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0EG8^%'*
w
/p •ftr'*.
ynmmetrial f
INCLUDING
Bank &
Quotation Section
Railway Earnings Section
COrVWtOHTEP
IN
1918BYWIIU«M m.
VOL 107.
Q»N»
Railway & Industrial Section
COM7AWV. WgWVOWK.
Issued Weekly
$10.00 Per Veer
gKTEWtP 33 33COMD-CLA33 MATTCK
JUNK >3, 1373, AT TM3 POST OrptCC AT
NEW YORK, NEW YORK. UNDER
THE ACT OR MARCH 3. 137*.
NEW
YORK, DECEMBER 28,1918.
jfimntial
THE FARMERS’ LOAN
Electric Railway Section
State and City Section
Bankers* Convention Section
& TRUST
COMPANY
William B. Dana Co.,
Publishers,
138 Front St, N. Y
City.
Jftnanctal
financial
HARVEY FISK & SONS
THE LIBERTY
32 Nassau St
NATIONAL
NEW YORK
Foreign Exchange, Cable Transfens
Travelers* Letters of Credit
BANK
Or NSW YORK
The Company Is a legal
depositary for
moneys paid Into Court, and Is author¬
ised to act
NO. 2792.
UNITED STATES BONDS
NEW YORK CITY BONDS
Executor, Administrator,
Trustee, Guardian, Receiver, and In all
other fiduciary capacities.
Acts as Trustee under Mortgages made
by Railroad and other Corporations, and
as Transfer Agent and Registrar of
Stocks
as
BROADWAY end CEDAR IT
AND OTHER CHOICE
Capital • • •
Surplus A Profits
INVESTMENT SECURITIES
$3,000,000.00
4.000.000-00
•JWWW|WWWtWW
and Bonds.
Receives deposits upon Certificates of
or subject to check, and allows
Interest on dally balances.
Manages Real Estate and lends money
on bond and mortgage.
Will act as Agent In the transaction of
any approved financial business.
Depositary for Legal Reserves of State
Banks and also for moneys of the
City
of New York.
Fiscal Agent for States. Counties and
Cities.
Deposit,
16-22 WILLIAM STREET,NEW YORK
Branch: 475 Fifth Avenue, at 41st Street
LONDON
The National Park Bank
of New York
Organized 1856
Capital- ....... $5,000,000 00
Surplus & Undivided Profits
18,592,000 00
Deposits (Nov. 1,1918) - - - 172,670,000 00
•
Pine Street, Corner William
NEW YOrtK
27 Austin
Friar*. LONDON, E.
v,
-
HARRIS. FORBES
A CO.. W
BOSTON
President
RICHARD DELAFIELD
Vice-Presidents
GILBERT O. THORNE
WILLIAM O. JONES
GEORGE H. KRETZ
PARIS
Member Federal Reserve Bank
and New York Clearing House
Harris, Forbes &C©
JOHN C. VAN CLEAP
MAURICE H. EWER
SYLVESTER W.LABROT
Cashier
ERNEST V. CONNOLLY
Assistant Cashiers
WILLIAM A. MAIN
FRED'K O. FOXCROFT
J. EDWIN PROVINE
WILLIAM E. DOUGLAS
HENRY L. SPARKS
BYRON P. ROBBINS
Act
as fiscal
agents for munici¬
palities and corporations and
deal in Government,
munici¬
pal, railroad and public utility
BONDS FOR INVESTMENT
List
on
Application
Cable Address SABA, NEW YORK
Established 1874.
Edward B. Smith &Co
John L. Williams & Sons
Established 18r
BANKERS
Center 8th and
Main Street!
Baltimore Correspondents:
MIDDENDORF, WILLIAMS
&
CO.. Infe
GARFIELD NATIONAL BANK
The Mechanics and Metals
National Bank
Fifth Avenue Building
Corner Fifth Ave. and 13rd St., New York.
Capital, $1,000,000
of the
Surplus, $1,000,000
BUEL W. POOR. President.
HORACE F. POOR. Vice-President.
ARTHUR W. SNOW, 2d V.-Pres. & Cashier0
RALPH T. THORN, Asst. Cashier.
JOHN W. PEDDIE. Asst. Cashier.
Capital
•
-
*
-
-
-
-
-
$6,000,000
-
•
•
$11,000,000
Deposits Nov. 1,1918
-
$221,000,000
Foreign Exchange Department
4MERICAN EXCHANGE
NEW YORK
Letters of Credit
tesources
$150,000,000
over
Francis Ralston Welsh,
First National Bank
Philadelphia, Pa*
CHARTER NO. I
BONDS
OF
RAILROAD, gas and electric
UGHT AND POWER COMPANIES
109-111 SOUTH FOURTH STREET
ACCOUNTS
INVITED
1411 OHBSTirUT STBllf,
PHILADELPHIA
80 Pinh Stbbbt
Nhw York
The Chase National Bank
of the City of New York
Capital
Surplua and Profita
'
-
PHILADELPHIA
.
$10,000,000
-
15,523,000
Deposits (November 1,1918
869,685,00
OFFICER"* A. BARTON HEPBURN, O r.
Advisory Bd.
ALBERT H. WIGGIN.Chairman
EUGENE V. R. THAYER.
President
SAMUEL H. MILLER,
EDWARD R. TINKER.
CARL J. 8CHMIDLAPP,
GERHARD M. DAHL.
ALFRED O. ANDREWS.
CHARLES C. SLADE.
EDWIN A. LEE,
WILLIAM B. PtfRDY.
CHARLES D. SMITH.
WILLIAM P. HOLLY.
NATIONAL BANK
Foreign Exchange
Members New York and
Philadelphia
Stock Exchanges
City of New York
Surplus and Profits
THE
t
BANKERS
Established 1810
RICHMOND, VA.
GEO. H. SAYLOR.
M. HADDEN HOWELL.
8. FRED TELLEEN,
ROBERT I. BARR,
SEW ALL 8. SHAW,
LEON H. JOHNSTON,
Vice-President
Vice-President
Vice-President
Vice-President
Cashier
Aast. Cashier
Cashlsr
Cashier
Cashier
Cashlsr
Cashlsr
Aast. Cashier
Aast. Cashier
Asst. Cashlsr
Aast. Cashier
Aast. Cashier
Asst.
Asst.
Aast
Aast.
Asst.
DIRECTORS
Henry W. Cannon
Samuel H. MUler
A. Barton Hepburn
Edward R. Tinker
Albert H. Wi
Henry B. Endlcott
John J. Mitchell
Guy E. Tripp
Edward T. Nichole
Newcomb Carlton
James N. HU1
Frederick H. Ecker
Daniel O. Jadding
Eugene V. R. They
Frank A. Sayles
Can J. Schmidlapp
Charles M. Schwab
Gerhard M. Dahl
Andrew Fletcher
[Vol. 107,
THE CHRONICLE
U
exchange
Bratotr* of Jforefgn
Jnbeatment 3&tra*es anb
MORGAN & CO. Maitland, Coppell & Co.
I„ P.
Wall Street, Corner
of Broad
GO.,
6
DREZEL
Corner of
PHILADELPHIA
5th and Chestnut
Streets
No. 22
Old Broad Street
HORGAnThARJES
31
&
"co7,
Letters
PARIS
Telegraphic Transfers,
gf Credit
Provincial 4b Union Bank
England. Ltd.. London.
Messrs. Mallet Freres A Cie. Paris.
Banco Nadonal de Mexico.
The National
Circular Letters for Travelers, available
parts of the world.
in all
BROWN BROTHERS’&’CO.
5m*
42
EXCHANGE PLACE. NEW
Agents and
Securities
Messrs.
YORK.
Correspondents of the
ROTHSCHILD.
of the world.
Draw bills of Exchange and make Telegraphic
Transfers to EUROPE, Cuba, and the
other West Indies, Mexico and California.
Execute orders for the purchase and sale of
WaT ce
Investment securities
A Co.
bought and sold on com*
through¬
Mexico,
In and
oountries.
Joint Stock
London Bankers'London
Bank. Limited.
Paris Bankers:—Banque
Francalse—Heine
& Co.
37 William
STREET
NEW YORK
Investment
EXCHANGE.
Execute orders for purchase and
Stocks and Bonds.
sale of
Bought and Sold.
Issue Commercial and Travelers’ Credits
Foreign Exchange
available in all parts of
BANKERS.
the world.
Subject to Draft. Interes;
Letters of Credit
Schulz &
Letters of
Correspondents of
Barclays Bank. Ltd., London
Jordaan 4b Cie, Paris
Russo-Asiatic Bank, Hong
Bonds for Investment.
New York
Graham, Parsons
Investment Securities
Foreign Exchange
Sterling. Francs, Guilders,
London Agents: Messrs.
244 Fourth Ave.
PITTSBURGH
Dollars, Pounds
Pesetas, etc.
Fruhling A Goschen
New York
Produce Exchange
Broadway, Corner
5 Nassau Street
NEW YORK
Bank
BEAVER ST.
Capital
....
fl,000,000
Surplus end Undivided Profits 1,000,000
Foreign
Kong
Chine, Peris
Kong, Saigon,
Haiphong, Yunnan Fu
Banque Industrielle de
Shanghai, Peking, Hong
New York Stock Exchange
Commercial Credits Issued in
Kean, Taylor & Co.
Credit for Travelers
Ruckgaber
27 Pins Street
Members of
Securities
York Stock Exchange
Tientsin,
Allowed on Deposits. Securities
Bought and Sold on
Commission.
York
Members
New
Street.
Y. STOCK
MEMBERS N.
Winslow, Lanier & Co.
33 Pine Street, New
HEIDELBACH, ICKELHEIMER & CO.
Investment Securities
105 So. La Salle St.
CHICAGO
NEW YORK
mission.
Travelers' credits, available
out the United States. Cuba, Puerto Rloo,
Central America and Spain. Make collections
issue drafts and cable transfers on above
Street. New York
Foreign Exchange,
N? 1 William Street
64-66 Wall Street,
New York
Taller
TAILER&CD
Deposits Received
& Co.
Bonds and Stocks.
Lawrence Turnure
59 CEDAR
J. & W. Seligman
CREDIT
LONDON
10 Pine
LONDON
Available in all parts
SHIPLEY & CO.
James O.
BARING BROTHERS & CO. LTD.
Stock Exchange.
ISSUE LETTERS OF
for Travelers
Commercial Credits
Travelers’ Credits
Grenville Kane
on
London and Paris.
Deposit Accounts
T. fluffem
Letters of Credit
Co.
August Belmont &
Foreign Exchange
BROWN,
of
TRAVELERS’ LETTERS OF OBKDIT
iniliUt throughout the United States
Members New York
Investment
Commercial and Travellers
of Australasia.
Agents for the Bank
Bosros
REV TORE
NEW YORK
And its Branches.
Cable Transfers.
r-k ruimdtlfltin md 8-*m
for all Investment Securities.
of Corporations and negotiate and
Bids of Exchange*
Securities bought and sold on Commission.
Foreign Exchange. Commercial Credits.
y—Ur. tf IU*
at wits
on
Boulevard Haussmann
haiwum
as
(sen) Loaus.
17 W*SL
115 DemsUn SI
BOSTON
Order? executed
Act
GREN72LL&00., LONDON
MORGAN,
KIDDER, PEADQDY & GO.
52 WILLIAM STREET
NEW YORK
NEW YORK
BANKERS
&Co.
435 CHESTNUT STREET
PHILADELPHIA
Government and Municipal Bonds
Securities of Railroads, Electric
Railways, Gas and Electric
Light and Power Companies
of established value.
Cable Address,
"Graco," Philadelphia.
and sold. Cable
Travelers’ Letters of
of the world.
Exchange bought
Transfers.
Commercial and
Credit availab>e in all parts
ACCOUNTS INVITED.
John Munroe & Co.
BOSTON
9mW YORK
Letters of Credit for
kmmerrfal Credits.
Travelers
BOISSEVAIN & CO.
14 BROAD STREET, NEW YORK
Members of the New York Stock Exchange.
Foreign Exchange
Gable Transfers.
HTJNBOE A CO.. Pula
*
INVESTMENT SECURITIES ,
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS. PIERSON A CO.
(Successors toAdoiphBofasevaln ACo.)
Amsterdam. Holland.
ALDRED & CO.
24 Exchange
Place
New York
Fiscal Agents for
Public Utility and Hydro-Electric
Cosroanle
Dec. 28 1918.]
THE CHRONICLE
Inbeatnunt
Lee, Hlgginson &Co.
anb
m
financial HonSts
Millett, Roe & Hagen
NEW YORK
CHICAGO
BOSTON
BOSTON
INVESTMENT SECURITIES
SAN FRANCISCO
New York
Chicago
MEMBERS
HIGGINSON & CO.
Goldman, Sachs
80 Lombard Street
LONDON. E C.
Members of New York &
Hornblowei
42
& Weeks
BROADWAY, NEW
NEW YORK STOCK EXCHANGE
BOSTON STOCK EXCHANGE
& Co.
Chicago Stock Exchangee
52 WILLIAM ST.
NEW YORK
15 CONGRESS ST
BOSTON
“Burnham’s Manual
of Chicago Securities”
YORK
(Revised
Oct. 1, 1918)
Sent upon request
Investment Securities
to
John Burnham & Co.
41
MEMBERS
NEW YORK. BOSTON AND
CHICAGO STOCK EXCHANGES
Short Term Notes
South La Salle St.
CHICAGO
Main
Officii National City Bank Building
Uptown Offict: Fifth Avenue and 43rd St.
Direct wires to all principal markets
Boston
Oetroit
BERTRON, GRISCOM & GO., INC.
Chicago
Providence
Portland
EctaMIchcd 1888
INVESTMENT SECURITIES
10 Wall Street
NEW YORK
Land Title
Robinson & Co.
Building
PHILADELPHIA
U. S. Government Bonds
Investment Securities
H. AMY & CO.
Bankers
821 Chestnut St.,
Philadelphia
Members N. Y. Stock
Chicago
26
Exchange Place
New York
Members New York Stock
Exchange
Exchange
44 AND 46 WALL ST.
Interest
allowed on deposits
subject to check
High-grade investment securities
Members
Bad
Philadelphia, New
Chicago
Stock
transact
bought
Investment Bankers
and sold for cash, or carried
conservative terms.
on
Inactive and unlisted securities.
Inquiries invited.
FINCH & TARBELL
Members New
180
Frazier &• Gh.
General Investment and Stock
STOCKS AND BONDS
York
Exchanges
fClark, Dodge Sc Co., N. Y.
OKrespondentsJ First National Bank, N. Y.
[Redmond & Co., N. Y.
a
BROADWAY,
York Stock Exchange
...
NEW YORK
Bonbright & Company
Incorporated
25 Nassau Street
New Tori
PHILADELPHIA
CHICAGO
BOSTON
LONDON
W. C.
»
DETROIT
P.
William P. Bonbright A Co.
Langley & Co.
Investments
Broad and Sanaom Streets,
PHILADELPHIA
211 B. Redwood Street. Baltimore
115
Broadway, New
York
City
SIMON BORG &
Members of New York Stock
HALSEY, STUART A CO. H. D.
Incorporated—Successors to
N. W. HALSEY A CO. CHICAGO
Walbridge & Co.
14 Wall
PHILADELPHIA
DETROIT
MILWAUKEE
Government, Municipal, Railroad
and Public
Utility Bonds.
Fiscal Agents for Cities and Corporations.
Public
Utility Securities
New York Stock
Exchange
Since 1869
20 BROAD STREET
MUNICIPAL AND
PUBLIC UTILITY
BONDS
CHICAGO
New Yoii
HIGH-GRADE
INVESTMENT SECURITIES
MUNICIPAL AND RAILROAD
BONDS
NEW YORK
FOR INVESTMENT
HARPER & TURNER
INVESTMENT BANKERS
STOCK EXCHANGE BUILDINO
89 SOUTH LASALLE STREET
-
M. C. BOUVIER & CO.
Members
H. T. HOLTZ & CO.
•
Exchange
Street, New York
CHICAGO
NEW YORK
BOSTON
ST. LOUIS
No. 46 Cedar Street
CO.,
walnut ereccT asovc broad
Colgate, Parker
PHILADELPHIA
•
PMsfldpMa Stock
& Co.
49 Wall Street, New Yog
[Vol. 107
THE CHRONICLE
nr
financial
financial
fimxuM
WE FINANCE
Power and. Street
Enterprises
Railway
with records
of established earnings
Electric light,
ESTABROOK & CO.
Members New York and Boston
CHASE
Stock Exchanges
INVESTMENT SECURITIES
BONDS
WE OFFER
15 State Street.
24 Broad Street,
Bankers and Investment Dealers
Proven Public Utility Securities
Correspondence Solicited
& COMPANY
BOSTON
-
NEW YORK
It CONGRESS ST.,
BOSTON
SPRINGFIELD
BALTIMORE
ELECTRIC BOND & SHARE CO.
(Md-Up Capital and Surplus, $21,000,000)
71 BROADWAY, NEW YORK
United States
Government and
MUNICIPAL AND RAILROAD
Municipal Bonds
BONDS
For Conservative Investment
35
William ftfimptonfo
& Co.
R. L. Day
High Grade
Government
and Municipal Bonds
Municipal and Corporation
Centum in this business
Issues Underwritten
Over o Quarter
Congress St., Boston
14 Wall Street,
St. Louis
Chicago
Investment Bonds
New York
Cincinnati
Jackson, Miss.
Pittsburgh
New York
Correspondents
REM1CK, HODGES & CO.
We specialize In securities
the Mississippi Valley and
South
C. I. HUDSON & CO.
PARKINSON & BURR
No. 66 BROADWAY,
NEW YORK
Philadelphia and
Chicago Stock Exchanges
MamUr. N.w York,
Members of the New York
Boston Stock
Exchanges
and
in all Markets
PRIVATE WIBESITOi PRINCIPAL
Ratal A jBtofcet* omtttt JL g.
AND TRUST COMPANY
Southeast Corner La Salle and Madison
61 Broadway
NEW YORK
Thomas C. Perkins, inc.
Investment
Bankers
TIMBER BONDS
based always upon
expert verification
of underlying assets
332 so. Michigan Av„ Chicago
Capital and Surplus, $2,000,000
6% CHICAGO FIRST MORTGAGE BONDS
Suitable for Estates, Trustees and
Write for Bond
Oldest Banking House in
A.
Momh
S. N. BOND & CO.
WE OFFER
Commercial Paper
dealers all or any
Municipal Bonde
part
111
New York
Broadway
60 State Street,
ESTABLISHED 1866
O. Slaughter & Co.
CHICAGO, ILL.
Entire Issues of preferred and common stocks
ef established and dividend-paying New Eng¬
land Manufacturing Companies.
of original issues of such companies
paying from 7 to 10 per cent.
Correspondence invited.
Circular C 25.
Chicago. A State Bank.
New York Stock Exchange.
New Tort Cotton Exchange.
New York Coffee Exchange.
New York Produce Exchange.
WE PURCHASE
bankers and investment
Individuals
**e WEST MONROE STREET
CONNECTICUH
HARTFORD
Sts.
GENERAL BANKING
Stock Exchanges
PHILADELPHIA»
CHICAGO
GREEMwaumsons
& CO.
INVESTMENT BANKERS
1618 Chestnut St..
ST. LOUIS
CITIES
Established 1866
Members N. Y. and PbUa.
Mississippi Valley Trust Co.
Miscellaneous Securities
BOSTON
H. F. BACHMAN
BOND DEPARTMENT
TELEPHONE RECTOR 7401
S3 State Street
Wall Street
NEW YORK
ef
the
Chicago Stock Exchange.
(.Chicago Board of Trade.
ACtaa. Chamber of Cowiaowt;
/St Loot* Merchants’ Eictan
(Winnipeg Grain Exchanga.
E. T. KONSBERG A CO.
864 So. La Sail# Street
CHICAGO
Boston
W. F. Baker, Manager Bond Dept.
ARMOUR & CO.
Debenture 6s.
Mmnbers Chicago Stock Enrhange
6 Nassau
St.. N. Y.
MEMBERS NEW YORK
STOCK EXCHANQB
Deal in
Underlying Rallrao
Bonds
and
T&s-exemot Guaranteed A Preferred
Railroad A Telegra
Co. 8tocks
MONTGOMERY, ALA.
municipal Railroad#'"
Corporation Bonds
to Broav Smzr
List C
-
New Ybttx
gives current offerings.
B W
Strassburger
SOUTHERN INVESTMENT SECURITIES
Mcwffomwy, Aim,
Due. 28 1918.]
THE CHRONICLE
Canal) tan
BANK OF MONTREAL
(Established 1817)
Canadian
CAPITAL paid
Government and Municipal
Bonds
Head
We invite corre«oondence
regard¬
ing Canadian Government and
Municipal Bonds
REST
TOTAL ASSETS
C* P. R. Building
TORONTO
- -
-
-
-
HEAD OFFICE, TORONTO.
PAID-UP CAPITAL
REST
President, Sir Edmund
Agents
General Manager, Sir John Alrd.
Assistant General Manager, H. V. F. Jones.
,
Chicago Branch, 108 South La Sail#
Spokane, Wash.
Mexico City.
credits issued
in any part of the world.
and Continental Ex¬
Transfers. Collections
Cable
Travelers' Cheques and Letters of Credit Issued
available in all parts of the world.
London Offices, 47 Threadneedla
St., E. C.
• Waterloo Place, Pall
Mall, S. W.
Trafalgar Square.
CASSELS, Manager.
and
made at all points.
available
and
Buy and Sell Sterling
change
St.
Foreign Exchange bought and sold.
Commercial
$18,000,000
$18,800,000
Walker,C.V.O.,LL.D.,D.C.
New York Office, 16
Exchange Place
F. B. FRANCIS,
\Agents
J. A. C. KEMP,
|
_
G. C.
CANADIAN BANK
OF COMMERCE
16,000,000
$558,413,546
Office—Montreal
-
NEW YORK AGENCY
■ontreol
THE
$16,000,000
64 WALL STREET
R. Y. HEBDEN,
W. A. BOG.
A. T. SMITH
5%% to 6%%
Wood, Gundy & Cp.
-
SIR VINCENT
MEREDITH, Bart., President
Sir Frederick
Williams-Tay lor,
General Manager.
yield from
to
up
Banking and Exchange business of every de¬
scription transacted with Canada.
LONDON OFFICE—2 Lombard Street, E. O.
BANKERS IN GREAT BRITAIN
The
Bank of England,
The Bank of
Scotland,
Lloyd's Bank, Limited.
CANADIAN
SECURITIES
Qmrnmtnt, llunlolpal
Canadian
Government, Municipal
THE BANK OF NOVA SCOTIA
and Corporation Bonds
PAID-UP CAPITAL
& Corporation
DoromonSEcuRmB
A.
E.AMES&COi
T4
CORPORATIONLIMITED
tDRXJMTO.
MONTRTJlL.LONhOdnia
Mm. *■« YORK
C. MEREDITH & CO.
LIMITED
(Incorporated 1888)
187 branches throughout Canada.
Newfoundland,
Cuba, Jamaica, Porto Rico, and In Boston. Chip
eago and New York.
Commercial and Travelers'
Credits issued, available In all parts of the world.
Bills on Canada or West Indian
points favorably
negotiated or collected by our branches in the
United States. Correspondence Invited.
New York
In Great
O. Meredith. President.
Sir Chas. B. Gordon. G. B E., Vice-Pres.
O. R. Hosmer,
Wm. McMaster,
D. O. Macarow,
H. B. MacDougall,
A. Baumgarten.
A. E. Holt,
J. J. Reed.
JpOWHlTE COMPANIES
J. M. Maclde, Manager.
A. P. B. Williams, See.
118 St. James St.
Purchasers
Contractors
Engineers
Operators
of Public
Managers
Utility and Industrial
Properties
REPORTS—VALUATIONS—ESTIMATES
48 Threadneedle St.
MONTREAL
LONDON, E. C.
R. A. Daly & Co.
THE
Established 1869
Capital Paid Up
Reserve Funds
Total Assets
$14,000,000
$18,500,000
$487,000,000
Head Office
Montreal
SIR HERBERT 8. HOLT, President
E. L. PEASE, Vice-Pres. A Man. Director
C. E. NEILL, Gen. Manager
530 Branches throughout the DOMINION OF
CANADA and NEWFOUNDLAND; in HAVANA
and all principal points in CUBA, PORTO RICO.
DOMINICAN REPUBLIC. COSTA RICA.and
VENEZUELA. Also in ANTIGUA, BAHA¬
GOVERNMENT, MUNICIPAL
HONDURAS and BRITISH GUIANA.
AND CORPORATION BONDS
LONDON OFFICE—Bank Buildings,
Princes Street, E. C.
New York Agency—Cor. William & Cedar Sts.
F. T. WALKER. O. E. MACKENZIE and
J. A. BEATSON, Agents.
Building
TORONTO, ONT*
PLACE, NEW YORK
LONDON
ROYAL BANK OF CANADA
MAS, BARBADOS, DOMINICA. GRENADA.
JAMAICA, ST. KITTS, TRINIDAD, BRITISH
CANADIAN
fry"*? of Nova Scotia
43 EXCHANGE
Agent.
(Lo"do'1 J°l«* Cl ty * MldUn 4
Britain j
Roy J dank of Scotland.
BOARD OF DIRECTORS.
THE
Financiers
Agency, 52 Wall Street
H. F. Patterson,
Correspondents
Bed Dealers and Financial Agents
engineer*
$6,800,008
RESERVE FUND
18,000,008
TOTAL ASSETS OVER
188,080,888
Head Office, Halifax, N. S.
General Manager’s Office, Toronto, Ont.
CHICAGO
SPAIN—Barcelona.
/“\UR
“Monthly Review,** a brief
"
summary of business conditions
in
Canada, will be sent to you with¬
obligation, upon request.
GREENSHIELDS & CO.
out
WILLARD CASE & COMPANY
CONSULTING
ENGINEERS
Montreal Stifflt f?Tffrfi nyt
Dealers in Canadian Bond issues
17 St. John SL
Montreal, Can.
Dmlopawnt of
Industrial Plants & Equipments
Reports
on
'
Operating Methods 4k Conditions
CANADIAN
Municipal and Public Utility
Canadian Securities
W. GRAHAM
222
BROWNE&OQ
garnet Stud
MONTREAL
St.
Correspondence BnllriU#
Bonds
DeteraMnatlons of
Worth of Established Properties
IT BATTERY PLACE
NEW TORN
NESBITT.
THOMSON
6
M
•
COMPANY. LIMITED
ST. JAMES ST.
MERCANTILE TRUST
||
MONTREAL
OLD.HAMILTON.
Adrian H. Muller & Son
AUCTIONEERS
ffltnttig engineer*
H. M. CHANCE A CO.
Ha toper*
F. WM.
KRAFT, Lawyer
Specializing In Examination St Preparation of
County, Municipal and Corporation
Bonds,
Warrants and Securities and
COAL AND MINERAL PROPERTIES
Proceedings Authorizing Same.
Rooms 817-880, 111 W. Monroe St^
Examined, Managed, Appraised
Harris
Mining EnginMra and Geologists
Trust Building
Dromi Bids.
PHILADELPHIA
CHICAGO. ILLINOIS
Office, No. 88 WILLIAM STREET
Corner Pine Street
Regular Weekly Sales
OF
STOCKS and BONDS
EVERY WEDNESDAY
At the Exchange Sales Roe—
14-16 Vaeov Street
[Vol. 107
THE CHRONICLE
VI
foreign
LONDON JOINT CITY & MIDLAND
BANK LIMITED
AUSTRALIA & NEW ZEALAND
BANK OF
WALES
NEW SOUTH
{WtTABLISHMD 1S17.)
Up Capital
.
r.U
Liability of
•JJ’Sl’25
Piroprieton
Need Office
5, THREADNEEDLE STREET, LONDON, LC.L
Aus¬
(N«w
835 BRANCHES and AGENCIES in the
tralian Matas. New Zealand. Fiji. Papua
88 a 66 OLD BROAD
54 Lombard St.,
$172,140,000
Subscribed Capital
Paid-up Capital and Re¬
serve
Fund
GEORGE STREET
SYDNEY
TIE UNION BANK OF AUSTRALIA
Lisitei
Incorporated 188®
Established 1837
Capital—
Authorised and Issued.
Paid-up Capital f2.3M.3Ml
ToReserve Fund --£8,998.000/father
re Liability of Proprietors
71,725,000
•
$1,564,855,000
•
•
Money at Call and Short
Notice
Investments and
£6,006.00®
Exchange
——
Advances
54.M8.M0
CAPITAL PAID-UP
Bills of
-
-
-
-
-
EVERY DESCRIPTION OF BANKING
BUSINESS TRANSACTED.
522,580,000
•
-
RESERVE, FUND
TOTAL RESOURCES
568,965 000
521,850,000
Address—The Foreign Manager,
188, Fenchurch Street,
London, E. C., England.
£4,000,0M
la VICTORIA. 30 la
NEW SOUTH WALES. 10 In QUEENSLAND.
Ti Arnica Officers
The Bank baa 41 Branches
14 la SOUTH AUSTRALIA. 21 In WESTERN
AUSTRALIA. 3 la TASMANIA eadI44 in^NEW
■E ALAND.
Heed Office: 71 CORNHILL,
*88,387,990
*98,447,990
830,000,000
31,180,000,000
CAPITAL SUBSCRIBED
58.0M.0M
Total Capital and Reserves
over
the World.
-
-
London, E. C., Eng.
1,360 branches in England and Wales
Agents in all banking towns throughout
and
Cash in hand, Balances at
29, THREADNEEDLE
Bank of England and
STREET, E C., 3
•Head Office
LONDON, E.G.
Manager—A. O. WILLIS.
Assistant
HEAD OFFICE
(*5=£1)
Deposits
London Of flea
with which is amalgamated the London
Provincial St South Western Bank, Ltd.
STREET, E. C. 2.
of
daMClpttoB
LIMITED
Omramt Breach
19,524,30®
953,798,600
AggNfAte AmU, 31 March 1918, *305,984,997
Sir J. RUSSELL FRENCH, K. B. E.,
Ganaral Manager
BARCLAYS BANK
Proceeding It Earope
This Beall bee aiede arraa«eaMats te enable
Aaeerteaa officers berlag acceante with them te
each their Cheques free ef charce In Franca at
any
Breach ef the BANK OF
FRANCE er ef the
LONDON COUNTY WESTMINSTER
AND PARR’S BANK UNITED
SOCIETE GENERALE and at tha BANQUE FRAN.
CAI8E FOUR LE COMMERCE ET LMNDUSTRIE.
Manager—W. J
Parlay In Italy at any Branch ef the
ESTABLISHED IN 1888
BANCA COM.
Naar East at
Authorised Capital
£30,000,000
OTTOMAN RANK.
(1,500.000 Shares of £20 each)
CoateaMrs hare the advantage ef aslng all er
Subscribed Capital
27,314,260
aay ef the 1.2H Offices ef the Bank for their
Paid-up Capital—
6,828,868
hnalnees connections and for their Mall, which
Reserve
6,828,568
MERCflALE ITALIANA. aad In tha
BANCA COMMERCIAL ITALIANA
Hud Office MILAN
ftl.SM.SM
Paid-up Capital
Reserre Funds
say
Branches are established at alt the Camps
American Treepe are stationed In England.
AGENCY IN NEW YORK,
108 BROADWAY
West End Agency and London Office
Italian State Railways, 12 Waterloo
St.. 8. W.
B. G.
of the
Place.
all the
principal point® in the Kingdom.
U. 8. A. for
International Banking Corporation
$3,280,000
*8.888.000
Straits Settlements
Jere
Peneme
Indie
Chine
£230,425,748
42,931,MS
POUR
| Philippine
London
Ideeda
HEAD OFFICE: 41,
Colombia
Santo Domingo
and Reserves
£2,679,785
General Financial, Banking and
Commercial Business
Clermont & Co.
22 St 24. Goon ds 1’Intend sane.
BORDEAUX
MARSEILLES
89 CORNHILL.
Telegraphic Address. Udisco. London.
*10,000,006
Capital Authorized
Capital Subscribed
Capital Paid-Up
Reserve Fund
*5=£1 STERLING.
8,500,000
4,260,000
4,000,000
NOTICE IS HEREBY GIVEN that the
RATES OF INTEREST allowed for money
an deposit are as follows:
At Call 3 Per Cent
At 3 to 7 Days* Notion, 3 For Cont.
The Company discounts approved bank
mercantile acceptances, receives money on
LOTHBURY, E.C. 2.
Foreign Branch Office: 82, Cornhill, E.C. 3.
SPANISH BRANCHES:
BARCELONA
Paseo do Grade 8 and 10
MADRID
Oalle do Alcala 48
*1. Bus Paradis
AFFILIATED IN IRELAND:
ULSTER BANK LIMITED
ERNESTO TORNQIIIST & CO., Lda. The Union Discount Co
BUENOS AIRES
of London, Limited
Established
the
..117,402,2*9
...
AFFILIATED IN FRANCE:
Sen Frandeoo
1830
29,525,781
Leudeu County St Westminster Bank (Paris). Ltd.
PARIS
22. Place Vsedame
LYONS
*7. Rue ds la BepubUque
Janeiro. San. Panto*
up
!77-
Advances and Discounts
TbrSSittrieoU.
Capital fully paid
1918.)
and
NEW YORK CITY
Capital
Surplus A Undivided Profits
jepen
Oldest hnslmeM establishment in
River Plate
une.
Depoett and other Ac¬
Cash in Hand and at Bank of Eng-
Branches In:
Representatires In
BANQUB FRANCAISE ET ITALIENNE
L’AMERIQUB DU 8UD.
(
Current,
count
HOLDEN. Bart.. Chairman.
M WALL STREET,
54 Branches In Italy, at
nos Ay
Buenos
Ayres, Rio do
SIR IDWARD H.
where
Money et Call and Short Notice...
Correspondents to tho Italian Treasury.
Agents la London and
carefully distributed.
wIN he
._311.840.SM
Lenden Office. 1 OLD BROAD STREET,
Manager: E. Ooneolo.
Branch ef the IMPERIAL
The
Anglo-South American
Bank, Ltd.
URUGUAY
CHIU
^ARGENTINA
FRANCE: Paris
SPAIN: Madrid, Bilbao,
Barcelona
and
de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
CHRISTOPHER R. NUGENT. Manager.
CAPITAL * RESERVES
£6,338,794 @ 85 per £=831,693,970
BANKERS
GUATEMALA,
Central America
HEAD OFFICE, OLD BROAD
LEU and CO.’S BANK,
LIMITED
ZURICH, (Switxerland)
Founded ITU
Capital Feld
Reserre
up
and)
Fund..../
Fr». M,8M,0M
EVERY DESCRIPTION of BANKING BUSINESS TRANSACTED.
Discount
The National
Company, Limited
Gable Addreee: “Clermont**
34 CORNHILL
-
LONDON. 6. C.
Cable Address—Natdte. London
Subscribed Capital
*21,186.696
NEW TORK (Agency), 80 WALL
STREET
Every description of Banking and
■
Paid-up Capital
ReserveXFund
Exchange business
4.999.998
9.960.
(35= £1 STERLING.)
NOTICE Is hereby given that the RATE OF
INTEREST allowed for money on Deposit
Three per cent per annum.
Approved bank and mercantile bdle discounted.
Bills mi Eaehenge Negotiated end Collected. Money received on deposit at rates advr
from time to time and for fixed periods
Drafts and Letters of Credit Iseued.
epsrially agreed terms.
Lsaas granted on approved nsgottabte
Telegraphic Transfers Effected.
PHILIP HAROLD WADE.
Booking end Travel Departessnt.
STREET,
LONDON, E. C.
Chartered Bank of India,
Australia & China bSSTSSSS S53
Head Office, 88
Bishopsgate, London, E. C.
Paid-up CapT £1,200,000; Res. Fd. £2,000,000
Reserve Liability of Shareholders, £1,200,000
Undivided Profits, 1917, £167,261
New York Agency,
LWILLIAM BAXTER, 88 Wall Street
Dec. 28 1918.]
THE CHRONICLE
foreign
SPERLING
& COo
Basildon House, Moorgate S(L
London, E. C.
Jforttgn
foreign
Banqoe Nationals de Credit
NATIONAL BANK
of EGYPT
Capital
fr*. 150,000,00(7
Reserve Fund
FISCAL AGENTS FOR
Til
Public Utility
”
HEAD OFFICE
16, Boulevard deg It aliens
and
Hydro-Electric Companies
Head Office—Cairo.
36,000,000
a*
Established
Capital, fully paid
120 BROADWAY.
Conptiir National dlscompte do Paris
Capital fully paid
Fr*. 200.000.000
Frs. 42.000.000
up
Reserve Fund
HEAD OFFICE: 14 RUE BERGERE, PARIS
London Offlco: Kins William Street, E. C.
Branches at Manchester and Liverpool
Nearly 200 Branches In France. Spain. Tonis.
WPt. Madagascar. inHi^ and Australia.
Agents of the French Colonial Banks.
BANKING AND EXCHANGE business o(s
deecriptfGn transacted. DEPOSIT AND
CURRENT ACCOUNTS. DOCUMENTARY*
OREDITO. SHIP’S DIBBUHSBMENTS AND
^LLEOnON OF FREIGHTS In
all parts
o£
LONDON AGENCY
at:
Lyons, Marseilles,
Havre, Angers, Bordeaux, Dijon,
Nantes, Orleans, Rouen, S&int-EtL
enne, Toulouse, Toura, Troyes, and
140 others in the chief centres of
France.
GENERAL BANKING BUSINESS
Law
£3,000,000
£1,663,278
Reserve Fund
NEW TOBK AGENTS
BRANCHES
Egyptian
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
PARIS
SPERLING & CO., INC.,
under
6 AND 7 KING WILLIAM
ST.,
LONDON, E. C. 4, ENGLAND.
THE
NATIONAL PROVINCIAL AND
UNION Bill OF ENGLAND
Limited.
SwissBank Corporation
Bests, Zurich, SL Gall, Geneva, Lausanne
(fSmrgl.)
SUBSCRIBED CAPITAL
PAID-UP CAPITAL
RESERVE FUND -
-
$141,422,100
-
-
$27,384,420
-
-
$20,000,000
Head Office:
Banca Italiana Di Sconto
with which are Incorporated the
Societa Bancaria Italiana
and the
Societa Italiana di Cradito Provincial#
Authorized and Subscribed
Capital
Paid-up Capital
Liras 180.000.000
“
166.S60.000
...
Current account and depos¬
its (Oct. 31st, 1918)..
“ 1,972,500,000
Cash
“
on
hand with the Bank
111,850,000
LONDON OFFICE, 43
Lothbury, E.C, 2
West End Branch....lie Regent Street
Watertoe Place S.W.1
OFFICE, 2 Rue le Peletier
London Clearing Agents: Barclay’s Bank, Ltd.,
64, Lombard St. E. O.
Joint Proprietors with the Guaranty Trust Co. ef
New York of the Italian Discount and Trust
Company. Now York. 309 Broadway.
The Mercantile Bank of India Ltd.
Head
15 Gracochurch
Special facilities offered to MEMBERS OP
AMERICAN MILITARY AND NAVAL
Paid-up Capital
Swiss Banking Association
ormsrto Bank In Winterthur est 1842
Teggenburger Bank act 1242
Capital, fully paid
Reserves
Zurich
•
•
•
-
Frs. 50,000,000
“ 11,900,000
Winterthur
•
St, Gall
Lausanne etc.
Documentary credits.
Bids collected.
Foreign
•whangs, trsvslers’ letters of credit. Ac.
Established 1836.
Capital Subscribed...$15,000,000.00
$7,742,025 Paid-up Capital
$3,750,000.00
$10,000,000 Rest
$1,625,000.00
HEAD OFFICE, LONDON, E. C.
$221,151,375
About Two Hundred and Fifty Branches and
Agurff throughout Smith Africa.
W. H. MACINTYRE. Agent
$8 Wall
Also
St., NewYork
representing The Bank of New South
Wales with branches throughout Australasia.
$5= £1
WEST INDIES,
LIVERPOOL,
WEST AFRICA,
MANCHESTER
LONDON.
American Banks and individuals are invited to
avail themselves of this Bank’s services in con¬
nection with U. 8. Forces now In Europe.
Head Office:
NATIONAL BANK OF INDIA limited
Bankers to the Government in British East
Africa and Uganda.
Head Office: 20. Bishopsgate, London, E. C.
Branches in India. Burma. Ceylon, British East
Africa. Uganda and at Aden and Zanzibar.
Subscribed Capital—£2,000.000
Paid-up Capital
£1.000,000
Reserve Fund
£1.860,000
The Bank conducts every description of banking
and exchange business
Hong Kong & Shanghai
BANKING CORPORATION
PaM-as Capital (Hoot Koag Currency)
ria Gold
315.000.0001
lla BUvsr.. 19,600,000/
f15.000.000
$34,500,000
16.000.000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT.
NEGOTIATE OE COLLECT BILLS PAYABLE IN
i
of nonrttnrB
....
CHINA. JAPAN. PHILIPPINES. STRAITS SET¬
TLEMENTS. INDIA.
WADE GARD’NKR. AQsat. 34 Wall it
Reserve Liebility of Proprietors
20, Gracechurch St., London, E.C. 3, Eng.
New York Agency:
22 William Street.
..£2,000,000
8,040,000
2,000,000
£6,040,000
Drafts payable on demand, and Letters of
Credit are issued by the London Branch bn the
Head Office, Branches and Agencies of the Bank
in Australia and elsewhere.
Bills on Australasia
negotiated or collected. Remittances cabled.
Head Office, Sydney, New South Wales.
London Office:
18, Birchin Lane, Lombard Street, E.C. 8.
The National Bank of New Zealand
Limited.
Head Office: 17 Moorgate Street, London, E.C.
Chief Office in New Zealand, Wellington.
Authorised Capital
£3,000,000
•
Subscribed
2^50,000
Paid-up
-
.
Reserve Eund
•
Uncalled capital
STANDARD DANK OF SOUTH AFRICA, Ltd
or
or
...
Reserve Fund
The Colonial Bank
or
LIMITED
Incorporated in New South Wales.
and Mauritius.
Paid-up Capital... £1,548,525
Reserve Fund
£2,000,000
Total Resources
£44^30,275
THE
Established 1834.
FORCES.
Street* London
Paid up £562.500.
Reserve Fund i 500,000.
Branches in India. Burma, Ceylon, Straits
Settlements. Federated Malay States. China,
Offices in England
Banking Company
of Sydney
THE
Office
Capital £1.500.000.
numerous
Capital paid up,. Frs.82,000,000
Surplus, .... Frs.27,750,000 Commercial
BRANCHES at: Genoa, Milan. Naples. Pa.
PARIS
with
and Wales
Cantral Management and Head Office:
ROME
lanne. Turin, Venice, Bologna, Catania. Legharn,
Florence. Ancona. Messina, San Remo. Come
and 50 ethers in CHIEF CENTRES OF ITALY.
15, BISHOPSGATE, LONDON, ENGLAND,
Correspondentsi
n
•
•
750,000
£780,000
£1,500,000
all oarts of the world.
PETROLEUM DANKIHfi & TRUST CO. S. k.
Apaxtado (P. O. Box) Ho. 458—Tampio
Tamps, Mexico.
Members of the American Banker**
Association,
Offers every Banking Facility.
Payments
collections made on all parts of Meadoo.
in both Mexican gold and
New York exchange.
and
Banco Espanol del Rio de La Plata
HEAD OFFICE, BUENOS AIRES
London Office, 7 Fenchurch St., E. C. 3
Coital & Reserves
■ total 147,828,797J8=£12J05J87
All classes of Argentine, Spanish and
European banking business conducted.
Ionian Bank, Limited
financial
Incorporated by Royal Charter.
Offers every banking facility for transactions
with Greece, where It has been established for
80 years, and has Branches throughout the
New Jersey
Securities
Country.
Also at Alexandria, Cairo, Ac., in Egypt.
Head Office: Basildon House,
Moorgate Street.
LONDON. E. C. 2.
OUTWATER & WELLS
CREDIT SUISSE
1$
Exchange Place
Tel. 20 Mentgomry
Jersey City, N. J.
Established 1856
Capital & Reserve, francs 130.000,000
Head Office:
Zurich, Switzerland
Branches at Basle, Geneva, St. Gall,
Lucerne,
Glasis, Lugano, Frauenfeld, Kreuzlingen
ALL BANKING BUSINESS
wTH.’Goadby & Co.
are
New York Stock
NO. 74 BROADWAY
Exchange
NEW YORK
[Vol. 107
THE CHRONICLE
Tin
Current f&mfe
fTj.
inquiries
WANTED
lisman & CO.
Irrigation District 6s
Lindsay Water Co. 1st 5s
Great South Bay Water Co. 5#
6i BROADWAY, NEW YORK
San Antonio Water Co. Ss & 6s
St. Louis Southw’n Term. & Unif. 5s Leavenworth
City & Ft. Leaven¬
Denver & Salt Lake 1st 5s & Ctfs. of Dep.
worth Water 4s, Ss & 6s
Peoria Water Works 4s & Ss
WE DEAL IN
B. & O., Pitts. Lake Erie & W. Va. 4s
City Wat. Co. of Chattanooga 6s
Terminal Assn, of St. Louis 4s & 4J^s
Newport News Lt. & Wat. Co. Ss
Evansville & Terre Haute Gen. 5s & Ctfs.
Birmingham Water Co. Ss
Wheeling & Lake Erie 4s & 4J^s
Laramie Valley Irr. Dist. bonds
Atlantic & Birmingham 5s
Aurora Elgin & Chicago Ss
Wisconsin Central Ref. 4s
Lynn & Boston Ss
Missouri Kansas & Texas, All Issues
H. C. SPILLER & CO.
Mason City & Fort Dodge 4s
INCORPORATED
Members New York and
Emmett
Chicago Stock Exch^ngea
Litchfield & Madison 5s
Louisville & Jeffersonville Bridge 4s
Leavenworth Terminal Ry. & Bridge 5s
1952
Hackensack Water 4s,
Milwaukee El. Ry. & Lt. 5s, 1926
Am. Coal Co. of AlleghenyCounty
Davies Thomas & Co.
Members N. Y. Stock Exchange
New York
5 Nassau St.,
Union Carbide & Carbon Co.
Warrants
WOOD, STRUTHERS & CO,
Telephone Rector 5510
Midwest Refining Company
Warrants
SUTRO BROS. & CO.
5 Nassau Street
People’s Gas Lt. & Coke 6s, 1943
New York
Boston
STEAMSHIP SECURITIES
AND ALL RAILROAD AND
63 Wall Street
27 State Street
126 BROADWAY. NEW YORK
Members of New York Stock Exchange
NEW YORK
Consolidation Coal Co. Securities
Illinois Central 1st Ext. 334s, 1951 ConsoUdated Gas, Electric Light A
Power of Baltimore Securities
So. Pac. of Calif. 1st Cons. 5s, 1937 Elk Horn Coal
Corp. Securities
Richm .-Washington Collat. Trust Wash. Balt. & Annapolis Securities
4s 1943
J. HARMANUS
Milw. Sparta & N. W. 1st 4s, 1947
(Established 1874.)
SOUTH ST.
BALTIMORE, MD.
Akron & Barb. Belt RR. 1st 4s, 1942
RaltfmOM fltodr ICwtlMlM
Atlanta & Charlotte A. L. 1st
Bankers Trust Rights
434s, 1944
Mortgage Bond Co.
FISHER & SONS
HevnhM
Equitable Trust Co.
Lawyers Mortgage Co.
New Jersey Municipal Bonds
Bank of Commerce
LIBERTY BONDS
FRANK J. M. DILLON
NEW YORK. N. Y.
n Broadway
$10, $50, $100 and $500 Bonds
Tel. 6460 Bowling Green
Stock Dividend Warranto Jar
St. Paul Union Depot Co. 534%>
J.S. R1PPEL A COMPANY
Liberty Bonds.
1923
Descriptive List
on
IS CLINTON STREET
Request
NEWARK. N. J
Aome White Lead & Color Works 6s
Detroit United Ry.—Issues
Loeal Detroit Stocks
25 BROAD
JOEL STOCKARD & CO.
Members Detroit Stock Exchange
DETROIT MICH.
Seaboard Air Line 1st Cons. 6s, 1945
Kansas
INVESTMENT SECURITIES
City Terminal 6% Notes, 1923
STREET
4s, 1921
111 Broadway
Now York
Telephone: Rector 5457
Yadkin River Power 6s, 1941
American Power & Light 6s, 1921
Denver Gas & Electric 5s, 1951
Texas Power & Light 7% Preferred
Nebraska Power & Light 7%
85 Devonshire St.
J. S. FARLEE & CO.
66 BROADWAY
Established 1882
Telephones 1195-7 Rector
United States Worsted 2nd Pref.
Jersey Zinc Capital Stock
Bangor Ry. & Electric Co. Pref.
Clyde Steamship Co. 1st 5s, 1931
Chic.& Northwestern Gen.4s, 1987
Pfd
CO.,
BOSTON
Kansas City Gas Company
Penna. Water & Power Co.
Marion Light & Heating
Indiana Railway Company
1922
1940
1932
1930
SAM U ELK. PHILLIPS* CO.
427 Chestnut St.,
NEW YORK
H. L. NASON &
MATT. H. CONNELL
New
21 Nassau Street, N. Y.
Tel. 582 Cort.
Members of the New York Stock Exchange
Michigan Municipals
Moline Plow 7s, 1919-24
Procter & Gamble 7s, 1919-23
Houston & Texas Cent.^Gen.
Hartshome & Battelle
Pennsylvania Gen. 5s, 1968
BULL & ELDREDGE
5s,
5s,
6s,
6s,
245 Fourth Ave.,
PITTSBURGH, PA.
5s, 1934
United Coal Corporation Stocks
Fairmount Coal & Coke 4s, 1919
Amer. Wat. Wks. & Elec.
Oregon California 5s, 1927
Chic. No. West 5s, 1962
Southern Ry. 5s, 1994
MILLER & COMPANY
Members New York and PhUa. Stock Exchangee
120 B’wey
New York
’Phone 8900 Rector
PHILADELPHIA
Chic. & Pac., West. Div. 5s, 1921
Wis. & Minn. Div. 5s, 1921
Chic. & Lake Sup. 5s, 1921
Penn. Co. Gtd. 334s, 1937-41-4244
Central Pacific 334s» 1929
Lackawanna Steel Co. 5s, 1950
Gillette Safety Razor 6s, 1922
Pacific Tel. & Tel. 5s, 1937
Intemat. Paper 5s, 1935
Great Falls Power 5s, 1940
McKinley & Morris
11 WALL ST. N. Y.
Glover & MacGregor
Tel. 22444-5 Recto*
Cinn. Sandusky & Cleveland 5s, 1928
Central New England 4s, 1961
Central of Georgia cons. 5s, 1945
Houston & Texas Central 1st 5s, 1937
Peoria & Eastern cons. 4s, 1940
Long Island refunding 4s, 1949
Mobile & Ohio Montgomery div. 5s, 1947
Memphis Union Station 5s. 1959
Mobile & Birmingham 4s, 1945
Macon Terminal 5s, 1965
New York & Long Branch 4s, 1941
Oregon-California 5s, 1927
Pitts. Cinn. Chic. & St. L. 4s, Ser. “G”, *57
St. Paul & Duluth 4s, i968 & 1996
So. Pac. San Francisco Terminal 4s, 1950
West Penn 4s, 1928
Western Transit SHs, 1923
BAKER, CARRUTHERS & PELL
Bonds—Bank Stocks—Standard Oil Stocks
IS Broad Street
New York
Phones 5161 to 5169 Hanover
Dec. 28
1918.]
THE CHRONICLE
iz
Current JBonti Inquiries
Birmingham (Ala.) Water Co.
Burlington (Vt.) Gas Lt. 6s
Clinton (la.) Water Co. 6s
6s
East St. L. Interurb. Wat. Co. 6s
Guanajuato Pow. & Elect.
6s
Ellicott Square 6s
Huntington (W.Va.) Wat. Co.
6s
Hutchinson Wat. Lt. & Pow. 4s
San Antonio (Tez.) Wat. Co. 6s
York (Me.) Lt. & Ht. 4^s & 5s
York County Power 6s
New Hamp. Elec. Bys. Com. & Pf.
Ben’g’ton (Vt.) Wat. Pow.& Lt.5s
Berlin Mills 5s & Pref.
Atl. Ave. RR., Bklyn., Gen.
5s, 1931
Central Union Gas Co. 1st 5s, 1927
Columb. & 9th Ave. RR. 1st 5s, 1993
Laurentide Pow. Co.,Ltd., 1st 5s,1946
Lez. Ave. & Pav. Ferry 5s, 1993
Big Four, Springf. & Col. 4s, 1940
Cin. Sand. & Clev. 1st 5s, 1928
Grays Point Terminal Ry. 6s, 1947
Housatonic Railroad Cons. 5s, 1937
Michigan Central RR. Deb. 4s, 1929
New England Railroad
4s-5s, 1945
N.Y. Providence & Boston 4s,
1942
Virginia Midland Ry. Gen. 5s, 1936
Wabash, Omaha Div. 1st 3^s, 1939
West Virginia & Pitts. 1st 4s, 1990
Milw. Gas Light Co. 1st 4s, 1927
New Amst. Gas Co. Consol. 5s, 1948
N.Y.& Westchester Lt. Co.
4s, 2004
N.Y.& Westchester Lt. Co. 5s, 1954
N.Y.Gas & El.Lt.Ht.& Pow.6s, 1949
Wm.
Carnegie Ewen
Tel Reetor 3273-4.
2 Wall
HOTCHK1N & CO.
/MonUmM
53 State St,
Boston, Blase*
Chic. & East Ill. Con. 5s
BUFFALO GENERAL ELECT,
6s, 1922
“
“
“
Refdg. 4s
Long Distant* Telephone
“
“
“
Rec. Ctfs.
Main 460
“
“
“
Equipment 4J^s
■MabUdMd 1805.
Bioren & COBANKERS
914 Chestnut St.
Philadelphia
Oototmuat.
Municipal. Railroad and
Public Utilities Securities.
Ifssbn New York and Philadelphia
Stock
Exchanges.
Privets wires so the
NIAGARA FALLS POWER
Denver & Rio Grande Adj. 7s
Evansville & Terre Haute Con. 6s
“
“
«•
5s, 1932
Refdg. 5s
Mo. Kansas & Tez. of Tezas 6s
Mo. Kansas & Eastern 1st 6s
WILLIAM C. ORTON
Specialist Reorganisation Securities
SSBreed St., New York
Street, New York*
Tel. 71 CO-1*2 Breed
J. S. Bache & Co.
Member* of the New York Stock Exchange
NEW YORK
Tel. 4400 Broad
Branches and Correspondent*
Cincinnati
Pittebnrcb
Baltimore
Cleveland
Rochester
Boston
Kansas City
St. Louis
Buffalo
New Orleans
Syracuse
Albany
Chicago
Philadelphia
Troy
PrindvaJ Cities.
STUDEBAKER NOTES
NORFOLK & WESTERN
(All Issues)
Rights
New 6% Bonds
Bought—Sold—Quoted
BOUGHT—SOLD—QUOTED
DUNHAM & CO.
NEWBORG & CO.
Mesehsrs New York
60
Investment Securities
Stock Exchange
42
BROADWAY, N. Y.
Exchange Place, 'Phone 1960-5 Hanover
H
Telephone. 4390 Rector
PBMVATB WIBE TO ST. LOUIS
CHICAGO
SECURITIES
Railroad, Municipal, Industrial and
Public Utility Bonds for Conservative
BABCOCK, RUSHTON ft COJ
Investment.
Entire
Members New York A Chisago Stock
137 South La Salle St.
Security Issues Negotiated
Chicago
W. W. LANAHAN & CO.
BUY—SELL
BANKERS
Members N. Y. and Baltimore Stock Exchanges
sls
ROYAL DUTCH PETROLEUM
New Shares and Dutch
Full-Paid Warrants
MIDWEST
REFINING
Bought, Sold, Quoted
Ifnaepl* Wlnlhcv ft M>aus
Mem dots New York Stock Exchange
41 Broadway
New York
Amer. Typef. Stks. & Bonds
Amer. Thermos Bottle
Ward Baking Stks. & Bonds
TOBEY A EIRE
WOLFF & STANLEY
Tel. 2860
27 William
or
INCORPORATED
CARL H. PFORZHEIMER & CO.
Dealers In Standard Oil Securities
Phones 4860-1-2-3-4 Broad.
PHILADELPHIA
Oregon RR. & Navigation 4s
Refunding 4s
Oregon Short Line 5s
FINANCING
ENGINEERING
Steel &
Northern Pacific Terminal 6s
Union Pacific 1st 4s (Taz Free)
Florida Central & Pen. 6s
Wisconsin Central Ref. 4s
Seaboard Air Line 6s
Atlanta & Charlotte 6s
West Shore 4s, Coup. & Reg.
Chicago Ind. & So. 4s
Atchison, Cal. Ariz. 4^s
City of Tokyo 6s
SAM'L
’Phone
ELECTRIC RAILWAYS
25 Broad 8t., N. Y.
Union Pacific
6657 Broad
8t., New York
STERN & SILVERMAN
STOCKS—RIGHTS
Members Now York Stock Exchange
Sf Bread Street
•
NEW YORK
New Orleans & Qt. Northern 1st 5s, 1955
Louisiana & Arkansas 1st 5s, 1927
Southern Indiana 1st 4s, 1951
Chic. Memphis & Gulf 1st 5s, 1940
Pine Bluff & Western 1st 5s, 1923
Col. Springs & Crip. Creek 1st 5s, 1930;
Cons. 5s, 1942
Central Branch Union Pacific 1st 4s, 1948
N. Y. Susa. & Western Gen. 5s, 1940
Balt. & Ohio Tol. Cinn. Div. 4s, 1969
Missouri Kansas & Eastern 6s, 1942
Texas & Oklahoma 5s, 1948
Exckengee
T Wall Street
New York
5380-1-2-3 Broad
Radiation, Ltd., 1st 6s
Kings Co. El. Lt. & P. Conv. 6s
Chicago City & Connecting 5s
American Steel Foundries 4s
American Spirits Mfg. 6s
Cleveland Electric Ill. 6s
Detroit United 7s
Braden Copper 6s
Sinclair Gulf 6s
Studebaker 7% Serials
Philadelphia Company Issues
Cheboygan Paper 6s, 1923
Utah Power & Light Preferred
GOLDSCHMIDT
25 Broad Street
(Vol. 107.
THE CHRONICLE
JJanferrs anH JBnrketi outfiftie Jltto
gotfc
CINCINNATI
DENVER
ST. LOUIS
HALL
ROBERTS A
Mountain
A. G. EDWARDS A
In St. Louis at 412
Olivo Street
fNew York Stock
Member*/Chicago Board ofTrade
lOincfamatl Stock
Telephone
SONS
38 Wall Straat
States
BELL SYSTEM IN
COLORADO,
NEW MEXICO, ARIZONA, UTAH,
WYOMING, IDAHO AND MONTANA
INVESTMENT SECURITIES
OHIO
CINCINNATI
7% STOCK
No Bond.—No Preferred Sharee
BOETTCHER, PORTER
& COMPANY
SECURITIES
$50,000
CLARKSVILLE, TENN.
4% BONDS
To Not 8%
DENVER
of the
CENTRAL WEST
Weil, Roth & Co.
KEANE, HIGBIE & CO.
MUNICIPAL BONDS
FRIEDLANDER
EDGAR
DEALER IN
DETROIT
1148 Penobecet Bldg.
Herndon Smith
Charke
William H. Borg
W. Moore
Cincinnati Securities
SMITH, MOORE & CO.
MINNEAPOLIS
MOTTU & CO.
WELLS-DIC <EY CO.
Established 1892
ST. LOUIS, MO
689'OLIVE ST.
NEW YORK
80 Broadway
NORFOLK. VA.
HARK C. STEINBERG & CO.
INVESTMENTS
MINNEAPOLIS. MINN.
Original Purchasers o< City ofIMinneapoll*
and high-grade Northwest Municipal Sends.
Twin City Rapid Transit Co. 8% Bands.
Minneapolis National Bank stacks.
Members Nets York Stock Exchange
Menhirs St. Louis StoekjRrdumgo
PORTLAND, ORE.
300 Broadway
ST. LOUIS
ALABAMA
MORRIS BROTHERS
ST. LOUIS SECURITIES
MARX A COMPANY
Incorporated
BANKERS
THE PREMIER MUNICIPAL BOND HOUSE
OF OREGON
Birmingham, Ala.
Members St. Louie Stock Exchange
STIX & CO.
Established Over 25 Years
Dealers in
Southern Investment Securities
Investment Securities
Government and Municipal Bond*
PORTLAND, OREGON
BUFFALO
HALL A COMPANY
ST. LOUIS
808 OLIVE ST.
OHIO
CINCINNATI
NORFOLK, VA.
Investment Bonds
NEW YORK
CINCINNATI
orraoiT, mich.
JOHN T. STEELE
PROVIDENCE
BUFFALO, N. Y.
STRANAHAN & COMPANY
Specialists in
INVESTMENT BONDS
Leeal and Paolfle Coaet Securities
Government, Municipal
and Carporation Bonds
LEWIS
BUILDING,
PORTLAND, OREGON
SPECIALISTS m
Bonds and Stocks of
Buffalo and Wtstern New York Securities
LOUISVILLE
Publie Service Companies
New Yerk
Boston
New Haven
Providence
John W. & D. S. Green
Worcester
MACON
Augusta, Main#
W. M.
AUGUSTA
JOHN W. DICKEY
AUGUSTA, GA.
Southern Securities
DAVIS COMPANY
Southern
Municipal Bonds
AND
Rochester Railway let & Id Mtga. 8a
Buffalo Railway let Consol 8a
Buffalo Crosstown 6s
Louisville Henderson a St. Louis let 6s
City of Louisville. Ky.. Ronds
American Tel. & Tel. 7% Notes
LOUISVILLE. KY.
_
Guaranteed Stocks
GEORGIA
MACON
EMsTi Helis<11886
Henning Chambers A Co,
INVESTMENTS
CLEVELAND
FORTLAI
Mmahere New York stock Rrrhsag.
484 West Main Straat. LOUISVILLE. KY.
OTIS & COMPANY
INVESTMENT
BANKERS
CLEVELAND
Branch Offices: Columbus. Ohio: Akron. Ohio
Wanted—Wichita Water Co, 5s
Youngstown, Ohio; Denver, Colo.;
H. M. PAYSON A CO.
Members of New York, Chicago, Columbus
and Cleveland Stock Exchanges and
Investment Bankers
98 P.mchengo St.,
Portland, Main#
Colorado Springs,
Colo.
CINCINNATI
RALTIMORE
due 1931
CUYAHOOA BLDG.
Chicago Board of Trade.
Wa buy and
BALTIMORE
CINCINNATI
SAINT FAUL
STANLEY & BISSELL
INVESTMENT BONDS
GARFIELD BLDG.
Wo buy
and sell bonds issued by
Ohio Corporations
Securities
F. E. MAG RAW
MUNICIPAL AND CORPORATION
CLEVELAND, O.
BON DS
ST. PAUL,
Westheimer & Company
of the
Commercial Papar
of the Twin
Globa Building
m!1
Now Yarik Stock Exchange
Cincinnati Stock Fnrbango
MINN,
Chicago
Board
of
Trade
Dec 28
1918.].
THE CHRONICLE
Jfiiututal
XI.
jFinanctol
jTinanrtal
LOS ANGELES
Pacific Coast Securities
BONDS
Foreign Exchange Department
Letters of Credit
of MUNICIPALITIES AND
Arrangements can be made for
importation of merchandise
through the use of dollar ac¬
CORPORATIONS
resources which enable
it to offer liberal accommodations and
unexcelled service in all branches of
banking.
ceptances.
Transacting the largest commercial
business and having the greatest vol*
un»© of bank deposits of any State
Bank or Trust Company in the West,
CaU nd Santas, P_W_m
WILLIAM R. STAATS CO,
OFFICES
LOS ANQELES
PASADENA
We Specialise la California
Municipal and Corporation
BONDS
Market St Fulton
81-83 Fulton 8t.
New York
LOS ANGELES
92 Wnt B’wmy
Tlan ■!, 1
■■■■
Brooklyn
New Utrecht
Long Island City
CALIFORNIA MUNICIPALS
The Character of This Bank 1a
Reflected in the Personnel of
Its Board of Directors.
Bridge Plan
Long Island Otty
New York
R. H. MOULTON & COMPANY
Bank employs the most ap¬
proved. modern methods to insure
the expeditious handling of the ac¬
counts of its city and out-of-town
depositors.
839 Flstibnsh Are.
Eighth Street
Aetna
this
Flatbush
B*way A 8tk St. New Utrecht Aw. A 64th St.
New York
Brooklyn
PERRIN, DRAKE A RILEY
Title Insurance Building,
facilities and
the
haring substantial
and earning power
SAN FRANCISCO
DURING an uninterrupted exist-:
ence of more then half a century.
The Merchants Loan and Trust Com-';
pany Bank of Chicago has developed
Negotiated
FRANK H. ARMSTRONG. President
Reid, Murdoch & Company.
CLARENCE A. BURLEY, Attorney and
Irving Trost Company
Capitalist.
FREDERIC G. LEE, President.
LOS ANGELES
Wool worth
SAN FRANCISCO
R.
Company.
Building
HENRY P. CROWELL, President Qua¬
ker Oats Company.
Now York
HALE HOLDEN. Regional Director.
U. S. Railroad Administration.
F. M. BROWN & CO
MARTIN HUGHITT, Chairman Chi¬
cago A North Western Railway Co.
EDMUND D. HULBERT, President.
DEALERS IN
Municipal And Corporation
CHAUNCEY KEEP, Trustee Marshall
Field Estate.
PEACE
BONDS
t
SOS Sansome Street. Corner California
SAN FRANCISCO. CALIFORNIA
Quotations and
Information
Furnished
INVESTMENTS
on
Pacific Caast Securities
There
In high
Established 1868
as
Members
8aa Francisco Stock
and Bond
still excellent opportunities
to the most attractive of
fifty thousand
bond issues
or more
Esrhaags
ternational Harvester Company.
SEYMOUR MORRIS. Trustee L. Z.
Loiter Estate.
JOHN 8. RUNNELLS, President Pull¬
Company.
EDWARD
yielding investments, notwith¬
Baboon*a Reports give definite advice
INVESTMENT BROKERS
CYRUS H. McCORMIOK, President In¬
man
are
standing recent advances.
SUTRO A CO.
San Francisco
Alt Montgomery St.
T. CRANE. JR.. President Crane
L.
RYERSON.
Chairman
Joseph T. Ryerson A Son.
JOHN G. SHEDD. President Marshall
Field A Company.
0R80N SMITH, Chairman.
JAMES P. SOPER, President
Soper
Lumber Company.
MaJ. A. A. SPRAGUE. U. S. Army.
Particulars free
Address Depart. FC-26
MOSES J. WENTWORTH. Capitalist.
881-888 Montgomery Street.
SAN FRANCISCO. CALIF.
Babson’s Statistical Organization
Stocks and Bonds
WELLESLEY HILLS. MASS.
DEPARTMENTS
Commercial- Saving s-Truat-Bond
Information and Quotations on all Pacific
Coast Securities
Largest Organisation of Us Character in the
CHAPMAN DE WOLFE CO.
Farm
Loan—Foreign Exchange
World.
Ifember San Francisco Stock a Bend
INDIANAPOLIS
INCOMES
Is tbs name of a little monthly Magastns which
will uod to you without Charge.
It Is our aim to make It the most concise and
valuable pocket edition of financial news that ti
published. Its object Is to serve. Ask for It.
Loan
You Should Keep a Record
of the Serial Numbers of
INDIANAPOLIS
Cincinnati
Detroit
Chicago
Milwaukee
OTTO F. HAUEISEN & CO.
Established 1902
Specialists In Local Securities
412
Fletcher
Trust
Building. Indianapolis
NEWTON TODD
Local Securitise and
~
Indiana Corporation Bonds ft Stocks
Fletcher-Amer. Bank Bldg., INDIANAPOLIS
Your Liberty Bonds
recovery.
LIBERTY BOND
SAFETY RECORD
leather covered,
vest-pocket size, con¬
taining entry-forms for recording num¬
bers, denominations, and other important
identifying data regarding your Liberty
Gratis
on
a
Specialty
CHILDS, KAY & WOODS
Union Arcade
PITTSBURGH. PA.
Members
NEW YORK 8TOOK EXCHANGE
PITTSBURGH STOCK EXCHANGE
CHICAGO BOARD OF TRADE
:
CHICAGO
Capital and Surplus, $12,000,000
Short Term Bonds for Banks
Banks are, buying our First Mortgage
Marine Trust Bonds.
Maturities 6 months to 3 years
Liberal Protection.
request for
Liberty Bond Record 0323
Pittsburgh Securities
- .
Trust
may prove
Bonds.
PITTSBURGH
'
IPANYy
If your Liberty Bonds should be lost or
stolen a record of their serial numbers
invaluable to you as an aid to
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
Vv
<
^v
we
BREED, ELLIOTT & HARRISON
•>
■
HUGHES &DIER
Stocks—Bonds—Grain
Members/Phila. Stock Exchange
1 Chicago Board of Trade
50 BROAD ST., NEW YORK
Telephonees Broad 1202-3-4-6.
Attractive Yields.
Correspondence invited with Institutions
not
familiar
with
these securities.
Hannevig & Co.
Marine
Marine
139
Financing
Securities
Broadway, New York
Foreign Exchange
Letters of Credit
[Vol. 107
THE CHRONICLE
XU
SibftJtnb*
binomial
THE KANSAS CITY SOUTHERN
RAILWAY COMPANY.
17. 1918.
quarterly dividend of ONE (1) PER CENT
No. 25 Broad 8t., New York. Dec.
A
has this day been declared upon the Preferred
Stock of thin Company, from net Income of
the current fiscal year, payable January 16.
or record
at 3.00
dock
J919,
'. M.,toDecember
stockholders
31. 1918;
provided
thato on
or
it
before the first-mentioned date there shall have
been received from the United States Govern¬
Is your
ment a sum sufficient in
dent to pay the same,
TOPEKA & SANTA FE
RAILWAY COMPANY.
New York, December 3,1918.
The Board of Directors has declared a semi¬
annual dividend (being dividend No. 41) on the
THE
in order?”
Management
of Your Estate”
is a
sixteen-page booklet
describing the ser¬
vices
performed by
this company.
This booklet will interest every man
and that otherwise the
said dividend shall be payable at a later date if,
as and when such sum shall be so received.
Checks in payment of the dividend, when due,
will be mailed to stockholders at the addresses
last furnished to the Transfer Agent.
G. C. HAND, Secretary.
house
“The
the opinion of the Presi¬
who is giving
thought to the safeguarding of his business and per¬
sonal interests. We will gladly mail you a copy
upon request
ATCHISON
PREFERRED STOCK of this Company of TWO
DOLLARS AND FIFTY CENTS ($2 50) per
share, payable February 1. 1919, out of surplus
net income, to holders or said PREFERRED
STOCK as registered on the books of the- Com¬
pany at the close of business on December 31,
1918.
Dividend checks will be mailed to holders
of PREFERRED STOCK who file suitable orders
therefor at this office.
C. K. COOPER, Assistant Treasurer.
5 Nassau Street. New York City.
CHICAGO INDIANAPOLIS & LOUISVILLE
RAILWAY COMPANY.
New York, December 21,1918.
A semi-annual dividend of Two Per Cent (2%)
on the Preferred Stock of Chicago Indianapolis Sc
Louisville Railway Company has to-day been
declared, payable December 31,1918, at the office
of Messrs. J. P. Morgan Sc Co., 23 Wall Street,
New York City, to stockholders of record at the
close of business December 28,1918.
F. S. WYNN, Secretary.
ATLANTIC COAST LINE RAILROAD CO.
Interest of Five Per Centum for fiscal year
ending December 31st, 1918. will be paid upon
the Income Bonds, dated December 12th, 1887,
of Brunswick Sc Western Railroad Company, upon
presentation of such bonds at office of Safe
Deposit Sc Trust Company of Baltimore, No. 13
South Street, Baltimore, Maryland, and upon
Address Trust
proper
Department
bonds.
receipt therefor being endorsed upon each
H. L. BORDEN.
Vice-President.
Central Union Trust
Company
OF NEW YORK
80
Broadway
Plasa Branek
7SS Fifth ImM
54 Wall Street
DETROIT UNITED RAILWAY.
Coupons due January 1, 1919, from Detroit
United Railway First Consolidated Mortgage
4H % Gold Bonds will be paid on and after that
date
on
presentation at the office of the Agents,
Bank of Montreal, 64 Wall Street, New
A. F.
Btk At*. Bra
4SS Fifth Ai
42*4 Stmt Bi
Ifailam in. h 49
York.
EDWARDS,
Vice-President Sc Treasurer.
December 12, 1918.
Capital, Surplus and Undividad Pra&tn $30,00$,§9$
The Board of Directors of the
ELMIRA WATER, LIGHT &
RAILROAD CO.
Elmira. N. Y.,
declared a dividend of One and ThreeQuarters Per Cent (1$£%) on the Seven Par
Centum Cumulative First Preferred Stock of
this Company, and a dividend of One and OneQuarter Per Cent (1H%) on the Five Pa* Centum
Cumulative Second Preferred Stock of this Com¬
has
TO THE HOLDERS OF THE
Government of the United Kingdom
Great Britain and Ireland
AND ONE-HALF PER CENT SECURED
VERTIBLE NOTES DUE FEBRUARY 1,1919.
FIVE
Please take notice that the British Treasury
of
CON¬
has waived the ten
days’ notice required in the option for conversion into United Kingdom
Twenty-Year 5^% Bonds, due February
1, 1937.
The undersigned will therefore be prepared, at any time prior to
maturity, to accept such notes for conversion without requiring the ten
days’ notice.
Dated at New York, this 23rd day of December, 1918.
of Great Britain and Ireland
Bankers Trust Company,
16
WALL
pany,
payable December 31, 1918, to stock¬
holders of record December 16, 1918.
C. A. KOLSTAD,
Treasurer.
ELMIRA WATER, LIGHT & RAILROAD
The Board of Directors of the
CO.
Elmira Water,
Light and Railroad Company having declared
a dividend of One and Three-Quarters Par Cent
on the Seven Per Centum Cumulative First Pre¬
ferred Stock of the Company, payable on Decem¬
ber 31, 1918, notice is hereby given that upon
receipt of such dividend the Voting Trustees will
pay
to the respective
holders of the stock trust
certificates for such Seven Per Centum Cumu¬
lative First Preferred Stock an amount equal to
the dividend of One and Three-Quarters Per Cent,
such payment to be made on December 31 1918,
to stockholders of record as of the close of business
on December 16,1918.
Checks will be mailed by the Industrial Trust
Company of Providence, R. I., the agent of
Voting Trustees.
the
J. J. BODELL,
LOUIS C. GERRY,
STREET,
New York.
FREDERICK BODELL.
Voting Trustees.
Providence, R. I., December 12.1918.
DYEWOOD CORPORATION.
York, November 29, 1918.
Preferred Capital Stock Dividend No. 9.
Common Capital Stock Dividend No. 9.
The following dividends on the stocks of
this Corporation have been declared:
A divi¬
dend of $1.75 per share (from a sum set aside
for the payment of $7.00 per share for the year
1918) on the Preferred stock, payable January
2, 1919; a dividend of $1.50 per share on the
Common stock, payable January 2. 1919; pay¬
able to stockholders of record of Preferred and
Common stocks at the close of business Satur¬
day. December 14, 1918.
The transfer books will not be closed.
Checks will be mailed by The New York
Trust Company, of New York.
deIwitt clinton; jones.
UNITED
Acts M
Executor
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
New
Girard Trust Company
PHILADELPHIA
Chartered 1836
CAPITAL and SURPLUS, $10,000,000
—bar *f F*d*ral Raairva SyaU
Interest allowed
on
deposits.
E. B. Morris,
President
Treasurer.
Dec. 28 1918.]
THE CHRONICLE
Bftittiento*
3Bflift)enb<
IRVING
NATIONAL BANK 1
TheNew%hkTrustComb%n¥
NEW YORK.
New York, December 17, 1918.
The Board of Directors has
this day declared a
quarterly
dividend of Three Dollars ($3)
share on the capital stock of
this Bank, payable January 2,
1919, to stockholders of record
per
the close of business
at
Decem¬
ber 28, 1918.
J. F. BOUKER, Cashier.
IRVING
TRUST COMPANY
New York
City,
December 10, 1918.
The Board of Directors has
this day declared a
quarterly
dividend of Two Dollars ($2)
per
share
on
this
the capital stock of
company, payable January
2, 1919, to stockholders of rec¬
ord at the close of business De¬
cember 28, 1918.
GEORGE W. BERRY, *
Secretary.'
The Citizens National Bank
OF NEW YORK
December 20, 1918.
The Board of Directors has declared
a Quarterly
dividend of Two and One-Half Per Cent
(2H%),
and an extra dividend of One Per Cent
(1%), pay¬
able on and after January
2nd, 1919, to stock¬
holders of record at the close
of business December
23rd, 1918.
ALBION K. CHAPMAN/Cashier.
GARFIELD NATIONAL BANK
Fifth Avenue and Twenty-third
Street,
New York, December
24, 1918.
.a meeting of the Board of Directors hel<
this day, a quarterly dividend
of Three Pe
Cent upon the Capital Stock of
the bank wa
declared, payable, free of City and State tax. oi
and after December 31, 1918.
The Transfer Books will be closed
until Thurs
day, January 2, 1919.
A. W. SNOW, Cashier.
THE HANOVER NATIONAL BANK
°xTthev',iiy
New York
New York, December
20th. 1918
The Board of Directors have this
day declare*
dividend of EIGHT PER
CENT,
£«}.
Januj«Yclosed
2nd, from
1919.
remain
payable oi
transfe
December 21st
the
1918, until that date.
WM. E. CABLE, Jr., Cashier.
ATLANTIC NATIONAL BANK
of the City of New York,
mu
December 17, 1918.
The Board of Directors have
this day de
dared a quarterly dividend of
two and one-hal
per cent, free of tax, payable on and
after Jan
nary 2nd, 1919, to stockholders of record
at th<
close of business December
28th, 1918.
F. E. ANDRUS8, Cashier.
™E
t,
26 BROAD STREET
COUPONS DUE JANUARY 1ST. 1919, PAYABLE AT THIS OFFICE
Ashland Waterworks Co.
lstMtge.5s
Athens Terminal Co. 1st
Mtge. 5§
J
New Orleans City &
Co. 1st Mtge. 5s
New Orleans City R.
Lake Railroad
R. Co. Genl. 5s
Mtge. S. F. 5s
New Orleans Ry. & Lt.Co. Genl.
4j^s
lstMtge.5s
City of Sedalia, Mo. Refund. 4l/£s Norwich Gas & Elec.Co.lst Mtge.5s
Pine Bluff Co. 1st Mtge. 30-Yr Gold
Central Market Street Railway Co.
1st Mtge. S. F. 5s
Plattsburgh Traction Co.lst Mtge.6s
Auburn Gas Co.
1st
Bronx Gas & Electric Co
Citizens Gas & Elec Co. of Council
Citizens Gas &
Haute, Ind.,
Fuel Co. of Terre
1st Ref. 50-Yr. 5s
Clinchfield Coal Co.
1st
Mtge. 5s
Holding Corp. Genl, 5s
D. K. E.
Detroit, Toledo & I ronton Railroad
Co.
East
1st
Mtge. 5s
Hampton Elect. Light Co. 6s
Edison
Elec. Lt.
&
Pocahontas Cons. Collieries Co. Inc.,
50 Yr.
Bluffs, 1st Mtge. 5s
Power Co. of
5% Gold
Rich Hill Coal Co.
1st
Mtge. S.F.5s
Rockingham County Light & Power
Co.
St.
Gold 5s
Lawrence
&
Adirondack Rail¬
way 1st Mtge. 5s
Sharon & New Castle
1st Lien S. F. 5s
Somerset
Railways Co.
County, N. J. Building 4s
1st Mtge. 5s
Warehouse Co. 2nd Mtge.
South Shore Gas Co.
Erie, Pa. 1st Mtge. 6s
Equitable Ilium. Gas Light Co. of Terminal
5s
Phila. 1st Mtge. 5s
Toledo
Erie County Electric Co. 1st Mtge.4s
Traction, Light & Power Co.
Fonda,
THE
a
XIII
Johnstown
R. R. Co.
Fonda,
Gloversville
Gen. Ref. 4s
Johnstown
R. R.
&
&
1st Cons. Ref.
Gloversville
4i^s
Greenwich
1st Lien 2 Yr. 7s
Underground Elec. Rys. Co. of Lon¬
don, Ltd. 4»4s of 1933
Underwriters
Building Co. 1st Mtge.
5s
Tramway Co. 1st Mtge.5s United
Fuel Gas Co. 1st Mtge. S. F.
1st Mtge 4s
6s
Hamilton Ridge Lumber Co. Pur.
United Gas & Electric Co. of N. J.
Money, 1st Mtge. 6s
1st Mtge. 5s
Indianapolis Water Co. Genl.Mtge.5s United Light &
Railways Co. 6%
Jonesville, S. C. School Dist. 5y£s
Notes
Kansas City R’ways Co. lstMtge.5s Utica Belt Line Street Railroad Co.
2nd Mtge. 5s
Kansas City Railways Co. 2nd 6s,
Series A
Utica, Clinton & Binghamton R. R.
Hackensack Water Co.
Kansas City
Series B
Kansas
Railways Co. 2nd 5s,
Co. Gen. 5s
Washington Sugar Co. 1st Mtge. 6s
Electric Co. 1st Gold 6s,
City Light & Power Co. 1st Willapa
Series A. & B.
Mtge. 5s
Worcester & Conn. Eastern Ry. Co.
City Southern Ry. Co. Ref.
1st Mtge. 4J/2s
& Imp. 5s
Youngstown-Sharon Ry. & Lt. Co.,
Lincoln Traction Co. Gold 5s of 1939
1st Mtge. S. F. 5s
Kansas
Lincoln Traction Co. Gold 5s of 1920
DUE
.JANUARY
14, 1019
I.ockport Light, Heat & Power Co.,
1st Mtge. Refdg. 5s
Wladikawkas
Macon, Dublin & Savannah Railroad
Ristigouche Salmcv Club
Co.
1st
Mtge. 5s
4s
DUE
Railway Co. (Russia)
JANUARY
15,
1010
McWilliams Bros., Inc.
,MPObRaTnEkRSof* nTe^DyeoR|knat,ona
A
.
New York, Dec. 20th, 1918.
A
dividend of Twelve Per Cent has
declared by this bank, payable on to-day bee
the 2nd da
of January next.
The transfer books will remal
closed until that date.
E. P,
TOWNSEND, Cashier.
THE BANK OF AMERICA.
New York, Dec. 20th. 1918.
The Board of Directors has
to-day declare
a semi-annual dividend of
fifteen (15) per cen
free of tax, payable January
2nd, 1919, to stoci
holders of record of this date.
The transfer books will remain
closed unt
_
„
IRVING NATIONAL BANK
NEW YORK: WOOLWORTH BUILDING
January 3rd, 1919.
W. M.
BENNET.
Cashle;
AMERICAN OAS & ELECTRIC COMPANY
COMMON STOCK DIVIDEND NO
35.
New York, December
11, 1918.
A regular quarterly dividend of
two and on
S?
fcohe l8sued and outs tan*
Capital Stock of American Gs
a Electric
Company has been declared for tl
quarter ending December 31,
1918, payab
January 2. 1919, to stockholders of record c
toe books of the
Company
at the close of busine
December 18, 1918.
FRANK B. BALL, Treasurer.
J«JSieW-.Y-rk*
December 11, 1918.
An extra dividend
of two per cent (2%) on tl
issued and outstanding COMMON
Capital Stoc
of American Gas A Electric
Company
bee
declared out of the surplus net
earnings of tl
Company, payable in COMMON stock Jam
»ry 2,1919. to stockholders of record on the
bool
of the Company at the close of
business Decen
ber 18. 1918.
FRANK B. BALL, Treasurer.
a
COUPONS PAYABLE AT THIS BANK JAN. 2, 1919
Austin, Texas (City), School Building, Street,
Bridge & Sewer, Sanitary Sewer 4s-5s
Blackshear, Ga., Water, Sewer and Electr'c Light
Various
Fort
Mill, S. C. (Town of), School Dist. No. 28 6s
Lehigh & Hudson River Ry. Co. General Mtge. 5s
Merchants Refrigera ing Co. 1st & Refunding 6s
Webb City, Mo., Sewer 5s
[Vol. 107
THE CHRONICLE
XIV
Bib foftnfrg
Sfefemtig
WINSLOW,LANIER & CO.
Coupons bom the ftritowing Bonds are payable at
KOUNTZE
141 Broadway,
BROTHERS
New York City, on JANUARY 2, 1919
^HOBNIX CITY .ROAD 5s.
>8FaNGELE8 SCHOOL DISTRICTS.
LOS ANGELE8. CITY OF. PUBLIC
SCHOOL IMP. 4 Ms. 1805: CENTRAL
POLICE STATION 4M«, 1695; WATER
SYSTEM IMP. 4M*. 1895.
SACRAMENTO
COUNTY
(ISSUE OF
BRIDGE. COURT¬
HOUSE.
SAN JOAQUIN CO.. CAL.. HIGHWAY
1908)
ROAD.
ALAMOSA, TOWN OF. COLORADO.
ASPEN ClfrY.
ARAPAHOE CO. SCHOOL DISTRICTS.
ARCHULETA CO.
AURORA.
BACA CO.
BRIGHTON.
BRUSH, TOWN OF.
OEDAREDGE.
CONEJOS COUNTY.
COSTILLA CO.
CHEYENNE CO.
ENGLE WOOD.OIT Y OF.
EVANS. TOWN OF.
FORT LUPTON.
FOBT MORGAN. TOWN OF.
GLENWOOD SPRINGS.
GRAND JUNCTION. CITY OF.
HOLYOKE. TOWN.
JEFFERSON CO. SCHOOL DISTRICTS.
LAFAYETTE TOWN.
LAMAR.
LA PLATA CO.
LARIMER CO. SCHOOL DISTRICTS.
LIMON.
MESA CO. AND SCHOOL DISTRICTS.
MINERAL CO.
MONTROSE COUNTY
MONTROSE.
MORGAN COUNTY.
OTERO CO.
PAONIA. COLO., TOWN.
ROOKY FORD CITY.
ROUTT CO.
SAN MIGUEL CO. A SCHOOL DIS¬
TRICT NO. 1.
WELD CO.
ThW
FRANKLIN.
GEM COUNTY.
GLENS FERRY.
HAGERMAN HIGHWAY
JANUARY 2, 1919.
AURORA CITY.
BEEMER. VILLAGE OF.
BLAIR.
BOONE CO.
BOX BUTTE CO.
BUFFALO CO. A SCHOOL DISTRICTS.
BURT CO.
CENTRAL CITY.
CO. SCHOOL DISTRICTS.
UMING CO.
SOLFAX
CUSTER CO. PRECINCTS'
Mtge.
Mtge.
Mtge.
Mtge.
Indianapolis, Ind., City of.
Marion County, Indiana, Bridge Bonds.
Northera Pacific Terminal Co. of Oregonlst 6s.
New Orleans, City of. Constitutional A Improve¬
ment 4s.
FRANKLIN. NEBR.. CITY OF.
FREMONT, CITY OF.
FURNAS CO.
GRAND ISLAND CITY A SCHOOL DIS
HASTINGS CITY.
LINCOLN CITY.
LINCOLN CO.
MADISON CO.
NEMAHA CO. SCHOOL DISTRICTS.
NORFOLK CITY.
NUCKOLLS CO.
OMAHA CITY.
OMAHA CITY SCHOOL DISTRICT.
OSCEOLA VILLAGE.
OTOE CO.
PAWNEE CITY.
PLATT8MOUTH CITY.
POLK CO.
SALINE CO.
SOUTH OHAHA CITY.
SUPERIOR CITY.
TEOUMSEH CITY.
WASHINGTON O. A SOH. DIST. NO. 1.
WOOD RIVER. CITY OF.
NEVADA—
RENO.
NEW MEXICO—
CHAVES CO. COURT HOUSE.
Niagara Falls Power Co. 1st 5s.
Niagara Falls Water Works 1st 5s.
Pittsburgh Ft. Wayne A Chicago
Railway Co.
8peciaIGuaranteed Stk. div. 1 X%Traverse City RR. Co. 1st 3s.
JANUARY 3, 1919.
Pittsburgh Ft. Wayne A Chicago Railway
Regular Guaranteed Stk. div. lX %•
CO.
ANACONDA COPPER MINING
and Fiftyhas
Dollar Company
Cents
per share
($1.50)
Sjr Mining
declared
a dividend
of
ne
upon
its Capital Stock of the par
value of $50
per share, payable on February 24, 1919, to the
holders of such shares of record at the close of
business at 12 o’clock noon on Saturday, Janu¬
ary 18, 1919.
The dividend is payable only upon the $50
shares into which the Capital Stock is now
divided.
Ail stockholders who have not
,
converted their
holdings into shares of $50 par value should do
so without delay iu order that they may receive
their dividend promptly.
MELIN, Secretary.
E. W. CLARK A CO., Bankers.
Office of the
HUNTINGTON DEVELOPMENT & GAS CO.
PREFERRED STOCK DIVIDEND NO. 8.
The Board of Directors of the Huntington
Development A Gas Co. has declared the regular
quarterly dividend of one and one-half per cent
(1M %) upon the Preferred stock of the Company,
_
CANTON CITY (PAYABLE IN NEW
Co.
42 Broadway, New York, December 24, 1918.
The Board of Directors of the Anaconda Cop-
A, H.
EDDY CO.
FARMINGTON.
ROSWELL CITY.
SANTA ROSA.
SAN JUAN CO.
VALENCIA COUNTY.
OHIO—
„
payable January 2nd, 1919, to stockholders of
record at the dose of business December 26th,
1918.
Checks will be mailed to holders of
Voting Trustees’ Certificates of Deposit.
BENTON CO. SCHOOL DISTRICT No.
COOS CO. 8. D. NO. 85.
COTTAGE GROVE CITY.
ELGIN CITY.
DISTRICT.
Cleveland A Pittsburgh Rd. Co. Gen.
Ms.
Cleveland A Mahoning Valley Ry. Co. 1st
5% Coupon Bonds.
Cleveland A Mahoning Valley Ry. Co. 1st
5% Registered Bonds.
Grand Rapids A Indiana Ry. Co. 1st
Ext. 3 Ms and 4M*.
Jekyl Island Club 1st Mtge. 4 Ms.
Muskegon, Grand Rapids A Indiana 1st 5s
DAVID CITY.
DAWSON CO.
DIXON CO.
DOUGLAS CO.
DUNDEE.
FILIMORE CO.
Ashland ELECTRIC LIGHT.
HEYBURN.
IDAHO FALLS. CITY OF. 8m.
JEROME.
LINCOLN COUNTY, IDAHO.
NEZPEROE.
PARIS.
PARMA.
POCATELLO. CITY OF.
RIGBY.
RUPERT.
8ANDPOENT.
SHELLEY.
THE FOLLOWING COUPONS AND DIVI¬
DENDS ARE PAYABLE AT OUR BANKING
HOUSE DURING THE MONTH OF JANU¬
ARY. 1919:
NEBRASKA—
YORK).
CANTON SCHOOL DISTRICT.
OTTAWA CITY.
BANCROFT.
BEAR LAKE CO.
BUHL.
CALDWELL.
CASSIA COUNTY.
OHALLI8.
EMMETT.
FILER.
59 CEDAR STREET
NEW YORK
WILLIAM LILLEY, Secretary.
9.
EUGENE. CITY OF.
NEWBERG CITY.
PENDLETON CITY.
SIU8LAW.
UMATILLA CO. SCHOOL DISTRICT 6.
UNION CO. SCHOOL DIST. NO. 13.
SOUTH DAKOTA—
HURON. CITY OF.
uo1StL* DALE.
wisumsr
WEST1NGH0USE ELECTRIC
& MANUFACTURING
COMPANY.
o
(87 M cents
A quarterly dividend of IX%
per share) on the PREFERRED stock of this
company will be paid January 15, 1919.
A dividend of \X7e (87 M cents per share) on
the COMMON stock of this
Company for the
Suarter
December
1918, will
be paid
anuazy ending
31, 1919.
Both 31,
dividends
are payable
to
stockholders of record
as
of December 31,1918.
H. F. BAETZ. Treasurer.
New York, December 23, 1918.
GUERNSEY.
MEETEETSB. TOWN OF.
UINTA CO. A SCHOOL DIST. NO. 1.
THE MATHIESON ALKALI WORKS
Providence, R. I., December 16,
(Inc.).
1918.
C<Ei£e^LEOTRIO MOTOR CO.
lab A 2d
IRRIGA¬
GLASGOW. CITY OF.
HOOD
RIVER
(OREGON)
TION DISTRICT.
quarterly dividend of one and three-quarters
(1X %) has been declared upon the pre¬
ferred stock and a quarterly dividend of one and
one-half per cent (1M %) has been declared upon
the common stock or this Company, both pay¬
able January 2nd, 1919, to stockholders of record
at the close of business on December 21st, 1918.
JOLIET.
MILES CITY.
MUSSELSHELL COUNTY.
PLENTYWOOD.
WHITE SULPHUR SPRINGS. CITY OF.
NATIONAL LOAN A INVESTMENT
CO. OF DETROIT (Debenture*).
PRODUCERS TRANSPORTATION CO.
OF CALIFORNIA.
EAST COAST FISHERIES CO.
TWIN CITY TELEPHONE CO.
COUNTY.
CARBON COUNTY.
OUSTER COUNTY 8. D. NO. 1.
WESTON CO.
Mtge. 6s.
.
Remington Typewriter
Company
5a.
UNITED FRUIT COMPANY
A
per cent
Transfer books will not be closed.
J. R. GLADDING, Treasurer.
120 Broadway, New York, December
DIVIDEND NO. 4.
18, 1918.
The Board of Directors of this Company has
declared the regular quarterly dividend of 1X %
on the Preferred Stock, payable January 1, 1919,
to stockholders of record December 23, 1918.
MARK W. NORMAN. Treasurer.
DIVIDEND NO. TS
quarterly dividend of two per cent (two
AMERICAN POWER & LIGHT CO.
dollars per share) on the capital stock of this
71 Broadway, New York, N. Y.
PREFERRED
STOCK DIVIDEND NO. 37.
Company has been declared, payable on Janu¬
The regular quarterly dividend of 1M % on
Notice of Dividends on First
ary 15, 1919. to stockholders of record at the
the Preferred Stock of the American Power A
dose of business December 20. 1918.
Preferred Stock
Light Company has been declared, payable Janu¬
JOHN W. DAMON. Treasurer.
ary 2, 1919, to preferred stockholders of record
The Board of Directors has declared divi¬
at the close of business December 26, 1918.
dends on the outstanding First Preferred Stock
WILLIAM REISER. Treasurer.
accrued from and after September 80. 1914, to
and including September 30, 1918, amounting American
to 28%, payable one-half cash amd one-hair
American Telephone
Pour Per Cent Collateral Trust Bonds
Liberty Bonds, out of the surplus profits of the
company, to all stockholders who appear of
A dividend of Two Dollars per share will be
Coupons from these Bonds, payable by their
record on the 26th day of December, 1918.
Such dividends to be paid as soon as possible terms on January 1. 1919, at the office of the paid on Wednesday, January 15, 1919, to stock¬
In due course after said date.
Treasurer of the Company in New York, will holders of record at the close of business on
The Directors also declared a regular quar¬
terly dividend of 1H% on the outstanding be paid by the Bankers Trust Company. 16 Friday, December 20. 1918.
G. D. MILNE, Treasurer.
First Preferred Stock of the company, for the Wall Street.
quarter ending December 31, 1918. payable
G. D. MILNE, Treasurer.
from the surplus profits of the company, to
Central Bond Sc Mortgage Company.
registered stockholders at the dose or business
on January 10. 1919, such dividends to be due
INTERNATIONAL PAPER COMPANY.
Preferred Stock Dividend No. 15.
New York, December 26. 1918.
and payable whenever and as soon after said
Notice
is hereby given that the regular quar¬
date as it shall appear that the dividends ac¬
The Board of Directors have declared a regu¬
crued on the First Preferred Stock shall have lar quarterly dividend of one and one-half per terly dividend of IX % has been declared on the
been fully liquidated or property provided for. cent (1M%) on the preferred capital stock of issued and outstanding preferred stock of this
this Company, payable January 15th, 1919, to company, payable Jan. 2, 1919, to stockholders
Dividend checks and bonds will be mailed.
of record at the dose of business on December
preferred stockholders of record at the dose
31st, 1918.
GEORGE K. GILLULY,
of business January 6th, 1919.
Janies M. Hurst, President.
OWEN SHEPHERD, Treasurer.
Secretary.
A
,
Telephone & Telegraph Co.
•
& Telegraph Co.
Dec. 28 1918.)
THE CHRONICLE
XT
aae
Bfofoenbs
Coupons Due and Payable January 1,1919, at the Office of
A. B. Leach & Co., Inc.
62 Cedar Street. New York
Albion Water Co., Ind.
Huntington,
Bainbridge, Ga., Sewer
Barton, N. Y., School
Bartow, Fla., St. Imp.
Batavia, N. Y., Sewer
Blacksburg, S. C., School
Bluefield, W. Va., Street Sc
works Co.
Inman Sch. Diet. No. 26, Spar¬
Sewer
Cascade Co., Mont., Sch. Diet.
No. 1
Chickasha, Okla., W. W. &
Sewer
Chouteau
County,
Mont.,
Funding
Clinton, Iowa, Ref.
Dickson Co., Tenn., Road
Ellsworth, Kans., Ref.
Enfield, Ill., Refunding
Fairmont, Ind.
Fowler, Ind., School
Greer, S. C., Water Works
Greer, S. C., Sewer
Greer, S. C., Electric Light
Hillsboro County, Fla., Road
Sc Jail
Lincoln Co., N. C., School
LinwoodAuburnLeveeDist.,6s
Madison, Ga., School
Marshall Co., Minn., Ditch
Miles City, Mont., Elec. Light
MorrisonCounty,Minn., Ditch
Nashville, Tenn., Sewer
Ossining, N. Y., Sch. Dist. No. 1
Pitt Co., N. C., Bridge
Polk Co., Fla., Road
Transfer
Agents.
INSPIRATION CONSOLIDATED COPPER CO.
The Directors have declared a dividend of
$2 per share, payable Monday, January 27,
1919, to stockholders of record at 3 o’clock P. M.,
Friday, January 10. 1919.
First
One-Half Per Cent
on
Writing Paper Company
Mortgage Sinking Fund 5% Gold Bonds
Colony Trust Company, Boston, Mass., on surrender of the appropri¬
accompanied by ownership certificates required under
the Federal Income Tax Regulations.
MICHAEL N.
To the Holders of Certificates of
American
First
the
1919. to the stockholders of record at the close
of business on December 31st, 1918.
WOODLING, Secretary.
December 18, 1918.
& IPOWER CO.
LIGHT
Harrisburg, Pa.
The Board of Directors has de
declared
a
regular
quarterly dividend of one and one-half per cent
(1H%) on the Preferred stock of this Company,
payable December 31, 1918, to stockholders of
record December 18, 1918.
M^ W. STONE. Treasurer.
_
POWER
Pa.,
ate coupons,
capital stock of the company, payable January 15.
WESTERN
County,
Notice is hereby given that the interest due
January 1,1919, on the
above mentioned bonds will be paid on and after that date
at the Old
THE SECURITIES COMPANY
24 Broad Street
New York, December 10.1918.
The Board of Directors of The Securities Com¬
pany have this day declared a semi-annual divi¬
HARRISBURG
4
SLOTNICK, Secretary.
m
ALLEN, Treasurer.
New York, N. Y., December 26,1918.
E. G.
Northampton
•
J. W.
dend of Two and
Water
South Orange, N. J., School
Sc Bldg.
PAYABLE JANUARY 15, 1919
Pontiac, Mich., Water
Quebec, Canada
American
Quincy, Ill., S. D., 172
Raleigh, N. C., Water
Randelman, N. C., St. Imp.
Robertson Co., Tenn., Road
Rochester, Ind., Refunding
Rock Hill, S. C., Water Works
Rock Hill, S. C., Light
Rock Hill, S. C., Sewer
Rutherford Co., N. C., Road
Shelbyville, Tenn., School *
Snohomish, Wash., General Sc
Taylor Co., Wis., Jail
Union Co., Ore., School
Vigo County, Ind., Funding
Vigo County, Ind., Bridge
West Bay City, Mich., School
Winston, N. C., General
Municipal
Yalobusha County, Miss., Jail
Montpelier, Ind., Funding
Morgan City, Ala., Road
North Abinston, Massachusetts.
DIVIDEND NO. 51.
STONE A. WEBSTER,
Water¬
tanburg Co., S. C.
Kalamazoo, Mich., City St.
Imp., Sewer
Kent, Wash., Water Sc Light
Kinston, N. C., Pub. Imp.
Lebanon, Ind., Waterworks
Lemhi Co., Ida., Court House
THE ELECTRIC LIGHT AND POWER CO.
OF ABINGTON AND ROCKLAND
A semi-annual dividend of $4 per share has
been declared on the capital stock of the Electric
Light Sc Power Company of Abington and Rock¬
land, payable January 2, 1919. to stockholders
of record at the close of business December 26.
1918.
Ind.,
CORPORATION
The Board of Directors have declared
a
quar¬
terly dividend of 1% on the Preferred Stock,
payable January 15th, 1919, to stockholders of
record at the close of business December 31st,
1918‘
H. P. WILSON, Secretary.
New York, December 23rd. 1918.
THE CUBAN-AMERICAN SUOAR COMPANY
Notice is hereby given that the First Lien Six
Per Cent Serial Gold Notes (Series A) maturing
January 1, 1919, together with
coupons
should be presented for payment to The
thereon,
National
City Bank of New York, 55 Wall Street, New
Deposit of
Writing Paper Company
Mortgage Sinking Fund 5% Gold Bonds
issued under the Deposit
Agreement dated October 10, 1918:
Notice is hereby given that the interest due
January 1, 1919, upon
bonds deposited under the above Agreement will be
paid on or after
said date, upon presentation of the Certificates of
Deposit for
endorsement, accompanied by ownership certificates required
under the Federal Income Tax Regulations, at
any of the following
offices:
Old
Colony Trust Co./
Boston, Mass.
New York, N. Y.
Springfield Safe Deposit & Trust Co., Springfield, Mass.
Merchants National Bank,
Worcester, Mass.
Lee, Higginson Sc Co.,
The Rookery, Chicago, III.
Merchants National Bank,
Richmond, Va.
Central Union Trust Co.,
GEORGE C. LEE,
Chairman of Bondholders’ Committee.
York City, on or after January 2. 1919
Office of The United Gas Improvement Co.
N. W. Corner Broad and Arch Streets.
Philadelphia, December 11. 1918.
The Directors have this day declared a quar¬
terly dividend of two per cent ($1.00 per share).
payable January 15. 1919, to stockholders of
record at the dose of business December 31,1918.
Checks will be mailed.
I. W. MORBIS. Treasurer.
CURTISS AEROPLANE & MOTOR CORP.
At a regular meeting of the Board of Directors
held Dec. 27, 1918. a semi-annual Dividend of
3H % was declared on the Preferred Stock, pay¬
able January 15, 1919, to Stockholders of record
January 3, 1919.
J. W. FORFE, Secretary.
Dated Dec. 27th, 1918.
CENTRAL LEATHER COMPANY.
New York, December 24th, 1918.
A quarterly dividend of $1 25
per share on its
Common Stock has this day been declared
by the
Board of Directors of this
Company, payable
February 1st. 1919, to stockholders of record
January 10th, 1919.
,
H. W. HILL, Treasurer.
[Vol. 107
THE CHRONICLE
XVI
Stotbenfc*
Coupons Maturing JANUARY 1, 1919, Payable at the
Offices of
Harris, Forbes & Co
Pin© Street,
Corner William, New York
Alabama Power Co. 1st 6% Gold
Notes
Albert Lea, Minn., Permanent Im¬
provement 4^8
Albert Lea, Minn., Refunding 4s
Albuquerque, New Mex., Board of
•
Education, School Building 4 H*
Albuquerque, New Mex., Funding 5s
Albuquerque, New Mex., General
Street Improvement 5s
Arlington Heights, Ill., School Build¬
ing 5s
Belvidere, Ill., School Dist. No. 57,5s
Benton, Ill., Refunding 4%s
Berryville, Va., Water Works 5s
Big Rapids, Mich., Refunding 4s
Billings, Mont., City Hall 4H»
Billings, Mont.,School Dis. No. 2 4H>
Boulder, Colo., Water Works 4 Ha
Bozeman, Mont., Funding 4s
Broadwater County, Mont., Fund. 4s
Burlington, Iowa.
Carbondale, Ill., School District No.
95, 5s
Cascade County, Mont., Court House
4s
Cascade County, Mont., 3 Ha
Cascade County, Mont., Funding 4s
Cascade County, Mont., Refunding 5s
Cass County, Iowa, 4H8
Centerville, Iowa, Refunding 5s
Centerville, Iowa, Refunding 4s
Chariton, Iowa, Funding 5s & Bonds
Chicago Heights, HI., S. D. No. 170
Chippewa Valley Railway, Light &
Power Co., Eau Claire, Wis., First
Mortgage 5s
Clifton Forge, Va., Bridge 5s
Colorado Springs, Colo., School Dist.
No. 11, Kef. 5s, El Paso Co.
Consumers Power Co. 6% Gold Notes
Consumers* Power Co. First Lien &
Refunding Gold 5s
Cook County, Ill., School District
No. 99 (Norton Park) 4H»
Cook County, Ill., School District
No. 170 (Chicago Heights) 4s
Council Bluffs, Iowa, Independent
School District 4 Ha
Cuthbert, Ga., Eleotrio Light 6s
Danville Street Railway & Light Co.,
Danville, Ill., Refunding Mtge. 5s
Denison & Sherman (Texas) Ry. Co.
First Mortgage Gold 5s
Derry, New Hampshire, Water 3Ha
Des Moines City Railway Co. General
and Refunding 5s
Dexter, Mo., School District, School
Building 4H»
Dickey County, N. D., 4Ha
Edison Eleotrio Co., New Orleans,
La., First Mortgage, 5s
Eminence, Ky., Street Impt., 5s
Eugene, Ore., School District No 4.
(Lane County) 5s
Florence, So. Car., Sewer 5s
Ford County, Ill., School. Dist. 58, 5s
First
First (Continued)
First
Dodge, Iowa, Water Works 4 Ha
Freeport Water Co., Ill., 5s
Gallatin County, Mont., High School
Building 4s
Gallatin County, Mont., Refunding 4s
Genesee, Idaho, Water Works 5s
Geneseo Township, Ill., High School
District 4H*
Glencoe, Ill., Improvt. 4Hs & Bonds
Glenwood, Iowa, Funding 5s
Gorham, N. H., Water 4s
Granite, Utah, School Dist. 4Hs
Great Falls, Mont., Sewer 5s
Green Bay, Wis., Refunding 4s
Green Bay, Wis., Sewer 4s
Greenville, Ill., Refunding 5s & Bonds
Hamblen County, Tenn., Highway 5s
Hickman Co., Tenn.
Helena, Mont., Judgment Funding 4s
Hill County, Mont., Funding 5s
Hill County, Mont., Court House &
Fort
Jail 5s
Hudson, Iowa, Consolidated School
District 5s
Humphrey County, Tenn., Road and
Bridge 5s
Huntington, W. Va., 6s
Hyattsville, Md., Sewerage 5s
Idaho Falls, Idaho 5s
Interurban Railway Co. Debenture
(Des Moines, la.) 6s
Iowa Falls, Iowa, Refunding 4s
Joliet, Ill., High School
Knoxville,Iowa, Judgment Fund. 4 Ha
Knoxville, Tenn., Street Improvt. 5s
Kossuth County, Iowa, Bridge, 4H®
La Salle, Ill., School Dist. No. 2,3Ha
Lincoln County, Mont., Fdg. 5Ha
Lincoln Tel. & Tel. Co. First Mort¬
gage
5s
Manson, la., Refunding 6s
Marion, Ill., & Bonds
Marshalltown, Iowa, Refunding 4s
Marion County, Iowa
Monmouth, HI., Water Works 5s
Montreal Tramways Co. First & Re¬
funding 5s
Morristown, Tenn., Water Works
Improvement 5s
C., Water Supply,
& Power Plant 5s
Moweaqua, HI., School Building
Muscatine, Iowa, Indep. S. D. 4Ha
Muskegon, Mich., General Street
Improvement 4s
Muskegon, Mich., Lake Michigan
Mount Airy, N.
Eleotrio Light
Water Works 4s
Muskegon, Mich., Refunding 4Ha
Muskegon, Mich., Refunding 5s
New Orleans, La., 4Ha
Norman County, Minn., Dist.
No. 51, 4 Ha
Oklahoma Ry. First Mortgage 5s
Olympia, Wash., Water Works 5s
Owosso, Mich., Water Works 5s
ABOVE
Pendleton, Ore., Water Works (1913)
5s
Pendleton, Ore., Water Works (1914)
5s
Pierson, Iowa, School District 5s
Plum Bayou, Ark., Levee District 6s
Pontiac Township, Ill., School Dis¬
trict, High School Building
Portland Gen. Eleotrio Co., Portland,
Ore., First Mortgage Gold 5s
Redwood Falls, Minn., Refunding 5s
Riverside, Ill., Sch. Dist. No.5, 4Hs
Riverside, HI., Water Works 4Ha
Rosebud County, Mont., Bridge 4Ha
St. Joseph, Mich., Bridge 4H»
Scranton Eleotrio Co., Scranton, Pa.,
First & Refunding Mtge Gold 5s
Sedalia, Mo., School District, School
Building 4s
Sheridan County, Mont., Fund. 5Ha
Southern Cal. Ed. Co. Refunding 5s
Southern Cal. Ed. Co. General &
Refunding Mtge. 6s.
Spartanburg County, S. C., County
Refunding 4 Ha
Sumter, S. C., Sewerage 5s
Tacoma Eastern Railroad Co. (Wash.)
First Mortgage Gold 5s
Taylorville, HI., Township High
School District 4 Ha
Texas Electric Co. 1st & Refunding 5s
Thornburg, Iowa, Cons. Independ¬
ent School Dist. 4 Ha
Tipton County, Tenn., School 5s
Tullahoma, Tenn., Eleotrio Light
4 Ha
Tullahoma, Tenn., Water and Light 5s
Tullahoma, Tenn., Water Works 4 H*
Union League Club 6s
Valley County, Mont., 4Ha
Weldon, N. C., Water & Sewer 6s
West Hoboken, N. J., Funding 5s
West Hoboken, N. J., School 4H*
White Plains, N. 7., School District
No. 1, 5 Ha
White County, Tenn.
Winnetka, Ill., Park District 5s
7. M. C. A.
& Bonds
College First Mortgage 6s
Second
So. Dak., Independent
School Dist., School Building 5s
Florence, Col., Water Works Refund¬
ing 5s
Garrard County,
Ky., Turnpike
Armour,
Road 4s
Lewistown, Mont., Water 5s and
Bonds
Temple, Tex., Public Independent
School Series No. 4, 5s
Fifteenth
Jackson, Mich., Paving, Water &
Sewer 4 Ha
Mount Pleasant, Mich., Water Re¬
funding 4Hs
Sedalia, Mo., School District Fund¬
ing 4s
COUPONS ALSO PA7ABLE AT
Harris, Forbes & Co., Inc., Boston, Mass., and
Savings Bank, Chicago, Illinois.
Harris Trust &
(Continued)
Due. 28
1918.]
THE CHRONICLE
ith
Btbtaenfe*
Guaranty Trust Company
of New York
140
FIFTH
AVE.
Fifth Awe. A
Broadway
OFFICE
43rd
St.
MADISON AVE. OFFICE
Madison Are. A 60th St.
LONDON OFFICES
31 Lombard Street, E. C.
6 Lr. Grosvenor PL, S. W.
PARIS OFFICE
Rue des Italians, 1 A 8
TOURS OFFICE
Rue Etienne Pallu, T
Coupons Payable Jan. 2nd, 1919
Abbeville, S. C.
Aetna Explosives Co.
1st
Alton Slater Water Co.
1st
American Cities Co. Col. Tr.
American Thread Co.
1st
Astoria Veneer Mills & Dock
Co.
1st
Bangor & Aroostook R.R. Co.
1st 8c 2nd
Bangor Ry. 8c Elec. Co. 1st Cons.
Bankers Commercial Corpora¬
.
5s
6s
6s
6s
General Gas 8c Electric 10-yr.. 5s Portsmouth
St. RR.& Lt.Co..lst 6s
Grand Lake Co.
Deb. 6s Pueblo Traction 8c
Lightg. Co—5s
Grand Rap. Gr. Hav. 8c Muske¬
Pyramid Land Stock Co.
gon
1st 5s
4s
Greenwich 8c Johnsonv. Ry.
6s
Hardin, Montana
5s
Hastings Square Hotel
5s
Illinois Gas Co
Co.
4s
4s
Harrison Gas 8c Elec. Co.
.
Breitung Hematite Mining Co.
Co.
.
5s
1st 5s
Ry.
1st
4s
1st 6s
Jacksonville Terminal Co.
1st 5s
Burlington, N. C., Water 8c Lt.5s Jamestown St. Ry. Co.
1st 6s
Calhoun County, Ala.
5s Jefferson County, Ga., C. H.
Carolina Public Service Co.
6s
and Jail Bonds
Central Arkansas 8c East. Ry. 5s Jones
..5s
County, Miss.
Cent, of Ga.Ry. Co., Equip. L_4^£s Keokuk Union
Depot Co.
5s
Central of Ga. Ry. Co., Macon
Land Bank State of N. Y
4J/£s
8c No.
Div.
5s Larchmont Yacht Club
2ndMtge.5s
Central of Ga. Ry. Co., Middle
Livingston Niagara Power 1st 6s
Lockport 8c Olcott Ry.
1st 5s
Central of Ga. Ry. Co., Mobile
Madison County, Ga
5s
Div.
5s
Marion,
S.
Ref.
5s
C.,
8c
School
Central Stamping Co.
1st 6s
Mayo
Mills
6s
Central States Gas Co....1st 6s
6s
Charleston Terminal Co....1st 4s Memphis Terminal Corp.
Merchants Despatch Equip.
Chattanooga, Rome 8c Southern
Trust
4^s
R.R. Co.
1st 5s
Milwaukee,
Wis. (All Issues)
Cincinnati Northern Ry. Co. 1st 4s
Missouri & Ills. Bridge Belt
City of Troy, Ala., Improvement 6s
Ry. Co.
,4s
City of Troy, Ala., Improvement
Mohave County, Ariz., Road 8c
Ref.
4s
Bridge
5s
City of Troy, Ala., School Ref..4s Montana Power Co. 1st & Ref. .5s
Clarkson Coal Mining Co. 6%
Monroe City, Mo., Sewer Bonds.5s
Notes
Moultrie, Ga.
5s
Cleveland 8c Sandusky Brewing
Muncie Electric Light Co.
5s
Co.
1st 6« Nashville
Ry. 8c Light Co.
Colorado, Wyo. 8c East. Ry. 1st 6s
Ref. 8c Ext. 5s
Columbia Water & Light
1st 6s National Securities Co., 6% Notes
Computing, Tabulating, Record¬ New Brunswick South. Ry. Co..3s
ing Co.
6s New Orleans
Terminal..
1st 4s
Connecticut Lighting 8c Power
N. Y. Central Lines Equip.
Co.
1st 5s
4>^s, 1910
Cordele, Ga.
6s N. Y. Central
Lines Equip.
Dobbie Foundry 8c Machine
4 Hs, 1912
Co.
1st 6s N. Y. Central Lines
Equip.
Dominion Manufacturers, Ltd.,
43^s, 1913
1st & Ref. 6s N. Y. Central
Ry.
Equipment
Durham Duplex Razor
Deb. 6s
4>£s, 1917
Early County, Ga
5s N. Y. 8c East River Gas Co. .1st 5s
Edison Elec. Illuminating Co.
Niagara 8c Erie Power
1st 5s
of N. Y
5s Norfolk & Southern
Co.
Ry.
1st
5s
Edison Elec. Illuminating Co.
Ocean Steamship Co.
5s
1st
of Brooklyn
4s Oconee
County,
S.
C.,
Funding
5s
Electrical Securities Co
Col. 5s
Ohio Cities Gas Co....6% Notes
Ellwood Short Line Ry. Co. 1st 5s
Omaha 8c Council Bluffs St.
Fayetteville Gas 8c Elec. Co. 1st 6s
Ry. Co. 1st Cons.
5s
Fitzgerald, Ga
5s
Onondaga Co. Court House ...4s
Forsythe County, N. C.,
Pittsburgh Term. Ry. 8c Coal
Ref. 8c C.
H.5
Co..........................5s
Garden City Sugar & Land
C Pleasant Valley Coal Co.
5s
Div.
5s
...
.
-
Co.
1st 5s
Richmond Light & R.R. Co—1st 4s
1st 6s Rifle Light, Heat 8c Power Co
6s
1st 6s Rio Grande Western Ry. Co.
1st 6s
Indiana Ry. Co.
tion
5% Notes Indiana Genl. Service
Barney & Smith Car Co....1st 5s Indianapolis 8c Louisville
1st 8c S. F. .6s
Queens Borough Gas 8c Elec.
Trust..
4s
Rogue River Electric Co.... 1st 5s
St. Clair Madison 8c St. Louis
Beit Ry.
..4s
St. Louis Brewing Co.
1st 6s
St. Louis Southwest. 1st Ter.
8c Un. 5s
Seattle Construct. & Dry Dock 6s
Southern Sierras Power Co. ....6s
Spanish American Iron Co.
1st S. F. 6s
Sparks, Ga., School......
.5s
Standard Computing Scale ...6s
Steinway Ry. Co.
...6s
Stephenson Co., John......
5s
...
Stephensville N. 8c S. Tex Ry.lst 5s
Sylvester, Ga. School.........5s
Syracuse Gas Co. ........1st 5s
Taliaferro Co., Ga. Court House
4%% Bonds
Tank Shipbuilding Corpn.lst..6s
Temple, Ga
..5s
Toledo, Canada So. 8c Detroit
Ry. Co.
.....4s
Town of Rye, N. Y., Disct. No. 1 4s
Transylvania R.R. Co. .....1st 5s
Tuinucu Sugar Co.
..1st 6s
Twin City Light 8c Trac. Co.
1st S. F
...6s
United Lead Co.
.Deb. 6s
United Public Utilities Co—Col. 6s
Valier-Montana Land & Wat. 1st 6s
Virginia Southwest.Ry.Co. 1st .5s
Waco, Texas, Water 8c Public
•
Works
5s
Wake Co., N. C., Co. General 8c
5s
Funding
Waldorf Realty Co
6s
Waverly, Sayre 8c Athens T’n
Co.
1st 6s
Waynesville, N. C.
5s
Wheeling Steel 8c Iron Co.. 1st 6s
Winder, Ga., School Building.5s
Yorkville, S. C.l
—5s
JAN. 10.
Joliet 8c Nor. Indiana R.R. Co. .4s
American
JAN. 15.
Sum. Tobacco
Co.
3-year 5% Notes.
Arizona, Territory 8c State*
3s, 4^£s, 5s
City Winder, Ga., Water
4s
Truxton, N. Y., Ref
4^»
Anglo-Am. Oil Co. Div. No. 16.
(Voii. 107.
THE CHRONICLE
EBBSaBBBSSSaaBi
Foreign Trade Information
expansion of foreign trade, and will£be
glad to extend all possible aid to present importers and exporters or to those
who contemplate entering the foreign field.
Our facilities in this respect are extensive and are at your command. If you
desire any information regarding foreign trade development we will bejpleased
We
to
are
actively interested in the
supply it.
11
First National Bank
of Boston
Capital and Surplus
•
Resources
•
$27,000,000
over
$280,000,000
•
Branch at Buenos Aires,
«
■
t'
r
r
■
'
Argentina
$250,000
H.M.ByHcsby&Company
State of Oregon
Engineers and Managers
CHICAOO
4% HIGHWAY BONDS
Continental & Com¬
mercial Bank Bids.
Dated December 1, 1918. Due semi-annually from April 1,
1924. to October 1, 1943, inclusive. Interest payable April 1 and
October 1 in New York City or Salem, Oregon. Coupon bonds in
denominations of $1,000 and $250.
Finance, Design,
Construct and Operate Elec¬
Purchase,
Exempt from Federal Income
Tax
Legal investment for Savings Banks and Trust Funds in New
York, Massachusetts, Connecticut, and other States, and eligible
to secure Postal Savings Deposits.
We offer* subject to prior sale, maturities due April
October 1 of each year from April 1, 1924, to October 1,
inclusive, at prices
To Yield
TACOMA
Washington
NEW YORK
Trinity Butldins
1 and
1943,
Light,Gas, Street Railway
and Water Power Properties.
tric
Examinations and Reports
Utility Securities Bousht
and Sold
4.30%
Circular upon request.
William Salomon & Co.
FEDDE & PASLEY
105 So. La Salle Street
25 Broad Street
NEW YORK
Certified public 3camntanttf
CHICAGO
55
New York
Liberty St.,
GEORGE W. MYER, JR.
“The Investment Banker’s Part”
by Jacques 8. Cohen, of J. 8. Bache A
Co.
problems to be met in the
coming International Financial readjustment
A discussion of the
This booklet sent
on
request
Certified Public Accountant
60 WALL ST.,
NEW YORK
Audita, Investigations,
Estate Accounting,
Income Tax Returns.
Telephone H&nove
6266
WEST NEW YORK, N J., 5s
Population 25,000.
Rudolph Guenther, Inc.
Specialist* in Financial Advertising.
25 Broad Street,
N.Y.
Phone Broad 266
Prices to
yield 4.60%
Circular on reguest
B.I.Van Ingen &Co.
52 Broadway
New York
»
•' .•*->:• *’ ^
-AW*?
•
,
, »■
w.V>vv-..v
;■
■
Die. 281918.]
i'
,,
-“/I..,
,
THE CHRONICLE
xa^
yitunutal
"**
*»***■* ■»***
a
r
1^‘vuniiViinnMtninieir
THE DIRECTORS AND
OF THE
PHILIPPINE NATIONAL BANK
MANILA, P. I.
A NNOUNCE the removal of the
New York Agency to Number
Thirty'Seven Broadway, New York
DECEMBER
RESOURCES
NINETEEN EIGHTEEN
$116,000,000
BANKING
bankers,
experienced
versed inHOUSE
credits,desires
officers
for its foreign
as
branches.
Age thirty to forty
to ten thousand dollars
a
Salary four
Personality,, good
years.
year.
adaptability and ease of manner essen¬
tial. State full particulars, salary* education, knowl¬
edge of foreign languages and experience.
appearance,
ADDRESS:
‘G. W„” P. O. Box 822, City Hall Station, New York City
WANTED.
City and travelling salesmen, with person¬
ality, enterprise and some experience in High
Grade Municipal and Corporation Bonds,
by
Iona established and progressive Invest¬
ment Banking House in Kansas City, Mo..
No stock salesmen required.
Address.
“D. E. P.»” care Commercial & Financial
Chronicle. P. O. Box S, Wall Street Station,
New York City.
a
Government, Municipal, Railroad
Public Utility
Industrial
Investment Bonds
MBOND«MAN, experienced in all depart¬
ments of the security business and with
large clientele, is open for engagement after
Jan. 1.
Address “X^"Y./, carej5qmmercial&
Financial Chronicle, PjO. Box S, Wall Street
Station. New York City.
BUSINESS OPPORTUNITIES.
Live American, responsible, S4.,$sofn* to
India and other .Eastern Countries imme¬
diately after Christmas Ion business, is in
a position to represent substantial interests.
Address “Action.” Box W. IMS Broadway,
N. YrCity.
A B. Leach &
Co., Inc.
Inweitmsnt 8ecurUU$
62 Cedar
Philadelphia
Baltimore
St., Naw York
Boston *v‘
■
103 So. La Salle St., Chicago
Buflhle]
Pittsburgh
Cleveland
Detroit
MfameapoUe
Milwaukee
[Vol. 107.
THE CHRONICLE
XX
^financial
Municipal Bonds
Tax
Exempt From Federal Income
N.M.C.T.
N.C.
P.
Kn.m.c.
N.C.
gTN.lf.C.
$850,000
25,000
85,000
45,000
81,000
300,000
50,000
64,000
20,000
239,000
20,000
50,000
125,000
36,000
74,000
160,000
1919
1955
1928
1919
1957
1920
1928
1924
1934
1929
1954
1921
1922
1926
4^%
4lA%
4^%
4lA%
*lA%
5%
4^%
Registered
Rochester, New York,
Cincinnati, Ohio
PRICE TO
MATURITY
RATE
ISSUE
AMOUNT
Farrell, Pennsylvania, School District
Camden, New Jersey
El Paso, Texas
Sioux City, Iowa, School.
Omaha, Nebraska
Jefferson County, Missouri
Billings, Montana
5%
State of Louisiana Port Com. Canal
5%
Beaumont, Texas
5%
Oklahoma City, Oklahoma, School
5%
Choctaw County, Oklahoma
5%
La Fourche Parish, La., Sub.-Drg. Dist. No. l-_5%
Washington County, Mississippi, Murphy Bayou
Drainage District
6%
Palm Beach Co., Fla., Lakeworth Drg. Dist
6%
to 48
to 48
to 48
>t
to 29
'
>t
to 30
>t
to 58
it
to 31
to 45
5.50%
6.00%
1925 to 38
1926 to 43
Legal for Connecticut Savings
York State.
Pennsylvania.
N. Legal for New York Savings Banks.
M. Legal for Massachusetts Savings Banks.
•
Eligible to secure Postal Savings Deposits.]
YIELD
4.20%
4.35%
4.35%
4.375%
37 4.50%
4.55%
13 4.60%
4.60%
29 4.625%
4.65%
34 4.80%
4.80%
4.85%
5.50%
Tax free in New
■m
Banks.
Tax free in
Full Particulars upon
Request
William R.fpmpton Company
Government and
“Over
a
Municipal Bonds
quarter century in
14 Wall Street,
New York
Comparative Table
New York City
Banks and Trust Companies
Mailed
on
Application
1917-1918)
CLINTON GILBERT
St., New York
HIGH-GRADE
SOUTHERN BONDS
buy and sell highgrade tax-secured municipal
bonds of the Southern States
and their sub-divisions offer¬
ing a safe security with an
attractive yield.
We
(Showing Capital, Surpluses, Deposits, Dividends, &c.,
2 Wall
Jackson, Miss.
Pittsburgh
Chicago
Cincinnati
St. Louis
this business”
Write for
Tel. Rector 4848
descriptive booklet.
BOND DEPARTMENT
HIBERNIA
BANK A TRUST CO.
NEW ORLEANS
EXEMPT FROM ALL FEDERAL INCOME TAXES
Resources
...
.$40,000,000
•
State of
City of
MISSISSIPPI
MEMPHIS, TENN.
Refunding 4^’s
Refunding 4H’s
July 1,1921-1923
PRICES TO YIELD 4.50%
1, 1921-1922
PRICES TO YIELD 4.75%
Due
Due Aug.
BANKING ROOMS
GROUND FLOOR
Safe
Deposit Vault 4,000 Boxes
Will Sell or Sublease
8th Ave.Sc 41 nd St.. Section
R. M. GRANT & CO.
BOSTON
31 NASSAU ST., NEW YORK
CHICAGO
Finest
Equipped in New York Citjr
FRANK L. FISHER CO.
Reel Estate Investment Brokers
•0 East 41nd Street.
New York
Die.
281918.]
THE CHRONICLE
financial
/ Coupon
,''8lgnAmail this
/ coupon to Under-
Co., Dep^t
//
wood
ter
York
Bldg, Typewri
/' City,
B, Under¬
New
and you will reoeivo
wood
Underwood Typewriter Company inc.
Underwood Building, New York City.
^/^SSS
Haml.
/ idiom.
/'<*- ■
-
CVoi.. 107,
THE CHRONICLE
THE CANADIAN BANK
OF COMMERCE
*
Statement of the result of the business
for the year ending 30th November,
Balance at cradit of Profit and Lou Account brought forward
Amount racorarad from opar-appropriationa
........
Not Profits for tha yaar ending 00th November, after providing
of the Bank
1918
$1,US,074 fS
1,000,000 00
S,010,018 10
from laat yaar
—
for all bad and doubtful debts
This has been appropriated as follows*
Dividends Nos. 124,121,121 and 127 at tea per cent, per annum
Bonus of one per cent, payable 1st Juno................................
do
1st Deoeasber —
do
do
War. tax on bank-note circulation to 00th November..
00,100,01 48
1,100,000 00
110,000 00
110,000 00
110,000 00
11,000 00
—
Transferred to Pension Fund....
....
Reserved for the cost of a proposed ssemorial to officers of the Bank who served in the great war,
and of a history of the Bank
100,000 00
1,100,000 00
—......—.....
Transferred to Rest Account
Subscriptions:
$50,000 00
21,000 00
Canadian Patriotic Fund
Halifax Relief Fund
10,000 00
10,000 00
7,550 00
The Navy League of Canada
Y. M. C. A. Rad Triangle Fund..
Sundry subscriptions
11,110 00
1,444,842 18
$148241 $S
Balance carried forward.
GENERAL STATEMENT
30th
November, 1918
LIABILITIES.
To the PublicNotes of the Bank in circulation
Deposits not bearing interest
$81,11,194 18
$111,010,170 17
21,148,246 47
Deposits bearing Interest, including interest accrued to data
81,11,81$ 04
Balances due to other Banks in Canada
Balances due to Banks and Banking Correspondents elsewhere than in Canada
Bills 'Payable
.,
104,10$ 1
10,82$,8118
118,847 00
18,01,171
Acceptances under Letters of Credit..
$41,81,411
To the Shareholders—
Dividends Unpaid
Dividsnd No. 127 and bonus, payable 1st December
Capital Paid
4,87$ 1
526,000 00
...
$18,000,000 00
up
Reet Account
Balance of Profits
18,000,000 00
as
per
1,444,12 1
Profit and Loss Account
*1,444,842 1
$41,210,711
ASSETS.
Gold and Silver Coin Current on hand..
Gold deposited in Central Gold Reserves.
Dominion Notes
Dominion Notes
on
hand
........
...
...
$15,15,048 24
8,800,000 1
1
...
...
deposited in Central Gold Reserves..
$1,71417 21
11,01,011
Notes of other Banks
Cheques
on
...
$9,71,117 Si
....
U-n to Cnad.
S.UT.ltT ”
Dominion and Provincial Government Securities, not exceeding market value
....
British, Foreign and Colonial Public Securities and Canadian Municipal Securities
Railway,and other Bonds, Debentures and Stocks, not exceeding market value
Call and Short Loans (not exceeding 1 days) In Canada on Bonds, Debentures
Call and Short Loans (not exceeding SO days) elsewhere than in Canada
Deposit with the Minister of Finance for the
purposes
$$1,971,11 49
1,299,411
19,70141 47
11 IS
other Banks
Balances due by other Banks In Canada...
BalancM du. b, B^k. *nd lUnkto. Co„..pon<W.
$1,11,01 24
M4M.U, u
1,111,2110
29,884,21 IS
8,018,19 70
18,81,11 88
1419*918 18
...
...
.....
and Stocks......
of the Circulation Fund
........
......
81,11 88
102418,9811
199,81494 1
17,817,111
Other Current Loans and Disoounts in Canada (less rebate of interest)
Other Current Loans and Discounts elsewhere than in Canada (less rebate of interest)..
Liabilities of Customers under Letters of Credit, as per contra
Overdue Debts (estimated loss provided for)
Real Estate other than Bank Premises (including the unsold balance of former premises
of the Eastern Townships Bank)
$1,11447 84
Less balance of mortgage assumed.
88,807 04
...
18,01,997 1
102,10 1
...
Real Estate sold by the Bank
Bank Premises at cost, less amounts written off
Other Assets not included in the foregoing
Mortgages
on
B. E. WALKER
JOHN AIRD
President
Report of the Auditors
1,118,011
287,681 84
6,81,811
149,814 98
8440,910,709 1
General Manager
to
the Shareholders of The Canadian Bank of Commerce
In accordance with the provisions of sub-sections 19 and 20 of section 56 of the Bank Act, 1913, we report as
follows:
We have audited the above Balance Sheet and compared it with the books and vouchers at Head Office and with
the certified returns from the branches.
We have obtained all the Information and explanations that we have required,
and are of the opinion that the transactions of the Bank which have come under our notice have been within the
powm of the Bank.
We have checked the cash and verified the securities representing the investments of the Bank at its chief office
and principal branches at a date other than, and in addition to, the verification at 30th November, 1918, and found
that they were in agreement with the entries in the books of the Bank relating thereto.
__
,
our opinion the Balance Sheet Is properly drawn up so as to exhibit a true and correct view of the state of the
according to the best or our information xmf the explanations given to ns, and as shown by the
affairs of the Bank
books of the Bank.
T. HARRY WEBB. C.A.,
*
of Webb, Read, Hegan Sc Oo.
JAMES MARWICK, O.A.,
of Marwick, Mitchell, Peat Sc Co.
Auditors
Dec. 281918.]
THE CHRONICLE
uui
financial
For
January Investment
We
offer, subject to sale and change in price, the following
carefully selected Notes and Bonds, with our recommendation:
Yielding from 4.40
to 7.25 Per Cent
SHORT-TERM SECURITIES
Approximate
Security
Studebaker Corporation Gold Notes...
Interest
Duquesne Light Co. Secured Gold Notes
..7
6
Maturity
1921-1929
1921
American Tobacco Co. Serial Gold Notes
7
1919-1923
Liggett & Myers Tobacco Co. Gold Notes
Armour and Company Gold Debentures
6
1921
6
1919-1924
Yield
7.00-7.25%
6.50%
5.50-6.30%
6.12%
5.60%
•
RAILROAD AND INDUSTRIAL BONDS
4
Chicago Milwaukee & St. Paul Ry. Gold Bonds
1925
Power
Consumers
Co. First and Refunding
..5
1936
Kans. City Term. Ry. Co. 5-Yr. Secured Gold Notes
..6
1923
Duluth South Shore & Atlantic Ry. Equipment
5
1921-1922
Pennsylvania Co. Gold Loan Ctfs
.4% 1921
No. Pac. Ry.-Gt. No. Ry. C. B. & Q. Coll. Joint Gold.
4
1921
St. Paul Union Depot Co. 5-Yr. Notes
.......51/2 1923
American Can Company Sinking Fund Debenture
5
1928
Morris and Company First Mortgage
4y2 1939
.
Mo. Pac. RR. Co. First &
Refg.,/Series “A”
\ Series “C”
Balt. & Ohio RR. Co. Prior Lien Gold Notes
5
5
1965
3Vfc
1925
1926
6.75%
6.00%
6.00%
6.00%
5.70%
5.85%
5.75%
6.00%
5.70%
5.65%
6.10%
5.40%
MUNICIPAL BONDS
(Income Exempt from Federal Income Tax)
City of Minneapolis, Minn
Sanitary District of Chicago...
City and County of Denver, Colo., Water
Portland, Oregon, Bridge Bonds
Canton, Ohio, Bonds
City of Muskegon, Mich.
i
Dubuque Co., Iowa, Funding
Garfield Township, Mich., Highway
City of Le Roy, Ill., Water Works
King Co., Wash., School Dist. No. 50
A
4
1921-1922
-41/2
.41/2
1923-1926
1948 Op. 1928
1922
.5
5
-5
5
.5
5
.5
5
.4%
-4%
.5
5
'
.5
5
1922-1925
1928
1922-1936
1919-1941
1919-1933
1923
4.40%
4.50%
4.55%
4.60%
4.60%
4.60%
4.65%
4.65%
4.65%
4.65%
Prices and
Reservations may
descriptive circulars upon application.
be made now for January delivery and payment.
BOND DEPARTMENT
First Trust and
Savings Bank
Northwest Comer Monroe and Dearborn Streets
CHICAGO, ILLINOIS
[Vot» 107.
THE CHRONICLE
XXIT
ftmauM
Conservative Bonds
Companies, Estates or Individuals who seek
primarily safety and marketability
Suitable for Banks, Insurance
Price to
Rate
.41/2*
-41/28
*tt$170,000 State of New York
*
ft 399,090 City of New Haven, Conn
Yield About
Due
1964
4.10%
1946-48
4.20%
1962-32
4.25%
4.30%
4.30%
4.30%
4.30%
4.30%
4.33%
4.35%
4.35%
4.35%
(Tax-exempt in Connecticut.)
-41/48
City of Buffalo, N. Y., Registered
..3Y2s
State of Massachusetts, Registered
..7s
City of Buffalo, N. Y., Registered.
City of Schenectady, N. Y., Registered.. _4s
-31/48
7,000 City of St. Louis, Mo., Registered
__4s
*tt 200,000 City of St. Louis, Mo
*
-41/48
500,000 New York City, N. Y
*
10,000 Westchester County, N. Y., Registered. ..4s
-31/28
300,000 City of Boston, Mass., Registered.
_.4s
*ft 25,000 City of Pittsburgh, Pa., Registered
*tt
5,000
♦ft
5,000
*ft 100,000
*
59,000
_
1934-40
1925
1920-29
1922
1928
1960-66
1920
1927
1920
(Issued by Allegheny, Pa.)
__4s
*tt 19,000 State of Oregon
-41/28
*tt 500,000 State of California
..43
*tt 500,000 City of Detroit, Mich
__4s
*ft
5,000 City of Bridgeport, Conn
-41/28
*tt 135,000 City of Columbus, Ohio
*tt 20,000 City of Dayton, Ohio
..41/28
*ft 10,000 City of Omaha, Neb
-41/28
*tt
5,000 City of Akron, Ohio
:
—■41/28
*tt
5,000 City of Milwaukee, Wis
*tt 10,000 City of Waterbury, Conn., Registered.. __4s
..4s
ft 25,000 City of Lima, Ohio, Registered
-41/28
*ft 20,000 City of San Francisco, Cal
.
*tt
*tt
*tt
*tt
ft
5,000 Illinois Central 1st
35,000 Oswego & Syracuse Cons.
5,000 Willmar & Sioux Falls 1st
5,000 Rome Watertown & Ogdensburg
14,000 Pennsylvania RR. Gen
90,000 Nashville Florence & Sheffield 1st
100,000 Chicago & Pacific West. 1st..
—
1923-26
1936-41
1920-28
1924
1934-45
1938
1941
1925
1930
1939
1932-33
1923-28
..31/28
1951
_.5s
1923
...5s
1938
...5s
1922
...5s
1968
__5s
1937
...5s
1921
.
4.35%
4.37%
4.40%
4.40%
4.45%
4.50%
4.50%
4.50%
4.50%
4.50%
4.55%
4.75%
4.75%
5.00%
5.00%
5.00%
5.05%
5.09%
5.50%
*
New York.
Massachusetts.
t Legal investment for Savings Banks and Trust Funds in Connecticut.
Legal investment for Savings Banks and Trust Funds in
t Legal investment for Savings Banks and Trust Funds in
Ask for circular C.-C'.-113, listing
these ani other issues of similar character.
Remick, Hodges & Co.
Members New York Stock Exchange
14
Wall
Street,
Correspondents: R. L. Day & Co., Boston.
New
York
-
Dec.
281918.]
THE CHRONICLE
xxv
$10,598,000
<■_
•
•
,
‘
67191
+
<r*
W
«•
*
>•£ ,h» <1. »»cf->
».
St. Louis-San Francisco RKilway Co.
PRIOR
LIEN
MORTGAGE 6% GOLD BONDS
SERIES C
Dated
July 1, 1918
Interest
payable January 1 and July 1 in New York without deduction for any tax the Company or Trustees
be required to withhold. Callable at 102 }4 and interest on 60 days* notice. Series
A and B Bonds are listed and application will be made to list Series C
bonds on the New York Stock Exchange.
Due
July 1, 1928
may
Total Authorized Amount of Prior Lien Bonds
$250,000,000
Outstanding in hands of public:
(as reported by the Company,
Series A 4%,
Series B 5%,
Series C 6%,
as
of Dec. 1 1918, including this issue):
due July 1, 1950
due July 1, 1950
due July 1, 1928
.$84,299,175
25,000,000
10,598,000
CENTRAL UNION TRUST COMPANY OF NEW YORK
From letter of Mr.
AN£ DANIEL K. CATLIN, Trustees
Henry Ruhlender, President of the Company,
The Prior Lien
Mortgage Bonds
are
$119,897,175
secured by
we
summarize
as
direct mortgage lien
a
follows:
on
3,471 miles of line owned in fee and all equipment owned by the Com¬
pany, subject to only $11,234,900 underlying bonds and $2,215,000
equipment trust obligations, and are further secured by the pledge
of substantially all of the capital stock representing control of an
additional 1,593 miles of road, subject to outstanding prior liens.
Out of the
proceeds of this sale the Company proposes to pay off its present
floating debt, amounting to $5,210,000, so that the increase in annual
fixed charges will not exceed $323,280. As a result of this financing
the Company will be free of floating debt, and will be provided with
additional working capital. *
Earnings for
The
years
ended December 31, 1917 and 1916,
Total Income
Total Operating
Revenue
$53,119,998
59,676,657
Available for
Fixed Charges
$15,633,405
16,631,968
were as
follows:
Fixed Interest, Rentals Balance Available
Sinking Fund and
for Interest on
Income Bonds
$9,501,430
9,348,504
$6,131,975
7,283,464
Other Fixed Charges
Company has not yet entered into a contract with the Director-General
Railroads, but the average annual Railway Operating Income of
the Company’s lines for the three years ended June 30, 1917, consti¬
tuting its so-called “Standard Return” under the Federal Control Act,
has been certified by the Interstate Commerce Commission to be
of
$13,423,400.
Present
quoted prices for junior securities indicate an equity of more than
over and above the Prior Lien Mortgage Bonds.
The book
value of the Company’s property as accepted by the Missouri Public
Service Commission for the purpose of capitalization at organization of
present Company in 1916, indicates an equity in excess of this figure.
$50,000,000
The issuance of these bonds has been approved
Railroad Administration.
by the United States
WE RECOMMEND THESE BONDS FOR INVESTMENT
Price 96 and
Interest, Yielding
Complete Circular
LEE, HIGGINSON &CO.
boston
NEW YORK
CHICAGO
on
over
6.55%
Request
GUARANTY TRUST CO.
OF NEW YORK
The above statements are not guaranteed, but are based upon information and advice which we
believe to be accurate and reliable, and upon which we have acted in purchasing these securities.
/
[Vox.. 107.
THE CHRONICLE
XXTI
fhmthd
^WVWWWWyS^WWWS»VWVS<VWWWWVWWS^WS^>V\<W*w^>*»V»*WVS^»^<WV%*>«»|W«*»^,^^V^^A#>^|^WV%A»V
I
offer, subject to prior sale and
change in market price, the following securities:
We
own
and
-
*
Bonds
Yield
Bate
Name
Amount
Maturity
Per Gent
_
PerlOent
Payable
About
F A A 1
5.75
I
May
MAN 1
5.70
I
Oct.
1, 1951
A A O 1
5.45
Aug.
1, 1922
1, 1946
F A A 1
7.25
J & J 1
6.37
Jan.
A A O 1
5.75
June
1, 1941
1, 1943
J AD 1
6.00
June
1, 1932
J AD 1
6.40
Apr.
■
Yield
Bate
Per Cent
Name
Interest
Payable
Maturity
Per Cent
About
Jan.
1, 1924
J & J 1
8.00
Dec.
1, 1923
J AD 1
6.60
Sept. 1,
1920
MA 8 1
7.60
Dec. 15,
1920
J & D15
7.75
7
Aug. 15,
1923
F & A15
7.00
100,000 Oklahoma Gas & Electric Co. Notes...6
June 15,
1919
J AD15
7.00
1, 1923
A & O 1
7.50
$100,000 Arizona Power Co. Bond Sec. Notes
7
100,000 Harrisburg Light & Power Co. Notes. .6
25,000 Louisville Gas & ELCo.Bond Sec.Notes.7
50,000 Metropolitan Edis.Co.Bond Sec.Notes.6
25,000 Northern States Power Co. Sink. Fund
Conv. Notes
50,000 United Light & Railways Co. Bond
Sec. Notes
.7
1
Apr.
•
*
I
Preferred St ocks
Yield
I
Shares
Name
I
Dividend Period
6
Feb.
500 Colorado Power Co
7
100 Continental Motors
..7
250
I
6
500 Utah Power &
7
Light Co
*$50 par value
I
Descriptive circulars of
Bon b
I
of the above securities will he sent
rig ht
Nassau
BOSTON
any
fit
Street
PHILADELPHIA
on
request
Company
LONDON: WQHam P. Bonbrlght A Oo.
New
CHICAGO
1st
Quar.
Quar. Mar. 15th
Quar. Jan. 15th
Feb. & Aug. 1st
Quar. Feb.
1st
Quar. Jan. 15th
Incorporated
25
I
7
500 Electric Bond & Share Co
I
Per Cent
Bate
Per Cent
1,000 ^American Gas & Electric Co.
Corporation
Crowell Publishing Co
I
1
I
Notes
Amount
1
1, 1938
1, 1953
Aug.
$200,000 Carolina Power & Light Co. 1st Mtge..5
25,000 Colorado Power Co. 1st Mtge
5
25,000 Hydraulic Power Co. of Niagara Falls
Refunding & Impt
5
100,000 Metropolitan Edison Co. 1st & Rfdg. .5
100,000 Nevada-Califomia Elec. Corp. 1st Lien.6
25,000 Northern States Power Co. 1st & Rfdg- 5
25,000 Southwestern Power & Lt. Co. 1st Lien 5
50,000 United Light & Rys. Co. 1st & Rfdg...5
Interest
York
DETROIT
PABIS: Bonbright A Oo.
About
6.25
7.05
7.25
7.45
6.30
7.25
I
H
Dec. 28 1918.]
THE CHRONICLE
»
•
....
.
•*..*
A
*
*
i
Jr.-
r
x..
y. .«
-
* =*
a
~
>
...
i-
»
wu
,
:•
,
V
-
-
financial
''
•
.
...
$8,000,000
The Saint Paul Union
’
...
\r
'
..
.
.......
...
•
#
Depot Company
Five-Year 556% Guaranteed Gold Notes
Total authorized issue $8,000,000
Dated December 15, 1918
Interest
Due December 15, 1923
payable June 15 and December 15 in New York City
Interest payable without deduction for Federal Income taxes now or hereafter deductible at the source.
Coupon Notes in denominations of $100, $1,000 and $5,000, registerable as to principal.
Redeemable as a whole, at the option of the Company, upon 60 days* notice, on any interest date,
at 101 and interest.
NORTHWESTERN TRUST COMPANY, ST. PAUL, TRUSTEE
From
as
a
letter addressed to
us
follows:
The Notes
by E. Pennington, Esq., President of the Depot Company,
to have endorsed thereon
we
summarize
joint and several guaranty of the payment of prin¬
cipal and interest, executed by the following Companies using the Terminal:
are
a
Chicago, Milwaukee & St. Paul Railway
Chicago, St. Paul Minneapolis & Omaha
Chicago, Burlington & Quincy Railroad
Minneapolis, St. Paul Sc Sault Ste. Marie
Great Northern Railway Co.
Northern Pacific Railway Co.
Chicago, Great Western Railroad Co.
Minneapolis Sc St. Louis Railroad Co.
Chicago, Rock Island Sc Pacific Railway
Co.
Railway Co.
Co.
Railway Co.
Co.
The
only other outstanding indebtedness of the Depot Company upon the issue of the Notes
maturing in part in 1930 and in part in 1944.
provide that while these Notes are outstanding,
security will be created or issued ranking ahead of the Notes.
will be represented by $500,000 underlying bonds
The trust indenture in respect of the Notes is to
no
Under
operating agreement dated December 18, 1916, the above mentioned Companies
(owning all the stock of the Depot Company and being all the railroad companies operating trains
into St. Paul), are obligated to pay the Depot Company annually an aggregate amount equal to the
amount required (after deducting other specified income) for operating expenses, taxes, interest
charges on the Company’s outstanding bonds and dividends at the rate of 4% per annum on the
Depot Company’s Capital Stock.
an
The proceeds of this issue will be used in part in the retirement of floating indebtedness here¬
tofore incurred in acquiring land for the Terminal and for construction work and in part in pro¬
viding the Company with funds to complete its
program
for 1919.
Subject to issue as planned, and to the approval by our Counsel of
formalities, we offer the above Notes for Subscription
at 99 and Interest, to yield nearly 5%%
necessary
The
right is reserved to reject any and all applications and also in any case to award a smaller amount
applied for. The amount due on allotments will be payable at the office of J. P. Morgan & Co., in New
York funds, the date of payment to be given in the notices of allotment. Trust receipts will be delivered,
exchangeable for definitive Notes when received by us.
than
J. P. MORGAN & co.
KUHN, LOEB & CO.
FIRST NATIONAL BANK
NATIONAL CITY CO.
N.w York
City
N.w York City
New York, December 24, 1918.
Subscriptions having already been received to
an amount in excess of this issue, the subscription books bars been
closed and thia advertisement appears as a matter of record only.
-
/'«<.
[Vol. 107.
THE CHRONICLE
xxnn
JtUmuial
-At*##**.
''•fyAael'
«
*+
'
**
Are you
D
“up”
Acceptances ?
on
know why Acceptances
are distinctly self-liquidating?
O you
be immediately
converted into cash through the
—why they
can
Federal Reserve Bank?
—why they are a good investment
for you, and give you the oppor¬
tunity of doing something for your
8
customers
?
There is
no
mystery
about Ac¬
Send for this booklet,
and read a clear-cut explanation of
their functions, and learn their
value to you as a modern form of
liquid investment.
ceptances.
Included in the booklet
are
the
regulations and rulings of the
SERVICE
TO BANKS
Federal Reserve Board—on which
every
copy
banker should be posted. A
of “Acceptances” will be
mailed
on
request.
The National City
National
Company
City Bank Building
UPTOWN OFFICE: 514
New York
Fifth Avenue, at 43rd Street
CORRESPONDENT OFFICES
ALRAMY.N. Y.
Ten Eyck Bid*.
Cincinnati. Ohio
Fourth Natl. Bk. Bldg.
Indianapolis. Ind.
Fletcher Savings ft
Atlanta. Ga.
Trust Co. of Ge. Bldg.
Cleveland, Ohio
Guardian Bldg.
Kansas
Baltimore. Md.
Charles and Fayette Sts
Datton, Ohio
Boston. Mass.
10 State Street
Denver, Colo.
Buffalo. N. Y.
Marine Bank Bldg.
Detroit. Mich.
CmOAOO.lLL.
187 So. La Salle St.
Hartford, Conn.
Mutual Home Bldg.
718 17tb Street
147 Griswold Street
Conn. Mutual Bldg.
Trust
Bldg.
City, Mo.
Republic Bldg.
Los Ancele8. Cal.
507 So. Spring Street
Minneapolis, Minn.
McKnight Bldg.
Newark, N. J.
790 Broad St.
1421 Chestnut Street
8am Francisco, Cal.
424 California St.
Pittsburgh. Pa.
Farmers Bank Bldg.
Seattle, Wash.
Portland, Mr.
896 Congress Street
Sprincpield. Mass.
Srd Natl. Bank Bldg.
Portland. Ore.
St. Louis. Mo.
Bk. of Commerce Bide.
Railway Exchange Bldg.
Hoge Bldg.
Providence. R. I.
Industrial Trust Bldg.
Washington, D. C.
741 15th St .N. W.
Richmond, Va.
Mutual Bldg.
Wilkes-Barre. Pa.
New Orleans. La.
SOI Baronne St.
London, E. C. 2 Eng.
Bonds
Philadelphia, Pa.
Miners Bank
Bldg.
88 Blahopsgata.
Short Term Notes
Acceptances
firtattrfal
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State
VOL. 107
SATURDAY, DECEMBER 28 1918
JP* Cferxrtticle.
Wot One Year
Pot Six Months
Subscription—Payable
Week ending December 21.
1918.
00
6 00
European Subscription (including postage)...
18 00
European Subscription six months (including postage)....
7 60
Annual Subscription in London (including postage)
£2 14 a.
Six Months Subscription in London (Including postage)
£1 11 a.
Canadian Subscription (including postage)
$11 60
Subscription includes following Supplements—
Bank and Quotation (monthly) I railway and Industrial (3 times yearly)
Electric Railway (3 times yearly)
Chicago
642391.663
65.388.630
100,661,286
78.189.638
$1,678,992
15,096,000
11.912.100
11,758,666
5,017,780
6331.636
4.464,024
8329318
2.119.762
1364,475
3390306
6,006,000
1,400,000
2300.000
2,000,000
....
Cincinnati
Cleveland
Detroit
Milwaukee
...
....
.....
Indianapolis
....
Columbus
Toledo
Peoria
Grand Rapids...
Dayton
| Bankers’ Contention (yearly)
........
Evansville
Terms of Advertising—Per Inch Space
Transient matter per inch space (14 agate
f Two Months
lines)
$4
(8 times)
22
/
Three Months (13 times).................. 29
owuiumg RnrinftiM
.Business fiardw
oaras <
gix Months
(26 times)
60
t Twelve Months (62 times)
87
Chicago Office—39 South La Salle Street, Telephone Majestic 7396.
London Office—Edwards A Smith, 1 Drapers’ Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Fnat» Fine anriDepeyste r Sts- New Yertu
20
Springfield, Hl__
Fort Wayne
Youngstown
00
Akron....
00
qq
00
...
Lexington
Rockford
Canton
Bloomington
Quincy
Springfield, O...
1390.762
1320382
1.240342
1,012,631
1.397.942
1.195.942
......
Decatur
South Bend
Mansfield
Danville
.....
......
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold Q. Dana, Vloe-Preeldent and
Secretary. Addresses of both. Office of the Company.
1 Anliig
Lima
CLEARING HOUSE RETURNS.
by telegraph, Ac., Indicates that the total bank
clearings of all the clearing houses of the United Statee few the week ending to-day
have been $6,317,220,826. against $7,364,172,187 last week and $6,120,420,960
the corresponding week last year.
The following table, made up
Per
Cent.
1918.
1917.
Detroit
Baltimore
New Orleans
$2,751,027,949
368,870.323
301385.738
234,396,362
*140,000,000
•130,000,000
96,123,067
97,600,692
60,023,881
60.329.612
64.467,671
$2,184,106,632
348377,111
250,427,613
176,176,931
137,766,008
121.182,075
63,058,732
57,698,698
39.370.786
30,466,916
60,367,149
+26.0
+2.9
+20.4
+33.8
+ 1.6
+73
+52.4
+69.0
+27.1
+98.0
+8.1
Eleven titles, 6 days.
Other titles, 6 days
$4,274,315,286
792,477,923
$3,468,487,651
642.461,811
+23.6
+23.4
New York
Chicago
Philadelphia
....
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
m.
-
Total all titles, 6 days.
AH titles, 1 day
$5,066,793,208
1360,427,618
$4,100,949,462
1,019,471,488
+23.5
+22.6
Clearings
New York
3,960,308,340 3,469,327,197
436.194,441 386,407,886
Philadelphia
Pittsburgh—....
140,379,109
85,367,207
Baltimore
47,119,360
88,896,747
Buffalo
26,099,076
18,695,314
5,227,802
4,402,877
Albany
18,369,649
12,250,000
Washington
Rochester
7.466,848
10,036,400
Scranton
4,327,668
4,107,419
4.571,144
4,817.292
Syracuse .......
2,462,722
2,440,890
Reading........
3.967.297
3,427,067
Wilmington.....
Wilkes-Barre
2,012,862
2,289,181
3,699,000
4,300,000
Wheeling
Trenton
3,662,084
2,777,708
York
1,296,970
1.104.936
Erie
2,229,266
1,992,148
1,000,000
Oreensburg—..
1,100,000
975,000
844,900
Binghamton ....
Chester
1.641.297
1,153,383
Lancaster
2,229,156
1,949.566
Montclair
760,613
807,628
810,319
700,000
Altoona
—
...
.......
.....
........
......
—
Total Middle
.
4,720.068,193 4,055,766.364
Inc. or
Dec.
1916.
1915.
%
+ 14.5 3,920,631,246 2388,657,686
+ 12.9
821,800,320
188,429385
+64.4
81,485,351
63,434,636
+88.7
45,104,889
37.329,963
+40.4
18,733,031
13,086,780
—15.8
5,516,475
4.113.633
+49.9
10,845,770
7.769,934
+34.4
6,817.167
4.195,600
+5.4
3,768,215
8,133,297
+6.8
3,813,404
2,255,026
+0.9
2,284,344
1,865,959
+ 15.8
4,678,671
2.435,437
+ 13.8
2,066,964
1,811,645
+ 16.2
4,502,874
1,965,480
—24.0
2,453,088
1,989,807
—14.8
1,141,964
969,173
+ 11.9
1,656,843
1,111,050
+ 10.0
799,316
592,910
—12.3
930,500
832,400
+42.3
1,618,183
711,591
—12.6
1,679,059
1,183,874
—5.8
871,000
465,648
427.376
+ 15.8
600,000
+16.4 4,443,098,674 2,618,667,790
511,130,658
87,422,021
87391.119
68,736,467
27310.492
12,800,000
10,567300
11,020340
4.419.062
6331303
8,464,423
8,121,825
1,708348
1322307
2,929,881
5.768,000
1,800,000
1,767370
3,700,000
1,086,412
1.275,000
1,127338
882,068
1,036307
1.146,930
606,516
*697,950
984,029
858,014
688,589
1,019.571
+6.1
+74.7
+153
+33.1
+13.6
+18.0
+12.7
+6.7
+ 13.3
+5.7
+28.6
+21.7
+24.1
—4.4
+15.7
—133
+7.7
+243
—46.9
+46.4
+8.5
+10.0
+ 14.7
+34.8
+4.4
+1.4
—33
+ 18.8
+623
+ 13
+22.6
478383.967
37.845,019
61325341
66,723,416
22364.310
12,964,970
10,843,800
10.976.936
5,000,000
5.093.049
8,900,416
2.646.621
1,716,194
1,700,741
2.681.148
5,128,000
844,044
1,622,187
8.004.779
804.366
1,087,128
1366.433
762,027
1383396
837362
661,645
1304,603
761,757
461,070
306,402
...
...
Estl mated.
8,626.100
2,608,891
1378378
1.166398
1323,782
2331388
2,846.000
812,418
1.094,981
2,000.000
611,016
633,972
849,796
602,751
068348
726307
469.605
679381
Tot. Mid .West
906366.611
802,739,974
+ 12.9
734360.498
469,663,728
San Frantisoo...
Los Angeles.....
Seattle
133,910,779
84,423.000
89.679,040
9.468.872
21,088,032
32.757.666
5.328,889
7,900,163
4,747,641
2,016,717
930,612
8300,946
1,966,781
1,150,000
1,186,634
111,849.838 +19.7
27377300 +25.8
26,966397 +47.3
8.220,893 +15.2
16.117368 +80.8
19,602,074 +68.0
4,090.376 +303
5,623,641 +43.0
4,135,324 +143
2377375 —153
1,039377 —10.5
+7.9
8,062,966
2,729308 —28.0
1397374 —17.7
83,216.611
30,971,000
18,840,950
5.712,668
15,636,928
13.618.181
2,660,409
4,998,661
2,991,233
2,166,697
1,035,945
2,424319
1,663,696
44378.476
17366308
9,746,686
8.600,000
7,600,000
......
Spokane........
Salt Lake City..
Portland
Taooma
.....
...
Oakland......
Sacramento
San Diego....
Pasadena.....
Fresno.:
Stockton
San Jose......
Yakima
Reno
.....
........
Total Pacific.
.
Kansas City....
Minneapolis
....
Omaha
St. Paul
Denver
St. Joseph
Dee Moines.....
Sioux City
Wichita
Duluth
Lincoln
Helena
Colorado
Pueblo.
Waterloo
+44.4
+ 19.3
+523
301,593340
236,448,064
+273
199,429.868
66.022,952
190.232.073
56,000,000
20,770,758
43,100,468
18:126,611
19,198,684
15,879,738
8,712,133
7.623,864
7,825,426
7.461,839
4,124,937i
3327.483
3,092351
2,021,704
2,100,000
2384,429
807,614
772,155
2,150,487
1,138,673
1393.098
725,758
+4.8
+51.0
+29.9
+ 14.6
+0.4
+15.7
+5.7
+27.7
+ 15.9
+119.9
3372.661
2,400,611
.....
Swings
763,127
766307
........
1,700,000
1,719,564
1,432,042
Aberdeen.......
Billings
........
Fremont
596,563
1,139,426
821391
600,000
748,963
19.271,924
18,366,419
9311376
9,738,752
9,066,000
16.407362
4,021,390
2,979,133
*4,000,000
2.194.254
....
174.144,164
162,487.824
66,623,899
22336,151
14,000,000
7300,000
40338.661
66,947381
15,066307
16363397
9.741397
13,437312
6.969310
4,769381
4329,472
6349,660
4323,971
4,745,095
4.051373
1,487,778
2339340
9.982389
2300.000
8,000.000
64,449.653
Louisville
24,042.161
17,713,126
8,010,755
......
62.045.108
........
Memphis.......
Fort Worth
Savannah
Nashville
Norfolk
........
Birmingham
Augusta
....
Little Rook
Jacksonville
....
Chattanooga
+5.1
—6.4
—03
—20.9
379,610,607
New Orleans
Galveston
Richmond
Atlanta
+29.4
+8.6
+70.1
441,101,990
Tot, oth.West.
Houston
—2.5
—10.5
400.000
817,690
450.000
St. Louis
87,111,282
+51.0
+23
+12.7
+ 123
.......
.......
HoiHnpi
_
..........
.......
.....
•
7.960,164
8.900300
610,525
60,767
Charleston.
350,861,229
12,161,000
7,417.199
6,664,089
4,151,870
2,460,000
80388394
18.917388
8.632324
6,686,100
—46.1
725,000
424367
383,116
65300,976
23330371
14,529.469
9,609,981
16.916,640
9,603,682
18,706,672
5,126,668
6.530.090
8393.821
5.454364
3,766,671
1.498.483
2300.000
8,761,194
2,100,000
2,700,000
664,016
668,174
8303374
9366.992
21,000.000
2,800,000
934.066
610,627
400,000
670,393
187,662,068
118,085,372
82.492.726
27,076,440
14.220.171
16,837.969
14.723,946
6,014309
6,069.916
6.649386
7.468.468
2,910,387
2,311,678
2.165.497
1,782363
1,619,122
2.086360
1364,425
636,618
2399.474
Outride NY.
9361.104
1,792,977
2,878.468
2329382
1,828,186
713,928
1364,784
1336,914
661.622
400,000
243,880
886,632
106.262326
72,262334
80.667,666
17,622396
11,806,961
10311.061
8.669339
4.473.669
3.462.670
4.667316
8,641,764
2.126331
8.110338
1.813,968
1377,739
3333,996
1392,196
625,699
487308
1.998338
662.016
347,871
942,060
738324
458341
224,088
+163
268387.460
189.691361
+73
123312.648
39.834363
22370366
13.600.000
5,799,478
25344.098
28,318.686
11,746,670
11,886,604
6,128330
8,987,716
6,219,169
3.679.720
2.686369
4,193,606
83368.162
20382.721
16,063,169
11.193328
4.633.987
14368,181
+133
+8.1
+263
+63
+51.9
+ 143
+65.0
—13.8
—2.4
+25.9
+363
+29.3
+ 18.4
+17.7
+71.9
+ 14.9
—73
926,101
1,647,666
666311
4324.868
8,018,742
1368.720
2,486307
5.464,460
1,683,494
2300.000
283,617
633,101
1,663.788
4,702,707
14346.961
+0.7
Mobile
284,638,076 +23.3 227.471,691
154335.949
+2.7
—2.8
Knoxville
12,606,400
10.046,100
7,802300
—123
+3.3
Oklahoma
7,180,536
8,909,982
7,957,079
Maoon
4,766,895 +16.5
6,276.037
3,040,147
—10.0
Austin
—6.7
4,449,481
4,401,544
3,000,000
Springfield
—2.0
484,482 +16.4
Portland
2,600,000
2,714,588
2,000,000
Vicksburg
—4.9
—8.1
692.178
3,588,248
$.904,777
Worcester
4,302,318
Jackson....—,
2376.768
—83
—6.7
2,679.924
1,487,011
8321.479
Fall River
2,600,000
1,589,106
Muskogee
7386327 +18.6
New Bedford
1,662.532
2,135,247 —22.1
1362.658
1,163399 Tulsa....
Pallas
23.450.696 —10.4
Lowell.......
1,160,000
+3.7
1,193,661
1,081,732
761304
—1.8
3,160360 —11.1
684340
760,000
763,849
1,075393
Shreveport....
Holyoke
879,576 —25.2
657,642
766,793
390,638
Bangor..
Total Southern.
692304393
■ +lg-4
856,318387
Tot. New Eng.
392,947,460 327,554,761 +20.01 269,197,142 187.699335
Total an
ia».iBCr»
Note.—For Canadian tieartngs see "Commercial and Miscellaneous News."
Boston
Providence
Hartford
New Haven..—
227,899,977
27363300
88.151,600
113,069
Topeka
Davenport
Cedar Rapids
Fargo
coding December 21.
1917.
1915.
1,412,746
-
........
1918.
1916.
431328
817,986
280,000
814370
67,608
Ann Arbor
Owensboro
Adrian
Long Beach.....
$6,317320.826
$6,120,420,960
+23.4
♦Partly estimated.
The full details for the week covered by the above will be given next Saturday,
We cannot furnish them to-day, clearings being made up by the clearing bouses
at noon cm Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Dec. 21 show:
Week
lnc.br
Dec.
387,855
1,731,543
62,200
Jacksonville, Ill.
Clearings—Returns by Telegraph.
Week ending December 28.
1917.
in Advance
.........
Railway Earnings (monthly)
State and City (semi-annually)
NO. 2792
Clearings
PUBLISHED WEEKLY.
Terms of
Railway Section
and City Section
16,469388
8.876.128
9.631,469
4,869306
6347364
6.492.128
2.923378
1.616.486
2343368
$300300
2346.000
2342301
1.000.000
1.688.961
8370300
4.464300
1.600.000
881367
486380
1379307
1.986302
2313883891
7^it4,lM.i87B.»iAil8.s6oTrO
tjngMM
3.38a.8«r.Si7 2-SM.008.883[ +18.0 2M9a93An\lMi:uiMtt
THE CHRONICLE
2398
THE FINANCIAL SITUATION.
The unknown writer of the ancient roll called
“Ecclesiastes or the Preacher” doubtless set down'
his somewhat mournful moralizings after a long life
of observation of the ways of mankind. One of
them is that “because sentence against an evil
work is not executed speedily, therefore the heart
of the sons of men is fully set in them to do evil.”
The “evil” here plainly includes not only conscious
sins but errors of judgment and the easy yielding
to the inclination to follow the line of least resist¬
{Vol. 107.
nothing should “be made to pay a profit to the
owners,” which is only another way of saying that
there should not be any owners anywhere and of
anything. This logical downhill slide is unavoid¬
able if you once let yourself slip at its top. If the
people should have their carrying done at actual
cost, since that is an essential and public service,
then the public should get everything at actual cost
and prices should not be loaded by profits to any
owners.
How, in the elimination of profits and
owners, anybody is to have the cash (or the values)
wherewith to procure anything whatever or to pay
any taxes is a question which these hazy-minded
mistake may have its
penalty attached, but the line of attachment is modern economists do not even attempt to con¬
often too long for tracing and so the lesson is missed; sider.
All this, ex necessitate, means Governmental
whereas if every sin and every error brought its
penalty quickly men would learn to make fewer owning and doing of everything, since only Gov¬
ernment can operate a cornucopia that pours an
mistakes and commit fewer sins.
Why it has been ordered otherwise we cannot unending stream of blessings from one end without
tell, but we have frequent evidence how a people gathering anything to fill up at the other. When
Government runs everything and does everything
as well as individuals can drift into harmful doc¬
trines and bad habits. We have had a year of Gov¬ for us, then the people will have arms overflowingly
ernmental operation of railways. We are now full, will become happy, and therefore (lacking
trying to find a way to climb back the fatally easy temptation to be otherwise) will be virtuous also,
declivity down which we slid, soothing our con¬ and the country will change its name to Utopia.
Now comes forward the venerable Cardinal Gibsciences and our fears by a solemn pledge that we
would return and it should be “only” for a fixed bons, several years past fourscore, voicing, after a
term.
The men who shoyld perceive the dangers long observation, his faith in the future of the coun¬
of drifting and should invigorate public opinion try, based upon faith in the ultimate common sense
show in themselves the effects of the drifting process. of the common people. He does not dread social¬
Here is a man in the lower branch of Congress, ism, because he believes the working people know
bead of a committee having nominally a direct that any grievances they may have lie within thenofficial charge of the subject of transportation, own power to relieve.
So he has no fear lest “they
will
be
led
astray
by
the
specious doctrines of social¬
uttering these sentences, just as official public
ism
to
their
own undoing.”
Yet he does fear the
hearings upon the subject are about to begin:
insidious workings of that spirit, for he adds:
“I believe that Government control of transpor¬
tation facilities is the only correct system. I do
“The only apprehension I might have would be
not believe the public should be forced to pay more with regard to the consolidation qf control of the
than the actual cost of transportation of passengers great public interests of the country. in the au¬
and freight. It should not be made to pay a profit thorities of the Government itself
These interests
to the owners of the facilities.”
are vast and wide, reaching and controlling the
The first sentence, if taken with the strictest and well-being of millions of men, such interests as the
railroads and the telegraphs, as well as others.
most exclusive literalness and interpreting the word I
should be sorry to see these things put under the
“control” as meaning regulation, is the conclusion direction of
any Federal Administration. The men
to which costly and blundering experience has employed in these industries and utilities would form
brought us. But the other twot sentences convert the preponderating interest in any Administration
this into a declaration of faith in Governmental and would tend to a perpetuation of power.”
That is the danger from the political side, and
ownership, since private owners would be as effec¬
not
less serious than from the economic. This is
tually ruled out of transportation by denial of any
return to them as they are under a postal scheme the season conventionally
assigned to self-examina¬
which permits no profits.
tions and good resolutions. Let the sober sense
Now here is a man who has a hazy sort of notion of the people rally to
recognize that we have slid
that the important work of carrying things rests dangerously and must brace ourselves sternly for
or should rest upon some distinctive moral and the hard re-ascent.
Let us set ourselves squarely
economic basis; it is somehow so essential, public
against any dallying with even the thought of fur¬
and vital that ordinary considerations do not apply ther Governmental interferences, and against any
to it.
It is such a public utility that the public “extensions” and any needless delays. We cannot
should get their carrying done at “actual cost.” finish the labor of return immediately, but we can
Let us grant that for the moment, it has such a
begin it immediately, the beginning having as its
pleasant sound, suggestive of reduction in the prices first step the resolve not to fritter away another
of what the consumer (who is everybody) has to buy. day before taking up the fulfillment of the pledge
But producing comes first in the processes of in¬ of one year ago and putting the wisest minds we
dustry, since things must exist before they can be have .upon the work of carrying that out. Not
carried; therefore it is as plain as the largest nose on another inch of yielding, but every utmost effort to
the smallest face that the public should not “be get back to the path of sanity and safety and na¬
forced to pay more than the actual cost of” pro¬ tional honor.
duction of anything, and an easy corollary extends
the same conclusion to the processes of trading.
The output of the Transvaal gold fields: for No¬
Thus we come to this: that “the actual cost” should vember 1918, in conformity with the results for very
vhe the limit upon everything purchased, and that many preceding monthly periods, was of restricted
ance.
Every sin and
every
.
„
*
Due. 28
1918.]
TOE CHRONICLE
volume, end less than for the corresponding time of
all earlier years back to and including 1910. Fur¬
thermore, the yield was the smallest of any month
since February 1914. In other words, production,
as announced by cable, reached only 658,701 fine
ounces, or a per diem average of 21,957 fine ounces,
against 722,839 fine ounces and 24,095 fine ounces
in 1917 and 783,006 fine ounces and 26,100 fine
ounces in 1916.
The lowest daily average prior to
that shown above was 21,024 fine ounces in January
1914. This further reduction in output increases to
520,430 fine ounces the decline from a year ago—
7,779,414 fine ounces, comparing with 8,299,844 fine
ounces—while contrasted with 1916 the loss is 741,662 fine ounces. As it is to be presumed that the
part of Continental Europe has not been ended by
the close of the war. On the contrary, it will jbe
urgent for some time to come, but decreasing gradu¬
ally as the devastated lands are reclaimed to crops.
In the meantime, however, the vast amount of
material required for reconstruction work will in
great measure fall upon us to supply. That being
the case, and with more tonnage available, there is
little prospect of contraction of shipments in the
immediate future. The November total of exports
as expressed in value, not only exceeded
by a good
margin the aggregate for October but, due in part
to inflated values, is well above that of the cor¬
responding month in 1917, and consequently es¬
tablishes a new high record for the particular period
December result will be much in line with that of covered. Furthermore, notwithstanding the restricprevious months, there is reason to expect that the ive measures in force all through the year up to re¬
decline for the full year from 1917 will approximate cently, the eleven months outflow of goods ap¬
close to 575,000 fine ounces and from 1916 not far proaches closely to the high mark of last year. On
from 800,000 fine ounces. Consequently, with pro¬ the import side of the account the total for Novem¬
duction in the remainder of Africa (as indicated by ber is a new high record as is that for the longer
such returns as are at hand) also running behind, period.
the year’s final result for the whole of Africa promises
The value of the merchandise exports for Nov.
to be little, if any, greater than that of 1911.
1918 was $522,000,000; for the five months sauce
That the cotton mills of Great Britain have been
operated upon an exceedingly profitable basis in
1918, the situation, therefore, being analagous to that
in the United States, is clearly and conclusively at¬
tested by the usual annual compilation of Frederick
W. Tattersall of Manchester. We indicated in the
“Chronicle” of Nov. 16, page 1858, that the Fall
River cotton manufacturing industry had experienced
in 1918 a period of unprecedented prosperity and the
information now at hand by cable would seem to
furnish evidence of a like outcome for the mills of
Lancashire. At least that is the conclusion we arrive
by an analysis of the results for the last 35 years
(1884 to 1918, inclusive). Mr. TattersalFs latest
compilation covers 40 cotton spinning establishments
with equipment of 3,752,561 spindles, and all pro¬
ducing yam for sale in the market. The total profit
of the 40 companies, after allowing for depreciation
in plant and interest on loans, is found to be £576,134,
or an average per company of £14,403.
The sig¬
nificance of this latter item is greatly enhanced by
comparison with earlier years when conditions were
known to be favorable. In 1917 the average profit
per mill was only £5,085 and the single year in which
the return was appreciably above half that of 1918
was 1907, when it reached £13,211 per unit, that
having stood up to now as the high record. The
£576,134 profit noted above affords an average of
34 1-3% on the paid-up share capital of £1,677,709,
against 1334% in 1917 and 1134% in 1916, while on
paid-up and loan capital combined the return figures
out nearly 22%, against 8%% and 7)4%, respec¬
tively. Incidental to the compilation it is explained
the height of prosperity was reached in July and
August, when the spinners’ margin of profit was
abnormally wide. Prices now being realized are
at
much lower than three
The
or
four months ago.
foreign export trade of the United States for
November continued of extremely full volume, the
cessation of hostilities abroad, following the signing
of the armistice on the 11th, having been a factor
of no moment in the situation. In fact, under
July 1 the total has been a little over 2,610 millions
(a high mark) and for the eleven months of the
calendar year $5,585,000,000, these comparing with
$487,327,694 and 2,345 millions and $5,633,000,000
respectively in 1917, and with 51634 millions, 2,478
millions and 4,959 millions in 1916, while in 1913,
the year prior to the breaking out of war in Europe,
the results were but 245 millions, 1,085 millions and
2,251 millions.
Imports for the month, as already stated) were the
heaviest ever reported in November, reaching
$251,000,000, against $220,534,550 in 1917 and
$176,967,749 in 1916, with the five months’ aggre¬
gates 1,274 millions, 1,172 millions and 901*54 millions
respectively, and those for the eleven months
2,821 millions, 2,725 millions and 2,186% millions.
The net balance of exports of 271 millions for Novem¬
ber is 4 millions above that disclosed by the month
year ago and contrasts with only 198 millions in
1916. The five months’ export balance is 1,336
against 1,173 millions a year ago, but for the eleven
a
months at
2,764 millions is 144 millions under that
for the
The
period in 1917.
gold movement continues of contracted
proportions in either direction, the exports totaling
only $2,600,000 and the imports $2,100,000, leaving
a net inflow for the month of approximately $500,000,
and reducing to $21,000,000 the influx for the
eleven months. This contrasts with import balances
of $168,000,000 for the eleven months last year,
$399,550,345 in 1916 and $387,005,280 in 1915.
For the 53 months, since July 1 1914, our net gain
in gold has been $1,049,500,000.
Silver exports showed contraction dining Novem¬
ber, reaching $8,000,000, or about one-quarter of
the October total.
Against this there was an
inflow of $5,500,000, making the net outflow $2,500,000 and increasing to $138,000,000 the net export
for the eleven months of 1918. This compares with
35 millions in 1917.
foreign trade in November, while of
only moderately less Volume than in October, fell
considerably below the total for the like period a
existing conditions no great set-back could reasonably year ago, when there was established the highest
.be expected. The necessity of feeding a large record of any month in the historyjof the country.
Canada’s
[Voi>. 107.
THE CHRONICLE
2400
The contraction, however, was almost entirely in
the exports, the imports running a little ahead of
those of 1917. The chief factor in the curtailed
outflow of commodities was the decrease in ship¬
ments of agricultural products, although manu¬
With regard to the President’s visit to England, it is
surmised (still quoting a Paris correspondent) that
in addition to the social functions of his stay, the
occasion may arise for the discussion of important
subjects with British statesmen and the President is
factures, also, were sent out less freely. The No¬ prepared for such an eventuality. On Saturday in
vember trade statement covers a total of exports of Paris President Wilson took occasion in acknowledg¬
$119,161,003, which is not only 10 million dollars ing an honorary degree bestowed upon him by the
less than for October, but 69 millions smaller than for University of Paris, to reiterate his views as to the
the month of 1917 and barely 10 millions more than practicability and necessity of a league of nations.
in 1916. For the eleven months the efflux of goods He asserted that if the Central Powers had dared
reached $1,121,733,843, comparing with $1,399,- to discuss the purposes of the war for a fortnight, the
018,936 and $961,666,000 one and two years ago. war never would have happened, and he argued that
Imports for the month were $73,090,048, against it was for a league of nations to enforce just that
$72,708,439 and $72,690,000 respectively, and for kind of publicity and avert conflicts in the future.
the period since Jan. 1 aggregated $833,229,049 He said in part:
against $943,499,567 and $698,709,000. The favor¬
“My conception of the League of Nations is just
able, or export balance for the month this year is this: That it shall operate as the organized moral
$46,070,955, but in 1917 was phenomenally large, force of men throughout the world, and that when¬
due to the heavy grain shipments, standing at ever or wherever wrong and aggression are planned
or
this searching light of conscience
$114,607,076. For the eleven months of 1918, willcontemplated,
be turned upon them, and men everywhere will
the net exports have been of a value of $288,404,794,
ask, ‘What are the purposes that you hold in* your
against $455,519,369 for the like period a year ago heart against the fortunes of the world’?
and $262,957,000 in 1916. High prices have, as
“Just a little exposure will settle most questions.
in the United States, been an important factor in If the Central Powers had dared to discuss the pur¬
swelling the values of the Canadian shipments. poses of this war for a single fortnight, it never
This finds no better illustration than in the case of would have happened; and if, as should be, they
were forced to discuss it for a year, the war would
wood pulp of which the quantitative outflow for
the year
ended Oct. 31 1918 was only slightly
greater than for the corresponding period of 1915-16,
but the value
was a
little
more
President Wilson left Paris
than doubled.
on
Christmas Eve for
Chaumont, France, accompanied by Mrs. Wilson,
Rear Admiral Grayson and a small party. He
first visited, on Christmas Day, the American army
headquarters in Chaumont, where he took dinner
with the men at their mess and reviewed 10,000
American soldiers. At 6 o’clock in the evening he
left American headquarters for Calais, and on
have been inconceivable.
“So I feel that war is, as
has been said more than
to-day, intimately related with the university
spirit. The university spirit is intolerant of all the
things that put the human mind under restraint.
It is intolerant of everything that seeks to retard
the advancement of ideals, the acceptance of the
truth, the purification of life; and every university
man can ally himself with the forces of the present
time with tne feeling that now at last the spirit of
truth, the spirit to which universities have devoted
themselves, has prevailed and is triumphant.”
once
The President met Premier
Lloyd George and
Thursday morning embarked on a warship for Eng¬ Foreign Secretary Balfour at Buckingham Palace
land. The program calls for his return to Paris yesterday morning and it was stated at the con¬
from England on New Year’s Day, when it is ex¬ clusion of the conversation that there was distinct
pected the most necessary preliminary organization understanding between the parties to the conference,
work of the American commission in Paris will be which lasted an hour and a half. They departed
completed. The business of beginning peace nego¬ at once for Downing Street, where they lunched with
tiations may then get under way rapidly if the other other foreign statesmen. Besides Lloyd George and
Governments concerned have named their delegates. Secretary Balfour those present at the luncheon in¬
Official notification of the appointment of the various cluded Herbert Asquith, former Premier; the Chan¬
delegates will, it is believed, come within ten days, cellor, Bonar Law; Arthur Henderson and William
although it is realized that the British delegates Adamson, labor leaders; Lord Reading, Ambassador
may not be chosen until the new Government for¬ to the United States; Viscount Grey, the Marquis of
mally constituted after the count of the vote to¬ Crewe, Earl Curzon, Viscount Bryce, Viscount Morday. Press dispatches from Paris state that the ley and John W. Davis, American Ambassador to
question of the admission of German delegates to Great Britain. The program provided for a state
the Peace Conference still is undecided, while that dinner in the evening at which the President was to
of Russian representation has gone no further than meet other members of the Cabinet. Mr. Wilson
some informal discussions between the American expects to carry out his deferred
plan for visiting
commissioners and prominent Russians in Paris. the battle zone as soon as possible in order that he
Doubts are being expressed by some diplomats, may see where the Americans fought. It is possible
these dispatches say, that the conference can begin that he may go to Italy after his return to Paris,
work in the first week in January, as has heretofore final decision depending upon his conferences in
been expected. They are inclined to think that the London. He expresses the conviction that the people
first meeting may not be held before February.
of France are in complete sympathy with his peace
In that event the President’s plans would be some¬ ideas and he is anxious to come in contact with the
what disarranged because he has been hoping to Italian people to determine at first hand how they
return to the United States before Feb. 15 with
a
good deal accomplished in a preliminary way at
least. He will be ready to return to Europe in the
spring, but hopes that this may not be necessary.
stand.
Advices from Berlin
more
freely.
to be
coming forward
While the political atmosphere apseem
Dec. 28 1918.]
pears to be changing almost
nevertheless seems to have
2401
THE CHRONICLE
hourly, the “revolution”
undercurrent of sta¬ to cancel the Allied war debt in recognition of the
bility. German representatives have taken from Allied war services. No one attempted, apparently,
Cologne to Brussels 880,000,000 marks (about $91,- to substantiate this rumor. Mexican Eagle 00 direc¬
000,000) in gold which is being restored by Germany tors declared a dividend of 15%, making 25% for
to Belgium in accordance with the terms of the armis¬ the year, which compares with a total of 20% for
tice; this provided for the return of the cash deposit the year preceding. William Deacon’s Bank, Lon¬
of the National Bank of Belgium, which had been re¬ don, is increasing its capital to £10,000,000. It
moved by the Germans. The Krupp Company has proposes to issue £1 shares at £2 each and to
decided to omit its dividend this year. It declared give a bonus of £2 on the old shares, making
a dividend of 12% in each of the first two war years the latter £10 paid instead of £8.
When the opera¬
and 10% last year. It was announced at the divi¬ tion is completed the total paid-up capital will be
dend meeting that when the balance was struck at £2,562,000. Rapid growth in the bank’s business,
the end of June the directors decided to pay a 4% it is explained, has required the placing of its finances
dividend this year, part of which must be taken from on this enlarged basis.
the surplus of 1916. Recent developments, however,
have so unfavorably affected the economic situation
The British Government is following closely the
that the directors were unable to recommend the pay¬ policy of our own Government in its endeavor to
ment of any dividend.
restore promptly pre-war conditions in trade and
Several important regiments have openly joined industry. All the principal non-ferrous metals have
revolting sailors in Berlin and it was predicted in ad¬ now been released from Government control except
vices sent from Berlin late on Christmas night that aluminun, which is expected to be released very
an
nearly the entire Berlin garrison would support them,
thus leaving the Government without troops. A
large number of sailors also were reported to be ar¬
riving from Kiel to j in their comrades in Berlin.
Nearly 100 persons Vive killed in street fighting
which began in Berli on Tuesday morning. Her¬
man Molkenbuhr, former head of the soldiers’ sec¬
Prohibition on exports has been removed
large variety of articles except to Switzer¬
land, no explanation being furnished as to the reason
for this exception. The Manchester Ship Canal is
promoting a Parliamentary bill to increase its rates
75% to meet increased costs of operation. The
shortly.
from
a
British Cotton Control Committee has decided that
tion of the Execute e 3 ommittee of the Soldiers’ and the continuance of the system of levies is now un¬
Workmen’s Council, aas been appointed military necessary because of the Government assuming re¬
commander in Berlin,
sponsibility for the greater part of the “out of work”
payments which will have to be made in the next
Announcement has been made in Paris by Edward quarter year. The running
N. Hurley, Chairman of the United States Shipping is still subject to the Board’s
Board, that the Boa d has decided to create a per¬
manent world organization for the purpose of hand¬
ling the American trade fleet with the greatest effect¬
iveness. The Board will first open office • in London,
Paris and Rome, from which centres will be directed
ten or twelve other offices, such as Shanghai, Yoko¬
hama and Bombay in the East; Genoa in Italy;
Buenos Aires, Valparaiso and Rio Janeiro in South
America, and at Rotterdam and Antwerp. For
example, with vessels bringing supplies to Belgium
or France, it is of the greatest importance that there
should be a quick turn around. It may be of
advantage to re-route a vessel on this side to India
The London, Paris or Antwerp
or to South Africa.
offices would have precise information and be able
to consign a ship without delay for its most efficient
The subordinate centres are essential properly
use.
to direct the national fleet.
They will be managed,
it is stated, by practical shipping men, who will be
assigned to their posts from the United States.
Financial London has been celebrating a Victory
Christmas holiday this week. President Wilson’s
visit undoubtedly has added greatly to the enthusi¬
asm.
The banks and the various exchanges closed
down on Tuesday night and will not reopen until
of machinery, however,
license, while conditions
regarding the amount of machinery allowed remain
unaltered. The Committee on Financial Facilities
for post-war trade have completed their preliminary
report, which recommends resumption of the gold
standard as soon as
inflation caused by
possible and the reduction of
short-dated Government bor¬
rowing. It also recommends that the banks ac¬
cept long-dated fixed deposits extending even as
long as five years, so as to enable them in time to
give long credit when desirable. A Central News
cable states that the Government committee’s report
on the production of gold negatives the proposal to
the Empire’s output by subsidizing pro¬
It recommends that the Government super¬
encourage
ducers.
gold mining development and allocate labor
equitably. The report says that to pay more for
gold than it is worth in currency is not sustainable
except on the supposition of gold to be unavailable
for export. The committee sees no use in acquiring
gold for such purposes, but expects that sufficient
gold will be forthcoming to adequately strengthen
vise
reserves.
The British election returns will be counted
to-day
It is expected confidently that a
majority will be shown. By their
steady increase the sales of the continuing issue of
Monday morning. By special proclamation, Janu¬ war bonds still are reflecting the prevailing belief
ary 1st has also been declared a bank holiday, and that a new issue at a lower rate of interest will be
there will likewise be the usual Stock Exchange announced as soon as the new Government assumes
holiday on that day. Hence, the news of a distinc¬ control of the country’s finances. Last week’s
tively business nature that has come forward by sales of bonds through the banks amounted to
cable from London has been scant, which has, how¬ £24,114,000, against £23,537,000 the week preceding
ever, been compensated for by President Wilson’s and £20,711,000 the week preceding that. The
visit and his important conferences and functions, as London correspondent of the “Journal of Commerce”
noted in a preceding paragraph. A rumor has been cables the rumor that the Government may offer
(Saturday).
decisive coalition
THE CHRONICLE
2402
[Vol. 107.
bearing 4J^%, but against £12,592,000. War bonds amounted to
has been definitely £23,095,000, in comparison with £18,441,000. Ad¬
arranged as yet. A big loan of this character is vances reached a total of £9,000,000, comparing
much preferred in financial London to the policy with £12,000,000 the week before. Sales of Treas¬
of continuous sale at present in operation. Financial ury bills equaled £67,900,000, against £83,629,000
critics argue that war borrowing should end as soon the previous week. Treasury bills outstanding indi¬
cated a further substantial reduction, having de¬
as possible so as to permit other capital issues to be
marketed freely. The sales of war bonds through clined to £1,118,718,000, which compares with
the banks up to last Saturday reached the total of £1,120,281,000 a week ago. Exchequer balances
£1,371,359,000. Through the Post Office Depart¬ now stand at £8,604,000. Last week the total was
at say 85 a big fifty-year loan
it is not believed that anything
ment the sales for the week
of Dec. 9
£707,000,
bringing the total through this channel up to £47,212,000, and making the grand total of this issue
reported thus far £1,419,571,000. Sales of Treasury
certificates for the week amounted to £3,229,000,
bringing the total up to £273,870,000.
The money situation in London is showing an easier
tendency. Sentiment regarding the nationalization of
the British railways is so confused as to render it im¬
possible to strike any satisfactory balance to represent
were
The attitude of stockholders, if
is said to be one of indiffer¬
The
ence, because they are tired of labor disputes.
London correspondent of the “‘Evening Post” de¬
clares that the increase of wages during the war
means railroad bankruptcy unless there is a great
rise in rates, which in turn would be prejudicial to
trade. The correspondent predicts that the pressure
of the labor elements will probably bring about
nationalization quickly, and it is predicted in London
majority opinion.
assured fair treatment,
that America will await the result of the
English
experiment. Continuance of the restrictions on
British exports of capital will, the same correspondent
adds, prevent an early repurchase of American
securities by British investors. There are reported
to be interesting indications in London, that American
investors are desirous of placing their money in
British industries. The formation in London of the
Iron & Steel Exchange, Ltd., by a group of some
40 leading British firms is announced. The Exchange
has rented the great Pillar Hall of Cannon Street
for its offices.
A demand for a working week of 44 hours at the
present scale of weekly wages has been presented
£8,372,000.
re-establishing the free sale and use of
petroleum beginning Jan. 1 has been promulgated
in Paris. The decree also permits the free sale and
use of automobiles, except those not licensed for
commercial purposes, which are still subject to cer¬
A decree
tain restrictions. The Germans have returned
stocks taken from the banks in northern France
amounting approximately to 6,000,000,000 francs.
Several safes weighing 5 to 7 tons each, which the
Germans did not open and are now in Brussels,
are to be taken back shortly to Valenciennes.
The
French Commission charged with inventorying
German thefts in northern France and Belgium have
established headquarters at Spa, Belgium.
Press dispatches from Paris state that the Victory
Christmas celebration in that city varied very little
from that of Christmas days during the war. The
authorities maintained the ban on the traditional
midnight suppers on the ground that they were a
mere waste of food and lighting material which
could ill be spared at present. Some of the more
expensive restaurants evolved a scheme for starting
a meal at 8:30 o’clock in the evening and extending
it well into the night, but they were informed that
police would be posted outside to see that all the
customers left at the regular closing time of 9 p. m.
Paul F. Milukoff, former Russian Foreign Minister,
who was accused last July of Germanophile leanings,
has been advised to leave Paris on the ground that
his presence was “believed not to be necessary.”
Professor Milukoff obtained a passport for France
at Constantinople by mistake.
to the managers
of municipal and privately owned
tramways of the United Kingdom by the National
Transport Workers Federation. Members of the
Federation of Engineering and Shipbuilding Trades
are voting on the proposal of a 47-hour working
week at the present weekly wage. The proposition
was put to a vote following a conference between the
representatives of workmen and their employers.
Latest returns show 286,545 in favor of the proposal
and 146,526 against it.
British
revenue
returns for the week ended Dec. 14
slightly below those of the week preceding;
nevertheless, the total income exceeded expenditures,
and there was an increase in the Exchequer balances
for the week of £232,000. The week’s expenses
totaled £53,003,000 (against £49,225,000 for the
week ending Dec. 7), while the total outflow, includ¬
ing repayments of Treasury bills and other items,
was £132,408,000, compared with £143,126,000 a
week ago. Receipts from all sources equaled
£132,641,000, as against £142,887,000 in the week
preceding. Of this total, revenues contributed
£10,996,000, in contrast with £13,727,000 last week;
war savings certificates were
£1,400,000, against
£2,300,000, and other debts incurred £19,950,000,
were
changes in official discount rates at leading
European centres have been announced from 5%
in London, Paris, Berlin, Vienna and Copenhagen;
5J^% in Switzerland; 6% in Petrograd and Norway;
6J4% in Sweden, and 4J/£% in Holland and Spain.
In London the private bank rate continues to be
quoted at 3 17-32% for sixty days and ninety days.
Call money in London remains at 3%. So far as can
be learned, no reports have been received by cable
of open market rates at other European centres.
No
The Bank of
England this week announced another
gold item of £506,053. This, however,
was offset by a gain in note circulation of £1,343,000,
and resulted in a contraction of £837,000 in total
reserve.
The proportion of reserve to liabilities
again declined, to 15.78%, against 16.26% last week
increase in its
and 18j^% a year
reduced £5,225,000,
agoPublic deposits were
but other deposits expanded
£5,152,000, and Government securities increased
£1,850,000. Loans (other securities) registered a
reduction of £1,077,000. Threadneedle Street’s
gold holdings aggregate £79,110,764, as against
£58,337,469 in 1917 and £54,304,915 the year before
that. Reserves now stand at £27,253,000, which
Dec. 28 1918.]
compares
THE CHRONICLE
with £30,843,500 last
year
and £33,079,380
in 1916.
Loans total £92,148,000. A year ago the
total was £94,888,724, and in 1916 £106,461,404.
Clearings through the London banks for the week
£368,640,000, in comparison with £442,220,000
last week and £249,077,000 a year ago. 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:
were
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1917.
1916.
1916.
1914.
Dec. 26.
Dec. 26.
Dec. 27.
Dec. 29.
Dec. 30.
£
£
£
£
£
Circulation
70.306,000 46,943,965 39,675,635 35,309,255 36,139,180
Public deposits
23,642,000 42,009,347 62,116,381 49,677,317 26,932,515
Other deposits
149,036,000 124,161,430 126,726,657 111,972,657 128,055,376
Govern’t securities. 71,105,000
58,303,023 57,187,707 32,840,016
14,807,551
Other securities
92,140,000 94,888,724 106.46f,404 112,075,710 106,236,107
Res’ve notes A coin. 27,253,000
30,843,500 33,079,380 34,617,152 51,804,430
Coin and bullion... 79,110,764
58,337,469 54,304,915 51,476,407 69,493,610
Propor’n of reserve
to liabilities
15.78%
18.56%
18.49%
21.41%
33.42%
Bank rate
5%'
5%
6%
5%
5%
2403
to
1,193,701,000 marks. Other securities expanded
41,927,000 marks, investments 1,356,000 marks
and other liabilities 412,889,000 marks.
Advances
were reduced 1,078,000 marks.
The Bank's stock
of gold is reported at 2,304,477,000 marks. This
compares with 2,404,680,000 marks last year and
2,518,880,000 in 1916. Note circulation aggregates
19,664,958,000 marks, as against 10,691,040,000
marks last year and only 7,571,520,000 marks in 1916.
Last week's
statement of New York associated
banks and trust companies, issued on Saturday,
made a rather better showing, there having been
a reduction in 'oans and a moderate increase in sur¬
plus. Government deposits this week increased from
$167,006,000, to $248,239,000. Net demand de¬
posits expanded $37,831,000, to $3,917,330,000
(from which has been deducted the $248,239,000 of
Government deposits). Net time deposits declined
$5,310,000, to $135,859,000. Loans were contracted
$20,805,000. Cash in vaults (members of the Fed¬
The Bank of France in its weekly statement con¬
eral Reserve Bank) increased $5,543,000, to $109,tinues to show gains in the gold item, the increase
832,000 (not counted as reserve). Reserves in the
this week being 4,116,000 francs. The Bank's total
Federal Reserve Bank of member banks showed an
gold holdings now amount to 5,477,568,500 francs, expansion of
$24,088,000, to $557,846,000, while
comparing with 5,351,524,807 francs in 1917 and the reserves in own vaults
(State banks and trust
5,075,914,560 francs the year before; of these
companies) gained $246,000, to $10,430,000, and
amounts 2,037,108,484 francs were held abroad in
reserves in other depositaries (State banks and trust
1918 and 1917 and 1,693,087,732 francs in 1916.
companies) increased $308,000, to $9,230,000. The
During the week Treasury deposits were increased gain in aggregate reserves totaled $24,642,000, thus
70,306,000 francs and bills discounted were aug¬
bringing the amount to $577,510,000, against
mented by 74,359,000 francs. Trade advances, on
$542,474,000 held at the corresponding date last
the other hand, fell off 1,488,000 francs, silver was
year.
Reserve requirements expanded $4,819,760;
decreased by 153,000 francs and general deposits
hence the increase in surplus was cut to $19,822,240,
diminished by 85,480,000 francs. An increase of
and the total of excess reserves now stands at $59,750,000,000 francs in advances to the Government
691,750, as compared with $77,241,210 last year.
is accounted for in an official note issued by the
These figures are based in both instances on reserves
French Minister of Finance by operations in progress
of 13% for member banks of the Federal Reserve
in exchanging German marks for francs in Alsacesystem (but not counting cash held by these banks,
Lorraine. Note circulation registered the large ex¬
which in the present year amounts to $109,832,000).
pansion of 978,388,000 francs, this being evidently Circulation
aggregates $35,816,000, a gain of $118,connected with the same circumstance. The total
amount of notes outstanding is brought up to 30,249,612,000 francs. In 191*7 and 1916 the amounts
22,336,798,710 francs and 16,678,817,915 francs,
respectively. In 1914, immediately preceding the
outbreak of war, the total outstanding was 6,683,184,785 francs, while in 1918, just prior to the signing
of the armistice with Germany, the amount stood at
30,821,245,000 francs. Comparison of the various
were
items with the statement of last week and
sponding dates in 1917 and 1916
are as
corre¬
follows:
or
Gold Holdings—
In France
Abroad
Week.
Francs.
Inc.
4,116,000
No change
Francs.
3,440,460,016
2,037,108,484
Dec. 27 1917.
Francs.
3,314,416,322
2,037,108,484
Dec. 28
1916.
Francs.
3,382,826,828
1,693,087,732
4,116,000 5,477,568,500 5,351,524,807 5,075,914,560
318,347,446
153,000
247,657,246
294,869,186
Bills discounted...Inc. 74,359,000
911,962,359
1,046,274,600
619,525,000
Advances
Dec. 1,488,000 , 1,21&,613,500
1,224,798,045 1,317,753,342
Note circulation...Inc.978,388,000 30,249,612,000 22,336,798,710 16,678,817,915
Treasury deposits..Inc. 70,306,000
111,683,000
251,859,293
15,009,122
General deposits...Dec. 85,480,000
1,366,197,000 2,913,740,854 2,260,223,861
Total
Silver
Inc.
Dec.
The
Imperial Bank of Germany reports the fol¬
lowing changes for the week of Dec. 14: A decrease
of 3,325,000 marks in total coin and bullion; 3,406,000
marks in gold and 251,000 marks in notes of other
banks. Treasury notes showed the large expension
of 286,980,000 marks, while bills discounted regis¬
tered the enormous increase of 2,111,298,000 marks.
Note circulation was also heavily increased, viz.,
830,337,000 marks, and deposits which mounted
given
subsequent section of the “Chronicle."
The money position presents no important new
features. The 3J^% rate for call loans of last week
has not been repeated. But funds have been avail¬
able for all purposes, and it would not be fair to
that the dulness which has taken possession
of the market for securities is due primarily to the
curtailment of Stock Exchange banking accom¬
assume
long a
Stock market operators now are alive to the
seriousness of the reorganization problem and are
not disposed to permit the natural enthusiasm
attending peace to encourage them to participate in
large commitments for a higher range of prices for
stocks and bonds. There is no question that the
Money Committee was successful in its plan for
preventing a runaway market when the armistice
so suddenly ended hostilities.
But enthusiasm now
so
period.
Status as of
Dec. 26 1918.
a
modation which has been in effect for
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
The bank statement in fuller detail is
000.
in
up
has had time to reconcile itself to facts and the
restraints upon Stock Exchange members in the matter
of keeping their own lines below the levels of Sep¬
tember
nominal in their operation
to-day than real. The Money Committee has not
formally disbanded. It holds itself in readiness to
take such measures as may be found necessary
whenever the speculative spirit threatens to develop
on
appear
active lines.
more
A similar condition is that of the
[Vol. 107.
THE CHRONICLE
2404
Capital Issues Committee at the national capital serve banks. Prevailing rates for various classes of
which has not definitely wound up its affairs but has paper at the different Reserve banks are shown in the
decided that necessity no longer exists for further following:
DISCOUNT BATES OF FEDERAL RESERVE BANKS.
meetings. It stands ready, however, to reassemble
at the call of its Chairman and will promply impose
i
I
6
restrains upon the issue of new capital if there should
CLASSES
or
t
arise too severe competition with the Government's DISCOUNTS AND LOANS
1
demands for investment funds. It is to be expected
as
I
1
i
that the removal of these restrains by the committee
Discounts—
Within 15 days, incl. member
4
4
4
4
will be followed by a series of capital applications
4H 4H 4H 4Ji
banks’ collateral notes
4* 4H 4H 4
4H 5
16 to 60 days' maturity— 4 H 4H 4H 4H 5
4H 4H 4H 4K 5
5
5
5
61 to 90 days' maturity... 4 h 4K 4H 4 H 5
4H 4« 4H 5
by railroads and other large concerns with whom Agricultural
and live-stock
5H 5H 5
5
5
5
5H 6H 5H 5H 5 H 5H
new financing
paper over 90 days
has not been possible during the Secured
by U. S. certificates
Indebtedness
of
Lib¬
period of our practical participation in the Great
erty Loan bonds—
Within
15
days,
including
War. Preparations are, of course, in active progress
member banks’ collat¬
A
*
11 |
I ,
i
l
or
for the accumulations of New Year dividend and
interest payments. These, however, should be
completed in a few days and with the general caution
which is displaying itself in industrial and business
circles generally it is considered probable in banking
circles that further relaxation will mark the position
of money until active preparations are again neces¬
sary for the Government's fifth war loan.
Dealing with specific rates for money, call loans
this week ranged between 4 and 6%, as compared
with 3%@5% a week ago. Monday 5% was the
highest, with 4% the low and ruling rate. Tuesday
the maximum was advanced to 6%, though renewals
were made at 5%, and the minimum was still 4%.
Wednesday was a holiday (Christmas Day). Thurs¬
day there was no range, 6% being the only rate
quoted all day. On Friday rates were not changed
from 6%, which was the high, low and also for
renewals. These figures refer to loans on mixed
collateral. “All-industrials" continue to be quoted
at% of 1% higher. For fixed maturities a definitely
easier trend was noted.
better supply and some
low as 5%% for thirty
Loanable funds
were
in
loans were reported at as
days. Sixty and ninetyquoted at 5%%, against 5%@
day money is now
5%%, four months at 5%@6%, against 6%, and
five and six months at 6%, unchanged. Trading,
however, was not important. The opinion is ex¬
pressed in banking circles that except for pending
heavy Government withdrawals, a still further
relaxation in money might be looked for. A favoring
influence was the publication of the national bank
report showing resources of almost $20,000,000,000.
Last year sixty days was quoted at 5%%, ninety
days at 5%@5%%, and four, five and six months
at 5%@6%.
Commercial paper rates were not changed from
5%@6% for sixty and ninety days' endorsed bills
receivable and six months' single names of choice
character, with New England mill paper reported
at 5%%.
Names not so well known still require
6%. A fair degree of activity was reported, with
a good demand for the best names.
Banks' and bankers' acceptances were in demand
fair volume of business
account.
Brokers reported a
and
a
was
eral notes
16 to 90 days’ maturity...
Trade Acceptances—
1 to 60 days’ maturity
61 to 90 days’ maturity
4
4
4
*4 H 4
4
4
4H
4
4
*4X 4
*4 H 4K 4X 4 H HH *4 K *4H *4 H 4 H *4 X 4« 4 H
4H 4H 4H 4H *4 H 4H 4H 4H 4H 4H 4H 4M
4H 4H 4H 4H 4 H 4H 4H 4H 4H 4H 4H 4M
1 Rate of 3 to
4H% 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 4K%: and within 61 to 00 days, 4H%.
* Rate of
4% on paper secured by Fourth Liberty Loan bonds where paper re'lleeounted has been taken by discounting member banks at rate not exceeding
Interest rate on bonds.
•Rate for trade acceptances maturing within 15 days, 4M%.
a Fifteen days and under. 4H%Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate Is higher than the 15-day dis¬
count rate,trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application is made by member banks for renewal of ifr-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 00-day
paper of the same class.
extended comment
light and changes in rates
have had no real significance. In fact, quotations
remained pegged and are likely to continue so until
the general international financial problem is taken
up after the declaration of peace.
Referring to the
more detailed quotations, the market on Saturday
was quiet but steady and not changed from 4 7580@
4 75 13-16 for demand, 4 76 9-16 for cable transfers
and 4 73%@4 73% for sixty days. Monday's open¬
ing was firm with a moderate inquiry recorded; de¬
mand ranged at 4 7580@4 7582%, cable transfers
at 4 76 9-16 and sixty days at 4 73%@4 73%. Pre¬
holiday dulness ruled on Tuesday and the market a
good part of the time was practically at a standstill,
with rates pegged at the levels of the day preceding.
Wednesday was a holiday (Christmas Day). A
slightly easier tone developed on Thursday and de¬
mand receded fractionally to 4 75 13-16, and cable
transfers to 4 7655@4 76 9-16; sixty days, however,
were not changed from 4 73%@4 73%.
On Friday
the market ruled quiet and about steady, with rates
still unchanged. Closing quotations were 4 73%@
4 73% for sixty days, 4 75%@4 75 13-16 for de¬
mand and 4 76%@4 76 9-16 for cable transfers.
Commercial sight bills finished at 4 75%@4 75%,
sixty days at 4 72%@4 72%, ninety days at 4 71%
@4 71%, documents for payment (sixty days) at
4 72@4 72%, and seven-day grain bills at 4 74%@
4 75.
Cotton and grain for payment closed at
4 75%@4 75%.
There were no imports or exports
of gold recorded during ,the week.
Sterling exchange merits
no
since transactions have been
done for local
distinct broadening
Dulness remained the
outstanding feature of opera¬
exchanges this week, which
was not surprising in view of the interruption of the
loans on bankers' acceptances continue to be quoted Christmas
holidays. Trading was reduced to mini¬
at 4)4•
Detailed quotations follow:
mum proportions.
Variations in rates were unim¬
Spot DeHsery
Delivery
Ninety
Sixty
within
Thirty
portant. The undertone, however, was firm, with
Days.
Daps.
Days.
SO Days
the
trend toward higher levels. French exchange
Eligible bills of member banka
4$£@4M 4%@4% 454 @4
4% bid
of operations among the out-of-town institutions.
The tone was. steady and rates unchanged. Demand
Eligible bills of non-member banks
Ineligible bill*.
4HO4%
6H@5
4H@4J*
SHOft
No changes in rates, so far as our
have been made the past week by
4J4@4H
5H@5
4%bid
0
bid
tions in the Continental
was
well maintained.
Lire ruled without altera¬
tion, while the situation in ruble exchange re¬
knowledge goes, mains as heretofore. Quotations for reichsmarks
the Federal Re¬ and kronen
are
still unobtainable.
Among
more
im-
Dec.
281918.]
portant of the
THE CHRONICLE
rulings recently promulgated by
the Division of Foreign Exchange of the Federal
Reserve Board, is a provision expressly prohibiting
dealers in foreign exchange from transferring funds
to foreign countries for the purpose of purchasing
securities, or making investments of any nature
whatsoever, for their own account or that of other
persons, except the building up of deposit accounts
in connection with their regular foreign exchange
business, without first obtaining the approval of the
Division of Foreign Exchange. Until otherwise in¬
structed, dealers are likewise prohibited from issuing
letters of credit, or making transfers of funds for the
purpose of purchasing goods to be held in ware¬
house for future and indefinite shipment.
new
urn
Far Eastern rates
follows:
Hong Kong,
80@80% (unchanged); Shanghai, 124@124}4 (un¬
changed); Yokohama, 52%@53 (unchanged); Man¬
ila, 5034®5034? against 5034®5034; Singapore,
56%@56% (unchanged); Bombay, 36%@36% (un¬
changed), and Calcutta (cables), 36%@37 (un¬
changed)
are
as
.
The New York
Clearing House banks, in their
operations with interior banking institutions, have
gained $3,688,000 net in cash as a result of the cur¬
rency movements for the week ending Dec. 27.
Their receipts from the interior have aggregated
$8,014,000, while the shipments have reached $4,326,000. Adding the Sub-Treasury and Federal Re¬
serve operations, which together occasioned a loss of
The official London check rate in Paris finished at $65,270,000, the combined result of the flow of
25.97J^, which compares with 25.98 a week ago. In money into and out of the New York banks for the
week appears to have been aloss of $61,582,000, as
New York sight bills on the French centre closed at
follows:
5 45J^, against 5 4534; cables at 5 44%, against
Week ending Dec. 27.
Into
Out of
Net Change In
5 45; commercial sight at 5 46%, against 5 46%, and
Banka.
Banka.
Bank Holdinga.
commercial sixty days at 5 5134 against 5 5134 last Banks’ Interior movement
J8.014.000
*4.326,000 Gain *3,688,000
week. Lire finished at 6 36 for bankers7 sight bills Sub-Treas. and Fed. Res. operations 32,418,000 97,688,000 Loss 65,270,000
Total
340,432,000 $102,014,000 Loss *61,582,000
and 6 35 for cables, unchanged. Rubles continued
to be quoted nominally at 14 for checks and 15 for
The following table indicates the amount of bullion
cables. Greek exchange ramains as heretofore at in the principal European banks:
5 16J4 for checks anf 5 15 for cables.
Dec. 25 1918.
Dec. 26 1917.
As to the neutral exchanges, trading was of a
Gold.
Gold.
Saver.
SOver.
Total.
Total.
listless character, though increased firmness devel¬
£
£
£
£
£
£
79,110,764
79,110,764 58,337,469
58,337,469
oped, largely as a result of continued buying on the England..
France*.. 137,618,400 12,736,000 150,353.400 132,676,652
9,880,000 142,456,652
Germany. 115,223,850
1,014,910 116,238,760 120,249,800
8,218,850 128,468,650
part of speculative interests abroad. Swiss exchange Russia*..
129,650,000 12,375,000 142,025,000 129,650,000 12,375,000 142,025,000
Aus-Hunc
11,008,000
2,289,000 13,297,000] 11,008,000
2,289,000 13,297,000
showed a further advance of 5 centimes. Copen¬
89,131,000 25,855,000 114,986,000 78,657.000 28,600,000 107,257,000
Spain
Italy
38,439,000
3,200,000 41,639,000 33,352,000
36,399,000
hagen, Stockholn and Christiania remittances were Netherl’ds 67,653,000 600,000 58,253,000 58,292,000 3,047,000
569,600 58,861,600
Bel.h 15,380,000
600,000 15,980,000 15,380,000
600,000 15,980,000
firm and higher, while pesetas ruled strong. Guild¬ Nat.
Swlts’land 17,375,000
17,375,000 12,006,000
12,006,000
Sweden
15,474,000
15,474,000 12,302,000
12,302,dOO
ers were steady, though without important change.
Denmark. 10,335,000
130,000 10,465,000
9,922,000
147.000 10,069,000
Norway..
6,734,000
6,734,000
6,332,000
6,332,000
Bankers7 sight on Amsterdam finished at 4254,
Tot .week. 723,132,014 58,798,910781,930,924 678,064,921 65,726,450!743,791,371
against 4254; cables at 42%, against 4254; commercial Prev.week 722,631,621 58,849,860781.481,481 677,312,064 64,620,850741,932,914
holdings of the Bank of France this year are exclusive of £81.484,340
sight at 42 9-16, against 42 9-16, and commercial held Gold
abroad.
No figures reported since October 29 1917.
sixty days at 42 3-16, against 41 15-16 on Friday
Figures for both years are those given by "British Board of Trade Journal”
of the preceding week. Swiss exchange closed at for6 Dec.
7 1917.
h August 6 1914 in both years.
4 80 for bankers7 sight bills and cables at 4,77,
compared with 4 86 and 4 83, the week before.
THE PLACE OF THE PAST YEAR IN
Copenhagen checks finished at 26.8734 and cables
HISTORY.
at 27.12%, against 26.80 and 27.00.
Checks on
Sweden closed at 29.1234 and cables 29.0734? against
From the mere fact that it marked the conclusion
29.10 and 29.30, while checks on Norway finished of the greatest of all wars, the year which ends next
at 27.8734 and cables 28.1234? against 27.80 and Tuesday will necessarily have a notable place in
28.00 last week.
Spanish pesetas closed at 20.00 for history. Yet, since the war was bound to end some
checks and cables at 20.10. This compares with time, the actual place which 1918 will hold hereafter
19.97 and 20.05 a week ago.
is likely to depend on many circumstances which
Regarding South American quotations, the rate have not yet unfolded. The American people do
for checks on Argentina finished at 45.10 and cables not nowadays look back at 1865 as a landmark
at 45.25, as compared with 45.10 and 45.25.
For and turning-point in our history. The subsequent
Brazil the check rate declined to 26.60 and cables to ten or fifteen years showed that the larger tendencies
26.75, against 26.75 and 27.00 a week ago. Ch lian in our national development pursued exactly the
exchange is quoted at 10 7-16d., with Peru still at same course after the termination of the Civil War
50.125@50.375. The Federal Reserve Board an¬ as in the three or four preceding years.
nounces
that pursuant to arrangements effected
The really pivotal twelvemonth came in 1879,
with it the Peruvian Government is prepared to when the economic fortunes of the United States,
furnish up to the amount of $15,000,000 Peruvian and with them very largely its political tendencies,
exchange required to pay for commodities imported took a new direction. Probably the English people
from Peru to the United States. Such exchange of 1814 imagined that year, after Napoleon7s abdi¬
may be obtained by American importers (through cation and the ending of twenty years of war, to be
their banks in the United States), and by such one of the most notable in history; and so in many
banks by the deposit (through the Federal Reserve respects it was. Yet the war was unexpectedly
bank of their respective districts) with the Federal renewed during 1815, and even after Waterloo the
Reserve Bank of New York to the credit of the putting into effect of the decisions of the Congress
Junta de Vigilancia de la Emision de Cheques of Vienna soon showed that, whatever else could be
Circulares of Peru of $5 0134 for each Peruvian said of either year, neither marked a change of
pound desired and the payment, in addition of a direction in the tendencies of government or in the
commission of 1-20 of 1% and cable charges.
general character of history.
?
,
•
*
THE CHRONICLE
2406
In other
words, it is
never easy
to obtain the true made in
perspective until much later in such a period. The
judgment of history would probably classify 1788,
when the American Constitution was adopted, as
for that reason a far more important landmark than
1776, the year of Independence. But 1789 with its
French Revolution, and 1688 when the English Con¬
stitution was established, stand out to-day as his¬
toric occasions fully as important, even when judged
in the light of subsequent history, as they were con¬
sidered by the people of the day.
When all this is said, the fact remains incontestable
that 1918 is in any case certain to be remembered
in the long future as one of the most extraordinary
years of modern history.
Its paramount event was
manifestly the surrender of Germany. Yet the
mere occurrence of that event can already be seen
to have been far less significant than the manner in
which it occurred, the social conditions which it
showed to exist, and the sequel which it instantly
involved in the political institutions of Central
Europe. This part of the history of 1918 is not less
memorable from the fact that no such sweeping
and comprehensive change from the old order of
things had been predicted or imagined. That
Germany would lose the war, that she would have
to sue for terms on her enemy’s conditions, and that
she would forfeit, perhaps for many generations,
her place as the foremost political and military
Power of the Continent, had been the belief of many
competent observers, since the early stages of the
war.
The same careful watchers of the signs of the
time had been inclined to hold that social and
numerous
(VOL. 107.
Allied circles, not only of the cap¬
ture of the
city but even of the collapse of France
through physical and economic exhaustion. People
who then adopted those gloomy views have not re¬
pudiated them even now. The case in March and
May, they still tell us, was nearly desperate, but the
situation was saved by the arrival of the Americans
in the nick of time, and by their wholly unexpected
display of fighting qualities.
The explanation gratifies our national pride. Yet
the striking fact in the disclosures from the German
side, since the armistice was signed, is that no such
expectation of a conclusive victory over Paris and
the Allies appears to have been entertained in Ger¬
man imperial and military circles, even when Ludendorff was at the height of his seeming success. This
testimony is all but unanimous to the effect that the
drive into France was a desperate effort, whose
failure nearly every responsible German authority
expected; that the apparently irresistible German
army was in reality using up with the utmost reck¬
lessness the last reserves of its man power and
munitions, and that its end as a formidable fighting
machine could not in any case have been delayed much
longer. Here is a diametrical conflict of opinion.
It does not even rest on agreement with or dissent
from the theory held by many French military
writers, that the German generals, from the elder
Von Moltke down, have only been good quarter¬
masters, never inspired strategists.
Whatever the conclusion of history on this, the
real situation and possibilities in the early campaigns
of 1918, the result proves clearly that the crumbling
away of Germany’s morale—economic and political,
and therefore military—had already gone so far that
reversion to the old order of things was in any case
bound to be impossible.
We now know that the
year 1918 was witnessing, even in the spring and
summer, the absolute downfall of a political system
which had been the dominant fact in European
history during more than half a century.
political disorder, possibly some kind of revolution
would occur in the Teutonic States
as a longer sequel to defeat.
But no one had at any time ventured the prediction
that every imperial, royal and princely house of th$
Central Empires would be forced to abdicate within
two days after the preliminary armistice had been
signed, and before even the permanent terms of
As to what will be the inference from the events
peace had been drawn up by the Allies.
Exactly
what that extraordinary series of events portends of this remarkable
year, in regard to the status and
to the future history of Europe can no more be
political fortunes of other peoples, a much longer
surely predicted to-day than similar conclusions lapse of time may be required to answer the ques¬
in government,
could have been drawn in 1917 from the Russian
tion.
That France has for
a
second time vindicated
Revolution—which, as a matter of fact, most people her right to a high place in the social and political
have been disposed to regard as an incident rather development of the
century, and that the British
than a determining fact in European politics. But
Empire is a greater political power, and perhaps, in
the sudden downfall of the whole system of feudal the
long run, a greater economic power than it was
aristocracy in Central Europe can hardly fail to in 1914—these seem to-day to be logical conclusions.
foreshadow very marked changes in the character
Subsequent history may emphasize or it may modify
and direction of history.
them. Very definite conclusions regarding the
When the year 1918 is reviewed in the light of the United
States, after rts immense display of financial,
successive occurrences which marked its progress,
economic, naval and military power at this year’s
what must first impress
most minds is the supreme crisis of the war, are plainly being drawn in
total change within the compass of two or three
Europe—which is to-day manifesting a belief, as to
months, in the world’s attitude and expectation re¬ our future place in history, even more enthusiastic
garding the European war. We shall probably have than that which has been asserted by the American
to wait for the full disclosures and investigations of
people themselves.
history to determine finally just how critical, in the
THE DEFENSE OF LIBERTY.
light of the fortunes of the Allies, the situation actu¬
The great historian of the 19th century, Lord
ally was at the climax of Ludendorff’s drive. We
have had abundant testimony of the frankest sort Acton, a thorough Liberal, called attention to the
to the effect that the Allied Governments, notably fact that the principle of Equality, which the French
England, looked at the movement of events with the Revolution set in the central position in its exaltation
gravest apprehension, .Sir Douglas Haig had him¬ of “Liberty, Equality and Fraternity,” endangered
self in April described his army as “fighting with its Liberty.
back to the wall.” Paris was being abandoned by
In his review of May’s “Democracy in Europe”
many of its civilian residents, and predictions were in the “Quarterly 'Review” of January 1878 he
Dec. 281918
]
THE CHRONICLE
pointed out this contrast with the American Revo¬
lution, with its declaration of the right to “life,
liberty and the pursuit of happiness,” drawing the
moral that “a revolution with very little provocation
may be just, and a democracy of very large dimen¬
sions may be safe;” adding this, “the defect in the
principles of 1789 was that they exalted equality
at the expense of liberty, and subjected the free will
of the individual to the unbridled power of the
State.”
We have ample illustration of the truth of this
statement in the form of the revolutionary movement
which is sweeping over Europe. It is essentially
a class movement, and of the class that is most
completely under the influence of the doctrine of
equality. Its aim is to establish for all its own
level. It has little concern with leveling any up,
its whole aim is to level all who are above it down.
The principle which, with perhaps very imperfect
2407
principles for itself, as well as for
others, and it must justify and defend them.
“Camouflage” is a popular and convenient term fo*
defense against a declared enemy; it is of no use
against wolves that come in sheeps’ clothing.
We can accept the ideal of democracy defined as
a free people living under a government of their own
choice which they accept as in the best sense df
themselves, by themselves and for themselves. It is
a state that needs no justification, it witnesses to
itself in the peace, the contentment, the prosperity
and the progress of its citizens.
When we come to liberty there are many defini¬
tions
It certainly is not license, as it is so constantly
interpreted. It does not connote a State in which
either every man, or even the State can do what it
wills, though in Germany the State and some
individuals have claimed this right for themselves.
It is not the right of eternal restlessness, or the
breaking away from the past and the breaking up
of existing institutions because they are old, with
the adoption of others because they are new. It is
not rebellion against law because it is law, or, per¬
chance, is “man-made.” It is not the right of the
“outs” to change places with the “ins,” or the
“have nots” to destroy the possessions of those who
fundamental
.
understanding of what it involves, has everywhere
governed the practice of the trade unions, that of
securing equality as near as possible for all their
members in wages, hours and production, has
become the controlling principle among revolution¬
ists, whether soldiers and workingmen’s councils,
Bolsheviki, Soviets or Socialists of any name, all,
“have.” All these are real but factitious inter¬
except perhaps a very few of the most thoughtful.
The result is everywhere the same, the end of pretations.
liberty for the people and the State. Lord Acton’s
Liberty is the opportunity to live freely in common
connection of the movement with the unbridled with other men, to guide and restrict ourselves to
power of the State, which at first perhaps is not mutual helpfulness in a community of folks who
apparent, is confirmed wherever the revolutionary enjoy the same privilege, and who being individually
movement gains control.
Its assumption of the assured of protection in doing what they believe to
functions and power of the State is at once character¬ be their duty, together create a stable civilization.
ized by the crushing of “the free will of the indi¬ As virtue is no coy protesting damsel, nor yet a
vidual” to the extent of crushing him if he does not thin-blooded defiant maid, but poised and con¬
submit. There is no difference between the au¬ scious womanhood facing cheerfully the respon¬
tocracy of the Bolsheviki and the autocracy of the sibilities and duties of daily life; so liberty is not a
rampant and rebellious^youth, nor yet a rich and selfCzar, except that it is more destructive.
The war has been fought to make the world safe sufficient manhood, but humanity conscious of its
for democracy. Is the world going to be fooled by virility, cherishing its fideals] and devoting its
a democracy whose shibboleth is equality, or does untrammeled
powers and provident acquisitions
it demand first of all and for all, the enjoyment of a to the welfare of others, while accepting its own
liberty which shall make possible to each the pur¬ beneficent service as its crown. This is the liberty
suit of happiness, and shall give life its meaning? the men of to-day are set to defend, the only liberty
Only with this consciousness of personal freedom is under which democracy can be safe.
What we want to know, to turn again to Lord
fraternity possible, for only when it is spontaneous
and generous is it a reality.
Action, “is not the ferocity of Marat,” i. e. of von
More than fifty years ago another noted historian Tirpitz or Trotzki; “or the weakness of Louis,”
wrote a book on “The Struggle for Law,” to prove i. e.,of the Czar or the German Crown Prince;“or
that law, the badge of every civilized community the sombre fanaticism of Robespierre,” i. e., of the
and the one condition of its permanence and happi¬ Kaiser or the Turk, “but why the old world,” i. e.
ness, has to be struggled for no less than does Central Europe and Russia, “that had lasted so
liberty. He started with the assumption that that long went to ruin, how the doctrine of equality
was everywhere understood as true of liberty, of
sprang into omnipotence, how it changed the prin¬
which eternal vigilance is the price. The danger ciples of administration, justice, international law,
to-day is that in the melee into which the civilized taxation, representation, property and religion.”
This is the tremendous change that to-day is
world has fallen this fundamental truth will be for¬
gotten, and that democracy will find itself following taking place under our eyes in the old world, and
behind a car bearing a goddess who wears a liberty which it does not do for us to think in no way con¬
It is the result of impersonal forces which
cap, but rides under a red flag and carries in her cerns us.
torch and a bomb, surrounded with a
multitudinous mob of frenzied men and women of
hands
a
faces howling in stranger speech. The
Anglo-Saxon race is little used to anarchy and chaos;
it is called to-day to help the world to escape from
them, as it hopes once for all to deliver it from war;
it certainly is called to know what it is about. It
must give so much thought to its convictions as to
strange
state them
in definite terms.
contend for the rule of the
world, and which
are
arrayed against other ruling ideas which have guided
and controlled associations of men, and which we
recognize as having shaped the liberty and the
democracy of America. Our fathers made choice
between them, and we to-day and in the days im¬
mediately to come, have to do the same.
Do we believe in liberty established by law?
It must definej[its Do
we
believe in
a^representative and constitutional
Government under which
have
fought success¬
fully two great wars, in one of which we established
our own right to exist under our form of Federal
union, and in the other have made great sacrifice
to deliver the oppressed and to help other peoples
to the liberty which has meant life to us? Do we
believe that there is one law of morality for men
and for nations, and that the Golden Rule is funda¬
mental withfmen because it originates in the bosom
of God? Do* we| believe that the abundance God
has showered upon us He means should be shared
with those about us in such ways as shall secure
their enjoyment of life, liberty and the pursuit of
happiness, and shall create, if not “equality”, at
least adequacy of opportunity for free men? And
do
we
believe that
we are
we
in honor bound to do
our
part in helping other[nations to the freedom in which
they may find their way to the abundance of good
that is ours, as ourJboys across the sea have with
heroic sacrifice made that helpful purpose at once
our noblest honor and our nation’s pledge?
Then
it will be easier thanJitLas been for men to believe
that the Kingdom of God is to come on earth.
BUSINESS
IN
THE
TRANSITION
PERIOD.
It is
proverbial that two heads are better than one;
yet a multiplicity of goodjcounsel is often bewildering.
We are certainly having the latter, in the public
prints, at the present time. Men of large affairs
are looking over the field and
indulging in prophecy.
Optimism is predominant, perhaps; but there is a
note of pessimism that is unmistakable.
One sees
“labor” easily absorbed; another looks upon the
sudden return offsome fifteen millions of men to
peaceful industrial pursuits as very disquieting.
All eyes are^strainmgfahead to foreign trade and the
possible international complications, yet little in
the way of actual “combinations” for that purpose
is in evidence outside of what has just been done in
copper and steel.
War contracts are being canceled, war boards
are being dissolved, volunteer workers are
rapidly
returning to former tasks, thousands of ordinary
employees must be adrift; though their presence
is as yet little felt; union labor, beyond the assertion
that it intends to maintain “advantages” gained,
seems to be standing pat, there would
appear to be
fewer strikes in the face of impending dearth of
employment; prices are high, some maintain they
will go higher, before the inevitable fall; credit is
still a matter of tremendous figures, of international
scope, of long and prospectively longer time, due
to fixation of time in and upon war debts, and the
banks are not commercially free, are in fact bound
to conditions occasioned by war, so that the email
man, as the large, does not know when or how much
or where he can borrow; the full brunt of
heavy
taxation is soon to fall upon business through the
pending revenue bill; there is an inflation, which
has more aspects than the mere increase of Federal
Reserve notes and gold stock, heavy as these are—
an inflation of movement, of peculiar kinds of pro¬
duction, of the hectic energies that accompany great
enterprises, now defin tely checked, and few attempt
to measure its full effects on the immediate future;
and meanwhile the economic and commercial effects
of the peace treaty and the elements to be embodied
in the provisions of a League*of Nations hang in the
balance. All that can certainly be declared is that
we are
entering
[Yol. 107.
THE CHRONICLE
2408
upon
the transitionjperiod.
The voice of the small business man is seldom
heard. Yet he lives at the base of everything
He
really in his own person and his small business com¬
bines labor and capital and starts everything going.
Just now he must feel a hesitation. If he is a small
merchant, he will hardly load himself down with
goods bought at war prices. If he is a farmer, he is
anxious as to the price of wheat and corn a year
from now—whether that
price is to be fixed by Gov¬
ernment or by the markets of a new world.
These
men know they cannot individually change the great
currents of trade, outline the developing international
policies and principles—and yet they must work
on, producers and distributors, without which the
mills of industry and exchange would run dry. They
do gather certain broad impulses from current affairs
that aggregate into a tremendous influence—but the
bottom facts of human existence, the peoples and
the soils, and the natural laws of supply and demand,,
these they know exist in fixed relations that do not
change.
Out of the mazes of circumstance and opinion one
fact emerges that takes hold on the business con¬
sciousness everywhere, the upset of war is over.
And no matter what Governments may do or
treaties declare, the old engineries of life must settle
back to the old-time conditions—the application of
energy to production and exchange, limited by the
laws of nature. Nothing that may be done by
political entities, by masses of men in common re¬
solve, by combinations exercising corporate power
over wide areas, can change the fundamental re¬
quirement of labor, of looking closely after the indi¬
vidual business organism, small or large. Caution,,
of necessity, becomes a constant watchword.
While
the currents are sweeping strongly, if the certain
direction cannot be
discerned, it is a time for pause
and reflection. Certain of the daring spirits of com¬
merce and finance, fortified with wide outlook and
special information, will project new enterprises of
magnitude and moment. Even they may not be
able always to see the trend of things aright. The
small business
man
must stick to his last—and work
harder, and more carefully, than ever.
What, then, is the business outlook? Is it not
simply “coming down to earth again”? And just
as a species of combination and autocracy contrived
together to meet a sudden vast and gripping emer¬
gency, may we not argue that the release and de¬
mobilization of these powers will have a correspond¬
ing steadying and sustaining power in the return to
former standards. So interacting are all these ele¬
ments of production and exchange that they hold
each other up in change and decline even as they
did in advance and change. The cessation of war is
by no means a signal for a crash. The mighty busi¬
ness machine by which men live, here, there and
everywhere, cannot fall in ruins on the peoples of
the world. If it has artificial stimulation in given
directions and this is withdrawn, that of itself has
created dearth and vacuum that cries to be filled—
and the law of life, which is labor, still stands.
Mankind must go on in much the same old way.
The greatest fear is that “opinion” may fail to
perceive that elementally the life of mankind is
unchanged, that effort is not only self-sustaining
but mutually sustaining, that necessity remains,,
that the urge to do and the ambition to be, aye
and the love of acquisition, all remain, all continue
their powers. The danger is that our minds shall
Dec. 28 1918.]
THE CHRONICLE
try to gather figs from thistles, that we have a potency
in Government to change man and his environment,
that we can reconstruct by theory and law rather
than by thought and labor—the old thought and toil
that has always sustained us and advanced us,
though we did not always appreciate the fact. We
talk of “reconstruction” from the compelling disorder
of deadening and destroying war, from its negation
of everything of production and order that was, as
if this were a thing of magic. We have only to will
that this, that and the other shall come to pass, and
lof a new world, bright with prosperity and peace,
shall come. It is not so; it cannot be so. And the
first lesson we should learn is that mighty forces are
resuming of themselves their control of human destiny
and in accordance with the beneficence of creation—
and that therefore we have nothing really to fear,
if only we live in the light of the mutual benefits
that lie in mutual interests.
If in the workshop of a world men now resume
their toil and trade according to the laws ordained
in human existence itself, seeking no factitious aids,
depending
artificial stimulants, suffering
any thwarting seizures of so-called control
regulation and operation, industry will resume its
purpose, its sway, and its helpfulness.
One new
return will call to another.
Wages and prices will
go hand in hand, and none will suffer.
Employers
and employees, engaged in actual enterprise, will
have a common ground of affinity. Credit will
again smite the rock. Energies, cramped, stifled,
warped, will stretch themselves in a thousand direc¬
tions, and the transition period will pass with little
disruption, itself unconscious of the change. But
all the power lies in man himself, and in his recogni¬
tion of his place in nature, or environment here on
upon no
no more
earth. He cannot create natural resources, only
use and develop them.
He cannot exchange or
trade to his own good save in mutual benefit. He
cannot
depend upon other than his own imperious
mind, his own unfailing hand. All his effective laws
are but recognition of the eternal fitness of things;
and his Governments but structures for his
protection.
own
If he will only see the divine purposes
him, the rewards of industry will
in him and about
not fail.
NO WARRANT FOR GOVERNMENT OWNERSHIP
rOF TELEGRAPH AND TELEPHONE LINES.
We should be loth to pass
goes
U99
too fair in pressing ins private views upon the
people at this time. Even if the principles he advo¬
cates be accepted as best for the country, we believe
he violates the representative character of his high
office when he
condition thatari§e from the dire emergency of a dreadful war to
seek to fasten upon the Government the permanent
ownership of these two public utilities. Nothing in
the way of political expression on the part of the
people can be pointed to as giving him authority for
the excessive zeal he exhibits in seeking to retain
a “control” which was itself only authorized by Con¬
gress as a means of temporary help in “winning the
war.” Congress could not consult the peopler and
the people have never spoken.
On assuming wire control the Postmaster General
created boards of administration, and these, acting
in his behalf, have, by orders i sued, made many
changes in operating methods. We presume it
uses an
occasion and
a
will not be denied that the ultimate
object of these
changes has been better service at reduced cost.
To this end a plan of unification of systems, in whole,
and in parts, has been resorted to. Rates in some
instances have been reduced; and wages or salaries
have been raised by the companies and at least sanc¬
tioned by the Government. More reductions are
promised in rates, and a closer alliance with the
postal service is projected. In addition to all this
the cable lines have been “taken over,” themselves
intimately interwoven with the land line service.
As a result, this whole department of industrial
service, hitherto privately conducted, has been
placed in a new situation.
It would be difficult to show just what part of
these changes was necessary to effect an efficient
service in war, and in and for war alone. The old
employees were used, and the old material con¬
structions
and rates
were
used.
It is conceivable that wages
changed for reasons that rested not
the war. One thing is certain, all changes
made were in the nature of things compelled to look
forward to a coming day of .declaration of peace,
when under the Act of Congress all Governmental
“control and operation” would automatically cease.
And under such a condition changes that were
permanent in character, changes that tended to alter
the original status of the lines, rendering it more
difficult to return them, were not advisable even
if admissible. And being made it cannot now be
argued that therefore the lines should not be returned
because it would, in particular cases, work their
ruin. This is an argument in which a proposed line
of conduct is sought to be based on one that in its
inception had doubtful right and reasqn for its
were
at all upon
harsh criticism upon
any public official.
Men placed in trying situations
by reason of incumbency in office should have not
only the respect and confidence of the people but a
degree of sympathy for responsibilities, that, though
perplexing and burdensome, cannot be avoided. existence.
However, the citizen and the office-holder must
It is now a question of but a few months when
have different viewpoints. The former acts in an peace mil be declared and the telegraph and tele¬
original capacity, and the latter in a purely repre¬ phone lines go back to their owners. Whatever the
sentative one. And it follows that power in office time may be it is very short for the consideration of
should never be used to put into force personal public ownership of these means of communication.
beliefs and theories. Always, “a public office is a Under our political system there is no way to submit
public trust.” And it should never be converted the question and obtain an expression of the citizenry.
into an agency for the accomplishment of pet If Congress does anything, it must assume a popular
schemes.
edict, and upon insufficient grounds. The emer¬
Mr. Burleson, the Postmaster-General, has long gency is past, and the need of retention must be
been known as an advocate of Government owner¬ based on grounds unconnected with the war. At
ship of telegraph and telephone lines, to be run this time, and in a juncture of this sort, Mr. Burleson
under the supervision of his office. He has a right comes forward with a letter to Chairman Moon of
to his personal views, and he has shown himself the House advocating permanent
acquirement* of
thoroughly consistent therein. j£ButJ^ej^thinkJhe these properties. And he shows how, in his opinion,
THE CHRONICLE
1
3410
tt
.■■■■
IVoi.. 107.
:
'1
it may be done—without the expenditure of a dollar tax on Canadian industries so that capital may be
from the Treasury and by a system of amortization devoted to expansion, there seems only a shadow of
which will pay for the lines in say twenty-five years. possibility that the Minister of Finance can meet
And that it may be done a fifty-year old Act of his 1918-19 obligations without loading the tax
Congress is resurrected to authorize the purchase— burden considerably higher. To successfully meet
an Act which by its very desuetude argues that the
civil government expenditure, war outlays, and loans
to Great Britain to keep Canadian industry active,
people do not want to acquire them.
Ajs a proposal in finance the scheme as outlined the Treasury must secure before March 31 next,
can hardly appeal to the average business mind.
and covering only the one fiscal year, $980,000,000.
National stocks are to supplant these multiform It does not look overpowering when arrayed with
private stocks—the Government can borrow money other budgets, but it is almost as much as the
at 4}/£%, while private owners expect to make United States Federal Government was spending
7 or 8% on investment, which the people must pay prior to the war. Canada has always been a rather
—thereupon amortization—setting aside the differ¬ heavily taxed nation. With only one-fourteenth of
ence will pay for the lines in, say, from nineteen to
the population of the United States, our pre-war
twenty-five years. Very simple; and very easy. expenditure was one-sixth that of Washington.
But not absolutely sure.* In the first place, the The Canadian taxpayer, therefore, carried more on
Government by operation will have to earn the his back than the citizen of the Republic or of Great
money at 7 or 8% income and the people will have Britain.
to pay it.
The problem of Federal finance in Canada is not
Not a word is said about upkeep, in¬
creased wages and rates, as so conspicuous in case one that may be brushed aside after the manner of
of the railroads. Extensions and betterments are the “cheerup” campaign now in process by Dominion
both ignored, or, if not this, obscured in an assumed Cabinet ministers and trade papers. We have again
case which takes no account of possibilities or even the unconvincing prophecies of “boundless pros¬
probabilities. And it is also regarded feasible at perity” the moment peace terms are signed. Mean¬
this time/ when the country is groaning under time, the least deceived man in Canada is probably
billions of war debt, to add more ad libitum without the Minister of Finance, Sir Thomas White, whose
disturbance or danger to the public credit.
handling of his department through the war period
Simultaneous with this “plan,” which incidentally has escaped more than incidental criticism. Sir
would capitalize every little private line on the Thomas is face to face with a rapidly declining vol¬
prairies into Government stocks, and which in its ume of customs imports, the chief reliance of Federal
major aspect finds no means of arriving at just values finance. This difficulty is by no means eased by
for the great systems other than that bottomed on a the spectacular series of farmers’ meetings demanding
compulsion by Government savoring of confisca¬ no less than complete free trade with the United
tion, there appears in the press marvelous improve¬ States, and the shifting of the tax burden not to
ments that may, and presumably are, to be utilized: the farmers’ land but to the convenient goat of
a perfected wireless and a
multiplex means of many “corporations.” How tightly tied to tariff sources
messages on a single wire at one time.
This looks is the Federal purse may be seen in the following:
like propaganda. But if it is, it defeats itself. For Since the start of the 1914 fiscal year to the present,
who knows when an invention will revolutionize Canada has raised by customs duties $454,000,000;
the whole telegraph and telephone systems, and thus by excise duties, $95,000,000; by two years’ pay¬
render of no value hundreds of millions of the present ments of the business profits tax, $33,500,000; by
purchase price? Listening to glowing accounts of a other war taxes, $11,500,000. Taxes on consump¬
perfected wireless, one would imagine that wires tion, therefore, supplied 94% of all the money raised
may soon be dispensed with altogether. The point by the Finance Minister.
is that private concerns bear all losses that may
These facts clearly demonstrate the enormous
come by competition and perfecting inventions,
while, financial barriers to any serious disturbance of cus¬
when they fall on Government, through ownership, toms revenues, particularly at this time of maximum
the people pay losses, even as they pay all costs of need, and the relative unimportance of any frac¬
operation. These wonderful hidden inventions would tional advances that might be made in corporation
better be applied before we buy—we can arrive at taxes to appease sections of public sentiment. With
values better.
imports at their greatest height between 1915 and
The matter is one for serious consideration from 1918, the Dominion was unable to apply to
reducing
many sides.
We feel that this is an inopportune the principal of war outlay more than $12,000,000
time. We are afraid the good intent and the marked during the entire period of the hostilities; this works
zeal of the Postmaster-General renders him liable out at less than 2% of the country’s payments on
to the charge of taking advantage of a situation to war account.
accomplish a personal dream and desire. We feel
OUR HARVESTS IN 1918.
that he should wait. He is, no doubt, convinced in
his own mind, ownership is best for the country.
Although falling short of meeting early expecta¬
But are the people convinced—have they even tions and to that extent disappointing in a year
thoughtfully made up their minds? Our conviction when every effort was made to produce a record yield
is that these lines should all go back to their owners; of the leading cereals, the outcome of the 1918 har¬
and we should, as a people, approach this vexed pro¬ vests in the United States, as indicated by the final
blem of ownership free and unbiased and unhurried. estimates of the Department of Agriculture, an¬
nounced on Dec. 11, is not wholly unsatisfactory.
CANADA’S FISCAL PROBLEMS.
In only two cereals (rye and barley), and those of
somewhat minor yield, were new high records in
Ottawa, Can., December 27.
While pleas are pouring in to the Dominion production established, but wheat showed an in¬
Government to lift immediately the business profits crease over the previous year of approximately 280
Dec. 28 1918.]
million
bushels.
THE CHRONICLE
Effort
2411
particularly centred were being made by the Department of Agriculture
upon increasing the yield of wheat, that being the and various other
agencies to induce a large fall wheat
crop particularly of which a full supply was needed planting. While the
goal aimed at was no reached in
in view of the needs abroad.
Early in the fall of the winter wheat area of the fall of 1917, it was more
1917 the Department of Agriculture entered into a than attained in the fall
planting of 1918, the Agri¬
campaign to insure the production of a billion bushels cultural report just issued making the area planted
was
of wheat in 1918, and with that end in view advo¬ to winter wheat
49,027,000 acres, or almost 34%
cated the planting of 47,337,000 acres to the winter above the area harvested in
1918. This being the
variety,
or about 18% more than sown the previous
The desired goal was not reached, however,
the failure being due rather to adverse
conditions,
such as unfavorable weather in important producing
localities, late harvests of other crops, and shortage
of help, than to lack of inclination on the part of the
year.
farmers.
But while the wheat crop in actual bushels raised
has fallen short of the desired mark by some 83 mil¬
lion bushels, that deficiency has been in considerable
made good by the adoption of improved
methods in turning the grain into flour. In other
measure
words, under the new milling regulations, which re¬
quired a greater percentage of extraction to be made
from the wheat, it took, it is stated, only 4J4 bushels
to make a barrel of flour, whereas
previously 434
bushels were required. This in the course of a year
would mean the saving of 30,000,000 bushels or more
of wheat. In addition, there was considerable con¬
servation in the consumption of wheat in the enforced
use of a certain percentage of substitutes in the mak¬
ing of bread, pastry, &e. In these ways the volume
of wheat available for export was very appreciably
augmented, enabling the country fully to meet the
demands upon the United States from our war
alliesand furnish reasonable supplies .to various
neutrals.
Conservation and the various economies unfortu¬
nately did not result in any lowering of the extremely
high cost of living.
On the contrary,
a
further in¬
in the average price of commodities over the
level of the previous year was a feature of 1918.
crease
Clearly indicating the year’s advance, we note that
Department of Agriculture made the price index
of all crops on Nov. 1 1918 about 3.1% higher than
a year earlier, which in turn was then
46.1% above
1916 and 97.3% greater than the average of the pre¬
ceding five years at date mentioned. At the same
time, the production index was given as only 0.7%
less than last year’s and 1.8% above the five-year av¬
erage. The farm price of wheat on Dec. 1 was $2,044
per bushel, against $2,008 in 1917 and the fiveyear average (1912-1916) of 99 cents; corn, $1,366
against $1,279 and 64.7 cents; oats, 71.0 cents,
against 66.6 cents, and 40.2 cents; potatoes, $1,196,
against $1,230 and 70.8 cents; hay, tame, per ton,
$20 18, against $17 09 and $11 38; cotton, per lb.,
27.6 cents, against 27.7 cents and 12.0 cents; tobacco,
per lb., 27.9 cents, against 24.1 cents and 11.5 cents,
and flaxseed, per bushel, $3,402, against $2,966
and $1,487. This comparison could be extended
through a numerous list of vegetables, fruits and nuts,
and with the general trend so strongly in the one di¬
rection the few declines that occurred may be safely
ignored.
In the case of wheat the high price ($2.26 per
bushel at Chicago) fixed by the Government for the
1918 crop as a means of inducing a large planting,
the
and continued to
cover
1919 for the
same
purpose,
may not unlikely in the end entail a considerable loss
to the Government.
At the time the guarantee was
given, the end of the
war was
not in sight, and efforts
fact, the first step has been taken to ensure a greater
yield than ever before harvested. What the outlook
in the spring will be is, of course, impossible to de¬
termine now. But with no more than average win¬
ter killing and normal
seasons thereafter,
1919
should give a plethora of the grain which would
naturally mean lower prices. If that should turn
out to be true, the Government stands committed
to make up the difference.
The corn yield of the year is officially stated at
2,582,814,000 bushels, which is not only below that
of last year, but under the average for the five
years
1912-16. Area last spring was moderately decreased
—wheat, with a Government guaranty, having been
more favored in the planting than the coarser
grain.
The crop started off quite satisfactorily, but drouth
in the summer was instrumental in largely reducing
the yield in important localities. In fact a decrease
in yield from 1917 is reported from all but two or
three of the larger producing States. The outcome
of the harvest was especially disappointing in Mis¬
souri, with 145 million bushels contrasting with
252 millions the previous year; Kansas, 54 millions
against 128 millions; Nebraska, 133 millions, against
249 millions, and Arkansas 37 millions, against
67 millions, while important though proportionately
not as great declines are to be noted in Illinois, Ken¬
tucky, Tennessee, Iowa and Ohio. Finally, the
crop for the whole United States is 483 million bush¬
els less than the bumper production of 1917 and 179
millions below the average of the five years preced¬
ing. Offsetting the unfavorable quantitative show¬
ing, however, the quality is reported as much better
in 1918—85.6% of a normal, against 75.2%. It is
evident from this that the percentage of merchantable
corn is high—appreciably higher than in
1917, when,
a large part of the crop having failed to reach matur¬
ity before the occurrence of killing frosts, an unusully
large proportion of soft grain resulted.
As regards wheat, the area given to the winter
variety in the fall of 1917, at 42,170,000 acres,
while below the figure aimed at in the campaign to
which reference is made above, was nevertheless
the largest on record, showing an increase of 4% over
that sowed in 1916. As a result, however, of winter
killing and unusually dry weather in the autumn of
1917 and the spring of 1918, there was a reduction by
abandonment to the extent of 13.7%, or 5,778,000
acres, leaving the territory under cultivation, and
from which the harvest was garnered, 36,392,000
The crop remaining under cultivation started
acres.
off well, cool and moist weather aiding and condition
at the close of April was above the average.
But
unfavorable weather in May and June caused a mod¬
erate lowering of its status and consequently the
yield per acre is reported only a little better than a
Due to the increased area harvested,
year earlier.
however, as compared with the area harvested in
1917, the aggregate production reached 558,449,000
bushels, or 146 millions more than in 1917, and ex¬
ceeding 1916 by 78 millions, but falling 126 millions
under the record of 1914. ' The gain over 1917 is
IVol. 107.
THE CHRONICLE
2412
Nebraska, Mis¬ ing at value, we append the figures for the five print
souri, Indiana and Illinois, in all of which States that cipal grain crops as officially announced: *
FARM VALUES ON DECEMBER 1.
year's outturn was noticeably deficient.
1915.
1914.
1916.
1917.
1918.
Spring wheat, planted to a much greater extent
Crops.
%
than in 1917 (21.5%), got a good start, but there was
S
%
S
S
Corn
3,528,313,000 3,920,228,000 2,280.729,000 1,722,680,000 1,722,070,000
878,680,000
942,303,000
marked deterioration in condition in June and July. Wheat
1.874,263,000 1,278,112,000 1,019,968,000
Oat*
1,092,423,000 1,061,474,000 055,928,000 559,506.000 499,431.000
160,646,000
118,172,000
105,903,000
235,269,000 240,758,000
Barley
Still, the situation on Sept. 1 was more promising Rye
45.083,000
37.018.000
59,676.000
104,447,000
134,947,000
than usual, and found reflection in a yield per acre
Total— 6,865,215,000 6,605,019,000 4,176,947,000 3,387.744,000 3.243,102,000
well above the average of earlier years. The aggre¬
All the above relate to the cereal crops of the
gate spring wheat crop for 1918 is reported as 358,651,000 bushels, a new high mark, against only 223,- country, but potatoes, also, constitute an important
754,000 bushels in 1917 and the former high record food crop. With the area not much below 1917, a
total of 351,854,000 bushels in 1915. The quality crop second only to that year was counted upon, but
of the grain, moreover, is above the average, being unseasonable conditions materially reduced the pros¬
officially stated at 94.8%, against 92.7% in 1917 and pect, so that the final outturn, at 397,616,000 bush¬
71.3% in 1916. The wheat crop as a whole, at els, while above the average, falls 41 million bushels
917,100,000 bushels, falls 108% million bushels be¬ below 1917. Price, also, was a little under that of the
low the established maximum of 1915, but this short¬ previous year. Sweet potatoes established a new
age has been largely offset by methods already enum¬ record in production.
The hay crop failed to come up to expectations,
erated.
Althoug there was a small enlargement of area, the 89% million tons comparing with 98% millions in
oats yield of 1918 is given as moderately under the 1917 and 111 millions in 1916. But tobacco did very
record yield of 1917 (1,538,359,000 bushels, contrast¬ well, giving a production of 1,340,019,000 pounds,
ing with 1,592,740,000 bushels), and a little less than or 90% million pounds more than in the year before,
in 1915. After a better than usual start, the crop and, therefore, by that amount establishing a new
experienced a setback in June, which improved con¬ high record.
Cotton area was augmented to the extent of 6.2%
ditions later did not fully remove. Compared with
1917 many of the leading States exhibited an in¬ in the spring, according to the Department of Agri¬
crease in yield, but production fell off about one-half
culture, but meteorological conditions during the
in Nebraska, and fairly large losses are to be noted growing season were, as in 1917 and 1916 and 1915,
in Illinois, Iowa and Kansas. The barley crop, at below average, and as a result the crop was officially
256,375,000 bushels, comes fully up to early expecta¬ estimated on Dec. 11 as only 11,700,000 bales of
tions, running 44% million bushels ahead of 1917and lint (linters excluded), or but 398,000 bales more
exceeding the high mark set in 1915 by 28 millions. than the short crop of 1917-18 and some 4 millions
Of rye, too, the yield for the season, at 89,103,000 below the record aggregate of 1914-15.
We have noted above that the crops of the country
bushels, is fully up to the early promise, and exceeds
all former years—1917 by 26 millions. Buckwheat as a whole were smaller by 0.7% than in 1917, but
production, stated at 17,182,000 bushels, runs mod¬ the return to the producer was apparently greater
erately ahead of the previous year, and overtops all than in any earlier year. At least the Department
earlier years with the exception of 1912, and rice, of Agriculture makes the money yield from 355,895,with a large augmentation in the planted area, gives 000 acres (covering the crops already specifically re¬
by 5% million bushels a new high record yield. To ferred to, and beans, sugar beets and several less
indicate the aggregate production for the last four important products in addition), $12,272,412,000,
years of the five principal cereals referred to above against only $11,658,032,000 in 1917 and $7,307,(corn, wheat, oats, barley and rye), we give the fol¬ 983,000 in 1916. The satisfactory feature in this to
the farmer, if not to the consumer, is that from an
lowing compilation:
area 3.1% in excess of 1917, the value of the crops
CROPS OF WHEAT, CORN, OAT8, BARLEY AND RYE.
mentioned on the basis of December prices is over
Previous
Total
Department.
Department.
Department. Department.
Production.
Record.
1918.
1917.
1916.
1915.
5.2% greater than in the preceding year. Compared
with 1914 the gain in area of these same crops is less
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Corn
2,582,814,000 3,065,233,000 2.566,927,000 2,994,773,000 3,065,233,000
Wheat.
than 20%, but in value about 140%. The average
917,100,000
636,655,000
636,318,000 1,025,801,000 1.025,801,000
Oats
1,638,359,000 1,592,740,000 1,251.837,000 1,549.030.000 1,592,740,000
Barley....
256,376,000
211,759,000
182,309,000
228,851,000
farm values on Dec. 1 as reported by the Department
228,851.000
Bye
62,933,000
54,050.000
62,933,000
89,103,000
48.862,000
of Agriculture in each of the last seven years for
Total
5,383,751,000 5,569,320.000 4.686,253.000 5.852.505.000 5,975,538,000
some leading crops are appended:
AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS.
It will be observed that, due to the large decrease
in the production of corn, the total of the five cereals
1917.
1916.
1914.
1913.
1918.
1915.
1912.
is 186 million bushels below that of 1917. Compared
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
200.8
91.9
98.6
160.3
79.9
76.0
..per bushel 204.4
with 1916, however, there is a gain of 697 million Wheat
166.0
83.4
86.5
151.6
122.1
63.4
66.3
Rye
71.0
52
4
66.6
38.1
43.8
Oats
39.2
31.9
91.8
113.7
88.1
51.6
54.3
53.7
bushels, but from 1915 a drop of 469 million bushels Barley
50.5
127.9
136.6
88.9
Corn
57.5
64.4
69.1
48.7
is to be noted, and from the composite high pro¬ Buckwheat.
160.0
166.4
112.7
78.7
76.4
75.5
66.1
123.0
119.6
146.1
61.7
48.7
Potatoes...
more
than accounted for in Kansas,
y
...
44
*•
*•
44
11
duction total
a
decline of 592 million
bushels is
disclosed.
From the prices given above for various products,
it is natural to infer that the financial return to pro¬
ducers this year has been especially favorable. That
idea seems to be clearly confirmed by the usual com¬
Flaxseed..
Rice
M
.
~
The average
as
340.2
191.7
296.6
189.6
249.0
88.7
174.0
90.6
126.0
92.4
68.7
120.0
85.8
value of hay (tame), Dec. 1,
was
50.5
115.0
93.5
give
$20.18 per ton, against $17.09 in 1917 and $11.22
in 1916; of tobacco, 27.9 cents per pound, against
24.1 cents and 14.7 cents, respectively; of cotton,
27.6 cents per pound, against 27.7 cents and 19.6
pilation of the Deparment of Agriculture, purporting
year's result, the farm value per unit on cents.
The yield of some of the principal crops of the
Dec. 1 serving as a basis of calculation. While we
are not
inclined^fully^tojaccept this manner of arriv¬ country for a series of years is subjoined:
to show the
.7929988111896.!
Dec. 281918.]
.58.43090199111 90 .
THE CHRONICLE
CROPS OF WHEAT, CORN. OATS. POTATOES AND COTTON SINCE 1801.
1.5689197.
Tear.
Wheat.
Bushels.
Com.
-
Oats
Bushels.
.
515,949.000 1,628,464,000
1893
390.131,725 1,619,496,131
1894.*..
460,267,416 1,212,770,052
1895
467.102,947 2,151,138,580
427,684.347 2,283,876,165
530,149.168 1,902367.933
675,148,705 1,924,184,660
_? 547,303,846 2,078.143,933
1899 (Census)..} 658.534.252 2366324370
522,229,505 2,105,102316
1901s
748.400.218 1.622.519391
1902
070,063.008 2323.648313
637,821,835 2344.176.925
562,399,517 2,467.480.934
692.979,489 2.707.993340
735.260.970 2327,416,091
834,087.000 2392320.000
664.602.000 2368.651,000
..? 787,189,000 2.772376300
1909 (Census)
\ 683,349.697 2352.189330
19105
635,121,000 2386360300
621,338,000 2.531,488.000
730.267.000 3,124,746,000
763,380,000 2.446388.000
891,017,000 2.672304300
...
....
.....
Cotton*
Bushel* ,
661335.000
Potatoes
Bushels.
Bates.
6,717,147
638354350
7327312
662.086.928
9392,761
824,443,537
7.162.476
707346,404
8.714311
098,767309 11,180,960
730.905343 11335.383
796.177,713 l 9.439389
943389375
809,125,989
736308,724
987342,712
784394,199
894395352
953316,197
964.904.522
754,443,000
807.156.000
1.007353.000
1307.129.447
1486341300
922398.000
1.418337.000
156.654319
183.034303
170.787338
297337370
252334340
164315,964
192306338
228.783332
273318.167
10,425.141 210.926397
10,701.453 187398,087
10.758326 284332,787
10.123,686 247,127380
13356341 332330,300
11319360 260,741394
13350.760 308.038,382
11.581329 297.942.000
13328346 278.985.000
110,650,961 376.537.000
389.194.965
112,132.332 349,032.000
16,043316 292.737,000
14.128.902 420.647,000
1,121.768,000 14384301 331325.000
1,141360300 15367347 409321.000
1025801000 2.994.793300 1349380.000 12.953.490 359,721.000
636,318,000 2,566327.000 1351337,000 12.975,569 286.953,000
636,655,000 3,065,233,000 1,592.740300 11,911396 438.618300
917,100,OW 2.582314,00d 1338359.000 dll.700.000 397,616300
a Time ue the revised grain figures of the Agricultural Department issued after
the Census reported Its results for 1899. showing much larger totals thin those of
the Department, b These are the revised grain figures Issued after the Census re¬
ported Its results for 1909. showing smaller totals for wheat and com than those of
the Department. • These are our own figures of the eommerelal crop. 4 Estimate
of the Department of Agriculture, and does not include linters, which would prob¬
ably add 1,300.000 bales to the total.
incuts and discussions
OFFERING
OF
BRITI8H
TREASURY
This week’s offering of ninety-day British Treasury bills
by J. P. Morgan & Co. were disposed of at 5M%« This is
the first change to be made in the rate in some'months, the
6% rate having prevailed since the week of March 2. In
the two weeks preceding the latter date the bills had been
disposed of at 5H%; the week of Feb. 9 the rate was 5$£%;
just before that it was 6%. The original discount rate,
back in 1917, was 5^%. For a fortnight during May the
firm withheld the bills from the market, none being disposed
of during the weeks of May 13 and May 20. The bills
disposed of this week are dated Dee. 24.
BRITISH GOVERNMENT TO DISCONTINUE SELLING
PRESENT SERIES OF WAR BONDS.
special Cablegram to the “Journal of Commerce*'
on
Dec. 18 stated that the Bank of England had definitely
announced that the present series of war bonds will be issued
only
up
to Jan. 18 next.
It
was
further said:
Hie future borrowing policy of the Government presents Interesting
problems, and undoubtedly Mr. Bonar Law's successor In the Chancellor¬
ship of the Exchequer will be largely guided In the matter by the banks
of England and other financial authorities. He will probably revive the
0-month and 12-month Treasury bills to meet the requirements of the
short loan market. It la probable, too. that Exchequer bonds maturing
in two or even three years will be Issued periodically, but these will attract
file ordinary investor and therefore other bonds similar to war bonds are
probable, although the terms of tame will be less favorable than the present
series.
It is not
expected, however, that the Interest to be offered will be much
reduced, because It Is obvious that there will be competition of capital
issues by local authorities. Industrial companies and such like, despite the
fact that these are subject to Treasury sanction.
Hence, there is no
expectation yetawhile of cheap borrowing, although possibly the rates
Treasury bills will come down.
on
CANADA'S VICTORY WAN TOTAL STILL
INCREASING.
The latest figures for the 1918 Victory Loan, made public
Deo. 19, bring the total up to $689,016,877.. This in¬
cludes late returns from Provinces, and though more sub¬
on
scriptions are to come, the amount is not expected to be very
considerable. The returns, according to Provinces, are now
as
same
in full herewith:
REGULATIONS GOVERNING THE EXPORTATION OR
MANUFACTURES CONTAINING GOLD.
BILLS.
A
CONTAINING GOLD*
Last week, page 2325, we referred to modification made
by the War Trade Board in the regulations governing the
exportation of manufactures of gold. There has since been
a further material change in these regulations.
In the
ruling published last week the Board in its announcement
as to “licenses when import agreement is given,** had stated
that “licenses may be granted for the exportation of manu¬
factures containing gold to all destinations, if the applicant
shall file with the War Trade Board an agreement 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.'* In its latest pronouncement
the Board states that such licenses will be granted with the
filing of an agreement “to the effect that the applicant will
import into the United States gold equivalent to the. bullion
value of gold contained in such exported articles* provided
the bullion value of the gold contained therein is greater than
65% of the value of the article for shipments to Cuba, West
Indies, Mexico, Central America and South America, or
greater than 45% for shipment to other destinations.'* This
week’s ruling also makes some further changes in the regu¬
lations which had previously been in force, and we publish
the
©tmxtrt
CONTINUED
FURTHER CHANGES IN REGULATIONS GOVERNING
EXPORTATION OF MANUFACTURES
(W. T. B. R. 441)
December 23 1918.
possible to further
modify the regulations governing the exportation of manufactures con*
tlining gold (W. T. B. R. 370. December 14 1918). which have been
changed to read as follows:
(1) On and after November 16 1918 applicants for licenses to export
any manufactures containing gold will be required to make their amplica¬
tion on Form X. as heretofore, and attach thereto, duly executed and
rated in, Supplemental Information Sheet X-29, together with any other
supplemental information sheets required for shipment to particular coun¬
tries. as Form X-122, Ac.
(2) Licenses When Import Agreement Is Given.—Licenses may be
granted for the exportation of manufactures containing gold to all destina¬
tions. If the applicant shall file with the War Trade Board an agreement
(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 fh such
exported articles, provided the bullion value of die gold contained therein la
greater than 65% of the value of the article for shpiments to Cuba, West
Indies, Mexico, Central America and South America, or greater than 45%
for shipments to other destinations.
On January 15 1919 and at the end of every three months' period there¬
after. such exporter in the United States who has exported manufactures
containing gold, undo* this section, shall, file with the War Trade Board.
Washington, D. C., reports In writing of all exportations of manufactures
containing gold of bullion value In excess of the percentages prescribed
above, made by him during the preceding three months and all Importa¬
tions 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.
For reporting such exportations and importations. Form X-216, January
1919, should be used for shipments to Cuba, West Indies, Mexico. Central
America and South America, and the importations to counterbalance such
exportations as provided herein, and, similarly. Form X-217, January 1919,
should be used for other destinations.
Importations of gold required herein may be made from any country,
and exporters are not required to make their importations of gold from
the country to which they have exported the articles containing gold.
(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 destination is Cuba, the West Indies, Mexico, Central
America, or South America, and the bullion value of the gold contained in
the article exported does not exceed 65% of the whole value of such ar¬
ticle; or
(&) When the destination Is any country other than those named in
Paragraph (a) mid the bullion value of the gold contained in the article
exported does not exceed 45% of the total value of such article.
(4) In rating out reports of exportations of manufactures containing
gold (Form X-216 or X-217, January 1919), exportations of commodities
<mrit*»ntTig gold or bullion value not exceeding the respective percentages
of the value of the article Is indicated above should not be reported.
(5) Form X-217, December 1918, is hereby withdrawn.
(6) Copies of the various forms described above may be obtained upon
application to the War Trade Board, Washington, D. O., or to any of the
The War Trade Board announce that it has been
branch offices.
(7) Shipments of dental gold may be made without the execution of the
import agreement, such agreement not being required for such shipments.
follows:
British Columbia
Alberta
Saskatchewan
Manitoba
Ontario
Montreal City and Island _
Quebec (outside Montreal)
New Brunswick
Nova 8cotla
Prince Edward Island
Subscriptions. Applications.
$36,633,927
80,315
18,999.250
56,813
_
.
.
.
.
.
_
-
_
.
26,071,450
44,030,700
329,682,950
146,302,250
34,061,200
17,002.550
33.221.550
3.011.050
77,323
86,792
518.129
114.535
47,278
31,957
61,040
5,406
$689,016,877
1,079.588
Below is a comparison of the 1918 and 1917 Victory Loans as to the
amount of subscriptions and the number of applications:
1918.
1917.
subscriptions
Number at applications
Amount of
$421,194,960
874,331
$689,016,877
1,079,588
FEDERAL RESERVE BOARD AND PERUVIAN GOVERN¬
MENT REACH AGREEMENT FOR STABILIZATION
OF EXCHANGE WITH PERU.
It was made known on Thursday that arrangements had
been perfected for the stabilization of exchange with Pern.
According to
a
statement issued by the Federal Reserve
Bank of New York, the Federal Reserve Board has entered
into arrangemnts with the Peruvian Government whereby
the latter will furnish up to $15,000,000 Peruvian exchange
to pay
States.
for commodities imported from Peru to the United
Such exchange may
be obtained by American im¬
porters through their own banks (which in turn
obtain it
through the FederalAReserve banks) at a rate of $5 01^
THE CHRONICLE
2414
for each Peruvian pound desired and the payment in addition
of 1-20 of 1 % and cable charges.
The following is the state¬
ment issued
by the local Federal Reserve Bank:
The Federal Reserve Board announces that pursuant to arrangements
effected with It the Peruvian Government is prepared to furnish up to the
•mount of $15,000,000 Peruvian exchange required to pay for commodities
Imported from Peru to the United States. Such exchange may be obtained
by American importers (through their banks in the United States) and by
such banks by the deposit (through the Federal Reserve bank of their
respective districts) with the Federal Reserve Bank of New York to the
credit of the Junta de Vigilancia de la Emision de Cheques Circulares
of Peru of $5 01K for each Peruvian pound desired and the payment, In
addition, of a commission of 1-20 of 1% and cable charges. Each deposit
must be accompanied by the guarantee of the bank making it or through
which It Is made that It Is for the purpose of taking up specific bills of ex¬
change drawn bona fide against imports into this country from Peru,
whether or not covered by letters of credit.
Upon receipt of such deposit,
commission, cable charges and guarantee, the Federal Reserve Bank of
New York will cable the Junta de Vigilancia de la Emision de Cheques
Circulares to pay the equivalent of the deposit at the rate above mentioned
In Peruvian funds to the party in Peru designated by the depositor.
Under
the terms of the arrangement such payment will be made in Peruvian bank
The Federal Reserve Bank of New York will receive deposits as
notes.
above mentioned only upon the understanding that it assumes no respon¬
sibility except to credit them to the Junta de Vigilancia de la Emision de
Cheques Circulares of Peru, and to cable to the Junta de Vigilancia the
Instructions given by the depositor.
RATES OF EXCHANGE FIXED BY ECUADOR.
The following official rates of exchange upon foreign
countries have been fixed by Ecuador, according to an an¬
nouncement made by the Department of Commerce on Dec. 26:
New York and San Francisco, 243%; Panama, 244%; London, 231%;
Paris, 222%; Spain, 260%; Switzerland, 248%; Italy, 191%; Peru, 12.50
sucres per pound, Peruvian, Chile 34% discount.
It is further announced that these equivalents will govern the trans¬
actions for the sale or purchase of checks upon the markets indicated, also
for payment of drafts, checks, orders, Ac., placed In these markets and
drawn against corporations or persons residing In Ecuador and will remain
k
In force until further notice.
ISSUANCE OF FRENCH NOTES OF SMALL DENOMI¬
NATION TO PAY FOR ARMY OCCUPATION.
A cablegram from Paris, Dec. 26, printed in last night’s
“Evening Post,” says:
The American Army of Occupation in Germany will be paid In French
notes of denominations approximating ten, twenty and forty cents.
It
Is the first time that the French Government has issued such small notes,
the smallest up to this time having been for five francs, which is approxi¬
mately
one
dollar.
•
•
«■
mm .mi.
■
in ■
nun.
.
Z
—
FURTHER STABILIZATION OF PRICES OF CANADIAN
VICTORY BONDS ABANDONED.
The following Montreal advices as to the, Canadian Vic¬
tory Bonds were contained in the “Wall Street Journal” of
yesterday (Dec. 27):
Trading in Canadian Victory Bonds has been started In the open market
by listing of the issues on the Montreal Stock Exchange. The Victory
Loan Special Committee has decided that the necessity for stabilization
organization no longer existed in view of the demand for the bonds and the
absence of selling, combined with the generally improved conditions
affecting all high-grade issues.
Although the Committee acted with commendable promptness in thus
putting an end to the stabilized market, the decision could not be said to
have come as a surprise as still* greater surprise would have been the case
bad no such action been taken.
The trading indicated that the long-term bond, the 20-year issue ma¬
turing in 1937, was In greater demand at 102 K to H to K * the Committee
price having been 102 to the buyer. Of these $335,000 were purchased
at the advanced price.
Trading in the 1922 and 1927 maturities completed
the list for the session with $8,300 and $4,000, respectively.
The former
sold at 9934 and the second at 10034 to H-
$60,000,000 IN GOLD RECEIVED FROM RUSSIA
BY
GERMANS DEPOSITED IN FRANCE.
More than $60,000,000 in gold received from Russia
by
the Germans, it was announced on Dec. 12, had arrived in
Paris and had been deposited in the Bank of France, accord¬
ing to an official statement from the French Ministry of
Finance. The money, it was added, is credited to the
common account of the Allies, in
conformity with the terms
of the armistice.
Evidently this gold is not counted as part
of the stock of gold held by the Bank of France, as no such
increase has been shown in the gold holdings of the Bank.
[Y«. 107
with its own notes, and will have direct charge of the gold held for the
conversion of the paper currency.
It is also proposed that the bank
should have a commercial section to discount three months Mils.
COMPARISON BY JOHN BOLINGER OF NATIONAL
SHAWMU T BANK OF DISCOUNTS MARKETS
OF UNITED STATES AND LONDON.
An article
analyzing the discount situation between London
and the United States, penned by John Bolinger, VicePresident of the National Shawmut Bank of Boston, appeared
in the Boston “Commercial” of Dec. 21. We quote here¬
with in large part Mr. Bolinger’s presentation of the situa¬
tion:
Just about a year ago, discount rates for bank acceptances in the open
markets here advanced to 434% for 90-day prime bills.
The London
market, which at that period and for some time previous, had maintained
a rate of 434 % began to soften just a few days before the year closed, and
4% was quoted for choice bills. This rate, however, stood but a short
time.
A still further drop to 3 34 % occurred which rate has been maintained
ever
since.
In the meanwhile, the markets of New York and Boston ruled
firm, advancing
a
fraction to almost 434%.
a
difference of
a
full 1% In
favor of London.
To many people it is not comprehensible that money should rule cheaper
In London after Great Britain had been in the war for over four years, as
against our 18 months, although we are the world money centre.
The reasons for this change in the situation are various, and I should
like to call attention to a few of them briefly.
Before the war broke out,
practically all of our imports from foreign countries, covering raw material
and manufactured products, were financed by sterling credits in London.
It was the only way it could be done.
Acceptance of bills of exchange and drats were not in use here and, of
of course, we had no open discount market for the reason that there were
no acceptances.
After England’s declaration of war, it was obvious that
she must mobilize her resources, and at the instance of the Bank of England,
American bankers were informed that credits were withdrawn and drawings
on London should be avoided.
Importers were panic-stricken and did not
know what to do.
Although the Federal Reserve Act was in operation. New York bankers
could not see their way clear to issue dollar credits, because there was,no
market for placing the bills.
Finally, pressed by its customers, the Guar¬
anty Trust Co., with whom I was connected at the time, took the lead,
and issued dollar credits amounting to several million dollars in one day.
These credits were issued against importation of raw silk, wool, hides,
and coffee, which had been accumulated for shipment to this country.
Gradually other banks followed suit, and when the bills arrived and were
accepted, they were all quickly absorbed. The first discount rate was 6%.
It quickly dropped, however, and within a year, when the Federal Reserve
banks had come into the market, bills were sold at 2%.
It did not take
American bankers very long to learn this acceptance game.
We all know
how quickly it was developed and how it stands to-day.
To get back to my subject, the London market.
As I have said, England
mobilized her resources to meet demands for money made upon her from
all
over the world.
Balances were withdrawn and bills converted into cash.
To protect her reserves, the Bank of England raised its discount rate to
as high as 10%.
To meet demands of war, trade was curtailed and Stock
Exchange operation was restricted.
As a result easier money conditions soon developed and the Government,
through the Bank of England, controlled the money market. Before
our entry into the war, England had to finance her allies by granting loans
to Russia, France, Belgium, Italy and Serbia, all tills in addition to her own
cost of the war.
This financing was done without prolonged disturbance in
the London money market.
Furthermore, they shipped over $1,000,000,000 In gold to the United States.
In spite of this heavy drain, the Bank
rate was lowered to
5%.
As the war went on,
England’s industries were placed
on a
strictly
war
basis, and her imports restricted to utter necessities. Commercial financ¬
ing was reduced to a minimum.
Bank balances, on the other hand, began to pile up. because of profits
due to war, and foreign money deposited in London, attracted by the
high rates of interest paid on such foreign deposits. Britain’s enormous
imports from America of foodstuffs, copper, steel, ammunition and other
commodities were mostly financed in this country by private loans and
shipments of gold.
After we entered the war. our Government agreed to finance the Allies,
and England was spared from shipping any further gold to this country,
which made her money markets still more comfortable, whereas our own
market within the last 15 months has been asked to furnish our Govern¬
$20,000,000,000. represented by Liberty bonds, certificates of
indebtedness. War Savings stamps, and taxation. All this in addition to
the task of financing our own enormous crops, and our domestic and for¬
eign commerce.
Is it not a wonderful achievement that we were able to maintain present
Our rate, of course, is artificially main¬
money rates under such a strain?
tained, but so is London’s.
Full credit must be given to the Federal Reserve system for what we have
accomplished. I will go even further than that and say that the Federal Re¬
serve system won the war, for without it we could never have entered
the war and consequently would not have been able to give the Allies the
financial assistance they needed. In addition to sending our large armed
ment over
forces
over there.
The question before us is: “Will we be able to keep our financial suprem¬
will London take it away from us. My opinion is that neither New
York nor London will be supreme.
No single market will be able to finance
the world’s commerce for many years to come.
Countries such as Japan,
China and Central and South America will continue to use dollar credits,
acy, or
HUNGARY TO MEET OBLIGATIONS.
In advices from London, Dec. 13, the “Financial America”
said:
A dispatch from Budapest says that the Minister of Finance has an¬
nounced that Hungary will endeavor to meet all financial
engagements of
(he nation, including those to foreigners.
PROPOSED NEW CHILEAN BANK.
The following is taken from the New York “Tribune” of
Dec. 22:
A projest has been brought-forward by
the Chilean Minister of Finance
for the creation of the Banco Prlvilegiado de Chile with an initial
capital
of $100,000,000 gold, in shares of $100
each, to be subscribed for by the
national banks, to the extent of their reserve funds, and
by the public.
The bank will be given control of the paper
currency of thirty years, for
which purpose it will receive from the State an
equal nominal value of gold
tor its amortization.
The bank will be empowered to replace wriating notes
which
they have become used to. The English colonies, including Egypt,
South Africa, Australia and New Zealand, will always use sterling credits.
Importers who are at present using dollar credits cannot understand that
tiie sterling credit would result in higher cost to them than the dollar
credit in spite of the 334 % discount rate in London and the 434% in this
Here is the comparison:
Sterling credit discount rate
Commission, 34% quarterly, equal to 2% per annum
Premium on sterling exchange bought for future delivery to meet
ceptances. about
country.
3.50%
2.00%
ac¬
1.00%
Total cost
Dollar credit discount rate
6.50%
4.50%
1.00%
Commission, K % quarterly
k
5.50%
Dec. 28
THE CHRONICLE
1918.]
Tte difference is 1% in fever of dollar credits, baaed on the assump¬
tion that the importer covers hie commitments immediately by purchasing
sterling exchange, instead at speculating on the rate.
A discount rate of SX% in London works, of course, to the advantage of
English importers using bankers* credit on London, who probably do not
pay more than 1K% per annum for same.
A country like 8pain, which imports a large quantity of our cotton, can¬
not make use of our dollar credits, with a 4K% discount rate, but chooees
the London market, which is a full 1% cheaper for them.
F. J. WADE ON RECONSTRUCTION PERIOD—PROPOSES
ORGANIZATION OF DISCOUNT HOUSES.
Festus J. Wade, President of the Mercantile Trust Co. of
St. Louis, in an expression of opinion as to business during
> the reconstruction period, embodied in a letter to a customer,
states “that there is no fear of the future business of this coun¬
try unless it be that you and I and all other thinking men
become pessimists, but if we will vigorously push our business
and set the example for others to do likewise, the reconstruc¬
tion period in this country will bring no disaster.” Mr.
Wade adds:
^
Of course,
the men can
ture.
Take
between ten
the Government must not shut down any war activities where
be employed and material used to decided advantage in the fu¬
for instance the ship building industry.
The world is short of
and twenty million tons of ships, caused by the sinking of
ships by submarines, plus the natural growth of the shipping industries.
I have made the following suggestions for some of my friends in Congress:
1. Keep the operation of all merchant marine under the direction of the
Navy Department. Let the expense of operation be charged to the Gov¬
ernment. the same as we charge the expense of battle ships, expense of
Department of Commerce, Labor, Agriculture, Ac.
2. If the above be done you will recognize we will have a merchant ma¬
rine without a dollar of overhead charge against it, and by making low ship¬
ping rates, which they could do under those conditions. It would reduce the
cost of export and import to our people and in that way counterbalance the
present high rate of wage. If we are going to continue as a nation growing
we must do more business with Europe, Asia, Africa, South, Central and
North America outside of the border of the United States.
3. Organize in ten or fifteen places, in communities such as St. Louis,
Houston, Kansas City, Dallas, Denver, Ac., discount houses or compan¬
ies with a capital of thre or five million dollars, or more, as the size of the
city may justify. Then notify the world, through these discount houses,
that anything bought in the localities in which they are doing business, they
will extend to solvent purchasers all the credit they will need for ninety days,
adz months, or even nine months, if necessary. There Is nothing new in
tide suggestion, it is what England, France and Germany have been doing
for more than half a century.
4. The old notion that business follows the flag is a myth. Business fol¬
lows credit first, cheap transportation second, and the ability of the manu¬
facturer or merchant.
5. The policy of the Mercantile Trust Co. during this reconstruction per¬
iod is to extend credit to the very limit to all sound commercial establish¬
ments and manufacturing industries.
Such a policy, I am quite sure, will
aid the community, the country and build up the Mercantile Trust Oo.
BRITISH
TRADE
COMMITTEE
URGES
EFFECTIVE
GOLD STANDARD.
The need of the re-establishment of
by
means
of
an
a
sound financial basis
effective gold standard is also pointed out in
report of the Committee on the Provision of Financial
Facilities for Trade after the War, issued on Dec. 23 by the
a
British Ministry of Reconstruction. The committee, which
is under the Chairmanship of Sir R. V. Vassar-Smith,
Chairman of Lloyds Bank, states that there will be an in¬
creased demand for credit facilities during the reconstruction
period and the ability of trade and industry generally to
provide for its financial needs will depend largely on the
amount of reserves it has been possible to accumulate.
Cable dispatches also have the following to say regarding
the report.
three main divisions under this head, the report says. They
are firms engaged upon war work from a date soon after the beginning of the
war: firms who became engaged on war work at a later period and new firms
created as a result of the enormously increased demand for war material.
The chief financial difficulty, according to the report, will be in connec¬
tion with the thiid group.
Uncertainty Is the greatest deterrent to in¬
There
are
dustry and finance alike and the belief Is expressed that the Government
announce its future fiscal policy and also make known its stand
concerning the rationing of raw materials and the priority of essential
industries. There are also the questions of the determination of con¬
tracts for munitions and the disposal of State-owned factories and surplus
should
stores.
To achieve the reconstruction of trade and industry on sound flnapdal and
economic lines, the report continues, it will be necessary to re-establish a
sound financial basis by means of an effective gold standard to check any
undue expansion of credit and to take steps to reduce the inflation of credit
to more
normal proportions.
The banks will be in position to meet de¬
mands for ordinary banking facilities.
In order that enterprise of national
importance may have the first call
upon the available supply of capital it is desirable to maintain for a period
after the war supervision of new issues and over the export of capital.
On
the question of State aid to industry the committee recommends the for¬
mation of -a committee to deal with cases of hardship arising out of con¬
tracts for munitions.
One of the largest factors in the demand for assist¬
will be the necessity for the requirements of factories, alteration of
machinery and shortage in materials which will have to be met by increased
financial facilities.
The committee thinks that fears as to the ability of trade and industry to
meet the financial needs of the reconstruction period have been exaggerated.
In spite of the increased taxation a very large number of established trades
have been able to accumulate sufficient reserves for the needs of recon¬
struction.
Commenting on the expansion of credit and paper currency, the com¬
ance
mittee says that
whereas the total deposits at the banks of the United
Kingdom, exclusive of the Bank of England, at the end of 1213 amounted
£1/170.000,000 sterling, the amount of deposits now is nearly £2,000,000,000 sterling. The committee says it Is essential for the reconstruc¬
tion of industry and commerce to impose restrictions as soon as possible
upon the creation of additional credit by the restoration of an effective
gold standard.
j\- '
The policy of trade organization now in evidence is welcomed by the com¬
mittee as furnishing a sound basis for granting credit facilities to industry.
The committee also believes that if a portion of the new issues of stocks,
which will be necessary for many manufacturing establishments, were in the
form of preferred stocks giving a good return in dividends, and were reserved
for the workmen, it would assist materially, both financially and in other
equally important directions.
Regarding State aid, while the committee does not recommend the guar¬
anteeing of banks by the Government or the investment of public money In
loans to persons who have been unable to obtain them from other quarters.
It is considered that cases of hardship may arise, and to meet them the com¬
mittee suggests the establishment of a small committee of Government of¬
ficials and business men to consider the claims and act as a tribunal., • The
committee Is also of the opinion that It would be of great assistance to man¬
ufacturers if a proportion of the excess profits tax should be retained for a
period as a loan upon terms likely to secure an early repayment.
A special committee of the London Chamber of Commerce, dealing with
trade during and after the war, considers the necessity for Imperial prefer¬
ence stronger to-day than ever.
It recommends that the Government be
urged to guarantee for a series of years continuance, by subsidy or other¬
wise, of the new or 'hey** industries.
It recommends also that the peace terms should compel Germany to make
the fullest restitution for all Allied tonnage and cargoes sunk by enemy
action, such reparation to be made in ships, Westphalian coal or money.
The committee would compel Germany to furnish France with coal until
the deliberately wrecked French mines are re-established, and to compensate
the relatives of all seamen and passengers murdered at sea.
This committee also proposes that as an act of justice to the Allies,
enemy vessels be not allowed on the sea, until the fullest reparation has been
made, that no financially controlled enemy tonnage be allowed under neu¬
tral flags, and that no coaling stations owned or controlled by subjects of
enemy countries be permitted in British or Allied ports or possessions.
to
.
A.
C.
.
,t
MILLER OF FEDERAL RESERVE BOARD ON
INFLATION AND HIGH PRICES.
Inflation and high prices formed the principal point
discussion in an address delivered in Philadelphia on Deo.
of
21
by A. C. Miller of the Federal Reserve Board before the
Academy of Political and Social Science. The topic of Mr.
Miller’s discourse was “After-War Readjustment: Rectifying
the Price Situation.” In what he had to say on the subject
of inflation, Mr. Miller pointed out that “credit and cur¬
rency expansion—inflation for short—have everywhere
played their part in the financing of the war; not as much
fortunately in the United States as in other countries, but
yet enough to cause concern.” There must, he said, be
wisdom “in the administration of note issuing and reserve
credit banks if more than a condition of technical banking
strength is to be maintained and the world made safe against
the costly evils of inflation.” Stating that “there can be little
question what form the correction should take,” Mr. Miller
noted that “when there has been inflation there must follow
deflation as a necessary condition to the restoration of
economic health.” Declaring that’“save and pay up”
should henceforth be our slogan, he added, “the problem
of correcting a state of banking inflation is mainly a problem
in saving. We must either put more good behind the
outstanding volume of credit and currency—that means
production—or we must reduce the volume of credit and
currency to suitable proportions—that means saving.”
We give below a considerable part of Mr. Miller’s address:
The Price Situation.
Of all the financial difficulties confronting the country at the
the war the price situation is, in a business way, the most serious
dose of
and the
calling for the most immediate correction. Fortunately for the
United States, this situation is not confined to us.
The whole commercial
world has been involved in a series of extraordinary price disturbances
growing out of the war. While the situation Is worse in some countries
than in others, it Is serious in all.
The general dimensions and the gravity
of it are sufficiently disclosed in the broad statement that, in the course
one
of the four years of war, the world level of prices has risen by 100%.
In
countries prices mean depreciated paper prices, in others gold prices,
but in all an increase has been experienced that makes the problem of price
rectification one of urgency everywhere.
It can not be emphasized too Insistently that economic life can never be
normal and that business conditions can never be safe, until prices in leading
world markets wok their way back to some sort of a stable or normal
level adjusted to conditions of national and international demand and
some
supply, as these will be when industry and trade among the nations have
recovered from the shattering effects of the war and have resumed some¬
thing that can be called a normal course. How quickly this process wil 1
be worked out will determine how long the world will be in the uncertain¬
ties and difficulties of a period of transition.
Periods of transition ar t
always periods of strain. To shorten them by such means as can be fore •
seen to have a desirable effect is the part of good economic and flnanda 1
policy, both for the individual business man and for the nation and tb c
commercial world at large.
There is already much welcome indication that the more foresighted o l
the American business community are looking ahead to the falling o f
prices as something that is inevitable in the normal course, and. instead o t
waiting, are anticipating and assisting the process of readjustment
t>
voluntary price reductions. Such was the action recently taken by the
steel trade, the greatest of the country’s barometers of industry, an action
that is bound to have a decisive effect in many related fields.
Many
mflffhtTuiiTing establishments, also, are looking ahead and taking such
precautionary measures as they can to prevent being involved in avoidable
loss in the transitional
period of price readjustment.
izing credit statements and are advising clients to
Bankers are scrutin¬
be careful not to be
.
.
THE CHRONICLE
3416
caught with large inventories on a falling market and the advice meet*
many prepared minds and modi ready acceptance.
Such mental preparation pares the way and thereby hastens and malms
safe the process of price readjustment.
Bat when all is done in this way
that can reasonably be expected of the business man, it will still remain
true that much of the readjustment of prices must come about through
other action in which the community at large most hare a principal part.
What is It that has driven prices to the dizzy heights that hare prevailed
during the past four years? In general, the answer, of course, must be
war—the economic and financial disturbances the war has produced.
It
Is difficult enough, even under normal conditions, to specify the factors
which determine the level of prices. The twice situation, as we find It
In any given country at any given time, is the result of a complex of forces
in which the production and costa at goods, market demands, the saving
and investment of capital, the state of credit, and the volume of money
and currency, all hare their measure of influence.
These hare all been
at work during the war. but they hare been so complicated In their action
by the war that no simple explanation of the movement of prices In our
own or other countries is adequate fully to explain the causes of what has
been taking place.
Scarcity and High Pricer.
From the very beginning, the war caused a great intensifies-,
tion of the demand for a great variety of materials and supplies needed in
,
With all the efforts that have been made to adjust the
modern warfare.
productive organization of the different countries to the supply of these
much-needed things, there has, until quite recently, been a relative short¬
age of many of the primary materials and bade commodities of war.
To
that extent, they have commanded “scarcity values/* and their prices
would have ruled high even had there been no alteration in general mone¬
tary conditions. Much patient and methodical statistical investigation will
be needed to determine the exact extent to which high pricee during the
past four yean can property be regarded as “scarcity values.**
To the extent that the prevailing high prices have been "scarcity values/*
we expect the situation to right itself in due time as industry shifts from War
production to peace production, and the vast numbers of able-bodied
workers who have been withdrawn from productive industry to military
service are reinstated in the industrial army of the country. The produc¬
tion of many basic materials and commodities, which have been in short
supply, will gradually catch up with the demand and values be brought
back more nearly to normal.
This movement has already begun.
Looked at from this point of view, the problem of re-establishing a normal
price level is a problem in production, one to be worked out in factory,
farm and workship.
Prices will move toward normal and goods will be¬
come cheaper as they become more abundant.
They will become more
abundant as the wasteful processes of war consumption come to an end
and production resumes Its normal ways.
Inflation and High Pricer,
But “scarcity” is a relative term and there Is so much evidence of an arti¬
ficial abundance of money in comparison with the things that are pur¬
chasable by it that the abundance of money must be credited with at least
an equal influence In explaining the high prices which have prevailed.
Special attention win, therefore, have to be directed in the process of a re¬
turn to a normal basis of prices to the condition of banking credit and cur¬
rency, which has promoted or sustained the upward flight of prices.
The balance sheet of the belligerent world has been swollen by the addi¬
tion of about two hundred billions of public debt on the liabilities side of
the account, with only partial offsets in the way of newly-created wealth
on the assets tide of the statement to Insure economic solvency among the
European belligerents and especially the Central Powers. Not the least
of the wonders worked by the war has been the ease with which vast public
debts have been contracted, on what must be considered a relatively fa¬
vorable basis, so far as concerns Interest rate and other terms.
It has become a matter of commonplace observation in the United
States that our people of many different races, erodes and conditions have
never before been so nearly one in thought, feeling, spirit, purpose and ac¬
tion, as during the war. All of the four great liberty Loans have given the
evidence and measure of the people’s devotion to the nation’s cause. Twen¬
ty-one million subscribers to the Fourth liberty Loan tells much of the
story of our financial achievement. Much, but not quite all! For the
achievement is not quite all that it appears to be and must become. The
rest of the story will be found in the expanded condition of the banks.
Of the eighteen and a half billions of loans thus far put out by the Goverament. It may be estimated .that from 5 to 6 billions are being carried by
or in the banks.
To the extent that subscriptions to Government borrow¬
ings are paid, not out of cash which the subscriber has actually saved out
of'his income, but by credit borrowed from his bank, the payment of the
subscription must be regarded as having given rise to an expansion of bank
credit to approximately an identical amount.
Such expansion of credit,.
unless it sets in motion new forces of saving, results in inflation, first of
credit, then of currency, and, as a consequence of both, inflation of prices.
A bank's deposits and currency are the children of its loans and invest¬
ments.
When the loans and investments, therefore, which occasion an
Increase, of deposits and currency are not definitely tied to the production
or saving of goods, they must cause a rise of prices.
When the rise of prices
resulting fiom an expansion of credit and currency is not able, or until it is
aide, to induce a commensurate increase of productive industry to match
the increased buying power of the community, the resulting condition is one
of inflation, that is, one in which there is more purchasing power, in terms
-of money afloat in the community, thim is
for.
This condition has not been peculiar to the United States. Credit
expansion and currency expansion—inflation for short—have everywhere
played their part in the financing of the war; not as much fortunately In
the United States as in other countries, but yet enough to cause concern;
not disastrously as in former wars, but not without producing some serious
consequences sod leaving in some of the belligerent countries grave dangers
and in all of them, ourselves included, a troublesome after-war situation.
The great central note-issuing banks of the modern world—such are also
our Federal Reserve banks—have made inflation easy.
In the estimation
of many they have also made it safe. They certainly have done much to
make it technically safe. The theory upon which the great note-issuing
banks pretty generally have proceeded Is that the test of banking safety is
to be found in the reserve ratio. The more gold, the more credit and
currency.
Such appears to have been their monetary logic. Acting upon
this theory, they have scoured their respective countries of most of the
,
-
scattered sold.
“Goods'* Value Versus “Gold” Value.
As long, therefore, as the great central banks could gather in gold enough
to maintain a suitable mixture of gold in their resources and thus clothe
their liabilities with a suitable covering of gold, their position was one of
technical safety and appearances were good. It may be admitted that
appearances count for much in the psychology of credit and banking.
But more than appearances and more than technical safety, and, therefore,
more than gold, are necessary to the good functioning of reserve and note¬
issuing institutions. The character of their general assets, as well as the
.
[Vol. 107.
adequacy of their reserves, determines their test condition. There must
be wisdom—great wisdom and, at times, coorage/as well as wisdom—
In the administration of note-issuing and reserve credit banks if more than
a condition of technical banking strenth Is to be maintained and the world
made safe against the costly evils of inflation. That lesson the world Is
about to learn as a result of the experiences of the past four years. Until
it Is learned and the credit and currency situations to the leading countries
rectified accordingly, the business of the world win be In a state of mal¬
adjustment with the industrial unrest and strife that are hsually fared of
maladjustment and financial confusion.
Ute fact that inflation in the United States has not been caused or at*
tended by suspension of gold payments or a discount on paper currency,
such as was experienced during the Civil War, should not blind us to the
realities of the situation.
Suspension of specie payments may take place
without producing a state of inflation. (Such was the case in Ifrance
during the Franco-German War of 1870-71, when the Bank of France
suspended specie payments but managed its note issues with each care,
that they were never at any time over-issued and never went to anything
mere than a nominal discount as compared with gold.)
Recent events, particularly to the United States and among the northern
neutrals of Europe, which like the United States have experienced enormous
accessions to their supplies of gold during the period of the war, show that
inflation may take place without a suspension of specie payments -or the
occurrence of a discount on paper.
It was the very abundance of gold that
helped to advance prices in the United States before our entry into the
war.
The currency of the United States now. as then, is a gold currency.
Prices in the United States are, therefore, gold prices.
This fact is incon¬
testable. There is gold enough and more than enough to assure the ab¬
solute convertibility of our paper currency to gold. The trouble with our
situation is not that the paper dollar is not as good as the golddollar;
just the reverse is true; it is, The trouble with our situation Is that neither
the paper dollar nor the gold dollar will buy as much as they did before
inflation of prices began. At prices as they are, the paper dollar buys
as much as the gold dollar.
The gold dollar is no better than the paper
dollar. The two are interchangeable.
Our trouble, therefore, is with
dollars, irrespective of their kind. It is one of quantity, not of quality,
or, at any rate, not of quality in terms of gold.
Our elastic note issue
system has enabled us to place the issue of paper dollars on a quantity basis
without endangering the integrity of their gold value.
The trouble is
with the goods value, not with the gold value of the American dollar.'
Our difficulty is, and thereto consists our inflation, that dollars—good
financial dollars, “safe” dollars, gold dollars—have been created in such
abundance to comparison with the amount of goods purchasable by than
that they have, as a necessary result, lost in their purchasing power—to
other wads, the supply of money has become disproportionate to the
supply of goods with rising prices as the inevitable result.
Europe can not afford to buy great quantities of goodsto the American
market, urgent as its need is for materials of post-war industrial reconstruc¬
tion, unless our prices fall, no matter how ready we stand to finance
them, because Europe cannot afford to handicap her reconstructed indus¬
tries with a capitalization that will not be warranted by earnings when post¬
war prices get back to normal, as sooner or later they will.
For her indus¬
tries to do otherwise would be to invite serious losses and possible bank¬
ruptcies.
Indeed, much the same may be said of our own domestic business situa¬
tion. Increase of the capital account will, to general, be a perilous proceed¬
ing for any undertaking involving large permanent investment and heavy
fixed charges, as long as prices of materials of construction are on an In¬
flated basis.
Thus does an inflated state of prices tend to check industrial
enterprise, and, therefore, to retard industrial recovery. More than that,
an inflated state of prices always adds to the uncertainties, and, therefore,
,
•
to the hazards of
business, when once the crest of the movement has been
passed. Thus is a speculative tinge given to even ordinary business in
periods following inflation of prices and credit. Such periods, it has fre¬
quently been observed, tend to promote speculative activities and to breed
business crises. For whatever adds to the uncertainties and hazards of
business, not only tends to induce speculation, but also, for that very rea¬
son, to add to the chances of business miscalculation and, therefore, to
the percentage of business misadventure. And it is business misadventure,
when the percentage runs high enough, that makes tor crisis. For the busi¬
ness crisis is merely to be regarded as a rough and wholesale method of ad¬
justing the capitalization of business to the indubitable facts of the market
—through earnings to prices—when capitalization has gotten out of line
with the price trend, the business crisis being little other than a swift and
violent method of correcting errors of business miscalculation, when such
errors have been extensively committed.
Conclusion.
The more the matter is pondered, therefore, the more, I believe, the
heart of our national after-war business and financial problem will be found
In the price situation. There are many other factors—such as wages,
axes. Interest rates—but none that is comparable to its importance to the
price situation nor unaffected by it. If our price situation Is quickly
cleared up by deflation, wages and taxes may be expected to adjust them¬
selves to the altered conditions. Industrial enterprise can then make its
calculations on something like a stable or normal basis and the period of
post-war readjustment need have little terror for ns. The whole world is
inflated. A great opportunity, therefore, awaits the country which to the
first to be aide to begin marking down its prices toward peace levels.
The
world needs us and what we can produce.
It needs copper, cotton, steel,
machinery, and many other things. Some of these it will take at any prices,
but It will take much moreif our prices are such as to Invite foreign demand,
and we need give little attention to artificial methods of taking up the slack
in the labor market and otherwise stabilizing industrial conditions, if we
take up promptly and proceed vigorously with the solution of the price
situation.*
Since the beginning of the European war or between the dates of July 1
1914 and Sept. 1 1918. the total money to circulation to the United States,
as shown by the Treasury statement, increased from 83.402.015,000 to 85/621,311,000, an increase of 82/119,296,000, or 65%. Total deposits of all
banks* between the dates of June 301914 and June 22 1918, the latest date
for which complete figures are available. Increased from 821,279,000,000 to
832,589,000,00j. an increase of 811,320.000,000 or 53%. Loans and dtocounts for the same dates show an increase from 515340.0J0.000 to 822,059.000.000. or 86.719.000.000. an increase of 44%. Total investments
for the same dates show an increase from 820,924.000.000 to 531,982/000.000. or 811,058,000.000, an increase of 63%.
Since our entry into the war, or between the dates of July 1 1917 and
July 11918, the total money to circulation in the United States, as shown
by the Treasury statement. Increased from 84,850,360.000 to 85,621.311.000. an increase of8770.95l.000, or 16%. Total deposits of all banks*,
between the dates of June 20 1917 and June 29 1918. the latest date for
which complete figures are available, increased from 830,443,000.000 to
•National, State and private banks and loan and trust companies.
Dec. 28 1918J
THE CHRONICLE
932*589,000.000.
an Increase of $2,146,000,000, or 7%.
Loans and dis¬
counts for the same dates show an Increase from
$20.502.000.000 to *22,059.000,000, or $1,557.000,000, an increase of 8%. Total investments
Car the same dates show an increase from
$28,611,000,000 to
000,000.
$3371,000,000,
*31,982,-
increase of 12%.
The Index number of wholesale
prices in the United States computed
by the Bureau of Labor Statistics shows a rise from 98 in June 1914 to 202
in August 1918, a rise of over 100%. The index number for
retail prices
for the same dates moved from 99 to 171, an Increase of about
73%
Since
the entry of the United 8tates into the war,
the index number of whole¬
sale prkes has risen from 171 in April 1917 to 202 in
August 1918, an in¬
crease of 18%, the index number for retail
prices for the sstno dates baring
moved from 145 to 171, an increase of 18%
These figures certainly reveal a very considerable Increase m the
volume
of banking operations In the United States since the
beginning of the Eu¬
ropean war In 1914. An aggregate of probably over ten billions (an in¬
crease of about 50%) of new
purchasing powar since the beginning of the
European war, mainly in. the form of bank deposit-currency, has come
into existence during this period. The portion of this increase,
which is
to be charged to the period beginning with our
entry into the war, cannot
be accurately determined, for lack of adequate data. But an indication
la supplied by the increase between the dates of Jane 20 1917 and June
29 1918, noted above, in the figures for total deposits and
money in cir¬
culation. an increase of the two together of 8%. It seems within the prob¬
abilities chat of the ten billions of new
purchasing power which there is
good ground for believing have been created in the United States since
July 1914, a fourth may conservatively be regarded as chargeable to the
period since our entry into the war.
To the extent that this increase in the supply of the
purchasing media
of the country has not been offset by a like Increase In the
production of
goods, it must be regarded as unnecessary and superfluous from the eco¬
nomic point of view, whatever may be said In justification of it from
the
point of view of political and general financial expediency.
To the extent.
that it has been offset by increased production, it
presents no difficulty.
That there has been an enormous increase in the
physical output of goods
in the United States during the past four years cannot be
questioned.
Never before has the country come so near to
realizing its full productive
capacity; never before has there been so little unemployment or idleness.
Some optimistic estimates place the the increase in the
physical product
Of the country during the past four years as high as 30%.
If we take a
more conservative figure, of 20 to 25%. it would
suggest the inference that
a commensurate proportion of the volume of credit
and currency existing
in 1914. or some 4 to 5 billions of dollars in the
aggregate, was probably
legitimately called for by the growth of production in the past four years.
In estimating the amount of credit and
currency contraction that will
have to take place before our price situation can be regarded as in a fair
way to become normal, these 4 to 5 billions should properly be deducted
from the statement of the present volume of these items. It would
ap¬
pear probable, therefore, that some 5 to 6 billions of credit and currency
in the aggregate have been created in the past 434
years that cannot be
regarded as having been occasioned by the requirements of industrial
growth, as measured in terms of physical units. This is also approxi¬
mately the amount of war securities and war loan paper, as has already
been stated, that the banking system of the United States is
to-day carry¬
ing. To this extent the expansion of banking credit and currency would
clearly appear to have been occasioned by the banks having assumed the
burden of assisting the placement of Treasury borrowings by the extension,
use and lending of their credit.
Such use of credit is almost of necessity
inflationary in its Immediate effects and in its'continuing tendencies until
or
an
corrected.
Rectification of the Price Situation.
There can be little question what form the correction should take.
Where there has been inflation, there must follow deflation, as a necessary
condition to the restoration of economic health.
Contraction of bank
deposits and
currency, through the liquidation of war loan accounts, is
as the next and necessary step in the process of bringing
the credit currency and price situation back to normal. Those who, in
our Liberty Loan campaigns, were persuaded to borrow and
buy must
now be made to save and pay.
“Save and pay up” should henceforth
clearly indicated
be our slogan.
The problem of correcting a state of banking inflation is
mainly a problem in saving. We must either put more goods behind
the outstanding volume of credit and currency—that means production—
or we must reduce the volume of credit and currency to suitable
proportions
—that
means saving.
Expenses and spending must be kept down; money must be saved. As
it Is saved, it must be paid to the banks in liquidation of war loans and
other non-productive borrowings.
If the money saved is in the form
of deposit or checking credits, then the total volume of these in existence
and in use will be diminished as they are used to cancel an equivalent
amount of loans and thus will the banking structure be contracted and
prices be rectified. If in the form of bank notes, the cash holdings of the
banks will be built up and they will be enabled to reduce their borrowings
from their reserve banks, and, in this wise, the notes will find their way
back to the Reserve banks, reducing at once the volume of their out¬
standing note liabilities on the one side and their holdings of bills dis¬
Thus will saving effect the reduction in the volume
counted on the other.
of outstanding currency and credit.
There is no escape from this neces¬
sity. As long as inflation exists, the nation must continue to practice
thrift.
Only thus can the capital be created and supplied which will
wipe out the inflation that already exists and avoid or minimize such new
inflation as may threaten in connection with the great borrowings that
must still be made for the use of our Government and the Governments
associated with it, to say nothing of the large demands for capital that
will be made on the American investment market by Europe in the process
of re-establishing her industries.
Mr. Miller then goes on to say that the Government’s
requirements for the remainder of the fiscal year have been
stated as likely to be not less than seven billions.
This
amount, added to the five billions of outstanding war se¬
curities which, it is estimated by him, have not yet been
permanently absorbed, would give a total of twelve billions
of public securities which must be taken up out of genuine
savings “if our financial and credit system is to be sterilized
of the taint of inflation which at present is upon it.’’ When
this is accomplished, he argues, prices are likely to be at
something that can be regarded as a normal level. “U;;til
it is accomplished, there will be an unstable price situation.
As it is gradually accomplished, prices will go back to a
normal basis in an orderly manner. But if a considerable
part of the new borrowings, which the Government must
make
during: the fiscal year and until war accounts are finally
expansion of
banking credit, we are likely to have more inflation and an
aggravation of a price situation which is already sufficiently
serious and burdensome.
t
closed up, are financed by any considerable
v
-
-
'
•
—
VIEWS OF F. A. VANDERLIP AND JOSEPH FRENCH'
JOHNSON ON AFTER-WAR CONDITIONS.
Frank A. Vanderlip, President of the National
City Bank
of New York, in an address before the New York Credit;
Men’s Association at the Hotel Astor on Dec. 18, took an
optimistic view of after-war conditions, in contrast to that
held by Joseph French Johnson, Dean of the School of Com¬
merce, Accounts and Finance of the New York University.
Mr. Vanderlip had been scheduled to speak on “The Future
of Our Gold Reserve,” but his remarks were devoted
largely
to answering the contentions of Dean Johnson.
Among
other things, the latter referred to the release of
15,000,000
persons engaged in war work, and he predicted direful
results unless the business men of the country took measures
to guard against untoward
happenings. The New York
“Tribune,” which appears to have the fullest account of the
arguments pro and con between Messrs. Johnson and
Vanderlip, reported what each had to say as follows:
'
‘‘I would not,” said the dean, “side with those
pessimists who claim
that the country cannot get back to a peace basis until there has been a
general liquidation and an utter collapse of prices. But I must admit
that some kind of disaster and distress are in store for this
country If its
business, its financial and its political leaders do not use their brains and
their nerve and their energy and their initiative in order that there
may be
uninterrupted employment of American labor, and hence a steady demand
for the products of American factories.
“If we rush stupidly and blindly on,
trusting in Providence or in the luck
of America, and squander our money and give little
future
problems, I
see
thought to
in the not far distant future crisis and panic, idle labor,
bread lines and riot."
Mr. Vanderlip’s talk consisted of a rebuttal of Dean Johnson’s conten¬
tions.
The Professor said the world was much poorer as a result of four
years
of fighting.
The banker replied:
“I believe that we have come out of the war richer,
really richer In a
material way. tremendously richer in the world that we have come out Into;
richer in spirit, richer in the understanding of the
unity of this nation;
richer in the experiences that we have all passed through, and
particularly
in the experiences that the men who have gone into military service have
passed through.”
Dean Johnson expressed belief that it would be a good idea to burn
up
all the Liberty bonds of the country, amounting to some
twenty billions of
dollars, in
bonfire, saying “the Liberty bond is not an asset it is a liability.
sad thing to think of the American people, of all kinds, con¬
tributing out of their earnings, of ail kinds, to support prosperous men like
you and me when we do not need those contributions.
I am going to make
a
It is rather
a
fellows have a bonfire.”
The reply of Mr. Vanderlip was received with for more enthusiasm than
the proposal for the Immolation of the bonds.
Said Mr. Vanderlip, refer*
ring to the bonfire: ”1 am not going to contribute anything to that and I
do not concede that it would be doing society any great favor if I did. Now
the quarrel that society is going to have with the owners of these bonds
some
does not lie at all In the fact that society has got to pay the debt of this
nation.
Society’s inquiry will be, What will the people do when they
receive the money 7
■ *
“We have all got to save now perforce—because the tax collector makes
us.
That is not going to hurt us, provided what is saved Is used in the
interest of society.
If It is reinvested, if it helps further production, then
It is working for society, just as society ought to have it work for It.
I
believe that society is going to be better off for this enforced saving, be¬
cause these bonds, when they are paid off, will undoubtedly seek reinvest¬
ment, and at that time a vast amount of new capital that people have been
forced to save will go Into industry, into production.”
Both speakers attempted to give a dear presentation of the serious
prob¬
lems that are soon to spring up.
Mr. Vanderlip did not try to understate
them, but was more optimistic of the chance of a happy solution of them
than was Dean Johnson.
The key to the solution of the riddle of the future, Mr. Vanderlip indi¬
cated, was in striking a proper balance in the relations between capital and
labor.
No structure of prosperity, he said, can stand which is not built
on the satisfaction of labor with conditions.
Much of the labor difficul¬
ties, he added, flows from the ignorance of employers.
“If there were to be a joint debate between a union labor leader and a
representative of the bankers, or of any part of what we may call the
capitalistic class,” Mr. Vanderlip declared, “1 would wager that the union
labor leader would have a deeper knowledge of sociology, a more thorough
acquaintance with those principles which we have got to consider in the
adjustment of affairs between capital and labor, than his opponent would
have.
No small part of the trouble between capital and labor. In my opin¬
ion, lies in the ignornace of employers. Now, that is not altogether to be
marveled at.
Men engaged in active business enterprises have their minds
tremendously absorbed with the day’s flow. Their day’s work is a mental
day’s work, which excludes them from the leisure ordinarily necessary to
think on problems that do not appear to be immediately necessary for them
to attempt to solve.
“The laboring man has more time to think on such problems, and he is
thinking sounder and deeper, as a rule, on many of them, than is the business
community. So I believe that we have all got to recognize that this is the
foundation of our temple, and it does not do any good to build the structure
unless we square up the foundation, and it is up to us to do some thinking
on that line.”
In the future world that sprang out of Mr. Vanderlip’s imagination, these
factors were highly significant.
“Are we going to have a great foreign trade?
I do not know, but I am
of one thing—we are going to make a thundering try at it.”
The National City Bank, which has already opened thirty-nine different
branches throughout the world, is going to aid the expansion of world trade.
“If a business man goes abroad, we will be prepared to furnish him with
sure
interpreters, with
right
on
an introduction and an entry to factories, furnish him
the spot with all the guides to industry, and will help foreigners in
*
THE CHRONICLE
2418
understanding the United States,** Mr. Vanderlip said, pointing out that
many other American banks also are going to render great services.
The United States, with its high wages, will be able to compete with
Japan, with its low wages. This example from shipping was used to prove
Mr. Vahderlip’s assertion: “I happened,’* he said, “to see some labor
figures on three ships of equal tonnage, one under the American flag, one
under the British flag and one under the Japanese flag.
The labor cost
of practically the «mw type of ship for practically the same trip was half
under the British flag that it was under the American, and half under the
Japanese flag that it was under the British. How can we run ships at four
times the labor cost of our competitors?
“The labor cost is only about 15% of the total.
I believe that we
will be able to construct ships, built for special purposes, as our ships on
the
are built especially for ore transportation, run on special routes,
where they are driven back and forth without great delays at the ports, and
that we will be able to compete, even paying the wages that we have to pay,
because we will make up for that in ease of loading and better facilities,
better construction of the ships in respest to unloading, working and less
delay at the ports.
“The fantastic wages that we have paid in some cases are going to disap¬
pear.
The men know they have been receiving fantastic wages in those
cases, and I do not believe there Is going to be much resistance to a de¬
cline in thoSe cases. Labor of other countries is being paid a great deal
more than it was four years ago, and it won’t go back, I don’t believe, any
more than I believe that our labor Is going to fall generally.’’
As for unemployment, about which Dean Johnson expressed fears. Mr.
Vanderlip said that, although 15,000,000 war workers would have to be
transferred to peace conditions, the transition could be made success¬
fully, as there was now a labor shortage, pointing out that in the last four
years the five million immigrant workers who normally would have come
to difa country did not arrive because of the war and a million workers
from this country returned to fight in their homelands in Europe.
Public
works, if necessary, would form a buffer in the adjustment.
PAUL M. WARBURG ON “SOME PHASES
FINANCIAL RECONSTRUCTION ”
OF
One of the most important speeches of the day for which
have not been able to find room in our paper until to¬
we
day because of the crowded condition of our columns, is
that of the former Vice-Governor of the Federal Reserve
Board, Paul M. Warburg, delivered at the Reconstruction
Conference of the U. S. Chamber of Commerce at Atlantic
City on Dec. 6. Toward the close of his remarks Mr. War¬
burg made brief reference to the Report of the British Com¬
mittee appointed to investigate the question of currency and
foreign exchange after the war (which we shall print in
full another week); on this point Mr. Warburg said:
It was extremely gratifying to find that the conclusions reached by this
Committee bear out entirely the thoughts that I have ventured to express
in this paper with regard to Treasury borrowings, discount rates and de¬
flation.
The report urges as prerequisites for the restoration of an effective
gold standard, ‘which should be restored without delay.”
The cessation of Government borrowing as soon as possible after the
war, and the provision at the earliest possible moment of an adequate
sinking fund for the purpose of bringing about a regular annual reduction
of capital liabilities;
▲ cautious reduction of the outstanding uncovered note issue and a
greater concentration and strengthening of the gold reserve;
And, furthermore, the bringing into effect of the “machinery, which
long experience has shown to be the only effective remedy for an adverse
balance of trade and an undue growth of credit.” This machinery is de¬
fined as “the raising and making effective of the Bank of England's dis¬
count rate, which before the war operated to check a foreign drain of gold
and the speculative expansion of credit.”
“This necessity," the report
•ays, “cannot, and should not, be evaded by any attempt to continue
differential rates for home and foreign money after the war.”*
Lord Cunllffe’s sound advice to let business return as soon as possible
into its old and tried channels will no doubt be heartily acclaimed by our
business
men
and
bankers.
To turn to the principal features of Mr. Warburg’s speech,
which was devoted to a discussion of “Some Phases of Finan¬
cial Reconstruction,” we quote from his remarks as follows:
As I look through the telescope into the period following that of tran¬
sition I see a United States to which the world at large will be heavily in¬
debted, and to which annually hundreds of millions of dollars will be due
as Interest on loans extended, in addition to the hundreds of millions due
in payment of the raw materials we shall be able to spare for other coun¬
tries.
I see an industrially highly developed country which, with the
exception of
a
limited number of articles, will be capable of producing most
of the necessaries of life for the consumption of its own people.
I per¬
ceive, therefore, a country amply protected by a vast annual international
credit balance, a country which by keeping some portion of its foreign
security holdings in the form of reasonably short obligations, should be
able to protect Itself against any serious encroachment upon this creditor
position; a country owning a huge gold stock;—a country, in short, which
need not give itself any great concern with regard to the task of main¬
taining the parity of the dollar exchange all
over
the world.
I much misread the future if it does not have in store for New York the
world exchange centre, vying with London as a free gold and
As 1 see it, our future economic position will be of such
strength that it will be difficult for many countries to keep their exchanges
at par with us.
They are not likely to have sufficient quantities of the
goods required by us, nor will they have large amounts of gold to spare,
and therefore, in payment of the things we sell them and of the interest
they will have to pay us, they will have to try to find something else than
goods that we may purchase from them; that is they will offer us the in¬
dividual or collective obligations of their nationals, or their industrial
enterprises, or such securities or assets of other countries as they control.
If we want these countries to continue to be able to buy our goods, it is
position of
a
discount market.
•The report is significant, furthermore. In its unqualified recommenda¬
tion that the gold reserves of the country should be held by one central
institution and that all banks should transfer any gold now held by them
to the Bank of England."
That is exactly the policy the Federal Reserve
Board persistently urged upon Congress, a policy fortunately adopted
Without such amendment it would have been
and since enacted into law.
impossible for the F. R. System to accumulate the more than $2,000,000000 of gold which enabled It successfully to stand the unprecedented strain
of financing the war.
[Vox*. 107.
therefore Incumbent upon ns to prepare ourselves to grant these foreign
credits and to buy and assimilate these foreign assets.
In order to carry out this program several things are necessary.
First,
oar banks and bankers must be able and willing freely to extend their
acceptances for the financing of the world's trade. It Is inevitable, if
banks and bankers continue to show the same spirit of enterprise
and patriotism they have demonstrated during the war. that in the financ¬
ing of the world’s current trade we shall have a very large share. As s
matter of fact, we owe It to the world to bear a substantial portion of this
burden. To that end the discount rates of the Federal Reserve banks
and the policy of the Federal Reserve Board with respect to acceptance
transactions must continue to be liberal.
I can well foresee the time when
American dollar acceptances will be outstanding to the extent of more
than one billion dollars in credits granted all over the globe.
Three years
ago when it was my privilege as a member of the International High Com¬
mission, to visit South America, I found that the banks in that hemisphere
hardly realized that there existed such a toing as dollar exchange or an
American bankers’ acceptance, and our own banks and merchants had
to be coxed into using them.
Now these acceptances are well known and
eagerly sought all over the world.
But while much has been accomplished as a beginning, while the mar¬
velous strides that our banking system has made during the war are as
unparalleled as the rapid creation, equipment, training and transporta¬
tion of our armies, more remains to be done.
While it is most satisfac¬
tory to note that several discount companies and acceptance corporations
have been organized, it is my belief that the future will show a very dis¬
tinct need for a larger number of acceptance corporations.
As the lib¬
erty Loan bonds are absorbed by the public and as the paper secured by
these bonds and rediscounted with the Federal Reserve banks is liquidated,
the enormous resources of the Federal Reserve system will become avail¬
able for regular investment In bankers’ acceptances to a larger extent
even than In the past and will prove a tower of strength, protecting oar
discount market at rates which will compare favorably with those of the
Strongest amongst the old established countries. These conditions are
likely to bring about a constantly growing demand for American accept¬
ances and I hope that not only banks and acceptance corporations, bat
also private banking Arms will energetically cultivate this new Add of
enterprise. As is well known, private bankers were pioneers in England
our
developing the foreign acceptance business.
war being over, it is now the privilege of our bankers and financiers
to make themselves generals in the arts of peace, and to call out as volun¬
teers the best talent, now happily again available for the constructive
pursuits of commerce and trade in all parts of the world. There is in this
call no challenge to England; she will. I am certain, retain her logical and
traditional position of a world centre of commerce and finance.
More¬
over, once we return to the time when trade between nations is no longer
financed by the issue of Government bonds, the old machinery of bankers*
in
The
banking will be so heavily taxed in both coun¬
United States, soon to be joined, we ail hope,
by France, will be only too glad to find partners with whom to divide the
burden and, rather than envious competition in securing the load, there
will be a tendency of wishing to place a fair share of it on “the other fel¬
low.”
No doubt some of the neutral countries, whose financial strength
and independence have greatly increased during the war, will play an im¬
portant role; while Germany’s place as an international banker, I believe,
acceptances and investment
tries that England and the
will have to be considered as vacated for some time to come.
Bankers’ acceptances, however, while important factors as
temporary
equalizers of international balances, and invaluable, furthermore, in their
incidental effect in creating centres into which other commercial and
financial transactions will naturally flow, cannot be expected to offer tbs
proper medium for settling the vast permanent indebtedness to ns which
to year. These large balances
but by an outright transfer to
us of foreign assets.
This may be brought about essentially in four ways:
(1) The debtor country may sell to our Government its own Government
obligations (our Government in turn financing Itself by the sale of United
States Government bonds substantially in the same manner as adopted
in financing our Allies during the war.)
Or (2) The debtor country may sell to our investors (instead of to our
expect to see accumulating from year
must be offset not by temporary credits,
we
Government);
(a) Its own Government obligations, or
(5) Industrial stocks or bonds originating within its own boundaries, or
(c) Stocks or bonds owned by it but issued in other foreign countries.
The first method Is not likely to be employed extensively beyond the
beginning of the transition period. The other three methods are the ones
that in the long run we may expect to see develop as the most practicable
forms and for which we must prepare ourselves.
In order to bring about In the United States the successful absorption
on a large scale of foreign securities It is necessary that our investing pub¬
lic be educated properly to appreciate these foreign investments.
That
banks and our business men going into foreign
“folks at home” frank and reliable information
concerning the risks and chances of the proposed investment, concerning
the resources of such countries, the character of their people and their
political and economic conditions.
I believe that for the better protection of both the public and the care¬
ful and self-respecting banker tt would be advisable to establish some
generally accepted rules governing the information to be contained in a
prospectus offering for sale foreign securities (or possibly also our local
ones.)
Every great international market enjoys such rules established
either voluntarily by the stock exchanges or by the Government.
If we
are to be a world centre of finance, as I am profoundly convinced we shall
be, I believe we ought to take steps that will give to the American prospec¬
tus the same standing and prestige as is enjoyed by those of the leading
( can well imagine that by common and voluntary
European markets.
agreement some sort of a future capital issues committee might be or¬
ganized in each Federal Reserve district to give Its stamp of approval to
every prospectus before the quotation on the Stock Exchange be granted
Such approval would not signify the passing upon
or the offer be made.
the intrinsic merit of the security involved, but it would give assurance
that all essential facts, and nothing but authentic information, be con¬
tained tn the prospectus and that they be stated over the signature of the
borrowing government or corporation and the issuing house. This is, as
a matter of fact, no more than a responsible issuing house would observe.
It would be a burden, therefore, only upon less conservative firms, upon
which a check ought to be exercised.
While, no doubt, some red tape
and delay would be involved in such a proceeding. It would in the long ran
The Chairman and Governor
prove well worth while to submit to it.
of the Federal Reserve Bank of the district might be invited to head the
committee as at present.
They and others would, no doubt, be found
willing In the general Interest to shoulder the burden.
When the present Capital Issues Committee in due course, by the ex¬
piration of the Act, discontinues its operations, it is possible chat such new
local Capital Issues Committees might exercise a very important function
in protecting the country in this further respect. Issuing houses in Europe
will only be possible as our
countries bring back to the
Dec. 28 1918.]
THE CHRONICLE
do not
generally enter Into contracts for the purchase of foreign securities
without first inquiring at their headquarters whether
or not such Issue is
in the public Interest.
It must be borne in mind that when
concluding
these loans not only the
relationship with the borrowing country must
be considered, but also the condition of the
purchasing country as a whole.
Excessive foreign loans may at times
adversely affect the entire network
of trade balances, exchanges and interest
rates, even though the transac¬
tion may be of great
advantage to particular industries, and even though
the contracting country itself
may be heavily in our debt.
The situation
as a whole, therefore, should
be carefully weighed in such cases by the
Federal Reserve Board which, when approached
through the local Oapiral
Issues Committee, would give its advice.
It may timely to point out in this connection
that foreign bonds payable
in several currencies would prove of
great value in times when gold expor¬
tations might become imminent in
consequence of unexpected temporary
financial dislocations. In such circumstances
interchangeable interna¬
tional bonds could well be sold abroad in order to
replenish our foreign
balances, warding off to that extend exportations of gold.
•
•
•
•
•
•
•
«
•
•
•
•
It is estimated that England, France and
Germany before the beginning
of the war invested annually an
aggregate of over a billion dollars in foreign
countries.
For more than four years countries like the South and
Central
American republics and China have not been able
to secure foreign funds
in substantial amounts, and while the war
has taught them a greater
degree of thrift and more extensive reliance upon their own
resources, their
accumulated appetite for foreign capital must now dc
large. Add to that
the demands of European nations, new and
old, and it will be clear that by
sheer force of circumstances
even though
England, France, Holland,
Japan the Scandinavian countries and others will take their full share of
the burden, we shall soon be driven into a
position of great Importance
In international finance, and that this
responsibility will be facing us long
before we may expect to see our market for
foreign securities develop far
enough adequately to meet the situation. I believe that so-called “In¬
vestment trusts’* will ultimately play an
important role in solving this
problem. Companies of that character are well known in
England, par¬
ticularly in Scotland. As their name indicates, they invest their funds in
foreign securities and against their assets they issue their stocks and bonds
for sale in the home market. One
important corporation of tills descrip¬
tion has been
,
launched in the United States the American International
Corporation. More such companies. I think, are bound to be estab¬
lished. But it will take yean to establish their
prestige and standing all
over the country and to
prepare for their securities an investment field
wide enough to fill our needs.
In these circumstances, it occurred to me
some time ago that by co*.
/acting the War Finance Corporation into a
Peace Finance Corporation and
authorizing it to acquire directly, or
make advances on foreign securities, we
might create an instrument that
would promote our foreign trade and at the same time
greatly assist for¬
eign nations in need of our support during a period of
political and eco¬
nomic transition.
Such Peace Finance
Corporation, enjoying the prestige
and strength flowing from the $500,000,000
capital subscribed by the
United States, could exercise effectively its
power, within certain limits
and for a limited number of years, to issue ite own
obligations against the
foreign securities acquired. *In doing so it might render services of the
very greatest value In bridging a critical interval.
At the same time,
it would keep the Government out of direct
touch with business transac¬
tions, with which, for a thousand obvious reasons, it had better remain
unconnected.
For the sake of both
our
domestic and
foreign problems, I believe a
consideration, even though
am reluctant to suggest it because of
my strong belief that at this time
we should remove rather than construct
war emergency machinery that
plan of this kind is deserving of our
our
most careful
I
draws Government into business and on account of
other serious and valid
objections which at once occur to us.
The greatest difficulty, and one that cannot
be weighed too conscien¬
tiously, is that of devising a plan which will provide a sufficient assurance
that we may rely on securing men
able, expert and independent enough
to be entrusted with the administration of funds
amounting to possibly
billions of dollars, men who would have to be
vested with wide powers in
dealing with what, in effect, would amount to the peoples’
money.
In
order to win the war and while it
lasted, we were willing to concentrate
wide powers In the hands of a few.
Would Congress be prepared to go
that far for purposes of reconstruction?
That is doubtful, and personally
I believe that. In spite of its obvious necessities
and advantages, the step,
involving as It does transactions with foreign countries, could safely be
undertaken only If we could remove
every reasonable doubt with
respect
to our ability of securing the
proper men and of keeping the Corporation’s
management so separate and distinct from the direct
responsibility of the
Government as to protect both Government and the
Corporation from
likely to result In dealing with foreign nations.
be found by providing that the Peace Finance Cor¬
poration should be administered by a board of directors, of whom one
each, with the approval of the President, would be
designated by the
Secretary of State, the Secretary of the Treasury, the Secretary of Com¬
merce, the Federal Reserve Board, the War Industries
Board, the War
Trade Board, the Shipping Board and the Food
Administration (each
selecting at the same time a substitute director for their appointee). These
directors then would elect the General
Manager and other officers. A
method of this kind would be likely to secure a
non-partisan expert ad¬
ministration, a majority would be appointed by non-partisan expert men
of national reputation and of widely
divergent interests. I think a board
any embarrassment
A solution might
of that kind might safely be entrusted with the
necessary wide powers.
Whatever form of financing, however, the reconstruction
period may
bring, whether issued by our own Government, or by a Peace Finance
Corporation,
or by foreign governments or foreign corporations, it is cer¬
tain that their successful absorption will depend
upon the saving capacity
of our people.
I believe we cannot emphasize too strongly that the time
has not yet
come when our people, large or small,
may relax their efforts to curtail
unnecessary consumption, both for the sake of releasing for export
the
greatest possible quantities of goods thereby stimulating our
export in¬
dustries, and for the purpose of accumulating funds available for invest¬
ment.
It is most important that our coining
Victory Loan be absorbed as far
possible not by bank borrowings but by genuine savings.
Thanks to the
strength provided by the Federal Reserve System, our banks have been
able to meet the strain of the war in a most admirable
way, and, as in
as
every previous
next loan may
loan, they will be found prepared for whatever burden the
bring. But do not let us be unmindful of the fact that
since our entry into the war the reserves of the Federal Reserve banks
have fallen from 85% to about 50%, that the aggregate
investments of
Federal Reserve banks have increased in that
period from $225,000,000
♦These obligations should not be eligible as collateral for notes rediscountable with Federal Reserve banks.
They should be placed only as
fast as they can be absorbed by the investors.
241*
to over
$2,300,000,000 and that the proportion of national banks’ invest- <
deposits at present amounts to 130%, against 110% at the be¬
ginning of the war in 1914.
It Is sincerely to be hoped that the
people by saving and curtailment of
unnecessary consumption and expenditures, and the business community
by a program of wise moderation particularly dealing with non-essentials, '•
and as long as this can be done without
creating unemployment, will dot
their share in consolidating both our
gold and investment strength, on
which two factors our ability to secure our
proper position in foreign lands
and our power to act boldly and generously
in dealing with other nations '
is largely predicated.
Over-expansion of deposits and note issues must
ments to
not be
permitted to tie up our reserves to such a degree as to interfere with
power to let gold go out freely.
While we are still in a position of great
strength, we must remain conscious of the necessity of not
forgetting out
our
limitations.
If by the exportation of large amounts of
gold or a continual increase
of investments our Federal Reserve
system’s cash reserves should fall,
from 50% to about 40%, that by
comparison with other countries would
still look like a very high reserve.
Do- not let ns forget, however, that la
Europe reserves before the war wore considered to be near a normal level
at approximately 60%, and that was at a
time when central bank coun¬
tries ware saturated with gold, owing to the hundreds
of millions in actual
gold carried in the pockets of the people, while now this
important second¬
ary reserve has been wiped out in almost ail
leading countries. They have
wisely concentrated that gold in the central banks in order to have ftt
serve as a basis for their vastly increased
note and deposit obligations.
Logically, future central banks’ reserve standards ought, therefore, be
higher than those of the past. While we must resign ourselves to the con¬
clusion that it will be a “long, long way" to the realization
of any such;
hope, it is all the more evident how Important it is for all countries firmly
to envisage this goal of strengthening their
present financial position by
a gradual deflation, while at the
same time efforts to concentrate all scat¬
tered gold must continue.
The world balance sheet has been “watered,"
by issuing war loans and
currency, against things already consumed or of no
permanent value, to
an aggregate appraised to exceed the
estimated pre-war wealth of Eng¬
land and Germany combined.
The squeezing out of this water by gradual
*
amortization of war loans and contraction of note issues will
prove an im¬
portant factor in re-establishing pre-war levels of prices.
Some writers hold to the view that increased production of
goods rather
than banking deflation may bring us back to a normal relation
between
money and goods.
My own belief is that the solution must be sought ta
efforts from both ends.
The resultant line indicating the trend of prices
and deflation would then lie somewhere around
midway between the
highest and lowest points.
Mr.
Warburg expressed the opinion that there is no ne¬
cessity for the establishment by the Government of a foreign
exchange bank, as a reconstruction measure, for the purpose
of keeping dollar exchange at par, or for
providing the coun¬
try with adequate foreign exchange and credit facilities at
fair and equitable rates. He added:
Nor is such a bank necessary in order to put onr discount rates
on am
equal level with those of London. It cannot be denied that it Is an anom¬
aly, which rankles in the minds of some of our critics, that our acceptance
discount rate should at present be at 4H%, while the
British rate ts at
3H% at a time when England Is borrowing from us at a rate well in escese
of 4H%' As long, however, as the United States
Treasury has to raise
about, one and a half billions per month by the sale of Treasury certificates
at 4H%, it is evident that a reduction
by the Federal Reserve banks of
their discount rate to 3H% would
only have the effect of inducing tin
banks and trust companies to sell all their
acceptances to the Federal
Reserve banks at 3K % in order to buy certificates at
4H %. or commercial
paper at 6%.
In other words, it would tend to encourage expansion and
at the same time destroy the broad market for
acceptances which, as a
result of the labor of several years, has been
developed, with a constantly
growing number of banks purchasing these acceptances. The low rate,
If adopted, would be likely to make the Federal Reserve
banks the only
market.
If, on the other hand, the Treasury reduced its rate on certifi¬
cates to3*% it would court certain failure In its
attempt to raise the vast
amounts required each month.
As against these conditions, ft may
be
taken as a fact that the low acceptance rate established in
England proved
of a very real value to our ally on account of Its
bearing upon the Britt*
Government’s gigantic and highly successful loan
operations in the home
market.
In thinking of financial reconstruction and of the
financial world of the
future, do not too many amongst us have this one thought
uppermost to
their minds: is the United States hereafter
going to be the leading financial
country ? In other words, are we going to take England’s place as the fore¬
most financial power?
Do not these men forget that if England were to
surrender her entire trade and
banking to us, we should collapse, and
that if we were to unload all our business on
her, she would break down
under the burden?
The whole truth of the matter is, that we have both
grown to be pillars supporting the same structure and that neither
can fall
or become weakened without
bringing danger or disaster on the other.
England, herself the owner of billions of foreign obligations, will remain
the banking centre of Europe; a world
clearing house for goods and credits.
I believe that her banks and ours will be found in
close co-operation shar¬
ing the burdens in bond issues and credits, and relieving each other as tbs
tide may swing from time to time.
Personally, I think it is finer and
healthier for us not to think so much of the rank as
of the responsibility
of our position.
It would unduly tax your patience to
give a complete list of the things
in which I do not believe, but it
may not be inopportune for me to digress
here for a moment in order to express the
hope that Congress may see its
way dear to exempt from taxation the interest received
by foreigners on
bank deposits in the United States, or on their investments in
loans, dis¬
counts or American bills of exchange.
Other countries, e. g., England,
have imposed taxes on income received
by foreigners on permanent In¬
vestments; but England has never undertaken to tax foreigners on revenues
from sources of income which do not constitute
permanent investment.
England, not only commercially but also financially, is a free trading coun¬
try, and it is largely to her liberal attitude in this respect that she owes her
position as the world’s banker. Petty and vexatious taxation of revenues
from bank balances and bills of
exchange will result in placing a seven
handicap upon American banks in their efforts to give to American paper
and American balances the same standing as that enjoyed
by their British
brethren.
Such taxation not only impedes the free flow of money, but
in the final analysis hurts the American
borrower, who will be the one to
"pay the piper" by being compelled to stand the higher interest charges,
which would result.
I should earnestly urge, therefore, that Congress
examine this question very seriously when foaming the revenue bill now
under consideration.
-
AMERICAN DEFEN8E SOCIETY OPPOSES EXTENSION
OF CREDIT TO GERMANY BY BANKS HERE.
A resolution in which it evidences
That every claim for tariff protection by any industry should be heard
publicly before a special committee of Parliament.
its intention to oppose
extension of credit to Germany by banks in the United
States, without the sanction of American depositors, has
been adopted by the American Defense Society. The
resolution, as printed in the New York “Times” of Nov. 22,
any
reads
as
follows:
Whereas, The American Defense Society believes that the sentiment of
the American people is opposed to the lending of American money in any
form to Germany; be it
Resolved, That this society will oppose any such extension of credit by
American banks to Germany unless the consent of the American depositors
for such use of their money has been obtained, and that in case any American
bank extends credit to Germany without the consent of its depositors, the
American Defense Society will make that fact public.
The same paper quotes Richard M. Hurd, President of
the American Defense Society and Chairman of its National
Boycott Committee, as saying:
public should be informed of all stores dealing in German
goods
by having a conspicuous sign placed over their doors “Dealer in German
Goods."
Although America has suffered but little in the present war,
Americans have not forgotten the infamous atrocities of the Germans,
and, what is more, their entirely unmoral and ruthless aim for world
dominion, which Germany’s enforced surrender has in nowise altered.
Every aid given by the allied countries toward building up Germany
brings nearer the day of Germany’s next war upon the world.
The “Times” also had the
following to
say
in the matter:
Bankers of the financial district asserted yesterday that
of the American Defense Society in respect to withholding
the proposal
credits from
Germany would tend to retard payment of the indemnity
and damage
the result of the terms of
peace.
It was pointed out that after the Franco-Prussian war Germany
lent France large sums in order to reconstruct France industry, the primary
aim being to facilitate payment of the great indemnity put upon France.
“Germany will have to import raw materials from other nations in order
to pay off her just obligations," said one banker, “and in order to secure
them she must needs be accommodated with loans.
Germany cannot
now pay war costs and damages assessed upon her in money, nor would
she be able to do so in many years if nothing were done to help re-establish
Industry within the country. Germany must pay in goods and services,
In large part at least. Whatever credits are allowed her by the allied
nations and the United States will not be for the mere purpose of helping
her get on her feet again.
Her industry and trade will have to be stimulated
through foreign credits in order that the penalties of her part in the war
claims which that country will have to meet as
may
be paid.
DEMANDS OF
FARMERS OF 'ONTARIO
FOR
FREE
TRADE WITH UNITED STATES.
According to the Toronto “Globe” of Dec. 20 a demand
“reciprocal free trade with the United States in every¬
thing from A to Z” is made by the United Farmers of Ontario
in a resolution adopted on the 19th. In part the “Globe”
has the following to say with regard to the action of the
for
farmers:
with the reciprocity agreement of 1911,
which affected natural products only, but want the tariff bars swept away
on manufactured articles as well, if the United States will do the same.
Amid tremendous cheering they passed a resolution to that effect at their
convention In the Labor Temple yesterday afternoon. And free trade with
the United States is to be one of the biggest planks in the Ontario farmers’
platform. No longer will the organized farmers of this Province be accused
of being behind their Western brethren.
They went the farmers of the
West one better yesterday.
The Winnipeg platform, which was recom¬
mended for their approval, simply provided “that the reciprocity agree¬
ment of 1911, which still remains on the statute books of the United States,
be accepted by the Parliament of Canada."
On motion of Mr. E. O.
Drury of Barriem Ont., seconded by Mr. W. O. Good of Brantford. Ont.,
this was amended by the following addition: “And that any further reduc¬
tion of tariff on the part of the United States toward Canada be met by
similar reductions by Canada towards the United States."
Speaking to his amendment, Mr. Drury said: “If we had to choose be¬
tween free trade with Britain and free trade with the United States, free
trade with the United States would be more beneficial to us.
We should
meet the United States on any further reductions or abolition of the tariffs.
No traitor will ever dare again, now that the blood of the two nations has
been mingled in France, to say: ‘No truck or trade with the Yankees.’
As the American market Is open to our goods, article by article, we should
open the Canadian market to the United States."
Mr. Drury’s amend¬
ment was then carried amid scenes of intense enthusiasm.
But the United Farmers of Ontario are not forgetting the Mother
Country. They adopted practically without discussion the clause in the
Winnipeg platform providing for reduction in the customs duty on goods
imported from Great Britain to one-half the rates charged under the general
tariff, and asked that further gradual, uniform reductions be made in the
remaining tariff on British imports that will ensure complete free trade
between Great Britain and Canada in five years.
The following tariff changes woe also unanimously advocated:
That agricultural implements, farm machinery, vehicles, fertilizers, coal,
They will not be satisfied
now
lumber, cement, illuminating fuel and lubricating oils be placed on the
free list, and that all raw materials and machinery used in their manu¬
facture also be placed on the free list.
That all tariff concessions granted to other countries be immediately
extended to Great Britain.
That ail corporations engaged in the manufacture of products protected
by the customs tariff be obliged to publish annually comprehensive and
accurate statements of their earnings.
The farmers propose to make up
tions In the following manner:
By
a
the revenue lost by these tariff reduc¬
direct tax on unimproved land values,
including all natural re¬
sources.
a graduated personal Income tax.
By a graduated Inheritance tax on large estates.
By a graduated income tax on the profits of corporations.
That in levying and collecting the business profits tax the Dominion
Government should insist that it be absolutely cm the basis of the actual
cash invested in the business and that no consideration be allowed for what
is popularly known as watered stock.
That no more natural resources be alienated from the Crown but brought
into use only under short-term leases. In which the interests of the public
shall be properly safeguarded, such leases to be granted only by public
By
auction.
CONTENTIONS OF ROGER W. BABSON IN CAMPAIGN
ON BEHALF OF WAGE EARNERS BUILDING HOMES.
Roger W. Babson, who has charge of the campaign for
Department of Labor to aid in its “Own a New Home”
campaign, on Dec. 18 issued the following statement in
response to a report that some banks were refusing to loan
money to wage workers desiring to build homes for them¬
selves, claiming that lower building prices were in order,
and expressing fear to take mortgages with such a possibilty:
the
The principle involved is quite clear.
For managers of banks hold¬
ing deposits of American citizens to lend the money of their American
depositors to German corporations or individuals, without the consent
of their American depositors, is a condition which will not be tolerated.
American depositors have a right to demand that they be notified be¬
fore their money is used to build up enemy countries.
This society pro¬
poses to use every means in its power to ascertain which American banks,
if any, lend money to Germany and to make that fact public.
This is analogous to the bill just introduced by Senator Lodge providing
that the
[Vo*. 107
THE CHRONICLE
2420
If the wage worker desired to borrow money to buy an automobile, or,
to buy something of temporary value, this position on the part of the banks
would be well taken; but In this Instance It Is very shortsighted for the
following reasons:
(1) The price which the wage worker pays for a new home Is largely
immaterial, as 95% of the cost ultimately returns to him. Banks must
choose between high prices with high wages, or low prices with unem¬
ployment.
(2) The Ideal conditions which most banks want can never exist, except
for a very short period.
Banks must choose between prosperity with
its accompanying risks of high prices, or depression with its accompanying
risks of bankruptcy.
Every bank must now decide which stand it is to
take, and on which side it Is to be allied. Those wanting the continuation
of prosperity must do their part now by encouraging the building of public
works, municipal improvements, new homes, and everything else which
will add to the permanent wealth of the community.
(3) No man ever hung the red flag of anarchy over his own hearthstone.
History shows that the only antidote for a revolution is individual owner¬
ship. Not only may banks be doing a patriotic thing In helping to build
up their community, but, by such loans, they may be saving their own skins.
NATIONAL
NOV. 1
BANK RESOURCES AT $19,821,404,000
SURPASS ALL PREVIOUS RECORDS.
In announcing that the resources of the national banks
of the country surpassed all previous records at the date of
the last call, Nov. 1, when they amounted to nearly $20,-
000,000,000, Comptroller of the CuiTency John Skelton
Williams stated that during the year 1918 there had thus
far been no failure of any national bank in any State east
of the Rock Mountains, and only one in the entire country.
The Comptroller’s statement with regard to the figures
reported by the national banks under the latest call bears
date Dee. 21 and is as follows:
The resources of the national banks of the country, at the
Nov. 1 1918, according to reports just compiled, amounted to
last call
$19,821,-
404,000, and exceeded by $1,268,207,000 the greatest resources ever before
shown, the previous high water marie havkng been attained on Nov. 20
1917. The increase in resources over the preceding statement of Aug. 81
1918. was $1,777,799,000.
The growth in the resources of the national banks in the last five years
has been greater than the increase which took place in the preceding
twenty-five years.
The resources of the national banks now exceed by more than a billion
dollars the combined resources of all the State banks, savings banks,
private banks and trust companies of the counfry as late as June 1916,
and are within one billion dollars of the combined resources of all other
banka and trust companies, as shown by their reports of June 1917.
The resources of the national banks of the United States at this time
exceed the aggregate resources of the national banks of issue of England,
the Dominion of Canada, France, Italy, the Netherlands, Norway, Sweden,
Denmark, Japan and Germany, aU combined, as shown by their latest
available reports.
The year 1918 has nearly passed, and thus far there has been no failure of
any national bank in any State east of the Rocky Mountains, and only one
There has been
failure in the entire country—a small bank in California.
no such immunity from failure as this since 1870. when there were only
1,615 national banks in the United States, with total resources of
million dollars, as compared with 7.754 national banks
combined resources of 19,821 million dollars.
The following figures give a comparison between the
31
1,510
at this time, with
statement of Aug.
1918. and Nov. 1 1918.
The deposits on Nov. 1 1918, of the national banks aggregated 15,051
million dollars, an increase of 1,165 million dollars.
Loans and discounts, Nov. 1 1918, amounted to 10,097 million dollars,
an increase of 603 million dollars.
Bills payable and rediscounts, Nov. 1 1918, were 1,567 million dollars,
an increase of 273 million dollars, the borrowings being principally on Lib¬
erty bonds and United States Certificates of Indebtedness.
The total holdings of United States bonds, including Liberty Loan bands
and Certificates of Indebtedness, on Nov. 1 1918, amounted to 3,156
million dollars, an increase of 700 million dollars.
Other bonds, securities, Ac., held Nov. 1. 1918, aggregated 1,660 mil¬
lion dollars, a reduction over the previous call of 34 million dollars.
Capital, surplus and undivided profits of the
national banks. Nov. 1
1918. amounted to 2.315 million dollars, an increase of 33 million dollars.
The circulation of all national banka, Nov. 1 1918, was 675 million
dollars, an increase of approximately a million and a half dollars overjha
last call.
Dec. 28 1918.]
'
THE CHRONICLE
The lawful wem held by the national banks with the Federal React ye
banks on Nov. 1 1018, amounted to 1,101 million dollars, a reduction of
12 million dollars as compared with Aug. 311918. The excess of reserve held
over the amount required on Not. 1
1918, was 69 mttliou dollars, a reduc¬
tion of 38 million dollars, as compared with Aug. 31 1918.
In addition to their lawful reserve, on Nov. 1 1918, the national banks
had with the Federal Reserve banks in process of collection the further sum
of 260 million dollars, which Is an increase In tills item over Aug. 311918 of
64 million dollars. The cash in vaults on Nov. 1 1918 amounted to 443 mil¬
lion dollars, which was an Increase of 79 million over cash so held on
Aug.
31 1918.
Cash in vaults and due from Federal Reserve banks Nov. 1 1918
amounted to 1.803 million dollars, an increase of 131 million dollars over
the preceding call.
The In creases in resources are widely distributed throughout the whole
country. Of the above net Increase of 1.777 million dollars shown, as
compared with Aug. 31 1918, 592 million dollars was in the national banks
of the central reserve cities, 623 million dollars in the national banks of
other reserve cities and 562 million dollars in the country national banks.
The cities whose national banks reported the greatest increases in total
resources were:
New York City, 507 million; Philadelphia. 161 million;
Boston, 149 million; Chicago, 56 million; Pittsburgh. 45 million; St. Louis,
28 million; Richmond, 23 million; Portland, 21 million; Minneapolis. 20
million; Buffalo and San Francisco, 17 million each; St. Paul, 13 million;
Atlanta and New Orleans, 12 million each; Dallas and Cleveland, 12 mil¬
lion each.
The only city whose national banks showed a reduction of as much as
5 millions was Kansas City.
Hie country banks showed a material Increase in every State of the Union
except Nebraska. Kansas. Ohio and Illinois, and in none of these four States
did the reduction amount to as much as 5 millions.
The States whose country banks showed an increase in resources of 10
million or more were;
New York, 68 million; Pennsylvania, 57 million;
.
Massachusetts, 54 million; New Jersey, 51 million; Minnesota and North
Dakota, 25 million each; Connecticut, 21 million; South Carolina, Texas,
and Virginia, 18 million each; California, 17 million; North Carolina, 16
million; Georgia, 14 million; Alabama, Mississippi and Arkansas, 11 mil¬
lion each; Indiana, 10 million.
The cash which the national banks had on hand and with Federal Re¬
serve agents on Nov. 1 1918,
if added to their holdings of all United
States bonds and Certificates of Indebtedness, make a total of $4,959,-
773,000.
This sum, after deducting the amount of United States bonds held as a
basis for circulation, Is equal to about 28% of the total deposits of all na¬
tional banks, but allowance must be made for the United States bonds and
Certificates of Indebtedness owned by the banks but which may be pledged
as security for bills payable or rediscounts.
CHICAGO FEDERAL RESERVE BANK ELECTIONS.
William A. Heath has been re-elected Class C director of
the Chicago Federal Reserve District for three years be¬
ginning Jan. 1.
man
Mr. Heath has also been designated Chair¬
and Federal Reserve Agent of the bank for the year 1919.
James Simpson is redesignated as Deputy Chairman for the
year
1919, while John Ballantyne and Charles K. Hodges
have been re-elected directors of the Detroit branch of the
Federal Reserve Bank of Chicago for the year 1919. Formal
announcement of the election of George M. Reynolds, A. R.
Erskine and A. H. Vogel to the directorate of the Federal
Reserve Bank of Chicago is also made. Mr. Reynolds was
elected a director of Class A, to succeed himself, serving three
years
from Jan. 1 1919.
Mr. Vogel succeeds himself in
Class B, to serve three years from Jan. 11919. Mr. Erskine,
President of the Studebaker Corporation, was elected to
the unexpired term of M. B. Hutchison in Class B, which
term ends Dec. 31 1920.
DIVIDEND
DECLARATION BY FEDERAL
BANK OF PHILADELPHIA.
declaration, in Dec. 1916, covering the period from Nov.
1914 to June 30 1915; declaration June 20 1917, covering
the accumulated dividends from June 30 1915 to Dec. 31
1915; declaration in Dec. 1917, for the period from Dec.
31 1915 to June 30 1917; June 1918, for the twelve months
to June 30 1918.
SOUTH DAKOTA ISSUES MORE RURAL CREDIT
BONDS.
In addition to Series A to I, of which Series A to G were
awarded to the Continental & Commercial Trust & Savings
and described in these columns on
May 11 (page 1955), the same bankers, in conjunction with
the Harris Trust & Savings Bank, Chicago, and Halsey,
Stuart & Co. of New York, purchased during the present
month Series J of 1919 4%% coupon (with privilege of regis¬
tration as to principal) tax free Rural Credit bonds to the
amount of $4,000,000. Denomination $1,000. Date Jan. 1
1919. Principal and semi-annual interest, J. & J., payable at
the Continental & Commercial Trust & Savings Bank, Chi¬
cago, or the First National Bank, New York. Due Jan. 1
1939, optional Jan. 1 1924. The bonds are a general obliga¬
tion of the State of South Dakota, and are issued by the Board
par,
by a vote of the people at an election held Nov. 7 1916, and
Chapters 333 and 334 of the Laws of 1917, for the purpose
maintaining a system of rural credits. :
;
The total bonded debt of the State (including this issue)
is $10,425,000, the State having no bonded debt of the ordi¬
nary kind.
Assessed valuation, 1918, $1,441,181,855. Pop¬
of
of
ulation in 1915, 582,000.
ORGANIZATION OF COMMITTEES IF BANKING
INSTITUTIONS ON FEDERAL TAXATION.
The Commissioner of Internal Revenue has announced
the formation of committees of banks in various places
throughout the country for the purpose of dealing with
questions of taxation. A statement on the subject issued
on
Nov. 15 follows:
Following the lead of New York and Cleveland, committees of banking
institutions on Federal taxation are expected to be organized in the prin¬
cipal cities of the country. The object of the committees is to promote
co-operation among the institutions they represent in matters pertaining
to Federal taxation, particularly in matters of administration, unity of
action will be sought in a way to benefit depositors of the banks concerned
and taxpayers generally.
Local problems will be handled by the committees.
Problems, requiring
official interpretation, will be submitted directly to the office of the Super¬
visor of Business Co-Operation, Bureau of Internal Revenue, at Washing¬
ton, where, it is promised, they will receive immediate attention.
Suggestions and recommendations from the committees relating to
.
Federal taxation and methods of administration also will be received and
considered.
CHARITABLE ORGANIZATIONS REQUESTED TO RE¬
FRAIN FROM SEEKING GIFTS OF LIBERTY BONDS
UNLESS FOR PERMANENT INVESTMENT.
A request that charitable organizations refrain from making
suggestions that they will accept Liberty bonds or War
Savings stamps, unless they intend to use them for perma"
nent
investment
as
endowment funds has been made in the
following statement issued by Secretary of the Treasury Glass!
It has been called to my attention that large numbers of charitable
organizations have from time to time solicited contributions from the
people of the country and in their appeals have stated that Liberty bonds
and War Savings stamps would be received in lieu of cash.
These charitable people seem to overlook the fact that so long as the
United States Government is under the necessity of selling additional
amounts of its bonds, the taking of bonds of previous issues by such charit¬
able organizations and the consequent resale of such bonds in the open
market, has a tendency to depress the price and makes it more difficult
for the Government to obtain the money it needs upon reasonable terms.
I therefore request that charitable organizations refrain from making
any suggestion to the public that they will accept Liberty bonds or War
Savings stamps unless for endowment funds to be held for permanent
investment.
CAPITAL ISSUES COMMITTEE TO SUSPEND
ACTIVITIES DECEMBER 31.
The Capital Issues Committee has voted to suspend its
activities on Dec. 31. The announcement as to its decision,
issued on Dec. 24, states that ‘‘the committee will not be
dissolved, but will remain inactive, unless it is found that
the sale of new securities competes unduly with Government
financing or for other reasons it may become desirable for
RESERVE
the committee
A dividend at the rate of 6% per annum was declared by
the Federal Reserve Bank of Philadelphia on Dec. 18 for
the period from June 30 1918 to Dec. 31 1918. The bank's
dividend declarations have been as follows: The first
Bank, Chicago, at
of Rural Credit Commissioners under and by direct authority
of Section 1, Article 13, of the State Constitution, as amended
to resume its work.”
The committee makes
known its intention to present a supplementary report to
Congress, recommending a law to prevent existing abuses
arising through the sale of worthless and fraudulent securities.
Secretary of the Treasury Glass at the same time gave out a
statement as to the suspension of the activities of the com¬
mittee, in which he said that he intended to ask Congress
for legislation which would “check the traffic in worthless
securities, while imposing no undue restrictions upon the
financing of legitimate business." The following is the
statement issued by Charles S. Hamlin, Chairman of the
Committee:
In view of the rapid changes that have been taking place since the signing
of the armistice, the Capital Issues Committee has voted to suspend its
activities on Dec. 31.
The committee will not be dissolved but will remain
'nactive, unless it is found that the sale of new securities competes unduly
financing or for other reasons it may become desirable
I'jr the committee to resume its work, pending its dissolution by the Presi¬
dent or by operation of law.
Although the war emergency which gave rise to the creation of the com¬
mittee has passed. It is nevertheless imperative that capital should be
si.ved and not wasted and the removal of the restraining influence exerted
by the committee during its existence should not be construed as approval
oi the financing of unnecessary public projects or private enterprises of
doubtful merit.
On the contrary the financial needs of the Government
and the large capital requirements of the railroads and for the readjustment
of American industries to a peace basis compel strict economy in the use
of new capital.
While legitimate business may safely be left to work out its own problems,
the Capital Issues Committee feels that it would be unfaithful to its respon¬
sibility if it failed to warn the public respecting the enormous losses sus¬
tained by the nation through the sale of worthless and fraudulent securities.
In the opinion of the committee the sale of such securities should be re¬
strained in times of peace as well as in war and strongly urges that Congress
establish adequate machinery to put a stop to this traffic.
with Government
"
2422
THE CHRONICLE
The extent of the menace due to the Issue of such securities to the holders
at Government bonds is revealed by the fact that schools are being estab¬
lished in some parts of the country to drill salesmen in the art of persuading
Investors to subscribe for unmeritorious or worthless securities.
This can
Silly be prevented by legislation vesting in some duly constituted public
agency full power to restrain the offering of fraudulent or worthless secur¬
ities.
The Capital Issues Committee warns the public and earnestly directs the
attention of Congress to the problem.
It is the intention of the committee
to make a supplemental report to Congress recommending a law to prevent
these existing abuses and such Impositions upon the investing public.
The committee will maintain its offices in Washington until further
notice.
The statement issued
said:
by Secretary of the Treasury Glass
Hie decision of the Capital Issues Committee to suspend its activities
an Dec. 31 should not be interpreted by the business public as a warrant
for any expenditure of capital for needless or unwise purposes, whether
public or private in their nature. Should it become apparent that volun¬
tary restrains are not being exercised so as to prevent the misuse of capital
I shall request the commitee to resume its control.
My chief misgiving in accepting the action of the committee arises out of
the need the committee has frequently expressed and the importance of
Which has become increasingly obvious, of protecting the public investor
against the flood of worthless or doubtful securities which threaten the
market when the restrictions are removed, and present conditions emphasize
the Importance of obtaining emergency legislation as speedily as possible,
ao as to be able to cope effectively with this evil.
The Government not
only should protect itself as to future bond issues, but, as well, owes a duty
ta the millions of Liberty bond buyers to restrain reckless and fraudulent
promoters, particularly at this time.
I intend to ask Congress immediately for legislation that will check
the traffic in worthless securities while imposing no undue restrictions upon
the financing of legitimate business, and shall urge that it be made effective
before the (dose of the present session.
Meantime, it may become necessary
before such legislation is passed to reassemble the committee for the purpose
at ramming its functions.
the part of the Government have meant sacrifice to you not only in the
interference with your own business, but in the sacrifice of time and effort
you have so generously given to the Government.
I hope that these great Liberty Loan campaigns, which have resulted
in increasing the number of bond holders in the United 8tates from approxi¬
mately 300,000 to nearly 30.000.000. will have the permanent effect of
making the American people intelligently discriminating in the purchase
of securities of all kinds and that through this better understanding there
can be mobilized more easily the necessary capital that will be needed to
bring America commercially to a point of development consistent with her
new place in the world.
But the present and immediate duty of all is to finish the great task which
we have begun, and this task will not be completed until all of our war
obligations have been discharged. I solicit your continued co-operation
In the fifth Liberty Loan.
The
gathering
TRICT TO FOURTH LIBERTY LOAN BONDS.
The following table showing the number of those
sub¬
scribing to the Fourth Liberty Loan bonds in the New York
Federal Reserve District in amounts ranging from $50 to
$200,050 and over, was issued this week:
Fourth
Liberty Loan.
Number of
Subscribers.
3,279.165
887.413
138,509
87,364
14.483
118,376
10,726
15.645
6,229
2,970
13.645
988
J ,339
1,125
767
491
Total
Amount.
$50
100
150 to
500
550 to
1,000
1,050 to
2,000 “
3,000 “
4,000 “
5,000
5,050 to
6,000 “
7,000 “
8,000 “
...
%
--
$450, inclusive
—
$950, inclusive
-
..
...
$1,950, inclusive.
“
2,950
3,950
“
4,950
“
...
9.000 “
$5,950, inclusive
6,950
“
“
7,950
“
8.950
9.950
10.483
10,597
1,886
10,000
10,050 to $50,000
50,050 “ 100,000
933 100,050 “ 200,000
967 200,050 and over
3,604,101
....
“
“
.
...
$113,958,250
88,741,300
33,005,800
43.682,000
9,733.100
118,376,000
14,832,850
34,389,150
19,610,300
12,409,950
68,225,000
5,369.100
8,298,300
8,192,600
6,304,600
4,762,800
104,830.000
279,600,800
156,613,950
145,827.950
768,167,950
62,044,931,750
___________
RAILROAD TICKET AGENTS AUTHORIZED TO CASH
LIBERTY BOND COUPONS.
The
following circular authorizing freight and ticket
agents, including agents of consolidated railroad ticket
offices, to cash Liberty bond coupons, was issued last month
by the Railroad Administration’s Division of Public Service
and Accounting:
Washington, D. C., Nor. 12 1918.
P. 8. & A. CIRCULAR NO. 46.
1. Effective at once, local freight and ticket agents, including agents of
consolidated ticket offices, are authorized to cash coupons of Liberty bonds
when such coupons are due and payable.
2. These coupons are payable to bearer and should therefore be given
the same protection as currency.
They should be considered as cash and
remitted, under proper safeguards, to the Federal Treasurer or to the
bank where deposits are ordinarily made.
3. If any difficulties develop or losses occur as a result of this practice,
the undersigned should be promptly notified.
ao
4. Federal Treasurers and Federal Auditors shall issue such instructions
to agents under their jurisdiction as may be necessary to make the
foregoing provisions operative at
once.
C. A.
PROUTY, Director.
CARTER GLASS ASKS CONTINUED CO-OPERATION
OF BOND CLUB IN FLOATING OF LIBERTY BONDS.
Carter Glass, Secretary of the Treasury, who was to have
addressed the Bond Club of New York at its first annual
dinner at the Waldorf-Astoria on Deo. 21, but was unable
to be present, sent a message to the club in which he said:
I am sorry I could not find it possible to accept your courteous Invita¬
tion to be present at your dinner, but I welcome the opportunity to express
the gratitude of the Treasury Department for the magnificent co-operation
which the bond men and bankers of the United States have given in floating
the Liberty Loans.
I appreciate that these great borrowing campaigns on
was
addressed by Lewis B. Franklin,
WAR REVENUE BILL PASSED BY SENATE.
The War Revenue bill was'passed by the Senate on Dec.
23 by a viva voce vote after more than twelve hours* con¬
tinuous debate. The vote on the bill was recorded about
10.30 p. m. and was taken after the substitute bill of Sena¬
tor La Follette proposing larger tax increases was rejected
}y a
bill
vote of 55 to 6.
Some of the features of the La Follette
referred to in these columns last Saturday, page
The five Senators who with the author of the bill
were
2331.
voted for its adoption were Senators Nugent and Vardaman,
Democrats, and Senators Borah, Gronna and Morris,
Republicans. The bill as passed by the Senate will, it is
estimated, yield approximately $6,000,000,000 in taxes
in 1919 and $4,000,000,000 in 1920. The agreement by
the Senate
SUBSCRIPTIONS IN N. Y. FEDERAL RESERVE DIS-
[Vol. 107
on
Dec. 21
as
to the
war
tax levies for 1920
paved the way for the prompt passage of the entire measure.
The provisions prescribing these taxes were adopted by the
Senate on the date indicated by a strict party vote. Various
efforts were made by Republican opponents to amend the
section in certain particulars, but in each case the proposals
were rejected.
Action was virtually taken on a test vote
in disposing of the provision reducing the individual in¬
come normal tax rate to 8% in 1920.
On motion of Senator
McCumber, of North Dakota (Republican), to strike out
this section, 37 Democrats voted in favor of its retention
and 31 Republicans were recorded for its elimination.
Later all other 1920 provisions were adopted.
Among
the 1920 clauses thus approved was the provision for
reduction in that year of the corporation normal income
tax rate from 12 to 8%.
Similarly the Senate adopted
the 1920 war-excess profits tax section, prescribing ex¬
cess profits ranging from 20 to 40%, in lieu of those from
20 to 60%, for 1919 and abolishing the 80% war profits
levy after 1919. An amendment by Senator Jones of New
Mexico, Democrat, to continue war profits taxes throughout
the next fiscal year was rejected by a vote of 44 to 15.
Before the Senate finally passed the bill on the 23d it
restored the so-called luxury taxes approved by the House
but stricken out by the Senate Finance Committee. The
provision, which imposes taxes on various articles of clothing,
was restored by a vote of 38 to 32, the amount of the tax,
however, being reduced from 20% to 10%. It is estimated
that the 10% tax will produce about $100,000,000. After
the adoption of the provision by the Senate, the latter by
a vote of 35 to 17 accepted an amendment proposed by Sen¬
ator McCumber relieving from the tax men and boys suits
or overcoats, women’s and misses’ suits, coats, dresses and
hats. An amendment of Senator Thomas, proposing a
100% tax on political contributions in excess of $500, was
adopted by the Senate on the 23d by vote of 34 to 28, and
on the same day, by a vote of 42 to 18, an amendment to
the Reed “bone dry’’ law, so as to make it operative in the
District of Columbia, was adopted as a rider to the revenue
bill.
The rider prohibits all liquor importations into the
District, which has already been other wise dry for over a
An amendment to the bill,, proposed by Senator
year.
Trammel, providing for an extra month’s pay for all soldiers
and sailors discharged after Nov. 11, was adopted by the
Senate by a viva voce vote.
On a final vote on the 23d
(41 to 22) the Senate sustained its previous action in approv¬
ing the committee amendment to repeal existing zone rates
on second-class mail and substitute a rate of 1 cent a pound
within 150 miles and 1J4 cents beyond.
It also, without
objection, adopted the committee’s amendment for taxation
of inheritances in lieu of the tax on estates as provided in the
House bill.
The inheritance tax plan proposes a graduated
levy ranging from 1% on inheritances between $10,000 and
$25,000 to 25% on those exceeding $2,500,000. An amend¬
ment was adopted by the Senate exempting from inheritance
taxes life insurance policies payable to beneficiaries, regard1
less of their amount.
A clause imposing taxes on life in-
Dec. 28 1918
]
THE CHRONICLE
receipts in excess of $25,000 was eliminated. An
by Senator Kirby of Arkansas, Democrat,
revoking the present power of the Secretary of the Treasury
to make loans or advance credits to foreign Governments
without specific authority from Congress was defeated by
viva voce vote. Another amendment rejected, offered by
'Senator Pollock of South Carolina, would have extended the
thanks of Congress to the members of the district and local
draft boards and authorized the Secretary of War to present
«urance
amendment
bronze medals to them.
The Senate likewise rejected an amendment by Senator
Jones of New Mexico, permitting a taxpayer who is head
■of a family to deduct from his gross income the amount not
exceeding $1,000 paid by him annually as rent on his resi¬
An amendment proposed by Senator Jones of
Washington and adopted by the Senate provides that,
where a railroad corporation is in competition with a foreign
road, the tax of the American line shall not exceed that of
the foreign line.
The purpose of the amendment, Senator
Jones said, was to meet a situation in the Northwest where
4t Canadian line competes with an American road.
dence.
The bill fixes the normal income tax at 12% instead of
4% in the present laws, and surtaxes start at 1 % on incomes
over $5,000 and reach 65% on incomes in excess of $1,000,000. Exemptions of $1,000 for single persons and $2,000
for married ones are allowed. In addition, a head of a
family has $200 exemption for each person dependent upon
him other than his wife.
In lieu of the tax imposed by the
Act of 1917 the new bill provides that in addition to other
taxes imposed by it there shall be levied for the taxable year
1918 upon every corporation:
(a) First Bracket.—Thirty per centum of the amount of the net income
in excess of the excess profits credit (determined under Section 312) and
not in excess of 20% of the invested capital.
Second Bracket.—Sixty per centum of the amount of the net income in
'excess of 20% of the invested capital.
Third Bracket.—The sum, if any, by which 80% of the amount of the net
income in excess of the war profits credit (determined under Section 311)
'exceeds the amount of the tax computed under the first and second brackets.
either England, France, Italy or the united States contains the growing
germ of military or commercial supremacy, then, though attempt may be
made to preserve the peace of the world, the attempt would be another
failure.
If, however, the masses of mankind In these four great nations and In
the lesser nations, for whom Jointly the fight has been made, have seen la
new light and are convinced of the uselessness and folly of war, and if more
and more, education and enlightenment as the days go by and thegenerations come and go, shall add to the number of those who thus think, then
the
experiment will succeed.
*
Stating that commercial disputes breed wars, Mir. Mar¬
shall added:
I have, of course, no means of knowing what the representatives of the
Allied Governments may be willing to take up with the American people
at the peace table, but I venture the assertion that the good will which now
exists between the Allied Governments and our own will not last five yean
unless reciprocal trade relations, fixed in Justice, are arranged between us.
Peoples learn slowly and soon forget.
The theory that men are going to deal justly with each other regardless
of a law to punish Injustice Is a millenial dream. The Allies and America,
by reciprocal trade relations and by the right of power and duty to cut of
commercial transactions with any people on earth that proposes to disturb
the peace of the world, can go very far toward promoting that peace Which
we all just now so sincerely desire.
Without knowledge, I express the
hope that we will not let go by this opportune time for removing what will
undoubtedly oe a source of friction m the future unless dealt with speedily
and justly.
If no equitable adjustment of the business of the world shall be made
then, as business men who are deeply interested in the commerce of America,
you
realize
as
well
as
I do that its weakness in the past has been the lack
of ships upon the sea. Each of us knows that one of the reasons for that
lack has been the way in which we have Insisted that our ships shall be
I think the La Follette law is wholly humanitarian in its charac¬
manned.
I hope that, by international agreement, it may become the law of
ter.
the sea for ail seagoing powers.
But, if it does not, then we are confronted
with three propositions: Either to repeal the law or to subsidize shipping
or to have Governmental control of our merchant marine, conveying the
produce of
our merchants to foreign shores without any
Government of the United States.
profit to the
Inherently opposed to Government ownership, 1 should, nevertheless,
infinitely prefer it to subsidizing private lines. This question is one that
deserves your'careful study and the very best of your honest Judgment.
MAKE PEACE FIRST, DISCUSS LEAGUE OF
NATIONS
LATER, PLEADS SENATOR LODGE.
In
an
address delivered in the Senate on Dec. 21 f in support
of the Knox resolution
expressing the Senate’s opinion that
the peace treaty and the formation of a League of Nations
should be treated as separate issues, Senator Lodge of Massa¬
chusetts criticized several of the peace points formulated
For the taxable year 1919 and each taxable year there¬
after, it is provided that there shall be levied, collected and
paid upon the net income of every corporation a tax equal
by President Wilson, and pleaded for the signing of a peace
to the sum of the following:
treaty with the Central Empires first and the discussion at
First Bracket.—Twenty per centum of the amount of the net income
greater
leisure of the formulation of the proposed League.
in excess of the excess profits credit (determined under Section 312) and
not in excess of 20% of the invested capital.
The Senator argued that at least five of the famous fourteen
Second Bracket.—Forty per centum of the amount of the net Income in
principles were of a seriously controversial nature, and might
excess of 20% of the invested capital.
The five points criti¬
(c) In any case where the full amount of the excess profits credit is not imperil the whole peace conference.
allowed under the first bracket of subdivision by reason of the fact that
cized by Senator Lodge were those dealing with secret diplo¬
auch credit is in excess of 20% of the invested capital, the part not so
macy, freedom of the seas, the removal of economic barriers,
allowed shall be deducted from the amount in the second bracket.
the reduction of armaments and the League of Nations.
The bill as passed by the House on September 20 was
We give below the portions of the Massachusetts Senator’s
designed to raise $8,182,492,000. The measure as redrafted
speech dealing with those points, as summarized in the New
by the Senate Finance Committee was reported to the York “Times” of Dec. 22:
Senate on Dec. 6. Under an agreement reached in the House
Secret Diplomacy.
yesterday (Dec. 27) the bill will go to conference on Mon¬
The other question* to which I refer, and which I think ought at this time
day next, Dec. 30. When the measure was called up certainly to be postponed, are those suggested by the President In his first
Representative Madden asked that consideration be delayed four points and in his last point of Jan. 8. The first one relates to secret
diplomacy. The crying evil of what Is loosely called secret diplomacy lies
-on the ground that the number of amendments inserted by
in the secret treaties familiar to Europe.
No such treaties ought to exist.
the Senate is so great that the House should have an oppor¬ They never have existed in this country. They cannot exist under,the
tunity to study them before sending the bill to conference. Constitution, because the Senate is an integral part of the treaty-making
power.
As to the negotiations by which treaties are brought into existence
Majority Leader Kitchin agreed to the delay.
there must be a certain amount of secrecy.
If aU informal dis6ussions o
VICE-PRESIDENT MARSHALL ON AGREEMENTS FOR
PROMOTING PEACE.
Thomas R. Marshall, Vice-President of the United States,
in an address before the Carlisle (Pa.) Chamber of Commerce
•on Dec. 20 gave expression to his views on some questions
under discussion in connection with the Peace Conference.
Stating that “until all men are of good will, wars will not
entirely unless nations want peace at any price/’
•cease
differences between nations were cried from the housetops and discussed
public assemblies we should produce abundance of quarrels and very
few treaties.
I think it will be generally admitted that we have never had more secret
in
diplomacy than in the last four
peace
secret
possible, I desire; at any price, 1 do not. However,
if mankind, as a whole, desire it at any price they can get it by the adoption
•of written constitutions specifying, first that the size of the army and
■navy shall be fixed by a referendum to all the men and women of mature
age; and second, that no war of offense nor one of defense beyond the
territorial limits of the State shall ever be waged until affirmatively de¬
cided by a like referendum.
as
far
as
In his opening
remarks Mr. Marshall said:
It is furthest from my thought upon this occasion to utter a single word
which might in any manna: be construed as endeavoring to affect the
negotiations of the President in Europe. Too many half-baked opinions
coming from myself and others in public life may cause mental and moral
Indigestion. I speak, therefore, only in general terms and go only to
the length that all may agree.
That some league or understanding among civilized peoples for the
prevention of certain future wars (as I prefer to put it rather than tor the
enforcement of peace) is desirable, all right-thinking men agree.
It has
been the dream of aU ages.
Thus far, this dream of universal peace has
each succeeding time turned into a nightmare.
This appears to me to be the real situation: If mankind the world over
ig*the mankind of a hundred years ago, or if there is the possibility that
under President Wilson, which Would
with Germany without undertaking to settle what shall constitute
diplomacy in the future and what shall not.
Mr. Marshall observed:
Prevention
years
indicate that It easier to talk about than to discard or abandon
those methods.
I think this may have been inevitable, but it demonstrates
at least that secret diplomacy is a loose term, and also it shows, I think,
that the question Is one of no vital Importance at this moment, and that
whatever our views may be about the methods of diplomacy we can make
seem to
Freedom
of the Seas.
The next point Is the freedom of navigation upon the seas outside ter
ritorlal waters.
Here again is a subject which is not defined.
The seas
are free to navigation in times of peace.
Therefore, this proposition can only
apply to time of war, and what it Is proposed to in regard to freedom of
navigation in time of war we have yet to learn. If it means abandoning
belligerent right of blockade, by which in a large measure the United
States was able to win the Civil War, I think the United States.faslthe
greatest maritime nation in the world next to England, will hesitate before
it abandonee a weapon absolutely necessary for its own safety, and with
regard to troubles which may arise within the regions covered by the Monroe
Doctrine.
I cannot imagine that England would for a moment think of
abandoning the belligerent right of blockade, but I have no desire to otter
We cannot
upon the discussion of a subject which is wholly In the clouds.
talk intelligently about any proposition until we know just what it means,
and that has not yet been disclosed to an interested world.
I cannot, however, leave this question without pausing a moment to
call attention to the strange development which has taken place in con¬
nection with the Naval Appropriation Bill now considered by the House
Committee.
It appears that the Department is urging the adoption of a
new program so large that it will in 1925 give us a navy equal to that of
England at that time, allowing for the British increase. I have been always
,
THE CHRONICLE
2424
extremist in regard to the nary.
Bat I never at any time advocated
making the fleet of the United States equal to that of England, and I hare
as
Assuming that there is a distinction between justiciable and non-Jus¬
ticiable questions, who is to decide whether a question is justiciable or not?
Is it to be done by the league, voting in some manner hitherto undefined,
or is each nation to decide for itself whether a question affecting its
own interest is or is not justiciable?
Let me give an example to make my meaning clearer. We have recently
purchased the Virgin Islands. Suppose that that purchase had not been
effected, and that Denmark undertook to sell those islands to Germany or
some other great Power.
Is that a justiciable question? If it is and it went
before a court, there can be no doubt that any court would be obliged to
hold that Denmark had the right to sell those Islands to whom she pleased.
In the past the United States would never have permitted those Islands to
pass out of Denmark’s hands into any other hands, because we consider
their possession of vital importance to our safety and to the protection of
go.
never heard it advocated by anybody else.
It has always been felt that
the English fleet, which was based on the double standard—that is. which
was always to be equal to the combined fleet of any two other nations—
resulted in a navy larger than we needed in the United States and entailed
a
corresponding burden of
expense.
At this moment I am thoroughly in favor of a very strong navy. I do not
believe in reducing our navy.
I should be glad to see the number of enlisted
men on the active list increased; but this new program goes beyond anything
that I, at least, have ever contemplated. The German fleet has passed out
of existence. The only naval danger that we were obliged to consider in
the past on the Atlantic Coast has ceased to be. We need a powerful fleet
in the Pacific, and I am sure that we shall have a navy sufficient to furnish
that fleet to the western coast. And yet at this moment we are suddenly
called upon to build a fleet which shall be the equal of that of England.
I have heard reports that it was intended to be used In the negotiations to
compel England to agree to disarmament under the menace of a great naval
competition on our part. I mention this rumor only to say that it is unbe¬
lievable.
I cannot for a moment think that such an idea should be enter¬
tained by any one, bat it gives a suggestion of the impression which this
enormous proposal for the naval increase brings.
It must be false. Such a
motive as that is too entirely unworthy to be entertained by any responsible
public man.
Another explanation was that offered by Admiral Badger, when be was
the Panama routes.
The same will be true in regard to Magdalena Bay—a case in Which the
Senate passed a resolution, with unanimity, I think, stating that on the
plalne doctrine of self-preservation we could not allow Magdalena Bay, or
any other similar position of advantage, to be turned into a naval base or
military post by another power. Would that be justiciable? And if
not justifiable, then is the League of Nations to compel, nevertheless, its
submission?
The League to Enforce Peace and the League of Free Nations Associa¬
tion of New York State as their second proposition that for questions which
are not justiciable in their character there shall be created a council of con¬
ciliation as mediator, which shall hear, consider, and make recommenda¬
tions, and, failing acquiescence by the parties concerned, the league shall
determine, what action, if any, shall be taken. This would deny to nations
the right, hitherto exercised by every sovereign nation, to determine
whether a question is vital to their independence and safety or not.
This,
I think, I may say without exaggeration, would be a very grave step for any
advocating this
new program before the committee of the House, which was
to the effect that we should require it for police duty in connection with the
League of Nations. I will not stop to ask who is to order that navy about
the world for police duty in behalf of the League of Nations.
I will merely
say that it seems to me extraordinary that we should enter on a scheme for
eternal peace throughout the world by proposing to build a navy which in
seven years Is to be the equal of that of England.
How it fits in with the
policy of reduction of naval and military forces or with the high objects of
a League of Nations I cannot conceive.
One thing is certain, that the questions of international law involved in
the loose term “freedom of the seas"
sary in making a peace
to an end.
are
with Germany
Economic
Barriers
nation to take.
Suppose now that the court is established with a police force behind it,
I have seen it proposed that any nation refusing to obey this court’s decrees
shall be compelled to do so by the international police force just as the de¬
crees of our own courts are carried out by a police force.
An international
not in the least essential or neces¬
now
and in bringing the present war
and
Armaments.
police force is an international army and navy. Who is to order that army
and navy into action, and who is to command it when it is in action?
Are we prepared to allow any association of nations by a majority vote to
order the troops and the ships of the United States to go to war?
Unless
we are prepared to do so we are not prepared to join a League of Nations
which is going to enforce peace, and we should never put our name as a
nation to any treaty or agreement which we are not ready to carry out
both in letter and spirit.
To sign a treaty and then evade or disregard its
provisions is not only bad faith and dishonor; it is the surest breeder of
The third point is about economic barriers.
Different interpretations
have been placed upon this proposition, but the President, in two notes
which were read to the Senate not long ago. explained it to mean, as I
understood, that while each nation was to Impose any Import duties which
it pleased, the nations were all to agree that their respective tariffs should
be the same to all other nations; that is, that there should be no discrimi¬
nation.
Let me remark in passing that this would prevent our having a reciproc¬
wars.
Let us be honest with ourselves.
It is easy to talk about a League of
Nations and the beauty and the necessity of peace, but the hard, practical
demand is. Are you ready to put your soldiers and your sailors at the
ity treaty with Cuba, which has been of great value both to the island and
to ourselves; and if past treaties were exempted it would still prevent our
making similar treaties with any of our neighbors in the Americas, because
a reciprocity treaty is in its very nature a discrimination in favor of one
nation against other nations.
Personally I believe that we should have the
right to discriminate against Germany if we choose, or against any other
disposition of other nations? If you are not, there will be no power of
enforcing the decrees of the international court or the international legisla¬
ture, or the international executive, or whatever may be established.
The Monroe Doctrine.
nation.
This is the heart of the whole question, but there are others which
would necessarily have to be considered.
Are we ready to abandon the
Monroe Doctrine and to leave it to other nations to say how American
Again let me say that I do not care to enter further upon this question,
which opens a wide field of discussion.
I desire to put it aside, because its settlement is not in the least essential
questions shall be settled and what steps we shall be permitted to take in
order to guard our own safety or to protect the Panama Canal?
Are we
ready to have other nations tell us by a majority vote what attitude we
must assume in regard to immigration or in regard to our tariffs?
These
are lesser points, but they must be met and answered before we commit
ourselves to permitting an association of nations to control in any degree
the forces of the United States.
ending the war by a peace with Germany. We can make that peace
without determining at this moment what we shall do with our tariffs, in
the making of which I think every nation ought to have entire freedom.
to
Reduction of Armaments.
The fourth is the point about armaments, in other words the reduction of
armaments, which, as I have already said, finds
^ queer expression in the
Administration’s new naval policy. At this time reduction of armaments
a
is
question which ought to be postponed because we have neither the facts
nor the knowledge necessary for Intelligent action.
It may be imperative
to determine what sort of an armament Germany shall have
by sea or land,
because Germany has tried to conquer the world, and the world, having
conquered Germany, has the right to put restrictions on her which would
prevent her attempting the conquest a second time.
But there is no rea¬
son for bringing up at this moment a general
question of this sort which
cannot now be intelligently determined with the world in the broken
and torn condition it now is in.
A
League of Nations.
The last proposition is the League of Nations.
The words “the League
of Nations” are captivating and attractive.
Everybody would like to
bring about a world condition in which wars would be impossible. But
we ought to be extremely careful that in our efforts to reach the millenium
of universal and eternal peace we do not create a system which will breed
dissensions and wars. It is difficult to discuss it at this time because no
definite plan of any kind has yet been put forward by any responsible
person.
Intelligent discussion becomes difficult when the advocates of
the League of Nations drape themselves in trailing clouds of glory and omit
to tell us the conditions to which they propose to bind the nations.
If, however, there is to be a League of Nations, in order to enforce peace,
one thing is clear.
It must be either a mere assemblage of words, an exposi¬
tion of vague ideals and encouraging hopes, or it must be a practical system.
If such a league Is to be practical and effective, It cannot possibly be either
unless it has authority to issue decrees and force to sustain them.
What nations are to be members of the league ?
Is Germany to be one of
the members?
If so, when?
How are these nations thus joined in a league
to vote in determining the operations of the league?
Theoretically, In
international law every independent sovereign nation is the equal of any
other nation.
Are the small nations to have an equal vote with the great
nations in the league, a vote equal to that of the United States, or England,
or France?
I saw that there occurred in New York a few days ago a
meeting of representatives, so called, of some small nations who demanded
this equality of voting power.
If this were agreed to, the small nations
could determine the action of the league, and if the league had an interna¬
tional force behind it they could order that force where they pleased and
put it under any command they pleased, which might give rise to complica¬
tions.
If nations are to vote in the league on a democratic basis, then their vot¬
ing power must be determined by population. Here, too, some curious
possibilities arise, not without a certain intricacy. The population of China
is, roughly, four times that of the United States, and this system would
give China four times the vote of the United States in the league. If Eng¬
land is to have the right to cast the vote of her
possessions, India alone
would give her from three to four times as many votes as the United States,
and ten times the vote of France.
All the plans which have been put forward tentatively for a League of Na¬
tions, so far as I know, involve the creation of a court. We must remem¬
ber that we have carried voluntary arbitration as for as it can
practically
IVol. 107
.
We have now at this moment a League of Nations.
They have been
engaged in compelling Germany to make peace and in restoring peace to
the world.
It has taken four years of the bloodiest war ever know to
get that peace.
By this existing League the peace once signed must be
carried out and made effective.
Therefore, it is well to reflect that entering
upon a new and larger League of Nations involves somewhat heavy respon¬
sibilities and dangers which must be carefully examined and deliberately
considered before they are incurred.
The attempt to form now a League
of Nations—and I mean an effective League, with power to enforce its
decrees—no other is worth discussing—can tend at this moment only to
embarrass the peace that we ought to make at once with Germany.
The attempt to attach the provisions for an effective League of Nations
to the treaty of peace now making with Germany would be to launch the
nations who have been fighting Germany on a sea of boundless discussion.
It would cause wide differences of opinion and bring long delays.
If the
attempt was successful and a League of Nations, with the powers about
which I have ventured to inquire vested in it, were to come here before the
Senate, it might endanger the peace treaty and force amendments.
It
certainly would lead to very long delays.
I have merely glanced at these outlying questions, my purpose being
simply to show that they ought none of them to be pressed at this time;
that the making of peace with Germany and the settlement of the questions
inseparably connected with it is enough and more than enough for the
present without embarrassing it with questions which involve the settle¬
ment of the unknown without the attempt to deal with all possible questions
that ever may arise between nations.
To enter on these disputed fields
which are not necessary to the making of the peace with Germany seems to
me perilous and more likely at this moment to lead to trouble and to a
failure with the German peace and its associated questions than to anything else.
SENATOR KNOX SUGGESTS NEW AMERICAN
FOREIGN POLICY—SHOULD GO SLOW ON
LEAGUE OF NATIONS.
“A
new
Doctrine
American doctrine” to supplement the Monroe
guide foe American foreign policy was suggested
by Senator Knox of' Pennsylvania on Dec. 18 during the
course of an address in which he opposed haste in
entering
into a League of Nations and insisted that the formulation
of such a league should at least wait until the terms of the
peace treaty were settled.
The debate was on a resulution
previously introduced by Senator Knox, expressing the
sentiment of the Senate that the League of Nations idea be
segregated from the consideration of peace terms.
Senator Knox argued that the spirit of the Monroe Doc¬
trine must be preserved as a fundamental principle of Ameri as a
V-f
Dec.
can
THE CHRONICLE
281918.]
diplomacy.
He maintained that it made the United
States “the potential ally of the defenders of liberty whenever
great menace shall arise.” As a corollary to the Monroe
Doctrine, he argued, there is the eventuality of European
States with which the United States holds common interest
being menaced, and in such a happening, he said, the United
States could join with the aggrieved nations.
Mr. Knox did not argue against the project for the League
of Nations being considered at the Peace Conference, but
insisted that, if taken up, it should be after the Allies had
imposed their terms upon the Central Powers. He expressed
doubt that the American people wanted President Wilson
to force the League of Nations idea upon the early delibera¬
a
tions of the Peace Conference.
After discussing the guarantees to be
Central Powers, Senator Knox said:
exacted from the
The United States slowly, but In (he end very dearly, perceived that a
of Europe by the dominion of aggressive military power was, in this
Nineteenth Century, a menace also to the safety of this nation.
America
manifested this perception by throwing its entire power into the scales to
menace
join in the suppression of that menace of Europe by military imperialism.
Can we not perceive, emerging from these facts, a new American doc¬
trine?
I will state this great new doctrine in these words. If a situation
should arise in which any Power or combination of Powers should directly
or indirectly menace (he freedom and peace of Europe, the United States
would regard such situation with grave concern as a menace to its own free¬
dom and peace, and would consult with other Powers affected, with a view
to concerted action for the removal of such menace.
If this had been the avowed and "understood policy of the United States
before July, 1914, it is, In my judgment, very improbable that the war would
have occurred.
When at length the United States had perceived and had
acted upon this policy with mighty effect, the war entered on its last and
victorious phase.
America has now perceived and manifested its percep¬
tion of the principle of this policy.
It has put this policy to successful test.
Avowed by public official declaration, it might prove worthy. I believe, to
serve, with Hie Monroe Doctrine, as a fundamental doctrine of American
diplomacy. It entangles ns in no way; but it makes us the potentia ally
of the defenders of liberty whenever a great menace shall arise.
The Monroe Doctrine, with virtual European sanction and especially with
British sanction, serves its purposes well.
I would, I think, be sure of
British support if it were menaced.
Bnt the Monroe Doctrine leaves to the
United States the mandate that it carries, and it is for the United States
to do what need be one to maintain safe conditions within and as between
the Republics of this hemisphere in connection with our predominant inter¬
est in their external durability as against an aggressive Power from without.
There is a certain analogy between this and what would be a corailary to
the doctrine now suggested, as it would touch the question of our obligation
in the matter of new States now being raised up in Europe.
The corollary would be that if such new States were menaced as pa t of a
The functions and powers of the Wool Division of the War Industries
Board, including especially those relating to the payment by Wool dealers
or buyers of any sums due by them under “Government Regulations for
Handling the Wool Clip of 1918,“ as established by the Board on May 21
1918, and the disposition of such payments, shall, on Jan. 1, as already an¬
nounced, be taken over by the Bureau of Markets of the Department of
Agriculture.
/
The Price Fixing Committee of the War Industries Board will continue
to function until such of the prices already fixed by the Committee, as will
not
expire
on or
before Jan. 1, shall have expired.
In thus announcing the final windup of the War Industries Board, the ’
Chairman cannot refrain from once more expressing his great appreciation
of the devoted efforts of those associated with him in the direction of the
Board’s activities, and of the whole-hearted and loyal co-operation of the
industries of the country.
In accordance with the
plans of the War Industries Board
its affairs by Jan..l it was announced on Deo.
7 that the following sections of the organizations had been
disbanded: Fire protection section, headed by W. H.
Merrill of Chicago; non-war construction, Donald R. Mc¬
Lennan; permit section of the steel division, James 8. Bar¬
clay; dredging section, Nathan Hayward of Philadelphia;
stored materials, James F. Wilkins, Washington, D. C.,
and the special advisory committee on plants and munitions,
headed by Samuel M. Vauclain of Philadelphia.
to wind up
B. M. BARUCH AND VANCE C. McCORMICK CALLED
TO FRANCE BY PRESIDENT WILSON.
It was reported on Dec. 20 that President Wilson ha3
cabled to Mr. Baruch and Vance C. McCormick, Chairman
of the War Industries Board, to join him in France.
They
are
expected to sail Deo. 31.
ALL REMAINING PRIORITY RESTRICTIONS
EFFECTIVE JAN. 1.
All remainingTpriorityZrestriotions and directions of the
War Industries BoardJhave^been lifted, effective Jan. 11919.
Announcement to thisjeffect is contained in the following
formal order issued byJjJudge Edwin B. Parker, Priorities
Commissioner, made p.ublic Deo. 19:
WARjlNDUSTRIES BOARD.
Priorities Division.
Circular No. 40.
general European danger, then the United States would be concerned; but
that what need be done to maintain safe conditions within or as between
them would be primarily a European concern, and a European obligation
in the discharge of which we need take no part. And this Is as it should be.
There is no need that American troops should travel thousands of miles for
other purpose than to ward off a menace to vital American interests.
The object of my resolution is not to condemn in advance any League
of Nations (and least of all the existing entente or a permanent under¬
any
standing of all the English-speaking people) of a kind that might in time
commend itself to the considered judgment of the American people.
It
is simply to postpone the larger and very disputable question of some
comprehensive League of Nations for that separate and very deliberate
consideration that its nature demands.
After all, why such hurry?
If a League of Nations may not be a good
thing, certainly the agitated days following a great war should not be seized
upon to saddle the country with a policy it has not examined and which is
no necessary part of the making of peace.
I, for one, am entirely ignorant of what the President means by a League
of Nations.
The American people do not know.
Our judgments must to¬
day be hypothetical. Conceptions of a League of Nations range from a
sort of world republic to a mere entente for certain purposes of the United
States and our chief Allies—something that need not necessarily cause
alarm.
The conscience and temper of the American people, as we have just seen
In this war, can impose upon them a great international task even without
treaty obligations to assume that task. Unless impelled by their own
conscience and judgment it is more than doubtful whether any treaty could
Is it not better, then, that the obliga¬
drive this nation to a foreign war.
tion we asRiimp should depend upon our own judgment and the conscience
of the English-speaking peoples and our present Allies, rather than upon
the judgment of some vast world league?
Even the most optimistic do not pretend to the blotting out of all war,
even occasional civil war, but only to the lessening of international war,
by international action. And even the forcible prevention or just decision
of all international war, wherever and however arising, by a League of
Nations of which the United States was a member, would presuppose the
sanding of American troops thousands of miles for some distant purpose,
perhaps of no great concern to American citizens. However small the
force we sent, still some one's sons would be asked to die for a far-away
cause of rather academic appearance.
I do not believe the American people would approve such an exigency.
I
should not wish to see this country signatory to an agreement which the
American people would be likely to repudiate if put to the test.
I should
not vote for any treaty that subjected this nation’s judgment and con¬
science as to its vital interests or its war-making prerogative to the will of a
foreign majority.
any
WAR INDUSTRIES BOARD TO CEASE ON
A statement
JAN. 1.
formally announcing the proposed discon¬
tinuance of the activities of the War Industries Board on
Jan. 1 was issued by Chairman B. M. Baruch on Dec. 23.
Certain powers and
duties of the Board
by the War Trade Board.
to be taken over
Mr. Baruch’s statement said:
and duties of the Division of Plan¬
Industries Board shall, on Jan. 1, be taken
along with such officials or employees of the
It has been arranged that the powers
ning and Statistics of the War
over by the War Trade Board,
oard as may be necessary.
are
LIFTED,
Revocation of Restrictions.
To All Concerned:
and directions of every
whatsoever, issued by the Priorities Division of the War Industries
Board, are hereby canceled, and all pledges heretofore made on the sug¬
gestion or request of the said Priorities Division are hereby revoked.
EDWIN B. PARKER,
Effective Jan. 1 1919, all the rules, regulations
nature
Priorities Commissioner.
Approved:
B. M. BARUCH,
Chairman. War Industries Board.
Washington, D. C., Dec. 20 1918.
FOOD ADMINISTRATION REVOKES PUBLIC EATING
PLACE ORDERS.
-
It was announced on Dec. 23 that as a further step in the
replacement of specific food regulations by a general appeal
for increased conservation of all foods, the United States
Food Administration had rescinded the twelve “General
Orders” for publie eating places, at the same time emphasiz¬
in the use of food in order
its pledge to relieve to the
capacity of our ports, the world famine conditions abroad.
In notifying the Hotel Chairmen on the staffs of the Federal
ing the need for continued
care
that the United States may meet
Food Administrators of the decision to rescind the present
regulations, the Hotel Division of the Food Administration
asked that they hold themselves in readiness to assist in
putting into effect any specific measures which public eating
places, through developments in world relief, may in the
future be called upon to carry out.
The Federal Food
Board in New York issued the following statement announc¬
ing the removal of the restrictions:
Effective Monday, Dec. 23, all restrictions for public eating places are
rescinded.
Since Oct. 21 last hotels, restaurants and other public eating
places have been under a war program. The principal features of the
12 compulsory war orders were that no bread and butter was to be served
until after the first course was on the table; not more than one kind of meat
or poultry served to one person at one meal; no sugar except upon request;
one-half ounce limit to butter and cheese per person per meal; not more
than two ounces of wheat bread per person per meal.
Following the
cessation of hostilities the rules were amended by the lifting of the restric¬
tions on sugar and the use of substitutes with wheat flour.
While all restrictions on public eating places have now been removed,
the Board still urges upon the proprietors of such places the importance
There should be no waste or
of continued conservation of all foodstuffs.
extragavance in the use of any foods.
All food should be prepared and
America must send 20,000,000
next 12 months and that the
served with the idea constantly in mind that
tons of food to hungry Europe during the
greater part of this food can be secured only by
saving.
2426
THE
CHRONICLE
REASONS OF UNITED STATES FOOD ADMINIS¬
TRATION FOR REMOVING WHEAT FLOUR
RESTRICTIONS.
[Vol. 107.
ation because the winter wheat acreage
is about 9,000,000
larger than that for 1918, and, if an increase in spring
wheat is planted, the harvest of 1919 may be in excess of
of 1918, the yield of which is estimated at
that
In response to inquiries as to the reasons for the removal
917,100,000
bushels.
Export of 1918 wheat is estimated at about
of restrictions on the use of wheat flour the United States
310,000,000 bushels, a larger figure than can be expected for
Food Administration has issued the following statement:
the 1919 crop, because of shipments from Canada,
Since its inception the Food Administration’s policy has been to adjust
Australia,
its conservation requests with conservation necessities and the public has
India and Argentina. Domestic consumption of the 1919
shown its appreciation of this frankness by immediate response.
crop, including the seed wheat reserve, the 'memorandum
Last spring the Food Administration was extremely anxious about
the
wheat shortage and the public was asked to restrict its consumption of
wheat down to the barest necessity in order to meet the needs of the Allies.
With a surplus of only 20.000.000 bushels of wheat the American people,
through conservation, enabled the Food Administration to ship 141.000,000
bushels of wheat.
In spite of this conservation, when we reached the
1918 harvest there was less than a 10-day supply in America.
When the new crop came in it proved to be very large, but not too large
to take care of the needs at that time.
It was the desire of the Food Ad¬
ministration not to be caught another season with any shortage of this most
valuable foodstuff, and with the idea that it was necessary not only to
continue shipments of wheat to Europe, but to build up a big reserve for
the 1919 spring offensive, the Food Administration continued to ask the
people to use wheat sparingly.
The signing of the armistice changed the situation with wheat imme¬
diately, just as it did with all measures taken with the needs of a contin¬
uing war in view. Wheat supplies in distant countries were made availa¬
ble by the cessation of the submarine menace, and the assurance of a good
crop in 1919, undisturbed by war, relieved somewhat the necessity of build¬
ing up as large a reserve as was anticipated. In other words, it is probable
that our normal actual consumption of wheat, implying elimination of waste,
in which our people have been thoroughly schooled, will be permissible and
still allow us to keep the Food Administration’s pledge in the shipping of
great quantities of breadstuffs to hungry Europe.
Last year’s situation, with fodder grains plentiful and wheat scarce, has
been entirely reversed, and the necessity now points to a more careful use
of the grains needed for animal feed and a freer use of wheat.
It cannot be too strongly emphasized that even under present conditions
no wheat must be wasted.
It is a well-known fact that a diet which in¬
cludes little meat naturally increases the consumption of bread, and at this
time, when the shortage of meat is acute, it is good to know that an in¬
creased consumption of bread is not unpatriotic.
RECOMMENDATIONS TO CONGRESS TO MAKE
EFFECTIVE WHEAT PRICE GUARANTEE
FOR 1919.
acres
stated, cannot exceed 640,000,000 bushels as a maximum.
The possible 1919 crop was fixed at 1,114,500,000
bushels,
of which 90,000,000 would be for seed requirements and
550,000,000 for domestic consumption, leaving 474,500,000
for export.
It is further noted that the 1919 crop for export
might sell in competition with that from other countries
at a price considerably lower than the guaranteed
price,
which probably would result in similar reductions at home.
CANADA AUTHORIZES MUNICIPALITIES TO FIX
RETAIL PRICES OF NECESSITIES HELD FOR SALE.
The following order has been issued by the Canadian
Food Board:
CANADA FOOD BOARD.
Order No. 77.
Whereas with the view of preventing undue enhancement of the cost
of living, Order-ln-Council P. C. 3069 (Department of
Labor), dated
Dec. 11 1918, was enacted, and by virtue of which order the Council of
any municipality may appoint a commission to determine a fair retail
price of any necessary of life held for sale in such municipality.
And whereas, owing to varied conditions obtaining in different
municipal¬
ities, the above order was enacted to provide means for determining what
what would be a fair price In any municipality, therefore
The Canada Food Board orders
1. Order No. 9, dated Dec. 21 1917; Order No. 14. dated Jan. 19
1918;
Order No, 47. dated June 5 1918, are hereby repealed.
Dated at Ottawa, this 18th day of Dec. 1918.
CANADA FOOD BOARD.
“Financial America” of Dec. 5 in an Ottawa dispatch,
announcing the modification of Canadian food rules, said:
A recommendation for the enactment of legislation to
make effective the wheat price guaranteed for the 1919
Canada has made a number of modifications in food regulations since
the signing of the armistice and these have been summarized in a bulletin
of the Canada Food Board as follows:
and at the same time safeguard, it is claimed, the
Government against losses, was made to Congress this
week by the Department of Agriculture and the Food
Administration. The recommendations are contained in a
memorandum sent to Representative Lever of South Caro¬
lina, Chairman of the House Committee on Agriculture,
Compulsory restrictions of the amount of flour which may be held in
store by dealers, householders and other have been rescinded.
The compulsory purchase of a proposition of substitutes for wheat flour
has been rescinded.
The use of substitutes by manufacturers, bakers,
crop,
and
are as
follows:
First—Extension by Congress beyond June 1 1920 of the date for the
Government purchase of the 1919 crop.
Second—Continuance of the Food Administration’s Grain Corporation,
or creation of a new agency, to buy. store, and sell 1919 wheat that
may be
offered to the Government.
Third—Possible legislative provisions to protect the Government against
wheat or flour brought in from other countries during the period of effective¬
ness of the guaranteed price, and also to
protect buyers of such wheat as
long as the wheat is in this country and not consumed.
The memorandum is said to have been compiled with the
approval of President Wilson. Secretary Houston, in sub¬
mitting it, is reported as saying that “the Government has
made a guarantee, and it goes without saying that it must
be made effective.”
As to the extension of the date of
Government purchase the memorandum said:
It will be impossible to carry out the guarantee, as it is intended,
by
June 1, and, if producers cannot sell their wheat to the United States before
that date, and are left with wheat on hand, it will be felt that the obli¬
gation of the United States has not been carried out in good faith.
The Government purchasing agency must have ample funds to at all
times purchase throughout the United States at the guaranteed price such
wheat of the 1919 crop as may be offered to it, and also provide storage
facilities to take care of the same by lease or purchase of facilities now in
existence or by building additional facilities, or both.
The appropriation will have to be on a basis to enable the guarantee
price
to be maintained at all times by purchase of wheat with funds
provided by
the Government and without relying on outside credit.
The Associated Press dispatch from Washington Dec. 26
in its announcement as to the recommendations said:
The Food Administration Grain Corporation is maintaining the price
for the 1918 crop with its capital of $150,000,000 and Its credits, combined
with the export demand for wheat.
The 1918 crop is estimated at 917,100,000 bushels, and on Nov. 29 last the movement from the farms amounted
to
588,000,000, of which 254,000,000
was in
storage.
The dispatches quoted further from the memorandum
as
follows:
It will be observed that there is a very large amount of the 1918
crop
yet to be moved from the farms, and it will take all the resources of the
Grain Corporation and the most careful attention to every detail to carry
out the guaranteed price for the crop of 1918.
In fact, if the export
demand should diminish, it is possible that in order to maintain the guaran¬
teed price it may be necessary that there be a further
public restaurants and householders are no longer compulsory, but In view
of the necessity of conservation and in order to prevent
waste of stock of
substitutes already on hand, the Food Board urges that the greatest possible
voluntary use of them be continued.
Sandwiches may now be served in public eating places during the noon
meal hour.
Restrictions
now
on
the quantity of bread served at public eating places are
removed.
Manufacturers may make and sell doughnuts, biscuits, crullers, Scotch
shortbread or cake, and French pastry, provided they use vegetable fats
only.
Manufacturers, provided they do not exceed forty pounds of sugar to>
100 lbs. of flour, may make and sell iced cakes and biscuits filled with
icing, so long as they do not increase the total amount of sugar used
as
allotted.
Restrictions on the manufacture of alimentary paste, buckwheat and
self-wheat in the form of breakfast food, raising flour, &c., have been
rescinded.
Conservation regulations of beef are still in force and axe still important
in view of the requirements at the present time and in the future.
Conservation of butter and animal fats is still very important.
Until the end of the year the regulations of the consumption of sugar wilt
be necessary, after which it is hoped the new crop will be available.
AMENDMENT TO LICENSES FOR SHIPMENTS OF
WHEAT FROM AUSTRALIA.
The War Trade Board on Dec. 19 announced that General
License PBF No. 19, permitting importations of wheat and
wheat flour consigned to the United States Food Adminis¬
tration Grain Corporation or to the Wheat
Export Com¬
pany, Ltd., had been amended to read as follows:
Covering the importation of all wheat
and wheat flour when
to the
consigned
United States Food Administration Grain Corporation, 42 Broad¬
way, New York, or to the Wheat Export Company, Ltd., 27 Beaver
Street,
New York; provided further, that shipments from Australia are
made
only on the following vessels:
Margaret
La Merced
Champigny
Star of Lapland
Rose Mahoney
Korsnaes
Pieree Antonine
Buffo
Columbia River
CANADIAN
SEED
Falkestind
John Ena
Jeanne d’Arc II
Star of Holland
COMMISSION
City of Sydney
AUTHORIZED
TO
PURCHASE SEED OATS IN UNITED STATES.
A Canadian press dispatch from Ottawa,
published in
the Toronto “Globe” on Dec. 16, stated that an Order-inCouncil had been passed authorizing the Seed
Purchasing
Commission to purchase seed oats required for Alberta and
Southern Saskatchewan in the United States and
providing
that the oats purchased be not subject to the payment of
appropriation by
Congress. On the other hand, if the demand for export wheat should
continue it is hoped that on June 1 1919 the Grain Corporation may have
been able to carry out the obligations of the United States as to the 1918
crop without impairing its capital of $150,000,000.
customs duties.
It is pointed out that the carrying out of the guaranteed
price for the 1919 crop presents a much more difficult situ¬
It is estimated that 3.500.000 bushels of seed oats will be
required, owing
to the shortage, of which not more than 1,500.000 bushels
are vail able in
three Western Provinces. 500,000 bushels in Ontario, and 300,000 bushda
The
dispatch also said:
dec. 281918
]
THE CHRONICLE
in Prince Edward Island.
If these figures are approximately correct, it
will be necessary for the Seed Commission to
buy at least 1,000,000 bushels
of seed oats outside the Dominion.
EXPORTATION OF BARLEY MALT.
It was announced by the War Trade Board on Dec. 9,
after consultation with the U. S. Food Administration, that
it would consider applications for licenses to export
barley
malt to Canada, the West Indies, Cuba, Mexico, Central
2427
RESTRICTIONS IN CANADA AS TO BEEF, BUTTER
AND FATS STILL IN FORCE.
‘ '
According to the Montreal “Gazette” of Deo. 14# the
restrictions of the Canada Food Board as to the use hy
public eating places of beef, butter and fats, and for the use
of all animal fats
by manufacturers, still remain in force.
COARSE GRAIN RESTRICTIONS REMOVED BY U.
FOOD ADMINISTRATION
America, South America and Japan. Applications for
licenses to export this commodity must be made in accord¬
It was reported on Dec. 26 that J. J. Stream, Chief of the
ance with the rules and regulations of the War Trade Board.
Coarse Grains Division of the Food Administration, has
Exporters who in the past have been refused licenses may now issued the following announcement:
submit new applications on Form X.
Grain exchanges are advised that on and after Jan. 1 1919 they may, la
IMPORT RESTRICTIONS ON COCONUT MEAT
REMOVED.
The War Trade Board on Deo. 23 made known that all
restrictions on the importation of coconut meat, shredded,
desiccated or prepared, had been removed. There is now
no restriction on the importation of coconut meat or
copra
in any form.
EXPORT OF COTTONSEED MEAL TO CANADA.
On Dec. 19 the War Trade Board, after consultation with
the United States Food Administration, announced that
licenses to export a limited quantity of cottonseed meal to
Canada would be granted. All applications for licenses
to export
cottonseed meal to Canada must have attached
thereto a Canadian import permit, issued by the Canada Food
Board, Ottawa, Canada, to the consignee and for the
tity specified on the application for export license.
their discretion, remove all quantity restrictions on trading in future
deliveries of com, oats, rye and barley.
This relaxation does not
abrogate
modify any of the provisions of the Food Control Act, and grain ex¬
changes and their members will continue to be held strictly accountable
for any manipulative practices resulting in undue depression or enhance¬
ment of grain prices.
or
SUBSTITUTE CEREALS TAKEN OFF MARKET.
According to
a
Boston dispatch in “Financial America”
last night (Dec. 26), A. I. Merrigold, Director of the United
States Grain Corporation for the Boston District, has
announced that about 18,000 tons of cereals brought into
New England to be used as wheat substitutes will be taken
off the market by direction of the United States Food
Administration and forwarded to Europe. The cereals,
which are now in the hands of dealers, will be shipped from
this port after they have been collected.
REMOVAL BY CANADA OF RESTRICTIONS ON
EXPORTS OF COARSE GRAINS.
quan¬
Montreal advices of Dec. 23 stated that the Corn Ex
EXPORT OF SEED CORN TO CANADA.
After consultation with the U. S. Department of Agricul¬
ture, and the Seed Commissioner of the Canadian Depart¬
ment of
Agriculture, it
was
announced by the War Trade
Board on Dec. 19 that on and after Dec. 10 1918 licenses
would be granted for a limited quantity of seed com (with¬
out restriction as to varieties) for export to 'Canada.
The
Board further said:
All applications for licenses to export seed corn to Canada in quantities
exceeding 100 bushels must have attached thereto a Canadian import per¬
mit, issued by the Canada Food Board, Ottawa, Canada, to the consignee,
for the quantity specified in the application for export license.
Arrangements have been made with the Canada Food Board whereby
applications for licenses to export seed com in quantities of 100 bushels or
less need not be accompanied by a Canadian import permit.
„
SUGAR RESTRICTIONS REMOVED IN CANADA.
On Dec. 13 the Canada Food Board removed various re¬
strictions on the use of sugar. The war time restrictions as to
change has been advised by the Department of Trade and
Commerce at Ottawa of the removal of the restrictions on
the exportation from Canada of all kinds of coarse grains.
It was further said:
It to pointed out by the Department that hereafter it will not be neces¬
for exporters to obtain licenses for the exportation of any type of
sary
coarse
grain.
This will considerably simplify the matter of export.
NEW YORK COFFEE EXCHANGE RESUMES TRADING
IN FUTURES.
Trading in coffee futures
was
resumed
on
the New York
Coffee and Sugar Exchange on Thursday of this week,
Dec. 26, in accordance with plans detailed in our issue of
Dec. 14, page 2339. As noted therein trading in coffee
futures was suspended on the Exchange on Oct. 18 at the
direction of the U. S. Food Administration. In pursuance
of the plans previously agreed to, trading in futures for
May delivery with fluctuations limited to 150 points was
permitted with this week’s resumption. The May con¬
tracts started at 17.50, dropped to 17.35 and again rose to
permits or the use of cards. The restrictions are also lifted 17.50. July opened at 17.25, went to 17.50, and fell to
17.25. September opened at 17.40, sagged to 17.35, and
on the use of sugar for making pastry, iced cakes or biscuits
rose
to 17.50.
The New York “Evening Post” in its ac¬
and candy for private consumption, as well as in the manu¬
of
the
count
resumption said:
facture of canned goods, biscuits, candies, &c. The order
The bulk of the buying was said to be on European orders, and it was
issued by the Food Board in the matter reads as follows:
evident that additional
,
the method of serving sugar in public eating places is removed;
and under the new order also sugar may be purchased without
CANADA FOOD BOARD.
Order No. 76.
Re Sugar.
Whereas, The available supplies of sugar permit of the removal of certain
restriction now, and other restrictions on the 1st of Jan. 1919.
In exercise of the powers conferred by Order of His Excellency, the
Governor-General in Council, dated the 12th day of March 1918, P. C.
596. and of all other powers enabling, the Canada Food Board hereby
orders:
1. The manufacture of icing sugar is permitted.
2. Restrictions on the use of sugar in making French pastries, iced cakes
or
.
biscuits and in making of candy for private consumption, are removed.
Order No. 35 is repealed.
3. Restrictions on the serving of sugar in public eating places are re¬
moved.
Sections 5 to 12 inclusive, 14, 15 and 16 of Order No. 46 are repealed.
.4. On and after Jan. 1 1919.
(a) White or granulated sugar may be used in making bread.
lb) All restrictions on the use of sugar in the manufacture of canned
goods, biscuits or fruit, pound, layer, wine, sponge, cake; sweet dough
products and pastry; cocoanut macaroons or fancy almond macaroons;
marshamallow; bread and bread rolls; candy, chocolate, solid chocolate
products; cocoa products, chewing gum. desiccated cocoanut, tobacco;
table syrups, compound honey, maple butter, maple syrup compounds and
like products; pharmaceutical syrups and medicinal preparations; beers,
ales, soft drinks, fountain fruits, fruit juices or syrups, dessert or jelly
powders, marshmallow powders; ice cream; soap, shall be removed.
(c) Sugar may be purchased without permit or the presentation of
sugar certificates or coupons.
(d) Restrictions upon the use of sugar in the manufacture of condensed
milk «h».il be removed.
5. Section 10 of Order No. 49; Sections 1 to 10 inclusive of Order No. 54.
Orders 60. 64 and 66 shall be repealed on Jan. 1 1919.
Dated at Ottawa this 13th day of Dec. 1918.
✓
CANADA FOOD BOARD.
large orders had been received, based
on
expecta¬
tions of lower opening prices.
Bids slightly below initial quotations wen
made for large blocks of all deliveries.
Spot interests sold against coffee
afloat, and there were indications also of a little local short selling. It to
the general impression that after matters become adjusted a marked
broadening of speculative interest will be witnessed.
According to
press
dispatches from Washington Deo. 26,
the Government purchased 15,210,000 pounds of coffee for
the army, and as this occurred before the advance of 7 cents
pound which has since taken place, this resulted in
ing of $1,064,700.
a
a sav¬
REPORTS OF PROPOSAL OF SAG PAULO TO ABOLISH
COFFEE EXPORT TAX.
Advicss from Rio de Janeiro published in “Financial
America” of Dec. 21 announced that, according to informa¬
tion received at that city, the State Government of Sao
Paulo would abolish the coffee export tax as soon as the loans
made on coffee guarantees have been liquidated. With
regard to this report the “Journal of Commerce”
on
Dec. 23
said:
Publication on Saturday of a dispatch from Rio de Janeiro stating that
the Government of Sao Paulo would abolish the coffee export tax as soon
as the loans made on coffee guarantees had been liquidated aroused con¬
siderable interest in the local trade.
There have been rumors to this effect
in circulation here for several days, but they have not
The Rio advices
begn confirmable.
regarded as giving support to these rumors, although
they are not interpreted as confirming them without qualification.
In discussing the report, representative traders called attention to thft
are
fact that the tax would not be removed until the loans had been
liquidated.
THE CHRONICLE
2428
This was generally regarded as meaning that action
might be delayed
indefinitely. In this connection the spokesman for a prominent house
expressed the view that the liquidation could not be effected until Germany
had paid for the valorization stocks seized at Hamburg and Antwerp at
the outbreak of the war.
The export tax,
per
drop of three and four-hundredths cents
to every $1 a ton increase on mill feed.
cial America” of Dec. 20 said:
Mall advices from France state that nine steamers have been designated
Brazil, the coffee being part of the supplies purchased
in connection with the negotiations for the interned German tonnage.
It was stated that the French Government would distribute the coffee
among merchants to the extent of 70% of their importations during 1917.
Havre coffee merchants have failed in their effort to have war-time re¬
strictions removed and it is reported that the price set for the Government
coffee is 115 francs for good average, which is about 15 francs higher than
the maximum prices allowed for all months on the Exchange.
The moving of this coffee from warehouses is Brazil will help the situation
there to the extent that it will relieve the present congestion and aUow coffee
to be moved from the Interior to the ports more freely.
The morning
cable fropx Brazil repented the Rio spot market unchanged from yesterday,
Santos 100 rets higher and futures 75 to 100 rets higher.
_____________________
FEDERAL CONTROL OF MILK DISCONTINUED—NO
LIKELIHOOD OF FURTHER PRICE INCREASE,
PENDING INVESTIGATION.
The following is taken from Dec. 1 issue of U. S. Food
the “Official State¬
ment:”
Notice has been sent to the Wholesale Grocers’ Association that it is
the desire of the Food Administration that the trade should return to normal
conditions as soon as possible.
The announcement that roasted coffee
must be sold on the same gross profit in cents per pound as the dealer or
roaster
customarily enjoyed before the
war, is now
modified, and the
dealer or roaster in figuring margins on roasted coffee, may take into con¬
sideration the increased expenses of doing business, and he is now permitted
to make the same percentage of net profit, as he customarily enjoyed before
the war, in the years 1911-1912-1913.
All coffee must be sold on the basis of the average cost of stocks on hand,
and not on the basis of the cost of replacement.
Stocks are limited to a
90-day supply, and no dealer should knowingly sell oeffee to any customer
tn such quantity aa wlll give the purchaser more than a 90-day supply.*^
FOOD ADMINISTRATION CONDEMNS PRACTICE OF
COFFEE DEALERS SELLING COFFEE IN LOTS OF 25
BAOS OR LESS AT GREATER PROFIT THAN 7\i%.
The “Wall Street Journal” of Dec. 16 reported that the
practice .of coffee dealers selling coffee in lots of 25 bags or
less, at an estimated profit of 8 cents a pound, to avoid the
restrictions imposed by the Food Administration, sales over
this amount had met the condemnation of Washington.
According to the paper quoted, the Food Administration
has issued a notice in which it calls attention to the announce¬
ment made on July 24 1918 “that the maximum profit of
flour
margins and rules have been for the most part retained, and will be enforced
by revocation of licenses and other appropriate penalties.
It is expected that it will be possible from time to time to remove certain
commodities from the license list, but this will be limited to commodities
which do not seem likely to be subject to possibility of speculation and
profiteering.
MODIFICATION OF COFFEE PROFITS.
as
on
Partial demobilization of the Food Administration and the withdrawal
of many of its roles and regulations have given the impressions in some
quarters that all activities have ceased or are shortly to cease.
This Is
not the case.
The act imposes upon the administration certain obligations
which continue until Presidential proclamation releases the Food Ad¬
ministration from the terms of the Act and particularly the obligations to
curb profiteering and speculation in licensed food products.
This function
must continue to be performed, and there is no intention of relaxing in this
direction.
It has been possible, now that peace is assured, to cancel many require¬
ments for reports and many of the details of the regulations, but the profit
regard to the shipment of coffee from Brazil, “Finan¬
Administration’s publication, known
barrel
In a statement intended to correct the reports that its
activities had ceased, the United States Food Administration
on Dec. 20 said:
COFFEE SHIPMENTS FROM BRAZIL.
to move coffee from
a
UNITED STATES ADMINISTRATION HAS NOT
CEASED ACTIVITIES.
it is stated, amounts to about 75 cents
100 pounds.
With
[Vol. 107.
.
Announcement that the Federal Food Administration
decided that there was no longer any need for Federal
control of milk, and that the question would now be left
with the local authorities, was made as follows on Dec. 20
las
by John Mitchell, Chairman of the Federal Food Board and
Arthur Williams, Federal
York
Food Administrator for New
City:
The United States Food Administration at Washington has notified
the New York Food Board and the Administrators of all the States that
in view of the armistice there will be no further need for Federal control
of liquid milk, hut rather that the question should now be left to the local
authorities.
The Board has, therefore, informed the producers and
distributors at a conference to-day that it will not continue to confer with
them and determine the question of milk prices for this city.
It should be added that the Board has received no suggestions from
either the producers or distributors of any proposed increase in the price
of milk during the month of January, and it is hopeful that soon thereafter
the price will show material reduction with increased flow and lowered
cost of feeding, following the prices of former years.
The last previous announcement on the subject was made
by the Federal Food Board on Nov. 26, when it seated that
the prices then in effect would remain in force until the end
of the year. Two advances in price occurred during No¬
vember, the first effective Nov. 1 and the second Nov.
14, as a result of which the cost of Grade A bottled milk per
quart at retail has been 19 cents, while Grade B bottled milk
has retailed at 17 cents a quart and 11 cents a pint. The
Federal Food Board in announcing on Nov. 26 that there
would be no further advance in price at that time, stated that
73^% prescribed by Special Rule No. 3 for jobbers of green
coffee did not apply to the sales of 25 bags or less. That
announcement must not be taken advantage of by those
the New York farmers were to receive from the distributors
defined as jobbers under Special Rule No. 4, namely, those
in December an increase over November prices, making the
who customarily sell coffee in one or more chops. Such
December basis price to producers $4 06 per 100 lbs. of 3%
jobbers are entitled to not more than a maximum profit of
milk, as compared with $3 81 per 100 lbs. in November.
7M%, no matter in what quantity they sell. As the profits The Food Board in its statement said:
to dealers who customarily sell 25 bags or less, the Food
The decision of the distributers to carry this tacrease without corre¬
Administration considers any such sale at
sponding increase in the price to the public was voluntary
more
was
an advance of
than 12^% over the purchase price plus charges
allowed by said Special Rule No. 4, as a violation of the
General Rule No. 5, which prohibits unreasonable profits,
and any licensee exceeding this maximum will be prose¬
cuted in a manner provided by the Food Control Act.”
on
their part and
reached after several conferences between the distributors and the rep¬
resentatives of the United States Food Administration In Washington.
At the instance of Mayor Hylan an investigation of the
milk distributers has been undertaken by New York District
Attorney Swann during the past month to determine
whether they were guilty of conspiracy under the Donnelly
Anti-Trust Act of New York. A letter calling for the in¬
CANCELLATION OF FLOUR MILLING REGULATIONS.
quiry was addressed to District Attorney Swann by Mayor
The cancellation of all flour milling regulations, including
Hylan on Nov. 21, the Mayor in his letter saying:
fair price schedules and the price and quantity restrictions
I have directed the Commissioner of Accounts to make an investigation.
I have been forced to the conclusion that little can be done with these
on the sale of what flour
by millers, which officials expect milk profiteers unless a jail sentence is meted out to those who are ex¬
will result in cheaper flour, was announced by the U. S. tracting such an enormous price
for milk from the people of this city.
The distributers are now threatening to raise the price of milk to 20 cents
Food Administration on Dec. 20. All zones agents of the
Food Administration’s Grain Corporation were notified of per quart. This means death to thousands of babies this winter. Thou¬
sands of the people of this city who have given liberally to aid the Govern¬
the action by telegraph. A sharp rise in the price of wheat ment in the purchase of bands and in other ways from the little store that
they had laid aside for an emergency are now at the end of their resources.
bran and other mill feeds on the Minneapolis market occurrec
Some time ago the matter was submitted to the grand jury, whose fore¬
as a result of the announcement, but this
advance, officials man, if I remember correctly, was Nicholas L. Stokes, and the Secretary
expected, would be followed by a drop in flour prices. Exist¬ was Mr. George H. Pings, who did great service on that grand Jury. An
against the Dairymen’s League was the result.
ing regulations restricting margins of profit on flour and mil indictment
The investigation brought out many facts, which, no doubt, if made
pub¬
feeds remain in effect, as do general regulations prohibiting lic. would bring down the condemnation of the whole
community on the
profiteering, hoarding and unfair practices. The prediction heads of the distributers’ trust and the Dairymen’s League. The Treas¬
urer of the Milk Trust, so I am informed, said that thugs were hired to
of cheaper flour to the consumer, it was stated at the Fooc
beat up the Independent dealers and their milk dumped into the river in
Administration, is based on the immediate rise in the price forcing such dealers to comply with the terms of the Milk Trust.
I am Informed that John B. Stanchfletd, a corporation lawyer, was em¬
of mill feeds, amounting to several dollars a ton.
Close
ployed
observation of the market, trend in flour and mill feeds, made that a by the Milk Trust to represent the trust in Court, with the result
change of venue was granted by the Court to some locality up the
by the Administration’s Milling Division and grain experts, State and a dismissal of the indictment was secured.
The elected public officials of this city owe a very important duty to the
it was said, shows that with every upward movement or
serious crisis, and. if I am not encroaching upon your
feeds came a fall in the price of flour on a basis of an average people in this most
prerogatives as prosecuting attorney of New York County, I would sug-
Dec. 28
THE CHRONICLE
1918.]
Kttt that you begin a public inquiry before Chief Magistrate McAdoo or
other Magistrate, to the end that the profiteers in milk, both the
dairymen and distributers, be brought before the bar of Justice and Jailed,
and this conspiracy to exploit the people for profit at the expense of the
death of thousands of children be ended
My reason for suggesting that the proceedings be begun before a Magis¬
trate rather than a grand Jury is that the proceedings will be open to the
public and the press will carry the facts brought out as to the methods re¬
sorted to by the Milk Trust combination. When these facts are made pub¬
lic, no Judge will dare to grant a change of venue or a dismissal of an in¬
dictment that may be found.
Any assistance that the office of the Commissioner of Accounts can give
you, or the Police Department, through the detective force of the city, or
any other department, will be at your senrioe. The Board of Estimate
And Apportionment likewise will assist you in every possible way.
some
In
reply to the Mayor the District Attorney said:
My Dear Mayor—I was very much pleased to receive your letter of Nov,
21 in regard to the recent raising of the price of milk to 18 cents per quart,
and the evident intent on the part of the producers and distributers to raise
the price again very shortly.
On account of the very clear violation of the State Anti-Trust Act by the
Dairymen's League last fall, the grand Jury Indicted its officers and direc¬
tors, but a Judge of the Supreme Court sitting in this county transferred
the case to Oneida County for trial on account of "local prejudice."
That,
of course, also transferred the prosecution of the case to the District At¬
torney of that county. Before the case could be reached for trial the Legis¬
lature passed Chapter 490 of the Laws of 1918, exempting dairymen and
farmers from the effect of the anti-trust law.
The result is the milk pro¬
ducers can now combine and fix prices and the District Attorney cannot'
prosecute them.
If the distributers combine or conspire and we can procure legal evidence
of It, we can proceed against them. Men conspire in secret, and, unless
one of them informs against the others. It is very difficult to obtain the evi¬
dence that the Judges require.
I would welcome such evidence, and any man who conveys it to me will
be doing a helpless community a great service.
All of the resources of my office will be devoted to the prosecution of
heartless profiteers in the necessaries of life when legal evidence of such
acts can be obtained.
I hope that the public will be fully Informed of your efforts, in order that
those persona having first-hand information will come forward with It.
Very truly yours,
EDWARD SWANN. District Attorney.
The
chapter referred to in the above sets out:
The provisions of this article shall not apply to co-operative associations,
corporate or otherwise, of farmers, gardeners, dairymen, including livestock
farmers and fruitgrowers, nor to contracts, agreements, or arrangements
made by such associations.
Mr. Swann, the “Times” stated, explained the difficulty
of court action as covered in his letter to the Mayor and said:
and other by-products could be made to help carry the milk, Dr. King said
that only small profits were made upon them, and that this year only
one condensed milk company, located in the West, had made large profits.
Asked how extensively he had gone Into the question of the alleged over-
capitalization of the milk companies Dr, King said that, inasmuch as they
making no profits at all, that did not concern him except as it might
affect charges for depredation.
"Milk will never again sell for 8 (Mr 9 cents a quart," said Dr. King, "or
at least not until food and labor prices come down very much."
He said
he wished good luck to Commissioner of Account* Hirshfield’s milk investi¬
gation, and Bald that, with the proper safeguards, there was no reason why
emulsified milk should not be sold.
’
l
were
r
The New York “Times” of the 23rd stated that Arthur
Williams, New York State Food Administrator, had taken
exception to a statement made by John J. Dillon, former
State Commissioner of Food and Markets, that excessive
profits are being made by the milk distributers a4J gave
figures showing the present margins of profit, said:
f
On the assumption that the average of milk is 4% of butter fat, he
said, the farmer receives at the zone centres 9 cents a quart. To this must
be added the total freight paid, which averages 1.2 cents a quart on bottled
milk and milk to be bottled.
Country plant, pasteurizing, cooling and
bottling expenses total 2.6 cents a quart. The distributing expenses are
3.3 cents a quart, and the general administrative expenses .4 cent a quart
The Increased cost of distributing, due to the advance In wages alread
made, amounts to .0074 cent a quart, or a total of 17.24 cents a quart
Mr. Williams said.
On bulk milk, which constitutes 65% of the product handled
distributing companies, the freight is 10H cents per 100 pounds t 'j
150-mile zone, making the cost, plus the freight to this city, 10 cen
For this milk the most recent records indicate the margin ofl
between the price to the consumer for bottled grade
milk and the price to stores Is a very narrow one, according to Mr.
Williams.
quart.
cents the quart
A statement, in which he declared that the distributers
would not oppose the proposed inquiry, was issued on Nov.
27
by I. Elkin Nathans, Secretary of the New York Milk
Conference Board; in this statement Mr. Nathans said,
according to the New York “Evening Post:”
For nearly a year we have refrained from any discussion relative to the
price of milk, primarily for the reason the question of price is out of our
hands.
We realized that as the war progressed, increasing costs of labor and
materials would seriously affect the cost of production and distribution
and quite likely necessitate such substantial advances in price to the
that the public—unless informed by reliable authority as to the
facts—might reach the conclusion that improper advantage was being taken
consumer
of
war conditions.
Therefore we entered into
Administration under which
We have stopped the parading of red flags in this city—let us put behind
the bars the men who conspire to exploit the people and make red flag
agreement with the United States Food
voluntarily renounced all control over
prices and vested the Government with the power to fix the price to be
paid to the producer and to he charged the consumer. For more than a
year the price charged to the consumer has been determined by the Food
Administration, and this policy will be adhered to by the distributers so
long as the Food Administration continues in existence.
We find it difficult to see wherein we could have acted with more
regard
for public confidence and in the public interest than by voluntarily
placing
our very existence in the hands of the Government.
We believe that fairminded people will commend our action and accept with assurance the
statements of the Food Administration that the prices charged are fully
justified by the cost of milk, labor, and other operating expenses, and woe
only approved after a thorough examination of the accounts. We are,
therefore, constrained to believe that a contrary attitude is due to a failure
paraders and bring
to
No matter what aspects the case presents, something ought to be done.
The price of milk is now so high to the poor as to restrict consumption,
which has an Injurious effect upon young children. We might investigate
the distributers, but we have not as yet decided upon what plan to proceed.
I have the matter under advisement, and am conferring with my assistants.
We are facing an alarming condition.
In a second letter on the part of the Mayor to Mr. Swann,
the former, according to the New York “Times,” stated
that he did not believe that the amendment interfered with
the provisions of the law governing conspiracy. He further
said in part:
on a state of mind among them which provokes un¬
lawful acts and unlawful deeds.
What father or mother will not feel aggrieved with public officials and
their Government when their children’s lives are being sapped out for
want of milk because of the inactivity of officials whose duty it is to en¬
force the laws and protect the people from such conspirators?
Through the milk inspectors the health officials under past administra¬
tions aided the milk trust distributers by condemning the milk of the
independent shippers, making it impossible for the Independent shippers
to get milk into New York City.
The independent distributer in this city, not being able to get milk from
an independent source, was compelled to go out of business, leaving the
distribution of milk in the hands of the trust distributers.
When the dairymen and farmers found they were in the hands of the
milk distributers’ trust, the Dairymen’s League became very active, and
thoroughly organized the dairymen and farmers. Many of those
who refused to join were assaulted, their milk dumped into the river or
creek, their cattle poisoned, and their barns burned throughout the State.
To-day it would appear there Is a conspiracy between the Dairymen's
League and the distributers of milk to raise the price of milk an additional
cent per quart.
Within three weeks Mr. Hoover, the Food Administrator,
allowed two increases in the price of milk, bringing the cost of milk to-day
to 19 cents per quart, and if an additional cent is allowed, the price of milk
will be 20 cents per quart—an act against the best interests and injurious
to the public health of the people of this city.
Any argument to justify the Milk Trust in raising the price of milk pre¬
sented by Judge W. E. Lamb, Chief of the Dairy Division of the Federal
Food Administration, Colonel George R. Marlin, Medical Corps, U. S. A.,
and Dr. Clyde L. King, Federal Milk Commissioner, upon whose recom¬
mendation to Mr. Hoover the price of milk was increased, I am sure will
have no effect upon the action of the District Attorney of New York
County.
more
The New York “World” of Nov. 22, in referring to the
fact that the increases which milk distributing companies
had been permitted to charge were defended by Dr. Clyde
L.
one
King, Federal Milk Commissioner, in an interview with
of its reporters, quoted him to the following effect:
price of milk to the consumer has not risen as mud* proportionately
the dairymen’s prices have gone up," said Dr. King.
"In June, milk
sold at $1 80 per hundred pounds to the companies, and now it is up over
The
as
100% to S3 81.
In that same time loose milk has
gone up
cents to 14 cents a quart, which is less than 100%.
"Month to month the cost in New York is cheaper
only from 7H
than in any city of
size in the East."
Only the costs of the "whole milk" were considered in arriving at the
figures which the milk companies are permitted to charge, Dr. King'said.
Asked if it were not possible that profits on cream, butter, condensedjmilk
considerable
an
we
appreciate the situation.
We do not want high prices.. Our business prospers most when we can sell
our goods at low prices. We are content to operate on a fraction of a cent per
quart profit and depend upon volume to produce a reasonable return.
But notwithstanding the war has ended, costs seem still to be mounting.
The price we will pay producers for December milk has just been negotiated
through the mediation of the Food Administration. The farmer is to re¬
ceive 9M cents per quart In the country.
This, we are advised, is due to
increased cost of grain feed, hay, and labor.
It is an increase of one-half
cent per quart over
November, and the highest
ever
paid.
The distribution of milk during November is being conducted at a loss.
But notwithstanding this, the dealers have suggested to the Food Adminis¬
tration that they are willing to carry the burden of the increase allowed to
the farmer during December, believing it unwise to permit the price to
consumers to advance beyond the present figure—14 cents for
dipped milk
sold out of stores and 17 cents for bottled milk.
Costs justufy a higher
price, and to carry this load for December will mean an out-of-pocket
loss of several hundred thousand dollars.
History shows that December
is the peak month in production cost, and on the theory that it will be so
this year, the Food Administration hopes to permit this loss to be made
In a future month when the price to the farmer declines.
We shall not oppose the holding of any inquiry to satisfy the public
that the present prices are not the result of a conspiracy, if that is considered
up
necessary, but certainly no Industry which has voluntary placed itself in
the hands of the United States Government and relinquished all control
over
selling prices can justly be accused of conspiring or profiteering. I
no other industry which has voluntarily done this, and we did so
know of
only because of the esteem and confidence in which we believed our cus¬
tomers held Mr. Hoover and his Administration, and in which we ourselves
share.
EXPORT OF LOUISIANA SUGAR TO ARGENTINA AND
PANAMA.
The War*Trade Board, after consultation with the U. S.
Food Administration, stated on Dec. 19 that applications
would be considered for licenses to export a limited quantity
of £ Louisiana sugar to Argentina and Panama. The Board’b
announcement! says:
Exporters desiring to make shipments to such countries must specify
on their applications for export licenses, which must
also be accompanied by a signed statement as follows:
“Louisiana!sugar’’
Statement.
“The!undersigned does hereby represent and declare that the undersigned
holds a bona fide firm order from the consignee named in the application
annexed hereto for the quantity of the sugar specified thereon."
2430
THE CHRONICLE
All shipments covered by licenses to export Louisiana sugar must be
purchased through the Louisiana Sugar Committee, Tulane-Newcomb
Building, New Orleans, La.
775,000
TONS OF SUGAR
SAVED
FROM
JULY
TO
NOVEMBER THROUGH CONSERVATION.
In answer to inquiries as to the reasons for the removal
of the restrictions on the use of sugar in households and
public eating places, the Federal Food Board
a statement saying:
on
Dec. 8
issued
Since its inception the Food Administration’s policy has been to adjust
Ms conservation requests with conservation necessities, and the public
las shown its appreciation of this frankness by immediate response.
It
may surprise the public to know that daring the months of July, August,
September, October and November this year the American people saved
no less than 775,000 tons of sugar over their normal consumption.
This
conservation, of course, includes the amount of sugar saved by the restric¬
tions placed on confectionery and soft drink products.
The Food Administration’s object in asking for economy in the use of
sugar was to ensure a supply that would be adequate to meet the needs
of the Allies who would have to depend on the same sources as the United
States so long as the war lasted.
It was necessary to take precautions so
that there would be a certainty of sufficient sugar through the year.
With
the signing of the armistice the situation was immediately changed, Just
as it
view.
with all measures taken with the needs of a continuing war in
As soon as the armistice made a change in our sugar program
was
possible the restrictions
were
While it is true that some States on the Eastern seaboard are still lacking
plentiful supply of sugar, it is also a fact that with the Cuban crop almost
upon us, we have a large surplus of Western beet sugar and Louisiana cane
sugar, and it is quite permissible to return to the normal use of sugar
wherever It is available.
It is a great relief to the Food Administration
to feel that no extraordinary sacrifice in the use of sugar is required of
people until further notice.
Until Mr. Hoover’s return the Food Administration will outline no defi¬
nite campaign of saving on any specified commodities.
A great deal will
depend upon the supplies which are found available in the various countries
of Europe, and in the arrangements which are made with the Allied Food
Council.
Tlie people of America are urged to eliminate waste rigidly.
This advice
applies to all foodstuffs, including sugar, from which the necessary and
artificial restrictions have now been removed.
IMPORTATIONS FROM THE DUTCH EAST INDIES.
b
Licenses for the importation of all commodities except
tin from the Dutch East Indies will now be considered,
according to
Board
on
an
announcement made by the War Trade
Dec. 23.
The Board says:
Licenses for the importation of coffee from the Dutch East Indies will
be issued only to cover shipments consigned to the United States Sugar
Equalization Board, Inc., or its nominees.
Applications for licenses to import sugar will be considered only upon
the execution of a guarantee providing for conformance with the regulations
of the Food Administration.
H
REMOVAL OF
RESTRICTIONS ON PURCHASES FOR
EXPORT.
In
making known on Deo. 19 the removal of restrictions
purchases for export, the War Trade Board on Dec. 18
on
said:
The War Trade Board
tion from the War Trade Board, upon production of a letter
cablegram from the consignee, giving the import license
number, commodity and quantity thereof licensed. It is
or
announced that all official notifications of license numbers
cabled or mailed to consuls by the War Trade Board are
still effective, and consuls will continue to certify invoices
thereunder. Individual notices will be sent to all importers
who have applications for licenses pending before the Bureau
of
Imports, where official notice to the consul is not sent by
ruling. The Board also says:
the Board, due to the present
The present ruling does not affect in any manner general or PBF
licenses,
shipments of coffee, sugar, or nitrate of soda, for which existing regula¬
tions do not require that license numbers be cabled.
nor
Shipping companies will be required to return at their own expense all
shipments not covered by consular invoices, where invoices are required
under the State Department’s regulations.
The present announcement is a part of the War Trade Board’s program
to remove as rapidly as possible all regulations which the
change^ condi¬
tions brought about by the armistice have rendered unnecessary.
The
official cabling system has been continued up to the present time in order
to protect importers who obey the regulations, by preventing others from
violating them. It Is now felt that the relaxation of import restrictions has
reached a point where this can be done away with, and that importers who
are co-operating with the War Trade Board by
complying with regulations
may
be protected by other
IMPORTS FROM RUSSIA NOW PERMITTED.
On Dec. 13 the War Trade Board announced that applica¬
tions to import commodities produced in and imported from
Russia (including Siberia and Finland), would now be con¬
sidered. The Board states:
Importers are requested to Hie their applications with the Bureau of
Imports, War Trade Board, Washington, D. C.
A limited amount of cargo space is now available for shipments from
Vladivostok to points on the Pacific Coast of the United States.
In con¬
sidering applications and in allocating shipping space, preference will be
given to the following commodities in the order named:
Platinum
Oil cake
Heavy cattle skins
Tin & tin concentrates
Camel’s hair
Sugar-beet seed
Hairy vetch seed
Bristles
Horsehair
Goat and kid skins
Calf and kip skins
Sheep and lamb skins
Flaxseed or linseed
Flax fiber
Butter
announce
export order.
Purchases for export may now be made without restriction so far as
concerns the War Trade Board’s previous policy with regard to obtaining
licenses before making purchase or sale for export.
The attention of exporters is called, however, to the fact that the shortage
of tonnage still prevents the free exportation of commodities to many
countries, and that, in many countries, import restrictions are still in full
force and effect.
Exporters should be careful, before moving exports to
seaboard, to see that the necessary freight arrangements are made, and to
satisfy themselves that the import requirements of the country of destina¬
tion have been complied with.
IMPORT
RESTRICTIONS LIFTED ON PURCHASES
MADE BEFORE ANNOUNCEMENTS OF
RESTRICTED LISTS.
Under date of Dee. 16 the War Trade Board said:
At the time the program of the War Trade Board for conservation of
t onnage
by restriction upen imports was determined upon, the tonnage
situation was so acute as to render it impossible to make exceptions to the
restrictions, even to cover purchased already made by American importers.
Importers so affected, who were forced to make this sacrifice as their con¬
tribution to the winning of the war, were told that as soon as the
tonnage
situation was at all relieved, the War Trade Board would permit shipment
of these goods.
In fulfillment of this promise, the War Trade Board announce that
applications for import licenses will be considered for all restricted articles
included within Lists of Restricted Imports Nos. 1 or 2, to cover purchases
or contracts made by American importers before the date of the announce¬
ment of the restrictions.
Such applications must be accompanied by proof
of the purchase or contract.
a statement issued by the War Trade Board
Deo. 18, the instructions contained in W. T. B. R. 234,
issued Sept. 18 1918, have been revoked and consuls have
been instructed to certify invoices without official notifica¬
or ass
skins
Fur skins
Antimony metal & matteBeans and lentils
Sausage casings
Saltpeter
Animal ivory
Sulphur
Carbonate of potash
Whalebone
Licorice root
Licenses may be issued for the importation from Russia (including
Siberia and Finland) of the above-named commodities when imported on
vessels allocated to the War Trade Board of the U. S. Russian Bureau,
Inc., under conditions which the War Trade Board, Washington, D. C.,
is prepared to define and discuss with importers, giving due consideration
to the particular transactions in question.
NEW REGULATIONS OF BRITISH COTTON CONTROL
BOARD.
The Department of Commerce announced the receipt of
the following advices, dated Nov. 18, from Consul Ross E.
The Cotton Control Board announces that, subject to certain conditions,
tbe British cotton trade will practically be running full time on and after
Nov. 25 1918, on which date the following regulations in regard to spindles
and looms and levies will become operative:
American mills may run 55% of their total spindles (as at present 55H
hours per week.)
Mixed mills may run the same percentage of their total
spindles
as at present (55H%).
Mills spinning Egyptian cotton, 8ea
Island cotton, Surat cotton, and waste, may continue to run the percentage
of spindles at present allowed—55H hours per week, as hitherto.
The
conditions under which firms engaged on Government work may be allowed
to run extra
spindles
are
unchanged.
Manufacturers will be allowed to run 65% of their total looms 55 H
hours per week.
The existing regulations relating to looms on “Egyptian
and fine counts” and to small manufacturers remain In force.
The condi¬
tions under which firms are engaged on Government work may be allowed
to run extra looms are unchanged.
The following are the revised levies
for all spindles and looms: Spindles—up to 60%, l-32d. per spindle on all
spindles run; from 60 to 70%, l-16d.; from 70 to 80%, l-8d.; from 80 to
90%, 3-16d.; from 90 to 100%, 3-16d. Looms—up to 60%, Id. per loom
per week on all looms run from 60 to 70%, lMd.; from 70 to 80%, 2d.;
from 80 to 90%, 3d.; from 90 to 100%, 4d.
On all looms over 72’s reed
space the foregoing levies will be doubled.
No spindles or looms may be
without license.
The board concluded its announcement with this explanation of the new
levies:
The board feds that Its policy in continuing the system of levies, which
was introduced as a war measure only,
may possibly be open to criticism.
It desires to point out that the levies will only be continued as a
temporary
measure to enable the board to fulfill its obligations to the labor unions
and to assist the trade in surmounting difficulties which must arise in the
course of the next few months.
It is, therefore, the intention of the board
that the present system of unemployment benefits shall remain In operation
for the next six months.
run
RESCINDING OF RESTRICTIONS GOVERNING IMPOR¬
TATION OF SILK NOILS, SILK NOIL YARNS,
GARNETTED
OFFICIAL CABLING OF IMPORT LICENSE NUMBERS
NO LONGER REQUIRED.
According to
Horse or colt
Grass seed
Clover seed
Millet seed
Lucerne seed
Holaday at Manchester:
that exporters will no longer be re¬
quired, in making applications for export licenses, to agree that the appli¬
cant has not and will not, prior to the issuance of the license applied for,
purchase, or otherwise acquire, or commence to manufacture, produce, or
fit the articles specified in the application for the fulfillment of a specific
on
means.
lifted.
a
our
(Vol. 107
STOCK, AND SILK WASTE.
The WarJTrade Board announces (Dec. 20) that W. T. B.
R. 237, issued Sept. 21 1918, to the effect that all licenses
for the importation of silk noils, silk noil yams, garaetted
stock, and silk waste (tariff paragraphs 311, 312 and 599),
would contain the provision that the bill of lading be en¬
dorsed to the SilkJAssoeiation of America, has been rescinded.
Dec.
The Board
for the
vision.
Tfii2 CttfibNICLfc
281918.]
announces
that licenses may now be issued freely
importation of these commodities without such
pro¬
IMPORT RESTRICTION ON MANUFACTURED
RUBBER GOODS LIFTED.
On Deo. 19 the War Trade Board announced that the
restriction placed upon the importation of manufactured
rubber goods, announced in W. T. B. R. 143, issued June 19
1918, has been removed, and licenses may now be issued
freely, where the applications are otherwise in order.
REMOVAL OF IMPORT RESTRICTIONS ON RATTANS
AND REEDS.
On Dec. 9 the War Trade Board announced that its ruling
delphia will have a carpet wool auction Jan. 7 and 8, but the
Wool Administrator made no atihouncexneht of the volume
of wool to be offered at that time.” It was subsequently
stated (Dec. 21) that Wool Distributor Brigham announced
change in the dates, and as now planned the next series
will be held on Jan. 2, 3 and 4. We also take from the
a
“Transcript” the following:
<
Some surprise was created by the Wool Administrator’s statement that,
outside of the 300,000 bales of Australian wool under negotiation with the
British Government when the armistice was signed, and which may or may
not be offered, the total volume of wool Available for the auctions Is ap¬
proximately 325,000,000 pounds, of which about 25,000,000 pounds are
scoured.
This total is much smaller than recent estimates ftom usually
well-informed sources, which gave the Government holdings as hlgh as
600,000.000 pounds in some cases. The Wool Administrator also gave In¬
teresting figures regarding the character of the wools owned by the Govern¬
ment, about 25% being fine staple combing, 10% fine French combing,
15% fine clothing, 10% half-blood combing and French combing, ahd the
balance made up of small percentages of medium and low wools, and scouted
176, issued July 26 1918, restricting the importation of and pulled.
reeds, had been revoked, and that thereafter
The “Transcript” reports that with the opening of the auc¬
applications for import licenses would be considered by the tion the offering included 3,500,000
pounds greasy Austra¬
War Trade Board for shipment from any country by any
lian, 500,000 pounds greasy Capes, 3,000,000 pounds South
means of transportation.
Americans and 500,000 pounds tops. As to the initial
day’s sale it said:
,
rattans and
IMPORT RESTRICTIONS ON DYEWOODS AND OTHER
NATURAL DYESTUFFS REMOVED,
The War Trade Board states, under date of Dec. 3, that
applications for licenses to import dyewoods and other natu¬
ral dyestuffs, including logwood, fustic, gambier, cutch, nut
galls, and mangrove bark extract, will now be considered.
The Board further
the importation of
announces
sumac,
that the restrictions upon
ground
or
unground, under Item
18 of List of Restricted Imports No. 1, and synthetic indigo,
under Item 137, List of Restricted Imports No. 2, are re¬
moved.
GOVERNMENT WOOL AUCTIONS.
The first of a series of Government wool auctions was held
in Boston last week—Dec. 18, 19 and 20. The intention
of the Government to dispose of wool held by the War De¬
partment at public auction was made known on Dec. 9 by
Certain grades of wool brought within 3 to 5 cents of the grease value rep¬
resented in the Government issue price.
In other cases the prices regis¬
tered were 10 to 15% below the official level.
It was developed during the
sale that an upset price had been placed on the lots offered. Many lots
were withdrawn after bids had been received that seeined high to the
spectators’ gallery.
.
.
UNITED STATES RECALLS WOOL BUYERS.
A
dispatch from Buenos Aires
on
Dee. 16, published In
the New York “Commercial” of Deo. 17 said:
Members of the Wool Commission sent to Argentina by the American
War Department left for home yesterday.
They arrived here Friday, and
no reason is known few their recall.
C. J. BRAND TOWOIRECT UNCOMPLETED WORK
WOOL SECTION OF WAR INDUSTRIES BOARD.
OF
It was announced on Dec. 20 that Charles J. Brand,
Chief of the Bureau of Markets of the Department of Agri¬
culture, had been named by Chairman Baruch to direct the
work of the Wool Section of the War Industries Board,
It was stated that the amount to be offered at each sale
which may remain uncompleted when the Board dissolves on
would be such “as in the opinion of the wool experts the
Jan. 1.
In a statement issued on Dee. 17 concerning its
market can easily absorb.”
It was also said that a mini¬
program as to future wool purchases, the War Industries
mum reserve price would be fixed below which no bids would
Board said:
be entertained. The decision to dispose of the department’s
The Domestic Wool Section of the War Industries Board announces that
stock accumulated for the war was reported after consul¬ the Government Wool Administration will take over for the Government
tation with experts of the War Industries Board and the only such wools of the 1918 clip, not now in the hands of approved dealers
in distributing centres, as have been loaded on cars and billed
Brig.-Gen. Robert E. Wood, acting Quartermaster-General.
War Trade Board.
General Wood’s statement said the
question of whether the embargo on importation of wool to
this country would be continued was now having the earliest
consideration of the War Trade Board. To dispose of sur¬
plus supplies of various commodities and materials which
are now in excess of the army requirements, General Wood
on Dec. 9 created a surplus property division.
A statement
by General Wood on that day said:
It will be the policy to dispose of such surplus so far as possible to other
Governmental agencies.
A considerable portion of the balance probably
will be required for export by relief organizations of the United States.
Belgium. Russia and other countries. Such balance as remains will be
distributed in open markets in such manner at such times and in such
quantities as to cause the least disturbance. In most instances offer of
surplus property will first be made to manufacturers so they may purchase
and resell if desired.
Any surplus still remaining will be offered, if market
and other conditions warrant, for public sale.
The amount of wool offered by the
Government at its
public auctiqn in Boston last week was 15,000,000 pounds.
Concerning the auctions, the Wool Administrator on
Dec. 17 said:
It is the present intention to offer at auctions in January and February
further quantities of wool in such quantities as the market may require.
The Government will endeavor to offer a good general assortment of
wool.
Samples only of the wools to be offered will be shown. The cata¬
through to
prior to Dec.
311918, and then only in case the approved dealer in the approved distribut¬
ing centre to whom such wools may be consigned fries a statement and a
copy of the invoice thereof within five days after receipt of invoice.
As the Government will not purchase any wool shorn during the year
1918 that has not been shipped to distributing centres on or prior to Dec. 31
1918, we urge all wool growers who have not already delivered their wool to
the Government to comply with the above instructions.
an
approved dealer in
an
approved distributing centre,
on or
The “Journal of Commerce” in Washington advices of
Dec. 17 stated that notice had been issued by the Govern¬
ment Wool Administration that “approved dealers in-
approved concentration centres, to obtain the benefit of
the Government purchase for the domestic 1918 clip, must
fiie with this office not later than Monday, Dec. 23, a com¬
plete inventory of that portion of the city clip not yet valued,
showing in detail just what wools of the 1918 clip remain
in their hands.”
have announced:
The Administration
The Government will take
was
also said to
wools of the 1918 clip that either
belonged to manufacturers. Dealers
wools to the Wool Administrator, or
to any of the local administrators in other cities, either separately or
included in the gradings of other wools.
No other wools of the 1918 clip will be accepted unless ready for valuation
and delivery on or before March 1 1919.
over no
or that have previously
are instructed not to offer any such
now
belong,
logues will give the Valuation Committee’s description and estimate of the
shrinkage of each lot, also from whom the wool was purchased by the
Government.
The Government does not guarantee either the samples, shrinkage or
description of any lots, but it is believed they are approximately correct.
Samples will be shown and catalogues will be available at the office of the
Wool Distributor on Monday, Dec. 16.
Full particulars of sale will be
embodied in the catalogues.
The right is reserved to reject any and all
Terms of sale are net cash on presentation of documents and before
bids.
delivery of wool. Application for seats to the auction should be made
at once to the Wool Distributor, Boston.
According to the Boston “Transcript” of Dec. 19, Wool
prior to the sale called attention
this method of disposing of the
Government’s wool holdings, and said that it was proposed
to feed the wool to the trade as rapidly as the needs of the
industry require. The “Transcript” added: “Present plans
are that fortnightly sales shall be held, the next one being
Distributor E. W. Brigham
to the novelty involved in
scheduled for Dec. 31 1918 and Jan. 2 and 3 1919.
Phila¬
CANCELLATION OF IMPORT LICENSE OPTION ON
WOOL.
With regard to the cancellation of the import license
option on wool, the “Journal of Commerce” in a dispatch
from Washington Dee. 17 said:
In announcing the cancellation of the import license option on wool, the
Wool Administrator announced that “on July 24 1918 we instructed you to
discontinue the exercises of the Import license option on wools imported from
Argentina. Uruguay and South America, and on Nov. 21, we instructed
you to discontinue the exercise of the import license option on so-called
carpet or so-called class three wools.
We hereby Instruct you to immediately give notice that the Government
will not hereafter exercise the import license option on any other wools
except such wools of the 1917-1918 foreign clip grading 44s to 56s as were
not covered by the notice of July 24 and which were bought prior to the
date of this notice, and then only provided a record of such purchase was
filed with the Wool Administrator in accordance with the terms of the
notice of April 2 1918.
THE CHRONICLE
2432
Accordingly, the Government hereby gives notice that, effective Friday,
Dec. 13, it will no longer exercise the import license option on any foreign
wool, with the exception noted above.
However, in no event will the Government, excercise its option on wools
[Vol. 107
of this comparison is, however, modified because the
13 mills reporting output as increased or maintained were
cance
comparatively small, having together less than 7% of the
total workers in the 54-hour group. Of the remaining 17
establishments which reported as to changes in output,
only 3 were working less than 54 hours per week. Two of
these reported a decrease in production; the third, a small
to Jan. 1 1919.
mill, that output was maintained. Of 8 establishments
which reduced to a 55-hour basis, 6 reported production as
THE EXPORTATIONS
REGULATIONS GOVERNING
decreased, 2 that it was maintained; while of 5 establish¬
OF WOOL, HAIRS AND BRISTLES.
ments which reduced to a 56-hour week, one, a small mill,
Announcement that it had rescinded W. T. B. Ruling
reported production as increased, 3 that it was maintained,
331, issued Nov. 29 1918 and W. T. B. Ruling 347, issued and one that it was reduced.
Dec. 4 1918, governing exportations of wool, hairs and
Supplemental statistical output data were obtained from
bristles, was made by the War Trade Board on Dec. 18, its 12 establishments now
operating on a 54-hour schedule. In
announcement adding:
five of these cases output was increased; in three the decrease
Hereafter the War Trade Board will consider applications for licenses
in output was less, proportionately, than the reduction in
to export wool, mohair, camel’s hair, alpaca, cashmere, and all similar
hairs: also all tops, noils, yarps, shoddy, waste and rags of the foregoing; time, while three showed a
proportional loss, and one a loss
and all manufactures of wool, mohair, camel’s hair, alpaca, cashmere, and
greater than proportional to the shortening of hours. No
all similar hairs; second-hand clothing; journal waste; human hair, manu¬
mill employing over 750 operatives maintained
factured and unmanufactured; animal hair press cloth; and hog bristles,
production
manufactured and unmanufactured.
under a 54-hour week. The explanation offered is that the
In filing applications for licenses to export the above mentioned com¬
modities, the exporters will no longer be required to attach Supplemental larger mills were on the whole better organized and better
Information Sheets X-2, X-5, X-13, X-14, X-15. or X-10.
equipped prior to the reduction in hours than were the smaller
establishments, so that there was less opportunity to offset
SHIPMENTS TO THE UNITED KINGDOM.
shortening of the work-week by increasing efficiency or “tak¬
ing
up slack/’
A summary of the report says:
The War Trade Board at the request of the British War
On the whole the evidence indicates clearly that a 64-hour week has in¬
Mission issued the following announcement on Dec. 21:
volved a decrease in output. However, In several Instances the decrease
grading 44s to 56s covered by this notice unless such wools have been
imported and presented for valuation prior to Feb. 1.
Neither will the Government exercise its option on wools from Argentina,
Uruguay or South Africa, which come under the notice of July 24 1918,
unless such wools have been imported and presented for valuation prior
____________________
The Controller of Import Restrictions, Board of Trade, London, has,
with effect from Dec. 19 1918, dispensed with the Permitsto-Purchase
system for purchases in the United' States.
therefore,
Permits to Purchase are,
longer required, but articles which are prohibited imports
must be covered by import licenses which can only be obtained by the
consignee.
Owing to changes being constantly made in the British Import Re¬
stricted List, the British War Mission Is unable to keep exporters advised
at all times and with any degree of accuracy of the articles requiring im¬
port licenses. Exporters are stongly advised, before they make ship¬
ment, to obtain from their consignees in the United Kingdom definite
assurance that they have obtained an Import license or have been in¬
formed by the Controller of Import Restrictions or other interested De¬
partment, such as Agricultural Machinery Department, Paper Controller,
Ac., that an import license Is not necessary. All goods shipped in con¬
travention of import restrictions or for greater weights and values than
are authorized by import licenses are subject to confiscation on arrival.
Exporters will be in order in making shipment of goods covered by
British Permits to Purchase already Issued, provided the weights and values
authorized are not exceeded, as import licenses for such shipments will be
Issued on arrival of the goods in the United Kingdom.
In view of the foregoing the War Trade Board announce that individual
applications for export licenses will no longer be referred to the British
no
War Mission.
REDUCTION OF HOURS IN WOOL INDUSTRY CAUSES
DECREASED OUTPUT.
The
adoption of a 54-hour work-week in the wool manu¬
facturing industry has in a great majority of cases resulted
in a decrease in output, according to a report issued on Dec. 11
by the National Industrial Conference Board. Neverthe¬
less, taking the industry as a whole, the loss has not, the re¬
port holds, proved a heavy burden. The report is the third
in a series issued by the Board as a result of an extensive
investigation of the effects of reductions in hours of work on
output and on health of workers in various major industries.
The reductions in weekly hours analyzed in the report oc¬
curred during the period fro n 1912 to 1917; in a majority of
cases the previous schedule was 56 hours per week.
Of 85
establishments reporting on changes in output which accom¬
panied a shortening of the work-week, 68 were on a 54-hour
schedule at the time of the investigation; these 68, further¬
more, include 88% of the total number of employees repre¬
sented. Interest in the problem centres, therefore, on results
obtained under a 54-hour schedule. For the 68 establish¬
ments in the 54-hour group the results accompanying the re¬
duction in hours are summarized as follows:
No. of
Estabments
Establishments reporting output increased
Establishments reporting output maintained
Per cent of
Total Employees
in
Group.
6
7
2.6
4.1
19
23.0
27
66.2
6
6.0
Establishments reporting a decrease in output con¬
siderably less than proportional to the reduction
in hours
Establishments reporting a decrease in output
about proportional to the reduction in hours
Establishments reporting a decrease in output
greater than proportional to the reduction in
hours
Establishments reporting a decrease in output but
was
comparatively small.
hours result in
The report points out that since reductions In
saving in overhead charges, a very small decrease in
output may be partially offset. This fact, taken in conjunction with the
fact that 13 establishments in the 54-hour
group either maintained or
increased production, warrants the conclusion, the report holds, that a
64-hour schedule is not seriously detrimental to the industry as a whole
from a production standpoint.
The report finds definitely that the piece-rate
system is more conducive
to the maintenance of output when hours are reduced than the
day-rate
system. In this respect experience in the wool industry Is in accordance
with that previously developed in the investigations of the cotton and boot
and shoe industries.
Changes in output apparently had little connection
some
with changes in rates of wages.
The report emphasizes that the conclusions must be read very
broadly.
Because of the large number of other factors entering into the problem, such
as climatic Influences, variations in character of the raw
material, labor
turnover, and particularly because of the great variety of fabrics made by
the ordinary wool mill and more or less frequent
changes from one fabric to
another, a precise measurement of the effect of changes in work hours alone
is out of the question. ~
Of 67 establishments submitting general reports as to the health of work¬
.
ers when hours were shortened, 60
repented no significant change; 7 ex¬
pressed the opinion that the effect of the shortening of the work-week on
health had been good; 4 of these, furthermore,
reported a pronounced
improvement. Practically no statistical evidence which would permit of
definite conclusions was available.
While careful health records are now
being kept by several establishments, none of these had comparable records
running back to the period when a longer work schedule was In effect.
No distinct occupational disease is apparent in the wool industry. While
anthrax has been fairly common In Great Britain, instances of the disease
wool mill workers in this country are rare. One reason for thl« ap¬
be the fact that but little of the wool used in this country has come
directly from infected regions, while most of that which does come from
such regions Is disinfected before shipment to this
country.
among
pears to
ABANDONMENT OF SHOE PRICE SCHEDULE—CON¬
SERVATION PROGRAM IN EFFECT UNTIL
JUNE 1, 1919.
The War Industries Board in announcing on Nov. 18 the
abandonment of the shoe schedule which provided for the
classification of grades and fixed prices ranging from $8 to
$12, stated that the conservation program agreed to by the
industry would remain in force until June 1 next. The
Board’s statement of that date, issued by B. M. Baruch,
Chairman, said:
»
,
After careful consideration and full discussion with the War Industries
Board of new conditions in the boot and shoe
industry which have arisen
with the signing of the armistice, the War Service Committee
representing
the allied boot and shoe industries has
suggested:
That conservation restrictions on styles and standards in boots and
shoes,
as prepared by the War Industries Board in
agreement with the industry,
should be continued until June 1 next.
That the plan for classification by grade and serial
stamping of boots and
shoes prepared by the industry and approved
by the War Industries Board
should be discontinued.
it*
The War Industries Board has accepted these
suggestions with the assur¬
ance from the Industry that the conservation
program will prevent waste
of materials, labor and capital; that the removal of
restrictions
will give opportunity for use of raw materials released from the
Govern¬
ment war program, and that the conservation
program, with increased pro¬
duction and competition, will adequately serve to
regulate price levels,
thereby giving the public the same beneficial results as were sought under
the^previous plan.
On Nov. 25 it was announced in the “Official Bulletin’*
that the War Industries Board had notified shoe manufactur¬
68
ers that with some exceptions
100.0
the shoe conservation sched¬
This summary shows that in 13 of the 68 establishments ules of June 29 and
Sept. 30, applying to manufactures^for
output was either maintained or increased under the 54- the spring season of 1919, with
rulings relative thereto, would
hour schedule, while in 19 the decrease in output was remain in force and
would be effective on all shoes shipped^to
relatively less than the reduction in hours. The signifi¬ I retailers until June 1 1919, when
automatically they become
not
Indicating its amount
4
8.6
Dec. 281918 ]
=====
1
THE CHRONICLE
=
1
inoperative. The exceptions, set forth in
former schedules, were as follows:
;
'
;
a
supplement
-rr-r^a
Holland country dry caltekins.
November, December shipment, about
3 H pounds average largely
cutthroats, fires of culls; 90 cents per pound far
No. 1, 85 cents per pound for No. 2; c. i. f.
New
to
"
.
(а) All finished stocks of leather and fabrics of colors
restricted in the
recommendations, amendments and additions referred to, such as light
gray, j>earl, smoke, natural chrome, Ac.* in the hands of the
tanners, fabric
manufacturers, shoe manufacturers, or tn process of manufacture, may be
cut for shoes, and such shoes sold and
shipped to the wholesalers and retail¬
ers at any time after the date of this
supplement.
(б) Leathers and fabrics of all restricted colors, such as
light gray, pearl
smoke, natural chrome, Ac., and restricted lasts and patterns,
heels, pull
straps, top bands and labels, materials of wool, ornaments, decorations
and heading may be manufactured and used for
sample purposes to solicit
business for footwear to be made and shipped to retailers on and after
June 1
1919. Shoes made of the so manufactured restricted materials
and lasts
may be made prior to June 1 1919, but such shoes should not be
shipped to
the retailers before June 1 1919.
(c) Shoes made of restricted materials not on hand or in
process of manu¬
facture referred to in the preceding
paragraphs (No. 5) may be manufactured
and shipped to wholesalers at any time after the date of this
which shoes, however, are not to be
shipped to retailers
1919.
2433
sag
■
York; 2% shrinkage
guaranty.
Cananea, Mexico, dry hides for November, December
shipment; 34H
cents flat New York freight.
(With usual allowance for salt, pickle and
glues.) • >'
■'
\=
August, September, October shipment (recommended Oct. 6 to be
“relative” price to stand firlgorificos); $49
per 100 kilos.
November and December shipment; $50 46
per 100 kilos.
Prices are
f. o. b. ship, including export
duty and lighterage charge.
EXPORT
ORGANIZATION FORMED BY STEEL
PRODUCERS.
A combination of steel producers has been
formed under
the provisions of the Webb Law, for the
purpose of further¬
ing the export trade of Americaft steel interests and is to be
supplement,
known
before June 1
the North American Steel Products
Corporation.
Clarke,
President of the Lackawanna Steel Com¬
In .pointing out that the conservation schedules were
agreed pany, has been chosen as President of
the new concern,
upon by the shoe manufacturers and the War Industries
and will devote his entire time to the new
Board as a war measure, designed to conserve
company. The
material, la¬ corporation has been in
of
process
formation
for a month
bor, transportation and capital and to simplify factory prod¬
past, and the first definite information as to the plans with
ucts, it was stated by the Board that their continuation until
respect thereto was contained in the following statement
June 1 was at the request of the shoe
manufacturers, who had
on or
as
E. A. S.
adhered to restrictions in
getting out much of their product
for the spring season of 1919.
With regard to the manufacture and sale of colored calf
and kid shoes, it was announced on Nov. 27 that Mr.
Baruch
had authorized the
following:
It has been reported to the office of C. P.
O. Stout. Chief of the Hide,
Leather and Leather Goods Division,
that, through a misunderstanding
of the shoe recommendations of the War
Industries Board, the retailers are
returning to the manufacturers colored calf and kid shoes, the retailers
claiming that the public is not purchasing shoes of light gray,
fieldmouse,
pearl, smoke, natural chrome, Ac.
Mr. Stout stated that there never was a
time since the first shoe recom¬
mendations were promulgated that the
public should not purchase shoes
made of leather ami fabrics of colors restricted
by the War Industries
Board, for, in the spirit of conservation, the public may
buy such shoes of
restricted colors as long as the retailer has them on his
shelves.
In the recommendations of June 29 1918 it
was stated that the manufac¬
turers should not cut leathers or fabrics
of light gray, pearl, smoke,
natural chrome. Sec., for shoes on and after Oct. 1
1918. and this date was
later extended to Oct. 31 1918.
But on Nov. 18 1918 the War Industries
Board advised the trade that all stocks of such colors which
had been re¬
stricted could be cut for shoes or stocks in
process of manufacture and such
shoes sold to the retailer at any time after that
date.
Therefore, as the matter now stands, shoe manufeaturers can cut all stocks
of leather and fabrics which they
may have on hand or which may be in pro¬
cess of manufacture into
shoes, and the
retailer,
can
exhausted.
purchasing public, through the
buy such shoes until all such stocks of leathers and fabrics
are
In order that there might be no restriction in
trading in the shoe Industry,
Mr. Stout suggested that the trade
co-operate tn the adjustment of existing
contracts, and stated that the cancellation of contracts is purely a trade mat¬
ter, over which the War Industries Board has no jurisdiction.
It is plainly stated in the statement issued Nov.
18 that all shoe recom¬
mendations and restrictions of the War Industries
Board are inoperative on
and after June 1 1919.
MAXIMUM PRICES ON HIDES AND SKINS TO END
JANUARY 31.
According to the “Official Bulletin” of Dec. 16 the Price
Fixing Committee of the War Industries Board has issued
the following statement regarding the discontinuance on
Jan. 31 of maximum prices on hides es and skins:
The Price Fixing Committee of the War Ind.stries
Board, acting upon
the request of the Industry, has decided that the
existing maximum prices
on domestic hides and skins fixed to cover the take-off
during November,
December 1918, and January 1919, and also prices fixed for
previous
months will be discontinued upon Jan. 31 1919, the date now
fixed for
their expiration.
In making Uds announcement it Is understood that the
existing maximum
prices and regulations will be respected by the industry and carried out in
good faith.
In making this announcement the Price
Fixing Committee wishes to
express its appreciation of the co-operation shown by the industry in assist¬
ing the Government to carry out its war program.
During the latter part of November the Committee ap¬
proved the following maximum prices on hides and skins:
Hides
and
skins—maximum prices.
Omissions and Differentials.
1918 and January 1919.
DomesticlGoatskins, November and December
Packer.
Per Dozen.
Packer.
Per Dozen.
Angora unshorn
1
$30 Half-blood unshorn kidskins
$12
Angora unshorn, half-blood
24 Clipped Angara kidskins
6
Angora clipped (with not over
Common kidskins at value
2H inches long)
18
according to measurement.
Common goat skins
18
Angora unshorn kidskins
15
Other domestic goatskins, except Angoras, $12 to $15 flat at
shipping
point. Angoras at value.
Dry skins sold by the pound have same maximum as in August, Septem¬
ber and October.
Mexican y***"”* goatskins, November, December shipment. Maxi¬
mum price applies to average weight of 2H pounds and down.
Holland city wet salt vealskins, November, December
shipment, about
15+22 pounds, untrimmed, mostly cutthroats; 43 cents per pound for
No. 1, 41H cents per pound for No. 2, c. 1. f. 5% shrinkage
guaranty.
Holland dry city calfskins, November, December shipment,
untrimmed,
about 3M pound average, practically all struck-throats; $1 15
per pound
for No. 1, $1 10 per pound for No. 2, c. 1. f. New York; 2%
guaranty.
shrinkage
issued
on
Deo.
21:
’
E. A. S. Clarke, President of Lackawanna Steel
the Presidency of the new combination of steel
Company has accepted
producers which has been
organized under the Webb blU for the advancement of American
steel
interests in foreign trade.
Mr. Clarke, who has been the head of
Lackawanna Steel Company
since 1904 will resign as President and director of the
parent company
and its subsidiary corporations as of Dec. 31
1918, and will devote his
entire time to the Interests of the new export
company.
The North American Steel Products
Corporation, which will be the name
of the exporting organization, will be the exclusive
agency for exporting
the merchant Iron and steel products of the
following companies, whose
combined annual ingot capacity is about 12,000,000 tons:
Bethlehem Steel Co.
Brier H1U Steel Co.
Lackawanna Steel Co.
Lukens Steel Co.
Midvale Steel A Ordnance Co
Sharon Steel Hoop Co.
Whitaker-Olessner
Republic Iron A Steel Co.
Trumbull
Steel
Co.
Co.
Youngstown Sheet A Tube Co.
It Is expected that other steel
producing interests will join the North
American Company later on and that
eventually it will represent In ex¬
port trade, substantially all important steel producing
companies of the
country, outside of the United States Steel Corporation.
The company expects to incorporate
Immediately and to begin active
business on Jan. 2 next.
In addition to its principal office tn New York
City, the location of which has not yet been decided on, It will have branches
throughout the world wherever the introduction and sale of American
iron and steel products makes it desirable.
The launching of this company, the first to avail
under the Webb bill
of the right of steel producers to combine and
co-operate in export trade,
marks the beginning of a broad constructive
work, which will benefit not
only those directly Interested, but the whole country; and should receive
the hearty support of all who believe In the value to the
United States of
an increasing foreign trade In
manufactured articles.
GREAT BRITAIN TO FIX PRICES ON IRON AND STEEL
EXPORTS.
It is learned from the “Official Bulletin” of Dec. 16 that
Consul General Skinner, at
London, has
cabled as follows:
Minister of Munitions announces he Is fixing export
prices of pig Iron
applicable to all exports while existing maximum prices for home
delivery
remain in fence.
New maximum prices are also being
fixed for steel for
delivery In the United Kingdom from Feb. 1. Ministry states that white
the Government was practically sole purchaser of Iron
and steel products,
prices were stabilized by paying direct to makers subsidy
representing in¬
creased costs due to war conditions.
Since the Government no longer is
sole purchaser, it is desirable to place the
industry on an economic basis,
but as the immediate withdrawal of all subsidies
would seriously prejudice
the resumption or ordinary commercial work the
Government has decided
to remove the subsidies in two
stages. Subsidies applicable to steel mak¬
ing will be removed Jan. 31; those applicable to pig iron will continue to
April 30. It Is not Intended that Government subsidies should be used to
enable exports to be made to overseas markets at less
than full cost, and
therefore the Government will levy as drawback on
exported iron and
steel the difference between home and
export prices.
IMPORTATION OF LEAD BULLION FROM MEXICO.
Under date of Dec. 9 an announcement
by the War
Trade Board said:
The War Trade Board announce the List of Restricted
Imports No. 2
(W. T. B. R. 98 issued April 22 1918) item
115, restricting the importa¬
tion of lead, has been amended to
permit the Issuance of licenses for the
importation of lead bullion, as classified under Paragraph 153 of the Tariff
Act of 1913, when originating In Mexico and
coming by ocean transporta¬
tion.
.
_____________
MODIFICATION OF IMPORT RESTRICTIONS ON
COPPER ORE.
Announcement was made by the War Trade Board,
under date of Dec. 20, that the regulations
governing the
importation of
copper ore
and copper concentrates,
an¬
nounced in W. T. B. R. 249, Oct. 4 1918, have been modified
and that henceforth they will consider
applications for li¬
cense
to
import
copper ore
and copper concentrates
as
follows:
1. For copper ore originating in and coming from
Korea, Newfoundland!
the West Indies, France, England, the West Coast of South
Cuba, Canada, and Mexico, irrespective of the
America!
content of copper;
Spain only when con¬
2. For copper ore originating in the coming Atom
taining more than 2% of copper.
3. For copper concentrates from Cuba. Canada, and
of the content of copper.
4. For copper concentrates from any non-enemy country,
Cuba, Canada, and Mexico, only when containing
or over
Mexico, irrespective
other than
copper.
50%
There is no restriction, says the Board, upon
tion of copper matte or blister copper.
REMOVAL OF TIN AND TIN PLATE
RESTRICTIONS.
the importa¬
EXPORT
Board announced on Dec. 23 that the
restrictions hitherto existing on the exportation of tin and
tin plate had been removed, as the necessity for strict con¬
servation of tin and its products no longer exists. If, there¬
fore, says the Board, applicants will refile applications for
which licenses have been hitherto refused, these will be given
immediate consideration.
The War Trade
W.
H.
RASTALL, OF THE
[Vol. 107.
THE CHRONICLE
3434
DEPARTMENT OF COM-
information sheets as may be required by the
of the War Trade Board to be used in connection with
(b) Such supplemental
rules and regulations
shipments of certain
commodities.
enter at a point immediately to the left
import or purchase permit required by
the Government of the European Allied country to or through which the
shipment is to be made. Individual applications, when required, will
continue to be referred to the Missions of the respective European Allied
Governments; and if the applications are for the exportation of foodstuff*,
fodders, or feeds, they will be referred to the United States Food Adminis¬
tration and will be considered by the War Trade Board In accordance with
On Form X the applicant should
of his signature the number of the
regulations.
Exporters should be very careful before shipping to acquaint themselves
thoroughly with the import requirements of the country of destination,
as in some of these countries regulations which were in force during the
war are still in full force and effect.
Information as to British import restrictions may be obtained by applying
to: British War Mission, Munsey Building, Washington, D. C.
As to French import restrictions: the French High Commission, 15th and
M Streets, Washington, D. C.
its rules and
As to Italian Import restrictions: the Italian
New Hampshire Ave., Washington, D. C.
High Commission, 1712
Exporters should also be careful to make the necessary freight arrange¬
moving exports to these countries to seaboard. The shortage
of shipping will still prevent the free exportation from here to the countries
named, and the fact that an individual license is no longer required for any
commodity except those named on the Export Conservation List should not he
taken by exporters as an assurance that shipping space can or will be provided.
ments before
INVESTIGATE INDUSTRIAL
OPPORTUNITIES IN FAR EAST.
REPORT OF HOG ISLAND INVESTIGATION—WASTE,
It was announced on Dec. 3 by the Bureau of Foreign and
BUT NO FRAUD DISCOVERED.
Domestic Commerce that W. H. Rastall has been appointed
The long-delayed report of the Department of Justice
Trade Commissioner to study the markets for American
on the building of the Hog Island Shipyard was published
industrial machinery in the Orient. He was to leave shortly
by order of President Wilson on Dec. 20. The report is
for Japan, China and other Far Eastern countries, and it is
signed by G. Carroll Todd, Assistant to the Attorney-Gen¬
expected that his investigation will occupy the better part
eral, and Mark Hymann, Special Assistant, who had as
of two years. A statement issued by the latter says:
technical aids in the investigation two naval engineers,
The machinery export trade differs from others in being dependent
chiefly upon the various opportunities arising in connection with new Arc hi bold L. Parsons and Naval Constructor S. M. Henry.
industrial developments. The fluctuations in our exports from year The report holds that there is not sufficient evidence to
to year are not important because there is nothing consecutive in the
warrant criminal prosecutions, but is severely critical of
foreign trade in this line. One year, for instance, exports of textile ma¬
the methods employed in carrying on the work.
On the
chinery may be large and the following refrigerating machinery will pre¬
dominate. There Is a large demand throughout Asia for many kinds of question of criminal liability the report says:
MERCE, TO
industrial machinery, according to Mr. Rastall.
Although our export statistics for 1916 and 1917 are hardly comparable
with those of normal years, they will afford an idea of the growth of our
trade in machinery with the Orient.
To China we sold in the last two
President our conclusion
that no fraud or secret
profits on the part of the officials of either the agent or the Fleet Corpora¬
tion has been established that while there were some minor frauds on the
fiscal years nearly $500,000 worth of textile machinery, about $175,000
pray-roll, which have been prosecuted, the laborers, laborers’ timekeepers,
worth of metal working machinery, $150,000 worth of milling machinery,
and pay-roll supervisors were in the main honest.
and large quantities of other equipment.
India’s purchases of machinery
One of the accountants employed by our chief accountant criticised the
from the United States included more than $700,030 worth of oil-well
latter’s methods as inadequate.
These criticisms were submitted to two
machinery, $155,000 worth of pumps, and $135,000 worth of mining
leading firms of certified accountants—Messrs. Haskins Sells and
machinery. The industrial expansion of Japan is reflected in its. imports Messrs. Touche, Niven & Co.—who reported *n writing that the criticisms
of American equipment in 1916 and 1917, among which were metal working
were unfounded and that the methods and scope of the accounting, taken
machinery, $1,500,000; milling machinery, $465,000; mining and oil-well
in conjunction with other lines of inquiry, “were so laid out as to bring to
machinery, $385,000; and paper and pulp mill machinery, $175,000.
light extravagances and irregularities If any such existed.”
Korea, one of the largest buyers of American mining machinery in the
In brief the investigators report:
Orient, took almost $200,000 worth in the period under consideration.
That the probable cost of the plant will be about $61,000,000 (including
The Dutch East Indies imported the following American equipment in
$6,000,000 for additions by order of the Emergency Fleet Corporation,)
19J6 and 1917: oil-well machinery, $450,000; metal working machinery,
compared with an original estimate of $21,000,000 and a revised estimate
$300,000; pumps, $230,000: and mining machinery, $185,000.
of $27,000,000;
Mr. Rastall believes that American manufacturers should extend their
That no clear explanation of this discrepancy has been forthcoming;
sales of all kinds of industrial machinery to Oriental markets, and that
That prior to Feb. 1 last a condition existed at Hog Island which “super¬
proper attention to them will prove of greater value in the future than has
ficially,
at least, would impress any one as an ‘organized riot,’ ‘tangled
been experienced by those doing similar work in the past.
In response to the question submitted by the
is that the facts do not justify criminal process;
‘stage of chaos.’;”
agent, the American International
in substance, has taken the position that since this was a war
of minor importance, and
mass,’
\
PROCEEDINGS REGARDING EXPORT LICENSES FOR
SHIPMENTS TO UNITED KINGDOM, FRANCE,
ITALY OR JAPAN.
The following announcement was issued by the War
Trade Board on Dec. 13:
The War Trade Board announce that a special export license, effective
Dec. 16 1918, No. Rao-63, has been granted to the Customs Service and
the Post Office Department authorizing the exportation, without
individual export license, of any commodity destined to the United King¬
dom, France, Italy, or Japan, their colonies, possessions, or protectorates,
to
except those commodities included in the War Trade Board export con¬
servation list, as it now stands or as it may be hereafter amended from
time to time.
A new and reduced export conservation list is now on the press and will
be Issued on Dec. 20 1918.
On Dec. 9 1918 the War Trade Board announced General License Rac-62,
W. T. B. R. 390, which permitted the free exportation to the United
Kingdom only without individual licenses of a list of commodities as to
of Import Restrictions in London had temporarily
suspended all import restrictions. This License Rao-62 is now superseded
by Rac-63, which is a much broader license. Any shipments which have
which the Controller
made under Rao-62 will be passed by the Customs without difflculy.
Shippers should note that it is unnecessary to apply to the War Trade
been
permission to ship under Special Export License Rac-63, and no
special document issued by the War Trade Board is necessary in connection
with such shipments.
It is necessary only to note on the package, if the
shipment is made through the malls, or on the export declaration, if the
shipment is made by express or freight, the following:
(1) “Shipped under Special Export License Rao-63.”
(2) The name and address of shipper.
(3) The name and address of consignee.
(4) A statement of contents.
For the convenience of exporters, the following is published as the
procedure hereafter to be followed in applying for licenses to export com¬
modities to the above destinations:
(1) To export any commodities that do not appear upon the Export
Conservation List, no individual license is required and shipment can be
made by mail, freight, or express under Special Export License Rao-63.
(2; To export any commodities that do appear upon the Export Con¬
servation List, applications for licenses must include one of each of the
following papers properly executed:
(a) Application form X.
Board for
or
That the contractor or
That the
Corporation,
job, cost was
expenditures should be re¬
the contract, proceedings
reasonably necessary, or.
to be demanded by the Government.
question of reasonableness of the
ferred to a board of arbitration provided for in
to be closed, if the board finds the expenditures
otherwise, payment of the excess
begins by setting forth the terms of the con¬
Emergency Fleet Corporation and the
American International Corporation under which the latter
was to purchase at a cost of $1,706,000 a tract of 846 acres
of land at Hog Island, construct thereon a shipyard of fifty
ways, and a total of 180 fabricated steel ships.
The orig¬
inal rough estimate for constructing the yard was $21,000,000, but this was described by the company itself as a mere
This estimate was subsequently raised to $27,000,000
guess.
by reason of changes ordered by the Fleet Corporation, the
discovery of unfavorable subsoil conditions, high cost of
labor, materials, &c. The agent’s compensation for build¬
ing both the yard and the ships was fixed at a percentage of
the estimated cost of the ships, with premiums for early
deliveries or savings in cost and with penalties for delayed
deliveries or increased cost.
There were, however, fixed
minimums and maximums for the agent’s fees, excepting
that on the first 50 “A” ships the agent was entitled to onethird of any savings in cost, irrespective of the maximum
The report
tract between the
.
fee.
A schedule of fees follows:
Estimated
Class
Yard
50 “A”
70 “B”
60 “A”
of Work.
Minimum
Normal
Maximum
Fee.
Fee.
Fee.
Cost.
$27,000,000
ships
ships
ships
55,000,0 0
115,500.000
85,500,000
$2,00),000
4,550,000
2,310,000
$2,750,000
5,775,000
3,150,000
$3,450,000
7,0K).000
3,990,000
$283,000,000
$8,910,300
$11,675,000
$14,440,000
As to the present status of
Sept. 12 1918) says:
the work the report (dated
~l
Dec. 28
1918.]
At present, less than
THE CHRONICLE
a year
Is
after the date of the contract, the shipyard
substantially completed and forty ships tore in process of simultaneous
building; the first launching occurred Aug. 5 and launchings are expected
to continue with reasonable
regularity at the rate of two ships a week.
On Sept. 13 1917, Hog Island was 846 acres of
swampy marshlands,
eight miles from Philadelphia, and without railroad transportation facilities.
One year later it will be a complete
industrial city of 30,000 men, served
by two trunk lines of railroad, with eighty mlleB of yard trackage of its
own, with its own waterworks, filtration
plant, sewage disposal plant,
fire protection and police systems, with
fully equipped shipways, shops,
warehouses, engineering, administrative and welfare buildings, and
equipped
to deliver to the Government two
completed 7,600-ton steel cargo vessels
each week.
The yard at present impresses one as well ordered and
devised not only
for the work to be done, but also from the
standpoint of the welfare of the
the work has it been possible to
determine the cost of any part nor to determine whether the subcontractors’ or
agents’ superintendents were
they were making progress
commensurate with the expenditures or
whether particular expenditures
were avoidable or unavoidable.
v>v'.v
It is charged that as a result of this
breakdown in the'accounting methods
the agent was uninformed as to what the
plant was going to cost, because as
late as March 27 one of the
experts offered by the agent before the Senate
Committee on Commerce testified that the
expected cost of the yard was
between $35,000,000 and $40,000,000; whereas as
of April 1 the engineers
for the agent finally worked out an
estimate showing the expected cost of
the yard at $55,000,000 (since
increased by $8,000,000 additional work
authorized by the Fleet Corporation).
keeping within their several budgets
or whether
•
On June 5 the
investigators addressed a letter
to the
agent
large force of employees.
The agent has substantially complied with its contract in
regard to the
dates for the launching of the vessels.
The controversy hinges not so much
upon the question of accomplishment but upon means, methods
and
expenditure.
opportunity to be heard on the questions in¬
volved in the investigation. The
agent, together with its
Actually the shipyard is not yet completed. General
Manager Piez of the Fleet Corporation testified before the
Senate Commerce Committee on Dec. 19 that the
Hog Island
Shipyard “would be completed in about sixty days;*’ that the
cost would be about $63,300,000, and that the
plant had
delivered one ship and laid fifty keels. A letter attached to
This
the report explains that the report was based on conditions
they appeared early in July.
explaining the origin of the controversy and the
scope of the inquiry entered upon, the report sets forth the
charges against the management. These charges, it is
explained, are in each case based upon oral or documentary
testimony. They may be divided under two heads. First,
alleged bad management, which resulted in enormous quan¬
tities of material—some 11,000 carloads—being ordered at
a
time when no proper facilities were in existence at
Hog
Island to receive and handle it. This resulted in a
freight
jam in which material needed first became tied up on
railroad sidings all through the East, some as far south as
Norfolk, Va. To get the work under way it was necessary
to purchase large quantities of
duplicate material at high
prices in local markets. Hundreds of motor trucks were also
hired to bring stalled freight from distant
sidings, while the
few roads on the island themselves became
jammed with
trucks, with further delay. As a result of this confusion
weeks of valuable time were lost; thousands of workmen were
kept in idleness, and the work which should have been done
during the fine weather of October, November and early
as
After
December 1917
was
thrown
over
into the
severe
cold weather
of
January, February and March. Then, in the effort to
rush matters, overtime, double shifts and
Sunday work
were resorted to, with
very large increases in pay-rolls and
loss of efficiency, due to the
severity of the cold. An
extraordinarily heavy labor turnover, amounting at times to
50 to 100% a week, also added to the
expense.
The second general charge against the
management in
large part grew out of this confusion, and is summed up in
the report as follows:
Organization Defective.
It is charged that the method of organization was
inherently defective;
that in a large and speedy construction job, with numerous
subcontractors
and numerous separate operations,
proceeding simultaneously, the situa¬
tion changes very rapidly and requires many
prompt decisions on relative
priorities of the several units of work and relative jurisdiction of the oper¬
ating officials, and requires prompt advice and prompt access to the rec¬
ords; that with the overhead and directing managers located in Philadel¬
phia it was impossible to get prompt co-ordination between departments
and prompt decisions on conflicts between the several
superintendents,
and thus the several superintendents and subcontractors were
in a con¬
stant scramble to obtain labor
or materials and to obtain
priority for their
work and that in the case of the stores department it was
impossible to get
from the Philadelphia office in time for use the invoices and
records neces¬
sary to know what materials were expected to arrive or had arrived and
thus no adequate check upon materials was possible
and. conversely, that
the accounting department in Philadelphia was never
able to get from the
stores or labor records at Hog Island
adequate reports on the receipts and
distribution of labor or materials.
It is charged that the excessive expenditures
during the winter months
were merely one phase of the agent’s
general attitude toward the expendi¬
ture of Government funds; that at the very
inception of the job the agent
adopted a false standard for the work by bringing a large number of Stone
& Webster men upon the Hog Island pay roll at
largely increased salaries.
(An accountant reports that thirty-seven men who were on the Stone &
Webster payrolls on July 1 1917, at average salaries of
$39 73 each were
transferred to the Hog Island payrolls in September and October
1917,
at an average of $58 79 each, an increase of
60%); and that this was typical
of its attitude toward salaries in general; and that this
overloading of the
salaries at the top would naturally impede the progress of the
work by
creating dissatisfaction as to wages throughout the wholenforce of labor.
Attitude of Agent.
It is further charged that the agent’s attitude toward
expenditures is
reflected in the method by which it supervised the
receipt and distribution
of materials; that no adequate check was made thereof and
that huge
amounts of materials were acattered all over the
yard, giving an impres¬
sion of laxity in management which could not fail to affect
actual opera¬
tions.
fcsasgiS
It is charged that in consequence of this condition of
disorganization
Government money was spent without using the well
recognized safe¬
guards covering commercial operations and without adhering to the account¬
ing system provided in the contract, with the result that at noj3tage*of
i
offering it
an
counsel and its chief officials presented themselves
and gave
the statement of their position in
statement
is
summarized
regard to these charges.
as
follows:
The Contractors*
Explanation.
They took the ground that we were essentially misinformed
by the wit¬
nesses we had heard; that
they conceded that it was a matter of prime im¬
portance to provide transportation facilities for a job
of this sort; that this
was axiomatic; that of course
they did make provision and expected to
have ten miles of tracks constructed on the
yard by the end of October;
that in this they were disappointed as
they had only 1.3 miles so constructed
that they expected the railroad
companies to practically act as their stor¬
age yards during the early stages of the
enterprise by storing the extra cars
in their own yards; that the
freight moved to destination faster on this job
than at any time during their
experience and moved in such quantities
that the railroads could not provide the
storage facilities and could not
move individual care as
requested but had to move any car that was avail¬
able in order to dear the jam; that as a result
their track material was de¬
layed from a month to six weeks in arriving and that there
wore certain
weak spots in the railroad systems
themselves which prevented the prompt
movement of the freight and that the
railroad companies were slow in
increasing their own facilities; that in the main,
considering the nature of
the undertaking, the severe
winter, and the necessity for great speed,
there was no disorganization; that it is true
that to an outsider the job
might have appeared as “an organized riot” but that at all
times the mana¬
gers of the enterprise knew what
they were doing and knew that progress
was being made in an
orderly fashion; that they supervised the receipt
and distribution of materials as well as
could possibly be done on a job of
this magnitude and that they
supervised labor equally as well; that all of
the men in charge of their several
divisions were men of
reputation and
standing in the engineering world who had all been
actively in charge of
undertakings of the first magnitude and that probably no more
experienced
and efficient engineers were ever
gathered together in a single organiza¬
tion; that the
job is the greatest in magnitude of
any undertaken in mod¬
times, involving the construction of the largest industrial
plant in
the country and the largest
shipyard in the world In a period of eight months;
that by the end of January
they had passed the peak load of their diffi¬
culties, having by that, time a complete system of
storage yards on the
island, better warehouse facilities, and better
working forces and more
teamwork; so that when Admiral Bowles came to
Philadelphia he did no
more than they themselves
would have done had they been let
alone,
namely, re-examine their entire program and put it on a
more ordered
basis; that in fact the directions of Admiral Bowles to
em
suspend all work of
immediate necessity, while it may have relieved
the pressure, did
even if the expenditures could
not
be justified for a commercial
enterprise they can be justified for a war job
where speed was so important in order to
get the ships so urgently needed;
that a month’s saving in time would
mean $9,000,000 when measured
by
the charter value of fifty ships
for one month, and that when all was said
and done they were employed to build
ships with unheard of speed and are
actually building them according to schedule.
Estimate Was Guessed.
not of
delay the construction somewhat; that
The agent stated further that the first
estimate of $21,000,000 for th
yard was no more than a guess because actual
conditions had not
been examined and there was no
adequate time for making a real estimate;
that to a lesser extent the same
thing was true of their estimate of $27,000.000 of Nov. 27; that this estimate,
though dated Nov. 27, was in fact
prepared in the very early part of November before
they were thoroughly
familiar with the enterprise and that
thereafter the railroad congestion
and one of the severest winters In
history developed, throwing all esti¬
mates out of line; that the substantial fact
was that all of the material
for
which the
cost of the
Government paid was received on Hog
Island, and protected
by fences and guards, so necessarily all of it was
either used in the con¬
struction or is on hand available for
use; that of the $55,000,000 estimate
of April 1, $31,809,428 was for
material and rentals of
equipment, which
necessarily were all used on the job; that the overhead
chargee of $5,416,856, or 10% of the total cost; Is a
very small percentage of overhead;
that the labor cost of
$17,773,716, less than one-third of the total cost. Is a
lower percentage than would be
expected on a job of this sort, which is
usually figured 35 to 40% for labor; that the
April estimate furnishes per¬
fect proof that the November
estimate was inaccurate, and that in fact
nobody at that time with a job of such unknown
magnitude
with un¬
known
winter conditions could have made
any estimate that would be at
all reliable as a basis for a
judgment.
The agent maintains that the
Government is in no position to
waste,
mismanagement or excessive expenditures; its witnesses and urge
its counsel
state:
1. That each substantial act of the
agent was approved, expressly or im¬
or its representatives.
was dissatisfied with the
management Its
remedy under the contract was to terminate the
agency; that it could not
have the benefits of the
agents continuous management and at the same
time charge the agent with
mismanagement.
3. That the Fleet Corporation in
placing an additional order with the
agent on May 7 1918, with full
knowledge of past conditions, waived any
charges of waste Mid mismanagement and
admitted by its conduct that
the agent was
worthy of its agency and entitled to receive additional trust
and
pliedly, by the Fleet Corporation
2. That if the Fleet
Corporation
responsibility.
4. That when all is said and
done, this was a war job where speed waa of
the essence, and that an
undertaking of such a nature is to be judged not
by the costs, but by its accomplishments.
While
admitting that the
and ratification
are
not
are
contractors* allegations of waiver
serious, the investigators hold that they
conclusive, and
1. There was
Corporation.
set forth:
general approval of the acts of the
agent
On the contrary, it
no
by
the Fleet
tha con-
continuously protested against
IVo*. 107.
THE CHRONICLE
2436
that it
was responsible tor its method of managing the undertaking.
In some cases
the agent first did the act or permitted the dangerous situation to arise and,
thus left the Fleet Corporation no alternative bat to acquiesce in a past
event, which is entirely different from approving a forthcoming event.
Other acts of so-called approval were merely ministerial acts, such as sign¬
ing checks to pay bills. Other such acts were by local representatives,
whose functions were to see and report and who had no authority to waive
essential conditions of the agency. The contract itself provides that no
Inspector's certificate and no payment “shall be conclusive evidence of the
performance of this contract in whole or in part.”
2. The agent can be called to account at any time and his accounts can be
questioned if the proofs show that the expenditures were not reasonably
necessary to the enterprise.
The very status of agency Involves a position
of trust; hence, an agent at any time can be held to account for the reason¬
duct of the agent, as set
forth above, bat the agent took the position
contract the
Island were
the agent.
Respectfully submitted,
CARROLL, TODD,
Assistant to the Attorney-General.
MARK HYMANN,
Special Assistant to (he Attorney-General.
G.
ableness and necessity of expenses and transactions under the agency, even
though the agency is allowed to continue.
3. The order of May 7 does not waive past breaches.
The law does not
parties the
favor implied waivers; if a waiver had been in the minds of the
new contract would have so stated expressly.
4. Only within very definite limits is It true that an undertaking of
nature is to be judged not by its costs, but by its accomplishments, since
the contract required the agent to proceed with due regard to economy.
this
In addition to the
expenditures for the plant construction at Hog
reasonably necessary.
In making their determination they must have in mind not only the proper
interpretation of the contract, but also the fact that the burden of proof is
upon the agent to satisfy the tribunal as to the reasonable necessity for the
expenditures. If the tribunal reports that the expenditures were reasonably
necessary, then we would recommend dosing the proceedings except as to
matters which are now or may hereafter be in issue between the agent and
the Fleet Corporation; if, on the contrary, they find that the expenditures
were in excess of reasonable necessity they should state their judgment as
to the extent of the excess and payment thereof should be demanded of
(A full account of the events leading up to the investigation
project was given in our issue of March
of the Hog Island
9 1918, page 990.)
general charges of mismanagement, a
HOG ISLAND YARD A “MONUMENT TO AMERICAN
EFFICIENCY ,” SAYS CHARLES A. STONE.
special report by the technical advisers of the Navy Depart¬
That the building of the Hog Island Shipyard is “one of the
ment makes the following comparisons between the cost of
greatest engineering feats of the age—a monument to Amer¬
the Hog Island yard and those at Bristol, Pa., and Newark,
ican efficiency and an achievement of which all those engaged
N. J.:
on the work and the entire nation may rightly be proud,” was
From the data available it does not appear to us that the increase of the
asserted by Charles A. Stone, President of the American
estimate from $27,000,000 of Nov. 27 to the final estimate of $55,000,000,
can be accounted for by the expansion of the plant subsequent to Nov. 27.
International Corporation, in discussing on Dec. 20
While it is our opinion that the plant as finally built could not have been
the report of the Department of Justice on the investiga¬
produced within the original estimate, it also appears that the final cost will
be considerably in excess of the figures that might reasonably be expected
tion, recently made public. A statement issued by Mr.
from consideration of the finished plan, and this conclusion would seem to
Stone, who, as head of the Stone & Webster engineering or¬
be substantiated by a comparison of the costs of the dements of this plant
ganization,
had a large part in the undertaking, said:
The total cost of the Hog
with those of the two other fabricating yards.
It would not have been surprising if, in an enterprise of this magnitude,
Island plant will approximate $1,100,000 per slip as compared with $699.000 for Bristol and $390,000 for Newark Bay.
.
.
.
There are suf¬ with an organization so hastily assembled, and with the work progressing
•
ficient differences in the three plants to raise a question of doubt as to any
conclusions drawn from an absolute comparison between the costs of
the plants.
In general, it appears that, in comparison
with the Bristol
plant, the Hog Island plant is a much less complete plant, and its con¬
struction is of a less permanent character, and it would be expected from
a comparison of the two plants that the cost per slip at Hog Island would
be materially less than at Bristol.
In comparing the Hog Island and Newark Bay plants, they appear to be
generally similar, the provision of shops and store houses at Hog Island being
somewhat more complete than at Newark Bay. and the entire plant being
laid out for vessels considerably larger.
These differences, however, would
not appear to account for the difference in cost per slip between $1,100.000
and $390,000.
.
.
.
We could not examine this array of evidence with¬
out coming to the conclusion that prior to Feb. 1 there existed at Hog Island
a condition which, superficially, at least, would impress anyone as an
“organized rlot,“ “tangled mass," or “state of chaos."
The most significant single fact indicating the point of view at Hog Island
was that bills for materials, largely lumber, were prepaid (and properly
prepaid) to the extent of over $10,000,000, but no effort was made by the
agent until our investigation to prove whether the prepaid bills were
fact followed by the actual receipt of the material paid for.
Another fact of strong significance is that while the contract provided
in
in
that the agent should keep a detailed plant cost account at
an early date they took the position that, since the Government paid for
everything that went into Hog Island, it was unnecessary to comply with
express terms
this
provision.
Hence, at no stage of the work since last December could it be deter¬
mined what any unit of plant construction cost.
Thus, It was never pos¬
sible for the agent, and the agent never attempted to supervise, either its
own work or the work of its sub-contractors, from the point of view of
what the work was costing.
...
In substance, the agent has taken
the position that since this was not a commercial job, but a war job, in
which speed was of the essence, therefore, in the absence of positive mis¬
conduct or criminality, the question of cost was of minor importance.
The conclusions reached
up as
follows:
In our opinion
by the investigators are summed
this Is not the correct view of the contract.
Speed, of
at such
speed, irregularities had occurred.
It is highly gratifying, there¬
fore, that no graft, profiteering, or financial misconduct of any kind what¬
ever has been found.
This is distinctly a credit to the men who have been
responsible for the organization and the actual prosecution of the work.
The report intimates that the job was done extravagantly.
It points out
no single expenditure that was wasteful, but it states, as an inference
merely, that there was extravagance. This inference apparently is based
on two facts: That the cost so largely exceeded the original estimate, and
that the cost per way was larger than that of the merchant
boat yards.
The fact is that the figures show that the cost per way
on a fair basis of comparison, is not substantially in excess
way at
other yards.
and submarine
at Hog Island,
of the cost per
In fact, it is less than at one of the yards
mentioned.
informed that Mr. Piez, the General Manager of the Fleet Corpora¬
tion, has made computations which demonstrate this.
The original estimate was necessarily inadequate.
We had no standards
I
am
precedents to guide us in such a gigantic undertaking. After the
nal estimate was made, the scope of the yard was increased at least
or
origi¬
50%.
the work progressed, the cost more than doubled, both of
labor and materials.
These two facts fully explain the difference between
the original estimate and the final cost.
Whether emergency war costs are excessive or not is a question of opin¬
ion. upon which perfectly honest men will differ, and on this question as
applied to Hog Island our.own officials, who are experts of the highest stand¬
ing and reputation, differ from the conclusions of the men employed in the
Investigation, who, to say the least, had never had experience in a job of
such magnitude as this.
On this question of cost, I understand that the
Furthermore,
as
officials of the Fleet Corporation agree with our officials.
At the continued hearings before the Senate Commerce Committee,
which are to proceed directly after New Year's, all the facts can be brought
out.
It will then be shown, I am sure, that, while the yard was necessarily
costly as a war measure, yet there was nothing in the cost which was not
necessary or justified by the situation.
Furthermore, I am equally certain that it will appear that this great un¬
dertaking, instead of being one deserving criticism, is really one of the great¬
est engineering feats of the age—a monument to American efficiency and
an achievement of which all those engaged on the work and the entire na¬
tion may rightly be proud.
As evidence of Charles M. Schwab’s opinion of the Hog
something additional in the way of
have to assume was allowed by the Island
yard, Mr. Stone quoted the following paragraph of a
agent In its estimate of Nov. 27, because the necessity for speed was as
letter which he had received from the former head of the
apparent then as later. But speed Is not promoted by disregarding the
ordinary safeguards for controlling costs. Both the contemporaneous
Emergency Fleet Corporation:
record evidence and the contract itself indicate a rigid desire on the part
UNITED STATES SHIPPING BOARD.
of the Fleet Corporation to have the expenditures kept within the narrowest
Emergency Fleet Corporation.
practicable limits and to have the expenditures closely checked by a careful
Philadelphia, Pa., December 13 1918.
system of cost accounting; in addition, the contract required the agent to
My dear Mr. Stone:
protect and subserve the interests of the Fleet Corporation, fixed bonuses
You no doubt know, as I have often expressed to you, how fully I appre¬
for savings in cost on the vessels and penalties for exceeding the estimated
ciate the magnitude of your undertaking at Hog Island, and I think the
cost, provided for calling upon the aid of the Fleet Corporation itself In
accomplishment, any way considered, has been a most noteworthy one,
order to make purchases ‘ at the minimum cost consistent with the existing
and one that should reflect a great deal of credit upon you and your firm
conditions,” and provided that “excessive and unusual salaries or emolu¬
rather than some of the criticisms that it has unjustly received.
I shall
ments
not be paid by the agent or charged as a part of the actual cost.”
always
stand
as
an
advocate
of
the
work
you
have
done
there.
If then the agent has adopted a standard of conduct for the work which
Sincerely yours,
Is not the standard fixed by the contract it cannot acquit itself of respon¬
C. M. SCHWAB, Director-General.
sibility by merely showing that it has actually expended some $61.000,000
in building this plant; it must go further and account nut only for actual
expenditures but for the reasonable necessity of the expenditures under a SURVEY ORDERED TO DETERMINE FUTURE POLICY
proper construction of the contract.
TOWARD HOG ISLAND SHIPYARD.
course, was of high importance, and
cost must be allowed for it, and we
Recommendation,
accounting might be brought. But the main
question being the reasonableness of the expenditures, a board of experts
would be a more suitable tribunal, we think, than a court or a court and
a jury.
We refer to Article XXVII of the contract, providing that any
dispute as to the manner of doing the work, dec., shall be referred to the
General Manager of the Fleet Corporation, and his decision shall be final
and binding except that after the shipyard is constructed the agent may
appeal to a board of arbitration consisting of three disinterested naval
architects, to be selected one by the Fleet Corporation, one by the agent,
jC A bill in equity for
an
and one by the two.,
In our judgment, the
shipyard being in the main completed, the board
of arbitration should be established and the question should be definitely
submitted'to them as to whether under the proper interpretation of the
attitude of the Govern¬
ordered on Deo.
16 by Charles Piez, successor to Charles M. Schwab as head
of the Emergency Fleet Corporation. Mr. Piez said the
object was to learn whether the American International
Corporation, which built and has operated the yard so far
was in a position to produce ships economically, and if not,
A survey to determine the future
ment toward the Hog Island Shipyard was
whether the Government was prepared to run
better
In an interview in the Philadelphia
Deo. 17 Mr. Piez was quoted as saying:
advantage.
“Ledger”
on
the plant to
i
Dec.
281918.]
THE CHRONICLE
Mr. Pie* said by the first of the year the
surrey would be completed,
and he and Bear Admiral Bowles would sit ms a
Jury of experts to pass upon
the situation. At the same time, he said, the American
in Deo. 1910, but he
2437
resigned tlic following month, his
withdrawal having occurred as a result of a suggestion by
International
Shipbuilding Company had the advantage of having its organization com¬ Secretary of the Treasury MeAdoo that Mr. Baker consider
pleted now, and this most be given peat weight in determining matters.
letting the
(upon which Mr. Baker had evi¬
**If you remember.** said Mr. Pie*, “last
May, I think it was, Mr.
Schwab placed Admiral Bowies in a
supervising position of the yards dently counted), go to the Pacific Coast, then represented
along the river and took him away from his more intimate connection with by William Denman on the Board.
Mr. Baker was one
Hog Island and Bristol alone. At that time Mr. Schwab said the policy
of the four recognized transportation
of tiie Administration would be to give the
experts selected by
shipbuilders every chance at a.
free hand; that they would be bold
responsible, too, for their yards as to Secretary MeAdoo for the National Sub-Committee on
whether or not they made good.
Transportation Problems. Before his appointment to the
“Well, the time has arrived to learn how this thing has hit Hog Island.
Shipping Board Mr. Baker acted as an expert adviser to the
We want to know how matters have worked out, and so we have ordered
the survey.
There are a number of important things to be taken into con¬ Administration in connection with its effort to have the
sideration. though, when we finally pass Judgment.
Government own and operate a line of merchant steamships.
“We want to know if the American International is
prepared to go ahead Mr.
Baker was President of the Atlantic & Pacific Trans¬
and give us ships; if they can give us ships at a reasonable
price, and whether
or not they are in shape to go ahead.
If we decide they are not, then we port Co., formerly President of the Baltimore Trust
must learn if they have defaulted their contract, and if the Government is
Guarantee Co., and a director in many commercial enter¬
prepared to run the yard any better.'
“The American has formulated its organisation, it has been on the
prises.
He was a member of the Moral Education Board
Job
for more than a year now. Those people are not crooks, as some like to
and actively interested in moral education. Mr. Baker et
insist, and they have done a lot of good work in the past. It is all very
the time of his death was 64 years of age. He had
well to have the second guessers talk
gone to
complaisantly now, but at the time
we started Hog Island the German submarines were
sinking 30,000 dead¬ Santa Barbara on the advice of his physician and his death
weight tons daily.
occurred after an illness of three days.
‘‘Naturally, we made an initial mistake. We built Hog Island too big,
and that wasn’t the place to have for the site of such a
large shipyard. But
at the time the emergency was great, and we had to have the
WAR ZONE BONUS TO OFFICERS AND SEAMEN
ships. It
would be well for everybody to bear this in mind at all times.
Now the
ABOLISHED BY THE U. S. SHIPPING BOARD.
emergency is past, and we are to ascertain as business men just what the
situation portends.”
The “Official Bulletin" of Dee. 21
Chairmanship
On Deo. 14 Senator Fletcher of Florida, Chairman of the
Senate Commerce Committee, in urging that the Govern¬
ment should purchase the Hog Island yard, declared that it
would be a “waste of $60,OCX),000” should the shipyard not
be taken over by the Government. Senator Fletcher criti¬
cized the huge size of the Hog Island yard, which is
designed
to build 50 ships at a time, and declared that it should have
been provided with 10 to 20 shipways at most.
ILLINOIS STATE FEDERATION OF LABOR WANTS 44
HOUR WEEK IN ALL INDUSTRIES.
is
An 8 hour day and a 44 hour week in all branches of
industry
one of the planks in the platform
approved at Blooming¬
ton, HI., by the Illinois State Federation of Labor on Dec.
a resolution to form an
independent labor party in
Illinois was adopted by a vote of 997 to 3. The new
3 when
also proposes the
reported the adoption
following resolutions by the United States Shipping
of the
Board:
Whereas since the signing of the armistice, conditions of
navigation to
European ports within the range of what was formerly known as the war
zone have been very
materially altered, and
Whereas the discontinuance of the activities of the submarine has resulted
in the practical elimination erf all war risks to the
ships’ companies manning
vessels through these waters: Now, therefore.
Be it resolved. That it b the sense of this board that the time has
arrived
for the discontinuance of the bonus heretofore
paid to officers and seamen
for ports within the war zone, and
Be it further resolved, That the bonus together with the allowance
heretofore made to cover loss of effects be ordered discontinued as to all
sailors, firemen, stewards, cooks, and all other members of the ship’s
company, excepting licensed deck and engine-room officers, signing on and
after Dec. 22. and
Be it further resolved. That the bemuses and allowances to the licensed
deck and engine-room officers be continued
pending the award by the Wage
Adjustment Committee appointed by the United States Shipping Board
but not beyond Jan. 1.
party
liquidation of the national debt by the ap¬
DEATH OF WALTER HINES PAGE, FORMER
plication of all inheritance taxes above $100,OCX), supple¬
AMBASSADOR TO GREAT BRITAIN.
mented by a direct capital tax. The platform of the new
Walter Hines Page, formerly American Ambassador to
independent party was printed as follows in the Chicago England, died on Dec. 21 at
Pinehurst, N. C. Mr. Page,
“Herald and Examiner" of Dec. 4:
who had been named as Ambassador in April 1913, resigned
1. The unqualified right of workers to organize and to deal
collectively in
August last, owing to ill-health; he returned to the United
with employers through representative* of their union.
2. Democratic control of industry and commerce for the
States
in October in a critical condition, and was taken to
general good
by those who work with hand and brain, and the elimination of autocratic St. Luke’s
Hospital, where for a time he improved; late in
domination of production and distribution either by selfish
private in¬
November, however, his condition again became serious, and
terests or bureaucratic agents of government.
3. An 8-hour day and a 44-hour week in all brandies of Industry,
with about ten days before his death he was taken to Pinehurst.
minimum rates of pay which, without the labor of mothers and
children, As we stated in an earlier issue (Oct. 5
1918), Mr. Page
will maintain the worker and his family.
was
4. Steady work at standard wages during periods of
entirely without diplomatic experience or training
depression to be
provided by government—housing, road building, reforestation and recla¬ when he assumed the post of Ambassador, his activities
mation of lands.
previous to that time having been in the publishing line.
5. Complete equality of wages and political rights for men and women.
With
the outbreak of the war, in the year following his
6. Reduction of the cost of living to a Just level immediately
by the
development of co-operation and the elimination of middlemen and profl- assumption of office, Mr.
Page was called upon to fulfill
teertng.
difficult
and
trying
tasks.
Under the stress of these tasks
7. Democratization of education in public schools and universities
through the participation of labor cm directing boards and the organization his health showed signs of impairment, and about a year
of teachers.
ago he sought to resign, but was prevailed upon to continue
8. Continuation of soldiers’ and sailors’ insurance and extension of such
on the understanding that his work would be
life Insurance by the Government without profit to all men and women.
lightened.
Mr. Page was editor of “The World’s Work" and a member
9. Liquidation of the national debt by the application of all inheritance
taxes above $100,000, supplemented by a direct capital tax.
of the firm of Doubleday, Page & Co. before he was
ap¬
10. Public ownership and operation of railways, steamships, stock
He was bom in
yards, grain elevators, terminal markets, telegraphs, telephones, all coal pointed to the Court of St. James in 1913.
mines and all other public utilities, and the nationalization of
On Dec. 23 the State Department
large hold¬ Raleigh, N. C., in 1855.
ing to employ returning soldiers and sailors and dislocated war workers.
at Washington delegated Assistant Secretary William Phil¬
11. Complete restoration at the earliest possible moment of free speech,
lips to represent it at the funeral of Mr. Page on the 24th.
free press and free assemblage, and the liberation of all
persons under
charges due to their championship of the rights of labor.
In a statement on the 23d eulogizing the late Ambassador,
12. Representation of labor in proportion to its voting strength in all
the State Department said:
departments of Government and recognition of the
‘
principles of trade
unionism in the relocation of soldiers and sailors.
|$13. Representation erf workers in proportion to their numbers in the
armies, navies and workshops of the world, at the Peace Conference and
upon whatever international tribunals may result therefrom, with the
labor of this nation represented by the President of the American Federa¬
tion of Labor and such other delegates as the workers may democratically
designate.
14. Supplementing the League of Nations, a league of the workers of
all nations to enforce the destruction of autocracy, militarism and economic
Imperialism throughout the world.
DEATH OF BERNARD N. BAKER, FORMER MEMBER
OF SHIPPING BOARD.
Bernard N. Baker of Baltimore, a retired capitalist and
From the date of his appointment as Ambassador Extraordinary and
Plenipotentiary to Great Britain in April 1913, until he was forced by illness
to relinquish his port, Mr. Page devoted himself most assiduously to
bringing about a more complete understanding between the two great
English-speaking nations.
Representing as he did the very best traditions of this country, he was
peculiarly well fitted to accomplish the objects of his high mission. His
interpretation of the wishes of his Government were of the highest order
and his successful conduct of the many delicate negotiations entrusted to
him during tenure merited the highest approval of the State Department.
His high sense of duty, his zealousness and self-sacrificing devotion to
the service resulted in his illness and his untimely death.
ALL RESTRICTIONS ON ENEMY ALIENS REMOVED.
By cabled instructions from President Wilson, Attorneyshipping expert, and formerly a member of the U. S. Shipping General Gregory on Dec. 23 issued an order removing all
Board, died at Santa Barbara, Cal., on Dec. 20. Mr. restrictions on German enemy aliens, except those applying
Baker, who had helped in the drafting of the Ship Pur¬ to entry into, and departure from the United States and those
chase Act, was appointed a member of the Shipping Board affecting the power of internment, effective Christmas Day.
Tins action, it is
said, will affect about 500,000 German
and women. It was explained that the Department
of Justice would continue to exercise the power of internment
of dangerous German enemy aliens and that the order would
not affect such aliens already interned.
men
The
[Vol. 107
THE CHRONICLE
2438
following statement was issued at the Department
of Justice:
On the recommendation of the Attorney-General, the President has
directed that on and after Cnristmas Day the Attorney-General discon¬
tinue enforcement of all regulations affecting the conduct of male and female
German alien enemies except those restrictions which apply to entry
into and departure from the country and those affecting the power of
internment.
This means that on Christmas Day the permit and pass systems effective
against these aliens will be abolished all over the country, and that all
prohibited areas and restricted zones will go out of existence. All regis¬
tration regulations will likewise cease, and it will no longer be necessary
for German alien enemies to obtain permits for change of residence.
In
short, they will be freed of all restrictions affecting places of residence and
of employment.
The Attorney-General, however, will continue to exercise as heretofore
the power to intern all dangerous German alien enemies.
The action of
the President does not affect in any the status of men already interned
or the restrictions and obligations heretofore imposed on alien enemies
now on parole.
Any violation of parole will be punished as heretofore.
explaining why Austrians were not mentioned in the
order, John Lord O’Brien, Special Assistant to the AttorneyGeneral, was quoted in press advices as saying that the only
regulations ever applied to them were those with reference to
entry and departure and internment. The effect of the
present action is to place Germans and Austrians on the
same footing.
The dispatch continued:
In
Approximately 250.000 Germans would be relieved from the necessity
of carrying permits for entry into restricted areas, while the prohibited
areas from which they were excluded absolutely, would again be open to
them.
These were the District of Columbia. the Panama Canal zone,
and all water fronts.
Internment is continuing, Mr. O'Brien said, ten Germans having been
Interned on Saturday and six more to-day.
It was learned unofficially
at the Department of Justice that between four and five thousand Germans
have been interned since the United States entered the war.
The number of Germans registered in the principal Icties were:
New
York, including nearby New Jersey points, 80.000; Philadelphia. 12.000;
Boston, 2,000; St. Lords. 6,000; Chicago, 27,000, and San Francisco, 6,500.
NEW Y0RK-CHICAG0 AIR MAIL
SUSPENDED.
Following the failure of three attempts to inaugurate the
air mail service between New York and Chicago, frustrated
in each case by defective working of the Liberty motors
with which the planes were equipped, the Post Office Depart¬
ment on Dec. 21 ordered a 10-day suspension of the service,
while the engines are being overhauled and adjusted. An
In
a
Department said the cause of the failures
was the defective assembling of the motors, which had been
hastily put together on rush orders for war service and turned
over to the Department barely in time for starting the new
air route, without being tested.
“As an instance of the haste
statement the
with which these motors
were
Italy will act as trustee of 500,000 tons of Austrian ship¬
ping, now in Italian ports, and distribute it for use exclusively
for war supply and transportation, none to be used for
commercial traffic. This agreement was reached Dec. 22
at a meeting of the Allied Maritime Council, according to
Associated Press dispatches from Paris.
The Italian flag will be flown on the ships, which will be
manned by Italians.
The flag of the Allied Maritime Council
will also make its first appearance on the seas.
Four Ad¬
mirals, representing the United States, Great Britain,
France, and Italy, whose flagships are in Italian waters,
will take charge of the shipping, under direction of the
Council.
Dr. Silvio Crespi, Italian Minister of Food,
discussing the action, was quoted as saying:
The
new
flag of the Maritime Council consists of three
assembled at factories,” the
Department’s announcement said, “it may be stated that
foreign substances were found in them, one notable case
being a piece of cardboard in the bowl of a carbureter. This
has prevented the placing of enough reliable equipment at
the relay stations to insure certainty of performance.
horizontal stripes,
with top and bottom white and centre blue.
This tonnage in the Adriatic
will be used chiefly for relief work.
There are also 100,000 tons of Austrian
merchant ships in Spanish ports which will be treated like those in the
Adriatic.
Half will probably be intrusted to Spain and half to Italy
Thirty thousand more tons of Austrian merchantmen in
the Black Sea will be taken over by Italy.
An additional 30,000 in Northern
provisionally.
European ports will be divided between England and France.
The same rule is to be applied to 2,500,000 tons of German merchant¬
men spread throughout the world.
All these merchantmen will ultimately
be divided between the Allied Powers and the United States in a ratio which
will be decided by the Peace Conference.
In Allied circles, the dispatch said, the decision of tho
Council is thought of the greatest importance as the first
step toward international control of shipping and freights.
In some circles it is regarded as the beginning of the founda¬
tion of a League of Nations, as it gives the world a new flag
of the Maritime Council to be flown beside that of the Allied
countries.
NEVILLE ISLAND PLANT TO BE COMPLETED.
With regard to the completion of the big gun plant under
construction for the Government at Neville Island, near
%
Pittsburgh,
TEMPORARILY
attempt will be made to resume the service on Jan. 2.
A USTRIAN SHIPPING POOLED FOR WAR SUPPL Y AND
RELIEF WORK.
a
Washington dispatch on Dec. 19 said:
Retention of the proving ground at Aberdeen, Md., and gradual develop¬
ment of the Government ordnance plant at Neville Island, Penn., to the
full scope of the plans laid for it during the war are definite projects of the
Assistant Secretary Crowell, who Is In direct charge
all surplus war material, said today that there was nodisposition to abandon either of these establishments.
The Neville Island project contemplated the expenditure of $65,000,000
in order to furnish new facilities for big gun manufacture, and the plant
is to be equipped to produce eighteen-inch or larger rifles if necessary,
although the maximum sizes now In process are the several sixteen-tneb
types.
The new plant will turn out big guns of all calibres, however,
including the forgings, all of which the Government has heretofore obtained
War Department.
of the disposal of
from
private concerns.
Instead of rushing the plant to completion, however, Mr. Crowell said
the idea was to allow it to develop naturally with the usual year to year
appropriations. He also said that the War Department would urge en¬
couragement of private enterprise In order to keep some part of the emer¬
gency war machinery of industry always in operation.
The Aberdeen ground covers some 36,000 acres and has to-day a capacity
of 15,000 test rounds daily.
Provision has been made there for testing
every kind of ordnance material, and guns already have been Bred at a
range in excess of twenty-eight miles and the shells recovered.
By firing
over an Island into an unfrequented part of the bay, a maximum range of
approximately sixty miles can be attained.
.
DISTRICT OF COLUMBIA PUT ON DRY BASIS.
on Deo. 23 in the consideration
accepted
an amendment offered by
Major-General Goethals, Chief of the Quartermaster
Senator
Sheppard of Texas extending the operation of the
Department of the Army General Staff, on Dec. 13 notified
the Senate Inter-State Commerce Committee that ships Reed bone dry law to include the importing of liquor into
with an aggregate carrying capacity of 800,000 tons had been the District of Columbia, which is otherwise dry.
Under the terms of the existing prohibition law in the
designated to be turned over by the Quartermaster Depart¬
ment to the Shipping Board for return to trade notes. District of Columbia the importation of alcoholic beverages
General Goethals said a list of the ships no longer in troop for personal use by the individual so importing them when
and army supply service had been sent to Secretary Baker accompanied by an affidavit that the goods are neither for
for review before going to the Shipping Board. In com¬ sale nor for the use of any one else than the consignee is
menting on this, the New York “Evening Post” on Dec. legal.
ARMY SHIPS RELEASED FOR GENERAL TRADE.
The United States Senate
of the War Revenue Bill
13 said:
A few days ago B. H. Outer bridge, Chairman of the Chamber of Com¬
Committee on Foreign Trade and Shipping After the War, appealed
to the War Trade Board to remove import restrictions and thereby permit
merce
American steamers now lying idle in various Atlantic harbors to
their sailings for South American ports.
Unless immediate relief
were granted, Mr. Outerbridge said, heavy losses would be suffered by
American manufacturers and exporters in many parts of the country.
In his letter to the local office of the War Trade Board he said that there
was not less than 170,000 tons of export freight “now in the port of New
York awaiting shipment; much of it paid for, partly by South American
purchasers, partly by the American shipping merchants—some of it still
being carried by the manufacturers. ’ ’
many
resume
As noted in these columns last (p. 2251) Director-General
of Railroads MoAdoo on Dec. 5 issued an order relinquishing
control of four coastwise steamship lines—the Clyde,
Mallory, Merchants & Miners and Southern—to' take
effect
as
of Deo. 1.
EXECUTIVE ORDER OF PRESIDENT WILSON DELE¬
GATING TO SHIPPING BOARD POWER OVER
FREIGHT RATES, &c.
In an Executive order issued under date of Dec. 3 Presi¬
dent Wilson, has delegated to the Shipping Board certain
freight rates, terminal charges and ship
requisition conferred on the President under the Ship Con¬
The following is the President’s order:
trol Act.
powers over ocean
Executive Order.
Delegating to the United States Shipping Board certain powers relating
to ocean freight rates and terminal charges.
Whereas, sections 6 and 12 of an Act of Congress approved July 18 1918,
entitled “An Act to confer on the President power to prescribe charter
rates and freight rates and to requisition vessels, and for other purposes/*
provide as follows:
Dec.
281918.]
THE CHRONICLE
“Sec.
ft. That the President shall have
power to determine, prescribe and
enforce reasonable freight rates and the terms and conditions of affreight¬
ment which sbaU govern the
transportation of goods on vessels of the United
States, which shaU be filed with the United States Shipping Board mid open
to public inspection.
It shall be unlawful to charge or collect any com¬
pensation for the transportation of goods on any such vessel, or to enforce
or attempt to enforce any terms or conditions or
affreightment, or to make
receive any payment or do any act with respect to such
transportation
not in accordance with the rates, terms and conditions so
prescribed, any¬
thing in any contract, whether heretofore or hereafter made, to the contrary
or
REMOVAL OF RESTRICTIONS ON PRINTED MATTER
TO ENGLAND.
The Post Office Department has issued the
notice:
And whereas, in section 2 of said Act it is provided:
“That the President may exercise the power and authority hereby vested
in him through such agency or agencies as he shall determine from time
to time."
Now, therefore, it is ordered
as follows:
1. All power conferred on the President in section 6 of said Act to
deter¬
mine, prescribe and enforce reasonable freight rates and the terms and
conditions of affreightment which shall govern the transportation of
goods
on private merchant vessels of the United
States, shall be exercised through
tiie United States Shipping Board.
2. All power conferred on the President in section 12 of said Act to deter¬
mine, prescribe and enforce the rates, terms and conditions charged or
required for services furnished by persons in possession of dry docks,
wharves, lighterage systems, or loading or discharging terminal facilities,
or warehouses,
equipment, or terminal railways connected therewith, and
for stevedoring or handling cargo, and the
handling, dispatching, or bunk¬
ering of vessels and all power conferred on the President to make rules
and regulations, with respect to the conduct of
any such business, shall be
exercised by the United States Shipping Board; but the power delegated
in this paragraph shall not extend to any dry docks,
wharves, lighterage
systems, or loading or discharging terminal facilities, or warehouses,
equipment or terminal railways, which are now or may hereafter be placed
under the Jurisdiction and control of the
Secretary of War, or the Secretary
of the Navy, or the Director-General of Railroads.
3. Nothing contained in this Executive order shall be deemed to
with¬
draw any power or authority heretofore
granted to or now exercised by
the Secretary of War, the Secretary of the
Navy, the War Trade Board,
the Inter-State Commerce Commission, or the Director-General
of Rail¬
roads.
The White House, Dec. 3 1918.
PROGRESS OF
WOODROW WILSON.
DEMOBILIZATION—840,000
MEN SOON
'V'-'
OPPIOE OP
SECOND ASSISTANT POSTMASTER-GENERAL.
notwithstanding."
“Sec. 12. That the President shall have power to prescribe the
order of
priority in which persons in possession of dry docks, wharves, lighterage
systems, or loading or discharging terminal facilities in any port of the
united States, or warehouses, equipment or terminal
railways connected
therewith, shall serve vessels and shippers, and to determine,
prescribe
and enforce the rates, terms and conditions
charged or required for the
furnishing of such services, including stevedoring and handling
of
cargo,
and the handling, dispatching and bunkering of
vessels, and to make such
rules and regulations with respect to the conduct of
any such business
as may be necessary and
It shall be unlawful to charge, collect
proper.
or claim any
compensation, or to enforce or attempt to enforce any terms
or conditions, or to make or receive
any payment or do any act, with respect
to any such service not in accordance with the rates, terms and conditions
so prescribed,
anything hi any contract, whether heretofore or hereafter
made, to the contrary notwithstanding.
following
Washington. November 13 1918.’
beginning Nov. 1, printed matter may be
Imported into England, Ireland, Scotland, and Wales, without British
Import licenses, up to a weight limit of 4 pounds 6 ounces for a single
package In the regular mails and up to a weight limit of 11 pounds for a
single package In the parcel poet malls.
This notice nullifies those of June 12, 1917;
Aug. 28 1917; and Sept. 26
1918, which placed certain restrictions upon the transmission of books and
printed matter in the malls to Great Britain.
V Notice has been received that,
It will be noted that individual expert licenses are not
War Trade Board, in this country, under the
required by the
authority of which to accept
packages of books and printed matter for dispatch In the malls to Great
Britain.
OTTO PRAEGER,
Second Assistant Postmaster-General.
J.
B.
EASTMAN NAMED AS MEMBER OF INTERSTATE COMMERCE COMMISSION.
The nomination of Joseph B. Eastman, as a member of
the Inter-State Commerce Commission, succeeding
George
W. Anderson, was sent to the Senate by President Wilson
on Dec. 19.
Mr. Eastman, who is 36 years of age, graduated
from Amherst College in 1904, and later studied law at
Boston University.
He became Secretary of the Boston
League in 1905, serving until his appoint¬
ment, by Governor Walsh in 1915, to the Public Service
Commission. He acted as counsel for the street railway
unions in the Boston Elevated Company arbitration, also
in the Middlesex and Boston Railway arbitration and as
counsel for the street railway men’s union in the Bay
State railway arbitration.
In 1905 he wrote a pamphlet
Public Franchise
on
whether Massachusetts railroads should be allowed to
acquire
street railways, opposing this privilege. Mr.
Eastman assisted George W. Anderson in the preparation
of the case for the sliding scale regarding gas companies.
In
1912 and 1913 Mr. Eastman spent a large part of his time in
aiding the Inter-State Commerce Commission in the in¬
vestigation of the railroads.
TO BE RELEASED.
Approximately half of the 1,700,000 men in the home camps
have been designated for early discharge, which is
proceeding
at the rate of about
15,000
men a
day, according to informa¬
tion given out by General March, Chief of Staff, on Dec. 14.
This rate is expected to be doubled, General March
said,
when demobilization is in full swing. In addition to the
fig¬
ures for the troops at home, General March
said that 5,653
officers and 135,262 men of the expeditionary forces,
up to
Dec. 12, had been designated for return, and of these 1,373
officers and 30,750 men already had sailed for home. The
troops designated for release from camps in the United
now total 824,000 men, in addition to
17,203 officers
already discharged, and embrace the following classes:
States
Depot brigades, development
battalions, and replacement
units
..352,000
Industrial furloughs
18.000
Divisional troops
15,000
Corps and army troops
42,000
Coast artillery
38.000
Engineers
42,000
Medical Corps
8,000
Ordnance
4,000
Quartermaster
6,000
United States Guards
26,000
Military aeronautics
13,000
Spruce Production Section.. 30,000
7,000
7,000
6,000
Special service units
10,000
Student Army Traln’g Corps 160,000
Off leers’ training schools
30,000
Troops attached to local
boards
3,000
Porto Rico troops
12,000
Tank Corps
Chemical warfare
Coal miners
Total
_*
824,000
REMOVAL OF SOME RESTRICTIONS ON TRANSFER
OF OWNERSHIP OF VESSELS.
The War Trade Board and the Shipping Board
have,
according to an announcement made by the Board Dec. 12,
dispensed with the necessity of
owners
securing the approval
of either Board to transfers of any American vessels to
American citizens, or to American corporations the
majority
of whose stock is owned by Americans and whose officers
and directors are American citizens, provided transfer of
flag is not involved. It is still necessary to obtain the
approval of the Shipping Board for sales of American
vessels to foreigners or to American corporations the majority
of whose stock is not owned by Americans, as provided in
Section 2 of the Shipping Act as amended. The removal
of the necessity for obtaining the approval for such transfers
does not in any way affect the control of voyages or rates
exercised by the Shipping Board or the War Trade
now
Board.
CHANGES IN CHARGES FOR INSTALLATION
OF TELEPHONES.
A reduction, effective Dec. 1, in the schedule of charges
for the installation of telephones and for changes of location
of telephone equipment or wiring was announced by Post¬
master-General Burleson on Nov. 30 in the following order:
Owing to the cessation of hostilities the necessity for conserving labor
and material has been relieved to some extent, thereby enabling the Post¬
master-General to modify Order No. 1931, Issued under date of Aug. 28
1918, fixing certain charges for the Installation of telephone service, and
Bulletin No. 8, Issued Sept. 14 1918. explanatory thereof.
Experience and careful Investigation of the entire subject has demon¬
strated the fact that certain service connection charges covering to some
extent the average cost of the initial expense of establishing service for new
subscribers and of furnishing additional facilities to old subscribers should
be paid by such subscribers and should not be borne by the entire
body
of telephone users.
Therefore a uniform schedule has been prepared
which embodies rates that should not retard telephone development In
section and will place upon subscribers responsible therefor a portion
leaving the balance as a
charge on the business generally.
This schedule will become effective Dec. 1 1918, applies to all telephone
systems under the control of the Postmaster-General, and is as follows:
For individual and party line service
$3 50
For each extension station connected with any class of telephone
service
3 50
For private branch exchange service the charge for establishing
any
of the costs Incident to such service connections,
service connection:
For each trunk line connecting the private branch exchange
with a central office
For each telephone connected to the private branch exchange,
except operators’ telephone sets
t
To cover directory, account, circuit and switchboard expenses in
cases where service is established by the use of Instrumentalities
3 50
3 50
already In place in the subscribers’ premises, and no change is
*
made in the type or location of such instrumentalities
1 50
Service connection charges not to supersede mileage charges or installa¬
tion charges and construction charges made because of unusual cost, but
to apply in addition to such charges: however, tn cases of special private
branch exchange systems not established undo: tariff rates but on a cost
basis, installation charges may be applied to stations, and other equip¬
ment in lieu of the regular service connection charges prescribed herein for
the stations connected.
Service connection charges not to apply to the service known
stations’’ or “switching service.’’
as
“service
.
Service connection charges not to apply to “public telephones’’ or “pub¬
lic pay station’’ service established for the use of the public on the Initia¬
tive of the wire service.
The term “public pay station" as herein used
not to be construed to cover service such as semi-public, guaranteed or
rental pay stations.
Service connection charges not to apply to private line equipment, i.
e.,
circuits and stations not connected with a central office for exchange or
toll service; but installation charges may be applied In accordance with
tariffs existing or hereafter established.
All charges herein described to be collected from all applicants for new
service of the classes specified above at the time of application mid
prior to>
(Vol. 107.
THE CHRONICLE
2440
(Deo. 28); a change in the plans was announced yesterday,
however, when it was stated that the meeting scheduled
to be held at the Chamber of Commerce on Dee. 30 had
the establishment of such service, except that service may be established Is
advance of payment in the case of service connection charge* for additions
to the service of existing subscribers and in the case of any service for de¬
partments, administrations, and agencies of the Federal, State, county and
municipal governments.
Section No. 5 of Bulletin 8. dated Sept. 14 1918, is hereby revoked.
Order No. 1931, dated Aug. 28 1918, and Telegraph and Telephone Ser¬
vice Bulletin No. 8, dated Sept. 15 1918, so far as relates to prescribing
charges tor changes of location, are hereby revoked.
Charges for changes of location of telephone equipment or wiring on the
subscriber’s premises on and after Dec. 1 1918 to be.
(a) For moving a telephone set from one location to another on the same
been postponed for a few days, the
:it is understood, being held on Dec.
preliminary meeting,
31.
It is the under¬
standing that these changes were made in order to give the
Warfield Committee a little more time in which to present
its views. It is pointed out that it is the policy of the
Association of Railway Executives to co-operate with any
organization and indivudal having anything of a helpful
premises, a charge of $3.
(5) For moving any other equipment or wiring from one location to an¬ nature to suggest regarding a solution of the important
other on the same premises a charge based on the cost of labor and material.
Charges for changes, other than moves, in wiring and equipment on the problems with which the railroads of the United States are
subscriber’s premises, made on the initiative of the subscriber, to be:
(a) For change in type or style of telephone set a charge of $3.
(6) For other changes in equipment or wiring a charge based on the cost
of labor and material.
The charges specified above not to apply if the changes or moves are re¬
quired for the proper maintenance of the equipment or service.
The charges specified above not to apply if the changes are required be¬
cause of a change in class or grade of service.
The charges specified above in no case to exceed the service connection
charge applicable to the entire service of the particular subscriber.
Note.—The installation charges, charges for moves and changes, in
Order No. 1931 and Bulletin No. 8, referred to, were:
Where the rate is $2 a month or less
55 00
Where the rate is more than $2 but not exceeding $4 a month
10.00
Where the rate is more than $4 a month
15.00
‘‘Changes in names,” or where no lapse of service occurs, the minimum
charge
—
The charge for
moving a telephone set from one location to
another
now
confronted.
ALLIED CHIEFS IN ACCORD, SAYS PRESIDENT IN
CHRISTMAS DAY ADDRESS TO AMERICAN TROOPS.
with whom
of principle
or of fundamental purpose,” President Wilson said in his
Christmas Day address to the American troops in France,
“I do not find in the hearts of the great leaders
it is my privilege now to co-operate any difference
and added later that the nations that fought this war are
ready to “make good in the establishment of peace upon
the permanent foundation of right and justice.” The
President’s address was made at Chaumont, where are
3 00 located the
general headquarters of the American army.
3 00
The President and Mrs. Wilson arrived at Chaumont at
Section No. 5 of Bulletin No. 8, which is revoked, reads:
"All subscribers who pay the service-connection charges established un¬
der Order No. 1931 shall be relieved of any other service-connection charges
cancellation charges, charges made in liquidation of damages on account
of short terms and short-term rates, and the use of one year or any other
9 o’clock Christmas morning, and after an official welcome
from the authorities of the town, participated in a review
on same
premises
period in excess of one month as a minimum contract
period for telephone
service.”
PROPOSAL TO HAVE WAR FINANCE CORPORATION
MAKE ADVANCES TO RAILROADS.
advisability of advances being
made by the War Finance Corporation to the railroads
under Government control was had at a conference on Dec.
17 between Director-General of Railroads McAdoo, Secre¬
tary of the Treasury Glass and members of the War Finance
Corporation. The “Journal of Commerce” of the 18th
in stating that it is understood that the Director-General’s
proposal that the War Finance Corporation replace the
Railroad Administration’s half billion dollar revolving fund
for the loans made by the Government to the railroads
was approved in principle, added:
A discussion
as
Thursday morning.
to the
Further conferences will be held on this subject, it was said, as soon as de¬
tails of the inter-departmental exchange of finances have been worked out
and are in condition to submit to the War Finance Corporation members for
final approval.
In support of his proposal, the Director-General pointed out that at pres¬
ent less than half of the $500,000,000 originally placed at the credit of the
Railroad Administration for disbursement to needy railroads remains
At
the rate of disbursement of the funds now being maintained, it was said that
complete exhaustion of the funds would result within a comparatively short
time.
According to the plans outlined at the conference by the DirectorGeneral, the Railroad Administration would secure all "replacement” loans
made to the Railroad Administration through the Revolving Fund, with
railroad bonds and other securities given by the individual roads, to whom
loans were made by the Railroad Administration.
In this way the making
of loans to the roads would be made through the Railroad Administration,
as heretofore, it was pointed out.
To refute any impression that might be created from a description of the
proposed financial arrangements between the Railroad Administration and
(he War Finance Corporation, officials emphasized that as the corporation is
authorized to make loans to war industries during the war period, and to in
dustries important to the country’s economic life during the post-war period
the railroads certainly occupy a prominent place in both classes.
It should be added that
on
Dec. 20 Washington dispatches
reported that the War Finance Corporation had granted
an application for an advance of $9,700,000 to the Chicago
Rock Island & Pacific Railway and another application for
an advance of $6,800,000 to the Southern
Railway, both
subject to the approval of the Director-General of Railroads.
MEETING OF ASSOCIATION OF RAILWAY
EXECUTIVES.
The meeting in this city on Dec. 20 of the Association of
Railway Executives was referred to briefly in these columns
last week, page 2339. Late in the day the following state¬
ment was issued by Thomas De Witt Cuyler, Chairman of
the committee, relative to the conference:
The Standing Committee met this afternoon and called a meeting of the
member roads of the Association for Monday, Dec. 30, in the rooms of the
New York Chamber of Commerce.
At this meeting the Standing Com¬
mittee will report the result* of it* work on the return of the railroads to
private operation and remedial legislation in connection therewith.
It
had been our intention to call the meeting of Dec. 30 in Chicago, but in
view of the sessions of the Senate Interstate Commerce Committee,
beginning on Jan. 2 1919, it was deemed more advisable to call the meeting
at an earlier date, and in New York, because more convenient to the
majority of our members.
On the 23rd inst. it was stated that preliminary to the
Deo. 30 meeting, the Standing Committee would meet to-day
and inspection of 10,000 American troops made up of bat¬
talions from various divisions, including the 77th (New
York City) National Army division. After taking dinner
with the troops at their mess, the President left at 6 o’clock
in the evening on his way to England, where he arrived on
a
Prior to the review of the troops, General
brief address, in which he said:
Pershing made
Mr. President and Fellow-Soldiers:
We are gathered here to-day to do honor to the Commander of our armies
and navies.
For the first time an American President wdl review an Amer¬
ican army on foreign soil—the soil of a sister Republic beside whose gallant
troops we have fought to restore peace to the world.
Speaking for you and your comrades, I am proud to declare to the Presi¬
dent that no army has ever more loyally or more effectively served its coun¬
fought in a nobler cause.
You, Mr. President, by your confidence and by your support, have made
the success of our army, and to you, as Commander-In-Chief, may I now
present the nation’s victorious army.
try, and none has ever
Replying, President Wilson spoke
as
follows:
General Pershing and Fellow-Comrades:
I wish that I could give to each one of you
the message that I know you
longing to receive from those at home who love you. I cannot do that,
but I can tell you how every one has put his heart into ft.
So you have
done your duty, and something more.
You have done your duty, and you
have done tt with a spirit which gave it distinction and glory.
And now we are to hail the fruits of everything.
You conquered, when
you came over, what you came over for, and you have done what it was ap¬
pointed for you to do. I know what you expected of me. Some time ago
a gentleman from one of the countries with which we are associated was
discussing with me the moral aspects of this war, and I said that if we did
not insist upon the high purpose which wa have accomplished the end would
not be justified.
Everybody at home is proud of you and has followed every movement
of this great army with confidence and affection.
The whole people of the
United States are now waiting to welcome you home with an acclaim which
probably has never greeted any other army, because our country is like
this country—we have been so proud of the stand taken, of the purpose for
which this war was entered by the United States.
You knew what we expected of you, and you did It.
I know what you
and the people at home expected of me, and I am happy to say, my fellowcountrymen, that I do not find in the hearts of the great leaders with whom
tt is my privilege now to co-operate any difference of principle or of funda¬
are
mental purpose.
It happened that
it was the privilege of America to present the chart for
and now the process of settlement has been rendered comparatively
simple by the fact that all the nations concerned have accepted that chart,
and the application of these principles laid down there will be their applica¬
tion.
The world will now know that the nations that fought this war, as
well as the soldiers who represented them, are ready to make good—make
good not only in the assertion of their own interests, but make good bn the
establishment of peace upon the permanent foundation of right and of
justice.
Because this is not a war in which the soldiers of the free nations have
obeyed masters. You have commanders, but you have no masters. Your
very commanders represent you in representing the nation of which you
constitute so distinguished a part.
And everybody concerned in the settle¬
peace,
that nothing must be done
is not as handsome as the
great achievements of the armies of the United States and the Allies.
It is difficult, very difficult, men, in any formal speech like this to show
you my real heart.
You men probably do cot realize with what anxious
attention and care we have followed every step you have advanced and how
proud we are chat every step was in advance, and not in retreat; that every
time you set your face in any direction you kept your face in that direction.
A thrill nas gone through my heart, as it has gone through the hearts of
every American, with almost every gun that was fired and every stroke that
was struck in the gallant fighting that you have done; and there has been
only one regret in America, and that was the regret that every man there felt
ment knows that it must be a
peoples’ peace and
in the settlement of the issues of the war which
that he was not there in France, too.
It has been a hard thing to perform the tasks in the United States; it
has been a hard thing to take part in directing what you did without com¬
ing over and helping you to do tt. It has taken a lot of moral courage to
Dec. 28
1918.]
THE CHRONICLE
stay at home. But we an proud to bade you op everywhere that ft was
possible to bade yon up. And now I am happy to find what sptand*d names
yoo have made for yourselves among the civilian population of
France, as
well
which have given her life.
realize the
among your comrades in the armies of the French, and it is a fine
you men that these people like yon and love you and trust
you, and the finest part of it all is that you deserve their trust.
I fed a comradeship with you to-day which is
delightful. As I look down
upon these undisturbed fields and think of the terrible scenes through which
you have gone and realise how the quiet of peace, the
tranquility of settled
M. Poincare also, the dispatches
say, paid honor to
American university professors for the tinfailing
sympathy
they have shown with France, and also to the American
students who in such great numbers came to
fight beside
their French student comrades.
Continuing, he said:
hopes has descended upon us. And, while it Is hard tax away from home,
confidentially, to bid you a Merry Christmas, I can, I think, confidentially
promise you a Happy New Tear, and I can from the bottom of my heart
Many, alas, will not return to their beloved country, for they have cmn
In France, where, we trust, they felt
they were not on foreign soil, and
where they have left to the youth of the two
republics an Immortal example
of fraternal union.
God bless yon.
PRESIDENT
WILSON'S CHRISTMAS MESSAGE
THE AMERICAN PEOPLE.
Glory to the American students! Glory to the eminent professors of
their universities! Glory to you, Mr. President, who are the first
among
them! In the name of the University of Paris I have the honor
to award
the insignia and diploma of Doctor to one whom
posterity will salute with
the surname the Righteous—President Wilson.
TO
President Wilson’s Christmas message to the American
people sent from Paris and made public at Washington on
Dec. 24, consists of an assurance to the folks back home
that all is well with the boys in France, and that public
In his speech of
acknowledgment the President dwelt
the triumph of the “university spirit,” which he said
had been intimately related with the war, and
upon the
overthrow of the lower by the higher form of culture.
He
upon
opinion among our allies “strongly sustains all proposals for
a just and lasting peace.”
The message in full reads:
I hope that It will cheer the people at home to know that I find their
boys over here in fine form and in fine spirits, esteemed by all those with
whom they have been associated in the war and trusted wherever
they go,
and they will also, I am sure, be cheered by the
knowledge of the fact
that throughout the great nations with which we have been associated in
this war public opinion strongly sustains all proposals for a
just and lasting
peace and a close co-operation of the self-governing peoples of the world
in making that peace secure after its present settlements are formulated.
Nothing could constitute a more acceptable Christmas reassurance than
the sentiments which I find everywhere prevalent.
NEVER ENDORSED PLAN OF LEAGUE TO ENFORCE
PEACE, SAYS PRESIDENT WILSON.
In a statement given out at Paris on Dec. 18, President
Wilson denied that he had endorsed the particular
plan for
League of Nations put forth by the League to Enforce
Peace, an American organization, of which Ex-President
a
William H. Taft is the active head.
The President’s state¬
ment said:
The Paris edition of the Chicago “Tribune” this
morning in a dispatch
accredited to its correspondent at Washington declared that before
leaving
for France I gave assurance that I approved of a plan formulated
League to Enforce Peace.
by the
This statement Is entirely false.
I am, as every one knows, not only in favor of a League
of Nations, but
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 indorsed.
The President’s action in specifically denying that he has
indorsed any particular plan for a League of Nations is
attributed by American correspondents in Paris to a desire
on his part to emphasize that he has an open mind as to the
details of the proposed League, while he is more than ever
convinced of the necessity of incorporating the League idea
in the peace treaty. An Associated Press dispatch from
Paris on Dec. 18 said:
President Wilson after four days of gathering the views of leaders in
France still believes that a League of Nations is indispensable to the main¬
tenance of peace.
The President made this plain to-day when he issued
statement denying a published story that he had accepted a plan forum
lated by the League to Enforce Peace.
It was said here that former President Taft personally submitted the
plan of the League to Enforce Peace to President Wilson, who considered
it as a portion of the great mass of material which is being assembled on
the general subject.
President Wilson, his advisers insist, sees no reason
a
to
change his belief that the foundation of a League of Nations is inseparable
from the actual treaty of peace itself.
These advisers say 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 British navy to a point Involving
the unsafety of the Empire, but will emphasize his feeling that the plan
of a League will strengthen the Empire.
It also became known to-day that Premier Clemenceau had been won
over to the League of Nations Idea, in principle at least, and that the plan
is certain to be incorporated in the preliminary peace treaty.
PUBLICITY WOULD HAVE AVERTED WAR, SAKS
PRESIDENT WILSON—SORBONNE CONFERS DEGREE.
In the presence of President Poincare, the Presidents of
the Senate and Chamber of Deputies, the diplomatic corps,
members of the Government, and the highest civil and milit¬
authorities, the University of Paris (the Sorbonne)
on Dec. 21 conferred upon President Wilson the degree of
Doctor, Honoris Causa, in recognition of his work as a
jurist and historian. It was the first time in the history of
the university that an honorary degree had been bestowed,
authorization for its granting having been given by a recent
Lucien Poincare, Vice-Rector of the University and
decree.
brother of the President of the Republic, paid an elouqent
tribute to President Wilson’s ability as a professor before
he entered upon his political career, and told of the Presi¬
dent’s part in the war.
In his speech, as reported in the
press dispatches from Paris, he said:
H l
ary
History will recount how, taking inspiration from the American people
thoughts, you reached one glorious day the decision which is
onetof the greatest events recorded In the war and. In your own words,
placed the blood andfall the power of America at the service of the principles
and your own
History will also tell how yon have aought'to
imperishable supremacy of right by means of an association of
peoples which should liberate the world.
as
testimony to
say,
2441
asserted that if the Central Powers had dared to discuss the
purposes of the war for a fortnight it never would have
happened, and he argued that it was for a Leajgue of Nations
to enforce just that kind of
publicity and avert conflicts in
the future.
President Wilson’s address in full follows:
I feel very
keenly the distinguished honor which has been conferred upon
me by the great University of Paris, and
it Is very delightful to me also
to have the honor of being Inducted into the
great company of scholars
whose life and fame have made the
history of the University of Paris a
thing admirable among men of cultivation In all parts of the world.
By what you have said. Sir, of the theory of education which h** been
followed In France and which I have tried to promote in the United
Stated
States, I am tempted to venture upon a favorite theme. I have
always
thought that the chief object of education was to awaken the spirit,
that, inasmuch as a literature whenever it has touched Its great and
higher
notes was an expression of the spirit of
mankind, the best induction into
induction into education was to feel the pulses of
humanity which
beaten
from age to age through the universities of men who had
penetrated to the
secrets of the human
spirit.
And I agree with the intimation which has been
conveyed to-day that the
terrible war through which we have Just passed has not been
only a war
between nations, but that it has been also a war between
systems of culture
—the one system the agrressive
system, using science without conscience,
stripping learning of its moral restrains, and using every faculty of the
human mind to do wrong to the whole race: the other
system reminiscent
of the high traditions of men. reminiscent of all these
struggles, some of
them obscure, but others clearly revealed In
history, of men of indomitable
spirit everywhere struggling toward the right and seeking above all things
else to be free.
The triumph of freedom in this war means that that
spirit shall now
dominate the world.
There is a great wave of moral force moving through
the world, and every man who opposes himself to that wave will
go down
in disgrace.
The task of those who are gathered hoe, or will
presently be gathered
here, to make the settlements of this peace, is greatly simplified by the
fact that they are the masters of no one; they are
the servants of mankind.
And if we do not heed the mandates of mankind we shall make
ourselves the
most conspicuous and deserved failures In the
history of the world.
My conception of the League of Nations is just this—that it shall operate
as the organized moral force of men
throughout the world, and that when¬
ever or wherever wrong and agression are
planned or contemplated, this
searching light of conscience will be turned upon them, and men everywhere
will ask, “What are the purposes that you hold In your heart
against the
fortunes of the world?”
Just« little exposure will settle most questions.
If the Central Powers
had dared to discuss the purposes of this war for a
single fortnight, It never
would have happened; and if, as should be, they were forced to
discuss it
for a year, the war would have been inconceivable.
So I feel that war is. as has been said more than once
to-day, intimately
related with the university spirit.
The university spirit is intolerant of
all the things that put the human mind under restraint.
It is intolerant
of everything that seeks to retard the advancement of
Ideals, the acceptance
of the truth, the purification of life; and
every university man can ally
himself with the forces of the present time with the
feeling that now at last
the spirit of truth, the spirit to which universities have devoted
themselves,
has prevailed and is triumphant.
If there is one point of pride that I venture to
entertain, it is that it ha*
been my private privilege in some measure to
Interpret the university
spirit in the public life of a great nation, and I feel that in honoring me to¬
day in this unusual and conspicuous manner you have first of all honored
the people whom I represent.
The spirit that I try to express I know to
be their spirit and in proportion as I serve them I believe that I
advance
the
cause
I,
as
of freedom.
before, wish to thank
distinction which has in
a
you, Sir, from the bottom of my heart for
singular way crowned my academic career.
a
PEACE CONFEREES MUST POOL EVERYTHING FOR
COMMON IDEALS, SAYS PRESIDENT WILSON.
“If there is anybody who thinks he knows what is in the
mind of all peoples, that man is a fool. We have all got to
put
our
heads together and pool everything
we
have got-
for the benefit of the ideals which are common to all.”
The foregoing, coupled with a plea for “the frankest co¬
operation and most generous understanding” between
England and America, and an expression of confidence that
forthcoming conference would succeed in establishing
a just and reasonable peace, were the salient features of
an
interview given by President Wilson to a correspondent
of the London “Times” and reported as follows in Paris
dispatches, dated Dec. 20:
the
“I am confident that the big council of statesman of the world will be
able to reach a just and reasonable solution of the problems that will be
presented to them and thus earn the gratitude of the world for the most
,
cordial and necessary service which has ever been rendered it,” said Presi¬
dent Wilson in an interview to-day, referring to the approaching peace
conference.
The interview was given to the correspondent of the London “Times."
In it the President is reported to have stated his views on the question of
the freedom of the seas and to have contrasted the evils of the Vienna
Congress with a hopeful outlook for the Versailles Congress.
Lord Northcilffe, editor of the London "Times,” has given the Asso¬
ciated Press
a
copy
of the Interview, from which the following extracts have
been made:
"The Congress of Vienna, the correspondent says President Wilson
told him, was a Congress of ‘bossesthe delegates were concerned
more with their own interests and the classes they represented than the
wishes of their peoples.”
“Versailles,
[Vol.107
THE CHRONICLE
2443
as
President Wilson said,” the interviewer continues, “must
be a meeting place of the servants of the peoples represented by delegates,
and he added: ‘there is no master mind who can settle the problems of
to-day.’
"
*If there is anybody who thinks he knows what is in the mind of all
peoples, that man is a fool. We have all got to put our heads together and
pool everything we have got for the benefit of the ideals which are common
to all.*
“Asked whether he would visit the Grand Fleet,
President Wilson re¬
plied that he was afraid he would not have time, adding that he fully re¬
alized that behind the great armies there was the strong, silent and watch¬
ful support of the British Navy in securing the communications of the Allies.
“He referred also to the very happy comradeship and co-operation be¬
tween the British and American navies.”
The correspondent then adds:
“President Wilson, in discussing the role of the British fleet in the main¬
tenance of what, at any rate during the war, had been the freedom of the
seas for the free people of the world, spoke with a sincerity which no amount
of writing can convey.
His accents convinced me that he is a
the decency and honesty of the Anglo-Saxon race.
He said:
believer In
§»‘“It
is essential for the future peace of the world that there should be the
frankest co-operation and most generous understanding between the two
English-speaking democracies. We comprehend and appreciate, I believe,
the grave problems which the war has brought to the British people and
fully understand the special international questions which arise from the
fact of your peculiar position as an island empire.’”
The correspondent declared that he left the President “with the as¬
surance ringing in my ears that he desired to co-operate with the British
and with all the Allies in securing, with their counsel, a new state of affairs
throughout the world.”
FRENCH PLAN FOR LEAGUE OF NATIONS—LEAGUE
IDEA ENDORSED BY CLEMENCEAU.
In an Associated Press interview at Paris on Dee. 19,
Baron d’Estournelles de Constant gave an outline of the
French plan for bringing about a League of Nations, which
the Baron and Senator Leon Bourgeois, formerly French
Premier, had presented to Premier Clemenceau several days
previously. The Premier, it was said, gave assurances
that the principle of a society of nations would be inscribed
at the head of the French program before the Peace Congress.
Baron d'Estournelles de Constant and M. Bourgeois were
delegates at both Peace Conferences at The Hague and are
the French members of the Permanent International Court
at The Hague.
They said that they had presented their
plan to Premier Clemenceau with some apprehension, as
he had not yet declared himself in favor of a League of
Nations, having been regarded as typifying the fighting
spirit which has gained him the name of “the Tiger.” • They
first handed the Premier
a
in substituting
of our associa¬
then of ail the
declaration of
most essential party in securing the maintenance
of peace.
The Paris dispatch from which the above is taken con¬
as follows:
tinued
Premier Clemenceau was an attentive listener to the details of the plan.
Concerning the principles, of such an organization he said it would be set
down in the program and would go before the Peace Congress at the head
of the subjects to be discussed, but he asked particulars of the details of
the organization of this international society, especially as to whether the
French advocates of it were co-operating with British, American, Italian,
and other organizations to ascertain if the present project was supported
by all nations.
Explaining the detailed plans presented to the Premier, Baron d’Estour¬
nelles de Constant said to the Associated Press:
“The essentials of the plan are:
First, compulsory arbitration without
limitation or exception.
This leaves out the old exception of questions
Involving national honor and dignity. Second, limitation of armaments.
Third, the establishment of a council of administration of the nations for
the formulation of new international administration and international law
procedure. Fourth the application of ‘sanctions’ for making effective the
decisions of the society of nations.
‘Sanctions’ is a diplomatic expression
meaning the various steps for enforcing compliance.
They are fourfold.
“First. Diplomatic sanction.
The society of nations shall break dip¬
lomatic relations with any recalcitrant nation and give his passports to
the Ambassador or Minister representing that nation.
‘‘Second. Juridlcial sanction, whereby the courts of all countries will be
closed to a recalcitrant nation.
It will thus bo practically quarantined and
placed outside the pale of civilized
States.
“Third. Economic sanction, whereby the economic means of all nations
shall be directed against any recalcitrant State.
This economic weapon
of the united nations will be a great power in isolating any offending
nation, cutting off its foodstuffs and raw materials, when it acts in defiance
of the society of nations.
“Fourth. Military Sanction.
This is the last sanction by which the
joint nations would undertake to enforce observance of the decisions of the
society of nations. This military sanction is the most difficult and delicate
of all the questions involved in creating the society of nations.
“There will be different views concerning the military enforcement of
peace.
It is the purpose of our organization to reconcile these differences
as unnecessary, and prefer to rely on the moral force of the united
nations.
Some may wish to give up compulsory military service but
retain the navy.
“These divergent views must be reconciled.
That is the main task which
M. Clemenceau asked us to undertake.
We regard our meeting with the
Premier as highly important in inscribing the principle of a society of
nations at the head of the program.
For that we understand to be in ac¬
cordance with the desires of President Wilson to place the high ideals of
regard this
this United States
against further warfare at the very forefront of the
Peace Congress, and adopt it as the guiding
of many questions before the conference.”
principle in the determination
STEPS TAKEN IN SPAIN TO MEET POST-WAR TRADE
CONDITIONS.
The Department of Commerce has received from ConsulGeneral Carl Bailey Hurst, at Barcelona, Spain, the follow¬
ing advices concerning measures adopted in Spain to meet
after-war conditions:
A committee of Spanish civil engineers requested the Spanish Govern¬
to make an appropriation for a technical, industrial engineering
ment
exposition, in order to prepare
with post-war conditions.
As a consequence the Spanish
Spanish engineers to compete efficiently
Institute of Civil Engineers has now been
accorded the right to convene a Spanish congress of civil engineers in
Madrid in the spring of 1919.
In a circular issued by the Institute it is
stated that the object of the congress will be the organization of Spanish
civil engineers for their mutual benefit and the development of their
resources to enable them to compete efficaciously in large enterprises that
will be undertaken after the war.
A study will be made of Spanish pro¬
duction in its relation to other countries, and the growing exigencies of
domestic consumption, so that if in the future another crisis like that of
the present
itself.
should arise, this country will be in a position to provide for
The congress
will devote its attention to twelve sections, as follows:
transportation.
1. Public works and
2. Naval construction.
3. Mechanics, motors, and machinery.
4. Mines and metallurgy.
5. Physical and chemical
6. Electrotechnics.
industries.
7. Agricultural industries and their derivatives.
8. Forest industries and their derivatives.
9. Application of domestic industries to the needs of the war.
10. Elementary and superior technical instruction.
.
11. Organization of labor, of hygiene, and of social questions.
12. Industrial economy and legislation.
FAILURE
OF
SOCIALIZATION
OF
INDUSTRY
IN
RUSSIA.
Reports of the failure of the socialization of industry in
Russia were contained in the following advices
from Berne on Dec. 23, published in the New
by cablegram
York “Even¬
ing Post:”
Reliable information from Russia brings confirmation of reports that the
socialization of industry there is a complete failure.
Official statistics
show that in almost all the 513 mills and factories controlled by the State,
have considerably exceeded receipts.
During the first four
paid out more than 400,000,000 rubles to
cover these deficits, and has been obliged up to the present to advance
more than 1,000,000,000 rubles to the factories under its control.
Technical experts assert that Russian industry has been crippled for
many years to come by the Bolshevist regime.
expenses
months of 1918 the Government
letter which said in part:
We are convinced that a durable peace can be assured only
for a reign of force that of organized right.
It is the object
tion to aid in the constitution of a society first of part and
nations.
This society should, according to the recent
President Wilson, be a
and secure some workable basis of agreement.
One view is for a small
Internationa] military force, or the nucleus of an International fleet.
Others
ALLIED GOVERNMENTS DECIDE AGAINST FURTHER
INTERVENTION IN RUSSIA.
The Allied Governments have decided against further
intervention in Russia, at least for the present, according to
indications from official circles in Paris reported in Asso¬
ciated Press dispatches dated Dec. 25. Great Britain and
United States, it is represented, while recognizing that
Russia should be assisted in a way to permit her getting
back to normal conditions, point out that military inter¬
vention on a large scale would involve difficulties and dangers
of all kinds.
Important conferences in an effort to find a ground
co-operation between the Allies and the United States
on the one hand and the order-loving, patriotic elements in
Russia on the other were held on Dec. 23 at the Russian
Embassy in Paris. The Entente Governments, the press
for
accounts say, are completely in accord in a decision to
to undertake a vast military expedition into Russia.
refuse
It is
considered the part of Russia herself to get together her
orderly elements, which, when united, it is declared, will find
support and practical help forthcoming from the Allied
nations and the American republic.
Stephen Pichon, French Foreign Minister, explained the
situation at length to the Committee on Foreign Relations of
the Chamber of Deputies on Dec. 24.
He said that the solu¬
tion at present favored was to guarantee moral support to
the Governments which have sprung up at various points
Russian and Siberian territory.
The Russian leaders appear to be as far apart as ever in
their opinions as to what is best to be done. Prince Lvoff
and Vladimir N. Kokovsoff, both former Russian Pre¬
on
miers, have been in]Paris pleading for Allied intervention
Dec. 28 1918.]
on a
who
THE CHRONI CLE
2443
large scale. Alexander Kerensky, on the other hand, made an impassioned
plea for order and moderation. As
previously had favored intervention, is quoted in a reported in special dispatches to the New York “Times,”
London interview as saying that “under the present
po¬
litical circumstances,” the best thing the Allies can do is
to get out of Russia and let the Russians work out their
solution.
own
The
change in Kerensky’s attitude toward in¬
tervention, he indicated, came when he recognized that the
object of the Allies seemed not to be to help democracy, but
to pursue other ends.
Meantime, the Bolshevik forces, following up the retiring
German army, are steadily advancing into the Baltic Prov¬
inces, and at last accounts were reported as nearing Riga.
This movement is declared to be the result of collusion be¬
tween Germany and the
Bolsheviki, according to an appeal
for protect’on sent to the Allied nations and received
by the
State Department at Washington on Dec. 20 from the
Lettish Government through the American
Legation at
Stockholm. The Lett representatives said the German
troops were not remaining to maintain order as the armistice
terms permitted, but
-of the Bolsheviki.
he said:
Scheidemann told the delegates very plainly that if the Soldiers' and
Workmen’s Councils continued in operation unspeakable woe would befkll
Germany, worse even than what had been suffered already. They were
bound to drift into Bolshevism, he said, no matter how little.they desired
it, and they would transform Germany into a second Russia, but worse
than the latter because in Germany there was much more to
destroy.
Even the Spartacides would not wish to imitate
Russia, Scheidemann
said.
He believed they were serious in this attitude, but, no matter how
hard they tried to evade Bolshevism, it was sure to come to them unless
there was a change.
There was but one chance, Scheidemann
declared, to avoid a catastrophe.
The whole nation must be made to stand behind the Government
and
must be made responsible for it.
He was absolutely convinced that the
German people were behind the present Government.
“Have confidence in the people,” he urged, “and
they will return your
trust.
The technical difficulties in connection with the election are small
considering the awful calamity to be avoided by it.
“i know that
some
soldiers will be unable to vote.
Perhaps
we can
after the election for them, but I am sure that If they knew the
reasons for accelerating the election as you
do, they would say, 'Vote.
Don’t wait for us/
arrange
'
“The war and the revolution have prepared for this election. You
delegates from the country must not be influenced by what you see here in
Berlin.
Thank Heaven. Berlin is not Germany.
(Great applause.] If
leaving the country at the mercy
During the German occupation, it the Government remains in
the hands of the Soldiers’ and Workmen’s
seems, the Letts were not allowed to organize their own Councils we shall
have civil war.”
army, police or militia, and the appeal declares that the Ger¬
With regard to the program adopted by- the conference, a
mans in retiring now are
carrying on the movement in such dispatch from Amsterdam dated Dec. 22 said:
a
way
were
that small bands
of Bolshevist troops
advance im¬
mediately behind them along the road, taking hostages,
pillaging the country and levying contributions on the wealth¬
ier people.
The Lettish representatives contend that the
Germans purposely hand over this
territory to the Bolshe¬
viki with a view to having the
people apply to Germany for
help, unless Allied assistance was given.
London advices on Dec. 24 stated that the British Govemment would
lay before President Wilson all information
respecting the Russian situation, which, it
was said, is the cause of considerable
anxiety in London
Dispatches from Archangel point out that the Bolshevik
forces there are well supplied and that
they include good fight¬
ing material. Any serious reverse in northern Russia to the
Allies, who have an enourmous front to guard, would result,
it is said, in the territory being overrun
by the Bolsheviki,
and probably the massacre of those Russians who have been
friendly to the Allies. It has been suggested that more
seasoned troops should be sent to Russia.
Sections of pub¬
lic opinion in London and in France, however, are declared to
be opposed to entering into a further
large venture into
Russia, which might mean the starting of a new war.
it has gathered
NEW PORTUGUESE MINISTRY FORMED.
The Ministry that is to assist Admiral Canto, the new Pres¬
ident of Portugal, in carrying on the Government was an¬
nounced at Lisbon on Dec. 24 as follows:
Premier and Minister of the Interior—Tamagnini Barbosa.
Finance—Reimas.
War—Cortereal.
Marine—Souza Faro.
Justice—Alfonso Mello.
Commerce—Azevedo Reves.
Agriculture—Fernandes Oliveira.
Labor—Forbes Bessa.
The Dusseldorf “Nachrichten” says that the conference
to discuss the new constitution of Germany agreed
upon
held in Berlin
the following
fundamentals:
An elected President to be head of the Government with powers
midway
between those of the President of the United States and the Ring of Eng¬
land.
Parliamentary principles to govern the President in forming a Cabinet
which will be assisted by delegates of the Federal republics to the so-called
Statenhaus, which corresponds to the American Senate.
The Statenhaus, however, must not interfere with the Independence
of the individual Federal republics, which will number fourteen or fifteen.
The participants in the conference included Hugo Preiss, State Secre¬
tary of the Interior; Prof. Peters, Prof. Max Weber of the University of
Heidelberg, and the Austrian Minister Hartman, all well known authorities
on
constitutional law.
GRA D UA TE SCHOOL OF B U SI NESS A DMINISTRA TION,
HARVARD UNIVERSITY—SPECIAL SESSION.
Owing to the fact that numerous students received their
discharge from Government service too late to take advan¬
tage of the regular session, the Graduate School of Business
Administration will conduct a special session from Jan. 27
to Aug. 30 1919, inclusive.
The session will be divided into
two halves, the first to extend from Jan. 27 to May 10 in¬
clusive, and the second from May 12 to Aug. 30, inclusive.
There will be no recess during the special session.
Requirements for admission as regular students and can¬
didates for the M. B. A. degree have been modified in the
following particular. Students who are not holders of the
bachelor’s degree from an approved college or scientific
school will nevertheless be admitted provided they were
entitled to senior rank in
beginning of the academic
an
institution of this kind at the
year
at least six months have been
1918-19, and for a period of
engaged in the military or
naval service of the United States or of one of the countries
associated with the United States, or have been engaged
in civilian war work.
Additional information regarding the special session of
this school will be furnished on request of the Graduate
School of Business Administration, 17 University Hall,
.
-Colonies—Baptists Coelho.
Public Instruction—Alfredo Magalhes.
Food—Acevedo.
On page 2346 of last week’s “Chronicle” we gave an ac¬
count of the assassination on Dec. 14 of Dr. Sidoneo Paes, the
Cambridge, Mass.
former President of Portugal.
ELECTIONS
FOR GERMAN NATIONAL
TO BE HELD JAN. 19.
ASSEMBLY
SPRINGS IN
January 19 has been set as the date for elections to a
National Assembly to determine the future fate of Germany.
The decision was made after a heated session of the delegates
of the Soldiers’ and Workers’ Councils held at Berlin
on
Dec. 19, and in spite of the utmost opposition from the
radical wing, or so-called Independent Socialists. The
Spartacus group which opposes the calling of an election at
this time, did not participate in the conference, but contented
themselves with hurling taunts and insults at the delegates
from the galleries.
► Repeated efforts had been made on previous days to
break up the conference, or to stampede it into action desired
byjthe radicals. Bands of soldiers and workmen claiming
tojjspeak for the workers of various districts forced their
way^into the room where the conference was held and
presented lists of demands, and by noise and confusion
apparently sought to discredit the whole proceedings. On
the final_day Scheidemann,[1 eader’of^the^Majority Socialists,
EXECUTIVE
COUNCIL OF AMERICAN
BANKERS
ASSOCIA TION TO MEET A T WHITE SULPHUR
MAY.
The Executive Council of the American Bankers Asso¬
ciation at its session held in Chicago Sept. 27, referred to
the Administrative Committee full authority and power
to decide oh the time and the place for holding the spring
meeting of the Executive Council. The Administrative
Committee at its meeting in November considered sug¬
gestions from various resorts and cities and finally decided
that if satisfactory arrangements could be made the spring
meeting would go to the Greenbrier, White Sulphur Springs,
W. Va.
General Secretary Farnsworth has just visited
White Sulphur Springs and the management of the Green¬
brier and the White hotels met every requirement as to
desirable hotel accommodations, meeting rooms for the
council and the various committees, &c.
These hotels are
beautifully situated with picturesque surroundings, removed
from business life and will be admirably adapted for meet¬
ing purposes. The dates selected are May 19, 20 and 21
1919.
2444
THE CHRONICLE
ITEMS ABOUT BANKS, TRUST COMPANIES, AC.
No bank stocks were sold at the Stock Exchange this
week, and no sales of bank or trust company stocks were
made at auction.
■■■■'
-♦'
■
[Vol. 107.
We presume a copy of the Hanover’s booklet will be
furnished on application.
The question of increasing the capital of the Public Na¬
tional Bank of this city from $1,000,000 to $1,250,000 will be
City Bank of New York announces the presented to the stockholders for ratification at the ftnnnsl
opening of four new branches in Cuba on Jan. 2. The new meeting on Jan. 14. This is the second increase to be made
in the capital of the bank within a few months. On Sept. 30
branches are: Matanzas, Cardenas, Cienfuegos and Sagua la
the stockholders approved an addition of $250,000 to the
Grande. These four branches with the three announced
capital,
the amount thereby being raised from $750,000 totwo weeks ago for South America bring the number of foreign
banking houses now included in the National City Bank’s $1,000,000.
foreign system up to forty-five. This includes the foreign
In recognition and appreciation of their patriotic service,
branches of the International Banking Corporation, which
the Guaranty Trust Co. of New York announces that it
is directly owned by the City Bank, and whose foreign sys¬
will gladly take back its 508 former employees—more th***
tem is incorporated in one organization with the National
one-quarter of the personnel of the company’s organization—
City Bank's own branches. It is stated that other announce¬ who entered the
various branches of the Government's ser¬
ments of new branches are to be expected in coming weeks,
vice during the war. Many of the Guaranty’s boys partici¬
as a considerable further extension of foreign branches and
pated in the hardest fighting done by the American forces in
foreign agencies is being organized. Mr. Vanderlip is quoted France.
Fourteen of them made the supreme sacrifice for
as saying that the foreign branches and agencies in the City
their country; eleven were wounded; one is missing.
Bank system will reach the number of 100 in the near future.
The National
■
♦
Robert Fulton Crary, formerly in charge of the credit
department, has been elected an Assistant Cashier of the
International Banking Corporation of this city.
The Hanover National Bank of this city issued a letter
to its correspondents under date of Nov. 30 with reference
to the requirement of the Comptroller of the Currency that
national banks, after Jan. 1, report exact figures at each call
on items “Interest earned but not collected” and “Interest
and discount collected but not earned.” The bank calls
attention to the fact that it has “prepared a workable method
of
conducting these accounts,” and passes it along with the
hope that it may assist others in obtaining the figures read¬
ily. The forms gotten up by the bank are conveniently
arranged in a booklet, and indicate how the figures may be
carried forward from day to day with a minimum of labor.
In explanation of the method employed the bank in its letter
says:
“Interest earned, but not collected.”
This account represents the accrued Interest on Interest-bearing notes,
demand loans and various bonds and investments.
The amount accrued
Is figured at the end of each month and charged on the general ledger into
the “Interest accrued*' account.
This account being a debit account, the
offsetting entry is a credit of like amount into “interest earned" account,
the debit account being gradually adjusted by crediting the actual collec¬
tions as made.
Forms “A,” “B” and “C" outline in detail how the figures
carried along.
Form “A" is for use in accruing interest on demand loans.
Form “B” is for use in accruing interest on demand loans, where the in¬
terest is payable quarterly.
On the reverse of Form “B” is shown the rulings for partial payment
are
adjustments.
Form “C“ is for
in accruing interest on bonds, Ac.
(As no doubt
you know, bond interest is figured on a 30-day calendar month basis, or
360 days for the calendar year [the exception being a few cities that sell
short-term revenue warrants in anticipation of taxes, also U. 8. certifi¬
cates, these being sold on an actual day basis 365 days to the year], conse¬
quently, in accruing interest oh securities, have in mind but 30 days to
every calendar month.)
use
"Discount received but not earned."
To inaugurate this account it will be necessary to figure exactly the
amount of unearned discount as of some certain day.
Select a particular
date well ahead, in order to have time to take each discounted note in
the portfolio, and figure what portion of the discount has been earned up
to that day and what part has not been earned.
This latter amount should
be set up in a separate account entitled "discount unearned." The re¬
mainder will represent “discount earned," and should be set up accord¬
ingly. The amount of the discounted notes should then be grouped
according to the rate at which each note was discounted, which win be
readily understood by referring to Form “D."
After the account is set up the discount from each new note put on there¬
after should be credited into the account “discount unearcd," and against
the account should be charged each day's earnings on the entire discount
line, which result, of course, is transferred over into “discount earned."
The total amount upon which the earnings a e figured should be proved
day by day With the general ledger.
When a note is paid before maturity adjustment should be made by
charging “discount unearned” for the interest for the unexpired tirn» and
crediting the same to “discount earned." In case a partial refund is made,
credit to “discount earned" the difference between the refund rate and the
rate of discount.
This is necessary to keep the accounts accurately.
Form “D” explains the following: The discount line is grouped as to
rate, the earnings for the day figured, the amount of the earnings credited
to “discount earned" and charged to the “unearned” account, the maturing
paper for the day at its running rate deducted, the discounted paper for
the day added, the balance struck and brought forward and the total
proved with the general ledger.
"Average rate of discount"
This requirement of the Comptroller will be readily found once the fore¬
going method has been established. Multiply the amount of notes under
discount at each separate rate and divide the result by the total line of
discount.
This will be readily understood by reference to Form “D,"
whereon the notes are grouped under the respective rates.
There will be found appended hereto an interest table showing one day’s
earnings at various rates, which will greatly aid in the daily computations.
Imajiro Kudo has been appointed agent of the New York
office of the Yokohama Specie Bank, Ltd. In this capacity
he will act in association with Mr. R. Ichinomiya and Mr. S.
O to take.
At the special meeting of the stockholders of the New York
Title & Mortgage Co. of this city on Dec. 26 it was voted
unanimously to authorize the officers to proceed with the
organization of the American Trust Co. with a paid-in capital
of $1,000,000 and a paid-in surplus of $200,000. A refer¬
ence to the proposal was made in these columns last week,
The incorporators of the hew company are:
page 2347.
Harry A. Kahler, President of the New York Title & Mortgage Co.
George T. Mortimer, President of the Equitable Office Building Cor¬
poration.
George Zabriskie. of the firm of Zabriskie, Sage, Kerr A Gray.
William E. Harmon, of Wood, Harmon A Co., real estate.
Walter H. Bennett, Vice-President of the American Exchange Na¬
tional Bank.
Edward M. Burghard, Attorney.
Orion H. Cheney, President of the Pacific Bank and formerly New York
State Superintendent of Banks.
Charles J. Obermayer, President of the Greater New York Savings Bank.
Morgan J. O’Brien, of O’Brien, Boardman, Parker, Harper A Fox.
Ex-Senator James A. O’Gorman, of O’Gorman, Battle A Vandiver.
——4
With a view to meeting the requirements for increased
accommodations to keep pace with its expansion, the Bank
of America of this city has purchased the ten-story building
of the London & Liverpool & Globe Insurance Co. at William
and Pine Streets. The building, which is numbered 45-49
William Street and 41 and 43 Pine Street, adjoins the present
building of the Bank of America at the northwest cemer of
William and Wall Streets.
The
new
plot of about 6,600 square feet; it has
a
property covers a
frontage of 68 feet
Pine Street, and through
on
William Street and 38 feet
its
acquisition the bank will own 150 feet frontage
on
on
William
Street, 70 feet on Wall Street and 38 feet on Pine Street.
The newly acquired property is valued at $1,000,000. Con¬
cerning the purchase, William H. Perkins, President of the
bank, said:
We have no plans for the Immediate improvement of the property, but
the purchase will enable the bank at some future date to enlarge its premises
erect, if desired, a large structure at the corner of Wall and William
Streets, with an outlet on Pine Street.
or
•
The Philippine National Bank announces the removal
of the New York Agency to 37 Broadway, this city.
The
institution occupies spacious ground floor offices, with all
the appointments conveniently arranged for the quick
transaction of business and the executive offices are ac¬
cessible to customers and public. The bank’s main office
is in Manila, P. I., and it maintains about fifty branch
offices
throughout the Philippine
Islands.
Charles C.
Robinson, Vice-President, is the American representative
m
charge of the New York office. The Philippine National
rapidly, its resources are now over $116,000,000.
has grown
At the
special meeting of the stockholders of the Bankers
Trust Co. of this city, held yesterday (Dec. 27) mention
of which was made in our issue of Dec. 14, the recommenda¬
tion of the directors, that the capital stock of the institu¬
tion be increased from $11,250,000 to $15,000,000, was
approved.
■
♦
The National Park Bank and the Union Bank of Canada
which have been in close relationship for many years have
Dec. 28
1018.]
THE CHRONICLE
decided to exploit the Oriental banking field
together and
have incorporated a subsidiary corporation for that
pur¬
pose.
Branches will be opened in the near future at Yoko¬
hama, Japan, San Francisco, Cal., and Seattle, Washing¬
ton.
Announcement is made of the appointment by the Union
Bank of Canada of Geo. Wilson, its New York
agent, as
Assistant General Manager of the company, with head¬
quarters at Toronto. The appointment is to take effect
Jan. 1. Mr. Wilson has been in charge of the New York
Agency of the bank since its opening in 1917. The Union
Bank of Canada is an international institution with 310
branches in Canada, two in London and one in New York.
—'
■
William J. Haggerty, President and Treasurer of the
William J. Haggerty Trading Company, and William J.
Snyder, a bookkeeper in the employ of the Liberty Trust
Company of Newark, were arrested on the 10th inst. on a
technical charge of the embezzlement of $500. The
charge
was later changed to
conspiracy to defraud the bank. The
Newark “News” reported that the actual sum involved
was said by Gottlob
Kautzmann, President of the trust
company, to be $51,676.
It was further said to have been
declared that the entire shortage had been made
up in cash
and collateral by the directors. It is learned from the
Newark “News” that “the formal complaint as read in
was that Haggerty and
Snyder ‘did conspire to de¬
fraud and cheat the Liberty Trust Company out of
$51,675.73 by causing false and fictitious credits to be
placed
to the credit of Haggerty in the books of the bank.’ ”
court
—
-
■
The capital of the Fidelity Trust Company of Buffalo
has been doubled, raising the same from $500,000 to $1,000,000. The enlarged capital will become effective on
Jan. 2.
2445
As to the method employed by
the “Courant” of Deo. 12 said:
Chapin in his speculations,
The Phoenix Bank receives the major
part of its deposits In checks, and
withdrawals in currency, its outgo in payrolls being
more than $500,000 a week.
In this situation, the Phoenix has purchased
currency from the other banks in Hartford where Just the reverse situation
existed, and where the deposits were' mostly in currency and the with¬
drawals mostly by checking out the accounts.
In busring these huge amounts of
currency from the other Hartford
banks the Phoenix would give a voucher at the time the
currency was
procured and the voucher would come through the clearing house the next
day the same as a check. This gave Mr. Chapin the
opportunity to pur¬
chase currency in excess of what he needed to meet
the payrolls and to
give the bank’s voucher for it and then in the next day’s accounts
to enter
a credit which would offset the
currency he appropriated to his own use.
His currency dealings were so large that his cash on
hand was not Ques¬
tioned and he could always keep one day ahead of the.
balance sheet fur¬
nished by the bank.
While in the six and a half years that he has been with the Phoenix he
was always granted a two weekB’
vacation, he never took but one week
off at a time. The way he covered his
shortage while away for the week
was to report before he went an amount
of mutiliated money sent to
Washington and he would be back on his job before the returns from
Washington would disclose his stealings.
pays out most of its
■
♦
To commemorate the part
played in the great war by the
employees of the Girard Trust Co. of Philadelphia, a
handsome bronze tablet, on which the names of the forty-six
employees of the company who enlisted in the military and
naval service of the United States are inscribed, has been
placed in the company’s building at Broad and Chestnut
treets.
The tablet, which is the gift of President Effingham
B. Morris, is surmounted by the American
eagle. After
one name—that of Captain
Harry Ingersoll, a former
Vice-President, who lost his life in the service—is placed a
gold star. The name of one woman appears on the roll of
honor, she having enlisted with a hospital unit. At the
base of the tablet are fittingly incribed the immortal words
of Lincoln at Gettysburg: “That this nation under God
shall have a new birth of freedom and that Government
of the people, by the people, for the people shall not
perish
from the earth.”
At a meeting of the directors of the Salt Springs National
Bank of Syracuse, N. Y., on Dec. 24 an extra dividend of
gThe First National Bank of Philadelphia has declared a
1% was declared in addition to the regular 4% semi-annual regular quarterly 2H% dividend and an extra 2% dividend.
The First National Bank of Philadelphia was the first bank in
dividend.
The last legal detail in the taking over of the National
Bank of Syracuse by the Syracuse Trust Company of that
the United States chartered under the National Bank Act
and it has paid to its stockholders since its organization divi¬
dends of $6,650,000.
stockholders of the former institution it was voted to put
the bank into voluntary liquidation. On Monday, Dec.
J. Clark Moore Jr., Franklin A. Smith Jr. and Louis T.
Byers have been elected directors of the Belmont Trust Co.
of Philadelphia, Pa.
city (referred to in these columns in our issue of Nov. 2)
was completed on Dec. 10, when at a special
meeting of the
16,
the enlarged Syracuse Trust Company opened for
business. Flowers sent by friends of the consolidated in¬
stitutions were everywhere in evidence. Arrangements
for the increasing of the capital of the enlarged trust com¬
to $1,500,000 and surplus and undivided profits to
$750,000 will be completed, we understand, by Jan. 2. On
that date a stock dividend of 65% declared by the trust
company and which forms part of the merger plan, is pay¬
able. The officers of the enlarged Syracuse Trust Com¬
pany are: James M. Gilbert, President; E. T. Eshelman,
C. Hamilton Sanford (the former President of the Nationa
Bank of Syracuse), and George L. Tickner (the former
Vice-President of the National Bank of Syracuse), VicePresidents; F. L. Barnes (Cashier of the National Bank
of Syracuse), Secretary; J. H. Wilson, Treasurer; T. J.
Britcher, Assistant Secretary and Assistant Treasurer, anc
H. C. Beatty, Trust Officer. The board of directors of the
Syracuse Trust Company has been enlarged by the ad¬
pany
♦
At a regular meeting of the directors of the National Bank
of the Republic of Chicago on Deo. 10 Watkin W. Kneath
was elected Third Vice-President in charge of the bond de¬
partment of the bank.
—
•
—
An announcement was made on Dec. 11 that four financial
institutions of Springfield, Ill.—the First National Bank,
Sangamon Loan & Trust Co., First Trust & Savings Bank
Springfield, Illinois—were to amal¬
gamate. The resulting institutions will be known as the
First National Bank and the Sangamon Loan & Trust Co.
(the stock of the latter institution being owned by the
stockholders of the First National Bank) and will form one
of the largest organizations in Central Illinois with a combined
capital and surplus of $1,300,000 and deposits aggregating
$9,000,000. The par value of the shares of both institutions
will be the same, namely $130. The officers of the First
dition of the fifteen members of the directorate of the Na¬
National Bank will be Howard K. Weber, President, E. A.
tional Bank of Syracuse, making thirty members in all.
Hall and C. C. Carroll, Vice-Presidents; and James A.
A quarterly dividend of 3% (12% per annum) has been
declared by the new board, payable Jan. 6 to stockholders Easley, Vice-President and Cashier; while those of the
Sangamon Loan & Trust Co. will be E. A. Hall, President;
of record as of Jan. 3.
Howard K. Weber, T. E. Hatch and Latham T. Souther,
Vice-Presidents and A. H. Rankin, Vice-President and
Merrick W. Chapin, Assistant Cashier of the Phoenix
Cashier. The consolidation will go into effect Jan. 1.
National Bank of Hartford, Conn., was arrested on Dec.
and the State Bank of
—♦
11
charged, it is said, with the embezzlement of $44,000 of
the bank’s money. The Hartford “Courant” states that
the defalcation covers a period of six and a half years, since
Chapin went to the Phoenix Bank, according to an admission
made to the Examiner and the bank officials by Chapin
after a cross examination. President Leon P. Broadhurst
is said to have stated that the bank is protected through a
bonding
and its loss will be small.
Before the
consolidation of the American National with the Phoenix
in 1912, the accused was Assistant Cashier of the American,
with which he had been identified for over twenty years.
company
The directors of the State Bank of Chicago on Dec. 18
voted to transfer the sum of $1,000,000 on Dec. 31 from un¬
divided profits account to surplus account, making the bank’s
surplus account $4,000,000.
The capital stock is $1,500,000.
»
An increase of $100,000 in the capital of the Washington
Park National Bank of Chicago, raising the amount from
$100,000 to $200,000, has been approved by the Comptroller
of the Currency.
B&.
*
*
2446
THE CHRONICLE
Edmund D.
Hulbert, President of the Merchants Loan
and Trust Co. of Chicago, has been elected a member of
the Illinois Advisory Board of the National Surety Co.
nounced recently. The interests in the bank held by Col.
Fred Jewell, the President of the institution, James G. Cash,
Vice-President, and Mathew Gleason and Charles C.
Pritchard, Directors, have been taken over by Duncan
The directors of Greenebaum Sons Bank and Trust Co. MacKinnon, Claude Woolman and George S. Gillespie.
of Chicago have declared the regular quarterly dividend of Mr. MacKinnon, who was formerly Superintendent of
2^% and an extra dividend of 5%, making a total of 15% Schools in San Diego, will succeed Col. Jewell as President,
while Mr. Woolman and Mr. Gillespie will become Viceto stockholders during the year.
Presidents of the institution. Alexander Reynolds, Jr.r
»■
f
IV©*. 107.
■■
a
-
M
The directors of the Continental & Commercial Nationa
Bank of Chicago have voted to transfer $4,000,000 from
undivided profits to surplus. This makes the bank's capital
account stand: Share capital, $21,500,000; surplus, $12,-
500,000; undivided profits, $3,757,722.
succeeding M. A. Traylor, who resigns to become President
of the First Trust & Savings Bank of Chicago. G. F.
now
Cashier of the Live Stock Exchange National,
will at the same time become Vice-President, succeeding
Mr. Kiddoo, Mr. Emery in turn being replaced as Cashier
by D. B. Kendall, who advances from the post of Assistant
Cashier. A. W. Axtell, L. L. Hobbs and H. E. Herrick
as
Assistant Cashiers.
♦
—
'
will continue
■■
The directors of the National City Bank of Chicago have
declared the regular quarterly dividend of IH% and an
extra dividend of 2%, a total of 8% for the year 1918.
The surplus of the bank has been increased to $1,000,000,
making it, with the capital of $2,000,000,
institution.
shares of $100 each.
——
S. T. Kiddoo has been chosen President of the Live
Stock Exchange National Bank of Chicago, effective Jan. 1,
Emery,
the Cashier of the United States National Bank and W. A.
Wallow, Assistant Cashier, who have been connected with
the bank since its organization, will continue in their re¬
spective positions. The bank has a capital of $100,000 in
a
♦
The Commercial Bank of Spanish America, Ltd., a sub¬
sidiary of the Anglo South American Bank, Ltd., (head office
London) on Nov. 26 opened a branch in San Francisco in
anticipation of the expansion of that city's trade with Central
and South America which, now that the war is over, is
expected to develop to very large proportions. The new
bank is located in the Merchants’ Exchange Building, in the*
quarters formerly occupied by the San Francisco Stock
Exchange. The fittings are of Pavanozza marble imported
from Italy. The Commercial Bank of Spanish America.
Ltd., has branches and agencies in Bolivia, Colombia,
Ecuador, England, France, Guatemala, Nicaragua, Peru,
Salvador, Venezulla and this city. The activities of the San
Francisco branch, we understand, will consist of operations
in letters of exchange and other transactions incidental tothe facilitation of trade relations between the United States
$3,000,000 and the
Latin American republics.
manager of the new branch.
Watkin W. Kneath, resident member at Chicago of the
firm of Spencer Trask & Co., has been elected Third VicePresident of the National Bank of the Republic, of Chicago,
to take effect Jan. 1. Mr. Kneath will be Manager of the
bond and investment department of the bank.
H. C. Stevens, who has been Cashier of the Standard Trust
& Savings Bank, Chicago, for the last five years, fam resigned
to accept a position as Assistant Cashier of the National
Bank of Commerce, New York. W. C. Castle, Assistant
James H. Vinter is the
The Bank of Italy, San Francisco, has elected as Cashier
W. R. Williams, former Superintendent of Banks for the
State of California. A. Pedrini, previously Cashier, has
been elected Fourth Vice-President and will have charge of
the foreign business in the main bank in San Francisco and
its branches. A committee has been appointed by the direc¬
tors to take steps toward the construction of the new build*
ing at Powell and Eddy streets.
That
the
Canadian Bank of Commerce (head office
Toronto) is enjoying steady growth is indicated by the
»
following statement of the results for the fiscal year ending
Nov. 30 1918, as compared with the year preceding:
Application has been made to the Comptroller of the Cur¬
1018.
Increase.
1017.
Gain.
rency for a charter for the National Bank of Wisconsin at Notes In circulation
823.005.244 $31,583,604 $7,588,450 31.6%
Madison, with a capital of $300,000. The institution will Deposits
276.425.654 353.158316 76.733.161 27.7%
54.652,247 61,071,163 7318,016 13.4%
Specie and Dominion notes
represent a conversion of the Bank of Wisconsin.
Cashier, has been elected Cashier of the Standard and
Walter J. Kuhn has been elected Assistant Cashier.
■
■■
Application has been made to the Comptroller of the Cur¬
Bank
rency for a charter for the Webster County National
of Fort Dodge, Iowa, with a capital of $250,000.
At the meeting of the directors of the Mississippi Valley
Trust Co. of St. Louis on Dec. 17 Paul Bakeyrell Jr. was
elected Assistant Counsel of the company. Mr. Bakewell
has been in Government service since the United States
entered the war, first as Assistant Director of the Enemy
Trade Bureau in the War Trade Board* later as acting
Director in charge of that bureau, and more recently as an
attache of the corporation department of the Alien Property
Custodian’s Office. He was born in St. Louis and took his
167.336,042 203.018.081 35.682,030 213%
Total quick assets
Commercial loans
Total assets
Net profits
...164368,158 217,280.035 52.621.777 31.0%
344.375.232 440.310.703 05.035.470 27.8%
2,637,555
2350.318
212.762 30%
Percentage of profits to total assets, 0.64%.
Percentage of quick asset*to liabilities to the public, 40.7%.
The Standard Bank of Canada, (head office Toronto),
has declared a dividend for the current quarter ending
Jan. 31 1919 of 3)4%, being at the rate of 13% per annum
the paid-up stock of the bank, and which will bo
payable on and after the 1st day of February 1919 to share¬
upon
holders of record
as
of Jan. 23 next.
—♦
Stanley Edward Elkin of St. John, N. B., has been ap¬
pointed a director of the Union Bank of Canada (head office
college degree at St. Louis University, later studying law Winnipeg). Mr. Elkin is President of the Maritime Nail
there and at Washington University.
He entered the prac¬ Co., Ltd., President of the Motor Car & Equipment Co.,
tice of law in 1910 and was actively engaged in it until he Ltd., and is connected with numerous other enterprises in
entered Government service.
New Brunswick.
♦
The annual report of the Banque d’Hochelaga (head office
Montreal) for the fiscal year ending Nov. 30 makes a grati¬
6% quarterly dividend, payable on Jan. 2 1919 to stock¬ fying showing. The report shows total assets of $56,985,995
holders as of record Dec. 31 1918. The directors also voted as against $51,429,047 for the same period last year, while
a Christmas bonus of one month’s salary to all employees
liquid assets total $28,185,562 as compared with $22,584,429
of the bank who have been with the institution four months for 1917. Profits for the year are given at $595,187, or at
or more.
Those who have been with the institution less than the rate of 14.9% on paid-up capital before providing for
four months will receive a Christmas bonus amounting to war tax on circulation. After adding to profits the balance
one-half a month’s salary. A special bonus was also voted of $45,021 brought forward from last year, the report showsto all employees who have been in the service of the Govern¬ that $640,209 was available for distribution.
Of this sum
ment; this will be paid to them as they return from the $360,000 was appropriated for dividends, $20,000 for pen¬
sion fund, $40,000 for war tax, $50,000 was written off bank
service.
The directors of the Hibernia Bank & Trust Co. of New
Orleans at their meeting on Dec. 18 declared the regular
♦
Several changes in the ownership and management of the
United States National Bank of San Diego, Cal., were an¬
premises, $7,250 was contributed to various patriotic funds
and $100,000 placed to the credit of the reserve fund, leaving:
a balance of $62,959 to be carried forward to 1919 account.
Dec. 28
1918.]
THE CHRONICLE
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
Nov. 30 are set oat in the following. The
figures are taken
entirely from the daily statement of the U. 8. Treasury for
Nov. 30.
^.
TttU of Loan—
Panama Canal Loan:
2s, Series 1906
Q-F.
2s, Series 1908
Q-F.
3s. Series 1911
Q-M.
3s, Conversion bonds..Q-J.
3s, 1-yr. Treas. Notes.Q-J.
2,542.264,262 55
Total
2,542,264,262 55
Nets.—Reserved against $346,681X116 of U. 8. notes and $1,809,257 of
Treasury
of
notes
1890 outstanding. Treasury notes are also secured by
stiver dollars In
Postal Savings bonds:
2Hs, 1st to 13th ser.J-J
2Hs, 14th ser
J-J.
e 4s, War Savings and
Thrift Stamps. .Mat’y.
Total
tbo
Treasury.
SILVER DOLLARS.
Silver dollars
331,757,338
LiabtUttes—
00 Silver eertfs. outstand’g
Treasury notes of 1890
outstanding
Available sliver dollars
in general fund
Total
331,757,338 00
Total
$
294,416,344 00
1,809,257 00
35,531.737 00
331,757,338 00
Liabilities—
161,719,080 22 Treasurer's checks out¬
standing
35,531,737 00 Deposits of Government
above)
United States note*
Federal Reserve notes..
Fed. Res. bulk notes
National bank notes...
Cert, checks on banks..
Subsidiary silver oolns..
8,894,558 00
32,669,081 00
1,462,368 00
19,638,904 56
23,053 63
3,488,476 50
682,170 76
Minor ooin
Silver bullion
15,324,085 98
Unclassified
(unsorted
currency, Ac.)
Deposits In Fed’l Land
banks..
t Deposits in Federal Re*
serve
banks
Deposits In Special De¬
positaries account of
sales of Liberty bonds
and certificates of intndebtedness
Deposits In Foreign De¬
positaries:
To credit of Treasurer
United States
Deposits In oat. banks:
offloers:
Post Offloe Dept
Board
of Trustees,
Postal Savings Sys¬
tem (5% reserve)..
Comptroller of the
Currency, agent for
creditors of Insol¬
vent banks
3,095,018 31
Postmasters, clerks of
oourts, Ao
980.000 00 Deposits for:
Redemption of Fed¬
eral Reserve notes
422,957,083 53
(5% fund)
Redemption of Fed’l
Reserve bank notes
(5% fund)
748,481,000 00
Redemption of na¬
tional
171,684,310 23
To credit of Treaa.U S
To credit of otherGovernment offloers
Deposits in Philippine
46,568.697 86
6,185,465 21
bank
1908
31.258,686 35
7,674,548 43
1,152,642 35
34,297,331 99
3,899,780 00
25,363,158 82
1,689,877,253 12
275.160.485 99
Total
.1,689,877,253 12
•The amount to the credit of disbursing offloers and agencies
to-day was
which obligations of foreign Governments are
held by the United States amount to $220,790,000.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Tqpasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obliga¬
tions to-day was $40,561,757.
t The available cash in Federal Reserve banks, in accordance with telegraphic
reports received, was $207,142,000.
The difference Is due to net disbursements In
transit and In process of examination.
$1,926,258,750 12. Book credits for
FINANCIAL STATEMENT OF U. S. JUNE 30 1918.
(Formerly Issued as "Statement of the Public Debt”)
The following statements of the public debt and Treasury
cash holdings of the United States are as officially issued
as
.CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Balance held by Treas¬
Settlement
warrants,
urer of U. S. as per
matured Interest ob¬
daily Treasury state¬
ligations, and checks
ceipts over disburse¬
The unpaid Interest due on
reports have not been received.
a
300,166.197 76
current
Liberty Loans Is estimated In
1,319,347,364 14
$1,684,929,580 21
cases where
complete
PUBLIC DEBT.
DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
$346,681,016 00
152,979,025 63
reserve
Obligations that will be retired
on
$193,701,990 37
presentation:
Old demand notes
National bank notes and Federal Reserve bank notes assumed by
the United States on deposit of lawful money for their retirement
Fractional currency
Total
53,012 60
36,903,592 00
6,845,137 82
$237,503,732 69
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation.)
Funded loan of 1891, continued at 2 %, called for redemption May 18
1900; Interest ceased Aug. 18 1900
Funded loan of 1891, matured Sept. 2 1891
Loan of 1904, matured Feb. 2 1904
Funded loan of 1907. matured July 2 1907
Refunding certificates, matured July 1 1907
Old debt matured at various dates prior to Jan. 1 1861, and other
items of debt matured at various dates subsequent to Jan. 11861.
Certificates of Indebtedness, at various Interest rates, matured
Total
$10,924,281,355 23
up from the daily Government state¬
ments, shows the currency holdings of the Treasury at the
beginning of business
Holdings in
Sub-Treasuries.
Net gold coin and bullion.
Net silver coin and bullion
Net United States notes..
Net national bank notes..
Net Fed. Reserve notes..
Net Fed. Res. bank notes
Net subsidiary silver
on
the first of September, October,
Sept. 1 1918. OOt. 1 1918.
8
Nos. 1 1918. Dee.
$
1 1918.
3
277.628,415
44306.482
8.271.404
20,989.885
38.370.746
224,605
6,991,787
4.694,951
303,339,350
Minor ooin, Ao
261.241360
52.245.028
6.286.424
22,824.090
34,502,755
247,635
10.592.279
9.642,544
Total oaah In Sub-Treas
Less gold reserve fund...
397,582.015
152,979,026
400,378,275
152,979,026
420.734,025 •435,507,561
152,979.026
152,979,026
Cash balanoe In Sub-Treas
Dep. in special depos’ries:
Account certs, of Indebt
244,602.989
247,399,249
267,754,999
782,584,000
606,976,000 1.678.762,000
748,481.000
213,242,751
830,000
260,914,615
830.000
23,514,063
830.000
422,957.083
980.000
41,720.401
6.082,558
45.924.083
7355.632
45.617,137
7.544,520
46,568,698
6,185.465
47,802,959
8.257,410
227,375
53,779.615
9,372.293
1,267,837
53,161,657
8,863.603
71,933,792
52.754,163
10.492,162
171.684,310
Net cash in banks, SubTreasuries
1.297,547,484 1,180,539,609 2.104,820,114
Deduot current liabilities.
214.942.284
230,181,730 259,080,122
1,689377,253
48,326,073
7.493.225
20,040,397
32,590,498
1,010,839
3.874.531
4,059,112
Liberty Loan deposits.
Cash
Cash
Cash
To
To
in Fed. Res. banks
in Fed. Land banks
in national banks:
credit Treas. U. 8..
oredlt disb. offloers.
Total
Cash in Philippine Tsl’ds
Dep’s. In Foreign Depts.
314.698.106
50.855.823
8,894,558
19,638,905
32,669.081
1,462.368
3,488.477
3.800,243
282,628.535
276,160.486
950,357,879 1,845.739.992 1,414,716,76
THE ENGLISH GOLD AND
$4,000
20,850
13,050
487,900
112200
00
00
00
00
00
900,550 26
18,805,000 00
$20,242,550 26
SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 5 1918:
GOLD.
The Bank of England gold reserve against its note issue shows an Increase
of £169,330 as compared with last week’s return.
The output in West Africa fell off substantially in October last as a
result of the prevalence of Influenza in that colony.
The West African
Chamber of Mines gives the total as £61,461, which compares with £115,152
in
United States notes
Less gold reserve
Net debt
•Includes Dec. 1, $15,324,085 98 silver bullion and $3,800,242 70 minor coin,
Ac., not Included in statement “Stock of Money."
officers’
$1,684,929,580 21
•
TREASURY CURRENCY HOLDINGS.—The following
28,809,673 52
checks
99,922,728 74 Balance free of
obligations
Excess of notes over
$12,243,628,719 37
compilation, made
$36,606,344 79
a
11,985,882.436
The amount of $5,624,434,750 has been expended to above date in this and the
preceding fiscal year from the proceeds of sales of bonds authorised by law for pur¬
chase of the obligations of Foreign Governments.
When payments are received
from Foreign Governments on account of the principal of their
obligations, they must
be applied to the reduction of the interest-bearing debt of the United States.
Matured Interest ob¬
ligations
Disbursing
ments In June reports
subsequently re-
celved
outstanding:
Treasury warrants..
349.797397
-
•
of June 30 1918.
for June 29
1918
$1,585,006,851 47
Add—Net excess of re¬
10.758.560
302,140
4352,769,265
Available cash balanoe. 1,082.605.200
ment
743,020
26,360
November and December 1918:
1,414,716.767 13
Total
10.015.540
275,780
28394.500
19,150,000
1.706304.500
1,988,791,294
3,746.813316
3328,109.638
151,841,647 20
6,295,037 52
5.197.124 81
10.758.560
302.140
48,954,180
25.947,400
50,000,000
RECAPITULATION.
17,487,411 68
•Net balance
48.944.040
10.140
25,805,520
141,880
42,962,800 7,037300
6350,000 22,644,500
2,874,000 16376,000
GROSS DEBT.
NET DEBT
Debt bearing no Int..
$237,503,732 69 Gross debt (opposite) $12,243,628,719 37
Debt on which InDeduct—Balance free
»
tercet has ceased
of currant obliga’ns
20,242,550 26
1,319.347,364 14
Intercet-bearing debt. 11,985,882 436 42
curren¬
...
$
599.724,050
63,945,460
118.489300
Excludes matured series.
b These amounts represent receipts of the Treasurer of the United
States on aocount of principal of bonds of the first, Second and Third
Liberty Loans, respec¬
tively, to June 30.
c The average issue price of War SavlngB
Stamps for the year 1918 with Interest
at 4% per annum compounded quarterly for the
average period to maturity will
amount to $5 on Jan. 1 1923.
Thrift Stamps do not bear Interest.
d This amount represents receipts of the Treasurer of the United States on account
of proceeds of sales of War Savings Certificate Stamps and U. S. Thrift
Stamps.
487.995 00
Exchanges of
cy, coin, Ac
$
Aggregate of int.-bear. debt 12,701,132,104
Gross debt
treasury
To credit Treas. U. 8.
To credit other Gov¬
ernment officers
54,631,980
30,000,000
50,000,000
28,894,500
a27,362,000
Var. Ctfs. of Indebt. Mat'y o2,098,699.500
Var. 1st L. L. of 1917.. J-D .51,989,447,294
4A4J4s2d L. L. of’17.M-N 53.807363.516
4Jis 3d liberty Loan.M-S.53,243,045,138
1,697,284 17
notes
(5% fund)
Retirement of addi¬
tional circulating
notes. Act May 3M
$
646.250.150 597,728,350 1,995,700
198,792,660 48,817.980 15.127,480
162,315,400 103383,950 15305,950
a
GENERAL FUND.
Audi—
Avail, gold (see above).
Avail, silver dollars (see
3
28, Consols of 1930
Q-J.
3s. Loan of 1908-1918.Q-F.
4s, Loan of 1925
Q-F.
CURRENT ASSETS AND LIABILITIES.
GOLD.
lAabUUies—
$
774.400.345 85 Gold eertft. outstand’g. 902,086.954 00
1.767.863.916 70 Qokl settlement fond.
«
Fed. Reserve Board.. 1,325,479.202 70
Gold reserve
152,979,025 63
Avail, gold in gen’l fund 161,719,080 22
Gold Win
Gold bullion
'
_.
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Outstanding Tne 80 1918
Int.
Amount
Payable.
Issued.
Registered.
Coupon.
Total.
September 1918 and £126,295 In October 1917.
CURRENCY.
The figures in the Bank of England weekly returns during.the war
relating to the holding of gold and silver coin in the Banking Department
have revealed the strength of the demand for silver currency.
The return
Aug. 5 1914 gave the total as £1,580,999.
The successive return
showed only £772,414; apparently the gold portion had passed into the
Issue Department or into circulation.
From this date the total (now alto¬
on
almost entirely composed of silver) decreased until £430.251 was
Dec. 16 1914.
Assisted by an accession of newly minted
silver coin, the total rose to £1,555,948 on March 24 1915.
From this
date a gradual fall ensued until the minimum figures during the war period,
namely, £134,552, were reached on Dec. 15 1915.
From this date there
set in a sharp increase, which carried the total to over a million sterling on
April 5 1916, and to £2,091.693 on July 12 1916. The increase, however,
was not maintained, but, after the reaction had spent itself, a fresh upward
movement carried the total to the war maximum, namely, £2,667,738 on
July 11 1917. During succeeding months, unrest In Ireland leading to
hoarding became largely responsible for a shortage of coin, which caused
a shrinkage to £575.769 In the return of May 29 1918; since then no move¬
ments of much consequence have taken place.
gether
or
recorded
on
SILVER.
taken place In the tone of the market, which does not
display animation, nor is it expected to do so until licenses for export are
freely granted. The Shanghai exchange has slightly hardened.
No change ham
INDIAN CURRENCY RETURNS.
Nov. 15. Nov. 22.
(In Laos of Rupees)—
Notes in circulation
138,67
138,76
32.20
32,11
Reserve in silver coin and bullion
(within and without India.)
20,44
20,44
Gold coin and bullion in India
12
12
Gold coin and bullion out of India
Nov. 30.
140,76
34.10
.....
—
Highest price for cash..
Lowest price for cash
Average price for cash
12
—49Hd.
48 Md.
49.009d.
...
....
...
...
Quotations for bar silver per ounce standard:
cash.48Md.IDec. 5
48Md. Average
Nov. 29
“
30
Dec. 2
3
5%
l
oz.
standard..77s. 9a.
No quotation fixed for forward delivery.
The quotation to-day for cash delivery Is the same as
that fixed a week
ago.
ENGLISH FINANCIAL MARKETS—PER CABLE.
daily closing quotations for securities, <fcc., at London,
reported by cable, have been as follows the past week:
The
London,
Week ending Dec. 27.
Silver, per oz
d.
Consols, 2 M per cents.
British, 5 per cents
British,
P«r cents
French Rentes (in Paris) ..fr
French War Loan(inParis) fr.
Dec. 21. Dec. 23. DCt. 24. Dec. 25. Dec. 26. Dec. 27.
Mon.
Thurs.
Sat.
Tuts.
Wed.
Fri.
48 7-16
Holiday
Holiday
Holiday
48 7-16
69M
94M
99 M
48 7-16
59M
94H
99M
Holiday Holiday Holiday
Holiday Holiday Holiday
Holiday Holiday Holiday
Hoiid ay Holiday Holida
Holiday 61.55
Holiday 88.25
price of silver in New York on the same days has been:
The
Silver in N. Y., per
101M
101H
oz_.cts.101M
Holiday 101H
101H
Wheat.
Flour.
Receipts
Com.
BaricV.
Oats.
Bye.
bDU.imbt. bush. 60 lbs M>ush. 56 lbs .bush. 32 lbs .bush.A&be .bush.mbs.
Chicago
Minneapolis
1,445,000
4.420.000
3,901,000
455,000
29,000
243,000
.
Duluth
Milwaukee
Toledo
Detroit
;
St. Louis
Peoria
Kansas City.
Omaha
13,000
..
Indianapolis
cash.48Md.
48. 75d.
48Md. Bank rate
48Md. Bar gold per
48 Md.
-
brought from page 2490.—The
prepared by ns from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Breadstuff* figures
statements below are
20,46
The stock in Shanghai on the 30th ult. consisted of about 20,600,000
ounces in sycee and 11,300,000 dollars, as compared with about 20,900,000
ounces in sycee and 11,300,000 dollars on the 28th of November.
Statistics for the month of November are appended:
as
IVol. 107
THE CHRONICLE
2448
14.000
1,000
65,000
74,000
402,000
14,000
834,000
973,000
18,000
_
396,000 12,555,000
3,950,000
324,000
Total wk. ’18
Same wk. ’17
Same wk. '16
4.125,000
260,000
Since Aug.l1918
1917
1916
.
Baltimore
N’port News.
New Orleans*
Galveston
Boston
...
7,902,000 24271,000 1,361,000
542,000
4,972,000 2,290,000
475,000
2,780,000 1,172,000
4.242,000
4,355,000
3,988,000
Week 1917...
Since Jan.1'17
the seaboard ports for
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Busfuls.
Bushels.
1,132,000
1,695,000
1,833,000
94,000
9,000
43,000
1,030,000
186,000
144,000
514,000
55,000
63,000
1,000
160,000
48,000
33,000
175,000
413,000
3,000
2,000
346,000
393,000
236,000
418,000
152,000
1,992,000
5,504,000
97,497,000 20,029,000 100,031,000 9,917,000 7,880,000
Total wk. ’18 1,146,000
Since Jan. 1'18 18,607,000
*
6.000
16.000
2.000
Flour.
536,000
60,000
81,000
18,000
136,000
206,000
109,000
New York
on
21,000
4,000
55,000
378,000
7,331,000 304,619,000 93,133,000 157,047,000 34,378,000 20,590,000
6,890,000 117,812,000 55,898,000157,200,000 47,944.00014,641,000
7.896J000*213,998,000< 82,028,000*147,909,000(54,552,000114,992,000
Receipts at—
Commercial audmisccltaneons Items
129,000
958,000
135,000
115,000
108,000
1,689,000
156,000
98.000
464,000
131,000
81,600
460,000
241,000
256,000
34,000
44,000
314,000
489,000
500,000
634,000
411,000
Total receipts of flour and grain at
the week ended Dec. 21 1918 follow:
Philadelphia
649.0001
1,166,000 1,164,000
3,308,000
1,355,000
205,000
131,000
340.000
183,000
1,065,000
1,531,000
431,000
21,498,0001 202,727,000 49,294,000 134,242,000 17,181,000 14,401,000
Receipts do hot include grain passing
through bills of lading.
through New Orleans for foreign ports
The exports from the several seaboard ports for the week
g GOVERNMENT REVENUE AND EXPENDITURES. ending Dec. 21 are shown in the annexed statement:
> i
gh the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Oats.
Barley, Peas.
Flour.
Corn.
Rye.
Wheat.
Exports from—
Government receipts and disbursements for November 1918
Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
Bushels.
and 1917 and for the five months of the fiscal years 1918-19
New York
516,994 266.674 114,859 27,744
288,610
846,039
andjl917-18.
80,000
Ronton
4,000
435,000
—
•
Nov. 1918.
•
Receipts.
Ordinary—
Customs
Internal Revenue:
Income A exc. prof, tax
Miscellaneous
Miscellaneous revenue...
623,557,014
471,760,774
243,548,324
32,462,251
267,939,069
89,784,849
139,368,569 1,405,635,787
462,678,279
2,953,058
1,804,319
12,683,861
28,820,185
6,720,898
310,259,844
Panama
6 Mos. 1917
t
11,935,389
99,743,395
169,112,403
Total
*5 Mo*. 1918.
$
66,769,675
Nov. 1917.
81,536,703
39,175,579
$
72,492,110
Canal—
Tolls, A0
734,419
-
Public Debt—
First Liberty Loan bonds
Second Liberty Loan bds.
40
Third Liberty Loan bonds
26,862
Fourth Liberty Loan bds.3,142,442,014
Certlfs. of indebtedness.. 973.510,500
Warsav. A thrift stamps.
73,689,846
Postal Savings bonds
Deposits for purchase
One-Year Treas.
122.208
Notes
(See. 18, Fed. Res.Act,
and Deo.
...
349.000
944.000
12382,247
1,670,992
3.012.828.12914.397.363.546 6,452,987,170
1,680,831,833
Int. on public debt paid..
74.219.171
510,954,079 6,731,412,403 1,798,399,263
1.997,956 157,451,230
11,348.469
1,655,051,004
612,952,035 6,888,863,633 1,809,747,732
&o.)
Special—
Canal: Checks
paid (lees balances re¬
paid, Ac.)
Purchase of obligations of >.
foreign Governments. _
Purchase of Federal Farm
Loan bonds:
Principal
Aocrued interest
Panama
Total
1,200,022
1,248,607
278,949,698
5,836,073
7,719,574
471.929,750 1,672,934,698 2,279,129,750
3,600,000
37,329
280,198,305
473,129,772 1,682,308,100 2,286,849,324
Act,
Res.
approved
Dec. 23 1913)
Nat. bank notes A Fed.
Res. Bank notes retired
(Acts of July 14 1890
and Dee. 23 1913)
7,000
9.849.000
Week
Dec. 21
Wmt
Since
Barrels.
893.751
1,473,238
Week
Dec. 21
Bushels.
Bushels.
Bushels.
Bushels.
1.591,499
1,011,584
23,767,629
3,296,442
4,958,597
Since
July 1
32,231,654
16.125
35,024
\
—
253
44,505
—
55,999,283
39,430,646
2,561,624 8,255,039
2,775,761 2.016,485
349,610
155.584
Total
Total 1917
July 1
Since
Week
Dec. 21
24,372
125,758
4,000
Turlies
Com.
Wheat.
July 1
Barrels.
United Kingdom. 167,344
Continent
1774266
So. A Cent.Amer.
1,000
258",536
2.656,485
7,544.275
The world’s shipments of wheat and corn for the week
ending Deo. 21 1918 and since July 1 1918 and 1917 are
shown in the following:
1,839,247
2.273.270
9,195,522
Week
Dec. 21.
total receipts
over total disbursem'ts
Excess of total disburse¬
ments over total receipts 431,023,225
Excess of
699,900,209
806,602,482
.
170,290,084
Reoeipts and disbursements for June reaching the Treasury
in July are included.
Since
July 1.
Week
Dec. 21.
Since
Since
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 10,981,000 135,277,000 145,327,000
Russia
Danube
....
Argentina
1,197.666 56.125.666
Total
5.928.000 13,265,000
7,62b",666 ‘318" 666 15,374,666
670,000 18,836,000 24,918,000
9,588,000
5,623,000
72,666 1,806,000 1,149,000
12,920,000 217,667,000 188,602,000
118,000
1.861.000
9,995,666
1.964,666
436,000 23,163,000 25,164,000
Revised.
The quantity
mentioned was
of wheat and com afloat for Europe on dates
as
follows:
Corn.
Wheat.
11,377,133
5,753,086.961
Since
July 1.
01917.
1918.
U1917.
1918.
9.849.000
2,997,381,442 1,220,143,840 5,996,481,897 1,656,489,905
Com.
Wheat.
Exports.
United
Kingdom.
Grand total dlsbursem’ts.4,932,630,751 2.206.225,64814.567.653.630
and Since
July 1 to—
a
One-year Treas. notes re¬
deemed (Sec. 18, Fed.
*
for the weekend since
below:
Flour.
Exports for Week,
Otb.countr’s
interest-bearing
A certlfs. retired.2,995,108,172 1,218,297,593 5,977,437.375 1,635,263,772
Total
as
27,744
4,524
349,610 1,768,994 266.674 114,859
258,536 155,584 1,985.026 775,331 169,993
8,255,039
2,016,485
The destination of these exports
Australia
Public Debt—
notes,
Total week
Week 1917...
4,190,613,262 2,873,337,35212,988,774,670 5,988,504,572
Disbursements.
Ordinary—
Checks and warrants paid
(less balances repaid,
Bonds,
Clftlveston
.
Grand total recelpts.4,501,607,525
Total
2,721,000
792,000
Port Arthur, Tex..
150,000
Mew Orleans
Brit. No .Am .Cola.
Other Countries.
231913)
Total
9,849,000
....
19,000
18,000
5,000 1,153,000
Newport News
1,070,899
2,527,713,453
of
approved Dec. 231913)
Deposits for retirement of
national bank notes A
Fed. Res. Bank notes
(Acta of July 14*1890
R»lt.lmnr«
July 1 1918 is
2,664,306 514,438,879
525 2,691,333,901
933,322,556
5,439,191,218
344,204,000 5.999,665,000 2,770,493,000
600,850,668*
198,180
718,800
34,000
1,808,000
1,503,000
Philadelphia
Bushels.
Dee.
Dee.
Dec.
Dec.
21 1918—
14 191822 1917..
23 1916—
Untied
Continent.
Total.
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Not avail able
Not avail able
Not
The visible
available
41,528.000
supply of grain, comprising the stocks
at principal points of accumulation
seaboard ports Dec. 21 1918 was as follows:
granary
21,829,000
in
at lake and
Dec. 28
1918.]
...
Baltimore
Newport News
Wheat.
bush.
2,813.000
459.000
893,000
1,344,000
4,205,000
1,789,000
7,976,000
Galveston
Buffalo..
afloat
22,781,000
1,491.000
69,000
13,129,000
2,356,000
11,756,000
22,110,000
2,541,000
.13,583,000
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louie
Kansas City
Peoria
Indianapolis-
298,000
Omaha
4,220,000
Total
Total
Total
Total
Dec.
Dec.
Deo.
Dee.
Corn.
btuh.
Oats.
bush.
93,000
38,000
71,000
...
New Orleans
“
CHRONICLE
GRAIN STOCKS.
r
United State*—
Near York
Boston
Philadelphia
THE;
80,000
5,000
*
r
Rye.
bush.
Barley.
1.699,000' 973,000
670.000
■
bush.
17,000
2.000
613,000 - 479,000
759.000 1,129,000 N
77,000 >
626,000 *■
21,000
3,000
...
*
1,698,000 2,442,000
720,000
11,638,000 3,058,000
750,000
25,000
728.000
55,000
3,000
95,000
213.000
60,000
620,000 6,265,000 1,072.000 1,554,000
84,000 1,023,000
632,000 1,456,000
316,000
523,000
712,000
69,000 1,072,000 2,657,000 1,455,000
156,000
229,000
52,000
63,000
185,000 2,053,000
133,000
90,000
282,000
462,000
250,000
22,000
390,000 1,295,000
130,000
161,000
2,554,000 30,753,00013,419,000 7,558,000
2,477,000 28,732,00012,659,000 6,983,000
2,741,000 16,646,000 2,819,000 3,643,000
4,970,000 50,404,000 2,378,000 4,130,000
Note.—Bonded grain not Included above:
3,000, against 195,000 bushels In 1917; and Oats, Duluth, 3,000 bushels; total,
barley, Duluth, 77,000 bushels; total,
77,000, against 158,000 In 1917.
5,319,000
Total Dec. 211918
Total Dec. 14 1918
Total Dec. 22 1917
Total Dec. 23 1916
•
3,000
.11,752,000
28,819,000
24,071,000
18,783,000
27,688.000
203,000 3,988,000
211,000 3,800.000
12,000 5,716,000
11,000 20,207,000
3,000
3,000
21,000
2,000
Summary—
American
Canadian
Total
Total
Total
Total
Dec.
Dec.
Dec.
Dee.
21 1918
14 1918
22 1917
23 1916
203,000
-894,000
2,682,000
412,000
Arthur..11,748,000
442,000
*
442,000
434,000
73,000
125,000
113,813,000
28,819.000
2,554.000 30,753.00013.419,000 7,558,000
203,000 3,988,000
3,000
442,000
142,632,000
135,326,000
41,004,000
89,723,000
2,757,000
2.688,000
2,763,000
4,981,000
34,741,00013,422,000 8,000,000
32,532,00012,662,000 7,417,000
at auction in New
York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
no
par..
$2)£-$3% per sh.
Chalmers Motor Corp.,
pref
20-20H
600 United Gas A Electric
Corp.
(Conn.) second pref
2
151 International Alcohol
Corp.,
1216 2-3
com., no par
277 Le Brun Corp
5
25
Total...
Cooper Realty Co., com
Loveman, Joseph A Loeb Co.
Original organizations:
373
International Motor Truck
Corp.. 1st pref
40
514 Butterworth Judson, com...
19H
300 Chalmers Motor Co., com...
2X
66 Chalmers Motor Co., pref— 20
$430,000
Juan, Texas
CHARTERS EXTENDED.
The Perkiomen National Bank of East Greenville.
Pennsylvania.
Charter extended until close of business
Dec. 21 1938.
VOLUNTARY
Canadian Bank Clearings.—The
clearings for the week
at Canadian cities, in comparison with the
same week in 1917, show an
increase in the aggregate of
ending Dec. 19
47.6%.:
Week ending December 19.
Clearings
Canada—
Montreal
Toronto
1917.
8
$
138,706,888
76,129,013
68,430,000
12,312,836
7,378,182
2,001,892
3,868.404
9,704,413
Winnipeg
Vancouver
Calgary
Ottawa
Hamilton
Quebec
Saskatoon
Regina
St. John
Halifax,
Moose Jaw.....
London
Fort William....
Brandon
....
...
Lethbridge
Brantford
New Westminster
Medicine Hat...
Peterborough
Sherbrooke
Kitchener
1918.
-
Total Canada.
Inc. or
Dec.
51,782,200
9,254,106
%
+99.0
+24.2
+32.2
+33.0
7,947,025
—7.2
69,707,527
61,295,067
5,361,662
5,198,508
2.133310
4,948.932
2,546,268
4,745,902
2,332,796
2,749,412
971,161
768,833
1,083,166
965,571
538,188
511,673
883,078
1,085,841
842,919
356,188348
241,273,720
+47.0
$
07,296,778
50,457,041
54,460,677
6,167,289
6,230,077
1,420,736
2,233,031
4341.636
2,952,453
3,309,254
1,584,753
2,663,986
1,051,825
2,064,603
1,460,064
1,818,469
797,659
770,870
730302
581,629
235,471
510,207
502,700
261,695,476
213,447310
—
DIVIDENDS.
Dividends announced this week
are
l*
...
...
...
printed in italics.
When
Payable.
-
1*
com., 850 each6
4
)
3
25 Tradesmen’s National Bank...429
35 Boca Clega Boat
Lykens Valley RR. A Coal..
840 lot
40c.
277 Rights to subscribe to Corn
200 Empire Tire A Rubber
Mahoning Coal RR., common..
85
3)4
Ex. N. Bank ft
8200..125-129)4
Preferred
81.25
5 West Phlla.T.&Tr., 850each.147
Bonds.
Maine Central, common (quar.)
Per cent.
1)4
7 Germantown Passenger Ry
90
8275.000
Manhattan
Schuylkill
Co.
Ry.
1st
Railway
(quar.)
5s,
1H
4 2d A 3d Streets Pass. Ry
213
1944
Michigan
Central
75
2
6 13th A 15th Streets Pass. Ry__
Mine Hill A Schuylkill Haven
835.000 Schuylkill Electric 1st lien
199)4
81.25
5 American Academy of Music. .225
Mobile A Birmingham
5s. 1967
65
2
2 Penn. Aead. of the Fine Arts..30-32
Morris A Essex
82,500 Dev cm Manor Corp. gen. M880 lot
82.12)4
9 United Gas A Elec., 1st pref...
tNew York Central RR. (quar.)
40M 82,000 Cin. Find. A Ft. Wayne 1st
1H
50 Phila. Bourse, pf., 825
New York A Harlem, com. and
ea.20)4-20)4
4s, 1923
116
pref.
82.50
...
-
Books Closed.
Days Inclusive.
Jan.
2
Jan.
2
Feb. 1
Jan. 10
Feb.
1
Jan.
2
Jan.
1
Dec. 15
to
Holders of reo.
Holders of res.
Holders of rec.
Holders of rec,
Holden of reo.
Jan.
Dee.
Jan.
Jan.
Dec.
Dec.
Feb.
Doc.
Dec.
Dee.
Jan.
Dec.
Jan.
Jan.
Deo.
Deo.
Holders
Holden
Holden
Holden
Holden
Holden
Holden
Holden
Holden
Holden
Holders
Holden
Holden
Dee.
Common
3)4 Dec.
Cieve. Cin. Chic. A St. L., pref.
(quar)
1H Jan.
Dayton (Tenn.) Coal, Iron A Ry.. pref.
Bo.
Feb.
Delaware Lackawanna A Western (guar.). *82.50 Jan.
Detroit Hillsdale A Southwestern...
2
Jan.
Detroit A Mackinac, com. and pref
2)4 Jan.
Detroit River Tunnel..
3
Jan.
Elmira A Williamsport, preferred
3.16 Jan.
Georgia RR. A Banking (guar.)
3
Jan.
Great Northern (quar.)
1H Feb.
Hocking Valley
2
Illinois Central, leased lines
By Messrs. Barnes & Lofland, Philadelphia:
2
Interborough
Transit
Rapid
(quar.)..
4
)2
Shares.
Stocks.
8 per sh. Shares. Stocks.
Joliet
A
Chicago
8
per sh.
1H
314 Devon (Pa.) Manor Corp., 850
41 Horn A Hard art Automat,
Kanawha A Michigan (quar.)
Ill.,
each
...880 lot
preferred
tKansas City Southern, pref. (quar.)..
8110 lot
223 La Plaza Development Co
$5 lot
20)4 Horn A Hardart Automat,
Lackawanna of New Jersey (quar.)
1
1 West End Trust
160
HI., common
tLehigh Valley, com. and pref. (quar.) 81.25
845 lot
50 Kugler Restaurant, 850 each.. 35
20 Amer. Pipe A Construction
Little Schuylkill Nav. RR. A Coal
10
81.25
1 Buckeye Pipe Line, 850 par
92
4 Phila. Bourse,
Louisville A Nashville
$
90,337,611
61,695,950
55,702,526
6,945,428
6.496,522
1,518,854
2,782,918
0,146,188
5,023,967
4,856,129
1,977316
3,532.835
2,089,702
2,800,699
1,481,923
2,154,957
700,380
720,422
1,046,943
770,064
304.35C
715,123
024,607
097,177
672386
following shows all the dividends announced for the
future by large or important corporations.
\
lot
1915.
The
Boston A Lowell—
Boston A Providence (quar.)
4)2
Buffalo A Susquehanna, common
L.
Preferred
Shares.
Stocks.
$ per sh. Shares.- Stocks.
Canada Southern
8 per sh.
IH
35 Merchants Nat. Bank
256
1 Maas. Bonding A Ins.
Canadian Pacific, common (quar.)
82
2H
6 Exchange Trust Co
134
Central RR. of New Jersey (special)...
2
15 U. S. Worsted, 2d pref
25-25)4
Bonds.
Chesapeake A Ohio
Per Cent.
2
14 Nantgsket Bch. Steamboat...102
81,000 Milford A Uxbridge St. Ry.
Chicago Great Western, preferred—
1
100 Merrimac Chem., $50
each,
Chicago
extended 7s, 1923
Indianapolis
A
55
Louisville, pref..
2
ex-dividend
90
1,000 Lucie Rock RR. 4s, 1929... 34
Chicago
North West., com. (quar.)..
A
6 Bradford A Gettys. El. L. A P. 25
1H
1,000 No. Mass. St. Ry. 1st 5s, '43 23
Preferred (quar.)
2
300 Hixon Electric
5
1,000 So. Sh. A Bos. St. Ry. 5s.3
Chicago
Rock
Island
A
Pacific,
7%
'19
pref
39)4
4
)
1 Boston Atheneum, $300 par
425
1,000 Boston A Sub. Elec. 4s, '19 35X
6% preferred
3
Cin. New Orl. A Texas Pacific, common..
3
lot
lot
1916.
1,655,616 +20.9
3,410,359 + 13.1
5,035,277 +74.0
5,070,698
+5.5
3,748,034 +38.7
2,119.356
+0.7
4,235,272 + 10.8
1,852,191 + 37.5
2,985,319 +59.0
1,613,103 +44.6
2,358,922 + 16.6
—5.5
1,028,870
765,958
+0.4
922,255 + 17.5
931,021
+3.7
334,019 +61.1
606,621 —15.C
682,380 + 29.5
626,947 + 73.2
705,511 + 19.4
—
lot
$25,000
for business.
....—
sh.
$100,000
LIQUIDATIONS.
The American National Bank of
Valliant, Oklahoma.’ Capital
Liquidating Agent: A. J. Whitfield, Valliant. Bank failed
Per
Shares. Stocks.
$ per sh. Shares. Stocks.
8 per
10 Sharp Manufacturing
100
1,300 Tintic Mining.
8100
3 Realty Co. of Mass., $85 ea. 29
450 Deerfield Pulp
....8100
2 Hood Rubber, pref
99 H
300 Luddington Wooden
Ware.810
10 Jessup A Moore Papa*, com.100
250 Copper Products,
Bonds.
pref..\$100
lot
4,400 Copper Products, com../
816,700 Mojave Tungsten Boulder
1,500 Dutch App. Syndicate
$5 lot
Co. 6£ notes. 1920..8100
$25,000
INCREASES OF CAPITAL APPROVED.
The Washington Park National Bank of
Chicago, Illinois.
increased from $100,000 to $200,000. Amount Capital ;
Per cent.
Name of Company.
8158,456.30 Mexican Central Ry., Ltd.,
Cent.
equipment lease notes
$16,000 lot
$162,000 Mexican Central Ry. Co., Ltd.,
equipment lease notes and $14,175
Railroads
(Steam).
coupons thereon
$17,000 lot
Albany A Susquehanna
$319,000 Wichita Falls A Northwestern Ry. first A ret.
4)4
Be cert Ifs. of deposit.. 15
Allegheny A Western
832.100 Denver A Salt Lake RR. first 30-year
3
bonds, cert Ifs. of deposit10
Atch. Topeka A Santa Fe, pref. (No. 41)
812,000 International Traction Co. collateral
4
)
2
trust 4s
25
Atlantic Coast Line RR., common
81,000 Buffalo Lockport A Rochester )
4
3
Ry. first 6s, certifs.
25
tBaltimore A Ohio, common
100,500 rubles Russian Government Internal 5)4% bonds of deposit
2
8150 per 1,000
Beech Creek (quar.)
83,100 Chalmers Motor Corp. 1st 6%
50c.
notes, 1922
BeltRR.
67)4
A
Stk.
873,700 Chalmers Motor Corp. 6% 5-year notes, 1922
Yds.,Indianap..corn. (ft».)
6
;
65
Preferred (guar.)
840,200 Detroit Toledo A Ironton RR. )
4
1
adjustment 5s, 1954
8
Boston A Albany (quar.)
880.000 Dry Dock, East Bway. A Battery RR.
2X
refunding 5s, Series C
12
By Messrs. Millett, Roe & Hagen, Boston:
-
*
The First National Bank of San
1
15
118 Knox Hat Co., Inc., 1st pref. 50
Day & Co., Boston:
t
;
CHARTERS ISSUED.
Bonds.
By Messrs. R.
rrfftMTiiT m
~~
APPLICATIONS FOR CHARTER.
-
Victoria
Edmonton
Shares.
Stocks.
Per cent.
500 United Equities Corp., pref. 10
350 United Equities Corp., com.
1
705 United Rys. of St. Louis, com 4%
1,455 United Rys. of St. Louis, pref 12H
300 High Speed Tool Corp..
2
1,200 World's Film Corp
75c. per Sh.
197 2-5 Coast A Lakes Contract¬
ing Corp., pref
5-10
100 Butte A N. Y.
Mining
Co
35c. per Sh.
100 J. G. Brill Car Co., com
20K
625 Mays Consol. OH Co..16c.
per sh.
10 Acme Harvesting Mach. Co.,
pref
$3 per sh.
345 Det. Tol. A Ironton RR.,
non-cum. pref
.75c. per sh.
345 Det. Tok A Ironton
RR.(
com
85c. per sh.
158 H Jefferson Bank
7
304
30
Comptroller of the
?
>
For organization of national banks:
Capital.
The First National Bank of Randall, Kansas
$25,000
The Webster County National Bank of Fort
Dodge, Iowa
250,000
The First National Bank of
Downey,
California
25,000.
The First National Bank of
Bingham Canyon, Utah50,000
The First National Bank of
Wakefield, Michigan
25,000
To succeed the Citizens' Bank of A.
Ringsmuth & Co.,
Wakefield.
>
The First National Bank of Willard, New
Mexico....
30,000
To succeed thG Torrance County
SdrVin^s B&nk of Will&rd«
For conversion of State banks:
The First National Bank of
Buffalo, South Dakota
25.000
Conversion of the First State Bank of Buffalo.
22,362,000 2,840,000 3,716,000
70,611,000 2,380,000 4,255,000
Sales.—Among other securities, the following
usually dealt in at the Stock Exchange were recently
sole
Shares.
Stocks.'
Per cent.
50 La Rose Mines. Ltd., $1
each
25c. per sh.
12 Broad A Market Nat. Bank,
Newark. N. J
114-116
300 Lord A Taylor 2d pref
31
200 Briscoe Motor Corp., pref
10
150 Briscoe Motor Corp., com
10
100 Nat. Steel Car Co
3W-4
1,725 Redden Motor Truck Co, no
par
1
881 Bljur Motor Appliance
Co.,
second pref
5
15 Eighty-Fifth
A
Riverside
Drive Co
4
60 Hudson Realty Co
1
24 Dover Street Studios,
Ltd.,
£5 each
1
10 Steel A Radiation,
Ltd., ord. 14
5,775 Chalmers Motor Corp., com.,
.
to open
Auction
not
Currency, Treasury Department:
.....
-
101.000
21 1918——113,813,000
14 1918
111.255,000
22 1917
22,221,000
23 1916
62,040,000
Canadian—
Montreal
Ft. William A Pt.
Other Canadian
National Banks.—The following information
national banks is from the office of the
Dec.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
1
Deo. 28a
Dee. 31a
Dee. 24a
Dec .r 28a
Dee. 17a
1
31
2
1
31
31
1
31
30
31
2
31
of
of
of
of
of
of
of
of
of
of
of
of
of
rec. Nov. 30a
reo. Nov. 30a
rec. Dec. 20a
reo. Dec. 21a
reo. Deo. 21a
reo, Dec. 31a
reo. Nov. 30a
reo. Deo. 27a
rec. Deo.
6a
rec. Dec. 14a
roe. Dec. 28
rec. Dee.
2a
reo. Dee.
2a
2
2
31 Dec. 14
to
Jan.
1
31 Dec. 14
to
Jan.
1
23 Holden of rec. Dee. 14
23 Holden of rec. Dee. 14
20 Holden of rec. Dec. 30a
15 Holden of rec. Jan. 20
20 *Holdere of rec. Jan.
6
6 Holden of- rec. Deo. 20a
2 Holden of reo. Dee. 14a
15 Holden of reo. Jan.
8a
2 Holden of reo. Dee.
20a
15 Jan.
1
to
Jan. 14
1 Holden of rec. Jan.
3a
31 Holden of rec. Dee. 13a
2 Dec. 12
to
Jan.
5
2 Holden of rec. Dec. 20a
6 Holders of reo. Dee. 27a
31 Holden of rec. Dec. 24a
15 Holden of rec. Dec.r31a
Holden of rec. Deo. 7a
Holden of rec. Dee. 14a
Dec. 17
to
Jan. 15
Holden of rec. Jan. 20a
Holders of rec. Des. 14a
Holden of rec. Jan.
8a
Holden of rec. Dec. 20a
Holden of rec. Dee. 14a
Holden of rec. Dee. 16a
Holden of rec. Dee. 81a
Dee. 21
to
Jan. 14
Dee. 8
to
Jan.
1
Holden of reo Dee. 11a
Jan.
4
to
Jan. 22
Holden of ree Dee. 17a
.
.
.
Per
Cam.
Name of Company.
Railroads (Steam) (Concluded.)
N. Y. Lackawanna A Western (quar.).
Northern Central
Northern Pacific (quar.).
Northern Securities
Co.
(quar.)
Pennsylvania Company
Philadelphia Baltimore A Washington.
Philadelphia A Trenton (quar.)
Pitts. Cine. Chicago A St. Louis
PlttSb. Ft. Wayne A Chic., reg. gu. (qu.)
Old Colony
Special guaranteed
Plttsb. McKeesp. A
(quar.)
Youghlogbeny
Reading Company, common
Second preferred (quar.)
Rensselaer A Saratoga
(quar.).
—
Rome A Clinton
St. Louis A San Francisco—
.
K. C. Ft. 8. A Mem., pl.tr. ctfs.(qu.)
Southern Pacific (quar.) (No. 49)..
Union Pacific, common (quar.)
United N. J. RR. A Canal Coe.
Valley RR. (N. Y.)
Western Pacific RR. Corp., pref.
(quar.)
(guar.).
Street Sc Electric Railways.
AShevllle Power A Lt. pf. (qu.)(No.
27)
(qu.)
Capital Traction, Wash., D. C. (quar ).
Carolina Pow. A Lt., pf. (qu.) (No. 39)
On. Newp. A Cos. Lt. A Tr„ com. (qu.)
Preferred (quar.)
—Cincinnati A Hamilton Trac., com. (qu.)
Preferred (quar.)
Cincinnati Street Ry. (quar.)
Cities Service, com. A pref. (monthly).
Common (payable In common stock).
Cities Service, com. A pref. (monthly)..
Common (payable in common stock).
Cleveland Ry. (auar.)
Columbia Ry.Gas A Elec., com. (quar.).
Preferred (quar.)
Columbus (Oa.) Electric, pref. (No. 25)ColumJbus Newark AZanes.El.RR.,pf.(qu.)
Conestoga Traction, common (quar.)
Preferred (quar.)
Consolidated Traction of New Jersey...
Continental Pass Ry., Philadelphia—
Duluth-Superior Tract., pref. (quar.)
Duquesne light, pref. (qu.) (No. 16)..
Easton Texas Elec. Co., com. (No. 1).
Preferred (No. 1)
Elmira Water, L. A RR., 1st pref. (guar.)
Second preferred (quar.)
El Paso Elec. Co., pref. (No. 33)
Frank!. A 8’wark (Phila.) P. Ry. (qu.)
Indianapolis Street Ry.
(quar.).
(quar.)
—
..."
Philadelphia A Western Ry., pf. (qu.)
Public Service Corp. of N. J. (quar.).
Reading Traction
.....
-—
Republic Ry. A light, pf. (qu.) (No. 30)
Ridge Ave. Pass. Ry., Phila. (quar.)..
Ottawa Traction, Ltd.
Bonus.
Scranton A Wilkes-Barre Tract.,pf.(qu.)
Second A Third Sts. Pass.. Phila. (qu.).
South Carolina Lt., P. A Rye., pf. (qu.)
Springfield (M o.) Ry. ALt.,pf. (qu.) (No. 16)
Springfield A Xenia Ry., pref. (quar.).
Texas Electric Ry. 1st pref. (quar.)
Second preferred (quar.)
Thirteenth A 16th Sts. Pass.,
Toronto Ry. (quar.)
Phila
Tri-City Ry. A Light, common (quar.).
Preferred (quar.)
Twin City Rap. Tran., MInneap., com.
Preferred (quar.)
Union Passenger Ry., Philadelphia....
Union Traction, Philadelphia..—.—
United Electric Co. of N. J
United Lt. A Rys., com. (qu.) (No. 16)
First preferred (quar.) (No. 33)
Utah Power A Lt., pref. (qu.) (No.
IK
1
IK
IK
2K
2K
2K
IK
2
19
15
1
1
10
1
1
31
31
10
25
7
2
2
13
9
2
1
Holders of ree.
Holders of ree.
Hidden of ree.
Holden of ree.
Holden of rec.
to
Dee. 28
to
Deo. 15
Holden of ree.
♦Holden of rec.
Holden of rec.
Jan.
1
to
♦Hidden of rec.
Holden of ree.
Holden of rec.
Holden of ree.
♦Holden of rec.
Holden of rec.
Dec. 15
to
to
Dee. 22
Jan.
1
Jaa.
2
2
Jan.
Jan.
2
Jaa. 10
Jan.
2
Jan.
2
Dee. 25
Hidden
Hidden
Holden
Dec. 21
Holden
Holden
to
of reo.
of rec.
of ree.
to
of rec.
of rec.
Nome
Dee.
Jan.
Dee.
Jan.
Dee.
Jan.
Dec.
Dec.
Dec.
Dee.
Jan.
Jan.
Dec.
Dec.
Dee.
Jan.
Dec.
Jan.
Jan.
14a
31a
31a
3
9a
10
31
14
27
16a
10
15
10a
10a
16a
23a
26a
1
1
Jan.
Nov.
Dec.
Dee.
Jan.
Dee.
Dec.
1
30a
26a
2a
1
18a
24a
24).
Virginia Ry. A Power
Wash., Balt. A Annap. Elec., com. (qu.)
Preferred (quar.)
Washington Water Power, Spokane (qu.)
West End Street Ry., Boston, preferred
West India Elec. Co. (quar.) (No. 44).
West Philadelphia Passenger Ry
Wisconsin Edison Co
Yadkin River Power, pf. (qu.) (No. 11)
Youngstown A Ohio River RR., pf .(qu.)
York Railways, preferred (quar.)......
Jan.
2
1
Jan.
2
Jan.
Jan.
2
2
Jan.
**•
Jan.
1
IK
1
IK Jan.
IK Jan. 2
IK Jan. 15
IK Jan. 15
2
1
Jan.
IK Jan. 2
IK Jan. 2
2
K Jan.
/K Jan. 2
K Feb. 1
Feb.
1
n
IK Jan. 2
K Jan. 10
IK Jan. 1
3
Jan.
2
IK Jan. 1
25c. Dee. 31
760. Dee. 31
2
Jan. 16
Dee. 30
33
1
2
Jan.
IK Feb. 1
Jan.
2
2K
3
Jan.
2
IK Dee. 31
IK Dec. 31
3
Jan. 13
4
Jan.
2
IK Jan. 2
IK Jan. 2
3
Jan.
1
2
Jan. 15
IK Dee. 31
IK Deo. 31
IK Jan. 1
2
2
Jan.
1
3K Jan.
1
Jan.
2
1
Jan.
2
62 K«. Jan. 16
1
Dee. 31
75c. Jan.
1
IK Jan. 15
Jan.
1
33
IK Jan. 1
Jan.
1
33
IK Jan. 2
IK Jan. 1
IK Dee. 31
IK Dee. 31
IK Deo. 23
1
Jan.
36
1
Jan.
2
IK Jan. 2
IK Jan. 2
1
2
Jan.
IK Jan. 2
1
34.75 Jan.
1
81.60 Jan.
2K Jan. 1
1
2
Jan.
2
IK Jan.
IK Jan. 2
3
Jan. 20
1
33.75 i Jan.
76c. Jan.
1
1
Jan.
2
82
Jan.
2
1
IK Jan.
Jan.
1
36
Dee. 31
32
2
IK Jan.
IK Dee. 31
62 Kc Jan. 30
IK
IK
IK
2K
.
Holden of rec. Dec. 14
Dec. 16
to
Dec. 31
Holden of rec. Dec. 20a
Holders of rec. Dec. 14
Holders of rec. Dec. 14
Holden of rec. Dec. 14
Dec.
9
to
Jan.
8
Holden of rec. Dec. 14
Jan.
1
to
Jan. 16
Jan.
1
to
Jan. 15
Dec. 21
to
Jan.
1
Dec. 21
to
Jan.
1
Dec. 17
to
Jan.
1
Hidden of rec. Dec. 14a
Holders of rec. Dec. 14a
Holden of rec. Jan. 15a
Holden of rec. Jan. 15a
Holden of ree. Dee. 14a
Dec. 27
to
Jan.
1
Dec. 27
to
Jan.
1
Holden of rec. Dec. 21a
Dec. 27
to
Jan.
1
Holden of rec. Dec. 21
Holden of rec. Dec. 21
Holden of ree. Dec. 31a
Hidden of ree. Nov. 30a
Holden of ree. Dec. 16a
Holden of rec. Jan.
1
Holders of ree. Dee. 20a
Holders of rec. Dec. 20a
Holden of rec. Dec. 16a
Holden of rec. Dec. 16a
Holden of ree. Dec. 23a
Holden of reo. Nov. 29a
Holden of rec. Dec. 20a
Holden of ree. Dee. 14
Dec.
21 to Jan.
1
Holders of rec. Jan.
2a
Holden of rec. Dec. 21a
Holden of reo. Dec. 20a
3
Holden of ree. Dec.
Holden of reo. Dec. 20a
Holden of rec. Dee. 20a
Holden of rec. Deo. 15
Holden of reo. Dec. 16
Holden of rec. Dec. 31a
Holden of rec. Dec. 27a
to
Dec. 31
Dec. 21
Holden of ree. Dee. 31
Dec. 16
to
Jan. 1
Holden of ree. Dec. 23a
Hidden of ree. Nov. 29a
Holden of rec. Dec. 20a
Holden of ree. Dec. 14a
Holden of reo. Dec. 14a.
Hidden of reo. Dec. 19
Holden of ree. Dec. 17
Jan.
1
Dec. 21
to
Hidden of ree. Dee. 14
Holden of rec. Dec. 20a
Holden of rec. Dec. 20a
Holden of reo. Dee. 16a
Holden of reo. Dec. 16a
Holden of rec. Dec. 14a
Holden of reo. Deo. 10a
Holden of rec. Deo. 31a
Holden of rec. Deo. 16a
Holden of ree. Dee. 16a
Holden of reo. Dec. 16
Holden of rec. Deo. 31a
Dec. 25
to
Dec. 31
Dec. 31
Deo. 25
to
Holders of rec. Dec. 14a
Dec. 21
to
Jan.
2
Jan.
Dec. 23
to
1
Holden of ree. Dec. 14a
Holders of rec. Dec. 20a
Holden of ree. Dec. 14
Holden of ree. Dec. 14a
Holden of reo. Jan. 20a
Banks.
15
America, Bank of
Atlantic National (quar.)
Battery Park National
(quar.)
Extra.
Bryant Park
Bronx National
...
Chase National (quar.)
Chatham A Phenix National (quar.)...
Chemical National (bi-monthly)
Citizens National (quar.)
Extra
City Co., National
Coal A Iron National (quar.)
Extra
Colonial (quar.)
Extra
Columbia (No. 61)
Commerce, National
Bank of (quar.)...
Commercial Exchange
Cohey Island, Bank of
(special)..
(No. 174)..
Garfield National (quar.)
Gotham National (quar.)..
Greenpolnt National (Brooklyn)..
3K
2K
1
3
2
1
3
3
4
2K
10
6
4
6
12K
First Security Co
Extra
2
3
4
3
1
Extra
Fifth Avenue (quar.)
Fifth National (quar.)
First National (quar.)
2K
IK
IK
3
10
10
3
2
3
2
2 Deo. 21
Jan.
Jan.
to
Jan.
2 Hidden of ree. Dee.
Jan.
2 Holden of rec. Dec.
Jan.
2 Holden of ree. Deo.
Jan:
1 Holders of rec. Dec.
2 Dec. 19
Jan.
to
Jan.
2 Holden of reo. Dec.
Jan.
2 Dec. 20
to
Jan.
Jan.
to
2 Dec. 27
Jan.
Jan.
Jan.
2 Holders of rec. Dec.
Jan.
2 Holden of rec. Dec.
Jan.
2 Holders of ree. Jan.
Jan.
2 Holden of reo. Dec.
Jan.
2 Holden of rec. Deo.
Jan.
2 Holden of rec. Dec.
Jan.
2 Holden of ree. Dec.
Dec. 31 Holden of ree. Dec.
Jan.
2 Holden of rec. Dec.
Jan.
2 Deb. 24
to
Jan.
Jan.
2 Holden of ree. Dec.
2 Holden of rec. Deo.
Jan.
Jan.
6 Holden of rec. Jan.
2 Holden of ree. Deo.
Jan.
Jan.
2 Holden of reo. Deo.
Jan.
l Holden of ree. Deo.
Jan.
2 Holden of ree. Deo.
Jan.
2 Holden of ree. Dee.
Dee. 31 Deo. 25
to
Jan.
Jan.
2 Holden of ree. Dee.
Jan.
2 .Dee. 22
Jan.
to
Jan.
2 Deo. 22
to
Jan.
2a
28a
20a
20a
23a
1
24
1
1
23
23
2a
11
11
20a
20a
21
20
dl
28
428
4a
20
31a
31a
31a
31s
1
31a
1
1
Par
Cent.
of Company.
Banks.
Greenwich (quar.)
(Concluded).
—
Extra......
Hanover National
....
(quar.)
Importers’ A Traders’ National
International
Irving National (quar.)—
Liberty National (quar.)
Manhattan Co., Bank of the
(quar.)..
Extra. ...............
Mechanics (Brooklyn) (qu.)
(No. 137).
—...
—
Merchants’ National (No. 231)
Metropolitan (quar.)..
Mutual (quar.)
Nassau National (Brooklyn) (quar.)
Extra
New York, Bank of, N. B.
North Side. Brooklyn (No.
Extra
Park, National (quar.)
Special
Public National (quar.)
Ridgewood (Brooklyn)
Seaboard National (quar.)
Second National (quar.)
Sherman National (quar.)
State
Union Exchange, National
Washington Heights, Bank
Yorkville
Boston Elevated Ry., common
Preferred
Brasilian Trac.. Lt. A Pow., pref.
Manila Elec. RR. A Ltg.
Boots Closed.
Days Inclusive.
When
Payable.
Jan.
Feb.
l
Jan.
32
IK Feb.
IK Jan.
Jan.
4
Jan.
2
IK Jan.
♦31.60 Dec.
Dee.
3
2K Jan.
Jan.
*2
IK Jan.
IK Jan.
31.60 Jan.
Feb.
81
60c. Jan.
4
Jan.
3
Jan.
,
Corn Exchange
IVol. 107.
THE CHRONICLE
2450
-
A. (No. 270)
49)
—
—
of (quar.)..
(quar.)
Trust Companies.
Bankers (quar.)
Brooklyn (quar.)
Extra
Extra
Empire (quar.)
Extra
Equitable (quar.)
Extra
—
Fidelity (quar.)
Extra
Fulton (No. 63)
Extra (No. 10)
—
,
Guaranty (quar.)
Hudson (quar.)
Irving (quar.)
..........
Lawyers Title A Trust (quar.)
(No. 81)
(quar.)
Metropolitan (quar.) (No. 88)
New York (quar.)
Peoples, Brooklyn (quar.)
Scandinavian (No. 1)
Title Guarantee A Trust (quar.)
Manufacturers
—
United States
U. S. Mtge. A Trust (quar.)
Fire Insurance.
Continental
Fldelity-Phenlx
Miscellaneous.
Abitibl Power A Paper, Ltd., pf. (quar.)
Adirondack Elec Power, pref. (quar.)..
Ahmeek Mining (quar.) (No. 28)
Air Reduction, Inc., com. (qu.) (No. 7).
Preferred (quar.)
Alabama Company, common
First and second preferred (quar.)—
Allls-Chalmers Mfg., pref. (quar.)
Pref. (extra aect. accumulated dlvs.)_
Alloues Mining (quar.)..
Amer. Agric. Ch., com. (qu.) (No. 29).
Preferred (quar.) (No. 64)
American Bank Note, preferred (quar.).
Amer. Beet Sugar, pref. (quar.) (No. 78)
Amer. Brake 8hoe A Fdy., com. (quar.)
Preferred (quar.)
American Can. preferred (quar.)
Amer. Car A Fdry., com. (qu.) (No. 66)
Boats CloaeA.
Days Inekmtse.
Dee.
Dee.
Jaa.
Jan.
Dee.
Dee.
Dee.
Dee.
Dee.
Dee.
Dee.
Dee.
Dee.
Dee.
Dee.
Dee.
Jan.
Jan.
Dee.
Dee.
Dee.
Jan.
Dee.
Dee.
Dee.
Dee.
Jan.
Dee.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
4K Jaa.
Jaa.
32
60c. Jaa.
Jan.
31
Jaa.
32
2K Jan.
Jan.
6
2K Jan.
Jaa.
2
10
Jan.
Jaa.
3
Jan.
2
Jan.
5
Jan.
10
3
Dee.
2
Jaa.
3
Jan.
Jan.
3
IK Jan.
Jan.
3
4
Dee.
3
Jan.
Dee.
6
2
2
2
2
31
2
2
2
2
2
2
2
2
2
2
2
2
2
31
Holders of ree.
Holders of ree.
to
Dee. 21
to
Dee. 21
Holders of ree.
Holders of ree.
Holders of ree.
Holders of ree.
Holders of ree.
Holders of ree.
Holders of ree.
Hidden of ree.
Holden of ree.
Hidden of ree.
Holden of ree.
Holden of ree.
Dee. 12
to
to
Dec. 12
Hidden of ree.
Holden of ree.
Hidden of ree.
to
Dee. 24
Holden of ree.
Hidden of ree.
Holden of ree.
Holden of ree.
to
Dee. 21
Hidden of ree.
Dec. 22
to
6
5
10
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
31
2
2
2
31
31
31
31
31
10
31
31
2
2
31
31
2
2
1
31
2
31
31
31
2
2
Holden of ree. Dee.
Hidden of ree. Dee.
Holders of ree. Dee.
Holden of ree. Dee.
Holden of ree. Dee.
Holden of ree. Dee.
Holden of ree. Dee.
Hidden of ree. Dee.
Holden of ree. Dec.
Holden of ree. Dee.
Jan.
to
Dec. 25
to
Jan.
Dec. 26
Dee.
Holders of ree.
Dec.
of
ree.
Holders
Hidden of ree. Dee.
Jan.
to
Dee. 26
Holden of ree. Dee.
to
Jan.
Dee. 15
Holden of ree. Dee.
Dee.
of
ree.
Holders
Jan.
to
Dee. 22
Holden of rec. Dec.
Holden of ree. Dee.
Holders of ree. Dee.
Hidden of ree. Dee.
Holden of reo. Dee.
32.60 Jan.
8
8
4
3
8
12
3
3
5K
Central Union (quar.)
Columbia (quar.)
When
Payable.
4
2
3
4
5
5
2
2
6
2
5
2
2
IK
2
6
8
4
10
6
25
6
15
Jan.
2
2
31
2
2
2
2
2
31
1
20s
20s
Is
l
30s
Ms
26a
26s
26a
21
26s
19s
26
27a
27a
21a
14
14
17a
17a
28a
1
26a
31a
20a
13a
1
31a
1
28a
20a
20a
21a
20a
20a
23a
23a
26a
31a
16
16
23
23
20
1
28a
2
20
20
2
30
14a
23
19a
27
Holders of ree. Dee. 28a
Holden of ree. Deo..28a
2 Hidden of ree. Dee. 20
2 Holden of ree. Dee. 10a
31 Hidden of ree. Dee. 7
2
15 Holden of reo. Jan.
2
15 Holden of ree. Jan.
10 Dee. 31
to
Jan. 10
10 Dec. 31
to
Jaa. 10
15 Holden of ree. Dee. 31a
16 Hidden of ree. Dee. 31a
31 Holden of ree. Dee. 17a
16 Holden of ree. Dee. 23a
16 Holden of ree. Dee. 23a
2 Hidden of ree. Dee. 16a
31 Hidden of ree. Dee. 14a
31 Hidden of ree. Dee. 20a
31 Hidden of ree. Dee. 20a
2 Holden of ree. Dee. 16a
1 Hidden of ree. Deo. 12a
1 Holden of ree. Dee. 12a
Preferred (quar.) (No. 79)—
1 ♦Holders of ree. Jan. 18
American Chicle, common
—
Hidden of ree. Dee. 20
2
American Chicle, preferred (quar.)
1 u
I an
9.
Hidden of ree. Dee. 14a
American Cigar, preferred (quar.)
Holden of ree. Dee. 20a
Dee.
32
American Coal
—
Holden of ree. Nov. 80a
IK Jan.
American Express (quar.)...........2 K Jan.
Hidden of ree. Dee. 18
Amer. Gas A Elec., com. (qu.) (No. 36)
Hidden of ree. Dee. 18
Jan.
Common (payable in common stock) . n
Holden of ree. Jan. 18
Feb.
IK
Preferred (quar.) (No. 48)
2
Jan.
1
Jan.
Dee. 21
to
American Hardware Corporation (guar.).
Jan.
2
Jan.
Dee. 21
to
1
Extra
Hidden of ree. Dee. 14a
IK Jan.
American Hide A Leather, preferred—
90c Dec.
Hidden of ree. Dee. 16a
Amer. Internet. Corp., com. A pref .(qu.)
Holden of ree. Feb. 8
IK Feb.
Am. La France Fire Eng.,Inc.,com.(qu.)
Jan.
Holden of ree. Dee. 21a
1K
Preferred (quar.)
Jan.
6
to
Jan. 16
1K Jan.
Amer Laundry Machinery, pref. (quar.)
Hidden of ree. Dee. 16a
1 Hi Jan.
American Linseed, preferred (quar.)...
Holden of ree. Dee. 18a
IK Jan.
American Locomotive, com. (quar.)
Holden of ree. Jan.
3a
IK Jan.
Preferred (quar.)
Dec. 21
to
Jan.
1'
IK Jan.
American Multigraph, preferred (quar.)..
25
Jan.
Dee.
to
2
Jan.
IK
American Piano, preferred (quar.)
of
Dee.
26a
Jan.
Holden
ree.
IK
Amer. Power A Light, pf. (qu.) (No. 37)
Holden of rec. Dee. 14
IK Jan.
Amer. Public Service, pref. (quar.)
Holden of ree. Deo. 20a
yiK Jan.
Amer. Public Utilities, pref. (quar.)
3
Dee. 31
Dec. 22
to
Dee.
American Radiator, common (quar.)—
50c Jan.
Holden of ree. Dec. 31a
Amer. Rolling Mill, common (quar.)—
26c.
Holden
of
rec.
Dee. 31a
Jan.
Common (extra)
•Holden of rec. Dec. 31a
Feb.
Common (payable in common stock) _ *5
Holden of rec. Dec. 21a
IK Jan.
Preferred (quar.)
Holders of rec. Dec. 24a
IK Dec.
American Screw (quar.)
2
Holders of rec. Dec. 24a
Dec.
Extra
1
Jan.
Holden of rec. Dec. 31a
American Seeding Machine, com. (quar.)
Holden of rec. Dec. 31a
IK Jan.
Preferred (quar.)
Dec. 14
to
Jan.
Dee. 22
IK
Amer. Smelters Securities, pref. A (qu.)
Dec. 14
to
Dee. 22
IK Jan.
Preferred B (quar.)
3
Holden of ree. Dee. 14a
Jan.
American Snuff, common (quar.)..
Holden of ree. Dee. 14a
IK Jan.
Preferred (quar.)
Holden of ree. Dec. 14a
IK Dec.
American Steel Foundries (quar.)
m
Deo.
Holden of ree. Dee. 14a
IK
Extra (payable in 4K% L.L. bonds)
Jan.
Jan.
1
Dee. 21
to
IK
American Stores, first preferred (quar.).
Jan.
Dec. 21
to
Jan.
1
IK
Second preferred (quar.)
Holden of ree. Dee. 2a
IK Jan.
Amer. Sugar Refining, com. A pref. (qu.)
Holders of rec. Dee.
2a
K Jan.
Common (extra)...................
Dec.
Holden of rec. Dee. 21a
31
American Surety (quar.) (No. 118)
2
Jan.
Holden of rec. Deo. 20a
American Telephone A Telegraph (quar.)
Nov. 16
to
Nov. 30
12Kc. Jan.
American Thread, preferred
Jan.
Holden of reo. Dee. 14a
IK
American Tobacco, preferred (quar.)
1
Jan.
Holden of ree. Jan. 10a
American Type Founders, com. (quar.).
Holden of reo. Jan. 10a
IK Jan.
Preferred (quar.)
Hidden of ree. Dee. 23a
IK Jan.
Amer. Window Glass Mach., pf. (qu.).
Dee. 17
to
Dee. 29
IK Jan.
American Woolen, common (quar.)....
<6
Feb.
Dee. 29
Dee. 17
to
Common (payable In Liberty Ln. bds.)
Jan.
17
to
Dee. 29
Dee.
IK
Preferred (quar.)
Jan.
31
Holden of ree. Dee. 17
Amoekeag Manufacturing
32.25 Jan.
Holden of ree. Deo. 17
Preferred
Holden of ree. Jan. 18
31.50 Feb.
Anaconda Copper Mining
15
Holden of coup. No. 16
Jan.
Anglo-American Oil, Ltd
Dee. 16
to
Dee. 81
IK Jan.
Armour A Co., pref. (quar.) (No. 2)
Holden
of ree. Jan.
1
Jan.
IK
AsbestosCorp.of Can.,Ltd.,com. CNo.l)
1
Holden of ree. Jaa.
IK Jan.
Preferred (quar.)
Feb.
Hidden of ree. Dee. 30a
Atlantic Gulf A W. 1.88. L., common.. 35
Holden of ree. Dee. 10a
IK Jan.
Preferred (quar.)
......
Jan.
Jan.
Dee.
32
Jan.
31
IK Jan.
4
Jan.
IK Jan.
IK Jan.
Jan.
hH
81.60 Deo.
2
Jan.
IK Jan.
76o. Jaa.
IK Dee.
IK Dee.
3
Dee.
IK Jan.
2
Jan.
IK Jan.
•1
Feb.
IK Jan.
IK
IK
Dec. 28
1918.]
Name of
THE CHRONICLE
Per
Cent.
Company.
Miscellaneous (Continued).
Aawdated (Ml (quar.)
Atlantic Steel, common (guar.)
When
Books Closed.
Payable.
Days Inclusive.
Per
Cant.
Name of Company.
When
Payable.
Books Closed.
Days Industry.
Miscellaneous (Continued).
Eastman Kodak, common (quar.)......
2X Jan. 2 Holden of ree. Nov. 80
3
Common (extra)...
............
Common (extra)
7X ran. 2 Hidden of ree. Nov. SO
3
Preferred (quar.)
Auto—Ip Corporation, preferred (quar.)
IX ran. 2 Holden of ree. Nov. 80
16
Edmunds At Janes Corp., pref. (quar.)...
Avery Co., preferred (quar.)
IX Jan. 2 Deo. 21
to
Jaa.
1
Elseniohr
2
(Otto)
ft
Broe., Inc. pf. (qu.)_
Babcock At Wilcox Co. (quar.)
IX Jan. 1 Hidden of ree. Dee. 20a
Electric
31a
Light
At
Power
Co.
of
Abingum
Baldwin Locomotive Works, preferred.
and Rockland, Mass. (No. 51)....
7a
4
Baltimore Electric, preferred
Jan.
2 Holden of reo. Dee. 20 14a
Electrical Securities Corp., com. (qu.).
Baltimore Tube, Inc., pref. (quar.)
2
Dec. 31 Holden of ree. Dee. 28a
Jan.
1
Preferred
(quar.).
Barnhart Bros. At Spindler—
Feb.
1 Holden of ree. Jan. 24a
IX
Else. Storage Battery, oom. ft pref. (qu.)
First and second preferred (quar.)
1
Jan. 2 Holden of ree. Dee. 10a
Feb.
1 Hidden of rec. Jan. 27a
IX
At
Elyria
Iron
Steel,
preferred
(guar.).—
Barrett Co., common (quar.)
IX Jan. 2 Holden of'ree. Dee. 27a
IX Jan. 2 Hidden of roe. Dee. 21a H merson-Brantingham, preferred (guar.).
Common (extra)
•lx Feb. 1 •Holden of ree. Jan. 18
1
Jan.
2 Holden of rec. Dee. 21a
Empire Steel ft Iron, preferred
Preferred (quar.)
3
Jan.
2 Holden of ree. Dee. 20
IX Jan. 15 Holden id no. Dee. 30a
Pref. (account accum. dividends)....
Beatrice Creamery, common (special)..
h2
2 Holden of ree. Dee. 20
Jan.
3X Dee. 14 Dee. 11
to
Dee. 15
Eureka Pipe Line (quar.).
Bell Telephone of Canada (quar.)
6
Feb.
1 Holders of ree. Jan.
2
Jan. 15 Holden of rec. Dee. 31a
15
Everett,
Heaney ft Co., Inc. (quar.).. •50c. Jan. 10 •Holden
Bell Teiep. of Pennsylvania (guar.)
of ree. Dee. 81 :
*1X Jan. 15 •Hidden of rec. Jan. 6
Fairbanks Co., pref. (quar.)
Bethlehem Steel, common (quar.)
2
Jan.
1
Dee.
27
to
Jan.
2
Dee.
81
2X
Holden of reo. Dee. 16a
Fairbanks, Morse At Co., common
Common B (quar.)
*3
ran.
1
2 Holden of rec. Dee. 16a
2X Jan.
Finance At Trading Corp., pr*f. quar.)..
Cum. cony. pref. (quar.)
Jan.
2 Holders of ree. Dee. sia
IX
2
Jan.
2 Hidden of rec. Dee. 16a
Firestone
Tire At Rubber, com. (quar.)—
Noo-cum. preferred (quar.)
31.50 Dec. 20 Holders of ree. Deo. 10a
IX Jan. 2 Hidden of reo. Dee. 16a
Pieferred (guar.)
Billings At Spencer Co. (quar.)
IX Jan. 15 Holders of reo. Dee.
75c. Jan.
1 Hidden of rec. Deo. 19a
FultonMot
.Truck
,pf.
(acct
.accum
.diva.) 111-3A Jan. 10 Holden of ree. Nov. 31a
Extra
50c. Jan.
1
18
Holders of rec. Dec. 19a
Galena-Signal
Oil,
preferred
2
Special
Deo. 31 Holden of ree. Nov. 80a
SI.25 Jan.
1 Hidden of rec. Dec. 19a
New preferred..........
2
Deo. 31 Holden of ree. Nov. 80a
Bingham Mines Co. (No. 7)
m50o. Dee. 31 Holden of reo. Dec. 20a
General Baking pref. (quar.) (No. 28).
Blumenthal (F.) Co., com. At pf. (quar.)
1
Jan.
1 Holders of ree. Dee. 14
IX Dec. 31 Holden of reo. Dec. 30a
General Chemical, common (extra)
Booth Fisheries, common (quar.)
2X Feb. 1 Holders of ree. Dee. 31a
50c. Jan.
2 Holden of reo. Deo. 14a
Preferred (quar.)
Preferred (quar.)
IX Jan. 2 Hidden of ree. Dee. 18a
IX Jan. 2 Holden of rec. Dee. 14a
General Electric (quar.)
Jan. 15 Holden of ree. Dee. 7a
2
Brandram-Henderson, Ltd., pref. (qu.)_
IX Jan. 2 Holden of rec. Nov. 30a
Extra
in
(payable
stock)
Brier Hill Steel, common (quar.)
26
Jan. 15 Holden of ree. Dee. 7a
IX Jan. 2 Dec. 21
General Fireproofing, com. Ac pref. (guar.)
to
Jan.
1
Common (extra)
•Jan. 1
3X Jan. 2 Dee. 21
General Ry. Signal, com. (qu.) (No. 22) •IX
to
Jan.
1
Preferred (quar.)
Jan.
2 Hidden of ree. Dee. 20
IX
IX Jan. 2 Dee. 21
to
Jan.
Preferred (quar.) (No. 58)
1
Jan.
2 Hidden of reo. Dee. 20
IX
Brooklyn Union Gas (quar.)
IX Jan. 2 Holden of reo. Dec. 12a
General Tire At Rubber, pref. (guar.)
1 Holders of ree. Dee. 20
IX Jan.
Brunswick-Balke-Collender, pf. (quar.).
IX Jan. 1 Dee. 21
Gold At Stock Telegraph (guar.)
to
Dee. 31
Bucyrus Co., pref. (quar.) (No. 15)
IX Jan. 2 Holders of reo. Deo. 31a
1
Jan.
2 Holden of rec. Dec. 20a
Goodrich
(B.
F.)
Co.,
oommon
(quar.).
Buffalo General Elec, (quar.) (No. 97)
1
Feb. 15 Hidden of ree. Feb. 5a
2
Dec. 31 Holders of reo. Dec. 20a
Preferred (quar.)
Bush Terminal, common
IX* Jan. 2 Hoklen id ree. Deo. 20a
*2X Jan. 15 •Holders of rec. Jan. 6
Gorham Manufacturing, pref. (quar.)..
Common (payable in com. stock)
Jan.
2 Holden of ree. Deo. 24
IX
*/2X Jan. 15 •Holders of rec. Jan. 6
Goulds Mfg., common (quar.)........
Bush Terminal Bldg., pref. (guar.)
IX Jan. 2 Holders of reo. Deo. 20
*ix Jan. 2 •Holders of rec. Dec. 31
Preferred (quar.)
California Elec. Generating, pf. (quar.).
IX Jan. 2 Hoklen of ree. Dee. 20
IX Jan. 2 Holden of rec. Dec. 21
Granby Cons. M., S. ft Power, Ltd.(qu.) ♦2X
California Packing Corp., pref. (quar.).
Feb.
1 •Holden of reo. Jan, 17
1 Holden of rec. Dec. 16a
IX Jan.
Graaseili Chemical, common (quar.)..
California Petroleum, pref. (quar.)
IX Deo. 31 Holden of ree. Dee. 16a
IX Jan. 1 Holden of rec. Deo. 20a
Common (payable in oommon stock).
Pref. (account accum. dividends)
Deo. 31 Holden of ree. Dee. 15a
/5
h2
Jan.
l Holden of rec. Dec. 20a
Preferred (quar.)
Calumet At Hecla Mining (quar.)
IX Deo. 31 Holden of ree. Dee. 15a
S16
Dec. 31 Holden of reo. Dec.
7
Gray Ac Davis, Inc., preferred (quar.)
Canada Cement,Ltd.com.(quar.)(No.11)
Jan.
2 Holden of ree. Dee. 20
IX
IX Jan. 16 Holders of rec. Dec. 31
Pref. (account accumulated dividends)
Canada Steamship Lines, pref. (quar.)
A8X Jan. 2 Holden of ree. Dee. 20
IX Jan. 2 Holders of reo. Dec. 14
Great Lakes Steamship (quar.)
Canadian Car At Foundry, pref. (quar.).
Jan.
♦2
2 •Holden of ree. Deo. 23
IX Jan. 10 Holders of rec. Jan.
Extra
la
Canadian Cottons,Ltd.,com. At pf. (qu.)
Jan.
•2
2 •Holden of ree. Dee. 23
IX Jan. 4 Dec. 25
Great Lakes Towing, com. (quar.)—
to
Jan.
3
Canadian Consol. Rubber, Ltd., pf .(qu.)
IX Dee. 31 Dee. 16
to
Jan.
1
IX Dec. 31 Holden of rec. Dec. 20
Preferred (quar.)
Can. Crocker-Wheeler, com. At pf. (qu.)
Jan.
1 Deo. 16
IX
to
Jan.
1
IX Dec. 31 Dec. 21
Great Lakes Transit Corp., com. (qu.)
to
Dec. 31
Canadian Fairbanks-Morse, pf. (No. 27)
Jan.
1
SI
.75
Holders
of
3
ree. Dee. 23
Jan. 15 Holden of rec. Deo. 31a
Preferred (quar.)
Canadian General Electric, Ltd., com.
Jan.
1 Holden of ree. Deo. 23
IX
Great Western Sugar, oommon (quar.).
(quar.) (No. 78)
IX Jan. 2 Holden of ree. Dee. 14a
2
Jan.
1 Hidden of rec. Dec. 14
Common (payable In L. L. bonds)...
Canadian Locomotive, common (quar.)...
2 Holders of reo. Dee. 14a
10m Jan.
IX Jan. 1 Holders of rec. Dec. 20
Preferred (quar.)...............
Preferred (quar.)
IX Jan. 2 Holden of ree. Deo. 14a
IX Jan. 1 Holden of rec. Dee. 20
Guantanamo Sugar (quar.)........
Canadian Westinghouse. Lid. (guar.)
Jan.
2 Holden of ree. Dee. 19a
SI
.25
IX Jan. 1 Holders of rec. Dec. 20
Gull States Steel, common (quar.).....
Extra
2X Jan. 2 Holden of ree. Deo. 16a
2
Jan.
1 Holden of rec. Dec. 20
First preferred (quar.).........
Carbon Steel, common (quar.)
IX Jan. 2 Holden of reo. Deo. 16a
2
Jan. 15 Holders of rec. JtOx. 10
Second preferred (quar.).......
Common (extra)
IX Jan. 2 HoIdenNof reo. Dee. 16a
3
Jan. 15 Holden of rec. Jan. 10
Harbison-Walker Refract., com. (extra)..
Jan. 25 •Holden of reo. Jan. 15
•6
First preferred
«4
Mar. 31 Holders of reo. Sept. 26
Harbison-Walker Refract., pref. (quar.)
Second preferred (annual)
IX Jan. 20 Holden of ree. Jan. 10a
6
July 30 Holden of reo. July 26
Harrisburg Light At Power, common.
S1.12X Deo. 27 Holden of ree. Dee. 18a
Carbo-Hydrogen Co. of America, pref.
3X Dec. 31 Holden of rec. Dec. 20
Preferred (quar.)
75o. Dee. 31 Holden of ree. Deo. 18a
Cardonas-American Sugar, pref. (quar.).
IX Jan. 2 Holders of rec. Dec. 26
Hart,
Schaffner
ft Marx, Inc., pf. (qu.)
Case (J. I.) Thresh. Mach., pref. (quar.)
IX Deo. 31 Hoklen of ree. Deo. 20a
IX Jan. 1 Holden of rec. Dec. 16
Hartford City Gas Lt., oom. ft pf. (qu.)
50c. Deo. 31 Dee. 17
Celluloid Company (quar.)
to
1
2
Jan.
Dec. 31 Holden of reo. Dec. 16a
Haskell ft Barker Car (quar.)
Jan.
2 Holden of ree. Deo. 10a
Extra
2
Dec. 31 Holden of reo. Deo. 16a
Haverhill Gas Light (quar.) (No. 92)__ SI
Jan.
2
Centennial Copper Mining (No. 4)
Holden of ree. Dee. 21a
;
Dec. 31 Holders of rec. Dec. 7
si
Helme (Geo. W.) Co., common (quar.) S1.12X
Central Aguirre Sugar Cos. (quar.)
2X Jan. 2 Holden of ree. Dee. 14a
1 Holders of rec. Deo. 21a
2X Jan.
Preferred (quar.)
Jan.
Central Coal At Coke, common (quar.).
2
Holden of ree. Dee. 14a
IX
IX Jan. 15 Holden of rec. Dec. 31a
Henuee Mfg., pref. (quar.) (No. 21)..
Preferred (quar.)
IX Jan. 2 Holden of reo. Dee. 20
IX Jan. 15 Holden of rec. Dec. 31a
Howe Scale, common (quar.).....
Jan.
1
1 Holden of ree. Deo. 27a
Central Foundry, ordinary pref. (guar.).
IX Jan. 15 Holden of reo. Dec. 31a
Preferred (quar.)
First preferred (quar.)
IX Jan. 1 Holden of ree. Dee. 27a
2
Jan. 15 Holden of rec. Deo. 31a
Howe Bound Co. (guar.)
Jan.
Central Leather, common (guar.)
6c.
15
Holders of ree. Deo. 31
IX Feb. 1 Holders of rec. Jan. 10
Huntington Devel. At Gas, pref. (quar.)..
Central Leather, preferred (quar.)
IX Jan. 2 Holden of ree. Deo. 26
IX Jan. 2 Holders of rec. Deo. 10a
Hupp Mot. Car Corp., pf. (qu.) (No.13)
Jan.
2 Holden of ree. Deo. 20
Control At South American Telegraph (qu.)
XX
IX Jan. 9 Holden of rec. Dec. 31a
Illinois Pipe Line
6
Deo. 31 Dee. 1
Cent. States Elec. Corp., pf.(qu.) (No.26)
to
Dee. 22
IX Dec. 31 Holden of reo. Dpc. 10
Indiana Pipe Line (quar.)
Feb. 16 Holden of ree. Jan. 25
S2
Certain-teed Products Coro.—
Extra
Feb.
16
SI. 50
1st ft 2d pref. (quar.) (No. 8)
Holden of ree. Jan. 25
IX Jan. 1 Holden of rec. Deo. 20a
Ingersoil-Rand Co., preferred
3
Jan.
1
Chandler Motor Car (quar.)
Holden of reo. Dee. 14a
3
Jan.
2 Holden of rec. Dec. 17a
Inspiration Consol. Copper Co. (quar.).. S2
Jan.
27
Charcoal Iron of America, oom. (quar.).
Holden
of rec. Jan. 104
20c. Deo. 31 Holden of rec. Deo. 16
Int. Agric. Corp., pref. (quar.)
Jan.
15
Holden
Preferred
of ree. Deo. 31a
IX
30c. Deo. 31 Holden of rec. Deo. 16
Internal. Buttonhole Sewing Mach.(qu.) 10c. Jan. 2
Hoklen of ree. Dee. 16
Chicago Railway Equipment (quar.).
•IX Jan. 1 •Holden of rec. Dec. 20
International Harvester, com. (quar.).
IX Jan. 15 Holden of ree. Dee. 24a
Chicago Telephone (quar.)
2
Deo. 31 Holden of rec. Deo. 30a
International Mercantile Marine, pref..
3
Feb.
1 Holden of ree. Jan. 15a
Chino Copper (quar.)
Dec. 31 Holden of reo. Dee. 16
SI
International Paper, preferred (quar.)...
Cincinnati Gas ft Electric (quar.)
IX Jan. 15 Holders of ree. Jan. 6a
IX Jan. 2 Deo. 15
to
International Salt (quar.)
Dec. 22
Jan.
1
Cincinnati Gas Transportation (annual).. 10
IX
Holden of reo. Dec. 14a
Jan.
2 Holden of rec. Dec. 17a
International Silver, preferred (quar.)
Cln. ft Suburban Bell Teiep. (quar.)..
1 Dee. 18
IX Jan.
to
Jan.
1
Jan.
2 Holden of ree. Dec. 24
si
Island Creek Coal, com. and pref.
(qu.). si. 60 Jan. 1 Holden of ree. Deo. 27a
Citizens Gas At Fuel,Torre Haute.com.(qu.)
3X Deo. 28 Holden of rOe. Dec. 19
Isle Royale Copper Co. (quar.) (No. 12)
60c. Dee. 31 Holden of reo. Deo. 7
Preferred (quar.)
1 Dec. 20
IX Jan.
to
Jewel Tea, Inc., pref. (quar.).........
Jan.
1
IX Jan. 2 Holden of ree. Deo. 20a
City Investing, preferred (quar0
IX Jan. 2 Holden of rec. Dee. 26
Kansas Gas Ac Else., pf. (qu.) (No. 35)..
Cleveland-Akron Bag, common (quar.).
IX Jan. 2 Holden of reo. Deo. 23
1 Deo. 22
IX Jan.
to
Kaufmann Dept. Stores, lne„ pf. (qu.)
Jan.
1
Common (extra)
IX Jan. 2 Holden of reo. Dee. 20
1 Dec. 22
4X Jan.
to
Jan.
1
Kayser (Julius) Ac Co., common (quar.)
2
Jan.
1 Holden of ree. Dee. 20a
Cleveland Automatic Mach., pref. (quar.)
IX Jan. 2 Holden of rec. Dec. 20a
First and seoond preferred (quar.)...
Cleveland Worsted Mills (quar.)
IX Feb. 1 Holden of reo. Jan. 20a
IX Dec. 31 Holders of rec. Dec. 20
Kelly-Sprlngfleld Tire, preferred (quar.)
IX Jan. 2 Holden of ree. Deo. 16a
Cluett.Peabody&Co.,pf.(qu.) (No. 24).
1 Holden of rec. Dec. 21a
IX Jan.
Kelsey Co., common (guar.)
1 Holden of ree. Deo. 26
IX Jan.
Colorado Power, common (quar.)
X Jan. 15 Holden of ree. Deo. 31a
Preferred (guar.)
1 Holden of ree. Dee. 26
Colorado Springs L., H. At Poto., pref—
IX Jan.
IX Dec. 31 Holders of rec. Dec. 17a
Kennecott Copper Corporation
50c. Deo. 31 Holden of ree. Deo. 10a
Colt’s Patent Fire Arms Mfg. (quar.).. SI .50 Deo. 31
Holden of rec. Dec. 14a
Capital distribution
50c. Dec. 31 Holden of ree. Dee. 10a
ColumbiaGas
37Xc. Dec. 31 Holden of rec. Dec. 21
Keystone Tire ft Rubber, com. (quar.).
30c. Jan.
2 Holden of reo. Dee. 20a
Columbia Graph’ne Mfg., com. (quar.)
si.76 Jan.
1 Holden of rec. Dec. 16a
Kolb Bakery, pref. (quar.) (No.
28)-.
Preferred (quar.) (No. 3)
IX Jan. 1 Holden of rec. Dec. 14
IX Jan. 1 Holden of reo. Dec. 16a
Kreege (8. 8.) Co., com. (quar.)
Jan.
2 Holden of ree. Dee. 16a
2X
Commonwealth-Edison (guar.)
•2
Feb.
1 •Holden of rec. Jan. 15
Preferred (quar.)
Commonwealth Finance Corp., pref...
IX Jan. 2 Holders of reo. Dee. 16a
IX Dec. 31 Holders of rec. Dec. 31
Kress (S. H.) ft Co., common (quar.)..
1
Feb.
1 Holden of rec. Jan. 20a
1
Computing-Tabulating-Recording (qu.)
Jan. 10 Holders of reo. Dec. 24a
Preferred (quar.)
Consumers E.L.ft P.,New Ori., pf .(qu.)
IX Jan. 1 Hollen of rec. Dec. 20a
IX Dec. 31 Dec. 11
La Belle Iron Works, common
to
Jan.
1
(quar.)..
1
Dee. 31 Holden of rec. Deo. 17a
Consumers Power (Mich.) pref. (quar.).
IX Jan. 2 Holders of rec. Dec. 19a
(Common (extra)
2
Dee. 31 Holden of reo. Deo. 17a
Con. Gas, El. L. ft P.t Balt., com. (qu.)
2
Jan.
2 Holden of rec. Dec. 14a
Preferred (quar.)
2
Dee.
31 Holden of rec. Deo. 17a
Continental Can, Inc., com. (quar.)
1 Holden of rec. Dec. 20a
IX Jan.
Lackawanna Steel (quar.)
Dec. 31 Holden of reo. Deo. 10a
IX
Preferred (quar.)
1 Holders of rec. Dec. 20a
IX Jan.
Lancaster Gas, Light & Fuel
Dec.
31 Holden of rec. Deo. 21a
si
Continental Refining, com. (monthly)..
(ilOc. Jan. 10 Holders of rec. Dec. 31
Laurentide Co., Ltd. (quar.)
3
Jan.
2 Holden of reo. Dec. 23
Continental Refining, pref. (quar.)
20c. Dec. 31 Holden of rec. Dec. 14a
Lawyers’
Mortgage
Co.
(quar.) (No. 69)
2
Dec. 31 Holden of rec. Deo. 20
Corn Products Refg., pref. (guar.)
•IX Jan. 15 ♦Holders of rec. Jan. 6
Lehigh Valley Coal Sales (quar.)
S2
Jan.
2 Holden of rec. Dec. 19
Creamery Package Mfg., com. (quar.).
IX Jan. 10 Jan.
1
to
Jan. 15
Lehigh ft Wilkes-Barre Coal
S3.25 Deo. 28 Holden of rec. Dec. 27a
Preferred (quar.)
IX Jan. 10 Jan.
1
to
Jan. 15
Library Bureau, common (quar.)
1
Jan.
2
Holden of rec. Dec. 21‘
Cuban-American Sugar, com. (quar.)..
2X Jan. 2 Holders of rec. Deo. 14a
Preferred (quar.)
2
Jan.’
2 Holden of rec. Dec. 21
Preferred (quar.)—IX Jan. 2 Holden of rec. Dec. 14a
Liggett
ft Myers Tobacco, pref. (quar.)
1 Holden of rec. Dec. 16a
Cuba Cane Sugar, pref. (quar.)
IX Jan.
IX Jan.
2 Holden of rec. Dec. 16a
Lone Star Gas (auar.)
2
Dec. 30 Holden of rec. Dec. 23a
Curtiss Aeroplane At Motor, pref
3X Jan. 15 Holders of rec. Jan.
Loose-Wiles Biscuit, 1st pref. (quar.)..
3
1 Holden of reo. Deo. 18
IX Jan.
Davis-Daly Copper Co. (No. 2)
25c Dec. 30 Holden of rec. Dec. 10
Lorillard (P.) Co., common (quar.)
3
Jan.
2 Holden of ree. Dec. 14a
Dayton Power ft Light, pref. (quar.)..
IX Jan.
2 Holders of rec. Dec. 20a
Preferred (quar.)
Jan.
2
Delaw. Lack. Ac West. Coal (quar.)
IX
Holden of ree. Deo. 14a
si .25 Jan. 15 Holders of rec. Dec. 31a
Luke ns Steel, common
IX Jan. 15 Dec. 31
Detroit Edison (quar.)
to
Jan. 14
2
Jan. 15 Holden of rec. Dec. 31a
MacAndrews ft Forbes, com. (quar.)..
Jan.
15
2X
Distillers Securities Corporation (quar.)
Holders of rec. Dec. 31a
X Jan. 18 Holaen of rec. Jan.
Common (extra)
2a
Jan. 15 Holden of reo. Deo. 31a
2X
Extra
Jan.
IX
18 Holden of-rec. Jan.
Preferred (quar.)
2a
IX Jan. 16 Holden of reo. Deo. 31a
Dodge Mfg. Co., common (quar.)
IX Jan.
1 Holders of rec. Dec. 28a
Mackay Cos., com. (quar.) (No. 64)..
IX Jan. 2 Holden of reo. Dec. 7a
Common (extra)
2
Jan.
1 Holden of rec. Dec. 28a
Preferred (quar.) (No. 60)
1
Jan.
2 Holden of reo. Deo.
Preferred (quar.)
7a
1 Dec. 22
IX Jan.
to
Jan.
1
Magma Copper (quar.)..
50C.
Jan.
6 Holden of rec. Deo. 20
Dominion Canners, Ltd., pref. (quar.)..
IX Jan. 2 Dec. 22
to
Dec. 31
Magor Car Corp., common (quar.)
DeO.
31
si
Holden
of
Dominion Glass. Ltd., com. (quar.)
rec.
Deo.
25
1
Jan.
1 Holden of rec. Dee. 14
Common (extra)
Dec. 31 Holden of reo. Dee. 25
S2
Preferred (quar.)
IX Jan. 1 Holden of ree. Dee. 14
Preferred (quar.)
IX Dec. 31 Holden of rec. Deo. 25
Dominion Iron ft Steel, pref. (quar.)...
IX Jan.
1 Holden of ree. Dec. 14
Manatl Sugar, pref. (quar.)
2 Holden of reo. Dec. 14
IX Jan.
DominionPow. At Trans., Ltd., pref. (qu.)
IX Jan. 15 Dec. 20
to
Dee. 31
Manhattan Electrical Supply, oom. (qu.)
1
2 Holden of reo. Deo. 20a
Jan.
Dominion Steel Corp.,com. (qu.) (No.49)
IX Jan. 1 Holden of ree. Dee. 6
First and second preferred (quar.)...
IX Jan. 2 Hoklen of reo. Deo. 20a
Dominion Textile, Ltd., com. (quar.)..
2
Jan.
2 Holden of ree. Dee. 14
Manhattan Shirt, pref. (quar.)
IX Jan.
2 Holden of reo. Deo. 20a
Preferred (quar.)
IX Jan. 15 Holden of ree. Dee. 31
Manning, Maxwell ft Moore, Inc. (qu.).
IX Jan. 2 Holden of rec. Jan. 2a
Draper Corporation
2
Jan.
1 Holden of ree. Dee.
7
Manufacturers’ Light ft Heat (quar.).. si
Jan. 15 Hoklen of reo. Dee. 31a
Dulutb-Edison El., pref. (qu.) (No. 50)
IX Jan. 2 Holden of reo. Dee. 21
Mason Tire ft Rubber, com. (No. 1).
w2
Feb. 20 Hoklen of ree. Jan. 31
duPont(E.I.) deNem.ftCo.debhtk.(qu.)
IX Jan. 25 Holden of ree. Jan. 10
Preferred (quar.) (No. 9).
Jan.
1 Hidden of ree. Deo. 10
IX
East Butte Copper Mining (No. 3)
50c. Dec. 31 Holden of ree. Deo. 7
Massachusetts Gas Coe., common (qu.)
Feb.
IX
1 Hidden of reo. Jan. 16
East Coast Fisheries, pf. (qu.) (No. 4).
1 Holden of ree. Dee. 23
IX Jan.
Massachusetts Lighting Cos., pref. (qu.) si.50 Jan. 15
Holden of ree. Dee. 26a
Eastern Steel, common (quar.)
2X Jan. 15 Holden of ree. Jan. 2
Mathieson Alkali Works, com. (quar.)
75c. Jan.
2
Edison Electric Co., Lancaster, Pa. (qu ).
Holden of ree. Dee. 21a
2X Dec. 31 Holden of ree. Dee. 21a
Preferred (quar.)
IX Jan. 2 Hidden of ree. Dee. 21
...
..;
IX
IX
Jan. 15
Jan.
2
5
Jan.
2
Dec. 30
SI
IX Jan. 2
2
Jan.
3
3X Jan.
1
SI.25 Jan.
2
IX Jan. 2
Holden of rec.
Dec. 22
to
Deo. 22
to
Hoklen of rec.
Deo. 24
to
Holden of roe.
Holden of roe.
Holden of rec.
Deo. 21
to
Dec.
Jan.
Jan.
Dec.
Jan.
Dec.
Deo.
Dec.
31a
......
.......
—
...
....
...
—
.....
-
__
...
......
....
....
........
—
...........
.
Name of Company.
Miscellaneous—(Continued)
May Department Stores, pref. (quar.).
McCrory Stores Corp., pref. (quar.)-Menchants’ Dispatch Transport, (qu.)_
Merchants Public Utilities, pref. (quar.)..
Mercenthaler Linotype (quar.) (No. 92)
[Vox. 107.
THE CHRONICLE
2452
Per
Cera.
When
Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
Cent.
When
Books Closed.
Payable.
Days Inclusive.
Miscellaneous—(Concluded).
IX Jan. 10 Holden of ree. Dee. 37
Holders at rec. Dee. 20
Shawinigan Water A Power (quar.)
IX Dec. 30 Holden of ree. Dee. 15
1 Holders of rec. Dee. 20
Sherwin-Williams Co. of Can., pf. (qu.)
1 Dee. 22
2
Jan.
to
Jan.
1
31 Holders of rec. Dee. 24
Shredded Wheat, common (quar.)
to
1 Dee. 22
1
Jan.
IX Jan.
1 Holders of rec. Dec. 20a
Preferred (guar.)
Holden
1
31
Jan.
of
ree.
Dee.
IX
31 Holders of rec. Dee. 4a
Simpson Creek Coal Coal, pref. (quar.).
IX Jan. 2 Hidden of ree. Dee. 31
10 Holders of rec. Dec. 14a
Slose-Sbeffield Steel A Iron, pref. (qu.).
Mexican Petroleum, common (quar.)..
to
Dec. 31 Dee. 13
Jan.
5
1
2 Holders of rec. Dec. 14a
South Penn Oil (quar.)
Preferred (quar.)
—
Dee. 31 Holden of ree. Dee. 14a
6g
16 Holders of rec. Dec. 31a
South Porto Rico Sugar, com. (quar.)..
Mexican Telegraph (quar.)
Dee. 31 Holden of ree. Dee. 14a
2
2 Holders of rec. Dec. 15
Preferred (quar.)
Michigan Drop Forge, com. (monthly)—
3
Dec. 31 Holden of ree. Dee. 16
2 Holders of rec. Dec. 15
S. W. Pennsylvania Pipe lines (quar.).
Preferred (quar.)
2 Holders of ree. Dee. 16
Jan.
IX
Jan.
2 Holders of rec. Dec. 16a
IX
Southwestern Cities Elec., pref. (quar.)
Michigan Light, preferred (quar.)
2 Holden of ree. Dee. 20
2
Jan.
IX Dec. 31 Holders of rec. Dec. 24a
Spicer Mfg., 1st pref. (quar.)
Michigan State Telephone, pref. (quar.)
Jan.
1
1 Holden of rec. Dee. 14a
IX Jan. 2 Holders of rec. Dee. 14a
Standard Oil Cloth, Inc., com. (quar.)..
Montana Power, com. (quar.) (No. 25)Jan.
1 Holden of rec. Dee. 14a
1
2 Holders of rec. Dee. 14a
IX Jan.
Common (extra)
Preferred (quar.) (No. 25)
1 Holders of ree. Dee. 14a
IX Jan.
1 Headers of rec. Dec. 20a
IX Jan.
Preferred A and B (quar.) (No. 18)—
Montgomery Ward A Co., pref. (quar.)
2
Dec. 15
Jan.
2
Jan.
to
3
2
Jan. 15 Jan.
1
to
Jan. 15
Standard Oil (Kentucky) (quar.)...—
Montreal Telegraph (quar.)..
to
Dee. 18
Jan.
1 Nov. 30
3
3
Feb.
1
Holders
of
rec
Dec.
20
Standard Oil (Ohio) (quar.)
Morris Plan Co
—
Jan.
to
Dee. 18
1
1 Nov. 30
IX Dec. 31 Holders of rec. Dec. 23
Extra
.......
Mortgage Bond Co. (quar.)
1 Dec. 21
to
Dec. 31
IX Jan.
2
Standard Parts, preferred (quar.)
Mt. Vernon-Woodberry Mills, Inc., pref. •3X Jan. 15 •Holders of rec. Jan.
1 Holders of ree. Dee. 14a
Jan.
6
IX Jan. 15 Holders of rec. Dec. 31a
Standard Screw, common (quar.)
Mountain Slates Telep. A Telco. (guar.)..
1 Holders of rec. Dee. 14a
3
Jan.
Jan.
2 Holders of rec. Dec. 14a
31
Preferred...'.
Narragansett Elec. Lighting (quar.)
2
Dee. 31 Holden of rec. Dec. 26
IX Feb. 1 Holden of ree. Jan. 10
Steel Co. of Canada, com. (qu.) (No. 8).
Nassau Light A Power (quar.)
....
Feb.
1 Holden of ree. Jan. 10
2
•Holden
of
rec.
Dec.
20
IX
Preferred (quar.) (No. 30)
National Aniline A Cbem., pf. (quar.). •IX Jan.
♦15
Jan. 15 ♦Holders of rec. Jan.
1
Stetson (J. B.) Co., common
Preferred (account accumulated diva.) *h3X Jan. 15 ♦Holders of rec. Dec. 20
♦4
1
Jan. 15 ♦Holders of ree. Jan.
IX Jan. 16 Holden of rec. Dee. 30a
National Biscuit, com. (quar.) (No. 82).
Preferred
75c. Jan.
2 Holders of ree. Dee. 16
to
Jan.
4
IX Dec. 30 Dec. 21
National Casket (quar.)
Stromberg Carburetor (quar.)
25c. Jan.
2 Holders of ree. Dec. 16
IX Jan. 15 Holden of rec. Jan. 8a
Extra
...
Nat. Cloak A Suit, com. (qu.) (No. 8).
Jan.
2 Holders of ree. Dee. 16a
31.25
IX Dec. 31 Holden of rec. Dee. 11a
Stutz Motor Car of America (quar.)
Nat. Enamel A Stpg., pref. (quar.)
Jan.
2 Holders of ree. Dee. 20a
Jan.
Holden
rec.
Dec.
31a
IX
15
of
2X
National Fuel Gas (quar.)
Subway Realty (quar.)
2
*IX Feb. 1 ♦Holders of ree. Jan. 15
Jan.
1 Holden of rec. Dec. 16a
National Glue. com. A pref. (quar.).—
Superior Steel, common
*2
1
Feb. 15 ♦Holders of rec. Feb.
2
Dec. 31 Dec. 21
to
Jan.
1
First and second preferred (quar.).
National Grocer, common (quar.)..—
2
Jan.
1 Dec.
8
to
9
Jan.
3
Dec. 31 De*. 21
to
Jan.
1
Swift A Co. (quar.) (No. 132)
Preferred
2 Holden of rec. Dec. 20a
2X Dee. 31 Holders of ree. Dee. 2
IX Jan.
National Ice A Coal, first pref. (quar.)..
Texas Company (quar.)
—
IX Dec. 30 Holders of rec. Dee. 19a
IX Dee. 31 Holden of rec. Dee. 13a
National Lead, common (quar.)...
Texas Pacific Coal A Oil (quar.)
5
Dec. 30 Holders of rec. Dee. 19a
Holden
of
rec.
Dec.
Dec.
31
24
IX
National licorice, pref. (qu.) (No. 66).
Special
2
Dec. 31 Holden of ree. Dee.
9a
to
Jan.
2 Dec. 27
1
IX Jan.
National Light, Heat A Pow., pf. (quar.)
Tide Water Oil (quar.)
3
Dee. 31 Holders of ree. Dee. 9a
20c. Jan. 15 Holden of rec. Jan.
la
National Oil, pref. (quar.)
Extra........
.........
2a
Jan. 15 Holden of ree. Jan.
2
Jan. 15 Holders of rec. Dec. 31a
National Paper A Type, com. (quar.)..
Tobacco Prod., com. (pay. In com. stk.) lQf
IX Jan. 2 Holders of ree. Dee. 21a
IX Jan. 15 Holden of rec. Dec. 31a
Preferred (quar.)
Preferred (quar.) (No. 24)
6c.
Jan.
1
Dee.
12
to
Dec.
22
2
of
rec.
Dec.
Jan.
1 Holden
15a
National Refining, preferred (quar.)
Tonopah Extension Mining
to
1
3
2 Dec. 22
Jan.
Jan.
2 Holden of rec. Dee. 9
IX Jan.
National Sugar Refining (quar.).......
Toronto Paper Mfg., Ltd
1
to
Jan.
1
Jan.
2 Dec. 22
3
Jan.
2
Holden
of
rec.
Dee.
20a
National Surety (quar.)
Extra
—
Jan.
2 Holden of rec. Dec. 23
75c Jan.
1 Holders of rec. Dec. 21a
3
National Tool, common (quar.)
Torrington Company, common (quar.).
25c Jan.
1 Holders of rec. Dec. 21a
2 Holders of rec. Dec. 23
IX Jan.
Common (extra)
Preferred (quar.)
75c Dec. 31 Holden of rec. Dec. 16a
81.25 Jan. 16 Holders of rec. Dee. 31a
Nevada Consol. Copper (quar.)
Transue A Williams Steel Forg..com.(qu.)
Jan.
1 Dec. 21
to
Dec. 31
Dec.
31
Holden
of
rec.
Dec.
18
IX
IX
New England Telep. A Teleg. (quar.)..
Trumbull Steel, common (quar.)
to
Dec. 31
1 Dec. 21
25c. Jan.
1 Holden of rec. Dec. 24
2X Jan.
New Jdrta Quicksilver Mining (quar.)...
Common (extra)
*4
to
Dec. 31
1 Dec. 21
Feb. 10 ♦Holden of rec. Jan. 31
IX Jan.
New Jersey Zi.ic (quar.).
Preferred (quar.)
1 Holders of ree. Dee. 14a
2X Feb. 16 Holders of rec. Feb. 4
IX Jan.
New York Dock, common (No. 1)
Underwood Typewriter, common (quar.)
6
Jan.
1 Holders of reo. Dee. 14a
2X Jan. 15 Holden of rec. Jan. 4a
Preferred
Common (extra)
4
Jan. 10 Holders of rec. Dec. 27a
1 Holden of ree. Dee. 14a
IX Jan.
New York Mutual Gas Light
Preferred (quar.)
2
Dec.
1 Holden of ree. Dee. 12a
Jan.
Holden
of
rec.
20
Jan.
IX
81.25
New York Title A Mortgage (quar.)...
Union Carbide A Carbon (quar.)..
4
15
Holden of ree. Dec. 31a
15
Jan.
Jan.
of
rec.
Dec.
21
Holders
2X
New York Transit (quar.)
Union Natural Gas (quar.) (No. 62)
25c. Jan. 20 Jan.
to
Jan. 17
1
2 Holden of rec. Dee. 16a
IX Jan.
Nipissing Mines, Ltd. (quar.)
United Drug, common (quar.) (No. 8)..
25c. Jan. 20 Jan.
1
to
Jan. 17
I
Jan.
2 Holden of ree. Dee. 16a
Extra...
Common (extra) (No. 9)
*IX Feb. 1 ♦Holden of rec. Jan. 15
IX Jan. 2 Holden of rec. Dec. 16a
North American Co. (quar.)
United Drug, 1st pref. (quar.)
3
Jan. 15 Holden of rec. Dec. 31a
2 Holden of ree. pee. 14a
IX Jan.
Northern Ontario Light A Power, pref..
United Dyewood, com. (quar.) (No. 9).
5
Jan.
2 Holden of rec. Dec. 13
2 Holden of ree. Dec. 14a
IX Jan.
Northern Pipe Line
Prefdired (quar.) (No. 9)
1 ♦Holden of rec. Dec. 24
2
Jan. 15 Holden of ree. Dee. 20a
Northwestern Electric, pref. (quar.)— *ix Jan.
United Fruit (quar.) (No. 78)
75c. Jan.
2 Holden of rec. Dec. 31a
Jan. 15 Holden of ree. Dec. 31a
31
Northwestern Telegraph (quar.)
United Gas Improvement (quar.)
2 Holden of rec. Dec. 14a
la
IX Jan.
IX Jan. 15 Holden of ree. Jan.
Nova Scotia Steel A Coal, com. (quar.)
United Paper Board, pref. (quar.)
2
Jan.
2 Holders of rec. Dec. 14
4 Holden of rec. Dec. 17
Preferred (quar.)
United Shoe Machinery, com. (quar.).. 50c. Jan.
3
2 Holden of rec. Dec. 24a
Jan.
4 Holden of rec. Dec. 17
37He Jan.
Ogllvie Flour Mills, Ltd., com. (quar.).
Preferred (quar.)
IX Jan. 15 Holden of rec. Dec. 31
IX Jan. 2 Holden of rec. Dec. 20a
Ohio Brass, preferred (quar.)
United Utilities, preferred (quar.)
Jan.
1
of
Dec.
Feb.
1 Holden of rec. Jan.
Holden
rec.
14a
60c.
3a
IX
Ohio Cities Gas, preferred (quar.)
United Verde Extension Mining (quar.).
62 Xc Jan. 15 Holden of reo. Dec. 31a
25c. Feb.
3a
1 Holden of rec. Jan.
Ohio Fuel Supply (quar.)
Extra
450c. Jan. 16 Holden of rec. Dec. 31a
to
Dec. 31
IX Dec. 31 Dec. 12
Extra (payable In Liberty Ln. bds.)..
U. 8. Bobbin A Shuttle, com. (quar.)...
to
Dec. 31
31.25 Dec. 31 Dec. 3
to
Dec. 29
IX Dec. 31 Dec. 12
Oblo Oil (quar.)
Preferred (quar.)
Dec. 29
1 Holden of rec. Dec. 20a
34.75 Dec. 31 Dec. 3
to
Jan.
35
Extra
U. S. Gauge, common
Holden
Dec. 20a
Jan.
1
of
Dec.
20a
of
rec.
Holden
rec.
Jan.
1
IX
81.75
Ohio State Telephone, pref. (quar.)..
Preferred
*50c. Jan. 20 ♦Holders of rec. Jan.
3
IX Jan. 15 Holders of ree. Dee. 31a
Oklahoma Natural Gas..
U. 8. Industrial Alcohol, pref. (quar.)..
3
12XC Jan. 3 Holden of rec. Dec. 20a
Oklahoma Producing A Refining (quar.)
U. S. Smelt., Refg. A Min., com. (quar.). ♦31-25 Jan. 15 ♦Holden of ree. Jan.
3
81
Dee. 31 Holden of rec. Dec. 17a
♦87 Xc Jan. 15 ♦Holden of ree. Jan.
Old Dominion Co. (quar.)
Preferred (quar.)
—
50c. Jan.
4 Holden of rec. Deo. 20a
10c. Jan.
2 Holden of ree. Dec. 16
Ontario Silver Mining (quar.)
U. 8. Steamship (bi-monthly)
Dec.
31
Dec.
82
Holden of rec.
7
5c. Jan.
2 Holden of ree. Dee. 16
Osceola Consol. Mining (quar.) (No. 93)
Extra
Dee. 3
to
IX Jan. 15 Holden of rec. Dec. 31
IX Dee. 30 Nov. 30
Otis Elevator, common (quar.)
U. 8. Steel Corp., com. (quar.)
Jan.
15
rec.
Deo.
31
Nov. 30
Dee. 3
Holden
of
30
to
IX
2
Dee.
Preferred (quar.)
Common (extra)
1
Jan.
2 Holden of rec. Dec. 15a
32.50 Deo. 31 Holden of ree. Dee. 16a
Ottawa Car Mfg. (quar.)—
Utah Copper (quar
2
Jan.
2 Holden of rec. Dec. 15a
1 Holders of ree. Dec. 20a
nx Jan.
Bonus..
Utah Gae A Coke, preferred (quar.)
1 Holden of rec. Dec. 20
I
Feb.
1 Holden of rec. Jan. 16a
IX Jan.
Ottawa L„ H. A Power (quar.)
—
Va.-Carolina Chem., com. (qu.) (No.46)
75c.
2 Holden of rec. Dec. 21a
Jan.
2
Jan. 15 Holden of rec. Dee. 31a
Owens Bottle-Machine, com. (quar.)..
Preferred (quar.) (No. 93)
2
1
Jan.
5
Jan.
Holden
of
rec.
Dec.
21a
5
to
Jan. 15 Jan.
IX
Preferred (auar.)
Victor Talking Machine, common (qu.).
1
to
Jan. 15
1
to
Jan.
5
*IX Jan. 15 ♦Jan.
IX Jan. 15 Jan.
Pacific Telep. A Teleg., pref. (quar.)
Preferred (quar.)
2 Holden of ree. Dee. 13
IX Jan. 2 Holden of rec. Dec. 26
IX Jan.
Panama Power A Light Corp., pf. (qu.)
Wabasso Cotton Co. (quar.) No. 4
1
Jan. 23 Holden of ree. Dec.' 31a
Pan-Amer. Petrol. ATransp., com. (qu.) 31.25s Jan. 10 Holden of reo. Dec. 14a
Warner (Chas.) Co. of Del., com. (qu.).
IX Jan. 2 Holden of rec. Deo. 14a
IX Jan. 23 Holden of rec. Dee. 31a
Preferred (quar.)
—
Preferred (quar.)
—
1 Holden of rec. Dec. 14
IX Feb. 15 Holders of rec. Feb. 5
IX Jan.
Penmans, Limited, common (quar.)
Warren Bros. Co., 1st pf. (qu.) (No. 67)
IX Feb. 1 Holden of rec. Jan. 21
1 Holden of rec. Dec. 14
IX Jan.
Preferred (quar.)
Second preferred (quar.) (No. 67)..
Dec.
31
Holden
of
rec.
Dec.
14a
Holden of rec ^fDec. 20a
6
31
IX
Dee.
Pennsylvania Rubber, common (quar.)...
Washburn Wire, common (quar.)
IX Doc. 31 Holders of rec. Dec. 14a
IX Dec. 31 Hidden of ree. Dee. 20a
Preferred (quar.)
Preferred (quar.)
1
Dee. 31
31.25 Jan. 15 Holden of rec. Dec. 31
to
Dee. 31 Deo.
34
Pennsylvania Salt Manufacturing
...
Washington Oil (annual)
2 Holders of rec. Deo. 19a
IX Jan.
3X Dec. 31 Holden of rec. Dec. 21a
Pennsylvania Water A Power (quar.) —
Welsbach Co., preferred
4
Jan.
7 Holden of ree. Dec. 31
IX Jan. 2 Holden of reo. Dec. 23a
Pettlbone, MulllkeaACo.,lstA2dpf.(qu.)
Westchester A Bronx Title A Mtge
Holden of ree. Dee. 21a
2X Jan. 2 Holden of rec. Dec. 20a
Phelps, Dodge A Co. (Inc.) (quar.)
Western Electric Co., Inc., com. (qu.) 32.50 Dee. 31
2
of
Dec.
Jan.
Holden
rec.
20a
Holden of ree. Dee. 21a
Deo.
31
*x
Extra
IX
Preferred (quar.)
—
Jan.
2 Holden of rec. Dec. 20a
Jan.
4
to
1
Dee. 31 Deo. 21
Special (payable in 4X % L. L. bds.)_ m2
Western Grocer, common—
1 ♦Holden of rec. Jan. 15
to
Jan.
1
Dec. 31 Dec. 21
3
Pierce-Arrow Motor Car, com. (quar.)... *31.26 Feb.
Preferred
2
Jan.
2 Holden of rec. Dec. 16a
1
Jan. 15 Holden of ree. Dee. 31a
PIeroe-Arrow Motor Car, pref. (quar.).
Western Power Corp., preferred (quar.) .
IX Jan. 25 Holden of rec. Jan. 10a
IX Jan. 15 Holden of ree. Dee. 20a
Pittsburgh Coal of Penna., com. (qu.)..
Western Union Teleg. \quar.) (No. 199)
IX Jan. 25 Holden of reo. Jan. 10a
31.75 Jan. 31 Holden of ree. Dec. 31a
Preferred (quar.)
Westinghouse Air Brake (quar.)...
Jan.
25
Jan.
Holden
of
rec.
10a
Holden of rec. Dec. 31
IX
Pittsburgh Coal of N. J., pref. (quar.)..
Westing house Elec. A Mfg., com. (quar.) 37 Xc. Jan. 31
IX Dec. 31 Holden of rec. Dec. 14a
87 XC. Jan. 15 Holden of rec. Dee. 31
Pittsburgh Plate Glass, com. (quar.)...
Preferred
(quar.)
1
Jan.
1 Dec. 21
Jan.
to
1
to
Jan.
2
2 Dee. 18
31.25 Jan.
Pittsburgh Rolls Corp., common
Westmorland Coal (quar.)
1 Holden of rec. Dec. 31a
IX Jan.
Jan.
to
2
2 Dec. 18
Preferred (ouar
Extra (payable in 4)4% L. L. bonds). m31-25 Jan.
2
1
rec.
Jan.
Holden of
Dec. 28a
2 Holden of ree. Dee. 16a
Pittsburgh Steel, common (quar.)
2X Jan.
Weyman-Bruton Co., com. (quar.)
37
1
rec.
27a
Jan.
Holden
of
Dec.
Xc.
Holden
ree.
16a
of
Deo.
Pond Creek Coal, common (quar.)....
IX Jan. 2
Preferred (quar.)
*d3
Jan. 31 ♦Holden of rec. Dec. 31
to
Jan.
2
2
Prairie Oil A Gas (quar.)
Jan.
2 Dec. 23
Wheeling Mould A Foundry, pref. (quar.)
•5
Jan. 31 ♦Holden of rec. Dec. 31
Jan.
to
1
2
Jan.
Extra
1 Dec. 20
Wheeling
Steel
A
Iron
(quar.)
3
Jan. 31
Holden of rec. Dec. 31a
Jan.
to
1
Prairie Pipe Line (quar.)
1
Jan.
1 Dec. 20
Extra
2
Jan.
1 Dec. 15
to
Dec. 30
Price Brothers (quar.)
Dee. 31 Hidden of ree. Dee. 14a
81
White Motor (quar.)
2
Jan.
15
Holden
of
rec.
Dec.
24a
Proctor A Gamble, preferred (quar.)..
IX Jan. ' 1 Holden of ree. Dee. 20a
Wlllys-Overland Co., preferred (quar.)
Dec. 31 Holden of rec. Dec. 23
31
Providence Telephone (quar.)
2 Holden of ree. Dee. 23a
IX Jan.
Wilson A Co., Inc., pref. (quar.)
1
Jan.
2 Holden of rec. Dec. 15
Jan.
2 Hidden of ree. Dee. 14a
81
Wolverine Copper Mining (quar.)
IX Jan. 2 Holden of rec. Deo. 15
Preferred (quar.)
IX Dec. 31 Holden of rec. Dee. 26
Woods
Manufacturing,
Ltd.,
pref.
(qu.)
IX Jan. 2 Holden of rec. Dec. 16a
Public Utilities Corp., pref. (quar.).
IX Jan. 2 Holden of ree. Dee. 10a
Woolworth (F. W.) Co., pref. (quar.)..
3
Jan. 15 Holden of rec. Dec. 31a
2 Hidden of ree. Dee. 20a
IX Jan.
Quaker Oats, common (quar.)...
Worthington Pump A Mach., pf. A (qu.)
1
15
rec.
Dec.
31a
Jan.
Holden
of
2 Holden of ree. Dee. 20a
Common (extra)
IX Jan.
Preferred B (quar.)
2?
Feb.
Holden
of
rec.
Feb.
la
IX
2
Preferred (quar.)
Jan.
2 Holden of ree. Dee. 23
Dec.
23
Hidden
of
rec. Dec.
2a
82
Jan.
2 Holden of ree. Dee. 20a
2X
Quincy Mining (quar.)
2
Dec. 30 Holden of rec. Dec. 14a
2 Holden of ree. Dee. 20a
IX Jan.
Preferred (quar.).
75c. Dec. 31
Holden of rec. Dec. 16a
to
Jan.
1
1 Dec. 21
Jan.
2
Ray Consolidated Copper (quar.)..
3
11
of
rec.
Jan.
Jan.
Holden
6a
to
Jan.
1
3
1 Dee. 21
Jan.
Realty Associates (No. 32)
Common (extra)
30c.
Jan.
2
Holden
of
rec.
Deo.
16
1 1 Dee. 21
Reece Buttonhole Mach, (qu.) (No. 131)
IX Jan.
to
Jan. 1
Preferred (quar.)
10c.
of
Jan.
2
Holden
rec.
Dec.
16
l
Dec.
to
14
Dee.
15
Reece Folding Mai?h. (quar.) (No. 39)
Dee. 31
81
Yukon-Alaska -Trust (quar.).
Jan.
to
1
IX Jan. 2 Dec. 22
• From unofficial aouroee.
Holden of rec. Jan. 10
IX
a Transfer books not dosed for this dividend,
ft
Holden of rec. Jan. 10
British lnoome tax. d Correction. «Payable in stock. /Payable ln oommon
First pref. (acct. accum. dividends)... x28
2 Holden of rec. Dec. 14a
2X Jan.
stock,
Reo Motor Car (quar.)
g Payable In scrip,
h On aocount of
IX Feb. ] Holden of rec. Jan. 15a
Liberty Loan bonda. I Red Cross dividend, m
2
of
14a
Jan.
Holden
rec.
Dec.
IX
Preferred (quar.) (No. 61).
4u% bonds, n Payable ln Canadian Government
3
1
Jan.
Holden of rec. Dec. 20a
clared subject to the approval of Director-General at
r
3
Jan.
1
Holden of rec. Dee. 20a
Common Class B (quar.).
Stock Exchange has ruled that stock will not be quoted
on
IX Jan.- 1 Holden of rec. Dee. 20a
Preferred (quar.)
and not until further notice. * Ex-dividend on this date, t
Dec.
31
Holden
of
rec.
Dec.
24a
IX
in quarterly installments of IX % each on Jan. 2,
2
Holden of roe. Dee. 14a
Dec. 31
tohoidenof reoord on Dee. 16 1918, March 15, June 16 and Sept.
respec¬
2
Dec. 31 Holden of ree. Deo. 14a
Common (extra)
tively.
IX Dec. 31 Holden of ree. Dee. 14a
Preferred (quar.)
« Declared 8% on first pref. stock, payable 4% as above
on
2
Dec. 31
to
Jan. 13
Dec. 21
St. Joseph Stock Yards (quar.).
to holders of reoord Sept. 26.
.
2
Deo. 31
Holden of ree. Dee. 21a
• Payable one-half In cash and one-half In L. L.
1
Holden
Dfee.
of ree.
14a
IX Jan.
«s Declare 6% on common, payable 2% as above and
Sears, Roebuck A Co., pref. (quar.)..
on
2X Jan. If Holden of ree. Dee. 31a
Securities Company
Aug. 20 1919, all to holders of reoord Jan. 31 1919. *
50c.
Jan. 2C Holden of ree. Dec. 31a
Shattuck-Arizona Copper Co. (quar.).
% payable one-half In ***** and one-half ln
IX
1H
2X
giX
2X
Dec. 31
Jan.
Dee.
Jan.
Dec.
V2
Jan.
2
Jan.
2X Jan.
16c. Jan.
IX Jan.
...
accumulated dividends, i Payable la
Payable ln U. 8. liberty Loan
Victory Loan bonds, t De¬
Railroads,
The New York
ex-dividend
this data
Declared 7 %, payable
April 1, July 1 and Oct. 1 1919
15 1919,
and 4%
.
_
_
4X% bonds*
2% each
32.04%.
liberty Loan bonds.
Sept. 30 1919May 20 and
Due. 28
1918.]
THE CHRONICLE
8458
Member Banks of the Federal Reserve
System.—Following is the weekly statement issued by the Federal Reserve
Board giving tiie principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
contained in the statement were given in the weekly statement issued under date of
Deo. 14 1917 and which was published
in the "Chronicle of Deo. 29 1917, page 2523.
-- •
r.
STATEMENT SHOWING
CENTRAL RESERVB
todebtedneaa on hand show an increase of about 20 millions, of which 11.7 millions represents the gain at the central reserve city
bankaand 1L3 millions the gain at fee banka in Greater NewYoik.
Holdings of 0. 8. bonds, other than circulation bonds, fell off 11.2 millions.
reserve cities, the decrease reflecting in
a measure amounts placed during the week with customers upon receipt
of final
^ war obligations declined 21.5 millions, largely at central reserve city banks. All other loans and in*
under
this
for
the
reserve
banks
being
by
reported
for the
decre*»®
head
central
city
offset
gains
,
hank^niit«Th*tt 1§r*ee
fc?in
m
5%^th? cLSrISS?2idt^l^Er paper comblne<t *° *°*al 1<MlM “d ‘nYeetmenta ren“<“ unchan*ed at 22-4%
jfe* .withdrawals for the week
Government deposits totaled about 205 millions, of which 59.5 millions represent withdrawals from the central
or
“S®*?..*1*1 124.7 rnmions--withdrawals
from banks in other reserve cities. Inversely, other net demand deposits increased 210.4 millions,
of which 119.9 millions constitute the increase at central
reserve city banks and 72.1 millions—the increase in other reserve
cities.
Time deposits
show an increase of 12.9 millions.
Reserve balances with Federal Reserve banks fell off 26.7
millions, while cash in vault shows a gain of 2.5 millions.
*0 705W
78.3%.
as
^>^ing
1416 ****2deposits to Investments, mainly because of the decrease In loans and investments, shows a rise from 78.1
For me central reserve
city banks this ratio, because of the considerable gains in deposits, rose from 85 to 86.4%, while for the other
* faU
Jnthis
ratiofrom 7f .5 to70.8% is noted. The ratio of combined cash and reserve to deposits declined from 15.7 to 15.4% for aU
fro™ 167
J0before.
16.2%
against 129 millions the week
tor
the banks in the central
For
reserve dities.
the banks in the central reserve cities
“Excess reserves” of all reporting banks work out at 77.9 millons.
a
decrease of this item from 8L5 to 46.4 millions may be noted.
1* Data for all reporting banks In each district.
Member Banks.
Boston.
Number of reporting banks
U. 8. bonds to secure eircul&t’n
Other U. 8. bonds. Including
Liberty bonds......
OT. 8. eertifs. of Indebtedness..
Total U. 8. securities
Leans see. by U. 8. bonds. Ac.
AO other loans A Investments.
Psservs with Fed. Res. Bank.
Cash In vault
Net demand deposits..
Time deposits
Government deposits
...
New York.
PM«M.
llseOand
Rlchm'd.
Atlanta.
Two ciphers (00 omitted..
Chicago.
St
Louis
Stinneap
Kan. CUt)
44
106
85
81
45
101
32
35
14,352,0
50,136,0
42,814,0
24,314,0
15.465,0
19,001,0
17,655,0
6,419,0
$
8
%
S
20,518,0
325,717,0 75,850,0 88,753
66,331,0 471,859,0 46,739,0 76,641
101,201,0
847,712.0 134.081,0 208,208
107,314,0
684,371,0 168,815,0 98,552
760,430,0 4,059,939,0 643,095,0 953,335
67.637,0 628,877,0 57,855,0 87,260
27,577,0
130,0094) 21,684,0 37,520
704,684,0 4,593,432,0 622,684,0 764,237
97,464,0
249,508,0 18,441,0 226,699
33,485,0
205,144,0 25,876,0 26,546
8
$
$
'
Dallas.
San Fran
73
53
13,610,0
34,505,0
$
S
Total.
755
$
t
267,692,0
52,860,0 38,607,0
106,392,0 39,444,0 10,938,0 25,749,0 20,259,0 33.894,0
838,981,0
29,798.0 37,630,0
104,243,0 20,114,0 12,379,0 24,265,0 10,939,0 58,916,0
959,854,0
106,972,0 91,702,0
229,636,0 77,213,0 29,736,0 63,624,0 49,127,0 127,315,0 2,066,527,0
43,003,0 19,765,0
64,410,0 25,940,0
9,686,0
9,899,0
7,430,0 16,943,0 1,256,128,0
392,153,0 319,618,0 1,394,177,0 364,954,0 251,216,0 458,841,0 180,656,0 549,623,0 10.328.037.0
33,560,0 30,908,0
157,529,0 36,609,0 25,304,0 44,536,0 17,769,0 53,154,0 1,240,998,0
19.343,0 16,600,0
78,949,0 13,532,0
9,370,0 15,588,0 12,290,0 24,000,0
406,462,0
332,053,0 231,810,0 1,143,554,0 276,387,0 221,508,0 380,931,0 149,797,0 421,415,0 9,842,492.0
58,064,0 93,658,0
403,889,0 73,491,0 47,450,0 58,924,0 25,844,0 123,638.0 1,477,074,0
11,095,0
7,434,0
48,631,0 15,856,0
5,728,0 13,929,0
4,649,0
6,502,0
404,875,0
2. Data for banks in each Central Reserve city, banks In ail other Reserve cities and other
reporting banks.
New York.
Two ciphers (00) omitted.
Dec. 13.
Number of reporting banks
Dec. 6.
Chicago. 8t. Louts. Total Central Res. CUUs
Other Rosens Cities.
Dec. 13.
Dec. 13.
Dec. 13.
Dec. 13.
64
64
44
14
36,334,0
36,334,0
1,119,0
10,555,0
Dec. 6.
122
122
468
48,008,0
48,008,0
*
172,570,0
Dec. 6.
Countrp Banks
Dec. 13.
468
Total.
.
Dec. 13.
Dec. 6.
165
165
47,114,0
$
47,114,0
277,427,0
279,345,0 54,018,0 28,981,0
360,424,0
361,411,0
399,041,0
405,325,0 79,510,0
448,365,0
437,197,0 50,169,0 15,107,0
513,641,0 501,869,0 386,289,0 380,820,0 59,924,0
Total U. 8. securities
762,126,0
752,876,0 105,304,0 54,643,0
922,073,0
911,288,0
957,900,0
959,017,0 186,554,0
Loans see. by U. 8. bonds, Ae.
631,137,0
638,833,0 42,581,0 20,154,0
693,872,0
709,861,0 483,873,0 483,400,0 78,383,0
All other loans A Investments. 3,659,556,0 3,674375.0 858,523,0 262,463,0
4,780,542,0 4,811,572,0 4,678,275,0 4,671,980,0 869,220,0
Reserve with Fed. Res. Bank.
594,705,0
617,244,0 111,587,0 28,370,0
734,662,0
754,408,0
447,828,0
451,563,0 58,508,0
Cash In vault.....
112,955,0
116,525,0 39,194,0
7,647,0
159,790,0
160.857,0
200,430,0
198,594,0 40,236,0
Net demand deposits
4,215,324,0 4,126,307,0 792,559,0 196,017,0 5,203,900,0 5,084.038,0 3,920,515,0 3,848,415,0 718.077,0
Time deposits
193,778,0
201,995,0 145,645,0 53,272,0
392,095,0
400,178,0
887,214,0
865,507,0 197,105,0
Government deposits..
186,375,0
238,067,0 33,342,0 12,498,0
232,215,0
291,679,0
144,263,0
269,047,0 28,397,0
Ratio
83.495,0
57,234,0
187,843,0
79,315,0
855,230,0
61,724,0
44,515,0
699,030,0
198,487,0
49,188,0
U. 8. bonds to secure clrculat’n
Other U. 8. bonds. Including
$
$
$
$
$
.
$
$
$
172,872,0
Liberty bonds
U. 8. eertifs. of Indebtedness..
of combined reserve and
each to total net deposits
26.9
.
26.8
14.6
19.0
.
24.5
24.5
♦Including returns from six El Faso banks. Shown In the country banks’ column the week before.
20.7
20.8
19.2
19.6
fysc. 6
755
755
$
S
287,692,0
267,994,0
838,981,0
850,231,0
939,923,0
959,854,0
2,066,627,0 2,058,148,0
1,256,128,0 1,277,576,0
10328037,0 10,338,782,0
1,240,998,0 1,267,693,0
406,462,0
403,966,0
9,842,492,0 9,632,083,0
1,477,074,0 1,464,172,0
404,875,0
609,914,0
22.4
22.4
El Paso was made a reserve city Deo. 2.
The
Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on Deo. 21:
Large withdrawals of Government deposits, accompanied by substantial liquidation of war
and other discounts, also of paper bought in open
market are indicated by the Federal Reserve Board’s weekly bank statement issued as at closepaper
of business on Dec. 20 1918.
INVESTMENTS.—War paper holdings of all the banks, except Minneapolis, show considerable decreases, the New York bank alone reporting
a reduction of 90.2 millions.
Other discounts on hand fell off 58.8 millions, all the banks without exception reporting smaller totals than the week
before.
Acceptances show a reduction of 25.8 millions, the New York and Chicago banks reporting the largest decreases. Of the total increase of
213.6 millions in Government short-term securities, 211 millions represent temporary advances to the Government pending the receipt of funds
largely from depositary institutions. The remainder of the increase represents further investments in 2% certificates to secure Federal Reserve
bank note circulation.
Total earning assets show a reduction for the week of 55.7 millions.
DEPOSITS.—Government deposits show a decline of 122.9 millions. Members’ reserve deposits increased 74.5 millions, while net deposits,
partly because of the increase in the “float,” declined about 123 millions.
RESERVES.—Gold reserves show a gain of about one-half million, while other cash reserve declined 1.1 millions. The banks’ reserve percentage
because of the large reduction in deposit liabilities shows a rise from 49.9 to 50.6%.
NOTE CIRCULATION.—Federal Reserve agents show an increase of 50.8 millions net in Federal Reserve notes outstanding.
The banks report
• total of 2,663.7 millions of Federal Reserve notes in actual
circulation, an increase for the week of 59.1 millions. Their aggregate liabilities on
Federal Reserve bank notes in circulation are given as 111.9 millions, or 9.7 millions larger than the week before.
CAPITAL.—During the week the banks’ paid-in capital increased by $93,000, largely as the result of payment for Federal Reserve bank stock
by newly admitted members in the New York, Philadelphia and San Francisco districts.
The
figures of the consolidated statement for the system as a whole are given in the following table, and in addition
present the results for each of the seven preceding weeks, together with those of the corresponding week of last year,
thus furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of
we
the twelve Federal Reserve banks.
The statement of Federal Reserve Agents’ Accounts
(the third table following)
S'ves
)tween
details
the latter
regarding
transactions
in Federal
the Federal
and the
Reserve
banks. Reserve notes between the Comptroller and the Reserve Agents and
FEDERAL RESERVE BANK OF NEW YORK.—The week statement issued by the bank subdivides some certain items that are included
under a more general classification in the statement prepared at Washington.
Thus, “Other deposits, Ac.,” as of Dec. 20, consisted of “Foreign
Government deposits,” $95,580,241; “Non-member bank deposits, $6,106,511, and “Due to War Finance Corporation,” $395,616.
Combined Resources
and
Liabilities
of the
Federal Reserve Banks
at the
Close
of
Business Dec. 20 1918
■
Dec. 20 1918. Dec. 13 1918.
RESOURCES.
Gold in vault and In transit
Gold settlement fund—F. R. Board
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve Agents
Gold redemption fund
Total gold reserves
Legal tender notes, silver, Ac
%
...
S
8
Dec. 211917.
524,350,006
304,604,000
52.500,000
802,339,000
829,913,000
781,528,0)0
772,059,000
813,219,000
815.241,000
827,718,000
838,910.000
1,194,228,000 1,167,771,000 1,207,377,000 1,210,541,000 1,168,917,000 1,166,579,000 1.145,640,000 1,149,859,000
82,421,000
80,821,000
76,613.000
78.496,000
78.129.000
73.233.000
63,460,000
74.957,000
881,454,009
746,107,000
17,982,000
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
“
8
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
Nov. 1 1918.
8
383,833,000
449.248.000
5,829,000
335,141,000
461,369,000
5,829,000
...
$
Dec. 0 1918. Nos. 29 1918. Nos. 22 1918. Nos. 15 1918. Nos. 8 1918.
8
2,078,988,000 2,078,505.000 2,067,401.000 2,065,213,000 2,060,265,000 2,056.777,000 2,046,591.000 2,052,229.000 1,645,543,000
54,636,000
55,758,000
53,968,000
55,158,000
55.992.000
53,039.000
54.248.000
53.456.000
48,127,009
Total reserves
2,133,624,000 2,134,263,000 2,121,367,000 2,120.371,000 2,110,257,000 2,109,810,000 2.100.839.000 2.105.685.000 1,693.679.909
Bills discounted: Secured by Govern¬
ment war
All other
1,299.524,000 1,483,849,000 1,467,322,000 1,412,511,000 1.281.245,000 1,358,416,000 1.316,967,000 1,252,904,000
306,778,000 305,614,000
398,462,000
402,684,000
428,190,000
439,392.000
480,271,000
493,043,000
371.406.000
386,594,000
340,765.000
375,341,000
368.784,000
374,522,000
377,877,000
377,072.000
obligations
Bills bought in open market
Total bills on hand
1,947,007,000
U. B. Government long-term securities.
28,850.000
N. B. Government short-term securities
325.073.000
All other earning assets....
16,000
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
29,189,000
111,477,000
29,196,000
105,608,000
27,000
27,000
29,132,000
92,664,000
27,000
29.134.000
148.180.000
27,000
29,478.000
93.449,000
28,000
29,479,000
91,956.000
28,000
29.472.000
88,750,000
35,000
| 693,509,900
277,943,000
971,452,000
50,438,000
58.130,000
1.102.000
Total earning assets
2,301,006,000 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 1,081,122,000
Uncollected Items (deduct from gross
...
deposits).
...............
•% redemp. fund agst. F. R. bank notes
All other
resources
It"
w Total
•
...............
resources
Includes amount
826,831,000
719,591,000
650,039,000
736,328,000
819,010,000
717.785.000
687.468.000
684,315,000
364,949,000
5,880,000
20.793,000
5,506,000
18,824.000
4,844,000
22.440.000
4,621,000
21.309,000
4,525,000
24,175,000
4,008.000
18,169.000
3,924.000
18,790,000
3,703,000
17,075,000
537,000
2,678,000
5.104.244.000'S.05$.114.000
3,142,956.000
5,288.134,000 $.234,934,000 15,168,709.000 5,194,988.000 5,219,527.000 5.148.418.000
formerly shown agalns items due from or due to other Federal Reserve banks net.
[Vol. 107
THE CHRONICLE
2454
■
Dec. 20 1018. Dec. 13 1918.
Nov. 8 1918.
Dec. 6 1918. Nov. 29 1918. Nov. 22 1918. Nov. 15 1918.
Nov. 11918.
8
8
8
8
79.824X100
80.304X100
80.025,000
79.903XXX)
80,492,000
80X172,000
1.134X100
1,134X100
1,134,000
1.134.000
1.134X100
1.134,000
1,134,000
38,693,000
161,614,000 185,355,000 207.157X100
113,174X100 246,401X100 160.256X100
Government deposits
...
1,642,444,000 1X167,927.000 1,547,838.000 1,488,893,000 1,604,033,000 1,449,949X100 1X145,996,000
Duo to members reserve aeeount
588,755,000 556,764X100 514.512,000 602,667,000 620,608,000 573,727X100 527,796.000
Items..
114X141,000
106,689,000
106.012X100 106,685X100 105,894X100 113,967,000 113,385X100
Other deposits. Inel. for. Gov't credits.
8
80.685,000
LIABILITIES.
Capital paid in...
Surplus
......
.....
Total gross deposits
2,376,581,000
9. R. notes in actual circulation
2,663,701,000
111,909,000
W. R. bank notes In circulation, net liab.
54,224,000
AO other liabilities
Dec. 2ft 1917.
8
8
79X160.000
69.852.999
1,134.000
249,397XXX)
221.761.999
1.442,493,000 1,389,434,999
543.975,000
295.819.999
111.827XXX)
14.258.999
8
8
2,392,317X100 2,354,390X100 2,404,611X100 2,451,782,000 2,383,462,000 2.348,989XXIO 2,347,692,000 1.831.272.999
2,604X180.000 2,584,523X100 2,568,676XXX) 2,555,216,000 2,562,617X100 2,558,196.000 2,515,604,000 1.227.642.999
63,338,000
8.999.999
68.864,000
72.930X100
102,202,000
92,799X100
86,003X100
80,604X100
6.199.999
47.237XXX)
45,086,000
55,559.000
48,472X100
54,492,000
54,209,000
60,867XXX)
Total liabilities
5,288,134.000 5,234,934.000 5,168,709,000 5,194,988,000 5,219,627,000 5.148,418X100 5,104.244.000 5X)52,114X>00 3,142,956,999
51.7%
72.3%
60.9%
Gold reserve against net deposit llab..
52.5%
51.8%
61.4%
53.0%
62.3%
52.1%
78.6%
49.8%
50.9%
50.8%
Gold res. agst. F. R. notes in act. circ'n
51.7%
51X1%
50X1%
62.0%
61.3%
Ratio of gold reserves to net deposit and
75.2%
50.6%
51X1%
50.9%
50X1%
Fd. Res. note liabilities combined—
51.9%
51.8%
52.6%
61.7%
Ratio of total reserves to net deposit and
42.9%
49.8%
50.4%
50.5%
49X1%
Fed. Res. note liabilities combined..
50.6%
49.9%
49.5%
50.0%
Ratio of gold reserves to F. R. notes In
actual circulation, after setting aside
60.6%
59.4%
60.5%
59.6%
59.5%
59.0%
59.7%
59.8%
85% against net deposit 11 abilities...
........
8
8
5
8
8
3
8
Distribution bp Maturities—
8
8
1-15 days bills discounted and bought. 1,185,006,000 1.453,746,000 1,432,969,000 1,305,634,000 1.206.215,000 1,353,310,000 1.354,320,000 1.336,423,000
15,688.000!
15,701.000
11,473,000
18.481.000
1-15 daysU. 8. Govt, short-term sees.
218,069,000
12,048,000
69.029,000
8,895,000
2.000
7,000
7,000
9,000
5,000
5,000
1-15 days municipal warrants.
3,000
5,000
188,642,OOOi
143,767,000
170.319.000 225,900.000
15-80 days bills discounted and bought.
175,680,000 168.765.000 176.019,000
170,107,000
137XXX)
101,000
73.000
15-30 days U. 8. Govt, short-term sees.
10,227,000
10.275.000
1,188,000
1,184,000
7,000.
"'"ib'666
1,000
3,000
10,000
10,000
15*80 days municipal warrants
304,615,000
291,511,000
338,876,000 301,760,666
81-50 days bills discounted and bought.
436,395,000 461,343,000 444,719.000 470.666.000
617,000
10,684.000
699,000
1,409,000
12,584,000
81-50 days U. 8. Govt, short-term sees.
10.335,000
9.132X100
9,220.000
5,000
16,000
15X100
15,000
14,000
6,000
4X100
8150 days municipal warrants
61-00 days bills discounted and bought
131,149',566 132,992,000 164,334,000 165,185,000 337.346.000 334,095,000 319,973,000 284,735.000
3.557,000
8.109,000
61-00 days U. 8. Govt, short-term sees.
899,000
351.000
7,900,000
1.086,000
2.194.000
2,023,000
*
10,000
61-00 days municipal warrants
5,000
3,000
21.708,000
Over 00 days bills disc*ted and bought.
24,4l6',666 '24,209,666 '22.849,666 23,151,000 20,102,000
17,755.666 16.833.000
64,199.000
86,894,000
66.793.000
70.323.000
63.569.000
61,913.000
Over 00 days UJ3.GovtJhort-term sees.
97.221,000
72,275.000
3,000
3,000
6,000
3,000
6,000
3,000
3,000
Over 00 days municipal warrants.
493.671.999
219.999
121.969.999
19,999
273.339.999
'"'652',999
164.729.999
’
Federal Reserve Notes—"
Issued to the banks
Held by banks
2,815,450,000 2,764,699,000 2.741.852,000 2,773,043,000 2,768,777.000 2,761.812X100 2,743,686,000 2.710,680.000: 1,295,949,•••
185,490.000
151,749,000
160.119,000 157,329.000 204,367,000 213.562,000
199,295.000
195,176,000|j 67,427,909
In circulation
r
W#
ftOO. iTl/IPf
123.999
8,593,999
2,663,701,000 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'|l,227,442,99#
\AypfMf AW/VSillfJ}
3.561,280,000' <1,747,769,999
Received from the Comptroller
Returned to the Comptroller
3.813,200,000 3,781,800,000 3,731.861,000 3,692,060,000 3,660,540.000 3.629.140.000 3,609,760.000
572,078,000
710,225,000
693,652,000
677,229,000
603,417,000 691.693,000 580.183,000
▲mount chargeable to Agent
In bands of Agent
3,102,975,000 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 1.598,189,999
287,525,000
323,449.000
312.780.000
315.600,000
j
j 239,571,999
j 213,129,999
2,710,680,000'1,295,969,999
1
293,996,000
287,145,000
300.070,000
562,931.000,
287.669.000
Issued to Federal Reserve banks.. 2,815,450,000 2,764,699,000 2,741,852.000 2,773,043.000 2,768.777,000 2,761.012.000 2.743,686,000
i.
How Secured—
250,327,000
246,327,000
By gold coin and certificates
By lawful money
By eligible paper
Gold redemption fund
231,627,000
.....
With Federal Reserve Board
Total
2,815,450,000
Net amount due to other Federal Reserve banks,
227,392,999
1,698,046.666 1.560.821.666
78,586.000!
868*878,0001
j
...
548.962.999
41,281,999
477.524.999
81,776,000
867,907.000
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
Eligible paper delivered to F. R. Agent. 1,913,404,000'2,176,410,000<2.161,189.000 2.Ii4,588.000'2.006.806.000
a
198,176,000| 200,176,000 j
212,627,000j 211,626,000! 210.176,000
1,621,222,000 1,596,928,000 1,534.475,000 1.556.502,000 1,599.860.000 1,595,233,000
79,074,000
74,376,000
76,679,000
78,793.000!
78X152.000
77,991.000
868,827,000 843.068.000 900,071,000 925,923,000
878,498,OOOj 878,051,000
1,295,969,999
2,120,296,000'2,116.238.000'2.060.562.000 j 602,074,649
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. 20
Two ciphers (00) omitted.
Boston
i
New York.
8
PhUadet. Cleveland
<
Richm'd.
Atlanta
CMcago
%
9
St
Louis. M inneap. Kan. City
9
Dallas.
9
9
1018.
Total
San Fran.
9
9
RESOURCES.
Gold eoin and oertifs. hi vault..
Gold settlement fund
Gold with foreign agencies
3,815,0
33,337,0
408,0
253,721,0
113,295,0
685,0
36,342,0
408,0
12,961,0
35,888,0
525,0
2,297,0
10,229,0
204,0
7,972,0 23,455,0
4,167,0 105,425,0
176,0
816,0
Total gold held by banks
Gold with Federal Res. Agents..
Gold redemption fund
37,560,0
60,419,0
7,424,0
369,027,0 37,435,0
49,374,0(
86.171,0 117,406,0
7,900,0
553,0
12,730,0
67,225,0
5,483,0
12,314,0 129,696,0
43,331,0 244,661,0
6,495,0 14,324,0
35,990,0
53,771,0
3,425,0
33,914,0
56,238,0
4,554,0
32,505,0
52,549,0
3,617,0
14,531,0 37,263,0
802,339,0
22,436,0 120,490,0 1,194,228,0
1,447,0
82,421,0
2,199,0
Total gold reserves
105,403,0
Legal-tender notes, silver, Ac—
728,0
663,558,0 131,506,0 167,333,0
46,251,0
800,0
1,032,0
85,438,0
198,0
62,140,0 388,681,0
203,0
1,306,0
93,186,0
2,152,0
94,706,0
110,0
88,671,0
144,0
39,166,0 159,200,0 2,078,988X1
1,270,0
442,0
54,636,0
Total reserves
106,131,0
Bins discounted: Secured by Govt
709,809,0 132,306,0 168,365,0
85,636,0
62,343,0 389,987,0
95,338,0
94,816,0
88,815,0
40,436,0 159,642,0 2,133,624,0
AH other...
Bills bought In open market
108,438,0
9,224,0
12,843,0
534,748,0 153,085,0 124,246,0
54,114,0 14,557,0
9,349,0
84,491,0
5,833,0 46,882,0
67,686,0
16,822,0
4,761,0
45,475,0 103,493,0
31,250,0 50,401,0
12,175,0 90,361,0
50,409,0
20,927,0
7,833,0
31,120,0
5,645,0
19,019,0
23,275,0
35,813,0
10,222,0
9,711,0
31,765,0
2,403,0
Total bills on hand
U. 8. long-term securities
U. 8. short-term securities
130,505,0
1,106,0
21,416,0
673,353,0 173,475,0 180,477,0
1,396,0
1,385,0
1,087,0
194,550,0 18,909,0 23,696,0
89,269,0
1,234,0
10,784,0
88,900,0 244,255,0
529,0
4,509,0
6,056,0 14,612,0
16,0
79,169,0
1,153,0
6,568,0
55,784,0
123,0
5,186,0
69,310,0
8,867,0
4,367,0
43,879,0 118,691,0 1.947,067X1
4,000,0
3,461,0
28,850,0
6,900,0 12,029,0
325,073,0
Total earning assets
153,027,0
Unooileoted Items (deducted from
869,299,0 193,769,0 205,260,0
101,287,6
95,501,0 263,376,0
86,890,0
61,093,0
82,544,0
54,779,0 134,181,0 2,301,006,0
62,154,0 27,207,0 46,116,0
...
war
obligations
<a ! 1i i
gross
deposits)
2,011,0
269,531,0
25,000,0
9
%
9
8,302,0
i2a,o
4,248,0
31,509,0 25,379,0 32.091,0
291,0
233,0
233,0
5,709,0
8,618,0
204,0
335,141,0
461,369,0
5.829X)
11,853,0
25,089,0
321,0
47,838,0 1,299,524X1
26,911,0
306,778,0
43,942,0
340,765X1
16,0
73,975,0
202,949,0
87,093,0
60,983,0
54,720,0
40,985,0
96,056,0
55,219,0
19,374,0
245,0
1,116,0
1,585,0
8,636,0
450,0
1,987,0
482,0
781,0
321,0
1,364,0
299,0
738,0
777.0
1,410,0
276,0
560,0
237,0
217,0
826,831,0
6% redemption fund against Federal Reserve bank notes
All other resources
Total resources
615,0
1,061,0
312,0
1,035,0
5,880,0
20,793X1
281,0
1,888,0
334,494,0 1,792,278,0 415,605,0 435,871,0 243,328,0 199,866,0 751,606,0 238,283,0 175,737,0 235.189,0 123,769,0 342,108,0 5,288,134X1
LIABILITIES.
Capital paid In.
Surplus.....
Government deposits
:
Due to members Reserve ace't.
Collection Items
Oth. deposits tncl. for Gov’t ered.
6,688,0
75,0
2,142,0
98,361,0
66,984,0
Total gross deposits
157,487,0
F. R. notes In actual eireulatton. 161,359,0
F. R. bank notes In etre‘n—Net.
5,075,0
11 other liabilities..
3,810,0
1
7,562,0
20,807,0
8,980,0
4,057,0
649,0
116,0
10,246,0
2,061,0
122,6
779,0
721,965,0 95,305,0 118,161,0 52,536,0
150,107,0 66,647,0 42,166,0 41,546,0
102,083,0
65,0
3,190,0
11,126,0
40,0
216,0
•420,0
2,916!0
42,574,0 226,432,0
25,237,0 61,236,0
12,0
1,494,0
3,800,0
2,930,0
3,659,0
3,153,0
4,764,0
55,135,0
47,793,0
429,0
38,0
10,494,0
49,981,0
11.291.0
24,0
969,0
67,259,0
36,829,0
1,279,0
35,988,0
16,444,0
117,0
80,585,0
1,134X1
4,633,0
3,341,0
38j693;0
78,747,0 1,642.444X1
588,755,0
32,475,0
2,465,0
106,689X1
984,401,0 164,013,0 160,514,0 94,861,0 67,403,0 292,078.0 108,121,0 71,790,0 105,057,0 53,828,0 117,028,0 2,376,581X1
734,065,C 232,227,0 253,275,0 138.682,0 121,922,0 424,282 ,C 118,433,0 95,291,0 112,055,0 59,666,0 212,444,0 2,663,701,0
32,524,0
8,592,0
9,046,0
3,208,0
5,484,0 16,840,C
5,835,0
3,965,0 11,313,0
5,353,0
4,674,0
111,909X1
19,832,0
3,211,0
4,056,0
2,404,0
1,827,0
7,064,0
2,094,0
1,723,0
3,105,0
1,769,0
3,329,0
54.224X1
*238,283,0
Total llablUt es
334,494,0 1,792,278.0 415,605,0 435,871,0 243,328,0 199,866,0 751,606,0
175,737,0 235,189,0 123,769,0 342,108,0 5,288,134,
•Difference between net amounts due from and net amounts due to other Federal Reserve banka, s Net amount due to other Federal Reserve Banks. * Overdraft
STATEMENT OF FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS DEC. 20 1018.
Two ciphers (00) omitted.
Boston.
New York.
PhUadel. Cleveland
Mtchm'd.
Atlanta
Chicago. St Louis. M inneap. Kan. City
Federal Reserve notes-—
9
9
9
9
9
9
9
f
1
8
|
*
Received from Comptroller... 236,140,0 1,241,680.0 324,420,0 317,420,0 194,280,0 192,880,0 527,880,0 158,480,0 118,480,0 154,700,0
Returned to Comptroller
53,048,0 334,464,0 62,862.0 33,851,0 36,769,0 27,252,0 46,844,0( 28,281,0 18,936,Oj 27,394,0
Chargeable to F. R. Agent
In hands of F. R. Agent
183,092,0
12,820,0
Issued to F. R. Bank
170,272,0
Held by F. R. Agent—
Gold eoin and certificates
5,000,0
Gold redemption fund
9,419,0
Gold Sett. Fd.. F. R. Board.. 46,000,0
Eligible paper, min. req'd
109,853,0
Total...................... 170,272,0
Amount of eligible paper deliv¬
ered to F. R. Agent
130,393,0
.....
F. R. notes outstanding........ 170X172,0
F, R. notes held by banks......
8,913,0
F. R. notes In actual dreula'n. 161,359,0
283,569.01157.511,0
21,500,0j 6.820.0
794,416,0 238,058,0 262,069,0* 150,691,0
907.216.0 261,558,0
112,800,0 23,500,0
165,628,0
41,175,0
481,036,O'130,199,0
36,240,0
3,855,0
124,453,0 444,796,0 126,344,0
99,544,0 127,306,0
734,065,0 232,227,0 253,275,0 138,682,0 121,922,0 424,282,0
78,702,0 227,614,0 3,102,975X>
287,525,0
60,357,0^227,614,0 2,815,450,0
12,581,0
96,594,0
81,890,0:244X255,o|
9
99,920,0 246,920,0 3.813.200.0
21,218,0- 19,306,0
710,225,0
13,052,0
794,416,0 238,058,0 262,069,0 *150,691.0
124,453,o]444,796,0 126,344,0
Total.
S
96.594,0 119,786,0
2,386,0
40.800,0
40,356,0
88,007,0
75,737,0
794,416,0 238,058,0 262,069,0 150,691.0 124,453,0 444,796,0 126,344,0
2,531,0
20,514,0. 7,911,0
60.351.0j 5,831, Oj 8.794,0, 12,009,0
SanFran
9
2,950,0j 7,520,0 18,345,0j
178,740,0
34,450,0'
2,504,0
16,791,0 11.753,6 12,966,0; 1,225,0
2,057,0
2,258,6| 2,640,0
74,000,0 74,418,0 70,000,0 66,000,0 38,770,0 242,403,0 51,131,0
524,885,0 151,887,0 144,663,0 83,466,0 81,122,0 200,135,0 72,573,0
673,353,0ll61,407,oll79,887,0
Dallas.
2,689,0
49,860,0
67.2J7.0
3,171,0! 11,729.0
|
246,327,0
79,074,0
6,684.0,108,761.0 ! 868,827,0
37,921,0 107,124,0 1.621,222.0
119,786,0] 60,357,0]227,614,0'2,815,450,0
54,739,0 69,310,0: 43,879,0*110,547,0!l,913,404,0
96,594,0 119,786,0 60,357,0 227,614,0 2,815,450,0
1,303,0
7,731,0
691,Oj 15,170,0j 151,749,0
‘
118,433,0* 95,29i,0>112,055,0
59,666,0 212,444,0 2,663,701.0
Dec.
281918.]
THE CHRONICLE
3455
Statement of New York City Clearing House Banks and Trust
Companies.—The following detailed statement
■hows the oondition of the New York City Clearing House members for the week
ending Deo. 21. The figures for the sep¬
arate banks are the averages of the dally results.
In the oase of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
Net
MRMBRM
Capital.
Week Ending
Dec. 21 1918.
(Nat.
{state
t Trust
Members of Federal
Reserve Bank.
Bank of N T. N B A.
Bank of Manhat Co.
Merchants* National.
Mech A Metals Nat.
Bank of America
National City
Chemical National..
Atlantic National
Nat Batch A Drovers
American Exeh Nat.
Nat Bank of Comm..
Pactfle
Chat APhenix Nat..
Hanover National...
Cttlsens* National.
Profits.
Banks Nov. 11
Banks Nov. li
Co's Nov. 1J
$
2,000,000
2,500,000
2,000,000
0.000.000
1.500,000
25,000,000
2.809,700
500,000
3,500,000
3,000,000
2,550,000
2,000,000
3,600.000
1,500.000
5,000,000
250,000
1.000,000
10.000.000
4,500,000
1,000,000
1,000,000
10,000,000
200,000
200,000
400,000
Corn Exchange
Importers A Trad Nat
National Park
East River National.
Second National
Pint National
Irving National
N V County National
Continental
Chase National
Fifth Avenue
Commercial Exch
Commonwealth
Lincoln National
Garfield National...
8)023.000
18,591.200
100300
4,018,200
31.608,600
5.647,300
392,900
664.000
15,522,900
2323,700
871,100
753,900
2',008,600
1,372,600
408.900
3,716,100
4.132.800
1,028,100
1.326.500
2.518,300
18,283,200
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
12,009.800
1,000,000
1,000,000
Fifth National
250,000
Seaboard National..
Liberty National
1,000,000
3.000,000
Coal A Iron National
Union Exchange Nat.
Brooklyn Trust Co..
Bankers Trust Co...
U S Mtge A 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, B*klyn.
Irving Trust Co
Farmers Loan A Tr__
1,000,000
1,000,000
1,500,000
11.250,000
2,000,000
25,000,000
1.000,000
6,000,000
1,000,000
3,000,000
1,000,000
1.000.000
2,000,000
1,000,000
1,500,000
5,000,000
Odd.
Tenders.
Reserve
and
Additional
Deposits
SOver.
with
with
Net
Federal
Legal
Deposi¬
Legal
Deposi¬
taries.
taries.
Reserve
Notes.
Average.
$
46,641,000
61,886,000
Average.
$
24,000
347,000
81,000
7,747,000
474,000
29,464,000
164,792,000
32,096,000
596,379,000 8,376,000
81,014,000
184,000
17,455,000
89,000
2,973,000
14,000
108,889,000
564,000
385,950,000
50,000
15,058,000
58,000
91,383,000
467,000
134,093,000 4,173,000
41,278,000
108,000
41,747.000
560,000
103,018,000 1,214,000
34,016,000
60,000
194,351,000
46,000
3,357,000
3.000
19,595,000
99,000
326,475,000
13,000
103,150,000 1,059,000
10,946,000
46,000
6,820,000
33,000
322,464,000
933,000
19,606,000
53,000
6,043,000
51,000
6,779,000
40,000
15,578,000
121,000
12,600,000
4,000
7,351,000
34,000
48,468,000
358,000
70,988,000
189,000
15,251,000
6,000
13,059,000
17,000
36,614,000
80,000
271,323,000
159,000
60,777,000
44,000
453,068,000 1,869,000
10,564,000
89,000
92,001,000
43,000
26,563,000
48,000
100,227,000
53,000
28,879,000
76,000
19,931,000
23,000
49,373,000
68,000
15,795,000
3,000
42,250,000
126,000
124,686,000 3,742,000
11.137.700
6,859.700
51,380,200
9,623,200
951,000
108,600
5,571,300
24,376.700
1,097,500
3,081,400
18,278,000
2,992,200
2,316,800
8,548,600
National
Bank
Legal
Ac.
%
5,525,500
7.165,700
3,000,000
1.000,000
300,000
5,000.000
25,000,000
Metropolitan
Loan*,
Discounts,
Investments,
Average.
Average.
Average.
Average.
$
$
%
%
96,000
96,000
217,000
4,757,000
330,000
461,000 1,032,000
8,461,000
70,000
225,000
195,000
3,132,000
160,000
820,000 2,064,000 34,392,000
167,000
332,000
460.000
3,969,000
3,020,000
800,000 2,521,000 113,818,000
247,000
536,000
822.000
9,365,000
121,000
180,000
153,000
1,949,000
60,000
39,000
9)000
533)000
152,000
372,000 1,250,000 11,616,000
224,000
515,000 1,417,000 38,552,000
314,000
228,000
758,000
1,740,000
481,000 1,073,000 2,820,000 13,142,000
192,000
449,000
788,000 17,712,000
34,000
431)000
778,000
5,273)000
149,000
556,000 1,021,000
3,302,000
163,000 2,788,000 6,049,000 10)196)000
463,000
246,000
46,000
3)606)000
710,000
615)000 1,147,000 22)103)000
133,000
16,000
45,000
691,000
22,000
294)000
573)000 2,407)000
292,000
626,000
421,000 21,283)000
405,000 2,065,000 2,078,000 14,507,000
49,000
225,000
835,000
1,498,000
16,000
15,000
108,000
683,000
2,373,000 1,347,000
705)000 41,076,000
163,000
560,000
925,000
2,366,000
44,000
84,000
103,000
989,000
20,000
180,000
176,000
963,000
187,000
173)000
932,000
2,101,000
5,000
113,000
5,000
1,692,000
23,000
219,000
187,000
961,000
251)000
120,000
578,000
5,977,000
17,000
441,000
9,322,000
45,000
147,000
651)000
1,503,000
49,000
284,000
348,000
1,832,000
29,000
140,000
459,000
4,107,000
120,000
59,000
913,000 30,198,000
90,000
218,000
304,000
5,896,000
120,000
296,000 2,772,000 48,854,000
39,000
49,000
185,000
1,104)000
56,000
228,000
934,000
8,885,000
98,000
265,000
601,000
2,385)000
6,000
8,000
213,000
7,018,000
44,000
161,000
236,000
2,174.000
8,000
25,000
539,000
1,995,000
37,000
47,000
741,000
3,908,000
91,000
107,000
395.000
1,022,000
116,000
545,000 1,951,000
5,045,000
14,000
69,000
345,000 15,912,000
Average for week.. 192,900,000 355.706.400 4,523,064,000 34,117,000 12.098,000 19,250,000 42,450,000 564,872,000
actual
actual
actual
actual
condltl
condltl
oondlti
oondlti
on
on
on
on
State Banka.
Greenwich
Bowery
N Y Produce Exch..
State
Totals,
Totals,
Totals,
Totals,
Totals,
avge
actual
actual
actual
aetual
500,000
Totals,
avge
actual
actual
actual
actual
Reserve
35,509,000
33,730,000
34.202,000
34,743,000
12,011,000 19,722,000
11,797,000 19,664,000
13,516,000 19,915,000
13,438,000 20,926,000
42,590,000
39,098,000
40,214,000
36,973.000
557,846,000
533,758,000
553,208,000
539,317,000
Demand
Circula¬
Deposits.
Deposits.
tion.
Average.
Average.
Average.
Average.
1
$
S
33,161,000
62,998,000
23,003,000
171,791,000
27,969,000
624.090,000
63,114,000
14,001,000
2)784,000
Bank
t
1,852,000
774.00D
298,000
9,587,000
1,819,000
3,749,000
15,902,000
5,031,000
558,000
1,445,000
439.000
144,000
296,000
4,890,000
86,762,000
297,286,000
14,409,000
82,271,000
130,455,000
5,816,000
4,862.000
70,000
7,868,000
35)648,000
304,000
50,000
24,470,000
113)130)000
25)154)000
167)076,000
164,838,000
106,873,000
10,668,000
4,808,000
1,451,666
790,000
223,000
291,055,000
10,459,000
1,100,000
100,000
36,000
353,000
140,000
1,667,000
432,000
483,000
210,000
396,000
247,000
4,130,000
16)160,000
17,537,000
6,141,000
6)744)000
15)112)000
10,572,000
6,483,000
42,964,000
64,428,000
12,870,000
13,840,000
24,135,000
218,130,000
47,524,000
371,117,000
8)387)000
67,631,000
22,213,000
50,877,000
14,263,000
12,774,000
30,842,000
10,004,000
37,899,000
—
—
112,069)000
*7
459)000
1,656)000
2,725)000
1,809,000
1,830,000
1,165,000
661)000
50,000
1,078,000
.8,171)000
—
3,802,560,000 138,557,000 35,773,000
3,807,709,000 134,687,000 35,816,000
3,770)285)000 140)022)000 36,698)000
—
3,682,305,000 150,975,000 35,654,000
3,628,302,000 152,898,000 35,446,000
1.000,000
2,000.000
3,750,000
4,048,200
602,000
281,000
406,000
1,504,000
290,000
719,000
677,000
1,517,000
301,000
1,860,000
2,673,000
75,740,000
2,793,000
1,574,000
1,286,000
3,001,000
6,351,000
669,000
77,063,000
73,000
77,486,000
2,784,000
1,561,000
1,279,000
3,011,000
5,980,000
554,000
5,728)000 1,052)000
77,744,000
75,956,000
1.427,000
996,000
3,658,000
5,822,000
6,110,000
75,351)000
73,000
72,000
5,000,000
4,000,000
of fed oral Reserve Bank
11.947.900
38,622,000
104,000
5.236,200
23,120,000
193,000
118,000
170,000
202,000
61,000
576,000
420,000
1,062,000
9.000,000
17.184.100
on
"""
7,410,000
1,315,000
on
70)000
800,000
412,000
396,000
4,203,000
11,652,000
1,952,000
21,397,000
178,000
12,000
419,000
677,000
on
984)000
Bank
15,446,000
5,301,000
19,935,000
35,058,000
Dec. 21
Dec. 14
Dec.
7
Nov. 30
2,217,000
150,000
51,000
4,941,000
w 50,000
650,000
8,296,000
1,000,000
197,000
4,059,000
99,000
41,000
531,000
903,000
on
75.042)000
74,752,000
71.190,000
2.768.000
2.784,000
2,728,000
1,409)000 1.292)000 2,973)000
1,257,000
914)000 3.557,000
127,000
120,000
422,000
158)000
15,785,000
5,015,000
21,119,000
35,144,000
5,000
68,000
—
71)000
421,000
76,120,000
71,000
756,000
436,000
19,797,000
12,810,000
504,000
675,000
1,079,000
Not Mem bert
for wk
condltl
oondlti
oondlti
oondlti
of Fed oral
1,476,800
816,600
1,206,500
548,300
250)000
Trost Companies
Title Goar A Trust..
Lawyers Title A Tr..
Totals,
Totals,
Totals,
Totals,
4,513.450,000
4,636,269,000
4.533,020,000
4,489.912.000
Not Mem bers
for wk
oondlti
oondlti
oondlti
oondlti
Dec. 21
Dec. 14
Dec.
7
Nov. 30
;
Totals,
Totals,
Totals,
Totals,
National
Net
Time
on
oo
on
on
Dec. 21
Dec. 14
Dec. 7
Nov. 30
—
.
•
„
_
m mm
,
1,988,000
61,742,000
297,000
288,000
263,000
996,000
3,050,000
1,192,000
32,607,000
61,287,000
61,717,000
62,569,000
61,884,000
297,000
297,000
309.000
291,000
286,000
299,000
320,000
292,000
271,000
945,000
890,000
968,000
804,000
3,250,000
3,194,000
2,976,000
3,250,000
1,244,000
935,000
910,000
1,519,000
31,877,000 11,099,000
33,258,000
1,076,000
33,215,000
978.000
34,103,000
1,033,000
260,000
276,000
211,000
—
—
Grand aggregate .avge 205.650.000 377,028,700 4,660,546,000 37,207,000 13,960,000 20,799,000
46,447,000 574,273,000
Comparison prev wk.
—19,914,000 + 255,000 —257,0001 —542,000 + 671,000 + 14308000
1,861,000 a3,912,230,000 139,709,000 35,773,000
+328,000
+64,043,000 —1,479,000 + 113,000
Grand ag’gate. actual condition
Comparison prev wk.
Dec. 21
1,798,000 b3,917,330,000 135,859,000 35,816,000
Grand
Grand
Grand
Grand
Dec. 14.
4,673,028,000 36,795,000 13.505,000 21,216,000
Dec.
7
4,670,341,000 37.295.000 15,093,000 21,105,000
Nov. 30
4,622,986,000 37,762,000 15,157,000;22,133,000
Nov. 23... 4,680,521,000 39,699,000 15,128,000 21,687,000
•
ag'gate.
ag’gate,
ag'gate.
ag’gate,
aetual
aetual
aetual
condition
oondition
condition
aetual
oondition
U. S. deposits
...
deducted, $181,312,000.
38,590,000*13,858,000 21,272,000 46,546,000 567,076,000
4,652,223,000
—20,805,000
+ 1795000
+ 353,000,
+ 56,000 + 3585000 +24396000 —189,000
42,961,000
44,739,000
41,435.000
41,272,000
542,680,000 1,987,000
562,006,000 1,068,000
548,677,000 1,940,000
592.421.000 2,088,000
+37,831,000 —5,310,000
+ 118,000
3,879.499,000 141,189,000 35,698,000
3,790,871,000 152.022,000 35,654,000
3 737.625.000 164.002.000 35.446.000
3,820,984,000 153,303,00035.565,000
b TJ. 8. deposits deducted, $248,239,000.
STATEMENTS OF RESERVE POSITION
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank.
State banks
Trust companies*
Total
Total
Total
Total
*
Dec. 21Dec. 14Dec. 7.
Nov. 30-
$
a
8,654,000
1,844,000
Reserve
in
Actual Figures.
Inc.
a
Total
Reserve.
Reserve
Surplus
Depositaries
Required.
Reserve.
$
$
$
564,872,000 564,872,000 498,489,510
6,351,000 15,005,000 13,871,340
3,050,000
4,894,000
4,891,050
'
10,498,000 574,273,000!584,771,000 517,251,900
10,531,000 559,965,000,570,496,000 508,889,050
10,621,000 545,733,000 556,354,000 500.777,650
10,444,000 556,766,000 567,210,000 498322,920
$
66,382,490
1,133,660
2,950
or
Cash
Reserve
Reserve
in
PreviousWeek
Dec.
from
in Vault.
$
%
b
Reserve
Depositaries
Total
Reserve.
Surplus
Required.
Reserve.
from
PreoiousWseh
$
$
S
S
t
Inc. or Doe.
+ 5,688,080
+277,120
—53,050
557,846,000 557,846,000 499,042,780
8,635,000
5,980,000 14,615,000 13,993,920
1,799,000
3,250,000
5,049,000
4,781,550
58,803,220 + 19,382,930
621,080
+ 123,160
267,450
+316,150
67,519,100 +5,912,150
61,606,950 +6,030,600
55,576,350 —12,810,730
68,387,080 + 3,978,570
10,434,000 567,076,000 577,510,000 517.818.250
10,188,000)542,680,000 552.868,000 512.998,490
10,385,000 562,006,000 572,391,000 501,774,330
10,407,000 548,677,000 559,084,000 494.903.250
59.691.750 + 19,822,240
39,869,510 —30,747,160
70,616,670 +6,435.920
64.180.750 —32,883,230
b
Not members of Federal Reserve Bank.
This is the reserve required on net demand deposits In the ease of State banks and trust
companies, but in the ease of members of the Federal Reserve Banks
Includes also amount of reserve required on net time deposits, which was as follows: Dec. 21,
$4,156,710; Dec. 14, $4,203,600; Dec. 7, $4,652,200; Nov. 30, $4,597,470.
b This Is the reserve required on net demand deposits in the ease of State banks and trust companies, but In the oase of
members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Dec. 21, $4,040,610; Dec.
14, $4,200,660; Deo. 7, $4,529,250; Nov. 30, $4,586,940.
c Amount of cash In vault, which is no longer counted as reserve for members of the Federal
Reserve Bank, was ss follows:
Dec. 21, $107,915,000; Dec. 14, $107,855,000: Dee. 7, $108,045,000; Nov. 30, $107,625,000.
a
d Amounts of cash In vaults, which Is no longer counted ss reserve for members of the Federal Reserve
Bank, was as follows:
Dee. 21, $109,832,000; Dec. 14, $104,289,000; Dec. 7, $107,847,000; N jv. 30. $106,080,000.
Inc. $8,940,600
Dec.
948,000
Inc.
271,600
Inc.
658,700
Inc. 2,689,600
Deposits in banks and trust cos
Total
Capital as of Nov. I.
Surplus as of Nov. 1.
Loans and investin'ta
Specie
Currency A bk. notes
Deposits with the F.
680,404,000
126,798,800
1,175,900
1,314,500
Inc.
Inc.
$16,487,000
12.53%
$67,321,400
14.09%
13,269,300
10.07 %
29,721,100
6.23%
$29,756,300
22.60%
$97,042,500
20.32%
RESULTS OF BANKS
GREATER NEW YORK.
Week
Ended—
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept.21
Sept. 28
Oct.
Oct.
5
12
Oct. 19
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
26
2
9
16
23
30
7
14
21
1.
AND TRU8T COMPANIES
(Two ciphers omitted.)
*
Loans
and
Investments
Deposits.
5.230.921.4
5,173,081,5
5.249.106.5
5.233.177.2
5.294.283.6
5.296.960.1
5.373.198.8
5,413,086,8
5.386.267.9
5.457.805.1
5.499.400.2
5.471,164,4
5.489.226.0
5.470.203.8
5.360.177.9
5.330.133.6
5.384.107.7
5,373,134,6
4.314.490.2
4,406,150,0
4,475,183.9
4.418.249.8
4,427,043,3
4.450.212.9
4.537.675.4
4.435,747,6
4.487.786.5
4.520.463.6
4.364.815.8
4.430.932.2
4.515.346.9
4.511.208.2
4.449.150.6
4.458.973.9
4,527,415,1
4,592,634,0
Specie.
Tenders.
Total
Cash in
Vault.
9
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
69.692.8
68,979,4
69,440,7
69.250.6
68.759.7
6T,037,7
66.311.3
65,076,3
$
$
86.569.3 158.979,5
86.335.2 158,188,3
87.712.1 158.412.2
88.345.3 159,383.9
96.532,8 167,004,9
94.623.1 165.439.1
91.434.6 161.405.3
85.264.7 155,019,9
92.445.8 162.821,8
94.750.5 166.005,7
85.425.1 155.117.7
89.755.9 158.735.3
91.559.5 161,000,2
92.303.2 161.553.8
93.400.6 162.160.3
89.940.6 156.978.3
93,272,8 159.584.1
93,695, 1^158,771,4
Legal
Demand
$
9
Reserve on deposits.
P. C. reserve to dep.
60,269,700
593,172,400
107,694,200
23.3%
2,249,700
221,200
$41,700
Inc.
193,518,900 Dec.
6305,000
Inc. 19,814,500 1,907,367,700 Inc.
Inc.
281,142,800 Inc.
8,353,700
18.4%
Inc.
1.0%
967,300
6,806,800
220,900
BOSTON CLEARING HOUSE MEMBERS.
IN
S
551.742.5
558,574,4
583.554.8
554.898.2
571.118.2
567.573.3
587.014,3
574.142.4
580.295.4
619.305.3
585.223.6
591.280.8
610.910.4
603.681.3
602.957.6
592.651.4
602,623,2
617.263.4
Deposi¬
taries.
104, p. 1975).
The regulations relating to calculating the
amount of deposits ana what deductions are permitted in
the computation of the reserves were given in the “Chronicle”
April 4 1914 (V. 98, p. 1045).
Dec. 14
1918.
Dee. 7
1918.
f
$
$
$
Same
4,737,000
4,708300
Circulation
4,737,000
Loans, dlse’ts A investments. 531,196,000 Dec. 2,014,000 533,210,000 523,397,000
209,000 442,441.000 446.494,000
Individual deposits, lncl.UR. 442,232,000 Dec.
701,000 115.005,000 116.719,000
Due to banks
115,706,000 Inc.
Dec.
346,000 13,838,000 14,076,000
Time deposits
13,492,000
Inc.
15370,000 16,680,000
1,324300
16,694,000
Exchanges for Clear. House.
716,000 72,385,000 75,045,000
Due from other banks
71,669,000 Dec.
5,569,000 62,991,000 64,050300
Cash in bank A in F. R. Bank 68.560,000 Inc.
Reserve excess in bank and
Inc.
6,591,000 15,607,000 16.479,000
Federal Reserve Bank
21,198,000
Philadelphia Banks.—The Philadelphia Clearing House
ending Dec. 21, 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.”
statement for the week
(00) omitted.
Capital
Surplus and profits
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
—
52,187,0
Cash in vault*
Total reserve A cash held
Reserve required
Excess res. A cash in vault
17,899,0
70,086,0
47,053,0
23333,0
•
^
$31,475,0
84,829,0
739,1453
650,0
25,080,0
10,0 121,313,0
275,0 155,940,0
15,841,0 475,003,0
4,818,0
16,116,0
16,116,0
32,033,0
52,187,0
2,451,0
2,451,0
796,0
18,695,0
3,247,0
73,333,0
49.371.0
2,318,0
929,0
23,902,0
— _ _ _ _
Cash in vault is not counted as reserve for
Dec.
1918.
Total.
$3,000,0
7,498,0
25,343,0
$28,475,0
77,331,0
713,802,0
24,430,0
121,303,0
155,665,0
459,162,0
4,8183
619,645,0
U.8.depoeits(not included)
Res’ve with Fed.Res.Bank
Dec. 14
1918.
Trust
Cos.
Members of
F .R.System
4
21 1918.
Week ending Dec.
Two ciphers
statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see “Chronicle,” V. 98, p. 1661.
The provisions of the law governing the reserve require¬
ments of State banking institutions as amended May 22
1917 were published in the “Chronicle” May 19 1917 (V.
Changes from
previous week.
Dec. 21
1918.
com-
New York
Eanies
City Department,
not in the Clearing
,” furnished
y theinState
also
Banking
the House
Department
a
%
Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
* Included with
“Legal Tenders” are national bank notes and Fed. Reserve notes
held by State banka and trust cos., but not those held by Fed. Reserve members.
presents
$
99350.000
24.100,000
169,723.000
42,973,000
498.570300 Inc. 13,398,600 1,920,151,600 Dec.
12,972,200 Inc.
153,200
9.544,400 Dee.
20384300 Inc.
1,052,300
27,847,900 Inc.
mary
Reserve in
In addition to the returns of “State banks and trust
Differences from
previous wesk.
Boston Clearing House
'
Trust Companies
The averages of the New York City Clearing House banks
and trust companies combined with those for tne State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED
R. Bank of N.Y—
Deposits
RESERVE.
State Banks
Cash in vaults
precious week.
7,070,300
15,972,600
59,765,500
753,589,200
Dee. 21.
1918.
1
$712,588,600
and Id vestments
Differences from
previous week.
*
Differences from
Specie.
Currency and bank notes......-...-..-.....--.Deposits with the F. R. Bank of New York
Total deposits
Deposits, eliminating amounts due from reserve de¬
positaries and from other banks and trust com¬
panies in N.Y. City, exchanges and U. 8. deposits
Reserve on deposits
Percentage of reserve, 20.8%.
1918.
Dec. 21.
Department.)
Dec. 21.
Trust Companies.
State Banks.
Week ended Dec. 21.
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDEP IN CLEARING HOUSE STATEMENT.
(Figure* Furnished bp State Banking
COMPANIES IN NEW YORK CITY.
STATE BANKS AND TRUST
Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:
The State Banking
Tisuis
[Vol. 107.
THE CHRONICLE
2456
$31,475,0
84,829,0
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
$31,475,0
85,075,0
739,703,0
24,5133
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
23,329,0
Federal Reserve bank members.
Non-Member Banks and Trust Companies.—Following is the report made to the Clearing
are not included in the “Clearing House return” on the preceding page:
House by clearing non¬
member Institutions which
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE
Net
CLEARING
Capital.
Profits.
NON-MEMBERS.
Weekending Dec. 21 1918.
Members of
Federal Reserve Bank.
Battery Part Sat Bank
Columbia Bank
Mutual Bank
New Setherland Bank
W. R Grace A Co.'s bank
..
...
.
.
..
Yorkvttle
Firs' Sat
Nat City
Firs Nat.
Bank
$
1,500,000
1.000,000
200,000
200,000
500,000
200,000
.
Bank. Brooklyn.
Bank. Brooklyn
Bank, Jersey City
Total
-
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wasblngton Heights
Colonial Bank
International Bank
Mechanics' Bank Brooklyn
North Side Bank, Brooklyn
.
.
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Oo .Brookiyr
Mechanics’ Tr Oo
Bavonn*
.
Town
Grand aggregate
rtomoa'leon orevlon* veak
Exoees reserve
Grand aggregate Dec.
7...
Grand aggregate Nov. 30...
Grand aggregate Nov
23...
Grand aggregate Nov. 16
.
•
Nat. banks Nov. 1 j
State banks Nov. 1 \
Trust cos. Nov. 1 )
.
300,000
300,000
400,000
dtc.
Average
$
Legal
Gold.
Average
$
1.549,200 11.588,000
651.200 13,648,000
7,885,000
548,000
4,344,000
196,500
7,896,000
757.100
609.100
8,280,000
7,677,000
663.100
6,230,000
595,000
1,325,800 10,489,000
13,000
23,000
4,000
7,000
5,000
2,000
6.Q00
3,000
80,000
Tenders.
Average.
$
Silver.
Average.
9
National
Bank
db Federal
Reserve
Notes.
Average.
%
Reserve
with
Additional
Legal
Deposi¬
with Legal
Deposi¬
Net
Demand
Net
Time
taries.
taries.
Deposits.
Deposits.
Average.
$
Average.
%
Average.
9
Average.
9
193,000
351,000
277,000
7,120,000
12,521,000
8.060.000
4,641,000
68,000
388,000
259,000
64,000
570,000
3,800,000
487,000
443,000
997,000
Deposits
112,000
28,000
242,000
181,000
108,000
163,000
233,000
110,000
136,000
1,160,000
1,657,000
1,788,000
733,000
39,000
212,000
50,000
64,000
62,000
79,000
320,000
161,000
172,000
250,000
1,259,000
854,000
631,000
547,000
900,000
519,000
361,000
415,000
2,915,000
6,334,000
4,639,000
5,921,000
5,321,000
7,958,000
16,000
”‘2366
21,000
6,000
‘7300
1,054,000
4,600,000
6.895.000
78,037,000
143,000
303,000
814,000
1,545,000
9,529,000
6,004,000
62,515,000
6,079,000
100,000
500,000
500,000
1,600,000
200,000
469,500
1,088.400
70,000
200,000
155,000
107,000
17,000
275,000
11,000
240,000
14.000
30,000
325,000
60,000
550,000
135,000
148,000
490,000
329,000
874,000
260,000
129,000
669,000
268,000
2,171,000
260,000
2,000
342,000
865,700
226,600
2,406,000
10,440,000
5,364,000
23,560,000
5,153,000
475,000
2,161,000
11,142,000
4,620,000
24,596,000
4,710,000
641,000
42,000
319,000
2,900,000
2,849,000
46.923,000
549,000
540,000
1,100,000
2,101,000
3,497,000
819,000
47,229,000
1,002,000
198,800
Nationa
Bank
Circula¬
tion.
Average.
9
292,565
119,000
393,000
1
500,000
200,000
1,030,700
377,900
7,748,000
8,550,000
313,000
14,000
10,000
9,000
17,000
75,000
101,000
166,000
253,000
513,000
334,000
156,000
5,074,000
5,126,000
1,168,000
3,599,000
700,000
1.408.600
16,298,000
327,000
19,000
92,000
267,000
766,000
490,000
10,200,000
4,767,000
8,200,000 11,152,600 141,258,000
—4,221,000
$873,420 Increase
8 450 OO- 11.913.800 145^479300
8.450.000 11.913.800 143,409,000
7,350.000 11,035.300 141378.000
1319.000
—49,000
7.350.000 11.035.300 I4t.095.000
U. 8 deposits dojsrted, $4.821,000.
$
Loans.
Discounts,
Investments.
862,000 2,006,000
—6,000 —136,000
1,068,000
1,096,000
868,000
1,021.000
1,083,000
1,117.000
919,000
1.196.000
2,142,000
2,180,000
2.176,000
1.867.000
3,913,000 13,792,000 7,313,000 all9,944,000 11,848,000
997,000
—14,000 + 987,000 —566,000 —1,216,000 —473,000 —190,000
3,927,000
4339.000
3,890,000
4.121.000
12,805,000
12,312,000
11,037.000
10.999.000
7,879,000
9,440,000
8,736,000
8,924,000
121,160,000 12,321, C03
120,080.000 12,231,000
116.866.000 12,032,000
1,187.000
1,187,000
1,175,000
116.711,000 11.875.000
1.174.000
Dec. 28
1018.]
THE CHRONICLE
3457
The movement of industrial stocks has been within a
much narrower range than usual and changes are about
farthers' CSa^jethe.
evenly divided between higher and lower quotations.
For daily volume of business see page 2466. '
The Money Market and Financial Situation.—The
The following sales have occurred this week of shares not
security markets have been decidedly dull and featureless represented in our detailed list on the pages which follow:
throughout this, a typical holiday week. The uncertainty
STOCKS.
Sales
Range for Week.
and precariousness of the railway situation precludes
Range since Jan. 1.
the
Week ending Dee. 27.
for
Week,
Lowest.
Lowest.
possibility of any interest in that class of securities and few
Highest.
Highest*
industrial issues appear attractive during the period of
Par. Shares % per share
S per share. $ per share.
%ver share
readjustment following the cessation of military operations Adams Express
Dec 27 49
Dee 23, 42
100 1,900 42
Dec 80
Jan
as they have been carried on.
Ajax Rubber rights
Dec 24
1
23
Dec
6,070
Dec
1)4 Deo
Relatively more interest Am Brake Sh A F pf .100 1001 60 Dee 27 160154 Dec 27 1601 Dec
175
Jan
was shown in the bond market, however, than that for stocks
American Express...100
Dec 27 86
Dec 23 7754 Sept 9554 Nov
460 84
and some of the foreign issues, dealt in on our
100
Snuff
50 100)4 Dec 26 10054 Dec 26 85
Oct 107
Deo
Exchange, American
Am Sumatra Tob pf.100
100 9254 Dec 27 9254 Deo 27 81
Jan 103
Juno
have been decidedly strong. French Gov. 5%s, for in¬ Assets
Realisation... 10 4,850
Dee
21
54 Dec 27
154
H Dec
254 Nor
stance, sold freely to-day at 105 and one sale is reported at Assoc Dry Goods...100* 1,400 17*4 Dee 21 1854 Dec 26 12 May 1854 Deo
Associated Oil
100
400 6854 Dee 24 6954 Dec 23 54
71
Oct
Apr
105%, as against 94 a few months ago.
Atlantic Bir it Atl
.100 1,900
5
Deo 27
5
Dec 1054 June
754 Dec 24
There have been practically no developments during the Batopilas Mining
20
1
900
154 Deo 26
Jan
154 Deo 23
2*4 Nov
100
400 8054 Dec 24 8154 Dec 23 78
Aug 9354 Nov
week which stimulated activity or affected prices at the Bklyn Union Gas
Brunswick Term’l
100
700
Dec
27
Dec
26
854
954
654 Jan 1654 June
Stock Exchange.
The amended Revenue Bill which passed Butterlek
100
200 1754 Dec 23 1754 Deo 27
754 May 18)4 Nov
Calumet A Arizona
10
600 6154 Dec 26 6254 Dec 26 6154 Dec 71
the Senate calls for a much heavier tax
May
levy than that of Canada Southern 100
Deo 27 46
25 46
Dec 27 41
May 49
Aug
last year, as had been expected, but is much less drastic Case (J I) pref
200 9154 Dee 26 9154 Dec 26 73.
Jan 92
Deo
100
36
21
than the original Kitchin Bill and therefore is less objec¬ Cent Foundry pref..100
Dec
36
Dec
21
33
Nov
53
100
Apr
Cent A So Am Teleg.100
Deo 27 106
Deo 27 102
Oct 110
Mar
10 106
Wall Street,
Friday Night, Dec. 27 1918.
—
tionable.
Some of ths industries of the country it is expected will
begin to assume more normal conditions after the War In¬
dustries Board and fixed prices cease to exist at the yearend, although to what extent financial matters will be
affected is wholly problematical.
The money market was relatively easy during the
early
part of the week, but became firmer towards the close.
Foreign Exchange.—Sterling exchange has ruled quiet
without important changes in rates. The Continental ex¬
changes, both neutral and belligerent, have also ruled quiet,
with a firm undertone.
To-day’s (Friday’s) actual rates for sterling exchange were 4 7324®
4 7354 for sixty days. 4 7554 @4 75 13-16 for checks and 4 7
forcables
domie^ciaf on“tanW.' sfchi; 475K @4
4 72H®4 7254; ninety days. 4 71H@4 7154. and documents for
.
ment
(sixty days), 4 72@4 72H-
Cotton for payment, 4 7554 @4
and grain for payment. $4 7554 @4
7554 •
To-day s (Friday’s) actual rates for Paris bankers’ francs were 5 51H @
5 5154 for long and 5 4624 @5 4624 for short.
Germany bankers* marks
were not quoted.
Amsterdam bankers’ guilders were 42 1-16@42 3-16
for long and 42 7-16@42 9-16 for short.
Exchange at Paris on London, 25.9724 fr.; week's range, 25.9724 fr. high
and also 25.9724 fr. low.
The range for foreign exchange for the week follows:
Sterling Actual—
Checks.
Cables.
Sixty Days.
Ik
High for the week
-4
4 73
4 7582)4
4 76 9-16
73*4
54
Low for the week
-4
4 7354
4
7580
4
7655
7324
Paris Bankers’ Francs—
High for the week
..5
5 5154
5 45 H
5 4454
Low for the week
.5
5 51)4
5 45)4
5 45
5124
_
Germany Bankers’ Marks—
High for the week
Low for the week
Amsterdam Bankers’ Guilders—
High for the week
Low for the week
..
.
42 3-16
41 15-16
4254
4254
4254
4254
Boston, par.
St. Louis, 25@
Montreal, $16.5625
par.
State and Railroad Bonds.—Sales of State bonds at
the Board are limited to $3,000 New York 4s 1962 at 98%
and $10,000 Virginia 6s deferred trust receipts at 70.
The market for railway and industrial bonds has been
moderately active and
more
than moderately weak.
Of
a
list of 23 representative issues 18 have declined and 1 is
unchanged, while 4 close fractionally higher than last week.
The latter include Atchison, Burlington, Southern Pacific
and
Inter. Mer. Mar. issues. The local tractions have
been the most active bonds traded in and are again the
weak features of the market.
Interboro R. T. 1st 5s have lost 3% points, Brooklyn
R. T. 7s, 3, St. Paul ref. 4%s 3 and Erie, Inter. Met.,
Pennsylvania 4%s and Readings from 2 to 3.
United States Bonds.—Sales of Government bonds at
the Board include $1,000 4s reg. at 105, and the various
Liberty Loan issues on an enormous scale, amounting to
$30,000,000 in to-day’s market alone, while the ten¬
dency of prices has been downward within the following
range, 3%s at 98.16 to 99.60, 1st 4s at 92.80 to 93.20,
2d 4s at 92.60 to 93.30, 1st 4%s at 96.30 to 97.10, 2d 4%s
at 93.80 to 95, 3d 434s at 95.10 to 95.90 and 4th 434s at
94.20 to 94.98.
For to-day's prices of all the different issues
and for the week's range see third page following.
Railroad and Miscellaneous Stocks.—Contrary to recent
custom the stock market has failed to show, during the week,
any inclination to recover from the depression which has
characterized it for some time past.
On the contrary prices
for railway shares slowly but steadily declined, are now
in many cases near the low records of the early months of
the year, and contrast rather sharply with those of more
recent date, as the following table shows, omitting fractions:
over
Certain-Teed Prod no par
100 3754 Deo 24 8754 Dec 24
First preferred
100
100 8554 Deo 26 8554 Deo 26
Chicago A Alton
100
500
754 Dec 24
754 Dec 24
Preferred
100
Dec 24 12
Deo 24
100 12
Chic St P M A Om—100 * 200 76
Deo 27 77
Dec 26j
Preferred
100
50 110
Dec 21 110
Dec 21
Cons Interstate Call..10
600
854 Dec 23
854 Dec 24
25
Deo 26 60
Continental Insur
650 59
Dec 23
Deere A Co pref
100
200 9554 Dec 24 9554 Dec 24
Federal Mg A Smelt.100
10
Dec
27
10
Dec 27
300
Federal MAS pref..100
Dec 27 38
Dee 26
800 37
General Cigar Inc—100 1,700 4554 Dec 26 46
Dec 21
Gulf Mob A Nor ctfs 100
100
8
Dec 26
8
Dec 26
Preferred
100
100 3254 Deo 27 3254 Dec 27
Gulf States Stl 1st pf 100
Deo 24 95
Dec 24
100 95
Hartman Corpn
Dec 24 5454 Dec 27
100 54
100
Int Harvest (new) pf 100
Dec 24 11454 Dec 24
300 114
Int Nickel pref
100
100 9654 Dec 27 9654 Dec 27
Jewel Tea Inc
100 2,300 ! 28 54 Dec 27 31
Dec 24
Preferred
100
400 88
Deo 27 88
Dec 27
Kelly-Springfleld pf_100
100 9054 Dec 26 9054 Dec 26
Kelsey Wheel Inc.-.100
100 2754 Dec 27 2754 Dec 27
Dec 26 105
Dec 26
Kresge(SS) Co.....100
100 105
Preferred
100
100 105
Deo 26 105
Dec 26
Laclede Gas
100
300 83
Dec 27 84
Dec 26
205
A
Dec
Liggett
24 209
Dec 27
100
Myers
400
Preferred
100
Dec 26 106
Dec 26
120 106
Lorillard <P)
Dec 27 150
Dec 27
100
320 150
Preferred
Dec 23
100
300 10454 Dec 27 106
Manhattan(Elev)Ry 100 2,700 7854 Dec 24 9054 Dec 21
Guaranteed
100 1,200 8054 Dec 27 83
Dec 27
Marlin-Rock v t c.no par
Dec 21
200 8254 Dec 21 83
Dec 27 60
Dec 26
May Dept Stores
100
500 59
National Acme
50 1,600 2854 Dec 9 29
Dec 27
National Biscuit....100
200 108
Dec 27 10854 Dec 24
Preferred
....100]
100 11254 Dec 21 11254 Dec 21
NOTex AMex vtc.100 1,400 30
Dec 24 32
Dec 21
N Y Chic A St Louis. 100
200 28
Dec 24 2854 Dec 24
Second preferred..100
100 4454 Dec 26 4454 Dec 26
New York Dock
100 2,000 2554 Dec 27 2654 Dec 23
Preferred
100
Dec 27 4854 Dec 23
300 46
Norfolk Southern
100
Dec 26 1854 Dec 26
300 18
Norfolk A West pref. 100
500 7254 Dec 27 7254 Dec 27
Rights
800
H Dec 27
54 Dec 27
Nova Scotia 8 A C..109
Dec 26 5554 Dec 21
800 54
Owens Bottle-Mach._25 2,200 4454 Dec 23 47
Dec 26
Peoria A Eastern
100
100
554 Dec 26
554 Dec 26
Pitts Steel pref
90
Dec
Dec 24 9054
24
100
700
Stutz Motor Car .wo par 2,100 49
Dec 26 6254 Dec 23
Texas Co rights
13,075 1454 Dec 26 15 54 Dec 27
Third Avenue Ry
Dec 27
100 2,300 1254 Dec 26 14
Transue A W’ms.no par
700 3854 Dec 27 3954 Dec 23
Underwood pref
Dec 24 115
Dec 24
100
10 115
United Drug
Dec 26 88
Dec 26
100
200 88
US Express..*
Dec
27
1654
Dec
27
1654
100
100
Vulcan Detinning
100 ■ 125 1054 Dec 26 1054 Dec 26
Dec 21 42
Preferred
Dec 23
100
45 38
Dec 24 69
Dec 23!
Wells, Fargo Exp
400 68
109
30
Oct 4054 Nov
June
8454 July 87
Apr 11
7
12
69
110
18
Sept 82
Dec 110
Dec
Nov
Nov
Deo
Deo
754 Sept 1354 Juno
44
90
60
Deo
96
Feb
15
Oct
954 Apr
27
Jan 4454 Deo
34
Jan 58
June
8
Mar 10
May
27
Mar 3554 Deo
Dec 102
95
Jan
37
Mar 5454 Deo
107
Oct 11454 Deo
Mar
88)4 May 98
28
Oct 4054 Nov
Feb
June
88
7654
2754
Apr 9754 Jan
Feb 90)4 Deo
Dec 4054 Nov
June 105
83
104)4 Nov 106
July 90
82
164)4 Aug 209
10054 June 110
14454
Aug 200
Jan no
98
....
Nov
Nov
Mar
Deo
Nov
Mar
Nov
7854
8054
Dec 10354 Nov
Dec 10054 Dec
75
Oct 87
Sept
47
Jan 6354 Deo
26 54
Jan 33
May
90
Auig 11054 Deo
Mar
10654 Sept 114
17
Apr 3654 Deo
34
Nov
1354 Oct
40
1854
42
14
69
Oct 48
27
Nov
21
Feb
Jan
Jan
Nov
May
4854 Deo
Mar
Sept 79
154 Deo
54 Dec
54
Dec 70
Aug
4454 Dec 7054 Aug
454 Apr
6)4 Nov
90
37
Apr 98
Oct 55
Jan
Deo
Dec 1554 Deo
Dec 2154 Jan
3654 Oct 42 fMay
104
Feb
July 112
1454
1254
69
June
88
Deo
1454
7?4
Apr 1654 May
Apr 1054 Deo
2554 Mar 42
Sept
6354 Sept 8354 Jan
Outside Market.—The Standard Oil issues and Keystone
Tire & Rubber were the features in the “curb” market this
week. Elsewhere business was quiet and price movements
The Standard Oil shares were in demand and the
narrow.
higher-priced issues made substantial advances.
& Gas shows a gain of some 21 points to 599,
record, with
final reaction to 595.
Prairie Oil
a new
high
Standard Oil of N. J.
advanced from 574 to 652 and closed to-day at 646. Stand¬
ard Oil of N. Y. moved up from 288 to 305, a new high level,
and finished to-day at 302. Penn-Mex. Fuel sold up from
53 to 64 and down finally to 60.
The remainder of the oil
list was without feature; price changes of little importance.
a
Internat. Petroleum after the loss of
over
j>oint to 17
a
jumped to 18% and finished to-dav at 18%. Midwest Oil
com. advanced from 1.18 to 1.35, but dropped back
to-day
to 1.18.
Midwest Refining lost 2% points to 122.
Key¬
stone Tire & Rubber com. was the most prominent feature
of “curb” trading and registered an advance of nearly 10
points to 46%, a new high record, and closed to-day at 45%.
United Motors was also active and sold up from 33% to
35, reacted to 33 and finished to-day at 33 %. Aetna Explos.
after early fractional advance to 7 ran down to 5% and
closed to-day at 6. Submarine Boat moved down from
12% to 10%, with the final figure to-day 10%. WrightMartin Aircraft com. weakened from 4% to 4.
In the bond
This week. Recently.
This week. Recently.
department several issues showed sharp recessions. Inter¬
Atchison
90
99
N. Y. Cent.
74
84
boro. Rap. Tran. 7s dropped from 96% to 90 and recovered
Balt. A Ohio..
New Haven.
51
62
30
38
Can. Pac
174
155
No. Pac
93
105
finally to 92%. Russian Government 6%s from 67 fell to
38
St. Paul
54
78
96
Reading
Gr. Northern.
94
So. Pac
55, the 5%s dropping from 63 to 51. Wilson & Co. 6s after
106
98
110
53
65
Union Pac__
125
Lehigh Valley.
137
fluctuating between 94% and 95% during the week broke
The volume of business has increased day by day, expand¬ to-day to 93 %.
Heavy trading in Penn. RR. gen. 5s “w. i.”
ing from 350,600 shares on Monday to 681,000 to-day. was a feature, the price falling from 99% to 98%, with the
There have been some slight recoveries from the low prices close to-day at 98%.
St. Paul Union Depot 5%s “w. i.”
shown in the table above, but they are wholly the result of were traded in for the first ime from 99% up to 99% and
speculative operations and therefore without significance, down to 98%.
Southern Pacific being the only railway stock which closes
A complete list of “curb” market transactions for the week
wil be found on page 2466.
fractionally higher_thanklast week.
.
.
—.
New York Stock
2458
Record.
Daily, Weekly and Yearly
Exchange—Stock TWO
PAGES
OCCUPYING
For cocord of itlc*
HIGH AND low SALE
Saturday
Dec. 21
Tuesday
Wednesday
Dec. 23
Dec. 24
Dec. 25
S per share $ per share $ per share
90% 90*4
90% 91
89
90%
89
89
90
89%
103% 103% 103% 103% *99
g per share
89%
90%
52*4
52%
53'
57
27*4 29*4
154% 156%
56
56%
55%
67
28
156
58
9
62%
52%
63%
671* 671*
29*4 30%
166
156%
66
8
56
24%
417*
76%
98*4
25
76
99
137%
25% 26%
34*4
24%
407g
42%
60
66%
34*4
25%
155
65*4
*8
9%
24%
*8
8%
•131
*78
*65
67
24%
40%
74%
96%
42
Thursday
Friday
Dec. 26
Dec. 27
155
31
32%
*34
*68
*21
*50
*44
105
180
*4
5
22
106
106%
93% 95%
447* 45%
•14
*58
*43%
34%
*78
81%
*37%
*37
14%
*19
•
87*
•19
98%
29%
•68%
25
48
82%
38%
39
13
*24
•20
62%
62%
9
9
18%
*23%
*69
*66
3*4
1*4
307*
*83%
38%
*36
39
98%
29%
68%
24*4
*40
127
71
8*4
33*4
21%
12%
101
101*4
98% 98%
46%
*95%
46*4
87
8%
98%
29%
68%
24
*40
8%
17
9
35%
21%
12*4
*20%
21%
63%
9*4
*9
*18
*32
24%
58
*66
3*4
1%
30
*83
*97
27%
*20%
94
31%
97
4*4
18%
18%
53%
8%
18
*8
24
51%
74
30%
20%
13*4
s
35%
8%
19%
98%
29%;
69%
24%
3*4
1%
31
85
100
*95
*94% 100
62*4 63
61%
89
46*4
87*4
46%
*95%
86%
40
90
39%
39%
*86
*85
45%
97%
86%
98
87
*
*
t
c
W
0
0
w
0
2
y
a
M
18%
2
31
*34
*68
23%
*20%
55
48
*49
*40
97
5
20%
18*4
53%
8%
CO
*18
54
58
66%
3%
2
31
847*
99%
11
5
8%
24%
52%
75
32
74
30%
20%
105%
20%
106
93
93%
44%
43%
13%
13%
69%
*36
•55
54%
44%
87%
61
*100
5
*44
*108
13%
69*4
13%
68%
43
57
55
45
*39
59*4
54*4
44%
94%
98
*192
*96%
52%
*94%
29%
•12%
45
61%
*23
71
42
*39
56*4
55*4
45%
60*4
115
77% 79%
107% 107%
85
111
*112
95%
98*4i
38
13
99
29%
68
94%
9734
85
111
114
65%
56%
54%
44%
*86
75%
-
107
561*
54*4
44*4
*112
114
45
62%
105
23%
*44
6234
111
48
64%
111
*64% 68
74% 75
104
60%
61%
104%
22%
*40
60%
109
*65
46
63
109%
68
73% 74%
*100
107
104
103
103%
61%
60% 61*4
62% i
61% 61*4
104t4 ! 104
104%
22%
22%
22
and asked prices; no sales on this day.
24%
27%
45
9
8%
*16%
17%
30
30
23%
23%
57%
165
3%
1*4
59
67%
4
1%
30%
31
85
84%
*97
*95
61*4
*85*4
4614
97*4
89%
89
46%
97%
90%
39%
66%
70
41
56
55
*99
*4
45
*
46%
89%
60%
23*4
58%
65%
3*4
1%
32*4
85%
46*4
98%
90*4
13%
71%
40
56
56
47%
90%
61%
112
95
95
27%
27%
12
12%
*45
45%
59*4 60% !
108
108% I
*65
71%
102
68
73%
102
98%
50
94%
27%
12
44
60%
109
67
72%
102
98%
50%
94%
29
12%
45
61%
110%
67
74%
10234
60% 60%
60% 60%
60% 61%
60% 61%
104% 104% *104
104%
1
22
21% 21%
t Ei-nguts.
United Railways Invest.. 100
Do
100
pref
Do
preferred.......-100
100
1,800 Wlsoonsln Central
600
Industrial ft Miscellaneous
1,100 Advance Rumdy
100
Do
1,100
pref.............100
1,100 Ajax Rubber Inc
60
5,900 Alaska Gold Mines
10
20,400 Alaska Juneau Gold Mln'g.10
1,300
400
200
4,400
18,700
1,300
13,600
110
1,300
100
4,600
21,300
500
300
8,400
15,200
2,400
9,100
100
1,300
500
76,650
500
2,700
1,700
100
6.100
14.580
49
63
Jan24
Apr26
25% Dec26
136
Mar25
49% Janl5
0
Apr 9
18% Apr 9
Apr22
April
Mar2 5
Julyl6
18
Apr22
66% Janl5
37%
00%
89%
126
46
26
Janl6
Feb21
68% May 7
18
Apr22
47
Apr 3
40
Apr 4
100% April
160
Apr 17
2% Jan 4
Apr23
Apr 17
23% Janl6
18% Jan25
6
14
86
26%
92
Jaal5
Janl5
Jan 7
4% Dec26
18% Dec27
15% Aprl7
45
7%
Jan 6
OctlO
18
Apr23
53% Dec24
110
Jan 2
7% Aprl7
4% Jan 6
6% Jan29
20
41
Janl5
Janl5
67% Janl5
27
April
18% Jan22
102
Jan24
81% Jan24
43% June27
9% May 1
62% Apr 3
30
Apr 5
22% Jan 2
61
Janl
70% Janl5
.
100
Do
pref
Am Sumatra Tobacoo
100
...
wither!**
1,900
shares*
a
Bx-div
.
.
rights,
V# mat
a
Novl3
Jan 2
Octl4
Novl2
Novl2
Novl2
54% Sept 7
86% Novl2
107
Nov 9
Jan29
137
32% Novl2
88
Novl2
Nov 12
75
40
Nov 8
70
Nov22
271* Nov 12
55
Nov 4
48
DeclO
119% Novl2
185 Sept 4
Jan 3
4*4 Janl5
10% Apr 9
7
Apr26
31% Dec26
20
Dec26
10
20
13
46
8
Dec27
Jan29
Jan 2
Jan 3
Apr22
17lf Aprl7
29% Dec26
11
Janl9
26% Jan
49
Jan
9'
2!
1% Apr27
1% Apr 1
90
73
103
68
98
108%
60*4
90%
140%
92%
44%
Feb21
May28
Sept25
JanlS
JanlO
Mar23
-fan 6
Aug 5
Jan 5
8eptl4
JanlO
Jan 4
20% April
12
Dec26
92
41
r69%
97%
58
56%
93
85
Jan 2
Janl8
Jan 5
Jan 5
Jan 15
Jan 2
Jan 4
60% Dec26
69% Novl2
96% Jaul5
21
J*n9l
Ex-dlvldcnd.
75
75
*797*
38%
48%
36
126
42
8
17%
35
62%
86
137%
18
44
35%
24
81%
18
447*
41
87
97* Dee
Novl2
13% Deo
Novl2
Novl2
Novl2
Novl4
Novl2
Jan 3
Jan 3
18%
15%
79%
22%
86%
5*4
39%
5
Dec
24% Novl2
13% Nov
40
25
Oct22
23
65%
124*4
15%
6%
Novl2
Novl2
Novl2
Novi2
84% Novl2
457* May29
24% Nov 9j
Nov
Oct
50*8 Dec
103
Dec
67* Dec
3% Dec
7
Nov
197*
371*
62%
21%
Nov
Dec
Dee
Sept
17
Nov
92% Deo
105 Novl2,
50% Novl2
187* Novi2'
75
Nov 91
Novl8j
40% Novl4
82
Novl4]
98% Oct23
Mayl5i
July 6
17% Dec 9
25
Novl2!
40% Jan
3j
Novl2
25% Novl2
110
Nov 71
34% Novl2
75% Novl2!
29% Deo 9
6514 Jan31
137% OctlO
76% Novl2
12
20
June27
May 7
11% July 8
44% Jan 2,
26% June26
17% Febl5l
32
June22!
24% Novl2|
66
June27
12% Novl2i
Novl2
39% Oct22
26
26% Nov21
627* Novl9
72% Dec 18
6% Nov 6
3% June21
37
May24
86% May24
106
101
84
Oct 17
Aug27
Feb27
91% May 8
60% Mayl7
98
Decl3
91% Decll
114
Dec27
44% Oct 18
88
Decll i
22% Sept 4
94% Aug24
Oct28
Oct21
60% Oct 14
49
61
47% Dec27
92
71%
102%
13%
48
Decl3!
Mayl6
Dec 3:
Feb 6
DeclO
53% Apr
60% Nov
34
12
22
34
62
Dee
101%
69%
4%
11%
Dee
Dec
Dec
Dee
7
Nov
36% Deo
18
12
20
Dee
Dec
Dee
101*
35%
71*
16%
Dec
Dee
Dee
Nov
33
MaylS!
May24,
Feb 1
198% Dec 5
100% Dec 6
607* May24
96% Dec 8
39% Aug28
21% July 3
53% July l
*74% Oct 18
120% Fet»l8i
67% Nov20!
101% Mayl8
104
110
96
94
Oct2l!
Dec 9|
May 16
Mayl6
106% Apr29
28%S*nt 5
Dec
7% Nov
19
Oct
46% Deo
1
Dec
1% Dec
15
65
72
91
63
Dec
Deo
Dee
Dee
Dec
78% Deo
29% Nov
87
67
100
21
80
10
Dec
Feb
Nov
Bee
Deo
Feb
43% Dee
87* July
35
46
Dec
Oct
15% Feb
48
Feb
46% Deo
93
Dec
8% Dec
96
116
114% Dec 4!
Dec
Dec
Dec
7% Deo
167* Deo
76% Dee
21% Dec
51% May
11% Nov
67%
*99%
50%
89%
145
109%
Nov
337* Deo
88
NovlO
Dec
Nov
Oct
18% Dec
144
May 14
94% Oct 18
110% Novl2>
Dec
40% Deo;
12
45
37
106
30
Nov
Dec
Nov
Dec
Nov
Deo
May
95*4 Dec
123
89
Dec
Dec
37% Feb
87
Nov
17
Nov
t0% Dec!
39% Dec1
87% Septi
54
43
93
82
Feb!
Feb
Deo
Dec
66% Dec!
r66% Dec
93
Jan
34% Jan
49% Jan
39% Jan
118% Jan
38% Mar
106% Jan
17% Jan
72% Jan
257* Jan
68i* Jan
25% Jan
63% Jan
79% Jan
133% Jan
32% Jan
8% Nov
112% Novl2j
64
50
41
Dec
Dee
Dec
Nov
Dec
Dec
Dec
59% Novl2
11% Nov 13
Jan
125% Jan
124% Jan
1721* Feb
38% June
84% Apr
71
Apr
61
Jan
80
Jan
30
Jan
67% Jan
46
Mar
1517* Jan
238
Mar
17
Jan
Nov
Jan 2
Nov 9
14% Jan
41% Jan
92
Sept
Nov21
62
767* Jan
82
Jan
107% Mar
66% Jan
187% Dec
7
13% Novl^
31% Novl2
$ per share
107% Jan
100% Feh
119
Jan
86
Jan
Dee
Dee
Dee
Dee
Dec
Dec
Deo
Nov
Dec
Deo
Nov
Dec
Dec
Deo
Deo
Dec
Dec
Nov
Oct
Nov
Nov
13%
23%
36%
27%
106%
34%
105%
9%
47f*
12
69
Highest
9 per share
11
32
Aprl7
15% Apr 19
80is Jan24
20% Apr30
67
Jan21
14 May 4
39% Junel3
109% Janl5
7
17% Janl6
.
Novl2
64%
48%
174%
62%
Jan12
Mar30
9% Apr 3
19
Oct 2
Oct 2
28
36
36
72% Jan 4
78
Jan 2
89% Janl7
48
Nov26
*82
Sept 13
34% Janl6
89% Jan23
68% Janl4
106
Jan 3
Janl6
25
78 Mayl*
11% JanlO
60
Jan 2
11% Jen 2
38% JanlO
51% Septl3
Jan 7
27
69% Jan 7
53% Janl5
*95
Jan 4
2% 9ept28
41
Septl8
.
62
39
40
100
Amer Telephone A Teleg.100
100
2,162 American Tobacoo
210
Do
pref (new)
100
...100
2,800 Am Woolen of Mass
300
Do
pref
..100
6,100 Am Writing Paper pref—100
26
1,000 Am Zinc Lead A 8
300
Do
pref
26
90,940 Aoaoonda Copper Mining.69
2,200 Atl Gulf A W I SS Line...100
200
Do
pref
100
31,200 Baldwin Looomotive Wks.100
Do
pref
—100
1,260 Barrett Co (The)—...100
2,870 Bethlehem Steel Oorp—.100
olass B common.. 100
36,500
Do
1,000
Do
cum oonv 8% pref....
t L#esg tuau 100
f per share.
8 P*r altar*.
81
Mar23
99% Novl2
92% Novl2
80
Jan30
89% Apr22 109 Nov 20
Do
preferred.........100
Amer Agricultural Chem—100
Do
pref....
100
American Beet Sugar
100
Do
pref
100
American Can
.100
Do
pref
100
American Car A Foundry 100
Do
pref
..100
American Cotton Ol
100
Do
pref
100
American Hide A Leather. 100
Do
pref..
100
American Ice
100
Do
preferred..
.100
Amer International Corp.100
American Linseed
100
Do
pref
100
100
American Locmotlve
Do
pref
...100
Amerlean Malting
100
Do
1st pref certfs. of dep
American Shipbuilding.. .100
Amer Smelting A Refining 100
Do
pref
100
Amer Steel Foundries
100
American Sugar Refining—100
17,400 AUls-Chalmers Mfg
101
5
48
142
114
95% 96%
97% 98%!
191
191
-100
.....
*112
94% 9434
97% 98%
188% 191%
*98% 99%
50
50%
100
100
4,900 Wabash
Do
16,500
pref A
100
Do
9,400
pref B
100
15,630 Western Maryland (new). 100
100
2d
Do
pref..
100
600 Western Pacific
100
100
Do
100
preferred....
1,950 Wheeling A Lake E Ry—100
114
74% 75%
75*4 76%
106% 106% *106% 107
85% 86
83*4 85
111
110
110% 110%
112
900
500
89
13%
*-..-
610
Do
pref—.........-.100
Texas A Pacific
100
Twin City Rapid Transit.. 100
22,900 Union Pacific
Do
4,800
pref
61*4
88
55%
46%
89*4
60%
....
101
100
39%
*4
*44
45
142
8%
17%
30%
88
101
101
5
29
21
63
39%
70
40
*55
...
4,900
Year 1917
Lowest.
Highest.
10,600 Atoh Topeka A Santa Fe—100
Do
1,400
pref
100
400 Atlantic Coast Line RR..100
100
13,i&9 Baltimore A Ohio
Do
3.500
pref
100
53,200 Brooklyn Rapid Transit.. 100
Canadian
Pacific
100
7,800
3,900 Chesapeake A Ohio
100
2,200 Chicago Great Western..100
Do
1,900
pref
100
35,300 Chicago MUw A St Paul.. 100
Do
pref..
100
14,030
7,900 Chicago A Northwestern. .100
Do
pref..
100
1,000 Chle Rock Isl A Pae temp ctfs.
7% preferred temp ctfs....
1,700
0% preferred temp ctfs
3,100
Clev
100
Cln Chlo A St Louis..100
Do
pref
100
100 Colorado A Southern
100
6
Do
1st pref
100
6
Do
2d pref
100
100
2,200 Delaware A Hudson
Delaware
A
Western.
.60
700
Lade
700 Denver A Rio Grande
100
Do
21,800
pref
100
100
20,600 Erie
Do
1st pref
6,200
100
Do
3d pref
100
Great
Northern
18,500
pref
100
Iron
Ore
9,700
properties ..Ho par
100
1,200 Illinois Central
28,840 Interboro Cons Corp.-No par
Do
pref
11,200
100
1,800 Kansas City Southern.... 100
300
Do
pref....
....100
400 Lake Erie A Western..... 100
300
Do
100
pref
60
28,400 Lehigh Valley
600 Louisville A Nashvllle.... 100
1,000 Mtnneap A St L {.new)...100
3,000 Missouri Kansas A Texas. 100
Do
1,000
pref
100
15,000 Missouri Pacific tr ctfs.—100
Do
2,750
pref tr ctfs
100
100
18,865 New York Central
100
24,900 N Y N H A Hartford
N
Y
Ontario
A
Western..100
2,700
100
2,800 Norfolk A Western
100
12,100 Northern Pacific
60
38,050 Pennsylvania
3,500 Pere Marquette ▼ t o ....100
100
Do
prior pref v t o.... 100
200
Do
pref v t o
...100
9,500 Pittsburgh A West Va
100
Do
pref
100
......—60
53,900 Reading
Do
1st pref....
60
200
2d pref
Do
6
St
Fran
Louls-San
tr
ctfs.
100
3,300
100 St Louis Southwestern
100
Do
pref
...
100
100
A.1.500 Seaboard Air Line
200
Do
100
pref
100
64,700 Southern Pacific Co
Southern
Railway....
100
14,800
900
PER SHARE
Rang* for Pravion*
PER SHARE
Rant* tine* Jan. 1.
On basis of 100-share lot*.
Par
Railroads
_
_
42
20% *19%
63% *...1
13%
53*4
44%
87*4
60%
88
95%
98%:
-
*23
13
40
56
42
84% 85
110% 111
-
126*8 127%
7012 72%
7%
7%
15% 15%
8%
8%
32% 33
20% 20%
10
12%
„
13%
68%
77%
107%
-
114
90
48
142
13*4
24%
35%
8%
8*4
18% 18%
98*4 100
28% 29
*
29
38%
60% 61
*99% 100
4%
4%
*44
*108
38
13%
9
45%
97*4
87%
39%
94% 95%
98% 98%
197 1*190
195 |*191
195
99
99%! *98
99%’ §99
52%
52% 52%
50*t 52
96 1 *94%
95% *94% 95%
29%
23% 29
27% 28%
13% *12
12% *12% 12%
63% 64%:
*108% 109
65% 6512
74
75%
f
*103
104
617* 61%
*104
1334
88
62
102
*100
101
5
5
4%
44
44
47%
142
*108
142
79%
107% 107%
83% 84%
110% 110%
39%
*86
13
•
*87*4
87%
61%
78%
•113
90
36%
80*4
38%
(10Q*i 1003,
*39
*86
35%
78%
*37%
*85
87%
14
59
79%
38%
3814
101%
96% 96%
60% 62%
98
59
81
30
*82
*98
46%
54%
118*$
11*4
5%
8%
24%
52%
75%
31%
20*4
105%
93*4
44%
*79
3%
1*4
627*
54
8
22
81
28%
*57
65
99
89
118%
24%
52%
68
24
23%
24%
48
7%
10
98
8*4
17%
29%
38
72
24
54%
*53
18
19%
*
65*4
101% 104
179% 185
7
*3%
6%
5%
16% 17%
28
28%
*20
22%
94
94*4
31% 32
96
96*4
5%
4%
18% 21%
18% 18%
105%
180
5%
6%
17%
28%
22%
94%
31%
*8%
19%
*23
20
w
63
9
NEW YORK STOCK
EXCHANGE
96
136
79
24%
45% 47
125% 126*4
70% 71
8
7*4
15% 15%
8
8%
31% 33
20
20%
12% 12%
S
71%
25%
24%
35%
£
a
48
22
*23%
57*4
65%
3*4
1*4
30%
84%
99%
59
68
H
tu
24%’
24
30
m
40
70%
78%
65%
35%
13
Q
38
25
14
63
49
<
<
8%
24%
79
65
38
70
14
*58
*43
39
*20%
*60%
1734
44%
34%
*78%
78%
*37%
*38%
24
9
20
34
105
93
>*
19
the
Week
Shares
56
7%
23%
25%
53*4 54%
118% 118%
*11% 13
5
5%
35%
80%
80%
38%
126% 127%
6934 71
9
*8%
*15% 16%
8%
8%
33% 34%
20
20*4
12% 12%
129
71
*85
98
*19
20%
99*4
29%
68%
25%
*24
*
31
85
*
9
29
3*4
1%
63
90
L
8%
67
19
48
*16
25%
60**
14%
24
35%
*19
35
63
•85
81
82
8%
13
29
22
18%
*32
*37%
34%
*78%
79%
*37%
*35%
13%
35%
*
127% 128
701* 71%
*8
8%
*15*4 17
35*4
21%
14
44
25%
35%
21%
13*4
14%
*19%
48
9
94*4
45%
44
35
*78
81
70
9
45
93%
15
63
49
35
81
14%
24%
35%
87*
19%
99%
29*4
22
106
*20%
•106
16%
30% 31%
*201* 21
105% 106%
93*4 94
44*4 45
13% 14
32%
STOCKS
23%
156%
95
*131
137
78%
62*4
_
317*
*20%
55%
8%
24%
40%
7412
96%
38%
72
*68
*21
22%
*60
54%
*45
48
48
48
*45
146
105%
*103% 108
105% 105% 105
*176
180
180
•176
180
*176
4
6%
5%
•5%
7
67*
7%;
6%
7%
7%
17
17%
17% 17%
17% 17*4
30
29%
28%
29%
29%
29%
22
•21
21% *21
*20% 22
94*4 95
95% 96%
95*4 96*4
32
32%
32% 32%
32% 32%
98
98
97
•96
99
97
6
6
51?,
4*4
5*4
6%
22
24
22%
23%
18%
24%
19
19
187g 19
19% 19%
54
54
*53
*64
56
5512
11
*8
8%
8%
*8% 11
23
20
23
20
*20
•20
57
53%
66%
54*4
53*4 56%
118% 11834
*118% 120 *118% 120
13
13
13
*12% 13% *12
5%
5%
5%
5%
6%
5%
10
10
8%
8%
8%
8%
24*4 25%
24% 24%
247* 25%
52
53
53
53*4
53% 53%
76
75
75
74% 75%
75%
155
55
156
8
24
71
95
*131
25
25*4
26*4
54%
24%
41%
75%
97%
Salesfor
$ per share $ per share
90% 91*4
90
90%
88% 89
88% 88%
100
100
100%.100%
51
52%
52
52%
55% 65%
55% 56
25%
75%
97% 98%
136
*131
137% *130
25% 25*4
25% 26%
79
79
79% 79%
65
65%
65% 65%
38
*34
*35*4 38
*68
72
*68
68%
*21
21
21
23%
*50
50
54%
150
75
CENT.
PRICES—PER SHARE, NOT PER
Monday
usually Inactive, sea preceding page.
during the week of stocks
Dec
11
Jan
20% Jan
34
Jan
61
Jan
103% Jan
627* Jan
29% Jan
138% Jan
110% Jan
57% Jan
36% Jan
73% Jan
67 June
35% June
68
Jan
104% Jan
45
Jan
45% Jan
26% June
32
Jan
63
Jan
18
Jan
39i* Jan
981* Mar
33% Jan
70% Jan
19% Jan
95
Jan
149% Jan
86
Jan
11% Jan
23% Jan
16% Jan
68
Jan
30% Jan
23
Apr
41
Mar
18% May
48
July
227* Jan
60% Jan
64% Jan
18% Jan
37% Jan
80
Jan
11% Jan
8% Mar
32% May
867* Mar
96% May
103% Jan
102% Feb
98
63
Jan
May
111% June
80% June
118% May
60% Jan
101% Jan
17% Mar
76
Jan
167* Aug
66
July
62% Aug
29% Aug
75
Nov
82% Jan
1067* Jan
19*4 Mar
93
Nov
112% June
1171* Jan
76 June
126% June
121% Jan
62% Dee
128i* Jan
220
Mar
109*4 Jan
58% June
100 June
54% Mar
41%
Jan
72% Jan
87
May
121% Jan
66
Jan
76% July
Jan
Jan
Jan
156
June
Oct
101%
102%
136
515
.1
h Before payment of first Installment
.
„
New York Stock
9par
Record—Concluded—Page 2
2459
Wot record of Mice during the week of stock* usually Inactive, see second page
preceding.
SIGH AND LOW RALE PRICES—PEE SHARE, NOT PER CENT.
Salesfor
STOCKS
NEW YORK STOCK
RWw
Saturday
Monday
Tuesday
Dec. 21
Wednesday
Thursday
Dec. 23
Dec. 24
Friday
Dec. 25
Dec. 26
Dec. 27
S per share
S per share
150% 152%
6%
6%
19
19%
*47% 47%
20% 20%
f per stars $ per thare $ per share S
•149
154
*150
155
*150
155
6%
7%
6%
6%
67*
6*4
•19% 20%
19% 19%
187* 19%
47% 47%
47% 47%
47% 47%
22
*20% 21% *21
20% 20*4
*04
05
*64
65
*64
68%
69%
58% 59%
56%
103
103% 103
33
34%
33% 34%
104
104% 100 *104 107
18% 187*
18% 19
18%
33
33
33%
32% 33%
•381* 41
*38% 41
38%
*38
40
39
39% 39%
97
97
97
97%
94%
68
67% 68%
68%
67%
46
46
407* 47%
47%
*102
103
102% 102% *102
57
607* 58
57%
56%
89
*87% 91
*87% 91%
30
29% 30%
30% 30%
*79
80
79% 79%
79%
50% 51%
51
50
51%
12
12
12
12%
12%
29% 29*4
29% 30
29%
147
147% 1467* 147% 145
129
131
129% 131% 128%
82% 831*
*817*
•55
55
50%
53%
55%
95% 96%
95% 96% *100
•101
*32
■
-
—
-
•
-
•80
82
*81
45%
•58%
45%
45%
62
45%
45%
*45%
14
*11
45
*11
50%
50%
•110
26%
110%
32%
31
61%
70%
337*
67%
22%
*40%
•93
*70
*63
23*4
44%
*74
*102%
16%
*45
*90
*03
•105
17%
•102
*51
34
67%
22%
44
96
105%
17%
39
58%
54% 56%
101% 101%
33% 33%
33%
104
103
187*
33%
38%
39*8
97%
68
46*4
107
*104
23%
44%
79
67%
46
*102
56
57
89
*102
51
12
145
1307*
82%
55
106
81
*100
79
7%
607*
42%
7%
51%
42%
7%
39
39
65*4
115
117%
66*4
115
*43
44*4
•62
*96
*90
■
63
*96
*90
116
72
64
101
95
20%
74%
*97%
<5
0
1
91%
117%
73%
103%
20%
747*
98%
97
104
8%
168
8*4
65
*114
50
*61
*96
*90
8%
168
50
*49
*49
32%
48%
52%
55
42%
7%
65%
117
64
101
95
97
103%
8%
168
15
33%
51
50
94
36
38%
106
125
151
147*
147*
•44
47%
102% 103
*95
77
•109
*46
•46
99
77*4
38% 39
106% 107%
*108
152
125
38% 38%
107% 108%
i *108
152%!
153
125
153
*14% 15
*44% 46%
1027* 1027*
*14% 15
*44% 46%!
101% 102%!
*96
77
*95
76
98
98
i
77%
76%'
1097* 1097*
*45
47 I
467* 47
47% 47% *46
48*4!
95% 96%'
94% 96
11234 112*4 112% 113
73% 74%j
72% 73%'
1097*! 109*4 1097*
46%
46*4
95% 96%
112% 112%
73% 74%
14 |
13
i *13
13 |
53% 53%
53% 537*
114
113% 113% 113% *112
j
I
•55% 57 |
86
86% 86%
86%
85% 85%
43
43%
42-% 431*
42% 43
•60
70 i *60
70 | *60
70
•44
45
44% 44%
44% 44%
25
25%
247* 25%
24% 25%
89 I
88*4 88*4 *87
88% 88%!
r 74%
727* 74%'
74%
69% 72%
121
121
•120 * 123
123% 123%
•113 i 121
*113
121
*113
121 I
55
•531 55
55
*54% 55%
*84
88
•82% 89
*82% 8S%
66
66 1
*66
68%
68% *66
•13
•52
•112
15
54%
•Bid and asked prices; ns sake on this day.
1681*
43%
-
-
^
15%
45%
94
64
OQ
99
3
49%
42%
7%
49%
42%
7%
38
38
0
<z
•<
S3
O
X
%
(4
O
O
h
64%
*113
49%
106
78%
*44%
61%
787*
45%
62%
*43
45
45
67
22
44%
*93
*70
64'
28
50
17%
100
657*
116
497*
30%
42%
101% 101%
15*4 15*4
Do
900
62,800
400
2.300
22
44%
96%
73%
64%
28%
52
*103%
....
22%
42%
*71%
23%
43
77
15
46
§93
16*4
98%
487*
42%
*7
*38
65
pref
100
Haskell A Barker Car..No par
Inspiration Cons Copper..20
Internet Agrlcul Corp
100
Do
pref
100
Intern Harvester (new)
100
Int Mercantile Marine. .100
Do
100
pref
International Nickel (The) 25
1,300
9,600
69,950
10,300
3,700 International Paper
100
900
Do stamped pref..
100
1,500 Kelly-Springfleld Tire
25
29,000 Kenneoott Copper....No par
4,200 Lackawanna Steel..
100
1,000 Lee Rubber A Tire...No par
700 Loose-Wiles Biscuit tr ctfs.100
200
Do
2d pref
100
Mackay Companies
100
230
Do
pref
....100
3,000 Maxwell Motor, Ino
100
3,810
Do
1st pref
100
4,200
Do
2d pref
100
71,300 Mexican petroleum
100
Do
100
pref
8,400 Miami Copper..
6
25,800 Midvale Steel A Ordnanoe.50
19% 21
167% 169%
*10234
..100
▼ t c._6
1,200 Granby Cons MSA P
100
2,200 Greene Gananea Copper.. 100
1,200 Gulf States Steel tr ctfs..l00
45%
11% 12
49% 49%
110% 110%
25*4 26%
111
112%
31% 32%
30
30%
62
62%
63
106% *104
16%
500 Burns Bros..
6,130 Butte Copper A Zinc
2,900 Butte A Superior Mining
400
.
....
15*4
47%
93
63%
4,700
2,300
120
1,400
107
200
167*
99
487*
43%
7%
6,100
2,000
900
6,060
1,900
39
400
657*
*114% 116%
48% 50
29% 29%
41% 437*
*101% 101%
15*4 16
46
46*4
*847* 86
63% 63%
7,400
100
Montana Power
100
Do
pref.
100
Nat Conduit A Cable No par
Nat Enam’g A Stamp’g...l00
Do
pref.
100
National Lead
100
Do
pref
100
Nevada Consol Copper
5
New York Air Brake
50
North American Co
100
Ohio Cities Gas (The)
25
Ontario Silver Mining
100
Pacific Mall SS
5
Pan-Am Pet A Trans
50
Do
pref
.100
People’s O L A C (Chic)..100
4,100
1,600 Philadelphia Co (Pittab)..60
20,500 Pierce-Arrow M Car...No par
200
Do
pref
100
2,430 Pierce Oil Corporation.....25
46
46
1,200 Pittsburgh Coal of Pa
100
*84
86
100
Do
pref....
100
62
63
1,200 Pressed Steel Car
100
*98
100
*96
101
Do
pref.
100
*90
95
*89
94
Public Serv Corp of N J..100
114% 1157* 114*4 116
2,500 Pullman Company....... 100
72
74
74%
747*
2,400 Railway Steel Spring
100
*102
103% 103%
220
Do
pref
..100
19% 20'
19% 20
10,900 Ray Consolidated Copper. 10
73
74
73
74%
7,600 Republic Iron A Steel
100
97
97
967* 967*
800
Do
pref
100
101
101% 101% 103
4,800 Royal Dutch Go ctfs dep
8
7
8%
77s
2,700 Saxon Motor Car Corp
100
169
169% 170% 175
1,000 8ears. Roebuck A Co
100
14
14%
14% 14%
1,700 Shattuek Aria Copper
10
32% 327*
32% 33% 29,300 Sinclair OH A Refg...No par
49
50
49% 49%
400 81oss-Sbeffield Steel A Iron 100
48% 50%
50% 51
67,300 Studebaker Corp (The).. 100
*91
94
*91
93
Do
pref
100
*35
37
*35
700 Superior Steel Oorp’n
36%
100
*
98% *
98%
Do
1st
pref
100
13
13% 13%
13%
4,100 Tenn Copp A C tr ctfS.No par
186
186% 187
188%
4,400 Texas Company (The) ....100
80% 81
80% 81% 11,500 Tobacco Products Corp-.lOO
100*4 100*4 100*4 102%
1,700
Do
pref
100
*73
78
76% *73
200 Onion Bag A Paper Corp.100
38
38*4
38% 38%
1,800 United Alloy Steel
So par
106
1077* 107% 108%
5,700 United Cigar Stores
100
*108
125
*108
125
Do
100
pref
154
156
159
163
3,100 United Fruit
100
*14% 15
*14% 15
100 U 8 Cast I Pipe A Fdy
100
44% 44% *41
46%
100
Do
pref
100
100% 101% 101% 101%
4,100 U S Industrial Alcohol.. 100
*95
*95 ~ 98
98
Do
100
pref
75% 76%
76% 78%
8,000 United States Rubber
100
*109
110
*109
110
375
Do
1st preferred
100
44
45%
44% 44%
2,700 U S Smelting Ref A M
50
*46
47% *46
lOOi
47%
Do
pref
50
93
94
92% 94*4
356,060 United States Steel Corp. 100
112
1127* 113
112%
3,100
Do
100
pref
71% 73
72% 73% 23,100 Utah Copper
10
13
13
13
12%
1,600 Utah Securities vt o
.100
54
52
52
! *52
1,900 Vlrglnla-Carolina Chem.. 100
*112
L14
112% 112%
200
Do
pref
100
*53
58
56
56
100 Virginia Iron C A C
100
85
85%
84% 85%
1,900 Western Union Telegraph. 100
42% 427*
42% 43%
8,600 Westtngbouse Elec A Mfg.50
*60
70
♦GO
i
70
Do
Itii preferred
60
*44
45
44
45%
2,100 White Motor
50
25
24% 25
25% 13,400 Wlllys—Overland (The).. 25
§88% 88%
88% 89
905
Do
pref (new)
..100
70*4 71%
71% 73
5,600 Wilson A Co. Inc, V t C...100
*120
123
*120
123
300 Woolworth (F W)
100
*113
121
•113
121
Do
pref
100
53
53
*52
55
605 Worthington P A M v t c.100
♦82% 88
*82% 89
Do
pref A
100
67
67
66% 66%
400
De
pref B
100
*29
41
•
■
38%
44%
96%
73%
65%
27%
51%
20%
H
Uu
*91
*91
94
94
35
35
35%
35%
*
98% *--_.
98% *...98%
14
14
14%
14%
13% 137*
187
188
188
186
187
188
81
80% 81%
81*4
80% 81%
101
100%
101%
100% 100% 101
*73
76
76
74
76
74
106
•107
161
22
*102%
42%
7%
6514
33%
67%
£
102%
80
69
72
102
*52
129%
32*4
72
T
145
IndustaialdcMlsc. (Con.) Par
...
69
H
A
78%
49%
12%
29%
Low**t.
....
33%
67%
*10319 107
15
45
*90
63
*104
29
I Less than 100 shares
£ Ex-rights
PER 8EARR
Ranos for Prssions
Chi taste of 100-stars lot*.
EXCHANGE
in
600 California Packing
No par
1,000 California Petroleum
..100
64
200
Do
pref
..100
57% 39,300 Central Leather
100
400
101%
Do
pref
100
34%
1,200 Cerro de Pasoo Cop..-No par
104
900 Chandler Motor Car. ....100
18% 12,800 Chile Copper
25
32% 18,000 Chino Copper
5
387*
1,000 Colorado Fuel A Iron....100
41%
5.900 Columbia Gas AElec
100
97% 11,200 Consolidated Gas (N Y)..100
69%
4,560 Continental Can, Ino.
100
48% 20,400 Com Products Refining.. 100
103
300
Do
pref
100
57
12,000 Crucible Steel of America. 100
300
88%
Do
pref
100
29% 12,100 Cuba Cane Sugar....No Par
Do
79
2,100
pref
100
51
10,200 Distillers’ Securities Carp-100
12%
5,200 Dome Mines, Ltd
10
29%
6,700 Gaston W A W Ino. .No par
148%
3,600 General Electric
100
130*4 10,900 General Motors Corp__
100
81%
1,900
Do
pref
100
56
6,600 Goodrich Co (B F)
100
08
22%
•33%
49%
45%
447*
12%
49%
1097*
26%
112%
32%
30%
62%,
22%
42%
*48
52%
61
S
*14
51%
79%
45%
44
rt
n
50%
88%
*100
43
15%
337*
*91
•35
106
◄
167% 168
14% 15
33% 337*
51
89
-
39%
95%
103
23%
97
102
97
104
~
166
38
68
56%
27%
50%
19%
17%
31%
47%
22%
115% 115%
73
73% 73%
103
103
1103% 103%
20
201* 20%
20%
*74% 75
737* 74%
104
105%
8%
8%
168
*15
63
101
68
48
103
*70
*63
30*4
117% 117%
73
•102
41%
12%
49%
1097*
25%
110%
31%
29%
62%
67%
32%
67%
21%
44t4
91%
13
50
50%
50%
30% 31%
29*4 30%
42
39% 41%
39% 41
*100% 102 *100% 102 *101% 102
16
16
157* 16
157* 16
47% 477* *47% 48
*47
48
*84
86
*84% 86
85% 85%
50
38%
38%
95%
44%
60*g
59
45
....
107
33
30*8
79
79%
49
50%
12
12*8
29
29%
142% 145%
128
129%
81
81*8
53% 56
29*4
54*4
101%
337*
*101
18%
*87%
29%
30%
79*4
50*4
64
104
94
103
107
65
17%
31%
38%
38%
45*4
427*
*11
14
6%
19%
47*4
20%
*64
72% 74*4'
*102%
16%
15% 15%
45% 46
457*
*90
94
90% 90%
65
65
64% 65
105
105
1047* 1047*
17% 17%
17% 17%
94
65
39
497*
30*4
41%
45%
*104
....
43
65%
44%
227*
44%
79
*74%
*102%
16%
15%
46
45%
427*
7%
•114
61
45
237*
44%
107
55
81
45
59
*43
83
46
61
45
152
6%
19%
47%
20%
65
50%
49% 50
110
112
111% *108
26% 277*
26% 26%
112% 114*4 111% 113%
32% 32%
32% 32%
31
31
31% 31%
62
62
*61% 63
70
69
70^2
70%
33*4 34%
33% 33%
67% 67% *67% 68
22% 22*4
22% 22%
44
45
44% 44%
96
*93
96
96%
*70
73% *72
73%
64
64
*63
65%
28
27% 28%
28%
51
50% 51
517*
20
20*4 21
20%
166% 169% 165% 167%
113%
20%
111%
327*
31%
61%
70%
107
-
-
152
50%
73%
65%
28% 29*4
517* 525*
*21
21%
107% 170
•104
-
per share
Week
Shares
PER 8HARB
Ratio* since Jan. 1.
a
Ex-div. »ad rights
108
Highest.
stars.
Feb
6
0% Dec26
10i* Jan 2
80i* Jan 3
12
80
Jan
Jan
7
5
64*4 Dec26
lOU* Dec20
2914 Mar 0
0814 Jan 2
141* Apr 4
3U* Dec27
34*« Jan 29
28%Mar25
82*4 July 15
651* Oct 7
29?* Jan 15
*901* Jan 7
62
80
Jan 12
Jan 31
271* Apr 10
78i*Mar25
*33
Jan 2
Junel9
25*4 Oct 11
12744 Jan 7
10044 Jan 15
754* Oct 10
38 Jan 2
6
95% Dec23
74
Jan 25
38i* Jan 17
58*4 Decl9
34
Jan
6
41% Dec26
10
38
104
21
Jan
8
Jan
6
Oct 14
Jan 15
834* Jan
27
2
Jan 15
241* Jan 15
58
41
29
07
12
Jan 22
53
70
57
Feb 15
Dccl4
Jan 4
Apr
2
Mar25
Dec27
Apr
171* Jan
2
8
231* Jan 15
60
19
79
87
Dec27
May27
60
108
39
84
83
Jan
8
39% Jan 2
21
Apr 12
34
Jan 10
89% Jan 20
15 SeptlS
Oct 18
76
18
164
88
Aug21
Feb
1
597* Oct 18
104
80
Dec 9
Oct 23
28
118
Feb
Dec
74%
72%
32%
*91%
Nov
Dec
Dec
Deo
05
34
77
Nov
Nov
Nov
58% Nov 0
111% Apr 25
49% JulySO
68% Oct 18
19
05
121
33
271* Nov
38
June20
Junel8
Novl2
Oct 16
Nov
Feb
881* Nov
45% Dec
83
Deo
247* Nov
747* Deo
11% May
0% Nov
Novl2
Feb 18
Nov 1
Feb 13
Deo
Dec
Deo
Nov
11% Nov
351* Nov
29% Nov
25% Nov
76% Dec
Feb 19
158% Oct 18
Nov
7% Nov
20% Nov
"l7%
41% Novl2
91% Mayl0
62%
24%
181*
50%
307*
Dec
Feb
Dec
Nov
Nov
Dec
20
68
Nov
Nov
24
45
96
10% Nov
12% Nov
125% Nov 6
85
Nov 7
45% May 15
05% Jan 3
72
Dec 19
Deoil
Dec23
Dec23
781* Feb 28
65
May28
42i* Nov 12
697* Nov 8
32% Nov 9
61
43% Jan 7
99*4 Mar 2
16% Dec26
98% Dec27
37‘* AuglO
86% Mar25
4% Jan 22
231* Jan 21
03% Oct 30
55
97
25
56
Nov 12
Novl2
04%May24
15
39
Dec
33*4 Nov
10% Deo
291* Nov
50% NovlO
103% Decl2
747* May 16
9144 June 4
42% Dec26
June25
Mar 19
Nov25
37% Jan 7
88
Nov21
"12%
Nov23
47% Mayl6
54% May 24
417* Oct 17
105%Novl2
95
Oct 19
Decll
33% Jan 31
MaylO
01% Novl3
106% Dec 6
21% July
64% May20
99% Feb 20
09*4 Decll
105% Mayl8
217* MaylO
139 May22
67% Nov22
48
13
40
Oct 18
Junel7
Dec 17
72% Oct 28
124% Oct 28
01
Nov 0
36% Oct 29
51% Novl2
104
Dec 14
'
55
70
Jan
Nov
67% Dee
19% Nov
49
13
07
Deo
Nov
Deo
847* Nov
25
Nov
89%
*58%
95%
131*
Dec
Deo
Deo
Dec
24
Feb
901* May
377* Deo
99
16
98
39
Dec
Nov
Nov
Deo
317* Oct
3% Nov
18
Feb
87
85
Nov
Deo
94
61
*95
99
Mar 21
79% Decl8
1097* Dec23
32% Apr 12
42% Apr 12
86% Mar25
60*4 Oct 19
47% Decl2
116% Aug 28
113% Decll
108
Mar25
71% Dec20
11
Sept16
33% Jan 2
98
50
Jan
Jan
77% Aug
38% Jau
59
Jan
30% Jan
16% Jan 15
Jan
3
45% Jan
2
75
110
111
34
Mar25
2
Oct
Jan
4
854* Feb
69
6
Jan 18
b Par $10 per share,
93
Oct 19
10%
60%
113%
73%
95%
47%
04%
Novl2
Nov 8
Decl6
July27
Apr 15
MaylO
Peb 20
49
30
Nov 9
Nov 12
89% Nov 19
77% Decl7
128% Oct 21
115 Sept 9
09 Aug 28
91% Apr O
70% July26
42% (Aug
SO** Jan
62% Jan
101% June
1157* Jan
41
Feb
104% Mar
27% Mar
03% Mar
June
58
477* Apr
134% Jan
103% June
37% July
112% Jan
917* July
117% Jan
55% Jan
94% Jan
44% Oct
24% Jan
41% Aug
171% Jan
140% Jan
93
Jan
61%
Jan
Jan
92% Jan
47
Jan
Jan
137
40 June
66% June
21% May
00% July
112
~30% Mar
100% Oct
47% Mar
49% Jan
77i* June
64% Jan
60% May
1037* June
30
Jan
27% J«n
64
Jan
89*4 Feb
67i* Jan
61% Jan
74% Jan
40
Jan
106% Jan
977* Juna
43% Apr
67% Juna
109% Jan
117% Mar
89 Juna
40% Oct
99% July
03% Mar
114
Jan
26% June
150
Mar
72% Mar
143% Apr
7% Sept
301* June
98
Jan
100% Jan
Jan
42
25
88
41% Juna
98% Aug
Deo
Nov
Jan 15
Oct 11
Jan 15
Jan 16
"52% “Jan
24% Dec
19% Oct 16
58% Feb 28
371* Dec
74
79% Jan 2
857* DeelO
Deo
73
Aug 13
65% Nov26
49
Dee
93 Apr 27 100 Aug 6
*90 Nov
85 Oct 2 1091* Mar 6
99Dee
100% Jan 7 132% Novl2
100% Deo
461* Jan 7
78% Deell
36% Nov
96 Jan 2 104
Nov23
881* Deo
19% Dec20
20% May 16
19% Nov
90
*72% Jan 16
MaylO
60
Feb
92% Jan 2 102% Sept 17
89
Deo
70% Mar 23 145 Oct 18
59 May
18
Novl3
4% Aug22
47* Nov
133% June 8 175 Dec27 123% Dee
14
Dec26
18% Feb 19
16
Dee
39 Feb 5
25% Apr 11
25% Deo
39 Jan 24
71% May24
831* Nov
337* Apr 24
727* Nov 8
33% Nov
80i* July 3 100 Nov 9
85
Nov
34% Mar25
46% May 3
30% Nov
100
96 Feb 10
90
Sept27
Dee
21 July 6
11
127* Jau 2
Nov
136% Jan 7 203 Oct 18
114% Dee
82% Deell
48% Mar25
42% Deo
Dec 19
*86
*87% Mar 19 103
Dec
80 Mayl3
05 Jan 24
69% Deo
44% MaylO
307* Oct 30
34% Deo
83% Mar28 108% Dec26
81% Nov
101% Jan 5 110 Ju!yl8
98% Dec
Dec27 *105
110% Jan 10 163
Dec
19
10
Nov
11% Apr 6
May 7
41
Mar20
42
Dec
47% Feb 1
: 96
Dec 2 137
May24
98% Nov
42
Utahan.
• psr stars
Jan 125% Apr
89
1097* Decll
24
~
$ per stars
247* Nov 9
70% Deoil
73% Feb 27
194
107
04
95
13
Lowest
$ par star*.
161% Oct 26
127* July 10
33i* May 14
Jan
5
Jan 15
22% Dec28
86
Yam 1017
88
45
91
40
Nov
Deo
Deo
Dee
43%
79%
102%
70%
9%
Nov
Dec
Deo
Dec
Dec
Nov
20
97
46
*70
Dec
Feb
Dec
33% Dec
62% Deo
33% Nov
15
Nov
09
Nov
42
Nov
997* Dec
113
Dec
23% Feb
88
50
a Par f 100 per share.
Nov
May
*
64% Sept
90
Aug
88% Jan
*107
131
Jan
Jan
167% Jan
58
101
Juna
Jan
82% Apr
94% June
106% May
73% Nov
08
Jan
238% Jan
29% Mar
59% Mar
74% Mar
110% Jan
108% Jan
61% Juna
102% July
19% June
243
Jan
80% Aug
105
Mar
112
Jan
49% JUM
1277* Aug
120*4 Mar
154% Jan
24% June
03
Jan
171% June
106 June
07
Aug
114% Jan
67% Jan
5214 Jan
136% May
121% Jan
118% May
24% Jan
46
May
112% Jan
77
99%
Mar
Jan
56
May
70%
62%
38%
Jan
Jan
Jan
Mar
100
84% Mar
161
Jan
126% Jan
37% June
97% June
63 June
Ex-dlvtdend.
Exchange—Bond Record, Friday. Weekly and Yearly
New York Stock
2460
Jm. 1900 'he EwOtmm method
a
BONDS
If. T. STOCK EXCHANGE
Week Ending Dec. 27.
BU
converted from 2d
Liberty Loan
1927-42
0 8 4KI 3d Liberty Loan..1928
U 8 4*s 4th Liberty Loan.1938
0 8 2i eonaol registered...dl93o
D 8 2a eonaol coupon
dl93<)
0 8 4i registered—.......1926
0 8 4Mi
Q
Q
Q
Q
V 8 Pan Canal 10-30-yr 2i reg ’38
0 8 Panama Canal 3s g_...1961
Registered
1981
0 8 Philippine Island 4s_1914-34
....
Last Beds
Ask Lots
Mango
ft
Range or
High No. Low
D 92.90
N 92.86
Sale 92.84
Sale 92.46
96.30
Sale 98.34
97.10
F
F
N
M
M
F
....
95.00 193641 93.10 98.14
Sale 93.80
95.90 21340 94 70 99-1#
Sale 95.14
94 93 39115 94.20 98.10
Sale 94.20
97
99
....
98% Aug’lS
98
Dec’18
97% 937*
1
105
107
105
Sale 105
105
107
106% 106% Nov’15
....
....
....
....
93
98
....
97%
99
85%
98
99
June’18
....
July’18
85% Oet'18
....
89
Sept'18
....
........
100
Feb ’15
----
98
....
98
—
88
88
85
85
....
196
A 99% Sale 96%
100
97% 2917
O
97% Sale 967*
3
89
89
89
M 8
Argentine Internal 5« of 1909
101% 191
Bordeaux (City of) 3-yr 6a..1919 M N 101% 101% 1007*
70
Dec’18
70
Chinese (Hukusng By) 6s of 1911 J D t 67
Dec’18
95% 96
Cuba—External debt Be of 1904 M 8
F
A
92% 93% Oct *18
10
82
85
F A
81%
82
93
97% Sale 97%
98%
Dominion of Canada g Be
1921 A O
16
97
87%
97% Sale
Do
do
,.192i A O
97% 148
97% Sale 97
do
Do
..193 A O
105*2 1168
104% gale 104%
Freocb Repub 5M* secured loan
1
86%
86*2
Japanese Govt—£ loan 4Ms. 192 F A 1 86% 88
Dee’18
I t 86
88% 86
Second series 4 Ms
192 J
18
86*2
85% Bale 85%
Do do “German stamp*'.
1919 F
Anglo-French 6-yr 5s Ester loan. A
—
....
....
....
....
....
....
j3
75% Dec’18
101%
M N 101% Sale 100%
Lyons (City of) 8-yr 6s
M
N
100*4
101%
101%
101%
Marseilles (City of) 3-yr 6s..1919
64
64
Mexico—Exter loan £ 5s of 1899 Q
J t 66
43
53
Nov’18
58
D
Gold debt 4s of 1904
1964 J
99% Sale 987*
99*2
Farts (City of) 5-year 6e
1921 A O
Dec’18
81
82% 81
Tokyo City fie loan of 1912...... M 3
»
76%
....
....
139
150
4
....
IrelailH—
...1919 M N
3-year 5M% notes
5-year 5M% notes
1921 M N
Convertible 6M% notes.. 1919 F A
29-year gold bond 5Ms ..1937 F A
mTheu are prices on (ho basis of $5/o £
....
543
——
0 K of Gt Brit A
...
State and City Securities.
n y City—4 *s Corp stock 1960 M
M
A
4*i Corporate stock....1964
997*
98%
101%
101%
Sale 99%
Sale 98**
Sale 100%
Sale 1007*
98
Dec’18
95*4 97
98
94% 96*2 97
94%
97*2
97*2
Dec’18
*101% 102% 102
Sale 101
D 101
101*4
8 101% 102
102%
102%
4*s Corporate stock
1966
4Me Corporate stock July 1967
4Ms Corporate stock
1966 J
4M* Corporate stock
1963 M
4% Corporate stock
i960 M N
4% Corporate stock
1958 M N
92%
8sl6
....
M N
92% 93%
92**
M N
102
M N
New
M N
102
M N
83% 85
8 Y State—4s
I.. 1961 M 8 97% 98
J
97% 101
Canal Improvement 4t
1961 J
J
J
97%....
J
J
97% 98%
J
J *107
J
J *98
Highway Improv't 4Mi--1963 M 5 *107
M
8
Highway Improv’t 4Ms.-1965
J
*frgtn!a funded debt 2-3s__ .1991 J
70
Sale
•s deferred Brown Bros ctfs
....
....
....
....
....
son
Railroad
Arbor 1st g 4s.
Q
11195
Atchison Topeka A Santa Fe—
Gen g 4s
195
Registered
195
J
A O
A O
Nov
Nov
M N
J D
J
D
M
8
J
J
J
J
M 8
M 3
M 8
J D
M N
i
J
J
J
M N
A O
A O
J
J
Oonv gold 4s
Rocky Mtn Dlv 1st 49... 1965
Trans Con Short L 1st 4s. 1958
Cal-Arls 1st A ref 4Ms* A”1962
8 Fe Pree A Pb 1st g 6s... 1942
stl Coast L 1st gold 4s
A1952
Gen unified 4Ms
1964
Ala Mid 1st gu gold 5b...1928
Bruns A W 1st gu gold 4s. 1938
Charles A 8av 1st gold 7s. 1936
LAN coll gold 4s
01962
Sav F A W 1st gold 5s
1934
1st gold 5s..
1934
Balt A Ohio prior 3M>
1925
Registered
»1925 Q
1st 50-year gold 4s
51948 A
Registered
51948 Q
57
93
93%
Dec’18
Oct ’18
Dec’18
Dec’18
Dec’18
99
July’18
98% July'IS
97% Dec’18
97% Oct *18
106% Oct ’18
102% Dec’18
106% Oct *18
100% June’18
787* Dec’18
70
57
Sale
Sale
89
79
76
79*4
83*2
84%
85% Nov’18
79*4 Dec’18
73*2 June’18
79%
80*2
77
76
93
85
85%
96
80
110%
79%
108
93%
89%
81%
J
10-yr
oonv 4Ms—
1933
Refund A gen 6s Series A.1995
85%
86
98% Nov’18
89
78
Oct *18
1297* Aug ’15
79*4
....
....
79%
108
105
90
j D
Pitts June 1st gold 6s
J
1922 J
P June A M Dlv 1st g 3Ms 1925 M N
P L E A W Va Bye ref 4e.. 1941 M N
83
....
87%
78%
80
Sale
82
92% Mar* 17
78%
81%
m
Bale
837*
84
112
89% 86
Sale 75
86
Jan 12
Nov’18
99*2
81%
68
* 82%
87%
877*
877*
987*
99*4
99*8
102% 103%
93% 103%
93
85
85
85
85
103%
94
94
93*4
90*4
....
....
....
....
....
....
....
19
10
....
.
...
....
64%
51
90
79
791* 85%
71% 82
73% 73%
70
82%
71% 87
96%
82
91%
91%
79
79
74%
51
79
86
851*
20
12
77
74
89%
891*
95%
98**
78
78
....
....
....
12
80
Dec’18
July’15
89%
89*8
90** Sept’17
103
64
53
84
40
40
....
....
--
-
—
81%
69%
108
108
....
1
54
49
6
92%
85%
87
73%
75*4
757*
88
92%
80**
86
72
80
83
....
....
7
25
F
A
J
J
4
4
J
J
O
O
Joint bonds.
Bee Great North.
Nebraska Extension 4s... 1927 m
W
General 4»_„
...1958 M
Chic A E 'll ref A Imp 4s g._1956 J
n
N
8
J
Sinking fund 4s.
Chic Ind A Loulsv—Ref 6s. 1947 J
Refunding gold Be.
,1047 j
,
Refunding 4s Series C
Registered
Permanent 4s
1925
Gen A ref Ser A 4M«
a2014
Gen ref conv Ser B 5e...a2014
Gen’l gold 3%i Ser B
€1989
General 4Ms Series C
«1989
25-year debenture 4s
..1934
Convertible 4Ms
...1932
A L Sup Dlv g Be
1921
A Mo Rlv Dlv 6e...l926
A P W 1st g fie
1921
A Puget Sd 1st gu 4s. 1949
Dubuque Dlv 1st s f 6s
1920
Fargo A Sou assum g 6s..1924
Chic
Chic
Chic
C M
La Croeee A D 1st Be
1919
Wta A Minn Dlv g fie
1921
Wls Valley Dlv 1st 6s
1920
MUw A Nor 1st ext 4MS-. 1934
Cons extended 4 Ms
1934
Ohio A Nor West Ex 4s 1886-1926
1886-1926
Registered
General gold 3 Ms
1987
Registered
pl987
General 4s
1987
Stamped 4s
1987
General Be stamped
1987
Sinking fund 6e
1879-1929
1879-1929
Registered
Sinking fund 5s
1879-1929
Registered
1879-1929
Debenture 5s
1921
Rcgfatered1921
Sinking fund deb 6s
1933
Registered
..1933
Dee Plaines Val 1st gu 4Ms ’47
From Elk A Mo V 1st 6e_.1933
n
•No srtce frtoay. laiast ttfls week*
a
Dae Jsa. 4 Dm April, s Doe May* § Due June, h Due July.
-
’
Registered-.
rq
j
J
M
IQ
i
Registered.
j
j
J
3
F
J
J
M N
88**
....
....
96*2
93%
—-
....
....
....
88
88
99**
99%
99?*
99
....
....
....
101
....
,
99% 103%
85
100
82%
96%
14
....
72%
84
997*
94%
72%
90
90
85
....
84%
83
100
100
....
....
.
.
.
.
84%
88%
108%
104
97% 100
....
100
65
80
....
....
103
3
100
67%
94
94% 101%
....
Bid
79
J
J
J
J
J
Q
J
J
A
F
J
J
J
J
J
J
J
J
J
J
J
J
J
J
J
F
F
M
D
O
A
J
J
J
D
J
J
J
J
Q
F
78%
68
mmmm
”55*
90S
75
76%
76
....
....
55**
....
....
38
98% 100
75
77**
87%
....
99%
93
99% Nov’18
77**
77%
86%
86%
98% Oet’18
98% Nov’18
93%
93%
83%
....
28
29% Nov’18
....
27%
29
100
78% 72
Nov’18
100
90
Nov'18
Aug’18
76% Oct ’18
75
....
....
....
----
81%
....
....
—....
78
78%
81% Sale
72% Bale
....
....
5
3
....
——
101
60
62*8
Nov’18
100% Apr ’17
84% Apr *17
70
Nov*16
96% Jan ’17
97% Deo *16
....
----
94
Sale
----
75%
76
78% Dec’18
92% Feb *16
81%
84
90% Dec’IS
91% Dec’IS
92% Dec’18
95
72
71
64
69
98
101
....
....
....
91
89
30%
30
101
72
... .
....
90
72
95%
Mar* 17
60%
....
....
91
78
25
22
98
72
70
75
....
72
76
Sale 81
84%
69
66
Nov'18
88
88% Dec’IS
76
76
76 j
79** sale 79
80%
97% Sale 97%
97%'
96% 100
92
Oet ’18
98
987* 98
Dec’18
76
78% 79% Dec’ 18
100
97% Aug’18
104
104% Sept’17
98** 103% 98 Jan ’18
98% 99
98
98
99
977* May’18
90%
91%
47*
897$
2
81
66
83
75
----
53
35%
07% Feb *13
32
60% Sale
IB
10
Mar*18
84
60
97% 99%
71% 79%
80
88%
98
99%
97
99%
....
94
91
84
81
Dec’18
72
Oct ’18
....
—
10
163
43
82*2 81%
81%
81% 82% 81% Oct’18
100% Sale 100*8
100%
102%
104
May 18
109% Apr 16
97%
94% July*18
70%
82%
76%
64%
88%
74
66
....
....
5
67
2
....
771*
667*
71%
89%
97
92
97%
....
*
m
Sale
98
96%
77%
110%
60
•
....
....
....
....
....
101%
98%
105%
105
80%
96
98
100
98
97
Nov*18
98
Jan ’18
98
Nov’18
101% Oct *16
110
Dec’18
88
Jan’17
....
1001* Aug’18
96% Nov’18
111% Dec ’15
106*4 1021# May*18
....
"98 ' ”98*
... .
1
95
971*
....
85
....
81%
....
89
....
86%
671*
....
2
71
....
11
76
79%
82
SO
65%
Oct *18
98% Nov’18
3
707*
96
96
Sale
98%
....
92
71
go
97% June 17
97
May* IS
93
May* 18
65
Dec’18
....
118
997*
100
90
95
54
68
58
104
.... 101
62
Sale 62
75
90
88
84
79
71
72
72
80
80% 80
78
87** 86%
....
____
....
....
....
.
....
69%
66** 79%
76** 80*4
74%
68%
99% 100%
....
90
__
92%
107
71%
58
——
90
87
78%
99
65
....
73
95
75
71
88
104
94%
mm mtn
96
95
LOO
....
1
2
92%
94%
....
94%
96
98
100
98
97
....
iof" no”
....
....
....
....
....
1
80
71% May’18
75
75%
80% Aug’18
70%
71
72% 71%
71%
107% 112 112
Nov’18
83
88
Sept’18
92
88% 100
Dec’18
82
97%
901*
91%
92%
797*
79*4 82%
99% 103
....
64
....
....
NOV’16
Dec’18
May’l*
July*18
98
93
102%
98
73
92
76%
98%
72
84%
71%
62%
71%
80%
66
62
80%
73
95%
96
....
....
....
1
....
....
93
67
59
93
70
72
81%
86%
88
93
99% 100%
95
95
58
58
105
103
26 62
70
....
....
....
May*17
Mar’ll
Nov’18
Nov’18
Dec’18
Oct *18
Nov’18
....
70
59
79
74%
65%
83%
80
86%
62
63
65
76
99
90
106
106
17
40
12
62
17
12
83%
82%
90
91
66
96
82%
99%
71
100
96
92
75%
102%
..
....
... m
....
we**-*-f
73% June*17
84
99
87
Nov’16
Sept’18
Dec *17
881* May’l S
102% Jan *17
....
106
94
July *08
69
19
Sale
58
17
90
59
Oct *18
91
88*2
87% Dec’18
79
79
99%
99% Dec’18
....
~95” 100*
....
Dec’18
64
Aug’18
837# Mar*17
63
76
i
8
10
70
104
100
....
87
99
70**
937*
97%
95%
94
....
.
....
94
75%
81
89
....
....
94
98
81
94
66
95% 100%
741* 80
971* 99%
....
81
M
M
M
A
A
661*
....
....
....
J
J
J
J
D
D
A
A
N
Blab
86
....
mansmm
100
81
65
72
76
75
....
—rnmrn
100
76
75
75
66
Jan. 1
High No.
9
79
86% Mar* 17
Sale 79%
45
80%
Sale 87
88
123
75
Nov*18
85% Nov*16
96% Feb *16
84% Jan *13
90
76% Nov’18
71
75
Oet *17
88% Sept*16
92% 113% Feb *16
53
62
Oet’18
Sale 38
67
39%
••••
85%
99%
98%
Last dais
Ask Lam
80
72%
68%
73%
13
Mange as
«
81%
87%
76%
J
N
N
N
O
O
A O
A O
A O
A O
in n
M N
M
8
A O
Man G B A N W 1st 3MS-1941 J
J
MUw A S L 1st gu 3M8...1941 J
J
MU L 8 A West 1st g 6s... 1921 M 8
Ext A imp s f gold 6s...1929 F A
Ashland Dlv 1st g 6s... 1925 M 8
Mlcb Dlv 1st gold 6s
J
1924 J
MU Spar A N W 1st gu 4s. 1947 M 8
St L Peo A N W 1st gu 6s .1948 J
J
Chicago Rock IN A Pao—
J
Railwap general gold 4s... 1988 J
Registered
1988 J
J
Refunding gold 4s
1934 A O
j
OO-ycar dehentnrft Rm
1082 j
RI Ark A Louis 1st 4 Ms--1934 M 8
Burl C R A N 1st g fie
1934 A O
C RIF A N W 1st gu 5S..1921 A O
Choc Okla A Q gen g 6s. .<71919 J
J
Consol gold 6s
1952 M N
Keok A Des Moines 1st Be 1923 A O
St Paul A K C 8b L 1st 4 MB '41 F A
Chic St P M A O cons 6s
1930 J D
Cons 6s reduced to 3Mb..1930 J D
Debenture Be
1930 M 8
North Wisconsin 1st 6s...1930 J
J
St P A S City 1st g 6fl
1919 A O
M
8
Superior Short L 1st 5s g.cl930
Chle T H A So East 1st 6S..1960 J
O
Chic A West Ind gen g 6s. _r 1932 Q M
Consol 50-year 4s
J
1952 J
Cln H A D 2d gold 4 Ms
J
1937 J
O Find A Ft W 1st gu 4s g 1923 M N
Day A Mich 1st cons 4 Mb 1931 J
J
■Clev Cln Cb A St L gen 4s..1993 J D
20-year deb 4Ms..*
J
1931 J
General 5s Series B
1993 J D
Cairo Dlv 1st gold 4s. ...1939 J
J
Cln W A M Dlv 1st g 4s
J
1991 J
St L Dlv 1st coU tr g 4s... 1990 M N
Spr A Col Dlv 1st g 4s
1940 M S
W W Val Dlv 1st g 4s
J
1940 J
C I St L A C consol 6j
192C M N
1st gold 4s
41936 Q F
RMiRtitrMl
41036 q
f
Cln 8 A Cl cons 1st g 6e._1923 J
j
C C C A I gen cone g 6s..1934 J
J
Ind B A W 1st pref 4s
194 Cl A O
O Ind A W 1st pref 5s
dl938 Q J
Peoria A East 1st eons 4s.l94fl A O
Income 4e
1990 Apr
Cleve Short L 1st gu 4 Ms
1961 A O
Colorado A Sou 1st g 4a
192t F A
Refund A Ext 4Ms
1935 M N
Ft W A Den C 1st g 6a
D
1921 J
Conn A Pas Rlva 1st g 4S...1943 A O
Cuba RR 1st 60-year 5s g
J
1952 J
Del Lack A Western—
Morris A Ebb 1st gu 3MS-200C J
D
NY Lack AW 1st 6s
1921 J
J
Construction Be
1923 F A
Term A Improvt 4s
M
N
1923
Warren 1st ref gu g 3Mi—2000 F A
as
Mao A Nor Dlv 1st g 5s.
-
82
1947 J
Ind A Loulsv 1st gu 4s
1956
Chic Ind A Sou 60-yr 4s
1956
Chle LS A East lst4Ms
1969
Chicago Milwaukee A St Paul—
Gen’l gold 4s Series A
el989
78*8
86%
86% 86%
89%.... 100 Apr 17
93% Aug’18
95%
101% Nov ’16
’95% mi 99% Oct ’17
88
May’18
84%
99
99% Mar* 18
99% 100
99% June l8
99% Got *17
87%
97
Nov’16
76%
103% Feb ’16
86%
101
Nov’18
100%
101
1007* Sept’18
94
98% 96% Dec’IS
84% 82** Nov’18
997* Dec’18
100% 102
94% Sale 941*
94%
73%
72% NOV’IS
90
86%
May’18
87%.... 97% June’17
91%.... 84** Aug’18
85
88% Dec’IS
Dec’IS
100% 105 106
106% 100
Sept’IS
100
Dec’18
997*
100
Apr *18
•
93
100% Jan *18
61
66
75
Sept’IS
91
91% Nov*lS
99%
98% 99%
99%
100 104% Jan’17
J
J
M 5
A
O
F
A
D
J
A O
A
O
M f
rug N
A
O
J
J
F A
IJ
D
A
O
iJ D
> F
A
;m n
J D
J
J
J
J
J
J
M N
J
J
1919
J
j
J
J
J
D
....
120
Denver Dlv 4s..
1922
Illinois Dlv 3 Ms
1949
Illinois Dtv 4s
1949
Iowa Dlv sinking fund 6e.l919
West's
Fries
Fridetg
Dee. 27.
Chicago Burlington A Quincy—
105*2
801* 92%
83% 927*
77
90
737* 76
84
1021*
94
....
----
M 8
HI 8
F
A
A O
J D
J
D
J
J
Potts Creek Br 1st 4s
.1946 J
J
BAA Dlv 1st con g 4a
J
1989 J
2d consol gold 4s
J
J
1989
Greenbrier By 1st gu g 4s.1940 M N
Warm Springs V 1st g 6e..l941 III 8
Chic A Alton aa ref g 3e...l949 A O
Rallied* 1st lien 3 MS
J
1950 J
90** 100
90% 94%
80
84
93% 99
907* 97**
887* 99
....
1
Chesapeake A Ohio {Cony—
General gold 4Ms
1992
Registered
1992
20-year convertible 4 He. .1930
30-year conv secured 5e._1946
Big Sandy let 4s
...1944
Coal River Ry 1st gu 4s..1945
Craig Valley 1st g 5s
1940
0 8 Mtg A Tr Co ctfs of dep..
1st consol gold 6s
1934 4 O
General consol 1st Be
1937 M N
0 8 Mtg A Tr Co ctfs of dep.
Guar Tr Co ctfs of dep
Purcb money 1st coal 5s..1942 r a
1
Chic A ind C Ry 1st 5e...l936 B
Chicago Great West 1st 4s.. 1959 M S
84
102
53 % 72
93% 103
93% 103%
76
85
99
99
94% 98%
97% 98%
94% 97**
105
108%
102% 104%
104** 107%
100** 101%
787* 787*
10 44
71
'85
88
—
89%
78
....
85%
85%
99% July’17
85
m
78%
June’18
Dec’18
Sale
....
....
76
96% Dec’18
91% Nov’18
79
82
....
57
83'
78
94% 947*
92% 93
—82%
781* 81%
85% Sale
16
1
3
10
70
83%
80%
....
93
93*2
93%
897*
102*4
101%
84%
J
O
38
10
....
93
94% 100
88% 97%
428 95% 100 •
339
91% 98%
733 977* 105
36 1007* 101%
100
98%
101%
101%
8
6
O
89
.........
Foreign Qevermpent.
1931
97.29 182.90
538 93.80 09.00
Amer Foreign Secur 5s
Stirling loan 4s
High
93.20 215 92.20 98AO
93 30 1594 92.60 100.00
D
!l
BONDS
99.60 3257
99.60
•set# fat inform and dafaadtad band*.
N. Y. STOCK EXCHANOB
Week ending Dee. 27.
Bine*
Jan. 1
Sale 98.11
D
M N 93.80
M S 95.32
A O 94.46
98
Q J
98
Q J
Q F 105
0 8 4s ooupon
.........1926 Q
0 8 Pan Canal 10-30^r 2s JU936 Q
wears
Fries
Fridav
Doe. 27.
U. S. Oewnwwet
C 8 SMi Liberty Loan..1932-47 J
0 B 4e converted from let Lib
erty Loan..
.......1932-47 J
0 8 4e 2d Uberty Loan_.1927-4? M
0 0 4M* converted from
lit
Liberty Loan
.....1932-47 J
of gmottno bond* mao changed and prices ora worn—-and interest*
Nov’18
9
1
....
95
....
101%
95%
91% 96
....
94
Feb *16
71
102
96
92
Oct*18
Dec’IS
Oet *18
Deo*18
98
93%
102% Feb *08
....
A Due Aug.
•
i>u»Oet. p Due Nov. « Due Dec.
t
Option sale*
Due. 28
1918.]
BONOS
N. Y. STOCK EXCHANGE
Weak ending Dee. 27.
New York Bond
SI
fries
Wears
Frida*
Bangs or
Dec. 27
rTff n^u
-
BM
High Ns
Ask Lam
A Hudson—
Denver A Rio Qranrte
J
j
M N
O
A
A O
M N
J
J
J
F
J
J
J
Ooneol gold 4 Ha
J
D
A
D
Bio Or Sou 1st gold
J
Guaranteed.
J
J
Bio Or West 1st gold 4s..
J
J
kdtgs A soil trust 4s
A O
Dot* Meek—1st lieu g 4s..1996 J D
feGold 4s
1996 J D
Dot Rtr Tun Ter Tun 4 Ha—1961 M N
Dul Miesabe * Nor gen 6s. .1941 J
J
Del* Iron Benge 1st 6s
.1937 A O
Registered.
.....
.1937 A O
Duftou Shore * Atl g 6s
1937 J
J
Sgls JoBet * East 1st g 6s._ 1941 11 N
■rte 1st ooneol gold 7s
1920 M S
M Y* Erie 1st ext g4e
1947 M N
Mast gold 5s
1919 M 6
3d set gold 4 Ha
1923 m S
4th ext gold 5a
1920 A O
fth ext gold 4s
1928 J D
W Y L B * W 1st g fd 7S..1920 M S
Erie 1st eons g 4s prior
J
1996 J
Registered
1996 J
J
1st eonsol gen lien g 4s. 1996 J
J
Registered
1996 J
J
Pant coll trust gold 4s..1961 F A
60-year eonv 4s Ser A..1963 A O
do Series B
1963 A O
Gan sour 4s Series D
1963 A O
CWe * Erie 1st gold fie
1982 m N
Cler * Mahon YaU g 5S..1938 j
J
Erie * Jersey 1st s f 6s
1966 j
J
Oanaaeo Hirer 1st a f 6s
1967 j
J
Long Dock ooosol g 6s
1936 A O
Oeal * BB 1st our gu 6s. .1922 M N
Dock * Impt lsruxt 5s
1943 J
J
N Y*GreanLgug5s—1946 M N
N Y Susq * W 1st ref 68..1937 J
J
2d gold 4 Ha
1937 F A
General gold fie
1940 F A
Terminal 1st gold fia... 1943 N N
Mid of N J 1st ext 6s
1940 A O
Wllk * East 1st gu g fis—1942 J D
*▼ * Ind 1st eons gu g 6s..1926 J
J
Bvaasr * T H 1st oons 6s..1921 J
J
1st general gold 6s
1942 A O
Mt Vernon 1st gold 6s
1923 A O
8ull Co Branch 1st g fie. .1930 A O
Florida E Coast 1st 4 Ha... 1969 J D
U D Co 1st g 4Ha—1941 J J
Ft Worth * Bio Or 1st g 4s. 1928 J
J
Gelr Hons * Hen 1st 6s
1933 A O
Great Nor C B * Q ooU 4s..1921 J
J
Registered.
A1921 Q J
1st * ref 4H« Series A .1961 J
J
j
1961 j
Registered.
J
J
J
J
Registered..
j
J
J
J
j
J
J D
J D
J
j
A O
J
J
J
J
j
J
J
J
u jr
A0»
J D
Green Bay * W deb ctfs “A’*___
Feb
Debenture ctfe “B”
Feb
J
J
J
J
J
J
A O
F A
J
J
J
J
J
J
J
J
J
J
A O
A O
1st gold 3s sterling....... 1961 M s
fcvRagistered
1961 M s
Collateral trust gold 4s...1962 A O
Registered
1962 A O
1st refunding 4s
....1965 M N
Purchased lines 3 Ha
J
1952 J
L N O * Texas gold 4*
1963 M N
Registered
1963 M N
Cairo Bridge gold 4a... 1960 J
D
Litchfield Div 1st gold 3S.1961 J
J
Lotdsv Div A Term g 3 Ha 1963 J
J
Registered
1963 J
J
Middle Div reg 6a
1921 F A
Omaha Div let gold 3s...l951 F A
St Louis Div * Term g 3s. 1951 J
J
Gold 3Hs
1951 J
J
Registered1951 J
J
Spring! Div 1st g 3Ha
J
1961 J
Western lines 1st g 4s
1951 F A
Registered
1951 F A
BeUev * Car 1st 6s
1923 J D
Oarb * Shaw 1st gold 4a. .1932 M 8
Chkf 8t L * N O gold 58—1951 J D
Registered
1951 J D
Gold 3Ha
1951 J D
KgBagjstared
1951 J D
BZ Joint 1st ref 6s Series A. 1963 J D
i^aMamph Div 1st g 4a
1961 J D
^Registered
.1961 J
D
St Louis Sou 1st gu g 4s..1931 M S
Znd HI * Iowa 1st g 4s
1960 J
J
Int * Great Nor 1st g 6a
1919 M N
Jamas Frank A Clear 1st 4s. 1959 J D
Kansas City Bon 1st gold 2s-1950 A J
Registered
1960 A O
Rsf A tmpt fie
J
Apr 1950 J
lTsnsss City Term 1st 4s
1960 J
J
Ink* Brie * West 1st g fie..1937 J
J
*1 Sd gold 6s
1941 J
J
Herth Ohio 1st guar g6 s..1945 A O
ValN Ylst gu g 4Ha..1940 J
J
stared
J
.1940 J
Vsl (Pa) sens g 4s. .2003 ■ N
sonsi4Ha
2003 m N
fortSt
BONDS
Bines
N. Y. STOCK EXCHANGE
Week ending Dee. 27.
Jan. 1
tarn
944 Nov’18
Sato 844
86
Bate
954
964
96
754 80
Nov’18
774
103
1034 Sept’18
—
19
98
——
....
——
934
944
79
884
86t* 984
71
774
1014 1034
72
724
804
77
80
59
92
564
82
mmmm
....
....
72** Sals
574 60
674 78
814
97
94
a.
■
*No pcloe Friday; latest kid
77
Nov* 18
594 Dee *18
874 Nov’16
614 Apr*ll
39
July’17
724
73
614 Nov’18
82
Dee *16
761* JulyT6
834
83
100
....
....
102
87
99
Mar* 18
Nov'18
Dec’18
Oct ’18
June’18
Jan’18
....
..
....
70
73
...»
....
634 Sale
....
774 864
474 Sale
464 Sale
614 Sale
954 96
86
«...
72
84
72
Deo T6
634
73
86
47
68
70
484
rrm
—
80
90
63
'f
....
T-1—W
«...
63
60
73"
Deo *18
964 June’18
944 Dec* 18
1064 Mar*06
....
.
....
604 77
75
614
....
1001* 1014 1001*
814
784
974
964
904
934
964
994 July’17
874
944 Nov*15
100
101
1004 July’18
.
4
1
734
89
....
80
99
72
77
90
....
....
....
....
....
....
....
....
....
964
90
834
974
1004
....n*
82
90
100
78
964
934
87
99
1014
784
964
95
r
....
....
1
•
1004 1004
66
79
494
644
....
52
664
June’16
Dee’18
50
....
....
—
—r
82
86
68
69
62
96
98
96
108
103
103
98
108
103
86
74
85
81
60
01
....
62
67
Nov’18
....
97
97
854 June*17
....
464
50
95
....
64
40
73
504
54
Dec’18
....
764
42
421*
484
1064 Jaa’17
1014
87
108
90
99
994 97
108
103
Dec’18
Oct *18
Dec ’18
Jan’18
....
....
....
864
864
80
....
....
83
....
....
....
....
1024 July’17
86
80
....
Jan’18
80
....
4
1004 Dec’06
55
97
924
....
...»
71
60
108
108
67
"
234
98
66
100
70
97
108
95
824 92
....
564
....
....
81
76
954 Sale
....
89
....
Sale
894
93
....
88
....
83
....
"
1014
1104
1084
99"
974
84
824
83
.
.
164
764
83
904
69
73
70
73
70
824
Jan’17
....
....
tT
31
83
Aug’10
664 Oct’17
80
Dec '18
954
954
944 Nov’18
89
173
....
1
89
894 Apr’18
111
118
Nov’18
....
....
90"
Dec’18
80
108
....
....
75
85
914
92
Sept*17
76*4
Oct’18
Nov’15
Dec’18
79
72
78
79
80
Feb’18
Nov’18
Feb’14
734 Nov’18
83
Augl2
102
684
....
684 Sept’18
66
62
704
644
834
654
771*
82
814
,
90
....
....
80
1004 1004
1044 108
924
7
75
74
734
734
674
95
94
83
86
734
784
85
87
75
85
96
75*4
77
....
....
724
72
78
87
71
82
72
78
644
734
774
70
0
....
....
....
80
714
JiinA’16
61
" 814
914 95
July’09
75
Sale
84
77
90
111
June*17
844
764
6
....
....
~
....
1
....
....
694
71
....
Feb’18
Dec'18 L.__
Dec* 18
954 Sept’12
844 Dec'18
71
May’18
79
864
106
80
....
604
964
944
924
Oct ’18
Oct’18
80 June’10
804 Nov’16
80i* Dec’18
92
....
....
....
....
684
584
62
63
05*4
76
62
804
Nov’10
1174 May'10
90
724
99
Jan’17
994 954
90
654
944
—
Sale
82
*78 "
774
814
961*
794
624
98
964
90
66
944
704
65
89
89
....
947*
Oct’18
....
90
98
90
664
664
864
704
704
80
80
944
Oct’18
96
93
——
10
——
Nov* 17
Feb ’18
Apr’17
964 Dec’18
90
90
96
68
66
824 June’17
63
78
63
Oct’09
85
844 Sale 844
80
81
784 81
894 Dec’18
894 90
86
804 Feb ’17
86
804 Out *18
91
....
Oet’18
654 July*18
92
89
Nov’18
Oct’17
84%
804 Sale 804
804
Dee*18
894 904 92
•
Dm Ja.
Frida*
Itungear
Dec. 27
half Sals
Bid
Tarn Ry lstgug fia.. 1941 A
Registered
.1941 A
Leh Val RR lOyr ooU 6s. .a1928
Leh Val Goal Co 1st gu g fia.1933 J
Registered—
1933 J
1st int reduced to 4a—
1933 J
Leh * N Y 1st guar g 4a
1946 M
Registered
1946 M
Long laid let eons gold 6s. Jkl931 Q
1st consol gold 4s
A1931 Q
General gold 4a.
....1938 J
Ferry gold 4 He
..1922 M
Gold 4a.—.. ...........1932 J
Unified gold 4a
1949 M
Debenture gold 5s
1934 J
20-year p m deb 6s
1937 M
Guar refunding gold 4s...1949 M
Registered
1949 M
N YBAMB 1st eon g6s.1935 A
NY ARB 1st gold fia
1927 M
Nor Sh B lat con g gu 6a_el932 Q
Louisiana * Ark lat g 6s
1927 M
Louisville * Nashv gen 6s..1930 J
Gold 6s
1937 M
Unified gold 4a
1940 J
Registered
...1940 J
Collateral trust gold 6a... 1931 M
EH* Naah 1st g 6a
1919 J
L Cin A Lex gold 4 Ha
1931 M
N O * M 1st gold 6e_.__.1930 J
2d gold 6a
1930 J
Paducah * Mem Div 4s..1946 F
St Louis Div 1st gold 6s..1921 M
2d gold 3s
.1980 M
Atl Knox * Cin Div 4s...1966 M
Atl Knox * Nor 1st g 5s..1946 J
Hender Bdge 1st a f g 6S..1931 M
Kentucky Central gold 4s. 1987 J
Lex * East 1st 60-yr 6s gu 1966 A
LANAMAMlstg 4 Ha 1946 M
L * N-South M Joint 4a..1962 J
Registered
A1952 Q
N Fla * 8 1st gu g 6s.....1937 F
N * C Bdge gen gu g 4 Ha.1946 J
Pensao * Atl lat gu g 6a-.1921 F
SAN Ala cons gu g 5a._.1936 F
Gen cons gu 60-year fie.1963 A
L A Jeff Bdge Co gu g 4s...1945 M
Manila RR—Sou Unas 4s...1936 M
Mex Internal 1st cone g 4e_.1977 M
Stamped guaranteed
1977 M
Midland Term—1st s f g fia.1925 J
Minneapolis A St Louis—
1st gold 7s
.1927 J
Pacific Ext 1st gold 6s
1921 A
1st ooneol gold fia
1234 M
1st A refunding gold 4s
1949 M
Ref A ext 60-yr 6s Ser A..1962 Q
Dee M A Ft D 1st gu 4s. .1935 J
Iowa Central 1st gold fia..1938 J
Refunding gold 4a.....1951 M
M 8t PAS8M con g4sint gu. 1938 J
1st Chic Term s f 4s......1941 M
M S S M A A 1st g 4s tntgU-’26 J
Mississippi Central 1st 6s...1949 J
Missouri
A Texas—
1st gold 4s
1990 J
2d gold 4s
#1990 F
1st ext gold 6s
1944 M
1st A refunding 4a
2004 M
Trust Co certfs of dep
—
Gen sinking fund 4Ha
1936 J
St Louis Div 1st ref g 4a. .2001 A
5% secured notes “ext".’16
Dali A Waco 1st gu g 6s..1940 M
Kan City A Pac 1st g 48—1990 F
Mo K A E 1st gu g 5s
1942 A
M K A Okla 1st gum* fie..1942 M
M K A T of T 1st gu g 6s .1942 M
8her Sh A So 1st gu g fis—1942 J
Texas A Okla 1st gu g fie..1943 M
Missouri Pacific (reorg Co)—
1st A refunding 6s Ser A..1966 F
1st A refunding 6s Ser Ba.1923 F
1st A refunding 6s Ser C—1926 F
General 4s
1975 M
Missouri Pac 1st oons g 6s..1920 M
40-year gold loan 4s
1946 M
3d 7s extended at 4%
1038 M
Boonv St L A S 1st 6s gu.1051 F
Cent Br U P 1st g 4s
1948 J
Pac B of Mo 1st ext g 4a__1938 F
2d extended gold fie
1938 J
St L It M A 8 gen eon g fie. 1931 A
Gen eon stamp gu g 6s..1931 A
Unified A ref gold 4a
1929 J
Registered
...1929 J
Riv A G Div 1st g 4a...1933 *•
Verdi V I A W 1st g fia... 1926 M
Mob A Ohio new gold 0e____1927 J
1st ext gold 6s
41927 Q
General gold 4s
1938 M
Montgomery Div 1st g fie.1947 F
St Louis Div fis
1927 J
St L A Cairo guar g 4s
1931 J
Nashv Cbatt A St L 1st 6s..1928 A
Jasper Branch 1st g 6s...1923 J
Nat Rys of Mex pr lien 4HB.1957 J
Guaranteed general 4s...1977 A
Nat of Mex prior lieu 4Ha._1926 J
1st ooneol 4s
1951 A
New Orleans Term 1st 4s...1963 J
N O Tex A Mexico 1st 6S...1926 J
Non-eum Income 6s A
1936 A
New York Central RR—
Conv deb 0s........
1936 M
Consol 4s Series A
...1998 F
Ref A imp 4H0 “A”
2013 A
New York Cent A Hud Riv—
Mortgage 3 He
1997 J
Registered
1997 J
Debenture gold 4s...
1934 M
^Registered
...1934 M
Lake Shore ooU g 3 Ha.
1998 F
Registered
1998 F
Mich Cent ooU gold 3H«—1998 F
Registered
1998 F
Battle Cr A Stur 1st gu 3a.1989 J
Beech Creek 1st gu g 4s-.1936 J
Registered
...1936 J
ftEguar gold fia..
...1936 J
-'^Registered
1936 J
Beech Cr Ext 1st c 3Ha.»1961 A
Cart A Ad 1st gu g 4s
1981 J
Gouv AOewe lstgug fia—1942 J
Mob A Mai 1st gu g 4S...1991
N J June B guar 1st 4s
1986
N Y A Harlem g SHa
2000
W T A Nartharu lat g 5a.lt2S
_
1
0
14
....
....
4
734
714
914
834
78
92
804 804
844 944
744
8D,
86
92
0 Dm M.
9
Dm Jons,
ft Due July.
• Dm
Sept,
Ask Lots
97tt 1071*103
102
99*c
~794
113
Sale 102
Sale 99*4
105
79
70
.
~98 ~ 1001* 96*
86*$
76*4
884
Jm. 1
High
Lorn
103
.V. 1 96
Mar’17
102*4
99*4
**48
*■
I
Oot'13
81
85
*98
70
Nov’18
91*4
96
89
88
78
97
771*
79*4
768*
77U
94
90
90
95
94
94
100
91
108
100
98
'931*
87*4
108
1121*
1021* 105
86
88?* 891*
831* 88U 96H
100
10U* 081*
1001s
911* 95it 87
1041* 1071* 1041*
931* 100 104i«
78
89
90i*
100
IOOI4
554
571*
83
851* 83
95
94U
101*g 113 1031*
80
78
83
92** 101
88
961*
86
Oct’O0
N0VI8
Jan*18
724
Jan *11
Dec’18
Dec’18
Aug*16
Dec* 18
108
Nov*18
Dec’18
Jan’17
Nov’18
Aug’18
Aim- 18
•m-rnsm
921* 94
*874 *01*
108
93
81
03
95
68I4
' *90*
87
1041*
87
100
1041*
100
10U*
684
Feb *17
Apr ’12
Oct’18
July’18
83
Nov’18
10
Sept*18
574
74
95
83
954
102,1031*
Nov*18
.
60
111
100
90
1004 1004
Feb’06
Aug’18
977* May’16
IOH4 Deo’18
99
Apr*18
031* Jan *18
931*
84*8
101U 104
94U 106
781*
84
mm
94
94
674 8ept’18
96
96
97
97
70
.771,
774
Nov*18
88
86
*71* *78*
951* Nov’18
85
91
*714 *81*
8eptT8
70*4
801*
974 103*4
964 101
70
Deo'18
76
71
High
103,'
July’18
94U June’16
99U
73
90
78
96
834
674
88
881*
95
96*t
1014 1024
99
99
984 034
July’18
60
66
101
104
77
75
Mar’10
Nov* 10
914 June’17
80
1014
101
103
....
99
80
48
60
78
461*
441*
60
80
45
457*
881* Sale
884
02
90*8
90
671*
31
30
41
Sale
37
36
67
471*
37
30
324 Dec’18
40
Nov'10
501s
"301*
88
95
95*8
91*4 931*
628s Sale
991s 99*4
63
82is
85
843s
86
....
961s
98
81
82>4
788* Sale
86
105U
95ig
70
85
84
60
63
68
75
59
65
60
89
....
....
31
Nov’18
Dec*18
634
604
’834
52
80
90
ftjlt,
Q4JU
604
28
32
40
41
Sept’18
Oct’18
Nov’18
734 Nov’18
66
51
Nov’18
Deo’16
304 Nov’18
73
.37
32
46
-42
254
34
50
36
60
49
60
63
884 Dec’18
964
954
934 Dec’18
624
634
994 Dec’18
68
Oct’18
82
Apr’17
100 Feb *13
974 Dec’13
844 Dec’18
10034 Apr'18
964 Dec’18
102
July’14
804
804
804 Oct* 17
784
784
78
Sept’lfi
....
1
*76
1014 Sept’18
95
71
93
90
78
....
80
....
87
May’18
Nov’18
734
68
....
30
40
79
894
96
04
874
897*
854
654
98
68
100
68
784
844
904
08
724
83
664
784
101"
92
66
1024
95
71
78
78
July’17
Aug’17
761* 85
Oct’18
100
Nov’l8
1001s 10414 1104 Mar’17
38
308*
Dec’18
38
35 Aug ’16
30
964 Feb’13
21
21
Aug’18
100
76*4
404
*794
’694 Apr’17
60
73
68
32
44
41
371*
384
884
2
15
5
354 Deo’18
43*4
26H
Feb* 16
80
46
Jan ’17
944 Dec’18
95
Deo‘16
...
....
714
41
40
604 Deo’18
45
88
July’18
Oct ’16
781* N0VI8
47
471*
"77“ "81
..
....
Nov’18
80
744
85
80
....
Nov’18
1004 May’18
84
80
91*4
054 Mar*16
861* Nov’15
84
80
79
1
....
....
80
80
92
JnnA’Id
.....
05
93
93
83
....
....
....
81
....
....
1364 May’06
95
8ept’18
109*4 Aug T6
794 69*4 Deo *16
94
8*4
8*4
Dec'IS
834 83
83
84
844
734 June’18
734 Oct’18
754
65
r
92
80
83
....
Apr’17
1031* 944
94*4
99
1024 May’16
871*
854
764
..
....
Nov*ll
June* 12
06
109
106
94
90
June’18
Jan’17
Jan’17
Oct’18
2461
Wsste
High
Leh ▼
954
86
_
Bangs
-
latoonag4a
rr«a
|i
Record—Continued—Page 2
954 101
—
...
30
38
21
60
92
21
70
——
....
....
67
96
52
69
Sale
98
Sale
69
96
52
971*
Dec’18
97
554
761*
77U
974
774
84
Sale
84
84
71
7U4
71
734
994
774
664 Aug ’18
841*
857*
86
70
687*
721*
684
75
691*
♦621*
...
864....
03
744
01
78
68
764
974
86
Nov’18
684
664 Oet’18
694 Dec’18
76
Mar* 17
864
864
95*t Nov’16
May’16
....
104
....
89
Nov’16
*784
Oot’lS
17
81
40
974
674
411
2
18
69
19
69
76
"3
664
744
714
894
**8
79
61
61
70
914 1034
77
824
874
624
714
664
694
864
864
72
794
....
....
....
——
a Dm Oat.
894 Fab *16
80 May*17
964 June*18
s
option mis.
*964 *964
Pries
Week’s
N. Y. STOCK EXCHANGE
Week ending Deo. 27.
Fridas
Dec. 27
Range or
Lm Sale
A
J
RWiO oon 1st ext 5s—A1922 A
Rutland let con g 4)48... 1941 J
Og & L Cham 1st gu 4s g. 1948 J
Rut-Caaada 1st gu g 48.1949 i
St Lawr A Adlr 1st g 68...1996 J
2d gold 68
1996 A
Vtlca A Blk Riv gu g 48.. 1922 J
Lake Shore gold 3)4s
1997 J
1997 J
Registered
Debenture gold 4a
1928 M
1931j*i
1931»li
J
J
A
J
J
Michigan Central 6a
1931 M
Registered.
1931 Q
4a
1940 J
Registered
1940 J
J L A S 1st gold 3)48..-1951 M
1st gold 3)4 a
1952 M
20-year debenture 4a—1929 A
ft Y Chic A St L 1st g 48. 1937 A
1937 A
Registered
Registered.
KaA&GRlstguc 58—.1938
Mahon Cl RR 1st 6a
1934
Pitta A L Erie 2d g 5s...al928
Pitta McK A Y 1st gu 6S..1932
2d guaranteed 6a..
1934
.
1931 M
guar...2361 4
2361 J
tr 58—1918-22 M
Debenture 4a
West Shore 1st 4a
Registered.
NYC Lines eq
Equip trust 4)48—1919-1925 J
Y Connect 1st gu 4)4s A..1953 F
N
NYNHk Hartford—
Non-oonv debeu 4a
Non-eonv deben 3)4a
O
D
O
J
J
J
J
o
J
D
D
S
N
N
J
J
O
i
J
s
M
J
J
S
N
O
O
o
N
J
J
N
J
A
1947 M S
1947 M s
Non-conv deben 3)4s._—1954 A o
i
Non-oonv deben 4a......1955 J
Nen-conv deben 4a......1956 M N
J
Cony debenture 3)4s
1956 J
J
Ckmv debenture 6a
1948 J
Gena Ry non-oonv 4a
1930 F A
i
Non-eonv deben 4a..w.l954 J
j
Non-eonv deben 4a....1955 J
Non-eonv deben 4a....1955 A o
j
1956 J
Nen-conv deben 4a
Harlem R-Pt Chea 1st 4a. 1954 M N
A
BA N Y Air Line 1st 4a..1955 F
J
Cant New Eng 1st gu 4s..1961 J
Hartford St Ry 1st 4a
1930 M S
N
Bourn ionic R cons g 5a.. .1937 M
Naugatuck RR 1st 4a....1954 M N
N Y Prov A Boston 4a...1942 A O
J
NYW’chesAB lataer 14 )4s 1946 J
Beaten Terminal 1st 4s
1939 A o
J
New England cons 6s....1945 J
J
1945 J
Consol 4a
N
Providence Seeur deb 4a._1957 M
J
Prov A Springfield 1st 5a. 1922 J
Providence Term 1st 4a._.1956 M S
J
W A Con East 1st 4 )4s
1943 J
N Y O A W ref 1st g 4a
#1992 M e
Registered 65.000 only..#1992 M s
1955 J D
General 4a
Norfolk Sou 1st A ref A 58—1961 F A
Sort A Sou 1st gold 58
1941 M N
Nerf A West gen gold 6s..—1931 M A
Improvement A ext g 6a..1934 F A
New River 1st gold 6s—.1932 A O
N A W Ry 1st oona g 4a..1996 A O
1996 A o
Registered.
J
Div'l 1st lien A gen g 4a.1944 J
10-25 year conv 4a
1932 J D
10-20-year oonv 4a
1932 M s
10-25-year conv 4H«
1938 M s
10-year conv 6s (w i) ..1929
—
D
Pocah C A C joint 4a—.1941 J
J
O O A T 1st guar gold 5S.1922 J
Beta Y A N E 1st gu g 4a.. 1989 M N
Northern Pacific prior lien
railway A land grant g 4a. 1997 Q J
Registered
1997 Q J
F
General lien gold 3s.....a2047 Q
Registered
a2047 Q F
J
Ref A imp 4%s ser A
2047 J
D
St Psul-Duluth Dlv g 4s..1996 J
A
BtPANPgsn gold 6a...1923 F
Registered certificates.. 1923 Q A
F
St Paul A Duluth 1st 6a..1931 F
1st consol gold 4a
1968 J D
Wash Cent 1st gold 4s
1948 Q M
J
Nor Pae Term Co 1st g 6s..1938 J
J
Oregon-Wash 1st A ref 4s...1961 J
Pacific Coast Co 1st g 6a
1946 J D
J
Paducah A Ills let a f 4XB..1955 J
Pennsylvania RR 1st g 4a._1923 M N
Consol gold 6a
1919 M %
Registered
1919 Q M
Consol gold 4a
1943 M N
Consol gold 4s
1948 M N
Consol 4 m
1960 F A
General 4)4 a
1965 J < D
8
All eg Val gen guar g 4a...1942 M
DRRRAB’gelatgu4ag.l936 F A
Phils Balt A W 1st g 48—1943 M N
J
Sodus Bay A Sou 1st g 58.1924 J
J
Bunbury A Lewis 1st g 4s.1936 J
U N J RR A Can gen 4S..1944 M 8
Pennsylvania CoGuar 1st gold 4Ha
1921
Registered
1921
Guar SHa coll trust reg A.1937
Guar 3)4a coll trust ser B. 1941
Guar 3)4s trust ctfs C...1942
Guar 3)4s trust ctfs D...1944
Guar 15-25-year gold 4a.. 1931
40-year guar 4s ctfs Ser E.1952
Cln Leb A Nor gu 4s g
1942
J
J
M
F
J
J
A
M
M
G1A Mar 1st gu g 4)4s—1935 M
Cl A P gen gu 4)4* ser A.1942 J
Series B
1942
Int reduced to 3)48—1942
Series C 3)4#
1948
Series D 3)4 a
1950
Erie A Pitta gu g 3)4s B..1940
Series C
1940
Or R A I ex 1st gu g 4)4a. 1941
Ohio Connect 1st gu 4a
1943
Pitta Y A Aah 1st cons 68.1927
Tol W V A O gu 4)4s A..1931
fT. Seriea B 4)4a
1933
M
Seriea C 4a
1942
KP.C C A St L gu 4)48 A..1940
Seriea B guar
1942
Series C guar
1942
Seriea D 4s guar
1945
Seriea E S)4s guar gold-1949
Series F euar 4s sold... 1963
’
~
•
Ne pries Friday; latest
High No. Low High
Aik Low
72% 74%
7714 ---- 741* Mar'18
102% .... 113 May* 15;
’95% 98%
955* .... 981* Dec* 18
Nov* 18
67% 83
74*4 .... 83
60
63
Nov*
18
60*4
6H* ...
70
70
Jan
*18
70
70
Nov* 16
101
826*
Nov* 16
871* .... 103
92
94
94
Apr *18
941*
70
76
Dec’18
73
757* 76
71
73**
Nov*
18
73
751* 73%
82
90
92%
89
91
88%
89
81% 92%
88
88*4 89
837* Nov* 17
90i2 ...
931* ... 1041* Dec *15
103
May* 17
102
130% Jan ’09
1051*
1021* .... 123% Mar* 12
991* Aug *17
951* ...
92
98%
941* .... 981* Nov'18
74
75
741* Aug ’18
808*
87 Feb *14
A
A
M
F
J
J
J
M
M
J
J
M
A
A
M
M
F
J
bid and
....
....
...
8312
84?g
82
77
....
7H*
Sale
80
83i2
781*
84
82
85
617*
5814
59*g
5912
54l2
89*4
_501*
88
60
....
1st Series B 4s.
St Louis A San Fran (reorg ColPrior lien Ser A 4s
191
19f
Prior lien Ser B 5s
71%
82
71%
61
Dec’18
Dec’18
71%
74%
825*
70
80
77%
90
60
55
50
52
45
60
55
62
63
61
51%
60
82
95
Jan *17
July*17
Dec’18
60
55
Oct *18
63
Nov’18
Sept’18
66*4 Nov’18
69%
59%
64% Dec’18
91
50
Dec’18
Oct *17
Jan
*12
91%
60
July’18
60
60
Seaboard A Roan 1st 5a..
Southern Pacific Co—
74%
69
55
67
73*4 Dec’18
79% Deo *17
69
66
60
Nov’18
106% May’15
87
July’14
83
Aug *13
55
Sale 53%
91
75
80%
53%
"
69
"
65%
OHASAMAPlst 5S..1931
69
91
71
70
57
Sept’17
Apr 16
997* Dec *13
88** Feb *14
69%
71**
70
71*4
70 ”
*71
92% June’12
60
Apr ’18
52% 65
67%
67
69*4 67
81#* June’18
88
86
109
Dec’18
109% 111
122
Nov’16
1065*
107% Dec’18
107
87i2
871* Sale 84%
93% Dec *16
85
84
85
11
63%
73
60
60
60
69%
81% 84%
105% 109
Dec’18
105
70
107%
89%
71
85%
1237* May’17
117% May’17
105
Dec’18
104)4
106*4
106% 108% 106%
86% Dec’18
865* 90
103
97
Sept*16
"84%
81
84% Sale
87
_
„
61
617*
601*
....
867*
75%
....
80
103% 105%
81 106% 108%
76
88%
Nov’18
84%
86
79% Oct *18
60%
61
28
98
76%
68%
107
79
87%
....
....
85
95%
98% 100
97%
BO
87%
93
90
86%
82*4
87%
80
825*
97
95%
76%
76%
*89
96
Sale
88
—
Sale
....
975*
78*4
565*
80
64%
58
58
897*
Aug *18
82%
90*4
74
75
107
877*
100%
95%
Oct’16
Dec’18
Dec’16
Nov’18
79
Dec’18
Feb’17
Nov’18
100
Aug *18
765*
36%
1005* 1037*
77%
765*
106*4 108**
27
65% 80%
82
90
95%
93%
100
100
90% Nov'18
88’ ~90%
90
96
90
83
Dec’18
Dec’18
91%
871* Nov’18
25
841* Sept’16
875*
875*
102
92%
927* 100%
857* 96%
85
87%
,
875*
875*
Jan ’93
92
Deo *17
97%
98
97% July’18
96%
95*4
985*
97%
76%
76%
81% July’17
37*4 Dec ’16
87% Dec’18
70
78
82%
87%
84
86
June’18
Oct 17
84
84
96%
96*4
104
96%
90%
88%
May’17
May’18
87
Sale
91
87
87*4
83
83
87%
90
..
75
76%
83%
86%
86%
891*
95%
90%
86%
79
Oct *18
107
79% 78
877*
80
89%
...
96
72
58
74
86
103% 107 1037* Dec’18
101% .... 103*4 Sept* 17
855*
755*
84%
83%
965*
85*4
85*4
71%
93%
92*4
90%
87%
1949
Mort guar gold 3)48—11929
Through St L 1st gu 48.1954
Registered
45
16
Feb ’17
98*4
Deo 16
Feb '12
Oct ’12
Feb ’17
88
Apr ’17
90% July’12
81
Aug ’18
78
93
90
99
93
93
81
78
Oct ’18
81
78
May’10
98*4 Apr ’17
92
941*
95%
96*4
Dec T7
881* 8ept’17
92%
92%
93
99
91%
9U*
Oct’18
June’17
88
87
91
90*s Sept’18
90% 8ept’18
91
Sept’18
• Due Feb.
#
95
93
90
90%
91
100
87
O
J
J
J
O
J
J
2d exten 5s guar
1931
Olla V O A N 1st gu g 58—1924
Hous E A W T 1st g 58...1933
1st guar 5s red
1933
H A T C 1st g 5s int gu
1937
Gen gold 4s int guar...1921
Waco A N W dlv 1st g 6s ’30
A A N W 1st gu g 5s
1941
Louisiana West 1st 6s
1921
Morgan’s La A T 1st 6s..1920
No of Cal guar g 5s
1938
Ore A Ca! 1st guar g 5s—1927
So Pao of Cal—Gu g 5s...1937
So Pao Coast 1st gu 4s g—1937
San Fran Terml 1st 4s...1950
Tex A N O con gold 5S...1943
So Pae RR 1st ref 4s
1955
Southern—1st cons g 5s
1994
Registered
Develop A gen 4s Ser A
1994
1956
Mob A Ohio coll tr g 4s...1938
Mem Dlv 1st g 4Ha-5s.—1996
St Louis dlv 1st g 4s
1951
Ala Gt Sou 1st cons A 5s..1943
Atl A Chari A L 1st A 4)*sl944
1st 30-year 5s Ser B
1944
Atl A Danv 1st g 4s
1948
2d
iQifl
Aa
Yad’fsit'gVuar
Atl A
48—1949
E T Va A Ga Div g 58—1930
Cons 1st gold 5a
1956
E Term reorg lien g 5a....1938
Ga Midland 1st 3a
1946
Ga Pac Ry 1st g 6a
1922
Knoxv A Ohio 1st g 6a...1925
Mob A Bir prior lien g 5s. 1945
1945
Mortgage gold 4a
Rich A Dan deb 5a atmpd.1927
Rich A Meek 1st gu 4a...1948
So Car A Ga 1st g 5a
1919
Virginia Mid Ser D 4-5a._ 1921
F
F
J
A
M
J
M
M
M
J
A
M
J
J
J
A
J
M
J
A
J
J
J
J
A
M
J
J
J
J
J
J
J
A
J
M
M
A
J
J
J
J
A
M
M
71
717* Dec’18
Sale
78% Sale
66
44
103
Sale
Sale
.
.
95%
_
.
.
58%
60%
66%
67
74
72%
75%
74%
52
Sale
78
72%
95%
„
.
.
.
a Due
Oet.
Nov’18
76
647*
60
61
.
Dec’15
Nov’18
j
June’18
91% June’18
---
J
i
iej
77%
85%
86%
8712 Sept’16
85*4
85*4
5
76
100
m
96*4
....
95
....
91%
991*
91
96
93
05
98
Nov’18
Oct’18
Jan’18
Nov’18
Oct ’16
96
Nov’18
96% 109% Nov’15
Nov’18
95 | 93
100% Oot ’17
100
Apr ’18
102% Oct ’17
96
96
98
3
__
...
82*4
95%
66%
70%
75
93
J-
.
...
95
D
86
J
J
92%
J
J
O
J
94%
M
95%
S
94%
52
O
J 101
J 100%
88
J
65
J
92%
O
N
N
98*4
S
95%
S
93%
s
91%
N
96%
J 1 87
70
O
85
A
J
O
87%
76
.
1
.
.
....
96%
95%
77%
90%
so:
75
92
74
93
84%
967*
75
96
95
95
92%
52
101
100
91%
72%
.
.
.
99%
m
.
.
8
83%
52%
51%
32
18%
87
95
70
Sale
70%
89%
87
....
.
.
.
.
Nov’18
Mar’17
Mar’17
87%
Dec’18
Nov’18
9
....
83%
104%
85
101%
.
.
.
.
87
89
9 Dae Now.,
96%
96*4
95
95
85%
85%
96
87
96
93
93
93
100
LOO
93%
96%
71%
81%
75% 86%
867* 100
59
65
87
91
70
73
80
92
74
93
84%
97
70%
96
96
91%
971*
91%
91%
68
95
68
95
967*
98?a
93
93
93
98
81%
6714
81%
72%
85%
87%
90
61
95
79%
92%
46%
83%
July’18
Dec’18
41
86
86
67% Sept’18
671*
89
62
84
53
89
671*
84
45
56%
90
89
93
Oct’18
Dec’18
Aug’17
Nov’18
55
18% Mar’06
18
Aug’18
80
Apr-’17
89% Dec’18
58
Sept’17
87
877*
85%
6
47
Oct’18
89%
837*
105
Ie
89
89
Sale 83%
Sale; 104%
Dec’18
87*4 85
Sale 101%
101%
88
88
96
95
92
93
69
90
93
36
88
h
106% Nov’04
987* 90% Oct ’18
Dec’18
92% 92
90%
75%
86% 109%
86
75
86 * 92%
63
61
101
100
98U 101%
Dec’18
Sept’18
May’18
84
80
95
82
64%
877*
821*
98*4 Dec’18
102% June’ll
93
Apr *18
104% Dec’16
41
86
...
91%
70
Sept’12
65
93
99%
82
ir
Nov’18
Nov’18
Oct’18
97
Oct ’18
Mar’16
Feb* 17
Mar’18
Dec’18
Nov’18
Dec* 18
Dec’18
Oct ’18
Oct ’18
Jan ’18
Jan *18
94%
91%
.
131
July’18
Sept’18
.
91%
90%
....
Dec’18
81%
70%
937*
95*4
87%
94*4
81%
95%
907*
.
79
92
82
.
68
95
73
98
98
.
94
87
74
78
91%
82%
168
99%
997*
....
99
86
Dec’18
Nov’16
95%
81%
95
I
82%
80
90
48
86*8
81
94
70
„
94
107% Sept’16
93% Aug *17
83%
96*8
100% Aug ’16
Sale 66%
69%
73%
94
*
100
96
93% 93
80
95
85
71
85% July’18
93
81
85
Sale
Sale
92%
90%
1
Feb’14
85
290
90
51
90%
79%
77
57
70
65
..
102%
83*4
96
96
82%
85%
82
.
67%
76
55
77
Sale
93%
55%
66
60
43
85%
637*
50%
83
....
71%
81%-
62
90% June’18
.
97
98%
63
91%
1
67
4' 52
98% Jan’14 ——1
3 54% 68%
67
68%
100
June’18
100
100
757* Dec’18
67
767»
73
Dec’18
68% 75%
61
35
51%
49
54%
16
57*4
58%
51*4 66
1
75
74
Nov’18
73
77
76
Oct* 18
75
77% Sale 77
78% 90
84** Sale 84%
101% Sale 101%
...
88
99% 103
5
94
80
91% 101
97
102
80*4
81%
81%
i
—1
647*
50
99
6
57
Nov’18
73%
40
99
100% 101%
91
971*
....
——1
95
.
i
85% Aug* 18
72*4
72*4
i01
93
91%
93%
94%
69
31
22
90
90
62%
...J
_
-
k Due Aug.
66
5
_
57*4 Sale
74
63
79%
65
43
75
79
65
May’16
May'17
101%
101%
65
.....
62*4
78%
97
78
90
101*4 102
73*4 76%
87%
72*4 Sale
58
65*4
.
28
—
47%
100% Sept* 18
.
96%
.
....
Dec’IS
Jan’IS
63
92
95
967* 100%
Oct’IS
70
High
887*
93
June*17
Mar* 16
97% Dec’17
84%
87
81% June’18
86*4
86*4
' Sale
86*4
Seriea E 5a
Seriea F 5s
General 5s
Va A So’w’n 1st gu 5s..2003 J
1st cons 50-year 5s..1958 A
W O A W 1st cy gu 4s....1924 F
Spokane Interaat 1st g 6s.. 1955 J
Term Assn of St L 1st g 4)48.1939 A
1st oons gold 6s
1894-1944 F A
J
Gen refund s f g 4s
1953 J
St L M Bridge Ter gu g 5e. 1930 A O
D
Texas A Pao 1st gold 5s....2000 J
2d gold Income 5s
<y200G M ar
J
La Div B L 1st g 5s
1931 J
A
W Min W A N W lstgu 581930 F
J
J
Tol A Ohio Cent 1st gu 5s.. 19
A O
Western Div 1st g 5a.....19
D
J
A
O
Kan AM 1st gu g 4a.
J
J
J
J
J
J
A O
A
F
Trust co ctfs of deposit.
D
J
J D
O
A
J
J
J
J
Registered
J
J
20-year oonv 4a..
M S
J
J
J D
A
F
J
J
D
J
J
J
J
J
F
A
M N
Consols 4s Seriea B
J
J
Vera Crus A P 1st gu 4i*s.
Dae Jiowe. h Om July,
40
99
Since
Jan. 1
No. Low
High
85
Sale
85
A
A
D
O
N
J
N
N
N
J
O
N
J
J
J
O
J
N
J
O
J
J
J
J
O
S
J
M
1926 M
1926 M
1936 M
72
46
Range
Nov'IS
Nov’IS
87%
88
71% Dec’18
Sale
....
D
J
D
J
M S
J
D
73*4
08%
....
8712
71%
41%
95%
93*4
Bonds Sold
j Last Sale
Asi Low
90
92
95
101
J
J
J
J
▲ O
Oct
J
J
J
J
J
J
A O
M N
A O
A O
M N
J
J
D
J
J
J
D
J
J
J
J
J
A
O
A
O
F
A
A O
M S
J
J
J
J
J
J
J
J
J
J
J
J
J
J
SFANPlatskfdg 5s.
Seaboard Air Line g 4s.
Week’s
Range or
90%
j
J
A
J
J
J
A
J
J
Price
Fridag
Dee. 27
Bid
89
—
88
87%
72*4
75%
Dec’18
82
Nov’17
....
58
53
54
55
N
F
A
A O
Q F
M N
M
797* July’17
78%
100%
98**
102
861* 87*4 885*
76*4
P C C A St L (Con.)
Series O 4s guar..
June'08
90
74**
8H*
li
N. Y. STOCK EXCHANGE
Week ending Dec. 27.
Since
Jan. 1
Bid
N Y Cent 4HRRR (Con.)—
N YdcPu 1st cons gug 4s. 1993
Pine Creek reg guar 6a
1932
26-year gold 4a
BONDS
Range
'
BONDS
[Vol. 107.
Record—Continued—Page 3
New York Bond
3462
Dec’17
Feb’18
Jan’18
1
28
....
1|T1
80% June’18
35
Sept’17 I——
«
Dae Dee.
18
89%
84
83
91
93
91
82%
19
75%
40 101%
99% Dec’18
85*4
87
98
89
80
18
85
s
871*
105%
78% 86
99% 104
94% 99%
807* 90%
89
80
89
80
80%
80%
Option tale.
dec.
281918.]
New York Bond
li
BONDS
ft. Y. STOCK EXCHANGE
Week aiding Dec. 27
Virginias let 6s series A
1962
Wabash 1st gold 5s
1939
3d gold 6s
1939
Debenture series B
1939
1st lien equip s fd g fis
_1921
1st den 50-yr g tern 4s...1964
Det A Ch Ext 1st g 6s....1941
Des Moines Dir 1st g 4e..l939
Om DiT 1st g 3Ha
1941
Tol A Ch DiT 1st g 4s
1941
Wash Terml 1st gu 3 Ha
1946
1st 40-yr guar 4s
...1945
West Maryland 1st g 4s
1962
West N Y A Pa 1st g 6e
1937
Qen gold 4s
1943
Inooms 6s..
____pl943
Western Pao 1st senak 5a___1946
Wheeling ALE ldVff5s
1926
Wheel Dir 1st gold 6S....1928
Exten A Impt gold 5s
1930
Refunding 4Hs sales A..1966
M
M
F
.
KR 1st consol 4s
1949
Winston-Salem S B 1st 4S..1960
WIs Cent 50-yr 1st gen 4s.__ 1949
Bop A Dul dlT A term 1st 4e’36
Street
Pries
N
N
A
J
S
J
J
J
O
S
A
J
IN
J
J
J
A
M
F
F
A
J
Sale
95*4
975s
875* 102
69
77*4
841*
571* Sale
97U 997*
....
85i*
90
88
98*4
....
64
68
Sale
73U
771*
761*
90
90
96
65
100U
65 "
Jan *18
70
Oot T7
86
Nov’18
Nov’18
Dec’18
82
80
78
787* Nov’18
.
.
.
.
g 6s..1945
1st refund oonv gold 4s...2002
6-year secured notes 6s...1918
Otfa 3-yr sec 7%notes op A1921
3-yr 7% secured notes..kl921
Bk Oty 1st cons 6s..1916-1941
Bk Q Co A 8 con gu g 6s. .1941
Bklyn Q Co A 81st 6s....1941
Bklyn Un El 1st g 4-6S...1950
Stamped guar 4-6s
1960
Kings County B 1st g 4s.. 1949
Stamped guar 4s
1949
Nassau Else guar gold 4s. 1951
Chicago Rys 1st 6s
1927
Oom» Ry A L 1st A ref g 4HS1951
Stamped guar 4 Ha
1951
Det United 1st oons g 4Ha.. 1932
Ft Smith Lt A Tr 1st g 6s...1936
O
J
J
J
J
A
J
J
J
J
J
M
J
F
F
F
F
J
F
J
J
J
M
1957 F
J
N
J
A
A
A
J
Col A 9th Av 1st gu g 6s .1993 M
12
.
571*
72
5
90
60
99
70
7
794
90
90
93
«...
.
.
10
....
.
*
.
.
LsxAt APFlatniSa 1003 m
Mot W 8 El (Chlel 1st a 4a 193*'P
Mllw Elee Ry A Lt oons g 6s 1926 F
Refunding A exten 4Ha.. 1931 J
Minneap St 1st com g 6s...1919 J
Montreal Tram 1st A~ref 5s. 1941 J
New Orl Ry A Lt gen 4H» .1935 J
W Y Municip Ry 1st s f 6S A 1966 J
NY Rys 1st R E A ref 4S...1942 J
80-year adj ino 6s
a 1942 A
N Y State Rys 1st oom 4 Ha. 1962 M
Portland Ry 1st A ref 5s._-.1930 M
Portld Ry Lt A P 1st ref fis.1942 F
Portland Qen Elee 1st 68.1935 J
StJosRyLHAPlstg 6s..1937 M
St Paul City fifth eons g 6*
1937 J
Third Aye 1st ref 4s
1960 J
Adj Income 6s
al960 A
Third Ats Ry 1st g 6s
1937 J
Tri-City Ry A Lt 1st s f 6s..1923 A
Undergr of London 4 Ha
1933 J
Income 6s
1948
United Rys Iny 6s Pitts Iss..l926 M
United Rys St L 1st g 4e...l934 J
St Louis Transit gu 6s
1924 A
United RRs San Fr s f 4s...1927 A
Union Tr (N Y)c *rtf* d«p...
Equit Tr (N Y) inter ctfs..
Va Ry A Pow 1st A ref 6S..1934 J
_
_
_
.
_
_
.
Sale
94
70
....
....
80*4
68
77
56U
59*4
68
64
81
Sale
885*
885*
7314
Sale
90
-
_
64
69
72
83
787*
761*
80i2
75
80
D
S
77
847*
N
A
i
N
J
J
O
J
O
J
—
_
N
J
O
O
....
97
....
72
64
99
Sale
Sale
100
95U
761*
621*
....
955*
....
69
491*
60
....
57
35
21*4
....
931*
J
J
D
N
O
J
J
Q
F
M
J
J
M
M
J
F
M
A
A
A
M
J
N
J
J
S
8
D
A
N
O
O
O
S
J
F
O
N
D
O
A
J
A
8
O
S
J
J
N
N
A
N
•
D
J
8
S
N
J
A
J
J
D
....
821*
97
....
961*
....
95
81
93
Sale
905*
95
885*
I.
90U
102 '
90
797*
991*
94
941*
9U*
72
100
....
861*
714
51*4
55
3112
Deo’ 18
90
71**
734
745*
685*
85
814
844
80
80
764
85
Dec’18
Dec* 18
Oct *18
103
Sept’15
96
91
Dec’18
Dec’18
58
76
....
60
2
...
....
....
384
M
11
63
24*4
70
624
68
Feb ’18
Feb *13
100
921*
96i*
907*
90
97
110
78
33
69
387*
90
91
76
66
68
49
97
96
80
60
66
554
25
22
22
25
27
77
804
85
95
894
91
824
264
99
108
9U* 954
93*4 96*s
3! 897* 98
1
914 944
94"
94
Nov’17
Deo ’17
Deo’ 16
Dec ’17
97
Aug ’18
June’17
Nov’18
..
5
875*
85
9014 96
100
89
94
Nov’18
73
78
974
887*
994
94**
864
86
68
.
.
228
July’17
101** Dec’18
8ept’17
Apr *17
994
841*
Dec’18
8712
51*4
274
75
Feb ’15
102
94
974
764
947*
947*
86*4
764
957*
88
90
984 1014
7U* 86
.
.
....
.
.
.
.
...
5
Nov’18
88
971* May’17
751*
70
"
Nov’18
78
90
92
91
70
70
90
90
914
974
80
90
98*s Oct ’17
90
....
90
" Nov’18
1015* Nov’16
97
——
98
97
8912
891* Dec’18
87
93
891*
93
101
96
Dec’18
_ir_Tr
June’17
Aug* 17
891*
891*
30
30
Ask Low
70
65
32
33
31
31
861*
Sale
««
ft 73,
'
90
96
80
Feb *18
96
Dec’18
High
Range
Since
Jan. 1
No. Lew
60
3
18
14
18
Dec’18
33
32
High
69
39
36
JD
A
A
A
A
83
81
80
T
85
85**
si?;
ftll*
58
A
j
j
M N
A O
A O
86
106
834
A
85
98
83
98
97
93
97
——
O
Montana Power 1st 5s A
1943 J
Morris St Co 1st * f 4Hs
1939 j
Mtge Bond (N Y) 4s ser 2__ 1966 a
83*4
834
997* 101
934
1011* Sale
921* 921*
J
j
81
86ig
68
70
_
mm
J.M
J
6
J
J
WUaon 4c Co 1st 26-yr s f 6s. 1941 A
8478
7
so
90
9Q7.
OA1,
117
924
Nov’18
Apr *14
June’16
73*4 Dec’18
86
7A
ft*
58
86
58
91
7ftl«
97
on
94
1047.
854
921*
75
81
65
734
981*
1004
904
99
....
8ft
100
904
25
94
Deo’18
102
1004 Dec’18
934 894 Oot ’17
91
Sale 904
91
89
89
Deo’18
84
95
JimA’17
107
113
108
Dec’18
80
Sale 794
80
91
Sale 91
gx
02Si TW’ 1 ft
927* 95
83
754
91
91
Sept’18
Sept’18
ins
79
1024 H84
73
894
77
871*
i
904 102
——
22
Sale
984
83
854
....
98*4
O
-
92
81
83
94
1
A
J
O
N
O
A
97
17
18
84
84
98
mil*
n
10-20-vr 6s soles 3
1932 J
N Y Dock 50-yr 1st g 4s.... 1961 F
Niagara Falls Power 1st 6s.. 1932 J
Ref 4c gen 6s
a 1932 A
Niag Lock St O Pow 1st 5s. 1954 M
Nor States Power 26-yr 6s A 194i A
Ontario Power N F 1st 6s... 1943 F
Ontftrtn T*r».n«m1««1nn 5ff
1946i Iw
Pan-AmPetATr 1st conv6s *19-’27 J
Pub Serv Corp N J gen 6a__ 1969 A
....
109*4
Sale
Sale
83
J
N
Don’1ft
Mar’18
87
Sale 86
Sale 106
83*4
~Q
85** Nov’18
V
•
1928 M 8
1940 M N
f 6s
96
A.
O
fill,
90
22
105
31
3
42
99
734
9U*
89
1194
86
Oft
OKI.
amt,
Q91,
907* 100
Manufacturing Jk
Industrial
Am Ag Chem 1st c 6s......1928
Conv deben 6s
L 1924
Am Cot Oil debenture 6s
1931
Am Hide St L 1st a f g 6s
1919
Am 8m St R 1st 30-yr eager A 1947
Am Thread 1st coll tr 4s
1919
Am Tobacco in-ymir g A*
1944
Gold 4a
""lftfil
Am Writ Paper 1st s f 6s...1919
Baldw Loco Works 1st 6s..1940
Cent Foundry 1st s f 6s....1931
Cent Leather 20-year g 6s..1925
Consol Tobacco g 4a_
.1051
Corn Prod Ref s t g 6s
1931
1st 26-year s f 6s
1934
Distil Sec Cor oonv 1st g 6s. 1927
E I du Pont Powder 4H8...1936
_
_
A o
F
A
M N
M S
A O
J
J
98i4 981* 99
Dec’18
101*4 Sale 10U*
101*4
83
871* 874
874
99*4 100
994
994
921* 921* 923*
924
99** Nov’18
A
1194
724
884
997*
ft
F
J
M
F
A
F
M
M
A
J
Ofinfiral Raklnff Int lA.tr Aa f OSA I
Don Electric deb
if
3HS
.
.
.
Coal, Iron & Stool
80
90
....
80
82
984
804
____
96
104
83
70
994
96
76*4
96
j
80
97
Deo’18
Dec’18
894
824
704 74
101*8 Sale
S
j
N
|
7|
734
994
90
100
....
a
884
99*4 Nov’18
Sale 101
894
774
A
O
A
O
O
D
J
n
N
D
J
76**
94
916
904
111
Sale 111
93
924 93
111*4 112 112
93
924 93
175
165
175
163*4
....
A
A
N
J
J
J
J
J
D
J
A
D
O
J
....
....
96
934
951*
t
94
99
994 100
994 997*
887* 89
98
98
93
59
90
937*
644
2
1
83
Dec’18
5
88
83
90
101*4
98U 101
847* 95**
967* 99*s
1174
117
71
79
75
90
977* 1014
844
974
734 734
974101
80
93
101
894
95
75
HS
TK
74
1017.
96
96
7
767*
684 774
931* 99
Qnil Qflla
1114 "20 107*4 117
Oct *18
Nov’18
93 “
Dec’18
93
Nov’18
Dec’18
Nov’18
12
lift
831* 93
105*4 18U*
106
175
98
95
914
100
96
June’18
103
Oct ’18
1
4
93
97
26
83
30
67
86
1
924
974
100"
95*4 1014
904
100
841* gs
88
934
964 103
86?; 88
83
83
90
96
45
68
229 101
102*4
366 76
884
1
924 1004
16 90
974
Oct ’18
96
101U
97
96
86
107
5
Aug *18
96
95
Sale 101
98
97
897*
80
6
64*4 Dec’18
102** Sale 102**
102*4
854 Sale 85*4
867*
994 994 994
994
95
101
97
924 1001*
904 106
08U
Aug ’18
954
gsi*
99*4
100"
99*4 Dec’18
88**
89
1024 103*4 103
89
101
894
May’17
94
99*4 Sale 99*4
95*4 Sale 954
95
3
Nov’18
....
a
—
4
80
97
991*
101
-,r
Nov’18
Dec’18
884
967*
—..
n
1942
Debenture 6s_
19S2 M
Ingeraoll-Rand 1st 6s
1935 j
Int Agricul Corp 1st 20-yr 6s 1932 M
Int Paper conv
f
a
g fis
1025 j
1st 4c ref a f conv fta ser A1947
Liggett St Myera'Tohac 7n 1944 a
As
’
’ ”l061 P
Loriliard Co (P) 7s
1944 A
5s.
1951 F
Mexican Petrol Ltd oon 6s A 1921 A
1st lien 4c ref 6s series C
1921 A
Nat Enam 4c Stpg 1st 6a..”l929 J
Nat Starch 20-yr deb 6s
1930 J
National Tube* 1st 5s.
1962 as
N Y Air Brake Irtt. conv 6s
1928 IN
Pierce Oil 6-year conv 6s.?1920 J
10-year conv deb 6S....A1924 J
Sinclair Oil St Refining—
1st s f 7s 1920 warrants attach F
do without warrants attach F
Standard Milling 1st 6s....1930 M
The Texas Co conv deb 6s..1931 J
Union Bag 4c Paper 1st 6s..1930 J
Stamped
1930 J
Union Oil Co of Cal 1st 6s..1931 J
U S Realty A I conv deb g 6a 1924 J
U S Rubber 6-vr sec 7s. ". .1923 J
1st A ref 6s series A
1947 J
U S Smelt Ref A M conv 6s. 1926 F
V-Car Chem 1st 16-yr 6s...1923 J
Conv deb 6s
*1924 A
West Electric 1st 6s Deo
1922 J
'
14
2
944 1014
947* 98
5
14
60
92
86
■
Beth Steel 1st ext s f 6a
1926 J
1st A ref 6s guar A
1942 M
20-yr p m A Imp s f 6a...1936 J
Buff A Susq Iron s f 6s....1932 J
Debenture 6s
al926 M
Cahaba C M Co 1st gu 6s.. 1922 J
Col F A I Co gen at Be
1943 F
Col Indus 1st A ooll 6s gu..l934 F
Cons Coal of Md IstAref 56.1950 J
Elk Horn Coal oonv 6s
1925 J
Gr Riv Coal A C 1st g 6s A1919 A
Ill Steel deb 4 Hs
"
.1940 A
Indiana Steel 1st 6s
1962 M
Jeff A Clear C A I 2d 6s
1926 J
Lackaw Steel 1st g 6s
1923 A
1st cons 5s series A
1950 M
Midvale Steel A O oonv s f 6sl936 M
Pleasant Val Coal 1st a f 5s. 1928 J
Pocah Con Collier 1st s f 6s. 1957 J
Repub IAS 10-30-yr 6s • f-1940 A
St L Rock Mt A P 6s stmpd.1966 J
Term Coal I A RR gen 6s..1951 J
U S Steel Corp—1 ooup
dl963 M
s f 10-60-yr 6s;reg "....41963 M
rtah Fuel 1st a f 5a
1931 M
Victor Fuel 1st ■ f 5s
1963 J
Va Iron Coal A Coke 1st g 6s 1949 M
_
A
J
N
A
O
A
N
N
O
D
117
75
....
_
5
1
1
4
_
.
J
N
J
D
8
D
A
A
D
D
O
O
N
D
O
S
S
J
J
O
J
J
N
N
N
J
S
964 96
874 Sale
83
90
Sale
96
954
874
83
90
954
88
85
May’18
101
86
86*4 86
754 75*4 76
864 ....' 87
95
95
94
83
Sale 81
97
Sale 97
....
954
Deo ’14
Nov’18
Dec’18
Aug’18
Aug~’i8
Feb’18
964
88
87
Sale
98
86
864
88
73
83
95
94
81
92
99
86
76
90
95
94
834
974
"_23
964
3
6
65
944
97
86
964
804
92
851*
44
91
80
884
984
31
964
864
88
87
89
76*8
991*
90
864
....
96
90
91
77
95
784
90
85
864 July’18
99
934
874
92
884 Nov’18
944
91
81
804
964
Sale
....
93%
Nov’18
954 Dec’18
994
100
100*8 Dec’18
1
„
I
116
924
96
96
81
974
101
100**
....
....
867*
75
Sale
80
85*4
77*4
854
86**
Dec’ 16
867*
4
854
11
83
867*
Talagraph • Telephone
Mar’17
July’17
99U Nov’15
91*4
91*4
J
_
8212 Dec’18
95U
95i2
941*
941*
1926
J
con 6s ▲ ’28 M
.
Dec’18
Oct ’18
Dec’18
941*
9412
s
Bid
65
!|
or
Last Sale
1920 M N
f 6fl
.
114
406
5
894
Mday: latsM hid sad «dksd. iDmJu. BBMAftfl. iDmMv.
814
811*
Mar’18
Aug ’18
Dec’IS
June’17
May’18
0
.
Aug *18
29
97
95
76
56
66
49
60
26
22
22
77
85
98l2
87
38
Great Falls Pow 1st
g
Nov’18
Nov’lf
Jan *17
91**
100 '
69*4
25
•
13
95
100
....
487*
14*4
80
Mar* 14
11
95
881*
864
-May’l)
Sept’17
——
88
961*
2
991* Dec’18
Sale 94
94U
841* Oct ’18
1041* Apr ’17
94
Dec’18
97
75
761* Dec’18
947* Sept’18
961* Aug ’17
Sale
....
5
9914
874
101
80
770
757* 1112
79
97
101
10U* 103
A
N
J
95
9412
85
68
Feb '17
95
July’17
10212 Mar’12
29
96
94
90
82
804
854
July’18
64*4
881*
67 ”
901*
—
22
684
654
88
874
55
....
814 Dec’18
Aug’17
971* July’17
74 " Aug *17
99
May’17
384
431*
"
76
Sale
Sale
51*4
684
1001* June’17
721*
42i4
1112
81
72
83
43
75
Dec’18
79
95
80
30
96
.
965*
92
86*4
_
.
97
871*
....
_
96
87
89
66
....
_
981*
781*
§8*4
801*
M
A
75
80
80
991*
—I
4
5
15
69
924
78
....
59*4
177*
Oct’18
44*8
71*8
70
74
....
....
88
53
Jan ’14
87
38
41U Bale
7U* sale
Q
S
281
62
577*
161*
100
....
....
831*
871* Nov’18
864 Oct ’18
741* Dec’18
731*
J
J
61
81
84
58
Sale
J
J
J
J
J
J
C
N
90
Dec’18
It!
Bush Terminal 1st 4s...... 1952 A
Onnifi)l 5s
1 ASS 1
Granby Cons M S 4c P
Stamped
651*
674
694
797*
17
May’12
May’13
Deic’18
821* Dec’18
717* Dec’18
681*
681*
871*
....
75
a
A
A
'
87
92
80
991* 101
82*4 80
26*k
23 '
Detroit City Gas gold 6S...1923
Detroit Edison 1st coll tr 6s 1933
1st A ref 6s ser A
.A1940
Eq G L N Y 1st cons g 5s. .1932
Gas A Elec Berg Co c g 6s 1949
Hayana Elee oonsol g 6s
.1952
Hudson Co Gas 1st g 6e
.1949
Kan City (Mo) Gas 1st g 6s 1922
Kings Co El L A P g 6s” ”.1937
Purchase money 6a
1097
Convertible deb 6m
.,..1025
Ed El HI Bkn 1st eon g 4s. 1939
Lac Gas L of St L 1st g 6s..el919 Q
Ref and ext 1st g 5s
1934 A
Milwaukee Gas L 1st 4s
1027 M
Newark Con Gas g 5a
104.8 J
NYGELHAPg 5s
1948 J
Purchase money g 4s....1949 F
Ed Elec Ill 1st cons g 6s..1995 J
NYAQ El LAP 1st con g 6s.1930 F
Pacific G A El Co—Cal Q A E—
Corp unifying A ref 6s. 1937 M
Pacific G A E gen A ref 5s. .1942 J
Pao Pow A Lt 1st A ref 20-yr
6s TntMT'attonal Series. .io3A F
Pat A Passaic G A El 5s.
1949 M
Peop Gas A C 1st eons g 6s. 1943 A
Refunding gold 6s
1947 M
Ch G-L A Coke 1st gu g 6a 1937 J
Con G Co of Ch 1st gu g 5s 1936 J
Ind Nat Gas A CHI 30-yr 6sl936 M
Mu Fuel Gas 1st gu g 6S..1947 M
Philadelphia Co cony 6a
1919 F
Cpnv deben gnld 5a
1922 M
Stand Gas A El cony s f 6s..1926 J
Syracuse Lighting lgt g 6s..1951 J
Syracuse Light A Power 6s. 1964 J
Trenton G A El 1st g 6s..
lv49 N
Union Else Lt A P 1st g 6S..1932 M
Refunding A extension 6s. 1933 N
United Fuel Gas 1st s f 6s..1936 J
Utah Power A Lt 1st 6s
1944 F
Utica Elec L A P 1st g 5a
1960 1
Utica Gas A Ease ref 5s
1967 1
Westchester Ltg gold 5s
1960 J
_
87
....
S
S
o St Conn Rys § f 6s
1927
Ohio Un Stat’n 1st gu 4Hs A 1963
Chile Copper 10-yr conv 7s. 1923
Recta (part paid) oonv 6s ser A
Coll tr St oonv 6s so* A.. 1932
60
72
....
58
95*4 Dec’18
964 Aug ’18
171* Sale
Metropolitan Street Ry—
Bway A 7th At 1st e g 6s. 1943
9a* and Electric Light
Atlanta G L Co 1st g 6s
1947
Bklyn Un Gas 1st oons g 6s. 1945
Clndn Gas A Elee IstAraf 6s 1966
Columbia Q A E 1st 6s
1927
Columbus Gas 1st gold 6s..1932
Consol Gas oonv deb 6s
1920
Cone Gas ELAP of Balt 6-yr 6s ’21
53
H
Range
Dec. 27
1948 M
1925 M
Ohio
84*4 Dec *18
_
J
A
J
J
J
8
A
A
O
J
O
80
Sale
—
53
A
Hud A Manhat 6s ser A
Adjust income 6s
1957
N Y A Jersey 1st 5a
1932 F
Interboro-Metrop coil 4 Ha. 1956 A
Interboro Rap Tran 1st 6s..1968 J
Manhat By (N Y) cons g 4s. 1990 A
stamped tax-exempt
1990: A
Manna Elec Ry A Lt s f 6e..l953 M
-
—
<>f w ya 1st 5a
Bnnt)j VfahArim dnh
Week’s
Fridog
MlKeilanMin
Adams Ex ooll tr g 4s
Alaska Gold M deb 6s A
Am as
82
82
Oct’18
Feb’17
69
72
80
.
Price
«i
Y. 8TOCK EXCHANGE
Week Ending Deo 27
r
.
995* Mar’17
64"
64
....
975*
897*
Nov’18
Sept*18
99
Sale 70
36
85
86
96
93
96
100
70
90
80
2463
$3
BONDS
N
Aug *18
99i* Sept’17
80 " Aug *12
76
Apr’17
84i« Jan’17
76 ' Dec*17
82
Aug ’18
571*
63
77
72
....
2
96
Dec’18
98
65
96 "
Range
Since
Jan. 1
High No. Low High
27 84U 961*
941*
93
96
88
90
99
891s
88
n
et
Last Sale
Atk\Lots
Bid
93
A
O
J
A O
Nor
M S
A •
J
J
F
A
M S
M %
J
J
J
J
M N
Range
Railway
Brooklyn Rapid Tran
*Ns prise
WeekTe
Friday
Dec. 27
Record—Concluded—Page 4
894
Am Telep A Tel ooll tr 4s...1929 J
J
Convertible 4s
1936 M S
20-yr convertible 4Hs
1933 M 8
30-yr temp ooll tr 6s
D
1946 J
7-year convertible 6s
1926 F A
Cent Diet Tel 1st 30-yr 6s..1943 J
B
Commercial Cable 1st g 4s. .2397 3
J
Registered
2397 Q
J
Cumb T A T 1st A gen 6s
J
1937 J
Keystone Telephone 1st 6s..1936 J
J
Mich State Teleph 1st 6s...1924 F A
N Y A N J Telephone 6s g.,1920 N N
N Y Telep 1st A gen a f 4HS.1939 M N
Pacific Tel A Tel 1st 6e
J
1937 J
South BeU Tel A T 1st s f 6s. 1941 J
J
West Union coll tr eur 6s ...1938 J
J
Fd and real eat g 4Hs
1960 N N
Mut Un Tel gu ext 6s ....1941 M N
Northwest Tel gu 4Hag ..1934 J
J
* Due June.
h Due July. tDue Aug.
85**
....
86
93
78
87
87
Sale 93
101
Sale
Dec’18
89
73
Nov’17
1014
964 100
924
94
96*4
884 Sale
974---904 Sale
944 Sale
....
94
93
86
95
93*4
....
814
o Due Net. »
90
99
——
20
54
205
954
1024
994 May’18
684 Jan’18
934 Dec’18
98
88
97
904
944
95
93
90
88
86
924
974
93*4 106
984 994
684 684
85
95
Apr *16
3
884
Aug’18
904
954
95 ’
Deo’18
Dec’18
2
33
1
_
_
_
—
854
91
97
84
87
86
98
92
871*
80
1014 Sept’17
94
777*
78
82
86
961*
97"
934
924
Nov’16
Due Not. # Due Dec.
*
Option sale.
iffAdi PRICES—NOT PER
8atur aay
Dec. 21.
MOM lag
t
Dec. 23.
1
Tuesday
Dec. 25.
,
j
the
Week
Shares
Frida*
Thursday
Dec. 27.
Dec. 26.
K4CH A WVia
138
138
6012
”
*93
*29
95
30
168
3
16
•
"
0
281ft
*
.
*10
•
3014
136*4
•
•
•85
115
lU"
118
6612
•107
*10
*
*85
116
57
•107
*70
74
31
*90
*104
*20
*92
46
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430
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425
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5
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4
4
80
Dec’18
6
5%
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Dec’18
47
*45% 45%
Sale 82% Nov’18
24
5%
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3
3*4
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1218
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44
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3
8%
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106
100
Oct 18
Dec 5
Jan 2
June 4
107
90*8 Aug 5
45% Jan 8
Jan 3
Jan 7
Feb21
Janl5
35
48
*13
59
68% Janl7
21
Jan25
10% May 18
2*4
13%
60
20
38
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44
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...
35
48
38
.30
3
1
25
5
....
25
25
25
_
5
25
_
27? Quincy
275 Ray Consolidated Copper.
1( St Mary’s Mineral Land..
50C Santa Fe Gold A Copper..
1.415 Shannon
1%
,
_
2%
.73
44%
46%
3%
...
.....
12C South Lake
South TTtftb MAS
74C Superior
...
585 Superior A Boston Copper.
15 Trinity
90C 1 Tuolumne Copper
73C U 8 Smelt Refln A Min
163
Do pref
2.98C Utah-Apex Mining
722 Utah Consolidated
9.90C 1 Utah Metal A Tunnel
5C i Victoria
655 Winona
37( 1 Wolverine
_
...
8%
1%
....
2%
e Assessment paid,
25
1
Mohwak
25
Nevada Consolidated
5
New Arcadian Copper
25
New Idrla Quicksilver..__
6
New River Company
100
200
Do
pref
100
34( Nlplsslng Mines
5
15
2,840 North Butte
30( North Lake
25
100 OJlbway Mining
25
77 Old Dominion Co
25
2U Osceola
“
25
16C Pond Creek Coal
1C
1%
*19%
1%
116
83
78
Dee
Dec
June
Dee
1
6
Dec
Dee
44
July 5
Apr 1
92
82
*19
Aug
Nov
83% Dec
102% Nov
78% Mar
Jan
92% Jan
100% Mar
133
21*4 Sept
901* Oct
Dec
85
16% Dec
83
34
*46
Dee
Dec
73
88
1
Dec
Dec
Dec
2% Mar 2
16% Mar 4
116% May 15
115
Dec 6
109% Oct 9
60%May24
97% Dec11
60% Jan 2
242
25
300
250
.80 .80
18
18
18%
Last Salt1.6O
Dec’18 i
.80
Jan 8
Oct
4
Feb20
Janl6
76
11
98
30
148
Novl4
25
90
60
62
Aug 6
90
Feb
Jan
Jan
Mar
Junel7
70% Dec
15
Dec
160
Dee
2
July
9 June
112% Dec 9
Jan 2
99
38
150
108
140
June 6
95
78% Jan 2
88% Jan 2
.40 July 1
4 Sept30
2,290 Mayflower-Old Colony... 25
25
Michigan
.65
Last Salt .11
Dec’IS
6
6
6
6%
3
3
3J4i
3/4
•21*
20
80
37
47
25
Do
Dref
Isle Royale Copper
Kerr Lake—
•
Keweenaw Copper..
Lake Copper Co
La Salle Coooer
225 Mason Valley Mine
435 Mass Consol
'
1212
•17U
*llft
3*8
3*4
85
760
200
760
1
*.95
H4
5
4%
4%
Last Sale 2*4
Nov’18
*2lft
3*4
27*
Feb25
Oct
7
z88% Junel4
6%Juna
81% July
52% Jam
105
Apr
136
Jan
84% Feb
110
Jan
7% Dec
Nov
Dec
Dec
38% Nov
*8714 Dee
Nov 8
June 6
Decl3
56% Mar
74
Jan
Dec
90
105
96
120% Febl6
67% Nov20:
28% Sept 6;
14*8 Dec27
171* May 1!
6*8 May 15
82% July30
54
102
29
11
27
102
45
Dec27
Jan 7
Jan 3
Jan29
Oct 23
Aug30
Jan29
115% Janl7
38% July 9
24*8 Aug 9
87
Mar25
Mar25
.......
..............
b Bx-akook dividend.
39
_100
250 Hancock Consolidated
Indiana Mining
2,085 Island Creek Coal
*.95
5
1218
•52
*3u
•3u
3
4
_
24
*23
121ft
*3%
*314
4
27
84
Jan
Mar
Mar
Jan
July
July
Dec
Dec
60
75
6
88
Dec
Sept
651* Feb
94% May
103ift Jan
2% Jan
Mar
14
126% June
121% Jan
128% Jan
58 June
100% June
July
76
97% Jan
14*8 Dee
121% Jan
66
Jam
20% June
Dec
9
10
226
118*8 Dee
170% Jan
Dee
Dec
18% Jan
33% Jan
69
130
51
a Kx-righta.
25
1C
25
1C
1C
25
6
25
1C
21
1
6C
5C
1
1
1
25
25
25
‘
4
10
92ift Dec
Jan 2
Dec
Dec
Dec
Jan
Jan
Dec
Nov
Novl3
107
Dec
Dec 5
29
Dec
Dec
100% Oct 10
13% Marl6
10
41% Nov20
146% Aug’17
il6
56
Decl2
40
163% Dec27 *106
48% May 16
371ft
26% May28
25
116% Aug28
79%
113% Decl6
103*8
9
Nov 8
4%
Janl7
5% June21
.40 July23
*45% Dec27
79% Oct
1
19% Janl4
6
Jan 2
.80 Septll
4% Dec27
2
Jan 2
2*4 Dec27
3*4 8eptl7
65
Mar26
.40 June28
51
Dec26
17
Dec26
1% Aug29
9% Dec27
Aug29
Aug29
8*As Janll
11% Dec27
12
65
1*4 Jan25
86
Novl2
5% Nov 6
.45 Mayl3
54
Feb27
21% July 3
64
July 6
16% Aug24
.48 Nov22
33 Mayl4
73% Mayl6
Dec 4
141* Febl9
61% Novl2
3
Sept30
6% Mar 8
470
Febl3
Jan 2
4% Nov 4
4% Oct 29
66% Mayl6
20%Mayl4
2% July 1
17% Mar 7
20
80
Jan 2
Jan31
8% Nov
12% Deo
55
411
11
Dec
*4 Dec
62
Nov
Nov
Dec
4% Apr
l%June
6
Oct
1% Dec
4% Nov
5
1
Nov
Nov
57
16
Dec
Nov
Nov
Jan
Dec
6*4 July
11*4 Oct
%June21
Dec24
45% Jan 3
.30 Nov
.98 Dec
33
Nov
65
53% Dec
33
*13
69
Dec27
Dec27
19% Dec26
38
Dec27
.25 Decl2
3
AprlC
% Sept30
.11 Decl7
4
Feb 19
1% AuglS
2% Sept2?
.73 Dec2?
36
Aprli
42
July24
1% May31
71* Dec27
1
Dec 1 >
2% Aug2(
% Nov21
18
DeclC
.40 May IS 1
#R*«vkl«na.
Jan 9
20% Feb20
78 Mayl6
25*4 May23
57
Jan 2
1% Feb21
6*8 Jan 2
2
J50
Jan
85% Jan
590
Feb
27% Jan
68
Jan
3
Jan
7% Jan
16
Jan
9
Mar
92
Jan
46% Jan
20% Jan
4
Mar
76% June
94
Apr
36
Jan
6
Aug
4*8 Jan
18
Jan
5
Jan
8% Aug
15ift Jan
3 May
gif \fftr
1% Dec
10
22
65
.95 Marl9
1% DeclO
46% Junell
1% Jan
Mar
41% Jan
73
Jan
16% Juna
2% Jan
70
.25 Dee
9% April
17% Mayl6
.25 Febl4
4% Jan
Jan
11% Jan
108
Dec
Dec
Nov
80
20
6
7
1627a Apr
68 June
155% Jan
58% Jan
30% Mar
135 May
121
Jan
8% dsa
% Sept
45
11
40
1
70
84
29
Febl8
Mar
Oct
Dee
Dee
1
70
1
Dec
Dec
Nov
Dec
July 3
6% Oct 18
1*4 Mayl5
8*4 Mayl4
3% Mar 6
16
16
60
20
48
.58
Jan
Mar
92% Aug
124% Mar
112
J*n
166% Jan
46
Jan
Oct
4
66
35
7
Jan 3
Mar
Dec
Dee
Dee
84*4 Oct 24
57% Nov 7
10% Jan 2
Mayl5
81
169
95
Dec
Dec
Dec
Dec
Apr
Nov
Dec
Novl2
Febl8
Jan
100% Mar
102
Nov
Nov
Dec
39%
1%
3%
8%
12
6
Jan
Jan
37* Dec
133% Dec
71
63
110
35
60
93
*59
_
Greene Oa.na.nea.
Sale .80
2*4
2*4
*3*4
4%
2*4
3
Last Sale 3*4
Dec’18
51
51
51% 51*4
17
17
*16% 17
1*4
♦lift
1%
1%
*9*4 10
9*4
9*4
Last Sale 12
Aug’18
*64ift 70
66% 66%
9
9
87ft
9
12
12
11% 12
27«
3
77% Junel8
1*8 Sept 6
8% Jan22
Jan
79
133
45
213
3
30
30% Novl9
Aprl7
85% Decl9
125
Novl8
66
Jan 3
116% Jan 9
81
Feb25
88
Novi 9
7%Mayl6
33 M*yl6
46 May29
______
12%
12%
*.25
*25*
47ft
8eptl9
Oct
175
Dee
147
Do
pref
lOft 108
5
Jan 2
3,515 Ventura Consol Oil Fields. 5
Mining
%June27
25
50 Adventure Con
69
Dec2 7
235 Ahmeafc
25
1*8 Apr25
10
200 Alaska Gold
.15 Julyll
Algomab Mining..
...
25
42% Dec27
25
50 Alloues
12
Decl9
60 Amer Zinc, Lead A Smelt. 25
41
Jan 2
Do
20
pref
26
11
Jan 5
Commercial
346 Arizona
5
.20 Oct 21
500 Butte-Balaklava Copper.. 10
17
Mar25
100 Butte A Sup Cop (Ltd)... 10
61
Dec27
10
859 Calumet A Arizona
425
Dec26
97 Calumet A Hecla
25
10*8
June27
115 Centennial
25
40
Dec26
1,816 Copper Range Co
25
1% AprlO
100 Daly-West
20
4*4 Dec23
1,975 Davls-Daly Copper
10
8% Mar25
1,075 East Butte Copper Min... 10
3 June21
445 Franklin
25
73%
Junel4
10 Granby Consolidated
100
<
1
.75
69
3*8
Last
47
Last
24
Sift
.95
Sis
*212
3*4
318
163%
44%
26% 26%
93% 937ft
80
*78
*77
Last Sale 45*4
24l2
2*4
36%
44
70
40
Febl9
Jao22
Dee
27
_
__
158
94*4
*12lft
104
53
106
70
Do
100
Dref
95 New England Telephone
100
100
1,195 Nova Scotia Steel A C
21 Pullman Company
100
325 Punta Allegro Sugar
60
32 Reece Button-Hole
10
Stewart
Mfg Corpn
1,070
100
763 Swift A Co
47 Torrlngton
25
951 United Fruit
100
1,467 United Shoe Mach Corp_. 25
141
Do
pref
25
100
3,361 U S Steel Corporation
122% 123%
.99
425
Julyl9
July 2
82% Aprl8
120
Novl2
Nov20
Sept 9
Aug 9
...
57*
36
26
*5i2
*2
4*4
18%
5*4
155*4
441ft
19%
61U
00
25
138
Nov22
... .
54
*.25
0
H
2
10% Mar 1
..
_
29
4%
5*4
12%
0
.70
47
84
■
166l«
62
165
62
42lft
M
Jan23
Apr 16
Jan26
...
29"
35*
July11
146
80
104
40
170
3
15
2,515 Century Steel of Amer Ino. 10
11% Nov30
10
445 Cuban Port Cement
4
Jan31
10
200 East Boston Land
Nov21
134
June21 186
100
128 Edison Electric Ilium
64% Novl6
25
27% June27
2,245 Pairhanks Co
Janl6 157*4 Nov 9
General Electric.
100 128
27
36
Aug30
Aug29
34 Gorton-Pew Fisheries.
_JS0
7%Oet~23
4% Oct 10
10
980 Internal Port Cement
23
12
Nov25
Do
Apr23
pref
60
1,125
6% Decl8
3% Aug23
10
3,650 Island Oil A Trans Corp
93
88 8ept30
Novl3
60 McElwaln (W H) 1st pref. 100
91% Novl3
571 Massachusetts Gas Cos...100 *77% JanlS
71
62 Junel7
Nov 4
Do
429
pref
100
35 Msrgenthaler Linotype
100 107 June 11 147 Novl4
95
88
Oct29
Janl5
New Eng Cotton Yarn
100
Last Sale .20
Dec’18
44
4212 *42
12
12
121ft 12*4
45
44
*____
45
n
Jan 2
150
50
pref
.
_
_
30
4*4
*.75
70
A
81
*77
.70
48
84
w
9U
3Vft
9U
3*4
Dec’18
Dec'18
Dec’18
2Hft 21%
14% 14%
!
0
37
80
19
”
Last Sale 112Unec*18
71ft
8
i
0T(
*
5
5
98ift
501*
95
97ift
*491*
941*
6214
92*4
25s
25s
„
95
*93
83
83
82
821ft
68
68
68
68
*133
136
133% 133%
Last Sale 90
Nov’IS
Last Sale 92% AUfiT’17
93
93
931ft 94
56
56
55
54
114
114
116
116
*48
49
48
48
54
154
44
26
u
.35
20
„
122% Aprl7
Miscellaneous
707 Amer Agrlcul Chemical... 100
Do
pref
100
151
200 Amer Pneumatic Service.. 25
Do
685
pref
50
100
140 Amer Sugar Refining
Do
177
pref
100
100
3,214 Amer Telep A Teleg
American
Woolen
of
Mass.
100
10
Do
269
pref
100
110 Amoskcag Manufacturing
Do
34
pref
10
Art Metal Construe Inc
All Gulf A WI S 8 Lines 100
Do • pref
100
no par
525 Booth rUhirlM
•
5U
^
137ft 137ft
3614 36ift
12212 12312
13
_
5U
5%
u
„
5U
5
166
19
43lft
12*8
64*4
43212 433
13U 14
43*2
27g
43
13
.50
98
1
13%
*2914
4*4
1221ft 1231ft
54
54
154
153
*14
447g
44*4
44U
44U
44U
26
26
26
26
26
26
95
95*4
9512 961ft
95U 96lft
113
*112*4 1131i
•1121a 113
•112
8
8»4
8
77ft
*77«
77«
98
*.50
Do
30
Last Sale 148% Dec’18
2
*12*4
99
.60
2214
14%
61*4
62*4
....
*94
94*«
60
56
•63
56
117
•117
11812 •114
49
48
*48
48
13
13
•12lft 13
37U
37
37
37
123
123*4 12212 12312
64
54
64
*52
161
15112 15112 153
9912
98*8
6OI2
95
83
13
5
165
*144
29
947ft
99*8
111
113U
22U
14lft
----
94*4
514
__
*82
*78
80
Last Sale 18
Last Sale 110
Last Sale 65
5
171
146
29
5
*4*4
*4*4
21
*20
19U
•19
19U
6
6
57ft
6%
57ft
92
92
•93
*93
83
83lft
8312 8312
83*4 83*4
*68
68
68
68
68I4
135
135
*133
135
•133
•133
*92
•92
*92
997g
97*4
*4912
94l2
2214
14*4
141ft
621ft
99
*98
.60
111
*112
51
95
82
80
19
51
95
82
*78
*17
95
82
80
*65
13
107
*104
22
*20
20
20
Last Sale 90
Nov’18
44
44
44lft 4412
*52
53
104
23
101
*17lft I8I2
•1091ft 110 *108% llOU
23U
137ft
*22*4
137ft
11% 12*4
31
30ift 3H2
Last Sale 92
Nov’18
13
3H2
12*4
311ft1
301ft
99*4
95
82
80
21ft
1314'
*91
104
*22
*92
45
52
Sift
512
lllU lllU
113
1131R
98
987ft
*52
521?
6lft
612
74
83
13
109
22
101
45
53
*99
*97
*.50
1
*.60
57
212
13
32
12U
32U
4412
•62
2U
*2*4
214
U5“
«
*83lft
13
30%
135*4
*
115*
*107
*70
74
*83^2
2%
13
32
*90
*107
21
•92
*
.
•5612
661ft
*70
•93
29
95
29
168
3
14
3014
135*4
*
69
95
29
168
3
14
*68ift
69*s
69
•93
69lft
A Albany
100
100
Elevated
A Lowell
100
dt Maine
100
100
dt Providence
Suburban Elec_.no par
Do
pref
-no par
Boston It Wore Elee_.no par
Do pref
no par
Chic June Rjr A U 8 T
100
no
pref
100
River
100
Connecticut
44
100
14 Fitchburg pref
Georgia Ry dt Elec stampd 100
Do pref
.100
100
97 Maine Central
100
521 Mass Electric Cos
Do
pref
stamped
100
2,482
N
N
A
100
H
Y
Hartford
2,266
Northern New Hampshire-100
5 Old Colony
100
100
105 Rutland, pref
Vermont A Massachusetts. 100
50
2921 West End Street
89 Boston
1,144 Boston
10 Boston
609 Boston
Boston
Boston
133
135
68
68*4
69
95
95
95
*
29
30
29
Last Sale 168 Dec’18
June’18
Last Sale 3
Dec'18
Last Sale 14
Sale
Last
4% Nov’16
Last Sale 30~ Nov'18
Last Sale 138 Sept’18
Last Sale 85ift Dec’18
•110
115
*57
Last Sale 109
Oct'18
Last Sale 70*4 Oct’18
83
83
83
83
2
•2
214
2ift
135
133
69
*93
Highest
Lowest
Highest.
Lowest.
Railroads
*
1371* 137*a
Songs for PreHoms
Year 1917
Rastgs Aims Jan. I.
STOCKS
BOSTON STOCK
Salesfor
CENTUM PRICES.
Wednesday
.
Dee. 24.
[Vol. 107
EXCHANGE—Stock Record
BOSTON STOCK
2464
Nov
Nov
Nov
Dec
Dec
62
98
Jan
26% Mar
6
Jan
17% Apr
30 ~ Mar
92% Mar
9% Sept
24% Mv
2% Jan
27i Jan
67% Mar
95 ’ Mar
28*8 Juna
94% Feb
32% Apr
89% Mar
2
"
Jan
gig oct
Jan 3
Jan 8
.89 Dec
6% J8D
8% Nov20
4*8 Sept27
4% Febl3
1% Aug20
50% Oct 18
47% Nov 8
4% Novl8
3% Dec
3% Dec
16% Mar
8% Jan
12
JanlC
3 Vi Apr 8
3
Jan 3
2
Jan 2
36
Jan 3
1*4 Mar 7
tWIfrwW
ft
Nov
Inn
3
1
May
2^ Jan
40%
43%
17ft
9%
2%
Dec
Nov
Mai
Dec
Dec
67*8 Jan
62% Jan
87ft Sept
91% Feb
6% Jan
2
2
Ocl
Ocl
Dec
31
.15 Auil
8% July
6
~ Jan
5% Jan
53% Mar
9% Jan
Dec. 28
1918.]
THE CHRONICLE
Outside Stock
Exchanges
Boston Bond Record.—Transactions in bonds at Bos¬
Exchange Deo. 21 to Deo. 27, both inclusive:
ton Stock
Frida*
Last
8aU
Pries.
Bond*—
U S lib Loan 3 *s.1932-47
1st Lib Loan 4a. 1932-47
2d Lib Loan 4s..1927-42
1st Lib L'n 4)48.1932-47
2d Lib L’n 4*8.1927-42
3d Lib Loan 4*s._1928
4th Lib Loan 4 * 8. 1938
Am Agile Chem 6s
1928
Am Tel A Tel conv 68.1925
AtlGAWISSL 58.1959
Cent Vermont 4s
1920
Chic June A U 8 Y 48.1940
58
1940
Gt Nor-C B A Q 4s...1921
Maas Gas 4*8
1929
4*8
1931
Miss River Power 58.1951
N E Telephone 58....1932
Punta Alegre Sugar 6s 1931
Swift A Co 1st 5s
1944
Ventura Oil conv 7a..1922
Western Tel A Tel 5e 1932
West’s
Ran*s
of Prices.
Hitt.
Lose.
97.74 99.10
------
------
------
.
------
83*
92*
87*
76*
92.64
92.64
96.64
94.14
95.24
94.14
99
102* 102*
83*
83*
70
75
70
75
93
92*
95*
91
87
87*
76*
93*
76*
90*
96
92*
------
92
95*
91
93
91
93.00
93.04
97.00
94.90
95.86
94.94
99
91
97
93
92
Sales
for
Range since Jan. 1.
West.
$7,200
21,750
1,900
1,350
68.250
48,100
62.000
2,000
1,400
9,000
1,000
1,000
6,000
1,000
1,000
4,000
1,000
12,000
3,000
11,000
15,000
5,000
Low.
96.52
92.64
92.62
93.64
93.04
94.54
94.14
92
102.50 Aug
98.86 Oct
97.90 Mar
98.90 Nov
98.14 Nov
101
May
98.24 Nov
July
July
Aug
Dec
Jan
60
Dec
72*
Apr
Apr
87*
99* Feb
104* Nov
83* Nov
70
76
93
Mar
Dec
Dec
Dec
95* Nov
92* Nov
Sept
80* Sept
67* Jan
84* Aug
77
May
90* Sept
80
87*
76*
Dec
Dec
94* Nov
92
Dec
97* Nov
94* Nov
Jan
82* June
92
Nov
Pittsburgh Stock Exchange.—The complete record of
transactions at the Pittsburgh Stock Exchange from Deo. 21
to Deo. 27, 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.
Friday
Last
Sale
Par. Price.
Stocks—
Amer Rolling Mill, com.25
American Sewer Pipe.. 100
Amer Wind Glass Mach 100
Preferred
100
Amer Wind Glass, pref.100
Columbia Gas A Elec_. 100
Harb-Walk Refrac, pf.100
Pittsburgh Coal, com..100
Low.
High.
43
Aug
87*
12*
89*
1,255
80
80
97*
40*
97*
82
98
45
73
96
Jan
Jan
Oct
Deo
Jan
—
6
175
50
------
_
40
100
2
100
2
6
6*
114
114
166
175
49*
6*
49*
5*
10*
10*
15*
15*
43*
30*
15*
43*
30*
2*
46*
46
10e
25
7*
130
32
32
39*
44
30*
2*
47*
120
25
7*
130
32
93*
93*
95*
93
93
95
42*
42*
14*
43*
14*
1955
35
Plttsb Brewing 6s....1949
West Penn Rys 5s....1931
90
35
52
90
36
52
90
s
Range since Jan. 1.
100
10
.
Indep Brewing 6s
for
Week.
Love. High. Shares.
47*
15*
Plttsb-Jerome Copper
1
Plttsb A Mt Shasta Cop. 1
Pittsburgh Oil A Gas..100
Union Natural Gas....100
US Glass
100
U S Steel Corp, com... 100
West'house Air Brake. .60
West’house Elec A Mfg.50
West Penn TrAW P..100
Bonds.
Range
47*
16*
86*
Indep Brewing,
50
com
Preferred
50
La Belle Iron Wks, pref 100
Lone Star Gas
100
Mfrs Light A Heat
50
Nat Fireproofing, com. .50
Preferred
50
Ohio Fuel Oil
1
Ohio Fuel Supply
Oklahoma Natural Gas.25
Plttsb Brewing, com
50
Sales
Weefs
35
35
125
100
100
130
20
120
170
100
100
115
545
565
100
230
11,100
500
28*
99
1*
55
16
101
41*
102*
3*
Jan
4* Sept
Dec
Jan
115
197
53
Jan
June
1,347
Nov
Jan
Jan
Dec
5*
10
50
81
839
325
10
130
31
90
39
9
Oct
Jan
Feb
$3,000
2,000
1,000
34
50
90
Apr
Aug
Jan
Feb
Aug
Jan
6* Aug
13* Aug
16* Nov
46* June
32* Dec
4* Aug
58* Feb
13* Sept
*40* Sept
23
July
1* Mar
44* Nov
6c
21c
Nov
Deo
Jan
Feb
Nov
Feb
9*
46* Sept
3
7
Apr
89*
96*
Sept
103
95
Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from Deo. 21
to Deo. 27, 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.
High.
Jan
Dec
Dec
94* Sept
74* Sept
92
85
2465
1
48c
8
151
Feb
Mar
Nov
May
37* Sept
116
Aug
97* May
47
May
15* Nov
Sept
87* Mar
40
54
90
Jan
Feb
Jan
Aug
Feb
Frida*
Stocks—
Alabama Co 2d pref...100
Arundel Sand A Gravel 100
Atlantic Petroleum
10
Baltimore Tube, pref.. 100
Commercial Credit, pf B 25
Consol G E L A Pow..l00
Consolidation Coal....100
Cosden A Co
5
Preferred
5
Davison Chem
(no par)
Elkhom Coal Corp
50
Gas Appliance pref
Houston Oil pref tr ctfs 100
Chicago Stock Exchange.—The complete record of
Chicago Stock Exchange from Dec. 21
to Deo. 27, 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
Mer A Min Trans v t__100
Mt V-W’b’y Mills v t r 100
Preferred v t r
Northern Central
100
50
Penna Water A Power. 100
United Ry A Elec
50
Wash Balt A Annap
50
Wayland Oil A Gas
5
Bonds—
Anacostla A Potomac 5s’49
Atl Coast L RR conv 4s ’39
Balt Elec stamped 58.1947
Balt Trac 1st 5s
1929
Charles Con RyGAE 5s ’99
City A Suburban 1st 5s ’22
Consolidated Gas—
General 4*s
1954
Consol O E L A P 4*s ’35
6% notes
6% notes
Consolidation Coal—
Convertible 6a
value.
Sales
Friday
Last
Range
for
Range sines Jan. 1.
Week.
of Prices.
Par. Price. Low.
High. Shares.
Stocks—
American Radiator....100
Amer Shipbuilding.... 100
Preferred
100
Amer Smelting
Amer Straw Board
Armour A Co., pref
Booth Fisheries—
295
116
87
118
Common, new. (no par)
.
Chic C’y A C Ry pt sh com
Preferred
Chic Pneumatic Tool.. 100
Chic Rys part ctf "2”
Common wealth-Edlson 100
47
101
45
101
21
21
*
8*
.
Cudahy Pack Co com..100
Diiduhy rights
Deere A Co, pref
100
Diamond Match
100
Hart Shaf A Marx, com 100
Libby (WI)
Lindsay Light
People’s Gas Lt A Coke
Pub Serv of No Ill, com
Quaker Oats Co
Sears Roebuck com.... 100
Stew War Speed com.. 100
Swift A Co
100
Swift International
Union Carb A Carb(no par)
Rights
United Paper B’d com. 100
Pl^fMTWl
_
_
112
103
96
110
49*
90
300
173
78*
122*
41*
55*
3
20
^ Pr*fprrm1
_
8
65
8
114
103*
*
*
75
21*
14*
48*
90
300
96
4
73
.100
75*
22*
14*
51
90
300
166* 173
78
78*
121* 123*
40* 43*
55* 66*
3
3*
20
20*
65
107
100
100
22*
*
109* 110*
—
Mnnt A Co. oref
Western Stone
Wilson A Co, com
47
*
8
64
8
112
103
74*
101*
96
21*
10
100
100
100
295
119
87
74*
...
Wftni
Wests
3*
70
98
65
107
4
74*
99
17
365
20
200
60
Low.
High.
235
87
June
Jan
84* Dec
74* Dec
45
July
298
335
96* Sept
104
655
Jan
Dec
8
Dec
47* Jan
Jan
8
100
June
103
Dec
* Dec
92
June
92
June
53
Jan
18* Oct
14* Nov
28
2,705
7,848
100
115
813
170
350
30
40
215
4,225
40
280
290
52
1,122
665
2,098
13,875
3,481
28,495
1,010
18
10
73
355
50
144* May
93* May
74* Dec
50
July
40*
Apr
June
Oct
June
Jan
Aug
Oct
47* Apr
3
Dec
14* Feb
58* June
100
Aug
1
May
46
Jan
91* Oct
Nov
Sept
2* June
18* Nov
71* Apr
18*
*
70
235
133
47
102
32
Dec
16
June
118* Nov
133
Nov
*
98
111
76
26
28
61
97
300
178
82
146
50
69
•
3*
26
81
110
8*
77
Dec
Nov
Dec
Dec
Oct
Jan
Nov
Nov
Dec
Dec
Nov
Apr
Nov
Nov
Dec
Oct
May
Feb
Deo
Dec
99* Mar
Bonds—
Armour A Co deb 6s
Booth Fish s fd 6s
101* 101*
1923
1926
Chicago City Ry 5s..1927
Chic City A Con Rys 5e’27
49
Chin Rvn in wHm ,rB"
Chic Ry Ad] Inc 4s 1927
Commonw-Edlaon 5s. 1943
Pub Serv Co 1st ref g 6s ’56
28
87*
96
91
91
87*
88*
49
83
50
28
95
52
83
87*
96*
50*
28
95*
87*
96*
$2,000
1,000
16,000
35,000
2,000
2,000
10,000
2.000
54,000
9,000
96
88
Sept
Apr
84*
Jan
Dec
June
Jan
Jan
49
82
50
27
87* Sept
78
OCt
90
Sept
101* Nov
91* Dec
91
Nov
62*
88*
Aug
Apr
60
35
98
91
.Nov
6*
3*
30
.
...
77
—
m
27*
3*
90*
-s*,^** — — —
.
.
96*
.
97*
Funding 5s small.
_
.
Aug
97* Sept
35*
2*
24
105*
82* 83*
7
6*
4
3*
30
28
70
70
65
32
29
70
71*
65
71
16*
77
77
75*
75*
78*
21*
3*
3*
110
90*
90*
82
82
90
100
$1,000
5,000
1,000
4,000
1,000
5,000
89
89
6,000
85*
96*
97*
85*
96*
2;ooo
30
92* 92*
100* 100*
85*
85*
86
86
99
99*
95*
101*
84*
98*
88
92
98*
98
99
88
92
6,000
2,000
1,000
21,000
2,000
87*
94
94
53*
98*
63*
99*
54*
1936
79
77
55
80
83*
83*
77
83*
1,000
25i000
87*
99*
~
98*
9,300
22,000
85*
86*
99*
95*
101*
84*
1949
1941
75
125
800
46
20
86
161
143
520
380
150
75
226
50
12
26
194
51
23
807
100
20*
27*
toow mow
.
Wash BAA 5s
81*
90
100
1st 5s
1926
Minn St A St P C jt 5s 1928
Monon V Trac 7s
N O Great Nor 6s....1955
United Ry A El 4s.
1949
_
81*
78
21
15,000
3,000
3,000
3,000
liOOO
liOOO
1,000
1,000
2,000
41,000
300
1,000
Range since Jan. 1.
Low.
56
High.
Jan
31* Jan
1* Sept
81*
Dec
Dec
Jan
Dec
24
94
80
5* Sept
3* Jan
30
Jan
Jan
22*
70
64
65
Aug
Jan
Feb
Jan
73* July
June
Oct
Dec
96* Sept
Nov
Oct
June
Sept
98* July
77
78
June
June
93*
8*
4*
39* Aug
31* Nov
65
90
86
78
90
94
Deo
Jan
Jan
Nov
Den
Jan
83*
106
70
Apr
90
25*
108*
80* June
24
3
96*
Feb
Apr
Aug
Apr
17* June
90
Sept
3*
86
Dec
62* Aug
14* June
68
69
60
May
87
40
tim
Dec
Mar
17* Sept
77* Dee
76
80
Nov
Nov
Feb
24*
31* Sept
3* Jan
90* Deo
83* Nov
95
Nov
Deo
92* June
100
Feb
100*
89* Nov
85* Nov
98
Nov
99
Nov
103*
86*
87*
Deo
Deo
Deo
Deo
Aug
Apr
99*
99*
77*
95*
Nov
101*
Deo
Jan
84*
Apr
88
Dec
Jan
99
88
92
Dee
Nov
Deo
Feb
Deo
90
87*
82
98
Aug
Feb
89* July
98* Dec
52*
Jan
96
87*
99*
95
98*
53*
Dec
Jan
Deo
Deo
Nov
71
52
Sept
Aug
79
59
73*
Aug
Jan
82* Feb
85* Nov
80
Nov
Philadelphia Stock Exchange.—The complete record
of transactions at the Philadelphia Stock Exchange from
Deo. 21 to Dec. 27, 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
of
per cent
par
value.
Friday
Last
Sale
Par. Price.
Stocks—
Baldwin Locomotive.. 100
Buff A Susq Corp v t c-100
Preferred v t c
100
Cambria Iron
60
Cambria Steel
60
Elec Storage Battery..100
General Asphalt
100
Preferred
100
Insurance Co of N A
10
J G Brill Co
100
Lake Superior Corp
100
Lehigh Navigation
Lehigh Valley
50
50
MinehlU A S H
Northern Central
50
50
Pennsyl Salt Mfg
50
Pennsylvania.
50
Phlla Electric of Pa
25
Phlla Rapid Transit v t r 50
53
62*
37*
20*
17*
68*
54*
72
73
53
39
115
62*
37*
72*
73
63
39*
115
26*
20*
17
18
2,747
68*
2,003
63*
71*
56*
61
25
75*
85*
44*
25 '
76*
85*
45*
25*
27*
27
71
1
2*
Tonopah Mining
1
3
38*
78*
2*
3
38*
192
71
81*
2*
3*
38*
192
100
80* 80*
100 " 100*
x
Ex-dlvldend.
97.50
92.60
92.40
94.00
95.00
94.10
87
72
40
98.60 $11,650
92.60
200
92.80
1,250
94.50
1,800
96.76 16,200
94.90
5,850
87
3,000
72
4,000
40
2,000
2,000
89* 90
2,000
60* 60*
96
35
96
96*
100
94*
100
88
94*
96
166*
35
96
96*
100*
88
95
96
86* 86*
100* 100*
36*
116
48
Jan
Jan
Jan
Oct
Jan
Mar
14* May
47
24
18
12
4,000
3,000
1,000
8,000
1,000
4,000
2,000
12,000
2,000
33,000
500
4,000
10,000
100* May
75* Deo
57
43
136
57
40*
Deo
Mar
Jmi
Oct
Deo
Deo
78
61*
53*
49*
Jam
Jan
Jan
Jan
Jan
Dec
Nov
67
Sept
76* Dee
86* Nov
50* Nov
27* Nov
80
Oct
43 W June
24
June
1 5-16 Sep
229
160
4
84
103
103
58*
58
46
High.
2,175
80
102*
Low.
23* Mar
x65* Sept
83
87
Range since Jan. 1.
160
29
916
27
207
2003
Spanish Am Iron 6s..1927
2,517
2,516
73*
96*
103
P W A B Ctfs 4a
1921
Phlla Co 1st 5s stpd..l949
Cons A coll tr 6s stpd ’61
Phlla Electric 1st 5S..1966
do
1066
small
Reading rm 411
1007
5
13
20
45*
103
Lehigh Val Coal 1st 5s 1933
Natl Properties 4-6s—1946
Penna RR consol 4*s 1960
871
1,520
3,325
40
_
115
140
30
72*
92*
45*
Keystone Teleph 1st 5s '35
Lake Superior Corp 5s 1924
Lehigh Valley 6s ctfs. 1928
Consol 6s registered 1923
_
14291
72*
93*
45*
Bonds—
U S Lib Loan 3*8.1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4S.1927-42
2d Lib Loan 4 *81927-42
3d Lib Loan 4*s..l928
4th Lib Loan 4*s..l938
Amer Gas A Elec 5s..2007
Elec A Peoples tr ctfs 4s ’45
Inter-State Rys ooll 4s 1943
Den MMUol Am
200
35
5
131
50
217
54*
38*
76*
27 "
20*
61
Tono-Belmont Devel
...
for
of Prices.
Week.
Low. High. Shares.
61
Philadelphia Traction..50
Reading
50
Union Traction
50
United Coe of N J
100
United Gas Impt
50
U S Steel Corporation. 100
West Jersey A Sea Shore 50
Wm Cramp A Sons.
100
Sales
Wests Range
76
-
Nov
Nov
—
Lexington (Ky) St 58.1949
Md Elec Ry 1st 5s... 1931
Milw El Ry A Lt 4*8 1931
4a
65
70*
16*
„.
Cosden A Co ser A 6s. 1932
Series B 6s
1932
Elkhom Coal Corp 6s 1925
Fair A Clarks Trac 5s 1938
Fla Cent A Penln extd 6s
Florida South 1st 4s.. 1945
Kirby Lumber Con 6s 1923
Income
64
85
2
24
105
105
83
1923
transactions at the
of par
—
Kirby Lumber pref
are
Ex-dlvldend.
Sales
Last West’s Rangs
for
Sale
of Prices.
Week.
Par. Pries. Low.
High. Shares.
71
Jan
27* July
27
July
21* July
76* Nov
65* Nov
52
30
2*
July
4
Aug
Aug
Oct
42*
62*
86*
Mar
May
Jan
97
Jan
92.60 Dec
92.40 Dec
94.00 Dec
94.30 Sept
94.10 Dec
76* Sept
Sept
July
87* Oct
47* Jan
97* Sept
67
36
195
48
102.40
97.90
97.84
95.90
Aug
Sept
Oct
Feb
73
Apr
87
93
80*
99
Deo
73* May
42
90
62
103*
Jan
Jan
Dec
Nov
Dec
82* Nor
May
40
98*
96*
100*
Julv
Bent
88
96
97
91
July
101
89* Sept
Aug
Jan
Nov
98.00 Nov
101
94*
85*
Mar
Sept
98.52May
103
30
93
Jan
Feb
Nov
95* June
Apr
75
|Jan
77*
116* Aug
July
99* Sept
100*
Jan
72* Nov
95* Oct
3* Mar
36*
182*
39
74
Nov
Jan
Jan
Deo
Deo
Deo
Jan
May
Nov
Feb
{Vot. 107.
THE CHRONICLE
2466
Friday
Exchanges
Volume ol Business at Stock
EXCHANGE
rRANSACTIONfl AT THE NEW YORK STOCK
DAILY. WEEKLY AND YEARLY.
819.188,500
82,334,500,
37,924,500
649,646
721,585
56,426,100
2,085,000'
64,905,000,
2,771,000,
2,380,446
8210,778,600!
1,702,000
2,006,000
HOLI DAY
Jan. 1 to Dee. 27.
Exchange.
1917
1918
IV17
1918
16,572,000
1364,0001 30,272300
89,452300! 87,411,000 883334,600
Week ending Du. 27.
Bale* at
Veto York Stock
1,047,000. 13,330,000
2,877,000
2,380.446!
3,268,852
142,706.450
184,264,548
Stocks—No, shares...
8210,778,600 8298,381,400,813,204,895,940 816,996,092,480
Par value
626,900,
8126300
Bank shares, par...
Bond*.
8281,628,260
Government bonds— 883,834,500 810,154,500 81.352.426,500
6,959,000
9,871,000
7,411,000
9,452,000
State, mun., Ac., bonds
RR. and misc. bonds..
293,665,000
466,412300
278.703,000
348,488,500
8100,697,5001 826.984,500 81.979,618,000 81.046,605,250
Total bonds.
DAILY TRANSACTIONS AT THE B08TON, PHILADELPHIA
BALTIMORE EXCHANGES.
Week ending
Du. 27 1918.
Bond Sale*.
Share*.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Share*.
1,217
4,460
3,418
11,689
14,608
11,061
$34,950
78,150
54,950
18,414
27,055
104,950
23,000
8,366
5,346
82,827
3296.000
22.807
AND
Share*.
Bond Sale*.
Bond Sale*.
1,179
$48,000
31,200
59,100
26,650
1,331
20,300
29.000
658
37,000
3139,950
4,302
$195,600
260
874!
$24,000
37,650
22,650
HOLI DAY
give a record of
the transactions in the outside security market from Dec. 21
to Deo. 27, both inclusive.
It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the “Curb” as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed—that
Is, securities where the companies responsible for them have
New York “Curb” Market.—Below we
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 famish daily records
of the transactions. The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties mav 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 vonch for the absolute
trustworthiness of this record of “Curb” transactions, and
we give it for what it may be worth.
Sale*
Law Week’s Range
for
Sale.
Week.
of Price*.
Par. Price. Low.
High. Share*.
Friday
Week ending DU. 27.
Stocks—
Ordinary bearer
23
24
£1
2094
94
1194
Cuprite Sulphur, r
1
Curtiss Aeropl A M com(t)
Davidson Chem v t c_.(t)
Edmunds A Jones Corp—
Preferred.r
..100
Maroonl Wtrel Tel of Am.5
Nat Mot Car A Veh.r.(t)
North Am Pulp A Pap (t)
Peerless Trk A Mot CorpSO
Penn Seaboard Steel..(t)
Perfection Tire A RUb.r.l
Stand Motor Constr r.,10
Steel Alloys Corp.r
5
Submar Boat Corp v t e. (t)
Triangle Film Corp v t c.5
United Motors r..(no par)
United Profit Sharing.25c
U S Steamshlp.r
10
Wayne Coal
5
World Film Corp v t c
5
Wrtght-Marttn Aire r..(t)
Former Standard Oil
Swbsidlarieo.
Anglo-Amer Ofl.r..
£1
Galena-Big OU.oom.r_.100
Indiana Pipe Llne.r.50
7
60
294
23
23
2394
94
1194
2494
2094
X
12 X
31
31
19
21
17,900
218
500
100
6,600
1,400
500
800
100
300
2294
3994
2294
3
12
78
3
12
79
3 •
12
100
400
400
200
494
4594
494
36J4
494
4694
1,700
70,900
17
17
4
______
4
394
______
294
40
94
8
294
1894
40
36c
694
100
Republic Mot Tr (no par)
St Joseph Lead.r
10
Smith Motor Truck r__ 10
Springfield Body
100
294
21
38
38
______
Hupp Motor Car Corp. 10
Keyst Tire A Rub. com. 10
Kirby Lumber com.r.. 100
Poulsen Wireless .r
58
294
Butt*w*th-Jud Corp.r.(t)
Common
(t)
General Asphalt^ com.r 100
General Develop’t r____25
Gen Motors 6% deb stk wl
Hall Switch A Slg com rlOO
594
6
59
Aetna Expioe.r._.(no par)
Air Reduction r..(no par)
Amer Writing Pap com 100
Brit-Amer Tob ord
£1
11
894
8
1094
......
3394
5-16
5
994
294
1894
4094
1
6
35
10
1-16
3694
1394
94
94
894
8
8
1-16
8
1094
1294
1-16
33
5-16
3-16
35
494
494
94
4
4
4
94
94
594
494
94
494
1,400
100
5,200
600
1,400
100
1,050
19,900
900
500
2,560
3.200
High.
Dec
Dec
Jan
694
58
2
1494
1494
Apr
Apr
19
Dec
94 Sept
10
31
Nov
Dec
Dec
21
2394 June
2294 Dec
Nov
78
1
12
Sept
Dec
294 Jan
1194 Oct
1094 Jan
294 July
6
Sept
S
13
Apr
31
10
Apr
1,200
794 Nov
5
9,700
5,000
1094
22,500
10X
X
394
294
94
500
12,200
4,000
14,100
18
1-16
4
June
Dec
Dec
Jan
Feb
Nov
Oct
Dec
Dee
Oct
694 Nov
4694 Deo
19 94 June
6)4 Nov
18
494
48c
100
20,000
Dec
Dec
2294 Dec
8394 Nov
794 Jan
36c
Dec
Dec
Dec
100
21
20
Dec
Dec
June
Dec
4094
Apr
3494 Nov
694
Mar
494 Aug
2394 Dec
2494 Dec
5994 May
294 Feb
42
31
Feb
Aug
Feb
5694 June
1694
4094
1794
294
94
1394
894
2094
1794
103
1794
92
102
1794
94
103
1,800
3C
78
1194
85
60
'
Feb
Nov
Feb
May
Mar
Feb
Apr
Dec
June
Dec
May
1 "
Jan
3594 Nov
11-16 Feb
794 May
494 Dec
X Mar
1194 May
Sept
1894
145
394
X
18 94
594
.....
Metropolitan PetroJeam25
1.18
Midwest Oil common r__l
Preferred .r
1
Midwest Refining.r
50
Northwestern CHI. eom.r.l
Oklahoma Prod A Ref
5
com
122
54c
Victoria Oll.r
Oct
Jan
66—Apr
4X
IX
IX
6
5X
494c 5c
2X
IX
ZX
ZX
X 11-16
71
71X
17
18X
6
594
23
23
H
l 13-16
2X
400
80
900
9-16
21
39c
Mining Stocks.
46c
90c
594«
Big Ledge Copper..
15-16
5
Booth .r
1
Boston A Montana Dev..6
Butte-Det Copp A Zlne-_1
Caledonia Mining
1
Calumet A Jerome Cop.r 1
Canada Copper Co Ltd..5
Candelaria SUver.r
1
Cash Boy
1
Cerbat Silver M A M.r—1
Consol Arison* Smelt
5
Consol Copper Mines....5
Creason Cons Gold MAM I
El Salvador SUver.r.
1
Eureka Croesus Min r_._l
First National Copper...5
Fortune Consol.r
1
Goldfield Consolidated. 10
Goldfield Merger.r
1
Great Bend.r
1
Hecla Mining..
.25c
Howe Sound...
1
Jim Butler.r
1
Jumbo Extension
1
Kerr Lake
6
Liberty Silver (prospt).r.l
Lone Star Consol.r.
1
MacNamara Mlning.r.-l
54c
29c'
...
Magma Chief
Magma Copper..
Mason Valley
1
6
5
Mother Lode.r..
1
Nlpissfng Mines
5
Nixon Nevada
1
1
Onoudago Mines, r
Ray Hereulee Mining.r..6
Rochester Mines
1
Silver Canon
1
Silver Flame Silver r
1
Silver King of Arlsona.-.l
Standard Sliver-Lead
1
Stewart
1
Success Mining
1
1
1
United Eastern Mining..1
Ward Mining A Milling. 1
Washington Gold Quarts. 1
West End Consolidated..6
Western Utah Exten 1 r._l
White Caps Extension.10c
White Gaps Mining...10c
White Knob, pref.r
10
Wilbert Mining
1
Yukon-A las tr ctfs
(t)
Bonds
Am Tel A Tel 1-yr 6s r 1919
Amer Tobaeoo serial 7s r’ 19
Serial 7s r
1923
Beth Steel ser 7s.r__.1919
1923
7s.r.
Braden Cop Mines 6s w i’31
Canada (Dom of) 5e..l919
Ch A N W Ry gen 5s w I *87
Consol Arts Smelt 5s. 1939
Cudahy Pack 7s .....1923
Federal Farm Loan 5s.r_.
Interboro R T 7s
1921
53c
794c
194
194
6794
7
6X
6X
X
X
10X
OX
X
9-16
22 X
40c
39c
IX
2X
IX
2X
46c
91c
39c
89c
5c
6Xc
1
13C
57c
3c
32c
X
13c
52c
2c
27c
X
1
194
6
494
♦
22c
6c
39c
21c
5c
4c
194
194
194
494
4
35C
4,
34c
15c
594
6c
33c
25c
24
294
35c
47c
494
394
28c
80c
^
47c
5o
32c
25c
*2394
294
794c
194
194
6H
594
194
194
294
40c
27c
6c
694c
594
*494
39c
15c
594
17c
294
494
26o
91c
17c
10c
194
6c
25
100
101
103
10094
194
294
3
494
494
102
......
Proc A Gamble ser 7s r *23
Russian Govt 694s r.,1919
'll"
51
8894
Serial
Serial
Serial
8erial
Serial
100
9394
26c
91c
194
20c
194c 2c
994c 10c
194
194
6c
21
100
101
6.400
6,000
1.400
6,000
2.400
9,550
2.100
8,600
9.150
1,000
42,300
1.800
13,950
5,100
6,300
13,600
3,000
4,300
13.300
8.700
2.200
4,350
1,650
1,400
19,950
4,700
9,700
2,945
2,550
8,950
500
200
6c
200
29,500
3,400
2,300
9,700
8,500
1,700
2,100
2,200
6,700
9,700
5,328
200
1,630
3,000
13,100
4,650
24,000
5,200
11,700
675
1,000
335
100
1,000
2,000
31.000
2,000
5,000
96
87,006
9894 6994 77,000
10094 10094 331,000
35
40
7,000
102
102
15,000
20,000
10394 10394
Sept
Oct
an
9,000
9994 100
9994 99 94! 135,000
9894 9994 2650000
1,000
10394 10394
67
55
80,000
51
*63
68,000
9994
9994
9894
9894
9794
9694
9694
9694
9994
9994
97
07
99
9794
9694
9694
96 X
■*.
D0Pv
June
June
Sept
Sept
Mar
Sept
32,000
8,000
42,000
2,000
30.000
5,000
1,000
50,000
4,000
100
100
1,000
9394 9594 510,000
Dee
Dec
Oct
Nov
Oct
Now
Nov
Dee
Dee
Dec
Oct
64
599
296
185
300
249
700
652
305
107
420
5—16 May 11-16 Jan
X* Aug 13-16 Jan
33c
Jan
15c
Sept
6X Sept
894
494 Dee
ZX Mar
1
June
IX July
5 X July
7X Oct
6-16 Jen
3c Sept
Feb
4
IX Aug
Ja
6
294 Sept
*1X June
X Dec
89 M Jan
8694 June
1894 Dee
1294 Feb
694 Dec
194 Jan
Mar
3994 June
1794
294 Now
X Jan
87c
Apr
1
Apr
Mar
97
42e
694
Sept
Apr
Nov
18c
8e
56
6
6
May
Nov
Sept
Oct
1094 May
994
Jan
X Sept
94 Sept
15
25c
Jan
Sept
X Sept
194 Sept
May
3-16 Apr
34e
3e
July
July
94 Sept
3c
38c
2c
27c
Jan
Sept
94
Dec
Dec
Dee
94 Mar
56c
Jan
194 Mar
294 Dee
494 Aug
4X Mar
Mar
X Feb
55c
194 Sept
June
30c
Oct
17c
Dec
le
2 94 c Sept
2X Jan
Dec
4
Dec
320
80
July
Jan
5
28c
Feb
lc
May
320
Dec
94
*2394
294
25c
8
81c
2
3
*7c
60c
X
Jan
Jan
Oct
Jan
Deo
Jan
Sept
Mar
Apr
X*
Oct
lie
7c
1
Aug
Jan
Nov
294 Sept
3
July
4c May
73c
65C
lie
Oct
Jan
Oct
194c Nov
894e Sept
1
4C
21
9894
10094
oox
•494
10094
35
Nov
194 Dee
June
18
lie
10c
Feb
Now
*494 Dee
90c
Jaa
24c
Jaa
694 Jaa
62c
July
33c
July
Dee
34c
94 May
42
694
66c
•94
i*
494
54c
88c
1
38
32
Mar
9994
Dec
98
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
9894 May
9394 Dec
Jaa
Jaa
Apr
Dec
Mar
July
Jaa
May
Dee
Aug
94 June
X Apr
,7?
294
4
894
52c
91e
Jaa
Dec
Dee
Jaa
Feb
Nov
Dee
194 June
23c
18e
10194
Dee
Dee
•654
AUg
Oct
Dec
Jaa
Dec
Dee
Jan
46c
Aug
7-16 Jan
26
9994 Nov
9894 Nov
9894 Dec
9894 Mar
97
6
1
14c
Oct
Dee
Feb
1H July
254 Wow
•794 May
Dec
•794 Aug
10194 June
9894
9894
•794
9694
9694
9694
19c
Sept
June
•894 July
9694 July
96
53e
Apr
Dec
Dec
7-32
90
90
9894
Oct
Jan
37e
Aug
Oct
3C
Jan
42c
2,500 16-16 Feb
25
10194
10294 103
10094 100*4
10094101
96
9994
10094
17c
17c
3
25c
89c
1 3-16
16c
700
100
500
2,000
607,000
4,900
4,000
2794 11,300
294 16,200
35c
5,000
35c
9
9
43c
52C
4
494
3
394
29c
27e
87c
80c
13-16 13-16
16c
9c
500
2.150
7.800
16.200
11,000
7,500
9,000
49c
8c
34c
25c
94 13-32
X
94
9294
99J4
9994
9894
7s.r.w 1
1926
7s.r.w 1
1926
7s.r.w 1
1927
7s.r.w 1
1928
7s.r.w 1
1929
Westlnghouse El A Mfg—
1-year % notes
Wilson A Co Inc 6s w I *28
2 3-16
53c
794c
*594
194
194
KanCltyTermRy 6s w 1 *23
LiggettAMyers Tob 6sl921
Penn RR gen 6s w 1
...1921
BXe-r
St Paul Union Depot—
1923
BXa.r.i
Studebaker Corporation—
Serial 7s.r.w 1
1919
Serial 7s.r.w 1
1922
Serial 7s.r_w 1
1923
2
52c
6
500
14.200
38,000
23c
14c
X
2 1-16
300
10,700
27,500
OX
ox
21c
12c
64
IX
294
AJaaka-Brft Coi Metals..!
America Mlnea.r..
1
Atlanta Mines
1
49,150
8.025
4.400
1,000
1.35
1.18
L 7-16 1 7-16
122
12494
48c
56c
6694
6X
10
398
900
OX
1
305
105
7,200
4,000
9.100
23c
13c
Queen Oll.r..
...1
Royal Dutch Co new.r_.5
8* pul pa Reflning.r
5
Savoy Oil
5
Security Prod A Refg
5
Sequoyah Oil A Ref
1
Sinclair Gulf Corp.r..(t)
Southwest Oil ^
1
Stanton Oll.r
1
100
103
101
101
96
99
101
40
Scot
Feb
Jaa
Nov
Jan
Dec
Nov
Dee
Nov
Aug
Dec
Dee
Dec
Deo
Dec
10294
Dec
10694 Aug
9994 Now
10094 Now
9994
Dec
9994 Dee
103J4 Dec
Oct
78
73
Nov
9994
9994
100
Dec
D«c
Dec
9994 Dee
98H Deo
9694 Dec
9694 Dec
9894 Doc
9794 Dec
10094 Nov
97
Dee
t No par value. 4 listed as a prospect, t listed on the Stock
Exchange this week, where additional transactions arffl be found. * New stock,
-r Unlisted.
• Ex-cash aad stock dividends,
w When issued,
s Ex-dividend.
•
______
594
5c
2
236
698
652
Hith.
Low.
26
122 418
30 249
6 166
60 245
130 210
42 620
899 490
656 248
10
85
130 317
X
694
Rant* eince Jem. 1.
3,750
5-16
19c
7
19c
Boston-Wyoming Oll.r..1
Oosden A Co common r__5
Preferred r
6
Crystal Oil A Ref.r
1
Elk Basin Petroleum r
6
ESmeralda Oil Corp.r —1
Federal Oil r
5
Gleoroek Oil r..
10
Globe Oll.r
1
Houston Oil com r____100
£1
Internal Petrol _r
Island Oil A Trane r
10
Merritt OQ Corp.r
10
for
Week.
599
268
180
294
9-16
3-16
19c
6H
4
X
X
_
1694 May
77
646
302
105
Tonopah Extension
Tonopah Mining
Rang* tine* Jan. 1.
Low
Standard Oil (Ind).r..l00
Stand Oil of N J.r
100
Standard Oil of NY.r. 100
100
Union Tank Iine.r
Vacuum Oll-r
100
*
Other OK Stock*.
Allen Oll.r
1
Barnett Oil A Gas r
1
Omar Oil A Ga
Baltimore.
Philadelphia.
Boston.
268
180
Standard Oil (Calif) r-.lOO
Hondo
8998,000 810,798,000
625,000 12,862,000
8888,000
222,850
359,800
426,566
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
A Portion
Bond*
dbC..
Bond*.
Par Value
Share*.
V. 8.
578
266
180
293
231
690
580
288
105
392
Met
64
5394
60
Pcnn-Mex Fud.r
25
Prairie Oil A Ga _r
100
Prairie Pipe Iine.r
100
Southern Pipe Llne.r_.100
South Penn Oll.r
100
Suae. 4Sun
Railroad,
Stock*.
Week ending
Dee. 27 1918.
WeeJft Route
Sale.
of Price*.
High.
Price. Low.
Fomir Standard Oil
Subsidiaries (Concl.)
Jt
Odd lota,
Ex-rights, a Ex-stock dividend.
Dec. 28 1918.]
CHRONICLE
CURRENT NOTICE
—Reomick, Hodges A Co., members Now York Stock Exchange, 14
Wall St., this city, are featuring a page list of conservative bonds selected
from their January circular in this issue of the “Chronicle.” The bonds
are particularly suitable for banks, insurance
companies, estates or indi¬
viduals who seek primarily safety and
marketability, with yields ranging
from 4.10 to 4.75%.
They are legal savings hank Investments for New
York, Massachusetts and Connecticut. The firm will mall circular
“C. O. 113,” listing these and other issues of
character.
—In to-day’s Issue William R. Compton
Co., dealers in Government
and municipal bonds for over a quarter of a century, 14 Wall
St., this city,
are advertising a selected list of
municipal securities at prices to yield
4.20 to 6%. Many of these bonds are legal savings bank investments.
On Jan. 1 William R. Compton Co. will open a new office in the St. Charles
Hotel Building, New Orleans, under the management
qf John Wells. The
firm has other offices in St. Louis, Cincinnati, Chicago,
Pittsburgh and
Now York.
—On the advertising page opposite our weekly statement of bank
clearings to-day the National City Co. of this city ask in the caption of
the full-page announcement: “Are you ‘up’ on
Acceptances 7” Why ac¬
ceptances are self-liquidating; why they can be immediately converted
into cash through the Federal Reserve Bank, and other numerous
ques¬
tions are explained in a booklet which the company will mail on
request
to bankers and others Interested.
—For the convenience of the public, several of the
largest payers of
coupons and dividends have advertised their lists in the “Chron¬
icle.” In our advertising columns will be found
complete lists of the In¬
terest payments which are payable at the offices of the
Guaranty Trust
Co., Harris, Forbes it Co., A. B. Leach A Co., New York Trust Co.,
Irving National Bank, Kountse Brothers and Winslow, Lanier 4c Co.
—For the requirements of January Investors,
Bonbright 4c Co., Inc.,
25 Nassau St., this city, are advertising cm another page a list of
bonds, notes and preferred stocks which the firm owns and offers subject
to prior sale and change in market prices.
The bonds yield 5.45 to 7.25%,
notes 6.60 to 8%, preferred stocks 6.25 to
7.45%. Descriptive circulars
of any of the securities listed in the advertisement.
January
—Hannevig A Co., specialists In marine securities, 139 Broadway, this
city, are advertising short-term bonds for banks, maturities 6 months to
3 yean, with attractive yields. The bond deportment of the firm
reports
that the banks are buying their first mortgage marine trust bonds and notes.
Correspondence from institutions not familiar with this class of securities
is solicited.
—Aronson & Co. of Los Angeles announce that it has
acquired the
investment business of the Aronson-Gale Co. and will specialize in Govern¬
ment, municipal and corporation bonds and investment stocks.
Those
composing the company are: Sol lie Aronson. Benjamin E. Page, Marco
H. Heilman, Irving H. Heilman, R. 1.
Rogers and George Newberger.
—Lewis Lazarus A Sons of London, dealers in metals, announce that
after an association extending over a period
exceeding 14 years, Emil
Baerwald has tendered his resignation of the position which he held as
Manager of their New York office at 61 Broadway. The office will hence¬
forth be managed by one of the partners of the firm.
—Clinton Gilbert, specialist in bank and trust company stocks, 2 Wall
8treet, this city, is distributing a comparative table of New York City
banks and trust companies, showing capital, surplus, deposits, earnings,
dividends, Ac., 1917 to 1918. The pamphlet will be mailed to investors,
institutions, Ac., on application. Telephone Rector 4848.
—To yield 4.30%, William Salomon A Co., 25 Broad St., this city, and
106 So. La Salle St., Chicago, are advertising 8250.000 State of Oregon
4% highway bonds, subject to prior sale. Legal investment for savings
banks and trust funds in many States.
Full particulars appear in the
advertisement and circular will be mailed on request.
—Lee, Higginson A Co., jointly with the Guaranty Trust Co., are
offering for investment $10,598,000 St. Louis-San Francisco Railway Co.
prior lien mortgage 6% bonds. Series “C,” due July 1 1928, by advertise¬
ment in to-day’s ’’Chronicle.”
Price 96 and int., yielding over 6.55%.
Complete circular on request.
—Slason Thompson Bureau of Railway News and Statistics,
Chicago,
Ill., have issued the 15th annual number of “Railway Statistics of the
United States of America” for the year ended Dec. 31 1917, compared with
the official reports for 1916 and recent statistics of foreign railways.
Now York City Banks and Trust
All prices now dollars per share.
Bsnks—N.Y. Bid.
Ask.
Banks.
America*
500
515
t Irving (trust
Amer Exch.. 220
230
certificates)
Atlantic
170
180
Liberty
200
Lincoln
Battery Park. 100
400
Bowery *
Manhattan *.
BroadwayCen 135
145
Mech A Met.
Bronx Boro*. 125
175
Merchants...
Bronx Nat
160
170 Metropolitan*
155
Bryant Park* 145
Mutual *
Butch A Drov
20
25
New Noth*..
Cent Merc
165
170
New York Co
Chase
408
418
New York...
Chat A Phen. 245
Pacific •
Chelsea Exch* 115
125 Park
450
Chemical
Prod Exch*..
Cltlsens
215
225
Public
455
465
City
Seaboard
Coal A Iron.. 215
225 Second
Colonial*
400
Sherman
Columbia*
155
165" State *
Commerce
198
200 ■23d Ward*
Comm’l Ex*. 390
410 Union Exch..
Common{United States*
wealth *... 195
•Wash H’ta*._
Continental*. 104
110* Wesfccb Ave*.
Corn Exch*.. 345 * 355 Yorkvllle *
85
100
Cosmop’tan*.
175
Cuba (Bk of)
Brooklyn.
East River
20
25' j Coney Island*
110
130 ! First
Europe..
FlfthA venue* *1800 2200
Green point
Fifth
215
230 Hillside *
First
980
960
Homestead *.
Garfield
175
185
Mechanics’ *_
Gotham
200
Montauk *
Greenwich*.. 335
350 | Nassau
Hanover
740
700
National City
Harrlman.
245
J North Side*..
Peoote’*
Imp A Trad.. 510
—
—
—
♦
Bid.
Ask.
274
415
250
180
335
125
176
376
200
130
425
150
280
430
275
190
345
135
530
200
240
450
400
125
124
115
145
600
275
160
290
—
—
—
..
•
Banks marked with a (*) are State banks.
Kx&ange tads wear,
s
Ex-rights.
Trust Go’s.
Bid.
New Yon.
Jankers Trust 450
Antral Union, 405
Columbia
Commercial..
Empire
Equitable Tr
Farm LA Tr
Fidelity
215
140
uaranty Tr.
udson
_
—
J,
250
470
425
135
310
88
200
385
410
220
230
307
135
ill
465
412
320
100
300
395
420
260
377
145
"
Irving Trust. fSee Irving
l Nat Bank
w Tit A Tr
Lincoln Trust
ercan tile Tr
A Deposit
etropolitan.
95
150
100
210
345
Mutual (West¬
130
155
175
310
.
140
265
150
110
70
57
85
200
133
175
130
Companies
155
280
165
120
80
62
95
207
138
200
140
chester)
.
Y Life Ins,
A Trust
Y Trust
ivtan
Title GuATi
105
125
775
595
290
340
825
610
805
345
170
Transatlantic
U S Mtg A Tr 430*
United States 885
Westchester.. 130
Brooklyn.
Brooklyn Tr. 500
Franklin.
Hamilton....
Kings County
Manufacturers
People's...
t Sale at auction
220
260
620
160
290
65
or
91*0
140
515
230
270
650
76
2467
New lock City Realty and Surety Companies
Afl prices now dollars -par share.
Amcr
Bid.
55
62
Surety.
Bond AMO.
215
■
17
60
Ask. II
65
67
225
75
20
67
Bid.
Lawyers Mtge 105
Mtge Bond..
85
Nat Surety.. 218
Ask.
112
90
223
N Y Title A
1!
Mortgage..
I
78
1
85
Bid.
Ask.
75
175
80
190
60
Realty Assoo
(Brooklyn).
US Casualty-
US Title Guar
West A Bronx
Title A MG 150
.
170
•
Quotations for Sundry Securities
All bead prices are
“and Interest” except where marked **f.’
Standard Oil Stacks
0
Per
Al*
PW Bid
Anglo-American Oil new. £1
1714) 17t*
Atlantic Refining
010 1025
.100 460 i486
Borae-Scrymser Co
96
Buckeye Pipe Line Co... 60 *98
Cheeebrough Mfg new... 100 300 1320
Colonial Oil
100
29
32
Continental Oil
..100 476 500
Crescent Pipe Line Co
*37
89
50
Cumberland Pipe Line
100 175 185
Eureka Pipe Line Co
.100 180 190
94
Galena-Signal Oil com... 100 90
Preferred old
100 115 130
Preferred new
100 105
Illinois Pipe Line
.100 152 157
Indiana Pipe Line Co
50 100 104
International Petroleum. £1 *18t4l 18*4
National Transit Co...12.50 *15
16
New York Transit Co...100 190 195
Northern Pipe Line Co..100 105 110
Ohio Oil Co
251*316 320
Penn-Mex Fuel Co
66
25 *61
Prairie Oil A Gas..
100 590 1595
Prairie Pipe Line..
..100 265 270
Solar Refining
100 330 350
Southern Pipe Line Co. .100 178 183
South Penn Oil..
..100 290 296
Southwest Pa Pipe Lines. 100 100 104
Standard OU (California) .100 243 1248
Standard Oil (Indiana) ..100 720 740
Standard Oil (Kansas)
100 625 545
Standard OU (Kentucky) 100 340 350
Standard Ofl (Nebraska) .100 460 480
Standard OU of New Jer.100 648 1653
Standard oil of New Y’k.lOO 300 304
Standard OU (Ohio)
100 465 480
Swan A Finch
100 100 105
Union Tank Line Co
100 104 106
Vacuum Oil
100 388 392
37
Washington Oil
10 •33
...
....
RR. Equipments—PerCt Boris.
Baltimore A Ohio 4Hs
6.10, 5.60
Buff Roch A Pittsburgh 4)4*
6.00 6.60
6.00 6.60
Equipment 4s
Canadian Pacific 4)£b
6.10 6.75
Caro Cilnchfield A Ohio 5s..
6.50 6.00
Central of Georgia 5s..
6.00 5.50
Equipment 4)48
6.00 6.50
6.90 6.00
Chicago A Alton 4s
Chicago A Eastern HI 5)4s.. 7.25 6.25
Equipment 4J4s_........ 7.26 6.25
Chic Ind A Louisv 4)4«..
6.60 6.00
Chic St Louis A N O 5#..
6.90 6.60
Chicago A N W 4)4s—
6.75 5.25
Chicago RIA Pae 4)48
6.50 6.00
Colorado A Southern 5s
6.25 675
Erie 5s
6.26 6.76
Equipment 4)48..
6.25 6.76
Equipment 4s
6.25 5.75
6.26 6.60
Hocking Valley 4s
Equipment 6s
6.25 6:60
Illinois Central 6s
5.90 6.60
Equipment 4)4s
6.90 8.60
Kanawha A Michigan 4)4*..
6.60 6.00
!Louisville A Nashville 6s..
5.75 5.26
Michigan Central 5s....... >6J0* 6.80
Minn St P AS8M 4)4s
6.60 6i60
[Missouri Kansas A Texas 6e. 7.00 *6.00
Mlssouri Pacific 6e........_
7.00 6:00
Mobile A Ohio 5s
6.40 6.00
1
Equipment 4)4s
6.40 6:00
New York Central lines 5s..
6.00 5.85
1
Equipment 4Ks.....
6.00 5:85
N Y Ontario A West 4Ms
6.80 6.90
Norfolk A Western 4)4s
6.75 5.25
5.75 5.35
| Equipment 4s...
....
Pennsylvania RR 4)40
5.75 8.35
1
Equipment 4a........... 6.75 5.26
St Louis Iron Mt A Sou 5s..
7.00 6.00
St Louis A San Francisco 5s.
7.00 6.00
Seaboard Air line 5s
6.50 6.00
1
Equipment 4)4s
6.50 6.00
Southern Pacific Co 4)4 8
5.95 5.55
Southern Railway 4)4s
6.25 6.75
Toledo A Ohio Central '
6.25 6.76
Ordnance Stocks—Per Slhare
Explosives pref
68
100
62
American A British Mfg. 100
6
2
35
Preferred............100 20
Tobacco Stocks—Per Share.
Atlas Powder common
100 147 [153
Par Bid. Ask.
Preferred
100
86
90
American Cigar eommon.100 104 110
Babcock A Wilcox
100 110 112
Preferred.
100
83
90
Bliss (E W) Co common. 50*250 |325
Amer Machine A Fdry_.100
80
60
Preferred
50 *65
76
British-Amer Tobac ord..£l *21
23
Canada Fdys A Forgings. 100 190 1200
£1 *23
Ordinary, bearer
$4
Carbon Steel common
100
90 100
Conley Foil.
.100 180 1220
1st preferred..
93 100
100
Johnson Tin Foil A Met. 100
70 100
2d preferred
100 '67
70
Mac Andrews A Forbes.. 100 186 200
Colt's Patent Fire Arms
Preferred
....100
90 100
Mfg
25! *43 48 Reynolds (R J) Tobacco.100 370 390
duPont (E U de Nemours
B common stock
100 280 300
A Co common
100 247 253
Preferred
100 106 S09
Debenture stock
100
91
A dividend scrip
89
94
98
Eastern Steed
85
100
75
B dividend scrip
94
■98
35
Empire Steel A Iron com.100 25
Young (J 0) Co
1001 120 150
Preferred
100 *65
70
Preferred..
1001 95 105
Hercules Powder oom
100 197 1203
Preferred
100 105 109
Short-Term Notes—Per Cent.
Ntles-Bemeot-Pond com. 100 105 109
Amer Cot 011 5s 1919..MAS
991* 99*s
Preferred
98
100
95
I
7% notes Sept 1919
100*$ 100*4
Penn Seaboard Steel (no par) *40
401* Amer Tel A Tel 6s 1919.FAA 100 1001*
Balto A Ohio 6s 1919
Phelpe-Dodge Corp
1001 280 1300
JAJ
99** 99<s
ScovUl Manufacturing
Canadian Pao 6s 1924MAS 2 100**100*t
100 340 1376
Thomas Iron
50 *25
Del A Hudson 6s 1920..FAA
98h 99
Win Repeat Arms com (new)
Erie RR 5s 1919
90 ioo
A-O
96
96
Preferred (new)
Fed Sugar Rfg 5e 1920. .JAJ
90 100
971* 981*
Woodward Iran
56
100
45
General Eleo 6s 1920
JAJ 1007*1011*
Preferred
85
96
| 6% notes (2-yr) 1919 JAD 100*8100**
Great North 5s 1920...MAS
98** 99
Hocking Val 6s Feb T9 MAN
Public Utilities
K C Term Ry 4>4s 1921.JAJ
97<2 99
Amer Gas A Elec com... 50**98 103
5s Nov 15 1923..MAN 15
997* 1001*
Preferred
50 *44
47
Laclede Gas Lt 5e 1919.FAA 981* 99»*
Aetna
▲mer Lt A Trim
com.__.100j 239
Preferred
100! 99
Amer Power A Lt com
IOO *50
Preferred
100
75
▲mer Public Utilities eomlOO
10
Preferred
100
36
Carolina PowALtgfat com IOO1 33
Cities Service Co com
100 287
Preferred
100
80
Colorado Power com
100
26
Preferred..
..100
92
Com’w'th Pow Ry A Lt. .100
19
Preferred.
100
40
Else Bond A Share pref.. 100 <f92
Federal Light A Traction.100
8
Preferred
40
.100
Great West Pow 5s 1946_JAJ
83
Mististippl RIv Pow oonulOOi 11
Preferred
....J..100 38
First Mtge5s 1951.. -JAJ
76
North’n States Pow oom.100
62
Preferred
100
89
North Texae Elec Co com 100
57
Preferred
100
70
Pacific Gas A Elec com. .100
44
1st preferred...
.100
86
Puget 8d Tr L A P com..100
14
Preferred
.100
50
Republic Ry A Light
19
100
Preferred
100
South CaUf Edison com. 100
Preferred
100
Standard Gas A El (Del)- 50
Preferred
50
Tennessee Ry LA Poom. 100
Preferred.
100
United Gae A Elec Corp.100
1st preferred
100
2d preferred
.100
United Lt A Rys oom
100
1st preferred
100
Western Power common-100
Preferred..
.100
.
241
iLfggettAMyerSTob6s*21 JAD 99% 99•/£
N Y Cent 5s 1919..MAS 15
99i4 991*
Penn Co 4)4i 1921..JAD 15
97
971*
80
Pub Ser Corp NJ 6s T9.MAS
98
99
20
Rem Arms U M C 6s T9FAA
98i4 99U
39»* Southern Ry 5s 1919.MA8 2 99
99U
38
(Utah Sec Corp 6s '22 .MAS 15 89
90
290
W'house El A M 6s T9. FAA 100 100**
81
Winches RepArmt7sT9. MAS
99*$ 997*
101
65
29
97
21
43
96
11
43
87
13
41
77
64
92
62
75
45
87
19
53
/ Flat price.
» Nominal,
a
Amer
Typefounders oom.100
Preferred
100
Borden’s Cand Milk com.100
Preferred
100
Celluloid Company
100
217
63
76
140
48
87
98
98
39
83
96
95
135
Columbia Graphcph Mfg (t) *134
Preferred
........100
88
Freeport Texas Co
(t) *32
Havana Tobacco Co
100
1
Preferred
*
..100
1st g 5s June 1 1922
J-D /38
Interoonttneh Rubb oom. 100
101*
Internet Banking Co
100 160
International Salt
20
100
63
54
56
1st gold 5s 1951
A-O
70
79
8H* International Silver pref.100 80
97 102
Lehigh Valley Coal Sales. 50 *83
*11
Otis Elevator common...100
13
60
Preferred
*31i* 33i*
IOO) 81
2i2
3i2 Remington Typewriter—
13
16
3
38
6
40
5
8
40
72
17
38
70
15
61
63
at Stock
rtfew muck.
Industrial
and Miscellaneous
American Brass
100 *14
American Chicle oom
100
60
Preferred
100
74
American Hardware.....160 186
I
Ex-dlvidaad.
Common
1st preferred
2d preferred
100
84
100 110
100 101
Royal Baking Pow oom.. 100 126
Preferred
.100
87
Singer Manufacturing
100 180
Texas Pae Coal A Oil
1001350
W* houseC hurchKerrACO100 363
Preferred
....1001 80
psrrs seereed dliMmd.
9
Ex-rights,
140
188
90
86
8
5
45
13
62
71**
90
88
66
87
85
115
105
90
185
1425
67
{
86
New aSesk.
(t) Without par value.
e
»
[Yoi,. 107.
THE CHRONICLE
2468
Ittxristumii anil jjUutoaii %nUlli$mtz.
RAILROAD GROSS EARNINGS
weekly or monthly returns
month, and the last two
The returns of the electric
The following table shows the gross earnings of various STEAM roads from which regular
be obtained. The first two columns of figures give the gross earnings for the latest week or
oolumns the earnings for the period from Jan. 1 to and including the latest week or month.
oan
railways
are
brought together separately on a subsequent page.
Jan. 1 to.Latest Date.
Latest Gross Earnings.
ROADS.
Current i Previous
Week or
Month.
Year.
|
Year.
Current
Year.
Week or
Month.
Previous
Year.
0
Alabama So Vicksb. October
Ann Arbor
2d wk Dec
Atch Topeka Sc 8 Fe October
Gulf Colo Sc 8 Fe October
Panhandle ft 8 Fe October
Atlanta Birm ft Atl October
Atlanta ft West Pt_ October
October
Atlantic City
Atlantic Coast Line October
Baltimore ft Ohio.. October
B ft O Ch Term.. October
Bangor ft Aroostook October
Bellefonte Central. November
Belt By of Chicago. October
Bessemer ft L Erie. October
Bingham ft Garfield October
Birmingham South. October
Boston ft Maine...! October
Buff Roch ft Plttsb 3d wk Dec
Buffalo ft 8usq RK. October
Canadian Nor Syst. 3d wk Dec
Oanadian Pacific— . 3d wk Dec
Can P Lines in Me. October
236,682
81,094
23?,475
53,792
12996636
1.629,583
650,899
385,835
180,824
226,536
3,661,236
12525425
163,732
393,185
6,953
329,001
1.987,4481 1,721,148
3,334,818 3,008,388
133560797 116089569
15.796.925 14,032,454
1.768,506
4,893.461 5.765.304
610,798
3.772,885 3,248,562
463,206
2,041,704 1,432,937
251,363
3,503,185 2,839,928
350,372
46,380,850 35.689.822
4,987,089
111166993
143303243
18261058
1.514.477 1,669,899
155,183
3,957,702 3,699.791
462,944
73,680
80,513
7,518
3,287,438 3.235.286
349,690
10,513,586
1,530,951 1,249,280 11,466,648
309,687 321.188 2,908,243 2.704.286
912.890
121,782 1,229,763
92,840
6,104.232 5,500,374 57,896.268 49,401.338
330,035 298.945 17.817.939 14,905,755
187,4271 168,619 1,882,930 1,461,890
738,300 45,649,000 40,604,090
1,277,000
3,731.000 3,051,000 150370883 146201646
122,550 1,844,238 1.993,210
117,946
408.123 359,643 3,861,358 3,372,177
Caro Clinch ft Ohio October
1,774.420 1.592,578 17,001,793 12,762,566
Central of Georgia.' October
4,434,685 3.299,778 37,526,591 31.073.858
Central RR of N J. October
477.316 5.058,304 4,581,251
456.095
Cent New England. October
420,082 4,306,744 3,741,186
517,993
Central Vermont.. October
252,455 2,416,555 I.919,742
341,926
Charleston ft W Oar October
Ches ft Ohio Lines. November 7,263,217 4,924,538 66,631,181 49.902,881
2,388.753 1,911,764 20.124,094 17,171,101
Chicago ft Alton— October
14429333 11342614 11&462046 101573663
Chic Burl ft Quincy October
2,731,341 1,898,964 22,206,343 17,465,428
Chicago ft East Ill- October
1,740,764 1,491,165 15,837,352 13.592.625
Chicago Great West October
1,082,409 844,622 8.987.030 7,611,625
Chic Ind ft Louisv. October
296.778 2,778,071 2,717,363
323,653
Chicago Junction.. October
14616212 11034551 10&988527 94.395.681
OhicMilw ft St P_. October
13876431 10477718 105303522 89.972,176
Chic ft North West. October
201,973 1,831,152 I,795,724
194,321
Chic Peoria ft St L. October
10160103 8,162,555 82.780,290 70,422.539
Chic RI ft Pacific.. October
378,683 3,642,362 3.117.128
385.065
Chic R I ft Gulf.. October
2,496,072 2,054,564 20,235.460 17,654,369
Chic St P M ft Om_ October
554.594 337,799 4,185,700 3,079,853
Chic Terre H ft S E October
218,948 2,605.333 2,216.097
271,355
Oin Ind ft Western. October
970.919
112,558 1,061,414
147,808
Coal ft Coke
September
991.011
194,829
9.464
Colorado Midland. September
240.561 12,178,656 10.596,787
257,160
Oolo ft Southern... 3d wk Dec
820,060 674,193 6,368,318 5.233.894
Ft W ft Den City October
834.428
947,427
128.243
111,092
Trin ft Brazos Val October
996.668
941,604
90.978
105,000
Colo ft Wyoming.. October
621,178
Oonstit Rys of Mex 1st wk Nov
950,351
790,004
89,833
79,954
Crip Crk ft Col Spgs October
753.182
587.890 10,818.016 6,147,788
October
Cuba Railroad
Delaware ft Hudson November 2,933,494 2,502,766 32,188,160 27,768,844
6,729,812 5.342.937 56.466.122 48,044.404
Del Lack ft West.. October
3,257,741 2,794,326 25.547,191 23,413.851
Deny ft Rio Grande October
209,094 1,816.197 1,747,717
223,698
Denver ft Salt Lake October
25,387 1,373,304 1,166,925
38.822
Detroit ft Mackinac 2d wk Nov
238,377 2,763.901 2,471.512
354,043
Detroit Tol ft Iront October
159.277 1,616,456 1,539,065
169,995
Det ft Tol Shore L. October
1,098,610 969,806 8,409,892 6.422.208
Dul ft Iron Range. October
19,925,878 13,210,348
3,195,440
Dul Missabe ft Nor October
4,502,262 4,059,026
68,077
Dul So Shore ft Atl. 1st wk Dec
140,400 1,388,669 1,746,331
120,780
Duluth Winn ft Pac October
864.024
938,715
87,197
102,040
East St Louis Conn October
2,394,206 1,334,379 16,632,632 13,224,478
Elgin Joliet ft East. October
II.439,533
1,179,466 1.113,680 12,306,600
El Paso ft So West. October
October
9,492,516 6,923,296 71,446,475 59.246.263
Erie Railroad
October
1,209,803 852,421 8,797,711 7,307,573
Chicago ft Erie..
560.740 7.333,519 6,866.026
611,213
Florida East Coast. October
805,950
843,017
95,622
116.327
Fonda Johns ft Glov September
893.715
130,828 1,059,615
134,955
Ft Smith ft Western October
927,895
872,229
65,185
October
81,738
Galveston Wharf
657.337
536,405 5,379,469 3.354.026
Georgia Railroad. _ October
175,690 5,819,706 5,620,636
219,880
Grand Trunk Pac.. 4th wk Nov
728,653 67,343.422 55,607,503
Grand Trunk Syst. 2d wk Dec 1,385,902
Grand Trunk Ry 4th wk Nov 1,998,280 1,319,644 56.584,547 47,361,575
9.755.840
2,004,327 1,455,210 II,383,091
Grand Trk West. October
12090441
80,657,056 73,594,695
Great North System October
1 1.987,722
1,942,770
216,347
Gulf Mobile ft Nor. October
234,995 1,974,730 1,665,768
226,242
Gulf ft Ship Island. September
8,990,276
1,561,990 1.066.127 III,385,582
Hocking Valley.... October
88.993.826 72.212,676
9,769,270
Illinois Central.... October
10.077,883
11.123.939
1,319,817
Internat ft Gt Nor. October
990.659
110.946 1,112,535
132,983
Kan City Mex ft Or October
999,078 1,074.890
128.562
October
111.121
K O Mex ft O of Tex
Kansas City South. October
1.507,335 1.078.274 12487380 10,168.745
910.520
99,667 1.014.102
Texark ft Ft Sm. October
938,970
938,970
102,206
Kansas City Term. October
1,904,738
187,848 1,904,827
191,763
Lehigh ft Hud Riv. October
305,513 349.263 3,317,264 3.085,536
Lehigh ft New Eng. October
November 6,014,373 4,559,628 59,692,726 49,495,607
Lehigh Valley
1.462,289 1,216,365 12,039.570 10,567,777
Los Ang ft Salt L._ October
145,171 1,388,675 1,283,015
134.338
Louisiana ft Arkan October
262,159 2.515.478 1,991.461
261,905
Louisiana Ry ft Nav October
10192132 7,074,789 83,560,674 62,753,637
Louisville ft Nashv. October
202.722 2,357.952 1.842.129
287.963
Louisv Hend ft St L October
October
1,410,692 1,277,220 13,538.535 II,870,168
Maine Central
October
332,255 264,234 2,853,022 2,379,349
Midland Valley
1st wk Dec
19,708
21,585 1,070,675 1,134,766
Mineral Range
962,522 9,953,872 9.031.795
1.216.595
Minneap ft St Louis October
4,256,833 3,435,849 28,546,701 28.891350
Minn St P ft 8 S M October
753.260
119,428 1,072,324
89,614
Mississippi Central. October
3,556,118 2,390,043 27,069.350 21.257.708
Missouri Kan ft Tea October
711,524 16,056,723 .12,788,171
830.899
Mo KftT Ry of Tea October
15425189
....
_
‘•TO
8M!
mm
vm
_
AGGREGATE OF GROSS
•
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
Current
Year.
Weektv Summaries.
week
week
week
week
week
week
week
week
week
week
Sept
Oct
Oct
Oct
Oct
Nov
Nov
Nov
Nov
Dec
week Dec
i
.ti
•
i
i
i
i
i
•
i
i
i
i
•
i
i
i
i
i
•
i
i
i
i
i
i
i
i
i
i
i
•
ji
i
Previous
Increase or
Year.
Decrease.
8,158.016
5.656.143
6.931,491
7,762,172
6,809.000
7,664,060
11,833,602 10,309,702
6,615,360
7,581,166
6.850,256
7,194,421
6,734,968
7,551,945
7,492,658
7.631.596
6,541,897
7,582.032
7.853.955
Mo ft North Arkan October
Mo Okla ft Gulf.,,! October
Missouri Pacific... October
October
Monongahela
Monongahela Conn October
Nashv Chatt ft St L October
N evada-Cal- Oregon 2d wk Dec
October
Nevada Northern
Newburgh ft Sou Sh October
New OrlGreat Nor. October
New Orl ft Nor East October
N O Tex ft Mex... October
Beaum S L ft W. October
St L Browns ft M October
New York Central. October
Ind Harbor Belt- October
Lake Erie ft W— October
Michigan Central October
Oleve O O ft St L October
Cincinnati North October
Pitts ft Lake Erie October
Tol ft Ohio Cent. October
Kanawha ft Mich October
NY Chic ft St Louis October
N Y N H ft Hartf.. October
N Y Ont ft Western October
October
N Y Susa ft West
Norfolk ft Western. October
Norfolk Southern.. October
October
Northern Pacific
Minn ft Internat. October
Northwest'n Pacific October
Oahu Ry ft Land Co September
October
Pacific Coast—
October
Pennsylvania RR
Balt Ches ft Atl.. October
Cumberland Vail October
October
Long Island
Mary’d Del ft Va October
N Y Phila ft Nor. October
W Jersey ft Seaah October
November
Pennsylvania Co
Grand Rap ft Ind October
Pitts O O ft St L. November
Peoria ft Pekin Un_ October
October
Pere Marquette
Plttsb ft Snawmut. October
Pittsb Shaw ft Nor. October
October
Plttsb ft West Va
October
Port Reading
Quincy Om ft Kan O October
—
5.756.694
Current
Year.
Previous
Year.
Previous
Year.
i.i^r^ie
W
Ilf ,159
132,994 1.178,027
178,829 1,516,996 1,569,238
156,909
8,461.602 7,199.531 73,248,969
195,824 2,600,364
349,462
202,797 2,023,382 1,564,722
236.223
2,137327 1,453.249 17.790.855
274,721
9,109
6,522
262,165 242,915 2.248,052 2,062,463
839,698
96,804 1,168.984
169345
179,088 1,849,391 1,591.654
196,069
3,984,862
591.210 471.648 5.411.699
153,441 1,639.809 1,159,380
175,756
803,399
93,811 1,187,194
111,562
461,585 325,321 3,661,414 3,204,783
28673375 22768782 239294263 199417379
487,642 420.658 4,542,970 4,362.529
972,138 713,311 7.729,450 6,794,553
6,644.539 4,990.388 55,568.240 43,395,981
7.137.150 5,063.791 58.959.212 42,881,194
295,785 241,961 2,277,224 2,043,375
3310312 2,531,575 27,427,568 21,435,089
1,133,380 860,021 8,320.314 6,735.035
692.797 333,263 4,986,242 2,999,614
2327,661 1,546,355 17,961.575 14,204.259
9,353,128 7.704,668 85,055,277 71,643,937
771,188 9,320.357 7,757,103
900.824
295.459 3.589.234 2.961.302
504,877
67.264,435 54.665.808
8,027,950
4,673.843 4,468.206
521,271
12167442 8.338.680 82,813,285
843.183
77.630
69.812
541,815 482,707 4,834,459 4,066,071
120,150 1,199,110 I,155,010
145.687
1,974.101
580.339
524,821
300253436 243597375
26549030
36962924
122,682 1,170.675 1,089,164
130,991
433,389 4.672,898 4,066,494
561,621
1.817,118 1,739.471 18,861,378 14,578,191
851.453
881,113
99.461
102,947
727,733 488,939 6,126,779 4,6094282
7.459.939
8.980.768
644,004
808,413
9,200,041 6,820,380 86,575,711 72,846,146
691,073 550.658 6,015,246 5.486.302
7,638,774 6,316,525 79,888,416 67,667,403
101,561 1,053,580 1,015,495
111,892
2,960.109 2,157,387 23,400,041 19.549.682
965,059
109,131 1,127.973
100,090
107,964 1,050,650 1.033.030
78,257
171,874 1,581,737
170,080
141,720 2,079,089 1,584” 432
257,308
723,844
890,777
84,057
97,010
Reading Company:
,
EARNINGS—Weekly and Monthly.
%
+1,577,148 19.33
+1.516.272 26.81
+830.681 11.98
+855,060 12.04
+1.523,900 14.78
+965,806 14.59
+344.165 5.03
+816,977 12.13
+138.940 1.85
+1.040.135 15.90
4-2.097.261
Current
Year.
6,750,197 6.194.124 66,329,562 55,837.679
Phila ft Reading. October
644,379 446.455 5,602,786 4,008,570
Rich Fred ft Potom October
Wash Southern.. October
383,928 248,066 3,100,850 2,087,666
391,534 3,858.229 3.649,088
October
424,201
Rutland
221,411 2.208.768 1,947.699
240.797
St Jos ft Grand Isl’d October
6.612.190 5.430.115 57.326,977 47.346,597
St Louia-8an Fran. October
808.389
117,008
955,739
108,696
Ft W ft Rio Gr__ October
961,335
111,345 1,161,660
123,620
St L-8 F of Texas October
188,000
269,000
St Louis Southwest. 2d wk Dec
505,080 656.065 5,517,474 4,597’,29l
St L S W of Texas October
3,565,417 3,339,734
411,823
478,073
San Ant ft Ar Pass. October
October
3,347,370 2.840.116 31,951,853 24,780,094
Seaboard Air Line
94.427 1.301.921 I.014.232
October
140,108
South Buffalo
October
15263100 13239 308 126556955 108206117
Southern Pacific
337,960 3,722,021 3,566,609
388.185
Arizona Eastern. October
Galv Harris ft 8 A October
1,882,010 1,773,918 17,770,511 16,161,976
October
809,938 864,116 7.536.244 6,4754261
Hous ft Tex Cent
172,410 1.702,982 1.508.180
177369
Hous E ft W Tex. October
395.392 3,629,596 2.923.525
394,262
Louisiana West— October
677,497 677,675 6.712.234 5.472.078
Morgans LaftTex October
610,706 6,142.457 5,226,199
636,536
Texas ft New Orl October
12269788 9,139,552 105380258 73,847,359
Southern Railway.. October
688,471 7.543.922 5,826.002
822,985
Ala Great South. October
Oin N O ft Tex P. October
1.371.191 1,202.572 12.567,165 10.928,927
591.210 471.648 5.411.699 3,984,862
New Orl ft Nor E October
1.397,986 1.248.350 12,311,396 II,426,867
Mobile ft Ohio... October
288,806 2,923,482 2,359.453
323.467
Georgia Sou ft Fla October
133,646 1,175,771 1,023,804
162,714
South Ry in Miss October
797,298
839,361
104.666
October
94.124
Spokane Internat’l.
622,366 7.001,361 5,637,547
899.060
Spok Portl ft Seattle October
October
112,233 1,574,344 1,266.712
172,731
Staten Island R T
116,723
132,506
1,467
2,864
Tenn Ala ft Georgia 2d wk Dec
171,292 2,496,146 1.492,363
279,168
Tennessee Central. October
3,168,013
3,214,265
385,560 299,740
Term Assn of St L— October
301,252 3,065.338 2,629,085
377.687
St L Mer Bdg T. October
2d wk Dec
677,059 576.989 25,423,840 21,368,538
Texas ft Pacific
122,372 1,347,617 1,074,444
155,508
Toledo Peor ft West October
642,941 ! 7,568,077 6,525,551
766,088
Toledo St L ft West November
10897225 8,108.851 80,755,988 62.455,037
October
Union Pacific
3,427,247 2,984,830 28.045,125 25,271,983
Oregon Short L__ October
2,506,042 2,329,693 21,780,906 18.285,959
Ore-Wash RRftN October
528,215 5,818,278 4,878,319
684,332
Union RR (Pa)_.__ October
1,175.274
October
152,010
Utah
Vicks Shrev ft Pac. October
245,494 240~871 2,116.719 1,734,272
894.666 9,911,594 8.645,171
October
1,231,845
Virginian RR
October
5,067,330 3.830.117 39,418,661 33,651,697
Wabash RR
1,262.474 1,234,758 12,271,880 II,173,716
Western Maryland. October
October
966.393 9,414.199 84222,489
Western Pacific
1,065,733
175,971 1 2,070,806 1.376.180
254,764
Western Ry of Ala- October
Wheel ft Lake Erie October
1,519,074 1,219,238 11,511.848 9.244.954
840.609
89.30A
869,399
106,120
Wich Falls ft N W. October
1,970,668 1,840,834tl7.904.312 14.553.651
Yazoo ft Miss Vail- October
•
Monthly Summaries.
36.43
Current
Year.
Previous
Year.
Cur. Yr. Pres. Yr.
.247.988 247,265 343.875.052 317.836,386
January
240,046 239.885 282,894.665 294.002,791
February.. .230,336 228,835 362,761.238 312,276,881
March
238.891 237.463 285.776.203 260,627.752
April
233.734 232.255 369.409.895 319.274.981
230,355 228.892 374.237.097 342.146,096
May
June
220.303 219,294 363,165.528 323,163,161
July
231,700 230.570 463.684.172 346.022,857
August
230,743 230,015 498.269,356 362.509,561
September..232,186 232,378 487.140.781 357.772,850
October
230.184 230,576 484.824.750 377.867.933
Mileage.
9,7?5,164
7,172,415
Jan 1 to Latest Date.
Latest Gross Earnings.
ROADS.
December
.
Increase or
Decrease.
%
+26,038,666 8.18
—11.608.126 3.95
+50.484.357 16.22
+25.148.451 9.65
+50.134.914 15.70
+32.091.001 9.38
+40.002.412 12.38
+117661315 34.00
+135759 795
+129367.931
+106956817 2830
Dec. 28
1918.]
THE CHEONICLE
Latest Gross Earnings by Weeks.—For the second week
of December our final statement covers 13 roads and shows
36.43% increase in the aggregate
over
the
same
246*
Latest Gross Earnings.
Name of Road
or
week last
Week
Company.
or
Month.
Current
Year.
Jan. 1 to Latest Data.
Previous
Year.
Current
Year.
Preeious
Year.
year.
1918.
Previously reported (8 roods)..
Ann Arbor
Colorado A Southern
1917.
Increase. Decrease.
...
Nerada-OaltfontfarOregon..
237.938
257460
6.522 -s
9409
2,864
1.467
677.059
576.989
-
19322
_
Total (13 roads)....
Net Increase (36.43%).
1397
100.070
7353.955 5.756.694 2.099.848
'2387
2.587
2.097.261
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
re¬
ported this week:
—Gross Earning*—
.
Roads.
Current
Previous
S
$
Year.
Net Earnings
Previous
Current
Year.
Year.
Year.
S
Chesapeake AOhio_b__Nov 7,263.217
4,924,638 2,319,889
66,631,181 49.902.881 17,433,782
Jan 1 to Nov 30
Delaware*
Hudson^..Nov 2,933,494 2,602,766
Jan 1 to Nov 30
Grand Trank Ry.-i
Jan 1 to Oct. 31
32.188,160 27,768,844
Oct £1,304.000
£900,900
£10.423.000 £8,722,250
Lehigh VaUey «...
Nov 6,014,373 4,669,628.
Jan 1 to Nov 30
59.692.726 49,495,607
Oahn By A Land Co.b-Sept
145,686
120,149
Jan 1 to Sept 30
1,199,109 1,155,009
Pennsylvania System—
Pennsylvania Co.a__Nov 9,200,041 6,820.380
Jan 1 to Nov 30
86,575,711 72.846,146
Pitts C C * St L.b__Nov 7,638,774 6.316,525
Jan 1 to Nov 30
79.888,416 67,667,403
Toledo St LAWest.a..Nov
766,088
642,941
Jan 1 to Nov 30
7,568,077 6,525,551
Western Maryland.a...Oct 1,262,474 1,234,758
Jan 1 to Oct 31
12,271.880 11.173.716
176,012
2,764,409
£243,100
£1,217,660
779,962
6.110,449
70,691
587,706
%
1,617,724
14,982.496
181.334
6,622.641
£177,000
£1.872.300
639.572
9,430,806
57,374
599,203
678,644
854.527
5,520.974 12,612.388
262.426 1,317,527
8,441.192 16.475.021
894,586
125.790
1,416,211 1.684;595
448,313
360,352
752,119 2,926,524
Gross
Net after
Taxes.
%
%
Cuba Railroad—
Oct’18
753,182
’17
587,890
4 mos *18 3,721,861
*17 2,861,604
Other
Income.
%
Gross
Fixed
Charges.
%
Earnings.
Taxes.
%
$
Buffalo Rochester Nov ’18 1,479,314 def126,624
* Pittsburgh
’17 1,323,984
157,622
11 mos ’18 16,872,925
571,768
17 13,790,364
2,533,551
Gross
Net
Earnings.
Bellefonte Central
Nov ’18
’17
11 mos *18
*17
Earnings.
$
$
7,518
69
6,953
1,480
80,513
10,947
73,680
6,793
Northampton Trac..
Northern Ohio Elect.
h North Texas Elec..
Ocean Electric (LI).
Pacific Gaa A Elec...
Pacific Power A Lt..
s Paducah Tr A Lt Oo
Pensacola Electric Oo
Phila Rapid Transit.
Phila A Western
Portland Gas A Coke
Port(Ore) Ry.LAPOo.
Porto Rico
Railways.
%
Balance,
Surplus.
%
99,146
93,886
419,216
375,783
Rents.
%
12,006
def3,153
560,249
300,661
Balance,
Surplus.
$
def29,404 def156,028
72,431
230,053
370,476
942,244
783,679 3,317,230
Fixed Chgs.
St Taxes.
*
210
247
2,310
2,717
Balance,
Surplus.
%
defl41
1,233
8,637
4,076
_
1021.191
Puget 8d Tr, LAP. August
7,629,623
4,151,145
(Republic Ry A light September 443.863
Richmond Lt A RR. June
44.102
42.100
2094211
St L Rocky Mt A Pac October
449,085 347.635 4,366,541
57.100
52,630
557,494
Santiago El Lt A Tr. October
Savannah Electric Co October
106.444
964,593
88,589
Second Avenue (Rec) June
78,170
79,749
391,753
Southern Boulevard. June
16.390
19,959
99,400
Southern Cal Edison. October
699.958 726,000 6,715,637
Staten Isl Midland.. June
28,095
34,560
132.300
82.786
868,073
Tampa Electric Oo.. October
82,710
Tennessee Power
October
190.335 182,292 1,775,807
Tenn Ry, Lt A P Oo. October
496.257 442,750
Texas Power A Lt Oo October
308.131 261,005
Third Avenue Ry
June
316,629 359,429 1,909,852
DDEBABRR.. June
51,366
39,120
240,805
42dStMAStNA Ry June
799,125
140.262 157,493
June
255,823 259,112 1,302,869
UnionRyOo(NYO)
Yonkers Railroad. June
72,552
395,598
72,231
N Y City Inter Ry June
58.271
63,049
338,642
Belt line Ry Corp. June
298,470
48,053
57,607
Third Avenue System October
797,504 896,965 6,428,851
Twin City Rap Tran. November
748,352 807.839 8,799,564
Virginia Ry A Power. October
594.948 609,622 6,539,811
Wash Balt A Annan. September
323.665 179,669 2,105,150
Westchester Electric June
54,888
48,553
272,214
g
ZiM7
October
or
Company.
Adirondack El Pow Co
Alabama Power Co
Amer Power * Lt Co
Atlantic Shore Ry
Aurora Elgin * Chic.
Latest Gross Earnings.
Week or
Month.
November
October
October
November
September
Bangor Ry A Electric October
Baton Rouge Elec Co October
Blackstone v G * El. October
Brasilian Trac, LAP October
Brock A Plym St Ry. October
Current
Year.
Previous
Year.
183,538 152,332
275,827 198,441
1203,058 1004.972
11,713
12,888
210.299 202,866
79.191
21 ,*564
19,338
230.135 183,302
Current
Year.
Previous
Year.
S
1,671,569
2,434,406
%
1,485,154
1,707,560
158.193
1,602,068
759,258
214,808
1,974,162
219,305
1,638,860
726,248
189,862
1,619,312
/805i000 /8006000 /85782’,000 /39884i000
6,248
9,509
Bklyn Rap Tran Syst June
2774,333 2677,328
43,397
Cape Breton Elec Co October
43,392
Cent Miss V El Prop. October
28,327
25,966
89,429
151,946
Chattanooga Ry A Lt October
Cities Service Co
November 1821.533 1732,412
Oleve Painesv A East October
43,362
44,939
856,709 835.614
^Columbia Gas A El. October
Columbus (Ga) El Co October
96,231 104,131
Oolum (O) Ry PAL October
353.675 354.895
dOom’w’th P.RyA Lt October
1799.629 1763,894
Connecticut Pow Co. October
78.111
91,027
Oonsum Pow (Midi). October
582,240 614,113
Oumb Oo (Me) PAL October
247,729 267,632
260,472 187,664
Dayton Pow A light November
g Detroit Edison.... November 1322,435 1156,068
October
1568,263 1388,579
(Detroit United Lines
123,967 138,967
Duluth-Superior Trac November
East St Louis A Sub. October
391,548 307,827
Eastern Texas Elec.. September
79,889
94,589
a El Paso Electric Co September
104.290 105.018
Fall River Gas Works October
65,921
56,330
a Federal Lt A Trac. August
283.088 230.227
Ft Worth Pow A Lt.. October
112.621
94.583
Galv-Hous Elec Co.. October
207,069 197,919
Grand Rapids Ry Co October
97,455 103.246
(Great West Pow Sys November 478,262 369,059
110.299 103.594
Harrisburg Railways September
Havana El Ry, LAP October
733,443 635,822
Honolulu R T A Land September
62.793
62,657
34,431
36,719
Houghton Co El L Co October
26.024
21,061
Houghton Co Tr Co. October
Hud A Manhattan.. October
38Zj371 393,500
October
Illinois Traction
1249294 1226,336
3299.624 3,563592
Interboro Rapid Tran October
Jacksonville Trac Co October
73,974
59,744
20,431
Keokuk Electric Co. October
21.699
13,649
18,163
Key West Electric Co October
Lake Shore Elec Ry. October
176,118 142,841
October
78.606
67.900
Lewist Aug A Waterv
24.568
22,555
Long Island Electric. June
321,256 289,154
Louisville Railway.. November
63,409
79,632
Lowell Electric Corp. October
Manhat Bdge 3c Line June
10.111
12,066
836.299 737,569
Milw El Ry A Lt Co. November
November
293,096 193,061
Milw Lt, Ht A Trac.
180,537 179,050
Missipp Riv Pow Co. October
970.106 905.216
Montreal L. H A P.. October
235.249 211.324
Nashville Ry A light October
Jan. 1 to Latest Date.
90,859
106,891
15,240,907 14,879.323
412,594
375,347
277,582
254,672
1.499,619 1,024,736
20,474,249! 17,539,806
460,188:
454,347
9,353,690 8.718.356
972.816
885,876
3,475,765 2,268,924
17,715,993 15,905,165
815,461
711,050
5.261.858 4.655.528
2.663.996 2,589.282
2,162,925 1,673,940
12,386,394 10,983.739
15.672,246 14,527,741
1,519,812 1,458,087
3,442,480 3.005,218
622.288
738,589
933,514
955.836
588,876
483,686
2.289.886 1.798.732
2,193,561
1.055.070
4,199,624
976.219
6.775.949
1,682,258
1,085,922
3,645.510
878.328
5.672.408
523.803
527.494
336.149
340,155
267,977
285,953
4,007,905 3,617,214
12.102.409 11.032,660
33.616,521
656,766
567,592
217,587
203,941
161.314
118,379
1,809,869 1,475,626
764.735
738,453
102.885
112,865
3,373,789 2,989,549
700,773
582,785
69,641
60,928
8,073,703 7,180,220
2.759,404 2,024,402
1,841,194 1,648,719
5.297,130 4.822.709
2.317.048 2.022.941
80.583
34,928
92,737
31,257
888.983
349,445
HUH
208,060
8,168.737
473.834
787,456
391,180
106,723
6,698,705
156,755
835,272
1,599.476
2.064,547
219,345
872,686
1,425.071
387,744
370,710
345,163
6,947,891
9,345,633
5.405.430
943,843
253,551
863,497
293,064
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.
d Decrease
in gross earnings due to unusually early rains and recent influenza epidemic.
/ Earnings (riven in milreis. g Includes constituent or subsidiary com¬
panies. h Decrease in gross earnings due to the omission this year of the
Texas State Fair, to the influenza epidemic and to the reduction in the
number of troops at army camps.
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gro s and net earnings with
charges and surplus reported this week.
Gross Earnings
Current
Previous
Net Earnings
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Braz Tr, LAP Co, Ltd.0ctc8,052.000 c8.006,000 c4,301,000 c3,716,000
Jan 1 to Oct 31
c85.782,000c76,436,000c44,141.000c39,884,000
c
Given in milreis.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name of Road
2,1^,164
ilefe’JJo
October
2,842.420
October
187.664 142.310 1.766.613
October
176.641 167,784 1,844.277
June
44.461
37.595
210,615
197,432
Juno
14.607
68.348
14,207
75,561
June
84.795
97,994
443.641
588,343
October
934,683 1103.614 0.329.746 10,489.453
November
21.071
214,682
October
585.622 551,295 5,997,74*
',584
October
200.632 298.952 2,464,09
Juno
18.115
15.548
55,01
October
1910.696 1619,738 18.412,850 164296,962
October
154.800 151.310
23.298
August
26.280
204,534
198.998
October
25.808
40.173
283,247
407,479
November 2764.923 2512.229 28,820,945 27.104.497
November
56.993
45.018
October
166.667
October
627,971
122.294 6.288.847 4,9<&‘6?$
October
86.047
72.493
865,213
744,454
Youngstown A Ohio. October
Income.
97,569
13,583
111,152
89,465
1,268
90,733
929,225
50,240
979,465
671,275
5,169
676,444
Gross
Net after
N Y A North Shore..
N Y A Queens Oo
New York Railways.
York Railways
Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
a
Earnings.
England Power.
NewpNAHRy.GAE
Nevada-Cal El dorp.
N Y A Long IslandL.
8
6.8^.256
437^399
1.951,857
81.094
53.792
27.302
~
Tennessee Alabama A GeargktTens A Pacific
_
34?,938 25?,796
New
Second Week of December.
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
Balance,
Surplus.
183,538
152,332
1,825,951
1,629,765
21,564
19.338
256,810
228,747
£
70,136
48,331
344,752
452,937
8,166
9,219
120,773
114,409
22,334
21,333
257,177
256,811
3,523
3,195
40,690
37,521
47,802
26,998
87,575
196,126
4,643
6,024
80,083
76,888
Blackstone Valley
Gas A Elec Co
’18
230,135
*17
183,301
'18 2.346.694
'17 1,938,865
59,503
62,318
671.339
657,788
8,791
8,791
105,500
105,500
50,712
63,527
565,839
552,288
Brockton A Plym¬
outh Street Ry
'18
*17
’18
’17
6.248
9,509
106,282
124,190
def31049
1,433
1,286
16,570
14,388
def4,482
def2,003
def28.891
Cape Breton Electrie Co, Ltd
Oct *18
43,392
43,397
501,329
450,537
28,327
25,966
334.539
306,848
43,362
44,939
460,188
454,347
96,231
104,131
1,183,007
1,057,281
91,027
78,111
975.031
850,636
1,568,263
1,388,579
15,672,246
14,527,741
123.967
138.967
1,519,812
1,458,087
74,037
65,522
5,254
5,272
62,990
63.325
2,465
2,041
28,594
21.601
16,194
11,692
120,467
116,839
28,914
26.635
334.150
305,536
18,801
16,294
217,561
183,036
235,258
1,774
9,957
64,574
103.148
2,938
4,301
53,287
69,785
def5,108
Adirondack Elec
’18
’17
’18
’17
’18
’17
’18
*17
Pow Corp (Glens!
N Y)
13
Baton Rouge Elec
Co
12
mos
Central Mississippi Oct
Vail Elec Properties
12 mos
Cleveland PainesOct
ville A Eastern RR
10 mos
Columbus (Ga)
Electric Co
Oct
12
mos
Connecticut Power
Co
12
Oct
mos
Detroit United Lines Oct
10
Duluth-Superior
mos
Nov
Tract Co
11
Edison Elec Ilium
Co of Brockton
12
mos
Oct
mos
Electric Lt A P Co Oct
of Abington A Rock¬
land
12 mos
Oct
Fall River Gas
Works
12
mos
Galveston-Houston
Electric Co
12
Oct
mos
'17
'18
'17
’18
'17
’18
'17
'18
’17
’18
'17
'18
'17
’18
'17
'18
'17
'18
'17
’18
'17
'18
'17
'18
'17
'18
'17
'18
'17
'18
791 235
'17
711,896
'18
21,251
'17
18,525
'18
224,252
'17
207,272
'18
65.921
'17
56,330
'18
687,942
'17
581,906
'18
207,069
'17
197,920
'18 2,599,424
'17 2,028,900
def717
def 12,321
353
7,028
15,229
127,664
166.473
5,403
6,342
81,881
91,386
11,086
12,689
151,685
172,448
32,827
67,683
643.716
654,414
35,030
32,140
372,478
396.863
310,907
195,530
3,567,127
3,580,309
6,133
35,173
260,678
421,083
19,403
24,848
258 284
259,688
4,817
4,390
51,880
44,345
16,946
23,168
154,871
230,701
34,293
71,305
858,324
679,813
202,241
2,285,211
1,992.703
15,352
14.943
163,437
161,475
6,543
4,428
69,243
29,966
679
394
6,820
3,092
13
4
263
270
29,329
28.401
347,933
328,304
def 14,035
997
31,218
55,609
3,913
41,048
309,566
348,878
16,229
15,846
154,917
213,827
Z107.009
223,064
zl ,627,425
zl ,896,807
zdef7,565
z
12,926
zl 16,026
z280,271
12,860
20,420
189,041
229,722
4,138
3,996
45,060
41,253
16,933
23,164
154.608
230.431
4,964
42.904
510,391
351.509
THE CHRONICLE
2470
Grots
Net after
Earning#.
Taxes.
$
28,260
26,157
823,580
305,175
34.431
36.719
416,546
420.049
Haverhill Ou Light Oct ’18
Oo
17
;
12 mos *18
•17
Hcraghton County
Elec Lt Co
12
15.043
14,073
173,726
167,292
.Oct *18
21,699
20.431
262,194
246,394
2,310
1,937
26,866
21419
705.297
3,362
4,822
62.636
73,598
6,991
4479
76,535
48,868
35.101
34,845
506.328
476,207
6.174
23,423
223.520
272.601
836,299
737,569
8,073,703
7,180,220
187.328
216.016
1,576,919
1,799,991
293,096
193,061
2,579,404
2,024,402
69,837
36,226
550,955
462,346
141,490
148,550
1,729,244
1.580.931
12
Key West Elec Co
12
moe
’18
’17
Oct ’18
mos
’17
*18
’17
Oct *18
Lake Shore Electrie By
10
Lowell Electric St
12
’17
moe
*18
*17
Oct *18
*17
moe
*18
*17
Nov '18
“17
Mllw Elec
11
moe
*18
*17
Nov *18
Mllw Lt, Ht ft
Traction Co
11
mos
’17
*18
*17
Mississippi Biv Pow Oct *18
Co (Keokuk,
4,128
1,458
17,137
237,515
’17
’17
By ft
Light Co
3,503
3.156
41407
34426
73,974
59,744
887,295
678,269
Keokuk Elec Co
Oorp
138,362
187,877
2,336
8.173
105,700
133,118
807
Oct '18
*17
12 moe *18
•17
Oct *18
Jacksonville Tract
Oo
7,479
15,167
159
3,892
21,060
26,024
325,156
341,821
Tract Co
%v
moe
*17
’18
*17
567
12 moe *18
*17
Houghton County
'
Oct ’18
$
1,899
4,398
26,479
70,126
Fixed
Charges.
%
Iowa)
*17
mos
*18
New York Railways Oct
*18
12
*17
•17
*18
'17
18,163
13,649
189,021
141,191
176,118
142,841
1.809,869
1,475,626
‘
79,632
63,409
841.619
180,537
179,050
2,168,935
1,950,063
934,683
1,103.614
3,715.819
4,388,906
Northern Tex Elec Oct *18
♦200,633
Co (It Worth, Tez)
298,952
*17
12 mos *18 3,028,816
*17 2,363,682
4
mos
Pensacola Elect Oo Oct *18
12
Savannah Elect Co
12
mos
*17
*18
•17
Oct ’18
*17
*18
’17
mos
Sierra Pacific Elect Oct *18
Oo (Beno, Nev)
'17
12 mos ’18
•17
Tampa Electric Co Oct ’18
12
mos
*17
*18
’17
222402
113,506
284,528
500,027
1,199,512
♦53,390
40,173
25,808
473,692
331,243
156,923
1.173,778
1,016,728
6,038
10,215
153,316
138,137
106.444
88,589
1,145,311
942,348
62,734
59,948
722,301
675.619
82,785
82,710
1,034,115
1,007,495
23428
28,847
356.361
317,085
30.418
33,753
377,741
371,166
34,545
35,896
430.361
449,597
4,162
49,429
50.621
2,063
1,994
23,958
24420
35,823
35,321
1432
4.230
22.587
69419
3,976
12411
97,155
153451
def 1.792
4,011
56471
82,497
defl3.585
3464
63.789
55410
1,052
2,885
35,770
52479
4,928
2,585
52477
24.548
def722
22466
208446
263.125
103,868
105,056
1.254.222
1.145,056
4483
*88,075
*139404
*545,502
*991,921
*25,436
*def6,191
*69.957
*27464
37,622
43,494
475,022
435,875
216,940 *def60,604
*113,263
220,756
871,691zdefl97,892
886,645
*513,757
25414
**37,760
26.156
*140.350
*984,542
304,236
313.444
*712467
7,491
6,748
def 1,453
85412
80468
3,467
68.104
57,669
24,101
22,860
280.375
268,959
def773
5,987
75,986
48,126
5,200
5,232
63.543
62470
4483
4,680
51.717
45,561
25,218
28.521
314.198
308,796
30,262
31,216
378,644
404,036
* Decrease in
earnings due to the omission this year of the Tezas State
Fair, to the influenza epidemic, and to the reduction in the number of
troops at army camps.
* After allowing for other income received.
Net
Gross
Nov *18
•17
11 mos *18
*17
Nov ’18
New York Dock
’17
11 mos ’18
*17
Twin City Rapid
Nov ’18
Transit Oo
’17
11 mos *18
*17
Louisville Electric
Oo
*
*
Earnings.
Bantings.
321,256
289,154
3,373,789
2,989,549
460.339
447,752
4,906,924
4,415,648
748.352
807.839
8,799.564
9,345,633
114,415
135,630
1,338,282
1,418,059
186,283
195,415
2,102.736
2,150,041
204,488
254,297
2.480.875
3,095,159
Fixed Chgs.
A Taxes.
g
82.562
81,812
885,437
861,937
103,293
94,694
1,067,555
1,062,363
180,826
164,512
1,809,100
1,691,343
Balance,
Sughu.
*31,940
*68,748
*566.182
*717,810
82,990
100,721
1.035,181
1,087,678
23,662
89,785
671,775
1,403,816
After allowing for other Income received.
United Gas & Electric Corporation.
Gross
Earnings.
Citizens G ft F Oo
Oct '18
*17
(Terre Haute, Ind)
*18
*17
Colorado Blaring*
Oct *18
POo
17
fOdo) L
12 mos *18
*17
Columbia (Pa) Gas Oct *18
*17
Co
12 mos *18
*17
Conestoga Trac Co Oct *18
*17
(Lancaster, Pa)
12 mos *18
*17
Consumers El Lt
Oct *18
*17
ft Pow Oo (New
Orleans, La)
12 moe *18
*17
Edison Electric Co Oct ’18
*17
(Lancaster, Pa)
12 mos *18
’17
Elmira (N Y) W L Oct *18
’17
ft BB Co
12 mos ’18
’17
Oct ’18
Harrisburg (Pa)
*17
Lt ft Pow Co
12 mos ’18
*17
Houston (Texas)
Oct ’18
’17
GftFCo
’18
12
J3
mos
12 mos •17
28,121
26,828
313,018
285,006
51,244
51,264
594,972
567,296
3,773
3,142
36,847
30,766
77,408
96,935
1,234,262
1,196,365
33,094
31,310
386,892
366,716
68,732
66,726
783,566
709,150
119,784
104,097
1,380,229
1,241,124
81,519
80,612
979,595
877,075
53,691
46,991
661,066
572,318
Net after
Taxes.
£
10,820
11,426
130,314
123,947
19,688
20,555
215,564
208,403
1,084
816
7,548
6,995
1,031
34,914
445,909
530,097
473
11,758
140.823
173,651
27,543
31,712
350,520
332,110
31,882
34,198
462.815
495,479
29,167
38,002
385,029
473,840
8.561
14,323
198,490
233,007
Oct *18
(Tez) W ft L Assn
*17
Houston Heights
12
mos
’18
*17
International Syst ' Oct *18
(Buffalo, N Y)
*17
12 mos *18
*17
Lancaster (Pa)
G L ft F Co
Oct *18
*17
12 mos *18
*17
Leavenworth (Kan)
L H ft P Co
Oct *18
*17
12
mos
12
mos
*18
*17
Oct *18
Lockport (NY)
’17
L HA P Co
*18
*17
Oct *18
*17
Bichmond (Ind)
L H ft P Co
12 mos *18
*17
Union Gas ft El Oo Oct *18
*17
(Bloomington, IB)
12
def476
1,791
1.157
14,974
9,476
44,561
42,526
482,299
436,147
Bantings.
Surras.
145,216
129459
88425
1,132,013
903.616
Crass
Balance,
361,112
346,848
106,632
[Vox. 107.
Wilkes-Barre (Pa)
mos
*18
*17
Oct *18
Oo
;i7
12 mos 18
*17
♦
Charges.
3,650
3,806
44,708
46,763
12,459
12,459
149,527
149,515
Balance,
Surplus.
*7,170
7,620
85,606
77.184
7,229
8,096
66,037
58.888
349
323
735
493
4,070
3,883
26,551
26,950
325.191
323.787
6,833
6,700
82,001
80,146
10,279
9,568
116.031
105,749
20,851
19,789
245,508
234,041
16.094
14,393
187,783
166,391
6,941
6,751
82,379
82,290
3.478
3,112
def25,520
7,964
120,718
206,310
def6,360
5.058
58,822
93,505
17,264
22,144
234,489
226,361
11,031
14.409
217,307
261.438
13,073
23,609
197,246
307.449
1,620
7,572
116,111
150.717
Fixed
Balance,
Charges.
Surgkts.
9
$
777
907
130
2422
130
1,495
2,910
1465
14.628
31.146
1.560
13.068
29,926
14471
15,608
1,537
♦192,445 *dfl08,964
•190460 ♦df299.224
238,117
163445
705.777
74,772
*7,464,768 •1.421442 •2,153,176 *df731434
8435,724 3,001,183 1.884437 1.116446
26,770
6.809
2,283
20,222
5493
2,125
52471
282408
78.738
26,667
91,537
241,254
66.275
24,262
def 852
2,032
2,884
22,231
4,499
2.979.
1419
24,654
256,927
11,282
34.512 def23,230
34.698
239432
16,930
51.628
512
7,431
39482
6,919
35.452
7,943
1462
6.581
435,109
18402
101,632
83,130
369.765
103478
69,405
34.173
def 245
14,498
4,265
4410
def 1,740
14485
2,953
4,693
182.078
55.078
1.421
56,499
187,443
def3401
53405
57,106
2.732
18,920
6,312
3480
454
16,465
3,632
4,086
206,411
16,207
58,505
42,298
180,687
14474
57.001
42,627
83,373
6,105
27,708
21,603
72.587
9,950
30,420
20.470
946.777
101412
358,249
256.437
377495
135,102
793.455
242,493
IS!
Operation suspended 24 days during October on account of strike.
FINANCIAL REPORTS
Annual, &c., Reports.—The following is
an
index to a]
annual and other reports of steam railroads, street railway
and miscellaneous companies published since Nov. 30.
This index, which is given monthly, does not indud
reports in to-day’s “Chronicle.”
Full-face figures indicate reports published at length.
Miscellaneous Comp. {Con.)—
Steam Roads—
Pace.
Page.
Alabama Great Southern RR. Co..2284 Federal Mining A Smelting Co
2379
2192
Baltimore A Ohio RR
2374 Fifth Avenue Coach Co
2379
2375 Firestone Tire A Rubber Co
Boston A Maine RR
2192
Canadian Northern Ry. System
2183 Fox River Butter Co
Cine. New Orleans A Tezas Pac. Ry -2372 Guantanamo Sugar Co
2284
Gulf
States
Steel
Co
2101
Government’s Expenditures on Rail¬
2374 Houston (Tex.) Ltg. A Power Co...2192
roads
Guantanamo A Western RR
2380 Intertype Corporation
2095
Mobile A Ohio RR. Co
2285 Keystone Steel A Wire Co..
2192
New Orleans Great North. RR. Co.2893 Keystone Tire A Rubber Co
2293
2184
New Orleans A Northeast. RR. Co.2285 Mason Tire A Rubber Co
Massachusetts
Norfolk A Western Ry
lighting Companies.2004
2098
Quebee Central Ry.
2844
Salt Lake A Utah RR
2188
Toronto Railway.
2189
United Rys. of Havana A Regia
Warehouse, Ltd
2377
Electric Roads—
Barcelona Trac., light A Power Co.2185
Boston Elevated Ry
2288
Fort Dodge Des Moines A Southern
2187
(Electric) RR
Haytian American Corporation....2289
Memphis Street Railways
2290
Third Avenue Railway
2099
Utah Power A Light Co
2189
Washington (D.C.) Ry. A Elec. Co.2189
Miscellaneous Companies.
Adirondack Electric Power Corp—2099
Alaska Gold Mines Co
..2099
American Railway Express
2378
American Telep. A Teleg. Co
2100
Assets Realisation Co
2996
Auto Body Co
2291
Beaver Co., Ltd
-2100
Braden Copper Mines Co
2190
Butte A Superior Mining Co
2191
Butterlck Co
2191
2291
California Petroleum Co
Carbo-Hydrogen Co
2191
Cities Service Co
2100
Chicago Railway Collateral Trust. .2184
2994
Cockshutt Plow Co
Consolidated Arizona Smelting Co. .2378
Consol. Interstate-Callahan Min.Co .2191
Consumers’ Gas Co
2095
Consumers’ Power Co
2379
Cudahy Packing Co...
2373
Davie-Daly Copper Co
2100
Donner Steel Co
2094
-
-
Fixed
Net after
Taxes.
2184
2298
Mergenthaler Linotype Co
Miller A Lux, Inc
Miller Rubber Co
Montana Power Co
Newton Coal Co
2102
2293, 2372
Niagara Falls Power Co
2380
2193
Ohio A Western Utilities Co
2295
Oklahoma Produe. A Refining Co..2374
Pacific Coast Co
2284
Pacific Power A Light Co
2381
Packard Motor Car Co
2103
Penn Seaboard Steel Corporation
2373
Pierce Oil Corporation
2295, 2373
Pittsburgh (Ml A Gas Co
2373
Public Service Co. of Nor. Illinois..2381
Punta Alegre Sugar Co
2184
Remington Typewriter Co
2194
Reo Motor Car Co
2194
Republic Motor Truck Co
2382
Riordan Pulp A Paper Co
2995
San Diego Consol. Gas A Elec. Co..2382
Santa Cecilia Sugar Corporation
2184
Sean, Roebuck Co
2194
Sherwin-Williams Co
2382
Stogie Corporation 0f America
2103
South Porto Rico Sugar Co
2104, 2185
Stewart Manufacturing Corp
2296
Stover Mfg. A Engine Co
2995
Texas Pacific Land Trust
2287
Texas Power A Light Co
2383
Towar Cotton Mills, Inc
2194
United Drug Co
2104
United Fruit Co
2284
United Gas A Electric Co
2104
U. 8. Rubber Co
2094
Vulcan Detinntng Co
....2104
Washington (D. C.) Gas Light Co..2384
Wilson A Co
2195
Guantanamo & Western RE. Co.
(Report for Fiscal Year ending June 30 1918.),
President M. H. Lewis
on Dec. 12 1918 wrote in subst.:
Capital Outlays.—Additions to capital account amounted to $120,473,
net. of which $97,439 were account of road and $23,034 were account
equipment. Capital expenditures aggregated $159,444. as compared with
$325,458 in 1917 and $285,377 in 1916. Of this amount $60,380 was for
new rolling stock. $19,264 for stations, freight sheds and additions to shops
and terminal facilities, $68,643 for track betterments and extensions and
$11,157 for Improvements not completed.
Revenue.—Railway operating revenues were $748,664, as compared with
$761,342,with
t555,949
in 1917.
1917; and
expensescompares
as acompared
with
526,220 in
The operating
deficit or $12,678
net operating
income of
$25,918 in 1917.
Of the increased revenue of $192,714 over the previous year, $141,281 90
was from freight and $49,864 from passenger traffic, both due about equally
to a larger volume of business and an increase in rates authorized by the
Cuban Government and effective Nov. 1917.
Operating Expenses.—Of the increase over the previous year of $235,122
In operating expenses, $129,757 was in the cost of maintenance. $88,024
in cost of conducting transportation and $17,341 in general expenses.
The
increase in maintenance charges was due to higher wages, increased cost of
all materials used, a considerable amount of special maintenance work on
both road and equipment, and $23,499 83 written off for damaged and
condemned cars.
The increased cost of conducting transportation was
due entirely to higher costs for labor and fuel, the latter largely became
of the enormous advance in marine freight rates.
Outlook, New Rolling Stock, Ac.—All these costs are expected gradually
to become lower, and as the heavy expenditures for betterments and special
maintenance are now beginning to reduce operating expenses and the volume
of business continues to increase, much better results for the current year
seem assured.
The first quarter, July 1 to Sept. 30, showed a net operating
income of $9,357, compared with a deficit of $16,393 in 1917.
Since June 30 five new coaches and 25 new steel box cars have been put
In service; three new coaches will be added to the passenger equipment in
January, and a large steel warehouse for sugar atTthe Boqueron Terminal
Is under construction.
Special maintenance workgcontinues, and by next
Dec. 28
THE CHRONICLE
1918.]
condition and should thereafter produce
and continuously increasing profits.
The large part of its
territory not now developed will unquestionably become so as rapidly as
the necessary transportation facilities are assured.
New Mortgage—Bonds Sold.—To make ample provision for present
and nature requirements of the company, including the refunding or
payment of all funded and floating debt, was tile purpose of the Refunding
o% Mortgage which
authorised by the stockholders and subsequently
executed as of Feb. i 1918.
Since June 30, bonds aggregating $1,400,000 of the $6,000,000 issue
authorised by this mortgage have been sold and delivered.
By June 30
next it is expected to receive
proceeds of $600,000 more of these bonds,
which will meet all anticipated necessary requirements to that time and
provide a working cash balance after the payment of all floating debt.
INCOME ACCOUNT FOB YEARS ENDING JUNE 30.
1917-18. '
1916-17.
1915-16.
1914-15.
Gross (railroad) esmlngs
$748364
.$555,950
$597,732
$465,097
Operating expenses
761342
526,220
477.273
355,416
was
Net railroad eamfags_def.$12,678
Profit, Boqueron ware¬
$29>730
46,628
$33,950
28,744
$62,694
1,889
.805
6,000
18,482
10,125
69,688
55,945
$85,674
25.440
$111,114
3,811
$107,303
$36,000
19,409
houses, docks, Ac
Net operating earnings
$120,458
$109,681
23.642
33.476
$153,933
Other income
12,802
Net earns, (all sources) _~
$166,735
Taxes (Cuban & Amer.)_
2,051
Operating income
~
$164,684
$136,608
Interest on 1st M. bonds
$36,000
$36,000
do
equip, oblig’ns
9,873
8,142
do
notes, kc
25,770
25,053
do
unfunded debt
17,129
57,866
2,534
Amortts’n of debt disc’t.
25.415
33,560
35,176
10,063
Hijra of equipment, 4c..
8,261
4.603
7,441
7,083
Balance, sur. or deC.def.$91,814 def.$35,990 sur.$34.912 sur.$22,620
GENERAL BALANCE SHEET JUNE 30.
1918.
$
1917.
$
Road, equipm't, Ac.7,459,869 7,339,397
Cash
124.220
33,535
Miscellaneous
Miae. acc’ts receiv..
Material k supplies.
U. S. Lib. Loan bds.
Deferred assets
8,000
72,615
12.083
182,340
91,769
5,900
35,496
26,662
152,871
30,975
121.894
54,971
23,337
161,034
137,478
8,250
Special deposits
d«im«
against
Government
Unadjusted accounts
Deficit
*13I:SS
1918.
1917.
Liabilities—
S
$
Common stock
2,750,000 2,750,000
1st pref. stock
2,750,000 2,750,000
2d pref. stock
250,000
250,000
First mtge. bonds
600,000
600,000
Car trust bonds
293,000
346,000
Notes payable
532,300
224,645
Coupon notes, 1 year
450,000
Acc’ts, wages. Sec...
45,695
50378
Interest accrued
9,365
12,783
Accrued deprec*n
91,637
59,237
Miscel. acc’t payable
51310
Adv’ces from Cuban
Government
115,534
Unadj.,6o., aoe’ts..
Total
8,238,128 7,844,570
Total
56,442
43,872
.8,238,128 7,844,570
—V. 107. p. 2380.
Capitalisation of West Penn Railways on Dee. 31 1917 (see also p. 103 Of
“Electric Railway Section").
Due. Authorized.
Issued.
Syst. Owns.
Common stock
$10,000,000 $8,054,700 $8,054,700
Preferred stock, 6% cumulative..
10,000,000 7,365,300
Old West Penn Rys. 1st 5s, 1905..1931
6,000,000 5*667,000 See table X
do
2d 5, 1910
‘below
“
.—.1931 6,000,000
‘
See#
"
Connellsville Suburban 5s
1932
175,000
175.C-.
Pitts. McK. k Conn. 1st Cons. 5s_1931
3,500,000 02,912,000 See not? a
Pitts. McK. 6c Greensb. 1st 5s....1931
1,500,000 1,500,000
Versailles Traction 1st 6s
1927
88.000
88,000 ...»
WeetPennTrac. Ist5sofl910assumed
by West Penn Rys. (new co.)...I960 25,000.000 5,251,500 See table V
a Additional $500,000 reserved for
extensions, kc.t and $88,000 for sub¬
sidiary company bonds.
k *■
Leading Bond Issues and Securities Pledged Therefor.—The $5,667,000
(old) West Penn Rys. First gold 5s of 1905. due Jan. 1 1931. are part of an
authorised $6,000,000; $333,000 unissued reserved to retire underlying1
tens secured (seeV. 80, P. 1857,1914) by a first lien on the power stationat
Connellsville, 183.41’ miles of single trade, 144 passenger cars, 39 miscel¬
laneous cars, car barns and repair shops at Connellsville, McKeesport,
Greensburg and Latrobe, parte property at Olympia and Oakford Paries,
terminal at Uniontown, ana other miscellaneous property (subject to prior
liens listed below), and also by deposit of capital stock and bonds of undernoted subsidiary companies;
-
_
.
X Securities Pledged for Railways
Latrobe Street Railway Co....
1st 5s of 1905—
Stock.
Bonds.
$100,000
...
McKeesport k Duquesne Bridge Co., preferred
$167,150
82,450
McKeesport k Duquesne Bridge Co*, common
rattanning k Leechburg Railways Co
Oakdale k McDonald Street By. Co
Pittsburgh k Allegheny Valley Traction Co
Allegheny Valley Street Railway Co
West Penn Power Co. [common stock] (see note)
-
.......
*500,000
*150,000
90,000
*350,000 *350,000
*2,000,000
...
6,000,000
...
Total [x entire
$9,249,600 $540,000
issue]
Note.—The remaining $4,000,000 common stock or West Penn Power
Co. is pledged for the Traction Oo.dst 5«. See table Y below.
The $5,251,500 West Penn Traction Co. First 5s of 1910. are now a direct
obligation of W. P. Rys. Co, (new), due June 11960; authorized $25,000,000
of which $9,175,000 are reserved to retire bonds of constituent companies.
Total issued, $12,463,000; in company's treasury. $591,500; repledgea under
this mortgage at 80% of face value, $6,620,000; in hands of public as above.
$5,251,500 (V. 92, p. 597). Secured by pledge of the following securities:
Y Pledged to Secure W. P. Traction Co. Iff 5s—
Stock.
Bonds.
Brooke Electric Co
$1,000
Wheeling Traction Co
2,319,200
$170,000
Steubenville Railway Co
,
..........
10,000
Steubenville Bridge Co., preferred
500
Steubenville Bridge Co., common
13,250
Hancock County Electric Co
12,000
Wellsburg Electric Light, Heat 6c Power Co
50,000
100,000
Steubenville Wellsburg 6c Weirton Ry. Co
*1,300,000
West Penn Power Co*, common (see note)
4,000,000
'
West Penn Railways do. 2d Mortgage
*2,926'000
....
...
_
.......
West Penn Traction & Water Power Co.
Total (x Entire issue)
$7,705,950 $3,196,000
(Old) West Penn Rys. Co. Registered Mtge. and Collateral Trust 5a
CFinancial Report to Pittsburgh Stock Exchange.)
of 1910. due Jan. 1 1931. authorized, $6,000,000.
Entire outstanding
issue. $2,926,000, is owned by the (new) West Penn Railways Co. and doThe Pittsburgh Stock Exchange listed in June 1912 posited
under the 1st Mtge. of the West Penn Traction Co.
Note.—Remaining $6,000,000 common stock of West Penn Power Oo. is
$20,500,000 common and $6,500,000 preferred stock of this
pledged under the Railways 1st 5s of 1905. See table X.
company and on Dec. 18 1918 an additional $2,000,000 com¬
ENDED JULY 31.
mon and $2,000,000 preferred.
The Exchange has issued a CONSOLIDATED INCOME ACCOUNT, YEARS 1917-18.
1916-17.
printed statement showing in substance:
Gross earnings, all sources
$8,910,920 $7,198,889
z
Capitalization (No Funded Debt)—
Par.
Authorized. Outstanding.
Common stock
$100 $22,500,000 $22,054,700
Pref. stock (6% cumulative, pref. a. k d.)__ 100
8,500.000
8,054,700
Preferred Dividends.—Regular quarterly dividends of 1H% were paid
from June 15 1912 to March 15 1914. and from March 15 1917 to aate.
Accumulated arrears dividends amount to 16 H %.
No dividends have yet
been paid on the common stock.
Incorporated.—In West Va., originally
on
July 11 1911.
as
the Black
River water k Power Co., and name changed as at present April 20 1912.
Was organized in present form in accordance with proposition made [in
1912—see V. 94, p. 984] by American Water Works k Guarantee Co. (now
American Water Works k Electric Co.) to stockholders of the West Penn
Traction Co. (now West Penn Railways Co.), whereby the West Penn
Traction k Water Power Co. agreed to deliver to the American Water
Works k Guarantee Co. Its common and pref. stock in exchange for the
entire common stock of the West Penn Traction Co., and $500,000 of the
$2,000,000 capital stock of the (roe next paragraph) Hydro-Electric Co. of
W. Va. (formerly Cheat River Hydro-Electric Co.).
Stockholders of the
West Penn Traction Co. received one share each or common and preferred
stock of the West Penn Traction k Water Power Co. in exchange for each
share of the common stock of the West Penn Traction Co. exchanged. On
May 23 1917 the West Penn Traction Co. was merged with West Penn
Railways Co. (V. 104. p. 1704).
The water power rights ami properties of the Hydro-Electric Co. of
W. Va. are now all owned by the West Virginia Power k Transmission Co.;
all of the stock of which is now owned by the West Penn Railways Co.
Control.—The American Water Works k Electric Co. owns $4,649,500
out of the $8,054,700 of preferred and $15,898,700 out of the $22,054,700
common stock of the West Penn Traction k Water Power Co.
Balance Sheet June 30 1918 (Total each side $30,150,979).
Securities (W. P. Rys.
Capital stock—Preferred $8,054,700
common stock)
Common
$30,109,400
22,054,700
Cash—Ourr’t check acct.
730 Accounts payable affili¬
ated companies
Special account
36,865
■
34,211
Accts. recelv. affil. cos.. ♦
1,085 Accounts payable, mis¬
Deficit.
cellaneous
2,899
7,368
Company’s income is derived from the dividends received
the $8,054,See below.
Officers.—President, A. M. Lynn; Vice-President, Willlston Fish; Secre¬
tary and Vice-President, R. B. Keating; Treasurer and Assistant Secretary,
O. C. McBride.
Directors—H. H. Pierce, H. R. Platt, H. Hobart Porter,
J. D. Mortimer. George T. Wood, Wm. B. Schiller, J. B. Finley, A. M. Lynn.
700 of the
The
common
on
stock of the West Penn Rys. Co. owned.
following statistics
sidiary companies
are
furnished regarding the sub¬
as of Dec. 31 1917:
(l)West Penn Railways (entire $8,054,700
common stock owned by
Water Power Co.).
Properties.—The West Penn Rys. Co., formed May 23 1917 as a mer¬
ger, owns all of the capital stock of the Allegheny Valley Street Ry. Co.,
Kittanning k Leechburg Rys. Co., Oakdale k McDonald Street Ry. Co.
and Pittsburgh k Allegheny Valley Traction Co., and operates the last
three under lease.
Also owns practically all the stock of Wheeling Traction
Co., and entire stock of Steubenville Wellsburg k Weirton Ry. Co., Brooke
Elec. Co., Wellsburg Elec. Light, Heat k Power Co., Hancock County
Elec. Co., the West Penn Power Co. and the West Virginia Power k Trans¬
mission Co., successor owner of the water power rights and properties of
Hydro Electric Co. of West Virginia. Francishes with but few exceptions
are perpetual.
(Compare tables of securities pledged below.)
The physical property owned by the West Penn Railways Co. and sub¬
sidiaries (exclusive of West Penn Power Co.) includes (a) 339.47 miles of
track (measured as single trade), of which 286.33 miles are 5 ft. 2*4 in.
gauge aud 53.14 miles 4 ft. 8H in. gauge; 309 motor passenger cars, 20 non¬
motor passenger cars, 4 trail passenger cars, 26 wok cars, 5 express cars,
8 sweepers and 49 other cars; (b) power stations at Connellsville, Kit¬
tanning and Creighton. Pa. (all these operated by West Penn Power
Co.); Wheeling, wTVa., and Brilliant, Ohio; (c) 63.69 miles of 22,000-volt
transmission lines exclusive of low tension distribution lines in cities and
towns; substations at Harmarville, Pa., and Weirton and Wellsburg, W. Va.
common
and $10,000 000 6%
cumulative preferred; outstanding $8,054,700 common (all owned by West
Penn Traction k Water Power Co.) and $7,365,300 preferred; par $100.
Dividends.—Quarterly dividend of 1H%
on
the preferred, cumulative
from June 15 1917, have been paid regularly.
Preferred stock listed on
Louisville and Pittsburgh exchanges.
Common dividends ofl H % have been paid each quarter since and in¬
Net earnings
$3,815,352 $3,458,194
Taxes
459,870
336,891
Fixed charges and dividends of subsidiary companies 1,979,546
2,029,313
Surplus earnings
$1,375,936 $1,091,989
Note.—Earnings for period ended July 31 1917 cover earnings of West
Penn Traction Co. and subsidiary companies prim* to consolidation.
COMPARATIVE CONSOLIDATED BALANCE SHEET DEC. 31.
1917.
1916.*
1917.
1916.*
Ltab. 0Conel.)—
$
$
$
$
Plant, prop, k inv.52,375,054 48,374,550 Bondskcoll.notes 31,609,000 31,675,000
Deferred charges. 1,084,283
Pur.
notes k mtgs.
1,071,114
494,951
503,951
Cash
1.557,997 1,864,588 Car trust notes...
32,000
Accts. k notes rec. 1,222,202
541,075 Notes payable.... 1,099,356 2,006,101
Material k supplies
753,471
487,951 Accts: payable
590,258
1,157,500
Accrued taxes
389,635
343,242
Total
56,993,006 52,339,278 Accrued int., Ac..
390,643
483,382
Liabilities—
Reserves
612,176
1,096,218
Stock held by public:
Surplus
2,461,921 2,819.100
Assets—
Common
8,054,700
Preferred
7,365,300
Stock of sub. cos. 2,888,175
*
6,500,000
1,624,900
5,134,775
West Perm Traction Co. in 1916.
Total
56,993,006 52,339,278
(2) West Penn Power Co. (West Penn Railways Oo. owns entire $10,000,000 common stock).
Organization.—Incorporated March 1 1916 in Pennsylvania as a merger
of 53 electric light ana power companies.
Consolidated under single fee
ownership the principal electric light and power properties in Pennsylvania
formerly owned by West Penn Traction Co. Does a general electric
lighting and power business, serving some 74 cities and towns in the terri¬
tory surrounding Pittsburgh, Pa. Population served approx. 400,000.
Controls through stock ownership the Butler Light, Heat k Motor Co.
and the Butler Ice Co., a subsidiary of Butler Light, Heat k Motor Co.
The franchises under which the company operates with exception of
those in a few small towns from which tne company derives less
of its revenue, are unlimited as to duration.
Capitalization of West Penn Power Co.
as on
Total
Authorized.
$
Due
Dale.
an
extra H%,
than 5%
Dec. 1 1918.
Total
Issued.
System,
Owns.
$
West Penn Power pref. stock
10,000,000 10,000,000
Common stock
10,000,000 2,750,000
1st gold 5s, series “A”
Mar. 1946 8,500,000 8,500,000
do 8er.‘*C”(V.107,p.2296)June 1958
1,888,000
2-year 6% Coll, notes
Aug. 1919 5,000,000 2,000,000
2-year 7% Coll, notes
Feb. 1920 1,500,000 1,500,000
b Entire common stock owned by West Penn Rys. Co.
Preferred dividends cumulative from Feb. 11916 have hero paid
$
blOOOO,000
(as on Dec. 1’18)
(all called)
regulary 1(Q.-F.)
Properties.—The physical property owned, directly or through ownership
of all securities, by the West Penn Power Co., includes 6 electric generating
stations with an aggregate Installed capacity of 34,561 k.w., 60 substations
having a transformer
capacity of 101,675 k.w., and 387 pole miles of
22,000-volt transmission lines exclusive of low-tension distribution lines
in-cities and towns.
The company also (1) leases the power plant of the
West Penn Railways Co., located at Connellsville, Pa., installed gen¬
erating capacity 56,875 k.w.; (2) operates the plant of the Allegheny Valley
Street Ry. Co., installed generating capacity 2,375 k.w.; (3) the plant of
Kittanning k Leechburg Rys. Co., capacity of 750 k.w.
qfl
Of the generating capacity directly owned, 30,000 k.w. consists of the
company’s one-half of the initial installation at the new power plant at
Windsor ,W. Va., constructed jointly by the American Gas k Electric Oo.
and the west Penn Power Co.
The company has recently completed and
put into service 27 miles of 132.000-volt steel tower transmission line.
The transformer yards used in connection with this line have a total trans¬
former capacity of 60,000 k.w. (V. 107, p. 2297).
West Penn Power Co. and Sub. Cos. Inc. Acct., Cal. Yr. 1917 (V. 107, p.2297).
Gross earnings, all sources
$4,000,349
Operating expenses and taxes
2.512,237
....
“
cluding June 1917 (the September 1918 dividend included
making a total of 1X %.)
3,740,695
5,095,568
-
West Penn Traction k
Capital Stock.—Authorized $10,000,000
Operating expenses
Deduct—Int.
on
bonds and notes, rentals and amortization
$1,488,112
707.910
$780,202
Capitalisation of Othar Sub. Cos. Dec. 311917 (Compare p. 104,
Principal
Total
Total
Due.
Authorised.
%
Wheeling Traction Co. stock
2,600,000
1st Consol. 6s
Jan. 1931 2,600,000
30-year 6s
Jan. 1943 10,000,000
Pan-Handle Trac. Co. 6%
Stock Purchase notes
Dec. 1918
309,630
Wheeling Bridge Co. 6%
Stock Purchase notes
Feb. 1918
162,666
Bellaire S. W. Trac. Co. 5s..Nov. 1926
600,000
Wheeling A Western to
May 1926
600,000
Allegheny Valley St. Restock
1st M. 30-year 6%.J.
Feb.
dKlttannlng A Leechb. Rys.stk
K. A Ford City St.Ry. 1st 6e.Dec.
dOakdale A McD. St. By. stk
1st 6% bonds
Jan.
Plttsb. A Allegh. Val. Tr. stock
1st 5% bonds
May
2,000,000
1936
1928
1937
1940
2.000,000
600,000
60,000
160,000
160,000
360,000
350,000
Pan-Handle Traction stock
1st 5% bonds
Oct. 1932
Steubenville A Wheel. Tr. stock
1st Consol. 6s
May 1936
Steub. M. A O. Val. Tr. 5s.Jan. 1920
600,000
Wheeling Bridge Co. stock
1st Mtge. 5% bonds
Jan. 1921
Steub. Wells. A Weir. By. stk
1st Mtge. 5% bonds
April 1951
600,000
200,000
1,300,000
700,000
600,000
660,000
Issued.
%
"El. By. Bee.”)
Miles
System
Track.
Owns.
%
2,330,300-*2,319,200 87.73
2,600,000 b2,500,000
170,000 bl70,000
309,530
....
162,566
66,000
....
cl5,000
235,000
c53,000
2,000,000 b2,000,000 22.34
1,690,000
600,000 b500,000 10.33
27,500
150,000 bl50,000 4.40
160,000
bOO.OOO
360,000 b350JK)0 8.50
350,000 b360,000
600,000
c500,000 19.19
600,000
600,000
c660,000 15.42
650,000
533,000
160,000
117,000
336,250
c265,900
200,000
1,300,000 bl,300,000 13.77
700,000
a b c Amounts owned by parent company or its subsidiaries,
West Penn Traction A Water Power Co.: b Owned by West Penn
....
vis.: a Owned by
Railways; c Owned
by Wheeling Traction Co.
d This road is leased by and operated under name of West Penn Railways Co.
The Wheeling Traction Co. owns the entire capital stock of
Western Traction Oo., Wheeling A Western Railway Co.,
Bellaire South-
Steubenville A
Wheeling Traction Co., Citizens’ Street Railway Co. (leased by Wheeling
Traction Oo.) and Pan Handle Traction Co.
Controls Wheeling Bridge Co.
Lines of road extend throughout Wheeling and suburbs, and also to Moundsville, Bellaire, Shadyside, Barton. Martins Ferry, Rayland and Wellsburg.
Also has line from Steubenville to Brilliant.
In all owns or controls and
operates 87.73 miles of track; 19.19 mile .standard gauge, balance 5 ft.
2H In. Oars: Motor passenger, closed 90, open 21; work 9, express 2,
sweepers 2, other 17.
Non-motor open passenger cars 20. Power sta¬
tion at Wheeling.—V. 107, p. 2290, 183.
Co., New York.
{Report for Fiscal Year ending Sept. 30 1918.)
The report will be found at length on a subsequent page
including the remarks of President R. B. Hawley, the consoli¬
date balance sheet and consolidated profit and loss account.
The Cuban-American Sugar
GENERAL STATISTICS FOR YEARS ENDING SEPT. 30.
1917-18.
1916-17.
1915-16.
1914-15.
Total bags
Total in tons
Cardenas Ref.(1,000 lbs.)
Oramercy Raf.(1,000 lbs.)
1,724,750
275,960
1,863,802
50,277
151.026
30,613
145,341
298,208
1,477,507
1,676,940
268,310
24,997
117,513
236,401
14,713
154,954
CONSOL. INCOME ACCOUNT FOR YEARS ENDING SEPT. 30.
1917-18.
1916-17.
1915-16.
1914-15.
x
$38,251,539 $38,653,479 $26,320,943 $22,502,285
650,353
714,304
492,334
511,803
Sugar sales
Molasses sales
Interest received
Profit on stores, Ac
234,959
208,850
952,465
768,921
530,851
352,537
Total
$40,089,316 $40,345,554 $27,344,128
Prod. A mfg. costs, sell¬
$23,366,625
_
29,523,594
17,718,657
16,156,102
Net earnings
$10,249,273 $10,821,960
Deduct—
Res. for income and war
excess profits taxes as
$9,625,471
$7,210,523
ing A general expenses 29,840,043
may
be finally deter¬
mined
$3,500,000
Depreciation
909,794
$2,500,000
762,030
729,339
Total deductions
$7,670,714
$2,f
,578,559
»
Balance, surplus.
Denotes
$7,117,590
$3,704,370
$6,719,206
$2,906,265
...
$2,997,890
$4,212,633
and refined sugars produced, less commissions, Ac.
raw
facuring plants in existence.
Outlook.—We are now going through the unsettled times of reconstruc¬
tion, but I believe the tire industry will ajdust itself to normal conditions
very quickly; and with our enlarged Export Department, our improved
sales distributing system, our purchasing and manufacturing facilities I
predict an exceptionally prosperous year for 1918-19.
INCOME ACCOUNT FOR YEARS ENDING OCT. 31.
1917-18.
1916-17.
Sales for the year
$75,801,507 $61,587,219
Profits after depredation, losses. Ac., and reserve
for Federal income ana excess profits taxes
x$6,520,442 $5,051,798
Preferred dividends (6%)
—
510,0001 1,735.403
Common dividends (see below)—,rr^.,...^.(60%)2.100.000J
Surplus for year
Assets—
$
Lands, bldgs., ma¬
29,993,128
chinery, Ac
Good-will
3,929,340
Advances to Colo*
nos, Ac.a
Plant.A grow.cane
Live stock A equip.
Inventory of raw
material, Ac...
Stock of raw, Ac.,
3,334,174
2,592,223
1,288,109
4,500,686
1917.
$
Liabilities—
Common stock
27,820,659 Preferred stock
3,929.340 1st Hen 6% notes.
Coll, trust bonds.
1,614,800 Real est. Ms., Ac.
1,735,900 Bills payable
1,052,746 Bankers* loans...
Accounts payable.
3,618,325 Salaries and wages
Interest accrued..
1,431,147 Dividends pay
1918.
$
462,193
1,052,357
858,034
1,722,633
73,211
109,451
9,999,500
7,893,800
8,211,000
466,195
53,196
721,816
1,479,980
65,620
260,589
1,388,079
347,020
2,327,854
1,606,366 7,398,438 Sinking fund
Res. for inc. A war
Liberty bonds
2,300,000
taxes (est.)
aAccts.A bills rec. 1,530,861
3,743,202 2,500,000
2,656,320
Bond discount
190,446 Deprec’n reserve. 5,378,284 4,251,716
162,500\
Other def. charges
16,828,168 13,809,610
Surplus b
176,194/
Advances
379,400
sugar
Cash
54,120,834 51,448.122
Total
Total
1917.
$
1918.
$
Assets—
54,120,834 51,448,122
After deducting reserve for bad and doubtful accounts.
b After crediting $440,000 collateral trust bonds canceled
1918.
$
Liabilities—
6% cum. pref. stk.
Land, bldgs., ma¬
(auth. $10,000,chinery A equip.17,094,330 16,597,362
000)
8,500,000
Investments:
Com. stk. (auth.
U. 8. "Liberty
Loan" bonds. 3,139,906
Mi8C.stks.Abds 1,661,337
U. 8. Treas. cert.
of indebt. (4*4%)
505,000
Inventories (cost) .22,205,718
Cash
5,207,822
Notes A acc’ts rec. 8,908,337
Due from empl’a
acc’t com. stock
500,000
1,200,648
.
3,500,000
$5,000,000)
Notes A trade ac¬
ceptances pay. .14,009,112
Aeet’s payable
1,211,461
Accrued
salaries,
taxes. Ac
1,110,787
14,034,626
2,452,840
11,817,422 Subscrip, to U. 8.
“Lib. L’n” bds. 1,973.700
Reserves for:
Welfare work A
(4,835,135
and
purchases
sundry advances 4,916,365
8tock subscrip’ns
l
Expend. appUc. to
future opera’ns
215,032
1,241,639
pensions
438,094
Insurarifce losses
Fed. Income and
195,665
1917.
$
8,500,000
3,500,000
9,715,000
838,667
314,281
490,000
1,100,000
284,996
prof¬
war excess
1,835,788
767,928
30,033,267 26,122,825
its taxes
Surplus
63,853,847 51.633,697
Total
63,853,847 51,633,697
Note.—The company had a contingent liability as endorser on $692,279
of notes and trade acceptances receivable, discounted.—V. 107, p. 2379.
Total
General Electric Co.
{Statement for Six Months ending June 30 1918.)
Figures reported by the New York Stock Exchange com¬
pare as
follows:
INCOME ACCOUNT SIX MONTHS TO JUNE 30
YEARS 1915-1917.
1918 AND CALENDAR
1917.
1915.
1916.
$98,152,331$196,926,318$134,242.290 $85,522,070
76,174,056 167,921,778 118,948,199 76,898,183
6 mos. 1918.
Receipts—
Sales billed
Cost of sales
Profit from sales
$21,978,275 $29,004,540
Interest and discount
$15,294,091
$8,623,887
1,851,140
2,022,237
2,129,265
1,554,843
2,419,126
and sundry profits
Income from securities.
1,844,645
2,661,150
Total
$24,397,401 $33,516,830
Deduct—
Interest on debentures.. $1,064,850
$571,645
Int.Adisc’t on notes pay
541,357
Excess profits tax. (est.) 11,000,000
5,500,000
Dividends cash
(4%)4,533,605 (8)8,120,648
do
Red Cross (1%)
1,015.078
do
in stock (2%).—
2,270,000
2,030,156
$19,160,973 $12,307,995
$571,445
$570,086
(8)8,121,646 (8)8,229,918
$5,528,946 $15,737,946 $10,467,882
$3,507,992
CONDENSED BALANCE SHEET.
June 30 ’18. Dec. 31 ’17.
$
$
1
13,768
Assets—
Patents, Ac
Cash
24,844,257
Securities
38,524,946
Notes and acc’ts
receivable
43,529,078
Due from affili¬
ated cos
6,571,239
Work In progress
6,128,950
Inventories
90,328,896
Deferred charges 3,469,675
...
Property acc’t.. 50,921,254
Total..
-V. 107,
June 30 '18. Dec. 31 ’17.
$
$
Liabilities—
Capital stock.. 113,587 ,100 101,512,500
12,047 ,000 12,047,500
21,190,675 Bonds
37,348,608 Notes payable-_ 25,451 ,534 27,757,722
Acct’s payable. 14,229 ,638
8,009,910
7,865,748
13,717 ,936
38,406,993 Accrued taxes
Adv. on contra’s 17,620 ,599
8,233,880
250 ,611
254,211
5,578,518 Accrued interest
2,030,156
6,244,690 Divs. payable.,
do do in stock
2,030,156
81,851,312
1,277,063 General reserve. 12,000 ,000 12,000,000
55,427 ,645 49,898,699
39,732,622 Surplus
_.
264,332,063 231,630,482
Total
264,332,063 231,630,482
p.2379, 2292.
Gaston, Williams & Wigmore, Inc.
(Including
1917.
S
9,999,500
7,893,800
6,000,000
$3,316,395
CONSOLIDATED BALANCE SHEET OCT. 31.
CONSOLIDATED BALANCE SHEET, SEPTEMBER 30.
1918.
$3,910,442
—
Federal income and excess profits taxes for 1917-18 were $1,835,788.
Stock outstanding, $8,500,000 6% cum. pref. and $3,500,000 common;
par $10 a share.
In the year 1917-18 the common shares received each
quarter a dividend of $1 25 a share (12)4%) and on Sept. 30 with the
regular $1 25, a special of $1 (10%) was paid, making 60% for the year.
x
$788,497
(40)2854,240
paid Oct. 2 1916
which will be delivered in January.
With the completion of these plans
we shall have the most economically operated power house and tire manu-
Balance, surplus
Discount on bonds
62,352
61,866
83,990
548,860
Interest on bonds
529,530
197,095
498,420
Int. on bills payable, Ac.
216,766
83.520
69,624
306,009
Discount on notes
137,500
Interest on notes
256,443
Res. to reduce cap. exp.
715,229
Bond sinking fund
637,926
96,128
494,921
276,283
Preferred dividends
(7)552,566
(7)552,566 (7)552.566(14)1,105,132
Common (cash) divs...(10)999,950(20) 1999,137(20) 1427,120
Common (stock) divs.
x
[Vol. 107
THE CHRONICLE
2473
Gaston,
Williams & Wigmore Steamship Corp.)
{Semi-Annual Balance Sheet Oct. 31.)
1918.
Assets—
$
Stk. of assoc, cos. 1,766,688
Secure, of oth.cos.
102,652
Invest, in ships... 1,784,978
Adv. to oth. cos..
556,584
43,689
317,008
Cash
1,135,169
Notes receivable..
393,535
Accts. receiv., less
reserve
y9,241,994
Mdse, purch., sold
A In process of
4,663,551
delivery
Securities
484,700
Deferred, Ae., as¬
set8
119,493
Fum., flxt., Ac...
Insur. claims, Ae.
1917.
$
Liabilities—
Declared
capital
1918.
$
1917.
$
1,755,662
(300,000 shares,
213,910
no par value).. 12,000,000 12,000,000
1,508,444
648,157 6% ser. notes, due
April 1918-21.. 3,000,000 4,000,000
33,495
195,000
354,055 Notes payable
2,868,122 Accepted merchan¬
dise drafts
1,460,354
605,191
196,451
Accts. payable...
460,145 1,760.337
12.230.571 Taxes, commls’ns,
459,098
Ae., accrued
126,873
Dividend payable.
300,000
300.000
3,660,363 Res. for taxes, Ac. 1,007,292 1,021,527
184,800 Deferred credits to
350,403
profit and loss..
293,179
28,108 Res’ve for conting.
277,845
504,695
Surplus
1,432,129 2,738,112
a
through the
oinking fund.
In regard to the first lien 6% gold notes, see V. 105, p. 2545.—V. 106.
p. 503.
Firestone
Tire &
Rubber Co.
{Annual Report—Year ending Oct. 31 1918.)
Pres. H. S. Firestone
on
Deo. 16 1918 wrote in substance:
Results.—Sales for the year were $75,801,507 against sales the preceding
of $61,587,219, an increase of $14,214,287, or 24%.
Profits for the year, after liberal allowances for depreciation, losses and
bad accounts, taxes, Ac., were $8,356,230, which have been distributed
as follows:
Reserve for Federal income and excess profits taxes, $1,835,788;
dividends paid during the year, $2,610,000; placed to surplus, $3,910,442;
total. $8,356,230.
year
Additions.—During the year plant No. 2 was completed and devoted
exclusively to work for the Government, which work is now largely finished.
The equipment originally ordered for this plant is on hand and paid for,
and is now being installed.
The same is true as to the power house, which
is practically completed, with the exception of a 25,000 n. p. steam turbine
...20,610,042 23,682,138
Total
20,610,042 23,682,138
Includes acoounta receivable (customers), $4,352,273, and of associated com¬
panies, $5,150,629, less allowance for doubtful accounts, $260,909.
Contingent liabilities: Drafts discounted against customers for merchandise sold
and shipped, $2,796,588; sundry guarantees on bonds and contracts, $376,317.
—V. 107, p. 1582.
Total
y
Fajardo Sugar Co.
(13th Annual Report—Year 'ending July 31 1918.)
President James Bliss Coombs says in substance:
The general results of the 1918 crop in the Island of Porto Rico were lees
than the previous year, few Centrals showing an increased outpu over the
preceding year. We are glad to report that the Fajardo Central was
one of the Centrals that exceeded the output over 1916-17.
The total number of tons of cane ground in 1917 was 249,488 tons and
in 1918, 295,124 tons.
The factory output was 231,085 bags of 310 pounds
net of sugar, equal to 35,818 net tons, and a total of molasses of 1.549,401
gallons. The cane acreage for the 1919 crop is somewhat larger than the
1918 crop, so that it is probable that with favorable weather there will be
an increase in the sugar output in 1919.
Dec. 28 1918.]
CONSOLIDATED PROFIT AND LOSS ACCOUNT—YEARS ENDING
JULY 31.
1917-18.
1918-17.
1915-16.
1914-15.
Sugar. Ac., produced— $4,366,671 $3,286,366 $4,162,851 $1,980,623
Miscellaneous receipts._
226,982
196,312
164,193
78,643
Total
$4,593,653
$3,482,678
3,591,184
Net income
$1,002,468
Miscellaneous
79,243
Purchase of San Cristo¬
bal assets, losses on
final liquidation
Int. on bills payable, Ac.
103,453
Deduct—Producing and
mfjg. costs, See
Balance, surplus
$4,327,044
$2,059,266
2,790,670
2,601,605
1,654,133
$692,008
$1,725,439
$405,133
5,247
40,000
38,440
98,275
Depreciation
154,349
Dividends _-”IIIIIIII(10)333>20
a
2473
THE CHRONICLE
70,964
110,366
79,813
114,589
(10)333’,720(17^)584010
«$331.703
$181,572
$218,557
$947,028
CONSOLIDATED BALANCE SHEET.
Aug. 31 ’18. Oct. Zl ’17Aug.Zl ’18. Oct. 31 ’17.
Assets—
$
Lands, bldgs., eq.,
water rite, Ac.. 4,692,956
LiabUities—
$
7% cum. 1st pref.
5,323,540
Invest. In stks. of
other companies
Raw materials A
128,370
5,159,268
483,759
2,278,801
166,781
29,797
UnadJ. bal. of pro¬
prietary sell.cos.
Patents
Deferred items
2
129,697
Before providing for Federal income, war and excess profits taxes.
Depree. of pats.
232,618
1,054,601
402,287
Doubtful acc’ts
receivable
Tire ad Justm’ts]
Dlstribu. com.)
stk. to empl. j
1918.
1917.
1918.
1917.
Assets—
Liabilities—
%
S
*
S
Property plant, Ac.,
Capital stock (33,372
leas depreciation..3, 134,714 2,981,762
shares at par)....3 ,337,200 3,337,200
Live stk., equip., Ac.
Fajardo Devel. Co.
less depreciation.. 668,974
620,207
1,000
outstanding stock
1,000
Bills payable
Dep .dePuert oRicostk.
750,000
1,000
Growing crops
830,973
198,954
517,921 L. W. A P. Armstr’g 864,649
Mortgages A loans..
47,571
47,390 Accounts payable— 309,311
286,250
Cash
v
253,277
201,133 Dividends payable..
83,430
83,430
Material A supplies. 616,224
391,442 Insur. reserve to pro¬
Sugar and molasses. 1, 156,314
vide for poes .losses 100,000
100,000
162,707
Liberty Loan bonds. 225,540
60,000 Other reserves
89,930
13,414
Planters’ acc’ts, Ac. 154,565
1,517,612
254,811 Surplus
,849,316
1
Acc’ts A bills recelv. 185,925
191,906
Deferred charges
109,760
108,581
.
-V. 106, p. 503.
7,384,836 5,537,861
7,384,836 5,537,861
Total
Packard Motor Car Company,
Detroit.
(Company's Comparative Statement.)
Auditor I. R. Derbyshire has favored the “Chronicle” with
substantially the following comparative data:
COMBINED INCOME FOR FISCAL YEARS ENDING AUG. 31.
1917-18.
1916-17.
1915-16.
1914-15.
1913-14.
Aug. 31 Years—
Output, No. of vehicles..
13,277
4,908
3,612
13,237
14,505
$
$
S
S
S
9,281,332
3,664,630
7,700,487
2,299,796
9,046,203
2,847,649
4,090,556
1,321,000
2,252,054
1,091,000
Net revenue
5,616,702 5,400,691 6,198,554
Pref. dividends (7%)
560,000
560,000
455,000
Common dlvs. Cash ...(6%)710,382(7*4)910036(5^>395601
do
do Stock—See foot notes to balance sheet.
2,769,556
350,000
1,161,054
350,000
Gross
revenue..
Depredation
Balance, surplus
4,346.320 3.930,055 5,347,953 2,419,556
811,054
In the year 1912-13 the gross revenue was $3,878,568; depreciation charge,
$1,514,000; cash dividends, $350,000; balance, surplus, for year, $2,014,568. Total
profit and loss surplus Aug. 31 1913, after writing down “Rights, franchises, Ac.,’’
from $3,274,959 to $1. $3,394,553.
fCash dividends on common stock include In calendar year 1916 7% (1X % quar.);
1917, 8% (2% quar.); 1918, June, 2%; July, 2%; Oct., 4%. For stock dividends
see
foot notes to balance sheet.
CONDENSED BALANCE SHEET FOR YEARS ENDING AUG. 31.
1917.
$
1916.
$
11,792,606
9,819,872
7,372,230
5,840,460
1
1
1
4,457,090
533,080
2,652,641
1,385,388
1,748,076
248,463
156,500
199,000
138,000
Inventories
18,235,205 18,556,600 14,746,475
Cash
727,496
688,640
2,085,782
Vehicles In transit
527,327
278,795 2,334,367
Due by branch selling cos. 1,237,128
539,966
2,798,295
Bills A accounts receivable 4,890,781
1,315,014 1,658,083
Advance payments
65,406
199,948
248,039
186,200
7,423,876
2,289,111
53,103
577,306
690,789
94,924
201,950
6,394,864
2,462,464
278,309
263,146
836,590
97,084
1918.
Assets—
$
Real estate, mach’y. Ac.. 12,056,190
Rights, franchises, Ac...
1
Invest, in branch houses. 6,968,838
Securities owned
4,416,356
Stock option contract with
5,741,123
19,029
1915.
$
50,525,524 43,690,714 33,212,796 22,725,589 18,371,407
Liabilities—
Common stock
11,813,430 11,840,930
Preferred stock
8,000,000 8,000,000
Debenture notes
5,000,000 5,000,000
Accounts payable
9,817,287 4,184,113
Notes payable
1,060,432 3,975,000
Defd pay. on real estate.
274,382
543,870
Reserves
632,644 1,104,748
11,656.930
8.000,000
3,000,000
4,295,113
368,985
510,282
9,311,541 x5,381,486
,
13,657,861
Surplus
7,065,300
5,000,000
3,000,000
2,335,908
368,985
213,719
330,213
4,625,163 y2,205,607
50,525,524 43,690,714 33,212,796 22,725,569 18,371,407
Total
After deducting special stock dividends paid on common stock of 10% [$706,0001
!n Feb. 1916 and 50% [ $3,885,500] Aug. 1 1916.
y After deducting $2,000,000 special stock dividend (40%) paid on common stock,
Oct. 16 1913.
x
Working Capital Aug. 31—
1918.
1917.
1916.
$22,399,169 $22,632,581 $16,518,265
3,158,510
1,094,400
1,202,731
275,795
2,334,367
527,327
6,146,254
2,651,637
2,369,285
Inventories
Cash
Vehicles In transit
Bills A accounts receivable
Total current assets
Accounts payable
Notes payable
1915.
$8,331,228
4,343,968
53,103
486,925
.$31,979,728 $28,712,985 $20,617,608 $13,215,224
$12,869,992
1,060,432
$6,044,470
3,975,000
$3,182,079
1,550,000
$3,178,115
$13,930,424 $10,019,470 $4,732,079 $3,178,115
15,885,529 $10,037,109
$18,049,304 $18,693,515
*
Includes reserve for Federal taxes and other accruing obligations.
(Compare
V. 107. P. 1746: V. 103, p. 576.)—V. 107, p. 2295.
•
Total current liabilities
Net working capital
Republic Rubber Corp. & Subsidiaries, Youngstown, O.
INCOME ACCOUNT AUGUST 31 1918.
Net profit for 6 months ended Feb. 28
Net profit for 6 months ended Aug.
$217,737 Interest charges)
1918
31 1918 (after deducting
$40,530
$76,164
382,249
$447,830
Balance, surplus
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING AUG. 31 1918.
Balance Aug. 31 1917, as shown by company’s books, $3,962,453;
balance as shown above, $447,830; total balance
$4,410,283
Deduction»—Reducing book value of patents and patent rights,
to nominal value of $2
Reducing book value of permanent assets to final appraisal
and revaluation of molds
Charging off items classified as deferred assets
Charging off financing expense providing for doubtful items,
necessary adjustments. Ac
Aug. 31 1918 (equal 4*>
$940,255
332,936
163,446
983,969
—$1,989,677
1,541
671,458
100,000
110,000
20,000
16,690
...
27^865/
3,156,754
894,887
16,381,295 15,359,822
Total
16,381,295 15,359,822
Authorized 250,000 shares of no par value, declared value of at least
$5 a share; Issued, held for exchange, Ac., 218,958 shares, 200,839 shares
being the amount actually outstanding Nov. 15 1918, which at $5 each
equals $1,094,790
as
here shown.
_
.
y Authorized, $10,000,000; issued, $6,251,000;
held for exchange, $502,200.—V. 107, p. 2295.
.
„
subscribed, $14,200;
*
Torbensen Axle Co.
{Report for the Year ending June 30 1918.)
This company, whose entire common stock is owned
the Republic Motor Truck Co., Inc., reports as follows:
by
INCOME ACCOUNT FOR THE YEAR ENDING JUNE 30 1918.
Sales, less returns, Ac.: Axles
$4,234,338
*
Parts
Less—Discounts
693,879*
14,089
-
....
$4,814,128
Net sales
Manufacturing
3,750,012*
cost
$1,064,115
Gross profit from operations
Other income
49,324
Total profits
$1,113,439
Selling, general and administrative expenses, Ac
345,220
Preferred dividends
53,924
Provision for inc. A exc. prof, taxes, Law of Oct. 3 1917, A reserve
for contingencies
400,000
$314,295-
Balance
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING JUNE 30 1918.
Surplus at July 1 1917, $354,012; Lera Federal taxes, $159,075 for
year 1916-17 in excess of reserve; balance, $194,936; Add surplus
year 1917-18, as above, $314,295; total
1
$509,231
Deduct—Amount written off for exting. of patent rights, goodwill
and common stock bonus, $114,790; commission on pref. stock
sold, $17,482; organization expense written off, $4,279; total.. 136,551
£$372,680*
Balance, surplus
,v:r
,
• ■:
BALANCE SHEET JUNE 30 1918.
Land,bldgs.,mach..equip.,Ac.
Patent rights, goodwill, Ac
Liabilities—
Pref. stock ($1,000,000 auth.).
Com. stock ($750,000 auth.)..
Inventories
Due from Republic
Truck Co., Inc
Accounts receivable
Notes receivable
Accounts payable
Accrued pay-roll,
Assets—
$764,914
330,990
1,048,226 Mortgage payable
Notes payable—bank loans.
Motor
546,505 Trade acceptances
331,681
30,744
Liberty bond subscriptions...
Cash
.
85,003
516,648
61,634
12,537
Ac
13,230 Customers’ Deposits
122,232 Balance Federal taxes, 6 mos.
16,882
*3,205,403 I
Total
.
$740,000
395,000
35,000
575,000
to June 30 1917
Prov. for inc. A exc. prof, taxes
on law of Oct. 3 1917, and
reserve for contingencies...
12,031
Surplus
400,000
372,650
Total
$3,205,403
discounted and discounted sight drafts in course
axles shipped—Republic Motor Truck Oo.,
Inc., $400,000; other customers, $123,692; total, $523,692.—V. 105, p. 916.
Note.—Customers’ notes
of collection, secured by
International Milling Co., New Prague, Minn.
{Report for Fiscal Year ending Aug. 31 1918.)
This corporation owns mills at New Prague, Blue Earth
and Wells, Minn., Davenport, Iowa, Calgary, Alta., and
Moose Jaw, Saskatchewan. The total daily capacity of
flour in 1917-18 was 9,000 bbls. and cereals 800 bbls.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING AUG. 31.
1914-15.
1915-16.
1917-18.
1916-17.
$411,199
$661,915
$44,00(1
$42,515
70,357
70,357
70,357
$296,842
$549,043
Balance, surplus.
$406,802
465,717
Previous surplus
362,559
m
566,063
534,002
Total
$972,865 $1,036,063
$911,602
$762,559
Com. dlv. (cash)
(18%)225,000 (22)220,000 (27)257,000 (35)280,000
do in paym’t new stk(22) 275,(KM) (25)250,000 (4+)40,000z(15) 120.000
See “x” above
war taxes.
do
80,000
x$517,163
Trading profits
Interest on bonds
Preferred dividends (7%)
$40,004
$613,662
$41,244
70,357
$502,061
Total surplus
$566,063
$534,602
$472,865
$362,559
x After deducting full provision for Canadian and American war taxes,
x Note.—In Feb. 1914 a cash dividend of 28% and a stock dividend of
40% and in March 1915 a cash dividend of 30% and a stock dividend of
were paid, the stock being thus increased to $960,000.
In the fol¬
lowing three years cadi dividends only were paid aggregating 31%, 47%
and 40%, respectively, but of these distributions amounts equal to 4%
($40,000). 25% ($250,000) and 22% ($275,000) on the outstanding stock
were forthwith applicable to the purchase at par of additional stock,
which, being worth more than its face value, was taken as a matter of
course, increasing the outstanding Issues by the sums named to $1,525,000
20%
as
of Aug. 31 1918.
865,714
$906,243
Total profit
Common dividends
Preferred dividends
Balance applicable to common stock
$9 08 per share)
46,158|
x
7,065,300
5,000,000
3,000,000
886,781
77,638
85,560
Total
Prepaid ins., prem., int., A$--
employees
Total
1914.
$
115,355
118*781
Surplus
CONSOLIDATED BALANCE SHEET JULY 31
Total
Land contr’t pay.
Safes A wages pay.
Accr’d pref. dlvs..
Accrued taxes...)
Accrued interest./
Reserves for—
Deprec. of prop.
ylOO.OOO
2.847,18$
444,530
10,000
17,060
Mortgage payable
supplies, work in
process, Ac
7,599,392
Cash
733,434
Accounts reooiv’le 2,127,389
Notes receivable..
417,839
Mlscell. notes and
800*18 receivable
680,586
Stock contr’t with
officers
6,755,400*
1,007,699*
stock
y8,767,400
Common stock
xl,094,790
Notes payable.... 6,437,417
Accounts payable.
966,927
Assets—
BALANCE SHEET AUG. 31.
1917.
Liabilities—
*
1918.
S
1918.
1917.
$
$
1,005,100 1,005,100
bl,525,000 1,250,000
648,500
668,500
Property A plants..2,692,967 2,404,312 Preferred stock
Common stock
Wheat, oats, flour,
cereals, Ac
2,272,224 1,637,697 1st Mtge. bonds
Notes payable
Notes and accounts
receivable
a724,602
453,526 Accounts payable
Cash
314,944
267,755 Acer. dlvs. on pf. cap.
Acer, int., taxes, Ac.
Llb'ty A Vic’ty bds. 188,200
Deprec’n res’ve, Ac.
Milling in transit,
Insurance
fund
prep’d int..insur.,Ac 59,508
48,652
Profit
and loss
Sundry assets......
95,069
104,834
Total
6,347,514 4,916,7771
Total
758,066
699,595
17,589
834,689
382,152
226,558
474,193
17,589
393,905
315,869
3,957
472,866
566,063
6,347,514 4,916.777
After making allowance for bad and doubtful accounts,
b As to increase of stock, see foot-note to income account above.
There was also, Aug. 31 1918, a contingent liability in respect of draft*
on customers discounted at banks in the ordinary course of business, amount¬
ing to $509,156: in respect of contracts for permanent improvements,
approximately $34,000.—V. 105, p. 2541.
a
[Vol. 1U7.
THE CHRONICLE
2474
American Real Estate Co., New York.
(Fifth Report of Receivers—Half-Year Ended June 30 1918.)
Receivers Walter C. Noyes and Alfred E. Marling, as of
July 31, say in substance:
Progress of Liquidation—Park Hill Property.—During the past six months
progress has been made in the liquidation of the affairs of the estate.
The sales of rental properties aggregate $125,600, having a book value of
$193,600, and contracts have been entered into for the sale of a rental
property for $121,500, having a book value of $130,000. and for the sale
of a portion of the vacant land situated in Park Hill, Yonkers, for $200,000.
While the sum secured for this latter parcel is leas than 33 1-3% of the
book value, this book value was in our opinion unreasonably high.
The
purchaser proposes to develop the property with small dwellings, and this,
we believe, wfll lead to
purchases by other parties interested in home sites.
The expense of maintaining the Park HOI properties this year has been
considerably increased owing to an advance of about 31% m the tax rate
by the city of Yonkers.
Cash Receipts—Mortgages.—The amount erf cash received through the
sales of real property was inconsiderable; the estate, however, was relieved
of several very pressing first mortgages.
Several mortgagees have met our
urgent appeals by reducing the rates of interest on certain mortgages, with
a saving to the estate of $11,487 per annum.
Demand for Apartments, Ac.—The demand for apartments and loft
bnilding space continues and the receivers are pleasea to report that new
leases have been made at considerable advances, and negotiations in progress
would indicate increases in gross revenues from rental properties aggre¬
gating $60,000 for the coming year.
Increase in Taxes.—Unfortunately the tax rate in N. Y. City has beat
Increased an average of 16H% and as already stated, the tax rate in
Yonkers has been advanced about 31%, so that the increased taxes on
improved and unimproved properties for the year 1918 are nearly $35,000.
Equities.—As many of the second mortgages receivable which came into
the possession of the receivers were past cute on April 19 1916, the date of
our appointment, it was necessaiy to secure title to the properties in order
to protect the equities, which title has been obtained in some instances
through foreclosure proceedings and in others by the payment of nominal
sums.
The amount of such second mortgages receivable uncollected and
which we have been unable to liquidate aggregate $397,900.
The proper¬
ties taken over are being operated without loss and as the realty market
improves it is hoped that these various parcels may be sold at prices which
will enable the receivers to recover the larger part of the equity in the
second mortgages formerly carried thereon.
Settlement of Claim against Certain Former Directors and Officers.—In view
of the nature of the claim, the financial responsibility or the defendants
and other considerations, the receivers with the approval of the Court,
settled this matter for $60,000 cash.
We are fully convinced of the wisdom
of making such settlement under all the circumstances.
Outlook.—There is little opportunity to sell vacant property during the
war and to carry such property with the heavy interest and tax payments is
a great burden; such outlays exceeding the net income from the unproved
properties. Indeed the burdens in some cases are so great that we often
seriously consider whether the prospects justify continuing to carry them.
Still many competent persons believe that after the war there will be a
great demand for vacant property for dwellings, apartments and factories,
and advise holding vacant property wherever possible, and awaiting the
We therefore continue to provide for substan¬
expected better market.
tially all of the unimproved parcels. We earnestly nope that the future
will justify our action.
RECEIVERg* BALANCE SHEET.
(Book value of assets In the possession of the esetiveni and liabilities of the re¬
ceivers at Jane 29 1918.1
Ju>is 29 *18. Dec.31 *17*
$
$
Real estate invest.20,098,258 20,264,122
Deduct — Mtges.
8.786.794
thereon
8.989,544
Liabilities—
Reoetv. etfa.—las.
Nov. 6 *16 at 6%
Int. aeer., mtges.
some
REAL ESTATE INVESTMENTS, WITH MTQES. THEREON,
JUNE 29 1918.
(Showing property values April 19 1916, less properties since sold to June 29 1918.)
Property 'Valve*
—Mortgage
Cost.
Book Val. Assess.’IS.
First.
Subord’te.
Properties—
$
$
$
(1) XJnencumDered properties
(book value $2,805,348)—
83,532
155,325
(o) Bronx Boro., N.Y. City71,800
(6) In Yonkers, N.Y
843,653 2,042,023
753,775
(2) Mortgaged rental properties (book val. $9,081,515)—
(s) InManhattan.N.Y.City 6,981,631 6,008,535 4,550,000 8,998,000
453,750
(b) In Bronx. N. Y.City
2,484,443 2,972,980 2,136,500 1,496,500
10,000
(fi) In Yonkers.
81,119
100,000
09,150
20,000
(3) Developed land properties (book val. $8,043,943)—
90,610
86,000
5,500
(a) In Manhattan, N.Y. City
70,797
66,000
(») In Bronx, N.Y. City
3,057,077 7,800,311 2,910,900 1,723,855
684139
(c) In Yonkers
49,540
153,021
62,900
27,850
(4) Land and properties in process of development (book val. 52,962,577)—
Bronx
800,139 1,214,000
634,000
514,600
Queens
1,265,507 1,748,577
560,275
428,000
(5) Country estate and mlso. properties (book val. $40.224)—
178,128
Tmrrytown, N. Y
178,552
Miscellaneous
32,085
31,818
/un«29*18. Dsc.31’17.
$
$
$100,000
$100,000
126,044
131,955
1916
190,077
Subeeq.tax.,Ac.
64,281
40,671
194,950
41,061
32,847
ties of receivers.14,683,387
14,8074235
payable, Ac....
of real
Taxes,
invest.11,311,464 11,274,578
Unencumb. prop- 2,805,348
2,805,348
estate
Mtges. ree. owned:
Properties owned
Individ’s, Ac.
Props, owned by
eont.
penalties, Ac.,
prior to April
19
415,149
cos
604,910
.
287,885
187,885
135,971
51,766
28,910
101,445
66,519
135,971
84,747
29,410
107,943
77,258
xStock of affiliated
and cont. eos...
Cash
Notes receivable..
Aoets. A receiv’les
Miscellaneous
Miscellaneous
Excess of book val.
of assets In pos¬
session of receiv¬
No pro vision has been made for
owned or assets of doubtful value.
x
liabili¬
ers over
15,204,460 15,308,048
Total
15,204,460 15,308,048
Total
assess.,
depreciation or loos on securities or mortgages
Contingent liabilities exist for mortgages receivable sold under guarantee and for
bonds remaining in force In connection with mortgages payable on properties sold;
also for the guarantee of a lease made by an affiliated company, but no item is
given in the above to oover these contingencies.—V. 105, p. 2274, 1204.
Sherwin-Williams Co. of Canada, Ltd.
INCOME ACCOUNT FOR YEARS ENDING AUG. 31.
1914-15.
1915-16.
1917-18.
1916-17.
128,581
232,505
94,258
$945,273
$80,746
133,092
220,133
118,966
$846,944
$76,710
136,470
210.583
49,807
$577,304
$53,485
139,323
210,000
15,337
$586,584
$392,337
$373,374
$159,159
reserve.
$1,162,951
$121,024
Interest on bonds
Preferred dividends
British A Can. war taxes, Ac.
Earnings for year
Deprec n A renewal
Balance, surplus
CONSOLIDATED BALANCE SHEET AUG. 31.
1917.
$
1918.
$
Assets—
1917.
1918.
IAabU.iCond.).
$
$
1.873.200
6sxl.838.500
Mtges. A bonds of
1st M.s.f. gold
Land, bldgs.,plant,
equip’t,
trade¬
marks, good-will,
Ac
9,409,203
Invest, in stocks of
other eos
320,475
In war bonds A
certificates
50,923
Sink, fund depos.
68,853
Inventories
3,286,800
Aoc’ts A bills ree. 2,402,925
Cash
147.754
9,100,837
sub. cos.—
Can. Paint Co..
Lewis Berger A
320,475
Sons, Ltd
Bills payable
3,124 Accounts payable.
59,636 Bank loans of Ber¬
ger Co
2.417.614
1329.571 Int. scor’d on bds.
340,667
340,667
95,873
833,242
868314
103,660
447,221
544368
358,794
190,705
24,704
167,966 Sherwin-W’ms Co.
of Cleveland (bal.
Insur., taxes, Ac.,
827,460
current aco’t)..
14,628
prepaid
25,562
100,000
Special reserve rd.
Total
15,712,495 13,913,851 Reserve for deprec.
A renewals
IAabUUies—
666,157
Pref. stock, 7%
Surplus
—
2,333,282
cumulative
3,425,000 3,287,000
Total
Common stock... 4,000,000
15,712,495
4,000,000
.
24.458
700,112
100,000
555,862
1,746,698
13,913,851
Contingent liability for bills under discount, $104,692.
sinking fund 6% gold bonds due July 1 1941, author¬
Bonds deposited with trustees for
tor iredemption of
bonds of the Canada Paint Co., Ltd., and Lewis Berger A Sons, Ltd.,
$437,300: (5) bonds deposited with trustees for sinking fund purposes,
$169,200; (c) bonds held in treasury, $5,000; balance as above, $1,838,500.
—V. 107, p. 2382.
First mortgage
x
...
*
.
-
ised, $4,0004)00; less (a)
GENERAL INVESTMENT NEWS
-
Total real estate investments
June 29 1918
15.733.551 22903,606 11830,390 8,249,305
537,489
Total costs of real estate Investment April 19 1916 was $17,733,210 and additions
to June 30 1918 woe $260,664; total $17,993,874, less properties sold by receivers,
vis.: From April 19 1916 to Dee. 311916, $1,017,418; from Jan. 11917 to June 30
1917, $472,358; from July 1 1917 to Deo. 31 1917, $590,091; from Jan. 1 1918 to
June 30 1918, $180,456, leaving a balance as above of $15,733,551.
REAL ESTATE SOLD BY
RECEIVERS, JAN. 1 1918 TO JUNE 29 1918.
Cash
Sate Price
Bock Vat.
Mtges.,
Paym'ts to Part
ofParcels. April '16. Ratio. Rec’rs. Pagin’t.
$
$
7,000
Boulevard, Jan. 15
63,600 79%
50,000
Yonkers, Park Hill Apartment
130,000 58%
5,600
House, June 12--.75,600
Total ia 1918 (to June 29)
193,600 65%
125,600
12,600
Sold Apr. 19 *16 to Dec. 31 *16 654,725
816,638 80% 109,325 34,400
Bold Jan. 1 *17 to June 30 *17. 475,396
596,385 80% 109,397 82 4275
Bold July 1 '17 to Dee. 31 *17. 466,500
432,194 78% 93,800 14,200
Property SOUL in 1918—
Bronx Borough, 966 Southern
...
PTotal sold to date
Mtges.
Assumed
by Pure.
$
43,000
70,000
113,000
507.500
282.000
353.500
1.722.221 2.038.817 78% 325.122 130.875 14156.000
CASH RECEIPTS AND DISBURSEMENTS APRIL 20 1916 TO JUNE 291918.
Jan. 1*1810 July 1 *17 to Jan. 1 *17 to Apr.20’16to
June29*18. Doc. 31 *17. June30*17. Dec. 31 *16.
Receipts—From tental, leasehold
and miscellaneous properties..
Int. on mtge. notes receivable—
From sale of r*l est., inci. part pay.
From sale of mtges. reoetv., Ac..
Proceeds from sale of reoeiv. ctfs.
MlsoeUaneous receipts
ftlairrm
Cash
Collections from property under
alignment of rents
„
Total receipts
Disbursements—Paym’ts of claims
aocrued prior to receivership..
Maint. of mlso. properties, Ac..
Int. on mortgages, rental, unpro¬
ductive properties, Ac....—
Taxes and assessments on rental
and unproductive properties..
Allowance to receivers and ooun-
cil, and general, Ac., expenses.
Miscellaneous disbursements
Payments to retire mtges. payable
it on
properties sold and Install¬
ments due on mtges. payable—
Receivers’ certificates retired—
$467,370
16,721
88,959
37,467
$476,058
16,316
107,475
142,082
38,929
60.000
29,089
64,716
$658,333
36,598
1184265
161,450
250,000
99,406
27336
24,476
$711,198
$664,083
$806,597
$1,319,052
$8,723
162,200
$2,415
168,843
$19,743
151,685
$330,592
188,253
229,898
235.544
249,733
218,185
131,818
144,860
114,634
194,175
67,259
47,782
36,052
47.186
94,020
68,854
83,681
84,897
106,500
67350
101,884
150,000
80,530
$472,981
19,608
20,607
71,837
Total disbursements
$744,180
$702,151
$950,553
Balance of profits or losses
prof.$76,266 prof343385 loas$143,95e
Deduct—Bal. in hand A on depos.
51,766
84,747
122,814
Bal. taken over from the estate
of Amer. Real Estate Co...
$128,032
$128,032
$266,770
$1,180,313
prf .$138,739
266,771
$128,032
RAILROADS, INCLUDING ELECTRIC ROADS.
Atlanta Birmingham & Atlantic RR.—Gen. Manager.—
W. R. Hudson has been appointed General Manager under the U. S.
Government for this company, the Charleston A Western Carolina, the
Augusta A Summerville, the Atlanta A West Point, the Western ER. of
Alabama, the Georgia, the Augusta Union Station, the Atlanta Terminal
and the Augusta Belt/with office at Atlanta, Ga.—V. 107, p. 1836, 904.
Belt Line By.
(N. Y.).—Abandonment.—
hearing will be held Jan. 6 before the P. 8. Commission on this com¬
pany's application for authority to abandon the portion of its East Side
A
fine
from 15th St. to the Battery*—V. 99, p. 1450.
Boston Elevated
Railway Co.—Earnings.—
Months Ended Nov. 30 1918 (Fare, Seven Cents).
Passenger receipts, $8,771,946;advertising, Ac.. $314,815; total_$9,086,761
Interest.
$548307
Cost of Service—
7,210
$5.460310 Sundry Items....
Wages..
541,238
Contracts, material, Ac.. 3,714,559 Dividends (proportion).
Results for Five
_
Taxes
Subway rentals
Rent for leased roads
368,355
Total cost of service. .$12,328,727
539,800
1,149,048 Net loss for five months. $3,241,966
Compared with the five months ending Dec. 1 1917, this statement, it la
said, shows an Increase in the total receipts of $919,600. and an increase In
cost of service of $3,742,000.
The increase In wages aggregated $1,665325.
while other operating expenses increased $1,598,124. including $446,000
for coal.
The Increase In rentals, due principally to the new Dorchester
Tunnel, was $202,661.
Revenue Under 8-Cent
Fare—Officers.—
A press dispatch from Boston states that for the first 20 days of Decem¬
ber under the 8c. fare the company’s gross revenues were reported at
$1,449,469, compared with $1,072,533 in the corresponding period of last
year, an increase of $376,935, or 35.1%.
The trustees voted to dispense with services on Dec. 31 of H. 8. Lyons.
Secretary, Who received $10,000 a year, and of John H. Lee, municipal
agent, who received $3,000 a year.
Sidary of D. L. Prendergast, real
estate agent, has been cut from $10,000 to $6,000, and that of Vice-Pros.
O. S. Sargent from $6,000 to $2,500.—V. 107, p. 2288, 2187.
Boston & Maine B.B.—Additional Data as to Plan.—
The consolidation agreement providing for the merger
with the B. & M. of the seven leased line properties above
mentioned contains, with other provisions already quite
fully given in V. 107, p.1918,2375, substantially the following:
Consolidated Company.—These seven companies shall be “consolidated
with the Boston A Maine
RR., forming
one
corporation under the
name
of the Boston A Maine RR.. herein referred to as ‘reorganized’ corporation.'*
Directors.—The board of directors shall consist or not less than 15 nor
more than 21 members, of whom four, at least, shall be residents of New
Hampshire, two, at least, of Maine and one, at least, of Vermont. [The
names of the first directors, who will hold office until the first annual
meeting of the stockholders were given in V. 107, p. 288.
President Woodward Hudson and Treasurer and Clerk A. B. Nichols,
the officers of the present B. A Me. RR., will bold office until the first
ftnniiai meeting or until their successors are elected.
Rights of First Pref. Stock—No Preference as to Assets.—*The holders of the
First Preferred Stock of Classes A to E inclusive, shall be entitled out of
the net profits or surplus so determined from time toltime by ..the board.
Dec.
281918.]
THE CHRONICLE
to semi-annualpreferential dividends
[payable J. A J. 1], the first dividend
to be paid oa July 1 1919. for the six months from Jan.
1 1919 to June 30
1919 at the respecttre rates per annum hereinafter
designated for the differ¬
ent classes.
The First Preferred stock. Class F. shall be entitled out of
the. ?et profits or surplus, so determined, to semi-annual preferential
dividends at the rate of 6% per annum [payable J. 4c J.
11.
!•AD the dividends above specified for the different classes of the First
Preferred stock shall be cumulative, and if in any
year dividends of less
than the specified amount shall have been
paid upon the First Preferred
stock of any class, the deficiency shall be
payable, without interest, out
of the net profits or surplus of subsequent
years.
Holders of the First Preferred stock sh&llbe entitled to the dividends
above specified on the respective classes thereof in
preference and priority
to the holders of all other stock of the
corporation unless additional pre¬
ferred stock having the same or greater preferences
is hereafter authorised
under the limitations of the following
paragraph; and in case of the liquida¬
tion or other distribution of assets of the
corporation, shall be entitled to
have paid to them their accrued and
unpaid dividends before any payment
is made on account of the par value of
any class of stock.
In case of liquidation or other
distribution, the net assets, after the pay¬
ment of all accumulated and unpaid dividends on the First Preferred
stock, shall be distributed equally among the holders of all the stock of
the corporation, both First
Preferred, Preferred and Common. No class
of the First Preferred stock shall have any
preference or priority over any
other class and whenever any dividend bdedsnd
upon the First Preferred
stock less than the whole amount of accumulated dividends then
remaining
unpaid, such dividend shall be apportioned among all the classes of First
Preferred stock in proportion to the amount of
preferred dividends then
accumulated and unpaid on the respective classes.
Limitation on Issue of Further First Pref. Stock, Ac.—No stock
having
Preferences or priorities in any respect the same as or Superior to those
of
the Ffrst Preferred stock shad be issued under
any existing or future law,
and no lease or contract for the entire
operation of any railroad, other than
those at present operated as part of the
system or controlled by it or by
sane party to this agreement
by means or stock
calling for an
annual payment of more than 5100.000 shall be ownership,
entered into
the con¬
solidated corporation without a vote of two-thirds in interest by
of the First
Preferred stock outstanding at the time
approving the Issue of such new
stock or
the execution of such lease
Rights of the Preferred
8tock shall be entitled
or
contract.
Stock.—The holders of the [$3,149,800] Preferred
out of the net profits or surplus as determined from
by the board after the payment or setting aside of an amount
equal to all accrued and unpaid dividends on the FfavtPreferred stock which
may be from time to time outstanding to semi-annual,
non-cumulative,
preferential dividends (at the rates above indicated, payable M. 4c 8. 1.1
Any accumulated surplus, undivided profits or other income available
for the payment of dividends upon the Fust Preferred
stock shall, except
as otherwise herein provided, after the
payment or setting aside of an
amount equal to all accrued and
unpaid dividends on the first preferred
stock be available for the payment of dividends on the
preferred stock,
and the same shall be so applied without reference to whether
any dividends
are paid In that
year upon the common stock. This understanding shall
be expressed on all new certificates issued from time to time.”
Trust Fund as Additional Security for 5% Bonds, Ac.—The funds re¬
ceived by the Trustee during the five years ended Jan. 1 1924
(including
all money that would otherwise be available for
dividends, after providing
for the reduced dividends on the First Preferred and
Preferred shares,
except as hereinafter provided.Ed.] shall be Invested by it from time to
time in the purchase at par and accrued interest of said
($17,606,0001
5% bonds to be issued to the Director-General of Railroads for advances
made by him or 6% bonds issued to refund the
same, to the extent re¬
quested by the Director-General, and shall, except in the case of the issue
of the First Preferred stock. Class F, as hereinafter
provided, at the expira¬
tion of the five-year period to be
applied to the payment pro tanto of said
bonds.
[The trustee will be designated by the Director-General.
Said agreement shall, however, provide that the
reorganized corporation
may at any time prior to Jan. 1 1924 provide the sum of SI2.000.000 in
cash by the issue of the 6% First Preferred stock, Class
F, hereinbefore
referred to at not less than par, and pay over the proceeds of such Issue
to the trustee, who shall use it for the
payment pro tanto of said $17,606,000
of bonds, and upon such
payment the Trustee shall hold the funds there¬
tofore paid over to it subject to
the order of the reorganized corporation.
tone to time
«which may subject to the following limitations use it for any legalpaidpurpose.
Additions, Improvements, Ac.—-From the funds theretofore
over to
e Trustee, there shall first be deducted a sum
equal to all contributions
accruing from the reduction of the full dividends on the
to the trust fund
First Preferred stock and from the fact that the Preferred stock dividends
have been paid at the rate of 4% per annum Instead of
6%
which sum shall be invested by the reorganized corporation inper annum,
paying for
additions and improvements to its
property without a corresponding
increase in capitalization or to the diminution of its debt with
proper
charges to profit and loss to the mid that no part of such sum shall be
or
indirectly
used
for
directly
dividends on its Preferred or Common stock.
Likewise thereafter until Jan. 1 1924 in ascertaining the balance of
income available for dividends upon the Preferred and Common stocks
there shall be deducted from the current income each
year an amount
equal to 20% of the aggregate dividends which would have been payable
on the first preferred stock Class A to E inclusive,
if the full rate of dividend
has been paid, which sum shall be used
solely for the purpose of making
additions or improvements to the
company’s property or the diminution
of debt in thA manner above specified.
Voting Power.—Each holder of the stock shall have one vote for each
Share of stock held by him, whether First Preferred, Preferred or Common.
The $12,000,000 of First Pref. Stock, Class F.—This stock “may subject
to the approval of all public authorities having jurisdiction in respect thereof
be issued at any time prior to Jan. 1 1924. by vote of two-thirds in interest
of the common stockholders of the reorganized corporation at a
meeting
duly called for the purpose. Such stock shall be issued for not less than
par, and the proceeds thereof shall be used solely for the retirement and
tmyment pro tanto of the $17,606,000 of 5% bonds to be issued to the
Director-General of Railroads for money advanced by him, or the 6%
bonds which may be issued to refund the same,” as aforesaid.
>
Preferred and Common Stock.—The holders of the Preferred stock and
also the holders of the Common stock of the present Boston Sc Maine RR.
at the time of consolidation shall be respectively preferred stockholders
and common stockholders of the reorganized corporation, and the out¬
standing certificates for such stock shall for all purposes indicate their
ownership of preferred and common stock of the reorganized corporation
without the necessity of changing such certificates for new certificates
[but with the dividend rate for the Pref. stock few the first five years re¬
duced from 6% to 4% and the common stock for that period entitled to
no dividends except as above stated.]
*
Non-Assenting Stock.—In
non-assenting stockholder of the
to have his stock valued and to recover from the
reorganized corporation the cash value thereof in accordance with any
laws applicable thereto, the reorganized corporation shall pay to such
parties hereto elects
case
vances
made
tion of
a
or
to be made
mortgage upon all
by him. and shall likewise authorize the execu¬
the property and franchisee of the reorganized
corporation, whether then owned,or thereafter acquired, with the exception
of cash and accounts receivable, and any other assets which few convenience
may with the consent of the Director-General of Railroads be omitted.
’r8uch mortgage shall also secure all outstanding bonds, notes and other
evidences of indebtedness few which the reorganized corporation is liable
as required by the Statutes of Massachusetts, and shall be drawn so as to
equally
and other evidences of indebtedness which such
reorganised corporation
may lawfully issue, and for all other
purposes to the amount of nun deficit
be deemed to be canceled and aheorbed
by such deficit.” See also V. 107,
“
suck future Issues of bonds as may be required for refunding
purposes or as may be required to pay in whole or in part for additions
betterments, extensions or equipment or may be issued for any lawfu
corporate purpose. Such provisions limiting the issue of additional bonds
shall be inserted in the mortgage as will reasonably insure safety, conse¬
quent good credit and reasonable flexibility for financing. The form of
said mortgage shall be subject to the approval of the Director-General
of Railroads:”
See also V. 107, p. 1918.
Discharge of Profit and Loss Deficit.—Upon consolidation the deficit of
the Boston Sc Maine RR. as of June 30 1915 “shall as of that date be charged
and set off as against the premiums realized on common stock of said rail¬
road sold since July 9 1894, amounting as of June 30 1914, to the sum of
$6.501,620. and said premium account shall for the purpose of determining
reasonable rates and fares which said reorganized corporation may there¬
after charge and for the purpose of determining the amount of bonds
1918, 2007, 2288, 2376.
Brockton A Plymouth Street Ry.—10c. Fare.—
This company has notified the Massachusetts P. 8. Commission
that on
and after Jan. 1 it will charge a 10c. fare on the
company’s lines. The
present fare is 6c.—V. 107, p. 2008.
Brooklyn Heights RR. Co.—Notice—To Guarantee Bonds.
Brooklyn union Elevated 4-5% bonds and Kings County Elevated 4%
bonds will be guaranteed on two days of each month in
1919 by the Brooklyn
Heights RR. Co. at its office, 85 Clinton St., Brooklyn, N. Y., between
9 a. m. and
Jan.
15
Feb.
14
March 14
V. 106.
12 m., vis.
and 30 April
and 28 May
and 31 June
p.
15 and 30 July
15 and 29 Aug.
16 and 30 8ept.
188.
15 and 301 Oct.
15 and 29 Nov.
15 and 30|Dec.
Upon application of the City Trust Co., of Buffalo, Harry Evers, of
Buffalo, has been appointed receiver for this property. The action is the
result of the petition of George
Bullock, receiver for the Buffalo A Lake
Erie Traction Co., for authority to abandon its lease of the Buffalo A
Lacka¬
wanna Traction Co.’s line between
Washington and Clinton streets, Buffalo,
to the Lackawanna City line.
The Buffalo A Lake Erie Co. defaulted on Dec. 1 in the payment of In¬
terest on the $1.600.000 of Buffalo A Lackawanna Traction Co.
6% bonds.
—V. 95, p. 1471.
Buff. A Lake Erie Trac. Co.—Leased Co. Receiver, &c.—
See Buffalo 4c Lackawanna Traction Co. above, and Dunkirk Street
Ry.
below.—V.
107. p. 1191, 694.
Chesapeake
Approved.-
A
Delaware
Canal
Co.-—A ppropriation
According to Washington advices of Dec. 21. the House Rivers and Har¬
bors Committee, in framing its 1920 appropriation bill, has
approved an
appropriation of $3,000,000 for the Government purchase and deepening
of this property.—Y. 107. p 2191.1387.
„
Chicago City Railway.—Dividend Omitted—Decrease in
Earnings.—The quarterly dividend usually paid at this time
has been omitted, owing to the decrease in earnings
resulting
from the increase in wages ordered by the National War
Labor Board, the increased costs of materials and
supplies
and decreased traffic.
President L. A. Busby is quoted in
Chicago as saying:
This is the first time in the history of the
company that it has been
obliged to pass its regular quarterly dividend. This u due to the wage
increase ordered
by the National War Labor Board, the increased
cost of
operating material and supplies, and the foiling off of gross receipts due
a decrease in
to
traffic.
The wage increase on the surface lines became effective
Aug. 1 last, and
is approximately $3,700,000 per year.
The increased cost of operating
material and supplies is about $500,000 per year
.making a direct increase
in operating charges of $4,200,000 per annum.
Owing to decreased traffic
receipts have fallen off over $800,000 during the first ten months
of the present fiscal year.
During the first four months of actual operation under the new wage
scale fixed by the National War Labor Board the net earnings of the
surface lines have decreased $1,726,685.
Of this amount $1,422,015 repre¬
sents
increased operating cost, and $304,670 represents decrease In
earnings. This is only for the months of Aug., Sept., Oct. and Nov., and
indicates a decrease in net earnings at the rate of $5,000,000
per year
below the earnings for the
year prior to the time the wage award became
effective, and even during that year the company suffered a heavy decrease
in its net earnings due to the greatly increased cost of
operating material
and supplies.
The companies are now operating at a loss of over $12,000 a
day, and
since Aug. l have not even earned 5% on the city purchase price. There is,
our gross
therefore, no longer any 55% earned for the city. This company has been
conservatively financed, every dollar of its outstanding securities is within
the valuation fixed by the city
for the purchase of the property, and the
management has devoted itself to building and operating a street railway
system in Chicago admittedly one of the best in the country.
The companies are still operating under war conditions with
respect to
wages and cost of material, and it is certain that this condition will con¬
tinue for many months to come—-how long the future alone can say.
The continuance of the present situation without some relief is bound to
destroy the companies’ credit and impair their ability to serve the com¬
munity. This situation does not apply to Chicago atone, but Is the same
throughout tile country.
In the end, any attempt to furnish service at less than cost will prove
alike disastrous to the public as well as to the investor. The future of
Chicago Is absolutely dependent upon adequate transportation facilities,
and anything which will retard their usefulness is bound to affect injuri¬
ously every Industry and interest of the city.—V. 107, p. 1286.
Cincinnati Findlay A Ft. Wayne RR.—To
A press
Junk
Line.
dispatch from Findlay, O., states that two wrecking crews win
shortly commence scrapping this property, recently sold to the bondholders.
—V. 107, p. 2008, 1669.
"
Cincinnati Traction Co.—Higher Fares.—
Following receipt of a letter from Vice-Pres. Draper notifying him that
the earning! during Oct. and Nov. had been insufficient to meet
operating
expenses. Street Railroad Director W. C. Culktns made an official an¬
nouncement to the effect that under the automatic provision of the revised
street railway franchise ordinance provides that street-car fare shall be
increased
cent if for the period or two calendar months the income of
the local lines is not sufficient to pay the cost of service. the rate of fare
here for adults will advance to 5Hc. on Jan. 1 1919. At the same time
children’s fores will be one-half of the adult fare, or an advance of H cent.
—V. 107, p. 1287, 1191.
Colorado &-Southern
Ryl —Dividend Payment.—
^
The company has received the necessary funds from the U. 8. Railroad
Administration to pay the dividends recently declared.
2289.—V. 107, p. 2375.
Compare Y. 107,
p.
Columbus
Ry., Light A Power Co.—Petition Filed.—
A press dispatch from Columbus, O., states that the minority stockhold¬
ers have filed a petition in the Court of Common Pleas asking for the
appointment of a receiver for this company, claiming large damages, and
alleging mismanagement of its properties
Ohio Stockholders1 Committee—Earnings.—
The following is the protective commiftee of Ohio stockholders: E. A.
Cole. A1 G. Field. Fred Vercoe and D. Mead Massie of ChilUcothe with
Mr. Kleeewetter as Chairman.
Earnings
as
Reported by Expert E. W. Bemis.
Two Months ended Oct. 31—
1918.
Passengers carried
Of whom there traveled free, on transfers, Ac
Rate of fare charged
secure
15 and 30
14 and 28
15 and 80
Buffalo A Lackawanna Trac. Co.—Receiver
any
non-assenting stockholder the amount so recovered in cash and the new
stock to which such non-assenting stockholder would have been entitled
■hall become the
property of such reorganized corporation.
Mortgage.—“Prior to the consolidation herein provided for, the present
Boston Sc Maine RR. shall by appropriate action authorize the issue of
the $19,879,000 of bonds specified in the Plan of Reorganization to be
issued to the Director-General of Railroads in exchange for the cash ad¬
3475
Operating
revenues
1917.
9,685,588 13,984.875
3,073.021
tickets
$660,010
$503,576
149.205
J672,419
466,647
15 cts. A 1 8
jet. transf. for 25cta.
—
Operating expenses
Other charges and deductions
110.998
Surplus for depreciation and dividends
$7,229
$94,774
Coundlmen Griffin, Zimpfer and Alcott, composing the committee which
employed Mr. Bemis, as well as City Attorney Scarlett, who examined the
report, contend that the company would have made a profit if it had
operated on the old 8-ticket*-for-a-quarter basis, and for this reason,
being responsible for the loss, should not be granted relief through an in¬
crease of fares.—V. 107, p. 1919.
Constitutionalist Railways of Mexico.—New Name.—
See National Railways of Mexico below.—V.
107,
p.
802.
Delaware & Hudson Co.—Dividend Payment.—
The company hu received the necessary funds from the U. 8.
Administration to pay the quarterly dividend recently declared.
V. 107, p. 2008.—V. 107. p. 2187.
Railroad
Compare
Duluth-Superior Street By.—Franchise Given XJp.—
At the instigation
of President A. M. Robertson, this company on Dec.
18 Surrendered its franchise to operate in Superior. The system operating
between the two cities is now on the fndeterminatepermit basis as far as
Wisconsin is concerned, Superior being one of the first cities in the State
where the new traction law becomes operative.
Difference in the terms of the permit and franchise is mainly based on
,
the appearance before the State instead of city officials
be made In behalf of the company or public, according to
officials.—V. 106, p. 1688.
,
.
for any grants to
the street railway
Dunkirk Street By.—Abandonment.—
The Public Service Commission on Dec. 10 approved the declaration of
abandonment of service by this company (leased to the Buffalo sc Lake
Erie Traction Co.) of part of the Dunkirk company’s road, provided the
railway shall give the city security tor the payment of all taxes and assessments.
Eastern Texas Electric Co.—Fare Situation.—
presented to the City Council of Beaumont, Tex.,
requesting the Council to rescind its action in granting a 6-cent fare.—
A petition'has been
V. 107, p. 1192, 905.
Elk & Little Kanawha BB.—Discontinuance.—
The shareholders on Dec. 10 voted to discontinue business as a corpora¬
tion.
The company was incorporated in W. Va. in 1909 and with 31ocomotives and 64 cars was at last accounts operating 26 miles of road, at¬
tending from Boggs, on Coal & C6ke Railway (V. 91, p. 1246), to Shock,
W. Va. Stock, $150,000; funded debt if any not reported; current liabili¬
ties June 30 1916. $433,062.
Gross earnings year 1915-16, $63,049.
President, P. W. Weller. 56 New St.. N. Y.
Hartford (Conn.)
& Springfield St. By.—Foreclosure.—
Receiver H. B. Freeman on Dec. 20 explained to the Superior Court at
Hartford that he expected that the mortgages against the company s
property, aggregating about $1,000,000, upon which interest is in default,
would be foreclosed shortly.—V. 107, p. 1384, 1287.
having a present estimated population of33,700. with the following service:
Electric light and power in 14 communities, street and interurban railway
service in 6 communities, and water in 1 city. Also controls (through
stock) the Ashland light, Power A Street Ry., which supplies a present
estimated population of 19,700 with one or more forms or public utility
service, viz.: electric light, power, gas and street railway service.
Capitalization—
Authorized. Outstand’a.
.
mine.
(c) The execution and delivery, to secure such bonds, of a mortgage and
deed of trust on and of all or any part of the railroads, equipment, fran¬
chises and property, including corporate stocks and obligations, owned by
the company at the date of the execution and delivery of such mortgage
and deed of trust or at any time thereafter acquired by it.
Digest of Circular Signed by Frank Trumbull. Chairman and Presi¬
dent, Columbus, Dec. 26 1918.
Just Compensation Sought.—Your officers are about to apply to the
Director-General for a contract for just compensation for the use of your
railroad proparty during the period of Federal control.
In making this
application, claim will be made for some increase of the compensation
payable to your company over the minimum fixed by the Federal Control
Act, namely, the average railway operating income for the three years
ended June 30 1917, and it is hoped that by the time the meeting convenes
the amount of such compensation, as well as the form of the contract, will
be determined and can be submitted for approval.
Financing.—Your company has done no permanent financing, apart from
the issue or equipment trust obligations, since prior to 1910.
This was due
to the existence until the latter part of the year 1917, of various restraining
orders and injunctions in litigation brought by minority stockholders or
public authorities, which prevented the holding of stockholders' meetings,
thus preventing the creation either of additional stock or of mortgage bonds.
Shortly after the dissolution of the last of these orders and injunctions, the
President of the Unitd States, by proclamation, took over the railroad
and property of your company, and this has kept the matter of permanent
financing in abeyance. Your company had outstanding $5,000,000 short¬
term 6% notes which matured on Nov. 1 1918.
These notes at that time
extended to Feb .1 1919.
It has been suggested by representatives of the U. S. Railroad Adminis¬
tration that the company should proceed with the preparation of a mortgage
under which bonds may be issued if found desirable, either for sale or for
were
pledge under short-term obligations, for the purpose of providing both
for the extended notes at maturity and also for other capital expenditures,
including those for additions ana betterments placed upon the property
'during the period of Federal control, which, up to this time, have been
financed temporarily by the Railroad Administration.
The directors have
therefore determined to ask authority from the stockholders for the creation
of an issue, limited to not exceeding $50,000,000 General Mortgage bonds,
to be secured by lien, subject to prior liens, upon all, or such part as may
be hereafter determined, of its railroad and property.
The amount of bonds to be presently issued under this mortgage must be
determined in the light of the expenditures which the company is called
upon to make under the additions and betterments program of the Railroad
Administration, but it is anticipated that not more than $10,000,000 will
be issued before Dec. 31 1919 .Including provision for the payment of the
$5,000,000 extended notes. The proposed mortgage is now in course of
preparation.—V. 107, p. 1747, 181.
Holyoke (Mass.) Street By.—Fare Situation.—
The Massachusetts P. S. Commission has disapproved the company’s
petition for a contraction of its present zone system, which would give the
company increased revenue of $235,743, and instead, has ordered a tariff
whereby the increased
107, p. 2376, 2008.
revenue
will be not
more
than
$145,393.—V.
Illinois Traction System.—Wage Readjustment.—
return to work immediately.
Fare Increase Granted.—
The I.-S. O. Commission on Dec. 26 granted this company permission
to increase passenger rates to not to exceed three cents per mile.—V.
107, p. 1384, 1287.
International Traction Co.—Deposits Urged.—
The committee representing holders of the Collateral Trust 4% gold
bonds calls attention to the fact that the period of grace within which the
default on the bonds may be cured expires Feb. 1, and urges the deposit
of bonds under the deposit agreement at the earliest possible day in the inter¬
est of the protection of the holders of said bonds.—V. 107, p. 1670,1579.
Co.—Offering of
Mtge. 5s.—Halsey, Stuart & Co. are offering, at a
price to yield 6.25%, a block of $247,000 First Mtge. 5%
gold bonds of 1911, due Feb. 1 1936. Int. F. & A. at the
American Trust Co., Boston, without deduction for Federal
income taxes now or hereafter deductible at the source.
Under present laws 2% is now deductible.
“Passed by the Capital Issues Committee as not incompatible,” Ac.
Digest of Letter of Pres. L. E. Meyers, Dated Chicago, Dec. IS 191$.
Organisation.—Organised in Wisconsin in 1910 as the Gobebic A Iron
Counties Ry. A Light Co., the present name being assumed In 1911.
Supplies directly 14 communities in Northern Michigan and Wisconsin
400,000
issue)
$500,000
397,000
2,500,000
1,800.000
.
.
The company owns and operates
hydro-electric generating plants at Superior Falls, and Saxon Falls, Mich.,
and Mellon Falls, Wis., having a combined capacity of 5,400 h. p., and
steam plants at Ironwood, Bessemer and Wakefield (the latter operated
under lease) having a combined steam generating capacity of 3,100 h. p.
The company owns and controls additional water-power rites on the Bad
and White rivers capable of developing 5.000 h. p.
The territory served extends from Bessemer and Wakefield, Mich.,
westward through iron mining territory, embracing the Gogebic Iron
Milling Range. Mines in this range are taking 8.400 h. p. of energy and
consists of 76 miles of 33,000-volt lines.
furnish a
market for additional power.
Earnings for Years ending June 30—
Gross
1918.
$432,928
earnings
$150,103
idr—Proportion of proceeds of sale of Ironwood WaterWorks System applicable to period
28,217
Net, after taxes, rental, maintenance
1917.
$305,760
$132,487
....
Total income
$178,320
Annual int. on all 1st M. bonds outstanding requires._ $90,000
....
Note.—The Ironwood Water-Works 8ystem was sold to the City of Ironwood on Jan. 1 1918 and physical property of greater value substituted
under the lien of the mortgage.
Included in the above statement are
earnings of the Ironwood Water-Works System for the 6 months ended
Dec. 31 1917; gross, $24,043; oper. exp., $15,658; net esnings, $8,384.
For further data, Ac., compare Y. 93, p. 1260; Y. 104, p. 764, 452.
Kansas City Clinton &
Springfield By.—Status.—
See St. Louis-San Francisco Ry. in last week’s issue.—V. 101, p. 905.
Kansas City Fort Scott & Memphis By.—Sub. Co.—
week’s issue.—Y. 106, p. 2228.
See St. Louis-San Francisco Ry. in last
Kentucky Traction & Terminal Co.—Listed.—
listed $32,000 additional First A Rtf.
Mtge. 5% sinking fund gold bonds, due 1951, making the total amount
The Philadelphia Stock Exchange
listed to date $2,829,000.—V. 107, p. 1385.
Lehigh- & Hudson Biver By.—Federal Contract.—
The shareholders have voted to ratify the Federal operating contract,
tiie compensation provided being $519,371.—Y. 107, p. 2008.
Mahoning & Shenango By. & Lt. Co.—New Franchise.
presented
This company on Dec. 20
to the City Council of Warren. Ohio
franchise for a period of 25 years.
The matter of fares is undecided,
in the opinion of the Councilman.—V. 107, p. 2376, 1101.
a new
Memphis (Tenn.) Street By.—No Fare Election.—
This company has withdrawn its application made to the Memphis
Council for an election to secure permission to raise fares to 6c.—V.
p.
2290. 1747.
City
107.
Mohawk Valley Co.—New President.—
Walter N. Kernan, Vice-Pres., has been elected President to succeed
Horace E. Andrews, deceased —V. 106, p. 1461, 814.
Mt.
Tamalpais-Muir Woods By.—Service Curtailment.—
This company has applied to the California RR. Commission tar per¬
mission to abandon operation of the Lee Street local, the profits earned
being alleged to be neither reasonable
nor
adequate.—Y. 105,
p.
2272.
National Bys. of Mexico.—Change in Operating Name
Does Not Mean Termination of Government Management.—
An order has been issued by the Mexican Government, effective Jan. 1
1919, changing the name under which the Mexican Government has been
operating this property and allied lines from “the Constitutionalist Rail¬
The official
ways of Mexico” to r‘the National Railways of Mexico.”
circular announcing this event states that the reasons which led to the
use of the name Constitutionalist Railways no longer exist, but that the
Mexican Government will continue to operate the roads as it has done
for the past four years.—V. 107, p. 2188, 1385.
Nevada County Narrow Gauge
BB.—Bonds Retired.—
The annual drawing of 1st M. 7% bonds of 1905 for the sinking fund
has taken place, ana $13,000 bonds called for redemption.
There are
said to be still $89,000 of these bonds outstanding.—Y. 98, p. 1695..
New Orleans Bail way & Light
Co.—Litigation.—
The Board of Public Utilities, in laying the foundation for a test suit
to determine the power and authority of the Board to regulate the public
service corporations operating in New Orleans, adopted a resolution abro¬
gating and annulling the increase in street-car rare from 5 to 6 cents and in
the price of electricity and gas of 30%, and ordering the restoration of the
old rates.
The effect of this will be to bring the street railway and lighting
situation to an immediate issue In the courts.—V. 107, p. 2376, 2188.
New York Central BB.—Dividend Statement.—
The company’s statement in reference to the usual dividend, announced
last week, has been changed to read, “conditioned on the approval of the
Director-General of Railroads being given.” instead of “conditional on re¬
ceipt of funds from U. S. RR. Administration.’’—Y. 107,
p.
2376.
N. Y. Phila. & Norfolk BB.—President to Retire.—
An increase in wages amounting to 25% has been granted, bringing the
schedule up to 50c. an hour, the increase being effective provided the men
Ironwood & Bessemer By. & Light
$500,000
——
Purpose of Issue.—To reimburse the company for the construction of the
Superior Falls water-power plant.
Security.—An absolute first mortgage lien on all the property now owned
and constitute the only mortgage indebtedness of the company.
Sinking
fund provided.
Property and Territory.—The railway lines Include about 14H miles at
street railway connecting and serving Ironwood and Bessemer, Mich., and
Hurley, Gile, Montreal and Hamilton, Wis. The transmission system
Hocking Valley Bailway.—New Bond Issue.—The share¬
(5) The creation and issue of mortgage bonds of the company to be
limited to a principal amount, in U. S. gold coin, of not exceeding $50,000,000 at any one time outstanding; such bonds to mature at such date or
dates, to bear interest from such date or dates and at such rate or rates,
to be issuable for such purposes and in such denominations, and to be in
such form and to contain such terms and provisions, including provision
for conversion of any or all such bonds into stock of the company, as the
board of directors or the executive committee of the company may deter¬
...................
Common stock
Preferred stock, 7% cumulative
First mortgage 5% gold bonds (this
holders will vote Jan. 25 on authorizing the directors to sign
the contract for Government operation and to create an
issue of not exceeding $50,000,000 mortgage bonds, viz.:
First
[Yot. 107
THE CHRONICLE
2476
See Pennsylvania RR. below.—Y. 107, p. 1482.
New York State
Railways.—New President.—
James F. Hamilton, Vice-Pres., has b3en elected President to succeed
Horace E. Andrews, deceased.
The general offices of the company will be removed from New York to
Rochester.—V. 107, p. 2376, 2188.
Northern Pacific By.—Government Contract Signed—
Standard Return—Estimated Results for Cal. Year 1918.—The
company’s contract for Government operation has been duly
signed, calling for an annual compensation of $30,130,069,
including the Northern Pacific Ry. and its subsidiaries, the
International Falls Ry. Co. and Gilmore & Pittsburgh RR.
On the basis of this compensation the following estimate
has been compiled by the company’s officials, showing the
results for the year 1918 as closely as is possible to date, all
the final figures not being available as yet:
Estimated Gross Income of the Co. under Federal Control—Cal. Year 1918.
Compensation from Director-General of Railroads
$30,130,069
Estimated income from investments and leases of roads other
than to the Government
6,589,000
Total estimated available income
Deductions—Taxes, sinking funds,
corp.
$36,719,069
and other expenses.. 14,387,000
Balance [amounting to about 9 % on Company’s $248.000.000]. .$22,332,000
V. 107, p. 1837.
Due.
281918.]
THE CHRONICLE
Oklahoma Kansas A Missouri
By.—Reported Sold.—
Unconfirmed press reports state that this property has been purchased
A. H. Rogers of Joplin, Mo., who will begin operating shortly.
by
Omaha ft Council Bluffs Street By.—Fare Appeal.—
This company has appealed the Nebraska Railway Commission's decision
denying the company a 7c. fare, to the Supreme Court.—V. 107, p. 1193
Pacific Gas ft Electric Co., San Francisco.—Offering
of $3,500,000 General <fc Refunding Bonds.—Halsey, Stuart &
Co., Inc., are offering at 87% and int., yielding about 6%,
$3,500,000 General & Refunding M. 5% gold bonds of 1911,
These bonds
due Jan. 1 1942.
additions, impts., &c.,
as
are
issued
on
account of
stated in the President’s letter.
Interest J. A J. in N. Y. Callable as a whole Jan. 1 1937 or any interest
date thereafter at 100 and int., or in blocks of $500,000 or upwards, or in
any amount for sinking fund, on any interest date at 105 and int.
Denom. $1,000 (e*Scr*).
“Pat»ed by the Capital Issues Committee as not incompatible,” Ac.
Data from Letter of A. F. Hockenbeamer, fd V.-P., Dated S. F. Dec. 14.
Properties.—Organized in 1905 as a consolidation and owns and operates
extensive properties employed in the production and sale of electricity and
gas for light, heat and power, about 54% of its revenues being derived from
electricity and about 38% from gas. it is also engaged In street railway
operation and in the sale of steam for heating and of water for irrigation
and domestic purposes, deriving approximately 8% of its revenue from
these and other less important activities. All the properties, except those
of the recently acquired Mt. Shasta Power Corp., are owned in fee.
of
1,325,637.
The business field embraces
a
present estimated population
of 1,825,000, and includes the important San Francisco Bay section and
the fertile Sacramento and Joaquin Valievs.
The cities of San Francisco,
Oakland, Sacramento, San Jose and 176 other communities are served by co.
Capitalization Outstanding in Hands of Public.
Pref. (6% cum.) stock. .$25,000,6051 Gen. A Ref. 5s (incl. presCommon stock
34,004,058
ent issue)
*$36,542,000
IDivis. bds. (closed mtgs.)a45,543,800
♦Does not include $1,000,000 Gen. A Ref. 5s held in the treasury, a In
addition to this amount, $4,852,500 bonds are held alive In sinking funds
and $210,700 are held in the treasury.
Purposes of Present Issue.—Since Jan. 1917 the company has neither
borrowed money nor sold any securities except a relatively small amount
of its pref. stock, but has been able to provide for new construction from
working capital to the extent of more than $4,000,000. The proceeds of
the $3,500,000 Gen. A Ref. bonds are to partially reimburse the treasury
for advances so made.
Earnings for Calendar Year 1917 and 12 Months to Nov. 30 1918.
Gross earnings
Net, after taxes, maintenance A depreciation
Annual interest on outstanding bonds
Balance
1917-18.
*1917.
$22,700,259
7,781,294
$20,321,728
7,467,037
4.349,570
♦Earnings include $283,390 reserved for amounts charged consumers
during the year 1917 in excess of rates allowed by city ordinances.
During the period covered by the foregoing earnings statements operating
conditions were rendered unfavorable by the rising cost of labor, fuel ana
other materials, nevertheless the company in the 12 months ended Nov. 30
1918 showed increased earnings and a balance of $3,431,724 in excess of
the $4,349,570 required to pay interest on all its outstanding bonds, in¬
cluding the present issue, under peace conditions it is anticipated that
the company’s net earnings will show a substantial improvement.
Number of Consumers Served for Calendar Years and YearEnded Oct. 31 1918.
Gas.
Water.
Electricity.
Steam.
Total.
5.539
182,615
54,772
70,515
6,360
216,378
101
285,513
102,024
7,257
281
8,479
349,384
132,355
378
9,432
403,545
166,149
446
450,657
12,655
194,374
449
472,706
206,052
13,052
Equity.—The property represents a large investment over and above
bonded debt.
The Gen. A Ref. M. 5s are followed by stocks which on
present market prices have a value of about $35,000,000.
In the last
years the company, through the sale of pref. stock, has
added more than $12,300,000 to the assets securing these bonds; the net
cash investment in plant additions was $22,545,325, as against a net in¬
crease of $2,904,500 fn its outstanding bonded debt during the same interval,
the additional equity thus created exceeding $19,600,000.
Compare map, Ac., on pages 116 to 118 of “Electric Ry. Section.”
122,304
139,503
176,131
208.269
227,586
243,182
.252.623
—V.
107,
p.
1837, 1670.
Pennsylvania BB.—
Wm. A. Patton, Assistant to the President of this company, and Presi¬
dent of the N. Y. Phila. A Norfolk RR., will on Dec. 31 retire from the
active service of the system under the provisions of the pension plan.—
V. 107, p. 2376.
Philadelphia Bapid Transit.—New Vice-President.—
Vice-President in charge of welfare
public relations. F. B. Ellis has been elected Secretary and G. W.
Davis Treasurer, succeeding R. B. Selfridge, deceased.—V. 107, p. 2377.
Herbert G. Tulley has been elected
And
Public Service
Corp. of New Jersey.—Possible Financing.
Negotiations are reported to be under way looking toward the issuance of
some new notes, or other evidences of indebtedness, in order to refund the
$7,500,000 5% notes due March 1 next, and also to provide additional funds
or working capital.
Bonds Stricken from
Phila. List.—
regular list $50,000
1 1959, leaving the
Sub. Co. Fare Situation.—
Ry. below.—V. 107, p. 2377, 2098.
Public Service By.—Zone
System Proposal.—
Pres. McCarter, it is stated, will on Dec. 30 submit a statement to the
New Jersey P. U. Commission on the establishment of a zone system in
the company’s territory.
In permitting the company to increase its fare
recently the Commission stipulated that a plan for a zone system be sub¬
mitted before Jan. 1,—V. 107, p. 2098, 1920.
Bapid Transit in New York.—Status—Operations.—
The P. 8. Commission has directed the preparation of a final order fixing
the status of the Culver Elevated Line in Brooklyn as a branch of the
Fourth Avenue Subway.
The order will also provide that the Culver Line
be operated as a part of the Fourth Avenue Subway when the White-
hall-Montague St. tunnel line shall have been completed and placed in
operation. This plan will require that when the new Culver elevated
structure in Brooklyn Is placed in operation a month or so hence, it will be
operated as the present Culver Line Is operated, namely, in connection with
the Fifth Avenue elevated line in Brooklyn.
Thereafter, when the tunnel
line is completed the Culver trains will be made up of steel cars and diverted
Pf»j» the Ninth Avenue station into the Fourth Avenue Subway.
Plans made by the P. 8. Commission in reference to the extension of
operation of the Pelham Bay Park subway line from the present terminus
a
director.—V. 107. p. 1838.
Bbode Island Co.—No Rental Payment.—
This company has notified the United Traction Go. that it cannot pay
rentals of $149,500, due Dec. 23, under the terms of the tease to the operat¬
ing company, Tim United Traction Co. can, under the provisions of the
lease, serve notice upon the Rhode Island Co. that at the expiration of 30
days, it will take over the properties as a result of the violation of the
agreement.—V. 107, p. 2377, 1670.
Bicbm. Fredericksburg ft Potom. BB.—Contract
Signed.
The contract with the U. S. Railroad Administration was signed on or
about Dec. 20, the annual compensation being fixed at $1,137,373.—
Y. 107, p. 2188.
Bocbester Bailway ft Light Co.—New President.—
to succeed
James T. Hutchins. Vice-Free^/ has been elected President
Horace E. Andrews, deceased.—V. 1071 p. 2188, 1197.
Bockford (Ill.) ft Interurban By.—Fare Situation.—
Fares on this company’s line will be Increased to 2.6c. per mile when
tickets are bought and 3c. per mile without tickets.—V. 107. p. 2188.
St. Albans
(Vt.) ft Swanton Trac. Co.—7c. Fare.—
The City Council at St. Albans, Vt., on Dec. 9 voted to released the
company from its obligation to limit the fare to 5c. and to give permission
to the company to charge 7c.
St. Louis-San Francisco By.—Offering of Prior Lien 6%
Bonds.—Lee, Higginson & Co. and the Guaranty Trust Co.
are offering, at 96 and int., yielding over 6.55%, $10,598,000
Prior Lien Mortgage 6% gold bonds, Series 44C,” dated
July 1 1918, due July 1 1928. Int. J. & J. in New York
without deduction for any tax the company or trustees may
be required to withhold. Callable at 102% and interest on
60 days’ notice. See advertising pages.
Data from Letter of Pres. Henry Ruhlender, Dated Dec. S4 ISIS.
Outstanding Capitalization (as of Dec. 11918, Including This Issue).
Prior Lien
Mortgage bonds: Total auth., $250,000,000. Out¬
standing: Series A 4% bonds, due July 1 1950, *$84,299,175;
Series B 5s, due July 1 1950, $25,000,000; Series C 6s, due
July 1 1928 (this issue), $10,598,000; total
*$119,897,175
Underlying bonds
11,234,900
Equipment trust obligations
....
2,215,000
Other funded debt: (a) K. C. Ft. 8. A Mem. Ry. System. $54,919,700; (b) Ft .Worth A Rio Grande Ry. Co.. $1,403,000;
(c) Quanah Acme A Pacific Ry. Co., $210,000; total
56,532,700
Han. City Ft. Scott A Mem. 4% pref. stock trust certificates.
7,144,500
Total bearing fixed charges
Adjustment Mortgage 6% Cumulative Income bonds
Non-Cumulative 6% Income Mortgage bonds
stock
$197,024,275
*$38,761,693
...
35,192,000
7,500,000
.......
50,447,026
for the refunding .payment, purchase or acquisition of $7,144,500 St. Louis
A San Francisco BB., Kansas City Ft. Scott A Memphis Pref. Stock Trust
Certificates and $3,363,900 underlying mortgage obligations.
Purpose of This
Issue.—These $10,598,000 Series “C” represent reim¬
bursement to the company for
capital expenditures
as
follows: (a) $3,-
090,000 to retire equipment trust obligations; (6) $683,000 for acquisition
of new mileage, terminals and terminal facilities; (c) $5,367,000 for addi¬
tions and betterments; id) $1,458,000 for additions to equipment, including
purchase of 28 freight locomotives and 6 passenger locomotives.
Out of the proceeds of this sale the company proposed to pay off its
present floating debt, amounting to $5,210,000, so that the Increase in
annual fixed charges will not exceed $323,280.
As a result of this financing
the company will be free of floating debt, and will be provided with addi¬
tional working capital.
Security.—A direct mortgage lien of 3,471 miles of line owned in fee and
all equipment owned, subject to only $11,234,900 underlying bonds and
$2,215,000 equipment trust obligations (for the refunding, purchase or
acquisition of which Prior Lien bonds have been issued and reserved).
The company controls an additional 1,593 miles of line through owner¬
ship of substantially all of the capital stock representing that mileage,
upon which there are outstanding mortgage bonds aggregating $56,532,700.
All of the stock representing the company s control of this mileage is pledged
as further security under the Prior Lien Mortgage, subject, as to a part
thereof, to underlying bonds aggregating $573/700, and as to $7,144,600
Bar
ke value
of pref.
stockof of
thetrust
Kansas
City Ft.ofScott
A Memphis
Ry., to a
principal
amount
stock
certificates
St .Louis
A San Fran.HR.
Trackage rights on 101 miles of road are also covered by the Mortgage.
System.—This system of 5,165 miles extends from St. Louis and Kansas
City into the States of Mo., Ark., Kan., Okla., Tex., Tenn., Miss .and
Ala., and serves some of the richest traffic-producing territory in the cen¬
tral, south central and southwestern parts of the United States.
Earnings for Cal. Years 1917 and 1916 (1916 Including 10 Mos. of Receiver'?).
1917.
1916.
Total operating revenue
Net operating revenue
Taxes, Ac
Operating income
Miscellaneous income, less hire of equipment
$59,676,657 $53,119,998
$20,065,839 $17,473,220
2,193,094
2,773,038
$17,292,801 $15,280,126
&660.833
353,279
Total income
$16,631,968
Fixed Int., rentals, sk. fnds. and other fixed digs. b 9,348,504
$15,633,405
Balance
The Philadelphia Stock Exchange has strode off the
Gen. Mtge. 5% winking fund 50-year bonds, due Oct.
amount luted $35,816,000.
See Public Service
Bepublic Bailway ft Light Co.—New Director.—
Albert E. Turner has been elected
Preferred 6% non-cumulative
Common stock
$3,431,724
Year—
2477
a
Debit,
$7,283,464
b The Adjustment and Income Mortgage bonds
c9,601,430
$6,131,975
are
Income
bonds and interest thereon is not included, c 1916 interest charges were
based on capitalization of the new company.
Government Contract.—The company has not yet entered into a contract
with the Director-General of Railroads, but tne average annual railway
operating income for the three years ended June 30 1917. constituting its
so-called “standard return” under the Federal Control Act, hasbeen
certified by the Inter-State Commerce Commission to be $13,423,400.
Condition of Property.—In the three years ended June 30 1916, during
the receivership, the physical property received the benefit of maintenance
in the
expenditures amounting to $44,007,704, or $10,312,594 more
three previous years.
Expenditures for additions and betterments and
reductions in equipment trust obligations during the same period together
amounted to $13,674,878.
Expenditures for additions, betterments and
equipment, and reductions in equipment trust obligations in the two
from July 1 1916 to June 30 1918 have amounted to $14,102,554.
The properties are in good physical condition.
Equity.—Present quoted prices for junior securities indicate an equity
of more than $50,000,000 over and above the Prior Lien Mortgage bonds.
The book value of the property indicates an equity in excess of fchi* figure.
—V. 107, p. 2377, 1838.
new
yean
St. Paul Union Depot Co.—Oversubscription of 5-Year
5%% Guaranteed Gold Notes.—A syndicate composed of
J. P. Morgan ft Co., First National Bank, N. Y., Kuhn,
Loeb ft Co. and the National Citv Co., announce, bv adv.
ofoperation. Third Ave. and 138th St., to Hunts Point Road. ctJI for the on another page, the sale at a subscription price of 99 and
extended service to begin on Jan. 7 at 11.59 p. m.—V. 107, p. 2290, 2098
int., to yield nearly 5%%, of $8,000,000 Five-Year 5H%
B&rit&n Biver BB.—Stock.—
guaranteed gold notes dated Dec. 15 1918, due Deo. 151923.
None of the $160,000 new stock wffl be offered to the public for ttle
Total authorized, $8,000,000. The advertisement shows:
And therefore no particulars as to its issuance are available.—-V. 107, p.2377
Beading Co.—Meetings Postponed.—
The m«wHng* of the Philadelphia A Reading Ry.
to act on the Federal operating contract have
dateto be fixed later.—V.
2009. 1102.
«nnto«
107?p.
Int. J. A J. 15 in N. Y. City, without deduction tor Federal income taxes
or hereafter deductible at the source.
Denom. $100, $1,000 and
$5,000 c*. Redeemable as a whole, at the option of the company, upon
60 days* notice, on any interest date, at 101 and interest.
Northwestern
Trust Ck>., St. Paul, trustee.
now
and subsidiary com
been postponed to a
3478
THE CHRONICLE
Summary of Lottor to Banker* by E. Pennington. Esq.* President
of the Company.
Guaranty.—The note* are to hare endorsed thereon a Joint and several
guaranty of the payment of principal and interest, executed by the following
companies using the Terminal:
Chicago Milwaukee ft St. Paul Ry. Great Northern Ry. Co.
Chicago St. Paul Minn, ft Om. Ry. Northern Pacific Ry. Co.
Chicago Burlington ft Quincy RR.
Chicago Great Western RR. Oo.
Minneap. St. Paul ft S. S. M. Ry.
Minneapolis ft St. Louis RR.
Chicago Rock Island ft Pacific Ry.
The only outstanding indebtedness of the
Depot Co. upon the issue of the
notes will be represented by $500,000 underlying bonds maturing hi
part
in 1930 and in part in 1944.
The trust indenture in respect of the notes is
to provide that while theee notes are outstanding, no
security will be
created or Issued ranking ahead of the notes.
Operating Agreement.—Under an operating agreement dated Dec. 18
1916, the above-mentioned companies (owning all the stock of the Depot
Co. and being all the railroad companies operating trains into St.
Paul),
are obligated to pay the Depot Co. annually an aggregate amount
equal to
the amount required (after deducting other specified income)for
operating
expenses, taxes, interest charges on the company’s outstai
bonds ana
dividends at the rate of 4% per annum on the Depot Co.’s
capital stock.
Purpose of Issue.—The proceeds of this issue will be used in part in the
retirement of floating indebtedness heretofore incurred in acquiring land
for the terminal and for construction work and in
part in providing the
ty with funds to complete its program for 1919.—V. 107, p. 2188,
Salt Lake A Utah EE.—Offering of First Mtge. Notes.—
E. H. Rollins & Sons, Boston, New York, Chicago, Denver
and San Francisco, and, associated with them, the Interna¬
tional Trust Co. of Denver, and Sweet, Causey, Foster A
Co., of Denver, recently purchased and offered an issue of
$562,500 First Mtge. Bond-Secured 3-Year 7% notes dated
Aug. 11918, due Aug. 11921. The notes are fully described
in our issue of Deo. 7, page 2188.
Messrs. Wilson, Cranmer Sc Co., Denver, ae well as the Palmer Bond A
Mortgage Co., Salt Lake City, Utah, are acting in the capacity of brokers
on broker’s commission.
Compare V. 107, p. 2188.
in the resale of the same
Savannah (Qa.) Electric Co.—Wage Decision.—
The War Labor Board on Dec. 17 handed down a decision
holding that
paid to the operators in Savannah are already in excess of the maxi¬
mum awarded in the other Southeastern
cities, and accordingly no increase
is warranted.—V. 105, p. 177.
wages
Sonth Georgia Ey. —Provisions of Short-Line Contract.—
Treasurer O. T. Tillman. Quitman,
Ga., Dec. 18 1918, wrote: "We have
no spare copy of the short-line contract with the U. S.
Government. There
is no provision In this contract for annual compensation
or other returns
to our company. (See V. 107, p. 1717.) It would not be
proper to class
this road as being operated by the U. S. Government.
"The making of this contract with the Director-General of Railroads
gives the short lines certain protection that they would not otherwise have.
One item of advantage is the allowance of two days free time, on
per diem,
on foreign cars.
Another is that the routing of inbound tonnage via our
lines wifl be protected.”—V. 83, p. 1172.
Southwestern Interurb&n By., Winfield, Kan.—Sale.
V.-Pres. and Treas. H. M. Preston of Tulsa, Okla., acting
the holders of
on behalf of
the First Mtge. 6% bonds recently purchased at foreclosure
company, operating an electric railway in and be¬
tween Winfield and Arkansas City, m all about 25 miles of track.
A public grant of $40,000 made to the company at the time of the con¬
struction of the road, it is said, requires that the road shall continue
in operation.
.
sale
theprqperty of this
Third Avenue By.- -Sub-Co. Abandonment.—
Union Traction Co.—New Director.—
Arthur V. Morton has been elected a director of
this company, a sub¬
sidiary of tiie Philadelphia Rapid Transit Co., to fill the
by the death of James Gay.—v. 107, p. 2189.
United Gas A Electric
See
p.
vacancy
caused
Corp.—Sub. Co. Note Offering.—
Harrisburg Light A Power Co. under "Industrials" below.—V. 107.
2104, 1386.
United Light A
United BBs. of San Francisco.—Tunnel Contract.—
President LiUenthal and Mayor Rolph have signed the agreement insur¬
ing the extension of the Twin Peaks Tunnel service into the Parkside and
Ingledde disticts.—V. 107, p. 2290, 1386.
United Bailways Co. of St. Louis.—Sustains 6c. Fare.
The Supreme Court of Missouri
by a decision handed down on Dec. 19
1918 sustained the power of the Public Service Commission to alter street
railway fares prescribed by franchise.
This decision makes valid the or¬
ders or the Commission authorising 6c. fares in St. Louis and Kansas
City,
effective June 1 last. The Railways Company of St. Louis has been
is¬
suing to passengers since Sept. 12 1918 coupon receipts and has been de¬
positing the extra emit until such time as the Supreme Court passed on the
case.
As of Nov. 30 1918 the company had $483,479 deposited
against
such contingency; this amount will now be released.—V.
107, p. 2377.
United Traction Co.—Rentals Not Paid.—
1188, 697.
The Oil City (Pa.) Trust Co. has purchased for $160,000 at receiver’s
sale this company’s property, extending 26 M miles from North Wilkesboro to Darby, N. C.—V. 99, p. 1529.
West Penn Bys.—Earns.—Bed. Sheet.-—Bonded Debt, dte.
See West Penn Traction A Water
Power Co. under "Reports" above.
West Penn Traction A Water Power Co.—New Stock.
See "Annual Reports" on a
preceding page.—V. 106,
p.
823.
Wheeling Traction Co.—
See West Penn Traction A Water Power Oo. under "Reports” above.—
V. 106, p. 2759.
•
White Pass A Yukon
The company announces
a
bonus of
arrangement has been apare now
£100,000 of the Prior Lien Debenture stock
one "A" share for each £25
a first charge on toe whole
at
95%. with
stock allotted.
The stock, which
constitutes
of the assets and undertaking, is
repayable at par on Dec. 31 1935 and carries interest at 7% per ann.. pay¬
able annually on Dec. 1, toe first payment of interest being due on Dec. 1
1919.
After payment of interest on this stock and on the other debenture stocks
authorized under the scheme, toe "A" shares are entitled to 75% of toe divis¬
ible profits.
They are also entitled in a winding-up to 75% of the assets
available for distribution among toe shareholders. The application forms
should be forwarded to toe Secretary by
Dec. 21, with check for £5 In re¬
spect of each £25 stock applied for; toe balance of £18 15s. is payable on or
before Mar. 31 next.
Applications must be for £25 stock, or multiples
thereof.
[London announcement].—V. 107, p. 2377, 2099.
INDUSTBIAL AND MISCELLANEOUS.
—
A dividend of 1% has been declared on the common stock,
payable
Feb. 1 to holders or record Jan. 18.
On Jan. 20 1916 a dividend of 1)4 %
was
paid,
none
since until the present distribution.—V. 107, p. 698.
American Metal Co., Ltd.—No Dissolution—Voting Trust.
The shareholders on Dec. 24 voted to abandon the
plan to dissolve the
company, dissolution being no longer necessary for the purpose for which
such a course wss designedl which will be accomplished by toe
voting trust
agreement.
Compare V. 107, p. 2377, 2291.
American Screw Co.—Extra Dividend of 2%.—
An extra dividend of 2% has been declared on the
capital slock, along
with the regular quarterly of IH%. both payable Dec. 31 to holders
of
record Dec. 24, making total distribution* for the
year of 15%.
An extra
of 2% wae paid in 8ept. and 4% in March.—V. 107,
p.
Amer. Smelt. A Befin. Co.—Price of
1289.
Lead Reduced.—
This company has reduced the price of lead from 6410c. to 6c.—V.
107,
1285.
Amer. Water-Works A Electric Co.—Sub. Cos.—
See West Penn Traction A Water Power Co. under
V. 107, p. 2010, 1477.
"Reports" above.—
American Window Glass Co.—Bond Purchase.—
A press
dispatch from Pittsburgh says: This company is prepared to
buy $280,000 worth of Collateral Trust 10-year 6% sinking fund
bonds,
dated Feb. 11912, at a price not exceeding 95 and interest.—V. 107,
p. 1668.
American Writing Paper Co.—Bond Interest.—
Notice is given, by adv. on another page, that the interest duo Jan. 1
1919 on tiie 1st M. 5s will be paid on and after that date at Old
Colony
Trust Co., Boston. Interest on certificates of
deposit issued for these bonds
under the deposit agreement dated Oct. 10 1918
will be paid on or after
•aid date upon presentation of the certificates of
deposit for endorsement,
accompanied by ownership certificates required under the Federal income
tax regulations at
any of toe following offices: Old Colony Trust Co., Bos¬
ton: Central Union Trust Co., N.
YTTspringfleld Safe Deposit A Trust Co.,
flnrinffffoM, Mass.; Merchants’ National Rank, Worcester, Mass.: Lee.
A Oo., The
Chicago; Merchants* National Bank,
Va.—V. 107,Rookery,
p. 22M. 2190.
Anaconda Copper
A
Mining Co.—Quar. Div.
to
3%.—
quarterly dividend of $1 50 (3%) has been declared on the $116,562,500
stock, payable Feb. 24 to holders of record Jan. 18. The dividend was
increased from $1 50 to $2 (4%) a share
(par $50) in Aug. 1916, which rate
has been paid each quarter to the present distribution.
Yearly dividend
record since 1901 (per cent):
'OBTw. 1908 to 1911. ’12. '13. ’14. ’15. *16. *17. ’18.
4 yearly
8yeariy
12
10
6
Id 17
16
In 1917 paid July 16 a special (Red Cross) 1
%.
After the meeting an official of the company stated that there was no
explanation to make of the action aside from the fact that the 23-cent copper
price will mean a reduction of about $10,000,000 per annum in the earnings
of the company, or about $4
per share on the stock. However, as wages
also are likely to be reduced after the first of next year, toe loss in
earnings
will not be ss large as stated.—V. 107, p. 2291.
1902 to 1904. '05.
Arlington Mills, Lawrence, Mass .—Special Dividend.—
The directors have dedared a special dividend of $2
per share, along with
the usual quarterly dividend of $2 on the $8,000,000
outstanding capital
stock, payable Jan. 2 to holders of record Dec. 23. These are dividends
Nos. 95and 96.—Y. 106, p. 2759.
The Union Trust Oo. of San Francisco will, until Jan. 15 1919,
receive
tenders of First Refunding Mtge. 5% bonds to toe amount of
$899,083,
such amount being in the sinking fund.—V. 107,
p. 504.
Avery Co. (Peoria, Ill,).—Description, dte.—
The "Iron Age" in its issue of Dec. 26
publishes a six-page illustrated
article describing the unique features of this
company’s
which
produces gray iron, semi-steel and electric steel castings. Afoundry
description of
operations is included.—V. 107, p. 1103, 804.
Co,—Export Combination.—
See North American Steel Products
Corp. below.—V. 107, p. 2378.1671.
Billings A Spencer Co., Hartford, Conn.—Dividends.
The directors have declared
along with the regular dividend of 3% an
extra dividend of 2% and a special dividend of 5% on the
$750,000 capital
stock of the company, payable Jan. 11919 to stockholders of record Dec. 19.
A like amount was paid in October last.—Y.
107, p. 1194.
Booth Fisheries
ing data
are
Co.—Operations, dec.
pronounced correct:
The follow¬
The company has made a record pack of salmon thi*
year, the volume
running well over 800,000 cases, aggregating on the basis of 48 l-4b. cans,
40,000,000 lbs. On the Atlantic coast end the company Is still busy on
its sardine pack, which had come strong in the
three weeks. The
fresh and frozen fish department, including also past
lobsters, dams, Ac., is,
with the cold storage plants, earning bond income and toe
7% preferred
and $2 common dividends.—V. 107, p. 698, 606.
Borden’s Condensed Milk Co.—Earnings.—^^.follow¬
as a current report, are,* J^‘**5tfl&ve,
based on facts:
The Borden’s Condensed Milk Co. for the year ended June 30 191$
earned approximately $15 a share on $21,368,100 common, after taxes,
depreciation and regular 6% dividend
on
$7,500,000 pref.
The 8% divi¬
dend on the common, calling for $1,709,448, was earned
nearly twice over,
after providing for $450,000 preferred dividend.
This is combined earnings
of Borden’s Condensed Milk Co. and its subsidiary, Borden's Farm Prod¬
ucts
Co., Inc.
The latter company, however, paid no dividends to the
parent company.
The Borden’s Farm Products Co. (which is engaged in tiie business
of dis¬
tributing fresh milk, cream and other farm products in New York City and
adjacent cities, Chicago. Montreal and elsewhere), net earnings were less
than 5% on its outstanding capital stock of $14,000,000.—V.
107, p. 1921.
1581.
Brier Hill Steel
Co.—Export Combination.—
Corp. below.—V. 107,
p.
698.
Bronx Gas A Electric Co.—Minimum Qas Charge
Illegal.
The New York P. S. Commission has
adopted an order declaring a tariff
recently filed by tills company illegal, in that it makes the minimum
charge
per month $1, irrespective of toe amount of current consumed.
The
opinion holds that the company is limited to the legal rate of 12c. per k.w.h.
which prevails in that territory and that toe
company has no authority to
make any minimum monthly charge.—V. 107,
p. 805, 293.
Bush Terminal
Co.—Special Dividend Continued.—
The directors have declared a special dividend of
2M% on the common
stock, payable in stock along with the regular semi-annual dividends of
$3 on toe pref. and $2 50 on the common. AH dividends are payable
Jan. 15 to holders of record Jan. 6. A special dividend of
2)4 % has been
paid semi-annually since Jan. 1916.—V. 107, p. 1103.
Canadian Car A Foundry Co.—
The "Financial Post of Canada” understands that J. Frater
Taylor,
Chairman of toe Board of toe Lake Superior
Corp., will shortly be made
Vice-Pres. in charge of finance.—V. 107, p. 2378.
Chicago Wilmington A Franklin Coal Co.—NevftStock.
Alger* Smith A Co.—Redemption.—
Two bonds ($50,000) numbered 13 and 14 for $25,000 each
Jan. 2 1920. have been called for redemption on Jan. 2 1919.
premium of 1%.
See North American Steel Products
By.—Scheme Approved.—
that the scheme of
Sroved
by the of
Court,
subject
to certain
amendments
suggested invited
by toe
udge. Holden
shares,
debenture
stocks and
debentures
to subscribe for
at a
American Chide Co.—Common Dividends Resumed.—
ing data, while given
Watauga A Yadkin Biver BB.—Receiver's Sale.—
—V. 106, p. 1037.
IS redeemed
Bethlehem Steel
Eye.—6c. Fare.—
Announcement is made that a 6c. fare franchise for Cedar Rapids has
been favorably acted upon at a city election.—V. 107,
p. 1838, 605.
See Rhode Island Oo. above.—V. 107,
p.
Payment will be made at the office of the Detroit Trust Oo. of $50,000
of 6% coupon notes numbered 301 to 350, both
inclusive, maturing Jan. 2
SO. being notes secured by the bonds above referred to. Said notes wjO
Associated Oil Co.—Tenders.—
See Belt Line Ry. above.- -V. 107, p. 2099. 2009.
.
{Voi.107.
due
The stockholders will vote Dec. 31 on an increase in the common stock
at $225,000, of which it is proposed to issue $75,000
in part payment for
additional property to be acquired, and to offer to
employees for purchase
Dec. 28
THE
1918.]
Houston, Oil Co.
the balance of >160,000. After)
tiHwtton will consist of $1,
—V* 100. p. 1903.
Cities Sendee Co.—Pipe Line, <fcc.—
See
Empire Pipe Line Oo. below.—V. 107. p. 2100, 2011.
Colt’s Patent Tire Arms Mfg. Co.—Dividend Reduced.—
50 hen been declared on the $5,000,000 stock,
holders of record Dec. 14. In Jan. 1918 the
company paid a dividend of S3, and in April. July and Oct. $2 50 each.—
A quarterly dividend of SI
par $25. payable Dee. 31 to
V. 106. p. 2013. 1463.
[An*
‘
rs Corporation.—Bankruptcy Sale.—
Consolidated Motors
John J. Townsend, referee in bankruptcy, will seO on Dec. 24 the prop¬
it public auction.
erty, Ac., of this company at
Realty Co.—Bond Call.—
Contra Costa
has called for redemption as of Dec. 1, S7.000 First Mtge.
6% bands due March 1 1921.
(Wm.) Cramp A Sons Ship A Engine Building Co.—
The Philadelphia Stock Exchange listed 3134,000 additional Voting
Trust Certificates, making the total amount listed to date $5,756,000.
—V. 107. p. 2191.
Cuban-Ameiican
Sugar Co.—Payment of Notes.— 1919,
The First lien 6% serial gold notes
together with coupons thereon, should
(series A) maturing Jan. 1
be tweetented for jmyment to the
Y.
~ city, on or after
National City Bank of New York, 55 Wall St., N
Jan. 2 1919.—Y. 106, p. 503.
Bond Extension.—
Telephone Co. below.—V. 107. p. 2100, 2011.
Cuyahoga Telephone Co.
See Ohio State
Dearborn Truck Co.—Increase in Capital.—
increasing its authorized
This company has f&ed a notice in Delaware
~
'
to
$10,500X100.
capital stock from $5,500,000
paid 4%.—Y. 107, p^ll95.
Dwight Manufacturing Co., Boston.—Extra Dividend.
An extra dividend of $15 (3%) has
been declared on the $1,200,000 out¬
standing stock (par $500), along with the usual semi-annual dividend
$30 (6%) per share, both payable Jan. 1 to bidders of record Dec. 20.
Jan. 1918 the regular 6% was paid without an extra.—V. 106, p. 712.
of
In
below.—V. 106, p. 1464.
General Electric Co.—Stock Listing—Earningt
JS, &C.-
has authorized
The N, Y. Stock Exchange has
authorized the
the listing
listing o
on and after
Jan. 15 1919 of the $2,317,500 additional stock, issuable on that day as a
stock dividend of 2%, upon official notice of such issuance, making the
total amount authorized to be listed $118,282,400
“Financial Reports*
i
For a statement of income and balance sheet, see
preceding page.—V. 107, p. 2379, 2292.
Gillette Safety Razor
Co.—Operations.—
Vice-President Fahey is quoted as saying: “We have our 1919 production
practically all sold, so the coming year lodes very good to us and the price
of the shares will easily take care of itself.
There Is no special reason for
the advance in the stock and notes during the past week.
Our widespread
advertising of our enormous business during 1918 may have had something
to do with it.
Perhaps, also, investors are trying to buy our securities in
a market which has very few for sale.
Investors may also figure that the
real value of our shares—paying $9 50 per share dividends for 1918—is
considerably above recent quotations.”—V. 107, p. 2101.
Engineering Works.—Bond CdU.—
Great Lakes
Eighty ($80,000) $1,000 bonds numbered 1011 to 1090, both inclusive,
and eight ($4,000) $500 bonds numbered 1091 to 1098, both inclusive, of
the lrfMtge. serial5% gold bonds dated July 1 191^have,been
for payment at 105 and mt. on Jan. 1 1919 at the Union Trust Co., Detroit,
and the Citizens’ Savings A Trust Co.. Cleveland.—V. 91. p. 1515.
called
Harrisburg (Pa.) Light A Power Co.—Offering of 5-Fear
6% Gold Notes.—Bonbright & Co., Inc., are offering at
97and int., yielding 6%%, a new issue of $215,000 5-year
6% gold notes, dated Dee. 2 1918, due Deo. 1 1923, but re¬
deemable, all or part, at the option of the company upon
30 days’ notice at 100 and int.
Interest J. A D. at office
of trustee, Commonwealth Trust Co., Harris¬
burg, Pa. Denom. of $1,000 and $500 c*. Tax-free in Penna; free from
normal Federal income tax not in excess of 2%.
“Passed by the Capital Issues Committee as not incompatible.” Ac.
Company.—Incorporated Oct. 23 1913 in Pa. as a mergerof theHairiaPower Co. (of 1884) and the Harrisburg Electric Service Co.
In Feu.
purchased the Harrisburg Steam Heat A Power Co., and in
Aug. 1913 "the Steelton Light, Heat A Power Co. Furnishes electricity
forlight, heat and power to the cities of Harrisburg and Steelton and the
towns of Paxtang, Swatara. HIghspire. Pen brook and surrounding com¬
munities, serving a total population estimated at 114XXX). Alto dis¬
tributes steam for heating purposes over a large area in Hajrisburg.
r
.
Authorized. Outstanding.
Capitalization—
$50)
-----*1.750,000
Preferred 6% cumulative stock (par $50)--1,250,000
Five-year 6% notes, due Dec. 1 1923 (this Issue)..
Closed
Harrisburg Lt., Ht. A Pow. Co. 1st M. 5s,due 1924
Closed
Harrisburg Lt.APow.Co. IstARef.M. 5s, due 1952 510,000,000
Common stock (par
o$1.750,0&
1,250,000
215,000
1,000.000
2,406,000
a All owned by the United Gas A Electric Corp.
6 $1,000,000 reserved
to retire a like amount of Harrisburg Lt., Ht. A Power Co. 1st M. 6s, due
1924: further 5s of 1952 are issuable only for 85% of the cost of extensions
and Improvements when the annual net earnings are IX times the total
interest charge, including bonds to be certified.
Security.—A direct obligation of the company. No new mtge. or lien
(other
purchase money mortgages) may be created without equally
^r&sfTlSSZ-To retire the outstanding floating indebtedness in¬
curred tor extensions, additions and improvements.
*Earnings for 12 Months Ended Nov. 30 1918.
Gross earnings
$974,477 Gross income
$380,101
Net. after taxes A maint
364,361 Int. charge on all funded dt. 183,200
15,7401Balance .....
—196.901
and free of burdensome restrictions.
Physical Properties.—Two steam electric generating stations wRh a com¬
bined capacity of 11.500 h.p. in Harrisburg: distribution lines, total length
about 200 miles (partly underground in Harrisburg) and extending to the
Other income
Franchises.—These are perpetual
surrounding communities.—V. 107, p.
Hendee Manufacturing
608.
Co.—Sinking Fund.
The directors, It is stated, have authorized^ the Treasurer. in his
tion, to purchase 800 shares preferred stock for retirement by the
fund.—v, 107, p.
1834.
104, p. 2237.
164,286
46.658
306,711
$lili?933
$69 087
170,080
368*272
17.130
5,895
671,948
671,950
$423,319
254.“ ‘
669.
$326,685 def.$23,272
The balance sheet of Sept. 301918Mtows outstandlnf timber certificates
of beneficial interest amounting to S4.283X&7. •a against $4,768,597 on
8ept. 30
107, p. 1923.
1917.—vT
Humphreys Petroleum Co.—Dividend, Ac.—
rhe “Wyoming OH News” of Dee. 14 says: “Dividend of $25 a share on
the 7,700 shares outstanding was paid in November.
This is the sixth
dividend disbursed. The company is controlled by the HumphreysMerritt
It paid $25 a share in June and $25 In July. The
syndicate.
companrliMpnmerttoim the Billings pool in Oklahoma.
E. N. Gilispte,
of Pittsburgh, paid $1,250,000 for the other half interest about ten months
ago and is said to have already cleared the purchase price out of the oil.
Production In the pool is reported tolling off and now is amounting to
about 7 XXX) barrels a day.**
Indiana Pipe
Line Co.—Extra Dividend.—
has been declared on the $5,000,000 stock (par
$50) in addition to the regular quarterly 4%. both payable Feb. 15 to
holders of record Jan. 25. In Fef>. 1918 an extra of 6% was paid and in
May 2%.—V. 106. p. 1348.
An extra dividend of 3%
Line, dtc.Enipire Gas A Fuel Co.- -Pipe
-V.
See
107, p. 1195.
Empire Pipe Line Co. below.-
Empire Pipe Line Co.—Status.—Henry L. Doherty A
'
Co., New York, as of Dee. 16, report:
It may not be generally known to those interested in Cities Service Oo.
and its subsidiaries that the Empire Pipeline Co. within two years’ time
has become one of the largest carriers or oil in the United States so tor as
quantity is concerned, without mileage being taken into consideration. In
September 1918 the total runs by the company were 1,072,802 bbls. of oil,
or an average of35,760 bbls. a day.
These figures are only exceeded in the
Pipe Line Co. Of course the Empire
Pipe Line Oo. does not transport anywhere near the total amount produced
by the Empire Gas A Fuel Oo., as a neat deal of the latter’s production fti
turned over to the Prairie Pipe Line Co. and other transporting companies.
The Empire Pipe line Oo. was organized in 1916. two years after the
pioneer oil development in Butler County, Kan., and its pipe line extents
from the El Dorado field to the Oklahoma State line.
Subsequent exten¬
sions to Cushing, Okla., was made in record time, and great pumping plants
had to be built.
Since 1916 seven refineries have been acquired by the Empire organiza¬
tion. and the scope of the system has been vastly enlarged. Two of the
oil refineries are located at Cushing, Okla., and others are at Independence,
discre¬
sinking
City, Okla., and Gainesville, Tex.
The plants at Independence, Okmulgee and Gainesville use crude oil from
other fields than Butler County, but their main lines and gathering lines
are all owned by the Empire Pipe line Co.
The Empire Pipe Line Co. must primarily take care of all the production
ft can of the Empire Gas A Fuel Co., and, secondly, it must furnish the
Empire refineries with the requisite amount of crude oil so thay may oper¬
ate to full capacity.
It also carries thousands of barrels of crude oil pro¬
duced from other companies, especially in the Healdton, Okmulgee and
Independence districts.
The entire pipe line company’s system is now composed of 311 miles of
main trunk line with 525 m&es of gathering lines In the various fields. The
longest single stretch of pipe line Is from El Dorado, Kan., to Cushing,
Okla.
The line is practically a tangent from the Butler County fields to
the Cimarron pumping station in Oklahoma a few miles north or Guthrie,
and from Guthrie runs directly east to Cushing.
A 4-inch line reaches
Cushing from the north, branching off at Ponca City to Burbank and thence
south. A 6-inch branch line extends from a point 35 miles south of Ponca
City to the Billings and Garber pools.
[In a booklet entitled “The Relation of the Property Manager to the
Banker and Investor,” which has fust been issued, John M. McMJHin,
Assistant Manager of the Bond Department of Henry L. Doherty A Oo.,
asserts that the Cities Service Oo. nas spent more than $50,000,000 on its
properties in the El Dorado and Augusta oil fields for development and
improvement work.]
Fairmount Coal A Coke
Co.—30% for Defaulted Bonds.
Glover A MacGregor, Pittsburgh, announce, by advertisement in Lon¬
don, that they are prepared to buy at “30% of par” the 4% bonds due
Dec. 1 1919, with June 1 1909 and all subsequent coupons attached.—
V. 96. p. 1492, 422.
Fisher Body
Corporation.—Earnings.—
3 Months ending Oct.
Total income.i
Interest charges
Surplus
*
31—
1918.
-
1917.
Inc.or Dec.
42,855
$1,033,814
40,253
Dec.$135,214
Inc.
2,602
.$855,745
$993,561
Dec .$137,816
*$898,600
....
Excess profits tax not
deducted.—V. 106, p. 2647.
(H. H.) Franklin (Motor Car) Mfg. Co*, Syracuse.—
The following has been officially revised for the “Chronicle”:
This company, which has devoted its plant to work on Hlspano-Soiza
and Rolls-Royce airplane engines, is getting bade to automobile production
again, showing for the first week of “peace” a production of only 4 care,
the second week 17 ears, and at present from 70 to 80 care per week. The
normal capacity is 250 care per week.
Orders are being received at the
rate of 100% in excess of production.
The amount of stock outstanding Dec. 1 is reported to the "Chronicle”
Mfoltow.: Common.
»l-81«-40y ™*..
■>• M»r|j- *
Inspiration Consolidated Copper Co.—Dividend.-
A regular quarterly dividend of $2 has been declared on the stock, pay¬
able Jan. 27 to holders of record Jan. 10.
An official of the company has pointed out that the company is very
strong in cash, having accumulated quite a surplus for the purpose of
paying dividends. In addition, he said that the company possessed a
property of low operating cost and does not require the large sums of
money necessary to be carried by other companies because of the fact that
it does not smelt and refine its own ores, therefore has not as much money
tied up as many other companies like the Anaconda and others.—V. 107, p.
2192.
International Arms A Fuze Co. (Bloomfield, N. J.)—
Owing to the cancellation of shell contracts, this company has arranged
for immediate curtailment in operations with the expectation of completing
all Government work early in January.
The plant has been giving em¬
ployment to almost 9,000 persons ana about one-half of this number will
be released before the close of the year.
It is reported that the plant will
manufacture automobiles and parts.
(“Iron Age.”)—V. 106, p. 301.
International Harvester Co.—New President.—
Harold 7. McCormick, Treasurer, was elected
H. McCormick, who was made Chairman of
upon
HollandrSt. Louis Sugar Qo.—Dividend.quarterly dividend of 3% is reported to have been declared on the
common stock, payable Jan. 15 to holders of record Jan. 5. A dividend of
was declared a year ago, payable 3% Jan., April, July and October.
A
$94,641
Kan., Okmulgee, Oklahoma City .Ponca
Electric Boat Co.—New Director.—
on a
1911.
$1,724,693
Mid-Continent field by the Prairie
Dodge Manufacturing Co.—Extra Dividend.—
An extra dividend of 2% has been declared on the common stock, in
addition to the regular quarterly dividend of 1H%, both payable Jan. 2
to holders of record Dec. 28.
On Oct. 1 paid an extra of 2% and Dec. 19'
See Submarine Boat Corp.
$607,291
Balance, surplus—
(Lbs.).—
Jan
1.820.000 ApriL__2,000,000]July
1.430.000)Oct
1,200,000
Feb
.1,780,000 May
2,000,000
—1.250,000(Nov —1.030.000
June.
March .2.270.000
_.lt760,000] Sept—1,002,000] _ .
_
Production for the 11 months aggregated 17,532,000 lbs -V. 107, p.2378.
This company
Earnings.-
For 8ept3Q Years—
Total receipts
...
$1,
Deduct—Taxes
$31,593
Admin. A office exp...
174,292
Oil derdopmoDi......
16,670
Int. on timber certifS..
273,480
Int. mt notes payable..
11,409
Paid in settWtof salts.
59,679
Preferred dividend.—.
676.149
\
Consol. Arizona Smelting.—Production
*
»47»
CHRQNICLE
President to succeed Cyrus
the Board. Commenting
his resignation from the office of President, Cyrus McCormick said:
“I have been actively In service as President of the International Harves¬
ter Co. since Rs organization, and for eighteen years before that 1 was
President of the McCormick Co., making thirty-four years’ continuous
service.
I would have retired several years ago but for the Government
suit against the company which was terminated recently.
While that liti¬
gation was pending, it would hardly have been proper to make such a
change in the management of the company.”—Y. 107, p. 1672.
International Ultramarine Works.—Sold.—
Property Custodian on Dec. 20 sold at public auction the entire
capital stock of this enterprise for $255,000 to Frank A Mayer, Pres, of oo.
The Alien
THE CHRONICLE
2480
Jewel Tea Co.—Sales—4 & 48 Weeks to Nov. 30.—
1918—4 Weeks—1917.
$1484,785
—V. 107, p.
Decrease. I
$1,232,268
1918—48 Weeks—1917.
$47,483 $13,947,024
$14,109,089
210i. 1672.
Keystone Tire & Rubber Co.—Contract.—
Decrease.
Iowa, under terms by which the latter
company
Valuation of Collateral—Original Face of Notes and Percentage on Same Now
to be Represented by New Securities (Stock and Bonds in Equal Amounts).
(Amounts
$162,065
A director Is quoted as saying: “The Keystone Tire A Rubber Co. has
dosed the contract with the Perfection Tire A Rubber Co. at Fort Madison,
$366,593
511.646
will manufacture Key¬
West, thus saving considerable freight expense. The Perfection plant is
an ideal one for the needs of the Keystone Tire A Rubber Co., possessing
as It does a capacity of 3,000 tires per day."—V. 107, p. 2293, 1923.
196,681
1,431.869
care
Lackawanna Steel Co.—President Resigns.—
a
was
Light Corporation.—New Stock.
The shareholders will vote Dec. 31 on authorizing a petition to the Board
of Gas and Electric Light Commissioners for approval of an issue of 2,491
additional shares of stock.
The proceeds will be used to pay off floating
debt incurred to provide a new power-station equipment and line extensions
required to meet the normal growth of business and also the unusual
demands caused by the war.
The new stock will be offered in the ratio
of one share for each four shares of old stock at the price approved by the
Board.—V. 104. p. 1903.
Lukens Steel Co.—Export Combination.—
See North American Steel Products Corp. below.—V. 107, p. 1388.
Mackay Companies.—Arguments Heard.—
Judge Hand in the U. 8. District Court
on
Dec. 27 heard argument on
the motion of the U. 8. Government to dismiss the complaints of the
Commercial Cable Co. and the Commercial Pacific Cable Co. in actions
brought to restrain Postmaster-General Burleson and Federal Cable
Director Newcomb Carlton from exercising further control of the plaintiffs
cable lines and from effecting the merger with the leased lines operated
by the Western Union.—V. 107, p. 2380, 2293.
McCrory Stores Corporation.—Sales.—
1918—November—1917.
Increase.1
$882,204
$728,033
—V. 107, p. 2102, 1672.
1918—11 Mos.—1917.
Increase.
$6,566,793 $1,527,787
$154,171 ($8,094,580
Merchants’ Coal Co.—Receivers9 Sale.—
William M. Robinson, receiver under a decree of the U. 8. District
Court for the Western District of Pennsylvania, entered on Dec. 12 1918,
will offer at public auction on Jan. 16 at the Somerset County Court House,
Somerset, Pa., all the property, Ac., of this company.—V. 107, p. 86.
Mexican Eagle Oil Co., Ltd.—Dividend of 15%.
paid in cash inserted by Editor.1
xNow Offered.
.
814.950
1,985,674
1,072,078
564,747
1,000,942
Defender, NY 1,206,856
Fair. Cincinn_
1,541,723
Heasy .Butte 1,612,331
Jones, Kan C.
521,545
Joslin, Denver
586,240
Kline, Altoona 1,275,617
Lion, Toledo.
1,744,638
LAG, Read’g ' 1,161,313
MacD, Seattle 1,642,510
McAlpin.Cinc
843,820
Montg’y Fair 1,095.573
Peoples, Tac’a 1,647,812
Root, Terre H
1,168,625
Springs, Gr R 1,053,714
195,588
575,845
257,299
135,539
289.272
860.609
18
19
a
20
426,874 21 Watkins, H’on
196,707 22 Watt, Norfolk
384,047 23 White. Au’sta
1,107.972
1,092.907
1,473,031
120,996 24 Whiteh’se, Spo
846.874
203,249
14
a
602,411
282,522
354,705
294,440
245.201
made Vice-Pres. in charge of operations.—V. 107,
Lowell (Blass.) Electric
sums
370,013
536,100
521.545
259,704
355,897
542.581
278,715
394,203
202.517
262,937
553,665
280,470
492,611
340,147
296,177
353,527
802,540 13
Genera! Manager, has been made Vice-President in charge of sales.
George 7. Downes
p. 2193.
7
.
8
9
Free asset 10
522,166 11
157,731 12
Pres. B. A. 8. Clarke has announced his resignation and will become
head of the new North American Steel Products Corporation, which see
below.
Moses Taylor having resigned as Vice-Pres., has been elected Chairman
of the Board.
C. H. McCullough Jr., Vice-Pres. and General Manager,
has been elected President to succeed B. A. 8. Clarke. Charles R. Robin¬
son,
issuable and
2 Batte’m., Bkln
3 Bacon, Louisv
4 Bedford, Br__
5 Castner, Nash
6 Conned, Butte
a
523.986
559,744
To take
so
Collateral No.
Notes,
*Princ'l Paid
Valuation. Ser.
Orig’l Amt. to Sep. 1 *18.
a
1 Claflin, N. Y. $6,713,244 $2,807,274
of the growing demand for Keystone tires, the
goods manufactured at the Perfection factories will be shipped direct to
the stores controlled by the Keystone Tire A Rubber Co. in the Middle
stone tires.
[Vol. 107
15
16
17
2.819,141
$10,800,000
Free assets
Total
$33,774,736$!1,365,487
P. Ct.
10.05
55.03
35.81
10.05
92.71
65.97
10.05
22.80
83.19
^tstkJdfds.
62.68
22.41
56.05
10.05
46.72
43.53
42.42
27 92
31.03
10-05
48.57
28.05
36.12
367,455
285,866
977,868
116,712
767,381
24.33
674,681
448,460
711,070
107,744
523,577
660.321
121,289
351.513
1,341,296
None
367,315
464,742
460,069
362,624
105,898
538,142
306,561
532,059
206.044
abt. $10,800,000
Special security exhausted.
* Inserted by Editor as of Sept. 1. The
total payments on account of principal to Dec. 18 had aggregated $11,399,099, as against the $11,365,487 as of Sept. 1. See text above.
xThese amounts and percentages are not carried out to the last decimal.
Note.—The $2,819,141 “free assets" as shown in foregoing table include
items valued as follows: The Jones Store Co.
capital stock. $1,343,831;
MacCallum A Cloutier Mm*. Co. capital stock, $140,555: McCreeryA Co.
capital stock, $917,816: Wilkes-Barre Dry Goods Co. capital stock, $223,962; real estate, mortgages, cash, stocks, Ac., $192,977.
The "free assets" are applicable to all the outstanding collat. notes and
on tile basis of the aforesaid valuation
aggregate 10.05% on the original
face value of such notes.
In the case of notes whose special
security has
not been disposed of, the sum of the percentages of the entire security to
which the holder will be entitled is shown in the table, expressed in a merged
percentage, embodying both his percentage (10.05%), apportioned as the
result of the valuation of “free assets," and the percentage apportioned
from the valuation of the definitely pledged assets.
Description of New Securities.—Based on the foregoing valuation, the
securities of the new corporation will aggregate $10,800,000, consisting of
one-half in bonds and one-half in the entire authorized paid-up capital
stock of the new corporation, including:
(a) Proposed issue of $5,400,000 5% bonds is to be dated Dec. 31 1918,
and are to be 15-year debenture bonds issued under an indenture with
Bankers Trust Co. of N. Y., as trustee.
Minimum sinking fund, 66 2-3%
of the net earnings of each fiscal year, as the directors shall determine such
net earnings after deducting interest, setting
up necessary reserves, Ac.,
and this sum, it is contemplated, the trustee shall use for the retirement or
the bonds either through call for tenders, purchase at public or private
sale below par, or redemption by lot at par to extent or unused balance.
The sinking fund may, however, exceed 66 2-3% of the net earnings in
the discretion of the directors, the intent being to retire as large an amount
of bonds each year as careful business judgment will
permit, and likewise
to create a market to holders who may desire to sell.
It is confidently
a
that the bonds will be wholly retired before they become due.
Corporation, N. Y.—Plan to Put hoped
lb) Capital stock, $5,400,000, will be of the par value of $100 per share.
Trust.—To secure continuity in the management, a voting trust
Voting
Properties on a Permanent Basis, Exchanging Collateral Notes for a
period of five years will be created, and the five men now composing
of the Several Series for Stock and Bonds (One-half Each) of the board
of trustees have consented to serve as the members thereof.
The notes, duly endorsed, should be sent
New Company in Amounts Together
promptly, together with the
Aggregating
Valuation
of
executed enclosed consent, to Bankers Trust Co., 16 Wall St., N. Y. City,
Assets Applicable to Said Series.—President Alexander New
depositary.—V. 105, p. 2188.
in circular of Dec. 18 sets forth substantially the following
Bfidvale Steel & Ordnance Co.—Export Combination.—
plan for permanent operation which the trustees of the cor¬
See North American Steel Products Corp. below.—Y. 107, p. 2380.
poration earnestly recommend to the holders of the Collateral
Midway Gas Co., San Fran.—Pref. Stock Retirement.—
Trust Notes to accept.
Holders may deposit their notes
A press dispatch from San Francisco states that the directors have taken
with the Bankers Trust Co., N. Y., depositary, preparatory the initial step toward the eventual retirement of the $692,350 7% cum.
Mercantile
to
on
Stores
exchange for the stock and bonds of the
the basis of the agreed valuation.
new company
Progress of Liquidation.—This corporation was organized early in 1915
rights and claims transferred to it by the Claflin
reorganization committee (per plan in V. 99, p. 971, 967, 1454).
As the
result of sales and conversions and distributions of accumulated surplus
from various stores from time to time, there has been distributed to the
creditors $11,399,099. which in addition to $5,782,614 distributed by the
reorganization committee, represents a cash total thus far paid to the
creditors under the Claflin plan of $17,181,713.
Trustees and Directors.—All of the capital stock of Mercantile Stores Cor¬
poration is still held by the trustees who were selected by the various cred¬
itors’ committees under the Claflin reorganization plan, namely: James 8.
Alexander, Pres. Nat. Bank of Commerce in N. Y.; Ernest A. Hamlll,
Pres. Corn Exchange Nat. Bank, Chicago; Henry W. Howe, Lawrence A
Co., commission merchants, Boston and N. Y.; John W. T. Nichols,
Minot, Hooper A Co., commission merchants, Boston and N. Y.; Philip
Stockton, Pres. Old Colony Trust Co., Boston.
The directors since organization have been and now are the following:
James 8. Alexander, N. Y.; Murray Carleton, St. Louis; Henry D. Cooper,
Gates W. McGarrah, Gerrish H. Milliken, Alexander New (President) and
Albert H. Wiggin. all of New York.
Progress of Liquidation—Present Status—Further Liquidation Not Justified.
—The liquidation of such assets as could be advantageously converted and
liquidated is substantially completed. The present assets (excepting some
real estate, mortgages and small miscellaneous holdings of an estimated
worth of about $200,000) consist of the retail stores now owned and oper¬
ated by it.
Diligent efforts were made to dispose of these stores, but no
adequate offers were received. The trustees and the directors are convinced
to take over the assets,
the establishments are all
operating on leased premises.
The leases expii
at various dates, and in addition to rental obligations embody liabilities
with respect to restoration and other matters at the termination of the
leases.
Generally speaking, the business of the stores is good and on a
profitable basis.
Financial Report.—In November 1917 we issued an extended report of
title corporation from its inception, together with a complete statement of
assets, both free and pledged, and presenting also in detail the assets of
the subsidiary companies, together with complete balance sheets of the
various stores.
That report has been reprinted for the information of note¬
holders (see digest V. 105, p. 1895).
Plan.—As further liquidation would be unjustifiable, the trustees and
directors believe that the best results can be obtained for the noteholders
by placing the properties on a permanent basis and by giving to the cred¬
itors securities (composed of bonds and stocks in equal amounts) which
will represent the actual values of the notes which they now hold.
There¬
fore it has been determined that a new corporation, about to be formed,
shall undertake to acquire the assets and snail issue its bonds and stocks
on the basis of the valuations herein set out in exchange for the collat. notes.
Valuation of the Properties.—In fixing the sums at which capital stock of
the respective properties pledged to secure the collat. notes are to be valued,
in issuing the securities of the new company, there was used as a basis
the situation of the properties as of Aug. 1 1918, less any cash thereafter
distributed to the holders of outstanding collat. notes. The trustees and
the board of directors after a careful investigation and audit of the fair
and conservative "going concern" values of each of the stores, have fixed
the aggregate amount of the assets to be the sum of $10,800,000.
Separate Valuations^and Terms of Exchange.—The following valuations
of the properties have been adopted, and on the basis of these the holders
of the notes of the several series will be entitled to the following percentage
of the total new securities (one-half each, stock and bonds), reckoned on
the original face amount of the notes as hoe shown:
pref. stock, by declaring a special amortization dividend of $20 a share,
payable Jan. 30. On payment of this dividend the par value of the pref.
stock will be reduced from $100 to $80.
Regular quarterly dividends of $1 75 per share on the pref . and 50 cents
a share on the common have been declared, payable
Jan. 3 to holders of
record Dec. 31.
The company’s gross earnings for the 12 months ended Sept. 30 last
are reported at $1,100,398; operating
expenses, $328,256; taxes, $100,400;
Interest. $114,070; balance, $557,672.—V. 107,
Mohawk
1918—November—1917.
930,825
—Y. 107,
p.
1388.
Mining Co .—Production (lbs.).—
879,516
p. 1582. 1196.
Increase.
| 1918—11 Mos.—1917.
51,309 9,629,460
12,313,887
Decrease.
2,684,427
Natick Gas Light Co.—Rate Petition.—
This company has petitioned the Massachusetts Gas A Electric Light
Commission that the Board set a new price for gas sufficient to meet
expenses.
The present price is $1 65 per 1,000 cubic feet.
New Idria Quicksilver Mining Co.—Div. Reduced.—
quarterly dividend of 25 cents per share has been declared on the
A
stock, payable Jan. 1 to holders of record Dec. 24. On Oct. 1 1917 the
rate was reduced from $1 to 50 cents quarterly, which sum has been paid
regularly to the present distribution.—V. 105, p. 1314.
New York Dock Co.—Common Dividend No. 1—
An initial dividend of 2H % has been declared on the $7,000,000 common
stock, payable Feb. 15 to holders of record Feb. 4.
It is stated that the dividend has no reference to possible quarterly or
semi-annual distributions in the future.—V. 106, p. 1794.
New York & Richmond Gas
Co.—Mortgage Appeal.—
This company informs us that it is not satisfied with the order of the
New York P. 8. Commission granting permission to execute a 30-year
First and Refunding Mtge. to the Central Union Trust Co. as trustee and
to issue thereunder $2,283,755 of 5% bonds, chiefly for refunding purposes.
An appeal will be taken.—V. 107, p. 507.
Niagara Lockport & Ontario Power Co.—Offering of
Refunding Mtge. 6s, Series “A.”—William Salomon & Co.
are offering at 93 and int., yielding about 6^%, a new issue
of $990,000 Refunding Mtge. 6% Sinking Fund gold bonds,
Series “A,” dated Feb. 1 1918, due Feb. 11958, but redeem¬
able at 110 and int. on any interest date upon 60 days’ notice.
A circular shows:
“Passed by the Capital Issues Committee as not incompatible," Ac.TI
Interest F. A A.
Total issue limited to $15,000,000; series "A” bonds,
authorized, $1,980,000. Detnom. $1,000 and $100 c; $1,000 c*.
Equitable Trust Co. of N. Y., trustee.
Company.—Engaged in the production and distribution of electric power
serving a highly developed territory extending from the Niagara River
to Syracuse, N. Y.
Security.—A direct general mortgage on the entire properties owned,
subject to closed issues of underlying bonds aggregating $8,905,000; &
like face amount of Refunding Mtge. bonds is reserved for the
purpose of
refunding the underlying bonds at or before maturity. Value or prop¬
erties, represented by actual cash investment, over and above the under¬
lying bonds, is upwards of $5,250,000, showing a most substantial equity
for these Refunding Mortgage bonds.
now
The
Dec. 28
Earnings for the Twelve Months* Period ended Oct. 31 1918.
1917.
1918.
$3,019,068 $2,226,439
1.041.833
1,488,711
Twelve Months ended Oct. 31—
8ales of electric power
Cost of power purchased and produced
Operating
expenses,
including maintenance
Other income.
.
$1,530,357
243,052
$1,184,606
193,997
$1,287,305
48,522
$990,609
26,628
$1,335,827
353,511
$1,017,237
272,777
$982,316
$744,460
.
Territory Served.—Includes the cities and towns of Syracuse, Rochester,
Auburn, Oswego, Geneva, Batavia, Lockport and numerous smaller Cornmunities.
Estimated population,
t
,
,
1,500
For description of properties, Ac., see V. 106, p. 612.
Further particu¬
lars should appear another week. For annual report compare V. 106,p.2753.
-—
Earnings {Ind. the Canadian Co.) for 3 Years and 9 Mos. ended Sept. 301918.
9 Months
1918.
viding for Fed. taxes in 1917 A *18)$847,357 $941,825 $379,770 $355,668
Unpaid subscrip’n to stock
Corporation.—Organi¬
interests in foreign trade.
Mr. Clarke, who has been the head of Lackawanna Steel Co. since 1904,
will resign as President and director of the parent company and its subsidi¬
ary corporations on Dec. 31 1918, and will devote his entire time to the
interests of the new export company.
(See that company above.)
The North American Steel Products Corp., which will be the name of the
exporting organization, will be the exclusive agency for exporting the
merchant iron and steel products of the following companies, whose com¬
bined annual ingot capacity is about 12,000,000 tons:
Bethlehem Steel Co.
Republic Iron A Steel Co.
Brier Hill Steel Co.
Sharon Steel Hoop Co.
Lackawanna Steel Co.
Trumbull Steel Co.
Lukens Steel Co.
Whittaker-Glessner Co.
Midvale Steel A Ordnance Co.
Youngstown Sheet A Tube Co.
It is expected that other steel-producing interests will Join the North
American company later on and that eventually it will represent in export
trade substantially all important steel-producing companies of the country
outside of the United States Steel Corporation.
The company expects to incorporate immediately and to begin active
business on Jam 2 next.
In addition to its principal office in New York
City, the location of which has not yet been decided on, it will have branches
throughout the world wherever the introduction and sale of American iron
and steel products make it desirable.
The launching of this company, the first to avail under the Webb bill
of the right of steel producers to combine and co-operate in export trade,
marks the
beginning of a broad constructive work which will benefit not
only those directly Interested, but the whole country, and should receive
the hearty support of all who believe in the value to the United States of an
Parke Davis & Co.—New Treasurer and Director.—
George Hargreaves
Peerless Truck & Motor Corp.—Tenders.—
Penn-Mex Fuel Co.—Status—Outlook.—W. C. Coles &
Co*, 61 Broadway; N. Y., specialists in Standard Oil stocks,
independent oil stocks, &c., in a circular say in substance:
a
Properties.—In 1917 Mexico produced 55,292,770 bbls. in spite of a tank
which restricted the shipments of oil. this comparing with
39,817,402 bbls. in 1916, a gain of 38.8%. In 1917 alone 43 new wells
were brought in with a potential daily production of 235,252 bbls; average
per well, 5,471 bbls.
During 1918 scarcely a month passed without the
entrance of another big gusher.
Some of these new wells have shown an
vessels shortage
initial production of from 30,000 to 75,000 bbls. daily.
Up to Dec. 31
1917 the total number of wells in Mexico, diy, producing and drilling,
had aggregated only 842: of this number 339 were producing.
These
339 wells showed an estimated initial production of 1,337,213 bbls. a
day, or an average daily production for each well of 3,944 bbls., a record
never
Ohio State Telephone Co.—Bond Extension.—
Telephone Co. and the United States Telephone Co. terminated Dec. 23,
about 90% of the bonds being exchanged for the new 7% issue.
Bond¬
holders who did not exchange their bonds for the new issue will be paid the
2381, 2294.
Oklahoma Natural Qas Co.—Dividend Increased.—
Pittsburgh “Money” of Dec. 21
announces
that the directors have de¬
clared four quarterly dividends of H of 1 % each, payable out of gasoline
and oil earnings, to be paid in conjunction with and in addition to the regular
quarterly dividends of 2% on Jan. 20, April 20, July 20 and Oct. 20 1919.
This places the stock on a 10% p. a. basis.
IftThe board has postponed formation of the suggested $3,000,000 oil
subsidiary because of excess profits legislation. Compare V. 107, p. 1007.—
V. 107, p. 1485. 1389.
hardly been scratched.
Homer O. Page, a director of the company and also a son of the founder of
the Page Woven Wire Fence Co., now the Page Steel A Wire Co. died
Dec. 7 —V. 107, p. 909.
Milwaukee, of $1,500,000 5-Year 7% Sinking Fund 7% gold
notes, was mentioned in these columns last week (page 2381).
Further particulars follow:
Data from Letter of Pres. Caleb E. Johnson, Dated Dec. S 1918.
Company.—Started in Milwaukee in 1864 as a partnership and was incor¬
porated 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. Prind-
products:
Palmolive
Eal
soap,powder,
cold cream,
cream,
shaving
p stick,
shampoo,
talcum
face vanishing
powder, face
rouge,
Rose soap,
bath
naphtha soap, washing powder, Ac.
Capitalization {upon Completion of Present Financing) Auth.
Outstand’g.
5-Year 7% S. F. Convertible gold notes (this issue)__$1,500,000 $1,500,000
7% cum. pref. stk., callable, all or part, at 105 A divs. 3,000,000 1,095,961
Common stock
3,000,000 1,734,371
Purpose of Issue.—To retire current indebtedness and provide additional
working capital.
Conversion Privilege.—The notes are convertible at par, at the option of
the holders, at any time on and after Dec. 1 1919, intoy % cumulative pref.
stock at par, with an adjustment of lnt. and divs.
Said pref. stock is re¬
quired to be of equal right with any pref. stock of the company then or
thereafter outstanding, and to be part of a total auth. issue of $3,000,000.
Notes called for redemption shall retain the conversion privilege until 30
days prior to the redemption date, whereupon conversion privileges shall
soap,
cease.
Sinking Funds.—No common dividends shall be paid until the pref. stock
redemption account, commencing Dec. 31 1919, shall receive each year
credits sufficient to provide for the redemption of at least 5% of the maxi¬
mum amount of pref. stock at any time issued; but while the company must
continue these annual credits, it need not apply them to the actual purchase
of pref. stock so long as an equal amount is expended in the redemption of
No common dividends shall exceed 12% in any year unless there
notes.
shall also be credited to the pref. redemption account an amount equal to
such excess dividends.
On or before Aug. 1 1919. and annually up to and including Aug. 1 1922,
the company must pay to the trustee a sum sufficient to retire by purchase
or call at the next interest date of not less than $150,000 notes [see redemp¬
tion prices in V. 107, p. 23811.
Covenants.—The company covenants, among other things: (a) That it
will not, without prior consent of bankers, create any mortgage nor issue
evidences of indebtedness, except as purchase money obligations or to evi¬
dence temporary loans; (6) Will at all times maintain net quick assets
(including such as it may own through the Palmolive Co. of Canada, Ltd.)
equal to 150% of outstanding notes; (e) Will not dispose of any essential
part of its property unless it applies the proceeds to
common or
the purchase of other
the sinking fund; (a) Will not pay dividends
pref. stock except as specially stipulated.
fixed property, or to
on
the
Dividends.—The company has had pref. stock outstanding for over 20
years and has never failed to pay the dividends.
Cash dividends at the
rate of 12% per annum are paid on the common.
Of the common stock
approximately 80% is owned by the officers, Ac., of the company.
At the dose of 1917
In 1917 the company brought in Molino No. 1 in the Molino district, the
well having an estimated production of 50,000 bbls. a day.
The company’s
Molino leases cover 15,000 acres.
Another well brought in in 1917 was
Isleta No. 1, located on the Panuco River in the Panuco field.
This well
was gauged and showed 2,000 bbls. an hour, or estimated with a production
of 48,000 bbls. a day.
Unlike most of the oil of the Panuco field, which is
Page Steel & Wire Co.—Obituary.—
Palmolive Co.—Further Data.—The offering, by Spencer
Trask & Co., New York; Bosworth, Chanute & Co., Denver,
and Morris F. Fox & Co. and Edgar Ricker & Co., both of
approximately duplicated elsewhere.
refining facilities and the marketing connections. Against the peculiar
handicaps of 1917, this company was able to show a production of 4,129,297
bbls.
The initial potential production of the company’s wells is conserva¬
tively estimated at 204,600 bbls. daily, all under perfect control.
Financial Policy.—The policy of the company has been to i nvest liberally
in acquisition and development of Mexican properties, and to build up a
well-rounded organization.
This has been accomplished. The properties
as of Dec. 31 1917 are valued at $12,170,696.
The only indebtedness in¬
curred is a loan of $2,000,000 advanced by the South Penn Oil Co. Dec. 31
1917 the company had current assets of $1,066,666; net surplus, $560,648.
Producing Properties.—The company controls nearly 500,000 acres of
leases and lands in fee in the principal producing sections of the State of
Vara Cruz, Mex.
Its chief producing area is in the Alamo field. This
tract of 93,000 acres stretches 23 miles along the south bank of the Tuxpan
River.
The company also had producing wells in the Panuco and Clujol
fields in the northern section of the State, adjacent to the Panuco River.
The company’s principal producing well is Well Alamo No. 2. conserva¬
tively rated at 75,000 bbls. a day. Alama No. 1 is estimated at 12,000
bbls. a day; Alamo No. 3 at 3,000 bbls.; Alamo No. 6 at 4,600 bbls.; and
Alamo No. 7 at 12,000 bbls.; giving the company an estimated production
in the Alamo field of 106,600 bbls. a day.
Alamo oil is a high grade oil.
Alamo No. 2 is producing oil of about 21 degrees Baume gravity, the
highest grade oil m Mexico flowing from a big well. This Alamo acreage
The extension privilege to holders of the 5% bonds of the Cuyahoga
p.
even
there were only 133 companies in Mexico with actual producing, drilling
or located wells, and as
groups of these are under single control, the number
is really smaller. Companies with actual production numbered 27.
The Penn-Mex Fuel Co. is one of the very few well rounded companies.
It has the production, the pipe lines, the tank farms, the terminals, the
The directors are reported to have declared an extra dividend of 12%
the stock in addition to the regular dividend of 12% for the year 1919,
making a total of 2% payable the first day of each month to holders of
record Dec. 20.—V. 106, p. 1349.
Compare V. 107,
Organization.—Incorp. in Delaware and controlled by South Penn Oil Oo.,
subsidiary of the Standard Oil Co. of N. J., through ownership of 51% of
the stock or the Penn-Mex. Fuel Co.
Capital stock (par $25), $10,000,000.
No bonded debt.
Property located in Tuxpan district of Mexico. Mexico
we believe to be the greatest potential oil field in the world.
on
Jan. 1.
will succeed
Treasurer and Jerome H. Remick will take his place
The Bankers Trust Co., N. Y., as trustee, will-until Dec. 31, receive
tenders tor the sale of $500,000 10-year 6% secured convertible gold notes
of 1915.
Accepted bonds will be paid Jan. 12 1919.—V. 106, p. 2126,1132.
Ohio Iron & Steel Co,—Extra Dividend.—
on
as
director.
Mr. Hargreaves has been Treasurer and director or this
company for 13 years and will retire on Dec. 31.—V. 106, p. 2194.
as
increasing foreign trade in manufactured articles.
value of the bonds
1,500,000
$184,902
E. G. Swift, General Manager, it is announced in Detroit,
E. A. 8. Clarke, President of Lackawanna Steel Co., has accepted the
new combination of steel producers which has been
organized under the Webb bill for the advancement of American steel
106,550 Five-year gold notes
Surplus
In this balance sheet no valuation has been placed upon patents, trade¬
marks and good will, although our advertising expenditure alone for the
past 6H years have exceeded $3,850,000. See also Y. 107, p. 2381.
of Export Combination.—The organization of the steel
export combination formed by ten independent steel com¬
panies of the U. S. has been announced as follows:
presidency of the
Calendar Years
1916.
1915.
Year—
1907.
1915.
1916.
1917.
1918(9m©».)
Sales.$801,000 $2,789,150 $3,899,365 $5,668,283 $6,652,255
Consol. Balance Sheet {Ind. Canadian Co.) as of Sept. 30 1918, Giving Effect
to the Issue.
Assets ($5,122,651)—
Liabilities ($5,122,651)—
Plant A equip, (less depr.) $1,440,337 Preferred stock
$1,095,961
Current assets
3,448,024 Common stock
1,734,371
120,238 Accrued liabilities (indud.
Prepaid accounts
...
Investments
reserve for Fed. taxes).
7,502
607,417
—
North American Steel Products
1917.
Total net income available for pay¬
ment of note interest (before pro¬
zation
par
9481
THE CHRONICLE
1918.]
a
'
heavy, blade oil, the oil from this well is a light oil with a gravity of from
15 to 18 degrees Baume.
From these principal wells
described above the company has a produc-
tion conservatively estimated at 204,600 bbls. a day.
Besides these wells
there we several smaller producers.
Pipe Lines, &c.—The company has 28 miles of 8-inch pipe lines extending
from the Alamo field to Tuxpan Bar. where the company has an extensive
storage plant and sea-loading terminals. These sea-loading facilities, which
have a delivery capacity or 1,800 to 2,500 bbls. per hour, can load four
tankers at one time.
The present normal capacity of the pipe line is 40,000
bbls. a day, which can be raised to 60,000 bbls. under pressure. The ma¬
chinery and pumping equipment of the pipe line system cost over $1,000,000
The company also has 14 miles of narrow-gauge railway from Zapotal,
at the head of navigation of the Tuxpan River, to the Alamo field.
As the oil produced by the Alamo property has a high gasoline content,
it commands a premium above the contract price.
The company has a
casinghead gasoline plant and manufactures gasoline directly/ and is in a
position to greatly increase this feature of its operations.
Contracts and Marketing Connections.—The company’s marketing con¬
large refining companies as the Standard Oil Oo. (New
Jersey) and the Atlantic Refining Oo., both having tank vessels. Most of
It is understood that the company has
recently made contracts covering a large proportion of its output at an
tracts are with such
its oil goes to the Standard Oil Oo.
appreciable advance in price.
Shipments.—The company's shipments from Mexico have enormously
increased in the last few months, and record shipments are expected.
In
October Penn-Mex shipments aggregated 1,040,040 bbls.; in September.
660,204 bbls, a big increase over August. It is conservatively estimated
that, with no unexpected developments, the company can ship in 1919 an
average of 650,000 bbls. a month, or for the year 7,800,000 bbls. as against
3,815,078 bbls. in 1917.—V. 106, p. 1465.
Pennsylvania Water & Power Co.—Bonds.—
The Philadelphia Stock Exchange has listed
$400,000 additional First
Mtge. 5% Sinking Fund gold bonds, due Jan. 1 1940, making the total
listed $10,712,000. In addition $228(000 of the issue has been canceled
by the sinking fund. Compare v. 107, p. 1924, 2103.
Pierce Oil
Corporation.—New Stock—Earnings.—
The N. Y. Stock Exchange has authorized the
listing of an additionlal
$625,000 common stock on official notice of issuance and payment in fu 1,
making the total listed $12,189,250. The proceeds received from the s le
of these 25,000 additional shares of $25 each will, it is stated, be used or
corporate purposes in liquidating current bank loans.
Income Statement for 8
Mos. ending Aug. 31 and 9 Mos. ending Sept. 30.
9 Mos.
1918
8 Mos.
Trading profits
$4,426,537
427,536
$3,860,037
362,688
Total income
Miscellaneous expenses
$4,854,073
$4,222,625
Other income
Depletion and depreciation
Provision for Federal taxes (6%)
Interest on debentures and gold notes
Interest on other indebtedness (net)..
Net income for the
-V. 107, p. 2373.
period.
$167,640
807.615
182,788
513,649
218,693
$151,876
.$2,963,688
$2,534,683
717,880
162,360
456,745
199,081
19 7.—V.
THE CHRONICLE
2482
198.—V
Peoples Gas Light & Coke Co., Chicago.—Tax Ruling—
The Illinois Supreme Court has handed down a ruling under the terms
of which the County Tax Collector Is perpetually restrained from collecting
8250,445 as a tax upon the corporation’s capital stock.—V. 107, p. 1073
United States Rubber Co.—Import Restrictions Removed.
Restriction placed on the Importation of manufactured rubber goods,
announced June 19 last, haa been removed.—Y. 107, p. 2383, 2296.
United States Telephone Co.—Bond Extension.—
See Ohio State Telephone Co. above.—V. 107, p. 2104, 2015.
Pilgrim Mills Corp., Fall River, Mass.—Extra Dividend.
An extra dividend of 3% has been declared on
stock in addition to the regular quarterly of 1H %,
quarterly of 1H % on the preferred stock on Jan.
Dec. 20.
An extra of 2% was paid on the common
105.
p.
the $700,000 common
both payable with the
1 to holders of record
stock in Oct. and Dec.
2461.
Utab-Idabo Sugar Cd.—Extra Dividend.—
An extra dividend of 1% has been declared in addition to the regular
quarterly of 2%, both payable Jan. 2. In Dec. 1917 an extra of 1% was
paid.—V. 107.
Prairie Oil & Gas Co.—Extra Dividend.—
an extra dividend of $5 a share on the $18,000,000
outstanding stock in addition to the usual quarterly dividend of $3 a share
(not $5, as misprinted last week], 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 $4.—V. 107, p. 1197.
Prairie Pipe Line Co.—Dividend Reduced.—
of $3 a share has been declared on the $27,000,000
capital stock, payable Jan. 31 to holders of record Dec. 31. The dividend
has been $5 quarterly since Jan. 1916 with extras of $5 in Jan. and April
107, p. 1485.
Remington Arms-Union Metallic Cartridge Co.—
A press dispatch from Bridgeport, Conn., stated that on Dec. 23 more
than 6,500 employees were laid off at the company's plants, practically
all of the company’s ordnance contracts having been canceled.
The
The Appellate Division of the Supreme Court on Dec. 20 handed down
decision reversing the judgment of the lower court against the company.
The company asked for a judgment of $700,000 against the Republic Chem¬
ical Co., Inc., and others and an injunction against the continued use of
its secrets.
Counsel for the company says that if an accounting is ordered
on the second trial It may show that a much larger amount than that claimed
when the complaint was filed in 1914, is due.—V. 107, p. 2104.
(Charles) Warner Co.—Extra Dividend.—
An extra dividend of 1% was paid on the $5,000,000 common stock on
Dec. 20 to holders of record Dec. 16.
The regular quarterly dividends of
1 % on the common and 1 % % on the 1st and 2d pref. stocks have been
declared and will be paid Jan. 23 to holders of record Dec. 31.—V. 106,p.928.
West Penn Power Co.—Status.—
See West Penn Traction A Water Power Co. under “Reports” above.—
V. 107. p. 2296, 1925.
Westinghouse Electric & Mfg. Co.—Operations, dec.—
following published statement is believed by the
company’s plant at Ilion, N. Y., also closed Dec. 23, about 6,000 workers
being affected.—V. 106. p. 2654.
The
Remington Typewriter Co.—Plan Operative—28%Ac-
cumulated Dividends Paid on First Preferred—Quarterly Divi¬
dend Declared—Second Preferred.—
A regular quarterly dividend of 1 % % has been declared on the first pref.
stock for the quarter ended Dec. 31, payable on stock of record Jan. 101919.
whenever and as soon as it shall appear that the dividends accumulated on
the first pref. stock shall have been fully liquidated.
Checks were sent out yesterday in payment of 28% accumulated divi¬
dends on the first pref. stock, covering a period from Sept. 30 1914 to
Sept. 30 1918, amounting to $1,120,000, payable one-half in cadi and onehalf in Liberty bonds.
The directors also declared the plan operative so far as the second pref.
stock is concerned, but made no provision regarding the payment of accum¬
ulated dividends on this issue, which amounts to 32%, or $1,600,000.
It
is understood that shortly after the first of the new
year directors will meet
for the purpose of paying off the back dividends on the second pref., which,
according to the plan or readjustment, are to be paid as soon as possible
after Jan. 1.—V. 107, p. 2382.
Republic Chemical Co.—Litigation.—
Vulcan Detinning Co. below.—V. 102,
p.
527.
Republic Iron & Steel Co.—Export Combination.—
See North American 8ted Products Corp. above.—V. 107, p.
1583.
Republic Motor Truck Co., Inc.—Subsidiary Company.
See "Annual Reports” above.—Y. 107, p. 2382.
St. Maurice Paper Co., Ltd.—Initial Dividend.—
The directors have declared
an initial dividend of Hi % on the $5,000,000
outstanding stock, payable Dec. 30. The Union Bag Sc Paper Corp. owns
$3,750,000 of the total capital stock of this company.—Y. 103, p. 148.
Co.—Export Combination.—
See North American Steel Products Corp. above.—V. 106, p.
South Penn Oil
1692.
Co.—Subsidiary Company Status.—
See Penn-Mex Fuel Co. above.—V. 106, p. 934, 714.
Southern Canada Power Co.,
Sept. 30 Fears—
Gross earnings
Profit from operations..
1917-18
Ltd.—Earnings.—
1916-17.
1915-16.
1914-15.
$475,009
219,998
10,519
$432,634
206,180
$120,377
61,119
5,542
$148,429
74,505
7.023
v
182,3-*0
164,375
60,943
39,789
Balance, surplus
$48,157
$47,347
$20,585
$21,846
Other income
Interest, Ac
516
Note.—In order to synchronize the fiscal years of all the companies, the
figures for 1916-17 include those of the Southern Canada Power Co., Ltd.,
for twelve months and those of the various subsidiaries for from three to
fifteen months ending Sept. 30.—V. 107, p. 86.
Sperry Flour Co., San Francisco.—Extra Dividend.—
An extra dividend of $2 a share was declared and paid to stockholders
Dec. 25, thereby making the total distributions for the year amount to
on
stock.
Dec. 1917 an extra of $2 was paid, and in
510
In 196.
uly on
5%the
in common
stock.—V.
106, p.
Standard Oil Co. of New
Jersey.—Subsidiary Company.
See Penn-Mex Fuel Co. above.—V. 107, p. 1389, 808.
Stollwerck Bros., Inc. (Chocolate).—Sold.—
The Alien Property Custodian on Dec. 23 sold the
property of this
company to the Touraine Co. of Boston for $1,503,390, the transaction
involving the sale of 6,165 shares of
Submarine Boat
com.
and 6,000 shares of pref. stock
Corporation.—Operations, dec.—
The "Engineering News-Record" in Its issue of Dec. 19 describes the
activities of this corporation in ship design and quantity production at
the Newark
Bay yard. The article states that the 28 ways at the cor¬
poration’s yard have all been in service since early spring. Recently two
ships have been launched each week—both on the same day, to minimi
the disorganizing effect of launching days.
By spring a schedule of three
ships per week should be attained. Compare V. 107, p. 2383, 2296.
New Director.—
Reginald B. Lanier has been elected a director of this company and the
Electric Boat Co. to succeed Stacy C. Richmond, deceased.—V. 107.
p. 2383.
Trumbull Steel
Co.—Export Combination.—
See North American Steel Products Corp. above.—V. 107, p. 2383,1198.
Union Bag & Paper Co.—Initial Div. of Sub.
See St. Maurice Paper Co., Ltd..
above.r-V. 107,
p.
Company.—
2383.
Union Carbide & Carbon Corp., N. Y.—New Stock•
The company as of Dec. 12 issued subscription warrant series "A” and
series "B" (for full shares, or fractional shares, or both), on which share¬
holders of record on that day may subscribe at $40 per sh. for new capital
stock to the extent of 20% of their holdings. Stock subscribed for ou series
"A" must be paid for in full on or before Jan. 15 1919; series "B" on or
before April 15 In full—all in N. Y. funds at office of the corporation,
30 East 42d Street, N. Y. City; after these dates respectively the full-pakf
certificates and fractional shares will be issued.
Warrant series “B" may,
if desired, be paid in full on or before Jan. 15 1919, in which case the new
shares so subscribed for will be then issued, entitled to any dividends de¬
clared and paid after that date.
If payment for warrant series "B” Is
made after Jan. 15 1919 the stock or scrip therefor will not be issued until
after March 15 1919.
Compare V. 105. p. 2100.
United Fruit Co.—Debentures
Largely Retired.—
A Boston financial paper understands that up to Dec. 22 the company
had under Its proposal to pay par for its 4H % debentures of 1923 and 1925
taken up and canceled approximately $3,000,000 of the $5,000,000 re¬
cently outstanding.—V. 107,
p.
2383.
United Gas Improvement.—Note Renewal.—
Pit is stated in
Philadelphia that the company’s option
notes for one year
289.
a
A quarterly dividend
Sharon Steel Hoop
p.
Vulcan Detinning Co.—Litigation.—
Directors have declared
See
[Vol. 107
to renew the 6%
from Feb. 1 1919 will be exercised.—V. 107, p. 2195.
“Chronicle” to be based on facts:
Cancellations.—Thus far cancellations of the company’s Government
contracts have involved an inconsiderable amount or money, only shell
contracts having been affected.
Outside buildings were leased for all
munition purposes, so the company is in position to go ahead with peace
business without readjustment.
Output.—The output of steam turbines and other ship machinery con¬
tinues at an extraordinanr rate.
A large percentage of the company’s
Government business consists of work of this character and no cancellations
have occurred.
The New England Westinghouse Co. has turned out 40,000
out of 60,000 heavy type Browning machine guns ordered for the War
Department and will complete the total number unless orders
ceived to the contrary.
Outlook.—Heavy peace business is in sight.
are re¬
Large orders from railroads
with electrification work in progress are coming in and public utility cor¬
porations are also expected to enter the market.
Notes.—The company has $15,000,000 notes maturing Feb. 1 1919, sold
to
provide funds for plant extensions and improvements.
The question
of meeting the notes, it is understood, was to come up tor consideration
at a meeting of the board Dec. 23.
The company had working capital of
$53,318,257 as of March 21 1918. and officials are quoted as stating that
the notes could be paid off in cash without the slightest embarrassment, but
no definite decision in this regard has been reached. "Boston News Bureau."
The “Iron
Age” of Dec. 26
says
in brief:
The Westinghouse Electric A Mfg. Co. has begun the expansion of its
works at Essington, Pa., to four times the present
capacity. Not only
will the present operating force of 3,500 mechanics and laborers be retained,
but it is planned to increase the number to 5.000 at once and later to 12,000.
Contracts are now held for 250 ships for the Emergency Fleet Corpora¬
tion. to be equipped with the Westinghouse marine system of propulsion
machinery, besides other
contracts with the U. 8. Government for de¬
stroyers, cruisers, and other naval units. Whether the present policy of
a bigger navy stands or not, the enormous demand for merchant ships
which have been depleted by the U-boat warfare will now force the com¬
pletion of the plans of the company originally intended at So. Philadelphia.
Contracts with the Government for marine equipment are expected to
stand, and the broad policy of this country for developing a great merchant
marine is beginning to assume definite proportions, so that business is
practically assured for the Essington plant for some time to come; but even
though these prospects do not materialize, the Westinghouse Co. needs
the new developments for the expansion of its general electrical business.
The parent works at East Pittsburgh, Pa., have completely covered all
of the available space, and Essington will have to take over some depart¬
ments of the industry.
The company is now carrying out its specifications for a town-site for its
employees. The program calls for 1,400 cottages, of which 100 will be
finished by Jan. 1 and 200 are in process of construction.
The property of 500 acres for the Essington plant was purchased In 1916;
Actual production was begun last June.
Seven buildings have been
erected and in use, covering a floor space of 35 acres, at a cost of $20,000,000.
In all there are 41 miles of track in the yards, used for both steam
and electric locomotives.
The Essington works have been turning out marine power propulson
machinery for one ship a day and has broken all records during the critical
days of the war.—V. 107, p. 808.
Weyman-Bniton Co.—Stock Increase.—
This company has announced a 20% increase in the common stock, to
which new stock shareholders of record Jan. 4 may subscribe at par,
pay¬
ment to be made before Jan. 27.
the
course
of
a
few
White Co.
Further
days.—Y. 107,
p.
particulars will be available In
2297, 2195.
(Automobiles).—Acquisition.—
This company has purchased for improvement an entire block in Long
Island City, from the Degnon Realty A Terminal Co. The purchasing
company will erect upon the property a service station.—V. 106, p. 2565.
Whittaker-Gle$8ener Co.—Export Combination.—
See North American Steel Products Corporation above.
Wilson & Co., Inc.—Tenders.—
The Guaranty Trust Go., N. Y.. until Dec. 27 received tenders of First
Mortgage 25-year Sinking Fund gold bonds for the sale to it, as trustee, at
107H and interest, to exhaust the sum of $164,279.—V. 107, p. 2195, 2104.
Wolverine
Copper Mining Co.—Production (lbs.)—
1918—November—1917.
350,332
—v.
107,
Increase.T 1918—11
394,250
p.
1583, 1198.
Mos.—1917.
Decrease.
5,205,335
1,350,726
43,91813.854.609
(F. W.) Wool worth Co.—Acquisition.—
This company has purchased the building at 532-540 Fulton St.. Brook¬
lyn, which it now occupies under lease at a price understood to be $849,000.
The property was owned by the Realty Associates.—V. 107, p. 2297,1843.
Yale & Towne Mfg.
Co.—Obituary.—
Edward Day Page, director, died at his home on Doc. 25.—V. 107, p.1292.
Youngstown Sheet & Tube Co.—Export Combination.—
See North American Steel Products
Corp. above.—V. 107, p. 2384,1105.
CURRENT NOTICE
—Messrs. R. M. Grant A Co. have just made their annual distribution
of a share in the profits to all those connected with the organization, and
this has again this year, as for many years past, been based
centage of the annual salaries received.
upona per¬
—George H. Burritt has returned to the "Street" and has established
headquarters at 14 Wall Street, this city. Room 2203 (telephone 9730
Rector), where he will specialize in bonds.
—A selected list of
prices in
many years,
thoroughly seasoned bonds, now palling at the lowest
has been Issued by McBee, Jones A Co.. 120 Broad¬
way, this
city.
—Hannevig A Co. announce that the entire issue of First Mortgage 7%
gold bonds of the Maple Leaf Shipping Co., Ltd., has been sold.
—Walter K. Barnes has been admitted to the firm of Barnes A
Lofland,
place as of Jan. 1 1919.
to take
Dec. 28
THE CHRONICLE
1918.]
gtepjcrris and Jtontmjetxls.
THE CUBAN-AMERICAN SUGAR COMPANY
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED
(of 2,000 lbs.) as compared with 298,208 tons for the
The sucrose in the cane and
year ending September 301917.
the yield of sugar from a ton of cane were approximately the
same as last year, but there was a sharp decline in the yield
of cane at some of our smaller estates, with the result that
the tonnage of cane ground and the quantity of sugar pro¬
duced were 7J^% less than in the previous crop.
The following table presents a comparison of the tons of
cane ground and the year’s output of raw and refined sugar
tons
for the past two years:
1916-17.
1917-18.
2,334,617 Tons
(Bags 320 lbs.) '
Cane Ground
Raw Sugar Produced—
521,774 Bags
Chaparra
624,975
264,585
63,720
110,707
138,989
1,724,750
Delicias
Tinguaro
UnSad
Mercedita
Constancia
Total..
2,525,491 Tons
(Bags 320 lbs.)
“
**
“
“
“
bags
275,960 Tons
612,055 Bags
553,438 **
267,346 "
“
"
“
108,607
153,282
169,074
1,863,802
hags
THE CUBAN-AMERICAN SUGAR COMPANY
AND ITS SUBSIDIARY COMPANIES.
CONSOLIDATED
BALANCE
Capital Assets:
amounted
estimated
finally determined; $715,229 47 has been set aside as a
special reserve to meet the difference between the necessary
cost of the past year’s additions to the buildings, machinery
and equipment as compared with the cost of similar capital
outlays during the pre-war period. The usual provision has
been made for depreciation, for doubtful accounts and for the
year’s proportion of the cost of cane plantings.
During the fiscal jear the rehabilitation of the Cardenas
Refinery was practically completed, raising it to a daily
capacity of 1,000 barrels of refined sugar.
In your Western Estates no further extensions of im¬
be
contemplated, but on the Eastern Estates at
Chaparra, where sixty-five per cent of your business is con¬
centrated, our agricultural plans are being projected on a
comprehensive scale for the campaign of 1920.
There has been expended approximately $550,000 on the
acquisition of additional cane lands in Cuba, including about
50,000 acres of virgin lands in the Tanamo Bay section of
Oriente Province. The total acreage now owned in fee
simple or leased by your Company
is asInfollows:
Acres.
Cane.
Per Cent.
portance are
-
504,391
16,713
,,
521,104
157,000
7,825
164.825
.31
.47
.32
dividends of
were paid on
quarterly dividends of 2H% were
paid on the Common Stock.
In January of this year the Company refunded $6,000,000
of its outstanding Six Per Cent Collateral Trust Gold Bonds
by the issue of $6,000,000 Six Per Cent Serial Gold Notes,
in three series of the aggregate principal amount of $2,000,000 each, known as Series A, which will mature Janu¬
ary 1 1919; Series B, which will mature January 1 1920,
and Series C, which will mature January 11921, respectively.
The outstanding Collateral Trust Gold Bonds not ex¬
changed for this new issue of Serial Gold Notes and amount¬
ing to $2,211,000 were paid on or before maturity April 11918.
The First Lien Six Per Cent Serial Gold Notes (Series A)
maturing January 1 1919, together with coupons thereon,
will be paid by Tne National City Bank of New York, when
presented, on or after January 2 1919.
The immediate outlook for the season on which we are
entering is for a further increase in the cost of production,
due to the high wages of agricultural labor in Cuba, but, on
the other hand, the entire crop has been sold at a price higher
than that of last year.
There is every indication of an output
larger than in any previous season and the net result of the
coming year’s work should prove satisfactory.
Respectfully submitted by order of the Board.
The regular quarterly
the Preferred Stock ana
R. B. HAWLEY, President.
CERTIFICATE OF ACCOUNTANTS.
Sugar Company:
Sugar
ended September 30
Balance Sheet has
been correctly prepared therefrom and, In our opinion, sets forth the true
financial position of the companies as at that date, and that the relative
Profit ana Loss Account correctly shows the results of the operations for
the period.
The stock of raw sugar on hand has been valued at the selling price fixed
Log and selling expenses. There remain in Cuba 5,998 bags still undeTo the President and Directors of The Cuban-American
We have examined the books and accounts of The Cuban-American
Company and its subsidiary companies for the year
1918, ana hereby certify that the annexed Consolidated
Refined
have beenofvalued
market
shiporBby the Sugar Commission, after
deduction therefrom
all estiatmated
vered but
cost,
contracted for.
whichever was
55 Liberty Street,
sugars
mother, HOUGH A STAGG.
Public Accountants and Auditors.
New York City, December 16 1918.
Tracks,
Railroad
Buildings, Machinery,
Rolling Stock, etc
20.605,754 99
Good-will
Work Animals, Live Stock and Equipment
...
Current Assets and Growing Cane:
Planted and Growing Cane
$2,592,223
Advances to Colonos and Contractors (after
deducting Reserve for Bad and Doubtful
1,288,108 57
27
3,334,173 57
Accounts)
Raw Materials, Supplies and Merchandise
in Stores
Raw and Refined Sugar
Accounts and Bills Receivable (after deduct¬
4,500,685 99
2,327,853 74
1,530,860 86
ing Reserve for Bad and Doubtful Acc’ts)
Liberty Loan Bonds
Cash m Banks, with Fiscal Agents
$29,993,127 54
3.929,340 28
2,300,000 00
and on
1,606,365 62
hand
Deferred Charges to Operations:
Advances in connection with Contacts for
Future Delivery of Supplies
...
Discount on Serial Gold Notes
18,192,163 05
$379,400 00
162,500 00
...
176,194 13
Prepaid Insurance, Taxes, etc
298,208 Tons
Produced—
Cardenas Refinery, Cuba
30,612,907 lbs.
50,277,888 lbs.
Gramercy Refinery, La
151,025,592 lbs.
145,321,142 lbs.
The net profit of the Company for the fiscal year
to $4,227,202 45, after deducting $3,500,000 an
amount toward such war profit, war and income taxes as may
1918.
$9,387,372 55
Lands
7*8.094 13
$54,120,833 57
Refined Sugar
Owned
Leased
SHEET. SEPTEMBER 30
ASSETS.
LIABILITIES.
Capital Stock:
Common
(Authorized $10,000,000), 99,995
shares or
$100 each
Seven Per Cent Cumulative
Preferred Stock
$9,999,500 00
(Authorized $10,000,000). 78,938 shares
7.893,800 00
of $100 each
$17,893,300 00
Serial Gold Notes Outstanding:
(Due: $2,000,000 on January 1 1919; $2,000,000 on Janu¬
ary 1 1920, and $2,000,000 on January 1 1921
Real Estate Mortgages and Oensos
First Lien 6%
Current Labilties:
Bills Payable
Bankers1 Loans
Accounts Payable
Salaries and Wages
Interest Accrued.
$1,052,356 94
858,033 99
1,722,632 99
73,211 38
Accrued
Reserve for such Income
may
6,000,000 00
462,192 76
109,451 49
3,815,686 79
and War Excess Profits Taxes as
3,743,201 72
be finally determined
Reserve for Depreciation:
General Reserve
$4,663,054
Reserve to reduce Capital Expenditures dur¬
ing the year to approximate Pre-War Cost
715,229
Surplus, per annexed statement
36
47
5,378,283 83
16,828,168 47
.
$54,120,833 57
CONSOLIDATED PROFIT AND LOSS ACCOUNT
ENDED SEPTEMBER 30 1918.
Raw and Refined Sugars Produced, less Com¬
$38,251,539
650,352
234,958
952,465
missions. etc
Molasses Produced
Interest Received
Profit on Stores, Cattle, etc
Less—
Expenses of Producing,
and Refined Sugars
FOR THE YEAR
39
94
62
24
$40,089,316 19
Manufacturing, Selling, etc., of Raw
1— 29,840,042 88
$10,249,273 31
Deduct—
Reserve for such Income and War Excess
Profits Taxes as may be finally determined
Provision for Depreciation
Discount on Serial Gold Notes
Interest on Serial Gold Notes
Interest on Bonds due and paid off April 11918
Interest on Bills Payable, Current Accts., etc.
Reserve to reduce Capital Expenditures dur¬
$3,500,000 00
909,794 43
137,500 00
256,443 00
197,094 58
306,009 $8
715,229 47
ing the year to approximate Pre-War Cost
6,022,070 86
;
Net Profit for the Year
$4,227,202 45
v
CONSOLIDATED SURPLUS ACCOUNT FOR
SEPTEMBER 30 1918.
Balance, October 1 1917
Add—
Collateral Trust Bonds
canceled through the
Sinking Fund
ended September 30 1918,
per annexed account
Profit for the year
THE YEAR ENDED
$13,809,610 10
$440,000 00
4,227,202 45
4-667’202 45
$18,476,812 55
Deduct—
Dividends on 7% Preferred Stock:
Paid Jan. 2 1918 for 3 months
to Jan. 1 1918—1%%
$138,141
Paid April 1 1918 for 3 months
to
July 1 1918—1%%
Paid Sept. 30 1918 for 3
to Oct. 11918
1
%
to
months
138,141 50
MMISO
Dividends on Common Stock:
Paid Jan. 2 1918 for 3 months
to Jan. 1 1918—2%%
$249,987
Paid April 1
1918 for 3 months
m2moo
50
April 1 1918—2%%
249,987 50
months
Paid July 1 1918 for 3
to
.
April 1 1918—1%%
138,141 60
months
Paid July 1 1918 for 3
to
50
July 1 1918—2%%
Paid Sept. 30 1918 for 3
to Oct. 1 1918—2%%
months
Sinking Fund Provisions for the
of Collateral Trust Bonds
249,987 50
219,987 50
cancellation
999,950 00
96,128 08
1,648,644 08
-■
Surplus at September 30 1918
■■
1
New York, December 16 1918:
To the Stockholders of The Cuban-A merican Sugar Company:
Your Board of Directors submit the following report for
the fiscal year ending September 30 1918:
The total output of raw sugar for the year was 275,960
SEPTEMBER 30 1918.
■■
■
BBS
g
-.$16,828,168 47
2484
THE CHRONICLE
%\tt Wommtvcml ^itues*
™~
COMMERCIAL EPITOME
Friday Night, Dec. 27 1918.
Throughout the length and breadth of this country con¬
servatism in trade is very perceptible.
Everybody is await¬
ing the drift of prices. In the meantime, the buying is
largely to supply immediate needs, while business adjusts
itself to peace conditions.
There is more or less cancella¬
tion of orders.
They will be larger, no doubt, as time goes
on, especially on the part of the Government.
But it is un¬
derstood that this will be done with due consideration for the
mercantile world at large, with a view of obviating any sud¬
den and severe decline in prices. Meanwhile, the Govern¬
ment is gradually rescinding restrictions on business.
Regu¬
lation of the copper trade is to end on Jan. 1.
The New York
Coffee Exchange has reopened for business. Recently re¬
strictions at the New York and New Orleans cotton ex¬
changes were removed. Iron and steel are once more free
markets. Ship yards may seek ordinary commercial busi¬
ness.
Restaurants and hotels have been freed of specific
restrictions in the consumption of food.
It is understood that
shortly limitations
trade in
grains at Chicago
and elsewhere will be removed.
Although the Holiday trade
was exceptionally large, even in
costly articles, the general
wholesale trade of the country is comparatively small. Re¬
tailers are endeavoring to stimulate trade by clearance sales,
and latterly they have been favored by colder weather.
In¬
deed, the West has been visited by snow storms occasionally
amounting to blizzards, which will retard the marketing of
grain for the time being. The French and Italian Commis¬
sions have been buying cotton here, and in the forepart of
the week the exports increased. But of late they have sud¬
denly declined. The South is naturally anxious for a larger
supply of ocean tonnage in order to relieve the cotton con¬
gestion at its markets by an export outlet.
Ef¬
forts will be made to stimulate the foreign trade
of this country in all departments. Big Government wool
auctions have attracted much attention, but the lower grades
it appears were fixed at too high a level for the
generality
of buyers. The hold on the wool trade by the Government
is gradually being relaxed. But the ban on
imports has not
yet been rescinded. Exports of wheat are on a large scale,
the total for the week being 9,175,(XX) bushels, and thus far
this season 132,162,000 bushels, or nearly equal to that for
the same time last year. Exports of all commodities are
unusually large. The winter crop has been benefited by
the snowfalls. Collections, as a rule, are
good even if
rather slow in some parts of the South, due, no doubt, to
the holding back of cotton. Failures are still extraordinarily
few. Money rates seem to be tending townward. Savings
banks deposits are steadily increasing.
In parts of the
country influenza still revails and this has naturally
militated against the trade. On the whole, however, the
feeling as regards the future is optimistic, in spite of the
caution noticeable for the time being.
It is inferred that
there is to be no scarcity of American foodstuffs from the
very
on
coarse
is
[Vol. 107
being delayed indefinitely.” Comment seems hardly
but Congress, many think, ought to be heard
necessary,
from in short stern fashion. Now that the war is over the
labor market should be as free as any other and
certainly
restrictions of all sorts on other branches are being
rapidly
rescinded. Wliat to do about employment for
returning
soldiers is, on the other hand, a problem.
Women, as far
as possible, will it seems,
stick to the places which they have
filled. Public lands, it is well known, will be offered to such
soldiers as desire them. Nebraska has 3,000,CXX) acres
available and would help finance the project. The districts
are now productive.
Wyoming also has great vacant tracts,
but irrigation there will be necessary. Something like a
hundred thousand soldiers, it seems, could be accommodated
in these two States. Just one-fifth of western Nebraska,
the section referred to in that State, is under culti¬
vation.
The remaining four-fifths is idle.
Those 3,000,000 acres belong to private individuals and must
be purchased by the Government if they are to be
par¬
celled out to soldiers.
The general tendency of wages
in this country is evidently downward, with the high cost
of living acting as a brake on the decline for the time
being.
As
touching prices and the high cost of living, it is of interest
to notice that Professor E. W. Kemmerer of Cornell Uni¬
versity opposes Governmental aid for the stimulation of
gold production, claiming that the world needs less money
and more goods.
Increased production through a bounty
would only increase prices and add to the high cost of living.
It would be encouraging production of a commodity whose
supply is already so great, relative to demand, that its value
measured by its purchasing power has been cut 50% in
four years and nearly two-thirds in 22 years. The produc¬
tion of gold from 1890 to 1917 alone, amounting to $9,199,000,000, exceeded by 15% the total estimated production
of $7,985,000,000 from 1493 to 1889. All this, of course,
has a direct bearing on the economics of these momentous
times.
The Government Censorship Board has revoked all
war-time regulations requiring that the confirmation of
cablegrams shall be in plain language instead of code.
Plans have been made by which about 1,000,000 tons of
shipping now used to supply American army in France
will
soon
be released for American trade.
of all passenger
The total capacity
ships at present at the disposal of the Ameri¬
Government will permit the return home of about 100,000
month. If German passenger ships can be secured,
the number may be increased to 150,000 men a month.
And from a commercial standpoint the telling fact is that
on the eastward trip back to
Europe these ships could now
take merchandise, instead of troops and munitions and
that our exports of
cotton, for
instance, as well
as
other commodities
could
be
increased.
Formal
can
men a
is mado of the cessation of the War
Industries Board’s functions on Jan. 1, with the exception
of certain powers which will be transferred to the War Trade
Board and other Government agencies.
It has been ar¬
announcement
ranged that the powers and duties of the Division of Planning
and Statistics, of the War Industries Board, will, on Jan. 1,
be absorbed by the War Trade Board.
The functions of the
fact
that
the
War
Trade
Board
states
Wool Division of the Board, including those applying to the
that
ex¬
ports of foodstuffs to Sweden, Finland and South payment by wool dealers or buyers of any sums due by them
America will be permitted under only nominal restrictions. under Government regulations
and the disposition of the
In some directions prices are coming down.
Prior to the payments, on Jan. 1, will be taken over by the Bureau of
Government’s auction of wool, and the offering by Ameri¬ Markets of the Department of Agriculture, until the affrirs
can Woolen Co. of about
$2,000,000 worth of woolens, cer¬ of the division have been completed. The Price Fixing
tain manufacturers of these goods announced a reduction of Committee of the Board will continue to function until the
about 20% in price of goods offered for delivery in January,
rices fixed by the Committee that do not expire on Jan. 1,
ave expired.
February and March. The revised price list of one of the
Trade with South America is to be pushed.
leading concerns for 54-inch good showed further reductions American business men evidently are waking up. It is
of from 35 to 50 cents per
yard. Metals are declining. time. Ships aggregating 500,000 tons are on their way to
Copper is down to 23c.; lead and spelter are’also lower; iron South America, where they will be devoted to trade between
and steel are below recent prices. Cotton is up. Labor is that country and the United States. This will stimulate
still scarce, though in increasing
supply. It appears that the exports of coffee to the United States and Europe. Rio
labor demands in factories and among private employers and Santos have a stock of over
6,000,000 bags, against
which were made known last week to the Department of 3,700,000 a
year
ago.
The Coffee Exchange here
Labor exceeded the available supply of men and women reopened for business on the 26th instant.
One of
looking for work by more than 100%, according to statistics the signs of a return to peace is that restrictions on
based on telegraphic reports from forty-one Sttaes.
The restaurants have been removed. The rescinded Govern¬
number of men needed is about seven times the
aggregate of ment orders it is historically of interest to recall were to the
calls for women workers. The report indicates the heaviest effect that no bread or toast could be served as a
garniture
labor shortage at any time since the armistice was signed. or under meat; no bread
brought
on the table after the first “
The number of men and women who asked for employment course is served; no more than one kind of meat
served
through the branches and agencies of the Department during to one person at any one meal; no bacon served as a garni¬
the week were 132,798. The applications of employers for ture; no more than one-half ounce of butter
served at any
workers called for an aggregate of 273,636 men and women. one meal; cheddar cheese was limited to the same
quantity;
The Department was able to offer employment to
127,- no public eating house was allowed any food to be burned
315 men and women, 94,026 of whom were accepted
by and all wastes had to be saved to be fed to animals; no food
the employers. The net shortage as indicated by the requests could be
displayed in such a manner as to cause it to de¬
of employers was 179,610, or almost 200%
of the number teriorate; no double cream or cream de luxe—all cream
actually placed in positions. It is said that applications over 20% butter fats shall be served. As the lid has been
for release of tens of thousands of soldiers have been
pre¬ lifted on cheese Welsh rabbits, which have been banned
sented by former employers to the military authorities with¬ in public
eating houses since Oct. 21, may again be intro¬
out success.
Why? For no reason it would appear except duced at the midnight meal. But the State Hotel and
that Secretary of War Baker, on the advice apparently of Restaurant Committee still asks
that the conservation of
Felix Frankfurter, a “confidential adviser on labor and food still be observed as it
will have a “great tendency to
industrial matters,” is determined to retard the demobil¬ lower
prevailing high prices.” Building as usual at this
ization of soldiers lest the labor market become glutted. time of the
is slow. It is also held up by lack of funds.
At any rate, this astounding explanation, incredible as it Lenders willyear
not advance money until the labor and material
may seem, is supposed to be the reason.
A Washington markets are settled. Architects in the meantime are using
dispatch adds: “It is at Mr. Frankfurter’s suggestion, it is limestone to some extent instead of brick and
pine lumber,
stated, that the demobilization of many of the troop units the stone it seems being
cheaper. But stability of prices
Dec. 28
2485
THE CHRONICLE
1918.]
of materials and increased supply of funds are awaited by
many builders before going ahead.
LARD firm; prime Western 24.30@24.40c.; refined for the
Continent 28.75c.; South America 28.90c.; Brazil in kegs
29.90c. Futures declined to some extent in spite of the fact
that hogs advanced early in the week on light receipts. A
blizzard at the West was not without its effect. The May
for the month. This would make the total at the close of
the month 77,401,246 bbls.
82 38 Illinois, above 30
2 28
degrees
82 42
p«
Pennsylvania dark $4 00 South Lima
o&t
Indiana
Crichton..
140 Princeton
Corning
Wooster
Thrall
Strawn
De Soto
North Lima
and Okla¬
2 25
homa
2 60
1 25 Caddo, La., light. 2 25
2 25 Caddo, La., heavy 1 55
2 87
2 25 Canada
1 45
2 33 Healdton
Henrietta
2 25
25 Electra
25 Moran
15 Plymouth
38
2
2
2
2
XitruMii
2 42
2 85 Somerset, 32 deg
2 58 Ragland
delivery has been sold quite freely by commission houses and
bear traders at Chicago. This applied at one time to pro¬
TOBACCO has been in only moderate demand pending
visions generally. At the same time packers bought on de¬
as to prices, trade, &c.? in the early part of
clines. The receipts of hogs in the West on a single day developments
1919. They are naturally awaited with no small interest.
were only 75,000, against 195,500 on the same day last year.
Meanwhile prices, though generally considered steady, are
Efforts are being made to keep the receipts of hogs down in in some cases
rather nominal than otherwise, awaiting the
order to prevent congestion. Talk of reduced Government
course of events.
orders caused selling of product. To-day prices advanced
COPPER has been reduced by producers and the export
but they ended lower for the week.
DAILY CLOSING PRICES
OP LARD
Sat.
January deIivOTy__cts.24.00
May delivery24.20
24.00
24.07
„
Mon.
FUTURES
Tues.
23.80
24.00
IN
Wed.
CHICAQO.
Thurs.
Holiday 23.70
Holiday 23.87
Fri.
23.90
23.97
committee to 23c. Before Jan. 1 next, when the current
price of 26 cents a pound expires, it is expected many of the
big producing companies will offer January-February-March
a pound.
But any producer may offer
under
cents
a pound.
It is said that a
23
PORK in moderate demand; mess, $51; clear, $44@$52. Western manufacturer
recently
purchased
a substantial
Beef products firm; mess, $35@$36; packet, $37@$38; amount of
copper at 20 cents and predictions are heard in
extra Indi i mess, $63@$65.
No. 1 canned roast beef, the trade that the prevailing
price during most of January
$4 25; No. 2, $8 25. Cut meats steady at 33H@33% for will be around 20 cents. Tin
steady at 71@72o. Lead
pickled hams, 10 to 20 lbs., and 35@36c. for pickled bellies. lower at 5.75@6c. Spelter easier at 8.40@8.45c.
To-day January pork closed at 47.50 after touching 46.50
PIG IRON foundries are sold ahead for most of the first
yesterday. It is 10c. higher for the week. Butter, crea¬
mery extras, 69@69HcCheese, flats, 32@36H<5. Eggs, half of 1919. Trade for the time being is less active. Many
furnaces are making repairs. Meanwhile the coke supply
fresh, gathered extras, 66@67c.
copper at 23
1919 copper
cents
is increasing. It is certainly gratifying to notice that the
Brazilian on conditions m this respect are better in the Connellsville
Brazil have region. The feeling is generally optimistic. The belief
latterly been at 21Hc- for Santos 4s and 2134c. for 5s, with is that a big business will be done in 1919.
COFFEE has been at high-record prices for
the cost-and-freight basis. Firm offers from
Rio 7s and 8s combined 17c., all steamer shipments and Lon¬
don credit; Victoria 7-8s, 16.70c., American credits.
It is
said that latterly Santos 4s have sold at 21c., steamer ship¬
ment, London credit. Spot prices nominally 17 Ho.
No. 7 Rio and 22@22H<*- for No. 4 Santos; fair to good
for
Cucuta 22 @22 He.
The Exchange was reopened for business
in futures on Dec. 26, limited to May and beyond, at some
7 to 8 cents above the maximum quotations when the Ex¬
change closed on Nov. 9. May was 17@17.50c. bid and
asked; July, 17.25 @17.50c.; September, 17.35 @17.40c., these
being opening prices. The ending was with May 17.35@
17.40c., July 17.20@17.25c., Septembr also 17.20@17.25c.
To-day prices were: May 16.60@17c., July 16.30@16.98c.,
September 16.30@16.98c., closing with May 16.55@16.60c.*,
July 16.34@16.35c., September 16.22@16.27c., December
16.68@16.75c. It is reported that half a million tons of
shipping is on the way to South America in the interest of
South American export trade. That certainly suggests large
imports of coffee at American markets. At New York the
stock of Brazil is only 471,958 bags, against 1,451,772 a year
ago.
On the other hand, Rio has 899,000 bags, against
621,000 last year, and Santos 5,186,000, against 3,195,000
a year ago.
Brazilian prices have been irregular. Santos
advanced, presumably in part at least, on prospects of larger
exports, while Rio, whatever the reason, has at times de¬
clined.
Cost-and-fraight offerings here at one time were
higher.
SUGAR is 6.90c. for 96-degrees test Cuban centrifugal;
granulated 9c. Though no agreement has been concluded
as to the contract to be entered into between the Porto Rico,
producers and the Sugar Equalization Board covering the
disposal of their new crop sugars, progress is reported. No
changes are contemplated, it is said, the price remaining at
7.28c. at New York.
Through the International Sugar
Committee there were purchases of new crop Cubas at
5.88c. cost and freight, equal to 6.90c. duty paid.
Some
79,812 bags of Cuban December-January shipment sold at
5.88c. cost and freight.
Refiners are generally oversold.
Louisiana sugar producers have been officially notified that
they will be allowed to sell all grades of Louisiana sugars in
Virginia, but that any granulated sugars sold therein cannot
be shipped back into North Carolina, or to any other por¬
tion of the zone from which granulated is excluded. Though
the contract between the Sugar Equalization Board and the
American refiners has been generally agreed upon covering
the resale of two-thirds of the new Cuban crop, it has not
been signed.
One opinion is that it would not be legal.
Java sugar may be imported under American regulations.
OILS.—Linseed quiet and in fair demand at 1.55c. for
City raw and 1.58@1.59c. for 5-barrel lots; prime edible,
2.25@2.30e. Cocoanut, Ceylon, barrels, 16J^@16%c.
Cochin, barrels, 18@18He. Soya bean, 17@17He. Corn
oil, crude wood, 17H@18c. Olive, $4 25. Cod domestic,
$1 45@$1 50.
Spirits of turpentine, 70H@71c. Common
to good strained rosin, $14 40@$14 50.
PETROLEUM unchanged; refined in barrels, cargo $17 25
@$18 25; bulk, New York, $8 25@$9 25; cases, New York,
$19 25@$20 25. Gasoline firm; motor gasoline in steel
barrels, to garages, 24 He.; to consumers, 26He. Gas ma¬
chine, 41 He- Receipts of crude oil in November by the
Mid-Continent pipe lines were 10,406,116 bbls., against
11,024,396 bbls. in October. Last month’s aggregate of
runs in the Mid-Continent and Eastern fields was 13,051,091
bbls., against 14,006,202 bbls. for October. Crude storage
stocks held in these fields showed a reduction of 3,493,494
bbls. during November, which, it is said, is a record decrease
STEEL trading is for the time being quiet pending further
developments. A new contract form is expected in about
two weeks under which the trade will operate.
Some
buyers demand a revision of prices on old contracts. This
To say that it is of interest to
perspective.
opens up a new
the trade in general
express it mildly.
The new form
will hold both buyer and seller more strictly. It may be
modelled on that of the iron trade. The plants are begin¬
ning to discharge war workers.
is to
COTTON
Friday Night, Dec. 27 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
135,441 bales, against 171,357 bales last week and 147,395
bales the previous week, making the total receipts since
Aug. 1 1918 2,664,593 bales, against 3,427,050 bales for the
same period of 1917, showing a decrease since Aug. 1 1918
of 762,457 bales.
Texas City
Port Arthur,
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
835
Ac.
18,716
6,929
7,715
4,695
Galveston
^
Thurs.
Wed.
Tues.
Mon.
Sat.
....
3,871
6,101
819
630
6,968
1,024
9,603
1,421
....
™
_
^
.
_
_
_
_
2,572
....
_
2,683
1,645
....
....
_
6,i03
Wilmington
Norfolk
N'port News, Ac
New York
2,358
7,466
347
789
435
525
2,121
1,290
1,341
1,520
2,036
•
Philadelphia
Totals this week
18,190
70
-
102
3,193
608
104
981
4,267
44.924
835
....
1,763
35,430
6,585
1,763
6,204
1,046
....
....
1,102
24,089
2,600
6,577
3,306
7,721
1,102
4,969
2,600
2,066
343
1,843
81
81
....
....
....
....
....
....
....
—
—
—
27,065
Total.
....
.....
30,936
20,194
The following shows
since Aug. 1 1918 and
...
....
—
—
.
....
_
45
225
Boston
Baltimore
—
255
_
_
^
.
Fri.
11,786
986
442
986
—
—
27,270 135,441
the week’s total receipts, the total
the stocks to-night, compared with
last year:
This
Week.
Dec. 27.
Galveston
Texas City
Pnrfc
44,924
1
835
1*763
35,430
6,585
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
24,089
2,600
5,577
3,306
7,721
1*102
81
N’port News, Ac.
New York
Boston
Baltimore
Philadelphia
Totals
*442
986
1 1918.
908,502
27,597
13,580
705,643
72,794
4,640
12,421
540,746
44,4.50
94,546
54,961
149,734
2,822
2.522
15,605
14,000
30
____
This
Week.
Since Aug
1 1917.
43,191 1,060.188
25,231
5,492
9,546
4,829
806,742
37,322
251
62,972
5,725
29,650
1,200
690,849
18,154
94,400
3,000
154,949
3,414
952
62,471
188,121
6,655
362
2,387
183
4,194
768
99,894
68,289
56,755
3,389
1918.
1917.
297,964
6,817
259,687
17,684
446,780
28,959
344,236
9,500
264,817
1,600
62,124
101,253
15.300
244,542
32,000
59,244
48,748
82,211
153*073
13*5*425
13,368
12,054
10,325
18,188
32,027
7,861
56,195
13,40
135.441 2,664,593 124,475 3,427.050 1,453,829 1,310,580
comparison may be made with other years,
give the totals at leading ports for six seasons:
In order that
we
Since Aug
Arthur
Aransas Pass, Ac.
New Orleans
Mobile
Stock.
1917.
1918.
Receipts to
2486
Receipts at—
THE CHRONICLE
1918.
1917.
Galveston
Texas City, Ac
New Orleans.
Mobile
Savannah....
Brunswick
44.924
2,598
35.430
6.585
24.089
2.600
Charleston,Ac
5.577
18.154
3.000
3.414
Wilmington..
3.306
7,721
0,655
N’portN..Ac.
81
362
Another*——
2.530
Total this wk.
135.441
...
Norfolk
43.191
4,829
37,322
1915.
1916.
1914.
1913.
63.382
19,602
45,847
4,070
13,320
1,500
4,225
1,222
12,429
6,212
6,758
123.417
29,268
57,282
4,296
64,552
7,000
14,787
7,256
9,334
1,200
5,074
94438
22.069
76.273
19,819
34.611
15.000
2,603
5.703
22,064
6,345
61.694
12,520
28.692
2,934
11.259
1,000
1,644
1,175
8,727
868
10,751
124.475
141,234
178.567
323,466
303,899
251
952
m
(Vol.107
for
a considerable period they were none too anxious to
accept cotton business owing to the erratic and violent
fluctuations inseparable from restricted and artificial
markets. Now all restrictions have been removed at
New York, New Orleans and Liverpool, except as to maximum
fluctuations in a single day, which are still limited to 200
American points at home and abroad. To some shrewd
judges, however, this means nothing more than a safety
valve. Meanwhile, some emphasis is laid upon the fact
that not only are European stocks small, but the next East
Indian crop is estimated at only 3,652,000 bales, against
4,036,000 in the season of 1917-18 and 4,502,000 in 1916-17.
This reduction was brought about by drought and a re¬
The exports for the week ending this evening reach a tota,
duction in the acreage of about 12%. The result is that the
of 88,629 bales, of which 39,664 were to Great Britain!
East Indian crop is expected to be the the smallest for 16 years
10,550 to France and 38,415 to the other destinations.
past. At present, too, East Indian freights are scarce. And, of
Exports for the week and bince Aug. 1 1918 are as follows:
course, the East Indian voyage is very long. It is supposed
that not very much East India cotton will be available for
Week ending Dee. 27 1918.
Prom Aug. 1 1918 to Du. 27 1918.
Europe for something like six months to come. And it is an
Exported to—
Exported i
Exports
interesting fact that the Continent generally spins in a single
Great
Great
from—
year in peace times about 2,000,000 bales of East Indian cot¬
Britain. Prance. Other.
Total.
Britain.
France.
Other.
Total.
ton.
Some figure that this East Indian deficit will have
Galveston.
5,342
5,342 338,471
168,631 607.102
to
be
made
in this country, or at any rate to some extent
Texas City.
15,800
15,800
Pt. Nogales
130
130
even allowing for the fact that Continental mills will not be
NewOrleans 19,816
19,816 229,854
84,039
75,957 389.850
in a position to buy on the old pre-war level for a time.
Mobile
6,637
6.637
33,485
33,485
Pensacola.
4,750
4,750
Liverpool bought near months to some extent, even if it
Savannah.
10,560
10,550
68,111
92,550
60,817 221,478
sold
some of the distant deliveries.
Japanese interests are
Brunswick
30,876
30,875
'6*646
Wilmington
supposed to have bought March and May, while selling
5,646
Norfolk..
31
11,550
11,581
December. December, by the way, was at one time 250
New York. 13,211
3,749 16,960 174,316
42,696 114,894 331,906
Boston._
21,462
5,576
27,038.
points
over January, ana it went out at noon on the 24th
Baltimore
12,355
12,355
inst. at about 190 points over.
The French and Italian
Phlladel’a
19,075
1,398
20,473
Commissions have recently been buying here. On the other
Pacific Porte
29,324 29,324
130,697 130,697
hand, the recent advance has been very large, i. e., about
Total.... 39,664 10,550 38,415 88,629 944,304 224,892 573,970 1,743,166
4 cents per pound.
Some reaction would not be surprising.
Total 1917. 29,005 25,596 25,927 80,5281,262.122 321,579 591,6082,175.309
The technical position is supposed to be weaker. That
Total 1916. 50,841 32,278 34,108117,2271,538,792
458,56711,106,4973,103,856 follows from the elimination of a
large percentage of the short
In addition to above exports, our telegrams to-night also interest after a rise of some $20 a bale. As to exports, more¬
give us the following amounts of cotton on shipboard, not over, they are still far behind those of last year, whatever
cleared, at the ports named. We add similar figures for may be in store for the trade later on. Also it is a fact not
to be ignored that American supplies are
New York.
heavy. Govern¬
ment cancellations of contracts on a large scale are to be
expected, even though they may be distributed over a cer¬
On Shipboard, Not Cleared for—
tain period with a view of preventing any marked break in
I Great
GerOther
CoastLeaving
Dee. 27 at— '‘Britain. France. many. Cont’t.
prices.
The Government, moreover, has an immense sur¬
wise.
Total.
Stock.
plus
of
supplies
which it will resell, no doubt, in the same
Galveston
24,920 21,000
8,000 12,000 65,920
232,044
considerate maimer. But it will have to resell them just
New Orleans.. 27,651 22,822
15,606
270 66,349
380,431
Savannah
Here is a certain competition with the mills in
2,000
5,000
7,000]— 257,817 the same.
Charleston.
1,000
1,000
55,195
Mobile
5,100
450
prospect. Also nobody doubts that the South will plant a
5,550
23,409
Since Aug. 1. 2.664.593 3.427,050 4.616.685 4,036,341 4,572,446 7,311,215
.
...
.
*
....
...
Norfolk
New York *
Other ports*..
8,000
10,000
4.000
1,000
4,000
2,000
Total 1918Total 1917..
Total 1910—
75,671
42,013
94,342
48,822
32,248
21,931
31,606
22,528
*
600
44,665
600
16,000
13,000
100,053
137,073
91,788
19,320 175,419 1,278,410
9,913 107,302 1,203,278
21,466 182,404 1,337,733
Estimated.
Speculation in cotton for future delivery has been more
active at rising prices, due largely to an excellent trade de¬
mand and the firmness of spot cotton. Back of this, how¬
ever, is the growing hope of a big increase in exports.
Ocean
tonnage is in larger supply. General Pershing has agreed to
release 1,000,000 tons of shipping for commercial purposes.
It seems fair to presume that a suitable proportion of this
will be devoted to cotton exports. Also, transports are rap¬
idly arriving here with troops from Europe. They will re¬
turn to Europe with merchandise, including cotton. New
York exports made a
gratifying exhibit in the last week. In
Texasjan excellent export demand is reported. Everywhere
the belief is growing that the European outlet for American
cotton this
year will noticeably increase. Chairman Brand’s
prediction that the season’s total will be 50% larger than that
of last year, it is believed, will be made good,
especially
as ocean freights, as time goes on, seem
likely to decline.
Meanwhile, European stocks are still small, although re¬
cently they have been gaining, especially at Liverpool
There are big gaps to be filled, both in England and on the
Continent. That is well known. And whatever pessimistic
ideas may be entertained in some quarters as to the financial
power of Europe to buy merchandise of any kind on a big
scale, the consensus of opinion is that the textile manufac¬
on the other side of the water will make determined
efforts to recover lost markets. Not only that, but is is be¬
lieved that strenuous efforts will be made to gain new ones.
Efforts are being directed to the enlargement of the export
trade of cotton goods with South America. Half a million
tons of shipping will be set aside at once to promote South
American trade in American commodities, and,
recipro¬
cally, South American business with this country, includ¬
big
acreage next
spring.
Fertilizers will be
plentiful.
more
It is said that this country will make more than enough
potash for the needs of agriculture. Nitrate supplies will be
greatly increased by the sale of Government stocks. To-day
declined and
on general
the South,
{)rices
ocal interests
selling by
Liverpool
Wall Street.
there was
some
Though
trade demand, it seemed to be smaller. Of late exports have
decreased. Spot houses sold. Prices are lower for the week.
Spot cotton, which ended at 31 cents for middling uplands
a week ago, closed to-day at 32.30 cents, a rise of 130 points
though to-day the price was 40 points lower than yesterday.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Du. 21 to Du. 27—
NEW YORK
1918-C—. ...32.30
1917
.—31.75
1916
-17.35
.—12.35
1915
1914
7.65
1 13
12.60
1912
13.10
1911
9.50
.—
.
—
.
—
.—
Fri.
32 30
Sat. Mon. Tues. Wed. Thurs.
31.50 32.10 32-60 Hoi
32.70
Middling uplands
QUOTATIONS FOR 32 YEAR8.
1910-C....—14.95
1909
.—15.75
1908
9.30
1907
—11.80
1906
...10.55
1905
...11.95
1904
7.35
1903
...13.70
.—
...
1902.c—
8.75
1901
8.50
1900
...10.31
1899
7.56
1898
5.88
1897
5.94
1896
7.12
1895
8.25
...
...
...
...
...
...
...
1894.C
1893—
1892—
1891—
1890—
18891888—
1887-
7.81
9.88
7.94
9.18
10.25
9.75
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot
week at New York are indicated in the
each day during the
following statement
.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on
same
days.
turers
Futures
Market
Closed.
Spot
Market
Closed.
Saturday
Monday
Tuesday
...
Wednesday.
Thursday
Friday
Steady, 50 pts. adv. Steady
Steady, 60 pts. adv. Steady
Steady. 50 pts. adv. Steady
h6liday
SALES.
Spot.
Contract
Total.
—
6,700
6,700
“200
"200
HOLIDAY
Quiet, 10 pts. adv.. Barely steady
Quiet, 40 pts. dec
Barely steady._
..
Total
6,900
6,900
ing the Brazilian coffee trade, which has long needed
a liberal supply of tonnage to relieve the
plethora of coffee
NEW ORLEANS CONTRACT MARKET.—The clos¬
in that country. Meanwhile spot markets here and at the
quotations for leading contracts in the New Orleans cotton
ing
South have been steadily rising. At times, contrary to the market for
the past week have been as follows:
experience of some periods, they have moved up about as
fast as futures.
Yet it is true that notwithstanding the rise
Saturday, Monday, Tuesday, Wed.'day, Thursd’y, Friday,
in futures they are still at a considerable discount under
Dec. 21. Du. 23. Dec. 24. Du. 25. Du. 26. Du. 2f.
spots. A little stress has been laid on this fact, although the December
29.45
29.45-.55
spot premiums over futures have been somewhat reduced. January
28.30-.38 29.04-40 29.40-.43
29.36
28.85
March
27.22-.35 27.86-.89 28.22-.29
27.69-.72
28.20
But a new factor has now appeared in the futures market
May
26.35-.39 27.05-41 27.45-.50 HOLI¬ 27.45-.46 2699-.0 0
here. That is the growth of outside interest in the cotton July
25.54-.59 26.35-.48 26.83-.92
26.43-.48
DAY.
26.93-.95
23.20-.25 23.60-.70 24.25
24.35
23.90J.—
speculation. The transactions have steadily increased. October
Tone—
Houses that formerly paid no attention to cotton are now
Spot
Firm
Steady
Steady
Quiet
Steady
Options
interested in it. They are willing to trade in it now, although
Steady
Steady
Steady
Steady
Steady
—
—
—
—
—
—
and dosing prices at
week have been as follows:
FUTURES.—The highest, lowest
New York for the past
Closing
January—
Range
Closing
February—
—mmm
—
28.75
—
28.65
28.65
—
March—
Closing
April—
Range
—
—
—
26.90
Closing
May—
Range
Closing
—
——
—-
—
—
27.50-.55 27.90
—
28.20
—
—
27.90
—
26.00-AO 27.00-.52 27.14-.85
26.75-.80 27.40-.45 27.72-.75
—
—
—
July—
Range
Closing
August—
Range
Closing
September—
Range
Closing
October—
Range
Closing
132c.
—
—
26.10
—
26.85
26.95
—
—
—
—
27.30
—
—
—-
—
26.25
—
24 AO
25.30
—
27.20
—
—
—-
—
—
—
—*
—
—
—
—
—
27.45
26.85
—
—
—
—
—*
26.85-.45
—
_
—
26.12
26.12
—
—
—
25.60
25.60
—
—
—
—
—
25.22-.25
—
—
—
—
25.65-.70 24.45- A0 24.45 z70
25.05 — 24.45 —
23.10-.70 23.75-.45 24.40-.95
23.55-.65 24.38-.43 24.84 —
24.70-.35 24AO-.85 23.10 z35
24.70 — 24.20-.30
23.95
/ 31c.
—
24.80
/30c.
a 28c.
4 29c.
—
*27c.
—
*25c.
COTTON to-night, as made
up by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
THE VISIBLE SUPPLY OF
1917.
1916.
1915.
bales. 1305,000
16,000
75,000
449,000
21,000
45,000
817,000
28,000
80,000
860,000
60,000
85,000
396,000
515.000
65,000
148,000
2,000
65,000
25,000
925,000 1,005,000
•1,000
•1,000
•1,000
•1,000
293,000
273,000
2,000
7,000
78,000
63,000
256,000
214.000
1,000
•1.000
1918.
Dec. 27
Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
at Hamburg
at Bremen
at Havre
at Marseilles
at Barcelona
at Genoa
Stock at Trieste
Stock
Stock
Stock
Stock
Stock
Stock
1,000
23,000
14,000
560,000
Total Continental stocks
103.000
240,000
Total European stocks
499,000
755,000 1,485,000
15,000
332,000
India cotton afloat for Europe
Amer. cotton afloat for Europe..
62,000
Egypt,Brazil,&c.,afloat for Eur’pe
368,000
*550,000
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. 8. ports
Stock in U. S. interior towns
U. 8. exports to-day
Total visible supply
Of the above, totals of
American—
57,000
36,000
268,000
575,383
350,000
*450,000
220,000
487,000
116,000
65.000
bales, f177,000
42,000
*86,000
332,000
Manchester stock
Continental stock
American afloat for Europe
281,000
1128,000
16,000
33,000
London stock
Manchester stock
*17,000
Continental stock
India afloat for Europe
15,000
62,000
Egypt, Brazil, Ac., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
368,000
*550,000
234,000
544,000
643,000
588,000
31,455
168,000
21,000
21,000
*29,000
36,000
116,000
350,000
*450,000
174,000
28,000
10,000
*97,000
57,000
65,000
220,000
487,000
272,000
60,000
28,000
*93,000
50,000
66,000
234,000
544,000
4,727,846 4.589,261 5,846,535
6.228,460
7.$2d.
10.63d.
Total visible supply
Middling upland, Liverpool
Middling upland, New York
Egypt, good brown, Liverpool...
22.68d.
31.65c.
33.15d.
32.00d.
21.65d.
21.83d.
20.40d.
32.30c.
30.79d.
Peruvian, rough good, Liverpool. 37.00d.
18.04d.
18.29d.
Broach, fine .Liverpool
Tinnevelly, good, Liverpool
17.22c.
20.30d.
18.00d.
lO.lOd.
10.22d.
12.40c.
10.70d.
11.40d.
7.35d.
7.62d.
* Estimated.
t Last week’s stories; no
bales.
The above figures for 1918 show an increase over last week
of 94,191 bales, a gain of 138,585 bales over 1917, a decrease
of 1,118,689 bales from 1916 and a loss of 1.500,614 bales
from 1915.
225
La., Shreveport
4,873
2,000
3,684
600
Mlaa,Cotumbufl
Clarksdale
Greenwood
Meridian
Natches
._
3,190
5.810
....
1,075
1,195
Vicksburg
Yazoo City..
Mo., St. Louis
N.C.,Gr’nsboro
Raleigh
Cincinnati.
Okla., Ardmore
Chlckasha
Hugo
.
Oklahoma..
8.C., Greenville
Greenwood...
Term.,Memphis
Nashville
Tex., Abilene..
Brenham
Clarksville
Dallas
Honey Grove.
Houston
Paris
San Antonio..
....
803
600
19,722
700
100
2.500
19.
Stocks
July
ments
30,046
141,901
98,604
11.932
90,442
185.405
356,851
26,235
115,517
39,764
155,667
8.442
93,994
96,415
22,658
42.901
14,767
30,905
675,460
20,002
5,068
61,170
23,750
35,386
"874
419
24.769
21,376
1,000
59,254
2,158
27,916
2.400
1,005 15,756
847
2,779
481 20,634
3,959 52,746
3,058 59,246
236
2,373
2,340 39,117
6,505 52,606
3,316 159,183
450 16,075
2,458 24,363
1,022 15,433
2,538 62.556
297
3,956
1,500 64,201
38,457
1,803
888 11,840
1,613 12,167
286
5,000
14,665
83",728 13,698
4.401
800
125
3,609
44,280
32.443
25
2,552
3,892
443
442 26^217
53,714
207
2.054 25,045
61,401
500
1,799
7,769
26,347
5,746
1,759 42,049
96,728
3,935 42,064 5,213
72.806
117
190
4,560
9,624
3,093
3,300 42,467
84378
8,774
25,090
3,903
108,529
3,672 165,868 6,514
258,307
600
610 25,615
43,029
3,477
3,873 36,957
119,591
2,079
1,000 16,034
34,234
1,132 53,430 4,584
94,399
281
306
6,160
16,517
2,000
2,148 47,462
85,716
7,760
3,852 45,139
91378
653 15,595
1,058
29,022
800 17,010
1,697
31.955
200
693
124231
21.955
997
500
15,768
22,659
234,005 19,854 22,324 35,587
800
600
8.163
18,878
322
267
100
4,097
3,488
66,339 2,500 14,000
20.
Week.
Season.
Week.
222
250
2,210 22,913
1,000 10,000
4,548 9,326
1,100 8,052
8,222
800
1,073 17,448
1,200 11,034
3,606
1,646
23.829
500
7,000
22,687
3,143 24,420
42,809
2,670
42
4,816
64
10,656
9,723
284
12,176
1267 ,729
32,444 468.290 22~,080 3194238 41,781 640,471 26,69
969
1,217
1,493
1.209
1,019
397
1,600
"250
23,144
"59 1,309
428
6.210
372
1,308
187
18,560
250
5,495
350
15,474
9,372
1,852
40,403
1,309
9,822
1,585
30,696
1,737
3,321 19,241
91.902
2,496
522 14,235
50,683
1,546
7,798
1,231
44,554
650
1,480
5,897
673
19,704
223,415
50,4251 .100,553 35,805 300,031 55,94151,373,411 50,564 15,154
1,727
62,067
2,2691
2,943 11,284
68,276
3,152
146
1,406
498
24,189)
600
4,594
800
27,862
1.500
686
700
townsll86,45313^98,067il29,259ll448017l207.59ll4,899,586165,5791301441
The above totals show that the interior stocks have in¬
creased! during the week 57,194 bales and are to-night 146,576
bales more than at the same time last year. The receipts at
all towns have been 21,138 bales less than the same week
Total, 41
last year.
OVERLAND MOVEMENT FOR
1917-
1918
Since
Dec. 27.
Shipped—
Via St. Louis
Via
Via
Via
Via
Via
Via
«.
Mounds. Ac
Rock Island
Louisville
Cincinnati.
Virginia points_._i
other routes, Ac...
Week.
Aug. 1.
19,854
10,785
518
2,008
1,500
225,376
222,385
10,981
61,905
37,724
220
2,165
252
0671,115
275,376
4,330
43,071
23,312*
147,950
312,176
21,084
1,562
25,927
.57,638
889.582
92,662 1,477,330
1.428
4,400
32,157
26,224
112,053
5,145
2,814
014,639
0336,857
7,351
7,351
170,434
22,598
613,428
50,287 719,148
70,064
Canada, o Revised.
863,902
Deduct Shipments—
.
1,523
.
.
.
Leaving total net overland*
*
Including movement by rail to
033,728
28,808
Since
Aug. 1.
86,590
244,618
1,889
Total to be deducted
Week.
228.327
48,244
overland movement
for the week last
The foregoing shows the week’s net
has been 50,287 bales, against 70,064 bales
year,
and that for the season to date the aggregate net over¬
144,754
land exhibits
a
decrease from a year ago
bales.
of
-1917-
-1918In Sight
and Spinners'
Week.
Takings.
Receipts at ports to Dec. 27
135,441
50,287
Net overland to Dec. 27
Southern consumption to Dec. 27a 65,000
Total marketed
250,728
57,194
_
Interior stocks in excess
Came into sight during
Total in sight Dec. 27
a
week
307,922
spinn’s'takings to Dec. 27 39,153
These figures are
Since
Aua. 1.
719,148
1,669,000
124,475
70,064
81,000
3.427,050
5,052,741
275,539
6,106,952
2,664,593
42,012
751,401
317,551
5,804,142
------
863.902
1,816,000
946,449
--------
7,053,451
1,044,970 67,250 1,328,594
available.
consumption; takings not
Movement into sight
in previous years:
Week—
Bales.
1916—Dec. 29
1915—Dec. 31
Since
Aug. 1.
Week.
289,201
294,445
Bales.
Since Aug. 1—
1916—Dec. 29
1915—Dec. 31
_
8,470.574
7,226,948
,
QUOTATIONS FOR MIDDLING COTTON
MARKETS.
Closing Quotations for Middling
Week ending
Dec. 27.
AT OTHER
Cotton on—
Monday. Tuesday. Wed'day. Thursday. Friday
31.15
30.13
29.00
Galveston
New Orleans
Mobile
1
29.25
Norfolk
28.50
28.88
Baltimore
'29.00
Wilmington
Philadelphia ...31.75
Augusta
84
5,396
3,972
10.437
Athens..
Atlanta
Augusta
Columbus
Macon
Rome
North,
statement issued to-day—holiday.
Continental imports for past week have been 53,000
Little Rock
8,311
Week.
38,981
...1,189,000 1,191,000 1,138,000 1,347,000
3.538.846 3,398,261 4,708,535 4,881,460
Total East India, Ac
Total American
Houston
700
4,661
Ga., Albany...
3.538,846 3,398,261 4.708.535 4*881.460
Liverpool stock
Dallas
7,032
July
28 1917.
SMp-
Receipts.
THE WEEK AND
showing the
statement
632,000
week
1, as m ade
overland
movement
for
the
and
since
Aug.
1,637,000
50,000
up from telegraphic reports Friday night.
The
results for
371,623
the week and since Aug. 1 in the last two years are as follows:
66,000
24,000
70,000
57,000
*211,000 *463,000 *539,000
268,000
575,383 371,623
2,240
Total American
East Indian, Brazil, Ac.—
Memphis
Little Rode..
Pine Bluff....
24
445
menu.
1,453,829 1,310,580 1.520,137 1,741,557
1,448,017 1.310.441 1,405.560 1.545.299
U. 8. port stocks
U. 8. interior stocks
U. 8. exports to-day
Savannah
Charleston
Season.
Week.
Ship-
Stocks
SINCE AUG. 1.—We give below a
1,453,829 1,310,580 1,520.137 1,741,557
1,448,017 1,310,441 1,405,560 1,545.299
38,981
2,240
31,455
4,727,846 4,589,261 5,846.535 6,228,460
American and other descriptions are as follows:
Liverpool stock
O.,
Receipts.
Towns.
Movement to Dee.
1918.
Movement to Doc. 27
Ala.,Eufaula..
Montgomery.
Selma
Ark., Helena-_
27.00-.76 26.58-.06 25.22 *30
27.05-.15 26.60-.65
26.05-A0 25.95-A5
26.05
—
—
27.65-A0 27.13-.75 26.00 a30
27.75-A0 27 A0 —
HOLIDAY.
25.22-.02 26.20-.96 26.70-.30
25.98-.02 26.80-.85 27.14-.17
25.22
25.22
—
27.40
—
June—
Range
Closing
30.15-100
—
—
—
—
28.46-.10 27.83-.50 27.07410
28.50- A3 28,02-.06
27.07-.70 27.78-.40 27AO-.75
27.58-.63 28.14-.19 28.48-.50
Range
——
29.65-A0 29.28-.71 28.40430
29.70-.75 29.28 —
28.40- .79 28.80-.45 29.05-.40
28.80-.70 29.17-.19 29.59-.63
27.70
Closing
_
30.15~.55 30.20-/50 31.00400
30.40-.50 31.51 —
shipments for
previous year—is set out in
below.
detail
■
December—
Range
Week.
Dec. 27.
Dec. 26.
Dec. 25.
Dec. 24.
Dec. 23.
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week and since Aug. 1, the
the week and the stocks to-night, and the same items for the
corresponding period of the
Friday,
Saturday, Monday, Tuesday, Wed day, Thmrsdy,
Dec. 21.
2487
THE CHRONICLE
1918.]
Dec. 28
!
29.50
29.50
31.50
29.50
32.15
30.50
29.00
30.00
29.50
32.50
30.75
29.50
30.50
29.50
29.50
32.35
29.87
30.00
31.05
32.00
29.75
30.00
30.00
32.85
30.25
30.00
31.30
32.00
30.25
32.50
31.25
29.00
31.00
HOLIDAY.
30® K
29 A 5
30.13
30.50
32.95
30.25
30.50
31.30
32.00
30.50
32.20
31.00
30.00
31.00
30 @H
29.25
29.75
31.00
32.55
30.00
30.50
30.70
31.40
30.25
TELEGRAPH.—Reports to
us by telegraph this evening from the South indicate that
temperature has been lower during the week with rain
general and rather heavy at some points. Texas reports
are to the effect that fields are too wet for ploughing.
Galveston, Tex.—A cold wave preceded by light rains
occurred during the week, low temperatures still prevailing.
Clear weather is now necessary for ploughing, as many fields
are too wet to be properly worked.
We have had rain on
two days of the past week, the rainfall being two inches and
sixty-two hundredths. The thermometer has ranged from
WEATHER REPORTS BY
34 to 64,
averaging 49.
Abilene, Tex.—The week’s rainfall has
hundredths of an inch, on two days.
eter
38, highest 56, lowest 20.
fed
4
been seventy-seven
Average thermom¬
■arm- m»
i
2488
THE CHRONICLE
Amarillo, Tex.—We have had rain on two days the past
week, the rainfall being eighty-four hundredths of an inch.
The thermometer has averaged 21, the highest being 38 and
the lowest 4.
Brownsville, Tex.—There has been rain on two days of the
past week, to the extent of forty-four hundredths of an inch.
The thermometer has averaged 57, ranging from 38 to 76.
Dallas, Tex.—We have had rain on one day of the past
week, the rainfall being ninety-eight hundredths of an inch.
The thermometer has ranged from 20 to 66, averaging 43.
Palestine, Tex.—Rain on three days of the week. The rain¬
fall has been ninety-eight hundredths of an inch.
Average
thermometer 43, highest 64, lowest 22.
San Antonio, Tex.—We have had rain on one day the
past
week, the rainfall being ninety hundredths of an inch. The
thermometer has averaged 49, the highest being 68 and the
lowest 30.
Taylor, Tex.—We have had rain on one day of the past
week, the rainfall being one inch and fourteen hundredths.
Minimum thermometer 24.
New Orleans, La.—We have had rain on three days of the
past week, the rainfall being one inch and sixty-two hun¬
dredths. The thermometer has averaged 55.
Shreveport, La.—Rain on two days during the week, to the
extent of one inch and thirty-three hundredths.
The ther¬
mometer has ranged from 27 to 66.
Vicksburg, Miss.—It has rained during the week to the
extent of three inches and sixty-one hundredths.
The
thermometer has averaged 46, the highest being 66 and the
lowest 26.
Mobile, Ala.—We have had rain on four days of the past
week, the rainfall being three inches and sixty-one hun¬
dredths. The thermometer has averaged 53, ranging from
29 to 65.
Selma, Ala.—It has rained
three days
[Vol. 107
tained and methods used, the definition of
a “100 per cent”
condition, the hollies production in 1917, facts about the
pink boll worm, exports of East India cotton to the various
countries, the production of East India cotton by qualities
and the exports of cotton manufactures from the United
States since 1866, &c.
CENSUS BUREAU’S REPORT ON COTTON GIN¬
NING.—The Division of Manufactures in the Census
Bureau completed and issued on Dec. 20 its report on the
amount of cotton
and
we
returns
ginned up to Dec. 13, the present season,
give it below, comparison being made with the
for the like period of the three preceding years:
Counting Round
1918.
Alabama
Arizona
Arkansas
California
Florida
725.376
23.011
798,392
39.000
24,335
1,872,344
493,853
989.717
46,542
715,648
516,793
1,329,207
254,628
2,401,542
18,297
3,717
Georgia
Louisiana
Mississippi
Missouri.
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
as
1917.
Half Bales
1916.
464.693
11,433
827.573
30,453
.
531,885
4.900
1,044,651
23,671
49,349
1,780,310
431,664
761.682
54,273
619,079
782,095
893,896
348,329
3,482,509
25,333
5,173
45,268
1,719.653
580,094
773,824
41.414
521,589
857,561
1,110,327
187,482
2,941,007
15,690
3,533
United States
.10,252,402
10,131,594
10,838,799
The 1918 figures are subject to slight corrections when checked against
the individual returns of the ginners being transmitted by mail.
The number of round bales included this year is 139,094, contrasted
with 179,966 bales in 1917 and 184,285 bales in 1916.
The number of Sea Island bales included this year is 31,060, against
83,288 bales in 1917 and 110.163 bales in 1916.
The number of American Egyptian bales included this year is 12,793.
The distribution of Sea Island cotton in 1918 by States is: Florida,
11,948 bales; Georgia, 14,291 bales, and South Carolina, 4,821 bales.
The corrected statistics of the quantity ginned this season prior to
Dec. 1 are 9.565,699 bales.
during the week,
forty-five hundredths.
The thermometer ranged from 23 to 62,
averaging 46.
Savannah, Ga.—Rain on four days of the week. The
rainfall has been one inch and sixty-eight hundredths.
Average thermometer 57, highest 72, lowest 34.
Charleston, S. C.—There has been rain on four days during
the week, the rainfall being one inch and ten hundredths.
The thermometer has averaged 51, the highest
being 67
BRITISH COTTON WAGE QUESTIONS.—Settlement
Reached.—Cable advices from London of date Dec. 18 state
that at a final joint meeting of employers and employees held
that day , terms of settlement were reached and work was
to be resumed on the 19th.
The settlement is understood
to be a 50% advance on the pre-war wage standard.
Charlotte, N. C.—There has been rain the past week,
the extent of one inch and ninety-nine hundredths.
The thermometer has averaged 46,
ranging from 24,to 67.,„
||The following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
ing table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption;
they are simply a statement of
the weekly movement from the plantations of that part of
the crop which finally reaches the market through the out-
on
to the extent of three inches and
and the lowest 34.
to
_
New Orleans
Memphis
Shreveport
Vicksburg
Below
zero
of gauge.
of gauge.
zero of gauge.
Above, zero of gauge.
Nashville
*
Above
Above
Above
Above
Dec. 27 1918.
Feet.
of gauge.
6.8
zero
Dec. 28 1917.
Feet.
3.1
4.2
9.4
*6.4
1.4
22.1
15.4
zero
zero
22.4
25.1
of gauge.
COTTON CONSUMPTION AND OVERLAND MOVE¬
MENT TO DEC. 1.—Below we present a synopsis of the
crop movement for the month of November and the four
months ended Nov. 30 for three years:
1918.
Gross overland for November
bales_
Gross overland for 4 months
Net overland for November
Net overland for 4 months
Port receipts in November
Port receipts in 4 months
Exports in November
Exports in 4 months
Port stocks on Nov. 30
Northern spinners’ takings to Dec. 1
Southern consumption to Dec. 1
Overland to Canada for 4 months (in¬
cluded in net overland)
Burnt North and South in 4 months
Stock at North, interior markets Nov. 30
Came in sight during November
Amount of crop in sight Nov. 30
Came in sight balance of season
Total crop
Average gross weight of bales
Average net weight of bales
1917.
1916.
331,790
496,304
525,651
713,628 1,069,050 1,087,164
298,930
298,166
420,236
573,276
595,815
829,408
603,323
863,465 1,102,665
2,086,801 2,826,359 3,842,464
353,971
400,080
760,286
1,349,374 1,817,447 2,464,863
1,423,057 1,171,273 1,488.042
770,759 1,020,030 1,241,049
1,411,000 1,493,000 1,373,000
513.32
488.32
Note.—Data not heretofore available has caused
of the Northern spinners’ takings in 1918.
ports:
Week
Receipts at Ports.
Stocks at Interior Towns.
end'll.
1918.
1917.
1910
1918.
1917.
1916.
1917.
29.. 136,346 182,262 239,911 1,340,002 1,151,522 1,308,950149,671 225,622 274,463
Dec.
6.. 150,747 194,241242,504
1,331.2791,216.659 1,350,749142,024 259.878284,303
13.. 147.395 158,476:200,1301,343,638 1,248,095 1,379,059159,754 189,912 228,440
20.. 171,357 122,999148,6431,390,8231,259,429 1,382,887218,542 134,333152,471
27.. 135,441 124,475141,234 1,448,0171,301,441 1,405,560192,635
166,487163,907
The above statement shows: 1.—That the total receipts
from the plantations since August 1 1918 are 3,415,994 bales;
in 1917 were 4,373,549 bales, and in 1916 were 5,668,511
bales.
2.—That
although the receipts at the outports the
135,441 bales, the actual movement from
plantations was 192,635 bales, the balance going to increase
stocks at interior towns. Last year receipts from the plan¬
tations for the week were 166,487 bales and for 1916 they
past week
were
were
163,907 bales.
,
WORLD’S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statements indicate
16,489
11,951
1,816,211 2,034,901
5,711,754 6,993,872
6,200,142 5,981,697
11,911,896 12,975,569
a glance the world’s
supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
39,270
512.87
487.87
a
516.95
491.95
at
gone
out of sight, for the like period.
Cotton Takings.
revision downward
the expiration
Dec. 31 of the special partnership
existing between the
firm and Henry Hentz. Mr. Hentz retires because of ad¬
vanced years, he having been identified with the firm since
announce
on
its inception, 61 years ago. The general
partnership will
continue. Mr. Hentz is a charter member of the New York
Cotton Exchange.
—We have received this week a
complimentary copy of
“Cotton Facts,” issued by the Shepperson
Publishing Co.
of this city. The present edition contains not
only all the
important statistics of previous issues, but several new
features, including the acreage of Sea Island and Egyptian
cotton in the United States, the highest
yield per acre ob¬
1918.
Nov.
8.. 134,013 212.054 271,037 14S07.141
932,607 1,192,916199.908 265.770305,354
15.. 145.643 206,566 263,463 1.266.852 1.016,864 1.230.704205.354 290.823301.251
22.. 134.414 202,316 240,082 1,326,677 1.108,162 1.274.398194.239 293.614283,776
1918.
Week and Season.
Week.
—Messrs. Henry Hentz & Co.
1916.
Receipts from P antations
44,614
73,111
14,000
1,419,253
4,711,077
RECEIPTS FROM THE PLANTATIONS.—The follow¬
Visible supply Dec. 20
4,633,655
Visible supply Aug. 1
American in sight to Dec. 27
307,922
Bombay receipts to Dec. 26
565,000
Other India ship’ts
to Dec. 26__
Alexandria receipts to Dec. 25-630,566
Other supply to Dec. 25*
62,000
Total supply
Deduct—
Visible supply Dec. 27
Total takings to Dec. 27.a
Of which American
Of which other
*
_
Season.
3,027.450
5,804,142
477,000
12,000
461,000
97,000
1917.
Week.
Season.
4,427,096
317,551
81,000
4,000
29,000
8,000
2,814,776
7,053,451
532,000
43,000
478,000
52,000
5,038,577
9,878,592 4,866,647 10,973,227
4.727,846
4,727,846 4,589,261
4,589,261
5.150.746
4.214.746
936,000
6.383.966
5.174.966
1,209.000
310.731
216.731
94,000
277.386
242.386
35,000
Embraces receipts in Europe from Brazil,
Smyrna, West Indies, See.
This total embraces the total estimated
consumption by Southern mills
1,669,000 bales in 1918 and 1,816,000 bales in 1917—takings not being
available—and the aggregate amounts taken by
Northern and foreign
spinners, 3,481,746 bales in 1918 and 4,567,966 bales in 1917, of which
2,545,746 bales and 3,358,966 bales American.
b Estimated, v
a
BOMBAY COTTON MOVEMENT.—The receipts of
India cotton at Bombay for the week ending Dec. 5 and for
the season from Aug. 1 for three years have been as follows:
Since
to
476,000
89,000
311,000
COTTON.—The following are the receipts
January
February
230,133
2,482.350
2,838,907
268,013
3,297,678
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
To Liverpool
To Manchester
To Continent and IndiaTo America
7", 156
500
315,926
78,113
46,970
31,089
11,792
91,266
54,427
45,009
38.206
71,741 11,959
30,280 13,604
36,761' 3,627
13,530 8,232
9,542
2,782
7,606 167,964 12,324 152,312 37,422 228,908
Total exports
Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week ending
Dec. 4 were 230,133 cantars and the foreign shipments
Note.—A can tar is 99 lbs.
7,606 bales.
MANCHESTER MARKET.—Our report received by
cable to-night from Manchester states that the market is
closed for the holidays. We give prices for
low and leave those for previous weeks of this and last year
for comparison:
last Friday be¬
1917.
1918.
CoCn
Mid.
8* 16S. Shirtings. Common
to finest.
32s Cop
Twist.
Nov
1
8
15
22
29
Dec.
6
13
20
27
d.
d.
52
51*
a.
d.
50
48
43
@
41
41
38
38
@
@
@
@
@
d.
30
d.
21.26
21.24
19.96
20.60
20.50
6
9
0
20.16 37
20.07 37*
20.40 38
25 9 @34
25 0 @33
24 6 @33
DAY.
44
43
40
HOLI
VpFs
@
@
@
@
@
30*
32
34*
36*
@
@
@
@
38*
d.
32
d.
a
15 6
UpTi
d.
a.
@19 9
32* 1510* ® 20 1*
16 6
35
@2010*
@22 6
36* 17 0
38* 17 3 @23 0
39
39
17 6
17 6
39* 17 9
39* 1710*@24 9
Total bales.
Liverpool—Dec. 20—Teucer, 5,867
Dec. 21—
Dec. 23—Celtic, 3,860
Caronia, 3,484
To Barcelona—Dec. 21—Alicante, 300
To Genoa—Dec. 21—Western Queen, 3,449
GALVESTON—To Barcelona—Dec. 21—Marquis del Turia, 5,342
NEW ORLEAN8—To Liverpool—Dec. 23—Engineer 8,665; Oxon¬
ian, 11,151
-
NEW YORK—To
MOBILE—To Liverpool—Dec. 23—Ben Avon, 6,637
SAVANNAH—To Havre—Dec. 21—Lamentin, 10,550SEATTLE—To Japan—Dec. 21,
, 14,010
Dec.
d.
21.27
21.55
22.10
22.16
22.47
22.10
22.31
22.31
22.68
@24 0
@24 3
@24 6
SHIPPING NEWS.—Shipments in detail:
gosau
Cot’n
Mid.
8* lbs. Shirtings. Common
to finest.
32s Cop
Twist.
d.
9
9
3
9
0
•.
55* 29 3 @37
29 3 @37
54
28 9 @37
53
50
28 3 @36
27 0 @36
46
@
@
26—Kon-
Maru, 15,314
13,211
300
3,449
5,342
19,816
6,637
10,550
29,324
86,629
Total
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
New York
Galveston.
New Orleans.
Spain.
Great Britain. France.
13.211
300
Italy.
3,449
Japan.
Total.
29,324
16,960
5,342
19,816
6,637
10,550
29,324
5,342
...
Mobile
Savannah
Seattle
19,816
6,637
...
10,550
—
—
Total
...
39,664
5,642
10,550
—
3,449
29,324
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week’s sales, stocks, &c., at that port:
Dec. 6.
5,000
Sales of the week
Dec. 13.
Dec. 20.
1,000
2,000
Dec. 27.
53.000
261,000
135,000
28,000
16,000
218,000
175,000
42,000
305,000
177,000
108,000
91,000
187,tOO
149,000
HOLI¬
DAY.
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:
Saturday.
Spot.
Market,
12:15
P. M.
Monday.
Tuesday.
Irregular.
Dull.
f
i
(
Mid.Upl’ds
20.40
20.40
21.03
21.03
Good Mid.
Uplands.
HOLI¬
DAY.
Salea
Futures, f
Market
\
1,000
opened
/
39@56
pts. adv.
Market,
4
P. M.
f
<
1
Quiet at
35@48
pts. adv.
Wednesday.
Thursday.
Friday.
HOLI¬
HOLI¬
DAY.
HOLI¬
DAY.
DAY.
Steady at
April
12* 12 *
4
12 *
4
12 *
4
12 *
4
Frt.
12 *
4
p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m.
d.
d.
HOLIDAY.
d.
d.
d.
d.
21.28 21.26 21.40 21.61
19.98 19.98 19.93 20.01
19.03 19.13 19.10 19.07
18.28 18.32 18.30 18.26
17.23 17.28 17.18 17.24
d.
d.
HOLIDAY.
d.
d.
HOLIDAY.
d.
d.
HOLIDAY.
Friday Night, Dec. 27 1918.
Flour has been unsettled by the removal of Government
regulations. Restrictions on the price of mill feed have also
been removed. As regards flour, all rules and regulations
laid down by the Food Administration governing the manu¬
facture and sale of flour have been rescinded.
Mills will no
longer be required to manufacture the 100% flour prescribed
by the Food Administration as a war measure, and can re¬
turn to the manufacture of the established grades in vogue
before the war. In other words, neither the mills nor flour
merchants and jobbers will be compelled to adhere to price
restrictions, though the Food Administration will maintain
a general supervision of the trade, it is understood, and will
prevent abnormal or unreasonable profits. Stocks are large
here and spot prices are below the mill quotations.
The
demand, in the meantime, has been light and prices have
been more or less irregular. Mill feed advanced $15 to $17
per ton, which would logically point to a reduction in flour
prices of about 75 cents per barrel. But mills are slow to
reduce prices of flour as it has been selling below the parity
of wheat.
The mills are confronted with premiums on cash
wheat. That naturally complicates the situation,* already
complicated enough, surely, by the lifting of Government
restrictions and the sharp rise in prices for feed.
A Chicago
dispatch says that fourteen million pounds of cereals for¬
merly used ,as substitutes for wheat flour have been pur¬
chased in Illinois by the Food Administration and will be
sent to Belgium and other countries, it was announced to¬
day. The substitutes were in the hands of retailers when the
Government restrictions relating to the sale of cereals with
wheat products were removed.
Wheat crop news is in the main favorable.
Of late the
West has had heavy snows. The visible supply, however,
increased last week 2,558,000 bush., against a decrease in
the same week last year of 3,140,000 bush.
That makes the
total now 113,813,000, against 22,221,000 a year ago. The
Argentine shipments for the week were 499,000 bush. The
Argentine visible supply is 1,480,000 bush. The Food Ad¬
ministration has refused to accept a cargo of 185,000 bush,
of wheat which recently arrived at Puget Sound.
It will be
unloaded at Vancouver, as it is not needed in the United
States and was by previous understanding rejected on that
account.
In France the new crops, where they are above
ground, make a fine appearance. Sowing has been delayed,
however, of late by bad weather. In Italy bad weather has
also delayed wheat sowing. No reliable information is ob¬
tainable from Russia. But if tonnage can be had many extheof
food
wheat
situation
bad. The
cropsthis
in the
season,
first
fiectRumania
shipments
from isSouthern
Russia
1,000
Quiet at
4@10
pts. adv.
Steady at
dec.
pts.
6 pts.
to 35
advance.
were poor.
And it now appears that the Germans and
Austrians seized large quantities of the harvested grain.
It is said that the natives are dying of starvation.
It is
place
2,000
55,000
282,000
153,000
72,000
46,000
167,000
133,000
Of which American.
March
12 *
Thurs.
n
Of which speculators took
Of which exporters took
Sales, American.
U export,
Actual
Forwarded
Total
Wed.
BREADSTUFFS
1915.
1917.
Dec. 4.
Exports (bales)—
Tues.
and shipments for
1918.
Receipts (cantars)—
This week
•Since Aug. 1
Mon.
each day are given
for the corresponding week
the week ending Dec. 4 and
of the two previous years:
Alexandria, Egypt,
New Contracts.
December
OF
RECEIPTS AND SHIPMENTS
ALEXANDRIA
Sat.
Dec. 27.
Aug. 1.
Week.
Aug. 1.
45,000*
396,000
40,000
Bombay
|
prices of futures at Liverpool for
Dec. 21
Since
Since
|
Week.
Aug. 1.
Week.
The
below.
1916.
1917.
1918.
Dec. 5.
Receipts at—
were
2489
THE CHRONICLE
1918.]
Dec. 28
urged that food be sent to Rumania at once. In Spain food
supplies are larger. In fact, both wheat and com are
abundant. Buyers are not keen.
Good purchases of Ar¬
gentine wheat are reported. In Argentina the weather has
been clear and mild. Harvesting of wheat has made good
progress and offerings are liberal.
Foreigners have been fair
buyers. Australia, some say, has a surplus of 200,000,000
bush.
Advices from Australia say the visible supply of
wheat in New South Wales, Victoria and South Australia is
155,500,000 bush., against 179,000,000 bush, in October
and 112,000,000 bush, a year ago. The estimates for this
year’s wheat crop of the Commonwealth is only 65,000,000
bush., against a previous estimate of 70,000,000 bush., and
last year’s crop of 112,000,000 bush.
Harvesting of wheat
is now in progress and there will probably be a new surplus
of some 40,000,000 bush, to add to the existing stocks of at
least 100,000,000 bush.
In India drouth damaged native
food grain crops to some extent, and also retarded the new
crop of wheat.
However, the latest cable reports mention
that beneficial rains have fallen in the most important prov¬
Wheat con¬
inces and that conditions are much improved.
tinues to arrive at the shipping ports in very fair quantities.
2490
THE CHRONICLE
fVoL. 107.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs. Fri.
THE DRY GOODS TRADE
New York, Friday Night, Dec. 27 1918.
The
usual
Indian com declined at one time, but rallied later, owing
year-end quietness prevails in markets for dry
to covering of shorts and big snows.
Heavy snowfall occurred goods. While ordinarily dull pre-holiday trade is looked
at the West.
This would naturally delay the movement of upon as a general occurrence, it is more noticeable this
the crop.
In fact, receipts have been small. Stocks, as year, owing to the unusual activity before the war ended.
everybody knows, are very light. The firmness of cash While a fair amount of business is
taking place in primary
prices! has braced up near months, especially as the indica¬
tions seem to point to more snow.
In Italy the com harvest markets, the volume is far from being satisfactory and the~e
proved to be bad—that is, only about 35,000,000 bushels continues to be a certain amount of uncertainty which has
as compared with double that
quantity last year. The visi¬ a tendency to restrict normal trade. The readjustment,
ble supply last week increased 77,000 bushels, against from a war basis to a
peace basis is a slow procedure, as
334,000 in the same week last year, but, even so, the total there are no
precedents,
and consequently merchants as
is only 2,554,000 bushels, against 2,741,000 a year ago.
On the other hand distant month have lagged behind the well as manufacturers must feel their way cautiously and
near months.
Many think that tiie receipts after the turn carefully. Sentiment, nevertheless, is cheerful, and it
of the year will be larger, despite the blizzards which have would be more of a disappointment than a
surprise to most
occurred of late.
They think that, on the whole, the roads merchants, should business after the turn of the year fail
have recently been getting into better shape.
And there is to improve. In fact, the majority of the trade
are of the
considerable scepticism in some quarters as to the proba¬
opinion
as
the
that
soon
as
over,
holidays
are
activity
will
bility of American exports of com to Europe being as large
as some at one time
both
develop
in
domestic
and
export
divisions
of
the
market.
expected. In fact opinion leans to the
idea that they may be comparatively moderate. There is Recent advices from Continental Europe indicate that
many
a notion that
Argentina will monopolize the bulk of this of the mills, particularly in the occupied portions of France
trade.
Another thing excites comment. That is the fact
and Belgium, have been destroyed or their machinery dis¬
that the extraordiary mildness of the winter,
whole,
No. 2 red
No. 1 spring
cte_2373* 2373* 2373*
2403* 2403* 2403*
HoJI- 2373* 237 3*
day 2403* 2403*
on
the
thus far has cut down the feeding demand greatly. That
means that the supply of
feeding grain has been greatly in¬
creased, especially
as
the barley crop
is large, to
of the two further facts of distinct
importance,
nothing
say
namely, the
rescinding of substitute regulations in the flour business and
the closing down of breweries. The Argentina shipments for
the week are 1,108,000 bushels and its visible supply is
10,000,000 bushels. In Argentine prices have at times been
declining with noticeably less demand and liberal offerings.
To-day prices advanced and closed higher for the week.
December advanced 7 Y cents on short covering. New high
levels for the
season were
made
on
all deliveries this side of
May, with receipts very small. Reports that hog receipts
will be kept down to a minimum during
February and the
price on February the same as in January, caused some
buying. December com reached $1.58J^. Reports are
current that all restrictions as to trading in com and other
coarse grains will be removed on Jan.
1, but that no undue
declines
„
or
advances will be permitted.
DAILY CLOSING PRICES OP CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 3 yellow
cts_I695* 1695* 1665* Holiday 1665* 1685*
DAILY CLOSING PRICES OP CORN FUTURES
Sat. Mon. Tues.
December delivery in elevator.cts. 147
148 3* 149
January delivery in elevator
1385* 139 3* 1395*
March delivery in elevator
IN CHICAGO.
Wed. Thurs. Fri.
Holi- 151
_
.
„
day
142
1425*
1363* 1365*
Oats have on the whole declined with
rye and barley.
Receipts of oats at primary points have been large. Country
mantled, while textile mills of the Central Empires have had
their machinery diverted to war work.
This is taken to
mean that it will be a long
time before Europe will be able
to manufacture sufficient goods for their requirements and
will have to turn to this country for supplies.
Trade in tex¬
tiles with South American countries is again improving, and
according to reports, the Government has sent representa¬
tives to study the needs of those countries.
Despite the
holiday quietness, merchants have not overlooked the con¬
tinued rise in prices for raw material, and the steady increase
in exports of cotton abroad.
They view this situation with
much concern, and expect prices to go still higher until more
is known as to what sized cotton crop will likely be raised
during the coming year. European stocks of raw material
have been reduced to the lowest possible minimum, and are
badly in need of replenishment. In the event of Europe
endeavoring to increase its supply to any material extent,
there will not be any burdensome surplus for American mills
to draw from.
Government regulations of prices and dis¬
tribution expire at the end of the current year, permitting
business to revert to normal conditions.
DOMESTIC COTTON GOODS.—Although there has
been a very quiet tone to markets for staple cottons, prices
have ruled firmer, in sympathy with the strength of raw
material.
The firmer tone has failed to stimulate inquiry to
elevators seem disposed to sell. The visible supply made a
noteworthy increase, i. e., 2,021,000 bushels. That makes any extent, as many buyers still have faith in lower prices.
the total now 30,743,000 bushels, against 16,646,000 buehels Business in finished fabrics has been slow, and there has been
a year ago.
Moreover, exporters have not been buying for less demand for gray goods. Manufacturers are reported
to be
the past fortnight. However large European
many new offerings of fine dress fabrics,
requirements and it preparing
is expected that these will stimulate trade more than
may be.
Theory is one thing; facts another. And thfe fact
the production of old-style fabrics. Markets for fine goods
is that the foreign outlet is for the time
being at any rate
closed. Also there has been little cash buying for domestic rule generally dull, and while some narrow print cloths have
consumption. In Argentina offerings have been fair and the been offered more freely, practically no concessions are
foreign demand has abated. New crop offerings are some¬ being made.
what larger.
On the other hand bad weather at the West
WOOLEN GOODS.—Conditions in woolen and worsted
and a rise in com caused a firmer tone later. There was
markets are gradually returning to normal, but there is
considerable covering of shorts. Some look for a renewal
still considerable uncertainty as regards prices.. This is
of export demand in the near future, even
though the.buying particularly noticeable in the men’s wear trade. Manufac¬
for Europe during the past week has not been
encouraging. turers have few new orders on their books and some mills
The domestic demand at one time
improved somewhat. have closed down until after the turn of the year.
Primary
This was taken to hint that a resumption before
long of markets for dress goods are quiet, but a fair amount of trade
European purchases. To-day prices advanced in response is
passing in retail centres. Merchants look for improve¬
to the rise m corn, but they
end lower for the week. Offer¬ ment early in the new year, and mill
agents are preparing
ings to-day were small. Some Southern bids were reported, for the usual
January
influx
of
buyers.
A much larger
supposedly for export.
variety of fabrics will be available next year, and many are
DAILY CLOSING PRICES OP OATS IN NEW
YORK.
looking for an active spring trade. Knit goods have been
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
dull, with neither merchants or manufacturers endeavoring
cts. 793*
793*
78
783*
Holi78
No. 2 white
to press for business.
793* 793* 783* day
78
783*
a.
.
.
DAILY
^
.
CLOSING
.
„
PRICES
OP
OATS
Sat.
December delivery in elevator.cts. 713*
January delivery in elevator
703*
March delivery in elevator
The
,
following
are
FUTURES
Mon. Tues.
695* 6851
695* 68
IN CHICAGO.
Wed. Thurs. Fri.
Holi¬
day
68
68
68
683*
695*
closing quotations:
FLOUR
Spring patents
$10 75( >$10 90 Barley flour (to arrive).$7 50 @ $8 00
10 50( > 10 65 Barley goods—Portage barley:
Kansas.....
10 75< > 1100
No. 1
nom.
Rye flour..
8 50 ( >
9 25
Nos. 2. 3 and 4
4 00
Corn goods, per bbl.—
Nos. 2-0 and 3-0
5 50@5 65
White flour
No. 4-0
$8 50
5 75
Yellow flour
8 00
Oats goods—Carload, spot de¬
Rice flour, spot and
livery
10 00
to arrive
nom.
winter.
.....
.....
Wheat—
No. 2 red
No. 1 spring
GRAIN
Oats—
$2 37
Standard
2 40
No. 2 white
No. 3 white
No. 4 white.
Corn—
No. 2 mixed.___________ nom.
No. 2 yellow
l 71
No. 3 yellow
l 68
Barley—
Feeding
Malting
No. 2
For other tales usually given here,
see page
78
783*
77@77 3*
763* @7?
.1 70
2448.
are not making any effort to replenish their
stocks, prefer¬
ring to wait until conditions abroad become more settled.
Advices from Belfast indicate that the situation at that
centre is undergoing a change from a war basis with the
same uncertainty as
locally. There have been a few can¬
cellations of orders, but manufacturers claim, in view of the
fact that prices for flax and yarn have been
officially fixed,
they will not be able to reduce values. Locally, there con¬
tinues to be a disposition to push domestic substitutes, and
many
1 04 @1 06
1 12@1 18
Rye—
quietnesTprevails
FOREIGN DRY GOODS.—Year-end
in primary markets for linens.
On the other hand, holiday
business has been active in retail centres. Buyers, though,
predict that it will be quite
while before conditions
There are, neverthe¬
less, many buyers of linens who are willing to pay the high
prices in order to obtain the pure fabric, owing to its lasting
quality. An easier undertone has developed in burlaps,
owing to a desire of merchants to clean up stocks before
taking inventories. Demand is quiet. Light weights are
quoted at from 10.50 to 10.75c. and heavy weights from
a
in the linen trade return to normal.
15.75 to 16.00c.
Dec. 28
3491
THE CHRONICLE
1918.]
J>tatc and ©iitj Jpjepariment
(P. O. Fort
(opt.) school¬
purchased at par
Int. annual.
County, Iowa.—BOND SALE.—The $75,000
bonds recently voted (V. 107, p. 2306) have been
CHOUTEAU COUNTY SCHOOL DISTRICT NO. 8$
Benton). Mont.—BOND SALE.—The $1,400 6% 5-10-year
building bonds offered on Sept. 30 (V. 107, p. 822), were
during November by the State of Montana. Denom. $l00.
CLARINDA, Page
water-system-extension
awarded to Geo. M. Bechtel A Co., of Davenport.
NEWS ITEMS.
Detroit, Mich.—Bonds Refused.—Local papers report
that Merrill, Oldham & Co., of Boston, have refused to
purchase the $988,700 4H% 30-year tax-free coupon (with
privilege of registration) public sewer bonds awarded to them
on Nov. 25 at 103.17, a basis of 4.31% (V. 107, p. 2114).
The Boston company, through its attorneys, Storey, Thorn¬
dike, Palmer & Dodge, has notified Controller Engel that it
considered the proposed bonds invalid as they were not
approved by a three-fifths vote of the people, as provided
in the charter. Mr. Engel, in an informal opinion, told the
Ways and Means Committee of the City Council that he
thought they were valid, and it is probable that a settle¬
ment of the question will have to be made in the courts.
According to the Detroit “Free Press,” the MerrillOldham people, after making a sealed proposal, telegraphed
an additional offer of $10 per bond, and when the bids were
opened it was found the company would have been high
.
SCHOOL DISTRICT (P. O. Convoy), Van
Ohio.—BOND SALE.—On Dec. 20 the $2,000 5 H%
coupon improvement bonds (V. 107, p. 2205) were awarded to Graves,
Blanchet A Thornburgh, of Toledo, at 104.55 and interest.
Date Dec. 20
Due $500 each six months from Sept. 15 1940 to March 15 1942.
1918.
CONVOY VILLAGE
Wert County,
inclusive.
Other bidders were:
W. L. Slayton A Co., Tol__$2,086
Durfee. Niles A Co.. Tol__ 2,062
801
Convoy.$2,050 00
CORVALLIS, Benton County, Ore.—BOND SALE.—On
$3,155 31 5% refunding bonds were awarded to local investors
Denom. $100.
Date Jan. 1 1919. Int. J. A J. Due in 40 years,
to call when the Council asks for bids on surrender.
bidder without this extra.
Dec. 2
at par.
subject
CYGNET VILLAGE SCHOOL DISTRICT (P. O. Cygnet), Wood
County, Ohio.—BOND OFFERING.—Proposals will be received until
12 m. Jan. 4 by James McStay, Clerk Board of Education, for $5,000 6%
high-school-building bonds. Auth., Sec. 5656. Gen. Code. Denom.
$500.
Date Sept. 1 1918. Int. M. A 8. Due $500 yearly on Sept. 1
from 1922 to 1931. inclusive.
Certified check for 5% of the amount of
bonds bid for, payable to the Village
delivered and paid for within ten days
Treasurer,
required. Bonds to be
from time of award.
Purchaser to
accrued interest.
pay
DELAWARE COUNTY (P. O. Muncie), Ind.—BOND SALE.—'The
$4,800 4)4 % L. A. Crouse et al highway improvement bonds of Washington
Twp. offered on Dec. 21 (V. 107, p. 2306), were awarded on that
A. J. McColly, of Hartford City, for $4,805 (100.104) and interest.
Date
Oct. 15 1918.
Due $240 each six months beginningMay 15 1920. A bid
of par and interest was also received from the J. F. wild A Co. State
of Indianapolis.
day to
Bank
DEL NORTE COUNTY (P.
—The
O. Crescent City),
$200,000 5% harbor-impt.
Calif.—BOND SALE.
bonds offered on Sept. 10—V.
107.
National
6.ank
714—were
of San Francisco
awarded at
onpar
Dec.and16interest.
to the Anglo-London
Denom. $1,000.
A Paris
Date
Aug. 1
REDEMPTIONS.
BOND CALLS AND
401 First Nat’l Bank,
1918.
Oklahoma County (P. O. Oklahoma), Okla.—Warrant
Call.—The County Treasurer has called for payment all
warrants issued on the estimate of the year 1917, and any
Due $10,000 yearly.
Int. J. A J.
DETROIT, Mich.—BOND
OFFERING.—Sealed bids will be received
for the following
until 11 a. m. Jan. 6 by George Engel, City Controller,
two issues of 4)4 % 30-year coupon (with privilege of
registration) tax-free
Sublic
1,000.improvement
Date Dec. 1bonds:
1918. $165,000
semi-annual interest payable at the
Prin. andissue
previous year, and interest on same will cease on and after office of the City Treasurer or at the official bank of the City of Detroit in
the City of New York, at option of holder.
Certified check (or cash) on
Dec. 16 1918.
any national bank in the United States or any State bank in Detroit for
2% of bonds bid for, required. Sealed proposals will, until the same hour of the same day, also be re¬
ceived for the purchase of said bonds, to bear such rate of interest as the
BOND PROPOSALS AND NEGOTIATIONS Common Council of the City of Detroit may determine when considering
bids received by the Controller and by him reported to said Common
this week have been as fpllows:
Council, it being in contemplation that the rate of interest then to be deter¬
mined will be the lowest rate of interest named at which the prospective
AMITY, Yamhill County, Ore.—BOND SALE.—On Dec. 20 the purchaser will purchase said bonds at par.
2306—were
to
g1,000
water bonds—V.
107, p.Due
ennis 6%
Construction
Co. of Portland
at
par and interest. Denom.
$500.
EASTLAND COUNTY (P. O. Eastland), Tex.—BOND OFFERING.—
Int. M. A N.
Nov. 1 1938, subject to call on or Reports state that sealed bids will be received until Dec. 30 by R. L. Rust,
Date Nov: 1 1918.
after Nov. 1 1923.
awarded
and $200,000 issue. Denom.
the V. R.
County Judge, for
ATTLEBORO, Bristol County. Mass.—LOAN OFFERING.—It is
reported that the City Treasurer will receive bids until 3 p. m. Dec. 30 for
the purchase on a discount basis of a temporary loan of $25,000 issued in
anticipation of revenue, dated Dec. 31 1918, and maturing June 30 1919.
BARTHOLOMEW COUNTY (P. O. Columbus),
Ind.—BOND
OFFERING.—Ed. Suverkrupp, County Treasurer, will receive bids until
2 p. m. Dec.
31 for the following two issues of
gating $9,520:
$4,760 Fear road bonds
4)4% road bonds, aggre¬
Clifty Township.
4,760 Cooper road bonds of Clifty Township
Denom. $238.
Date Dec. 31 1918. Interest semi-annual.
six months beginning May 15 1920.
Due each
$180,000 road bonds.
ESSEX COUNTY (P. O. Salem), Mass.—NOTE SALE.—On Dec. 23
the Gloucester Safe Deposit A Trust Co. was awarded, at 100.015, the
$40,000 4)4 % bridge notes,
15 1919.
100.02
100.05
100.05
100.001
100.05
—
100.05
100.00
discount was received from the
dated Dec. 15 1918 and maturing June
Other bidders were:
Beverly National Bank, Beverly
♦Central National Bank, Lynn
Highland Trust Co., West Somerville
Salem Trust Co., Salem
Gloucester National Bank, Gloucester
Cape Ann National Bank, Gloucester
Beverly Trust Co., Beverly
* Plus $1 premium.
A bid on a 4.28%
Arlington Trust Co. of Lawrence.
Dec. 24
tuberculosisRipple A Co. of
Newark on their bid of $120,715 50 (104.97) and interest for $115,000 bonds.
from time of award.
ETNA SCHOOL AND CIVIL TOWNSHIP, Whitley County, Ind.—
BOND OFFERING.—Proposals will be received by Edward D. Scott,
BERRY, Harrison County, Ky.—BOND OFFERING.—Sealed bids Township Trustee, at the law offices of Gates A Whiteleather (P. O.
will be received until 2 p. m. to-day (Dec. 28) by J. H. Doan, Chairman of
Columbia City) between 1 p. m. and 4 p. m. Jan. 18 for $7,000 school and
the Board of Town Trustees, for $5,000 6% coupon electric-light bonds.
$7,000 civil 5% 5-10-year (opt.) township bonds. Denom. $175. Date
OFFERING.—Proposals
$2,200 6% 3-6-year serial water-meter bonds. Denom. $550. Date
Dec. 1 1918. Int. semi-aim. Cert, check for $200, payable to the Village
Treasurer, required. Bonds to be delivered and paid for within 15 days
BEACH CITY. Stark
will be received Dy
County, Ohio.—BOND
H. B. Ward, Village Clerk,
Date Jan. 1 1919.
National Bank of Cynthiana.
Denom. $100.
at the
until 12 m. Jan. 13 for
Principal and annual interest payable
Due yearly beginning Jan. 1 1920.
BIGTIMBER. Sweet Grass County,
Mont.—BIDS.—The other bids
received for the $40,000 6% water refunding bonds, series of 1917, awarded
on Dec. 16 to Ben well, Phillips, Este & Co., of Denver, for $41,565, equal
to 103.912 (V. 107, p. 239), were:
Merch. Loan Co., Bfllings.$41,560 00 John Nuveen A Co., Chic.$40,828 00
Sweet-Causey, Foster A
Montana Loan & Trust A
Co., Denver
40,417 50
Savings Bank, Helena. . 41,350 00 Bankers
L. A Trust Co.,
Spitzer, Rorick & Co., Tol 41,245 60
Minn
Sidney Spitzer & Co., Tol. 40,952 40
Weil, Roth A Co., Cine..
Kalman,
Matteson
A
Wood, St. Paul
40,900 00 W. L. Slayton A Co., Tol.
Hanchett Bond Co., Chic. 40,828 50 MinneapolisTr.Co.,Minn.
BRADFORD, Miami County,
40,324 00
40,308 00
40.232 00
40,165 00
Ohio.—BOND OFFERING.—Sealed
Village Clerk,
Auth., Sec 3939, Gen Code.
Interest semi¬
yearly on Sept. 1
unconditional, accompanied
by a 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.
~-—Maoanuams
COUNTY
(P.
Mont.—BIDS.—'The
follow¬
CASCADE
O. Great Falls),
ing bids were also received on Dec. 16 for the $100,000 coupon roadimprovement bonds awarded as reported in (V. 107, Ini.Rate.
p. 2391):
Bid.
Weil, Roth A Co
5%
101.550
Wells-Dickey Co
5%
101.450
Minneapolis Trust Co
5%
101.306
Minnesota Loan A Trust Co
5%
101.065
E. H. Rollins A Sons
5%
100.680
National City Co
5%
100.270
State Board of Land Commissioners
100
6%
bids will be received until 12 m. Jan. 24 by W. Lee Hook,
for $1,400 6% water-works-system bonds.
Denom. 2 for $200 and 4 for $250.
Date Aug. 1 1918.
annual.
Due $200 on Sept. 1 1927 and 1928 and $250
from 1929 to 1932, inclusive.
All bids must be
~
CHARLOTTE, Mecklenburg County. No. Caro.—BOND OFFERING.
Wilson, City Clerk, will receive bids until 3 p. m. Jan. 3 for
$135,000 school bonds, it is stated.
—John M.
CHATHAM COUNTY (P. O. Savannah), Ga.—BOND ELECTION
PROPOSED.—An election will be held, it is stated, to vote on a proposition
to issue $1,000,000 4)4 % 30-year serial road-improvement bonds. Denom.
$100, $500 and $1,000.
DISTRICT NO. 4$ (P. O. Genou).
Mont.—BOND SALE.—The $1,500 6% school bonds, offered on Sept. 30
(V. 107, p. 918), were awarded on Nov. 8 to the Secretary of State at par.
Denom. $100.
Date Nov. 8 1918. Interest annual. Due Nov. 8 1928,
CHOUTEAU COUNTY SCHOOL
„
subject to call at any
time.
ESSEX COUNTY (P. O. Newark), N. J .—BOND SALE.—On
5% tax-free coupon (with privilege of registration)
hospital bonds (V. 107, p. 2392) was awarded to J. 8.
the issue of
to be
decided by the above
Trustee
on
the day of sale.
Washington C. H.), Ohio.—BOND
A Co., of Toledo, were awarded the
bonds (V. 107, p. 2306) for $6,095 80
(101.596) and interest. Date Dec. 20 1918. Due $500 each six months
from March 1 1919 to Sept. 1 1923, inclusive.
Other bidders were:
Seasongood A Mayer, CInc.$6,076 201W. L. Slayton A Co., Tol—$6,034 20
FAYETTE COUNTY (P. O.
SALE.—On Dec. 20 Durfee, Niles
$6,000 6% coupon ditch assessment
Bank— 6,000 00
FERNDALE (P. O. Highland Park), Wayne County, Mich.—BOND
OFFERING.—Proposals will be received until 8 p. m. Jan. 13 by J. C.
Graves, Village Clerk (R. F. D. No. 2) for $151,000 5% 30-year fire-hall,
sewer and water-system bonds.
Int. semi-ann. Assessed value 1918,
Breed,ElliottAHarrison,lnd.6,075 001Midlaid National
$2,600,000.
FOUNTAIN INN, Greenville County,
p.
So. Caro.—BOND SALE.—
and $65,000 water 6% bonds,
621), have been disposed of.
The $34,000 sewer
FREEPORT. Nassau County, N.
voted during July (V. 107,
Y.—BOND SALE.—On Dec. 26
privilege of registration) refunding
p. 2306—were awarded to H. A.
100.09 for 4.60s, a basis of 4.59%.
the $35,000 3-14-year serial coupon (with
water bonds, dated Jan. 1 1919—V. 107,
Kahler A Co. of N.
Y. at
GIBSON COUNTY (P. O. Princeton), Ind.—BOND SALE.—The
$18,000 4 )4 % 10-year highway bonds offered on Dec. 21—V. 107, p. 2306—
were awarded on that day to the J. F. Wild A Co., State Bank of Indian¬
apolis, for $18,003 50, equal to 100.019. Denom. $900. Int. J. A
D.
Ohio.—BOND OFFERING.—Proposals
Clerk, until 12 m. Jan. 27 for the
bonds, aggregating $6,500:
GIRARD, Trumbull County,
will be received by W.
C. Boyd, Village
following two issues of coupon
$5,000 5% viaduct, bridge and culvert repairing bonds. Date Dec. 1 1918.
Due $250 each six months from May 1 1920 to Nov. 11929, incl.
1,500 6% village-hall-impt. bonds. Date Nov. 1 1918. Due $250 each
six months from May 1 1920 to Nov. 1 1922, ind.
Denom. $250.
Int. semi-ann. Cert, check for 5% of the amount of
bonds bid for, payable to the Village Treasurer, required. Purchaser must
be prepared to take bonds by Feb. 1 1919.
GRANT PARISH (P. O. Colfax),
state that
President
La.—BOND OFFERING.—Reports
proposals will be received until Dec. 30 by W. A.
of the Police Jury, for $75,000 5% road bonds.
HARRISON. Hamilton County.
Brownlee,
Ohio.—BOND OFFERING.—L. A.
for $1,500 5%
Jan. 1 1919.
bid for.
Cook, Village Clerk, will receive bids until 12 m. Jan. 20
17-19-year serial fire-engine bonds.
Denom. $500. Date
Interest semi-annual. Certified check for 10% of the bonds
payable to the Village Treasurer, required. Bonds
paid for within ten days from time of award.
to be delivered and
1
9
1
7
2492
THE CHRONICLE
HARRISON SCHOOL DISTRICT (P. O. Gallipoli.), Gallia
Ohio.—BOND SALE.—On Dec. 16 the First National Bank of County,
Gallipofis
was awarded at par $1,210 25 6% bonds.
Denoms. $710 25 and $500.
Date Dec. 16 191$.
Int. annually.
HIGHLAND PARK, Wayne County, Mich.—BOND SALE.—On
Dec. 23 the $80,000 20-year sewer-impt. bonds—V.
107, p. 2392—were
purchased by the Sinking Fund Commission. The other bias, which were
all rejected, were:
Bid. Int. Rate %
E. H. Rollins A Sons
$82,772
5
Highland Park State Bank
•Mathew Finn
* A
second bid was also submitted to
paid $2,000 for printing bonds.
80,165
4H
80,416
4%
take the bonds as 4^s, but to be
HOMEDALE HIGHWAY DISTRICT (P. O. Homed ale),
Owyhee
will be received by the Board
of Highway Commissioners (L. B. Cowan,
Secy.) until 1 p. m. Jan. 9 for
$30,000 6 % 20-year gold highway bonds. Denom. $1,000. Date, on or
about Jan.
$249,975,991 00
Within Limit.
Bonded debt Jan. 1 1918
$2,189,180 00
Less Emergency Loan 1917 (order
rescinded)
140,000 00
Outside Limit.
$2 049 180 00
305,000 00
$2,116,000tX>
$2,354,180 00
$2,128,000 00
114,500 00
*249.670
00
$2,116.000 00
12,000 00
$2,013,500 00
2,104,510 00
Total bonded debt outstanding Dec. 19 1918
Bonds and notes outside debt limit
$2,013,500 00
Amount in Municipal L. 8. F
215,833 83
$4,118,010 00
2^229,333
Limit of Debt Dec. 19 1918
Borrowing capacity Dec. 19 1918
Chicago.
83
1,888,676 17
2,081,477 63
2^ % of average valuation three years
V. 107, p. 2024—were awarded to G. W. A J. E. Piersol of Oklahoma
City
at par.
A bid of par was also received from the Hanchett Bond Co. of
$192,801 46
Ordinary city debt Jan. 1 1918
$3,536,180 00
Less Emergency Loan 1917 (order rescinded)
140,000 00
JERSEY CITY, N. J .—FINANCIAL STATEMENT.—We are
in
receipt of the following financial statement in connection with the offering
on Jan. 3 of the three issues of 4*A%
gold coupon (with privilege of regis¬
tration) bonds, aggregating $3,985,000 (V. 107, p. 2392):
$3,396,180 00
Loans Authorized in 1918:
War Loan 1918.
Central Bridge L. 1918.
Second WarLoan 1918
Industrial 8chool Loan 1918
Water Filter Loan 1918
German War Loan 1918
Financial Statement.
Total outstanding bonds
$25,903,344 63
Deduct water bonds
$10,732,254 72
Sinking funds and bond cash account
5,011,218 48
15,743,473 20
$10,159,871 43
4,702,240 35
$20,000
120,000
75,000
30,000
*$60,000 00
00
00
00
00
12,000 00
Bonds and notes redeemed in 1918
Amount in Municipal L. 8. F
Total net debt
$14,862,111 78
Less amount of temporary Indebtedness to be funded
by
bonds to be issued
2,836,952 00
$3,653,180 00
$361,170 00
215,833 83
577,003 83
Ordinary net debt Dec. 19 1918
$12,025,159 78
Bonds to be issued:
General improvement bonds
School bonds
School bonds
83.087.870 00
84.102,876 00
$2,104,510 00
HOWE, Le Flore County, Okie.—BOND SALE.—On Dec. 2 the
$5,000 6% 20-year coupon electric-light bonds, dated Nov. 1 1918—
Temporary indebtedness
Total Valuation.
$82,785,245 00
Bonds and notes redeemed in 1918
1 1919.
Prin. and semi-ann. int., payable at the National
Bank of Commerce of N. Y. Cert, check (or
cash) on qualified bank for
$3,000, payable to the District Treasurer, required. Bonds to be delivered
and paid lor within 10 days from time of award.
•_
City Debt Statement Dec. 19 1918.
Year—
Loans authorized in 1918
County, Ida.—BOND OFFERING.—Bids
Net bonded debt
(Vol. 107
$2,382,000 00
1,559,000 00
44,000 00
$3,076,176 17
Water Debt.
Debt In Water bonds, Jan. 1 1918.
Water Filter Loan 1918.
$769,000 00
Bonds redeemed in 1918.
$829,000 00
3,000 00
Amount in Water L. 8. F
$826,000 00
377,672 23
*60,000 00
3,985,000 00
Net debt after bond issues..
Assessed Valuations.
Land and improvements
Personal property
Second-class railroad property
$244,202,362 00
Net Water debt, Dec. 19 1918__
54,644,375 00
59,468,390 00
448,327 77
Total bonded debt Dec. 19 1918
$3,524,503 94
Total
Tax rate, fiscal year 1917-18
$358,315,127 00
$ 6,010,159 78
1
$21 00
JERSEYVILLE, Jersey County, Ill.—BONDS VOTED.—At
tion held Dec.
17
Temporary Loans'Unpaid.
Temporary loans borrowed in anticipation of
an
revenue, year
elec¬
JOHNSTOWN, Fulton County^ N. Y.—BOND OFFERING.—Pro¬
posals will be received until 7:30 p. m. Jan. 14 by W. J.
Eldridge, City
Chamberlain, for $75,000 4H% coupon (with privilege of registration)
water bonds.
Denom. $1,060.
Date Dec. 1 1918.
Prin. and semi-ann.
N. Y.
Due $5,000
yearly on Dec. 1 from 1923 to 1937, incl. Cert, check on an incorporated
bank or trust company for 2% of the bonds bid for,
payable
to the above
Chamberlain required.
Bids must be made on blanks which will be
supplied
on application to the City Chamberlain.
The legality of the issue of bonds
will be passed upon by Caldwell A Masslich of New York
City,
whose
favorable opinion will be furnished the purchaser. The
City of Johnstown
(incorporated 1895) has never defaulted in the payment of principal or
interest, the official circular states.
int. (J. A D.)
payable at the First National Bank.
Financial Statement Dec. 18 1918.
Bonds—
Sewer
25,800 00
28,000 00
6,500 00
Railroad
Revenue
School
Water
Less sinking fund
$122,000 00
26,298 39
LUVERNE, Crenshaw County, Ala.—BOND SALE.—An issue of
$8,000 6% water-works bonds offered on Sept. 14 was awarded on that
day to Sidney Spitzer A Co., of Toledo, at par and interest. Denom.
$500. Date Sept. 1 1918. Int. M. A 8. Due Sept. 1 1928.
MARLBOROUGH, Middlesex County, Mas9.—TEMPORARY LOAN.
—On Dec. 20 F. 8.
Moseley A Co., of Boston, were awarded, it is stated,
4.15% discount basis, a temporary loan of $10,000, issued in antici¬
pation of taxes, dated Dec. 23 1918, and maturing May 20 1919.
on a
MARSHALL,
Saline County, Mo.—BOND SALE.—During May
% electric light and water-works bonds were awarded to the
Kauffman-Smitn-Emert Investment Co. of St. Louis. Denom. $500.
Date Aug. 1 1916.
Int. F. A A.
Due yearly.
MEMPHIS, Tenn.—NOTE
$297,401 61
10,272 76
Sinking Fund Investment—
Mortgages
Liberty bonds
$8,000 00
15,000 00
3,298 39
Cash
$26,298 39
*
•^ v
Assessed
Valuations—
Real estate
$3,541,965 00
Special franchises
258,390 00
$3,800,355 00
307,300 00
,
Personal
$4,107,655 00
Population (1910), 10,447; 1918, (est.), 12,000.
KANSAS CITY. Kan*.—BONDS TO BE OFFERED
SHORTLY.—Local
bids will shortly be asked for on $625,000
city watersystem-imp t. bonds. The bonds are part of a $1,250,000 Issue
papers state that
voted
last April.
KAW VALLEY DRAINAGE
DISTRICT,
—BOND ELECTION.—It is reported that an Wyandotte County, Kan.
election will be held Jan. 14
to vote on a proposition to issue
$1,000,000 flood-protection bonds.
LAKELAND, Polk County, Fla.—BOND SALE.—On Dec. 23 the
Robinson-Humphrev Co. was awarded at 101.04 the $15,000 6%
1-10-year
serial improvement bonds offered on that
date.—V. 107, p. 2206. Denom.
Date Jan. 1 1919.
$4,524,503 94
_
OFFERING.—C. C. Pashby
City
revenue
$95,701 61
$500.
$1,000,000 00
Total bonded and temporary loan debt, Dec. 19 1918.
* Included
in water debt.
Clerk,
will receive bids until 2:30 p. m. Jan. 7 for
$750,000 5% 8 months coupon
notes.
Denom. $1,000.
Date Jan. 1 1919. Prin. and semi-ann.
int. payable at the U. 8. Mtge. A Trust Co., N. Y., or at the
city hail of
Memphis, at option of holder. Cert, check for $7,500, payable to the
city, required. Purchaser to pay accrued interest.
9,400 00
66,000 00
Temporary loans
„
$1,900,000 00
900,000 00
1918 $75,000 4
$66,000 00
Paving
Funding
of 1918
Temporary loans redeemed in 1918
proposition to issue $28,500 5H % 20-year funding
bonds carried, it is reported.
a
Int. J. A J.
LAUREL, Jones County, Miss.—BOND SALE.—An issue of $5,000
6% refunding school bonds, offered on Nov. 25, was awarded
on Dec. 23
MORRIS, Stevens County, Minn.—BOND SALE.—During the present
month the State of Minnesota
armory bonds.
Due 1936.
purchased $15,000 fire department and
MOUNT VERNON, Westchester County, N. Y.—BOND OFFERING.
—Proposals will be received until 8 p. m. Dec. 31 by T. E. Denton,
City
Clerk, for $45,000 5% registered refunding bonds. Denom. $1,000.
Date Jan. 1 1919.
Interest semi-annual (J. A J.), payable at the office
of the City Treasurer.
Due $3,000 yearly on Jan. 1 from 1920 to 1934,
inclusive.
Certified check on an incorporated bank or trust
for
2% of the amount of bonds bid for, required. Bonds will be company
delivered at
the office of the City Comptroller at 2 p. m. Jan. 2
1919, unless a subse¬
quent date shall be mutually agreed upon.
The bonds will be engraved
under the supervision of the U. 8. Mtge. A Trust Co.. New
York, which
will certify as to the genuineness of the
signatures of the
city officials
signing the bonds and the seal impressed thereon, and their legality
will be
approved by Caldwell A Masslich, of New York, whose approving opinion
will be furnished the purchaser without charge. Purchaser to
pay accrued
interest.
Financial Statement.
Assessed valuation, real estate, including special
Assessed valuation, personal property
LYON SWAMP DRAINAGE AND
LEVEE DISTRICT (P. O. WilNew Hanover County, No.
Caro.—BONDS NOT YET
N°. m1® hasyet been made of the $21,000 6% drainage bonds
offered on Aug. 24 (V. 107, p.
528).
147,615 00
Total assessed valuation
Bonded debt, exclusive of present issues
Floating debt (new contracts, Ac.)
Total debt__
Tax relief bonds]
Water bonds
(Outside debt limit
Sinking funds
$43,521,262 00
$4,600,050 00
61,000 00
($340,000 00
}
J
[
„
to the Hanchett Bond Co. of
Chicago at 106.52. Denom. $500. Date
Jan. 1 1919.
Int. J. A J.
Due Jan. 1 1939.
Other bidders
Seasongood A Mayer Cine.$5 280 00 SUverman-Huych Co..Cine were:
$5,190 00
A. E. Aub A Co., Cine
5,255 00 W. L. Slayton A Co.. Tol__ 5,154 50
J. C. Mayer A Co., Cinc__
5,205 00 Commercial Bank A Tr. Co. 5,065 00
Davies-Bertram Co., Cine. 5,203 00
franchises_$43,373,647 00
83,000 00
98,900 00
Net bonded debt after deducting above tax relief
bonds, water
bonds and sinking funds
Population 1918 (estimated), 40,000.
MUNICH, Cavalier County,
the Minnesota
Loan A Trust
electric light bonds.
No.
Co.,
$4,661,050 00
Dak.—BOND
521,900 00
$4,139,150 00
SALE.—Recenty
of Minneapolis, purchased $3,500
S2LD±
NEWARK, N. J.—CORRECTION.—1The $3,000,000 coupon
(with
privilege of registration) tax revenue bonds, offered on Dec.
20, were
awarded on that
d?yr
to J. P. Morgan A Co., of New York, on a 4H%
interest basis (V. 107, p. 2393).
LAWRENCE, Essex County, Mass.—BOND SALE.—On Dec. 27 the
following two issues of 4H% tax-free
coupon bonds, aggregating $90,000,
were awarded to Harris, Forbes A
Co., of Boston, at 101.03:
$60,000 filter Building Loan bonds. Date Dec.
1
On Dec. 24
*
1918.
Int. J. A D.
P*ie $3,000 yearly Loan
on Dec. 1 from 1919 to 1938. inclusive.
30,000 Industrial School
1918 bonds.
Date Nov. 1 1918.
Int.
M.
N.
Due
$1,500 yearly on Nov. 1 from 1919 to 1938, incl.
A
Denom. $1,000.
™
^
_
NEW BEDFORD, Bristol County, Mm.—TEMPORARY
a
LOAN.—
temporary loan of $1,000,000, maturing Nov. 4 1919, was
Co., of New York, and Blake Bros. A Co., of
Boston, jointly, on a 4.34% discount basis.
awarded to Salomon Bros. A
NORFOLK COUNTY (P. O. Dedham), Mass.—NOTE OFFERING.—
Proposals will be received until 10 a. m. Dec. 31 by
Henry D. Humphrey.
County Treasurer, for $50,000 5% coupon tax-free tuberculosis
hospital
Dec. 28
semi-annual
Bank, Boston. Due Dec. 1
by
Boyden Sc Perkins, of Boston, whose opinion will be furnished the purchaser.
All
Notes will be delivered on or about Jan. 1 1919 at the above bank.
legal papers incident to this issue will be filed with said bank, where they
notes.
Desunn. $1,000.
Date Jan. 1 1919. Principal and
Interest jJ. Sc D.) payable at the First National
1919. The notes are engraved under the supervision of and certified
the above bank, and their legality will be approved by Ropes, Gray,
may
be inspected at
any
time.
OKLAHOMA CITY, Oklahoma County, Okla.—BONDS PROPOSED.
—Local papers state that the city contemplates the holding of an
to vote
on a
2493
THE CHRONICLE
1918.]
proposition to issue $1,000,000
Victory auditorium,
election
school-
improvement and fire department improvement bonds. M. Donnelly,
Commissioner of Finance and Accounts, is quoted that: “The total bonded
indebtedness of the city now is only $5,415,000.
Of this amount only
$2,705,000 must be taken care of by taxation. The remaining $2,710,000
is being taken care of by revenue-producing property, such as the water¬
works.
In proportion to the population and the assessed valuation of
taxable property, this city has as small a bonded indebtedness on account
of non-revenue-producing projects as any city in the United States.”
OMAHA SCHOOL DISTRICT (P. O. Omaha), Douglas County*
Neb.—BOND OFFERINO.—W. T. Bourke, Secy. Board of Education,
will receive bids until 8 p. m. Jan. 6 for the $1,000,000 4H% 30-year
school bonds mentioned in V. 107, p. 2393.
Denom. $1,000. Date
June 1 1918.
Semi-annual interest (J. Sc D.) payable at the County
Certified (or cashier’s) check on a national bank for
Treasurer’s office.
2% of the amount of bonds bid for, payable to the “School District of
Omaha,” required. Bonds to be delivered on or before March 1 1919, at
the option of purchaser.
Purchaser to pay accrued interest from Dec. 1
Before delivery the interest coupon maturing
and to furnish bonds.
Dec. 1 1918 will be detached.
This issue has been approved by the Capital
Issues Committee.
The official notice of this bond offering
ments elsewhere in this Department.
‘will be found among the
Central Union Trust Co., New York (V. 107, p.
S. N. Bond Sc Co., New York, at 4.40% interest.
2393), were awarded to
ROTTERDAM COMMON SCHOOL DISTRICT NO. 11 (P. O.
Schenectady), Schenectady County, N. Y.—NO SALE.—No sale was
made of the $25,000 5% school bonds offered on Dec. 26 (V. 107, p. 2394)
restraining sale of
dissolution
Whitmyer on
because taxpayers filed a temporary injunction order
bonds.
The matter is in abeyance, we are advised, pending the
of this temporary injunction, which will be heard by Judge
Jan.4 1919.
SCURRY COUNTY
(P. O. Snyder), Tex.—BOND
OFFERING.—
Sealed bids will be received by W. S. Adamson, County Judge, until 10 a.
Dec. 30 for $200,000 5% serial coupon road impt. bonds.
Denom.
Date Dec. 10 1918.
Prin. and int. payable at N. Y. Cert, check
m.
$1,000.
for
$10,000, payable to the above Judge, required. Bonds will be delivered
Jan. 1 1919.
Bonded debt (incl. this issue) $336,000. Floating debt
$10,000. Sinking funds (cash) $20,900. Assessed valuation
1918,
$6,612,867.
Population 1918 (est.) 15
000.
Tax rate (per $1,000) $10 50.
SEBRING, Mahoning County, Ohio.—BOND OFFERING.—Harry
Jenkins, Village Clerk, will receive bids until 12 m. Jan. 21 for $96,000
4H% coupon waterworks bonds. Denom. $1,000. Prin. and semi-ann.
int. (A. & O.) payable at the Village Treasurer’s office.
Due $3,000
yearly on Oct. 1 from 1922 to 1947 incl. and $21,000 1948. Cert, check
on a bank other than the one making bid, for $1,000, required.
Bonds
to be delivered and paid for within 10 days from time of award.
SHARPSBURG SCHOOL DISTRICT (P. O. Sharpsburg). Alle¬
gheny County, Pa.—BONDS VOTED.—The proposition to issue
bonds to pay floating debts, voted upon at the election held Dec. 17 (V.
107, p. 2026), carried, it is stated.
$30,000
SHERBURNE COUNTY (P. O. Elk River),
Minn.—BOND SALE.—
Kalman,
On Nov. 30 $7,500 5 M % Ditch No. 25 bonds were awarded to
Matteson Sc Wood of St. Paul at par.
Denom. $500. Date Nov.
Interest M. Sc N.
Due Nov. 1 1938.
advertise¬
1 1918.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 4$ (P. O. Cornertoarn), Mont.—BOND SALE.—The $4,000 6% 10-20-year (opt.) schoolbuilding bonds offered on Oct. 5—V. 107, p. 1401—have been
purchased at par by the State of Montana.
site and
PASSAIC, Passaic County,
N. J .—BOND SALE.—On
Dec. 26 the
2206)
Issue of 5% tax-free general improvement bonds (V. 107, p.
was
awarded to the National City Co. of New York on their bid of $157,048 50
(104.699) for $150,000 bonds.
Other bidders Bonds
were: Bid
For.
$151,000
151,000
Harris, Forbes Sc Co.. New York
Geo. B. Gibbons Sc Co., New York
Outwater Sc Wells, Jersey City
Hornblower Sc Weeks, New York._.
J. S. Rippel Sc Co., Newark
Premium.
51
$6,645
6,537 40
6.230 00
6,154 76
6,011 00
151,000
PENSACOLA, Escambia County, Fla.—BOND OFFERING.—J. O.
Walker, City Clerk, will receive bids until 12 m. Jan. 20 for $120,0005 %
Prin. and int. payable m
30-year gold impt. bonds. Date Oct. 1 1918.
N. Y. Cert, check on a Pensacola bank, for 2% of the bonds bid for, pay¬
able to the Board of
151,000
151.000
Commissioners.
PONCA CITY SCHOOL DISTRICT (P.
County,' Okla.—BOND SALE.—The $17,000
goring November (V. 107, p. 1937), have been
O. Ponca City), Kay
-
SOUTH DAKOTA (State of) .—BOND SALE.—In our4 ‘Current Events
and Discussions” columns this week we report the sale of $4,000,000 4H%
Series J of 1919 rural credit bonds.
Danbury), No. Caro.—BOND
STOKES COUNTY (P. O.
—On Jan. 21 the voters
ELECTION.
in favor of
will decide whether or not they are
issuing $35,000 road bonds, it
is reported.
TOLEDO, Ohio.—BONDS PROPOSED.—Local papers state that
Finance Committee of the City Council has approved the issuance of
000,000 30-year bonds. Denom. $1,000.
TULSA COUNTY (P. O.
Tulsa), Okla.—BOND SALE.—On Dec. 17
the Exchange Trust Co., of Tulsa, was awarded at par and
road bonds.
Due yearly from 1922 to 1931, inclusive.
TURTLE
CREEK
the
$1,-
interest $700,000
SCHOOL DISTRICT (P. O. .Turtle
Creek).
5% school bonds voted Allegheny County, Pa.—BOND OFFERING.—Proposals will be received
by E. R. Smith. District Secretary, until 8 p.m. Jan. 13 for $25,000 4H %
sold.
tax-free school bonds.
Denom. $1,000. Date Jan. 15 1919. Interest
semi-annual.
Due on Jan. 15 as follows: $2,000 1924, $3,000 1929, $4,000
PORT OF SEATTLE (P. O. Seattle), Kings County, Wash.—
1934. $5,000 1939, $6,000 1944. $3,000 1946 and $2,000 1947.
Certified
BONDS NOT SOLD.—No sale was made of the $1,990,000 5 M % 11-42-year
check for $750 on a solvent bank or trust company, payable to the order
tax-free coupon (with privilege of registration) harbor-impt. bonds offwed
on
of the District Treasurer,
D$c. 11.—V. 107, p. 2207.
QUINCY, Adams County, Ill.—BOND ELECTION PROPOSED —
Reports state that an election will be held early next year to vote on a
proposition to issue $500,000 fire department motor bonds.
RENVILLE COUNTY (P. O. Olivia), Minn.—BOND SALE.—On
Dec. 17 the $100,000 5% 1-20-year serial ditch bonds dated Oct. 1 1918—
V. 107, p. 2308—were awarded to the Minnesota Loan Sc Trust Co. of
Minneapolis at 101.775 and interest. Other bidders were:
M. J. Dowling
A. B. Leach Sc Co
All the above bidders
ROCHESTER, N. Y.—NOTE
Side trunk sewer notes,
101.120
100.819
101.5001 Seasongood Sc Mayer
101.3501 National City Co
offered accrued interest.
SALE.—On Dec. 23 the $10,000 East
payable eight months from Dec.
27 1918 at the
required.
UNION TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Wash¬
ington C. H.), Fayette County, Ohio.—BOND SALE.—On Dec. 23
the $12>000 6% coupon school building, completion and furnishing bonds
(V. 107, p. 2394) were awarded to Breed, Elliott & Harrison of Cincinnati
for $12,643 20, equal to 105.36.
Date Dec. 23 1918. Due $500 each six
months from Mar. 1 1920 to Sept. 1 1931 incl.
Seasongood Sc Mayers, Cincinnati
Graves, Blanchet Sc Thornburgh, Toledo
Wm. R. Compton Co., Cincinnati
Durfee, Niles Sc Co., Toledo
W. L. Slayton Sc Co., Toledo
Peoples Sc Drivers Bank, Wash. C. H
*
$12,525
12,485
12,483
12,477
12,464
12,100
FINANCIAL
New LOANS.
$1,000,000
SCHOOL DISTRICT OF OMAHA,
NEB.,
MELLON NATIONAL BANK
PITTSBURGH
STATEMENT OF CONDITION AT
30-TEAR BONDS
THE CLOSE OF BUSINESS NOV. 1 1918
RESOURCES
Sealed bids will be received by the undersigned
until JANUARY 6th, 1919, at 8 o’clock P. M.,
for the purchase of 8chool District
the sum of One Million Dollars ($1,000,000 00)
of the denomination of One Thousand Dollars
Bonds in
($1,000 00) each. Interest at four and one-half
(4H) per cent per annum, payable semi-annually
June 1st and December 1st at the office of the
County Treasurer of Douglas County, Nebraska,
In the City of
Omaha, Nebraska.
Bonds, dated
1, 1918, to run thirty years without option.
must be accompanied by a certified or
Cashier’s check on a national bank, made payable
to the School District of Omaha, for not less than
two (2) per cent of the amount of bonds bid upon,
and submitted with the view of having the bonds
June
Bids
delivered on or before
March 1, 1919, at the
option of the purchaser, plus accrued interest
from December 1, 1918, to date of delivery and
Loans, Bonds and Investment
$105,012,302 73
Securities
4 55
4,155,423 23
15,398,281 86
Overdrafts
Cash
Due from Banks
.
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
payment, purchaser to furnish the bonds. Before
delivery the Secretary will detach from each bond
the coupon maturing December 1, 1918Bids
subject to bonds having been legally and regularly
issued and to conform to the terms of this ad¬
vertisement.
The Board of Education reserves
the right to reject any and all bids submitted.
Endorse on envelopes, “Bid for School_bonds.”
W. T. BOURKE,
Sec’y Board of Education,
603 City Hall, ‘Omaha,
Nebr.
Capital Issues Committee as
not incompatible with the national interest, but
without approval of legality, validity, worth or
security. Opinion No. A-2970.”
“Passed by the
nUnolsTkust&SamK^sBank
CHICAGO
Capital, Surplus and Undivided Profits
LIQUIDATION
Riverside National Bank, located at
Riverside. In the State of New Jersey, is closing
Us affairs.
All noteholders and other creditors
of the Association are therefore hereby notified
to present their notes and other claims for payThe
2“
r Dated.
ALBERT L. PANOOAST. Cashier,
October 34. 1918.
Has on hand at all times a variety of exeellent securities. Buys and sells
Government, Municipal and
General Trust Business.
Corporation Bonds.
Pays Interest on Time
Deposits, Current and Reserve
Aooonnts. * Deals In Foreign Exehange-
Transacts a
$16,400,000
62
00
12
80
00
75
/
2494
THE CHRONICLE
A bid of $11,046 for $11,000 bonds was received from the
Washington
a bid of $1,011 for $1,000 bonds was received from L. H.
Mark of Wash. O. H.
DOVER
Barings Bank and
(Vol. 107.
TOWNSHIP,
Ont.—DEBENTURE 8AJLB.—According to
purchased $49,000 6% 15-
reports Brent, Noxon A Co. of Toronto have
Installment debentures.
URICHVILLE, Tuscarawas County, Ohio.—BOND 8ALE.—On
Dec. 21 the $15,500 5% 1-10-year serial coupon
street-impt. bonds dated
Sept. 1 1018—V. 107.jp. 2207—wereawardedto Breed, Elliott 9t Harrison
of Cincinnati for $15,534 10, equal to 100.22.
FOCH SCHOOL DISTRICT, Sask.—DEBENTURE
8ALE.—It Is
reported that the Waterman-Waterbury Mfg. Co., of Regina,
purchased
$2,500 school debentures.
WEST UNITY VILLAGE SCHOOL DISTRICT (P. O. West
Unity),
Williams County. Ohio.—BOND OFFERING.—Bids will be received
by
A. J. Hoover, Clerk Bd. of Education, until 12 m. Jan. 3 for
$80,000 6H %
2-26-year serial coupon school bonds.
Denom. $500. Date Dec. 2 1918.
Int. M. A S. Cert, check on a solvent bank for not less than
$800, pay¬
able to the above Clerk, required.
Purchaser to pay accrued int. and
furnish
been authorised to issue $750,000
bonds.
WETZEL COUNTY (P. O. New Martinsville), W. Va.—BOND
ELECTION PROPOSED.—According to reports this county will
probably
hold an election in January to vote on a
proposition to issue $1,500,000
road construction bonds.
WHITEFISH, Flathead County, Mont.—BOND ELECTION.—A
special election has been called for Jan. 6 to vote on a proposition to issue
$22,000 water-plant bonds.
WINTHROP, Suffolk County, Mm—.—TEMPORARY LOAN.—A
temporary loan of $25,000 issued in anticipation of revenue, dated Dec.
23 1918 and maturing Dec. 22 1919, has been awarded, it Is
stated, to F. 8.
Moseley A Co. of Boston on a 4.37 % discount basis.
WYANDOTTE, Wayne County, Mich.—BOND SALE.—On Dec. 20
the
$280,000 5% water-works extension bonds (V. 107, p. 2308) were
awarded to the Harris Trust A Savings Bank of Chicago at 104.60.
Denom.
$1,000. Date Dec. 1 1918. Int. J. A D. Due Dec. 1 1948.
YONKERS, N. Y^—NOTE SALE.—On Dec. 27 8. N. Bond A Co., of
New York, were awarded on a 4.25% interest basis
plus a premium of
$5 50, An lame of $250,000 six months notes.
YOUNGSTOWN, Mahoning County, Ohio*—BONDS
AUTHORHIED.—Local papers state that the City Council has authorized $55,000
street-improvement (city's share) bonds, and that.the Capital Issues
Committee has approved $450,000 sewer bonds.
CANADA, its Provinces and Municipalities*
BROWNING
(RURAL
MUNICIPALITY),
disposed of.
an
ODEL SCHOOL DISTRICT, Sask*—DEBENTURES
AUTHORIZED.
—Reports state that an issue of $1,200 school debentures has
been author¬
ised
by the Local Government Board.
OTTAWA, Out,—DEBENTURES PROPOSED.—It is reported that the
issuance of $150,000 20-tnstaHment bridge and
$150,000 5-year coal yard
6% debentures is contemplated.
'
PENT!CON, B. C.—NO SALE.—No sale was made of the $35,000 6%
25-year debentures offered on Sept. 16—V. 107. p. 922. Denom.
$100
and $500. Date May 1 1918. Int. M. A N. f>ue
May 1 1943.
PRAIRIE LAND SCHOOL DISTRICT, Saska—DEBENTURE
SALE.
—Recently the Waterman-Waterbury Mfg.Oo., of Regina,
purchased, it is
stated. $2,500 school debentures.
RIVIERE ST. PIERRE PROTESTANT SCHOOL
Sask.—DEBENTURE SALE.—A. E. Ames A Co., of DISTRICTS,
Toronto, have
purchased, it Is stated, $110,000 6% 40-year school debentures.
SASKATOON. Sask.—BIDS.—The following bids were also
received
for the $30,000 6% 15-year debentures awarded as
reported in V. 107.
2394:
p.
*Bidder—
Per $100.
R. H. Wood Co., Montreal
Aemilius Jarvis A Co.. Toronto
Graham, Sanson A Co.. Toronto
Canada Bond Corporation, Toronto
Macneill A Young. Toronto
National Bond Co., Ltd., Vancouver
Housser, Wood A Co., Toronto
O. H. Burgess A Co., Toronto
Dominion Securities Corporation, Toronto
The Davies-Bertram Co., Cincinnati*,,.
Brent, Noxon A Co., Toronto
W. A. McKenzie A Co., Toronto
93.36
96.589
86.37
95.52
91.00
,—85.00
96.573
95.37
96.089
95.25
.93.23
95.53
93.83
,97.18
.
Total.
'
$28,008 00
28.976 70
25.910 35
28.656 00
27,300 00
25,500 00
28,971
28,611
28,826
28,575
27,969
28,661
28,150
29,164
90
00
70
00
00
00
00
00
*
Payment to be made in New York.
SASMAN SCHOOL DISTRICT,
Sask.—DEBENTURE SALE.—I. G.
McKechnie, of Regina, has purchased $1,200 school debentures,
it is stated.
SOUTH SIDE SCHOOL DISTRICT, Sask
.—DEBENTURES
AUTH¬
ORIZED.—The Local Government Board has authorized
$2,850 school
debentures. It is stated.
Sask .—DEBENTURE
issue of $8,100 debentures
JACKFISH SCHOOL DISTRICT, Sask.—DEBENTURES
AUTHOR¬
to reports, the Local Government Board has authorised
IZED.—According
$2,500 school debentures.
Nay A James, Regina
Wood, Gundy A Co...
ALBERTA SCHOOL DISTRICTS, Alta,—DEBENTURES A WARDED
IN PART.—Of the 9 blocks of 7% school debentures
offered on Dee. 12
—V. 107, p. 2116—Block Nos. 1,
4, 7, 8 and 9. were awarded to Macneill
A Young of Toronto at 99.31.
The 5 Issues awarded this company aggre¬
gate $26,500. The remaining 4 blocks were not sold.
SALE.—It is reported that on Dec. 7
FIELDING, Sask.—DEBENTURES AUTHORIZED,—This village has
debentures, it is reported.
was
,
INSURANCE
ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 25th, 1918.
The Trustees, fa conformity with the Charter of the
Company, submit the following statement of Ue affaire on the
^
Z\st of December, 1917.
*
The Company’s business has been confined to marine and
inland transportation insurance.
Premiums on such risks from the 1st January,
1917, to the 81st December, 1917
$11,105,619.46
Premiums on Policies not marked off 1st
January, 1917
1,135,785.43
Total Premiums
>12,241,404.89
Premiums marked off from 1st
January, 1917, to 31stDecember, 1917
$11,171,8531)1
Interest on the investments of the
received during the year $404,411.15
Interest on Deposit* in Banks andCompany
Trust Companies, etc.
126,991.53
Rent received less Taxes and Expenses
93,474.66 $ 624,877.34
Losses paid during the year
$8,613,653.20
Less: Salvages...
$336,896.32
Re-Insurances
503,857.68 $ 840,754.00
$9,000
GUY OF WOLF POINT, MONTANA
6% WATER BONDS
__
_
“
of
officers and clerks, taxes, stationery,
...
.....
.......
$1,913,7105
$
857,596.09
A dividend of interest of Six par cent, on the
certificates of profits will be paid to the
holders thereof, or their legal representatives, on andoutstanding
after
the fifth of February next.
The outstanding certificates of the issues of 1915 and ofTuesday
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 oent. Is declared on the earned premiums of the Company for the year
31st Deoember, 1917. which are entitled to
ending
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-J
EDMUND L. BAYLIES,
JOHN N. BEACH.
NICHOLAS BIDDLE,
JAMES BROWN.
ONES, Secretary.
TRUSTEES.
HERBERT L. QRIQQS
SAMUEL T. HUBBARD,
LEWIS CASS LEDYARD.
ANTON A. RAVEN.
JOHN J. BIKER,
DOUGLAS ROBlkSON.
WILLIAM H. LEFFERTtL
JUSTUS RUPERTI
JOHNjCLAFLIN,
CHARLES D. LEVERICH,
WILLIAM JAY SCHIEFFEUN,
GEORGE C. CLARE.
NICHOLAS F. PALMER.
SAMUEL SLOAN.
FREDERIC A. DALLETT,
WALTER WOOD PARSONS.
WILLIAM 8LOANE,
CLEVELAND H. DODGE,
CHARLES A. PEABODY.
LOUIS STERN.
CORNELIUS ELDERT.
WILLIAM R. PETERS,
WILLIAM
A. STREET.
RICHARD H. EWART
JAMES H.
GEORGE E. TURNURE,
O. STANTON FLOYIWONES, CHARLES POST,
M. P&ATT.
GEORGE
C.
VAN TTJYL, Jr.
PHILIP A. S. FRANKLIN.
DALLAS B. PRATT,
RICHARD H. WILLIAMS.
A. A. RAVEN, Chairman of the Board.
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY. 2d Vice-President.
WILLIAM D. WINTER, 3rd Vice-President.
ASSETS.
LIABILITIES.
United States and State of New York
Estimated Losses and Losses Unset¬
Bond*
*__$ 1,185.000.00
tled in process of Adjustment
$ 4,432,959.06
Stock of the City of New York and
Premiums on Unterminated Risks...
1,069,550.96
Stock* of TrustCompanies A Banks 1,445,550.00 Certificates
of Profits and Interest
Stocks and Bonds of Railroads...... 8,287,129.85
Unpaid
301,406.75
Other Securities
305,410.00 Return Premiums Unpaid
121,989.96
Special Deposits in Banks and Trust
Taxes Unpaid
500,000.00
Companies
3,000,000.00 Reinsurance Premiums on Termi¬
Real Estate cor. Wall Street, William
nated Risks.
365,667.8/
Street and Exchange Place......
Claims not Settled, Including Com¬
Real Estate on Staten Island (held 3,900,000.00
pensation, etc
183,517.10
under provisions of Chapter 481,
Certificates of Profits Ordered Re¬
Laws of 1887)
75,000.00
deemed, Withheld for Unpaid Pre¬
Premium Notes
1,009,577.74
miums
22,750.10
Bills Receivable
1,038,460.86 Income Tax Withheld at the Source..
3,135.96
Note Receivable
5,122.26 Certificates of Profits Outstanding...
5,722,590.00
Cash In hands of European Bankers
to pay losses under policies payable
5,318,322.55
in foreign countries.
598 675.67
Cash In Bank and In Office
2,187,198.87
Statutory Deposit with the State of
Queensland, Australia
4,765.00
...
•
..
$18,041,890.25
$18,041,890.25
Balance brought down
$5,318,322.55
Accrued Interest on the 31st day of December, 1917, amounted...........
to
$
75.724.00
Renta due and accrued on the 31st day of
Deoember,
1917,
amounted
to
$
22,201.50
Re-insurance due or accrued. In companies authorised in New
York, on the 31st day of
Deoember, 1917, amounted to
$ 583.467.92
Note: The Insurance Department has estimated the value of the Real
Estate on Staten Island
In excess of the Book Value given
above, at
$
63.700.00
The Insurance Department's
valuation of Stocks, Bonds and other Securities exceeds the
Company’s valuation by..
...................................
$2,303,887.87
On the basis of them increased valuations the
balance would bt
Cleric.
$14,000
$2,672,899,20
Re-insurance Premiums and Returns of Premiums
Expenses, including compensation
advertisements, etc
NOTICE IS HEREBY GIVEN at Intention
to fame and sell $9,000
Water, 6%, 20 year,
optional after ten yean, bonds of the
Wolf Point, Montana, by the Counci] City of
thereof,
on MONDAY* THE 7+H
DAY OF
A. D., 1919, at the hour of EIGHTJANUARY:
O’CLOClt
P.
to the highest bidder, at the
City Hall In
the City of Wolf Point, Montana.
Certified
check - *
...
........
.....
...........
$8.367,303.84
CITY OF WOLF POINT, MONTANA
REFUNDING 6% BONDS
NOTICE IS HEREBY GIVEN of intention
to issue and cell $14,000
Refunding 6%. 20_yr..
optional after ten years, bonds of the City of Wolf
Point, Montana, by the Council thereof, on Mon¬
day. the TTH DAY OF
A. D..
191*, at the hour of EIOHT
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.
JANUARY^
O’CLOCfc,
(Signed)
-
FRANK KENNY.
>
Clerk.
A
8TONB&WEBSTEK
FINANCE public utility development*,
BUY AND SELL, securities.
DESIGN eteam power etetlone, hydro*
electric developments* transmlssftom
Hnee, city end Intecurbaa railways,
buildings.
CONSTRUCT either from our own do*
dg«* or from dnstflria of other engt*
Deers or
architects.
REPORT
on public utility proportion
propoeed extensions or new project*.
MANAGE railway t light, powt
companlee.
KEW YORK
BOSTON
CBSCBSD
“V.
»
1918.]
Dec. 28
t’
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WW"'T‘ '
THE CHRONICLE
Vault Companies
COtwH
The NEW ENGLAND
TRUST COMPANY
Paul
Ohas. O. Oorn
Frank A. K!
Corn, Schwarz & Co.
COMMISSION MERCHANTS
MEMBERS OF
York Cotton Eschang*
Orloons Cotton Fwihstif
York PradoM Kicliaays
York Coffee Esehaags
Solo Rooom (Caff ee E.)
Geo. H. M* Fadden A
Bro.,
COTTON MERCHANTS
IS Broad St.
NEW YORK
1*1 Chestnut St.
PHILADELPHIA
BOSTON. MASS.
capital. si.Ma.aaa
surplus.
Safe Deposit Vaults
ss.aM.aM
DiBxcroBa
Hanry D. Sharpe
Authorised to act as Executor, sad to receive sad hold
New York
IS William Street
Nsv
Now
Now
Now
*V'
’
ooey or property In trust or oo depoaft from
Law or Equity, Executors. Administrators.
Bftward D. Fesres
Herbert J. Wells
LyaiaaB. Goff
Howard O. Sturges
Courts ol
Assignees,
Guardians. Trustees. Corporations sad Individuals.
Also sets as Trustee under Mortgages end ss Transfer
Agent and Registrar of Sleeks sad Bonds.
Interest Allowed on Deposits Subject to Chech.
Walter R. Calkmdar
Edward Holbrook
James E. Sullivan
OFFICERS.
Benjamin M. Jackson
JAMES B. HOOFER, President
ARTHUR ADAMS. Ww-President
ALEXANDER COCHRANE, Vloe-PTOS.
FREDERICK P. FISH. Vlee-PresMaut
FREDEB’K W. ALLEN. Treasurer
CHARLES E. NOTT. Secretary
EDWARD B. LADD. Asti. Treasurer
RAYMOND MERRILL, Asst. Tress.
JOHN W. FTLL8BURY. Asst Bee.
ORRIN C. HART. Trust Offloer
ARTHUR F. THOMAS. Asst. Trust Offieor
R. B. GAGE. Manager Safe Depotit Vault
ESJ&Y'SSSrt
George Wlggtanrorth,
Liverpool Correspondents:
FREDERIC ZEREOA * CO..
-
MOaa Correspondents:
et de
COMMISSION
McFADDEN A CO.. LTD.
Alexandria Correspondents:
REINHART A CO.. LTD.
,
GWATHMEY A CO.
20-24 EXCHANGE PLACE.
NEW YORK
Sydney Harwood
FraakUn W. Hobbs
Hmtr
NEW YORK COTTON
EXCHANGE
NEW
PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
Stephen M. Weld & Co.
COTTON MERCHANTS
82-92 Beaver Street, New York City
PHILADELPHIA.
UTICA. N. Y.
WILD A CO..
LIVERPOOL.
boston.
FALL RiVBR.
Asst.
PROVIDENCE.
NEW
BEDFORD.
ROBERT MOORE &, CO.
IHIla Building
IS Broad Street, N.
Now
-
York Cotton Exchange
GEO. COPELAND A CO..
COTTON BROKERS.
SS-2S Cotton Exchange
Now York
Orders for future delivery contracts executed
on the New York and Liverpool Cotton Exchangee
Founded 1SS4
IMS
The United States Life
Insurance Co.
IN THE CITY OF NEW
YORK
Issues Guaranteed Contracts.
JOHN P. MUNN, M. D.,
PRESIDENT.
Finance Committee.
CLARENCE H. KELSEY.Pres.TWe Gu.A Tr Cb.
WILLIAM H. PORTER. Banker.
BD. TOWNSEND. Prss. Imp. A Trad. Rat. Bank
<■
i
and bankers
favorable terms
or
received
pany.
upon ■
individuals.
not, may make direct contracts with this Com¬
for a limited territory, IT desired, and secure
for themselves, in addition to first year’s commis¬
sion. a renewal Interest insuring an Income for the
future. Address the Company at Its Home OSloe
No. 277 Broadway. New York City.
CHARTERED ISM
United States Trust Company of New
45-47 WALL
STREET
jit allows interest at current rates on
$2,000,0OOM
$14,207,§05.6$
■
This Company acts as Executor, Administrator,
Depositary ana in other recognized trust capacities,
York
Guardian, Trustee, Court
deposits.
It holds, manages and invests money, securities and other property,
Production of Mills Financed
personal,
for estates, corporations and individuals.
Sales Cashed With or Without
Guarantee
Hew York CKy
226 FOURTH AVE.
r
Asst. Secretary
1810
.
JAMES TALCOTT. Ik.
;
-
Secretary
Capital,
•
•
*
Surplus and Undivided Profits,
fattens
-
Providence. Rhode Iislend
Accounts of banks
WILLIAM RAY A CO.
Successors to
President
Good men, whether experienced to HP# insumtes
T.
COTTON MERCHANTS
Members
Deposits
$6,000,000
2,500,000
50,000,000
-
.
WiluamA. Gam well.
Vice President
John H. Wells,
Secretary
Ernest A. Harris,
Asst. Trust Officer
John E. Williams,
Asst. Secretary
Gbobgs H. Cafbon,
Aset, Secretary
CHICAGO
-
.
Raitb 8. Richards,
CENTRAL
TRUST COMPANY
OF ILLINOIS
Capital ' - - Surplus & Profits
L. Rr-an«
Vice
Chakmaa
125 West Monroe St.,
■.77".
OFFICERS
G. A. Haerinqton,
Aset. Trust Offloer
RobketT. Downs.
Asst. Trust Officer
Hum B. Hagan,
MEMBERS
YORK COFFEE
EXCHANGE
EW YORK
STOCK EXCHANGE
SEW
YORK
‘-7
MkXtXBCBP
WHllam C. Dart
Hbebebt J. Wells, President
RouswA. Hunt._
Peeston H. Gabdneb,
V-Prea’t and Trust Off.
Vice President
Augustus P. Lorlng Jr.
Ernest Lovering
Walworth Pierce
James M. Prondcrust f
Henry H. Proctor
Edwin M. Richards
Herbert M. Sears
Arthur R. Sharp
Henry L. Bhattuck
George H. Davenport
Francis W. Fabyan
Frederick P. Fish
Charles H. W. Foster
Frank H. Gage
Morris Gray
■
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M
James R. Hooper
David P. Kimball
Robert A. Lesson
Arthur Adams
J. D. Cameron Bradley
8. Parker Bremer
Alexander Cochrane
Charles C. Gardiner
Alfred K. Potter
WinianTL Hadgmai
Frank H. Swan
Rowland Hazard
Stephan O. Metcalf
BOARD OF DIRECTORS
Havre Correspondents:
BOCIETE d’IMPORTATION
Isaac B. Hwrlman
real or
EDWARD W. SHELDON, President
WILLIAM M. KINGSLEY, Vico
WILFRED J. WORCESTER, Secretary
CHARLES A. EDWARDS, Sd Aut. Secretar;
President
WILLIAMSON PELL, Ant. Secretary
TRUSTEES
AMERICAN MFG. CO.
JOHN A. STEWART, Chairman of
EDWARD W. SHELDON
OHAUNOEY KEEP
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
WILLIAM ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
LEWIS CABS LEDYARD
LYMAN J. GAGE
PAYNE WHITNEY
WILLIAM STEWART
TOD
the Board
CORNELIUS N. BLISS. «
HENRY W. do FOREST
WILLIAM VINCENT AN
CHARLES F. HOFFMAN
WILLIAM SLOANB
OGDEN MILLS
CORDAGE
MANILA. SISAL, JUTE
fllMl A Woo* Streets.
L. F. DOMMERICH & CO.
Brooklyn, N. Y.
MANUFACTURERS AND
DISCOUNT AND GUARANTEE SALES
FINANCE ACCOUNTS OF
GEO. B. EDWARDS
INVESTMENTS
NEW YORK, N. T.
FOR gAl£r»Thdwt Ced4 Iron, Banal
SS Broadway,
Confidential
UntlsS SMOm,
MERCHANTS,
General Offices, 254 Fourth
NEW YORK
Negotiations,
Wart ladles;
Established
ever
60 Yean
Avenue
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CHRONICLE
ffOKfll
jftagsicial
r
$114,000
Adams
•
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*
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-f/
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Exempt from Federal Income Tax
"iA
S‘(V6t^l07.
:■*$?
<
*$,.
%
.
ytaanctal
\
44-*
ORIGINAL
Armour & Co. 7% Pfd.
Armour v<je Co. Debentures
Morris &Co* 1st 4J^s
~
'
Grad$- Investment " Preferred ^ :!
Stocks...*
Commonwealth-Edison 1st 5s
/■ ‘
Drainage 6% Bond#
Bought
Sold
Mosser ficWfllaman Central Bond &
Mortgage Co.
29 So. La Sail§ Stf
w*
;er,
v
,'~:A
.
EVERSZ & COMPANY
#
-
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h^ttiats and Iaaue Loans lor Rdboads
mmd EsUblisM Corporation*.
Buy and *oli Bond* »ultabla for Inmtasnt.
CHICAGO
6% Internal Gold Bondo of 1909
J. M. HOYT. Chairman
JAMES II BUBflT, President
C. B LITTLE. Vtoe-Pras. A Tram.
KENNETH D. STEERS. Vlee-Preo.
L. A. 8TEBB1N8. Bse'y A Oea. Counsel
W. M. SCHELUMOEB. Ain't Bee'y.
National Bank of Cuba
!*
CHICAGO
.
;er
Company
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•
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.
j.
/
CHICAGO
Ue S. Government Bonds
00<rf
Of the Banks in
f1, CAPITAL,
New York City um
NATIONAL
SAFETY
PAPER
105 So. La Sallo St.
$880,000
CHICAGO
& Co.
INVESTMENT BANKERS
r'V Specialists
.v-
rfl'
O£t/0
MILWAUKEE^
■
C. F. Childs &
134 So. La Sallo Street
iMS. La Salle St.
CHICAGO
Cuban Goverameiit
:
-
.
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Bought and Sold
808 So. LO Salle Street
Chicago
•->
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AMES. EMERICH A CO.
Quoted
Borland Building
NEW YORK
808 So. La Sails St.
ISO
Broadway
FOR THMB CHICKS
George La Motite & Son
»lBr<MMfw*r ?
'
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Taylor, ewart & Co.
New York
INVESTMENT BANKERS
CHICAGO
Utility Bondo
York Stock Exchange
York Cotton B
York Coffee A
Nashville A DeeaturRv.
W. G.
COFFEE eXCHANOB BUILDINO
HANOVER SQUARE r
NEW YORK
COTTON
.
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906
Cotton
Coe si foments.
108-412 Continental & Commercial Bank
Bldg
MILWAUKEE
South
La
Ball#
Street
INVESTMENT BONDS
CHICAGO
Hopkins, Dwight & Co.
COTTON1
•
and
Municipal end
Corporation
CHRISTIAN & PARSONS CO.
COTTON-SEED OIL
Comsnarcial Paper
Collateral Loans
Investment Securities
COMMISSION MERCHANTS
Room 80. Cotton Exchange Building.
NEW YORK.
'
r
2» S. La Sab &
financial
FIRST NATIONAL BANK
RICHMOND, VA.
Capital and Surplus, - $3,000,000.00
...
John M. Miller, Jr., President
m
W. M. Addison, Vice-President
Charles R. Burnett, Vice-President
Frank F. Fagan, Vice-President
Ale*. F.
EMERY, PECK & R0CKW009
CHICAGO
DETROIT
^ 'f.
on
SOUDERS&CO.
INVESTMENT BONDS
MERCHANTS
Liberal Advances Made
Astuhcts of New York A Boston Stock Exchange
Nsahville Railway A light Co. Secorftlen
IASHVILLE. TENN..
ST. LOUIS. MO..
214 Union Street
817 Security Bldg.
Hubbard ’Bros, &. Co.
?
Caldwell & Company
SOUTHERN MUNICIPALS
Cumberland Tel. A Telep. Co. fie
Nashville Chattanooga A St. Louie By.
York Produce El
Chicago Board of Trade 1
J **
iwodali Members of
Liverpool Cotton Aeeodatlon
:
NIGH-GRADE INVESTMENTS
tS Conyro** Street
BOSTON. MASS.
COMMISSION MERCHANTS
AND BROKERS
New
New
New
New
BOSTON, MASS.
Municipal, Railroad and'Public
Henry Hentz & Co.
SS William Street
NEW YORK
F. H. PRINCE & CO
108 South La Sail# Street
Cotton
dali nc
BUNUO
SHAPKER, WALLER & CO
n« SOUTH LA SALLE STREET
CHICAGO
Ckfcaga, UL
A. G; Becker & Co.
Dominicn & Dominick
Established 1870
115 BROADWAY
(INCORPORATED)
COMMERCIAL PAPAR
187 South La Sella Street
Dealers In
INVESTMENT SECURITIES
Chicago
Members New York Stock Exchange.
Ryland, Cashier
Correspondence Invited.
Studebaker 7% Notes, 1921 -29
Elston &
Company
MUNICIPAL
SEASONGOOD, HAAS&MACDONALD
New York Stock
80
Broadway
.
GAS AND ELECTRIC BONDS
St. Leult
Philadelphia
Milwaukee
$9 South La Salle Street
Now York
^CHICAGO
Municipal Bonds
“Ara
Euapt fw Federal Iweame Teas
Yielding from 4H% to 6%
i.
Sobd for List
THE HANCHETT BOND CO.
•
39 Santlk La Sallo Skrosa
CHICAGO
*
^
Municipal and
Corporation Bonds, and High
»
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’’W^l
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ISSUES
of Government,
Chicago Telephone 1st 5s
County,, Illinois
•'!
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@FedFRASER