. A bid of $1,000 less than par
was the only bid received.
JANESVILLE, Rock County, Wisc.-BONDS NOT TO BE OFFERED.
-The $70,000 bridge bonds voted at the election held Sept 3 (V. 107.
p. 1117) will not be offered at present, we are advised.
JERSEY CITY, Hudson County, N. J.-BOND OFFERING.
James F. Gannon, Director of Finance and Revenue, will receive bids
until 10 a. in. Jan. 3 for the following 45% gold coupon (with privilege
of registration) bonds not to exceed the amounts mentioned:
$2,382,000 general improvement bonds. Denom. $1,000. Due yearly
on Dec. 1 as follows: $76,000 1919 to 1923 incl., and $77,000
1924 to 1949 incl.
1,559,000 school bonds Series "A." Denom. $1,000. Due $38,000
Dec. 1 1919 and $39,000 Dec. 1 1920 and a like amount each
year thereafter.
44,000 school bonds Series "B." Due $4,000 yearly on Dec. 1 from
1919 to 1924 incl., and $5,000 yearly on Dec. 1 from 1925 to
1928 incl.
DEC. 211918.]
THE CHRONICLE
Date Dec. 1 1918. Prin. and semi-ann. int. (J. & D.) payable at the
alien of the City Treasurer. Cert. check for 2%, payable to the "City,"
required. The successful bidder or bidders will be furnished with the
opinion of Hawkins, De!afield & Longfellow of N. Y. that the bonds are
legal and binding obligations of the city. The bonds which have been
approved by the Capital Issues Committee will be prepared under the
supervision of the U. S. Mtge. & Trust Co. of N. Y. which will certify
as to the genuineness of the signatures of the officials and the seal impressed thereon.
JESUP CONSOLIDATED SCHOOL DISTRICT (P. 0. Jesup),
Buchanan County, Iowa.-BOND SALE.-Tho $25,000 5% school
bonds, voted during August, were awarded during that time to the Harris
Trust & Savings Bank of Chicago at 100.064. Denom. $1,000. Date
Sept. 1 1918. Int. M. & N. Due Sept. 1 1928.
KANSAS CITY PARK DISTRICT (P. 0. Kansas City), Jackson
County, Mo.-CERTIFICATE OFFERING -Proposals will be received
until 2 p m Dec. 31 by Thos 0 Harrington, Secretary of the Board of
Park Commissionesr, for 8141,637 94 6% 5-year average park fund certificates Decnom.$500. Int J & J Certified check tor 5% required.
KINGSVILLE, Kleberg County, Tex.-BONDS REGISTERED.-An
issue of 835,000 5% water-works bonds was registered by the State Comptroller on Dec. 12. Due $1,000 yearly.
KNOXVILLE, Tenn.-BOND ELECTION.-An election will be held
during March 1919 to vote on a proposition to issue $250,000 6% bonds.
LAKEFIELD INDEPENDENT SCHOOL DISTRICT NO. 3 (P. 0.
Lakefield), Jackson County, Minn.-BOND SALE.-The State of
Minnesota has been awarded the $30,000 school bonds, voted during May
1918.(V. 106, p. 2042).
LARCHMONT, Westchester County,' N. Y.-BOND SALE.-On
Dec. 16 the 82,500 5-9-year serial fire-alarm bonds-V. 107, p. 2114-were
awarded to H. A. Kahler & Co. of N. Y. at 100.04 for 4.95s.
LA VINA SCHOOL DISTRICT (P. 0. Madera), Madera County,
Calif.-BOND SALE.-On Dec. 3 the Lumbermens Trust Co. of Portland was awarded $15,000 6% 1-15-year serial school bonds for $15,578,
equal to 103.853. Denom. $1,000. Date Dec. 2 1918. Int. annually.
LEAVENWORTH COUNTY SCHOOL DISTRICT NO. 24, Kan.BOND SALE.-This district in November placed $2,300 5% building bonds
with the State of Kansas at par. Date Nov. 1 1918. Due yearly on Jan. 1
from 1920 to 1924 inclusive.
LIMA TOWNSHIP RURAL DISTRICT (P. 0. Pataskala) Licking
County, Ohio.-BOND SALE.-On Dec. 16 the $5,000 5% 1-5-year
serial school-building additional bonds dated Dec. 16 1918-V. 107, 13.
2307-were awarded to Terry-Briggs Co. of Toledo at 100.82, interest and
bonds. Other bidders were:
$5,051 00 Breed, Elliott & Harrison_ -$5,021 50
Davies-Bertram Co
5,007 50
The Pataskala Banking Co.. 5,031 50 Durfee, Niles & Co
5,026 00 Stacy & Braun
6,006 00
Seasongood & Mayer
5,003 50
Tillotson & Wolcott Co__ 5,022 00 W. L. Slayton & Co
LONG CREEK TOWNSHIP INDEPENDENT SCHOOL DISTRICT
NO. 2 (P. 0. Van Wert), Decatur County, Iowa.-BOND SALE.
During April 1918 the $21,000 school bldg. bonds, mentioned in V. 106,
p. 841) were awarded to Schanke & Co. of Mason City at par.
MAHONING COUNTY (P. 0. Youngstown), Ohio.-BONDS
APPROVED.-Local papers state that the Capital Issues Committee has
approved $119,000 road impt. bonds.
MARION COUNTY (P. 0. Indianapolis), Ind.-BOND SALE.
On Dec. 18 the $100,000 5% 20-year Tuberculosis Hospital bonds(V. 107,
p. 1936) were awarded to the J. F. Wild & Co. State Bank of Indianapolis
at 104.655 and interest. Int. J. & D. Other bidders were:
104.633 The Meyer-Kiser Bank
The Indiana Trust Co
103.710
The City Trust Co
The Fletcher-American Nat.
103.335
104.446 The Bankers Trust Co
Bank
102.323
Breed, Elliott & Harrison_ _ _104.1251
MEDFORD, Middlesex County, Mass.-BOND SALE.-An issue of
0 tax-free coupon Junior High School additional loan bonds,
$40,000 43i7
offered on Dec. 19, was awarded on that day to Merrill, Oldham & Co. of Boston at 102.279. Date Oct. 11918. Principal aad interest payable at the National Shawmut Bank, Boston. Due $2,000 yearly
on Oct. 1 from 1919 to 1938, inclusive.
Other bidders were:
102.13 Harris, Forbes & Co
101.58
W. L. Raymond & Co
102.05 Blodget & Co
Arthur Perry & Co
101.558
102.02 E. M. Hamlin & Co
Blake Bros. & Co
101.32
&
Curtis
Sanger
102.00
Sons
&
Rollins
E. H.
101.18
101.66 Old Colony Trust Co
Estabrook & Co
101.02
Financial Statement Dec. 111918.
Net valuation for year 1915
$31,247,975 00
Net valuation for year 1916
33,621,917 00
Net valuation for year 1917
36,373,600 00
Gross net valuation three years
$101,243,492 00
$33,747,830 00
Average net valuation
843,695 75
23,6%
Total debt incurred and outs._$1,910,400 00
66,500 00
Debts auth. but not yet incurred
81,976,900 00
984,500 00
Less debts outside debt limit
Total debt outstanding plus debts auth. but
$992,400 00
not incurred within debt limit
Less sinking funds applicable within limit_ _ _
187,792 51
Leaves net debt to be reckoned in debt determining
limit
804,607 49
Borrowing capacity as of Dec. 11 1918
$39,088 26
Present loan included above.
Sinking funds for debts outside
$383,249 98
MELROSE UNION FREE HIGH SCHOOL DISTRICT (P. 0. Melrose), Jackson County, Wis.-BOND SALE.-The $5,000 5% 10-year
bonds offered on Sept. 15-V. 107, P. 920-have been sold.
MINERVA VILLAGE SCHOOL DISTRICT (P. 0. Minerva), Stark
County, Ohio.-BOND OFFERING.-Sealed bids will be received until
12 m. Jan. 15 by Andrew Dietrich, Clerk of Board of Education, for
816,0006% school bonds. Auth. Section 5656, Gen. Code. Denom.3500.
Date Jan. 15 1918. Principal and semi-ann. int. payable at the Bank of
Minerva Banking Co., Minerva. Due yearly as follows: $500 1920 to
1925, incl., 81,000 1926 and 1927, $2,000 1928 and $1,500 1929 to 1934,
incl. Certified check on some solvent bank of the State of Ohio for 5%
of the amount of bonds bid for required. Purchaser to pay accrued int.
MODESTO, Stanislaus County, Ca.-BOND OFFERING.-W, O.
Thompson, City Clerk, will receive proposals until 8 p. m.Jan. 10 for $67,500 5% gold coupon street, fire, sewer and water bonds. Denom. 3500.
Date Jan. 2 1919. Prin. and semi-ann. Int. (J. & J.) payable at Modesto.
Due $2,000 yearly on Jan. 2 from 1920 to 1924 incl. and $2,500 annually
thereafter. Cert. check for 10%,payable to the Mayor,required. Bonded
debt (incl. this issue), $286,750. As.sessed valuation, 1918, $5,218,800.
MORRILTON SEWER IMPROVEMENT DISTRICT NO. 2 (P. 0.
Morrilton), Conway County, Ark.-BOND OFFERING.-Proposals
will be received by V. V. Hellums, Sec. Board of Sewer Impt. Dist. No. 2,
on Dec. 20 at the Bank of Morrilton for $22,000 6% 20-year sewer system
bonds. Interest annual. Cert. check for $1,000 required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
MT.IRON SCHOOL DISTRICT (P.O. Mt. Iron), St. Louis County,
Minn.-NO ACTION YET TAKEN.-No action has yet been taken
looking toward the issuance of the •83,00000 school bonds mentioned in
V. 107, P. 1400.
MT. PLEASANT SCHOOL DISTRICT (P. 0. Mt. Pleasant), Henry
County, lowa.-BONDS TO BE OFFERED.-The $90,000 school bonds
voted during October-V. 107, P. 1496-will be offered next spring or
summer, we are advised.
MOUNT STERLING, Madison County, Ohio.-BOND SALE.-On
Dec. 0 the $10,000 5% 2-11-year serial water and light plant equip. bonds
2393
-V. 107, p. 2115-were awarded to the Davies-Bertram Co. of Cincinnati
for $10.011 (100.11) and int. Bids were also received from Terry, Briggs
& Co., W. L. Slayton & Co., Graves, Blanchett & Thornburgh and Otis
& Co., but being conditional they were not considered.
MT.UNION SCHOOL DISTRICT(P.O. Mt. Union), Henry County
Iowa.-BOND SALE.-The $35,000 school building bonds, voted during
March (V. 106, p. 1153), have been disposed of.
MULBERRY SCHOOL DISTRICT (P. 0. Mulberry), Crawford
County, Kan.-BOND SALE.-An issue of $1,000 5_7o furnace bonds
have been issued by this district. Date July 25 1918. Due July 25 1920.
State of Kansas took the bonds at par during November.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 28 (P. 0.
Wallum), Mont.-BONDS NOT YET SOLD.-The $2,000 6% school
bonds offered on Sept. 14-V. 107, p. 1024-have not as yet been sold.
NEWARK, N. J.-BOND SALE.-On Dec. 20 the $3,000,000 coupon
(with privilege of registration) tax revenue bonds, dated Dec. 23 1918 and
maturing June 23 1919 (V. 107, p. 2307), were awarded to J. P. Morgan &
Co. of New York on a 4%% discount basis. Other bidders were:
Interest. Premium
4.237
Salomon Bros. & Hutzler, New York
0
S. N. Bond & Co., New York
4.309
1.1OE,
4.3470
J. S. Rippe! & Co., Newark
-7-86
National City Co., N. Y., Blake Bros. & Co., Boston 4.45%
4.65% for$250,000
Parkinson & Burr, New York
NEW BOSTON (P. 0. Portsmouth), Scioto County, Ohio.
BOND SALE.-On Dec. 16 the $11,000 6% 1-11-year serial coupon special
assessment bonds, dated Oct. 1 1918 (V. 107, p. 2206), were awarded to
the Wm. R. Compton Co. of Cincinnati at 103.686 and interest. Among
the other bidders were:
Prudden & Co
$11,403 00 Seasongood & Mayer_ _ _ _$11,349 00
11,333 80
*11,384 00 Durfee, Niles & Co
Terry, Briggs & Co
11,364 10 Breed, Elliott & Harrison_ 11,332 20
Weil, Roth & Co
Tillotson & Wolcott Co
11,349 80 The Hanchett Bond Co.._ 11,282 50
*And lithographing of bonds. There were twelve other bidders who
submitted bids beside the ones mentioned above.
NEWPORT NEWS, Hampton County, Va.-BOND SALE.-The
850,000 street and $50,000 harbor bonds, offered without success on Dec.
28 1917 (V. 106, p. 104), were purchased on Dec. 13 by Hornblower &
Weeks of N. Y. 100.00.
NORTH UNIT IRRIGATION DISTRICT (P. 0. Madras), Jefferson
County, Ore.-BONDS NOT YET SOLD.-The $60,000 6% irrigation
bonds, offered on Oct. 5(V. 107, p. 1209) have not as yet been sold.
OAKLAND COUNTY (P. 0. Pontiac), Mich.-BOND SALEThe $250,000 road bonds recently approved by the Capital Issues Committee
(V. 107, p. 2207) have been sold to Prudden & Co. of Toledo.
OKLAHOMA CITY, Oklahoma County, Okla.-BOND SALE.
The Hanchett Bond Co. of Chicago has purchased and is now offering to
investors at a price to yield 6% and issue of 340,000 6% tax-free paving
bonds. Denom. $500. Date Dec. 1918. Prin. and ann. interest (Sept.
1) payable at the office of the City Treasurer. Due $4,000 yearly on
Sept. 15 from 1919 to 1928, incl.
Financial Statement.
$100,000,000
Total value of property (est.)
70,000,000
Assessed valuation for taxation
$5,400,000
Bonded debt
1,710,000
Less water debt
3,690,000
Net bonded debt
Population (est.), 100.000.
OKLAHOMA CITY SCHOOL DISTRICT (P. 0. Oklahoma), Oklahoma County, Okla.-BONDS APPROVED -According to reports the
Capital Issues Committee has approved the issuance of$25,000 school bonds.
OMAHA SCHOOL DISTRICT (P. O. Omaha), Douglas County,
Neb.-BONDS TO BE OFFERED.-Local newsgapers state that the
$1,000,000 school bonds mentioned in V. 107, p. 99, have now been approved by the Capital Issues Committee. The Board of Education unanimously adopted a resolution authorizing the advertising for bids, it was
stated.
OSHKOSH, Winnebago County, Wis.-BONDS PROPOSED-This
city,it is stated. proposes to issue 550,0005% water-works bonds. Denoms
$1,000. Date Dec. 1 1918. Int. semi-ann. Due 810,000 yearly on
Dec. 1 from 1925 to 1929, incl.
PAW CREEK TOWNSHIP SPECIAL SCHOOL DISTRICT NO. 5,
0 1-20Mecklenburg County, No. Caro.-BOND SALE.-The 36,000 67
year (opt.) school bonds offered on Sept. 3 (V. 107, p. 921) were disposed
of on Sept. 19 at par and costs. Denom. $1,000. Date Oct. 1 1918.
Int. A. & 0.
PENNSYLVANIA (State of).-VOTE.-The final vote as announced
on Dec. 17 by Cyrus E. Woods. Secretary of the Commonwealth, for the
$50,000,000 State Highway Bonds reported voted in V. 107, p. 1937, is
384,780 "for" as to 119,249 "against."
PERU, Miami County, Ind.-BOND OFFERING.-Additional information is at hand relative to the offering on Jan. 2 of the $40,000 5%
3-10-year serial coupon funding bonds (V. 107, p. 2308). Proposals for_
these bonds will be received until 2 p. m, on that date by Homer L. Bal-timore, City Clerk. Denom. $500. Date Jan. 11919. Int. ann. Cert.
check for $1,000 required. Purchaser to pay accrued int.
PHILADELPHIA, Pa.-TEMPORARY LOAN.-A loan of $800,000
was recently awarded, it is reported, to the Philadelphia National Bank
on a 43,6% interest basis.
PITTSFIELD, Berkshire County, Mass.-TEMPORARY LOAN.On Dec. 17 the loan of $50,000, dated Dec. 20 1918 and maturing April
18 1919 (V. 107, p. 2308) was awarded to S. N. Bond & Co. of N. Y. on
a 4.18% discount basis plus a premium of $1. 25.
Other bidders were:
Discount. Premium.
4.19%
$2 00
Salomon Bros. & Hutzler, New York
2 50
Blake Bros. & Co., Boston
4.207
4.20
100
E. M. Hamlin & Co
4.229'
F. S. Moseley & Co., Boston
4.24%
Old Colony Trust Co.. Boston
PORT OF ASTORIA, Ore.-BOND SALE.-On Dec. 17 the $250,000
5% gold coupon bonds (V. 107, p. 2115) were awarded to H. W.Chapman
& Co. at 99.17.
PORT OF TOLEDO (P. 0. Toledo), Lincoln County, Ore.-BOND
SALE.-An issue of $45,000 5% 2-11-year serial tax-free municipal gold
bonds has been purchased by Morris Bros., Inc., of Portland. Denon.
$1.000. Date Dec. 1 1918. Due serially from 1920 to 1929, incl.
PRIMGHAR, O'Brien County, Iowa.-BOND SALE.-The $7,500
bonds, mentioned in V. 106, p. 208, have been disposed of.
QUINCY, Norfolk County, Mass.-TEMPORARY LOAN.-On
Dec. 19 the Old Colony Trust Co., of Boston, was awarded, according to
reports, on a 4.21% discount basis, a temporary loan of $100,000 issued in
anticipation of revenue, dated Dec. 20 1918 and March 3 1919.
RIDGEFIELD PARK, Bergen County, N. J.-BOND OFFERNIG.Proposals will be received by M. D. Starker, Village Clerk it is stated,
until 9 p. m. Jan. 7 for the $42,000 5% 53i-year (aver.), previously offered
on Jan. 1 (V. 107, p. 2207) and $4,000 5% 5-year (aver.) impt. bonds.
Int. semi-ann. Cert. check for 2% required.
ROCHESTER, N. Y.-NOTE OFFERING.-Proposals will be received
until 2:30 p. m. Dec. 23 by Henry D. Quinby, City Comptroller, for
S10,000 East Side trunk sewer notes, payable 8 months from Dec. 27 1918
at the Central Union Trust Co.. N. Y. Notes will be drawn with interest
and will be deliverable at the above trust company on Dec. 27. Bids must
state rate of interest and designate to whom (not bearer) notes will be
payable and denomination desired.
ROSEBURG, Douglas County, Ore.-BOND SALE.-It is reported
that the Umpqua Valley Bank has purchased $4,526 75 Series "T" of
Bancroft bonds at par, plus 3163 35 premium.
ROSEDALE SCHOOL DISTRICT(P.O. Bakersfield), Kern County,
Calif.-BOND SALE.-On Dec. 5 $800 6% school bonds were awarded
to the First Bank of Kern, Bakersfield, for $805 equal to 100.625. Denom.
$800. Date Nov. 9 1918. Int. annually. Due Nov. 9 1920.
2394
•
THE CHRONICLE
[Vor,. 107.
ROTTERDAM COMMON SCHOOL DISTRICT NO.11(P.O.Schen- Due on Jan. 1 as follows:
1929. 1939, 1944, and $10,000 1949'
ectady), Schenectady County, N. Y.-BOND OFFERING.-Proposals Cert. check (on a bank other$5,000
than one making bid) for $500 required.
will be received by B. B. Johnson, 450 State Street, Schenectady, until
VIGO
COUNTY (P. 0. Terre Haute), Ind.-BOND SALE.-On
5 p. m. Dec. 26 for $25,000 5% school bonds. Denom. $1,250. Date
Dec. 16 the $37,700
% 10-year highway impt. bonds (V. 107, p. 2308)
Dec. 1 1918. Ann. int. payable at the Schenectady Trust Co. of Schenecwere awarded to the Fletcher-American National Bank of Indianapolis
tady. Due $1,250 yearly on Jan. 1 beginning 1920. Cert. check or bank
for $37,775, equal to 100.092. Int. M.& N.
draft for 10% of the bonds bid for, required.
WARRENTON, Clatsop County, Ore.-BOND SALE.-Morris
ST. MARYS, Auglaize County, Ohio.-BOND SALE.-On Dec. 6
the $20,000 554% coupon water-works completion and electric-light-plant Bros., Inc., of Portland have purchased an issue of $61,000 6% 10-20-year
bonds recently authorized (V. 107, P. 2115) were purchased at par by the (opt.) gold tax-free bonds. Denom.$1,000. Date Nov. 1 1918. Assessed
State Industrial Commission. Denom. $1,000. Date Jan. 1 1919. Prin. valuation $2,076,509.
and semi-ann. int.(A. & 0.) payable at the office of the City Sinking Fund
WATERVILLE, Kennebec County, Me.-BOND SALE.-The $25,000
Trustees. Due $1,000 each six months from April 1 1922 to Oct. 1 1931. 434% 20-year coupon tax-free refunding bonds, dated Dec. 1 1918, offered
inclusive.
on Dec. 14 (V. 107, p. 2308), were awarded, it is stated, to Merrill, Oldham
& Co. of Boston at 102.179.
SALEM, Essex County, Mass.-TEMPORARY LOAN.-On Dec. 18
WAVERLY, Pike County Ohio.-BOND OFFERING.-Leo W.
a temporary loan of $100,000 issued in anticipation of revenue and maturing
April 23 1919 was negotiated with Salomon Bros. & Hutzler of N. Y. on Lorbach, Village Clerk, will receive bids until 12 m. Jan.4 for the following
two issues of 6% bonds, aggregating $4,300:
a 4.14% discount basis plus a premium of $1 50. Other bidders were:.
Secs. 3916 and 3917 Gen. Code. Denom.
Discount. Prem. $2,500 refunding bonds.
$500. Date Sept.Auth.
15 1918. Due $500 yearly on Sept. 15 from
Naumkeag Trust Co
____
4.16%
1923
incl.
to
1927,
F. S. Moseley & Co
4.16
1,800 10-year electric light bonds. Auth. Secs. 3912 and 3939. Date
S. N. Bond & Co
4.18
Nov. 11918.
E. M. Hamlin & Co
4.20
2.50
Int. semi-ann. Purchaser to pay accrued interest.
Old Colony Trust Co
4.22%
_ _ _WELLESLEY,
Norfolk County, Mass.-TEMPORARY LOAN.
SALEM, Marion County, Ore.-BOND SALE.-Morris Bros., Inc.,
The Old Colony Trust Co. of Boston was awarded on Dee. 18 a temporary
of Portland has purchased an issue of $5,000 6% 10-year impt. tax-free loan
of
$20,000
issued
in anticipation of revenue, dated Dec. 17 1918 and
bonds*. Date Nov. 1 1918.
maturing Oct. 17 1919 on a 4.27% discount basis.
SAN FRANCISCO (City and County of).-BOND SALE.-Wo are
WHITE BEAR SCHOOL DISTRICT, Ramsey County, Minn.
advised that the 31,000,000.4%% Hetch-Hetchy bonds recently approved BOND SALE.-The $20,000 school
bonds, mentioned in V. 106. p. 2580,
by the Capital Issues Committee (V. 107,
2207) were sold at private have been purchased by the State of Minnesota.
sale on Dec.9 to the Anglo & London-Paris National
p.
Bank of San Francisco
WILLOUGHBY RURAL SCHOOL DISTRICT (P. 0. Willoughby),
at )oar and accrued int. These bonds mature yearly on July 1 as follows:
$191,000 1920, $210,000 1921 and 1922, $206,000 1923 and $193,000 1924. Lake County, Ohio.-BOND OFFERING.-Proposals will be received
This bank also granted an option to purchase at par and in, prior to by C. C. Jenkins, Clerk, Board 9f Education, until 12 m. Dec. 27 for $5,000
July 2 1919, an additional 38,051,000 of the same issue maturing approxi- 554% coupon impt. (Series "A')bonds. Denom. $500. Date Oct. 11918.
mately as follows: $17,000 July 1 1924, $210,000 yearly on July 1 from Prin. and semi-ann. int. (A. & O.) payable at the Cleveland Trust Co. of
1925 to 1962 incl. and $105,000 July 11963. A further option was granted Willoughby. Due $500 each six months from Apr. 1 1932 to Oct. 1 1936,
to purchase at par and int. $254,000 454% City and County of San Fran- incl. Cert. check on the above trust company for $200, payable to the
cisco bonds maturing approximately $22,000 annually from 1931 to 1942 Treasurer, Board of Education, required.
incl.
WINCHESTER, Middlesex County, Mass.-TEMPORARY LOAN.Cyrus Pierce & Co. of Seattle submitted a proposition offering to pur- On Dec. 16 a temporary
loan of 3100,000 issued in anticipation of revenue,
chase $500,000 lietch-Hetchy bonds of the shortest maturities at par and dated Dec. 23 1918 and maturing
in 4 months (V. 107, P• 2308), was
int., prior to Mar. 11919, with a further option to purchase the remaining awarded to S. N. Bond
& Co. of N. Y. on a 4.19% discount basis plus a
$8,051,000 bonds at par and int. prior to July 1 1919.
premium of $2 25.
SAUK COUNTY (P. 0. Baraboo).-BOND .SALE.-The $8,000 4%
WORCESTER, Worcester County, Mass.-TEMPORARY LOAN.
highway bonds, mentioned in V. 106. p. 2777, have been sold.
On Dec. 19 a loan of $300,000 revenue notes, dated Dec. 20 1918 and
maturing April 17 1919, was awarded to the Boston Safe Deposit & Trust
SEATTLE, Wash.-BOND SALE.-The City of Seattle during the Co. of Boston on a 4% discount basis.
month of November sold at par $3,371 42 6% Special Improvement DisYONKERS, N. Y.-CERTIFICATE SALE.-On Dec. 18 the $475,000
trict No. 3,127 sidewalk bonds. Date Nov. 16 1918. Due Nov. 16
6% 354-year (average) certificate of indebtedness (V. 107, p. 2309) were
1930, subject to call any interest paying date
awarded to Salomon Bros. & Hutzler of New York at 104.94.
SHEBOYGAN FALLS, Sheboygan County, Wisc.-BOND SALE.
Other bidders were:
On Nov. 13 the $8,014 44 6% bonds, mentioned in V. 107, p. 1496, were S. N. Bond & Co., N. Y____103.611 National City Co., N. Y____104.199
awarded to a local bank at par. Date Nov. 13 1918. Int. annually. Due R.W.Pressprich & Co.,and
Geo. B. Gibbons & Co.,N.Y.104.06
A. B Leach & Co., N. Y___ 103.96 H. A. Kahler & Co., N. Y..103.89
Mar. 11923.
Harris, Forbes & Co. and
Hornblower & Weeks, N. Y...103.29
SHELBY COUNTY COMMON SCHOOL DISTRICT NO. 40, Tex.
- Redmond & Co., N Y
103.898
BONDS REGISTERED.-An issue of $1,500 5% 5-20-year school bonds
The following bids were received for any part of said issue:
was registered on Dec. 11 with the State Comptroller.
Westchester Trust Co., Yonkers:
$150,000 due Dec. 1 1920
101.90
• SHERMAN COUNTY SCHOOL DISTRICT NO. 20, Kans.-BOND
125,000 due Dec. 1 1921
102.80
SALE.-An issue of $1,500 6% building bonds were taken by the State
100,000 due Dec. 1 1922
104.12
of Kansas at par during November. Date Sept. 14 1918. Due yearly on
due
100,000
Dec.
1
1923
104.75
Jan. 1 from 1919 to 1926 incl.
John J. Hart, Albany:
$100,000 due Dec. 1 1922
SOUTHWEST LAGRANGE(P.O. Lagrange),Troup County, Ga.1103.023
100,000 due Dec. 1 1923
BOND OFFERING.-Further details are at hand relative to the offering
on Jan. 10 of the five issues of 5% bonds, aggregating $230,000. Proposals
YOUNGSTOWN, Mahoning County, Ohio.-BOND OFFERING.
for these bonds, which are described below, will be received until 12:30 Proposals will be received
until 12 m. Jan. 13 by J. R. Edwards City
p. m. on that day by C. L. Smith, Town Clerk.
Auditor, for $75,000 5% coupon (with privilege of registration) contingent
$82,000 water bonds. Due yearly on Jan. 1 as follows: $7,000 1920 to bonds. Date Jan. 20 1918. Prin. and semi-ann. int. payable
at the
1929 incl., $8,000 1930 and $4,000 1931.
office of the Sinking Fund Trustees. Duo $15,000 yearly on Oct. 1 from
63,000 sewer bonds. Due yearly on Jan. 1 as follows: $4,000 1931, 1920 to 1924 incl. Cert. check
on a solvent bank for 27 of the amount
$6,000 1932 to 1938 incl., and $3,000 1939.
of bonds bid for, payable to the above Auditor, required. Bonds to be
50,000 school bonds. Due yearly on Jan. 1 as follows: $5,000 1939, delivered not later than Jan. 20 1919 at one of the banks in the
City of
$8,000 1940 to 1944 incl., and $5,000 1945.
Youngstown or at the office of the City Sinking Fund Trustees.
25,000 electric light bonds. Due $3,000 Jan. 1 1945, $8,000 yearly on
Jan. 1 from 1940 to 1944 incl. and $6,000 Jan. 1 1948.
10,000 street improvement bonds. Due $2,000 Jan. 1 1948 and $8,000
Jan. 1 1949.
Denom. $1,000. Date Jan. 1 1919. Prin. and semi-ann. in (J. & J.)
payable in New York. All bids must be unconditional. Certified check
BEETON, Ont.-DEBENTURE SALE.-It is reported that on Dec. 11
for 5% of the amount of bonds bid for, payable to the town, required. an issue of $15,000 5% 30-installment
hydro debentures was purchased
Official circular states that there has been no question raised as to the by C. H. Burgess & Co. of Toronto.
legality of the above bonds. The bonds have been approved by the
BELLEVILLE, Ont.-DEBENTURE ELECTION.-It is reported that
Capital Issues Committee. Total assessed valuation 1918, $3,374,383.
on Jan. 1 a by-law authorizing $10,000 memorial-building debentures will
-Population 1918 (Census) 5,320.
be voted upon.
STANDARD SCHOOL DISTRICT (P. 0. Bakersfield), Kern
BRANTFORD. Ont.-DEBENTURE ELECTION.-It is reported that
County, Calif.-DESCRIPTION OF BONDS.-The $30,000 6% school
on Jan. 1 by-laws authorizing $125,000 street railway extension and
bonds, awarded on Dec. 5 to McDonnell & Co.of San Fraonocia
sTdfoarg31,18j $70.000
school debentures will be voted upon.
2
,
?ouvaI VAN:62Lp:m1.07
,i ?
r.. 231%)
ea
3r1e5 0
.1e
07114.3
. vo.
f $ ,0
dated
Nov.
BROWNING (P. 0. Lampman), Sask.-DEBENTURE SALE.-On
9 11919 and 1920.
Dec. 1 Kerr, Fleming & Co. were awarded at par the $8,100
% debenWash.-BOND SALE.-During the month of November tures recently authorized (V.
107, p. 2116). Int. annually. Duo 1933.
this city issued the following three issues of 6% bonds,aggregating $4,CHATHAM, Ont.-DEBENTURE ELECTION.-A by-law to issue
250 15.
$4,500 bonus bond will be voted upon Jan. 1, it is stated.
District Issuing
Amount. Bonds-No.
Purpose.
Date.
Due.
DOVER TOWNSHIP (P. 0. Dover), Ont.-DEBENTURE
5,042
$1,449 90
Water Main
Nov. 23 1918
Nov. 23 1923 An issue of $49,000 6% 15-installment township debentures was SALE.
2,338 00
Paving
4,050
Nov.29 1918
Nov. 29 1928 on Dec. 12 by Brent, Noxon & Co. of Toronto, it is reported. purchased
5,043
Water Main
462 25
Nov. 29 1918
Nov.29 1923
GALT, Ont.-DEBENTURE ELECTION.-It is reported • that on
All the above bonds are subject to call yearly in November.
Jan. 1 a by-law authorizing $15,000 soldiers' memorial home debentures
TIPTON, Tipton County, Ind.-BOND OFFERING.-Further details will be voted upon.
are at hand relative to the offering on Dec. 31 of the $7,500 534% 8 and 10
GUMBO, Flats School District, Sask.-DEBENTURE SALE.
year coupon electric-light bonds (V. 107, p. 2308.) Proposals for these
bonds will be received entil 7:30 p. m. on that day by C. B. Law, City The $2,500 754% school debentures, recently authorized (V. 107, p. 2116
Clerk. Denom. $3,750. Date Dec. 31 1918. Int. semi-ann. (J. & D. have been disposed of at par. Date Nov,2 1918. Int. annually. Due
payable in Tipton. Cert. check for 3%_payable to the above Clerk re- yearly on Jan. 1.
quired. Bonded debt (excl. this issue), Dec. 17 1918, $28,358. Sinking
KITCHENER, Ont.-DEBENTURE ELECTION.-On Jan. 1 a by-law
fund $765. Assessed value, 1917, $1,800,060. Total tax rate (per authorizing $10,000 cemetery-property-improvement
debentures will be
$1,000)$48 40.
voted upon, it is stated.
TRACY,Lyon County, Minn.-BOND SALE.-As a matter of record
LONDON, Ont.-DEBENTURE ELECTION.-It is reported that on
we are reporting the sale of 361,1)00 6% 1-15-year serial paving certificates Jan. 1 by-laws autohrizing $100,000 dam and $10,000 medical-building
on Mar. 30 to the Minnesota Loan & Trust Co. of Minneapolis at par. debentures will be voted upon.
Denom. $1,000. Date Nov. 15 1918. Int. M.& N.
MONTREAL EAST, Que.-DEBENTURE SALE.-It is reported that
UNION TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Washing- an issue of $125.000 6% 5-year debentures has been sold at 96.56 and int.
ton C. H.), Fayette County, Ohio.-BOND OFFERING.-R. R.
NIAGARA FALLS, Ont.-DEBENTURE SALE.-Reports have it
Maddox, Clerk, Board of Education, will receive proposals until 12 m. that W. A. Mackenzie & Co. of Toronto have been awarded
$28,000 5%
Dec. 23 for $12,000 6% coupon school bldg. completion and furnishing 20-installment school debentures at 90.53.
bonds. Auth. Sec. 7625, Gen. Code. Denom.$500. Date Dec. 23 1918.
DEBENTURE ELECTION.-On Jan. 1 a by-law authorizing $38,000
Int. M.& S. Due $500 each six months from Mar. 1 1920 to Sept. 11931, park
and city-hall debentures will be voted upon, it is stated.
incl. Cert. check on a solvent bank, for 2% of the bonds bid for, payable
to the District Treasurer, required. Purchaser to pay accrued interest.
PEMBROKE, Nova Scotia.-DEBENTURES PROPOSED.-According to reports first and second readings have been given a by-law for
UTAH (State of).-BOND SALE.-On Nov. 22 the Palmer Bond & $50,000 water-works-system-improvement
debentures.
Mortgage Co. of Salt Lake City was awarded at 100.05, $500,000
%
REGINA, Sask.-DEBENTURES VOTED.-On Nov. 26 a by-law
road bonds. Denom. $1,000. Date July 1 1917. Int. J. & J. Due
authorizing
the
issuance of 3125000 Eastern Annex school bonds was
July 11937.
passed by the Public School Board it is stated.
UTICA, Oneida County, N. Y.-BOND SALE.-On Dec.
the
SARNIA, Ont.-DEBENTURE ELECTION.-It is reported that an
Mohawk Valley Investment Co. of Utica purchased at 103.29 three20
issues
of 57
0 bonds,aggregating $52,500 offered on that date. The bonds awarded Jan. 1 by-laws authorizing $9,000 incinerator-plant-site-purchasing and
this Lank are $24,000 531-year (aver.) voting machine, $15,000 5-year $11.000 pavement (city's portion) debentures will be voted upon.
(aver.) academy and $6,000 554-year (aver.) school. On the same date
SASKATOON, Sask.-DEBENTURE SALE.-On Dec. 16 the $30,000
the Sinking Fund purchased at par $4 999 73 2 5-6 year (aver.) tax and 6%
15-year fire equip. debentures (V. 107, p. 2208) were awarded, hits
$17,914 3 1-3 year (aver.) paving bonds.
stated, to the Bondi & Debenture Corp. of Winnipeg at 98.50.
VERONA SCHOOL DISTRICT (P. 0. Verona), Allegheny County,
SAULTE STE. MARIE, Ont.-DEBENTURE ELECTION.-The City
Pa.-BOND OFFERING.-Proposals will be received by S. J. Kier, District Council
it is stated, submit a by-law for $40,000 soldiers' home debenSecretary, until 8 p. m. Jan. 6 for $25,000 434% tax-free school bonds tures at will,
an election to be held Jan. 7.
CANADA, its Provinces and Municipalities.
THE CHRONICLE
DEC. 21 1918d
SMITH'S FALLS, Ont.—DEBENTURE SALE.—On Dec. 16 the
$11,000 electric light and $12,900 waterworks 6% 20 installment debentures
aggregating $23,900 (V. 107, p. 2309) were awarded to W. A. Mackenzie
& Co. of Toronto at 99.17, it is stated.
F STRATFORD, Ont.—DEBENTURE ELECTION.—It is reported that
on Jan. 1 a by-law authorizing $50,000 municipal-fuel-yard debentures
will be voted upon.
TORONTO, Ont.—DEBENTURES VOTED.—At an election held
Dec. 5 a proposition to issue $650,000 hydro-line-extension debentures
carried by the City Council, it is reported.
WALLACEBURG, Ont.—DEBENTURE ELECTION.—On Jan. 1 a
by-law authorizing $10,000 hospital-equipment debentures will be voted
upon, it is stated.
WHITBY, Ont.—DEBENTURE SALE.—Brent. Noxon & Co. of
Toronto were awarded on Dec. 12, it is stated, $10,900 6% 30-installment
water debentures.
WINDSOR, Ont.—DEBENTURE ELECTION.—It is reported that
on Jan. 1 a by-law authorizing $350,000 improving Windsor water-workssystem debentures will be voted upon.
TORONTO, ONT.—BIDS.—The complete and final list of all bids
received on Dec. 13 for the $1,000,000 4 gold debentures, awarded as
reported in V. 107, p. 2309, is as follows:
Sterling Bank of Canada
82.6608
R. A. Daly & Co., Toronto, and Keen Taylor & Co., New York 81.625
W.A. Mackenzie & Co., Toronto
81.6159
Canada Bond Corporation, Ltd., Morrow & Jellett, Toronto,
Greenshields & Co., Montreal
81.547
Aemillus Jarvis & Co., Toronto
81.1299
Housser Wood & Co., & Messrs. Osier & Hammond, Toronto..
80,473
A E. Ames & Co., Toronto, and Kissel!, Kinnicutt & Co., N. Y 80.449
Net debt
$605,727,725
87,375,684
18,107,672
5,937,930
473,829
25,330 acres
30% mills
FINANCIAL
$22,000
ITATAmivimmviTANukVO4
Sewer Improvement District No. 2,
City of Morrilton, Arkansas,
6% BONDS
• •••••••
••••••
••
11[171VVIITIV AU"
••••■•••••
• •41•11MP•••••••••••1•••••••
•••••••••••••
A BANK'S
GREATEST ASSET
cannot be expressed in figures, but lies in its history
of service and sound business principles.
1.
On its enviable record through ninety-five years of
unfailing usefulness, this bank solicits your account—
offering the same conservative yet liberal treatment
FA that has always marked its policy.
Tilrutiral National Bank
of Wpm tiork
Founded 1824
$9,000
CITY OF WOLF POINT, MONTANA
$44,981,981
Assessment, &c.
Assessed value of ratable property
Exemptions not included in foregoing
Revenue from taxation for 1918
Revenue other than taxation for 1918
Population, 1917
Area of city
Tax rate for 1918 (including schools, 7.20 mills)
NEW LOANS.
Notice is hereby given that the Commissioners
and members of the Board of Improvement of
Sewer Improvement District No. 2 of the City
of Morrilton, Arkansas, will offer for sale and
sell at the Bank of Morrilton, on the 30TH DAY
OF DECEMBER, 1918, bonds to the amount of
$22,000 00, for the purpose of raising funds to
build and construct a sewer system within said
district.
Said bonds to run for a period of 20 years and
draw interest at the rate of 6% per annum. Said
interest to be paid annually.
All parties desiring to bid upon said bonds will
address their communications to Mr. V. V.
Hellums, Morrilton, Arkansas, and enclose with
their bid a certified check for $1,000 00, which
will be returned in the event their bid is not
accepted by the Commissioners, or that they
perform the conditions of their agreement.
Given under our hands this the 5th day of
December, 1918.
S. W. SIMPSON, Chairman;
V. V. HELLIMIS, Secretary;
W. L. GADD.
2395
C. H.Burgess & Co., Campbell, Thompson & Co., W.L. McKinnon
& Co., and Mulholland, Bird & Graham, Toronto
80.166
Wood Gundy & Co., Toronto, and National City Co., New York.. 79.7999
G. A. Stinson & Co., Toronto
79.66
Merchants Bank of Canada
78.52
C. Meredith & Co., Montreal, Hanson Bros., Montreal, and R.(I.
Mathews & Co., Toronto
77.55
Funded Debt.
Gross funded debt
$103,460,039
Deduct—(1) Special rated and revenue producing debts as
follows:
Waterworks
$15,946,694
Ratepayers' share local improvements
13,763,058
Civic hydro-electric system
8,569,194
Civic abattoir
415,608
Exhibition buildings
1,318,075
Civic Street Railway
2,370,237
Toronto Street Ry. pavements
3,804,580
(2) Sinking fund on other than foregoing, specially rated and revenue producing debts, as
follows:
On gross debt
$24.427,757
Less on above special debts
12,137,145
$12,290,612
58,478.058
\ WAWA\Ilto\NW1r)1141\'114AMihliala
ilk AN14441141Cittgill
6% WATER BONDS
NOTICE IS HEREBY GIVEN of intention
to issue and sell $9,000 Water, 6%, 20 year,
optional after ten years, bonds of the City of
Wolf Point, Montana, by the Council thereof.
on MONDAY. THE 7TH DAY OF JANUARY,
A. D., 1919, at the hour of EIGHT O'CLOCK
P. At., to the highest bidder, at the City Hall in
the City of Wolf Point, Montana. Certified
check on a National Bank for $3,000 required.
(Signed) FRANK KENNY,
Clerk.
$14,000
CITY OF WOLF POINT, MONTANA
REFUNDING 6% BONDS
NOTICE IS HEREBY GIVEN of intention
to issue and sell $14,000 Refunding 6%. 20 Yr.,
_ptional after ten years, bonds of the City of Wolf
oint, Montana, by the Council thereof, on Monday, the 7TH DAY OF JANUARY, A. D..
1919, at the hour of EIGHT O'CLOCK, P. M.,
to the highest bidder, at the City Hall in the
City of Wolf Point, Montana. Certified check
on a National Bank for $3,000 required.
(Signed) FRANK KENNY,
Clerk.
Government, Municipal, Railroad
Public Utility
Industrial
INVESTMENT BONDS
A. B. Leach & Co., Inc.
Investment Securities
62 Cedar St., New York 105 So. La Salle St., Chicago
Philadelphia
Baltimore
Boston
Scranton
Buffalo'
Pittsburgh
Cleveland
Detroit
Minneapolis
Milwaukee
P
LIQUIDATION
The Riverside National Bank, located at
Riverside. In the State of New Jersey, is closing
Its affairs. All noteholders and other creditors
of the Association are therefore hereby notified
to present their notes and other claims for payment.
ALBERT L. PANCOAST.Cashier.
ated. October 24. 1918,
Acts as
Executor
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
Girard Trust Company
PHILADELPHIA
Chartered 1836
CAPITAL and SURPLUS,$10,000,000
Member of Federal Reserve System
E. B. Morris, President
•
VOI, 107.
THE CHRONICLE
2396
Jtnancfal
Itttantial
ATLANTIC MUTUAL INSURANCE COMPANY
You Should Keep a Record
of the Serial Numbers of
New York, January 25th, 1918.
The Trustees, in conformity with the Charter of the Company,submit the following statement of its affairs on the
31st of December, 1917.
.
t,
The Company's business has been confined to marine and inland transportation insurance.
$11,105,619.46
Premiums on such risks from the 1st January, 1917, to the 31st December, 1917
1,135,785.43
Premiums on Policies not marked off 1st January, 1917
$12.241,404.89
Total Premiums
$11,171.85:3.93
Premiums marked off from 1st January, 1917, to 31st December, 1917
Interest on the investments of the Company received during the year $404,411.15
126,991.53
Interest on Deposits in Banks and Trust Companies, etc
93,474.66 $ 624,877.34
Rent received less Taxes and Expenses
Losses paid during the year
$3,513,653.20
$336,896.32
Less: Salvages
503,857.68 $ 840,754.00
Re-insurances
$2,672,899.20
Re-insurance Premiums and Returns of Premiums
$1,913,710.68
Expenses, Including compensation of officers and clerks, taxes, stationery,
advertisements, etc.
$ 857.593.09
A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the fifth of February next.
The outstanding certificates of the issues of 1915 and of 1916 will be redeemed and paid to the holders
thereof, or their legal representatives, on and after Tuesday the fifth of February next,from which date all
interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent. is declared on the earned premiums of the Company for the year ending
31st December, 1917, which are entitled to participate in dividend, for which, upon application, certificates
will be Issued on and after Tuesday the seventh of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
AWON A. RAVEN,
HERBERT L. GRIGGS
EDMUND L. ISAYLIES,
JOHN J. RIKER,
JOHN N. BEACH,
SAMUEL T. HUBBARD,
DOUGLAS ROBINSON,
NICHOLAS BIDDLE,
LEWIS CASS LEDYARD,
WILLIAM H. LEFFERT
JAMES BROWN,
JUSTUS RUPERTI
WILLIAM JAY SCHIEFFELIN.
CHARLES D. LEVERICH,
JOHN CLAFLIN,
SAMUEL SLOAN,
NICHOLAS F. PALMER.
GEORGE C. CLARK,
FREDERIC A. DALLETT,
WALTER WOOD PARSONS. WILLIAM SLOANE,
LOUIS
STERN,
CHARLES A. PEABODY,
CLEVELAND H. DODGE,
WILLIAM A. STREET
WILLIAM R. PETERS,
CORNELIUS ELDERT,
RICHARD II. EWART,
GEORGE C. VAN TUYI.„.Jr.
G.STANTON FLOYD-JONES, CHARLES M.PliATT.
RICHARD H. WILLIAMS.
DALLAS B.PRATT,
PHILIP A. S. FRANKLIN,
A. A. RAVEN, Chairman of the Board.
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 24 Vice-President.
WILLIAM D. WINTER,3rd Vice-President.
ASSETS.
United States And State of New York
1,185,000.00
Bonds
Stock of the City of New York and
Stocks of Trust Companies & Banks 1,445,550.00
3,287,129.85
Stocks and Bonds of Railroads
305,410.00
Other Securities
Special Deposits in Banks and Trust
Companies
3,000,000.00
Real Estate cor. Wall Street, William
3,900,000.00
Street and Exchange Place_
Real Estate on Staten Island (held
under provisions of Chapter 481,
75,000.00
Laws of 1887)
1,009,577.74
Premium Notes
1,038,460.86
Bills Receivable
5,122.26
Note Receivable
Cash in hands of European Bankers
to pay losses under policies payable
598 675.67
in foreign countries
Cash in Bank and in Office
2,187,198.87
Statutory Deposit with the State of
4,765.00
Queensland, Australia
$18,041,890.25
LIABILITIES.
Estimated Losses and Losses Unset$ 4,432,959.0G
tled in process of Adjustment
Premiums on Unterminated Risks_ _
1,069,550.96
Certificates of Profits and Interest
Unpaid
301,406.75
121,989.96
Return Premiums Unpaid
Taxes Unpaid
500,000.00,
Re-insurance Premiums on Termi365,667.81
nated Risks
Claims not Settled, including Compensation, etc.
183,517.10
Certificates of Profits Ordered Redeemed, Withheld for Unpaid Premiums
22,750.10
Income Tax Withheld at the Source_
3,135.96
Certificates of Profits Outstanding__ 5,722,590.00
Balance
5,318,322.5..1
Your Liberty Bonds
If your Liberty Bonds should be lost or
stolen a record of their serial numbers'
may prove invaluable to you as an aid to
recovery. Coupon Liberty Bonds are
negotiable—may be used by the finder
just the same as money—and their loss
should be reported immediately to the
Federal Reserve Bank of your district.
If you care to take the precaution of
keeping a record, we will send you a
LIBERTY BOND
SAFETY RECORD
leather covered, vest-pocket size, containing entry-forms for recording numbers, denominations, and other important
identifying data regarding your Liberty
Bonds. Gratis on request for
Liberty Bond Record C-323
HUGHES &DIER
Stocks—Bonds—Grain
Members)Phila. Stock Exchange
Chicago Board of Trade
50 BROAD ST., NEW YORK
Telephonees Broad 1262-3-4-5.
3Toisru,&WEBSTER
IFINANCE public utility development&
BUY AND SELL securities.
$18,041,890.25
$5,318,322.55
Balance brought down
Accrued Interest on the 31st day of December, 1917, amounted to
$ 75,724.00
S 22,201.50
Rents due and accrued on the 31st day of December 1917, amounted to
day
of
York,
on
the
31st
companies
authorized
in
New
Re-insurance due or accrued, in
December, 1917, amounted to
$ 583,467.92
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island
$ 63,700.00
in excess of the Book Value given above, at
Securities
exceeds
the
other
The Insurance Department's valuation of Stocks, Bonds and
$2,303,887.87
Company's valuation by
$8,367,303.84
On the basis of these increased valuations the balance would be
DESIGN steam power stations, hydroelectric developments, transmiss1oa3
lines, city and interurban railways,
cats plants, Industrial plants an
buildings.
CONSTRUCT either from our own designs or from designs of other engineers or architects.
REPORT on public utility propertie&
proposed extensions or new projecte
MELLON NATIONAL BANK
PITTSBURGH
MANAGE railway, light, power and gnz
companies.
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS NOV. 1 1918
RESOURCES
Loans, Bonds and Investment Securities
Overdrafts
Cash
Due from Banks
$105,012,302 73
4 55
4,155,423 23
15,398,281 86
$124,566,012 37
LIABILITIES
Capital
Surplus and Undivided Profits
Reserved for Depreciation, &c
Borrowed from Federal Reserve Bank
Circulating Notes
Deposits
$6,000,000 00
4,420,368 31
2,613,573 56
2,000,000 00
4,761,000 00
104,771,070 50
$124,566,012 37
illiltoisTrust&SavingsBank
CHICAGO
Capital, Surplus and Undivided Profits
$16,400,000
Pays Interest on Time
Has on hand at all times a variety of exDeposits, Current and Reserve
cellent securities. Buys and $ells
Accounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bondn.
M20.111111011111011.041.,
NEW YORK
BOSTON
UiliCi.1,1
W. H. Goadby & Co.
ors New York Stock Exchange
NO. 74 BROADWAY
NEW YORK
POlifeB
CHICAGO, ROCK ISLAND AND PACIFIC
RAILROAD COMPANY.
To Holders of Gold Bonds of 2002 and
Appurtenant Coupons of May 1, 1914.
Notice is hereby given that pursuant to an
order made on the 21st day of November. 1918,
by the District Court of the United States
for the Southern District of New York. In a
suit pending between Central Trust Company
of New York, as complainant, and Chicago,
Rock Island & Pacific Railroad Company, as
defendant, upon presentation during business
hours of said bonds and coupons to Central
Union Trust Company of New York at its
office, 54 Wall Street, New York City', for
appropriate notation, the holder thereof (or
the registered owners In case of registration
of bonds) will be entitled to receive for each
$1,000 of bonds, If accompanied by the appurtenant coupon which matured May 1, 1914,
the sum of sixty-six and one third cents. or
If not accompanied by the coupon whichematured
May 1, 1914, the sum of sixty-five and 5-153
cents: holders of coupons which matured May
1, 1014. presented separate from the bonds to
which they appertain, will be entitled to receive the sum of one and146-153 cents for each
c?
tesdu,c1N
ic
eo
wui
yonrs.
af
$20
10o
Novemberplst, 1918.
WALTER C. NON 1.;8, Receiver.
@FedFRASER