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The
.
onimetrial I
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
COfVlllOHTED IN 1917 BY WILLIAM B. DANA COMPANY, NEW YORK.
vol. 105.
ENTERED AS SECOND-CLASS MATTER JUNE23,
1879, AT THE POSTOPFICE ATNCW YORK, NEW
YORK, UNDER THE ACT OF MARCH S, 187B.
NEW YORK, DECEMBER 29
JTmanual
THE FARMERS'
LOAN
NO. 2740.
Jffttanxlal
HARVEY FISK & SONS
COMPANY
Foreign
1917.
manual
& TRUST
THE
The
NATIONAL
NEW YORK
Exchange, Cable Transfers,
of
Company Is
a legal depositary for
paid Into Court, and is author¬
ized to act as Executor, Administrator,
Trustee, Guardian, Receiver, and in all
other
fiduciary capacities.
Acts
Trustee under Mortgages made
as
LIBERTY
62 Cedar St.
Travelers' Letters of Credit
moneys
Railway Section
City Section
BANK
new york
BROADWAY and CEDAR ST
UNITED STATES BONDS
NEW YORK CITY BONDS
AND OTHER
CHOICE
Capital
INVESTMENT SECURITIES
-
-
$3.000,000.00
-
Surplus & Profits
4,000,000.00
by Railroad and other Corporations, and
Transfer Agent and Registrar of Stocks
as
and Bonds.
Receives deposits upon Certificates of
Deposit, or. subject to check, and allows
interest
daily balances.
Manages Real Estate and lends
on
bond
and
Will act
any
as
The National Park Bank
money
mortgage.
Agent in the transaction of
approved financial business.
Depositary for Legal Reserves of State
Banks and also for moneys of the
City
Harris, Forbes &Cq
of New York
V
on
Pine
Street,
Capital- •
Surplus & Undivided Profits
Deposits (Nov. 20,1917)
- -
-
■
$5,000,000 (X)
17,000,000 00
201.000,000 00
-
-
-
27 Austin
HARRIS, FORBES & CO., Inc.
BOSTON
Act
•
Vice-Pretidentt
JOHN C. VAN CLEAF
WILLIAM O. JONE8
MAURICE H.
GEORGE H. KRETZ
475 FIFTH AVENUE
deal
fiscal agents for munici¬
and
corporations
and
in
Government, munici¬
pal, railroad and public utility
EWER
SYLVESTER W.LABROT
BONDS
Cathier
NEW YORK
as
palities
GILBERT G. THORNE
16-22 WILLIAM STREET
w.
RICHARD DELAFIELD
Fiscal Agent for States, Counties and
Cities.
William
YOrtK
Friars, LONDON, E.
Pretident
of New York.
Corner
NEW
Organized 1856
FOR
INVESTMENT
ERNEST V. CONNOLLY
List
Application
on
Auitlant CatMert
LONDON
PARIS
WILLIAM A. MAIN
FRED'K O.
FOXCROFT
J. EDWIN PROVINH
WILLIAM
HENRY L. SPARKS
Cable Address SABA, NEW YORK
BYRON P. BOBBINS
E. DOUGLAS
PERCY J. EBBOTT
Established
1874.
Edward B. Smith & Co
John L. Williams & Sons
Established
1892
BANKERS
Corner 8th and
BANKERS
Main Streeti
Established
RICHMOND, VA.
1810
Members New
Baltimore Correspondents:
MIDDENDORF, WILLIAMS & CO., Inc.
GARFIELD
Fifth
NATIONAL
Avenue
Philadelphia
1411 Chestnut Street, Philadelphia
30 Pine
Street
New York
of the
City of New York
Surplus, $1,000,000
HORACE F. POOR. Vice-President.
ARTHUR W. SNOW, 2d V.-Pres. & Cashier.
RALPH T. THORN. Asst. Cashier.
Capital
16,000,000
-
Surplus ancTProfits.
.
.
Deposits Nov. 20,1917
W.
and
Exchanges
Building
B1JEL W. POOR, President.
JOHN
York
Stock
National Bank
BANK
Corner Fifth Ave. and 23rd St.. New York.
Capital, $1,000,000
The Mechanics and Metals
-
-$213,000,000
$9,000,000
PEDDIE. Asst. Cashier.
Foreign Exchange Department
THE
The Chase National Bank
of the City of New York
Capital
Surplus and Profits (Earned)
Deposits, (Nov 20th 1917)
-
$10,000,000
13,126,000
-
-
336,931,000
-
OFFICERS
AMERICAN EXCHANGE
A. BARTON HEPBURN,
ALBERT H. WIGGIN,
SAMUEL H. MILLER,
NATIONAL BANK
over
GERHARD M. DAHL,
Vice-President
ALFRED O. ANDREWS,
Cashier
CHARLES O. SLADE,
Asst. Cashier
EDWIN A. LEE,
Asst. Cashier
"WILLIAM E. PURDY,
$130,000,000
CHARLES D. SMITH,
WILLIAM P. HOLLY.
GEO. H. SAYLOR,
Francis Ralston Welsh,
First National Bank
Philadelphia, Pa.
President
Vice-President
EDWARD R. TINKER,
Vice-President
CARL J. SCHMIDLAPP. Vice-President
NEW YORK
Resources
Chairman
M. HADDEN HOWELL,
S. FRED TELLEEN,
ROBERT I. BARR,
BONDS
OF RAILROAD, GAS AND
8EWALL S. SHAW.
Asst.
Asst.
Asst.
Asst.
Asst.
Asst.
Asst.
Asst.
Cashier
Cashier
Cashier
Cashier
Cashier
Cashier
Cashier
Cashier
DIRECTORS
ELECTRIC
1
LIGHT AND POWER COMPANIES
109-1U
ACCOUNTS
INVITED
SOUTH
FOURTH STREET
PHILADELPHIA
Charles M. Schwab
John J. Mitchell
CHARTER NO.
Henry W. Cannon
Barton Hepburn
Albert H. Wiggln
Henry B. Endicott
Guy E. Tripp
James N. Hill
Edward T. Nichol
Newcomb Carlton
A.
Samuel
Edward
H.
Miller
R. Tinker
Daniel C. J adding
Frederick
Frank A.Sayles^
Eugene V. R. Thayer
\
H. Ecker
[VOL. 105.
THE CHRONICLE
II
Jnbrttmtnl Hon
tBratoetu o{ jForeign Cxrfwnge
nasti
MORGAN & CO. Maitland, Coppell & Co.
J. P.
of Broad
Wall Street* Corner
52 WILLIAM STREET
NEW YORK
NEW YORK
DREXEL
PHILADELPHIA
CO.,
&
Corner of 5th and Chestnut Streets
MORGAN, GRENFELL&CO., LONDON
Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
Issue Loans.
Bills
J. & W. Seligman & Co,
Telegraphic Transferef
of Exchange,
Letters of Credit
No. 22 Old Broad Street
Ns 1 William Street
on
MOEGANTHARJES
PARIS
CO.,
&
31 Boulevard Haussmann
Union of London & Smiths Bank, Limited.
London,
NEW YORK
Messrs. Mallet Freres & Cle. Paris.
Banco Naciona! de Mexico.
Commission.
Securities bought and sold on
And Its Branches.
Foreign Exchange. Commercial Credits.
Agents for the Bank of Australasia.
Cable Transfers.
Circular Letters for Travelers, available In at
parts of the world.
TRAVELERS' LETTERS OF CREDIT
Available throughout the United States
Brown
Brothers
Co.
&
BOSTON
NEW YORK
FHILA.
59 Wall Street
August Belmont & Co.
Members N.T.. Phlla. A Boston Stock Exchanges
New York, Philadelphia, Boston and
(Alee.Brown ASont) Connected by
43 EXCHANGE PLACE, NEW YORK*
Baltimore
Members
New
York
Stock-Exchange.
tRedmofid&Ca
*
vrieate wires
33 Pine Street, New York
Agents and Correspondents of the
Investment
sold
on
bought and
Securities
Messrs. ROTHSCHILD
Commission.
Accounts
of
Banks,
London, Paris and Vienna.
Bankers, Cor*
Individuals
received
on
favorable terms*
Cer¬
for Travelers
tificates of Deposit.
Members
Available in all parts of the
Exchange, Domestic and
Foreign
Foreign Collections, Cable Trans¬
fers.
Travelers* Letters of Credit.
Investment Securities
ISSUE LETTERS OF CREDIT
porations, Firms and
world.
New York Stock Exchange
Draw bills of Exchange and make Telegraphic
Transfers to EUROPE. Cuba, and the
other West Indies, Mexico and California.
Execute
orders
for
the
sale
and
purchase
Letters of Credit for Travelers
of
Bonds and Stocks.
Commercial Letters of Credit for the
Correspondents of
financing of exports and Imports.
BROWN, SHIPLEY & CO., LONDON
Lawrence Turnure & Co.
Russo-Asiatic
64-66 Wall Street,
James G. Wallace
Grenville Kane
Banque
Investment securities
mission.
Travelers'
bought and sold
credits,
Bank, Hong Kong
Industrielle
de
Chine,
Paris,
Shanghai, Peking, Hong Kong, Saigon
New York
T. Suffern Taller
:
London & South Western Bk., Ltd., London
Jordaan & Cle, Paris
available
on com¬
through*
Out the United
States,, Cuba, Puerto Rico, Mexico,
Central America and Spain. Make collections in and
issue
drafts and cable transfers on above countries.
London BankersLondon
Bank, Limited,
"IAILER&XD
Paris Bankers:—-Banque
Joint
Stock
Francalse—Heine
& Co.
10 Pine Street, New
Graham, Parsons Ac Co.
bankers
York
439 Chestnut Street
PHILADELPHIA
HEIDELBACH, ICKELHEIMER & CO.
Investment Securities
37 William Street.
Government and
MEMBERS
N.
Y.
STOCK
EXCHANGE.
Securities
of
Municipal Bonds
Electric
Railroads,
—
—j
r_
Winslowy Lanier & Co
59 CEDAR STREET
Cxecute orders for purchase and sale of
Stocks and Bonds.
Railways?
NEW YORK
available in all parts
Electric
and
Light and Power Companies
of
Foreign Exchange Bought and Sold.
established
value*
Cable Address, "Oraeo," Philadelphia.
Iss^e Commercial and Travelers' Credits
^
Gas
of the world.
BANKERS.
Ufaposlts Received
Allowed
on
Bought
Subject
to.
Deposits.
and
Draft,
Interest
Securities
Sold
,
BOISSEVAIN & CO.
Schulz & Ruckgaber
27 Pint
Street,
•
•
•
New York
•
•
-S
on
24 BROAD STREET, NEW YORK
A
Members of the New York Stock Exchange.
Commission.
Members New York Stock Exchange
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
foreign Exchange, Letters of Credit
Execute orders for purchases and sales
of stocks and bonds.
MESSRS. PlERSON & CO.
Foreign Exchange bought and sbld.
Issue
commercial
available
Kean, Taylor & Co.
in
China,
Dollars
(Successors toAdolphBolssevaln ACo.)
Amsterdam, Holland.
Japan
and East Indies.
A
BERTRON, GRISC0M& CO.
York
New
Investment Securities
in
credits
FOREIGN EXCHANGE
INVESTMENT SECURITIES
Produce
Exchange Bank
Land Title Building,
Broadway, Corner BEAVER ST.
C Nassau Street
105 So. La Salle St.
NEW YORK
CHICAGO
Capital
.
.
•
$1,000,000
•
40 Wall Streef
PHILADELPHIA.
NEW YORK,
f
Surplus and Undivided Profits 1,000,000
Foreign Exchange bought and sold.
Cable
Transfers.
Commercial and Travelers' Letters of
Credit available in aU parts of the world.
ACCOUNTS INVITED.
John Munroe & Co.
NEW YORK
ALDRED & CO.
BOSTON
H. AMY
&
CO.
24
Letters of Credit for Travelers
*
Commercial Credits.
Members N. Y. Stock Exchange
Foreign Exchange
44 AND 46 WALL
Cable Transfers.
New York
ST.,
Fiscal Agents for
Tkansact
MUNROE & CO., Paris
Exchange Place
a
General
Investment and
Exchange Business
Stock
Fuhlir Utility and Hydro-Electrif
Companies
Dec. 29 1917.]
THE
CHRONICLE
hi
instalment an!) financial looses
MlLLETT, R0E& HAGEE3
Lee, Higginson &Co.
BOSTON
NEW YORK
CHICAGO
Hew York
INVESTMENT SECURITIES
BOSTON
Chicago
MEMBERS
NEW YORK STOCK EXCHANGE
HIGGINSON
80
& CO.
BOSTON
Goldman, Sachs & Co.
Lombard Street
STOCK EXCHANGE
LONDON. E. C,
52 WILLIAM ST.
15 CONGRESS S7
NEW YORK
BOSTON
Members of New York &
Chicago Stock Exchanges
Hornblower & Weeks
42
The
National
City
BROADWAY, NEW YORK
Company
Investment Securities
Bonds
Chandler & Company
Acceptances
IKCORPORATCO
35 Pine St
MEMBERS
NEW
YORK, BOSTON
AND
Short Term Notes
Franklin Bank Bldg.
NEW YORK
National
PHILADELPHIA
CHICAGO STOC C EXCHANGES]
City Bank Building
185 Devonshire St
I
■
New York
BOSTON
DlrectTwirasIto all principal markets
Boston
Chicago
Detroit
Providence
Government Loans, Municipal
and
Portland
Railroad. Securities
Robinson & Co.
High Grade Industrials
Established 1.1888
U. S. Government Bonds
Investment Securities
Frazier &> Gh.
26
Investment Securities
W. C. Langley & Co
211 E. German Street,
New York.
Incorporated—Successors
W.
Investments
Baltimore.
HALSEY, STUART & CO.
N.
New Y©g£;
Members New York Stock Exchange
Broad and Sansom Streets,
PHILADELPHIA
15 Broad Street,
Exchange Place
HALSEY
&
CO.
115
Bonbright & Company
Broadway, New York City
Incorporated
to
25 Nassau
CHICAGO
Street, New York
CHICAGO
NEW
YORK
PHILADELPHIA
BOSTON
BOSTON
DETROIT
LONDON
ST.
MILWAUKEE
LOUIS
Government, Municipal, Railroad
and Public Utility Bonds,\
Fiscal Agents for Cities and
CHICAGO
PARIS
DETROIT
Hemphill, White'
PUBLIC UTILITY SECURITIES
CBbChamberlain
Corporations.
Members
New York Stock
Exchange
37 Wall Street
Fidelity Bldg,
New York
SIMON
Buffalo
Investment Securities
^CHMIDT&jjALLATIN_
-
PHILADELPHIA
1
Members
BORG &
CO.,
of New York Stock Exchange
No, 46 Cedar Street
-
-
New York
Member* of the
C. I. HUDSON & CO.
New York Stock Exchange
111
Broadway
No.
New York
66
BROADWAY, NEWjYORK
|
Members
N«r York, Philadelphia
Chicago Stock Exchangee
and
HIGH-GRADE
INVESTMENT SECURITIES
TELEPHONE RECTOR 7401
Miscellaneous Securities
in all Markets
H.
T.
HOLTZ &
CO.
PRIVATE
WIRES TO
PRINCIPAL
MUNICIPAL AND RAILROAD
CITIES
BONDS
FOR INVESTMENT
MUNICIPAL AND
PUBLIC UTILITY
BONDS
HARPER
& TURNER
INVESTMENT
BANKERS
STOCK EXCHANGE BUILDING
WAUNUT STREET ABOVE BROAD
S9 SOUTH
LASALLE STREET
CHICAGO
PHILADELPHIA
Members Philadelphia Stock
Exchange
Colgate, Parker & Co
49 Wall Street, New York
we
finance
Electric
Light, Power and Street
Railway
ESTABROOK & CO.
Enterprises with records
earnings
Members New York and Boston
chase
Stock Exchanges
established
of
jfitumtial
jfimntial
jflnantlal
«
[VOL. 105.
THE! CHRONICLE
IT
SECURITIES
INVESTMENT
BONDS
we offer
Bankers
Investment
and
Public
Proven
Utility
15 State Street,
Dealers
Securities
Correspondence Solicited
HARTFORD
BOSTON
-
NEW YORK
24 Broad Street,
company
&
BOSTON
19 CONGRESS ST..
[SPRINGFIELD
BALTIMORE
ELECTRIC BOND & SHARE CO.
(P*id-Up Capital and Surplus, $21,000,000)
BROADWAY, NEW YORK
71
Ervin a Company
Periodical Examination
Member
New"* York
MUNICIPAL AND RAILROAD
Stock*
Exchange
Philadelphia Stock Exchange
BONDS
of Your Investments
BONDS FOR INVESTMENT
For Conservative Investment
is necessary
PHILADELPHIA UE3E3L
NEW YORK
35
-
Write
& Co.
you are
to keep
which
conditions
vitally affect their value.
often
Telephone Rector 3061 1.14. fijfeg
R. L. Day
if
of
informed
601 Trinity Bldg.i
121 Drexel Bldg.,
call and consult
or
Service
our
Department.
Congress St., Boston
New York
h. f. bachman & co.
Correspondents
REMICK, HODGES & CO.
Established 1866
A. A. Housman & Co.
fN. Y. Stock Exchange
INVESTM
N. Y. Coffee & Sugar
ENTtBAN KERS
N. Y. Produce Exchange
Opportunities
Chicago Board of Trade
Members N. Y. and Phlla. Stock Exchanges
railroad and
corporation bonds are selling at a
low
level, affording an unusual
Many
20
well-secured
return upon
Exchange
IN. Y. Cotton Exchange
1612 Chestnut St.,
61 Broadway,
PHILADELPHIA
Street, New York
Broad
Branch Office—25 West 33d Street.
NEW YORK
the investment.
Send for List XL
R. C. Megargel &
Members N. Y. and Chicago
Government and
Municipal Railroad/St*
Corporation Bonds
Stock Exchanges
New York
27 Pine St.,
United States
QVkS.tf-dONES^ ^
Co.
SOBroad Street.
Telephone John 1800
New York
-
PHONE RECTOR 0140—CABLE ADDRESS
List
C gives
current
Municipal Bonds
.
"ORIENTMEMT"
offerings.
William R.fompton (o.
•
PARKINSON & BURR
and
Government
H. D.
Over a Quarter
Walbridge & Co.
Members of the New York and
Boston Stock Exchanges
Wall
14
Century in this business
Street,
New York
Cincinnati
St. Louis
14 Wall Street* New
Pittsburgh
Chicago
York
i
Municipal Bonds
53 State Street
7 Wall Street
Public Utility Securities
BOSTON
NEW YORK
A.
O.
Slaughter & Co.
110 WEST
MONROE STREET
CHICAGO, ILL.
LUDWIG
BONDS
Successors to T.
&
CRANE
W. Stephen
A Oo.
.
^
Investment Securities
Baker,Ayfirtg &Young
61
Broadway
(New York Stock Exchange,
[New York Cotton Exchange,
| New York Coffee Exchange,
| New York Produce Exchange,
Members^ Chicago Stock Exchange,
| Chicago Board of Trade,
| Minn. Chamber of Commerce,
I St. Louis Merchants' Exchange!
(Winnipeg Grain Exchanga.
New York
BOSTON
SPRINGFIELD, MASS,
PHILADELPHIA
CHICAGO
A. G.
W. H.
Goadby & Co.
Members New York Stock Exchange
NO. 74 BROADWAY
ESTABLISHED 1865.
Co
5 Nassau St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
NEW YORE
and
Telegraph Co. Stocks
PAPER
Adams Sts., Chicago
Chicago Securities"
COLLINS & COMPANY
Sent upon request.
Incorporated
John Burnham & Co.
BANKERS AND
BROKERS
$
Tax-exempt Guaranteed & Preferred
Railroad &
COMMERCIAL
N. E. Cor. La Salle and
"Burnham's~Manual of
Deal in
Underlying Railroad Bonds
Becker & Co.
(INCORPORATED)
Chicago
New York
1ST So. La Salle Street.,
CHICAGO
<4
Dec. 29 1917.]
THE CHRONICLE
y
Canab fan
BANK OF MONTREAL
Canadian
(Established 1817)
CAPITAL
Government and Municipal
ing Canadian Government and
to
--
-
--
-
-
THE
16,000,000
$386,806,887
CANADIAN
OF
$16,000,000
-
Manager
HEAD OFFICE.
515.000.000
WALL STREET
Asalatant General Manager: H. V. F. Jonas.
Exchange Place
F. B. FRANCIS.
1
J. A. C. KEMP,
|Agents
C.J.
Chicago Branch 108 South La Salle St.
Spokane, Wash.
Mexico, D. F.
STEPHENSON./
Buy and Sell Sterling and Continental Ex»
change
and
Cable
Transfers.
Collections
made at all points.
Buy and Sell Sterling and Continental Exchange
"
————513.500.000
FretideatSir Edmund WaIker.G.Y.O.,LL.DJD Ok
General Manager: Sir John Aird.
)■ Agents
14 Wall St., New York
TORONTO
New York Office, 16
NEW YORK AGENCY
BANK
COMMERCE.
PAID-UP CAPITAL
R. Y. HEBDEN, 1
W. A. BOG,
A. T. SMITH,
j
'Wood, Gundy & Co.
»
--
-
General
yield from
6%
to
--
-
Head Office—Montreal
SIR VINCENT MEREDITH, Bart.. President.
Sir Frederick
Williams-Taylor,
64
5%
--
-
REST
We invite correspondence
regard¬
Municipal Bonds
-
up
TOTAL ASSETS
Bonds
'
BEST,
paid
and Cable Transfers; Issue Commercial and Trav
elers* Credits, available In
Travelers' Cheques and Letters of Credit
Issued]
available In all parts of the world.
Montreal
London
any part of the world;
Issue drafts on and make collections at all
points In
the Dominion of Canada and Newfoundland.
Banking and Exchange business of every de¬
scription transacted with Canada.
London Offices, 47 Threadneedle St., E. C.
Toronto
LONDON
9 Waterloo
Place, Pall Mall, S. W.
G. C. CASSELS, Manager.
C. P. R.
Building,
The
British North America
Established In 1836
Capital
Fund
5 Gracechurch Street. London, E. 0.
New York Office: 52 Wall Street,
W.
1
T. OLIVER
Agents
f
Buy and Sell Sterling and Continental Exchange
P.O.HARRISON
Canadian
Government
and Cable Transfers.
Grant Commercial and
Travelers' Credits and Cheques, available in any
and
Higfi Grade
Municipal and School
part of the world.
Issue Drafts on and make
Collections in all parts of Canada.
Agents for Banco de Londres y Mexico,
Mexico City and Branches
_
C.
Bond Dealers and Financial
Agents
O. Meredith, President
Sir Chas. B. Gordon, K.C.B.E., Vice-Pres.
LIMITEE
O. R. Hosmer,
D. O. Macarow,
Wm. McMaster,
Bartlett McLennan,
179 St. James St.
A. Baumgarten,
J.J. Reed,
H. B. MacDougall,
A. E. Holt.
MONTREAL,
CANADA
J. M. Mackle.
nager
A. P.
.
Williams, Sec.
112 St. James St.
Company
46 Threadneedle St.
MONTREAL
LONDON, E.C
Members Montreal Stock Exchange
Dealers in Canadian Bond Issues
of
on
12,000,000
-125,000,000
Cuba, Jamaica, Porto Rico, and In Boston, Chi¬
and New York.
Commercial and Travelers'
Credits Issued, available In all parts of the world.
Bills on Canada or West Indian
negotiated
or
points favorably
by our branches in
Correspondence invited.
collected
United States.
New York
the
Agency, 52 Wall Street;
H. F. Patterson, Agent.
^ Royal
R. A.
Daly 8
Co.
Cana¬
MONTREAL
ROYAL BANK OF CANADA
Established
1869
Capital Paid Up
$12,911,700
Reserve Funds.—— $14,564,000
Total Assets
>335,000,000
Head Office
Montreal
SIR HERBERT 8. HOLT.
E. L. PEASE,
President
Vice-Pres. & Man. Dlreetsi
O. E. NEILL, Gen. Manager
Branches throughout the DOMINION OP CAN¬
ADA and NEWFOUNDLAND; in HAVANA and
all principal points in CUBA, PORTO RICO.
DOMINICAN REPUBLIC. COSTA RICA and
VENEZUELA.
Also
in
ANTIGUA.
BAHA¬
MAS, BARBAD08, DOMINICA, GRENADA.
JAMAICA, ST. KITTS, TRINIDAD, BRITISH
HONDURAS and BRITISH GUIANA.
LONDON OFFICE—Bank Buildings,
Princes Street, E. O.
New York Agency—Cor. William & Cedar Sts.
CANADIAN
request
|J7 St. John Street,
Bank of Scotland.
THE
BOARD OF DIRECTORS.
Credit -Canada,
Retiexo
dian Conditions sent
$6,500,000
cago
LIMITED
5% to 6%
Monthly
——
RESERVE FUND—
TOTAL ASSETS OVER
MEREDITH & CO.,
High Grade
Municipal and School Bonds
to yield from
Our
CAPITAL
In Great Britain
We Invite correspondence
&
Limited.
Correspondents (London Joint Stock Bank,Ltd
BONDS
Greenshields
Bank,
Head Office, Halifax, N. S.
General Manager's Office,, Toronto, Ont.
190 branches throughout Canada, Newfoundland]
Head Office:
Toronto, Ont.
England,
Scotland,
the bank of nova scotia
PAID-UP
£1,000,000 Sterling
£620,000 Sterling
-
of
of
(Incorporated 1832)
Incorporated by Royal Charter In 1840
New York Agency opened 1843
Paid-up
Reserve
Bank
Bank
Lloyd's
The Bank of
«
R. C. Matthews & Co.
Street, E. O.
The
Canadian Government,
Municipal and
Corporation Bonds
OFFICE—2 Lombard
BANKERS IN GREAT BRITAIN.
GOVERNMENT, MUNICIPAL
F. T. WALKER. O. E. MACKENZIE and
R. L. ELLIS, Agents.
AND CORPORATION BONDS
CANADIAN
ISarfk of Nova Scotia
Building
TORONTO, ONT.
Municipal and Public UtilityBonds
CANADIAN
KIESBITT, THOMSOM
ll
Canadian
6 COMPANY, LIMITED II
822
ST. JAMES
MERCANTILE
Government, Municipal
ST, MONTREAL
TRUST
SECURITIES
BL D, H A M ILTO N.
and Corporation Bonds
auctioneers
Government, Municipal
&
'
DoftimcM Securities
Adrian H. Muller & Son
Corporation
Lists
CORPORATION- LIMITED
on
regno*
A. E.AMES A CO.
74 Broadway, NEW YORK
Teronto
Montreal
7TOROMTQ. /AOnTRJEAL.. UDHDQIi.EJiCk
AUCTIONEERS
Office, No. 55 WILLIAM STREET
Corner Pine
Street
Regular Weekly Sales
Canadian Securities
OP
STOCKS and BONDS
EVERY WEDNESDAY
Kemerer, Matthes &. Co. W. GRAHAM BROWNE&CQ
Exchange Sales Rooms
14-16
Yesey Street
222 St.
Members Phila. Stock Exchange.
50 Broad
A tithe
Canadian Securities
Inquiries Solicited
Toronto.
Street, New York
Hamilton.
London.
Direct Private
Buffalo*
Wires
James Street
MONTREAL
Phiku
Correspondence Solicited
[Vol. 105.
CHRONICLE
TH!
TI
Jottiqn
AUSTRALIA & NEW ZEALAND
THE
LONDON CITY & MIDLAND
ONION OF LONDON & SMITHS BANK
BANK LIMITED
THE
bank of
LIMITED
Head Office
new south
wales
(ESTABLISHED
1817.)
LONDON, L C. 2
5, THREADNEEDLE STREET,
Sterling.
Authorized
3
I, FINCH LANE, LONDON, E. C.
FRENCH,
1917...$287,130,048
5124,479,960
Subscribed Capital
337 BRANCHES and AGENCIES in the Aus¬
tralian States, New Zealand, Fiji, Papua (New
Paid-up Capital
525,933,325
Reserve Fund
Bank
The
transacts
GEORGE
Deposits
London Office
Head Office
29, THREADNEEDLE
STREET, E. C.
STREET
SYDNEY
December 31,
General
H.
Reserves
E.
-
Secretary H.
BARCLAYS BANK
5134,687,720
LIMITED
The Capital has been
Capital—
and
Authorized
Paid-up Capital £2,000,000\
To£1,980,000/gether £3,980,000
Liability of Proprietors
..£4,000,000
Reserve Fund
Reserve
Capital
Total
and
The Bank has 41 Branches In VICTORIA, 39 lo
19 In QUEENSLAND,
14 In SOUTH AUSTRALIA, 22 in WESTERN
AUSTRALIA, 3 in TASMANIA and 44 in NEW
NEW SOUTH WALES,
52,029,360
And the Reserve Fund
51,705,000
OFFICE
54, Lombard St., London,
Paid Up
£12,679,440
£4,594,443
Capital
Reserve Fund
£2,200,000
.....
...
This Bank has Brancbas la ifl the Camps wlm
Amvlca
800
Troops an stationed la EaptamL
ZEALAND.
Sir EDWARD H. HOLDEN. Bart., Chairman.
BRITAIN
GREAT
IN
BRANCHES
DEPARTMENT
FOREIGN EXCHANGE
Head Office : 71 CORNHILL, LONDON. E C.
£• C.
£13,500,000
Capital
Nominal
Capital Subscribed
By reason of the Belfast Bank purchase.
£7,980,000
Reserves
HEAD
increased
....£6,000,000
Issued
R. HO ARE
5258,539,070
Bills of Exchange
Incorporated 1880
(Country)
THOMAS
ME UNION BANK OF AUSTRALIA Limited
Established 1837
Managers
(Town and Foreign)
HART
51,005,994,265
-
£55,231,863
1916-..
LINDSAY ERIC SMITH, Deputy Governor
L.
Australian Banking Business.
Wool and other Produce Credits arranged.
£1,150,000
Current Accounts,
SIR FELIX SCHUSTER, Bart., Governor
H.
of
description
every
£3,554,785
Up Capital
Deposits and
521,705,000
Guinea), and London.
£25,000,000
£22,934,100
...
Reserve Fund
<JS=«)
Manager
General
Capital
Subscribed Capital
Paid
$52,949,800
J. RUSSELL
LONDON, ENGLAND
2 PRINCES ST.,
Foreign Branch Office
up CapitalJ
$19,474,900
teaerve Fund
14,000,000
Reserve Liability of Proprietors... 19,474,900
Aggregate Assets 31st Mar.
OFFICE
HEAD
London, E. C.
54, Lombard Street,
Manager—A. C. Willis,
MANAGER
Manager—W. J. Essame.
Assistant
COUNTY
The CAPITAL & COUNTIES BANK LONDON
Established 1834
Head
&
LTD.
up
London Office, 1
$4,000,000
...
This Bank has upwards of 500 Offices in
Wales and Channel Islands.
England,
THE FOREIGN EXCHANGE DEPARTMENT
Issues Currency Drafts on all Cities.
Letters of
Credit and Circuar Notes payable throughout the
World.
Mall and Telegraphic Transfers.
Ap¬
Bills
Freight
established
Credits
purchased.
Commercial
available anywhere,
FOREIGN BILLS COLLECTED
Trust
£20 each.
£4,600,000
-
LOTHBURY,
OFFICE: 41,
Foreign Branch Office: 82,
E.C.2.
Cornhill, E.C.3.
BRANCHES:
SPANISH
BARCELONA
MADRID
Paseo de Gracia 8 and 10
-
-
Calle de Alcala 43
-
-
-
-
Banks and
Compani«*8 and Invites Correspondence.
Cable Address' "Elmftod London."
ULSTER
IRELAND:
IN
AFFILIATED
BANK LIMITED
Codes:
331,200,000
$11,640,000
OLD BROAD STREET, E.
Gonsolo.
\
C,
Manager: E.
/
West End Agency and London Office
Italian State Railways, 12 Waterloo
Regent St., S. W.
of the
Place,
Treasury.
ITALY:
Acireale, Alessandria, Ancona, Bari, Bergamo,
Biella, Bologna, Brescia, Busto Arsizio, Cagliari,
Caltanissetta, Canelli, Carrara, Catania, Como,
Cremona, Ferrara, Florence, Genoa, Ivrea, Lecce,
Lecco, Leghorn, Lucca, Messina, Naples, Novara,
Oneglia, Padua, Palermo, Parma, Perugia, Pescara, Piacenza, Pisa, Prato, Reggio Emilia, Rome,
Salerno, Saluzzo, Sant. Agnello, Sampier-d Arena,
8assari, Savona, Schio, Sestri Ponente, Syracuse.
Termini Imerese, Trapani, Turin, Udine, Venice,
BRANCHES IN
Verona, Vicenza.
Western Union, Peterson's International
Bent ley's, A B C, 5th Edition.
Leibers,
.........
Correspondents to the Italian
HEAD
against
usual shipping documents.
Shipowners Freight
Remittances and Disbursements to all parts.
The Bank acts as Agent for American
850,000 Shares of
In
£17,000,000
-
Reserve exceeds
Every kind of Banking Business transacted.
proved
Capital
Authorized
(5 dollars equal £1)
Capital
Funds
.......
Reserve Fund-.
MILAN
ead Office
LIMITED
$43,750,000
Deposit & Current Acts., 31-12-16.$261,914,700
Paid-up Capital........
$8,760,000
Subscribed Capital
ITALIANS
BANCA COMMERCIALE
WESTMINSTER BANK
Office; 39 Threadneedle Street,
London, England.
W. O. Stevenson
-
-
-
AFFILIATED
PARIS
CO., Lda.
&
ERNESTO TORNQUIST
-
-
-
IN FRANCE:
^Westminster Bank (Paris), Ltd.
London County
BORDEAUX
22, Place Vendome
-
22-24, Cours de l'lntendance
-
Agents in London for
BANQUE FRANCA1SE ET ITALIENNE
L'AMERIQUE
>
DU
POUR
LUD.
Rio de Janeiro, San Paulo, Santos,
Societa Commerciale d'Oriente, Tripoli.
Buenos Ayres,
&c.
buenos aires
The Union Discount Co.
Established 1830
Oldest
establishment
business
in
the
39
River Plate
Capital fully paid
up
and Reserves
£2,587,251
Banking and
Call
At
BANKERS
The
Days'
The
Notice, 4*4 Per Cent.
Company discounts approved bank
acceptances, receives money on
and
de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
CHRISTOPHER R.
NUGENT. Manager.
National
Discount
Company, Limited
35 CORNHILL
LIMITED
ZURICH, (Switzerland)
up
and\—Frs. 46,000,000
)
Fund
EVERY DESCRIPTION
NESS TRANSACTED.
Bills of Exchange
negotiated and collected.
Drafts and Letters of Credit Issued.
Telegraphic Transfers effected.
Booking and Travel Department.
•
-
Bank, Ltd.
CHILE
URUGUAY
FRANCE: Paris
SPAIN:
Madrid, Bilbao, Barcelona
LONDON. E. C.
London.
$21,166,625
4,233,325
2,250,000
Subscribed Capital
Reserve Fund
CAPITAL & RESERVES
£6,154,966 @ $5
per
£=$30,774,830
($5=£1 STERLING.)
RATES
on
of BANKING BUSI¬
-
Paid-up Capital—
NOTICE
Reserve
-
Cable Address—Natdis.
Founded 1755.
Capital Paid
Anglo-South American
ARGENTINA
LEU and CO/S BANK,
STRAITS SET.
Agent. $4 Wall g«
#
Gable Address: "Clermont*!
*
CHINA. JAPAN, PHILIPPINES.
TLEMENT8, INDIA,
GIVEN
that the
allowed for money
mercantile
The
ISSUE LETTERS OF CREDIT,
BILLS PAYABLE II*
WADS GARD'NER,
GUATEMALA,
Central America
15,000.006
GRANT DRAFTS.
NEGOTIATE OR COLLECT
Per Cent.
4
At 3 to 7
Clermont & Co.
HEREBY
INTEREST
deposit are as follows:
on
Commercial Business
IS
OF
RATES
$33,800.000
Reserve Liabilities of Proprietors.......
$10,000,000
8,500,000
4,250,000
4,000,000
316,000,006
Reserve Pnnrti111 Gold...$16.000,0001.
K®eervflFuna\In Silver.. 18.600,000J
Telegraphic Address, Udlsco, London.
NOTICE
General Financial,
CORPORATION
Paid-up Capital (Hong Kong Currency)
CORNHILL/
Capital Authorized
Capital Subscribed
Capital Paid-Up ——
Reserve Fund
$5=£1 STERLING.
Hong Kong & Shanghai
BANKING
of London, Limited
OF
deposit
IS
HEREBY
INTEREST
are as
follows :
At Call 4 Per Cent Per
At 3 to 7
or
GIVEN
that the
allowed for money
HEAD
Annum.
14 Days' Notlee, 4*4 Per
Cent.
Approved bank and mercantile bills discounted.
Money received on deposit at rates advertised
from time to time and for fixed periods upon
specially agreed terms.
Loans granted on approved negotiable securities.
PHILIP HAROLD WADE. Manager.
OFFICE, OLD BROAD STREET,
LONDON, E. C.
NEW YORK
Every
(Agency), 60 WALL STREET
description
of
Banking and
Exchange business
w Dec. 29 1917.]
THE
foreign
CHRONICLE
VII
Ranker* & JStoker* otttefte
J?. {tanker* S> {Stoker* ouftffbe
CHICAGO
SPERLING & CO.
9,
CHICAGO
Basildon House,
Moorgate St.
London, E. C.
FISCAL AGENTS FOR
Public
Warren Gorrell & Co.
Utility
TIMBER
and
BONDS
based always upon
Hydro-Electric Companies
INVESTMENT SECURITIES
expert verification
of
NEW YORK AGENTS
SPERLING & CO., INC.,
underlyingassets
332 so. Michigan A v.
120 BROADWAY.
208 South La Salle Street
CHICAGO
Chicago
,
Coinptoir National d'Escompte de Paris
Capital fully paid
Reserve Fund
up
—Frs. 200,000.000
Frs. 42,000,000
OFFICE: 14 RUE BERQERE.
PARIS
London Office: King William
Street, E. C.
Branches at Manchester and
Liverpool
Nearly 300 Branches in Prance. Spain,
Tunis,
Egypt, Madagascar, India and Australia.
-
Jfotetgtt
HEAD
Agents of
the
French
GRE^E^UMSONS
Colonial Banks.
»
EXCHANGE business of
every description transacted,
DEPOSIT AND
CURRENT
ACCOUNTS.
DOCUMENTARY
*
BANKING
AND
CREDITS, SHIP S DISBURSEMENTS AND
COLLECTION OP FREIGHTS in all
parts of
the world.
Banque Nationale de Credit
Capital
AND TRUST COMPANY
Southeast Corner La Salle and Madison Sts.
CHICAGO
frs. 150,000,000
Reserve Fund
"
—
Capital and Surplus,
35,500,000
5j£%
Suitable for Estates,
BANK of BRITISH WEST AFRICA, LIMITED
HEAD
(Bankers to the Governments of the Colonies of
the Gambia, Sierra Leone, Gold Coast &
Nigeria.)
Leaden hall Street,
LONDON, E. C.
Reserve Fund—
$5 equal £1.
The Bank has Branches In Liverpool, Manches¬
ter and all the
principal towns in West Africa,
Canary Islands and Morocco, and is prepared to
transact every description of
Banking Business
with those places.
New York Agency,
i
'
;
which
Societa
incorporated
are
Bancaria
Societa
Italiana
Write for Bond Circular C 25.
OFFICE
Oldest Banking House in Chicago.
di
Lyons,
Havre, Angers, Dijon,
leans,
Rouen,
louse, and
others
INVESTMENT SECURITIES
Nantes, Or¬
Saint-Etienne,
140
centres of
Marseilles,
In
the
THE
Tou¬
ROOKERY,
CHICAGO
chief
Telephones IA utomatic 54157
{ Harrison 7080
T.Unhnn.,
France.
GENERAL BANKING BUSINESS
Paul H.Davis
the
&©ompai2y
High Grade Unlisted Stocks
Italiana
Industrials
Credito
Provinciate
Subscribed Capital
Lires 115 millions
Paid-up Capital"
102
Deposits and Current Ac¬
counts (30th Sept. 1917)" 1135
Cash in hand and with the
Motor Stocks
oration
Bank (30th
Sept.
1917)—
"
Bank Stocks
Sugar Stocks
Film Stocks
.
OF
LONDON OFFICE, 43
West End Branch
BRANCHES at: Genoa, Milan, Naples, Pa¬
lermo, Turin, Venice, Bologna, Busto Arsizlo,
Catania,
Florence,
Ancona,
Blella,
Como,
Monza, Sanremo, Verona and 50 others in the
CENTRES
89 SO. LA SALLE ST.
Basje, Zurich, St. Gall, Geneva, Lausanne
ITALY.
PARIS OFFICE, 2 Rue Le Peletier
London Clearing Agents: The London & South¬
western Bank. Ltd., 168, Fenchurch Street.
Jforetsn
Lothbury, E.C. 2
——11 Regent Street.
The Commercial Banking Co. of
Waterloo PQaca. S. W. 1
Established
Capital paid
Surplus,
up,
•
.
•
International Banking Corporation
55 WALL STREET, NEW YORK CITY
Capital
Frs.27,750,000
Drafts
payable
on
demand,
and
Letters
are issued by the London Branch on the
Head Office.
Branches and Agencies of the Bank
Credit
THE
AMERICAN
London Office: 18. Blrchin Lane. Lombard 8t. B.O
CREDIT
OFFERS
EVERY
Colombia
KIND OF
FACILITY
Head
16, BISHOPSGATE, LONDON, E. C.
Cash and Bills Department:
Santo Domingo
San Francisco
51, Threadneedle St., London, E. C.
New York
The Mercantile Bank of India Ltd.
Head Office
15 Gracechurch
Capital
£1,500,000.
Reserve
Branches
in
Settlements,
and
'
■
'
Street, London
Paid
Fund
up
£562,500.
£500,000.
India,
Burma, Ceylon,
Federated Malay States,
Mauritius.
Agency—22 William Street
Correspondents in Lisbon
"
Bankers to the Government in British East
Africa and Uganda.
Head Office : 26, 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
£1,200,000
The Bank conducts every description of
banking
and exchange business.
STANDARD BANK OF SOUTH AFRICA, Ltd.
HEAD
OFFICE,
Paid-up Capital
Reserve
LONDON, E. C.
£1.548.525
or
£2.000,000
Fund
Total Resources
or
$10,000,000
£35.055.998
or
$7,742,525
H.
MACINTYRE. Agent
York
Alsoflrepresentlnf The Bank of New South
Walesiwith branches throughout Australasia.
NATIONAL BANK of EGYPT
Head Office—Cairo.
Established under Egyptian Law June,
1898,
with the exclusive right to issue Notes
payable at
Bight to bearer.
Capita], fully paid
Reserve Fund.....
£3.000.000
..£1.881,850
LONDON AGENCY
LONDON* E.C.
PATROLEUM BANKING & TRUST CO. S. A.
$176,334,990
58 Wall St.. New
and Oporto:
Credit Franco-Portugala
6 AND 7 K1NQ WILLIAM ST-
Apartado
(P.
O.
Box)
No.
468—Tamplco,
CREDIT SUISSE
Tamps, Mexico.
Established 1850
Members of the American Bankersi
f About Two Hundred and Fifty Branches and
Agencies throughout South Africa.
W.
St., E.C.3."
London West End Office, 4
Cockspur St.,S.Wl
390 branches in France,
Algeria and Tunis, and
also at
Alexandria, Barcelona, Brussels, Cairo,
Constantinople, Geneva, Jerusalem, Madrid,
Moscow, Odessa, Port Said, Petrograd, San Se¬
bastian, Seville, Smyrna, Valencia.
<
NATIONAL BANK OF INDIA Limited
Straits
Chine,,
Fcs.250,000,000
Fcs.175,000,000
Head Office, Lyons.
Central Office, 19 Boul. des
Italiens, Paris.
London Office, 49 Lombard
BANKING
Office
LYONNAIS
Capital (fully paid)
Reserve fund
COLONIAL BANK
Straits Settlements
Panama
_
In Australia and elsewhere.
Bills on Australasia
negotiated or collected.
Remittances cabled.
NAVAL
(Established by Royal Charter 1836)
Branches in:
London
AND
".
Surplus & Undivided Profits—— $4,598,000
Japan
'
Philippine Islands
MILITARY
FORCES.
$3,250,000
China
Wales.
Pald-Up Capital
£1.000.005
Reserve Fund and Undivided Profits 1,140,000
Reserve Liability of Proprietors.... 2,009.000
Frs.82,000,000
.
.
Sydney Ltd
1834.
Incorporated In New South
Special facilities offered to MEMBERS OP
"The Only American Bank In the Orient"
India
CHICAGO
39
ement and Head Office: ROME
Special Letters of Credit Branch,
20 Piazza di Spagna—Rome
CHIEF
and Bonds
Public Utilities
—
Central Mana
A State Bank.
Sanford F, Harris & Co.
BRANCHES ''"at:
the
and
6%
Individuals
6 Wall Street
Banca Italiana Di Sconto
with
and
PARIS
$10,000,000
7,000,000
2,800,000
1,100,000
?
Trustees
16, Boulevard dea Italiena
Head office 17-18
Authorized Capital
Subscribed Capital
Paid Up Capital..
$2,000,000
CHICAGO FIRST MORTGAGES
Capital & Reserves francs, 100,000,000
Association.
Offers
Banking Facility.
Payments'and
collections made'on all parts of Mexico;
in both Mexican gold and
every
New York Exchange.
Head Office: Zurich, Switzerland
Branches at Basle, Geneva, St. Gall,
Lucern
Glaris, Lugano, Frauenfeld*
ALL BANKING BUSINESS
THE
Till
[VOL. 103.
CHRONICLE
Banter* anii brokers ouWfiie iieta
st.
gotfc
providence
denver
louis
Specialists in
Telephone
SYSTEM
BELL
MEXICO,
NEW
A.G.EDWARDS 4 SONS
Bonds and Stocks of
COLORADGt
IN
UTAHi
MONTANA
Public Service Companies
ARIZONA,
WYOMING, IDAHO AND
Providence
Worcester
Augusta, Maine
Boston
Naw York
New Haven
38 Wall Street
Id St. Louis at 412'
7% STOCK
No Bonds—No Preferred
OlivetStreet
Share*
BODELL
BOETTCHER, PORTER
i
DENVER
Frevldance
II Congrats St., Beaten
Yark
Naw
Breadway,
111
SECURITIES
CO.
&
Wsybesset St.,
II
COMPANY
Bonds, Preferred Stocks and Local
the
of
COMPANY
&
STRANAHAN
States
Mountain
Securities
detroit, mich.
CENTRAL WEST
CO.
&
HIGBIE
KEANE,
Established 1893
DETROIT
Dime Bank Bldg.
& Clark
Richardson
MUNICIPAL BONDS
11
Exchange Street, Providence, R. 1.
milwaukee
Dealers in
Bonds, Stocks and Local Securities
Charles W. Moore
Smith
f. Herndon
edgar, ricker
William H. Burs
co.
a,
WISCONSIN CORPORATION
ISSUES
SMITH, MOORE & CO.
MILWAUKEE
BLDG.,
WELLS
R. S. MOORE & COMPANY
.
INVESTMENT SECURITIES
Specialists
Investment Bonds
Stocks
ST. LOUIS.
I0S OLIVE ST.
norfolk,
MO.
va.
Local Securities
Companies.
Providence, R. I.
MOTTU & CO.
MARK C. STEINBERG & COMPANY
Established
NEW YORK
NORFOLK, VA.
to Broadway
INVESTMENTS
OLIVE
BANKERS
and
cincinnati
BROKERS
Securities
Alabama
ST. LOUIS
ST.
Bond8^^?un!cipf,
\Corporation
New York
Detroit
BANKERS
ROBERTS
INew York Stock Exchange
Chicago
Gas Co. 1st 6s. 1936.
Gas
,
Electric
&
Co. 6s.
Gas
Southern Investment Securities
SECURITIES
INVESTMENT
1918-1920.
Co.
Securities
Board of Trade
Cincinnati Stock Exchange
Dealer* in
Columbia Gas & Electric Co. 1st 5s. 1927;
Natural
HALL
&
Birmingham, Ala.
West Penn Power Co. htIS«,S1946.
Union
Chlcaae
Cleveland
Cincinnati
Otto Marx & Co.
pittsburgh
United Fuel
Co. S% Bonds.
FIELD, RICHARDS & CO.
& CO.
Birmingham
09
Municipal Bonds.
Minneapolis National Bank Stocks.
alabama
CALDWELL & GARBER
St. Louis Stock Exchange
Investment
MINN.
Original Purchasers of City of Minneapolis
and high-grade Northwest
Twin City Rapid Transit
ST. LOUIS SECURITIES
STIX
WELLS-DICKEY CO.
MINNEAPOLIS,
ST. LOUIS
Members
minneapolis
1892
Broadway
300
Service
Public
10 Weybosaat St.
Members New York Stock Exchange
Members St. Louis Stock Exchange
and
Bonds
in
of
Per
6
Cent
CINCINNATI
buffalo
.
OHIO
.
.
.
Notes, 1919.
JOHN
G0DDARD, HUNTER & CO.
307
Fourth
Ave.,
York,* Pittsburgh
ROAD 5%
Government, Municipal
and
Chicago
and
Stocks and Bonds.
$250,000 Muskingum County, O.
Due
Pittsburgh, Pa.
Court 4806.
New
T. STEELE
BUFFALO, N, Y.
Buffalo
on
BONDS
1927
to
application
Corporation Bonds
Weil, Roth & Co.
SPECIALISTS IN
.
Price
1918
and Western
New York
CINCINNATI
Securities
Chicago
New York
Pittsburgh Securities
a
Specialty
augusta
edgar
CHILDS, KAY & WOODS
Union Bank
PITTSBURGH, PA.
Bldg.
fried la ndep
DEALER
JOHN W. DICKEY
IN
Cincinnati Securities
Member*
NEW
AUGUSTA, GA.
YORK STOCK EXCHANGE
PITTSBURGH
STOCK EXCHANGE
CHICAGO BOARD
OHIO
CINCINNATI
Southern Securities
OP TRADE
Establish*!
1880.
baltimore
PITTSBURGH BESSEMER & LAKE ERIE RR.
Debenture 5%
PITTSB.
Bonds, due 1919.
SHENANGO
5%
&
LAKE
ERIE
MONTGOMERY, ala.
SUPERIOR CALIFORNIA FARM LANDS
6% Bonds, maturing 1928
CINCINNATI
BALTIMORE
CO.C
DOQUESNE BOND CORPORATION
223 Fourth Avenue,
Westheimer & Company
RR.
Bonds, maturing 1940.
PITTSBURGH
Members of the
B. W. Strassburger
SOUTHERN INVESTMENT SECUBITIE3
MONTGOMERY,
AM.
York
Stock
Exchange
Cincinnati
Stock
Exchange
New
Chicago Board of Trade.
Dec. 29 1917.]
THE
CHRONICLE
IX
©atifetw attb JSroiur* «ral« tte £Lt\n gork
GRAND
RAPIDS
LOS
Pacific
Coast
American Public Utilities Company,
Direct Private Wire New York
and Other
CORPORATIONS
having substantial
regular quarterly dividends.
61
asset*
safe, profitable investments.
Engineers
■'
Operators
WILLIAM R. STAATS CO.
•
Pasadena
BOND DEPARTMENT
343 Powell St.
LOS ANGELES
SAN FRANCISCO
Grand Rapids, Michigan
San Franclseo
Broadway, New York
• Los
Angeles
Oakland
Managed by
fvelsey, Brewer & Co.
to
Principal Cities
San Francisco
and earning power
,
are
Members:
NEW YORK STOCK EXCHANGE!
oI MUNICIPALITIES AND
Utah Gas & Coke Company
They
FRANCISCO
E. F. HUTTON & CCD
Securities
BONDS
Wisconsin-Minnesota Light & Power
Company
pay
J-i-y*trirVii'V^~.~iiri rii-n-i.-n->ryy>-*yi^i~il-i -i-.~r--.-i r.*i.-fir.iViniVir>fi<i iV^Vi,*iVVWWvvmw»
SAN
The Preferred Stocks
of the
-
ANGELES
San Francxc®.
CHICAGO
Quotations and Information furnished CO
PASADENA
Pacific Coast Securities
PHILADELPHIA
BROWN
F. M.
Wm. G.
Hopper & Co.
TORRANCE, MARSHALL & CO.
STOCK & BOND BROKERS
38 SOUTH
Hopper
Member Phils.
Municipal and Corporation
California
THIRD STREET
Philadelphia, Pa.
W, O.
H.
Stock Ex.
KANSAS
&
CO.
&
DEALERS IN
LOS
Saourltlaa
ANGELES,
BONDS
CALIFORNIA
100 Sansome Street, Corner California
Hopper,
SAN FRANCISCO, CALIFORNIA
Member Phils. Stoek Ex
CITY, MO.
Wa Specialize In California
Quotations
and
Pacific
Municipal and Corporation
BONDS
Information
Established
PRESCOTT & SNIDER
Pur niched
•»
Coast Saourltlaa
1058.
SUTRO & CO.
Investment Securities
San Francisco
LOS ANQELES
MUNICIPAL
Descriptive Circular
R.H.M0ULT0N& COMPANY
CALIFORNIA
BONDS
Tltla Insurance
YIELDING S TO «%
on
J.
MUNICIPALS
Building,
BARTII
& CO.
INVESTMENT SECURITIES
LOS ANGELES
Direct
Wire to
Herzog & Glazier
request
A
KANSAS CITY, MO.
E.
34 Broad
LEWIS
483
8, V. Stock A Bond Ex.
BONDS
CLEVELAND
St., New Yerk
Members of the
MUNICIPAL AND CORPORATION
CALIFORNIA ST.
SAN
FRANCISCO
of the
PACIFIC
OTIS & COMPANY
Security BIdg.,
COAST
MAX I. KOSHLAND
LOS ANGELES, CAL.
INVESTMENT BANKERS
Second
an
KANSAS CITY
R. SUTHERLIN & CO.
BIdg.,
San Francisco Stock
Bond Exchange
1st Nat. Bank BIdg.,
Commerce
Members
410 Montgomery St.
Bonds
J.
INVESTMENT BROKERS
PERRIN, DRAKE &. RILEY
Municipal and Corporation
Pacific Coast Securities
Floor, Cuyahoga BIdg.
Cleveland. Ohio
SAINT
PAUL
Member
San Francisco Stock and Bond Exchange
Branch Offices: Columbus, Ohio; Akron, Ohio
Youngstown, Ohio; Denver. Colo.;Colorado
Springs. Colo.; Casper. Wyom.
F. E. M AG RAW
Mills
MUNICIPAL AND CORPORATION
SAN
Building
FRANCISCO
BONDS
Members of New York, Chicago
Columbus
and Cleveland Stock Exchanges and
Chicago Board of Trade
Commercial Paper
Local Securities of the Twin Cities
Globe Building
CHAPMAN DE WOLFE CO.
ST. PAUL. MINN.
S61-86S Montgomery Street,
LOUISVILLE
SAN
FRANCISCO, CALIF.
MACON
Stocks and Bonds
John W. & D. S. Green
uffalo Railway 1st Consol
Sochester Railway 1st & Sd 5s
Mtge. Ss
W.
Louisville
M.
DAVIS
«'
.
Buffalo Crosstown 5s
Louisville Henderson & St. Louis 1st 5s
International Railway 5s
Southern
Municipal Bonds
Information
MACON
all
PacUta
PORTLAND, MAINK
Wanted—Wichita Water Co. S«
due 1931
BREED, ELLIOTT & HARRISON
CINCINNATI
PORTLAND, ORE.
M. PAYS0N &
H.
Members New York Stock Exchange
INDIANAPOLIS
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
BROTHERS
PHILADELPHIA
38
Municipal and Corporation
Portland, Main
Exchange St.,
Eastern
Great
First Mortgage 6% Bonds offered with
of Capital Stock.
Information
bonus
upon
request.
BEYER
OTTO
F.
1903
Fletcher
SMALL
PORTLAND, MAINE
lUtopet*
Specialists In Local Securities]^
All
&
HAUEISEN &, CO,
Established
PACIFIC COAST SECURITIES A SPECIALTY
Paper Co.
To Those Interested In Pulp. Paper and
Lumber Securities
84 EXCHANGE ST.,
BONDS
CO.
Investment Banker*
,
CHICAGO
Investment Securities
Trust
BuUding,
Indianapolis
F.
HALL & COMPANY
V^TKRAFT
LAWYER.
Specializing In Examination of
INVESTMENT BONDS
Looal and
Paelflo Coast Securities
NEWTON TODD
Local Securities and
Indiana Corporation Bonds a Stocks
LEWIS
BUILDING,
PORTLAND,
•
INDIANAPOLIS
504 Wast Main Street. LOUISVILLE. KY.
MORRIS
on
Member San Franelsee Stock A Bond Bxehaa
GEORGIA
INVESTMENTS
PORTLAND
Quotations
Coast Securities
Guaranteed Stocks
KY.
Henning Chambers & Co.
and
AND
Lighting 1st 6s
LOUISVILLE
COMPANY
OREGON
Fletcher"Amer. Bank BIdg., INDIANAPOLIS
Municipal and Corporation Bonds
51T-AI0
HARRIS
TRUST
BUIUKNG
111 WEST MONROE STRJK
CHICAGO, ILL.
[VOL. 105.
CHRONICLE
THE
HSnqutrtes
Current JBonB
WANTED
J. LISMAN & CO.
F.
New York and
Members
Exchanges
Chicago Stock
BROADWAY, NEW YORK
61
Baltimore
Chesapeake & Atlantic 5s
International &
Henderson 5s]
North Denver Irrig.
GreatJNorthern Notes
Susquehanna & Western
Peoria
RefundingA5s
(111.) Water 4s
H. C. SPILLER &
63 Wall Street
27 State Street
4J^s
New York
Boston
5s
Refunding 4s
Wisconsin Central
AND
AND STEAMSHIP
ALL RAILROAD
SECURITIES
Robt. Glendlnnlng &
GENERAL ELECTRIC COMPANY
WOOD, STRUTHERS & CO.
MEMBERS
New York
Street
\Ta*Miiu
5
Rights and Scrip
Stock Exchange
Philadelphia Stock Exchange
YORK
NEW
Pittsburgh Stock
Exchange
Quoted
Sold
Street,
400 Chestnut
FREEMAN &
Members New York
34 PINE
Co
Securities
Investment
Bought
CO.
INCORPORATED
Southern Indiana 4s
Wilkes-Barre & Eastern
Co. 6s
&i5s
Niagara Falls Power
5s
Maryland Delaware & Virginia
New Orleans Terminal 4s
Wheeling & Lake Erie
Dist. 6s
Irrigation 6s
North Sterling
5s
Louisiana & Arkansas
N. Y.
Newp. N. Lt. & W. Co. 5s & Stk.
N. Y. & N. J. Water 4s & 5s
& 5s
Bush Terminal 4s
Galveston Houston &
WE DEAL IN
Water Co. 5s
Nassau County
O.—-Toledo-Cincinnati Div. 4s
B. &
Birmingham Terminal 1st 4s
Birmingham Water Co. 5s
Boston & Maine RR. 4s & 4)/£s
Butte Water Co. 5s
COMPANY
Stock Exchange
STREET, NEW YORK
Telephone £080 John
Nor. Pac. Gen. Lien
3s, Reg., 2047
PHILADELPHIA
M., Mont. Ext. 4s,1937
St. P. M. &
Montana Central 1st
6s, 1937
41/4% & 41/2% Bonds
1931, "Series A"
New Orl. & Mobile First 6s,
6%
1930
Madison Co., N.
St. Petersburg,
120
C.
Fla.
Attractive Prices on Application.
&
CO.
BROADWAY, NEW YORK
Exchange
York Stock
Members of N«W
1931
N. Y. C. & H. R. RR. Cons. 4s,'98
Cleveland Short Line 4J^s, 1961
San Ant. & Aran. Pass 4s, 1943
Jamest. Frank. & Clear. 4s, 1959
N. Y. Chic. & St. L. Deb. 4s,
Lincoln Co., Okla.
BROS.
SUTRO
MUNICIPAL BONDS
Hickory, N. C.
CITY
YORK
NEW
4^s,
Tol. Walh. Val. & Ohio First
Short Term Notes
Bonds
Railway Equipment
Foreign Government Issues
Big Sandy 1st 4s, 1944
Houston Belt & Term.
Seasongood & Mayer
CINCINNATI, O.
5s, 1937
Hartshorne &
ELDREDGE
BULL &
SI Nassau Street,
Tel. 632 Cort.
N. Y.
Battelle
INVESTMENT SECURITIES
Members of the New
B. N. ROSENBAUM & CO. INC.
U. S.
Series "C"
Industrial
accessory,
Mortgage & Trust Co.
CHICAGO RAILWAYS
office negotiates large loans,
discounts the sale of securities for
This
and
Preferred Accident Co.
NEW YORK
25 BROAD STREET
NEW YORK
80 WALL STREET
Automobile
Fidelity & Casualty Co.
York tttock Exchange
5%, 1927
FRANK J.
71
DILLON
M.
NEW YORK. N. Y.
Broadway
Tel. 548 Rector
Realty Projects.
BABCOCK, RUSHTON& CO.
Pacific Power & Light 5s,
1930
Yadkin River Power Co. 5s, 1941
Kansas Gas & Elec. 5s,
1922
Members New York &
H.
L.
7 Wall >t.
New York
Bought, Sold and Quoted
Inquiries Solicited
Dubuque, Iowa, Elec. 5s, 1925
Pacific Power & Light Pref. Stock
Seaboard Adj. 5s
G.
NASON & CO.,
C.
&
C.
Louisville
St.
Louis Gen. 4s
Gas & Electric 6s
6s
Montana Power
BOSTON
85 Devonshire St.
MICHIGAN SECURITIES
Chicago Stock Exchanges
Home Ins. Bldg.
Chicago
Cuban 6s, 6s,
JOEL STOCKARD & CO.
Main
Floor-Penooseot Bld'g,
DETROIT
4^s
National Park Bank Stock
Wisconsin Central Refund. 4s, 1959
Clev. Cin. Ch. & St. L. Gen. 4s, 1996
Lake Erie & West 1st 5s, 1937
Lake Erie & West. 2nd 5s, 1945
Kan. City Ft.Scott & Memphis 4s, 1936
Denv. & Rio Grande Impt. 5s, 1928
Kansas City South. Refund. 5s, 1950
Chic. Mil. & St. Paul Ref. 4Hs, 2014
Pere Marquette Bonds
and other
Low Priced Rails
MILLER
Members New
110 B'way
COMPANY New
&
York and
Phtla. Stock Exchanges
'Phone #900 Rector
New York
Akron & Barberton Belt 4s, 1942
Washington Water Power 5s, '39
Bush Terminal
Descriptive List on Request
J. S.
Tel.
2860
or
27 William St., New
York
11
WALL
ST..
N.
Y.
NEWARK. N J.
STOCKS AND BONDS
bought and sold for cash, or carried on
conservative terms.
Aeroplane 6s, 1918-1922
McKinley & Morris
6557 Broad
COMPANY
STREET
Buildings 5s, '60
Shawinigan Water Power 5s, '34
WOLFF & STANLEY
RIPPEL &
18 CLINTON
Carolina Clinch. & Ohio 5s, 1938
Curtiss
Jersey Municipal Bonds
Tel. 2214-5-6 Rector
Inactive and unlisted securities.
Inquiries invited.
FINCH
TARBELL
&
Members New York Stock Exchange.
120
BROADWAY.
-
-
-
NEW YORK
DEC. 29 1917.]
THE
CHRONICLE
XI
Current Ponb 3ht guides
J. S.
Bleecker St.& Fulton
Fefy Com.
Morgans La. & Texas 6s
Indian Refining Com.& Pref.
Established 1882
66
American Cities 5s & 6s
Richmond-Washington
4s, 1943
Kansas City Southern ref.
& imp.
5s, 1950
Western Maryland 1st
4s, 1952
Rio Grande Western
Coll. Tr. 4s, 1949
Central RR. &
Bkg. Co. of Georgia Coll. Tr.
5s, 1937
New York
Susquehanna & Western Ref.
5s, 1937
Wilkes-Barre & Eastern First
5s, 1942
New Orleans
Ry. & Lt. 4J^s
v
.
BROADWAY, NEW YORK
Rio Grande Junction
5s, 1939
New York New Haven
& Hartford Deb.
4s, 1956
New Orleans Terminal
1st 4s, 1953
Paragon Refining
/
FARLEE & CO.
"
J. S. Bache & Co.
NEW YORK
Buffalo
Rochester
Montreal
<400
Washington Terminal 3%s,
Broad
Albany
Norfolk Ry. & Light 1st
5s, 1949
Established 1865.
Cosden & Company Bonds
Underly. RR. & Pub. Utility Bonds
BANKERS
Chestnut St.
Middendorf, Williams & Company
Incorporated
Philadelphia
INVESTMENT SECURITIES
Government,
Railroad,
Public
Exchanges.
Private wires to the
Principal Cities.
Entire
Municipal,
and
Security
Issues
Mex. Pet. Conv.
6s, Series "A"
BANKERS
4y2s 1999
WILL BUY
Negotiated
W. W. LANAHAN & CO.
Hocking Valley 1st Cons.
Exchanges
Consolidation Coal Co. Securities
Consolidated Gas, Electric
Light &
Power of Baltimore Securities
Louisiana & Arkansas 1st 5s
Canton Electric 1st 5s
Chic. & East. Illinois Ref. 4s
Elk Horn Coal
Corp. Securities
Penn. Water & Power Co. Securities
New
York
Stock
Exchange
BROADWAY. N.
Telephone, 4390
PRIVATE
7
SOUTH
(Established 1874.)
ST.
Y.
ST.
LOUIS
RIGGS &
SECURITIES
32 South Street
BALTIMORE, MD.
Members Baltimore Stock
BURGESS, LANG
Exp. Bide.,
NEW YORK
January List of
GUARANTEED STOCKS
Yielding from 4.75% to 7%
Fte upon request
faseph ©Stalker
jlons
Members New York Stock
Exchange
61
Broadway
New
York
PITTSBURGH,
Bklyn. Un. Gas Co. 1st 5s, 1945
Central Uh. Gas Co. 1st
5s, 1927
SAM U EL K. PHILLI PS&, CO.
Edison El. 111. Co. N. Y.
(27 Ch..tnut Stmt
5s, 1995
PHILADELPHIA
Equit. Gas Lt. Co. N. Y.
Aetna Explosives
6%
TOBEY & KIRK
Broad
New
Street
York
.
.
Stock
.
0
on
Issues
CARL
1
L
Investors
Wm.
on
reauest
H. PFORZHEIMER
Exchange
NEW YORK
Carnegie Ewen
100
4. CO.
.
Phones 4860-1-2-3-4 Broad 25 BROAD
ST.. N. Y.
Broadway, N. Y.
Tel. Rector 3880
4s
Baltimore & Ohio 1st 4s
Atlantic Coast Line Consol. 4s
Central RR. & Bkg. of
Georgia 5s
Seaboard Air Line 4s & 6s
Kansas City Fort Scott &
Memphis 4s
Illinois Central
Refunding 4s
Amer. Cotton Oil
t;
5% Notes, 1918-1919
Fuel 5s
Advance Rumely 6s
West Kentucky Coal 5s
Pleasant Valley Coal 5s
Grand River Coal & Coke 6s
New Mexico Railway & Coal 5s
Bethlehem Steel P. M. 5s
West Shore 4s,
Registered
Rogers Brown Iron 5s, 1930
Chicago & East Illinois 6s Rec. Cfts.
Chic. & East. Illinois 5s
& 6s
Mo. Kansas & Texas
Rauscher & Childress
K.w York
T®1. 5834 Hanover
Lt., Ht. &P.4s, 1949
to
Utah
64 Wall St.
New Amst. Gas Co. Con.
5s, 1948
N. Y. Gas&El.
Will be mailed
Pennsylvania Consol. Stlg "Stamped'
WILL BUY
Members
Summary
Standard Oil
McKeesport Tin Plate 5s, 1930
5s, 1932
Kings Co. El. Lt. & Pow. 5s, 1937
STANDARD
Weekly
PA.
Amer. Wat. Wks. & Elec.
5s, 1934
United Coal Corporation Stocks
23
J. A. CLARK &, CO.
Broadway
New York City
'Phone. Rector 7126
Coal Co. First Mtge. 5s, 1932
Georgia Ry. & Pow. 1st Mtge. 5s, 1954
Western N. Y. & Penn. Trac.
5s, 1957
Lake Superior Corp. First
5s, 1944
Glover & MacGregor
849 Fourth Ave..
120
Exchange
& CO.
Hocking
Adams
BOSTON
Brazilian Trac., Lt. & Pow.
6s, 1919
Central Brch. Union Pac.
4s, 1948
Columbus Gas 5s, 1932
Citizens Lt., Ht. & Pow.
5s, 1934
Ontario Power 5s, 1943
McLANE
St.Ry.5s, 1928
Building
Tel. 7160-1.2 Broad
BALTIMORE, MD.
Exchange
Tri-City Ry. & Lt. Co. 5s, '23
Sears
BroadSt., NewYork
Rector
TO
Omaha C. Bluff
25
Members Baltimore Stock
INVESTMENT
WIRE
WILLIAM C. ORTON
specialist Reorganization Securities
J. HARMANUS FISHER & SONS
NEWBORG & CO.
District
C. E. DENISON &
CO
BOSTON and CLEVELAND
Industrial
Members N. Y. and Baltimore Stock
60
4
4s
5s
Utility Bonds for Conservative
Investment.
Members New York and
Philadelphia
Members
4Ui
4s
Lakewood, O., School
BALTIMORE, MP.
and
Utilities Securities.
Stock
Cleveland, Ohio
Spokane, Wash
Duluth, Minn
Omaha, Neb
Municipal, Railroad
Public
Federal Tax Free
Norf. & Ports. Trac. Co. 1st
5s, 1936
Bioren&Co.
314
1945
Wichita Union
Terminal 1st i^s, 1941
Bush Terminal Cons.
5s, 1955
Northern Central
8% Stock
Baltimore
Syracuse
.
Issues
SAM'L
"Phone 6380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
[Vol. 105.
CHRONICLE
THE
Xll
f**
Current JBonb
inquiries
Gulf Florida &
American
Glue
Alabama Ry. 6s
& Pref.
Com.
Pref.
Kirby Lumber Com, &
El Tiro Copper
INVESTMENT SECURITIES
6s
Machinery
Sullivan
United States
Worsted
& Pref.
Gray & Davis Com.
Safety Razor
Gillette
.
Pref.
Mines 6s
England Inv. & Sec.
New
Guanajuato Reduction &
Consolidated Water 5s
Louchheim, Minton & Co.
Member* New York end
Philadelphia Stock Exchangee
Utah
Tl BROADWAY, NEW YORK
Phone 7230 Rector
Private Wire* to
(Utica)
(Ala.)
& 5s
Birmingham Water Co. 6s
Light & Power 4s
Philadelphia and Boston
HOTCHKIN & CO.
SHORT
exdell brother#
$ubUelUiIitt> Seaxntiea
55
111
Incorporated
TERM
58 State St.,
SECURITIES
laroatweiL^tE.
Members
New York, Boston and Chicago
Stock Exchanges
,
Chicago
New York
Boston
R. M. GRANT&CO.
Kansas City Railways 6s
Explosives 1st 6s, 1946
Detroit Edison Deb. 7s, 1928
Aetna
Lehigh Power Securities 6s
Middle West Utilities 6s
-a.'
31
1922
International Salt 1st 5s, 1951
United Lead Debenture 6s, 1943
Havana Tobacco 1st 5s,
U. S.
Philadelphia Ac Boeten
Private Phone* to
Estates of Long Beach 6s
West Chester Ken net & WII.
ST.,
NEW
YORK
CHICAGO
High Grade
DUNHAM & CO.
Elec. Ry. 5*
Philadelphia & Easton Elec. Ry. 6s
Investment Securities
Twin Palls North Side L. & W. 6s
Twin Palls Oakley L. & W. 6s
Twin Palls Salmon River L. & W. 6s
NASSAU
BOSTON
Light & Heat 6s, 1935
Palmer Union Oil 6s
43 Exchange
Investment
Place, 'Phone 4601-2-3 Hanover.
Bonds
Russian Government 53^s,
I* Broad St., N. Y
Municipal and Corporation
1919
Issues Underwritten
We
ALFRED R. RISSECO.
the
NEW YORK CITY
ft WALL STREET.
specialize
BOND
Securities:
DEPARTMENT
ST. LOUIS
OUTWATER & WELLS
11 Exchange Place
of
Mississippi Valley Trust Co.
INCORPORATED
PHILADELPHIA
securities
South.
New Jersey
STERN & SILVERMAN
in
Mississippi Valley and the
Phon*. Hanover 4610
s/s
•
Roubles
Options in Russian
Bonds
Bankruptcy and Reorganization
1921
Russian Government 6^s,
,
1926
Russian Government 6^s,
Superior Cal. Farm Lands 6s
Emmett Irrigation 6s
Empire Lumber 6s
Champion Lumber 6s
FRANK P. WARD,
MUNICIPAL BONDS
WALL STREET
49
American Gas & Electric 6s
Power 6s
York, N. Y.
Curtis & Sanger
American Power & Light 6s
Great Western
Boston, Mass.
84 Pine St., New
Tel. 20 Montgomery
Jereey City, N. J.
ELECTRIC RAILWAYS
ENGINEERING
FINANCING
STEEL, JONES & CO.
Lafayette Building, First
Floor
PHILADELPHIA, PA.
Member* of
Philadelphia Stock Exchange
S. N. BOND & CO.
Commercial Paper
Municipal Bonds
BANKERS TRUST
COMPANY
111 Broadway
60 State
Nsw York
Street, Boston
W. F. Baker, Manager Bond Dept.
Investment
Securities
Acts
as
Trustee
Agent for Persons
A
AA
Big Four, Springfield & Columbus 4s, 1940
B. & O., Toledo Cincinnati 4s, 1959
C. & O., Big Sandy 4s & Coal Riv. 4s, 1945
C. B. & Q., Nebraska 4s, 1927
Columbus & Hocking 4s, 1938
Clearfield Bitum. Coal Corp. 1st 4s, 1940
Genesee & Wyoming RR. 5s, 1929
Illinois Cent. RR. Securities 4s, 1952
Indiana Bloomington & Western 4s, 1940
Illinois Cent., Kankakee & S. W. 5s, 1921
Missouri Kansas & Texas Securities
New Haven 3^s, 1954 & 1947 & 4s, '55 & '56
Northern Ohio RR. 5s, 1945
& California 5s, 1927
Richmond & Washington 4s, 1943
Bound RR. 5s, 1941
Oregon
South
BAKER, CARRUTHERS & PELL
and
Bonds—Bank Stocks—Standard Oil Stocks
and
Corporations.
PPpffll
Phones 6101 to 6169 Hanover
F. B. HITCHCOCK
NEW YORK LIFE
15 Broad St.
36 P.arl St.
NEW YORK
HARTFORD
& CO.
39 SOUTH LA SALLE
BUILDING
CHICAGO, ILLINOIS
DICK, GREGORY & Co.
New York
16 Broad Street
BONDS
i
i
>
STREET
Dec. 29 1917.]
THE
CHRONICLE
XIII
financial
An Investment In A Power
f ® BEDA1STREET,
,
Company Is An Investment
COUPONS DUE JANUARY, 1918, PAYABLE AT THIS OFFICE
Ashland Waterworks Co. 1st Mtge. 5s
Athens Terminal Co. 1st
Power
Companies
dedicated.
They
must
grow
to
now
City of Oregon, Mo., W. W. & Eleo.
meet
their
upon
Mtge. Skg. Fd.5s
service.
City & Lake RR. Co.
5s
New Orleans
City RR. Co. Gen. 5s
New Orleans
Lt. 5s
Ry. & Lt. Co. Gen. 43^s
City of Rome, Ga., Ren.
Securities
6% to
of
these
companies
yield
with safety.
Investment
Circular
Will
Be
Sent
Upon Request describing the issues
senting
successful
agement
utilities
serving
under
2,000,000
repre¬
one
people
man¬
in
up¬
wards of 360 communities.
Norwich Gas & Electric Co. 1st 5s
Citizens'
Plattsburgh Traction Company 1st 6s
or Ref. 4 J^s
City of Sedalia, Mo., Refunding 43^s Paducah City Railway 1st Cons. 5s
Central Market St. Ry. Co. 1st S. F. 5s Pine Bluff Co. 1st 30-year Gold
Gas & El.
Co. of Council
Bluffs 1st Mtge. 5s
Citizens'
Gas
&
Pocahontas Cons. Collieries Co. Inc.
Fuel
Co.
of
Rich Hill Coal Co. 1st S. F.Gold 5s
Haute, Ind., 1st Ref. 50-year 5s
H. M. Byllesby & Company
D. K. E. Holding
Rockingham Co. Lt. & Power Co.
East
220 So. La Salle St.,'
1220 Trinity
CHICAGO
Bids.,
NEW YORK
Gold 5s
Corp. Genl. 5s
Detroit Toledo & Iron ton RR. Co.
1st
VINCORPORATED
50-year 5% Gold
Terre
Clinchfield Coal Co. 1st 5s
1
1st
Bronx Gas & Electrio Co. 1st Mtge. 5s
the
co-operative effort in which the Nation is
increasing and insistent demands
New Orleans
Mtge. 5s
vital factors in the
are
Macon Dublin & Savannah RR. Co.
1st 5s
Auburn Gas Co. 1st
In National Service.
Mtge. 5s
Hampton Electrio Light Co. 6s
St. Lawrence & Adirondack
Railway
1st 5s
Sharon
&
Newcastle
Railways
Co.
1st Lien S. F. 5s
East Ohio Gas Co. 1st
Mtge. S. F. 5s Somerset
County, N. J., Building 4s
Light & Power Co. of South Shore Gas Co. 1st
Mtge. 5s
Erie, Pa., 1st Mtge. 6s
Terminal Warehouse Co. 2d Mtge. 5s
Equitable Illuminating Gas Light Co.
Underground Eleo. Rys. Co. of Lonof Phila. 1st Mtge. 5s
don, Ltd., 4^2% Bonds of 1933
Erie County Elect. Co. 1st Mtge. 4s
Underwriters Bldg. Co. 1st 5s
Edison Electrio
,.
Fonda Johnstown & Gloversville RR.
Co. General Refunding 4s
HIGH-GRADE
Fonda Johnstown & Gloversville RR.
SOUTHERN BONDS
Co. 1st Cons.
Refunding 43^s
sell
and
high
grade tax-secured municipal
bonds of the Southern States
and their sub-divisions offer¬
ing
safe security with
a
attractive
an
yield.
Hamilton
>
Kansas
Gen'l 5&
City Railways Co. 2nd 6s,
Series A
Kansas
Kan.
,
•
/
.
City Railways Co. 2nd 5s,
B
Worcester
Connecticut
Eastern
Ry. Co. 1st 4^s'
Youngstown-Sharon Ry. & L. Co. 1st
S. F. 5s
City So. Ry. Co. Ref. & Imp. 5s
DEPARTMENT
&
*
City Lt. & Pow. Co. 1st 5s
Lincoln Traction Co. Gold 5s of 1939
BOND
Utica Clinton & Bingham ton RR. Co.
Indianapolis Water Co. Gen. Mtge.5s
Washington Sugar Co. 1st 6s
Jonesville, S. C., School Dist. 5Hs
Willapa Electric Co. 1st Gold 6s Ser.
Kansas City Railways Co 1st 5s
A'and B
Kansas
for descriptive booklet
Utica Belt Line St. RR. Co. 2d M. 5s
Pur¬
chase Money 1st 6s
Series
Write
Ridge Lumber Co.
Light & Railways Co. 6%
Notes
Haokensack Water Co. 1st 4s
buy
Mtge. 5s
United
Greenwich Tramway Co. 1st 5s
We
United Fuel Gas Co. 1st S. F. 6s
United Gas & Eleo. Co. of N. J. 1st
DUE JANUARY 14, 1918.
Wladikawkas Ry. Co.
(Russia) 4s
Lincoln Traction Co. Gold 5s of 1920
HIBERNIA
Lockport Light, Heat & Power Co.
1st Mtge. Refunding 5s
DUE JANUARY 15, 1918.
Ristigouche Salmon Club
BUNK t TRUST CO.
NEW ORLEANS
Resources
$35,000,000
IRVING NATIONAL BANK
NEW YORK: WOOLWORTH BUILDING
Should
Business Men
Buy Stocks
A large number
COUPONS PAYABLE AT THIS BANK JAN. 2, 1918
of good securities are
now
selling-lower than they did in the panic
of 1907.
An urgent warning, anticipating
cline in the Stock Market, which has been
going
In
on
throughout the year, was placed
the hands of our clients on
January
2,1917.
We
understand
Market and
stantial
can
profits,
the
long
swings of the
readily help you to sub¬
thru
correctly
advising
the proper time for you to make your next
purchases.
Austin, Texas (City),
Write for free particulars.
School Building, Street, Bridge & Sewer,
Sanitary Sewer 4s-5s
this de¬
Blackshear, Ga., Water, Sewer and Electric Light, Various
Fort Mill, S. C. (Town of), School District No. 28 6s
Huntington County, Ind.,
Lehigh & Hudson River Ry. Co. General Mortgage 5s
Lincoln, Idaho (County of), Refunding 43^s, No. 13
Madison, Mont. (County), 43^s
Merchants Refrigerating Co. 1st and Refunding 6s
Paterson Glass Co.
St.
Address Dept. F. C. 19 of the
Babson Statistical Organization
WELLESLEY
HILLS. MASS.
Largest Organization of its Character
in the World.
f
Cloud, Minn., Bridge & Refunding 5s & 53^8
San Joaquin Irrigation District 5s
Sewer 5s
Windsor, Conn. (Town of), Water Works 5s
Waterloo Loan & Trust Co. Savings
'
Zanesville, Ohio, Refunding 43^8
South
Webb City, Mo.,
(
\
(VOL. 105.
CHRONICLE
THE
XIV
©fofbenfc*
WINSLOW, LAN IER & CO.
STREET
CEDAR
59
Coupons from the following Bonds are payable at
NEW YORK
141
PAYABLE AT OUR BANKING
DENDS ARE
DURING
HOUSE
THE
MONTH
OF JANU¬
I
ARY, 1918:
Broadway, New York City, on JANUARY 2, 1918
JANUARY 2, 1918.
Cleveland & Pittsburgh RR. Co. Gen. Mtge. 4Ms."
Cleveland & Mahoning Valley Ry. Co. 1st Mtge.
BLAIR.
IZONA—
ARI
P HOENIX CITY. ROAD 56.
FOLLOWING COUPONS AND DIVI¬
THE
BROTHERS
KOUIMTZE
BOONE CO.
BOX BUTTE CO.
5% Coupon Bonds.
Mtge.
OF,
PUBLIC
SCHOOL IMP. 4 Ms. 1895; CENTRAL
BUFFALO CO. & SCHOOL DISTRICTS.
Cleveland & Mahoning Valley Ry. Co. 1st
BURT
POLICE STATION
CENTRAL CITY.
COLFAX CO.
5% Registered Bonds.
Grand Rapids & Indiana Ry. Co. 1st Mtge. Ext.
3Ms, and 4Ms.
Indianapolis. Ind., City of.
Jekyl Island Club 1st Mtge. 4Ms.
Muskegon Grand Rapids & Indiana 1st 5s.
Marion County, Indiana, Bridge Bonds.
Northern Pacific Terminal Co. of Oregon 1st 6s.
CITY
4^8,1895; WATER
SYSTEM IMP. 4HB, 1895.
LOS ANGELES SCHOOL DISTRICT.
SAN JOAQUIN CO.. GAL., HIGHWAY
SACRAMENTO COUNTY
(I8SUE OF
1908)
ROAD.
BRIDGE,
COURT¬
CO.
CUMING CO. SCHOOL DISTRICTS.
OUSTER CO. PRECINCTS.
DAVID
CITY.
DAWSON
CO.
DIXON CO.
HOUSE.
„
DOUGLAS
COLORADO—
AGUILAR.
FRANKLIN. NEBR., CITY OF.
FREMONT, CITY OF.
ARAPAHOE CO. SCHOOL DISTRICTS.
ARCHULITA CO.
FURNAS
LINCOLN
CONEJOS COUNTY.
CO.
MADISON
COSTILLA CO.
CHEYENNE CO.
DELTA CO.
JANUARY 8, 1918.
CITY.
LINCOLN
CEDARfeDGE.
Pittsburgh Ft. Wayne & Chicago Railway Co.
Regular Guaranteed Stk. div. 1M %•
CO.
NEMAHA CO. SCHOOL DISTRICTS.
CITY.
NORFOLK
ENGLEWOOD, CITY OF.
EVANS. TOWN OF.
FORT LUPTON.
FORT MORGAN. TOWN OF.
GLEN WOOD SPRINGS.
GRAND JUNCTION, CITY OF.
HOLYOKE, TOWN.
JEFFERSON CO. SCHOOL DISTRICTS.
NUCKOLLS
LAMAR.
OTOE
SOUTH
|
WOOD
MONTROSE COUNTY
MONTROSE WATER WORKS 5s
MORGAN COUNTY.
CITY.
RIVER. CITY
tc
READING
COURT
quarterly dividend of one per cent
(1%) on the Second Preferred Stock of the Com-
net earnings a
(PAYABLE
CO.
NEW
■
«
dividend orders
JAY V.
to stock¬
with the
HARE, Secretary.
Louisville
Nashville
&
Railroad
Co.
71 Broadway, New York, Dec. 20th, 1917.
The Board of Directors of this Company has
will
ASHLAND ELECTRIC LIGHT
declared
BENTON CO. SCHOOL DISTRICT No. 9.
COOS CO. S. D. NO. 85.
HIGHWAY
ary
11th,
be
to
stockholders
DIVIDEND
who
filed
AT
have
ORDERS
THIS OFFICE.
C. E. AMBLER, Assistant Treasurer.
CITY.
SIUSLAW.
UMATILLA CO. SCHOOL DISTRICT 5.
LEWISTON, CITY OF
LINCOLN COUNTY, IDAHO.
UNION
SCHOOL
CO.
PARIS.
PARMA.
THE
DIST.^NO. 13.
New York, December 18, 1917.
quarterly dividend of ONE (1) PER CENT,
day been declared upon the Preferred
Stock of this Company, from surplus earnings
of the current fiscal year, payable January 15,
A
has
CASTLE DALE.
RIGBY.
WYOMING.—
GUERNSEY.
,
Checks
MEETEETSE. TOWN OF.
UINTA CO. & SCHOOL DIST. NO. 1.
MONTANABIG HORN COUNTY.
CARBON COUNTY.
CUSTER COUNTY S. D. NO. 1.
WESTON
this
1918.
DOUGLAS.
SHELLEY.
SOUTHERN
COMPANY.
CITY
No. 25 Broad Street.
UTAH-
POCATELLO, CITY OF.
KANSAS
RAILWAY
SOUTH DAKOTAHURON. CITY OF.
NEZPERCE.
RUPERT.
SANDPOINT.
mailed
PERMANENT
OF.
CITY.
NEWBERG
PENDLETON
CITY OF, 6s.
a
and one-half
CITY.
EUGENE. CITY
DISTRICT.
HEYBURN.
IDAHO FALLS.
JEROME.
semi-annual cash dividend of three
per cent (3M%), payable Febru¬
1918, to stockholders of record at the
close of business on January 21st, 1918.
Checks
ELGIN
FRANKLIN.
HAGERMAN
mailed
nished
to
to
CO.
in
payment
stockholders
of the
be
will
dividend
at the addresses last
the Transfer Agent.
G. C. HAND,
fur¬
Secretary.
CORPORATIONSERIE ELECTRIC MOTOR CO. 1st & 2d
GLASGOW. CITY OF.
ATLANTIC
Mtge. 6s.
MILES CITY.
NATIONAL
MUSSELSHELL COUNTY.
PLENTYWOOD.
CO.
WHITE SULPHUR SPRINGS. CITY
CITY
HOOD
CITY.
(Debentures).
CO.
(OREGON)
COAST
LINE
RAILROAD
CO.
Interest of five per centum for fiscal year ending
December 31st, 1917, will be paid upon the Income
Bonds, dated December 12th, 1887, of Bruns¬
wick & Western Railroad Company, upon pre¬
sentation of such bonds at office of Safe Deposit
INVESTMENT
5a.
IRRIGA¬
DISTRICT.
Trust Company of Baltimore, No. 13 South
Street, Baltmore,
Maryland, and upon proper
receipt therefor being endorsed upon each bond.
H.L.BORDEN,
Vice-President and Secretary.
&
TRANSPORTATION CO.
PRODUCERS
f
I
BEEMER, VILLAGE OF.
A
TELEPHONE
RIVER
TION
r
LOAN
DETROIT
OF
TWIN
OF.
NEBRASKA-
OF CALIFORNIA.
NEW
THE
The
Citizens
NEW
The Board of Directors has
of
declared
one-half
and
two
per
special extra dividend of two
payable
on
and
after
stockholders of record
of New York
YORK
December 21,
dividend
Battery Park National Bank
National Bank
OF
at
a
New
1917.
The
quarterly
cent
(2M%>
per cent (2%),
January 2nd, 1918,
close of business
the
Board
ALBION
garfield
K.
have to-day declared
dividend of 3 per cent, and an extra dividend
of 3 per cent, on the capital stock of the Bank,
payable January
record at
the
2nd,
close of
1918,
to
stockholders
EDWIN B. DAY, Cashier.
CHAPMAN,
national
Cashier.
THE HANOVER NATIONAL BANK
of the City of New York
bank
New York,
New York, Dec. 26,
meeting of the
Board
1917.
of Directors held
a
The Board of Directors have this day declared
dividend of SIX PER CENT and an extra
dividend
of TWO
PER
CENT, payable on and
after January 2nd, 1918.
The transfer books will
remain closed from December 22nd, 1917, until
1917.
that
THE BRYANT PARK BANK.
New York, December
18, 1917.
The
Board of Directors have to-day declared
dividend of three (3) per cent, payable on and
after January 1st, 1918, to stockholders of record
of this date.
E. F. GIESE, Cashier.
MINING
CO.
.
Copper
Mining Company has declared a dividend of Two
($2.00) per share upon its Capital Stock
of the par value of $50 per share, payable Febru¬
ary 25, 1918, to holders of such shares of record
Dollars
Satur¬
day, January 19, 1918.
The dividend is payable
shares
only upon the $50
into which°the Capital Stock is now divided.
All stockholders who have not converted
their
holdings into shares of $50 par value should do so
without delay in order that they may receive their
dividend promptly.
A. H. ME LIN, Secretary.
date.
The Transfer Books will be closed until Wednes¬
E.
ELMER
WHITTAKER, Cashier.
day, January 2nd, 1918.
A. W. SNOW, Cashier.
COPPER
42 Broadway, New York, December 24, 1917.
The Board of Directors of the Anaconda
at the close of business at 12 o'clock noon,
December 21st, 1917.
this day, a
quarterly dividend of Three Per Cent
upon the Capital Stock of the bank was declared,
payable, free of tax, on and after December 31st,
ANACONDA
of
business, December 20th,
1917.
Fifth Avenue and Twenty-Third St.
a
York, December 20, 1917.
of Directors
YORK ONTARIO & WESTERN RAIL¬
WAY COMPANY.
New York, December 18, 1917.
The Board of Directors has this day declared
a dividend of two per cent on the Common Stock,
payable January 14, 1918, to stockholders of
record 3:00 P. M. December 31, 1917.
R. D. RICKARD, Secretary.
a
December 22nd, 1917.
a
will be mailed
Checks
who have filed
COTTAGE GROVE CITY.
•.
FILER.
a
1917.
i
' '
CITY.
OREOON—
EMMETT.
AURORA
27
Treasurer.
SCHOOLIDISTRIOT.
OTTAWA
CHALLIS.
At
IN
YORK).
CALDWELL.
CASSIA COUNTY.
to
ber
holders
CITY
CANTON
CANTON
BEAR LAKE
BUHL.
olders of record on January 10, 1918, to stockEany, to be paid at the close of business Decem¬
'
OHIO-
IDAHO—
ASHTON.
both
OF EDUO'N.
SAN JUAN CO.
VALENCIA COUNTY.
DIS¬
SCHOOL
COMPANY.
Philadelphia, December 19, 1917.
The Board of Directors has declared from the
HOUSE.
ROSWELL CITY BOARD
t
and
OF.
FARMINTON.
CO.
•
General Office, Reading Terminal.
CHAVES CO.
EDDY CO.
CO.
PAONIA, COLO., TOWN.
ROCKY FORD CITY.
OTERO
on
Line
Air Line Railway Co.,
By D. C. PORTEOUS, Secretary.
New York, December 21, 1917.
MEXICO—
NEW
interest
Seaboard
NEVADARENO.
MINERAL CO.
of
to
New York.
CITY.
CITY.
WASHINGTON O. & SOH. DIST. NO. 1.
SCHOOL DISTRICTS.
SAN MIGUEL CO.
TRICT NO. 1.
WELD CO.
CITY.
OMAHA
TEOUMSEH
DISTRICTS.
LIMON.
Air
amounting
CO.
SUPERIOR
PLATA CO.
LARIMER CO. SCHOOL
installments
Railway Adjustment Bonds,
2M%
($25.00), represented by
Coupons Nos. 31 and 32, for $12.50 each, will be
paid on and after February 1, 1918, at the office
of Messrs. Blair & Co., No. 24 Broad Street,
Seaboard
POLK CO.
8ALINE
semi-annual
The
CITY.
PLATTSMOUTH
Gold
Mortgage
Bonds.
CO.
PAWNEE
.
RAILWAY.
SEABOARD AIR LINE
Per Cent Adjustment
Five
OMAHA CITY SCHOOL DISTRICT.
OSCEOLA VILLAGE.
LA
MESA CO. AND
CO.
CITY.
OMAHA
LAFAYETTE TOWN.
ROUTT
CITY.
HASTINGS
OF.
TOWN
BRUSH,
CO.
GRAND ISLAND CITY & SCHOOL DIS.
CO.
Constitutional & Improve¬
Niagara Falls Power Co. 1st 5s.
Niagara Falls Water Works 1st 5s.
Pittsburgh Ft. Wayne & Chicago Railway Co.
Special Guaranteed Stock div. \%%.
Traverse City RR. Co. 1st 3s.
FILLMORE CO.
ALAMOSA .TOWN OF. COLORADO.
ASPEN CITY.
BACA
New Orleans, City of,
ment 4s.
CO.
DUNDEE.
BANK OF AMERICA.
New York, December 21st, 1917.
The Board of Directors have to-day declared
a semi-annual dividend of fourteen (14)
per cent,
free of tax, payable January 2nd, 1918, to stock¬
THE
holders of record
The
transfer
January
3rd,
of this date.
books
will
remain
closed
until
1918.
W. M. BENNET. Cashier.
THE
MATHIESON ALKALI WORKS (Inc.).
Providence, R. I., December 15, 1917.
quarterly dividend of one and three-quarters
per cent
(1M%) has been declared upon the
preferred stock and a quarterly dividend of one
and one-half per cent (1M%) has been declared
upon the common stock of this Company, both
payable January 1st, 1918, to stockholders of
record at the close of business on December 20th,
A
1917. ^.Transfer books will not be closed.
J. R. GLADDING, Treasurer.
Dec. 29
IT
CHRONICLE
THE
1917.]
©ibfoenbu
JBtofoenba
International Mercantile
Coupons
January 2
Marine Company
Dividend
Stock
Preferred
Companies under
Per Cent on
declared by the
Board of Directors, payable February 1st, 1918,
to Stockholders of record at the close of business
January 16th, 1918.
Checks will be mailed.
A semi-annual dividend of Three
the
Stock
Preferred
been
has
Broadway, New York
120
To
Holders
the
Certificates
Stock Trust
of
Preferred
for
National Bank Bldg., Chicago
919 First
of the
Stock
Boston
147 Milk Street,
Treasurer.
H. G. PHILIPS,
Management
Stone & Webster
INTERNATIONAL MERCANTILE
MARINE COMPANY
holders of outstand¬
certificates for Preferred Stock
Mercantile Marine Company
to present their certificates at the Agency of the
Voting Trustees, 51 Newark Street, Hoboken,
N. J., to be exchanged for definitive stock of the
Notice is hereby given to
stock trust
ing
to the foregoing notice the under¬
Agents for the Voting Trustees, will be
on and after February 1st, 1918, to
distribute the dividend of 3% to holders of Pre¬
ferred Stock issued in exchange for Stock Trust
General
Mortgage
Mortgage 5s, 1933
Trust
Slater
For
Collateral Trust 5s, 1940
Company,
Limited
Voting Trustees.
First Mortgage
York, December 20, 1917.
New
Company,
Trust
Northern Texas Traction Company
Trustee, Boston
First Mortgage
Columbus Electric Company
5s, 1933
Citizens'
The
STEEL CORPORATION
Company,
Commonwealth Trust
Trustee, Boston
5s, 1932
Street
State
December 17th, 1917.
SUPERIOR
Trustee
Northern Texas Electric Company
Electric
Breton
Cape
NEW YORK TRUST CO.
THE
Company
Trust
The
Equitable
of New York,
Trustee,
Company,
Pawtucket, Rhode Island
prepared,
Certificates.
Refunding
First Consolidated and
5s,
1939
Pursuant
as
Company
and
First
& Electric
The New London Gas
Company
Company.
signed,
Gas & Electric
Blackstone Valley
of the International
Company,
&
Savings
Trust.
Cleveland,
Trustee,
Ohio
At
the
the
regular
dividend
of
1H%
Corporation
was
1st,
1918,
15th,
holders of record January
C.
a
Trust
Chase National Bank,
The Connecticut Power Company
Secretary.
First
A
dividend
quarterly
per
of record at the close of
State
Trust
Street
First
Company,
First
<
pany,
ber 24, 1917.
STONE 4. WEBSTER,
Houghton County Electric Light
Transfer Agents.
,
Company
COLUMBUS
ELECTRIC
COMPANY
dividend of S3.00 per share has
declared on the preferred capital stock of
Columbus Electric Company, payable January 2,
Colony
Trust
Trustee, Boston
Old
Trust
Company, Trustee, Boston
DIVIDEND NO. 23.
PREFERRED
&
Deposit
to
business
Company,
Managers
CHICAGO
The Board of Directors of the Northern
Consolidated
olders
of
Eayabie of record January the close of to stockby check
21«t» 1918, business
"
J.
Company
of the Northern States
Power Company has declared the regular quar¬
terly dividend of one and three-quarters per cent
(124%) upon the common stock of the company,
payable by check January 21st. 1918. to stock¬
holders of record
as of the
close of business
GRAF.
BYLLESBY &
Savannah Electric Company
Consolidated
First
Mortgage
5s,
1952
The Savannah
Serial 5s
Thunderbolt & Isle
Hope Railway of
of
Savannah,
Georgia
Illinois,
First Mortgage
4s, 1947
Central Trust Company
York, Trustee
of New
Mississippi River Power Company
Colony
Old
1
rustee,
Woonsocket
5s, 1951
First Mortgage
Company,
Trust
Boston
Canadian
Bank of Com¬
Toronto, Canada,' and
London, England
The
COMPANY
merce,
Managers
CHICAGO
.
& Power
Trustee, Chicago
Secretary.
Engineers
of
Trust
Company,
Trustee, Boston
Central Trust Company of
Office of
M.
6s,
American
"
First Mortgage
CHICAGO
The Board of Directors
II.
Company,
Trust
Keokuk Electric Railway
Managers
J.
Mercantile
Trust
Company
San Francisco, Trustee
Trustee, Boston
BYLLESBY & COMPANY
Engineers
December 3lst. 1917.
ROBERT
5s,
Mortgage
.
Secretary.
GRAF,
Office of
•
Colony
Old
as
December 31st, 1917.
ROBERT
Mortgage
1937
Light & Water Com¬
Consolidated
First
pany
First
1919
Company,
pany
Houghton County Traction Com¬
States
declared the regular quar¬
Company has
M.
Boston
1944
terly dividend of one and three-quarters per cent
(124%) upon the preferred stock of the company,
H.
Trustee,
BYLLESBY A COMPANY
Engineers
Power
Reno Power,
Deposit & Trust
Safe
Boston
Office of
M.
5s, 1920
First Mortgage
Transfer Agents.
H.
Colony Trust
Trustee, Boston
Old
Railway Company
STONE &, WEBSTER,
Company,
6% Coupon Notes,
3-Year
Street
County
Houghton
The
of
Stockholders of record at the close
December 22, 1917.
„
Pensacola Electric Company
A semi-annual
been
1918,
Com¬
Louisville, Ky.
Consolidated Mortgage 5s, 1938
5s, 1927
Safe
Boston
Columbus. Georgia.
Trustee,
Pawtucket Electric Company
^
First Mortgage
,
Fidelity & Columbia Trust
Trustee, Boston
business Decem¬
Incorporated
Mortgage 6s, 1920
Mortgage 6s, 1923
pany,
Collateral Trust 5s, 1932
Light
payable January 2, 1918, to Stock¬
Company,
holders
share,
has been de¬
capital stock of Haverhill Gas
Com¬
Railway
Street
Paducah
EI Paso Electric Company
of
being at the rate of 9% per annum,
5s,
New York Trust Company,
Trustee, New York
The
Company
Trust
Equitable
Haverhill, Massachusetts.
clared on the
Mortgage
1932
of New York, Trustee
88.
In¬
Railway,
First
Consolidated
Mortgage 5s, 1956
The
NO.
City
Paducah
The
corporated
HAVERHILL GAS LIGHT COMPANY
DIVIDEND
New York
Company,
Trustee, Boston
stock¬
1918.
H., FOR5TER,
to
Coupon Notes, 1919
Commonwealth
declared on the common
February
payable
stock,
2-Year 6%
of
quarterly
Directors
the
of
meeting
Steel
Superior
Electric
Machine &
Power Company
First Mortgage
•
4Hs, 1931
International
Trust
Trustee, Boston
Company,
The Board of Directors of the Western States
Electric Company of Delaware has declared
quarterly dividend of one and three-
Gas &
the regular
(1 24 %) upon the preferred stock
payable by check January 15th,
stockholders pf record as of the close of
December 31^, 1917.
quarters per cent
of the company,
1918, to
business
ROBERT
J.
WESTINGH0USE ELECTRIC
&'manufacturing company.
Secretary.
GRAF.
A
Office of
M.
H.
BYLLESBY &
*
COMPANY
CHICAGO
The Board of Directors of the Ottumwa Rail¬
& Light Company has declared the regular
quarterly dividend of one and three-quarters
per cent (124%) upon the preferred stock of the
way
company,
to
payable by check January ]5th,
1918,
stockholders of record as of the close of busi¬
December 31st, 1917ROBERT J. GRAF, Secretary.
ness
KANSAS GAS & ELECTRIC
Wichita, Kansas.
CO.
PREFERRED STOCK DIVIDEND NO.
A dividend of one and three-quarters per
(1/4 %) on the
has been
ber
31,
ness
on
cent
Preferred Stock of this Company
ending Decem¬
payable January 1, 1918, to Pre¬
ferred Stockholders
of record at
the close of busi¬
December 22, 1917.
M. H. ARNING, Treasurer.
1918.
Both dividends are
record
as
payable to stockholders of
H. F. BAETZ, Treas.
of Dec. 31,1917.
New York,
AMERICAN
December 21, 1917.
GAS
&
COMMON STOCK
ELECTRIC COMPANY
DIVIDEND NO. 31.
New York, December 10, 1917.
quarterly dividend of two and onecent (2H%) on the issued and outstand¬
ing COMMON Capital Stock of American Gas
& Electric Company has been declared for the
quarter ending December 31, 1917, payable Jan¬
uary 2, 1918, to stockholders of record on the
books of the Company at the close of business
A regular
31.
declared for the quarter
1917,
will be paid Jan. 15, 1918.
A dividend of 124 % (87 lA cents per share) on
the COMMON STOCK of this Company for the
quarter ending Dec. 31, 1917, will be paid Jan. 31
pany
Managers
Engineers
124% (87M cents per
PREFERRED stock of this Com¬
quarterly dividend of
share) on the
'
half per
December
18,,
1917.
FRANK B.
■
BALL, Treasurer.
E.
W.
CLARK
&
CO.,
Bankers.
Office of the
HUNTINGTON DEVELOPMENT & GAS CO.
PREFERRED STOCK DIVIDEND NO. 4.
The
Board Of Directors of the Huntington
Development & Gas Co. has declared the regular
quarterly dividend of One
and One-Half Per Cent
(1H %) upon the Preferred Stock of the Company,
payable January 2nd, 1918, to stockholders of
record at the close of business December 29th,
1917.
Checks will be mailed to holders of Voting
Trustees' Certificates of Deposit.
WILLIAM LILLEY, Secretary.
GAS & ELECTRIC COMPANY
DIVIDEND COMMON STOCK.
New York, December 10, 1917.
An extra dividend of two per cent (2%) on the
Issued and outstanding COMMON Capital Stock
of American Gas & Electric Company has been
declared out of the surplus net earnings of the
AMERICAN
EXTRA
Company, payable in COMMON stock January 2,
1918, to stockholders of record on the books or
the Company at the close of business Decem¬
ber 18, 1917.
FRANK B, BALL, Treasurer.
XVI
THE
(VOL. 105.
CHRONICLE
©fofoettiuf
Jffnandal
The Farmers' Loan and Trust
Announcement
Company
16,
20 and 22 WILLIAM STREET
18,
New York
City
The Name
Coupons and Dividends due in January
office
Mosler Safe
Army & Navy Club of Manila
American
Water
Supply" Co.
R.
Railway & Electric Co.
Alabama Great Southern Railroad
Broadway
Trust Company
follows;
Company
R.
Company
Co.
Company
Caro Water Works Company
Cedar Rapids, City of, Refunding
1st
loosa,
changed
was
'
*
\
to
Steamship
Company,
Irving
Oska-
5%
Piedmont & Northern Railway Co.
Chattanooga City Water Company
Central Brewing Company
Commercial Cable Company
Consumers Park Brewing Company
Constitution Publishing Company
Cowlitz Lumber Company
Chic&go & Northwestern Railway
Company
Equipment
Trust
Ctf8., Series "A"
Chicago & Northwestern Railway
Company
Equipment
Trust
Ctfs., Series "C"
Dayton Union Railway Company
Direct-Line Telephone Company
East
Greenwich
Water
Supply
Co., 1st Mtge.
East
Greenwich
Water
Supply
Co., 2d Mtge.
St.
Louis
&
Richmond
Hampshire
Southern
R.R. Co.
Herkimer,Mohawk, llion & Frank¬
fort Electric Railway Co.
Hoggson Brothers
Indianapolis
&
Southeastern
Traction
Co.
Indianapolis Union Railway Co.
Iowa City Water Company
Ithaca Street Railway Company
Railway Co.
Company
South
Yuba
Water
Consol.
St.
Louis & Cairo
Railroad
Co.
Third Avenue Railroad Co.,
5%
Union
Depot Company, Colum¬
bus, Ohio
Banks & Investment Dealers!
Union
Utilities Company
Vanderburgh County, Indiana
Warren Water Company (Issue of
1897)
Warren Water Company (Issue of
1908)
Wayne Cotton Mills
Advertiser,
Louis
&
ation
edge
City
Co.,
Traction
Co.,
Common
County of Vanderburgh, Indiana
principal
in
Familiar
and
executive
with
investment
JANUARY 15TH, 1918.
organizer.
of
branches
various
business—underwriting,
syndicating, wholesale and retail dis¬
tribution, publicity, advertising and
Minneapolis, Lyndale & Minnetonka Ry. Co. and Minneapolis
Street Railway Co.
St. Paul City Railway
Company
office management.
-
Fifteen years' association with municipal and corporation bond houses,
bankers, public utility
operators and engineers and two large
railroad
systems.
Highest
creden¬
tials and proven record.
international
JANUARY 20TH, 1918.
Company
JANUARY 31 ST, 1918.
Water
Supply
&
Can
Power
you
meritorious
Company
offer real opportunity in
undertaking of mutual
advantage financially?
A. B. C., care
Address
Weyman-Bruton Company, Com.
Weyman-Bruton
Company, Pre•
Duluth-Superior
acquaintance
Eastern and Middle-Western markets.
Dividends
Traction
and
and
business, personal knowl¬
Competent
Parsons
Duluth-Superior
in financial
experience
investment
Water Co.
Mobile & Ohio Railroad
JANUARY 2ND, 1918.
ex¬
affording first class opportuni¬
Broad
Granite
in
ties.
JANUARY 2ND, 1918.
St.
associated,
with prominent in¬
closing
offices in principal cities, will con¬
sider
responsible
connection
with
financial institution, firm or corpor¬
house which intends
vestment
WashingtonWaterPowerCompany
East
now
ecutive capacity,
Woodward Iron Company
Pekin Water Works
Company
Mortgage
Co.
Mortgage
Lawrence Park Realty Company
Mobile Light & Railroad Company
Extension 1st
November 30th, 1917
&
Southern Public Utilities Company
Company
Company
Beach
Santa Lucia
Interurban
Collieries
Company
Portsmouth & Suffolk Water Co.
El Paso & Southwestern Railroad
Ellsworth
Trust
(Notes)
Popular Science Publishing Co.
Water Co.
Bond
ferred
House
located
in
bond
Address
confidential.
Chronicle.
the
Municipals,
specializing in
of
experienced
F. W. Woolworth Co., Preferred
Preferred
Twin
' 1
*
5%
Olean, City of
Peoples Water
Bonds
.
Valley
Co.
New York & Cuba Mail
Butler Water
East
payable at this
as
National Starch Company
New Castle & Shenango
of
Kankakee
Athens
are
and after January 1st, 1918,
on
of
Central
desires
West
services
salesmen.
Inquiries
F.
W., care Chroni¬
cle, P. O. Box 3, Wall St. Station, New York.
Rapid
Transit
Co.,
JANUARY 5TH, 1918.
Rapid
City
Transit
Co.,
Detroit, Hillsdale & Southwestern
Common
Twin
City
jileetmgs
Railroad Company
Preferred
THE
of
(of Delaware)
York
New
American
Telephone ^Telegraph Co.
Office
Coupons from these bonds, payable by their
January
on
Treasurer
in
1,
New
1918,
York,
Bankers Trust Company,
G.
D.
the
at
be
will
office of
paid
by
OAS
10
at
IMPROVEMENT
a.
the
the
will be held at o0 Church Street,
City
on
the 19th of January,
P.
B.
SWEET.
A dividend
Philadelphia, December 12, 1917.
payable
January
15,
1918,
of
to
business
record
at
stockholders of
December 31.
Checks will be mailed.
the
close
W. MORRIS, Treasurer.
I.
MILNE, Treasurer.
paid
on
holders
Telephone & Telegraph Ce.
of
Two
Tuesday,
of
record
Dollars
January
at
the
per
15,
close
share will
1918,
of
to
be
stock¬
business
on
Monday, December 31, 1917.
G.
D.
SOUTHERN CALIFORNIA EDISON CO.
Edison Building, Los Angeles, Cal.
The regular quarterly dividend of $1.75 per
share on the outstanding First Preferred Capital
Stock (being First Preferred Stock Dividend No.
34) will be paid on Jan. 15, 1918, to stockholders
of record at the close of business
1917.
MILNE, Treasurer.
W.
THE
FRUIT
UNITED
DETROIT UNITED RAILWAY.
Coupons due January 1, 1918, from Detroit
Railway
First
Consolidated
Mortgage
4M% 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 York.
A. F. EDWARDS,
Vice-President and Treasurer.
The
December 31,
on
per
dividend
share)
on
74.
of two
per
cent
(two
the capital stock of this
Company, has been declared, payable on Janu¬
ary
15,
1918,
to stockholders of record
close of business
December 20,
at the
1917.
JOHN W. DAMON.
Broad
Company have this day declared
of
quarterly
dollars
L. PERCEY, Treasurer.
Street.
New York, December 11th, 1917.
Board
of
Directors
of
The
Securities
dividend
A
COMPANY
NO.
Treasurer.
SECURITIES COMPANY,
24
United
Secretary.
The Directors have this day declared a quarterly
of two per cent.
(SI .00 per share),
DIVIDEND
American
1918*
„
CO.
dividend
1917.
16 Wall Street.
COMPANY.
m.
N. W. Corner Broad and Arch Streets.
Four Per Cent Collateral Trust Bond
terms
UNITED
THE
of
EMERSON
Notice is hereby given that the annual meeting
the stockholders of The Emerson Company
two
and
one-half
a
per
semi-annual
cent
on
the
capital stock of the company, payable Janu¬
ary 15th, 1918. to the stockholders of record at
the close of business on December 31st, 1917.
E.
G.
WOODLING, Secretary.
INSPIRATION CONSOLIDATED COPPER CO.
The Directors have this day declared a dividend
$2 per share, payable Monday, January 28,
1918, to stockholders of record at 3 o'clock P. M.,
of
Friday, January 11,
1918.
J. W. ALLEN, Treasurer.
New York, N. Y., December 27, 1917.
Dec. 29
THE
1917]
ini
CHRONICLE
Bibftiento
Coupons Due and Payable January 1, 1918, at the Office of
B. Leach & Co.,
A.
Cedar Street,
62
New York
Inman Sch. Dist. No. 26,
Bainbridge, Ga., Sewer
Randelman, N. C., St. Imp.
Spar¬
tanburg Co., S. C.
Barton, N. Y., School
Inc.
Robertson Co., Tenn., Road
Bartow, Fla., St. Imp.
Kent, Wash., Water & Light
Rochester, Ind., Funding
Batavia, N. Y., Sewer
Kinston, N. C., Pub. Imp.
Rock Hill, S. C., Water Wks.
Blacksburg, S. C., School
Lebanon, Ind., Waterworks
Rock Hill, S.
Bluefield, W. Va., St. & Sewer
Lemhi Co.,
& Jail
Rock Hill, S. C., Sewer
Cascade
Sch.
Mont.,
Co.,
No.
Dist.
1
Ida., Court House
Rutherford Co., N. C., Road
Lincoln Co., N.
C., Road
W.
W.
Okla.,
Sewer
&
Madison, Ga., School
Marshall Co.,
,
Chouteau
Mont.,
County,
Funding
Dickson
No.
Greer, S. C., Sewer
Polk Co.,
Fla., Road
Raleigh,
Vigo County, Ind., Funding
Vigo County,
.
West
N. C., Bridge
C.,
Bridge
Ind.,
Bay City, Mich., School*
Winston,
Fla., Road
N.
School
Bldg.
Ditch
N.
C.,
General
Municipal
Yalobusha
Quebec, Canada
Water¬
works Co.
-
&
1
Pitt Co.,
Greer, S. C., Electric Light
Sch.
Y.,
N.
Ossining,
Greer, S. C., Water Works
Ind.,
South Orange, N. J.,
Dist.
Morrison County, Minn.,
Enfield, 111., Refunding
Huntington,
& Water
Elec. Light
Montpelier, Ind., Funding
Co., Tenn., Road
Hillsboro County,
Snohomish, Wash., General
Minn., Ditch
Miles City, Mont.,
School
Shelbyville, Tenn.,
>
Chickasha,
C., Light
County,
Miss.,
Jail
Water
isX
$360,000
Rosenwald & Weil Building
Chicago, Illinois
First Mortgage 6%
Serial Bonds
(Safeguarded under the Straus Plan)
Dated November 15th,
1917.
Interest coupons due May 15th and November 15th.
excess of 2%.
Denonjiinations, $1,000
Amount
Maturing
15th, 1919
15th, 1920
15th, 1920
15th, 1921
15th, 1921
May 15th, 1922
.Nov. 15th, 1922
-
-Nov.
.May
:_Nov.
I.May
Nov.
$14,000
7,500
7,500..
8,000.
8,000.
8,500.
8,500.
SECURITY—These bonds
are a
Mortgagor agrees to pay
Federal Income Tax not in
and $500.
MATURITIES
•
closed first mortgage lien on the new
Amount.
Maturing
Amount
$9,000...
May
9,000..Nov.
9,500
....May
9,500
...Nov.
10,000...
May
10,000
..Nov.
10,500
..May
'
15th,
15th,
15th,
15th,
15th,
15th,
15th,
$10,500
11,000....
11,000
11,500
11,500
175,000
1923
1923
1924
1924
1925
1925
1926
Rosenwald & Weil plant at Chicago,
M^uring
Nov. 15th, 1926
May 15th, 1927
Nov. 15th, 1927
May 15th, 1928
Nov. 15th, 1928
.Nov. 15th, 1929
Illinois, valued at $500,000.
INCOME—Ample income to pay interest charges and retire the bonds serially as above is guaranteed by a twenty-year lease of the plant
by Rosenwald & Weil.
Securities have been deposited with the Continental and Commercial Trust Co. of Chicago as surety for the
performance of the covenants of this lease.
The average earnings of the Company are five times the amount of the rental pledged
to pay interest and principal of this bond issue.
•
Was
investment of
of $1,000,000,
being sold
COMPANY—The House of. Rosenwald & Well, clothing manufacturers,
founded in 1885 with an
$50,000.
The business has had a steady and substantial growth, the present capital andsurplus being_m excess
in 1917 being in excess of $3,000,000.
The Company is nationally advertised and widely known, its products
extensively-by retail dealers throughout the United States.
HISTORY OF THE
less than
and
sales
ISSUE—The purpose of this issue is to« finance the new plant, which
plants, now located in various parts of Chicago,-under one roof, which will materially
tially increase earnings.
PURPOSE OF THE
will enable the Company to assemble their
reduce their overhead charges and substan¬
Straus Plan, the mortgagor is required to deposit monthly,
one-twelfth of the annual interest and principal requirements.
To assure prompt deposits, the
and Rosenwald & Weil will pay the monthly amount to this bank.
MONTHLY PAYMENTS—In accordance with the
company,
to the
in advance, in a trust
lease has been assigned
trustee,
Wo recommend this issue
v
as
a
particularly attractive investment.
Orders now
immediate or January delivery.
being accepted for either
Price, Par and Accrued Interest
(Ask for Circular No.
v
S5CSTRAUS & CO.
Incorporated 1903
Established 1882
150
CHICAGO
PHILADELPHIA
LL-716)
BROADWAY,
DETROIT
35 years
NEW YORK
SAN FRANCISCO
without loss to
MINNEAPOLIS
any
investor
DAYTON
KANSAS CITY
[VOL. 105.
CHRONICLE
THE
XVIII
jffnantfal
Guaranty Trust Company
of New York
140
London
Fifth
Office
32 Lombard
Broadway
Office
Ave.
Office
Paris
Fifth Ave. & 43rd St.
St., E. C.
Rue des Italiens, 1 & 3
Coupons Payable January 2, 1918
Abbeville, S. C.
Aetna
5%
*
Explosives Co.
Alton Slater
1st 6s
Water Co.
Cities
American
Col. Tr. Co.
Co.
5% & 6%
Thread
American
Veneer
Astoria
Co.
Greenwich
Co.
1st 4s
Mills
&
Dock
Ry.
Queens Borough Gas & Elec.
4%
Co.
4%
Hardin, Montana
Railway
1st 58
Steel-Spring
1st 5s
Harrison Gas & Elec. Co.
1st 6s
Richmond Light & RR. Co. -1st 4s
Hastings Square Hotel
1st 6s
Rifle
Illinois
1st 6s
Gas
Indiana
1st 6s
;
Johnsonv.
&
Co..
1st 6s
Co
5%
Co.
Ry.
Indianapolis & Louisville Ry.
Bangor & Aroostook RR. Co. 1st 5s
Co.
1st
4%
Rio
Light, Heat & Power Co_6%
Grande
Western
Trust
Co.
Ry.
4s
.____
Rogue River Electric Co.
Bangor & Aroostook RR. Co.2d 5s
Jacksonville Terminal Co. __lst 5s
Rye, N. Y., Sch. D. No. 1
Bangor Ry. & Elec. Co.lst Cons. 5s
Jamestown St. Ry. Co.
St.
Bankers
Jefferson
1st 5s
Commercial
Corpora¬
' 5 % Notes
tion
Ga.,
County,
C.
Jones
Breitung Hematite Mining Co.
Keokuk Union
Miss.
County,
Clair Madison
Belt
H.
and Jail Bonds
Barney & Smith Car Co.-_.lst 5s
1 st 6s
1st 6s
5s
& St.
Ry.
St. Louis
4s
Brewing Co.
St. Louis Southwest. 1st Term.
& Unif. 58
4lA%
Land Bank State of N. Y
Southern Sierra Power Co. _____6s
Burlington, N. C., Water & Lt.5%
Larchmont Yacht Club 2d Mtge.5s
County, Ala.
Livingston Niagara Power.-1st 6s
Carolina
Public
Service
Co.
Central Arkansas & East.
Central
Ga.
Ry.
&
No.
Ry. 5%
L
4^%
Ry. Co., Macon
Div._______
5%
58
Central of Ga. Ry. Co., Mobile
Div.
5s
Mayo
Missouri
Ry.
&
Ills.
Muncie Electric
1st 6s
_
5s
City, Mo., Sewer Bonds.5s
Nashville
5%
Light Co.
&
Ry.
City of Troy, Ala., School Ref._4s
Sandusky Brewing
Road &
Ga.
Light
5%
Co.
Ref. & Ext. 5s
National Light, Heat & Power
Co
-Col. Tr. 6%
Colorado, Wyo. & East. Ry. 1st 6s
New Brunswick South. Ry*
Co.3%
Columbia Water &
New Orleans Terminal
1st
Light__lst 6%
Computing, Tabulating, Record¬
ing Co
6%
Connecticut Lighting & Power
Co.
—.1st
5%
Cordele, Ga
Dobbie
,_6%
Manufacturers, Ltd.,
Lines
Central
Durham Duplex Razor
6% Deb.
Early County, Ga
__5%
Elec.
Illuminating* Co.
of N. Y—
.5%
Edison Elec. Illuminating Co.
of Brooklyn
—4%
Electrical Securities Co
Col.
5%
Ellwood Short Line Ry. Co. 1st 5s
Fayetteville Gas & Elec. Co.
Fitzgerald,
Forsythe
1st 6s
Ga
5%
County,
N.
C.,
Equip.
4)^8, 1910
Y.
Central
Lines
Equip.
4^s, 1912
N.
Y.
Central
Lines
Equip.
4Hs, 1913
N.
Y.
Central
Ry. Equipment
General Gas
& Electric 10-yr.
Grand
Co.
Lake
5%
6% Deb.
1st 5s
Ocean Steamship Co.
Cities
Omaha
&
Gas
Funding-5%
Co
6% Notes
Bluffs
Council
Pittsburgh Term. Ry. & Coal
1st
5%
Pleasant Valley Coal Co.
_5s
Portsmouth St. RR.& Lt.Co..lst 6s
5%
Pueblo Traction & Lightg.
Co.5%
Co.
&
Stock
Scale-_6%
6%
Stephenson Co*, John
5%
Stephensville N. & S. Tex Ry.lst 5g
Sylvania, Ga., School.
Sylvester,
Ga. School
5%
1st 5s
Shipbuilding Corpn_lst 6%
Temple, Ga., Town & School__5%
Toledo,
Canada So. & Detroit
Ry. Co
4s
Transylvania RR. Co.
1st 5%
Tuinucu Sugar Co.
1st 6%
Twin
Co.
City Light & Tract.
IstS. F
6%
United Lead Co.
5% Deb;
United Public Utilities
Co.6% Col.
Valier-Montana Land & Wat.lst 6s
Virginia Southwest.Ry.Co.1st 5%
Waco, Texas, Water & Public
Works
Waldorf
__5s
Realty Co.
Waverly, Sayre & Athens T'n
Co—
1st 68
Waynesville, N. C.
5%
Winder,
Ga., School Building_5s
Yorkvilie, S. C
_5%
JANUARY
10.
Joliet & Nor. Indiana R.R. Co.
JANUARY
Onondaga Co. Court House __4%
Land
Computing
Steinway Ry. Co.
St.
___5%
Ry. Co. 1st Cons.
5%
1st 5s
Oconee County, S. C.
Ohio
6%
Sparks, Ga., School
Norfolk & Southern Ry. Co. 1st 5s
Pyramid
Rap. Gr. Hav. & Muske-
gon
4M%. 1917
Niagara & Erie Power
Co.
Wheeling Steel & Iron Co.-1st 6s
N. Y. & East Iliver Gas Co. -1st 5s
Co
5% Ref. & C. H
4%
N.
1st & Ref. 6s
..
Grand
Y.
Foundry & Mach. Co.lst 6s
Dominion
Edison
N.
Iron
1st S. F.
Tank
5%
City of Troy, Ala., Improvement
4s
Belt
Montana Power Co. 1st & Ref.
Moultrie,
Co.
Bridge
Bridge
City of Troy, Ala., Improvement 6s
American
Syracuse Gas Co.
4%
Monroe
Ref.
1st 5s
Co
Mohave County, Ariz.,
1st 4s
Equipt.
4Yi%
(All Issues)
Wis.
Cincinnati Northern Ry. Co.lst 4s
Cleveland &
6%
Michigan Telephone Co.
Milwaukee,
__lst 5s
Co.
6%
_
Despatch
Spanish
Standard
Mills
Merchants
1st 6s
Co._
Charleston Terminal
County, Ga.
Trust.
Chattanooga, Rome & Southern
RR.
Madison
1st 5s
Memphis Terminal Corp.
Central of Ga. Ry. Co., Middle
Div.
Central Stamping Co.
Lockport & Olcott Ry.
Marion, S. C., Ref. & School—5%
Equip.
Series
Central of Ga.
6s
1st 6s
5%
Depot Co.
Calhoun
5%
4%
Louis
1st & S. F.
American
3-year
Sum.
4*%
15.
Tobacco
Co.
Gold Notes.
Anglo-Am. Oil Co., Div. No. 14
@7134 cts* a share
Arizona, Territory & State
Truxton, N. Y., Ref
4 34s
City Winder, Ga., Water
6%
4%
World Film Corp. Conv.
6%
DEC. 29
THE
1917.]
XIX
CHRONICLE
Btofoentijs
Coupons Maturing January, 1918, Payable at the Office of
Harris, Forbes & Co.
Pine Street,
Also
New York
Corner William,
Payable at the Offices of
our
Boaton
Chicago Correspondent
Harris Trust and
First
First
Alabama Power Co. 6% Gold Notes
Albert Lea, Minn., Permanent Im¬
provement 4 Ha
Albert Lea, Minn.,
Refunding 4s
Albuquerque, New Mex., Board of
Education, School Building 4 Ha
Albuquerque, New Mex., Funding 5s
Albuquerque, New Mex., General
Street Improvement 5s
Arlington Heights, 111., School Build¬
ing 5s
Belvidere, 111., School Dist.No.57,5s
Benton, 111., Refunding 4%s
Berryville, Va., Water Works 5s
Big Rapids, Mich., Refunding 4s
Billings, Mont., City Hall 4 Ha
Billings, Mont., School District No. 2
4 Ha
Boulder, Colo., Water Works 4Hs
Bozeman, Mont., Funding 4s
Broadwater County, Mont., Fund. 4s
Carbondale, 111., School District No.
95,5s
Cascade County, Mont.,
County, 111., School. Dist. 58, 5s
Fort Dodge, Iqwa, Water Works 4 Ha
Freeport Water Co., 111., 5s
Gallatin County, Mont., High School
Building 4s
Gallatin County, Mont., Refunding 4s
Genesee, Idaho, Water Works 5s
Geneseo Township, 111., High School
District 4 Ha
Glencoe, III., Improvement 4 Ha
Glenwood, Iowa, Funding 5s
Gorham, N. H., Water 4s
Granite, Utah, School District 4Hs
Great Falls, Mont., Sewer 5s
Great Falls, Mont., Water Works 5s
Green Bay, Wis., Refunding 4s
Green Bay, Wis., Sewer 4s
Greenville, 111., Refunding 5s
Hamblen County, Tenn., Highway 5s
Helena, Mont., Judgment Funding 4s
Helena, Mont., Water Works 5s
Hill County, Mont., Funding 5s
Hill County, Mont., Court House &
J ail 5s
Court House
Hudson,
„
Mortgage 5s
Clifton Forge, Va., Bridge 5s
Colorado Springs, Colo., School Dist.
No. 11, Ref. 5s (El Paso County)
Consumers Power Co. 6% Gold Notes
Consumers' Power Co. First Lien &
Lincoln Tel. & Tel. Co. First Mort¬
Refunding Gold 5s
Cook County, 111., School
gage
Manson, la.. Refunding 6s
Marshalltown, Iowa, Refunding 4s
#
Monmouth, 111., Water Works 5s
Co. First & Re¬
funding 5s
Moriristown, Tenn., Water Works
Improvement 5s
Mount Airy, N. C., Water Supply,
Electric Light & Power Plant 5s
Moweaqua, III., School Building
Muscatine, Iowa, Independent School
4Hs
Muskegon, Mich., General Street
Improvement 4s
Muskegoil, Mich., Lake Michigan
Montreal Tramways
Cuthbert, Ga., Eleotrio Light 6s
Cuthbert, Ga., Water Works 6s
Danville Street Railway & Light Co.,
Danville, III., Refunding Mtge. 5s
Denison & Sherman (Texas) Ry. Co.
First Mortgage Gold 5s
Derry, New Hampshire, Water 3 Ha
Des Moines City Railway Co. General
5s
Dexter, Mo., School District, School
Building 4 Ha
Dickey County, N. D., 4 Ha
Edison Electric 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 .
5s
Louis ville Gas & Eleotrio Co. 6s
School District 4 Ha
Refunding
We shall be
pleased to
§S
"*
Oklahoma
Ry. First Mortgage 5s
Olympia, Wash., Water Works, 5s
answer
'
'
'
•'
'
Pendleton, Ore., Water Works (1914)
,
5s
Pierson, Iowa, School District 5s
Plum Bayou, Ark., Levee District 6s
Pontiao Township, 111., School Dis¬
trict, High School Building
Portland Gen. Eleotrio Co., Portland,
Ore., First Mortgage Gold 5s
Redwood Falls, Minn., Refunding 5s
Riverside, 111., School District No. 5
4^s
Riverside, III., Water Works 4 Ha
Rosebud County, Mont., Bridge 4 Ha
St. Joseph, Mich., Bridge 4Ha
Scranton Eleotrio Co., Soranton, Pa.,
First & Refunding Mtge Gold 5s
Sedalia, Mo., School District, School
Building 4s
Sheridan County, Mont., Fund. 5Ha
Spartanburg County, S. C., County
Refunding 4 Ha
Sumter, S. C.t Sewerage 5s
Tacoma Eastern Railroad Co. (Wash.)
First Mortgage Gold 5s
Taylorville,
111.,
Town-ship
High
School District 4 Ha
Texas Electric Co. 1st & Refunding 5s
Thornburg, Iowa, Cons. Independent School Dist. 4Hs
Tipton County, Tenn., School 5s
Tullahoma,
Tenn., Electric Light
4 Ha
Tullahoma, Tenn., Water and Light 5s
Tullahoma, Tenn., Water Works 4H«
Union League Club 6s
Valley County, Mont., 4H»
Weldon, N. C., Water & Sewer 6a
West Hoboken, N. J., Funding 5s
West Hoboken, N. J., School 4
White Plains, N. Y., School Distriot
No. 1, 5 Ha
Winnetka, III., Park Distriot 5s
Y. M. C. A. 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
Temple,
Tex.,
Public
Independent
School Series No. 4, 5s
Fifteenth
Refunding 4 Ha
Refunding 5s
4)^s
Minn., Dist.
Mich., Paving, Water &
Sewer 4 Ha
Mount Pleasant, Mich., Water Re¬
funding 4 Ha
Sedalia, Mo., School Distriot Fund¬
ing 4s
Jaokson,
INVESTMENTS
inquiries regarding bond investments and, if desired,
offerings of well-seasoned bonds selling at prices much
Owos3o, Mich., Water Works 5s
Pendleton, Ore., Water Works (1913)
Water Works 4s
Muskegon, Mich.,
Muskegon, Mich.,
New Orleans, La.,
Norman County,
No. 51, 4 Ha
JANUARY
mit
Consolidated School
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
Knox ville, Iowa, Judgment Fund. 4 Ha
Knoxville, Tenn., Street Improvt. 5s
Kossuth County, Iowa, Bridge, 4 Ha
La Salle, 111., School Dist. No. 2,3 Ha
Lincoln County, Mont., Fdg. 5 Ha
Cass County, Iowa, 4 Ha Centerville, Iowa, Refunding 4s
Centerville, Iowa, Refunding 5s
Chariton, Iowa, Funding 5s
Chippewa Valley Railway, Light &
Power Co., Eau Claire, Wis., First
and
Iowa,
District
Cascade County, Mont., 3Ha
Cascade County, Mont., Funding 4s
Cascade County, Mont., Refunding 5s
District
No. 99 (Morton Park) 4 Ha
Cook County, 111., School District
No. 170 (Chicago Heights) 4s
Council Bluffs, Iowa, Independent
First (Continued)
(Continued)
Ford
4s
Correspondent
Harris, Forbes & Co., Inc.
Savings Bank
will sub¬
below the average for many years,
i
Write for Investment
Offerings F-C for Investors
XX
THE
CHRONICLE
[VOL. 105.
jftnanrfAl
THE CANADIAN BANK
OF COMMERCE
Statement of tlfie result of the business of the Bank for the
30th
year
ending
November, 1917
Balance at credit of Profit and Loss Account brought forward from last
year
Net Profits for the year ending 30th
$802,319 09
November, after providing for all bad and doubtful debts
2,637,558 43
$3,439,874 52
This has been appropriated as follows:
Dividends Nos. 120,121,122 and 123 at ten
Bonus of
one
per cent
do
War tax
per cent per annum
payable 1st June..
do
do
$1,500,000 00
.........—
150,000 00
....
1st December..
....
bank-note circulation to 30th November
on
Transferred
to
Pension Fund
'
...
150,000 00
150,000 00
...
....
85,000 00
Subscriptions:
-
Canadian Patriotic Fund
$50,000 00
..,
British Red Cross Fund
7,500 00
...
British Sailors' Relief Fund
(Canada)
Sundry subscriptions..
5,000 00
....
.....
...
-
10,300 00
-
.
72,800 00
Balance carried forward..
...
........
......
1,332,074 82
...
$3,439,874 62
GENERAL STATEMENT
30th
November, 1917
LIABILITIES
To the Public-
Notes of the Bank in circulation
*
$23,995,244 68
...
Deposits not bearing interest
Deposits bearing interest, including interest accrued
Balances due
to
Balances due
to Banks and
Bills
$86,458,403 02
r
to
date..
189,967,251 39
276,425,654 41
other Banks in Canada
680,958 01
Banking Correspondents elsewhere than
in Canada
7,295,110 40
Payable
120,857 29
Acceptances under Letters of Credit
_
,
„,
,
5,597,665 13
$314,016,489 92
.
To the Shareholders—
Dividends
Unpaid
2,668 20
Dividend No. 123 and bonus, payable 1st December
Capital Paid
525,000 00
up
$15,000,000 00
Rest Account
Balance of Profits
13,500,000 00
as
per
Profit and Loss Account
1,332,074 52
29,832,074 52
$344,375,232 64
ASSETS
Gold and Silver Coin Current
Dominion
;
:
Notes
10,000,000 00
$54,652,247 21
Notes of other Banks
Cheques
on
$22,697,336 96
21,954,910 25
Deposit in the Central Gold Reserve
$2,004,762 00
other Banks
11,930,875 21
Balances due by Banks and Banking
Correspondents elsewhere than in Canada
Dominion and Provincial Government
8,496,103 99
22,431,741 20
Securities,
not
exceeding market value
27,596,420 22
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 30 days) in Canada
Call and Short Loans (not
exceeding 30
on
-
13,460,862 62
days) elsewhere than in Canada
Deposit with the Minister of Finance for the
purposes
20,076,903 18
of the Circulation Fund
831,173 35
$167,336,942 67
Other Current Loans and Discounts 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
Overdue Debts
Credit,
(estimated loss provided for)
Real Estate other than Bank Premises
of the Eastern
on
149,822,028 44
14,846,130 56
...
as per contra
5,597,665 13
z
237,796 89
(including the unsold balance of former premises
Townships Bank)
i.
$1,236,999 52
...
Less mortgage assumed
Mortgages
22,095,133 29
6,192,461 60
Bonds, Debentures and Stocks
100,000 00
Real Estate sold by the Bank.
at cost, less amounts written
off
1,136,999 52
1
196,005 81
.
Bank Premises
Less mortgage assumed
Other Assets
not
on
$5,390,075 44
property purchased-
included in the
...
300,000 00
5,090,075 44
foregoing
111,588 68
$344,375,232 64
B.E.WALKER,
*
.
President
_____________.
Report of the Auditors
to
JOHN AIRD,
'
the Shareholders of the Canadian Bank of
General Manager
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 havelbeen within the
powers of tne Bank.
We have checked the cash and
verified the securities
representing the investments of tne Bank at its chief office and principal
branches at a date other than, and in
addition to, the verification at 30th
November, 1917, and found that they were In agree¬
ment with the entries m the books of
In
Bank
our
the Bank relating thereto.
up so as to exhibit a true and correct view of the state of the affairs of the
information and the explanations given to us, and as shown
by the books of the Bank.
opinion the Balance Sheet is properly drawn
according to the best of
our
T. HARRY WEBB, C. A.
of Webb, Read,
I
Hegan, Callingham & Co. [Auditors
JAMES MAR WICK, C. A.,
of Marwick, Mitchell, Peat & Co.
Dec. 29 1917.]
THE
CHRONICLE
XII
financial
TAXATION
The
higher taxes which
you
vs
will be called
in
a
of
INCOME
upon
to pay may be offset,
high-grade public utility securities.
measure
For
at
least, by taking advantage of the present market prices
example,
Bond issue of
a
offer to banks and dealers,
we can
live
public utility
company
Three-Year 6%
a
presenting
many
attractive
features:
1.
Secured
2.
Equity
by
general mortgage.
a
in physical property estimated to be equal
to about three times the
3.
Net
earnings available for interest
equal to
4.
on
these bonds
6 times the amount required.
over
Principal and interest payable without deduction
for
any
Company
5.
amount of the issue.
Normal
may
These bonds
Federal
Income Tax
be required to
are
pay
or
which the
deduct.
free of New York taxes under the
Investment Tax Law of the State.
Write
us
for
price.
John Nickerson, Jr.
61
Broadway,
NEW YOR<
Saint Louis
Boston
THE
XXII
[Vol. 105.
CHRONICLE
^financial
January Investment Suggestions
Subject to sale and change in price, we recommend the following bonds selected
from our January list:
'
1
ViH-
State and Municipal
Approximate
nmc
n
m
3, 1933
4.40
1957
1,1938
4.75
__Jan.
City 4i/2s
St. Louis, Mo.,
Tulare
July
Highway 41/2®
State of California, Gold
New York
-
...........
School 4s
June 1, 1928-36
County, Cal., Highway 5s
Apr.
County, Ore., road 5s
Montreal, Que., Gold Coupon 5s
1,1929
Jan.
Seattle, Wash., 4s
Wasco
Yield %
Maturities
Issues
1, 1923-31
....Nov. 1, 1956
.
4.60
4.70
4.80
4.80
5.50
Railroad
July
nmc
nmc
Chic. Mil. & St. Paul General & Ref.
1, 1925
5.65
.Jan.
1, 2014
6.60
July 1, 1934
June 1, 1959
6.60
5.40
5.00
7.25
Baltimore & Ohio Prior Lien
nmc
Chicago Milwaukee & St. Paul Deb. 4s.»_._
Florida East Coast Ry. 1st
nmc
41/£s
4V£s
New York Central RR. 1st 3V2S
.July
Public
5.60
6.40
Utility
Dec.,
Dodge Des Moines & Southern RR. 1st 5s
6.35
Doc.,
V---
1929
1938
6.00
July 7, 1944
American Tel. & Tel. Co. Col. 4s.
1942
July,
American Public Service 1st Lien 63
Kansas
1, 1982
—May
Virginian Railway Co. 1st 5s
Fort
1, 1997
Sept. 1, 1945
Seaboard Air Line First and Con. 6s
Aug.,
1953
6.40
6.13
Juno,
1943
6.97
......Feb.,
1933
G.23
American Cotton Oil 2-Year 5s_
Sept. 1, 1913
8.65
New York Central 2-Year
Sept.15,1919
7.25
8.60
City Rys. 1st 5s
Northern Ohio Traction &
Light 1st Lien Ref. 5s
Southwestern Power & Light l'sl Lien 5s..
Topeka Railway & Light 1st Lien Ik Ref. 5s
Short
Seaboard Air Line
Term Notes
5% Notes...
Sept.15,1919
Ry. 2-Year 6s.
United
Kingdom of Great Britain^and Ireland 5s
United
Kingdom of Great Britain and Ireland 5V2S--Feb.
1,1919
Nov.
1,1919
Nov.
1, 1919
Nov.
1,1919
City of Bordeaux 3-Year 6s....
City of Lyons 3-Year 6s
1
City of Marseilles 3-Year 6s
N
Sept. 1, 1918
9.75
7.25
17.50
17.50
17.50
(
—Legal investment for savings banks in New York State
C—Legal investment for savings banks in Connecticut
M—Legal investment for savings banks in Massachusetts *
January Circular containing
a
wide list of additional offerings sent upon request
The National
National
City Company
City Bank Building, New York
CORRESPONDENT OFFICES
Boston, Mass.
Philadelphia, Pa.
Chicago, III.
Albany, N. Y.
Wilkes-Barre, Pa.
St. Louis, Mo.
Buffalo, N. Y.
Baltimore, Md.
Kansas City, Mo.
Cleveland, Ohio
Washington, D. C.
Minneapolis, Minn.
Pittsburgh, Pa.
Atlanta, Ga.
Denver, Colo.
Detroit, Mich.
San Francisco, Cal.
Los Angeles, Cal.
Portland, Ore.
Seattle, Wash.
London, E. C., 2 Eng.
New Orleans, La.
Bonds
,
Short Term Notes
■
Acceptances
THf
WJ
Ditimerria
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
Bank &
Railway Section
City Section
NO. 2740
SATURDAY, DECEMBER 29 1917
VOL. 105
Week ending December 22.
3P»e Ctomtle.
Clearings at—
"
Terms of
Subscription—Payable la Advance
ijnx On© Year.
............ —
...
...
$
Terms of
Transient matter per
•
standing Business Cards
;sOndon Office—Edwards
Saturday
every
+24.9
10,843,800
10,975,935
5,000,000
—2.5
—12.0
12,800,000
10,567,300
11,020,340
4,400,000
f4 SO
.22 0®
20 00
+ 2.7
—11.2
3,121,825
2,646,521
+ 17.9
1,708,248
1,716,194
1,700,741
—0.5
111..
;
2,581,148
'5,128,000
+ 13.5
1,300,000
1,767.27C
Akron
Rockf ord
60 00
87 00
844,044
+ 54.0
+ 16.1
+23.1
Bloomington....
Quincy
1,086,413
3,004,779
804,366
1.275.00C
1,185,00C
•
+ 12.5
1,087,128
1,265,433
+ 17.3
1,760,084
826,774
850,276
1,085,614
+ 17.3
870,498
1,159,217
550,275
647,217
615,885
363,388
559,851
494,397
849,796
752,027
1,271,$25
1,514,000
711,214
633,972
—6.4
882,068
Springfield, 0___
2,734,880
2,523,144
611,015
3,700,000
502,751
'
Decatur
7,000,000
5,186,700
5,319,489
1,094,931
2,000,000
+ 35.1
17,635,549
18,827,284
13,590,712
812,413
1,522,187
Canton
COMPANY, PobUihew,
—22.2
1,322,807
2,929,881
5,768,000
Lexington
658,343
South Bend
1,036,207
1,283,296
—19.3
Mansfield
1,146,930
837,862
+ 36.9
726,207
Danville
New York,
575,000
1,000,000
725,000
424,257
383,115
1,412,746
561,645
459,605
1,304,503
+ 2.4
—23.3
679,281
425,581
761,757
—4.8
431,223
406,693
461,070
—8.0
317,936
306,402
+25.1
230,000
214,522
610,525 + 131.4
314,876
413,996
.......
Lansing
Lima
....
Jacksonville, HI.
Addresses of all, Office of the Company.
Ann
Arbor......
.....
»'
432,001
168,282
113,069
60,757
+ 86.1
67,503
33,558
Tot-. Mid .West
802,736,053
734,860,498
+ 9.2
459,653,728
340,865,035
San Francisco.fc.
111,849,838
27,377,000
28,955,297
83,216,611
+34.4
44,273,476
30,557,960
30,971,000
—11.6
17,256,803
12,220,775
18,340,950
+47.0
8,000,000
8,220,893
5,712,668
+ 43.9
9,745,635
3,500,000
16,117,268
15,536,923
+ 3.7
7,500,000
19,502,074
4,090,376
,43,618,181
+43.2
2,560,409
+ 59.8
9,361,104
1,792,977
5,523,541
4,998,561
2,911,233
+ 10.5
2,166,697
+ 9.7
1,039,277
1,035,945
+ 0.3
713,923
3,062,965
2,424,219
+ 26.3
2,729,000
1,653,696
934,055
+ 65.1
1,254,784
1,236,914
+ 49.6
561,622
610,527
+ 34.5
400,000
350,000
Adrian.....
Indicates that the total bank
week ending to-day
$5,029,962,979, against $6,306,084,353 last week and $5,069,942,017
up
+ 0.4
5,093,049
3,900,416
Springfield,
CLEARING HOUSE RETURNS.
Theffollowlng table, made
—1.3
5,231,503
Owensboro
■
+ 3.5
3,464,423
Evansville
morning
Vice-Presidents; Arnold G. Dana, Sec.
22,264,310
12,964,970
Dayton
by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Published
27,810,492
Grand Rapids...
Telephone Majestic 7896.
Front, Pine and Depeyster 8ta.«
61,325,241
56,723,416
+ 42.3
58,735,467
Indianapolis
& Smith, 1 Drapers' Gardens, £L Ct
B. DANA
WILLIAM
87,291,119
Youngstown
(26 times).....
Twelve Months (52 times)
Chicago Office—39 South La Salle Street,
19,605,900
Fort Wayne
gix Months
C
249,077,858
Toledo
Advertising*—Per Inch Space
(s times)
(13 times)
$
$
27,253,400
38,151,506
30,288,294
13,917,288
8,632,324
6,586,100
7,956,154
3,900,000
2,626,106
2,608,691
1,878,073
1,165,298
1,323,782
2,231,883
2,845,000
Peoria
liies)
.
297,899,977
—1.1
Columbus
£1 11a,
....$11 60
(3 times yearly)
Electric Railway (3 times yearly)
Backers' Convention (yearly)
) Three Months
%
+ 6.6
37,845,019
Milwaukee
railway and Industrial
inch space (14 agate
( Two Months
R,ic?r,aua cavfla
.
478,683,957
37,422,021
Detroit
Subscription includes following Supplement#—
state and city (semi-annually)
S
511,130,553
Cleveland
13 00
1 60
£2 14s.
European Subscription (including postage)
European Subscription six months (including postage)
annual Subscription in London (including postage)..
Six Months Subscription in London (including postage)
{j&nadiaxi Subscription (includingpostage*
.......—
$ank and Quotation (monthly)
railway Earnings (monthly)
i
1914.
1915.
Dec.
1916.
Cincinnati
Chicago
,.....'..$10 00
0 00
•
'$<11 Six Months
'
Inc. or
1917;
PUBLISHED WEEKLY.
by telegraph, &c.,
clearings of all the clearing houses of the United States for the
have
been
corresponding week last year.
the
Los Angeles.i
Seattle
Clearings—Returns by Telegraph.
$2,184,106,632
$2,381,453,943
340,061,616
+ 2.6
250,427,613
175,176,931
230,878,127
146,656,230
+ 8.5
137,766,008
121,182,075
63,058,732
57,698,698
Chicago
Philadelphia
Boston
Kansas City.
St.&Louis
San
Sacramento
+ 19.4
+ 59.9
50,357,149
$3,486,575,345
508,461,218
+ 23.0
$4,083,986,595
945,976,384
$3,995,036,563
1,074,905,454
-12.0
.....
39,370,786
30,465,916
......
Baltimore
Orleans.....^
Diego...
Fresno
+ 25.7
Stockton
+ 24.5
...
Other cities, 5 days......
1,397,374
821,291
500,000
San Jose
+ 2.6
North
+ 5".6
Yakima..
Reno
+ 6.4
+ 56.6
+ 42.0
*
...
$5,029,962,979
Kansas
+ 25.0
243,880
217.467
+31.2
385,532
293,237
236,447,856
187,662,068
+26.0
105,262,625
77,547,930
190,232,073
118,085,372
32,492,726
27,076,440
14,220,171
+ 61.1
+ 14.2
72,262,234
65,399,998
30,667,566
17,622,296
26,118,948
11,805,961
10,511,051
10,795,408
7,880,147
6,991,144
City....
37,111,282
43,100,468
St. Paul
........
18,126,611
19,198,584
16,837,969
+ 14.0
St. Joseph......
15,879,738
14,723,945
+ 7.8
8,712,133
+ 28.2
7,623,864
7,825,426
7,461,839
6,014,809
5,609,916
5,649,386
7,458,458
2,910,387
8,669,239
4,473,569
Sioux
—-0.8
$5,069,942,017
Thejfull details for tne week covered by the above will be given next Saturday.
furnish thera to-day, clearings being made up by the clearing bouses
at noon on 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 December 22 follow:
.
+ 30.7
3,452,670
+ 38.5
4,6,67,216
8,541,764
2,125,521
City
Wichita
Duluth
4,124,937
Lincoln
3,327,483
Topeka
•
Davenport
Week ending December 22.
1916.
Dec.
$
,920,631,246
321,800,320
81,485,351
47,119 ,360
45,104,889
18,595 ,314
18,733,031
—0
4,500 ,000
Pittsburgh.
Baltimore
.....
Albany.,
5,516,475
10,845,770
—18
6,817,187
3,768,215
3,183,404
2,284,344
4,578,671
2,066,964
4,502,874
2,453,088
1,141,964
1,656,843
799,316
+9
386,407 ,885
12,250 ,000
Washington
Rochester
7,466 ,848
Scranton
....
4,107 ,419
...
4,511 144
—.
2,440 890
Syracuse
Reading
Wilmington..
3,427, 067
Wilkes-Barre
...
2,012, ,862
Wheeling.
...
3,699 000
...
3,652 084
1,296, 970
....—......
1,992 ,148
Trenton..
York
Erie
....
+4
37,329,963
13,086,780
4,113,633
7,769,934
4,195,600
3,133,297
2,255,026
1,865,959
2,435,437
1,811,645
1,965,480
1,989,307
869,173
+ 12
,
+9
+ 18
+6
—25
—2
—17
+48
+ 13
+ 20
930,500
1,6^18,183
—40
2,229, 156
1,679,059
807, 628
......
871,000
Montclair
Total Middle..
Boston
.....
4,054,338,562 4,443,098,674
284,638,076
12,506,400
Providence
New Haven
—8.7 2,618,240,414 1,483,978,209
+25.1
+ 24.5
154,835,949
7,802,200
7,957,079
103,038.718
5,996,600
684,840
730,000
—1.8
390,638
308,517
327,405,185
269,197,142
+ 21.6
187,699,835
2,679,924
2,135,247
1,150,000
■_
Bangor—
Total New Eng.
465,648
576,273
499,800
515,682
1,011,312
569,837
766,793
Fall River
—
1,183,874
754,587
—29.0
3,904,777
Lowell
711,591
1,595,840
781,513
1,562,658
1,081,732
1,075,593
Worcester
New Bedford
—7,
832,400
■
763,849
Portland
4,449,481
2,500,000
Springfield
+ 32
1,111,050
592,910
41,855,480
21,163,751
9,950,312
4,712,088
6,203,907
3,055,842
3,554,128
2,306,383
1,903,135
1,291,381
1,633,915
1,789,196
3,845,851
2,605,529
2,004,034
1,424,967
1,909,084
864,793
939,682
590,176
566,104
7,180,536
4,766,895
Hartford
227,471,691
10,046,100
8,909,982
5,275,037
4,401,544
2,714,588
4,302,318
1,589,106
2,288,657,686 1,244,775,437
133,478,510
188,429,385
53,434,636
975, 000
Chester
$
+4
1,153, 383
Binghamton
Holyoke
+20
+ 25
+4
1,000 ,000
Greensburg
Lancaster
—11
85,367 ,207
....
1914.
1915.
Note.—For Canadian
—19.5
—9.6
+ 1.1
3,040,147
3,000,000
—7.9
2,000,000
—7.2
2,576,768
1,487,011
1,163,399
761,804
+ 6.9
+ 36.7
+ 6.3
clearings see "Commercial and Miscellaneous
124,094,055
News."
2,311,678
2,165,497
1,782,253
1,619,122
2,085,250
1,364,425
636,518
2,299,474
+ 59.2
+ 27.5
+0.05,
+41.7
+ 9.6
3,994,244
2,741,604
3,850,759.
5,366,741
1,868,925
2,258,818
1,054,815
1,286,240
.3,100,828
1,312,963
1,377,729
2,333,995
1,292,196
—40.8
14,581,746
625,699
+43.9
+42.8
+ 13.4
.....
Colorado Springs
Pueblo
1,998,238
1,630,053
1,182,491
454,074
572,754
1,181,369
+ 22.9
—15.4
942,060
494,990
738,824
+ 29.0
458,541
347,871
+ 15.0
224,083
518,961
420,041
273,880
379,610,607
268,287,450
+ 41.5
189,691,551
160,918,150
162,487,824
Fargo.....
%
3,459,327 ,197
New York
Buffalo
2,021,704
2,100,000
Helena
Inc. or
Philadelphia
3,092,251
Cedar Rapids...
Clearings at—
$
854,792
452,815
570,393
Omaha
+ 2.2
We capnot
1917.
700,000
—0.8
Denver
Total all cities for week
1,923,055
1,501,899
461,524
400,000
Des Moines
cities, 5 days.
2,200,000
2,878,458
2,329,332
1,828,185
Minneapolis
Total all
All cities, 1 day
2,392,348
5,871,084
8,200,929
1,350,045
748,963
....
Long Beach.
Total Pacific:.
Eleven cities, 5 days...
4,135,324
2,377,375
•
Pasadena..
$3,458,487,651
625,498,944
...
Pittsburgh
New
Oakland
San
86,162,673
96,420,616
50,648,515
56,247,628
37,272,668
28,623,385
32,149,944
Francisco
Detroit......
Tacoma
■—8.3
348,877,111
York.....
Salt Lake City..
Portland
Cent.
1916.
1917.
Week ending Dec. 29.
New
Spokane
Per
+31.8
68,766,715
—0.1
83,868,162
20,382,721
15,036,169
2,284,429
807,614
772,155
Waterloo
2,150,487
Aberdeen
1,138,673
1,393,098
Billings
725,758
400,000
Fresno
Hastings
Tot.otherWest
926,101
1,647,666
562,016
+ 29.7
+21.4
487,308
■—6.5
New Orleans....
56,623,899
Louisville
22,236,151
123,312,548
39,834,553
22,270,255
14,000,000
13,500,000
+ 3.7
11,193,828
5,799,478
25,244,098
+29.5
4,633,987
14,268,181
Sti Louis
......
Houston
Galveston
7,500,000
Richmond
40,838,551
Atlanta
56,947,281
15,055,207
Memphis
Fort Worth
Savannah
16,863,397
9,741,897
13,437,212
+42.1
+ 61.8
28,318,686 + 101.1
+ 28.2
11,746,670
+41.9
11,886,504
+ 58.9
6,128,230
16,469,533
8,375,128
9,631,469
4,869,306
6,247,864
5,492,125
16,265,853
9,948,368
6,677,048
3,080,444
6,436',562
.
11,098,391
6,329,167
8,599,086
4,097,972
5,000,000
4,101,974
8,987,715
+49.5
6,959,210
4,759,281
6,219,159
3,679,720
+ 29.4
Augusta
Little Rock
4,329,472
2,685,559
+ 61.2
2,923,478
1,615.486
5,400,000
4,193,606
+ 24.4
2,343,268
Jacksonville
Chattanooga
4,823,971
4,745,095
Charleston
4,051,273
*556,211 + 767.4
+ 9.7
4,324,858
+ 34.2
3,018,742
3,000,000
2,845,006
2,542,501
1,000,000
1,588,951
3,270,400
4,454,860
1,600.000
2,400,000
2,249,278
1,800,000
331,067
251,433
Nashville
...
Norfolk
Birmingham
Mobile
1,487,778
Knoxville
2,239,340
9,982,589
Oklahoma
Macon
—
Austin
2,200,000
3,000,000
Vicksburg
484,482
Jackson
692,178
Muskogee
3,321,479
Tulsa
7,886,827
Dallas
23,450,696
1,558,720
2,485,507
5,464,460
1,683,494
2,000,000
+ 11.9
—4.6
—9.9
+ 82.7
+ 30.7
+ 50.0
+ 70.9
+ 9.3
1.553,738 + 113.9
+ 67.7
4,702,707
+ 64.6
14,246,951
283,617
633,101
485,580
3,104,273
1,466,811
1,973,855
900,000
1,200,000
2,779,000
3,833.588
762,280
334,032
720,440
1,379,007
1,985,362
1,199,069
231,833,439
175,275,639
356,318,887
+ 41.9
Total all
6,306,084,353 6,259.424,719
+ 0.7
3,792,381,592 2,368,680,217
Outside N. Y.
2,846,757,156 2,338,793,473
+ 21.9
1,503,723.906 1,123,904,780
Total Southern
*
505,546,090
Number of banks In Clearing House
depleted.
CHRONICLE
THE
2480
We say
THE FINANCIAL
The event of the week,
overshadowing all other
taking
over
night, December 26, announcing
by the Government of all the steam
railroads of the United States.
to
This has given a fillip
security values and strength
such
has not been
as
seen
the Stock Exchange
on
for many a
illustration, Baltimore & Ohio
one
closed at 39%
Wednesday,
on
long day.
As
which
common,
Thursday
opened
It closed yester¬
morning at 55, and later sold at 57.
The President's act has two distinct aspects,
bearing
the operation of the roads
upon
modities and goods
(in the carrying
on
bearing
is much the
of
shareholders, the
intimate
its
been under
bearing
ment
of
the
gen¬
Railroad securities have
growing discredit for
long time and
a
most unfor¬
a
due in the main to the unfair treat¬
one,
they have received at the hands of the Inter-
State
Commission.
Commerce
pressing
influence
Government
the
and the
owners
upon
position of the roads has been
tunate
control
and
been
has
would
the
de¬
knowledge
the
sooner
of
direction
further
A
later
or
that
assume
roads, engendering
apprehensions lest the last state of the roads be
than the first,
worse
of the
owing to the continued hostility
Government.
Only
week the publication
contemplated
on
Wednesday of this
advices from
of telegraphic
Washington in the daily
dent
papers
early
assumption
of
control,
suggesting that the question of terms might be
left for future determination,[had a distinct weak¬
ening effect
or
In
on
three
changed
the Stock Exchange, prices declining
points all around.
last
this
particular
decidedly
through
place,
be
we
the situation
the
for
the
better.
President's
going to be done.
Stock
disposition to cavil
has
In
the
action
we
as
unless
complain,
or
even
transportation
to what
no
though un¬
the effi¬
agency
shall
plain to the security holders that their interests
not to be
sacrificed, but that instead they are
be fully protected during the period of Govern¬
in
control—that
the
Administration
does
not
repeat the mistake of the Inter-State Com¬
Commission
a
or
continue the latter's destruc¬
policy the failure of which has become
palpably evident at the present crucial period
the country's history.
Only
a very
general outline of the
course
that the
Government will pursue towards the roads is fur¬
nished, but that is sufficient to indicate that the
matter is to be treated in
way.
a
liberal and broad-minded
Obviously, much will depend
in which the details
are
worked out, but the
.
has
upon
7
the
way
measure
evidently been conceived in the right spirit.
securities
constitute
tremendous
of
the
the
that has existed.
sanguine, it
in
their
now
entertained shall
has
corner
forward
their
will
that the
means
buying
prove
too
definitely checked, that
been turned,
now
there
are
certain that market depreciation
seems
in these securities has been
the
They
rightful position—
belie what is intended.
appearances
expectations
body of invest¬
a
These investments have
depreciation under the growing
same
be reinstated
indeed
Even if
be
and that hence¬
steady appreciation.
owners
This
of these securities will find
increased—a circumstance that
power
cannot but redound to the
advantage of the Govern¬
placing of future loans.
That that is a
ment in the
consideration not lightly to be regarded is evident
from the fact that the Second
this week dropped
below 97,
plainly disconcerting, to
Liberty Loan 4s have
a
say
circumstance that is
the least.
prospect for railroad securities
so
With the
greatly improved,
confidence in the general financial situation will un¬
questionably be strengthened and that in turn will
helpful in all the Government's plans of fi¬
prove
nancing.
The
President's
possession,
such
proclamation
control,
operation
directs
"that the
utilization
and
transportation systems hereby by
of
under¬
me
taken, shall be exercised by and through William
G.
McAdoo, who is hereby appointed and desig¬
Director General
of
Railroads."
All
that
with respect to Mr. McAdoo's
Department he has shown himself to be
a
man
of
large views and of
no mean
qualifications
indispensable in the occupant of
new
are
executive ability.
office because of the
in
the
Director may
goes
to
on
of
Railroads.
that "said
say
perform the duties imposed
long, and to such extent,
so
Such
large discretion that is
Director General
new
For, the proclamation
In the second place, it is made
improved.
policy,
on
would not be surprised if
we
appointment is that in his conduct of the Treasury
not be
so
already apparent
are
first
have
as a
tive
beneficial in the highest
prove
it is necessary to say
ciency of the roads
to
determined
stilted policy is to
now
The Government has taken
der Government control and management
merce
sure,
huge magnitude.
a
to
now
vested
mean
Government
been
no narrow or
Exchange, and
Railroad
accept the situation in a patriotic spirit, with
ment
are
ments of
the
to
having
These benefits
degree.
the leap, for better or for worse, and everyone will
are
Gov¬
creating.
pursued in the treatment of the security holders
will,
nated
•
passed out of the realm of uncertainty
is
however,
the fact that
upon,
saying the Presi¬
but
two
own
private management in anything.
distrust
important of the two aspects,
more
financial situation.
the
a rem¬
management has never yet proved superior
management,
suffered
The latter, in its immediate influ¬
properties.
eral
to
com¬
the treatment of the security
upon
holders—the bond and
because
a
of the
use
conduct of the war),
in the
Government
ence,
being largely of the Government's
ernment
coun¬
of the
try's industrial activities and - for the
the
believe that Govern¬
we
mistake, and will not afford
a
edy for the situation it seeks to correct, that situation
the
as
transportation system for the movement of
other
though
even
they became quickly evident outside of that mart.
day at 53.
one
this
ment control is
has been President Wilson's proclamation,
events,
issued Wednesday
the
SITUATION.
[Vol. 105.
a,s
him
upon
he shall determine."
As to the return to be allowed the railroads "the
Director shall
.
with the several
'or
.
.
.
enter
upon
negotiations
companies, looking to agreements
just and reasonable compensation for the
session,
ies
on
and
use
control, of the respective
the basis of
an
pos¬
proper-
annual guaranteed compen¬
sation, above accruing depreciation and the main¬
tenance
as
may
come
30
their
of
properties, equivalent,
be, to the
average
thereof for the three
nearly
1917, the results of such negotiations to be
ported to
me
and lawful."
for such action
In
as may
taking this three
could
perhaps be expected.
a
lations
year
period for de¬
as
fairly
the
Inter-State
as
"Net operating income,"
precise and definite meaning under the
of
re¬
be appropriate
termining income the President has acted
las
as
of the net operating in¬
year period, ending June
regu¬
Commerce Commission.
It
income after the deduction of both taxes
means
rentals.
and
deducted,
being
Taxes
special
the
profits taxes levied upon the railroads as on
war
corporations will not count as an extra burden.
other
hand, it would seem that no allowance
On the other
increase in fixed charges that may
the average of the three year
is made for any
occurred
have
If
period.
over
the roads will to that extent be poorer
so,
during the three year period taken, and
have that much less left for dividend distributions.
should
there
income
of
amount
future
noted, too, that in fixing a definite
be
will be
no
provision, for
charges, and that might be a
in
increases
considerable item at the end of three or five
very
should the
years,
Of
last that long.
war
tion to the scheme of definite
give its
sanc¬
guarantee contemplated
by the President, but the legislative body may
counted upon to
be
authorize what the President thinks
Many things remain tp be particularized with
reference to the scheme of Government control, and
best.
than
be
question, for instance, of the methods to
pursued in financing the new capital requirements
It has been suggested that the Govern¬
of the roads.
might assist the railroads in precisely the same
ment
it in
namely by taking their bonds and issuing
bonds for the money needed.
That would
good a plan as any. Another large question
that it is, assisting the countries allied with
way
the war,
its
own
seem as
is
to
as
creased,
whether transportation rates are to
or
be in¬
whether, in the event of any deficit, the
good the deficit
Government will undertake to make
.
without any attempt
The Government
to
accrue.
to raise rates.
ought not to allow any deficit
The roads ought to be run on a
they
business
great deal more business now
a
handle.
can
On the other hand, the
agencies are a public convenience even
though they entail extra expense. If these should be
done away with the minor roads might find them¬
selves in a defenseless position in the competition
passenger
for business at the end of the war.
It is
clear, whether in guaranteeing income
not
is to be the limit of what the roads
this guarantee
retain from earnings under any and all circum¬
may
In
whole remainder of the war.
during the
stances
not
instances, especially in the case of
few
a
systems, where growth has been
Southern
certain
All
have
they will be arranged in the spirit
that" might
fast,
be
decidedly unfair.
these, however, are matters of detail and we
doubt that
no
conformity with the principle laid down by
and in
the President in his
mentary statement
Exports
be settled.
still remain to
questions
large
some
There is the
have
carriers
the
very
\
.
it remains for Congress to
course
agencies for the soliciting of business when
maintain
off than
It
2481
CHRONICLE
THE
1917.]
Dec. 29
proclamation and the supple¬
issued in connection therewith.
of moderately restricted magnitude as
compared with most recent exhibits is the leading
feature of the country's foreign trade statement for
Nov.
this
1917,
restrictive
Government
to various
reflecting the
measures
to
check the outflow of commodities
neutrals who have been under suspicion
of acting as a source
the
same
of supply for Germany.
At
time the month's total is with the exception
for
that
of
operation of the
recently put in force by the
the corresponding period last year
(a
high record for any month up to then) a high-water
mark for November by a considerable amount.
The
aggregate value of the outward movement of goods for
the eleven months of 1917, moreover, is over 5,500
million
dollars,
indicating that for the full year,
6,000 million mark will be closely approximated
be in¬ if not exceeded, giving a total some 500 millions greater
than the phenomenal record of 1916.
'
creased correspondingly.
As has been pointed out in
The value of the merchandise exports for Nov.
some
of the papers, the roads would be left in a
1917 was $488,000,000, for the five months since
very difficult position, if at the end of the war they
July 1 they have been a little lesip than 2,350 millions,
should get their property back and find the level of
and for the eleven months of the calendar year
wages high and the level of rates low.
The Government undoubtedly plans economies $5,639,000,000, these contrasting with $516,167,324
and 2,478 millions and $4,959,407,321, respectively,
in the operation of the roads.
Some reports have it
in 1916, and with 327% millions, 1,493 millions and
that the salaries of all the executive officials are to
be cut, with $10,000 a year as the maximum.
That 3,195 millions in 1915, while in 1913, the year prior
to the breaking out of the war in Europe, the results
would be picayune.
The railroad executive, like
basis, just
to
be
they
as
are
at present, and, if wages are
raised, transportation rates ought to
He gets a
large salary because he is worth that much to the
the
the
laboring
man,
is worthy of his hire.
were
only 245 millions,
millions.
•
1,085 millions and 2,251
■
.
high record for
$221,000,000 against $176,ment control there will be as much need for highly November,, reaching
967,749 in 1916 and $155,496,675 in 1915, with the
trained and talented men of this class as there is now,
road with
which he is connected.
with their services.
should not attempt to dispense
five months' totals
It might jeopardize the success
and the Government
and
of the scheme if it did.
be told that
Nor should these officials
they must content themselves with less
There
patriotic duty.
as a
are
other walks of life that get
because
upon
not
they
are
road
the
same
men
in
large salaries
sacrifice, and railroad men should
be discriminated
against.
The large sur-taxes
$1,172,000,000 and $901,704,511
respectively, and the eleven
$2,725,000,000 and $2,186,801,$1,606,764,190. The net balance of exports
$740,954,369,
months' aggregates
147 and
$267,000,000 for November, although some 73
the month a year
of
millions under that disclosed by
is nevertheless of huge proportions and compares
$172,173,678 in 1915 and 79 millions in
1914.
The five months' export balance is 1,178
ago
with only
against 1,576 millions a year ago, but for the eleven
months at 2,914 millions is 142 millions greater than
apply with uniformity in all cases alike and ra^f
officials should not be asked to assume any that for the period in 1916 and not far from double
levied under the
that
thousands of
worth it and who will not be called
to make such a
Imports for the month were a
Under Govern¬
extra burdens
new
income tax law impose burdens
that of 1915.
apart from this.
Considerable
savings
can
no
doubt be effected
Gold exports
of the month were of comparatively
standards, reaching
the most direct routes
and by abolishing the soliciting departments of the only $7,000,000 of which 3% millions to Chile and
different roads.
It is incongruous, anyway, to a trifling sum to Canada, with the destination of
by directing all traffic over
small amount according to recent
2482
THE
the remainder not disclosed.
there
Against this, however,
imports of but S3,000,000, leaving the
were
loss
net
CHRONICLE
of
gold for the
month
and,
$4,000,000
which the Berlin authorities have
sending forth.
from
therefore, reducing to 168 million dollars the gain
to
for the eleven
both
deft
months, this contrasting with similar
balances of $399,550,345 last year,
and
1915
net
$387,005,280 in
export balances in 1914 and
Our
1913.
gain in gold for the 41 months since July 1 1914
has been
1,007 million dollars.
[Vol. 105.
London
negotiate
Minister of
Canada's
lished by a
it is
stated,
George,
foreign export trade in November estab¬
rather substantial amount a new high
record for any
and with
month in the history of that country,
accompanying curtailment of imports,
an
the favorable balance
for the
period
iri
was
the merchandise movement
on
before reached.
a sum never
Chief factors in the enlarged outflow of
the
were
commodities
to
rose
total
a
1916, and manufactures with
double that of
oyer
55% augmentation.
a
The November report covers a total of exports
$187,315,515, which is not only
some
over
The eleven months efflux of
than
more
double that of 1915.
goods reached $1,399,-
comparing with $961,666,000 and $521,-
018,936,
month
of
32millions
greater than in October, but 78 millions
in the month of 1916 and
953,000
Union
and two
one
years
Imports for the
ago.
$72,708,439, against $72,690,000 and
were
for
month
the
The favorable,
this
is,
year
or
export,
intimated
as
above, extraordinarily large, standing at $114,607,-
comparing
and
076,
with
$36,868,000
been of
for the like
and
period
a year ago,
years
Details of the "Christmas peace
have
allies
taken the form of
the
on
a
become
They
of mankind.
our
of
representatives.
greater detail
icle."
The statement
subsequent
page
appears
view," the Premier said, "but such
The
without
make
to
an
immediate
compulsory annexations
general
and
peace
without
in¬
demnities.
be solved
internationally, but must be met by each
Government and its people in the manner established
by the constitution of that Government. The protec¬
rights of minorities was, he said, an qssen-
tion of the
tial part
of the right of peoples to self-determination.
In the event of
cation for
a
mutual renunciation of indemnifi¬
costs and
war
ent would have to bear
Bol-
sheviki; hence they insist they cannot bind them¬
selves one-sidedly to the conditions named without a
guarantee that the allies of Russia will recognize and
a
same
ten
day
conditions.
recess
put the proposals
not
The Russian
require in these circumstances
a
very
of discernment to recognize that the
sheviki
military machine.
that
very
upon
readily develop that
attached to
that
Certainly
might be based
they
high degree
German
formal negotiations
an
numerous
being impressed with
Premier's statement, the
officials
statement
does
offering could
strings
were
proposals and Germany could declare
were
"unauthorized."
Washington is
certainly not
ican
any
such
It
Russian Bol-
playing into the hands of the
are
delegates
in the negotiations in order to
before Russia's allies'.
as
the
jects of
an
incurred for
expense
for damage
territory to property of civilian sub-
own
enemy
tional law.
pay
country by violation of interna¬
The creation of
suggested
special fund for this
a
by
Russia, could, Count
continued, be discussed only in the event
purpose,
as
But the
tions, it
a
negotia¬
peace
-
significant feature of the entire negotia¬
appears
to us, is the fact that, while all these
being uttered, the Kaiser is openly
persisting in his old strain, threatening those who
continue
fist
are
resist
to
and
the
German power
with the mailed
bright German sword.
German mili¬
tarism still is drunk with its recent local
successes.
Military operations, as is natural at this
continuing of
nected
a
desultory and
character.
without
success
French front
delivered
in
on
The
north
the Verdun
of the
The
penetrating
mediately
a
were
Two
sector.
again
through the
assualts
at
point
one
succeeded
French-front line trench, but im¬
ejected.
Press
spurred
of
a
on
advices
from
the
making ready for any
by the greatly adver¬
German
supreme
British air squadron on
drive.
A
Tuesday successfully bombed
City of Mannheim, the great Rhine commercial
and
centre
one
of
the
most
revictualling the Germans
Fires
were
of
ton
started
bombs
squadron had
in the
being
on
machines
numerous
In
was
Italy
a
week of most
the
forced
important
the
bases
Western
for
front.
city at several points,
dropped.
The
British
one
of the
British
down.
rather quieter condition exists after
severe
a
air
combats with German air¬
planes in this expedition and
on
once
and the infliction of heavy
Teutons
untoward event,
the
have
break
to
season, are
less discon¬
or
Caurieres Wood resulted in
tised
prediction
more
Germans
endeavored
front agree that the Allies are
Austrian
disposition among Amer¬
and legislators
being to regard the
merely one more of the "feelers"
damages, each belliger¬
subjects made prisoner and to
casualties.
asked
war
only the
the defeat of the enemy
-fulfill the
declaration will
political independence to another country
unrepresentative Government
the Russian
a
cannot, according to the Austrian Foreign Minister,
Obviously, however, they recognize the
futility of attempting a separate peace with such an
as
fresh
question of the subjection of nationalities who
have not
in
of the "Chron¬
In brief it intimates that the Central Powers
ready
are
on a
a
only be issued in agreement of the Allies."
belligerents join in the
have
of the
constantly kept in
certain time.
declaration by Count Czernin,
de¬
imperialistic
The question of
aims is
war
tions within
Austro-Hungarian Minister of Foreign Affairs,
Christmas Day at Brest-Litovsk to the Russian
peace
purposes
Czernin
offering" by the
Lloyd
similar
a
not
are
that the other
prior thereto.
public.
war
declaration
soft words
Teutonic
He said: "The
dom and peace
$115,980,000 in 1915
heavy balances of imports in
made
have
value of $455,519,369, against $262,957,000
a
His declaration,
year.
last
For the eleven months of 1917 the net exports
the
vindictive; their aim is to achieve the future free¬
or
caused in its
balance
refuse
as
letter to the British Trades and Labor
a
continuing the
Jan.
709,000 and $405,973,000.
will
such
received with great applause.
Congress.
its
they aggregate $943,499,567 against $698,-
peace
Foreign Affairs Pichon declared yester¬
was
$45,217,000, respectively, and for the period since
1
France
by Count Czernin provide,
the British Premier,
in
Allies
shipments of agricultural products (chiefly
grain), which
Paris.
day in the Chamber of Deputies,
claration in
1
and
German-contrived
any
announced
terms
been constantly
Similar lack of enthusiasm is reported
a
fighting in which the Italians
Piave front recaptured many positions but
apparently
were
subsequently forced again to
re-
Dec. 29
Berlin reports the capture of 9,000
linquish them*
Italians around Col del Rosso.
which
British
anti-aircraft
of
cover
chasing squadrons and
Twenty-five
aircraft
The hostile
attacked by
air¬
They were
carrying out the operations.
forced to retire before
machines
Teutonic
began to
received with
were
were
planes which ascended from the
camp.
brought
were
Later another hostile squadron
made
the Italian
over
grounds west of the city and
violent anti-aircraft fire and
Eight
machines under
enemy
morning mist arrived
bombard.
a
A big air battle in
artillery participated has been fought
a
aviation
Italian
and
Treviso.
over
CHRONICLE
THE
1917.]
down,
of 8 machines again
attempt but was forced over Monte Belluno
an
and retired after
Of the 11 air¬
losing 3 machines.
24 83
be made
perience
may
portant
appointment,"
criticisms for
especially
There
long time
a
of later in another im¬
use
have
regards the deep disappointment and
as
dissatisfaction at the impunity with which
raiders
miral
of
recently again sank
by
advocated
that in
the
between
war
a
of
The
nificant
Some
of
latest
much
a
defensive
Mahan,
Germans, clear the
craft
await
and
is regarded
change
even¬
sig¬
as
aggressive naval policy.
more
Continental
a
England and Germany the
merchant
German
tualities.
Ad¬
Admiral
late
British fleet shall bottle up the
seas
German
convoy.
adhesion to the advice for,
too close
a
British
a
has been accused by naval experts
Jellicoe
policy
active
been
the Admiralty and
upon
since
correspondents
the
new
planes thus brought down 8 fell inside the Italian
head of the British Admiralty is known as a
fighter
lines ^nd three within
are
will be progress in a
policy
the. enemy lines.
cation of internal affairs in Germany
that
than
more
nority
cities
Socialist
cialists
party
Christmas
on
of
members
300
An indi¬
is the report
digging out
German mi¬
of
losses
the
arrested in various
This branch of the So¬
were
eve.
long has desired
and has refused to
peace
acquiesce in the Government's
certain that there
of
the
satisfactory,
by mine
Bolsheviki
Commander-in-
chief, Ensign Krylenko, reports such transfers
being in fact in
Negotiations
spreading.
Civil
progress.
the
between
Bolsheviki
and the Central Powers
apparently
ing smoothly and the
10-day delay in the
negotiations
means
much
so
shifting of troops which is
the
now
possible.
greatest speed
are not
proceed¬
peace
for the
time
more
as
in Russia is
war
being carried out with
Bolshevik
troops
at
Harbin, Manchuria, have been defeated in battle
by Chinese who captured the garrison.
distrustful of the
Apparently
Twelve merchantmen
more
were
7 smaller vessels
losses
declined
have
that it is due to the
shipping in
traffic
as
of the barred
headquarters
of
those
on
the
Rumanians
the
who
•
'
sinkings by
which
believed to have responsible
are
for it means,
that it
already has begun to exercise control for the period
to
of the
war
the
certain sections of
over
German
former
jurisdiction
Protests against this have
Government
Tsingtau
on
Chantung outside
with its progressive
system
convoy
increasing
especially in
measure
in
out
requires
a very
cargo space
considerable total of sinkings
equal such loss of available shipping by the direct
ship destruction."
others that when
German
Holiday
market.
on
conditions have ruled
on
the London
The Stock Exchange at that centre
Friday of last week and will be closed again
leaving the guard duty along the railroad in the hands
Year's
of the Chinese
quotations
police.
The Japanese Government
posted its troops along the entire line of the
Chantung Railroad.
China is understood to take
view that .the
the
entitled
are
rights to which Japan may be
limited to those formerly enjoyed by
In the
news
shown few noteworthy
have
New
changes.
of the week the chief item has been the
Government has prohibited
importation of securities
capital by
on
The attendance has been light and
Day.
announcement that the
the
opened
Thursday for the first time since the close of
troops were stationed only in the leased territory,
has
favor,
of inevitable
consequence
of Kiauchau.
under German jurisdiction
was
state¬
of shipping in ports and consequent
up
method of
been lodged by the Chinese
the ground among
The
delays, such big losses in the utilizable
foundation indicate that the Japanese Government
warfare
U-boats
our
decline."
gradually
extension works in
heaping
Reports
zone
\
the
"Even
battle
but
available for British
cargo space
adds:
offered resistance.
of
undoubtedly is correct,
result of which
a
ment
divisional
It
extraordinary decrease in world
consequence
"particularly of
necessarily
disarming
An
week, how¬
his assertion that British mercantile tonnage
says
must
Rumanian
destroyed.
were
of the submarine situation.
control
claiming
Rumanians, Ukrainian forces who
front,
bottom, 14 of them
In the previous week 14
replies to Lloyd George's recent statement
ever,
and
one
attacked
were
official statement issued in Berlin this
opposed to the Bolsheviki have occupied several
are
sent to the
than 1,600 tons.
and
large
well
For the week ending Dec. 19, 17
unsuccessfully.
of
over
as
and
merchantman under that tonnage
one
British vessels
The
or
submarine last week
or
more
showing
statement
sunk
transfer of
front.
Admiralty-s
rather
were
fishing vessel.
Western
is
merchantmen
only 11 merchantmen of 1,600 tons
Meanwhile, the Germans are apparently disregard¬
ing their agreement with the Russians, as to the
large nuihbers of German troops to the
This week's report
that
as
program.
-*war
British
of
ships.
enemy
any
or
the exportation of
resident of the United Kingdom
Germany in Kiauchau and to base her demands for
without
explanations from Tokio
strengthens the legal and moral restrictions which
on
this ground.
have
That
there
is
considerable
disappointment
in
British official circles at the failure to control the
submarine
of
Admiral
His
a
menace
Sir
successor
younger
is suggested by the retirement
John R.
Jellicoe, First Sea Lord.
is Vice-Admiral Sir Rosslyn Wemyss
man.
Admiral Jellicoe has been ele¬
Treasury
existed
natural
for
some
sequence
merchandise.
The
of Commerce"
permission
to
prevent
and
which
the embargo
on
This
form
exports
the
of
correspondent of the "Journal
declares that the
welcomed in banking
to
time
writing.
in
circles
unnecessary
but that it remains to
new
intended
of
capital,
exportations
be
regulation is
as a measure
seen
how it will affect
vated to the peerage in recognition of his very dis¬ legitimate exchange operations. ; The Capital and
tinguished services, and the official announcement Counties Bank, which was reported to have been
states that "It is hoped that his services and ex¬ negotiating a merger with the London Joint Stock
Bank, denies that
in view
proposals
British
look
where
the
"Bankers'
display
depreciation
of
war
outset
tion is
credence
the
full
her
usual
to
pend¬
war
The
power.
of
387
as
of Dec. 20 shows
a
total
commencement
of
the
stocks
The value of these
the deprecia¬
being £3,424,000,000,
by
English
"Evening Post"
London
corre¬
that the
argues
upon
co-operation of America > and England for two
inflation and
specific purposes—to prevent undue
On the
of
steady balances with neutral countries.
the
whole,
correspondent
adds,
maintenance
present rates rather than stringency is expected.
The British Treasury
the Bank of
duced
4% from 4%%, and
England rate it is expected will be
early in the
new year.
re¬
Anglo-French 5s,
doubtedly
formal statement by
A.
forthcoming dividends into war
meeting of bankers was held on Thursday
A
bonds.
to divert deposit funds, which are
so as
afternoon to consider the
on
rates allowed for
advisability of
deposits, but
no
reduction
a
definite action
existed.
a
that
rumors
In
an
possibility of default
any
letter which he caused to be
open
published and which is reprinted
and state
strongly
^as
British
no
I
as
Government,
on
subsequent
a
"I should like to state,
the Chancellor said:
page,
only
at
resources
this crisis of its
that in
can,
my
the disposal
Such
the
Judgment be
be dishonorable.
blind
Government
any
disastrous
as
Nothing after the
important than to
easily undermine it
as
as
it would
would be
war
and buttress the
preserve
fabric of the national credit and
honor
United
were
The repudiation of State liabilities
adopted it.
would in my
of the
who
honor, but would to
mind involve the overthrow of
my
that
to
of the State in
men
to all considerations of national
will
placed their
policy would not
a
Government
in the hands of
was
opinion
and future,
present
history.
that
mean
Kingdom
nothing would
so
the refusal of the Government
debts."
its
French banks and the Paris1 Bourse
weekly statement of the British Treasury as
22 shows a total outflow of £116,324,000,
were
closed
on
Monday and Tuesday and will again be closed on
The cables of
Dec. 31 and Jan. 1.
a
financial nature
from the French centre have been without
feature.
news
maintained
well
The
to
response
Law, the Chancellor of the Exchequer,
francs last
taken.
was
Bonar
un¬
It is believed that the
and
large,
very
a
denouncing
authorities wish to force the banks to reduce their
deposit rates
of
account
on
recently, however, have been
recoveries to above 88 in the
more
has reduced the rate for its
three and six months' bills to
part payment
financial
markets will largely depend
money
in
There
favorably by the
The
Government.
the
them
contracts.
seek to break faith with those who have
of the control of American railroads being as¬
spondent of the
taken
had
war
American securi¬
equivalent to about 21%.
sumed
to
is
compilation
ties in London have been affected
news
the
the
at
view
financial
of
peace
the
since
£740,000,000.
the
of
Magazine's"
representative stocks
at
the
prolongation
America's
ing
The German
real
receiving
not
are
centre
for
negotiations with this idea
any
being elaborated.
are
[Vol. 105.
CHRONICLE
THE
2484
and
Francaise
Chargeurs
week, the
company
one
300
steamer for
features
firm
Other
francs.
gained
having done extremely
recently and having purchased
7,000,000
important
Shipping securities have been well
the
were
of Dec.
Mexican groups,
against £117,410,000 the week preceding. Of this to¬
anticipation that the present price limit would be
tal, direct expenditures were £47,732,000, against
Rhone
The Treasury ap¬
propriated £1,649,000 from the "depreciation fund"
to support quotations for the war loan.
The "other
debt repaid" was £2,300,000.
Meanwhile the total
inflow was £115,632,000, against £120,962,000, the
£64,165,000, against £47,481,000.
providing £11,311,000, against £13,765,000.
revenue
New Treasury
£57,854,000;
bills aggregated £51,314,000, against
war
the amount of
savings certificates
issued to
were
£1,300,000, against £1,600,000, and
other debts incurred
The Treasury
£17,534,000, against £20,355,war
bonds
aggregated £24,923,000, against £18,697,000.
The
000.
Bank of
receipts from national
England advanced £9,000,000 to the Treas¬
during the week.
ury
close
was
to
amount
week
the
£18,330,000.
national
The Treasury balance at the
Treasury bills outstanding
£1,069,857,000,
preceding. «The
war
against £1,069,898,000
banks
of
sales
report
bonds for the week at £18,025,000, with
sales at the Post Offices for the week
ending Dec. 15
of
sales
£3,901,000.
The
aggregate
of
thus
far
Chemical
in
Anglo-French bonds to 81%,
a
Deputies early in the week
to
postpone elections.
the
possibility of
liabilities.
Another
reason
the peace
from
question and the economic problems arising
the
He
war.
pointed
having the members able to
such vast
the necessity
out
go
of
about their work of
importance without preoccupation as to
re-election.
The 325,000 acres
enemy
this
year
of wheat land retaken from the
in Northern France
may
be made to
produce enough wheat next year for 1,000,000 men,
according to the estimate of
the French
a
mission appointed by
Agricultural Department, which has been
Both men and
required, and the mission asks for 1,000
examining the liberated territory.
money are
American
farmhands
and
a
loan
from
capital sufficient to put the land in shape
for cultivation.
Forty million dollars is the amount
necessary
at once, and, perhaps, $40,000,000
eventually.
for the weak¬
There has
beeA
no
change in official bank rates at
leading European centres from 5% in London, Paris,
persons
Berlin, Vienna and Copenhagen; 5%% in Portugal;
6% in Petrograd and Norway; 4%% in Switzerland,
dends from munition
continues
such bonds in the form of divi¬
is understood to have been
who had received
war
a
of the British and French Governments to
meet their
ness
a
bill designed indefinitely
until the end of the conflict and until the settlement of
issues, has led to reports sufficiently important to
official refutations of
a
In the preamble he set forth
necessity of maintaining the present Chamber
more
forth
of
the Chamber of
impossibility of election while the
and the
together with weakness in other British and French
failure
the
firm,
were
manufacturers
single session.
thought
call
shares
large
Works,
Emanuel Brousse introduced in
American
The recent decline in
stocks, the latter in
aspirin and similar popular drugs, gaining 130 francs
volunteer
recorded is £196,190,000.
copper
industrial
French
raised.
Re-payments of Treasury bills were
£66,609,000.
and also
selling by
companies, &c., who in turn
Holland and
Spain, and 7% in Sweden.
In London
-
Dec. 29
the
4
private bank rate
BANK OF ENGLAND'S COMPARATIVE
Thursday reduced to
was on
2485
CHRONICLE
THE
1917.]
3-16% for both short and long bills, which compares
with
5^% for sixty days and 5%% for ninety days
last week.
Call money
to 3as
in London has been reduced
No reports haVe
against 4% last week.
1916.
1915.
1914.
1913.
Dec. 27
Dec. 29
Dec. 30
Dec. 31
£
Circulation
Public
by cable of
European centres,
ascertain.
is
It
open
far
as
have been able to
reported by mail that
1917 the rate of the Bank of
5%to5n%.
market rates at other
as we
Italy
y
was
Nov. 7
on
advanced from
42,009,000
deposits
Other deposits.....124,161,000
Govera't securities-
94,888,000
Finance
yesterday
all private banks in
and seized
Petro-
grad, including the branch of the National City
The Manager
Bank of New York.
R.
R.
short
Stevens,
time.
arrested and detained for a
was
directors also
bank
Many
Several surrendered the keys
rested.
but
vaults,
were
ar¬
of the bank
The National
refused.
Stevens
Mr.
the latter,
of
license last
City Bank
of New York received
January to
do business in Russia with particular
reference
the
to
railroad
of
financing
tion.
•'
construc-
;;;■
Advices from Petrograd state
sioner of Ways
a
..
'V.-
graphic instructions to railway men's committees
railroads in their
The
communication
such
as
managers
all
high
posts
and heads of departments have
of
Commissioner
The
abolished.
been
that
declares
hands.
own
Military
Affairs has ordered the immediate cessation of the
of defensive works,
erection
front
Russian
which
on
buildings, &c.,
the field instruction department
of the army
are
men
30,843,000
33,079,380
34,617,152
51,804,430
23,825,514
54,304,915
51,476,407
69,493,610
34,983,149
18.56%
18.49%
21.41%
33.42%
33.39%
5%
6%
5%
5%
5%
liabilities
to
Bank rate...
!.
weekly statement the Bank of France an¬
another
are
be disbanded, and the un¬
to
finished defensive works
state.
gain in its stock of gold
hand of
on
2,776,000 francs, thus carrying the total of the Bank's
gold
holdings
amount
2,037,108,484 francs abroad,
francs last year,
in vault and
as
against 5,075,914,560
when 3,382,826,828 francs were held
1,693,087,732 francs abroad, and 5,015,-
287,291 francs in 1915, all of which
vault.
The silver item
was
Note circulation showed
francs.
bills
which
of
francs,
5,351,524,800
to
3,314,416,316 francs were held in vault and
General
then held in
was
increased 246,000
contraction of
a
francs.
16,971,000
deposits expanded 19,512^000 francs;
discounted
increased
francs,
98,044,000
and
Treasury deposits 96,742,000 francs/while the Bank's
gained 15,912,000 francs.
tion
stands at
now
the year
Note circula¬
At this
22,336,799,275 francs.
date in 1916 the total
16,678,817,915 francs, and
was
In the week
before 13,309,850,045 francs.
ending July 30 1914, at the outbreak of the war, the
amount
Comparisons of
6,683,184,785 francs.
was
the various items with the statement of
and the
a
week ago
corresponding dates in 1916 and 1915 are as
follows:
.
BANK
OF
FRANCE'S COMPARATIVE STATEMENT.
Status
Changes
for Week.
Dec. 27 1917.
as
-
of
Dec. 28 1916.
Francs.
2,776,852
Francs.
3,314,416,316
Francs.
3,382,826,828
No change
2,037,108,484
.....Inc.
2,776,852
5,351,524,800
5,075,914,560
Silver ............Inc.
246,000
247,656,889
Dec. 30 1915.
Francs.
5,015,287,291
1,693,087,732
294,869,186
Gold Holdings—
Inc.
In France
Abroad
..........
Total
and
52,137,739
paid off and sent to their homes.
Technical staffs
ent
13,199,062
106,236,107
reserve
and
The local work¬
61,087,066
106,461,404 112,075,710
58,337,469
Proportion of
the
and similar branches
have been engaged.
be
to
on
engineers
military
10,256,489
14,807,551
advances
that the Commis¬
and Communications has«sent tele¬
to take control of the
26,932,515
32,840,016
57,187,707
Coin and bullion...
In its
Menshinsky,
Gen.
Minister,
29,607,635
49,677,317
52,116,381
36,139jl80
Res've notes & coin.
nounces
surrounded
35,309,255
126,726,657 111,972,557 128,055,376
58,303,000
:
Troops, acting under the orders of the Bolshevist
39,675,535
£
£
£
£
45,943,000
....
Other securities....
been received
STATEMENT.
1917.
Dec. 26
Buildings
surplus materials
are
to be left in their pres¬
that
are
have
been
completed
to be handed over to the
5,015,287,291
352,088,173
discounted...Inc.
98,044,000
911,961,883
619,525,000
429,199,676
Advances......... Inc.
15,912,000
1,224,798,260
1,313,753,342
1,151,915,501
Bills
Note circulation...Dec. 16,971,000
22,336,799,275 16,678,817,915 13,309,850,045
Treasury deposits..Inc.
96,742,000
19,512,000
2,913,741,500
15,009,122
253,858,163
General deposits...Inc.
2,260,223,86
173,896,231
12,113,832,655
local Workmen's and Soldiers' Delegates.
week's
Last
sub¬
in its gold item, the amount being
Bank of England this
The
stantial increase
£764,973,
although
total
week lecords
reserves
a
reduced
were
£141,000, there having been an increase of £906,000
in note
circulation, and the proportion of reserve to
liabilities
showed
a
reduction
further
18.56%,
to
against 18.70% last week and 18.49% a year ago.
Public deposits
other
while
registered
deposits
Government
an
were
increase of £5,083,000,
contracted £4,966,000.
securities expanded
£483,000.
(other securities) decreased £225,000.
Bank's stock of
Loans
The English
gold aggregates £58,337,469, com¬
paring with £54,304,915 a year ago and £51,476,407
in 1915.
Reserves total £30,843,000, as against
£33,079,380 in 1916 and £34,617,152 the preceding
year.
Loans
now
stand at £94,888,000, which com¬
with £106,461,404 and £112,075,710 one and
respectively. The Bank reports, as
Dec. 22, the amount of currency notes outstand¬
pares
two years ago,
of
ing
a
as
compared with £177,734,306
The amount,of gold held for the re¬
£184,972,223,
week ago.
as
demption of such notes is still given as £28,500,000.
Our
special correspondent is no longer able to give
details
by cable of the gold movement into and out
of the Bank for the Bank
week, inasmuch
has discontinued such reports.
statement of
comparisons:
as
We append
the Bank
a
tabular
and
banks
showed
statement
trust
number of
a
of
New
companies,
York associated
issued
on
Saturday,
spectacular changes in its prin¬
cipal items, which included an enormous contraction
of
no
than $412,192,000 in the
less
reduction of
and
a
a
in net demand deposits.
reflect Federal Reserve bank opera¬
coincident to the heavy Government borrow¬
course,
ings, and continued liquidation in
securities.
474,000
Net demand
deposits
Stock Exchange
now
total $3,487,-
(Government deposits of $391,171,000 de¬
Net time deposits were reduced $5,320,-
ducted).
000.
loan item,
$100,000,000 in aggregate reserves
decline of $145,758,000
These, of
tions
over
Cash in
own
vaults (members of the
Federal
Baijk) decreased $613,000 to $106,951,000
(not counted as reserve).
Reserves in the Federal
Reserve
Reserve
Bank of member banks were also
heavily
reduced, viz., $112,995,000, to $513,398,000.
reserves
in
own
The
vaults (State banks and trust com¬
panies), however, registered a small increase, $55,000,
$19,828,000, while reserves in other depositories
to
(State banks and trust companies)
expanded $251,-
Circulation was increased
$182,000, to $34,065,000.
The aggregate reserve,
as mentioned above, suffered a decline of $112,689,000,
to
$9,248,000.
000, which carried the total down to
and compares
requirements
$542,474,000,
Reserve
reduction of $19,083,560;
with $658,864,000 in 1916,
showed
a
2486
hence the loss in
to
surplus
for
reserves
Reserve
(but
system
time
this
but this
offering of
the basis of
a
year
ago
These securities bear
week
was
6%, which
was
subsequent section of
on
change.
yesterday,
as
is
for the
5%%
when
low
as
4J^%
on
the
was
was
other days.
The
new
new
attention
large
sums
in
banking
busi¬
condi¬
circles.
will have to be at
once
It
is
raised
equipment and for improvements and
new
extensions in order that the railroads may as
possible be placed in
as
though
rate,
reported for
by Government control of the railroads
attracting
known that
es¬
Tuesday
On
as
Monday the high
ago.
also the ruling rate, while the
was
holiday (Christ¬
a
was
6%
Wednesday
Thursday's
a
again
was
the
But whether the
large
congestion.
required for this work
sums
by the national Treasury
or
whether
was
5@6%
and
6%
the
range
On
highest
was
still
Friday
6%, the low 5%, and 5%% the ruling figure.
fixed
For
maturities
situation
the
has
remained
quiet, with most large lenders out of the market.
As
result of
a
preparations for the Jan. 1 interest
and dividend payments,
usually extensive this
which
to be more than
are
the tone is
year,
firm
a
although actual quotations have remained,
one,
,
nomi¬
nally at least, at 5K% for sixty days, 5^@5%%
for
5J^@6%
ninety days and
months.
Last year
Commercial
position to give the most
efficient service and relieve the war-time
will be advanced
promptly
renewals.
for
arranged at 6% right along, un¬
5@5%%
tions created
without
Renewals of Stock Exchange call
been
Monday
and
call loans
money,
maximum and renewal basis, with 5%% the mini¬
have
ness
week
a
4}^%.
Day).
mas
mum.
til
4% interest and they allow the
ranged between 4and 6%,
against 4%@6%
low
The general money position remains
sential
have
requirements of
being made.
now
tax-exemption privileges.
Dealing with specific rates for
this
Another
sold.
was
indefinite amount is
investor certain
$90,064,260,
this issue.
loans
total of $690,000,000
an
The bank statement
reserve
given in greater detail in
A
totaled
reserves
re¬
$106,951,000
by these banks).
surplus
on
was
counting
not
excess
basis of only
the Federal
of
banks
18%, including cash in vault.
is
of
amount
member
cash in vaults held
at
next year, a
held is $77,241,210, on the
now
13%
[Vol- 105.
brought down
reserves was
The total
$93,605,440.
serves
CHRONICLE
THE
bills
receivable
character
are
ruled
paper
quotable change.
well
known
the form of sales of notes
and
quoted at 4%.
were
without
and
steady
Sixty and ninety days' indorsed
and
still
the railroads will themselves seek accommodation in
for four, five and six
all maturities
six
at
months'
choice
of
names
5M@5%%> with
less
names
featureless.
subject
bonds appears to be a
All that is definitely known is that the
railroads in
form
one
another will become active
or
5H@6%.
Trading has been dull
Banks' and bankers' acceptances
which distinct differences of opinion
upon
prevail.
or
at
have been mod¬
erately active, though individual transactions have
not
been
large.
applicants for funds and that with the Government's
with
credit behind the carriers for at least the full'
rates
The market has been called firm
quotations
follow:
of the war,
much
more
period
practically
the rates to be paid will necessarily be
Spot
—
Ninety
moderate than otherwise would have been
unchanged.
Delivery
Thirty
Days.
Days.
within
,
Eligible bills of member banks...4y6 @4
case.
There, at
funds to
rate, will be sufficient demands for
any
keep
money
It is believed in repre¬
banking circles that call
bly show something of
a
money may
must not be
begin to return to the
overlooked, though,
as
large
ment
dates
to
as
of
a
Jan.
on
were
on
Nov.
$15,000,000
on
a
per
week British Treasury
6% discount basis.
actions may be regarded as
These trans¬
furnishing
really requires.
the
upon
on
new
to sell
to exert
the money
an
A feature which may be de¬
steadying influence on broad
situation during the first half of
is the Treasury Department's campaign
large amount of Treasury certificates of in¬
tion has announced this week that it has subscribed
about
$250,000,000 of these certificates, its
propriations to meet income and
excess
having for the three quarters of the
$164,233,609.
The
Standard
Oil
large organizations have also taken
of these certificates.
fild
6
offered
offered
5
knowledge
goes,
by the Federal Reserve
Prevailing rates for various classes of
are
paper
shown in the fol¬
lowing:
DISCOUNT
RATES OF
FEDERAL RESERVE
BANKS.
£
•2
8
©
CLASSES
1
£
OF
42
9
DISCOUNTS AND LOANS
Boston.
YNework
i
Clev and.
|
s
a.
Atlant . Chicago.
ft!
3
i
a,
0
3
©
09
«
1
e
•C
£
©
e
a
3
Q
Member Banks, Coll. Loans.
1 to 15 days' maturity
Discounts—
4
3)4
4
4
4
4
4
4
4
4
4
4
1 to 15 days' maturity
16 to 30
"
"
4
3)4
4
4
4
4
4
4
4
4
4
4
4)4
4)4
4)4
4)4
"
414
4)4
4)4
4)4
4)4
4)4
4)4 4H
4)4 4)4
61 to 90
"
4)4
4)4
4)4
4)4
31 to 60
4)4
4
4)4
4)4
5
.4)4
5
"
4)4
H
4)4
4)4
4H
4)4
4)4
4 yj
4)4
4H
4)4
4)4
<
Live-stock Paper—
91 days to 6 months maturity
Trade Acceptances—
1 to 30 days'
31 to 60
"
5
5
4
4
4
"
5
4
4
4
4
4
"
61 to 90
5
4
maturity
4
4
4
5
5)4
5)4
5)4
5
5
5)4
4
3)4
4
4
4
3)4
4
4
4
3)4
4
4
4
3)4
4
4
4
4
4
4
4
4
4
4)4
a
certificates for the purpose
Dec. 14 established
a minimum rate of 3% and a maximum
rate of 4)4%.
On the
21st Inst, the New York Federal Reserve Bank announced a rate of 4% for paper
issued or drawn for the purpose of buying or carrying obligations of the United
States and secured thereby, having a maturity of more than fifteen days and not
more than ninety days.
At the same time it established rates ranging from 3 to
4)4% for one-day promissory notes of member banks required in connection with
transactions involving the fiscal operations of the Government.
Rates for commodity paper have been merged with those for commercial
of corresponding
The protracted
ap¬
holiday period in London served
provide (if such
1917 been
in
sterling exchange circles.
and
other
large amount
offering of Treasury
of permitting corporations
provision for taxes payable
rates, the market
were
on
Friday of last week,
demand
bills
still
possible) increased dulness
Referring to the specific
Saturday, in comparison with
was
quoted
quiet
at
cable transfers at 4 76 7-16 and
4
71J^2.
paper
maturities.
to
year
Co.
Note.—Rate for acceptances purchased in open market, 2 H to 4% except for San
Francisco, whose rate ranges from 2Mi to 4)4 %, and New York, which latter on
profits taxes
In the first
and individuals to make
as our
4M bid 4
4)4 bid 4)i offered
•
a
debtedness issued in
anticipation of national taxes
due next June.
The United States Steel
Corpora¬
to
banks.
accurate
year
a
far
4@3%
Agricultural and
indication of what loan accommodation in attractive
pended
so
at the different Reserve banks
expected
at the rate of
90-day bills
changes in rates,
have been made this week
deprive the subsequent install¬
substantial part of their
J. P. Morgan & Co. continue offering
lines
No
..5M@4M
30 Days.
15,
importance.
form
5H@4M
is well known, the
full payments on account of this loan
so
4K@4
5H@4H
Still, the final installment of the Second
Liberty Loan, which will be payable
15
possi¬
reactionary tendency when
the New Year disbursements
banks.
4^@4H
Ineligible bills..*
rates fully up to present levels
for time accommodations.
sentative
4)4 @4
Eligible bills of non-memb. banks. 4 H @4>$
the
Delivery
—
\ Sixty
Days.
,
Detailed
Monday's market
but steady with
4 7517^@4 75 3-16,
sixty days at 4 71@
was
essentially
a
pre-
•
Dec. 29
transacted;
of
quotations, which were hardly more than nominal,
remained
at
4 7517% @ 4 75 3-16
for demand,
at
holiday affair and
little business
was
holiday (Christmas
Day).
Observance of the Christmas holidays abroad
added to the general dulness here on Wednesday and
sixty
Tuesday
days.
dealings
in
increase
not
were
was
from
changed
easier.
sixty
for
4 7517%@4 75 3-16
Operations
restricted
were as
4 7517 %@4 7517%
days,
for
as
and
demand
Commercial
transfers.
cable
for
4 76 7-16
Clearing House banks, in xtheir
gained $1,533,000 net in cash
as a
bills,
while the
tions, which together occasioned
a
(sixty days)
at 4 7034@4 70%, and
of the New York banks for the week appears to
been
he
of
loss
a
$64,164,000,
understood, however, that
a
Cotton and
have
It should
follows.
as
good part of this loss
represents transfers to the Federal Reserve Bank and
therefore will not count
as a
loss in
Banks.
Federal
— .
Net Change in
Banks.
.
Bank Holdings.
Gain
$1,533,000
86,357,000
—
$4,824,000
33,177,000
98,874,000 Loss $65,697,000
839,534,000
Banks' interior movement
operations
reserves.
Oitl of
Into
Week ending Dec. 28.
Sub-Treasury and
seven-day grain bills at 4 73%@4 74.
loss of $65,697,000,
into and out
the combined result of the flow of money
@4 70%, ninety days at 4 68%@4 68%, documents
payment
cur¬
Add¬
shipments have reached $4,824,000.
sight, finished at 4 74%@4 75, sixty days at 4 70%
for
result of the
movements for the week ending Dec. 28. Their
rency
ing the Sub-Treasury and Federal Reserve opera¬
Friday and the market ruled dull and slightly
Closing quotations were 4 71 @4 71 % for
ever on
York
New
The
operations with interior banking institutions, have
noted and quotations
demand, 4 71@4 71% for sixty days and 4 7,6 7-16
for cable transfers.
closed
pesetas
receipts from the interior have aggregated $6,357,000,
a
Monday's levels.
activity
Spanish
preceding.
24.35, in comparison with 24.10 last week.
minimum, with
On Thursday
again reduced to
were
rates maintained at
no
a
was
week
the
and 4 71@4 71% for
cable transfers
for
4 76 7-16
very
2487
CHRONICLE
THE
1917.]
$103,698,000 Loss $64,164,000
Reserve
— _—
K*S
grain for payment closed at 4 74%@4 75.
during the week.
'"-N-CE'
.
Continental
exchanges
this
week,
trading
As
standstill.
were
confined for the most part to
Lire have been fairly well maintained
fractions.
and
change for the week.
essential
without
ruled
and
result, movements in rates
a
The
following table indicates the amount of bullion
principal European banks:
France
a.
Germany.
Russia
Aus-Hiin
Spain
c
....
Italy—.—
Netherl'ds
displayed
somewhat easier tone, although
a
Nat JBel.h
Sweden
remained
quotations
..
the levels of the
at
Norway..
still occupies
between
at
12.75
and
continues
13.00 for checks.
to
No
being
through
kronen
and
marks
official
and Austrian exchange are
and quotations for reichs-
German
in
put
sterling
are
check
The
available.
not
rate
on
finished
Paris
at
In New
York sight bills on the French centre closed at
5 71% against 5'73%; cables at 5 71%, against
71% commercial sight at 5.74% against 5 74%
and commercial sixty days at 5 80% against 5 80
5
Friday of last week.
8 34 and
with
pares
Lire finished at 8 36 for
This com¬
bills and cables at 8 35.
bankers' sight
8 33
a
week
closed at 12.75, as against 13.00*
ago.
Rubles
the previous close.
exchange continues to be quoted at 5 13%
Greek
In
neutral exchanges
the
wise restricted.
levels,
lower
corded
change
guilders
in
like¬
again towards
operations
The tendency
was
were
and further slight declines were re¬
Scandinavian rates, although
was
Swiss
ex¬
sight
which .have remained pegged. Spanish
and fractionally higher. Trans¬
throughout were at a minimum.
Bankers'
on
cables at
12,006,000
12,302,000
12,006,000
12,302,000
9,922,000
6,332,000
T47.666
49,155,000
35,972,000
49,210,000
15,380,000
12,820,800
10,157,000
10,069,000
8,076,000
6,332,000
6,064,000
£
,<
.
54,304,915
11,794,760 147,107,833
814,850 126,768,600
10,523,000 157,033,000
12,140,000 63,718,000
29,776,000 78,931,000
2,924,000 38,896,000
579,000 49,789,000
600,000 15,980,000
12,820,800
10,157,000
"107",000 8,183,000
6,064,000
74,080,300 792,699,971 700,494,538 69,258,610 769,753,148
73,628,300 791,505,964 703,679,3271 69,324,080 773,004,307
this year are exclusive of £81,484,340
abroad.
held
of the Bank of Russia for both years in the above statement
have been revised by eliminating the so-called gold balance held abroad.
On the
The gold holdings
latest reported date
c
the amount so held was
July 30 1914 in both years,
F'
£23O,86O,O0O.
h Aug. 6 1914 In both years.
NEW I OVERTURE
THE
There
are
proposals for
several
a
general
Amsterdam closed at 43%, against 43%;
44, against 44; commercial sight at 43 7-16,
FOR
PEACE.
in which the renewed
ways
sian Commissioners at
peace,
set forth to the Rus¬
Brest-Litovsk
on
Day by Count Czernin, Austrian! Foreign
Christmas
Minister,
First it will necessarily be said
that, regardless of the avenue through which these
proposals are submitted, there is at least an oppor¬
tunity for counter-proposals and possible negotia¬
may
be regarded.
Whether this is actually probable or not to¬
tions.
impossible after the com¬
plete failure of the proposals made by Germany and
Austria last December, of the peace proposals in the
ensuing August, and of the answer by the
Powers to the
It will be
steady and unchanged, as were also
pesetas ruled strong
actions
28,600,000 107,257,000
3,047.000 36,399,000
569,600 58,861,600
600,000 15,980,000
day, it had seemed all but
checks.
for
54,304,915
Total.
un¬
27.21%, comparing with 27.23 last week.
on
58,337,469
142,456,652 135,313,073
6,721,700 126,956,250 125,953,750
12,375,000 142,025,000 146,510,000
12,140,000 63,718,000 51,578,000
Gold holdings of the Bank of France
a
Gold.
9",880,000
718,619,671
Prev .week 717,877,664
*
dealings
£
Tot .week.
preceding week.
Russian exchange
an
entirely nominal position and
rule
£
58,337,469
132,576,652
120,234,550
129,650,000
51,578,000
78,657,000
33,352,000
58,292,000
15,380,000
Denmark.
actual
Total.
£
England..
Silver.
Silver.
£
Gold.
Switz'land
Francs
December 28 1916.
December 27 1917.
Banks of
during
greater part of the time being virtually at a
unimportant
——
in the
Holiday dulness also pervaded operations in the
the
Total
arrangements for "gold exports at any time
no
were
There
Pope.
Central
.
recognized,
even
by those who do not
they stand can
believe that Count Czernin's terms as
considered—and this
be
will undoubtedly_be_the
general judgment—that they at all events represent
a substantial enlarging and modifying of the Teutonic
attitude.
The notes of Germany and Austria a
this month, following Bethmann-Hollweg's
to the last degree. They were,
in fact, made up wholly of two themes—the entire
innocence of the Central Powers for causing the war,
against
year ago
43
speech,
43 7-16, and commercial sixty days at
5-16, against 43 5-16 a week ago.
Swiss ex¬
change finished at 4 36 for bankers' sight bills and
for cables.
A week ago the -final quotation
4 35
was
4 36 and 4 34,
respectively.
finished at 31.50, against 32.00.
finished
at
33.50,
Checks
against« 33.50,
Norway closed at 33.00,
Copenhagen checks
on
Sweden
and checks
on
against 32.75 on Friday
and
were vague
the
deplorable
at
was
results
which that war had
The only definite proposal even hinted
for a conference at which terms should be
brought.
discussed..
2488
It
at
was
of this
CHRONICLE
THE
inferred
once
move
to
was
gain
conflict of interest and
Governments.
The
thatjone ulterior
autocratic
purpose
opinion
the
the Entente
among
Pope, in his letter of Aug.
belligerents, recommended reciprocal disarma¬
ment,
evacuation of Belgium, and submission of
disputes
to
in
Again the German and Austrian Governments, in
The
nothing,
reply, evaded the real issues—accepting the
disarmament
proposal in general principle, but
remark
that
"the
with the vital interest of the German
avowed
posal.
The
Austrian
Teutonic
"are
general
peace
a
tions and indemnities."
of the
war
of the
to
civil
of
have to
may
when
subjects of
law."
territory to
own
Finally,
"the
Germany cannot
of
return
forcibly seized during the
essential
an
their
on
adversary by deliberate violations
an
territories
constitutes
that each
say
under
renounce
circum¬
any
stances."
of terms—and there
mind—this
is
are
clearly
a
be made
It
will
this outline
which will
many
far
on
possibly require
occur
to
definite proposal
more
than either Teutonic Power has yet
make.
been ready to
it
should
by
Germany
tral
Powers
than the
surounded
the Austrian
Minister's
unquestionably striking light
the condition and the
political
Germany itself.
has the repeated,
speech,
on
or
Never in
the
as
throws
attitude,
military expecta¬
previous
any
war
official and urgent initiative for
peace come from any but the side which was proved
by subsequent events to have been facing ultimate
That
conference
Germany and Austria should
with
use
extraordinary incidents in history.
delegates of the, German Kaiser
and the Austrian
usurping
with
would
dealing not only with
Government
of
Government
a
whose
and
people
course
move
their heads
over
to
rise
of history,
with
the
the
to
against
any
German and
them.
revolutionary regime.
In
the
outside Government
greatest
circumspection in
engaging in diplomatic conferences with
a
over¬
leaders
insultingly announced their
overthrowing the Teutonic autocrats
by appealing
ordinary
are
Government—a
reasonably certain to be presently
publicly
Austrian
sovereign
Russian
thrown—but
purpose
so
unstable
Most Governments would,
in other0 wars,
have given only conditional recogni¬
tion
was
not
to
what
supported
taken
be
to
France,
The Cen¬
more
far
sea.;
definite-in
obscure
one
paragraph of Count Czernin's
will
depend
as
on
well
the mood with which the
as
the Entente countries
ceive the overtures of their opponents.
ticularly foolish boast of God
and avowed
bring
even
during its
manifestly
an
anarchist
by the vote of its
own
own
political ascendency.
cabal,
people,
But for
re¬
The Kaiser's
a par¬
"an unconditional
as
ally," and ending with the threat that
"if the enemy
does not want
peace,
then
must
we
by battering in with the iron fist and
peace
developing is
not have
Yet the
one
in which
sovereigns
are very apt to be thrown aside by their
people and left to perform their theatricals on
own
stage which
is
no one
longer watching.
any
in fact imagine the disgust of
German
even
One
the obedient
mind, in being confronted with this choice
specimen of the Kaiser's braggadocio at just this
crucial
But
moment.
as
can
of
considerations,
The most that
yet be said is that at least
as
evitable
the
steps
has
war
THE OLD
retrospect
been
YEAR
of little
as
one
taken.
PASSES:
the passing
A
RETROSPECT.
looked upon such
never
of 1917 presents, is
year
value ,to us unless we strive to
meaning and discover its tendencies.
the events
are
of the in¬
the road to the eventual ending
on
That the human mind has
•a
such
see.
to
shall all have to wait and
we
the
Government to get
proposals before the world is in some ways
of the most
have
have
Northern
the
on
and
done
wrongs
-
Much
the Bolshevist
For the personal
is
and
done
situation which has been
urgently be making such proposals,
so
and should make them under such circumstances
which
Belgium
will
Central Powers
a
a
submit,
reparation for the
to
speech.
may
one
to
own
peace," does not promise altogether well.
increasing willingness to define the Teutonic
new
their
dealing with these violations of international law
again and
their
include
of
if not for the wrongs
speech, the fact that Germany and Austria should
defeat.
But the Allies would rightly
ultimatum
an
step;
accompanied with other osten¬
was
shining sword the doors of those who will
proposals is the first inference frorii Count Czernin's
tions of
it
new
a
important
an
of
long-
forcible
or
equally definite
an
advantage of position to the Central Governments.
an
outline
their
side, if only not to leave the
from the other
If this
state¬
any event
speech to his troops this week, beginning with
Whatever criticisms may
answer
have
war
part of German demands,
could in
abandoning
speaking,
sibly final demands.
Somewhat
for maintaining prisoners, but "also
international
which
even
not only the expenses
pay
damages caused
colonial
to
"purely for aims of conquest."
enemy
pay
diplomatically
a
say.
another
one
Czernin's
of territorial conquest
purpose
and,
annexa¬
a
diplomats said
skeleton
a
to
indemnity, the Central Powers have taken
They condemn continuation
vaguely, the statement proceeds to
belligerent
In
the
without forcible
as
of
cause
soon
with
Count
than
mote
pro¬
immediately
and
purposes
terms.
declares
so
agreed
Teutonic
definite
more
Powers,
Minister,
conclude
much
Offices
consultation
attitude.
little
for
serve
people."
and
.body
economic,
or
It is perhaps too
Foreign
own
debatable
comes a
situation, political
pending
of the
ment
Imperial
a
certainly indicates
Petrograd
home
Entente
Government will support every proposal compatible
Now, however,
personally
engage
proposals actually further the
their
on
saying nothing of the others, except for Germany's
indefinite
of
righteous peace?"
their
purposely
to
Germany and Austria.
Will the
conference.
subsequent
a
Bolsheviki
remarkable
1
to all
territorial
sovereigns
amicably in negotiations with ^just such
opportunity of creating
an
[Vol. 105.
gigantic beyond
analyze its
It is not that
measure, or
the
ditions unlike those of any other year that
but that the philosophy they unfold
con¬
closed,
affects, almost
beyond estimate,
every
himself.
And this is
State of the world, whether at
Of the
For
man
peace or
major events and conditions all
remembrance
sake,
so
in
in
war.
are aware.
the annual historian will
gather up the dates and facts, arrange them^in
chronological order, classify them, tabulate them,
and
in
numerous
do
they signify?
present them for the easy
ways
understanding and
use
of the reader.
alone in the midst of them?
eave
upon
the
But what to
What of the individual standing
human
soul,
What effect do
the
human
they
spirit?
What compelling influence do they exert upon the
future
of
peoples and
nations ?
These
must
en-
Dec. 29
THE
1917.]
the consideration of the deepest thinkers
gage
of
A year
As
is but
a
immemorial
fragment of time, a mere pause in
that
flow
moves
forever onward.
contemplate the swift passing of the one that
closes it assumes an impressionism that fixes
we
now
itself upon us.
We
dominated
shadow,
world
war—a
war
clime and race,
are
and
our
own
daily living.
our
in
worlds
which
we
torch
Love advances,
beloved Republic en¬
have
our
being.
And
senses
one
an
striving to light the way to better
unreality,
world
the
this
Is
holding aloft the
of human effort,
So deep the shadow, so bright the
days.
we
remote, hidden,
varied, contradictory,
In it, by it, through it, govern¬
opposing ideals.
ments dominate men—as
witness the early adoption
conscription in this country, its belated adoption
high ideals, with eyes shining with hope,
of
causes are
Canada, its recent failure to pass by vote of
unnumbered battle¬
fields, walks the pale form of Sorrow, seeking whom
it may help and comfort.
While, on every dis¬
avenue
Its
purposes,
in
yet, through the gloom, across
ordered
of
its
enveloping
an
It is a year of
All our thought
We cannot escape it. It en¬
It changes the seen and un¬
converges upon war.
whole of the year.
inexplicable;
It is the relentless,
everything.
stupendous fact, that absorbs the
portentous shape of
men of almost every
conscious of
by the
engaging
cloud, storm, devastation, death.
seen
coils itself about
of
tering its shambles and slaughter.
ters
war
overshadowing,
the age.
the
2489
CHRONICLE
a vague
the
is an instru¬
ment, a bludgeon, or a sword, if you will, but still a
means to an end*
Ever before it gleams a vision.
But
people in Australia.
For
ourselves,
men say war
the vision lifts on free men,
free
peoples, free governments—a world redeemed, re¬
made,
though the colors dazzle and the distance
But shall we not profoundly note that
deceives.
this
ideal,
other, is held in the heart of man?
as every
of truth is not truth,.
A
A'mere
statement
machine
law. A mere
A free man is
highest, noblest, best ideal.
And man,
all his works, all his energies, all his poten¬
embodying
is
laws
mere
not
government cannot think or love.
his
own
includes
light, that tialities, all his ideals and deeds and dreams. Truly
phantasmic dream.
have been wont to inhabit ?
then
serve
"the
If
study of mankind is man."
not the man,
all is lost.
we pre¬
War dies some time
of by its own hand, but man lives. Governments rise
and fall, change and renew, but man lives.
As the
holy drama of achievement and better¬
"floor of heaven is strewn with patines of bright
ment, turned to the obscene comedy of destruction
and degradation?
Does man justify his existence? gold," each separate star, and cluster of stars,
eternal in its being, moving on its appointed way, in
Is life really worth living?
Does this man-child,
leash and "in tune" with the Infinite—even as "the
l)
boasting of his divine origin, build, with infinite
million-lilied river of the night" flows forever across
pains, through untold toil and deprivation, only
the firmament—so individual men, with immortal
a house of cards, to be tumbled down in a moment
souls, persist, through all the vast shadow of theof abandon?
Men everywhere long and pray for peace.
There turmoil, all the continuing changes in life and
moving on pathways of a perfect
is an old Eastern maxim which reads: "It is ill-luck government,
to turn back when the way lies forward."
And Design—and shall until all the stars "melt into
then, we know that we cannot go back.
We are morning." In this man lies all progress and potency.
If he be not preserved, nothing else will be.
He is
ourselves; this is our world.
Each era is separate and
his own deliverer, his own enslaver.
Government is
apart.
What we gain of good we shall hold. What
his agent, not his master.
He is greater than the
we preserve will not be alone the old ideas and insti¬
State, and yet he is the State.
Both builder and
tutions, but their truth and righteousness.
If we
destroyer, he is yet divinely free.
War may be his
are wise, it is the soul of all things that we must dis¬
cover and hold fast.
Words are symbols.
Liberty, instrument; it should never be his idol. Peace is his
a
writhing figures of men, the mimes
these
Are
sweet and
:
-
'
^
unchangeable. Re¬
embody them, whether of to-day or to¬
democracy, these are
justice,
normal condition.
'
In his spiritual nature
he may
He is his own apothe¬
publics
morrow.
For! us, this dream, illumined with a sub¬ osis. This year, all years, pass; he remains.
What are the leading events of the year—the
lime beauty, darkened with a lowering disorder, is a
entrance of the United States into the world war,
waking dream.
In the very thunders of universal
the revolution in Russia, the Italian
campaign,
war, in the swelling anthems of deliverance, where
the wavering battle fortunes on the West, the hesitat¬
men die for country, and States travail for men, is
No,
there not one glorious living and lifting truth which ing and heckling over the terms of peace?
these are the incidents of a world war which is an
animates and thrills the citizen of the. United States—
incident in a greater struggle—the strange culmina¬
here it is that the individual rises to his supremest
tion of an age-long endeavor to fix the relations of
height.
The other day a military man sent a shaft
man to Government, to preserve to the individual
of light through the whole absorbing problem of the
his liberty, and to assembled peoples their freedom.
present time by a beautiful and apt simile.
He
Is not the truth plain that the chief development of
said: "Democracy and-autocracy must fight with'
their
own
weapons;
if they change the foils in the
scuffle, then like Hamlet and Laertes, they both of
them are doomed/'
Look over the wide world to¬
Here, then, with us,
action
and thought,
as
we
our
three
And,
1917 shall we
of endeavor and ideal.
future and the future of the
We may personify
into
elements,
world.
this fateful year of our history
man, government, and war.
We call it The Turmoil!
Wars are made by governments, and fought by men.
Death and destruction are the harvest.
Modern
War is the
great Shadow.
engages
philosophy which
that through,
cause-facts of this world war and its
the* kernel of the whole
the thought of the time, is,
and over,
nearly perfect as
is the meeting place of affecting
interpret for ourselves the year
discover
the year,
the
conditional circumstances, an
day—there is no democracy so
ours.
enjoy all, and deprive none.
evolution is in process
himself, and his relation to his creature,
And if this liberty is a thing that shall
human history it is something more than
man
Government ?
stand in
can
brought, alone by war. In its
of peace. If it be
that its immediate flowering may be hast¬
be bought,
or
essential nature it is a product
admitted
ened by war,
he pre¬
is it solely the result of an inde¬
it is still true that it can never
served by war, nor
structible State.
2490
THE
The first essential of this
all
democracy,
to preserve
is
his
the
liberty, and the soul of
freedom
of
individual
the
life and development with the
own
instrumentalities of head, heart and hand that are
his divine
endowment, in the environment of earthly
resources
in
dowment
or
develop,
which
he finds himself.
environment
liberty obtain,
no
as
do, the
many
weak to
We
fasten
of the State is
supremacy
individual and free man, may so enervate his
powers,
and confine his
potentialities, as to render him too
can
ensue.
cannot, applying these truths to the present time,
say,
may be necessary to win the
is still opposed to the democracy which is the
object of the war, and which once fastened upon the
war,
justice
no
a
German
relation between the citizen and his
govern¬
a new
en¬
advance
no
of
[Vol. 105.
ment, that though it
If either
shackled
so
*
CHRONICLE
resist, and which will therefore and thereby
him a new form of slavery that will
upon.
endure under the
Socialism.
of
name
Search all
democracy, the slavery of
issues the year has de¬
the
theory and ideal, that this war is the final
struggle between democracy and autocracy.
As we
veloped and
"Democracy must fight with its
own
view the year, we must note and
appraise with even
deeper interest and strangle hold of Socialism in
truly
Not that it shall
the
the
transforming of Russia.
world
war
ment,
a
is
culmination of
a
far
so
conflict,
only
the
way,
this
as
age-long develop¬
an
culmination in Force, that truly
claims to be the
the
No, in
causes,
falsely
or
lost
now
in
back into remoter times, and embrace
go
not
illuminating statement!
an
instrumentalities, of autocracy!
with
apprehension.
has been
bows to the
very assump¬
tion to
all the instru-
ments of government
to-day, in the
*
mentalities of
exists
democracy
use
industry and endeavor to win
threat
a
and
of
ensuing
Socialism
a
war,
fatal
as
to
the fierce and foul autocracy it would
as
overcome!
What
are
does die
to be the terms of peace,
down, and peoples
ant and
are
Not
a
triumph¬
domineering statehood that stifles, by the
and impositions of a static, so-called,
victory.
Much else
make
convenient
fictions, made by
serve his own freedom.
When truly liber¬
ated, they will have boundaries only by consent and
no
longer by military force, as all will admit.
But it
to
man
must be
understood, therefore, that the boundaries
of consent
never
be
unalterably fixed upon the
They exist in the freewill of free men acting
map.
in
can
Are
concert.
there
conditional
elements
to the existence of the free individual in
sary
(not State)
of democracy?
Yes.
neces¬
a
brightest
time.
The
of
will
gigantic.
of the
one
men
but
are
Its
en¬
pages
day will
that blazon the
never
come
when
generosity, its
un¬
selfish
sacrifice, its heroic devotion to duty, for man
has risen to glorious heights even in the midst of
terrible warfare.
If, bending from the parapets of
heaven, the angels weep, there are still hosannas of
praise for the denizens of the little earth-star, where
does love his
man
brother, though he slay him.
bells in the turrets
of
time,
The
in their jangling
even
notes, still say:
state
"Ring out the old, ring in the
com¬
plete disarmament, and thus the liberation, from
force, of endeavor manifold and agreement unlimi¬
ted; local self-government, that there may be unions
year.
Its wonderful charities
to extol its noble
cease
Ring out the false,
They
he struggles in the entangle-
control of his energies and in-
might be written of the
deavors have been
liberty, the true liberty of the individual to be and
are
as
no
prosecu¬
grow tighter,
virility, what original strength, will be left
him, to assist and prosper the cause, three years from
now, if the war shall last so long.
records
States
But
He
purpose.
what
declarations
do.
and
means
other than its vigorous
upon
war
The citizen
dustries, he must wonder, if the coils
when the battle
free ?
new,
ring in the true."
And from the Shadow there rises still the immortal
Three, to whisper consolation, and to lead forever
onward and
upward.
and federations of
States; freedom of trade, that the
individual may survive by his own
efforts, that he
perpetuate the State; freedom of the seas, neutrality
of the
to
reach,
the territory of
over
waters of the
any
State, the
open
world, to the end that exchange, the
greatest civilizing influence known, may be free, and
natural
laws
of
supply and demand establish the
wealth of nations and the welfare1 of
these
masses.
To
give
things to others they must exist in their purity
They do exist in a representative republic
in
us.
as
it
designed for the United States, for when
was
born, no great statesman thought of
constituting this government a business agency more
was
this nation
than he thought of
embodied in the
government is
infusing into it the Force that is
instrumentality of
ours
to preserve or
So, this memorable
nightmare
floating
same,
of
an
vapors
nothing
of endeavor
year
ever
destroy.
will be the
is added
war
control.
same.
the
Nothing is the
Do the
hilltops
lighten with the fires of freedom, while
outstanding fact of this
year
the United States into
world
that
will
ROAD LABOR.
end
a
some
The great
is, not the entrance of
war
for
In
our
ceding
of this
article
on
The Financial Situation
on a
pre¬
discuss the President's proclamation
page, we
week, taking
over on
behalf of the Govern^
ment, all of the railroads of the country, and his
explanatory remarks in elaboration of the proclama¬
It is worth noting that there is not a word of
tion.
reference, either in the proclamation or the explana¬
tion, to the ugliest factor in the difficulties, that
ever-settled
labor.
that
and
ever-recurring problem of human
One of the stories of this
a
certain
always been
Stock
very
holiday
season
is
Exchange house which had
liberal with its employees
waited upon, during the term of
was
closing of the Ex¬
change in 1914, by
To the horrid
passes.
overwhelming
of State
And that
war.
miasmas gather in the
valleys of decision ?
war
THE PRESIDENTS PROCLAMATION AND RAIL¬
and the right of eminent domain
narrows,
democracy, a
time, but the introduction
who said the
and that
losing
to
the
as
money
accept
a committee from the employees,
subject of salaries had been talked over,
the
were
all perfectly willing
salary cuts in order to lighten the load;
partner
the firm would
sary
employees knew the firm must be
just then, they
some
senior
•
upon
The momentous step of
condition,
individual
And
weapons,
We look
taken; it cannot be undone.
longer dwells
man.
weapons"—
and this part of the waking dream alarms
this whole endeavor and evolution of freedom for the
tions of Government to engage
them.
among
fight, but that it shall not fight with the
the year,
us
if this is not chief
say
expressed his thanks,
but said
liquidate when they found it
neces¬
to cut salaries, and the story adds that the
employees have since shown frequent evidence of
desire to make up
a
for the consideration shown them.
x
Dec. 29
If
1917.]
THE
anybody has
look to
may
the
railway
having
their share in
shared in
Will it
accept
where
Director-General, Mr. Mc
be
prove so
?
Will he order the
little of the sacrifice they commend
a
others, and if they refuse and persist in their de¬
mands,
They
instead,
tell them they "must?"
will he
having
are
talk with the President, who has
a
undergoes
they will treat this
a very
singular change
Governmental
new
as
program
putting their opportunity beyond doubt.
It is
clearly idle,
mature,
conjecture
to
anything
the legal
about
competency of the Government to undertake such
anomaly
this seizure of private property.
as
be said that the Constitution has
and power to preserve
silent
the
leges."
The
its
of
same may
organic law itself.
successful
own
a
It will
"Inter
arma,
be said
course
We shall all
an
reserved right
life.
to
as
that the
agree
prosecution and ending of the
war
is the
paramount
duty and policy, and that everything
must
way
But
give
whether
question.
before
the
and
We undertake to
action
service.
when
conscript
we
men
for military
already conscripted largely, and
largely by voluntary offering.
from
of all
regulate prices
constantly of conscripting wealth,
not
were
necessity.
We override individual rights to
We talk
if that
as
demonstrated
necessity is demonstrated is the
except two things.
life
a
all other
property is dictated, more than by
considerations, by the desire to avoid
authoritative issue with
persistent unwillingness to raise rates.
so
gestion of hauling
that could
goes
control
Director
that
over
as
far
It cannot be
the physical
regarded otherwise, for
under present
an
organized labor and by the
as
con¬
well be met
as
by attempting to place
control.
It
is
not
a
possible to
placate obstacles and solve problems by changing
names
and
substituting
touch
the
substance.
ciency of most productions
all
the
ful
be
taken.
an
immense
and
war
which its
success¬
indicating
makes the
and
1915
five
As for the
approval already quoted from the
are
only
men
and
are men
1911 to
the
11.1%
more
$2 009,
five-year
the
labors.
They have had responsibility without control; they
of
naturally feel
being able to
pass
a sense
of relief in the prospect
OUR HARVESTS IN
1917.
States
as
Dec.
the
set' forth
in
the final estimates of
yield
by the Department of Agriculture
on
11, while distinctly better than the result for
preceding
year,
nevertheless does not, under
pre¬
vailing conditions, give unqualified satisfaction.
In
several cases, notably corn, o ts, rye, potatoes
and
only
on
Dec. 1
1916 and
and
77.1
cents; oats, 66.9
38.5
cents;
barley,
rye,
potatoes,
cents;
the
corn,
SI 663
SI 229
tobacco, 24.9 cents
against
cotton,
14.7
and
10.4
cents;
27.7
cents
against 19.6 and 10 cents; and hay (tons), $17 09
ton against $11 22 and $11 88.
per
could, of
grain
be carried
course,
and
crops
The
on
This comparison
through the smaller
to vegetables, fruits and nuts.
yield this
corn
on
is officially stated at
year
3,159,494,000 bushels, which establishes
in
mark
last
Area
production.
a new
spring
was
high
very
largely increased (14.2%) in two ways—in the main
through
cultivation of virgin
bringing under
the
soil, but also by availing of abandoned wheat
The
age.
the
is 5923^ million bushels
crop
more
production of 1916 and 35 millions in
the former
with
son
latter
than
excess
of
The compari¬
bumper outturn of 1912.
the
acre¬
result, however, shows
a
per-;
centage gain of only 1.1%, whereas area in the mean¬
augmented
is
was
and Oklahoma, where drought
instrumental in further
yield
that
so
a
as
materially reducing the
contrasted with two years ago less
crop was
secured in the former and under
Dry weather
some
was
also detri¬
parts of the Northwest.
The outcome of the harvest is
in
An increased yield
11.8%.
reported for all the large producing
States except Texas
distinctly satisfactory
263 million bushels contrasting with
Missouri,
a
year ago;
millions; Nebraska
Illinois, 426 millions against
millions
259
against
192
millions, and Ohio 156 millions against 116 millions.
Offsetting the favorable quantitative showing, quality
is
reported
not
The outcome of the 1917 harvests in the United
same
as
against $1 461 and 60.4 cents;
corn
announced
cents
and
as
lower for 1917—75.2% of a normal
The percentage of frosted or soft
against 83.8%.
the responsibility along.
given
(1911-1915) of 87.5 cents;
52.4
SI 221
132 millions
undertake
is
At the
SI 137 against 88.1 cents and 58 cents;
307
may very
index
of the
average
The farm price of wheat
average
natural for them to feel
"Government"
116.1% above
against only $1 603 in
against
against
in
Nov. 1 1917
on
1915,, inclusive.
$1 283 against 88.9 cents and 59.7
cents
advance
than 1916, and 4.1% above the five-
year average.
was
crops
earlier,
year
production
long overworked and overstrained, and it is humanly
willing to let the imaginary
much
course, very
104.3% greater than the
years,
time
a
mental in Kansas and
prove
advanced
high levels of
phenomenal
price index of all
cordially hope he will not be mis¬
railway executives, they
of
the
to
thinks,
have
very
situation, of
year, a
one-third in the latter.
doubtless
persuaded to think, that this will
resource
the already
over
than half
He
prices
note that the Department of Agriculture
we
was
gain
except wheat to meet
demands,
or
depends."
We must
so.
Clearly
prices,
1916
efficiency in the conduct of the
conduct
previous
over
that
says
more¬
to the benefit of the farmer.
time
of the innumerable activities upon
has been
materially
very
forms; this does not
"the Government itself will thereby
increase of
consumptive
President
new
The
Unfortunately,
over¬
and notwithstanding the acknowledged suffi¬
over,
We shrink timidly
conscripting organized labor, and this latest
movement upon
yield is most needed to assist in
46.1% higher than
at the very least, it is pre¬
or,
full
a
than the poor crop of 1916.
yielded to them heretofore and unless their portion
of human nature
estab¬
are
coming the shortage of bread-making material among
our
European allies, the outturn is but little better
past they have
to be obeyed, for his authority is to
"paramount."
to
as
new
high records in production
new
lished, but of wheat, the most important of all of
the grain crops in international
trade, and the one
therefore ready to bear
prosperity.
are
to
are
tobacco,
2491
in the
are
adversity,
The orders of the
men
he
enough
forward and tell
come
that they know the roads
managers
hard time and
a
Adoo,
imagination vivid
an
the Big Four
see
CHRONICLE
is stated
reaching
killing frosts.
as
heavier,
maturity
a
large part of the crop
before
the
occurrence
of
This reduces, of course, the volume
of merchantable corn,
impaired for feeding
but the grain is not materially
purposes,
and therefore is not
lost.
The wheat outturn of the year
is
a
decided dis¬
appointment not only because it is small but that it
follows
a
very
short yield the previous season, and
2492
at
time- when the
a
The
urgent.
very
CHRONICLE
THE
demand is above normal
and
put under the winter variety
area
in the fall of 1916 at
CROPS
40,090,000
largest
planted, but,
ever
killing, this
as
spring to the extent of 31%,
12,437,000
or
Department.
1916.
1915.
1914.
Bushels.
Bushels.
Bushels.
harvest
the
The crop started
condition.
months,
than
a
Its
so
year
secured,
was
Total... 5,666,728,000 4,686,253,000 5,852,505,000
It will be
acres.
while
off in the spring much lowered in
status
per
of
els, the smallest
financial
since 1912, and not much in
thereof, and falling 62 million bushels below
1916 and 266 millions under the 1914 record.
dentally, it
1916 is
crop
than covered in
was
a
Spring wheat
favorable
in
that
crop
the
The result is
Crops.
seen
extremely low return of 1916.
spring wheat
in
Corn
yield
1916.
%
A very
gratifying outcome of the
yield at 442,536,000 bushels being by
increase
in
margin the heaviest in
of wheat
as
651 million bushels
would, under normal conditions of home
consump¬
that for 1916.
below
tive requirements and seeding needs, leave merely a
1915.
than
But the Department
of Agriculture in October, figuring on a reduction in
the
home
of
use
and
avoidance
that
77,696,000
of
wheat
of
10%, through
reached
waste,
bushels
would
the
be
economy
conclusion
available
export.
a
further moderate
enlargement of
production for 1917 is given
or
more
made.
than in
The
condition
with
developed
season
of the
favoring
better than in all but two
(1912 and
Compared
every
years.
leading State shows
yield, with the addition
Minnesota,
Iowa,
barley
at
under
under
and at time of harvest its
preceding twenty
was
1916,
1915, when the former record
crop
weather most of the
1915)
1,587,286,000 bush¬
as
335 million bushels heavier than in 1916 and
38 millions
was
oats
area,
very
an
increase in
pronounced in Illinois,
Nebraska
208,975,000
and
Kansas.
bushels
is
The
before.
hay
has not
crop
come up
to anticipations, 95
contrasting with 111 millions in 1916.
tobacco, although not doing
a new
as
well
as
at first
yield of 1,196,451,000 pounds,
a
high record by 43 million pounds,
being the gain
over
1916, and it exceeded 1915
by 134 million pounds.
Cotton area was reduced to the extent of 4% last
spring, according to the Department of Agriculture,
and the plant, aside from being backward in
develop¬
,
ing in the early
was
season,
adversely
due to unpropitious weather,
affected by
drought,
during the period of growth.
influences
frosts at
was
culminated
in
the
officially estimated
on
of
occurrence
earlier than average
an
insects,
&c.,
The various hindering
Dec. 11
date.
as
killing
The
crop
only 10,949,000
bales of lint (linters
excluded),
than the short crop
of 1916-17, and 4 million bales
below the production
rye, on
July.
At the
of either
1915
or
the other hand, the yield for the
same
1912.
season
Of
at
We have noted above that not
of the country as a
by
of
11 millions and the former high mark of
by
6
millions.
17,460,000 bushels
and is in
Buckwheat
runs
excess
very
production
of any
former
at
acres,
covering the
beans
and
years
except
crops
already referred to, and
beets in addition,
sugar
phenomenally heavy productive 1912, but rice
and
$5,539,364,000 in 1915.
flax, notwithstanding striking additions to the
way
and
area,
fell
away
in yield.
To indicate the
years
of the
principal cereals referred to above (corn, wheat,
oats, barley and rye),
tion:
we
give the following compila¬
less
no
than
$11,398,678,000, against only $7,307,983,000 in 1916
the
planted
crops
In fact the Department
year.
and
aggregate production for the last five
only have the
whole been much better than in
Agriculture inakes the return from 338,902,000
much ahead of last
of that of all earlier
500,000 bales less
1916, but the return to the producer has been in
excess
over
or
under the record total of 1914-15.
though
60,145,000 bushels exceeds all earlier years—1916
five
high, the-
some
somewhat
crop
time it is 26 million bushels ahead of 1916,
year
good
early expectations, having been unfavorably
affected by adverse conditions in
1915
a
history and 54% above
our
16%
being 100% above that for
1916,
expected, has given
that
potato harvest,
Sweet potatoes also have turned out better
million tons
But
white
Prices have continued very
for
establishing
With
els,
that
ever
The
for
the
quotation Dec. 1 1917, although
average
nominal
exportable surplus.
has been
year
marked
being
total crop
s
the
the
a
1913.
$
.
1915.
officially stated at 92.7% against 71.3% in 1916.
1.
1914.
S
The
So small
offi¬
Total... 6,760,081,000 4,176,947,000 3,387,744,000 3,243,102,000
2,863,761,000
The total
average,
append
1915.
;
s
high-record total of 351,854,000 bushels in
quality of the grain is above the
we
crops as
comment thereon.
DECEMBER
ON
on
...
against the
as
VALUES
any
unit
rather in¬
a
arriving at value,
principal grain
various
per
...
Wheat
is 232,758,000 bushels, against
crop
only 155,765,000 bushels in 1916 but
their
4,053,672,000 2,280,729,000 1,722,680,000 1,722,070,000 1.692,092,000
1,307,418,000 1,019,968,000
942,303,000
878,680,000
610,122,000
Oats...... 1,061,427,000
655,928,000
559,506,000
499,431.000
439,596,000
Barley.
237,539,000
160,646,000
118,172,000
105,903,000
95,731,000
Rje
100,025,000
59,676,000
45,083,000
37,018,000
26,220,000
very
a
the Depart¬
believe this to be
of
1917.
■
years,
from
producers
we
manner
FARM
although better
average,
million
crops.
basis the farm value
the result for the five
started off under rather
a
980
1916, it is 186 millions less
cially announced, forbearing
succeeding month caused
well below the
than the
conclusive
Nebraska, where the
to
a
Although
conditions, but frost in June and drought
and
acre
Dec. 1.
as
increased to the extent of
area was
material deterioration.
per
Inci¬
failure, and in Kansas.
6% in 1917, and the
is
compilation purporting to show the
return
using
crops,
be stated that the falling off from
may
more
cereals
Continuing its plan of former
ment presents a
crop
foregoing tabulation that
five
the
high production of those
area
aggregate production reaches only 418d)70,000 bush¬
excess
from the
seen
total
4,942,613,000 5,982,478,000
than for 1915 and 316 millions below the
composite
acfe^proved better
earlier, but because of theVeduced
the
bushels above that for
improved noticeably in later
that the yield
Previ&us
Record.
Bushels.
3,159,494,000 2,566,927,000 2,994,773,000 2,672,804,000 3,124,746,000
650,828,000
636,318,000 1,025,801,000
891,017,000 1,025,801,000
Oats...... 1.587,286,000 1,251,837,000 1,549,030,000 1,141,060,000 1,549,030,000
Barley
208,975,000
182,309,000
228,851,000
194,953,000
228,851,000
Rye
60,145,000
54,050,000
48,862,000
42,779,000
54,050,000
acres,
27,653,000
Department.
Corn
.leaving the territory under cultivation, and from
which
.
Wheat
result of winter
a
Department.
1917.
Bushels.
reduced by abandonment in the
was
Department.
Production.
exception of that of 1915, behind which it fell slightly,
the
WHEAT, CORN, OATS, BARLEY AND RYE.
Total
with the
acres was,
[Vol. 105.
OF
more
Or stated in another
clearly indicating the unusually satis¬
factory financial outcome to the farmer in 1917,
note that from
value of the
an
area
3J4% in
excess
specifically mentioned
of Dec. 1
prices
preceding
year.
was
we
of 1916, the
crops on
the basis
almost 55% greater than in the
The
average
farm values
on
Dec. 1
Dec. 29 1917.]
THE
CHRONICLE
reported by the Department in each of the last
as
seven
for
years,
some
leading
crops, are
appended:
AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS.
1917.
1916.
1915.
1914.
1913.
1912.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
wheat—____ -per bushel
200.9
100.3
91.9
98.6
79.9
76.0
87.4
Rye..—
166.3
122.1
83.4
86.5
63.4
66.3
83.2
66.9
52.4
36.1
43.8
39.2
31.9
45.0
113.7
88.1
51.6
54.3
53.7
50.5
86.9
64.4
%
Oats—,*;
Barley
119809542.-
Cents.
•
it
■
■
it
Corn
128.3
57.5
88.9
48.7
112.7
78.7
76.4
75.5
66.1
72.6
146.1
61.7
48.7
68.7
50.5
79.9
297.0
249.0
174.0
126.0
120.0
115.0
182.0
189.4
■
■
Potatoes
Flaxseed.
69.1
160.1
122.9
88.7
90,6
92.4
85.8
93.5
79.7
41
Buckwheat..
a
a
Rice..-——.
61.8
.
—_
The average
value of hay (tame) Dec. 1 is given
election Hon. A. L.
Sifton, Union Minister of Immi¬
gration and Colonization and late Premier of Alberta,
strongly free-trade province, interpreted the elec¬
as meaning that "a
non-partisan policy of immi¬
a
1911.*
2493
tion
gration and colonization for the West will be inaug¬
urated
by the Government
as soon as war measures
have been
promptly dealt with, and it insures the
future development of the West along non-partisan
lines.
This is something which has never been
possible before.
It means absolute unity in matters
$17 09 per ton, against $11 22 in 1916 and $10 63 in
of vital importance to the West, and the
of this influence can scarcely be
1915; of
Canada has
1932
14.7
,
tobacco,
and
cents
27.7 cents per
24.9
9.1
cents
pound,
per
pound, against 19.6 cents and 11.2
ft-
■';
yield of
country for
of the principal
some
series of
a
Wheat.
Year.
Bushels.
1893.—..——
1894—
—
1895—
—
1890.——....
1897——
1899 (Census)
1900—
:{
-
1901a
1902——
1903—.......
...
1906...—....
1907.—
1908——
1909
—
1909 (Census).
19106—..
:{
1911—
—
1914......—.
1915
1916—L——
1917
-
.
2,666,324,370
2,105,102,516
1,522,519,891
2,523,648,312
2,244,176,925
2.467.480.934
2,707,993,540
2,927,416,091
2,592,320,000
2,668,651,000
2,772,376,000
Bales.
738,394,000
661,035,000
638,854,850
662,086,928
824,443,537
1,628,464,000
1,619,496,131
1,212,770,052
2,151,138,580
2,283,875,165
530,149,168 1,902,967,933
675,148,705 1,924,184,660
547,303,846 2.078.143.933
658,534,252
522,229,505
748,460,218
670,063,008
637,821,835
552,399,517
692,979,489
735,260,970
634.087,000
664,602,000
737,189,000
683,349,697
Cotton*
Bushels.
Bushels.
2,060,154,000
of the
707,346,404
698,767,809
730,905,643
796,177,713
943,389.375
809,125,989
736,808,724
987,842,712
784,094,199
894,595,552
953,216,197
964,904,522
754,443,000
807,156,000
1,007,353,000
1,007,129,447
2,552,189,630
635,121,000 2,886,260,000 1,186,341,000
922,298,000
621,338,000 2,531,488,000
730,267,000 3,124,746,000 1,418,337,000
9,038,708
6,717,147
7,527,212
9,892,761
7,162,476
8,714,011
11,180,960
11,235,383
| 9,439,559
10,425,141
10,701,453
10,758,326
10,123,686
13,556,841
11,319,860
13,550,760
11,581,329
12,132,332
16,043,316
14,128,902
14,884,801
15,067,247
12,953,490
763,380,000 2,446,988.000 1,121,76$,000
891,017,000 2,672,804,000 1,141,060,000
1025801000 2,994,793,000 1,549,030,000
636,318,000 2,566,927,000 1,251,837,000 12,975,569
650,828,000 3,159,494,000 1,587,286,000 dl0,949,000
•
importance
were now awaiting the attention of the
Government, and he predicts that "solutions reached
by the Government will perhaps astonish many
Mr. Sifton is
Potatoes
trio of
new
Bushels.
All
them
254,423,607
156,654,819
183,034,203
170,787,338
297,237,370
252,234,540
164.015.964
192,306,338
228,783,232
273.318,167
210,926,897
187,598,087
284,632,787
of
revision
a
strong-willed member of
a
Western
Ministers in the Federal Government.
committed
are
point blank to tariff
downward,
particularly in the items of
agricultural implements, farm supplies of all sorts,
and free
ada for
access
between the United States and Can¬
flour, oats, barley, &c.
arrangements between
also
are
Less restricted trade
Great Britain and
Canada
eagerly awaited by the bulk of Western
247,127,880
332,830,300
supporters of Union Government.
260,741,294
that Quebec with its
unprotesting fealty to the high-
tariff leaders in both
parties, during
308,038,382
389.194.965
349,032,000
292.737,000
420,647,000
331,525,000
409,921,000
359,721,000
286,953,000
442,536,000
These are the revised grain figures of the Agricultural
Department Issued after
,the Census reported Its results for 1899, showing much larger totals than those of
the Department.
6 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 commercial crop,
d Estimate
of the Department of Agriculture, and does not Include llnters, which would prob¬
ably add 1,250,000 bales to the total.
a
~
of vital
people."
297,942,000
13,828,846 278,985,000
376,537,000
[10,650,961
Western
into its own."
come
Mr. Sifton intimated that many matters
COTTON SINCE 1890.
Oats,
Corn.
611,780,000
515,949,000
396,131,725
460,267,416
467,102,947
427,684,347
.
crops
is subjoined:
years
CROPS OF WHEAT, CORN, OATS, POTATOES AND
1891
against
strength
imagined.
respectively; of cotton,
cents,
cents.
The
as
is
It is noteworthy
a score
almost eliminated from the present
now
of
years,
Govern¬
ment's support.
in
The balance of power is held to-day
Saskatchewan and Alberta, and as
the war issues are disposed of the tariff
Manitoba,
quickly
as
question is
the
than ready to take the centre of
more
arena.
BRIGHTER OUTLOOK FOR THE ELECTRIC RAILWAYS
OF NEW YORK STATE.
[By H. B, Weatherwax, Vice-President United Traction
Company of Albany.]
The year 1917 will rank as a crucial year in the history of the electric
TARIFF PROBABILITIES IN CANADA.
railroads.. It is the year in,which the Industry, giving service at a fixed
a rising tide of costs for materials, for labor and for taxes,
fare, but faced by
Ottawa, Canada, Dec. 27 1917.
The
establishes for at least four years to come an
ment
administration
interests
to
war
heartily supported by the business
of the
a
The prosecution of the
conclusion ranked high as a
country.
victorious
deciding issue, and in clinching this point it
inevitable
that
chasm
the
between
French
finally forced to make
was
overwhelming victory of the Union Govern¬
not
a
only for its own benefit, but in the
make the fight against
was
and
Although the elec¬
"win the war" and "quit the
Wilfrid
Province,
the
the Liberal leader, Sir
deserted by his
Laurier,
lieutenats almost to
color-bearer
upon
a
man,
English-speaking
on as the racial
cheered
by uncompromising separatists in Quebec
too unparalleled to have given him
was
outside of his native
Quebec. From the Great Lakes westward there are
but five Laurier supporters, and the overseas soldier
slightest chance of
success
vote, still to come, may alter the standing in a few
of these constituencies.
Ontario gives 71 Govern¬
ment
supporters with
lines up
62
anti
elected
As
just
and
over.
It is
And it's
a
fight to alter the mind of the public about the street
big task to change popular opinion about
a
The task is to show the
on
public that its interests and the Interests of the
electric railways are one.
Towns cannot prosper with bad public utility
anticipated
in
of
a
on a
sound business basis.
#
operating
upon an
unsound basis.
The out¬
standing ideas to be driven home ard?
1. The electric railways cannot furnish service at less than the service
costs, and remain solvent.
/
2. If the railways fail the public's service will suffer.
It hasn't seemed natural to name any other sum than a nickel in the same
breath with street car fares.
Yet
They have seemed
synonymous.
.
fixed, fare for street car service is just as unscientific as a fixed price
a
for clothing, or coal or
The year 1917
outlook.
in 1907,
food.
dawned on the street car companies
as a year of
darkest
Not since the establishment of the Public Service Commissions
had things looked more dubious.
Prices of materials that street
railways had to buy had begun going up before the war, but since 1914
that movement
had
been accelerated
until
the question came,
not of
making money and paying dividends, but of keeping out of the hands of
the receiver.
Something simply had to be done.
And the Electric Railways of New
York State decided, early in the Spring, to go straight to the
the State with their story.
people
of
They believe that the American Public wants
only the facts, wants only what it pays for and wants justice done.
The first step was to make the facts of the bhsiness generally known.
by all of the street railroads, according to law, were prepared under the
direction of Professor Thomas Conway, Jr., Public Utilities Expert of the
previous
About 30 companies, of the seventy-two In the
correspondence
alliance
in
in
consequences
the
prairie
provinces to make Union Government possible are
already showing their heads.
University of Pennsylvania.
jurisdiction of the Up-
State Commission, made application for ah increased basic fare, generally
of the unscheduled
Liberal-Conservative
bankrupt.
the other side, with
on
the Island of Montreal.
these columns, some
even near
It is to the public's interest that the railways be operated hereafter
Careful studies of all the reports made to the Public Service Commission
Government, the three being
pro
cars.
thing.
any one
11 Opposition, and Quebec
valiantly
as
3
public's service, to
Much progress has been made in this battle, though, of course, it is not
service, and utility companies can't give good service if
English should have widened.
war," the handicap
It made up its mind,
interest of the
the continued rule of the Nickel Fare.
For years they have been
torate chose between
fight—naturally unpopular—for self-preserva¬
The industry met the situation squarely.
tion.
On the day after the
from 5
to 6 cents.
Hence, though some made application for 7 cent fares,
their cases came to be known as the Six Cent Fare cases.
New York, the three
In the City of
companies concerned made application for the right
to make an extra charge for transfers, but testimony on these cases has not
yet been
completed.
revealed an astonishing state of affairs.
companies were earning eveh their fixed charges.
The up-State cases
half of the
Not one-
Many of the companies were not earning even their operating expenses.
2494
Not
THE
In all the State has in ten years
one
paid
much
as
CHRONICLE
8% dividend,
as an
and only a very few, any dividends whatever.
portant than to preserve and buttress the fabric of the national
and nothing would so
The credit of the companies is so low that most of them cannot get new
capital by the sale of either stocks
[Vol. 105.
bonds, and
the strongest
honor its
to
easily undermine it
debts.
It would,
indeed,
credit,
the refusal of the Government
as
be impossible for
a
Government
com¬
which had destroyed its credit
by repudiating its liabilities ever to borrow
panies can get money for extensions of improvements only at an exorbitant
again should circumstances arise in which it was
necessary to do so.
In
short, repudiation spells national dishonor and national disaster.
I will only add this—whatever be the
financial policy of the British Gov¬
ernment after the war, I am certain of
this, that any discrimination there
or
even
rate.
Investors have quit putting money into the industry.
New building has
absolutely ceased.
Notwithstanding this gloomy picture, the outlook is not all black.
important progress has been made in this
Very
of 1917 in the problems of
year
be will not be in favor of those who have withheld their
may
the State at
time when its needs
a
were
money
from
greatest.
the industry.
The progress
there Is
has been made in two important
ways,
In the first place,
.
enormously better public appreciation of the facts bearing
an
on
GREAT BRITAIN FORBIDS IMPORTS OF SECURITIES
the industry, both on the part of the public and on the part of the Public
OR EXPORTS OF CAPITAL.
Service Commissions, not only in this State, but in the country over.
other
In
States,
notably Massachusetts, and Pennsylvania,
companies have either ceased the sale of cut rate tickets
or
Announcement
numerous
have increased
hibited the
that
the
British
import of securities
or
basic fares.
In
Cleveland, Ohio, where the so-called "3-cent fare" has ruled, they
have been forced to raise the rate.
for with
extra charge
an
about
been
3.5
In passing, the phrase is a misnomer,
for transfers the
fare in Cleveland has
average
higher than the average fare paid on the surface
cents,
lines in New York City, where transfers are free.
When Public Service Commissions
judgment
the utility companies and always reduce rates.
on
has at last
be accepted that the Public Service Commission's prime
come to
function is to
see
The true idea
that the
of the service have
public's service is
reasonable rate of return for
a
and that the providers
preserve
was one
But
most
a
Whether Section 181 of the Railroad Law, which limits
continuous ride within the limits of any city or
"Whether
2.
franchise
or
the
a
by
acceptance
The Court of
Public
'continued
Service
a
railway
corporation
of
a
5 bent fare condition constitutes
a
case
is not "just and resonable" under the law.
Appeals in the Ulster
decision affecting question No. 1.
the
electric
an
precludes the Commission from increasing the fare in
the return to the company
a
fare for
a
village to 5 cents precludes
higher fare.
municipal consent containing
contract and
a
authorizing
Commission
&
It
law
from
a
London
without
time and which form
Delaware Case had already made
was
briefly to the effect that when
passed,
was
the old law
how it will affect legitimate exchange
seen
Operations.
ISSUES IN
CANADA
TO
BE PERMITTED
Under
had to
be
Canadian
a
under the authority
upon
Order-in-Council, passed
Dec. 22
on
of the Canadian War Measures Act,
the recommendation of the Minister of Finance, it is
made unlawful to
issue,
to sell, offer
or
or
advertise for sale
evidences of indebtedness hereafter issued,
debentures or other securities of
such
bonds,
as
provincial, colonial
any
or
foreign Government, municipality, commission, local gov¬
ernment,
institution, corporation or incorporated com¬
pany, without the approval of the Minister of Finance
by his certificate in writing.
The regulation also applies
to
any new
issues
common,
of any incorporated company.
new
„
too, that the rate-making power,
the police power of the State, rests in the
Public Service Commission,
Legislature
part of
as
its delegate, the
or
and that any rate stipulated in
a
municipal
franchise is binding upon the company only until such time as the Legis¬
lature intervenes to regulate the rate of fare.
,
The Commission has not yet committed itself squarely upon the question
"What is
a
reasonable rate of return?"
That may be the next step.
It
has at least opened the way for the railways to get reasonable
compensa¬
tion, whatever in each individual
But
sion
granted increased fares to
It is expressly
provided that nothing in the Order-in-Council shall affect
the
issuance,
powers,
the. Up-State Commis¬
(at this writing)
six petitioners,
as
1
.
to
6 cents
be deferred until the end of the
7 cents
has been taken and the 20
other
or more
The company asked for
granted,
was
but not the 7 cent fare, as the latter rate seemed likely to the Commission
to result in reduced rather than increased revenues.
The
charge that the
was
dismissed
as
not
At least the ice is broken.
The
industry has
communities—on this fact
toward
better
to prove
its
case,
It
to have been
seems
reason
darkest just before
to congratulate itself—as have our
resulting from the campaign of the companies
obtaining relief when deserved is
a
serious problem.
or
questions.
But the reasonable attitude of mind attained by both public
other number of cents
any
public officials is the
augury
a
commissioner
or
a
to the necessity for new issues and the time
same object of conserving the financial resources of the
country for war pin-poses and preventing waste in public expenditures upon
works and
undertakings not absolutely needed at this time.
Owing to the need of establishing credits for the Imperial Government
market, the financial opinion of the counrty is that there
tion and
contrpl of all
of the Dominion may
Tbe
may not
solve the financial
cf better things.
The present situation
looks .distinctly forward, not backward.
this could not have been said.
>
A year
new
must be
issues of securities in order that the
regula¬
war
loans
have the full benefit of the Canadian market.
following is the Canadian Government's
Order-in-
Council:
the
Government House at Ottawa.
Saturday, the 22d day of December, 1917.
Present:
His
Excellency, the Governor-General
in Council.
Whereas it is advisable that the Canadian investment market should
be
A raise in fares
from 5 to 6
or
as
they should be made.
At
time—seemingly unavoidable
7
necessary may be made, with the consent of
who will probably appoint
The regulation is similar to that, which has been
long in force in Great
but once proven it is entitled to the verdict.
Not all of the problems of the industry, of course, are settled
by these
momentous decisions.
The great amount of
—in
absolutely
in order that Canada's manufactured and
agricultural products may find a
public understanding of their problehis—that any company
doing a real and honest service stands before the law as entitled by right,
and not as a favor, to a fair and reasonable return.
It's up to the company
a
are
The Montreal "Ga¬
war.
Britain, for the
sub¬
stantiated.
the dawn.
when
6 cent fare at
a
The (8 cent fare
over-officered and over-salaried
Issues which
the Minister Of Finance,
priority board to advise him
of these petitions was opposed by the city authorities, that of
was
issues of the Dominion Government and
zette" says:
Hudson River & Eastern Traction Company, increase to.
Company
war
_6 cents
•_
petitions will doubtless follow along now rapidly.
Company.
shares of capital stock
or
prevent issues being made for purposes which may well
.6 cents
Ithaca Traction Company, increase to
Orange County Traction Company, increase to
the Ithaca Traction
of
the trading in
are
market for the
first, but later raised the request to 7 cents.
purchase
or
or
may be restrained and heavy pen¬
provided for violation of the regulation.
The
object of the order is to conserve the Canadian investment
alties
6 cents
one
sale
heretofore issued and placed upon the market.
Provision
is made whereby any issue or sale in contravention of the
Hornell Traction Company, increase to
Northport Traction Company, increase to
Only
offering,
bonds, debentures, securities
any
6 cents
cases
advertising,
securities of the Government of Canada
Huntington Railroad Company, increase to
Testimony in three other
offering of shares, whether preferred
or
prohibition of the order
it may be.
case
availing itself of its clearly described
has
follows:
ago
The
a natural
sequence to the embargo on exports
regulation is welcomed in banking circles as a
new
or
part of the new and that, under the
The Commission decided,
and
25.
intended to prevent unnecessary export of capital, but it remains
measure
to be
The
law, the Legislature
as
rates.
v
Dec.
on
its delegate, the Public Service Commission, has full power to revise
or
Treasury
special cable to the
ONLY WITH APPROVAL OF MINISTER OF FINANCE.
opposition to increasing fares brought the question up squarely by
the presentation of two questions:
'
the Commission from
Commerce"
of merchandise.
to Its own powers over rates of fare.
as
of
Kingdom
contained in
This strengthens the legal and moral restrictions which
have existed for
some
co-operation.
The
1.
"Journal
important step of progress is in the determination by the
Commission itself
United
was
pro¬
cable adds:
SECURITY
of antagonism.
The present idea is one of
the
has
capital by
providing the capital and
doing the work.
The first idea
of
permission in writing
first instituted, the idea seems
were
to have been held rather widely that their function was principally to sit in
resident
any
Government
the export of
conserved to facilitate the
borrowing of the large
sums
of money that will
be required for the prosecution of the war and to enable his
Excellency's
Government, if need be, to fully avail itself of the loaning capacity of the
country for the paramount purposes of national defence, and that the im¬
pairing of the market should be prevented by forbidding the offering and sale
thereon of securities for raising money for
purposes the execution of which
A.
BONAR
LAW
DENOUNCES RUMORS OF POSSIBLE
REPUDIATION OF GREAT BRITAIN'S DEBTS.
Rumors of the
in the public interest be postponed until peace' has been restored,
provision being made for the issue by the Minister°of Finance of a certificate
may
permitting the offering and sale of such securities
possibility of Great Britain's repudiating her
deem proper to except from such
ceived under date of Dec. 15 from
I
am
glad to have
opportunity of dealing with the rumors that are, I
find, current throughout the country with regard to the possibility of the
Government repudiating its liabilities.
an
I should like to state, and to state
no
as
mendation of the Minister of Finance and under the
provisions of the War
Measures Act,
same
1.
London, available for pub¬
lication in the United States yesterday (Dec.
28):
strongly
are
1914, is pleased to enact the following regulations and the
hereby made and enacted accordingly:
It shall be unlawful within Canada, by or on behalf of
any provincial;
colonial
foreign Government, municipality, commission, local
or
evidencing
an
obligation to
or
on
commission,
company as
in this crisis of its history.
Such
a
Government of the United Kingdom
I
can,
the
policy would not only
was
in the hands of
to all, considerations of national honor,
the overthrow of any
The
repudiation of State liabilities would In
men
but woujd, to
Government, that adopted it.
trous as it would be dishonorable.
that in
my
my
disposal of the State
my
mean
who
war
blind
mind, involve
will be
as
disas¬
more
im¬
local
government,
or any
bonds, debentures
the
writing;
or
may
hereafter be issued by
foreign government,
institution,
shares which
corporation
may
of
municipality,
incorporated
hereafter be issued of the
whether preferred or common, of any such corporation
incorporated company,
unless
borrowed, which
such colonial
aforesaid,
capital stock,
approved
judgment be
Nothing after the
that the
were
repay money
behalf of any
opinion
as
resources at
govern¬
ment, institution, corporation or incorporated company, to issue, sell, offer
or advertise for sale, any bonds, debentures or other
securities
British Government, present and future, will seek to break faith with
those who have placed their financial
the said Minister shall
Therefore his Excellency the Governor-General in
Council, on the recom¬
liabilities
are denounced in an
open letter which A. Bonar
Law, Chancellor of the Exchequer, has caused to be published
and which is given as follows in Associated Press advices re¬
as
prohibition:
or
or
to purchase
other securities
or
or
agree
to purchase
any
or
of the
shares of capital stock
aforesaid,
offering and sale thereof within Canada shall have been first
the Minister of Finance by his certificate of
approval in
by
Provided,
advertising, sale
or
that
nothing
purchase of
herein
any
shall
affect
the
bonds, debentures
or
issue,
offering,
securities of the
Dec. 29 1917.]
Government of Canada,
THE
or
CHRONICLE
the trading in any bonds, debentures, securities
or
shares of capita] stock, heretofore Issued and
or
which shall have been originally issued and
placed
placed
the approval of the Minister of Finance evidenced
the market,
upon
by his certificate
as
afore¬
2.
-
Any issue
sale made in contravention of the foregoing prohibition
or
excess
of the authority of the provincial, colonial or
S. LOANS ADDITIONAL
$2,000,000 TO BELGIUM.
The United States Government
upon the market with
said.
shall be deemed to be in
U.
2495
made, and
may
same
so
total of all loans to the Allies
offering or advertising for sale or purchasing or agreeing to purchase any
such bonds, debentures or other securities, or any shares of capital stock
What
termed final
are
or
advertised for sale, without the" certificate of
or
approval hereinbefore required; shall be guilty of an offence, and shall be
liable, Oh
conviction before two or more justices under the pro¬
summary
cedure prescribed by Part
a
term not
dollars,
or
exceeding
XV of the Criminal Code, to imprisonment for
one year,
or to a
fine not exceeding five thousand
to both imprisonment and fine, in the discretion of the tribunal.
3. For the purposes of the foregoing
regulations the words "sale," "sell,"
"purchase," and their parts, shall be held and interpreted to include
and
mortgaging, pledging or parting with any right or interest in consideration
of money, or, as
the case
otherwise, any right
or
may
be, acquiring, by way of mortgage, pledge or
interest in consideration of money.
RODOLPHE
In
commenting
for control
over
the 22d had the
'
BOUDREAU, Clerk of the Privy Council.
the movement of the Government
upon
loan
now
der date of Dec.
quoting
On
more
In
drastic
measures to conserve
Canadian capital.
the last few weeks there has been
a
revival of
a movement—pre¬
figures for the seventh German
war
as 12,625,660,200
Reuter dispatch from Amsterdam,
from Berlin.
It is pointed out that at
a message
the rate of
a
exchange in peace time this would be about $3,Subscriptions to the seventh war loan opened
156,415,050.
on Sept. 19 and closed Oct. 18.
A comparison of the figures
previously announced with those uf the preceding loans was
given in our issue of Oct. 27, and last week, page 2404 we
details 4f the subscriptions taken from the Lon¬
gave some
don
"Economist:"!
'
-
NEW SWITZERLAND LOAN.
say:
the contrary, discussion has been active recently as to the possibility of
still
$3,887,900,000.
23, the totals being given
marks, according to
The proposed issuance by Switzerland in
Announcement of the control over new security issues in Canada assumed
by the Government will come as no surprise to investment circles.
stands at
made public in press dispatches from London un¬
were
capital issues, the "Gazette" (Montreal} of
following to
further
SUBSCRIPTIONS TO GERMAN WAR LOAN.
be restrained by action at the suit of the Attorney-General
issued, sold, offered
a
is
of Canada in the public interest; and moreover, any person issuing, selling
60
Deo. 22 made
$2,000,000 to Belgium, bringing the total of credits
far advanced to that country up to $69,900,000.
The
foreign Government, municipality, commission, local government, insti¬
tution, corporation or incorporated company on behalf of which the
on
loan of
January of
a new
loan of 150,000,000 francs at 5% was made known in Berne
dispatches of Dec. 25.
It is stated that the cost of Swiss
mobilization to date amounts to
one
billion francs.
discussed—to place restrictions on Canadian buying of certain
viously
Specified securities in the New York market.
The Anglo-French 5%
bonds and the United Kingdom 5 and 5H % notes have been favorite in¬
vestments with Canadians ever since their appearance on
the New York
CANADA'S "VICTORY LOAN" SUBSCRIPTIONS.
In
issue of Dec. 8
tinued in such volume during the Victory Loan campaign as to cause un¬
we reported the number of
applica¬
Dec. 4 for Canada's "Victory Loan" for
which subscriptions had been asked until Dec. 1.
Since
easiness at times as to whether the prospects
of the loan were not being
our
these securities
arrive and according to the December "Monthly Commer¬
market and at the depreciated prices
of the past Couple of months the buy¬
ing of these issues has at times assumed very large proportions.
It con¬
seriously affected.
*
The arguments against Canadian buying of
two-fold, first that they take out of Canada
a
are
largely
large amount of capital
needed at home, and second that the transfer of funds from here to New
York imposes
heavy strain
a
on
the exchange market, already adversely
our
tions received up to
last report applications for the loan have continued to
cial Letter
"published by the Canadian Bank of Commerce
of Toronto, the official figures as of Dec. 15 are as follows:
lalion.*
While the idea that the investment market for domestic issues might be
prohibition on buying of certain securiites like the Angloclear to all authorities that the advantage would
considerable, or that it would outweigh disadvantages.
It is argued
Improved by
a
French, it is by
be
no means
that there is enough unsettlement in financial business
a new
factor.
success,
If the Victory Loan had been
a
without introducing
failure, instead of a brilliant
sound reasons would have been established why buying of
some
outside securities should be prohibited.
the Government
a sum
in
excess
Total
Popu-
affected by the fact that the trade balance is against Canada.
But the people of Canada offered
of all expectations; there have been four
appeals and in each case the.Government's offering has been oversubscribed.
Individual Amt.
per
Ami.
Subscriptions. Subscribers. Subscr'r.perCap,
British Columbia-
392,480
$17,820,500
45,834
$389
$45
Alberta—
374,663
16,515,150
55,408
298
44
Saskatchewan
492,432
21,777,050
73,675
296
44
Manitoba—
455,614
32,326,600
78,856
410
—.2,523,274
203,823,500
362,900
562
81
Quebec.....-.—2,003,232
93,798,100
125,867
745
47
New
29
Ontario-
71
Brunswick-
351,889
10,250,000
20,000
513
Scotia.....
492,338
18,588,150
39,521
470
38
Prince Edward Isl.
93,728
2,331,350
5,300
440
25
7,179,650.
$417,230,400
807,361
$517
$£S
Nova
""
That being the case some argue that
the
surplus funds
over
above
and
there can be no good reason why
the Government
war
It is not apparent that issues other than the war loans would
vantage.
benefit
materially.
An investor cannot be compelled to buy Canadian
municipal bonds yielding 6
or
7% because there is a prohibition against
buying Government bonds in New York yielding higher'returns.
He may
decline to invest at all Or he may look about for ways to circumvent the
prohibitory regulations.
Financial business between here and New York
is so closely Jinked up that there would be incentive to law-breaking in the
To all this, as affecting the Canadian investor,
very
prohibition suggested.
may
be added the fact that if the Canadian buying
of these*, outside securi¬
ties has unfavorable effect on the financial situation, most of the
already been done in the past three
has
There
are
the effect
tion
on
many
The amount of the
in these
columns
to allot the whole
cess
of the
Dec. 8 that
NEW
The
which they have been selling in the New York market indicate
Vienna that
buying.
the
quarters it Is felt that if necessary further appeals on
national
grounds should be made against the buying Of these New York Issues
rather than that prohibitory regulation
suould be considered.
The of¬
not the small investor, or the person
making his investnent in war bonds for the first time.
J. P. MORGAN & CO. DISPOSE OF MORE
bills
British Treasury
disposed of by J. P. Morgan & Co, during the past
The notes were sold on a discount basis of 6%,
same as
in other recent weeks.
Although
made in these columns last week of any
no
mention
was
sale of the bills
during that week, it is understood that a $15,000,000 block
of the notes were
placed
upon
the market and fully taken
The total amount of the bills outstanding remains, it
stated, at approximately $100,000,000.
up.
is
It
was
announced at Toronto
'
bonds
■
.
were
.
'
assessable for
municipal
v■
L0ANIT01A USTRIAN GOVERNMENT.
a new
as
stating that it has been announced in
loan of $300,000,000 has been made by
Austro-Hungarian Bank to the Government at Vi of
1% interest, payable eighteen months after peace is de¬
clared.
It is said the only way the bank had of advancing
such
a sum was
by adding to its already over-inflated paper
AMERICAN MONEY IN PORTUGAL.
A report
American
from Consul-General Lowrie at Lisbon, regarding
money
in Portugal, appears as follows in the
"Official Bulletin" of the 20th inst.:
small premium, above gold in Lisbon be¬
than the yellow metal or
the cost of freight
and insurance on packages of bills.
Bank quotations to-day are as follows:
Gold, buying, 1.797 escudos; selling, 1.818 escudos per dollar, draft,
buying, 1.60; selling, 1.81; paper money, buying, 1.52; selling, 1.54.
The
gold quotation is based on the gold pound sterling at $4.8665.
Practically all gold and silver money, including Portuguese, has dis¬
American paper money was at a
fore the
war.
Now It is quoted considerably cheaper
draft, the difference on exchange basis representing about
appeared from circulation in Lisbon.
Formerly American currency was
bought and sold by banks and exchange shops in large quantities.
AMERICAN PROPERTY IN GERMANY UNDER TRUS¬
TEESHIP OF GERMAN GOVERNMENT.
According to Berlin press advices of Dec. 20 (via London),
of Americans in Germany has 4)een placed un¬
There is
be no intention, however, to confiscate property or
the property
der the
said to
to
trusteeship of the German Government.
infringe
on
the personal rights of the property holders.
on
circulation, which in four months has increased $800,000,000.
was
week.
the
„
BRITISH BILLS.
Another lot of $15,000,000 of ninety-day
'
patches from France
his attitude would
fender has been the big investor,
part of the amount subscribed in ex¬
Newspaper advices from Washington Dec. 27 report dis¬
improve in the face of a direct prohibition of Canadian
"
any
war
-
cious of such bonds and it could not be expected that
some
(pages 1935 and 1936) was
What would be
plainly enough that they have lacked the popularity there that they have
attained in Canada.
The American Investor has been more or less suspi¬
In
17
County Judge Winchester had ruled definitely
Dominion
that
or
$150,000,000.
taxes.
intricacies to a situation of the sort.
loan, particulars of which were given
Nov.
on
$150,000,000, but the Minister of Finance reserved the right
damage
years.
buying of Anglo-French bonds and United Kingdom notes?
low prices at
♦Dominion Government Census, 1911.
the American investor if Canada came out with a prohibi¬
on
-
requirements
should not be invested by Canadians to what they consider the best ad¬
ITALY'S
FINANCIAL
STATEMENT
FOR
t
YEAR.
deposits in Italy increased 1,500,000,000 lire
during the year, according to Francisco S. Nitti, the Italian
Minister of the Treasury, in his annual statement to the
Savings
Chamber of Deputies at Rome on
December 19.
In sub¬
mitting the statement he said:
"All the
property we possess,
secrated _to the war.
individually and nationally, must be con¬
The people must be convinced of this solemn fact
2496
CHRONICLE
THE
They must also economize, must get along with the least possible, must
subscribe
the
to
loans,
war
and must
understand
whoever
that
SMALL
refuses
credit to the Government will, among other things, automatically increase
the amount of paper money, increase the cost of living, and decrease the
value of Italy's money abroad.
"The great faith that Italy's people have In her future is shown by the fact
that the savings deposits have increased 1,500,000,000 lire during the last
It is true that during
(October
there
was
panic, but it was largely limited to
the bank depositors in the districts near the invaded territories.
"We
enduring trying hours, and others
are now
are
Attache Veditz, at Paris, we learn through the United States
Government's daily publication—the "Official Bulletin,"—
says:
In many
French cities small metallic currency has become scarce, par¬
ticularly 1 and 2
pieces; and it is not unlikely that nickel coins
sou copper
of value of 1, 2, and 5 sous will soon be put
coming, but they will
be met with the spirit of sacrifice."
The presg
COIN SHORTAGE IN FRANCE.
Concerning the small coin shortage in France, Commercial
and that there is.aIso plenty of capital available for private industry.
year,
[Vol. 105.
into circulation by the mint.
In many French towns the local chambers of commerce have been author¬
ized to issue paper money in denominations of 2 francs, 1 franc, 50 centimes,
dispatches also credit the following to Minister
and
The estimates for 1917-1918 show
an
increase of eight and a third billion
lire above the normal Government expenses of 3,000,000,000 lire, with an
of 25 and 10 centimes.
even
The
Nitti:
shortage of the divisional metallic
currency
is said to
be largely
attributable to hoarding, for the quantities issued by the mint since the
outbreak of the
war
have been
unusually large.
.
income of 4,750,000,000 lire.
The Minister said that Italy had spent from November 1916 to October
1917 15,750,000,000 lire, of which the sum of 8,500,000,000 lire
REPORTED MOVEMENT TOWARD BIMETALLISM
ob¬
was
DENIED—POLICY REGARDING SILVER.
tained by various loans and 6,250,000,000 by extraordinary means.
Although the nation's income has been reduced through the lack of the
formerly spent by tourists, the reduction of remittances from the
money
savings of emigrants and in receipts from exports, while there has been
constant drain upon
and
the Treasury for
elsewhere, the country's metallic
period of Italy's neutrality.
an
The
war
a
purchases in the United States
larger
reserve is
reserve now
now
than during the
stands at 1,740,000,000 lire,
increase of 85,000,000.
Signor Nitti pointed out that .the favorable exchange situation enjoyed by
neutral countries, such as Holland and Sweden, did not indicate
economic situation for them, but was due to the
tion and the
enormous
infthe
increase
a
R. T. Baker, Director of the U. S. Mint, has taken occa¬
sion to issue a statement bearing upon the Government
negotiations with regard to silver, in which he denies reports
that
precariousTpolitical situa¬
the 15th
on
favorable
cost.of living.^
unlimited
an
coinage of silver and
bimetallism issue is
proposed.
revival of the
a
His statement, given out
inst., follows:
Reports recently have been circulated that negotiations of the Govern¬
ment in relation to silver are
designed to revive
discussion of the issues
a
involving bimetallism and the free and unlimited coinage of silver.
I desire to state emphatically that the sole purpose of the Government
is to insure
IMPORTERS OF GOODS FROM ITALY ASKED
IN
TO PAY
production
DOLLARS INSTEAD OF LIRE.
product,
With regard to a request to
to make their
importers of goods from Italy
payments hereafter in dollars instead of lire,
the New York "Times" of Dec. 23 said:
of the Government control of
This
measure
out
grows
exchange in Italy, the chief purpose apparently
being to increase the amount of dollar exchange in Italy.
With the dollar
an exceptionally high
premium over there, an increase of supply would
to
reduce the premium and also reduce the discount
change in
New
York and
other
markets.
In
practice
on
Italian
ex¬
Italian exporters
price which will be fair to the
a
market,
as
which
a
by¬
during
has been subject to fluctuations, and which will render
stable.
more
The negotiations afford
should
and
on
more
a
be regarded
opening for
no
purely
an
as
a
effort to
satisfactory and scientific basis.
An Associated Press
26 stated
silver,
silver
American
adequate supply and to place American silver production and
manufacture
that
in
agreed
stimulate the
gold and other metals yielding silver
stabilize the
of economic issues
an
dispatch from Washington
with
Western
producers,
and would be announced
upon,
Dec.
on
price to be paid by the Government for
a
agreement
at
tend
and
will
foreign exchanges
revival
day that hereafter importers of goods from Italy would be requested to
make their payments in dollars instead of lire.
of silver
which
the last two years
secure
Clients of the local agency of the Credito Italiano were informed
yester¬
adequate supply of silver at
an
small producer as well as to the large producer, which will
had
been
It is said to be
soon.
satisfactory to the producers, and will be about SI
an ounce.
to the United States have all
along sought to obtain payment in dollars,
and it is said that most of the transactions for many months have been
financed
in
effect ten
dollars.
The
Italian
authorities
under
regulations put
into
PAYMENT
OF
ENEMY
days ago are working to make the practice general.
DRAFTS
CERTAIN
AUTHORIZED
IN
CASES.
Supplementing its ruling of Dec. 14 (amended Dec. 16)
SEIZURE OF PRIVATE BANKS IN PETROGRAD.
respecting the payment of acceptances drawn
The seizure of all private banks in Petrograd,
including
the branch of the National
City Bank, was announced in
Trade
dispatches from that point yesterday, which stated that the
regulations designed to prevent
banks
being
had
been
surrounded
by soldiers acting under the
orders of Finance Commissioner
Menshinsky.
of the National
City's Branch, R. R. Stevens,
and detained
short time.
The Manager
a
Many bank directors
the bank
were
The
arrested.
was
dispatch also
Several
vaults, but Mr. Stevens refused.
J.
arrested
B.
keys to
Wright, Counsellor of
the United States
Embassy, called upon Mr. Stevens.
The bank
was
granted
a
business in Russia, with particular reference to the
financing
of railroad construction.
It was the first license granted in
Russia to
zure
a
of the
foreign bank since 1879.
In explaining the sei¬
banks, M. Menshinsky said:
"We let it be known long ago that
private banks should send reports
weekly to the State Bank.
This was done, but the
It
was
see
then decided to
occupy
that
they resumed business.
Obolensky, of the State Bank,
reports were incorrect.
the banks, revise their activity, and then
The keys are in the hands of Commissioner
as are
the books and documents which have
been seized."
dispatches state:
It Is reported that a special committee will
investigate the closed banks,
a week in the process, and that the institut'ons will not be
per¬
resume
business in the meantime.
financial shortage,
The city is facing a serious
especially in currency of small denominations,
days.
which
has been unavailable for several
The "Wall
Street Journal" of
yesterday in stating that
dealings in ruble exchange here being continued said:
Dealings in ruble exchange on the usual restricted scale continued even
after the publication of the
dispatch concerning the seizure of the Petro¬
grad banks by the Bolsheviki authorities, and it is
probable that they will
not be suspended
uptil the news is confirmed.
The market for rubles has been inactive for
many months, even to the
extent of being almost
nominal, and it is understood that the Petrograd
balances of local institutions have been drawn
down to small proportions.
Among the principal dealers in Russian exchange are the National
City
Bank, the Guaranty Trust Co., the Equitable Trust
Co., the American
Express Co., and the Irving National Bank.
On the announcement of the seizure of the
Dec.
or
an
21,
on
funds to
enemy,
ally of the
the War
preliminary to the issuance of
endorsements from
enemy
negotiable instruments
on
payable
in
the
by enemies
enemies, but that when such drafts
collected for enemies,
held
or
or
checks
are
allies of enemies the funds shall be
subject to disposition by the alien property custodians.
conditions the Board will permit without
same
license the payment of an acceptance the drawer of which
was
not
the enemy
on
tance of the draft.
inst.
made
was
trading list at the time of the
follows:
as
accep¬
The Board announcement of the 21st
•
As regulations are about to be issued aimed to prevent
enemy indorse¬
ments
from
being
placed
upon
negotiable
United States, and in order to avoid the
War Trade Board has
ment of
sight
or
or
instruments
enormous
lishing the character of all indorsements
on
or are
in
the
or
negotiable instruments, the
checks, where the
enemy character of such
checks arises entirely out of the indorsement of such drafts
acting for
such drafts
"enemy"
payable
labor entailed in estab¬
authorized, without procuring a license, the pay¬
time drafts
checks by one or more persons who are "enemies"
spending
mitted to
enemy
on
placed
allies of
drafts
The Associated Press
Board
Under the
license last January to conduct
an
United States, announced that it would not require licenses
for the payment of drafts or checks indorsed
or
says:
surrendered the
the credit of
or
or
checks
or
or
"allies of enemies"
behalf of such persons: Provided, however. That when
or on
collected for
are
"ally of enemy"
proceeds of collection shall at
or
or on
is acting
behalf.of
any person who is an
behalf of such person, the
on
be reported by the person making such
once
collection to, and be held subject to the disposition of, the Alien
Property
Custodian.
The
War
benefiting
Trade
any
Board
"enemy"
points
or
out
that the foregoing ruling, without
"ally-of-enemy"
necessity of examining drafts and checks
ments before
paying
or
transferring the
no
authorize the payment of an acceptance, J;he
withstanding the
discover
will
obviate
the
"enemy" indorse¬
same.
The War Trade Board also announces that
the enemy trading
interests,
to
licenses will be required to
drawer of which
was not on
list at the time of the acceptance of such draft, not¬
name
of the drawer is subsequently placed
on
said enemy
trading list; Provided, however, That when such drafts or checks are col¬
lected for or on behalf of any person who is an "enemy" or "ally of enemy'!
or is acting on behalf of such
person, the proceeds of collection shall at once
be reported by the person making such collection to, and be hald
subject to
the disposition of the Alien Property Custodian.
Petrograd banks the rate for
cable transfers broke from
13^ to 13.05 offered.
On the
17th inst.
A.
B.
Leach issued the
following
PAYMENTS
from the
A.
B.
regarding the report that gpld has been taken
State Bank by the Bolsheviki:
Leach &
Co., Inc., have received
correspondents saying that there Is
received
State
some
cable from their Petrograd
truth in the statement which has
publicity, that all the gold has been taken
Bank by the Bolsheviki.
London
no
a
away
from the
The firm also has been informed
correspondent that the coupon on the 4%
Russian
by its
"rentes"
of
1894 h&ve been paid.
ON
THIRD
INSTALMENT
an-
LIBERTY LOAN IN
noucement
Announcement
New York
on
was
N.
made
Y.
OF
SECOND
RESERVE DISTRICT.
by the Federal Reserve Bank of
Dec. 21, that with 17 small up-State institu¬
tions still to be heard from,
the instalment payments for
the account of the Second Liberty Loan, paid in on Dec.
15,
amounted
to
$129,165,969,
of
which
$109,832,925
represented payments by "advice of credit" and $19,333,044
If!
\
'
.
j
Payments from bonds
by cash:
in full totaled $69,674,600,
ditions under which
the final instalment
OF TREASURY
BANK URGES PURCHASE
Federal
The
CERTIFICATES BY
CORPORATIONS.
circular
Bank of New York in a
Reserve
service corpora¬
tions can render the Government by purchasing Treasury
certificates in order to discount tax payments.
We give the
letter issued on Dec. 26
.
FEDERAL RESERVE
BANK OF NEW
bring to your attention
issue of United
current
26 1917.
corporation
Certificates of Indetedness
and that of-your
States Treasury
provide a means for the payment
advance of the day, June 1,5, on
relieve the financial situation
of the tremendous strain which would result should the payment of the
taxes be crowded within a short period of time.
You can render the nation
a valuable service by purchasing these certificates in order to discount your
tax payments, and you may also enjoy such individual benefits as invest¬
It is the object of
of taxes to the
these certificates to
Federal Government in
due, and thereby to
be cashed without
the country by Secre¬
tary of the Treasury McAdoo on the 19th inst.
His request
grew out of information coming to him to the effect that a
few banks and trust companies had been collecting money
for the service.
Mr. McAdoo pointed out that the coupons
are payable at any Federal Reserve bank or Sub-Treasury
as well as at the Treasury Department at Washington, and
that any national bank which is a general depositary of
Government funds is required to cash the coupons without
which have been sent to the banks in
will acquaint you in detail with the
the purposes, advantages and terms of the new securities.
We desire to
suggest that you give this matter careful consideration and to advise you
that the certificates may be obtained through your own bank.
The enclosed letter
and circular
Federal Reserve District
the Second
Very truly yours,
R. H.
TREMAN, Deputy Governor.
TREASURY CERTIFI¬
INDEBTEDNESS—BANKERS URGE
STEEL'S PURCHASE OF
S.
U.
CATES OF
THEREIN.
PUBLIC INVESTMENT
purchase by the United States Steel Corporation of
$250,000,000 of United States certificates of indebt¬
The
about
edness issued by
the Treasury Department
in anticipation
H. Gary, Chairman of
the Board of the Corporation, on Dec. 21.
The Govern¬
ment recently disposed of an issue of $690,000,000 of the
4% certificates and a second offering, to be dated Jan. 2
and to mature June 25, has just been announced by Secre¬
tary of the Treasury McAdoo.
They are receivable by
Internal Revenue Collectors in payment of income and
excess profits taxes which become due June 15.
In a state¬
ment concerning the Steel Corporation's purchase Judge
of taxes was
made known by Elbert
Gary said:
-
believes in these Government certificates.
We have purchased about 8250,000,000 of them and are holding them for
next June.
That shows how we feel.
"Big taxpayaers will be doing their country and the business community
a great service in respondihg generously to the Secretary's offering.
It is
highly necessary that the payment of the huge war taxes be distributed
over a sufficient period of time if we are to kvoid strain and confusion at a
"The
corporation thoroughly
time when it
is most necessary
should be working
"As for the
that our economic
was
He is quoted as saying:
charge.
rendered by banks and trust companies
I am confident that no bank or
trust company, which is a depositary of the proceeds of Liberty bonds or
Treasury certificates of indebtedness, will make a charge for collecting the
coupons and paying the cash to the holder, and it is my earnest hope that
even those banks and trust companies which have not become such de¬
positaries will perform this service without charge as a patriotic duty.
Though I realize tliat the service
in cashing coupons
is a substantial one,
DISSIPATES REPORTS THAT
PAID BROKER¬
AGE CHARGES ON LIBERTY BONDS.
The New York Federal Reserve Bank took occasion on
Dec. 20 to issue a statement bearing on a report that United
States soldiers in France had been obliged to pay brokerage
and other charges on Liberty bonds, in which it announces
N.
RESERVE BANK
Y.
S.
U.
that upon
to
be
no
SOLDIERS IN FRANCE
inquiry into the matter
basis for such reports.
it finds that there appears
The Bank's statement is
printed herewith:
Dec. 20
than point to
proof of my
of the Steel Corporation's investment in them as
recommendation.
They have the security of the United States
1917.
Federal Reserve Bank of New York
has been called to a statement in the New York "Evening Post" of Dec. 3
1917, purporting to be an extract from a letter of a soldier with the Ameri¬
can forces in Franc© to the effect that the soldiers found they were being
charged on their Liberty Loan subscriptions $1 75 per bond brokerage fee,
$1 on the first coupon and 88 cents for the interest on 850, whereby each
850 bond was to cost them $53 63.
Inquiries have been made at the American headquarters and with the
principal American banks having offices In Paris.
From the replies re¬
ceived there appears to be no basis whatever for the statement as published
The attention of
In the New
other
fee
tLe officers of the
York "Evening
So far as the
Post."
officers of this
charged
bank are aware, there was no
brokerage or
with any Liberty Loan subscriptidns,
civilians, either In this country or overseas.
In, connection
whether made by soldiers or
ELMER
I need hardly do more
the example
that Liberty bond coupons
made to all the banks of
and financial machinery
smoothly.
securities themselves,
LOAN COU¬
PONS FREE.
certificates provides.
ment in the
REQUESTED TO CASH LIBERTY
BANKS
charge
maturing June 25 1918?
which such taxes become
,
The request
,,
YORK.
New York, Dec.
the
prevent
business is well typified by the
calls attention to the
letter herewith:
Dear Sir—May we
present have called for
the Government's aim to
offering.
"In a few works, the offering of certificates means this: No tremendous
congestion of funds can come about if the corporations and other large tax¬
payers have the means of anticipating their payments.
This is provided
by the certificates of indebtedness which are being issued from time to
time.
A further special attraction of these certificates for this purpose is
the fact that corporations and business men generally have the right to
include the certificates under the heading, "Invested Capital" for the
purpose of computing the deduction and rate of taxation under the Excess
Profits Tax law.
When it is remembered that the certificates bear 4%
interest, it will be seen that this privilege enhances their value to the pur¬
chaser considerably.
It is just as important, therefore, for business men
to take the certificates on a basis of sound business judgment as for purely
patriotic motives."
■
i
undue discomforts to
the loan falls due.
on
FEDERAL RESERVE
Y.
N.
of 40%
business is being carried on at
unusual financial arrangements, and
most
paid in on the
40% instalment, due Dec. 15.
Accrued interest amounted
to $229,181.
There is still due $60,461,402 on the $1,151,000,000 of Second Liberty Loan bonds allotted in the New
York District and this sum will be paid in on Jan. 15 when
$59,262,188 represented the amount
while
2497
THE CHRONICLE
1917.]
Dec. 29
DWIGGINS SENTENCED
TENTIARY FOR LIBERTY
LOAN
TO TERM IN
PENI¬
IRREGULARITIES.
York representative of the
Iowa, who was
arrested by Federal agents in Montgomery, Ala., on Nov. 15
because of his
Liberty Loan bond irregularities, was ar¬
Alvin W. Krech, President of the Equitable Trust Co. of
raigned in the Criminal Branch of the U. S. District Court
New York, in urging on the 21st the purchase of Treasury
in this city yesterday, and, after pleading guilty to two
certificates on patriotic and business grounds, said:
indictments charging him with using the mails to defraud
"Since the outbreak of the conflict between the United States and the
Government of Germany, American bankers and business men have re¬
Liberty Loan bond investors, was sentenced to serve three
adjusted and modified their finahcial procedure so as to accord with the
years in the Atlanta, Ga., Penitentiary.
The United States
needs of the nation.
To maintain the stability of American industries
Attorney's office asked for the imposition of a severe penalty,
and keep the economic structure at its best, they have made use of several
because Dwiggin's crime, it claimed, bordered on treason,
expedients, one of these being the.United States certificate of indebtedness,
issued in advance of Liberty Loan campaigns with the idea of easing the
for the reason that he had swindled 7,000 poor people who
pressure upon the money market at the time of payment of such bonds.
had (as noted in these columns on Nov. 24) subscribed
Now the Treasury Department is offering certificates of indebtedness in
anticipation of the Federal tax collections on June 16 1918, the purpose
through him for the bonds on a partial payment plan, and
more being to prevent any strain upon the national resources on
that the frauds tended to interfere with the successful pro¬
that date.
"
•
secution of the war.
Judge Hand, in sentencing Dwiggins,
"The individual or company that buys such a certificate at this time not
only will help to prevent money stringency next June, but also will have
said he had taken into consideration the fact that he had
advanced to the Government a part of the sum owed for taxes, receiving
interest at 4% up to the time that the taxes will be due.
The certificate become penitent, but stated that it was necessary to warn
others handling Liberty Loan bonds that they must be
is
measure that should be backed by business men for their own good
and for the benefit of the country.
It affords a chance for team play and strictly honest.
Dwiggins' irregularities are said to have
co-operation in the war against Germany.
It helps to keep the financial
amounted to far over $100,000.
machinery of the nation running smoothly until the enemy is defeated.
On patriotic as well as on business grounds, it is to be commended."
Walter E. Frew, President of the Corn Exchange Bank of
SALES OF WAR SAVINGS STAMPS IN NEW YORK
this city in recommending the purchase of certificates by
CITY HEAVY.
corporations and business men generally said:
The people of New York continue to respond in a generous
"In view of the present remarkable financial situation, the decision of the
manner to the
Government's appeal for money needed to
Secretary of the Treasury to make a second offering of certificates of indebt¬
carry on the war, they having invested over $725,000 in
edness for the purpose of avoiding a financial strain when tax payments are
behind
and they allow the investor certain tax
exemption privileges.
He may, therefore, through his investment in them,
do both himself and his country a favor."
* •
them,
they
bear 4% interest,
Elmer
Dwiggins, formerly New
Bankers Life Insurance
Co. of Des Moines,
war
once
.
a war
due next
June, deserves
tioan and
the careful
business man of the
consideration of every imoprtant corporWe all realize that the unusual con¬
country.
War
Savings and
Thrift stamps during the
week ending *
2498
THE
CHRONICLE
Dec. 26, according to an announcement made on
that day
by Frederic W. Allen, director of the War Savings campaign
in New York City.
The total amount of stamps sold in this
city
Dec. 26 amounted
up to
issued by Mr. Allen
week
Dec.
to
$1,549,143 2JJ.
The figures
Dec. 26, showing the sales during the
on
19-26, follow:
Banks of Greater New York distributed
Bank
by Federal Reserve
-
$570,024 17
New York City Post Office
131,722 00
Brooklyn Post Office
Island Post Office
Staten
16,110 00
——r
'
2,000 00
*
Long Island City Post Office
DIVIDEND
OF
BY
FEDERAL
NEW
RESERVE
YORK.
The Federal Reserve Bank of New York
announced on
Dec. 27 that the directors had declared a dividend
at the
rate of 6% per annum to cover the
period from Jan. 1 1916
to Dec. 31 1917, inclusive.
The amount disbursed will be
approximately $1,460,000.
Dec. 31
Nov.
2
Prior dividends
1916 and June 30
31
1914
to
were
paid on
covering the periods from
1917,
March 31
1915 and from
A$H1 1 1915
to
1915, respectively.
2,800 00
Flushing Post Office..
DECLARATION
BANK
Dec.
1,125 33
Jamaica Post Office
[Vol. 105.
2,000 00
TEXT
Total
$725,781 50
Grand total to date..
$1,540,143 23
....
OF
BILL
CHASE OF
AUTHORIZING
GOVERNMENT
PUR¬
$100,000,000 OF FARM LOAN BONDS.
We referred last week to the bill
passed
by the Senate on
authorizing the Secretary of the Treasury to purchase
$100,000,000 of Farm Loan bonds during the next fiscal
Dec. 18
The Treasury Department at
Washington on Dec. 23
called attention to the fact that Thrift
stamps are not re¬
deemable in cash for the reason that these
stamps are
intended
as
convenient method for
a
the
small
to
savers
accumulate enough to purchase War
Savings stamps, which
bear interest and are redeemable in cash.
In addition, to
provide for redemption for these Thrift stamps would in¬
volve such
expense
amount of
an
accounting and labor and
impair the practicability of their use.
In
to
as
fact, they would be
ment
detailed
more
trouble and expense to the Govern¬
possibly than they
give the text of the bill in the form in which
we
passed the Senate; the action of the House
delayed until Jan. 3.
the
measure
Federal Farm Loan Act,
July seventeenth, nineteen hundred and sixteen.
by the Senate and House of Representatives
approved
a
Amending section thirty-two of
Be
it
on
bill,
the
enacted,
of the
United
of America in Congress assembled, That the Federal Farm Loan
Act,
July seventeenth, nineteen hundred and sixteen, is
hereby
amended by adding at the end of section
thirty-two the following:
"The Secretary of the
Treasury is further authorized, in his discretion,
Slates
approved
upon
worth.
are
Below
year.
it
is
simply
the request of the Federal
Farm
Loan
Board, from time
to
time
during the fiscal
year ending June thirtieth, nineteen hundred and
eighteen,
purchase at par and accrued interest, with any funds in the
Treasury
not otherwise
appropriated, from any Federal land bank, farm loan bonds
issued by such bank.
to
ALL
BANKS AND
TRUST COMPANIES AGENTS FOR
WAR
"Such purchases shall not exceed the
SAVINGS STAMPS.
Attention to the fact that all
land bank
incorporated banks and
trust
companies of the United States have been appointed
agents
War-Savings stamps, is called in the following
notice issued by the Post Office
Department.
for the sale of
OFFICE
OF
FIRST
ASSISTANT
POSTMASTER
GENERAL.
Washington, Dec. 20 1917.
The
Treasury
Department
(National
War-Savings
advised this department that many
postmasters
are
tions of
Committee)
incorporated banks for agencies for the sale of
War-Savings and
Thrift stamps.
All incorporated banks and trust companies of the
country
without request on their
part were appointed agents by the
Secretary of
the Treasury for the sale of
War-Savings stamps.
It is, therefore, un¬
necessary for postmasters to transmit applications from
incorporated
banks or trust companies—the
only action necessary being for such banks
and trust companies to transmit their
acceptances of appointments to the
Secretary of the Treasury.
A. B. A. EMPLOYEES FORM WAR
SAVINGS SOCIETY.
The
American
Bankers
Association
Employees'
War
Savings Society of New York City has been formed
by the
office force of the Association at 5 Nassau
Street, in accord¬
ance with the
Treasury Department's
plan for the organiza¬
tion of such societies
throughout the country.
Those who
signed the membership application pledged themselves:
(1)
To systematic saving.
1
•
(2) To help save American lives by refraining from the
purchase of
necessary things, so setting free for the use of the
Government
the labor
and material it must have.
(3)
To
use
unnecessary
(4)
To
their
best
.
endeavors
to
encourage
savings and discourage
buying in their communities.
secure
(5) To invest
suitable amount of
savings in United States War-Savings
Stamps and Thrift Stamps, and to influence others
to do the same.
It is
intended, we are informed, that the A. B. A. unit,
through the introduction of educational features in connec¬
tion
with
societies
22
of
t
the
its
meetings,
shall
become
one
of
the
model
kind.
At the organization
meeting Dec.
adopted and the following officers were
President, George E. Allen, Educational Director
by.-laws
elected:
of
the
were
American
Institute
of
Banking; Vice-President,
Secretary, Leroy A.'Mershon, Secre¬
tary of the Trust Company Section; Assistant
Secretary,
Miss Anna P. Besant;
Treasurer, Otis Scott.
Alexander Del Mar;
$100,000,000.
purchased from it and
so
so
ment one
year after the termination of the
pending war, shall upon thirty
days' notice from the Secretary of the
Treasury be redeemed or repurchased
by such bank at par and accrued interest.
"Until
all
bonds
so
purchased by the Secretary of the Treasury havh
,
been
so
redeemed
or
repurchased no loans in addition to those now approved
shall be made by Federal land
banks, except under special rules prescribed
by the Federal Farm Loan Board, limiting further loans from
funds derived
from the Treasury to those made for the
sole purpose of increasing food
products.
r
,
.
'
i
"The temporary organization of
any Federal land bank
section four of said Federal
Farm Loan Act shall
PREMIUM
REDUCED
FROM
TO
lA0F 1%.
Announcement
Board
sales
on
of
that
bonds
was
made
day, with
to
meet
on
a
the
view to insuring large
enough
demands of the Farm Loan
the bond rate and the
loaning rate, which covers the ex¬
of the system should be increased to 1 %.
Accordingly
the loaning rate, as noted in these
columns on Dec. 15,
penses
.
as
RESOLUTION
CALLING FOR DETAILS CONCERNING
TRANSACTIONS UNDER FEDERAL FARM LOAN ACT.
A resolution
calling
the Secretary of the Treasury
Representatives a detailed report
upon
to furnish to the House of
organization and operation of the Federal Farm Loan
Bureau,, the Federal Farm
farm
18
loan
banks
was
Loan
Board
and
by Representative McFadden and referred
on
the
introduced in the House
Banking and Currency.
Federal
on
Dec.
to the Com¬
Among other things the
resolution calls for detailed and
specific information relating
to loans negotiated under the
Act, and to the flotation of
bonds.
The resolution reads as follows:
Resolved,
That
the
Secretary
of the
Treasury be,
and
he
is
hereby,
authorized and directed to furnish the House of
Representatives, at the
earliest practicable date, the
following information, viz.:
A
full and detailed report of the
organization and operation of the
Federal Farm Loan Bureau, the Federal Farm Loan
Board, and the Federal
farm loan banks,
respectively, covering the period from July seventeenth,
nineteen hundred and
sixteen,
farm loan Act, to the
present
the
the date of the approval of the so-called
time; said report shall show the
names
of
directors, officers, and employees and all other
persons employed or
bureau, board, and banks, the compensation paid to
each, and the nature of the duties performed by them.
Said report shall
connected with said
also contain
detailed
of such
and specific information
respecting each and every
agencies relating to loans negotiated under and by
bonds, and the amount
and what resources,
to meet and
as
or
amounts of
authorized by said Act,
are
of bonds, the
obligations incurred,
available with which
liquidate such obligations.
Dec. 19 that the Farm Loan
had reduced the premium from 1
y8% to 3^ of 1%.
It is stated that the 5% interest rate to
the borrower
origin¬
ally fixed by the Federal land banks was predicated on the
sale of 43^% bonds at a
premium.
With a reduction in
the premium, it was decided that
the difference between
advanced to 5y%.
long
repealed, and this Act shall take effect upon its
passage.
The right to
amend, alter, or repeal this Act is hereby
expressly reserved.
STATEMENT ANSWERING CHARGES THAT FEDERAL
FARM LAND BANKS ARE NOT SELF-
system,
was
so
such bank by national farm loan
associations shall equal the amount of
stock held in such bank
by the Government of the United States."
Sec. 2. That all Acts or
parts of Acts inconsistent with this Act are hereby
amounts of such
iy8%
provided in
farm loan bonds purchased from it under the
provisions of this amend¬
ment shall be held by the
Treasury, and until the subscriptions to stock in
any
transaction
LOAN
as
be continued
authority of said farm loan Act, and relating to the flotation
FARM
Any Federal
and accrued interest for
par
purchased by the Secretary of
the Treasury, and held in the
Treasury under the provisions of this amend¬
mittee
members for the society.
new
a
"The bonds of any Federal land bank
of the
un¬
at
resale any bonds
or
held in the Treasury.
has
transmitting applica¬
redemption
of
sum
at any time repurchase
may
the purpose of
.
SUPPORTING.
A statement
was
issued
on
Federal Farm Loan Board in
the 23rd inst. in behalf of the
to recent charges that
self-supporting, these charges
being based on the request of the Board for legislation call¬
ing for an appropriation of $100,000,000 with which the
Treasury Department might absorb any farm loan bonds
the Federal land banks
are
answer
not
sold privately.
The statement points out that ordi¬
narily such institutions are provided at the start with a
not
Dec. 29
To
surplus to absorb the expenses of the first year, but these
and
with $750,000 capital each
started six months ago
banks
and other expenses
of operation,
circumstances,
Nov.l, it is stated, they
called
'an impairment of capi¬
of $1,500,000, so that their actual
leaders
"is
the books of the banks,
and
vision of the Farm
loans
due
name
The
consisting of interest accrued
private agencies engaged in the farm
however,
There has always been,
ing for an opportunity to
is done, they now think they have found their
a
Ordinarily such institutions are
of the first year, but under the Act of Congress each one of these
banks was started six or eight months ago with $750,000 capital and no
expenses
&c.
They were obliged to organize their office
employ and pay appraisers to appraise the farms of the appli¬
for loans. They were also obliged to create a legal department, to
out money
For at least six months they were paying
continuously, with scarcely a dollar of receipts.
On Nov. 1 they had to pay
loans
they
shows what
"impairment," so-called, is 6%, but this does not actually impair the
it was when they
banks, particularly as they have received
subscriptions to additional stock in excess of
capital is about $1,000,000 greater than
Everybody knew that this would be so.
started.
should be remembered that they have assets which
On the other side, it
their books, made up principally of two items.
The first
is the large amount of interest accrued, but not yet due upon the
do not appear on
of these
The second is the charges for appraisement and
made.
loans they have
determination of title, payable by borrowers when their loans are
closed.
appraisements and examinations of title on loans to the
$100,000,000, of which only a little over $30,000,000 have
They have made
amount of over
been
closed
They are therefore entitled to reimbursement of
date.
to
examined and
approved, but not yet closed.
The business of these banks consists of
borrowing money at 4.M %. which they are under no obligation to repay for
20 years, and loaning this money out at 5% or 534 % on first mortgages
these charges on
the $70,000,000 of business which has been
limited tc 50% of the value
Such
a
profitable, but not until
a
reasonable volume
The necessary volume is in sight, and in process of
As a matter of fact, its volume is so great that
being closed.
the more active
several of
banks, if permitted to continue their present rate of growth,
will be able to begin
their stock inside of
the repayment of the Government subscriptions to
eighteen months.
insurance company,
which invests money to get profitable business on its
The cost of getting this business has to be
paid before the resulting
To judge of the profitableness of their business
by operations to date is like asking a farmer who took possession of a farm
in October to give a statement of receipts and expenditures in May.
Naturally, his statement would show all outgo and no income.
It will be
remembered that similar criticisms were directed at the Federal Reserve
profits begin to come in.
banks toward the close
We are advised that
the system
of their first year.
Constitutionality
of this suit will be to alarm investors
Loan Act. The purpose
bought bonds, and to dissaude other from buying them.
who have already
There is not the
of the Act has
their
to
of banking houses who were not willing to recommend
tion is of such paramount
importance to the agricultural development of
It is only proper,
and
the sinister purpose that is be¬
warning should be given, in order that the farmers
all the friends of the system
should grasp
these attacks.
These bonds possess many
all
of 4M%. and they are entirely free of
exception of inheritance tax. They are
They are regarded as one of the most attractive
of taxation with the
forms
tax.
free from income
investments ever offered in
In
attractive features as an investment for far¬
They bear an interest rate
mers.
view
this country.
'
of these bonds they bear a
of the attractive character
small
premium, selling at 101(since changed to 100HJ.
This means that a
$1,000 bond would cost $1,011.25.
These bonds run for 20 years, but the
Federal Farm Loan Board reserves the right to redeem them at the end o
five years.
They are issued in denominations of
$1,000.
$25, $50, $100, $500 and
,
the agricultural
that many farmers
will find themselves in position to invest some of their profits in farmloan bonds.
Applications may be made,to the Bond Division, Federal
Farm Loan Bureau, Washington, D. O., or any of the Federal land banks.
The Federal Farm Loan Bureau has issued a special bulletin describing
these bonds in detail, and this bulletin will gladly be sent to any person
prosperity which has come to many of
In view of the
who
indicates
United States this year it is probable
an
Investors of the
interest in this investment.
their stamp of ap¬
purchasing $21,500,000 worth of them up
United States have already placed
proval on farm loan bonds by
1
1.
the rate of between two
and three million dollars per week hereafter to supply & steady stream of
money to be loaned to farmers.
Many a retired farmer would have a
better income if he would sell his farm to an actual working farmer and
It is
expected that these bonds will be issued at
invest the money in
farm-loan bonds.
SOUTH DAKOTA ISSUES RURAL
On
the Federal Farm Loan
Act which the Federal Farm Loan
annual report to
enable private farm mortgage bankers to enter the Govern¬
ment system as joint stock land banks.
These recommen¬
Board will recommend in its forthcoming
propose:
the present restriction permitting a
business only In
joint land bank to do
the State where it is situated and one contiguous State.
Nov.
26
the
Rural
State
CREDIT BONDS.
Credit Board awarded
$500,000 5%%. coupon rural credit bonds to the Continen¬
tal & Commercial Trust & Savings Bank, of Chicago, at
par.
Dec.
ACT TO
ADMIT PRIVATE FARM MORTGAGE BANKS.
Announcement was made on Dec. 23 of amendments to
To remove
amount equal to
capital stock of the banks.
in
Denomination, $1,000. Date Deo. 1 1917. Interest
December. Due Dec. 1 1937, subject to call
1 1922.
The total amount of such bonds put out to
January and
AMENDMENTS TO FEDERAL FARM LOAN
dations
capital stock of
increases,
5% of all of the loans made is invested back
These assets include all of the
which grows constantly as the volume of loans
opinion from eminent
The system is so strong, and its administra¬
that attacks upon it are bound to fail.
however that this
hind
because an
pledged to secure all of the bonds issued by any one
land banks:
the banks,
all
Court Justice Hughes, who examined
clients without disinterested
counsel of their own selection.
the country,
The constitutionality
slightest reason to fear it, however.
it critically for a group
bonds
Federal land banks are
of the Federal
of land held
all of the 12
already been passed upon by the Attorney-General of the
United States, and by former Supreme
the
provements, every dollar of these bonds represents $2 worth
as security, and in addition to this land security the assets of
to Nov.
the next move of those who are seeking to break
down will be to institute a suit contesting the
of the Farm
of the
provide a standard, attractive security for
Federal land banks was small in
loans which these banks are called upon
to make.
Some way had to be provided to furnish this system with a great
volume of money to make these loans to farmers.
The method provided
by Congress for raising this money was through the issuance of farm loan
bonds secured by the mortgages taken in by the Federal land banks in
exchange for money loaned to farmers.
,
When a Federal land bank lends $50,000 or more it takes in exchange from
the farmers an equal amount of first mortgages.
Inasmuch as the loans
made in exchange for these mortgages were limited to 50 % of the appraised
value of the land plus 20% appraised value of the permanent insured im¬
sections of the
banks is similar to that of a life Insurance or fire
The business of the
books.
of the land mortgaged.
business is inherently
of it is on the books.
providing loans to farmers an important function
Farm Loan Act is to
original Capital provided for the 12
The
receive the first payments on the
Under these conditions each bank necessarily
is technically called "an impairment of capital."
The average
$1,500,000, so that their actual
We give the statement
investors.
have made.
from farm loan associations
farmers."
comparison with the volume of
six months' interest on the bonds they had
strength or the solvency of the
week hereafter "to supply a steady stream of
a
In addition to
Federal
They are now just beginning to
<«-i-sold.
loan
below:
force, and to
examine the titles of applican ts.
OPPORTUNITY
ON
setting out that "investors of the United States
to be loaned to
money
ing furniture, stationery,
cants
BOARD
by
$3,000,000
They were obliged to pay out their organization expenses, includ¬
surplus.
-
purchasing $21,500,000 worth of them up to
Nov. 1."
It is also stated that it is expected that these
bonds will be issued at the rate of between $2,000,000 and
surplus to absorb the
a
■
already placed their stamp of approval on farm
bonds
Their first step has been to
land
provided with
LOAN
FARM
statement
have
.
.
'
pointing out the opportunity for farmers to invest in
Loan Board has issued
In
for a report of the condition of the twelve Federal
instigate a call
•'
Federal Farm Loan bonds the Farm
Knowing perfectly the conditions
attack it.
with the
FOR INVESTMENT IN FARM LOAN BONDS.
small minority of farm loan men and
attack the system.
coveted opportunity to
banks.
a
raised to 63^%. They also
Federal land banks' new
were
lA%.
FEDERAL
bitterly opposed to it, and these interests have been wait¬
under which the business
:
loan "business have appreciated its
have also appreciated the advantages of the new loan sys¬
country bankers
loans
majority of the
rural communities and are heartily in favor of it.
tem to the
on
the selling price of their bonds, even
maximum
the
though
A very large majority of country bankers tnrough-
joint stock land banks.
out the States
compelled to limit interest rates
would have to compete
which will justify their becoming members of the system as
the Act
be
within 1% more than
ask Congress for some minor amendments
advantages, and are about to
to
still
would
rate of 5
a
Board, owing
confusing the private institutions with the Govern¬
ment's twelve Federal land banks.
Joint stock land banks
of the Board herewith:
of the Farm Loan Act
be allowed to use the
Land
"National Land Bank" instead of "Joint Stock
to fear of
We print the statement made on behalf
From the time of the passage
Loan Board if the modifications were
Bank" has not been received favorably by the
on
closed.
are
large proportion of the members
under super¬
a
It is said that their plea to
made.
loans, and charges for appraisements
examinations of titles payable by borrowers when their
but not yet
predicted that
would seek Government charters and operate
attention to assets which do not appear
statement also calls
on
pointed out that all these amendments have been
It is
capital
than when they started.
is about $1,000,000 greater
.
the maximum interest rate which joint stock
sought by the Farm Mortgage Bankers' Association, whose
solvency of the banks, particularly as they have received
from
farm loan associations subscriptions to additional
excess
times, as
law.
existing
To raise from 6 to 6%
6%, but this does not actually impair the strength or the
stock in
capi¬
bank to issue bonds to the amount of twenty times its
a
land banks may charge on loans to farmers.
Under these
impairment, it is further said,
so-called
This
under
the statement, "each bank necessarily
says
shows what is techinically
tal.'"
on
six months' interest at bonds sold.
had to pay
permit
stock, which must be $250,000 or more, instead of fifteen
tal
Besides being obliged to pay organization
surplus.
no
2499
CHRONICLE
THE
1917.]
date is
$1,000,000.
These bonds,
which
are
savings deposits, are issued
accepted as security for postal
under an Act passed by the 1917
Legislature (Chapter 333), establishing and maintaining by
the State a system of rural credits, creating the South Dakota
Rural Credit Board for
the management thereof, and au¬
its warrants and
faith and credit of the State of
Sections 5 and 14 of this Act, regulating
thorizing the State to borrow money on
bonds, secured by the "good
South Dakota."
2500
the
THE
issuance of such warrants
CHRONICLE
bonds, in part reads
or
it
as
follows:
It shall be the duty of said Board to establish not later than
July 1 1917, and maintain at the seat of Government of this State,
rural
credits
*
*
*
and
to
receive
for
applications
Food
a system
farm
of South
provided,
Dakota, to be used in lending money
to receive from the Treasurer of the
real estate
on
of
State
herein
as
shall be taken for
bonds payable by the
a
warded to Chairman Reed.
majority
provided, that
pre-existent debt; to issue warrants
record until Mr.
at not less than their
par
time shall
exceed the total amount of cash
never
and exclusive of the
statement
Before issuing such warrants or bonds it shall be the duty of
the Board to furnish the Governor
a
jection.
financial statement showing the con¬
dition of the business of the Board and such other further information
objection
an
of
permitting it to be read into the official
or
Hoover himself
in the hands of the
fund provided
reserve
sustained
called to the witness
was
discourteously by the Committee, and placed the matter
hand and in banks
by and in the possession of said Board computed
at the face of said mortgages
for this Act.
on
Investigating Com-
him to testify, and by a
on
Mr. Hoover, it is said, felt that he had been treated
stand.
value, but the whole amount of bonds and warrants outstanding at
any
and of mortgages then held
The Senate
Committee
Saturday,
on
against making the Food Administrator's
explanation public
State of South Dakota, bearing interest at not to
same
Reed
or
exceed 5 % per annum in such amounts as may be necessary or convenient
for the transaction of its business and sell the
the
vote
Chairman
The
scarcity, which he for¬
sugar
nittee, however, did not call
sys¬
tem; to acquire and dispose of such property, real and personal, as may be
necessary or convenient for the transaction of its business,
take the witness stand
to
explanation of the
an
committee.
under the impression that he
next,
Dakota
South
appropriated for the establishment and maintenance of such
such properties
Administrator,
prepared
not to be called upon to testify by
was
Chairman of the inquiry
would be allowed
loans,
approve same and borrow money on the good faith and credit of the State
moneys
appeared that he
Senator Reed,
Section 5.
of
[Vol. 105.
as
the
to
President, who
press,
Dec. 25 issued the
on
the Senate Committee's ob¬
over
,
In his
statement
be required by him, which statement shall be filed in the office of the
Governor and a copy thereof shall then be transmitted to the Secretary of
attributes the
State to be filed and kept
the
on
scarcity of
Mr. Hoover
sugar,
the Western
may
*
by him
*
Sec. 14.
as a permanent
*
*
record of his office.
*
*
the
Bonds provided for this Act may be issued in denominations of
determined
by
the
Board.
They
shall
for
run
specific
minimum
ing for 25 to 30 cents
a pound, and more than $200,000,000
probably would have been profiteered from the American
be
as may
from
sugar
Hemisphere to Europe and asserts that without
fixing of prices by agreement sugar would have been sell¬
*
$25, $50, $100, $500, $1,000, and in such other denominations
shortage to the heavy movement of
and
maximum periods, subject to payment and retirement at the
option of the
Board at any time after five years from the date of their issue.
They shall
people by this time.
The Allies, according to Mr. Hoover,
have
before
only 300,000 tons of
interest
attached,
coupons
payable
semi-annually,
and
shall
be
issued in series of not less than $25,000, the amounts and terms to be fixed
by the Board.
They shall bear
The Board may
annum.
a
rate of interest not to exceed 5%
same
per
taken
*
Western Hemisphere,
1,400,000
tons.
W.
LAMONT
URGES
THREE
Thomas W.
returned from
land and
says
"no
it will
prepare
1920."
CAMPAIGN.
in
on
be in
sight if
236,777 tons of the
Wednesday of this week he
we once
realize that
not only for 1918, but for the
We quote
we
must
pounds, against
even so,
some
to have had the
impression that, by the
mere
fact of
the early defeat of Germany became assured.
the
ocean
must
we
we
Many here
coming into the
One does not have to
war,
1.
Germany and neighbouring powers.
2.
The
3.
The East Indies.
only for 1918, but for the campaigns of 1919 and
c.
The
soon
No
one can
cross
grinding
and
France
have
had
three
and
a
half years
of cruel,
They have welcomed America's entry, not simply because
war.
of her great resources in men and food and munitions, but also because of
the fresh viewpoint she is likely to bring to bear in the whole conduct of the
This applies not only to military operations, but also in considerable
war.
to the Allied
measure
diplomacy.
West Indies.
German
choosing the time and
manner
Before
the
of coming into the struggle, and
our
allies
'
the water welcome with confidence his
problems that confront the Allied nations.
opinion
upon
all the great
Ilis recommendation
of
war
-
have
sources
been
off entirely
cut
drew
approximately
1,400,000
Indian
Thus these three countries
sources
economies.
three times the length
of
were
military movements,
you also hear it constantly repeated abroad that President Wilson will dp
much to bring about that closer unity of action that all the Allied statesmen
agreed is necessary for the more vigorous prosecution of the
are
As to the work of the American
Mission, the people and the
tonnage to bring it from that
d.
draft
The
of
from
sugar
consumption—or to
of voyage and, therefore, three times the amount
source
the
compared to the West Indies.
Western
They also drew
steady shortening of shipping throughout the
increasing drain
on
the West Indies.
The
Hemisphere by the Allies
thrust
year
was
some
an
Aside from this constant element of
uncertainty in the position from month £o month, another uncertain factor
war.
press
per
The East Indian sugar requires about
1,420,000 tons, against 300,000 tons pre-war normal.
400,000 tons from Java and the East Indies.
of the factors to stimulate and strengthen recent
tons
throwh onto West and East
for 1,925,000 tons to maintain normal
reduce this by home
Congress, had
one
long
from German and neighboring sources.
France produced about
750,000 long tons of beet sugar and exported 50,000 tons.
The French
production in 1917 fell to 210,000 long tons.
Italy produced about 210,000
long tons and imported almost none.
The Italian production fell to 75,000
actual
a
Germany also
the present time.
annum
against Austria-Hungary,
promptly followed by the declaration of it by
most heartening effect upon Italy and has certainly been
and
of surrounding countries at
sugar
England
war
long tons.
President Wilson is looked upon as having displayed great wisdom in
across
a.
The United States, Canada, and England were importing countries
before the war, while France and Italy were very nearly
self-supporting.
b. That the main sources of supplies to importing countries were:
yet
largely absorbs the
Britain
follow^:
as
world sugar situation, four factors
must be borne in mind:
seem
1920.
Great
consumption in America of 55 pounds.
a
be in sight, if we once realize that
delusion.
a
But it will
prepare, not
now
and Cuba has shipped Europe
maintain that vic¬
to realize that that is
tory is close at hand.
our
sugar
product.
For purposes of understanding the
doubt is expressed whether
us.
raw
The Food Administrator's statement read
his statement in full below:
But
ration has been extremely
same
Evenwith'these shipments,
pointed out, consumption in England has been reduced
24 pounds a year for each persons and in France to 14
to
now
On the other side there is great satisfaction at the vigor with which Amer¬
ica has taken hold.
sustaining the morale of France
sugar
it is
campaigns of 1919 and
fully realize the gigantic nature of the task ahead of
the Food Adminis¬
says
August the United States has exported to the Allies
110,'&56 tons of refined
early conclusion of the
an
they have
time preventing a jump
Since the creation of the Food Administra¬
price here.
tion in
maintain that victory is close at hand, but
one can
soon
WE PREPARE FOR
Lamont, of J. P. Morgan & Co., who has just
a trip abroad,
during which he visited Eng¬
statement made
a
view of
a
England, where the
low for months, and at the
YEARS'
France, is not sanguine of
In
war.
and
THAT
"That,"
annually
sugar
year
of the sugar shortage and nothing else."
cause
the situation with
T.
while this
The statement says that the Food Administration has handled
*
*
took
war
trator, "is the
limitations as to
the-total amount of money borro wed as is required by the
provisions of this
Act.
the
from
also issue warrants when in their judgment this
is necessary, but such warrants shall come under the
the
in both
arose
in that
we
could not judge
London and Paris expressed the greatest appreciation of the
spirit shown
in
and the ground covered by Colonel House and his
the effect of their
conservation
measures
soldiers is far above normal.
colleagues.
Mr. Lamont went abroad at the time of the
departure of
Viscount Reading and Lord Northcliffe, their arrival
other side being made known on Nov. 12.
on
the
Europe.
While drastic
The Food
Administration
evidence had indicated for
of
Western
the civil
on
created
was
some
crop.
Aug.
10
the consumption of
19,17.
The statistical
time that the heavy but uncertain draft
Hemisphere sugar to
supplies pending the new
population,
Europe
might
margin of
In order to prevent supplies from going
embargo upon exports from the United
narrow
our
elsewhere than to the Allies,
States
FOOD ADMINISTRATOR HOOVER'S EXPLANATION
OF SUGAR
an
Aug. 27 1917, and the Cuban Government
the Allies
Food
SHORTAGE.
was
put into force
on
co-operated by placing an embargo' on all its sugar except to ourselves and
on
Oct.
1 1917.
Administration
In the meantime, every effort was made by the
to
secure
voluntary reduction of consumption by
widespread propaganda, in order that
The Committee
on
Public
and at the direction of the
Information, with the approval
President, on Dec. 25 made public
a lengthy statement,
prepared by Food Administrator Her¬
bert CL Hoover, in which the latter explains the stand taken
by the Food Administration in controlling the sugar situa¬
tion in the United States, and, at the same
time, replies to
the
charges made before the sub-committee of the Senate
Committee
the
sugar
on
shortage, that
managed the
in
Manufactures,
sugar
the
situation.
taken
before
these
towards
the
the
the
Senate
Food
Investigating Committee has
Administrator's
efforts
public his side of the situation.
columns
last
to
place
As noted
in
week, Mr. Hoover appeared at the
Capitol while the investigation was in progress, but left when
as
were
we
might afford
as
much supplies
possible.
made to
secure
Java imports, but no shipping could be
allowed by the Shipping Board, nor did our efforts succeed in
securing
foreign shipping.
a
In August the English Government reduced the household
sugar ration to
basis of 24 pounds per annum per capita and in September the French
Government
facture.
its
reduced
pounds, and at the
household
ration
to
6
kilos,
or
about
time placed further restrictions upon use in
same
13.2
manu¬
In August the French Government found itself unable to maintain
this ration from
ment for exports.
its
supplies and
These
were
appealed to the American Govern¬
granted, and it
was
agreed should be
con¬
tinued up to 100,000 tons.
The
The action of the President
authorizing Mr.( Hoover's statement for publication is
some circles as
indicating his disapproval of the
which
Efforts
even
engaged in investigating
Food Administration mis¬
now
taken in
attitude
to the Allies
American
household
annum per person,
morale made
as
it
was
it
was
our course
to assist the French
was
being at least 55 pounds per
considered that the duty of maintaining French
plain.
consumption
A plea for further reduction in consumption
laid before the public by the Food Administration,
felt that this concession to the French and the other causes
already
noted would indicate at least sporadic shortages in the period prior to the
harvest of Louisiana and beet sugars in November,
although at no time
would supplies wholly fail or even amount to privation if the
public sup¬
ported the administration in reducing unnecessary consumption.
were
Bequests
made to distributers to supply the confectionery and sweet drinks
trade with 50% of normal, and this has been generally followed
by patriotic
Dec, 29
Such regulations were voluntary,
persons.
had
no
The
the Food Administration
as
show the exports to the Allies
Department of Commerce returns
;
__
October
France
17,990
146
21,051
10,896
9,868
_
September
32,670
17,702
j
33
November
last three months of the year;
(the
the following shipments to France
probably do not exactly coincide), and some sugar was
dates
82,319
28,037
Total
route to France:
diverted en
1
,
August
There
month
has
September
35,731 |No vember
•
been
_85,426
_______
shipped direct from Cuba
During this period 236,777 tons of raws were
to the Allies—a total of
327,133 tons to them since Aug, 1.
Subsequent to granting the French permit up to
impossible to secure an even distribu¬
shortage in this country rendered it
tion
the
over
100,000 tons, the car
and it was arranged to shift some sugar among
country,
of some 30,000 tons of sugar
Allies to France and allow the distribution
proposing to help the Allies from
intended for France in the Northeast, we
We have not yet been able
to do so, although the Allied situation is to-day more critical than ever.
The Food Administration has conducted a systematic campaign for the
reduction of individual sugar consumption.
The reduction has shown in
the decrease in candy sales, &c., but, on the other hand, a similar campaign
for the preservation of fruit has increased consumption in that direction
Gulf ports or
Cuba, as the case might develop.
but will reduce consumption later on.
In
the
obvious
is
a
face
Such statements that* there have been or will be
not
are
only
shortage in this country,
discouragement to this campaign
any
positive disaster.
is
follows to the 30th of June each year:
maintain their health and strength at any cost to our¬
we
or
abilities to win this
—3,851,32711917
-
in
Therefore, »while the consumption for
sugar next year to
piece out their ration we will have necessitated
transport and maintenance of
present situation is the measure of
to 200,000 men
in France.
The food bill contains no
price-fixing powers and no price-fixing in a legal
below profiteering level.
In order to protect
of 1916 it was only 688 tons in excess of the average of the
previous years.
Consequently I am in doubt as to whether there
real increase in consumption and as to whether the apparent
increase cannot be accounted for as to differences in invisible stocks from
tons in excess
three
was
any
Administration of supplies
indicated on Sept. 1 that there was in the hands of refiners and principal
storage houses about 300,000 tons.
This has since been found by the
Department of Agriculture to have been 325,000 tons.
The stocks in
A rough stock-taking by the Food
year to year.
*
the public from profiteering and speculation,
it from 25-cent sugar
Several
explanations
been
have
supposed
made of
increased
conference
Administration to prevent these
The national necessity was
things.
A
a.
They were appealed to on the
They were appealed to to bury their trade fights
standard of living and the
There
are
many
The cane producers of Louisiana,
interests to consider.
the beet producers, the beet manufacturers,
the
cane
the Hawaiian cane producers,
necessities, the American
refiners, the Cuban producers, the Allied
These
consumer.
interests
conflicting
have
largely increased amount of home fruit
The
c.
Some household hoarding
April
upon
preservation
during the months of February, March and
the general alarm created by the
declaration of war.
The trade
journals of this period will confirm the time of
It has been necessary to
organize these groups upon a voluntary basis
household consumption since
To protect our
To prevent
3.
To supply the Allies.
this
speculation and extortion.
d.
No statistics on sugar
consumption from year to year can be looked
precise because of the variation which may occur in trade supplies,
no collected data, and there is some evidence of
of which there has been
increased holdings by the
e..
trade because of unsettled condition.
it is not certain that there has
Taking into consideration all factors
actual consumption, and considering the increased
been any increase in
canning
use,
there may have been a decrease.
As to the situation between Sept,
the supplies as
1 and Dec. 6, the following
nearly as we can estimate in round
problem almost insuperable.
control is
a new
in the United
The
field in the world and we have taken on even newer
States—organization
indicates
price of refined sugar to the consumer rose
been reduced in the territory north
the
DISBURSED.
Sept.
On hand
Cuban
______
____
All others
Oct.
Nov.
price of sugar rose from 10 cents to 30 cents
was no
140,380
55,026
72,981
•9,882
54,563
of sugar from
market. This step
who lived upon
being made for advanced
position and the tendency of distributors to follow with their shelf stocks.
b. A voluntary agreement with the beet sugar producers by which the
price of beef sugar was made 7.25 cents, or about 1 to 1M cents below
the price then ruling and its universal distribution provided for.
A volun¬
tary agreement of the California-Hawaiian refinery to adhere to the beet
basis, despite the higher basis for cane sugar in the East.
c. An agreement with the Louisiana producers by which the price was
discommoded the business of many persons
Exchange operations, but stopped high prices
_
A request to
82,231
to
f.
373,244
368,517
41,013
43,000
504,700
332,231
325,517
__350,000
Balance
.
Consumption, say
250,000
259,000
82,231
The average
November at leatt 70% of normal supply.
During the month of December, if cars are
facturers can distribute 150,000 tons
Overseas arrivals
with
stocks,
available.
75,517
monthly consumption is about 350,000 tons, and there has
been in October and
available, the beet manu¬
and Louisiana could ship 50,000 tons.
should amount to 40,000 or 50,000 tons.
should maintain
After Jan.
70%
This, together
of normal consumption—if cars are
1 arrivals from overseas should rapidly increase.
The movement into the
Northeastern States has been the most difficult
blockade and embargoes on the Eastern lines.
One result is to give sufficient supplies in the area of free movement and to
cumulate the shortage in the Northeast.
At the present moment about
140 cars of beet sugar alone destined for the Northeast are held up en
route.
By Dec. 1 virtually all
Cuban old crop had been exhausted,
and under the Cuban embargo shipped either to the United States or the
point owing to the railway
Allies.
the conflicting operation of the war declaration
and the conservation measures have more or less
My own conclusion is that
run
on
the sugar bank
neutralized each other; that the drain of the
old crop
Allies on Cuban and American
charges
these prices,
is sufficient answer
from reaching the
United States or by the Allies, at
already come into the market
that this action prevented the sugar
A regulation limiting
profits of wholesalers and
dealers.
informing the public of the maximum price
not to be raised,
that retailers charging exorbitant prices would have their
A widespread propaganda
should
and
the profits of refiners.
A regulation limiting the
g.
22,206
than 6.90c. duty paid
Sales had been made as high as 7.75c.
The
sugar available has been bought at this price
American consumer.
150,000
526,906
.
the
e.
100,000
American refiners not to pay more
York, for import raws.
and distributed, either in the
it
Totals
following steps:
Suspension of speculation in futures in the sugar
a.
80,000
Louisiana
Exports
16 to 20 cents per pound have
The Food Administration took the
46,404
31,500
during the civil war-
restraint.
been followed up
at which con¬
We have for¬
feited whosesalers' licenses in aggravated cases, and we have Issued warnings
to first offenders in a great many instances through our local administrators.
Sales
and that this sugar has
154,700
Beet
reduction of
cents, or a
1 cent per pound.
The
at New
—300,000
:
Mississippi
2 cents per pound, and in
and Atlantic seaboard States to 9JA
South
suddenly in August from
As a result of measures taken it has
and west of the Ohio and
83^ cents, or a reduction of from 1J^ to
to 8 and
ground
voluntary basis.
limited to 7.80 cents for granulated.
numbers:
Tons.)
.
on a
8}$ to 10 Yi and 11 cents per pound.
balance of Cuban
(Long
Supplies—
animosities that make
I would like to point out that a task of
carried on in many other trades.
Food
similar dimensions has needed to be
d.
SUGAR RECEIVED AND
have before you evidence
difficulties in the sugar trade, and the
has necessarily
July last.
upon as
and
good; the ultimate ends being:
producer and consumer.
1.
2.
this run upon the sugar bank.
there has been a reduction in
In my opinion
of
accummulation
much
hatred and bitterness.
vigorously and stopped, and is evidence itself of the prices
sumers would have been mulcted had we not intervened.
increase due to increased dry area.
b.
and trade jeal¬
ousies and work in the common interest.
when there
higher wage level and consequent higher
pointed
ground of patriotism to
give their skill and co-operation to the undivided public interest in this
time of national stress, to bury thoughts of personal gain and serve the
con¬
sumption and many explanations given.
to protect
elenfent of the
in the face of a short supply, every
production and sugar distribution in the country was called into
and asked to voluntarily enter into an undertaking with the
sugar
about
undeterminable.
these hands at the same date in 1916 are
competition
and there has been no restraint on
has been attempted,
sense
of
employ¬
This in our
150,000
equivalent of eleven extra ships for one year.
of the
ment
is limited by the
If we send the ships to Java for 250,000 tons
have available.
of the gigantic
the fiscal year 1917 was 223,907
done damage to our
to send these ships we will have
war.
To-day the number of soldiers we can send to France
we
remote
greed and gluttony force them either to further
our
You, gentlemen, will, before you are finished,
3,776,952.
Average for three years, 1914-16,
enough sugar for even
and depressing ration unless they send ships to
If
markets for it.
Long Tons
3,553,733
3,777,640
.3,925,80111916
____
1915
It is our stern duty to
incalculable harm.
to drive this team to the common
Long Tons. |
1914_
the American public will have
acted upon
There has not been, nor will be as we see it,
their present meagre
net
as
ample supplies of sugar
and opposed to every fact in the situation,
done this country's war efforts
feed the Allies, to
nation.
stocks of raw sugar on Jan. 1 1917, the
supplies from all sources—after deducting exports—from Jan
1 to Sept. 1 1917 were, in the calculations of our statistical division, about
3,287,000 long tons, against 2,989,000 long tons in the same period of 1916
or an apparent net increase in supplies by about 300,000 tons.
On the
other hand, the carefully compiled statistics of the Department of Agricul¬
ture show the net sugar retained in the United States for the last three years
Taking into consideration the
total
wrong
but if they are believed and
ships
month to
from
position and the
consumption and consequently of their needs.
results from their reduced
out to these men.
England and France, and the
crucial situation in
the
of
administrative difficulty
constant
a
reduce their ration
Total
>
there been, any supplies
being unable to forecast the Allied shipping
in
selves.
22,783
13,033
13,8791 October
promptly to areas of
to move Louisiana and beet sugar
cars
available which have not been brought into distribution.
available
The Allied Traffic Executive gives
needed to
the
that this shortage has been accentuated by
margin of about 300,000 tons that we
a
consumption, instead of about 70 to 80%, during
greater pressure; that there are not to-day, nor have
United
Kingdom.
August
of
us
normal
the lack of
'
follows:
supplies denuded
maintain
authority to impose them.
were as
2501
CHRONICLE
THE
1917.]
a
pay
ruling
retailers and that wholesale prices were
supplies cut off.
The Food Administration,
prices except by public
maintaining
upon
a
of course, has no ability to
control retail
opinion, but all these measures have
resulted in
granulated, retail, depending
and therefore the necessary freight difference.
price of from 834 to 934 cents,
the locality,
Every one-cent raise in sugar
from Sept. 1 to Jan. 1 means
$18,000,000 to
would tell you that 20public been robbed of $180,000,000
this year if we had not taken these actions.
I do not contend that they
could not have been more efficient.
They are as efficient as they could be
with the feeble weapon of voluntary agreement that we have been able to
wield.
Had the right not been stricken out of the food bill for us to pur¬
chase sugar directly for the Government both the price and the distribution
the American consumer.
cent sugar
Numbers of gentlemen
would have prevailed and the
could have been handled more
efficiently.
,
Food Administration
in September in limiting the price to be paid for Cuban raws caused some
50,000 to 100,000 tons of these sugars to be diverted elsewhere and con¬
tributed to this shortage, aside from the operation of the embargo of the
Cuban Government in our favor.
A complete answer to this statement
lies in the fact that all of the Cuban sugar since that date has come either
to this country or the Allies and has been consumed.
Some existing smal
contracts were permitted to Spain and Mexico, amounting to less than
The statement has been
made that the action of the
2,000 tons.
I submit the following
telegram from our Consul
General to Cuba:
3502
THE
"Exports from Cuba
to neutral
countries for
November, according to statistics here,
Mexico, 1,650.
No other.
Virtually
September, October, and
follows: Spain, 316 long tons;
as
no
unsold.
sugar
H. H.
island
on
of old
the
upon
made
was
establishment
of the
costs
of
and
the
Food
the cost of
Administration
and It
an
was
steel
and the sale of
raw
refined
cane sugar should be
limited to $1.30 per 100
pounds.
The pre-war
differential had averaged about 85
cents, and increased costs were found
to have been Imposed
by the war; increased cost of
refining, losses, cost of
bags, labor, insurance,^interest, and other
things, rather more than cover
the difference.
hundred, free
on
Allies,
suoject
to
the
approval
the
Italian Governments.
American,
English,
French
ernments
state
concerned, together with the Cuban
emphatically that all
Government, and I
wish to
of the gentlemen concerned
are good commercial
and have endeavored with
the utmost patience and skill
to secure a
lower price, and their
persistence has reduced Cuban demands
by 15 cents
per hundred.
men
The price agreed
upon
Cuba,
or
is about $4 60 per 100
pounds, free
equal to about $6, duty paid, New York.
This
on
board,
contained recommendations with
regard to
In the case of the last
named,
per
heavy melting.
gross
ton f.
o.
b.
1
heavy melting
consumers'
On steel rails, 56 lbs. per yard, and
heavier,
length, suitable for re-rolling purposes, a
in
over
differential of not
melting
more
than $5 per gross ton
the
over
heavy
base is proposed.
;
The quotation on old locomotive
tires and other
re-rolling
material of that kind is
placed at $47 50 per gross ton; No. 1
scrap
railroad wrought
scrap at $35 per gross ton, f.
works, and cast iron borings and machine
o.
b.
consum¬
ers'
shop turning
Users who purchase
through recog¬
at
$20 per gross ton.
nized scrap dealers or brokers
permitted to pay
are
a com¬
mission not to exceed 3
3^% of the actual delivered price of
the materials.
Some of the other
Rolled
f.
steel
prices fixed include:
angle splice bars,
standard
sections,
b. makers'mill.
o.
$3 25
mill.
Standard railroad steel
100 lbs., f. o. b.
cars at
track
100
per
Rolled tie plates, single shoulder
type, $3 25 per 100lbs., f.
and
This committee, while
holding strong views as to the price to be
paid for
Cuban sugar, has not had the final
voice.
This voice has rested in the
Gov¬
is $30
5 feet and
.
of
Steel and Steel Pro¬
on
Steel
works, this
price to apply to all grades of iron and steel
scrap to be
melted which
normally sold at or under the price for No. 1
Cuba, to which duty and freight added to the
re¬
finer's cost amounted to about
$5 66 per hundred.
The average sale
price
of granulated
by various refineries cost, according to our
investigation, was
about $7 50 per
hundred, or a differential of $1 84.
In reducing the dif¬
ferential to $1 30 there was a
saving to the public of 54 cents per hundred.
Had such a differential been
in use from Jan. 1
1917, the public would have
saved in the first nine months
of the year about
$24,800,000.
With a view to more
efficient organization of the trade in
imported su¬
gars next year, these two
committees have been formed:
1. A committee
comprising representatives of all of the elements of Amer¬
ican cane refining
groups.
The principal duty of this committee is
to divide
the sugar
imports pro rata to their various capacities and
see that absolute
Justice is done to every refiner.
.»
2. A committee
comprising three representatives of the
English, French
and Italian
Governments, two representatives of the American
refiners,
and a member of the Food
Administration.
Only two of the committee
have arrived from
Europe, but they represent the Allied
Governments.
The duties of this
committee are to determine the
most economical sources
from a transport
point of view of all the allies, to
arrange transport at uni¬
form rates, to distribute the
foreign sugar between the United States and
■
and
the maximum price recommended for
No.
scrap
per
board,
Iron
bars; forging ingots; splice joints
complete for light
water pipe and standard steel cut
nails; the
statement also
Oct.
on
of the Committee
American
prices of scrap iron and steel.
were placed under
agreement
1. and anything over this amount
to be
agreed extortionate under the law.
In the course of these
investigations,
it was found by canvass of
the Cuban producers that their
sugar had during
the first nine months of the
last year sold for an
average of about $4 24
these limits
the
rails; cast, iron
After prolonged negotiations the
refiners
establishing
of
Institute.
These
latest prices affect rolled steel
angle splice bars for standard
sections; rolled tie plates; forging bars; iron
spikes; standard
railroad track spikes; standard
railroad track bolts; rail
MORGAN,
profits of refining,
finally determined that the spread between
[Vol. 105.
Gary, Chairman
ducts
crops
American Consul General
Immediately
examination
CHRONICLE
o.
lbs.
b. makers
spikes, $3 90, and iron spikes $4 50
per
Pittsburgh.
Standard cast iron bell and
spigot water pipes $49 per ton f. o. b. Bir¬
mingham, $55 35 f. o. b. New York, and $54
35 f. o. b. Chicago.
Rail steel bars rolled from old
steel rails $3 base
per 100 lbs., f. o. b,
makers'mill.
,
Standard steel cut nails,
base, $4 per 100 lbs., f.
Forging ingots, basic
makers'
or
works.
o.
b.
Pittsburgh.
acid open hearth steel,
$73 per gross ton f.
o.
b.
compares with:
Duty Paid
The average realization of
The high price of raws in
New York.
raws to
Sept. 1 1917
$5 66
—$ 34
Extras for quality,
workmanship, &e., also figure in the
price schedules announced this week.
August
7 77
—1 77
raws was limited in
September.
6 90
—
90
This price should eventuate
to about $7 30
per hundred for refined
sugar
from the refiners, at
seaboard points, or should
place sugar in the hands of
the consumer at from
The price of
8^ to 9
conditions of trade,
or at
cents per pound
depending
upon
from 1 to 2 cents below the
prices of
to 1 cent per
pound
There is
now an
refining charges last
$25,000,000 of the
A
year.
of these savings
part
Hawaiian, Porto Ricanjand Louisianian
producers, and
to the Cuban,
goes
part to the consumer.
Appeals to prejudice against the Food
Administration have been made
before
this committee because
the Cuban price is 34
cents above that of
It it said in effect
that the Cubans are at out
mercy; that we could
get suger 1 cent lower.
We made exhaustive
study of the cost of producing
sugar in Cuba last year,
through our own agents in Cuba, and we find
it
averages $3 39, v^iile many
producers are at a higher level.
We found that
an
average profit of at least 1 cent
per pound was necessary in order to
maintain and stimulate
1917.
production,
necessary, and
agreed
even
or
that
a
this would stifle
on was 23 cents
minimum price of $4 37
was
some producers.
The price
ultimately
above these
figures, or about one-fifth of a cent
per
pound to the American
consumer, and more than this amount
has been
by our reduction in refiners'
profits.
saved
If we wish to stifle
production in Cuba, we could take
that course just
at the time of all times
in our history when we
want production for
ourselves
and the Allies.
Further than that, the State
Department will assure you
that such a course would
produce disturbances in Cuba and
destroy even
our present
supplies—but beyond all these material
reasons is one of human
justice.
This great
country has
strangle Cuba.
Therefore, there
no
right
is no
lic.
Charges have
by the might of its position to
imposition upon the American
pub¬
been
made before this
committee that Mr.
Rolph endeav¬
ored to benefit the
California refinery of which he
was manager
by this
34-cent increase in Cuban
price.
Mr. Rolph did not fix
the price.
It does
raise the price to the
Hawaiian farmer about that
amount.
It does not
raise the profit of the
California refinery, because their
charge for refining
is, like all other
refiners, limited to $1 30 per hundred
pounds, plus the
freight differential on the established
custom of the
has not
one
trade.
penny of interest in that
In
Mr.
Rolph
refinery.
any event, by the
voluntary limitation of the California
refinery
price to the $7 25 level, three
months before it came
sugar
into force
on the At¬
lantic seaboard, in order
that we might have a
universal price west of the
Ohio, Mr. Rolph has penalized the
company of which
$700,000 under what it
might justly have stood
ment with the Atlantic
refineries.
He has
the American
people.
I submit
herewith
he
out for.
done
a
was
manager over
That is equal treat¬
distinguished
service for
statement
of our views as to
the sugar
supplies for
next year.
You will observe
that it entails the
tons of sugar for the
Allies from
Java, if the American
public io to have its normal
supply.
Such transport will diminish
our
ability to send soldiers to France
by
ourselves and
the Allies
transport of 250,000
200,000 men.
If, however, the Ameri¬
public will diminish their
consumption by 10 to 15 per
cent, or if the
are larger than we
anticipate, this disaster of
transport neces¬
sity can be averted.
can
Cuban crops
NEW STEEL PRICES
ANNOUNCED BY JUDGE GARY
THIS WEEK.
Additional prices and differentials
on steel
products which
are
to
ments
apply
of
on
orders for the
the Allies
the United States
and
were
for
Government, the
war
require¬
domestic consumption within
announced this week
ADMINISTRATOR'S ORDER PROVIDING
FOR
STRICT CONTROL OF COAL AND
COKE OUTPUT.
U. S. Fuel Administrator Garfield
on Dec. 27 issued
an
locality and
August last
cheaper than to-day.
elimination of speculation,
extortionate profits, and, in
the refining
alone, the American people will save over
and from
FUEL
by Judge E. H.
order under which the Fuel
Administration will obtain
absolute control of the coal and coke
output of the United
States.
The order will
go into effect
immediately upon the
termination of all
existing contracts, the majority of which
will
expire
tract
contracts
April 1 1918, and provides that
on
shall
be
for
a
period longer than
one
no
new
con¬
that all
year;
be
canceled at any time
by the Fuel
that all coal thus sold under
contract
shall always be
subject to requisition by the Government.
The Fuel Administrator's
order will, it is
expected, abolish
what is known as the cross haul.
This means that industries
in various sections of the
country must obtain their
may
Administration, and
of
coal
and
coke
from
This rule will not
supply
the
apply to
fields
gas
product purposes.
the
nearest
to
their
plants.
coal and coal used for
by¬
A thorough investigation
by agents of
Administration has, it is
said, developed that
Fuel
practically all the contracts
April I 1918.
As a result of
in
now
the
force
new
will expire
by
order, therefore, the
Fuel Administration will be in full
control of the situation
after that
time, and iq a position to work in the closest
co-operation with the Government's Director General
of the
Railroads.
The order issued
ant to come from the Fuel
It is
designed, it is said,
ministrator
Garfield's
on
import¬
to. aid in carrying out Fuel Ad¬
general
mining and distribution
Dec. 27 is the most
Administration in many weeks.
plan
to
establish
regional
of coal and coke which it is
expected,
already stated, will lead to complete Government control
as
of output as well
for any extended
as
transportation, should the
length of time.
The order issued
by Dr. Garfield
The
United
States
Fuel
on
war
Dec. 27 read
continue
as
follows:
Administration, acting under authority of
an
executive order of the President of
the United States, dated
Aug. 23 1917,
appointing said Administrator, and in furtherance of the
purpose of said
order and of the Act of
Congress therein referred to and
approved Aug. 10
1917, hereby orders and directs that until
further or other order of
the
United States Fuel Administration
and subject to modification
hereafter
from time to time and at
any time, the following regulations are
established
relative to contracts for the sale of
coal and coke:
A
coal
or coke
operator or producer may, in accordance with
these
regulations and not otherwise, make
contracts for the sale of coal
mined
or
produced, or of coke produced or made,
by him with any
other
consumer or
person,
(1) No
coke
over
including jobbers.
such
a
contract
period
shall terminate at
a
•
shall provide for the
longer than
date not
one
more
of actual execution of
the contract.
year;
delivery
and
such
or
supply of coal
period
of
one
or
year
than eighteen months from
the date
Dec. 29 1917.]
(2) Every
price of
such
THE
contract
the
that the
for the sale of coal shall provide
coal delivered thereunder shall, with respect to each shipment
any
of coal under such contract, not exceed the
President,
price at the mine
shipment
from the mine.
(3) Every such contract for the sale of coke shall provide that the price
of any coke delivered thereunder shall, with respect to each shipment
coke under such contract, not exceed the price for coke as fixed by
President,
or
kind of coke specified in the contract, and in effect
the date when such
produced
shipment of coke leaves the point at which it is
canceled and of
for such
further
no
a request or an
shall be forthwith
same
binding effect upon either party thereto, upon
order from the United States Fuel Administrator
cancellation, and that in case of such cancellation neither party
to the contract shall be under any
and that neither shall have any
ment
claim against the United States Govern¬
by reason of such contract or the cancellation thereof.
or
important that the
ten under way
action
from
such requisition may be made at any
thereto
divert such coal
named in the contract; that
time during the continuance of the
prior to actual receipt and unloading of the coal or coke so
the
under
destination, by the person entitled
the contract; that such requisition shall be
of
terms
made at the going Government price at the date
so
requisitioned
or
of shipment from the
of the shipment of the coke so requisi¬
tioned from the place of production or storage
thereof, and without other
further liability of the Government to either party to
or
the payment of such price and
tract
freight,
the contract than
far as either party to the con¬
so
the time of such requisition or diversion be liable for such
may at
freight payment.
A jobber may make contracts for the sale of coal or coke
(6)
him,
or to
exceeding
the purchase price paid or payable by such jobber for such coal or coke
under the limitations of the foregoing paragraphs numbered (2) and (3),
plus such commission as may, at the time of the shipment thereof from the
mine where such coal is produced, or from the place where such coke Is
made or stored, be the then permissible jobber's commission.
All such
contracts by
jobbers for the sale of coal or coke shall conform to the pro¬
foregoing paragraphs numbered (1),
visions and requirements in the
and
coal
by him a certified
Fuel Administrator at Washington,
thereof to the United States
copy
shall
coke operator or producer and every jobber
or
send within ten days of the execution of any contract
D.
(4)
(5).
(7) Every
might
Wiggin
disrupt
Wiggin had
States Fuel
may
be made, or will be recognized as valid, by the
except in the case of gas coal or coal to be used for by-product purposes.
Oral contracts for
be
the delivery or
supply of coal
will in no cases
or .coke
recognized by the Fuel Administrator as valid or binding upon
extent
and
Fuel
going to do anything to
of causing an
subject to can¬
cellation and termination at any time by the President or
,
the past year
following
REGULATE
SITUATION-
COAL
reserve
for
Due to
of coal
use
he
was
granted to Albert H.
Wiggin, New York State Fuel Administrator, on Dec. 21
by the United States Fuel Administration.
handle
sulting Washington
The
power
given Mr. Wiggin by United States
telegram:
was
Fuel Administrator Garfield in the following
With reference to the introduction of stringent
We
industries and against all
determine
may
conservation measures,
industries in favor of domestic consumers as you
in preparing to
use
the
power
given Mr.
Wiggin by Dr. Garfield, Reeve Schley, Fuel Administrator
for New York
County,
on
Dec. 21 stated that a Conserva¬
tion Committee would be formed with
as
a
practical coal
man
its ChairmanThe work of the committee, Mr. Schley
said, would beytwofold: to determine how to operate the dis¬
cretionary
power
and to conduct
of
stopping coal
a campaign
the
committee, Mr.
to unnecessary industries,
of coal conservation that would
In discussing the appointment
take in every user of coal.
of
Schley said:
tional powers conferred upon the
a
shut off from the coal
classified
as
noted that
down
as
With the addi¬
Under this system, should condi¬
luxuries will be
There are certain industries that might be
While I do not
care
to refer to them, it might be
skating rink where artificial ice is used can safely be put
personnel of the
announced
Dec.
25.
They
are:
The
by State
committee
new
Conservation Committee
Wiggin on
composed of six members.
Fuel Administrator
is
Harry T. Peters, of Williams & Peters, coal mer¬
chants, Chairman; John W. Whitney, of Whitney & Kemmerer;
no
The statement in part follows:
we are
The
and munition plants, the additional
with,
facing the present crisis entirely dependent
of fuel from the mines during the winter is subject to inter¬
3upply
Also, the transportation
problems become more serious during this season of the year.
Railroads already overloaded with freight have to meet all the unavoid¬
scarcity of labor is also
are
The
hardships of transportation which come with snow in winter.
able
a very
serious question, as a great number of men
required for loading and unloading this frozen coal.
work that has already been done and is being done by the
conservation feels that
New York Fuel Administration, this committee on
of this
everything is being done to secure for New York its fair allotment
fresh-mined coal and expedite
the transportation to New York of all avail¬
able coal with the least possible loss of
The conservation
time.
committee therefore feels the condition to be a serious
and earnestly desires the co-operation
That
is the
it
and assistance of every fuel con¬
State to further the following recommendations;
in the
sumer
patriotic duty of every citizen to assist the Fuel Admin¬
is further
All
stopped.
use
are
of fuel for unnecessary heat and
retail
All
light should at once be
distributors should be instructed to distribute
fuel
coal received by them so
proper
that the supply is already
production of food, heat, light
absolute necessities to win the war.
recommended that all unnecessary uses of fuel immediately
of which
that the greatest number of consumers may
benefit
\
case
is any
consumer to
All
necessities.
receive more fuel than he needs for his
retailers should
before delivering coal
make
Investigation as to the amount already on hand, and the uses to
for which purpose this committee recommends the
an attached form which has been used in a number of large cities,
which it is to be put,
use
of
especially Chicago, for the past three months, where it was
assistance.
found of great
v
Announcement
was
made by the New York
City Fuel Ad¬
yesterday, following a conference in the Fuel
Administrator's office between representatives of coal-car¬
ministration
rying railroads, wholesale and retail coal dealers and officials
of the Fuel Administration, that the Administration would
begin at
the distribution of 3,000 tons of coal a day di¬
The coal will be distributed
people who have made application for a small
once
the poor
to
supply of coal at the Fuel Administration's offices at 65
Broadway.
Tentative plans were made at the conference
for
an
organization to have charge of the distribution of the
the deliveries so that there will be no
coal and to check up
The coal-allotted by the Administration will be
and will not be sold in quantities
hoarding.
labeled "Peddler" coal,
exceeding half
a
ton to a customer.
The coal will be dis.
Reeve Schley, New York
tributed under the direction of
Frederick Gunnison, the
Kings County Administrator.
That the United States
tend to
to the
Walter S. Sullivan, of the Mutual Life Insurance
Fuel Administration does not in¬
completely close down a single industry non-essential
prosecution of the war, in order to save coal, but in¬
into practice a system of reducing their activ¬
stead will put
along lines volunteered by these
closed in
servation
Health
on
a
Bureau
Chief of the Con¬
of the Federal Fuel Administration,
Commissioner Emerson
Dec. 24.
industries, was dis¬
letter written by B. V. Noyes,
to
of this city, made public
reply to one from
Federal Fuel Ad¬
Mr. Noyes's letter was sent in
Commissioner Emerson to Dr. Garfield,
ministrator, in which the Health
Co.; George B. Pratt, of the Standard Oil Co., State Con¬
for coal for New York
servation Commissioner; Reeve Schley, New York County
and the insufficient
in the history of the country;
consumed, and that there is
ruptions and delays due to weather conditions.
ities
luxury."
full
The
was
a
a
supply.
luxuries.
In
meeting,
/
therefore find that
and the essential industries and the consumers become menaced,
industries that engage In business that may be classed as
so
Dec. 26.
the
Administrator in this State, we will be
position to cope with any situation.
tions arise,
on
of
prevailing fuel shortage is
County Fuel Administrator, and
"The committee will have a schedule that will be worked out with ex¬
ceeding care and by men who are experts in the business.
in
close
rectly to the poor of the city.
necessary.
As the first step
the
fresh mined coal, with no reserve to call upon as in the past.
on
hereby authorized to issue such orders as shall discriminate between
you are
appointed by State
the supply of fuel has not been able to keep pace with the
demand.
to
in the coal situation without con¬
emergency
any
witere to begin
going to be arastic to the
greatly increased industrial activities resulting from the war,
increased mining
In no
may
upheaval ip/in-
of fuel for the railroads and for all our shipping, we find that even
thereby.
in order to relieve the prevailing scarcity
throughout New York State
any year
present needs.
the
immediate
deem necessary
than in
creation of large army cities and war
CONSERVATION COMMITTEE APPOINTED.
Wide and unlimited authority to take any steps
quoted
coal has been mined in the country in
more
that this fuel has since been
It
WIDE
cause an
offices, 65 Broadway,
issued
national; that
cease.
TO
Committee
short, that coal is vitally necessary for the
STATE FUEL ADMINISTRATOR WIGGIN GIVEN
was
Wiggin held its first meeting at the
the Committee realizes that the
and power, all
United States Fuel Administrator.
POWERS
we are not
istration to conserve coal, knowing as we now do
H. A. GARFIELD,
.
to
emergency
an
Wiggin
Harry T. Peters, Chairman of the Committee, stated that
by the United
authority of the President.
Fuel Administrator acting under
States
statement
industrial eruptions"
Administrator
statement
a
But
Conservation
new
Fuel Administrator's
one
contracts for the sale of coal or coke are
any
Mr.
We will get together as soon as possible and decide
The
either
party thereto and are hereby prohibited.
All
to refuse coal in
power
"This committee is not
dustry.
Knowing the
United
Administrator, which involves railroad cross-hauling of coal,
contract
This
industries.
prompted, it is said, by reports of
was
having said:
as
C., marked "Attention of Legal Department."
No
pur¬
of conservation of fuel be got¬
industries considered non-essential.
owned by
which he is entitled under contracts made by him with operators
producers In conformity with these regulations, at a price not
or
Wiggin, in discussing the
Dec. 23, stated that while it was
program
requisitioned at the point of ultimate
mine of the coal
on
at once, the committee would not take drastic
which
Mr.
Mr.
subject to requisition by the United States Fuel Adminis¬
coke to any other party than the purchaser
contract and
of the committee
with the conservation program.
coke delivered there¬
trator, including under the term requisition the right to
or
State Fuel Administrator
poses
further liability to the other thereunder
(5) Every such contract shall provide that coal
under shall be
Administrator, and Gerhard M. Dahl, Vice-President
of the Chase National Bank.
uneasiness in certain industries because of the report that
stored.
or
(4) Every such contract shall provide that the
receipt, of
of
the
by the United States Fuel Administrator under authority of
the President, for the
at
Fuel
fixed by
as
by the United States Fuel Administrator under authority
or
of the President, and in effect at the date of such
2503
CHRONICLE
City
on
Commissioner had appealed
the ground that the weather
coal supply had alarmingly raised the
2504
death
THE
from
rate
pneumonia.
Mr.
CHRONICLE
Noyes's letter said in
FUEL
part:
The problem
divides
itself,
sudden emergency, such
any
and
temporary tieup
coal
for
the
people,
so
It
seems to me,
into two parts.
Orders
facilities by the
unusual
snowstorm,
especially for service among the poor people,
should
very wide
ington,
issued
were
Dec. 27 by Fuel Administrator Gar¬
on
Norfolk Southern Railroads to furnish a
regular and adequate
to these roads each week
provi¬
ded the mines are in
operation.
The order of the Fuel Ad¬
ministrator states that the
present method of
results under very trying
circumstances.
The general question
of shutting off coal from the so-called
non-essentials and the interests of the
war and domestic consumers has
am
COAL
directing coal operators under contract with the Pere
Marquette, Seaboard Air Line, Atlantic Coast Line, and the
be drafted wherever found.
It is my impression that the local
Fuel Administration has been
extremely active during this period and has
i
REGULAR
field
obtained
as
ORDERS
SUPPLY FOR FOUR BIG RAILROADS.
has been created
by the recent cold snap
as
ADMINISTRATOR
During
of railroad
and
[Vol. 105.
supply of bituminous coal
bearings and has been given,
sure
you would wish it to be given, intensive
study here in Wash¬
so as to take only such action as would result in
permanent advan¬
procuring coal
under
tage to the country.
for
contract
the
above
mentioned
roads
be cut,
is causing
delay in the shipment and supply, and interference with
commercial coal
distribution, and that an adequate and re¬
gular supply of coal for the roads each week is
fairly among themselves, would throw mil¬
lions suddenly out of
employment in tfre depths of winter, besides the
prob¬
ability of dislocating our entire industrial system and
part of the national security and defense, for the efficient
prosecution of the war and to facilitate the movement of
A study
of this
immediately suggests the fact that
ill-considered cut¬
an
ting off of so-called non-essential industries would be
likely to produce
among the very people we are trying to
help even greater distress than
the
shortage it aimed to rectify.
if industries
are
The list of industries which must
necessary as
to be treated
a
produce one of those
financial, industrial depressions which always bear
hardest on the poor.
With this in
view,
essential to the
war
we
have devised
a
plan of taking up industries
essentials of
reducing them pro rata along lines volunteered by
them, thus relieving the coal situation without the
disastrous
MICHIGAN
INDUSTRIAL PLANTS ASKED TO SUS¬
PEND OPERATIONS FOR ONE WEEK
BECAUSE
consequences
This system of reduction will be
put into effect just as
rapidly as possible.
Each industry is being asked to consider
where a re¬
duction may be made with the least
unsettlement to itself, but the amount
of reduction is being dictated
by the Government.
i have suggested.
OF FUEL
Dispatches
W.
SENATE COMMITTEE BEGINS
INQUIRY INTO
COAL
SHORTAGE.
An
investigation into the fuel shortage in the United
was begun on Dec. 26
by the sub-committee of the
States
war.
non¬
and
Senate Committee
on
Manufactures, which
last week
was
in inquiring into the sugar
scarcity prevailing
throughout the country.
The fuel investigation was con¬
K.
from
Mudden,
SHORTAGE.
Washington
Fuel
Dec.
on
Admnidtrator
21
stated
that
Michigan,
for
had
requested manufacturers throughout that State to
suspend
operations of industrial plants from
midnight, Dec. 22,
until midnight, Dec.
29, because of the scarcity of fuel
supplies.
The only exceptions to the Fuel Administrator's
the
request,
munitions
dispatches
needed
for
said,
prompt
are
factories
making
war
shipment.
engaged
tinued
United
called to testify in the fuel
that if the war continued
be
investigation, and he
coal
he
operators,
profits in their history,
said,
were
making the greatest
but he considered
high prices
stimulus to the great production the war
demands.
of the effect of the Fuel
Administration's
been
were
a
Much
under
production to
meet the
congestion,
to
"the
more
we
the railroads."
produced the
more
normal 10% increase
the production of last
year had been maintained, he
although the
10%
over
blame that might be attached to
his administration.
was
impossible for the roads
to
cope
Add¬
with the
situation, he continued:
"Coal is responsible for
cars are
being backed up at bottle-neck
points through which the railroads
move large amounts.
The only
thing to do is just
have done—asked
Judge Lovett for a priority order for coal
and
to appeal to operators to
shoot whatever coal
they can to points where
most needed.
That has helped in some
respects."
we
Pittsburgh,
Dr.
Garfield
were
many
Cincinnati and
as
Toledo
"bottle-neck"
others.
Mines
points,
were
mentioned
but
he
said
there
in
posed of about 200 persons, chief of whom
are
engineering
experts, lawyers, coal operators and John
P. White, Presi¬
dent of the United Mine
Workers of
America ^ Dr. Gar¬
field said his chief advisers
were volunteers
and worked
without salaries or
expense accounts.
Ohio State officials
were to have testified
at the
hearing on Dec. 27 but did not
Commissioner Colver, of the Federal
Trade Com¬
mission, took the stand,
recounting the investigation by
the Trade Commission of
the coal
situation, before the
Fuel Administration came into
being. Failure of railroads
so
to furnish
cars
at the mines resulted in
fields being idle on an
average of two
Mr. Colver said, while mines in
selves
miners in bituminous
or
three days a week,
which the railroads
were
interested
were
better
served.
Mr.
them¬
Colver
again took the witness stand
yesterday (Dec. 28) and tesified as to the profits made
by retail dealers.
following
on,Dec. 23 explaining, the
purpose
of the
new
tag-
men
is
hitherto
a
doing
its
unheard
utmost
an
at¬
in the trenches, behind the
battle¬
of amount
of coal.
The
Fuel
The
war
Administra¬
to
supply this emergency demand.
Through
the adjustment of labor troubles
at the mines, the increase of
the available
cars and the
speeding up on coal
number of coal
transportation, the Fuel
Administration is endeavoring to
supply army and navy needs and to
keep
factories running and homes warm.
The miners are doing their
part to aid
the Fuel? Administration in
its task.
They are mining more coal than ever
before.
The overburdened railroads are
grappling with the problem of
transporting this unusual quantity of coal in addition to the
great amount of
war freight
which is congesting their lines.
a
result of all of these
efforts, an extra million carloads of coal have
This is 50,0*00,000 tons more coal
than has ever
been mined this year.
been mined before in
any year in the
history of the United States.
We need another million
carloads.
duce this additional
ready available.
It is
a
physical impossibility to pro¬
amount
at once.
It must be saved from the
coal al¬
The American people are
asked to do their part in this
emergency by saving shovelful by shovelful in
factory and home this addi¬
coal for war needs.
Jan. 30 1918 has been set
as national
tional
by
eastern West.
Virginia are
shipping West, he stated, and those in the Western
part
are
shipping East, causing congestion at
meeting points.
A change involves
great detail in changing
contracts, which
he said, are not closed
until next
April.
Questioned by
Senator Kenyon, Dr. Garfield
said his organization is com¬
arrive,
that
1
half the congested traffic
and thousands of
have endeavored to
what
tion
As
one
saving to the coal
Administrator Gar¬
ships, the transports, the munitions factories and the
railroads.
demands
brought a demand for an additional
the 1916 output which had not been met.
Dr.*
Garfield said he did not want to
place the blame for lack
on any one nor did he want
to try to shift
coal
Fuel
mining a record-breaking amount of coal in
tempt to supply the record-breaking demand caused
by the war.
over
of transportation
ing that it
in all American homes.
The United States is
we
had
save
day:
added,
war
to
purposes.
Coal is the great force behind the
The
effort
an
On Jan. 30 the school children of
the country will be asked to
perform the patriotic task of
statement
demands
trouble
Day," in
war
the widest
publicity be given to the
"Tag-Your-Shovel Day," as by it he expects to affect a
saving of millions of tons of coal.
He issued the
occasioned by the war,
but, he said, because of the traffic
added
MEASURE.
Administration in
a statement issued
Dec. 23 announced that it had
set apart Jan. 30 1918 as
national "Tag-Your-Shovel
field is anxious
one
extent to the stimulation of
a
Fuel
tieing tags, bearing instructions for
management.
The Administration's
Dr. Garfield said, have been directed to a
great
efforts,
on
Federal
shovels
nullified
put
The
coal for
work, he declared,
by the transportation tie-up.
He said
little general relief could be
expected until the railroads
has
ADMINISTRATOR NAMES JAN.
30
"TAGYOUR-SHOVEL DAY1' AS FUEL CONSERVAVATION
declared
very long the Government "would
compelled to pool coal and sell it at reasonable
prices.
Some
FUEL
Thursday and Friday. Dr. Harry A. Garfield,
States Fuel
Administrator, was the first witness
on
Your-Shovel
day school
every coal
Day" by the United States Fuel
Administration.
will tie tags
bearing instructions for coal
children
shovel in the country.
man
and child who
just
This tag should remind each
man.wor
coal shovel that each shovelful
of coal saved means
so
uses a
"Tag-
On that
saving, to
much additional power and
dier and sailor on the
help and support for the American sol¬
firing line.
EFFECT OF
EMBARGO
ON
PUBLISHING
Attention to
the crisis
because of the embargo
the
railroads, ordered
CARBON
BLACK
ON
TRADES.
threatening the printing industry
on
the shipment of carbon black
some
time ago by the Federal
over
Priority
Board, has been drawn by Philip
Ruxton, President of the
Printing Ink Manufacturers, who
National Association of
has
requested
of President Wilson a modification of
the
Ruxton points out that the failure to
include
carbon black among the materials which
may be accepted for
order.
Mr.
shipment by the railroads will vitally affect publishers of
magazines and all other users of printing ink.
A telegram was sent
by him to the President concerning the
situation confronting the
printing and publishing interests,
after application to Robert S.
Lovett, head of the Priority
Board, and to the Car Commission had failed to
bring re¬
newspapers,
sults.
On Dec. 24 Mr. Ruxton stated
that his
the President had
brought
a
telegram to
reply saying that his request for
THE
Dec. 29 1917.]
action had been
Mr.
Commission.
the President read as follows:
turned over to the Car
Ruxton's telegram to
we
do not get
immediate relief there
of the foodstuffs
for any
realize that almost every
we
industry is insisting that the
people, it is stated,
Finnish
The
supplies
nation's war program, seemingly all departments
of the Government fail to realize that unless their printer can supply them
with necessary printed forms, and unless publicity of all kinds can continue
in the daily press, the whole fabric of industry and war activities must
and the situation in Russia has made it
obtain food there.
Twelve million dollars has
mer,
Russians looted the trains before they
Dr. Ignatius declared that
said, because starving
Finnish border.
could reach the
by supporting Russia in the war his people have been stripped
of raw materials for manufacture, their industries have been
disorganized to turn out munitions of war,
necessarily collapse.
TRADE PLACES BAN ON
for their
Dispatches from Chicago on Dec. 27 stated that the di¬
Chicago Board of Trade had ordered the cessa¬
TRADE
S.
U.
goods.
AGREEMENT
rectors of the
by grade alone
December. The price at which
existing contracts will be settled was fixed yesterday at
SI 28 by a committee appointed by the directors.
The ac¬
tion of the directors in placing a ban on December corn
trading was taken merely to clear up existing contracts, as,
tion of all trading
in
corn
and their finances
impoverished by the payments of millions a year to the Rus¬
sian Government and the receipt of worthless paper rubles
DECEMBER-CORN TRADING.
SWITZERLAND.
Board at
WITH
made by the War Trade
Announcement was
for delivery in store
in the month of
in Chicago
already been
paid by the Finnish Government for food in Russia which
has never been delivered, Dr. Ignatius is quoted as having
it needs are vital to the
CHICAGO BOARD OF
last sum¬
impossible to
A July frost killed the crops
chiefly from Russia.
situation 7
While
people are in a pitiable plight.
ordinarily raise one-half
they consume and procure the other half
According to Dr. Ignatius, the
will be nd ink for daily papers or
commercial purpose whatever. A
grave crisis faces all industries because of our inability to get raw material
'or printing ink.
Neither Robert S. Lovett nor the Car Commission make
replies to our appeals.
We must have carbon black from Virginia at our
sixty plants making every pound of printing ink used in America.
Can we
get any assurance that Washington officials will help out of this dangerous
If
publications of any kind nor
2505
CHRONICLE
Washington on Dec. 27 of a
trade agreement which has been
United States and the
reached between the
Swiss Govern¬
which the exportation of goods to Switzerland
facilitated.
American shippers under the agreement,
ments, under
will be
Surveillance Suisse,
Washington, before
applying to the War Trade Board for export licenses to
days ago.
Switzerland.
The Societe Surveillance Suisse is a Swiss
corporation organized to guarantee that commodities per¬
FOOD ADMINISTRATION URGES FARMERS TO HOLD
mitted to enter Switzerland by the Allies will not reach the
BACK HOGS FROM CHICAGO MARKET.
Central Powers.
The War Trade Board on Dec. 27 issued
The statement that there is a "glut of hogs on the Chicago
the following statement, explaining the manner in which
market," largely due to the transportation difficulties in licenses may be secured by American shippers:
Applicants must first procure a Societe Surveillance Suisse permit and
the East, was made on Dec. 19 by Joseph P. Cotton, head of
show the number of same on their application.
the Meat Division of the United States Food Administration.
trading in December corn
St is stated,
virtually ceased sixty
must
commission men to tempo¬
rarily "hold back your hogs" from the Chicago market,
and in this way help to maintain the minimum price of $15 50
per hundredweight, which (as noted in our issue of Nov. 10)
has been established as a fair price for hogs.
Mr. Cotton's
views were set forth in the "Official Bulletin" issued at Wash¬
ington for Dec., 20 as follows:
Mr. Cotton
advises farmers and
On Nov. 3 I stated
average
that the prices of hogs, so
would not fall below
of the packers' droves on
That statement
The packers
inform me that they are
But largely owing
is
glut of hogs on
ers
can
The farmers
the
dumping
when
Board will be sent to the
the applicant and ultimately
granted by the War Trade
deliver the license to
who will in turn notify
him.
notice.
to go
be refused by
applications
Should
Legation and the applicant will both
Licenses
will not be given to the
forward.
doing their best to aid us in
to transportation difficulties in the East,
and more hogs than the
the Chicago market,
that
there
pack¬
PERMISSION
and commission men
in this territory must
help by holding
that market. If there is co-opera¬
minimum will be maintained.
Do not sacrifice your hogs by
them on an overcrowded market. •
DRUGS
MAKE
TO
OWNED
PATENTS—ALIEN
UNDER GERMAN
PROPERTY
CUSTODIAN TO GET 5%.
temporarily, especially from
Licenses
sell
two
PROHIBITS
"veronal,"
Preservatives, flavoring
matters and other
materials frequently added to
should not be used now, since these are not
allowable in home trade nor acceptable to our associates.
Butter should
be put up strictly in accordance with domestic requirements and in com¬
pliance with the provisions of the Food and Drug Law.
butter for
certain export trade
SHIPMENT OF CORN
FINLAND.
It became known on Dec. 21 that the Food Administra¬
tion at Washington and the War Trade Board had, upon
evidence that thousands of the Finnish people are starving,
granted permission for the shipment of about 40,000 tons
of corn and oats to Finland, by way of Sweden.
An agent
of the War Trade Board will be sent into Finland from Swe¬
den to investigate conditions there and to make certain that
none of the American corn and oats find their way into the
hands of the enemy.
Dr. Kaarle Ignatius, Special Commis¬
sioner of Finland in this country, has arranged for the trans¬
portation of the corn and oats, which will require about ten
ships.
Conditions in Finland are said to be desperate.
AND
STATES
OATS
TO
TO ALLOW
RELIEVE STARVING
The
"pro-caine."
Under the terms of the license issued to-day the drug,
and best hypnotics and nerve calmatives, is hereafter to
"barbital."
,
It is stipulated that the new name, together with the scientific name
C. C. diefhylbarbituric acid, be printed on all packages containing the
drug.
The old name of "veronal" also may be used 6n the packages
until 1922.
of the safest
be known as
In
explanatory
an
The Abbott
sense.
Company is
required under its license
to pay to the alien
sale of the drug.
property custodian 5% of its gross receipts on the
further stipulated that the Federal Trade Commission
to fix
prices and be the
judge at all times of
It is
reserves the right
the quality of the drug manu¬
factured.
$21 50 per pound; it now costs $40
it. The Abbott Company can make it at $20 per
pound, and will sell it at a 15% profit.
The Rector Chemical Company, of New York City, and the Farbwerke
Hoechst Company, of which Herman Metz holds all the stock, were
licensed to manufacture and sell the drug introduced as novocain, which
is hereafter to be called "pro-caine."
"Pro-caine" is a local anaesthetic extensively used in surgery.
It has
largely supplanted the use of cocaine, and has none of the ill effect of habit
The pre-war
per
UNITED
known as
of the 19th inst. in reporting the
action of the Commission said:
.
1
The Abbott Laboratories of Chicago were licensed to produce and sell
"veronal" under a non-exclusive license.
The patent for this important
drug was granted to Emil Fisher for E. Merck, of Darmstadt, Germany,
one
sale in the United States.
on
"Journal of Commerce"
to run
will find ready
Commission
"novocaire," which is to be
the exportation of butter, except to na¬
tions
States in war. The Food Adminis¬
tration requests butter makers and dealers, therefore, to abandon certain
types of packages used in shipping butter to the Orient, the tropics and
other sections outside the selected list of countries.
They should use only
packages like tubs and boxes that are known to the American trade and
has been placed on
associated with the United
to manufacture and
heretofore have been controlled by
three American firms
patents were granted by the
Dec. 19. These drugs are
which is hereafter to be known as "barbital" and
Federal Trade
following statement:
An. embargo
to
drugs which
aliens under American
enemy
EXPORTATION OF
BUTTER EXCEPT TO ALLIED COUNTRIES.
Announcement was made by the United States Food
Administration on Dec. 21 that it had placed an embargo
on the exportation of butter from the United States except
to countries allied with the United States in the war.
The
Food Administration in announcing the embargo issued the
STATES
UNITED
•
Trade Board.
Legation of Switzerland,
kill and handle.
back hogs
tion,
Licenses
I make again.
policy.
now a
to the War
could
for the
far as this division
about SI5 50 per hundredweight
the Chicago market until further
should be sent by applicants to the Legation of Switzer¬
Place, Washington, D. C., who will check up the Societe
Surveillance Suisse permit number with their records, and upon their
endorsing the application it will be forwarded by the Legation of Switzerland
Applications
land, 2013 Hillyer
the War Trade Board, tjtie Swiss
be notified.
1
applicant until there is definite in¬
formation lodged with the Swiss Consul in New York or with the Swiss
Legation in Washington as to the steamer on which the commodities are
back your hogs.'
Hold
affect them,
permits from the Societe
procure
approval by the Swiss Legation at
and
forming
qualities of cocaine.
The pre-war
a
price of this drug was
pound to import
last sale,
believes
price for "pro-caine" was $52 per pound, but the
brought $720 per pound. The Rector Company
few weeks ago,
"pro-caine" for $65 per pound, and agrees to sell it at
about $95 per pound.
Right to fix price and judge of the quality of the
production, as usual, is reserved by the Federal Trade Commission.
The licensees are required to pay to the Alien Property Custodian 5%
of their gross receipts.
It is stipulated also in the licenses that the new
It can
name,
manufacture
"pro-caine," must appear on all packages containing the drug.
cases are said to illustrate a rule, which the Federal
Trade
All these
in every case, of limiting profits on drugs manu
this country on licenses to use German-owned patents, and
the high prices which have prevailed since the war began.
Commission will follow
factured in
thus reduce
2506
THE
HAM AND
SUGAR
Postmaster Patten
calls
TO
CHRONICLE
tell
GREAT BRITAIN.
attention
to
the
fact
the
members
troops in that Country
overseas
ported without
or
bodies
or
of
"is
and
what should be done.
more
industries may not be needed."
said,
.
C. Bedford,
President of the Standard Oil
Co., and
who has been Chairman of the Council
of National Defense
Committee on Oil and Petroleum
Products; Daniel Willard,
Chairman of the War Industries
Board; Dr.
the
in France may be im¬
field,
the Fuel
Harry A. Gar¬
Administrator, and Clarence A. Woolley,
representative of the Department of Commerce
PACKAGES OF
MERCHANDISE FOR CUBA
Trade Board,
MUST BE
for
the
future
it
will
be
a
notice to the effect that
remarked,
that the present plan will not
get results, but, he pointed
out, any plan would fall short of the ideal.
After
saying
legislation by Congress will be
necessary before the
country can have a plan of one centralized control for
pur¬
chasing such as the British Ministry of
Munitions, Mr.
Willard said that because a
Ministry of Munitions had been
established in England it does not follow
that such a plan
the
monthly magazine,
because of the high cost of
materials, paper, &c., was made
known by Arthur S.
Moore, Treasurer, at the offices of the
McClure Publications, Inc., this
city on Dec. 21.
It was
at first proposed to
change the form of the magazine, but the
effect Jan. 1.
discontinue
would be successful here.
He contrasted the smallness of
the size of Great Britain with the
vast geographical limits
of the United States and said
that while one man control in
a
the publication
duration of the war, the
suspension to take
Mr. Moore in
It
is
energies and
so-called
that
the
600,000 and that it had
magazine had
at
one
time
circulation
a
reached
F. L.
one man
less
essential
of
000
was
the War Service Conference held in
Dec.
men
on
Dr.
Garfield
Co-operation with the Council
addition to Mr.
are
Catchings the
of National Defense.
In
members of the committee
Lewis E. Pierson, William
Butterworth, Hon. Charles
Ferguson, John H. Fahey and Harry A.
Nagel, Homer L.
Wheeler.
The
new central
committee was empowered
by
the convention in its resolutions
either to increase its number
or
to
organize
various
war
an
advisory council from the Chairmen of the
committees, or both.
The convention
service
voted that where there
are
at present war service
committees
they be requested to ask recognition of the War
Committee
of the National
The
branch of
of
the
Chamber
W. S.
industry, its
purpose
war
service
Mr. Catchings explained
bringing the members to Washington,
pointing
they will be known as "War Service" committees.
Gifford, Director of the council of National
Defense,
addressing the gathering stated that the
co-operative com¬
mittees of the Council of National
Defense, which have just
been dissolved, had
played a most important part in
assisting
the Government tto
organize the war.
He paid a
high tribute
in
to their faithful and unselfish
work, but he said it had be¬
apparent that it would be advisable to
have the in¬
dustries themselves name
committees which should do
some
of the work which had been
done by the Council's
committees
which had been named
by the Government.
An anomalous
situation had been
created, in a technical way, he
said, by
the existence of
committees, sworn officials and
employees
of the
Government, who at the same time represented their
industries:
Mr. Gifford said:
come
"It is not going to be
completely, but
go
we
be pub¬
proposed the idea that there might
ever
so.
He gave figures to show that
being produced and supplied to all industries in
larger
quantities than in normal times, but that the United
States
50,000,000 tons short of the unusual demand.
These
is still
figures led him to suggest willing,
co-operative conservation
the only method
by which American business can get out
as
of the hole it is in for want
of coal.
Edwin B. Parker, of
the Priorities Board, who
spoke in place of Judge Lovett,
Director of Priority in
of the War Industries
increase
Transportation, analyzed the objects
Board,
production if
as
he conceives them: First, to
and second, to curtail
necessary,
demand if necessary to meet
supply.
of the Commercial
Economy Board in
ing the demand in
He told of the work
connection with
woolen goods down to the
bring¬
supply.
The
remaining object of the Industries Board, he
said, was to
distribute supply, and in that work
lay the real object of the
direction of priority in
transportation.
think
CONGRESSIONAL INVESTIGATION OF
SHIPBUILDING
"
SITUATION—HARRIS RESIGNS AS GENERAL
representing virtually every
being to effect a mobilization
of the industries of the
country.
the object in
out that
such list would
Chamber.
meeting brought together Chairmen of
committees
industry
no
present wished to do
coal is
tral committee is to be the
National Chamber's War Com¬
on
the
purpose
12, at the call of the Chamber of Commerce of
the
United States, resolutions were
adopted creating a Central
War Industries Committee of the
Chamber.
The new cen¬
mittee, of which Waddill Catchings is
Chairman, and which
was
formerly known as the National Chamber's Committee
on
thought had been
by agreement in each industry with the
of reducing the consumption of
coal, and said he
would be glad to make such an
arrangement if the business
CHAMBER OF
Washington
The
represented, and which
non-essential, and said that
lished.
COMMERCE.
At
industries.
industry.
be combined action
S.
country of the
was called a
"non-essential"
Dr. Garfield said that he had refused to
accept
the
responsibility for calling that or any other
1,000,000.
Magazine."
U.
a
Dr. Garfield spoke
presented to him that it might be
necessary to cut off fuel
some industries.
A list had been
presented to him of
between 500 and 600
industries, in one of which $1,000,000,-
Collins, President of the McClure Publications,
Inc.,
has been editor of the "Ladies World"
as well as
Managing
Editor of "McClure's
WAR SERVICE CONFERENCE OF
centralization in
to
resources for the
development of "McClures" Magazine and its allied Interests.
reported
country might be highly successful, there might be
against
great size of the United States. |
announcing this said:
as a war measure to conserve all our
conduct and
small
reasons
We have decided to
discontinue the publication of the "Ladies
World"
in its present size with the
current January number and
to postpone the
making of the new-sized magazine until after the war.
We take this step
strictly
as
that
The decision to
suspend, for the period of the war,
"Ladies World," a
to
the War
evidenced in the work of the
Board, of which he has recently
become Chairman.
It has been said, Mr. Willard
publication of the
finally reached
on
those who addressed the
Government
necessary
INCREASED COST OF PUBLICATION CAUSES
SUSPENSION OF "LADIES WORLD."
was
of
Mr. Willard discussed the industrial end of the
He analyzed some of the criticism
which he said had
been leveled at the
plan of activities of the
delivery in Cuba.
decision
some
war.
to attach a Customs
Declaration to each package of merchandise mailed in
the
United States and addressed for
at least for the
also
were
meeting.
ACCOMPANIED BY CUSTOMS DECLARATION.
Postmaster Patten has issued
It is obvious
essential than others, but it
the time will not come when
the so-called
democratic formation of committees
by the industries
by the Government."
a
A.
license.
a
can
going to be
and not
containing
individual
are
Mr. Gifford spoke of the
question of possible Government
recognition of the war service committees.
"This," he
sugar into Great Britain is also prohibited
except under license issued by the Royal Commission on
Sugar Supply; but, as a concession, parcels
to
industries
foolhardy to think that
less essential
importation of
addressed
some
would be
importation into Great Britain of ham by parcel post is
prohibited except under the authority of a license issued
by the British Board of Trade, unless it can be proved that
the goods are bona fide presents to the addressees.
The
sugar
the Government what
that
that
[Vol. 105.
MANAGER OF FLEET CORPORATION.
The
resignation of Rear Admiral Frederick R. Harris as
General Manager of the
Emergency Fleet Corporation of
the U. S.
Shipping Board, announced on Dec. 18, after
only sbout a month's service with the
corporation, and the
delay in the shipbuilding program occasioned
by the numer¬
ous
resignations and removals from the executive offices of
the Fleet
Corporation since its creation last April has im¬
pelled Congress to inquire into this
important branch of the
Government service.
Resolved,
an
easy task to organize
we are
new
industry in this country
going to do it effectively,
war
service
committees
so
of
that
the
we
may
Chamber
That
now
the
Committee
on
Commerce
or
any
sub-committee
thereof be and hereby is authorized and
directed to proceed at once with
an
investigation of the program, progress, and all matters
connected
-vylth the
building of merchant vessels under the direction of
the United States
Shipping Board Emergency Fleet
Corporation and report its findings to the
Senate at the earliest
practical day, together with such
recommendations
it may see fit to make as to
remedies of
existing difficulties, if any; and
for the purpose the Committee is
authorized dur ng the
Sixty-fifth Con¬
gress to send for persons, books, and
papers; to administer oaths, to
employ
a
stenographer at a cost.not exceeding $1 per printed
page, to report such
as
ahead and have these
An
investigation into the shipbuild¬
being made by the Senate Committee
on
Commerce, under authority of the
following resolution
unanimously adopted by the Senate on Dec. 18:
ing situation is
J
Dec. 29 1917.]
hearings
THE
be had in connection with any subject which
as may
ing before said Committee, the
may
CHRONICLE
be pend¬
thereof to be paid out of the
expenses
tingent fund of the Senate, and that the Committee
con¬
sub-committee
or any
Corporation rendered
stated, however, that
valuable
very
of the main
one
service.
reasons
is
It
for the ap¬
pointment of Mr. Piez
thereof may sit during the sessions or recess of the Senate.
The fact
Fleet
that Rear Admiral Harris had asked to be
re¬
as Vice-President in charge of con¬
struction, thus relieving the Admiral of much of Ms authority,
lieved of the duties of General Manager of the Fleet
Corpora¬
was
tion, which
Board that the Admiral's
first made known
was
Dec.
on
17, caused
a
distinct stir in official circles at Washington.
The reason
for Admiral Harris' resignation, it was
stated, was that he
had
found
the
in formally
uncongenial.
position
Chairman
Hurley
announcing the Admiral's resignation
Dec.
on
TMs
knowledge, it is said, is possessed in marked degree by
Mr.
Piez.
The fact that Rear Admiral
had been
Manager, relinquished by Rear Admiral Harris.
ment
reviewing the circumstances leading
Harris' resignation, Chairman Hurley said:
In
a
.
"The Emergency Fleet Corporation was organized in the same form as
other large and successful corporations.
The Chairman
of the
Shipping
Board is the President of the Fleet Corporation, and there are two Vice-
Presidents, R. A. Donald of the Board, and Charles A. Piez, elected
eral weeks ago.
There is
usual Board of
"In
sev¬
Board of Trustees, which corresponds to the
Directors, and of which the President, Vice-President, and
members of the
cisely the
a
Shipping Board
members.
most noted
effect
a
organizers and engineers in the country,
reorganization.
is assured
conditions
in
Production
This
reorganization
is
was
requested by
nearly
shipyards of the country.
Mr. Piez
spending considerable time in
many
the
of the representative plants.
health,
was
designated General Manager..
was
1,
kind, involving policy
well
as
I suggested that
tainly have to be submitted to the Board of Trustees,
mitted in any corporation to the Board of
as
Fleet
matter of this
a
possible legislative approval,
as
would
it would be sub¬
expenditure qf
an
opinion that his authority
service
more
was to
elsewhere.
from
"Mr.
Secretary Daniels
on
Nov. 23 also made
that
Admiral
Capps.
grasp
constructor
selected
to
recom¬
replace
The following is the Admiral's letter of
.
NAVY
DEPARTMENT.
Washington, Nov. 15 1917.
Dear Mr.
President—With
I beg to inform
great regret
that the
you
physical disability under which I labored at the time of
my assignment
duty with the Emergency Fleet Corporation has increased to a serious
to
and my medical
extent,
adviser has stated that I cannot
continue my
present duty without very serious impairment of health, the developments
during the past month having been especially unsatisfactory.
In view of these conditions
I
request that I
may
be relieved from
my
present duties with the Emergency Fleet Corporation as soon as possible.
of the
previously brought to the attention of the Chairman
Shipping Board and the Secretary of the Navy,
the last-named
officer having, by your direction, assigned me to my present
duty.
May I add, in conclusion, how deeply I appreciate the trust and
fidence you
have at all times reposed in
me,
especially
as
con¬
shown in
my
present assignment to duty as General Manager of the Emergency Fleet
Corporation, and I shall look forward to the privilege of giving such further
as
be within the limits of
may
physical capacity
my
as soon as
I
have had the opportunity to recuperate somewhat from the recent rather
strain.
severe
I felt
Very respectfully,
W.
•
L.
CAPPS,
Chief Constructor, U. S. N..
*
be limited, and he would be able to render
The Board of Trustees concurred in
this
Wilson
President
judg¬
in
accepting
has been
program
strong and his knowledge of actual conditions in the yards
definite
Rear
Admiral
Capps's
resignation, wrote:
THE
the whole shipbuilding
upon
be
resignation.
shipbuilding.
Piez's
Darnels in which the Chairman
naval
a
Admiral Harris then expressed the
feeling that their duty required, careful consideration of projects
ment,
apart
This
departure from the corporation's function of shipbuilding.
a
conference with the
Board to Secretary
mended
service
approval to
$12,000,000 for housing operations in connection with the shipyards.
being
cer¬
Directors.
"He also wanted to give his immediate
that the trustees should pass upon it.
on
reor¬
in progress he suggested to me that the Emergency
Corporation be moved to Philadelphia.
a
This matter has been
While the
by Secretary of the
Nov. 23, following
on
Chief Executive.
our
shipyards,
"Admiral Harris, upon the retirement of Admiral Capps on Dec.
ganization
Its
head of
was
Committee, which investigated conditions in
account of ill
me to
completed.
by the fact that it derives its inspiration from the actual
the
Capps had tendered his resig¬
announced
public Admiral Capps's letter of resignation, the President's
reply, and a letter from Chairman Hurley of the Shipping
-
expedite the actual production of ships, the groundwork
of plans having been laid by previous managements, Mr. Piez, one of the
success
Navy Daniels
was
The organization is pre¬
that of the usual corporation.
same as
order to
are
nation to the President
state¬
to Admiral
up
believed to be the opinion of the Shipping
was
experience did not fit Mm for deal¬
ing with the present sMpbuilding situation, wMch requires
extensive knowledge of efficiency methods in production.
18 stated that Charles A.
Piez, the Chicago engineer, who
serving as Vice-President of the Emergency Fleet
Corporation, would assume also the duties of General
that it
so
WHITE
HOUSE.
Washington, Nov. 23 1917.
,
as a
My Dear Admiral Capps—It is with something more than regret that I
result of his study in the field that the best results can be obtained by com¬
have received through the Secretary of the Navy your tetter informing me
bining his function
as
Vice-President with those qf General Manager.
has been designated as General Manager.
whose
so
He
Former Rear Admiral Bowles,
practical shipbuilding experience was gained
as
President of the Fore
of the
necessity
done
there
under to relinquish your duties in connection with
you are
the Emergency Fleet
I have admired the work
Corporation.
know with what devotion and intelligence you have done it.
charge of construction plans, is to be assigned
very
rection of affairs.
an
important part in the di¬
James Hey worth has been placed in charge of wooden
ship construction and Charles Day, another foremost engineer and
pro¬
"Underlying the reorganization which
Mr. Day, for in¬
stance, served with Mr. Piez in the personal visits of the Production Com¬
mittee to the shipyards,
tained.
where actual construction conditions
Mr. Day then went to
England, where he made
an
were
ascer¬
exhaustive in¬
vestigation into the methods which prevailed in the shipyards there.
has
returned and becomes
now
one
of the important factors in our
He
draw, and it particularly distresses me to know that the cause is your
soon
as
I will yield to your desire and assign you to other duties as
your
health will permit you to undertake them, but I want you
what reluctance I
to know with
do
I realize
esteem and confidence.
so
and with what genuine personal
that you have remained longer at
now
your
present post than your strength justified, and I know that you have
done
so
from motives of
you as a
patriotism.
May I not express
a
already is apparent in all the yards.
report which has been carefully checked up and
which shows that there is
at any time since the emergency program was
launched.
turn
"The
and
it
ships
on
the seas.
We
are
on
dead weight tons under construction and
contract."
Ms resignation
as
Gen¬
Docks in the
on
position
as
asked you
Secretary Darnels early
the 18th stated that the Admiral would get
Ms former
to detail him to some
Charles Wellman Parks, U.
of Yards
will be
and Docks.
assigned to
It is
some
S. N.,
now
as
of
Civil
Engineer
head of the Bureau
said that Admiral Harris
special Construction work in the
year,
and is the youngest Admiral in the Navy.
He had
proved successful
as
CMef of the Bureau of Yards and Docks.
His
as
General Manager of the Fleet Corpora¬
appointment
tion to succeed Rear Admiral
announced
miral
Washington Lee Capps
by President Wilson
on
Capps had been in ill health for
Nov.
some
24.
was
Rear Ad¬
time past, and Ms
condition became such that, upon the advice of his physician,
he tendered Ms
resignation to President Wilson.
Capps's resignation, it
was
ing
not due to lack of
program
stated by all parties concerned,
as one
j
Admiral
of the great naval constructors in
and while General Manager of the Emergency
reports, confirming what Admiral Capps
The work that Admiral Capps has been doing has won the
to all of us.
admiration of the officers and trustees of the Emergency Fleet Corporation.
to
than personal concern for his health, could bring
join in his own request for a transfer to work less arduous.
We
have
been
building up
the organization of the
Emergency Fleet
Corporation, bringing Into it the best organizing and engineering
the country, and we
of part of
the tremendous work he has been doing, we would be able to
the pressure upon
As the program
him.
of shipbuilding is enlarged, the duties and responsibilities
of General Manager
has
also must be enlarged, and Admiral Capps reluctantly
yielded to the advice of his physicians.
Capps
has
sense
My association with Admiral
abilities have so won my
sense of loss in lotting him go,
been so congenial, his remarkable
admiration, that I am divided between a
and
skill in
have been hopeful that, by relieving Admiral Capps
of personal
loyalty to him in suggesting that you approve of his
request, in order to conserve
in work where
his health and retain his skill and experience
physical endurance will play a smaller part.
Incidentally, Admiral Capps's work has convinced me that his successor
should be some one trained in the same service, a naval engineer or con¬
structor.
Might I not ask you to look over the field and suggest some of
equal skill and devotion to the Nation's interest?
Faithfully yours,
EDWARD
harmony in carrying out the sMpbuild-
with the SMpping Board officials,
Capps is recognized
the world,
was
Admiral
Fleet
doubtful whether the admiral could continue to hear the burden.
I need not tell you that these
ease
Admiral Harris is in Ms forty-second
Navy Department.
He has told me of the advice
himself has told me on numerous occasions, are a source of great concern
No consideration, othor
nomination
the
other post.
Dr. Grayson suggested to me a few weeks ago that it was
Corporation.
us
Senate
BOARD.
which is that his health will not stand the contantly in¬
mitted
the
SHIPPING
Washington, Nov. 19 1917.
position back, but President Wilson later in the day sub¬
to
STATES
creasing strain of the work of General Manager of the Emergency
CMef of the Bureau of Yards and
Navy Department.
as
My Dear Mr, Secretary—Admiral Capps has informed mo that he has
very
to Ms former
.
Josephus Daniels, Secretary of the Navy, Washington, D. C.
Hon.
of his physician,
Manager of the Fleet Corporation, asked to be returned
Secretary Daniels read
.
Admiral Bowles's carefully
Rear Admiral Harris in presenting:
'
•
,
the shipways
close to the point where the results of what
checked figures show 8,385,308
eral
Hurley's letter to
UNITED
has been done will be apparent to every one.
under
Chairman
follows:
out.
plans of last May have been translated into hulls
* •
Care of the Secretary of the Navy.
Admiral Bowles's
reports show that construction work is progressing as fast as human labor
WILSON.
I^ear Admiral W. L. Capps,
1
better basis for optimism than there has been
a
obligation to
Cordially and sincerely yours,
WOODItOW
"The result of the reorganization
can
my
public servant?
spejeding-
up program.
Lloyds has just made
a
grqat loss to the Emergency Fleet Corporation that you must with¬
Of course,
has been completed was the desire
bring the Fleet Corporation closer to the shipyards.
It will be
impaired health.
duction expert, is to be manager of the production department.
to
have
you
warmly, for I have kept informed concerning it, and
most
River Shipbuilding Company and who has for a long time been in actual
A
Fleet
was
N.
HURLEY, Chairman.
reorgamzation of the management of the Emergency
Corporation
was
begun
on
Nov. 10 when Mr. Piez
made Vice-President in charge of operations.
Mr. Piez
t*"'
2508
THE
had been President of the Link Belt
garded
CHRONICLE
Company, and is
at
re¬
of wide business and executive experience.
as a man
At that time several other
changes
under guard
are
the entire waterfront of the
port of New York is
nically
on Nov. 10 that the
Shipping Board's decision
re-organize the staff of the Fleet Corporation had been
to
reached after
investigation by a special committee.
This
committee, named by the Board, was headed by Mr. Piez
and had
an
its other members Mr.
as
Mason, Mr. Day and
Frank Kirby, a New York
engineer.
The committee re¬
ported, it was said, that the shipbuilding program was
not
progressing
methods
as
within
it should because of
the
Fleet
lack of business
a
Corporation.
Yards,
they
re¬
ported,
were not obtaining material as rapidly as they needed
Specifications, they found, were changed too often,
it.
and
general lack of harmony existed, they declared, be¬
shipbuilders and the Fleet Corporation officials.
a
tween
On Nov. 16 it
was announced that
Henry Ford, the auto¬
manufacturer, had joined the staff of the Fleet
Corporation, and would lend his talent for standardization
mobile
of production in speeding up the
building of a merchant fleet,
in the capacity of special assistant to Vice-President
Piez.
report issued
a
Nov. 25
on
showing the work achieved
that time by the Emergency Fleet Corporation in the
construction of vessels, and the creation of a merchant
marine,
up to
revealed
was
contracts
have
that
since
the
corporation
organized
was
been
let; .for 884 new vessels, aggregating
deadweight tons; that 426 vessels of 3,029,508
building on the ways were requisitioned, and that con¬
4,724,300
tons
tracts
for
99
other
vessels
of
610,000 tons
pending.
are
This program represents a grand total of
1,409 vessels of
all
military control
of
ton
of New York
Nov.
types,
MEN
aggregating 8,363,808 deadweight tons.
DRAFTED
YET IN
The
FOR
CAMP
Governors
TO
of
MILITARY
GET
the
NEW
SERVICE
BUT
NOT
States
were
an
Washing¬
25)
ail
authorizes the
President
(Sunday night,
docks and
waterfronts
involved
in
trans-Atlantic
shipping
to be guarded
by the Regular Army, in dress uniform to
distinguish them
from enlisted men on other duty,
fully armed and with orders to prohibit
the passage of any person, alien or
citizen, who can not establish a business
for access to waterfront
reason
peril of trespassing
on
Citizens and aliens
areas.
the prohibited
requested the Department of Justice
* The
areas.
are
War
warned of the
Department has
to
emphasize the necessity of a strict
observance by the public of the
military control.
As rapidly as the
machinery of Government can be applied to the ad¬
•
ministration of the service the
military control will be established
same
other American ports.
at all
1
The Department of Justice has authorized
specific instructions relative
to the control of alien enemies in
waterfront areas, conforming to the Presi¬
dent's proclamation, and also has authorized
specific instructions to per¬
sons
owning
operating waterfront shipping facilities.
or
This marks the
inauguration of a new policy, in that the Government in
future proposes to place increased
responsibility upon the owner of shipping
facilities for the safety of merchandise and
supplies owned by tnem or in
their
keeping and contemplates the extension of this policy to include
munitions factories and other establishments
engaged in the manufacture
of
war
supplies.
The regulations issued
Justice
designed to
are
columns
Nov. 24
on
carry
Nov.
on
by the Department of
into effect the President's
19
and
referred
in
to
these
Nov. 24, page 2057,
on
governing the conduct of
aliens in the United States, and providing that
they
enemy
shall not approach within
dock.
Under
100 yards of any wharf, pier or
the regulations
responsibility for the safety
piers and the shipments they handle for
the American forces abroad is
placed directly on the owners
of warehouses and
the
of
warehouses
and
terminals.
They
required
are
maintain the strictest scrutiny of their rosters of
having lists available for the
data
to
as
army
to
employees,
officers at all times with
employee's
every
nativity, present
allegiance, and former places of employment.
They must
also furnish an inspector of
identification, who will identify
to the
military patrol
and wharves.
various
at
tech¬
by
announcement that the port
put under military control in compliance with the
procla¬
of Nov. 16 1917, at midnight
was
the
of
complete
CLASSIFICATION.
evident
Department of Justice
Department of Justice
mation
made
was
That
now
Nov. 25, which said:
on
The
the
proclamation issued
In
it
under
announcement
are
made known
only the "vital points" of the port, and later
to extend the control to other sections of the
harbor.
Chicago engineer, was chosen field inspector for the corpora¬
tion, his duty being to visit the various shipyards to see that
maintaining their maximum efficiency and that they
kept well supplied with labor and materials.
It was
Department of Justice and the Depart¬
Army, it was decided first to place
ment of the East of the
were
a
building of fabricated steel ships was then placed under the
direction of Charles Day, of Philadelphia, and A. J.
Mason, a
they
midnight Sunday, Nov. 25, but after consultations be¬
tween officials of the
made, James HeyChicago contractor, being put in charge of wooden
ship construction, displacing Rear Admiral Bowles.
The
worth,
[Vol. 105.
having business
persons
the piers
on
A pass card system is to be established
which
yesterday
will simplify the admittance of
persons employed on the
Crowder, piers.
The following are the rules announced on Nov.
that there will be no formal calls for deferred
24,
percentages as
regards the responsibility of persons owning or
of the present
operating
quota of National Army men before Feb. 15.
waterfront shipping facilities:
This means, it is
(Dec.
28)
notified by Provost
Marshal
General
said, that all registrants who have been
called into
on
the list
the
are
military service but whose
so
low that
will get the benefit of the
have
been
they
order numbers
not actually in camp
Draft boards
are
classification.
new
instructed, however, to continue sending
men
to make up their deficiencies in the
quotas caused
tion of men
already in the service until
by rejec¬
they have enough
finally placed in the first class.
men
also to expect very
lines of work.
shortly calls for
They
men
were
notified
skilled in special
On
Nov.
as
YORK
WATERFRONT
TROU-ENEMY
UNDER
13.
yards of
dock
of
ALIEN
REGULATIONS.
Certain sections of New York Harbor
were, under regu¬
lations issued by the
Department of Justice, on Nov. 24,
placed under military control.
from the fortifications in and
Coast
near
artillerymen drawn
New York
City, under
command of
Captain W. A. Heath, U. S. A., on Nov. 29
guard at certain "vital points'' of the port,
namely,
in front of the great Chelsea
Piers, south of Twenty-third
assumed
street, and the Southern Pacific Piers in the
Christopher
Street district, from which
points munitions and supplies
are
shipped to the American Expeditionary forces abroad
and the Allies.
Barbed wire fences have been
constructed
in front of the
piers, and everyone (except those vouched
for by the
steamship company officials) is forbidden to enter
beyond this boundary line.
a
One step inside the line
brings
command from the nearest soldier
on
guard, and failure
obey that command will bring, it is said,
summary action
from the guard, who have strict
orders to prevent
to
aliens
enemy
or
any unauthorized persons from
entering the barred
which extends 100 yards from the waterfront.
The plan to place New York
piers devoted to the shipment
of war supplies Under
military control was made known in
I zone
orders promulgated by the
Department of Justice on Nov.
24.
It was originally announced that the
entire waterfront
of New York Harbor
wouldJbej>laced^under military
guard,
a proclamation
providing addi¬
concerning alien enemies, of which Regulation 13 reads
•
An alien enemy shall not
approach or be found within
any
used
canal,
within
nor
directly by
one
one hundred
hundred yards of any wharf,
pier, or
by means of lighters
or
five hundred (500) tons
gross
over
other than
fishing;
by
any
engaged in foreign
vessel
or
or
vessels
domestic trade
nor within one hundred
yards of any warehouse, shed,
or other
terminal, storage or transfer facility
operated in connection with any such wharf,
elevator, railroad terminal
adjacent to
and
or
pier,
whenever
the
distance
or
dock;
between
any two of such wharves, piers or
docks, measured along the shore line
connecting them, is less than eight
hundred and eighty yards, an alien
enemy shall not approach or be found
one
The
MILITARY CON-
1917 the President issued
follows:
within
NEW
16
tional regulations
hundred yards cf such shore line.
object of the proclamation is
to provide adequate
protection of
shipping and of docks, piers, wharves, warehouses;
^elevators, and similar
waterfront facilities actually engaged in the
operation of shipping, particu¬
larly the shipping of munitions and supplies to the American
expedition¬
ary forces and to the Allies.
This protection of
property cannot be main¬
tained without the fullest
co-operation on the part of thcwse
owning or op¬
erating these facilities,
tion
rests
that
this co-operation
upon
and the
them equally
will
responsibility for affording such protec¬
Government officials.
Assuming
with the
be cordially
Justice has therefore promulgated the
be strictly complied with:
1.
entered into, the Department of
following instructions, which must
In order that notice may be
promptly be given by the Government of¬
to the operators of all waterfront
ficials
person
facilities, every corporation or
operating such facilities must immediately designate some
person
whom the Government officials
may serve such notices.
These persons
are to be
designated at once, and their names and addresses forwarded to
the United States Marshal of the district in
which the waterfront
facility
is located.
on
2.
Every operator of
proclamation
spectors
at
shall
his
a
waterfront
immediately
own
expense,
the dock, wharf, warehouse
shall
or
be maintained during all
to
facility included
appoint and
be stationed
in the scope of the
maintain
one
for
of the hours, day
the dock
or waterfront facility is
being operated.
inspectors to identify to the Government patrol
identification
every
other waterfront facility.
entrance
Such
in¬
to
inspectors
night, during which
It is the duty of these
or
all
persons
entitled
to
access to the waterfront
facility, and this system of identification is to
applied both to officers and employees of the wharf or
warehouse,
and
also to truck drivers, pedestrians, and all other
persons having legitimate
It is the duty of such inspectors to
business at such waterfront facility.
to it that all persons who enter
upon the docks, after being identified
shall depart therefrom at the conclusion of their
business, so that no
see
person
shall lurk
3.
for
on
the premises after the
completion of his business.
The operator of such waterfront
facility shall at once prepare, ready
the inspection of Government
officials, and keep on the premises, a
complete and accurate record of all of its officers and
employees, containing
for each person the
following data:
Dec. 29 1917.]
(a)
Name
place,
THE
address.
and
(5)
Nationality—and
and time of naturalization,
previous place of employment.
if
Date when
(c)
naturalized
employed,
In order that business
2509
citizen,
Last
(d)
be unduly
may not
interfered with, as speedily as possible after the completion of such record,
a
card system will be put into operation by the Government, under
pass
which each employee shall be
The
employer must
such pass
4.
provided with
suitable card of identification.
a
suitable precaution for the issue and
use
notice,
in
duties,
and
applies both to
the
its employ,
employment.
of their
hours
the
6.
United
waterfront facility shall on
a
States
of fire patrol
system
requirement
Marshal,
in
writing,
or
before Dec. 1, file
describing its
statement
a
and fire prevention.
,
.
These regulations are prescribed for the purpose of aiding and
enforcing
the President's proclamation. The requirements of that proclamation
be 6trictly complied with.
must
Under no circumstances will alien enemies
be
permitted to enter the waterfront prohibited areas defined by said proclama¬
tion, and the operators of the waterfront facilities referred to will be held*
responsible for keeping alien enemies off their premises.
f
Nov. 22 stated that it
on
had been learned that the United States Government would
alien
proclamation
Berlin authorities that
information
The
restrictions
permit
under
a
in order to
assure
the
be
to
was
transmitted
representing the hostile
now
Governments at the two capitals.
rail
of
traffic
only to-day that they had been warned
a
laws
The
could
be
not
permitted."
CONTROL OF
TRANSPORTATION
action
expected
taken
war was
control" of the
12 o'clock
made
looking toward
the
Dec. 26, when he issued
on
transportation systems beginning
Dec. 28
noon
(yesterday).
had
he
that
known
At the
directed
that
time
same
"possession,
control, operation and utilization" of these systems would
be
exercised
William
by and
G.
through
McAdoo,
that
"a
Secretary
been
has
In
statement
a
the
of
Treasury
designated
who
General of Railroads.
Director
in which he set out
great national necessity" had dictated his action,
President Wilson stated that immediately upon the reassem¬
bling of Congress after the holiday
until Jan. 3, he would
that
the
which continues
railway properties will be maintained during the
equipment
when taken
as
the roads shall receive
to the average
case
recess
recommend legislation guaranteeing
period of Federal control in
June 30 1917.
a
good repair and
as
said
systems."
The
net
operating income equal in each
net income of the three years preceding
Under the
proclamation control is assumed
controlled systems of
coastwise and inland transportation,"
engaged in transportation, whether operated by steam
electric power,
or
by
including also terminals, terminal companies
and
terminal
cars
and
and
telephone lines and all other equipment and appurte¬
associations, sleeping and parlor
private
combined
or
It is
car
rail
rail
routes
and
water
With
systems.
part of such rail
transportation."
of
intention to take
having
regard
as a
systems
no
steamer lines
or
operated
upon or
pointed out that there is
water
private
cars,
lines, elevators, warehouses, telegraph
commonly used
nances
of Railroads.
no
the
to
Below
give the President's proclamation:
we
PROCLAMATION:
Whereas, The Congress of the United States, in the exercise of the Con¬
stitutional authority vested in them, by joint resolution of the
House of
"That
the
of
state
between
war
affecting
over
local
connection with the
electric
"street
systemsB the
railways be
such railroad
companies of systems."
ever,
over
these
be not owned
controlled by
He indicates, how¬
over
the
or
desirable
of
Wednesday to exercise
transportation systems the President states
"it is necessary for the complete mobilization
resources
that
should be
organized and employed under
and
or
properties action to this end will be taken.
With reference to his decision
control
passenger
called interurban,
that if it should later be found necessary
to take
that
electric
commonly
whether such
or
a
the
of
our
transportation systems of the country
a
single authority
simplified method of co-ordination which
has
not
proved possible under private management and control."
He takes occasion to state that "the committee of railroad
executives who have been
co-operating with the Government
have done the utmost that it
but
he adds
that
"there
was
were
neither escape nor neutralize."
possible for them to do"
difficulties
He further
that
they could
says
that "com¬
plete unity of administration in the present circumstances
involves upon
occasion and at many'points
United
States
and
the
Imperial
Government which has thus been thrust upon the United States
hereby formally declared, and that the President be, and he is hereby,
authorized and directed to employ the entire naval and military forces
Imperial German Government, and to bring the conflict to
a
of the country are
resources
a
hereby pledged
by the Congress of the United States."
States
state
a
serious dis¬
of
of America
is
war
and
hereby declared to exist between the United
Imperial and Royal Austro-Hungarian Gov¬
the
ernment, and that the President be, and he is hereby, authorized and di¬
rected to employ the entire naval and military forces of the United States
and the
resources of the Government to carry on war against the
Impeiral
Royal Austro-Hungarian Government, and to bring the conflict to a
and
successful
termination all the
resources
of the country are
hereby pledged
by the Congress of the United States."
And, whereas, It is provided by Section 1 of the Act approved Aug. 29
1916, entitled " An Act Making Appropriations for the Support of the Army
for
Fiscal
the
Year
Ending June 30 1917, and for Other Purposes,"
as
follows:
"The President, in time of war, is empowered, through the
Secretary of
War, to take possession and assume control of any system or systems of
transportation, or any part thereof, and to utilize the same, to the exclusion
as far as
may be necessary, of all other traffic thereon, for the transfer
or transportation of troops, war material and equipment, or for such other
purposes connected with the emergency as may be needful or desirable."
And, whereas. It has
take possession
now
become necessary in the national defense to
assume
and
control of certain systems of transportation
and to utilize the same, to the
than
exclusion
traffic thereon, for the
war
equipment
therefor,
and
for
Now,
therefore,
I,
far
needful
other
Woodrow
as
be necessary of other
as may
transportation of troops,
nected with the prosecution of the war;
and
war material and
desirable
purposes
President
of the
under and by virtue of the powers vested in me by the
United
States,
foregoing resolutions
enabling
do hereby,
me,
through Newton D. Baker, Secretary of War, take possession and
control at
each
and
12 o'clock
wholly
States,
and
coastwise
whether
noon
or
inland
of railroads,
companies and
private cars and
and
owned or
engaged
transportation,
operated by steam
terminal
the appurtenances
and
thereof
in part within the boundaries of the continental United
consisting
and
assume
the twenty-eighth day of December 1917, of
on
of transportation
system
every
con¬
*
Wilson,
and statute, and by virtue of all other powers thereto
controlled systems of
in general transportation,
by electric power, including aLso terminals,
or
terminal associations, sleeping and
private car lines, elevators,
parlor cars,
warehouses, telegraph and
telephone lines, and all other equipment and appurtenances commonly used
upon or
operated
as a part
of such rail
or
combined rail and water systems
of transportation—to the end that such systems of transportation be utilized
for the transfer and
exclusion
the
to
and
that
far
so
transportation of troops, war material and equipment
far
so
as
such
as
may
be
exclusive
necessary
use
be not
of all other traffic thereon,
necessary
systems of transportation be operated and utilized in
other services
such
and
as
the national
interest
may
desiarble. such
or
the performance of
require and of the
usua
1
ordinary business and duties of common carriers.
It is
hereby directed that the possession, control, operation and utiliza¬
of
tion
such
be
now
the
German
and
as
Senate and
Representatives, bearing date of April 6 1917, resolved:
is
exercised
railways, including railways
hereto¬
as
By the President of the United States of America,
President specifically sets out that his proclamation shall not
construed
Commission
agencies which have to do with the
fore, except that they will be subject to orders of the Director
located
by the Government not only of railroads, but their "owned
or
Commerce
Inter-State
and other Government
complete
as
by the Government, and that
over
upon
And by joint resolution, bearing date of Dec. 7 1917, resolved:
proclamation announcing that he would "take possession
at
imposed
him "so long and to such extent as he shall determine, through
the boards of directors, receivers, officers and employees of
SYSTEMS.
Government operation of the railroads of the country during
he
Director General of
Railroads is authorized to perform the duties
"That
President Wilson's
assume
violation of anti-pooling
of the United States and the resources of the Government to carry on war
PRESIDENT WILSON'S PROCLAMATION ASSUMING
and
"the roads
added
they dared in this direction,
by Attorney General Gregory that
against the
period of the
earnings,"
themselves had gone as far as
and it became known
of statutes prohibiting
reason
and
successful termination all of the
the
The
complete unification of all rail systems, impossible
private operation by
pooling
un¬
on
abuse of their countrymen here is
no
through the neutral embassies
a
course,
dispatches of Dec. 26 in pointing out that
"the chief practical effort of Government operation will be
A
impose
to
naturalized Germans in this country,
contemplated.
of
was,
compensations and adjustments of earnings."
proper
Germany of the steps taken under the President's
enemy
and the committee
railroads, will continue to perform their functions
Dispatches from Washington
inform
earnings,
•
Every operator of
with
This
of watchmen and names of the identification inspec¬
names
tors above referred to.
5.
and
names
brief statement of their pre¬
a
of
Associated Press
to
give formal
once
writing, to the United States Marshal, stating the
addresses of the watchmen in
scribed
surrender of
cards in ordei to prevent their getting into unauthorized hands.
Every operator of such waterfront facility shall at
location
without power or authority to rearrange charges or effect
transportation
by
hereby
systems
me
undertaken
shall
be
by and through William G. McAdoo, who is hereby appointed
designated
form the duties
determine,
Director-General
imposed
through
the
upon
of Railroads.
Said
Director
him so long, and to such extent,
boards
of directors,
receivers,
may
per¬
he shall
as
officers
and
em¬
ployees of said systems of transportation.
Until and except so far as said
Director shall from time to time by general or special orders otherwise pro¬
vide, the boards of directors, receivers, officers and employees of the vari¬
transportation
ous
systems
shall
the
continue
operation
thereof
in
the
usual and ordinary course of the business of common carriers in the names
of their
respective companies.
Until and except so far as
said Director shall from time to time otherwise
by general or special orders determine, such systems of transportation shall
remain subject
merce
of the
to all existing statutes
and orders of the Inter-State Com¬
Commission and to all statutes and orders of regulating commissions
various
situated.
But
States
any
in
which
orders,
said systems
general
Director shall have paramount
or
or
special,
any
part
thereof
hereafter
authority and be obeyed
made
may
by
be
said
as such.
Nothing herein shall be construed as now affecting the possession, opera¬
and
tion
control
of street
electric
passenger
railways, including railways
commonly called interurbans, whether such railways be
or
controlled by such railroad companies or systems.
and
or
be not owned
By subsequent order
proclamation, if and when it shall, be found necessary
or
desirable,
possession, control or operation may be taken of all or any part of such
street
railway systems, including subways and tunnels, and by subsequent
order
and proclamation possession, control
and operation in whole
or
in
part may also be relinquished to the owners thereof of any part of the rail¬
road
are
systems or rail and water systems, possession and control
hereby assumed.
/
of
which
2510
THE
The Director shall, as soon
as
CHRONICLE
be after having assumed such
may
carrying out the Government's
posses¬
sion and control, enter upon negotiations with the
several companies looking
to agreements for Just and reasonable
compensation for the possession, use
and control of the respective
properties on the basis of an annual guaran¬
teed compensation above
accruing depreciation and the maintenance of
This
in
for such action
as
may
But nothing herein contained,
expressed or Implied, or hereafter done
or
adequate
use
compensation
for
the
and
control
and
operation
I
Regular dividends hitherto declared, and
maturing Interest upon bonds,
debentures and other obligations,
may be paid in due course; and such
regular dividends and interest may continue to be
paid until and unless the
said Director shall from time to time
otherwise by general or special orders
determine.
And, subject to the approval of the Director, the various car¬
assent of said
Director,
no attachment
time
granted
were
It has become
This is
a war
by the Act
me
imperatively
of
Secretary
of
a
single authority and
a
War Board, would continue
it has since its organization and would act as his
advisors,
that the operating committee of Eastern railroads
would
remain and that the American
as
coun¬
Congress of August, 1916, be¬
Railway Association would
so.
perhaps
continue to advise what
even more than
efficiency.
in
the present
into
Julius
charges
or
effect proper compensations and adjustments of
Several roads which
Harrison,
The
common
direction.
railways need not then interfere
with the
and they themselves can be conducted
in railway securities may rest assured
to clear the
at
great
advantage.
Investors
upon the
reassembling of Congress I shall recommend that
First, of course, that the railway properties will be maintained
during
the period of Federal control in as
good repair and as complete equipment
as when taken over
by the Government, and, second, that the roads shall
receive a net operating income
equal in each case to the average net income
of the three years
preceding June 30 1917; and I am entirely confident that
the Congress will be
disposed In this case, as in others, to see that justice is
done and full security assured to the
owners and creditors of the
great sys¬
tems which the Government must
now use under its own direction or else
suffer serious embarrassment.
The Secretary of War and I
are
agreed that, all the circumstances be¬
ing taken into consideration, the best results can be obtained under the
im¬
mediate executive direction of the
Honorable William G. McAdoo, whose
practical experience peculiarly fits him for the service and
whose authority
as Secretary of the
Treasury will enable him to co-ordinate as no
other man
could the many financial Interests which
will be involved and which
might,
unless systematically
directed, suffer
very
embarrassing entanglements.
The Government of the United States
is the only great Government now
engaged in the war which has not
already assumed control of this sort.
It was thought to be in the
spirit of American institutions to attempt to do
and ability
was
necessary through private management; and If zeal
and patriotic motive could have
accomplished the necessary
administration, it would certainly have been
unification of
accomplished;
but no zeal or ability could
overcome insuperable
obstacles, and I have
deemed it my duty to
recognize that fact in all candor now that it is demon¬
strated, and to use without reserve the
great authority reposed in me.
A
great national necessity dictated the action
and I was therefore not at liberty
to abstain from it.
McADOO URGES PUBLIC TO
SUPPORT
ERNMENTS OPERATION OF
RAILROADS.
W# G. McAdoo, in
a
statement issued
Deo.
GOV¬
27, in
necessity of securing the united
support of railroad interests and the public
generally in
on
recom¬
measures
ON
THE
TAKING
OVER
OF
THE
RAIL¬
banking and rail¬
interests, the selection of Secretary of the Treasury
road
McAdoo
cism in
Director General of Railroads
as
some
came
in for criti¬
quarters, notably among Congressmen.
J. P.
Morgan in endorsing the Government's action expressed the
view that Mr. McAdoo would have
his
undertaking.
"in
hearty co-operation in
Mr. Morgan said:
opinion the President's action should be a great relief to the situa¬
The railfoads, with every desire to help as much as
possible in win¬
my
tion.
ning the
war,
have found themselves hampered by division of
authority
As this situation
and by the competitive policy Imposed on them by law.
could only be relieved by Federal action, it is
action taken.
I
am sure
great satisfaction to
a
see
that
that Mr. McAdoo will have the heartiest
co-oper¬
ation from every one In the great task he is undertaking."
Charles H.
of this
Sabin, President of the Guaranty Trust Co.
saw beneficial effects in the Government's
city, also
he expressed himself
move;
as
follows:
"President Wilson's action in taking
being
a
constructive and statesmanlike
over
the railroads impresses
move,
which
can
me
as
have only a bene¬
ficial effect upon the business of the country, the security markets and the
prosecution of the
tion is broad and
to
war.
The statement he issued in explanation of his ac¬
sympathetic in its tone, and expressed a manifest intention
guard the interests of investors, which is most reassuring.
the
In furthering
public interest it is manifest that the financial interests of the Govern¬
ment and the financial interests of the railroads will both be
a
common
benefited under
direction; and if the problems of readjustment, which
tain to arise in this
new
relationship,
are
cer¬
are worked out in the same under¬
standing and sympathetic spirit, as may be expected, it will
mean
much for
the future of transportation interests and for the business interests
of the
country.
"it
was
manifestly impossible for the railroads, without
co-operation, to meet the demands
upon
some
form of Gov¬
them, and the plan out¬
lined by the President to meet the situation is both equitable and business¬
like, protecting the roads and serving the public.
Greater co-operation,
increased efficiency and improved credit will all result from the President's
move.
"The selection
which he pointed out the
any
While the President's action with
regard to the railroads
the whole favorably viewed
by both
ernment
G.
taking
was on
WOODROW WILSON.
W.
of the Southern
ROADS BY GOVERNMENT.
borrowings of the Government,
a
these definite guarantees be
given;
everything that
war.
Railway;
freight congestion.
COMMENT
as
Immediately
the
Southern
directions for the immediate
present, but will await
mendations of the War Board before
The financial operations of the
that their rights and Interests will
scrupulously looked after by the Government as
they could be by the
directors of the several railway
systems.
be
the
Kruttschnitt, Chairman of the Board
public interest must be first served, and, in
addition, the financial
interests of the Government and the financial
Interests of the railways must
a
of
General
cumstances and should not be
required to suffer further.
In mere fairness
to them the full
authority of the Government must be substituted.
The
Government itself will thereby
gain an immense increase of efficiency in
the conduct of the war and of the
innumerable activities upon which its
successful conduct depends.
brought under
for wanning
system
President
Quincy, and Howard Elliott of the New Haven
DirectorMcAdoo, it is understood, will issue no orders or
earn¬
were
willingly and with admirable public spirit ac¬
cepting the orders of the committee have already suffered from these cir¬
be
a
Pacific; Samuel Rea, President of the Pennsylvania RR.;
Hale Holden,
President of the Chicago, Burlington &
volves upon occasion and at
many points a serious dislocation of
earnings,
and the committee was, of
course, without power or authority to re¬
arrange
continental
great
one
Fairfax
circumstances in¬
ings.
would be taken to increase
The following five railroad executives, each
plans for welding approximately 255,000 miles of railroad
railway executives who have been co-operating with the
Complete unity of administration
measures
leader in the business of
transportation, will work out the
simplified method of co-ordination
Government in this all-important matter have done the
utmost that It was
possible for them to do; have done it with patriotic zeal
and, with great
ability; but there were difficulties that they could neither
escape nor neutral¬
ize.
of
well
men, as
positions; that the Railroads
by the President,
which have not proved possible under
private management and control.
The committee of
being in conference with members
Board, and other railroad
Robert S. Lovett, Director of Priorities.
As a result of
the conference Mr. McAdoo is said to have
announced that
all railways officials would be
continued in their present
War.
Of men, and it is necessary for the
complete mobilization of our resources
that the transportation systems of the
country should be organized and
employed under
over
the Railroads' War
the railroads:
necessary for me to do
of resources no less than of
men,
WITHOUT CEREMONY.
Director General of Railroads, auto¬
the railroads of the country at noon
as
BAKER,
President;
I have exercised the powers over the
transportation systems of the
cause
sup¬
efficient and
formalities to mark the epoch
making incident, Mr.
were no
ROBERT LANSING, Secretary of State.
try which
more
as
McAdoo at the time
WOODROW WILSON.
over
McAdoo,
matically took
Secretary of War,
Columbia, this 26th day of December, in the year of Our
Lord 1917 and of the
independence of the United States the 142d.
statement issued
from time to
Meanwhile the business
existing railroad organizations with all the
yesterday, under President Wilson's proclamation of Wednes¬
day, printed elsewhere in to-day's issue of our paper.
There
Done by the President,
through Newton D. Baker,
following is the
announced
it is possible to mature them.
as
McADOO EFFECTED
W. G.
In the District of
explaining his proclamation taking
rapidly
TAKING OVER OF RAILROADS BY DIRECTOR GENERAL
or notice.
But for the purposes of
accounting said possession
and control shall date from 12 o'clock
midnight on Dec. 31 1917.
In witness
whereof, I have hereunto set my hand and caused the seal
of the United States to be affixed.
The
as
The
by
further act
D.
will
Director-General of Railroads, upon invitation of the
Inter-State
Commerce Commission, has
accepted offices in the Inter-State Commerce
Building.
The Commission has also placed at the
disposal of the Director
the entire work and facilities of the
Commission.
<
portation systems included in this order and
proclamation shall conclusively
be deemed within the
possession and control of said
Director, without
NEWTON
can
port and power of the Government asserted in behalf of
as hitherto until and
except so far
said Director may, by general or
special orders, otherwise determine.
From and after 12 o'clock on said
28th day of December 1917 all trans¬
the
war
satisfactory operation.
said carriers and judgments rendered
By
We
The supreme test in this
resources.
1918.
Victory will depend upon our speed and
get neither speed nor efficiency unless the railroads
will be conducted
through
mesne process or on execution
shall be levied on or against
any of the prop¬
erty used by any of said transportation systems In the
conduct of their
business as common
carriers; but suits may be brought by and against
as
our
vigorously and that plans and policies will be
obligations;
Except with the prior written
It cannot be done
people of the United
equal to the demands of the situation.
can only say at the
moment that the problem will be taken hold of
are
of their
of
use
come in the year
efficiency.
*
riers may agree upon and
arrange for the renewal and extension of
maturing
difficulty.
unless the
the officers and
cannot
probably
having interests in
in the profits thereof, to receive
just and
persons
property hereby assumed.
as
get the effective
impair the rights of the
said systems of transportation or
as well
employees of the railroads, give to the
Railroad Director their
Intelligent and patriotic support.
I earnestly seek
appropriate and lawful.
stockholders, bondholders, creditors and other
with respect
program
the co-operation and assistance of
every good citizen in this great work.
The operation of the railroads as
a thoroughly unified
system is of fun¬
damental importance to the success of
the war.
Without it we
be
suffered hereunder shall be deemed in
any way to
task is of great
magnitude and
new
moment and it cannot be done at all
a
States,
ending June 30 1917, the
me
new
the railroads said:
to
their properties, equivalent, as
nearly as may be, to the average of the net
operating income thereof for the three-year period
results of such negotiations to be
reported to
[Vol. 105.
a
of Secretary McAdoo as Director General of Railroads
happy
the whole financial structure of the country is
one, as
seems
so much
in-
volvedjin the transportation situation that unity of understanding and
ac-
Dec. 29 1917.]
CHRONICLE
THE
2511
"
tion will be valuable In their direction.
It only remains for Congress to give
effect to the President's program, which I trust is assured.
*''Perhaps the most cheering feature of the situation is that this action means
a
quickening of
national efficiency for winning the war, which is the
our
James Speyer
"As
an
citizen, I
as a
much
am very
pleased at the President's order, and particularly with the statement
companying it.
I have
ac¬
doubt that as Director General of Railroads
no
Secretary McAdoo, having the power, will insist and succeed in arranging
the necessary co-ordination and
lines.
co-operation between the different railroad
The railroad problem,
therefore believe that the
important
new
however, is largely a financial one, and I
selection of the Secretary of the Treasury for this
office is particularly
will realize how
fortunate because Secretary McAdoo
closely related a fair and liberal treatment of those inter¬
ested, directly or Indirectly, in our railroads is in connection with general
and industrial
It is absolutely essential that investors in railroad
war.
securities should be treated
and
are
man
looked upon as a
was
charged to railroads that they are no
in the
One effective effort to help
moon.
them relieve the congestion for which consignees are responsible would
have worked wonders, but the export cargoes awaiting transfer to docks
ships and priority orders have paralyzed them, and
no
and
Government help
has been extended.
"Herein Washington is a striking object lesson of choked yards for which
the rail lines
are
not one whit responsible.
It might well have
without
come
the
There will be relief, of course.
assumption of complete control.
But the world is in revolution, or feverish evolution, and let us believe this
new course is the solution which will add to
efficiency and enhance our
strength."
•
fairly from
RAILROAD
BROTHERHOODS'
'
They have been treated
now on.
Unless the mistaken policy
regulations designed to correct abuses.
recommended by the
who
men
now compose
the Inter-
The heads of the
everybody is bound to suffer more and more.
27.
guarantees" be given, and it is hoped that Congress will act promptly and
political prejudices and partisan spirit."
Samuel Rea, President of the
Pennsylvania RR.,
ex¬
Railroad
granted
a
Chief and National Legislative
"Our conference
statement.
no
principally with the need of the Government
were
hood of Locomotive
not
was
prepared to commit himself, and in Ms statement in the mat¬
CONFERENCE
WILSOIf .
Brotherhoods, at their own
hearing by President Wilson on Deo.
Following the conference, H. E. Wills, Assistant Grand
request,
"The President states that he will recommend to Congress that "definite
HEADS
WITH PRESIDENT
partly through ignorance and partly in consequence of laws
of the past is, as
ter dealt
importance of their good fortune
A hundred ills
responsible for than the
State Commerce Commission, changed at an early date, the country and
sink
ownership must become
activity, and particularly so in connection with the future
financing of the
most unfairly,
word about the
more
of Speyer & Co. said:
investor in railroad securities and
a
tool of capital.
big Job of to^day upon which all our efforts should be concentrated.*'
one
I have long believed that ultimate Government
the logical result of the existing State and Federal legislative
policy.
It
has been the popular thing to hammer
railroads, and one who dared to say
was on
But
you
Representative of the Brother¬
Engineers, said:
informal matters.
may
say
the
They
were
such
as
Brotherhoods assured
to require
President
Wilson they are behind him solidly'in the new program and that they have
been behind him for the last two weeks."
tending financial aid to the railroads; his statement said:
"Samuel Rea, President
at
of the Pennsylvania RR., said he was not prepared
present to make any conclusive statement on the proposed
Governmental
DEATH OF SENATOR NEWLANDS—AND EFFECT ON
The working features of the plan are not yet an¬
control of the railroads.
RAILROAD LEGISLATION.
nounced, and there are many divergent results iri the suggested three-year
The sudden death last
period preceding June 301917 on the roads in the different parts of the coun¬
try.
Monday night, the 24th inst., of Sen¬
ator Francis G. Newlands of Nevada
"The plan would, he presumed, be broadened to provide not only for re¬
newing and extending maturing obligations, which would be necessary to
stabilize the financial structure of the country, but also to provide new capi¬
tal for additions and betterments to road and equipment.
tively required to properly move the war traffic
and naturally the rate structure
on
This is impera¬
should be broadened to
which would have to be made up by
cover
the increased
increasing general taxation.
the railroads must be made self-sustaining.
In short,
Therefore, he felt, the present
was
thought,
the
delaying, if not altering to some extent,
Administration's plans with regard to railroad legislation.
Mr. Newlands
the Pennsylvania system,
cost and charges to avoid the necessity of Congressional appropriation,
might, it
have the effect of
mittee
an
chairman of both the Senate Committee
was
Inter-State Commerce and the Joint Congressional Com¬
on
on
Inter-State Commerce, wMch has been conducting
inquiry into the subject of railway regulation and control,
and had not only
mation and statement, which the President believes Congress will be dis¬
been thoroughly conversant with the rail¬
general, but with the Administration's
views concerning measures for dealing with the problems
growing out of the war. Senator NeWlands's death resulted
posed to endorse.
from
duty of the railroads is to study the situation and confer with the officers
of the Government to ascertain the full scope of the proposed plan, and espe¬
cially to devote their entire
energy to
promptly moving the war traffics;
relying upon the recommendations and assurances contained in the procla¬
"Substantially, these recommendations and statements
are to the effect
that nothing therein contained, expressed or implied, or hereafter done or
road
He
situation
an
was
in
attack of heart disease after
an
illness of
a
few hours.
stricken while at work in the Senate Office Building
suffered under the Government's plan, shall be deemed In any way to im¬
during the afternoon, and
pair the rights of the stockholders, bondholders, creditors and other per¬
WasMngton, where he died at 10:15 p. m.
He had for sev¬
eral weeks been working uninterruptedly on Ms preparations
for an investigation of war time problems, and Ms arduous
having interests in said systems of transportation, or in the profits
sons
thereof, to receive just and adequate compensation for the use, control
and operation of their property thereby
assumed."
Representative F. H. Gillett, aetiiig Republican leader of
the House, in expressing regret at the appointment of Secre¬
was
hurriedly taken to Mshomein
work is believed to have weakened Ms health.
tary McAdoo as Director General described Mm as already
matters
being "the Pooh Bah of this Administration."
week ago had a conference with the
follows:
'
His comment
.
"I deeply regret the appointment of Mr. McAdoo as controller of the rail¬
He is now Secretary of the Treasury, Chairman of
roads of the country.
the Federal Reserve Bank system, Chairman of the Federal Farm
Lo^n
Board and Chairman of the United States Section of the International High
Commission.
I think these
addition, he is recognized
as
places give ample scope to his abilities.
litical adviser of the President.
ministration.
If it
was
In
the great dispenser of patronage and the
po¬
He is already the Pooh-Bah of this Ad¬
necessary
that the appointment, should be
a po¬
litical one, there are other members of the Cabinet who would have excited
less distrust.
It
But I think the appointment to this position of transcendant
business one and not a political or personal one.
should have reciprocated the general non-partisan support that has been
power
should have been
a
extended to this Administration.
Since the loss of the Lusitania I have
carefully repressed all criticism of the Administration.
at times much self-restraint.
It has required
I have loyally supported the President in the
House and at some critical times when many of his own
party
deserted
I intend to continue that support, but I think it proper to express my
him.
regret that this great appointment has not been a less partisan one and has
not been
given to one whose experience and impartiality would inspire
more
confidence."
Senator
a
Harry S.New ofl ndiana was quoted in tbe New
as
follows:'
If it
ownership, It would be calamitous;
of a sentiment for Government
The truth Is that for several years the
railroads have not been under the unfettered management of their own
presidents and responsible heads.
They have been hampered, impeded,
oppressed by all sorts of commissions, both national and State, few of
which have had any
practical railroad knowledge and which, either through
ignorance or cowardice, have failed to meet the just business needs of the
railroads.
"Railroad
more
was
a
President in the matter.
sub-committee of the
member of the
Senate Inter-State Commerce Committee wMch is called on,
under
a
Senate resolution
adopted last week, to inquire into
suggestions respect¬
the Inter-State Commerce Commission's
ing the unification of the railroads.
interest for years had been
tion lines, and in the development of
both for
The Senator's chief
in America's railway transporta¬
national waterways,
transportation and for greater fertility of land.
cause
of his close
these
questions he
Be¬
acquaintance with and deep interest in
was
universally regarded
as
the
pre¬
and probably in
Congress.
As author of the Newlands Act, wMch had
provided a plan of land improvement, in the arid West by
development of waterways, he also was well known. He had
eminent
for
a
expert on them in the Senate
long time pressed legislation for expenditure of many
managers
have had so little authority that they have been little
than high-salaried clerks subordinate to these respective commissions.
The consequences of the
mit of their purchase
failure to grant the railroads rates that would
per¬
of adequate equipment inevitably made themselves
apparent when the roads were called upon to respond to a great emergency.
The railroads have been no better able to meet the unprecedented, prices
of the recent past for
labor, extensions, material for replacement, fuel and
all things that go to make the operation
of
a
railroad at the old£rates al¬
lowed them than have manufacturers and those in other lines of business
been able to make both ends meet without raising
Senator Warren G.
prices.*'
say:
/
"The big thing is to win the war, and since this is the decision of the Chief
appointment of a special cominission authorized by
a comprehensive study of American Waterway
development.
In Ms railroad legislative work Senator
Newlands had been regarded as AdmiMstration spokesman'
on such matters in the Senate.
He piloted the Adamson
Congress for
eight-hour bill through the Senate during the last Congress.
Senator Newlands was sixty-nine years of age.
He was born
in
Mississippi in 1848.
He entered Yale in 1869, and about
later he went to the Columbian College Law
School in the District of Columbia and graduated, being ad¬
mitted to the District of Columbia bar before he received his
two
years
diploma. From WasMngton he went to San Francisco, where
Jie practiced law until 1888. Later he became a citizen of Ne¬
vada and was elected to the Fifty-third, Fifty-fourth, Fifty-
During Ms
member of the House he served on various im¬
portant committees. Succeeding Senator John P. Jones,
Republican, in the Senate on March 4 1903, Senator Newlands soon became an active member of that body, and when
fifth, Fifty-sixth and Fifty-seventh Congresses.
Harding of Ohio had the following to
Executive, charged with the main responsibilities, it must be
°ne.
recently witnessing the partial realization of his hopes in
the
temporary expedient and war. measure It may be necessary.
shall lead, however, to the development
and
the transportation problems, and only a
on
millions of dollars for waterway and irrigation improvements,
York "Times"
''As
bearing
The Senator
v
He had been
in close touch with President Wilson in the consideration of
the accepted
ten years as a
2512
CHRONICLE
THE
the Democrats gained control he was made head of the Inter¬
Commerce
state
Committee.
In
1908
submitted
he
candidacy for re-election to the popular vote, and
turned by a large majority.
hundreds of others have gone abroad to rebuild and rehabili¬
tate the European railroads.
his
was
Continuing it
INQUIRY
INTO
INTER-STATE
the railroads serving great
RECOMMENDATIONS
ON RAILROAD UNIFICATION.
Prior to the action decided upon by President Wilson on
Wednesday of this week, Dec. 26, whereby the Government
control
assumes
of
the
railroads
of
the
and its supplies to seaboard must be taken, and taken promptly.
for
statement
were
brakemen,
men,
355,400
operation of the roads were taken by Congress.
just before the adjournment for the holidays.
In
other words, on Dec. 18, after voting down a
proposal of
Senator Borah to forego the Congressional recess and act
upon the railroad problem, the Senate adopted a resolution
of Senator Cummins
providing for
mission
This
recent
by the Inter-State Commerce Com¬
regarding conditions affecting transportation, and
the Senate Committee
named
inquiry into the
an
Inter-State Commerce
on
sub-committee to make
a
sub-committee, which
was
Dec. 21
on
preliminary investigation.
a
to report to the full
com¬
mittee, consisted of Senators Newlands (who has since died),
Pomerene, Saulsbury, Cummins and Kellogg.
The request
.that
Committee defer its investigation until
the
after
he
299,900
were
equipment
were
track-repair
station employees and the
a
normally entering the service in
men
a year.
This of itself does not seem
but when it is lftmembered that there are in the
startling statement,
five branches of the service
separately mentioned about 564,300 men in
the service of all the Eastern roads at
any one time, and that of these about
301,500 had been in the service at least during one entire
year, most of
them being old and experienced
employees, it is apparent that to keep the
other 262,800 places filled it has been
necessary to employ In the nine
months 948,600 men—or about
3M men for every job.
This has meant
the employment, training and
subsequent loss of a man on each of these
jobs every ten weeks.
inexperienced
dustrial
section
The result has been
The resolution
calling for the
Resolved, That tbe Committee
CANADIAN ROADS AWARDED INCREASE IN RATES.
A
15% increase in
otherwise to inquire
or
into and report to the Senate at the earliest
practical date upon the
mendations made by the Inter-State Commerce Commission
recom¬
regarding
down
Ottawa
Inter-State Commerce of the Senate is
on
and
new
This dilution of their forces lies at the
root of most of the present difficulties of the
railroads.
handed
hereby authorized and directed by sub-committee
constant stream of
of the country.
rate is three cents
21.
follows:
as
a
with which to carry on the commerce of the
great in¬
men
the
Dec.
engine-house
in all other branches
with the exception of British
on
and
freight handlers and
were
Congress with regard to legislation to meet
the transportation problem, was said to have been made
by
President
men
were
men.
This "turnover" for the nine months
represents about twice the number
of
had addressed
investigation reads
repair
162,700
remainder, 153,900,
of the service.
was
recommendations made
adds:
Of this number 53,900 were locomotive firemen
(road and yard), 112,700
the
country
ernmental
This
report says, that 1,138,500 new men have been employed
by the railroads represented by the General Operating Com¬
mittee during the first nine months of the
year 1917.
The
inquiring into Gov¬
duration of the war, measures toward
munitions producing centres and moving our
Preliminary reports and careful estimates indicate, the
OF
COMMERCE COMMISSION
says:
Whatever steps are necessary, therefore, to insure the full
manning of
re¬
army
SENATE
[Vol. 105
on
a
in all parts of Canada,
Columbia, where the maximum
passenger rates
mile, is awarded the roads in
decision
a
by the Board of Railway Commissioners
Dec. 26.
the limitations of
The decision also permits,
the
specific limitations,
at
subject to
Crow's Nest Agreement and certain
increase in freight rates of approxi¬
mately 10% in the West and 15% in the East.
On coal, it is
said, an increase of 15 cents a ton is allowed.
The Crow's
con¬
ditions affecting inter-State transportation; that said
committee may con¬
duct such inquiry by sub-committee or otherwise and shall be
empowered to
hold sessions during the recess of the Senate and for this
purpose the com¬
mittee or any sub-committee thereof, is
empowered to send for persons and
papers, to administer oaths, to summon and compel the attendance of wit¬
Nest
Agreement
an
was
made by the Canadian Pacific
with the Government and
to conduct hearings and have reports of same
printed for use, and
any expense in connection with such inquiry shall be
paid out of .he con¬
nesses.
number of commodities
by its provisions
reduced.
are
tingent fund of the Senate uppn vouchers to be approved by the chairman
of actual
Railway
on
a
large
It is stated that the
decision points out that "there
of the committee.
rates
It
is
stated
that
in
doubt railroad facilities
were
either the railroad officials
inadequate, he did
not blame
the Government.
The rail¬
or
roads, he thought, were not planned for
lieved
Congressional action
a
war,
to unify
necessary
and he be¬
them.
On the date of the
adoption of the above resolution, Dec.
18, Senator Sterling, of South Dakota, introduced a resolu¬
tion for appointment by the President of a
general freight
traffic
was
director
co-ordinate
to
transportation facilities.
It
referred to committee without action.
In
the
offered
a
House
and must
proposing the Senate investigation
Senator Cummins emphasized that he
expected it to be con¬
structive instead of critical, and
that, while there was no
Representative
Lenroot,
proposal for the formation of
a
can be no
question, in view
results, that the railways require greater revenues
have them, if proper
efficiency is to be maintained
and
-
the
demands
of
the country for
transportation at all
Costs of labor, coal and materials have
adequately met."
been
increasing with the result that
Canadian roads
the
expenses
the
of
mounting at a much swifter rate than
earnings.
The increased rates allowed, the judgment states,
certainly will not equal the increase in costs to which the
railways are subject and which are not in any way attribut¬
able
the
to
in
crease
in the
are
railway management.
rates,
pasenger
public interest with
With regard
to
the in¬
the judgment states that
view to conserving coal,
a
"it is
railway
facilities and man-power that
passenger travel should be
of
Wisconsin,
Government-con¬
light
as
possible,
ment."
so
to facilitate efficient
as
freight
as
move¬
'
-
trolled corporation to
provide equipment for the roads, to
be modelled after the Panama
Railway and Shipping Cor¬
poration, with the Government owning all the stock, build¬
ing and leasing
cars
and locomotives
to the
railroads.
All
the
corporation's
Commerce
Commission,
directors
except
genera) manager would be
a
be
members
Secretary
practical railroad
Wherever the net income of
the corporation would
would
the
a
of
of the
of
the
to
Inter-State
Treasury,
and
its
Treasury Department ruling permitting partnerships
excess profits tax, amounts paid an
deduct, in computing
individual partner as interest
of
which
was
man.
railroad exceeds
take 70%
the
The
The
.dispatches, in referring to his proposal, state:
press
WAR EXCESS PROFITS—DEDUCTIONS FOR
INTEREST
ON LOANS BY PARTNERS.
excesses
7%
on
to
its invested capital
buy equipment.
made
$500,000,000.
■
Deductions
Allowed
to
Partnerships
to
117,132
cars,
recent statement
a
of unfilled
a
car
of
orders
the
on
Railroads'
War
Dec. 1 amounted
decrease of 22,880 compared with the
year and an increase of
only 10,000
figures for November this
cars
compared with Dec. 1
roads
are
passenger
a
year
ago,
more
as
Interest
on
Bona
Fide
by Partners.
DEPARTMENT.
To Collectors
Washington, D. C., December 20 1917.
of Internal Revenue, Revenue Agents and Others Concerned:
In computing net income for
purposes of the excess profits tax, a partner¬
ship will be allowed to deduct amounts paid during the year to an individual
partner as interest upon any bona fide loan, but
interest
upon
no
deduction for so-called
capital will be recognized.
DANIEL
C.
ROPER,
Commissioner of Internal Revenue.
Approved:
W. G. McADOO, Secretary of the
Treasury.
RAILROADS SUFFERING FROM
DILUTION OF LABOR.
In a statement issued on Dec. 26 the
General Operating
Committee of the Eastern
Railroads, of which Arthur W.
to "dilution of labor"
reads
Office of the Commissioner of Internal Revenue.
although the rail¬
handling at the present time at least
20%
and freight business than a year ago.
Thompson is Chairman, refers
for
■
TREASURY
excess
(mention
EXCESS PROFITS TAX.
Loans
According to
bona fide loans
(Treasury Decision 2613.)
The
RAILWAY CAR SHORTAGE FIGURES FOR
DEC. 1.
Board, the
on
these columns last week)
follows:
Equipment
Corporation, so-named by Representative Lenroct's resolu¬
tion,. would be capitalized at $100,000,000 at first, with
later extension to
in
EXCESS
PROFITS
ING INVESTED
TAX—WHEN
CAPITAL
ARE NOT
RETURNS
RESPECT¬
FOR PRE-WAR PERIOD
REQUIRED.
the
Under
greatest difficulty of the Eastern railroads, and states that
depletion of their forces "must result in serious
Dec. 20,
crippling of their transportation facility."
The statement
deals entirely with the railroad labor
situation, pointing out
that the roads have given up
many men tojhe draft, while
invested capital and net income for the
pre-war period will
not
be required where the
taxpayer accepts either the
as
further
a
regulation
bearing
Revenue Act,
a
on
the
of
the
Treasury
Department
on
profits provision of the War
return of information with
respect to the
minimum percentage of
excess
7%,
as
the percentage to be used in
Dec. 29
1917.]
computing the
the trade
Section
to last
THE
deduction
under
business is taxable
or
209.
The
203,
in
or
case
only at the 8% rate under
this
of
text
Section
CHRONICLE
ruling, which
referred
we
week, follows:
personal service actually rendered by him in the conduct of such trade
business.
salaried
trades
PROFITS
EXCESS
of
return
a
income
for
information
the
period
pre-war
TREASURY
Office
capital and net
be
not
required.
DEPARTMENT.
Commissioner
of
Internal
of
ordinarily
of
case
balance
of the
income
or
The
Last week
foregoing must not be construed
to ail facts which may
as
as not
requiring
infor¬
a return of
be necessary for the ascertainment of the
capital and income for the taxable year whenever such
by the Commissioner of Internal
is required
a return
Revenue.
DANIEL
C.
ROPER,
PROFITS
of the
FOR
WITH
FILING
Treasury.
SPECIAL
RETURNS
terms
FISCAL
FOR
YEARS
FEBRUARY 1
time within which
The
TAX—CONSTRUCTION
PROPERTY"
on
fiscal year
a
1917
ending
EXTENDED
market
or
2424.
page
"tangible
property"
the Excess Profits Tax
TO
price,
file returns of
may
the last day of
Revenue
Dec.
on
by
erty,"
Under
21.
last, and published in
16
strued to
the other
Extending time in which to file
returns of
of the Act of Oct. 3 1917, for a fiscal year ended
and
II
TREASURY
Washington, D. C., Dec. 20 1917.
of Internal Revenue, Revenue Agents and Others Concerned:
specific kinds of property enumerated in the
same
clause.
With
as
date,
the following classes of property have been construed to be
Stocks, bonds, bills and accounts receivable, notes and other evidences
of indebtedness.
■
DANIEL
C. ROPER, Commissioner of Internal Revenue.
W. G. McADOO, Secretary of the Treasury.
•
DEPARTMENT.
Office of Commissioner of Internal
con¬
property of a character similar to good-will, trade-marks and
mean
tangible property within the meaning of Section 207:
the last day of
on
month during the year 1917 (except Dec. 31 1917).
some
To
annual net income by
I
DEPARTMENT,
intangible.
or
Titles
"Intangible Prop¬
207.
occasion may demand to indicate whether it shall be
regarded as tangible
DIVISION.
the requirements of
to
Section
respect to property not clearly of such a character rulings will be issued
The latest ruling follows:
CORPORATION TAX
pursuant
Oct.
in
The term "other intangible property" as used in Section 207 will be
issue of Nov. 10, the time had
our
capital" in Section 207 of
give herewith:
Office of Commissioner of Internal Revenue.
Internal
on
ruling issued
a
been extended to Jan. 1 1918.
corporations,
of
used
as
TREASURY
month of
some
Commissioner
the
we
Construction of terms "Tangible Property" and
based
are
To Collectors
issued
ruling
a
Law,
in "full in last
we gave
The decision construing the
and "intangible property" as
(Treasury Decision 2610).
(except Dec. 31), has been extended to Feb. 1 1918
under
One of
EXCESS PROFITS TAX.
where their returns
case
on
CORPORATIONS
OF
AND
authorizing dealers in securities to take inven¬
1918.
corporations
annual net incomes in the
business shall be
or
.
used in the definition of "invested
TIME
trade
profits title of the War Revenue Act.
excess
Saturday's issue,
McADOO, Secretary of the
such
referred to a series of regulations issued
by
Department pertaining to the administration
tories either at cost
Commissioner of Internal Revenue.
G.
from
we
the Treasury
these—that
Approved:
W.
States.
"INTANGIBLE PROPERTY."
business is taxable only at the 8% rate under Section
or
derived
"TANGIBLE
TERMS
|
mation
EXCESS
the
as
percentage to be used in computing the deduction under Section 203;
If the trade
United
DANIEL C. ROPER, Commissioner of Internal Revenue.
W. G. McADOO, Secretary of the Treasury.
Approved:
WAR
(2)
in the
on
ren¬
individual in the following
or
If the taxpayer accepts the minimum percentage, viz.: 7%
209.
similar
or
compensation which is for service
or
Respectfully,
cases:
(1)
like
subject to the graduated rates prescribed in Section 201.
respect to the invested capital and net income for the pre-war period will
corporation, partnership
under
An
For the purposes of the excess profits tax, a return of information with
a
or
.of the
excess
service
partnerships engaged in like
or
dered with respect to trade or business carried
To Collectors of Internal Revenue, Revenue Agents and Others Concerned:
required of
similar
j|
Washington, D. C.. December 20 1917.
not be
for
individual is, however, subject to the excess
profits tax, if any, at the
8% rate under Section 209 with respect to the amount so designated, and
the
Revenue.
designated be in
so
paid
non-resident alien individual, the amount shall be lim¬
a
ited to that portion of the salary
invested
will
shall the amount
case
no
compensation
businesses.
or
In the
TAX.
the
to
as
In
or
responsibilities by corporations
(Treasury Decision 2614.)
When
3513
Approved:
Revenue.
Washington, D. C., December 13 1917.
To Collectors of Internal Revenue:
6ct. 3 1917,
taxes, pursuant to the Act of
the last
on
INCOME
■
The provision of T. D. 2561, Oct. 16 1917,
the basis of
on
war
a
excess
Feb.
fiscal year ended
day of some month during the year 1917 (except Dec. 31 1917)
so as to extend the time of filing such returns until
This extension applies also to returns of annual net income
1918.
1
of such corporations which were due subsequent to Oct.
of T. D. 2561, but prior to
16 1917, the date
Feb. 1 1918.
DANIEL
C.
statement made
that
a
various
guard
offices
Edwards
in
„
,
of
the
PARTNERS AND INDIVIDUALS.
authorizing
a
the purposes
expense
Internal
of the
excess
ruling
a
or
as a
business
compensation paid to individ¬
personal services actually rendered, if such
payments are in
accordance with prior agreements.
We
ruling below:
EXCESS
the
Salary allowances In
PROFITS
case
TREASURY
In
computing net income for purposes of the
to
individual
for
partners
profits
excess
personal
prior agreements and are properly recorded
In
nership.
excess
no case
of the salaries
shall the salaries
or
or
services
tax,
a
or
actually
on
the books of the part¬
compensarion
so
deducted
businesses.
With
respect to any
period prior to March 1
1918, where
agreement as been made as to salaries or compensation,
will
be allowed
In
the
those
case
portions
for services actually
of
a
partner in
or
trade
compensation
or
no
previous
similar deduction
rendered.
which
business carried
his individual capacity is.
on
are
be
paid
limited
for
salary
or
in the United States.
however, subject to the
excess
March
An
any
compensation from the partnership for personal services (Including
any amounts
2.
to
services
profits tax, if any, at the 8% rate under Section 209 with respect to
to
from
1
allowed to the partnership
as a
deduction for the period prior
1918).
individual
on
a
trade
or
business
capital may designate a reasonable amount as salary
/
as
York
also
Mr.
having
an
invested
or compensation
for
had
Edwards stated that
often
designated
as
employees of corporations
additional compensation for
or
as
part of the wage of the officer
or em¬
allowably be deducted from
may
business
a
gross
expense.
income of amounts paid to employees or other
These he said, are held to be volun¬
gross
contributions of donations, and
tary
A
the
In
as
such
same
as
income.
to
are
large part below:
be installed in the Various collectors'
vi$w of the sweeping requirements of the law with
regard to dividend payments, also
the
names
business, the details
of filing
matter
same
return
as
be
be
We quote Mr.
employers being required to furnish information at the
any
de¬
not
are
the individual bonuses
of
case
thorough checking system will
regard
source, and cor¬
of customers for whom
returns
from
to profits and losses, it is suggested
given
serious consideration
correctly made out and promptly filed.
to ren¬
brokers
they have transacted
in
view
The blank
that the
of
having
returns
as
prescribed by the Government, but will be ready for
distribution the latter part of this month.
yet have
The
not
been
income
gross
rents,
ness,
interest
will
on
include
notes,
income
from
mortgages,
salaries,
professions, busi¬
bank deposits and interest
bonds, mortgages, or deeds of trust, of domestic
on
foreign corporations,
partnership profits, royalties from mines, and income from all other sources
received
by citizens of the United
against which general deductions
conducting business, interest
of obligations or securities
tion, taxes
States
including
to
in
an
on
year
not
in
during the year, and debts, and
difference
between
stock,
on
imposed by the authority of the
transactions entered
amount
dividends
be charged for necessary expenses
indebtedness incurred for the purchase
may
(except income and excess profits taxes)
trade
The
States
or
the Interest upon which is exempt from
paid within the
losses sustained
with
upon
carrying
to
Collector
"Christmas gifts."
as
in
foreign partnership the deduction shall
of salaries
rendered with respect to
A
a
Revenue
law,
This ruling, Mr. Edwards
added, is not intended to authorize in any case the deduction
income
be in
compensation customarily paid for similar services
under like responsibilities by corporations engaged in like or similar trades
or
as a
such
as
der returns with
rendered during the taxable year, if the payments are made in accordance
With
New
of
payments,
contract)
which will include the
partnership will be allowed to deduct as an expense reasonable salaries
paid
tax
porations when required by the Commissioner of Internal Revenue
WashingUm, D. CDec. 20 1917.
1.
a
be regarded
may
to
Revenue.
To Collectors of Internal Revenue. Revenue Agents, and Others Concerned:
compensation
to
offices, and in
DEPARTMENT.
Office of Commissioner of Internal
special
Edwards's statement in
business.
or
District
made to officers
are
ployee, and
of partnerships and of individuals
in trade
Internal
services, which payments, when added .to stipulated salaries,
do not exceed a reasonable compensation, such
payments
'
engaged
Second
included in the return the
TAX.
of
regarding the question of bonuses and other
say
wherein
ductible.
(Treasury Decision 2611).
,
'
out
gave
profits tax to deduct
reasonable salaries
this
Revenue
partnership in computing its net income for
ual partners for
annex
indicated in these columns last week,
as
of
Commissioner
collectors
special compensation.
(pursuant
inst.,
the
of
the
of
cases
bonuses,
WAR EXCESS PROFITS TAX—DEDUCTIONS OF SALA¬
RIES FOR
BONUSES.
on
against evasions of the income
forms
Commissioner of Internal Revenue.
W, G. McADOO, Secretary of the Treasury.
On the 20th
AND
public
the 9th inst. announcing
thorough checking system will be installed in the
a
something to
ROPER,
Approved:
In
profits
hereby amended
are
TAX
extending the time to Jan. 1
1918 to corporations filing returns for war income and
these
excess
a
into
of
losses incurred
in
taxa¬
United
trade,
for profit but not connected
gains made in this connection
reasonable allowance for depreciation.
two
amounts
will
give
the
net
Income
which the surtax is calculated.
Husband and wife making a joint return will be allowed to base the ad¬
ditional tax
or surtax on
the net incomes computed separately.
„j
,
THE
2514:
Win determining the normal
Income
tax due, credit Trill
CHRONICLE
find It hard to get proper
be allowed against net
dividends received during the year, also the personal exemp¬
on
instruction in the law.
Next
when every
year,
married person living with wife or husband and having a net income of
This amount deducted from net income will give the amount sub¬
tion.
[Yol. 105.
$2,000 and
every unmarried person
not the head of a family and having
a
ject to the normal tax, and a further credit will be given In connection with
net income of
tax
form prescribed, there will be hundreds in every community seeking light
liability assumed by corporations having bonds which contain a tax
free clause, the
the
Interest upon which has been paid to the taxpayers during
The question of bonuses and
other special compensation is
that will
one
the benefit of those affected,
In cases wherein
forth:
made to officers or employees of corporations pursuant to a contract
are
expressed or implied, as additional compensation for
which
services rendered
payments when added to the stipulated salaries, do not exceed a
reasonable
compensation
for the services rendered, such payments may be
regarded as a part of the
hire of the officer
wage or
employee, and,
or
as
such, may allowably be deducted from gross income as a business expense.
A long time
tain
contract, under which the employees may reasonably expect, for
a
the greater
better service which they render, additional pay, and if,
or
salaries,
do
exceed
not
reasonable compensation,
a
such
payments,
or
bonuses may be treated as an "ordinary and necessary expense of opera¬
tion" and, as such, deducted from gross Income.
If it should
poration.
appear
and not
conditioned
the earnings
upon
cor¬
that the additional or special payment
are
if such payments are made only occasionally, and then at the
or
option of the corporation,
perous
as a
sort of thank offering because of the pros¬
and not in pursuance of
year,
contract, expressed
gratuities and,
are not
country-seat
properly deductible from
Income of amounts paid to employees
are
the
remainder
family,
after
living
or
as
ordinary and
an
corporation and charged off
necessary expense
operation to the
or
the books of the corporation as such, the
on
bonuses received shall be included in the return of the individual receiving
the
same as
income.
The text of the
bonuses to
viduals,
Treasury Department's ruling
gifts
on
or
employees of corporations, partnerships and indi¬
issued under date of Dec. 11
was
as
being allowed to
The
new
subtracting
Is not
expense
or
Bonuses to employes
TREASURY
such expenses.
cover
DEPARTMENT.
The law makes it the duty
ments of the Federal Income Tax
sometimes
in
the
examination
of books for
the
Law, you are informed that special pay¬
denominated gifts
bonuses,
or
partnerships, or individuals to officers
officer does not
cidedly in
call, they
It is the other way round.
error.
or
made
by corporations,
employees, will constitute allow¬
of the income tax, when such payments
pose
made in good faith and
are
additional compensation for the services actually rendered by the officers
employees.
or
do not exceed
and
an
such
as
reasonable
a
compensation for tile services rendered, they
will
be deductible from
AGAINST
CONSCRIPTION, OF
or
compensation
profits
The results of
of
soldiers
Sydney
bears
or
or
employees, although in the form
compensation, will be regarded
or
for
the
capital
as a
special distri¬
invested,
and not
a
close relationship to the stockholdings of such officers
to the capital invested by them in the business.
under such latter conditions
of profits
being in the nature of dividends
will not be deductible from
Salaries of officers
or
employees, who
gross
are
in the business, will be subject to careful
as
or
or
Payments
distribution
income.
stockholders
have
an
are
employees than to the real value of the services rendered and
to
the selective
on
paid in
excess
of reasonable compensation
for the services will not be deductible from gross income, but will be treated
drafting of
for military service had been
men
hardly change the result.
This belief is based
Wales, which
gave a
C.
Those favorable to conscrip¬
against the draft system.
British Columbia,
Dispatches from Van¬
Dec. 22, stated that
on
special
a
Sydney to the,Vancouver "World," commenting
the returns from the conscription referendum in Australia,
on
Premier
Hughes
has
so
general impression is that
will tender his
far refused to comment
as soon
resignation.
method in which the campaign has been handled,
made for
are
men
most
new
the result, but the
and insistent demands
leader of the Nationalists, Irvine and Watt
being the
prominently mentioned as the possibilities.
Western
for
a
on
the result is officially announced he
as
There has been much criticism concerning the
Australia
far is the only State which returned
so
In New South Walesthe "No" vote led by
conscription.
majority
a
more
than
136.000."
DEVELOPMENTS IN
W. G. McADOO,
for reports on
TO
DETAIL
MEN
PAYER IN PREPARING INCOME
TO
ASSIST
TAX¬
Announcement that the Government plans to assist, tax¬
in making returns of income tax by sending out men
to help in the preparation of reports was made on the 11th
inst. by William H. Edwards, Collector of Internal Revenue
to
Collector Edwards
It will be up to you to hunt up these men, who will be sent into
every
country seat, town, and some other towns besides, to meet the
people.
Postmasters, bankers and
Government's Income
answer your
newspapers
man
question,
will
be
will be able to tell
you
when the
around, and where to find him.
swear you
He
to the return, take your money, and
the wrinkles from your brow.
Returns of income for 1917 must
be made between Jan. 1 and March 1 1918.
that the Central Powers
without
of difficulty in filling out income tax returns.
payers resident at
It recognizes, too, that tax¬
points where Collector's offices
are
not easily accessible
basis
no
contributions,
this
were
ready to make
im¬
an
compulsory annexations and
being
their
made
answer
on
Christmas
Day at Brest-Litovsk, through Count Czernin,
Austro-Hungarian Foreign Minister, to the Russian
he
proposals,
which,
the
dispatches
accept in most particulars
is
stated
Powers
order
that
without
will
to
themselves
and
nations
It
is
ready
are
that
the
one-sidedly
Central
the
Allies
of
these
fulfill
in the negotiations
According
Central
the
to
a
was
conditions.
In
of
seized
do
political
further
stated
nationalities
during
not
the
independence
that
not
the
a
ten-
requested by the Russian
statement
Powers
such
to
that
guarantee
a
recognize
territories
annex
they
place the proposals before Russia's Allies
recess
Czernin
said,
the basis of negotiations.
as
they insist, however,
bind
cannot
delegates.
inssued
intend
not
war,
lost
question
by
to
during
of
the
Count
forcibly
to
deprive
the
war.
subjection
having
political independence
to
be solved internationally and must
be solved by each Government and its people in the manner
another country cannot
established
by the Constitution of that Government.
is noted that the
essential part of
n
The Government recognizes that
many persons experience a good deal
was
and that the Bolshevik delegation
mediate general peace without
of
says:
movement in
Petrograd.
payers
for the Second District of New York.
'
Delayed Petrograd dis¬
patches, dated Dec. 26, and received here Dec. 28, made
day
TAX RETURNS.
BOLSHEVIK
the 21st inst. that the Germans had refused
been recalled
conditions
Secretary of the Treasury.
BY
RUSSIA.
would indicate that there
;he Russian peace terms
iad
MOVE
OF
developments in the Bolshevik
in Russia for peace
Russia
GOVERNMENT
PEACE
GOVERNMENT
It
ROPER,
Commissioner of Internal Revenue.
Approved:
remove
returns
on
majority of 180,000
surprised by the result in Victoria, which
were
to
distribution of profits,
DANIEL
will
conscription
reported in dispatches from
were
Dec. 20 which stated that the Government's
on
from New South
be in
other concerns doing business of a like nature and of
approximately equal
a
IN
defeated By such a majority that even though the vote of
the soldiers at the front had not been counted, it would
interest
found to
of the salaries paid to officers or employees in similar
positions in
volume and earnings, the amount
as
referendum
a
Australia
scheme for the
mown
or
analysis, and if they
be rather in proportion to the stockholdings or Interest of such officers and
excess
in
This week's
payment for services rendered, if the amount of such payments is based
employees,
SOLDIERS
AUSTRALIA.
income.
gross
Special payments made to officers
of additional salaries
upon or
This is de¬
The taxpayer has to go to
of the law, and the Government will go to him with its penalties.
ordinary and necessary expense of operation and maintenance,
bution
of
Government
If such payments, when added to the stipulated salaries,
will be regarded as a part of the wage or hire of the officer or employee, and
therefore
or a
relieved from making report.
are
the Government and if he doesn't within the time prescribed, he is a violator
able deduction from gross income in ascertaining net Income for the pur¬
as
of the taxpaper to seek out the collector.
Many people assume that if an income tax form is not sent,
cable from
verification of returns of annual net income made pursuant to the require¬
ments,
practically
as
and salary worker
man
said:
engaged
are
in this district, inasmuch
great many wage workers will be required to make return and pay
In order to establish uniformity and to facilitate the work of internal
who
Personal,
farmer, merchant, tradesman, professional
a
couver,
Internal Revenue:
officers
income.
gross
in the meaning of law, an exemption
every
also voted
of corporations, partnerships,
Washington, December 11 1917.
revenue
collector's
are
and
Office of Commissioner of Internal Revneue.
To Collectors of
there
exemptions of $1,000 and $2,000 will add tens of thousands to
tion, it is said,
individuals.
or
from
expenses
expense
against the selective draft,
follows:
INCOME TAX.
Gifts
likely in the court¬
very
where
The officer who visits their county will have
the number of income taxpapers
VOTE
held to be voluntary contributions or donations, and, as such,
considered
cities
It may be stated as a matter of general information that "net income" is
"Christmas gifts,
as
With regard to the individual receiving such bonuses where the same
are
In
are
income.
gross
deductible.
not
longer time,
a
town.
which to make returns.
on
though it has been the practice of the corporation to make such gifts.
even
These
are
others
or
with the
them.
This ruling is not Intended to authorize in any case the deduction from
gross
districts,
practice, or any
or
implied, it will be held that such payments
or
such,
as
fixed policy
a
into
He will spend hardly less than a week in each
notices to the newspapers stating when the officer will be In each county.
It will be unnecessary for prospective taxpapers to ask my office for forms
the
upon
of the
dependent upon the earnings of the company, rather than upon the services
rendered,
My own and every other
divided
Government officer Informed of the income tax
a
counties
some
be
tax.
This ruling contemplates that such payments are
services rendered by the employees
in
the
at
will
nation
My office will in due time advise postmasters and bankers and send out
in fact, such payments are made as additional compensation for services
actually rendered and if such payments, when added to the stipulated
the
branch offices, he will be there, and in other cities possibly at the City Hall.
cer¬
addition to the stipulated salaries, constitutes a condition,
in
sums
if not
practice, regularly employed, of paying to employees
and
county,
house
bonuses
as
in
assigned to each district.
ruling in this connection is herewith set
a
special payments, often designated
district
county as a unit, and
doubt, prove of interest to both individuals and corporation, and for
no
the law, and help in executing their returns.
on
collection
1917.
year
$1,000 for the year 1917 must make return of income in the
the event of
war
costs and
a
protection of the right of minorities is
It
an
the right of peoples to self-determination,
mutual renunciation of indemnification for
war
damages, Count Czernin continued, each
>elligerent would have to bear only the
expense
incurred
Dec. 29 1917.]
THE
CHRONICLE
for its
subjects made prisoner and to pay for damages in its
territory to property of civilian subjects of an enemy
country by violations of international law.
The creation
guarantees that their lawful
rights will be protected.
own
of
special fund for this
a
purpose,
could be taken into consideration
other, belligerents join in the
certain
n
The
negotiations within
aggressive
ten
The
expressed
viewpoint
of
their
Governments,
that
think
the quadruple Alliance
are
agreed immediately to
programs
recess
disregarding whether
or
general
a
have
peace may
an
a peace as
not other
or
belligerents have joined in
how many."
Amsterdam
opening of the
purely for aims of conquest.
(Teutonic) Governments in
the possibility of the
immediate beginning of
general peace among all belligerents.
He proposed a
until Jan. 4. "so that the
peoples whose Governments
negotiations,
An
a general peace without forcible annexations
and indemnities.
They share the view of the Russian delegation which condemns the con¬
The statesmen of the Allied
no
offered
"At the expiration of the indicated
time," he said, "the negotiations must
conclude
war
days'
be resumed,
a
peace.
of
persons.
a
opportunity to acquaint-themselves with the
principles of such
now is being established."
the
The delegations
damages against private
request that her colonies be evacuated
have not yet joined in the
negotiations for
the
basic principles of the Russian delegation can be
made the basis of such
tinuation of the
Germany's
Germany has
plans
negotiations for
delegations of the Allied (Teutonic) Powers, acting upon the clearlyexpressed will of their Governments and peoples, will conclude as soon as
possible a general peace.
The delegations, in complete accord with the
repeatedly
objection to
no
Russia's delegation, he stated in
conclusion, notwithstanding differences
opinion, thought that the German declaration that
of
read at the second session of the
peace
Tuesday evening by Count Czernin:
on
The lapse of time
people by another.
pay
He had
a
following statement explaining the position of the
was
one
state:
by Entente troops.
Central Powers
conference
dispatches also
of
that
time.
The
legalizes the violation
for the maintenance of
prisoners of war, the
Russian Chairman said it
might be construed as an indemnity.
He insisted
an international fund
be used to
only in the event that the
peace
no case
Regarding compensation
suggested by Russia,
as
2515
dispatch of
peace
Dec.
negotiations,
as
23
in
reporting
made known in
the
dis¬
a
patch from Brest-Litovsk, dated Dec. 22, said:
and
To-day at 4
statements have
emphasized time and again that for the sake of conquest
they will not prolong the war a single day.
The Governments of the
p. m. the peace negotiations were
The meeting was attended
by the
Allies unswervingly have followed this view all the time.
They solemnly
declare their resolve immediately to
sign terms of peace which will stop
this war on the above terms,
equally just to all belligerents without
Rosenberg, Baron
tion.
begun at
a
solemn sitting.
following delegates:
Freiherr
Germany.—Dr.
most
clearly that the proposals of
The
war
Power
of
the
quadruple
alliance
negotiating
now
with
Russia
Russia.—Joffe
not having
honestly without reservation with regard to the quadruple alliance.
Start¬
ing upon these principles, and regarding the six clauses proposed by the
Russian delegation as a basis of
negotiations, the following must be stated:
delegates and invited Hakki Pasha, as the senior
delegate, to open the conference.
Hakki Pasha, after an
expression of a
a
satisfactory result, declared the negotiations formally open and
proposed Dr. von Kuehlmann as the presiding officer.
The
(Central) Powers.
About troops
occupying seized territories it must be stipulated in the peace treaty,
no agreement before,
regarding the evacuation of these places.
Clause 2. It is not the intention of the Allies to deprive of
political in¬
dependence those nations which lost it during the war.
German
those
nationalities
who
have
Foreign Minister
a
have been made by Dr. Richard von
German Foreign Minister, and he was
quoted
ship.
Clause 4. Likewise, in accordance with the declarations of the statesmen
of the quadruple alliance, the protection of the
rights of minorities consti¬
tutes an essential component part of the constitutional
right of
self-determination.
The
principle everywhere, in
Clause 5.
Allied
so
far
Governments also grant
to
against civilian
nationals belonging to
the enemy.
The Russian Government's proposal
special fund for this purpose could be taken into con¬
sideration only if the other belligerent Powers were to
join in the peace
a
negotiations within
Clause 6.
suitable period.
a
Of the four Allied Powers,
On the part
Germany alone
of the German delegation,
colonies.
possesses
in full accord with the Russian
Our negotiations will be guided
by the spirit of peaceable
mutual esteem.
The
return
stitutes
of colonial
essential
an
under
renounce
immediate
any
territories
forcibly seized during the
part of German
circumstances.
evacuation
to German intentions.
demands,
Likewise,
of territories
which
war
con¬
an
Germany cannot
adversary conforms
Germany, the realization of the right of self-determination, besides the
above outlined considerations, in the form
proposed by the Russian delega¬
tion, is at present practically impossible.
against
an
adversary
many
unlimited import by sea,
the
improbability of victory in
a
will.
The
the
in connection with the above six clauses
tions
of
Allied
the
restrictions
and
relations, which
of the
most
who
Powers,
in
see
who
the
are
approved wholly by the delega¬
always
have denied any economic
re-establishment
of
regulated
between the Powers
now
conditions
for
engaged in
bringing
about
no
no
the
indemnities, and the self-deter¬
constitutions,
as
stated
as
by the German reply,
saying:
adopted:
were
was not
complete.
over
by the chief representative of each
following languages may be used in the debate: German, Bulgarian,
Questions interesting only part of the represented powers may be dis¬
cussed separately.
*
Official reports of the proceedings will be drafted jointly.
The chief
detailed in
principles of the Russian
He is
the
Workmen's
and
terms, according to
Quadruple Alliance
at the same time give all their
opponents an immediate peace-ground.
They affirm that the right of the stronger, after unprecedented bloodshed,
shall be preserved with all its integrity within each of the countries
with
regard for little and oppressed nationalities.
war
cannot
end without the
being re-established.
alities must
among
in
the
The
very
all nationalities receive
violate rights of those nationalities
Russian delegation
next
peace
on
program were
Soldiers'
delegates.
The
Russian
the Amsterdam dispatch of Dec. 23,
include:
1. No
compulsory annexation of territory taken during the
and
war
speedy evacuation of such territory.
2.
That political independence shall be restored to all nations
by
a
That
national
groups
not independent before the
referendum whether they shall
war
become independent
deprived
shall
or
decide
give their
allegiance to some power.
Where
mixed
nationalities
minority shall be defended by
a
and administrative autonomy,
occupy
any
territory
the
rights
of the
separate law assuring educational freedom
if possible.
5. No belligerent country shall be required to pay contributions, and
private persons shall be compensated for losses incurred through the war
from a special fund contributed by all the belligerent on a
proportional
basis.
The
same
principles shall be applicable to colonies
The final clause of the terms prohibits the
Renouncing the application of the right of the stronger nation with regard
The
peace
long speech by the chief Russian delegate at
the suggestion of Dr. von Kuehlmann, these terms coin¬
ciding on the whole, it is pointed out, with the resolutions
a
as to
the parent
countries.
to territories occupied during the war, the Powers of the
no
1
*
Russian and Turkish.
4.
peace on
mination of peoples, but pointed out that the self-determina¬
tion of peoples within the] limits granted by
quoted
our
-
of independence by the fortunes of war.
war.
willingness of Germany to conclude
annexations,
following rules, which
The
friendly relations
According to the Associated Press dispatches, Chairman
Joffe Kamineff, of the Russian delegation,
expressed gratifi¬
basis of
I enter upon the negotiations with the desire
that
Plenary sittings will be presided
3.
cation at the
the firm
on
of the five powers in rotation.
economic
in accord with the interests of all people concerned, one
are
Important
humanity and
hand, what has
one
footing
Questions of precedence will be decided according to the alphabetical
list of the represented powers.
of
principles of economic relations proposed by the Russian delegation
our
^ The German Foreign Minister is said 'to [have [proposed
times stronger and who had the advantage of
to their German friends, may serve as
proof of their attachment and their
resolve by all means to preserve
allegiance to Germany, proof which, by
its significance and weight, is far
superior to any expression of popular
the
on
lose
new
will toward men.
struggle
remained in the gravest circumstances faithful
may not
work may make speedy and
prosperous progress.
The circumstance that in the German colonies the
natives, notwithstand¬
ing the greatest difficulties and
we
on the other hand, they must be inspired by the
great
leading motive which has brought us here together.
It is an auspicious circumstance that the
negotiations open within sight
of that festival which for centuries
past has promised peace on earth, good
Having in view the nature of the colonial territories
of
in order that
ground of facts; but,
and
the Russian demand for
occupied by
They must take into account,
become historical
proposals regarding that, the following is declared:
,
of these
course
neighborly intercourse, especially in
The allied Powers have frequently emphasized the
possibility
for the creation of
In view of the situation, it will be impossible in the
the cultural and economic
sense, can be speedily resumed and also to decide
upon the best means of healing the wounds caused by the war.
that both sides might renounce not
only indeminfication for war costs, but
also indeminification for war
damages.
In these circumstances every
for its nationals who have become
prisoners of war, as well as for damage
done in its own territory by illegal acts of force committed
between
war
What I have in mind is to fix the most
important principles and
conditions upon which peaceful and
this
belligerent Power would have only to make indeminfication for expenditures
follows:
as
state of peace and friend¬
deliberations to prepare an instrument of
peace elaborated in its smallest
it is practically realizable.
as
said
details.
peoples to
validity
a
was
Kuehlmann, the
The purpose of this memorable
meeting is to terminate the
the Central Powers and Russia and re-establish
established by the Constitution.
manner
unanimously elected Chairman.
to
not
political independence cannot, in the
opinion of the Powers of the quadruple alliance, be solved Internationally.
In this case it must be solved by each
Government, together with its peoples,
in
was
^ The most important speech before the
delegates
the other country of
or
Lubinski,
Colonel Rokld,
desire for
now
of subjection to that
Karaghan
Prince Leopold of
Bavaria, as Commander-in-chief of the German forces
if there is
The question
Pokrosky,
in the East, welcomed the
not enter into the intentions of the Allied
Clause 3.
Bisenko
Captain Lipsky.
Forcible annexation of territories seized
during the war does
1.
Kamineff,
Weltman Pawlowich, Admiral
Altvater, General Tumorrl,
Colonel Zeplett and
the guarantee that Russia's allies will
recognize and carry out these terms
Clause
von
Popoff,
former
Secretary
Cosseff,
Postmaster
Stoyanovich, Colonel Gantjiff and Dr. Anastasoff.
Turkey.—Former Minister of Foreign Affairs
Nessimy Bey, Ambassador
Hakki, Under Foreign Secretary Hekmit Bey and General
Zekki Pasha.
.
cannot, of course, one-sidedly bind themselves to such terms,
Herr
Hock, General Hoffman and Major Brinckmann.
General
obligate themselves scrupulously to adhere to the terms in
with all peoples.
common
Foreign Minister;
Bulgaria.—Minister
the Russian delegation could be realized
only in case all the Powers particip¬
ating in the
Kuehlmann,
von Merey,
von Wisser,
Count Collerda, Count Osaky, Field
Marshall von
Chisceries, Lieutenant Polarny and Major von Gluise.
;
however, to indicate
von
von
Austria-Hungary.—Count Czernin, Foreign Minister; Herr
excep¬
<
It Is necessary,
Richard
insists that those nation¬
treaty establishing a general
peace
the basis of international agreement
another,
and
provides
for
separate
boycotting of
customs
agreements
one country
and
for
by
naval
blockades not pursuing direct military objects.
also said in the dispatches that a Polish delegation,
by Professor Jan Kucharzevski, the newly appointed
Premier, had arrived in Berlin to demand that the Polish
It
was
headed
Government be permitted to
gotiations
'
5g£&8jJt*
with
Russia.
participate in the
peace
ne¬
2516
In
THE
CHRONICLE
reporting that the Kaiser contemplated going to Brest-
Li tovsk in the event
that
an
agreement
arrived at,
was
with the Russian authorities for the exchange of civilians and
incapacitated
a
dispatch to the London Exchange Telegraph from Copen¬
hagen on Dec. 23 said:
The "Berliner Zeitung" says
ment that he
at an
According to
AMBASSADOR
AND
countries, belligerent
propaganda
well
as
said to have been
Two
stated
was
million
rubles
Cossacks,
tions
are
Congress
ports from the special session of the Central Executive Com¬
to the
mittee of Soldiers' and Workmen's
of
delegates, and the Peasant Congress, called to consider the
showed Leon Trotsky, the Bolshevist
Foreign Minister, suggesting
plan by which military
a
position might be offered if there
Powers
He
force
to
were
upon
You must help
us
In
efforts to make peace with nations and not with German militarism.
our
our
delegation
Emperor
silence
will meet
without
should
the
people,
continue
in
to
eye
representatives
eye
then
peace
Europe,
will
If the
be
of the
German
impossible.
If
Emperor
should
German
dead
be
enabled to offer offensive terms of peace, we would fight against it.
"I do not know whether we could fight, because of economic conditions,
utter exhaustion and the
disorganized state of the army.
But I think we
We would release all elderly soldiers and call the youth of the
would fight.
stand
we
did not overthrow Czarism to bend
They know
our game
our
The Allies must under¬
knees before the Kaiser.
life, against other peoples, then we shall submit the question to the Con¬
militarism
cedented
would
we
in
all
But
accept
our
countries.
party takes its position for
But
must
we
if,
accept
Paris advices
to
as
we
a
the
"democratic
wished
peace,"
what he would do if
to
leaving
dispose of themselves.
according
keep to the principle of
to
the
peoples the right
a
to
The Ambassador having asked him
Germany refused such
is said to have answered
opposed to such
a
Trotsky
a peace,
the question would be carried
before the Constituent Assembly."
say¬
to the resistance
they
meeting with in Russia the country would be given
over
to anarchy.
The Havas note concluded: "Thi§ con¬
versation, which is correct throughout, must be considered
were
creating
relation between the Maximalist Govern¬
no new
were
date
a
general democratic
peace
to all
peoples, preparations of military equipment
the European
are
a
waste of
national labor and funds, and that
consequently the output
must be stopped immediately and
replaced by the produc¬
tion of peace supplies, which the
country needs.
On the
same
the
date
(Dec. 24) it
refusal
of
was
said to have been reported that
Germany to issue passports to the German
Socialists Haase, Ledebour and
to Stockholm to
Kautsky, who desired to
acquaint themselves with the Russian
go
revo¬
lutionary Conditions, had produced in Russia an impression
which might hamper peace negotiations.
Minister Trotsky
sent
on
a telegram to his
delegates at Brest-Litovsk, bearing
this, declaring that if the Germans refused their Socialists
passports this would create such
grad that it
was
should go
a
bad impression at Petro¬
deemed necessary that the German official
delegation, which
expected at Petrograd
to Stockholm instead.
was
On the 26th inst. it
was
needed
the account
taught that
was
He must explain his connection with this conspiracy.
Cross,
you
are
longer the representatives
no
mistaken.
If you think that,
of America,
but
foreign
not so blind as to allow our feet to be
Tchitcherin and Petroff
you
private adventurers,
and the heavy hand of the revolution will reach out after
you.'
"I desire to let the representatives of all the
trampled
powers
know that
In the affair of
on.
have already had occasion to show the British
we
and
pride, and that
Dec. 27,
reported that the German dele¬
Raymond Robins, head of the permanent American Red
Cross Mission to Russia, on
of
hear him
to
the
Embassy.
Cross
He
in
were
said
that
a
unless
he
came
no
statement
a
to
declared that the Embassy and the Red
involved in the counter-revolution.
way
Kolpashnikoff received
Embassy.
but Trotsky
the representative
as
Ambassador Francis, in
the Russian press,
funds
no
from
the
Dec.
27,
■
According
to
advices from London
press
Ambassador Francis
on
Dec. 25 issued
on
firm rebuttal of the
a
charges made against the American Embassy by the Bol¬
sheviki.
He declared, according to a Petrograd dispatch
"Times," that he and his staff had never interfered
the
,
with internal affairs in Russia, nor aided General
the leader of any
or
other faction.
Kaledine
The Ambassador pub¬
lished letters showing that the funds employed in the transfer
of automobiles
drawn for the Red Cross and not for the
were
Embassy, and that the automobiles
were
removed
for the
of preventing their falling into the hands of the Ger¬
in the event of
SERBIAN
a
further invasion of Russia.
settlement
MISSION
WAR
ARRIVES
STATES— RECEIVED
A Serbian War
BY
IN
UNITED
PRESIDENT.
Mission, headed by Dr. Milenko Vesnitch,
who represented Serbia at the recent Inter-Allied Conference
at
Paris, arrived at
an
Atlantic port
on
Dec. 20, and im¬
mediately proceeded to Washington, where the
next
(Dec. 21) it
The Mis¬
sion
was
received by President
was
Wilson.
day
greeted at the port of arrival by Breckinbridge
Long, Third Assistant Secretary of State, and Lieutenant
H.
F.
Armstrong, who will
it is in
this country.
is
Serbian
also
sor
the
at
the Mission while
accompany
Dr. Vesnitch, head of the Mission,
Minister
University
President Wilson
Dec.
on
and
France
to
Belgrade.
of
21
Dr.
former
a
When
profes¬
received
by
Vesnitch, it is said,
ex¬
pressed the appreciation of his country for the financial and
other assistance it has received from the United
as a
testimonial of the high
States, and
regard the Serbians have for this
country, presented the President with an autograph letter
from
King Peter.
entertained
commission at
held
Mirbach, former German
Minister to Greece, and will undertake to reach
learning of the arrest of Kolpash¬
is said to have offered to
explain the matter to the Bolshevik leader,
refused
telegram& is headed by Count
von
the influence of the Anglo-
perish."
dent
on
not acting under
we are
American bourgeoisie, but have a pure
principle, for which we will conquer
initch
were
on
now.
support and bribe Kaledine,
are
gation which was expected in Petrograd on the 27th was
proceeding to Dvinsk instead, fearing a visit to Petrograd
would be misinterpreted.
The commission, said a Berlin
,
money
rubles
"We will tell all the Ambassadors, 'If you think you can with the
help
of American gold, under the guise of the
holy mission of the Red
manifesto to all Russian
into
100,000
Evidently he belongs to the Bismarck school, in which It
workingmen declaring that
the armistice would probably be transformed at an
early
as
ready to advance
was
We think that the American Ambassador must break
author¬
ity for the statement that the Bolshevik commissioners had
a
Anderson, head of the American Red Cross
Rumania, to Kolpashnikoff said that if
silence is golden.
mans
Petrograd advices under date of December 24
issued
trainload
"Since the revolution he has been the most silent diplomat in
Petrograd.
purpose
us."
ment and
to
Ambassador Francis
to
He concluded by
ing that if the Bolsheviki succumbed
as
Mission
•
war,
a
Among the documents
•
of the Red Cross.
that then the peace would not be
signed, and that the Maximalists might be led to "wage a
revolutionary war."
Trotsky added that "if public opinion
was
trying to get
was
nikoff prior to Trotsky's speech
did against Czarism."
as we
by the Havas Agency, called
Bolsheviki
Rumania, who
"One letter from Colonel
holy w^r against
by this unpre¬
on Joseph
Noulens, the French Ambassador to Russia, and explained
that
participating
We arrested Colonel Kolpashnikoff, attached
to
David R. Francis (American Ambassador to
Russia)
requesting that the train be given free passage, as it was bound for the
are
the terms of the German Emperor,
the 23rd stated that Trotsky,
on
issued
note
a
exhausted
them only in order to rise together with the German
people against German militarism
mission
mission at Jassy.
or
slaughter,
was
Ambassador that the revolutionary Government is not
lacking in dignity
is not yet ended.
"If they should offer unacceptable terms directed against the basis of our
stituent Assembly.
Trotsky
letter from
a
we are
country to fight to the last drop of their blood.
American
his silence
quoted to the following effect:
was
"We have called you here to ask your support.
If
terms
peace
22.
automobiles, clothing and supplies to Rostov.
was
op¬
attempt by the
an
objectionable
Dec.
on
saying:
as
"Last night we found that American agents in Russia were
re¬
Delegates, the Petrograd
helping Gen. Kaledine, leader
were
meeting of the revolutionary organiza¬
a
in
in the Kaledine movement.
negotiations,
'
DENIAL.
read by Leon Trotsky, the Bolshevist
were
assembled
quoted
purpose.
Dee. 23 that detailed
on
THAT
REVOLT
telegrams which he declared contained
Foreign Minister at
neutral, to further the
as
appropriated-for this
From London it
of the
special representatives to
internationalism.
of
and
evidence that Americans
Petrograd dispatch of Dec. 25 the Bolshevik
to send
FRANCIS AIDED
that all States must
so many great tasks
Documents
a
Government has decided
Russia.
The
Foreign and
RUSSIAN BOLSHEVIST ACCUSATION
Emperor is credited with having declared that everybody wants
Central
Russia.
number of officials of the
a
to
measures
and
contemplates going to Brest-Litovsk if the diplomats arrive
and that the future offers
peace
devise
Germany
War Ministries.
co-operate in them.
all
and also
between
commission includes
Emperor William has informed his Govern¬
agreement, in which case he will endeavor to assemble all the sovereigns
peace
prisoners,
war
relations
restore
and regents of Europe in a peace conference, as was done after the Napo¬
leonic wars.
The
[Vol. 105.
are
tahe at
a
On Friday evening, Dec. 21, the Presi¬
Dr.
Lieut.-Col.
the
Vesnitch
State dinner.
Serbian
and
his
colleagues
on
the
On the Mission with Dr. Ves-
Michailo Nenadovitch,
Military At-
Legation in Switzerland, and Dr. Sima
Lozanitch, former Serbian Minister to London, and who has
The
several
Cabinet
Offices
in
the
Serbian
military members of the Mission, who
*
Government.
are
headed by
Dec. 29 1917.]
THE
General Michailo Rachitch,
ment
officials.
corps
at Adiranople
until
General
CHRONICLE
will confer with War Depart¬
Rachitch
commanded
an
during the second Balkan
SINK
FOURTEEN
The destruction in the North Sea
men,
on
Dec. 12 of
VESSELS
IN
by German light naval
British and five neutral merchant¬
one
British destroyer and four armed trawlers
a
was
an¬
nounced
by Sir Eric Geddes, First Lord of the British Ad¬
miralty, on Dec. 17.
The total tonnage of the lost merchant¬
men was
8,000, while
the Stock
a
and
were
also hit, but succeeded in escaping
Eighty-two Scandinavians, two of whom
women, and ten British
British
explosion; the other de¬
an
was
reaching port.
subjects
destroyers, which hastened
tack.
Other survivors reached
rescued by four
were
the
to
«
opened in this city,
Norway in life boats and
Com¬
Sir Eric Geddes stated that the circumstances of the
attack, so far as could be determined from the reports then
that the Partridge sighted four enemy de¬
stroyers shortly before noon on Dec. 12, and with the Pelew
Bank, whose head office is
agency
week, will shortly
an
The Pelew
The Partridge was hit heavily.
Soon af¬
explosion occurred aboard her and she sank.
struck at the waterline, and her
engines were
disabled, but eventually she was brought safely to port.
The enemy then attacked the vessels under
escort, sinking
the six
merchantmen, while the four armed trawlers
sunk.
men
was
The casualties
killed and two
ing the
crew
the Pelew
on
were one
seriously wounded.
were
a branch at Seattle, Wash.
The
capital of $15,000,000 and deposits
a
$85,000,000.
1
report from
a
Kiel, Germany, told of the taking prisoner of three officers
and twenty-one men from the
twenty-five
Partridge and
one
officer and
from the trawlers.
men
a
director of the Bank
of New
York, N.B.A., of this city.
Mr. Riker is a lawyer
by profession, and is a son of the late John L. Riker, who
for many years prior to his death in 1909 was
Vice-President
of the Bank of New York.
«
Arthur S. Hurst, Credit
Co.,
of New York,
Manager of the Guaranty Trust
yesterday (Dec. 28) elected an
was
Assistant Cashier of the New York
County National Bank,
of this
his
city.
Mr. Hurst will
assume
new
duties
on
Jan. 2.
■
«
J. P.
Maguire has been appointed an Assistant Cashier of
Liberty National Bank of this city. Mr. Maguire has
been connected with the Liberty National for about six
years
the
and for the past two and a half
years has acted
of its Credit
Manager
as
Department.
«
*
r
The directors of the
officer and three
of the Partridge is incomplete, but
an
noted in these columns, last
Samuel Riker Jr. has been elected
also
Information regard¬
Osaka, Japan, already has
as
open
Sumitomo Bank has
of
at
in San Francisco, and,
were
engaged them.
terward
a
Chatham & Phenix National Bank.
Alterations will be
made to suit the needs of the institution.
The Sumitomo
a
mons,
hand,
Bank, Ltd., of Japan, is to be
long-term lease having been signed
of the at¬
scene
number of prisoners were taken aboard the German vessels.
In announcing the loss of the vessels in the House of
at
made at
were
at auction this week.
or
one
direct hit, which caused
stroyer, the Pelew,
NEWS.
stocks
A branch of the Sumitomo
of the two British destroyers con¬
voying the merchant vessels—the Partridge—sank after re¬
ceiving
Exchange
FINANCIAL
trust company
or
by the Bank during the past week for the second floor corner
of the Singer Building, 149
Broadway, directly above the
TWO ATTACKS IN NORTH SEA.
forces
No sales of bank
and
Headquarters at French General Headquarters. Other mem¬
bers of the Mission are Capt. Milan Yovitchitch and Vladis¬
lav Martinatz, Attache at the Serbian
Legation in Paris.
RAIDERS
BANKING AND
army
war,
coming to this country represented the Serbian General
GERMAN
2517
Battery Park National Bank of this
city at
a meeting on Dec. 26, in addition to declaring the
regular dividend of 3% with an extra dividend of 3%, paya¬
ble Jan. 2 1918, making 12% for the
year, voted to add to
the surplus account the sum of $200,000,
making the capital
stock $400,000 and
surplus $400,000.
♦
Announcement
•
on
Dec. 17 of the
on
off the mouth of the River
sels and
a
Ralph Dawson and Frank J. Frost have been appointed
also made in the House of Commons
was
sinking
Dec. 12 by German naval vessels
Tyne of two neutral merchant
Assistant Secretaries of the
The
ves¬
Co. and the
trawler.
Jan. 2.
Guaranty Trust Co. of this city.
Madison Avenue Branch of the Guaranty Trust
new
Guaranty Safe Deposit Co. will be opened
The
new
on
branch is located at Madison Avenue and
Sixtieth Street.
:
•
JJ.
S.
SUBMARINE
F-3
RAMS
AND
SINKS
F-l—19
The
LIVES LOST.
Nineteen lives
were
submarine F-l sank
lost
as
on
Dec. 17 when the United States
the result of
with the submarine F-3,
a
according to
by the Navy Department
on
Dec.
collision in home waters
an announcement
18.
The F-3
damaged, and before returning to port picked
vivors of the F-l,
Department's
an
officer and four
announcement in part
up
seamen.
made
was
five
The
un¬
sur¬
Navy
Guaranty Trust Co. of this city has added to its Bond
Department a Municipal Division, for the purchase and sale
of a general list of municipal bonds.
The operation of this
division will be in charge of Charles F. Batchelder, who was
connected for several years
Boston
Chicago.
with E. H. Rollins & Sons, in
Hamilton
Candee, formerly with
Kissel, Kinnicut & Co., also has become associated with the
Bond
follows:
The United States submarine F-l was rammed and sunk
and
Department of the Guaranty Trust Co.
by the United
States submarine F-3
F-3
not
was
vessel.
Monday afternoon in a fog in home waters.
The
injured and returned to port with five isurvivors of the lost
Nineteen of the
crew
of
jthe F-l
On Dec. 18 it
was voted by the directors of the
City Bank
Syracuse, at Syracuse, N. Y., to increase the capital
from $500,000 to $1,000,000 and the surplus to $500,000.
of
are missing.
This
TRUST
COMPANY
DINNER
WAR
TO
BE
IN
NATURE
—i—
A charter has been
Company Section
Jersey for the organization of a new trust
in Atlantic City, N. J.
The new institution will
of the American Bankers' Association and President of the
company
be known
Eighth • Annual
United States,
Dinner
of
the
Trust
announces
that the
Companies
of
the
under the auspices of the Trust Company
granted by the State Banking Commis¬
sioner of New
Union Trust
Company, Detroit, Mich.,
ratified by the stockholders on Dec. 26.
OF
CONFERENCE.
Frank W. Blair, President of the Trust
was
of
as
$100,000.
experience.
the Bankers Trust Co. and will have
The
They
incorporators
Frederick
are:
are
C.
all
men
of
Robbins,
a
capital
banking
formerly
connected with the Guarantee Trust Co. of Atlantic
Section of the American Bankers' Association, will be held
at the Waldorf-Astoria Hotel, New York
City,
even¬
Jesse W. Starr, 3rd, of the Central Trust Co. of Camden;
ing, Feb. 25.
a war con¬
George T. Lippincott of the Atlantic City National Bank;
Monday
The dinner will be in the
nature of
the subjects to be discussed will be designed to
assist the trust companies of the
country in their efforts to
ference,
as
unite with Governmental and other
agencies in
nation's principal business of war.
the
furthering
Special attention
Emerson
L.
Richards
of
the
Boardwalk
National
Encon L. Johnson of the Union National Bank;
Bartlett
R.
of
the Atlantic
City;
Bank;
William H.
City National Bank, and Robert
Ingersoll, formerly associated with the
Boardwalk Nat¬
given to the subject of food conservation, the menu
being in strict conformity with and following the direct sug¬
gestions of United States Food Administrator Herbert C.
ional Bank.
Hoover.
National Bank of New York, has been elected Vice-Presi¬
will be
Following the custom of former
years,
an
tion is extended to friends affiliated with banks and
houses to
join the trust
company men at
invita¬
banking
this annual dinner.
•
H. H. Pond, Vice-President of the Mechanics & Metals
dent of the Plainfield Trust Co. of
ceed J. Herbert Case.
Mr.
Plainfield, N. J., to
suc¬
Case, who last October assumed
2518
THE
the duties of
CHRONICLE
Deputy Governor of the Federal Reserve Bank
of New
York, has found it necessary to sever his connection
with the PIainfield~Trust Co. because of the requirement
the Federal
of
Reserve Act which prohibits reserve
bank
officers from having official connections with member banks.
Mr. Pond, who succeeds Mr. Case
Plainfield Trust Co.,
as
Vice-President of the
formerly Secretary and Treasurer
of that institution, having resigned in 1913 to become as¬
sociated
with
was
Mechanics
the
&
Metals
National
as
Vice-
President.
assets, including cash assets of the Bankers Trust Co.,
taken
Harris,
Vice-President and Treasurer of the
investment house of Harris, Forbes & Co., of New York,
has been elected
a
director of the Plainfield Trust Company,
to succeed Frank H.
Smith,
now
the
and Insurance of the State of New
depositors of the trust
enlarged
The officers
company.
Scandinavian-American
were
for the pay¬
Bank
Presi¬
are:
dent, J. E. Chilberg, President of the Scandinavian-American
Bank, of Seattle; Vice-President, Gustaf Lindberg, President
the
of
M. M.
Lindberg Grocery Co.; Manager, O. S. Larson.
Ogden, who was Cashier of the Bankers Trust Co. for
than
more
a
will,
year,
official
the
staff
informed, shortly be added
we are
of
the
Scandinavian-American
The Scandinavian Bank, which
an
of
Commissioner of Banking
by the Scandinavian-American Bank
over
ment of the
of
to
Arthur M.
[Vol. 105.
Bank.
established in 1907
was
as
independent branch of the Scandinavian-American Bank
Seattle, had a capital of $200,000.
The Bankers Trust
Co.
also organized in 1907 and had
was
a
capital of $300,000.
Jersey.
;
*-
«
At
a
meeting of the directors of the^Exchange Trust Com¬
pany of Boston the regular quarterly dividend of llA% was
declared, payable Jan. 2 1918, to stockholders of record
Dec. 20 1917.
year ending Nov. 30 1917, just
public, shows net profits, after providing for all bad
and doubtful debts, of $2,637,555, an increase of
$196,140
made
thority to convert the institution into the South Side Na¬
were
the
from
William W. Farrell has been elected
an
Assistant Cashier
Savings Bank, of Chicago, 111.
Mr. Farrell has been associated with the Mercantile since its
organization in July 1912, and had previous to that time
total
months, which
available
amount
distri¬
for
balance of $802,319 brought forward
a
previous
year,
was
$3,439,874.
Of this sum
distributed in four quarterly dividends and
bonuses; $150,000 was paid out in war tax on bank note
was
circulation; $85,000
■1
of the Mercantile Trust &
The
bution, including
two
♦
-
$2,439,415.
$1,800,000
capital $200,000.
■
those reported for the previous twelve
over
♦—».
Application has been made to the Comptroller of the
Currency by the South Side State Bank of Chicago for au¬
tional Bank,
The annual statement of the Canadian Bank of Commerce
(head office Toronto) for the
and $72,800 was
was
transferred
to
the
appropriated for various
leaving $1,332,074 to be carried forward
profit and loss.
pension fund,
relief funds,
war
as
As usual, dividends of 10%
balance
a
of
paid dur¬
were
been connected with the Continental & Commercial National
ing the year, and two bonuses of 1% were distributed.
The
interest-bearing deposits of the bank increased from $167,-
Bank, of Chicago.
412,079
*
.
The Live Stock
Exchange National Bank of Chicago,
HI., has distributed Christmas bonuses to its officers, and
employees,
amounting in the aggregate to $7,300.
Em¬
ployees receiving annual salaries of over $1,500 were given
10% of their yearly salary, and those receiving less than that
amount
given 15%.
The distribution was made in
Liberty bonds, war savings stamps, and currency.
M. A.
Taylor, President of the bank, announces that this award
and John Aird is General Manager.
-—♦——
,
were
was,made in recognition of efficient services
year,
a year ago to $189,967,251 on Nov. 30 1917.
De¬
posits not bearing interest were $86,458,403 on the latter
date, as compared with $62,484,072 last year.
The bank
has a paid-in capital of $15,000,000 and a rest account of
$13,500,000.
B. E. Walker is President of the institution
which has been the
the bank.
most
successful
during the past
[ever] enjoyed by
The published statement in accordance with the
Comptroller's call Nov.
$21,000,000.
20 shows
total
resources
of
over
The Standard Bank of Canada (head office
Toronto) has
declared a dividend for the current quarter
ending Jan. 31
3}4%i being at the rate of 13% per annum upon the
paid-up stock of the bank, and which will be payable on and
1918 at
after Feb.
annual
1 to shareholders
of record
as
of Jan.
23.
The
general meeting of shareholders will be held at the
head office of the bank in Toronto
on
Feb. 27.
-
•
.
*
The
E. A.
Strause, President of the State Trust & Savings Bank
Peoria, 111., on Dec. 23 shot and killed Berne M. Mead,
of
Cashier of the institution.
banking
room
to have been
held
shooting took place in the
of the bank, and followed
concerning
which is scheduled for
was
The
a
dispute supposed
election of officers for the bank,
an
some
time in
January.
Mr. Strause
by the police
on the charge of murder.
The direc¬
bank, following the tragedy, issued a statement
declaring that the bank was solvent. The State Trust &
tors of the
Savings Bank has
a
~
$1,400,000.
capital of $200,000 and deposits of
'
"""
of
directors of
the
St.?Joseph,-Mo., at
the word
has
a
on
the $4,000,000
meeting onaDec. 18, decided to drop
"German",fromthe bank's~name, and make"it the
The
.
capitaLof J£200,000; and
German-American .National
Nov. 20 reported surplus
andjundivided profits of $249,433 and deposits of $8,084,496.
year
ending Nov. 30
growth and expansion.
for the twelve months aggregate
The earnings
$616,239, equal to 15.4%
paid-up capital,
against $591,205 (or
as
14.7%) in 1916.
The balance from the previous year was
$118,179.
The bank paid its usual dividends of 12%, or
$480,000, besides the Government war tax on circulation,
which amounted to $40,000.
special
reserve
was
as
a
contributed
Fund, and $10,000 to the Officers'
total assets
which $36,660,386 are in
aggregated $48,963,455.
1916.
The
total
a
rest
or
reserve
on
of
with
compares
The Bank of Ottawa has
(paid in) of $4,000,000 and
to the
aggregate $64,771,759,
liquid form, which
$27,910,608 in liquid assets in
750,000.
set aside
was
leaving $94,418 to be carried forward
The
account.
$100,000
for contingencies, $10,000
to the Canadian Patriotic
next
German-American National Bank,
a
American National Bank
1917 reveals continued
Pension Fund,
«
The
forty-third annual statement of the Bank of Ottawa
(head office, Ottawa, Canada) for the
deposits
a
capital
fund of $4,-
George Bryson is President and'D. M.' Finnie is
General Manager.
———
The Germania Bank of Savannah.
Ga., has changed its
name
to the
Liberty Bank &^Trust'CoT7effectIve'Dec7~20]
The
Liberty Bank & Trust Co., of which^Henry Blun is
a capital of $300,000,
surplus and undivided
profits of $430,998, and deposits of $2,207,225.
President, has
«
The Seaboard Bank of
Announcement
Smith's Bank,
Comptroller of the Currency for authority to
Bank, capital $200,000.
convert into
•
Tacoma (Wash.) banking institutions,
Scandinavian-American Bank and the Bankers Trust
thus
name
of the former
the
Co.,
institution,
giving the enlarged bank deposits of about $3,200,000.
holdings of the Bankers Trust Co. were sold
outright for cash before the consolidation, and the
remaining
All real estate
amalgamation
both of London,
dispatches of Dec.
of
the
National
15.
was
The bank's
contained in London
new
title will
be
the
National Provincial & Union Bank, and it will have total
Through the consolidation the
National Provincial & London Bank becomes, it is
said, the
second largest banking institution in England,.it
being ex¬
point of deposits only by the London City &
Midland Bank, which has deposits of £180,000,000.
The
ceeded
in
National
large
have consolidated under the
the
England and the Union of London. &
deposits of £170,000,000.
Seattle, Wash., has applied to the
the Seaboard National
Two
of
Provincial Bank of
Provincial
1833, and
900,000;
paid-up
£2,000,000.
established
Bank
of
London
was
established
Jan. 1 1917 its subscribed capital
on
capital,
£3,000,000,
and
was
reserve
The Union of London & Smith's Bank
in
1839.
At
the
in
£15,fund
was
beginning of 1917 its sub¬
scribed capital was £22,934,100; paid-up capital
£3,554,785,
and reserve fund, £1,150,000.
«
-
,
Dec. 29 1917.]
THE
CHRONICLE
ENGLISH FINANCIAL MARKET—PER CABLE.
Altheimer, Ark.
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
London,
Dec.22.
Week ending Dec. 28—
Silver,
Sal.
peroz....
Consols, 2
British, 5
d.
per cents
Dec.24.
Dec.25.
Mon.
43H
Dtc.2Q.
Tiles.
43^
Dec.27.
Wed.
Dec.28.
Thurs.
Holiday 43?^
Holiday Holiday Holiday Holiday 54 >£
54 X
93 X
Holiday 93^
Holiday Holiday Holiday Holiday
9934
French Rentes (in
Paris)__fr. 58.50
Holiday Holiday 58.50
58.50
cents-
French War Loan (in
Paris) fr.
Holiday Holiday
The price of silver in New York
Silver In N. Y.f per oz.-cts-
\£<ommcrctal
86H
SQH
a utllH
the
on
Sheboygan, Wis.
Conversion of the German Bank of
Sheboygan.
99>4
Total
capital__
88.25
same
days has been:
Holiday 865A
80%
$25,000
Chicago, 111.
Capital
Conversion of the South Side State Bank
of Chicago.
The Northwestern National Bank
of Grand
Forks, Nor. Dak.
200,000
200,000
Conversion of the Scandinavian-American
Bank of Grand
Forks.
The Seaboard National Bank of
Seattle, Wash.
Capital.
200,000
Conversion of the Seaboard Bank of
Seattle.
The Security National Bank of
43H
Holiday Holiday Holiday
__
per cents
British, 4J4 per
Capital
Conversion of the Bank of Altheimer.
The South Side National Bank of
Capital
Fri.
43^
2519
For Conversion of State Banks:
The First National Bank of
86%
is ccllnttcotts
Capital
250,000
—
.$1,095,000
CHARTERS ISSUED.
Original Organizations:
The First National Bank of
Monette, Ark.
Capital...
The Citizens' National Bank of
Boulder, Colo.
Capital
Minonk National Bank,
Minonk, 111.
Capital
The First National Bank of
Irvona, Pa.
Capital
.
Total
$25,000
100,000
25,000
25,000
"
.$175,000
CHARTERS EXTENDED.
Auction
Sales.—Among other securities, the following
not usually dealt in at the Stock
Exchange, were recently sold
at auction in New
York, Boston and Philadelphia:
By Messrs. Adrian H. Muller
Shares.
Stocks.
Plate
Ice,
pref.,
$5 each
Plate
Ice,
common
$26 lot
1,500 Eastern Mausoleum Co
$5 lot
26 Just Process Co.,
Syracuse..$1 lot
134 Scranton Anthracite
Coal,
$25 each..
^..$61 lo.,
$1 each
$1 lot
each
$102 lot
pref.]
each..
$2,800 lot
500 Chalmers Motor
Corp., pref.,
ser. M v. t. c.'
c..^
1 Greenhut
$7 per th.
__}$110
Co.,
Inc.,
com.j
t. c_„„_
v.
2,250 Chalmers Motor Corp.,
com.,
lot
$334
I
$7,000 Kensington
SI each
.
Compressed Air Co., com___$l lot
798 Kinemacolor Co. of
Amer.,
common
....$10 lot
.......
per sh.
Bonds.
196 Diamond Co. 1st
pref., ser. A
200
Gold
Mines
616 shares
Denv. & Salt Lakej
RR. ctfs. of beneficial interest.
J
lot
25 Lawrence Duck Co
...
By Messrs. Francis; Henshaw
&
Co., Boston:
>
% per share.
1 Boston Wharf, ex-dividend
250 Costilla Estates
Dev., old preferred
2,651
do
do
common
$26,085
do
do
series
.
80%
]
......
;
....
._}$2,000
........i
...
200 North Atlantic Oyster
Farms, common
$16,125
do
do
do
income 5s
lot
J
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
Stocks.
200 Harwood
200 New
assessment
Shares.
19
common
Utah Bingham
stock,
21 Phil.
$ per sh.
Electric,
unpaid...$1 lot
Warehousing & C. S
80
..250
Bank, $50 each.. 60
10 Corn Exchange Nat. Bank
398
5 Phila. Nat. Bank
465
40 2-3 rights to subscribe to Germantown Trust Co.
% per sh.
425
1%
$1,000 Somerset County court house
4s, 1927
9434
$58,000 Tacoma Gas refunding 5s. 20
$25,000 Allegheny Valley Watch 5s,
$3,000 Montgomery & Muncy El.
Light & Power 5s..........
2X
Canadian Bank Clearings.—The
clearings for the week
at Canadian cities, in
comparison with the
same week in
1916, shows a decrease in the aggregate of
7.8%.
at—
Canada—
$
Montreal
1916.
?
1915.
%
1914.
$
$
69,707 ,527
90,337,611
—22.8
67,296,778
61,295 ,067
61,595,950
—0.5
50,457,041
51,782 ,260
55,702,525
—7.0
9,251 ,106
7,917 025
6,945,428
+ 33.2
6,496,522
Victoria
+22.3
54,460,577
6,167,289
5,230,077
1,655 ,616
1,518,854
Edmonton
+ 9.0
1,420,736
3,410 ,359
2,782,918
+22.3
5,635 ,277
6,146,188
—8.3
5,070 ,698
5,023,967
+ 0.9
4,856,129
—22.8
Toronto
Winnipeg
__
Vancouver
;
Calgary
OttawJa
v.1
Hamilton
...
Quebec
3,748 ,034
Saskatoon..
2,119 ,356
1,977,816
+ 7.2
1,584,753
940,198
3,532,835
+ 19.9
2,663,986
1,852 191
Moose Jaw
2,089,702
—11.3
1,651,825
2,800,699
+ 6.6
1,556,797
1,536,426
1,919,896
825,335
1,751,145
William
1,481,923
2,154,957
+ 8.9
1,460,064
+ 9.5
700,380
720,422
+ 46.9
1,818,469
797,559
+ 6.3
770,870
1,046,943
770,064
—11.8
+ 20.9
581,629
304,350
715,123
+ 9.1
765 ,958
Lethbrldge
922 ,255
_
2,064,603
1,028 ,870
London
Brantford
'
1,613 ,103
2,358 ,022
_•
Brandon
New
3,181,725
1,623,665
■2,292,909
4,517,575
2,237,490
2,936,420
4,235 272
4
John..".
Halifax
Fort
24,243,384
5,711,457"
2,985 ,319
Reglna
St.
44,796,484
28,598,048
2,233,031
4,541,636
2,952,453
3,309,254
J
931 ,021
Westminster
334 ,019
...
586,604
490,029
385,441
499,377
730,802
—15.2
Peterborough
235,471
516,207
682 ,386
624,607
Sherbrooke
+ 9.3
502,700
626 947
705 511
697,177
672,386
—10.2
Kitchener
Medicine Hat....
606 621
National
....
295,037
283,919
413,755
+ 4.9
241,273,720 261,695,476
7.8 213,447,810
131,623,116
Banks.—The following information
regarding
Comptroller of the
national banks is from the office of the
Currency, Treasury Department:
For
APPLICATIONS FOR
Organization of National Banks:
$3
(qu.)
Lowell..
The Tucson National
Bank,
Tucson, Ariz.
Sharon, S, C.
Capital
Capital
Kemp State Bank, La Kemp, Okla.
The Edwards National Bank of
Booker, Texas.
To succeed the La
$100,000
__
Dec.
35,000
25,000
35,000
25,000
Jan.
Jap.
IX
Jan.
IX
2
IX
2X
2
2
1%
2
Dec.
Jan.
IX
Jan.
2 Holders of rec. Deo.
15a
d7a
Jan.
Dec.
2
Jan.
1
to
Jan.
1 Holders of rec. Jan.
31 Holders of
Jan.
Jan.
2 Holders of rec. Dec.
20a
7 Holders of rec. Dec.
31 Holders of rec. Dec.
28a
Deo.
1
Jan.
1
Jan.
$1 25
Manhattan Railway (quar.)
Michigan Central...
Jan.
15
21a
11 Holders of
rec.
Jan.
Holders of
rec.
Holders of
rec.
Jan.
2 Holders of rec. Dec.
1 Holders of rec. Dec.
Jan.
2
Jan.
Jan.
$1 75
Extra
X
IX
X
2X
82
Jan.
2 Holders of reo. Deo.
Jan.
2
Jan.
2 Dec.
16
to
Jan.
2
Feb.
1 Jan.
4
to
Jan.
2 Holders of rec. Deo.
2 Holders of rec. Dec.
23
Jan.
Jan.
21a
17a
31a
Feb.
14 Holders of rec. Dec.
19 Holders of rec. Jan.
Jan.
15 Holders of rec.
31a
Jan.
Dec.
Feb.
1 Holders of rec. Jan.
IX
3X
Jan.
1
11
31
Holders of
4
Dec.
10a
10 Holders of rec. Dec. 29a
Jan.
1 Dec. 16
to
Dec. 31
1 Holders of rec. Dec. 15a
Jan*
IX
3
Dec. 31 Holders of rec. Dec, 26
$1.50 Deo. 31 Holders of rec. Dec. 12a
reo.
Jan.
2
2X
(qu.)
guaranteed (quar.)
(quar.)...
(quar.)
Jan.
10 Jan.
Jan.
10
2X
Pitts. Cin. Chic. & St. Louis
Pitts. Ft. Wayne & Chic., reg. guar,
common
21a
2 Holders of rec. Dec.
2 Holders of rec. Dec.
IX
(quar.)
(quar.).
Reading Company,
to
1
Old Colony (quar.)..
Pennmlvanla Company
Philadelphia Baltimore & Washington.__
Philadelphia & Trenton (quar.)
Portland Terminal
8a
16
Jan,
$2
Northern RR. of New
Hampshire
Northern Securities Co
Norwich & Worcester, preferred
8a
2 Holders of rec. Deo.
2 Dec.
2
Central....
NorthemPacific {quar.)
8a
15a
Jan.
IX
Northern
15a
2Qa
1 Holders of reo. Dec. 16a
29 Holders of rec. Deo. 31a
15 Dec. 22
to
Jan. 14
1 Deo.
2
to
Jan.
1
$2.50 Jan.
Norfolk & Western, pref. {quar.)...
7a
29a
Dec.
1
37Xo. Jan.
2X
to
Jan.
IX
(quar.)
15
2
Jan.
Jan.
2
24a
31a
15 Dec.
Jan.
Feb.
$1.25
10a
15 Holders of rec. Dec.
2 Holders of rec. Dec.
12 Holders of rec. Deo.
Feb.
2X
IX
..
New York & Harlem, com. and
pref
N. Y. Lackawanna & Western
(quar.)...
New York Ontario & Western
11a
Jan.
IX
(quar.)..l
New York Central RR.
(quar.)
New York Chicago & St.
Louis, first pref.
Second preferred
4
14a
IX
IX
Preferred
New London Northern
14
Deo.
5
40c. Jan.
Extra
rec.
2 Holders of reo. Dec.
2 Holders of rec. Deo.
$5
Morris & Essex
20a
15 Jan.
Feb.
$1.25 Jan.
Mine Hill & Schuylkill Haven
Mobile & Birmingham, preferred
31a
15 Holders of reo. Jan.
2 Holders of reo. Dec.
Jan.
IX
3X
3X
common
Jan.
3
Lackawanna RR. of New Jersey (quar.)-.
Lehigh Valley, com, and pref. (quar.)....
3a
4
Jan.
3.16
{quar.)
Hocking Valley...
Illinois Central, leased lines
Interborough Consol. Corp., pref. (quar.)
Interborough Rapid Transit (quar.)
Joliet & Chicago (quar.)
Kanawha & Michigan (quar.)
Kansas City Southern, preferred
(quar.).
3a
4
Jan,
3
Williamsport, preferred
Georgia Railroad & Banking (quar.)
19a
31 Holders of rec. Deo. 31a
30 Holders of reo. Nov. 27a
21 Holders of rec. Jan.
5
5 Dec. 21
to
Jan.
5
Jan.
2X
15a
14 Holders of ree. Jan.
21 Holders of rec. Deo.
Dec.
2
15a
2 Holders of reo. Deo.
14 Holders of rec. Jan.
Dec.
$2.50
31a
29 Holders of rec. Dec.
2 Holders of reo. Deo.
Jan.
2X
Elmlra &
20
15a
1 Holders of rec. Dec. 31a
Dec. 31 Holders of reo. Deo.
la
Dec. 31 Holders of rec. Deo. 27a
Dec. 31 Holders of rec. Deo.
7a
Dec. 29 Holders of rec. Dec. 19a
Jan.
$3
{quar.).
19a
Feb.
3
Detroit Hillsdale & Southwestern
Detrpit Sc Mackinac, com. and pref
Detroit River Tunnel..
20a
15a
Jan.
(qu.)
1
Dec.
29 Holders of rec. Dec.
Dec. 29 Holders of rec. Deo.
Dec. 29 Holders of rec. Dec.
3X
...
Delaware & Hudson Co. (quar.)
Delaware Lackawanna & Western
31a
Jan.
reo.
20a
2
...
to
1
22a
1 Holders of rec. Dec.
10 Holders of rec. Dec.
1 Holders of rec. Deo.
IX
(quar.)
23
1
Jan.
Dec.
2
com. (quar.) (No. 86).
Central RR. of New Jersey
(special)....
Chesapeake & Ohio
Chicago Indianap. & Louisville, com
Preferred...
Chicago & North Western, com. (quar.).
Maine Central,
Jan.
2
Canada Southern
Canadian Pacific,
to
1 Holders of rec. Deo.
20
31 Holders of rec. Dec. 17a
31 Holders of rec. Nov. 30a
2 Holders of reo. Deo.
la
Dec.
I*
.....
16
2 Holders of reo. Dec.
1 Holders of rec. Dec.
2X
......
Jan.
Jan.
25 Holders of rec. Jan.
8 Dec. 11
to
Jan.
15
IX
IX
IX
$1
Feb.
14 Holders of rec. Jan.
Jan.
10 Holders of
Jan.
2 Dec.
Jan.
1
1
to
11
8
Jan.
rec.
2
Dec.
t-o
Holders of
15
25a
Second preferred
(quar.)
Rensselaer & Saratoga
4
Jan.
1 Dec.
16
Rome & Clinton
to
Jan.
1
3
Jan.
1 Dec. 21
to
Jan.
1
50c
St. Louis & San Francisco—
Common (extra)
Valley Railroad (New Yrok)
Wabash, pref. A (quar.)
Jan.
IX
Jan.
1 Dec. 25
to
Jan.
2
2 Holders of rec. Nov. 30a
Jan.
2 Holders of reo. Dec.
2
Jan.
2 Holders of reo. Deo.
2 Holders of rec. Dec.
50o
....
United N. J. RR. & Canal Cos.
1
Dec. 27a
rec.
IX
Toronto Hamilton & Buffalo
(quar.)
Union Pacific, common (quar.)
Capital
Jan.
Jan.
(quar.)
Holding Co., preferred..
Boston Revere Beach &
Lynn (quar.)...
Buffalo & Susquehanna, com.
(quar.)
Common (extra)
Preferred......
K. C. Ft. S. & M. pref. tr. ctfs.
{quar.).
Southern Pacific Co. (quar.) (No.
45)...
CHARTER,
The First National Bank of
Timblin, Pa.
Capital
The First National Bank of
Clio, S. C..
Capital
The Planters' National Bank of
Jan.
Boston & Providence
Boston Railroad
Special
Total Canada
10 Holders of
75c.
com.
Lykens Valley Railroad & Coal
Mahoning Coal RR., common..
or
Dec.
31 Dec.
Jan.
$2
Yds., Jndlanap.
Preferred (quar.)...
Little Schuylkill Nav., RR. & Coal
1917.
Dec.
X
Louisville & Nashville
Week ending Dec. 20.
Inc.
2 Holders of rec. Deo.
1 Holders of rec. Dec.
3
Great Northern
50
ending Dec. 20
Clearings
5 Dec.
Feb.
3%
15
Per cent.
21a
21a
Jan.
(quar.)
Belt RR. & Stk.
&
21 Holders of reo. Jan.
21 Holders of reo. Jan.
1 Dec. 16
to
Jan.
Jan.
Atlantic Coast Line RR., common
Beech Creek
Feb.
Feb.
Jan.
3
Allegheny & Western, guaranteed
Clev. Cin. Chic, & St.
Louis, pref.
Cornwall & Lebanon
8300 lot
119-120
25c
Books Closed.
Days Inclusive.
Payable
*X
3%
1034
$20 each..
150 Amer. Pipe &
Construction...
Bonds.
When
$1.50
•
Chic. R. I. & Pac.
Ry., 7% preferred.....
Six per cent preferred
Coal,
@ $100,
2 Provident Life & Trust
Albany & Susquehanua
Special
for the
printed in italics.
are
Cent.
Railroads (Steam).
Alabama Great Southern, preferred 4
Preferred (extra)
;
Preferred
Slocks.
15 Phil. Life Ins., $10 each..
3 Lykens Valley RR, &
Mg., old
2 Bank of North America
12 Broad Street
$10,000
Per
Name of Company.
Boston
$ per sh,
94
+
Dividends announced this week
....
Stocks.
Stocks.
future
Belvidere Delaware..
Boston <fe Albany (quar.)
By Messrs. R. L. Day & Co., Boston:
Shares.
extended
Capital increased
following shows all the dividends announced
by large or important corporations:
Atchison Topeka & Santa Fe,
pref.(No.39)
Atlanta & West Point
(Me.) 1-year 6% notes of 1916, $100 lot
26,236 Denver & Salt Lake
RR.]
1st 5s, 1943
>31,650
199 Kinemacolor Co. of
Am., pref$7 lot
Shares.
Allerton, Iowa.
j
5,000 Thanhauser Film Corp., $5
Greenhut Co., Inc., 2d pref.
t.
Charter
APPROVED.
DIVIDENDS.
The
236,666 Manigotagan Mg. & Dev.,i$100
Ltd., $1 each
lot
118,750 Murdoch Mg. & Mill., $1|
2,275 Holmes Mg. <fc Devel. Corp.,
v.
111.
Amount..
(Va.), $50 each...$1034 per sh.
1,705 Ann Arbor RR., com...70c.
per sh.
3,240 Ann Arbor RR., pref
75c. per sh.
216,000 The Nellie Mg. Co., Aria.,]
Ry.,
.
The Farmers' National Bank of
from $30,000 to $40,000.
CAPITAL
Charter extended until
$9 lot
Gold
Mines
(Maine Corp.), $10 each.$25 lot
2,100 Peerless
Truck
<fc
Motor
263 Buff. Loch. & Rochester
Ry..
pref
.$62 lot
438 Buff. Lock. & Rochester
18
OF
'
.
6,800 Kensington
$1 lot
each
Stocks.
liquidation
com.,
500 Duffy-Powers Co., pref
37 GreenhutCo., Inc., 1st
INCREASE
200 Union Bank of
Brooklyn, in
$5 lot
$5 each
$1
Sons, New York:
Shares.
3,255 Standard
985 Standard
&
The National
Exchange Bank of Clayton, N. Y.
close of business Dec. 19 1937.
The Corn Exchange National Bank
of Chicago,
until close of business Dec. 20
1937.
(quar.)..
2X
2X
....
Western Railway of Alabama......
WriqhtsvUle <fc Tennille, common <t pref..
Jan.
Jan.
10 Deo.
21
Jan.
2 Holders of
1
Jan.
31 Holders of
3
Dec. 3)
6
Jan.
1
Dec.
23
Jan.
to
26a
la
la
1
reo.
Dec.
18a
rec.
Jan.
11a
Jan.
1
to
Dec. 21
o
r*
THE
520
Per
Cent.
Name of Company.
[Vol. 105.
CHRONICLE
Per
When
Cent.
Payable.
Books Closed.
When
Name
Days Inclusive.
Payable
of
Company.
Books Closed.
Inclusive.
Days
Banks
(Concluded).
Hanover National (quar.)
Street and Electric Railways.
Asheville Pow. & Lt., pref. (qu.) (No. 23)
1H
Jan.
1 X
Jan.
Dec.
Dec.
Holders of reo
Athens Ry. & Elec.,
pre/, {guar.)
Bangor Ry, & Elec., pref. (qu.) (No. 25)
Boston & Worcester Electric Cos., pref
16
15a
6
Jan.
2 Dec. 23
to
Jan.
1
2
Jan.
2 Dec.
23
to
Jan
1
12
Jan.
2 Dec.
22
to
Jan.
Extra
Dec. 31
to
Importers & Traders National,.
Jan.
Holders of rec
Dec.
20a
International
3
Dec. 31 Holders of rec. Dec. 29a
Jan.
Holders of rec
Dec.
22a
3
Jan.
Dec.
15
Irving National
Liberty National (quar.)
Holders of rec
Jan.
in
Jan.
Holders of rec
Dec.
in
Jan.
Dec.
9
Jan.
9
Carolina Pow. & Lt., pref. (qu.) (No. 35)
Central Illinois Public Serv., pref. (quar.)
in
Jan.
Dec.
15a
in
Jan.
Hi
Preferred
n
$1.50
i
29 Dec.
Dec.
23
Jan:
Dec.
Dec.
to
25
Dec.
Jan.
21
Jan.
Dec.
21
to
Jan.
Jan.
1
to
Jan.
Jan.
1
to
Jan.
Common and preferred (monthly)
Common (payable In common stock).
Common and preferred (monthly)
Common (payable in common stock)
Citizens Traction, Oil City, Pa., pref. (qu.)
Cleveland Railway (quar.)
Columbia Ry., Gas & Elec., pref. (quar.)
Columbus (Ga.) Elec. Co., pref. (No. 23)
Columbus Newark & Zanesville. pf. (qu.)
Columbus Ry., Pow. & Lt., pref. A (qu.)
Prior preference (quar.)
common
(quar.)...
Preferred
Consolidated Traction of New Jersey...*
Continental Passenger Ry., Phlla
Jan.
Dec.
16
to
Jan.
n
f x
Jan.
Holders of reo. Deo.
Holders of rec. Dec.
n
t n
n
2 Holders of rec. Dec.
28a
fn
75c.
m
¥
15a
31a
13a
Second (quar.)
Sherman National (quar.)
Jan.
Holders of rec. Dec.
Jan.
Dec.
Jan.
Holders of
23
Jan,
to
Jan.
2 Holders of rec. Dec.
rec. Dec.
20a
2
Jan.
15
Dec. 31
Holders of
15 Jan,
1
Jan.
to
Dec. 29 Holders of
2 Holders of rec. Dec.
1 Holders of
Jan.
2 Holders of rec. Dec.
2 Holders of rec. Dec.
El Paso Elec. Co.i pref. (No. 31)
Frankf. & Southwark Pass., Phlla.(quar.)
3
Dec.
15 a
Holders of rec. Dec.
Holders of
rec.
Dec.
la
21a
Jan.
Dec.
m
Jan.
Holders of rec. Deo.
3
Jan.
Dec.
IH
Jan.
Holders of rec. Dec.
20a
1
Jan.
Holders of
20a
in
Dec.
$1.60
4
23
to
23
to
rec.
Jan.
31 Holders of rec. Dec.
Dec. 31 Holders of
rec. Dec.
3
Jan.
Dec. 31
29a
Lawyers' Title & Trust (quar.) (No. 77).
Manufacturers (Brooklyn) (quar.)......
Metropolitan (quar.) (No. 84)......
New York Trust (quar.)
Peoples (Brooklyn) (quar.)
Dec.
Holders of
rec.
Jan.
Holders
rec.
Dec.
22a
United
in
Jan.
Holders of rec. Dec.
20a
Jan.
Holders of
31a
Union
(quar.)
31a
Holders of reo. Jan.
14
Hanover
Holders of
rec.
Trinidad Elec. Co., Ltd. (quar.)
2
Jan.
Holders of
rec. Dec.
20a
m
Jan.
Holders of reo. Dec.
20a
in
Jan.
Holders of
10a
i
Jan.
Dec.
16
to
in
Jan.
Dec.
16
to
Jan.
Holders of
rec.
Jan.
Holders of
rec.
ix
75c.
(quar.)
Union Passenger Railway, Philadelphia..
Union Traction, Phlla
.....
United Electric Cos. of New Jersey
United Lt. & Rys., com. (qu.) (No. 12)..'
First preferred (quar.) (No. 29).......
United Traction & Elec., Prov. (quar.)..
Utah Pow. &
Light, pref. (qu.) (No. 20).
Virginia Ry. & Power, preferred
Wash. Bait. & Annapolis Electric, com..
Preferred (quar.)
Washington Water Power, Spokane (qu.)
West End St. Ry., Boston, pref....
16
to
Jan.
IX
Jan.
2 Holders of rec. Dec. 20
6
Dec.
8
Jan.
31 Holders of
2 Dec.
23
rec.
rec.
to
Dec.
Jan.
2
Dec.
31 Holders of
rec.
Dec.
29
Dec.
31 Holders of
rec.
Dec. 22
Jan.'
2 Holders of rec. Dec. 31a
Jan.
2 Holders of rec. Dec.
22a
Jan.
2 Holders of rec. Dec.
20a
Dec. 31 Holders of
rec.
Dec. 26
of rec. De
10
of rec. De
Jan.
14
Air
$1
Jan.
Dec.
15
IX
Jan.
15
Dec.
15
Dec.
31
21
Jan.
Holders of rec. Dec.
31
IX
Dec.
31
ers
Jan.
Holders of rec. Jan.
IX
Jan.
1
23
23
2a
Jan.
Holders of rec. Dec.
15
in
Jan.
Holders of rec. Dec.
22a
Dec. 31
Holders of
Jan.
Dec.
1
Jan.
Holders of
21
rec.
to
rec.
Dec.
Extra
31
31
Amer. Agric. Chem., com. (qu.)
Preferred (quar.) (No. 50)
Holders of rec. Dec.
Dec.
Jan.
1
Jan.
Holders of rec. Dec.
20
$3
Jan,
Holders of
ix
Jan.
Holders of rec. Dec. 20a
Preferred
in
Jan.
Holders of
Preferred
Dec.
Dec.
1
Dec.
Holders of rec. Dec.
20
American Can, preferred
Holders of rec. Dec.
15
Jan.
Holders of rec. Dec. 20a
Amer. Car & Fdy., com. (quar.)
Common (extra)
Jan.
Holders of
Jan.
Jan.
Jan.
Holders of
in
Jan.
Holders of rec. Dec., 14a
Holders of rec. Dec. 15a
$4.75 Jan.
$1 50
to
rec.
Jan.
10
Dec.
14a
Jan.
Holders of rec. Dec.
10a
2 n
Jan.
Holders of
31
i
Jan.
Holders of rec. Dec.
15a
in
Jan.
Holders of rec. Dec.
15a
in
in
Jan,
Dec.
Holders of rec. Dec.
Jan.
Holders of
$1.50 Jan.
19
to
rec.
Dec.
Dec.
15a
Dec. 31a
Holders of rec. Dec.
31a
Holders of rec. Dec.
2 Holders of rec. Dec.
15a
75c. Dec. 31
1
Jan.
$2
Jan.
Dec. 21
to
Jan.
15a
2
ion
Common (payable in common
(No. 44)
....—
Jan.
Dec. 22
Atlantic N ational
3
Jan.
Holders of rec,
Dec. 26a
Battery Park National..
3
Jan..
Holders of rec.
Jan.
Holders of rec.
Deo. 20
3
Jan.
Dec.
Jan.
3
19
to
Jan.
2
1
Jan.
Holders of rec, Dec.
18a
4
Jan.
Holders of rec,
Dec.
24a
3
Jan.
Dec. 20
to
Jan.
2
to
2 n
Jan.
Dec. 26
Jan.,
1
2 n
Jan.
Holders of
rec.
Dec.
22
2
Jan.
Holders of
rec.
Dec.
22
Holders of
rec.
Dec.
12a
3
Jan.
De
rec.
De
IX
Jan.
15
De
of rec. De
Jan.
Jan.
IX
Dec.
31
of
Tlx
Dec.
31
of rec.
De
Dec.
31
of
De
Dec,
31
of rec. De
of rec. De
15
2
of rec. De
De
rec.
rec.
Jan.
2
of rec.
De
1
Jan.
1
of
De
1
Jan.
1
of rec. De
Jan.
1
of rec. De
Jan.
$1.25
2
of
rec.
Do
rec.
Jan.
2
of rec. De
Jan.
/$ 1
2
of
1
of rec. Jar
75c. Feb.
IX
Jan.
2
Jan.
2
IX
Dec.
2
Jan.
De
rec.
of rec. De
of rec.
31
No
of rec. De
1
to
Jar
to
Jar
Jan.
1
IX
Jan.
25
of rec. Jar
31
of rec. De
90c. Dec.
2
15
Jan.
1
of rec. De
IX
Jan.
3
of rec. De
American Locomotive, common
Preferred (quar.)
(quar.)..
-
....
I
Jan.
IX
,i
(quar.)
(quar.)..
IX
IX
>
of rec. Dei
6
Jar
to
21
of rec. Jar
Feb.
1
of rec. Jar
Dec.
31
to
Jar
31
to
Jar
2
to
Jar
IX
Dec.
American Piano, pref. (quar.)
'
Amer. Public Service, preferred (quar.)..
Amer. Public Utilities, pref. (qu.) (No.22)
IX
IX
Jan.
IX
Jan.
Amer. Radiator, common (quar.)
Amer. Rolling Mill, common
3
Dec.
31
23
fh
Feb.
1
srs
of
IX
Dec.
31
irs
of rec. Dei
Preferred
(quar.)
American Screw
Extra
»
■
(quar.)
—!
'.
American Shipbuilding, com.
Common (extra)
Preferred
(quar.)
of rec. De
of rec. De
De
to
Jar
rec.
Dec.
31
srs
of
rec.
De
tr4
Dec.
31
srs
of
rec.
De
Jan.
15
srs
of rec. Dei
IX
Jan.
15
srs
of
IX
Feb.
1
srs
of rec. Jar
2X
(quar.)_r__
...
Feb.
1
srs
of rec.
srs
of rec. Jar
rec.
Dc
Ja
vlX
Feb.
1
IX
Jan.
2
IX
Jan.
2
...
Jan.
2
srs
of rec. De
Jan.
2
srs
of rec. De
IX
com.
2
2
1
—
(quar.)
Amer. Smelt. Securities, pref. A (quar.)..
Preferred B (quar.)
—
Preferred
Jan.
5
Supplementary dividend
Amer. Seeding Machine, com.
Preferred (quar.)
American Snuff,
Jan.
2
rec.
of
Jan.
Dec. 20
3
to
of
2
Jan.
Holders of rec. Dec. 15a
14
15
Jan.
IX
Jan.
America, Bank of
Jan.
De
Jan
IX
Holders of
ix
rec.
to
nlX
Dec.
Banks.
rec.
of
Amer. Laundry Machinery, pref. (quar.),.
Amer. Linseed, pref. (quar.) (No. 8)
Dec.
Dec. 31
of
15
2
Extra
Jan.
Deo. 27a
1
16
Jan.
Amer. Internal. Corp., common (quar.).
Amer. La France Fire Eng., Inc., pf.iqu.).
3
rec.
Jan.
IX
—
sljock)—
American Ice, pref. (quar.)
15a
to
De
to
IX
-—
Amer. Graphophone. com. (quar.)(No.51)
American Hardware Corp. (quar.)
—.
Amer. Malting, Is/ & 2d pref.
25
Jax
to
of rec. De
Jan.
IX
(No. 61)-
American Manufacturing, com.
$1.50
of rec. Jar
IX
hX
IX
American Cigar, pref. (quar.)
American Express (quar.)
1
Dec.
of rec. Jar
1
(quar.)
22
rec.
De
IX
Amer. Gas & Elec., com. (qu.) (No,. 31)
f
\Jj. UXf
Preferred (quar.)
15
rec.
75c.
-
Preferred (quar.) (No. 75)
American Chicle, preferred (quar.)
23
Jan.
3
rec.
(No. 25)
j.—
Jan.
Dec. 20a
of
r2
(quar.)
(extra),
1
1
.
American Bank Note, pref. (quar.)
14a
2
X
Amer. Beet Sugar, pref. (quar.) (No. 74).
Amer. Brake Shoe & Fdy., com. (quar.).
in
rec.
Dec.
IX
$1 50
Dec.
Jan.
$3
-
Preferred (account aocum. dividends).
Jan.
rec.
—
Allouez Mining (quar.)
m
rec.
■
Dec. 31
ix
to
(quar.) (No. 3)
(No. 3)—
Alliance Realty (quar.)_—
———
Allis-Chambers Mfg., pref. (quar.)..
$3
16
common
—
—
15a
2
Reduction,
Preferred (quar.)
(quar.)
Alabama Company, common
Alabama Company, first preferred (quar.)
Alabama Fuel & Iron
Holders of rec. Dec. 31
in
(quar.).^
(quar.)
2
to
15
De
to
15
De
1
Jan.
Holders of
rec.
Dec.
12a
American Steel Foundries (quar.)
IX
Dec.
31
srs
3
Jan.
Holders of
rec.
Dec.
20a
Jan.
2
22
Dec.
Holders of rec. Dec.
19a
IX
Jan.
2
srs
of
2 n
Jan.
Holders of
reo.
Dec.
21a
American Stores, 1st «fc 2d pref. (quar.)..
Amer. Sugar Refln., com. (qu.) (No. 105)
Preferred (quar.) (No
104)
IX
8
IX
Jan.
2
srs
of rec. De
4
Jan.
Holders of
rec.
Dec. 24
75c.
Dec.
31
srs
of rec. De<
2
Jan.
Holders of
rec.
$1
Dec.
4
Jan.
Holders of
rec.
Jan.
5
5
Jan.
Holders of
rec.
Dec.
22a
Amer. Telephone & Telegraph (quar.)
American Thread, preferred
25
Jan.
3la
Fifth National (quar.)
American Tobacco, pref. (quar.)
3
Jan.
Holders of rec. Dec.
Holders of rec. Dec.
31a
First National (quar.)
First Security Co. (quar.)....
AmericanTypeFounders.com. (quar.)—
5
Jan.
Holders of
rec.
Dec.
3la
5
Jan.
Holders of
rec.
Dec.
3ia
Colonial
(quar.)
Columbia (No. 59)
II.III
Commerce, National Bank of (quar.)
Coney Island, Bank of
Extra
Corn Exchange (special)
Cuba, Bank of, in New York
Fifth Avenue (quar.)
Dec. 24
First National Bank and First SecurityCo.
(payable in Liberty Loan ZXs)
Garfield National (quar.)
German Exchange
Gotham National (quar.).__:
(10
Jan.
Holders of rec. Dec.
3
Dec.
Dec.
10
Jan.
Holders of
Holders of
27
2
Jan.
Qreenpoint National (Brooklyn)
3
Jan.
Dec.
Greenwich
2
Jan.
Holders of
(quar.)
22
to
Jan.
31a
1
rec.
Dec.
22
rec.
Dec,
31a
Jan.
1
Dec.
31a
to
rec.
2
21
3X
31
Feb.
..I
30
2 Dec.
Dec.
Jan.
Extra
Dec.
Jan.
Jan.
to
Coal & Iron National
(quar.)
Extra
to
IX
Jan.
to
City Co., National
21
23
IX
20
(bi-monthly)
(quar.)
Dec.
31 Dec.
IX
24
Citizens National
31 Holders of
Dec.
$2
Holders of
Chemical National
of rec. Dec. 24
2
Dec.
Jan.. 14
Jan.
...
Jan.
16
of rec. Dec, 24
2
Miscellaneous.
Dec.
—
Jan.
Abltlbi Power & Paper, Ltd., pref. (quar.)
Dec.
Feb.
Bryant Park
—
Chase National (quar.)
A
I
Chatham & Plienix National (auar.)—
24a
Adirondack Elec. Power, pref.
Ahmeek Mining (quar.)
rec.
Jan.
...
16
Dec.
8
Jan.
National
Jan.
rec.
2
in
Extra.,
Jan.
to
31 Holders of
Jan.
m
Bronx
to
25
Dec.
Jan.
$5
(quat.) (No. 7)
25
2 Dec.
$1.25
-
West India Electric Co. (quar.) (No. 40).
Yadkin River Power, pref.
2 Dec.
6
(quar.) (No, 145)..
West Penn Power, pref. (quar.) (No. 8).
West Philadelphia Passenger Railway
Western N. Y. & Pa. Trac., Is/ pref
Wisconsin Edison Co., Inc
Holders of rec. Dec. 26a
Jan.
Jan.
$1.50
62J4C. Jan.
Twin City Rap. Tran., Minn., com. (qu.)
Preferred
31
20a
26
Dec.
in
(quar.)
Dec.
20a
2 Holders of rec. Dec.
3
Continental
Feb.
Jan.
in
(quar.).
Holders of rec. Dec. 22a
2 Holders of rec. Dec.
4
j
2
...
Toronto Ry. (quar.)
Tri-Clty Railway & Light, com
31
Fire Insurance.
in
75c.
com.
Dec.
21
Dec. 22a
25
....
States
1
(qu.) (No. 5)
Preferred (quar.) (No. 26)
Ridge Ave. Passenger Ry., Phlla, (quar.
Scranton & Wilkes-Barre Trac., pref. (qu)
Second A Third Streets Pass.,Phila.(quar.)
South Caro. L., P. & Rys., pref. (quar,).
Springfield (Mo.) Ry. & L., pf. (quar.)..
Texas Electric Ry., Is/ pref.
(quar.)
Preferred
2a
i
Public Service Corp.of New Jersey (quar.)
Reading Traction..
Republic Ry. & Light,
1
Title Guarantee & Trust (quar.)
Transatlantic
2 n-
...
Jan.
rec.
5
U. S. Mortgage & Trust (quar.)
OttumwaRy. & Light, pref. (quar.)
Philadelphia Gp., com. (quar.) (No. 145)
Philadelphia & Western, pref. (quar.)...
Pine Bluff Co., preferred (quar.)
Porto Rico Rys., pref.
(quar.)
Jan.
31 Holders of
5
Dec.
—
Dec.
2
-
Jan.
(quar.),
Dec.
2
Extra (No. 8)
Hudson (quar.)
Jan.
Preferred
Dec. 22
rec.
2 Holders of rec. Dec. 21
3
......
in
Ottawa Traction (quar.)....
Extra
rec.
2 Holders of
Dec.
2
Guaranty (quar.)
1
21
29 Holders of
Jan.
5
Franklin, Brooklyn (quar.)
Fulton (No. 51)
in
Northern Ohio Trac. & Light, pref. (qu.)
Omaha & Council Bluffs, common (quar.)
1
Jan.
5
—„
2
Holders of rec. Dec.
1
3la
2
(quar.)
Extra
Manchester Trac., Light & Power (quar.)
3734c. Jan.
Jan.
rec,
to
16
Manila Elec. RR. & Ltg. Corp. (quar.)..
Mohawk Valley Co-, (quar.)
Nashville Ry. & Light, pref. (quar.)
New England Investment & Security, pf.
New York State Rys., pref. (quar.)
Dec. 22
Dec.
Jan.
to
Holders of
6
Dec. 20a
Dec.
1
4
,
Dec.
rec.
2 Holders of rec. Dec.. 24a
2
31 Dec. 22
3)4
(quar.)..,
rec.
31 Kc
2
31a
'
7
20
5
rec.
Mononqahela Valley Trac., com. (qu.)
Preferred (quar.)
Montreal Tramways (quar.)
20a
27
5
Dec. 31 Holders of
Jan.
Jan.
5
Dee. 31 Holders of
to
Dec.
2 Holders of rec. Dec. 26a
6
(quar.)
in
o
rec.
to
2 Holders of rec. Dec.
Dec.
3
11
23
Jan.
Jan.
Little Rock Ry. & Elec., pref. (quar.)
Louisville Ry., common (quar.)...
(quar.)
Dec.
Jan.
Jan.
Fidelity
15a
Jan.
Dec.
2
IX
I
Empire (quar.)
Equitable (quar.)
Dec. 31 Holders,of rec. Dec. 15a
14 Holders of rec. Dec. 24a
Jan.
31 Holders of
3
Central (quar.)..
Extra
1
Jan.
$4.50 Jan.
Jan.
4
Columbua
18a
rec.
Dec.
3
*
Extra
18a
Jan.
Dec. 31 Holders of
2)4
2
to
2 Holders of rec. Dec.
$1.25 Jan.
Trust Companies.
Bankers (quar.)
Brooklyn (quar.)..
15a
Feb.
Jan.
18a
13
15
in
rec.
18a
3
Nov. 30a
rec.
Dec.
Dec.
Washington Heights, Bank of (quar.).
20a
Dec. 31 Holders of rec, Dec.
2
rec.
2 Holders of rec.
Yorkville
1
n
m
Jan.
2 Holders of
Union Exchange National.,
15
1
2 Dec.
Jan.
Jan.
Stale,
1
Jan.
to
—
—
Dec. 22a
2 Holders of rec. Dec.
Dec.
27
rec.
Jan.
5
Seaboard National (quar.)
Holders of rec. Dec.
28a
21a
10
3
Holders of rec. Feb.
Jan.
m
2 Holders of rec. Dec.
Mar.
dDe c.31
ix
2 Holders of rec. Dec.
2 Holders of rec. Dec. 2la
Jan.
Jan.
in
in
Jan.
Jan.
—
15'J
in
$3
2
2
15a
Jan,
15a
8
.
15a
rec.
Dec.
Yor
Extra
Holders of reo. Jan.
Holders of
rec.
Extra.
ew
Holders of rec. Feb.
Feb.
3
Preferred
17
Jan.
Feb.
2 n
4% preferred (quar.)....
Iowa Ry. & Light, pref. (quar.) (No, 58)
Lancaster County (Pa.) Ry. & Light,com.
2 Holders of rec. Dec.
1
Preferred (No. 12).
Elmira Water, Light & RE., 1st pf. (qu.)
Second preferred (quar.)
■—
pref. (quar.)
27
2 Holders of
Jan.
Mar.
Eastern Tex. Elec. Co., com. (No.
Internet. Trac, (Buffalo) 7%
2 Holders of rec. Dec.
Jan.
7
Park, National (quar.).,
Special.
Peoples (No. 133)
Public (quar.)
Ridgewood National (Brooklyn)
Jan.
Georgia Light, Power & Rys., pref. (qu.)
Greene & Coaxes (Phila.) Pass. Ry. (quar.).
Illinois Traction, preferred (quar.)
t—
Indianapolis Street Ry
Jan.
2
234
15a
1
....
4
Mutual
15a
Jan.
Duluth-Superior Tract.,corn. & pr^f.(qu.)
Duquesne Light, pref. (quar.) (No. 12)..
4)
22
27a
15
in
Cincinnati Street Ry. (quar.)...
1
2 Holders of rec. Dec.
2 Holders of rec. Dec.
15
Jan.
Jan.
to
Jan.
1
Jan.
31
19
Jan.
National
1
in
27a
2 Holders of rec. Dec.
2 Dec.
Metropolis, Bank of the (quar.).
Metropolitan (quar.)
1
Jan.
to
2 Holders of rec. Dec.
Jan.
3
2
28
Jan.
Jan.
28a
$2
Merchants
Dec. 28
to
to
in
...
Preferred (.quar.)
Cities Service Com. and pref. (monthly).
Common (payable in common stock)—
Market & Fulton National (quar.).
Dec. 31a
in
(quar.)...
Cin. Newp. & Cov. L. & Tr., com. (quar.).
Conestoga Traction,
Holders of rec
15 Holders of rec,
Dec. 29 Dec. 25
2
I
to
2 Holders of rec. Dec.
Jan.
4>4
$4
8a
Capital Traction, Wasliington.D.C. (qu.)
Chicago City Ry. (quar.)
1
1H
$1
Brazilian Trac., Lt. & Pow., pref. (quar.)
Brooklyn Rapid Transit (quar.)
Extra—
Chicago City & Conn. Ry. pref. part.ctfs
Cincln. & Hamilton Trac., com. (quar,).
4
American Surety (quar.) (No. 114)..
De
31
srs
of rec. Dei
Jan.
15
srs
of rec. Dei
1
Jan.
2
1
Jan.
15
Jan.
15
ers
IX
Jan.
15
14
IX
Jan.
15
14
Feb.
25
ers
Jan.
15 Holders of
2
$2
«15
—.
IX
IX
Jan.
Jan.
1
-
16
of
of
of
of
15 Holders of
5
Atl. Gulf & W. I. S. S. Lines, com
(quar.)
-Jar
IX
(quar.)
Anaconda Copper Mining (quar.)
Preferred
rec.
IX
—
American Woolen, com. (quar.)
Preferred (quar.)
Anglo-American Oil, Ltd. (interim)
Arkansas Light & Power, pref. (quar.)
Associated Oil (quar.)
to
12)4c. Jan.
Extra
Preferred
of rec. De
Feb.
1
IX
Jan.
1
29a
Dec. 29 1917.]
THE
Per
Name of
When
Cent.
Company.
Payable.
Miscellaneous tContinued).
Atlantic Steel, common
(quar.)
10
23
to
Jan.
22
to
1
Jan.
IK
3C.
IK
IK
IK
Jau.
Jan.
20a
15 Holders of rec. Jan.
Jan.
26a
15 Holders of rec. Jan.
15 Holders of rec. Dec.
2 Holders of rec.
2a
31
5a
15a
15a
15a
Dec.
15a
21a
Jan.
2 Holders of
21a
rec.
Dec.
Dec.
31 Dec. 25
to
Dec. 31
31 Dec. 25
to
Dec. 31
to
Dec. 31
31 Dec. 25
Jan.
10 Holders of rec. Dec. 31
2 Holders of rec. Dec. 20a
2 Holders of reo. Dec. 20a
1 Dec. 21
to
Dec. 31
50c. Jan.
Jan.
Jan.
Jan.
1
Dec. 21
to
1
1
Bucyrus Co. preferred (quar.) (No.
li)__
Buffalo General Electric
(quar.) (No. 93).
California Eiec. Generating, pref.
(quar.)
California Packing Corp., pref.
(quar.)..
California Petroleum Corp.,
pref. (quar.)
Jan.
2 Holders of rec.
IK
Jan.
IK
Jan.
1
{quar.).__
Rubber, pref. (quar.)..
(quar.)
2 Holders of rec. Dec.
20a
Preferred {quar.)
Great Western Sugar,
Common (extra)
15 Jan.
Dec.
31
Jan.
4 Dec.
25
to
Jan.
4
25
to
3
20
Dec.
31 Dec.
Deo.
1
to
Holders of
Jan.
21
Jan.
3
Jan.
-
10
Dec.
rec.
3
21
to
Jan.
Dec.
31 Dec. 21
to
Jan.
Dec.
31 Dec. 21
to
Jan.
Preferred (quar.).-.....
Canadian Weslinyhouse, Ltd.
IK
Jan.
IK
Jan.
l
Jan.
2K
Dec.
2
Dec.
2
Dec.
IK
(quar.)..
(quar.)__
...
Canton Company
Carbon
Steel,
common
(quar.)
Common (extra)...
First preferred
Second preferred
z4
Jau.
Dec.
Dec.
Jan.
IK
Jan.
IK
Jan.
2
Jan.
IK
Holders of
rec.
Dec.
26
1 Holders of rec. Dec. 17a
31 Holders of rec. Dec. 17a
31 Holders of rec. Dec. 17a
2 Holders of rec. Dec.
20
15 Holders of rec. Dec. 31a
Jan.
(quar.)..
2 Holders of rec.
Dec.
2 Holders of rec.
Jan.
15 Jan.
15 Holders of rec. Jan.
15 Holders of rec. Jan.
S3
Feb.
3
Jan.
.....
20a
Dec. 20
Jan.
Feb.
S2
13a
Deo. 20a
3
to
Jan.
15
25
25
1
Holders of rec. Deo.
28 Holders of rec. Jan.
15 Holders of rec. Jan.
16 Holders of rec. Deo.
24a
311Holders of
14a
15a
IK
Jan.
1'Holders of rec. Jan.
15 Holders of rec. Jan.
16
Jan.
Interuat. Petroleum, com. (No.
1)
Jan.
31|Jan. 28
Jan.
rec.
Dec.
1
Holders of
rec.
Dec.
20
Jan.
2
Holders of
rec.
Dec.
14a
Jan.
2
Holders of
rec.
Dec.
14a
31 Holders of rec. Dec.
31 Holders of fee. Dec.
Dec.
Jan.
15
Jan.
Dec.
15
25 Holders of
Jan.
rec.
15
Jan.
1 Holders of rec. Dec.
20
31 Holders of rec. Dec. 29a
31 Holders of rec. Dec. 14a
2 Dec. 15
to
Dec. 21
Jan.
2 Holders of rec. Dec.
2 Dec. 23
to
Dec.
17a
Jan.
K
Jan.
K
Jan.
15 Holders of rec. Dec.
31a
IK
Dec.
31
17a
S3
IK
2
Dec.
Dec.
Feb.
$1.50
Jan.
1
Holders of
25 Holders of
25a
rec.
Dec.
21a
rec.
Holders of
Jan.
10
rec.
Dec.
31 Holders Of reo. Dec. 19a
31 Holders of"rec. Dec. 21a
1 Holders of rec. Jan.
15
10
Consol. Gas Elec. L. & P., Bait.
(quar.)..
Consumers' El. L. & P., New
Orl., pf. {qu.)
Cons. Interstate Callahan
2
Jan.
IK
Dec.
Holders of
rec.
2 Holders of rec.
31 Dec.
9
Dec.
2a
2
27a
Dec.
15a
Dec.
to
31
50c. Jan.
2 Holders of rec. Dec.
20a
IK
Jan.
19a
IK
/35
IK
2 Holders of rec. Dec.
1 Holders of rec. Dec.
Feb.
21
Holders of
rec.
Feb.
8
Jan.
1
Holders of
rec.
Dec.
20a
*
Continental Gas & Elec.
Corp., com. {qu.).
Preferred (quar.)____
>.
Continental Refining, common
Jan.
K
Jan.
IK
Jan.
10c. Jan.
IK
•
Jan.
Cramp {Wm.) & Sons S. & E. Bldg......
Creamery Package Mfg., com. & pf. (qu.)
3
Jan.
IK
2 K
Jan.
IK
Jan.
Dec.
22a
31a
Jan.
Cuba Cane Sugar
3K
Jan.
IK
Jan.
2
Jan.
Distillers Securities Corporation
(quar.).
Dodge Manufacturing, preferred
(quar.).
Dominion Canners, Ltd., pref.
(quar.)
Dominion Glass, Ltd., pref.
(quar.)
1
K
Jan.
IK
Jan.
IK
Jan.
IK
Jan.
3K
Jan.
IK
IK
Textile, preferred {quar.)
Draper Corporation (quar.)
IK
Jan.
2
Jan.
Duluth Edison Elec., pref.
IK
Jan.
IK
Jan.
IK
1K
du Pont (E. I.) de Nemours & Co—
1
rec.
rec.
to
22a
7
Jan.
15-.
2*S
20a
18 Holders of rec. Jan.
2 Holders of rec. Dec.
2 Holders of rec. Dec.
1 Holders of rec. Dec.
15 Dec. 20
to
Jan.
1
Holders of
2a
22
22
12
1
Dec.
5
2 Holders of rec. Dec.
15 Holders of rec. Dec.
15
rec.
31
Holders of rec. Dec. 10
2 Holders of rec. Dec. 21
1
1 Holders of rec. Jan.
21
1 Holders of rec. Jan.
2 Holders of rec. Dec.
21a
2K
Jan.
15 Holders of
Jan
29a
2
2 Holders of rec. Nov. 30a
2 Holders of rec. Nov. 30a
IK
Jan.
Lancaster, Pa. (quar.)
Corp., com. (quar.)
Preferred (quar.)
Eisenlohr (Otto) & Bros., pref.
(quar.)..
3
Dec. 31
IK
Jan.
IK
Jan.
Electrical Securities Corp., com.
Preferred (quar.)
2
Dec.
IK
Feb.
25c. Jan.
rec.
Holders of
rec.
Dec.
21a
2 Dee. 21
to
Dec. 31
2 Dec.
to
Dec.
21
1 Holders of rec. Dec.
31 Holders of rec. Dec.
1
Holders of
rec.
Jhn.
31
20a
29a
24a
Jan.
Jan.
(extra).---*
20a
15 Holders of rec. Dec. 31
1 Holders of rec. Dec. 22
2 Holders of reo.
Dec. 20
2 Holders of rec. Dec.
21a
2 Holders of rec. Dec. 21a
1 Holders of rec. Jan.
21a
Holders of rec Dec. 17a
(quar.)
Kress (S. H.) Co., preferred
(quar.)
Lackawanna Steel
common
-
—
(quar.)......
Common (extra)..
.......
Lancaster (Pa.) Gas Light & Fuel
(quar.)
Laurentide Co., Ltd. (quar.)
Lawyers' Mortgage (quar.) (No. 65)
Lehigh^alley Coal Sales (quar.)
Lehigh & Wllkes-Barre Coal.......
Library Bureau, preferred (quar.)
Liggett & Myers Tobacco, pref. (quar.)..
— _
—
LJnde Air Products, common (quar.).—
Preferred (quar.)
Locomobile Co. of America, pref.
{quar.)..
Lone Star Gas (quar.)
Lorillard (P.) Co., common
(quar.)..
Preferred (quar.)
—
(quar.)
Common (extra)
Dec. 26
rec.
Dec. 26
rec.
Dec.
11a
Dee.
11a
Holders of
rec.
Dec.
30c. Jan.
Holders of
rec.
Dec. 22
Holders of rec. Dec. 22
Holders of rec. Dec. 22
Holders of rec. Dec. 15
3 l-3c. Jan
IK
Jan.
2
Jan.
Dec. 16
to
Jan.
2
1K
Jan.
Dec.
to
Jan.
2
IK
IK
Jan.
Holders of
'
Dec.
16
Holders of
rec.
reo.
Dec. 20a
Dec.
14a
3K
Dec.
Holders of
rec.
Dec.
14a
2
Dec.
Holders of
rec.
Dec.
21a
2K
2
Jan.
Holders of
rec.
Dec. 22
Dec.
Holders of
rec.
Deo. 21
$2
Jan.
Holders of
rec.
$3 25
2
Dec.
Holders of
rec.
Dec. 22a
Jan.
Holders of
rec.
Dec. 211
Jan.
Holders of
IK
Jan.
7
rec.
Dec.
2
Deo.
Holders of
reo.
Dec. 20a
IK
Jan.
Holders of
rec.
Dec.
IK
Jan.
Holders of
17a
20a
rec.
Dec. 31a
2
Dec.
Holders of
rec.
Dec. 22a
3
Jan.
Holders of
rec.
Deo.
IK
1K
Jan.
Holders of
rec.
Jan.
Jan.
2K
Jan.
15a
Dec. 15a
Holders of rec. Dec. 15a
Holders of rec. Decj. 31
Holders of rec. Dec. 3ia
(No. 56)
Magma Copper Co. (quar.)
Magor Car Corporation, com. (quar.)—
1K
Jan.
Holders of rec. Dec. 31a
IK
Jan.
Holders of
IK
Jan.
Holders of
rec.
Dec.
8a
1
—
(quar.)._._,
Mackay Companies, com. (qu.) (No. 50)
Jan.
Holders of
rec.
Dec.
Sa
Holders of
rec.
Deo.
7
50c. Dec.
rec
Dec. 31a
Preferred A
$1
Jan.
Holders of
rec.
Dec. 20
$2
(extra)
Preferred
rec.
Holders of
1K
—.
Preferred
Preferred (quar.)
Holders of
Holders of
Dec.
20c. Jan.
—
Preferred
Jan.
Holders of
rec.
Dec. 20
4
.....
—
Manatl Sugar, preferred (quar.)
Manhattan Shirt, preferred (quar.)
Manhattan Electrical Supply, com.
(qu.)
First and second preferred (auar.)....
Manning, Maxwell & Moore, Inc.(quar.).
Manufacturers' Light & Heat. Pitts.(qu.)
Maple Leaf Milling, common {quar.)
Preferred {quar.)
Massachusetts Gas Cos., com.
Massachusetts Lighting
{quar.)
Cos., com. {quar.).
Preferred {quar.)
Mathleson Alkali Works, Inc. (quar.)...
Preferred
Jan.
Holders of
rec.
Dec. 20
3 K
Jan.
Holders of
rec.
Dec.
IK
IK
Jan.
Holders of
rec.
Jan.
1
Jan.
IK
IK
Jan.
$1
Jan.
2K
Jan.
IK
1K
Jan.
31
15
3
Feb.
Holders of rec. Jan.
15
75c. Jan.
IK
Jan.
IK
Jan.
Merchants Despatch Transp. (quar.)
Mergenthaler Linotype (quar.) (No. 88).
2K
Dec.
2K
Dec.
2K
Dec.
IK
Holders of rec. Dec.
Dec. 29
to
Jan.
Jan.
25c. Jan.
$1.50 Jan.
IK
20
Dec. 15
Holders of rec. Dec. 20a
Holders of rec. Dec. 20a
Holders of rec. Dec. 20a
Holders of rec. Jan.
Holders of rec. Jan.
(quar.)
Maxwell Motor, 1st pref. (quar.)..
May Department Stores, pref. (quar.)..
McCrory Stores, preferred (quar.)
Extra
1 Holders of rec. Dec.
28a
2 Holders of rec. Deo.
Jan.
(quar.)..
Kolb Bakery, pref. (quar.) (No.
24).—.
Kresge (S. S.), common
Common
1
Dec. 28a
Jan.
...
Loose-Wiles Biscuit, 1st pref. (quar.)
Feb.
Jan.
Preferred
com.
Lukens Steel, 1st & 2sd pref.
{quar.).
MacAndrews & Forbes Co., com.
Dec.
15a
Jan.
50c.
Keystone Tire & Rubber,
Preferred (quar.)
12a
rec.
15a
Dec.
50c.
Extra.
12a
2 Holders of
Deo.
IK
2 Holders of rec. Dec.
2 Holders of rec. Dec.
15 Holders of rec, Jan.
15 Holders of rec. Dec. 31a
10 Holders of rec. Dec. 31a
31
IK
15a
Feb.
Jan.
IK
Kelsey Co., common {quar.)
Preferred {quar.)..
Kennecott Copper Corp. (quar.)
16
10
2K
(quar.)..
Jan.
rec.
25 Holders of reo. Jan.
2
common
Common (extra)
First and second preferred
(quar.)
Kelly-Springfield Tire, pref. (quar.)
Dec.
2 Holders of
Jan.
Jan.
Holders of
10 Jan.
Jan.
2K
{quar.)...
Holders of
20a
1 Holders of rec. Dec.
15 Holders of rec. Dec.
15 Holders of rec. Jan.
Feb.
IK
Corporation, pf. (quar.)
Cuban-American Sugar, com.
(quar.)
Preferred (quar.)
Curtiss Aeroplane & Motor,
pref
Dayton Power & Ltebt, pref.
(quar.)....
1
Jan.
50c. Jan.
.
Feb.
Jan.
rec.
-
Jan.
Feb.
Jan.
Jan.
1K
Jones Bros. Tea, Inc
Kansas Gas & Elec., pref.
4a
to
-
31
$1.50
Preferred (quar.)......
Jewell Tea, pref. (quar.).,
2
Jan.
Jan.
Jan.
Jan.
28
11
to
S2.50
IK
1
IK
IK
31-Jan.
rec. Dec.
Dec. 31 [Holders of rec.
Dec. 31;Holders of rec.
llDec. 18
to
Jan.
1 Holders of rec.
4
IK
2
Holders of
1K
Special
2
Jan.
rec. Dec. 21
Holders of tec. Dec. 20a
2 Holders of rec. Dec. 27
15 Holders of rec. Jan.
la
1
1
International Salt (quar.)
International Silver, preferred (quar.)
Island Creek Coal, common
(quar.)
Kayser (Julius) & Co.,
IK
Dec.
50c. Jan.
....
21
Dec. 31 Holders of
rec.
Feb.
60c.
31
Jan.
31 Holders of
Preferred
Dec.
Jan.
IK
Dec.
ofN.J.,com.(quar.)(No.32)
IK
IK
Jan.
1
(qu.)(No. 81)
{quar.) {No. 31)
KaufmannDept. Stores, pref. (quar.)
K
Jan.
Jan.
International Mercantile Marine, pref... hlO
International Mercantile Marine, pref
"
3
Internat. Paper, pref. (quar.)
IK
Holders of
Jan.
(quar.).
2 Holders of rec.
IK
IK
IK
in
31
l
(quar.)
15 Holders of rec.
Dec. 31 Holders of rec.
Dec.
Jan.
Dec.
IK
Preferred
Jan.
1K
Jan.
2
(quar.)
Edison Elec. Co.,
Edmunds <fc Jones
1K
1
Jan.
Computing-Tabulating-Recording
(quar.)
15a
Dec. 20a
Dec. 31
1
rec.
Commonwealth Light & Pow., pref.
(qu.)
{quar.)
15a
2 Holders of rec. Deo.
2 Holders of rec.
2
Holders of
15 Holders of rec. Jan.
2 Dec.
d 29
to
Jan.
Eastern Steel, common (quar.)
Eastman Kodak, common
2 Holders of rec.
Deo.
Jan.
Jan.
Int.Harvester
2
Columbia Gas (quar.)
Commonwealth-Edison {quar.)
Commonwealth Gas & Elec.,Cos.,
pf.{qu.).
Eastern Light & Fuel
Jan.
IK
1K
Int. Buttonhole Sew. Mach
IK
Colt's Patent Fire Arms
Mfg. (quar.)
Pow.com.(qu.)
4
Inspiration Cons. Copper {quar ).
S2
Cluett, Peabody & Co., preferred (quar.).
Colorado Fuel & Iron, common
(quar.)..
Colorado Power, common
(quar.)
Colorado Spgs. L., H. & P.,
pref. (quar.)
(qu.) (No. 47)
15a
10a
2
r
Debenture stock (quar.)
du Pont (E.I.) de Nemours
Preferred (quar.)
18a
Deo.
10a
IK
'
Transmission, pref
Jan.
24
31a
30c. Dec.
Citizens Gas & Fuel
(Ind.), preferred
City Investing, preferred (quar.)
Cleveland Electric Ilium., com.
(quar.)..
Preferred (quar.)
....
Dominion Steel Corp.
(quar.).
Dominion Textile Ltd., com.
(quar.)
19a
2 Holders of rec.
Dec.
2 Holders of rec.
Dec.
2 Holders of reo.
Dec.
10
Dominion
31 Holders of reo. Deo.
2
1
(quar.)..
Citizens Co., Baltimore
(quar.).___
Dominion Power &
Dec.
8 Holders of rec. Dec.
20c. Dec.
Cincinnati Gas Transportation
Cincin. & Suburban Bell
Telep.
Del. Lackawanna & West. Coal
Detroit Edison Co. (quar.)
IK
Jan.
IK
Chicago Pneumatic Tool {quar.)
Chicago Railway Equipment
(quar.)....
Chicago Telephone (quar.)
Chino Copper (quar.)
Cincinnati Gas & Electric {quar.)
{monthly)..
{quar.)
Jan.
Feb.
Charcoal Iron Co. of
America, com. (quar.)
Preferred.
Corn Products Refg.,
pref.
15a
Jan.
1
(quar.)
15a
19a
Jan.
2K
Indiana Pipe Line...
1
Extra
2
(quar.)
15a
2 Holders of rec. Dec
2 Holders of rec. Deo.
IK
Extra
Common (payable in common
stock)..
Deo. 15a
IK
IK
Chandler Motor Car
(quar.)
Preferred
24a
2 Holders of rec. Deo.
15a
2 Holders of rec.
Deo. 15a
19 Holders of rec. Jan.
9a
76c. Dec. 31 Holders of rec. Dec. 17a
75c. Dec. 31 Dec. 16
to
Jan.
1
50c. Dec. 31 Dec. 16
to
Jan.
1
j
Ingersoll-Rand, preferred
15
24a
2 Holders of rec.
Deo.
2 Holders of rec. Deo.
75c. Jan.
•
15
Dec.
1 Holders of rec.
Dec.
1 Holders of rec.
Dec.
2 Holders of rec.
SI 1'2K Jan.
88)
(quar.)
15
Jan.
IK
Hupp Motor Car Corp., pi. (qu.) (No. 9)
IllinoisBrick (quar.)
31a
1 Holders of rec.
18
15
IK
Central & South Amer.
Teleg. (quar.)
Cent. States El. Corp., pf.
(qu.) (No. 22)
Certain-teed Products Corp.
First and second preferred
Mining (quar.)
Consumers Power (Mich.),
pref. (quar.).
Continental Can, common
Jan.
IK
Houston Gas & Fuel, preferred
(quar.)..
Howe Scale, cpmmon
(quar.)..
Preferred (quar.)
31a
Jan.
2K
(quar.)
15 Holders of rec. Dec.
1 Holders of rec. Jan.
Jan.
$1 25
HenaeeMfg., pref. {quar.) {No. 17)-,-..HillcTest Collieries, pref.
{quar.)
31a
Jan.
Jan.
1K
IK
Helme (G. W.) Co., common
Common (extra)..
Dec. 24a
Jan.
Jan.
10
Preferred (quar.)
Hart, Schaffner & Marx, Inc., pf.
(quar.)
15 Holders of rec. Dec.
15 Holders of rec. Dec.
Deo.
IK
1K
(quar.)..
Haskell & Barker Car
(quar.)..
Haverhill Gas Light
{quar.) {No.
6a
15a
Feb.
IK
Harbison-Walker Refrac., pref. (qu.)
Harrisburg Light & Power, pref. (quar.).
Hartford City Gas Light, com.
(quar.)..
Preferred
2
2
Ordinary preferred (quar.)
Central Leather, common
(quar.)
Central Leather, preferred
(quar.)
15
Jan.
$1 75 Jan.
preferred (quar.)
Second preferred (quar.)
20
March
2K
Central Foundry, first preferred
(quar.)..
Dec.
Dec.
to
July.
Jan.
IK
Central Agulrre Sugar
Cos., com. (quar.).
Central Coal & Coke, common
Preferred (quar.)
10
22 Holders of rec. Dec.dl9
22 Holders of rec. Dec.dl9
2
....
Dec.
rec.
1 Dec. 10
to
Dec. 20
2 Holders of rec. Dec. 20
2 Holders of rec. Dec. 20
31 Holders of rec. Dec. 27a
IK
Extra
Holders of
1
Jan.
6
Cardenas-American Sugar, pref. (quar.).
Case (J.I.) Thresh.
Mach., pref. (quar.).
Celluloid Company
(quar.)
Extra
1
15 Holders of reo. Feb.
2 Holders of reo.
1 Holders of rec. Jan.
31 Holders of reo. Deo.
p4.15 Dec. 31 Holders of reo. Dec.
Dec. 31 Holders of rec.
IK
Dec.
First
1
Jan.
20
19a
Deo. 2la
IK
(quar.)
Guantanamo Sugar (quar.)
Gulf States Steel, common
(quar.).
1
IK
2
20
Deo.
1 Holders of reo.
Dec.
2 Holders of rec.
IK
Preferred
1
Preferred (quar.)..,
Canadian General Ele., com.
(quar.)
Canadian Locomotive, common
common
rec.
rec. Dec.
reo. Dec. 19a
2|Holders of reo. Dec. 19a
1 Holders of rec.
Deo. 31a
Jan.
2K
Great Lakes Transit
Corp., common
IK
Common (bonu3).._._.
Dec.
15a
Jau.
IK
20
22a
IK
Crocker-Wheeler,Lts.,com.(qu)
1
Deo.
rec.
l
Canadian Cottons,
Ltd., com.
Preferred (quar.)
13a
Jan.
2 Holders of rec. Dec.
2 Holders of rec. Dec.
Jau.
IK
common
31 Holders of
Dec.
IK
to
to
Jan.
IK
Granby Cons. Min., L. & P. {quar.)
Grasseili Chemical, common
(quar.)___._
Common (payable in common
stock).,
Preferred (quar.)
Great Lakes Towing, preferred
(quar.)..
2 Holders of rec. Deo.
Feb.
IK
31
1
Jan.
Dec. 21
(quar.).
& Rubber, pref.
(quar.)..
Manufacturing, pref. {quar.)..
Dec.
Jan.
Jan.
1
Goodyear Tire
Gorham
Jan.
Jan.
IK
31
IK
IK
Jan.
rec.
21Holders of
21Holders of
2;Holders of
Jan.
(quar.)
Goodrich (B. F.) Co., common
(quar.)..
Preferred
2folders of
IK
IK
IK
Dec.
IK
Dec. 22
Common (extra)
Prelerred (quar.)
Gold & Stock
Telegraph
1
Jan.
IK
2
e2
(quar.)
Dec.
IK
IK
3K
stock).
...
Dec.
reo. Deo.
IK
(quar.).
common
15; Holders of
1K
IK
Special (payable in stock)
General Fireproofing, common
(quar.)
Preferred (quar.)
General Railway Signal, common
2 Holders of rec.
2 Holders of rec. Dec.
(payable in
Dec, 20
2 Holders of reo.
Deo. 21
29 Holders of rec. Deo.
20
15Jan.
1
to
Jan. 15
15'Jan.
1
to
Jan. 15
Dec.
1
2K
/5
General Electric (quar.)
Common
17a
20
31 jHolders of reo. Nov. 30 a
Deo. 31 Holders of rec.
NOV. 30a
Jan.
2 Dec. 21
to
Jan.
1
Jan.
1|Holders of rec. Dec, 15
Feb.
F Holders of rec. Dec.
31a
Feb.
1]Holders of rec. Dec. 31a
Jan.
2 Holders of rec.
Dec. 19a
Jan.
15'Dec.
8
to
Jan.
3
Jan.
15;Dec.
8
to
Jan.
3
Jan.
Deo.
pf. (qu.)
General Baking, pref.
(quar.) (No. 24)
General Chemical, common
(special)
Preferred
Jan.
3
2
Dec.
IK
pref. (quar.)
Jan.
(quar.)
Dec.
2
Extra
common
2 Holders of rec. Dec.
Jan.
Jan.
Dec.
Jan.
Preferred
2 Holders of rec.
3
(quar.)
3
$3
Jau.
Jan.
Jan.
60o.
10
(quar.)
Gen.Am.Tank Car Corp.,lst&2d
15a
2 Holders of reo.
Deo.
2 Holders of rec.
Dec.
2 Holders of rec.
6
Galena-Signal Oil,
2 Holders of rec. Dec,
Jan.
Jan.
5
_
Foundation Co., common (extra)
Jau.
IK
11K
(quar.).
_
Jan.
1
Preferred
IK
(quar.)
Brunswick-Balke-Coilender,
Cement,
Jan.
dividends)
4
Federal Steel Foundry, common
2
_
Canadian Consul.
Jan.
2 Holders of rec. Dec.
Jan.
2K
Common (extra)
Gas
1 Holders of rec.
Inclusive.
3
Everett, Heaney & Co., Inc. (quar.)
Fairbanks, Morse Co., common (quar.)..
2K
Bonbright & Co., pref. (quar.) (No. 20)._
Booth Fisheries, common
(quar.)
]
Preferred (quar.)
Brier Hill Steel, common
(quar.)
Preferred
15
2
__
Cumulative conv. pref. (quar.) (No.
1)
Preferred 7% (quar.)
Billings & Spencer Co. (quar.)
Extra.-
Brooklyn Union
Feb.
IK
Bethlehem Steel, common "A"
(quar.)
Common, Class "B" (quar.)
common
Dec.
8a
2 Dec. 21
to
Jan.
1
10 Holders of rec. Dec. 31
10 Holders of rec. Dec. 31
Jau.
2
Bell Telephone of Canada
(quar.)
Bell Telephone of
Pennsylvania {quar.)
Canadian
2 Holders of rec.
SI 25 Jan.
_
Rockland, Mass. (No. 49)
Electric Storage Battery, com. &
pf. (qu.)
Empire Steel & Iron, preferred
Preferred (account accuin.
31a
Dec.
Books Closed.
Day3
Miscellaneous (Continued).
1
rec.
Payable.(
Electric Light & Power of
Abington and
Jan.
Jan.
When
Cent.
Company.
2
2 Dec.
2 Dec.
3 Holders of rec. Dec.
Holders of
of
2
3K
(quar.)
Barrett Co., common
(quar.)
Preferred (quar.)
W.),
Jan.
to
Jan.
30. Jan.
Common (extra)....
Preferred (quar.)...,
23
Jan.
Extra
Barnhart Bros. & Spindler—
First and second preferred
Per
Name
IK
Baltimore Electric, preferred
Baltimore Tube, com. and
pref. (quar.)..
Barnett Oil & Gas
(quar.)
Canada
2 Dec.
Jan.
2521
Books Closed.
Days Inclusive.
2
(quar.)
Baldwin Locomotive
Works, preferred
Bliss (E.
Jan.
IK
Common {extra)
Avery Co., preferred (quar.)
Babcock & Wilcox Co.
CHRONICLE
Jan.
Jan.
33
Holders of
rec.
Dec. 26a
Holders of
rec.
Dec. 26a
Holders of rec. Dec. 20a
Holders of rec. Dec. 20a
Holders of rec. Dec. 10a
Holders of rec. Dec. 15a
Holders of rec. Deo. 20a
Holders of rec. Dec. 24a
Holders of rec. Dec.
6a
Holders of rec. Deo.
5a
Per
Name
of
When
Payable.
Name of Company.
IX
Jan.
10 Holders of rec. Dec.
15a
2
Jan.
1 Holders of rec. Dec.
15a
Mexican Telegraph
2X
Jan.
15 Holders of rec. Dec.
31a
IX
Jan.
2 Holders of rec. Dec.
15a
(quar.)
Michigan Light, preferred (quar.)..
Michigan Limestone A Chem., pf. (qu.)
43Xo. Jan.
IX
Michigan State Telephone, pref. (quar.).
Middle West Utilities, common (quar.).
15 Holders of rec. Dec. 31a
Dec. 31 Holders of rec. Dec. 24
50c. Jan.
2c. Jan.
Midwest Oil, preferred (quar.)—
2 Holders of rec. Dec.
20 Holders of
rec.
15
Jan.
2a
1 Holders of rec. Jan.
Jan.
2 Holders of rec. Dec.
15a
Jan.
2 Holders of rec. Dec.
15a
1 Holders of rec. Dec.
20a
2
Jan.
15 Jan.
3
Dec.
Plan Co
Feb.
Jan.
1
to
Jan.
15
IX
Dec.
31 Holders of rec. Dec. 22
Mountain Stales Telep. & Teoeg. (quar.).,
IX
Jan.
15 Holders of rec. Dec. 31
Narragansett Electric Lighting (quar.)..
$1
Jan.
Nassau Light A Power (quar.)
2
(No. 78)—..
IX
Jan.
—
IX
Dec. 31 Dec. 21
(qu.)
_
National Casket (quar.)
2 Holders of rec. Dec.
Dec.
31 Holders of rec. Dec.
25
to
Jan.
Standard Oil (Kentucky) (quar.)
Standard Oil (Ohio) (quar.)
3
Jan.
2 Dec.
16
to
Jan.
3
Jan.
1
Dec.
1
to
Dec.
1
1
to
Extra
Jan.
IX
Deo.
31 Dec.
21
to
Jan.
1
Dec.
31
Dec.
21
to
Jan.
Dec.
31
Holders of rec. Dec.
1
National Lead, common (quar.)
Preferred
(quar.)
15
7a
IX
Dec. 31 Holders of rec. Dec.
2
Jan.
15 Holders of reo. Dec. 31a
Jan,
15 Holders of
(No. 62)
(quar.)...
IX
.....
rec.
Dec.
24
31a
National Sugar Refining
IX
Jan.
2 Holders of rec. Dec.
3
Jan.
2 Holders of rec.
Dec.
20a
3
Jan.
2 Holders of
Preferred (quar.)
1
Nevada Consolidated Copper (quar.)....
New England Co., 2nd pref
IX
Jan.
2 Holders of rec. Dec.
Dec.
31 Holders of rec. Dec.
14a
Jan.
15 Holders of rec. Jan.
1
IX
Dec.
31 Holders of rec. Dec.
Dec.
29 Holders of rec. Deo.
4
New York Mutual
9 Holders of rec. Jan.
3
Feb.
15 Holders of rec. Feb.
6a
4
Light. 1
Gas
Feb.
Jan.
10 Holders of rec. Dec.
27a
30
15 Holders of reo. Deo.
31a
1
to
Jan.
17
21
1
to
Jan.
17
North American Co. (quar.) (No.55).„_.
IX
Jan.
25c.
Jan.
28 Holders of rec. Jan.
10
Jan.
15 Holders of rec. Dec.
31
3
2 Holders of reo. Deo.
16
6
Northern States Power, com.
Preferred (quar.)
3 Holders of reo. Dec.
13a
Jan.
3 Holders of rec. Deo.
13
IX
(quar.),..
Jan.
4
Jan.
Jan,
20 Holders of rec. Dec. 31
15 Holders of rec. Dec. 31
Dec.
31 Holders of rec. Dec.
18a
Dec.
29 Holders of rec. Dec.
21a
Dec.
29 Holders of rec.
21a
Union Oil of Calif, (payable in stock)
United Drug, common (quar.) (No. 4)
First preferred (quar.) (No. 8)
1 Dec.
Jan.
Jan.
IX
IX
Old Dominion Co.
Otis Elevator,
Preferred
(quar.)
6
Jan.
1 Holders of rec. Dec.
16a
Jan.
1 Holders of rec. Dec.
15a
Jan.
1 Dec.
Jan.
2 Holdeis of rec. Dec.
$1
14a
15 Holders of rec. Dec. 31
Jan.
15 Holders of rec. Dec.
31a
Jan.
15 Holders of rec. Deo.
31a
50c. Jan.
5 Holders of rec. Dec.
United Gas Improvement (quar.).
Preferred
Extra.
1
to
Jan.
15
IX
Jan.
1 Holders of rec. Dec.
15a
1
Feb.
15 Holders of rec. Feb.
Feb.
15 Holders of rec. Feb.
5
IX
Feb.
20o. Jan.
$1.75 Jan.
1 Holders of
rec.
Jan.
2 Holders of rec. Deo.
15
15 Holders of rec. Dec. 31a
reserves
3
Dec. 31 Dec.
13
to
Dec.
Dec.
31 Dec.
13
to
Dec. 31
IX
Mar. 15 Holders of reo. Mar.
1
Jan.
25 Holders of rec. Jan.
IX
Deo.
31
IX
o
Jan.
31
Dec.
11
la
15
Deo.
to
19
$1.25
Jan.
15 Holders of rec. Dec. 31a
4
15 Holders of rec. Jan.
37 X
Jan.
15 Holders of rec. Jan.
4
10c.
19a
Wells Fargo A Co.
17
IX
Deo. 29 Deo.
1
to
Deo.
Deo.
1
to
Dec.
3
Dec.
14a
29 Deo.
rec.
3
Jan.
2 Holders of rec. Dec.
20
5
Jan.
15 Holders of rec. Dec.
31
IX
Jan.
15 Holders of rec. Dec. 31
75c.
Feb.
IX
1
Holders of
Jan.
rec.
15a
5a
2
Jan.
15 Holders of rec. Jan.
1
Jan.
21 Holders of rec. Dec.
IX
(quar.) (No. 89)
(Chas.) Co. of Delaware, com
and second preferred (quar.).,
2 Holders of rec. Dec.
17
2 Holders of reo. Dec.
$3.50 Dec. 31 Holders of
Preferred
Jan.
2 Holders of rec. Dec.
Jan.
3
(quar.)
j
Utah Gas A Coke, preferred (quar.)
Victor Talking Machines, com. (quar.)..
Preferred (quar.)
Va.-Caro. Chemical, com. (qu.) (No. 41)
Warren Bros-. Co., first preferred
Second preferred (quar.)
Jan.
5C.
Extra
Jan.
24 Holders of rec.
IX
Jan.
IX
2 Holders of rec. Dec.
Jan.
IX
(quar.)..
(quar.)
31a
Dec. 31a
Jan.
22
2 Holders of rec. Dec. 22
21 Holders of
rec.
Dec. 31a
Dec. 22
Jan.
1 Holders of rec, Deo.
24a
Welsbach Co., preferred
3X
Jan.
1 Holders of reo. Dec;
24a
Western
$2
Dec.
Jan.
1
14a
IX
Dec. 31 Holders of rec. Dec. 22a
Jan.
25 Holders of rec. Jan.
10
4
Dec.
IX
Jan.
25 Holders of rec,
1
Jan.
15 Jan.
IX
Dec.
31 Dec.
3.
Jan.
12
Jan.
10c. Jan.
Holders of
2 Dec.
1
Dec.
1 Oct.
Jan.
1
rec.
Dec.
Jan.
to
Jan.
15
16
to
Jan.
2
Jan.
IX
Jan.
Jan.
2
to
Jan,
2
Western Union Teleg.
Oct.
31
5
31
Holders of reo. Dec.
31
Holders of rec. Dec.
3Ja
31 Holders of rec. Dec.
31a
5
Jan.
31 Holders of rec. Dec.
31a
IX
Jan.
2
Jan.
Gamble', preferred (quar.)
Providence Gas (quar.)
Providence Telephone (quar.)__u
2 Dec.
15
to
Jan.
15 Holders of rec. Dec.
31a
1
Westinghouse Elec. Mfg., com. (quar.)..
Preferred
(quar.)
West Kootenay Power & Light, com.(quar.)
Preferred (quar.)
Westmoreland Coal (quar.)
Weymann-Bruton Co., common (quar.).
Common (extra)
j.
to
Dec.
31
21
to
Dec.
31
rec.
Dec. 31
15 Holders of
Jan.
15 Holders of rec. Dec. 31
(quar.)__r__
Jan.
15 Holders of rec. Dec.
IX
Jan.
15 Holders of
Jan.
15 Holders of rec. Dec.
20a
21 Holders of rec. Dec.
31
,
87Mc. Jan
87X0. Jan.
Jan.
2 Holders of rec. Dec.
25
Jan.
2 Holders of rec. Dec.
25
Jan.
1 Dec.
3
Jan.
2 Holders of rec. Dec.
2
Jan.
2 Holders of rec. Dec..
IX
...
Jan.
2 Holders of rec. Dec.
Jan.
1 Dec.
Jan.
1 Holders of rec. Dec.
20
$1
Dec.
31 Holders of rec. Dec.
20
Wheeling Mould & Fdy., pref. (quar.)
White Motor (quar.)
2 Holders of rec. Dec.
15a
Willys-Overland, preferred (quar.)
IX
Jan.
31a
Wilson A Co., Inc., preferred (quar.)
Woolworth (F. W ) Co., pref. (quar.)__..
IX
Jan.
la
IX
Jan.
Worthlngton Pump AMach., pf. A (qu.)_
IX
Jan.
3
16 Holders of reo. Dec.
Feb.
28
IX
Railway Steel-Spring, com. (quar.)
Ray Consolidated Copper (quar.).
Realty Associates (No. 30)
Jan.
IX
Dec.
29 Holders of rec. Dec.
15a
Dec.
31
14a
Jan.
15 Holders of rec. Jan.
5
Yale A Towne Mfg. (quar.)
3
Jan.
15 Holders of rec. Jan.
2
1
Jan.
15
2
IX
Jan.
2 Holders of rec. Dec.
22
25c. Jan.
$1
3
'
Recce Buttonhole Machine
(qu.)(No.J27)
Reece Folding Machine (quar.) (No.
35)
Regal Shoe, preferred (quar.) (No, 92)..
Reo Motor Car, common
(quar.)
Republic Iron A Steel, com. (qu.) (No. 5)
Preferred (quar.) (No. 57)
Reynolds (R. J.) Tobacco, com. (quar.)..
_
Holders of rec. Feb.
Holders of rec. Dec.
Holders of rec. Jan.
2 Holders of rec. Dec.
1
IX
Common (extra)
Jan.
2 Holders of rec. Dec.
2jDec. 22
to
Dec. 27
2-Dec. 22
to
Dec.
Youngstown Sheet A Tube, com. (quar.)
2
Common (extra)
Preferred (quar.)
Jan.
2 Holders of reo. Dec
15a
Yukon-Alaska Trust
1 Holders of rec. Dec.
21
Yukon Gold Co. (quar.)..
Jan.
1
Holders of rec. Dec.
21
Jan.
1 Holders of rec. Dec.
21
IX
Dec.
31 Holders of rec. Dec.
18
2
Dec.
33
15a
e
Payable In
k Payable In
31 Holders of rec. Dec.
15a
Dec.
31
Dec.
15a
10 Jan.
Jan.
9
IX
Dec.
31 Dec.
30
as
Scovill
""
2
Jan.
1 Holders of rec. Dec.
24
to holders of rec. June 15
I..".II"
5
Jan.
1
Holders of
rec.
Dec.
24
1
Holders of
rec.
Dec.
Sears. Roebuck A Co., preferred (quar.)
Securities Co..
IX
-
Jan.
2X
11
Shattuck Arizona Copner Co.
(quar.)...
Shawlnigan Water A Power (quar.)
Shelby Iron..
Jan.
2
Jan.
22
to
Dec.
15 Holders of rec. Dec.
Sloss-Sheffleld Steel A Iron. pref. (quar.)
8mart-Woods, Ltd:, preferred (quar.)...
Southern Calif. Edison, first pref.
(quar.)..
Southern N. E. Telephone
(quar.)__«
IX %, April 1
Declared 7%
rec.
Dec.
31a
Installments.
10 Holders of
rec.
Dec.
28
record March 22
rec.
Jan.
2 Holders
Jan.
2
Jan.
1 Holders of rec. Dec.
21
1
Jan.
1 Holders of rec. Dec.
21
of
IX
Jan.
1H
Dec.
31 Holders of
2 Holders of rec. Dec.
Dec.
27
IX
Jan.
15 Holders of rec. Dec.
31
IX
Jan.
15 Holders of rec. Dec.
31a
IX
Dec.
31 Holders of rec. Deo.
18
rec.
19a
Dec.
31 Dec.
to
Dec.
9
31 Dec.
to
Dec.
12
b Less British Income tax.
A Cor¬
/Payable in common stook
a Payable In scrip.
I Payable in Liberty Loan bonds.
1918 to holders of rec. Mar. 15 1918: IX % July 1 1918
1918 and 1X % Oct. 1 1918 to holders of rec. 8ept. 14 1918.
fourth
on
on
First
common
payment
v
1918 to holders of record June
payable 2X% as above and 2X% July 1
1918
1918 to
Equal to 71X cts. per share.
Declared
dividends
on
pref. payable IX % as above: IX % on May 1 ,1918
holders of rec. April 15 1918: IX% on Aug.
w
21
Sept. 30 1918 to holders of record Sept. 20 1918.
Declared 5% on 1st pref.,
holders of record June 3 1918.
u
stock and 8% on pref. stock, payable In quarterly
as above: second on March 30 1918 to holders of
1918; third on June 29
s
x
1918
Approximate; payable In common stock.
p
19 Holders of
IX
20fl
*?0a
Dec.
Declared 5% payable In quarterly Installments beginning with March 15
Jan.
7
(quar.)__.i__
Extra
above:
o
r
10
Dec.
I Payable In Victory Loan (Canadian Govt.) bonds,
m Less five cents per share
Income tax.
n Declared 7%
payable In quarterly Installments, viz.: IX %
50c. Jan.
IX
rec.
war
15a
31
Holders of
Holders of rec. Dec. 20.
4% Liberty Loan bonds at par with all coupons attached.
Dec.
rec.
7V*C.
stock.
Jan.
to
1
A On account of accumulated dividends.
IX
1
-1
$1
(quar.)
17
27
1 Holders of rec. Dec.
Jan.
Jan.
Transfer books not closed for this dividend,
a
rection.
Jan.
3
IX
1
...
(No. 93)
_
Jan.
Holders of
15a
20a
24a
2|Hulders of reo. Dec. 10a
2 Holders of rec. Dec. 20a
2;Holders of reo. Dec. 20a
2 Holders of rec. Dec.
Jan.
IX
2
Dec. 31
Dec.
IX
St. L. Rocky Mt. A Pac. Co., com.
(quar)
Preferred (quar.)
(quar.)
rec.
1 Holders of rec. Dec.
Jan.
3
Holders of rec. Dec.
Jan.
to
17a
17a
17fl
2X
IX
Riordan Pulp A Paper, pref. (qu.)(No.
22)
Royal Baking Powder, common (quar.)..
23
Dec. 31 Holders of
Jan. 1
to
Young (J. S.) Co., common (quar.)
Preferred (quar.)
2
Common (extra)
Preferred (quar.)
19
2 X
15a
Holders of rec. Jan.
2
$1
Preferr^d B (quar.)
15a
Feb.
IX
31, Holders of rec. Dec. 31a
15 Holders of rec. Dec. 31a
IX
$1
(quar.)
31
Dec. 20a
rec.
$2
2
87Xo. Jan.
Public Utilities Corporation (quar.)
Quaker Oats, common (quar.)
.
87Xo. Jan.
...
Preferred
31a
Dec. 22a
21
1
IX
v
Weslinghouse Air Brake (quar.)
12 Holders of reo. Jan.
rec.
31 Deo.
Jan.
1
(quar.)..
(quar.) (No. 195)..
Extra
31 Holders of
Dec. 31 Dec.
3
to
Holders of rec. Dec. 28a
Dec. 31 Holders of rec.
$1.20
-
....
to
16
Jan.
Price Bros. A Co., Ltd. (quar.)
Preferred
Western Power Co
16
Jan.
Procter A
Western
21
2
3
common (quar.)
(quar.)
Grocer, common...
Western Power Corp., pref. (quar.)
Western States Gas <k Elec., pref.
5
(quar.).-
Electric,
Preferred
10
1
1
50c. Jan.
8^0
Extra.....
1 Holders of rec. Jan.
1
IX
(quar.)
U. S. Steamship
First
Feb.
$1.50
...
a
IX
(quar.)
Southern Utilities, pref. (ousr.i
3
IX
....
Shredded Wheat, common
3
1 Holders of rec. Jan.
i„_
Preferred
IX
_
(quar.)
1 Holders of rec. Jan.
2
Poole Engineering &
Machinery,(quar.)...
Prairie Oil A Gas (quar.)
Sharon Steel Hoop
for deple'n)
(quar.)
IX
Pocahontas Logan Coal, common (quar.)
Preferred
Manufacturing
18
19
50c. Feb.
U.S.Cast Iron Pipe A Fdy., pref. (qu.)..
United States Glass (quar.)
21
18
5 Holders of rec. Dec.
2 Holders of rec. Dec.
25c. Feb.
Special (distrlb. fr.
Warner
14a
Jan.
IX
^
Preferred
5
1
Dec.
37Xc. Jan.
United
Utah Copper
15a
Pittsburgh Oil A Gas (extra)..
Pittsburgh Plate Glass, com. (quar.)...'.
Extra
IX
U. S. Steel Corporation, common (quar.).
Common (extra)
22a
Pettlbone-MUliken, 1st pref. (quar.)
Second pref. (quar.)...
Pierce-Arrow Motor Car, pref. (quar.)..
Pittsburgh Coal (Penn.), pref. (quar.)...
Pittsburgh Coal (N. J.(, pref. (quar.)...
Preferred
$1
...
(quar.)
22a
2 Holders of rec. Dec.
(quar.)
Penmans, Limited, common (quar.)
Common (extra)..
Preferred (quar.)..
Pennsylvania-Kentucky Oil A Gas. (qu.)
Pennsylvania Salt Manufacturing (quar.)..
Pennsylvania Wat. & Pow. (qu.) (No. 16)
Preferred
United Paperboard, preferred
22a
10 Holders of reo. Dec.
15a
Jan.
1 Holders of rec. Dee.
15 Jan.
2 Holders of reo. Dec.
2X
1 Holders of reo. Dec.
Jan.
Jan.
20a
1 Holders of reo. Deo,
IX
26
2 Holders of rec. Dec.
Jan.
Jan.
IX
87Xo. Jan.
15
Feb.
15 Holders of rec. Dec.
1 Holders of rec. Dec. 20a
22a
Jan.
to
Dec. 31 Holders of rec.
76c. Jan.
IX
Preferred
Prairie Pipe Line
Extra
15 Holders of rec. Dec. 31
Jan.
Dec.
to
Jan.
U. S. Smelt., Refg. & Mining, com. (qu.).
Jan.
rec.
1
16
Jan.
10a
15 Holders of rec. Dec. 31
8a
15 Jan.
IX
20a
31 Holders of
Dec. 31
to
IX
50c. Jan.
(quar.)
Pacific Telep. & Teleg., pref. (quar.)
Panama Power A Light, pf. (qu.) (No. 3)
Pan-Amer. Petrol. A Transp. com. (qu.).
Pond Creek Coal
1 Holders of rec. Dec.
Dec.
21
Mar. 15 Feb.
$1.25 Jan.
United States Gypsum, pref. (quar.)
U. S. Industrial Alcohol, pref. (qtiar.)
Jan.
(quar.).
Preferred
Common (extra)
Preferred
20
Holders of rec. Dec. 20
IX
...
(quar.)(No. 46)
Owens Bottle Machine, common
Common (extra)..
1
IX
(quar.)
Ottawa Lt. Heat A $ower
Jan.
1 Holders of rec. Dee.
15a
2
U. S. Bobbin A Shuttle, common
2 Holders of rec. Dec. 26
1 Holders of rec. Dec.
United Fruit (quar.) (No. 74)
United Gas A Electric Co., preferred
15 Holders of rec. Dec. 31a
IX
$1
(quar.)
common
Jan.
Jan.
1
15
1 Holders of rec. Dec. 20
Jan.
1
IX
IX
31
15
15a
.
1
15 Holders of rec. Dec.
1
1 Holders of rec. Jan.
Holders of rec. Deo.
(quar.)
Ohio State Telephone, preferred (quar.).
Jan.
1 Holders of rec. Feb.
1
Common (payable In common stock).. /33 1-3 Jan.
Jan.
to
21
Feb.
Jan.
Preferred
to
1 Dec.
Mar.
15o
1
Jan.
1 Dec. 21
Jan.
IX
Holders of reo. Jan.
Jan.
Dec. 21
to
21
IX
1
Jan.
2 Holders of rec.
10 Holders of rec. Dec. 28a
Jan.
IX
IX
Feo.
IX
7
Second preferred (quar.) (No. 8)
United Dyewood, com. (quar.) (No. 5)..
Preferred (quar.) (No. 5)
/5
20
Jan,
Jan.
$1.25
(quar.)
Utilities, preferred (quar.)
United Verde Extension Mining (quar.)..
02X0. Jan.
Jan.
22
elO
2 Holders of rec. Dec. 24
....
17a
Dec. 21
to
to
IX
16 Holders of
(extra)..
16
1
2
Jan.
Ohio Iron A Steel, common
Dec.
2 Holders of rec. Dec. 21
......
Jan.
Ohio Leather, common (quar.)
Common (extra)
:
1
22
(quar.)
Carbide (quar.)
3
IX
Dec.
2 Holders of rec. Dec. 21
Preferred
2
Ohio Cities Gas, pref. (quar.)..
Ohio Fuel Supply (quar.)
10
2 Holders of rec. Dec.
Tuckett Tobacco, pref. (quar.)
Underwood Typewriter, common (quar.)
Common (extra)
Preferred (quar.)
Ogllvie Flour Mills, Ltd.,
Ohio Cities Gas, com.
15a
Jan.
to
2 Holders of rec. Dec.
United Shoe Machinery, com. (quar,)
Dec. 31
11
2 Holders of rec. Dec.
21 Jan.
IX
15 Holders of rec. Dec. 31a
rec.
1 Dec.
Jan.
i
Jan.
(quar.)..
(pay. In com. stk.)
1 Holders of rec. Jan.
Feb.
4
Common (extra)
Preferred.
Jan.
com.
2 Holders of rec. Dec. 20a
Jan,
Jan.
3X
IX
IX
Dec. 22
15a
Jan.
_•
Transue A Williams Steel Forg. (quar.)..
Trumbull Steel, common (quar.)
2X
1 Holders of rec.
2 Holders of rec. Dec.
25c. Jan.
Common (extra)
Preferred
Nova Scotia Steel A Coal, common
Northwestern Elec., pref. (quar.) (No.11)
Jan.
2
Union Carbide A Carbon (quar.) (No. 1).
Union Natural Gas Corp, (quar.).
...
21 Jan.
1
15
$1
22
Jan.
1
2 Holders of rec. Dec.
IX
IX
Extra
15 Holders of rec. Dec.
North Butte Mining (quar.) (No. 45)
Northern Ontario Light A Power, pref..
Northern Pipe Line
Extra
12 Holders of rec. Jan.
$1 25
Torrington Co., common (quar.)
Jan.
Jan.
15
Jan.
Jan.
IX
Tonopah Belmont Development (quar.). 12X0. Jan,
Tonopah Mining of Nevada (quar.).
7Xc. Jan.
Toronto Paper Manufacturing, Ltd
3
Jan.
Union
Jan.
15
1 Holders of rec. Jan.
12 Holders of rec. Jan.
Feb.
Tobacco Products, pref. (quar.) (No. 20).
2 Holders of rec. Dec. 21
5
1 Holders of rec. Jan.
Feb.
Jan.
3
15 Holders of rec. Dec. 22
Jan.
1
2
Jan.
5
Extra.'
11 d
to
2X
Jan.
2
.....
11a
1 Holders of rec. Dec.
2
2
Niagara Falls Power (quar.).....
Nlpisslng Mines (quar.)
1 Holders of rec. Dec.
Jan.
IX
.....
IX
(quar.)
New York Transit (quar.)
Extra
1 Dec.
Jan,
75c. Jan.
4
New York Title A Mortgage
21
Jan.
Jan.
IX
Extra
24a
New Jersey Zinc (quar.)
New York Dock, preferred
15
15
Co.% common
Tide Water Oil
19a
50o.
(quar.)...
Mln.(qu.) (No.133)
19
15
1 Holders of rec. Dec.
IX
Preferred
28a
$1
2
New Idria Quicksilver
Dec.
1 Holders of rec. Dec.
Jan.
4
Stetson (John B.)
Dec. 28a
New England Telep. A Teleg.
1 Dec.
Jan.
6
Steel Co. of Canada, com. (qu.) (No. 4)__
Preferred (quar.) (No. 28)
10
National Surety (quar.)
National Tool, common (quar.)
rec.
Jan.
3
Preferred A
1
.
Holders of rec. Dec.
11a
1
2
19
1
Standard Parts, preferred (quar.)
Standard Screw, common (quar.).....
Subway Realty (quar.)
Superior Steel, common (quar.).,
Swift A Co. (quar.) (No. 127)
Texas Company (quar.)..
15 Holders of rec. Dec. 31a
15
1H
Standard Oil Cloth, common (quar.)..
Preferred A and B (quar.)_
8a
15 Holders of rec. Jan.
31 Holders of rec. Deo.
3
National Grocer, common (quar.)
Preferred
15a
Jan.
IX
Stutz Motor Car of Amer., Inc. (quar.)..
Dec.
1
15a
to
Dec. 31 Dec.
4
Jan.
1
15a
31 Holders of rec. Deo.
3
Jan.
Jan.
Jan.
31 Holders of rec. Dec.
Dec.
Stromberg Carburetor (quar.)
2
National Glue, com. and pref. (quar.).
National Paper & Type, com.
to
13
Dec.
Deo.
2
11
Dec. 29a
IX
(quar.)
National Licorice, pref. (quar.)
15 Holders of rec
15a
IX
2X
National Cloak A Suit, com.(qu.) (No. 4)
National Enamel. & Stamping, pref. (qu.)
National Fuel Gas
2 Holders of rec. Dec.
31 Dec.
5
5
Spring Valley Water (quar.)
Dec. 31 Holders of rec. Dec. 26a
Mortgage-Bond Co. (quar.)
Nat. Biscuit, com.
Days Inclusive.
Southwestern Cities Electric, pref. (quar.)
South West Pa. Pipe Lines (quar.)
31 Holders of rec. Dec. 21
(No. 21)..
(No. 21)--..—
Montgomery, Ward A Co., pref. (quar.).
Montreal Telegraph (quar.).
South Penn Oil (quar.)
South Porto Rico Sugar, common (quar.)
Preferred (quar.)
!
9
IX
IX
IX
$6
Mohawk Mining
Preferred (quar.)
When
Payable.
Miscellaneous (Concluded).
Miscellaneous (Continued).
Montana Power, com. (quar.)
Books Closed.
Per
Days Inclusive.
Cent.
Books Closed.
Cent.
Company.
Mexican Petroleum, common (quar.)
Preferred (quar.)
Morris
[Vol. 105.
THE CHRONICLE
2522
1,1918 to holders of rec. July 15.
To make dividend of 1914,10%.
Declared 8% payable 4% In March 1918 and
4% In Sept. 1918.
to
Dec.
r'TTRAXTTr'T T?
v^JolJLtvJiN lt/LJl/
HTTTTP
XxJJCi
291917.]
Member Banks of the Federal Reserve System.—The Federal Reserve Board on Dec. 22 issued
a new series of
weekly statements giving the principal items of resources and liabilities of the
the second of
MEMBER BANKS of the Reserve
bered 619 and
are
Federal Reserve
System.
The data for all banks reporting, which
this occasion
on
num¬
of date Dec. 14, are tabulated so as to show separately the returns for each of the twelve
districts, and also each of the three Central Reserve Cities,
well
as
the aggregates for the
as
other Reserve Cities and the aggregates for the Country banks.. The figures for the previous week have been
revised in some instances, not merely to allow for the banks reporting this time which did not
report the pre¬
vious
week, but also because of the elimination of certain smaller country banks.
The last change seems to have affected
particularly the aggregates for the Richmond Reserve District, where the num¬
ber of banks given this time is only 67, against 108 the previous week.
We give below the statement with accompanying
text
just
as
furnished by the
Board^
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE, RESERVE AND
OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS DECEMBER 14, 1917.
The Federal Reserve Board made
public to-day its second consolidated statement of condition of member banks in 96 leading cities
as
at close of
business on Dec, 14 1917.
Certain banks in the Atlanta, Chicago and Dallas districts, which failed to report the week before, are included in the present
statement, which covers reports from 619 banks, as against 607 banks comprised in the first statement.
The representative character of these figures is best seen from the fact that Nov. 14 total figures of reserve on deposit with the Federal Reserve
banks, $1,266,040,000, as shown by reporting banks, constitute over 80% of the corresponding total for all member banks of $1,549,030,000 shown for
the same date by the Federal Reserve banks.
,
Figures were obtained from all member banks, including national banks, trust companies and State banks in the selected cities, and cover, there¬
fore, a wider ground than recent abstracts, based upon reports of national banks only, while by no means fully reflecting all activities of the banks,
are thought, however, sufficiently Indicative of changes caused by the finance operations of the Government.
Item "United States securities owned'*
includes Government bonds, notes and certificates on hand as well as bonds deposited with the United States Treasurer to secure circulation, the de¬
crease of 161 millions between Dec. 7 and 14 being due probably to the redemption by the Government of
outstanding certificates.. Item "All other
loans and investments" comprises loans and discounts not collaterated by Liberty bonds and securities, also stocks and bonds, other than Government
securities, but is exclusive of investments of a permanent character, such as banking house, furniture and fixtures, other real estate and Federal Reserve
stock.
•.
' •
Discounts are reported net, 1. e., exclusive of amounts rediscounted with other banks, including Federal Reserve banks.
Changes during the week in
"Other loans ana investments" as Well as in item "Reserve with Federal Reserve banks" do not call for special comment, being due largely to the in¬
crease in the number of reporting banks.
Item "Cash in vault" shows a total decrease of almost 7 million dollars and decreases of about 6 millions
each for the Boston and New York districts.
,
Net demand deposits are shown exclusive of Government deposits,
and increases shown under the former head
largely offset by heavy net with¬
are
drawals of Government deposits, known,to have taken place during the week, especially in New York City.
1. Data for alt reporting banks In each district.
Two ciphers (00) omitted.
PhUa.
New York.
Boston,
Member Banks,
Number of reporting banks
36
$
$
Cleveland. Richmond
43
93
$
Atlanta.
67
71
$
83
S
$
St. Louis. Minneap. Ran.City.
Chicago..
35
32
$
17
$
$
San Fran.
Dallas.
64
36
8
Total,
42
$
619
$
$
U. S. securities owned........
51,522,0 1,009,415,0 65,204,0 163,995,0 39,115;0 35,825,0
76,479,0 35,833,0 11,485,0 28,378,0 27,822,0 56,808,0 1,601,881,0
Loans sec. by U. S. bonds &ctf.
4,316,0
42,880,0
223,986,0 23,754,0 20,750,0
10,457,0
8,530.0
31,503,0
1,082,0
1,655,0
2,613,0
5,080,0
376,006,0
All other loans & Investments.. 644,397,0 4,082,839,0 499,277,0 926,415,0 318,225,0 264,893,0 1,239,978,0 356,824,0 214,185,0 421,633,0 179,608,0 466,364,0 9,614,638,Q
Reserve with Fed. Res. Bank..
55,086,0
714,030,0 55,120,0 91,548,0 29,173,0 26,036,0
133,026,0 35,952,0
17,882,0 42,684,0
19,143,0 46,360,0 1,266,040,0
Cash in vault..
22,054,0
128,059,0 22,251,0 40,295,0
17,631,0 14,119,0
59,949,0 13,243,0 10,226,0 18,110,0 12,461,0 23,008,0
381,312,0
Net demand deposits on which
reserve Is computed
550,236,0 4,260,858,0 502;511,0 656,399,0 261,204,0 203,983,0
989,398,0 267,693,0 164,266,0 381,150,0 184,847,0 374,257,0 8,796,802,0
Time deposits......
307,205,0 18,633,0 204,678,0 46,143,0 64,408,0
280,142,0 85,222,0 37,716,0 48,183,0 20,437,0 90,190,0 1,280,186,0
77,229,0
.....
'2. Data for banks In each Central Reserve city, banks In all other Reserve cities And other reporting banks.
New York.
Chicago.
St. Louis. Total Central Res. Cities.
Other Reserve Cities.
Country Banks,
Total,
Two ciphers omitted.
Dec. 14.
Dec. 7.
Dec. 14.
Dec. 14.
Dec. 14.
Dec
.
7.
Dec. 14.
Dec. 7.
Dec. 14.
•
Dec. 7.
Dec, 14.
Dec. 7.
*
Number of reporting banks....
54
54
955,471,0 1,120,417,0
41,791,0
$'
$
U. S. securities owned.*......
Loans secured
and
$
,
105
105
15
36
368
357
140
488,070,0
462,833,0
04,124,0
.
$
$
%
22,425,0 1,019,087,0 1,200,375,0
$
$
619
tl45
•
$
'
»
'
t0O7
$
99,917,0 1,601,881,0 1,763,125,0
by U. 8. bonds
199,289,0
225,851,0
228,544,0
6,950,0
120,708,0
115,604,0 24,047,0 29,369,0
201*829,0 19,612,0
373,517,0
376,606,0
3,721,542,0 3,750,170,0 811,728,0 255,949,0 4,789,219,0 4,815,883,0 4,087,700,0 t3920 699,0 737,659,0 805,673,0 9,614,638,0 /9542,255,0
802,104,0
408,946,0
676,663,0
372,791 i0 54,930,0 52,222,0 1,266,040,0 1,137,705,0
712,752,0
590,525,0 90,974,0 28,527,0
157,214,0
162,263,0
186,944,0
110,685,0
338,228,0
116,015,0 39,070,0
7,459,0
1S0,(544;O 37,154,0 39,321,0
381,312,0
certificates..........._
All other loans & Investments..
Reserve with Fed Res. Bank..
Cash in vault——————i
—
Net demand deposits on which
reserve is computed—...
3,881,093,0 3,730,971,0 698,278,0 188,324,0 4,767,695,0 4,580,474,0 3,435,318,0 3,204,077,0 593,789,0 006,414,0 8,700,802,0 8,390,965,0
Time deposits....
466,211,0
493,987,0
641,548,0
269,947,0
287,854,0 130,125,0 66,139,0
695,562,0 172,427,0 170,357,0 1,280,186,0 1,259,900,0
.......
_
t Amended figures.
The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on Deo. 22.
Aggregate increases of 92.5 millions in Government deposits and reduction by 159.6 millions in total member bank deposits are indicated by the
weekly bank statement as at close of business on Dec. 21 1917.
The banks' combined reserves declined by about 6.7 millions, while their outstanding
circulation shows an Increase for the week of 74.3 millions.
As the result of transfers of gold to Agents for maturing paper and newly issued Federal
Reserve notes the banks' note reserve shows an increase from 60.8 to 62.2%, while their net deposit reserve declined from 65.0 to 63.4%.
The.ratio of
total reserve to combined net deposit and Federal Reserve note liabilities shows a slight decline from 63.2 to 62.9%.
New York reports net liquidation of 84.2 millions of discounted paper, and even larger decreases in the holdings of collateral notes secured by
Liberty bonds and certificates.
Total earning assets of the bank declined 76.8 millions, .member bank deposits—97.3 millions, and-total reserves—
13.2 millions, while the bank's outstanding note circulation increased 21.9 millions.
<Chicago reports an increase of 32.6 millions in bills on hand, and of 25.5 millions in earning assets,
Government deposits at the bank increased
26.4 millions.
Member bank deposits declined 13.7 millions, while FederalReserve notes in circulation increased 16.8 millions.
All the banks outside
of Boston and New York report larger amounts of bills on hand, while all the banks except Dallas show larger amounts of Federal Reserve notes in
circulation
th3<n t/h© "w©©Ic boforc.
Discounted bills on hand
indicate
liquidation of 19.9 millions for the week, the net decrease of nearly 100 millions reported by the New York and
Boston banks being largely offset by substantial gains shown for the Philadelphia, Richmond, Chicago and St. Louis banks.
Of the total discounts
held 146.8 millions, as against 251.2 millions the week before, is represented by member banks' collateral notes secured by Liberty bonds and certificates
of indebtedness, while the amount of other discounted paper similarly secured aggregates 142.6 millions as against 120.2 millions a week ago.
Holdings
of discounted bills secured by Liberty bonds and U. S. certificates of
indebtedness are at present about 82 millions below the total shown the week
Acceptances held by the banks show the record total of 277.9 millions, an increase of 23.5 millions for the week, divided largely between the
ana Chicago banks.
As the result of liquidation on a large scale of short-term collateral notes the share of 15-day paper in the total bill
holdings of the banks shows a decline from 50 to about 42%, while the proportion of 60-day paper increased from less than 20 to over 28%.
Tem¬
before.
New York
porary purchases of certificates of indebtedness in some volume are reported by the Cleveland Bank, while the New York Bank reports the disposal of
practically the entire amount of certificates held the previous week.
'
Total holdings oi Government securities show an increase of 6.8 millions for the week.
Earning assets aggregate 1,081.1 millions and constitute
1,548% of the banks' paid-in capital as against 1,542% the week before.
Of the total, discounts constitute 64.2%; acceptances 25.7%; Government
securities 10%; and warrants 0.1%.
Aggregate increases of $412,000 in paid-in capital as the result of accesion to the system of State banks and trust
companies are reported by 7 Reserve banks.
Large increases of Government deposits are shown for the Cleveland, Chicago and San Francisco banks,
while member banks
reserve
deposits declined at all Reserve banks.
Agents
For the past week Reserve
report additional net issues of $66,062,000 of notes.
Against the total of $1,295,069,000 outstanding the Agents
hold at present $746,307,000 of gold and $602,074,000 of paper.
The banks report a total of $1,227,642,000 of Federal Reserve notes in actual circula¬
tion, or
$74,257,000 more.than the wek before.
Combined Resources
and
Liabilities
of the
Federal Reserve Banks-at
Dec. 21 1917. Dec. 14 1917. Dec.
RESOURCES.
5
$
7
1917."
$
tbb
Close
of
$
$
$
601,311,000
378,514,000
62,600,000
945,627^000
616,254,000
11,490,000
932,325,000
630,045,000
386,602,000
52,500,000
52,500,000
Total gold held by banks.—.—
Gold witb Federal Reserve Agent.....
881,454,000
949,150,000
929,934,000
947,623,000
943,002,000
746,307,000
683,378,000
683,939,000
661,824,000
969,207,000
623,948,000
029,900,000
17,782,000
17,710,000
17,485,00(5
12,278,000
11,549,000
11,420,000
Total gold reserves
.^
.....
Legal tender notes, silver, Ac........
Total reserves
Bills discounted—members
Bills bought In open market..
......
Total bills on hand
U. S. Government short-term securities
Municipal warrants
Total
.....
earning assets...
......
Due from other F. R. banks—net
Uncollected Items....
..........
Total deduo'na from gross deposits
6% redemp. fund agst. F. R. bank notes
All other resouroesi
..........
Total resources.
Dee. 22 1916.
$
269,627,000
178,811,000
11,317,000
448,438,000
278,528,000
1,479,000
1,645,543,000 1,650,238,000 1,631,358.000 1,621,725,000 1,604,704,000 1,584,328,000 1,573,377,000 1,646,075,000
50,744,000
52,208,000
54,486,000
54,058,000
62,525,000
50,146,000
48,127,000
51,949,000
728,445,000
6,025,000
1,693,670,000 1,700,384,000 1,683,307,000 1,676,211,000 1,658,762,000 1,036,853,000 1,025,685,000 1,596,819,000
603,965,000
656,002,000
487,850,000
610,154,000
756,457,000
093,509,000
713,431,000
686,902,000
209,905,000
180,012,000
205,454,000
193,809,000
181,001,000
254,428,000
190,682,000
277,943,000
734,470,000
32,297,000
124,633,000
971,452,000
0.8. Government long-term securities.
S
385,724,000
62,500,000
499,887,000
395,236,000
52,500,000
Gold redemption fund.......
Nov. 3 1910.
507,403,000
376,778,000
52,500,000
624,350,000
1917.
«
526,792,000
500,656,000
304,604,000 ; 393,810,000
52,500,000
52,500,000
.
9
363,710,000
502,840,000
Gold settlement fund—F. R. Board.
Gold with foreign agencies...
—.
Gold oo!u and certificates In vault
Business December 211917,
Nov. 30 1917. Novi 23 1917. Nov. 16 1917. Nov.
50,438,000
58,130,000
1,102,000
967,859,000
53,774,000
48,046,000
994,000
1,081,122,000 1,070,673,000
31,494,000
41,375,000
319,656,000
323,574,000
602,433,000
081,719,000
54,002,000
187,904,000
691,155,000
689,977,000
156,930,000
53,743,000
57,850,000
42,367,000
53,851,000
45,211,000
1,422,000
1,273,000
1,273,000
1,207,000
43,504,000
11,167,000
10,557,000
978,120,000 1,052,436,000
a7,091,000
26,332,000
373,160,000
310,572,000
979,141,000
11,872,000
302,525,000
924,898,000
17,838,000
428,644,000
<788,533,000
790.306,000
7,725,000
271,790,000
14,383,000
317,901,000
373.160,000
537,000
2,499,000
314,397,000
446,382,000
279,521,000
332,284,000
877,584,000
49,198,000
50,424,000
914,000
961,911,000
47,304,000
41,792,000
1,429,000
865,907,000
53,962,000
222,158,000
49,318,000
537,000
537,000
537,000
637,000
3,293,000
3,736,000
2,989,0p0
1,588.000
49,318,000
400,000
3,506,000
3,142,956.000 3.125,554.000 3,001,836.000 3,104,843,000 2.956,130,000 3,012,406,000 2,697,170,000 2,721,534.000
1>09,852,000
351,150,000
336,904,000
537,000
537,000
2,678,000
2,810,000
637,000
2,968,000
364,949,000
Dec. 21
1917. Dec. 14 1917. Dec.
$
LIABILITIES.
[Yoi.. 195.
CHRONICLE
THE
3524
$
$
Nov. 9 1917.
$
$
Dec. 22 1916.
Nov. 2 1917.
$
1917. NOV. 30 1917. Nov. 23 1917. Nov. 16 1917.
7
$
$
$
69,852,000
69,440,000
69,048,000
55,765,000
221,761,000
129,285,000
168,568,000
29,472,000
64,291,000
65,345,000
66,691,000
68,500,000
67,136,000
175,912,000
59,198,000
196.411,000
218,887,000
220,962,000
1,389,434,000 1,549,030,000 1,437,174,000 1,489,429,000 1,426,648,000 1,480,498,000 1,406,982,000 1.372,023,000
Due to members—reserve account
24,310,000
22,291,000
33,866,000
20,925,000
17,549.000
Due to non-members—clearing account
Capital paid in
Government deposits
'
Member bank deposits
Collection items........
...
Other deposits, lncl. for. Gov't
205,819,006
-
credits..
189,861,000
196,767,000
14,282,000
14,258,000
648,787,660
191,811",000
1877022",000
240,437,666
215,169,000
231,776,000
115,586,000
1,831,272,000 1,889,364,000 tl 811189 000 a1966807,000 1,860,519,000 1,960,747,000 1,687,068,000 1,764.056,000
881,001,000
932,512,000
972,585,000
1,227,642,000 1,153,385,000 1,110,537,000 1,056,983,000 1,015,892,000
8,000,000
8.000,000
8,000,000
8,000,000
8,000.000
8,000,000
8,000,000
8,000,000
64,186,000
64,245,000
64,383,000
64,583,000
t3,062,000
64,553,000
6,190,000
5,365,000
678,259,000
275,046,000
3,142,956,000 3,125,554,000 3,001,836,000 3,104,843,000 2,956,130,000 3,012,406,000 2,697,170,000 2.721,534,000
65.1%
67.1%
62.6%
62.2%
63.1%
59.4%
against net deposit llab—
60.1%
61.7%
1,009,852,000
71.3%
Total gross deposits_
.
F. R. notes in actual circulation
llab.
F. R. bank notes In circulation, net
All other liabilities
Total liabilities
Gold reserve
782,000
—
Gold and lawful money reserve against
63.4%
60.8%
Dec. 21
warrants
66.1%
65.7%
70.8%
68.6%
72.3%
62.6%
65.9%
67.3%
69.7%
101.8%
Nov. 9 1917.
Nov. 2 1917.
Dec. 22 1916.
$
$
1917. Nov. 30 1917. Nov. 23 1917. Nov. 16 1917.
$
$
$
$
463,644,000
471,689,000
517,000
518,000
66,295,000
68,475,000
143,070,000
150,000
135,000
98,000
bought.
164,729,000
213,195,000
182,232,000
141,927,000
121,757,000
bought
123,000
8,593,000
632,000
6,990,000
631,000
6,540,000
120,481,000
651,000
5,611,000
113,000
5,139,000
517,000
5,000
100,252,000
113,067,000
151,000
140,417,000
125,000
146,900,000
652,000
81-90 days bills discounted and
61-90 days municipal
10,000
warrants
warrants
Over 90 days bills discounted and
Over 90 days
,
104,000
municipal warrants
652,000
6,248,000
120,000
"
147,000
511,000
54,663,000= 1
67,155,000
96,891,000:
509,000
273,339,000
142,000
191,626,000
5,000
81-60 days bills discounted and bought.
81-60 days municipal warrants.
16-30 days municipal
$
i
i 1
8,000
91,556,000
15,000
453,144,000
448,716,000
373,281,000
526,620,000
581,763,000
8,000
82,098,000
125,000
69,000
84,359,000
121,060,000
and bought.
7
$
403,671,000
213,000
i-15 days bills discounted and bought.
1-15 days municipal
15-30 days bills discounted
1917. Dec. 14 1917. Dec.
$
Distribution by Maturities—
62.8%
63.8%
66.6%
63.2%
65.0%
62.2%
deposit liabilities.-
net
Qold res. agst. F. R. notes in act. circ'n.
[
52,000
72,313,000
193,000
2,719,000
511,000
167,487,000
523,006 1
77,715,006 |
94,000 1
,
7,564,000i
645,000!
1
Federal Reserve Notes—
Issued to the banks—;
..
Held by banks
In
■,
circulation
—...
Fed. Res. Notes (Agents
995,384,000
941,284.000
62,872,000
60.283,000;
21,720,000
972,585,000
932,512,000
881,001,000
275,046,000
1,366,760,000^
453,380,000
1,227,642,000 1,153,385,000 1,110,537,000 1,056,983,000 1,015,892,000
Accounts)—
1,747,760,000 1,693,820,000 1,640,600,000 1,590,340,000 1,540,720,000 1,145,700,000 1,424,040,000
1,484,600
222,856,000
229,293,000
236,633,000
239,571,000
234,185,000
242,953,000
Received from the Comptroller
296,766,000
1,295,069,000 1,229,007,000 1,184,667,000 1,126,345,000 1,102,287,000 1,038,620,000
66,035,000
74,130,000
86,395,000
67,427,000
69,362,000
75,622,000
Amount chargeable to Agent
220,006,000
94,080,000
1,508,189,000 1,450,867,000 1,403,967,000 1,356,155,000 1,311,427,000 1,257,095,000 1,201,184,000 1,146,754.000
205,800,000
218,475,000
213,120,000
219,300,000
229,810,000
209,140,000
221,860,000
Returned to the Comptroller...
359,300,000
205,470,000j
62,534,000
Issued to Federal Reserve banks.. 1,295,069,000 1,229,007,000 1,184,667,000 1,126,345,000 1,102,287,000 1,038,620,000
How Secured—
995,384,000
941.284,000!
296,766,000
162,117,000
In hands of Agent
.
227,302,000
239,833,000
240,351,000
242,985,000
243,111,000
243,030,000
250,689,000
249.495,000
545,629,000
600,728.666
46*4,52Y,000
478,339,6o6
4*08,7lV,666
379,130,666
338,851,660'
Oold redemption fund
548,962,000
41,281,000
39,471,000
35,773,000
33,714,000
32,524,000
31,843,000
32,187,000
32,111,000
15,981,000
Witt Federal Reserve Board
477,524,000
404,074,000
407,815,000
385,125,000
348,313,000
355,033,000
333,378,000
320,827,000;
100,430,000
995,384,000
941,284,000
296,766,000
439,202,000
365,107,000
19,077,000
By gold coin and certificates
.....
By lawful money
....
By eligible paper
1,295,069,000 1,229,007,000 1,184,667,000 1,126,345,000 1,102,287,000 1,038,620,000
Total
Eligible paper delivered toF.R. Agt
a
602,074,000
536,473,000
602.967,000
Net amount due to other Federal Reserve banks,
$7,091,000, included in gross deposits.
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12
Two ciphers
Boston.
New York.
Phlladel.
S
(00) omitted.
$
Gold settlement fund
338,355,0
23,002,0
St. Louis. Minneap. Kan. City
%
$
Dallas.
$
$
$
San Ft an.
21
1917.
Total.
$
$
6,210,0
5,667,0
32,526,0
5,507,0
14,796,0
1,550,0
12,535,0
34,311,0
524,350,0
13,470,0
68,314,0
10,842,0
10,329,0
37,349,0
22,590,0
20,264,0
304,604,0
1,575,0
7,350,0
2,100,0
"2,100,0
2,625,0
1,838,0
2,888,0
52,500,0
20,712,0 108,190,0
45,801,0 120,961,0
18,449,0
27,225,0
41,524,0
57,463,0
881,454,0
32,581,0
42,052,0
43,130,0
746,307,0
585,0
733,0
30,936,0
873,0
36,963,0
25,062,0
509,0
1,205,0
17,0
17,782,0
51,763,0
409,0
59,034,0
84,085,0
155,0
67,359,0 229,736,0
456,0
454,0
390,0
51,0
63,230,0 100,610,0 1,645,543,0
394,0
48,127,0
566,0
53,876,0
67,813,0 230,192,0
52,172,0
59,424,0
84,136,0
63,796,0 101,004,0 1,693,670,0
30,921,0
16,469,0 107,167,0
40,316,0
13,645,0
33,626,0
9,297,0
22,867,0
693,509,0
9,027,0
7,581,0
9,405,0
1,730,0
15,860,0
21,662,0
277,943,0
23,765,0 116,194,0
4,897,0
7,007,0
47,897,0
2,233,0
23,050,0
35,356,0
25,157,0
8,849,0
4,021,0
1,444,0
1,341,0
1,784,0
1,430,0
150,0
44,529,0
2,455,0
1,500,0
971,452,0
1,888,0
3,368,0
45,989,0
30,758,0
48,484,0 1,081,122,0
18,112,0
3,675,0
4,725,0
1,837,0
46,969,0
85,876,0
26,573,0
35,600,0
230,777,0
53,078,0
1,500,0
54,677,0
18,0
31,652,0
10,000,0
58,721,0
4,492,0
620,246,0 101,547,0 140,570,0
205,0
40,184,0
371,0
660,430,0 101,918,0 140,775,0
65,417,0
258,796,0
138,654,0
44,272,0
397,450,0
2.095,0
65,331,0
610,0
2,294,0
,
Chicago.
%
DEC.
18,526,0
73,134,0
Legal-tender notes, silver, Ac...
Atlanta.
of BUSINESS
at CLOSE
50,950,0
379,469,0
4,640,0
2,648,0
44,0
68,642,0
Total gold reserves
t Revised figures.
b This Item includes foreign Gov't credits.
30,200,0
1,000,0
Gold with Federal Res. Agents.
Gold redemption fund—
431,182,000
FEDERAL RESERVE BANKS
%
3,675,0
Total gold held by banks
reserves
18,427,0
24,867,0
$
32,042,0
Gold with foreign agencies
Total
24,266,0
4,101,0
Gold coin and certfs. In vault...
Cleveland. Rlchm'd.
%
RESOURCES.
532,411,000
490,932,000
"18,23*8,009
496,0
846,0
Blllls:
Disco.—Member &F.R. banks
Bought in open market....
4,741,0
70,158,0
Total bills on hand
U. 8. long-term securities
U. 8. short-term securities
Municipal warrants
....
Total earning assets
items
Total deduc'ns from gross dep.
73,062,0
4,909,0
404,696,0
19,655,0
Due from other F. R. banks—Net
Uncollected
511,0
.....
75,882,0
24,564,0
75,882,0
21,059,0
6,894,0
50,716,0
27,205,0
13,723,0
44,644,0
77,921,0
8,268,0
34,221,0
1,221,0
,
1,969,0
9,0
7,296,0
1,491,0
363,0
25,0
51,574,0
50,438,0
58,130,0
1,102,0
74,917,0 120,419,0
1,827,0
2,302,0
47,834,0
4,664,0
30,516,0 126,569,0
12,175,0
26,304,0
7,100,0
18,139,0
a41,375,0
32,765,0
22,549,0
16,521,0
19,612,0
50,271,0
18,403,0
11,579,0
26,535,0
13.318", 0
16,484,0
323,574,0
35,067,0
24,376,0
21,185,0
26,818,0
50,271,0
30,578,0
18,679,0
28,782,0
13,318,0
34,623,0
364,949,0
400,0
137,0
537,0
1,045,0
2,678,0
7,206.0
2,247,0
5% redemption fund against Fed¬
eral Reserve bank notes
All other
Total
"
172,0
resources
~
517,0
364,0
580,0
170,760,0 1,141,008,0 211,902,0 285,570,0 128,067,0 125,511,0 407,032,0 134,841,0 104,987,0 159,307,0 109,054,0 184,111,1 3,142,956,0
resources
LIABILITIES.
5,889,0
8,019,0
3,664,0
8,029,0
23,760,0
8,440,0
Due to members—Reserve acct.
70,272,0
633,645,0
77,062,0
60,465,0
99,007,0
41,834,0
Collection item?
14,612,0
47,660,0
27,348,0
17,368,0
13,397,0
12,019,0
26,657,0
Capital paid in
deposits
5,804,0
Government
18,207,0
Due to oth. F. R. banks—Net_.
92,913,0
70,976,0
727,951,0 112,850,0 177,021,0
391,544,0
92,543,0
99,899,0
other liabilities
8,307,0
8,501,0
12,631,0
5,330,0
49,463,0
39,772,0
69,208,0
45,058,0
6,977,0
Total
a
3,306,0
620,0
13,981,0
4,917,0
11,528,0
84,0
21~, 0
28,0
65,450,0
57,214,0 224,100,0
71,835,0
53,211,0
93,395,0
58,479,0 116,047,0 1,831,272,0
58,953,0
65,486,0 173,806,0
59,532,0
49,161,0
54,119,0
47,780,0
1,114,0
2,468,0
8,000,0
~"fb, 0
397,0
Difference between net amounts due from and net amounts due to other Federal Reserve banks.
STATEMENT
Two ciphers (00) omitted.
Federal Reserve notes—
OF
FEDERAL
Boston.
New York.
%
RESERVE
$
AGENTS
ACCOUNTS
Phlladel. Cleveland. Richmond
$
$
$
AT
CLOSE
6,190,0
Atlanta.
Chicago.
S
%
/
OF
BUSINESS
St. Louis
$
DECEMBER
Minneap. Kant City
$
S
21
1917.
Dallas.
San Fran.
$
S
Received from Comptroller...
97,680,0
88,020,0 222,220,0
72,580,0
65,480,0
76,740,0
68,500,0
Comptroller
18,600,0
659,880,0 124,600,0 117,720,0
118,963,0
17,932,0
8,803,0
78,100,0
Returned to
15,370,0
10,582,0
6,589,0
8,412,0
9,708,0
11,812,0
12,194,0
Chargeable to F. R. Agent
79,080,0
540.917,0 106,668,0 108,917,0
62.730,0
55,772,0
64,928,0
56,306,0
6,260,0
111,600,0
10,660,0
5,940,0
2,800,0
77.438,0 215,631,0
9,970,0
36,260,0
64,168,0
In hands of F. R. Agent
2,910,0
5,740,0
7,500,0
8,080,0
Issued to F. R. Bank
72,820,0
429,317,0
96,008,0 102,977,0
59,930,0
67,468,0 179,371,0
61,258,0
50,032,0
57,428,0
48,226,0
30,210,0
145,420,0
10,357,0
4,220,0
2,513,0
13,102,0
5,029,0
5,523,0
1,652,0
75,000,0
43,829,0
35,000,0
30,000,0
37,220,0
198,540,0
42,930,0
48,300,0
72,820,0
429,317,0
37,376,0
72,820,0
Held by F. R. Agent—
Gold coin and certificates
fund
Gold Sett. Fd., F. R. Board..
Eligible
63,843,0 1,227,642,0
8,000,0
94,0
631,0
14,258,0
1"0,760,0 1,141,008,0 211,902,0 285.570,0 128,067,0 125,511,0 407,032,0 134,841,0 104,987,0 159,307,0 109,054,0 184,111,0 3,142,956,0
liabilities
Gold redemption
4,146,0
69,852,0
221,761,0
39,487,0
64,747,0 1,389,434,0
9,345.0
205,819,0
2,372,0
83,0
"
1,067,0
2,795,0
28,549,0
"181,0
F. R. bank notes in circ'n—Net
All
2,615,0
3,396,0
9,032,0
8,043,0
4,215,0
9,021,0
Total gross deposits.
F. R. notes in actual circulation.
3,474,0
2,811,0
37,069,0 162,297,0
13,865,0
Oth. deposits lncl. for Gov't cred.
10,219,0
paper, mln.
reg'd
Total
Total.
%
76,240,0 1,747,760,9
606,0
239,571,0
75,634,0 1,508,189,0
5,400,0
213,120,0
70,234,0 1,295,069,0
14,080,0
396,0
2,463,0
1,334,0
2,192,0
2,508,0
3,709,0
227,302,0
41,281,0
27,405,0
16,500,0
39,860,0
8,474,0
39,421,0
477,524,0
28,278,0
39,470,0 120,565,0
21,667,0 58,410,0
28,877,0
19,096,0
15,376,0
23,164,0
27,104,0
548,962,0
96,008,0 102,977,0
59,930,0
67,468,0 179,371,0
61,258,0
50,032,0
57,428,0
48,226,0
70,234,0 1,295,069,0
201,458,0
46,451,0
48,363,0
44,873,0
21,753,0
59,114,0
38,792,0
21,425,0
16,398,0
25,157,0
40,914,0
96,008,0 102,977,0
59,930,0
50,032,0
57,428,0
3,465,0
3,078,0
977,0
67,468,0 179,371,0
1,982,0
5,565.0
61,258,0
1,844,0
429,317,0
37,773,0
1,726,0
871,0
3,30 J,0
48,226,0
446,0
70,234,0 1,295,069,0
6,391,0
67,427,0
70,976,0
391,544,0
92,543,0
99,899,0
58,953,0
65,486,0 173,806,0
59,532,0
49,161,0
54,119,0
47,780,0
63,843.0 1,227,642,0
3,390,0
2,000,0
3,603,0
14,154,0
2,728,0
~
Amount of commercial paper de¬
livered to F. R. Agent
F. R. notes outstanding
F. R. notes held by banks
F. R. notes in actual circulat'n
602,074,0
Dec. 29
1917.]
THE
CHRONICLE
2525
Statement of New York City Clearing House Banks and Trust
Companies.—The following detailed statement
shows the condition of the New York
City Clearing House members for the week ending Dee. 22.
The figures for the
separate banks are the averages of the daily results. In the case of totals, actual
figures at end of the week are also given;
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
National
MEMBERS.
Net
Week Ending
Dec. 22 1917.
Loans,
Discounts,
Profits
Nat. Banks Nov.
Legal
Investments,
Capital.
Tenders,
20
State Banks Nov.
Net
Net
Bank
Legal
Demand
Time
Circula¬
Deposits.
Deposits
tion.
Average,
Average,
Average,
De-posits
$
Average.
$
Average,
taries.
taries.
Average
National
Deposi¬
Average,
Average
Deposi¬
Notes.
Average.
$
with
Legal
Reserve
&c.
with
Federal
Silver,
Reserve
and
14.
Members of Federal
Reserve Bank.
Additional
Bank
Average,
$
Bank of N Y.NBA.
2,000,000
5,407,000
42,049,000
206,000
Bank of Manhat Co.
2,050,000
5,221,200
38,752,000
Merchants'National.
Mech & Metals Nat.
2,000,000
6,000,000
2,335,000
180,000
Bank of America
1,500,000
2,509,200
21,692,000
10,257,800
6,572,500
153,663,000
29,793,000
416,000
25,000,000 c47,731,600
National City
Chemical National..
561,237,000
8,065,000
166,000
54,000
3,000,000
8,562,800
60,206,000
National...
1,000,000
300,000
835,800
75,900
15,614,000
Nat Butch &Drovers'
8,509,000
Atlantic
2,248,000
105,703,000
American Exch Nat.
5,000,000
Nat Bank of Comm.
Pacific Bank.
25,000,000
500,000
1,002,900
German-American...
750,000
3,500,000
3,000,000
885,900
2,173,200
16,560,600
Citizens' National.._
Market & Fulton Nat
2,550,000
2,761,700
2,102,500
Metropolitan Bank..
2,000,000
2,128,600
3,500,000
1,500,000
5,000,000
7,510,200
7,673,400
28,000
103,070,000
Corn Exchange Bank
181,175,000
Chat APhenix Nat..
Hanover National...
1,000,000
Importers & Trad Nat
National Park Bank.
East River National.
Second
First
5,275,200
20,889,400
National
Irving National.....
4,500,000
N Y County National
84,400
3,758,000
28,321,600
5,304,900
350,200
13,126,500
816,400
2,003.300
1,292,200
500,000
10,000,000
Chase
National
Germanla Bank
400,000
1,000,000
1,000,000
Lincoln National
Garfield
National...
Fifth National
Seaboard
Union Exch National
Bankers Trust Co...
U S Mtge & Tr Co..
Co..
Nassau Nat, Bklyn..
Irving Trust Co.....
1,500,000
Trust
Trust
55,000
1,621,000
8,717,000
112,000
5,704,000
89,000
3,350,000
71,000
307,000
64,000
98,000
577,000
105,000
14,000
51,000
114,000
619,000
285,000
317,611,000
6,166,000
16,462,000
10,115,000
Co
79,079,000
888,100
1,188,300
2,155,400
12,980,400
4,691,500
26,125,400
1,213,200
6,210,700
1,331,800
11,032,700
1,168,700
4,070.900
1,121,200
1,082,200
2,000,000
Peoples Trust Co
62,000
86,029,000
7,336,000
Metropolitan Tr Co.
Fidelity Trust Co...
Columbia Trust Co..
Franklin
2,909,000
18,835,000
46,873,000
2,000,000
25,000,000
1,000,000
5,000,000
1,000,000
3,000,000
1,000,000
Guaranty Trust Co..
652,000
73,000
329,000
9,000
289,941,000
437,600
1,000,000
1,500,000
11,250,000
Brooklyn Trust Co..
706,000
34,088,000
3,424,000
4,256,800
3,000,000
1,000,000
Coal & Iron National
120,000
193,000
20,200,000
250,000
Liberty National
New. York
10,535,000
70,937,000
1,000,000
National..
369,000
79,000
1,997,000
7,398,000
138,149,000
34,032,000
10,619,000
17,063,900
250,000
1,000,000
10,000,000
National
881,000
335,788,000
1,000,000
12,457,000
11,680,000
32,746,000
279,815,000
60,502,000
434,888,000
10,725,000
76,294,000
21,412,000
75,555,000
16,868,000
53,824.000
3,010,000
95,000
399,000
187,000
69,000
176,000
212,000
32,000
53,000
13,223,000
27,161,000
Average forweek.k 186,300,000 311,637,700 3,992,477,000 44,592,000
Totals,
Totals,
Totals,
Totals,
actual condltl on
Dec. 22
actual condlti on
Deo. 15
actual condlti on
Dec.
8
Dec.
1
actual condlti on
State Banks.
...
Not Mem hers
Greenwich
500,000
People's:...-....Bowery
200,000
250,000
Fifth
100,000
326,600
1,000,000
1,500,000
5,076,600
9,933,300
Exchange...
Bk of the
200,000
1,000,000
Metropolis.
West Side
N Y Produce Exch..
State
Totals,
Totals,
Totals,
Totals,
Totals,
Federal
1,372,700
503,400
812,900
2,300,200
868,300
2,353,600
54,000
1,014,100
654,100
Avenue
German
of
avge for wk
actual condltl on
Dec. 22
actual condlti on
Deo.
15
actual condlti on
Dec.
8
actual condlti on
Dec.
1
Trust Companies.
Title Guar & Trust..
of
Reserve
42,881,000
45,539,000
47,252,000
48,686,000
Bank.
13.082,000
1,010,000
3,038,000
4,336,000
16,015,000
38,000
278,000
1,111,000
392,000
585,000
5,854,000
15,024,000
3,889,000
18,200,000
24,696,000
"104,134
239,000
897,000
2,305,000
000 6,85 5,000
103,303,000 6,794,000
104,140,000 6,803,000
112,064,000
7,258,000
kilo,595,000 k7,379,000 i
;
Not Mem bers
3,972,362,000
4,384,663,000
4,582,489,000
4,647,148,000
Fed eral
Reserve
Bank.
5,000,000
4,000,000
11,706,300
5,184,000
39,324,000
1,542,000
Lawyers Title &Tr._
23,961,000
587,000
Lincoln Trust
1,000,000
568,200
13,450,000
553,000
10,000,000
17,458,500
76,735,000
2,682,000
Totals, avge for wk
Totals, actual condltl
on
Dec.
22
Totals, actual condlti
Totals, actual condlti
on
Deo.
15
on
Dec.
8
Totals, actual condlti
on
Deo.
1
...
.-
76,796,000 2,660,000
75,850,000 2,756,000
76,165,000 2,500,000
k76,192,000 k2,834,000
669,000
600,000
589,000
k663,000
Grand aggregate,avge 201,376,600 339,029,500 4,173,346,000
54,129,000 ]
Comparison prev wk.
'.
-465,198,000 -2,082,000
Grand ag'gate, actual
Comparison
condition
prev wk.
34,014,000
+ 1225000
+ 393,000
b3,487,474,000
—145^758,000
—241,0001 +502,000
Grand ag'gate, actual condition
Grand ag'gate, actual condition
Grand ag'gate, actual condition
Grand ag'gate, actual1 condition
a
24,983,000
Dec. 22... 4,152,461,000 52,335,000 1
17,642,000 31,666,000 25,136,000 522,646,000
-412,192,000 -2,763,000
+ 1994000 -112744000
Dec.
Dec.
Dec.
15... 4,564,653,000 55,098,000 1
17.883,000 3LI64,000
8... 4,770,718,000 57,010,000 1
18,668,000 30,487,000
1... 4,838,935,000 58,899,000 ]
18,171,000 30,405,000
191,238.000 33,883,000
191,946,000 33,480,000
205,025.000 33,211,000
Nov. 24... 4,574,965,000 56,943,000 19,041,000 32,636,000
1
210,914,00033,110,000
U. 8. deposits deducted, $427,347,000.
bU. 8. deposits deducted, $391,171,,000.
c Includes capital set aside for foreign branches, $6,000,000.
heavy increases in the aggregates of the Federal Reserve Bank members and the corresponding decreases in those of
the State banks and trust companies are
due to the inclusion in the Federal Reserve System of
aggregates of institutions formerly Included In the State bank and trust company
groups.
The name of the instltu
tlon and the date upon which its figures were transferred is as follows:
Oct. 13, Guaranty Trust Co.; Oct. 27, Bankers Trust Co.; Nov.
3., Bank of America,
Paciflo
Bank, Metropolitan Bank, New York Trust Co., Franklin Trust Co. and Metropolitan Trust Co.; Nov.
10, Brooklyn Trust Co.; Nov. 17, Bank of Manhattan Co.,
U. S. Mortgage & Trust Co. and People's Trust
Co.; Nov. 24, Columbia Trust Co. and Fidelity Trust Co.; Dec. 1, Germanla Bank. Dec.
15, German-American Bank.
k The
STATEMENTS OF RESERVE POSITION.
Averages.
Cash
Reserve
in
Vault.
Members Federal
TrustCompanies*
Total Dec. 22.
Total Dec. 15.
Total Deo.
8.
Total Dec.
1.
»
fl
Actual
a
in
Total
Reserve
Surplus
from
Depositaries
Reserve.
Required.
Reserve.
PreviousWeek
Reserve
in
Vault.
Reserve
Figures.
b
Inc.
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve,
or
Dec.
from
PreviousWeek
$
15,295,000
4,603,000
522,859,000 522,859,000 441,609,250
5,501,000 20,796,000
19,316,160
3,202,000
7,805,000
7,602,450
19,898,000
19,286,000
20,099,000
20,111,000
531,562,000
583,984,000
577,105,000
561,973,000
c
Cash
Inc. or Dec.
%
Reserve Bank.
State banks
Reserve
81,249,750 —43,833,260
+423,960
1,479,840
+ 240,450
202,550
551,460,000 468,527,860 82,932,140 —43,168,850
603,270,000 477,169,010 126,100,990
+ 1,419,770
597,204,000 472,522,780 124,681,220
+ 5,875,880
582,084,000 483,278,660 118,805,340 + 25,646,480
d
15,217,000
4,611,000
513,398,000 513,398,000 438,325,520
5,862,000 21,079,000
19,278,720
3,386,000
7,997,000
7,628,550
19,828,000 522,646,000
19,773,000 635,390,000
20,039,000 553,192,000
20,386,000 594,951,000
542,474,000
855,163,000
573,231,000
615,337,000
75,072,480
1,800,280
-93,841,330
368,450
+416,650
—180,760
465,232,790 77,241,210 —93,605,440
484,316,350 170,846,650 + 71,802,140
474,186,490 99,044,510 —53,077,940
463,214,550 152,122,450 + 38,738,760
Not members of Federal Reserve Bank.
This Is the reserve required on net demand deposits In the case of State banks and trust
companies, but in the case of members of the Federal Reserve Bank Includes
reserve required on net time
deposits, which was as follows: Dec. 22, $5,550,900; Dec. 15, $5,619,090; Doo. 8, $5,791,800; Deo. 1,
$6,203,010.
b This is the reserve required on net demand deposits in the case of State banks and trust
companies, but in the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Dec.
a
also amount of
22, $5,488,830; Dec. 15, $5,641,830; Dec. 8, $5,662,500; Deo. 1, $6,049,140.
c Amount of cash in vault, which Is no
longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Dec.22, $108,578,000; Deo. 15, $110,486,000; Dec. 8, $110,027,000; Dec. 1, $110,674,000; Nov. 24, $113,296,000.
Amount of cash In vaults, which Is no longer counted as reserve for members of the Federal Reserve
Bank, was as follows: Dec.22, $106,951,000; Dec. 15, $107,584,000;
Dec. 8, $109,949,000; Dec. 1, $108,366,000; Nov. 24, $110,218,000.
1
2526
THE
CHRONICLE
The State Banking Department reports
weekly figures
ahowing the condition of State banks and trust companies
In New York City not in the
Clearing House, and these are
•hown in the following table:
In addition to the returns of "State banks and trust
December 22.
Loana and Investments
Currency and bank notes._
_
Deposits with the F. R. Bank of New York
Total
deposits
-
-
previous week.
$837,840,000
22,898,800
12,853,800
61,489,500
965,615,100
-
Deposits, eliminating amounts due from
reserve
u/positarles and from other banks and
& panles In N. Y. City,
For definitions and rules under which the various items
made up, see "Chronicle," V. 98,
p. 1661.
Dec. $99,288,800
Dec.
387,500
Inc.
are
292,500
Dec.
The provisions of the law
governing the reserve require¬
banking institutions as amended May 22 1917
published in the "Chronicle" May 19 1917 (V. 104, p.
1975). The regulations relating to calculating the amount
of deposits and what deductions are
permitted in the com¬
putation of the reserves were given in the "Chronicle" April 4
728,100
59,926,800
Dec.
ments of State
trust com-
de-
were
exchanges and U. S. deposits 844,843,800
Reserve
on deposits.
Percentage of reserve, 23.0.
Inc.
167,858,500
5,969,700
17,339,800
Dec.
RESERVE.
Slate
Cash in vaults
—Trust
11.18%
..$25,162,700
Companies
$83,841,600
13.48%
58,354,200
9.38 %
12.22%
12,262,200
23.40%
trust cos
Total}
g^The
Banks
...$13,400,500
Deposits in banks and
$142,195,800
1914 (V. 98, p. 1045).
STATE BANKS AND TRUST COMPANIES.
22.86%
State Banks
of the New York City Clearing House banks
averages
Week ended Dec. 22.
and trust companies, combined with those for the State banks
and trust companies in Greater New York
Clearing House,
COMBINED
follows for
compare as
RESULTS
OF
BANKS
AND
a
City outside of the
series of weeks past:
TRUST
COMPANIES
Loans
'B
and
Week
'
Deposi¬
Vault.
$
$
$
$
197,019,8
191,423,1
180,862,3
178,469,4
153,532,8
142,132,9
44,260,0
42,630,2
44,885,7
47,878,0
85,904,7
Sept. 29...
4,739,736,5
4,376,818,1
Oct.
6...
4,795,665,9
Oct.
13—
4,827,878,6
4,918,137,4
112,093,5
96,747,7
110,725,3
96,692,9
108,504,8
95,878,3
204,383,1
27—
6,032,907,2
3—
5,428,246,7
10—
5,491,980,2
4,473,207.0
Nov. 17—
5,557,891,9
Nov. 24—
5,619,230,7
5,659,742,4
5,827,062,0
4,477,113,2
4,252,162,1
138,620,2
137,330,8
124,803,8
4,297,610,1
113,749,3
Deo.
1
8
Deo.
—
—
Dec.
15...
5,575,672,8
Dec.
22—
5,011,186,0
$19,775,000
$88,950,000
$16,573,000
of Sept. 8
38,506,722
162,901,400
16,937,000
25,748,040
419,392,900 1,878,591,400
—13,477,300 —171,773,100
195,655,100
+ 417,200
327,857,900
+2,682,100
71,363,1
76,739,1
84,363,2
83,834,2
203,828,300
316,403,900
—2,026,700
Specie
23,723,200
+988,500
15,685,500
30,482,700
—9,382,900
185,802,200
—19,200,100
Deposits with the F.
oos.
Bank of New York
Deposits..
Reserve
on deposits
Change from last week.
—11,367,500
602,178,4
P. C. reserve to deposits.
23.6%
are national bank notes and Fed. Reserve
notes
but not those held by Fed. Reserve members.
Percentage last week..
25.7%
96,122,9
Non-Member Banks and Trust
OF
Capital.
1917.
+ Increase over last week.
Profits.
Loans,
Discounts,
Investments,
Battery Park Nat. Bank
National
the Clearing
the
preceding
500,000
300,000
Gold.
Tenders.
35,858,900
—369,100
17.7%
14.9%
18.7%
15.2%
House by olearing
page:
Average.
$
Average.
Deposi¬
taries.
taries.
Average.
Average.
$
Average.
Average.
$
$
$
$
27,000
"12",000
"l67, 000
38,000
171,000
95,000
15,000
38,000
40,000
440,000
6,000
18,000
44,000
109,000
83,000
125,000
5,674,000
2,870,000
6,435,000
6,070,000
6,860,000
4,650,000
6,906,000
5,610,000
2,495,000
5,525,600
45,075,000
404,000
574,000
300,000
250,000
220,000
Additional
with
Legal
Reserve.
Sliver.
494,700
599,500
677,900
618,600
1,334,700
791,100
701,000
308,100
,'400,000
Reserve
Bank
Ac.
$
400,000
W. R. Grace <fc Co.'s Bank...
First Nat. Bank, Brooklyn...
Nat. City Bank, Brooklyn...
Total
on
A Federal
Legal
Average.
$
First Nat. Bank, Hobo ken...
Second Nat. Bank, Hoboken.
29,826,400
—1,450,600
20.8%
22.8%
Notes.
/Nat. banks Nov. 201
Members of
First Nat. Bank, Jersey City.
Hudson Co. Nat., Jersey City
317,395,600
,410,500
Decrease from last week.
report made to
"Clearing House return"
\State banks Nov. 14/
Federal Reserve Bank
98,691,700
NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Net
Week Ending Dec. 22
included in the
+ 887,800
l
Companies.—Following is the
not
are
CLEARING
NON-MEMBERS.
523,281,700 2,080,587,200
—31,656,800 —152,198,200
Change from last week.
623.908,6
611,381,8
650,784,6
682,360,1
671,117,1
eon-member institutions which
RETURN
+515,800
R.
Change from last week.
593,873,3
588,667,7
625,012,3
$25,938,700
25,108,400
—763,600
—323,100
Currency and bank notes.
Change from last week.
574,450,3
606,777,5
636,841,0
643,019,0
.
19,815,000
Change from last week.
f Included with "Legal Tenders"
bell by State banks and trust
_
in
%
4,417,314,1
4,357,133,8
20—
Nov.
%
4,353,272,1
Oct.
Oot.
Nov.
„
Reserve
241,279,8
234,053,3
225,748,0
226,347,4
224,895,9
218,872,0
224,530,9
221,694,0
208,638,0
209,872,2
208,841,2
207,418.2
4,402,615,3
4,446,267,1
4,524,374,4
4,465,739,9
4,473,000,6
of Sept. 8
as
taries.
Tenders.
Trust Cos.
as
Change from last weekTotal
Cash in
Specie.
State Banks
Capital
Loans and investments.
t
Deposits.
Trust Cos.
in
outside of
outside of
Y. Greater N. Y. Greater N. Y. Greater N.
Y.
Surplus
IN
Legal
Demand
Investments
in
Greater N.
GREATER NEW YORK.
We omit two ciphers in all these figures.
Ended—
com¬
panies in New York City not in the Clearing House" furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
m the whole State.
The figures are compiled so as to distin¬
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following;
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN
GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
STATEMENT.
(Figures Furnished by Slate Banking Department.)
Differences from
Specie
[VOL. 105.
19,000
14,000
2,000
244,000
10,000
73,000
48,000
140,000
1,000
$
683,000
Deposits
Nattona
with
Legal
Deposi¬
Net
Net
Bank
Demand
Time
Circula¬
Deposits.
Deposits^
tion.
Average,
Avorage.
Average.
f
,
195,000
850,000
616,000;
380,000
"297",000
468,500
500,000
"470",000
2,853,000
2,553,000
3,407,000
2,307,000
8,093,000
326,000
57,000
115,000
102,000
57,000
62,000
256,000
670,000
3,951,000
779,000
764,000
449,000
640,000
784,000
3,738,000
7,305,000
31,783,000
53,000
58,000
132,000
294,000
180,000
154,000
139,000
119,000
2,000
560,000
643,000
180,000
380,000
357,000
1,984,000
9,341,000
10,709,000
4,173,000
8,239,000
4,522,000
7,377,000
65,000
t
65,000'
1,426,000
4,901,000
5,114,000
5,619,000
3,689,000
528,000
813,000
332,000
j
5,628,000
222,000
300,000
120,000
395,000
194,000
218,000
99,000
1,618,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of
Washington Heights.
100,000
Colonial Bank
467,000
970,800
748,900
142,800
600,000
Columbia
300,000
Bank
International Bank
Mutual Bank
500,000
200,000
New Netherland Bank
Yorkvllle Bank
491,500
201,100
687,900
200,000
100,000
Mechanics' Bank, Brooklyn..
North Side Bank, Brooklyn..
Total
1,600,000
829,100
210,600
200,000
3,700,000
I
4,749,700
2,546,000
8,607,000
10,272,000
4,599,000
8,637,000
4,045,000
125,000
5,000
181,000
594,000
646,000
430,000
369,000
~
198,000
2+666
96,000
628,000
205,000
452,000
72,000
110,000
267,000
238,000
304,000
223,000
334,000
191,000
165,000
305,000
861,000
144,000
443,000
611,000
128,000
85,000
271,000
50,000
123,000
4,436,000
453,000
1,296,000
216,000
216,000
33,000
70,000
773,000
344,000
71,083,000
3,487,000
795,000
2,763,000
1,749,000
3.984,000
1,959,000
71,936,000
1,155,000
70,000
29,000
25,000
89,000
361,000
55,000
65,000
575,000
813,000
214,000
7,230,000
4,789,000
2,924,000
936,000
1,027,000
12,019,000
3,791,000
6,696,000
21,245,000
13,000
52,000
21,608,000
3,983,000
400,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
Mechanics' Tr. Co., Bayonne
500.000
Jrand aggregate
Comparison previous week...
1,002,900
338,600
8,867,000
7,694,000
445,000
27,000
700,000
Total,
200,000
1,341,400
16,561,000
472,000
99,000
80,000
154,000
6,895,000 11,616,700 132,719,000
3,560,000
4,363.000
—113,000
1,468,000
3,383,000
+ 56,000
—84,000
2,687,000
—29,000
4,476,000
4,618,000
4,815,000
5.134,000
1,412,000
1,626,000
1,473,000
1,443,000
5,193,000
1,279,000
3,467,000
3.488,000
3,361,000
3,166,000
3,123,000
2,716,000
2,629,000
2,306,000
2,367,000
2,420,000
"see'.eio
Excess reserve
Jrand aggregate Dec.
8
Jrand aggregate Deo.
8
Jrand aggregate Deo.
1
Jrand aggregate Nov. 24
Jrand aggregate Nov.
17
decrease
6,895,000 11,616,700 136,279,000
6,895.000 11,241,200 139,068,000
6,795,000 11,375,300 140,663.000
6,795,000 11,375,300 140,310,000
6,795,000 11.375,300 136,834,000
867,000
8,658,000 10,291,000 all5,738,000 13,039,000
—584,000 +1464000 —1,736,000
+ 61,000
9,242,000 8,827,000
9,137,000 9,021,000
9,555,000 11,573,000
9,378.000 13,064,000
9,443,000 15,660,000
all7,474,000
all 7,350,000
all6,521,000
all5,999,000
all6.775,000
12,978,000
13,092,000
13,917,000
13,989,000
14,443,000
U. S. deposits deducted, $10,731,000.
Boston
Clearing House Banks.—We give below a
showing the totals for all the Items In the Boston
Clearing House weekly statement for a series of weeks:
summary
BOSTON CLEARING HOUSE
MEMBERS.
4
Dec. 22
Change from
1917.
previous week.
Dec.
15
1917.
Dec. 8
1917.
$5,463,000 Deo.
$6,000
Loans, dlso'ts A investments. 488,988,000 Inc.
3,155,000
Individual deposits, lnol.U.S. 387,218,000 Deo.
24,409,000
Due to banks
122,336,000 Deo. 12,986,000
Time deposits
23,254,000 Deo.
489,000
Exohangea for Clear. House.
16,813,000 Deo. 1,880',000
Due from other banks
91,464,000 Inc.
2,846,000
Cash In bank A In F. R. Bank
55,769,000 Dec. 5,271,000
Reserve
excess
in bank
and
Federal Reserve Bank
14,807,000 Dec.
1,497,000
$5,470,000 $5,479,000
485,833,000 488,148,000
411,627,000 428,283,000
135,322,000 134,701,000
23,743,000 24,118,000
18,693,000
17,016,000
88,618,000 99,958,000
61,040,000 60,283,000
16,364,000
14,953,000
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week
ending Nov. 10 presented the weekly returns under
a new classification of the members.
Both the Girard and
Philadelphia
Trust Companies, which have been
admitted into the Federal
Reserve
system, are now included with the national banks under the
heading "Mem¬
bers of the Federal Reserve System."
The remaining trust
company mem¬
bers of the Olearing House Association are
grouped under the caption
Trust Companies not Members of the Federal
Reserve System."
Reserve requirements for members of the Federal
Reserve system are 10 %.
demand deposits and 3% on time deposits, all to be
kept with the Federal
Reserve Bank.
"Cash in vaults" is not a part of legal reserve. For trust
companies not members of the Federal Reserve system the reserve
required
is 15% on demand
deposits and includes "Reserve with legal depositaries"
and "Cash in vaults.
Week ending Dec.
Two
ciphers
(00)
Capital
Surplus and profits
Loans, dl30'ts & lnvest'ts.
Exchanges for Clear .House
Due from banks
Dec.
Cos.
$23,975,0
60,601,0
498,366,0
21,470,0
130,949,0
161,871,0
398,935,0
3,841,0
deposits...
Individual
1917.
Trust
F. R. Syst.
Bank
22
omitted.
deposits
Time deposits
Total deposits
564,647,0
$7,500,0
19,424,0
79,459,0
794,0
326,0
577,825,0
813,0
162,684,0
Cash In vault
Total reserve & cash held.
Reserve required
"l9",086",0
Excess res. A cash in vault
$31,475,6
80.203 ,C
605.646 ,C
461,010,0
3,841,0
627,535,0
640,987,0
22,289,0
47,600,0
6,486,0
47,510,0
25,733,0
66,686,0
40,953,0
$31,475,0
62,075,0
6,486,0
3,492,0
9,978,0
9,265,0
*
Cash in vault Is
not counted as reserve
713,0
1917.
80,025,0
"62,888,6
47,600,0
Dec. 8
$31,475,0
79,982,0
588,129,0
24,800,0
124,555,0
164,997,0
472,223,0
3,767,0
U.8.deposits(not included)
Res've with Fed. Res. Bk_
Res've with legal depos'les
15
1917.
Total.
22,264,0
131,275,0
22,578,0
76,664,0
50,218,0
26,446,0
27,393,0
6,276,0
23,455,0
77,241,0
52,042,0
25.199,0
'
1,519,000
1,626,000
1,621,000
1,518,000
1,514,000
on
Mem. of
Circulation
1,51$,000
—1,000
for F. R. Bank members.
23.024.C
130,479,C
173,777,C
465,689,0
3,664,0
643,130,C
52,770,0
49,394,0
8,276,0
23,707,0
81,377,0
51,880,0
29,497.0
Dec. 29 1917.]
THE
CHRONICLE
tically all else was forgotten than the announcement referred
to above, the immediate effect of
which was an advance
overnight in the railway list of from 2 to over 15 points,
the latter by Baltimore & Ohio shares.
This movement
§aithjers? (Sa^rlte.
Wall Street, Friday Night, Dec. 28 1917.
Money Market and Financial Situation.—The
The
all-important
event of the week
While such
had been looked upon as
perhaps
increasingly serious railway problem,
as a
surprise, with the result noted in
came
review of the stock market below.
our
Practically all late
reports of railway earnings have been decidedly unfavorable
to
as
net
results, and the President's declared intention
the companies
pay to
a
market
usual, carried too far, and before the close on Thurs¬
substantial reaction had taken place.
To-day the
again strong and gains of from 2 to 4 points or
as Canadian
Pacific, Dela¬
Hudson, Great Northern, New Haven and Union
was
more
were
ware
&
made bv such stocks
Pacific.
..
a course
the only solution of the
it nevertheless
day
announcing
Government control of all the railroads, to take effect at
once.
was, as
affecting business in Wall
Street has been President Wilson's
proclamation
2537
an
to
amount equal to the average net
operating income of the last three
years
brings relief to the
minds of both managers and stockholders.
Not every one
expects that all the interests involved, including shippers and
the public, will at once be
perfectly satisfied with the new
A review of the week's
covered
a
operations show that Bait. & Ohio
of 1634 points and closes with a net gain of
range
1234; St. Paul, range 1034, net gain 8; Atchison, range 1034,
gain 8.
Delaware & Hudson closes 15% points higher
than last week, Northern Pacific and Union
Pacific 10,
Great Northern 934, Canadian Pacific
8%, New York Cen¬
tral 7%, Southern Pacific and
Lehigh Valley 634, and Penn¬
sylvania 534The course of the market next week will be
net
watched with much interest.
.
For
daily volume of business see page 2535.
The following sales have occurred this week of shares
represented in our detailed list on the pages which follow:
STOCKS.
order of
things, but much of the embarrassment which has
been experienced of late will doubtless be removed.
Sales
Week ending Dec. 28.
Range
for
Week.
not
Range Since Jan. 1.
for
Week.
Lowest.
Highest.
Lowest.
Highest
-
The
foreign trade statement for November, given out this
week, attracted little attention, because,
showed
With
a
expected,
it
Government
available
they
are,
tonnage,
no
sea
other results
General satisfaction is expressed
by iron and steel produc¬
ers in the
hope that prices, heretofore in effect
may
until further notice.
These prices when
continue
fixed, it will
be remembered, were made
subject to revision at the end of
1917.
The
money market has continued firm throughout the
week, with rates for call loans averaging 434 to 6%. ~
Foreign Exchange.—Sterling exchange
than
out
ever
because of the holiday period.
change of moment.
$ per share.
75
Dec 28
100
100
200
83
Realization.-100
300
$ per share.
$ per share. ? per share.
75
Dec 28
70
Nov 140
Jan
83
Dec 22
80
Dec 142
Feb
Dec 22
was even
Rates
quieter
were
Continental exchanges also
with¬
were
uneventful.
.100
200
% Dec 24
54% Dec 26
% Dec 24
54% Dec 26
preferred...100
Batopilas Mining
20
100
99% Deo 26
99% Dec 26
400
Brunswick Terminal. 100
Butterick
100
300
400
57
Case (J I) preferred.100
requirements,
to be looked for.
over
Assets
Shares
100
Calumet & Arizona
considerable reduction in both exports and
imports.
risks and other conditions what
were
as
Par
Adams Express
American Snuff.
100
75
Central Foundry
Preferred
100
200
25
100
600
35
Dec 27
Chicago & Alton.
100
200
10
Dec 28
13
Associated Oil
Barrett
-
74M+4 75, sixty days 4 70^@4 70%, ninety
days 4 68% @4 68% and documents for payment (sixty
days) 4 70 %@
4 70%.
Cotton for payment 4 74%@4 75 and grain for
payment 4 74%
@4 75.
To-day's (Friday's) actual rates for Paris bankers' francs were 5
80%
for long and 5 74% for short.
Germany bankers' marks were not quoted
for sight, nominal for long and nominal for short.
Amsterdam bankers'
guilders were 43 7-16 for long and 43 5-16 for short.
Exchange at Paris on London, 27.21% francs; week's range,
27.21%
Dec 27
5
Dec 27
10
Dec 27
10
Dec 22
60
Dec 26
55%
Dec 22
75
Dec 22
75
Dec 27
25
Dec 27
24%
35
Dec 27
35
% Dec 27
% June
7% Dec 28
Dec 28
Feb
78%
7%
2%
Sept
Nov
14%
June
Nov
Dec
19%
Jan
84% May
Dec
88
Jan
Nov
36%
Aug
Dec
53%
Aug
Dec
21
Jan
Chic St P M & Om.-lOO
100
70
Dec 27
70
Dec 27
70
Dec 112%
550
90
Dec 24
90
Dec 24
90
Dec 113
_
Continental Insur
25
Deere & Co pref
100
Duluth S S & Atl.. —100
Elk Horn Coal
50
7
400
Dec 28
7
Dec 28
7
Jan
Feb
Consolidation Coal. 100
Consol Interstate Call 10
Dec
Jan
Mar
21
Jan
25
40
Dec 27
40
Dec 27
38
Dec z59%
Jan
100
95
Dec 27
95
Dec 27
91%
Dec 100%
Aug
200
3% Dec 28
19% Dec 22
2,550
Federal Mg & Smelt-100
300
9
5% Dec 27
21% Dec 28
2
Nov
18
Dec
5%
Jan
38% June
Dec
20%
Deo 26
12
100
300
29%
Dec 22
28
Fisher Body pref
100
General Cigar Inc. .-100
Gulf Mob & Nor ctfs 100
32% Dec 27
Dec
54%
150
75
Deo 24
75
Dec 24
73
Nov
95
Mar
Dec 28
31
Dec 28
30%
Nov
9
Dec 24
Dec
44%
17%
Mar
Deo 24
Dec 24
28
Dec
40
31%
27%
Dec
78
Jan
Nov
40
June
Preferred
Preferred
500
200
9
Dec 28
8%
9
100
200
28
Deo 24
28
Corp
100
Haskell & Bark C.no par
500
35
Dec 26
35% Dec 22
3,200
30
Deo 26
34% De6 28
Homestake MlnlnK- -100
100
93
Dec 27
93
Dec 27 z89
100
75
Dec 27
75
Dec 27
75
Dec
93
200
27
Dec 28
28
Deo 27
21
Nov
30
Hartman
Kelly-Sprlngfleld pf.100
To-day's (Friday's) actual rates for sterling exchange were 4 71
@4 713^
for sixty days, 475M@475 3-16 for checks and 4
76 7-16 for cables.
Com¬
mercial on banks, sight 4
6
10
1
4
Dec
Nov
Dec 117
Dec 24
100
10
%
52%
1
Kelsey Wheel Inc
100
Liggett & Myers-..-100
Preferred
Loose-Wiles
,
Dec 22 141
Dec 281
100 100
Dec 24 100
Dec 24
97%
Dec 125%
100
Dec 24
16
Dec 24
Nov
Dec 27
97
Dec 27
12%
93%
Dec 27
46
Dec 27
43%
Dec
16
Manhattan (Elev) Ry 100
300
95
May Dept Stores,..100
700
45
Nashv Chatt & St L.100
National Acme...
60
100 121
N
Dec 131%
Deo 27 161
Biscuit. 100
200
OTex&Mexvtc.lOO
1,600
NY Chic&8tL2d pflOO
New York Dock....100
100
3,700
Nova Scotia S & C..100
345
Dec 27 121
25% Dec 26
Dec 27 120
25% Dec 26
25%
27%
Dec 129%
60%
Oct 130
Dec
Aug
Aug
1,100 160
...100
Aug
July
35%
Jan
Mar
Aug
Jan
Jan
Jan
Jan
Mar
Feb
July
Aug
17% Dec 27
22
Dec 28
15% June
36%
46
Deo 27
46
Dec 27
40
Dec
67
Feb
Mar
14% Dec 24
20
Dec 28
12%
21
Aug
65
Dec 24
65
Dec 24
59
Dec 125
Jan
53
Dec 24
51%
4%
Dec 106
Jan
francs high and 27.22 francs low.
Exchange at Berlin on London, not quotable.
'
The range for foreign
exchange for the week follows:
Sterling, Actual—
Checks.
Sixty days.
Cables.
High for the week
4 71 %
4 75 3-16
4 76 7-16
Low for the week
4 71
4 75%
4 76 7-16
Paris Bankers' Francs—
Pitts Cin Chic & St L100
St L-San Fr pref A..100
200
55
800
26
High for the week
Savage Arms
100
300
50
Dec 22
Stutz Motor Car..no par
Transue & W'ms. .no par
100
37
Dec 28
1,000
39
Dec 24 z40
Dec 28
37
United Drug 1st pref.50
200
48
Dec 27
48
Dec 27
48
Dec
54
Jan
2d preferred
.100
U S Realty & Impt.. 100
200
75
Deo 27
75
Dec 27
74
Dec
91
Jan
660
10
Dec 26
10
Dec 26
10
Jan
Wells, Fargo Express 100
22%
Jan
200
70% Dec 26
10% Dec 22
79
Dec 28
70%
Dec 144
13% Dec 28
10%
Dec
18% May
40
42
35%
Dec
48
5 79%
5 80%
Low for the week
5 73%
5 73%
Germany Bankers' Marks—
High for the week
Low for the week
Amsterdam Bankers' Guilders—
High for the week
43 5-16
Low for the week
42 13-16
Domestic
44)
for
week in
sympathy with stocks and other classes of bonds.
Of the latter the French cities issues have been
conspicuous
for a substantial
recovery from their recent decline.
This
is due, evidently, to the
widespread discussion of peace
terms on the other side.
While no one believes that
any
terms thus far mentioned will be
accepted by all, yet there
hope that the matter will not be allowed to drop altogether
without good results.
Of the railway list Rock Island ref. 4s are leaders
by an
advance of 7 points.
New York Cent. deb. 6s are 534 points
higher than last week, Ches. & Ohio conv. 5s, 5% higher,
Mo. Pac. 4s, 5%, St. Louis & San Fracisco
p. 1. 4s, 4%
and others from 1 to 3 points.
is
States
Bonds.—In addition to
liberal sales of
conv. 4s at 96.90 to
97.20 and 2d 4s at 96.70 to 97.10, the sales of
Government
bonds at the Board are limited to $2,000
4s, coup., at 104.
Liberty Loan 334s at 98.18 to 98.52, 1st
For
to-day18 prices of aU the different issues and for week's
range see third page following.
Railroad and Miscellaneous
Stocks.—The stock
mar¬
strong on Monday under the influence of a
hope,
rather vague to be sure, that the overtures for
peace being
discussed in Europe, might lead to
something more, definite
and tangible.
This hope was "stung," however, by a threat
was
said to have emanated from Berlin, and on
market
was
100
100
89
Preferred
no
100
100
1,400
100
700
55% Dec 28
6% Dec 27
6% Dec 27
Oct
12
Jan
Dec 24
27
Dec 24
25
Dec
41% June
Dec 24
89
Dec 24
88
Nov
98%
Dec 24
60
Dec 28
50
Dec
82
Dec 27
27% Dec 28
24
Oct
42
Jan
50
Dec 22
50
Dec 108
June
37
Dec 28
31% June
Dec 28
Dec 28
Nov
Aug
Jan
53%
Jan
48% June
Jan
July
Outside
Market.—Following a weaker turn to "curb"
trading came the announcement of the Administra¬
tion's taking over the control of the
railroads, which caused
a brisk demand for all the
leading issues and sharp advances
in prices.
Heaviest trading was in the oil stocks, where
Houston Oil com., after an early advance from 43 to
44%,
dropped to 32, but moved upward again, resting finally at
40%.
Merritt Oil sold up about a point to 2134, broke to
19, then jumped to 2134, closing to-day at 21.
Midwest Oil
com. from 92c. reached
95c., receded to 91c., and advanced
again, reaching 97c.
The close to-day was at 96c.
Mid¬
west Refining, after a gain of 3 points to
101, reacted to 94,
but then sold up to 104, the final
figure to-day being 103.
Glenrock made a new low record, dropping 3 points to
4, and
ending the week at 4%.
Among industrial issues, motor
shares were particularly prominent, with Chevrolet Motor
advancing from 72 to 95, and United Motors moving up
from 1534 to 19%.
Aetna Explosives com. sold down from
7% to 6% and up to 7%, closing to-day at 6%.
Air Reduc¬
tion com. gained 9 points to 70, with the close
to-day at 68.
market
10424.
railway and industrial bonds has been
irregular but notably strong during the latter part of the
ket
27
no
State and Railroad Bonds.—Sales of State bonds at
the
Board include $3,000 New York
434s at 10434 and $25,000
N. Y. Canal 434s at
United
100
Western Pacific
43
par.
The market
par
Preferred
market.
Boston, par.
St. Louis,
10c. per $1,000 discount bid and par asked.
San Francisco, par.
Mont¬
real, $4 06% per $1,000 premium.
Minneapolis. 10c. per $1,000 premium.
Cincinnati,
500
Pierce-Arrow Mot
5 71%
5 71%
g«
Exchange.—Chicago,
Owens Bottle-Mach.,25
Peoria & Eastern
100
again weak and
very
dull.
Wednesday the
On Thursday
prac¬
Cities Service
com. rose from 204 to 210 and ends the week
Submarine Boat fluctuated between 1034 and
11%
and finished to-day at 11.
Wright-Martin Aircraft com.
at 208.
advanced about half
a point
to 6% and closed to-day at
Mining stocks were fairly active, with no material
changes.
In bonds, Bethlehem Steel 5s, after improvement
from 96 to 96%, reacted to
95%.
Canadian Govt. 5%
634-
notes sold up from
93% to 94% and down finally to 94%.
Govt., after a display of strength, the 6%s advancing
58, and the 534s from 39 to 49, turned weak, the
former dropping to 48 and the latter to 39.
The close to-day
was 4934 for the 634s and 41 for the
534s.
Russian
from 49 to
A
complete record of "curb" market transactions for the
week will be found
on
page
2536.
v.,
New York Stock Exchange—Stock Record,
2528
OCCUPYING
Daily, Weekly and Yearly
PAGES.
TWO
during tha wesk of stocks
For rooord of
usually
Inactive,
goo
preceding
page.
PER
PER SHARE
SALS PRICES—PER
Monday
Saturday
Tuesday
STOCKS
NEW YORK STOCK
Friday
Week
Thursday
Shares
Dec. 22
Dec. 24
Dec 25
pec. 26
Dec. 27.
Dec. 28.
% per share
$ per share
$ per share
% per share
$ per share
40%
38
78
76%
7578
76%
78*2
82*8
82
86%
85*4
82
83*2
93
89
91
41
38*4
83*2
41
89
40*2
50*2
5078
81
80*2
82
7578
81%
41
60%
78*2
76*2
78^4
7534
50*2
48*4
43
83%
49%
51%
53%
58
44%
134% 139%
48
51*4
7%
8
57
52
134%
46
32,650
Do
pre!
Atlantic Coast Line RE
Baltimore A Ohio
Do
48*8
32,100
1,300
64*4
37*4
39
64%
36
38
43*2
45
47%
62%
81
76
85
64%
85%
71
86*4
90
91
93*2
79%
947g
18%
21%
21
25%
68*2
23,200
46%
59
21,700
27%
28
1,200
*125
137*2 137*2
1634
rl678 "17
17
45
45
36%
36*4
*22
45*4
76
76
39
76
♦18
20
*18
20
*18
45
45
*45
60
*45
43
*38
50
*40
92*2
10*4
1334
19'2
45
50
50
300
Do
1st
pref
46
46
100
Do
2d
pref
15,900
93
99
106
104% 109
175
175
175
175
5
5*8
5*4
178
1,200
*5*2
9
400
10*4
10
10
*9
13
10
11
11*4
14*2
1378
14
13%
14
15
16*4
15%
42,500
20
20*4
19%
24%
23%
17%
28%
19%
*15*2
Do
Do
2d
17%
19
19*4
22%
85
89
88%
92
2484
24
26*2
26
27*g
7,800
86%
24%
8678
6%
24%
87
87%
91
917g
92%
2,500
Illinois
8
"7*2
8
Interior Con
24%
87
86*4
6
6
6
6
41
41
41
41
40
40
41
43*2
17
*16
17*2
16
16
17%
42%
18*2
43
*16
18%
20
54
54
*42
46
*43*2
46
48%
49
50
50*8
1,100
*8*2
10
*17
*8*2
*17
25
52
52
*107
52*2
108*4
7
10
*8%
25
*17
54
52%
10884 10878
7
7
83
*73
106
8
*7
*10
13
25
*17
25
*17
57
69
z567g
68%
11078 112
10
9*2
10
109% 112%
8
8%
107%
9
80
75%
76*2
81
84%
85*2
*3*2
4
354
3%
4
4%
5*2
6
5,900
*6
8*2
*6*2
22%
8%
8%
8*2
8*2
8*2
10%
700
2478
43%
42*2
25%
47
42,400
7,400
22*2
37*2
63*4
27*4
*19*2
95*2
23
2178
38%
2278
23
39
39
64*2
63
64
68*2
28
28
26*2
27%
28*2
1934
1934
97%
*19%
80
*70
"63%
63*2
27*4
20
97
95*2
96
30*4
20%
21%
102*2 105
20
97*2
*70
80
*77
78
7734
7834
75%
77*2
41%
42
4278
43*4
42
43
13
13
12*2
13
*70
*19
2034
59
67*2
20*2
§57
68*4
68*4
14
15
50%
3,400
1,900
22
247g
15,000
60*2
717g
62%
2,230
*20
21
21%
*57
69
59
69
70%
37
*35
34
34
34
*12
13
13
89%
47*8
100
49
57
*35
71
15%
49*2
21
38
23
46%
14*2
37
21%
104*2 105*8
45
47%
*33
33*2
85%
46%
13
*35
287g
45,100
16,100
5,200
7,300
85"
46
66%
73
'Si'
13
69*4
71%
71
75
46
*56*2
72
24
22%
' 60
73*4
*35
367g
40,950
125,800
14
""500
15
7,800
*21
25*2
*21
25%
*21
25*2
*21
26
24
25
200
*30
44
*30
44
*30
44
*30
44
40
42
1,100
8
8
9
10»2
5,200
17
17
18
18*4
20%
6,400
778
8
*1684
18
*7*2
13
13
8
17
*7*2
17
17
13
13%
14*2
8%
77*2
22*4
78*4
78
79*2
77
78
81*8
84
83%
85%
36,530
22%
22%
2278
217g
24%
56
56
55*2
58
*13
16
*12%
16
15%
58%
15%
2334
68*4
25%
55*2
227«
557g
23%
55*2
15%
16*4
48,200
5,700
1,400
16
*12*2
*13
*14
15
0
65
1
"*4*4 "5"
*11
12
*7*8
7*4
37%
37
105%
E
16
*14
65
*14
16
65
103%
70
103*2 104
647g
647g
108% 112
70
*4*2
*11
7
5*4
12
7*4
102% 105
15
*4*2
*11
7%
5
12
5
*11
12
13
18
6O84
I097g
58%Jan 30
25% Jan
3
Lake Erie A Western
_l6o
26
May
Mar
75
Dec 20
Dec 18
Novl5
Do
pref v tc...
100
Plttsb A W Va interim ctfs 100
Preferred Interim ctfs.-.100
37
Reading
60% Nov 5
2d
pref_„
50
Do
-.100
Advance
22*2
23%
24%
*22
25
24
1%
1%
4,600
72
72
200
76*2
600
68
*68
70
*68
70
*73
79
*71
79
*71
78
*71
79
76
*80
95
*80
95
*85
95
*85
90
*85
*65
90
*78*2
92
*78*2
70
800
24,074
"moo
66
64*2
*78*2
92
*78%
79*2
*78%
67%
92
34
35
3378
34%
34%
36*4
35
36%
19,966
87
87%
63*4
*86
88
*86*2
88
64%
88,
88
88
88*2
700
64%
67
67
70*8
12,414
23*2
25
25%
26%
2,100
66
6278
*99*4 105%
22*2
23*4
101
102
101
22
22
*22
23*2
*70
*70
82
*70
82
1134
*46
83
1134
48
62%
11%
47%
64*2
11
11*4
11%
47*2
47*2
12
*9
12
*35
38
52*2
*24%
62%
53
54*2
25
24%
67
25*2
67*2
49
6078
66
66
49*2
"V
9*2
*36
9%
39
52%
2478
52*4
25%
"9"
66
66%
48%
50
95
....
""9"
82
467#
37
55
*50
55
*50
*87
89*2
*87
89*2
*87
§90*2
90%
*90
92
69l2
70*4
11%
49*8
*9
/?10
*35 5 39
527g' 55%
25*8 j 25%
*66 i 66%
51
63%
95
*8*2
*50
92
300
*70
11%
*9
6834
101
47%
*35
49
63
67
93
9*2
93
*70
82
12
12
49
49%
*9
10
38
38
100
.—100
100
...100
-.100
pref
100
American Hide A Leather. 100
Do
pref
100
American Ice (new)
100
.
65*2
53%
67*8
55%
20,400
94
94
*87
pref.—
pref
100
American Car A Foundry.100
Do
pref
.—100
American Cotton Oil
100
Do
865
90
9*2
---.100
Do
Amer
52
pref
American Beet Sugar
Do
pref
American Can
200
*8*2
300
400
89*2
*87
90*2
91*8
70*8
*90
92
91%
92
440
73%
73*4
76
35,000
101
400
—
*100
101
70*2
71*2
100*8 100%
101
*5212
54
55
55*2
*92%
96
*92%
96*2
*93
106%
*106
106
106
57
58*2
99
99*4
128
129%
*106
58*21 59%
99*8 102
54*2
57*2
128%.135
130
*85
*85
101
70*2
*100
109
55
58
59%
60
3,500
95%
96% * 98
1,700
*106
109
58
60
100*2 102%
131
137%
*85
92
*39in
41
*86
89%
*87
89*2
*87
89*2
*85
90
23
*22
25
*20 4
111
22*4
40%
92
41
22*2
23
*10
12*2
12
12
*33
40
*30
40
55
9634
*57
54
5534
97%
59
5434
65%
5678
97
98
*57
54*2
59
57%
41%
10*2
*35
92
97%
69
84*4
82%
82%
89%
500
11%
^39%" 42
57%
*94%
t
59
56%
5578
94
93
82
82
83*2* 83*2
68%
*58
57%
59%
95*4
*
100
300
77,600
9,100
60
59
* 93
"50,200
85
1,100
1 Kx-ngnts.ft i^ese than 100 snares,
Nov
Mar
12
Dec 13
23
Apr
3
20
Dec 17
41
Mar27
2
21
Dec
27% Deo
5
50% Jan
2
46
Dec
58% Deo
54% Jan
2
33
Apr
56% July
7% Novl4
1.8*2 Jan
6
14
Aug
2184 Deo
37% Jan
16% Nov
33
227g J an
"
19
1
Oct 29
1% Dec 19
72
Dec
63
Dec
63
10*4 Dec
8% Mar26
807g
95%
103%
102%
Dec 13
85
30%
5
4
32%May31
Dec 12
91
6
Jan
11% Jan
80
Dec 20
4
MarlO
May 2
Jan 24
Feb 15
0«4
Oct
July
Oct
92
Nov
102
Nov
96
Mar
103% Deo
Feb
108% NOV
6184
98
Jan
24
93
Apr
53
May 2 8
44
Dec
08*2
107h Dec
116%
57
Feb
111% June 6
3
80% June26
100
Nov 16
21
Dec 20
11884 May28
50*2 Jan
6
80
Dec
3
10
Feb
2
101%Jan
9
17% Mar29
75
43% Dec 20
87gJuly
9
Oct
11
15% Feb
3
Feb
3
48
Deo 27
.
Jan
4
167sAug
78% Deo
115% Aug
48% Dec
119% Mar
68% Oct
98
102
Jan
884 June
45
Mar
Oct
847g
Deo
Julyll
6284 Aug 9
29*8 Aug
75
7
Nov22
8284 Jan
4
1O078 Jan 20
Dec
277g Nov
38% Mar
62>4 Nov
98% Nov
17
58
July
99% July
109
NOV
198iMar30
88
Nov
5
93
Nov28
30
Dec
Oct
115% May
123*2
Oct
121%Jan 25
62% Nov30
128%Jan 24
Marl2
123
Deo 20
220
100
89
Dec 12
109*4 Jan
100
37% Feb
18
..100
87
Novl6
Am Writing Paper
pref—.100
Am Zinc Lead A S
25
Do
pref
25
17
Anaconda Copper
3
xl23% Dec *134% Sep
188
Feb
2297g Nov
113
Sep
105% Apr
37
Dec
687s Nov
92
Jan
NovlS
54% MarlO
11
Jan
10*2 Dec 26
41% Jan 26
29% July
39*2 Dec 28
72% Jan 26
69% July
51% Nov
87
77
8
May26
121*8 Jan 22
Atl Gulf A WISS Line ctfs 100
87% Septl3
Do
pref certfs
Baldwin Locomotive
100
54
Feb
8
66
.100
43
Feb
3
76*2 July 2
100
93
Dec 21
mo
82
Dec 26
Jan
102% Jan
130
Jan
4
16
2
Oct
Deo
5
May26
118%
73
104
9584 Deo 18
Nov
1227s Nov
125%
44
126% June 9
75
97% Nov
102
Apr
Dec
June 7
8
50% Deo 13
89% Nov
117%Jan 19
6884 June 9
100
June 9
rignti
Mar
20*2
71% July28
American Tobacco
Hfr-diy,
Sep
Sep
July
52
65
Dec 17
106
m
June
6
8*4 Deo 14
50
Do
pref
100
Am 8umatra Tobacco
100
Amer Telephone A Teleg—100
.
102
5
Dec 21
Jan
Jan
Nov
70*2 July
63
Apr
Do
Barrett Co rrbe*..
26%
10%
29% Nov 8
87
Apr
89% Deo
38
91»4 July
88*2 Apr
109% Apr
pref
43
July
19
84% July
Do
60% Dec
Deo 12
-7% Dec 20
112«4 June 2
50
Jan
327g Deo
67% Deo 12
x99% Novl4
100
17
Apr
5
99% Jan 31
pref (new)
Sep
Jan
Jan
25
1584 Jan
102% MarlO
Do
3984
2
8
90*2 Deo 17
Am Woolen of Mass
Do
pref...
Oct
2
Nov
x80
90% May25
pref...
100
American Steel Foundry.. 100
American Sugar Refining—100
Juno
84%
21%
Jan
85
Do
pref B.100
pref Ser A stamped..
Amer Smelting A Refining.100
99
163%
58
7
93
100
48
94
12984
Deo
19% Dec
Oot
104% Jan
30»4 Deo
73% Deo
2I84 Deo
68*2 June
30% Jan
2
46% Dec 20
100
Apr
Apr
Feb
57
42*8
Dec 20
2384 Jan
100
pref
American Shipbuilding
6*2
32% Dec
18
2
100
..100
Do
2
11%Jan
Dec 17
...100
20
18
56
30*2 Oec
Apr
Sep
784 May
17
Sep
13% Sep
41% Mar
35
Locomotive
2
Jan
95
24
46
100
Do
pref
American Malting
300
82%
4884 Jan
149% Jan
Jan
100
pref (new)
American
200
1,500
900
56% 1* 58%
*58
15,250
*11%
97*2 100%
*•'
9,800
12
54%
•Bid and asked pnoea] no tales on this day,
92
42%' 42%
200
10,800
25
94
83*2
60 % 6178
102% 105*4
135% 141
8934
¥ 24.2 r 24%
V
40
96*2
7108 *'108
89%!: 89*2 192
41*4 jt 42
10%
57
*57
i
41*4
55%
101
95%
64%
96%
59%
101%
133%
101
Dec 19
Dec 17
International Corp -100
American Linseed...
Do
pref
Amer 8melters Sec
91*8
94%
Deo 13
4,700
52
98%Mar24
33% Jan
3
70% Jan 30
19»4 Jan
4
Apr
Apr
65
16,900
10
34%
Dec 17
5534
62
3
15
26*8
*8%
39%Jan
Allls-Chalmera Mfg v t o_.100
Do
preferred v t c
100
Amer Agricultural Chem__ 100
54*8
3,300
Apr
45% Dec 13
25%
52
57
100
Do
1,430
1,300
14
50
Alaska Gold Mines
10
Alaska Juneau Gold Mln'g.10
Do
347g
66
Do
Rumely
AJax Rubber Inc
95
34
3
15% May
16
May
115%
36*4 Dec 14
.100
1,300
18%
Jan
11*4 Dec 19
100
B
12%
2%
16%
18
4% Dec 13
100
A
pref
May
37*2, Sep
101*4 Dec 20
—
pref
Feb
62
4
United Railways Invest—100
Do
pref—
100
Do
46
Feb
Jan
69% Dec 27
Do
417g
41%
Feb
16
2
June26
11% Nov 7
Wabash
Jan
29
53
14
Sep
75%
Jan
32
21% Dec 12
pref
1
Deo 17
62
Dec
8
Dec 10
100
38%
JunelS
Dec 11
100
Do
73% Dec
Dec
34
51% Mayl6
Texas A Pacific
60
72
3
45
7584 Dec 20
100
Oct
Sep
36»4 Dec
45% Jan
26% Jan
—100
Dec
Dec
Deo
Deo
Oct
7778 Jan
34% Dec
147*8 Oct
89% May
1187g Jan
13%
24%
38%
647g
114%
104% Jan
8
--.100
Railway
Feb
Dec
65
7% Dec 21
167g Deo 20
.
—100
*11*4
278
Nov
Jan
108
12
.100
pref..
57
3584 June
68
84%;
22
.100
12%
17%
4
3378 Dec 20
tr ctfs. 100
11%
66
34
___60
pref
St Louis-San Fran
Oct
18% Deo 20
53% Apr 17
50
13
68
40*4 Deo 19
12
*10
167g
*68*2
3
45
11%
3
Nov
49% Dec
114
10%
16*2
29*4 Jan
17
22%
2
10
17g
4784
100%
5278 Jan
4
2
89%Feb 3
110% Jan
3
57% Jan 26
3684 Jan
2
73% Jan 17
10
16*2
3
138% Jan 24
Do
preferred
100
Wisconsin Central
100
Industrial & Miscellaneous
2*2
2
Jan
Dec 28
3,100
1,550
17
Jan
61
10
92% Dec 20
3878
1%
34
100
Southern
Jan
103% Jan
100
pref
Southern Pacific Co
Oct
137
71
60
Pere Marquette v t e
Do
prior pref v t c
Do
130
Sep
Sep
Apr
Sep
Bep
Apr
3%
100
adjustment pref
Northern Pacific
Pennsylvania
pref.
Seaboard Air Line
Dec
128%
100
100
—100
Do
Do
116
4
100
St Louis Southwestern
Oct
20% Jan
1978 NOV 7
Oct
Oct
30
7
7
65% Nov
87%
140
2
Nov
Jan
Oct
Jan
37% Dec 19
1st
3
Apr 13
May
Apr
21%
20
11
62% Dec 20
21% Sept11
A Western
Jan
Dec
121% Mar
127
-.100
2278
16%
119
74%
2
Aug
Do
pref tr ctfs
New York Central
N Y N H A Hartford
N Y Ontario A Western
4
32
3*2 Dec 19
100
38
1%
114
3
2
32*4 Jan 29
75% Dec 26
100
22
150
Dec 20
Missouri Kansas A Texas. 100
Do
pref
—100
Missouri Pacific tr ctfs
100
800
9,450
5384 Jan
79% Jan
13384 Jan
67g Dec 21
Third Avenue (New York) 100
1%
2*2
Oct
16
103
100
pref
8
50% Dec 20
50
22%
3778
16%
23
100
Minn St Paul A 8 S M
Nov
8*2 Nov 7
100
pref...
Lehigh Valley
19
47
Dee
40
100
36
25
30
257g Jan
19
1%
10
69
13% Nov 5
37
47
77%
32%
647g
39% Dec 12
*32
*22
23% Apr
66% Dec
-.100
8outhern._-.l60
Wheeling A Lake E Ry__. 100
178
5
pref
*17%
1%
22% Nov
Jan
Jan
Jan
Oct
Jan
Jan
Jan
Jan
Kansas City
Do
pref
37
16*2
18% Dec 20
Western Maryland (new). 100
Do
2d pref
100
45
Jan
Dec
800
24
Oct
45%
Apr
15% Dec
9,200
§45
1%
2%
52%
Apr
9984
19
2
Mar
32
32
*33
1%
15
3
2
Do
Oct
2"
38% Mar 4
*17%
2
Jan
23%
3484 Jan
2
2
2
Corp, vto No
18*4
•
41
Mar
878 Mar
Jan
37
1*8
6
54*2
*31
22
Oct
Nov
Jan
69%
4,900
9%
156
242
17
127%
1478
10%
14878 Dec
216
238
Dec 26
5
5784 June
Dec
31%
10%
8%
8%
Mar
15178 Jan 19
Mar24
Nov 19
Apr
40
Dec
13%
32
8*8
87
40
Dec
30
13%
*24
8%
Oct
9
Marl7
40
28
*12%
35
82%
Sept25
46
13
14
*24
Oct
57% Jan
46
June
115
4,100
22,360
4,600
13*2
37
4
44*4
33
Apr
3
23*2
9*2
86
2484
2
8%
41%
20%
62%
Feb
4
167*2 Dec 20
Twin City Rapid Transit—100
Union Pacific.--—100
100
Apr
70
Jan
7
3984 Jan
21%
8%
39
19
8
13
38
30
Nov
16
Oct
Jan
Jan 29
49% Jan
200
500
Apr 14
51
80
118% Jan
41%
21%
137g
8*4
37
19
8*8
5%
71
3
Nov
17% Jan
72% Jan
Norfolk
Dec
15% Dec 21
100
.
93,050
176
79*4 Dec 20
28
7%
37
19
*24
17
65
110% 114%
70
6978
5
3734
18*4
17
*60
5
37*4
18%
*12%
18*4
*12*2
8*8
70
69%
60*2
Apr
84% Apr 14
106% Jan
Do
35
§165
38*2 June20
5% Dec 19
40
35
*35
34
74
26,500
172% Feb 16
Dec 19
Dec 19
85% Dec 21
Do
2234
37%
Dec
par
117
*3
Dec
Dec
123
16%
47%
41
Minneap A St L {new)... 100
334
89
123
978 Dec 20
Louisville A Nashville
""3%
*73
*
4
Jan
100
Do
Oct
71
19
92
13% Dec 20
4,100
5,757
1,500
8
Apr
100
Central
Do
10*4
85
500
"9", 010
Apr
Apr
447« NovlO
Iron Ore properties..JVo par
30
54
11«4
33
Jan
18
.—100
-
25,650 Great Northern pref..
9,300
2,200
4,900
6%
pref
58
Jan
183%
100
1st pref..
3,900
99
82
*86
6
28,400
20
16%
80*2
*15
16*2
82
rl62% Mar
96
80
887s June
124U Jan
100
pref
Dec
125% Jan 29
J00
Do
81
Novl4
35% Dec 20
J00
Erie
Nov
Jan
Dec 20
24
100
Denver A Rio Grande
Oct
Feb
120
61% Oct 31
Delaware Lack A Western. .50
7,200
137g
Delaware A Hudson
1087s
102
Deo 24
16
100
92
Apr
106% Apr
81% Dec
72% Aug
Dee
Oct
102% Jan
136% Jan
1347g Jan
44
.100
50
*165
81*2
24%
45
*40
2
137*2 Dec 22
100
50
10
100%
z98% Dec
85
—100
48
96
8134
24*8
81*2
1,400
23%
3
14% Jan
4184 Jan
$ per share
64
6% preferred temp ctfs—_
Clev Cm Chic A St Louis—100
pref
Colorado A Southern
6584 Jan
1
Nov
Highest
< per share
35
Do
pref
100
Chic Rock Isl A Pae temp ctfs.
7% preferred temp ctfa
Do
167%Mar23
Dec 20
6
100
20
5
16
*15
"22"
pref
19%
170
6
54,300
76
93
175
*5
76
S
170
9234
*160
26*2
*
20
*38
49
25
36
25
r
55
48%1 57
47
36
*20
37
24
200
17%
Do
3,500
140
16%
44*2- 45%
36*2
24
25
22
4
17*2 Deo 20
51,430 Chicago MUw A St Paul. .100
Do
pref
100
31,300
2,800 Chicago A Northwestern—100
7*2
22%
49
17
42
64
-
647,8
6%
19*2
18
Chesapeake A Ohio
100
Chicago Great Western.—100
*6
*17%
7
Jan
Jan
Dec 12
7
19
85
82
126
18.
*6*4
4
767$ Jan
100
Canadian Pacific
Jan
48% Dec 26
Dec 26
18
7
19
38
119
38% Dec 26
100
Brooklyn Rapid Transit--100
86
*0
*17*2
37*2
100% Feb' 1
36
100
pre!
5,600
Dec 20
z7978 Dec 20
100
8,400
23,600
Dec 20
share
Previous
1910
Lowest
Highest
75
_100
per
Year
lots
% per share *
107% Jan
8
%
Atcb TopekaA Santa Fe.-lOO
4,610
2,600
66,700
Range for
1
75
Par
56%
40
133
Railroads
39*4
56
38
129% 131%
42%
43%
44
85%
88
51
37%
36
3734 38
131*4 132%
3934
129*2 129*2
4314 43%
78*4
Range Since Jan.
On basis of 100-share
Lowest
f per share
77%
SHARE
EXCHANGE
NOT PER CENT.
SHARE,
Wednesday
Sales/or
the
BIOH AND LOW
102
Mar
76% Nov
97's
87
Apr
Nov
Apr
105% Nov
60
July
60*2 Dec
147*4 Deo
62
Dec
987g Dec
0127*2
Dec
73*4 Nov
118%
110
Jan
May
187*2 Deo
D Before payment of first installment.
New York Stock
2529
Record—Concluded—Page 2
Wmt record of •«!•• during th« week of stocks usually
icond
Ini
prscsding.
pag«
STOCKS
the
NEW YORK STOCK
8'iturday
Dec.
Tuesday
Monday
Friday
Week
22.
Dec.
$ per share
24.
$ per share
Dec.
Dec.
Dec. 27.
Dec. 28.
Shares
$ per share
$ per share
68%
69%
69
71%
69%
68%
69%
69%
71%
68%
94
94%
94%
111
111%
95
95%
111% 112%
69
•
95%
111% 111%
72
90
96%
96%
110% 112%
97%
3,800
11234
4,500
15%
2,450
96%
515
11%
15
14%
15%
14%
15
15
15%
11%
11
12
11
11
*10%
11%
*11
12
500
*32
33
33%
33%
33%
33%
34
35
900
59
58%
59%
58%
33%
59%
*32
62
60%
62%
19,400
102% 102 >2
200
30%
30%
900
67%
57%
*98
103
*98
27
27
28
23%
27%
63%
63%
69
65
*98
103
103
58%
10-1 *2 101%
28%
*28
14%
30%
100
Do
class B common
Do
prel
Do
cum
66% Dec 20
266% Deo 14
.100
pref sub rects
Burns Bros.
100
Butte <fc Superior Coppor
Do
Deo 20
100
97
Dec 19
No par
25
Dec 20
56
Nov
pref
66
2,000
Chandler Motor Car_.-_._100
14%
14%
14%
14%
15%
15
15%
9,800
39%
38%
32%
40%
39%
41%
33
34%
34%
35%
14,800
4,300
Chile Copper.
Chlno Copper
34
37%
32%
39
33%
_
65
14%
Colorado Fuel <fc Iron
30%
30%
30%
30%
31
31%
32
1,550
Columbia
79%
80%
30%
76%
78%
77%
79%
78
83
5,600
Consolidated Gas (N Y)__100
_
79%
79%
65
,
*74
86
85
86
*80
90
*80
90
*80
110
*87
110
*87
110
*87
110
*87
200
90
*"•7
110
28%
-
«
•
-
47%
*80
26%
*76
32%
6%
30%
28%
48
85
8%
93%
77
37
*89
67
§35
*80
*__--
9%
93%
*90
70
91
90%
91
91%
91%
50%
50
52%
51%
53
1,040
23,500
86
86
*80
26%
25%
27
26
27%
76%
76
77
76%
77
32%
32
33%
33
33%
92%
96
8
8%
32
31%
5,200
2,900
8%
125
95
21,400
21,200
99
128%
700
76%
76%
77
77
35
36%
36%
36%
92%
*35
38%
*83
*
*35
*——
76
1,650
*____
18
Do
pref
Cuba Cane Sugar
*9
39%
39%
40%
10%
10
40
40
pref..
100
Distillers' Securities Corp.100
Dome Mines, Ltd...
10
W & W Inc. .IVo par
Gaston
*8
34
34
*106
110
20
20%
78%
25%
37
*32%
zl08
80%
32%
*106
110%
31%
32%
34%
General Motors tern ctfs—100
Do
pref tem ctfs
Goodrich Co (B F)
500
35%
35%
79%
81%
59,600
25%
26%
27,300
Intern Nickel (The)
25
26
5,300
2,800
2,200
31,340
International Paper
80%
78
80
78%
27%
26
23%
26%
23%
25
24%
24
25%
56%
57
26%
23%
54
54
55
55
55
55
57
58%
38
38
38
38
39
39%
*38%
41
39
42
30
30%
30%
30%
30
30%
30%
31%
31%
31%
74
74
74%
73
74
74
75%
•
7,300
76%
74%
*12
12%.
13
13
*13
14
*12
13
14
79
*69%
79
*69
79
*71
79
*72
77
*57
60
*57
62
*57
60
*57
400
14
*69
21%
21%
*51%
*19
71%
*87
25%
41%
*61
21%
23%
52%
51%
52%
20
20%
21
72%
72%
92
m
-
-»
74%
'
■+
>*
03
53
53
54
26%
26%
20
20
74%
77
72%
73%
74%
26%
42%
62%
41%
41%
42%
H
64
61%
64
03
t-t
*
61
75%
90
90
90
a
43%
63%
63%
1,500
o
14%
*33%
*92
39%
15%
15%
35
*92
*4%
*22
5
99
42
*88
95
25%
40%
tl
79
a
54
54
O
95
53
99
O
*75
96
10912 109l2
■<
M
37
25%
40%
78
*39
5
23%
95
O
109
H
*
03
40%
40
40%
35%
35%
36%
*4%
5%
23%
*4%
22%
5%
23%
36
36
37
*22
35%
400
39
1,533
26
25
25
25
27
1,300
40
41
43
41%
42%
4,100
78
*77
80
79
79%
700
57
60%
2,700
78
53
54
96
53
*92%
*92
*93
100
100
110
112
42
98
74
74%
76%
74%
75
75%
90
90%
90
90%
*89%
91
90%
44%
47%
95
95
100
21%
22
78%
77%
79
92%
92%
93%
9,300
26,000
1,800
70
68%
69
*68%
7
*68
5»2
6
5%
•
128
128
131
*127
*5»2
127
132
128% 131
15%
15%
129%
400
71
Nor
Nov
72
May
190
Nov
38
8
66%
7% Nov 8
21%
16%
3,800
27%
28%
28%
29%
36%
37
37%
37
38
44%
45
44%
45%
42%
44%
43%
44%
44
46%
11,200
1,400
28,800
90%
90%
*85%
91
100
36%
35%
36%
36%
37
*9212
36
98%
12
12
124
126
36
*93
36%
-
98%
11%
11%
127
130%
35%
*93
12
11%
11%
*93
12%
98%
12
97
12%
47%
*83
89
*80
90
*83
86
♦83
90
89
89
*81
90
•81
90
*81
90
*82
90
90
90
*52
62%
59%
59%
*55
62
59%
69%
60
61
35
35
35%
35
35
35
36%
36
36%
90%
35
86
45%
45%
89
87
*99
115
*99
115
*99
110
110
112
112
111
86%
87%
11
*10"
44
*40
42
108% 110
110
112
92
*88
92
49
49
49
115
111%
110
112%
49
*40
592
4812
*91
4212
*40
83
93
*92
11
95
43
43%
43%
45
45
45
83%
103l2 103%
85%
83%
104% 104%
76
7378
74%
*912
11
*10
1U2
34
74%
*31%
33
*80
100
97
50
*48
50
11
42
42
109% 110%
49%
93
93%
42%
42%
45
*43%
85%
83%
79
79%
36
36%
79%
36%
103% 104%
64%Jan
4
50% May26
56
Dec
6
40
Dec
5
103% Junel3
64
No par
100
100
100
78
11%
*10
75%
11
11
79
79
"79%
36
37
36%
52%
70%
70%
43%
43%
*43%
18%
48
10218 102% *102%
114
*118%
32
80%
34%
88
102% 104%
37%
52%
18%
84%
50~
35
70
—
32
60
70
93%
'44%
_
32
60
*53%
34%
34%
35
200
8714
89% 728,500
16,049
103% 104%
77%
79% 28,800
1,300
11%
10%
33
1,600
34%
300
79%
81
83
3,300
38%
37%
39
15,700
*55
100
35%
19%
1,200
83,400
72%
700
17%
18%
71%
72 2
46%
106
105% 108
*112
115
113
113
34%
*32%
35
*33%
35
*32
34%
87%
*82
88
*82
88
*82
88
*55%
59
*55%
59
*55%
59
*56
59
Bid and asked prices: no fatal on this day,
tea of deposit.
* Ex-dividend,
60
35%
*81
850
2,400
45
300
*32%
•
2,400
43
71%
44
10
93
18
47
300
45
18%
*43
800
15,500
50
60
*44
36%
47
107% 107%
♦112
32%
*83
5934
I Less than 100 aharee.
114
33.
30
Nov 19
89% Feb 17
78
58
Nov 15
67%Jan
61%Jan
Jan 20
19% Nov
67
6
3
Dec 17
84% Nov 15
25
Nov
Jan
2
106%Jan 10
97%June 8
13% Dec 26
39
24
46% Oct
Feb
3
2
6
5
98
39
Dec
Nov
Nov
1
Dec 27
Deo 20
Philadelphia Co (Pittsb).—50
100
24% Dec 12
Do
74
49
100
3
*90
100
99
United
Deo 22
106% Dec 20
36% Nov 6
88% Dec 20
U 8 Cast I Pipe A Fdy
Do
pref.
U S Industrial Alcohol
Do
pref
United States Rubber
Do
1st
preferred
U 8 Smelting Ref A M
15
Jan
Mar21
118
July
156
72% Mar2l
42
Jan
4
15
131
Jan
6
167%Jan 26
58
Junell
101
Jan 22
Dec 20
Nov22
Deo 18
Nov
Jan
4
238%Jan 22
29% Mar 9
59% Mar29
74% Mar30
17
177
32
Apr
95% Mar
Sep
Sep
61% Nov
103% Nov
63%
Dec
168% Mar
22
Dec
37
July
100% Dec
108%
Sep
84%
233
40%
Sep
Nov
Feb
93% Nov
167
Jan
14
Mar
19%
241%
59%
109%
Deo
Nov
Deo
Mar
61%June27
114% Dec 20
102% July25
19% June20
243
Jan 10
42% Deo 13
80% Aug 21
9
15% Dec
177% June
48% Sep
z86
Dec 17
105
99
July
*83
Dec 14
107
Aug 20
86
Jan
110
Oct
59% Dec 27
112
Jan 22
87%
Oct
129
Nov
Mar 12
34% Dec 20
49%June 2
81% Nov 5
98% Deo 11
127% Aug 14
120%Marl4
69
Feb
105% Aug
611%
Feb
120
22
136%
Jan
24% June26
63
Jan 29
15%
Jan
169% June
28% Nov
100
42
Deo 20
Nov
5
Dec 26
154% Jan
98% Novl5
171%Junel3
100
88
Nov 9
106
Junel4
100
45
Dec 12
67
Aug 14
100
91
Deo 20
50
40
Deo 20
114% Jan
67%Jan
52% Jan
3
4
3
4812 Feb
94% Dec
99% July
47% Mar
106% Feb
Aug
67% Nov
170%
Apr
114
Jan
57
Dec
60
June
Deo
115% Deo
81% Nov
53% June
*79% Mar
129% Nov
70%
138%May31
19
118%May25
24% Jan 22
115
123
Nov
130
Nov
121%Jan
May
74% July
16% June
27% Deo
51
Jan
May31
36
112% Jan 26
77
Mar30
108
Apr
114% Deo
41
July
87
Mar
33% Deo 17.
99% Jan 19
56
May28
72% Nov
105% Oct
51% Dec
71% Mar
52% Dec 24
70% Jan
4
70
Apr
79
33% Nov 2
52%Jan
18
38%Jan 18
45
Dec
59%
34
Dec n325
June
MarlO
94
Dec
117
June
26
Nov
8
97
Deo 24
46
Feb
*76
3
Dec 20
15
Nov 8
69
Nov! 6
42
Nov
8
100
Worthlngton P A M v t O-100
Do
pref A v t C
100
113
88
Nov27
100
50
May
Sx-dir. and rights,
159% May
Nov
Wool worth (F W)
a
88% NOV
Nov
137
68
Wilson A Co, Inc. v t 0—.100
iEx-righta,
108
Jan
7
100
pref B ▼ t c
42% July
97
July
114
Nov
Utah Securities v 10
Do
Deo
73% Nov20
800
1,100
48
9
400
200
Juno
38
May
32% Apr
100
100
Oct
Nov
11
100
pref...
Aug
93
102% Dec 20
70% Deo 17
9% Dec 20
Do
Jan
31
118
37
100
10
Do
11%
Jan
11%
117
96
10
25
pref sub rects full pd 100
5% Nov
100% May
Dec
30% Nov 8
*105
Willys-Overland (The)
124% Deo
June
25% Dec 20
100
50
76% Deo
Oct
June
Utah Copper
White Motor...
Nov
Apr
75
101
69
Virginia-Carolina Chem... 100
Do
pref
100
Virginia Iron O A 0
100
Western Union Telegraph. 100
Westlnghouse Elec A Mfg..60
Do
1st preferred
50
186
65%
Dec 20
89
79% Dec 20
pref
Sep
Oct
34% Nov
26%Junell
42
1
43% Nov 9
Do
Nov
74%
20
7
50
pref..:
United States Steel
36% Deo
100
3
Nov
Feb
100
Do
Oct
129% May
94%June 7
105% May26
19%
100
Fruit
19% Apr
90% Dec
114% Deo
117%
54% 8ept26
90
Aug 16
Deo 14
83% Jan 26
Nov 6 *107
Jan 31
60
100
68% Mar
Dec 12
100
pref...
Jan
Jan
49% Nov
37% Dec 20
100
Studebaker Corp (The).—100
105%
Dec
7% Sept21
30%June27
106%Jan 18
Feb
dep
89% June
33
Aug
111%
3% Nov 8
18
pref
129%
Dec
143% Apr 19
35
Republic Iron A Steel
88% Juno
57
10
31% Oct
...5
pref...
Jan
60% June
117% Nov
16
Pressed Steel Car
93
Dec
June
127
63% Mar23
114
Jan
6
100
Dec
32
124
Deo 17
People's G L A C (Chic) —100
pref
Sep
65
Jan
6
Junel4
104
99% July 12
Pittsburgh Coal of Pa
99
68% June
131%
37% Dec. 20
100
Dec
Sep
100
Ontario 8ilver Mining
Pacific Mail—.
44
Jan
122% Jan
90% May 9
25
64%
118
5
North American Co
Feb
91
109
99
Ohio Cities Gas (The)....
Nov
56% June
Apr
Dec
6
79% Novl9
ilOO
New York Air Brake
85% Sep
64% Nov
107
67%June 7
109%Jan 25
117% Mar28
,.100
Copper
Sep
66% Jan
75% Nov
3912 Dec 20
100
pref
Jan
43% Apr 30
100
pref
National Lead..
74
126% Non
©50% Sep
5
200
88
61
10% Nov 16
100
100
May
25% Dec
70
z58% Deo 14
95>2 Dej 18
100
»
1,800
93
71%
17%
71%
51%
--
97
106
114"
50
p.
50
_
*53%
95
.
97
100
*94
119%
♦88
.
36% Deo 20
100
Power
Superior Steel Corp'n
100
Do
1st pref
100
Tenn Copp A C tr ctfs.No par
Texas Company (The)
100
Tobacco Products Corp...100
Do
100
pref
100
100 Underwood Typewriter... 100
800 Union Bag A Paper (new). 100
No par
3,700 United Alloy Steel
100
6,300 United Cigar Stores...
Do
pref
—.—.100
45
92%
43%
p. —
31
*34%
1778
49%
11%
43
117
95
75
74%
11
42
43
49%
115
113% 115
110% 117%
*47"
*52
34%
18%
♦
*88
92
*100
11
11
*10
97
*48
»3H2
89
89%
*99
*88
*10
87
87%
115
38% Dec
9% Mar
4
77%June 6
74% Nov
29% Jav
©61% Mar ©125%
49%Jan
Nov
1,800
33,450
10,600
12934 135
48%
47%
124% 129% ♦126% 127
46
46% 48%
45%
45
106% Oct 29
47% Mar21
Nov
6,000
98%
36
*94
91
*75
Jan
108%Jan 20
15%
27%
36
Dec
Feb
110%Jan
15%
27
35
37
©13%
85
15%
29%
35
Aug
108%
33% Nov .7
33% Nov 8
15%
28
Apr
11
2
Jan
Sloss-Sbeffield Steel A Iron 100
1578
33%
91
_
42%
38% Mar23
123% Dec 20
27%
*75
Feb
60%
123
Sears, Roebuck A Co
100
Shattuck Ariz Copper
..10
Sinclair Oil A Ref'g.l._ATo par
33i2
91
Novl5
4% Nov
27
*75
Nov 8
Deo 13
Saxon Motor Car Corp.__ 100
*15%
15%
26%
100%
17%
62%
Nov
2,000
133'
56% Nov
117%
Feb
1,900
7%
Apr
Nov
10
.100
Royal Dutch Co ctfs
120
117
Nat Conduit A Cable No par
Nat Enam'g A Stamp'g.—100
Do
110% Dec
116% Mar
115
6,200
45%
80
193
100
98
21
93
Dec
May
Railway Steel Spring——100
Do
pref
100
Ray Consolidated Copper.. 10
21%
43%
*88
20%
Deo
Dec
49%
May
Pullman Company
900
Deo
88%
June
4,300
112% 116%
135
68
pref
Do
187%
Dec
26
National Biscuit
Do
51%
A pi-
120
87
Public Serv Corp of N J
101
100
20%
6%
100
96
99
42
107
56%
96
108%
97
*89
69%
25
36
40
95
*5%
300
612
*23
*2.5
41%
69%
*4
1,000
17,600
Dec
Dec
100
Petroleum
Nevada Consol
18
35
159
71
100
25
pref
Do
Oct
Oct
Apr
Feb
Oct
Oct
No par
pref
Do
116% 118
39
34%
42
6
2,640
2,600
34%
111
70
18%
17%
17%
41
21
*5%
«
2,100
33%
20%
*68
98
41%
41%
*98% 106%
115% 116%
112% 116
116%
*89
37
*92
16%
7,800
1,800
64%
29%
34
18% Nov 8
50% Nov 7
pref
Do
-
37%
36
40%
*98% 106%
17
-
14%
100
40%
«
13%
14%
36
20%
74%
20*2
-
*92
36%
100
*35
fc
37
40
*52
H
O
35
*22
27
*9212
41
116
14%
39%
40%
*98% 106%
17
17%
34
5
*75
*92
o
113
36
*25
*34
H
03
o
p
*
23%j
*38*2
A
*16%
33%
36
40%
105
16"
13%
*98% 106%
16%
110% 114
40
98
40%
16%
33%
35%
34%
98
40
*98% 106%
*
15%
*102
_
300
92
Dec
3
Maxwell Motor Ine tr etfs. 100
Montana
24
26
Miami Copper..
6
Mid vale Steel A Ordnance. .50
42%
100%
Junel3
Feb
2
Junell
May22
July23
Mexican
62%
76%
Dec
Jan
17,700
43%
124% Deo
Dec
91%
Jan
40
61%
Jan
43
47
24% Deo 13
Lee Rubber A Tire
Do
99% Ma*
July
Nov
3,550
33,400
Deo
80
Dec 12
92
Deo
113% Dec
923gJan 17
13
28%
z92
4
49
28
93
Jan
112
1st pref stk tr ctfs. 100
27%
*83
Nov
19
2d pref stk tr ctfs. 100
26%
41%
93
NovlO
77
„__100
Lackawanna Steel
Do
*85
34
61%Jan
Do
P?
90
5
41% Aug 25
171%Jan 26
125
Marl6
93
Jan
4
Do
9,450
24%
*83
Mr
Nov
108%
2,700
22%
26%
41%
Copper
65
3
4
3
1
9
15
17
74%Jan 18
55
19%
<
.
26
74% Nov 10
50%
900
23
51%
*19
60
23
20
51
P
3
t c__25
Do
stamped pref
Kelly-Sprlngfield Tire
Do
59
*57
23%
Feb
Deo 13
44% Oct
24%Jan
Nov
29%
June
110
...100
v
Mackay Companies
22%
21%
6% Novl7
28
94%Jan
114
144%
137
100
pref_.uft.
Kennecott
55%Jan
Jan *111
Feb
63%
53%
7
100
_
Int Mercantile Marine
Do
117%Jan
2
Nov
Sep
Dee
Jan
Sep
13% Aug
85
74
20
pref
81%
79%
26%
*23%
2312
*72
Do
14,500
Dec 21
75%
106
June
39% Nov
101% NovlO
100
100
Intern Harvester of N Jf_
1,000
21
91% July
7
19% July
46% July
38% Apr
30% Sep
129% Dec
100
Inspiration Cons Copper
Internal Agrloul Corp
110
37% Julyll
112% Jan
2
24% Nov 7
74% Dec 17
11% MaylO
118
Nov
100
1st pref tr ctfs
2d pref tr ctfs
19%
21
21%
20%
600
47% Apr
4
134% Jan 18
103% June30
88% Nov 7
45% Deo 17
83
June 7
58
112% Feb
72% Dec 20
100
26%
19%
20%
19%
18,800
131
5
32% Dec 20
z91% Deo 22
Gulf States Steel tr ctfs... 100
10%
Apr
7
8
Nov
100
pref
Do
88%
123
Feb 20
41
2
Nov
Feb
.100
125
44
110
110
*105
111
100
1,000
10%
12
*8
Electric..
87
43
42%
10%
39%
10
t00
__JVo par
Do
Do
39
76% Dec 17
78
Granby Cons MSA P.—.100
Greene Cananea Copper. .100
102
117% Nov
25% Nov
97
Do
80%'Jan
Apr
Jan
63% Mar
100
General
June
108%
27% Marl2
5
41% Deo
Nov
June
104% Mar20
Crucible Steel of America. 100
91% Deo
105% Mar
42% Jan
15
5
...100
Aug
49
11% Nov 5
100
pref—
180
66
101%Junell
115%Jan 25
35% Nov 8
29% Nov 8
Corn Products Refining... 100
Do
July
40
100
pref
Jan
126
62% Jan 25
100
Gas AElec
415
30% Jan 25
5
38
86%
86%
102
300
38
38
85%
87
102
99
76
74%
73
2,700
*93%
100
*92
72
85
16,000
33%
122% 125%
95
92%
77
71%
102
15,000
1,800
35
92
38
85
*
7%
31%
200
86
35
71
*35%
85
25,200
91%
70
35
29%
*75
80
35%
35%
29%
8%
8%
31%
31%
122% 123%
96%
*73
92%
102
76%
31%
33%
30% 31
122% 124%
122% 123
75
"25%
80
32%
7%
30%
*
85
*76
33%
48%
28%
29%
5
25
Continental Can
Do
28%
86
28%
*90
27
26%
73
*33
50%
*80
27
91
90%
48%
-
29%
90
29%
4
125% Apr 19
62%Jan 26
55
38%
65
Jan
101% Oct 22
3
100
14
13%
38%
Junell
135
Jan
12% Dec 20
33%
*62
Jah
156
Dec 20
10% Deo 20
29% Nov 5
Leather
Cerro cie Pasco Cop
515
89
5
10
pre!
Central
Highest
$ per shaft
700
Nov
Oct
C-100
v t
Lowest
$ per share
84
100
Calilornla Petroleum
Do
share
93
100
Previous'
Highest
$
per
for
Year 1916
$ per share
Par
Steel
Bethlehem
Range
1
basis of 100-share lots
Lowest
200
112
Range Since Jan.
On
lndustriai&Mise.(Con.)
8,700
73%
74% 145,580
72%
72%
90
—
-
72%
69%
69%
71%
-
NOT PER CENT.
Thursday
26.
$ per share
SHARE
EXCHANGE
Wednesday
25.
$ per share
PER
SHARE
PER
Satesfor
HIGH AND LOW SALS PRICES—PER SHARE,
99% Dec 12
Dec 18
23% Feb
9
9
0 Par $10 per share
46
100
Apr
Mar
Oct
84% Mar30
Jan 22
118
Jan
17
123
June
37%June16
97% Junell
25
July
95
July
52
July
151
128% Jan
63
a
JunelS
Par $100 per share.
141%
126
36%
100
66%
»
Oct
Nov
Sep
Sep
Sep
Certifi'
2530
New York Stock
Exchange—Bond Record, Friday, Weekly and Yearly
changed and
in Jen. 1909 the Exchange method of quoting bonds
BONDS
STOCK EXCHANGE
«
Hf. T
(I. S. Government.
0 B 3%s Liberty Loan
1947 i -D
from 1st Lib-!
Range
BOND!
Range or
Since
Last Bale
Jan. 1.
N. Y. STOCK EXCHANGE
Week ending Deo. 28.
Ask Low
98.40 Sale
High
98.18
Chesapeake A Ohio (Con)—
Oralg Valley 1st g 6s
1940 J
98.08 100.29
Potts Creek Br 1st 4s.... 1946 J
R A A Dlv 1st eon g 4S...1989 J
2d oonsol gold 4s
1960 J
'
96.90
97.20
256
96.90 97.46
97.00 Sale
96.70
97.10 6454
96.70 100.02
96^2
9612
99
*1918 Q
F
99
1925 Q
F
104
0 8 4a coupon
F
1925 Q
0 8 Pan Canal 10-30-yr 2s.*1986 Q
F
0 8 Pan Canal 10-30-yr 2s reg '38 Q-N
104
0 8 Panama Canal 3a g
1961 Q-M
0 8 Philippine Island 49-1914-34 Q-F
9712
9634 Nov'17
80
96%
9634
9634 Nov'17
—
99
9934!
9934
Nov'17
99
104
Dec '17
105
104
96
9934
99%
104
104
104
111%
9784
84
Dec'17
84
100
98
94l2 Sale
88% Sate
Argentine—Internal 5s of 1909.. M- 8
9784
10234
87%
8034 Dec '17
67i2
65
93
91% Dec '19
92%
94
Sale
Do
do
1926 A-O
Do
do
1931 A-O
88
Oct
'17
15
90
10
89
100
88
19
87%
9334
94%]
81
90
90%
32!
81
19j
80%
90
45
74%
90
90
75%
75%
8234 Sale
80
237
74
80
85%
49% July'17
33% Deo '17
182
74
7734
464]
40%
33%
73%
D
35
85
0 K of Gt Brit A 12-yr 6s.. 1918 M- S
97
Sale
96%
97%|
§534
Sale
94%
9534
M-N
70
70
83%
9D2 Sale
F-A
99% Sale
98
Sale
8812 Sale
88%
M- S
86
100
90
A-O
86
89
J -D
93%
95U
86.2
M- S
M-N
86i2
89
85l8
M-N
94
94
94i2
94i2
83%
97% Jan '16
95%
95%
M-N
M-N
.1961 M- S
Canal Improvement 4s...1961
Canal Improvement 4s...1962
III "99'
...
Canal Improvement 4s._.1960
Canal Improvement
in
414S.1964
Canal Improvement 4lis. 1965
Highway Improv't 4148--1963 M- S
Highway Improv't 4lis.. 1965 M- 8
Virginia funded debt 2-3s.__1991 J - J
...
...
...
75%
101
100% Sept'17
103
104%
25
Sept' 17
104% 104%
104%
103% Oct '17
79%
74
38
Registered
Registered
Debenture 5s
103
60% June'17
51995 Q - J
itch Top A 8 Fe gen
g 4s.^.l995 A-O
Registered
1995 A-O
Adjustment gold 4s
Registered
51995
Nov
51995
51996 M-N
1955 J -D
Jonv 4s Issue of 1910....I960 J -D
East Okla Dlv 1st
g 4s... 1928 M- 8
Rocky Mtn Dlv 1st 4s... 1965 J - J
Trans Con Short L 1st 4s. 1958 J - J
Cal-Arta 1st A ret 4
Ha"A"1902 M - 8
S Fe Prea A Ph 1st
g 6s...1942 M- S
Atl Coast L 1st gold 4s
51952 M- 8
Oen unified 4Hs
..1964
Ala Mid 1st gu gold 6s... 1928
Brims <fc W 1st gu gold
4s. 1938
Charles A 8av 1st gold 7s. 1936
LAN coll gold 4s......01952
Sav F A W 1st gold 6s
1st gold 5s
811 Sp Oca A G gu g 4s
Bait A Ohio prior 3
Ha
Registered
♦80
J -D
M- N
J
J
-
J - J
M-N
1934 A
-
O
...1934 A-O
1918 J - J
1925 J
J
-
Registered
20-yr conv 4 His
51948 A-O
WVaSysref4s..1941 M-N
*outbw Dlv 1st gold 3
He. 1925 J - J
Cent Ohio R 1st
og4Hs.. 1930 M- S
01 Lor A W con 1st g
5s...1933 A-O
Monon River lstgu
g 6s..1919 F-A
Ohio River RR 1st
g 5s... 1936 J -D
General gold 6s
1937 A-O
Pitts Clev A Tol 1st
g 68..1922 A-O
Buffalo RAP gen g
6s.....1937 M- S
Consol
4H8
..1957 M-N
All A West 1st g 4s
gu
'1998 A-O
Clear A Mah 1st gu
g 5s..l943 J - J
Roch A Pitts 1st gold
6S..1921 F-A
Consol 1st g 6b._
1922 J - D
Canada Sou cons gu A
5s... 1962 A-O
Car Clinch A Ohio J st
30-jt 6a '38 J - D
Central of Ga 1st gold
5s..pi 945 F-A
Consol gold 58
1945 M-N
Chatt Dlv pur
money g 4a 1951 J -D
Mac A Nor Dlv 1st
g 5a..1946 J - J
Mid Ga A Atl Dlv 58
1947 J - J
Mobile Dlv 1st g 6a
1946 J - J
Oen RR A Bof Gacolg
68..1937 M-N
dent of N J gen'l gold 6a
1987 J - J
Registered
51987 Q- J
Am Dock A Imp gu 5s...1921 J J
Leb A Hud Rlv gen gu
g 5a.'20 J
N Y A
Long Br
79%
"73" "74%
85
-
J
gen g 4a..1941 M- S
Cent Vermont 1st gu g 4a._«?1920
Q-F
Chesa A O fund A impt 6a.. 1929 J - J
1st consol gold 5a
1939 M - N
Registered
68
gold 4He
1992 M- 8
Registered
..1992 M- 8
20-year convertible 4Hs..1930 F-A
30-year conv secured 6s. .1946 A-O
Big Sandy 1st 4a
1944 J -D
Coal River Ry 1st gu 4*
1945 J
~88%
73%)
85
84
89
100%
79
107
91
99
„
-
80%
80% Oct '17
-
93% May'17
100
81%
92%
71%
87%
85%
72%
68
70
86%
Sale
Sale
85%
86%!
85
*85%
85%
80
79
Jan
88
Oct
90
'12
'17
|94%
99%
99%
99% 107%
88%
107
90
107
100% 111%
99
102%
Nov'16
]103% 10984
97
105%
Dec '17
84
100
85
78
III
101%
SI
92
Aug *17
78
78
Mar" 17
103
103
83% 103
97% June'17
104% Apr '17
97% 97%
104% 104%
90
97%
82
95% 90
Aug *17
101% Sale 101%
102
100% 102
100
Dec '17
96% 983
96% Dec '17
100
100
55
118
96% 104%
94% 101% 100
June'13
100% Jan '13
92
120%
...
65
55
Nov'17
55
86%
91
Aug *17
79s4
90
96%
96
94% Deo '17
94% 108
104% 104%
104% Jan *17
71
Sale
70
71
6934 Sale
78% Sale
75
aDueJan.
66
71
78%
Apr *17
85% Nov'16
84
dDueApril.
e
Sale
81
85
88
Dec '17
80
Nov'17
88%
F-A
83%
70
90
1988 J
-
~99% 102"
92%
95
-
103
90
76
"88%
52
99%
♦97%
99%
99%
70%
93
; 73
Nov'17
Oct '16
Nov'17
June'10
Oct *16
Nov'17
88
Jan
*17
102
Oct
*17
97% Dec '17
111% Dec '15
111% Nov'16
....
85
104
86% Sept'17
98
Oct '17
7434
73
73
J
87
Mar'17
61%
68%
Sept'17
67% Sale
50
J
-
95
102%
9734 94%
97% 104%
101%
11034
_.
99
1934 A-O
J
109% Apr *16
104
Sept'17
103% Apr '16
70
73
71
96%
58
96%
96%
6
194!
9734 Oct *17
66%
96%
97%
9934
97%
98
90
mi ~6<r
55
61% 59
98% 112
102
78%
Dec '17
Sept'17
June'17
Oct
'16
July'15
Oct
'17
Dec *17
Dec '17
86% Nov'17
9534 Oct *17
92
111
June'17
118
Nov'16
99% 103
100
Dec *17
84%
105% Nov'16
80
82
104
-
61
105
64
64
80
Jan
*17
Dec '17
64
90
May'17
-
J
-
J
90
May'17
M-N
25
July'15
gui«gl923 M-N
88
Mar'll
Day A Mich 1st cons 4
He. 1931 J - J
Clev Cln Cb A St L
gen 4s. 1993 J -D
96
Jan '17
1941
20-year deb 4 Ha
1931
General 5s Series B
Cairo Dlv 1st gold 4s
J
-
1993 J
1939
Cln W A M Dlv 1st
g 48-1991
St L Dlv 1st coll tr
g 4s—1990
Spr A Col Dlv lstg 4s
1940
W W Val Dlv 1st g 4s
1940
C I St L A C consol 0s
1920
1st gold 4s
57
70%
J
-
J.-
Registered
63%
J
Ji
M-N
58
M- S
J
-
O Ind AW 1st pref 5s—61938
Q- J
Peoria A East 1st cons 48.1940 A-O
41
Oct *17
Fob *17
81%
69%
Apr
1961 A-O
-
-70
IIII
83% Mar'17
79
Feb *17
74% July* 17
73% June'17
J
94
45
46
Oct
10
Nov'17
5%
July'08!
83%
6%
5%
Trust Co certlfs of
deposit
Colorado A 8ou 1st g 4a
1929 F-A
Refund A Ext 4Ha
1935 M-N
102% Jan *17
107% Aug '17
80
10%
12%
83% Sale
1990
1947 J
56
83
101
84
62%
Nov'16]
100% 105% 102% Oct *17
85
87
88%
Dec '17
88% May'15j
J
M-N
*1930 Q-F
.
56
83
65
Cln 8 A CI cons 1st g 5s.. 1923 J - J
"82%
C C C A X gen cons
g 6s.. 1934 J - J *102%
Ind B A W 1st pref 4s
1940 A-O
59%
Income 4s
Cleve Short L 1st gu 4
Hs..
Col Midland let gold 4s
64
101
J
-D
*1936 Q-F
6
'17
83%
6
6
5% Dec '17
86% Sale
81%
86%
72
Ft W A Den C 1st g 6s— -1921 J -D
Conn A Pas Rlvs 1st g 4s—. 1943 A-O
Cuba RR 1st 50-year 5s
J - J
70
72
93%
84
Sale
95%
80
g—1952
95% Dec '17
...
"94" Feb"
16
Del Lack A Western—
N Y Lack A W
94»4
Due May.
Deo '17
Dec '17
1959 J
92
86%
87
Oct '17
Sept'17
100
93%
J
1988 J
refunding 4s
Morris A Ess 1st
65%
71%
86
I
Oct '16
—1959 J
1st A
94
84
292
85
86%
72%
81%
80%
71
"79" "80%
1933 M-N
4s
1st guaranteed 4s
Cln D A I 1st gu g 6s
CFtnd A Ft W 1st
8684
309
72%
81
80
1921 A-O
70
86% Mar'17
Dec '16
-D
-D
Chic A West lud gen
g 6s_.?1932 Q-M
Consol 50-year 4s
1952 J - J
Cln H A D 2d gold
4)4s
1937 J - J
110
Nov'I7
Dec '17
Sept'17
July'17
8ept*17
J
J
92
100
79
J
Oct *17
J
Keok A Dee Moines 1st
5s. 1923 A - O
St Paul A K C 8h L
lst4)48 '41 F-A
Ohio StPMAO cons
6s... 1930 J -D
Cons 6s reduced to
3)4s._ 1930 J -D
94%
100
84
86
J
StP AS City 1st
g 6s
1919 A-O
Superior Short L 1st 6s g.01930 M- 8
ChtoT H A So-East 1st 6a.. 1960 J -D
103
82%
J
-
J
J
-
Nov'17
96% 100% 100
96% 108
104%
96% 10Q34 100%
93% 101
100%
97%
107
J
-
94%
100
103% Feb '16
99% 105
106% Deo '16
99% 107% 104
Nov'17
95% 97
Oct '17
59%
Dec '17
80%
84
Apr *17
....
...
Dec *17
79
100%
100%
71V 90
84% Nov'17
107
100%
Feb '17
87% 100% 100% Nov'17
77% 92% 99% Oct '17
95
98
85
1930 M- 8
-79_
74
88% Deo '17
80
94
98
Ch St PA Minn 1st
g 6s—1918 M-N
North Wisconsin 1st 6s
1930 J -
69%
99% June'17
101% Nov'16
99% Oct '17
97
98
921g
1921 A-O
5s
Debenture 5s...
91
76
71%
88%
J
92%
97%
73% 101%
9234 Mar'17
73%
J
J
Coll trust Series P 4s
1918 M-N
RI Ark A Louis 1st 4
)4S—1934 M- 8
Burl C R A N—1st
g 58—1934 A-O
CRIFAN W lstgu 58-1921 A - O
Choc Okla A G gen
g 58—01919 J - J
Consol gold 59—
1952 M-N
95%
1
240]
9934 Oct '17
-
-
1879-1929 A-O
1879-1929 A-O
20-year debenture 5s..... 1932
9934 107%
85
9334
90%
71%
72
70
100
~9f% mi
100
Deo '17
-
gu 4s. 1947 M- 8
St L Peo A N W 1st
gu 6s. 1948
J
Chicago Rock Isl A Pac—
9934 104%
79% 96%
8034 95%
84
76%
84
104% Dec *17
Refunding gold
89
74
67
J
75% Sale
92%
D
72% Aug *17
84%
101% Nov'17
9334
118%
74
12
318
64
77%
104
80%
68
Sale
J
102
80
115
90% Sept'17
71%
112
Sale
10
74
J
-
99
78
91
78%
69%
77
99
Railway general gold 4s
Registered
99% Deo *16
99
"79% mi
"74
...
...
July'17
July'15
105
....
~76~ Sale"
80
80% Nov'17
115
86
72
10
9934 Oct '17
87%
Sept'17
129% Aug '15
99%
96%
82
85
100
68%
-
9934 July'17
81
72%
3
62
71%
)4s.l941
MIlwAS L lstgu
J
3)48—.1941
Mil L 8 A West 1st
g 68—1921 M- S
Ext A Imp s f gold
5s—1929 F-A
Ashland Dlv 1st g 6s... 1925 M- S
Mich Dlv 1st gold
68—1924 J - J
Mil Spar A N W 1st
88%
19l|
77
Sale
Registered
1933 M-N
Des PlalDesVal
lstgu 4)4sl947 M- S
Frem Elk A Mo V 1st
6s.. 1933 A
O
Man G B A N W 1st 3
J
97
79
1987 M-N
Registered
93
72
Aug *17
82
80%
...
Sinking fund deb
73%
83
94
71%
-D
No price Friday; latest this
week.
94
73
78
84
51
73% Dec '17
85% Nov'16i
80%
87
91% Oct '17
83
1939 M-N
General
83%
Sept'17
84
Sale
86% Sale
....51948 Q- J
1933
Refund A gen 5s Series
A. 1995 J -D
Pitts Juno 1st gold
68....1922 J - J
PJunc A M Dlv 1st
g 3 He 1925 M- N
PLEA
Nov* 17!
83
72
51925 Q- J
1st 60-year gold 4s
*
52
82%
57
Nov
Stamped
Jonvgold4s
52
83% Sale
79
92% Feb '16
1987 M-N
Sinking fund 5s
1041s 117%
103% 110
74
87%
50
61%
Deo '17
Sale
1879-1929 A-O
1879-1929 A-O
Sinking fund 6s
I
■
79
77
-
-
51
Nov'10
78% Sale
68% Sale
1987 M-N
General 5s stamped
49
59
97% Dec'16
D
yl987 Q-F
....1987 M-N
;
52
95
94%
99% 100% Apr 17
78
84% Apr *17
J
1886-1926 F-A
Stamped 4s
105
103
101
...
110%
91%
Railroad.
Ann Arbor 1st g 4s
96% Jan '17
1932
Registered
Registered
General 4s
100% 106%
100
102%
99% 106%
104
117%
Nov'17
—.
6s deferred Brown Bros
ctfs—
97
75% Dec '17
101
July'17
100% July'17!
104% 104%
101
70
85
1925
General gold 3)4a
"95% Iio%
Dec '17
100
100
72
J
C M A Puget Sd 1st
gu 4s. 1949 J
Dubuque Dlv 1st s f 6s... 1920
Fargo A Sou assum g 6s.. 1924 J
La Crosse A D 1st
58—1919 J
95% 111
Dec '17
97
J
-
82
Nov'17
87
M-N
-
Chic A L Sup Dlv
g 58—.1921 J
Chic A M0 Riv Dlv
5s... 1926 J
ChlC A P W 1st g 5s
1921 J
96
IIO84
8684 102%
89
102%
87
102%
Mar* 17
J
95% 101%
8634
32
-
98
Dec '17
25
a2014 A -O
Wis A Minn Dlv
g 58
1921
Wis Valley Dlv-lst 6s
1920
Milw A No 1st ext
4)48—1934
Cons extended 4
He
1934
Ohio A Nor West Ex 4s
1880-1926
76
July'17
97% Feb *13
....
J
898
104%
Sept'17
J
Convertible 4He
90
10534
97% 106
"6
June'17
75
90
Gen ref conv Ser B 6s—a2014 F-A
Gen'l gold 3Hs Ser B
J
el989
100%
87
-
98%
11
84%
74
J
84%
89
98% 101
51
25
Bale
—«1989 Q-
Gen A ref Ser A
4Hs
30
33
Sale
769
Dec '17
23
Juiy'16
81%
July* 17
29% Nov'17
98 »2
98%
33
59
General 4 He Series C—«1989 J
25-year debenture 4s
1934 J
393
30
ChlC L 8 A East 1st
4HS—1969 J -D
Chicago Milwaukee A 8t Paul—
Gen'l gold 4s Series A—el989
J
50
98
81
95
Ind A Loulsv 1st gu 4s_..1956 J
Chic Ind A Sou
50-yr 4s..—1956 J
Registered
Permanent 4s
90% Dec '17
85%
J
98%
90
99%
-
80%
86
M-N
Dec *17
35
M- S
98%
96
Nov'17
J
-
J
70
9514
76
81% Sale
F-A
J
93%
96
74
94%
1927 M-N
95%
98% Sept'17
95%
95%
88
M-N
70
99%
91
.......
290
98
35
96% Dec '16
98% Sept'17
1291
S6to£
State and City Securities.
If Y City—4lis Corp stock. 1960 M- 8
58% Oct '17
42
101
99%
99%
99%
96%
64%
37
99
98%
95%
92
8934
F-A
73
Dec '17
M-N
Nov'17
Oct '17
83
Refunding gold 5a—....1947
Refunding 4» Series C
1947
39%
97
Sale
429j
Dec '17
No.
88% Sept'16
113% Feb '15
85
Purch money 1st coal 5a__ 1942
Chic A Ind C Ry 1st 5s—1930
Chicago Great West 1st 48—1959
Chic Ind A Loulsv—Itef 6s. 1947
97
73
76
Sale
814% Corporate stock...1964
90%
82
76%
97%
7414
73
71
82
82%|
IIII *90%
dep..
87% 100%
91% 101
Paris, City of, 5-year 6s
82
1921 A-O
Tokyo City—6s loan of 1912
M- S t 68
4% Corporate stock
1957
4% Corporate stock
1956
New 414s.
..1957
414% Corporate stock...1957
97
86%
100%
90
Sale
64%
61%
1st consol gold 6s
1934 A-O
General consol 1st 5a
,.1937 M-N
U S Mtg A Tr Co ctfs of
dep
Guar Tr Co ctfs of
dep
74
96%
65
72%
91% 100
83
Sterling loan 4s
1931 JVJ X
Lyons (City of) 3-yr 6s
1919 M-N
Marseilles (City of) 3-yr 6s. .1919
M-p
Mexico—Exter loan £ 5s of 1899 Q - J X
N Y State—4a
"227
'17
91
90%
French Repub 6He secured loan.
9384 Sale
Japanese Govt—£ loan 4 H »-1925 F-A X 90
90'8
Second series 4Hs
..1925 J - J X 90
90is
Do
do
"German stamp".
Slis Corporate stock
1964
414s Corporate stock
1960
414b Corporate stock.... 1965
414s Corporate stock....1963
4% Corporate stock
1959
4% Corporate stock..... 1958
95
93
86
94
85%
Oct
J
J
General 4s
1958 M- S
Chic A E III ref A Imp 4s
g. -1955 J - J
U S Mtg A Tr Co ctfs of
94
92%
86
F-A
F-A
80
72U 8718
6114 95i4
893$ Sale
3-year 5H % notes
1919
5-year BH% notes
1921
Convertible 5H% notes. 1918
Convertible 5H% notes. 1919
X These are prices on the basis of
90%
81%
80%
Sale
Dominion of Canada g 5s... 1921 A-O
-
89% 1731
239
91%
M- 8
Gold debt 4s of 1904..... 1954 J
94%!
~82~34
Bordeaux (City of) 3-yr 6s.
1919 M-N
J -D X
Chinese (Hukuang Ry)—5s of '11
Cuba—External debt 5s of 1904.
Exter dt 5s of '14 ser A... 1949
External loan 4 He
1949
9334
80
-
High
96% Feb '10
84% Jan '13
80
Registered
-1919 F-A
Anglo-French 6-yr 5s Exter loan. A-O
70
Illinois Dlv 4s—
1949 J - J
Iowa Dlv sinking fund 68.1919 A-O
Sinking fund 4a.
1919 A-O
Joint bonds.
See Great North
Feb '15
9734
Government.
Amor Foreign Secur 5s
Ask Low
J
or
Nebraska Extension 4s—1927 M-N
9734 Oct '17!
9734 Oct *17
96
Bid
Range
J
-
Railway 1st. lien 3H»»
1950 J - J
Chic B A Q Denver Dlv 4a. .1922 F-A
Illinois Dlv 3)48
1949 J - J
110
Week's
Last Sale
-
Greenbrier Ry 1st gu « 4s. 1940 M-N
Warm Springs V 1st g 5S..1941 M- S
Chic A Alton RR ref g 3S...1949 A-O
98% 99%
98% 101%
Nov'17
105
Price
Friday
Dec. 28.
S9"
High
96.94 Sale
1942 M-N
dl93(J Q- J
41930 Q- J
*1918 Q-F
Fsrilgn
Low
No.
98.52 4113
■
1932-47
0 8 2e consol coupon
interest"—except for income and defaulted bonds.
Friday
Dec. 28.
U S 4s converted
U 8 8a registered
are now—"and
Week's
Bid
0 S 8s coupon
0 S 4a registered
prices
Price
Week ending Deo. 28.
erty Loan
U 8 la 2d Liberty Loan
U B 2b oonsol registered
was
D
3H«-2000
J
-
19^68—-1921
J
-
J
-
A
gu
Construction 58.\—y<-1923 F
71% 78
100% 103
Term A Improve 4$v__-1923 M-N
Warren 1st
g Due June,
ref gu g
h Due July.
3HS--2000 F
tDueAug.
0
-
A
DueOct.
78
Dec '17
101% Dec '17
95
98
98
87%
93
O1,
Nov'17
82% 102% Feb '03
pDueNov.
jDueDeo. sOptionsale.
■V
Dbo. 29 1917.]
New York Bond
BONDS
Week ending Deo. 28.
Range
BONDS
Friday
Range or
Since
If. Y. STOCK EXCHANGE
Dec. 28.
Last Sale
Jan. 1.
Week's
Price
P
If. T. STOCK EXCHANGE
Atk Low
Bid
High
No.
Alb A
conv
1922 J - J
1943 M-N
1935 A
6a
93
8934 Sale
9534 Oct *17
85%
85%
89%
81
69
69
-
O
3Hs
1946 A - O
Henss A Saratoga 1st 7a__1921 M-N
Oenv A R Or 1st cons g 4s._1936 J - J
Susq
conv
Oonaol gold 4Ha
—1936 J - J
1928 J -D
Improvement gold 6s
1st A refunding 5s
1956 F
Rio Gr Juno 1st gu g 5s
1939
Bio Gr Sou 1st gold 4s—1940
-
A
D
J
-
1940 J
Guaranteed
J
J
-
9534
86
7434
High
Low
J
Mtge A coll trust 4s A. .1949 A-O
DM Moines Un Ry 1st g 68.1917
Det A Mack—-1st lien g 4S..1995
67
Dul A IronRange 1st 5s
Sale
M-N
J - J
Registered
Dal Sou Shore A Atl g 6s...1937
Elgin Joliet A East 1st g 68.1941
Brie 1st consol gold 7s.
N Y A Erie 1st ext g 4s
2d ext gold 5s
J - J
M-N
1
67
91
77
3
72%
23
47%
90
68
95
65
50
Sale
79
92i2 9934
86
101
9934 Dec '17
"il" "85
94
85
102
103
Jan
*17
98% Mar'17
98% Oct *17
98%
95
97% June'17
99% July'17
"9612
Sale
66
66
"53%
Sale
73
88
43
219
A-O
M-N
J - J
J - J
J - J
A-O
M-N
J - J
M-N
J - J
F-A
F - A
M-N
A - O
J -D
J - J
J - J
A-O
A-O
A-O
53
26?
85
Sale
85
85
2
...1937
1940
Wllk A East 1st gu g 6S..1942
Sv A Ind 1st cons gu g 6s
1926
Evansv A T H 1st cons 6a.. 1921
1st general gold 6s
1942
Mt Vernon 1st gold 6s... 1923
Bull Co Branch 1st g 5s... 1930
Florida E Coast 1st 4Ha...1959 J -D
Fort St U D Co 1st g 4*4s-_1941 J - J
Ft Worth A Rio Gr 1st g 4s. 1928 J - J
Galv Hous A Hen 1st 5s
1933 A-O
Great Nor C B A Q coll 4s—1921 J - J
....
1st A ref 4*4s Series
A1921 Q- J
A—.1961 J
1961 J
-
-
J
-
J
J
74
—II ~65
St Paul M A Man 4s
1st consol gold 6s
-
Registered
Jan
'17
107
00
Oct
'17
92% Sale
91%
97%
91%
9234
239
"993I
1st Chlo Term sf4s
1941 M-N
M S 8 M A A 1st g 4s lnt gu.'26 J - J
Mississippi Central 1st 5s...1949 J - J
91%
1st
87~ "99"
111
121
1st ext gold 6s
99%
118
118
1st A
Apr '17
99
93% Dec '17
80
85
99
102% May'16
79%
89
89
78%
82
105%
82~"98%
Dec '17
95% Mar'16
85% Nov'15
*80%
nil
.99%
99%
—
"99% mi
113
98
10838 1083s
113
124%
June'17
136% May'06
99% Oct *17
99% 110%
79%
8% Sale
80
J
74%
75% Sale
J
6
15%
72% Dec '17
72%
86%
75%
753s
9334
8%
8%
75%
983^ Jan
nil "7%
95
97
93
87
92
1st A ref
A-O
A-O
June'17
Registered
Collateral trust gold 4s___1952
A-O
1952 A-O
Registered
1st
"SO" July"09
1951 M- 8
1951 M- 8
...1955 M- N
1952 J - J
refunding 4s_
Purchased lines 3*4s
L N O A Texas gold 4s...1953
M- N
1953 M- N
Registered
'Cairo Bridge gold 4a
- D
J - J
J -J
1950 J
Litchfield Dlv 1st gold 3s 1951
LoulsvDlv A Term g 3*48.1953
1953 J
-
-
A
A
1951 F
-
St Louis Dlv A Term g 3s. 1951 J
Oold 3*4s
.1951 J
-
J
J
1951 J
-
-
J
A
g
3*48— .1951 J
4s.... 1951 F
1951 F
Western 11dm 1st g
Registered
-
A
1923 J -D
Seller A Car 1st 6s
74%
85% Jan '17
85%
85%
1st ext gold 6s
General gold 4s
72
72
89%
Montgomery Dlv 1st
73% Sale
80
70
g
Registered
4s...1951 J
;
1951 J
St Louis Sou 1st gu g
73%
May'14
Apr '17
Feb '14
*89" "94%
*76% "83*""
Aug *12
192
62
55
83%
June'16
72%
72%
65
65
71
69
86%
Sept'17
77% Aug *17
80
1
«o»
*71%
90
90
90
D
92% Sale
-
D
68%
D
90
"0212
~92%
91
70%
65
81
June'17
81
A or '17
Nov'17
94%
95
78
58
59%
-
J
Kansas City Term 1st 48—.I960
-
Lake Erie A West 1st g
J
6s.. 1937 J
-
1941 J
-
J
J
J
2d gold 5s
7534 Sale
77
Leh Val N Y 1st gu g 4*4s..l940 J
-
1940 J
-
Registered
J
J
General 09ns
4*4s._
2003 M-N
No price Friday; latest bid
75%
7534
77
77
85
78%
100
99
102
95
'17
Oct
95
79
Apr '17
77
Mar'10
75
57%
Nov'10
91% June'17
100
104
Nov'17
103% Oct '10
"60 " "0'
43
74
Nov'17
39
Sale
43
45
Feb '15
79
"753l ~80
Dec '17
38
42% Sale
42%
83
83%
"83~ "91%
Jan
77
Dec '17
92
«83
19
June'17
60
49%
*17
85% Nov'17
95
94
60
Deo '16
50%
Sale
60
30%
26
33
30
44
45%
25
Dec '17
40
Nov'10
69% Apr '17
70% Mar'17
40% Nov'17
IIII,"70"
38
62
55% Deo *17
58
50
50
IIII ~4(T
Nov'17
51
48
Dec '16
45% Feb '17
92%
91%
89%
86
Dec '17
53
58%
98% 100
98% Dec '17
1998 F-A
A - O
Ref A Imp 4Ha "A"
2013
91%
695
60
July'17
00% Apr *17
82
Apr '17
85
100
Feb '13
87% Deo *13
75
78
80
Dec '17
100% A
"88%
or
*17
90
"73" Sale"
Dec '17
102
92
July'14
71
73
80% Oct '17
70
64
Sale
78
102" 105% 104%
109
90% 106
70
Sept'15
Aug '17
Feb '16
68
July'17
93
90
55
~85~IIII
July'17
Aug'17
70%
85
77
Dec *17
95
97
97
Deo '17
97% 102% 110% Mar'17
30
25
May'17
Aug '16
96% Feb '13
35
"26" IIII
30
94%
94
Deo *16
58
67
Oot
59
58
Nov'17
93
Oct
'16
'17
35
Sale
1
Consol 4s Series A
10
Dec '17
86
90
..1935 M-N
9
49% Sept'17
30
17
32% Nov'17
33
30
....
39
1997 J
-
J
1997 J
-
J
1934 M-N
1934 M-N
Debenture gold 4s
40
18
88
94
527
]
Sale
77% Sale
80
82%
77%
77%
5
80
80
2
6912 Sale
70%
71%
Sept'17
77%
77%
Registered
2
92
-
A
IIII "66%
-
A
65%
67% Sept'17
69
09
Sept'17
75
Mar'17
Battle Cr A 8tur 1st gu 3s. 1989 J
Beech Creek 1st gu g 4s.. 1936 J
93
71%
*74% "91"
77
90%
1998 F
Registered
1930 J
1930 J
1936 J
2d guar gold 5s
,
Registered
text
A
-
J
•
-
J
-
95
95
88
93
89
Oct '17
90
80
Oct '17
80
97%
90
Dec '17
90
102
101%
91%
b Due Feb.
N J June R guar 1st
4s—.1986
N Y A Harlem g 3 Hs
N Y A Northern 1st g 5s
102
g Due
June,
h Due July.
96% Apr '17
*83" IIII
95% Nov'16
May'16
104
8He.51951 A-O
Beech Cr
92
Nov'17
J
Cart A Ad 1st gu g 4s
198? J -O
Oouv A Oswe 1st gU g 68.1942 J -D
Moh A Mai 1st gu g 4s—.1991 M- S
1st g
76%
J
-
81% 101
83
67
-O
80%
89%
90
Deo '16
F
1998
Mlcb Cent coll gold 8 Ha--1998 F-A
Registered
17
77% Sale
68%
74
1998 F
Lake Shore coll g 3Ha
81% Dec'17
a Due Jan.
95
-D
80% Feb '17
and asked this week,
99%
RR—
89% Mar'17
Dec *17
97% May'16
103% Oct '17
*95
1935 A-O
Non-cum Income 5s A
York Central
J
-
75%
84%
Feb '05
98% Oot '17
101%
80%
1951 A-O
J
;
N O Mob A Chic 1st ref 58—1900 J
New Orleans Term 1st 4s...1953 J
91%
70
North Ohio 1st guar g 5s.. 1945 A-O
fli«hlgh Val (Pa) cons g 4a—2003 M-N
Nat Rys of Mex pr lien 4 Hs. 1957 J - J
Guaranteed general 4s... 1977 A-O
Nat of Mex prior lien 4 Ha.. 1926 J - J
82%
59%
59% Dec *17
63
Oct *00
1950 A-O
J
95%
89
94%
94% 100
82% June'17
A-O
-
Registered
88
65
89
"so"
Nov'17
Nov'17
64%
Apr 1950 J
102%
70%
89%
Registered
1931 J
Guar 3Ha
65
1919 M-N
Ref A lmpt 5s
St L A Cairo guar g 4s
Nashv Chatt A St L 1st 6s.. 1928 A-O
Jasper Branch 1st g 6s... 1923 J - J
Registered
-
Aug '17
New York Cent A Hud Rlv—
'09
James Frank A Clear 1st 4s. 1959 J -D
Kansas City Sou 1st gold 3s. 1950
90
98% 100
Peb '11
69%
lot A Great Nor 1st g 6s
-D
Conv deb «s
Jan '17
Oot
1927 J
New
98% Nov'17
114
58.1947 F-A
N O Tex A Mexico 1st 6s... 1926 J
79% ,84%
Nov'10
107% 117% May'10
IIII
..1938 M- S
g
1st consol 4s
June'16
80% Nov'16
79% Oct '17
92
51927 Q- J
St Louis Dlv 5s
76% May'17
4s—1931 M- S
1950 J - J
*ind 111 A Iowa 1st g 4s
-
72% Jan '17
55
-
-
"77% "95"
77%
83
"99" loo"
1951 J -D
1951 J -D
Joint 1st ref 5s Series A. 1963 J
.
84
74
~71"
.1932 M- 8
LANOgoid6s_. 1951 J -D
Registered
1951 J -D
3*48
Registered
Dec *17
89
"55"
Chic St
Mempb Dlvlst
77%
95% Sep *12
mm* — *
Carb A Shaw 1st gold 4s
Gold
74
82
65%
78
....
92
74
81
69
J
Registered
Spring! Dlv 1st
Unified A ref gold 4s_.. 1929 J - J
Registered
1929 J - J
Rlv AG Dlv 1stg4s... 1933 M-N
Verdi V.I A W 1st g 68—1926 M- 8
Mob A Ohio new gold 6s
1927 J -D
.■
J
1921 F
Registered
Middle Dlv reg 5s
Omaha Dlv 1st gold 3s
5s
St L Ir M A S gen oon g 68.1931 A-O
Gen con stamp gu g 5s—1931 A-O
Nov'15
80
sterling
oonv
85%
84
95
"95%
3d 7s extended at 4%
1938 M-N
Boonv St L A S 1st 6s gu.1951 F-A
Cent Br U P 1st g 4s
1948 J -D
80" *80"
J
92%
81% May'17
1959 M- S
"90" "96%
78
J
-
1st gold 3s
M-N
78% Deo '17
-
90
68—1920
cons g
Pac R of Mo let ext g 4s„ 1938 F-A
2d extended gold 5s
1938 J - J
1951 J
1951 J
Oct '17
92%
94
58% Sale
General 4s
Missouri Pac 1st
92
1st gold
74
78%
96
85
9934
J
Dec '17
108% Jan '17
105% Aug '17
70
76%
87%
96%
J
-
75
9212 Sale
90
refunding 5«
...1923
refunding 5a ......1926
refunding 5s
1905
92
-
76
1st A
Sept* 17
Sept'1-7
J
1951 J
3*48—
Registered
Sher 8b A So 1st gu g 5s.. 1942 J -D
Texas A Okla 1st gu g 68—1943 M- S
Missouri Pacific (reorg Co)
*82% "8884
90% Apr '17
59% Nov'17
1945 M- S
Nov'16
80
M K A Okla 1st guar 5s.. 1942 M-N
M K A T of T 1st gu g 58.1942 M- S
40-year gold loan 4s
'14
82% Aug'17
88
m
im
87%
99%
65%
.2004 M- 6
Dall A Waco 1st gu g 58—1940 M-N
Kan City A Pao 1st g 4s_.1990 F-A
Mo K A E 1st gu g 5s
1942 A-O
1st A
6934 Dec '16
1944 M-N
refunding 4s
Gen sinking fund 4Hs._.1936 J.J
8t Louis Dlv 1st ref g 4s__2001 A-O
1st A
10934 Aug '16
91%
....
67%
80%
80% Dec *17
108% Jan *17
J
-
01990 F-A
Dec '17
Aug *17
J
Extended 1st gold 3*4s...1951
Registered
.1951
2d gold 4s
87
91
J
1990 J -P
gold 4s
111
118
Dec '17
56%
Missouri Kansas A Texas—
June'16
Registered
•
MStPAS8Moong4elntgu_]938
91% 99
87% 101%
91% Dec '17
87% Deo '17
100
...
75
49%
gu
"69%
99% 113
-
Illinois Central 1st gold 4s_.1951
56%
85% June'16
96
"81% "II
96
85
'17
106
-D
4s—1935 J - J
Iowa Central 1st gold 5s„ 1938 J -D
Refunding gold 4s
1951 M- 8
Des M A Ft D 1st
,
Deo '17
98
Sept'17
Aug '17
104% Feb '17
81% 90% Apr '17
98%
98% 112
91%
1977 M- S
f g 5s. 1925 J
1st consol gold 5s
1934 M-N
1st A refunding gold 4s... 1949 M- S
Ref A ext 50-yr 6s Ser A—1902 Q- F
85%
85%
s
1st gold 7s_—
......1927 J -D
Pacific Ext 1st gold 6s
1921 A-O
28%
102
Aug'10
56% Oct
87
81
60
28%
June'12
85
81
Minneapolis A St Louis—
Nov'11
92
95%
-
A-O
Midland Term—1st
108
97
Nov'17
95
-
Col A H V 1st ext g 4s...1948
Stamped guaranteed
108
97
cons gu
'11
—
Manila RR—Sou lines 4s...1930 M-N
Mex Interaat 1st cons g 4s_.1977 M- S
106% 108
J
J
Col A Tol 1st ext 4s
1965 F - A
Houston Belt A Term 1st 5s. 1937 J - J
50-year 5s. 1063 A-O
L A Jeff Bdge Co gu g 4s_..1945 M- 8
100%
'17
1999 J
4 *4 s_ 1999
cons g
74
85% June'17
Feb
Registered
Gen
102% 106%
101
102%
100% Dec '06
74
Nov'17
108
83
Pensac A Atl 1st gu g 08—1921 F-A
8 A N Ala cons gu g 5s...1930 F-A
100
100
28% Jan '17
Registered
Gulf A S 11st ref A t g 5s..61952
108%
Jan
97
70
Registered
1
51952 Q- J
N Fla A S 1st gu g 5s
1937 F-A
N A C Bdge gen gu g 4Ha. 1945 J - J
109
110% 1123s
102% July'17
-D
s
LAN AM A M 1st g 4 Ha 1945 M- S
L A N-South M Joint 4s.. 1952 J - J
109
85
60
50
90
Jan
103% Apr *17
96% Aug '17
93% 100
Aug '16
104%
85%
88
85%
85%
106% 109% 108% Dec '17
102% May'17
97%
84% 84%
84%
96% Jan '17
IIII "99" 100% July'17
103% July'17
99%
69%
f g 6s.. 1931 M- S
Kentucky Central gold 4a_1987 J - J
Lex A East 1st 50-yr 5s gu 1905 A-O
84
94
74
Reduced to gold
Debenture ctfs "B"
68%
68%
37i2
41%
108
J
...1933 J 4*48.1933 J - J
1933 J - J
Mont ext 1st gold 4s...1937 J -D
Registered
1937 J -D
Pacific ext guar 4s £...1940 J - J
® Minn Nor Dlv 1st
g 48.1948 A-O
Minn Union 1st g 6s
1922 J - J
Mont C 1st gu g 6s
1937 J - J
Registered
.1937 J - J
1st guar gold 5s
1937 J - J
Will A S F 1st gold 6s—1938 J -D
Green Bay A W deb ctfs "A"
Feb
37
103
June'17
100
J
-
95
100%
Hender Bdge 1st
103
9314 102% Mar'17
74
74
Sale
J
1933 J
.1933 J
Registered
95
90
106% 100%
100% Jan *17
103
July'17
103% 10334 Aug '17
110% Nov'17
99% 109
103
1930 J
Atl Knox A Nor 1st g 58—1946 J
8884 Sept'17
"95 " "90'
"47% "73%
July'17
99% Oct '06
89
May'17
95% Feb *17
77% Nov'17
79% Oot *17
74
IIII
Feb '17
90
83
St Louis Dlv 1st gold 08.. 1921 M- S
2d gold 3s
..1980 M- 8
Atl Knox A Cln Dlv 4s... 1955 M-N
87%
June'16
73
82%
47
Terminal 1st gold 5s... 1943
Mid Of N J 1st ext 5s
1940
: •
239
48
Susq A W 1st ref 58.1937
2d gold 4Ha
General gold 6s
66
85%
84
Paducah A Mem Dlv 4s. .1946 F -A
10
39
6s
1935
gu6s.l922
L Cln A Lex gold 4 Ha—-1931 M-N
N O A M 1st gold 6s
1930 J - J
2d gold 0a
42%
g
99
84
D<50 '16
47%
5334
J
-
Registered
9434 Nov'15
107% Deo '16
66
1940 J
1940 J - J
Collateral trust gold 5s... 1931 M-N
E H A Nash 1st g 6s
1919 J -D
97% 100%
99% 102%
91%
1937 M-N
5s
Unified gold 4s
9812
37%
Dock A Impt 1st ext 6s.. 1943
NY A Green L gu g 6s..1940
Gold
99% 109-2
98% 99%
Sale
Long Dock consol
Nor Sb B 1st con g gu 5s.ol932 Q- J
Louisiana A Ark 1st g 5s... 1927 M- S
Louisville A Nashv gen 6s..1930 J -D
104
104
Jan '17
99% Dec '17
Sale
f 6a.. 1957
104
94% June'16
IIII "78 ~
N YB AM B 1stoong58.1935 A-O
N Y A R B 1st gold 58
1927 M- S
"94 " "94~
104
99
Sale
s
93
90
*13
Oot
Apr '17
100% Sept'17
98%
...1934 J -D
20-year p m deb 5s
1937 M-N
Guar refunding gold 4s.-.1949 M- S
Registered
1949 M- S
98%
105
75
Debenture gold 5s
74%
105% Mar '08
53
Erie A Jersey 1st s f 6a... 1955
Unified gold 4s
84%
9934 105%
NoV17
90
94
74%
1949 M- 8
38
84
Aug'17
87
1932 J -D
67%
Deo *16
84
103% Aug '17
105
M- 8
1922
49
98%
No.
Mar'17
—
38
18
47
Oenessee River 1st
Hocking Val 1st
50
113
102
1945 M- S
Registered
1945 M- S
Longlsld 1st cons gold 5s..A1931 Q- J
1st consol gold 4s
M931 Q- J
General gold 4s
1938 J -D
Gold 4s
47
Series D...1953
Chic A Erie 1st gold 6s... 1982
Clev A Mahon Vail g 5s. .1938
J
Ferry gold 4 Ha
67% Nov'17
49
High
101% Deo '17
J
-
Ask Low
J
-
1st lnt reduced to 4b
Aug "17
1953 A-O
SeriesB
conv 4s
-
1933 J
..1933 J
Registered
75% July'16
72
92%
Registered
37
82
7112
N Y
52%
98% Mar'17
1947 M-N
Coal A RR let cur
48
61% Apr *11
38
July'17
1919 M- S
..1923 M- 8
1920 A-O
6th ext gold 4s
1928 J -D
IVYLEAWlstgfd 7s._ 1920 M- S
Erie 1st cons g 4s prior...1996 J - J
Registered
...1990 J - J
1st consol gen lien g 48.1996 J * J
Registered
1996 J - J
Penn coll trust gold 48..1951 F - A
60-year conv 4s Series A1953 A-O
do
"62% "86 "
69%
1920 M- S
3d ext gold 4Hs
4th ext gold 6s
74
67
69%
73
52'2 Sale
Leb Val Coal Co 1st gu g 5a. 1933 J
or
101% 112
Leb A N Y 1st guar g 4s
62%
Sale
M- N
J -D
1937 A-O
1937 A-O
99%
6913 Sale
1995 J -D
Gold 4s
Det Riv Tun—Ter Tun 4 He 1961
Dal Mlssabe A Nor gen 6a. .1941
85
Week's
Range
Last Sale
100
1941 A-O
Registered
89% 107
69
893$
Deo '17
77
J
-
95% 101%
looig 105% 112% Dec '16
J
-
Bio Gr West 1st gold 4a—1939
Gen
Bid
Leh V Term Ry 1st gug6s__ 1941 A-O
let A rel 4a
10-year
Price
Friday
Dec. 28.
Week ending Deo. 28.
Delaware <fc Hudson—
let lien equip g 4Ha
2531
Record—Continued—Page 2
F-A
2000 M-N
1923 A-O
0 Due Oot
»
Nov'16
63%
*68% IIII
"of" IIII
Option sale
94
Mar'16
89% Feb *16
80
May'17
101
June'17
19
....
2532
New York Bond
BONDS
Price
N. Y. STOCK EXCHANGE
Week ending Deo. 23.
Dec. 28.
Week's
Fridav
N Y Cent 4 H R RR (Coo.)—
Bid
N Y A Pu 1st cons gu g 4a 1993 A-O
65%
Pine Creek reg guar 08... 1932 J -D
R WAO con let ext 5s..61922 A-O
Range
Ask Lore
R W A O T R 1st gu g 68.. 1918 m-n
J
-
J
J
73%
Sale
July'17
J
-
87%
82%
83%
29
96%
83%
103
69% Aug'17
105
July'16
78
-
J
80
103%
.87
90
99%
66%
20-year debenture 48... 1929 A-O
If Y Chic A 8t L lat
g 48. .1937 A-O
Registered
1937 A-O
Debenture 4a
Registered
2361 J
„
Sale
J
-
80
J
78
Sale
NY Connect lat gu
4Ha A.. 1953 F-A
N Y N H A Hartford—
Non-con v deben 4a
Non-conv deben 3Ma
82
91%
95%
Consol gold 4s
79
94
75
93%
'17
100% 100%
98% 100%
90%
99%
66
50
Oct
'17
Refunding
50
60
Atl Blrm
1956 J
46
J
-
1946 J
-
-
B A N Y Air Line
lat 4a... 1966 F
Cent New Eng lat gu 4a.. 1961 J
-
68
75%
46
Oct
80
110%
79
'12
79% Apr '16
63
J
mi "74%
74
87
Sale
43
-
77%
-
43
•
37%. 75%
Aug '09
Sept'17
70
70
67
57
67
68
83% Feb *14
65%
64%
64%
92% June'12
64%
65
79
77" "so"
64%
...-
A
1941 M-N
87
Nor! A Weat gen gold 6a
1931 M- A
65
75% Oct *17
96% Aug '17
107% Dec '17
100
Improvement A
ext g
6a.. 1934 F
-
A
102
122
1932 A
-
O
100
Reglatered
74
83% Sale
48—1996 A-O
1998 A
O
"78~ *88~
103" mi
107% 122
107% 107%
80
105
105
D
83%
J
Paciflo Coast Co 1st g 5a
Paducab A Ills 1st a
4Ms
Alleg Val
gen guar g
Q
F
83
Q-M
J
-
J
J
-
J
J 03% Sept' 17
Oct
90
95
Apr '17
99% 100% Feb '17
99% July'17
M- S
96%
101% July'17
M-N
85
-
-
88
88
96%
95%
97
86%
87%
87*2 Sale
.80%
89%
A
~82% nil
92
96%
.
Series C3Ms
1948 M-N
1950 F-A
J
-
J
Series C
1940 J - J
GrR&Iex 1st gu g 4M3.1941 J - J
Ohio Connect 1st gu 4s...1943 M- S
Pitts Y & Ash 1st cons 58.1927 M- N
Tol W V & O gu 4Ms A..1931 J - J
Series B 4 Ms
1933 J - J
1942 M- S
A. .1940 A
-
O
1942 A-O
1942 M N
Series D 4s guar
1945 M- N
Series E 3 Ms guar gold. 1949 F-A
Series Fguar 4s gold...
1953 J -O
•No price Friday; latest bid and asked,
89i2 Nov'17
84% Sep '16
Aug '17
Jan
97%
97
97
94%
94% Nov'17
87
Feb *17
81
Aug '17
"8l"%
68%
81% July'17
87% Deo "16
68%
81%
"89%
70
80%
71%
71%
Apr '17
90% July'12
89
Mar'17
93
May'14
May'10
98% Apr '17
90%
91%
110%
103% 103%
88%
"88"%
i09% iio%
73% 87%
93% 99%
99% 101
99% 99%
101% 102%
90
99%
-
J
-
78
98
75
92
92
Dec '17
88% Sept'17
'99%
92
99%
92
99
99
85%
95
~
85%
Due Jan.
Nov'17
92
June'17
95% Oct *16
89% Oct '17
95% May'17
b Due Feb.
98%
"92" 100*
78
80
66
99%
95% 102%
9434 102%
87
87
80
81%
89
8634
81%
" "97"
80
93
84% 91
96% 100%
9234 102
89%
88
88
"99" ~99~
cMay.
9834
99%
88%
88%
92
108%
91% 101%
99
99%
*89% ~96 ~
95%
95%
a Due June.
88
58
60
"16
58
72
57
58
8
54
71%
98% Jan
"59" "eo"
59
J
-
78
69%
949 F-A
75
J
77
80
J
96%
99%
80
J
92
J
83
-
97
102
Sept'17
97
Oct
95
102%
100%
Sale
71
71
88% Sale
78
78%
90%
88
"7412
"90"
104
937 J
994 J
-
J
994 J
-
938 M- f
4Ms-6s... 996 J
Atl A Danv 1st
g 4s
2d 4s.....
J
-
918 J
Ala Gt Sou 1st cons A
5a_.
Atl A Char A L 1st A
4Mb
1st. 30-yr 6s ser B
J
-
951 J
J
-
944 J
944 J
J
...
Ga Midland 1st 3s
Ga Pac Ry 1st
g 6s
Knox A Ohio 1st g 8a
Mob A Bir prior lien
92
80
Sale
61% Sale
62
77%
90%
94
100% Aug '16
56%
62
79%
23
13
495
Oct
'17
58
85
66
IIII *85 ~
J
~91% "09%
93
-
Mortgage gold 4s
Rich A Dan deb 5s
stmpd.
Rich A Meek 1st
gu 4s
So Car A Ga 1st g 5s
945 J
-
J
927 A
-
O
90
919 M-N
Virginia Mid
D 4-5s._.
921 M-
....
1931 M-
O
A
J
-
J
64
65
70
Sept'16
Sept'17
73
8ep '12
97
Dec '17
"95" "99"
100%
92
100
Deo *17
80
102
70
50
Deo *17
50
64
93
89
Apr '17
89
89%
90
104%
99%
'
"90" *99%
91%
Mar'17
95
96
Sept'17
93% 101%
94% 102
82% 88»2
82%
July'17
90
Jan
'17
100
90
Feb '17
87
90
70
Nov'17
70
50
91% Dec '17
52
Aug '17
9184
97%
52
62
80
45
100
92
80%
91
65
77% Nov'17
77%
83%
Sale
W
4.^
80
42
60
Apr '17
80
87%
100%
95
90
Nov'17
90
63
58
Sept'17
68
58
85
100
87% Sale
86%
88
91
30
June'17
90
J
84% Sale
83
84%
"7
B
78% Sale
77%
78%
13
Ore RR A Nav con g 4s..1946 J -D
Ore Short Line 1st g 6s..ri922 F-A
79% Sale
79%
79%
1
102%
102%
3
lat consol g 5s
4s
Utah A Nor gold 5s
1st extended Is
cons g
4s Ser A
Consol 4a Series B
July. * Due Aug.
1946 J
-
J
103% 104
95
100
1929 J
-
8334 Sale
1926 J
-
86%
92
1933 J
1955 F
_
1957 M- N
0 Due Oct.
84
18% Mar'06
IIII ~87~
86
-
93%
95% 100
Nov'17
96% 100
947 J
-
106%
90%
93%
106% Nov'04
J
950 A-O
83
105
93% Mar'17
82% Sale
J
917 F- A
Tor Ham A Buff 1st
g 4s..i 940 J - D
Ulster A Del 1st con g 6s
928 J -D
1st refund g 4s
952 A - O
Union Pacific 1st g 4s
947 J
Oct '17
93%
95%
93%
94%
82%
95%
95
90
J
-
97% 108
Mar'17
Feb *17
90
....
935 J -D
-
97% Nov'17
91
95
935 A-O
917 J
10434
101%
105
78%
La Dlv B L 1st g 5s
1931 J - J
W Mln W A N W
1st gu 6e 930 F-A
925 J
97"
72%
70
40
-
70" "74"
100
102% June'11
103% Aug '10
104% Dec '16
_j2000 Mar
927 J
101% 107
109%
May* 17
83
O
105
102
106
100
A-O
2d 20-year 5s
Tol P A W 1st gold 4s
95
May'17
72
58
.2000 J -D
J
84
75" "75*
96% Dec '17
—4 103
J
-
Feb *17
65
95
.1936 M-N
927 J
96%
103%
108
8
-
83%
101%
926 M- B
F
89
92
S
A
12
'17
99
948 M- N
-
90
Dec *17
101% 103
102% 103% June'17
J
......
84
'98% "98%
July'17
"51" IIII
945 J
<?2008 M-
78%
101%
99
g 5s.
conv 4s
10234
92% Dec '17
S
Va A So'w'n 1st
gu 5s. .2003 J - J
1st consSO-year
6a...
.1958 A-O
W O A W 1st
cy gu 4s
1924 F - A
89
75
100
1st A ref 4s
89
*5634 *77'"
Dec '17
102% Sep '16
98% Apr '17
90
July'17
8934
"77" "95"
81% Mar'16
-
-
77%
80
930 J
990 A
"93% ~96~
Nov'17
Nov'16
Dec '17
100
General gold 5s
Kan AM 1st gu g 4s
80
63
956 M- N
-
102% 102%
90% 101%
93% Aug '17
mZmm
J
935 J
102% Oct '17
90%
90%
85
J
Tol A O C 1st gu 6s
Western Dlv 1st g 5s
100
67
O
g 5s
96%
100% 100%
100%
Dec '17
'16
68
J
Tex A Pac 1st gold 5s
2d gold lnc 6s
Oct '17
83% Jan
-
Ter A of St L 1st
g 4Ms___. 939
1st con gold 5s
1894- 944
Gen refund sfg
953
4s..
St L M Bridge Ter
1930
gu
91%
Jan
75
-
955 J
102%
103" 106%
Dec '16
Sale
946 A-O
5s...
"99%
90
71
94% 104
80%
64%
-
g
98%
'16
95
-
...
102
107% Sept'16
88%
925 J
Series E 5s
96%
76
922 J
Series F 5s
Oct
70
949 A
938 M-
87%
95
90
948 J
Con 1st gold 6s
E Ten red lien
g5s
70
100
Aug '17
J
-
"84% "91%
'17
J
-
948 J
Atl A Yad lat
g guar 4s...
ETVftA Qa Dlv g 5s
92%
90%
98
943 J -D
-
104%
93%
109% Nov'15
J
956 A-O
'17
Dec '17
Oct
100% 101%
96% 105% 100%
100% 104% 100%
105% 105
94
J
-
Oct
70
IIII
7734 Sale
Bt Louis dlv 1st
g 4a_,
Ala Cen 1st g 6s
78
103% Aug '17
91% Oct '17
95
85
J
6a
85
24
100
-
......
388
100% Jan '16
99% Apr *17
95
956 J
Registered
88%
78%
78
95
J
Develop A gen 4a Ser a...
Mob A Ohio coll tr
g 4s
Mem Dlv 1st g
85%
88
87% Sept'16
97
J
cona g
66
73
100
O
So Pac RR 1st ref 4s
13
~56
101
-
gold 5s...
927 J
937 M- N
71
Feb *14
88
75%
*17
77
90
A
938 A-O
Aug '17
73
"77" Sale"
J
88
99%
97
D
-
80
99%
Dec '15
95
949 J
920 J
68
95
929 M- S
-
87
103% Dec '16
90%
-D
949 F
'17
70%
86%
97
J
-
Oct
42%
53%
9
100%
J
-
169
53%
Mar'17
99% June'17
101
J
-
55
87
-
-
59" "64%
100% 100%
78
82%
70%
82%
70% Dec '17
53%
-
"20
May'17
45
5334 Sale
53% Sale
933 M- 8
'14
59
100% Feb '17
IIII "n"
-
A Due
65
Sale
-
Vandalia
80
57
Sale
950 A
refund
90
64%
57
943 J
Guar
79%
60
Tex A N O
20-year
92
*"3
65%
57
90
60
J
1st gold 0s
No of Cal guar g 5s
Ore A Cal 1st guar
g 5s
So Pac of Cal—Gu
g 5s.
So Pac Coast 1st
gu 4s g__
San Fran Terml 1st
4s...
Registered
98%
65%
July'17
88
%
90
101% 111%
-D
Tol St L A W pr lien g
3Ma.
50-year gold la
Coll tr 4s g Ser A
88%
11
-
H A T C 1st g 5s Int
gu... 937 J - J
Gen gold 4s Int
921 A-O
guar
Waco A N W dlv 1st
•30 M-N
g 8
A A N W 1st
gu g 5s
941 J - J
Louisiana West 1st 6a
921 J - J
Morgan's La A T 1st 7s.. 918 A-O
General 5s
68%
July'17
53
949 F-A
ser
Nov'17
60
934 J -D
5s
con
56
May'16
May'17
90
72
76
39
98% Oct '17
104
102*2 103
6834 Sale
*
Spokane Internat 1st
99%
71%
8834
54
101% 112
96% 104
90
J
-
325
101% Nov'17
J
70
101
95% 107%
104%
89% 97%
104
86
86
93
82
a
96% Feb *12
90% Oct '12
88% Feb *17
99
61
102
Deo '15
88
96%
88%
Oct *17
104
"80% IIII
85%
Dec *17
86
96% May'17
92% Deo '17
92%
92%
88%
Aug *17
80
"8734
"91%
88%
89
57
92%
96%
92%
09%
67%
91%
'93
70
68%
83
88
99% Mar'17
_
Series D 3 Ms
88
92
102
J
CI & Mar 1st gug4Ms._.1935 M-N
CI A P gen gu 4Ms ser A.1942 J - J
Series
1942 A-O
Int reduced to 3
Ms. 1942 A-O
Nov*17
86%
A
J -D
-
90
95%
M-N
F
88
80
'16
79%
87%
J
-
Guar 3M3 coll trust BerB.
1941 F-A
Guar 3Ms trust ctfs
C...1942 J - D
Guar 3Ms trust ctfs D... 1944
J -D
Guar 15-25-year gold 4s. .1931
A-O
40-year guar 4s ctfs Ser E 1952 M - N
Cln Leb & Nor gu 4s
g.._1942 M-N
107
88% Mar'17
61
78
36% Dec '16
103% 109% 110% Oct '17
65
72%
73%
73%
63%
M-N
1921 J
Series B guar
Series C guar
'17
59
"92% nil
-
Registered
1921 J - J
Guar 3 Ms coll trust
reg A. 1937 M- S
PCC&StLgu4Ms
Oct
59
79
42
52%
Pennsylvania Co—
Series C 4s
83%
A
F
-
J -D
..1936 F
Erle&PIttsgug3MsB..1940
Nov'17
D
Pbila Bait & W 1st
g 4s. .1943 M- N
Sodus Bay & Sou 1st
g 5s. 1924 J - J
Sunbury & Lewis 1st g 48.1936 J - J
U N J RR & Can
gen 4s
1944 M - 8
Guar 1st gold 4Mb.
94
A
4s...1942 M- S
DRRRAB'gelstgu4sg
135
84
82%
"58%. "58%
1946 J -D
1.1965
105
Sept'16
-
f4M8..1955 J
Pennsylvania RR 1st g 4s.. 1923
Consol gold 5s
1919
Consol gold 4s.—...
1943
Consol gold 4s
1948
Consol 4M9
..I960
General
81
83% Sale
Dec '17
Dec '17
61% June'17
68% 89% 91% May'17
102
102
104% 102
.
_
78% "93%
118% 134
117% 138%
79
85
-
Bt Paul-Duluth Dlv g 4a.
1998 J
8t P A N P gen
gold 6s...1923 F
Registered certificates. 1923
Bt Paul A Dulutb lat
6a_. 1931
lat consol gold 4a
1968
Wash Cent 1st gold 4a
1948
Nor Pao Term Co 1st
g 68—1933
Oregon-Wash let A ref 4a.—1961
Nov'17
84
97%
ScloV
82
97%
103
-
-
ANElatgug4a.. 1989 M-N
Nor Pacific prior Den g
4b_..1997 Q f J
Registered
1997 Q - J
General Den gold 3s
a2047 Q - F
Registered
a2047 Q - F
J
J
Through St L 1st gu 4a. 954 A-O
G H A S'A M 4 P 1st
931 M-N
£s
2d exten 5s guar
931 J - J
Gila V G A N 1st gu
g 6s__ 924 M-N
Hous E A W T 1st
g 58... 933 M-N
1st guar 5s red
933 M-N
Southern—1st
123% Mfty'17
117% May'17
Pocab C A C Joint 4s__.1941 J
O C A T lat guar
gold 5a.. 1922 J
291
101
g
conv 4s
conv
..
94% Dec '16
J
-
82%
Nov'16
10-25-yearconv4a
1932 J -D
10-20-year oonv 4a
1932 M- S
10-26-year conv 4MB—.1938 M- S
Dlv'l 1st Den A gen
g 4a. 1944 J
83
96% 101
107% Oct '17
83%
83%
New River lat gold 6a
oona g
Mar'17
90
____
NorfASou lat gold 5a
N A W Ry lat
49
48% Sale
J
-
Mort guar gold
3MS--* 929 J -D
45
80
J
-
39
Oct
J
con g 4a
949 J
Fla Cent A Pen 1st
918 J
g 5s
1st land gr ext
g 5s
930
Consol gold 5s
943
Ga A Ala Ry 1st con
5a..o 945
Ga Car A No 1st
gu g 5s.. 929
Seab A Roan 1st 5a
926 J
Southern Pacific Co-
Registered
Apr *16
99% Deo '14
60
01992 M- 8
Registered S5.000 only..?1992 M- 8
General4a
1965 J -D
Norfolk Sou 1st A ref A 58—1961 F
g 4s__e
Cent Pac 1st ref gu g 4a
70
Providence Secur deb 4s.. 1957 M-N
Prov A Springfield let 68.1922 J - J
Providence Term lat 4s... 1966 M- B
-
30-yr 1st
78%
107
J
W A Con East lat 4
Ma—.1943 J
N Y O A W ref lat g 4e
238
959 A-O
74
J
-
0
20-year
20-year
July'14
Aug'13
40
97
82
53%
63%
9
62
58% Sale
950 A-O
>_
4s
92
88%
Boston Terminal 1st 4a... 1939 A-O
1945 J
71
54
950 A-O
79%
Apr '17
83
O
1945 J
68
Sale
Car Cent 1st
105% May'15
J
cy 6a..1918 M-N
New England cona 68
Consol 4a..
58%
Sale
919 J
Registered
77% Aug '17
79% Dec '17
1930 M- S
-
53%
71
62
Gold 4s (Cent Pac
coll)..* 949 J
Houeatonlc R cona g 6a... 1937 M-N
Naugatuck RR 1st 4a.._.1954 M-N
N Y Prov A Boston
4a...1942 A
NYW'cheeAB latser I4M8'46 J
N H A Derby cona
J
J
...
19
'17
91% Jan
64
50
82
60
A
-
52%
54
Dec '17
80
A
Non-conv deben 4a
1954 J - J
Non-conv deben 4a..-.1956 J - J
Non-conv deben 4s.... 1955 A-O
Non-conv deben 4a
1956 J - J
Harlem R-Pt Cbes let 4a. 1954 M-N
Hartford St Ry lat 4a
Sale
82
J
1930 F
52%
56%
Sept'17
56% Nov'17
-
947 J -D
943 J - J
gu g 5a.
Adjustment 5a
Sept'17
50
64
80
60
60
952 J
Seaboard Air Line g 4s
Gold 4s stamped
56
62% NoV17
97%
96%
95
932 J
Gray's Pt Ter 1st
1947 M- S
Non-conv deben 3Ma..-.1954 A-O
Non-con v deben 4a
1955 J - J
Non-conv deben 4s
1966 M-N
Conv debenture 3 Hb
Oonv debenture 6a
Oona Ry non-conv 4a
Dec '17
A -O
989 M-N
S A A A Pass 1st
gu g 4a
8 F A N P 1st sk fd
g 5a
1947 M- 8
65
60
929 A-O
1st terml A unlf 5s
78
65%
109
97%
80%
88%
"45
83
80
60
J
-
ctfs.p 989 J
89
78
98
88% Oct '17
83
7734
42
98
81
75%
81%
96
65
42
Feb '17
98
"83 " Safe
J
K C A M It A B 1st
gu 5s.
Bt L 8 W 1st g 4s bond
ctfs..
2d g 48 Income bond
82%
Dec '17
42
100
77%
97% Dec '17
Southw Dlv lat g 5a... 947 A-O
K C Ft 8 A ,M cons
g 6a._ 928 M-N
K C Ft 8 A M
Ry ref g 4s_ 936 A-O
84%
62%
98% July'17
90% Nov'17
87
79%
86
32
Nov' 17
100% Jan
J
-
66
98%
J
-
Cum adjust ser A 6a
A1955
Income series A 6s
A1960
St Louis A San Fran
gen 6s. 931
General gold 5a
931
8t L A S F RR cons
g 4a_. 996
79
74
65%
100
SO
79%
85% Nov'17
■
62% Oct '17
"III "60%
NYC Lines eq tr 5a.. 1916-22 M-N
Equip trust4^8.. 1917-1925
79%
80%
Nov'17
82
85
J
-
81
80%
...1931 M-N
Weat Shore lat 4a guar...2361 J
79% July'17
75
82
80" "84%
-
St Jos A Or Isl let
g 4s.....1947 J
St Louis A San Fran
(reorg Co)—
Prior Lien ser A 4s
1950 J
Prior lien ser B 6a
1950 J
June'OS
.1952 M-N
1997 J
High
90%
97
92% 103%
100% 103%
Mar'ie
Sale
—.
Low
June'17
87
Jersey Central coll g 4s
1951 A-O
Atlantic City guar 4s g_..1951
J
Feb '14
3J4a.^.l951 M- S
99%
Nov'17
J
gold 4a
1997 J
gen
Reglatered
123% Mar'12
85
Reading Co
87
97%
J
-
;
J LA S lat gold
lat gold 3^a
73%
78
82
1
104% Dec '15
103
May'17
130% Jan '09
99%
101%
100
80
No
High
Dec '17
2d
-
83%
83%
83
82%
83% Nov'17
Since
Jan. 1.
91
Nov'17
92% Oct '17
91
.
Philippine Ry 1st 30-yr s f 4a 1937
J
Pitta Sfa A L E 1st g 5a
1940 A-O
1st consol gold 5a
1943 J - J
Dec *17
78
Safe"
83
J
-
1940 J
1940 J
gold 4Mb
51921 M-N
Pere Marquette 1st Ser A 5a
1956
1st Serlea B 4a—..
1956
Nov'16
74
73%
....
Registered
70%
Nov'16
70
83%
Michigan Central 5a.....1931 m- s
Registered
..1931 q-m
4a
90
97% July'16
J
-
08.1918 J
g
80%
70%
June'09
97
89%
A-O
-
88%
C St L A P 1st cons
g 5s.
1932 A-O
Peoria A Pekln Un 1st 6s g_. 1921
Q- F
J
-
PittaMcK A Y lat gufia.. 1932 J
2d guaranteed 6a__....1934 J
"97" "
Range
or
Last Sale
Ask Low
85%
■S-o
Week's
Range
28.
Bid
..1957 M-N
4M8—.1903 F-A
cons gu
104%
98% 100%
92
70»2
m-n
J
Series I
Dec '17
103
....1931 m-n
...
McKees A B V lBt
97
101
.1928 M- S
25-year gold 4a.
P C C A St L (Con.)
Series O 4s guar
High
94
76%
98% Nov'17
80% Aug '17
70
...1997 / -D
Registered
1931
Ka A A O R lat gu c 5B...1938
Mahon C'l RR lat 5a
1934
Pitta A I. Erie 2d g 5s. ..<*1928
9814
J
1997 J -D
Registered
Debenture gold la
Low
Price
Fridav
Dec.
70% Apr '17
-
8t Lawr A Adir lat g 5a... 1996 J - J
2d gold 6s
1996 A-O
Utica A Blk Riv gu g 48.-1922 J - J
Lake Shore gold 3Hs
No.
High
76% Aug '17
May'15
67*8
con g 4H»— -1941 J
Og A L Chain let gu 4s gl948 J
Rut-Canada l8tgug4e_1949 J
If. Y. STOCK EXCHANGE
Week ending Dec.
28,
[vol. 105.
BONDS
Since
Jan. I.
113
93%
95%
Rutland 1st
Range
or
Last Sale
99%
.
Record—Continued—Page 3
96
Dec '17
82%
83%
98
98
Dec '17
100
90
"20
81%
76%
79%
98%
95%
95%
95
100% 108%
95% 108%
80% 94%
Apr *16
80-
81
81% Deo '17
80
92
81% June'17
v Due Nov. f Due Deo.
t
97%
98
81%
81%
92
Option sale.
92
Dec. 29 1917 ]
New York Bond
4K8--1934
Virginian 1st 5a Series A
1962
Wabash 1st gold 5a..-_—_1939
2d gold 59
1939
J - J
M-N
M-N
F -A
Ask Low
1939 J
Debenture Series B
1st lien equip a fd g 5a
1921
1st lien 50-yr g term 4a.__1954
82i2
M- S
J - J
- I
- J
A - O
Ml- 8
F - A
F - A
A - O
J - J
A-O
Nov
84
90
105
1941
lat 40-yr guar 4a
West Maryland lat g 4a
1945
Weat N Y dk Pa lat g 5s
Gen gold 4a..
1937
Income 5a
1941
1945
1952
1943
'
Western Pao lat
pl943
A 5s.1946 M
aer
Wheeling A L E lat
Wheel Dlv 1st gold 5a
1928 J
-
Exten A Irapt gold 5a
1930 F
-
Trust
co
ctfa of deposit
Street
S
J
78
80
74%
75%
76
73" ~77~
85
56
86
40
—
78%
Mar'17
36
mm —
Oct
Vo'4
100
100
Feb '17
tmmv
76
75
7314
7314
71
887s
83'4
Iuly'17
83%
91
J
70
74%
-
N
68%
75%
-
2002 J
5a... 1918 J
J
-
Bklyn Un El lat g 4-5S...1950 F
Stamped guar 4-5a._-_.I950 F
KlngB County E 1st g 4a__ 1949 F
8tamped guar 4a
1949 F
Naaaau Elec guar gold 4a. 1951 J
Chicago Rya lat 6a
1927 F
Conn Ry A L lat A refg 4^81951
J
81%
O
J
-
9234
May* 13
99% 101
89
8812
88i2
74%
-
82
82
Dec '17
82
-
J
84
Jan
15
14
14U Sale
Stamped tax-exempt
1990 A-O
Metropolitan Street Ry—
Bway A 7th Av lat o g 59.1943 J - D
81
Col A 9th Av lat gu g 68.. 1993)
Lex Av A P F lstgu g 58,.1993
Met W 8 El (Chic) 1st g 4a ..1938
MMF Mllw Elec Ry A Lt cona g 5s 1926 F Refunding A exten 4 K 9--1931 J Mlnneap St iBt cona g 5a.__ 1919 J -
S
8
A
A
98
Sale
m—m m
1942 J
-
flt Joa Ry L H A P lat g 5a..1937 M- N
St Paul City Cab cona g 5a..1937 J - J
Third Ave lat ref 4a.
I960 J a
1937 J
1st g 5a
73i2
76U
81's
94
81
94i2
99%
100'2 103
m
*9834 ~9834
89i2
m
mm
52
52
30
31%
m
m
59
90%
lOO
19212 10212
52
8034
27
73i2
102% Mar* 17
mm
31% Sale
m
97i2
*72'8 ~78%
95
Dec '17
90
108
92
Dec '17
92
101
J
82
Sept'17
&2
90
60
Aug *17
60
84
Got
*
-
«
60
*
"00"
58
60
635s
'08
mm
m
—
m
78%
58
Oct
5734
6U2
69%
60
June'17
50
63
30
80%
37
Sept'17
3D4
42
78
Dec '17
78
9312
'17
103
.Hudson Co Gaa 1st g 5a
.1949
Kan City (Mo) Qaa lat g 5a. 1922
Kings Co El LA Pg 5a
1937
Purchase money 6a
Convertible deb 6a
IIII
9912
7514
75«4
-
J
Lac Gas L of 9t L lat g 6a. .<1919
Q - F
Ref and ext 1st g .5a
...1934 A-O
Milwaukee Gaa L lat 4a
1927 M-N
WYGELHAPgfia
.1948 J
Purchase money g 4s.. ...1949 F
Ed Eleo III 1st cons g 5s. .1995 J
S Y &Q El L A P 1st con g 5a 1930 F
Pacific Q A El Co—Cal G A E
-
-
O
D
A
J
A
cona g
-
-
J
A
1949 M- 8
Pat A Paaaalc O A El 5a
fla.. 1943 A
-
O
Registered
1947 M- S
Oh G-L A Coke lat gu g 5s 1937 J - J
Con G Co of Cb 1st gu g 5al936 J - O
Conv deben gold 5s
-
Trenton G A El lat g 5a
97%
....
_
-
IIII "93
7178
9214 102
..1951 F-A
1944 A-O
6a.—.,
1951 F
90
82
....
98
90i2 95'8
96i8 103'2
105
June'17
105
June'17
110
110
70
Nov'17
76
89i4
N Y Air Brake 1st
conv
Latrobe Plant 1st af
Fnteroeean P lat
a
6a... 1921
f 5a
do
without warrant* attach
Stamped
_•
1930 J
U 8 Realty A I conv deb g 5a 1924 J
U S Rubber 10-yr col tr 0a._ 1918 J
lat A ref 6a aerlea A
1947 J
9712 105-34
7712 88
I0512 J05%
90i2 106
1950! J
-
Uttca Oae A Elec ref 5a
1957; J
-
J
1950 l
-
O
79:2
93%
'17
95
July'17
100
100
96
115
89% Oct *17
99
Sep '03
8978 102l2
Sept'17
*00"
Apr *17
100
89
Mar'17
89
92
94
94
July'17
94
101%
9778
99% Nov'15
87
Nov'17
—
-
93
102
97% 101
84
87%
98% 101%
July'17
983s Oct
103%
101%
"87*" *94%
9712 May'17
84
17
:::: "9912
....
96
102
100
40
59
76%
mm m
103
105%
mmm
Dec '17
mmm
'13
Oct
104
mmm
mmm
1
6
8
86%
2
111
mmm
95
•
9934 Dec'17
79%
99% 102
97% 100%
110; 129
80
104%
107% 128
89% 103
100
111
100
110%
98
m
102
-
...
90
92
04
mmm
94% Deo *17
99«4
"60%
1
m
103
91% Dec '17
....
81%
106%
mmm
Dec '17
99% June'17
78
95
mmm
103
99
100
Sale
96
96
"I
96
Sale
80
85 U
142
77
2
mmm
77%
81%
87
88
89%
90
46
-O
100
100% 100
75%
7534 Sale
96
Sale
O
J
O
A
95
96%
96
98
mm
98
18
428
76%
11
mmm
1
95
2
98
July'17
m
mmm
100
95
100
——
,101
94
mmm
Nov'17
,9434
96
91% Deo *17
90
99
88
95
8234 Aug '17
89
J
77
70
88% May'17
50
9434
99%
102
..J
77%
48
I
J
100% 104%
Deo '17
Sale
-
1922 J
West Electric lat 5a Dec
104% Dec '17
...
95
*
A
fla. 192fl
-
...
106%
8134
82%
93%
003s
49
64
99% 1043s
74
9284
0484 109
91% IOOS4
103
95
95% 10234
101%
100
.
Coal Iron & Steel
Beth Steel lat ext
20-year
p
a
f 5a. ....1926
J
J
N
1942 M
mA Imp a f 5a. 1936 J.J
Cababa C M Co 1st gu6s... 1922 J
Col F A I Co gen a 16a...... 1943 F
Col lodua lat A coll fla gu...1934 F
Cons Coal of Md latAref fla. 1950 J
1925 J
63
oonv
9734 Sale
9734
88
87
oonv
5s
O
-
-
77%
98
98" 101"%
mmmm
A
7334 Sale
80%
96
D
...»
.___
94
101
81% Deo '17
73
85
94%
m
mmm
91
mrnmrn
mmrn
81%
10
m
•
mm
mmm
„
mmm
Mar'16
mmm
82% Dec '17
mmm
72%
mmmm
97%
81
80
95
98%
98%
98%
98%
mm
~
m
—mmm
80
N
94
Sale
94
94
1
94
O
96
Sale
96
96
3
94% 101%
83% 107%
80%
95
82%
85% Sale
83%
85%
19
81% Sale
80%
81%
17
84% Sale
84%
84%
Repub I A S 10-30-yr 6a 0 f.1940 A-O
93
9334
93%
93»4
-
J
79
80
78% Deo '17
-
J
fla Series A
conv a
f 5sl936
Pocab Con Collier lat a f 58.1957 J
8t L Rock Mt A P 5s atmpd. 1955 J
Tenn Coal I A RR gen 5a.. 1951 J
S F
82
963s
93%
mmm
m
M- S
cons
76%
95
.1950 M- 8
1st
Mtdvale Steel A O
86% 102
mmm
74
Deo '17
98% Sept'17
98% Aug *17
03% 104
1910 A -O
111 Steel deb 4Ka
..
10-60-yr Safreg
-
J
,dl963 M-N
41963
M-N
Victor Fuel lat a 1 fla.
1953 J - J
Va Iron CoalACoke lc g fle. 1949 M- 8
Telegraph A Telephone
Telep A Tel ooll tr 4a
192« J
Am
Coovertlble
95
95
2
93%
05%
95»4
94
80
11
90
Dec *17
93
9534
101%
-
78
86
-
_
*
366
Deo '16
85%
94
103%
-
Dec '17
75
83
82%
«
Deo '17
97% Sale
-
J
97%
81
Sale
95
86
~
mmm
84%
95
1(13%
93% 107%
92% 107
mrn
*
m
*85
•
1933
M- fl
87
86
1946 J
-O
Cent Dlat Tel 1st 30-yr fla.. 1943 J
Dec '17
a
4a..2397 Q- J
Registered
...2397 Q- J
-
J
J
-
68%
89%
Metropol Tel A Tel lot 8 f fla 1918 M-N
Mich State Teleph 1st 5s... 1924 F - A
H Y A N J Telephone fla g..l920 M-N
N V Telep lat A gen a f 4X"-1939 M N
99%
mm
.
m
90
Fd and real eat g 4K«
1950 M-N
1941 M-N
Mut Un Tel gu ext 60
96
Aug '17
96
101
Northwest Tel gu 4KB S-.1934 J
1 105
Mar *17
102
106
90%
-
....
J
May. ff Due June, fl Due July. * Due Aug. 0 Due Oct. v
92%
-»•
92
92
89
101%
mmmrn
mm♦«
69
69
90
101%
99% 101%
...
86
101%
98
24
101%
858s 100%
91%
12
90
93
14
91% IOI84
'18
_
86%
91
Dec* 17
90
Nov'17
88%
101% 101% S«pt'17
94
106%
3
99% Dec *17
9034
91
Sale
101
'16
90%
92
90%
103
Arv
9284
86
86
mmm
90
86
J
85
98
80%
97% 103
July'17
90
86% Sale
J
101
69
Oct
J
«
*
Dec *17
-
-
47
Nov'17
86
-
•
—
90
73
98
-
Nov'17
99*4
91
«r
-
97% Deo '17
90%
86%
1938 J
Juno'17
~
....
97
1937 J
Pao Tel A Tel lat 6s.
Weat Union coll tr cur fla
m
73
82
89%
98%
mmmm
J
Keystone Telephone 1st 58—1935
80%
89% Sale
-O
30-yr temp ooll tr fla
Commercial Cable lat
61
Nov'17
86
1930 M- 8
4a
85
lateetbid and asked, a Due Jan. 4 Due April. # Due
Apr '17
Dec '14
....
O
Gr Rlv Coal A C lat g 08. —51919 A
91
5
41
July '17
91%
mmm—
95
82
1918 M- N
9784
96
A
O
-
6
88
76%
Sale
77% Sale
D
1932 J
«1926 M- rt
Buff A Susq Iron 0 X fla
101
J
91%
South Bell Tel A T lat 0 f 60 1941 J
92*4
92*4 Sept'17
lODs Nov'16
99
Aug '17
9712
9278
83i2
...
96
Comb TAT lat A gen 50... 1937 J
Dec '17
90
-
74
89% Nov'17
98%
O
conv
20-yr convertible 4 Ka
90
93
99%
95
100
A
Weat*h»gter L*g gold 5a
9012 101
82
89
J
-
90%
7934
88
99
104%
F
U 8 Smelt Ref A M
116'2
9012
9934
96%
95
J
V-Car Cham lat 15-yr 5s... 1923 J
Conv deb 68
<1924 A
Elk Horn Fuel lat
9812 Dec '17
—-
-
90
93*4
10312 10478
Jan
81
-
O
-
A
June*17
95
86
108
85%
90
103
85
J
Standard Milling lat 5a
1930 M N
The Texas Co conv deb 6a.. 1931 J - J
Union Bag A Paper lat 5S..1930 J - J
Elk Horn Coal
98
84
1931
A
100
J
Sinclair Oil A Refining—
lat « f 7a 1920 warr'nta attoh
Laekaw Steel lat g 6e...... 1923
*17
8634
Sale
M-N
85
91
Railway Steel Spring—
105%
mi "91
81%
•
M-N
1928
9 512 102%
90
8912
1930 J
.
95t2 Oct *17
Oct
.
A
1952
fla.
.......1952
78
85
111
92
85
1
*
95
..
103% 103
Nat Starch 20-yr deb 5a
National Tube lat 59
98% 104%
81
66%
66% Dec '17
68%
99% 100% 100
Dec '17
98
98
,98
Sale
110% 110% 110
110
105
Indiana Steel lat fla
Oct '17
95
102
6a A 1921
77
15
78% Aug'17
100
mmmm
101
con
9712 10218
90
mmm
A-O
Mexican Petrol Ltd
9712 Dec '17
98
77%
95
w
-
85% Mar'16
90
1st ilen A ref 6s aerlea C..1921 A - O
Nat Enam A 8tpg lat 5a...1929 J -D
M
100
9712
1932, M- 8
-
9212
Sale
-
104
100
A
f g 5a..
Debenture 5s
96*2 Aug " 17
95
United Fuel Gaa lstsf 0s..»1936:J
105's
*90 "
105% June'17
58.1933jM-N
1944 F
*92*
Dec *17
104% Apr '17
J
Utah Power A Lt 1st 5a
Uttca Eleo L A P 1st g 5s
9734
94%
88
D
1949 M-
Unlon Elec Lt A P lat g fla.
Refunding A extension
*
J ~D
Syracuse Light A Power 5a.. 1954 J
90
conv a
lat A ref 5a guar A.
110
A
1922 M- N
f 6s.. 1926 J
g 5a..l951
101%
90% Dec '16
105
Ind Nat Gas A OH 30-yr 6s 1936 M- N
Mu Fuel Gaa lat gu g 5a.. 1947 M- N
5s....1919 F
97
96'8 Dec '17
83t2
"73" HI.
-
m
...
*9812 i29*~
Feb *1.3
89
C0Q80I
101% 103U
9214
92 U
96
8512
1947 M- S
Refunding gold 5a
91
*16
Dec '17
95
.1952 M- S
1935 J - J
Int Agrlcul Corp lat 20-yr 5s 1932 M-N
Int Paper po lat con g 6a. ..1918 F - A
U S Steel Corp—leoup
Corp unifying A ref 5a... 1937 M- N
Pacific Q A E gen A ref 5a.. 1942 I
Pao Pow A Lt lat A ref 20-yr
5a International Series...1930 F
m
92l8 Nov'17
....
1942 F
#
97% Nov'17
97
-D
Ingeraoll-Raud lat 5a
83%
I',
->
May* 17
Westlngh'ae E A M notea5a. 1917
'17
100
O
8
-
100U
Aug '17
Oct
92
9134
9978
75i2
10012 100t2 May 15
-
-
1948 J
9912
102
90
2
Feb '15
101i2 Oct
1997 A
Jfewark Coo Gaa g 5a
7512
7512
97
4a. 1939 J -
~97~% 161"
97U Sept'17
100% Sale
10712
June'13
97
91
96
*17
Oct
54
J
1925 M
g
Sept'15
98
97
97%
94%
99%
119%
85
mm
94
94%
95
-
+
Mar'17
Dec *17
Gen Electric deb g 3 K«
Debenture 5a.....
-
•
99
81
90
119
»
Aug '17
90
"0O" "70"
Dec '17
58
mmm
93
Dec '17
99% IOOI4 100
74
71%
75
58
90i2
85
81
-D
Lorlllard Co (P) 7a..
72% July'17
90% Feb 17
95
July'17
99
Sale
94
77
85
E I du Pont Powder 4 Ks.._1936 J
General Baking lat 25-yr 0a. 1930 J
475s
87i4
15%
79
A
1935 J - J
Liggett A Myers Tobao 7s._1944 A-O
75
Deo '17
83% Apr *17
100
1934 M-N
-
Deo '17
77%
76%
1931 M-N
1951 F
7914
4712
71
Am Writ Paper lat a f 5s
1919 J - J
Baldw Loco Works lat 5a
1910 WI-N
Cent Foundry 1st a f 6s...1031 F - A
Cent Leather 20-year g 68—1925 A-O
Cousol Tobacco g 4a
Corn Prod Ref sfg5a
95
97
119
A
99»4
7134
77% Aug '17
1947 J -D
Gaa A Eleo Berg Co c g 5a..1949
Havana Elec conaol g 5a.„:_1952
-
119
95%
J
-
F
79
95
8
J -D
F - A
M-N
A-O
A-O
1951
99 *
Light
5a..1932 M
4a
May* 17
95
Detroit Edison fat coll tr 5a. 1933 J lat A ref 5a aer A
.A 1940 M- 8
Gold
Aug '17
9
— m
"
Nov'16
88% Nov'16
m
9914
95
-
— mm
Cuban-Am Sugar ooll tr 6s.. 1918 A-O
Distil Sec Cor conv lat g 5a. 1927 A -O
100
85
F
No priceFriday;
25i2
100i2
66
N
•
11
50
75
-
conv a
86I4
90
ConaGaaE LAP of Bait 5-yr5s*21 MDetroit City Gaa gold 5a...1923 J Detroit Gaa Co cone lat g 5a1918 F -
Syraouae Lighting lat
6712
~47% "*6914
76i4 100
17
58
Oolumbua Gaa lat gold 5a-1932 J
Conaol Gaa conv deb 0a_...1920 Q
Stand Gaa A El
92%
85
cona g 5a. 1945 M-N
Buffalo City Gaa lat g 5a.__ 1947 A - O
Ciocln Gaa A Eleo latAref 5a 1956 A - O
Columbia G A E lat 5a
1927 J
conv
104%
84
3
49
Bklyn Un Gaa 1st
Philadelphia Co
97
53
J
58.. 1949 4 - O
Atlanta Q L Co 1st g 5a
Peop Gaa A C lat
1
86%
O
St Louis Transit gu 5a. ...1924 A-O
United RRa San Fr a f 4a.__1927 A -O
Va Ry A Pow lat A ref 5a.-1934 J - J
con
9734
97
8434
-
United Rya Inv 5a Pitta laa.1920 M-N
United Rya 9t L lat g 4a
1934 J
Ed El 111 Bkn lat
82
97
S^e
185
15%
"08 ~
94%
103%
Sale
....
47-2
Iqo"
*28 "92"
95%
86
100
Sale
....
92
97
103
Sale
"
95% Sale
Am Sm A R 1st 30-yr 5a aer A d'47 'rn
Am Thread lat ooll tr 4a
1919 J
1013s
99
mm
92
mm
Industrial
79
86
75%
.1948
.
"75%
mm
104%
91*2 105
""57
98% Aug'17
97% July'17
mm
m'm
7
-
-
A
Conv deben 5a
Am Tobacco 40-yoar g 63... 1944 A-O
16
1960 A-O
Trl-Clty Ry A Lt lat a f 58..1923 A
Undergr of London 4Ks
1933 >
m
mm
'14
8!
1
26
48
30-year adj lnc 5a
al942 A-O
N Y State Rya lat cona
4Kb. 1962 M- N
Adj lnc 58
mm
87%
100
100% June'17
m
69%
4
Mar'14
mm
84
22
88
30
-
94%
84
92%
95
-
90
91
80
-
99
mmm
70%
103% Jan
*94%
87
82
Sept'17
A 1966 J
Portland Ry lat A ref 5a
1930 M- N
Portld Ry Lt A P lat ref 5a. 1942 F - A
Portland Gen Elec 1st 58.1935 J
June* 17
89%
*"l
91%
May 17
K8-1935 J
__
84
....
*17
90
80
93
'18
87
92
76% Dec '17
*88*"
75%
96% 103
92
95
mm
"73"
.
Sale
82%
mm
.
88
77
mm
-
90
85
mm
— m —
mmm
m
Nov'17
95
J
93%
mm'tlm
1928 A-O
1924 F - A
mmmm
76%
96%
105% Oct
9034
10034
Am Cot Oil debenture 5a... 1931 M-N
Am Hide A L latsf g fla
1919 M- 8
mmm —
New Orl Ry
N Y Rya lat R E A ref 4a.
81
81
Sale
Montreal Tram 1st A ref 5a. 1941 J
a f 5a
80
Nov'17
95
1945 M-N
lat 25-year a f 6a
8OI4
90
9734
1013s 101-%
'14
50
49
Dec *17
100
....
N
86
mm...
Aug'17
Am Ag Cbem lat c 5a
70
77%
83
cona g
O
73
73
J
-
87
3
•
June'16
—
91
Manufacturing
Aug *17
70i8
Bq G L N Y lat
-
Apr '14
94
~
89
87
*70
79
Electric
A
83
mm
— m—
87
8634
69
Manhat Ry (N Y) cons g 4a. 1990 A-O
and
-
•».«
mmm—
m
July'17
IOH4
A
J
A
5i<2
Q»«
J
23
...
86
00
87%
94% 199%
96% 10934
91% 102%
92
86
87
89
Eeb '17
g
O
89%
87
O
77i2
1957
(Chici let
-
Sale
-
Nor Statea Power 25-yr 5a A 1941 A-O
Ontario Power N F lat 58... 1943 F - A
73
89
51
Union Elev
87
101
83
m
'17
89% Oct
1*0114
July'17
100
Income 6a.
92
J
1932 A
91% Oct
*17
93%
88%
Sept'17
54i2 Sale
Third Ave Ry
a
96% Deo '17
95
mm
88%
87
94% Deo '17
94%
J
Niagara Falls Power lat 5a.. 1932 J
Sept'17
98
80
O
F
Oct
83
mm
Wilson A Co lat 25-yr a f 6a. 1941 A
80
73
N Y A Jersey 1st 5a
-.1932 F - A
interboro-Metrop coll 4KS.1956 A-O
tfuterboro Rap Tran lat 5a._196b J - J
gen 4
1951
87
82
90%
100% 118
87% Deo *17
80
"49i 2 Sale'
132
70
88%
May'17
78
*6712
96
18
72%
85
80
77%
-
101%
45
74
98
74
N
78
93% 1003s Feb *17
100i8 Apr '17
67%
Sale" 67'2
92
101
Sale
72%
75
_
_
....
69%
75
79^2
m m
101
72
A
1951 J f J
Det United lat cons g 4 K9- 1932 J
-J
FtSmlth Lt A Tr lat g 58—1936 M- 8
Hud A Manhat 5a 8er A
1957 F - A
k Lt
N Y Dock 50-yr 1st g 4s
mm
32
-
1932 J
m
Dec '17
76% 75
101% Sale
100%
101%
91% 92% Nov'17
71
A
55
93%
m
-
74
O
94
-
-
8634
Pub Serv Corp N J gen 58..1959 A
Tennessee Cop 1st conv 6a.. 1925 M
Wash Water Power 1st 5s .1939 J
'17
-
-
Aug '17
10178
Oct
89
89
87
Ontario Transmission 5a
94
89
98
75
101%
A
mm-m
81
Nov'17
90
36
-
----
94
Dec '17
75
77U
94
----
92
81
67
'17
Oct
91
92% Sale
J
4K<J
AdJuaMncome 5a
67
94
91
83
-
2.. I960 A
aer
Ref A gen 6s
81% 1015s
8U2 Nov'17
65
57
J
-
Q Co A 8 con gu g 5a._1941 M-N
Bklyn Q Co A 9 lac 5a
1941 J - J
Munlclp Ry lat
Mtge Bond (N Y) 4s
8812
84%
94%
-
82
85
85
81
-
Montana Power 1st 5a A.— 1943 J
Morris A Co 1st a f 4Ka
1939 J
May'17
85%
J
-
A
77
10-20-yr 58 series 3
60%
Bk
guar
4941
995s
76
July'17
21
81
84%
82%
Apr '17
f 5a..1940 M- N
a
Int Mercan Marine a f 6s
100
14
1928 M-N
Stamped
Great Falls Pow lat
77
76
85
7
Computing-Tab-Reo a f 6a.. 1941 J -J
Granby Cona M S A P con 0s A '28 M-N
9958
993s Mar'17
98%
J
gold 4a
conv
Bfc City lat con 4a.. 1916-1941
N Y
Chile Copper lO-yr conv 78.1923 M-N
Coll tr Aconv 63 8er A part pd A-O
do
A-O
do
full paid
10012 103
lOO'g Apr '17
14
18
85
Chic Un Stat'n lat gu 4 K3 A 1963 J
*78 " ~87%
98
4
18
J
-
85
'17
78
78
79%
1955 J
5a
8614
7534
99
10534
8514 86
20
IS
89
84i4
56
18
16
88
<534
IOOI4 Dec '17
72
High
64%
77
85
32
60
Low
64% Dec '17
1926 A-O
f 6a
s
Braden Cop M ooll tr a f 68.1931 F - A
Bush Terminal lat 4a—....1952 A-O
84i4
Dec '17
Sale
No.
High
65%
20
82% Sale
Bldga 5a guar tax ex
I960 A-O
Cerro de Pasco Copp cnv 6a 1925 M-N
Dej '17
85
60
Booth Fisheries dob
Consul
Aug '12
Apr '17
84% Jan '17
102
80
9912 l051-2
75
Jan. 1.
16%
-D
Nlag Lock A O Pow lat 5a.. 1954 M
5a. ,1945 A
g
6-year secured notea
Stamped
8
M-
Railway
Brooklyn Rapid Tran
lat refund
M-
101
99"" 100*4
-
4a.1949 J
gen
Sup A Dul dlv A term 1st 4a '36 M
100%
81
80
-
WiaCeut50-yr 1st
93
Sept'17
75
65%
...
Winston-Salem 8 B 1st 4a..I960 J
2
Ask Low
S
ft:
Miscellaneous
*16
80
mmm,m
J
A
Refunding 4%s aerlea A-.1966 M- S
RR lat conaol 4a
1949 M- S
M-
Range
Since
Range or
Last Sale
Bid
35
May'17
~80 ~
8
-
High
IOOI2
99% 8ept'17
2
Week's
Friday
Dec. 28.
r*
87
99
-4
1926 A-O
g 5a
95i2
Oct
Price
h
S
J; a.
35
78
98
Det&Ch Ext 1st g 5a
1941. J
Doa Moines Dlv lat g 4a__1939 J
Ocn Dlv lat g 3 Ka
Tol A Cb Dlv lat g 49
Wash Term! lat gu 3>4a
Week ending Deo. 28.
Low
No.
Dec '17
81
80
J
-
90
9312
95t2 Sale
N. Y. STOCK EXCHANGE
~~3S
Sept" 17
87
BONDS
Since
High
35
Sale
90
21
3
Range
or
Last Sale
23.
Bid
Vera Orux <fc P 1st gu
Range
Friday
Dec.
Week ending Deo. 28.
Jan. 1.
Week's
Price
BONDS
V. STOCK EXCHANGE
N.
2533
Record—Concluded—Page 4
Nov'16
,
...
.
•
..
102
103%
90
9934
101% 101%
|—
Due Nov. t Due Deo. lOptlonsale.
2534:
BOSTON STOCK EXCHANGE—Stock Record
SHARE
PRICES—NOT
PER
CENTUM
PRICES.
Sales
STOCtS
of the
Saturday
Monday
Dec. 22
Dec.
*121
Tuesday
24
Wednesday
Dec 25
Dec.
Thursday
26
Dec.
Friday
27
Dec.
*121
30
29
80
*75
17
17
Year
Shares
Lowest
Highest
18
27
29%
80
70*2
75
*80
17
18
20
20
«
27
126
126
122i2 123*2
29*2
30*4
39 Boston A Albany..
1,807 Boston Elevated
100
120
Deo 19
175
Jan
11
100
27
Dec 26
79
Jan
19
100
2,584 Boston A Maine
70% Dec 26
133
3334
—
21%
26
21i2
5
*150
*2
5
*83%
Dec 19
213
July 3
3
Nov'16
Boston A Wore Eleo
Aug'17
150
Dec'17
Last Sale 148
*83%
84
Nov'17
12
120
*100
120
*100
45
45
45
45
44
44
47
51
51
*115
117
*115
117
116
»
*80
to
mm
toV
83%
*
■
*80
"*r
6*2
*27
~*r
6*2
*80
*15
'
"*l
6*2
to toto
*85
20
*15
*79
83
*79
35
20
*15
*79
45
45
*....
*74
79
90*2
*89
89*2
*
*
1
"7*2
88
88
*60
*79%
*9*4
80
9%
9%
96*2
*96
97
*59
60
*10%
12
5
5
n*z
*71%
72*2
*63
65.
92*2
110
7434
110
112
*59"
¥7""
117% 118
*4434
«
*24
-
-
*24
109*2 110*2
37*2
111
25%
'r
8334
83%
1%
**4
*2
45
12
♦35
7%
16
♦21
♦4%
♦1%
118
45
*44
27
110% 112%
Last Sale 28
Dec'17
111
113%
113
115
40
41*2
40%
41%
83%
*1
2
1%
*%
11
.30
.30
*14>2
M
14
o
o
H
57
420
*12
41%
38%
42
*1*4
4*2
8*2
4*2
8*2
4%
8%
4
66*2
3534
7%
*70
.95
75
36
714
.95
21%
5%
1%
*21
*.75
56
-
23
*4%
2
*4
22
1*4
1
1
*1*8
2
*16*2
58*2
17
*13
13%
1*4
65
*
17
"65"
8*2
8*2
12%
12*2
*.25
.50
.60
""♦*4
1
♦3634
♦53*2
37*2
54*2
♦20*4
♦49
50
*.10
*4
2*4
3*2
*1
42*4
44*2
*2
9%
♦74
3
5*2
17
1%
*2034
50
5*2
*14
*234
3*2
*1
43
45
3
2%
534
21%
50
50
*5%
*14
4*2
1
1
4234
4284
43
45
45
45
234
31
31
31
*31
*4
prices.
*%
€
3%
IK. IK.
2
*%
1*2
284
.89
3*2
ik. ik.
45
77%
*2%
2*2
45%
44*2
2%
9%
45
77
77
77%
32
31
»4
2%
2%
2%
3
3
Copper
—
"l",455 Davie-Daly
325 East Butte
135 Franklin
110
""245
95
147
112
~"~35
31
32
Assessment
32*2
Oct'17
paid,
19
Jan
11
16
3
Jan
411
Dec 20
11
Dec 13
36*4 Dec 19
39% Dec 13
l%Apr 23
3% Nov 5
8*4 Dec 12
10
10
15
Feb
Jan
35
May28
155%Jad 22
58% Jan
3
30% Mar 8
27
4% Jan
108
10
6
56
Mar
41%Jan 26
52
3
Jan
Jan
26
85% Jan 26
690
Copper
...
46
68
54% July
3
Jan
17
Jan
12
Jan
3
3
20*2 Jan
19
9
% Dec 18
4
Mar
2
July
4*4 Dec
6
10% June
Mar22
2
Nov
76% Junel8
42
Novl9
July
Sept
94
Apr 28
88
Jan
26
20
Dec 13
36
Jan
25
7
4*4 Apr
9
1*4 June 8
5
25
Oct 31
18
6
Aug 22
4*4 Jan 27
18
Jan
2
1*4 Dec 26
5
Jan
16
4% Nov
8% Aug
25
5
9
2
5
Nov
1
1
Nov
7
1% Aug 20
Mohawk
25
57
Dec
4
98
6
16
Nov
9
26*2 Mar 7
Nevada Consolidated
Copper....
25
5
15
Lake
1*2 Dec 14
10
Nov
7
15% Jan
17
July
3% Mar
2*4 Feb
9% July
3% July
1% Aug
10
May23
5*2 Mar24
6
Jan
Jan
17»2Apr
3
1% Jan
77% July
15
4*4 July
3
9
Jan
Mar20
20
Dec
65
Deo 20
92% Mar20
77
Dec
6% July 2
11% Oct 18
9% Sept26
6
Mar
24% Mar28
20
July
25
30
.30
Nov20
.98
Dec 27
67*4 Mar 12
59
25
53% Dec 20
95
70
10
1Q
28*4 Junel8
Nov
7
Mar 12
7
94% Feb 21
5
32% Apr
3
89% Mar 6
20
48
Dec 11
.58
Dec 28
5% Oct
2
Jan
2
18
10
Jan
5
31
30% MarlO
6% Jan
2
19
Oct
South
Lake
South Utah MAS
25
.89
Dec 28
5
.10 Dec 17
Superior
25
10
3% Dec 17
2% Dec 12
25
3
Novl9
1
1
Mayl2
40%
43%
1%
9%
Dec 20
71
Dec 17
5
Novl2
Mar28
.31 Jan
8% Jan
6% Jan
6
25
2
Oct
8
25
m
31
Dec 18
26
1
Wyandott
.15
Aug 23
Ball-paid.
4
52*2 Jan
4
3% Sept27
2% Oct 31
22
1% July
7
July
24*4 July
4
Aug
.19 July
12*2 July
1% Jan
2
Oct
61*2 Jan
.15 Jan
10
Winona
81
July
20*4 June
6
25
1
Dec
July
11% Mar
8% Julyll
9
2% Jan
67*4 Jan
316 Utah Metal A Tunnel
125 Victoria
Dec 14
26
l6»^Mar 6
940 Utah Consolidated
125 Utah Copper Co
5
l%JuIy
Nov
60
10
60
.50 June
Nov
25
25
50
3
12
1
10
pref
2*4 Jan
2% Jan
Nov
Shattuck-Arlzona
Utah-Apex Mining
July
22
33
25
Qulncy.——
Consolidated Copper.
Jan
2
25
...
July
3
25
OJibway Mining
Ex-dividend
June
79
July
34*4 June
80
25
•
July
July
52
25
* Ex-rights.
Dec
11*2 July
6
25
Wolverine
14
7% Jan 16
16
17
Valley Mine
1,200 Tuolumne Copper
700 U 9 Smelt Refln A Mln
""l95
Dec
June
27% Jan 16
63
Mar 7
Jan
5
Consol
Do
42
66
510
92
25
665 Superior A Boston
Copper.
445 Trinity
345
29% July
80
July
7% July
1% Aug
1
Copper—
230
Deo
1
1,206 Nipissing Mines
760 North Butte
"260
Dec
*4 May
Feb 20
46i2 Jan
Idrla Quicksilver..—
5
New River
Company
100
245
Do
pref...
100
"IlO
1*4 Feb
Aug
91
Nov
Dec 20
6% Sept
2
Deo 24
7
79*4 Mar
2
2
Mayflower-Old Colony
North
28% Jan
Jan
Dec 21
7
Jan
June
115% Feb
11%Jan
l%Jan
4
New
"166
50
2
66
25
Keweenaw Copper.;
New Arcadian
28
Feb
136% Jan
8% Jan 26
35
25
Dec
35
Michigan
"""16
102
158% Apr
35*2 Dec
7
15% Junell
2% Jan 26
Dec 24
Jan
120*4 Dec
102% Jan
125
June"
73
Dec 19
25
Lake Copper Co
136 La Salle Copper
500
50
Mar29
68
5
12% Dec 20
5
23% July
162% Apr 16
100
...
Indiana Mining
330 Mass
Jan
166%Jan 25
46
% Nov
Mar26
92% Aug
124% MarlO
5
55
25
78
155
100
...
Granby Consolidated
Groene Cananea
Hancock Consolidated
315 Isle Royale
40 Kerr Lake
Jan
1% Julyl6
Nov
.25
10
20
Copper
Copper Mln...
Mar30
81
169
8% Nov
10
...
Co
Daly-West
Nov'17
Last Sale *4
1
2%
10*4
2%
Last Sale.2
Ex-dividend and rtgnts.
.89
45
2%
40
5
Calumet A Arizona....... 10
Calumet A Hecla
25
10 Centennial
25
Dec'17
44
10
25
10
3%
3%
*2%
Sept
Sept
May
Jan
70
*4 Septl2
25
pref
10
4*2
*1
Do
220 Shannon
3
*2
Dec
June
26
Dec 19
5%
434
2
30
95
79
4% Dec 20
Oct
Dec
159% Apr
16*4 Dec
May28
Dec 27
810 Arizona Commercial
225
18
102
Jan
11
110 Ray
3
2*2
234
280
1,940 Butte-Balaklava Copper..
Butte A Sup Cop (Ltd)...
8% Dec
100*2 Mar23
135
45
270 St Mary's Mineral
Land..
700 Santa Fe Gold A
3
75*4
4
121
25
.65
4%
k.
Jan
w8% Apr
170% Jan 16
18%Jan
4
33%Jan
2
79% Deo 20
25
22%
3
76
Mining
Allouez
54
53
434
*2
*4
*21%
*4t4
*234
3*2
2
226
103% Dec 17
Dec 22
131
434
3%
3*2
1%
9%
29
Dec 20
885 Pond Creek Coal
Last Sile .10
2%
Oct
1
18
.15
9%
25
70
57*2
5%
2
25
10
66
5%
934
*74%
37% Dec 18
25
Algomah
18
55*2
*.10
10
Jan
4
22
Dec 11
Dec 20
1,670 Alaska Gold
Last Sale, 19% Nov'17
3%
27
25
1
66
5%
3%
42
Jan
Jan
2
100
Do
pref
100
Ventura Consol Oil Fields.
5
18
55*2
1*2
.15
8
Nov
25
66
*1*4
Nov
40
100 2105
290 Old Dominion Co
270 Osceola
5%
16
*1
aod asked
8%
13%
42
.58
2
Bid
40
.60
2*2
*%'
13
.60
*1
*
8*2
.65
*2%
31
Aug'17
—
*1*4
2%
934
*75%
2%
21%
50
.65
1%
Dec'17
13%
40
54%.
17*2
10
116
25
"*395
63
4334
45*8
434
2»4
3*2
1%
*4
43
21
50
IK. 1K«
45
65
21
17
*.10
7434
54*4
.17%
.65
6*2
1%
Last Sale *2
Dec'17
.98
*.99
1*4
3834
54*4
17%
'*64
Jan
Dec 10
10
25
...
Do
5 Mason
.98
40
Dec 14
400 Adventure Con....
Dec'17
62
66%
8%
13
*62
54*2
17%
64*2
21%
50
*.60
.15
2%
9%
8*2
13
1*2
17-2
62
65
.50
**4
64
.65
*.25
3834
18
*1%
8*2
12%
1*2
84
6
1*2
5%
Last Sale 18% Dec'17
2
2
| *1%
65
8%
37*2
21
6*2
Last Sale 22
12*2
Dec 18
29
226 Ahmeek
5
18
*34
*62
2
5
Last Sale
37*2
*54
2
17*4
*64
5
■
Last'Sale, 1%
2
NOV20
107
50
,
9",353
Dec'17
1%
13%
*
66*2
8*2
12%
5
5*2
*13
18
8*2
5
5
59
259
100
Island Creek Coal
20
Do
pref—
26%
5*2
*16%
*1*2
2
12%
23
♦1%
1*4
Novl2
pref
7,156 U 8 Steel Corporation
""626
83
6
59
8%
55
*80
22%
*4
1
*1*2
58*2
14
80
1%
5
6*2
58*2
*16%
*1*4
138
Dec'17
5
1'4
4*4
7%
5*2
*4
434
9
54%
Last Sale 1*4
2
18
|
1*2
*5%
1
7%
55
5*2
5
Dec 22
100
Fruit
140 Chlno
4*2
8%
4%
4% 4%
59
♦1%
*22
United
968 Copper Range
Last Sale *4
62
80
6%
6*2
1
.95
93
1,593 United Shoe Mach Corp..
40%
71
*72
79
Last Sale 35
Dec'17
52*2
July
27
Marl6
100
45
4%
7*4
83
*5
"717
Dec'17
'1*8
1*2
5*2
2%
*1*4
5
22
5*8
*1%
5*2
5*2
52*2
*80
14
71
7*2
Dec 12
Dec 21
1
110
28 TorrlngtAn
Do
pref..
43
9
*70
63
110
100
1,141 Swift A Co
39%
4%
*34I2
83
14
39%
43%
4*4
8%
61
420
Last Sale 2
4%
7*2
*.75
5%
41%
Dec'17
59*2
420
14
9
74
*53
59
4%
36
*81
,
420
4*2
>
7*2
56
♦*4
*1K«
.27
4*8
*8*2
*34*2
82
*1%
♦5%
10%
*4
*58
*15
40*2
.25
*39
98
9
1,065 Amer Zinc, Lead A Smelt.
10%
2
38%
co
Jan
10
Dec 21
Dec 20
10
"166
40
*
2
69
66
92% Dec 22
71
Jan
11%
Last Sale 12%
14
Julyl7
20% June22
Dec 20
Jan
50
.30
58%
Aug
Jan
5
60
11*2
10%
420
4
50
48
40
16
58*2
39
4*2
1%
Dec'17
48%
11%
*.27
420
42*2
♦1*4
4*2
75
10
"10% To%!
w
80
11
73*4
1%
2%
*46*2
12
42
92
9
118% Dec 20
10
Dec
8
9
75
3% Dec
3
133% Dec 22
10
123
June
Mining
1%
73
1%
45
5
40
u
415
4%
Last Sale %
*2
1134
X
16
484
72
39
5*2
.65
89%
1
41
2
♦1*4
♦17
87%
72
38%
♦4
*64"
87*4
4%
8eptl3
35
Last Sale 10334Dec'17
4«4
40*4
♦5
*13*4
25%
1
♦12
14
25%
84%
85*8
25%
*103% 104
4*2
120% 122*2
..
25%
72
412
57'2
25
45
.29
,
*15
57
♦.75
♦52*2
♦80*4
119
■<5
10%
.25
415
♦12
38%
40*4
♦1*4
*4%
8*2
♦4%
66%
10
.30
*14*2
56%
411
121
117
*24*8
Dec 27
Dec
114*2 Mar
97% Jan
5
12% Dec 1
121%Jan 22
Dec 28
100
200 Punta Allegre Sugar
125 Reece Button-Hole
8
w
10
.30
12
w
0
41
*9%
29
11
46
1138
29
12
3
1%
*2
46
30
Dec
Apr
58
6
9
*4 Dec
7
106
100%June
88
55% Feb
9
Mar
8
Dec 17
►
100
Nova Scotia Steel AC
10 Pullman
Company
12
25
Dec 18
38% Nov 8
287% Dec 13
10
Nlpe Bay Company
*28
2% Jan
14
July
Apr
95% Mar
126%June 9
121% Jan 24
128%Jan 25
8
60
Electrlo—
Dec'17
12
39
96
Nov
77
Nov'17
0
73
Jan
103% Jan 27
Dec 19
pref
Last Sale 115
39
105
100
Last Sale 00
31
I
P
15
Jan
56*2 Marl7
5
100
Amoskeag Manufacturing
Do
Dec
100
Refining
New Eng Cotton Yarn
109% 109%
CO
110
7% Dec 22
90
Do
pref...
.——100
70 New England
Telephone. .100
96
*29
Y
1%
73
1 2
*44
Dec'17
Aug'17
96
&
8534
*1
1%
70
1*4
**4
97
*10%
W
3994
25*2
*103% 10334 *104*2 105
4*2
4%
4%
4%
*1
*94
1
25
50
.........
.
12 McElwaln (W K) 1st
pref. 100
754 Massachusetts Gas Cos
100
42
Do
pref
100
151 Mergenthaler
Linotype... 100
Mexican Telephone
10
Sept'17
Last Sale 87*2
Last Sale 9212
*4334
.
112
38%
25%
70
Last Sale 1
3
27
38*8
83
94
to
118*2 118*2
44%
44*2
to
Dec 28
360
•to
27
*25
13
.
70*"
P
88
120 Internat- Port Cement
Do
pref
79
*02"
"
69
64
100
94% May 2
Amer Pneumatio Service..
Do
pref
150 Genera!
65
¥7""
12
6
Dec 12
....
7
111% *110
110
-
12*2
77
¥4"
-
12i2
64
"94"
29
13
76*2
94""
a-to
134% Dec
20
May
100% Aug
z55
Sept
84% Feb 13
73
59%
64
"93"
-
6
Dec
Jan
100
59%
75
93~"
to
Jan
Dec
50
74
62 Art Metal Construe loc
64
"93"
to
135
26
97
3
Deo 20
810 Atl Gulf A W I 8 S Lines.. 100
10
Do
pref
100
815 Cuban Port Cement
10
East Boston Land.
10
""l06 Edison Electric Ilium
100
94
2
29
Apr
Dec 27
"236
92*2
74%
89
to
105
Dec 27
34
77*2
63
*1
*11
6% June20
3l*4 July 3
52%Jan
2
245
96
13
*88
-
Dec 21
Dec 19
Sept
4*2 Dec
50
95"
5912
*0%
2
-
Jan
Jan
98
50
5 American Woolen of
Mass.100
Do
pref
100
128*2
7
89
31
122
z86
Jan
Dec 20
472
Dec'17
13
*1
111%
17
92%Jan
9
100*8 Mar 7
2
83
»
4,897 Amer Telep A Teleg
90
Last Sale 4%
Dec'17
140
140
140
123
123
125*2
*88
*10
89
6
12
2
*29
10214 105 %
43l2
140
89
*108
133
Dec 27
16% Dec 18
100
77
6
123
63
<
78*2 Mar22
Dec 28
1
Massachusetts. 100
30 Amer Sugar
85
Do
pref
*42
98% 100
*88
*60"
107
89
*59
11
*5
107
*79*2
•
59%
123
"*174
98
Last Sale 60«4
139
64
no
110
*84
89
9*2
*1234
92*2
74%
Pec'17
98
lOOU 102*4
40U
40'4
98
10*4
89
9
10534 10fj12
*334
13
64
to
137
5
1234
*92*2
72%
•
*9
98
—
13
to
88
96
to
1-
*58
11%
*334
*334
133% 135
*136
138
12234 123% 12334 12334
5
*8
89
*59%
*79*2
88*2
*95
42
98%
Sept
69% Sept
June
6
100
60 Amer Agrlcul Chemical
48
Do
oref
77»2
Last Sale
9
89
11
12
89
*40%
60
123
Miscellaneous
1
10
*59
47
Oct
102% Apr
78
100
pref
32 Vermont A
*75
95%
105*2 105%
99*4 102
80
47
407 West End Street
60
Do
pref
45
Dec 13
Feb
83
85
373 Rutland,
76
44
116
100
Colony.....;..
Dec
Mar
150
5
27
Mar28
Northern New Hampshire. 100
3Y
45
Jan
Jan
140
Old
21~
70-4,
88%'
95%
-to
**126
77
150
108
21% Sept11
90% Oct 30
"30"
20
Nov30
83% Dec 17
102% Novl2
100
612
Do pref stamped
2,528 N YN H A Hartford
83
35^2
100
160 Mass Electric Cos
"26"
20
83
"*s"
89
88%
*60
m*-m.
3312
Oct'17
45
*88%
105*2 105*2
99% 102*8
*40*2 41*2
11
2914
34
*
90
9
8%
30
83
77
9
*94
20
*
1
~*8~
8
*9312 95
105*2 105%
99
9,934
*39*2 4i
7
3
42
5
100
FItchburg pref
100
100 Georgia Ry A Elec
stampdlOO
Do
pref
100
g Maine Central
100
116
Nov'17
Last Sale 90*2
85
92
34*2
34%
45
78
90*2
90
*85
34*2
*75
28
*88
to
83
34%
27%
6
2634
90
*33
*1
148
Aug
Aug
4% Feb
200
4
Feb
100
River.
"_229
51
30
Dec
34
30
July 3
July 2
38
no par
pref
Connecticut
~VS ""H4
1*4
612
1'8
Do
Nov'17
Last Sale 8314
78
78
80
—
„
Last Sale 125
83*2
*
28*2
*88
m
90
*80
.
2
6*2
2734
28
to
to
85
1%
*88
-
83%
#
80
105
-
June28
Aug 31
Marl6
Jan
Dec
65% Apr
119
..no par
pref..
Chic June Ity A U S Y
85
*100
9
30
par
Do
172
Mar22
45
Dec 12
2
30
♦148" 152"
*83*2
15
Nov'17
Boston A Providence
100
Boston Suburban Eleo—no par
Do
pref
no
150
Sept'17
Lasf
5
*10%
*148"
100
Last Sale 2
toto~_
*2
30
*10%
Last Sale 13
Last Sale 412
*150
to
30
Lowest
66 Boston A I-owell
30
Last Sale 30
•to
*2
*10%
Range for Previous
STOCK
EXCHANGE
Railroads
*121
29
*75
*150
[vol. 105.
Next Pag*
Rang* Stats Jam. 1
BOSTON
Week
28
Sti
21*j Feb 20
118% May28
Jan
16
2
5% Jan 25
53% Mar 3
2*8 Jan
3
4% July
54*8 Jan
49
Feb
2% Dec
12*2 Jan
75
June
5% Deo
2% Jan
3% Mar
45
Oct
1% Aug
1918
Dec. 29
1917.]
THE
CHRONICLE
2535
Friday
Outside Stock
Exchanges
Last
Boston
ton Stock
Bond Record.—Transactions in bonds at Bos¬
Friday
Last
Bonds—
Week's Range
Sales
Sale
of Prices.
for
Price.
U S Lib Loan 3%8.1932-47
High.
Low.
High.
98.50 $90,500
95.80
97.03
96
96
97.20 136,750
96
LehlghValgencon4%s2003
Nat'l Properties 4-6s email
Oct
Pennsy,PW&Bctfs4sl921
91
1,000
91
Nov
104%
Jan
81
1,000
81
Dec
92%
Jan
Small
82%
75%
82%
2,000
24,000
82%
Dec
Reading
75
Dec
96%
85%
Jan
76%
Jan
91%
91%
5,000
91%
Dec
102%
Mar
1,000
87
Dec
15,000
67
Nov
Phila Elec 1st 5s
-
87
_'
67%
87
67%
16%
93
96%
96%
89
16%
1944
67%
87%
U S Smeltg R & M conv 6s
Jan
98%
Mar
78
92%
Nov
102%
Dec
109
10,000
16%
93
8,000
96%
1,000
complete
.
of
record
all dollars per
are
Sales
A.
Par.
Price.
for
of Prices.
Low..
High
Week.
250
Range
since
Jan.
1.
High.
"13"
80%
20
14
863
46
940
Dec
Jan
25
July
Dec
80%
96
Nov
-
94
Apr
Nov
12
Jan
35%
39%
Dec
78
June
1%
100
1%
Dec
3
Feb
1
200
%
Dec
2
Feb
102
Jan
Nov
103
Jan
Dec
106%
Jan
42
500
42
Nov
97
12,000
97
Dec
107%
Jan
93
34,000
91
Dec
102
Apr
300
Jan
68
94
93
Dec
102%
82%
83%
61,000
82%
Dec
96%
83
83
10,000
83
Dec
97
62
62
1,000
62
Dec
74%
Aug
..1930
90
90
2,000
90
Dec
102%
Mar
1930
90
90
500
90
Dec
99%
Jan
-
Small
May
Jan
Jan
Pittsburgh Stock Exchange.—The complete record of
Pittsburgh Stock Exchange from Dec, 22
28, both inclusive, compiled from the official sales
lists, is given below.
share, not
Prices for stocks
all dollars per
are
For bonds the quotations
per cent.
are per
cent
of par value.
Sales
Friday
Week's Range
of Prices.
Par.
Price.
Low.
for
Range
Shares.
High.
Low.
15%
Columbia Gas & Elec;_100
mt
"119"
50
15%
50
27
1%
905
119
52
Nat Fireprooflng com.. 50
Preferred
50
Ohio Fuel Oil
1
20
30%
1%
w
15%
30%
m.
~
■
3
25
~"41%
2%
1.
High.
Dec
Nov
Dec
1%
19%
47%
3%
128%
73%
Jan
Apr
Jan
Jan
10
119
Dec
52
1,135
51
Nov
3
290
8
80
2%
7%
15%
7%
17%
Jan
Jan
Nov
22
Jan
Nov
56
Jan
7%
com 50
Jan.
119
61%
2%
7%
since
Week.
15%
41%
2%
40
Dec
Dec
Apr
15%
41%
725
2%
130
39c
42c
4,400
38c
Dec
1.65
Pittsb & Mt Shasta Copp 1
23c
25c
1,500
20c
Dec
1.20
Pittsburgh Oil & Gas.. 100
5
5%
310
Ohio Fuel Supply
Pittsburgh Brewing
PIttsb-Jerome
Copper
Pittsb Plate Glass
39c
1
com.
119
119
100
119
41
June
1%
Dec
4%
12
118
Apr
5%
Oct
17%
Jan
Jan
Mar
135
May
-
*
165
Dec
220%
Feb
6C
IOC
5c
Dec
28c
Jan
142%
Jan
1,500
Dec
Ross Mining & Milling.. 1
San Toy Mining
...1
10c
100
10c
10c
10c
500
10c
Oct
21c
108
Feb
Apr
May
U S Steel Corp com
88%
80
Dec
94%
Aug
85%
355
Dec
88%
West'house Air Brake..50
95
95
95
290
Nov
873
92
Dec
Mar
94%
103
129%
100%
132%
38%
Dec
78%
Jan
33%
33
Dec
38%
740
5
West'house Elec & Mfg.50
Preferred
,50
36
37
58% May
56
56
56
Dec
70
48
40
45
Dec
90
30
103% 103%
58%
58%
-
""58%
10
285
10
Dec
65
118%
Dec
103%
88%
35
78
Mar
National Biscuit pref-.lOO
114
114
10
114
Dec
130
Aug
36
38
567
35%
Dec
106
Jan
71
72
205
71
Dec
114
Jan
Baltimore
June
Nov
""38*"
100
5
85
Dec
20
225
Nov
340
Jan
Dec
115
Feb
Dec
239
Jan
127
122%
Union Carbide & Carb Co 10
48
975
Dec
2,813
115%
Nov
Exchange.—Complete record of the
to Dec.
50
11,752
40%
Nov
Exchange from Dec.22
28, both inclusive, compiled from the official sales
165% May
45
49
United Paper Bd com.100
133
44
48
100
96
117% 123
133
com...100
Stewart W ar Speedo com 100
90
250
95
""95
Stock
transactions at the Baltimore Stock
Jan
101
Jan
90
245
100
Feb
Jan
Feb
57
Pub Serv of No 111 com. 100
30
136% May
157%
Feb
Jan
70
16%
100
Mar
57
Swift & Co
Dec
95
5,000 „100
25
110
23%
100
89
5,000
375
57
Preferred
10,000
95
165
23%
Preferred
97
100
100
•>
10
Quaker Oats Co..*
Jan
Feb
Mar
93
^
.
Middle West Util pref. 100
People's Gas Lt & Coke 100
68%
48
m
"103
100
100
Aug
37
*
Hart Shaft & Marx com 100
Lindsay Light
43
100% 103
109% 110
95
94%
Corporation. 100
Illinois Brick...
17
165
"165"
no
Preferred
86%
255
13
103
100
102
19
1
100
100
7,000
83%
-
-
La Belle Iron Wks pref.100
Feb
445
1%
Cudahy Pack Co
Diamond Match..
89%
41
46
Commonwealth-Edison 100
Deere & Co pref
Dec
80%
Chic Rys part ctf "3"
Chic Rys part ctf "4"....
.
3 5250
250
17%
19
100
com.
48
Nov
91
91%
Indep Brewing common.50
Low.
Shares.
89
(no par)
Chicago Title & Trust. 100
57
83
Mfrs Light & Heat.
100
Chic City & C Ry pt sh pref
Chic Pneumatic Tool. .100
84
Dec
97
«
American Sewer Pipe..100
Week's Range
Shipbuilding pref 100
Fisheries, common
Sears-Roebuck
^
-
Last
Preferred
82
Dec
95
Sale
Last
Hartman
w
-
For bonds the quotations are per cent
Sale
new
Dec
71
40
Dec
compiled from the official sales
Friday
Booth
77%
7,000
1997
Stocks—
Amer
1,000
6,000
1951
4s
Welsbach Co 5s
Jan
Dec
Prices for stocks
cent.
American Radiator.
77%
71%
41
Jan
42
value.
Stocks—
97%
104%
Mar
Dec
89
United Rys g tr ctf 4s. 1949
Jan
96%
87%
Chicago Stock Exchange from Dec. 22
lists, is given below.
per
Jan
Dec
98%
80
Mar
Dec
100%
16%
7,000
Exchange.—The
Dec. 28, both inclusive,
share, not
97%
79%
1,000
48
w
1966
gen
J-C collat 4s.
to Dec.
Stock
transactions at the
of par
Dec
1,200
100
(new) 1966
transactions at the
to
$5,000
80
98%
""
76%
1.
High.
71
95
81
Jan.
80
77%
97
100
Dec
Low.
40
48
91
Atl G & W I SS L 5S..1959
Chic June & U S Y 5s. 1940
Chicago
77%
71%
Elec & Peoples tr ctfs 4s *45
Inter-State Rys coll 4s 1943
Lehigh C&N cons 4%s '54
Lehigh Val Coal 1st 5s 1933
95.80 Dec
49,150
since
Range
for
80
Sept
100%
Sales
Week.
High.
79%
98%
A.
97.20 Dec
97.90 Dec
Am Tel & Tel coll 4s. .1929
Atch Top & S Fe gen 4s *95
N Y Railways ad J 5s.
Swift & Co 1st 5s
Week.
98
Low.
Amer Gas & Elec 5s..2007
Lake Superior Corp 5s 1924
97
1st Lib Loan 4s. 1932-47
1.
Jan.
since
98.10
2d Lib Loan 4s.. 1927-42
Am Agric Chem 5s...1928
Mass Gas 4%S-_.
1929
Miss River Power 5s.. 1951
N E Telephone 5s
1932
Low.
Range
Price.
Small
...2007
Baldwin Locom 1st 5s. 1940
Bethlehem Steel p m 5s '36
Exchange Dec. 22 to Dec. 28, both inclusive:
*
Week's Range
of Prices.
Sale.
Bonds (Concl.)—
78
-
94%
1,297 cl23%
43
102%
lists, is given below.
share, not
14
15
300
14
Dec
34%
64
64
10
64
Dec
81
Ward, Montg & Co, pref..
105
106
121
105
Dec
Wilson & Co common.. 100
44
44
10
43
Nov
84%
94
25
93%
Dec
107%
May
per
cent
May
94
are per
Sales
Friday
Jan
15
64
all dollars
are
of par value.
Oct
58
Prices for stocks
For bonds the quotations
per cent.
Preferre)
...100
Preferred
100
,
Stocks—
Jan
117%
Par.
$8,t)00
Week.
Low.
Arundel Sand & Gravel.100
High.
31%
"T%
Range
40
31%
4
96
822
3%
Nov
31
765
90
94
since
Low.-
Shares.
89
Consol Gas, E L & P..100
81
for
of Prices.
Price.
Atlantic Petroleum
Bonds—
Week's Range
Last
Sale
May
2%
Dec
Jan.
1.
High.
39%
9%
Jan
Mar
87
Dec
127
Jan
88%
Dec
114
Jan
81
Dec
Consolidation Coal
90%
60
96%
96%
1,000
95%
Nov
97%
102%
J an
Chicago Telephone 5s. 1923
Feb
Cosden & Co
5
"""7%
6%
8%
21,078
Commonw-Edison 5fl-1943
91%
92
3,000
91
Nov
103%
Jan
Cosden Gas, preferred...5
3%
3%
3%
2,515
98.40
5,700
98
Dec
100.10 June
29
23%
33
96.8097.08
4,100
96.80 Dec
Nov
Davison Chemical ..no par
Elkhorn Coal Corp
50
21%
21%
300
Jan
Houston Oil trust ctfs.. 100
42
44%
4,628
12
Preferred trust ctfs.. 100
66
21%
32%
63%
14%
63%
449
65
Oct
37
13
Mar
19
Jan
70
185
60%
Mar
73
July
72
72
95
Dec
89
Jan
Dec
84
Jan
Dec
35%
23%
Jan
Chicago Rys 5s
1927
Libei-ty Loan 3%s._.1947
Liberty Loan 4s
Pub Serv Co lst ref g5s.'56
81
"98
98
96.88
mi
Swift & Co 1st g 5s... 1944
-
-
-
81%
80
80
1,000
80
Dec
92%
-
92%
92%
5,000
92
100
Nov
96%
102
Jan
Mt V-Woodb Mills
x
Ex-dividend,
b Ex-50%
stock div.
cEx-25% stock div.
100
rlOO
v t
Preferred vtr
Northern
14%
•
100
Central
50
3,626
66
15%
6
Dec
18%
Jan
3%
Dec
5%
Jan
22
Dec
21%
Dec
Oct
72
Penn Water & Power.. 100
Philadelphia
of
Stock Exchange.—The complete record
transactions
the
at
Philadelphia Stock Exchange from
Dec. 22 to Dec. 28, both inclusive, compiled from the official
sales lists, is
per
58
61
338
58
23%
22
23%
480
21%
23
23
23%
283
15
3%
750
50
Wayland Oil & Gas
3%
5
cent.
per
For bonds the quotations
are per
Sales
93
Jan
2,000
6,000
77
Dec
81%
Dec
97
Jan
95%
95%
95%
5,000
90%
Jan
97
Feb
84
84
84
Feb
"96"
Coal & Coke 1st 5s
"82"
1919
for
of Prices.
Low.
High.
Shares
Range
since
Jan.
1.
Cosden & Co ref 8s
Low.
High.
Jan
90
1,000
80%
Dec
95%
Mar
99
99
3,000
3,000
99
Dec
110
Jan
Mar
87%
Dec
91
Deo
74%
79
28,000
71
Dec
95
Aug
80
44,000
72
Dec
97%
Aug
89%
89%
1,000
Dec
103%
Jan
101% 101%
5,000
Dec
106%
102%
90%
Jan
*22
Apr
Feb
Ga
Locomotive.. 100
130
49
Feb
76
July
Buff & Susq Corp v t c. 100
110
91
June
60
Jan
Feb
54 %
100
163
June
Elec Storage Battery.. 100
550
44 %
Dec
General Asphalt pref-.lOO
112
49
Dec
67%
70%
27%
%
Jan
Jan
Insurance Co of N A—10
1
23%
Dec
Lake Superior Corp... 100
9,396
10%
Nov
24
Mar
Lehigh Navigation.....50
805
65%
Nov
85
Jan
Dec
59%
Jan
79%
25% [Mar
59%
Dec
Lehigh Valley
50
324
50%
Dec
Lit Brothers
10
200
21
Jan
40
Nov
67%
Feb
$ou & Fla 5s
91
87%
89%
Georgia & Ala cons 5s. 1945
Georgia Pacific 1st 68.1922
121
250
107%
77
Dec
50
96%
93%
Dec
79
Nov
10
Dec
88
1,000
79
19
Receipts, full paid
76
2,000
Series B 6s__
78
58
Dec
13,000
90
90
1926
83%
75%
88%
Series A 6s
Week.
10
50
Jan
75
1923
101
Midvale Steel <fc Ord_,
100%
88%
$5,000
77
82
■
.10
Cambria Steel
93
93
77
93
1949
American Gas of N J..100
Baldwin
Jan
82
Bait Elec stamped 5s. 1947
Carolina Central 4s
Chicago Ry 1st 5s.;.. 1927
Convertible 6s
Week's Range
Par.
Insurance
5
Bonds.
Consol'n Coal ref 5S..1950
Alliance
Oct
Nov
Dec
2%
Consol Gas gen 4 %s_. 1954
Prices for stocks are all dollars
value.
Stocks—
3%
June
Cons G, E L & P 4%s.l935
Notes 5%
given below.
share, not
cent of par
60
United Ry & Elec.
Wash B & Annap, com
Jan
44%
38% June
44% Deo
Jan
67%
89%
101%
97
Jan
97
96%
KIrby Lurnb Contr 6s. 1923
Norf <fe Ports Trac 5s. 1936
„
Norfolk Ry & Lt 5s... 1949
m
a.
m
-
90
19,500
96%
96%
4,000
95
Nov
80
80
2,000
80
Oct
86%
Jan
90
2,000
90
Dec
99%
Feb
101
87
2,000
90
Hous Oil div ctfs.. 1923-25
97
87
1945
101
1,000
101
Dec
'
Nor Central Ser B 58.1926
Aug
83% May
100
102
Jan
Jan
Aug
80%
80%
80%
Dec
73
72
73
10,000
72
Dec
95%
84%
Jan
1949
54
52
54
6,000
52
Dec
67%
Jan
Wash Bait & Annap 5sl941
80
80
80
9,000
80
Nov
88
Jan
Pennsyl W&P 5s
1940
United Ry & Elec 4s..1949
Income 4s
1,000
Jan
June
50
91
77
Dec
.50
5,582
40%
Dec
57%
Jan
Philadelphia Electric
25
Phlla Rap Tr vot tr rets.50
1,455
22%
Dec
34%
6,647
22%
Volume of Business at Stock Exchanges
Jan
Pennsyl Salt Mfg
Pennsylvania
Traction
..
50
25
50
Philadelphia
Reading
1,030
Oct
67
Nov
60%
Nov
1
4,520
2%
Dec
,.1
2,615
50
774
3%
37%
Dec
.50
811
62%
Dec
U S Steel Corporation-100
25,936
79%
Dec
Tono-Belmont Devel
Tonopah M ining.
Union Traction
United Gas Impt.
Preferred
3
103
Dec
30
42
Dec
25
66
Feb
98.0098.50 $28,700
98
Nov
97
Dec
100
West Jersey <fe Sea Sh__50
Wm Cramp
& Sons
Dec
100
100
34%
84
103%
June
TRANSACTIONS
Jan
5
Mar
NEW YORK
92
Apr
Slocks.
Week ending
Dec. 28
EXCHANGE
STOCK
Railroad,
&c..
1917.
Shares
Par Value.
Saturday
184,000
$16,977,500
Monday
403,900
36,380,500
Bonds.
State, Mun,
&
•
Foreign
Bonds.
1,600
4s converted from 3 % 8—
97.0097.10
2d Liberty Loan 4s
96.8897.40 150,950
96.88 Dec
June
Slates
$846,000
$1,178,000
$628,000
1,280,000
2,392,000
1,576,000
2,775,000
2,513,000
2,662,500
405,900
35,621,500
1,050,000
1,198,000
Thursday
100.5
Untied
Bonds.
HOLIDAY
Tuesday
1,165,500
106,539,500
3,126,000
1,082,000
Friday
1,109,552
102,862,400
3,569,000
1,109,000
3,268,852 $298,381,400
$9,871,000
Wednesday
THE
Aug
7%
Jan
47%
91% Mar
134% May
Jan
120%
Jan
53%
Bonds—
U S Liberty 3%s
AT
DAILY, WEEKLY AND YEARLY.
Jan
Jan
97.10 Dec
100
Oct
Total
$6,959,000 $10,154,500
2536
THE
Sales at
Week ending Dec. 28.
CHRONICLE
[Vol. 105.
Friday
Jan. 1 to Dec. 28.
Exchange.
1917.
Stocks—No, shares...
Par
1917.
1916.
Week's Range
of Prices.
Price.
3,268,852'
3,747,123
184,264,548
233,311,993
$293,381,400 $333,704,800 $16,990,092,480 $20,120,739,500
value
Bank shares, par
Bonds,
$126,300
Government bonds
BR. and mlse, bonds,
l
bonds.
$281,628,250
293,565,000
10,799,000
406,412,000
$805,950
303,910,500
845,135,000
American
Oil
$1,046,605,250
TRANSACTIONS
AT
THE
BALTIMORE
BOSTON,
STOCK
Preferred r
Crown Oll.r
$1,149,851,400
PHILADELPHIA
Philadelphia.
Saturday
Monday
Tuesday
Shares.
| Bond Sales.
4,689!
$55,300
4,375
50,400
9,899
11,133
Shares.
$29,650
28,450
Bond Sales.
9,064
14,070
$22,000
15,416!
58^300
10,982
20,608
94,000
22,672
76,000
18,388
05,600
80,150
166,000
$334,000
66,316
$369,850
18,514j
Total]...
•
70.360;
2X
1
3-16
r
10
32,600
41,000
6,016
49,000
36,114
$201,900
the transactions in the outside
to
Dec. 28, both inclusive.
give
record of
a
It
the week ending Fri¬
covers
day afternoon:
It should be understood that
to transactions
the "Curb"
on
no
as
such
reliability attaches
to those
the
on
regularly
organized stock exchanges.
On the New York Stock
bers of the
Exchange
Exchange, for instance, only mem¬
in business, and they are
dealings.
Every precaution, too, is taken to
Insure that quotations coming over the
"tape," or reported
In the official list at the end of tfye
day,
On the
"Curb,"
Any security
meet there and make
are no
be dealt in and
restrictions
any one can
prices and have them included in the
lists of those who make it
the transactions.
may
authentic.
are
the other hand, there
on
The
a
business to furnish
daily records of
possibility that fictitious transactions
in, or even that dealings in spurious securities
be included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances,
may
creep
may
It is out of the question for
any one to vouch for the absolute
trustworthiness of this record of "Curb"
transactions, and
we
give it for what it
may
Sales
Last
Par.
Week's Range
for
Sale.
Stocks—
of Prices.
Week
Price.
Aetna Explosives r (no par;
Air Reduction r__(no
par)
Amer Tin & Tungsten r..l
OX
16
44
Nov
Aug
ox
Apr
94
29,200
50
865
181
67 X
100
5X
9
146
Oct
85
Aug
62 X
July
1,500
2,850
X
Dec
4X
800
3X
Dec
Feb
13-16 May
13 X
Jan
500
2X
Dec
8
June
100
2X
8
Sept
13
Jan
2
Dec
3X
9
9
1,700
12
14
1,300
11
Nov
18
97
97
10
94
Nov
108
2X
3X
13-16
34
3X
8X
820
49
3X
X
2X
750
3%
47
10,200
X
12,500
200
29 X
16X
10
12X
2X
3,150
12X
12X
13X
50
5
50
50
5X
.10
4X
15
100
Smith Motor Truck r___10
Standard Mot Constr r.10
15
2
1,200
X
Dec
10X
40
4
100
Mar
3X
4X
June
Dec
*47 X
May
Oct
20X
9X
Nov
•
8X
8X
200
10X
Todd
76
15-16
11X
76
76
15
1
6,500
19 X
IX
10
X
15X
IX
5,600
28,500
IX
800.
Feb
Jan
17
Feb
Dec
90
Jan
8
Oct
Nov
21
July
Dec
97
Jan
X
Nov
9
Jan
5X
iox
Jan
15
Apr
'
.....
Feb
Oct
87
1,100
Dec
May
May
May
,
15
5
1
Oct
62 X
Oct
Nov
10
20
1,800
87
87
15-16
5X
„
Dec
%
34
2
Dec
2X June
33
16X
"2li
Jan
1,100
9
2X
47
June
225
7-16
9
49
Jan
July
Dec
28
8X
Jan
Nov
3X
4
Jan
Nov
-
65 X
10
.
r
Dec
210
10
Submarine Boat..(no par)
Shipyards r
(t)
Triangle Film Corp v t o_5
United Motors.r_.(no par)
88
37
Dec
IX
.
200
67 X
2X
8X
North Am Pulo & Paperit)
Peerless Truck & Motor 50
Poole Eng & Mach r
100
'
•Feb
72
10
r
June
42
35
3,200
4
Shipbldg Corp r__(t)
Prudential Pictures
1
5X
21
X
1,000
7
June
IX (Nov
Oct
15X
12X I Dec
700
1,300
X
Marconi Wirel Tel of Am 5
Maxim Munitions r
10
U S Lt & Heat com
U S Steamship
iox
99 X
2
26 X
r___.100
St Joseph Lead r
Smith (A O) prefr
Apr
Dec
204
3X
Mangahese Chem r f__5
Keyst Tire & Rubb com. 10
Kresge (S3), pref_._-.100
N Y Transportation
2
45
9o
67 X
High.
2,060
208
In
N Y
Low.
24,000
45
.7
Intercontinental Rubb.100
Jnter-Lube Chemical r
5
com r
16X
12X
IX
Emerson Phonograph
5
Hall Switch & Signal r.100
com
Shares
2
12X
100
Lake Torpedo B't
Range since Jan. 1.
7,150
Curti8s Aerop & M com(t)
Electric Gun r
_...l
Lima Locom
7X
70
2
100
com.r
r
OX
lOYi.
Charcoal Iron Co of Am 10
Chevrolet Motor
100
Preferred
High.
59
Canad Car & Fdy r_._ 100
Preferred r
...100
Car Ltg & Power.r
25
Cities Service
Low.
68
Amer. Writ. Paper, com .100
Brlt-Am Tob ord bearer £1
Dec
35
May
Nov
71
87
May
11-10 Oct
14 X
1
3X
Nov
Dec
49
"
2X
Jan
Jan
July
10
5X
4X
5X
World Film Corp v t c
5
Wright-Martin Alrc.r.. (t)
4,300
100
"ox
X
Apr
1
Jan
5X
6X
15,000
4X
May
17
July
Former
Standard
Subsidiaries
3X
%
Nov
6,900
h
July
2 Xm
Dec
3,700
26,600
5X
Dec
14X
Mar
Dec
X
Sept
X
July
3,100
X
Dec
3
2X
Dec
ox
X
Mar
4,000
Dec
4*
4
Humble Goose Cr O&R r 1
Internal Petroleum r
£1
Island Oil & Trans r
10
4X
12X
4X
12X
2X
2X
900
"3-32
3-32
5-32
28,700
X
X
650
3-16
Oct
Kenova
Oil...
Preferred
.1
.1
10
Midwest Refining
1
Nov
15
Sept
44 X
Dec
Oct
Dec
Nov
5X
J5X
Mar
2X
Dec
10
Nov
3-32
Dec
2,700
13X
2X
10
9,000
19
7-16 11-16
14,500
91c
26,000
55c
IX
1X13-16
1,000
86c
103
97
59c
..1
9,000
21X
97c
104
52c
Omar Oil & Gas
Jan
4X
Jan
Jan
1.80
Jan
IX
July
Sept
90
Dec
Mar
Sept
4c
5c
47,000
4c
Dec
13c
17c
34,000
11c
Nov
7
24,000
32c
40c
40,000
40
40
7
5X
38C
1
5
r
"~5X
5H
16C
35
Jan
Nov
3X
Nov
OX
Mar
54
X
IX
75,000
52C
Sept
X
X
5-16
Nov
11-16
Feb
8X
33,700
1,600
3-32
8X
X
8X
Dec
12 X
Mar
Oct
2X
3-32
3-32
X
3-32
Dec
20c
20c
10c
Dec
55c
Nov
1-16
X
11-16
X
5-16
X
4,400
11,000
3,000
24,300
1-16
1-16
1,000
,
1
"5^6
Vacuum Gas & Oil Ltd__l
Ventura Cons Oil r
Victoria Oil new stk r
10
5
3X
3X
3X
'"~3X
£1
17
17X
700
16
Feb
3
3
2,100
2
Oct
Acme Cop Hill Minea
10
r.
90
90
10
80
3X
June
Nov
Indiana Pipe Line
Ohio Oil
50
Nov
114
281
298
Pierce Oil Corp..,
150
278
Dec
435
Jan
,.25
9
11
2,000
9
Dec
13
Feb
100
380
390
40
380
Dec'
640
222
140
212
Jan
575
20
Novj
445
575
480
Dec;
947
Jan
800
Jan
Jan
3X
Dec
IX
11-16
Jam
Dec
5X
Nov
1,690
3
Nov
lix
Apr
3
Dec
5
Jan
7Xc
Big Ledge Copper
Booth
.
5
r__
IX
1,100
3-16 June
X
7Xc
9-16
1
9-16
4,800
5-16
8c
4,200
70
Oct
IX
Dec
Mar
Jan
4c
Boston & Montana Dev..6
4c
1,000
3c
Nov
12c
Jan
37c
"40c"
1
r
Sept
X
20c
IX
41c
25,900
37c
Dec
820
July
2
11,600
1,400
IX
l
Bradshaw Copper
2X
Sept
1
IX
ox
Butte Cop & Zinc v t c
6
Butte-Detroit Cop & Z..1
Caledonia Mining
l
IX
ox
3-16
3-16
ox
13,800
OX
X May
5X Nov
Jan
2X
Oct
14X
June
40c
4,900
12,700
15,700
3,600
4,000
3,100
34c
Nov
4.4c
Nov
IX
1
Coco River Mining
1,100
IX
Nov
2X
Mar
2%
2%
3
Consol Arizona Smelt
.6
Consol Copper Mines....5
1,600
Aug
IX
ox
1 9-16
IX
6,700
X
1 1-16
Sept
ex
2X
Aug
7
7,600
4,400
Feb
12X
Aug
15c
4X
3,935
5,000
2
2 X
2,500
Calumet & Jerome Cop r 1
Canada Copper Co Ltd..5
Cash Boy
i
Cerbat Silver M & M_r__l
Cerro Gordo Mines
l
45c
Emma Copper r
..._1
First National Copper
Fortuna Cons r
1
Gibson Cons Copper.r..l
3Xc4Xc
""lX
*
OX
24c
22c
IX
4X
X
2X
7,853
X 13-16 •11,500
5-16
4X
Porphyry G M.r..l
La Rose Consolidated
Lavelle Gold r
%
78c
Chief.
Marsh
Mining
Valley
Mason
2
Nov
3-16
440
Jan
Dec
10c
Feb
Dec
12c
Jan
3,300
250
7-16
Dec
2 X
Jan
3X
Nov
9X
July
13c
17c
26,000
X
2X
X
700
3X
5,650
9-16
X
6c
6,000
11-32
Dec
2%
Oct
17c
X
Nov
IX
'4X
Dec
9-16
Aug
49C
Mar
50
50
7,000
50
Oct
60
X
X
1
X
1
6c
X
7-16
4
69o
700
X
7,500
Mar
1
Sept
Dec
X
Oct
Dec
IX
Dec
1,700
X
Nov
X
Nov
1,800
43c
1,700
31
5c
7,800
June
X
Jan
Nov
59 X
Mar
Dec
23o
3,700
Nov
8X
IX
9,300
90c
Apr
2 1-16
July
500
15c
Dec
88c
Mar
3X
32c
32c
3-32
1-16
3-32
10,000
1-16
26c
26c
27c
14,400
5c
7c
23,000
25 KC July
5o
Dec
Oct
Jan
Jan
30o
Aug
Nov
70c
June
Dec
,25c
15X
Nov
9X
Sept
26c
25c
28c
23,000
22c
20C
21c
9,500
15c
15X
8X
14X
15X
8X
1,810
14
Dec
Mines...
6
1
Ohio Copper new r
1
Pole Star Copper r
1
Portland Cons Copper.. .1
Provincial Mining
1
Rawley
Rex
Mines
r
X 1 9-16
X
1
1
22c
8,400
31c
33c
46c
45c
47c
Santa Fe Copper r
Standard Silver-Lead
Apr
Dec
IX
Dec
5,200
8c
Nov
56c
Jan
20,000
28o
Dec
72c
May
5c
Dec
5-16
Jan
X
13-16
Dec
4X
Feb
5c
X
200
X
Dec
X
4,500
X
May
2X
3X
1,500
2X
Dec
5c
1,000
5c
Dec
5c
1
X
7-16
1
X
9Xc
7-32
Tonopah Belmont Dev r.l
Tonopah Extension Mln.1
"i~X
Tonopah Mining
Tri-Bullion S&D
5
~"x
Troy-Arizona
r
1
15c
Eastern
1
r
;
3X
EndConsolidated._5
Caps Extension. 10c
White Caps Mining
Wllbert. Mining
(t)
3X
"iic"
68c
11c
66c
Jan
Jan
4,600
X
Sept
X
Jan
4,200
7-32
Dec
11-16
July
6,700
80
Dec
60c
Jan
650
2X
Dec
5
Aug
42,550
%
Dec
4X
3
4X
1,050
X
15,500
16c
3X
3X
12c
68c
12,200
935
600
7.000
2,900
3H
X
14c
Dec
7
Oct
Nov
3 X
Oct
2 X
Nov
8c
Dec
Feb
Mar
X
62c
5 X
4
30c
Jan
Mar
Jan
July
June
60c
Oct
84c
Apr
10c
10c
1,000
5c
Dec
33c
7-16
Sept
9-16
4,000
34c
Jan
19c
19c
1,000
14c
July
35c
22
22
22
22
Dec
37
95X
93X
2X
90X
$5,000
95X
94X
94X
30,000
93
2X
15,000
10c
Yukon
3%
26c
X
3-16
14c
.
X
10c
15-16 1 5-16
3X
5
1
9c
2X
1
r
6,500
5-16
.1
Stewart....
Mines
IX
470
Dec
13,000
X
Dec
Dec
Nov
12c
3X
22c
IX
6XC
..1
IX
Dec
1 13-16June
Nov
35c
35c
.
United
22c
12,600
11c
5c
Dee
23,100
28c
6Xc
%
Dec
30c
IX
25c
July
July
20c
llXc
_I
IX
ox
12,600
20c
1
__1
r
Silver King of Arizona r. 1
Sliver King Cons.of Utah rl
Silver Pick Cons r
1
Mining
40,200
22c
33c
IX
Consolidated.
Success
5,400
„l
Rochester Mines
St Nicholas Zinc
8X
1
Aug
46o
20c
Nipissing
Apr
5X
13-16
32c
Nevada
Nixon Nevada
Oct
X
X
13-16
6c
Aug
3,400
1
X
1
5
Mar
Dec
l
10c
Jan
Nov
3
12c
9,800
National Zinc & Lead r._l
r
Dec
Oct
1
Nov
50
1
r
Nov
IX
•77c
4,200
r
Ophir
Deo
2X
Nov
15c
Monster Chief
New Cornelia
Oct
4,600
7-16
r__
Jan
Aug
4,185
38X
42
5^c
7c
r
Jan
3X
Dec
120
78c
1
^Udde
2 X
3-16
r
Natloc&l Leasing
Jan
Deo
Nov
13c
Mogul Mining
Mother
Dec
2X
9-16
X
7-16
._l
Mar
July
IX
*X
IX
X
IX
7X
72c
16
Mllford Copper r
Oct
Dec
3c
X 13-16
Jan
Dec
3c
38 X
1
Nov
X
1,000
__5
r
3
7,000
__i
Magma Copper
Mar
Oct
1
Magma
16c
3-16
5
Consol
Dec
14c
i
Louisiana
3o
4X4 13-16
.....
Josevlg-Kennecott Cop._l
Klrkl
June
310
9-16
Jerome-Prescott Cop r_„_l
Jerome Verde Cop
1
l
3
700
5c
Sept
2X
Feb
3Xc 3Xc
15C
l
78c
Dec
3c
4c
International Mines r.__l
Iron Blossom r.
I0e
r
Nov
Jan
X
500
2,500
2
IX
2X
X
13-16
Extension.;.
2
40c
Nov
36o
24,100
IX
40c
2 3-16
Great Verde Ext
Cop r 25c
Green Monster
Mining. .60
Hecla Mining
25c
Jumbo
X»
"
l\
40c
IX
15-16
"7-16
.
24c
X
4X
1
Globe-Dominion Copper. 1
Consolidated. 10
Goldfield Merger r
1
Gold Hill...
__.:.5
Jim Butler
2
37C
.1
IX
IX
4Xc
Cresson Con Gold M & M 1
Mines.r
48c
15-16
IX
2
Consol-Homestead r
1
Copper Valley Mining r._l
Denbigh
44c
X
2X
Mar
Jan
212
Jan
Aug
Sept
5
100
IX
Alaska-Brit Col Metals... 1
Atlanta Mines.r
White
21
Nov
3,200
5
com. .5
X
IX
Aug
Mining Stocks
Utica
__
Aug
8X
]
Sapulpa Refining r
.6
Sequoyah Oil & Ref.^.-.l
Tuxpam Star Oil
1
Unity Gold Mines
Oil
Jan
Jan
75c
Dec
*5
Jan
1
Nov
100
3,635
5X
16c
14 X
Dec
OX
IX*
1
United Petroleum r
United Western Oil
5%
Aug
IX
1 5-32
4c
Red Rock Oil& Gas r
Rice Oil r
Wayland Oil & Gas
188
Aug
Oct
15c
r.50
com
Penn-KentucKy Oil
42 X
July
X
47c
1
com
Pan Amer Petrol
Jan
X
IX June
Dec
__1
r
Dec
%,
5,500
22,700
59c
9
11X
5,124
9-16
1
r
5
19 X
Dec
3,500
21
50
r
NY-Oklahoma. Oil
7,550
Feb
Sept
Sept
46,700
X
96c
1
;
...
7
4X
44X
Apr
IX
5,500
32
West
Anglo-Amer Oil
Rights
300
19,500
4X
2X
Apr
Sept
13X June
Jan
5X
Dec
~40X
Goldfield
be worth.
Friday
Week ending Dec. 28.
5X
4X
52c
can engage
securities where the companies responsible for them have
complied with certain stringent requirements before being
whatever.
65,000
5
permitted to deal only in securities regularly listed—that is,
admitted to
*8X
June
45c
Dec
Dec
100
Oklahoma Prod & Ref...5
security market from Dec. 22
1
13o
r
Preferred
we
20c
12,200
r_.
com
Northwestern Oil r
Oklahoma Oil com r
New York "Curb" Market.—Below
ox
Metropolitan Petroleum 25
Midwest Oil, com r
1
4,100
High.
Dec
90,000
IX
3X
3X
X 15-16
IX
IX
OX
ox
X
X
3-16
X
2%
3X
X
3-16
1
1
r
r
Lost City Oil r
Merrltt Oil Corp r
2,864
Low.
26c
OX
1
r
67,300
HOLID AY
Wednesday..
Thursday
Friday..
1
r
5
Oil
Houston Oil
Baltimore.
Bond Sales.
7X
Esmeralda Oil Corp r
Friars
Week ending
Shares.
19c
5
Hanover OH & Ref
Dec. 28 1917,
11-16
24c
Elk Basin Petroleum _r._5
Glenrock Oil
Boston.
1 3-16
Federal Oil
AND
EXCHANGES.
21,000
20c
5
Elkland Oil & Gas
DAILY
Range since Jan. 1.
Shares.
25C
20c
1
Barnett Oil & Gas.r
Cosden & Co.r
Cumberland Prod & Ref
$20,984,500! $15,381,500
'for
High.
1
r
Boston-Wyoming Oil.r..l
$2,000
Low.
Week.
Other Oil Shocks
$279,700
4,580,500
$10,154,500
6,959,000
9,871,000
State, mun.,&c.,bonds.
Total
1916.
Sales
Last
Sale.
New York. Slock
Prairie Oil & Gas
25
298
Standard Oil (Calif)... 100
Standard Oil (Ind)____100
Standard Oil of N J
100
222
523"
510
523
Standard Oil of N Y...100
100
480
Oct!
245
239
245
80
222
Oct
345
Jan
Jan
Alaska Tr Ctfs
l
200
Sept
May
Bonds
Beth Steel 5% notes..1919
Canada (Dom of) 5s. .1919
Canadian Electric rights.
.
2X
2X
Dec
98 X
Feb
Dec
97X
Aug
Dec
2X
Dec
CHRONICLE
THE
DEC. 29 1917.]
3537
Friday
Week's
Last
Sale.
98 K
98 H
Ge ieral Elec 0% notes '20
99
d% notes (two-year) 1919
15,500
1H
Dec
.
Realty Assoc
85
95
(Brooklyn)
70
80
Nov
4
90
Mtge Bond.
Bond A M G
170
180
Nat
155
163
U S Casualty
190
205
100
N Y Title A
USTltleQAl
55
65
160
175
58
245,000
46
Dec
98 H
Jan
49
228,000
36
Dec
94 H
Jan
City Inveat'g
13
10
Preferred..
60
Surety.
66
Mtge
transactions will be found,
Issued,
o New stock,
x
r
Ex-dividend,
Un¬
Title AM G
Oil
Pt rShare
Stocks
RR. Equipments—PerCt
Par
Bid
*17
18
100
100
900
450
50
850
425
*88
—It is announced that A. E. Duncan will on Jan. 2 withdraw from the
Garrett & Sons of Baltimore
again devote his
to
entire
time to the Commercial Credit Co. of that city, as Chairman of the Board.
In June 1916 Mr. Duncan became a
member of Robert Garrett & Sons,
President of the Commercial Credit Co., which he organized in
1912, but remaining semi-active as Chairman of the Board,
William
then succeeding Mr.
Grimes
H.
Duncan
as
Mr.
As the
President.
greatly increased within the last 18
business of Commercial Credit Co. has
months, and plans for further development are being worked out, for some
has found his combined duties were becoming very
time past Mr. Duncan
arduous.
net
company's volume for 1917 is about $52,000,000, and the
The
earnings on the
will
be
about
stock, exclusive of war and income
common
The company
30%.
taxes,
began business with $300,000 cash
capital, and now has $2,250,000, of which $750,000 each is preferred "A,"
preferred "B," and common, with a net surplus of about $375,000.
Manager of the Bond Department for the firm since
Stockton Matthews,
Robert Garrett
Sept. 1916, will on Jan. 2 be admitted to membership in
&
have been very
greatly enlarged, in spite of the general stagnation in the
field due to the entry of the United States into the
investment banking
Mr. Matthews
European war and the consequent Government financing.
in the financial district, having been engaged for
is well and favorably known
sixteen years in the investment
banking business in Baltimore.
his connection with the concern.
done by him since
His
appreciation of the excellent work
admission to the firm is in recognition and
100
300
10
100
415
440
50
*30
35
Pipe Line.. 100
130
Eureka Pipe Line Co_...100
120
195
205
Galena-Signal OH com... 100
Crescent Pipe Line Co
Cumberland
.
—Subject to sale and change in price, the National City Company of this
are
advertising
of the
issue
legal
are
*90
95
7.00
6.00
*13
13%
Colorado A Southern 68
7.00
6.10
National Transit Co... 12.60
*12
13
Erie 6s...
6.75
6 00
New York Transit Co... 100
180
190
6.00
6.75
6.00
303
Equipment 4H8
Equipment 4b
Hocking Valley 4a
Equipment 08
Illinois Central 5s
6.75
Northern Pipe Line Co.. 100
95
Ohio Oil Co
26 *297
0.60
6.00
0.60
6.00
6.00
5.00
6.00
5.00
Penn-Mex Fuel Co
26
Pierce Oil Corporation...
Prairie
38
11*2
25
*11
390
400
100
240
245
100
295
170
315
255
265
Pipe Line
Solar Refining
Southern
*33
100
..100
Prairie Oil 4 Gas
Pipe Line Co.. 100
South Penn Oil
100
J
Kanawha A Michigan 4^8
'Louisville
180
Minn St PASS M 45^8
105
Missouri Kansas A Texas 58
7.00
6.00
225
Missouri Pacific 5b
7.00
6.00
580
590
Mobile A Ohio 5s
0.75:6.00
430
450
Standard OH (Kentucky) 100
Standard Oil (Nebraska) 100
Standard Oil of \'ew Jer.100
290
310
500
525
517
522
N Y Ontario A West 4^8...
6.60
Standard OH of New Y'k 100
243
248
Norfolk A Western 4Hs...
5.80! 5 00
Standard Oil (Ohio)
SwanA *qr»ch
395
410
5.80
100
95
105
Equipment 4b
Pennsylvania RR
100
83
86
....100
325
335
10
*26
30
100
Equipmeut 4^8
New York Central Lines 5s.
additional
See to-day's advertisement for details.
The follow¬
elsewhere in the "Chronicle" to-day.
Leach & Co., Farmers Loan & Trust Co., Winslow Lanier
& Co., New York Trust
Co.. Stone & Webster and Kountze Brothers.
attracting so much attention, has caused the Denver &
RR.
reproduce for free distribution maps
to
from bulletins
by the U. S, Geological Survey showing location of the enormous
somewhat
72
75
Southern Pacific Co 4^8...
Southern Railway 4Mb
..100
85
93
98
Amer Machine A Fdry.,100
70
80
104
107
Brttlsh-Amer Tobao ord..£l
*14»2
60 *320
*65
50
400
Ordinary,
Conley Foil
bearer....__£1
*15
100
200
125
150
100
100
Wilcox
Bliss (E W) Co common.
Preferred
1st
75
74
80
91
j
51
56
25
2d preferred
Patent
Fire
*51
55
A Co ooramon
220
94
com.
40
Nlles-Bement-Pond
75
238
Chic A West Ind 6s'
105
108
Del. A Hudson 5s
97
Beth Steel 5s 1919..FAA
102
*25
35
500
700
100
35
Erie
_
*38
40
Banks.
Bid
Ask
Manhattan •
310
320
Mark A Fult
245
180
Bowery *
400
*
«•«. w
200
150
150
255
270
280
CentralTrust
690
710
250
300
Columbia!..
230
240
275
285
Commercial.
100
Metropol'n *
165
175
Empire
290
300
375
Equitable Tr
310
325
New
Farm L A Tr
400
200
220
85
95
New York Co
155
175
320
New
400
Chat A Phen
197
203
Pacific *
270
Chelsea Ex *
100
110
Park
465
Chemical...
370
380
People's*..-
200
Citizens
205
210
160
150
Neth*.
York..
Prod Exch*.
375
385
Public.
Coal A Iron.
205
215
Seaboard
Colonlal*...
1400
'19. JAD
MAS
15 '18-F-A
100
4^8
1921
210
Mich Cent 5s 1918
98%
95
MorganAWrlght 5s Deo 1'18
98
50
N Y Central 4^81918-MAN
98%
99%
95
95%
ppftfprrAfi
1 An
70
Preferred
58%
100
;
100
oom...
75
25
205
208
5s
1919
N YNHAH5S.Apr 151918
Penn Co 4^8 1921..JAD 15
100
67
6712
Ry&L.lOO
30
33
61
64
United
93
Utah Sec Corp 6s
Preferred
Elec Bono A Share pref..l00
"i
8
100
25
75
Fruit 5s 1918...M-N
35
Federal Light A Traction. 100
Preferred
Rem Arms U.M.C.68T9FAA
'22.M-S 15
Wlnohes RepArmsSs'lS.MAS
Industrial
80
and
Miscellaneous
Great West Pow 5s 1946. JAJ
205
Mississippi Rlv Pow oom. 100
9
11
American
Preferred
100
33
30
American Chicle
Guaranty Tr
293
303
First Mtge 5s 1951...JAJ
67
68
Preferred...".
475
Hudson
135
142
100
00
63
220
Irving Trust
165
_*
100
85
87
Law Tit A Tr
85
oom
100
200
240
Nortb'b States Pow
com.
Preferred
95"
Lincoln Tr..
100
94%
96%
Southern Ry 5s 1919..M-9 2
100
Preferred
Cora'w'ltb Pow
91
95%
98
91% 92%
95
95%
99% 100
84
88
96% 97
89<2
Pub Ber Corp N J 5fl '19.MA8
430
—
99%
9S%
98
90
205
-
97
45
195
»
95
205
250
~
93
JAJ
Laclede Gas L 5s 1919..FAA
Fidelity
m
99%
95
JAJ
Ry4H0'18.MAN
Fulton
w
230
City
'355
350
6% notes (2-yr)
100
Cities Service Co
Mech A Met
300
Butch A Dr.
Ask
Merchants..
Chase
BryantPark*
Bid
York
Mutual*
210
170
180
Bronx Nat..
New
Bankers Tr.
Metropolis*.
205
Atlantic
Battery Park
Boro*
Go's.
Trust
92
9?i4
98%9!?78
98% 99%
90i2 97
97% 9»%
90i4
Amer Power A Lt com... 100
Amer Public Util 1 ties oom 100
Ask
91
...A-0
Hooking Valley 6s 1918 MAN
89
50
.
Preferred
515
95i4
Great Nor 5s 1920....
KCTerm
Amer Lt A Trao com
Bid
96
1£20 FAA
96%
95%
1920......JAJ
Int Harv 5s Feb
9614
95
KC Rys 6,4s 1918
*86
95%
9512
RR 5s 1919
Gen Eleo 6s
Utilities
60
15
18.MAS
Genera! Rubber 5s 1918.JAD
55
Iron...
99% 100
98% 99%
96% 97
Canadian Pac 6s 1924.MAS 2
113
50
Woodward
Cent.
JAJ
65
Winchester Repeat Arms. 100
Preferred
435
1919
110
100
Amer Gas A Elec com...
America*...
Notes—Per
100
com.
Preferred
Public
Banks-A*. Y
106
228
100
quarterly dividend of 1 % % on its first preferred stock,
City Banks and Trust Companies
150
100
100
Preferred
440
payable Jan. 15 to holders of record Dec. 31.
98
125
Amer TelATel 4^s 1918F&A
Balto A Ohio 5fl 1918 ..JAJ
58
103
100
100
...100
...
Short-Term
94
30
410
columns the regular
98
400
Preferred
98
88
100
100
...
North Texas Elec Co
100
Pret erred
49
62%
07
72
30%
85
202
34
100
63
67%
Oraphophone com...100
63
65
100
67
72
American Hardware..
100
Amer Typefounders com. 100
33
Am
com
Preferred
31%
80
210
100
100
Brass
36
125
36
'
...
440
Mercantile
-
400
Second
425"
Pacific Gas A Eleo com.. 100
Tr A
...
120
130
Dep.
Metropolitan
Commerce-.
158
163
State*
100
110
Mut'l (West¬
Corn Excb*.
285
295
23d
Ward*.
110
125
Cosmopol'n*
85
145
155
East River..
190
Columbia*..
320
-
•
Sherman
95
Union Exch.
60
65
Unit States*
500
Fifth Ave*.. 3500
4500
Wash H'ts*.
350
Fifth..
-
*205
230
850
900
West
Side*.
190
170
180
Yorkvllle*..
540
Germ-Amer*
135
145
Brooklyn.
Ex*
395
German
Germanla*
.
"
.
.
1st
A
345"
Puget fid
115
125
Republic Ry A Light
South Calif. Edison com.. 100
Prefer reel
Trust..
940
960
585
595
Soandlnavl'n
260
Transatlan 'c
Union
Trust
~
Havaua
60
125
135
USMtg&Tr
395"
405
First
255
270
UnltedStates
900
925
1st
Flatbush
140
150
Westchester.
130
140
52
13
*512
7
*20
21
100
3
9
12
200
2d
100
Greenwich*.
335
350
Greenpoint.
150
105
Hanover
625
645
Hillside *...
110
120
Harri man...
240
250
Homestead *
Imp A Trad.
470
490
Irving
Liberty
210
215
Montauk *
Hamilton
265
2
6
/44
47
8
10
International8alt..
Nassau
195
205
Kings Co...
625
Lincoln
280
300
Nation'IClty
265
275
Manufact'rs.
North 81de*.
175
200
People's
People's
130
140
Queens Co..
>
—
-
Banks marked with a (*) are State banks,
nge
this week
i New
stock
9
Ex-rights,
120
Franklin....
95
-
-
-
245
Iron Steamboat
5
8
50
lflt
7
10
5s
k Last sale.
50
100
*72
75
36
65
30
71
25
29
Lehigh Valley Coal Sales.
59
61
Otis Elevator common
Western Power common. 100
8
11
100
39
41
100
Preferred
1st
100
preferred
preferred
100
Royal Baking Pow com.. 100
100
Preferred
85
•Per
ft Basis.
snare
n
Nominal,
4
z
40
Remington Typewriter—
Common............100
/ Flat prloe.
5
100
90
25
2d
t Bale at auction or at Stock Ex-
*2%
AAO
AAO
1932
100
Preferred
60
70
90
10
Genl Is 1932
275'
70
A-O
International 8tlver pref.100
45
140
110
590
..100
1st gold 6s 1951
650
Mechanics' *
570
160
54%
67
100
Internat Banking Co
100
preferred
155
1%
100
preferred.........100
United Lt A Rys com.... 100
1st
%
1922..J-D
275
370
390
115
Brooklyn.
BrooklynVTr
91
88
145
100
United Gas A Eleo Corp. 100
preferred
88
100
'
Gotham
85
Company
1st g 5a June 1
5
100
oom
88
100
Tobacoo Co
Preferred
80
97
84
Intercontlnen Rubb com.100
55
78
93
60
LAP
Preferred
Coney Ial'd*
1*95"
180
Celluloid
21
Preferred
Tennessee Ry
345
50
19
Standard Gas A El (Del).
285
"
175
10
45
100
com.
Preferred
100
...100
Preferred
275
TltleGu ATr
565
Borden's Cond Milk
100
oom.
100
Preferred
100
TrLAP
Preferred
N Y Trust..
200
....100
preferred
330
N Y Life Ins
-
—
Westch Ave*
215
First
Garfield
chester)
*
190
93
350
Young (J S) Co
230
100
Debenture stock
Eastern Steel
Empire Steel A Iron
170
......100
Preferred..
Preferred
100
16
17
250
130
Reynolds (R J) Tobacco. 100
I
Arms
95
85
'Johnson Tin Foil A Met. 100
.MaoAndrows A Forbes.. 100
86
100
preferred
Colt s
Preferred
100
Canada Fdys A Forglnge. 100
Carbon 8teeJ common...100
Thomas Iron
—The Southern California Edison Co. announces in to-day's advertising
6 00
Ask.
30
reproduction of a service flag containing 55 stars, to represent the members
serving the country in the Army and Navy.
Bid.
154
45
of the organization
5.80
94
270
Bronx
6.80
7.00
Tobacco Stocks—Per Share.
20
*40
.
6.50
6.00, 5.00
7.00
145
.100
250
.
6.25
7.00: 6.50
100
Preferred..
Phelps-Dodge Corp
100
Soovlll Manufacturing... 100
.
7.25
Toledo A Oh?o Central 48...
Penn Seaboard Steel (no par)
Exch.
5.00
6.00
Equipment 4i^s.
Their letterhead now bears a
bankers.
5.00
7.00
Atlas Powder common... 100
Preferred
original form of letterhead has been adopted by Bon
bright & Company, investment
5 00
5.75
St Louis A San Francisco 63
Ordnance Stocks—Per Share.
Hercules Powder com... 100
Colorado and Eastern Utah.
deposits in Western
Amer
6.75
6.00
St Louis Iron Mt A 8ou 6s.„
PerCent.
Mfg
fields of Colorado
—The demand for information regarding the oil-shale
New York
4^8
Equipment 4s
duPont (E I) de Nemours
—A
.......
Seaboard Air Line
Washington OH
Preferred
readers several of the largest payers of
5.80
6.30[ 5.80
American Cigar commou. 100
A January circular containing a wide list of
Trust Co., A. B.
issued
6.30
Equipment 4MB
Par
publishing their lists: Harris, Forbes & Co., Guaranty
now
6.75: 6.00
7
concerns are
Grande
6.25 5.25
95
220
4
our
6.50
Standard OH (California) 100
Standard OH (Indiana).. 100
Standard OH (Kanflas).__100
American A British Mfg. 100
of
5.00
6.50
Michigan Central 58
6.00
6.00
& Nashville 5b
savings -bank investments in New York. Massachusetts
of January 1st coupons
Utah,
7.00
47
.
January bond interest and dividends in this city are advertising their lists
Rio
.....
Equipment 4Mb
5.00
Southwest Pa Pipe Lines. 100
Baboock A
and
6.00
5.00
5.50
45
—For the convenience
6.25
6.00
Aetna Explosives pref...l00
and Connecticut.
ing
7.12
7.00
Some of these
offerings will be sent on request.
6.25
50
Pierce OH Corp conv 68.1924
utility, 6 to 6.40%; and short term notes, 7.25 to 17.50%.
issues
5.75
6.10
7.12
£1
International Petroleum.
The offerings include a selected list of State
"Chronicle."
5.75
0.75
7.00
Chicago A N W 4^8
Chicago R I A Pao 4 His
Bonds.
municipal bonds, yielding 4.40 to 5.80%; railroad, 5 to 7.25%; public
and
195
list of January investment suggestions in this
a page
6 25
Chlo Ind A Loulsv 4^8
Chic St Louis A N O 5s
130
185
5 75
7.00
0.75
Equipment 4^8..
Chicago A Alton 4s
Chicago A Eastern 111 5Hs._
Equipment 4,%s
135
125
100
Hllnols Pipe Line
Indiana Pipe Line Co
130
100
Preferred
5.00
6 00
0.50
Central of Georgia 6s
40
Continental OH
5 75
0.00
Canadian Paoiflo 4J4s
Caro CHnchfleld A Ohio 5s.
325
100
new...
Ask.
0 00
Equipment 4s
92
Colonial Oil
Vacuum Oil
city,
Bid.
6S25
Baltimore A Ohio 4%s
Buff ltoch A Pittsburgh 4H*
Union Tank Line Co
During his management of the Bond Department, its activities
Sons.
some
T.
Borne-Sorymser Co
Buckeye Pipe Line Co...
Chesebrough Mfg
Basis
Ask
£1
Anglo-American Oil new.
NOTICE.
Atlantic Refining
as
Wes A Bronx
Quotations for Sundry Securities
Ex-
y
Standard
June
60
All bond prices are "and Interest" except where marked *T*
CURRENT
retiring
45
....
I Listed on the Stock Ex¬
I Qlsted as a prospect.
to When
Ask
Bid
80
105
48
No par value.
firm of Robert
A si
Lawyers Mtg
98
Ex-stock dividend.
z
Bid
75
Nov
99 M
05
Amer Surety
39
Ex-cash and stock dividends,
u
rights.
Nov
Alliance B'ty
Casualty Co
change this week, where additional
listed.
98^
*
Ask
Nov
90 M
Dec
98
City Realty and Surety Companies
Bid
41
1921
Odd lots.
New York
High.
(
49 ^
r.1919
5^8 r
Low.
30,000
99
1 15-16 2 5-16
Russian Govt 6Hs
Range since Jan. 1.
for
Week.
98M S13,000
98^
Rig!its
*
Sales
Range
of Prices.
High.
Low.
Price.
Bonds—(Concl.)
Purchaser also pays aoorued
Ex-dlvldend.
v
Ex-rights.
dividend
4
'
10%
58
39
115
84
New
12
01
42
125
88
stock
2538
THE
CHRONICLE
[VOL. 105.
"ST
Juvcstwmt and gailxmd %n\zllx%mtz,
RAILROAD
The
following table shows the
GROSS
EARNINGS.
earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained.
The first two columns of figures
give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and
including the latest week or month. We add a supplementary state¬
ment to show fiscal
year totals of those roads whose fiscal year does not
begin with January, but covers some other period.
It should be noted that our
running totals (or year-to-date figures) are now all made to begin with the first of
January instead of with the 1st of July.
This is because the Inter-State Commerce Commission, which
previously
required
with this
gross
returns for the 12 months
new
ending June 30,
requires reports for the calendar
now
order of the
In accordance
year.
Commission, practically all the leading steam roads have changed their fiscal
year to
year. * Our own totals have
accordingly also been altered to confrom to the new
of the electric railways are brought together separately oh a
subsequent page.
correspond with the calendar
The returns
practice.
Latest Oross Earnings.
B0AD3.
Week
Current
or
Month.
Year.
Jan. 1 to Latest Date.
Previous
•
Current
Year.
Year.
Ala N O & Tex Pac%
%
Ala & Vicksburg. November
208,736
178,428
1,956,084
1,660,861
Vicks Shrev & P. November
248,771
196,166 2,005,281
1,631,216
Ann Arbor
2d wk Dec
49,690
48,285
2,955,588
2,684,501
Atch Topeka & S Pe November
14784159 13069214 150988453 131156372
Atlanta Birm & Atlilst wk Dec
Atlanta & West Pt_
Atlantic Coast Line
Chariest & W Car
Lou Hend & St L
a
October
October
October
October
__
Baltimore & Ohio_ November
B & O Ch Ter RR October
Bangor & Aroostook October
Bessemer & L Erie. October
Birmingham South. October
Boston & Maine
October
._
Buff Iioch & Pitts.. 3d wk Dec
Buffalo & Susq RR. November
Canadian Nor Syst_
Canadian Pacific..
Caro CUnchf & Ohio
Central of Georgia.
Cent of New Jersey
88,727
92,322! 3,700,871
3,065.546
180,824
140,545! 1,432,937 1,187,751
3,661,236 3,088,725 35,689,823 30.082,354
252,454
818,874
1,919,742
2.231.843
202,722
151,754
1,842,129
1.423.844
11778278 10760224 122945271 111482 536
163,732
167,996 "1,669,898
1,552,270
393,185
399,883 3,699,791
3,306,779
1,249,280 1.092,752 10,513.587 9.569.908
121,782
93,109
972,890
907,272
5,519,782 4,857.573 49,626,736 46,111,605
278,715
168,031
264,678 14,645,312 12,526,371
139,039
1,629,923
1,540,193
3d wk Dec
738,300
805,700 40.604,900 36,835,700
3d wk Dec 3,051,000 2,979,000 148317290
136281876
October
379,330
325,770 3,550,717 2,618,917
October
1,592,598 1,411,781 12,762.566 10,976,223
October
3,331,397 2,958,207 31,616,461 28,977,801
477,316
460,474 4.581,252 4,323,730
420,082
394,900 3.741,186 3,725,484
5,046,572 4,315,499 44,978,312 41,394,738
1,911,764 1,717,163117,171,101 14,642,992
Quincy October... 11342614 10586316101573663 89,555,128
b Chicago & East 111 October.,
1,898,964 1,533,012 17,465,428 13,775,184
c Chic Great
West2d wk Dec
312,613
387,080 15,574,655 15,393,555
Chic Ind & Louisv. 3d wk Dec
153,576
154,870
8.869.495
7,979,622
Chicago June RR.. October
296,778
253,220 2,717,364 2,321.770
Chic Milw & St P.. October.._ 11034
551 10575239 94,395,681 91,223.839
dOhlc & North West October
10709791 9,832,398 92,380,164 83.414,374
Chic Peoria & St L. October
201,986
171,169
1,796,415 1,501.986
Chic Rock Isl Sc Pac October
8,162,555 7,526,793 70,422,539 63,596.218
Chic R I & Gulf
October
378.682
328,438 3,117,128 2,740,886
d Chic St P M & Om October
2,106,855 2,129,026 18,081,880 17,438,351
Cine Ind & West
October
218,948
219.089 2,216,098
1,963,373
Cine Terre H&SE October
337.799
268,493 3.079.853 2,257,380
Colorado Midland. October
209,996
179,177
1,307,707
1,348,441
e Colorado & South.
3d wk Dec
393,551
364,199 18,021,422 15,919,503
Cuba Railroad
October
587,890
504,337
6,147,787 6,431,997
Delaware & Hudson October
2,862,524 2,323,814 25,221,792 22,193.949
Del Lack & West.. October
5,342,937 4,537,218 48,044,405 42,735,812
Denv & Rio Grande 3d wk Dec
549.800
508,700 27,657,550 24.795.582
Denver & Salt Lake October:
209,094
191,387
1,747,717
1,574,891
Detroit & Mackinac 2d wk Dec
27,210
21,483
1,276,743
1,194,436
Detroit Tol & Iront October
229,848
216.090 2.251.496
1,943,570
Det & Tol Shore L_ October
159,277
149,728
1,539.065
1,460,866
Dul & Iron Range.. October
969,806
881,681
6,422,208 6,413.009
Dul Missabe & Nor October
1,899,046 1,985,542 13,210.349 12.786,569
Dul Sou Shore & Atl 2d wk Dec
78,735
64,087
4.184.854
3,581,974
Duluth Winn & Pac October
150,400
147,268
1,746,331
1,564,596
Elgin Joliet & East. October
1,334,379 1,282,414 13,224,479 11.863.430
El Paso & So West- October
1,133,680 1,208,655 11,439,533 10,312,468
Erie
October
7,775,716 6,664,330 66,553,835 62,176,832
Florida East Coast. October
560,740
759,794
6,866,026
7,113,885
Fonda Johns & Glov October
86,726
84,070
892,677
843,486
Georgia Railroad.. October
536,405
350,037 3,354,026 2,754,461
Grand Trunk Pac_. 4th wkNov
175,690
204,840
5,619,759 4,622,060
Grand Trunk Syst. 3d wk Dec
1,355,105 1,164,962 63,405,409 58,590,520
Grand Trunk Ry 4th wkNov
1,319,644 1,296,548 47,361,575 43.045,341
Grand Trk West. 4th wkNov
271,974
228,000
8,836,881
8,486,945
Det G II & Milw. 4th wkNov
93,388
83,032
3,081,206
3,039,745
Great North System November
8,201,484 8.217,518 81,796,179 76,151,725
Gulf Mobile & Nor. October
229,628
164,149
1,942,769 1,718,905
Gulf & Ship Island- October
248,7*57
171,463
1,914,526
1,664,145
Hocking Valley
October
1,066,127
791,069
8,990,277
6,810,640
Illinois Central
November. 7,418.742 6,659,150 79,631,417
67,036,918
Internat & Grt Nor. October
1,355,372 1,208,901 10,077,882 8,590,978
Kansas City South. October
1,177,940 1.096,040 11,079,264 9,211,195
Lehigh & Hud Riv. October
187.848
194,425
1,904,738
1,809,484
Lehigh & New Eng. October
349,263
286,143
3,08.5,536 2,494,632
Lehigh Valley
October
4,970,374 4,434,852 44,935,979 40,628,309
Los Angeles & S L._ October.
1.216,365
949,186 10,567,777 9,643,814
Louisiana & Arkan. October
150.849
129,294
1,349,935
1,318,479
Louisiana Ry & Nav October.
262.159
199,981
1,991,461
1,712,335
f Louisville & Nashv 2d wk
Dec 1,334,095 1,422,545
72,839,766 61.856.431
Maine Central
October
1,277,220 1,204,694 11,870,168 10,678,074
Maryland & Penn__ October
52,875
50.621
447,944
407,775
Midland Valley.
October
264,234
222,022 2,379,349 1,715,969
Mineral Range
2d wk Dec
23,158
22,703
1,148,156
1,048,822
Minneap & St Louis 3d wk Dec
248,181
222,598 10.624,087 10.790,351 i
Minn St P & S S M. 3d wk Dec '
607,254
527,297 33,668,151 33,715,459
Mississippi Central. October
119,428
77,430
753,261
704,643
g Mo Kan & Texas. 3d wk Dec
854,711
804,460 41,514,151 35,552,496 :
Mo Okla & Gulf
October
178,829
163,086
1,569,237
1,282,804 I
h Missouri Pacific.
October
7,199,531 6,832,081 64,688,550 56.778.583
Nashv Chatt & St L October
1,453,249 1.269.903 12,410,872 11,085,228
Nevada-Cal-Oregon|2d wk Dec
6,962
5,398
365,496
396,573
Cent New England. October
Central
Latest Gross
Previous
Year.
Vermont._ October...
Ches & Ohio Lines. October
Chicago & Alton
October
Chic Burl &
-
._
__
..
__
"
__
..
__
..
Week
Previous
Year.
Year.
$
%
179,083
NO Tex&Mex Lines October
__
Lake Erie & W_ October
n
.
Cieve C C & St L October
Cincinnati North. October
Pitts & Lake Erie October
Tol & Ohio Cent. October
Kanawha & Mich October
Tot ail line3 above October
N Y Chic & St Louis October
N Y N H & Hartf— October
588,206
20745164
__
Michigan Central October
..
__
..
2,023,618
713,311
4,990,388
5,063,791
241,961
2.531,575
860,021
333,263
37503092
1.546,355
7",704,668
719,527
136,284
687,009
1,591,655
5,320,506
17851688
180476683
1,935,437
687,711
4,261,189
4,312,711
181,838
2,185,343
581,334
266,804
32264055
1,425,860
7,087,456
660.368
18,940,696
6,794,553
43,395.981
43,881,194
2.043,375
21,435.090
6,735,034
2,999,614
326702220
1,493,443
5,101,179
168628982
17,899,337
6,139,225
38,190,702
38,697,258
1,607,294
20,079,879
5,097,174
3,002,596
299342447
14,204,259 12,828,086
71,643,938 66.799,206
N Y Ont & Western November
8,476,630
8,172,790
N Y Susq & West.. October
363,139
275.235
3,526,247 3,350,526
Norfolk Southern.. October
472,921
456.369
4,468,206 4,056,820
Norfolk & Western. October..
6,300,313 5,266,244 54,665,808 49,718,618
Northern Pacific... October
8,338.680 7,683,068 73,021.576 65,571,412
Northwest'n Pacific October
482,707
407,409 4,066,072
3,843,213
Pacific Coast Co
October.
580,339
615,680
4,074,358 6,246,195
p Pennsylvania RR
October..
23172622 20311486 215117790 192229964
Bait Ches & Atlan October
122,682
118,892
1,089,165
1,049,201
Cumberland Vail. October.
433,389
366,882
4,066,495 3,050,915
Long Island
1 October.
1,739,470 1,269,953 14,578,191 12,723,360
Mary'd Del & Va October
99,462
94,571
851,454
776,617
N Y<Phila & Norf October
487,196
463.075
4,584,849 4,362,870
Phlla Bait Sc Wash October
3,187,745 2,247,789 26,905,138 21,052,411
W Jersey & Seash October
644,003
570.224! 7,459,938 6,802,556
West'n N Y & Pa October
1,319,212 1,265,690 12,480,165 11,455,568
Pennsylvania Co
October
7,438,264 6,826,131 66,025,766 63,588,314
Grand Rap & Ind October
550,657
516,825
5,486,302 4,920,386
JPitts C O & St L October
6,526,122 5,790,017 61,350,879 53,005,858
Total lines—
__
..
_
_
__
East Pitts & Erie October
30199326 25806480 277940449
West Pitts & Erie October... 14723 881 13285224 134641710
East & West. October
44923 208 39091 704 412582 160
Pere Marquette
October
2,157,387 2,121,108 19,549,682
Pitts Shaw & Nor.. October
107,964
114,644!
Ail
__
1,033,030
Reading Co—
Phila & Reading- October
245436123
123028104
368464227
18,599,282
1,829,538
!
6,257,325 5,600,760 56,540,334 50,672.444
Coal & Iron Co_. October
4,776,132 4,788,750 40,713,545 33,684,844
Total both cos
October... 11033457 10389509 97.253,879 84,357,287
Rich Fred & Potom October
446,455
295,675 4,008,570 3,081,272
Rio Grande South.
2d wk Dec
13,531
11,089
594,501
554,542
Rutland
October
391,534
352,235
3,649,088 3,362,404
St Jos & Grand Isl. October
221,411
.
__
222.131
1,947,699
1,750,331
325,321
452,383
3,204,781
3,115,856
5,671,613 5,158,162 49,209,650 43,496,437
wk Dec
341,000
325,000 16,682,812 13,383,551
October
2,840.116 2,292,797 24.780,094 21.035.859
October... 18900510 15692153 159909480 132896089
3d wk Dec 2,008,261 2,003,187 111659932 95,971,042
October
688,471
525.132 5.826,002 4,894,822
October
1,202,753 1,068,898 10,928,928 9,800,657
October
471,648
352,684 3,984,859
3,225,583
3d wk Dec
223,733
255,232 13,224,505 11,894,130
3d wk Dec
68,777
68,443
2,860,988 2,575,690
October
622,366
512,448
5,637,547 4,308,789
2d wk Dec
1,466
2,525
116,512
115,127
October
171,292
158,135
1,492,363
1,408,852
October
299,740
312,074 3,168,013 2,974,183
October
301,252
256,708 2,629,085 2,081,753
3d wk Dec
520,478
484,273 21,854,848 20,194,148
November
109,672
101,029
1,184,115
1,112,212
2d wk Dec
120,766
126,254 6,777,752
5,716.970
October
128,243
141,048
834,428
796,482
November
12286 861 10750681 118300340 104438924
October
945.778
877.310 9,144,740 7.333,337
November 3,637,971 3,438,346 37,189,666 34,407,332
2d wk Dec
238,797
243.311 12,784,039 11,431,040
October
966,393
800,532 8,222,489 6,730,969
October
175.971
135,875
1,101.984
1,376,180
November
1,040,170
785,638 10,285,124 9,330,739
November. 1,731,828 1,699,343 16,285,479 13.437.860
__
St L Brownsv & M. October
St Louis-San Fran. October
__
__
St Louis Southwest. 3d
Seaboard Air Line..
Southern Pacific
k Southern Ry Syst.
Ala Great South.
Cin N O & Tex P
New Orl & No E.
Mobile & Ohio...
Georgia So & Fla.
Spok Port & Seattle
Tenn Ala & Georgia
Tennessee
Central.
Term RR Assn. St L
St L M B Term..
Texas & Pacific
Toledo Peor & West
Toledo St L & West
Trin & Brazos Vail.
Union Pacific Syst.
Wabash
Western
__
Current
Year.
New Orl Great Nor. October
j New Vork Central October
Boston & Albany October
_.
..
Jan. 1 to Latest Dale.
Previous
$
Month.
._
__
Earnings.
Current
Year.
or
Virginian
Western
Western
Wheel &
Yazoo &
...
MarylandPacific
Ry of Ala.
Lake Erie.
Miss Vail.
_.
...
__
__
'
,
__
_
AGGREGATES OF GROSS
Weekly Summaries.
2d
3d
week Oct
week Oct
4th week Oct
1st week Nov
2d
week Nov
3d
week Nov
4th week Nov
1st week Dec
2d
week Dec
(29 roads)
[29 roads)
[25 roads)
27 roads)
[25 roads)
,25
(30
(27
(29
roads)
roads)
roads)
roads)
(.18 roads)
Current
Year.
Previous
Increase or
Decrease.
Year.
16,197,889
14,870,725
14.948,609
19,627,363
13,764,197
13,821,685
13,270,115
17,927,429
13,731,889
13,897,457
10,932,600
16,486,251
22,586,348
14,310.980
15,466,995
15,112,670
19,956,475
~*,439,935
13,335,921
11,390,442
Period.
Canadian Northern
/
July 1
Duluth South Shore & Atlantic. July 1
Mineral Range
July 1
Pacific Coast
July 1
St Louis-San Francisco
July
Southern Railway System
July
Alabama Great Southern
July
Cine New Orleans & Tex Pac. July
New Orleans Sc North Eastern July
Mobile & Ohio
July
Georgia Southern & Florida.. July
1
1
1
1
1
1
1
Year.
Previous
Year.
to
Dec
to
Dec
to
Dec
14
to
Oct
to
Oct
to
Dec
31
1,974,101
2,881,472
31 21,577,830 19,131.982
21 58,623,390 48,753,452
31
2,545.139
1,964,056
31
4,615,441
3,934,636
21 20,991,700 20,762,300
14
2,125,007
1,846,134
to
Oct
to
Oct
to
Oct
31
to
Dec
21
to
Dec
21
561,321
1,689,985
6,582,220
1.499,595
526,255
1,322,887
5,882,068
1,343,130
EARNINGS—Weekly and Monthly.
Jurrent
%
+1,327.164 8.93
+ 1,537,642 10.23
+2,958,985:15-07
+546,783 3.97
+ 1,645,310 11.91
+ 1,842,555 13.96
+2,029,046 11.32
+708,046
—561,536
+ 457,842
Current
Various Fiscal Years.
*
Monthly Summaries
Mileage.
Cur. Yr.
February...249,795
March
April
May..
June
July
August
248,185
248,723
248,312
242,111
245.699
247,099
5.16
September..245,148
4.05
October
Previous
increase or
Year.
Year.
Decrease.
%
Prev. Yr.
248.738 271.928.066 269,272,382
+2.655.684 0.99
247.317 321,317,560;294.068,345 +27.249.215 9.27
248.120 326,560.2871288.740.653 +37.819.634 13.10
247,842 353.825.032 308.132,969 +45.692,063 14.82
241.550 351.001,045 301,304.803 +49.696,242 18.49
244,921 353,219.982 306,891.957
246,190 373,326,711 333.555.136
243,027 364,880.086 330,978,448
46.328,025 15.09
39,771.575 11.92
33,901,638 10.24
+43.937,332 12.73
+7,003,161! 9.10
247,048
245,9671389,017,309 345,079.977
364
November.. 80,891
80,525' 83.939,791' 76,936,630
Includes Cleveland Lorain Sc Wheeling Ry. and Cincinnati
Hamilton Sc Dayton.
b Includes Evansviile Sc Terre Haute,
c Includes Mason City Sc
Dodge and the Wisconsin Minnesota Sc Pacific,
d Includes not
only operating revenue, but also all other receipts,
Colorado Springs Sc Cripple Creek District
e Does not include earnings of
Ry.
f Includes Louisville Sc Atlantic and the Frankfort & Cincinnati,
Wichita Falls lines,
h Includes the St. Louis
g Includes the Texas Central ana the
Iron Mountain <fc Southern.
} Includes the Lake Shore Sc Michigan Southern
Southern RR., and Dunkirk
Ry., Chicago Indiana Sc
Allegheny Valley 8c Pittsburgh RR.
k Includes the Alabama Great
New Orleans Sc Northeastern ahd the
Southern, Cincinnati New Orleans Sc Texas Pacific,
Northern Alabama., I Incf
*
—
"
"
"
""
~
—
...
Includes ~~
Vandalia RR.
n Includes Northern Ohio RR.
•We no. longer include Mexican roads
p Includes Northern Central.
In any of our
3d
week Dec
a
-
Fort
r,
—--
—
totals.
-
Dec. 29 1917.]
Latest Gross Earnings by
follows
we
sum
CHRONICLE
THE
Weeks.—In the table which
The table
3.64% increase in the aggregate
Third Week of December.
the
same
1916,
278.715
738.300
3,051.000
153,576
393,551
week last
Increase.
549,800
68,777
Colorado & Southern
Denver & Rio Grande
222,598
Grand Trunk of Canada.Grand Trunk Western.
79,957
50,251
_
14,037
67,400
72,666
1,294
29,352
41,100
St Louis Southwestern
Southern Railway System
...
...
Tota: (18 roads)
Net increase (3.64%).-1
second
11.390,442 10.932,600
week
week last
same
December
of
29 roads and shows
under the
334
our
31,500
i~6~666
3,074
36,205
100.194
558,036
457,842
final
statement
year.
1917.
1916.
Increase.
$
$
$
Decrease.
$
Previously reported (17 roads). 10,480,732 10,733,958
Arbor
49,690
48,285
Canadian Northern.
753.800
892,600
Chicago Great Western
312,613
387,080
133,163
159,450
Chicago Ind & Louisville
Detroit & Mackinac
27,210
21,483
Duluth South Shore & Atlantic.
78,735
64,087
Louisville & Nashville
1,334,095 1,422,545
Mineral Range
22,703
23,158
5,398
Nevada-California-Oregon.
6,962
Rio Grande Southern
13,531
11,089
Tennessee Alabama & Georgia.
1,486
2,525
Toledo St Louis & Western—
126,254
120,766
209,592
1.405
Total (29 roads)
Net decrease (4.05%)
235,833
Ann
Net
13,335,921 13,897,457
Earnings Monthly to Latest
462,818
138",800
74,467
26,287
~
5,727
14,648
88",450
""455
1,564
"
1~059
5,488
797,369
561,536
Dates.—The
table
surplus of STEAM railroad? reported this week:
Gross
Earning?
Net Earnings-
Current
Previous
Current
Year.
Year.
Year.
Previous
Year.
$
$
$
S
Roads.
Atch
Topeka & S Fe b_.Nov 14,784.159 13,069,214 15,367,001 15,786,626
.150,988,453 131156,372;55,565,873;51,928,850
Jan 1 to Nov 30..
—
Baltimore & Ohio b
Jan 1 to Nov 30
Canadian
Nov 11,778,278
10,760,224
1,917,819
2,967,556
.122,945,271 111482,536 28,737,177 30,997,038
Nor
Syst
Nov 4,050,200
to Nov 30—18,583-600
July 1
3,722,300
18,146,100
Union Pacific a.-.—Nov 12,286,861 10.750,681
Jan 1 to Nov 30
118,300,340 104438,924
Wabash
b
Jan
1
.Nov
to
Jan
1
to
3,637,971
Nov 30—.37,189,666
Wheeling & Lake Erie b Nov
Nov 30
754,700
3,269,800
3,960,679
4,628,276
39,695,007 42,006,994
3,438,346
1,029,334
34,407,332 11,297,934
1,010,170
10,285,124
1,250,000
5,472,300
785,688
9,330,739
1,284,605
11,718,854
299,240
3,376,876
249,170
3,575,053
Net earnings here given are after deducting taxes.
a
Previous
Jan.
b Net earnings here given are before deducting taxes.
Year.
Year.
$
Adirond El Pow Corp September
Atlantic Shore Ry
November
cAur Elgin & Chic Ry September
Bangor Ry & Electric October
Baton Rouge Elec Co October
Belt LRy Corp (NYC) September
Berkshire Street Ry. October
Brazilian Trac. L & P October.
Net after
Other
Gross
Fixed
Balance,
Earnings.-
Taxes.
Income.
Income.
Charges.
Surplus.
%
$
$
$
$
Buffalo Roch & Pitta—
1,323,984
118.023
118,559
236,582
187,603
r
1,074,237
228,355
2,491,961
2,929,340
91,399
1,176,735
982,544
319,754
3,668,696
3,911,884
176,486
2,002,638
1,935,157
'
'16
11 mos'17 13,790,365
'16 11,732,336
Buffalo &
<
■'
,^iNov'17
48,979
143,268
1,660,058
1,976,727
$
124,725
22,842
183.594
77,173
18,509
1,185,666
1,638,860
726,248
189,860
1,102,134
329,280
1,537,671
682.948
172,807
53,508
29.405
513.100
547,027
219,305
84,048
84,965
918,957
832,272
/8006000 17262000 /76436.000 f70413,000
9,509
9,964
106,892
2512,154 2474,878 23,168,136
43,397
36,466
375,348
Cent Miss V El
25,966
25.438
254,673
Prop. October!
Chattanooga Ry & Lt October89,429
109,024 1,118,342
Cities Service Co
November
1732,412 1328,389 17,539,807
Cleve Painesv & East October
44,939
38,571
454,347
g Columbia Gas & El. November
1022.230 824,324 9,737,278
Columbus (Ga) El Co October
104.130
84,786
885,875
Colum (O) Ry, P & L October
354,895 307,437 3.278.924
Com'w'th P Ry & Lt. November
1822,283 1510,666 17,727,448
Connecticut Co
October
816,042
812,161 8,396,687
Consum Pow (Mich). November
546,398 456,322
5.201.925
Cumb Co (Me) P & L October
267,632 251,683 2,589,282
Dayton Pow & Light November
187,664
159,344 1,673,943
a Detroit Edison
November
1156,068
993,087 10,983,740
Detroit United Lines September 1515.231 1462,388 13,418,589
DDEB & Batt(Rec) September
38,580
20,989
338,116
Duluth-Superior Trac November
138,967
123,667
1,458,087
East St Louis & Sub. October—
307,827
271,636 3,005,218
Eastern Texas Elec.. October
76,334
72,131
776,607
El Paso Electric Co.. October
111,012
104,990 1,067,118
42d St M & St N Ave September
148,081
77,855
1,339,960
g Federal Lt & Trac.. October
254,713
201,809 2.290,802
Galv-Hous Elec Co.. October
197,920 171,761
1,682,260
Grand Rapids Ry Co October
103,246
103,659
1,085,922
Great West Pow Syst October...
320.252
336,667
3,276,452
Harrisburg Railways October
98,922
86,312
977,251
Havana El Ry, L & P October
635,822
532,358 5,672,408
Honolulu R T A Land September
62.793
58,620
-527,494
October
Houghton Cb Tr Co.
26,024
25,956
285,953
b Hudson & Manhat. November
538,573
5,706,818
512,904
Illinois Traction
October
1226.336 1083,573 11,032,660
Interboro Rap Tran. October
3563.592 3546,933 33,316,521
Jacksonville Trac Co October
59,744
49,646
567,592
Keokuk Electric Co. October
20,431
20,591
203,942
Key West Electric Co October
13,649
6,712
118,379
Lake Shore Elec Ry. October
142,840
136,113
1,475.625
Lehigh Valley Transit September
234,155 2,148,439
269,787
Lewfst Aug & Waterv October
78.606
72,302
764,735
Long Island Electric. September
23,479
200.910
24,568
Louisville Railway.. October
310,524 260,559 2,700,396
Milw El Ry & Lt Co. October
698.131
599,992 6,442,651
Miiw Lt, Ht & Tr Co October
190,838
160,691
1,831,341
Nashville Ry & Light October
211,324 205,999 2,022,941
129.810
NewpN&H RyG&E September
102,197
939.101
N Y City Interboro.. September
61,905
24,028
559,546
N Y & Long Island.
58,224
41,043
September
350,058
N Y & North Shore.. September
17,897
14,947
128,745
N Y & Queens Co
103.809
84,268
September
-874,656
New York Railways. October
1103,615 780,263 10,489,450
N Y & Stamford Ry. October
27,485
24,461
344,993
N Y Westches & Bost October—.
47,315
60,133
465,225
15,734
Northampton Trac.. N ovember
17,701
197,940
Nor Ohio Elec Corp. October
551.295 455,923 ,5.345.584
North Texas Electric October
298,952 205,491
2,017,396
Ocean Electric (L I). September
17,302
19/207
137,512
Pacific Gas & Elec
November
1791,396 1655,903 18,535,280
o Padupah Tr & Lt Co October...
26,211
26,437
249,683
Pensacola Electric Co October
283,246
25,807
21.439
Phila Rapid Transit. November
2512,229 2361,936 27,104,496
Phila & Western Ry. August
50,444
44,524
368,651
Port (Ore)
522,294 459,720 4,903,679
Ry.L&PCo. October...
g Puget Sd Tr, L & P. September
805,827
690,475 6,716,732
^Republic Ry & Light November
464.296
344,942
4,387,002
Rhode Island Co
October
486.464 478,522
5,035,746
Richmond Lt & RR. September
36,873
37,818
350,705
St Jos Ry, L, H & P. November132,033
125,091
1,373,630
Santiago El L & Trac September
51,639
45,971
421,205
Savannah Electric Co October
88,589
72,246
787,456
Second Avenue (Rec) September
80,737
43,956
652,828
Southern Boulevard. September
18,557
6,553
167,032
Southern Cal Edison. October
624,229 659,572 6,276,361
Staten Isl'd Midland. September
31,277
32,527
282,152
82,710
Tampa Electric Co.. October
82,458
835,272
Third Avenue.
331,568
167,852 3,099,638
September
Twin City Rap Tran. October
805,687 846,915 8,537,793
Union Ry Co of NYC September
249,346
106,109 2,235,569
Virginia Ry & Power. November
607,654 481,768
6,013,084
Wash Bait & Annap. September
179,669
88,718
934,843
Westchester Electric. September
48,752
17,416
423,400
Westchester St RR_. October
20,618
15,799
209,790
g West Penn Power.. October
349,834 272,744 3,211,334
a West Penn Rys Co. October—
648,730 555,787
6,312,257
Yonlters Railroad
76,868
20,782
619,493
September
York Railways
October
94,101
89,351
865,499
Youngstown & Ohio. October—
293,064
31,257
28,825
_
...
168,031
51,466
36,192
'16
139,039
28,285
38,340
87,658
66,625
11 mos '17
1,629,923
268,708
619,616
888,324
23,545
257,439
'16
1,540,193
357,624
459,252
816,876
266,564
23,042
Nov '17
211,390
46,988
27,109
74,079
8imos'17
1,712,967
539,811
254,186
793,997
Gross
14,499
135,125
N*Y Ont & West
Nov '17
'16
11
719,527
660,368
mos
*17
*16
8,476,630
8,172,790
Net after
Taxes.
Charges.
$
Earnings.
43,080
630,885
550,312
%
97,676
124,239
2,117,128
2,188,507
Fixed
Canadian Express Co.—
100,379
59,598
def2,703
5,472
955,468
808,291
121,367
1,070,800
10,378,753
309,869
463,084
181,953
4,284,009
1.584,034
133,790
17,343,277
256,578
232,104
24,792,226
332.631
4,491,148
5,871,027
3,614.203
4,879,705
310,159
1,235,944
402,484
671,203
626,565
148,166
6,792,055
258,329
794,862
2,839,764
8,441,904
2.018.249
5,310,556
677,495
374,106
196,908
2,409,790
5,137,360
509,490
800,008
279,865
'
.
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
1,380,216
—Month of September— —Jan. 1 to Sept. 30
1917.
1916.
1917.
1916.
$
$
$
$
425,114
402,572
3,647,388
3,020,162
245,274
214,609
1.879,699
1,569,724
transports.
179,839
187.963
1,767,688
Alabama Power Co._a__Nov
Current
Previous
Year.
Year.
Year.
$
%
Oper. other than transport'n.
12,443
5,778
106,685
105,414
4
192,283
193,742
1,874,374
1,555,852
217,932
169,609
1,776,294
151,445
1,360,702
114,696
1,180.318
852,097
617,693
639,139
6,709,364
111,733
1,789,169
175,836
2,037,689
1,835,688
18,849.726
Jan
1
to
Nov 39
Central District Tel
Jan 1 to Nov 30
Nov
6,918,186
Northampton Tract.a.-.Nov
24,133
98,079
15,734
181,953
7.271
85,458
37,945
29,499
17,733
15,484
Southern New Eng Tel-Nov
392,359
Jan 1 to Nov 30
4,388.471
380,261
3,992,261
111,471
1,148,648
105,652
1,076,613
31,708
301,424
234.059
1
to Nov 30-z
Jan
1
to
41,246
Nov 30
rev.
from trans.
Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
198,800
564
7,000
10 4
4,700
Gross
1,244
434
Arkansas Lt A Pwr.Nov '17
63,000
39,845
'16
'17
—Loss33,214
19,422
33,835
158,520
mos
'16
Net after
Taxes.
$
12
Operating! ncome
6,197
77,058
a
Earnings.
Express taxes
89,949
17,701
197,940
Jan
Southern Canada PowCoNov
1,357,052
def25,649
RNet'operating revenue
$
197.334
1,904,894
Western Pow Co of Can.Nov
expenses
Previous
Year.
$
1,450,438
Total operating revenues.
-Net Earnings
Gross Earnings-
Current
Companies.
New York Telephone —Nov 5,073,176
4.786,197
1,751,901
Jan 1 to Nov 30
55,442,527 49.040.012 20.438,946
118,767
1,161,660
Express privileges—Dr
Uncollectible
1,343,126
1,860.553
678,519
192,340
2,557,994
5,673,803
1,520,919
1,966,146
780.825
491,496
313,327
c These figures are for consoli¬
/ Earnings now given in milreis.
g includes constituent
658,872
Total from transportation
Operating
1,268,342
2,452,655
676,982
893,492
1,345,393
2,062,032
1,598,198
1,075,481
3,052,059
834,198
4,939,812
483,517
270,531
5,358,223
9,958,372
30,995,512
516,516
198,730
93,559
b Represents Income from all sources,
dated company.
Balance,
Surplus.
%
EXPRESS COMPANIES*
Revenue from
709.949
2.883,975
15,229,328
7,998,520
4,247,916
2,391,105
1,443,817
8,954,353
12,107,552
342,224
64,616
.
Pitts West Va Ry and West Side Belt RR—
►
105,318
21,998,158
318,477
242,717
1,021,328
8,539,523
390,147
8,045,686
companies.
Susq—
Nov'17
Previous
Year.
137.693
11,713
202,866
79,191
19,338
—
j For November taxes and uncollectible railway revenue amounted to
$1,267,133, against $624,515 in 1916: after deducting which net for Novem¬
ber 1917 was $4,099,867, against $5,162,111 last year.
From Jan. 1 to
Nov. 30 taxes, Ac., were $11,279,658 in i917, against $6,154,585 in 1916.
The return on property investment was 6.30% for the 12 months ending
Nov. 30 1917, against 6.76% in 1916.
Gross
COS.
1 to Latest Date.
Current
Year.
..
2,442
and net earnings with charges and
gross
Current
or
Bklyn Rap Tran Syst September
Cape Breton Elec Co October
4.05% decrease in the aggregate
Second week of December.
following shows the
Week
Company.
__
Missouri Kansas & Texas
Mobile & Ohio..
the
UTILITY
Brock & Plym St Ry. October
J
j.
Minneapolis St Paul & S S M.¬
For
PUBLIC
Decrease.
Detroit Gr Hav & Milw
Canada Atlantic
Minneapolis & St Louis
or
Month.
25,583
527,297
804,460
255,233
325,000
2,003,187
484,273
Georgia Southern & Florida—
covers
AND
Name of Road
year.
190,143
607,251
854,711
223,733
341,000
2,006,261
520,478
-
1,164,962
248,181
*
Chicago Ind & Louisville
264,678
805,700
2,979,000
154,870
364,199
-508,700
68,443
1,355,105
Canadian Pacific
Texas & Pacific
RAILWAY
Latest Gross Earnings.
18 roads and shows
covers
over
1917.
Buffalo Rochester & Pittsburgh
Canadian Northern
Central
ELECTRIC
separately the earnings for the third
up
week of December.
Iowa
2539
Fixed
$
37,106
29,719
384,044
333,322
13,028
10,753
140,208
141,042
Charges.
Balance,
Surplus.
$
5,680
7,348
5,073
'5,680
68,160
68,160
"
"72,882
2540
THE
Gross
Net after
Taxes.
Earnings.
Brockton & Plymouth St
Oct
Ry
'17
mos
'16
'17
-
10
9,509
9,964
106,892
105,318
'16
Central Miss Val
Elect Properties
"j
)
Oct '17
254,673
242,717
6,342
8,324
73,881
79,393
704,988
488,802
6,089,289
4,563,167
232,036
135,911
1,812,603
1,997,575
10 mos '17
'16
Cleveland#!Ill Co..Nov '17
'16
mos
'17
'16
Columbus (Ga) El..Oct '17
'16
10 mos '17
BALANCE
Properties
def471
104,130
84,786
885,875
709,949
67,683
54,382
545,077
420,784
31,593
28,572
295,592
286,527
138,967
123,667
1,458,087
14,600
161,475
*16
1,268,342
35,172
37,996
421,083
389,087
14,943
'16
'17
Hudson & Man hat- Nov '17
538,573
512,904
5,706,816
5,358,223
T6
11
tan
mos
(all sources)
'16
11
'17
*16
mos
2,990,877
2,983,630
589,115
659,530
6,855,791
7,325,601
'
<
Nov '17
'16
11
'17
mos
'16
Third Ave Syst
Nov '17
*16
5
'17
mos
I
'16
464,296
344,942
4,387,002
3,614,203
Gross
Net
11
x
mos
'17
'16
90,184
.
Balance,
Surplus.
A Taxes.
744,006
728,695
7.809,479
574,054
504,400
5,863,806
5,443,961
169,952
224,295
1,945,673
2.311,544
195,125
94,404
144,516
2,153,591
1,475,191
75,535
1,065,913
829,986
100,721
68,981
1,087,678
645,205
7,755,505
449,845
300,760
4,431,091
3,140,754
After allowing for other income received.
ANNUAL
REPORTS.
Annual, &c., Reports.—The following is an index to all
railroads, street railways
annual and other reports of steam
and miscellaneous
companies published since Nov. 17.
This index, which is given monthly,
reports in to-day's "Chronicle."
does
Full-face figures indicate reports published at
Steam Roads—
Page.
Atlantic Coast Line RR__
Bait. & Ohio RR. (6 months)
...2039
2364
Central Vermont Ry
.....2093
Charleston & Western Carolina Ry. .2453
Chicago Rock Island & Pacific Ry.
(9 months)
.2185
Clncin. New Orl. & Tex. Pac. Ry.. .2089
Hudson Co..2093 (3 raos.) 2183
Del. &
Del. Lack. & West. RR. (3
mos.)...2183
Erie RR. (3 mos.)
2183
Guantanamo & Western RR
2179
Lehigh Valley RR. (3 mos.)..
Long Island RR. (3 mos.)
i.2184
2184
N. Y. Ont. & West. Ry. (3
mos.)...2184
Quebec Central Ry
Trac.,
Lt.
mos.).......
2183
Piedmont & Nor. (Elec.)
Rhode Island Co
of
^.2090
Havana
A
Regla
2457
Industrial Cos.—
mos.)...:..2096
Water
Works
&
Elec.
Co.
mos.)
Butte & Superior Mining Co
..2096
Calgary Gas Co...;...
2368
Canada Bread Co...
Canadian Western Nat.
.".2186
Gas
Lt.,
Heat & Power Co., Ltd
...
2368
Civic Invest. & Indus. Co. (6
mos.).2186
Columbia Gas & Elec. Co. (10
raos.) 2097
Consol. Gas, Elec. Lt. & Pow. Co.
of Bait.
(4 mos.)
2368
Interstate-Callahan Mining
Co. (9 mos.)
Cuban-Amer. Sugar Co....
.2187
2453
Cudahy Packing Co
2361, 2454
Curti8S Aeroplane & Motor Corp...2092
(Wm.) Davies Co., Ltd.
J..2098
Cuba
Guantanamo Sugar Co..
2181
Hale A Kilburn Co., 2270
(3 mos.) 2369
Harblijion-Walker Refract. Co.
2454
Mass.
Electric Cos.
Mexican
2360
2182
Telegraph Co.........
2461
2269
.
Ohio Copper Co.
(6 mos.)
2461
Owens Bottle-Machine Co.
Peerless Truck & Motor
2181
Corp.
(10
mos.).
.2461
Pierce Oil Corp. (9 mos.)
2278
;
Pittsburgh Brewing Co
2274
Bethlehem Steel Corp. (10 mos.)...2368
Brown Shoe Co., Inc....
2361
Consol.
Gasoline Investigation
2362
Gaston, Williams & Wlgmore, Inc..2182
Gillette Safety Razor Co. (11 mos.) .2369
Goodyear Tire & Rubber Co
2362
Nlpe Bay Co
Amer. Brake Shoe & Foundry Co...2453
Amer. Public Utilities Co
2270
Amer. Tobacco Co. (10
(3
Fifth Ave. Coach Co.
2098
Firestone Tire A Rubber Co.......2459
Fisher Body Corp. (6 mos.)
2369
Ry..._".._2453 Mergenthaler Linotype Co
Warehouses
Amer.
(bal.sh.)2276
Interstate Electric Corp
2188
(Julius) Kayser A Co.
2270
Kelly-Sprginfield Motor Truck Co..2188
McCord Mfg. Co. (10 mos.)
..2369
2180
Rys.
2368
Edison Storage Battery Co.
Federal Min. & Smelt, Co. (3 mos.).2459
Federal Sugar Ref'g Co. (bal. sh.)._2187
Imperial Tobacco Co. of Can., Ltd. .2454
Independent Brewing Co. of Pitts..2092
Ltd
United
length.
(Concluded)—
Co.,
Powi
&
Chicago Elev. Rys. Collat. Trust...&J&2
Interborough Rapid
Transit
Co.
(4
Industrial Cos.
Detroit Edison Co
^...2180
Electric Roads—
Barcelona
-
2092
Punte Alegre Sugar Co..
Reo Motor Car Co. (bal.
..2364
sheet)
2279
Republic Rubber Co. (bal.
sheet)__.2370
Santa Cecilia Sugar Corp
2363
Sherwin-Williams Co. of Can., Ltd. .2462
Southern Calif. Edison Co
Southern Canada Pow.
..2371
Co., Ltd
2371
Standard OH Co. of N. J
2362, 2371
Union Bag & Paper Corp.
(9 mos.)._2100
United Alloy Steel Co. (bal.
sheet)..2280
United Drug Co. (9
mos.)..
United Fruit Co
2280
...2269
U.S. Bobbin & Shuttle Co.
(bal. sh.)2462
U. S. Express Co
2100
U. 8. Finishing Co
2092
Utah-Apex Mining Co.
Western
(8
United
Gas
&
2100
-
Elec.
mos.)
Co.
2372
and also the balance sheet of
year
1916-17,
Sept. 30 1917.
Year end
Dec.1'15 to
Year end.
Sept.30T7. Sep/.30T6.
$
Operating profit. .11,095,531
Deduct—Deprec'n
reserve
14,729,087
1,250.000
91,386
for
1,286,471
290,000
accts.
season
500,000
grinding
918,689
Total deductions
7,280,514
4,877,580
Balance surplus.. 3,815,017
9,851,507
ending Sept. 30 1916, three
quarterly dividends of 1 U%
each "legating $2,625,000 less
$297,495 accrued dividends on stock Issued subseqvent to Jan. 1 1916.
x
267,625
7,500
Includes for period
Deprec,
2,140,095
875,000
875,000
propertiesb 1,363,699
1,729,482
3,000,000
1,250,000
reserve..
Res. for taxes, Ac. 1,286,471
in suspense.
86,758
290,000
Items
Surplus account.. 13,666,525
Total
9,851,507
83,342,422
„
72,877,314
1917 properties and plants, $62,898,965, and
machinery and con¬
on hand,
$1,540,866.
b Includes in 1917 liens on properties
material
(cash deposited), $649,313; Censos on
properties, $654,385, and bonds of Cia. Central
Mercedes, owned by corporation and outstanding as guarantee, $60,000;
total,
$1,363,699—see contra and foot-note, (d) below,
c Includes centrifugal and molas¬
ses sugars on hand at
Sept. 30 1917, valued at net sold prices less shipping and
selling expenses, $3,427,624, against $3,421,415 in 1916 and in 1917 molasses on
hand, $155,562.
d Includes security for redemption of liens and Censos on
prop¬
erties—cash deposited with trust company and
bank, $1,303,699, and bonds of
Cla. Central Mercedes deposited, $60,000;
total, $1,363,699.—V. 103, p. 2437,2427.
Houston Oil Co. of Texas
(Houston, Texas).
{Balance Sheet Sept. 30 1917—President's Letter Nov. 21 1917.)
Pres. S. W.
Fordyce, Houston, Nov. 21, wrote in substance:
Southwestern Settlement A Development Co.—Within the
company's past
fiscal year, the trustees,
constituting the Southwestern Settlement A Develop¬
ment Co. (Not Incorporated),
purchased the Houston Oil Co.'s shares of
stock in the Higgins Oil A Fuel Co.
(V. 79, p. 154) (amounting to 53% of
issue), and now hold theiu under the same trusts upon which the
lands of the Houston Oil Co. were
acquired, as
the total
104,
p.
161; V. 97,
Under these
previously reported.
(V.
1898.)
p.
circumstances, the sales of the land, turpentine, hardwoods
and other activities connected with the land
and its management, as well
as the interest in the
Higgins Oil & Fuel Co.'s stock, have become the
operations of the Southwestern Settlement & Development Co.
(Not In¬
corporated), but, inasmuch as the "results of such operations are, under the
provisions of the deed and declaration of trust
constituting the Southwestern
Settlement & Development Co. (Not
Incorporated) for the ultimate ac¬
count and benefit of the holders of
preferred and common stocks of the
Houston Oil Co. of Texas and in view of
the large indebtedness of the
Southwestern Settlement &
Development Co. (Not Incorporated) to the
Houston Oil Co. (now
aggregating, say $6,984,488), the management
deemed it proper that an audit of the accounts of
the trustees should be
made, that this report should include such comment upon the operations
of the trustees as would have been
noted had no separation in ownership
and control occurred and that, for the
clearer information of the Houston
Oil Co.'s stockholders, it should deal with
the situation as a whole.
Oil
Production.—The total oil produced (all being from wells in the
Corsicana field, during the year
ending Sept. 30 1917, amounted to 39,103
producing a net revenue of 841,367, an increase in production
from this field of, say,
8% and an increase in net revenue of, say, 20%;
the total oil production by and for account of
the company was 119,549
barrels, a decrease of, say, 13.2% as compared with the
previous year.
Lands, Ac.—Sales of land aggregated 406 acres, averaging, say, 820
per
acre, amounting to 88,101; the decrease in
acreage sold being 19% and the
decrease in total revenue from land sales
being 38%; the receipts from
turpentine operations were 861,231, an increase of, say,
35%; the sales
of hardwoods were
824,596, a decrease of, say, 12%.
Labor disturbances,
due to
war
conditions and the
high cost of living, are believed to be the chief
hardwoods; the marked move¬
larger towns, .where higher wages are obtainable, has dis¬
couraged new agricultural development in East
Texas, as well as minor
operations in hardwood tie cutting, &c.
Oil Development.—The
Republic Production Co. and Federal Petroleum
reasons for the decrease in sales of lands and
ment
to
the
Co. assumed the
management and control of your company's oil develop¬
ment in Dec. 1916 as
provided in the agreement (V. 104, p. 161), under
the provisions of which those
companies acquired an undivided half interest
in the mineral rasources of the Houston
Oil Co.
The oil wells in the Corsi¬
cana district did not
pass under this agreement, but remained in the owner¬
ship arjd under the control of the Houston Oil Co.
The cash considera¬
tion for this transaction has been received
by the Maryland Trust Co.,
trustee, and applied to anticipated redemption of timber certificates.
We are advised that the
property Is being subjected to careful prospecting
and that several promising sites have
been located.
Two wells have been
bored in the Saratoga
field, one of which was dry, and the other had an
initial pumping
capacity of 2G0 barrels per day, with exception of which
this field had
practically ceased to produce.
A well was bored in Liberty
County, but abandoned because of geological difficulties
encountered,
and the second well in the same
general location has been starteu, but is
not yet completed; the
prospects, however, are considered encouraging.
Lumber
Contract.—During the
past year
Kirby Lumber Co. has met
promptly the minimum semi-annual payments due to the Houston Oil Co.
of Texas under the terms of the
contract between the two companies and
under the decree of the U. S. Circuit Court
for the Southern District of
Texas
interpreting
(V. 87,
same
p.
290; V. 89,
p.
414; V. 102, p. 1560).
Litigation.-—The suit of the State of Texas against the Houston Oil Co.
of Texas has been decided
by the Court of Civil
Appeals in favor of the
company, but the State's application for writ of error to the
Supreme Court
of
Texas is
now
pending.
The suit against Wilson D.
Wing has been finally decided by the U. S.
Circuit Court of Appeals In favor of the
company, the estimated value of
the property recovered is
8350,000, and the amount found to be due to
Mr. Wing was
8127,847, which has been paid.
SOUTHWESTERN SETTLEMENT A DEVELOPMENT CO.—RESULTS
FOR
Profits
YEAR
ENDING
SEPT.
30
1917.
Sales—Land (386.34 acres), 87,726; yellow pine
(321,450
saplings, &c.), 82,802; hardwoods (2,423,617 ft. timber
and 17,654 ties), 814,223; total.
824,752
ft.
on
and
Cost
on Above Sales—Land,
$2,028; yellow pine, $1,607; hardwoods,
$7,824; total
Balance
_
Sabine
Total
prop.,
.
$22,165
28,176
____________
Land and legal expenses, $17,356; other
expenditures, $10,820
Balance, being loss for
year
11,460
$13,292
$2,143; other income, $6,731
8,874
.
Rents collected (net) on
ending Sept. 30 1917
.def $6,011
SOUTHWEST. SETT. A DEV. CO.—BALANCE SHEET SEPT.
30 1917.
Assets (Total, $6,981*907)—
Invest, in timber, timber lands and mineral
rights—representing
on Aug. 4 1916 in pursuance of a certain
declaration of trust of July 14 1916 and
supplemental agree¬
ment of Sept. 18 1916, less sales and
depredation, &c., losses
for period to Sept. 1917; 786.880 acres of land at
$5 25 an acre,
$4,131,122; 247,140,513 ft. yellow pine, $5 per M. ft., $1.235,703; 417,838,729 ft. of hardwoods at $2 50 per M. ft., $1,044,597, and 2,166,343 hardwood ties at 10c. each, $216,634;
total.$6,628,056
Investment in Sabine property, representing an undivided inter¬
est of 51
exp.
plantat'8 from
com' of
3,500,000 x2,327,505
doubtful
&
written off
Dead
at
war
Pref. divs. (7%)..
Re3.
accts.
244,043
Dec.l'15lo
Sept.30*17. Sept.30'lQ.
$
1,750,000
Int. A exchange._
Res. for taxes (incl.
prof, taxes)
1,729,482
on
4,241,230
&
charges 9,504,287
Pref. divs. pay.Oct
Liens
83,342,422 72,877,314
Includes in
payable
property acquired
INCOME ACCOUNT.
exc.
875,000
Cane
Sugar Corporation, New York.
(Second Annual Report—Year ending
Sept. 30 1917.)
On subsequent pages will be found the
remarks of President
Manual Rionda, in the
company's second annual report, also
the profit and loss account for the entire
fiscal
income and
a
j
outstahd'g. 1,059,683
value
Accts.
barrels,
include
not
1,527,723
45,076
Total
struction
without nom.or |
Drafts
accrued
Items in suspense.
£780,437
Fixed Chgs.
760,793
}
(2) Com. Btock,|
500,000 shares,!
par
1,330,132
739,349
October...
875,000
Security for lien re¬
demption, Ac ..d 1,363,699
Prepaid insurance,
rents, Ac
389,326
£560,012
220,654 £def45,356
219,91 l£dcf272,066
1,112,598
£34,981
1,105,580£dfl 150,046
3,421,415
rec.
reserve
due
£54,034
£78,260
70,849
Earnings.
Common w'h Pow,
Nov '17
1,822,283
Ry & Lt (and con'16
1,510,666
stit cos)
11 mos'17 17,727,448
'16 15,229,328
Nov'17
*16
913,646
749,443
par $100
Cash for pref. div.
229,696
322,736
2,929,405
3,612,188
853,699
162,522
620,188
def64,613
4,597,085
1,083,577
3,018,849 def 112,038
Earnings.
NY Dock Co
359,419
336,794
3,926,386
3,713,413
26,209
Cash
50,458
73,095
598,808
617,460
136,713
148,859
1,413,417
1,516,317
Pacific Gas & Elec-.Nov '17
1,791.396
*16
1,655,903
11 mos '17 18,535,280
*16 17,343,277
Republic Ry & Lt
156,893
217,983
215,702
2,392,069
2,366,170
3,659,019
less
$
7% cum.
|
conv. pref. stk.)52,500,000
52,500,000500,000 snares, j
1,122,569
Accts, & bills
1916.
8
capital:!
(1)
1,703,706
Stores, Ac
151,244
Sugars,&c.,on handc3,583,187
£21,925
124,904
£280,271
£247,361
268.441
288,797
1,845,732
3,077,126
ColonosGessres.) 5,502,720
36,090
25,810
249,485
134.257
Duluth-Sup Tract..Nov '17
57,776,272
Advances to—
173,433
94,796
1,242,335
1,575,296
570,268
422,279
a64,439,831
Mat'ls & supplies.
3,884
6,281
51,394
59,679
58,603
1917.
Liabilities—
Declared
Cane cultivations.
4,110
41,115
?
and
plants, Ac
deflO,138
2,043
22,487
19,714
$
30.
1916.
Assets—
def2,003
2,458
SHEET SEPT.
1917.
$
1,130
12,151
11,050
2,013
15,160
[Vol. 105.
Balance,
Surplus.
$
1,286
659
25,966
25,438
'16
11
Fixed
Charges.
$
def717
CHRONICLE
% of 14.757
acres
Other investment (also subject to the above declaration of
trust
and acquired under agreements of
April 23 1917, $283,375.
Higgins Oil & Fuel Co. stock (2,833^ shares, par $100), and
$5,O0O Southwestern Oil Co. (3,052 shares, par $100); total..
Notes & acc'ts rec., $9,700; cash in banks and on
Liabilities (Total, $6,981,907)—
hand, $5,776
50,000
288,375
15,476
Houston Oil Co. of Texas—Purchase
money obligation in respect
of assets acquired in
pursuance of declaration of trust of July 14
1916, $6,984,488; current account, $3,979; total
$6,988,467
Dec. 29 1917.]
CHRONICLE
THE
Accounts payable. $383; deposits under contracts, $1,155; total.Notes payable executed by this company and the Houston Oil Co.
«,
REALIZATION ACCT.
FOR
1916-17.
SEPT.
YEARS.
30
1915-16.
Installments received from Kirby
Lumber Co
$1,562,500
Proceeds from land sales
j
1914-15.
a
Turpentine privileges, Ac
Revenue from oil, Ac., properties
Proceeds stumpage, Ac
7—1
43,165
Interest received
20,930
65,004
7,6$4
...
Deposit to purchase part of S. W. Oil
Co. properties forfeited....
$1,445,313
13,104
50,227
39,269
28,139
35,881
33,946
5,935
17,179
38,834
'
Bottle Shipments—Owens Bottle-Machine Co. and Subsidiaries.
Years
1917.
Owens factoryNo. 1
13,763,232
No. 2
10,189,584
No. 3—-.-.,118,562,544
No.
5-
1916.
4,242,240
125,632,368
102,223,152
86,233,824
7,139,520
149,079,024 139,350,096
Streatori,,
.167,884,416 138,804,480
Graham..
59,230,368
44,823,456
Whitney
60,378,768
59,224,464
Bottles purch'd. 47,771,712
-
$1,724,693
$1,611,933
$1,513,333
General administration, Ac., exp
Interest on timber certificates..
$94,611
164,235
306,711
Preferred
671,950
$69,037
170,030
363,272
671,950
$63,416
166,377
373,826
669,240
259,466
93,395
Cr.98,618
dividends..
....
Commission
on sale of securs., &c.
Judgments (Wing case)..
do
(Thompson-Ford case)---.
...—.
9,329
—
do
of J. N. Votow__
Miscellaneous deductions
Reserve for
loss
Settle't & Dev.
9,014
17,130
oper. of
Co. to Sept.
on
"V, 553
5,859
11,709
.—
W.
30'17.
.S.
Balance, surplus or deficit.;
a
6,606
(net)
New wells in Corsicana field.
•
10,000
j
sur$423,317 sur$326,685
def$23,272
Being installments received from Kirby Lumber Co. under stumpage
1901, as modified by decree of court July 28 1908.
contract of July 1
HOUSTON
CO.-
OIL
SHEET' SEPTEMBER
-BALANCE
1917.
1916.
$
$
Assets—
Inv. in timber lands
A oil & gas r'ts. *26,130,902 26,754,262
Oil & other prop..
......
288,375
r
Timber
certfs.,
2d issue
K tle't & Dev. Co.v6,978,467 v6.739.859
Series (Aug.l '11)4,768,000
do
accr'dint—
47,600
(current)
Kirby Lumber Co.
(suspense)
Notes A accts. rec.
Cash
on
hand, Ac.
392,865
Accrued taxes....
337,104
31,152
150,524
266,985
Notes payable
Acc'ts payable
246,025
5,023
6,073
120,842
120,842
Total ....—...34,148,059
34,861,967
Miscell. accountsz
*
Unearned
inc.
turpentine
under
3,597
5,470,000
101,100
78,210
60,000
Total
18,497
on
con¬
79,359
84,108
Judg¬
107,990
ment
Reserves
54,630
8130,000
17,619
tracts....
Due
Ctf. of int. in co's
sec.held in treas.
597
...
394,046
46,681
1916.
$
Common stock...20,000,000 20,000,000
Preferred stock... 8,947,600
8,947,600
$
Trustees S.W.Set-
Kirby Lumber Co.
30.
1917.
Liabilities—
...
56,184
37,335
34,148,059 34,861,967
r The following certificates have been deposited with trustee to secure
series certs., 1st issue timber certs., $1,845,000, 2d issue timber certs.,
$3,499,403; int., special int. A expense certs., $988,100; total, $6,332,503.
new
s Notes payable (executed jointly with Southwestern Settlement A De¬
velopment Co. secured by deposit of $140,000 6% accrued dividend
2,700 shares of Higgins Oil & Fuel Co. stock owned
by S. W. Settlement & Development Co.)
v Includes amount due in respect of assets sold Aug. 4 1916 and Apr.
23 1917 $6,984,488, and current account. $3,979, less reserve $10,000.
x Includes investment in timber
oil land and oil and gas rights with
book value as shown as of Sept. 30 1916, $26,754,262 and $1,800 purchase
of 22)4 acres of
oil lands, less $423,317 'surplus of timber receipts
and
other
income
over
disbursements
and
$247,500
sale
of
un¬
divided H interest in oil and gas rights under conveyance of Nov. 15 1916
$250,000 less proportion thereof appropriated to S. W. Sett. & Dev. Co.
(not incorporated) in respect to mineral rights $2,500 and crediting sundry
credits to 8. W. Sett. A Drev. Co. (not incorp.) for land and timber lost
in litigation, Ac., $45,657 balance as above Sept. 30 1917 $26,130,902. This
investment is represented by (1) installments j still to be received under
Kirby Lumber Co. contract from Juiy 1 1915 to June 30 1925, aggregating
$15,514,287, (2) hardwood sales under contract prior to acquisition of sur¬
plus timber by the S. W. Sett, & Dev. Co. and unfilled on Sept, 30 1917,
41,571,407 ft. at $2 50 per M. ft., $103,929, (3) investment in Corsicana
oil fields, $300,000; total, $15,918,216.
z Certificates of beneficial interest in company's securities held in reasury, viz., (1) Certificates of beneficial interest in common stock, par value
$33,600, approximate market value $4,704, (2) 6% accrued dividend cer¬
tificates (of which $140,000are deposited as collateral), par value $142,500, market value $116,138; total par value, $176,100, and approximate
market value $120.842.—V. 105, p. 2276.
cerfcf. per contra, 'and
(The) Owens Bottle-Machine Company of Ohio.
10th Annual
Report—Year ended Sept. ZQ 1917.)
The annual report,
signed by Chairman E. D. Libbey and
President Clarence Brown, ana dated Nov. 19, says in subst.;
Capitalization.—During the year $500,000 addition^ preferred stock
was issued to acquire additional gas properties, and $534,875 common
stock was sold to employees.
Dividends.—During, the year preferred cash dividends of 7% have been
declared aggregating $510,343, along with 12% cash regular and 8%
cash extra on the common stock, $1,814,921; making a total of $2,325,264.
Charleston Property.—The proposed enlargement of the Clarksburg,
W. Va., plant was abandoned,, and in lieu near Charleston, W. Va., where
fuel conditions are more favorable, a factory site and producing gas territory
were secured and a pipe line constructed to the plant.
In part- payment
there was delivered $500,000 preferred stock at $115 per share.The
remainder of the purchase price was paid in cash.
One-half interest in
the gas properties and pipe line has been sold to the Libbev-Owens Sheet
Glass Co. and satisfactory arrangements made for the development of the
properties and consumption of gas.
Midwest Box Factory.—In conjunction with the Midwest Box Co. of
Ind. your company has organized a corrugated box manufacturing company
and is planning the construction of a modern plant adjacent to its bottle
factory at Fairmont, W. Va.
The new company will have a capital of
$150,000, of which the Owens company will be half owner.
Plants.—At Factory No. 1 f» Toledo.—A new furnace has been constructed,
also a fuel oil system to supplement producer gas rendering the. factory
independent of natural gas.
Factory No. 2 at West Toledo, Ohio has been
operated because of the abnormal demand, but will probably become a
reserve as soon as new factories are in operation.
To protect Factory No. 3
at Fairmont, W. Va., against natural gas shortage, pipe connection was
effected with an important natural gas company, and coal gas producers
were put under construction.
Factory No. 4 at Clarksburg, W. Va., has
been safeguarded by leasing 13 producing gas wells in the Immediate
vicinity of the plant.
Factory No. 5 at Greenfield, Ind., was purchased
during the year and equipped with three Owens machines commencing
operation in May 1917.
Construction of Factory No. 6 at Charleston, W. Va.,
Is well advanced and the first machines should be in operation early in
1918.
Its productive capacity will be more than 50% greater than that
of the present Clarksburg factory.
American Bottle Co. has had 25 machines
in operation at Newark, O. Together with two factories in Streator, one
equipped with 18 Owens machines and the other with 8; two of the latter
were installed during the past year, increasing by 14 % the combined capacity
of the Streator factories. At the Graham Glass Factory, Looaootee, Ind., one
Owens automatic machine has been installed and two Graham automatics
are now being installed in place of semi-automatic equipment formerly
used.
Graham Glass Factory at Checotah, Okla., has been purchased, forming
a valuable and necessary addition to productive capacity in the Southwest.
At Qlassboro, N. J., the new factory, which will more than double the Whit¬
ney Company's capacity, is expected to be in operation before Jan. 1918.
Owens Glass Sand Factory, Silica, Ohio.—This plant was formerly operated
by a separate company.
It has been made a department of the parent
company.
dec.12%
140%
dec. 6%
47%
52%
52%
19%
239%
7%
21%
32%
2%
49%
111%
141%
44%
20%
99%
...
99,987,840
79,370,496
24,540,048
41,823,360
.
—736,222,320 613,959,696 369,898,992
Machines.—During the
year
—
Over 1916. Over 1915.
9,332,640
6,719,040
77,981,472
30,144,096
-
..
Total..
—1917 Increase
1915.
4
No.
15,409
Ending Sept. 30
15,648,768;
—
NewarkJu
Total timber receipts, Ac
Deduct—Taxes
in force and controlled by the
Four of these patents have been granted during the past year.
We now have 10 patent applications pending, 7 of which were filed during
the past year covering important improvements in the Owens machines,
the new Owens Carboy machine, glass flowing apparatus, mechanism for
transferring bottles from the machine to the leer, improved furnace con¬
struction, Ac.
The company has instituted one suit during the year
against alleged infringers.
Bottle Sales.—Sales of Owens and subsidiary companies show a material
Increase over preceding year and are the largest in their history.
pliances.
$1,406,250
11,189
10,000
Sale of )4 int. in and equip, on Sara¬
toga property
—
now
Owens Co. give broad protection on the Owens machines and allied ap¬
2,700 shares of Higgins Oil & Fuel Co. per
contra, and $140,000 6% accrued dividend certif. owned by the
Houston Oil Co. of Texas, $130,000, less proceeds of notes ad¬
vanced to Houston Oil Co. of Texas, $130,000; balance..
Balance, deficit, Sept. 30 1917
def.8,097
CO.
Patents.—Sixty-one TJ. S. patents
1,537
of Texas, secured by
HOUSTON OIL
2541
30 machines
were
shipped to the factories
of the Owens eompany and its subsidiaries.
Some of these replaced ma¬
chines of obsolete construction, the majority being for new installations.
Demand for machines continues.
On Sept. 30 1917 your company had
orders for 38 machines for future delivery.
Your company had received
applications from various glass companies requesting a license to install
"AW" (Graham) machines.
Negotiations are being conducted with several
representative concerns.
Licenses.—The original license from the Toledo Glass Co. to the Owens
Bottle Machine Co. was for bottles and jars only, all other rights for the
manufacture of glassware being excluded from this grant.
Owing to the
many developments] in the manufacture of articles of glassware other than
bottles and jars on the Owens machine, we have now acquired from the
Toledo Glass Co. an exclusive license for all kinds of glassware not heretofore
licensed by the Toledo Glass Co. and the scope of our manufactures has been
considerably enlarged thereby.
A license for the manufacture of certain lines of bottles has been granted
the Coshocton (O.) Glass Co., and five
AW" Graham type of machines
have been
installed.
Trade Conditions.—In the bottle trade it is necessary to fix,
as nearly
possible to the beginning of each fiscal year, bottle prices for the ensuing
year. The unusual conditions which existed during the past year, and which
could not be foreseen, added materially to the cost of bottle production.
The increase in market prices of ingredients entering into the manufacture
of bottles, as of Aug. 1917, compared with June 1916, was substantially
as follows: Labor, 30%, sand, 75%; soda ash, 55%; limestone, raw, 40%;
lime, burnt, 100%; miscellaneous supplies, factory and office, 57%; lumber,
40%; nails,. 150%; indented paper, 80%; coal, 100%; natural gas, 50%;
freights, 12%; castings for molds, &c., 200%; chemicals, 200%.
It became necessary, therefore, to announce an advance in bottle prices
for the ensuing year commensurate with increased costs, with contract
provisions for future contingencies.
The demand for our product continues
to be in excess of maximum capacity.
Indications are that the output
of new plants nearing completion at Charleston, W. Va., and Glassboro,
N. J., will be fully absorbed by your present customers.
Higher bottle
prices would have been obtainable had we been willing to adopt them.
as
Total Production.—The total bottle production, on Owens machines,
including those of your company's licensees,, was 1,558,996,416 bottles-,
increase of 28.9% over the preceding year.
Note.—On Nov. 19 the following quarterly (cash) dividends have been
declared: 1%% on the preferred stock, 3% regular and 2% extra on the
common stock, al 1 payable Jan. 1 1918 to holders of record Dec. 22 1917.
[The comparative income accounts and balance sheets of the Owens
Bottle-Machine Co. and its subsidiary
companies will be found in V.
105, p. 2181.]-—-V. 105, p. 2181.
an
International Milling Co., New Prague, Minn.
(Report for Fiscal Year ending Aug. 31 1917.)
This corporation owns mills at New Prague, Blue Earth
and Wells, Minn., Davenport, Iowa, Calgary, Alta., and
Moose
Saskatchewan.
The total daily capacity of
was 9,000 bbls. and cereals, 800 bbls.
Jaw,
flour in 1916-17
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING AUG. 31.
1916-17.
Interest
on
$41,244
70,357
$661,915
$42,515
70,357
$502,061
534,002
$549,043
362,559
$296,842
465,717
$1,036,063
$911,602
$762,559
bonds.
Preferred dividends
(7%)
/
Balance, surplus
Previous surplus.;
Total ———
Com. div. (cash)
Com. div. (stock)
1915-16.
capital...
Total
x
surplus.
'
$403,677
450,116
$853,793
(31%)$297,600(35)1280,000(28)$158,776
—
(15)120,000
.....
Common, war taxes..see "x" above
Div.. on com.
1913-14
$519,115
$45,131
70,307
1914-15.
$411,199
$44,000
70,357
x$613,662
Trading profits._
80,000
$566,063
(40)229,300
....
........
$362,559
$465,717
-
y470,000
...
$534,002
After deducting full provision for Canadian and American war taxes,
Dividend on common capital ($250,000 of which was applied as subscrip¬
y
tions to new common capital).
BALANCE SHEET AUG. 31.
1917.
%
1917.
Liabilities.—
Property A plants..2,404,312 2,190,173 Preferred stock..,.—1
Common stock.
1
Wheat, oats, flour,
cereals, &01,637,697 1,512,063 1st Mtge. bonds....
Notes payable
Notes and accounts
receivable
a453,52&
462,907 Accounts payable...
...
Cash
267,755
In
transit,
prep'd lnt.,insur.,Ao 48,652
Sundry assets..
104,834
—
Milling
8
,005,100 1,005,100
,250,000 1,000,000
668,600
225,558
474,193
17,589
187.241 Acer. divs. on pf, cap.
Acer, int., taxes, &c.
393,905
64,755 Deprec'n res've, Ac. 315,869
32,455 Common, war tax..
Profit and loss.....
Total
1916.
$
1916.
$
,
A.S$€t8r~~*
.f...4,916,777 4,449,593
Total
;
566",063
689,500
632,700
312,731
17,689
74,984
244,987
38,000
534,002
4,916,777 4,449,593
a After making allowance for bad and doubtful accounts.
There was also, Aug. 31 1917, a contingent liability in respect of drafts
customers discounted at banks in the ordinary course of business, amount¬
on
ing to $1,018,068.—V. 103, p. 2248.
New
.
England Cotton Tarn Co,, Boston.
{Report for Year ending Sept. 30 1917.)
President C. Minot Weld, Boston, at the
Nov. 20, it is reported, said in substance:
annual meeting
on
The company has In the past year, by the sale of additional plants and
by the, incorporation of the three remaining plants into three separate
companies, gone out of active manufacturing business and become simply
a holding company.
(V. 104, p. 2557).
The general Dusiness for the past year was profitable but the sales of the
various individual properties have been made, in the aggregate, at a loss
as compared with book values.
There is now no bondholders' lien upon the property, all the bonds hav¬
ing been retired except $400,000, which are secured by Liberty Loan bonds.
Or the $2,000,000 preferred stock, all but about $50,000 is in the treasury.
Of the $3,900,000 common stock, about $600,000 is in the treasury.
I
2542
THE
CHRONICLE
BALANCE SHEET SEPT. 30.
1917.
1916.
*
$
Assets—
Real estate &
chinery.
Merchandise
Notes
&
1917.
Liabilities—
ma¬
7.424,153
681,871
>i
1,529,222
accounl
receivable
,762,557
Cash..
1,855.005
697,684
734,155
do
Stocks & bonds.x< ,194,785
Liberty bonds..
517,493
2,000,000
2,982,000
975,000
Bonded debt
Notes payable
Acc'ta payable...
Reserve for
S
63,700
3,285,900
y385,000
Common stock, y.
Investments—
1916.
$
Preferred stock. y_
3,900,000
1,902,500
111,740
lnsur\
Profit and loss
and
cash requirements
during the ensuing year.
Under these conditions it is
plain, without anticipating any future action, that it would be
wise not
to commit the
company irrevocably to large cash disbursements to be made
so far in the future but
rather to follow the general practice of
making divi¬
dend declarations
quarterly.—V. 105, p. 2183, 2093.
173,237
378,980
/
depreciation/
10,000
\598,019
1,385,301
2,045,549
[Vol. 105.
The accumulated
surplus of the present time, as well as the earnings o
the calendar year 1917 now available for
dividends, would fully warrant the
declaration of a 9% dividend,
payable in the same manner during 1918.
The Board of
Managers feel that the present time is one of great un¬
certainty as to all the elements which will determine cash
resources
Delaware
800,000
Lackawanna
&
Western
RR.—Dividends
Now
Total
8,173.369
12,023,557
Total
8,173,369
5% Quarterly.—The directors on Dec. 27 declared a
quarterly dividend of 5%, payable Jan. 21 on stock of rec¬
ord Jan. 5.
This distribution, it is
explained, is merely a
change in the method of aligning the dividends which for
many jrears past have been paid
quarterly and 10%
12,023,557
*
Of the above accounts
receivable, $887.000 are receivable from com¬
panies owned by the New England Cotton Yarn Co.
x Investments
(stocks and bonds) in 1917 included: (1) Sanford Spin¬
ning Co., common, $500,000, and preferred, $500,000: (2) Globe Yarn
Co.,
common.$500,000 and preferred $500,000; (3) The Cohannet Co., com¬
mon $500,000 and preferred
$500,000: (4) Old Colony Cotton Co. stock,
$100,000: (5) Fairhaven Mills, pref. $207,485; (6) Newmarket Mills
pref.,
$300,000; (7) Nobska Spinning Co., stock $100,000; (8) Vacuum Fumigat¬
ing Co., stock $21.000; (9) Danielson Cotton Co., common stock
$197,900;
and (10) New Bedford
Spinning Co. bonds, $268,400.
y After deducting
$1,936,300 pref. and $614,100 common stock and $15,000 bonds held in
treasury.—V. 105, p. 1424, 914.
"
extra,
in
p.
annual
rate
being 20% in
2183, 1898.
The
Colorado P. U. Commission
continue service and sell its
has
j
forbidden
this
to^dis¬
company
properties.—Compare V. 105,
Grand
p. 2183.
Trunk
Ry. of Canada.—Issue of £1,000,000
Three-Year 6% Secured Notes.—The issue of
£1,000,000
Three-Year 6% Secured Notes, oversubscribed in
London,as
noted in
tion.
Railroads.—
See previous pages in this issue.
columns last week,
page 2455, are^ described
our
follows in
RAILROADS, INCLUDING ELECTRIC ROADS.
Operation of
105,
Denver Boulder & Western RR.—Not to
Discontinue.—
GENERAL INVESTMENT NEWS.
Government
December, the total
either case.—V.
an
advertisement appearing in
price was £98 10s.
a
The issue
as
London publica-
The notes are dated Jan. 15
1918, repayable at par Jan. 14 1921, for
the purpose of
redeeming a similar amount of 5A.% secured notes
falling
Jan. 14 1918.
Interest J. & J. 15.
The notes will carry the full
half-year's interest payable July 15 1918.
Denom. £200 and £100
(c*).
Secured by the deposit
with tne
trustee of
£1,700,000 Grand
Trunk
Perpetual 4% Consolidated Debenture stock.
Trustee, Union of London
& Smith's Bank. Ltd.
The holders of the
existing 3-Year 5 A % notes maturing on Jan, 14
may
convert the whole or
any part of their holdings into the new
6% notes at
the rate of £100 £53^ % note for each
£100 £6% note, receiving in addition
a cash
payment of £1 10s. 0d. per cent.
As the present issue is for the
purpose of
due
Birmingham Columbus & St. Andrews RR.—Sale.—
Special Master Halcott Anderson will offer this company's
property at
public auction at Vernon, Washington County, FJa., on Jan. 7 at an
upset
price of $100,000.—V. 102. p. 436.
•
Boston Elevated Ry.—New Tunnel in
Operation.—
This company on Dec. 15
opened the section of the Dorchester tunnel
between the South Station and
Broadway, South Boston.
The new line
forms an extension of the
Cambridge subway toward Andrew Square,
Dorchester, and it is expected that the completed tube will be in
operation
next summer.
The
new
section cuts the
time between South Boston
points
railroad, wholesale and business districts by six
minutes,
and provides connections of
great value for South Boston and upper Dorr
Chester with the downtown area.
The running time from
Broadway Sta¬
tion to Harvard Square is about 13 minutes
and from Broadway to Wash¬
ington 8tation it is three minutes.
At both Washington and Park streets
underground free transfer connections are made with the most
and the Boston
north
and
south
Boston
trunk
lines
of
elevated
Suburban Electric
important
system.-—V. 105,
Cos.—Dividend
p.
1998,1993.
Deferred
—
This company has deferred the dividend on
its preferred stock, which is
cumulative at the rate of $4
per year.—V. 104, p. 2640.
Brooklyn Rapid Transit Co.—New Vice-President.—
John J. Dempsey has been elected Vice-President of
the operating companies of the B. R. T. system to succeed S. W, Huff, who becomes President
of the Third Avenue
California
N. Y., on Jan. 1.—V. 105,
p. 2455, 2271.
Ry.
&
Power Co.—Litigation.—
See United Railroads of San Francisco
below.—V.
Carolina &
Yadkin
River Ry. —New
105,
p.
1418,
1416.
Alvin W. Krech, President of the
Equitable Trust Co., N. Y., and Chair¬
of the bondholders' committee, has been
elected President of this
company and also a director.
Lewis L. Clarke, Pres. of Amer. Exch.
Nat. Bank, N. Y., and Leonard Baldwin of
Griggs, Baldwin & Baldwin,
The company defaulted on the interest due
June 1 1917
on
the 1st Mtge.
bonds, and the committee of which Mr. Krech is Chairman
requested the
bondholders to deposit their bonds with the
Equitable Trust Co., as de¬
positary.
We are advised that no reorganization is
being planned at the
present time, and the committee is hoping
to
make a settlement with
the bondholders without their
instituting foreclosure proceedings.
Com¬
pare
V.
104, p. 245,1.
Central Argentine Ry., Ltd.—Notes.—
The Guaranty Trust Co. of New
York, as trustee for the 10-year 6%
notes, Is now prepared to give the definitive
coupon notes for the outstand¬
ing temporary obligations.—V. 105, p. 2455, 1998.
Central of Georgia Ry.—Leased
Gulf
tions
Company Bonds Called.—
See Chattahoochee & Gulf RR.
below.—V. 105, p.
1418, 997.
Cbattaboochee & Gulf RR.—Drawn
for Redemption.—
Seventeen,($17,000) First Mtge. bonds of this company,
operated under
lease to the Central of
Georgia Ry., have been drawn for
redemption out
sinking fund and will be redeemed on Jan. 1
1918, upon presentation
Southern Bank of
Savannah, or to the Treasurer of the
of the
Mobile
Chicago Burl. & Quincy RR.—Bonds Called.—
'
One hundred and forty-five
Burlington & Missouri River RR. Co. in Ne¬
braska Consolidated Mtge.
6% bonds, due July 1 1918, of $1,000 each, and
29 of $600 each, aggregating
$162,400, have been called for payment
Jan. 1 at par and int. at the New
England Trust Co., Boston.—V.
1998,
p.
1897.
Chicago
105,
■
&
Eastern Illinois RR.—Sale of Coal Land.—
Judge E. E. Evans in
confirmed
the sale
of
the United States District
Court at
the
company's
coal
Chicago has
lands to interests
representing
the bondholders, the sale price
being $3,800,000.—V. 105, p. 2093,1897.
Chicago Rock Island & Pacific Ry .—Dividends on
Pref.
Issues.—-The directors have declared semi-annual
dividends
of
3^%on the 7% preferred stock, and 3%
on
the 6% pre¬
ferred stock, for the six months
ending Dec. 31, payable
Jan. 14 to stockholders of record Jan. 4.
Charles Hayden, Chairman of the
Finance Committee,
made the following statement:
"Whereas the earnings of the
Chicago Rock Island & Pacific Ry. Co.
show that not only has the full
dividend been earned on the two classes of
J)referredindicatesbut that eleven month?
stock,
1917
$6
share earned
or
actual and
one month estimated
over
a
on the common
stock; that it was
opinion of the board that the stockholders
of the Chicago
Rock Island & Pacific
Ry. Co., who had in the recent
reorganization paid
par for this cumulative preferred
stock, should receive the dividend which
it has earned and which was
promised it in the plan of
reorganization.
"While it is too early to
figure exactly the earnings for the three
years
1915, 1916 and 1917, it is estimated that
they have shown approximately
$5 a share earned on the common
stock, in addition to all interest
charges
and full dividends on the
preferred."—V.
the unanimous
105,
p.
2271, 2185.
Delaware & Hudson Co
.—Dividend, &c.—{The Board of
Managers on Dec. 26 declared a dividend of
2l/i7oi payable
on March 20 1918 to
stockholders of record on Feb. 26 1918.
Subsequent to the meeting the following authorized
state¬
given out:
ment was
The practice of the Delaware &
Hudson Co. for recent
years has differed
from that of other railway
corporations in that it has been
customary to take
final action upon the dividend for
the enusing cal.
year during December.
For ten years the Board of
dividend
of
Managers has, in each December, declared
9%, payable during the next year in four
a
quarterly install¬
ments of 2a" such payments to be
made out of surplus accumulated
prior to the meeting at which the dividend action
was
taken.
Northern
RR.—Purchase.—Negotia¬
progressing favorably for the acquisition of the
& Memphis Ry.
Upon completion of the deal
which is subject to some minor but essential
details the Gulf
Mobile & Northern will have
an
entrance into Meridian.
The Meridian &
Memphis Ry. is 33 miles long, running westward from
Meridian to Union, Miss., where it connects
with the Gulf Mobile & Northem RR.
At Meridian it connects with the
Southern Ry., the Alabama &
Vicksburg, the Alabama Great Southern, the New Orleans &
Northeastern
and the Mobile & Ohio railroads.
New
to
be
Construction.—The
substantially
following data
are
understood
correct:
Plans have been
prepared and as soon as practicable will be carried out
for the construction of the
proposed million-dollar terminal at Choctaw
Point, near Mcbile, Ala., where the
company owns about 100 acres of
waterfront lands.
The plans include: Three new
piers and series of ware¬
houses, pier 2 to be broadened, two
warehouses, each 60x80 ft., capacity
4,800 sq. ft. each floor space;
pier 3 to have 4
warehouses, 80x600 ft.,
pier an uncovered dock space
lumber; pier 4 to have lumber deck,
2,400 ft. berthing space,
capacity 5,000,000 ft. lumber; near end of
pier
on main
line, warehouses, one 6 stories, 100x225
ft., total 135.000 sq.
ft. floor space, and another
4 stories, 100x300 ft., total
120,000 ft. floor
space; warehouses fitted with all modern
equipment; railroad tracks to
total 19,200 sq. ft. floor
space, and at end of
to accommodate
2.000,000 ft. sawed
connect all piers with yards.
The plans, which resemble those for
the Bush Terminal,
N. Y., were prepared
by W. H. Coverdale of Coverdale &
Brooklyn,
Colpitis, en-
the proposed work.
gineers, New York. Concrete and steel
i
are to be extensively employed
The northern extension of the road
from Middleton to
Jackson, Tenn.,
about 40 miles, is
progressing as rapidly as labor conditions will
permit,
will be completed
during 1918.
The extension will give a
physical
connection between the Gulf Mobile &
Northern RR. ana che Nashville
Chattanooga & St. Louis Ry., the Illinois Central
RR., the Motile &
Ohio
and
RR. and the
to the Citizens &
company.—V. 99, p. 1748.
&
are
Meridian
President.—Reorg.
man
have likewise been elected directors.
paying off a similar amount of
maturing, the annual fixed charges of the
company will not be ap¬
preciably increased.
The 6% notes with
half-yearly interest coupons attached, will be issued
after Jan. 14 1918.
Compare Y. 105, p. 2455, 2272.
[The present issue has been underwritten, and will
increase the interest
charges of the company by only £5,000 if the former
practice of charging
capital account with discount on the notes sold is
again resorted to.l—
V. 105, p. 2455. 2272.
notes
Birmingham & Northwestern Ry.—V. 105,
p.
818, 606.
Hocking yalley Ry .—Judgment.—The
following data
have been prepared for the "Chronicle"
by Albert H. Harris,
General Counsel of the New York Central
RR.:*
In 1902 the Kanawha &
Co. issued their
Hocking Coal & Coke Co. and the Continental
mortgage bonds and used the proceeds to
acquire
tributary to the Toledo & Ohio Central and the
Hocking Valley
Railways.
In consequence of contracts
assuring to their roads the traffic
of their mines, the two
companies guaranteed the payment,
principal and
interest,
Coal
coal lands
of the two bond issues.
In suits instituted
by the State of Ohio and afterwards
by the United
States it was held that the
arrangement between the railway
companies
and the coal companies was
violative of the anti-trust
laws, and in the
State suit the
Hocking Valley was enjoined from voluntarily
recognizing
its guarantees, but the court
did not pass upon its
liability under them to
the holders of the bonds.
The Toledo & Ohio Central was not
a party to
this suit and the injunction did
not extend to it.
In 1915 there was default in
payment of interest by the two coal cbmpanies.
The principal was declared due and
the bondholders
brought suit
against the Toledo & Ohio Central and similar suits
against the Hocking
Valley.
The suits against the Toledo & Ohio Central
were tried and
judg¬
ments were obtained
against it on its guaranty.
Thereupon the New York
Central RR., of which the Toledo &
Ohio Central is a
subsidiary, bought"
the bonds and the
judgment against the Toledo & Ohio Central and
pro¬
ceeded with the suits against the
Hocking Valley.
These suits have now
been decided by
Judge Holt against the Hocking Valley, he
having decided
that the fact that some of
the arrangements between the coal
companies
and the railway
companies had been held to be in violation of the anti-trust
laws, did not affect the railroad
company's liability to the bondholders on
their guaranty.
,
The judgment obtained against the
Hocking Valley on its guarantee of
the Kanawha & Hocking Coal &
Coke Co. bonds amounts to
$2,841,714,
In the suits in connection with the
guaranty of the Continental
Coal Co. bonds, the
agg regate amount recovered was
$690,712, with int.
thereon from May 31 at 5
% plus costs.
Compare V. 105, p. 818, 997, 2455.
plus costs.
Huntingdon
&
Broad
Top
Mountain
RR.
&
Coal
Co.—Equipments.—
This
company
has
sold
to
Win.
Marriott Canby of
Philadelphia an
issue of $134,000
6% Equipment Trust bonds secured on sixty steel gondola
cars of 140,000
pounds capacity which are to be built by the Pressed Steel
Car
Company.
The Pennsylvania Co. for Insurances on Lives and Grant¬
ing Annuities will be Trustee of the issue.—V.
104, p.,.559.
jtf
Illinois Central
RR.—Equipment
A
Trust.—
Chicago paper states that this company's 10-year
equipment agreement
with the Commercial Trust
Co., of Philadelphia, "involves $7,500,000, a
portion of the cost of 20 switch engines, 500 automobile
cars, 500 refrigerator
cars, 1,000 gondolas and miscellaneous
rolling stock."
DEC. 29 1917.]
We
advised that
are
as
THE
CHRONICLE
yet there has been no offering of this issue of
Norfolk & Western
equipment trusts.
N.
Mississippi Tax Case—Favorable Decision.—
Interborough Rapid Transit Co.—New Operations.—
See Rapid Transit in New York below.—V. 105,
,
Kansas
p.
2455, 2365.
The notes
Pennsylvania Co.—Dividend.—
The company has declared a semi-annual
dividend of 3% on the $80,000,000 stock, payable Dec. 31, to holders of record Dec.
26, making
6% declared this year, 3% having been paid last June.
In 1916, 8% was
paid, and in 1915, 6%.
The company's entire capital stock is owned
by
the Penn. RR, Co.—V.
105, p. 2185, 2095.
Pennsylvania RR.—Lease of Phila. Baltimore & Wash.—
The Pennsylvania RR. has leased the
property of the Philadelphia
Baltimore & Washington RR. for
999 years from Jan. 1 1918 on which
date its lines will become a grand division of the
Pennsylvania RR., and
will be designated the Southern Division.
City
Railways.—Offering of Notes.—Halsey,
Stuart & Co. are offering at 97% and int., to
yield 7%%,
$1,000,000 2-year 6% coll. gold notes, Series "A," secured by
deposit with trustee of $1,219,600 par value of the Kansas
City Railways First Mortgage 6% gold bonds due 1944.
are
dated Dec. 1 1917, due Dec. 1 1919.
J. & D. 1 in N. Y.
or
mal Federal income tax of
2%.
approved Oct. 8
Philadelphia Baltimore & Washington RR.—Leased.-J
See Pennsylvania RR. above.—V.
105, p. 2273, 1898.
Pittsburgh Cincinnati Chicago & St. Louis RR.—Div.
on
This recently consolidated
company has declared dividend No. 2, of
%
the $84,860,116 .(new) stock,
payable Jan. 25 to stock of record Jan. 15.
A like amount
paid Aug. 30 last.—V. 105,
was
p.
1105.
accrued int.
Trust
was
through the sinking
fund $44,000 First Mtge.
3K% bonds, leaving listed on Phila. Stock Exi»
change Dec. 18 1917 $1,912.000.—V. 105, p. 2456, 2273.
A circular shows:
$1,000, $500 and $100 (c*).
Callable all or part at any time
upon 30 days' notice at 100 lA and accrued int. if redeemed before June 1
1919, and at 100 and
Sub. Co. Bonds Retired.
nor¬
Denom.
nental
Dividend.—See Penna. Co. above.
The Girard Point Storage Co., dissolution of which
by stockholders (V. 105, p, 1523, 1310), has retired
Interest
Chicago without deduction for the
Ry.—New Officers.—
E.
in the United States District Court at
Jackson, Miss., against the enforce¬
ment of assessments by the State Tax
Equalization Commission, which
recently attempted to put into effect raises of assessments on common
carriers that totalled $35,000,000.
This increase would yield $140,000
increased revenues to the State and about $250,000 to counties and cities.
The roads held that the increases were unjust and
confiscatory.
Similar
injunctions will be granted on all lines in the State, and attorneys have
announced that the cases would go to the Supreme Court of the United
States.—V. 105, p. 2455, 1898.
D.
Maher, Vice-President, has been elected President,
succeeding
Johnson, who has been elected Chairman of the Board.
A. O.
Needles, General Manager, has been appointed Vice-President in
charge
of operations.—V. 105, p. 73.
L.
The Illinois Central, Yazoo & Mississippi
Valley, Mobile & Ohio, Ala¬
bama & Vicksburg and the Southern
Railway have been granted injunctions
2543
on or after that date.
Trustee, Conti¬
Savings Bank, Chicago.
The company owns and operates the entire street
railway system serv¬
ing Kansas City and Independence, Mo., and Kansas City and Rosedale,
Kan., the combined population served being in excess of 400,000.
The
property includes over 305 miles of single-track equivalent, 746 motor cars
and trailers, and two large steam power
plants with a combined generating
capacity of 60,000 k. w., one located on the Missouri River and the other
&
Commercial
the Kansas River.
on
Data
From
Letter
The property is in first class physical condition.
of
Pittsburgh Rys.—Immediate Fare Increase Refused.—
The
&
Robert J.
Chicago,
Dunham, Chairman of the
III., Dec. 14 1917.
Board,
Pennsylvania P. S. Commission on Dec. 22 handed down an
opinion
refusing the company's application to have its increased fare rates made
effective within five days.
The opinion says in part:
"if the railways company desires to increase its
fares, it must do so after
the statutory thirty days' notice to the
public and this commission."
It
is also stipulated that the
company must restore the service it was
rendering
prior to Oct. 16, the date on which the company began to remove its
trip¬
pers and trailers.
"People of Pittsburgh are entitled to immediate
tion of the service
Capitalization Outstanding or to Be Presently Issued.
The capital stock, fully paid up, is in the nominal sum of $100,-
for the issuance of sufficient 2-Year 6% Collateral gold notes.
x The sinking fund of $105,820
per annum is
calculated to retire the
entire issue at or before maturity.
f
Purpose of Issue.—The proceeds from the sale of these notes! will be used
for expenditures made or to be made for im¬
provements, betterments and extensions, thus providing for the immediate
financial requirements.
The authorized
amount
has been made large
enough to provide the means for refunding the 3-Year blA % notes due 1918.
Security.—A direct obligation and collaterally secured by pledge of
1st Mtge. 6% gold- bonds at 82.
Additional notes may be issued only
upon pledge of said bonds in the same ratio, or, Upon pledge of 1st Mtge.
bonds in equivalent ratio, i. a., at 70.
The 1st Mtge. bonds pledged are
a first
mortgage on the franchise and entire property.
(See description
of this issue in V. 102, p. 2254.)
to reimburse the company
Earnings for 12 Months ended June 30—
:..
r._
1917.
-
Gross earnings.._n
1916.
$7,444,503 $7,071,753
Net earnings available for Interest charges, sinking
fund and reinvestment in the property
2,449,419
2,393,999
Interest on all outstanding 1st M. bonds & notes,
including present issue
1,200,115
There is set apart each year for maintenance, repairs, renewals and de¬
preciation not less than 16% of the gross earnings for the previous year.
For complete details regarding the physical
property, franchise, capita
value, First Mtge.bonds, &c., see V, 102, p.2254.—V, 105,p.2365,2272
Lake Shore Electric
so often as heretofore, perhaps.
Employees have always been
supposed to do a full week's work every week, but now
they are going to
try to do a good deal more than that.
We have 46 cars waiting for us at
Cincinnati, but we can't get them owing to priority of war
shipments.
Large orders for electrical units for the production of more
power are behind
time for a similar reason, and much
money will be needed in order to make
payment for them when they get here.—V. 105, p. 2273, 2185.
Rapid Transit in New York.—Operations.—
Announcement has been made by the P. S. Commission that it
is hoped
have the Lexington Ave. subway and the Seventh Ave.
subway in full
operation, in connection with the first subway, as soon after the first of
April as is possible.
In the meantime, the earliest date at which
partial
operation may be expected is on or about March 1.
Delays in material,
to
it is stated, were responsible for the
inability of the operating officials to
have the lines ready.
General construction work is practically
completed.
Some equipment materials come from
points far distant from New York,
and in some cases it has been
necessary to ship carloads of
materials by
express in passenger trains, while other materials nave been loaded In
motor¬
trucks and brought to New York all the
way from Pittsburgh.-^-V. 105, p.
2457,2273.
Rates.—Canadian
The
down
of
This companv has increased its auth. capital stock from
$2,500,000 (of
1783.
pending.
Com¬
V. 105, p. 2454.—V. 102. p. 66.
Canada, with the exception of British Columbia, where the maximum
rate is
-V.
105,
p,
2184.
Purpose of Issue.—The proceeds will be used to refund an issue of $1,000,000 5% notes due June I 1918 and to provide for certain important con
struction and water power developments already nearly completed.
Security.—This issue will be secured by the deposit as collateral of $1,600,000 of the company's first refunding mortgage 5% bonds due 1952.
—Year ended Oct. SI—
1917.
1916.
Gross
$1,577,928 $1,456,928 Int. charges..
Net
636,219
650,985 Balance
—V. 105, p. 2184, 1802.
—Year ended Oct. 31—
1917.
"1916.
$181,820
454,399
$152,746
495,489
Massachusetts Electric Cos.—Sub. Co. Sale
of Lands
—
portation Co.—V. 105. p. 2456. 2365. 2360.
Meridian & Memphis
& Northern
Ry.—Proposed Sale.—
RR.
afbove.—V. 103,
New York Central RR.—West
It
Side
understood,
is
p.
1118.
Case.—Litigation.—
that, in view of the fact that the Government has
operation of all railroads, nothing can be done to compel
the company to make any improvement under the proposals of the Com¬
taken
over
mission
.
See Hocking
Valley Ry. above.—V. 105,
p.
a
mile.
on
Dec. 20 ordered
freight rates from Eastern cities
to Southern
The Philadelphia & Reading RR. has reduced the
outstanding Extended
Improvement Mtge. 4% cdupon bonds listed on Phila. Stock
Exchange
from $6,918,000 to $6,883,000.—V.
105, p. 2273, 1802.
Reading (Pa.) Transit & Light Co.—City Fares, &c.—
This company has filed with the Public Service
Commission at Harrisburg a new schedule of fares providing for an increase from 5 to 6 cents on
the city lines of Reading, Norristown and
Lebanon, to go into effect Jan. 10
cities
A 6-cent fare went into effect on the suburban lines of
the three
Nov. 6 and the advance now
proposed would mean a universal
over the entire 200 miles of
railways operated by the company.
on
6-cent fare
—V.
105, p.
St.
1420.
Paul
Union Depot
Co.—Progress.—The "RailwayAge Gazette" Dec. 21 said:
The sinking of the foundation piles for the heacTfiouse
of the station is
under way.
The head house will be 150 ft. by 300 ft. and two stories
now
in
height, except
the main entrance, where the height of the building
In addition, a waiting room, 375 ft.
by 65 ft., will
The exterior of the building will be of Bedford
stone.
The contract for the construction of the head
house, for the grading
for the, elevation of the
tracks, the building of retaining walls and the
relocating of tracks, &c., is held jointly by the George J. Grant Construc¬
tion Co. and Morris, Sheppard &
Dougherty, both of St. Paul.
The esti¬
mated cost of the entire project is about
$15,000,000.
over
will be three stories.
extend
over
the
tracks.
Mortgage.—The new $20,000,000 mortgage, referred to in
V. 104, p. 2344j has not yet been
completed, and no bonds
under the mortgage have been issued.—V.
104, p. 2344. ^
San
Francisco-Oakland Terminal Rys.—Notes.—
2456, 2272.
;
The Calif.
RR, Commission has authorized this company to issue
$218,459 6% demand notes and to issue and pledge for their
payment
$337,000 General Lien bonds.
The notes and bonds are to be issued
banks in lieu of notes and bonds
to
now
2367, 1898.
The American Gas Coal Co. has been incorporated in
Pennsylvania with
$200,000 authorized capital stock to take over certain coal lands recently
purchased by this company's subsidiary, the New England Fuel & Trans¬
See Gulf Mobile
three cents
applied particdlarly to cities in the
1918.
H.) Traction Light & Power Co.—
Offering of Collateral Trust 6% Gold Notes.—Wm. A. Read
& Co. are offering at 98 and int. to net over 7% $1,360,000
Collateral Trust 6% Convertible gold notes, dated Jan. 2
1918, due Jan. 1 1920.
Interest J. & J.
Denom. $1,000
and $500 c*.
Callable as a whole or in multiples of $100,000
at 101 and int. on 30 days' notice after
July 1 1918. Amer¬
ican Trust Co., Boston, trustee.
Convertible at the option
of the holder, after July 1 1918, or if called for
redemption
up to ten days prior to redemption date, into an equal
amount of first refunding 5% bonds of the
company at a
valuation of 923^ and interest.
(N.
Earnings—
now
a reduction of from 2 to
4%
Michigan points.
The
southern peninsula of Michigan,
which has been carrying higher rates than other
points equally distant
from points of origination.—Y.
105, p. 2457, 2273.
all
rates
Lorain Street RR. Co.—Note Extension.—
The Ohio P.
U. Comrhission,has authorized this company and the
Lake Shore Electric Ry. Co, to extend for two years the
maturity date of
6% notes of 1915, due Jan. 1 191$.
Freight and*Passenger Advances.—
Board of Railway Commissioners on Dec.
26 handed
decision providing for a 15% increase In
passenger rates in all parts
Reading Co.—Bonds Canceled.-—.
Pending.—
The sale of the control of this company we learn is still
Manchester
Canadian
a
The I.-S. C. Commission
which $1,000,000 5% cum. pref.) to $3,750,000.—V. 93,
p.
the $200,000
(N., J.).—Retrenchment.—Presi¬
shops quite
on
pare
Corp.
Our company is paying
8% dividends, and if it is to continue to do that
every effort must be made to keep it going at the lowest
possible cost.
Not to be able to continue that dividend rate
would perhaps render it
difficult to raise money
advantageously or profitably to dispose of securi¬
ties.
Some of the money needed now to be
put bachdnfco the property will
be secured through retrenchment rather
than by capital issues.
Other
funds will have to be obtained also.
Cars will not be put
through the
Freight Rates to Southern Michigan Lowered.—
County Ry. & Lt. Co.—Stock Increase.
Little Kanawha RR.—Sale
Service
dent Thomas N. McCarter is
quoted by theNewark "News":
Ry.—Note Extension,—
See Lorain Street RR. below.—V. 105, p. 2184.
Lancaster (Pa.)
it existed prior to Oct. 16,"
says the opinion.—V. 104,
1
Public
000, and is the basis of 62,716.7 preferred and 63,620.5 com¬
certificates of participation
of no par value
No par valu
First Mtge. 5% gold bonds due July 7 1944 (see notes
below)._$15,917,400
These 2-Year 6% Collateral gold notes, due Dec. 1 1919
(se¬
cured by deposit of $1,219,600 1st Mtge. 6% bonds not in¬
cluded above), this issue
1,000,000
3-Year 5 H% Secured gold notes, due July 1 1918 (secured
by
deposit of $6,885,000 1st Mtge. 5% bonds not incl. above).. *6,259,000
2d Mtge. gold bonds, due July 7 1944 (series "A" 6%,
$4,080,250, and series "B" 5%, $1,000,000), closed mortgage^
x5,080,250
*
To refund these notes on or before July 1 1918, provision has been made
mon
restora¬
as
664.
p.
.
Southern
held by them.
Compare V. 105,
p.
Railway.—Mississippi Tax Case Decision.—
See under Illinois Central RR. above.—V.
105, p. 2457, 1999.
Tehuantepec (Mexico) National Ry.—Dissolution.—
An exchange journal says: "The Mexican
Government is negotiating
with S. Pearson & Son, Ltd., of London, for the dissolution of
this railway,
which extends from Puerto Mexico to Salina
Cruz, Mex., 188 miles.
The
road had been operated under a contract
extending for 50 years from July 1
1903 between the Federal Government of Mexico and said firm.
"This contract provided that S. Pearson & Son should
operate and manage
the railway as managing partners for and on
account of the
partnership,
with a working capital of $5,000,000, one-half of which
was to be furnished
by each partner.
The agreement now concluded contemplates that the
Government shall acquire the road and also the docks
and harbor works
now under construction at Puerto
Mexico, the contract with the
being canceled."—V. 105.
company
p.
1999.
■
v
*
2544
THE
Toledo & Ohio Central
CHRONICLE
On the new order for
Ry.—Litigation.—
See Hocking Valley By. above.—V.
Union Traction Co. of Kansas.—Bond Call.—
United Gas & Electric
Corp.- -Sub. Co. Stock Increase.-V. 105, p.
& Light Co. above.-
San
Francisco "News Bureau"
2457, 2095.
"The
sued to-day [Dec. 14]
Urbana
The
(Ill.) & Champaign Ry., Gas & Elec. Ry.—Stock.
Illinois
P.
U.
Commission
has
$136,000 additional capital stock.—V. 96,
Utah
this company
authorized
to issue
1425-
p.
Regarding the settlement of the suit instituted by Bassick & Johns for
on promissory notes and claims for commissions, it can be said
by Judge Mayer will result in a recovery
by the plaintiffs of about $700,000.
This is less than the $750,000 promis¬
sory notes which were included in the claims.
Total recovery sought by
Bassick & Johns was $4,770,627, so that only 14% of the total claim is
recovered.—V. 105, p. 2457, 2186.
the line under its
by
by"
the
Unitedf
States
1386) oh Nov. 30 took
Smelting Refining &
over the operation of
management.
own
The report of the smelting company for the calendar year 1916 said in
subst.: "The needed increase in railroad facilities will be furnished through
the Utah Ry. Co., which proposes to take over and operate its own railroad
from Nov. 30 1917, at
which time it has the option to do so under its present
to avail itself at that time
trackage rights for an intermediate portion of the distance and run its
own trains through from the coal mines to its terminal and connection with
other railroads at Provo, Utah.
Locomotives and additional cars have
been ordered
[a number of which have arrived.—Ed.].
Satisfactory
arrangements have been made for interchange of coal traffic with connecting
railroads reaching all markets tributary to Utah coal."
See also United States Smelting, Refining & Mining Co. under "Indus¬
trials" below.—V. 104, p. 1389.
agreements, and, under the same agreements,
enlarge Warrior River steamelectricity for Government's
$30,000,000 cyanimid plant (now under construction) near Muscle Shoals
Dam No. 2.—V. 105. p. 608, 390.
Alum Rock Gas Co.—Extra Dividend.—
An extra dividend of 2%
has been declared in addition to the regular
monthly dividend of 1%, both payable Dec. 20.
Capital stock at last
accounts, $500,000; bonds, $46,000 6s, due 1918.
Has been reported as
having 50 miles of pipe line and as drawing 2,200 million cu. ft. of gas
annually from 400 wells.
Pres., G, S. Hamm, Knox, Pa.
American Ammunition
American Caramel Co.,
MISCELLANEOUS.
York, Pa.—Status—Dividend.—
In February of this year the company resumed dividends which it dis¬
continued in 1912, and has paid for the four quarters $1 per share on its
pref. stock.
An officer writes:
"The company is now in a prosperous condition, both financially and
commercially, and the continuance of dividends at the same rate as this
year is probable as the earnings have been largely in excess of the dividends
paid.
The management is in hopes that, provided business is as good for
tlie coming year and general conditions are anything like normal, the divi¬
dend rate
AND
Co.—Stock Reduction.—
The necessary legal steps have been taken to decrease the issued and
outstanding capital stock from $650,000, consisting of 1,500 shares of pref
stock and 5,000 snares of common stock, par value $100 each, to $500,000,
consisting of 5,000 shares of common stock of $100 each, by the purchase
of the 1,500 shares of the pref. stock at the fair market value thereof, not
exceeding par, for the purpose of retiring the same.
E. B. Caldwell is
President and C. D. Inman, Sec.
Compare V. 105, p. 1210.
or
INDUSTRIAL
Plant.—
This company is expending $3,000,000 to
electric plant; additional supply of
driven
Railway.- -Independent Operation.—
ed
The company controlled
Mining Co. (see V. 104, p.
definite delivery dates, but
recovery
Alabama Power Co.—Extension of
United Railroads was
in the United States District Court by the California
Railway & Power Co. of Dela. to recover $1,925,000 and interest at 7%
from Dec. 1 1916.
The plaintiff contends that this amount remains un¬
paid of a $2,000,000 loan made to the traction corporation.
The United
Railroads has paid only $75,000, it is set forth."—V. 105, p. 2186, 1899.
says:
are no
thuat the decision recently rendered
United Railroads of San Francisco.—Suit.—
The
picric acid there
can
be increased."
[Capital stock auth. and issued, $1,000,000 each of com. stock and 8%
preferred stock, par $100.
Funded debt consists of $225,000:
1st M. 6s, due June 1 1920 (reduced from $600,000 by sinking fund), and
S300,000 6% debentures due Jan. 1 1923.
The company, which is successor
cum.
Adirondack Electric Power Corp.—New Plan.—A new
plan has been issued for uniting the company's properties
with the properties and business of the following companies:
Schenectady Illuminating Go., Mohawk Gas Co., Schenec¬
tady Power Co., East Creek Eteetric Light & Power Co.
and Edison Electric Light & Power Co. of Amsterdam.
Condensed
from
Extracts
Official
Circular.
The corporation is to join these properties with its own property for the
following consideration, subject to the reservations herein stated:
Bonds.
7% Pref. Stock.
Corn.Stock.
;_$6,500,000
$4,100,000
$4,750,000
preferred stock, which will be of the same class as the pres¬
ent outstanding preferred stock of the Adirondack Co., $2,300,000 is to
be returned to the treasury of the company for future sale.
This has the
practical effect of substituting $1,800,000 of pref. stock for the larger
amount tabulated above.
This means by comparison with the original
plan that the preferred dividend demands on the net earnings of the en¬
larged company will be less by $144,000 (the difference between 6% on
the $4,500,000 preferred of the original plan and 7% on the $1,800,000
preferred above.).
(See earlier plan, V. 104, p. 561, 2236, 2453.)
Holders of the present $2,500,000 6% preferred stock of Adirondack
Electric are to have a six months' option to exchange par for par for $2,500,000 of the enlarged company's new ten-year 5% debenture bonds.
Holders of such bonds are to have the further privilege of exchange, par
for par, into 7% stock of the same issue as the above, such privilege of
exchange to begin two years and end three years from date of issue of such
bonds, or for an earlier period of not less than one year, if that can be law¬
fully done, or the exchange into 7% stock may be made direct by the 6%
preferred stockholders.
*
As set forward in the earlier plan, the common stock will be changed from
$100 to $50 par and eachl stockholder will retain his present number of
shares of the changed par value, but in a company with largely increased
Consideration (see below)
Of the above
assets and business.
Should
of P. C. Wiest Co. and Lancaster Caramel Co., manufactures caramels and
confectionery, its factories being located at York and Lancaster.
Officers:
C. R. Weeden, Providence, Pres.; Wm. C. Bidlack, Lancaster, Pa., V.-P.
& Gen. Mgr.;
G. Clayton Krone, Sec. & Treas.
American Cigar
Co.—Official Data.- -The following has
been confirmed for the "Chronicle:"
The company, a subsidiary of the American Tobacco Co., is closing the
most prosperous year in its history.
While it is rather early as yet to give
an accurate forecast, interests close to the company would not be
surprised
if the concern showed close to $20 a share for its $10,000,000 common
stock in 1917, compared with slightly better than $12 in 1915 and 1916.
Of the $10,000,000 common stock outstanding, the American Tobacco Co.
$7,000,000.
Dividends are being paid on the junior issues at the
but in view of the earnings indicated above, which
at the rate of three times the dividend disbursements, an in¬
creased payment in the near future is possible.
This cigar company at this time is many millions of cigars behind its
orders and extensive plans have been under way for some time for capacity
increase.—V. 104, p. 951.
owns
rate of $6 per annum,
are
running
American Gas
Co., Phila.—Convertible Bonds.—
A press report says that
the shareholders will shortly be given the privilof subscribing at par for an issue of $3,000,000 10-year 7% convertible
gold bonds, any bonds not so subscribed to be offered by three PhiladeiPhiladel¬
phia bond houses (compare V. 105, p. 911).
The proceeds will be used to
complete construction of three new plants and other work, which are ex¬
pected to yield $450,000 per annum in net profits.—V. 105, p. 2367,1106.
ege
_;e
InternatfoiTal
American
See Amer. International
Corp.—Shipbuilding.—
Shipbuilding Corp. below.—V.105, p.2096, 1803.
American
International
Shipbuilding Corp.—Hog
Project.—General Manager Walter Goodenough is
quoted as follows regarding this company's plan for the
Island
the unification be
authorized and issued
as
completed and the new stock and bonds be
planned, total issues in hands of public would be:
To owners of
of
properties.
Bonds
.$6,500,000 5%
Preferred stock
1,800,000 7%
Com. stock (par $50). 4,750,000
Adirondack
above group
securitise
now
Total
in
hands of public.
-
$5,000,000 <5%
2,500,000 6%
*4,750,000
on
combined
properties.
*$11,500,000
4,300,000
9,500,000
construction of 120 vessels in 20 months for the U. S. Govt.
The company
is
a
subsidiary of the American International
Corporation:
In order to handle the number of
ships which would be required to be in
the wet basin being fitted out at any one time, we have to provide piers
That involves a dock something like 1,800 feet long and 7
for 28 vessels.
Total
*
$13,050,000
$12,250,000
$25,300,000
The aggregate of bonds of $11,500,000, though the division between the
two issues may vary
x
slightly from the above.
One-half, in par value, of the $9,500,000 of
Adirondack shareholders.
now
held by
"
Against the above capitalization, a comparison of the 12 months' oper¬
ating figures of the Adirondack Electric Power Corp., and of corresponding
figures for the combined group, show:
A.E.P.Co.
Year ended
Oct. 31
'17
Combined
A.E.P.Co.
Combined
as reported.
reported,
adjusted.
adjusted.
$1,612,154 $3,399,734 Bond interest$250,000
$575,000
Net-.
448,084
1,113,611 Pref. dividend
150,000
p276,000
Balance
48,084
262,611
y Assuming that Adirondack 6 % pref. stock will exchange for debenture
bonds and 7% preferred in amounts which will make an aggregate interest
charge equal to 6% on the present Adirondack preferred.
If the plan is not consummated by Dec. 31 1918,
depositors will be per¬
mitted to withdraw without expense.
Copies of the plan can be obtained
at the New England Trust Co., Boston.—-V. 104, p. 2453, 2236.
as
Gross
Advance
Rumely Co.—Financial Results.—A friend of
the company approves
the following printed data:
flfc1 Estimates prepared a year ago
as
to the
company's business for the fiscal
year ending Dec. 31 1917 have been fully justified and the earnings, while
not fully compiled, are likely to exceed by 30% to 50% the
showing for
1916.
In that year the net income after deducting all fixed charges was
$283,478, being equal to 2.27% on the $12,500,000 pref. stock.
In addition
to approximately $2,£>00,000 cash on hand, it has been possible to
buy for
cash $250,000 of the Liberty 3 Hs and to subscribe for $500,000 new 4s.
Witn the prospects of a record year for agricultural products in
1918, the
company is preparing for heavier business in its regular line, and, in addi¬
tion, is seeking a share of Government work to keep its plants up to their
full capacity.
While confining itself generally to the manufacture of
agricultural implements, it is also in a position to engage in macnine work
and produce castings of all kinds.—V. 105, p. 2000.
Aetna
Explosives Co., Inc.—Operations.—The following
pronounced correct, the net earnings being shown
before providing amortization and war excess profits taxes:
data
We have 50 "A" ships to build, 400 feet long, 7,500
piers 1,000 feet long.
dead-weight.
We have 70 "B" ships to build, 450 feet long, 8,000
capacity.
All of the steel for these vessels must
be fabricated, delivered to Hog Island and assembled in the vessels by
twenty-two months from last Sept. 13.
The total length of railroads on the Island will .be 75 miles, and in use
on these railroads will be 20 locomotives, 500 freight cars of our
own, and
50 passenger coaches.
The electrical work is large because we do not make much of our own
power.
Most of the equipment will be motor driven.
There will be
approximately 600 motors connected with the service, the connected load
of which will be 28,000 h. p., equal to the maximum demand of the city of
Providence, a town of 300,000 people.
[The offices of the American International Shipbuilding Co. are at
140 North Broad St., Philadelphia, Pa.—Ed.]
tons
tons dead-weight carrying
common
American Locomotive Co.—Status.—The
-Month (in 1917)
Apr.20'17to Jan.V17to
Sept.
Nov.30T7. JVop.30'17.
Net earns.(see above).$686,214 $682,803 $574,264 $4,175,460
$4,411,712
The earnings for December should exceed those for
November, despite
the slight explosion which occurred at the Carnegie (Pa.) plant.
In the
current month the company will make its first delivery of 1,000,000 lbs. of
Oct.
T.N.T., which should increase the gross for December by close to $750,000.
The latest order received is one for 12.000,000 lbs. of picric acid for the
U. S. Army, with a gross value of about $7,000,000, and together with the
order for 18.000,000 lbs. of T.N.T. received from the U. S.
Navy several
weeks
ago, have an aggregate gross value of approximately $20,000,00(13
These two orders should keep the plants running at full capacity until Oct
1918.
Another large order for smokeless powder is still under negotiation.
following pub¬
lished statement is understood to be approximately corrects
During the six months ending this month the company has earned
slightly better than $11 per share for its $25,000,000 common before excess
profits taxes.
On this basis the year as a whole would show perhaps $18
per share for the common after taxes.
The 1917 year to June 30 showed
$22 per share for the common.
Such a balance of profits would mean that
in three fiscal years 1916, 1917 and 1918, American Locomotive had rolled
up for its $25,000,000 common stock a balance of $76 per share after all
charges for depreciation, writing off of war plant investment, Canadian
and
United
States
taxes.
No allowance is made in the foregoing for a special profit from the sale
of machinery and
equipment used in connection with its shell work.
This
machinery had been all charged off the books as part of the cost of making
the shells.
The company was preparing to store or scrap this machinery
when United States shell orders came along and made a market for it.
The
was that American Locomotive was able to sell this used machinery
a price netting the equivalent of $10 per share on the common.
By June 30 next the net working capital should aggregate between $28,000,000 and $30,000,000, contrasting with the $8,649,395 on June 30 1911.
-V. 105, p. 2096. 1899.
result
for
American
are
Nov.
,
th.e company is to make deliveries as fast as it can manufacture the acid.
It is understood that some deliveries have already been made on this order.
105, p. 820.
Seven ($7,000) First Mtge. 5% bonds, due Jan. 1 1937 (outstanding,
$973,000), have been called for redemption Jan. 1 1918 at 105 and int. at
the Warren (Pa.) Trust Co.—V. 99, p. 1750.
See Lancaster Ry.
[VOL.105.
Sugar Refining Co.—Senate Committee's In¬
vestigation of Sugar Shortage—Selling Policy—Cuba
Sugar Price—Statement by Food Administrator.—
See previous pages
and page 2418 in last week's issue.—V. 105,
Accepts
p.
2457.
American Tobacco Co.—Increase in "Other Income."—
See American Cigar
American
Co. above.—V. 105, p. 2367, 2186.
Uniform
Co.—Particulars.—Dunham & Co.,
43
Exchange Place, N. Y., in the first issue of their "Invest¬
ment Digest," dated Dec. 26, give the following information:
Organization.—Organized in July 1916, acquiring at that time all the
good will of the Burton-Pierce Co., makers of clothing and unithirty years.
Capitalization, $650,000 in pref. shares, par $100,
assets and
forms for
DEC. 29
1917.]
THE
19 76
CHRONICLE
and 96,000 shares of
com. stock of no par value.
No bonds.
Offices and
plants, located at Whales and Boston, Mass., and Brooklyn and Manhat¬
tan, N. Y. City.
Management and administration remain the same as
during the last fifteen years.
Business,—During peace times provides uniforms for the police force, fire
department, customs service, conductors, motormen, post-office employees,
hotel attendants, various schools, &c.
Has entered into very large con¬
tracts with U. 8. Government and is straining
every nerve to accomplish
the work this task entails.
The present earnings are running equal to
about $6 a share on the common stock, after deducting the
pref. stock
dividends.
The common offered at about $15 a share, presents unusual
opportunities.
'
[The circular also gives various particulars regarding the Carbon Steel
Co. and the Connecticut Brass & Mfg. Corp.]
.
,
Central & South American Telegraph
3 Mos.— Tot. Inc.
1917
$1,050,000
pected to be erected after the rod and wire mill
2274. 1900.
is
completed.—Y.
105,
p.
$4,099,500
3,213,240
"Net income"
taxes,
Co.,
Owing to existing conditions this company omitted dividend payments
July 1 and Oct. 1 1917, and there will be no dividend paid Jan. 1 1918.
company
manufactures photographic apparatus, cameras, films,
papers and chemicals, having its general offices at Binghamton, N. Y.
Thomas W. Stephens is President, with office at 61 Broadway, New York
City.—V. 101, p. 1975.
•
Arlington
Mills,
Mass.—Extra Dividend.•—
Lawrence,
The directors have declared a special dividend of $2 per share (par $100)
in addition to the regular quarterly disbursements of $2 per share, both
payable Jan. 2
stock of record Dec. 21.
on
and
Associated
Oil
Co.—Tenders.—
Tenders of the First Ref. Mtge. 5% bonds, dated Jan. 15 1910 (out¬
standing, $10,460,000), will be received at the Union Trust Co. of San
Francisco, trustee, until Jan. 15, at not exceeding par and interest, to ex¬
haust the sum of
$892,154, held in the sinking fund.—V. 105, p. 500.
Bishop-Babcock-Becker Co.,
Cleveland.—Earnings.—
meeting Dec. 13, President E. S. Griffitos said in part:
Oct. 31 1917 amounted
to $4,175,000, which was the largest the company ever had.
On this
volume we made net profits of $664,951 (before deducting estimated in¬
come and excess profits tax), against $510,683 for the preceding year.
"We have increased the volume cf our business notwitnstanding that the
so-called beer line has been almost entirely cut off.
This increase has
been brought about by special effort to push our other lines.
We have at
present the largest amount of unfilled orders in the company's history,
$700,000, and in the coming year our volume should be still greater.
"In the latest year we purchased the heating department of the Houghton
Co., Phila., for $25,000.
We have handled this business for four months,
and to Nov. 1 the profits from the work done there more than furnished the
necessary funds to pay the entire purchase price."
The Cleveland "Plain Dealer" of Dec. 21 adds:
"The earnings for the
late fiscal year amounted to $664,591 before deducting estimated income
and excess profits tax.
Out of the earnings, the company set aside $100,000
for these taxes, which is believed to be a liberal allowance.
The earnings
before this deduction are equivalent to 17.8% on the $3,718,735 outstand¬
ing stock, and after the deduction to 15.1% on the stock.
The directors
have already declared 8% in dividends to be paid in quarterly installments
next year, and if earnings continue good, the board may do something in
"The volume of business for the fiscal year ending
the line of extra dividend action next year.
"K. D. Bishop has been elected a director to
succeed L. A. Becker."
105, p. 2458.
(E. W.) Bliss Co., Brooklyn, N. Y .—Extra Dividend.—
Directors have declared, along with the quarterly dividend of 2% on the
pref. stock and 1H % on the common, an extra dividend of 11M % on the
common stock, to be paid from the accumulated net earnings, all dividends
being payable Dec. 31 to holders of record Dec. 24.
A similar extra divi¬
dend was paid July 2 last.
Compare V. 104, p. 2643.
not
$3,280,500
2,457,575
(6%)$773,164
$2,507,336
$5,515,088
(6%) 574,260
1,883,315
7,323,988
deducting operating expenses and
taxes.
The total accumulated surplus,
above is shown after
including
war
Cherry River Boom & Lumber Co., Scranton, Pa.—
See United States Lumber Co. below.
-
A
Chicago Pneumatic Tool Co.—Dividend.—
The regular quarterly dividend of 1% has been declared
to holders of record Jan. 15.
Brompton Pulp & Paper Co., Auburn, Me.—Output.
3 Mos. to Oct.
News-
Sulphate
GroundPulp.
wood Pulp.
Produc'natmills_3,987 tons 1,567 tons 2,227 tons 6,308 tons 13,913 tons
The saw mill turned out during the Oct. 31 1917 quarter, 1,744,000 feet
of lumber.—V. 105, p. 391.
1917.
Kraft
Paper.
print.
Mill-
hoard.
made.—Y.
104, p. 556.
Chicago Racine & Milwaukee SS. Co.—Bonds Called.—
All the outstanding 6% First Mtge. gold bonds, dated Jan. 1
been called for payment Jan.
Buffalo
General Electric
Co.—Definitive Bonds.—
of the temporary 5-year
6% convertible debenture bonds may
now exchange the same for the definitive bonds at the Bankers Trust Co.,
Buffalo.—V. 105, p. 1000, 718.
Cambria
(Wyo.)
Fuel
Called—Status.—
Co —Bonds
Seventeen ($17,000) Purchase Money Mtge. 6% 15-year gold bonds
(outstanding $523,000), due Jan. 1 1925, have been called for payment
1 at par and int. at Bankers Trust Co., New York.
This company was incorporated in 1909 in Wyoming with capital stock
(auth. and outstanding) or $500,000 6% cum. pref. (callable at 120) and
$1,500,000 common (par $100).
Pref. dividends payable J. & D.
Pres.,
Lewis T. Wolle, Akron, O.; Vice-Pres., Wm. Morris Imbrie, N. Y.; Sec.Treas., Walter Schoonmaker, Cambria, Wyo.—V. 104, p. 2345.
Jan.
Chile
Copper Co.—Operations of Chile Exploration Co.—
Quarters ended
9 Mos. to
Sept. 30 '17. June 30 "17. Mar. 31 '17. Sept. 30 '17.
17,519,088
22,513,314
22,525,796
62,558,198
Net operating income.. $1,880,486
$3,313,699
$3,165,795
$8,359,980
Produption (lbs.)
Other
income
30,681
Press reports state
an order from
ceived
that the plants of this
_
company at
Toronto have
re¬
Bond discount, &c
D epreciation
Dec. 20.
Divs.
(since 1905)..1905-09. TO. '11. '12, *13. T4. '15. T6. '17.
*18.
Quarterly. Jan. %.. 6 yrly.
6
6
7
7
7
7
7
7 154
..
1
2
2
2
__
3 Note
2
1,
—
Note.—On Mar. 1 1917, a dividend of 25% was paid out of accumulated
Steel
An extra dividend
$8,605,884
$1,397,161
....
193*245
100,827
579,735
Surplus
$2,807,898
$2,569,845
$6,528,161
The above earnings are computed on the basis of 25.21 cents
per lb. for
'
quarter.
General
Statistics
for
Aforesaid
Quarters.
Quarters ending—
Sept. 30 '17.
Ore treated (dry tons)
728,151
Average grade (copper)
1.72%
Net copper saving (average).
76.46%
Cost or copper f.o.b. at plant (per lb.).
10.41 cts.
x Cost, delivered at Atlantic Seaboard (per lb.)._
14.31 cts.
x Including
freight, handling, selling, miscell.
taxes, with credits or miscellaneous earnings.
The official statement says
June 30 '17.
741,371
1.68%
82.90%
8.53 cts.
12.22 cts.
and
expenses
normal
in substance:
The falling off in tonnage was tbe result of a
shortage of fuel oil, due to
conditions created by the war.
The lower recovery shown was due to an
abnormal increase in by-products and an adjustment of inventories.
In general, it may be stated that the higher costs are due, first, to de¬
crease in tonnage handled; second, increase in cost of
supplies; third, the
rapid and marked decline in the exchange rate between the United States
and Chile, resulting in an increase in the cost of Chilean pesos of
38H%
above the average for the year 1916, and 16H % above the average for the
secoxld quarter of 1917, which resulted in a correspondingly higher cost for
labor and local supplies.
The costs stated herein for compraison are actual operating and delivery
costs, but do not include such items as depletion of ore reserves, deprecia¬
tion of plant and equipment, interest on bonds, excess profits and increased
Federal income taxes.—V. 105, p. 2368, 2001.
Cincinnati & Suburban Bell Telep. Co.—Extra Div.—
An extra dividend of $6 25 per
to holders of record Dec. 24.
share has been declared, payable Jan. 15
"To be paid out of the surplus of the com¬
pany" as of Jan. 15 1918.—V. 105,
p.
1524, 1106.
(O.) Union Stock Yards Co.—Dividends.—
The directors have declared the regular quarterly dividend of
2% on
the $1,250,000 capital stock, and an extra of 3%, both payable Jan. 1 1918
In the three preceding
to holders of record Dec. 18 1917.
quarters of 1917
only the regular quarterly dividends of 2% each were paid, making the
In 1916 the company paid 8% regular
paid July 15 1916).—V. 97, p. 1901.
total dividends paid in 1917, 11%.
and 28% extra (including 25% extra
Consolidation Coal Co.—Bonds Called.—
Thirty-nine ($39,000) First Mtge. sinking fund 4M% gold bonds, dated
Dec. 15 1896 (outstanding $133,000) have been called for payment Jan. 1
at 105 and int. at U. S. Mtge. & Trust Co., N. Y.—V, 105, p. 2001.
(Wm.) Cramp & Sons Ship & Engine Building Co.—
A dividend of 3% has been declared, payable Feb. 1 on stock of record
This is the same rate as declared last May, when dividends were
resumed after an interval of five years.
Jan. 15.
Charles Hayden of Hayden, Stone & Co. has succeeded as director
J. K. Mitchell of Philadelphia, who has gone into Government service.—
V. 105, p. 2458, 2368.
Crowell & Thurlow
Steamship Co.—Dividend.—
Directors have declared
a dividend of $5 per share on the stock, par $100,
payable Jan. 1 1918.
In October and June last a dividend of 20% was
declared, while in the two previous1 quarters 12>3% each.
Compare
V. 105, p. 1312, 74.
-
Crucible Coal
Co —Bonds Called.—
\he outstanding ($288,000) First Mtge. 25-year 5% sinking fund
gold bonds, dated July 1 1911, have been called for payment Jan.
l02Yi apd int. at Union Trust Co., Pittsburgh.—V. 98, p. 239.
1
at
See also under "Reports"
on a
previous page.—V.
*
Co.—Extra
Dividend,
&c.—
of 2% on the common stock, along with the regular
quarterly 2%, was paid Dec. 22 to holders of record Dec. 19.
The regular
dividend of 8% has been declared on the 1st pref. stock for 1918, payable
4% March 30 and 4% Sept. 30 to holders of record March 26 and Sept. 26.
Tne regular annual dividend of 6% has also been declared on the 2d pref.,
payable July 30 1918 to holders of record July 26.—V. 105, p. 2097, 2000.
(J. I.) Case Threshing Machine Co.—Listing.—
voting trust agreement dated Jan. 2 1912 and extended Nov. 16
1 1918, will expire on, the latter date and the N. Y. Stock
1914 to Jan.
Exchange has authorized the listing after Jan. 1 and prior to July 1 1918 of
temporary preferred stock certificates on official notice of
for the outstanding preferred stock trust certificates.
issuance in exchange
—V. 104, p. 1140.
"
Celluloid Zapon Co., N. Y.—Bonds Called.—
All the outstanding ($17,500) 6% bonds, dated Jan.
called for payment Jan. 1 at par and int. at
ucible Steel Co.—Sub. Co. Bonds Called—Sub. Co. Slock.
See Crucible Coal Co. above
p.
The directors have declared an extra dividend of 1 %, payable along with
the usual quarterly 154% on the $6,229,400 capital stock, Jan. 2 to stock¬
profits for 12 years.
105, p. 1520.
245,904
$3,183,411
$420,321
copper for the quarter ending
Sept. 30 1917, against 27.71 cents per lb.
for the June 30 1917 quarter and 26.87 cents per lb. for the Mar. 31 1917
order for 300,000 6-inch shells for the Cana¬
1492.
Canadian Westinghouse Co.—Extra Dividend.—
Extra
17,616
$3,511,306
$451,840
58,323
193,245
the U. S. Government for 1,500,000 75-mm. shells.
The company is also filling an
dian Government.—V. 104, p.
holders of record
197,607
$1,911,167
$525,000
42,504
193,245
$1,150,418
Total income
Bond interest
All
Canadian Fairbanks-Morse Co.—Government Order.—
1912, have
1 at 105 and int. at Central Trust Co. of
Illinois, Chicago.
Brooklyn Union Gas Co.—Payment of Back Taxes.—
As a result of an agreement, this company is to pay the City of New York
$687,000, with interest, in back taxes of the years 1910 to 1915.
The liti¬
gation began in 1910 with a State levy, the city subsequently taking part in
the dispute.—V. 105, p. 2096, 2000.
payable Jan. 25
An official is quoted as saying that the earnings for the calendar
year
1917 will be larger than ever before, and that though the expenses were
greater the company is going to make the best annual statement it has
Cleveland
$12,150,000
$5,515,088
7,323,988
as of Jan. 1 1918, will be adjusted in the next report to show
allowances, made under the new system of bookkeeping, for deprecia¬
tion and war taxes.—V. 105, p. 2001, 1211.
At the annual
The
as
A quarterly dividend of 2%
was^paM Oct. l last and in. July 1 M% regular and 2% extra.—V. 105, p.
Carbon
$630,132
580,510
the
Binghamton and N. Y.—Divs. Omitted.—
The
Holders
Total Sur.
Bal., Sur.
(1H)$209,868
143,565
(154)
$5,515,088
on
Si
Dividends.
$840,000
724,075
12 Mos.—
1916
ever
—V.
Net Inc.
913,240
oe in
operation in the spring.
Its annual capacity on an eighthour working-day basis will be 62,400,000 lbs. of rods and 27,520,000 lbs.
of wire, and it will consume one-fifth of the
output of the Anaconda com¬
pany.
The plant will cost more than $500,000 and will mark the entry of
-the1 Anaconda into the manufacturing field.
A brass manufactory is ex¬
Ansco
Co.—Partly Esti¬
Earnings.—For 3 and 12 months ending Dec. 31:
mated
Anaconda Copper Mining Co,^-New Plant—
This company is erecting a rod and wire manufacturing
plant, which is
expected to
2545
1 1900, have been
Bloomfield (N. J.) National Bank.
and
Halcomb
2097, 1895.
Steel Co. below.—V. 105,
.
•
Cuban-American Sugar Co.—Offering of First Lien 6%
Notes.—The National City Co. is offering at below named
prices $6,000,000 (authorized and to be presently issued)
First Lien 6% serial gold notes, dated Jan. 1 1918, due
serially $2,000,000 each Jan. 1 1919, 1920 and 1921.
Int.
J. & J. in U. S. gold coin.
Redeemable as a whole or in
blocks of not less than $500,000 at 101 and interest on any
int. date upon six weeks' published notice. A circular shows:
[The prices at which the notes are being offered are: For one-year maturi¬
ties, 99.17, to yield 67A%; two-year maturities, 97.93, to yield 7 H %; threeyear
maturities, 96M. to yield 7%%.]
Denom. $1,000 c*.
Trustee, Central Trust Co. of N. Y.
agrees to pay any normal Federal
an amount not exceeding 4%.
The company
income tax deducted at the
source up to
Purpose of Issue.—The proceeds will in part pay off the balance of the
$10,000,000 issue of 10-year 6% Collateral Trust bonds, due April 1 1918
(balance outstanding Sept. 30 1917, $8,211,000).
The balance of the
outstanding issue will be provided for out of available cash surplus.
Pledged as Collateral Entire $12,100,000 lsl Mtge. 6s of Sub. Companies.
[All due Oct. 1 1929 except Colonial 1st 6s, due April 1 1952.
Chaparra Sugar Co
$3,500,000 Cuban Sugar Refining Co.:
(a) Refining
Chaparra Railroad Co-.510,000
$300,000
San Manuel Sugar Co
1,990,000
(b) Plantation
900,000
Tinguaro Sugar Co
1,000,000 Unidad Sugar Co
400,000
Mercedita Sugar Co
500,000 Colonial Sugars Co
3,000,000-
2546
THE
CHRONICLE
Security.—The collateral pledged (tbe same as for the $10,000,000 bonds)
will comprise the entire
outstanding First Mtge. issues upon the properties
of the subsidiary companies, which embrace a total
of 469,000 acres,
6 modern sugar factories and plantations, 1
sugar refinery in Cuba and 1 in
Louisiana, with 384 miles of railway, 52 locomotives, 2,695 cars, over
600 miles of telephone lines and 2,500
buildings.
Raw sugar produced in
the
1917 fiscal
year amounted to about 298,208 tons.
The company's
production in Cuba amounted to about 9% of the total production of island.
The company will not itself create
any prior mortgage or lien ahead of
these notes during their life, or
permit to be created by any of its subsidiary
companies any mortgage or lien which would rank ahead of the First
Mtge.
bonds pledged.
The company will at all times maintain net current assets
equal to 150% of the outstanding notes.
Collateral pledged ($ 2,100,000)
represents less than 60% of the value of the property upon which it is a
first mtge. lien.
This Issue of notes is, therefore, a Crst lien, through col¬
lateral, upon property valued in excess of $18,500,000.
Upon payment of
the bonds the present issue will constitute the sole funded debt
of the co.
Organization.—Incorporated in 1906 for the purpose of engaging In the
cultivation of sugar cane, the manufacture of raw
sugar and the production
of refined sugar in Cuba and Louisiana.
"
:
Capitalization—
7% cumulative preferred stock
Authorizes.
Outstanding.
$10,000,000
$7,893,800
Common stock
10,000,000
9,999.500
Dividends.—In addition to paying the
7% accumulative dividend upon
its pref. stock since incorporation, the
company has paid cash dividends
of 20% in 1916 and
20% in 1917 and a common stock dividend of 40%
in 1916 upon its common stock.
•
Comparative Consolidated Income
Year ended Sept. 30—
and
1917;
1916.
1915.
1914.
Gross oper. revenues_-.$40,345,553
$27,344,128 $23,366,625 $15,560,098
*9,393,999
8,235,113
5,594,048
2,705,724
up a reserve of
$2,500,000 for Federal income
and excess
Equity.—At present market prices
for the pref. and common stocks the
equity behind these notes is valued at about $20,000,000.
(The balance sheet of the company and subsidiaries as of Sept. 30 1917
and consolidated income account certified to
by public accountants was
given in the "Chronicle," V. 105, p! 2463, 2453.]
Aeroplane & Motor Co .—New Bond Issue.—
This corporation will create an issue of
$15,000,000 First
Mtge. Serial 6% bonds, dated Jan. 1 1918, maturing serially
Jan. 1 1919-1924, inclusive:
Maturities.—Series A, $359,000, Jan. 1 1919: Serics B,
$356,000, 1920;
Series C, $348,000, 1921; Series D,
$328,000, 1922; Series E, $1,982,000,
1923; Series F, $11,627,000, 1924.
[The Irving Trust Co. is to be trustee.]
The purpose cf this issue is as follows: Series
A, B, C, D and E will be
offered in exchange, $ for $, for
present outstanding prior lien 6% notes
and the 6% gold notes of 1927.
These series will be identical in tenor with
these present outstanding notes,
being convertible into common stock at
$50 per share,ana being callable at 102
lA.
Series F will not be convertible,
and will be callable at 100.
It will be provided in the
'■
*
mortgage that the bonds of Series F cannot be
otherwise used by the corporation so long as any of the
present notes, or of the bonds" issued for
exchange for the present notes,
are outstanding.
At the present time the sole purpose of the issue of the
bonds of Series F is to enable the
corporation to offer to the United States
issued,
or sold or
Government "proper security" for advances under a law
passed in July
whereby the Government is entitled to advance
up-to 30% of contracts in
force upon the offer of
"proper security."
The creation of this bond issue entails no new
financing at the present
time other than the advance of
money by the United States Government.
No securities will be offered to the
public.
The directors have declared the,
regular semi-annual dividend of 3A%
on the
$6,000,000 pref. stock, payable Jan. 15 to stockholders of record
Jan.2.—V. 105, p. 2458,2097,2092.
.
■
mmmmmammmmmm——mmmtmmmmmmmmmmrnmmmmmmmmmmmmmmmmmmmaptm
Detroit Shell Co.—New
Company Organized.—
ggaSSWKfflSfflSa ' SS
Press reports state that this
company has been organized with a capital
of $2,000,000 by A. W.
Copeland, Hugh Chalmers and John R. Lee, or the
United States Automobile.
Committee, and Major Jameson of the War
Department.
It is understood that the initial order is for
$30,000,000 and
the amount of contracts to follow will be
limited only by the capacity of the
plant and the duration of the war.
Between 8,000 and 10,000 hands will be
employed.
John Kelsey\ Pres. of Kelsey Wheel Co., heads the concern.
The new plant will manufacture shell cases
and it is said it will be the
largest of its typd1 in the country.
A press report states that the Detroit
plant of the Springfield Body Cor¬
the Shell Co. and will be used for the
poration has been purchased by
manufacture of munitions.
Gas
Co.—Stock
105 and interest at the New York Trust Co. on Jan.
information is withheld.—V. 105, p. 2187, 1806.
Oct. 31
Net
Year.
1916-17.
Transferred
Montreal.—Earnings—Purchase.
1915-16.1
profits—$1,200,546
to
1916-17.
$14,110
$2,776,390(Directors'fees
IDivs
,
1915-16.
$14,100
(12^)747,500(20)1300,000
382.620
588.107(Surplus
$56,3i6
$874,173
Net profits as above in
1916-17 are shown after deducting
depreciation,
$123,101; interest
Ac
$30,330, and reserve for bad debts, $6,555.
The purchase is annouhced of some
70% of the stock of the International
Engineering Works, Ltd.. of Amherst, N. S,
The plant so acquired is
now turning out
stationery engines and boilers, as well as shells and will
reserves
,
also
be
used
in
the
manufacture of
marine
engines.
The outstanding
capita] stock includes $600,000 ordinary and $400,000
pref. stock.—V. 105,
p. 2368, 1312.
Donner Steel
Co., Buffalo, N. Y.—Stock Increase.—
This company filed a certificate at
Albany, N. Y., on Dec. 22
the authorized capital stock from
£9,000,000 (of which
pref,) to $11,000,000.—V. 104,
East
Coast
Fisheries
increasing
$6,000,000 7%
p.
cum.
2120, 2115.
Co.—Further
Particulars.—The
$1,000,000 7% cumulative pref. (a. & d.) stock, which is
being placed by I. M. Taylor & Co., New York &
Boston,
on
of
the basis of
one
share of $100 pref. stock
with five shares
common
(par $10) for 125, have already been mentioned
in these columns, but are further described in
the bankers'
circular
as
follows:
The preferred shares are callable
at 115 and int.
Divs. J. & J.
No
bonded debt while this issue is
outstanding except by two-thirds vote of
the outstanding preferred stock.
Capitalization (No Bonded Debt)
7% cumulative preferred stock, par $100
Common
$5,000 000
stock, par $10
-$5,000,000
The plan of the
company is to put 10 steam trawlers at work
as quickly
they can be built, for the purpose of
largely increasing its production,
the first of these new units
now
as
nearing completion.
They will be quickly
followed by others.
Each costs
approximately
$100,000.
The present
offering is to complete a fleet of 10 trawlers.
The company's shfps are
all insured to full amount of their
cost.
One trawler with
twenty-two men does the work of six schooners
and
135 men.
It can catch in a few
hours 300,000 lbs. of fish and
return
quickly to market.
Earnings.—The record of the earnings of all the
trawlers operating on
the east coast in April 1917 shows
an
average net profit of $10,400
per ship
month.
In May the net
earnings per ship were
$9,394; in June,
per
$9,992; in July, $13,709; in August, $11,945.
For October 1917 the aver¬
age net earnings were
approximately $20,000 per ship per month.
Product.—With the growing food
shortage, prices of all fish have in¬
creased 31% to 98%.
Fish by-products find a
ready market.
A big de¬
mand exists for
fish-oil, fish-glue, fish-fertilizer,
fish-leather, &c.
Directors.—F. O. Bezner, Pres. American
Seedtape Co., Newark, N. J.;
V.-Pres. Hudson Motor Car
Co.; W. H. Mendel, Pres. W. H.
Mendel, Inc.
N. Y.; I. M.
Taylor; C. E. Knoeppel of C. E.
Knoeppel & Co., N. Y.;
Indng Cox of Cox & Stevens, naval
architects, N. Y.; W. G. Timothy,
V.-Pres. James McCreery &
Co., N. Y.; Mark W. Norman, V.-Pres.
Home Bank & Trust
Co., Darien, Conn.; W. E.
Aughinbaugh, Chair of
Foreign Trade. N. Y. University. N. Y.
(Compare V. 105, p. 2458.)
1
1918.
Further
Equitable Life Assurance Society.—Progress of Mutu-
f
alization
Plan.—The following
furnished the "Chrnoiele":
official statement has been
The State Insurance Commissioner has finished
the official count of the
vote of the policyholders of the
Equitable Life Assurance Society for and
against the mutualization plan already
approved by the directors and stock¬
holders.
The official count shows that the total valid vote of
the policy¬
was 88,126, of which
84,964 were in favor of the plan, or over 96%.
The next step in the process of mutualization will
be the approval of the
Superintendent of Insurance of the entire plan, after which the
holders
Society will
permanently under the control of its policyholders.—V. 105, p. 2276.
come
(J. H.) Fay & Egan Co. (Woodworking
Machinery),—
To Build New Plant—Bond Issue
officials,
construction of
it
is
a new
RR., Cincinnati,
Proposed.—
stated, have been authorized to proceed with the
plant at the corner of Paddock Road and the B. & O.
on account of which a bond issue of
The financing is said
to
be
in
$500,000 is proposed.
& Wolcott Co., of
the hands of Tillotson
Cleveland.—V. 105, p. 2187.
Federal Dyestuff & Chemical
Corporation.—Statement
to Holders
of Two-Year First Mortgage 6% Notes.—The Pro¬
issue, in circular of Dec. 19,
in substance:
tective Committee for this note
says
(1)
A majority of all outstanding notes has
now
been
committee.
deposited with
(2) The membership of the committee has been increased
by the ad¬
dition of F. de C. Sullivan of New York, and Charles H.
Le Maistre of
Philadelphia, each of whom is the representative of holders of a
large
amount
of the notes.
(3) The committee has under way important negotiations with
various
interests looking to the benefit and
protection of the depositing note¬
holders.
These negotiations have reached a
stage where it is essential
that the committee shall have the
support of as large a proportion as
possible of the noteholders, and shall know as
definitely as possible the
number of noteholders whom it is to
represent.
If such
negotiations or any of them result in a contract, or in a
plan of
reorganization, such contract or plan will, of course, be submitted for
the
approval or disapproval of the depositing noteholders in accordance with
the terms of the protective
agreement.
If the pending negotiations do not
materialize, the committee must like¬
wise be in
position where it can act promptly and effectively for the
pro¬
of the depositing noteholders.
The committee, therefore, in the exercise of the
powers conferred upon
it by the protective agreement, has
determined to and does hereby fix
Jan. 25 1918 as tbe limit of time within which
it will accept the deposit of
additional notes.
No notes will be accepted for
deposit after .the close of
business on that day. except (if at all) in the absolute
discretion of the
a
tection
committee, and upon such terms as it may prescribe.
All notes deposited should bear the
coupon maturing Dec. 1 1917 and all
subsequent coupons.
executed
transfers
in
Registered notes should be accompanied by
properly
blank.
Copies of the protective agreement [dated Oct. 8 1917] may be obtained
on application to the
Secretary of the Committee, or to the Equitable Trust
Co., 37 Wall St., N. Y,, depositary., or to the Guardian
Savings & Trust
Co. of Cleveland, Ohio, agent for the
depositary.
[Committee: Alvin W. Krech, Chairman; George A.
Coulton, Charles W.
Holloway, Charles H. Le Maistre, J. D. Maguire, and F. de C.
Sullivan,
with Samuel Armstrong as
Secretary, 37 Wall St., N. Y., and Sullivan &
Cromwell, counsel.]
Compare V. 105, p. 2276, 2187.
Fifth Avenue Coach
Co.—Injunction Extended.—
The temporary injunction granted
by Justice Gavegan of the Supreme
Court at New York,
preventing Mayor Mitchel and the Board of Esti¬
mate from taking any action in an
application for franchise made by the
company, has been extended until Jan. 4 by
agreement between counsel
for the city and the
company.—V. 105, p. 2098, 2002.
Fountain Cotton Mills
Five First
Dominion Bridge Co.,
Increase.—
common stock at not less than
95, the proceeds to be used to retire $16,821,000 First Mortgage 5% bonds, due 1939, but called for
payment at
this
Curtiss
Ohio
This company on Dec. 6 filed a certificate in Ohio
increasing its author¬
ized capital stock from
$20,000,000 ($10,000,000 being 7% cum. pref.)
to an amount reported as
$45,000,000.
The Ohio P. U. Commission on
or about Nov.
1 authorized the company to Issue $20,000,000 additional
The
Profit and Loss Statement, inch Sub.Cos.
Net after int. for year..
♦Before setting
profits taxes.
East
[Vol. 105.
(Tarboro, N. C.),—Bond Call.—
Mtge. 6% bonds have been drawn for redemption on Jan. 1
1918 at par and interest at the office of the
trustee, Safe Deposit & Trust
Co. of Baltimore.—V. 91, p. 1632.
General Asphalt
Co.—Status.—The following has been
officially approved for the "Chronicle":
Results.—:After making provision for war taxes and other
liberal allow¬
for depreciation and reserve
accounts, the company, it is expected,
a substantial
margin earned over the dividend of 5
% on the pref.
stock in 1917.
The accounts will not be made
up for several months, but
in banking circles the information is that
there is reason to expect a
showing
of over $1,000,000 net
earnings as compared with $921,965 in 1916, before
making the usual deductions.
The deductions from net
earnings in 1916
left a balance of $760,308
applicable for dividends.
The 5% dividend on
the pref. is about $650,000.
The forthcoming report will cover the
opera¬
tions for the 11 months
ending Dec. 31 1917, the fiscal year of the General
Asphalt Co., which is a holding company, having been
changed to close
on that date instead of Jan.
31, to correspond with the fiscal year of the
subsidiary or operating companies.
Sales.—Sales of refined asphalt for
paving purposed the current year,
which constitute the bulk of the
company's business, show a slight gain
over the preceding 12
months, despite war conditions and the retardation
of municipal,
county and State road building.
In consequence of placing
annual contracts at the
beginning of 1917 on a basis to correspond to in¬
creased expenses, net profits on this business are
more
satisfactory than in
ances
will show
1916.
•
'
Transportation.—There has been no difficulty about facilities for
water
transportation of asphalt from the company's possessions in South
America
and there are no reasons for
expecting any in 1918.J
Ample vessel carrying
capacity has been available throughout the past year for all the
asphalt that
the company desired to
ship, the refined product, according to
practice,
being shipped as needed to make deliveries on contracts.
At no time has
the company been out of
supplies.
In explanation of this it may be recalled
that charter contracts with a
steamship company at pre-war rates, under
which the
company brings its asphalt to this country, have not yet expired.
Foreign Business.—Not all the foreign business of the
company is shut
off by the war, but a fair business is
being done in various countries of South
America.
The paving or
road-building season has practically ended, but
shipments of asphalt or other purposes and of roofing and
asphaltic pro¬
ducts continue throughout all the months of
the
year.
This miscellaneous
business has amounted in 11 months of 1917 to as much
as in the entire
12 months of 1916, when it reached a total of
$2,236,593.
Asphalt products
for roofing purposes figure
largely in this gain.
There is a demand for all
the asphalt roofing the
company can ship.
transportation of oil, either from Venezuela or
tank tonnage available, and for this
reason oil
shipments from the properties of the company have this year been
much
less than in 1916.
The refinery which has been under
construction by the
company at Maracaibo is completed, and gasolene and kerosene is
Oil Business.—For the
Trinidad there is
now
no
being
disposed of in that part of the country.
In "Western Venezuela the
company
has some big wells which hold out
good prospects for the future.
The
financing having been arranged some time ago, with interests
understood
to be the Dutch Shell
Syndicate, on terms considered to be advantageous
to the Genera]
Asphalt Co., the development of these
properties on a large
scale awaits only the
ending of the war and the return of snipping facilities.
"Philadelphia News Bureau."—V. 105,
General Chemical Co. of N.
The N. Y. Stock Exchange
Feb. 1 1918 Of the additional of
has
p.
1312.
Y.—Listing.—
authorized
the
listing
on
and
after
$786*600 common stock required to
pay the
5% stock dividend declared on Nov. 24,
payable Feb. 1.
This makes the
total stock authorized to be listed
$16,519,500.
See V. 105, p. 2098.
'
I
Dec. 29 1917
Earnings.—For the 10 months ended Oct. 31:
Years ending Dec. 31
1914.
1916.
1915.
10 Mos. to
Oct. 31*17.
Net
profits for
a$8,084,974a$12,286,826 a$5,958,746
year
$2,857,898
Deduct—
Preferred div
(4H%)$684,374
dividend (6%)
943,956
Common
Extra
div. Feb. 1
com.
Spec. com. div. Feb. 1__
(6) $912,498 (6)$912,498 (6)$825,000
651,480
786,636
684,030
(5)542,870
(5%)655,500
(5)570.025
(15)1,966,500(10)1,140,050
Reduction of sundry in¬
195,133
vestment accounts
Total
deductions
$6,912,772
$3,447,684
$4,637,291
11,399,010
a
surplus
$5,186,076
$772,670
5,252,286
$2,611,195
$246,703
5,005,583
849,230
Balance, surplus
$5,374,054
6,024,956
$11,399,010
$16,036,301
$6,024,956
$5,252,286
deducting for the 10 months of 1917 $250,000 reserved for insur¬
against $195,000 for the cal. year 1916 and $195,050 for 1915.
After
ance
BALANCE
CONSOL.
Oct
.
SHEET
Assets—
Oct. 31 •17. Dec. 31'16.
Liabilities—
$
$
33,721,600
15,207 ,300
15,207 ,300
Common stock
15,732 ,600
13,110 ,600
2,502 ,932
Accounts
Investment in cos.
hand
Active
o
1,171 ,055
accounts
554 ,915
300,000
Deferred
513, 052
176,436
Mtges. not due on
5,900,612
prop's purchased
Div. pay'e Jan. 3-
investments
Merchandise
payable.
1,573, 200
partly owned...
n
7,779, 478
(cost)....
50,000
accts. & bills rec.
3,984, 349
3,198,461
655 500
Cash
592, 304
2,084 936
2,609,730
2,247,898
also pay
share, on or before Dec. 27 at the company's office in Toronto
City Bank, New York, for $5,000,000 new stock to the
extent of one share for every five shares held by them respectively.
Of the
$50,000,000 authorized stock, $23,789,400 was recently reported (un¬
officially) as outstanding, of which 80% was owned by the Standard Oil
Co. of N. J. (see V. 105, p. 2371).
See "Imperial Oil Co., Ltd.," above.—V. 105, p. 2460, 2369.
the
or
1,079 569
952,456
$100
a
National
Indian Refining Co.—Bonds Called
Total
—
—V. 105, p.
Insur. reserve
1,079 ,569
Indiana Pipe
Line Co.—Extra Dividend.—*
An extra dividend of 6%
has been declared on the $5,000,000 stock (par
in addition to the regular quarterly 4%, both payable Feb. 15 to
holders of record Jan. 25. < Dividend record since disintegration of Standard
Oil Co. of New Jersey:
*
1912.
1913.
1914.
1915-16.
1917.
1918.
$50)
Total..-
54,304,893 49,107,194
32
20
Bennett Mfg.
Co.,
International Petroleum
Conn.—
increase in the authorized capital
and the par value of the 20,000 shares
share.—V. 81, p. 616.
This company has filed a certificate of
stock from $1,000,000 to $2,000,000
from $50 to $100 per
Granby Consolidated Mining, Smelting & Power Co.,
Ltd.—Copper Production (in Lbs.).—
Anyox.
Grand Forks.
Total.
1917.
1917.
1917.
2,458,841
427,648
2,886,489
.29,697,625 6,148,763
35,846,388
Plants—
November
11 months.
-
—V. 105, p. 2002,
Total.
1916.
4,151,001
41,546,042
1620.
Grasselli Chemical Co.,
Cleveland.—Stock Increase.—
The shareholders will vote Jan. 24 upon increasing the combined com¬
and preferred stock from $20,000,000 to $50,000,000, divided into
500,000 shares of $100 each, of which $15,000,000 shall be preferred stock
and $20,000,000 shall be in addition to the present $15,000,000 common
capital stock, and also on authorizing the disposition of said stock and the
setting aside of such amount of common stock as the meeting may determine
from time to time, to faithful and active employees of the company, upon
such terms and conditions and at such price, not less than par, as the
board may determine.—V. 105, p. 2098, 914.
mon
States Steel Co.,
Alabama.—Earnings.—The net
operating income is authoritatively reported as follows:
Gulf
Co .—New
Johnson
Johnson
&
Officers.—
(New Brunswick, N. J.).—
See Norfolk & New Brunswick Hosiery Co.
Juniata Public Service Co.,
below.—V. 103, p. 582.
Clearfield, Pa.—Merger Co.
The Millersburg Electric Light, Heat & Power Co., the Juniata Co., the
Perry Electric Light, Heat & Power Co. and a number of other similar
companies (17 in all), by agreement of merger, approved by the proper
officials of Pennsylvania, have been consolidated into a new corporation
known as Juniata Public Service Co.
The newly created company assumes
all the assets and liabilities of the several companies above set forth, which
no longer legally exist.
A. W. Lee is President, John W. Wrigley, V.-Pres.,
and A. J. Musser, Sec. & Treas.
The authorized capital stock of the merger co. is stated to be $346,000.
Kanotex
Refining Co.—Bonds Called—Status.—
All the outstanding ($245,500) First & .Refunding 6% sinking fund gold
bonds, dated Jan. 1 1912, have been called for payment Jan. 1 at 105 and
int. at Columbia Trust Co., New York.
1909 with capital stock (auth.
No dividends have been paid
Kan., having total monthly
Pres., J. McE. Ames; Sec., Frank Heilig,
The company was incorp. in Kansas in
and outstanding) of $1,000,000 (par $100).
on
the stock.
Owns refinery at Caney,
capacity
of 30.000
and Treas., Robert
barrels.
R. Cox, Caney, Kan.
Kellogg Switchboard & Supply Co., Chicago.—
Billings—
1915.
1914.
'$242,813
$157,620
2,683,154
2,621,550
Full calendar year
,_Notyetdue
4,124,265
2,935,281
2,819,500
Unfilled orders
1,465,644
857,304
706.130
The percentage of increase of 1917 over 1916 was for November 53% and
for the fust 11 months 30%.—V. 105, p. 2460.
1917.
$503,081
4,826,193
Month of November
Eleven
mos.
to Nov. 30
1916.
$328,507
3,734,436
-
Kelsey Wheel Co., Detroit.—New Company.—
of November
See Detroit Shell Co.
1916.
Laconia (N.
above.—V. 105, p. 75.
i
'i
Bal. Sheet
H.) Car Co., Boston.
Sept. 30.1916.
Liabilities-
^
cf
1917.
1916.
1917.
A
Plant,equip.,&c. *998,047' 1,484,736 7% cum. pf. stk.1,000,000 1,000,000
600,000 1,000,000
Good-will
370,000
370,000 Common stockAccts. payable..
172,014
115,437
Liberty Loan
1,920
39~656 Notes payable.. x837,841
Cash
525,000
23,768
151,598 Suspenses..
Accts. rec'le, &c.
2,500
139,516
512,111 Spec, cash dep._
Inventories
749,877
:
13,967
Deferred accts13,009
145,476 Surp. or def__def.213,719 sr.46,618
limestone quarries, it is stated, places the company in a most satisfactory
position with respect to future requirements m raw materials.—V. 105,
p. 2002, 1806.
.
Hackensack (N. J.)
4,-,-,-.
6,-,-,-.
Smith, formerly Vice-President, has been elected President, to
made President of Standard Oil Co. of N. J.,
and Hon W. J. Hanna and A. M. McQueen have been elected V.-Presidents
J. R. Clarke is now Sec.-Treas., and H. W. Chaplin, Asst. Sec.-Treas
Mr. McQueen succeeds Mr. Teagle as director.
The company is a sub¬
sidiary of the Imperial Oil Co. (see that company above), which in turn is
controlled by the Standard Oil Co. of N. J,
Compare V. 105, p. 2371,
2372.—V. 105, p. 2369.
—
11 Months ending Nov. 30
1915.
1917.
1916.
1915.
$348,652
$304,490
$182,890
$3,829,019 $2,406,778
$532,950
The report is confirmed that the company has purchased additional coal
lands, known as the "Sayre property," containing more than 15,000 acres,
which will more than double its coal reserves.
This purchase, together with
coal and ore lands already owned and recent acquisition of dolomite and
Month
1917.
-_
H.
G.
54,304,893 49,107,194
Georgetown,
16
4
16
succeed W. C. Teagle, recently
952, 456
2459, 2098.
Gilbert &
27
__
Regular, %_._
Extra, %
—V. 105, p. 1424.
3,034 771
4,473 ,152
-_.16,036 ,301 11,399 010
Surplus
—
Twenty-two ($22,000) First Mtge. 6% serial gold bonds (outstanding
$916,000), dated March 27 1911, have been called for payment Jan. 1
at 102 and int. at Bankers Trust Co., N. Y.—V. 105. p. 2098, 1713.
Plant, &c., deprec.
Insur. reserve
1,966, 500
Spec. div. Feb. 1.
Miscell. securities-
50 ,000
228, 125
Extra div. Feb. 1-
customers,
Stockholders of record Dec. 14 had the right to subscribe and
at par,
$
Preferred stock
vest't at cost.-.36,698,,004
Misc.
COMPANIES).
(INCL. SUB.
31 '17. Dec. 31 '16.
Manufacturing in¬
(The) Imperial Oil Co., Ltd.—Option to Subscribe for
$5,000,000 New Stock.—Successor Company.—
452,509
139,336
1,547",275
Previous surplus
Total
405,197
724,276
750,000
1,819,354
Chgd.off plant,&c.,acct.
Profit-sharing, &c
Res've for plant deprec'n
2547
CHRONICLE
THE
]
Water Co.—Listing.—
The N. Y. Stock. Exchange has authorized the listing when and as issued
on and after Dec. 31 1917 of the
additional $500,000 common stock, re-,
Total
to the shareholders for subscription at par, making the
total amount authorized to be listed $5,125,000.—V. 105, p. 2276, 2098.
.,.2,296,136 2,703,521
Total
—
2,296,136 2,703,521
cently offered
♦After deducting $213,619 reserves
for depreciation to Sept. 30 1916.
depreciation of plant and equipment has been charged against the
operations in 1916-17.
x Includes $200,000 notes payable Mar. 8 1919.
Contingent liability for notes receivable discounted, $10,420.
Press reports state that the company employs at its plants at the present
time a total of 700 men, with a weekly pay-roll aggregating $13,000.
There is on hand car and equipment orders ior over $1,000,000 and a con¬
tract with the U.S. Government for 450,000 shell forgings at 47 cents each,
the material of which is to be furnished by the Government.
On this order
the present operating head of the company figured that there would accrue
a profit of about $75,000.
No
Halifax Breweries.—Income Interest
While War Lasts.—
The holders of the First Mtge. Debentures were to vote
Dec. 17 on ex¬
tending the period during which the interest on the debentures is to be
payable only out of profits, from March 31 1918 to a period terminating
one year fater the interest payment date next following the formal signing
of peace between the British Empire and Germany.
Halcomb
Steel
This company, a
a
Co.—Stock Increase.—
subsidiary of the Crucible Steel Co. of America, filed
certificate at Albany, N. Y., on Dec. 24 increasing its authorized capital
stock from
$1,800,000 to*$3,000,000.—V.
Hawaiian Agricultural
Advices from
Directors—Committee—Claims extended until July 1
103, p. 2082.
Co.—Dividend Rate.—
Henry Hornblower and H. N. Sweet.
On Dec. 6 the creditors held a meeting at which about 90% of
Honolulu state that beginning Jan. 20 1918 the regular
These dividends will continue until further
all claims
It was the unanimous opinion that the business should
supervision of a creditors' committee, the creditors
extending their claims until July 1 1918.
This committee is as follows:
Clifton H. Dwinnell, Chairman, Vice-Pres, First Nat. Bank; Herbert K.
Hallett, Pres. Fourth Atlantic Nat. Bank- John J. Martin. Pres. Exchange
Trust Co.; W. J. Bryan, Hunter llluniinated Car Sign Co., and V. O.
Bruce Wetmore, Wetmore-Savage Co., all of Boston.—Y. 105, p. 184.
dividend will be 2% a month.
were
At last accounts dividends of 1% monthly were
being paid,—V. 101, p. 134.
action by the directors.
page.—V. 79, p'. 154.
Illinois Midland Coal Co.—Redemption.—
The following
Lebanon Consolidated Water Co;—Bonds.—
bonds, dated Jan. 2 1906, being all of the bonds of the
Jan. 1 1919, are called for redemption at
& Savings Bank, Chicago, 111., on Jan. 1
1918, Nos. 806 to 810 inclusive, 815, 1242 to 1245 inclusive, 1260tol722
incl., of $1,000 denom.; 993, 1092 and 1093 of $500denom.—V. 82, p.,455
company maturing on and after
105 and int. at the First Trust
Oil, Ltd., Toronto.—New Company.—This
incorporated on Dec. 14 under the Canadian
Companies Act with $50,000,000 of auth. capital stock in
$100 shares, of which about $30,000,000, it is understood,
will presently be offered in exchange, $ for $, for the stock
issued and now being issued by "The Imperial Oil Co., Ltd."
(see that company below and V. 105, p. 2369).
Walter C.
Teagle, President of the Standard Oil Co. of New Jersey,
which controls the last-named company, is quoted as saying:
"The formation of Imperial Oil, Ltd., will facilitate the
handling of the company's business and all of the properties
will hereafter be operated under the new name."
This company, successor by reorganization to the Lebanon Valley
Consolidated Water Supply Co., has filed notice with the Penna. P. S.
Commission that it had issued $520,000 bonds in accordance with the re¬
organization approved by the Commission.—V. 105, p. 1313, 1108.
Lehigh Coal & Navigation Co.—New Manager.—
Imperial
company was
The articles of incorporation state that the new company is "to acquire
going concern the refining of petroleum and the business
of marketing petroleum and its products now carried on in the Dominion
of Canada and in Newfoundland under the style or name of The Imperial
Oil Co., Limited, and the assets and liabilities of The Imperial Oil Co.,
Limited, in, connection therewith, and with a view thereto to adopt an
agreement dated Dec. 11 1917, and made between the said Imperial Oil
Co., Limited, and A. M. McQueen as a trustee."
The incorporators are: Walter Clarke Teagle, Charles Orrin Stillman,
George William Mayer and Gilead Harrison Smith, and the Hon. William
John Hanna, all of the city of Toronto.—V. 105, p. 2369, 2460.
and take over as a
represented.
be continued under the
Higgins Oil & Fuel Co., Beaumont, Tex.—Control.—
See Houston Oil Co. on a preceding
1918.
27 1917 the following were elected directors:
Clark, H. J. Coolidge, D. M. Hill, 8. R. Hill,
At the annual meeting Nov.
C. C. Barton Jr., Charles S.
it is reported, succeeds the late R. Y. Cook as a mem¬
managers.—V. 105, p. 1807, 1713. -
James F. Sullivan,
ber of the board of
Liberty Steel Co., Youngstown,
Ohioij—Stock Increase.
14 voted to increase the authorized common
$650,000, making the total capital stock $900,000,
of which $250,000 is preferred stock.
The "Iron Trade Review" states:
Eight large tin mills are being installed in the company's new plant, which
will be in operation about Mar. 1, and the proceeds of this appropriation
if made will be used in that direction.
Warren (Ohio) banks have purchased
bonds to the amount of $150,000, to be issued about Jan. 12.
The shareholders on Dec.
stock from $500,000 to
Long Island Lighting Co.—Acquisition.—
•
See Suffolk Light, Heat
(The)
& Power Co. below.—V. 105, p. 1621.
Luckenbach Co., Inc.—Bonds Called.—
This company
has called for payment at the Cleveland Trust
1 at 101 and int., all of its outstanding
Equipment 6% bonds, dated July 1 1915,
Jan. 1 1918 to July 1 1926 incl.—V. 105. p.
Jan.
Co. on
($450,000) 1st Mtge. Marine
and maturing semi-annually
1807.
Martinsburgh & Charleston (W. Va.) Gas & Water
Co.—Receiver.—
Pennsylvania Co. for Insurances on Lives &
Judge Rellstab in the U. S. District Court
allowed an order requiring the company to
Dec. 31 why a receiver should not be appointed.
Upon the application of the
Granting Annuities, of Phila.,
Trenton, N. J., on Dec. 21,
at
show cause on
2548
THE
CHRONICLE
The Philadelphia "Record"
says: The suit was based
upon an allegation
made by the insurance
company that a judgment of $21,065 89 was ob¬
tained by it against the
gas company in the New
Jersey Supreme Court,
and that after execution
had been issued none of the
company's assets
could be located in this State.
Another allegation was that two
judgments
aggregating $153,775 71 were obtained in the
United States District Court
in west
against
and will be paid Jan. 1
1918 at the office of the Guardian
Trust &
Bank, Cleveland, Ohio, trustee.
of
Philadelphia.—V. 104,
record Dec. 22 1917 have the
right to subscribe at par
and int. from Jan. 1
1918, at the office in Providence, on or before
Jan. 5,
for
$2,100,000 Five-Year 7% Convertible Gold
Coupon Notes dated Jan. 1
1918, in the proportion of $50 of notes for
each 3 shares of
$.50 held by
them, respectively.
These notes will be
"payable Jan. 1 1923, callable
at 102 and int. on
any int. date on or after Jan. 1
1920, and convertible
on or after Jan.
1805.
p.
Maxwell Motor Co.,
Inc.—Government Order.—
1 1920 into the common
stock in the ratio of one
share of
such stock of the
par value of $50 for each $50 face
value of notes."
De¬
nom. $50, $100 and
$1,000 each.
Interest J. & J.
The notes will be de¬
livered as soon after Jan.
5 1918 as they can be
prepared and will carry
interset from Jan. 1 1918.1
Pending the delivery of the notes
See Reo Motor Car Co.
below.—V. 105, p. 2460.
(Oscar F.) Mayer & Bros.,
Chicago (Packers).—Offer¬
of First Mtge. Real Estate Bonds.—Oreenebaum
Sons
ing
Bank & Trust Co.,
Chicago, is offering at prices yielding
5% and 6% $"400,000 6% personally guaranteed First
Mtge.
Real Estate gold bonds dated
Dec. 1 1917,
maturing 19191927.
A
circular shows:
Maturities, $25,000 Dec.
1
1919-1922 incl.; $30,000 1923;
$40,000 1924
25-26, and $150,000 1927.
Denom. $100, $500 and $1,000.
Callable on
on Dec. 1
1919 or any interest
day thereafter at 103 and
notice.
Int.
J.
&
D.
trustee.
Greenebaum Sons
Bank
&
int. on 60 days'
Trust Co., Chicago,
Properly.—Land consisting of about 81,350
sq. ft., comprising all of the
Chicago property occupied by the
plant; estimated value or land, $244,050.
Nine substantial brick and
stone buildings,
many of which are new and of
fireproof construction, and other properties are
as
a
complete plant.
Full insurance is carried.
buildings and equipment owned is estimated at
occupied by the
average yearly profits of the
company are many times the total amount
required to meet interest charges
and serial payment of
principal.
The company has been
engaged in the
packing industry for many years, and has
shown steady growth and in¬
creased profits.
All of the assets of the
company are additional guarantee
for prompt payment of these
bonds.
Guaranty.-—Payment of every bond and interest
coupon Is uncondition¬
ally and personally guaranteed by Oscar F.
Mayer and Oscar G. Mayer,
being the Pres. and Sec. and
principal stockholders of the company.
—
Special Judge C. D. Newell at Mayfield
(Ky.) has handed down a decision
in the suit of the
city against the company for possession of
the water and
light plant, fixing the price of the
plant at $272,000.
The company asked
not less than $325,000 for
the plant and the
city bid but $200,000.
The company was
incorporated in Kentucky in 1891.
Authorized stock
$100,000 pref. and $100,000
common, which at last accounts all of the
common and $50,000 of the
pref. were
outstanding.
Memphis (Tenn.) Gas & Electric
Co.—Purchase.—
A press dispatch
says that the company, in order to
supply its require¬
fuel, has purchased the old
Petersburg Coal Mining Co. and the
Virginia Coal
Co., at Mannington, in North
Milliken Bros.,
including
Inc.—Distribution.—
Stockholders will receive a third
distribution of $10 a share on the
pref.
stock, payable Jan. 25 to holders of record
Jan. 15, at Farmers' Loan &
Trust Co.. N. Y.
In September an initial
distribution of $10 a share was
declared, in liquidating the
companyassets, and a second payment was
made Dec. 20.—V.
105, p. 2188, 1714.
Mohawk Mining Co. (of
Mich.), N. Y. —Div. Reduced.—
The
on
the
company has declared a semi-annual dividend of $6 a share
(24%)
$2,500,000 capital stock (par $25),
payable Feb. 1 to holders Of record
Jan. 9 1918.
In Aug. 1917, Feb.
each were paid.—V.
104, p. 1268.
Mount
Directors
1917 and Aug. 1916 $10
a
share
Vernon-Woodbury Mills.—Initial Pref.
have declared
initial
Reo Motor Car Co
.—Order.—Detroit
20 said:
The company will
an
dividend of 2H% on the
pref. stock,
payable Feb. 1 to holders of record Jan.
22.—V. 105, p. 2369.
National Lead Co.—Price
New England Fuel &
Fixing Unnecessary.-—
above.—V.105.P.2460,2189.
Niagara Falls Gas & Electric
Co—Mortgage.—
This company,
according to press reports, has filed
that consents have been
obtained to
pany is to build
an
a
a
Norfolk & New Brunswick
(N. J.)
PIThis
company's property at New
on
Dec. 18 by Johnson &
New Brunswick at a
price of
auction
certificate showing
The com¬
mortgage of $5,000,000.
105, p. 1807.
artificial gas plant.—V.
Hosiery Co.—Sale.—
Brunswick, N. J.,
was bid in at public
(Red Cross goods
mfrs.) of
Johnson
$150,000.
A number of other
bidders sought
to purchase the
property, which has facilities for the
manufacture of blan¬
kets, sweaters, underwear, &c.
See V. 105, p. 1714.
Ontario Power
Co.—Exchange—Extensions.—
Holders of the certificates of
deposit issued by the Bankers Trust
of Buffalo against
Co.
deposit of the capital stock should
now present their
certificates duly signed at the office
of said trust
company and receive the
new securities to
which they are entitled
(V. 105, p. 1714; V. 104,
Extensions to the company's
p. 2348).
power plant,
involving an expenditure of
over
$1,000,000, are reported to have Deen
decided upon by the
Electric Power Commission of
HydroOntario.
These
expenditures, it is said,
will make available an
additional 25,000
h.p. by July next and another
20,000 h.p. within the following three or
four
months.—V.105, p. 1714, 613
Parke Davis & Co.,
Detroit.—Extra Dividend.—
Directors have
declared along with the
regular quarterly 4%, an extra
dividend of 1% on the
$11,837,130 stock, par $25, both
to holders of record Dec.
payable Dec. 31
21.
The "Detroit Free
Press
savs:
"The
dividends for the final
quarter, with the regular dividends
of 4% for the
three preceding quarters of
in
1917, make 17%
addition to which the
company distributed
Jan., when the authorized capital stock
to
$12,000,000.—V. 103,
cash
a
was
p. 2083.
or
$4 25
a
share, in
stock dividend of
20% in
increased from $10,000,000
Pittsburgh Coal Co. (of Penna.)—Dividend
Payments.
directors
have
declared the
regular
quarterly
dividend of \XA% on the
$36,000,000 outstanding 6% cum.
—The
Eref.have deferred action 25
stock, payable Jan. to
ut
as
common
stock.
to holders of record Jan.
a
dividend
on
An official statement
says:
the
10,
$32,169,200
"While the earnings for
1917 and the financial
position of the
to warrant consideration
company
of a dividend
payment on the common
it is the judgment of the
shares
board that no such
action should be
the application of the income
taken untii
and excess
profits tax law to the
the past year and the
earnings of
outlook for business in
1918 become more
indicated, and therefore that the matter
clearly
of such dividend
be taken up at the next
payment should
dividend meeting for
consideration and action." sw
[The usual quarterly dividend on
the pref. stock of
the New
Company was also declared, payable
Jersey
Jan.[25, on stock of record Jan. 10
V. 105, p. 2370,1903.
1—
^
seem
Plymouth Cordage Co.,
Boston.—Dividend.—
The directors have declared
the $8,000,000 capital stock
a
Coal
Co.—Redemption of
Twenty-five First Mtge.6% gold
bonds, dated July 1
1913, due July 1
1933, are drawn for redemption at a
premium of
an
the
extent
company will be compelled to rush the
work
that for the
coming 12 months its full force of
5,000 em¬
ployees will be necessary, and in addition
probably a night force to keep up
the company's own line
of trucks and
passenger cars.
The Reo
company gets half of the contract for
6,000 caterpillar
the other 50% of the
trucks,
contract having been
placed with the Maxwell Motor
Co., Inc., of Detroit.
The Government order is
one of the
very few non¬
competitive contracts, the Reo and
Maxwell plants being
ideally equipped
to make all parts.
The report for the
year shows that 1917 is the
banner year, with sales
of 6,494 motor vehicles of
all types in excess of the
1916 sales.
There were
30,246 trucks and
passenger cars in 1917, against
23,753 in 1916.
The sales
department is now over 2,000 vehicles
behind in its shipping
shown to be in need of 700
orders, and is
freight cars for immediate
shipment.
F. H. Akers, now head
of the sales
department, has been elected a
director to succeed R. C.
Rueschaw, resigned.—V. 105, p. 2461.
Sacramento Valley Irrigation
Co.—Status of Successor
Co.—
See Southern California
Farm Lands Co. under
"Reports" above.—V.
103, p. 412.
,
(Wm. B.) Scaife & Sons
Co., Pittsburgh.—Charter.—
This company,
incorporated Dec. 28 1901 in New
Jersey with
stock of
$850,000,
a
capital
riveted and
brazed
par $100, has applied for a
Pennsylvania charter with
a similar
amount of capital stock.
No changes have been
made in the
personnel of the company or in its
products. These consist of steel
tures of all
kinds, bridges, coal tipples, also
welded,
steel tanks fcr all
purposes; also water
softening and
water filters.
and
Scovill
Manufacturing
struc¬
purifying
apparatus
Co .—Extra Dividend.—
Directors have declared an extra
dividend of 5% in addition to the
regular
quarterly 2%, each payable Jan. 1 1918
to holders of record
Dec. 24. The
extra
dividend is
the same
amount
as
was
paid Dec.
1.—Y.
p. 2190, 1808, 1314.
105,
Shaw-Batcher
Co.
Pipe
Works.—Offering
of
Serial
Serial
Los
Notes.—Blytb, Witter & Co., San Francisco and
are
offering at a price to yield 7%
$350,000
Ajig.,
6% Secured
gold notes, dated Nov. 1
1917, due serially from
191$ to Nov. 1 1919, but callable
at
101 and int.
Interest Q.-J. at the Bank of
California, N. A., San Francisco.
Edminson and Charles R.
Blyth, trustees.
John W.
Maturities, $50,000 Nov. 1
1918 and $25,000
quarterly from Dec. 1 1918 to Nov.
1 1919.
Company.—Incorporated in California. Owns
at South San
approximately 175 acres
Francisco on San Francisco
Bay.
Property consists of a com¬
plete plant for the simultaneous
construction of three
ocean-going merchant
vessels, which plant is now
practically complete.
An independent
places the value at
appraisal
$885,800, which value is not
wholly
the
particular use to which the
property is
Contract.—A large California
corporation
of the
company
and
has
entered
Emergency Fleet
into
a
dependent
now
upon
put.
the entire
capital stock
contract with the U. S.
Govt.
owns
Corp. for eight steel merchandise
each.
ships of 8,800 tons
The first payment of
10% on the contract price has
made by the Government.
already been
All materials and
equipment not supplied by
the Government have
already been procured.
Construction of the first
three ships is
already in progress.
Security.—The guarantor corporation had
a net worth
on June 30
of $943,616.
1917
This value, in addition to
that of the
property above de¬
scribed, secures the pipe works notes
through the corporation's
both as to
guarantee,
principal and interest.
The last two
payments to be made
the
by
Government, which exceed $500,000, have been
assigned to the trustees
and will be used
by them to the extent
any unmatured notes at that time
Solvay
Process
The stockholders
on
necessary to retire at 101 and int.
outstanding.
Company.—Stock
Dec.
stock from $18,000,000 to
18
voted
to
Increase.—
increase the authorized
p. 2371, 2190.
$36,000,000.—V. 105,
capital
Southern Counties Gas of
Calif.—Debentures.—
The California RR.
Commission has amended its
previous order author¬
izing the company to issue
$400,000 2-year 6%
debentures, so that the
$400,000 2-year 6% notes shall be
issued in lieu of
$400,000 debentures,
instead of in addition thereto.
Compare V. 105, p. 2371.
Springfield Body Corp.—Sale
of Detroit
See Detroit Shell Co.
above.—V. 105, p. 825, 613.
Plant.—
Spring Valley Water Co., San
Francisco.—Dividend.—
The company has
declared a
the
quarterly dividend of
$1 per share
$28,000,000 capital stock, payable Dec.
(1%) on
31, being at the rate or
4%
3H% yearly for the last two years. '
per annum, as against
1908.
1909-12.
—-"V 105,
p'.
1913.
Dividend Record—Par Cent.
1915. 1916. 1917— Mar.
1914.
3
915. 722.
(J. B.) Stetson Co.,
amounted
3*
approximately
June.
Sent.
Dec.
»
«
1
dividend of 15% on the
common
stock,
on the pref. stock on Jan.
12, to stock or
for the year on the
common, 10% having
paid for the past five years.
gross
to
»
Philadelphia.—Dividends.—
This company has
declared a
payable along with the usual
4%
record Jan. 1.
This makes
25%
been paid in
July, the same rate
Press reports state that
sales for
$11,000,000,
previous (fiscal) year.—Y.
104, p. 262.
Suffolk Light, Heat & Power
the
year
against
ended
Oct.
$7,652,582
31
for
1917
the
Co.—Merger.—
The stockholders voted on
Dec. 20 to sell the
property and franchises
Long Island Lighting Co. of
Northport, which has recently
electric plants at
acquired
Sayville, Islip,
Babylon and Farmingdale, and is
to take over the
proposing
Riverhead plant (V. 105,
p. 1313, 293; V.
366).—V. 99, p. 474.
104, p. 1390.
Tonopah United Water Co.—Bond
Redemption.—
Twenty-three
Bonds.—
$5 per bond with
preliminary work necessary to turn
for the Government.
R. N.
Scott,
to the
quarterly dividend of $3
per share (3%) on
(par $100). payable Jan. 19
to holders of
Jan. 2 1918.
The
record
quarterly rate was increased from 2
% to 3 % last October.
See V. 105, p. 1314.
1425, 1808.
/0
/0
Progress
Mgr., states that
"Free Press" Dec.
the
The bankers report:
Transportation Co.—New Co.—
Massachusetts Elec. Cos. under "RRs."
once
Nov. 1
See page 2412 in last week's
issue.—V. 105, p. 2003.
See
begin at
3,000 five-ton caterpillar trucks
Gen.
to such
(40%)
Dividend.
are payable: (1)
Option A: In casn
5 1918, with accrued interest
from Jan. 1 1918 to
adjusted.
The company will neither
buy nor sell rights.
This offering is made
subject to the ratification
by the stockholders
[on Jan. 3] of the action of the board.
John R. Freeman is
President.
The only funded
debt, $1,400,000 4% convertible
debentures of 1915,
was converted into
stock by vote of the board
early in the year, increasing
the outstanding stock from
$4,900,000 to $6,300,000 (V. 104,
—V. 105, p. 2461. 1622.
p. 169).
ments for
Christian, together,
the mining rights on
1,100 acres of land.—V. 105,
p. 393.
temporary
Subscriptions
(2)
Option B: 10% of face on or before Jan.
5 1918,
30% April 1 1918, 30% July 1
1918, 30% Oct. 1 1918.
Upon final pay¬
ment accrued interest at
7% per annum from Jan. 1 1918 will be
out
$800,000.
Security.—The direct obligation of Oscar F.
Mayer & Bros., established
According to recent statement, the
1883.
Mayfield (Ky.) Water & Light Co .—Valuation
receipts will be given.
at par on or before Jan.
date of payment.
owners
The total value of
land,
Savings
Providence Gas Co.—Convertible
7% Gold Notes.—
Stockholders of
Virginia
the gas company and that a
receiver was named
for the concern.
It also was
charged that the company issued stock to the
value of $300,000
through mortgages placed in the hands of the
Girard
Trust Co..
[Vor,. 105. '
interest,
($23,000) Series "A" Consolidated First
dated Jan. 1 1906,
Mtge. 6% bonds,
being l-15th of the par value of such
bonds heretofore
issued, will be redeemed at
par and interest, due to Jan.
1 1918, upon sur¬
render on and after Jan.
2 at the
Anglo-California Trust Co., San
Cal.—V. 101, p. 2078.
Francisco,
Dec. 29 1917.]
THE
Toronto «tper Mfg.
CHRONICLE
control
Co., Ltd. —Dividends.—
a semi-annual dividend of 3
% and an extra
the 8750,000 outstanding capital stock, payable Jan, 2 1918 to
In July 1917 the company also paid 3%
regular and 2% extra; in Jan. 1917 only 3% regular, and in July 1916 only
Union
Oil
714.
p.
Co.
(of
Associated with Mr. du Pont and Mr. Hitchcock on the board are L. W.
Baldwin, President of Empire Trust Co.; L. L. Dunham, a long-time "asso¬
ciate in du Pont enterprises; R. D. Ward (who is also
Secretary and Treas¬
urer); Stewart McNamara and E. H. Henry.
Vulcan Steel Products, organized by Otto Kafka,
recently increased its
stock from $100,000 to $250,000 and has
important trade connections with
South America.
It maintains no plant of its own,
acting as exporter and
importer of all grades of iron and steel products, which have been carried
by its subsidiary, Otrophon Steamship Co.
The new officials look forward
to a considerable expansion of its business.—V.
105, p. 1718.
"»
.
California),
Los
Angeles, Cal.—
Stock Dividend.—A circular from the company Dec. 19
says:
"The directors
on
on
Dec. 18 1917 declared
a
stock dividend of 10%, payable
the capital stock March 15 1918 to stockholders of record on Feb.
16 1918.
The board of directors announce that this dividend is not in
any respect
in lieu of other dividends.
It is the custom of the Board to declare divi¬
dends after the close of each quarter.
Pursuant to this custom, the board
Wamsutta Mills, New Bedford,
Mass,—Earnings, &c.t
for Year ending Oct. 1 1917.—
will meet early in
January for the purpose of declaring the usual quarterly
[On Sept. 30 1917 there was $38,872,500 stock out.—Ed.]
shares will be issued in paynient of this stock dividend.
Stockholders entitled to fractional shares may, however, if they so wish,
prior to March 15 1918, forward sufficient cash, which, together with the
fractional share to which they are entitled under this
distribution, will
permit them to obtain one share of stock at par.
If such right is not exer¬
cised prior to March 15 1918, such fractional shares will be issued to John
McPeak, as trustee for, the stockholders entitled thereto*. These shares will
then be sold within 90 days thereafter, and as directed
by the board of
directors, and the proceeds paid to the respective stockholders entitled
thereto.—V. 105, p. 2280, 1614.
dividends.
No fractional
Statistics—
Results—Gross Income
Pay-roll for year
$1,381,461
Employees (No.) about..
2,200
Paid stockholders
$360,000
Stockholders (No.)——
1,150
Profit per spindle—
$3.07
Union Stock Yards of Omaha,
Reserve
Depreciation.
Bal.,
Ltd.—Earnings.—
—V.
105,
p.
United
150,000
2190.
Shoe
150,000
Machinery
Real estate & mach'y—
$50,000
$47,868
surplus.
$150,000
$11,154
States
Lumber
banking house reporting
on
War
States
S.
Industrial
Net
$667,875
313,292
-
31-
Armstrong
Co.
J$354,583
of Aurora,
$563,921
236,271
$498,860
234,568
$327,650
$264,292
111., are interested.—
v
Having completed the original rifle contract for 1,000,000 rifles, we had
entered upon the construction of an additional number of rifles as con¬
templated by certain options in the contract, when we were notified that
the additional rifles are not desired, and were instructed to proceed under
provisions of the contract contemplating such a contingency.
This
that certain rifles now in process of manufacture would be com¬
pleted, and unlass the plant and organization are needed in manufacturing
operations for our own Government the plant will be gradually closed down.
[Negotiations for the sale of the New England Westinghouse Co., or its
rifle-making facilities, to the U. 8. Government are under way but have
not reached a point where any definite statement can be made.
Compare
V. 100, p. 1924, 1678; V. 101, p. 619; V. 103, p. 2245; V. 104, p. 2227;
V. 105, p. 1426.—Ed.l—V. 105, p. 2006, 1904means
Yale & Towne Mfg.
Co.—Dividend Litigation.—
Argument in this company's stock dividend suit, which is now being
on in the U. S. Supreme Court, was quoted at length in the Boston
"News Bureau" Dec. 14.
Charles E. Hughes, in the course of his argument
"Finance" Dec. 22.
Charles E. Hughes, in the course of his argument,
said- "A stock dividend" is not income to the holder receiving it, but is a
mere readjustment of the
evidence of the stockholders' interest already
owned.
The "stock dividend" takes nothing from the property of the cor¬
carried
poration and adds nothing to the interests of the stockholders.
The only
change in substance is that instead of the property represented thereby
being distributed to stockholders, it is permanently fixed as capital, so that
it cannot be distributed.
»
»
_1
The suit relates to the 50% stock dividend declared in Jan. 1914 on the
...
during the last
will be made at some
.
.
.
then $3,000,000 stock.—-V.
105,
p.
2191.
The
Youghiogheny & Ohio Coal Co.—Redemption.—
Slants arethe greater part capacity year. sufficient orders ahead to keep them
working at full of next with Compare V. 105,
for
2100, 614.
p.
Forty-six First Mtge. 6% gold bonds, dated July 1 1908, due July 1 1933,
are
Utah-Idaho Sugar Co., Salt Lake.—Dividend.—
called for
& Trust Co.,
declared a dividend of 3 %,
Whether this is a straight
redemption at 105 and int. at the office of the Guardian Sav.
Cleveland, Ohio, trustee.—V. 103, p. 66.
>
Youngstown (Ohio) Sheet & Tube Co.—Decision—Div.
or a 2%
Press
dispatches from Youngstown,
the case now before the U. 8. Supreme
Eleven ($11,000) and two ($1,000) First Mtge. 5% gold bonds, dated
May 1 1908, are called for payment Jan. 1 1918 at 102 and int. at the office
Trust Co., Detroit, trustee.—V. 102, p. 443.
of the Security
Co.—New President.—
President.
Unconfirmed press reports state that a syndicate headed by T. Coleman
du Pont and Frank Hitchcock, former Postmaster-General, has acquired
O., state that on the outcome of
Court (Yale & Towne Mfg. Co. vs.
United States), in which it is contended that a stock dividend is not income,
Valley Steamship Co.—Redemption of Bonds.—
Oct.
105, p. 2372.
Dec. 21 1917 said in substance:
In view of the immense increase in assets of the company
as
-9 Mos. end.
1917.
1916.
$1,605,238 $1,311,258 $1,152,263
937,363
747,337
653,403
the
future time whi^h will undoubtedly result in a large stock dividend.
Vulcan Steel Products
Co., Aurora, 111.—Earns.
Year end.
Jan. 31'17.
Westinghouse Electric & Mfg. Co.—Contract—Sale of
Rifle Plant Pending.—Guy E. Tripp, Chairman of the board,
•
Frank Hitchcock succeeds Otto Kafka
.
Light Co., Ltd., Rossland,
-
Balance, surplus...
Howard, Simmons,
V.
$503,891
basis,
income...
Bond interest
Recently the company has been reorganizing its subsidiary companies
by increasing their capital stock to show true asset value of invested capital
in place of nominal value, as in the past.
quarterly distribution placing the shares on a 12% annual
regular and 1% extra is not stated.—V. 104, p. 1392.
(Asphalt), Boston.—Div. Omitted.—
Operating expenses and taxes
outstanding after allowing for dividends on the
pref. stock.
During the current year the company has paid dividends
amounting to 32% on the common stock, 16% being for 1916 and 16% for
1917.
The stock is ndw op a regular 16% dividend basis.
The floating
debt of $7,773,921, shown in the balance sheet of Dec. 31 1917, has been
entirely paid off, and there is a surplus nearly twice as large as common
A press report states that this company has
Bros. Co.
Gross earnings
stock
payable Jan. 1 to holders of record Dec. 18.
$4,016,980
$139,455
$.60
$1,463,605
.
Estimated earnings for the year 1917 amount to $10,000,000 after taxes
depreciation, or equivalent to about $78 per share on the 120,000
usy
549,096
$3,984,139
$163,545
$.71
$1,447,150
'
2372, 2280.
two years, an increase of stock of the parent company
561,821
$4,259,385
$328,830
$1.43
$1,595,980
Western United Gas & Elec.
Alcohol
stock outstanding.
616,776
$5,659,834
$705,682
'
$3.07
—$2,845,808
The company has recently declared a quarterly dividend of 2 % on the
$2,000,000 outstanding common stock, payable Dec. 1 1917, placing the
on an 8% per annum basis.
Since Dec.(l 1913 quarterly dividends
of IX % (5% p. a.) have been paid.
The entire $2,000,000 common stock
is owned by the Consolidated Mining & Smelting Co. of Canada, Ltd.
There is also $400,000 7% cum. pref. stock outstanding.—V. 104, p. 459.
and
of common
100,000
934,117
.
stock
Co.—Earnings.—Status.—
The company declines to confirm or deny any part of the
following, condensed from "Wall Street Journal" Dec. 28:
shares
v 50,296
319,509
45,000
B. C.—Dividends.—
.
p.
290,329
45,000
,
386,177
page.—V. 105,
384,204
45,000
West Kootenay Power &
Corp.—Announcement of Further
Fixed Prices by American Iron & Steel Institute.—
U.
(53,079
1,061,690
75,000
Waterbury (Conn.) Gas Light Co.—Stock.—
Steel
See general news on a previous
86,989
Shareholders of this company are offered the right to subscribe at par,
$25, on or before Jan. 3, for one new share for every five shares held by
them, respectively, thus increasing the capital stock from $1,500,000 to
$1,800,000.
Subscriptions must be paid on or before April 2 1918.—V. 102,
p. 981.
-
Balance, surplus, for five months ending Dec. 1 1917
$117,714
previous surp., $904,192)$1,021,906
United
213,405
The directors have omitted the usual quarterly dividend of $1 per share
($100), due at this time on the $2,000,000 common stock, par $50.
The
company started paying dividends on this stock in Feb. 1916 at the rate of
50 cents per share.
There is also outstanding $2,000,000 6% cum. first
pref. and $500,000 7% cum. 2d pref.
The company in a statement to shareholders, says:
On account of the
generally unsatisfactory conditions throughout the country it was deemed
inexpedient to declare a dividend on the common stock at the time.
It is
understood that the recent priority order prohibited the transportation of
paving materials in open top cars; hence, pending the determination of
future prospects the company is disposed to conserve its cash resources.—
V. 105, p. 186.
1 1917.
Total surplus Dec. 1 1917 (after adding
—V. 105, p. 2190, 1315.
$3,000,000
489,026
Regulations.—Sugar Situation.—Coal.—
Warren
^
Steamship Co. (of Me.), N. Y.—Earns.—
Dividends paid during the period
$4,016,980
$3,000,000
See general news on a previous page.—V. 105, p. 2460, 2369.
Earnings for the 11 months from Jan. 1 to Nov. 30 1917 were approxi¬
mately $5,034,744, after providing for; (a) interest charges; (6) reserves for
depreciation and exploration; (c) a heavy loss on metals,principally lead
and spelter, written off, but before deducting Federal taxes for the current
year or making the necessary
changes in bookkeeping methods to properly
carry out the requirements of the tax laws.
The Utah Railway Co., all the securities of which are owned by this
company, has equipped its own railroad with cars, locomotives and terminal
facilities; and on Dec. 1 1917 took over, as proposed, the operation of its
own railroad, and is now running its own strains
through from the coal
mines to its connection with other railroads at Provo, Utah
[see also
Railroad Companies above.—Ed.]
During the first 15 days of December, this railroad transported from the
United States Fuel Co.'s mines approximately 50,000 tons of coal, an in¬
crease of 37% over the rate of production before the road was taken over.
More of the new locomotives will go into operation during December, and
it is expected that during January this rate of increase may be doubled.
Additional locomotives which have unavoidably been delayed are expected
by the end of February, when the capacity and production should be still
further substantially increased.
Improvement still continues in conditions in Mexico and at our Mexican
properties.
The rate of production is being maintained and should be
increased commencing next February, when an addition to one of the mills
goes into operation, and still further increased by June, when an addition
to the second mill is completed.
By the end of the year 1918 it is planned
to have a third mill, an entirely new one completed, from which time the
tonnage capacity will have been increased 65% over the present capacity.
These additions to capacity are deemed fully justified by ore developments
which have been and are continuing to be most satisfactory.
See Utah Ry. under "Railroads" above.—V. 105, p. 1315.
Total income, $516,069; expenses, $12,178; net income.*
$3,984,139
$3,000,000
/
Profit per spindle
Working capital
United States Smelting, Refining & Mining Co.—
Earnings, &c.—An official statement says in substance:
Results for Five Months ending Dec.
$4,259,385
—V. 105, p. 1004.
a
United States
2,813,316
$2,450,000
511,932
1,055,048
\
Total..
Profit for year
says:
large block.
Cherry River Boom & Lumber Co. of Scranton, Pa., declared another
1% [on its $3,000,000 capital stock] on Nov. 1, bringing
their total dividends for the year up to 15%.
Stock is now offered slightly
under 200.
Both these stocks with their present earning power and pros¬
pects for increased future earnings should sell higher.
A few trades were in Scranton (Pa.) Bolt & Nut Co. around
par. An extra
dividend of 23^% was paid [on the $500,000 capital stock] Nov. 1.
This
extra dividend brings the yearly average up to 6
% from the time that the
company declared a 100% stock dividend some years ago.
[These dividends are mentioned together for convenience, the companies
having no relation with one another..—V. 105, p. 2100, 1809.
1914.
$2,450,000
531,442
1,002,697
$3,000,000
Reserve for dividend
Reserve for taxes
In our letter of last month we stated that the United States Lumber Co.
had paid a total of 11% on its stock so far this year.
This was an error.
It should have read 13%.
The earnings of the company continue to
increase.
A limited amount of stock is offered at 151, while 148 is bid for
extra dividend of
1915.
$2,450,000
549,104
1,260,281
Profit and loss
Scranton
the local market Dec. 1
$245,682
Liabilities—
Capital stock.
Accounts payable
N otes payable
Depreciation
Corp.—Dissolution Case.—
Co.—Dividends.—A
surplus
I.
1916.
$2,325,000
521,518
$705,682
$100,000
360,000
$5,659,834
Total
Attorneys for the Government in the suit for the dissolution of this
■company have filed a brief in the Supreme Court in which they ask injunc¬
tions against continuing the "tieing leases" under which
machinery is
rented to show manufacturers.
The case will be re-argued Jan. 7.—V. 105,
p. 1426, 78.
United
1917.
Cash and receivables—
Merchandise
r.._
1915-16.
for
construction
Net earnings
Reserve for taxes
Divs. declared paid (12%)
Balance,
.
1916-17.
$5,302,189
Oper. exp. & depreciation 4,596,507
BALANCE SHEET OCT.
Assets—
Nov. 30 Yrs.:
1916-17.
1915-16.
Gross earnings$2,840,755 $2,335,524
Net earnings.
$847,572
$910,858
<0
Products Co.
month?
a
on
holders of record Dec. 22 1917.
2% regular.—V. 105,
Steel
Purchase price is known to have
been large, as Vulcan company is doing a
gross business of over $1,000,000
The directors have declared
of 2%
of Vulcan
2549
and
„
consequently
is
not
subject
to
Federal income taxation,
depends
whether the company will pay a heavy stock dividend on its $18,400,000
outstanding common.
Pres. James A. Campbell is quoted as saying that should the Court
decide stock dividends are not subject to taxation his corporation will
undoubtedly pay a 100% stock dividend, as authorized in the year and
later rescinded, when it was ascertained such dividends were construed as
income and subject to taxation.—V. 105, p. 2010, 78.
'
2550
unh
Jlncnrajettls.
jeprxrrts
CUBA CANE SUGAR CORPORATION
SECpND ANNUAL REPORT—FOR THE FISCAL
CUBA CANE SUGAR CORPORATION.
of
cost
112 Wall Street.
the
YEAR ENDED SEPT. 30 1917.
production, and
plants
in
are
as
much
a
result of these expenditures
better
operating condition than
•
New York, December 18 1917.
To the Shareholders
1916-1917 crop not
being
as
Sept.
on
our
production.
The total production of sugars
throughout the Island
the crop
on
value, have
year,
Unfortunately that was the case, the richness in the cane
having decreased, resulting in an average yield less than
the
of
previous
cane
On
a
pany,
sugar
less than
cane
the
sugar
same
a
definite ndmber of
for every one hundred pounds of
cane
deliv¬
sucrose
the company.
on
so raising the operating
efficiency of the company to the highest standard, large
improvements in machinery have been made, especially in
the eastern plantations,
"Moron," "Jagueyal," "Lugareno"
and
the
suddenly in February of this year and was
completely put down until the end of April.
Its collapse
the energetic measures taken
by President
During its brief existence considerable damage
was done,
particularly in the eastern provinces.
The properties of your four plantations in the eastern
to
Menocal.
section of Cuba did not suffer any
burnt, part of which burnt
considerable loss of
The
while
cane was
ground, but at
a
were
insurrection
cut
off
lasted.
from
One
of
them,
estimated crop of 160,000
The
actual
company was
damage
bags.
caused
limited to
cane
by the
revolution
to
burnt, consequent lower
figure these losses, but they
many
end
eastern
of
$5,479,153 93
The
Property Account
'
•
.
Property and Plants, September 30 1916^
$57,636,115 65
including transfer taxes,
445,800 12
Betterments, buildings, machinery, etc
5,033,353 81
—
Lands and warehouses purchased,
notary fees, etc
...
$63,115,269 58
216,304 92
"
lands.
•
The company now owns in fee
10,637 eaballerias of
equal to 354,500
leases
and holds under lease—most
acres,
being for long
equal to 198,200
land,
of these
periods—5,946
of additional
acres
eaballerias of land,
land, totaling 552,700
railroad.
Third—Higher rates of
insurance, also
war
higher price for coal, bags and all other commodities,
increasing materially the cost of production.
In view of the foregoing unfavorable
features, the results
for the year must
be regarded
"
•
■
for' the
earnings
follow^;
as
The company now
of
railway, of which 517 kilometers
consisting of
gauge
1,908
and 34
are
:
are
to
season expenses to
$11,095,531 35
_
r
$244,042 97
including income
profits taxes (U.S. A.)__
1,286,471 00
500,000 00
1,750 000 00
...
'
Appended to this report
and Loss Account
company were
as
of
are
1
$7,315,017 38
...
The accounts of the
audited by Messrs. Deloitte, Plender, Griffiths
year your company
was
planting
coming
are
year
pro¬
is estimated at from 3,800,000
*
planning for
an increased output in 1919 and to
plantings have been made which will then
An
for
experimental station has been started by the company :
the improvement of the cane seed and to demonstrate
what effects
can
be secured
gation, but the results of
by better fertilization and irrithese
experiments will not
be
kpown before 1919.
contract for next year.
expended in renewals
approximately $1,700,000, which
the
4,000,000 bags.
We
& Cowhose certificate is herewith
submitted.
During the fiscal
of which
experimental station.
the Balance Sheet and Profit
Sept. 30 1917.
cane cars,
are narrow gauge.
be available.
3,780,513 97
Balance carried to Surplus Account
and 3,094
narrow gauge,
this end additional
and
_
Reserve for Bad Debts
Reserve for Depreciation
together with equipment
which 73 are standard
company's
.
-
gauge,
miles)
to standard gauge and
The Cuban insurrection of 1917
prevented much
that normally would have been done.
The
duction for
'.
September 30 1917—
transporta-^
prospects for next season.
,
Interest and exchange
Reserve for taxes, etc.,
are narrow
106 locomotives, of
standard gauge and 1,186
satisfactory.
EARNINGS.
fiscal year ended Sept. 30 1917
Operating Profit after deduction of dead
and operates for the
owns
tion of its products and
supplies 785 kilometers (490
268 kilometers
and
wages,
resulted in
and repairs
of Sept. 30 1917 is made up as
as
•'
-
■
acres.
the
war excess
were
securities.
follows:
the
plantations lost the greater portion of
damage because of the insurrection.
Less:
are obtainable.,
machinery improvements aggregating
paid for without the issue of any ad¬
Land purchases and
$62,898,964 66
small in
were
as
sucrose
has presehted its claim for damages against
the Cuban Government
through the proper channels.
Our properties in the western section of Cuba
suffered no
The
an
1,500,000 bags,
1916-1917 of 877,755
being cheapest the largest profits
The company
as
estimated at
actual production during
increase of over 70%.
an
your
the crop.
,
result the crop on these estates for
a
now
Less sale of machinery, etc.
comparison with other estates in the
Island, where
is
making these changes your company has followed its
policy of increasing the capacity of the factories where cane
in the burnt cane, and general
disorganization and decrease
in the efficiency of the factories.
It is difficult to
As
year
In
com^
"Lugareno," started grinding Jan. 29, but was forced to
stop operations from Feb. 24 until March 24 by order of the
insurrection,.its total crop was only 67,000 bags, against
an
bags,
ditional
plantations
the
"Stewart."
coming
against
damage, but had much
sucrose.
aforesaid four
munication
was very close to
3,025,000
general decrease of 15% in Cuba.
a
creasing the capacity of the mills and
This broke out
•
much less than had
very
property account.
apfount
Second—The insurrection in Cuba.
cane
$300,000 in
Pursuant to the plan outlined in last
year's report for in¬
by him to the mill, irrespective of the yield of
due
production is
tons, thus showing
crop.
in the cane, the entire loss fell
was
some
decrease in production was general in Cuba, the total
having been estimated in December 1916 at 3,500,000
49,0fcp00
obtained from the
was
As the colono (tenant farmer) receives
not
with the exception of
year was
2,240 pounds.
been estimated is due to the lower
yield of sucrose in the
cane and the Cuban
insurrection.:
It is proper to add that
crop
ground by yourf
this decrease in yield represented over
pounds of
ered
pou
of
tons, whereas the actual total
total of 4,017,303 tons of
during the previous
cane
100
sugar per
ground.
pounds of
of
by 0.55 pounds of
year
tons
been delivered and paid for..
now
That the above
we
would be adverse#
f
during this fiscal
bags, equal to 473,226
All of these sugars,
previous
heavy rains in Nov.' 1916 and
then feared that their effect
3,261,621
'
annual report of the
there had been unusually
charge off to depreciation $1,750,000.
cane.
of 1916-1917.
crop
stated in
was
in the
sucrose
to
Board had
as your
were a year ago.
follows:
as
condition that prevailed
was a
during the
satisfactory
be enumerated
may
First—Exceedingly low
As
ended
The series of circumstances which resulted in the
anticipated,
This
Considering the much higher prices
ruling now than two years ago for materials in general and
the large amount expended on new
machinery by your
company in increasing its capacity, it has been deemed wise
of Cuba Cane Sugar Corporation:
The second fiscal year of
your company
30 1917.
they
charged to
It is expected that about
sold
75% of the Cuban crop will be
outright to the International Sugar Committee, with
-
DEC. 29
1917.]
THE
CHRONICLE
options on part or all of the remainder of the crop, at a price
equivalent to about 4.60 cents per pound f. o. b. northside
Cuban ports and about 4.55 cents per pound f. o. b. Cuban
southside ports, with basic rates of marine freight shortly
to be agreed upon.
Acknowledgment is made of the loyal co-operation of all
officers and employees during a season made particularly
trying by the insurrection in Cuba.
Many of our employees
on the Island ran
personal risks in performing their duties
to
the company.
Respectfully submitted by order of the Board of Direc¬
MANUEL RIONDA,
President. p
CUBA CANE SUGAR
BALANCE
CORPORATION.
SEPTEMBER
SHEET
30TH
1917.
ASSETS.
Properties and Plants
Machinery - and Construction
.
.162,898,964 66
Material
on
Hand__
1,540,866 76
$64,439,831 42
Current Assets, Advances to Colonos and Growing Cane:
Cultivations—Company Cane
Materials and Supplies,
Advances
Colonos
to
less
$1,845,732 11
3,077,125 60
;
Reserve
for
Doubtful Accounts,
5,502,720 02
151,244 30
Advances to Stores and Sundry Advances.
Centrifugal and Molasses Sugars:
On hand at September 30th 1917, Valued
'at Net Sold Prices, less Shipping and
Selling Expenses
Molasses on hand
J
1
Accounts and Bills Receivable, less Re¬
3,427,624 37
-155,562 35
for Doubtful Accounts
serve
1,330,131 76
739,348 72
aCash
Cash
Deposit to meet Preferred Divi-
on
dend due October 1st 1917
875,000 00
17,104,489 23
Security for Redemption of Liens and Censos
on Properties:
'
Cash deposited with Trust Company and
Bank
$1,303,698 77
60,000 00
deposited,
,
1,363,698 77
Insurance, Rents and Taxes paid in advance
Items in Suspense,
$389,326 49
45,075 95
434,402 44
$83,342,421 86
LIABILITIES.
Declared Capital
i
»_$52,500,000 00
500,000 Shares 7% Cumulative Convertible Preferred
Stock, par value $100 00 each.
,
500,000 Shares Common Stock, without nominal or par
value.
$1,059,682 89
9,504,286 76
Drafts'Outstanding,,
Accounts Payable and Accrued Charges
Preferred Dividend No. 7
(Payable Octo¬
ber 1st
1917).
875,000 00
—
11,438,969 65
Liens
Properties—Cash
on
contra
Censos
Deposited,
per-
I
'
Properties—Cash Deposited, per
on
Corporation
outstanding
as
guaran¬
60,000 00
tee, per contra
1,363,698 77
■5—
Taxes,'
$1,286,471 00
3,000,000 00
etc
Depreciation,.
'
4,286,471 00
Deferred
Credits:
Items in
86,757 74
Suspense
Surplus Account:
*
.
.
*
f*
13,666,524 70
-----
>
As the
year
draws to
time, of
counts.
.In
as at Sept. 36
accompanying Profit and Loss and Surplus
Accounts for the year ended that date, with the books in
New York and the returns received from Cuba and certify,
that, in our opinion, they correctly set forth respectively,
the financial position of the company as at Sept. 30 1917,
and the results of the operations for the year ended that
,
DELOITTE, PLENDER, GRIFFITHS & CO
CUBA
PROFIT
AND
York .City, Dec. 24 1917.
SUGAR CORPORATION."
CANE
LOSS
ACCOUNT—SEPTEMBER
30TH
1917.
Operating Profit for year ended September 30th 1917—.,.$11,095,531 35
Less:
<
$244,042 97
Interest and Exchange
Taxes, etc. (including
and War Excess Profits Taxes).
Reserve
for
Reserve for
1,286,471 00
1,750,000 00
Depreciation
off,
*_
-
-
being Net
Profit for the
year
are
======
30th
Account—September
1917.
Balance at October 1st 1916
$9,851,507 32
6
Add:
Net Profits for the year, per Profit & Loss Account
7,315,017 38
a—
'
:
.
$17,166,524 70
Deduct:
Dividends
on
Cumulative
Convertible
Preferred
Stock,
payable:
No. 4, January 1st
No. 5, April
No. 6, July
No. 7, October
1st
1st
1st
$875,000 00
875,000 00
875,000 00
1917
"
"
"
,
875,000 00
3,500,000 00
Balance, September 30th 1917
more
^
It is
suual, lags.
over
a
ac¬
another
abnormally high and
capital to do business than in
are
sold far ahead into
that
1918.
At the
same
time,,
present prices for iron and steel will not;
prime Western, 24.6,0@24.70c.; refined to
Continent, 26.75c.; South America, 27e.; Brazil, 28c.
one time on a rise in hogs, but reacted
later under selling by the West with the cash demand slow.
This was followed by another slight upturn, due to small
Lard is in good request in
receipts of hogs and covering.
Liverpool.
To-day prices declined with a fall of 20 cents
in hogs,
accompanied by larger receipts.
The receipts
during January are expected to be large.
Lard is lower for
DAILY
CLOSING
delivery._cts.24.57
PRICES
Sat.
2^.80
PORK lower; mess,
$13,666,524 70
OF
LARD
Man.
24.15
.
FUTURES
Tues.
Holi-
Wed.
24.20
IN
CHICAGO.
Thurs.
23.95
Fri.
23.72
24.55,
day.
24.57
24.52
24.20
$51 20@$52; clear, $54@$59.
Beef
products firm; mess, $31 @$32; extra India mess, $52@$54.
Cut meats firm; pickled hams, 10 to 20 lbs., 25 He.; pickled
bellies, 31@33c.
In Liverpool the general market is strong,
with arrivals slightly larger, but spot demand is urgent.
American offerings are still only moderate, and foreign arri¬
vals are inadequate.
All stocks are small.
Bacon and
shoulders are in good request,
Argentine offerings are
larger, but holders are very firm.
To-day prices for pork
declined.
January ended at $45 10 and May at $44 90.
This shows a sharp decline for the week.
Butter, creamery,
50H@51c.
Cheese, State, 24%@25e. Eggs, fresh, 62c.
COFFEE higher; No. 7 Rio, 8c.; No.- 4 Santos, 9H@
9?4c.; fair to good Cucuta, 10%@llc.
High grade mild
coffee reported in good demand.
Futures have been rather
active at higher prices
peace
talk.
the trade sold.
$7,315,017 38
1
■
as
enough, been canceled.
At the same time, the war work
being done in the great industries of this country is enormous.
Collections in general trade are fair to good.
Cotton has
made a new high record during the week and grain has also
advanced.
Business failures, it is gratifying to notice, are
very much smaller than recently, and also as compared with
the last four years, evidently the result of greater con¬
servatism everywhere, especially towards the end of a year
which it is not too much to say is the most eventful in the
American history.
What the future has in store for this
country, of course, is hidden, but the business world will
enter upon the year 1918 in sound condition and with
optimism tempered only by common sense and a determin¬
ation to keep within conservative bounds.
;
There is
3,780,513 97
carried to Surplus
Account
Surplus
close, trade,
be disturbed, or at any rate, not for some time to come.
An
unfinished contract for rifles for Russia has,
naturally
on
500,000 00
-
———-
Balance
EPITOME.
ordinary times.
Of course, the great event of the week has
been the taking over of the railroads by the Government,
together with telegraphs, telephones and warehouses.
The
Government is buckling down with grim energy to the
herculean task before it of winning the war, undeterred by "
talk of peace.
And the same spirit animates England,
France and Italy.
Therefore, it may be taken for granted
that the American preparations for the great struggle across
the seas will be pushed with greater energy than ever.
Meanwhile the business world has been electrified by the big
rise in the stock market.
It is a fact, however, that industry
is still badly handicapped by the scarcity of cars, fuel and
raw
materials.
But it is hoped that under Government
management the movement of commodities will shortly be
greatly facilitated, and business helped in every direction.
The holiday trade was rather irregular, in the East, but at
the South it was exceptionally large, no doubt because of
the high price pf cotton.
There is still a marked tendency
towards economy and greater efforts abe being made to have
meatless and wheatless days observed.
Meanwhile stocks
of merchandise throughout the country are small.
The
tendency of trade in non-essential goods is to dwindle.
On
the other hand, there is a sharp demand for pig iron and
more
Income
Reserve for Doubtful Accounts and Accounts
written
-I
Prices
therefore it takes much
verified the above Balance Sheet
1917, and the
Whll Street, New
a
caution.
for
May delivery
49
t
for taking inventories and going
the present state of things there is
January
date.
"i
course,
$83,342,421 86
We have
1 ri .
the week.
• ■■
Balance
-
Futures advanced at
Central Mercedes, owned by
and
Times
*
the
654,385 41
Bonds of Cia.
*
LARD lower;
$649,313 36
contra
*
Friday Night, December 28 1917..
it is believed
—
Bonds of Cia. Central Mercedes
*
COMMERCIAL
furnaces
Deferred Charges:
•V
fix*
incentive
tors,
2551
some
with outsiders buying partly
Cotton houses bought.
On the other hand,
To-day prices closed 1 to 4 points higher.
advance for the week.
•
•
December.cts7.55@7.57 April—cts.7.82@7.83 August __cts_8.l2@ 8.13
7.55@7.57
May
January
February
7.65@7.67
June
March
7.75 @7.7 7
July
7.89(^7.90
September -.8.19@8.20
8.27 @8.2 8
_.7.97@7.98 October
,8.04ft 8..06
SUGAR
steady; centrifugal,
97-degrees
|est, 5.92c.;
granulated, 8.15@8.35c.
TradingQ was supposed to be
quiet early in the week, there being a holiday on Monday as
well as on Tuesday.
But in reality it is said that on the
24th inst. 60,000 bags of new crop Cuba, December and early
January shipments, sold at 4.985c. cost and freight New
York, with 20,000 bags of new crop December shipments to
Savannah at 4.96c'. cost and freight.
It is said that the
International Committee will not pay over 4.985c., whatever
the port of leading; therefore, sellers must assume freight
charges in excess of 38 H cents cwt.
The new duty paid price
is 6.005c.
That is supposed to mean about 7.45c., less 2°/0
at refinery for granulated.
The new Cuban crop is esti-
2552
THE
CHRONICLE
mated at
3,589,420 tons, with 70 centrals grinding against
The 4,000 tons
ready for distribution and
will afford
temporary relief.
New crop CubaD sugar is
being forwarded to the United States Atlantic ports as
50
week ago and 48 at this time last
year.
of Swedish sugar released here is
a
6
The
is
last year:
1917.
Dec. 28.
OILS.—Linseed firm; city, raw, American seed, SI
26@
$1 28; Calcutta SI 40.
Lard, prime $2 30@$2 35.
Cocoanut, Cochin 21@22c., Ceylon 17@17
%c.
Soya bean
January -.19.30(5)
February—19.40 @
I March
19.35@ 19-431 May
-19.35@
1
[April
Galveston
Texas City—
Port Arthur
Aransas Pass, &c_
New Orleans
Mobile
Pensacola.
Jacksonville, &c_
movement of refined.
Production in the mid-continent has
been seriously curtailed by winter conditions.
One week's
loss is estimated at 40,000 barrels.
Eastern
Charleston
Wilmington
Norfolk.
N'port News, &c_
New
York
Boston
Baltimore
Philadelphia
Txtals
fields.
'
•Cabell.
Mercer black
Crichton
2 72
2 23
...
Corning
Wooster
Thrall
2 00
Strawn
De
1 50
2 80
2 38
$2 08
South Lima
Indiana
2 08
1 93
Kansas
Princeton
2 12
_$2 12
Okla¬
homa
2 00
Electra
2 00
2 00
Canada
2 03
Henrietta
Healdton
....
2 45
1 20
2 00
TOBACCO has been quiet but firm.
This applies both
to domestic and foreign tobacco.
There was a report that
11,175 bales of Sumatra owned by importing firms and
manufacturers in this country and now stored in
Holland
will, if possible, be brought to this country.
Efforts will
be made to obtain the aid of the United States
Government to
this end.
COPPER has continued quiet.
Consumers are supplied
as
their requirements dictate.
The production of 1917
is
said
to
have approximated
2,400,000,000 lbs.
This
seems
to
indicate
Receipts at—
'
1918.
Galveston
Texas City, &c
New Orleans.
1917.
43,191
4,829
37,322
sharp demand, with stocks small, and but
Government regulation, it is believed, that the
price
would advance greatly.
Steel mills would buy heavily
if the iron could be had.
The
obstacle.
STEEL
Certainty
shortage of fuel is the great
prices, it is believed, will remain
no
revision is expected in the early
*liey
are.
Forging ingots have been put at $73 a ton, slice splice bars
aiid tie
plates at 3.25c. per pound, rail steel bars at 3 cents,
stbel spikes at 3.90c.. iron spikes at
4.50c., track bolts at
4.90c. and cut nails at $4 a
keg.
Schedules have also been
fixed on steel castings and cast iron
pipe, which are $49 at
Birmingham, and $55 35 at New York.
The mills needless
to say have
big Government orders.
22.687
6,345
10,751
141,234
178,567
Total this wk.
Since Aug.
124,475;
Sat.
Galveston
Texas
Port
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
5,500
7,653
9,859
1,808
13,463
4,952
8,240
1,938
2,542
20
11,827
30
141
7,8*3
31
20
9
251
2,433
3,328
l",206
r.200
2,431
4,908
43,191
4.829
City
4,829
37,322
Arthur....
Aransas Pass, &c
New Orleans
Mobile.
Pensacola
Jacksonville
Savannah
5,973
3,000
"562
18,154
3,000
461
3,414
~""7
"*lp4
"l89
462
1,972
952
6,655
362
"172
"480
2,608
930
57
183
980
1,508
4,194
768
683
N'port News, &c
New York
"369
Boston
"402
"ioo
935
Baltimore
768
Philadelphia
Totals this week.
16,652
22,194
12,873
11,806'
31,433
29,517 124.475
1913.
94,138
22,069
76,273
19,819
34,611
15,000
2,605
57,282
4,296
64,552
7,000
14,787
7,256
9,334
111,954
44,697
43,115
2.074
17,488
6,000
1,974
8,377
13,926
4,824
5,073
22,064
1,200
4,859
5,074
,7,387
323,466
303,899
7,919
,•
262,348
ending this evening reach a total
80,528 bales, of which 29,005 were to Great Britain,
25,596 to France and 25,927 to other destinations.
Ex¬
of
ports for the week and since Aug. 1 1917
Week ending Dec. 28 1917.
are as
From Aug. 1
Exported to—
follows:
1917 to Dec. 28 1917.
Exported to—
Exports
Greal
from—
Great
Britain. France.
Galveston.
Other.
Total.
7,137
_
M
Laredo, &c.
'm
New Orleans
-
-
«.
-
4,113
Mobile
*.
Britain.
7,137
Port Arthur
-
Brunswick
«
3,465
234,348
2,117
32,7.50
.
—-
5,042
40,190
J.
15,486
-
-
«
»r
»
»
_
-
«.
2,117
1,000
41,190
104,696
293,110
28,218
9,4.50
68,423
44, 42
21,000
78,257
152",397
„
-
123,834
6,499
_
64,580
68,423
-
4.*.
7,174
46,022
_
•
-
York.
7,311
1,576
-
-
^
522
9,409
245,018
67,487
'
'
■
—
*.
-
m
_
61,830
mm.m»
*
t
»
«
"
Fran..
-
8,420
i*
•
67,022
17,756
1,367
'
Philadelphia
■
-
-
-
1,952
.
H.
>
Washington
~
-
-
r
Total
16,898
25,927
80,528 1,262,122
.....
-
-
65,149
8,420
-
45,126
..
45,126
109,391
16,898
-
475,672
87,230
1,987
....
Detroit
344,244
5,492
77,146
'
'
Boston
San
509,759
JL
-
-
31,598
*
10,444
Wilmington
Baltimore.
Total.
130,742
■•
_
24,020
-
6,499
Savannah..
Other.
33,255
5,492
-
-
France.
345,762
Pensacola..
109,391
1,623
1,623
29,005
1916.
Total
1915.
25,596
50,841
47,246
32,278
34,108 117,227 1,538,792
458,567 1,106,497 3,103,856
16,284
20,010
387,405
83,540
321,579
977,876
In addition to above exports, our
591,608 2,175,309
958,705 2,323,986
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
New York.
On
Shipboard, Not Cleared for—
Great
Britain.
17,895
3,287
1,000
__
Ger-
France.
Other
Coast¬
many.
Cont't.
wise.
6,235
9~248
9,000
,
4,293
6,000
....
....
6,500
2,000
715
8,431
.
4",000
York
Other ports
Total 1917—
Total 1916—
Total 1915—
7"66O
8,000
-
Stock.
30,630
17,543
18,000
229,057
326,693
226,542
58.744
500
8,431
Norfolk
New
Leaving
Total.
500
Mobile
32,248
21,931
8,413
4",000
2,000
100
22,528
44,665
33,293
4,996
198
82,013
120,425
154,808
15,000
17,000
"
7,000
42,613
94,342
77,323
III I
"198
9,913 107,302 1,203,278
21,466 182,404 1,337,733
29,103 149,232 1,592,325
Speculation in cotton for future delivery has been slow,
but, on the other hand, trade demand has been persistent
and prices have reached a new
high record.
December went
out at a higher price, due
partly to belated covering.
It
weakened a little at one time, because the notices were far
larger than anybody had expected.
There were expected
not more than 1,000 or 2,000 bales, but
they proved to be
25,0C§3 to 30,000 bales. For a time they weighed on the
market, but they were soon absorbed, whereupon the price
rallied sharply.
And on the 26th inst., finding that there
were no
January notices on the first day on which they were
due, there was a sharp demand for that month, and it touched
a new
high record of 30.55c., while middling on the spot
was 31.30c.
Here the scarcity of contracts has much of
362
"26
N
"598
Georgetown
Wilmington
Norfolk
3,989
"662
Brunswick
Charleston
1914.
1. 3.427,050 4,616,685 4,036,341 4,572,446 7,131,215
7,289,704
Savannah
1,189,635 bales.
147,745
9,147
2,420
1,174
The exports for the week
New Orleans
of
18,188
32,027
7,861
123,417
29,268
Charleston
Friday Night, Dec. /28 1917.
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
124,475 bales, against 122,999 bales last week and
158,476
bales the previous week,
making the total receipts since
Aug. 1 1917 3,427,050 bales, against 4,616,685 bales for the
same period of
1916, showing a decrease since Aug. 1 1917
135",425
132,075
78,150351,738
9,654
1915.
868
952
Galveston
#
7~,l46
198,097
14,100
69,483
50,874
113,910
77,500;
1916.
362
N'port N.,&c.
All others,
Dec. 28 at—
COTTON.
"
15,306
244,542
32,000
59,244
48,748
82,211
692,409
1,400
3,414
Total
as
part of 1918.
494,318
20,038
13,427
49,754
22,773
V
868
6,655
Norfolk
PIG IRON is in
344,236
25,565!
41,356
2,726
4,543
2,148
Charleston,
Wilmington-
New
for
1,334
11,259
1,000
1,614
1,175
8,727
Norfolk
251
18,154
3,000
Brunswick
afloat, 4,400 tons.
tons;
1916.
366,379
25,306
19,591!
63,382
19,602
45,847
4,070
13,320
1,500
4,225
1,222
12,429
6,212
6,758
ficient amount to meet present needs." There is no
surplus
stock.
Tin steady on the spot at 90c.
It is still scarce.
It is reported that tin like other metals is to be
controlled
by the British Government.
Totalr arrivals,
1,680
Spelter higher on the spot at 7K@8Kc.
Some 4,000 tons of grade C will be awarded next
week.
1917.
259,687
17,684
4",488
34,680
28,692 1,009,304'
2,934
74,411
61,694
12,520
28,692
2,934
11,259
1,000
1,614
1,175
8,727
that
production about keeps pace with
consumption, whether for Government or private ' use.
Lead firm on the spot at
6J4@6%c. with a fair demand.
Shipments from the West are arriving slowly, but in suf¬
Week.
61,694 1,755,853
8,032
217,785
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Savannah
Somerset, 32 deg__ 2 55 Caddo, La., light. 2 00
Ragland
1 20 Caddo, La.,
heavy. 1 00
2 00 Moran
1 90 Plymouth
r
Soto
and
30
Stock.
Since Aug
1 1916. |
124,475 3,427,050 141,234 4,616,685 1,310,580 1,520,137
Mobile
Illinois, above
degrees
This
In order that
we
development
work has also been
hampered.
But with milder weather it is
hoped to complete several tests in Red Bank Township,
Clarion County, Pa., the most
promising of the Eastern
Since Aug
1 1917.
43,191 1,060,188
25,231
5,492
4,829
9,546
37,322
806,742
251
62,972
5,725
l"200
29,650
18,154
690,849
3,000
94,400
3,414
154,949
952
62,471
6,655
188,121
362
2,387
183
99,894
4,194
68,289
768
56,755
3,389
Brunswick
PETROLEUM steady; refined, in barrels, S12 50
@$13 50;
bulk, S6 50@$7 50; cases, S16 50@$17 50. .Naphtha, 73 to
76-degrees, in 100-gallon drums and over, 54 %c.
Gasoline
firm; motor gasoline, ip steel barrels, to garages, 24c.; to
consumers, 26c.; gasoline, gas machine, steel, 41c.; 72 to
76-degrees, 38c.
It is believed that the taking over of the
United States railroads by the Government will
improve the
Pennsylvania dark $3 75 North Lima
This
Week:
Savannah
@
1916.
Receipts to
as steamers can be provided.
Local refineries will,
believed, be able to resume operations soon after Jan. 1.
17H@17%c.
Palm, Lagos 30@31c.
Spirits of turpentine
48@48He.
Strained rosin, common to good, S6 90 @$7
Closing prices follow:
following shows the week's total receipts, the total
1 1917 and the stocks to-night, compared with
since Aug.
rapidly
it
[Vol. 105
the time been
matter,
less
a
notable factor.
Southern
There has
hedge selling
this
been, for that
season
than
for
That is not difficult to understand.
The high
price, the violent fluctuations and the very large margins
required have prevented the generality of Southern dealers
from hedging as usual.
Of late mills have been calling and
years past.
Dec. 29
1917.]
THE
CHRONICLE
houses have been good buyers.
The stock here is
supposed to be largely controlled by Japanese, Southern
and local interests.
The general situation has
really dis¬
closed little that was
actually new.
The trouble has still
been a smallness of available
supplies coincident with an
insatiable demand.
The mills are heavily under contract
with the Government, and
naturally have been steady
buyers of futures.
It is the trade demand rather than specu¬
spot
lation which has put
up the price of cotton to its
level.
Recent ginning reports, too, make it seem
good many of the trade
not much over
12,000,000
a
that the crop,
FUTURES.—The highest, lowest and
closing prices at
New York for the past week have been
Saturday, Monday,
Dec. 22.
Liverpool
Closing..
January—
Range
present
for
the
—
_
—
——
29.31
—
29.99
—
28.98-.17 29.18-.33
29.15-.16 29.26-.28
Closing.... 28.90
more
a
menacing
hand, the South has sold
more freely here,
exports have continued light and some
believe that the holding back of cotton at the South
may ulti¬
mately militate against the price, especially if ocean tonnage
should continue
the
It is believed in
scarce.
consumption is being overestimated
-
presept and prospective, underestimated.
sufficient
carried
is
account
taken
not
of
quarters that
and the supply,
It is argued that
some
the
invisible
supplies
from last season.
Also some lay stress on the
possibility of Government regulation in some form or other.
They think that it might begin perhaps with the cotton
goods business, but in the end would inevitably react on
over
cotton.
raw
And
at
the
moment
buying less freely at the South.
to
spinners
said to be
are
Their wants
are
be
supposed
And only
pretty well satisfied for the time being.
passing-attention has been paid to talk of possible
Peace
talk
was
heard just a year
So far from believing in
an
for the week.
.
The official quotation for
middling upland cotton in the
New York market each
day for the past week has been:
Sat.
■
NEW
1917-C
1016
...
1915
YORK
31.65
17.40
-.12.35
1
1914
7.80
1913-.-
12.60
1912-
13.10
1911
1910-
Mon.
Tues.
30.85
Middling uplands
31.00
Hoi.
Thurs.
31.50
.31.75
Fri.
31.65
15.85
1901
8.50
_c
29.60
Closing.
HOLI¬
28.82-.84 28.96-.98
7.81
1892
9.88
1899.
10.65
1898-
9.45
-
—
19051904
7.00
9.35
1903
.14.10
1902
8.75
7.69
5.88
1891
1890-
1897——
5.94
1889
1896
11.90
7.06
1888—-
—
1895-
8.25
1894— :
—
7.75
—-
-
1887
5.69
9.19
—
—
Closing
28.55
1886
the
indicated in the following statement.
For the convenience of the reader we also add columns which
show at
are
glance how the market for spot and futures closed
on*same days..
a
Futures.
Spot Market
DAY.
—
HOLI
___
Contract
Total.
-T-
•—
.—
28.70
29.49
—
29.60-.62
29.63
—
■
—
29.19
—
28.35-.52 28.49-.67
—
29.30-.54
29.05
—
—
29.52-.55
__
28.66-.16 29.00-.33 28.77-.24 28.35-.33
29.14-.16 29.00-.02 29.19-.20
—
—
Closing.
28.18
—
28.35
28.84
—
October—
.
—
w4L,
.
28.70
—
28.98
—
—
28.77-.98
.
.
„—_
2,300
700
2,000
2,800
700
2,000
2,800
7,800
—
pts. adv„
Barely steady.
pts. dec—
Firm
-
Total.
—
i
27.45-.60 27.93-.20 27.86-.04 27.22-.20
Closing.... 27.28-.35 27.45-.47
27.98
■
/30c.
—
27.83
—
28.04-.05
I 29c.
THE VISIBLE SUPPLY OF COTTON
to-night, as made
by cable and Telegraph, is as follows.
Foreign stocks, as
as the
afloat, are this week's returns, and consequently
all foreign figures are
brought down to Thursday evening.
up
well
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.
D
c.
28—
Liverpool
1917.
1916.
1915.
1914.
449,000
21,000
45,000
817,000
28,000
80,000
860,000
60,000
85,000
830,000
10,009
89,000
515,000
925,000 1,005,000
*1,000
*1,000
*1,000
*1,000
273,000
293,000
7,000
2,000
63,000
78,000
214,000
256,000
*1,000
1,000
929,000
*8,000
*189,000
79,000
2,000
18,000
113,000
*2,000
.
Stock at
Stock at London
bkles.
_____
Stock at Manchester.
Total Great Britain—
Stock at
Hamburg
;
Stock at Bremen
Stock at Havre
Stock at Marseilles
-
8tock at Barcelona
Stock at Genoa
,
148,000
2,000
65,000
25,000
Stock at Trieste.
Total Continental stocks
240,000
560,000
632,000
411,000
Total European stocks.......
India cotton afloat for Europe...
755.000 1,485,000 1,637,000 1,340,000
36,000
57,000
50,000
137,000
Amer. cotton afloat for Europe..
268,000
575,383
371,623
825,058
Egypt, Brazil,&c.,af!oat for Eu'pe
116,000
65,000
66,000
61,000
Stock in Alexandria..
350,000
f20,000
234,000
*220,000
Stock in Bombay, India
....*450,000
487,000
544,000
385,000
Stock in U.S. ports
.d,310,580 1,520,137 1,741,557 1,622,078
Stock in U.S. interior towns
1,310,441 1,405,560 1,545.299 1,327,756
U. S. exports to-day
2,240
31,455
38,981
18,893
Total visible supply......
4,589,261 5,846,535
Of the above, totals of American and other
6,228,460 5,936,785
descriptions are as follows:
American—
Liverpool stock..
....bales.
Manchester stock.
...
Continental stock
American afloat for
Europe
U. S. port stocks...
U. S. interior stocks
[__
U. S. exports to-day
Total
American.......
281,000
24,000
*211,000
643,000
588,000
559,000
70,000
57,000
64,000
*463,000
*539,000
*325,000
268,000
575,383
371,623
825,058
1,310,580 1,520,137 1,741,557 1,622,078
1,310,441 1,405,560 1,545,299 1,327,756
31,455
2,240
38,981
18,893
3,398,261
4,708,535 4,881.460 4,741,785
East Indian. Brazil, &c.—
Liverpool stock
London
stock......
Manchester stock
168,000
21,000
21,000
*29,000
India afloat for
Europe.
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in
57,000
65,000
220,000
487,000
116,000
350,000
*450,000
Bombay, India
Total East India, &c__._.
Total American
174,000
28,000
10,000
*97,000
36,000
.......
271,000
10,000
25,000
*86,000
28,000
*93,000
50,000
66,000
234,000
544,000
137,000
61,000
*220,000
385,000
....1,191,000 1,138,000 1,347,000 1,195,000
....3,398,261 4,708,535 4,881,460 4,741,785-
Total visible supply
4,589^261
Middling Upland, Liverpool
22.68d.
Middling Upland, New York....
31.65c.
Egypt, Good Brown, Liverpool
33.15d.
Peruvian, Rough Good, Liverpool
32.00d.
Broach, Fine, Liverpool.
21.65d.
Tinnevelly, Good, Liverpool
21.83d.
*
272,000
60,000
5,846,535 6,228,460 5,936,785
10.63d.
7.92d.
4.58d.
17.22c.
12.40c.
20.30d.
7.80c.
7.00d„
8.75d,
lO.lOd.
10.70d.
11.40d.
7.35d.
10.22d.
7.62d.
18.00d.
4.25d.
4.12d.
Estimated.
imports for past week have been 43,000 bales.
figures for 1917 show an increase over last week
162,165 bales, a loss of 1,257,274 bales.from 1916, a decrease
of
1,639,199 bales from 1915
bales
and
a
decline of
1,347,524
from 1915.
"QUOTATIONS'FOE
MARKETS.—Below
__
M 1DD LlN G
COTTOFTAT
OTHER
the
closing quotations of middling
cotton "at Southern and other principal cotton markets for
each day of the week.
are
NEW ORLEANS
CONTRACT MARKET.—The high¬
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Closing Quotations for Middling Cotton
on—
Week ending
Dec. 28.
Saturday, Monday.
Tuesday. Wed'day. Thursd'y.
Friday.
*
v
Galveston
29.45
New Orleans..
29.90
29.90
29.88
30.00
30.00
December
22. Dec.
29.15-.18
—
—
25. Dec.
28.53-.57 28.68-.70
March
28.11-.14 28.24-.26
27.92-.94 28.03-.05
27.71-.73 27.84-.88
26.47-.49 26.52-.55
October
Friday,
27. Dec.
28.
■
January
May
July
26. Dec.
29.13
29.25
29.25
29.25
29M
29 M
29 y2
29%
29%
29
29
30
30
29
29^
29^
HOLI¬
DAY.
Norfolk
30.30
28.49-.53 28.50-.52 28.57-.58
28.32-.35 28.29-.31 28.37-.39
26.85-.92 26.96-.00 27-09-.15
Philadelphia
31.10
31.25
29.50
29.50
..
Augusta
,
Quiet
Steady
Steady
Steady
Steady
Steady
Firm
Steady
Steady
Steady
29.50
29.50
Houston
29.00
29.50
29.88
29 H
29 %
29.75
29.75
HOLI¬
32.00
30.50
31.90
DAY.
29.88
30.25
29.50
29.75
29.65
29.75
29.55
29.90
29.75
29.75
29.00
Little Rock
-
30.50
30.00
Memphis
29.75
30.00
31.75
29.50
Baltimore
Dallas
„
29.25
29.50
29.32-.36 29.33 — 29.38-.39
28.81-.82 28-80-.83 ~8.87-.89
Tone—
Spot
Options
29.13
Savannah
Wilmington
Tuesday, Wed'day, Thursday,
24. Dec.
Mobile
Charleston
Saturday, Monday
Dec.
—
Range..... 27.22-.30 27.33-.47
____
pts. adv__ Strong
1—
29.04-.55 29.43-.80 29.41-.65 28.67-180
29.53-.55 29.43-.45 29.57-.60
—
Closing.... 28.49-.50 28.65-.66
of
2,300
Very^ steady..
7,800
.
__
—
The above
Spot.
Pts. dec__ Steady.
pts. adv__
29.99
Contihental
SALES.
Closed.
Saturday— Quiet, 25
Monday
Quiet, 15
Tuesday
Wednesday Quiet. 50
Quiet, 25
Thursday
Friday
Quiet, lO
—
Range
Market
Closed.
—
c
Range
10.25
9.75
10.56
9.44
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the
spot each day during
week at New York
_
29.86
•f
Range.....
Continental stock
1893-C.
1900-——10.31
11.80
1908
1907—
1906
--14.95
—
Wed.
QUOTATIONS FOR 32 YEARS.
1909-C
.
ago.
trade and Liverpool buying and then reacted
somewhat,
owing to Southern hedge selling and scattered liquidation.
Middling upland closed at 31.65c.., an advance of 55 points
Dec. 22 to Dec. 28—
.
■
—
Juner~~
peace.
It proved to be
early peace, many
members of the trade think that the war
ma}7 last for some
years longer.
And, while it lasts this country loses a market
for about 3,000,000 bales a
year in the Central Empires.
Moreover, France and England are expected to buy less
freely this season.
The hard times, it is contended, will
conceivably have the effect of keeping down the civilian
consumption in this country, however large the purchases
of the Government
may be.
To-day prices advanced on
illusory.
.
29.60-.62
<«.
29.04
—
Range..... 28.67-.84 28.85-.02
country.
If
shortage of labor at the South
On The other
ever.
.
29.35-.95 29.80-.10 29.80-.02 28.98-/10
29.93-.95 29.81-.83 29.94-.95
August—
naturally the boll weevil would become
—
Range.....
or
.
29.80-.55 30.30-.81 30.40-.63 29.48-/81
30.53-.55 30.30-.32 30.50-.51
M ay—
possibility that the next
be short by reason of a scarcity of labor and of
fertilizers.
The pink boll weevil, it is
feared, may do harm
29.90-.60
-
_
——
Closing.
may
factor than
Week.
_
_
29.20
__
July—
there should be any serious
Dec. 28.
.—
April—
one
.
—
Range
Christmas
six counties of Texas and
spread to the more im¬
portant sections of that State.
Besides, there is the boll
weevil in 75 to 80% of the cotton area of this
Friday,
Dec. 27.
_
29.68-.69 29.75-.76
Closing..
And there is still talk to the effect that after three
years of
short crops there is more than a
in five
Dec. 26.
March—
holidays until the 27th inst.
But even during its own holi¬
days it bought here to some extent.
January exports will
larger, it is predicted, than those of December. Shorts
have been good buyers
through Wall Street and -Western
houses.
At times New Orleans has
bought rather freely.
Though less active, cotton goods have been reported firm.
„
Dec. 25.
29.48-.70 29.62-.84
February—
Range
be far
•
30.42-.45
_.
Closing.
plain to
including linters, is
closed
was
follows:
Tuesday, Wed'day, Thursd'y,
Range..... 30.31-.60 29.90-.45
13,-
bales.
Dec. 24.
as
December—
bales.
Yet tne world's consump¬
tion of American cotton is estimated at
13,000,000 to
500,000
3553
•
29.10
29.50
el
30.00
29.75
29.75
30.00
29.75
2554
/
AT THE
the
CHRONICLE
THE
INTERIOR TOWNS the movement—that is,
mometer
lowest
receipts for the week and since Aug.I, the shipments for
the week and the stocks
detail below.
*-
Towns.
Ship¬
Receipts.
j
Season.
Ship-
Receipts.
28.
Week.
25
.
3,609
125
443
44,280
207
Montgomery
32,443
1,799
Week.
.
Season.
1.005
Week.
Rock..
5,746
BlufL..
5,213
361
20,534
1,200
3,959
98,604
Ga., Albany...
117
376
2,779
481
30,045
141,901
Little
0,275!
35,745
20,368
847
52,746
59,246
2,373
4,819
29.
60
The
9,155
355
4,22
Palestine,
55,054
349
11,932
236
3,093
90,442
2,340
39,117
-605
19,303
89,761
1,700
8,774
185,405
5,505
52,506
5,441
226,220
2,662
87,248
Augusta
6,514
356,851
3,316 159,183
4,484
3J 2,077
i.
Columbus
27
2,785
26,235
450
15,075
1,818
52,398
2,500
115.517
2,458
24,363
1,681
1,641
24,228
Rome
2,079
39,764
1,022
15,433
362
121,122
49,348
290
10,406
4,584
155,667
2,538
52,555
924
130,678
2,946
27,471
281
297
3,956
4
5,025
5
2,609
2,000
8,442
93,994
1,500
54,201
1,000
52,711
1,500
25,500
7,760
96,415
1,803
38,457
822
1.365
888
11,840
212
.503
9,525
1,697
42,901
1,613
12,167
276
34,454
300
13,860
200
14,767
30.905
286
5,000
111
13,465
409
5,972
997
25,537
555,460
23,728
800
20,002
800
dry during the week.
The
no
rain the past week.
Mini¬
32,107
22,653
95,779
16,002
Tex.—There has been 'no rain the past week.
averaged 52, ranging from 34 to 70.
Taylor, Tex.—We have had
19,333
3,477
rain the past week,
the highest being 74
no
averaged 53,
thermometer has ranged from 32 to 72, averaging 52.
1,170 154,929
600
Macon
has
San Antonio, Tex.—It has been
37,389
Atlanta......
Tex.—We have had
The thermometer has
42,460
Athens
2
Worth,
thermometer
and the lowest 32.
31,922
6,961
21,000
112,256
48,249
Fort
■
1~8*5
80.717
2,809
'
Pine
18
2,400
15,750
3,058
.
Selma
Ark., Helena..
Dallas, Tex.—There has been no rain during the week.
Average thermometer 53, highest 74, lowest 32.
Dec.
Q
Ala., Eufaula.
-
Brownsville, Tex.—Dry all the week.
The thermometer
ranged from 42 to 82, averaging 62. *
Stocks
Dec.
averaged 55, the highest being 68 and the
42.
has
Moverrna to Dec. 29 1916.
Slocks.
ments.
Week.
•
has
105.
Abilene, Tex.—We have had rain on one day of the week,
the precipitation being one hundredth of an inch.
The
thermometer has averaged 48, ranging from 24 to 72.
to-night, and the same items for the
corresponding period of the previous year—is set* out in
Movement to Dec\ 28 1917.
[Vol
i._
La., Shreveport
Miss.,Columbus
Clarksdale
■
Greenwood
..
Meridian
1.058
Natchez
Vicksburg
...
Yazoo
City..
Mo., St. Louis,
N.C.,Gr'snboro
w
■
582
18,428
1,262
20,667
636,865
21,918
295
14,665
13,698
4,401
,
49,070
8,468
118,246
826
8,820
31.521
8,651
Raleigh.......
322
5,068
250
222
68
O., Cincinnati.
3,488
61,170
23,750
2,210
22,913
9,941
1,000
10,000
300
50,131
893
874
35.3»6
4,548
9,326
1,869
56,905
1,783
24,769
1,100
8,052
402
24,030
632
1,000
21,376
800
8,222
357
28.541
518
3,912
2,789
2,158
1,073
17,448
2,735
94,189
690
Okla.,Ardmore.
Chlckasha
»..
Hftgo
Oklahoma
S.C.,Greenville
Clarksville...
1,309
59,254
1'0,656
640,471
1,217
23,144
13,560
40,403
Dallas...
2,496
91,902
IToney Grove.
1,480
.
44,554
Greenwood
64
..
Tenn.,Memphis
41,781
Nashville
M
Tex., Abilene...
Brenharn
2.50
187
....
Houston.
42
2,209
9,000
43,045
8,318
125
15,809
842,398
20,063 327,245
66
299
1,600
212
60,046
234
3,102
372
1,308
9,372
14
23,580
32
2,300
40,386
923
3,622
82,895
38,749
456
12,09.5
156
2,993
1,852
......
65
3,321
19,241
1,231
7,793
50,564 223,415
1,727 15,154
24,139
San Antonio..
340
25,836
"397
62,067
498
827
35,359
969
55,945 1,373;411
Paris.
4,81.6
26,691 267,729
50
7,903
146
2,461
39
.
38,873 275,630
41,473 1,946,942
844
1,405
1,601
4,8.37
359
105,831
39,643
276
2,120
Total, 41 towns' 197,591 4,779/>86 155,679 1301441145,911 5,906,105 123.238' 1405560
*
Last year's figures are for Greenville.
"
The above totals show that the interior stocks have in¬
creased
during the week 42,012 bales and
bales less than at the
all towns have been
same
are
to-night 104,119
time last year.
51,680 bales
The receipts at
than the
more
same
week
thermometer 32.
New Orleans, La.-—Rain has fallen
Shreveport, La.—There has been only
day during the week.
FOR
THE
overland movement for the week and since
up
from telegraphic reports Friday night.
week and since
Aug. 1 in the last two
showing the
Aug. 1,
Week.
«.
Via St. Louis
Via Mounds, &c
Via Rock Island.!
1,562
25,927
82,662
1,357,330
63,732
1,429,290
228,327
48,244
366,857
9,417
3,481
6,540
96,614
62,539
177,074
643,428
19,438
336,227
220
252
__
Via other routes, &c...,
Total gross overland
Deduct Shipments—
Overland tobK Y., Boston, &c
BetweeoJBafcerior towns
Inland, &c., from South
5,145
2,814
19,639
Total to be deducted
27,598
Leaving total net overland*..
*,
55,064
21,918
a617,283
4,159
173,834
498.
4,426
2,387
68,654
5,167
57,517
4,741
64,132
24,862
443,444
713,902
Including movement by rail to Canada,
foregoing shows the week's
has been 55,064
Aug. 1.
551,115
276,376
4,,330
43,071
23,312
147,950
312,176
2,165
Via Cincinnati
Via Virginia points
The
Week,.
Aug. 1.
23,728
-_28,808
........
Via Louisville
*
1916Since
Since
a
44,294
1,093,063
Setma, Ala.—The week's rainfall has been eighty-five hun¬
of an inch on two days.
The thermometer has
averaged 44.5, the highest being 63 and the lowest 29.
Savannah, Ga.—It has rained on one day during the
week, the rainfall being thirty-four hundredths of an inch.4
The thermometer has averaged 48, ranging from 32 to 72.
Charleston, S. C.—We have had rain on one day during the
week, with rainfall of thirty hundredths of an inch.
The
thermometer has ranged from 32 to 70, averaging 52.
Charlotte, N. C.—Rain has fallen on one day during the
week, the rainfall reaching twenty-four hundredths of an
inch.
Minimum thermometer 18, maximum 62, mean 40.
Memphis, Tenn.—'There has been rain on one day of the
week, the rainfall being two hundredths of an inch.
Aver¬
age thermometer 44, highest 69, lowest 24.
1
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 thellhtes given:
Dec. 28 1917.
Feet.
Orleans.
Above
Memphis
zero
movement
bales* against 44,294 bales for the week last
and that for the
a
season
to date the aggregate net over¬
decrease from
a
of 379,161 bales.
year ago
-1917-18In Sight and Spinners'
-1916-17-
Since
Takings.
Week.
Receipts at ports to Dec. 28
Aug. 1.
,
Since
Week.
Aug. 1.
124,475
Net overland to Dec. 28-65,064
Southern consumption to Dec. 28* 81,000
3,427,050
I
713,902
1,816,000
141,2,-4
44,294
81,000
4,616,685
1,093,163
1,709,000
Total marketed
Interior stocks in excess.
5,966,952
266,528
22,673
7,418,748
1,051,826
e—
.260,539
42,012>
302,551
Above zero of
zero
zero
These figures
are
Week—
1915—Dec. 31
294,445
.423,165
439,922
1
1914—Jan.
2
on
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
The
following brief but comprehensive statements indicates
glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources froni
which statistics are obtainable; also the takings, or amounts"
gone^out of sight, f6r the like period.
at a
,
a
b
Cotton Takings.
1917.
are not
Week.
years:
1915—Jan.
1914—Jan.
v
Bales.
7.226,948
1.
7,620,458
__.10,075,975
2
TELEGRAPH.—Reports to
The movement
has been fairly free.
Galveston, Tex.—It has rained
rainfall
Dec. 21
4,427,096
Visible supply Aug. 1___
American in sight to Dec. 28-302", 551
Bombay receipts to Dec. 27
565,000
Other India shipm'ts to Dec. 27
54,000
Alexandria receipts to Dec, 26-_
550,000
Other supply to Dec. 26*
58,000
Week.
Total
supply
of
day during,the week,
an
Season.
2,814", 776
>
6,903,451
355,000
43,000
497,000
52,000
289",201
83,000
7,000
17,000
6,000
3,198,251
8,470,574
776,000
123,000
„504,000
.59,000
4,856,647 10,665,227 6,144,746 13,130.825
4,589,261
Total takings to Dec. 28-a
Of which American
Of which other
*
|
5,742,545
267,386
227,386
40,000
4,589,261 5,846,535
5,846,535
298,211
223,211
75,000
7,284,290
5,849,290
1,435,000
6,075,966
5,024.966
1,051,000
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 1,816,000 bales in 1917 and 1,709,000 bates in 1916—takings
not being available—and the aggregate amounts taken
by Nrothern and
foreign spinners, 4,259,966 bales in 1917 and 5,575,290 bales in
of which 3,208,966 bales and 4,140,290 bales American.
1916,
COTTON CONSUMPTION AND OVERLAND MOVE¬
MENT TO DEC. 1.—Below we present a synopsis of the
crop
movement for thh month
of November and the four
Port receipts in November,
Port receipts in 4 months
bales
j.
2,826,359
inch.
1916.
The
ther¬
on Nov. 30
Northern spinners' takings to Dec. 1
Southern consumption to Dec. 1
1915.
278,310
546,781
224,569
428,197
890,874
1,373,000
44,614
43,609
16,489
1,766,211
5,611,754
"ll",951
13,10<T
(in¬
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.
Average gross weight of bales
Average net weight of bales.
525,651
1,087,164
420,236
829,408
1,102,665
3,842,464
760,286
2,464,863
1,488,042
1,241,049
3,050,875
486,237
1,796,161
1,477,058
967,478
1,146,000
400,080
1,817,447
1,171,273
911,407
1,493,000
Port stocks
to Canada for 4 months
cluded in nef overland)
Burnt North and South in 4 months
-
39,270
Exports in November
Exports in 4 months
Overland
456,304
979,050
248,166
495,815
863,465
Total crop
on one
being four hundredths
Season.
Visible supply
Gross overland for November
Gross overland for 4 mdnths
Net overland for November
Net overland for 4 months
available.
and temperature has moderated somewhat.
the
1916.
Week and Season.
1,581,468
by telegraph this evening from the South indicate that
the whole very little rain has fallen
during the week,
of the crop
4.7
3.1
8,470,574
66,437
Since Aug. 1—
1915—Dec. 31
WEATHELt REPORTS BY
us
1,178,594
sight in previous
Bales.
1915—-Jan.
4.1
1917.
52,250
consumption; takings
Movement into
28.9
1.4
of gauge.
of gauge.
zero
1916.
4.2
6.4
of gauge.
Below
.Above
29
Feet.
4.2
9.4
gauge.
.Above
Shreveport
Vicksburg
Dec.
3.1
months ended Nov. 30 for three years:
289,201
6,903,451
North'n spinn's takings to Dec. 28
*
946,499
...
Came into sight during week
Total insight Dec. 28
of gauge.
Nashville..
,
year,
on one
dredths
_
land exhibits
trace of rain
Mobile, Ala.—There has been rain oh two days of the
week, the rainfall being twenty-eight hundredths of an inch.
Average thermometer 53, highest 70, and lowest 37.
Deduct—
Visible supply Dec. 28
Revised.
net overland
a
made
follows:
1917-
Shipped—
as
The results for the
years are as
Dec. 28.
AND
WEEK
statement
a
Average
The thermometer has ranged from
,
MOVEMENT
inch.
31 to 72.
New
OVERLAND
day of the wreek.
an
thermometer 56.
last year.
SINCE AUG. 1.—We give below
on one
The rainfall reached four hundredths of
9,171
419
mum
...
1,003^)
2,034,901
1,760,443
6,993,872
5,506,072
5,981,697
7,447,378
12,975,569 12,953,450
512.87
516.95
487.87
491.95
513.02
488.02
Dec. 29 1917.]
THE
CHRONICLE
RECEIPTS FROM THE PLANTATIONS.—The follow¬
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 outports:
The tone of the
Liverpool market for spots and futures
day of the past week "and the daily closing prices of
each
spot cotton have been
Spot.
Saturday.
Receipts at Ports.
1916.
1917.
1916.
1916.
1917.
j 1915.
Dull
Quiet.
Mid.Upl'ds
22.49
22.68
23.02
23.21
2,000
2,000
P. M.
Good
Nov.
9.. 212,054 271,037 200,421
932,60711,192,91611,186,584 265,770 305,354:295,271
16.. 206,5661263,463 186,3461,016,8641,230,70411,275,401 290,823
301,2511275,163
23.. 202,316240,082 171,948 1,108,162
30.. 182,262|239,911
Dec.
Sales
274,463,270,701
7.. 194,741,242,504
14.. 158,476
Mid.
Uplands.
HOLIDAY HOLIDAY HOLIDAY
.
1.274,398;1,327,340 293,614 283,776 223,887
208,8841,151,522;1,30S ,95011,389,157 225,622
265,7371,216,65911,350,74911,468,597 259,878 284,303j345,177
200,130243,1691,248,0951,379,0591,513,251 189,912 228,440 287,823
1.—That the total receipts
HOLIDAY
Futures.
Market
\
"
/
opened
21.. 122,999 148,643 211,978 1,259,42911,382,8871,533,958 134,333 152,471:282,685
28.. 124,475:141,234 178,5671,301,441,! ,405,56011,542,299 166,4871163,9071189,908
The above statement shows:
Wednesday.
{
1
Receipts from Plantations
1915
Tuesday.
f
12:15
Stocks at Interior Towns.
1915
Monday.
*
Friday.
end'g.
1917.
follows:
as
Thursday.
Market,
Week
2555
advance.
1,.
f
j
adv.on
and
from the plantations since Aug. 1 1917 are 4,373,549 bales;
in 1916 were 5,668,511 bales, and in 1915 were 5,104,463
plantations
The prices of futures at
166,487 bales, the balance going to increase
stocks at interior towns.
Last year receipts from the plan¬
tations for the week were 163,907 bales and for ^915 they
were 189,908 bales.
The
Liverpool for each day
prices are given in pence and 100ths.
Dec. 22
Sat.
to
Dec. 28.
.
"
^
Mon.
12K 12 H 12 H
Thus
Tues.
4
12*
22 67
MOVEMENT.—The
receipts of
India cotton at Bombay for the week ending Dec. 6 and for
the season from Aug. 1 for three years have been as follows:
1917.
Dec.
1916.
4
12*
Thurs.
4
12*
d.
d.
d
d.
since
Since
p.m.
d.
January
February._
Fri.
4
12*:
d.
d.
22
67 63
22-68 63
22 52 51
March
4
p.m. p.m. p.m.
d.
|
72
d.
77
72
69
56
56
22
HOLI¬
HOLI¬
HOLI¬
DAY.
DAY.
DAY.
DAY.
51
52
42 43
46
47
HOLI¬
December.
47 47
22
Old Contract
6.
Receipts
New Contr't
April
May
1915.'
given
are
22 67-100d.
means
Wed.
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
COTTON
<
below.
was
BOMBAY
old.
on
bales.
2.—That although the receipts at the outports the
past week were 124,475 bales, the actual movement from
Steady,4@
19@24 pts. 14 pts. adv.
new on new, 33
17 pts. pts. on old.
{
closed
advance.
Dull
...
,
1
Market,
Steady
Quiet,
26 @30 pts. 2@7 points
Bombay
45,000
ALEXANDRIA
Week.
Aug. 1.
311,000
Since
Week.
Aug. 1.
89,000
476,000
Aug. 1.
82,000
625,000
21
33 33
21
51
20
41
23
41
March-Apr-
18 18
08 08
90 90
51
21
May-June
Week.
Dec.-Jan..
Jan .-Feb..
at—
20 74 74
07
07
23
RECEIPTS
AND SHIPMENTS OF
COTTON.—The following are the receipts and shipments for
for the corresponding week
the week ending Dec. 5 and
of the two previous years:
Alexandria, Egypt,
BREADSTUFFS.
!
1917.
1916.
Friday Night,
1915.
Dec. 5.
Flour has been
Receipts (cantars)—
This week
315,926
2,838,907
Since Sept. 1
268,013
3,297,678
240,756
2.715.004
body has been waiting for
be put
Since
Week. Aug.
To Liverpool
To Manchester
9,542
2,782
To Continent and India.
To America._...
Total
exports.
Since
Week. Aug.
1.
71,741
30,280
36,761
13,530
11,959
13,604
3,627
,8,232
12,324 152,312
_
Note.—A cantar is 99 lbs.
Since
Week. Aug. 1.
1.
91,266
54,427
45.009
23,012
5,207
5,173
38,206
14,548
37,422 228,908
87,548
56,114
56,777
74,385
47,940 274,824
into effect
Christmas Day.
on
Dec,
5
receipts for the week ending
315,926- cantars and the foreign shipments
were
12,324 bales.
MANCHESTER
chester
MARKET.—Our
last year.
for this
cable
Man¬
from
this
evening states that the holidays have checked
business, but the market when tested tends upward.
We
give prices for to-day below and leave those for previous
weeks of this and last year for comparison:
even
those of
over
Here in New York the Supply is said to be not
large, but there is
here
large quantity of flour in transit
a
Much of it has
centr$.
Buffalo.
and
been held
In
the sidings
up on
Liverpool
the
market
is
steady, with consumption liberal and native offerings only
moderate.
Foreign arrivals
ferings
#
The representative
that the flour stock is ample everywhere,
says
very
Every¬
Corporation at Minneap¬
though exports to the Allies have increased
between
Egyptian bales weigh about 750 lbs.
The statement shows that the
were
olis
1917.
28
Government regulations to
new
of the Food Administration Grain
Exports (bales)—
Dec.
quiet, with prices largely nominal.
firm.
are
lighter and American of-
are
In New York prices
largely nominal.
Conditions here
are
in
are
fact
irregular and
more
or
less
chaotic, but it is believed that before long the situation will
clarified
be
and
the market will
be
securely stabilized
on
flour,' with *a certain variation
the basis of 95 per cent
ac¬
thV capacity
cording to the locality and
of the mill.
"
*■
■*
Wheat, it is feated, has been damaged somewhat by recent
-
1917.
8 X
1916.
lbs. Shirt¬
32» Cop
ings, common
Twist.
to finest.
cold
Cot'n
8* lbs. Shirt¬
Mid.
Mid.
Twist
Up's
weather
the
at
West
and
to
finest.
Up'S.
d.
d.
d.'
s
8.
d.
d.
d.
d.
8.
d
d
s,
d.
'
9
30 H
@
32 H
15 10* @20 1*
16
32
@
35
16
23
34*
@
30
36 *
@
21.55 16*
@
36*
6 * @ 2010 * 2210 17*
17 0
22.10 18
@22
6
38 X
17
3
@23
0
22.47
@
17* 9
18* 9
@
19 X
7
@11
10
12.08
9
6
@1110*
@
19* 9
6
@1110* 12.21
mostly wet, with
@
18
9
19* 9
18* 9
@12
far,from favorable.
6
37
@
39
17
6
@24
0
@
39
17
6
@24
3
22.10 18*
22.31 17*
39 % 17 9,
@24 6
39* 1710* @24 9
16*
@
22.68 16*
@
21
38
@
38*
@
22.31
11.90
@
6
1* 12.05
@12 1* 11.09
4* @1110 *10.09
17* 9
17* 9
germinated.
harmony with the desire of the
Government to observe secrecy as to thedestination of cotton
leaving United States ports, our Usual details of shipment are
suspended until further notice.COTTON
New York
FREIGHTS.—Current
are as
rates
for
cotton
follows, quotations being in cents
per
from
pound:
Liverpool, 10.00c.; Manchester, 10.00c.; Havre, 8.50c.; Genoa, 10.00c.;
Leghorn, 8.50c. nom.; Christiania, 4.00c.; Naples, 10.00c.; Oporto, 10.00c.;
Barcelona, 9.00c. nom.; Lisbon, 9.00c.; Japan, 3.00c.; Shanghai, 3.00c.;
Vladivostok, 3.00c. nom.
^
has naturally
is
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
Dec. 7.
14,000
Of which speculators took
Of which exporters took
Sales, American
Actual
export
Of which
American
Amount
afloat.
Of which
American....
4,000
10,000
7,000
3,000
iri
weather
Kansas has not yet
has
destructidn
The
scarcity
are
is
high.
duced acreage.
of
reported
Scarcity is
very
wheat, at Italian ports are
supplies is nevertheless
the
so
not
only fair
on a re¬
Italy'ha3 made liberal
.
Arrivals of Ameri¬
increasing, but the shortage of
to
outlook
There is
is
excite uneasiness.
far
from
■
good,
urgent demand there for
an
foreign wheat for immediate delivery.
are
Russia.
pronounced, and the demand
great as
agricultural
with the weather cold.
Australia
are
In Italy the weather has
foreign,wheat and oats is sharp.
France
and
railway facilities
throughout
purchases in Argentina for early shipment
can
cold
It is said that &uch Russian wheat
being transported to Austria.
for
been
Crop prospects in that country
snow.
been cold and wet and crop prospects arc
wheat is
...—
69,000
Total imports of the week
Of which American
Dec. 27.
11,000
the
Minneapolis flour mills.
coming forward.
Recent purchases in
In the United King¬
dom the weather has been cold and wet.
—
stock
Dec. 20.
16,000
of
__
7,000
Forwarded
Total
Dec. 14.
Russia
use
wheat
greatly interfered with the marketing of the
Great
Naturally prices
In
Sales of the week
In
4*®1110* 10.63
crop.
SHIPPING NEWS.—In
that considerable
11.42
37 X
28
said
7*
Dec
14
It is
@11
6
Minneapolis
advices say that about 1,000,000 bushels have been ordered
from the Pacific Coast for the
Nov
Northwest.
Cot'n
ings. common
32s Cop
414,000
298,000
32,000
"27,000
189,000
101,000
65,000
401,000
268,000
48,000
20,000
207,000
126,000
45,000
430,000
285.000
74,000
55,000
238,000
156,000
57,000
449,000
»
281,000
75,000
26,000
very
Moreover, native
slowly, and foreign arrivals
are
quate, in view of the demand from France and Italy.
purchases,
on
the other hand,
beginning to offer freely.
249,000
155,000
moving
too
dry.
were
inade¬
Recent
liberal, and Argentina is
In Spain the weather has been
In the Scandinavian peninsula supplies
are
moder-
ate, but consumption is light.
There
fair arrivals of
are
foreign wheat under Government direction.
In India the
weather and crop advices have, on the whole, been favor¬
It is also true, however, that the acreage is smaller
able.
and
tonnage is scarce.
ocean
is reported,
which
reduction of the previous
Visible stocks of wheat in New South Wales
estimates.
crop
amount
In Australia, too, much rain
may cause a
24,000,000 bushels, in Victoria to 48,000,000
to
a
strong/with supplies
can
crease
in the
total
is
same
week last year of 1,769,000 bushels.
76,506,000
now
bushels
000
was a
a
year
bushels,
against
as
and
ago
The
164,288,-
169,758,000
in
Liverpool the undertone of wheat is reported
1915.
steady.
as
No, 2 red—
cts.226
;229
229
advanced
corn
Wed, Thurs.
'day.
a
taken to
was
will be delayed.
been
the farms.
corn on
disappointingly
have been small.
small
mean
that the
offset
was
improve the
Offerings to
has still been
This acts
as a
deterrent
on
its
effect
has
improved
on
An
wanted
In
corn.
Argentina the
arrive
short selling.
the
among
there.
The weather
is
hot.
But
rain
more
Nevertheless
is better.
the
ports is larger and the quality of the
What is more, American exporters are
the
corn
absorbing
Aires is downward owing to unfavorable shipping conditions.
As to
Argentine politics which grain merchants
are
estimated
unfavorable
nothing, and
as
to
as
yield.
weather and
Cold
vanced later,
quite
Germany.
On the other hand, the crop is large, and as already inti¬
moderate
more favorable for
Trading, too, has been generally within
curing it.
limits.
narrow
the weather moderates, larger receipts of
as
expected at the West.
and
corn are
light Argentine clearances.
Spot
offerings small and with
corn
in Liverpool is in
good demand, but business is light owing to scarcity.
tine crop advices, however, are better,
•future
Yet
prices
the
are
weak.
Continental
demand
after
some
at
especially
The
and Buenos Aires
Liverpool is good, with
Chicago Board of Trade
stopped the trading in December and
fixed at $1 28 by a committee.
a
settlement price
Standards-
The Allies
PRICES
was
weaker,
was
as
the Government control of railroads, it is believed, will fa¬
cilitate the movement of the
however, for the week.
Prices show
crop.
Cold weather just
"With the movement of the crop.
It
a
was zero at
net
rise,
interferes
now
were
OF
CLOSING
DAILY
PRICES
OF
Rye
higher
YORK.
NEW
Tues.
Wed. Thurs.
Fri.
Hoii-
92%
92
92
day.
91%
92
OATS
are
,
IN
OATS
Mon.
Sat.
Oats
* '
90%
cts.
No. 2 white——
was
said to have bought
the Pacific Coast.
on
90%
———-——
time, but ad¬
Cold weather is checking the
.«>
CLOSING
absorb¬
are
December, in which there
on
Sat.
92%
92
92**
FUTURES
Mon.
IN
CHICAGO.
Wed. Thurs.
Tues.
January delivery in elevator. _cts. 76 %
77%
Holi- 79%
May delivery in elevator—...
75%
day. 76%
Fri.
77%
75%
The
following
74%
76%
^
closing quotations:
are
FLOUR.
Winter, low grades
Winter patents.
Winter straights.--
Spring, low grades
Kansas straights, sacks.
Kansas clears, sacks...
City patents
11 50
Rye flour*
„.10 00® 10 25
—
...
Spring patents
Spring straights
Spring clears..
—
Buckwheat
flour..
Graham flour...
—
GRAIN.
Cora, per bushel—
Wheat—per bushel—f. o. b.—
N. Spring, No. 1, new
N. Spring, No. 2
No. 3 mixed..-f.o.b.
No. 2 yellow kiln dried
No. 3 yellow..
$2 29
Red winter. No. 2. hew
Hard winter. No. 2..
Oats, per bushel, new—
Standard.-...---.—.
No. 2, white
No. 3, white
No. 4. white
—
2 26
2 25
cts.
92
92%
91%
91
Argentina...
Rye. per bushelNew York
Western
c.
_„c.
1. f.
i. f.
Barley, malting
i
Barley,
$2 15
1 90
2 20
—
$1 92
1 55
r
1 25® %
.
1 40®
feeding—
•
The statements of the movement of breadstuffs to market
indicated below
are
prepared by
us
the New York Produce Exchange.
lake and river ports for
since Aug. 1 for
Receipts at—
from figures collected by
The receipts at Western
the week ending last Saturday and,
each of the last three
Flour.
Wheat.
have been:
years
Corn.
Oats.
Barley.
Rye.
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bush.56lbs.
Chicago. .1
Minneapolis
170,000
169,000
1,870,000
649,000
.
Duluth......
Cleveland
...
80,000
24,000
13,000
200,000
110,000
40,000
441,000
"
34,000
31,000
413,000
633,000
492,000
.
507,000
1,179,000
318,000
46,000
20,000
613,000
112,000
45,000
City.
Onrnha
700,000
"263",000
70,000
40,000
51,000
Louis
Peoria
1,711,000
2,000
36,000
Toledo......
Kansas
1,567,000
304,000
~~4~,666
Milwaukee
Detroit
St,
The tone
one
barley have been steady to firm here.
DAILY
is causing
movement
Argen¬
To-day prices advanced slightly
early decline.
native
To-day prices declined at
large short interest.
a
The floating quantity is small.
American receipts light.
are
good demand continues for
a
for the week.
As
In Liverpool the general market
has been firm, with American export
no
Argentine shipments
France and Italy
holders.
among
...
soon
But
movement of the crop.
it said that the tendency is towards a diplomatic break with
mated, recent weather has been
is-
crop
situation would,
advices from there
crop
practically all the barley surplus
watching,
are
May.
in
The market in Liver¬
ings and smaller world's clearances.
It is stated that the tendency at Buenos
offerings.
car
doubt, lead to much larger arrivals.
Winter clears—--.
movement to the
been
After all, too, the
improvement in the
outlook has
crop
the result of recent rains.
feature early in
a
has
pool, however, is firm, with lighter American export offer¬
The firmness of oats-has not been without
as
Covering in
of light
spur
there has been enough selling against
Consumers do not hesitate to
Large elevator interests at Chicago have been
leading buyers.
is
trading
offerings to restrict the advance.
enormous.
notice¬
very
the
of
the other hand,
ing offerings.
against 6,404,000 bush, last
as
and 9,150,000 in 1915.
current prices.
pay
Much
the
Some export buying at
considered something of
Last
still only 3,506,000 bush,
year
week.
229
The outstanding factor has
cars
was
apprehension
week, it is true, the available supply increased
504,000 bush.
The trouble, however, is that the total is
able.
disappointing receipts.
Chicago
226
This fact
receipts.
Shortage of
Fri.
steady demand.
the further fact that cold weather would be apt to
condition of
stocks and
the
under
feature
a
bush¬
buying freely in
No. 3 white sold at 4 to 4^c.
has
been
76,293,000
was
39,997,000
was
have been
December
229
229
it
1915
Country offerings have been light.
May.
over
Then it
year.
in
Elevator interests
226
Holi- 226
light stocks and
on
Very cold weather at the West
movement of the crop
Tues.
226
No. A spring.-..-......*-.
Indian
Man.
last
time
spot, both from the United Kingdom and the Continent.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat.
time
At this
sample market at Chicago.
On
decrease in the North Ameri¬
stock of 4,669,000 bushels, as contrasted with an in¬
Last week there
els.
against 54,000,000 bushels
as
this
was
the
Here prices have been
year ago.
light.
In
bushels,
it
bushels.
a
bushels, and in South Australia to 40,000,000 bushels,
total of 112,000,000
[Vol. 105.
CHRONICLE
THE
2556
66,000*
465,000
103,000-
""4",000
"""Y.ooa
8,00a
51,000
60,000
432,000
42,000
9,00a
47,000
17,000'
2,780,000
2,290,000
1,172,000
475,00a
4,644,000
3,294,000
411,ooa
354,000
'
,
289,000
307,000
573,000
648,000
393,000
13,151,000
4,355,000
3,988,000
4,714,000
4,972,000
260,000
3,950,000
4,125,000
Total wk.1917
324,000
Same wk.1916
Same wk.1915
542,00a
the West.
Since Aug.l—
DAILY CLOSING
PRICES
OF
CORN
Mon.
No. 3 yellow.:—
cts.169
Tues.
172
Sat.
IN
Hoi.
NEW
1916......
Wed. Thurs.
182
January delivery in elevator..cts. 125%
May delivery-in elevator
Oats
have
iums have
advanced.
on
the
Tues.
Wed. Thurs.
Total
126%
124 %
125
same
been
Cash prem¬
some
rumors
fact
34,845,000
week
But it has been
bushels,
last
remains
bushels,
of
In the main, however, the call has been
1,458,000
year
that
or
the
as
of
against
only
receipts of flour and grain at the seaboard ports for
the week ended Dec. 22 1917 follow:
126 H
day. 124 %
brisk demand.
have
Ffi.
Holi- 126 %
124%
New York...
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Receipts at—
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
114,000
634,000
93,000
71,000
324,000
390,000
7,000
17,000
210,000
Philadelphia.
Baltimore
64,000
384,000
110,000
32,000
94,000
"43",000
15LO00
1,000
New Orleans*
an
last
per¬
week
increase
1,192,000
in
bushels,
Boston
131,000
329,000
354,000
Newp't News
sharp and
And although North American stocks
increased
the
a
There
from the domestic trade.
sistent.
125%
A23%
advanced
foreign demand.
Mon,
55,898,000 157,200,000 47,944,000 14,641,00a
82,028,000 147,909,000 54,552,000 14,992,000
77^709,000 132,409,000 61,459,000 14,850,ooa
190
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sat.
8,763,000 298,227,000
•
Fri.
187
6,890,000 117,812,000
7.8,96.000 213,998,000
1915
1917
YORK.
117^000
11,000
Total wk.1917
431,000
1,531,000
Since Jan.1'17 21,498,000 202,727,000
131,000
340,000
1,065,000
183,000
49,294,000 134,242,000 17,181,000 14,401,000
Week 1916...
431,000
363,000
165,000
2,089,000
577,000
56,971,000 177,669,000 27,104,000! 16,537,000
3.157,000
Since Jan.1'16 25,024,000 371,055,000
total
supply now is only
little better than one-third what
♦Receipts do not include grain passing through New Orleans
on
through hills of lading.
for foreign porta
Dec. 29
1917.]
THE
The exports from the several seaboard ports for
•ending Dec. 22
Wheat,
Corn,
bushels.
Flour,
!
Oats.
#
New York..
1,241,276
Boston
barrels.
527,209
:
354,000
258,536 155,584 1,985,026 775,331 169,993
116,6891460,672 1,083,643
112,548
3,494,561
4,524
5,661
......
for the week and since
Wheat.
Week
Since
Dec. 22
July 1
1917.
July 1 to—
1917.
respects in the dry goods trade.
Not only has the volume
of business been the
largest ever experienced, but prices
have mounted to levels
facturers
and
Week
Dec.
Week
Since
22.
Dec.
July 1
1917.
1917.
Since
22
July 1
1917.
been
the
army
United Kingdom.
Barrels.
has
account
""4",319
39,430,646
shipments of wheat and
7,544,275
116,689 21,495,181
258,536
corn
for the week
and since July 1 1917 and 1916
are
following:
Wheat.
Corn.
NortlxAmer*
01916.
Since
1917.
July
Bushels.
'
al916.
Week
Since
Since
Dec. 22.
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Since
1.
l..
Bushels.
7,272,000 145,426,000 178,786,000
6,352,000
Russia
912,000
13,265,000
20,929,000
sources
lines
7,620*666 31,616*666 14*33,666
"256,666
9*,995*,000 70,588,666
Australia
260,000
24,616,000
19,304,000
India
260,000
9,480,000
58,000
1,149,000
20,750,000
2,228,000
""58", 000
1,904,666
3*,827*,000
8,106,000 188,291,000 259,036,000
1,383,000
25,164,000
95,344,000
Oth.countr's
Total
*
North
issuance
America.—The
of
both
Canadian
manifests
and
during the continuance of the
The
Government
exports until
a Revised.
was
has
officially
after ten
days.
prohibited
Thsi
is
the
effective
war.
quantity of wheat and
mentioned
reduced
or
as
and the production of
non-essentials
discontinued.
large scale, in
has
been
either
many
greatly
While demand for goods has been
number of instances exceeding the
supply, the situation has been made more acute by the un¬
very
a
favorable
outlook for raw material.
Supplies of wool are
limited, and the cotton crop/this past season has been
below the world's requirements.
Consequently supplies will
Wheat.
scarce
during the remainder of the
lihood prices will remain
high.
season,
and in all like¬
During the past week mills
have
given most of their time to catching up with back orders,
of which are long overdue.
They have had adverse
transportation facilities to contend with, but as the Govern¬
many
control of all railroads during
improvement is looked for.
A
movement is also under way to adjust the labor situation
by
making textile operatives exempt from the selective draft.
the
duration
of
the
over
war,
Government agents are scheduled to confer with the Cotton
Manufacturers' Association and Fall River Operatives' Coun¬
cil regarding the wage question, and it is hoped that a favor¬
able settlement will be reached.
Owing to the general unprevailing in trade centres, export business con¬
quiet.
There are quite a number of inquiries, how¬
ever, and it is believed that if shipping conditions were
better, trade would be more active.
settlement
afloat for Europe
corn
on
dates
follows:
as
and eliminate waste,
classified
ment has decided to take
Danube
Argentina .."
have
naturally receives preference over all other.
Every possible method has been adopted to ..conserve re¬
be
1917.
Bushels.
Mills
to supply tremendous yard¬
very
A
July
upon
28,247
on a
Week
secondary consideration.
a
being called
of goods of every description for the Government, and
3,494,561 144,071,732
Dec. 22.
meeting the requirements of
business
7,529,636
«
been
to
and therefore business for ordinary
this
460.672
Exports.
navy,
ages
2,016,485
shown in the
to
3,420,311
269,549
"32496
37,115
The world's
manu¬
factors
4,215
...
2,775,761
ending Dec. 22 1917
Both
new
3,821,849
19,889,402
155,584
1916
are
Bushels.
4,405
Total......
many
112,863
19,487,615
657,245
Other Countries._
had
145,673
1,359,240
-
before attained.
have
17,224
986,963
Indies.....
and
1917.
Bushels.
1,359,911
178,620
208,747
Brit.No.Am.Cols.
Total
Bushels.
48,465
So. & Cent.Amer.
West
Bushels.
107,119
Gontinent
never
merchants
devoted largely
been and
Barrels.
GOODS TRADE.
York, Friday Night, Dec. 28,1917.
As a result of the holidays, business in the markets for
dry goods is quiet, and the lull is welcomed by manufacturers
as it
gives them an opportunity to view conditions for the
coming year.
The past year has been a record one in many
has
Corn.
Week,
and Since
DRY
contend with, and have always been ready to adjust them¬
selves to the new conditions.
Attention for some time past
below:
as
Flour.
Exports for
4,524
377,000
The destination of these exports
July 1 1917 is
Peas,
Rye.
Barley,
bushels. bushels. bushels.
828,966 425,200
.....
2,016,485
1916
THE
New
425,060 350,131 169,993
82,000
112",863
Newport News....
Week
bushels,
73 >584
145,673
248,000
Baltimore
Total week
the week
3557
shown in the annexed statement:
are
bushels.
'
CHRONICLE
*
tinues
DOMESTIC
Corn.
COTTON GOODS.—Markets for staple
goods have continued quiet, with prices firm. Jobbers
and cutters, however, who are still in need of goods, are not
letting the calendar interfere with their endeavors to increase
their stocks.
Consequently there has been a more active
inquiry for cheap printed cottons, and woven lines of various
kinds, this being particularly true as regards ginghams, but
business is restricted by the scarcity of supplies.
According
to reports, mills are only allotting buyers part of their fall
orders.
Second hands are making but few re-sales and the
concessions granted are not much below mill quotations.
Sheetings, both-brown and bleached, rule very steady and
are. virtually unavailable for
nearby delivery.
The easier
tone and larger supply of burlaps is expected to relieve the
situation as regards heavy sheetings, as these have been taken
on a large scale by bag manufacturers
owing to their inability
to secure burlaps.
Flannellettes are in better demand, and
while fancy fabrics are quiet, owing to the decreased produc¬
tion; prices are firm.
Gray goods, 3834-inch standard, are
quoted at 123^c. with no pressure to sell.
cotton
United
United
Continent.
Kingdom.
Bushels.
Total.
Dec. 22 1917-
Bushels,
Continent.
Bushels.
Total.
Bushels.
Not avail able
Dec. 15 1917..
Kingdom.
Bushels.
Bushels.
Not avail able
Dec. 23 1916..
41,528,000
21,829,000
Dec. 25 1915-
39,952,000
15,437,000
The
visible
granary
supply
principal
at
aboard ports
of
grain, comprising the stocks in
points of accumulation at lake and
Dec. 22 1917
was
follows:
as
'
GRAIN
STOCKS.
Wheat.
•
United States—
New
York
bush.
Rye.
bush.
Philadelphia....
bush.
1,095,000
598,000
2,000
570,000
1,021,000
77,000
58,000
18,000
514,000
401,000
19,000
811,000
15,000
1,041,000
415,000
.
News
,
Orleans
10,000
393,000
52,000
Buffalo
11,000
afloat..
477,000
365,000
36,000
9,835,000
Galveston
524,000
132,000
32,000
3,000
733,000
108,000
1,286,000
......
700,000
539,000
712,000
26,000
144,000
17,000
84,000
1,059,000
16,000
718,000
128,000
32,000
5,703,000
206,000
818,000
69,000
771,000
128,000
10,000.
61,000
146,000
505,000
Toledo
Detroit
...
-v
Chicago
Milwaukee
Duluth
748,000
_•
..:
Minneapolis
424,000
26,000
1,480,000
629,000
St.
195,000
104,000
596,000
1,383,000
23,000
405,000
1,138,000
134,000
117,000
106,000
527,000
5,000
Louis
Kansas
Barley
22,000
561,000
Baltimore........
New
Oats.
bush..
1,755,000
Boston..,..
Newport
Corn.
bush.
;
.
City.
Peoria...
Indianapolis
.,98,000
161,000
668,000
469,000
216,000
659,000
69,000
1,000
......
On
Total Dec. 22 1917
.♦22,221,000
f
Total Dec. 15 1917
*25,361,000
r
11,000
1,640,000
Lakes.,
1
Total Dec. 23 1916.^
62,040,000
t Total Dec. 25 1915...r_.61,478,000
GOODS.—Very quiet
conditions prevail in
Mills, nevertheless, are
actively engaged in turning out supplies for the Government
and are only able to devote little time to ordinary trade.
Dress goods are inactive, and many prominent and staple
woolens and worsteds have been withdrawn from the market.
Few noveltie? are expected to be placed on the "market for
women's
20,000
Omaha....
342,000
135,000
WOOLEN
woolen and worsted goods markets.
2,741,000 16,646,000 2,819,000 3,643,000
2,407,000 15,876,000 2,997,000 3,675,000
4,970,000 50,404,000 2,378,000 4,130,000
7,426,000 20,712,000 3,105,000 3.986,00Q
wear during the coming year.
As regards men's
while mills are continually turning over more of their
machinery for the manufacture of supplies for the Govern¬
ment, a number of new lines are expected soon to be opened
wear,
for
Oats, 38,000 New York, 149,000 Buffalo
afloat, 8,000 Duluth; total, 195,000 bushels, against 1,874,000 in 1916; and barley,
22,000 in New York, 3,000 Duluth, 133,000 Buffalo; total,458,000, against 1,072,000
next
fall.
It
only be allotted
Note.—Bonded grain not Included above:
FOREIGN
rule
quiet
Importers
a
is quite likely though that buyers will
small portion of their customary orders.
DRY
GOODS.—Markets for linens likewise
Total Dec. 22 1917.1
41.004,000
Total Dec. 15 1917.
43,044,000
Total Dec. 23 1916
89,723,000^
2,753,000 22,362,000 2,840,000 3,716,000
2,419,000 21,339,000 3,018,000 3,840,000
4,981,000 70,611,060 2,380,000 4,255,000
buyers have been away for the holidays.
are said to be preparing to send salesmen on the
road after the turn of the year, but in manv cases, owing to
the scarcity of pure linens, substitutes will be shown.
Ac¬
cording to reports, linen houses are planning to push cotton
household goods where formerly only all linen goods were
used.
Retailers have been actively engaged in preparing for
the coming January sales, and have been urging deliveries
from
importers and wholesalers.
Advices from manu¬
facturing centres continue unfavorable, and there have been
renewed intimations of further curtailment of production for
ordinary trade.
Burlap markets are firm.
While arrivals
have been larger they have been readily absorbed, and conse¬
quently stocks have not increased to any material extent.
Light weights are quoted at 16.50c. and heavy weights
83,405,000
7,433,000 32,328,000 3,125,000 4,012,000
at
In 1916.
temOFim
Canadian—
»
Montreal
4,299,000
12,000
Ft.William&Pt.Arthur... 4,415,000
afloat
Other
Canadian
i
Total Dec. 22 1917
!
545,000
21,000
73,000
2,983,000
492,000
...
9,577,000
2,188,000
18,783.000
12,000
5,716,000
21,000
Total Dec. 15 1917
17,683,000
12,000
5,463,000
21,000
73,000
165,000
Total Dec. 23 1916*
27,683,000
2,000
125,000
Total Dec. 25 1915
21,927,000
11,000 20,207,000
7,000 11,616,000
/20.000
26,000
'
Kb* Including Canadian at Buffalo and Duluth,
Summary—
American
..22,221,000
Canadian
.18,783,000
2,741,000 16,646,000 2,819,000 3,643,000
12,000
5,716,000
21,000
73,000
Mf
Total Dec. 25 1915
19.50c.
as many
2558
THE
CHRONICLE
<4
0!T¥
iW
DEf/WMENTc
■ia^yw»V'»'^vv^yyvvvy«A'
MUNICIPAL BOND SALES
We
IN NOVEMBER.
1
present herewith
our detailed list of the municipa
during the month of November, which
bond issues put out
the crowded condition of
columns prevented our publish¬
our
ing at the usual time.
The review of the month's sales
of the "Chronicle" of Dec. 8.
given
was
2288
on page
Since then several
belated
[Vol. 105.
Page.
Name.
Rate.
Maturity.
2475--Madison, Ind
1922 .
44
2475--Madison Co., Ind. (2 issues).. 44
2383--Madison County, Ohio
5
1914,-Madison Rural S. D., Ohio— 6
1919-1931
2475--Manchester, N. H
2199-_Marshall Cotinty, Ind
1919-1928
44
2383- -Marshfield, Ore
6
<*1918-1927
2022.-Massachusetts (State of)
1918-1922
44
2475--Ma8on City, Iowa
2112-_Maumee, Ohio (3 issues)
54
1927
2112__Maysville, Ky
6
2475--Midland gfch. Dist., Mich
44
2475--Modesto, Calif
7
"ol922~"
2200__Monroe County. Miss
1937
6
2291-_Monroe County, Ohio
1918-1927
5
01922
2383-.Montgomery, Ohio
5
1915-.MountVernon,Ohio
September returns have been received, changing the total for
2113..Mount Vernon, N. Y
5
5
the month to $12,584,646.
1915.-Muskingum County, Ohio
5
issuing bonds
was
The number of
NOVEMBER
Page.
municipalities
209 and tho number of separate issues 273
Name.
BOND
Maturity.
2380.. Abilene 8ch. D.t Kansas
1912._Aitkin County, Minn
2289--Alameda County, Calif
1912__Albany, N. Y. (4 issues)
1912--Albany, N. Y. (2 issues)
2472__Albia, ta
2289.-Albuquerque S. D.. N. Mex_.
1912_-Alcorn County, Miss
2289--Allen County, Ind
2289--Anderson-Cottonwood
Irriga¬
tion Dist., Calif
1912__Anoka County, Minn__
Amount.
1918-1937
50,000
40,000
60,000
76,000
d1927-1937
1942
5
6
6
a!922
1928-1957
5
5
6
1937
2289,-Beltrami Co. S. D. 6, Minn.. 6
al929
.....
2381. .Benton
No.
6
1932
9, Ore..
5
-
2111..Bessemer, Ala
5
5
5
1923^1937
2198__Bigstone County, Minn
2021
1947
Boise City, Idaho
2198. .Boone County, Iowa..:
2381..Bowie County, Texas
44
6
2381
5
6
Bryan, Tex
1918-1927
1922-1937
2289—Buffalo, N. Y. (6 issues).—. 4
2289,_Buneigh County, No. Dak
5% 1922 &
Caledonia? Ohio
2193
2198
1927
01923
1918-1927
6
5
.Canal Fulton, Ohio
.Canton, Ohio
2021..Cape May County, N. J
5
Carmichael Irrig. Dist., Calif- 6
.Carroll County, Miss
l
6
Carter County, Okla
5
2381
2111
2111
.Chagrin Falls, Ohio.
.Chattanooga, Tenn__..Chattanooga, Tenn
.Chicopee, Mass
2198 .Clark Sch.
Twp., Ind—.
2021 .Cleveland, Ohio
2111..Cleveland, Ohio (2 issues).
2111 .Cleveland, Ohio
.
1938-1941
1928-1942
1918-1942
1919-1928
1967
5,
6
;
44
5
44
44
2381
98
2022^, Demopolis, Ala
-
Mont
-
-„..w
Minn
-
2199..Fort Dodge, Iowa
2112 -Frankfort, N. Y
1913
Franklin County, Ohio (2 iss.)
2022.1.Galion City Sch. Dist., Ohio..
1914. .Garvin County, Okla
2473.-Girard, Ohio
5
1914Grand Rapids Mich—
5
2290..Green Bay, Wis.
5
2382..Greenville, Miss
—5
_
_
Caro
6
2290, -Hardin County, Ohio
2199..Harrison County, Ind
.
4A
5
-
2382,.Highland County, Ohio
2474,.Highland Park, Mich
4*4,
4*4
4A
1919-1938
2474-.Hudson, Ohio
2474-.Idaho Falls, Idaho (4 issues)-2290..Ingot Sch. Dist., Calif
2290..Jackson County, Minn. (6 iss.)
2199..Jasper Gounty, Ind. (2 issues).
2291..Kanabec County, Minn
2474.-Kansas (5 issues)
5
5A
Sch. Dist. No. 43, Mont.—
1914..Lexington, Tenn
2112..Lima, Ohio
2112—Lincoln County, Neb
2383—Linden Sch. Dist., N. J
2112__Loveland Vil. Sch. Dist., Ohio
2112..Lowell, Mass.
2112—Lowell, Mass
2199—McCorinellsville, Ohio
1947
al928
<11927-1937
6
1918-1927
54
4/4
1922-1932
5
5
"1919-1934
2022__Kenmore, Ohio
5/4
2199—Kenmore Vil. Sch. Dist., Ohio. 5
2474..Knox County, Ind
4A
1914—Kutztown, Pa
4/4
2291..Lake Worth, Fla. (2 issues)
2383—Lansdowne, Pa
4
2474..Lawrence, Kans
4*4
2112_ .Lewis
&
Clark-Jefferson
&
Broadwater Counties Joint
6
1933-1935
1941-1945
1927
4/4
4/4
5/4
100
101
96
75,000
1,100
82,500
2,500
100
101.281
102.20
79,700
27,000
45.G0Q
101.202
98" 944
9,100
12,000
*140,000
18,340
100
4H
Reedsburg, Wise
1918-1933
5
—
1918-1927
1919-1931
5
6
6
5
5
5
5
5
„
*
25,000
18,000
}
1928M937
1918-1937
<11919-1957
1918-1937
1918-1932
1921
4,000
101.275
2,544 *100
35,000 *100
10,000
63,000
100
15,000
100.26
24,000\
100.089
15,000/
1,000
1929
1929
5
"""1942"
5
<11922-1957
2200.-Sheboygan Val. Dr. Dist., Wis. 6
1922-1936
2476—Sherodsville Twp. S. D., Ohio.
2023.-Sloan, N. Y
_
2114__Waitsburg,
2385-Walworth
Wash.
Co.
So. Dak—
D.
S.
No.
1918-1927
<11922-1937
1920
1918-1937
104.40
100.39
100.30
100.289
100
9,000
104.088
14,000
100
20,000
100
20,000
34,245
100
15,000
10,000
100
12,000
100
50,000
100
20,000
20,500
6,000
100.01
29,188 *100
100
30,000
100
5,218 *100
16,000
100.20
6,500
100
95,000
100.421
50,000
96""""
80,000
6,000
100.416
60,000
100
105,000
47,000
5,600
11,952
10,106
103.66
100
100
101
100
100
1C0.125
100.25
300,000
34,298
50,000
3,829
15,000
200,000
1920
100
100
100
100
102.104
100.589
101.089
100.662
101.15
100.366
105.337
7,000
20,900
100
6,700
50,000
100
100
2024..West Orange, N. J—
2024..Whitley County, Ind
2478..Wichita, Kan
2386. .Wooster, Ohio (2 issues)
2114—Woodsfield, Ohio..
2201 ..Worcester, Mass
2024..Wyandot County, Ohio (2 iss.)
2294..Yakima County Drain. Dists.,
Wash. (2 issues)
1918-1921
4/4
4
6
—
2201..West Liberty, Ohio.
15,000
66,500
1,900
40,000
7,000
16,000
12,550
42,000
2,500
23,000
10,265
35,000
3,675
10,000
250,000
7,500
5
-
1
1918-1937
1918-1927
1918-1942
5
2385..Warren, Ohio..
1917..Washington Sbh. Twp., Ind—
2385. .Waupun, Wise
2385—Waupun, Wise
2385..Waupun Sch. Dist., Wise
2293..Wayne County, Ohio (2 issues)
2293—Wellsburg, W. Va
•.
,
100.40
100
13,
;—
—
110,000
29,952
26,288
29,700
5,500
6,000
500,000
1,200
800,000
5
i._.
103.11"
200,000
77,500
1937
.
100
100.009
100
101
115,134
8,000
4.70 1922-1946
5
<11918-1927
2200..SnohomishCo. S. D.46, Wash.
2200
South Biltmore, No. C aro.:
6
2564—South Dakota
4%
2114..Southeast Sch. Twp., Ind
5
2292. Springfield, Mass—
4/4
2114..Springfield, Mass
4/4
1916.-Springfield, Ohio
5
2023..Stamford, Conn
4/4
2564—Tacoma, Wash. (3 issues)
6
2024.-Todd County, Minn
5
1916—Toledo City Sch. Dist., Ohio— 5
2201—Troy, Ohio.
2385.-Union County, Ohio...
5
2114__Union County, Ohio
5
100*777
.
7,000
50,000
1922
5
44
2476—Sioux City, Iowa
105.02"
100
100.73
150,000
294,000
100.087
200.000
5,600
100
7,000
10.000
100
4,000
101.27
6,000
102.50
250,000 *100
15,000
6
1918-1922
4
5
5
5/4
1927
1927-1931
1919-1941
5
4/4
4/4
5
5
4/4
5
01923
1918-1927
1918-1927
1918-1927
6
100
100.526
100
100
101
102.48
104.336
100.258
100
100
100.40
100
100.133
36,097 *
97.10
Total bond sales for November 1917 (209 munici¬
palities, covering 273 separate issues)
$12,584,646
d Subject to call in and after the earlier
year and mature in the later year,
k Not including $8,879,900 of tem¬
porary loans reported, and which do not belong in the list.
* Taken by
sinking fund as an investment,
y And other considerations.
a
Average date of maturity,
The following items, included in our totals for
page
number of the issues of
for these eliminations may
REVISED
TOTALS
our paper
same.
previous
We give the
in which the
reasons
be found.
FOR
PREVIOUS
MONTHS.
Page.Name.
.1
1912_.Avoyelles Parish, La. (May list)
1913..East Carroll Parish, La. (July list)
2022._Gastonia Graded S. D. No. 1, No. Caro. (October list)
1914..Missoula County, Mont. (January list)
2113..Riley's Drain. Dist., So. Caro. (January list)
2201-.Waterville, Minn. (August list)
We have also learned of the
Amount.
...$120,000
100,000
25,000
75,000
25,000
12,000
....
following additional sales for
Page.
Name.
Rate.
2020..Adams County, Idaho
5A
2380..Alexandria, Neb. (July)
5
2289..Amite County, Miss. (April).,- 54
2289__Amite County, Miss. (Aug.).. 6
2472..Ann Arbor, Mich
rn
<*1922-1927
1927
100
previous months:
AAA
\
1929-1949
<11922-1937
6
7
.
1942
1932
01922"
Price.
100
$3,000
70,600
27,000
6,500
10,000
10,900
35,496
500,000
10,000
41,009
40,000
10,000
9,648
20,000
10,000
7,670
15,000
40,000
<*1927-1937
5
;
105.50
-.-^"25-,OOCK'
OK
5
5
'
5
5
100
59ttfCL
—
6
6
5
100
57,000
30,000
20,000
-
1918-1937
1919-1924
months, should be eliminated from the
6,264
1937~"
6
102.95"
100.526
135,000
2,750
30,473
5
_
100.615
101.728
30,000
8,550
7,800
1911M928
1918-1927
1919-1928
1918-1937
4%
2290—Hillside Twp. Sch. Dist,, N. J- 5
2474-.Holly, Mich
2562..Hopewell, Va_
*100""""
197,500
107,000
60,000
1918-1922
1919-1937
1919-1938
1927
6
-----
2382..Hays, Kan______
2382.-Hennepin County, Minn
2382__Herington, Kan
-
6,500
-
1918-1927
6
j
...
100.92
18,500
1922
5,350
100
27,000
6
1918-1927
12,848
100.68'
80,000
5,000
5
1918-1942
25,000
100.53
5
al920
21,400
100
5
1918-1952
14,000
98
5
1918-1920
20,750
100
1927
6
25,000
4
1947
*615,000
al930
5
50,000
100.026
5
9,000
4
60,500 *100 ~
1918-1923
44
24,000
100.011
5A
36,000
101.58
6
<11927-1937
16,000
101.03
15,000
5
"l 918= 1937
100,000 ftlOO.025
5
1918-1936
47,500
101.67
5
19,000
100.631
5
55,000
101.37
5
1942
150,000
-
5
5
L_
2023._Scarsdale Un. Free Sch. Dist.
No. 1, N. Y
2113-Scotts Bluff, Neb. (3 issues)..
2113—Scottsburg, Ind
2564.-Seattle, Wash. (3 issues)
2564--Seattle, Wash:
2476,-Seneca County, Ohio
1915. .Sentinel, Okla.
2384—Shackleford County, Tex
3,000 MOO
8,640
100.392
39,000
100
9,940
-
.Detroit, Mich..
2198..East Baton Rouge Par., La„
2473..Eaton, Ohio.,—
2199
Erie, Pa. (2 issues).J.
2112__Essex County, Mass
2199 .Euclid, Ohio
(5 issues)
<*1922-1931
1918-1937
<*1922-1937
2023—Rouseau Co. S. D. 12, Minn__
2023__St. Lucie County, Fla
2023-_St. Marys Sch. Twp., Ind
2384.-St. Petersburg, Fla
700,0001
2111
6
5
6
1915—Ridgewood, N. J
100
300,000/
.
_
<*1937-1947
6
...
2384.
106.10
106.10
1918-1937
1918-1922
5
_
1918-1942
-
2112__Hamlet, No.
.....
10(U25
101.20
1922-1942
1941
5
2384--Portsmouth, Ohio
2564..Preston, Idaho.1,
2384..Ravenna, Ohio
2023..Reading, Mass
100
100
1918-1929
Corvallis, Ore
2473__Creek County, Okla
2473 .Custer Co. 8.D. No.
28, Mont1913 -Cuyahoga
Fails, Ohio
2289..Cuyahoga Falls, Ohio
2381—Cypremont Drain. Dist., La__
1913.. Darke County, Ohio
_
100
01942
44
2200__Pompton Lakes, N.J
2200..Port Henry, N. Y
2292—Portland, Ore
100.007
5
-
.*
-
100
01929
1930
5
5
2200. .Palmetto, Fla..
1915.-Pasco County, Fla—
1915-.Paw Creek S. D. 5, No. Caro.
2023.-Pawnee County, Neb
2475.-Peace Twp., Minn.
.
13,500
12,700
6,244
30,000
5,000
10,000
al930
1918-1921
1918-1927
.ClintonCounty, Ind. (3 issues) 44
-Cloquet Ind. S. D. 7, Minn.. 5
.Collingswood S. D., N. J
5
2381. Columbia Co. S. D. No. 2,Ore. 54
2021 .ColumbusGrove, Ohio
(3iss.)_ 4.4
2021 ..Concord, No. Caro_—
6
2382..Faribault,
100.001
101.333
D., Miss. 6
.OliftonvilleCons. S.
2382..Eureka,
100.05
'200,000
5
—
2198
2289
2021
2198
1913
2381
95.88
100
5,000
100
80,000
95
3,500
100
25,290
100.157
169,000
100.355
1,878
100.798
95,000
101.510
50,000
90,000
100
264,765 *100
45,000
100.277
10,000
103.55
2,800
100
36,000 *100
22,000
102.125
25,200
100.629
50,000
103.12
1923-1929
2289,.Blue Earth County, Minn.5
Bettendorf Sch. Dist., Iowa..
•2289
2289
2384.-Okauchee Sch. Dist., Wise
2113-.Okmulgee, Okla
2200-.0sawatomie, Kans
2292_.Oshkosh, Wis. (4issues)..
Linn Cos. Jt. S. D.
ana
2198
2194
2023-.OaklandHgts.Sep.8.D.,Miss. 6
100
100
25,000
100,000
18,000
20,000
10,000
10,000
,
1923
6
100
27,000
15,000
30,000
53,000
_
-
<*1922-1957
4
103.10
24,000
1921-1940
al919
<*1922-1927
1937
44
3 /On or after!
(Jan. 2 1918/
1919
2200._NorfolkCounty, Mass. (2 iss.) 5
1915--Norwood, Ohio (3 issues)
1927
2292-.North Bend, Ore
2292..North Dakota (8 issues)
...
49,500
60,000
5,000
44 <*1920-1924
211 l-.Athens Sch. Dist., Pa
44
1923-1947
2198.-Aurora Sch. Dist. No. 19, Neb. 54
1937
2561__Barberton, Ohio
44
2381--Barnard Twp., Okla
6
2021-.Bartholomew County, Ind
44
2381--Baxter Sprin
5
Kan
1918-1927
2381--Bayard, Neb. (3 issues)
5
1937
2472—Bemidji Ind. 8. D., Minn
100.791
100.045
*100
207,000
•
__
2198,-Arcata Un. H. S. D., Calif.-.
2021__Ashtabula County, Ohio
2472-.Atchison Sch. Dist., Kan
5,000
1937
44
5
5
6
2292.-Newton, Pa
22921-New York City.
30,000
200,000
335,500
-
5
_
Price
$90,000
1927-1936
1918-1923
44
44
6
—-
2384-.New Madison, Ohio
44
6
5
2562-EeIlsmere, Fla
2292.-Nevada, Mo
2384.-New Braunfels, Tex
SALES.
Rate.
,
2291-.Navarro County, Tex
2291 ..Nebraska (2 issues)
1918-1922
Amount.
100
6
6
54
2020..Arkabutla Creek Dr. D., Miss.
2289..Arcade, N. Y
5
2289..Aurora, Mo
5
2472..Bay County, Fla. (Jan.)
1913..Beauregard Parish,-La
5
2561..Beatrice, Neb
1
6
2289_,_Beemer Sch. Dist., Neb
5
1913.-Birmingham, Ala. (16 issues). 44
Amount.
$100,000
10,000
Price.
100.375
100
50,000
50,000
24,500
60,000
101.38
100.333
100
1927
1932-1937
21,567
lOO""""
1918-1920
3,000
25,000
375,000
156,000
18,090
24,000
75,000
1928-1942
4
2380..ArcherCounty, Tex—
2289..Ardmore, Okla. (July)
Maturity.
<*1927-1937
<*1922-1937
1927-1941
1925-1937
<*1922-1937
<*1919-1927
85,000
100.033
100
100
100
Dec. 29
2198
'
Maturity.
Rate.
Name.
Page.
1913-.Boston, Mass. (5 issues)
4)4
2021
Bowling Green, o. (3 iss. Sept.) 5
1913—Brown City. Mich
5
1913
Buffalo, n. y
4
1913—Buffalo.n. y
4
19i3
Burley fly. Dist., Idaho.—— 5)4
Burns Sch. Dist., Wyo. (July) 5
2289.-Camden, n. j
—2472—Cameron Twp., Okla.
6
2021
Cass County, Minn.
—6
1913
CerroGordoCo.Dr.d.38,Iowa 5%
1913—CerroGordoCo.Dr.d.45, Iowa 5h
2289--Chadron, Neb
5
2021
Charlestown, Miss
6
1913
Chattanooga, Tenn. (2 issues) - 6
Chautauqua Co., Kan. (FebJ- 4
2021-.Chouteau Co. Sch. Dist. No.
83, Mont. (Aug.)—j——— 6
2381
Clarke County, Miss
..1
2473—Clay Twp. s.d. 3, la. (Feb.). 5
2021--Cleveland, Ohio (April)
1 5
2021
Cleveland, Ohio (June)
5
2021—Cleveland, Ohio (June)
—
5
2021--Cleveland, Ohio (May)—
4)4
2021--Cleveland, Ohio (May;
4)4
2021—Cleveland, Ohio (Sept.)
4)4
2021—Cleveland, Ohio (Sept.)
4)4
2021—Cleveland, Ohio (Sept.)— — - 4)4
2021--Cleveland, Ohio (Sept.)
4h
2021—Cleveland, Ohio (Sept.)..—— 4h
2021 ..Cleveland, Ohio
4h
2289--Clinton, Miss. (July)
6
2198--Comanche, Okla. (July)
5
2111—Council Grove, Kans. (July)— 4%
19 3
-
1927
1918-1937
1942
1918
_
dl927-1937
1920-1939
-
-
—
1942
1921-1935
1918-1927
1918-1927
dl922-1937
1919-1928
1918-1921
dl922-1927
—
-
——
2289—Cresco Ind. Sch. Dist.. Iowa-_
$62,000 *100
12,041
100
10,000
100
11,000 *100
19,633 *100
100.000
101.099
20,000
100
*50,000
10,000
104,500
19,276
5,273
25,000
13,500
2,109
50,000
2,400
1921
1918-1920
1918-1920
1918-1924
1927
1967
3,000
258,000
90,000
684,000
7,000
34,000
20,000
20,000
8,000
1928-1935
1967
1918-1932
1957-1958
30,000
35,000
26,000
6,000
5,000
36,000
70,000
70,000
1918-1930
dl934-1937
1927
1918-1937
1937
—
1,900
1918-1922
4,800
40,000
13,195
2,800
5,000
50,000
2,000
8,700
125,000
28,000
30,000
25,000
i2,000
20,000
7,000
*89,334
69,000
1947
2381--Cuyahoga Falls, Ohio
5
2381--Cygnet, Ohio (2issues)-.
5
—--2289.-Dawes Co. s. d. No. 71, Neb- 5
dl922-1937
2021--Darlington, So. Garo. (Aug.)- 5)4
19x8-1942
2198--DawsonCo. s. d. 106, Mont-- 6
2473--DeKalbCo.,Ind. (May)
4
01923
2290- Delaware (State of) (June)—_ 4
1918-1942
2473--Denair Sch. Dist., Cahf_ —5
1919-1936
2290.-Denison Ind. Sch. Dist., Iowa- 5
dl932-1937
2473—DenisonRur.sd.2,Kan.(Aug.) 4%
— —
—
---------
——
2210149975
-
1913--DeweyCo.s.d.i,Okla. (July)
1913--Douglas County, Wis. (Jan.).
2022--Drummond, Idaho (Sept.)2289--East Orange, n.j—
2198—East Rochester, n. y. (July).
2112--East Union Consol. Sch. Dist.,
Miss. (June)
2112—Eldorado, Kans——
2473FarellyLakeLev.d.,Ark.(June)
j2112-Farmville, Va.,2112—Farmville, Va_—._ f——
2199--Findlay, Ohio (3 iss., Sept.)-2473--Flathead Co. s. d. 44, Mont2382.-Fort Smith, Ark_
2382.-Fostoria. Ohio (5 issues)
2022-r Franklin County, Kans. (June)
2199-_Frankston, Tex. (2 issues)
2382.-Frio Co. Com. s. d. No. 15,
-
—
-
——-
Texas..--
—
1913-Ganges Twp., Mich. (May)—
2562.-GibsonCivil & Sch. Twp., Ind.
(Ausrust) 2 Issues.2022.-Glendale, Ariz
2473--Goldston Sch. Dist., No. Caro.
2290- Greeley Center. Neb—
2474
GrossePointePark,Mich.(July)
2474—GrossePointePark,Mich.(July)
2290--Hamilton, Ohio
2474—Hancock Co., Ind. (Sept.)
2112—Harper, Kans. (Feb.)
2562..Harvard, 111
2112—Hermon, n. y_-1914--Highland Park s. d., Mich.
(2 issues. May)—.
2382-Higgins, Texas.
t
1914--High Point, No. Caro.
(3
issues, Sept.)
2112—Houston Heights, Tex. (Sept.)
1914-.-Hughes Co. s. d. No. 41,
Okla. (July)
2474—Hughes Co. s.d. No. 41, Okla.
2290—Indianola, Neb
2474.-Iowa City, Iowa (Sept.)
2290..Iowa City, Iowa
——
2383--Iowa Falls, la. (June)
2474.-Italy Ind.-s. d., Tex. (Jain.)..
2022--Jefferson County, Tenn. (Apr.)
2291—Jersey City, n. j. (3 iss., July)
2291--Johnstown, Ohio (June)
2291—Johnson County s. d. No. 34,
— .
-
-
-
.——
—
—
_
— —
—
.
Okla.
1922-1937
5
5
6
4)4
4%
6
4)4
5
5
5
5
5)4
1918-i927
dl927-1937
1918-1924
1922-1944
1918-1927
1947
1937
1937
1927
dl927-1937
— —
5
1918-1930
—
5
1
5
5
5
4)4
4)4
4>f
5
4h
1937
1937
dl922-1937
1947
1947
—
-
,
*
-—
-
-
-
—
1933-1937
100
100
100
100
103.65
90
100.194
100.125
45,000
1937
1942
1918-1928
dl927-1937
dl922-1937
—
1918-1934
1918-1927
1919-1943
1937
dl937-1947
—- —
1942
1937
1942
1923-1937
dl927-1947
1922
„
—
31,000
45,000
19,000
13,000
35,000
10,560
30,000
60,000
18,000
9,000
12,590
3,500.
30,000
15,000
25,000
25,000
30,000
65,000
1,000
12,000
40,000
31,190
11,559
10,000
114,000
1931
1937
5
-
__
2476- .Pocola
Twp.; Okla
...
6
2476- .Pontotoc Coxmty, Okla...... 6
2292. .Paw Paw Twp., Olda. (Sept.)- 6
3384- .Randolph, Neb..---------- 5
2023. .Red-Rock, Okla.i.
6
2023- .Revere?; Mass. (Sept
4a
1915- -Rich Square s. d., No. Caro. 6
2384- .Riesel Jnd. s. d., Tex...
5
2023- .Rockwall, Tex
2476- .St. Bernard, Ohio
—
.
dl922-1937
1*918-1927.
d*1922*l957
dl922-1937
1918-1934
1947
2023- .Sabinet, Tex
2292. .Sampson Co., No. Caro. (July)
2476-- .San Jose Sch. Dist., Ill
100
14,000
100
43,500
100
12,000
101.032
25,000
100
6,000
10,000 *100
25,000
77,850
53,300
19,500
100
48,400
100
30,000
10,000
10*0*
75,000
6,125
1*0*0*
8,000
.
30,000
100
100.125
100
100
100
50,000
6.000
20,000
1,500
75,000
16,500
9,349
*80,coo
3,000
9,000
19,000
18,000
6,000
22,000
70,000
25,000
12,000
8,000
5,500
5,600
70,000
2384. .ScOoba, Miss.-...,
6
2476- .ScottSub-Drain.d.,La. (Aug.) 5
2114- .Scranton, Pa
4h
2114- _Seattle, Wash. (6issues)
'._6&7
2292- -Shawnee s. d, 93, Okla. (May) 5
2292. -Shawnee s.d. 93, Okla. (May) 5'
—
2292. .South Orange, n. j..
2292- .South Orange, n. j
2292- .South Orange, n.j
—
100
—-
100
99
100
100*""
100.50
100
100
100
102.028
100.416
100
100
100"""
1932
18,000
4,616
35,000
100
4)4
4 y%
2293-
.Troy, Ala. (May)—...
2293- -Troy, Ala. (April)1916- .Upper Yoder 8. d'., Pa. (Aug.)
2293. .Upper-Beach River Dr. Dist.
No. 5, Tenn. (April)
2114- -Valley Co. s. d. No. 6, Mont2201. -Viola Sch. Dist.. Kan. (Sept.)2385- -Waco s. d„ Neb. (May)
2293- .Wahpeton, No. Dak. (Sept.(_
2024- -Walla Walla, Wash. (6 issues).
2385- .Warren, Pa...
2201- .Washington, State of (July)-1917- .Washtenaw Coxmty, Mich.
1927
1918-1947
dl922-1937
1942
4h d1922-1937
1918-1952
4h
2292- .SouthOrange, n. j
4)4
2292. .South Orange, n. j.....-.—- 4)4
2384- .Springfield s. d., Neb
5
2477- .Standing Pine
Drain. Dist.
6
5h
6
5
4)4
""
*19*4*7* *"
1918-1937
200,000
100.88
1*03*""
,100
100.40
100
100*
100
100
100
1*0*0* **""
1934-1940
6
6)4
5
23,400
50,000
30,000
30,000
2,030
40,000
80,000
50,000
10*0*""*
6
5
1927-1936
1923-1932
1926-1929
1929-1937
1927
1947
5
1937
35,00q
106.548
1927
5
4%
1922-1936
dl927-1937
6
6
30,000
1,200
1919-1926
1919-1928
1921-1933
1927
1919-1928
1921-1931
1933-1937
1942
16,000
20,000
36,000
31,839
17,000
330,000
100,000
12,000
75,000
58,500
dl922-1927
1,947
9,000
10,000
8,000
4%
""
*19*2*7"""
-
2293- .Welchton-Lattanier Sch. Dist.
No. 38, La.-2201- -Western, Neb--—
5
2386- .West View, Pa4)4
2386. West Windsor Two. s.d.,n.j. 4)4
2386- -Wheeler Coimty, Tex.
5
2114- -Whitewater s. d., Mo. (Sept./ 6
2024- -Willoughby, Ohio (5 issues)--- 5
2294- .Wilkes-Barre, Pa.-—
5
—-
2024- .Winnebago, Neb. (2 iss., July)
2478- .Winsor Twp. Sch. Dist., Ohio.
100"""
100
100
100
5)4
5
6
6
4)4
4)4
4)4
2201- .Waterville, Minn
5)4
2114- .Wausau, Wis
5
1917- .Waynoka Twp., Okla. (May). 6
-
1c0
100
1937
6
5
6
-
——
100.733
10,000
1918-1943
1918-1942
1929
100.35
10*0*"""
100
100
100
101.091
100
100
100
100
50,000
100*""
1937
176*,566"
"
"*1*922" ""
5
50,000
5,000
dl922-1937
5
fll923
2564- .Wood County, Ohio (July)-.- 5
2294- -Yellowstone Co. s. d. No. 2,
Mont. (May).
——
4)4
1917- -Yellowstone Co. s. d. No, 43,
100
100
28,500"
_
100.56
10*0*
1921-1940
6
...
1937
1918-1927
-------
100.013
104.57
100
1918-1927
1918-1940
1918-1936
1918-1927
1937
1918-1935
6
5
-
100
100
15,000
22,000
25,000
14,000
3,000
47,500
100,000
32,781
25,000
65,000
30,000
10,000
100,000
500,000
35,000
26,000
23,000
19,000
12,000
20,000
6
2200- .Tingley s. d., Iowa (Sept.)—
2114- -Texarkana s. d., Ark. (Feb.).
2200- .TishomingoCo., Miss. (Aug.)2201- .Todd County, So. Dak
2293- .Tuckahoe, n. y. (May)--.
2293- .Tongamoxie, Kan. (Jan.).
100
99
.
La
2114- .Sterling Sch. Dist., Mich——
100
5
6
r
2114- .Tacoma, Wash. (3 issues)
2200- -Talladega, Ala. (Aug.)
....
2477- .Taunton, Mass. (May)..
100
1942
1942
1937
(June)
4h
2384- st. Tammany Parish 4th s. d.,
100100
1942
5
2292- -Rising Sim, Md. (June).
2292. -Riverton, Neb. (Sept.)
100
30,000
2clc00
.
—
,
1919-1932
—
——
1c0
1918-1932
1922-1942
6,000
10,000,
50,000
18,000
184,183
...
100
dl928-1938
1918-1927
1918-1927
1918-1929
5h
5
2475. .New Bremen s. d., Ohio (July) 5
1915- .Newton, Kan. (Jan.).;
4h
2475- .New Wilson, Okla. (4 issues)
1942
6
2475- .Norman, Okla. (2 issues)
6
2023- .Norman County, Minn
1923-1937
5m
2023- .Norman County, Minn—-.-. 5h
1923-1937
2113- .North Dakota (14 issues)
4
1915- -Okaloosa Coimty, Fla. (Aug.)- 6
1918-1927
2023- .Okemah, Okla
^
1915- .Olympia s. d. No. 1. Wash— 4% dl927-1937
2384. .Oneida, n. y. (May)..
4h
2292. .Ossian, Iowa (Jan.)
1934-1936
5
2113- .Ord, Neb
2475- .Ottawa, iii
5
2475- .Owendale, Mich. (Oct.)5
1937
2292- .Paris, Tex
dl927-1947
5
2113- .Passumneck Con. s. d., Miss. 5h
2564. .Pawhuska, Okla. (September)- 6
d~1922-1942
1915- .Pender, Neb. (Sept.)
dl922-1937
5
2200- .Pine County, Minn. (Sept.)-- 4%
1927
2292- -Pittsburgh, Pa. (July)2023. .Pleasant Valley s. d., Calif._ 6
1*920-1922
100
20,000
50,480
20,000
35,000
1,800
15,000
6,000
12,000
45,668
31,000
9,400
22,000
—
101.50
5
2384- .Simpson Co., Miss. (2 issues)
2564- .South Dakota
5,000
85,000
1937
10,000
25.050
-
100
100
100
25,000
1918-1928
1918-1937
1942
100
10,000
...
100
37,220
100.293
24,304
23,000
103.4,99
100
200,000
591,718 *100
100
3,500
-
-------
1915- .Newton, Iowa (Aug.)
2292- .Newberg, Ore. (Jan.).
2563. .New Boston s.d., Ohio.
100.05
100
5,000
5,000
11,400
6
1927-1937
6
5
dl922-1937
5
—
6
1924
4)4
----5
— - —
5
1918-1947
4
»
—
5
1927
(July)
—
4
2291—LaonaUn.Fr. High s.d., Wis. 5)4
2022—Larimer Co. s. d. No. 5, Colo. 5
La Salle Parish, La
5
1914_-Lebanon Sch. Dist., pa——- 4
2383—Le Flore Co., Okla. (2 iss.,July) 6
2563—Le Roy Twp. .Mich. (June) — ^5
1914.-Lewis Creek Dr. Dist., Tenn.- 6
2112
Lewis County, n. y—------ 5
2291 --Lewis&ClarkCo. s.d.9,Mont. 5)4
2199—Limestone Dr.Dist.,Fla. (June) 6
2022
Lincoln Co. s. d, No. 1, Mont. 5
2199
Lindsay, Neb
5
Linndale, Ohio (2 iss., Sept.)
2291
Livingston Parish s. d. No. 7,
La. (Aug.)———
5
2112
Loudon Co., Tenn. (2iss.,May) 6
2022—Louisburg, No. Caro. (Aug.)-- 6
2022
Lowell Graded s.d., No. Caro. 5)4
2112
Luna County, n. Mex
5
McCracken, Kan. (Mar.)-:
4)4
2112
Madill, Okla
6
2475--Manchester Rur. s. d., Ohio. 5
2022__Mangum Consol. s. d. No. 3,
Okla. (Aug.)
6
Marietta s. d., Okla. (May)— 5
2112
Mahnomer County, Minn
5)4
2022--Manhattan, Kans. (Aug.)
4)4
2475—Martins Ferry, Ohio
-—
4
2200—Maury County, Tenn
4h
2563. .Nehawka Sch. Dist.. Neb---1915- .Newton, Iowa (Aug.)
60,000
1914--Kanabec'Co. Ind. Sch. Dist.
No, 1, Minn
6
1918-1932
2112_-Kansas (10 issues)____-1
5&5h2291—Kaplan Sch. Dist., La. (Sept.) 5
1937
2291- Kempner County, Miss; (Apr.) 5 a
1928-1942
1914—Kenmore, Ohio
5)4
1920~1922
2199—Kenmore, Ohio.—
5a
1935-1937
2563—Kent, Ohio (September)
5h
1923-1926
2474--Kenton, Ohio (Sept.)
5
a 1930
2199--Kosciusko Co., Ind. (Sept.).. 4)4
1918-1927
1914--Kidder-HarrisHy.Dist.»,Idaho 6
dl927-l937
2199—Kohler,' Wis
5
—
La Crosse, Wis. (3 issues)
; 5
i9x8-x927
2563
Lanesboro Sch. Dist., Minn.
—
100
*100
*100
*100
*100
*100
*100
100
100
100
*100
100
100
*100
100
100
100
*100
*100
100
■
(April)
6
2291- -Nashville, Tex
7
2200- _NahuntaTwp. ,no.Caro. (July) 5
2291. .Natoma s. d.., Kan. (July).— 4h
2113- .Nebraska (15 issues)..
5&6
105
100
-----
4H
4%
(Aug.)
2200. .Mulberry Bd. of Ed., Kan
1915- .Muse Twp., Okla. (June)
100
2476. .Sherman, Tex. (July)
2292- .Sidney, Neb. (2 issues)-------
291,000
5)4"
5
dl937-1957
•
2113- -Montana (4 issues, June)
6
2475- .Morgan Co., Ohio (June)
5
1915- .Mound Valley s. d., Kans.
100
4,770
3,600
24,000
6
101.314
101
600,000
20,000
1932
.
(5 issues, May)
No. 1, Miss. (Jan:)-——.
dl927-1957
6
2291--Kalamazoo, Mich. (2 iss., July) 4%
100
100
2113- .Montana
100
100.252
22,000
8,000
10,000
1937
1924-1931
1918-1922
4%
5
-
30,000 *100
:
12,200
100.256
—
—
-
,
14,000
50,000
7,000.
13,000
80,000
33,000
1918-1947
5
6
6
Rate.
2112- -Miami, Fla. (July)
2112- -Miami, Fla. (July)-2113- -Mineral Wells, Tex. (Sept.)
5,000
25,000
41932-1937
5
Amount.
Pri)e
Maturity.
6
1918-1924 $214,000
144,000
5h
1918-1927
96
69,000
5
dl937-1957
1915- .Monroe County, Iowa (June)- 5
100
50,000
1928-1932
1915- -Montclair, n. j
100
153,000
5
1922
2113. -Montana (4 issues, Jan.)
100
6,200
6
2113- -Montana (4 issues, Feb.)
9,400» 100
6
100
2113. .Montana (2 issues, March)
1,850
6
100
2113- -Montana (3 issues, April)
3,400
6
Name.
Page.
-
3,000
20,000
100
54,000
95)4
8,000
99
2,coo
100
8,202 *100
8,250
10,000
——
42,300
100
26,000
100
10,000
—
-
4h
7
-
100.698
45,000
5
2562—Cresco Ind. s. d.,Iowa (2 iss)- 5
2381--Crestline, Ohio (June)
•—'5
2381—Crooksville. Ohio (Aug.)
5
2473--Cumberland Co., Va. (Sept.)- 6
Price.
Amount.
dl924 1932
-
.
2559
THE CHRONICLE
1917.]
.
d!927~1937
2,000
70,000
a!920
100
100.70
100
10*0*06*
113,000
100
5,000
20,000
15,000
100
.
-
100.985
-
*
100
100
Mont.
(Sept.).
2564- -York Twp., Ohio (June)
1917- -Zolfo, Fla.—
;
d1927-1937
1927
6
5
6
AJ1 the above sales (except as
,
indicated) are for October.
These additional October issue^will make the total
—
103
100
103
SOLD
BY CANADIAN MUNICIPALITIES
IN
NOVEMBER.
Page.
Name.
Rate.
1917—Alberta Sch. Dists. (3 Issues)— 7
2024
Arthur, Ont.......
6
1917--Broadview, 8ask. (2 issues)-- —
1917—Davidson, Sask
1——
2114—Doevai, Quebec
------6
Maturity.
1932
—
1917--Estuary,
100
100
sales (not
including temporary loans) for that month $23,579,515.
DEBENTURES
100
100
100
109*066
2114—Grassy
gask
1917—Hull,
Sask
Creek,
Rural
1947
Amount.
Amount.
Price.
$20,200
3,000
4,700
2,500
40,000
2tCOO
Mun.,
Quel——"—!———— 6*
" 1922
10,000
179,000
179,000
95.23
2560
THE
CHRONICLE
[Vol. 105.
i
Page.
Name.
Rate.
2201--Kingsley 8. D. No. 3916, Sask
1917,-Liberator 8. D. No, 3923, Sask.
Maturity.
..
1917.-London, Ont
2294—MiddaghS. D. No. 3861, Sask.
1917—Prescott S. D. No. 3935, Sask,
2386--Prince George, B.C. (2 issues) 6
2201 —Roiling Ridge 8. D. 3896, Sask—
1917—Six Mill Sch. Dist., Sask
1917—Smith Falls, Ont
6
1917--Sudbury, Ont
1917--Twin Hill Sch. Dist., Sask
1917—Waterloo, Ont
6
1917— Westland Sch. DJst., Sask
1917-Windsor S. D. No. 265, Sask—
Amount.
*■$ 1,600
2,000
85,000
1,800
2,000
30,000
2,050
1,800
21,579
23,421
2,000
3,000
1,800
1,800
__
1932
1937
—
-
1927
—
'
—
Total debentures sold in November
NEWS
Arizona
(State
.
1917
Price.
progress and
face
Republican,
of
was
the
given
the
,
Court
Declares
Thomas
of
Campbell,
election by 31
alleged fraudu¬
votes.
Mr. Hunt contested the election on
lent voting in several precincts.
He declined to surrender
the office on Jan. 1 last, but the State
Supreme Court issued
an
order declaring Mr. Campbell the de facto
Governor
pending the appeal.
Mr. Hunt then vacated and Mr.
Campbell has held the office during these months.
Fifteen
days
were
allowed Gov. Campbell to file
an
appeal, but he
announced he would accept the decision.—V.
104, p. 1927.
Bayonne,
N.
J.—Voters
to
Pass
on
Plan
to
Purchase
Local Water-Works.—The
City Commissioners by unanimous
vote on Dec. 22 decided to
again submit to the voters the
proposition to purchase the property of the New York and
New Jersey Water Co. for
$1,466,000. A special election
for this purpose will be held
At as pecial election on
defeated but it
was
was
on
proposal to have the city spend $10,000,000 for a terminal
the New York Bay Shore
front, to be operated for 50
years by Irving T. Bush, been voted upon at the same
time.—Y. 105, p. 517.
^
State.—Optional City Goverment Law De¬
Court of Appeals.—The Court of Appeals
down a decision
declaring valid thp
optional city government Act passed by the Legislature
in 1914.
This Act
(Chapter 444, Laws of 1914) authorizes
any second dt third-class' city in the State to
adopt the follow¬
ing forms of government: (1) government by limited council
with division of administrative
duties, (2) government by
limited council with collective
supervision, (3) government
by limited council - with appointive City Manager, (4)
government by legislative departments with five
Councilmen,
(5) government by legislative departments
consisting of
nine councilmen and (6)
government by legislative depart¬
ments of Councilmen elected
by the district.
The decision, which was
unanimous, reverses the judg¬
ment of the
Appellate Division and Trial Term.
It was
rendered in a taxpayer's action
brought to restrain the cities
of Water town and
Niagara Falls from- organizing under
the third plan mentioned
above, providing for a government
by limited council with appointive City Manager.
The Court of
Appeals, the reports say, brushed aside
the allegations that the enactment of the
law was violative
of the State
constitution, in that it was too broad a delega¬
tion of legislative power of that the
Legislature had parted
Dec.
-on
■
York
Valid
22
by
handed
with any of its constitutional functions in
permitting cities
to select and operate under this
new form of
government.
The optional city
government, Hie Court held, was not passed
in contravention of
any
Federal. or State constituonal
provisions.
After
Judge McLoughlin writing the opinion said:,
.
careful consideration of the whole
Act, I have reached the con¬
clusion that it does not violate
any provision of the Constitution, either State
or Federal.
a
Concluding the Court said:
The whole
trend of modern
thought and recent legislation is towards
vesting in each municipality the management of its local
affairs, and I have
been unable to discover any valid reason
why the present Act, which is a
step in that direction, should not be given a fair trial
without interference
from the Court.
The Act is not an
attempt upon the part of the Legis¬
lature to shirk its duty or to
delegate to another body the
power vested
solely in it.
On the contrary, it is to
permit each locality to determine
for itself the
forpa of government which it will have, based upon modern
ideas rather than
some
upon a form of government which has
been tried and in
respects, at least, found unsatisfactory.
to subscribe to the doctrine
that the
this.
(State
of.)—Seven Indictments Against Former
Governor Ferguson Quashed.—We are in
receipt of the fbllowng letter from B. F.
Looney, Attorney-General for the State
of Texas, relative to the
impeachment of Governor Fergu¬
son in September last
(V. 105, p. 1329) and to the action of
the Criminal District Court of Travis
County in
motions to quash seven of the nine articles
of
granting
impeachment:
STATE
OF
#
TEXAS.
Attorney-General's Department,
Austin.
William B. Dana Company, New
.
November 29 1917.
York, N. Y.:
Gentlemen.—Replying
to your inquiry of the 24th ihst., with
reference
against James E. Ferguson, former Governor of this
State,
beg to inform you that nine indictments were
returned against Mr. Fer¬
guson. and I have prepared and herewith
enclose a rather full statement
showing the substance of the indictments,
together with the action of the
court thereon.
It is but just to Governor
Ferguson to say that with reference to the
charges in the indictments quashed by the Court as shown
in the accom¬
panying statement, no one ever insisted that he converted
directly to his
personal use and benefit State money.
The indictments grew out of the
facts that State funds collected
by several of the State Departments and
certain proceeds of insurance
policies directly in his custody collected
because of the destruction by fire of, one of
the State normal
to indictments
by him deposited and caused
was
a
large stockholder.
to be
he
The
Treasury.
deposited
money
schools,
and kept in a bank in
were
which
ultimately reached the State
'
Yours truly,
on
New
Texas
Jan. 22.
July 31 last, the same proposition
the general opinion,
according to
local papers, that it would have been
approved had not the
clared
Canada.
Dakota (State of).—Rural Credit Bonds
Sold.—
See reference in our editorial columns
this week to the sale
by the State of South Dakota of $1,000,000 rural credit
bonds in accordance with an Act
passed by the 1917 Legis¬
lature.
Supreme
certificate
or
South
$441,250
election returns
development
105
1916, showed that G. W. P. Hunt, former Governor of the
a
Democrat, had been re-elected.
the
offered, suggesting the readi¬
That this House is of the
opinion that the Province of Quebec would be
disposed to accept the rupture of the federation
pact of 1867 if, in the opin¬
ion of the other
provinces, it is believed that the said province is an ob¬
stacle to the union and the
State of Arizona and
On
was
Quebec is the only Province
voted against
conscription at the recent election.
motion, which will be debated on Jan. 8, follows:
The
Dec.
on
proposal
which
87.50
Re-elected,.—The State
22 was unanimous in
declaring
that the recount of the ballots cast at the election in
Nov.
Court
a
of the Province of
Quebec to secede from the Confedera¬
tion of Canadian Provinces.
Recount Shows Former Governor Hunt
Supreme
Lotbiniere,
ness
ITEMS.
of).—State
for
I, for one, am unwilling
Legislature had not the power to do
B.
F.
LOONEY,
Attorney-General.&
On July 27 1917 the Travis
County Grand
the Criminal District Court of
in
substance
follow^:
as
Jury presented and filed in
Travis County, Texas, nine
indictments,
One indictment
charging that James E. Ferguson, in said
County of
Travis, in the State of Texas, on or about Jan. 21
1915, was an officer of
the government of the State of
Texas, to-wit, was the duly qualified and
acting Governor of the State of Texas, and was then and there
by law and
in virtue of his said office a
receiver and
depositary of public money be¬
longing to said State, and as such officer and
by virtue of the said office
there had
come
possession the
said James E.
into his hands and
then and there in his
custody and
sum of $5,081 11, and which said
sum of
money he, the
Ferguson, did then and there unlawfully and
fraudulently
was
take, misapply and convert to his own use, and did then
and there un¬
lawfully and fraudulently fail to pay said sum of money into the
Treasury
of the State of Texas at the time
prescribed by law, said State
Treasury
then and there being accessible to the
said James E. Ferguson, as suchofficer, and on each and every day thereafter,
including Jan. 21 1915.
Six other indictments worded
substantially the same as the one next
above described, except that the date on
which the offense in each indict¬
ment was
alleged to have been committed and the sum of
money alleged
indictment to have been taken,
misapplied and converted to his
&c., were as follows, respectively: Feb. 16
1915, $10,000; Feb. 3
1915, $2,500; Feb. 5 1915, $10,000; Feb. 13
1915, $10,000; Feb. 23 1915,
$101,356 30: Aug. 23 1915, $5,600.
One indictment (Cause No.
17,777) charging that James E. Ferguson in
the County of Travis, and State of
Texas, on or about Aug. 23 1915, was
an officer and
agent of the government of the State of Texas, to-wit: was
the duly elected, qualified and
acting Governor of the State of Texas, and
as such officer and
agent the said James E. Ferguson, did then and there
unlawfully and fraudulently embezzle and fraudulently
misapply and
convert to his own use certain
money then and there the corporeal personal
property of and belonging to the State of Texas, without
authority of law,
viz.: the sum of $5,600 current
money of the United States of America,
of the value of $5,600, which said
money had theretofore come into the
possession and was under the care and control of the same James E.
Fer¬
guson by virtue of his said office and agency.
One indictment
charging that James E. Ferguson in the County of
Travis and State of Texas, on or about Jan.
8 1917 and before the present
in each
own
use,
of this
indictment, was an officer of the State of Texas, to-wit: was the
duly elected, qualified and acting Governor of the State of
Texas, and
so acting as
such officer and for himself personally he, the said
E. Ferguson, did
knowingly and wilfully borrow, withhold and
while
James
divert from
its purpose a certain special fund
appropriated by the State
Legislature of the State of Texas for a specific use, to-wit: for the
purposes
of purchasing for use at the Governor's
Mansion and grounds in Austin,
Travis County, Texas, fuel,
lights, water, ice and incidentals, which said
money belonged to and was under the control of the State of
Texas, and
had been set apart by law for said
specific use, to-wit: for the specific pur¬
poses of purchasing fuel, lights, water, ice and
incidentals, and for no other
purpose for use at the Governor's Mansion and
grounds in the city of
Austin, Travis County, Texas, by then and there
purchasing with said
specific and special fund for the use of him, the said James E.
Ferguson,
and for the use of divers other
persons, provisions, feed, goods, wares and
merchandise, which said provisions, feed, goods, wares
and, merchandise
were not either fuel,
lights, water, ice or incidentals, as provided for by
law.
(Cause No. 17,775.)
Action by the Court.
The defendant, James E. Ferguson,
presented and urged motions to
quash the indictments against him, for the following i&ason, among others:
Defendant contends and urges that he, James E.
Ferguson, Governor
of Texas, was not in law and
by virtue of his said office at any of the times
alleged in six of said indictments a receiver or depositary of
public money
belonging to the State of Texas, and could not, in law, have
received,
misapplied and converted to his own use public moneys belonging to the
State of Texas by virtue of his office, and for this reason
says said indict¬
ments for misapplication of
public funds are insufficient and fatally de¬
fective.
.
North
Dakota
(State of).—Counties May Issue Bonds
for Purchase of Seed, and Feed.—The State
Attorney-General,
it is stated, has
given an opinion that counties
may issue
bonds for the purchase of seed and
feed to be sold to the
farmers of the State at cost.
Porto
Rico.—Bond Sale.—The $66,000
4% gold coupon
bonds, the unsold portion of an issue of
$100,000 offered on
Dec. 19—V. 105, p. 2472—were
disposed of at. private sale
the Bank of
America, New York City, for account of the
American Colonial Bank of San
Juan, Porto Rico, at par
and interest.
to
Quebec
(Province
ot).—Suggestipn of Readiness to
motion introduced into the
Provincial Legis¬
Assembly on Deo. 21 by J. N.
Secede.—In
lative
a
Francoeur, Deputy
The Court ruled
as
follows:
,
"For
stated, the Court is of the opinion that James E. Ferguson,
as Governor of the State of
Texas, was not by law and by virtue of his office
a receiver and
depository of public money, and the motion to quash the
indictments against the defendant for
misapplication of puclic money
belonging to the State is sustained.
It, therefore, becomes unnecessary
to consider exceptions 3 and 4 to said indictments."
reasons
The motions to quash the indictment in Cause No.
17,775 and Cause
No. 17,777 (being the indictments hereinbefore identified as
such) were
by
he Court overruled.
New
Secretary of State.—George F. Howard has been
named Secretary of State to fill the vacancy caused
by the
resignation of C. J. Bartlett. j Mr. Howard's term of office
will expire in January 1919. 4
United States.—Congress Votes to Submit Amendment to
S. Constitution for National Prohibition.—See reference
U.
last week in
our
editorial columns.
.
Dec. 29 1917.]
THE
CHRONICLE
BOND CALLS AND REDEMPTIONS.
2561
BRADFORD, Miami County, Ohio.—BOND OFFERING.—Sealed •
m. Jan. 18 by Fred L.
Kemp, Vil. Clerk, for
$1,200 6% street-impt. assess, bonds.
Auth. Sees. 3812, 3836 and 3914,
Gen. Code.
Denoms. 5 for $100, 3 for $150 and 2 for $125.
Date Sept. 1
1917.
Int. semi-ann.
Due $100 on Mar. 1 and $100
Sept. 1 1918, $150
Mar. 1 1919,
$100 Sept. 1 1919, $125 Mar. 1 1920, $100 Sept. 1 1920,
$125 Mar. 1 1921, $150 Sept. 1 1921, $100 Mar. 1 1922 and
$150 Sept. 1
1922.
Cert, check for 5% of the amount of bonds bid
for, payable to the
Vil. Treas., required.
Bonds to be delivered and paid for within 10 days
bids will be received until 12
Steelton, Pa.—Bond Call.—Charles P. Feidt, Borough
Secretary, announces that the 4% water bonds issued Jan. 1
1900, and numbered 158, 160, 161, 162, 167, 170, 179, 185,
187, 188, 189, 191, 192, 193, 194, 195, 196, 197, 198, 199,
amounting to $10,000, will be redeemed and paid Jan. 1
1918 at the Steelton National Bank, Steelton, Pa.
Washington
(State of).—Bond Call.—State Treasurer
W. W. Sherman (P. O. Olympia) is anxious to learn of the
whereabouts of holders of $12,402 State Normal School
bonds.
The bonds were called in April last and they ceased
drawing interest June 10.
"
from time of award.
Purchaser to pay accrued int.
BUCHANAN COUNTY (P. O. St.
BUCK
CREEK
SCHOOL
PROPOSALS
this week have been
AND
NEGOTIATIONS
follows:
as
AKRON, Ohio.—BONDS NOT YET RE-OFFERED.—James
McCaus-
land, City Auditor, advises us that no action has yet been taken looking
towards the re-offering of the eleven issues of 4H% bonds,
aggregating
$208,750, offered without success on June 11.—V. 104, p. 2472.
ALBUQUERQUE, Bernalillo County, N. Mex.—BID.—A bid of
and accrued interest
received
was
on
par
Dec. 17 from the First Sav. Bank &
Trust Co. of Albuquerque for the $400,000 5% 20-45-year opt. water-works
bonds offered on that day.
We are not advised as to whether this bid was
successful
not.
or
1917.
BAY,
Interest J. & D.
Due part each year.
ALTUS, Jackson County, Okla.—BOND-OFFERING.—Proposals will
be received until 8 p. m. Jan. 2 by Emory Morgan, City Clerk, for $80,000
6%
These
15-25-yeat opt. water-works-extension bonds.
authorized by a vote of 248 to 1 at an election held Dec. 4.
SPECIAL
ARCADIA
County,
Fla.—BOND
TAX
SCHOOL
DISTRICT
NO.
bonds
1,
De
were
Soto
OFFERING.—P.
G. Shaver, County Supt. and
Instruction (P. O. Arcadia), will
receive sealed bias until 12 m. Jan. 25 for $35,000 5% 10-30-year (serial)
bonds.
Denom. $500.
Principal and semi-annual interest (J. & J.),
payable at Arcadia.
Certified check for 2% of bid required.
The bonds
nave
been validated and the proceedings taken in connection with the
election, validation, &c., will be furnished free to successful bidder,
the
board will furnish blanks to those desiring to make bids, which blanks
Secretary of County Board of Public
must be used.
,Hancock
BOND
submitted
County,
Ind.—
Des
Moines
County,
Iowa.—CERTIFICATES
AUTHORIZED.—On Dec. 20 the City Council authorizes the issuance of
$22,500 West Hill Sewer certificates and are due as follows: $500 1919 to
1923, inclusive; $3,000 in 1924, $6,500 in 1925 and 1926, and $4,000 in 1927.
CALEDONIA, Marion County, Ohio.—BOND SALE.—On Dec. 21
$16,000 6% 10-year electric-light bonds were awarded, it is stated, to
Spitzer, Rorick & Co., of Toledo, at par and interest.
CALWOOD—MILLERSBURG SPECIAL
ROAD DISTRICT, Calla¬
County, Mo.—BONDS VOTED.—At the election held on Dec. 21*
proposition to issue $11,000 road-impt. bonds carried, it is stated.—V.
105, p. 2383.
way
the
CALWOOD-WILLIAMSBURG
SPECIAL ROAD
DISTRICT, Calla¬
County, Mo.—BONDS VOTED.—This district recently
way
ALEXANDRIA
Jefferson County, N. Y.—BOND SALE.—
On Dec. 6 two issues of 5% fire-dept. bonds aggregating $4,500 were
awarded to the First Nat. Bank of Thousand Islands at par.
Date Dec. 1
•
TOWNSHIP
OFFERING.—Bids will be received until 2
p. m. to-day (Dec. 29)
by William Humfleet (P. O. Mt. Comfort R. R. No. 1) for $2,020
4>£%
school bonds.
Denoms. 4 for $320 and 2 for $370.
Date Apr. 23 1917.
Int. J. & J.
Due $320 each six months from July 15 1930 to Jan. 15
1932
incl. and $740 Apr. 15 1932.
BURLINGTON,
BOND
Joseph), Mo.—BOND ELECTION.
—The proposition to issue the $2,000,000 road bonds will be
to the voters in January, it is stated.—V.
105, p. 1122.
voted to issue
$25,000 road bonds.
CAMBRIDGE,
Middlesex County, Mass.—TEMPORARY LOAN.—
On Dec. 28 a temporary loan of $200,000, issued in
anticipation of revenue
and maturing April 12 1918, was awarded, it is stated, to the Charles
River
Trust Co., of Boston, at 4.86% discount plus $1 premium.
CANTON, Stark County, Ohio.—BOND OFFERING.—Samuel E.
Barr, City Auditor, will receive sealed bids until 12 m. Jan. 28, it is
stated,for $61,100 5% various street bonds.
Interest semi-annual.
CASPER, Natrona County, Wyo.—BOND SALE.—On Dec. 21
$59,000 6% 10-30-year opt. fire-dept. bonds were awarded to Halsey,
Stuart & Co. of Chicago fort$60,215—102.059—and int. Other bidders
were;
Keeler Bros.,
Denver
$60,050 00
International Trust Co
Sweet, Causey & Foster, Denver
Bolger, Mosser & Willaman, Chicago
59,597 00
59,357 00
59,147 50
J-_
.
Stern Bros. & Co. of Kansas City bid par and int., less $1,180 for
expenses.
CINCINNATI, Ohio .—DEBT STATEMENT.—We are in receipt of
following debt statement as of Dec. 1 1917, in connection with the of¬
fering on Jan.'15 of the $1,000,000 4%% 20-year funding bonds described'
the
CONSOLIDATED
ARCOLA
County,
SCHOOL
DISTRICT,
Washington
Miss.—BOND
SALE.—The Board of County Supervisors on
$18,000 20-year serial bonds offered on that day—
V. 105. p. 2111—to Bumpus & Co.,
of Detroit, for $18,020
(100.11),
accrued interest and blank bonds for 5J^s.
Due $1,000 yrly. on Jain. 1
from 1924 to 1935, incl, and $2,000 yrly. on Jan. 1 f^om 1936 to 1938,
inci
Dec.
3
in these columns last week;
awarded the
ASHEVILLE, Buncombe County, No. Caro.—BONDS NOT SOLD.—
No satisfactory bid was received for the $127,000 5% 2-17-year serial street
bonds offered
ASHLEY
County,
on
Dec. 19.—V.
SCHOOL
Pa .—BOND
105, p. 2380.
DISTRICT
(P.
O.
OFFERING.—Sealed
Wilkes-Barre),
bids
will
be
Luzerne
received
until
Bonded Debt Dec.
Water works bonds
Other general bonds
tax-free high-school-building bonds.
Due $4,000
Purchaser
Date Nov.
1-1917.
to
pay
accrued
interest.
Existing
indebtedness
$11,500.
Assessed valuation taxable property, $4,999,913.
ments
bond offering will be found
among
elsewhere in this department.
ATKINSON
SCHOOL
the advertise¬
'
/
DISTRICT,
Pender County, No. Caro.—
BOND OFFERING.—T. T. Murphy, Secretary of Board of Education
(P. O. Burgaw), will receive proposals until 12 m. Feb. 4 for $15,000 6%
school bonds.
Auth. Chap. 55, Laws of 1915.
Denom. at option of
Surchaser. Int. indebtedness.Cert, check for $435,000; actual The district
bonded
semi-ann.
$200 required. val. (est.)r
Assess, val.
as
no
ATTALA COUNTY (P. O. Kosciusko), Miss.—BOND OFFERING.—
Further details are at hand relative to the offering on Jan. 8 of the $60,000
bonds for Road District No. 1 of Beat No. 2 (V. 105, p. 1472).
Proposals
for these bonds will be received until 12 m. on that day by B. W. Jordan
Clerk Board of County Supervisors.
Auth., Chap. 176, Laws of 1914.
Certified check
(or cash) for $500 required.
ATTICA, Wyoming County, N. Y.—BOND OFFERING.—Bids will
be received until 2 p. m. Jan. 2 by Willis E. Hopkins, Vil, Clerk, for the
following registered bonds;
'
,
$96,000 water bonds.'« Denom. to suit purchaser.
Due $3,200 yearly on
Jan. 1 from 1919 to 1947 incl.
'
12,000 lighting bonds.
Denom. $1,000.
Due $1,000 yearly on Jan. 1
.
.
.
from
1919 to 1930 incl.
~
Bids are requested separately for each of the proposed issues of bonds,
bearing interest at the rate of 4M%, 4H % and A% %•
Date Jan. 1 1918.
Prin. and semi-ann. int. (J. & J.) payable at the office of the Vil. Treas.
Cert, check on a national or State bank or trust company for 2% of the
amount of bonds bid for, payable to the Vil. Treas., required.
The bonds
will be certified by the Bank of Attica and their legality will be approved
by Caldwell & Masslich of N. Y., whose opinion will be furnished purchaser.
AVERY COUNTY (P. O. Newland), No. Caro .—BOND OFFERING.—
Proposals will bev&ceived by the Board of County Commissioners, J. F.
Pucket, Secretary, until 12 m^Jan. 7 for $25,000 coupon 20-year bonds at
not exceeding 6% interest.
Date Dec. 1 1917.
Interest J. & D.
BARBERTON,
Summit
County,
Ohio.—BONDS
AWARDED
IN
PART.—Of the $35,000 4M% 5-14-year serial city-building bonds offered
without success on Aug. 6—V. 105, p. 623—$30,000 were awarded on
Nov. 14 to the Central Savings & Trust Co. of Barberton at par and int.
BARTLESVILLE, Washington County, Okla.—BONDS NOT TO BE
AT PRESENT.—John Johnstone, City Clerk, advises us
5% 10-25-year opt. city-hosptial bonds, bids for which
were rejected on Dec. 3—V. 105, p. 2289—will not be placed on the public
market in the near future.
He says that the bonds will probably be sold
RE-OFFERED
that the $50,000
to local bankera.
BEATRICE, Gage County, Neb.—BOND SALE.—Thd German Sav.
was recently awarded $18,090 6%
Paving
bonds at par.
Denom. $500 and $365.
Date Dec. 1 1917.
Int.
ann. in Dec.
Due 10% yearly, subject to call at any int. paying date.
& Loan Association of Beatrice
BELL COUNTY (P, O. Belton), Tex.—BOND OFFERING.—Proposals
a. m. Jan. 17 by A. L. Liles, County Auditor, for
will be received until 10
of
an
authorized
issue
of
$1,900,000
5%
road
impt.
bonds.
Auth. Articles 637a, 637b and 637c, Chap. 203, Acts or 1917, regular session,
and vote of 2786 to 1342 at an election held Dec. 10 1917."
Denom. $1,000.
Date Dec. 17 1917.
Prin. and semi-ann. int. (M. & 8.) payable at Hanover
Nat. Bank, New York.
Celt, check for $1,000 required.
Official circular
states that there has never been any default in either principal or interest.
Total bonded debt (incl. this issue) $2,370,190, sinking fund (est.) $80,000.
Assess, val. 1917 $29,234,880, actual value
Dec. 1
(est.) $75,000,000.
1917, 55,000.
Population
;
BfcTHANY TOWNSHIP, Harrison County. Mo.—BOND ELECTION
PROPOSED.—It is Stated the holding of an election to vote
of issuing $85,000 road bonds is under consideration.
BETHLEHEM
TOWNSHIP
on
the question
(P.
O.
Bethlehem),
Northampton
County, Pa .—BOND OFFERING.—M. Styers, Secretary of School Direc¬
tors, will receive sealed bids until 12 m. Jan. 7, it is stated, for $40,000
4M% 5-30-year (opt.) school bonds.
/
3,050,000 00
$32,630,430 48
«.■».
40,094,701 16
$40,094,701 16
Total bonded debt
$72,725,131 64
1,487,482 91
--.$74,212,614 55
-
—
9,869,936 48
Tax
duplicate——-,$690,000,000
CLARK
$30,224,764 68
OOjPopulation (1917 est.)_
410,000
COUNTY (P. O. Marshall),
111.-—BONDS NOT TO BE OF¬
road bonds, voted in November
1913), will not be offered until the fall of 1918, if then.
AT PRESENT.—The $112,000
(V. 105,
p.
CLARK
COUNTY
(P. O. Jefferson), Ind.—BOND OFFERING.—
County Treasurer, will receive sealed bids until 10 a. m.^
AVi % 6-year average road bonds, it is stated.
James E. Gray,
Jan. 3 for $30,000
CLAVERACK AND GHENT
SCHOOL DISTRICT NO. 6 (P. O.
Philmont), Columbia County, N. Y.—CERTIFICATES VOTED.—By a
to 3 the question of issuing $2,000 6% school certificates of in¬
vote of 7
debtedness carried at an election held Nov. 27.
be issued before spring or later.
CLAY
The certificates will not
COUNTY
(P. O. Celina), Tenn.—BONDS VOTED.—At a
recent election a proposition to issue $100,000 road bonds was,
according
to reports, favoraoly voted.
CLEVELAND
CITY
SCHOOL
DISTRICT,
Cuyahoga
County,
Ohio.—BOND OFFERING.—Sealed bids will be received until Jan. 14
by Sarah E. Hyre, Clerk,
Board of Education, for $1,500,000 of the
$3,000,000 5% school-building bonds voted on Nov. 6.—V. 105, p. 1635.
CLINTON, Oneida County, N. Y.—BONDS A WARDED IN PART.—
Of the $15,000 5% street-improvement bonds offered on Dec. 12,, $12,000
awarded to the Hayes National Bank of Clinton at 100.34.
Denom.
were
$500.
Date Dec. 1 1917.
Interest annually
on
Dec. 1.
Due $1,000 each
5
year.
COHOES, Albany County, N. Y.—BOND SALE.—On Dec. 24 the
$28,500 4Yt% l-19^yr. serial tax-free bridge impt. bonds—V. 105, p.
2381—were awarded to the New York State Nat. Bank of Cohoes at par
and int.
*
CERTIFICATE OFFERING.—City Controller A. Gibeau will receive
proposals until 10 a. m, Dec. 31 for $52,153 5% three months certificates
of indebtedness,
it Is stated,
,
COIN SCHOOL DISTRICT
(P. O. Coin), Pago County, Iowa.—
Co. of Des Moines was awarded on
Dec. 1 $10,000 5% funding bonds at par.
Denom. $500.
Date Jan. 1
1918.
Int. J. & J.
Due $1,000 yearly on June 1.
BOND
SALE.—The
Central
Trust
.
COLORADO COUNTY (P. O. Columbus), Tex.—BONDS VOTED.—
,
Dist.
$400,000
14,932,600 00
Sinking fund for all bonds.
$14,535,405 56
Deduct sinking fund for Water and railway
bonds, which are self-supporting, and for
which the sinking fund is:
Water-.$2,573,307 18Railway
2,092,161 90
4,665,469 08
FERED
$800,000.
1917.
—
special assessm'ts)
Int. M. & N.
yearly from 1918 to 1940; incl., and $5,000 in 1941 and 1942.
The official notice of this
-.
Total general bonded debt
Assessment bonds (paid by
8 p. m. Jan. 10 by John A. Messinger, District Secretary, for $102,000 5%
1
—$14,648,430 48 '
Cine. Southern Ry. construction bonds
Cine. Southern Ry. terminal bonds
vote of 162 to 14 a proposition to issue $75,000 road bonds carried,
it is stated, at a recent election.
By
a
CONCORD,
Further details
ment bonds,
Cabarrus
are
County,
No.
Caro.—BOND
OFFERING.—
at hand relative to the two issues of 6% street-improve¬
aggregating $134,000, offered
Jan. 11.
Proposals for these
bonds will be received until 7 p. m. on that day (bids to be opened at
8 p. m.) by Geo. H. Richmond, City Treasurer.
The bonds mature as
follows:
$57,000 street assess, bonds.
Due $5,000 yearly on Jan. 1 from 1920 to
1929. inclusive, and $7,000 in 1930.
77,000 local-impt. (city's portion) bonds.
Due $3,000 yearly on Jan. 1
from 1920 to 1934, incl., and $4,000 yearly from.1935 to 1942. incl.
Denom. $1,000.
Date Jan. 1 1918.
Prin. and semi-ann. int., payable
at Hanover Nat. Bank, New York.
Each of the issues will be prepared
by the City of Concord and delivered to the successful bidder at any bank
designated, on Jan. 22 1918, at which time they must be paid for in full.
The unqualified approval of Peck, Shaffer & Peck, attorneys, of Cincinnati,
will be delivered with the bonds.,. Bids shall not contain any stipulation
as to expenses, commissions, attorneys' fees and delivery charges,
as all
these expenses will be paid by the city.
The official circular states that
the city has never defaulted in payment of any obligation and there is no
litigation or dispute of any kind pending regarding these bonds.
Bids
must be made on blank forms furnished by city.
Gross city debt. $593,000",
sinking funds, $45,855.
Uncollected paving assessments, $91,400.
Net
on
2562
debt,
THE
according
Assessed
Municipal Finance Act requirements, $348,653 26
$3,746,082.
Actual value (est.), $12,000,000.
to
valuation
Population
CHRONICLE
GIBSONBURG,
1917.
(est.), 12,000.
W.
8herrill
Co.
of
Poughkeepsie at 101.53 and int.—V.
Geo. B. Gibbous & Co., N. Y_101.091First National
Farson, Son & Co., N. Y
100.001
CORPUS
CHRISTI,
Nueces
105,
to
County, Tex.—BOND ELECTION.
CUMBERLAND COUNTY
(P. O. Toledo), 111.—BONDS VOTED.of 1,321 to 786 the question of issuing $95,000 5% 10-year road
building bonds carried at an election held Dec. 11.
a vote
CUYAHOGA
COUNTY
(P. O. Cleveland), Ohio
BONDS NOT
received, it is stated, for the two issues of 5% coupon
road bonds aggregating $9,245, offered on Dec.* 19.—V.
105, p. 2289.
were
DEER TAIL DRAINAGE DISTRICT, Rusk
REJECTED.—-All bids received for the $10,953 30
drain-construction bonds, offered
on
County, Wise .—BIDS
6% Sub., District No.
Dec. 3 (V. 105, p. 2198), were rejected.
DELANO, Kern County, Calif.—BOND OFFERING.—G. V. Smith,
City Clerk, will receive bids, it 16 stated, until 7:30 p. m. Jan. 7 for $45,000
6% 24 34-year aver, water bonds.
Int. semi-ann.
Cert, check for $1,000
required.
DELAWARE TOWNSHIP (P. O. Mt. Blanchard), Hancock
Ohio.—BOND OFFERING.—-Bids will be received until 1
County,
p. m. to-day
by H. J. Greer, Twp. Clerk, for $11,301 41 5% coupon
pike
M. & S. at Twp. Treas. office.
Due Sept. 1 1927.
This
township has no bonded debt.
Assess, val. $2,000,000.
Tax rate (per
$1,000), $14 80,
(Dec. 29)
Int.
DEPEW, Erie County, N. Y.—BOND OFFERINO.—Additional infor¬
(P. O. Little York),
$14,184, equal to 101.314.
Essex
County, Mass.—TEMPORARY LOAN.—On
Dec. 27 a temporary loan of $50,000, issued in
anticipation of revenue,
dated Dec. 31 1917 and maturing Nov. 18 1918, was
awarded, it is stated,
to the Gloucester Safe Deposit & Trust Co. of Gloucester at
5% discount
plus $5 premium.
GONZALES COUNTY (P. O. Gonzales), Tex.—BONDS VOTED.—
On Dec. 18 the voters authorized the issuance, it is
stated, of the $75,000
a vote of 210 to 16.—V. 105, p. 2199.
public highway bonds by
GRAND FORKS, Grand Forks County, No. Dak.'—BOND
OFFER¬
ING.—Proposals wil'. be received until 5 p. m. Jan. 7 by W. H. Alexander,
City Auditor, for $30,000 5-20-year (opt.) water-works refunding bonds at
not exceeding 6% int.
Denom. $1,000.
Int. semi-ann. at place to be
designated by purchaser.
Bids will be considered for all or any part.
Cert, check for $1,066 required.
1
GRAND
FORKS
(P. O. Grand
INDEPENDENT
Forks), Grand
Forks
SCHOOL
County,
DISTRICT
No.
NO.
1
Dak.—BIDS RE¬
JECTED.—All bids received for the $100,000 25-yr.
school-building bonds
offered on Dec. 18—V. 105, p. 2199—were rejected.
It is stated that the
construction work on the new school
building has been
dropped for the
present,
GREENBURGH
(Town)
UNION
FREE
SCHOOL
DISTRICT
NO. 1 (P. O. Tarrytown), Westchester County, N. Y.—BOND OFFER
ING.—Proposals will be received until 8 p. m. Jan. 2 by the Bd. of Educa
for $15,000 5% school bonds.
Denom. $1,000.
Date Jan. 2 1918.
tion
Int.
ann.
at the
Cert, check
or
DENNISON,
Tuscarawas
County,
Ohio.—BOND
SALE.—On
Dec. 23 the two issues of 6% street-improvement bonds,
aggregating
$8,500 (V. 105, p. 2382), were awarded to the Ohio National Bank of
Columbus for $8,612 60 (101.324) and interest.
Other bidders were.*
Seasongood & Mayer, Cin_$8,552 25(Breed, Elnott & Harrison,
I
Cincinnati
$8,510 13
SCHOOL TOWNSHIP
Washington County, Ind.—BOND SALE.—The two issues of«5% civil
and school-township bonds,
aggregating $14,000, offered on Aug. 31 (V. 105,
p. 733). were awarded on that day to J. F. Wild &
Co., of Indianapolis, for
GLOUCESTER,
CRESCO INDEPENDENT SCHOOL DISTRICT (P. O.
Cresco),
Howard County,
Iowa.—BOND SALE.—The $58,000 primary and
vocational school, and $12,000 primary building bonds offered on
July 25
as 4Hs (V. 105, p- 306) were awarded on Oct. 16 to Geo. M.
Bechtel & Co.,
Of Davenport, at par and interest for 5% bonds.
bonds1.
accrued internet.
pay
GIBSON CIVIL AND
improvement.
SOLD.—No bids
Ohio.—BOND OFFERING.—
Purchaser
p
Bank, N. Y..100.00
On Jan. 2 the voters will have submitted to them a
proposition providing
for the Issuance of $600,000 5% 15-year bonds for the local water-front
By
Sandusky County,
Merritt Mason, Vil. Clerk, will receive bids until 7
p. m. Jan. 7 for $9,700
street-impt. bonds.
Denom. $970.
Date Sept. 10 1917.
Int. semiann.
Due $970 yearly on Mar. 15 from 1918 to 1927 incl.
Cert, check
on some solvent bank for $200,
payable to the Vil. Treas., required. Bonds
to be delivered and paid for within 10
days from time of award.
6%
CORNING. Steuben County, N. Y.—BIDS.—The other bids received
for the $1^,000 5% 2-31-year serial water bonds awarded on Dec. 20 to
Isaac
[Vol. 105.
Tarrytown Nat. Bank.
One part each yeatf on Jan.
draft for 5% of the amount of bonds bid for
required.
2.
GRESHAM, Shawano County, Wis.—BONDS NOT YET~ISSUED.—
The $14,000 14-year water-power and
electric-light-plant-purchase bonds,
voted at the election held Oct. 22 (V.
105,
p.
1820), have not yet been issued.
GULFPORT, Harrison County, Miss.—NO BONDS TO BE ISSUED
considering the issuance of any
—The Mayor advises us that his city is not
bonds, as has been reported.
mation is at hand relative to the offering
on Jan.7 of the $29,600 1-10-yr
serial coupon or registered (purchaser's option)
impt. bonds not to exceed
5% int.—tV. 105, p. 2473.
Proposals for these bonds will be received
until 8 p. m. on that day by Albert Sturm, Vil. Clerk.
Bonds shall be
issued in any multiple of $100. which bidder
may elect and numbered cor¬
respondingly.
Date Jan. 1 1918.
Int. J. & J.
Cert, check on an incor¬
to
porated bank or trust
bonds offered
bid for
company of N. Y. for
2% of the amount of bonds
Iowa
County,
EAST
SALE.—Recently
(P.
an
bonds has been
O. East Liverpool),
Columbiana County, Ohio .—BONDS TO BE OFFERED SHORTLY.—
The $75,000 school bonds voted at the election held Nov. 6—N.
105, p.
2022—will be offered for sale the first week in January, we are advised.
EAST ST. LOUIS, St. Clair
County, III.—BONDS NOT TO BE
ISSUED AT PRESENT.—The offering of the $250,000
street-improvement
and $370,000 sewer-improvement 6% bonds—V.
105, p. 1547—has been
deferred.
,
EATON
RAPIDS, Eaton County, Mich.—BONDS TO BE SOLD LO¬
CALLY.—The $30,000 water bonds voted at the election held
Dec. 3
(V. 105, p. 2382) will be sold locally.
ELM GROVE, Ohio County, W. Va.—BOND
OFFERING.—Proposals
will be received until Jan. 10 by Mayor G. W.
Campbell for $87,000 5%
34-year improvement bonds, it Is stated.
PASO
COUNTY
(P.
O. EI
Paso), Tex.—BOND ELECTION.—
Voters of this county will have submitted to them on Dec.
31, it is stated,
a proposition to issue $250,000
highway-impt. bonds.
ELYRIA, Lorain County, Ohio.—rBOND SALE.—An issue of $5,000
5% park bonds was recently purchased by the Sinking Fund Trustees.
ENGLEWOOD, Bergen County, N. J .—CORRECTION IN DATE OF
DELIVERY OF BONDS.—Our attention is called by the U. S.
Mortgage &
Trust Co., of New York, to a typographical error in the
"proposal for
bonds" sent out with the notice of the offering on Jan. 2 of the
$110,000
6% school bonds (V. 105, p. 2473).
The date on which the bidder agrees
to accept delivery of the bonds should not be Jan.
1 1918 but Jan. 10 1918,
and bidders are requested to. make this change in the
proposal.
EUGENE, Lane County, Ore.—BOND SALE.—Jesse G. Wells, of
Eugene, was awarded on Dec. 10 an issue of $5,200 city-Improvement
bonds at 103 and interest, it is stated.
FELLSMERE, St. Lucie County, Fla.—BOND SALE.—On Nov. 1
issue of $20,000 6% 20-year
electric-light bonds was awarded to the
G. B. Sawyers Co., of Jacksonville, at 98.
Denom. $1,000. Date July 15
1917.
Int. J. & J.
an
FERNDALE SCHOOL DISTRICT (P. O.
Ferndale), Bucks County,
Pa.—BOND SALE.—On Dec. 12 $12,000
5% school bonds were awarded
to Glover & McGregor and Geo. S.
Applegate', of Pittsburgh, for
equal to 104.016.
Denom.
Due Dec. 15 1947.
$12,482.
$1,000.
FRAMINGHAM, Middlesex
No bids
Dec. 27,
Date
Dec.
15
1917^
County, Mass.—NOTES
Int. J.
£c
D.
NOT SOLD.—
received, it is stated, for $7,800
4)4% notes offered on
dated Dec. 31 and maturing $1,000
yearly from 1918 to 1924,
inclusive, and $800 1925.
The City Treasurere will receive
bids, it is
stated, until 12 m. Dec. 31 for $20,000 434% town notes.
Date Jan. 1
1918.
Due $1,000 yearly from 1919 to 1938, inclusive.
were
FREDERICKSBURG, Wayne County, Ohio.—BONDS NOT SOLD.
—No award
offered
on
was
made of the $7,500
July 7.—V. 104, p. 2665.
5% 1-15-yr. serial street-lmpt. bonds
OFFERED
BY
BANKERS.—Bolger, Mosser & Willaman of Chicago are offering to In¬
vestors at par and int. $414,000
5% refunding (series "C") bonds.
De¬
nom. $1,000.
Date Nov. 1 1917.
Prin. and semi-ann. int. (M. &
N.)
payable at National City Bank, New York, or at City Treasurer's office.
PoV£?eaFly^^y,LaoS foIlows: $7,000 1918 to 1922 incl.; $8,000 1923 to
JHoZA1?'0,001932 incL: $15,000 1933 to 1937 incl.; $17,000
1938 to 1942 incl.; $24,000 1943 to 1946
incl.', and $23,000 1947.
The ap-
6roving legal opinionbonds
furnished.
of Chas. B. Wood of Wood & Oakley
The
acceptable at 90% of par
e
are
postal
savings
of Chicago will
security for
as
deposits.
Financial Statement.
Assessed valuation (1917)
Actual valuation (estimated)
Total
bonded
$42,138,646
75 000 000
debt
$5,921,566
♦Water and sewer bonds
+Grade raising bonds
Net bonded debt
Population
*
(officially
The net
'
'
'
$1,041,700
Sinking funds (exclusive of water,
and grade-raising )___
estimated)
1,120,600
288,031
2,449,731
.
3 471
7rq
'_51,000
derived from the
municipal water works and sewer
systems are more than sufficient to liquidate these bonds
(both principal
and interest)
at or before maturity.
t The State of Texas, by legislative enactment, has donated to the
City
of Galveston the State taxes collected
upon all property in Galveston
County up to Sept. 1 1928.
These taxes are specifically
pledged for pay¬
ing these grade-raising bonds and based upon present assessed
valuations
are
more
than
sufficient
principal and Interest.
to
be called
HAMILTON, Butler County, Ohio.—BONDS NOT SOLD.-&No bids
received for the $2,205 10 434% 10-year sanitary
sewer-improvement
on Dec. 24 (V. 105, p. 2290).
—No award
was
made of the
bonds offered
$9,800 434% 10-year highway improvement
on Dec. 17.
Using newspaper reports, we reported the sale
of these bonds to the First National Bank of Corydon at
par.
HARTFORD, Conn. v(Washington School District).—BIDS RE¬
JECTED.—Reports state that ail bids received for the $235,000 434%
school bonds offered on Dec. 27—V. 105, p. 2474—were rejected.
coupon
HARVARD, McHenry County, Ills.—BOND SALE.—The
$8,000
7-14-yr. serial impt. bonds offered on Oct. 29—V. 105, p. 1730—were
on that day to the Harvard Bank of Harvard.
awarded
HAWARDEN, Sioux County, Iowa .—BOND OFFERING.—T. J.
Reeves, City Clerk, will receive proposals until 8 p. m. Jan. 21 for $17,500
534 % city-hall bonds.
Denom. $500.
Date Nov. 1 1917.
Int. M. & N.
at First & Security Nat. Bank of Minneapolis.
Due yearly on Nov. 1 as
follows:
$2,500 1922, $500 1923, $1,000 1924, $500 1925. $1,000 1926,
$500 1927, $1,000 1928 to 1933, inch, $1,500 1934, $1,000 1935 and $1,50(5
in
1936 and 1937.
Certified check on some bank In Hawarden or some
national bank for $17,500 required.
Cashier's checks drawn on other insti¬
tutions will not be accepted as the bonds are lithographed,
printed and
ready for delivery to purchaser immediately.
The legality of these bonds
has been approved by Chas. B. Wood, of Wood & Oakley of
Chicago, and
his
opinion and a certified copy of the transcript of proceedings will be
furnished.
*
Financial Statement.
Actual assessed value of property.
$1,223,816
Assessed value of moneys and credits (not included in
foregoing
figures)
279,655
305,954
-
Taxable value of property
«.
Total bonded indebtedness (including this issue)
Cash on hand in various funds.
23,500
15,216
.
HILL COUNTY SCHOOL
DISTRICT NO. 56 (P. O. St.
Joseph),
Mont.—BONDS NOT SOLD.—No sale was made on Dec. 3.of the $3,0u0
10-20-year (opt.) coupon sehool-buiiding and equipment bonds offered
on
that date (V. 105, p. 1914), as it was discovered a mistake had been made in
the election notices.
Another election will be necessary before the bonds
can be sold.
'
HOBART,
Lake
County,
Ind.—BONDS
RE-AWARDED.—The
$15,000 6% electric-light bonds awarded on Aug. 13 to Breed, Elliott &
Harrison, of Indianapolis, at 100.033, but subsequently refused by them,
have been re-awarded to that firm at par less $200 for expenses
(V. 105, p.
1226).
,
.
HOMESTEAD SCHOOL DISTRICT (P. O. Homestead),
Allegheny
County, Pa.—BOND SALE.—On Dec. 19 the $165,000 434% coupon
bldg. bonds—V. 105, p. 2382—were awarded to Gladsborough & Hammond
at par
and int.
HOPEWELL,
Prince
George County, Va .—DESCRIPTION OF
$75,000 6% municipal-impt. bonds awarded to J. C.
Mayer & Co. of Cincinnati at par—V. 105, p. 2474—are in denomination
of $1,000, and dated Dec. 1 1917.
Int. J. & D.
Due Dec. 1 1947.
BONDS.—The
HOWELL, Livingston County, Mich.—BONDS VOTED.—By a vote
157 the question of issuing $39,000 street paving bonds carried
of 233 to
at an election held
Dec.
17, it is stated.
______
HOWELL
AND
MARION
FRACTIONAL
SCHOOL* DISTRICT
NO. 1 (P. O. Howell). Mich.—BONDS NOT YET SOLD.—The $100,000
434 % school bonds offered without success on June 6 (V. 104, p. 2368),
have not yet been disposed of.
'
HUBBARD
VILLAGE
SCHOOL
DISTRICT
(P.
O.
Hubbard),"
Trumbull County, Ohio.—NO ACTION YET TAKEN.—No action has
yet been taken looking towards the re-offering of the $150,000 5% coupon
school-Dullding bonds offered without
HUDSON
COUNTY
success on
July 16.—V. 115,
p.
307.
(P. O. Jersey City), N. J .—LOAN AUTHOR
I ZED.—On Dec. 22 the County Board of Freeholders authorized the Issu
ance of 4)4 % temporary loan bonds to the extent of $20,000 for the use o
the County Board of Health in taking care of soldiers suffering with con¬
tagious diseases that the
from Camp
army
authorities
are now
sending to Jersey City
Menjjitt.
HUNTINGTON
(Town), Suffolk County, N. Y.—BOND OFFERING
POSTPONED.—'The sale of $17,500 5% road bonds, which were to have
been offered yesterday (Dec. 28), has been postponed, owing to irregulari¬
ties in the proceedings.
Denoms. 17 for $1,000 and 1 for $500.
Date
Jan. 2 1918.
Int. J. & J.
Due part each year from 1930 to 1947 incl.
sewer
'
revenues
soon
_
5^yjFoST9.Nf Galveston County, Tex.-—BONDS
„
will
$125,000 deep-well bonds.
HARRISON COUNTY (P. O. Corydon), Ind.—BONDS NOT SOLD.
Wis.—BOND
LIVERPOOL SCHOOL DISTRICT
vote
were
payable to the Bd. of Trustees required.
DODGEVILLE,
Issue of $5,000 5% 5-10-year^.opt.
refunding water-works
sold.
Interest semi-annual.
EL
GUTHRIE, Logan County, Okla.—BOND ELECTION PROPOSED.—
It is likely, according to iocai papers, that an election
liquidate the balance of these bonds,
both
IGNACIO
SCHOOL
DISTRICT, Marin County,
OFFERING.—Sealed bids will be received until 2 p. m.
County Treasurer (P. O. Ignacio), for $7,000 5%
Denom. $350.
Date Dec.
15
1917.
Int. J. & D.
Calif.—BOND
Jan.
7
by the
school bonds.
Due $350 yearly for
coupon
20 years.
Certified check for 10% of the amount of bonds bid for, payable
to the County Treasurer, required.
This district has no bonded indebted¬
ness.
Assessed valuation, $216,000.
IMPERIAL
4
IRRIGATION DISTRICT (P. O. El Centro), Imperial
County, Calif.—BOND SALE.—On Dec. 17 the $1,500,000 5% canalsystem-improvement bonds—V. 105, p. 2199—were awarded to the
Dec. 29 1917.]
THE
CHRONICLE
Blankenhorn-Hunter Co. and the Anglo & London Paris Nat. Bank,
jointly, at 83.125, a basis of about 6.19%.
One other bid was received
from Blyth, Witter & Co., San Francisco, at 83.03.
Denom. SI,000.
Date July 1 1917. Int. J. & J. These bonds are
part of an issue of $2,500,000 voted May 26, of which $1,000,000 has already been sold.—V.
105, p.
1331. The SI,500,000 just disposed of matures yearly on July 1 as follows:
$19,000 1938 and 1939. $28,000 1940 and 1941. $37,000 1942 to 1945, incl.,
$47,000 1946 to 1949. incl., $57,000 1950 and 1951, $56,000 1952, $150,000
1953, $175,000 1954 and 1955 and $200,000 1956 and 1957.
I RONTON, Lawrence
County, Ohio.—BOND OFFERING.—Sealed
proposals will be received until 12 m. Jan. 15 by Percy W. Dean, City
Auditor, for $30,000 4%% 20-year coupon water-filtration-plant bonds.
Auth. Sec. 1259, Gen. Code.
Denom. $1,000.
Date Jan. 1 1918.
Int.
J. & J. at the office of the City Treasurer.
Certified check for 1 % of the
amount of bonds bid for, payable to the City of
Ironton, required.
Pur¬
chaser to pay accrued int.
Bonded debt (incl. this issue), Dec. 26 1917,
$973,900.
Tax rate (per $1,000), $15 20.
JACKSON, Jackson County, Mich.—BOND SALE.—On Dec. 17
issue of $70,000 4H% water-works-improvement bonds was awarded
an
to
Halsey, Stuart & Co., of Chicago, at
par and
.Other bidders were:
Detroit Trust Co., Detroit
Harris Trust & Savings Bank, Chicago
interest less $1,790 for
expenses.
Par less $2,110 for expenses
Par less
Par less
Par less
2,590 for expenses
Bolger, Mosser & Willaman, Chicago
2,775 for expenses
McCuen, Reynolds & Co., Jackson
3,427 for expenses
Denom. $1,000.
Date Dec. 15 1917.
Interest semi-annually at the
Union Bank, Jackson, or Liberty National Bank, New York.
Due $4,000
yearly on Dec. 15 from 1919 to 1928, inclusive, and $3,000 yearly on Dec. 15
from 1929 to 1938, inclusive.
Total bonded debt (including this issue),
_
§1,126,894. Sinking fund, debt. Water-works bonds (included in above),
No floating $45,071. Assessed valuation (real and per¬
145,875.
sonal)
1917, $41,861,040.
JOHNSTOWN SCHOOL DISTRICT
1924 to 1929, incl., $15,000 1930, $10,000 1931, $15,000 1932 to 1936, incl.,
$20,000 1937, $15,000 1938, $20,000 1939 to 1942. incl., $25,000 1943 to
1945, incl., and $15,000 1946.
Certified check for $500, payable to the
School
District, required.
Official circular states that there is no litigation
pending or threatened and that the district has never defaulted in the pay¬
of principal or interest of outstandin jgsecurities.
Total bonded
debt (incl. this issue), $976,000;
sinking fund, $141,649.
Assessed val.
1917, $54,161,220; real valuation (est.), $67,701,525.
These bonds were
offered without success on Dec. 171—V. 105, p. 2474.
ment
CONSOLIDATED
SCHOOL
NO.
DISTRICT
82
(P.
O.
Julian), Nemaha County.—BOND'ELECTION.— A special election has
been called for Jan.
sum
5, it is stated, for the purpose of voting bonds in the
of $15,000 to be used in
erecting a school building.
KENT, Portage County, Ohio.—BOND SALE.—An Issue of $6,000
street-improvement bonds was awarded on Sept. 1 to Rudolph
Kleybolte & Co. of Cincinnati at par and interest.
Denom. $500.
Date
5H%
Sept. 15 1917.
Int. M. & S.
1926, inclusive.
Due $1,500 yearly on Sept. 15 from 1923
to
Miami
County,
Ohio .—BOND
OFFERING.—Sealed
bids
will be received until 1 p. m. Feb. 4
by J. Edwin Jay, Village Clerk (P. O.
West Milton), for $58,000 5% bonds.
Int. semi-ann.
Due Dec. 1 1928.
MOLINE, Rock Island County, 111.—NO ACTION YET TAKEN.—
C. V, Johnson, City Clerk, advises us that no action has
yet been taken
looking towards the calling of the election to vote on the question of issu¬
ing the $25,000 Browning field impt. bonds.—V. 105, p. 95.
MONDOVI, Buffalo County, Wise.—BONDS NOT ISSUED.—The
$40,000 5% coupon street impt. bonds authorized some time ago
by the
Common Council
(V. 104, p. 682) have not been issued.
Date Mar.
1 1917.
Prin. and annual int.
(Mar. 1), payable at the City Treas.
office.
The
bonds
are
in
the
denoms.
and
due
Mar.
on
1
as
follows:
$1,000, 1918; $1,100, 1919; $1,200, 1920; $1,300, 1921; $1,400, 1922;
$1,500, 1923; $1,600, 1924; $1,700, 1925; $1,800, 1926; $1,900, 1927;
$2,000, 1928; $2,100, 1929; $2,200, 1930; $2,300, 1931; $2,400, 1932;
$2,500, 1933; $2,600, 1934; $2,700, 1935; $2,800, 1936, and $3,900, 1937.
Bonded debt, including this issue, $48,200.
Assess, vai. 1916 $1,004,309.
H. B. Pace is City Clerk.
MONROE COUNTY (P. O. Key
West), Fla.—BOND
Sealed bids will be received by D. Z. Flier, Clerk of
County
until 7:30 p. m.
OFFERING.—
Commissioners,
Jan. 23 for $100,000 5% 30-year road bonds, it is stated.
Certified check for 5% required.
.
/
MONROE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Bellefontaine), Ohio.—NO ACTION YET TAKEN.—S. O. Green, Clerk Bd.
Of Education, advises us that no action has yet been taken
looking towards
the issuance of the $45,000 school bonds voted on Nov. 6.—V.
105,
p.
2113.
NEHAWKA SCHOOL DISTRICT (P. O. Nehawka), Cass
County,
Neb .—BOND SALE.—An issue of $10,000 school
bonds, recently au¬
thorized, has been sold.
(P. O. Johnstown), Cambria
County, Pa.—BOND OFFERING.—Bids will be received until 8 p. m.
Jan. 21 by Chas. H. Meyer, Secretary of School Board, for $400,000 4tH
%
coupon school-impt. bonds.
Denom. $1,000.
Date Jan„ 1 1918.
Int.
J. & J.
Due on Jan. 1 as follows$35,000 1923, $10,000 yearly frojm
JULIAN
MILTON,
2563
NEILLSVILLE, Clark County, Wise .—BONDS NOT YET ISSUED.—
The $20,000 filtration bonds mentioned in V. 105, p.
1227, have not yet
been issued, we are advised, but bonds for about $3,000
be floated
may
early in January for
a new
centrifugal pump.
NEWARK, N. J.—BONDS AUTHORIZED.—On Dec. 20 the City
Commission authorized the issuance, it is stated, of $15,000 poor and alms
department, $20,000 street-cleaning and $15,000 garbage-deficiency bonds.
NEWARK, Licking County,
be received until 12
5%
m.
Ohio.—BOND OFFERING.—Bids will
Jan. 21 by A. Nelson Dodd, City Aud.for $11,000
motor fire apparatus bonds.
Denom.
$1,000.
Date Oct.
1 1924.
Cert, check for 2% of the amount of bonds bid for
payable to the
City Treas. required.
Bonds to be delivered and paid for within 15 days
from time
of award.
Purchaser to pay accrued int.
coupon
NEW BOSTON (P. O. Portsmouth), Scioto
County, Ohio.—BOND
OFFERINGS.—'Thos. D. O'Neal, Village Clerk, will receive bids until
12 m. Jan. 19 for $7,000 5% coupon street-impt. bonds.
Denom. $500.
Date Jan. 1 1918.
Int. J. & J.
Certified check on some solvent bank
for 2% of the amount of bonds bid for required.
Bids Will also be received until 12 m. Jan. 29 by Thos. D.
O'Neal, Village
Clerk, for the following 5% bonds:
Date July 1 1917.
Int. J. & J.
Due $3,000
July 1 1938 and $3,500 July 1 1942.
10,000 sewer-system bonds.
Date June 1 1918.
Int. J. &
D. 1 Due
$2,500 yearly on June 1 from 1932 to 1935, incl.
Certified check on some solvent bank for 2 % of the amount of bonds bid
for required.
$6,500 water-system bonds.
'
KESWICK SCHOOL DISTRICT (P. O. Keswick), Keokuk County,
la.—BOND SALE.—The $35,000 5% school-bldg. and equip, bonds men¬
tioned in V. 104, p. 1725 were awarded to the Central Trust Co. of Des
Moines.
Due part each year from 1919 to 1937 incl.
These bonds
carried at an election held May 3 by a vote of 95 to 41.
LAC QUI PARLE COUNTY (P. O. Madison), Minn.—BONDS AU¬
THORIZED.—The Board of County Supervisors recently authorized the
issuance of $27,500 5% coupon Ditch No. 44 bonds.
Denom. $1,000.
Date Jan. 1 1918.
Prin. and semi-ann. int.—J. & J.—payable at Minneap¬
olis Trust Co. of Minneapolis.
Due yearly on Jan. 1 as follows: $500
1924,
$1,000 1925, and $2,000 from 1926 to 1938, incl.
LA FOURCHE BASIN LEVEE DISTRICT
(P. O. Donaldsonville),
La.—BONDS NOT SOLD.—The $150,000 5% 5-10-year (serial) gold bonds
offered on Feb. 27 last (V. 104, p. 380), have not been sold.
C. C. Weber
Is Secretary of Board of Commissioners.
LAKE HATTIE TOWNSHIP,
Hubbard County,
Minn.—BOND
OFFERING.—J. S. Horner, Town Clerk (P. O. Fernhill), will receive
pro¬
posals up to and including Jan. 10 for $3,000 bonds.
LAKELAND, Polk County, Fla.—BOND OFFERING.—Bids will be
received, it is stated, until 1:30 p. m. Jan. 2 by John F. Cox, Mayor, for
$200,000 6% 1-10-yr. serial impt. bonds.
Cert, check for $1,000 required.
.
NEW BOSTON VILLAGE SCHOOL DISTRICT (P. O.
Portsmouth),
Scioto County, Ohio.—BOND SALE.—The $25,000 5% school-building
on Oct. 29—V.
105, p. 1333—have been awarded to the
Kauffman-Smith-Emert Investment Co. of Sc. Louis at 101.032.
bonds offered
NEWPORT
MESA, Calif.—BONDS PROPOSED.—Dispatches state
that a movement is on foot among citizens of this place to vote $50,000
bonds for the purpose of putting down a well and establishing a water
sys¬
tem.
NIAGARA, Marinette County, Wise .—NO ACTION YET TAKEN.—
No action has yet been taken looking towards the issuance of the $35,000
bonds voted on Aug. 30 last.—V. 105,
p. 1124.
water-works and sewerage-system
NOLAN COUNTY (P. O. Sweetwater), Tex.—BOND OFFERING.—
J.
H,
Cochran
Jr., County Judge, will receive sealed bids, it is stated,
until Jan. 14 for $100;000 5% road bonds.
NO. 6
TOWNSHIP, Edgecombe County, No. Caro.—BOND SALE.—
LANESBORO SCHOOL DISTRICT (P. O. Laneaboro), Fillmore
County, Minn.—BOND SALE.—The $30,000 4% high and grade-school-
to A. J. Hood &
building bonds voted at the election held June 28—V. 105, p. 201—were
awarded on July 1 to the State of Minnesota.
Denom. $6,000.
Date
July 1 1917.
Intereat ann. in July.
Due $6,000 yearly on July 1 from
1933 to 1937, inclusive.
FERING.—Further details are at hand relative to the offering on Jan. 7
of the following 6% coupon or registered (purchaser's option) bonds—
LE
ROY
TOWNSHIP
COUNTY
SCHOOL
DISTRICT
NO.
118,
Wash.—BOND
SALE.-r-On Dec. 15 the State of Washington was awarded $5,000
refunding
bonds at par for 5% bonds.
Keeler Bros., of Denver, offered a premium
of $15 for bonds bearing 6% interest.
LITTLE FALLS,
Herkimer County, N. Y.—BONDS AUTHORIZED.
—The City Council recently authorized the issuance of $25,000
5% coupon
registered (at option of holder) bonds to be devoted to paying the ex¬
or
pense of completing, furnishing and decorating the
Auth. election held on Nov. 6 1917 and Section
80,
municipal building.
Chap. 565, Laws of
1895, and Acts amendatory threeof.
Denom. $1,000.
Int. J. & J.
Diie June 1,1926.
Charles Byron Is
Date Jan. 1 1918.
City Clerk.
LOWELLVILLE,
Vil.
on
some
Mahoning County for $300, payable to the
Bonds to be delivered and paid for within 10 days
MADISON, Morris County, N. J.—BID.—The only bid received for
4Y-i% grade-crossing-impt. bonds offered on Dec. 26—V. 105,
2475—was that of Arthur Curtiss James, who offered par and interest
the $114,000
for $25,000 of bonds.
MADISON COUNTY (P. O. Anderson), Ind.—BONDS NOT SOLD.—
No award was made of the two issues of 4M% road bonds,
aggregating
$9,200, which were offered on Oct. 30.—V. 105, p. 1637.
MADISON COUNTY
(P. O. Marshall), No. Caro.—NO BONDS
AUTHORIZED.—We are advised that there is truth in the reports that
this county has authorized the issuance of $100,000 road bonds.
MASSENA (Town), St. Lawrence County, N. Y.—BOND SALE.—
On Dec. 15 the $75,000 5 %
2-26-yr. serial coupon bridge bonds—V. 105,
p. 2383—were awarded to H. A. Kahler*& Co. of N. Y. at 100.16 and int.
Geo. B. Gibbons & Co. of New York
bkrT00.096.
County,
No.
,
r
MIDLAND, Midland County, Mich.—BONDS DEFEATED.—The
question of Issuing $100,000 various impt. bonds failed to carry at the
election held July 23.—V. 104, p. 2036.
MILAN,
Sullivan County, Mo.—BONDS VOTED.—According to
proposition to issue $13,000 funding bonds carried at an election
11.
Caro.—BQND
OF¬
Assessed
valuation,
Estimated
-
1917—-
—«.—,--$1,420,800
3,500,000
281,000
116,000
3,000
valuation
Total bonded debt, including these issues
Water and light bonds (included above)
Population 1910, 1,902; 1917 (est.)
NORTH
YAKIMA
SCHOOL
— -
DISTRICT
(P. O. North Yakima),
ELECTION.—Reports state that an
election will be held to-day (Dec. 29) to vote on the question of issuing
the $75,000 school-building bonds.—V. 105, p. 2384.
Yakima
County,
NORWICH,
Wash .—BOND
Chenango
County,
N.
Y.—BIDS.—The
other bids
Dec. 20 to
received for the $12,000 5% appropriation bonds awarded on
the City of Norwich at 101.25-—V. 105, p. 2475—were:
H. A. Kahler & Co., N. Y—101.20 IFarson Son & Co., N. Y
Isaac W. Sherrill & Co., Pou.-100.821
—100.00
.
4
ORANGE, Orange County, Tex.—BOND ELECTION.—An election,
will be held, it is stated, to vote on the question of issuing $100,000 school
and $25,000 street-improvement bonds.
INDEPENDENT SCHOOL DISTRICT (P.
O. Oska-
loosa), Mahaska County, Iowa.—BOND SALE.—On Dec. 20 the $55,000
5% coupon tax-free building bonds—V. 105, p. 2384—were awarded to
Halsey, Stuart & Co. of Chicago for $55,635—101.154—accrued interest
and blank bonds.
Other bidders were:
Taylor, Evart & Co. and McCoy & Co., Chicago
Geo. M. Bechtel & Co., Davenport-
$55,630
-
C. Ed. Bern an
Due $5,000
*.
—-
55,255
55,000
yearly from 1928 to 1938, inclusive.
DRAINAGE DISTRICT, Ky.—BOND SALE.—
the McWilliams Northern Dredging Co. of Chicago
awarded on Dec. 19 an issue of $624,000 6%
1-10-year serial bonds.
This company was recently awarded the contract
for straightening Panther Creek in Daviess County and it is estimated the
work will cost $624,000.
The bonds, it is said, are Issued under the
drainage law of Kentucky and are being paid by the owners of the land
PANTHER CREEK
MELROSE,
Middlesex
County,
Mass.—TEMPORARY LOAN.—
Reports state that a temporary loan of $60,000, issued in anticipation of
revenue and maturing July 10
1918, was awarded on Dec. 27 to the Wildey
Savings Bank of Boston at 5.10% discount.
reports a
hdid Dec.
Wilkes
105, p. 2475.
$60,000 street-impt. bonds.
Due $3,000 yearly on Jan. 1 from 1919 to
1922, incl., and $4,000 yearly from 1923 to 1934, incl.
95,000 funding bonds.
Due $4,000 yearly on Jan. 1 from 1919 to 1928,
inch, and $5,000 yearly on Jan. 1 from 1929 to 1939, incl.
Proposals for these bonds will be received until 4 p. m. on that day by
E. L. Hart, Mayor.
Denom. $1,000.
Date Jan. 1 1918.
Prin. and
semi-ann. int. payable at the Hanover Nat. Bank, N. Y.
Certified check
on an incorporated bank or trust company for"2% of the amount of bonds
bid for, payable to tbe Town Treasurer, required.
The bonds will be pre¬
pared under the supervision of the U. 8. Mtge. & Trust Co. of N. Y., who
will certify as to the genuineness of the signatures of the
town^officials and
the seal impressed thereon.
Their legality will be approved vby Reed,
McCook & Hoyt of N. Y., whose opinion will be furnished purchaser.
Purchaser to pay accrued interest.
\
OSKALOOSA
MARION COUNTY (P. O.
the $75,000 6% Dunnellon
Ocala), Fla.—BOND SALE.—On Dec.
Special Road & Bridge Dist. road and
bridge-construction bonds, dated Jan. 1 1918—V. 105, p. 2199 were awarded
to
the
Robinson-Humphrey-Wardlaw Co. of Atlanta for $71,437 50
(92.25) and int.
18
WILKESBORO,
solvent bank in
Treas., required.
from time of award.
p.
NORTH
road bonds (V. 105, p. 2200), were awarded
Co., of Detroit, at 102.31 and expenses.
Financial Statement.
Mahoning County, Ohio.—BOND OFFERING.—
Sealed proposals will be received until 12 m. Jan. 15
by John F. Lash,
Vil. Clerk, for $14,500 5%
% water-works system bonds.
Auth. Sec.
3912, Gen. Code.
Denom. $500.
Date Feb. 15 1918.
Int. J. & J.
Due $500 each six months from Jan. 15 1921 to Jan. 15 1935 incl.
Cert,
check
12 the $10,000 6%
V.
(P. O. Le Roy), Osceola County, Mich.—
BOND SALE.—The $13,000 5% highway improvement bonds
(V. 104, p.
2667) were awarded in June last to the Le Roy Exchange Bank at par.
LEWIS
On Dec.
„
Reports 6tate that
and Memphis, Tenn., were
benefited.
The
1
__
^ASCAGOULA, Jackson
County, Miss.—BONDS AUTHORIZED.—
City Council recently received authority from the voters to issue
$40,000 bonds, it is stated, to purchase the Pascagoula River front from
the International Shipbuilding po. yard to the mouth of the river.
.
2564:
THE
PAULDING,
Paulding
County,
-BOND
Ohio.
SALE
CHRONICLE
YET
NOT
CONSUMMATED.—The sale of the $3,350 5% refunding bonds offered
on Oct. 27—V. 105, p. 1440—has not been consummated.
PAULS VALLEY, Garvin County, Okla—BOND ELECTION.—'The
City Council has adopted a resolution, it is stated, authorizing a special
election at which will be submitted a proposition to issue $15,000 com¬
munity-house and auditorium bonds.
PAULS VALLEY SCHOOL DISTRICT (P. O. Pauls
County, Okla.—BONDS PROPOSED.—Plans
for
a
$50,000 bond Issue for the erection of
PAWHUSKA, Osage
a
are
Valley), Garvin
being made, it is stated
high-school building.
that there is no controversy or litigation pending or threatened
concerning
the validity of these bonds, the corporate existence of boundaries of the
municipality,
or the title of the present
officers to their respective offices.
Financial Statement.
The total Indebtedness of said city, month ending
Aug. 31 1917, $364,-
862 67, less bonds in sinking fund, $35,500, and cash in
depository, $43,015 29.
True value (est.) of ail taxable property in municipality
$10,000,000 00
Assessed
for
valuation of real and personal property, equalized
1917
———
Total bonded debt, including this issue
County, Okla.—BOND SALE.—A. J. McMahan
of Oklahoma City was awarded on
Sept. 28 $75,000 6% 5-25-yr. (opt.)
bonds for $75,550, equal to 100.733.
Denom. $1,000.
Int. M. & N.
gas
[Vol. 105.
PIQUA. Miami County, Ohio.—BONDS NOT SOLD.—No award was
made of the four Issues or street-improvement, sidewalk and sewer
bonds,
aggregating $304,870,.offered on Dec. 22.—V. 105, p. 2476.
Floating debt,
other debt in addition to bonded debt
or
Amount bonds outstanding issued by municipality for water
works, included In above
i
Interest and sinking fund
6,638,575 00
376,000 00
38,862 67
*
-
1,000 00
78,515 29
Value of property owned by municipality
742,017 33
The floating debt will be paid by Feb. 1 1918 from 1917 taxes.
Popula¬
tion: U. 8. Census, 1910, 9,790; 1917 (estimated), 12,640.
PORTER
COUNTY (P. O. Valparaiso), Ind.—BONDS NOT YET
highway-improvement bonds offered without
Aug. 28 (V. 105, p. 928) have not yet been disposed of.,
SOLD.—The $15,200 4K%
success
on
PORT
OF
SEATTLE
(P. O.
Seattle),
Wash.—BOND OFFERING
WITHDRAWN.—We are advised that the proposed issue of
$175,000
bonds for the enlargement of Bell St.Wharf (Central Waterfront
Improve¬
ment No. 1), while officially advertised on the election notices, was not in
fact placed upon the ballot.
The Commissioners withdrew the proposal
for two reasons: 1. Because of the fact that the U. S. Depot Quartermaster
had declined to indicate whether he would use any of the facilities if built.
2. The adverse attitude of people of Seattle and King County toward
any
more bond issues.
POWESHIEK COUNTY (P. O. Montezuma), Iowa.—BOND OFFER¬
ING.—W. C. McKee, County Auditor, will receive proposals until 1
p. m.
Jan.
4
for
$80,000
(interest bid)
funding
bonds.
Cert,
check
for
required.
PRESTON,
Keeler
sewer
Bros.,
2%
Franklin County, Ida.—BOND SALE.—On Nov. 20
of Denver, were awarded $30,000 5% 10-20-year (opt.)
bonds at par and int.
Denom. $1,000.
Date Dec.
1
Int.
1917.
J. & J.
PRINEVILLE,
Crook
County, Oregon.—BONDS VOTED.—The
question of Issuing $80,000 to $100,000 6% 2-20-yr. (opt.) railway com¬
pletion bonds carried at an election held Dec. 10.
V
'
■
RIVERSIDE CONSOLIDATED SCHOOL
DISTRICT, Washington
County, Miss.—BOND SALE.—Bumpus & Co. of Detroit were awarded
by the Board of County Supervisors on Dec. 3, the $15,000 bonds offered
that date—V. 105,
p.
2l 13—for $15,015 (100.10) accrued int. and
blank bonds for 5Ms.
Due on Oct. 1 as follows: $7,400 1919, $8,000
1920, $7,500 1921, $12,000 1922, $3,500 1923 and
$8,000 froni 1924 to
on
1928 ind.
*
■
SALINEVILLE,
County,
Ohio.—BONDS VOTED.—
heat and power bonds carried, it
SANDERS
COUNTY
(P. OT Thompson Falls), Mont .—BONDS
AUTHORIZED.—^Resolutions providing for the issuance of $10,000 Sanders
and Paradise and $3,000 Kalispell road bonds were
passed by the Board of
Commrs. on Dec. 4.
SEATTLE,
issues
the City
Wash.—BOND SALE.—During November the following
and 7% bonds, aggregating $22,058 74, were issued
by
of 6
of Seattle:
Dist.
Rate.
Purpose.
6%
Paving
Paving
Paving
Condemnation
7
All the above bom
-
Date.
Nov.
8 1917
Nov.
8 1917
Nov. 19 1917
Nov. 24 1917
H
.
Interest annually.
are
Due.
Nov.
8 1929
Nov.
8 1929
Nov. 19 1929
Nov. 24 1929
subject to call
on
in-
any
terest-paying date.
BONDS RECOMMENDED.-r-Local papers state that
Utilities and Finance Committee recommended for
on
Dec.
13 the
passage a bill direct¬
ing the City Comptroller to call for bids on $500,000 of
issue of $3,700,000 water utility bonds (V. 105, p. 416).
PROPOSED
HYDRO-ELECTRIC PLANT
authorized
an
BOND
ISSUE.—It was also
stated in local papers that an ordinance authorizing the Board of Works
to call
for bids for a completed hydro-electric plant,
together with a
transmission
line and sub-station
$5,000,000 bond issue,
Council
on
Dec.
21
was
and
was
in
the
city
limits, and providing for a
special meeting of the City
passed at the regular meeting
The Council originally authorized
introduced at
to have been
the
a
following Monday (Dec. 24)
a $3,000,000 issue (V. 105,
p. 416), but this did not include, it is said, the
cost of the proposed substation.
It is proposed to increase the rate of
interest from 5 to 6%.
on
.
SELMA, Fresno County, Calif.—BONDS NOT SOLD—RE-OFFERED.
—No bids were received for the $10,700 5% gold
coupon tax-free park-sitepurchase bonds offered on Dec. 17—V. 105, p. 2292.
The City Clerk
advises us that the bonds are being re-advertised.
SHAWANA
BE
p.
COUNTY
(P.
O.
ISSUED.—The
2095, will
noo
.
TIPPECANOE COUNTY (P. O. Lafayette), Ind.—BOND OFFERING.
11 by Harry G. Leslie, County
Treasurer, for the following 4H% road bonds:
$8,600 Frank Mann et al road bonds of Shelby Twp.
Denom. $430.
7,400 J. H. Lightle et al road bonds of Shelby Twp.
Denom. $370.
Int. M. & N.
Due one bond each six months from May 15 1919 to
Nov. 15 1928, inclusive.
—Bids will be received until 2 p. m. Jan.
WALTHAM, Middlesex County, Mass .—TEMPORARY LOAN.—On
Dec. 27 a temporary loan of $65,000, issued in anticipation of revenue and
maturing April 10 1918, was awarded, it is stated, to R. L. Day & Co., of
Boston, at 4.88% discount.
WARREN COUNTY (P. O. Warren), Pa .—NO ACTION YET TAKEN
—No action has yet been taken looking towards the issuance of the
$300,000
road bonds mentioned in V. 104, p. 2669.
WASHINGTON PARISH (P. O. Franklinton), La.—NO ELECTION
YET HELD.—No election has yet been called to vote on the
question of
issuing the road bonds mentioned in V. 104, p. 1521.
WEBSTER COUNTY (P. O. Walthall), Miss.—BONDS DEFEATED.
'■—We just learn that the proposition to issue the $50,000
5% Supervisor's^
Dist. No. 1 and $4,000 5% Supervisor's Dist. No. 2
road-impt. bonds
(V. 104, p. 2575) failed to carry at the August election.
Chancery Clerk.
is
WELLESLEY,
Reports state that
June 26
1918,
Shawano),
$500,000 road system
be issued.
L. D. Hemphill
Norfolk
County, Mass .—TEMPORARY LOAN.—
temporary loan of $5,000, dated Dec. 25 and maturing
awarded to the Old Colony Trust Co., of Boston, at
a
was
■
—
-
WHITESBORO SCHOOL DISTRICT
(P. O. Whitesboro), Oneida
County, N. Y.—BONDS DEFEATED.—On Nov. 19 the question of issuing
$100,000 5% school bonds was defeated by a vote of 94 "for" to 167
"against."
„
WILMINGTON,
New Hanover County, No. Caro.—BONDS NOT
SOLD—TO BE SOLD PRIVATELY.—No bids were received for the two
issues of 5% gold coupon bonds offered on Dec. 19 (V. 105, p. 2386).' A
private sale of the bonds has been authorized.
Bonded debt (excluding
this issue) Dec. 1 1917, $1,869,400: floating debt,
$75,000; sinking fund,
$91,000.
Assessed valuatiin, $17,577,636; total tax rate (per
$1,000),
$29 50.
Int.
No.
Amount.
3,018—
$611 25
3.057— 8,754 54
3,062- 2,586 74
3,098—10,106 21
Seneca County, Ohio.—BOND SALE.—On Dec. 1 three
bonds, aggregating $9,175, were purchased by the Sinking
4.91% discount.
Columbiana
The issuance of $25,000 electricjight,
is seated, at a recent election.
four
TIFFIN,
Issues of 5%
Fund.
Wis.—BONDS NOT
bonds mentioned In
V.
TO
103,
WILLSHIRE, Van Wert County, Ohio.—BOND SALE.—The $23,000
5% street bonds offered on July 2 (V. 104, p. 2670), have been disposed of.
WILSON,
Wilson County,
bids will
No.
Caro.—BOND OFFERING.—Sealed
by Theo. A. Hinnant, Clerk
5K% gold bonds:
bonds.
Due Jan. 1 as follows: $10,000
be received until 8 p. rq. Jan. 7
of Commissioners, for the following
Board
$32,000 sidewalk improvement
1919, $12,000 1920 and $10,000 1921.
*
50,000 water-extension bonds.
Due on Jan. 1 as follows: $1,500
yearly
from 1920 to 1935, inclusive, and $2,000
yearly from 1936 to 1948,
inclusive.
Denom. $1,000.
»
Date Jan. 1 1918.
Principal and semi-annual interest
(J. & J.) payable in New York.
Certified check (or cash) upon an incor¬
or trust company for 2% of amount of bonds, payable to
W. E. Warren, Town Treasurer, required.
Legality of bonds will be ap¬
porated bank
proved by Caldwell & Masslich, N. Y. City, whose favorable opinion
company.
No interest will be allowed on the certified check of
deposit.
The right is
reserved to reject any and all bids.
Bonds will be dehvered in New York
City on Jan. 17 1918.
These bonds were previously offered for sale on
March 9 (V. 104, p. 884).
Financial Statement.
Estimated value of taxable property
$15,000,000
Assessed valuation of taxable property, 1917
6,566,753
Total bonded indebtedness of Town of Wilson
(including these
issues)
•___
Fairfield County, Conn.—BOND SALE.—We are ad¬
vised that $84,000 funding, $22,000 bridge and
$9,000 road 4H% coupon
bonds were awarded in July to a local bank at
par and interest.
Denom.
$1,000.
Date July 1 1917.
Int. J. & J.
Due part of each issue yearly
Total floating debt including revenue notes, but not
including
notes issued in anticipation of the sale of the above offered
sidewalk bonds
SHERRILL, Oneida County, N. Y.—BOND OFFERING.—Bids will
until 12 m. Jan. 10 by Chas. H.
Goodwin, City Clerk, for
Bonds for public utilities owned by the Town of Wilson whose
income has been sufficient for maintenance, interest
SHELTON,
from
Total bonded debt of Wilson Graded School District
;
784,000
67,000
65,000
1918 to 1940, inclusive.
be received
$747 30 5%
Date
cess
will
be furnished to purchasers without charge.
The bonds will be prepared
under the supervision of the U. S. Mtge. & Trust Co., N. Y.
City, who
will certify as to the genuineness of the signatures of the officials
signing
the bonds and the seal impressed thereon.
Bids must be on blank forms
which will be furnished by the Town Clerk or the above trust
10-year sanitary sewer-construction bonds.
Nqv. 1 1917.
Dec, 18.
Int. J. & D.
These bonds
were
Denom. $74 73.
offered without suc¬
ments
and
Water
on
sinking fund:
bonds
Light bonds
Gas plant bonds
Outstanding street
SOUTH
DAKOTA (State of).—RURAL CREDIT BOND
SALE.—In
our editorial columns this week reference is
made to the recent sale
by the
State of South Dakota of $1,000,000 rural credit bonds in
accordance with
an Act passed by the 1917
Legislature.
$204,500
111,500
75,000
j.
and sidewalk improvement
bonds®7 for which sufficient assessments have
been levied to insure payment of interest and
principal
:
Revenue notes made payable from current revenue
Sinking funds for bonds other than water, light,
gas, street and sidewalk improvement bonds
*
SOUTH ST. PAUL, Dakota County, Minn.—BONDS
of 602 to 181 the question of
issuing $100,000
vote
VOTED.-—By
a
street-paving bonds
carried, it is Stated, at,the election held Dec. 18.—V. 105,
p. 2384.
SPRING LAKE TOWNSHIP (P. O.
Spring Lake), Ottawa County,
Mich.-^-BOND SALE.—An issue of $3,600 bonds was
recently purchased
by the Spring Lake State Bank, of Spring Lake, as a permanent investment.
STARK COUNTY
No bids
were
(P. O. Canton), Ohio.—BONDS NOT SOLD.—
received for the eight issues of
5% road bonds, aggregating
$257,000. offered
on
»«gregaimg
Dec. 24 (V. 105, p. 2476).
STILLWATER (P. O.
Mechanicsville), Sara'tbga. County,
BONDS DEFEATED.—The question of
issuing
failed to carry at an election held Nov. 6.
$6?000
N. Y.—
town-hall
bonds
STILLWATER COUNTY SCHOOL DISTRICT
NO. 4 (P. O. Reed
BOND SALE.—The State of Montana was
awarded
Point), Mont.
Dec. 8, $1,200 6% 5-20-year (opt.)
$200.
on
school-buiiding bonds
at par.
BOND
SALE.—During the
month
of November
"I? foll<££lng
improvement bonds, aggregating $3,829 25
$1,832 30 DLst. No. 977 grading bonds.
Date Nov. 9 1917.
Due Nov
9 1922, subject to call at
any int. paying period.
445 75 Dist. No. 1138 sewer bonds.
Date Nov. 9
1917.
period.
National
Bank, Texarkana.
The official circular stated that
there has
been any defatxlt or compromise in the
payment of any of the munici8 obligations, no previous issues of bonds have been
contested,
I
±1
621,000
$295,000
the Town of Wilson.,
The present town tax rate is $1 per $100.
tion (1910 Census), 6,717; present population
Popula¬
(police census), 10,105.,
WINNEBAGO
COUNTY
(P.
O.
Rockford), III.—BONDS NOT TO
BE OFFERED AT PRESENT.—The $145,000
5% 5-year road-improvement
bonds voted on Oct. 30 (V. 105, p. 1823), will not be offered until the
latter part of February next.
Denom. $580.
Trimian Johnson is County
Clerk.
WOOD COUNTY (P. O. Bowling Green), Ohio .—BOND SALE.—
The $70,000 5 % 2 5-6-year average road bonds offered on
July 2 (V. 104,
2670) were awarded on that day to Hayden, Miller & Co., of Cleveland,
100.06.
Denom. $1,000.
Date July 16 1917.
Int. M. & S.
Due
$7,000 yearly from March 1 1918 to Sept. 1 1922, inclusive.
p.
at
be
WORCESTER, Worcester County, Mass.—NOTES NOT ISSUED.—
newspaper reports, we stated in V. 105, p. 2386, that bids would
received
revenue.
.
ing deposit of postal savings funds
Wilson Graded School District, referred to above, is the
only civil divi¬
sion whose territorial limits are approximately coterminous with those of
Using
28 1917
TEXARKANA, Bowie County, Tex.—i-BOND OFFERING
—W
J
De Fee, City Secretary, will receive
proposals until 7:30 p. m. Jan. 15 for
the $50,000 5% 10-30-year (opt.)
sewage-disposal-plant bonds voted Sept. 17
last (V. 105, p. 1334)
Denom. $1,000.
Date Oct. 1 1917.
Interest pay¬
able semi-annually at Seaboard National
Bank, New York or Texarkana
never
10,000
Total of deductions
^
Net funded indebtedness, computed under regulations
govern¬
Due Nov.
9 1922, subject to call at
any int. paying period.
1,551 20 Dist. No. 745 grading and sidewalk bonds.
Date Nov
Due Nov. 28 1922, subject to call at
any int. paying
pality
170,000
50,000
Denom.
Interest semi-annual.
TACOMA, WASH.
$916,000
pay¬
or
until Dec. 22 for $200,000 notes issued in
anticipation of
H. C. Smith, City Treasurer, now advises us that this
report is
erroneous.
TEMPORARY LOAN.—Reports state that a temporary loan of $300,000
issued in anticipation of revenue and maturing April 18 1918, was awarded
on Dec. 27 to the Park Trust
Co., of Worcester, at 4.85% discount.
YORK
TOWNSHIP,
Belmont
County,
Ohio.—BOND SALE.—An
Issue of $20,000 5% road-improvement bonds was awarded on June 25 to
Farmers & Merchants National Bank of Bellaire.
Denom. $1,000.
Date June 1 1917.
Int. M. & S.
Due March 1 1927.
the
DEC. 291917.]
CANADA,
its
THE
Provinces
and
CHRONICLE
Municipalities.
BARTON TOWNSHIP, Ont.—DEBENTURE ELECTION.—An elecJan. 7, it is stated, to vote on the
question of issuing
$55,000 electric-system debentures.
VetOTara^A^Kon° b6 0Wned by tbe city
tlon will be held
-
BRANTFORD, Ont.—DEBENTURE ELECTION.—Local
that
election will be held Jan. 7 to vote
an
on
2565
the question of
grade-crossing-improvement debentures.
RAMA
TOWNSHIP,
but rented t0 the Great War
Sask.—DEBENTURE
ELECTION.—Reports
state that an election will be held Jan. 7 to vote on the question of
issuing
$2,500 debentures as an endowment fund for the
Orillia Soldiers' Memorial
Hospital.
.
papers state
issuing $40,000
o»,-r^*Yr-„r»*r
FERGUS, Ont.—DEBENTURE ELECTION.—Local
election will be held Jan. 7 to vote
bonus debentures.
an
on
SASKATCHEWAN SCHOOL
DISTRICTS.—DEBENTURE SALES.—
The following 4 issues of debentures,
aggregating $5,265, issued by various
school districts in the Province of Saskatchewan are
reported by the Local
Government Board as having been sold from
Dec. 10 to Dec. 14: $1,000
that
papers state
the question or issuing $10,000
GRIMSBY, Ont.—-DEBENTURE- ELECTION.—An election will be
held Jan. 7 to vote on the
question ofissuing $3,500 debentures, it is stated,
for the purchase of the
property ofthe Grimsby Recreation Co., Ltd.. for a
f6cr62it)ioii
^J^N^^S^to^^a^bhc^SrS^inWn^FnTJi^fRlV
?q
ogee
KINCARDINE, Ont .—DEBENTURE
election will be held Jan. 7 to vote
an
road
an£ bridge debentures.
ELEC TI ON.—Reports state that
on the question of
issuing $17,000
John H. Scougall is Town Clerk.
ORENFOLL,
Sask .—DEBENTURE
SALE.—An
Issue
Fitzgerald, it is stated.
THREE
NEW
RIVERS,
of the
debentures recently submitted
(V. 105, p. 2386).
vo^ers' carri©d at the recent election
Que.—DESCRIPTION
OF
DEBENTURES.—The
two
issues of 6% debentures,
aggregating $765,000 (V. 105
p. 2478)
recently awarded at private sale to Hew R. Wood Co. of
Montreal at par
(V. 105, p. 2478), answer the following
description: $280,000 city'debentures, due May 1 1927, and $485,000 school
debentures due Nov. 1 1922
Denoms. $100 and $500,
_
Assessed
of
Fund has
SHERBROOKE, Que.—DEBENTURES VOTED.—The issuance
$7,000
UNITY, Sask.—DEBENTURE SALE.—Jacob
Browne, of Unity, has
awarded to Ada N.
was
39
'
S150.000 6% 5-year municipal electric-plant
wr^tered (purchaser's °Ption) debentures:
$22,750 00 20-year water-construction debentures.
2,700 00 10-year gas-plant-improvement debentures.
2,567 94 10-year sidewalk debentures.
Debenture debt (excluding this issue) Dec. 20
1917, $190,000.
valuation, $1,653,451.
and£?nnr?Hii? anASw
Reeina
Regina.
dU?<^^'$??00 debentures, it is stated.
purcnasea *7'7UU deben'tui^lf^ TstSfd SAL^~The Sinking
LEAMINGTON, Ont.—DEBENTURE OFFERING.—R. M. Selkirk,
Municipal Clerk, will receive bids at any time for the following
6% coupon
debentures
Goldman & Co
GoldmLa &Co^
pcfcjrlc*
purchased $3,000 local debentures.
LOANS.
FINANCIAL
FINANCIAL
$110,000
i
The
:
City of Englewood, New Jersey
SCHOOL
IS IT NOT
j
A
SOUND POLICY
BONDS, SERIES A
for
Sealed proposals will be received by the Com¬
mon Council of The
City of Englewood, at the
$110,000 and
of bonds
to
take
therefor
the
least
STONE & WEBSTER
Such
public utility developments.
you
developments,
lines, city and interurban railways,
amount
bonds
more
will
be
sold
of
$110,000 and
$1,000.
than
than
will
sum
signs
of less
REPORT
payable semi¬
annually on the first days of January and July
each
States
de-
Estate
and
and
of
to
remittance
public utility properties,
the
of
Real
collection
rents,
Inter-
Write for our booklet
projects.
or new
"Management of Your Estate."
MANAGE railway, light, power and gas
nLTTrvikT
mn t rnrn
UNION TRUST
companies.
COMPANY
Said bonds will be coupon bonds
the
privilege of registration as to principal
of conversion into bonds registered as to
NEW YORK
principal and Interest,
The right is re¬
to reject all bids, and
any bid not com¬
with the provisions hereof will be re¬
BOSTON
0 F
CHICAGO
All bidders are required to deposit a certified
check, payable to the order of the City of Engle¬
wood, for two per centum of the amount of bonds
bid for, drawn upon an
incorporated bank or
N E W
Eighty
plying
jected.
Y O R K
Broadway
E2 Capital and Surplus $8,600,000
pr
V
"
"
-
will
company.
be returned
No
interest
will
Checks of unsuccessful
bidders
.
be
allowed
JAMlESON, City Clerk
wood,
marked
'
•
"
'
Upon the award of the bonds.
the amount
of the check of a successful
bidder, and such
check will be retained to be
applied in part pay¬
ment for the bonds, or to secure the
City against
any loss resulting from the failure of the bidder
to comply with the terms of his bid.
Proposals should be addressed to ROBERT
of
"Proposals
upon
the
for
City of Engle¬
City of Engle¬
wood
School
Bonds."
The successful
bidders
will be furnished with a
duplicate original opinion
of Messrs.
Hawkins,
Delafield
&
Longfellow,
attorneys, of New York City, that the bonds are
MELLON
NATIONAL
BANK
PITTSBURGH
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS NOV.
20. 1917
RESOURCES
Loans, Bonds and Investment Securities
^
Overdrafts
.
_$116,048,758 26
6 14
—
Cashr
7,245,292 74
DuelFrom
Banks
22,122,968 29
binding and legal obligations of the City of
Englewood.
The bonds will be prepared under
$145,417,025 43
the
supervision of United States Mortgage &
Trust
Company which wjll certify as to the
genuineness of the signatures of the City Officials
and
w
at-
and
est and dividends.
served
trust
especially
management
the
Property
Mortgage & Trust Company, in the City
or
both
descrip-
ThisI Company
architects.
on
or
Deposl-
tlon.
and
own
Receiver
Legal
a
'
only
our
is
wish,
Adminis¬
year,
of New York.
*with
It
can
while
if you
Guardian,
tends to
Personal
proposed extensions
and will be of the denomination
of $1,000 each.
Both principal and interest of
said bonds will be payable in lawful
money of
the
United States of America at the
United
plants
from designs of other engi-
or
neer8 or
All of said bonds offered for sale will be dated
January 1, 1918, will bear interest at the rate
of five (5) per centum per
annum,
in
industrial
CONSTRUCT either from
price.
No
produce the
additional
an
plants,
only
for funds [of, every
tory
buildings.
sum
Trust
money
Executor.
as
Trustee.
transmission
your
alive, but,
are
trator,
electrlc
or more bidders offer to take the
same amount
of bonds, then to the bidder or bidders
offering to
additional
a
not
company
acfc
DESIGN Bteam power stations, hydro-
two
highest
a
after
BUY AND SELL securities.
gas
the
bank-
your
Company?
look
FINANCE
offered
therefor
do
to
'
commencing with the first ma¬
turity and stated in a multiple of $1,000, and if
pay
you
ing business with
City Hall in said City, until WEDNESDAY,
JANUARY 2. 1918, at 8:00 o'clock P. M., for
the purchase of School Bonds of the
City of)
Englewood, as follows:
$110,000 School Bonds, Series A, $3,000 of
which mature on January 1 in each of the
years
1920 and 1921, and $4,000 on
January 1 in each
of the years 1922 to 1947, inclusive.
The amount
necessary to be raised at said sale is $110,000.
Unless all bids are rejected said bonds will be
sold to the bidder or bidders
complying with the
terms of sale and
offering to pay not less than
the seal
impressed thereon.
Dated December 18, 1917.
By order of the Common Council.
ROBERT JAMlESON,
City Clerk.
LIABILITIES
Capital
Surplus and Undivided Profits
Reserved for Depreciation, etc
Circulating Notes__:
Deposits
$6,000,000 00
4,112,563 64
1,287,527 10
...
4,926,500 00
_
129,090,434 69
_
$145,417,025 43
$102,000
Ashley School District (P. 0. Wilkes-Barre)
Luzerne
County, Pa.
5% SCHOOL
bids
5%
JJlinoisTtaist&SavtngsBa^
BONDS
\
CHICAGO
>0
Sealed
Free of tax.
for
$102,000
School
Bonds.
Dated Nov.
1, 1917, int. M. & N.
$4,000 payable each year, 1918 to 1940, inclusive,
$5,000 each 1941 and 1942.
Existing indebted¬
$11,500.
Assessed valuation taxable propert,
$4,999,913.
Purpose erection New High
Capital, Surplus and Undivided Profits
•
$16,400,000
•
ness
School
Building.
Population,
7,000.
Indus¬
tries, anthracite coal, railroads and shops.
Propposais for these bonds will be received until
JANUARY 10, 1918, at 8 P. M., by John A.
Messinger, Secretary, Ashley.
Purchaser to pay
the
accrued
statement
interest.
For
complete
financial
Pays Interest
on
Time
Deposits, Current and Reserve
Accounts.
Deals In
request,
CHARLES E. KECK,
Miners Bank Building,
Attorney,
Wilkes-Barre, Pa.
change.
(
Transacts
>
Has
on
hand at all times
oellent securities.
Foreign Exa
General Trust Business.
a
variety of
ex-
Buys and sells
Government, Municipal and
Corporation Bonds.
2566
THE
CHRONICLE
[VOL. 105.
JfitumtUl
Jffnanrial
ATLANTIC MUTUAL INSURANCE COMPANY
^
VU TrusteeI.
New York, January 25th, 1917.
conformity with the Charter of the Company, submit the
following statement of its a/fairs on the
31st of December, 1916.
_
tn
^
Metropolitan
The Company'r business has been
confined to marine and inland transportation insurance.
Premiums on such risks from the 1st
January, 1910, to the 31st December, 1916
$8,087,174.02
Premiums on Policies not marked off 1st
January, 1916—
903,703.66
Trust Company
............$8,990,877,08
OF THE CITY OF NEW YORK
.............
Total
Premiums—......................................
„
Premiums marked off from 1st January, 1916. to 31st
December. 1916
...........$7,855,092.25
jjtereston the investments or the
Company received during the year $337,271.78
Interest on Deposits In Banks and Trust Companies, etc.........
103,475 73
Rent received less Taxes and Expenses
Loesas oak: during the
offers
109,638.08 $
........
|_
to business clients and cor¬
$3,360,150 87
Less-Salvages
$322,138.57
686.832.53 $
Re-insurances...
complete banking
highest order
a
service of the
650,385-62
respondent financial
908.971.10
insti¬
tutions.
~~
$2,451,185 77
R»*kraranoe„Premiums and Returns ot premiums
Sxpenses. Including compensation
advertisements, etc,....,
of
...
$1,389.298 73
...
officers and clerks, taxes,
GEORGE C. VAN TUYL, Jr.,
President
stationery,
...
....
$
740,899 72
BEVERLY CHEW,
Vice-President
A dividend of interest of Six per cent, on the
outstanding certificates of profits will he paid to
the
totders thereof, or their legal representatives, on and after
Tuesday the sixth of February next
The outstanding certificates of the issue of ivii will be
redeemed and paid to the holders
thereof, of
wabeM legal representatives, on and after
Tuesday the sixth of February next, from which
date ai£
Satereat thereon will cease.
The certificates to be produced at tbe
time of payment and canceled
A dividend of
Forty per cent. Is declared on the earned premiums of the Company for tha year
ending
Hist December, 1916, which are entitled to
participate In dividend, for which, upon application,
certificates
Wlil ue Issued on and after Tuesday the first
of May next.
By order of the Board.
G
STANTON FLOYD-JONES-
anson W. hard,
lohnoclaflin,
george c
clare,
cleveland h. dodge,
cornelius eldert.
eichard h. ewart,
o. stanton floyd-jones,
Philip a s, franklin,
HERBERT L. griggs
Vice-President
justus ruperti
william jay SCHIEFFEZLHIk
samuel sloan,
william sloane.
HARTMANN,
Secretary
JACOB C.
stern,
Trust
_
$
670.000 00
York
.........
jtpectei Depoalta in Banks and Trust
Seal Estate coir". WaffStreet" William
Street and Exchange Place....
3ea) Estate on Staten Island (held
under
...
......
1,773,650,00
3,588,7.75.20
367,185.00
2.000,000.00
Taxes Unpaid
Re-Insurance
Premiums
nated Risks
Claims
8,900.000.00
_in foreign countries...
...
...
...
.......
.
I
not
75,000.00
866,035.06
1,068.547,73
Settled,
106.624.24
174,943.90
Termi¬
on
of
F.M. Chadbourne& Co.
373.609. (X
Profits
*
Investment Securities
158,309.64
Ordered
*
...
including Com¬
pensation, etc
Certificates
to pay losses under policies
payable
dash in JBank
Loans .............
Reserve System
and Losses Unset¬
tled in process of
Adjustment.....$ 3.632,239.00
Premiums on Unterminated Risks...
1,135.785.43
Certificates of Profits and Interest
Unpaid
266.399.23
Return Premiums Unpaid
provisions of Chapter 481,
Laws of 1887)
Premium Notes...................
3111a Receivable
Oash la hands of European Bankers
Member of Federal
LIABILITIES.
Estimated Losses
and
Warrants of the City of
and
Stocks of Trust
Companies and Banks
'Stocks and Bonds of Railroads......
Other Securities......!
KLINCK,
Officer
Wall Street
60
.
lew
KAVANAGH,
GEORGE N.
cornelius eldert, President.
walter wood parsons,
Vice-PreHdem.
charles e. fay, 2d Vice-President.
ASSETS.
and State of New York
P.
BERTRAM CRUGER,
Treasurer
william a, street.
george e. turnure,
george c. van tuyl, S3.
richard h. williams.
A. A. raven, Chairman
of the Board.
,
THORNE,
McNAMARA,
Vice-President
douglas robinson,
louis
F.
ROGER
john j, riker,
lewis cass led yard,
william h, lefferts,
charles d- lev erich,
george h. maoy,
nicholas f palmer,
walter wood parsons.
charles a, peabody,
james h. post,
charles m. pratt,
dallas 13. pratt,
ROREBECK,
B.
Vice-President
JAMES
anton a, raven,
samuel t. hubbard,
F.
Vice-President
HAROLD
Secretary.
TRUSTEES,
edmund l. baylies.
john n beach,
nicholas biddle,
james brown,
EDWIN
Re¬
deemed, Withheld for Unpaid Pre¬
miums
22,557.84
1.210.2v
5,899.7ft
.....
Income Tax Withheld at the
Source. I
Suspense Account.
Certificates of Profits
Outstanding...
786
Broad
St.
Newark,
N. J*
7,668,850.00
ENGINEERS
206,311.98
2,808,785.77
135,000 00
THE
$17,458,990.74
Thus leaving a balance of.
.——$3,912,602 06
Accrued Interest on the 31st day of
December, 1916, amounted to....
.................
$49 286*30
Rests due and accrued on the 31st day of December.
1916, amounted to........
$25 933*03
ae-meurance due or accrued, in
companies authorized in New York, on the 31st day of
December, 1916, amounted to
«
245.472 80
Notes The Insurance Department has estimated the value
oi the Real Estate on Staten
island
in excess of the Book Value given
above, at
$
53 700 oc
Itlie Insurance Department's valuation of
Stocks, Bonds and other Securities ex'ceeds the
'
Company's valuation by
J'G'WHTTE COMPANIES
......
...
-
$1,688,909.90
6a n» bads ct these increased valuations the balance
would be
Financiers
Purchasers
Engineers
Contractors
Operators
Managers
—......$6,285,864.09
of
Public Utility and Industrial
Properties
LLOYDS BANK LIMITED.
Head Offiee: 71,LOMBARD ST,
<$5~£U
•
8156,521,000
Capital paid
-
25,043,360
Reserre Fund
18,000,000
-
Deposits, &c. (Oct, 1917)
795,206,310
Advances, &c
312,168,920
do.
43 EXCHANGE
CHICAGO
General Engineering
&
Management Corporation
1U BROADWAY .NEW YORK.
Expert Operators and Engineers
of
Electric
Light, Power, Water, Gae.
Ice and Street Railway Properties,
We
are
offer
THIS BANK HAS NEARLY 900 OFFICES IN ENGLAND &
WALES.
Colonial and Foreign Department
17,
i
CORNHILL,^ LONDON, E.C.
3.
The Agency of Foreign & Colonial Bankers
undertaken.
FRENCH
PLACE, NEW YORK
LONDON
LONDON, EC.S
Capital Subscribed
np
REPORTS—VALUATIONS—ESTIMATES
lic
prepared
Entire
Utility
Bonds
Valuations,
and
timet
at
leeuee
of
Mortgage
Preferred
Stocks.
Reports and
Engineering.
Alex. O. Humphreys
AUXILIARY:
LLOYDS BARK (FRANCE) A NATIONAL PROVINCIAL BANK
(FRANCE) LIMITED.
to
Pub¬
First
General
Alten 8. Miles
HUMPHREYS & MILLER, Inc
ENGINEERS
Acta
as
Executor,
Trustee,
Girard Trust Company
Administrator,
Guardian,
Receiver,
Registrar and
Agent.
Transfer
deposits.
NEW
YOKM
PHILADELPHIA
MINING
Chartered
ENGINEERS
1836
H. M, CHANCE
CAPITAL and SURPLUS, $10,090,000
Interest allowed
on
Power—Light—Gas
Ul BROADWAY
E.
B. Morris, President*
A CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg*
PHILADELPHIA
Dec. 29 1917.]
THE
CHRONICLE
Cotton
John D.Herklotz
frust Companies
Chas. O. Corn
August Schierenberg
XXIII
Paul Schwara
Frank A. Kimball
Herklotz, Corn &
Co,
The NEW ENGLAND
BOSTON, MASS.
CAPITAL, $1,000,000
COMMISSION MERCHANTS
Rhode Island
TRUST COMPANY
Hospital Trust Company
'
Providence, R. I.
SURPLUS, $2,000,000
Safe Deposit Vaults
15 William Street
New York
MEMBERS
Authorized to act
Chicago Board of Trade
JAMES R.
Bro.,
GAMWELL, V.-President
HENRY L. SLADER,
V.-President
JOHN H. WELLS,
PHILADELPHIA
NEW YORK
HENRY B. HAGAN, Asst.
Secretary
ERNEST A. HARRIS, Asst.
Secretary
GEORGE H. OAPRON, Asst.
Secretary.
RALPH S. RICHARDS, Asst.
RAYMOND MERRILL, Asst. Treas.
CHARLES E. NOTT, Asst. Secretary
ORRIN C. HART, Trust Officer
Secretary.
Edward D.
Pearce,
Herbert J. Wells,
Lyman B. Goff,
Howard O. Sturges,
ARTHUR F. THOMAS, Asst. Trust Officer
R. B. GAGE, Manager Safe Deposit Vault
Liverpool Correspondents:
FREDERIC ZEREGA & CO.,
Havre Correspondents:
de
et
COMMISSION
McFADDEN & CO., LTD.
Correspondents:
REINHART & CO., LTD.
Alfred Bowditch
J. D. Cameron
James
Bradley
GWATHMEY & CO.
20-24 EXCHANGE PLACE, NEW YORK
Frederick P.
Frank
H.
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
Hooper
Frank W. Matteson,
William C. Dart.
Henry H. Proctor
Fish
Edwin M. Richards
Herbert M. Sears
Arthur R, Sharp
Gage
Gray
Sydney Harwood
Henry
L.
I860
Shattuck
The United States Life
Insurance Co.
IN THE CITY OF NEW
YORK
TRUST COMPANY
Issues Guaranteed Contracts.
OF ILLINOIS
MERCHANTS
82-92 Beaver Street, New York
City
BOSTON,
FALL RIVER,
PROVIDENCE.
NEW BEDFORD,
PHILADELPHIA
UTIOA, N. Y..
WELD A CO..
|
LIVERPOOL.
MOORE
&
CO.
Delmonico Building
56 Beaver Street, New York
COTTON
125 West Monroe
RAY
A
CO,
Successors to
COTTON
**
Finance Committee.
$6,000,000
Deposits
CLARENCE H. KELSEY, Pres.Title Qu.&
Tr Co.
WILLIAM H. PORTER, Banker.
50,000,000
-
-
2,500,000
-
ED.
TOWNSEND, Pres. Imp. & Trad. Nat.
favorable
upon
or
not, may make direct contracts with this
Com¬
pany, for a limited
terms
sion,
Thoroughly equipped
accounts
to
to
of
individuals.
territory, If desired, and
for themselves, in addition to first
handle^ all business
banking,
and ° invites
the
banks, corporations, firms and
a renewal
interest Insuring an income for the
future.
Address the
Company at Its Home Office
No. 277 Broadway, New York
City.
CO..
BROKERS.
CHARTERED 1853
United States Trust
Jfactora
45-47
,
!
Founded 1854
Production of Mills Financed
Sales Cashed With or Without
.
New York City
pELL, Asst. Secretary
JOHN
WILLIAM
ROCKEFELLER
A.
TRUSTEES
STEWART, Chairman of the Board
FRANK LYMAN
JAMES 8TILLMAN
JOHN J. PHELPS
LEWIS CASS LED YARD
PAYNE WHITNEY
W. SHELDON
OHAUNCEY KEEP
ARTHUR OURTISS JAMES
WILLIAM M. KINGSLEY
LYMAN
WILLIAM STEWART
J.
GAGE
EDWARD
TOD
OGDEN MILLS
CORNELIUS N
BLISS JR<«
W. de FOREST
WILLIAM VINCENT ASTOR
CHARLES F. HOFFMAN A
WILLIAM SLGANJ"
HENRY
MANILA, SISAL, JUTE
Noble &. West Streets, Brooklyn, N. Y. City
L. F. DOMMERICH & CO.
«
FINANCE
EDWARDS
ACCOUNTS
OF
MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
BROKER
Tribune Building, NEW YORK. N. Y.
General Offices, 254 Fourth Avenue
FOR SALE.—Timber, Coat, Iron, Ranch and
other properties.
Confidential
Negotiations,
Investigations,
Settlements, Purchases of Property,
lotted States. West Indies. Canada, Mexico.
I
or
WILFRED J. WORCESTER,
Secretary
CHARLES A. EDWARDS, j2d Asst. Secretary
,
•
CO.
property, real
SHELDON, President
KINGSLEY, Vice President
WILLIAMSON
CORDAGE
deposits.
securities and other
personal, for estates, corporations and individuals.
EDWARD W.
MFG.
on
It holds, manages and invests
money,
WILLIAM M.
AMERICAN
$2,000,000.00
$14,534,092.74
This Company acts as Executor,
Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates
Guarantee
125 FOURTH AVE.
Company of New York
WALL STREET
Capital,
-----Surplus and Undivided Profits,
JAMES TALCOTT, Inc.
B.
secure
year'sCommis¬
|
&
25-26 Cotton Exchange
New York
Orders for future delivery contracts executed
on the New York and Liverpool Cotton
Exchanges
GEO.
Bank
Good men, whether
experienced In life insurance
pertaining
COPELAND
r-
Capital
Surplus & Profits
received
Members New York Cotton Exchange
Asociate Members Liverpool Cotton Association.
WILLIAM
JOHN P. MUNN, M.
D., PRESIDENT.
St., CHICAGO
Accounts of banks and bankers
MERCHANTS
1917
CENTRAL
Stephen M. Weld & Co.
COTTON
R.
Ernest Lovering
Walworth Pierce
George H. Davenport
Francis W. Fabyan
Morris
MEMBERS
Callender,
Holbrook,
Sullivan,
Benjamin M. Jackson,
Robert A. Leeson
Alexander Cochrane
Merriman,
Charles C. Gardiner,
Alfred K. Potter,
William L. Hodgman,
Frank H. Swan,
Rowland Hazard,
Royal G. Taft,
J. Arthur
Atwood,
James E.
Hobbs
David P. Kimball
3. Parker Bremer
Isaac B.
Edward
Franklin W.
Goddard,
Henry D. Sharpe,
Walter R.
George Wigglesworth, Chairman
Arthur Adams
Robt. H. I.
Stephen O. Metcalf,
BOARD OF DIRECTORS
d'IMPORTATION
Milan Correspondents:
Secretary
JOHN E. WILLIAMS, Asst.
Scoretary
G.
A."HARRINGTON, Asst. Trust Officer
•
HENRY N. MARR, Secretary
EDWARD B LADD, Asst. Treasurer
25 Broad St.
v
Trust Officer
THOMAS H. WEST JR.,
Vice-President
WILLIAM A.
FREDERICK P. FISH, Vice-President
FREDER'K W. ALLEN, Treasurer
COTTON MERCHANTS
121 Chestnut St.
GEO.
HERBERT J. WELLS, President
HORATIO A. HUNT, Vice-President
PRESTON H. GARDNER, V.-P. &
HOOPER, President
ARTHUR ADAMS, Vice-President
ALEXANDER COCHRANE, Vice-Pres.
Geo. H. M« Fadden &
3,500,000
DIRECTORS.
OFFICERS
London Commercial Sale Rooms (Coffee
E.)
$3,000,000
SURPLUS
Also acts as Trustee under
Mortgages and as Transfer
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits] Subject to
Check.
Exchange
New York Produce
Exchange
New York Coffee
Exchange
ROBERT
to receive and hold
on deposit from Courts of
Administrators, Assignees,
Guardians, Trustees, Corporations and Individuals.
York Cotton Exchange
New Orleans Cotton
Alexandria
Executor, and
money or property In trust or
Law or Equity, Executors,
OF
New
SOCIETE
as
CAPITAL
NEW YORK
Established
over
60 Years
xxiv
THE
CHRONICLE
[Vol.105.
•-
\
jflmntial
fttuauial
$112,000
C. W. McNEAR & COMPANY
Highland Park, Michigan
.
jfinancfal
MUNICIPAL BONDS
^
Assessed valuation (1917)
Chicago
$74,627,460
Net bonded debt..
Population,*,official estimate, 37,000
—
66
PER CENT.
<•
Investor
be
pleased to supply to any
free copy of this new 88-page
a
book,
which
outlines
the
ffjT ""*"**"
%
1
105.S.'La Salle St.
First Nat. Bank Bldg.
CMCN&O
MILWAUKEE
Powell, Garard & :|Cq.
4.60%
•• t,
AMES, EMERICH & CO.
f-
—
-
r»
-
Bjroadway
NET BONDED DEBT ONLY ABOUT
-i1
We shall
t
^
New York
76 West Monroe St.
1,146,225
j
Investment Securities
Bolger, Mosser & Willaman
29 So. La Salle
.
»
illustrated
INVESTMENT SECURITIES
FINANCIAL STATEMENT.
Price to Net
».
,
Hospital 4}^s.
ONE AND ONE-HALF
"Investment Safeguards"
&
Chicago
St., Chicago
JLgintine
'
Philadelphia
New Orleans
Detroit
Government
Dallas »'
Ir^enial Gold Loan of 1909
EVERSZ & COMPANY
C. F.
Child*& Company
Negotiate and Issue Loans for Railroads
Specialists
Cnd Established Corporations.
Buy and Sell Bonds suitable for investment.
134 So. La Salle Street
U. S. Government Bonds
Of the Banks in
INVESTMENT BANKERS
CAPITAL, $500,000
CHICAGO
CHICAGO
NEW YORK
CHICAGO
QOpf
Wollenberger & Co.
208 So. La Salle St.
120
Broadway
105 So. La Salle St.
Borland
Building
New York City use
NATIONAL
SAFETY
TAYLOR, EWART & CO.
PAPER
Successors to
FOB THEIR CHECKS
YARD
George La Monte & Son
31 Broadway
TAYLOR
&
INVESTMENT
BANKERS
105 South La Salle Street
New York
CHICAGO
Cotton
#
Established
In
1856.
COMMISSION MERCHANTS
16 to 22 William Street, New York
Execute Orders for Future
Delivery
COTTON
&$ the New York, Liverpool and New Orleans
Cotton Exchanges.
Also orders for
,
COFFEE AND SUGAR
At the New York Coffee Exchange.
,
PROVISIONS
AND
H.
PRINCE & CO*
BANKERS
Utility Bonds
Henry Hentz & Co.
GRAIN
F.
Municipal, Railroad and Public
BOSTON,
'
Commonw. Lt. & Pow. Co. 1st 6s
MASS.
Dubuque Electric Co. 1st 5s
HIGH-GRADE
Nebraska Power Co. 7% Pref.
INVESTMENTS
,
Lehigh Pow. Sec. Corp. 6% Notes
Members
pf New York & Boston Stock Exchangee
R, E, Wllsey & Company
At the Chicago Board of Trade, and
COTTON SEED OIL
At the New York Produce Exchange.
111 West Monroe Street
CHICAGO
Hubbard Bros. & Co.
COFFEE EXCHANGE BUILDING
W.G. SOUDERS & CO,
HANOVER SQUARE
INVESTMENT BONDS
EMERY, PECK & ROCKWOOD
NEW YORK
.
COTTON MERCHANTS
Liberal
Advances Made pn
DETROIT
208 South
Cotton
La
Salle Street
•
•
■
.
-
BId&
INVESTMENT
BONDS
'
"5
..
■
KING, HOAGLAND & CO.
and
Municipal an!)
Corporation
Successors to
COTTON-SEED OIL
Allerton, Greene & King,
MERCHANTS
208 S. LaSalle
YORK/5
0
Street.
BUNLJO
SHAPKER, WALLER & CO,
RAILROAD, MUNICIPAL AND
feEHMAN, STERN & CO., Limited, New Orleans
dam nc
CHICAGO. ILL.
Room 52, Cotton Exchange Building,
lehman
■
CHICAGO
o
COTTON
NEW
•
CHICAGO
Hopkins, Dwight & Co*
COMMISSION
1
•
409-412 Continental & Commercial Bank
Consignments.
.
•
MILWAUKEE
CORPORATION BONDS
bros.
List
on
U« SOUTH LA SALLE STREET
Application.
CHICAGO
Nos. 16-22 William Street, New York.
Members of the Stock,
and
as
Cotton, Coffee
Produce Exchanges, New
Orders executed
York.
Devitt, Tremble & Co. Inc.
the above Exchanges, as well
In New Orleans, Chicago and foreign markets.
on
Dominion & Dominion
*
INVESTMENT BONDS
•'
6*
FIRST
_
NATIONAL BANK
27
PINE STREET
Members New York Stock Exchange.
PHILADELPHIA
DETROIT
§
Correspondence InsUed
*
•
■
in
INVESTMENT SECURITIES
CHICAGO
Addison, Vice Pres. & Cashier
Chas. R. Burnett, Vice Pres.
Dealers
NEW YORK
V $3,000,000
John M. Miller Jr., President
W. M.
1870
115 BROADWAY
RICHMOND, VIRGINIA
Capital and "Surplus,
Established
.
■,
a
Consolidated Gas Co. of
N. Y.
6% Conv. Debs.
Due Feb.
Elston &
Company
GAS AND ELECTRIC BONDS
SEASONGOOD, HAAS & MACDONALD
Members New York Stock
60 Broadway
Exchange
New York
St. Louis
Philadelphia
39 South
La
Milwaukee
Salle Street
chicago
Exempt from All Income Taxes"
Yielding
MUNICIPAL
1, 1920
Municipal Bonds
"Are
».
from
•
4Yi%
Send for
to
6%
List
THE HANCHETT BOND CO.
39 South La Salle Street
CHICAGO
'
@FedFRASER