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SYLVESTER W.LABROT
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fERNEST V.OONNOIXY
Member Federal ftworit Bank
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paUtlm and AxvDoradoaa and
deal in Government, munMpat. railroad and public otilhy
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JOHN O. VAN CLEAR
WILLIAM O. JONES
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WILLIAM B. DOUGLAS
and Woo York Olearlns Hooaa
WILLIAM A.
J. EDWIN PROVINE
HENRY L. SPARKS
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BYRON P. ROBBINS
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John L. Williams & Sons
BANKERS
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Corner 8th and
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oarfield national bank
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80 Pnr* Btuif • ;’
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BUBL W. POOR. President.
HORACE F. POOR. VSce-Praddeat.
ARTHUR W. SNOW, 2d V^Pres. A Cashier.
RALPH T. THORN. Aart. Gabbler.
JOHN W. PEDDEB. Asst. Cashier.
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of the Cty of Nw YcBpI!?
Capital • '■• •
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$221,000^100
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Foreign Exchange Department
NEX
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NEW YORK
vr--'-.
Resources
GEO. H. SAYLOR.
M. HADDEN HOWELL,
S. FRED TELLEEN,
$150,000f000
over
Francis Ralston Welsh.
First National Bank
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BONDS
CHARTER NO. 1
ACCOUNTS
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Edward T,
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109-111 SOUTH FOURTH STREET
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AMm^M!
DIRECTORS' .jT
SamoelH. MUler
Henry W. Cannon
OF RAILROAD, GAS AND ELECTRIC
UGHT AND POWER COMPANIES
Phfladelphla, Pa.
*
Am. fl
.CHARLES D. SMITH,
WILLIAM IN HOLLY,
Letters ef Credit
Foptlta Eidiinf
■
SAMUEL H. MILLER.
EDWARD B. TINKElL
CARL J. 80HMIDLAP£,
GERHARD M. DAHL. *
ALFRED O. ANDREWS,
CHARLES C. SLADE,
EDWIN A* LEE,
WILLIAM B. PtfRDY.
NATIONAL BANK
4.
'fE^OOJN
lf.SSS.000
800,080^00
•
Deposits (November !, 1918) •
OFFICERS ''
A. BARTON HEPBURN, Chr.
ALBERT H. WIGOIN, , *
EUGENE ▼. R. THAYER,
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City erf New York
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Surplitt, $1,000,000
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The Mechanics and Metals
National Bank ''
Fifth Aaanoo BaUdine
OtpiUl, $1,000,000
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^f*MJ[DE®SSoBF?WILLIAMS & OO., IlMo
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Established 1810
,
RICHMOND, VA.
'<,;.;r
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PARIS
LONDON
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THE CHRONICLE
.107.
Mnbtsttmtni Jbwust* anb Stab)er* of foreign exchange
I. P. MORGAN & CO. Maitland,
Coppell & Co.
Wall Street, Corner of Broad
NEW YORK
DREXEL
&
MORGAN, GRXNFZLL&CO., LONDON
No. 22 Old Broad Street
KOBGAhT"9ABJZS
&
"oo7,
FABIS
31 Boulevard Haussmann
MtJMaaasaasaaaaaaawm
a
Commission.
Foreign Exchange. Commercial Credits.
Securities bought and sold on
Cable Transfers.
Circular Letters for Travelers, available in ail
parte of the world.
SHOWN BKOTHEKTSTO.
NEW YORK
Bostoc
kf ffrf Ymk, Wlmltlpitla mmd Prrfrn Stock fn H.hjm
Investment Securities
a
Orders executed for all Investment Securities.
Act
as
mi
atwite of Corporations and negotiate and
Loans.
Btttg of Exchange* Telegraphic Transfers$
Letters gf Credit
on
The National Provincial A Union Bank of
England, Ltd., London,
N- 1 William Street
NEW YORK
And its Branches.
Agents for the Bank of Australasia.
TRAVELERS’ LETTERS OF CREDIT
Available throughout the United 8tatea
August Belmont & Co.
45 EXCHANGE PLACE, NEW YORK.
Members New York Stock Exchange.
IRtftmtfKDi
33 Pine Street, New York
Investment Securities
London and Paris.
ISSUE LETTERS OF CREDIT
Members
for Travelers
Commercial Credits
Available in all parts of the world.
Travelers’ Credits
BROWN, SHIPLEY & CO.
Draw bills of Exchange and make Telegraphic
Transfers to EUROPE, Cuba, and the
other West Indies, Mexico and California.
Execute orders for the purchase and sale of
64.66 Wall Straat,
Ntw York
T. Suffem Taller
jee
Investment securities bought and sold on com¬
mission.
Travelers’ credits, available through¬
out the United States, Cuba, Puerto Rloo, Mexico,
Central America and Spain. Make collections In and
Issue drafts and cable transfers on above countries.
TAlLERiCD
London Bankers:—London
Bank. Limited.
Joint
Stock
Paris Bankers:—Banque Francaise—Heine
10 Pine Street, New York
Exchange
Letters of Credit for Travelers
Correspondents of
Barclays Bank, Ltd., London
Lawrence Turnure A Co.
James O. WaK
New York Stock
Bonds and Stocks.
LONDON
Gfenville Kane
J. & W. Seligman & Co.
Meeere. Mallet Freres Sc Cie, Paris,
Banco Nacional de Mexico,
Agents mid Correspondents of the
Messrs. ROTHSCHILD,
Foreign Exchange
Deposit Accounts
n
52 WILUAM STREET
NEW YORK
CO., PHILADELPHIA
Corner of 5th and Chestnut Streets
*
Jordaan & Cie, Paris
Russo*Asiatic Bank, Hong Kong
Banque Industrielle de Chine, Paris
Shanghai, Peking, Hong Kong, Saigon,
Tientsin, Haiphong, Yunnan Fu
Graham, Parsons 3cCo.
BANKERS
& Co.
485 CHESTNUT STREET
Investment Securities
57 William Street.
MEMBERS N.
Winslow, Lanier & Co.
59 CEDAR STREET
Y.
STOCK
EXCHANGE.
Execute orders for purchase and sale of
Stocks and Bonds.
Foreign Exchange Bought and Sold.
NEW YORK
PHILADELPHIA
HEIDELBACH, ICKELHEIMER & CO.
Government and Municipal Bonds
Securities oE Railroads, Electric
Railways, lias and Electric
Light and Power Companies
of
Cable
established
Address! ’’Graco.”
value.
Philadelphia.
Issue Commercial and Travelers' Credits
available in all parts of the world.
BANKERS.
Deposits Received Subject to Draft, Interest
Allowed on Deposits, Securities
Bought and Sold on
Commission.
Foreign Exchange, Letters of Credit
Schulz &
Ruckgaber
57 Pine Street
New York
Members of New York Stock
Exchange
Investment Securities
Foreign Exchange
Kean, Taylor & Co.
Commercial Credits Issued in Dollars, Pounds
Sterling, Francs, Guilders, Pesetas, etc.
London Agents: Messrs.
Produce
Exchange Bank
Broadway, Corner BEAVER ST.
5 Nassau Street
NEW YORK
24 BROAD STREET, NEW YORK
Members of the New York Stock Exchange.
INVESTMENT SECURITIES m
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS. PIERSON & CO.
(Successors toAdolphBoissevain A Co.)
Amsterdam, Holland.
Fruhling St Goschen
New York
Bonds for Investment.
BOISSEVAIN & CO.
BERTRON, GRISCOM & CO., INC.
INVESTMENT SECURITIES
40 Wall Street
NEW YORK
Land Title
Building
PHILADELPHIA
Capital
$1,000,000
Surplus and Undivided Profits 1,000,000
....
105 So. La Salle St.
244 Fourth Ave.
CHICAGO
PITTSBURGH
Foreign Exchange bought and sold. Cable
Transfers.
Commercial and Travelers’ Letters of
Credit available in all parts of the world.
ACCOUNTS INVITED.
John Munroe & Co.
WW YORK
ALDRED & CO.
BOSTON
H. AMY & CO.
Letters of Credit for Travelers
Commercial Credits.
Foreign Exchange
Cable Transfers.
MUNROE & CO., Paris
24
Exchange Place
New York
Members N. Y. Stock
Exchange
44 AND 46 WALL ST.
hsnsact
a
General Investment and
Fiscal Agents for
Public
Utility and Hydro-Electric
Oensasie
Dec. 7 1918.]
THE CHRONICLE
m
Jnbttttment onb financial Jjmtit*
Lee,Hlgginson &Co.
CHICAGO
BOSTON
Nwr York
MlLLETT, ROE & HAGEN
NEW YORK
BOSTON
INVESTMENT SECURITIES
SAN FRANCISCO
Chicago
MEMBERS
HIGGINSON & CO.
80 Lombard Street
LONDON. E C.
NEW YORK STOCK EXCHANGE
BOSTON STOCK EXCHANGE
Goldman, Sachs & Co.
£2 WILLIAM
Members of New York A Chicago Stock
ST.
NEW YORK
BOSTON
Exchangee
Hornblower & Weeks
42
15 CONGRESS SY
The National City
BROADWAY, NEW YO RK
Company
investment Securities
Bonds
SMITH & GALLATIN
MEMBERS
Short Term Notes
Members of the
NEW YORK, BOSTON AND
CHICAGO-STOCK EXCHANGES
National City Bank
New York
New York Stock Exchange
111
wires to all principal markets
Broadway
Building
New York
Chicago
Detroit
Providence
Portland
Robinson & Co.
BtbfUiiiuMi 1888
U. S. Government Bonds
“Burnham’s Manual
of Chicago Securities
(Revised
Bankers
821 Chestnut St., Philadelphia
Exchange Place
Now Yod
John Burnham & Co.
interest
allowed on deposits
subject to check
High-grade investment securities
41 South La Salle St.
CHICAGO
Members Philadelphia, New York
Chicago flfocfc Exchanges
W. C.
gad
[Clark. Dodge & Co., N. Y.
Langley & Co.
Bonbright & Company
Incorporated
Investments
GHEf&pontiaQtBj First National Bank, N. Y.
115
Frazier & Gh.
25 Nassau Street
bought and sold for cash,
or
conservative terms.
carried
New Tod
PHILADELPHIA
CHICAGO
DBTRO&
LONDON
WQHam P. Bonbrlght A: Co.
Bonbright & Qo
Broadway, New York City
STOCKS AND BONDS
Investment Securities
BOSTON
PARS
en
FINCH A TARBELL
120
BROADWAY,
.
.
-
SIMON BORG &
Exchange
NEW YORK
Members of New York Stock
HALSEY, STUART A CO.
Incorporated—Successors to
N. W. HALSEY A CO. CHICAGO
M. C. BOUVIER A CO. k*No.
BOSTON
PHILADELPHIA
DETROIT
ST. LOUIS
MILWAUKEE
Government, Municipal, Railroad
and Public futility Bonds.
Fiscal Agents Jar Cities and Corporations.
H. T. HOLTZ & CO.
MUNICIPAL AND
PUBLIC UTILITY
BONDS
Members
New York Stock Exchange
Since 1869
20 BROAD STREET
H. D.
NEW YORK
CHICAGO
•
•
GO*
Exchange
New YotG
HIGH-GRADE
INVESTMENT SECURITIES
Walbridge & Co.
14 Wall
Public
Street, New York
Utility Securities
MUNICIPAL AND RAILROAD
BONDS
FOR INVESTMENT
HARPER & TURNER
INVESTMENT
BANKERS
STOCK EXCHANGE BUILDING
89 SOUTH LASALLE STREET
46 Cedar Street
*
CHICAGO
NSW YORK
_
Inactive and unlisted securities.
Inquiries invited.
Members New York Stock
211 E. Redwood Street. Baltimore
26
Members New York Stock Exchange
Chicago
Broad and Sansom Streets,
PHILADELPHIA
Investment Securities
Oct. 1, 1918)
Sent upon request
to
WALNUT STREET ABOVE BROAD
PHILADELPHIA
Members PblladelDhla Stock Exchanss
Colgate, Parker & Co.
49 Wall Street, New York
THE CHRONICLE
IT
financial
/ftuntitl
Jfmnulsl
WE FINANCE
Power and Street
Railway Enterprises with records
of established earnings
Eleetrio light.
ESTABROOK & CO.
Members New York and Boston
Stock
Exchanges
CHASE
INVESTMENT SECURITIES
BONDS
WE OFFER
Bankers and Investment Dealers
Proven Public Utility Securities
Correspondence Solicited
IS State Street,
24 Broad Street,
A COMPANY
BOSTON
-
NEW YORK
IS CONGRESS ST.
BOSTON
SPRINGFIELD
BALTIMORE
ELECTRIC BOND & SNARE CO.
dfeid*Up Capital and Surplus, $21,000,000)
71 BROADWAY, MEW YORK
MUNICIPAL AND RAILROAD
Municipal Bonds
BONDS
.
For Conservative Investment
R. L. Day & Co.
35
United States
Government and
WHIiamftfimptonfo
Jackson. Mias.
Pittsburgh
New York Correspondents
REM1CK, HODGES A CO.
S3 State Street
NEW YORK
BOSTON
Issues Underwritten
We specialize in securities if
the Mississippi Valley and the
South
C. I. HUDSON & CO.
BOND DEPARTMENT
No. 66 BROADWAY. NEW YORK
Mississippi VaRs; Trust Co.
Habm New York, PhllwUlpbU end
7 Wall Street
Municipal and Corporation
Centum in this huslsms
14 Wall Street, New York
84. Louis
Cincinnati
Chicago
Members of the New York end
Boston Stock Exchanges
Investment Bonds
Government and Municipal Bonds
Over a Quart m
Congress St., Boston
PARKINSON & BURR
High Grade
ST. LOUIS
Chicago Stock Exchangee
TELEPHONE RECTOR 7401
Miscellaneous Securities
in all Markets
PRIVATE
Baxfcent a Enters rotate fU g.
WIRE8JTO PRINCIPAL CITIES
H. F. BACHMAN & CO.
CHICAGO
Established 1844
ErEE^ebaumsoNS
INVESTMENT BANKERS
Southeast Corner La Salle and Madison Stic
AND TRUST COMPANY
CHICAGO
Capital and Surplus, $2,000,006
6J£% CHICAGO FIRST MORTGAGES B%
Msmbsrs N. Y. and PhOa. Stock Exchanges
61 Broadway
ISIS Chestnut St.,
PHILADELPHIA
TIMBER BONDS
based always upon
expert verification
NEW YORK
of underlyingasset*
Thomas C. Perkins, inc.
Investment
Bankers
SS2 so. Michigan Av.. Chicago
Oldest Banking House In
A.
Chicago. A State Bank.
O. Slaughter & Co.
WEST MONROE STREET
INew York Stock Iwttsp,
New York Cotton Exchange^
New York Coffee Iwbaaie.
New York Produce Exchange.
WE PURCHASE
Entire issues of preferred and common stocks
of established end dividend-paying New Eng¬
land Manufacturing Companies.
S. N. BOND & CO.
Commercial Paper
WE OFFER
bankers and investment dealers all or any
part of
Individual*
Write for Bond Circular C 25.
CHICAGO, ILL.
CONNECTICUT
HARTFORD
Suitable for Estates. Trustees and
Municipal Bond*
original issues of such companies
paying from 7 to 10 per cent.
Correspondence Invited.
111
Broadway
60 State
ESTABLISHED 1868
New York
Street, Boston
W. F. Baker, Manager Bond Dept.
*i Chicago Board efTrsde^
mi—. Chamber of Coaunerce,
iSt Louie Merdumta' Exrhea
tWinnipeg Grain Exchange.
E. T. KONSBERG & CO.
SM So. La Salle Street
CHICAGO
ARMOUR A CO.
Debenture 6s.
Members Chicago Stock Exrhange
6 Nassau St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
Deal In
Underlying Railrao
Tas-sxempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks
■ONTQOMERY. ALA*
MUNICIPAL
Corporation Bonds
Bonds
and
(ftf£.tUONES$Q
RAILROAD/®' '
€0
Broap Street
toMKCTSttlW—CASU
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New YbR*
“
gives current offerings.
B. W. Strassburgei
SOUTHERN INVESTMENT SECURITIES
Ifenfpomerp, Ale.
Dec. 7
1918.]
THE CHRONICLE
Cmtabion
BANK OF MONTREAL
THE CANADIAN BANK
OF COMMERCE
- $16,000,000
(Established 1817)
Canadian
CAPITAL paid up
Government end Municipal
Bonds
We invite correspondence regard¬
General
ing Canadian Government and
Municipal Bonds to yield from
*
S%% to 6%%
Wood, Gundy & Co.
C* P. R. Building
TORONTO
- -
REST •mmmmmmmmmmm 16,000,000
HEAD OFFICE, TORONTO
TOTAL ASSETS - - - - $426,322,006 PAID-UP CAPITAL
818,808,088
REST
818,800,088
Head Office—Montreal
President, Sir Edmund WaIker.G.V.O.JXJ>.,D.G.
SIR VINCENT MEREDITH. Bart., President
General Manager, Sir John Aird.
AaaUtant General Manager, H. V. f. Jc
Sir Fradarlck Willlama-Taylor,
Manager.
Now York Office, 16
NSW YORK AGENCY
F. B. FRANCIS,
64 WALL STREET
C.
B. Y. HEBDEN.
_
W. A. BOG.
▲. T. SMITH
Agents
Chicago Branch. 108 South La Sail# St.
Spokane, Wash.
Mexico City.
Foreign Exchange bought and sold.
Oommerciai credits Issued
to any part of the world.
available
London Offices. 47 Threadneedle St., E. C.
• Waterloo Place, Pall Mall, S. W.
and
Trafalgar Square.
G. C. CASSELS, Manager.
Exchange Place
1
J*. STEPHENSON,J\ Agents
Buy and Sell Sterling and ContlnentaP Ip
change and Cable Transfers. ColleaHoaa
made at all points.
Travelers’ Cheques and Letters of Credit toned
available to Ml parts of the world.
Banking and Exchange business of svsty de¬
scription transacted with Canada.
LONDON OFFICE—2 Lombard Street, B. O.
BANKERS IN GREAT BRITAIN,
The Bank of England,
The Bank of Scotland,
Lloyd’s Bank, limited.
CANADIAN
SECURITIES
Canadian
Government, Municipal
THE BANK OF NOVA SCOTIA
and Corporation Bonds
PAID-UP CAPITAL
Gevernment, Mu nisi pal
& Corporation
Devonian SkuRniB
CORPORATION-LIMITED
A. E.AMES&COi
?«
way.
NEW YORK
■on tree l
C. MEREDITH & CO.,
LIMITED
Bed Dealers and Financial
JOWHTTE COMPAMES
J. M. Mackle, Manager.
'
Purchasors
Contractors
Managors
Utility and Industrial
Properties
44 Threadneedle St.
MONTREAL
LONDON, E. C.
R. A. Daly & Co.
CANADIAN
GOVERNMENT, MUNICIPAL
AND CORPORATION BONDS
REPORTS—VALUATIONS—ESTIMATES
Dank of Nora Scotia
43 EXCHANGE
H. F. Patterson, Agent.
Correspondents t London Joint City 4k Mldlan d
to Greet Britain
Bank of Scotland.
Agents
A. P. B. Williams, Sec.
11S St. James St.
of Public
New York Agency, 52 Wall Street
j R^a?
BOARD OF DIRECTORS.
O. Meredith, President.
Sir Ohas. B. Gordon, G. B E., Vice-Pree.
O. B. Hosmer,
Wm, McM aster,
D. O. Macarow,
H. B. MacDougall,
A. Baumgarten,
A. E. Holt,
J. J. Beed.
THE
Engineers
Operators
$8,800,000
RESERVE FUND
It,#03,M0
TOTAL ASSETS OVER
138,000,000
Head Office, Halifax, N. S.
General Manager's Office, Toronto, Ont.
187 branches throughout Canada, Newfoundland,
Cuba, Jamaica. Porto Rico, and to Boston. OUh
eago and New York. Commercial end Traveler#
Credit* issued, available to all parte of the world.
Bills on Canada or West Indian points favorably
negotiated or collected by our brandies to the
United States. Correspondence Invited.
THE
engineer*
Financiers
(Incorporated 1813)
Building
TORONTO, ONT.
PLACE, NEW YORK
ROYAL BANK OF CANADA
Established I860.
Capital Paid Up
Roservo Funds
Total Assets
$14,800,008
$18,000,008
3388,800,000
Head'Office.
-Montreal
SIB HERBERT 8. HOLT, President
E. L. PEASE, Vloe-Pras. A Man.
O. E. NEILL. Gen.
830 Branches throughout the DOMINION OF
CANADA A NEWFOUNDLAND; in HAVANA
and all principal points to CUBA, PORTO RICO.
DOMINICAN REPUBLIC. COSTA RIGA end
VENEZUELA. Also to ANTIGUA. BAHAr
MAS. BARBADOS, DOMINICA, GRENADA,
JAMAICA. ST. KltfTS, TRINIDAD. BRITISH
HONDURAS and BRITISH GUIANA.
SPAIN—Barcelona.
LONDON OFFICE—Bank Btdldtogi.
Princes Street. B. O.
Now York Agency—Cor. William 4k Cedar Sts.
F. T. WALKER. O. B. MACKENZIE
J. A. BEATSON,
CHICAGO
LONDON
AH
««a
be
Canadian Securities
instantly sold should the
GREENSHIELDS & CO.
Mamban Montreal Stock
Exchange
Daalara in Canadian Band latum
WILLARD CASE & COMPANY
CONSULTING
ENGINEERS
17 Sl John St.
W. GRAHAM BROWNE&GG
Montreal, r»n,
Porolop—nt el
Industrial Plants 4b Equipments
Reperts
CANADIAN
Municipal and Public Utility
on
Worth of Established Properties
IT BATTERY PLACE
NEW YORK
c COMPANY. LIMITED
• « »T.
JAMES
jilting engineer*
ST.
|I
MONTREAL
SCO.HAMILTON,
JUtinptre
F. WM.
KRAFT, Lawyer
Spedallxing In Examination A Preparation ef
County, Municipal and Corporation
Bonds, Warrants and Securities and
COAL AND MINERAL PROPERTIES
Proceedings Authorizing Same.
Mlwlng Enginaara and Geologists
Examined, Managed. Appraised
BUa.
PHILADELPHIA
Correspondence BnHrilto*
MESBITT, THOMSOM
11
MS SCANT!LC TRUST
H. M. CHANCE &, CO.
garnet Stuet
MONTREAL
Bonds
Operating Methods 4b Conditions
Potorenfnetlow of
222 St
>817-830, Ilf W. Monroe SL,
Harris Trust Building
CHICAGO. ILLINOIS
Adrian H. Muller & Son
AUCTIONEERS
Office, No. 88 WILLIAM STREET
Pino Street
Regular Weekly Sales
STOCKS and BONDS
EVERY WEDNESDAY
At the Exchange Sales
14-18 Veae
THECHRONICLE
VI
[Vol. 107
Jfottign
AUSTRALIA & NEW ZEALAND
BANK OF
LONDON JOINT CITY & MIDLAND
BANK LUTED
NEW SOUTH WALES
Heed Offim
vutABUtaaD 1nr.)
5, THREADNEEDLE STREET, LONDON, E. 6. 2.
•saw OLD SROAD STREET. C. C. 2.
tls,fS4«MT
Afgr»f«t« Aeeete, 31 March 1913,
Sir J. RUSSELL FRENCH, K. B. E.,
O—ral Manager
BRANCHES and AGENCIES In lha in-
^m^VtrwJbmUatd. FIS. Papaa (New
Oradtti
Head Office
London Office
•BORCE STREET
SYDNEY
29, THREADNEEDLE
STREET, E C., 2
TK ONION BANK OF AOSTMLIA United
BtUMUht* 1UT
Incorporated MM
ad
-.JS.0S9.000/aether
/aether
R.0SM00
J4.000.000
Total Capital and Reserve*.
lank has 41 Branehen la YIOTORIA. 39 la
MEW SOUTH WALES. 19 la QUEENSLAND.
14 la SOUTH AUSTRALIA, 21 la WESTS Bit
AUSTRALIA. 8 la TASMANIA aad|44 lalNBW
Head Office: T1 CORN HILL. LONDON. E.C.
Manager—A. O. WILLIS.
AaMaal Manager—W. J.
BANCA COMMERCIALE ITALIANA
Hoad Offlc, MILAN
Paid-up Capital
Reserve Funds
Subscribed Capital
$172,140,000
Paid-up Capital and Re¬
Fund
Deposits
-
•
931.S00.900
911.040.000
71,725,000
-
$1,564,855,000
•
Cash in hand, Balances at
Bank of England and
Money at Call and Short
Notice
Investments and
Advances
522,580,000
-
-
Bills of
Exchange
(mod.........
JS.900.09tl
To-
iWtttjr of Proprietor*
(SfrmJl)
serve
-
-
-
-
-
Ts American Officers Proceeding to
Europe
This Bank has made arrangements te enable
American efflcers haring accennts with them te
cash their Chesses free ef charge In France at
Branch cf the BANK OF FRANCE er ef the
SOCIETE OENERALE and at the BANQUE FRAN.
CAISE POUR LE COMMERCE ET L’lNDUSTRIE,
Fartvf la Italy at any Branch cf the BANCA COM*
MERCIALE ITALIANA, and in the Near East at
any Branch ef the IMPERIAL OTTOMAN RANK.
any
London Office. 1 OLD BROAD STREET. E. C.
8IR EDWARD H. HOLDEN. Bart.. Chairman.
Correcpondente to the Italian Treaeary.
64 Branches In
Italj, at all the
principal points In the Kingdom.
Agents In London and Ropresontatiros In
U. S. A. for
BANQUE FRANCAISE ET ITALIENNE POUR
L’AMERIQUB DU SUD.
Nominal Capital
Capital Subscribed
Paid Up Capital
£13,900,009
£13,979,449
£4,894,449
£3,309,009
Reserve Fund
800
BRANCHES
IN
GREAT
International Banking
H WALL STREET, NEW
Corporation
YORK CITY
Capital
Surplus A Undivided Profits
FOREIGN EXCHANGE DEPARTMENT
84, Lombard Street, London, E. C.
CHAIRMAN
MANAGER
F. O. Goodenoagh
W. O. Stevenses
-
LONDON COUNTY WESTMINSTER
AND PARR'S BANK LUTED
ESTABLISHED IN 1939
Authorised Capital
(1.500,000 Shares of £29
Subscribed Capital
Paid-up Capital.
Straits Settlements
Java
Japan
Panama
Colombia
Santo Domingo
Philippine Islands
London
Baa Francisco
<
ana.
1918.)
Current, Deposit and other Ao>
count
£230,428,748
Cash in Hand and at Bank of Eng-
and
42,931,098
Money at Call and Short Notice
29,529,791
Advances and Discounts
......117,402^99
HEAD OFFICE: 41,
LOTHBURY, E.C. 2.
Foreign Branch Office: 82, Cemhill, E.C. 8SPANISH BRANCHES:
BARCELONA
MADRID
Pesos da Gracia 8 and 19
Celle da Aleela 48
AFFILIATED IN FRANCE:
London County A Westminster Bank (Paris). Lid,
PARIS
22. Place Vendett
LYONS
87. Baa da la BepobMom
BORDEAUX
22 A 24, Coen da rinteedaaee.
MARSEILLES
81. Baa Paradis
AFFILIATED IN IRELAND:
ULSTER BANK LIMITED
The
Anglo-South American
c.
Bank, Ltd.
ERNESTO TORNQUIST & CO. Lda. The Union Discount Co.
ARGENTINA
CHILI
BUENOS AIRES
of
London,
Limited
FIANCE:
Paris
Established 1830
89 CORNHILL.
Telegraphic Address, Udisco, London.
General Financial, Banking and
Commercial Business
Clermont & Co.
Capital Authorized
GUATEMALA,
Gabla Address: “Clermont"
LEU and CO/S BANK.
LIMITED
ZURICH, (Switzerland)
Founded 1T8S
Capital Paidhu^ an<^
Fra. 80,909,HO
EVERY DESCRIPTION ef BANKING BUSINESS TRANSACTED.
BUIs ef
Drafts and Letters ef Credit Issued.
Telegraphic Transfers Effected.
Booking and Travel Department.
SPAIN: Madrid, Bilbao, Barcelona
8,500.000
4,250.000
4,000,000
NOTICE IS HEREBY
GIVEN that the
RATES OP INTEREST allowed for money
an deposit are as follows:
At Call 3 Per Cent
At 3 to T Days* Natlas. 3 Far Cant.
The Company discounts approved bank and
mercantile acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
CHRISTOPHER R. NUGENT. Manager.
The National
Discount
Company, Limited
S3 CORNHILL
-
LONDON, E. C.
r EF Cable Address
Subscribed Capital
Natdi*. London.
321.188,629
Paid-up Capital
4.283,825
Reserve! Fund
2.380,009
(35=£1 STERLING.)
W NOTICE is hereby given that the RATE OF
INTEREST allowed for money on Depoott
Three per cent per annum.
CAPITAL & RESERVES
£6,338,794 @ 65 per £=631,693,978
HEAD OFFICE, OLD BROAD STREET,
LONDON, E. C.
NEW YORK (Agency), 89 WALLftSTREET
Every description of Banking and
Exchange business
THE
NATIONAL PROVINCIAL AND
UNION BANK OF ENGLAND
Limited.
(35= £1.)
SUBSCRIBED CAPITAL
PAID-UP CAPITAL
-
RESERVE.FUND
.
on
deposit at rates advertised
from time to time and for fixed periods
specially agreed terms.
Lease granted on approved negotta Me seenritlsg.
PHILIP HAROLD
WADE.
-
-
-
3141,422,100
327,384,420
320,000,000
Head Office:
Approved bank and mercantile MBs dfeeoonted.
Exchange Negotiated and Csllas>ad. Money received
URUGUAY
310,000,000
Capital Subscribed
Capital Paid-Up
Reserve Fund
$5=£1 STERLING.
BANKERS
Central America
27,314^09
6,828,809
8,829^08
...
Branches In:
India
China
Socleta Com
ZTkd’Orlente.
Tripoli.
Capital fully paid up and Reserves
£2,587,251
£39,000,099
Reserve.......................
$3,250,000
35*368*000
Rio, do Janeiro. San Pauls,
CHdest baalnees establishment In the
River Plate
BRITAIN
easterners have the advantage ef nslng all er
any ef the 1,300 Offltes ef the Bank far their
business cennectlons and fer their Mall, which
will be carefully distributed.
Branches arc established at all the Camps where
American Treeps are stetlened In England.
Woot End Agency and London Offlco of the
Italian State Railways. 12 Watnieo Place.
Bunt St.. 8. W.
54, Lombard St., London, E. C.
568,965.000
521,850,000
▲OBNCY IN NEW YORK,
198 BROADWAY
Manager: E. Oeneolo.
LIMITED
HEAD OFFICE
Overseer Branch
Liability of Proprltw... 1>,H4,IN
BARCLAYS BANK
15. BISHOPSGATE, LONDON, ENGLAND,
with
Offices in
and Wales
numerous
England
Dec. 7 1918.]
THE CHRONICLE
fottign
SPERLING & CQ
Basildon Hour©, Moorgate Ste
Til
ifouign
Foreign
Baoqae Nationale de Credit
NATIONAL BANK
of EGYPT
London, E, C.
Capital
frs. 160,000,000
Besom Fund....
FISCAL AGENTS FOR
Public Utility
”
86,000,000
16, Boulevard des Italians
Hydro-Electric Companies
Established
PARIS
BRANCHES
120 BROADWAY.
.
Coraptoir National d’Escimpte de Paris
Capital fully paid
up
--Frs. 200.000.000
Reserve Fund
Frs. 42,000.000
HEAD OFFICE: 18 RUE BERQERE.
PARIS
London Office: Kins William Street, E. C.
Branches at Manchester and Liverpool
Nearly 200 Branches In Trance. Spain, Tonis,
usypt, Madagascar, India and Australia.
Agents of the French Colonial Banks.
BANKING AND
description
nrery
DURRENT
A_
_
AOOO
_
'ARY
CREDITS, SHIP’S
Fents'and
DOLLEOTION OF
parts of
the world.
LONDON AGENCY
at:
Lyons, Marseilles,
Havre, Angers, Bordeaux, Dijon,
Nantes, Orleans, Eonen, Saint-EtSaana, Toulouse, Toon, Troyes, and
140 others In the chief centres of
Francs,
with which
are Incorporated the
Soeieta Ban car ia Italiana
and the
Soeleta Italiana di Credito Provinciate
Authorized and Subscribed
Capital
Paid-up Capital
Deposits & Current Accts.
(Aug. 21 1917)
Liras 180,000,000
“
167,000,000
“ 1,920,000,000
Cash in hand with the Bank
(Aug. 01 1917)
“
122,000,000
lermo. Turin, Venice, Bologna, Oatania, Leghorn,
Florence. Ancona, Messina, San Remo. Oomo
aad 60 others In CHIEF CENTRES OF ITALY.
PARIS OFFICE, 2 Rue le Peletisr
London Clearing Agents: Barclay’s Bank, Ltd.,
64. Lombard St. E. O.
Joint Proprietors with the Guaranty Trust Co. of
Now York of the Italian Discount and
Trait
Company. Now York, 399 Broadway.
The Mercantile Bank of India Ltd.
Head Office
15 Gracechurch
THE
Commercial Banking Company
Paid up £662,600.
Reserve Fund £ 800.090.
Branches in India, Burma, Ceylon, Straits
Settlements, Federated Malay States. China,
and Mauritius.
STANDARD BANK OF SOUTH AFRICA, Ltd
HEAD OFFICE, LONDON, E. C.
Paid-up Capital
£1,548,525 or
07,742,828
Reserve Fund
£2,000,000 or $10,000,900
Total Resources
£44,230,275 or $221,151,375
About Two Hundred and Fifty Branches and
Agwnri«w throughout South Africa.
W. H. MACINTYRE, Agent
88 Wall St., New York
Also representing The Bank of New South
Wales with branches throughout Australasia.
NATIONAL BANK OF INDIA limited
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
£1,860,000
The Bank conducts every description of
and exchange business.
Paid-up Capital—
SwissBankCorporation
Bail,, Zurich, It Ball, Gentva, Lautaimt
Lothbury, E. C, 2
West End Branch.—11c Ragent Street
Waterloo Place S. W. 1
Reserve Fund
Reserve Liability
BANKING CORPORATION
816.000.000
$34,500,000
FalO-ap Capital (Hong Kong Currsnsy)
Fuad/la Gold—216.000.0001
\Ia SDver.. 19,500.009/
re'LUbWtim of Prsprtstsra
16.000,000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT,
>
—
ITBQOTLATE OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN. PHILIPPINES, STRAITS SET¬
TLEMENTS. INDIA.
WADE GARDNER. Agent. 24 Wall St.
£2,000,000
2,040,000
of Proprietors.... 2,000,000
£6,040,000.
...
Drafts payable on demand, and Letters of
Credit are issued by the London Branch on the
Head Office, Branches and Agencies of the Bank
In Australia and elsewhere.
Bills on Australasia
negotiated
Head
collected.
or
Office,
Remittances cabled.£8
Sydney,
New
Wales.
18, Birchin Lane, Lombard Streat, E.C. 2.
^financial
Special faculties offered to MEMBERS OP
THE AMERICAN MILITARY AND NAVAL
FORCES.
A
The Colonial Bank
South
London Office:
Capital paid up,. Frs.82,000,000
Surplus, .... Frs.27,750,000
8TONE& WEBSTER
Established 1836.
FINANCE public utility developments.
Capital Subscribed. _.$15,000,000.00
Paid-up Capital
$3,750,000.00
Rest
BUY AND SELL securities.
$1,625,000.00
DESIGN steam power stations, hydro¬
electric developments, transmission
$5= £1
WEST INDIES,
LIVERPOOL,
WEST AFRICA,
MANCHESTER
LONDON.
lines, city and Interurban railway*,
plants, industrial plants and
gam
buildings.
American Banks and individuals are invited to
avail themselves of this Bank’s services in con¬
nection with U. S. Forces now in Europe.
CONSTRUCT either from
signs
Incorporated by Royal Charter.
Offers every banking facility for transactions
with Greece, where it has been established for
80 years, and has Branches throughout the
Country.
Also at Alexandria, Cairo, Ac., in Egypt.
Head Office: Basildon House,
Moorgate Street,
LONDON. E. C. 2.
architects.
on public utility properties,
proposed extensions or new projects.
( MANAGE railway, light, power andgae
■
companies.
MEW YORK
4
BOSTON
Tbe National Bank of New Zealand
-
Paid-up
-
-
Reserve Eund
Uncalled capital
•
•
-
-
£3,000,000
2,250,000
750,000
£720,000
£1,500,000
Correspondents in all marts of th# world.
CHICAGO
sls
Limited.
Head Offlea: 17 Moorgate Street, London, E.C.
Chief Office in New Zealand, Wellington.
Authorized Capital
Subscribed
**
de¬
REPORT
22 William Street.
Ionian Bank, Limited
our own
from designs of other engi¬
or
neers or
29, Gracechurch St., London, E.C. 3, Eng.
New York Agency:
STERN & SILVERMAN
INCORPORATED
PHILADELPHIA
PETROLEUM OANKING & TRUST GO. S. A.
Apartado (P.
O. Box) No. 468—Tamplc
Tamps, Mexico.
Members of the American Bankers’
Association.
banking
Hong Kong & Shanghai
Sydney
LIMITED
Established 1834.
Incorporated in New South Wales.
Head Office:
Street* London
Capital £1,600.000.
ST.,
LONDON, E. C. 4, ENGLAND. 1!
GENERAL BANKING BUSINESS
Central Management and Head Office:
ROME
BRANCHES at: Genoa. Milan, Naples, Pa.
6 AND 7 KING WILLIAM
of
LONDON OFFICE, 43
Banca Italiana Di Sconto
Egyptian Law
Capital, fully paid....£3,000,000
Reserve Fund
£1,663*278
NEW YORK AGENTS
SPERLING & CO., INC.,
under
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
HEAD OFFICE
and
Head Office—Cairo.
ELECTRIC RAILWAYS
FINANCING
ENGINEERING
Offers every Banking Facility.
Paymentsland
collections made on all parts of Mexioo.aB
in both Mexican gold and
New York exchange.
New Jersey
Securities
CREDIT SUISSE
Established I860
Capital & Reserve, francs 100,000,000
Head Office: Zurich, Switzerland
Branches
Baals, Geneva, St. GaU, Lucerne,
Glacis, Lugano, Frauenfeld
at
ALL BANKING BUSINESS
*
OUTWATER & WELLS
1$ Exchange Plaee
TeL 28 i
Jersey City, N. J.
[Vot.107
THE CHRONICLE
VIII
Current Jkmb 3nquirte(
F.
WANTED
]. LISMAN & CO.
Members New York and
District 6m
Lindsay Water Co. 1st Ss
Leavenworth City A Ft. Leaven•
Emmett Irrigation
Chicago Stock Exchange*
61 BROADWAY, NEW YORK
worth Wat. Co* 4s, Ss A 6s
Dodge 4s
Peoria Water Works 4sA Ss
Philippine Railway 1st 4s
Pascoag Water Co. Ss
Houston Belt & Terminal 5s
City Wat. Co. of Chattanooga 6s
Colorado Fuel & Iron Co. 5s
Newport News Lt. A Wat. Co. Ss
WE DEAL IN
Colorado Industrial 1st 5s
Racine (Wis.) Water Co. Ss
Minn. & St. Louis Cons. 5s
Birmingham Water Co. Ss
Atlanta Birm. & Atlantic 4s & 5s
Laramie Valley Irr. Dist. bonds
Galveston Houston & Henderson 5s
Bessemer Coal, Iron A Land 6s
Des Moines & Fort
Duluth So. Shore & Atlantic 1st 5s
Duluth Rainy Lake & Winnipeg 5s
Peoria & Pekin Union 6s and 4J^s
Chic. & Eastern Illinois Cent. Tr. Receivers Ctfs.
Seaboard Air Line—Atlanta & Birmingham 4s
H. C. SPILLER & CO.
INCORPORATED
27 State Street
63 Wall Street
New York
Boston
AND ALL RAILROAD AND STEAMSHIP SECURITIES
Pacific Light & Power 6s, 1942
Great Western Power 6s, 1946
Pacific Gas & Electric Co.
C. B.
&Q. Neb. Ext. 4s, 1927 WOOD,
Ore. Short Line Con. 5s, 1946
6 Nassau Street
Hackensack Water 4s,
1952
People’s Gas Lt. & Coke 6s, 1943
Milwaukee El. Ry. & Lt. 5s, 1926
Davies Thomas & Co.
Members N. Y. Stock Exchange
■
New York
5 Nassau St.,
Telephone Rector 5010
STRUTHERS & CO,
Securities
SUTRO BROS. & CO.
1M BROADWAY. NEW YORK
Members of New York Stock Exchange
NEW YORK
Union Pacific 1st 4s, 1947
Rich. Wash. Coll. Tr. 4s, 1943
Lake Shore Collat.
3J^s, 1998
Kentucky Central 1st 4s, 1987
Atch. Top. & S. F. Adj. 4s, 1995
Atlanta & Chari. A. L. 1st 5s, ’44
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light 4k
Power of Baltimore Securities
Elk Horn Coal Corp. Securities
Wash. Balt. & Annapolis Securities
J. HARMANUS FISHER & SONS
(Established 1874.)
SOUTH ST.
BALTIMORE. MD.
Members Baltimore Stock Exchange
Bond & Mortgage Co.
Lawyers Mortgage Co.
Mechanics & Metals Nat. Bank
Wa buy your
LIBERTY BONDS
SWISS BONDS & STOCKS
m official rates of Swiss Stock-Ki
sad cover you (tar proceeds by cable.
Wo jsvlto correspond
Hankers doing
Swiss Banking Association
ZURICH
**
M
RESERVES
-
-
•
Hartshome & Battelle
INVESTMENT SECURITIES
NEW YORK. N. Y.
T1 Broadway
Tel. 6460 Bowling Green
WILSON & CO. 6s, 1928
when issued
BULL A. ELDREDQE
SI Nassau Street. N. Y.
Tel. tS2 Cort.
Member* of the New York Stock Exchange
formerly Bank In Winterthur est IMS
Teggenburger
Bank est 1S6S
CAPITAL PULLY PAID
•
Prs. 50.000.000
TOTAL ASSETS
$10, $50, $100 and $500 Bonds
Slock Dividend Warrant* for
Liberty Bonds.
Mortgage Bond Co.
Realty Associates
FRANK J. M. DILLON
•
11.000.000
100,000.000
25.BROAD STREET
Amer. Power &
NEW YORK
Light 6s, 1921
Utah Securities 6s, 1922
Southwestern Pow & Lt. Pref.
Ft. Worth Pow. & Lt. Pref.
Pacific Power & Light Preferred
Seaboard Air Line 1st Cons. 6s, 1946
H. L. NASON A
Kansas City Terminal 6% Notes, 1923
85 Devonshire St.
BOSTON
Moline Plow 7s, 1919-24
Procter & Gamble 7s, 1919-23
Connecticut Ry. & Ltg. 4H&» 1961
Houston & Texas Cent. Gen. 4s, 1921
Glover & MacGregor
Are.. PITTSBURGH* PA
Amer. Wat. Wks. & Elec. 5s, 1934
United Coal Corporation Stocks
Fairmount Coal & Coke 4s, 1919
CO.,
7t.
MATT. H. CONNELL
m
Bwtor
Mel1*** Yori‘
Wayne & Wab. Val. Tr. 6s, 1934
Taylor-Wharton Iron & St. 6s, 1942
B^ff. Roch. & Pittsb. Equip. Issues
SAMUEL K. PHILLIPS*, CO.
4*7 Chestnut Street
PHILADELPHIA
Big Four-Springfield & Col. 4s, 1940
Brooklyn Union Gas Co. 1st 6s, 1946 Fort Worth & Rio Grande 4s, 1928
Harlem River & Portchester 4s, 1964
Cedars Rap. Mfr. & Power 6s, 1963
Housatonic RR. Con. 6s, 1937
Central Union Gas Co. 1st 6s, 1927
Laurentide Power Co., Ltd., 6s, 1946 New England RR. Con. 4s, 6s, 1946
New London Northern RR. 4s, 1940
Nassau Elec. RR. Con. 4s, 1961
New Amsterdam Gas Co. Con. 6s, ’48 N. Y. Providence & Boston 4s, 1942
N. Y. & Westches. Lt. Co. Deb. 6s, ’64 Rio Grande Southern 1st 4s, 1940
Shawinigan Wat. & Pr. Co. 6s, 1934 Wabash-Oinaha Division 3^s, 1941
Union Ry. Co., N. Y., 1st 6s, 1942
West Virginia & Pitts, 4s, 1990
Atlantic Are. RR.,Bklyn.,Gen. 6s, ’31
Wm.
Tel
Rector 3273-4.
Carnegie Ewen
2 Wall
Street, New York.
Amer. Tobacco
Scrip
Tobacco Prod. Scrip
MILLER & COMPANY
Hew York and Phfia. Stock
lie B*way
*Phone 3900 Rector
New York
Adams Express 4s. 1947
Burl. Cedar Rap. & Northern 5s. 19S4
Central Arkansas & Eastern 5s, 1940
Cinn. Wabash & Michigan 4s, 1991
Chic. St. Louis & N. O. SHs & 5s, 1951
Cinn. Sandusky & Cleve. 5s, 19*8
Housatonic RR. 6s, 1937
Jamestown Frank. & Clearf. 4s, 1959
Jacksonville Terminal 1st 5s, 1939
Kanawha & Michigan Snd 5s, 19*7
N. Y. & Westchester Lighting 4s, 2004
Northern Ohio RR. 1st 5s, 1945
Ohio River Gen. 6s, 1937, tax ex. N. Y.
Pitts. Cin. Ch. & St. L. 4s, Ser. H. 1960
St. Paul & Duluth 4s, 1968 & 1996
South Carolina & Georgia 5s, 1919
Seaboard & Roanoke 5s. 19*6
Southern Ry. & St. Louis 4s, 1961
BAKER, CARRUTHERS & PELL
Bond*—Bank Stocks—Standard Oil Stock*
10 Broad Street
6161 to 5169 Hi
-
New York
Dec. 7 1918.]
THE CHRONICLE
ix
Current $onb Inquiries
Birmingham (Ala.) Water Co.
Burlington (Vt.) Gas Lt. 6s
5s
Southern Ry., Memphis Div. 1st 5s, 1996
Atlanta & Charlotte Air Line 5s, 1944
Toledo & Ohio Central 1st 5s, 1935
Lexington & Eastern 1st 5s, 1965
St. Louis Southwestern 1st 5s, 1924
Cent. RR. & Bkg. Co. of Ga. Coll.Tr.5s,’37
Clinton (la.) Water Co. 5s
East St. L. Interurb. Wat. Co. 6s
Guanajuato Pow. A Elect. 6s
Ellicott Square 6s
Huntington (W.Va.) Wat. Co. 6s
Hutchinson Wat. Lt. A Pow. 4s
San Antonio (Tex.) Wat. Co. 6s
York (Me.) Lt. A Ht. 4^s A 6s
York County Power 6s
New Hamp. Elec. Bys. Com. A Pf.
Ben’g’ton (Vt.) Wat. Pow.& Lt.6s
Berlin Mills 6s A Pref.
Indian
New
Refining Co.
Jersey Zinc
Empire Steel & Iron Preferred
J. S. FARLEE & CO.
<4
HOTCHKIN & CO.
S3 State St., Boston, Maes.
Long OUhw Telephone
Eetabllehed 1806.
BlOREN & CO.
BANKERS
•14 CbMtaat St.
Chic. A East. HI. 48 A 6a
Chic. A Indiana Coal Ry. 6s
Chicago Terre Haute A Southeast¬
ern
Main 460
Philadelphia
Qonrnarat,
BROADWAY, NEW YORK
68
Central Arkansas A Eastern 1st 6s
Dominican Republic 6a
Evansville A Terre Haute 6s
M. K. A T. of Texas 6s
M. K. & T. Rfdg. 4s
M. K. & T. 6% Notes
Spokane International 1st 6s
WILLIAM C. ORTON
ftaoldtaL Railroad and
PaMIc Utllltlcc SacnritiM.
Specialist Eeorganisatlon Securities
NemYorkmU^ PMtaMpkta
IS Breed St., New York
Tel. 71SO-1-2
5s and 6s
J. S. Bache & Co.
Members of the New York Stock Exchange
NEW YORK
Tel. 8400 Broad
Branches and Correspondents
Albany
IffvrdeU brother®
New York
SO
Stock
Eachanga
BROADWAY, N. Y.
Telephone. 4300 Raster
PRIVATE WIRE TO ST, LOUIS
Railroad. Manlclpa* Industrial
Public Utility Bonds for Cousarrattao
Inyostaont.
Bnllro
Socurity
Iasuos
iSeotrint*
ui
BANKERS
Canada
QoszpU New
WHvXkitx
St jitotis
York Stock Exchange
Members
<1 Broadway
New York
Duquesne Lighting Co. 6s, 1921
Lehigh Pow. Secur. Corp. 6s, 1927
Utah Securities Corp. 6s, 1922
TOBEY & KIRK
Syracuse
Troy
Copper Company
Specialists
42
Exchange Place, Thone 1940*8 Hanover
CHICAGO
SECURITIES
BABCOCK, RUSHT0NI CO!
BUY—SELL
Members New York A Chisago Stack
1ST South La Salle St.
T WaB
Chicago
Naw York
MIDWEST
REFINING
Gulf’& Ship Island 68, 1962
Colorado A Southern 4H»» 1936
N. Y. Chic. A St. Louis 4s, 1937
Southern Pacific Conv. 6s, 1934
Tenn. Coal A Iron 6s, 1962
Pocahontas Con. Collieries 6s, 1967
Great Falls Power 6s, 1940
International Paper 6s, 1936
Consolidated Coal Co. 6b, 1960
Colorado Fuel A Iron 6s, 1943
.
STOCKS—RIGHTS
CARL H. PFORZHEIMER & CO.
Dealers in Standard Oil Securities
Phones 4860-1-2-3-4 Broad.
25 Broad St., N. Y.
McKinley & Morris
11 WALL ST.
N. Y.
Tel. 2244-4-4 Rector
i
Raw York Stock
16 Brood Street NEW YORK
St. Louis
DUNHAM & CO.
Private Phone* to Philadelphia Sc Boston
C. & O., Rich. &
Alleg. 4s, 1981
Republic of Cuba 4J^s, 1949
Ward Baking Stocks & Bonds
Rochester
Bought, Sold A Quoted
American Gas A Elec. Co. 6s, 2014
American Gas Co. 6s, 2016
American Power & Lt. Co. 6s, 2016
^
Bought, Sold, Quoted
Philadelphia!
Pittsburgh
6s, 1928
if until N. Y. and Baltimore Stock Rxekaages
ROYAL DUTCH PETROLEUM
New Shares and Dutch
Full-Paid Warrants
New Orleans
iaroa<
Negotiated
W. W. LANAHAN & CO.
Cleveland
Vmrm City
Boston
Buffalo
Dividend Scrip
NEWBORG & CO.
Cincinnati!
Baltimore
Chicago
Private wlrea to the Principal oMm.
AMERICAN TOBACCO CO.
Niagara Falls Power
Missouri Kansas & Tex. Ref. 4s. 2004
Texas Sc Oklahoma 6s, 1943
Kansas City Sc Pac. 1st 4s, 1990
Southern Indiana 1st 4s, 1951
New Orl. Sc Qt. Northern 1st 6s, 1966
Central Branch, Union Pacific 4s, 1948
Columbus Sc 9th Ave. 6s, 1998
El Paso Sc Rock Island 1st 6s, 1951
New Mexico Ry. & Coal 5s, 1951
Toledo Terminal 1st 4Ms, 1967
Norfolk & Southern 1st 6s, 1941
Union Pacific Ref. 4s, 2008
WOLFF & STANLEY
Tei. 2860 or 4657 Brood
27 William
St., New York
Oregon RR. A Nav. 4s
Montreal Tram. A P. 6s, 1919
New York A Harlem 6lAa
Western Union Coll. 6s
Florida Cent. A Peninsular 6s, 1923 Amer. Power A
Light 6s, 2016
B. & O.-Toledo Cinn. 4s
Detroit Edison 6s A 7s
Vicks. Shrev. A Pac. p. 1. 6s
Amer. Spirits Mfg. 6s
Seaboard Air Line 4s A 6s
Philadelphia Company 6s A 6^s
South Carolina A Georgia 6s
Norwalk Steel 4^s
Seaboard A Roanoke 6s
Detroit United 7s
Wheeling A L. E. 6S-1926 A 1928
United RR. of San Fran. 4s, Ctfs.
Wisconsin Central Ref. 4s
Amer. Gas A Elec. 6s, 2014
Boston A Maine 4^s
Armour A Co. 4J^s
Sou. Pac. of California 6s
Virginia Ry. A Power 6s
New Haven Issues
Mexican Govt. 4s A 6s
SAM’L
Phone 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
[VoL* 107
THE CHRONICLE
X
$bmfcer< anli fBrofeer* onttfoe J?eta> Sark
CINCINNATI
DENVER
ST. LOUIS
ROBERTS
Mountain
A. G. EDWARDS &
States
Telephone
SONS
38 Wall Street
BELL
SYSTEM
IN
COLORADO,
NEW MEXICO, ARIZONA, UTAH,
In St. Louis at 412 Olive Street
WYOMING, IDAHO AND MONTANA
&
HALL
fNew York Stock Exchange
Members! Chicago Board of Trade
I Cincinnati Stock Exchange
INVESTMENT SECURITIES
CINCINNATI
OHIO
7% STOCK
No Bond*—No Preferred Shares
BOETTCHER, PORTER
SECURITIES
& COMPANY
$50,000
CLARKSVILLE, TENN.,
4% BONDS
DENVER
of the
To Net 6%
CENTRAL WEST
Weil, Roth & Co.
CINCINNATI
DETROIT, MICH.
KEANE, HIGBIE & C<j>.
MUNICIPAL BONDS
DETROIT
1148 Penobscot Bldg.
Hwndon Smith
Charles W. Moors
William H. Burg
EDGAR
FRIEDLANDER
DEALER IN
Cincinnati Securities
CINCINNATI
SMITH, MOORE & CO.
MOTTU & CO.
Established 1892
ST. LOUIS, MO
NORFOLK. VA.
HARK C. STEINBERG & CO.
WELLS-DIC <EY CO.
MINNEAPOLIS. MINN.
NEW YORK
90 Broadway
INVESTMENTS
Twin City
Rapid Transit Co. 1% tU
Minneapolis National Bank Stocks.
Members New York Stock Exchange
Members St. Louis StockJBzchangs
300
PORTLAND, ORE.
Broadway
ALABAMA
ST. LOUIS
MORRIS BROTHERS
ST. LOUIS SECURITIES
MARX & COMPANY
Incorporated
BANKERS
THE PREMIER MUNICIPAL BOND HOUSE
OF OREGON
Members St. Louis Stock Exchange
Birmingham, Ala.
STIX & CO.
Southern Investment Securities
Dealers in
Investment Securities
90S OLIVE ST.
HALL A COMPANY
STRANAHAN & COMPANY
JOHN T. STEELE
INVESTMENT BONDS
BUFFALO, N. Y.
Loeal and Pacific Coast Securities
Government, Municipal
and Carporation Bonds
Specialists in
LEWIS
BUILDING,
LOUISVILLE
John W. & D. S. Green
Worcester
MACON
Augusta, Maine
Rochester Railway 1st & 2d Mtse. 9s
Buffalo Railway 1st Consol 8s
W. M.
AUQUSTA
PORTLAND, ORKQON
SPECIALISTS IN
Buffalo and W6stern New York Securities
Publio Service Companies
Providence
Municipal Bonds
PORTLAND. OREQON
BUFFALO
PROVIDENCE
Bonds and Stocks of
Established Oeer 25 Years
Government and
ST. LOUIS
Nev York
Boston
New Haven
OHIO
MINNEAPOLIS
Investment Bonds
IN OLIVE ST.
NEW YORK
DAVIS COMPANY
Southern Municipal Bonds
JOHN W. DICKEY
Buffalo Crosstown 8s
Louisville Henderson ft St. Louis 1st 8s
City of Louisville. Ky., Bonds
Louisville Lighting 1st is
1 Y.
LOUISVILLE, K
AND
AUGUSTA, GA.
Guaranteed Stocks
Southern Securities
MACON
Established 1886
GEORGIA
Henning Chambers A Co.
INVESTMENTS
CLEVELAND
PORTLAND, MAINE
OTIS & COMPANY
INVESTMENT
CUYAHOQA BLDQ.
984 West Main Street, LOUISVILLE. KY.
Wanted—Wichita Water Co. 5a
BANKERS
BALTIMORE
du. 1931
CLEVELAND
Branch Offices: Columbus, Ohio; Akron, Ohio!
Youngstown, Ohio; Denver, Colo.;
CINCINNATI
H. M. PAYSON & CO.
Colorado Springs, Colo.
Members of New York, Chicago, Columbus
and Cleveland Stock Exchanges and
Chicago Board of Trade.
Members New York Stock Exchange
Investment Bankers
98
Exchange St.,
Portland, M^in,
We buy and sail
BALTIMORE
and
CINCINNATI
SAINT PAUL
STANLEY & BISSELL
INVESTMENT BONDS
F. E. MAG RAW
MUNICIPAL AND CORPORATION
GARFIELD BLDG.
We
CLEVELAND, O.
buy and sell bonds issued by
Ohio Corporations
BONDS
Oc—ncrdal Paper
Loeal BeearNtei of the Twin Ottes
Glebe Befldlni
ST. PAUL, MNM.
Securities
Westheimer &
Company
Members et the
New York Stock Exchange
Cincinnati Stock Ttirhnngs
Chicago
Board
ei
Trad#
Dec. 7 1918.]
THE CHRONICLE
xi
^financial
MELLON NATIONAL BANK
LOS ANGELES
Pacific Coast Securities
BONDS
PITTSBURGH
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS NOV. 1
1918
RESOURCES
Loans, Bonds and Investment Securities
$105,012,302 73
Overdrafts
of MUNICIPALITIES AND
4 55
Cash
Due from Banks
CORPORATIONS
4,155,423 23
15,398,281 86
having substantial
and
earning
power
WILLIAM R. STAATS CO.
LOS ANGELES
SAN FRANCISCO
$124,566,012 37
LIABILITIES
CHICAGO
PASADENA
Capital
Surplus and Undivided Profits
Reserved for Depreciation, &c
$6,000,000 00
Borrowed from Federal Reserve Bank
4,420,368
2,613,573
2,000,000
4,761,000
:
Circulating Notes
Deposits
31
56
00
00
104,771,070 50
$124,566,012 37
We Specialise in California
Municipal and Corporation
BONDS
nilnolsfrast&SawiigsBaiik
PERRIN, DRAKE & RILEY
LOS ANGELES
R. H. MOULTON & COMPANY
CALIFORNIA MUNICIPALS
Title Insurance Building,
CHICAGO
Capital, Surplus and Undivided Profits
$16,400,000
LOS ANGELES
Pays Interest on Time
Deposits, Current and Reserve
SAN FRANCISCO
F. M. BROWN A CO.
Accounts.
change.
DEALERS IN
Has
hand at all times a variety of fixeellent securities. Buys and adls
on
Deals in Foreign ExGovernment, Municipal and
Transacts a General Trust Business.
Corporation Bonds.
Municipal and Corporation
BONDS
100 Sansome Street, Corner California
SAN FRANCISCO. CALIFORNIA
Quotations and Information Furnished
PEACE
on
Pacific Coast Sceuritlaa
INVESTMENTS
Established 1858
SUTRO & CO.
INVESTMENT BROKERS
San Francisco
Members
410 Montgomery St.
San Francisco Stock
and Bond Exchange
CHAPMAN DE WOLFE CO.
There
are still excellent opportunities
high yielding investments, notwith¬
standing recent advances.
in
HIGH-GRADE
SOUTHERN BONDS
Babson’s Reports give definite advice
as
buy and sell highgrade tax-secured municipal
181-151 Montgomery Street,
SAN FRANCISCO, CALIF.
Particulars free.
Address Depart. FC-26
bonds of the Southern States
and their sub-divisions offer¬
Stocks and Bonds
Information and Quotations on all Pacific
Coast Securities
ing
a
safe security with
an
attractive yield.
Member San Francisco Stock & Bond Exchange
Write for
Babsoo’s Statistical Organization
WELLESLEY HILLS, MASS.
descriptive booklet.
INDIANAPOLIS
Largest Organisation of its Character in the
INCOMES
BOND DEPARTMENT
Is the name of a little monthly Magazine which
will said to you without Charge.
It Is our aim to make it the most concise and
valuable pocket edition of financial news that is
published. Its object is to serve. Ask for it.
HIBERNIA
we
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
Detroit
Chicago
Cincinnati
Milwaukee
OTTO F. HAUEISEN & CO.
Established 1902
Specialists in Local Securities
411
Fletcher
Trust
Local Securities and
~
Indiana Corporation Bonds ft Stocks
Fietcher•Amer. Bank Bldg., INDIANAPOLIS
PITTSBURGH
Securities
a
Specialty
PITTSBURGH, PA.
Members
NEW YORK STOCK EXCHANGE
PITTSBURGH STOCK BXOHANGB
CHICAGO BOARD OF TRADX
NEW ORLEANS
Resources.
_
.
.$40,000,000
Acme White Lead & Color Works 6s
Detroit United Ry.—Issues
Local Detroit Stocks
JOEL STOCKARD & CO.
Members Detroit Stock
Exchange
DETROIT MICH.
World.
CHICAGO, ROCK ISLAND AND PACIFIC
RAILROAD COMPANY.
Holders of Qold Bonds of 2002 and
Appurtenant Coupons of May 1, 1914.
Notice is* hereby given that
pursuant to an
order made on the 21st day of November,
1918,
by the District Court of the United States
for the Southern District of New
York, in a
suit pending between Central Trust
Company
of New York, as
complainant, and Chicago,
Rock Island ec Pacific Railroad
Company, as
defendant, upon presentation during business
hours of said bonds and coupons to Central
Union Trust Company of New York at its
office, 54 Wall Street, New York City, far
appropriate notation, the holder thereof (or
the registered owners in case of registration
of bonds) will be entitled to receive for each
81.000 of bonds, if accompanied by the appur¬
To
tenant coupon which matured
May 1, 1914,
the sum or sixty-six and one third
cents, or
if not accompanied by the coupon which matured
May 1. 1914, the
of sixty-five and 5-153
which matured May
1, 1914, presented separate from the bonds to
which they appertain, will be entitled to re¬
ceive the sum of one and 46-153 cents for each
820 of such coupons.
cents;
New Jersey
Municipal Bonds
Descriptive List
CHILDS, KAY & WOODS
Union Arcade
BANK & TRUST CO.
Michigan Municipals
Building, Indianapolis
NEWTON TODD
Pittsburgh
to the most attractive of fifty thousand
bond issues.
or more
We
on
RaquMt
holders of
^Dated, New York, November 21st, 1918.
WALTER O. NOYES. Receiver.
J.S. RIPPEL A COMPANY
IS CLINTON STREET
sum
coupons
t&antefc
NEWARK, N. i.
BANKERS
W. H.
Goadby & Co.
M.mbara N.w York Stock Eke hang.
NO. 74 BROADWAY
Cashier of country bank, resources 8450.000
wishes offers from banks, or banking houses.
Present salary 82.000.
Address “Cashier"
care
Chronicle. P. O. Box No. 8, Wall Street
New York City.
NEW YORK Station,
XII
[Vol. 107.
THE CHRONICLE
yinanctol
fitumtlnl
Bond Secured
For Banks and Bankers
Notes
Our exceptional facilities for handling domestic
and foreign financial transactions make this insti¬
tution the most desirable New England correspon¬
dent for Banks and Bankers throughout the
country.
Short term notes of prosper¬
and
ous
profitable investment.
Resources
.
.
.
•
.
•
over
•
Writs for
Incorporated.
220 So. La Sails St.
OHIOAOO.
$27,500,000
$250,000,000
Government, Municipal, Railroad
Public Utility
Industrial
Investment Bonds
UNITED
St., New York
Boston
Baltimore
Scranton
CORPORATION.
York, November 29, 1918.
Preferred Capital Stock Dividend No. 9.
Common Capital Stock Dividend No. 9.
The following dividends on the stocks of
this Corporation have been declared: A divi¬
dend of $1.75 per share (from a sum set aside
for the payment of $7.00 per share for the year
‘1918) on the Preferred stock, pabaie January
a
dividend of $1.60
per
share
Cleveland
Minneapolis
Detroit
Milwaukee
Checks for such dividends will be mailed to pre¬
ferred stockholders and to holders of voting trust
certificates for preferred stock remaining un¬
exchanged of record December 31, 1918.
iVtfo to 8%
Short term Marine Equipment Issues
secured by first mortgage on new
steel cargo vessels protected by insur¬
ance in excess of outstanding bonds.
Many
investors are now concerned
with the problem of “what copper stocks
are going to do.”
No one can have an
intelligent opinion on this subject unless
he knows what the copper companies have
already done.
We have just prepared In chart-booklet
form an analysis reduced to figures of 32
of the leading Producing and Junior
Copper Companies, giving complete data
on
production, earnings, ore reserves,
estimated per-share values, dividends and
other important information.
The
list
treated
includes such
com¬
panies as Anaconda, Chile, Chino, Miami,
Ray Consolidated, Utah. Kennecott,
Cerro de Pasco, Oreene-Cananea, Inspir¬
ation, Tennessee and Nevada Consoli¬
dated.
The chart will be sent to anyone
interested gratis on request.
Ask for C-329
Send for Circular C-107.
Hannevig & Co.
139
Marins
Financing
Marine
Securities
Broadway, New York
Foreign Exchange
Letters of Credit
Certified Public Accountant
60 WALL ST., NEW YORK
Audits, Investigations,
Estate Accounting,
Telephone H&nove
6266
Tel. Broad 1262
Company of New York.
S. S. DeLANO,
H. C. WICK, Secretary.
Treasurer.
AMERICAN CAR AND FOUNDRY COMPANY
New York, December 2nd, 1918.
COMMON CAPITAL STOCK
DIVIDEND NO. 65
A quarterly dividend of two per cent (2%) on
the Common Stock of this Company has this day
been declared, payable Wednesday, January 1,
1919, to stockholders of record at the close of
business Thursday, December 12, 1918.
Checks will be mailed by the Guaranty Trust
Office of
H. M. BYLLESBY & COMPANY
Engineers
CHICAGO,
Managers
ILLINOIS.
The Board of Directors of the Standard Gas
& Electric Company has declared the regular
quarterly dividend of one and one half per cent
on the preferred stock of the Company, payable
by check December 16th, 1918, to stockholders
of record
30th,
as
of the close of business November
1918.
ROBERT J.
GRAF, Treasurer.
Wilmington, Delaware, Nov. 27, 1918.
(Chicago Board of Trade
Suite 612-620.
(1 H%) on the Preferred Stock of this Company
has this day been declared payable Wednesday,
January 1, 1919, to stockholders of record at the
close or business Thursday, December 12, 1918.
Checks will be mailed by the Guaranty Trust
E. I. du PONT de NEMOURS & CO.
Stocks—Bonds—Grain
ST., NEW YORK
PREFERRED CAPITAL STOCK
DIVIDEND NO. 79
A dividend of one and three-quarters per cent
GEORGE W. MYER, JR.
Members I Phila. Stock Exchange
50 BROAD
AMERICAN CAR AND FOUNDRY COMPANY
New York. December 2nd, 1918.
Company of New York.
S. S. DeLANO, Treasurer.
H. C. WICK, Secretary.
Income Tax Returns.
HUGHES &DIER
Trans¬
Secretary and Treasurer.
.
Copper Companies
the
ending December 31, 1918, and Three-Quarters
Per Cent, on account accumulated dividends, on
the Preferred stock of this Company, payable
January 15, 1919, to preferred stockholders of
record at the close of business December 31, 1918.
fer books will not be closed.
H. WOODLAND,
Achievements
of the
on
Common stock, payable January 2, 1919; pay¬
able to stockholders of record of Preferred and
Common stocks at the close of business Satur¬
day. December 14, 1918.
The transfer books will not be closed.
Checks will be mailed by The New York
Trust Company, of New York.
DEWITT CLINTON JONES.
Treasurer.
The Board of Directors has declared dividends
of One and Three-Quarters Per Cent for quarter
Co., Inc.
105 So. La Salle St., Chicago
Buffalo!
Pittsburgh
DYEWOOD
New
ALLIS-CHALMERS MANUFACTURING
COMPANY.
December 5, 1918.
Investment Securities
62 Cedar
1220 Trinity Bldg.
NEW YORK.
Sftfbenb*
2, 1919;
Philadelphia
dsscriptiss circulars.
H. M. Byllesby & Company
Branch at Buenos Aires, Argentina
A. B. Leach &
8%.
Maturities 10 to 28 months.
The New England Bank for Banks and Bankers
Capital and Surplus
eom-
nles afford the investor safe and
Yield
The
First National Bank
of Boston
growing utility
GENERAL CHEMICAL COMPANY
1918.
The
Regular Quarterly Dividend of one
and one-half per cent. (1H%) will be paid
January 2,
1919, to Preferred Stockholders
of record at 3 P. M., December 18, 1918.
LANCASTER MORGAN, Treasurer.
25 Broad St., New York, Nov. 22,
The Board of Directors has this day declared a
dividend on the Common Stock of this Company
of 4H%. payable December 16th.
1918, to
stockholders of record at close of business on
November 30th, 1918; also, dividend of 1H%
on the Debenture Stock of this Company, payable
January 25th, 1919, to stockholders or record
at close of business on January 10th, 1919.
ALEXIS I. du PONT, Secretary.
Dec. 7 1918.]
THE CHRONICLE
xm
jffnarafal
Facilitating
America’s
Commerce
THE development
of American com¬
following the
merce
return of peace
will be materially aided b/ acceptances.
The use of acceptances means added effici¬
and economy in commercial banking.
ency
Commercial
Banking Practice
(A New Commerce Booty
A
compilation of the law, rules and regulations governing ac¬
now ready for distribution.
ceptances is presented in our new book
.National Bankof Commerce in Newport
Capital, Surplus and Undivided Profits
m mw. * m'mmmmmm. s
over
$45,000,000
iiww—ww
©tofbfmb*
UNION PACIFIC RAILROAD COMPANY
A dividend of $2 60 per share on the Common
Stock of this company has this day been
de¬
clared, payable on Thursday, January 2, 1010,
to stockholders of record at 3 P. M. on
Monday,
December
The
2, 1018.
Stockholders who have not already done so
urgently requested to file dividend mailing
orders with the undersigned, from whom blank
forms may be had upon
application.
FREDERIC V. 8. CROSBY, Tress..
166 Broadway, New York, N. T.
November 14, 1018.
«
one
are
THE
HOCKINQ
VALLEY
RAILWAY
thing
CO.
cannot
71 Broadway, New York, November 27,1018.
The Board of Directors has to-day declared a
DIVIDEND of TWO PER CENT upon the
capita] stock of the Company, payable Decem¬
ber 31, 1918, to stockholders or record Decem¬
ber 13. 1918.
Transfer books will not close.
Checks will be mailed to stockholders at the
addresses recorded on the books of the Company.
A. TREVVETT, Secretary.
bequeath
That sound judgment
which now guards and
NATIONAL BANK OF COMMERCE
IN NEW YORK.
A Quarterly Dividend of TWO AND ONEHALF PER CENT (2H%) has been declared
upon the Capital Stock of this Bank, payable on
and after Thursday, January 2nd, 1919, to stock¬
holders of record at the close of business De¬
cember 20th, 1918.
Transfer Books will not be closed.
PARIS R. RUSSELL,
Vice-President.
New York, December 4, 1918.
GUARANTY TRUST COMPANY OF NEW YORK
New York, December 4, 1918.
The Board of Directors has declared a quar¬
terly dividend of Five Per Cent on the capital
stock of this Company for the quarter ending
December 31, 1918, payable on that date to
stockholders of record December 20, 1918.
MATTHEW T. MURRAY JR., Secretary.
you
governs
your
must go
with
cannot
your
business
you—you
bequeath it
to
heirs.
The Central Union Trust Co. of New York is
well qualified
to take
your place in the management of your estate.
It is
long-experienced and particularly well equipped to perform
the full duty of
admimst/egteg estates.
“The
Management of Yonr Estate" is a sixteen-page book¬
prepared by os, and is interesting as well as instructive
We will be pleased to mail it to
you free of charge.
let
BETHLEHEM STEEL CORPORATION.
Notice of Dividends on Eight Per Cent
Cumulative Convertible Preferred Stock,
Seven Per Cent Non-Cumulative Preferred
Stock; Common Stock and Class B Com¬
mon
Stock.
The fourth installment of 2% of the eight per
cent dividend upon the Eight Per Cent Cumu¬
lative Convertible Preferred 8tock and the fourth
installment of IX % of the Seven Per Cent divi¬
dend upon the Seven Per Cent Non-Cumulative
Preferred 8tock of Bethlehem Steel Corporation,
which were declared on January 29. 1918, and
the 2 H % dividend upon the Common Stock and
the Class B Common Stock of the
Coiporation,
which was declared on October 24, 1918, will be
.
Central Union Trust
OF NEW YORK
80
Plaza Branch
7M Fifth Arena*
or
54 Wall Street
42nd Street Branch
Ifadtaoa Am. Jb 42»d St.
6th
Ave. Branch
425 Fifth Arcane
Capital, Surplus and Undivided Profits $30,000,00$
Eayable
onrecord
January said
2, 1919.
to the ofrespective
olders of
four classes
stock at
the close of business on December 16, 1918.
Checks will be mailed.
Dated New York, December 2, 1918.
B. H. JONES, Secretary.
Broadway
Company
itt
t
■ ■)
'tji
1Hi!HH;|l!i!'ji"!)|,;>fttt|!i;-'
j'■■
-)(>• ■MlHiffwaTfr.mf- iHH;.t'!.irHi!.|i:|.jl)linl;:!(j;)|
Ulr>
[Vol. 107
THE CHRONICLE
xrv
Jfinatuial
A wise step during reconstruction
aMunuMuiiiyiiiiniimiiHinainiiiiiiiiHiiiiEfliiHiiimiiimiBBnnniiiiHniiiiiiiiiimHiiiiiiHiniiHtiimuiiiiiiiimniiiiiiiiiinHiininHiiiHiiiininiimuBniiis
§5
well as political,
J3 is being made rapidly in these tremendous days. Business men are pressed
by new conditions which change daily,
almost hourly.
T3USINESS history,
§§
n
n
as
n
M
n
n
11
In these circumstances, individuals and
1
concerns
naturally turn for counsel
bankers who
in intimate
to
with
commercial and financial affairs and are
=
making
M
M
are
a constant,
=
contact
=
daily study of them.
n
EE
If you are confronted by new problems
connected with the conduct of your busi-
n
I
=
=
invited to come in and talk
with our officers, who will gladly give
you the benefit of the experience and information of our organization.
ness, you are
n
M
M
M
i
is
Bankers Trust Company
Member Federal Reserve
System
Downtown Office:
Astor Trust Office:
5th Ave. at 42nd Street
16 Wall Street
Bftibenb*
“The Investment Banker’s Part”
United
Common Stock Dividends No. 8 & No. 9.
by Jacques 8. Cohen, of J. 8. Bache & Co.
The Directors of the United Drug Company
have declared a quarterly dividend of 1H% on
the common stock of United Drug Oo., payable
problems to be met in the
coming International Financial readjustment
A discussion of the
This booklet sent
on
January 2, 1919, to stockholders of record De¬
cember 16, 1918; also an extra dividend of 1%
on the common stock, payable January 2, 1919,
JAMES O. McCORMICK, Treasurer.
Boston, December 4, 1918.
PENSACOU ELECTRIC COMPANY
Specialists in Financial Advertising.
Phone Broad 266
Street, N.Y.
THE ELECTRIC STORAGE BATTERY CO.
The
one
Allegheny Avenue 9c 19th Street.
Philadelphia, December 4, 1918.
Directors have declared a dividend of
dollar ($1.00) per share from the net
earnings of the Company on both Common and
Preferred Stocks, payable January 2, 1919, to
stockholders of record at the dose of business on
December 16, 1918. Checks will be mailed.
WALTER G. HENDERSON, Treasurer.
OTIS ELEVATOR COMPANY.
26th St. 9c 11th Ave., N. Y. C., Dec. 4, 1918.
The quarterly dividend of $1 60 per share en
the Preferred Stock and $1 25 per share on the
Common Stock will be paid January 16, 1919, to
stockholders of record at the close of business on
December 31, 1918.
Checks will be mailed.
R. H. PEPPER, Treasurer.
CHANDLER MOTOR CAR COMPANY
A dividend of $3 per share on its capital stock
has this day been declared by the Board of Di¬
rectors of this Company, payable January 2nd,
1919, to stock of record December 17th, 1918.
_
w
SAMUEL REGAR, Treasurer.
December 2nd, 1918.
Pensacola, Florida.
PREFERRED
DIVIDEND
NO.
22.
A semi-annual dividend of $3.00 per share
has been declared on the preferred capital stock
of Pensacola Electric Company, payable Decem¬
ber 2. 1918, to Stockholders or record at the dose
of business November 29, 1918.
Bitoftoento*
IMbitoettb*
record December 16, 1918.
to stockholders of
request
Rudolph Guenther, Inc.
25 Broad
Drug Company
STONE 6l WEBSTER,
-
MANATI
SUGAR COMPANY.
112 Wall Street, New York, December 5, 1918.
The Board of Directors of the Manati Sugar
Company have declared the regular quarterly
dividend of Hi % upon the preferred stock of the
Company, payable January 2, 1919, to
1918.
MANUEL E. RIONDA, Treasurer.
THE PIERCE-ARROW MOTOR CAR CO.
A quarterly dividend of two per cent, has been
declared on the preferred stock of this Company,
payable January 1,1919, to stockholders of record
December 16, 1918.
WALTER C. WRYE, Treasurer.
AMERICAN CAN CO.
quarterly dividend of one and three-quarters
cent has been declared on the Preferred Stock
Company, payable January 2nd, 1919, to
Stockholders of record at the close of business
December
16th, 1918. Transfer Books will
remain open.
Checks mailed.
R. H. Ismon, Secretary 9c Treasurer.
per
of this
Agents.
CENTRAL STATES
ELECTRIC
CORPORATION
holders of
PREFERRED DIVIDEND NO. 26.
preferred stock of record upon the books of the
Company at the close of business December 14.
A
Transfer
December 3, 1918.
The Board of Directors has to-day declared
the twenty-sixth quarterly dividend of one and
three quarters per cent. (1 H%) on the preferred
stock of Central States Electric Corporation,
payable December 31st, 1918, to preferred stock¬
holders of record at the close of business on
December 10th, 1918.
Checks will be mailed.
E. W. FREEMAN, Treasurer.
UNITED STATES
STEAMSHIP COM PANY
A regular dividend of one per cent, and an
extra dividend of one-half of one per cent, have
been declared on the Capital Stock of this Com¬
pany, payable January 2nd, 1919, to stockholders
of record at the close of business on December
16th.
1918.
&. November
N.
H.
26,
CAMPBELL,
1918.
Treasurer.
Dec. 7
1918.]
THE CHRONICLE
XT
Jftnanrtal
$20,000,000
Wilson & Co.,
Ten Year Convertible
Inc.
Sinking Fund 6% Gold Bonds
To be Dated December 1, 1918
To Mature December 19 1928
Interest payable June 1 and December 1 in New York City
Total to be Authorized and presently Issued $20,000,000
Coupon bonds in denomination of $1,000, registerable as to principal only.
Redeemable as a whole, or in part, at the option of the
Company, on 60 days’ notice on June 1, 1919,
105% and interest, and on any interest date thereafter at 105% and interest less ^ of 1% for each
year, or part thereof, elapsed after June 1, 1919.
at
Convertible at the option of the holder at any time from and after December
1, 1920, into Common
Stock of the Company at the rate of 10 shares of Stock for each $1,000
principal amount of Bonds.
Sinking Fund of $1,500,000 on each March 1, 1921 to 1925, both inclusive, and $2,000,000 on each March 1,
1926 to 1928, both inclusive, to be applied to the purchase of Bonds at not
exceeding their redemption
prices or to their redemption. Credit to be allowed on conversions.
Guaranty Trust Company of New York, Trustee
Such of these Bonds as may not be taken up by others through the exercise of
rights to be issued
to holders of voting trust certificates representing Common Stock were offered for
subscription
subject to allotment on December 3, 1918, when, as and if issued and received by us, and subject
to approval of counsel, at
95 and interest to
yield about 6.70%
As holders of voting trust certificates representing Common Stock are to be
given the prior right
to subscribe to this issue through the exercise of
rights, allotments cannot be made before De¬
cember 26; 1918.
It is expected that Bonds or Interim Receipts will be delivered soon thereafter.
The issue
having been oversubscribed, the subscription books have
This advertisement appears as a matter of record only.
been closed.
All legal details pertaining to this issue will he passed upon by Messrs. Stetson, Jennings & Russell, and Messrs. Larkin &
Perry,
Bankers, and by Messrs. Cravath & Henderson, for the Company.
for the
Guaranty Trust Company of New York
William Salomon & Co.
Hallgarten & Co.
Illinois Trust & Savings Bank
Continental and Commercial Trust and Savings Bank
We do not guarantee the statements and figures presented
FINDING OF
'Passed by the
Capital Issues Committee
herein, but they
are
taken from
sources
which
we
believe to be accurate.
CAPITAL ISSUES COMMITTEE
not incompatible with the national interest, but without approval of legality,
validity, worth or security. Opinion No. A3026.”
as
Btbftenb*
Swift &
Union Stock Yards,
Company
Chicago. Dec. 7, 1918.
Dividend No. 132
Dividend of TWO DOLLARS ($2 00) per share
on the capital stock of Swift Sc Company, will be
paid on Jan. 1st, 1919, to stockholders of record,
7th, 1918,
Dec.
as
shown
Company.
On account of annual
will be closed from Dec.
on
the books of the
meeting, transfer books
7th, 1918, to Jan. 9th,
1919.’ inclusive.
F. S. HAYWARD, Secretary.
American Telephone & Telegraph Co.
Thirty-Year JFive Per Cent Collateral Trust
Gold Bonds
Coupons from these bonds, payable by their
on December 1, 1918, at the office or
agency of the Company in New York or in
Boston, will be paid in New York by the Bankers
Trust Company, 16 Wall Street.
G. D. MILNE, Treasurer.
terms
KELLY -SPRINGFIELD TIRE
A
cents
quarterly dividend of
($1.50)
per
share
on
one
CO.
dollar and fifty
the Six Per Cent.
Stock of this Company has been
declared, payable January 2, 1919, to stock¬
Preferred
holders of record at the close of business Decem¬
ber 16, 1918.
F. A. SEAMAN, Secretary.
New York, December 3, 1918.
Municipal Bonds
Exempt From All Federal Income laxes
r
1
Rate Maturity
*$20,000 City of Rochester, N. Y., reg. -4H%
.0
*270.000 City of Des Moines, Iowa
*
-4 X
17,000 City of Sioux City, Iowa
.6
*tl0,000 City of Phoenix, Arix
.5
28,000 City of Superior, Wis
15,000 State of Louisiana Port Com. .5
.5
20,000 Cascade County, Mont
-4H
192,000 Spartanburg County, S. C
.6
$7,000 City of Portsmouth, Va
-5tf
62,000 City of Asheville, N. C__
.6
42,000 Buncombe County, N. C
.6
160,000 City of Miami, Fla
.6
20,000 Surry County, N. C
.6
29,000 Town of Greenville, N. C
.6
24,000 Pamlico County, N. C
*
1988
Yield.
4.20%
1929-88
4.40
1988
4.40
1919
4.50
1919-28
4.60
1949
4.65
1921-27
4.70
1928-27
4.70
1928
4.80
1919-57
4.80
1929-88
4.875
1928
4.875
1938-88
4.90
1919-82
5.00
1948
5.00
Legal investments for Savings Banks and Trustees in
*t Wholly tax-free throughout U. S
N. Y. State.
.(Territorial issue).
CRUCIBLE STEEL COMPANY OF AMERICA
r ~
Pittsburgh, Pa.
<
November 21, 1918.
DIVIDEND NO. 65.
dividend of One and Three-Quarters
Per
Cent (1H%) has been declared on the Preferred
Stock of this Company, payable December 201918, to stockholders of record December 6, 1918.
Checks will be mailed.^
GEO. A. TURVILLE,
_
Vice-President. 21
R. M. GRANT & CO.
Boston
31 Nassau St., NewY>rk
Chicago
[Voi. 107
THE CHRONICLE
XTI
jffnsntfol
Passed by the Capital Issues Committee as not incompatible with the National Interest
but without approval of legality, validity, worth or security. Opinion Number A1768.
NEW ISSUE
Reclamation District No. 756
San Joaquin
County, California
6’s
Dated July 1, 1918
$1,000 Each
Interest payable
1st and July 1st at the Office of
►ayaoie January
«
County Treasurer, Stockton, California
EXEMPT FROM FEDERAL INCOME, NORMAL AND SUPER TAXES
FREE FROM TAXATION AS PERSONAL PROPERTY IN CALIFORNIA
Area of District
Value of Land
6,240 acres
$1,404,000
Average Value of Land Per Acre.
__$225
..$401,250
Total Bonds Outstanding
Bonded Debt Per Acre
$64.00
Individuals owning these bonds are not required to make a statement of income derived therefrom
or declaration of ownership to the Federal authorities.
No income tax certificate is required when cashing coupons.
Legality approved by Messrs. Goodfellow, Eells, Moore & Orrick, San Francisco.
MATURITIES
$62,250
50,000
50,000
50,000
due
due
due
due
July
July
July
July
1,
1,
1,
1,
1928
1929
1930
1931
@
@
@
@
101.81
101.95
102.08
102.21
and
and
and
and
interest
interest
interest
interest
$50,000 due July 1,
50,000 due July 1,
50,000 due July 1,
39,000 due July 1,
1932
1933
1934
1935
@
@
@
@
102.33
102.44
102.54
102.64
and
and
and
and
interest
interest
interest
interest
The bonds of Reclamation District No. 756 have our unqualified recommendation. The following facts will
convince you that it is an investment of the first grade:
Bonds of Reclamation District No. 756 are a tax lien on the land, coming before any mortgage and cannot
be impaired.
The actual value of the 6,240 acres comprising the net assessable area within the District is conservatively
placed by independent appraisers at
over
$1,404,000.
District No. 756 consists of 6,240 acres of extremely fertile land situated on the San Joaquin River about
nine miles from the city of Stockton, California. The District is located only about sixty miles from the centre
of the San Francisco Bay Section which has a population of over a million. This market is reached not only by the
Atchison Topeka & Santa Fe Railway, but also by the San Joaquin River. The District is accessible, by the river,
to steamers and barges, enabling the crops to be delivered at San Francisco and Stockton at a very low cost and
in
few hours. Cheap water transportation enhances the value of the land.
acres of District No. 756 is under lease to Mr. George Shima, known generally as the “Potato King," at
$27 per acre per year cash rental, making the yearly income at present over $162,162, winch is over six and one-half
times the amount necessary to pay the interest on bonds outstanding.
Legal Security of Bonds.
a
very
6,006
California Laws provide for the association of owners of neighboring parcels of lands for the purpose of making improvements.
The
revised by the Legislature of 1917 provides that a Board of three Trustees shall be elected who shall handle the affairs of the
District, the most important matters, however, of levying assessments and handling funds are left to the County Board of Supervisors
and County Treasurer, respectively.
By this arrangement the detailed affairs are attended to by land owners in the District whUe^the
County officials protect the interests or the Reclamation Bond holders.
Law
as
Among the largest stockholders of Bouldin Land Company are the following:
Dudley, President, Los Angeles; Secretary and Treasurer California Delta Farms, Inc.
Howard S.
Lee A.
Phillips, Vice-President, Los Angeles: President California Delta Farms, Inc. Isaac Milbank, Los Angeles,
Director Guaranty Trust & Savings Bank of Los Angeles. George I. Cochran, Los Angeles; President Pacific
Mutual Life Insurance Company of California. J. C. Drake, Los Angeles; President Los Angeles Trust & Savings
Bank, Los Angeles. John B. Miller, Los Angeles; President Southern California Edison Company. Herbert
Fleishhacker, San Francisco, Cal.; President The Anglo & London Paris National Bank of San Francisco. Frank
C. Bolt, Pasadena, Cal.; Chairman of the Board Union National Bank of Pasadena.
Practically all of the above named stockholders have had experience in the handling of similar
properties through the operation of California Delta Farms, Inc., a very successful land corporation.
The State of California, through its Reclamation District Laws, invites and protects capital to be used in making
available its rich and highly productive river land.
An investment yielding 5% per cent net, fortified by a permanent first lien, supported by enforced
taxation and exempt from all Government charges is exceptional.
PRICE TO YIELD 5.75 PER CENT
W. P. BAKEWELL & COMPANY
Municipal and Corporation Bonds
802-804 L. A. TRUST & SAVINGS BUILDING
LOS
All statements made herein
are
ANGELES, CALIFORNIA
derived from official sources, and while not guaranteed, are believed by us to be correct.
Dec. 7 1918.]
THE CHRONICLE
xvu
Jffnanrtal
STATEMENT OF THE CAPITAL ISSUES COMMITTEE
as not incompatible toith the national
interest, but without approval of legality,
Opinion No. A2996.”
"Passed by the Capital Issues Committee
validity, worth
or
security.
$5,000,000
Braden
Copper Mines Company
Fifteen-Year 6% Sinking Fund Gold Bonds due 1931
Authorized and Issued
Cancelled by Sinking Fund
$20,000,000
2,106,000
At Present
$17,894,000
Outstanding..
Original issue listed
New York Stock Exchange
on
Application will be made
to
list these additional bonds
The
following brief summary is based upon a letter of Stephen Birch, Vice-President
of the Braden Copper Mines Company, dated November 25, 1918.
OWNERSHIP:
The Kennecott
the stock of the Braden
Copper Corporation
Copper Mines Company.
SECURITY: These bonds
secured
99% of
first lein, through deposit
securities, on one of the oldest and most important copper prop¬
erties in the world. On the basis of present operations, the proven ore
has an estimated recoverable value of over $400,000,000.
are
by
owns
a
of all
LIFE: The life of the mines, at the present rate of extraction of ore,
should exceed 70 years, on
SINKING FUND:
the basis of the
proven ore
alone.
Even at the call
price of 105 and interest, the
Sinking Fund ($1,332,000 annually) will have retired and cancelled
all but $2,022,000 of the issue by maturity.
EARNINGS: Net earnings available for interest charges are reported
for the twelve months ended
August 31, 1918, as $9,310,107, or over
charges on the entire issue including
EIGHT TIMES annual interest
this offering.
Price 96 and interest,
yielding about 6/4%
Kissel, Kinnicutt & Co.
14 WALL STREET
THE ROOKERY
NEW YORK
CHICAGO
The above information and statistics
are
not
guaranteed, but
we
believe them to be accurate.
[Voi*. 107.
THE CHRONICLE
xvm
financial
NEW LOAN
Exempt from Federal Income Tax and from Personal Taxation
throughout the United States
$500,000
Government of Porto Rico
4% Registered Gold Bonds
DatedfJanuary 1st, 1918*
Maturities
as
shown below.
Principal and semi-annual interest (January and July 1st) payable at the
Treasury of the United States by cheque to the registered holder.
Denomination
-
$1,000 and $5,000
Under the
provisions of Section 3 of Act of Congress approved March 2, 1917,
exempt from taxation by the Government of the United States
or by the Government of Porto Rico, or any political or municipal subdivision
thereof, or by any State or by any county, municipality or other municipal sub¬
division of any State or Territory of the United States, or by the District of Columbia.
these bonds
are
These bonds have therefore
complete exemption from taxation
the First Liberty Loan 3*/^% Bonds.
The
as
as
legality of this issue has been approved by the Attorney-General of the
United States.
The United States Treasury
further notice these bonds will be
value, not exceeding
Acceptable at
Department authorizes the statement that until
accepted to secure public deposits at their market
par.
par
to
secure
deposits of postal savings funds.
Acceptable at par by the Government of Porto Rico as security for deposits
of funds of that Government, or as security required by any of the laws of Porto
Rico to be deposited with the Treasurer of Porto Rico.
$100,000
$100,000
$150,000
$150,000
due
due
due
due
January
January
January
January
1st,
1st,
1st,
1st,
1927
1928
1929
1930
Price 100 and interest
Passed by the Capital Issues Committee as not incompatible with the national interest,
but without approval of legality, validity, worth or security.
Opinion A-2350.
Mmond &€o.
33 Pine Street
-
New York
CLEARINGS—FOR NOVEMBER, SINCE JAN. 1, AND FOR WEEK ENDING NOVEMBER SO
November.
Eleven Months.
Clearingt at—
1918.
1917.
Inc. or
Dec.
New York
1918.
15.605,826,092 14,834 J 75,272
+5.2
1,781,704,327 1,532,681.531
557,504,171
345^407,951
Baltimore
330,798,813
198,139,441 +67.0
Buffalo
100,200,942
90,397,657 + 10.8
Albany
21,562,931
22.942,281
—6.C
Washington
67,512.399
50,940,603 +32.5
Rochester
33,506.871
+ 8.0
31,014,418
Scranton
16,719,911
15,699,212
+0.5
Syracuse
21.933,593
20,009,096
+9.0
Reading
11.202,000
11,211,114 —0.08
Wilmington
141372,229
+ 1.7
14,129,709
Wilkes-Barre
—4.4
8,816,079
9,222,596
Wheeling
16,076,751
18,234,705 —11.8
Trenton
12.113,290
+4.5
11,587,071
Harrisburg
12,104,413
11,011,179
+9.9
York_._________.__i
4,934,402
5,877.788 —10.0
Erie
8,852,733
+ 7.8
8,210.485
Greensburg
5.832.781
+5.7
5,044,764
Chester
6,610,539
5,485,147 + 20.5
Binghamton
8,102,524
4,008,000 —22.0
Altoona
3,468,499
3,052,068 + 13.0
Philadelpnia
Pittsburgh
.
m
_
_
.....
_
...
...
Franklin
Frederick
Beaver County, Pa__
Lancaster
Norristown
Montclair
1,957.533
2,497,231
2,305,628
9,669,736
3,106,824
1,571,086
4,084,637
2,805,764
Oranges
Hagerstown
Total Middle
Boston
Providence
Hartford
New Haven
18,672,254,719 17,277,742,127
1,461,204,926
50,880,200
34,332,291
22,076,180
14,469,131
10,900,000
15,709,948
9,536,360
9,426,205
5,727,242
3,327,388
2,805,022
7,401,000
2,336,960
_________
Springfield
Portland
Worcester
Fall River
New Bedford
Lowell
Holyoke..
Bangor
Waterbury
Stamford
Total New England
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee..
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
1,034.840.432
229,027.054
040,490,118
358,802,647
183,838,499
218,880,428
127,321,161
896,499,025
233.948.334
513,499.970
331,057,201
106,081,450
204,344,847
125,357,429
152,551.833
94,777,303
151,604,934
100,847,210
188,770,406
130,079,862
141,800,602
61,217,834
97,699,070
64,948,210
73,741,865
39,612.784
37,174,595
181,201.531
121,019,183
115,658,402
59,050,048
84,409,852
49,382,153
04,458,600
44,383,900
33,552,612
21,413,174
22,193,991
33,974,863
110,235,379
29,404,183
21,116,144
25,917,040
31,866,490
128,297,226
34,450,986
19,037.088
45, #67,902
32,809,126
23,625,825
45,079,081
30,185,453
52,682,900
32,042,068
20,866,913
17,379,012
11,787,832
16,749,255
13,707,064
10,080,277
5,814,666
3,449.631
3,658,727
8,938,800
2,473,717
—3.4
+ 7.2
+43.8
+'16.4
—1.8
20,177,310
+25.9
13,426,943
6,214,844
3,593,770
4,245040
2,140,455
6,228,778
—00
+0.4
+4.2
+7.6
+22.7
+3.7
+ 15.7
+n0
+ 14.4
1,400,000
3,353,921
2,878,283
1,008,267
}. ,746,269
1,000,000
1.395.674
560,200
663,605
—10.7
39,368,085
15,798*863
3,600,819
9,611411
5,843,176
2,832,897
4,200,000
+ 78.4
++I:I
+41.2
+6.3
+26.9
+4 it
—110
2,411069
2,672,353 +20.8
—5.6
1,483,295
3,981098 —15.8
2,408,259 + 19.5
44,962,219
14.530,440
4,804,817
9,198,274
6,819,422
2,587,069
3,558,294
2,394,901
3,222.606
1,465,130
3,746,187
2,712.069
1,1^5,108
—10.4
1,*213*621
mm
+ 11.8
—11.1
1,358,030
+ 13.1
'058,100 —14.9
+8.9
609,391
778,129
1,156,889
591,000
600,000
1,914,783
"^4:3
1,639',988
451,985 —32.3
548,835
1033,191
48,380,845
9.559,166
'6,190,580
3,369,613
3,458,229
2.184.092
2,627002
1,905,479
2.891.884
2,762,767
'965,252
1.065001
937,524
994,0M
+ 16.8
—6.2
+ 10.4
+ 10.9
1,826,461
—19.4
—0.05
306,104
1,643,489
529,
+8.9
+2.2 3,883.648,659 3,591,170,533
11,489,809,725
495,811,000
+23.6
+9.9
—0.8
—5.4
—9.3
—5.4
—1.8
—3.7
—23.3
—17.2
—5.5
384,057,127
237,721,710
195,097,348
129,433,154
175,240,179
90,302,375
80,932,408
52,982,801
40,714,790
33,087,051
105,577,778
26,743,093
—11.8
+ 1.7
—14.7
—1.1
—0.5
—1.5
3,773,518
+8.4
+ 10.7
+7.1
+ 1.0
14,199,845,765
545.146.50C
381,078,992
242,990,536
176,967,309
122,431,054
172,055,500
102,374,850
90,124,439
67,790,035
35,910,100
34,267,503
90,051,500
20,452,103
+ 5.3
—10.2
—7.5
—6.2
—30.4
70.237,355
+6.3
+ 11.4
+ 9.1
295.474,214
9,338,800
0014,572
4,854,995
3,068,268
2,200,000
3.146.596
1,729,916
1,685,028
1,204,926
235,368,638
+25.6
10,999,000
—15.1
—5.4
+ 11.7
—1.9
—12.0
+6.0
—36.7
—11.1
653.678
726,911
037,478
—10.1
—19.5
513,195
0
+8.1 4.080.541,689 3.498.654,168
6,500,076
4.344,311
3,126,955
2.500,000
2,966,471
2,732,508
1,890,240
833.461
+44.5
220,018,174
9.423,000
7,955,730
4,316,593
4,157,149
2,853041
3,584,322
1,645,685
1,825,054
949,104
1,002,005
760,205
206,484*563
9,496,700
6,989,183
4,306,872
3,790,659
3,000,000
3,635,015
1,476,530
1,300,682
1.009.402
881,569
428,630
--------
+ 14.1
10,277,486,196
13,544,171,145
+20.2
330,083,088
272.098,108
+21.0
258,480,382
242,799,815
+2.0
+42.9
+ 12.6
+ 28.6
+ 4.1
+0.7
+8.2
23,685,368,420
2,584,635,224
3,938,818,766
2,874,503,383
1,344,927,711
713,926,000
22,902,547,193
+3.4
+37.9
+ 17.1
+ 14.0
+13.e
+ 13.3
466,035,484
50,145,730
87,727,209
58,738,327
25,091,377
11,717,000
425,106,462
+9.8
34,319,091
01,418,800
44,891,808
22,609,225
11,324,000
+46.1
+42.8
+ 31.1
+ 11.0
+3.5
428,335,054
31,850,815
63,979049
8 502 500
8 7RH aon
374.073.907
32.385.450
37,123,305
35,643,054
19,429,460
9,513.512
7,195,438
3,600,000
4,442,672
+28.5
+ 10.0
3,539,058
2,700,000
—0.5
+ 32.3
+ 17.5
—28.3
+ 10.5
4,014,000
—2.4
—2.8
—4.9
070,105
3,375,844
1052,843
+ 1.8
+ 20.0
2,600,402
917,235
2,100.000
861,737
—3.0
—0.5
+ 22.6
+ 2.7
1,050,067
917.971
900,000
844.297
602,371
+28.1
752,491
864,891
855,780
614095
603,352
481,036
599.506
458,310
628,711
1,070 533
774,785
307,589
275,000
55.443
285,743
245,000
62,988
400,386
250,000
136.921
+ 11.1
+ 17.5
—8.3
+21.1
+ 19.2
—54.1
833,190
549,463
+ 51.7
431,771
373,413
653,904,624
47,548,746
15,300,000
22,402,785
17.928,134
17,586,895
7,863,628
5,257,391
22,982,000
Springfield, 111
Fort Wayne
Akron
Lexington
Youngstown
Rookford
Canton
4,373,994
13,788,243
8,397,288
9,483,541
5.436,912
4.562,701
5,097,000
5,014,7e4
4,353,653
4,158,024
4,512,945
2,270,103
3,831,354
4,077,297
2,177,529
1,872,776
283,954
3,807,675
5,345,155
1,119,353
4,316,212
119,589,563
58,560,000
43,202,900
43,192,704 + 10.1
—3.4
15,844,940
+0 3
21,082.845
13,489,589 +31.9
12,700,844 +3S.5
+ 9.5
7,182,298
6,341,631 —17.1
—0.5
23,086,000
—0.5
4,397,628
—4.8
14,479.163
+3.9
8,080,322
—8.1
10,323,496
+0.2
5.425,220
—8.2
4,967,805
+ 1.0
5.046,825
+ d.5
4,846,013
+4.9
4,149,482
3,198,002 + 30.0
5,165,421 —12.6
+ 3.7
2,189,600
3,369,586 + 13.7
—5.4
4,308,518
1,956,151
+ 11.3
+ 7.1
1,561,879
588,683 —51.8
2,457,174 + 54.9
8,160,773 —34.5
939,239 + 19.2
+ 5.5
4,091,029
696,016 —21.8
4,377,968 + 14.2
605
1,873,853,656
3,363,974.356
2.521.648,339
1.183.760.829
629,556,764
669 700
4K9. 4.07 son
+4 8
209,774,176
489.599.6S7
233,309.607
+0.3
—10.1
+ 7.9
+ 17.6
+ 38.6
+ 15.1
491.118^067
243.802.318
191,584,757
179,258,745
104,035,158
61,381.481
257,073,000
57,839,627
174,311,434
89,165.284
134,794,915
64,647,732
57,656,190
226.003.715
162,913,612
129,345.693
90.369,037
70,507,030
276.935,000
40,750,640
105.902,806
—12.9
—7.2
+41.9
+ 5.0
+ 18.1
9045:098
3,960,000
4.440.492
3,519,903
3,571,418
1,634,072
862,388
6,138,000
900,000
3,019,163
1,049,655
1,982,956
1,200,394
976,538
1,495,667
2,837,807
—2.7
33,208,011
75,496,208
154,883,212
53,845,550
58,320.077
51,213,293
65,193,789
43,975,593
40.003.880
51,215.214
27,831.877
38.407.396
52,128,968
20.031.443
17,275,278
4.910.448
30.612,722
78,622,301
9,895491
36,972,001
7,490,427
55,411,458
17,653,769
28,897,598
3,576,350,800 3,332,365,637
+ 7.3
38,692,946,550
35,853,732,957
+ 7.9
757,353,139
+ 7.1
+ 9.1
5,081,783,942
1,404,447,000
1,686,640,612
4,399,339,018
1,380,632,900
1,041.669.015
784,383,325
310,247,741
634,110.250
145.441.386
245,614,752
143,922,035
110,084,482
95.870.510
82,361,542
53,371,613
48.972,720
32,870.942
75,167,002
87,626 087
+ 15.5
+ 1.8
+ 61.9
+ 51.6
+22.9
112,396,999
29,398,000
38,172,519
28.699.328
7,521,648
17,275,709
4,306,501
7,174,344
Quincy
Springfield, O
South Bend
Bloomington
Mansfield
Decatur
Jackson
Danville
T.lma
Tensing
Jacksonville, Ill
,
*
Gary
544.880
New Albany
Paducah
Hamilton
Aurora
5,000.000
1,554,652
2,760,841
San Francisco
Los Angeles
Seattle
Portland
507,099,801
136,582,000
171,007,198
132,049,604
36,043,860
69,814,539
Spokane
Salt Lake City
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
Pasadena
San Jose
473,683.034
125,185,000
116,125,787
94,002,803
39,179,844
76,039.715
+4.0
+47.3
+ 40.5
—8.0
—8.2
23,123,767
31,808,742
18.600,230
8,087,966
14,423.195
8,403,625
16,937.894
23,519,630
18,095,293
3,888,910
4,659,063
5,360,240
6,380,313
4,427,101
7,799,624
4,568,832
9033,852
11,028,238
2,722,349
4,014,815
2.988.771
11,286,906
3,296,478
3,297,324
3,394,109
+ 3.9
—21.0
—7.5
—10.5
—12.2
—40.3
+ 17.3
—30.9
—2.3
—17.4
+ 21.7
—12.0
1,198,287.726
1,065,960,189
+ 12.4
Yakima
B Jise
Ogden
Reno
Long Beach
_________
Total Pacific
+ 17.2
1915.
101,874*172,344 102,791*422,467 5,6 3,258,^70,915 8,107,^07,571 ft.; 3,630.123.592 3,074, *51.255
17.944.573,706 15,648,242,558 + 14.7
360,364.516
272,420,322
313,102.855
244,926075
6,197,824,044
3,094,145,089 + 40.7
121,366,330
67,967,020 m
69,809,855
05,600,309
2,987,927,726
2,077,110,608
+8.1 192,220,471,331 187,998,326,576
1,246,925,149
1916.
1,446,556,610
Evansville
Details of other West
+6.9
Inc. or
Dec.
2,128,296,861
166,881,398
335,996,420
227,708,177
...
Total Middle West.
+ 8.7
1917.
1,650,132,853
46,749,700
Ann Arbor
Adrian
Owensboro
Flint
Lorain
—3,7
—24.2
—2.2
+ 7.9
—25.2
—0.7
1918.
2,170,617,047
238,448,992
378,437,031
292,881,702
124,457,903
58,948,000
Dayton
Bakersfield
2,032,686
2,297,111
3.039,222
9,887,4.57
2,879,418
2,099.231
4,375,408
2,649.526
1917.
Week ending November 30.
Inc. or
Dec.
era
10,240,865
15.586,609
10,059,489
+36.5
+35.2
and South era will be fou nd on
59,040,281
04,352,411
61,377,655
50,296,217
49,422,300
29,338,104
43,278,149
40,613,059
26,570,374
15,873,912
4,354,033
41,306,857
09.979,884
11,995,360
43,583,163
6,834,304
62,810,897
18053,431
1,189,464,370
381,279,261
618,502,058
222,163,181
302,064,031
18o.691.976
97,232,411
113,546,614
91,401,893
45,707.403
49.998.305
39,269,878
66,187,000
88,122,433
28,11i;539
—13.0
+ 20.1
—1.1
+ 1&.3
+ 16.5
+ 16.8
+25.7
—3.5
+ 5.4
+ 12.7
—10.6
+ 32.6
—8.1
—11.3
+34.9
—11.0
+21.2
880.028
1,106,692
800,000
898,113
450,739
746,341
733,700
485,040
298,004
1,391,329
1,202,071
4,411,000
922,166
3,105,805
1,734,648
1.947.451
1,000,000
1,000,300
884.043
902.041
778,728
701,391
405,080
634,082
800,000
+0.05
48,138,610
21,639,747
11,483,610
7 4QQ OOO
H QAA 700
7.587.035
4,800,000
4,479,173
2,581,877
1,963,261
6.831,094
4,095,401
3,593,630
2.468.347
1,240,417
1,368,339
1,851,074
1066,240
1,370.618
3.031.000
793.000
2,140,259
812,188
56 594
+ 17.9
—8.8
+ 13.4
+ 4.0
+ 15.0
—2.5
+ 52.8
+23.0
+ 27.0
—11.7
+ 18.4
+ 11.0
—14.4
+4.1
+ 19 5
3,854,543
1,616,919
2.000,000
1,656,535
832,431
960,395
1,106,308
+ 15.8
647,613,320
553,737,827
92,553,140 +21.4
25098,000 + 16.2
24.284.344 + 57.2
13.602,577 + 111.0
+2.2
7,357,609
10,087,504
+ 7.4
3,118,721
+38.1
4.670.556 + 53.0
3,494,878 + 10.3
1,849,118 —12.0
—5.2
2,742,392
2,062,504 —19.7
818,055 + 17.6
1,173,307 —18.2
914,787 +21.0
81,221,978
27,667,000
17.339,047
12,720,357
6,645,525
16,000,000
2,057,598
66,927,731
24,098,000
13,782,954
10.698.884
4,824,000
10,705.907
4.660,575
2,480,087
2043,125
1,997,083
1,924,089
996,738
1,069,119
671,307
4,152.081
3.062.501
2,029,938
1,592,198
1,442,743
968,321
815,418
580,000
—4.8
1,923,168
—12 0
+0 6
47,205,749
39,723,766
33.085,002
34,982.385
+ 1.7
+42.4
+ 13.6
500,000
908,011
525,000
704,201
+29.0
450,000
646,513
287,723
617,014
11,776.543,422
9,767,406,964
+ 20.6
258,980,190
201,256,693
+29.2
179,790,141
148,508,621
237.046005
page 2161
27.653.057
and 2162
Total other Western.
1,844,734,308
1.793,541,932
+2.9
19.265,013.454
14.902.673.804
+29.3
367,249,493
340,346,644
+ 7.9
252,336,787
Total Southern
2,398,799,379
2,313,271,519
+3.7
23.295,576.694
18,340,283,833
+27.0
472,880,757
448,900,918
+ 5.3
338,754,283
265,101,947
+ 10.2 5.757016.652
4.946.349,173
Total all
29.339.559,785^ 27,229,438,014
+ 7.7 301,528,037,640 280,406,595,279
Outside New York
13,733,733,693 12.395,262,742
+ 10.8 139,653,865,302 117,615,172,812
Clearings by Telegraph and Canadian Clearing* on page 2161.
+ 7.5 6,070,095,326 5.508083,520
+ 18.7
2,311,424,41112,400,975,9491
+ 17.1 2,120,793,000 1,871,397,888
2118
THE CHRONICLE
inflated level of prices. In
toward the making of new high
be found with the President in naming is still in evidence, although less
an
THE FINANCIAL SITUATION.
No fault can
Carter Glass as Secretary of the Treasury to succeed
Mr. McAdoo. On the contrary, there is special
fitness in the appointment of Mr. Glass to the posi¬
tion. It would be hard to find another man in the
[Vol.107.
fact, the tendency
records in clearings
marked than in the
^receding month. It does not follow, of course,
;hat, the war being over, there will be a rapid return
,o
or
normal either in the matter of business volume
in the prices for commodities. So far as prices are
country possessing the dynamic energy of Mr. Mc¬ concerned, any important drop is naturally dependent
Adoo, but after the floating of another large Liberty upon a decline in the labor cost. Meanwhile the
necessity for providing the devastated areas of
Europe not only with the necessaries of life but with
material
for reconstruction work will keep us busy
ability of the highest order which so pre-eminently
qualified Mr. McAdoo for the task of conducting the for some time to come.
At New York the total of clearings for this latest
national finances during a most momentous period
in the country's history. With the lapse of another month, while not a high mark, exceeds that of the
six months, considerable slowing down will have been period a year ago and the cause therefor is not to
accomplished, and then there will be need for a man be found in any greater volume of speculation on
of the conservative type with well-balanced judg¬ the Stock Exchange as compared with 1917. Outside
ment. Then Mr. Glass, with his sane and sober of this city a new high record for November has been
views and the advantage of being well grounded in established, and, furthermore, as in the case of the
the underlying principles of finance and economics, aggregate for the whole country, these outside clear¬
will have an opportunity to distinguish himself and ings run ahead of all other months in our history,
to render a service to his country as pre-eminent as only excepting October this year.
Only three cities
that rendered by Mr. McAdoo. This service will furnish monthly totals of unprecedented magnitude,
consist in guiding the country along safe and sound namely Washington, Yakima and Newport News;
paths and in resisting the vagaries and wild schemes but at quite a number of other points previous records
of men of the Bolsheviki class, the acceptance of are crowded closely, with Boston, New Orleans,
whose theories would plunge the country into Richmond, Memphis, Buffalo, Oakland, Little
Rock and Jacksonville among them. Moreover,
disaster!
It should not be forgotten that the Secretary of 90 of the 174 cities included in our compilation set
the Treasury, besides his multifarious other functions, new records for November; in only 39 instances have
is also ex officio a member of the Federal Reserve the current year's eleven months aggregates ever
Board—is in fact the controlling spirit in it, every been exceeded and in 102 the current totals exceed
one deferring to him and being guided by his wishes those for any preceding full year—quite largely in
and judgment. Here Mr. Glass will be in his a number of cases.
element. As Chairman of the House Banking and
Clearings at New York for November exhibit a
Currency Committee, he had an important part gain of 5.2% over 1917, but for the eleven months
in shaping the original Federal Reserve Act and there is a nominal decrease—0.6%. Contrasted
when it left his hands it was in every way a sound with 1916, on the other hand, the loss for the month
enactment. Since then it has undergone important is 6.3%, but for the longer period an increase of
changes under the stress of war—changes the most 13.5% is recorded. Combined the 173 cities outside
pernicious of which Mr. Glass resisted with all of New York give an aggregate 10.8% greater than
his influence, but finally was overborne by his that of November 1917, with the augmentation for
colleagues. As the law now stands, its dis¬ the eleven months 18.7%, and comparison with
tinguishing characteristic is that it provides for 1916 reveals gains of 30.9% and 51.9%, respectively.
Federal Reserve note issues on an ever increasing Indicating the phenomenal expansion in clearings
scale. Last Saturday there were $2,568,676,000 of at some points during the elapsed portion of 1918,
these Federal Reserve notes in actual circulation, and this following conspicuous gains in 1917 at most
besides $86,003,000 of Federal Reserve Bank notes, places, we note that increases over 1917 in excess of
which latter are like the ordinary national bank notes. 30% (and in a number of instances running well
In war times inflation is inseparable from affairs above that figure) are disclosed at 33 cities, including
and the Reserve Act fitted in well with the general Pittsburgh, Cincinnati, Evansville, Jacksonville, Ill.,
scheme of things. But now that the war is over, Seattle, Portland, Ore., Tacoma, Baltimore, Kansas
unless we would invite danger of a most serious City, Omaha, Denver, Duluth, Sioux City, New
kind, we must speedily get back to the normal, Orleans, Richmond, Atlanta, Nashville, Norfolk,
and these excessive note issues gradually be retired. Augusta, Birmingham, Little Rock, Jacksonville,
We know of no man who has a clearer comprehension Fla., Columbia, Columbus, Ga., Long Beach,
of the problem, or who is better fitted to grapple Wichita, Dallas, Newport News, and Montgomery.
with it, than Carter Glass. The country is to be con¬ The result for the United States as a whole for the
gratulated, therefore, that Mr. Glass has found it month of 1918 at $29,339,559,785 exceeds 1917 by
possible to accept the tender of the office. It woulc 7.7% and 1916 by 9.4%, and for the period since
have been regrettable had he been obliged to decline. Jan. 1 at $301,528,037,646 exhibits gains of 7.5%
and 28.6%.
The exhibit of bank clearings for the United States
Operations in shares on the New York Stock Ex¬
for November 1918 appears to indicate that, not¬ change in November 1918 were considerably smaller
withstanding the cessation of hostilities abroad and than in October, but almost identical with those for
the consequent cancellation of large contracts for the month last year. The transactions in November
supplies for our armies and the let-up in work in this year summed up 14,651,844 shares, against
other dirctions associated with the war, the business 14,816,058 shares in 1917 and 34,552,860 shares in
of the country as a whole continues very'active upon I 1916. For the eleven months the totals aro
Loan the coming spring there will no longer be call
for the great driving force combined with executive
Dec. 7 1918.]
THE CHRONICLE
132,193,166 shares, 172,861,225 shares and 201,576,319 shares, respectively. As regards bonds,
railroad and industrial issues were in
fairly good
demand during the month, the
dealings having been
larger than for any other monthly period in 1918
except October and nearly double those of the cor¬
responding time in 1917. State, city and foreign
Government securities were also quite freely dealt
in, the transactions having been the heaviest of any
month since April 1917 and very much in excess of
2119
nationalize the
don say
railways. Advices cabled from Lon¬
that the widest interest followed his state¬
What form the nationalization will take has
not been given out.
Mr. Lloyd George, the Premier,
ment.
in
opening his campaign on Nov. 16, said: “The
problem of transportation must be taken in hand
under the direct inspiration and control of the State.M
Sir Albert Stanley, President of the British Board of
Trade, in a speech on Wednesday said:. “The time is
coming rapidly when the restrictions and controls of
November of that year.
Sales of United States the railways can be removed and all privileges re¬
Liberty Loan bonds were enormous, reaching over stored to the public.”
160 million dollars par value—much the best
monthly
total on record—whereas in 1917
As to the attitude of the various nations at the
operations in
Federal Government bonds were only 53
millions Peace Conference prospects appear clearly to favor
and in 1916 reached the
merely nominal total of a desire for unity of action. However, England
$4,500. Collectively the bond sales of the month has been very prompt in
giving advance notice that
were appreciably more than those of a
she
will
year ago,
permit no limitation of her naval power,
reaching no less than $246,828,000 par value, against which has stood herself and civilization, as a whole,
$98,124,000, while for the eleven months the aggre¬ in such good stead during the war that now is ending.
gate (a high record) at $1,678,604,000 compares with Winston Churchill,
speaking as Minister of Muni¬
944 1-3 million dollars last year
and 1,054 millions tions in Dundee, on Thursday declared that Great
in 1916. At Boston stock
trading was more active Britain would insist upon retaining the supremacy
in November than in 1917, transactions in
451,992 of the sea at any cost, although, he added, the
shares contrasting with 341,076 shares, and for the British naval authorities had
decided it would not be
period since Jan. 1 the respective totals were 3,446,- necessary to demand the return to England of the
570 shares and 4,786,548 shares.
island of Heligoland ceded to the British by Den¬
Canadian clearings for November are not a whit mark in
1814, but traded by England to Germany
behind those of the United States in reflecting a in 1890 for
territory in Africa and converted by
very satisfactory business situation in the Dominion. Germany into a great naval
stronghold. The
For the 25 cities covered by our compilation the statement made
by Mr. Churchill in regard to the
month’s aggregate shows a gain of 16.1% over 1917
supremacy on the seas follows:
and 22.5% over 1916, while for the eleven months
“We enter the peace conference with the absolute
the augmentation is 6.7% as contrasted with 1917
determination that no limitation shall be imposed
and 29.5% with 1916. The exhibit is especially on our
right to maintain our naval defense. We
good at Vancouver, Halifax, Edmonton and Vic¬ do not intend, no matter what arguments and
toria for the eleven months and the results at Mon¬ appeals are addressed to us, to lend ourselves in any
treal, Ottawa, Quebec, St. John, London, Moose way to any fettering restrictions which will prevent
Jaw and Kitchener for November are new high the British Navy maintaining its well tried and well
deserved supremacy.”
monthly records.
The President sailed on Tuesday morning for
France to take part as one of the official delegates of
the United States in the Peace Conference, which is
Premier Clemenceau of France in an interview
states that there is complete agreement among the
Allies on all questions.
If cable reports from Germany are to be believed
expected to organize about Dec. 17. He and his
party sailed on the steamship George Washington, that country is the scene of a constant succession
Marshal Foch is reported
formerly a German steamer of the North German of counter-revolutions.
to
have
sent
a new ultimatum to the German Armis¬
Lloyd fleet; and were convoyed by the battleship
tice
delegates demanding that Germany give up the
Pennsylvania and a number of destroyers. The
rest
of the locomotives agreed to. Mathias ErzPennsylvania has particularly powerful wireless
equipment and the George Washington also is well berger, leader of the German Armistice Commis¬
equipped in this direction. Hence no difficulty has sion, protested it was impossible to do so and asked
been experienced thus far in keeping in touch with for a respite. The ultimatum expired Monday
the President. In his address to Congress on Mon¬ afternoon, with what result has not yet been learned.
day—to which we refer more fully elsewhere—Mr. The German newspapers express a fear that the
Wilson emphasized the necessity for developing a Armistice will not be prolonged and that the Allies
plan under which the railroads of the country may be will occupy German territory beyond the limits
returned to their owners under proper conditions provided in the Armistice. It appears that the
after the formal declaration of peace as provided in Germans will not be able by Dec. 17 to hand over
the Railroad Control Act. The President ac¬ all of the 5,000 locomotives stipulated in the Armis¬
knowledged that he himself had no plan to offer and tice agreement.
A preliminary conference of representatives of the
requested that Congress immediately institute a
thorough and impartial investigation and develop a Allied nations was held in London on Tueday; the
plan for the restoration of the roads to their owners discussion developed that all countries were in agree¬
which shall be fair alike to the public and the holders ment with the policy of Lloyd George as to com¬
of securities of the roads.
pelling Germany to pay up to the limit of her capac¬
In England it appears nationalization of railroads ity. The Allied representatives were also agreed on
is to follow national control. Winston Spencer the proposition of bringing to trial those responsi¬
Churchill in the course of an election speech on ble for outrages on humanity during the war. British
Thursday announced the Government’s decision to and French legal authorities seem unanimous in
2120
their opinion that the Allied countries have the right
to demand that Holland either give up the person
of the former Kaiser or force his immediate return
Germany. The fugitive, it is declared, has been
guilty of extradictable offenses. It is understood
that definite action in this respect is not to be taken
until the arrival of President Wilson. Meanwhile,
the former Kaiser is presenting the undignified
picture of a defeated monarch endeavoring to blame
others for bringing about the war. He has been
made to sign a formal renunciation both as Em¬
peror of Germany and King of Prussia.
His son,
the former Crown Prince, has not yet renounced
his right of succession.
to
In London a
election before
disposition to await the results of the
entering into new speculative com¬
mitments is evident. Peruvian and Chilian securi¬
ties have been under some degree of selling pressure
as a result of the strained relations between those
countries. Furthermore the London market, as was
the case in New York, is viewing the post-war recon¬
struction program with considerable concern. The
spirit of consolidation is in the air, being regarded
one of the necessities to provide economies through
co-ordination and to permit manufacture at such
costs as will more than meet foreign competition.
Details have become available of the formation of
Explosives Trades, Ltd. This is the name of the
new merger of war plants—a consolidation which will
include 29 companies, all of which will retain their
identity, merely exchanging shares for shares in the
holding company. The latter will have a capital of
£18,000,000, of which £15,247,000 will be issued if all
shareholders agree to the exchange. It is under¬
stood that the capacities of the various companies
will be devoted as rapidly as possible to the manu¬
facture of chemicals and dyes and other peace
products. Meanwhile a separate dyestuffs merger,
to be called the British Dyestuffs Corporation, is
being planned. It will acquire the British Dyes
Corporation and Levinsteins. This too will not be
a formal consolidation, as the shares of the two com¬
panies will remain separate, though the concerns
themselves will work together under identical di¬
the
[Vol. 107.
THE CHRONICLE'
to be agreed that some
new and more effective form of financing soon will
be found necessary to supplement the war bond sub¬
scriptions. Reports have recently been current
that the Government will issue a substantial amount
of 4% Exchequer bonds.
The Brussels (Belgium) Bourse reopens next week
and Belgian exchange on London will then be
resumed. As to quotations for British securities a
fair index is the fact that for the month ending
Nov. 20 an increase of £27,957,000, or 1%, was
indicated in the aggregate value of 387 repre¬
sentative securities dealt in on the London Stock
Exchange. These figures, received by cable, repre¬
sent the regular monthly tabulation compiled by the
“London Bankers’ Magazine.” During the month
British and India funds declined
of 1%, foreign
Government bonds increased 4%, American rail¬
ways gained 5.3%, British railways appreciated
0.6%, and South African Mines decreased 1.3%. The
Nov. 20 aggregate value stands at £2,822,499,000.
This is a recovery from the low point touched by the
same stocks, namely at the end of April 1918, when
the total was £21,571,612,000, an advance which is
coincidental with the progress toward victory by the
Allied troops. At the close of June 1914, just before
the outbreak of the war, the aggregate value of the
securities in question was £3,383,128,000. It is
evident, therefore, that the British market still has
some distance to go before reaching the pre-war
up
to £264,674,000.
It
seems
level.
Banking consolidations as a method of preparing
for British foreign trade still are being reported. The
London County Westminster & Parr’s Bank, Ltd.,
has completed a reciprocal arrangement with the Com¬
mercial Bank of Scotland, though the transaction does
not amount to a complete merger.
It gives the Bank
of Scotland direct London facilities, however.
The
Westminster Bank is also absorbing the Nottingham
& Nottinghamshire Banking Co., an old concern
established as far back as 1834 and having forty
branches and deposits of £6,000,000. The new acqui¬
sition will make the Westminster Bank’s deposits
approximately £240,000,000. This bank is one of
the largest British institutions as a result of a suc¬
cession of recent amalgamations. Besides numerous
rectors.
Restrictions are still continued by the London offices in the United Kingdom, it has branches in
Stock Exchange Committee with the object of pre¬ France and Spain. Its paid-up capital is £6,828,
venting speculative operations. A ruling has been 565 and it has a reserve of a similar amount. The
filed that in the case of shares which were not dealt Commercial Bank of Scotland, established in 1810
in during the war, special permission will be required with head office in Edinburgh, has 174 branches
before dealings can be resumed, the object being to scattered throughout Scotland. Its paid-in capital
prevent revival of moribund companies as a nucleus is £1,000,000 and it has a reserve fund of £700,000,
for floating new schemes and thus evading registering with deposits of £26,000,000.
Great Britain has decided to assist the Provisional
new companies, as a subterfuge to escape the necessity
of applying for permission to issue shares. This is a Bank of Russia by establishing a new ruble currency
check upon a movement which already appears to at the fixed rate of exchange of 40 rubles to £1 ster¬
have attained considerable headway.
The decline ling. Money thus received will be deposited in the
in subscriptions to the British war bonds which was Bank of England as an unalienable reserve to insure
the convertibility of Russian notes into sterling at
so widely expected, is beginning to show itself in a
practical way, last week’s distribution having the above rate. It is understood that similar plans
amounted to only £16,831,000 as compared with are contemplated to stabilize ruble currency in
£22,251,000 for the week of Nov. 23. The total now France and the United States.
of continuous issue is £1,302,996,000.
The week’s
Advices received by the Department of Commerce
sales through the post office to Nov. 23 aggregated
£1,073,000 bringing the total in this channel up to at Washington contain interesting details of the
£45,144,000 and making the grand total £1,348,- efforts being made by the British Government to
140,000. The sales of war savings certificates of secure the return as soon as possible by that country
£1 each for the week aggregated £3,041,000, bring¬ to its former position in the financial world. Ac¬
ing the total ultimate indebtedness under this head cording to these reports, “No precise measures are
Dec. 7
1918.]
THE CHRONICLE
2131
at
present recommended to restore the situation accurate, the number of separate subscriptions, was
after the war because these will depend upon a
7,000,000. Premier Clemenceau was quoted by
variety of conditions which cannot be foreseen. Minister Klotz as saying: “The most terrible account
There is, however, unanimous agreement that the of a people to a
people is open. Certainly the tax¬
gold standard should be maintained. The condi¬ payers will accept all the sacrifices, but they must be
tions necessary to the maintenance of an effective
given knowledge of the fact that we have exacted
gold standard
longer exist, and the investigating from the enemy complete restoration and reparation/7
committee declares it to be imperative that they be
In accordance with recent announcements the
restored without delay.” For the restoration of an French Government has denounced all commercial
effective gold standard the cessation of Government conventions
containing the most-favored-nation
borrowing as soon as possible after the war is recom¬ clause. In explaining this move M. Clementel,
mended. To reduce the British obligations to the Minister of
Commerce, declared that this course was
United States it was recommended that a sinking necessary to
permit the nation to compete in the
fund be established immediately “so that there
after-war
may
struggle for trade and because of the world
be a regular annual reduction of capital
liabilities, problem of obtaining raw material. M. Clementel
more especially those which constitute the
floating argued that as a result of the war, which he said,
debt.” Other recommendations include the use of was a real economic
revolution, work would not be
the Bank of England's discount rate and other resumed
along the lines in force prior to the war
recognized banking machinery and the discontinu¬ because of the world problem of obtaining^raw ma¬
ance of differential rates for home and
foreign money terials. This problem would be solved in favor of
after the war; limitation by law of the issue of fidu¬ France only
by sacrifices, by collective interests and
ciary notes and present arrangements to be termi¬ the application of a new system. Instead of liberty
nated immediately.
without restraint, the Minister said, it would be
necessary to substitute organized or restricted
The British Treasury statement for the week
liberty. The situation showed the necessity of
ending Nov. 23 indicated a slight reduction in ex¬ solving the vital question of increased production
penditures.
no
There
was
a
substantial increase in
the sales of
Treasury bills. Expenditures for the
week were £46,028,000 (against £46,554,000 for
the week ended Nov. 16), while the total outflow,
including repayments of Treasury bills and other
items, equaled> £140,934,000, as against £135,335,000 a week ago. Receipts from all sources were
£135,541,000. This compares with £133,536,000
the week preceding. Of this total income revenues
contributed £15,627,000, against £10,821,000 last
week; war savings certificates were £1,600,000,
against £2,800,000, and other debts incurred £1,480,000, against £21,591,000. War bonds totaled
£27,213,000, in comparison with £20,959,000 the
week before. New issues of Treasury bills were
£76,272,000, as against £65,465,000 a week ago.
Treasury bills outstanding now amount to £1,113,807,000, which compared with £1,122,575,000 in
the week preceding. The Exchequer balance aggre¬
gates £9,610,000, as contrasted with £9,403,000
last week.
That the
has
by no means exhausted the float¬
ing supply of French wealth is indicated by the re¬
markable volume of subscriptions which, with the
signing of the armistice, have come forward to the
new French loan, whose official title is the “French
Liberation Loan.”
M. Louis Klotz, Minister of
Finance, announced on Tuesday that the subscrip¬
war
tions to this loan had reached the nominal total of
27,750,000,000 francs, or a real value of 19,750,000,000, the bonds selling at 70.80 francs. The final
results of the campaign are not yet known, complete
foreign and colonial subscriptions not yet having
been compiled.
The three previous loans realized
respectively 15,000,000,000 francs, 11,000,000,000
and 14,000,000,000 francs, idicating that the final
results of the last loan will probably be 50% greater
than the lagest one foated in the past.
Argentina
was a subscriber to the amount of 125,000,000 francs,
compared to 12,500,000 francs in 1917; Algeria,
500,000,000 francs, against 230,000,000 francs, and
Morocco 56,000,000 francs, compared with 7,500,000
francs. The number of subscribers, or to be more
so
that victorious France should not
war
economically conquered.
come
out of the
He said that "’among
the teachings of the war there was one to which the
Government attached great importance. This was
the necessity of considering the new relations be¬
tween the heads of
industry and labor. For the
prevalent in Germany of a struggle between
classes, France must substitute a plan of co-oper¬
ation of classes in the common interest. Working
men of France had learned a lot
during the war,
notably that a policy of bungling was abominable—
bad for them as well as for the entire country. For
idea
the old restrictive forms must be substituted a new
form—that was to say, a form of intense and fruitful
work with a maximum of production in minimum
time and maximum
salary for
a
minimum of labor.
Speaking of the immediate demands of France,
B. Clausse, President of the Syndicat des
Mecaniciens Founders in France, declared (quoting
a recent cabled interview) that France must have
machinery at the cheapest possible price in the short¬
est time.
To get this it must be manufactured in
France; hence the raw material supply was of para¬
mount importance.
“In this difficult period of
demobilization,” he’"said, “it is a question of new
organization of work shops with their ordinary
peace staffs and of winding up the work under satis¬
factory conditions. The great problem is to blend
the two processes.
There were working in France
for the national defense on war material 1,750,000
men and women.
They must be placed in suitable
occupations as well as those who are demobilized.
Even if the majority of women workers returned to
their work of pre-war days, there would be about
1,500,000 to be re-employed.” There is to be a
demand for labor, the speaker said, but raw ma¬
terials will be lacking.
Mechanical engineering
Jules
firms are unanimous in the demand for
In this the Allies could help France,
raw
materials.
while French
mines were being put in order. It was more than
ever necessary that the French decree of^July 18 1916,
whereby the free importation of metals was pro¬
hibited, should be canceled. Cancellation would
3122
end much bureaucratic
THE CHRONICLE
[Vol. 107.
routine, a disastrous check private bank rate has not been changed from 3 17upon production and a handicap in both Government 32% for sixty-day and ninety-day bills.
Money
and private construction. This decree had been on call in Londoh is still reported at 3%. No re¬
one of the prime factors responsible for the scarcity
ports have been received by cable of open market
of raw material from which France is suffering and rates at other centres, so far as we have been able
had caused the present weakness of the French con- to ascertain.
structural industry. If breaking down the checks
and granting free competition to private concerns,
A further gain in gold is shown by the Bank of
the speaker concluded, did not suffice to ease the
England, namely £165,585. There was, however, a
situation, then industry must be able to call upon
the State for special premiums to compensate certain heavy loss in total reserves amounting to £892,000,
branches of industry which are of most importance following an expansion of £1,057,000 in note cir¬
culation. The proportion of reserve to liabilities
to the country’s activities.
By this means the was
again reduced, this time to 15.17%, as com¬
State would permit French constructors to compete
pared
with 16.20% a week ago and 18%% last
almost on a level with foreign houses.
year.
Public deposits registered a decrease of
The French Government has issued a decree pro¬
£3,897,000, although other deposits expanded £10,hibiting the importation of German bank notes,
449,000. Government securities were increased
coins or any other German monetary medium. The
£10,915,000. Loans (other securities) were con¬
French Minister of Marine has ordered the discharge
tracted £3,395,000. The Bank’s stock of gold on
on Dec. 10, unless they prefer
otherwise, of all sailors hand now stands at £76,011,241, as
against £57,40 years of age or more or those who are the fathers
of at least four children. It is estimated that about 534,955 in 1917 and £55,942,730 the year before.
Reserves aggregate £27,413,000, comparing with
7,000 seamen will thus be released from service.
£32,256,875 a year ago and £36,534,395 in 1916.
Trading for the account was resumed on the Paris Loans amount to
£97,596,000. This contrasts with
Bourse on Thursday.
£91,798,972 and £106,749,646 one and two years
ago, respectively.
Clearings through the London
Very little of financial nature has come forward banks for the week totaled
£446,580,000, as com¬
from Germany. A press dispatch indirectly from
pared with £408,940,000 last week and £414,498,000
Berlin quotes Rudolf Havenstein, President of the
for the corresponding week in 1917. Our special
Imperial Bank of Germany, as urgently admonishing correspondent is no longer able to give details
by
the people not to hoard cash. He said that between
cable of the gold movement into and out of the Bank
Oct. 1 and Nov. 23 there had been withdrawn from
for the Bank week, inasmuch as the Bank has dis¬
the Imperial Bank 3,683,000,000 marks, against
continued such reports. We append a tabular
397,000,000 marks last year and this, after 4,000,- statement of
comparisons:
000,000 marks had already been drawn out in the
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
third quarter. More than 1,000,000,000 marks of
1918.
1916.
1915.
1914.
1917,
new currency had been circulated in the same
Dec. 4.
Dec. 5.
Dec. 6.
Dec. 8.
Dec. 9.
period
£
£
£
£
£
by means of coupons and on the notes of private Circulation.
67,530,000 43,728,080 37,858,335 34,155,360 35,751,370
banks and communes, making the total emergency Public deposits.... 26,530,000 36,458,001 58,716,597 52,443,879 45,002,331
Other deposits
154,198,000 135,638,569 108.946.191 90,018,941 120,904,048
money 5,000,000,000 marks between the above Govem’t securities. 73,544,000 65,912,870 42,187,693 32,840,075 11,959,187
securities
97,596,000 91,798,972 106,749,646 92,910,363 117,600,464
dates. The speaker announced the final total of the Other
Res’ve notes A coin. 27,413,000 32,256,875
36,534,395 34,567,388 54,151,403
last war loan subscription as 10,433,959,700 marks, Coin and bullion— 76,011,241 57,534,955 55,942,730 50.272,748 71,452,773
Proportion of reserve
of which 93.14% had already been paid. According
to liabilities
15.17%
18.75%
21.79%
24.26%
32.64%
Bank rate
5%
6%
6%
5%
5%
to the weekly report of the Bank of Germany issued
on Nov. 23 gold reserves in connection with the
The Bank of France, in its 'weekly statement,
obligations undertaken under Article 19 of the ar¬
mistice terms had undergone a reduction of 241,790,- continues to show gains in the gold item, the increase
000 marks, the gold reserve standing on that date for the week amounting to 5,534,000 francs. This
at 2,308,558,000 marks.
Article 19 of the armistice additional gain brings the Bank’s aggregate gold
provided for the restitution of the Russian and holdings up to 5,467,629,150 francs, which compares
Rumanian gold yielded to Germany or taken by with 5,336,295,567 francs last year; of these amounts
that Power. This gold was to be delivered in trust 2,037,108,484 francs were held abroad in each year.
to the Allies until the signature of peace.
The article In 1916 the total gold holdings stood at 5,054,773,278
in question also required* that the following conditions francs, of which 1,385,185,949 francs were held
be carried out: “Immediate restitution of the cash abroad. Silver, during the week, was increased by
deposit in the National Bank of Belgium, and in 678,000 francs, bills discounted were swollen by
general immediate return of all documents, specie, 182,314,000 francs and advances were further
stocks, shares, paper money, together with plant augmented by 89,416,000 francs. On the other
for the issue thereof, touching public or private hand, Treasury deposits were diminished 73,382,000
interests in the invaded countries. Reparation for francs, while general deposits fell off 258,949,000
damage done. While such armistice lasts no public francs. Note circulation registered a contraction of
securities shall be removed by the enemy which can 339,709,000 francs bringing the total outstanding
serve as a pledge to the Allies for the
recovery or down to 28,732,703,000 francs which compares
with 22,911,782,257 francs last year and 16,298,reparation for war losses.”
007,495 francs the year before. On Nov. 7 1918,
Official discount rates at leading European cen¬ immediately preceding the signing of the armistice
tres continue to be quoted at 5% in London,
Paris, with Germany, the amount was 30,821,245,000
Berlin, Vienna and Copenhagen; 5%% in Switzer¬ francs, as contrasted with 6,683,184,785 francs on
land; 6% inPetrograd and Norway; 6%% in Sweden, July 30 1914, which was just prior to the outbreak of
and 4%% in Holland and Spain. In London the war. Comparison of the various items with the
Dec. 7
1918.]
THE CHRONICLE
statement of last week and
1917 and 1916 are as follows:
corresponding dates in ficient
BANK OF FRANCE'S COMPARATIVE
Changes
for Week.
France.
Gold Holdings—
Zb France
Inc.
Abroad
5,684,000
No change
Total
•
■
STATEMENT.
ttatm
as
of
Dee. 5 1918.
Dee. 6 1917.
France.
Francs.
8,430,520,666
2,037,108,484
3,299,187,082
2,037,108,484
Dee. 7 1916.
Francs.
3,669,587,329
1,385,185,949
Inc.
5,534,000 5,467,629,150 5,336,295,567 5,054,773,278
678,000
319,941,446
246.254,889
311,008,652
Bill* discounted...Inc. 182,314.000
998,425,600
802,073,883
557,983,333
Advances
...Inc. 89,416,000
1,179,579,500 1,170,714,260 1,350,212,764
Note circulation_ ..Dee339,709,000 28,732,703,000 22,911,782,257
16,298,007,496
Treasury deposits..Dec. 73.382.000
257,900,000
42,767,163
68,370,811
General deposits...Dec258,949,000
1,557,094,000 2,796,256,304 1,952,914,037
Silver
Inc.
The
Imperial Bank of Germany in its weekly
statement, as of Nov. 23, shows the following striking
changes: Total gold and bullion registered the heavy
reduction of 242,766,000 marks, and gold 241,790,000
marks, representing in part the gold taken from
Russia and Rumania, which under the terms of the
armistice Germany is called upon to pay back to the
Allies in trust. Treasury notes were incresaed 392,391,000 marks, notes of other banks expanded 11,497,000 marks; bills discounted were reduced 195,868,000 marks, advances decreased 8,789,000 marks;
investments increased 692,000 marks, and other se¬
curities 78,784,000 marks. Note circulation showed
the substantial expansion of 451,109,000 marks,
while deposits fell 91,561,000 marks, and other lia¬
bilities were contracted 323,607,000 marks. The
German Bank’s gold holdings are now reported at
2,308,558,000 marks, as against 2,403,792,000 marks
last year and 2,518,240,000 marks in 1916,
Saturday’s bank statement of New York Clearing
House members, which will be found in more com¬
plete form
on a
later
page
of this issue, made
a
less
favorable showing, there having been a reduction
in both aggregate and surplus reserves. This was
undoubtedly due to Government withdrawals of
funds from the banks, while preparations for the
month-enjd dividend and interest disbursements
were also a factor.
The loan item decreased $57,535,000. Net demand deposits showed the heavy
contraction of $83,459,000, to $3,737,525,000 (Gov¬
ernment deposits of $231,500,000 deducted), al¬
though net time deposits expanded $699,000, to
$154,002,000. Cash in vaults (members of the
Federal Reserve Bank) was reduced $1,377,000, to
$106,080,000 (not counted as reserve). Reserves
in the Federal Reserve Bank of member banks
declined $44,045,000, to $539,317,000. The re¬
serve
in
own
vaults (State banks and trust compan¬
ies) increased $78,000, to $10,407,000, and in other
depositories (State banks and trust companies)
there was an expansion of $301,000, to $9,360,000.
Aggregate reserves registered a loss of $43,666,000,
to $559,084,000, comparing with $615,337,000 a
Reserve requirements were brought
year ago.
down $10,782,770; hence the reduction in surplus
was cut to $32,883,230.
This leaves a total of ex¬
cess reserves on hand of $64,180,750 (not counting
$106,080,000 cash in vaults held by these banks),
as against $152,122,450 in the same week of 1917.
These figures are in each instance based on 13%
reserves
for member banks of the Federal Reserve
system but not counting cash in vault.
tion declined $119,000 to $35,446,000.
Circula¬
Conditions in local money circles are becoming
more
nearly normal.
Funds
are
available for time
commitments in moderate volume—in fact in suf¬
volume for the present requirements of
mercantile and industrial interests, where increased
caution is becoming apparent, in view of the fear
of cancellation of war contracts and of other trans¬
actions based
on
Exchange funds
have
been
So far as Stock
concerned all restrictions now
war
are
removed
contracts.
with
the
exception of the
probably most important of all, namely that of
limiting the volume of member’s loans to the level
of September. The requirements of the
Money
Committee that the banks shall maintain margins
of 30@3734% on Stock Exchange loans have been
removed, the Committee having accepted the
position of the Stock Exchange that the importance
of keeping the volume of loans upon securities from
increasing at the present time is thoroughly under¬
stood and appreciated by the financial community
and that therefore the Committee’s requirement of
the margin in question had ceased to be
necessary.
The correspondence on this subject between the
President of the Stock Exchange and Governor
Strong, head of the Money Committee, appears on
a later
page of the “Chronicle”.
Secretary Ely of
the Stock Exchange has sent a notice to members
calling attention to the fact that new forms for
reporting borrowed money to the Committee of the
Exchange must be used from now on.
Referring to money rates in detail, loans on call
have again this week ranged between 5 and 6%.
On Monday and Tuesday the high was 6%, which
was
also the rate for renewals, with 5% low.
Wednesday there was no range, 6% being quoted
all day, and on Thursday also this was the
only
figure named, while renewals were made on this
basis. On Friday the range was 5}4@6%, with the
latter the renewal basis. The above applies to loans
based on mixed collateral. Loans on all-industrials
continue to be quoted 34 of 1% higher. In time money
a somewhat firmer tone has been
apparent, due to
Government withdrawals of funds and payments
incidental to the Dec.l financing. A fair supply of
available for the short maturities, but
offerings for the longer periods showed a falling
money was
off.
Transactions
in
the
light.
Sixty and ninety-day funds are now available at
5%@6%, against 6% last week, with four, five and
six months still quoted at 6%. A year ago
sixty
days money was 534%, ninety days and four months
534@534% and five and six months at 534@5%%.
aggregate
were
Mercantile paper presented no new feature. A fair
volume of business is being transacted at 5%@6%
for sixty and ninety days’ endorsed bills receivable
and six months’ names of choice character, the same
as
last week.
be
quoted at 0%.
Names less well known continue to
Banks’ and bankers’ acceptances have ruled firm
and without quotable change. A good demand is
reported with both local and out of town buyers
in
the market. The
bankers’ acceptances
4J4%*
rate
for demand
loans
on
has not been changed from
Rates in detail are as follows:
Ninety
Days.
Eligible bills of member banks
.~4^@4*
Eligible bills of non-member banks... ...4N@4f/i
Ineligible bills
...5H@5
Spot Delivery
Sixty
Days.
Delivery
Thirty
within
Days.
30 Days.
4^@4*/£
4%@4
4J*@4H
4J4 bid
4^ bid
6H@5
6H@5
6
bid
No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Re¬
serve banks.
Prevailing rates for various classes of
paper at
the different Reserve banks
following:
are
shown in the
DISCOUNT RATES OF FEDERAL RESERVE
BANKS.
8
CLASSES
OF
i
DISCOUNTS AND LOANS
i
i
£
!
Atlan . |
|
35
i
§
3
8
«
*
!
1
e
3
i
Discounts—
Within 15 days, lncl. member
4
4
4
4
44 44 44 44
44 44 44 4
backs’ collateral notes
44 5
4% 44 44 44 5
16 to 60 days’ maturity... 44 44 4 4 44 5
5
5
5
4H 44 44 5
61 to 90 days’ maturity... 4% 44 44 4 4 5
Agricultural
and
live-stock
paper over 90 days
Secured by U. S. certificates
of indebtedness or Lib¬
erty Loan bonds—
Within 15 days. Including
member banks' collat¬
eral notes
*4
*
16 to 90 days' maturity.._
Trade Acceptances—
1 to 60 days’ maturity
61 to 90 days’ maturity
—
..
5
5
5
5 4 54
5
5)4 54 54 54 54 54
4
24
4
4
4
4
*44
4 4 4 *4* *44 *44 *44 4 4 44 44
i
44 4 4 !4HHH 414 44 4)4 44 44 44
44 4 X 44 44 44 414 4)4 44 44 44
4
4
4
4
44
44 44
44 4*40
44 44
1 Rate of 3 to 4
H % for 1-day discounts in connection with the loan operations
of the Government.
Rates for discounted bankers’ acceptances maturing within
15 days, 4%; within 16 to 60, days 44 %; and within 61 to 90 days, 44%
* Rate of
4% on paper secured by Fourth Liberty Loan bonds where paper re¬
discounted has been taken by discounting member banks at rate not exceeding
Interest rate on bonds.
maturing within 15 days, 44%.
maturing within 15 days, 4H %: 16 to 90 days, 44 %
a Fifteen days and under, 4%%.
Note 1. Acceptances purchased In open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate is higher than the 15-day dieeount rate.trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application Is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper of the same class.
•Rate for trade acceptances
4
Rate for trade acceptances
Sterling exchange has not yet worked back into
the position of a free market. The re-establishment
of mailing opportunities was responsible for a
moderate advance in demand rates, but the market
soon settled to its former position of dulness.
As
to the day-to-day rates, the position of exchange on
Saturday, in comparison with Friday of last week,
was firm and fractionally higher for demand, which
ranged at 4 75%@4 75% and sixty days at 4 73%@
4 73%; cable transfers remained at 4 76 7-16.
On
Monday a decided improvement was shown in
sterling quotations and demand bills were advanced
to 4 75%@4 7580; this, of course, was the result of
expectations that the Mauretania, just arrived,
would sail before the close of the week, carrying
mail; other rates were not changed with cable
transfers still at 4 76 7-16 and sixty days at 4 73%@
4 73%.
Trading was quiet on Tuesday and changes
in rates were unimportant; demand eased off a
trifle, to 4 7570@4 75%, although cable transfers
and sixty days continued at 4 76 7-16 and 4 73%@
4 73%, respectively.
Wednesday’s market was in¬
active; a good undertone was noted and quotations
ruled at the levels of the day preceding.
A slightly
easier tone developed on Thursday and demand
bills receded to 4 7565@4 75%, chiefly because the
inquiry for bills to go on the Mauretania had been
satisfied; other rates remained at 4 76 7-16 for cable
transfers and 4 73%@4 73% for sixty days; trading
was dull and featureless.
On Friday the market
was quiet and about steady.
Closing quotations
were 4 73%@4 73% for sixty days, 4 75%@4 75%
for demand and 4 76 7-16 for cable transfers.
mercial
[Voi*. 107.
THE CHRONICLE
2124
Com¬
indisposition manifested by exchange operators to en¬
ter into important new commitments until something
definite is known of the results of the Versailles Peace
Conference. Rates have shown almost no variation,
though a better undertone was evident as a result of
improvement in both mail and cable facilities.
Francs were well maintained and closed at a slight
net advance for the week.
Italian exchange remains
at the official rates previously current, while rubles
continue to occupy an entirely nominal position.
Quotations for reichsmarks and kronen are as yet
The official London check rate
unobtainable.
on
25.97%, against 25.98 a week ago. In
sight bills on the French centre finished at
5 45%, against 5 45%; cables at 5 45, against 4 45;
commercial sight at 5 46%, against 5 46%, and com¬
mercial sixty days at 5 51%, against 5 51 % a week ago.
Lire closed at 6 37 for bankers’ sight bills and 6 35
for cables, the same as last week. Rubles have not
been changed from 14 for checks and 15 for cables.
Greek exchange continues to be quoted at 5 16% for
Paris closed at
New York
checks and 5 15 for cables.
As to the neutral
exchanges, some irregularity
developed with a tendency towards lower levels
early in the week, though with recoveries later.
Swiss francs broke sharply, at once time touching
4 97 for checks, which contrasts with the firmness
recorded a week ago. No specific reason was assigned
for this weakness, although it is believed that it
was largely in response to movements in the Euro¬
pean markets. International banks were heavy sellers
of the bills. Before the close, however, there was a
partial rally. Guilders opened weak, but steadied
and finished without important change.
Spanish
pesetas were weak and lower. Scandinavian rates
moved within narrow limits. Trading throughout
was dull.
An interesting development likely to arise
as a result of the war, according to Trade Commis¬
sioner Newman L. Anderson, will be the commercial
supremacy of Scandinavian ports over those of
Germany. Hamburg, he said, had dominated all
the Baltic seaports before the war, but this situation
had now been overcome by the Scandinavian coun¬
He further stated that Scandinavian steam¬
tries.
ship companies had established direct connections
with all parts of the world and that the Scandinavian
banks were amply supplied with money ready for
use
as
soon
as
commerce
was
resumed.
Bankers’
Amsterdam closed at 42%, against 41%;
42%, against 42%; commercial sight at
42 3-16, against 41 13-16, and commercial sixty days
at 41 13-16, against 41 5-16 last week.
Swiss ex¬
change finished at 4 93 for bankers’ sjght bills and
4 90 for cables.
This compares with 4 92 and 4 90
the week previous.
Copenhagen checks closed at
26.60 and cables 26.90, against 26.50 and 26.80.
sight
on
cables at
Checks
on
Sweden finished at 28.30 and 28.60,
sight bills finished at 4 75%@4 75%, against 28.00 and 28.30, while checks on Norway fin¬
sixty days at 4 72%@4 72%, ninety days at 4 71 @ ished at 27.60 and cables at 27.90, against 27.30 and
4 71%, documents for payment (sixty days) at 27.60 the week before.
Spanish pesetas finished at
4 71%@4 72 and seven-day grain bills at 4 74%@ 19.85 for checks and 19.95 for cables.
A week ago
4 74%.
the
close
was
20.00
and
20.10.
Cotton and grain for payment closed at
In South American quotations, the check rate on
4 75%@4 75%.
No gold imports were reported
during the week, but a small consignment of $200,000 Argentina declined and closed at 44.85 and cables
was engaged for shipment
at 45.00, against 44.87% and 45.12%.
For Brazil
to Mexico.
the rate for checks was a trifle higher and finished
Dulness has again been the outstanding feature in at 26.75 and cables at 26.90, as compared with 26.60
Chilian exchange remains at
Contnental exchange at the various Allied centres. and 26.75 last week.
This is readily explainable in view of existing uncer¬ 12 15-32, with Peru still at 50.125@50.375.
It is
tainties in the international situation and the strong remored that peace is likely to have the effect of
Dec. 7 1918.]
THE CHRONICLE
2125
temporarily suspending the negotiations pending men responsible for the war,” even if their heads were
between this country and the Latin-American Gov¬
crowned, “must be tried by an international court,”
ernments for the establishment of additional
foreign and when Sir Auckland Geddes of the Local Govern¬
exchange pools. As may be recalled, negotiations ment Board asserts that “such men as the former
were under way for the
establishing of special arrange¬ German Emperor
will be placed on trial,
ments with Peru, Uruguay and
and
if
found
Chile, and that
guilty their lives will be forfeit,”
arrangements had already been concluded with it is perhaps wise not to
leap too rapidly to conclu¬
Argentina and Bolivia, the purpose being to enable sions. We are not hearing
any similar confident
Americans to pay debts in South America by deposit¬
predictions from the French statesmen.
ing funds in this country to the credit of South
But whatever the actual decision, it is
growing
Americans. Now that the United States is
taking so daily more apparent that the least probability is
prominent a part in world affairs, a decided change a reaction in
Germany in his favor. The situation in
of attitude on the part of South American bankers
Germany itself has already developed in such way
has appeared and the pressure for the
exportation as seemingly to preclude any reversion to the old
of gold to pay trade balances has almost
entirely regime. Only two causes might have made such
ended.
reaction possible. One would have been the
plunge
Far Eastern rates are as follows:
Hong Kong, of Germany into outright anarchy; which has not
81@81.15, against 79.90@80.00; Shanghai, 123@ happened. The other might be such actual
persecu¬
123% (unchanged); Yokohama, 52%@52%, against tion of the Kaiser individually,
by the Entente
56%@56%; Manila, 50%@50% (unchanged); Sin¬ Powers, as should cause a revulsion of political
sym¬
gapore, 56%@56% (unchanged); Bombay, 36%@
pathy in Germany.
36% (unchanged), and Calcutta (cables), 36%@37
Other current events are even now
suggesting how
(unchanged).
singular and how confused a case would be before
the court, if we suppose the deposed ruler to be
The New York Clearing House
banks, in their haled before an international tribunal. It is
only a
operations with interior banking institutions, have few
days ago that we had the former Kaiser’s per¬
gained $5,711,000 net in cash as a result of the cur¬ sonal
declaration, made to a German newspaper
rency movements for the week ending Dec. 6.
Their correspondent, that his own lack of
responsibility
receipts from the interior have aggregated $9,878,- could be
proved. When war was threatening in*
000, while, the shipments have reached $4,167,000.
July 1914, “against my will they sent me to Norway,
Adding the. Sub-Treasury and Federal Reserve I did not wish to undertake the
voyage, because the
operations, which together occasioned a loss of
gravity of the situation after the murder of the
$84,812,000, the combined result of the flow of Archduke Francis Ferdinand was clear at
first sight.
money into and out of the New York banks for the But the
Chancellor said to me, ‘Your Majesty must
week appears to have been a loss of
$79,101,000, as make this voyage in order to maintain peace. If
follows:
your Majesty remains here, it undoubtedly means
war and the world will
Week ending December 6.
Into
Out of
Net Change in
lay to your charge responsi¬
Banks.
Banks.
Bank Holdings.
bility for this war.’ ”
Banks’ interior
$9,878,000
$4,167,000 Gain $5,711,000
Sub-Treas. and Fed. Res. operations
These assertions, however the public may
49,235,000
134,047,000 Loss 84,812,000
be im¬
Total
$59,113,000 $138,214,000 Loss $79,101,000
pressed by them, bear curiously on three independent
One is the interesting statement, made in
The following table indicates the amount of bullion facts.
a
letter from the London “Economist’s” Berlin cor¬
in the principal European banks:
respondent, dated July 9 1914, that “as usual, the
December 5 1918.
December 6 1917.
Banks ofNorway voyage of the Kaiser marks the beginning
Gold.
Silver.
Total.
Gold.
Silver.
Total.
of the dead season in German politics.” The other
£
I
£
£
I
£
England.. 76 ,011,241
is the communication of July 26 1914 from the
76,011 ,241; 57 ,534,955
57 ,534,955
Francea.. 137 ,220,826 12,760 ,000 149,980 ,826131 ,967,483
9,840 ,000141 ,807,483
Germany 115 ,427,900
1,119 ,560 116,547 ,460 120 ,215,250
British
6,752 ,850126 ,968,100
Embassy at Berlin to Sir Edward Grey,
Russia
129 ,650,000 12,375 ,000 142,025 ,000 129 ,650,000 12,375 ,000142
,025,000
11 ,008,000
Aus-Hun
2,289 ,000 13,297 ,000 11 ,008,000
2,289 ,000 13 ,297,000
reporting that “the Emperor returned suddenly
89 ,130,000 25,786 ,000 114,916 ,000 78 ,460,000 28,833 ,000107 ,293,000
Spain
38 ,439,000
Italy
3,200 000 41,639 ,000 33 ,343,000
2,600 ,000, 35 ,943,000
to-night,” that “the Under-Secretary of State for
Netherl’ds 57 ,785,000
600, 000 58,385 ,000 57,,698,000
573 ,500 58 ,271,500
Nat. Bel .h 15 ,380,000
600, 000 15,980 000 15,,380,000
600 ,000 15 ,980,000
Foreign Affairs says the Foreign Office regrets this
Switz’land 15 ,171,000
15,171 000 14, ,024,000
14. ,024,000
Sweden... 15 ,339,000
15,339 000 11, ,922,000
11 ,922,000
step,
which was taken on his Majesty’s own initia¬
Denmark
10 ,335,000
130,000 10,465 ooo; io, 515,000
153 ,000 10 ,668,000
Norway.
,738,000
6,738 000
6, 489,000
6,,489,000
tive,” and that “they fear that his Majesty’s sudden
Tot .week. 717,634,967 58.859.560 776,494,527 678,206,688
64,016,350742,223,038
return
Prev. week 729,293,391 58.771.560 788,064,951 678,426,079
may cause speculation and excitement.”
63,210,400741,636,479
The
Gold holdings of the Bank of France this
second
of these excerpts might seem at first
exclusive of £81,484,340
held abroad.
No figures reported since October 29 1917.
sight to give confirmation of the Kaiser’s assertions.
Figures for 1918 those given by "British Board of Trade Journal” for Dec. 7
But what, then, about the famous “Potsdam con¬
1917; figures for 1917 estimated
the basis of the Dec. 7 1917 totals,
h August 6 1914 In both
ference,” to which, in the first week of that July
.
.
.
movement..
.
c
•—
....
.
.
6
....
a
year are
*
c
on
yerrs.
THE KAISER AND THE SECRETS OF THE WAR.
How far this week’s various declarations of British
statesmen, as to “what should be done with the
Kaiser,” represent the mature thought and fixed
purpose of the speakers, it is a little difficult to guess.
The campaign for a general election is already under
way in England; the statesmen now in office are stand¬
ing for re-election, and assurances that the extreme
of personal punishment will be visited on the Hohenzollerns is perhaps as popular a “slogan” in the con¬
test
could exist in the circumstances.
When,
therefore, Premier Lloyd George declares that “the
as
—less than a week after the assassination of the
Austrian Archduke—the Kaiser summoned the mili¬
tary and financial leaders and notified them to
prepare for war?
Regarding the fact of this con¬
ference, we have both the absolute testimony of
Herr
Muhlon
statement
not
of the
Krupps, in
denied in
signed public
Germany when it was
a
published, and the admission of the German Am¬
bassador at Constantinople, made a few months
later to our own Ambassador, Mr. Morgenthau,
But if such a conference was held, and at that
date,
then the Kaiser’s voyage was a blind,
manifestly
intended to throw France and other nations off theii
2126
[Vol. 107.
THE CHRONICLE
As a matter of fact, von Bethmann-Hollweg, plan. Yet these facts did not explain either the ab¬
solute crumbling away of the German centre under
who was Chancellor when the war began, has him¬
self come into print in Germany this week, denying the attack by Foch’s weary soldiers, or the 50-mile
retreat of a powerful and organized army under the
absolutely that the Kaiser was sent away or that
there was any purpose of removing him from respon¬ pursuit of an exhausted French army, notoriously
inferior in numbers. The real questions still remain,
sibility for the war. In this extraordinary exchange
of assertion and denial, one hardly has time to notice exactly what happened from the German point of
the even more singular declaration of the Crown view; exactly what General blundered, and how.
We have yet to get light on this.
Prince, who says in an interview of his own this week
So with the Verdun experiment. If it was not the
that, in regard to the Emperor’s message of 1899 to
Crown Prince’s idea, then whose was it ? The Kaiser
Kruger in the Boer War, that “my father was
made to send this telegram by his political ad¬ certainly missed no opportunity of applauding and
of claiming credit for it in his dispatches from the
visers.”
This remarkable controversy is not the only con¬ front. When such a controversy, especially on
tribution of the week towards exposing the secrets the beginning of the war, has reached such a stage,
of the war. We are now getting Germany’s military it must seemingly be carried to its conclusion;
It was evident enough that an outburst that can be done by publishing the hitherto unpub¬
secrets also.
of mutual recrimination and of effort at personal ex¬ lished State papers. The new Bavarian Govern¬
ment has already shown signs of revealing some very
culpation was sure to come, among the personages in
Germany who had been involved in the Government’s pointed communications made to Munich from Ber¬
war policies.
The manner and source of the first lin in July of 1914; but there still remains the official
recriminations, however, were completely unex¬ correspondence between Germany and Austria, not
a word from which was published, even in the famous
pected. From the same press interview given
this week in Holland by the Crown Prince, it appears German White Book.
It is impossible that this correspondence should not
that the recent heir to the throne “was convinced
now very soon be forced to light, and it is altogether
early in October, 1914, that we had lost the war.”
He tried, so he tells the world, to persuade the Gen¬ for the best that the facts in the matter should be
guard.
eral Staff to make peace, even through surrendering made to appear. Whether the declaration of war
Alsace-Lorraine; but “I was told to mind my own was the work of the Ministers, or of the Kaiser, or of
the military clique, the one matter which is in no
business.”
The Crown Prince had the distinction of being in doubt whatever is the enormity of the crime which
committed, both against the world at large and
1916, and of part of the army at the first Marne against the German people. All civilized communi¬
and in the drive of 1918. As a General he has, there¬ ties have a vital interest, with an eye to the future as
to the past, in knowing just how such a thing was
fore, an unbroken record of disastrous failure. But
command of the whole German force at
Verdun in
explanation is ready. He, the Crown Prince, was
The battle of the Marne would not
never at fault.
have been lost in 1914 “if the chiefs of our General
Staff had not suffered a case of nerves.” He had
“thought that the Verdun attack was a mistake,”
and, when he finally attacked, he “was not properly
supported.” He was ordered, contrary to his own
view, to make the attack in March of the present
year, “and was compelled to obey.”
As for his
Generals > “Ludendorff continually underestimated
the enemy’s forces,” and Hindenburg “was a mere
figure-head.”
This effort to clear his own skirts at the expense of
his associates, made by a prince who commanded
armies, not because of military experience but be¬
cause of hereditary title, will not enhance the world’s
respect for the giver of the interview. No one will
think of accepting assertions made with so obvious a
motive until some one else is heard from. Usually,
military tradition and formality would prevent any
reply from the generals in advance of a court martial
or a {Government inquiry. Yet these are strange times
his
was
done in
a
modern Government.
THE RETURN OF THE
RAILROADS TO THEIR OWNERS.
Several incidents in this week have renewed the
THE PRESIDENT AND
call to the country to
seriously consider the trans¬
portation problem. On Monday, the President
distinctly told Congress that something must be
done about it; on Tuesday, Mr. Warfield asked the
appropriate committee in each branch of Congress
for an opportunity to be heard on behalf of the
security-owners; and on Wednesday, a meeting of the
executives of roads representing some nine-tenths of
the country’s mileage was held here, at call of the
Executives’ Advisory Committee, to consider the
situation and lead to the formulation of some definite
plan.
It is inconceivable that
the Congressional com¬
mittees will not promptly and gladly offer a hearing
to the security owners at the earliest convenient date,
and it is eminently
fitting that they should have their
hearing and in circumstances which will insure the
largest public attention, since in all the long course
in Germany.
Taken by itself, the Crown Prince’s accusation of mishandling under the name of regulation the
that the first Marne battle was lost through an “at¬ owners of the property have been the forgotten
tack of nerves” is undoubtedly suggestive. Evidence party in interest. Employees periodically demand¬
had already been produced, long before 1918, to the ing and receiving wage increases; shippers protesting
effect that the General Staff had grossly underesti¬ against rate increases; a general public apathetic
mated the capacity of the French army, that von about everything except an uninterrupted and in¬
Moltke had been dece ved by Joffre’s Fabian strategy creasingly efficient service and keeping an attitude
of retreat as completely as Ludendorff was deceived which implied that they considered all differences
by similar tactics when employed by Foch, and that between roads and employees to be no concern
the unexpectedly vigorous resistance at the Marne of theirs—these have been represented, personally
caused the kind of consternation which comes from or by inference, before a biased regulative body, but
the sudden upsetting of a confidently preconceived the owners of the properties fought over have had
Dec. 7 1918.]
THE CHRONICLE
spokesman. Mr. Warfield’s Association came
late upon the scene, yet it was timely, and it has
served the necessary purpose of focusing attention
and of gradually bringing the country to see that the
rights of owners, the rescue and restoration of railway
credit, and the prosperity of roads and the country,
are inseparably bound together.
Between the Warfield Association and the railway
executives there is no difference of end, and it is not
likely that any serious differences about definite
plans for that end will arise. On behalf of the
Association, Mr. Warfield tells the Congressional
committees that if the roads go back to their private
owners with impaired credit, “it will be
costly to
the shipper and the public, for the higher their credit
the cheaper can money be secured by them for
purposes of hauling freight and passengers;” further
“comprehensive plans for strict Governmental regula¬
tion which shall include supervision of security issues
must be studied.”
This is for Congress to work out,
and it should be done “coincidently with the opera¬
tion of the railroads by the Government during the
remainder of Federal control, with the fixed purpose
and to the end that Congress intended.” No com¬
pleted plan is now ready, but Mr. Warfield desires
to have the study begin forthwith and to be heard
when something concrete can be framed.
On their part, the railway executives adopted
resolutions which declare for preserving and fostering
private initiative and responsibility, and broadly
against Governmental ownership and operation, in
railways; they recognize and accept “the principle
of reasonable, responsible and adequate regulation,”
but say that this should encourage and upbuild
no
roads as well as restrain abuses. The remainder of
the term of control “should be characterized by a
3127
The President admitted that he has
now
no
answer
ready to the question what shall be done, but
declared his willingness and desire “to release Hie
roads from their present control,” and gave Congress
a hint to take
up the problem seriously by adding
that he must direct such release “at a very early
date,” and
even
within the 21 months, if by waiting
to the end of that term he will be
the period of doubt and
“merely prolonging
uncertainty, which is hurtful
to every
The
in not
interest concerned.”
control law did pledge
a
return, unimpaired,
than 21 months after the war, a date
which the President now thinks will not be farther
ahead than the beginning of 1921. But it may be
well to point out that this claimed and had the
more
of
predominant war emergency and that,
legal proposition, the pledge is not binding in
practice. The moral obligation is clear and the
country can better afford almost anything rather
than do a moral wrong by failing upon a pledge—
no words need be expended
Yet let
upon so much.
us be frank
enough and sober enough to admit
that to merely notify the owners, through their
representatives, to take back their properties would
not fulfill the pledge to return them unimpaired,
because they have in fact been impaired; the im¬
pairment is by changes which are obvious enough,
most seriously by loading them down with increased
payrolls. The properties seized for occupancy and
rental have been altered, and bidding the owners
take them back would not restore them; the changes
must be readjusted somehow, the rights of owners
must be saved from impairment.
The victim of a
excuse
as
a
a
habit of narcotics or of a term of starvation cannot
be thrown abruptly upon his own resources; some
restorative nursing is necessary for his safety. Rail¬
policy of restoration of the integrity of individual way prosperity is indispensable to national progress;
properties and of preparation for their return to railway prosperity cannot return without restoration
their respective owners in the highest possible state of railway credit; but that credit cannot be put back
of efficiency.” This is the substance: There should
even where it was in 1914 without some conservative
be a regulation which shall be constructive, not measures.
hindering and destructive; and in pursuance of the
Upon so much as this the President, Mr. Warfield’s
resolutions steps were taken for framing and reporting Association, the railway executives, and probably
back definite proposals of “methods to be favored in
connection with the return of the railroad properties
to their respective owners.”
And on Monday the President spoke of the subject
in language more than usually plain as well as
all men in or out of Congress who have begun to
think upon the difficult subject, are substantially
agreed: something must be done, something pre¬
paratory for fulfillment of the pledge. Fulfillment
cannot be immediate, since it requires preparation;
reasonable. We can, he said, “simply release the but the preparation can be immediately begun, and
roads and go back to the old conditions,” or we can its first step is determined study. The alternative
go “to the opposite extreme” and set up complete to that is—drifting.
^Governmental control with possibly ownership also,
It was drifting, it was yielding to the insidious
or we can adopt “an intermediate course of modified
temptation to take the easy course of apparent least
private control.” This last is rather indefinite, but resistance, that brought us, through a long term of
one paragraph is so clear, so frank, and so sound
abuse under the name of regulation, to the trouble in
that it deserves quoting:
which, rightly or wrongly, the dangerous step of the
“The one conclusion that I am ready to state seizure seemed unavoidable. Further drifting is our
with confidence is that it would be a disservice
temptation still, and therefore the first and indispens¬
alike to the country and to the owners of the railroads able
thing is that the sound sense of the country plant
to return to the old conditions unmodified.
Those
itself firmly upon this: that there shall not be
are conditions of restraint without development.
There is nothing affirmative or helpful about them. Government ownership, but that the pledge to return
What the country chiefly needs is that all its means of shall be kept and that the term of preparation there¬
transportation should be developed, its railways, for shall not be dawdled along by inaction. Securing
its waterways, its highways, and its countryside this, we have the firm foothold; without it, we slip
roads. Some new element of policy, therefore, is
upon the mire of irresolution.
necessary, absolutely necessary—necessary for the
It may be that nothing will be completed in this
service of the public, necessary for the release of
short session; to reach completion, would imply too
credit to those who are administering the railways,
much haste. But the planning and the study, a
necessary for the protection of their security-holders.
The old policy may be changed much or little, but study more serious and more competent than the
usual perfunctory investigation by special comsurely it cannot wisely be left as it was.”
There is the more reason
for insistence upon this because it is only of late that
the country seems to have begun to take the trans¬
portation problem as of real national importance,
and in Congress it has been regarded (as the no less
complex problem of taxation used to be regarded)
as something which could not be quite avoided,
yet could be buffeted about and somehow or other
passed along from year to year, viewed always, of
course, in its political rather than its national rela¬
tions. We have now passed byond the possibility
of such dawdling treatment. Our national problem
must be handled wisely and masterfully, or we shall
not escape the penalty of incompetence.
mittee,
begin
can
now.
PRESERVING THE SPIRIT OF PEACE.
practical tasks in life is to keep
up an abounding enthusiasm.
When our work palls
it is poorly done. When we lose zest for a cause
One of
our
most
dull advocates. When the ideal dies the
real becomes uninteresting, often a burden. We do
seek after the often unattainable, but we strive all
the harder. Enthusiasm, diligence, desire, what
would life be without them?
We have always applied these truths to our con¬
duct of life.
Now, as we look at conditions in the
we
are
world, they have
ever
they
assume
ideal
a
before.
than
comes
longer reach,
On the
eve
a
wider
sweep,
of perpetual peace
tremendous significance. And it be¬
intensely important duty to keep our
an
before
ever
for peace as
we
us.
Can
we
become
have been for war?
as
obsessed
It is much to
be doubted. War is heroic, peace is tame. War
is spectacular, peace is a monotone. War compresses
life into a short high-tensioned experience, peace
doles it out
long dead level. And yet the very
perpetuity of peace that we so desire requires that
it ever be present in our lives both as individuals and
nations.
Only thus may we hope to preserve it.
This ideal which has flamed before us high over the
battle clouds of war we express somewhat vaguely
in the two words, inseparately jointed together,
democracy and peace. Looking upon the future
world as democratic, peace becomes a personal con¬
sideration, a personal task. We must each live it to
preserve it in its universal triumph.
We must each
and all think peace, that peace be and abide. The
duty, then, of keeping fresh the great ideal is a prac¬
tical task to every citizen, every free man. And at
this moment we may affirm that our ideal, as a
living inspiration, becomes our most practical
possession.
But, as already stated, 'peace does not grip our
lives as does war. Peace is normal, war abnormal.
We
now
[Vol. 107.
THE CHRONICLE
2138
over a
return to
autonym of
our
former tasks.
Trade is the
Our occupations, uninterrupted
and unembarassed by war, consume our energies,
exhaust our thought. Patriotism admonished us
in time of excitement and danger to the republic
to think more on country, less on self.
A conscript
law invaded every hamlet in our broad land and sent
our sons overseas to fight in a glorious endeavor.
Military life dominated the civil. The citizen was,
measurably, swallowed up in the soldier. Our busi¬
ness interests, industries and labors, were subjected
to Governmental control, were restricted, supervised,
war.
rity of peace. We shall accept the condition without
perhaps thinking seriously and continuously of the
duties which it imposes.
Yet not only the impend¬
ing construction of a League of Nations to insure
peace, but the civic relations, the economic and busi¬
ness interests of our freed and again individualized
life, require that we keep before our conscious minds
the imperative duty of living in the ideal according
to its demands.
To make and keep our ideal of
this new world a virile thing becomes therefore our
most
practical task.
popular discussion is occupied with the
President’s attendance upon the Peace Council.
It is averred that he cannot keep in close touch
with the people, that he should go as their represen¬
tative, that the means of cable communication should
be open and free, that the press should no longer be
censored. But of what avail unless public thought
and sentiment be concentrated and crystalized upon
this mighty problem? If now that war is removed
we are to sink back into apathy and indifference on
matters of State, if we are to become so wholly en¬
grossed in our personal affairs as to be oblivious as
to what is transpiring “over there,” of what avail
Just
is
now
our new
freedom ?
doubt the imperious
demands of the
coming months upon us. We have not fully defined
democracy. Individualism and socialism as prin¬
ciples of civic life and Governmental form are at
the parting of the ways.
The involved questions of
“entangling alliances” are pressing for solution.
The practical issues of capital, credit, prices, wages,
are upon us.
Against the powerful pull of war toward
destructiveness and disruption are opposed now the
re-appearing natural laws of supply and demand and
the returning forces of order and increased produc¬
These are all matters of peace; they, as did
tion.
the powers of war, reach into every hamlet, affect
every life.
None
can
The sublime ideal of
Self-interest must
a
not
abnegation must not fail
become
a
better world must not die.
dull
our
us now.
patriotism. SelfThe soldier must
citizen—the citizen must become
a
soldier
of peace. Wages, almost inconceivably high in war
and by reason of war, cannot continue upon the same
level. The interaction of world-wide forces, beyond
the control of any and
down prices and prices
all Governments, will pull
will pull down wages. If
these are the so-called “advantages” gained that
will not be willingly relinquished, they must never¬
theless be relinquished in the midst of turmoil and
industrial contest.
This is not the way to insure the
tranquility of reinstated peace; this is not the means
of establishing social justice.
There is a natural
rebound in the
new
beyond the golden
conditions that tends to carry us
mean
of
averages
and equilibrium.
thought of the time and
It fosters the impossible
theories of Utopia that seek to establish themselves
It takes hold
on
the
new
affects Government itself.
in the lax conditions of transition.
seek to
is
wear
never
the
livery of the
socialism.
new
These theories
Ideal. Democracy
The latter has taken
a
strangling
Russia and Germany. The fevers of
are attacking the stability of republican
Governments and the freedom of industry every¬
where.
They blind many minds by their false
in some instances taken over.
We now approach light.
They tend not toward peace, but turmoil.
the task of resumption and reconstruction. We shall They obscure the Ideal fought for in the great war,
be intensively occupied. As we are able to return and they rob the individual of his heritage through
we shall be largely unconscious of the
enfolding secu¬ the victory.
grasp
upon
this doctrine
Dec. 7
1918.]
How shall
we
THE CHRONICLE
2129
vitalize these broad generalizations ?
Food Administration, consideration has been
given
Only by intensive study and deep reflection, only to this vast and
pressing problem, and the work is
by striving to realize upon our investment in the war, now well under
way.
by giving form and substance to the new life of
The plan is a very simple one. An examination
democracy and liberty, only by enthroning justice of the world’s stock of foods has been made. It is
in the mind and heart.
Certainly it reduces all found that with means of communication returning,
we say to the real and
practical to determine once though only partially open and regular,
surplus
for all, in our capacity as
loyal citizens, that our stocks of grain, especially wheat, in countries as
Government in its new relations shall never “recog¬ remote as Australia and the
Argentine may be made
nize’^’ anarchy in any of its forms more than it will
available to Europe. It falls to the United
States,
autocracy, and that it will never relinquish a repre¬ as a consequence, to supply meats and fats. ’That
sentative Government guaranteeing to individual these
may be available for shipment we are asked
his right to initiative and
ownership for one that to conserve them here at home, in a word, to sub¬
absorbs the individual in the State
and
forever
tract them from
total
by self-imposed economies
consumption. We are not asked to buy these
freedom!
savings and donate them. We are not bothered
Our personal businesses must not absorb us so with the
details of shipment or of purchase, or of
much that we become careless of business as a col¬
payment. We are asked only to live frugally that
lective agency for the welfare of mankind, that others
may have the means whereby to sustain life
because life
imposes
a
system of slavery upon
is short and
we
can
one
make
of original
more
money
submit to
our
of
itself.
by taking the line of least resistance we
It must be pleasing to every
person, even though
Government, tainted it may be the condition saddens, that this last call for con¬
by soclialistic theory, to destroy that vast and servation is upon a new basis and for a new
purpose.
intricate fabric of physical advance without which It is
upon a basis of peace, and for the sustenance of
as a base there can be no
spiritual progress. Nor civilians. We are not asked now to feed the de¬
must the principles of domestic
politics which have vouring man of war—we are asked only to “keep
formerly engaged our allegiance, and perhaps ex¬ the perishing, to care for the dying.” It is a work
cited our spare moments be allowed to color our of
charity and love. It is an exercise of the soul of
thought as of old. They do not fit the New Day. every religion ever instituted on earth. It is
spread¬
Not that way lies independence, freedom, and a
ing the Teaching of that divine Leader of Men who
return to collective productive life.
On the saw the spirit in the deed, however humble,
magni¬
contrary we have now to interpret the shining ideal. fied, glorified, and consecrated, even unto Himself.
It is the very essence of reality to see to it, each in his This
huge work of helpfulness knows no government,
contemplative thought and in his influence as citizen, no race, no class, only the common brotherhood of
that one autocracy does not supplant another. It is mankind. And its
appeal comes to the individual
his duty to see to it as far as his personal power goes without
regard to wealth or place or prowess. Indi¬
that the perpetual peace does not destroy the in¬
vidually, by the mere self-denial and discrimination
tegrity and solidarity of a State that is a republic— requested, the poor man can do as much as the rich.
not a monarchy or an assemblage of Soldiers’ and And when we consider the
potency of this universal
Workmen’s Councils.
It is his duty to further effort, the old refrain of childhood comes to mind:
unity of democratic Governments and liberty-loving “Little drops of water, little grains of sand,”—and
peoples by preversing domestic democracy and if in the thought we shall become as children again,
personal liberty in a land that has grown rich and knowing none of our pride of opinion or our complex
powerful by that emulative competition in industrial and conflicting personal interests, it may be that
life which preserves energy and protects property.
our adaptation to this condition of
daily living will
not only be more impulsive, but more
easy and
FOOD CONSERVATION WEEK.
lasting. At any rate, we are contorted with the
In the wake of war there is widespread famine. thought
that our mere frugality will bring smiles
In far Russia, in Asia Minor, in parts of Europe, to the
eyes of dimpled childhood and a new glow
peoples are starving. While the Peace Council of health to the withered cheek of age.
decides, while the League of Nations Conference
In the discussions and talks over this
project
deliberates, in a world of natural and ordinary emphasis has been laid upon the political benefits
plenty, women and children, the innocent victims that are to ensue. These starving peoples are
of a colossal mad struggle now ended, and men who
engaged in the formation of new and liberal
have endured the hardships of camp and suffered governments.. It is
pointed out that hunger knows
the terrible injuries of battle, constitute a call upon no law—that
anarchy must and does ensue when
the heart of humanity.
necessity forces the confiscation of the primal means
During the week just passed, at the instance of the of sustenance. And it is all true. Even religion
Federal Food Administration, an organized effort recognizes this demand of the
body when the soul is
has been made to lay before the citizenry of our at stake, and there is an old
saying that “you can¬
country the conditions which prevail overseas and not convert a man upon an empty stomach.” We
the means of meeting them.
It has been estimated are interested, all, in Order in these forming States.
that 20,000,000 tons of foodstuffs must be shipped The world cannot be
rebuilt, though freed from strife,
from this territory of the world before the harvests without
man-strength and domestic security. But
of 1919 to alleviate distress and to save human lives. do we need this argument, while we are
lifting up
The call upon generosity is imperative, the need is the “humane” everywhere?
More and more,
urgent, whatever is done must be done quickly. whether advantageously or not, whether to be per¬
By means of various civic societies, through the manent or not, administrative government, in an
instrumentality of church organizations, upon the alleged interest of national trade, is formulating and
basis of an appeal issued by the head of our national practicing schemes for production and
distribution,
encroachments of
[Vol. 107.
THE CHRONICLE
3130
that show signs of extending to natural resources. engineering and construction details carefully looked
But when war breaks, when the tides of trade resume into at that time by men of experience, but all fi¬
their sway, we find the first call is upon merely a nancial and commercial consideration were fully
conservation of our abundance that it may go to covered in the report that resulted.
Although this matter was re-initiated at a substan¬
those in need. So that if but the heart of humanity
tial
expense by a private corporation no selfish
be right, the energies of mankind will supply our
interest
attached itself to the manner in which the
wants, however dire they may become, even though
of a proposition was handled, nor did there appear to
distant people. We prefer to believe, therefore, :>e any way in which this corporation could directly
that the certain response of the American people to profit by the construction of such a tube. Indirectly,
bony fingers of hunger clutch at the heart
the
this demand upon the “feeling heart,” will show lowever, it would, in common with all New Jersey
forth not governmental power to direct the agencies interests, be greatly benefited by the fulfillment of
of life as much as it will show the reaction of civiliza¬ a dream that had been in the minds of all progressive
tion upon unity and democracy which makes every members of our neighboring community for many
The concensus of opinion was, therefore,
years.
man in truth “his brother’s keeper.”
to
take
the
admirable report of the corporation at its
Of the more material considerations of the cam¬
paign certain factors have not, perhaps, been suf¬ race value.
At the time when the report was made war was
ficiently stressed. Unless
our
of
all
schemes
human
rampant, and, although there was some justification
of the contention that the construction of the tube
benign as they are in¬ was a necessity in order to relieve traffic congestion,
betterment shall go awry, this will be the last call
of the kind. It is not so much nature that is pitiless,
as
man.
Her laws are as
The perennial harvests
will come, and
energies turned back to seedtime and
cultivation, there will be probably a fullness of
plenty in a single year. Even as we write we read
that Australia is offering millions of bushels of wheat
in world markets, on conditions of free exchange at
$1 14 per bushel, while our fixed home-price is $2 20.
violable.
with vast
And while we save and send and sell in goodwill,
it is not asked as a gratuity and becomes perforce
a business transaction also.
This very conservation
movement to send our grain and our other more
needed foodstuffs abroad has the material advan¬
in advance of a
certainly falling market in the future. We can
tage of diminishing our surpluses
afford to save, if by saving, we tend more surely
to distribute our surplus.
Just as emulation, and
organization if free and voluntary, increases
production, so conservation, through a united effort
for a definite purpose, accelerates distribution and
augments foreign trade. Conditions, later, may
cause Congress to appropriate money to feed these
suffering peoples, but this will not alter the physical
facts which are joined up in this problem.
It would be inappropriate to dwell upon the trade
features of this generous outflowing of the spirit of
kindness. Yet we may draw one lesson from it
even
without embarrassment to the beneficence of the
perception of the natural
demand. Though famine
and pestilence may yet come, even with diminishing
recurrence by reason of scientific progress, human
effort when unrestricted tends to equalize conditions
throughout the world. We exchange our surpluses,
though sometimes we must sell for cash or credit.
And the spirit of helpfulness runs like a golden thread
through all trade, however extended—for feeding a
And it lies in a
relations of supply and
cause.
people overseas is the same process in principle and
practice as feeding a neighbor who has lost all by
storm
or
sickness.
THE NEW YORK AND NEW JERSEY
VEHICULAR TUNNEL.
the Public Service
Corporation of New Jersey took up the old matter
Rather
more
than
a
year ago
vehicular tunnel under the Hudson River be¬
tween New York City and New Jersey and went
of
a
of approximately $75,000 in making
surveys, investigations, and in working out detailec
plans for its construction. Not only were the
to
an
expense
done and the scheme has since
been dormant. Extravagantly high prices, also,
probably exerted a potent influence in retarding
nothing definite
active
was
measures.
it a
probability of lower prices and much construction
But, with the coming of peace, bringing with
activity, the tube matter assumes different propor¬
tions. Add to this the recent recommendations
made to the Board of Estimate of New York City
by Comptroller Craig covering a plan for improving
traffic conditions on the West Side water front of the
city, and the necessity of co-operating with our New
Jersey neighbors in solving this feature of the
problem becomes evident.
Mr. Craig’s plan for
relieving the congestion of freight and vehicular
traffic along the North River water front is most
comprehensive, and, although the construction of a
vehicular tube to the opposite shore is not mentioned
therein, the two schemes of improvement and
development are almost inseparable.
All big undertakings must, of necessity, first go
through a long period of study and investigation.
This condition is accentuated where the interests of
people living in adjacent and different States and
municipalities and concerned, and where the enter¬
prise is of such a nature that ample precedent from
which conclusions may be drawn does not exist.
This is what happened in connection with joining
the City of New York and New Jersey with some
kind of structure, be it a bridge or a tunnel, for
vehicular travel.
For fifty years, at least, the matter has been under
discussion. Elaborate plans for bridging the North
River have,
from time to time, been worked out by
joint State commissions, by the railroad interests,
and by private promoters. The bridge idea, how¬
ever, never seemed to appeal to the people.
Its
practicability could not be fully demonstrated. The
War Department wrould not permit a central pier to
be placed in the river. This necessitated a bridge
of such enormous and almost unprecedented span,
and raised the cost to such a prohibitive figure, that
the doom of the bridge idea was sealed.
Then came the era of sub-aqueous tunnel construc¬
tion. Following the lead of England and practically
copying her methods of design that had been success¬
fully demonstrated, not only New Jersey but Long
Island had been joined to New York by a system of
tunnels. It was necessary to go to England for
Dec. 7
1918.]
THE CHRONICLE
engineers and contractors to build these first tunnels.
Our own technical men had no knowledge or experi¬
ence in this class of work.
Now, after the successful
completion of so many in and about New York and
elsewhere, the “shield” method of tunnel construc¬
tion has become so well known there can be found,
probably, a score of engineers and contractors fully
qualified to undertake such work.
These New York and other tubes are, however,
railroad tunnels. Nothing in the way of sub¬
aqueous tubes for vehicular traffic has yet been
undertaken in this country. The engineering and
construction features encountered in building such
tubes are essentially the same as those encountered
in the railroad tunnels. The financial and political
features involved, however, inject new thoughts and
3131
1902, of 3,716,000 pedestrians and 862,800 vehicles.
Assuming that an average rate of two cents for pedes¬
trians and 27 cents for vehicles might have been
charged and collected (had the enterprise been a pri¬
vate one) the results from operation might have been
something like the following:
Receipts from pedestrians
Receipts from vehicles..
Total
Operating expenses
Net yearly revenue
$74,320
232,956
$307,276
25,672
$281,604
This is
equivalent to 4.10% annually on the cost
reported.
The Rotherhithe tube accommodated, from 1909
to 1913, a yearly average of 2,314,000 pedestrians
and 919,000 vehicles. Applying the same kind of
considerations that must be met and solved. Granted
analysis as before the following results ensue:
that there is a demand for a tube to accommodate
Receipts from pedestrians
$46,280
Receipts from vehicles
248,130
vehicular travel between New York and New Jersey,
how and by whom is it to be built? How and by
Total
$294,410
Operating expenses
19,050
whom financed? This is a consideration that did
Net yearly revenue
not enter into the deliberations of our previous river
$275,360
tunnel builders, at least not in the same way. This is
equivalent to 2.80% annually on the reported
Shall such construction be undertaken by private cost.
parties and operated as a public utilities enterprise,
charging a fare or “toll” tp those using it, or shall it
be made an inter-State affair built jointly as a public
enterprise, paid for by the floating of State, county,
or municipal bonds authorized especially for the
purpose, and the tube, when finished, thrown open
to the public to be used by it the same as any other
highway? Both of these plans will be here discussed,
but it may be said- at the outset that “toll” roads
were abolished in this country more than a generation
ago.
Precedent for
a
sub-aqueous tube to accommodate
vehicular travel is found in London where such tun¬
nels have been in operation long enough, now, so
that it is proper to draw inferences and conclusions
from their experiences.
London Bridge is at the head of navigation of the
river Thames. Although the city extends for many
miles on both sides of the river below this point,
physical difficulties made it impracticable to again
The congested condition of the
span the river.
harbor, too, had made ferry boat traffic slow and
annoying. It took fully a hundred years of agitation
of a tunnel project to overcome these difficulties
before the first one was successfuly built. The year
1897 saw the completion of the Blackwell tunnel,
a free highway for the use of the public and, in 1908,
the Rotherhithe tube, also a free highway, was opened
to the public.
The former is about nine and a half
miles and the latter about two and a half miles
below London Bridge and connect populous sections
of that city.
Both of these tubes
are
constructed
on
the “shield”
plan.
The Blackwell is 6,200 feet long and cost
$6,841,596, or at a rate of $1,103 per foot. The Roth¬
erhithe is 6,826 feet long and cost $9,732,000, or at a
rate of $1,426 per foot.
No tramway or other tracks
are in either tube, which are of ample width to allow
vehicles to pass freely. There are sidewalks on
Although these figures of possible earnings
on what might be called a
fair “toll,” yet the operating expenses used are as
officially reported, and include even the charge of
policing.
The plan put forward by the Public Service Cor¬
poration of New Jersey is to build a “shield” tube
from 12th Street, Jersey City, near the terminal of
the Erie Railroad, under the Hudson River, to
Canal Street, Manhattan, the tube to be for the
travel of pedestrians and vehicles only, 10,390 feet
long between street entrances, 9,405 feet between
portals: The top surface of the tube to be 50 feet
below mean tide water with approach grades of 3%.
To be elliptical in shape and designed of sufficient
width so that vehicles may readily bass one another.
Sidewalks are also provided on each side of the tunnel.
Provision is made for artifieal ventilation, and the
tube will be electrically lighted throughout.
The engineers of the Public Service Corporation
made two separate estimates of cost. One of $8,529,000 based on what might be called normal
prices, or prices for materials and labor as they were
in 1914.
This is at the rate of $827 30 per foot of
tunnel and approaches. The other estimate is
based on war prices, or prices for materials and labor
as at the time of estimating, amounting to $10,819,000, or $1,030 per foot. Both these estimates
include all costs of construction and property needed.
The engineers of the corporation also went into
the matter of possible revenue in case the tunnel
is operated as a private enterprise and the vehicular
are
but estimates based
travel at the ferries of the North River was under
observation by them for a long period. An average
rate of toll per vehicle is taken at 35 cents.
They
estimated that 2,000,000 vehicles would use the tube
in the first year of its operation, increasing up to the
fifth year to 2,928,000.
On this basis they figured
that the first four years of operation would result in
loss, but that with the fifth and subsequent years
a handsome return might be expected on the invest¬
ment after taking care of all expenses of operation,
Both tubes are electrically lighted and are said to taxes, sinking fund, &c.
present no unpleasant or unattractive features.
Although the report of the Public Service Corpora¬
Although these are free tunnels, at the Blackwell tion dealt with the matter from a financial and
an accurate account is kept of the traffic through it.
commercial view-point, it recommended that the
The figures reported show an annual average, since tunnel be constructed as a free public highway.
both sides to accommodate foot travel which is said
to be heavy in the morning and evening hours.
a
2132
THE CHRONICLE
[Voi.. 107.
estates and a graduated income tax on corporation
Closely following this report came that of MajorGeneral George W. Goethals to the New Jersey profits as a substitute for at least the top story of
Hudson River Bridge and Tunnel Commission in the Canadian customs tariff, it was speaking with
which he endorsed the findings of the engineers of the authority of practically the whole population
the service corporation and recommended the im¬ of Manitoba, Saskatchewan and Alberta, and much
mediate construction of the tube. He claimed that, of the farming constituency of Ontario as well.
The Council of Agriculture believes that a tax
as a war measure, this action would greatly relieve
the congestion of freight at the terminals on both of 1% on the site value of land would raise for the
sides of the river and that its construction should Dominion Treasury $70,000,000 a year. It also
not be delayed on account of war or the high prices demands that a sharp reduction in the tariff against
British goods should lead eventually to complete
then prevailing.
Contractor John F. O’Rourke, at that time, free trade with the mother country.
This interesting attempt to direct the Govern¬
offered to complete the construction at a cost not to
ment’s reconstruction program is almost certain to
exceed $12,000,000. And there the matter rested.
So badly shat¬
No one who has ever watched the congestion of win concessions at the next election.
teams and motor vehicles at the Pennsylvania, Erie tered was the Liberal Party of Canada by the adhe¬
sion of its most popular leaders to the cause of Union
or Lackawanna ferries can doubt the need of some
better mode of connecting the populous New Jersey Government that whatever split now takes place
centres with the Metropolis.
It does not need the in the Unionist group, either the Western radicals
or the Eastern conservatives will dominate the next
report of experts nor a close analysis of the subject
in order to comprehend this point.
The long rows of election. Freedom from food taxes and elimination
ever-waiting vehicles mutely testify, each day and of protective tariffs on agricultural implements are
almost every hour of each day, to this lack of reasonably certain to be granted whatever element
comes into power.
Free trade with the British Isles
facilities.
New Jersey, through the Public Service Corpora¬ has not the same grip upon public imagination,
tion, and the New Jersey Hudson Bridge and Tunnel although it is a cardinal point in the Western declara¬
Commission, took the initiative. It is for New tion of faith. It is an interesting fact that the Gov¬
York to follow this lead, and a consideration of this ernment’s possession of 14,000 miles of Canadian
feature finds a proper place in any of the deliberations railways now ranges it alongside the Canadian
of the Board of Estimate of New York when im¬ Pacific Railway in fighting the north-and-south
tendency of trade and preserving the costly but
proved West Side conditions are involved.
New Jersey has obtained from that State the nationally-essential east-and-west trend of trans¬
legislation necessary in the matter. She has also portation.
obtained the requisite permits from the War Depart¬
SEEDS OF NEW WARS.
ment to enter upon the construction of the tunnel
[From the New York “World, Friday, Dec. 6 1918.J
in accordance with the plans and specifications sub¬
was
It
comparatively easy for the people of the United
mitted
Grave questions are yet to be solved. Shall
States to accept President Wilson’s brief summary last
private enterprise and private capital dominate January
of the purposes of this Government in the war.
this important undertaking and shall we return to In the course of time the Western Allies found inspiration
the “toll” road idea of our fathers? Or shall we in his words, and finally, with reservation as to one point,
take a broad view of the matter and build a highway accepted them.
Men’s souls were tried during the first six months of the
as other highways are built, by and for the people
present year as never before during the conflict. The ques¬
and without direct charge to them for its use?
tion was whether the power of the United States could be
The neighboring cities across the North River have exerted in time to save the
day. While the fate of the
many common interests with New York, yet they world hung in the balance the ideals of liberty, justice and
fall apart occasionally and become at loggerheads peace which were gloriously borne upon American bayonets
Will not the were everywhere applauded, and even Germany, as the
over their various interests at times.
.
hour of its overthrow
approached, embraced them.
joint ownership of a tunnel, such as has been sug¬
With victory a great change is to be noticed. American
gested, serve to cement closer relations between these politicians who were silent a few weeks ago are now discover¬
cities ?
ing that the fourteen points are indefinite and that some of
It took a long time to create “Greater New York.” them run counter to our interests of prejudices. In England
Possibly, in the distant future, a “Still Greater New a considerable section of the press is asking with well-simu¬
lated tones of injury why any visionary altruism on the part
York” may be a practical proposition.
of American dreamers or British mobocrats should deprive
It may be that the tunnel will hasten this day.
the empire of any of its pretensions, whether right or wrong.
This is all very human. When men are scared they go
piously to their prayers and then, as confidence returns,
they are apt to forget closet and altar. On occasions when
weighty affairs are at stake they are voluble in propounding
Ottawa, Canada, Dec. 6.
lofty principles and creeds which too often are forgotten
The clans are gathering for the inevitable battle when an
opportunity for action arrives. It is easy to
on the tariff.
Years ago, the threat of an assembly promise. It is difficult to fulfill.
If we were asked to put Mr. Wilson’s fourteen points into
of Canadian farmers to interfere in public policies
disturbed the practiced politician but little. Now¬ one, we should say that his purpose was to make this war the
end of war. A suffering world so interpreted it. Every¬
adays a meeting of “The Canadian Council of Agri¬ thing that he suggested led up to that idea. His splendid
culture” is of national moment. The present Union
hope nerved every soldier of democracy, and so far as the
Cabinet at Ottawa is the creation of prairie province enemy came finally to comprehend the aspiration it removed
farmers. The general manager of one of their to some extent the bitterness of his defeat.
Neither this war nor any other war will ever end war
great co-operative companies is the Minister of
unless victors and vanquished move forward from the old
Agriculture. When this Council met a few days ruts of greed, arrogance and suspicion. How important it
ago and demanded a direct tax on unimproved land is that what is to be done must be done quickly is shown by
values, a sharply graduated inheritance tax on large the activity of the forces of reaction.
THE
CANADIAN FARMER AND
CANADIAN TARIFF.
THE
Dec. 7 1918.]
THE CHRONICLE
The dead are hardly buried, the wounded still
the scourged peoples still
languish,
hunger and the guns have not yet
cooled, and yet Toryism and jingoism are at work for
bigger
armaments, trade restrictions and territorial acquisitions,
as though the war had been
fought solely for vengeance
and conquest.
Ideals are not realized upon the battlefield.
Bloodshed
only opens the way for them. If the Western democracies
just
under the
leadership of Wilson, Lloyd George, Clemenceau
and Orlando cannot make
secure
at the peace
which carried their armies to
triumph,
we are
table the aims
going to have
result of this war nothing but a
tragic memory and a
burden of debt which will afflict
generations unborn.
It was Machiavelli, the practical
politician and cynic, who
said that “each treaty
plants the seeds
as a
of
Have
a
new
war.”
learned nothing since his evil
day? Treaties
plant the seeds of new wars only as the men who make them
are selfish and cruel.
men
Gold reserves m the Imperial Bank of
Germany, In connection with the
obligations undertaken under Article 19 of the Armistice terms, have
under¬
gone a reduction of 241,700,000
marks, according to the weekly report
of the institution issued on
Nov. 23.
The gold reserves now stand at
2,308.558,000 marks.
It is pointed out that Article 19 of the German
Armistice
terms provided for the restitution of the Russian
and Ru¬
manian gold yielded to Germany or taken
by that power.
This gold was to be delivered in trust to the Allies until the
signature of peace. The article also required that the fol¬
lowing conditions be carried out:
Immediate restitution of the cash deposit
in the National Bank of !Belgium, and in general immediate return of all documents,
specie, stocks,
shares, paper money, together with plant for the issue
thereof, touching
public or private interests in the invaded countries.
Reparation for damage done. While such Armistice lasts no
public
securities shall be removed by the
enemy which can serve as a pledge to
the Allies for the recovery or
reparation for
war
losses.
WARNING AGAINST HOARDING OF CASH IN GER¬
MANY BY PRESIDENT OF IMPERIAL BANK.
A warning against the
hoarding of cash in Germany is
reported in the following Associated Press advices from
i&VLXxmt %ncnts and discussions
Berlin
CONTINUED OFFERING OF BRITISH TREASURY
on
Nov. 30:
Addressing the Central Board of the Imperial Bank of Germany, Rudolf
Havenstein, President of the Bank, urgently admonished the people not to
BILLS.
The usual
offering of ninety-day British Treasury bills was
disposed of this week by J. P. Morgan & Co. on the dis¬
count
basis recently prevailing,
namely, 6%. The bills
are
2133
dated Dec. 3.
NEW CREDIT TO BELGIUM AND GREECE.
A further credit of $12,000,000 was
extended to
Belgium
by the United States on Dec. 2, making the total placed at
its disposal $210,120,000.
On Dec. 4 Greece received from
the U. S. Treasury a credit of
$23,764,036, bringing the
total of its credit up to
$39,554,036. With these new credits
the aggregate aid to the Allies since this
country’s entry into
the war has been raised to
$8,220,340,702, apportioned a3
follows: Great Britain,
$3,945,000,000; France $2,445,000,000; Italy, $1,210,000,000; Russia, $325,000,000; Bel¬
gium, $210,120,000; Greece, $39,554,036; Cuba, $15,000,000;
Serbia, $12,000,000; Rumania, $6,666,666; Liberia,
$5,000,000; Czecho-Slovaks, $7,000,000.
SUBSCRIPTIONS TO FRENCH “LIBERATION LOAN.”
The subscriptions to the French “Liberation
Loan,” ac¬
cording to an announcement on Dec. 3 by Louis Klotz,
French Minister of Finance, reached on the 3d
inst. the
nominal total of 27,750,000,000 francs, or a real
value
of
19,750,000,000, the bonds selling at 70.80 francs. In mak¬
ing these figures public it was announced that the final re¬
sults of the campaign were not yet
known, complete foreign
and colonial subscriptions not
being reported. The cable¬
gram advices on the 3d from Paris to the daily press added:
M. Klotz said that foreign
subscriptions so far received had totaled
938,000,000 francs, nominal. The tnree previous loans
realized, respec¬
tively, 15,000,000,000, 11.000,000,000 and 14,000,000,000, he
said, point¬
ing out that the result of the subscriptions to the last loan will
probaDly be
50% greater than the largest floated in the past.
Argentina subscribed 125,000,000, compared with 12,500,000 in
1917;
Algeria 500,000,000, against 230,000,000, and Morocco
56,000,000, com¬
pared with 7,500,000.
Russian coupons brought only 250,000,000.
The
number of subscribers to the loan was given as 7,000,000.
The Minister of Finance, in discussing the results of
the loan, said:
“When comparing the last loans in France and
Germany, one finds that,
generally speaking, each Frenchman subscribed for 700 francs, while in
Germany the average was less than 200. Premier Lloyd
George of Great
Britain, has firmly declared that Germany must pay the
expenses of this
war.
Premier Clemenceau says: ‘The most terrible account of a
people to
a people is opened.'
Certainly the taxpayers will accept all sacrifices, but
they must be given knowledge of the fact that we have exacted from
the
enemy complete restoration and reparation.”
The campaign for the “Liberation Loan”
opened on Oct.
was scheduled to run until Nov. 24.
References to
the campaign appeared in our issues of Oct.
26, page 1610,
and Sept. 28, page 1234.
20 and
hoard cash.
He said that between Oct. 1 and Nov. 26 there had
been with¬
drawn from the Bank 3,683,000,000
marks, as
against 397,000,000 marks
last year, and this after 4,000,000,000 marks had
already been drawn out
in the third quarter.
Moreover, President Havenstein declared, more
than another 1,000,000,000 marks of new
currency had been circulated
in the same period by means of
coupons and the notes of private banks and
communes, making the total emergency
money 5,000,000,000 marks
between the above dates.
SUBSCRIPTIONS TO NINTH GERMAN WAR LOAN.
Final total subscriptions of 10,433,959,700 marks were
received to the ninth German war loan, offered from
Sept. 23
to Oct. 23, according to a statement attributed to
Rudolph
Havenstein, President of the Imperial Bank of Germany,
by Associated Press advices from Berlin on Nov. 30. Of the
total subscriptions, Herr Havenstein is
reported as stating
that 93.14% had already been paid in.
COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
In the
following
we compare the condition of the
two monthly statements,
banks, under the last
Canadian
with the
return for June 30 1914:
ASSETS.
Oct. 31
Gold and subsidiary coin—
In Canada
Elsewhere-
$
1918. Sept. 30 1918. June 30 1914.
$
$
60,630,932
18,839,915
55,686,673
18,997,700
28,948,841
17,160,111
Total
79,470,847
74,684,373
Dominion notes
167,225,818
187,080,654
Depos. with Minister of Finance
for security of note circulation
5,853,438
5,850,615
Deposit in central gold reserves 123,900,000
100,070,000
Due from banks
183,767,332
178,221,331
Loans and discounts.
1,168,016,701 1,107,728,963
Bonds, securities, &c
581,354,240
529,915,398
Call and short loans in Canada73,685,136
74,137,860
Call and short loans elsewhere 157,040,858
«
than in Canada
159,680,810
Other assets
98,525,148
90,344,809
46,108,952
92,114,482
___
...
Total
6,667,568
3,050,000
123,608,936
925,681,966
102,344.120
67,401.484
137,120,167
71,209,738
2,638,839,518 2,507,714,813 1,575,307,413
LIABILITIES.
$
$
183,866,666
111,781,466
111,453,477
114,142,333
192,866,666
115,434,666
114,811,775
113,368,898
227,597,808
211,623,856
140,123,468
117,544,521
868,422,094
806,426,687
1,076,514,627 1.037,498,920
44,855,724
46.869,061
965,008
1,833,157
34,640,794
27,169,035
99,138,029
44,453,738
495,067,832
663,650,230
32.426,404
20,096,365
12,656,085
Capital authorized
Capital subscribed
Capital paid up
179,000,000
106,914,800
106,587,095
111,125,000
Reserve fund.
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
$
Total, not including capital
PAYMENT OF INTEREST ON RUSSIAN GOVERNMENT
CREDIT.
On Dec. 2 the National City Bank paid the semi-annual
interest due on the $50,000,000 5>£% bonds of the
Imperial
Russian Government.
The funds were supplied by the
Russian Embassy.
REDUCTION IN BANK OF GERMANY’S GOLD
SERVES INCIDENT TO ARMISTICE.
RE¬
Cablegram advices to the daily papers from Berlin (via
Amsterdam) on Nov. 30 had the following to say regarding
the reduction in the Bank of Germany’s gold reserves:
or
reserve
fund
2,393,119,523 2,248,965,237 1,330,488,683
Note.—Owing to the omission
footings in the above do
not
of the cents in the official reports, the
agree with the total given.
exactly
SUBSCRIPTIONS TO CANADA’S SECOND VICTORY
LOAN-REDUCTIONS IN ALLOTMENT.
As reported in these columns in our issue of Nov. 23
Canada’s Second Victory Loan subscriptions totaled $676,057,867 though the Dominion Government asked for a
maximum of only $500,000,000.
In banking circles the
opinion is expressed that possibly not more than $25,000,000
will be withdrawn, leaving the amount of new
money raised
in the neighborhood of $650,000,000. Reductions in allot-
[Vol. 107
THE CHRONICLE
2134
WHAT FRANCE HAS RAISED.
optional with the subscribers. All those
affected will be asked whether they wish to take the full
From the New York “Evening Post” of Oct. 26 we take
amount applied for; if so, their applications will be accepted the following contained in special correspondence to it from
firm; if, on the other hand, it is more to their financial com¬ Paris under date of Oct. 1:
fort that the subscriptions should be reduced, then the scale
To his Parliamentary report to the Budget Committee on the fourth war
loan, called the “Liberation Loan” (to be issued Oct. 20), Louis Marin
of allotment will apply.
joins the following figures of Government recourse to loans and credits at
The allotment plan, as announced from Ottawa Nov. 27 home and abroad from the beginning of the war to the end of last August.
The statement rectifies many opinions that have been currently expressed.
Is on the following lines:
1. Applications up to $500,000 will be accepted In full.
(1) Realized in France—
Francs.
2. Applications between $500,000 and $1,000,000, the first $500,000 in
Advances of the Bank of France and Bank of Algiers
19,415,000,000
ment8
are
to be
full and the balance to the
3. Applications in excess
extent of 80 %.
of $1,000,000, 1 and 2 to apply to the first
$1,000,000 the balance to be accepted to the extent of 60%.
This will mean that a subscription of $700,000 will be allotted $500,000
in full, and 80% of $200,000, or $660,000 in all.
A subscription of $1.000,000 will be allotted $500,000 in full plus 80% of $500,000, or $900,000
all.
In the case of subscriptions in excess of $1,000,000, the allotment
be $900,000 for the first million, and then 60% of the balance.
case of a subscription of $2,000,000 the allotment would be $900,000
in
will
So in the
plus
$600,000, or $1,500,000 in all.
Some typical examples of the
Application.
$600,000
700.000
800,000
900,000
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
10,000,000
$500,000
500,000
500,000
500,000
500,000
900,000
900,000
900,000
900,000
900,000
+
+
+
+
+
+
+
+
+
+
78.733.774,000
Total
(2) Credits from Allies and
England
Francs.
12.552.927,000
Neutrals—
11,887,114.000
United States
326,000,000
Spain
46,687,000
Sweden
67,478,000
97,050,000
33,280,000
471,726.000
Norway
Switzerland
Holland
Total Allotment
$80,000
160,000
240,000
320,000
400,000
600,000
1,200,000
1,800,000
2,400,000
6,400.000
679,232,000
32,186,859,000
Irredeemable State loans
working of the plan follow:
A llotment
26,452,883,000
National Defense notes (Treasury)
National Defense obligations (Treasury)
$580,000
660,000
Argentina
Japan
740,000
820,000
900,000
196,704,000
Total
1,500,000
2,100.000
2,700,000
3,300,000
6,300,000
have been
THE ITALIAN FINANCIAL MARKET.
following advices to the Department of Commerce at
Washington from Consul North Winship, Milan, stating
that since Dec. 31 1917 nearly all quotations of the Italian
financial market have been constantly increasing, appeared
in “Commerce Reports’? of Oct. 18:
Since Dec. 31 1917 nearly all quotations of the Italian financial
have been constantly increasing, reaching a distinctly high level
market
in July
1918, as is shown by the following per cent increases from February to
July 1918, above quotations in December 1917: February, 6%; March,4%;
April, 8%; May, 10%; June, 15%; July, 30%.
As will be noted, prices in March 1918 were lower than in February
1918, which was due to the pessimistic feelings in commercial circles at
that time.
Such conditions, however, prevailed for only a few weeks; in
fact, In April 1918, prices exceeded February quotations, and in May 1918
Were still higher.
The subsequent months of June and July 1918 were
characterized by a very brisk demand and exceptionally high prices.
It will be seen that sums raised in France
equivalent to $15,750,000,000,
counted for $5,136,000,000.
To all these war resources,
The
25.678,966,000
-
In terms of American money.
while credits abroad have ac¬
properly so-called, should be added the tax
receipts of the ordinary budget, namely money realized by normal resources
from the beginning of 1915 to the end of 1917; this is 18,000.000,000
francs
($3,600,000,000).
1918, the
Diming the first eight months of
deposit of public funds with Treasury agents has also procured more than
1.000,000,000 ($200,000,000). In general, the employment of short-term
Treasury notes, reduced even to one month, has drawn out untouched
resources at home, while the diminution of credits asked from the Allies
(corresponding in part with a diminution of imports) goes along with in¬
creased resources from neutrals.
Financial Activities Unusual.
RUSSIAN BUREAU OF WAR TRADE BOARD FORMED
BY UNITED STATES TO EXTEND ECONOMIC
AID TO RUSSIA.
Supplementing its previous announcement concerning
creation of the War Trade Board of the United
Russian Bureau, Inc., (mention of which was made
issue of Nov. 16, page 1873) the War Trade Board at
the
States
in our
Wash¬
a further announcement on Nov. 29, in which
it said that the company has already begun the transaction
of business by the dispatch of three vessels from the Pacific
Coast to Vladivostock, carrying commodities which its
representative in Siberia has designated as being most
urgently needed there. We quote herewith the War Trade
ington issued
financial activities as being exagger¬
likely to bring about losses and
disappointments to capital and to create unnecessary disorder in the mar¬
Expert writers have defined present
ated, feverish and unwise, and as being
ket in the near future.
The first half of this year closed with low prices for four companies alone,
while all the others showed increases, some as high as 50%, the most re¬
markable having occurred in the stocks of the Cotonifido Veneziano
(Venetian Cotton Mills), amounting to 104%.
Capital in Stock Companies Shows Great Increase.
The following table classifies the leading Italian stock companies, 67 in
number, in groups according to business, and gives for each group the
aggregate capital invested and average per cent increases in prices of
shares in April 1918 and July 1918, with respect to prices in December 1917
Board’s latest announcement:
Bureau (Inc.) is a
War Trade Board at the direction
the Russians to help themselves
in stabilizing the economic situation in Russia.
It has a capital stock of
$5,000,000. all of which has been issued and fully paid in cash out of
Government funds.
The stock is owned in its entirety by the United
The War Trade
Board of the United States Russian
company which has been organized by the
of the President for the purpose of helping
States Government.
Increase
in
Stock
Prices over Dec. 1917
Group.
Number
Aggregate
of Com¬
panies.
Capital
April
July
in Lire.
1918.
1918.
10%
19%
23%
26%
23%
87%
53%
2*%
36%
36%
13%
12%
58%
40%
34%
33%
31%
20%
40%
41%
Chemicals
Sugar
General food, plants
Aqueducts
Real estate
Miscellaneous
67
2,657,000,000
1
3
2
Mining
Electricity
4
2
Cotton
Wool
Linen and hemp
Foundries
Mechanical plants
Automobiles
791,000.000
349.000,000
32.000,000
120,000,000
41,00.0000
25.000,000
10,000,000
88,000,000
359,000,000
172,000,000
66,000,000
125,000,000
152,000,000
61,000,000
37,000,000
35,000,000
148,000,000
46,000,000
6
2
Banking
Railways
Inland transportation
Navigation transportation
6
1
3
6
5
4
5
6
5
3
3
6
9%
6%
9%
2%
•
•
14%
21%
5%
12%
„
_
_
_
17%
24%
16%
As will be seen, the highest increases occurred in navigation lines, auto¬
mobile manufacturing companies, cotton mills, real estate companies,
chemical and electrical works, hemp and linen companies, sugar refineries,
and food plants.
The increases range from a minimum of 12 % in foundries
to a maximum of 87% in navigation lines.
The low increase of 12% in
foundry stocks would seem unreasonable, considering that foundries repre¬
sent the most vital industrial branch of the country for the great contribu¬
war requirements, but it must be kept in mind that in December
1917, on which month the comparison is based, such stocks were high,
compared with other stocks which had remained too low. Another reason
is the recent combination of the larger companies with the smaller and
their joint deliberations relative to stock prices.
In June 1918 foundry
stocks were quoted considerably lower than in July 1918, per cent in¬
creases over December 1917 being 4% and 12%, respectively.
The July
increase in this group was due almost entirely to Tern! steel plants, for
Whose stocks there was a most extraordinary demand.
tion to
The company
will engage in the business of
exporting to Russia and
commodities
Siberia agricultural implements, shoes, clothing and other
which the Russian population needs, bringing back Russian and Siberian
raw materials in return.
The company thus is intended to aid in supplying
the needs of the people of Russia, in encouraging Russian production
trade and assisting in the marketing of Russian products in America
their exchange for American goods.
One of the chief objects
and
and
which the
company will have in view will be the encoragement of private capital to
engage in trade in Russia and Siberia as shipping becomes available for
the purpose.
Its policy will be to co-operate with, encourage and promote
such trade with Russia as will assist in the rehabilitation of her economic
life and to cover by its direct operations only such portions of
cannot at present be served readily by private enterprise.
The company has already begun the transaction of business
the field as
by the dis¬
patch of three vessels from the Pacific Coast to Vladivostock, carrying
commodities which its representatives in Siberia has designated as being
most urgently needed there.
By addressing the Russian Bureau, persons
interested in Russian trade may receive more detailed information as to the
commodities most needed by Russia and the commodities likely to be
available for export from Russia.
Additional vessels will from time to
time be scheduled, and shippers are urged to file applications for licenses
to export to Russia such commodities as they know to be needed.
The head office of the Russian Bureau is in the War Trade Board Build¬
ing at Washington. D. C. The board of directors of the company consists
Hon. Vance C. McCormick,
of the* members of the War Trade Board.
Chairman of the War Trade Board, is President of the company; John
Foster Dulles is Secretary and Treasurer; Henry B. Vansinderen is Acting
Manager. The directors are Vance C. McCormick, Thomas L. Chadbourne Jr., Edwin F. Gay, Albert Strauss, Alonzo E. Taylor, J. Beaver
White and Clarance M. Woolley.
CANADIAN COMMISSION TO PROTECT COMMERCIAL
INTERESTS OF DOMINION IN RUSSIA.
The Toronto “Globe” of Oct. 22
an Economic Commission
the commercial interests of
pointment of
entrusted
in announcing the ap¬
Russia, said:
to which would be
the Dominion in
The commercial interests of the Dominion in Russia are to be placedjin
the care of an Economic Commission, which, in conjunction with com¬
missioners named by other Allied countries, will endeavor to restore the
Dec. 7 1918.]
THE CHRONICLE
commercial activity of Siberia and assist the people of that
country to
secure the things necessary to equip and carry on their
agricultural and
other industries.
The personnel of the Canadian Commission was announced
by the
Government Oct. 22. as follows:
C. F. Just. Chief Canadian Trade Commissioner in Russia; W. D. Wflgreas, Canadian Trade Commissioner at Vladivostok; Col. J. S. Dennis.
Liaison Officer of the Canadian Siberian Expedition, and Ross Owen.
Transportation Officer in Russia of the Canadian Pacific Railway Co
Messrs. Just and Wilgress are officers of the Department of Trade and
Commerce. Col. Dennis and Mr. Owen place their services at the dispo¬
sition of the Government for the work without remuneration.
It is the intention of 8ir George Foster, to whom the Commission will
report, to increase it later on by the addition of three members, representing
the agricultural, the mining and the banking interests of Canada.
These
three additional members will proceed to Vladivostok
early next year.
Mr. Just and Col. Dennis will leave for Vladivostok at once.
Mr. Owen
and Mr. Wilgress are already in Siberia.
The Commission's Duties.
The Order-in-Council naming the Commission states that its members
Will be expected to make a careful study of local conditions in
Siberia,
both economical and social, to inquire into
transportation facilities, to
ascertain the wants of the farming community in
respect to agricultural
implements and equipment, and to note the improvements in methods
of handling grain, and in mining, forestry and fishing
operations.
The
Commission is also instructed to investigate the opportunities, present and
prospective, for increasing commercial interchanges between Russia and
Canada, and to make recommendations as to the particular lines along
Which Canadian experience and industry might best be served to the re¬
habilitation of Russian business activities and the development of her
vast natural resources.
How Canada Could
Help.
The Government is of the opinion that similarity of natural conditions
between Siberia and Western Canada, as well as the problems connected
with agriculture and transportation, mining and fisheries, are factors which
should enable Canada to co-operate under present conditions in the supply
of the commodities urgently required, and also from experience and
adapta¬
bility to afford practical assistance by advice and reconstruction along the
lines particularly vital to Siberian reconstruction.
It is also recognized that Canada’s interest in trade with Russia is un¬
bounded. Besides assisting in the protection and pacification of Russia
by means of the Canadian force now being mobilized, it is proposed, in
conjunction with other countries, to reorganize her financial and commer¬
cial activities, which have been thrown into confusion
by a long period of
War and
internal disorder.
The British Government has appointed a Commercial Commission to
work in conjunction with the British High Commissioner in
Vladivostok,
and has intimated its willingness to attach a representative of Canada
to his staff.
AUSTRIAN BANKERS OUTLINE PROBLEMS FACING
THEIR COUNTRY.
That the States making up the former Austro-Hungarian
Empire will recuperate and be able to pay their debts if
allowed to get food and raw materials was asserted by
Dr.
Alfred Treichl, Managing Director of the Anglo-Austrian
Bank, which has
a working capital of $50,000,000 and
branches throughout the former Austrian Empire, in an
interview with the Associated Press on Nov. 30.
He is
quoted
as
saying:
The biggest question the world Is now facing is whether the free trade
or
the high tariff principle shall be applied between the nations, and in
par¬
ticular, what the United States will do in this respect. On this question
depends certainly the economic prosperity of the former Central Empires
and possibly their political happiness.
The dimensions of the war certainly have been too great for Austria. We
are overloaded with war debts, though it must be
remembered
largely internal, with two
they
are
three billion crowns owned to Germany and
also small loans obtained in the United States before that
country ceased
its neutrality.
We have among ourselves merely exchanged materials, for paper
money,
notes and bonds.
One problem we are facing is for each of the new repub¬
lics to make up Its accounts and divide the war debts so that each will know
where it stands.
Never in history, however, has any enterprising people been crushed
by
debts.
If we can produce we can pay back all our debts In ten years.
But
the great difficulty is how to start production.
What we need in Austria first, is food, so that we can
keep order, and
then raw materials for manufacturing, which are in the hands of our former
enemies.
The important point is, will the United States send us raw materials
or
against a loan. I say the United States because it has copper and cotton
and .nobody on earth can do business without American cotton.
Possibly
South America could sell us wool, but doubt exists if it will be able to sell
on
time.
Financial help for the former Central Empires must come from the
AngloAmericans. They are the only nations able to furnish aid of this kind, as
France no longer is in the position of money lender to other countries.
It must be understood that the riches of any country are not in the
gold
reserve, of which we possibly possess a quarter of a billion crowns, but in its
production capacity.
Speaking from a Continental point of view, it must be asked whether
America will continue to sell raw products.
Since the war she has increased
the number of her factories.
Now, will she insist on selling finished prod¬
ucts to us?
If so, that will be the cause of a still greater Continental crisis.
If the United States and the Allies wish to prevent such an economic
crisis, leading to political ones, too, it will be necessary to give us the means
of production.
If you imprison your debtor he never will be able to work
and pay.
The Peace Conference should arrange first to pay our debts outstanding
abroad later collecting from us, and second, should provide us with financial
means and give us raw materials.
These terms apply to the former Austrian Empire.
As regards the
German republics and their war indemnities, they are richer than are we.
They also hold more foreign stocks and bonds.
Regarding the political future of the republics of the former Austrian
Empire. 1 do not believe they will get together for many years, though their
economic relations would be greatly improved by a common money stand¬
ard. such as exists between France, Italy and Switzerland, and also by
free trade.
i
2135
Europe must have free trade, since she is a bigger buyer than a seller,
but she cannot have it unless the United States finds it to her interests in
the same way that England found it in
past years.
The political relations between the farmer Austrian Empire
and the
complicated now that business is complicated. For in¬
stance. my bank has branches in Prague and Budapest, but soon both these
capitals will demand that the head officers be there instead of Vienna.
It is so with many other businesses.
It appears that Vienna is doomed as a big centre.
It is a big head on a
small body.
But a deader city will be Trieste, which, always a crime against
nature, was kept alive artificially by rebates. For instance, coffee enter¬
ing that port enjoyed a lower tariff than the tax by way of Hamburg.
To Czech exports also low railroad rates were given, which induced us to
use the Trieste route.
The same facts are true of the Hungarian port of
Flume.
Even as a neutral port Trieste has no future.
I tally cannot afford
to make the sacrifices made by Austria through
pride. Whatever over¬
seas trade the new
republics will have will go by way of the Danube River
and the Black Sea route, though the Czechs probably will use the North Sea.
I don’t think there will be immediately
more wars among us if the Allies
can send help now to
prevent Bolshevism.
But it will be observed that
the Czechs are making inroads into the territory of their German neighbors
which may sow seeds of later troubles. The Czechs are now rich and going
republics
are so
well.
Their revolution is not socialistic but business-made with imperialis¬
tic tendencies.
It is said the Allies Intend to settle forever wars breaking out In the
Bateaus.
I hope so.
But I suggest the reading of the first lines of the
document of the Peace Conference of Vienna in 1815 when the Allies, on
overthrowing Napoleon, agreed to prevent future wars and to erect a new
Europe. That solution lasted 100 years. If the one now made lasts
another hundred years it will do well.
The economic confusion likely to result from “the false
idea of self-determination” was emphasized by Councillor
Julius Meinl, described as probably the wealthiest man in
Austria, in an interview at Berne on Nov. 27. Dr. Meinl
predicted that economic necessity would result in the devel¬
opment among the former Austro-Hungarian States of what
would be tantamount to a “league of nations.” The inter¬
view with Dr. Meinl was reported as follows by the Asso¬
ciated Press:
Dr. Meinl came to Berne as the representative of Prof. Heinrich Lammasch, former Austrian Premier. So sure is he that Austria-Hungary "will
always remain a federation of States more or less closely interknit that he
criticized President Wilson—although he is wholly in sympathy with him—
for what probably was an unintentional wording of his declaration that
people must have the right of self-determination. This phrase, when
translated, he said, tended to stir up the people of Austria-Hungary and
make them restive under authority.
He continued;
“What President Wilson might have said, and what he doubtless
meant,
was that Austro-Hungarian
peoples should have the right of regenera«1ng
and rebuilding the Empire on a basis of
perfect political independence of
sovereignty between the various States, but with Federal economic unity
somewhat on the lines followed in the establishment of the
United States.”
Dr. Meinl fears that for a number of years Austria-Hungary
will be so
split up by the “false idea of self-determination” that all economic ties
will be broken, and each new nation will rear an economic wall
against
every other nation, which will be disastrous because every section is de¬
pendent on every other.
He says he is firmly against the pan-German move, now evident
every¬
where, to join the Austrian Germans to Germany proper. He believes that
only 5% of the Austrians desire such a change. If this movement were
carried out. Dr. Meinl says, Austria still more would become a mere
ap¬
pendage of Germany, meanwhile arousing the antagonism of France,
which would see Germany gain 12,000,000 persons by the war.
He makes a strong plea for an era of peace which shall permit all
peoples
to carry out the hard task of reconstruction in a
conciliatory spirit. He
believes such amity and conciliation are essential unless all the warring
o untries are not soon to meet with'serious trouble from
the labor element.
Ludwig von Neupath, director of the Austrian Credit
Bank, while discussing the situation with a representation
of the Associated Press
on
Nov. 24 said:
The Austrian Republic must first be given a loan, to be used for the
purpose of sending food and coal into the country to prevent famine and
disorder. Then it must obtain another loan of loO.OOO.OOO to
buy a six
months stock of cotton, wool and copper.
Diplomatic pressure should be brought to bear against the Czechs, who
are attempting to prevent the arrival of coal and metals from Galicia
and
other points.
The peace conference should also apportion the debts of the
former Austrian Empire equitably among the Czechs, Hungarians, Austrains and Jugo-Slavs.
This debt now totals 56.000.000.000 kronen,
32,000.000.000 of which is in paper money, which is circulating in all parte
of the country.
If the Austrian Republic is made to shoulder this war
debt she is bound to be bankrupt.
Before the war the normal expenses
for the army totalled 2,000.000,000 kronen.
If there is no army or navy
in future this sum will be sufficient to pay the interest on the
country’s
debt.
MODIFICATION OF RESTRICTION ON
EXCHANGE BORROWING.
STOCK
A further modification of the restrictions affecting borrow¬
ings for Stock Exchange purposes was announced on Wednes¬
day of this week, Dec. 4. Last week, page 2046, we referred
to the lessening of restrictions to the extent of permitting
financing, for purposes of distribution or purchase of bonds
and notes. This week, at the request of the Stock Exchange
Committee of Five, of which H. G. S. Noble, President of
the Exchange, is Chairman, the so-called “Money Com¬
mittee” reduced the margins required by banks on loans to
20%. At the instance of the “Money Committee” a margin
of 30% was required, beginning Nov. 4, on all regular loans,
instead of the customary 20%, a corresponding increase in
margins being required on other loans. Details of these
increased margin requirements were given in our issue of
Oct. 26, page 1612. The letters of Messrs. Noble and
the 20% margin,
follows by the Stock Exchange:
Strong, which resulted in the restoration of
public
made
were
(Vol. 107.
THE CHRONICLE
3136
as
Members
a
of the New York Stock
Your attention is called to the
Exchange:
following letter addressed to Mr. Benjamin
Strong and his reply thereto:
GEORGE W. ELY, Secretary.
November 30 1918.
Bena. Strong, Esq., Governor, Federal Reserve Bank,
Dear Sir.—The importance of keeping the volume
from increasing, at tne present time, is thoroughly
ciated by the
New York City:
of loans upon securities
understood and appre¬
cautioned that stock or registered bonds affected by such
Custodian do not constitute a delivery.
GEORGE W. ELY, Secretary.
December 4 1918.
To the Members
are
demand of the Alien Property
The New York “Sun” of Nov. 30 stated that it was
explained at the Stock Exchange that there have been no
instances as yet where a transfer of a stock or registered
bond marked non-transferable by the Alien Property
Custodian has been effected, but much confusion is antici¬
pated when the mails are freed from censorship.
It would seem, therefore, that the
financial community.
Money Committee’s requirement of a margin of from thirty to thirty-seven
a half per cent on Stock Exchange loans has ceased to be necessary.
This requirement works many hardships and produces serious injustices
and, believing as they do that the influence of the Banks and of the Ex¬
change is amply able to control the situation without it, the Stock Exchange
Committee, of which I am Chairman, would urge that the Money Commit¬
tee consider the advisability of having this additional margin requirement
and
C. E. MITCHELL ON READJUSTMENT PROBLEMS—
INDUSTRIAL AND FINANCIAL.
“Readjustment Problems, Industrial and Financial,”
discussed by C. E. Mitchell, President of the National
withdrawn.
City Co. of this city, before the Cleveland Chamber of Com¬
Hpoing that the Money Committee will give this request favorable con¬
sideration, 1 am,
merce at Cleveland on Nov. 26.
Referring to the faet that
Yours very sincerely,
H. G. S. NOBLE, President.
we have paid off practically our entire debt abroad, and have
loaned to foreign Governments approximately eight billion
December 4 1918.
H. G. S. Noble, Esq., President, New York Stock Exchange, New York, N. Y.:
dollars, Mr. Mitchell stated that instead of sending abroad
My Dear Sir.—Your letter of November 30th was submitted to the
Money Committee at its regular meeting held yesterday afternoon.
great amounts for interests and dividends, as we did prior
There has been no change in the situation to justify an Increase in the
to the war, we shall in the future, be receiving from abroad,
total of the Stock Exchange loan account, and it is not probable that addi¬
tional funds will be available for Stock Exchange loans so long as the
in interest on national debt alone, close to 400 million dollars
Government continues to be a borrower on the present large scale; never¬
theless, as your letter states that the Exchange is amply able to control
annually.
Continuing, he said:
the situation without continuing the requirement by the lending banks of
Have
additional margin, as outlined in the
committee’s letter of October 24 1918,
the committee has decided to accede to the request contained in your letter
of November 30th, and will at once communicate with the associated banks
in this city to that effect.
In the event of developments necessitating such action, the committee
will request the associated banks to exact requirements for additional mar¬
Very truly yours,
gin.
MEM¬
NEW FORM ON WHICH STOCK EXCHANGE•
BERS MUST REPORT BORROWINGS.
'Following the modification of the restrictions affecting
borrowings by members of the New York Stock Exchange,
referred to in these columns last Saturday, page 2046, a new
form of report to be used in supplying data relative to bor¬
rowed money on time and demand has been issued by the
Exchange. The following is the new form:
Name
Report to the New York Stock
close of business on above date.
1. DEMAND LOANS:
Exchange of outstanding loans as at the
(a) Carried by or collateral lodged with NEW
YORK BANKS OR TRUST COMPANIES.$...
(b) Carried by or collateral lodged with Private
Bankers, Brokers, Foreign Bank Agencies or
others in the City of New York
$
(c) Carried by and collateral actually lodged with
lenders OUTSIDE OF NEW YORK for New
$
York commitments
$
Total DEMAND LOANS, as per a, b and c
2. TIME LOANS:
(a) Carried by or collateral lodged with NEW
YORK BANKS OR TRUST COMPANIES.$
(b) Carried by or collateral lodged with NEW
YORK Private Bankers, Brokers, Foreign
Bank Agencies or others in the City of New
York
(c)
Carried by and collateral actually lodged with
lenders OUTSIDE OF NEW YORK for New
York commitments
Total TIME LOANS, as per a, b and c
Total of DEMAND and TIME
$
$
LOANS
$.
(1 and 2 above)
CHANGE FROM PREVIOUS DATE ON ABOVE
DECREASE
INCREASE.
NOT TO BE INCLUDED ABOVE3. LOANS AGAINST BONDS AND NOTES
Purchased for distribution AFTER NOV. 30 1918
4. LOANS AGAINST UNITED STATES GOVERNMENT
SECURITIES
.
GRAND TOTAL
Further notations may be
The form
on
on
$.
$
$
....
made
the other side.
which members
were
previously required to
of Sept. 14, page 1047. To
particulars wherein the two differ we have put
report was given in our issue
indicate the
in italics the
STOCK
new
you
matter carried in the latest form.
EXCHANGE RULING RELATIVE
OWNED SECURITIES.
TO ALIEN
answered to yourselves, I wonder, the question as to how these
great interest payments, and how gradually the payment of principal,
may be made to us?
It cannot be in gold, that we know, for the total
annual production of gold in the world, outside of the United States, would
not suffice even for the interest charge.
It cannot be by trade balance
exporting business develops as we all expect. We have, for many
had a balance in our favor in foreign trade, and we hope to enlarge
Except as the trade balance
it rather than to see the balance change.
works against us there will be no surplus to apply against interest and capital
payments.
There would seem to be but one way out, and that is by ex¬
tending credit to the world in increasing amount. We will have to capi¬
talize the interest payments and reinvest that capital abroad, and if we
are to extend our exports we will have to take their evidences of indebted¬
ness, as represented by bonds and stocks, in return, and will have to follow
England in the course that she has long followed of steadily increasing
foreign investment.
if
(Signed) BENJ. STRONG,
Chairman, Sub-Committee on Money of the
Liberty Loan Committee, for the Committee.
Date
were
our
years,
Emphasizing “the necessity of America’s
and ever larger amounts
added:
investing in ever
in foreign countries,” Mr. Mitchell
That movement must start at once if American industry is going to re¬
ceive the advantage of foreign trade—a trade that, at the outset at least,
must take place by reason of the fact that foreign countries, generally,
will be forced to look to America to furnish raw materials for their home
industrial development.
The problem as to how these credits are to be
established is of great importance, as upon the solution thereof will likely
depend the course of America and Americans in world thinking. Whatever
is purchased from American producers must be paid for by credits estab¬
lished in American banks.
It cannot be arranged through the shipment
of foreign gold to us, for we already have too great a proportion of the gold
supply of the world in our hands. It cannot be arranged through trade
balances, for foreign countries must have raw materials, and other sup¬
plies, too, promptly, and we hope that the trade balance will not move
against us. It must be done, then, through foreign loans made in this
country.
There are three ways in which these loans can be made: First,
a corporation or municipality could borrow from its own Government,
which would be quite possible in the paternalistic era of to-day.
The
foreign Government could, in turn, borrow from the United States Govern¬
ment, and the latter could issue securities to its own people; but that
method, to my mind,, if extensively used would be deplorable.
It would
foster in America an ingrowing development.
We would not be thinking
internationally at all if the United States Government were to adopt that
method of financing foreign needs.
Or, second, foreign Governments
could sell their obligations to American bankers, who could distribute these
foreign Government securities throughout the United States. That such
securities of Governments of sound credit could be distributed among
America has broadened
American investors with little difficulty, I know.
materially in that degree in the last few years. There is, however, one
other way, the third—and the best way of all—by which it can be done;
and if we of the United States are big enough and broad enough and wise
enough, I am firmly of the belief that we are going to do it in that way.
We are going to take the securities of foreign corporations and munici¬
palities and States all the world over and distribute them directly to in¬
vestors throughout the United States.
If the time comes when such bonds
begin to flow here in quantity, we can expect that the stocks of these foreign
corporations will follow and be listed on the New York Stock Exchange.
When that day comes the great body of American investors will have cast
off the charge that foreigners have often made—that financially America
is
provincial country.
Mr. Mitchell referred to
a
the labor problem as
the greatest of all the problems
and discussed it at length.
ESSENTIAL
of the readjustment
INDUSTRIES FINANCE
“perhaps
period,”
CORPORATION
TO DISSOLVE.
dissolve the Essential Industries Finance
Corporation of New York was reached at a meeting of the
directors of the organization held in the board room of the
Chase National Bank on Monday last, Dec. 2.
Eugene
V. R. Thayer, President of the Chase, was President of the
Corporation. The new conditions, arising from the signing
NEW YORK STOCK EXCHANGE.
of the armistice and the resultant modification of the war
Committee on Securities.
November 29 1918.
time restrictions of the Capital Issues Committee upon the
The Alien Property Custodian is authorized by law to serve upon cor¬
flotation of capital issues, have operated to bring about the
porations having stock or registered bonds outstanding in the name of or
discontinuance of the Corporation. Details of the organiza¬
held for account of Alien Enemies, a demand for such stock or registered
bonds which demand may operate as a transfer of the interest of the Alien
tion of the Corporation were given in these columns Sept. 28,
Enemy in the stock or registered bonds to the Alien Property Custodian
page 1236; Oct. 19, page 1520, and Oct. 26, page 1612.
The
and may render the outstanding certificates non-transferable.
ruling in which members of the New York Stock Ex¬
change are cautioned against transferring stock or registered
bonds outstanding in the name or held for account of alien
enemies, has been issued as follows by Secretary Ely of
the Exchange:
A
The decision to
Dec. 7 1918.]
THE CHRONICLE
Corporation had for its object the making of loans to public
utilities and industries essential to the war, the Corporation
serving
as intermediary between the War Finance Corpora¬
tion and industrial corporations. The Essential Industries
Finance Corporation was formed with a capital of
$3,000,000,
represented by $1,800,000 ten-year debentures; $1,000,000
stock and $200,000 paid-in surplus. Its announcement in
September, it was stated that the capital would, in all prob¬
ability, ultimately reach $20,000,000, on which basis it
would “be able to borrow about
$50,000,000 for loans from
the War Finance Corporation, thus
making available
$70,000,000 for loans to public utilities and other essential
industries. Concerning the capital, “Financial America” of
Dec. 2 said:
Of the $1,000,000 stock, $200,000 consisted of Class
A, limited in respect
to dividend returns and $800,000 Class B with
no restrictions.
The A
stock was sold at par and the B stock at $125 a
share, the additional $25 a
share providing the $200,000 surplus.
This money had been paid into the
Chase Securities Corporation and is now on
deposit with the Chase National
Bank.
It is proposed to immediately distribute the sum involved less such
incidental expenses as have been involved in connection with
the formation
of concerns. See., to the contributing stockholders.
No loans
were
made by the Essential Industries Finance
Corporation; applications for loans from public utilities and
other concerns were reported to have been received
by it
and it is said negotiations for the
financing of $4,750,000
of notes of the Portland
Railway, Light & Power Com¬
pany, of Portland, Ore., were about to be perfected when the
armistice was signed; the War Finance Corporation
having
decided that the Essential Industries Finance
Corporation
was created for war
financing, acted as a stay to further
negotiations. The others serving with Mr. Thayer as offi¬
cers of the Essential Industries Finance
Corporation were
Gerhard M. Dahl, Vice-President of the Chase National
Bank, and Frederick Strauss, of J. & W. Seligman & Co.,
both of whom were Vice-Presidents of the Corporation. The
directorate of the Corporation included, besides Messrs.
Thayer, Dahl and Strauss, the following:
E. B.
Sweezy, of the First National Bank;
Frederic W. Allen, of Lee, Higginson & Co.;
Harold Stanley, of the Guaranty Trust Co.;
Thomas W. Lamont, of J. P Morgan & Co.;
Sidney Z. Mitchell, of the Electric Bond & Share Co.;
O. D. Young, of the General Electric Co.;
E. W. Clark, of E. W. Clark & Co., of Philadelphia;
James N. Wallace, President of the Central Union Trust Co.;
John Henry Hammond, of Brown Brothers & Co.;
Randal Morgan, Vice-President of the United Gas Improvement
Co.;
Guy E. Tripp, President of the Westinghouse Electric & Mfg. Co.;
V.
Willard
King, President of the Columbia Trust Co.
DISCONTINUANCE BY WAR FINANCE CORPORATION
OF CATTLE LOAN AGENCY AT KANSAS CITY.
The cattle loan agency of the War Finance Corporation
at Kansas City will be discontinued on Dec. 15,
according
to the Kansas City “Star” of Nov. 26, which says:
Orders were received to-day by W. H. Moore, Secretary of the recently
established branch.
The cessation of hostilities and prospects of an
early
peace caused the change, the order cited.
Abolishing the agency here will throw the stockman back largely on his
borrowing power in local banks. In special instances, which will be de¬
scribed in a circular letter to stockmen, now under preparation here,
appli¬
cations may be made through the Federal Reserve Bank, which will send
them to Washington for approval and payment.
Applications for loans will be received by the cattle loan agency until
its actual time of closing, Dec. 15.
Announcement was made in August last by Secretary of
the Treasury McAdoo of the decision to create under the
War Finance Corporation Act, two agencies, one at Kansas
City and
one
at Dallas, which would consider applications
for direct loans to cattlemen
by the War Finance Corpora¬
tion, and was referred to at the time in our issues of Aug. 17,
page 648, and Aug. 24, page 748.
ADVANCES BY
WAR FINANCE CORPORATION.
enterprises
2137
be financed through their accustomed
Most of the Corporations loans were to public
can now
channels.”
utilities at interest rates ranging betweeD 6 and 7%. Con¬
cerning the Corporation the Secretary of the Treasury’s
report says:
Up to Oct. 31 1918, applications for aid aggregating $323,329,232 22
have been received by the corporation.
This figure includes only such
applications as have been formally brought before the board of directors;
it does not include a large number of
preliminary inquiries regarding con¬
templated applications for advances, aggregating a large amount, which
considered and acted upon by the board without ever being
formally
were
presented.
From a statement of the corporation for Oct. 31 1918, given
below, It
appears that the total advances made by the corporation aggregated
$67,716,342 49:
Statement of the War Finance Corporation, Oct. 31 1918.
Assets—
Due from depositaries:
Treasurer of the United States
$17,749,537 13
Federal Reserve Bank, New York, N. Y__
9,120,224 98
Federal Reserve Bank, St. Louis, Mo
32,000 00
$26,901,762 11
Advanced under the provisions of the Act:
Section 7, paragraph No. 1
Section 7, paragraph No. 2
Section 8
Section 9
$896,542
1,530,600
550,000
64,739,200
Total amount advanced
Less repayments
49
00
00
00
$67,716,342 49
29,863,747 60
Total advances outstanding
United States bonds
United States bonds purchased, not yet delivered
Due from cattle loan agencies
Accrued interest on obligations when
purchased
Accrued interest receivable
Expense account “reimbersable”
Furniture and equipment
Total
Liabilities—
Capital paid in (authorized, $500,000,000)
Gross earnings
Less administrative expenses:
89
00
93
51
38
06
113 24
7,404 73
$140,173,017 85
$2,228,333 49
Salaries
37,852,594
73,400,634
2,785,650
9,463
400,862
814,532
$140,000,000 00
$50,354 06
Printing and stationery
Supplies.
2,455 68
81.33
1,189 75
4,645 81
Travel
Sundry.
58,726 63
Net earnings
Interest collected but not earned.
Total.
2,169,606 86
3,410 99
$142,173,017 85
The number of applications from public-utility
companies for direct
advances under the “exceptional-cases” clause received shortly after the
corporation
organized was so large that the corporation issued a state¬
position as to this class of applicants. This statement which
was published on May 27 1918, is attached as Exhibit 46.
Next to the public utilities, the lumber and coal-mining industries have
been most largely represented among those asking assistance from the
corporation.
Applications were also received from manufacturers and
producers of various articles and commodities, and from persons engaged
in the cultivation of land and stock raising.
When the corporation was organized 86 applications had already been
received, of which 37 were from public-utility companies for amounts total¬
ling $185,000,000, of which approximately $136,000,000 was for refunding,
Sec., and $49,000,000 for improvements, extensions, and new construc¬
tions.
Forty-nine of the pending applications were for miscellaneous
activities aggregating in round figures $8,500,000.
Only three of those
applications were from savings banks and loan associations under section
was
ment of its
8 of the Act.
Not all of the advances made by the corporation have been for large sums.
Applications for small advances have received the same attention as those
for large amounts.
In cases where advances could not be made the directors
and officers of the corporation have at all times given their time freely for
the purpose of examining the needs of applicants and have endeavored to
give advice and suggestions of
helpful character. In many instances
accomplishing the purpose sought.
There has been hearty co-operation between the corporation and other
departments of the Government in*Washington.
‘
Under the provisions of the Act by which the corporation was created,
Federal Reserve banks are permitted to act as its fiscal agents.
This
privilege has been of great assistance, and the corporation has received
valuable co-operation from the 12 Federal Reserve banks.
These banks
have made and received payments on behalf of the corporation, and also
in many cases acted as custodians for collateral taken against advances
made.
Where necessary, for the convenience of the borrower, national or
State banks have been appointed to act.
The assistance rendered by the corporation to farmers and cattlemen,
and in financing the movement of crops is covered elsewhere in this report
under the heading “Assistance to Farmers."
these
conferences
have
a
resulted in
JAMES B. FORGAN’S VIEWS ON READJUSTMENT TO
PEACE BASIS—GRADUAL RELAXING OF
CAPITAL ISSUES’ STRICTURES.
Up to Oct. 31 1918, according to the annual report of
While stating that “the Capital Issues Committee will
Secretary of the Treasury McAdoo, loans of $67,716,342 continue in existence for the present, and probably until
were advanced by the War Finance
Corporation; of the after the Government’s big financing is over,” James B.
sum indicated,
the Secretary reported, $29,863,748 had Forgan, Chairman of the Board of the First National Bank
been repaid, leaving $37,852,595 outstanding.
In the of Chicago, and a member of the Advisory Council of the
report presented to Congress by the War Finance Corpor¬ Federal Reserve Board, says, however, that “it will gradually
ation itself on Dec. 3, the advances made by it during the relax its
policy of holding up the financing of municipal
six months since its organization are given as $71,385,000,
improvements and industrial capital expansion.” Mr. For¬
this aggregate covering presumably a later period than
gan, whose views were expressed following his return to
Secretary McAdoo’s figures. The Corporation in its Chicago from Washington last month, is also quoted as
report suggested changes in the existing law' to permit it to saying that he has “formed the opinion that, while all the
continue “judicious use of its large resources” during the
problems confronting us in connection with the reconstruct
period of readjustment. Since the passing of the war tion and readjustment of business on a peace basis have by
emergency the Corporation practically has ceased receiving
no means been definitely settled, there is daylight ahead
applications for advances. “It is believed unless a new and the process will neither take so long nor be so serious as
emergency should arise,” its report says, “that meritorious at first appeared.” Mr. Forgan’s observations were printed
“Herald and Examiner” of Nov. 24, and we
he had to say therein in full herewith:
stay in Washington I attended the conferences between the
in the Chicago
quote what
During
my
[Voi.. 107
THE CHRONICLE
2138
Council, also a con¬
in the War
Federal Reserve Board and the Federal Advisory
ference with the Capital Issues Committee. I spent a forenoon
Trade and War Industries Boards, after which I was present at
given by the Secretary
of the Treasury to members
Reserve Board.
Council and the Federal
From these sources I
a
Allotted.
29,283.500
Philadelphia
Cleveland
Richmond
Atlanta
112,500,000
Chicago
103,828.000
luncheon
view as to the pros¬
pective progress and development of business during the period of recon¬
struction and readjustment.
The Government in all its departments
seems fully alive to the necessity of allowing and assisting business to return
to normal conditions as expeditiously as possible.
I learned that practically all of the war contracts already canceled are
merely paper contracts in connection with which little or no outlay has been
Subscriptions
Allotted.
$17,109,500
Federal Reserve
District—
St. Louis
$88,728,000
350.847,600 Minneapolis
Boston
New York
of the Federal Advisory
absorbed quite an optimistic
Subscriptions
Federal Reserve
District—
12.458,000
11.487,000
Kansas
12,103.000
38.164.000
.$794,172,500
Total
TREASURY CERTIFICATES ISSUED
TION OF FOURTH LIBERTY LOAN
REDEMPTION.
Treasury certificates of
10,220.500
7.443.500
City
Dallas
San Francisco
IN ANTICIPA¬
CALLED FOR
indebtedness, dated Sept. 3 1918
and maturing Jan. 2 1919, and issued in anticipation of the
Fourth Liberty Loan, have been called for redemption on
Incurred by the contractors.
I was assured that all contracts now in opera¬
Dec. 19 1918 at par and accrued interest.
The following is
tion which have to be canceled will be settled for generously and promptly
and the contractors will be protected from loss.
the notice, issued Dec. 4 by Secretary of the Treasury MoAt all the conferences it was forcefully pointed out that promptness in
Adoo:
the adjustment and settlement of canceled contracts is the most essential
Notice to holders of United States Treasury certificates of indebtedness
feature in connection with the reconstruction of business and the resump¬
of series IV E, dated Sept. 3 1918 and maturing Jan. 2 1919.
tion of normal conditions.
All United States Treasury certificates of indebtedness of series IV E,
The various Government departments, including the army and navy,
dated Sept. 3 1918 and maturing Jan. 2 1919, are hereby called for redemp¬
are said to be fully alive to the necessity of prompt adjustment and settle¬
tion on Dec. 19 1918 at par and accrued interest, pursuant to the provision
ment of canceled contracts and will co-operate in bringing them about,
for such redemption contained In the certificates.
On Dec. 19 1918 interest
while Secretary McAdoo said the Government would pay all warrants
on all certificates of said series will cease to accrue.
Issued on the Treasury for such claims just as soon as they are certified to
and presented.
The New York Federal Reserve Bank in a statement in
The Capital Issues Committee will continue in existence for the present
the
matter issued Dec. 5 said:
and probably until after the Government’s big financing is over, but it will
The Secretary of the Treasury has to-day cal ed for prepayment on Dec.
gradually relax its policy of holding up the financing of municipal improve¬
ments and Industrial capital expansion, while it will be as vigilant as here¬
19 1919 the entire issue of Treasury certificates of indebtedness dated
tofore, or more so, in obstructing the flotation of so-called “blue-sky”
Sept. 3 19*8, maturing Jan. 2 1919, known as series IV-E, the call being in
securities.
conformity with the terms of the Issue.
Due formal and legal notice of this call will appear in the financial ad¬
Altogether, therefore, I formed the opinion that, while all the problems
confronting us in connection with the reconstruction and readjustment of
vertising columns of the press.
Under the terms oi Treasury Department Circular No. 121, certificates
business on a peace basis have by no means been definitely settled, there is
daylight ahead and the process will neither take so long nor be so serious of that series may be used in making payments on Liberty Loan subscrip¬
as at first appeared.
tions due on Dec. 19 next, but no certificates other than those of this issue
If the determination is, as it appears to be, and if the Government will
can be accepted for the bond payment due Dec. 19.
To the extent in which certificates of indebtedness of this issue are applied
co-operate with business as it promises, with the strong financial condition
in bond payments due Dec. 19. the money situation will be relieved of con¬
of this country as compared with all other countries, there seems no reason
for fear as to the future as far as our business either domestic or foreign is
gestion and stringency. Of the issue 4-E there was issued in this district
concerned.
Financially the Federal Reserve system has seen us through the war
and properly and conservatively used will be a great source of strength and
assistance in pulling us through the period of readjustment which we are
now facing.
I see no reason for anticipating any breakdown or serious
interruption in either our business or financial affairs.
Mr. McAdoo’s proposition that the Federal taxes for next year should
be settled now must appeal strongly to every business interest.
I sincerely
hope that statesmanship and not petty politics will dominate Congress
and that Mr. McAdoo’s sound and practical advice will be followed.
Otherwise business in all lines must struggle through 1919 under the same
uncertainty that has overshadowed and interefered with it during 1918.
CARTER GLASS NOMINATED AS SUCCESSOR
SECRETARY OF THE TREASURY Me AD00.
TO
President Wilson’s nomination of Representative Carter
Glass as Secretary of the Treasury to succeed William G.
McAdoo (whose resignation was referred to in these columns
Nov. 23 and 30) was received by the Senate on Dec. 5.
With the confirmation of the nomination Mr. Glass (who is
at
present Chairman of the House
Committee on Banking
Dec. 16.
5th inst.
and Currency) is expected to assume his new post
A statement issued by Secretary McAdoo on the
regarding the appointment said:
The acceptance by the Hon. Carter Glass of the Secretaryship of the
Treasury will, I am sure, give great satisfaction to the entire country.
The tremendously important part he had in the formulation and passage
of the Federal Reserve Act, his familiarity with banking and economic
problems growing out of his long service in Congress and for the past six
years as Chairman of the important Committee on Banking and Currency
have earned for him the confidence of financial and business interests.
He has unusual qualifications for the great
office to which the President
Personally, I am deeply gratified that
the head of the Treasury, and I am confident he
has nominated him.
to be at
country a brilliant and satisfactory
Mr. Glass is
will give the
administration.
Representative Glass was born in Lynchburg, Va., in
1858. He is the owner of the Lynchburg “Daily News”
and the “Daily Advance”. His political career was begun
in 1899 as a member of the State Senate; ho later served as
a member of the Virginia Constitutional Congress.
He was
elected to his tenth term in Congress at last November’s
elections. He was largely instrumental in drafting the
Federal Reserve Act, and has an intimate knowledge of
Treasury affairs
as a
result of the close relations which have
McAdoo.
existed between himself and Secretary
SUBSCRIPTIONS TO TREASURY CERTIFICATES IS¬
SUED IN ANTICIPATION OF TAXES.
Subscriptions of $794,172,500 to the offering of Treasury
Certificates of Indebtedness, dated Nov. 7 1918 and maturing
$4arch 15 1918, and issued in anticipation of taxes, were
announced by Secretary of the Treasury McAdoo on Nov. 30.
Subscriptions to the certificates, which are known as Series T
and which bear 4^6% interest, closed Nov. 27. The offer¬
ing was referred to in our issue of Nov. 9, page 1784. The
results by Federal Reserve districts were as follows:
$210,068,500.
After the redemption of this Issue there will remain outstanding of Treas¬
ury certificates issued in anticipation of the Fourth Liberty Loan two issues,
maturing Jan. 16 and Jan. 30 1919, of which more than $465,000,000 were
taken in this district.
A further statement
said:
Inquiries having been made made as to why Series IV-E certificates were
called for prepayment at this time, it was stated that it was done in order
to make the maturity of the certificates coincide with the third installment
Fourth Liberty Loan; that the Treasury’s requirements
but that it was believed that by paying off the
certificates on Dec. 19, two weeks before their maturity, it would be made
easier for the banks and others who are the holders of the certificates to
meet the requirements of the Government in connection with the Liberty
Loan payment of that date and the bi-weekly offerings of Treasury cer¬
tificates announced by the Secretary of the Treasury under date of Nov. 27
payment on the
for cash were never greater,
ANNUAL
REPORT OF SECRETARY
OF TREASURY
McADOO.
data dealing with the financing of the
by the Government is contained in the annual report of
Secretary of the Treasury McAdoo made pubhc on the 4th
inst.; the document is one from which it is desirable to quote
at length, but while it is our intention to publish eventually
much of what it contains, we have room to-day for only a
part of the essential information furnished in the report.
In presenting it Mr. McAdoo notes that “the payment into
the Treasury of vast sums in war taxes and from bond sales,
and the transformation of our varied and complex economic
life to the supreme task of winning the war, have been
accomplished without shock or financial disturbance. The
credit and business structure of the nation remain sound
and strong.”
For the fifteen months to June 30 1918
Secretary McAdoo estimates that the total cost of the war,
with allowances for the Government’s ordinary expenses in
ordinary times, was $13,222,749,734; nearly one-half of
this, or $6,499,784,750 went toward investments of a per¬
manent character, in the form of ships, navy yards, army
camps, buildings, loans to the Allies, or to American war
industries. Exclusive of public debt transactions 31.6%
of the expenditures for the year were paid from revenue
receipts. For the fiscal year 1919 Secretary McAdoo fore¬
casts expenditures of $20,687,938,691 for Government pur¬
poses and $4,375,565,250 for loans to the Allies and $2,540,624,960 for the redemption of outstanding certificates
and other debt cancellations. Total disbursements for the
Much important
war
year
are
estimated at $27,718,128,901.
Against this
of a little more
date indicate is
too high.
Mr. McAdoo calculated that the Government
would receive $5*,000,000,000 before the end of the fiscal
year next June 30 from income and profits taxes; $1,100,000,000 from other taxes, $190,000,000 from customs and
estimate, which actual expenses, at the rate
than a billion and a half dollars a month to
$555,000,000 from miscellaneous sources,
000,000 from increased postage, making
including $70,total estimated
Dec. 7 1918.]
THE CHRONICLE
receipts from ordinary sources $6,846,900,000. In ad¬
dition, he figured roughly on $5,025,670,000 from further
issues of Liberty bonds and $1,200,000,000 from war sav¬
ings. These figures, added to receipts from Liberty Loan
bonds already sold, make $14,168,588,712, the total of
popular borrowings expected during the year. On this
basis total estimated receipts would be
$21,022,488,712, or
$6,695,000,000 les3 than tentative estimates of disburse¬
ments.
Actual developments, however, are expected to
change these calculations greatly.
Secretary McAdoo points out that “the difficulties of
forecasting the expenditures of the Government have been
greatly increased by the changed situation resulting from
the signing of the Armistice. The suspension of hostilities
with the prospect of peace, came just at the time the de¬
partments were preparing estimates of appropriations and
expenditures based upon the continuation of the war. This
necessitated a hasty revision of their estimates, and the
result in the nature of things does not afford a reliable and
accurate forecast of the condition of the
Treasury for the
fiscal years 1919 and 1920.”
In what he has to say regard¬
ing loans to foreign Governments Secretary McAdoo
announces that he will “recommend the enactment of
legis¬
lation extending the authority to establish credits in favor
of foreign Governments for a reasonable period and within
reasonable limits to meet needs growing out of the war.”
Mr. McAdoo took the occasion to emphasize again the im¬
portance of hastening enactment of the revenue bill now
pending in Congress. On this point he says:
Unless the measure becomes a law in the near future, it will not be
physically possible for the Treasury to frame the necessary regulations and
to print and distribute the
necessary forms before the returns and taxes
will be due; the enforcement of the law will thereby be
imperiled. Aside
from the necessity of prompt determination of the taxes for the
year 1919,
it is believed to be imperative that the tax law for the
year 1920 be enacted
in order that the people of the country may know in advance the rates
and the subjects of taxation and the dimensions of the tax burden that must
be imposed and applied to the business and
industry of the country for the
calendar year 1919.
The wisdom of such action is emphasized by every
sound economic consideration and wise tax policy.
It is desirable and
necessary from the viewpoint of the Treasury in financing the period of
readjustment and from the viewpoint of business and labor and industry
now
generally. We must lift the burdens of taxation from the people to the
greatest possible extent during the period of readjustment now at hand,
and by so doing we shall, make more certain the continued prosperity of
the country.
3139
WAR REVENUE BILL REPORTED TQ SENATE.
The War Revenue Bill, as redrafted by the Senate Finance
Committee, was presented to the Senate yesterday (Dec. 6)
by Chairman Simmons of the Committee. The revised
bill is designed to raise some $6,000,000,000 in taxes in 1919
and $4,000,000,000 in 1920. Debate on the measure is
expected to begin next week, with Republicans strongly
opposing the proposal to provide for 1920 taxation at this
time. On Nov. 30, when the bill was prepared for printing
Chairman Simmons conferred with Secretary of the Treasury
McAdoo, Joseph P. Tumulty, President Wilson’s Secretary,
Commissioner of Internal Revenue Roper, and Congres¬
sional leaders regarding possible measures in the event that
the bill should fail to be enacted at the present session.
Senator Simmons is said to have advised Secretary McAdoo
that Republican opposition to the pending bill, principally
on account of the 1920 tax
feature, would undoubtedly
prolong discussion. Prospective Senate debate on peace
questions, he said, also might delay the bill’s consideration.
Commissioner Roper stated that it would be necessary for
the Treasury to proceed not later than Jan. 15 with its pro¬
gram for collection of 1919 taxes, either under the new bill
or the old law.
In reporting the measure yesterday Senator
Simmons announced that he would endeavor to have con¬
sideration of the nieasure begin next Tuesday. Senator
Penrose,
ranking Republican member of the Committee,
a formal dissenting minority report would be
submitted, and Senators La Follette and Smoot said they
would present supplementary minority reports. Senator
as
announced that
Penrose is said to have assured Senator Simmons that there
was no
disposition
on
the part of the minority members of
the Committee to delay final passage.
.On Nov. 30 it was pointed out that the amendment
adopted by the Committee on the 29th providing for new
second-class postage rates after July 1 next (referred to in
these columns, page 2049) made 50 miles instead of 200
the limit for the one-cent-per-pound rate, with 1H cents
a pound applying beyond the fifty-mile area.
When the
Committee on the 29th adopted the amendment repealing
the present second-class zone system and substituting that
for 1 and 1
cents, respectively, Chairman Simmons and
other members announced
PURCHASES
OF
LIBERTY
BONDS
BY
TREASURY
SINKING FUND.
that the one-cent rate would
radius of 200 miles from mailing points. The
amendment actually adopted, however, and now incor¬
porated in the bill, according to press dispatches from Wash¬
ington on the 30th, provides that the one-cent rate is ap¬
plicable only within the fourth-class parcel post zone>
which is fifty miles.
Senators on the 30th are said to have
stated that they had understood this zone was 200 miles,
and it was reported that there was a possibility of some
correction being made to meet the general understanding.
Two changes in the bill as it passed the House to guard
against Constitutional doubt were made by the Senate
apply within
a
The purchases of Liberty bonds by the Treasury’s sinking
fund, with a view to keeping the price from going below par,
are disclosed by Secretary
o^the Treasury McAdoo in his
annual report made to Congress this week.
Up to Nov. 1,
it is shown, $244,036,500 worth of bonds, face value, had
been purchased on the open market for $234,310,443, or
at an average price of about 96%, and
subsequently held
by the Treasury. Of this sum $172,445,000 were Second
Liberty Loan bonds, of both 4 and 4\i% issues, $70,935,500 Committee. One of these was to eliminate the taxes on the
were Third Liberty Loan bonds, and
$656,000 were First salaries of Federal Judges and the President. The other
converted
bonds.
Liberty Loan
The report has the following was of the war and excess profits taxes under the head of
to say in the matter:
“war excess profits taxes,” designed to remove the objec¬
tions to a dual system of taxation, but accomplishing the
During the winter of 1917-18 the fact that Liberty bonds were quoted at
less than par in the market and that prices showed a downward tenaency
same purpose.
An important amendment was the addition
were unfavorable factors with respect to new loans.
The situation was
of a section taxing employers of child labor.
It is intended
called to the attention of the Congress by the Secretary in connection with
to replace the child labor law, declared unconstitutional by
the consideration of the Third Liberty Bond Bill and the Congress, In section
6 of the Act approved April 4 1918 (Exhioit 3), authorized the Secretary,
the Supreme Court.
It imposes a tax of 10% on products
from time to time until the expiration of one year after the war, to
pur¬
child
labor.
of
Some
of the other principal features of the
chase bonds issued under authority of the Act approved Sept. 24 1917,
including bonds issued upon conversion of bonds issued under that Act bill, as summarized in the New York “Evening Sun” last
or under the Act approved April 24 1917, at such
prices and upon such
night are as follows:
terms and conditions as he
might prescribe.
Such purchases were limited
for any 12 months period to an amount not exceeding one-twentieth of
the par amount of bonds of each series originally issued, and the average
cost of the bonds of any series purchased in any such period was not to
exceed par and accrued interest.
With the passage of the Act the authority given in this connection imme¬
*
diately applied to the 4% bonds issued upon conversion of the 3M % bonds
of the First Liberty Loan and to the 4% bonds of the Second
Liberty
Loan, and subsequently, on May 9 1918, applied to the 4%% bonds of the
Third Liberty Loan, and to the 4M% bonds issued upon conversion of
prior issues at a lower rate, May 9 being the issue date of the Third Liberty
Loan.
As such action was deemed necessary from time to time, bonds of the
several issues have been purchased at the market price.
To Oct. 31 1918,
inclusive, the following bonds had been purchased, canceled and retired:
Principal
Amount
Amount of
Amount Paid.
Purchased.
First
Liberty
Loan
Accrued Interest
Paid.
con¬
verted bonds of 1932-47Second Liberty Loan 4 and
$650,000 00
$631,621 80
$10,266 77
4H % bonds of 1927-42.. 172,445,000 00 165,199,543 55
2,843,264 09
Third Liberty Loan 4
bonds of 1928
70,935,500 00
68,479,278 00
815,812 25
Normal individual income tax for 1918 of 12%, except on the first
$4,000 the rate shall be 6%.
Four succeeding years normal tax of 8%, 4% to be paid on the first
$4,000 of the income.
All single persons with income of $1,000 or more and married persons
with $2,000 or more to be taxed.
Surtaxes ranging from 1% on incomes between $5,000 and $0,000 to
65% on incomes of more than $1,000,000.
Corporation income tax of 12% for 1918 and 8% thereafter.
Depletion allowance provided for mines, oil and gas wells to encourage
such enterprises.
Income taxes to be paid in four installments.
War profits taxed 80% in 1918; not taxed thereafter.
Excess profits taxed 30 to 60% in 1918-19 and 40% in 1920.
Inheritance taxed from 1% on inheritances of $10,000 to $25,000 to 25%
of those over $2,500,000.
Freight transportation taxed 3%, express transportation 1 cent for each
20 cents
paid.
Telegraph, telephone, radio and cable messages costing 14 to 50 cents
taxed 5 cents; more than 50 cents taxed 10 cents.
Leased wires taxed 10%.
Distilled spirits in bond taxed $2 20 a gallon and $6 40 If withdrawn for
beverage purposes.
Beer, ales and porter taxed $6 a barrel.
Cigars taxed from $1 50 to $15 per thousand, according to weight and
retail price.
[Vol. 107
THE CHRONICLE
3140
Wines taxed from 16 cents to SI a wine gallon.
Admission to theatres taxed 1% on each 10 cents
charged.
Club dues over S10 a year taxed 10%.
Automobiles, motorcycles and auto trucks taxed 5% on sale price.
Perfumes, sporting goods, jewelry and works of art are taxed.
Brokers
pay a special business tax, according to the nature of that business.
but the conclusion that it was my paramount duty to go
has been forced upon me by considerations which I hope will
seem as conclusive to you as they have seemed to me.”
Noting that the Allied Governments and the Central Powers
had accepted the basis of peace outlined by him and had
“very reasonably” desired his personal counsel in their
INTERNAL REVENUE COMMISSIONER ON SITUA¬ interpretation and application, the President stated that he
TION OCCASIONED BY DELAY IN PASS¬
owed it to the associated Governments to see that “no false
ING WAR REVENUE BILL.
or mistaken interpretation is put upon them, and no possible
The concern which has developed by reason of the failure effort omitted to realize them.” While the President’s
of Congress to enact the pending war revenue bill is the sub¬ announcement of his trip to Europe was received by the
ject of a letter which has been addressed by Internal Revenue Democrats of the House with cheers, in which some Senators
Commissioner Daniel C. Roper to Secretary of the Treasury joined, the address evoked no outburst on the part of the
McAdoo. Mr. Roper calls attention to the “serious di¬ Republicans, except when reference was made by the Presi¬
lemma” confronting his office and states that it is clearly its dent to the valor and efficiency of the United States soldiers
duty, in view of the fact that only one month remains before and when mention was made of Pershing and Sims.
the commencement of the time for filing income and excess
Aside from what he had to say regarding his overseas
profits returns, to proceed with plans for the collection of the mission, the principal feature of the President’s address
taxes under the old law unless the pending bill is placed on was his reference to the railroad situation.
The President
the statute books before Jan. 1 next. We quote from his admitted that he had no answer ready to the question as to
letter
as
follows:
impelled by the Imperative necessity of setting in motion Imme¬
diately the administrative machinery for the collection of internal revenue
taxes for the current taxable year to bring to your attention the serious
I
am
what should be done with the railroads “in the interest of
public and in fairness to their owners.” In what he had
in the matter he announced that it would presently be¬
dilemma that confronts us.
come his duty “to relinquish control of the roads even before
Only one month remains before the commencement of the period pre¬
the expiration of the statutory period, unless there should
scribed by law for the filing of income and excess profits tax returns.
Return forms, instructions and regulations must be constructed and millions
appear some clear prospect in the meantime of a legislative
of copies printed and distributed through the country.
Thousands of solution.” In setting forth the alternative courses lying
Internal revenue officers and employees must be mobilized and intensively
open, the President said:
drilled so that they may go forth properly equipped to disseminate among
the taxpaying public correct information as to tax procedure.
The law
now in effect is unnecessarily complex and contains provisions which con¬
flict with other provisions or are otherwise incapable of satisfactory ad¬
ministration.
During the past year, by the exercise of a wide degree of administrative
discretion, it has been possible to bridge the gap created by the inadequacy
of the present law, but it must be recognized that the satisfactory results
of last year’s administration were made possible in no small way by the
patriotic spirit of accommodation of the people. This attitude was induced
by war emergencies and by the same feeling of assurance I have possessed
that the Act of Oct. 3 1917 would not remain in force another year, but
would be superseded by a new law embodying adequate and intelligible
taxing provisions and authority for reasonably flexible administration.
Toward this end I have endeavored consistently to guid<} the tax ad¬
ministration of the last year.
But now, with the time for taking action
already at hand, 1 am appalled by the necessity of proceeding in accordance
with the existing revenue law.
The horns of my dilemma are (1) whether to proceed with the adminis¬
tration of the present law without regard to pending legislation, but with
the knowledge that a new law relating to the current taxable year may be
enacted at any time, completely disarranging the entire administrative
procedure and nullifying the effect of the work accomplished up to the
time of its enactment, or (2) whether to Ignore the plain mandate of the
existing statute and await the enactment of pending legislation before
shaping our course for the collection of taxes for the current year.
For more than a year, since Sept. 20 1917, under your inspiring leader¬
ship I have labored constantly to effectuate the real intent and purpose of
the War Revenue Act of Oct. 3 1917.
My efforts have been directed
toward two definite objectives, (1) the assessment and collection, with the
least possible disturbance to business and industry, of the amount of money
the Act was designed to produce during the fiscal year, and (2) to assist in
drafting a new Revenue Act consistent with the broad and constructive
principles of the Administration and clear and unmistakable in Its terms.
From analysis of the experience gained In the administration of the last
year we have developed and assembled constructive proposals for the Im¬
provement of the law.
These were transmitted to the Ways and Means
Committee of the House and Finance Committee of the Senate.
These
committees have accorded to our experts full opportunity to collaborate in
framing the provisions of the bill which is now pending before the Senate
Committee and have incorporated therein practically all of the proposals
Seven months have been consumed in bringing the bill to its
submitted.
present form. All this effort will be of no avail unless the bill is very
speedily enacted into law.
I need not remind you of the salutary effect which will be produced by a
prompt decision with respect to the taxation program.
Business men and
all those who must participate In the solution of the grave economic prob¬
lems Incident to the period of reconstruction are beset in their calculations
by doubts and uncertainties. Surely the Government should not fail to
dispose quickly of the important question of taxation, which vitally
affects every business and the determination of which awaits only the com¬
pletion of the prescribed legislative procedure. Despite the confusion
which it seems at the moment will inevitably ensue, I feel that it is clearly
our duty to shape our course for the application to the current year of the
law now on the statute books unless the existing law is superseded by a
the
to say
We can simply release the roads and go back to the old conditions of
private management and unrestricted competition and multiform regula¬
tion by both State and Federal authorities, or we can go to the opposite
extreme and establish complete control, accompanied, if necessary, by
actual Government ownership; or we can adopt an intermediate course of
modified private control under a more unified and affirmative public regu¬
lation and under such alterations of the law as will permit wasteful com¬
petition to be avoided, and a considerable degree of unification of ad¬
ministration to be effected, as, for example, by regional corporations
under which the railways of definable areas would be in effect combined
in single systems.
The President
expressed the hope that Congress would
have “a complete and impartial study of the whole problem
instituted at once and prosecuted as rapidly as possible.”
The President’s message was also given over to a review of
the country’s accomplishments in the war and to a tribute to
the armed forces* and to those who stayed at home to do the
work of organization and supply. A renewed appeal for
woman
the
suffrage in recognition of what had been done by
in the war was made by the President and he
women
urged early and favorable action on the unratified treaty
with the Republic of Colombia. “So far as
our domestic affairs are concerned,” said the President,
“the problem of our return tb peace is a problem of economic
and industrial readjustment. That problem is less serious
for us than it may turn out to be for the nations which have
suffered the disarrangements and the losses of the war
longer than we have.” He further said:
of adjustment
surprising how fast the process of return to a peace footing has
weeks since the fighting stopped. It promises to out¬
run any inquiry that may be instituted and any aid that may be offered.
It
will not be easy to direct it any better than it will direct itself.
The Ameri¬
can business man is of quick initiative.It Is
moved in the three
In
offering “a special word about the needs of Belgium
and Northern France” the President stated that “No sums
of money paid by way of indemnity will serve of themselves
to save them from hopeless disadvantage for years to come.
must be done than merely find the money.”
suggested that Congress “grant to some such
agency as the War Trade Board the right to establish priori¬
ties of export and supply for the benefit of these people
whom we have been so happy to assist in saving from the
German terror and whom we must not now thoughtlessly
leave to shift for themselves in a pitiless competitive market.”
new law before Jan. 1 1919.
The President also reverted to the taxation program and
PRESIDENT WILSON'S ANNUAL MESSAGE TO
urged upon Congress the acceptance of Secretary McAdoo’s
recommendation that the taxes to be paid in 1920 be re¬
CONGRESS.
He further
President Wilson in his annual address delivered at the duced from $6,000,000,000 to $4,000,000,000.
opening of Congress before a joint session of the House and urged that the naval program undertaken before we entered
Senate on Monday last, Dec. 2, on the eve of his departure the war be carried out. The following is the message in
for Europe to participate in the Peace Conference, formally full:
declared his purpose “to join in Paris the representatives* Gentlemen of the Congress:
of the Governments with which
in the
we
have been associated
war
for the purpose of discussing with
them the main features of the treaty of peace.” The Presi¬
dent’s departure on Wednesday and other facts bearing
on his mission are referred to in another item in to-day’s
issue of our paper. In addressing Congress the President
stated that he realized “the great inconveniences that will
...
attend my leaving the country, particularly at
this time,
Something
more
He therefore
The year
that has elapsed since I last stood
before you to fulfill my
constitutional duty to give to the Congress from time to time information on
the state of the Union has been so crowded with great events, great pro¬
cesses, and great results, that I cannot hope to give you an adequate picture
of its transactions or of the far-reaching changes which have been wrought in
the life of our nation and of the world.
You have yourselves witnessed
these things, as 1 have.
It is too soon to assess them; and we who stand
in the midst of them and are part of them are less qualified than men of
another generation will be to say what they mean, or even what they have
been.
But some great outstanding facts are unmistakable, and constitute
in a sense part of the public business with which it Is our duty to deal.
To
Dec. 7 1918.]
THE CHRONICLE
state them is to set the
stage for the legislative and executive action which
must grow out of them, and
which we have yet to shape and
determine.
Vast Army Transported
OverseasJinZa
monarchs and ambitious military coteries, and made
ready for a new order,
for new foundations of justice and fair
dealing.
Year.
Order and Organization to Peace.
about to give order and organization to this
peace, not only
for ourselves but for the other
peoples of the world as well, so far as they
will suffer us to serve them.
It is international justice that we seek, not
domestic safety merely. Our thoughts have dwelt of
late upon Europe,
upon Asia, upon the Near and the Far
East, very little upon the acts of
peace and accommodation that wait to be
performed at our own doors.
While we are adjusting our relations with the rest of the
world, is it not
of capital importance that we should
clear away all grounds of misunder¬
standing with our immediate neighbors and give probf of the
friendship we
really feel? I hope that the members of the Senate will
permit me to speak
once more of the unratified
treaty of friendship and adjustment with th V
Republic of Colombia. I very earnestly urge upon them an
early an 1
favorable action upon that vital matter.
I believe that they will fee*,
with me, that the stage of affairs is now set
for such action as will be n >t
only just but generous, and in the spirit of the new
age upon which we hay)
A year ago we had sent
145,918 men overseas. Since then we have sent
1,950,513, an average of 162,542 each month, the
number, in fact, rising
in May last to
245,951, In June to 278,760, in July to 307,182, and con¬
tinuing to reach similar figures in August and
September—in August
289,570, and in September 257,438. No such movement of
troops ever
took place before across 3,000 miles of
sea, followed by adequate equip¬
ment and supplies, ana carried
safely through extraordinary dangers of
attack—dangers which were alike strange and
infinitely difficult to guard
against.
In all this movement
only 758 men were lost by enemy attack—
630 of whom were upon a single
English transport which was sunk near
the
We
Orkney Islands.
Profited by Experience of Other Nations.
I need not tell you what
lay back of this great movement of men and
material.
It is not invidious to say that
back of it lay a supporting or¬
ganization of the industries of the
country and of all its productive activi¬
ties more complete, more
thorough in method and effective in results,
more spirited and unanimous
in purpose and effort than any
other great
belligerent had been able to effect. We
profited greatly by the ex¬
perience of the nations which had
already been engaged for nearly three
years in the exigent and
exacting business, their every resource and every
executive proficiency taxed to the utmost.
We were their pupils .But we
learned quickly and acted with a
promptness and a readiness of co-operation
that justify our great pride that
we were able to serve the world with un¬
paralleled energy and quick accomplishment.
Tribute to American
and valor.
Those of
men
us
who stayed at home did
of such stuff
duty; the war could not
have been won or the gallant men who
fought it given their opportunity to
win it otherwise, but for
many a long day we shall think ourselves “accursed
we were not there, and hold
our manhood
cheap while any speaks that
fought” with these at St. Mihiel or Thierry. The
memory of those days of
triumphant battle will go with these fortunate men to their
graves; and each
will have his favorite
memory.
“Old men forget;kyet, all shall be forgot,
but he’ll remember with
advantages what feats he did that day!”
our
Entered Battle at Critical Moment.
What we all thank God for with
deepest gratitude is that our men went in
force into the line of battle just at the critical
moment when the whole fate
of the world seemed to hang in the
balance, and threw their fresh strength
into the ranks of freedom in time to turn
the whole tide and sweep of the
fateful struggle—turn it once for all, so that
thenceforth it was back, back,
back, for their enemies, always back, never again forward. After that
it was
only a scant four months before the commanders of the Central
Empires
knew themselves beaten, and now their
very empires are in liquidation!
And throughout it all, how fine the
spirit of the nation was, what unity
of purpose, what untiring zeal! What elevation
of purpose ran through all
Its splendid display of strength, its
untiring accomplishment.
I have said
that those of us who stayed at home to do
the work of organization and sup¬
ply will always wish that we had been with the men whom we
sustained
by our labor; but we can never be ashamed.
Ijt has been an inspiring thing
to be here in the midst of fine men who
had turned aside from every private
interest of their own and devoted the whole of their
trained capacity to the
tasks that supplied the sinews of the
whole great undertaking!
The
patriotism, the unselfishness, the thoroughgoing devotion and
distinguished
capacity that marked their toilsome labors day after day, month after
month, have made them fit mates and comrades of the men in the
trenches
and on the sea.
And not the men here In
Washington only. They have
but directed the vast achievement.
Throughout innumerable factories,
innumerable farms, in the depths of coal mines and iron mines and
copper mines, wherever the stuffs of industry were to be obtained
and pre¬
pared, in the shipyards, on the railways, at the docks, on the sea, In
upon
every
labor that was needed to sustain the battle
lines, men have vied with each
other to do their part, and do it well.
They can look any man at arms in
the face and say, We also strove to win and
gave the best that was in us to
make our fleets and armies sure of their
triumph!
Women’s
Help Beyond Appraisal•
And what shall
we say of the women—of their
instant intelligence,
quickening every task that they touched; their capacity for organization
and co-operation, which gave their action
discipline and enhanced the
effectiveness of everything they attempted; their
aptitude at tasks to which
they had never before set their hands; their utter self-sacrifice alike in what
they did and in what they gave? Their contribution to the great result
is beyond appraisal.
They have added a new lustre to the annals of
American
womanhood.
The least tribute we can pay them is to make them the equals of men in
political rights, as they have proved themselves their equals in every field
of practical work they have entered, whether for themselves or
for their
country.
These great days of completed achievement would be sadly
marred were we to omit that act of justice.
Besides the Immense prac¬
tical services they have rendered, the women of the
country have been
moving spirits in the systematic economies by which our people have
voluntarily assisted to supply the suffering peoples of the world and the
armies upon every front with food and
everything else that we had that
The details of such a story can never be
might serve the common cause.
fully written, but we carry them at our hearts, and thank God that we can
say that we are the kinsmen of such.
Ami now. we are sure of the
great triumph for which every sacrifice was
made.
It has come, come in its completeness, and with the
pride and
inspiration of these days of achievement quick within us. we turn to the
of peace again—a peace secure^ against theAviolence of
irresponsible
t'
so
are
happily entered.
Economic and Industrial Readjustment.
domestic affairs are concerned, the problem of our return
to peace Is a problem of
economic and industrial readjustment.
That
problem is less serious for us than it may turn out to be for the
nations
which have suffered the
disarrangements and the losses
So far
as our
of the war longer
Our people, moreover, do not wait to
be coached and led.
They know their own business, are quick and resourceful at
every read¬
justment, definite in purpose, and self-reliant in action.
than we.
Any leading
strings we might seek to put them in would
speedily become hopelessly
tangled, because they would pay no attention to
them, and go their own
way.
All that we can do as their legislative ana
executive
Valor.
But it is not the physical scale and
executive efficiency of preparation,
supply, equipment, and dispatch that I would dwell
upon, but the mettle
and quality of the officers and
men we sent over and of the sailors
who
kept the seas, and the spirit of the nation that stood
behind them.
No
soldiers or sailors ever proved themselves
more quickly ready for the test
of battle or acquitted themselves
with more splendid courage and achieve¬
ment when put to the test.
Those of us who played some part in
directing
the great processes by which the war
was pushed irresistibly forward to
the final triumph may now
forget all that and delight our thoughts with the
story of what our
m^n did. Their officers understood the grim and ex¬
acting task they had undertaken and performed it with an
audacity, effi¬
ciency, and unhesitating courage that touch the
story of convoy and battle
with imperishable distinction at
every turn, whether the enterprise were
great or small—from their great
chiefs, Pershing and Sims, down to the
youngest Lieutenant; and their men were
worthy of them—such men as
hardly need to be commanded, and go to their terriblea
dventure blithely and
with the quick intelligence of those who
know Just what it is they would ac¬
complish. I am proud to be the fellow-countryman of
3141
servants is to
mediate the process of change
here, there, and elsewhere, as we may. I
have heard much counsel as to the
plans that should be formed, and per¬
sonally conducted to a happy consummation, but from no
quarter have I
seen any general scheme of
“reconstruction” emerge which I thought it
likely we could force our spirited business men and self-reliant
laborers
to accept with due
pliancy and obedience.
Relaxation of War Restrictions.
While the war lasted we set
up many agencies by which to direct the In¬
dustries cf the country in the services it
was necesaary for them to
render,
by which to make sure of an abundant
supply of the materials needed, by
which to check undertakings that could
for the time be dispensed with,
and stimulate those that were most
serviceable in war, by which to gain
for the purchasing
departments of the Government a certain control over
the prices of essential articles and
materials, by which to restrain trade
with alien enemies, make the most
of the available shipping .and sytematize
financial transactions, both public and
private, so that there would be no
unnecessary conflict or confusion, by which, in
short, to put every ma¬
terial energy of the
country in harness to draw the common load and make
of us one team in the
accomplishment of a great task. But the moment
we knew the armistice to have
been signed we took the harness off.
Raw
materials, upon which the Government had kept its hand for fear
there
should not be enough for the industries
that supplied the armies, have
been released and put into the general
market again.
Great industrial
plants whose whole output and machinery had been taken
over for the
uses of the Government have been
set free to return to the uses to which
they were put before the war. It has not been
possible to remove so
readily or so quickly the control of foodstuffs and of
shipping, because the
world has still to be fed from our
granaries and the ships are still needed
to send supplies to our men
overseas, and to bring the men back as fast as
the disturbed conditions on the other side of
the water permit.
But even
these restraints are being relaxed as much as
possible, and more and more
as the weeks go
by.
Placed at Disposal of Business.
Never before have there been agencies in existence
in this country which
knew so much of the field of
supply, of labor, and of industry as the War
Industries Board, the War Trade Board, the Labor
Department, the Food
Administration, and the Fuel Administration have known since their labors
became thoroughly systematized, and they
have not been isolated agencies.
They have been directed by men which represented the
permanent depart¬
ments of the Government, and so have been
the centres of unified and
co-operative action.
It has been the policy of the
Executive, therefore,
since the armistice was assured
(which Is in effect a complete submission
of the enemy) to put the
knowledge of these bodies at the disposal of the
business men of the country, and to offer their
intelligent mediation at
every point and in every matter where it was desired.
It is surprising
how fast the process of return to a
peace footing has moved in the three
weeks since the fighting
stopped.
It promises to outrun any inquiry
that may be instituted and
any aid that may be offered.
It will not be
easy to direct it any better than it will direct itself.
The American busi¬
ness man is of quick
initiative.
Employment for Returned Soldiers.
The ordinary and'normal processes of
private initiative will not, how¬
ever, provide Immediate employment for all of the men of our
returning
armies.
Those who are of trained
capacity, those who are skilled work¬
men, those who have acquired
familiarity with established
businesses,
those who are ready and willing to go to the
farms, all those whose apti¬
tudes are known or will be sought out by
employers, will find no difficulty,
it is safe to say, in finding place and
employment. But there will be others
who will be at a loss where to gain a livelihood
unless pains are taken to
guide them and put them in the way of work. There will be a
large floating
residuum of labor which should not be left
wholly to shift for itself. It
seems to me.important,
therefore, that the development of public works
of every sort should be promptly
resumed, in order that opportunities
should be created for unskilled labor in
particular, and that plans should be
made for such developments of our unused lands and our
natural resources
as we havejtdtherto
lackedistimulatlon to undertake.
Plans for Reclaiming Lands,
I particularly direct your attention to the
very practical plans which
the Secretary of the Interior has developed in his annual
report, and before
your committees for the reclamation of arid, swamp, and
cut-over lands,
which might, if the States were willing and able to
co-operate, redeem
some three hundred million acres of land for
cultivation. There are said
to be fifteen or twenty million acres of land in the
West, at present arid,
for whose reclamation water is available, if
properly conserved. There,
are about two hundred and thirty million acres from
which the forests have
been cut, but which have never yet been cleared for the
plow, and which
lie waste and desolate.
These lie scattered all over the Union. And
there are nearly eighty million acres of land that lie
under swamps or sub¬
ject to periodical overflow, or too wet for anything but
grazing, which it is
perfectlyfcfeaslble to drain and protect and redeem. The Congress can at
S*
reclamation of the
the plans
the Department of the
great
of op¬
themselves, and the Secretary of the
worthy
direct thousands of the returning soldiers to the
arid lands which it has already undertaken, if it will but enlarge
and the appropriations which it has intrusted to
Interior.
It Is possible in dealing with our unused land to effect a
rural and agricultural development, which will afford the best sort
portunity to men wno want to help
Interior has thought the possible methods out in a way which is
once
of your most
friendly attention.
Control Over Shipping
and Exports.
I have spoken of the control which must yet for a while, perhaps for a
long while, be exercised over shipping because of the priority of
which our forces overseas are entitled and which should also be accorded the
shipments which are to save recently liberated peoples from
many devastated regions from permanent ruin.
May I not say a
word about the needs of Belgium and Northern France?
No sums of
service to
starvation and
special
Face to Face
of transportation imposed upon them by the rapid and con¬
development of the industries of the country. We knew that
ready.
And we knew that they were unequal to it partly because
co-operation was rendered impossible by law and their competition
obligatory so that it has been impossible to assign to them severally
traffic which could best be carried by their respective lines in the interest
of expedition and national economy.
We may hope, I believe, for the formal conclusion of the war by treaty
by the time spring has come. The twenty-one months to which the
control of the railways is limited, after formal proclamation of peace shall
have been made, will run at the farthest, I take it for granted, only to the
January of 1921.
The full equipment of the railways which the
immense tasks
to-morrow, they
world to-morrow—the
very important place they held before the flame of war swept across them.
Many of their factories are razed to the ground. Much of their machinery
is destroyed or has been taken away.
Their people are scattered, and many
of their best workmen are dead.
Their markets will be taken by others,
if they are not in some special way assisted to rebuild their factories and
replace their lost instruments of manufacture. They should not be left to
the vicissitudes of the sharp competition for materials and for industrial
place in the Industry of the
facilities which is now to set
in.
hope, therefore, that the Congress will not be unwilling, if it should be¬
come necessary, to grant to some such agency as the War Trade Board the
right to establish priorities of export and supply for the benefit of these
people whom we have been so happy to assist in saving from the German
terror and whom we must not now thoughtlessly leave to shift for them¬
I
selves in a pitiless
competitive market.
Readjustment of Taxes.
For the steadying and
facilitation of our own
justments nothing is more important
domestic business read¬
than the immediate
determination
1918, 1919, and 1920. As much of
from business as sound methods of
financing the Government will permit, and those who conduct the great
essential Industries of the country must be told as exactly as possible what
obligations to the Government they will be expected to meet in the years
immediately ahead of them; it will be of serious consequence to the country
to delay removing all uncertainties in this matter a single day longer than
the right processes of debate justify.
It is idle to talk of successful and
confident business reconstruction before those uncertainties are resolved.
of the taxes that are to be levied for
the burden of taxation must be lifted
present
sufficient authority to undertake improvements upon the
which it would be necessary to undertake them. Every ap¬
proach to this difficult subject-matter of decision brings us face to face,
therefore, with this unanswered question: What is it right that we should
do with the railroads, in the interest of the public and in fairness to their
owners?
Let me say at once that I have no answer ready.
The only
thing that is perfectly clear to me is that it is not fair either to the public
or to the owners df the railroads to leave the question unanswered, and that
it will presently become my duty to relinquish control of the roads, even
before the expiration of the statutory period, unless there should appear
some clear prospect in the meantime of a legislative solution.
Their re¬
lease would at least produce one element of a solution, namely, certainty
and a quick stimulation of private initiative.
I believe that it will be serviceable for me to set forth as explicitly as
possible the alternative courses that lie open to our choice. We can
release the roads and go back to the old conditions of private management,
unrestricted competition, and multiform regulation by both State and
does not afford
scale upon
simply
the other side of the sea
establish
actual Govern¬
private
under
Federal authorities; or we can go to the opposite extreme and
complete Government control, accompanied, if necessary, by
ment ownership; or we can adopt an intermediate course of modified
control, under a more unified and affirmative public regulation and
such alterations of the law as will permit wasteful competition to be avoided
and a considerable degree of unification of administration to be effected,
as, for example, by regional corporations, under which the
definable areas would be in effect combined in single systems.
had continued it would have
ahead of us.
The maintenance of our forces on
railways of
One
Is still neces¬
Europe
will
The
one
railroads
helpful
portation should be developed, its railways, its waterways, its highways,
and its countryside roads.
Some new element of policy, therefore, is ab¬
for
solutely necessary—necessary for the service of the public, necessary
the release of credit to tyose who are administering the railways, necessary
protection of their security holders. The old policy may be changed
little, but surely it cannot wisely be left as it was. I hope that
the Congress will have a complete and impartial study of the whole prob¬
lem instituted at once and prosecuted as rapidly as possible.
I stand ready
and anxious to release the roads from the present control, and I must do
so at a very early date, if by waiting until the statutory limit of time is
reached I shall be merely prolonging the period of doubt and uncertainty
which is hurtful to every interest concerned.
for the
much
or
suffice
Treasury
I
Recommendations Approved.
entirely concur with the Secretary
of the Treasury in
recommending
needed in addition to the four billions provided by
existing law be obtained from the profits which have accrued and
accrue from war contracts and distinctively war business, but that these
taxes be confined to the war profits accruing in 1918 or in 1919 from busi¬
ness originating in war contracts.
I urge your acceptance of his recommen¬
dation that provision be mace now, not subsequently, that the taxes to be
paid in 1920 should be reduced from six to four billions. Any arrange¬
ments less definite than these would add elements of doubt and confusion
to the critical period of Industrial readjustment through which the country
must now immediately pass, and which no urue friend of the nation’s essen¬
tial business interests can afford to be responsible for creating or prolong¬
ing. Clearly determined conditions, clearly and simply charted, are in¬
dispensable to the economic revival and rapid industrial development
may confidently be expected, if we act now and sweep all Interrogation
that the two billions
shall
which
points away.
I take it for granted
that the Congress will carry
out the naval program
undertaken before we entered the war. The Secretary of the
Navy has submitted to your committees for authorization that part
program which covers the building plans of the next three years.
plans have been prepared along the lines and in accordnnce
which the Congress established, not under the exceptional conditions
the war, but with the intention of adhering to a definite method
velopment for the Navy. I earnestly recommend the
pur¬
suit of that policy.
It would clearly be unwise for us to attempt to
which
our
was
of the
These
with the policy
of
of de¬
uninterrupted
adjust
program
to a future world
The
particularly
to go has
conclusive
to you as
which I out¬
Central Empires
counsel in their inter¬
pretation and application, and it is highly desirable that 1 should give it in
order that the sincere desire of our Government to contribute without
selfish purpose of any kind to settlement that will be of common benefit
to all the nations concerned may be made fully manifest.
The peace set¬
tlements which are now to be agreed upon are of transcendent importance
both to us and to the rest of the world, and I know of no business or in¬
terest which should take precedence of them.
The gallant men of our
armed forces on land and sea have consciously fought for the ideals
which they knew to be the ideals of their country.
I have sought to ex¬
press those ideals; they have accepted my statements of them as the sub¬
stance of their own thought and purpose, as the associated Governments
have accepted them; I owe it to them to see to it, so far as in me lies, that
no false or mistaken interpretation is put upon them, and no possible
It is now my duty to play my full part
effort omitted to realize them.
in making good what they offered their life’s blood to obtain.
I can think
of
no
call to service
which could transcend this.
In Close Touch
I shall be in close
affairs on this side the water,
and you will know
Governments have
how
of
immediately,
ing partisans of any particular plan of settlement.
It was necessary that the administration of tne railways
over by the Government so long as the war lasted.
It
should be taken
would have been
impossible otherwise to establish and carry through under a single direc¬
tion the necessary priorities of shipment.
It would have been impossible
otherwise to combine maximum production at the factories and mines and
farms With the maximum possible car supply to take the products to the
ports and markets; impossible to route troop shipments and freight ship¬
ments without regard to the advantage or disadvantage of the roads em¬
ployed; impossible to subordinate, when necessary, all questions of con¬
venience to the public necessity; impossible to give the necessary financial
support to the roads from the public treasury. But all these necessities
\cnow been served, and the question is. What is best for the railroads,
with Congress.
touch with you and with
all that I do. At my request the French and English
absolutely removed the censorship of cable news which
until within a fortnight they had maintained, and there is now no censor¬
ship whatever exercised at this end, except upon attempted trade com¬
It has been necessary to keep an
munications with enemy countries.
open wire constantly available between Paris and the Department of
In order
State, and another between France and the Department of War.
that this might be done with the least possible interference with the other
uses of the cables, I have temporarily taken over the control of both cables
in order that they may be used as a single system.
I did so at the advice
of the most experienced cable officials, and I hope that the results will
justify my hope that the news of the next few months may pass with the
utmost freedom, and with the least possible delay from each side of the
question which causes me the greatest concern is the question of the
policy to be adopted towards the railroads. I frankly turn to you for coun¬
sel upon it.
I have no confident judgment of my own. I do not see
any thoughtful man can have who knows anything of the complexity
the problem.
It is a problem which must be studied, studied
and studied without bias or prejudice.
Nothing can be gained by becom¬
they have seemed to me.
The Allied Governments have accepted the bases of peace
lined to the Congress on the 8th of January last, as the
also have, and very reasonably desire my personal
policy as yet undetermined.
in the future?
Peace Conference.
great inconveniences that will attend my leaving the country,
at this time, but the conclusion that it was my paramount duty
been forced upon me by considerations which I hope will seem as
The
for the public
Pari}
occasion to announce to the Congress my purpose to join
in Paris the representatives of the Governments with which we have been
associated in the war against tne Central Empires for the purpose of dis¬
cussing with them the main features of the treaty of peace.
I realize the
I welcome this
Policy Toward the Railroads.
*
Confident Conclusion.
conclusion that I am ready to state with confidence is that it
would be a disservice alike to the country and to the owners of the
to return to the old conditions unmodified.
Those are conditions of res¬
There is nothing affirmative or
traint without development.
about them.
What the country chiefly needs is that all its means of trans¬
A considerable proportion of those forces must remain in
during the period of occupation, and those which are brought home
be transported and demobilized at heavy expense for months to come.
The Interest on our war debt must, of course, be paid and provision made
for the retirement of the obligations of the Government which represent
It.
But these demands will, of course, fall much below what a continuation
of military operations would have entailed, and six billions should
to supply a sound foundation for the financial operations of the year.
sary.
Federal
be completed within any such period.
The present law does not permit the use of the revenues of the several
roads for the execution of such plans except by formal contract with their
Directors, some of whom will consent, while some will not, and therefore
Administration had planned could not
been necessary to raise at least
$8,000,000,000 by taxation payable in the year 1919; but the war has ended
and I agree with the Secretary of the Treasury that it will be safe to reduce
the amount to six billions.
An Immediate rapid decline in the expenses
Contracts made for war sup¬
of the Government is not to be looked for.
plies will, indeed, be rapidly canceled and liquidated, but their immediate
liquidation will make heavy drains on the Treasury for the months just
war
al¬
their full
made
the
tinuous
themselves to save them
Something more must
could not resume their
with the Question.
Exceptional circumstances and exceptional methods of administration
were not needed to convince us that the railroads were not equal to the
money paid by way of indemnity will serve of
from hopeless disadvantage for years to come.
be done than merely find the money.
If they had money and raw materials in abundance
If the
fVoi.. 107
THE CHRONICLE
2142
sea
to
the other.
Asks United Support
i
of Congress.
gentlemen of the Congress, that in the delicate tasks I
shall have to perform on the other side of the sea, in my efforts truly and
faithfully to interpret the principles and purposes of the country we love, I
may have the encouragement and the added strength of your united support ?
May I not hope,
Dec. 7
1918.]
THE CHRONICLE
I realize the magnitude and difficulty of the duty I >m undertaking.
I am
of its grave responsibilities. I am the servant of the
nation.
I can have no private thought or purpose of my own in perform¬
ing such an errand. I go to give the best that is in me to the common
settlements which I must now assist in arriving at in conference with the
other working heads of the associated Governments.
I shall count upon
your friendly countenance and encouragement.
I shall not be inaccessi¬
ble.
The cables and the wireless will render me available for any cotinsel
poignantly
aware
9143
It was announced at the Executive Offices to-night that the representa¬
tives of the United States at the Peace Conference would be: The President
himself, the Secretary of State, the Hon. Henry White, recently Ambassa¬
dor to France; Mr. Edward M. House, and General Tasker H. Bliss.
It was explained that it had not been possible to announce these appoint¬
ments before because the number of representatives of the chief belligerents
were to send had until a day or two ago been under discussion.
service you may desire of me, and 1 shall be happy in the thought that
constantly in touch with the weighty matters of domestic policy with
which we shall have to deal.
I shall make my absence as brief as possible,
and shall hope to return with the happy assurance that it has been possible
to translate into action the great ideals for which America has striven.
As indicated above, two of those in the peace delegation,
Secretary of State Robert Lansing and Henry White, ac¬
company the President abroad.
Col. House and General
Bliss are already in Europe.
DEPARTURE OF PRESIDENT WILSON FOR EUROPE
—MEMBERS OF PEACE DELEGATION.
VICE-PRESIDENT MARSHALL CANCELS SPEAKING
TOURS—HIS STATUS DURING PRESIDENT
WILS0NfS ABSENCE.
or
I
am
The departure of President Wilson from the United States
Brest, France, where he is to participate in the Peace
for
Conference, occurred
Wednesday, the 4th inst. The
on the U. S. Steamship
George Washington (one of the German vessels taken over
by the United States) which got under way at 10.15 a. m.
The tooting of whistles and an ovation from those gathered
along the river front to witness the departure of the first
President of the United States to visit a foreign country
during his term of office, marked the sailing of the steamer.
The Presidential salute of 21 guns was fired by the George
Washington as the steamer moved out. The Presidential
party reached Jersey City on its special train from Wash¬
ington at about 7 a. m. on the morning of the vessel’s sailing.
Besides the President and Mrs. Wilson those accompanying
the President from Washington were Secretary of State
Robert Lansing and Mrs. Lansing, Henry White of the
Peace Commission, the French Ambassador, Jules J. Jusserand, and Mme. Jusserand, Count V. Macchio di Cellere,
the Italian Ambassador, and Countess di Cellere; John W.
Davis, American Ambassador to England, and Mrs. Davis;
Secretary of War Newton D. Baker, Joseph P. Tumulty,
the President’s Secretary, and Rear Admiral Cary T. Gray¬
son, the President’s physician and naval aid.
Secretary
Baker and Mr. Tumulty are the only ones of the foregoing
who did not go abroad with the President.
The President
and Mrs. Wilson remained on the bridge of the transport
while she steamed away, the President acknowledging the
salutes with which he was greeted.
Secretary Daniels announced that Admiral Henry T.
Mayo, Commander-in-Chief of the Atlantic Fleet, who had
just returned from a long tour of inspection abroad, is in
command of the naval escort accompanying the George
Washington and that the escort consists of the U. S. S.
Pennsylvania, commanded by Capt. L. M. Nulton, and five
destroyers—the Wickes, Commander J. S. Barleon; Woolsey, Commander F. V. McNair; Lea, Commander D. W.
Bagley; Tarbell, Commander Halsey Powell; Yamell,
Commander W. F. Halsey. In addition to these 10 other
destroyers accompanied the President’s ship during the
first 48 hours of the trip and then put back.
These were
the Mahan, Radford, Breese, Craven, Dorsey, Robinson,
Walke, Montgomery, Lamberton and Perkins. Off the
coast of France the Presidential ship will be met by two
divisions of the Atlantic Fleet and escorted to port.
Rear
Admiral Hugh Rodman will be in command of Division 9,
which includes the battleships New York, the flagship,
commanded by Capt. E. L. Beach; Texas, Capt. Victor
Blue; Wyoming, Capt. H. H. Christy; Florida, Capt. M.
M. Taylor; Arkansas, Capt. L. R. De Steiger; Nevada,
Capt. W. C. Cole.
The other division, No. 6, which will be under command
of Rear Admiral T. S. Rogers, includes the Utah, com¬
manded* by Capt. F. B. Bassett; Oklahoma, Capt. Charles
B. McVay; Arizona, Capt. John A. Dayton.
Rear Ad¬
miral Rodman’s division has been serving during the past
year as a battle squadron of the British fleet, while Ad¬
miral Rogers’s division has been operating in British waters,
guarding our convoys from possible attack by enemy raiders.
Rear Admiral H. S. Knapp and Capt. William V. Pratt are
accompanying the Presidential party on the George Wash¬
ington and will report to Admiral Benson, naval represen¬
tative with Col. House on the peace mission, as his assist¬
ants. Admiral Knapp has been in command of the naval
forces in Haiti and San Domingo and Capt. Pratt, who is
assistant chief of naval operations, has been acting chief
of operations during the absence abroad of Admiral Benson.
on
President sailed from New York
The
as
names
of those who
peace envoys
to
serve
with the President
from the United States were made known in
issued at the White House on Nov.
the following statement
29:
were
On Nov. 29 Thomas R. Marshall, Vice-President of the
United States, canceled his speaking tour through the West
and to the Pacific, which would have kept him away from
Washington until after the holidays. The tour was to have
been undertaken in behalf of the League to Enforce Peace.
In stating that he had abandoned the trip at the request of
President Wilson in order that he might be in Washington to
receive the Crown Prince (Prince Fushimi) of Japan, the
New York “Tribune” of the 29th quoted Mr. Marshall as
saying:
The President asked me to be in Washington next week for the official
reception of the Crown Prince of Japan. We talked over the question of
my being in Washington while he is absent, and I decided that it would be
best for me to remain here.
The reception for the Crown Prince and the
opening of the new session of Congress are the immediate reasons for my
breaking my speaking engagements.
A
Washiugton dispatch of the 29th appearing in the New
saying, “I am not
going to be a Bolshevik President,” when asked if he would
sign or veto bills in the President’s absence. On the 27th,
Press dispatches from Washington reported that it had been
said officially on that date that the President would adminster the duties of his office as completely aboard ship and
from Paris as though he were in the United States. He
holds, it is said, that there are no constitutional difficulties,
and wireless and cable communication solves the physical
problem.
On Nov. 26 former U. S. Attorney-General Wickersham,
in an address in New York advanced the opinion that the
Constitution made it mandatory upon Vice-President Mar¬
York “Times” quoted Mr. Marshall as
shall to assume the office of President if President Wilson left
the United States to attend the Peace Conference. “The
projected journey tof the President to France, and his sug¬
gested sojourn there for an indefinite period,” said Mr.
Wickersham, “bring up for the first time in our history the
question of the effect of such absence, and of the powers of
the Vice-President because of such absence.”
The former Attorney-General quoted Section 1 of Article 2
of the United States Constitution, which, he said, prescribed
the mode of procedure in event of the President’s “removal
from
office, his death, resignation,
or
inability to discharge
the duties of said office.”
He maintained that absence
of the President from the seat of government, and the
country, “constitutes an inability to discharge the powers
and duties of his
office,” within the meaning of the law.
According to Mr. Wickersham, the two most important
functions the President has to perform in connection with
a session of Congress at which time, he held “it is the Presi¬
dent’s duty to be at the seat of government,” are: “First,
from time to time to ‘give to Congress information of the
state of the Union, and recommend to their consideration
such measures as he shall judge necessary and expedient;’
and second, ‘to consider bills which shall have passed the
House and Senate, and if he approve, to sign them, and
if he disapprove, to veto them.’ ”
The 10 days provided
by the law wherein the President must return a bill, or it
automatically becomes law, Mr. Wickersham argued, was
intended “to give citizens interested in the bill an oppor¬
tunity of communicating their views to him.” Thus, the
President, he contended, is expected always to be in a
position to “feel the pulse of public sentiment,” and “if
he is not within the country, he cannot fitly discharge those
duties.”
“A third consideration,” he said, “subsidiary to
the others, but none the less important,” is in reference to
the exercise, by the President, of a function in connection
with legislation.
In case of disagreement between the two
Houses as to time of adjournment, he said, the President
may adjourn them to such time as he shall think proper*
This power, he admitted, had never been exercised in the
past because the President always had been at the seat of
government when Congress was in session, “and able to
avert, by friendly counsel and suggestion, the necessityjof
THE CHRONICLE
2144
exercising it.”
Mr. Wickersham, in these points, declared
the absence of the President in Europe would “constitute
and duties of his office.”
Wickersham concluded, “does
not provide who shall decide when a disability occurs justify¬
ing the Vice-President in assuming to act as President.
an
inability to discharge the
power
“The Constitution,” Mr.
If the Vice-President should assume to act and should him¬
self veto a bill and at the expiration of 10 days from the
date of its passage no veto from the President himself in
writing should have been received,
for the courts to determine
a question would
to the powers of the
as
arise
Vice-
President to act for the President.”
On Nov. 27 the New York “Times” printed the following
regarding Vice-President Marshall’s views
as
to Mr. Wicker-
sham’s contentions:
Vice-President Thomas R. Marshall
was
interviewed
over
the long-dis¬
telephone by the New York “Times” last night at the Copley-Plaza
Hotel in Boston with regard to George W. Wickersham’s opinion, expressed
in a speech in New York, that, should President Wilson by going to Europe
to attend the Peace Conference put himself in a position where he could not
exercise any of his duties, his powers and duties under the Constitution
tance
would devolve upon the Vice-President.
The Vice-President emphasized the fact that the
propositions presented
by the former Attorney-General were quite new to him and that he was re¬
plying to them informally and without mature consideration.
Neverthe¬
less, he was quite frank as to his attitude toward the contemplated depar¬
ture of President Wilson and as to his own course during the President’s
absence.
Mr. Marshall stated categorically his attitude toward the three methods
advanced by Mr. Wickersham under one of which, in the latter’s opinion,
Mr. Marshall might have to assume the duties of Chief Executive of the
nation,
as
follows:
“One—With regard to the suggestion that I might voluntarily assume the
Presidency and raise a legal question as to my right of tenure by some such
act as the signing of a legislative bill: I can state now definitely and posi¬
tively that I shall not of my own volition assume President Wilson’s office
or the duties thereof if the President departs from the United States to
attend the Peace Conference.
“Two—As for the suggestion that a joint resolution of Congress might be
adopted to ‘set the Vice-President in motion’: This proposal Is entirely
new to me, and I am unable to commit myself as to what I would do if the
Congress should adopt jointly such a resolution.
“Three—In answer to the suggestion that a court having jurisdiction
might mandamus me to assume the duties of the President, I unquestion¬
ably would assume the Presidency of the United States and exercise the
duties of that office if a court having jurisdiction directed me to do so.”
These three categorical answers were telegraphed back to Boston last
night, submitted to Vice-President Marshall, and verified by him as cor¬
rect.
To the “Times” correspondent in Boston he added:
“It is the duty of every American citizen to obey the judgments of courts,
and I would obey them, not because I want to, but as a law-abiding citizen,
would feel compelled to do so.
“I hope the controversy will be stopped, as I have not the slightest de¬
sire nor intention of interfering with the President, unless I am forced to,
and that will be of infinite regret to me.”
We refer in another item to
Vice-President Marshall act
Wilson’s absence.
a
as
resolution proposing to have
President during President
RESOLUTION TO DECLARE OFFICE OF PRESIDENT
VACANT—OTHER RESOLUTIONS INCIDENT
TO PRESIDENTS MISSION ABROAD.
Several resolutions jgrowing out of President Wilson’s
mission abroad were brought before Congress with its re¬
convening
on
Monday the 3rd.
In the Senate Senator
Sherman (Republican) made known his intention to offer
a resolution declaring the office of President vacant as a
result of the President’s absence. In the House a resolution
was offered by Representative Rodenberg of Illinois (Re¬
publican) empowering Vice-President Marshall to act
as
President while the President is abroad. Senator Sherman’s
resolution also proposed to confer the duties of President
upon Mr. Marshall.
It was referred to the Judiciary Com¬
mittee. There was also introduced in the Senate on Dec.
2
by Senator Cummins,
a
resolution calling for the creation
of a committee of the Senate to be “charged with the duty
of proceeding to Paris at the proper time in order to be there
present during the said Peace Conference.” On the 5th
inst. the Senate Foreign Relations Committee unanimously
voted to report unfavorably the Cummins resolution.
Its
author, it is said, plans to make a vigorous speech in suport of it. In anticipation of this Senator Pittman, of
Nevada, Democrat, a member of the Committee, sub¬
mitted a separate report to the Senate on the 5th, explain¬
ing his objections to the resolution. Seantor Pittman states
that the proposed Senate mission to Paris could perform no
Constitutional function imposed upon the Senate with re¬
lation to treaties and that it would have no legal status in
connection with the negotiations or the making of the
treaty.
The report said:
Its method of obtaining information would, in the nature of the cir¬
cumstances, be vagrant, uncertain and unreliable.
The report of such a
Committee to the Senate would be based chiefly upon hearsay and would
constitute but the individual conclusions of the members of the Committee
and would have little force and effect with the Senate.
[Vol. 107
Senator Pittman also'said that the presence of the Com¬
mittee at Paris might embarrass and interfere with Presi¬
dent Wilson “in the performance of his Constitutional duties
in the making of the treaty.”
A resolution to have the Senate publish the peace treaty
or treaties when received, and proposing the throwing open
of the doors of the Senate when the treaties are under con¬
sideration,
was
offered by Senator Borah
5th Senator Borah introduced
a
on
On the
the 4th.
resolution in the Senate
asking the Senate to “reaffirm its faith in doctrines by
George Washington, James Monroe and Thomas Jefferson,
warning against entangling alliances with foreign nations.”
Both resolutions were sent to the Committee on Foreign
Relations.
Still another resolution introduced
on
the 3d (by
Knox) would limit the American delegates at the
Senator
peace table
to discussion of “the aims for the attainment of which the
Another of the resolutions
United States entered hre war.”
of the week was one proposed by Senator Frelinghuysen of
New Jersey (Republican), calling upon President Wilson to
make
a
public declaration interpreting his
peace
principles.
The President’s fourteen points, he declared, were open to
various interpretations.
EX-PRESIDENT ROOSEVELT CRITICISES PRESIDENT
WILSON’S MISSION ABROAD.
Ex-President
message
Roosevelt
criticises
President
Wilson’s
to Congress and the object of his mission abroad
in his characteristic caustic fashion, saying that “inasmuch
as Mr. Wilson is going over, it is earnestly to be hoped that
it is his business not to try and be an umpire between our
Allies and our enemies but act loyally as one of the Allies.”
As to the fourteen points Col. Roosevelt declares that the
Allies and the United States have never accepted them, but
that Germany and Austria have enthusiastically accepted
them.
The following is the Colonel’s statement as given
out
by him at Roosevelt Hospital, where he is recovering
a recent operation:
from the effects of
President Wilson has not given the slightest explanation of what his views
why he is going aoroad. He pleads for unity, but he is himself re¬
sponsible for any division among the American people as regards the Peace
are or
Conference at this time.
He has never permitted the
American people to pass on his peace pro¬
has he ever made those proposals cleaz and straightforward. As
for the fourteen points, so far as the American people have expressed any
opinion upon them, it was on Nov. 5, when they rejected them. What Mr.
Wilson says of these points is sheer nonsense.
He says the American Army
was fighting for them.
Why, there was not one American soldier in a
thousand that ever heard of them.
The American Army was fighting to
smash Germany.
The American people wanted Germany smashed.
The Allies have never accepted the fourteen points.
The United States
has never accepted them.
Germany and Austria enthusiastically accepted
Here certain individuals, including President Wilson, Mr. Hearst,
them.
Mr. Vierick, as I understand it, an^d a number of pro-Germans and pacificts
and International Socialists have accepted them, but neither the America
people nor the American Congress has accepted them.
Mr. Wilson himself has rejected at least one of the fourteen outright and
has interpreted another in the directly opposite sense to its plain and ob¬
vious meaning.
The simple truth is that some of the fourteen points are
thoroughly mischievous under any interpretation and that most of the
others are so vague and ambiguous that it is nonsense to do anything with
them until they have been defined and made definite.
Inasmuch as Mr. Wilson is going over, it is earnestly to be hoped that It
is his business not to try and be an umpire between our Allies and our ene¬
mies, but act loyally as one of the Allies. We have not suffered as much
and we have not rendered as much service as the leading Allies.
It is the
British Navy and the French, British and Italian armies that have done
the most to bring about the downfall of Germany, and, therefore, the
safety of the United States. It is our business to stand by our Allies.
The British Empire imperatively needs the greatest navy in the world,
and this we should instantly concede.
Our need for a great navy comes
next to hers, and we should have the second navy in the world.
Similarly,
France needs greater military strength than we do, but we should have ail
our young men trained to arms on the general lines of the Swiss system.
The “freedom of the seas” is a phrase that may mean anything or noth¬
ing. If it is to be interpreted as Germany interprets it, it is thoroughly
mischievous.
There must be no Interpretation of the phrase that would
prevent the English Navy, in the event of any future war, from repeating
the tremendous service it has rendered in this war.
The British must, of
course, keep the colonies they have conquered.
As for this nation, it must keep its absolute economic independence and
raise or lower its economic barriers as its interests demand, for we have to
look after the welfare of our own workingman.
We must insist on the
preservation of the Monroe Doctrine.
We must keep the right to close
posals,
nor
the Panama Canal to
to interfere in
to
our
enemies in wartime, and
European, Asiatic,
have properly no concern.
or
we must not
undertake
African matters, with which
we
ought
As for Mr. Wilson at the Peace Conference, it is his business to stand by
our other Allies and to present with them a solid
front to Germany.
France, England, and
W. H. TAFT ON WHAT MAY BE GAINED BY
PRESIDENT’S TRIP.
Ex-President William H. Taft, in a special copyright
article in the Philadelphia “Ledger” of Dec. 5 speaks on
“What May be Gained by the President’s Trip,” saying
that “the advantages outweigh any possible disadvantages
to the country.”
The following is the article in part:
Dec. 7
If
one can
1918.]
THE CHRONICLE
judge from the serious doubts of the wisdom of the President
expressed in friendly Democratic
3145
person to the Paris conference
newspapers, it is not popular.
The advantages of the President’s
There is no press censorship of any kind in the United States to-day, and
at the personal request of the President, the French and
English Govern¬
ments have lifted all censorship regulations bearing
upon American press
matter.
Wilson, Mr. Lloyd
George, M. Clemenceau and Signor Orlando must be useful to the world.
What is of the utmost importance is that the four great Allies shall work in
harmony in the great task before them. In these four men we shall have
the men of real power in the four great nations.
King George, Poincaire
and King Victor Emmanuel are not the actual
wielders of power in their
respective countries as Mr. Wilson is in this.
His powers are more analog¬
The widely circulated rumor that George Creel, Chairman of the Com¬
on Public Information, will have control of official
publicity in
connection with the peace conference, is absolutely without foundation.
There will be no such control and the situation itself precludes any such
control.
The peace conference itself will undoubtedly decide upon the
manner of announcing its deliberations and
decisions, and the right of
correspondents to free movement and interview, is, of course, one that
cannot be abridged in any degree.
The Postmaster-General Is making a study of the cables with a view
to aiding the press in every possible
way and will shortly make his own
going in
going seem clear.
His presence in the
conference -will stamp upon it a democratic character in the
eyes of all but
the wild Bolsheviki.
This will be a real aid in allaying the unrest
among
the peoples of the Allies.
The conference between Mr.
those of the three Premiers, except that he adds to his the titular
nation as well.
The persona] contact of the real
leaders, the intimacies of their informal conversations and the human
touch of it all should rub off angles and corners and make for
sympathetic
aims and harmony.
Those who have projected
ous to
headship of the American
plans for the League of
Nations have always insisted that the members of its executive councils
should be the premiers and actual executives, in order that the council
should be truly representative and have power to act.
It has been said that Mr. Wilson aspires to be President of the
League
of Nations.
If so, it is a proper aspiration.
No one could fill that place
better than the President of the United States if such a
League Ls formed.
It should attach to the office and not to the
person, of course, so that
when Mr. Wilson retires he should give way to his successor.
The disin¬
terestedness of this country in respect to most questions arising for the
decision and action of the League would make the American President a
most
fitting head.
Again, it will help President Wilson to go to the conference.
He will
learn much of the European situation at first hand.
He will have an un¬
usual opportunity to study the possibilities of a
League of Nations, its
practical difficulties and their solution.
There is nothing like oral, inti¬
discussion to winnow out real differences and to remove disagree¬
misunderstanding. Of course, these views are predicated on
all these national leaders having open minds, a willingness to
consult and
a desire to agree.
If any one of them holds himself aloof from discussion
and deliberation with fixed views on every topic he would as well
stay at
mate
ments due to
home.
There is no Constitutional inhibition, express or
implied, to prevent the
President's going abroad to discharge a function clearly given him by the
Constitution.
That instrument says that he shall make treaties by and
with the consent of two-thirds of the Senate.
It is a curious error to as¬
sume
that the President himself may not attend a conference to which he
send
a delegate.
King George would hardly sit in the conference,
because he hasn’t the real power to make treaties or to appoint a delegate.
Those powers are exercised by the Premier, Mr. Lloyd George, who will
can
be in person a member of the conference.
It therefore comes down to
the question whether the President may not in person perform a duty im¬
posed upon him by law when it is to be performed out of the country.
There is certainly no express restriction of this sort in the Constitution,
mittee
statement.
Mr. Creel, who has made all arrangements for the discontinuance of the
domestic work of the Committee on Public Information, is proceeding to
Europe to wind up the work of the foreign section. He has no connection
whatsoever with the Peace Commission.
The representatives of the Committee on Public Information who
sailed last week did not, in any manner, constitute an official Peace Con¬
ference press mission. They were stenographers, accountants, film men
and division heads, not one of whom will have connection with the Peace
Conference or with the preparation of the Conference’s press matter.
Their sole duties will be the completion of the Committee’s
foreign work
and the settlement of contracts and business details incident to the absolute
cessation of activity.
A statement issued
by Postmaster-General Burleson
on
Nov. 30 said:
An understanding has been had with those who have the immediate
direction of the trans-Atlantic cable service that every facility,
commen¬
surate with its importance, will be
given the news associations and repre¬
sentatives of individual newspapers for handling press matter during the
period of the Peace Conference.
It is hoped that these agencies may be given the fullest
opportunities for
handling the development of the
No discrimination
peace deliberations.
will be permitted, and press matter at press rates will, where
possible to do
so, not be shunted aside, but handled promptly, so as not to impair its
value as news.
,
The Associated Press announced on Nov. 29 that its staff
at the Peace Conference would be as follows:
Melville E. Stone, General Manager; Elmer Roberts, Chief of the Paris
Bureau; Robert M. Collins, Chief of the London Bureau; Charles T.
Thompson, Charles E. Kloeber, Salvatore Cortesi, Chief of the Rome Bu¬
reau; L. O. Probert, Chief of the Washington Bureau; S. B. Conger, former
Chief of the Berlin Bureau; Edwin M. Hood, Robert Berry, F. B. Grundy,
J. N*. Bouman, Burge McFall, James P. Howe,
Philip M. Powers, Stuart
Maroney, S. F. Wader and T. T. Toppin.
and it is difficult to
see why it should be implied.
The President is the
Commander-in-Chief of the Army and Navy.
If wo had a military genius
in the Presidency like Foch or Napoleon, is it
possible that the country
could not avail itself of his services in a critical campaign, even though that
took him out of the United States when Congress is not in session?
The
President can by cable perform all his Executive duties from Paris.
If his
duty abroad is more important than his duty here in connection with a
session of Congress, Congress may well wait until his return, or, if the pub¬
lic exigency requires, may invite the Vice-President to do those things as
acting President which the absence of the President on foreign duty pre¬
vents his doing.
Our Constitution Is great in its elastic character and in
its adapting itself to the changing and varying needs of the unseen future.
No other executive is forbidden to leave the country.
Kings do it, Pre¬
miers do it, why should we infer such a restriction when it is not expressed?
Its expediency, of course, is a question for the President.
Were he to
abuse his discretion and leave the country the people would condemn it
at the polls or it might even become a subject for impeachment.
But
when the duty which he is to perform is of such an importance as the present
•one, his decision to perform it in person the houses of Congress may well
respect.
PARIS OFFICE OF COMMITTEE ON PUBLIC INFORMA¬
TION TO BE HEADQUARTERS OF AMERICAN
NEWSPAPER MEN—NO CENSORSHIP OF NEWS.
A farewell dinner
given in Washington on Nov. 29
to George Creel, Chairman of the Committee on Public
Information, on the eve of his departure for Europe to wind
up the foreign business of the committee.
On Nov. 27 Mr.
Creel stated that his committee would exercise nothing what¬
ever approaching a censorship on the dispatches
telling of
the progress of the Peace Conference. The committee’s
facilities, he stated, would be devoted to helping the Ameri¬
can newspaper correspondents
in forwarding the news to
was
the United States.
The Committee’s Paris office will be
used as a headquarters for newspaper correspondents. Upon
his representations to the President, it was finally decided
to include a correspondent of the Associated Press and cor¬
respondents of the other press associations in the President’s
official party on the George Washington. It was decided at
the same time to give passage to correspondents of individ¬
ual newspapers on the army transport Orizaba.
Mr. Creel’s statement said in part:
It has been arranged that the representatives of the press associations
will travel with the President and the official party.
With the approval of the President, the Secretary of War has set aside
the transport Orizaba to carry duly accredited newspaper correspondents
to France.
The Orizaba will leave the Hoboken dock at 12 o’clock noon
Sunday, Dec. 1.
All
passengers
of embarkation, Pier 3.
It is requested and hoped
will report to General McManus at port
that correction will be made of the very
that attempt will be made to interfere In any manner with
the free flow of news from America to Europe, or from Europe to America.
The whole effort of the Government, from the first, has been to assure
adequate and authoritative representation of the press at the peace Con¬
ference, and to assist news distribution in every possible way.
untrue report
GUARANTEED PRICE OF WHEAT TO STAND FOR 1919
CROP.
A statement to the effect that the guaranteed price of
wheat for the 1919 crop stands under the terms of the Lever
Act, under which the U. S. Food Administration is operat¬
ing, was made by the Food Administration on Dec. 3. The
statement adds:
The President’s proclamation of Sept. 2 1918
of wheat produced within the United States
stated that the “producers
for the crop of 1919”
are guaranteed the prices therein set forth, $2 26 per bushel at Chicago,
and the end of the war or the proclamation of peace does not in any way
.
.
.
affect this guarantee.
Section 24 of the Lever Act provides:
“That the provisions of this Act shall cease to be in effect when the
existing state of war between the United States and Germany shall have
terminated, and the fact and date of such termination shall be ascertained
and proclaimed by the President; but the termination of this Act shall not
affect any act done, or any right or obligation accruing or accrued,” &c.
It further states that “all rights or liabilities under this Act arising before
its termination shall continue and may be enforced in the same manner
as If the Act had not terminated.”
The guarantee for the 1919 wheat crop expires June 1 1920.,
In
referring in our issue of Sept. 7, page 945, to the issu¬
of a proclamation by President Wilson fixing the
Government’s guarantee for the 1919 wheat crop at the same
price as for the 1918 crop ($2 20 per bushel), we noted that
under the new price schedule announced June 30 (resulting
from the increased freight rates), No. 1 Northern Spring
and other wheat of the same grade which before the increase
in freight rates brought $2 28 a bushel at New York, was
increased to $2 39}^ at this terminal, and that similarly the
price in Chicago was advanced from $2 20 to $2 26.
The following Washington advices concerning the con¬
tinuance of the U. S. Food Administration Grain Corpora¬
tion appeared in “Financial America” of Dec. 5:
ance
Measures providing for the continuation of the grain corporation or a
organization clothed with similar powers are expected to be adopted
the return to .this country of Herbert Hoover, Food Administrator.
Assurances already have been given by Food Administration officials that
the Government intends to carry out its price guarantee of $2 26 per bushel
for the 1919 crop of wheat.
If these assurances are carried out as is ex¬
pected, another lease of life for the grain corporation would seem certain.
new
upon
The
to the
same
paper on Nov.
to farmers
assurances
20 had the following to
on the wheat price:
say as
Federal Food Administrator Herbert C. Hoover has written a letter to
Governor Harding of the Federal Reserve Bank, stating that it is the policy
of the Administration’s grain corporation to assure farmers a definite price
for grain produced during the period prior to May 1 1919 of not less than
$2 per bushel.
This statement was made in view of the large number of
acceptances now afloat that are based upon wheat and whose liquidating
power is dependent upon the maintenance of the value of wheat at prices
prevailing at the time the acceptances were given.
The Grain Corporation, Mr. Hoover states, has on hand 120,000,000
bushels of wheat costing approximately $260,000,000 and has outstanding
obligations against this wheat of about $110,000,000. Mr. Hoover added
that if by any chance the price of wheat should fall by $1 a bushel, the
capital of the Grain Corporation would be almost sufficient to liquidate
their matlmam possible holdings of 170,000.000 bushels.
RULE ON GRAIN SHIPPING PERMITS.
It is reported in news advices from Chicago, Dec. 4, that
railroad officials have announced that, ef’ective at once and
to continue until Jan. 1, permits for grain shipments will be
required for wheat only.
a permit.
All others
can
be shipped without
WHEAT PRICE GUARANTEED TO AMERICAN FARM¬
ERS AS COMPARED WITH THAT PAID BY
ENGLAND.
concerning the price paid for wheat to
compared with that paid for
Australian wheat by England appeared in the Philadelphia
“Record” of Nov. 30, the advices emanating from Washing¬
farmers in the United States, as
ton:
The British Government is securing a supply of wheat from Australia
Uncle Sam is paying his wheat growers $2 20
bushel, under a contract that is to continue in force until June 1 1920.
It makes no difference what comes, no matter how many millions of
bushels of surplus wheat the world has now or produces next year, the Gov¬
ernment cannot escape the guaranty of $2 20 for No. 2 red wheat, such as
Australia is turning cut to the British Government at less than a dollar p^r
bushel.
Australia has more than 200,000,000 bushels of last year’s crop and the
closing of the war opened her granaries to the world unless Great Britain’s
needs demand all of it.
Interesting questions have come up in connection with the guaranteed
a
price to the American farmer. It is this: If a New York miller has the
boats and will send them to Australia, buy wheat and bring it back to his
mills in this country, there is no way to prevent or punish him.
He is
•free to go after the cheaper wheat and transport it to New York and mill it.
There was some talk of enacting legislation to prevent the dumping of
foreign products in the United Stales, but no one found to-day contemplates
doing anything to ban Australian, Canadian and Argentine wheat.
It is not likely, however, that there will be any great rush to Australia
for the 96-cent wheat, for ships for that purpose are not to be had.
Great Britain has her own vessels and will haul her supply home in them.
It would be almost impossible for a United States miller to get ships to
import the Australian grain.
By the middle of January Australia will have the new year’s crop'harvested.
This will add to the surplus of w heat already looming large since
the signing of the armistice.
During the war the Australian wheat was bottled up, and the Govern¬
ment of Great Britain fixed the price at 96 cents.
It was explained by Food Administration officials to-day that the surplus
of wheat will be used up this winter and next spring in providing for the
peoples of countries devastated by the war. They do not expect a rush to
Australia, for the shortage of shipping tonnage precludes that. The Presi¬
dent Is to appoint a commission to consider the wheat problem caused by
the fixing of the price for such a long time to come.
An immense crop was
planted this fall.
There is little or no intention now either at the Food Administration or
in Congress to start any movement to lower the existing guaranteed price
for wheat because the farmers have prepared for next year’s crop with the
Government’s promise of financial backing.
Democratic Congressmen referred with much satisfaction to the guaran¬
teed wheat price as an instance where their administration is furnishing the
of this grain a protection against wheat from other parts of the
that in Australia.
“There is no doubt,” said one Democrat, “but that the bottom would
drop out of the wheat market If it were not for the sustaining hand of the
Government.’
He was referring specifically to the report that some 30,000,000 tons of wheat are moving now from Australia at a price lower than
the minimum fixed by Act of Congress.
growers
as
The Food Administration understands that if the Australian wheat were
to reach the United States it could be sold, after
charging against it all the
probable transportation and other charges for $1 80 per bushel, pr 40 cents
less than guaranteed to the American farmer by the President’s order.
Democrats point out that but for the fixed guarantee the fanners of
Kansas and other wheat-growing States who elected Republicans because
they could not get a higher guarantee for wheat, would now face a great
falling off in receipts from their wheat harvest, offsetting gains they would
have made in a temporary period had the prices been allowed to soar un¬
checked by the hand of the Government.
Chairman Lever, of the House Committee on Agriculture, estimates that
the Government this year may have to pay $500,000,000 to the farmers—
the difference between the world market price and the price guaranteed by
the Administration.
“I
believe,” said Lever, “that
should make no change in the guaran¬
tee we have made for this year.
The farmers have planted their wheat
with this in view in order to supply the world’s wheat needs.”
we
ARGENTINE GRAIN CROPS FOR GREAT BRITAIN AND
FRANCE.
According to
a
Washington dispatch appearing in the
New York “Sun” on Dec. 3, negotiations between Argentina
and Great Britain and France for the delivery of Argentina’s
great grain
concluded.
crops
to those two countries have been about
The “Sun” further says:
In order to facilitate payment for the crops the Argentine Government,
was said, has offered to loan the British and French Governments $240,000,000 for two years.
Herbert C. Hoover has been informed of the negotiations and the Argen¬
tine grain supply will be taken into consideration in assessing the world’s
it
food supply for
European relief.
REMOVAL OF SUGAR RESTRICTIONS.
The removal of all restrictions
on
the purchase and use
of sugar was announced this week.
The United States
Food Administration on Dec. 3 issued a statement to the
It was also made known at the same time that sugar re¬
strictions had been removed from the home, consumers no
The
sugar per person per month.
New York in an announcement on
the rescinding
of the
sugar
Federal Food Board of
the 4th inst. regarding
restrictions said:
Removal of the restrictions on the
The following
at 96 cents a bushel, while
Louisiana cane
and Western beet sugar, and the fact that the new
Cuban crop is expected shortly, made possible the rescind¬
ing of the rules affecting public eating places, forbidding the
use of the sugar bowl on the table and limiting the service
of sugar to two teaspoonsful per person per meal and to
four pounds for every 90 meals served, including all uses.
effect that the increase in the supply of
sugar
longer being required to observe the ration of 4 pounds of
_
world,
[Vol. 107
THE CHRONICLE
2146
sale and
use
of
sugar
is made possible
satisfactory condition of the stocks of sugar now held in this
country, the very promising outlook for a large crop of Cuban sugar which
will begin to reach this country this month, and a re-opening of shipping
facilities, making available large stocks of sugar held in India, Java, Madu¬
by the
ra,
very
and other foreign countries.
Regulations limiting the purchase of sugar by domestic
consumers to three pounds per person a month and by public
eating places to three pounds for every ninety meals, were
issued by the Food Administration last June.
These rations
later were reduced to two pounds for each person a month
and two pofmds for each ninety meals.
On Nov. 1 the
monthly allowance was increased from two to three pounds
per capita, and on Dec. 1 the allowance was increased to
four pounds per person per month.
On the 1st inst. also,
as we indicated last week, page 2051, the issuance of sugar
certificates was discontinued. With the elimination of the
sugar certificates demobilization of the sugar division of the
New York branch of the Federal Food Board was begun.
COMPARISON OF SUGAR RATIONING IN NEUTRAL
COUNTRIES AND THOSE AT WAR.
In a statement issued by the New York Federal Food
Board setting forth a comparison of the household sugar ra¬
tions of neutral countries and countries which were in the
war,
the Board
on
Nov. 29 said:
The world’s household sugar ration, as compiled by the United States
Food Administration, shows that the United States has at the present time
the largest individual ration, three pounds for each person per month
(four pounds beginning Dec. 1), while Italy, with seven-tenths of a pound
per person per month, has the smallest of the Allied nations.
In the United States the price is 10Me. per pound, while
in Spain the
price ranges from 21c. to 26c. per pound; m Austria it is 21c. to 54.6c., and
Turkey from SI 77 to $5 05 per pound.
In Germany the ration ranges betw een 1.4 to 1.6 pounds per person per
month, with an average cost to the consumer of 7c. to 8c. per pound.
This
low selling price is due to the fact that Germany produces its own sugar
crop, and the strict regulations of the disbursement per capita has enabled
the Food Controller to so regulate the sugar supply as to make it possible
to utilize a great portion of the production for the extraction of fats, of
which Germany is in great need.
The household sugar ration and retail prices in various countries at the
latest date available follow
Lbs. per Mo.
Allies— per Person.
*Un. States.3
England
France
__
2
__1.1
.7
Italy
Canada
2
Neutrals—
Norway
2.2
Holland
2.2
*
4
Retail Price\
Cts. per Lb. \
Lbs. per Mo.
(Concl.) Per Person.
| Switzerland 1.1
| Argentina
18.4@19.3| Spain
2.5
19.9@35.4 | Sweden.
11.2
|
Central Powers—
| Germany
1.4 @ 1.6
13.3
iAus.-Hung’y 1.2 @1.7
12.9
I Turkey
10.5
14.1
_
Retail Price
Cts. per
Lb.
15.0
16.2
21.0@26.0
12.0 @14.0
7.0@ 8.0
21.0@54.6
$1 77@5 05
pounds beginning Dec. 1 1918.
FOOD
An
ADMINISTRATOR HOOVER IN URGING
TINUED FOOD SAVINGS APPEALS TO
“WORLD CONSCIENCE”
CON¬
appeal for the continued conservation of food is con¬
a message from U. S. Food Administrator Herbert
tained in
Hoover read in the churches and various institutions of
with the opening of conservation week on Dec.
Mr. Hoover, who has been abroad since the middle of
the country
1.
food supplies for the populations
people of the United States now
have an opportunity for renewed service to mankind by
helping, through the conservation of food here, to feed up¬
ward of 200,000 people in Northern France, Belgium, Cen¬
tral Russia, Southern Europe, Poland and .Armenia.
“Our
appeal to-day,” he says, “is therefore larger than the former
appeal to the ‘war conscience’ of our people. The new ap¬
peal is to the ‘world conscience’ which must be the guiding
inspiration of our future program.”
The message follows:
November arranging for
of Europe, said that the
Again in full confidence, I call upon the American people to set aside Sun¬
day, Dec. 1, and the week following, for the consideration of America’s op¬
portunity for renewed service and sacrifice.
Last summer, when the military situation was acute, we assured the
Inter-Allied Food Conference in London that whatever the war-food pro¬
gram of the Allies required we were prepared to meet; that the conference
need not consider whether or not we had the supplies—we were prepared to
find them, we pledged ourselves, by the voluntary economy of our people.
Dec. 7 1918.]
2147
THE CHRONICLE
to have the reserves in food to supply all necessities.^ The! ending of the
does not release us from the pledge.
The same populartions must be
fed, and until another season has passed they cannot feed themselves.
war
The change in the foreign situation necessarily alters the details of our
food program, because the freeing of the seas from the submarine menace
renders accessible the wheat supplies of India, Australia, and the Argen¬
tine.
The total food demand upon the United States is not diminished,
however.
On the contrary, it is increased.
In addition to the supplying
of those to whom we are already pledged, we now have the splendid oppor¬
tunity and obligation of meeting the needs of those millions of people in the
hitherto occupied territories who are facing actual starvation.
The people
of Belgium, Northern France, Serbia, Rumania, Montenegro, Poland,
Russia, and Armenia rely upon America for immediate aid. We must
also participate in the preservation of the newly liberated nations in Austria;
nor can we ignore the effect on the future world developments of a famine
condition among those other people whom we have recently released from
our enemies.
All these considerations mean that upward of 200,000,000
people, in addition to those we are already pledged to serve, are now look¬
ing to us in their misery and famine. Our-appeal to-day is, therefore,
larger than the former appeal to the war conscience of our people. The
new appeal is to the “world conscience,” which must be the guiding in¬
spiration of our future program.
The President of the United States has asked me to take charge for this
Government of this work; to perfect and enlarge the arrangementstior
foodstuffs to the populations of Belgium and France now being released,
and to organize and determine the need of provisions to the liberated peo¬
ples of Southern Europe to prevent such a debacle as has taken place In
Russia.
The determining factor for the success of such an enlarged appeal will
be the vivid consciousness in every individual in each community of obliga¬
tion and opportunity.
It is that common recognition of obligation that
we now wish to create.
Such an intelligent “world conscience” in the
American people must be the main dependence of the stricken countries of
the world until normal conditions are once more restored.
America by her participation in the war has accomplished her objectives
of self-defense and of vindicating the efficiency of a Government in which
the people, and the people only, are sovereign.
8he has established the
foundations of government by the people throughout the enemy countries,
PLAN TO MAKE FOOD ADMINISTRATOR HOOVER
DIRECTOR-GENERAL OF RELIEF SHIPMENTS
TO AUSTRIA—PLEA OF GERMANY.
Paris
cablegrams of Nov. 29 report that the appointment
Hoover, U. S. Food Administrator, as DirectorGeneral of Relief, having charge of the entire food and relief
administration for the European Allies and the United
States is under consideration. The general idea of the plan,
it is stated, is to centralize the organization under one head,
so that both the food and tonnage made available by the
various Allies would be used under one plan to the best
advantage of each of the Allied nations. The DirectorGeneral, according to the advices contained in the cable¬
grams, would be the supreme executive head and would
work in conjunction with the existing inter-Allied Mari¬
time, Food and Financial Commissions which have head¬
quarters in London. The present American representatives
on these commissions are Messrs. Stevens, Rublee, Crosby
and Sheldon. Part of the plan is that relief ships forming
an extensive interallied relief fleet shall fly an inter-Allied
flag so that the countries receiving relief will feel that it
of Herbert
from all alike rather than from any one country.
Mr. Hoover sailed for Europe on Nov. 15. With his ar¬
rival in Paris on Nov. 26 conferences on the food problem
were held by him with a committee of French experts and
Victor Boret, French Minister of Provisions. Mr. Hoover
comes
accompanied to Paris from London, where he had ar¬
previously by Hugh S. Gibson, First
and this is the real bulwark of world peace.
We have yet to build on these
It is stated
foundations. No Government or nation can stand if its people are starve Secretary of the American Embassy there.
that after going to Brussels, Mr. Hoover will probably
ing. We must do our part if the world be not consumed in a flame of
anarchy.
return to London, where the plan for Director-General
The American people, in this most critical period of their history, have
of Relief will be considered further.
On Nov. 30 the Paris
the opportunity to demonstrate not only their ability to assist in estab¬
lishing peace on earth, but also their conservation, by self-denial, to the cables said that it had been learned that the plan had re¬
cause of suffering humanity.
ceived the approval of the highest American authority, and
HERBERT HOOVER.
that it would go before the Supreme War Council for final
determination.
An announcement made by the Food Administration
Among those who went abroad with Food
Nov. 28 concerning the Conservation Week program said Administrator Hoover were Edwin N. Hurley, Chairman
of the U. S. Shipping Board; Dr. Alonzo E. Taylor, repre¬
in part:
senting the War Trade Board and the Food Administration,
The Conservation Week campaign will bring out the need for saving food
and sharing it with the Allies and the liberated nations.
Conservation is and Robert P. A. Taft of the law division of the Food Ad¬
absolutely vital to the relief of stricken Europe. Famine is the mother of ministration and son of ex-President Taft.
Just before
revolt and anarchy.
If we allow hunger to take its toll of life in Europe,
his
departure Mr. Hoover took occasion to answer the
the red scourge of revolution is bound to spread, and we will dfee a definite
collapse of the peace for which we fought and bled. We entered the con¬ appeals of the German Government for food by stating that
flict with the avowed purpose of establishing world peace, and if we allow
the American people were not being called upon “to make
this to be disrupted by uprising and anarchy, we will have destroyed the
The
any sacrifice with a view to feeding the Germans.”
very thing for which we entered the fray and which is now in sight.
In the coming year we must send 20,000,000 tons of food to Europe—
New York “Times” quoted him as saying:
was
rived several days
practically the limit of loading capacity at our ports. The magnitude of
this undertaking may better be understood in comparison with our pre-war
exports of less than 6,000,000 tons per year and the export last year of only
11,820,000 tons.
There has been a good deal of unnecessary furore in this country about
feeding the Germans. We are not calling upon the American people to
make any sacrifice with the view to feeding the Germans.
We are not
worrying about the Germans. They can take care of themselves, if given a
chance, but the watertight blockade has got to be abandoned before this is
possible. If there is an advance relaxation of the blockade Germany can
get fish from Norway and Sweden, and grain from Argentina, but the
blockade will have to be lifted.
The Food Administration’s rules for saving are set out as
follows:
Live simply.
Reduce to the lowest margin consistent with health and strength our
consumption of all vital foodstuffs, particularly butter, condensed milk
and ultimately all fats.
Cut out the “fourth meal”—afternoon teas and theatre suppers.
Don’t eat between meals.
Continue the conservation practised during the war and increase it
wherever possible.
Waste nothing—make every ounce of food count.
Make the garbage pail an unnecessary kitchen utensil.
When tempted to eat more than you need remember the hungry
millions
anarchy.
SALE OF CHRISTMAS CANDY UNRESTRICTED.
Christmas candy will not be restricted by the Food Ad¬
ministration. An official statement announcing this, is¬
sued in Washington Nov. 30, said:
Many candy stores, in accordance with a voluntary sugar conservation
plan undertaken upon the initiative of the trade itself, have been refusing
to sell more than one pound at a time to a customer.
This restriction is
not regarded by the Food Administration as a necessary conservation
measure this holiday season, since the sugar shortage has been materially
relieved.
at Christmas time,
of their normal re¬
sugar.
This brought about a candy shortage, and the
Food Administration was at that time asking people as a patriotic con¬
servation measure to hold candy consumption to the minimum and to
use those varieties which contained little or no sugar.
The Food Administration has never taken any action which would limit
manufacturers’ sales to individual customers.
Several of the confec¬
quirements of
associations, however, have passed resolutions requesting their
members to sell not more than one pound to a customer, unless it is for
tioners’
While the Food Administration has never
participated in any of these measures during the sugar stringency, it re¬
garded them as valuable aids to conservation. The need for sugar saving
in this direction, however, has passed, and the Food Administration this
year will not ask that the Christmas purchases be limited.
shipment to soldiers overseas.
Germans:
problems which lie before Great Britain and her allies in the
feeding of the destitute and almost starving masses
on the Continent of Europe.
There Is no doubt that the condition of the
enemy countries and some of the neutrals is almost on the border line of
This matter is one which we cannot afford to ignore.
starvation.
Victory
as well as war imposes obligations on us.
It is a satisfaction to me to have, in conjunction with Mr. Hoover,
M. Boret and Signor Cresi sit on the Inter-Allied Food Council, through
which we have been able to provide food for the Allies, and which now can
be used to arrange supplies for recovered territories, and, lastly, for enemy
countries.
Our allies and the recovered territories will certainly have the
One of the
surplus, will help feed
Europe and aid in stabilizing the Governments shaken by social disorder
Last year the nation faced a serious sugar shortage
and the manufacurers were allowed to use only 50%
According to London cablegrams of Nov. 17, John R.
Clynes, British Food Controller, writing in the Sunday
“Times,” had the following to say as to the feeding of the
immediate future is the
of Europe.
The food saved through conservation, plus our
and
'
first claim on our attention.
The
emancipated peoples in Belgium and Northern France, Italy and the
receiving supplies through our inter-Allied organiza¬
We must of necessity be satisfied as to the actual conditions of the
Balkans already are
tion.
people before sending our help to them.
hope to discuss the whole situation with Mr. Hoover and
other food controllers at a meeting of the Inter-Allied Council.
German
Next week I
the
reported that ships carrying 200,000
populations of northern France, Belgium
and Austria were en route to Europe.
They were proceed¬
ing under sealed orders to Gibraltar and Bristol Channel
ports, and on arrival would await word from Food Adminis¬
trator Hoover as to their final destinations.
A Vienna
cablegram to the daily papers (via Basle) had the following
to say with regard to Austria’s coal and food situation:
On Nov. 19 it
was
tons of food for the
Minister of Public Works, has asked the Austrian Foreign
the Governments of the United States,
Great Britain and Franco showing the extremely critical situation in
Austria concerning coal and food.
The Public Works Minister says there is no coal for the heating of houses
and that the supply for cooking will not last more than a week.
Mills
and bakeries will be compelled to close, he adds, within a few days.
No further coal supplies are available to keep the railways running, he
M. Zerbik, the
Minister to address a telegram to
THE CHRONICLE
2148
sajrs,
and the
more
than
gas
twofor
and electricity services in Vienna cannot be kept going
three weeks.
419
It was learned through an Amsterdam cablegram of
Nov. 19 that a dispatch received there from Berlin stated that
the Board of Directors of the American Association of Com¬
merce and trade had on the 14th adopted the following
resolution:
This
organization, organized for the
purpose
of promiting trade relations
between the United States and Germany, believes it in keeping with its
functions to place its services at the disposal of President Wilson in connec¬
tion with the prosecution of the work of relieving the food situation in
Germany.
The association is especially impressed with the genuine sense of righteous¬
ness which actuates the motives of President Wilson, and recognizes the
high-mindedness which dictates his purpose to rescue a situation fraught
with dire consequences.
The association, because
of its American affiliations, and its intimate
acquaintance with prevailing economic conditions in Germany, considers
it its self-evident duty unreservedly to place itself at the disposal of the
American Government in the present crisis.
FREDERICK W. KING. Acting President.
ARTHUR E. DUNNING. Secretary.
CHILDS
COMPANY
CLAIMS
SMALL
PROFITS.
REMOVAL
fVoL. 107
OF
RESTRICTIONS ON
PRINT PAPER.
The withdrawal of all restrictions
USE
the
OF
of
NEWS
print
announced by the War Industries Board on
Dec. 4, effective Dec. 15. In announcing this Chairman
B. M. Baruch urged the adoption of permanent rules by
publishers prohibiting wasteful practices, and continued
voluntary conservation of reading matter space for a time.
Under the mandatory restrictions placed by the Board
several months ago publishers were required to reduce con¬
sumption of newsprint paper 15% in daily editions and 20%
in the Sunday editions. Last week we referred to the with¬
drawal, effective immediately, of all restrictions affecting
the publication of periodicals, excepting daily, Sunday and
weekly newspapers. The removal of all restrictions on the
use of bleaching powder, liquid bleach and liquid chlorine
in the pulp and paper, textile and all other industries was
announced on Nov. 20 by the War Industries Board.
on
use
news
paper was
RESTRICTION ON IMPORTATION OF COCOA BEANS
MODIFIED AS TO THE DOMINICAN REPUBLIC
AND HAITI.
A report resulting from the investigation into the profits
of the Childs restaurants, made at the instance of the U. S.
Food Administration, has been filed with the latter, which
The War Trade Board on Nov. 30 made known that in
addition to shipments of cocoa beans permitted under
W. T. B. R. No. 163, issued July 11 1918, they will consider
Dec. 1 made public certain figures bearing on the profits
of the company for the years 1913 to 1917, inclusive, and for
the first ten months of 1918. It is announced that the
Auditor’s statement shows that in the year 1917 Childs
served 50,608,460 persons at an average cost per meal of
27.26 cents, makingJa net profit on the meal of 1.78 cents;
that in the'months ending Sept. 30 1918 they served 40,150,132 meals at an*average cost per person of 31.38 cents.
The
applications for licenses to import cocoa beans originating
in and coming from the Dominican Republic or Haiti,
subject to the condition, however, that consuls in certifying
invoices shall give priority to all available shipments of
sugar and molasses over such shipments of cocoa beans.
This is in addition also to shipments of cocoa beans origin¬
ating in these countries coming forward to the United States
on
transports maintained by the United States Navy,
announced in W. T. B. R. 186, Aug. 5 1918.
on
net profits on each meal, after deducting administration and
general expenses^and^depreciation, were, according to the
report, as follows:
1.88 cents 11915
1.34 cents 11916
1.20 cents 11917
1.84 cents |
1.78 cents
As to 1918, the Auditor’s statement adds that:
Upon the assumption that the administration, general expenses and de¬
preciation for 1918 will result in an identical per meal cost as for the year
1917, it would follow that the net profit over operations for the ten months
ending Sept. 30 1918 would represent three-fourths of a cent per meal.
The accountants point out that this reduction in net profit
is partly accounted for by the fact that the gross profit in
1918 is subject to a charge of $154,565 for wage bonuses paid
to employees of the various restaurants.
This method of
increasing wages,’based upon 10% of the amount of the wages
payable to faithful employees monthly was adopted in
February 1918, and this bonus account has been treated by
the company^as a separate item of expense and not charged
into service cost.
Reference to the proposed investigation
was made in these columns Nov. 9, page 1786.
REGULATIONS GOVERNING THE EXPORTATION OF
RAGS.
The War Trade Board on Nov. 29 announced that ap¬
plications for licenses for the exportation of
the following kinds of rags and no other will
one or more
now
of
be consid¬
ered:
1. New Ad
2. Old plain
3. Old plain
4. Old plain
old felts not
woven.
black skirted cloth.
dark skirted cloth.
dark*blue skirted cloth.
IMPORTATION OF NEW ZEALAND FIBER.
The War Trade Board made known
on
Nov. 30 that W. T.
B. R.
277, which restricted the importation of New Zealand
fiber, also known as New Zealand flax and New Zealand
hemp, to a total importation of 1,700 tons, has been amended
to permit the importation of a total of not to exceed 3,000
tons, to be brought forward on sailing vessels.
DISCONTINUANCE AFTER JAN. 15 OF DOUGLAS FIR
MODIFICATION OF RESTRICTION ON GUTTA-SIAK.
MAXIMUM PRICES.
On Nov. 29 the War Trade Board announced that appli¬
cations would be considered for the period ending Dec. 31
1919 for licenses for the importation from overseas of not to
exceed 900 tons of gutta-siak in addition to the 740 tons the
The following announcement is made by the Price Fixing
Committee of the War Industries Board:
At
meeting held between the Price Fixing Committee and the represen¬
Loggers it was agreed that the
existing maximum prices on Douglas fir logs and lumber should be discon¬
tinued after Jan. 15-1919, the present date of their expiration as to all
transactions entered into subsequent to that date.
In making this announcement the Price Fixing Committee wishes to
express its appreciation of the hearty fco-operation it has received from this
industry in carrying out the war program of the Government.
a
tatives of the Northwest Lumbermen and
licensing of which the War Trade Board has heretofore
approved. The Bureau of Imports will allocate the impor¬
tations permitted under the terms of this ruling to industries
other than chewing-gum manufacturers on the basis of con¬
sumption during the year 1917.
EXTENSION OF PERIOD OF VALIDITY OF IMPORT
LICENSES.
QUESTION OF OBSERVING CLOTHING CONSERVATION
SCHEDULE LEFT TO TRADE.
Announcement that the Woolens Section and Conservation
Division of the War Industries Board had decided, after
conferring with representatives of the entire clothing in¬
dustry, that the question of continuing the conservation
schedule should be left to the various branches of the industry
as a trade matter, has been made by B. M. Baruch, Chair¬
man
of the Board.
Mr. Baruch added:
Inasmuch as wholesale clothiers have already taken their orders for the
coming spring season and have a considerable portion of the goods in the
process of manufacture, and retailers have made their commitments in ac¬
cordance with the conservation schedule, it appears to be in the general
interest that the conservation schedule should be carried out by the
wholesale ciothiers and retailers for the spring and summer seasons of 1919.
In order to assist in stabilizing conditions in the industry the War In¬
dustries Board earnestly hopes that the wholesale and retail clothiers will
continue to observe the conservation schedule for the spring and summer
seasons.
In W. T. B. R. 315, issued Nov. 11 1918, the War Trade
Board announced that all import licenses would be valid
to
permit shipment of the commodities referred
to therein
within a period of ninety days from the date of the issuance
of the license.
It is now announced by the Board (Nov.
28) that henceforth all import licenses which have been
issued, or of which extensions have been issued, on or after
Aug. 25 1918, or which may hereafter be issued or extended,
will be valid indefinitely unless revoked, provided it is not
otherwise expressly stated in the license.
The provision
printed on the import license forms which have been and
are still in use, that the license is valid for
ninety days
only, will therefore, the Board states, be disregarded.
Consuls have accordingly been authorized to certify in¬
voices under license numbers cabled to them until the amount
of the license is exhausted, irrespective of the date of ship¬
ment.
Dec. 7 1918.]
THE CHRONICLE
PRICE ANNOUNCED FOR PIG TIN.
The price at which the United States
Steel Products Co.
has been authorized
by the War Industries Board to dis¬
tribute tin allocated by the Inter-Allied
Tin Executive
for distribution in the United
States was made public
this week by the Sub-Committee on
Pig Tin of the American
Iron & Steel Institute, of which
Sub-Committee John Hughes
is Chairman.
To consumers, jobbers and dealers a
price
of 7234 cents
per lb. is fixed ex-dock or store
port of New
York or Chicago or f. o. b.
delivery points at Chicago and
points east, seller’s option, and
7134 cents per lb. ex-dock
or store Pacific
ports, seller’s option. These prices are for
shipment during December and January, and sales rand
shipments by the United States Steel Products Co. are to
be confined to lots of 25
gross tons or over on one purchase.
Dealers may resell in lots of 5
gross tons and over to con¬
sumers or
jobbers holding purchase licenses at a gross profit
234%* and jobbers may resell to consumers
in lots of less than 5 tons at a
gross profit not to exceed 5%.
The following is the statement
issued by Mr. Hughes’s
Committee on Dec. 3:
of not to exceed
New York, Dec. 3 1918.
CIRCULAR LETTER NO. 8.
To the Tin Trade:
PIG TIN.
The plan for the distribution of tin
allocated by the Inter-Allied Tin
Executive, for consumption in the United
States, is set forth in a letter
from the War Industries Board,
which is quoted in full for the information
of the trade, as follows:
WAR INDUSTRIES BOARD.
, _
D
Washington, Dec. 2 1918.
B. M.
Baruch, Chairman,
American Iron and Steel
Institute, 61 Broadway, New York, N. Y.
•
Attention of Mr. John Hughes, Chairman
Sub-Committee on Pig Tin.
Gentlemen:
_
.
__
.
PiffTin—Allocations by Inter-Allied Tin Executive to United States
Steel
Products Company for Distribution at Cost to
American Consumers.
Referring to letter addressed to me by United States Steel
Corporation
under date of Nov. 21 1918,
setting forth the allocations of pig tin to the
United States by the Inter-Allied Tin
Executive in London, and the average
cost of these allocations,
please be advised that this letter is your authority
from the War Industries Board to the American
Iron and Steel Institute to
advise the trade that the United States Steel
Products Company is au¬
thorized to offer this tin to
consumers, jobbers and dealers in the United
States holding purchase license from
the War Industries Board at the
foUowing net cost prices:
Ex dock or store port of New York or
Chicago, or f. o. b.
delivery points at Chicago and points East, seller’s option__$.72M
per lb
Ex dock or store Pacific Coast
ports, seller’s option
$.71M per lb.
Terms of payment—United States
Steel Products Company will sell spot
cash or sight draft, seller’s
option, payable in New York exchange, against
presentation of invoice with documents attached.
The above prices are for shipment
during the months of Efecember 1918
and January 1919.
Sales and shipments by the United States
Steel
Products Company to be confined to lots of
twenty-five gross tons or over
on one
purchase.
Consumers, dealers
Steel Products
one
purchase.
and
jobbers may purchase from the United States
of not less than twenty-five gross tons on
Company in lots
Dealers may re-sell in lots of five gross tons and
over to consumers or
jobbers holding purchase license from the War Industries
Board at a gross
profit not to exceed 2 H %.
Jobbers may re-sell to consumers in lots of less
than five gross tons at a
gross profit not to exceed 5%.
Purchase licenses from the War Indus¬
tries Board will not be required to cover
jobbers’ sales of less than five gross
tons, but records of such sales shall be kept and
reported to the American
Iron and Steel Institute, as heretofore.
The regulations of the War Trade Board and the War
Industries Board,
as promulgated in Tin
Bulletin of the American Iron & Steel Institute,
remain in full force and effect, and
the
regulation
prohibiting the sale of
tin by consumers is to be
strictly enforced. For the purpose of administer¬
ing the instructions set forth in this letter
intelligently,
the classes of buyers
to whom sales are to be made are defined as
follows:
Consumer—A concern which buys only for its own
consumption.
Consumer who jobs—A concern whose
purchases are chiefly for its own
consumption and whose jobbings in tin are incidental.
Dealer—A concern who sells in lots of five
gross tons and over.
Jobber—A concern who sells in lots of less than five
gross tons.
All sales of tin in lots of five gross
tons, or over, and from whatever
source, are strictly prohibited except to holders of
purchase licenses issued
by the War Industries Board.
Very truly
yours,
WAR INDUSTRIES BOARD,
GEORGE ARMSBY, Chief in Charge of Tin.
A set of the license forms
adopted is enclosed herewith. Consumers, deal¬
jobbers desiring to purchase tin should fill out the form in quadrupli¬
cate and forward all copies to Mr. H. H.
Cook, Assistant to Chief in Charge
of Tin, War Industries Board, care of American Iron and Steel
Institute,
61 Broadway, New York, N. Y.
Mr. Cook has been appointed Assistant
to Chief in Charge of Tin for the purpose of
facilitating a prompt issuance
ers or
of licenses to the trade.
It is not necessary for a consumer who desires to make a
purchase of less
than five gross tons to obtain a purchase license, as such
purchases may
be made from jobbers.
Additional license forms needed will be
supplied
application to War Industries Board, care of American Iron and Steel
Institute. 61 Broadway, New York, N. Y.
United States Steel Products Company will give prompt attention to all
applicants holding purchase licenses from the War Industries Board to
purchase parcels of twenty-five tons or more, and applications will be
handled consecutively in the order of receipt by the Products
Company,
under the terms and conditions set forth in Mr. Armsby’s letter quoted
above.
So far as possible, shipments wifi be made from delivery point
most convenient to the buyer.
Straits and Australian are the only kinds of tin thus far allocated to the
United States by the Inter-Allied Tin Executive and these are the
only
grades at present available for distribution by the United States Steel
Products Company under the terms of this circular.
Very truly yours,
JOHN HUGHES, Chairman Sub-Committee on Pig Tin.
upon
In
issue of Nov. 9, page 1790,
we published the
by *B. M. Baruch, Chair¬
man of the War Industries Board, concerning the distribu¬
tion by the United States Steel Products Co., and at the
same time gave the protest made^ byA the^Tin Importers’
our
announcement issued
cn
Nov. 1
2149
Association, Inc., against the plan. On Nov. 18 a commit¬
tee of the Association, in furtherance of the
Government’s
request, presented to George Armsby, head of the Tin
Division of the War Industries Board, an alternative
plan
of control.
The plan laid before Mr. Armsby was
explained
by the Association, according to the “Journal
of Com¬
merce” of Nov. 19, as follows:
The announced plan of the War
Industries Board comprehends four
distinct operations, viz.:
1. Agents at all producing points are
appointed by the Inter-Allied Tin
Executive to buy all the tin required by the countries
represented by the
Inter-Allied Tin Executive.
2. The shipping agent for each
country takes delivery of, pays for
ships the tin as directed. (In the case of the United
States, McAllister ft
Co., Ltd., is the shipping agent at Singapore.)
3. The sole importer of tin for this
country is the United States Steel
Products Co., which company finances its
importations, and attends
to its entry on arrival.
4. The United States Steel Products Co. then
delivers the tin to the
consumers, dealers and jobbers, as provided for by
purchasing licenses.
The alternative plan for the various
operations as offered by the Tin Im¬
porters Association, Inc., is as follows:
1. No change from present operations.
2. Various shippers at
producing points receive, pay for and ship such
tin as is allocated them,
respectively, by the Inter-Allied Tin Executive.
3. The War Industries Board will
appoint some organization to be the
consignee for all tin that comes to this country, and which will
pass on and
supervise the entry, release and distribution of the
tin, and will endorse over
the bills of lading to the proper
parties to enable deliveries to be made.
4. All importers are to be licensed
and required to give such guarantees
as may be considered
necessary to accomplish the desired control, and all
import licenses are to be passed on by the War Industries Board or
their ap¬
pointees before shipments can be made. These
importers are to bp divide
into the following three classes:
A. Importers who are also consumers.
This class will give guarantee
that they will import only such
quantities as they can reasonably expect to
use, and such quantities so be
subject to the approval of the War Indus¬
tries Board.
B. Importers selling direct to
consumers, dealers or jobbers.
Both
the importers and their buyers are to
give suitable guarantees covering
the final disposit on of the tin.
C. Importers, who are also dealers or
jobbers, are to be required to give
suitable guarantees.
6. The War Industries Board is to ascertain and fix a
suitable amount to
cover all charges and commissions
over and above the actual cost in
produc¬
ing country; this fixed amount to be subject to change at the discretion of
the War Industries Board.
6. All dealers and jobbers to be licensed and
permitted to charge a
reasonable commission or profit, and required to account at regular
inter¬
vals for the tin released to them.
Thus giving the authorities power to
prevent hoarding (which would probably not occur, as the limitation of
profit would deter anyone from carrying unreasonable stocks).
The Association’s statement also said:
The
only advantage of the announced plan over the proposed substitute
is the saving to the ultimate consumer of one
commission, namely that of
the importers in this country, who take the
place of the United States Steel
Products Co.
This importer’s commission, necessarily small on account
of
competition and profit limitation, being but a small proportion of the
by regulation, might be considered negligible,
having regard to the great ad vantages of keeping the usual channels of
trade in working order.
amount above cost allowed
We
doubt it it is the desire of the United States Government to
put the
importers out of business, in order to save such a trifling sum. Such a
saving is certainly not a sufficient justification for the placing of the entire
business in the hands of one importer, who offers to do the business for
nothing.
We believe that most of the consumers would, if asked to make
a choice, signify their preference for
many importers, rather than one only.
The argument that the United States Steel Products Co. is the
only
concern capable of financing this business
does not hold, as it has been
clearly demonstrated by years of experience that the tin importing trade
is entirely competent in this respect.
We believe the plan proposed would
effectively take the place of the
presently adopted plan of the War Industries Board, and would accomplish
the objects of the control as stated to the committee by Mr.
Armsby.
If the War Industries Board will point out any particular fault in this
plan, or any object not attainable by it, this committee will be glad to give
the matter further consideration and try to
remedy the defects.
By adopting the proposed alternative plan, the transition from the period
of control to free trading can be accomplished without
any confusion by
the simple withdrawing of the functions of the Inter-Allied Tin Executive
and the controlling bodies here.
The trade would then automatically
continue in the usual channels without restrictions.
This committee gathered from their conversation with Mr. Armsby that
he was under the impression that the tin importing
trade was controlled
by a few speculators who took advantage of conditions to make large profits
at the expense of the consumers, whereas the facts are that these
importers
have for many years been the main course of supply for most
of the con¬
sumers, and have, with the greatest difficulty, succeeded in supplying their
customers with the necessary tin by purchasing it wherever
they could
get it all over the world.
It is also well known that almost without exception the importers used
their influence to keep prices down at a time when consumers were excitedly
bidding up the market, and some speculative dealers were attempting to ex¬
ploit the situation. A canvass of the consumers would show, we believe,
that instead of being profiteers, they were the salvation of the trade at a
critical period, when some consumers were so intent on stocking
up with
a surplus supply that they did not consider the effect
their action was
having on the markets of the world, and the harm they were doing the
smaller consumers, who were not so fortunately situated to obtain their
supplies.
The object which the Committee has a mind in giving attention to this
side of the question is not to criticise any particular part of the tin trade,
but is to remedy the wrong impression which seems to exist as to the stand¬
ing and utility of the importers as a whole.
It might not be amiss here to express the opinion that the chief causes
•f the shortage and high prices were:
1. Embargo in England on all shipments of tin from that country. This
happened in January 1918, and was modified a little later, so that Straits
tin only was completely embargoed.
This action made it necessary to
bring all Straits tin required in the United States via the Pacific Coast.
This caused a delay of one or two months in getting the tin started by that
route to take the piace of that bought for shipment from or via England.
[Vol. 107
THE CHRONICLE
2150
A further delay vu encountered when the tin arrived at the Pacific Coast
on account of railroad congestion, so that shipments sometimes took four
months in transit from the Pacific Coast to Chicago or New York.
For a
time there was an absolute embargo on all railroad lines from the Pacific
Coast.
2. Dutch shipping condit ons were such that between February and
the winning
May 1918, practically no tin was shipped from Java. This shut off a
supply of at least one thousand tons monthly.
3. English licensing system made it impossible for us to get nearly all the
Straits tin we had bought for certain shipments, and the compulsion to
seek other kinds of tin naturally resulted in advancing the Java, China
and Australian markets.
Even then we were disappointed in our attempt
to get quick supplies by the shutting down of Dutch shipping in Java.
Supplies of China tin, which were very plentiful early in the year, prac¬
tically ceased in June, on account of absence of ore (the miners at that time
of year leave the mines and work in the fields) and all surplus stocks had
been absorbed by the urgent demand.
RESIGNATION OF B. M. BARUCH AS CHAIRMAN
WAR INDUSTRIES BOARD—LATTER TO
CEASE JAN. 1.
the support which the War
Baruch had contributed to
Mr. Baruch replied with feeling.
present, would appreciate the full measure of
Industries Board under the guidance of Mr.
of the war.
RESIGNATION OF DR. H. A. GARFIELD AS UNITED
STATES FUEL ADMINISTRATOR.
Fuel Ad¬
The resignation of Dr. H. A. Garfield as U. S.
ministrator was made known in the following announcement
issued at the White House on Dec. 3:
It was announced at the Executive Offices to-day that United States
Fuel Administrator Garfield had tendered his resignation, to take effect
at the pleasure of the President, and that the President had accepted the
resignation, although it was made clear that the need of domestic con¬
sumers will continue to receive the attention of the Fuel Administration
until the winter is passed.
OF
It is said to be understood that Dr. Garfield plans to re¬
main at his post the remainder of the month, but that after
will resume his duties as President of Wil¬
The White House statement makes it clear
The resignation, of Bernard M. Baruch as Chairman of the that the Fuel Administration will continue to function, cer¬
War Industries Board has been accepted by Presiddnt Wil¬
tainly until the end of the winter. Dr. Garfield announced
son, to take effect Jan. 1, on which date the Board will cease
recently that he hoped to be able to remove price restric¬
to exist as a Government agency.
When it was made known tions and possibly the zone regulations on bituminous coal
on Nov. 30 that Mr. Baruch had tendered his resignation,
about the middle of this month, but that control over the
to become effective the first of the year, it was stated that the
domestic supply of anthracite would be continued until the
Board’s activities had been curtailed as rapidly as the rela¬ end of the coal
year, next April 1.
tions with industries would permit, and that virtually all
restrictions placed on industries, made necessary to complete BASIL M. MANLY SUCCEEDS FRANK P. WALSH AS
the war program, had been removed. Mr. Baruch gave as
CHAIRMAN OF NATIONAL WAR LABOR BOARD.
his reason for resigning the fact that with the signing of the
The resignation of Frank P. Walsh as joint Chairman with
armistice and the “consequent cancellation of contracts,
William H. Taft of the National War Labor Board has been
there was no longer a shortage of materials, and the War
accepted by President Wilson and Basil M. Manly has been
Industries Board immediately removed its curtailments.
appointed successor to Mr. Walsh. Announcement of the
In like manner the necessity for maximum prices is disap¬
action was made by Mr. Walsh at the meeting of the Board
pearing, except in a few isolated cases, which can best be on Dec. 3. Mr. Manly has been assistant to the joint Chair¬
regulated through the War Trade Board.” Mr. Baruch also men. The statement concerning Mr. Manly’s appointment
stated that the facilities of the Board had been placed at the
issued by the National War Labor Board says:
disposal of the various contracting agencies of the Govern¬
While the appointment was made by the President as was the appoint¬
ment and that the activities believed to be of lasting value ment of the other members of the Board, Mr. Manly, like Mr. Walsh, was
chosen for the place by unanimous vote of the representatives of labor
were being transferred to permanent departments of the Gov¬
the War Labor Board.
Five members of the Board represent and
ernment where they might be carried forward.
He suggested
chosen by employers; five represent labor; and the Chairman, repre¬
that the various heads of commodity divisions might render senting the public, are selected, one by labor and one by the employers.
the holidays he
liams College.
on
,
were
much valuable assitance in the future as trade advisers to
the Department of Commerce and the War Trade Board.
In his letter Mr. Baruch said:
William Harmon Black, Mr. Walsh’s alternate on the Board, resigned
with Mr. Walsh.
Mr. Manly, upon being appointed to Mr. Walsh’s office,
named Mr. Black as his alternate.
Mr. Walsh, while retaining his citizenship at Kansas City, Mo., will
I venture to suggest the various commodity heads of the War Industries
Board and those who have been associated with them may in the years to
come render much valuable assistance as trade advisers to the Department
of Commerce and the War Trade Board.
I hope that in this and in other
practice law in New York.
it may be found possible to continue the promotion of a better
understanding between the Government and Industry, including in this
term employers and employees alike, so that problems affecting all may in
ways
times of peace be approached in the same
has
spirit of helpful co-operation that
prevailed during the period of the war.
I feel sure that the business men who have been acting as commodity
heads, will, if requested, be willing to remain here or be subject to call if
they can be of service to the Department or other Governmental agen¬
cies as points of contact between them and industry.
that^President jWilson
had accepted Mr. Baruch’s resignation. The President in his
It
was
announced
on
the 4th inst.
letter said:
Mr. Manly was special agent for the Bureau of Labor Sta¬
tistics (Department of Labor) from 1908 to 1913, during
which time he made a complete survey of the iron and steel
In 1913 he was in charge of an investigation for
the Bureau of Anthracite Coal Prices, and he was economic
advisor to the arbitration board which fixed wages in the
cloak and suit industry in New York in 1913.
He was like¬
wise Director of Research and Investigation for the United
industry.
Relations Commission, and in 1915 wrote
the “Manly Report” on the work of the
Commission. The resignation Of Mr. Walsh from the Na¬
tional War Labor Board was noted in our issue of Nov. 23,
States Industrial
what is known
While I agree to the conclusion which you have come to and deem it
page
do, that the activities of the Board as such should cease with
the first of January next, it Is with a feeling of very sincere regret that I
see this admirable and efficient agency discontinued.
I have constantly
felt the spirit and quality of the work it has been doing, and it has been
a source of grest confidence to me in the prosecution of the war that the
tasks of the Board were in such hands.
It is with the utmost regret that I
accept your resignation, and I beg that you will not leave Washington,
but continue to lend us the advice which has been all along so valuable
said:
best,
to
as you
us.
As I have told you, I think that just the right course is being followed
inihanding over to the proper permanent departments those activities of
the Board with which the Government ought not permanently to dis¬
pense.
The|presentation of
announced
as
a
silver loving cup to Mr. Baruch was
the War Industries Board:
follows last week by
Members of the organization of the War Industries Board, including
board members, division and section chiefs, and employees, to-day pre¬
sented to Chairman B. M. Baruch a silver loving cup in token of their
confidence and esteem.
Each of the “dollar-a-year men” contributed
his*annual “salary,” and employees down to the youngest messengers
contributed toward the cup, which carried the following inscriptionBERNARD M. BARUCH,
Chairman of the United States War
Industries Board.
affection from the
which, under his
leadership, aided in the winning of the war.
As a token of confidence and
members of the organization,
Washington, November 26th, 1918.
The tribute came as a complete surprise to Mr. Baruch, who was attend¬
ing another meeting at the time that the members of the War Industries
Board were gathering for the occasion in the open space between the War
Industries Board Building and the D. A. R. Building.
He was simply
asked to step outside to have his picture taken with the personnel of the
organization.
The presentation speech was made by Judge Edwin B. Parker, of the
'
Priorities*Committee, who declared that the future, even more than the
as
In his letter of acceptance, President Wilson
1967.
THE WHITE HOUSE,
Washington, Nov. 27 1918.
My Dear Mr. Walsh: It is with real regret that, after carefully considering
your letter of Nov. 19 tendering your resignation as joint Chairman of the
National War Labor Board, I am compelled in justice to the cogent and
almost imperative professional reasons you give for this step, to consent to
your retirement at this time from the high position whose duties you have
For the
administered with such judgment, tact, and robust integrity.
services you have thus rendered I thank you not only on my part, but on
behalf of the country.
Your personal expressions of good-will toward me are reciprocated in the
fullest measure, and I think I need not assure you, my dear Mr. Walsh,
that you will carry with you into private life and into the practice of
profession my best wishes for the success you deserve for the
have always consistently maintained.
Cordially and sincerely yours,
your
high
character you
WOODROW WILSON.
Hon. Frank P. Walsh,
Joint Chairman National War Labor Board,
Washington, D. C.
N. Y. CHAMBER OF COMMERCE URGES CO-OPERATION
OF WAGE EARNERS AND CAPITALISTS.
placing the New York Chamber of Commerce
favoring the closer association of wage earners,
A resolution
on
record
as
and capitalists in all industrial establishments
representative committees in which
differences and disputes can be ironed out and adjustments
effected, contained in & report of its Committee on Industrial
Problems and Relations, was adopted as follows by the
managers
and the formation of
Chamber
on
Dec. 5:
Whereas, In the opinion of the Chamber of Commerce of the State of
New York, grave questions involvingifar-reaching changes of industrial
Dec. 7 1918.]
THE CHRONICLE
policy will shortly arise in the conduct of our manufacturing industries; and
Whereas, The Chamber believes that the cordial and hearty co-operation
of wago-earners, managers and
capitalists is vitally necessary to economy
and efficiency of industrial
production, and to the maintenance of the com¬
petitive place of the United States in the trade with the other conti¬
nents; and
Whereas, The social peace and order of the whole world
may easily de¬
pend upon the example set by the industries of the Great
Republic in ad¬
class
justing
differences in accordance with the principles of
right, justice
and order, in like manner as
accomplished in the democratic institutions by
which that Republic is governed; therefore be it
Resolved, That the Chamber of Commerce of the State of New York
earnestly commends to the managers of all large productive enterprises
the investigation of the methods of
industrial democracy now making
progress both in Great Britain and in the United
States, with the idea of
adapting such methods to their businesses, and
Resolved, That the Chamber wishes to go on record as favoring the closer
association of wage-earners, managers and
capitalists in all large industrial
establishments, the formation
ferences and disputes
ticularly whereby
can
of representative committees in which dif¬
be ironed out and adjustments effected; and par¬
managers, wage-earners and capitalists may be brought
into direct contact with the problems of each of the other
groups; and be it
further
Resolved, That the Chamber feels that only thus may be secured that de¬
heary co-operation between the three factors of produc¬
tion which will afford the highest
degree of economy and efficiency, and will
gree of cordial and
tend to stabilize prosperity, and if adhered to will
eventually give American
supremacy in the trade and commerce of
the world.
industry its rightful position of
Respectfully submitted,
EDWARD D. PAGE, Chairman,
WILLIAM HAMLIN CHILDS.
WILLIAM L. SAUNDERS,
Of the Committee on Industrial Problems and Relations.
New York, Dec. 4 1918.
the manufacturer by telephone, telegraph or letter.
In
such cases the Comptroller holds that new
legislation may
be necessary to permit framing of agreements for cancella¬
tion.
Comptroller Warwick’s decision was embodied in a letter
Secretary Baker under date of Nov. 25. We give below
the correspondence in full, including Mr. Baker’s letter of
explanation and the proposed form of cancellation agreement:
to
TREASURY DEPARTMENT,
Washington, Nov. 25 1918.
The Honorable the Secretary of War.
Sir:—I have your letter of Nov. 21 1918 as follows:
‘‘The War Department has outstanding numerous contracts for
munitions
which in view of the armistice it is to the public interest to terminate
in
order that facilities and labor may be returned as
speedily as possible to
commercial production.
In many of these contracts the contractors have
a very considerable part of
their working capital tied up in expenditures
for labor and other disbursements on unfinished work
made in performance
of their contract.
It is important in the interest of labor and the
industrial
security of the country that these plants be returned to commercial work
as speedily as practicable and so far as
possible without a break in their
continuous operation and employment of labor.
The Department be¬
lieves that many such contractors are
willing to forego the prospective
profits on the remainder of the work contemplated by the contract and
terminate the existing contract on a basis which would amount
substantially
to compensation for expenditures incurred and
profits not to exceed 10%
of the cost of the unfinished articles on hand—a
basis more favorable to
the Government than the terms of the contract would
permit—if they can
secure
promptly a substantial portion of this sum so as to release their
working capital for switching back to commercial work. It is practicable
for the Department in such cases to
readily determine a minimum sum
which will be well within the figure of ultimate settlement on
this basis,
but it is difficult to fix with exactness that ultimate sum
without a delay
which will lose to the, Government and to the
country the advantage of a
speedy return of such plants to commercial work.
Supplemental Contract Prepared.
*‘
FEDERAL WAR RISK INSURANCE AGAIN LOWERED.
A further reduction in the rates of the marine and sea¬
men’s division of the Bureau of War Risk Insurance was
announced
by Secretary of the Treasury McAdoo
on
Nov. 29.
Under the new schedule the rate to England, France and
certain Mediterranean ports is now one-eighth of 1
%, which
is the same rate as that charged
by the British Bureau of
War Risk Insurance for this same voyage. This
reduction,
it is announced, has been brought about
by the fact that
the terms of the armistice in so far as the naval situation is
concerned, have been complied with and that practically
the only risk now covered by war policies is that of mines.
Prior to the signing of the armistice the trans-Atlantic
rate was 2%.
We referred last week (page 2060) to the
reduction from 2% to one-half of 1% on hulls,
cargoes and
seamen’s insurance announced by Secretary of the
Treasury
nst
The Department therefore desires to enter into
with such contractors by which a sum well within supplementary contract#
wnat it is certain would
have to be
paid by the Government on such basis of adjustment will be
paid immediately to the contractor upon his consent to a termination of
the original contract and a release to the
Government from all its obliga¬
tions thereunder, the Department
agreeing to pay subsequently such addi¬
tional sum as the Secretary of War
may determine will complete bayment
to the contractor on such basis of
adjustment. The Department desires
your opinion as to whether it can enter into
supplemental contracts in¬
volving this method of payment.
“The Department has prepared a form of
supplemental contract for use
where, if the best interests of the Government and industry and labor are
to be secured, it is desirable to make an initial
payment to enable the con¬
tractor to switch back
immediately to commercial work. I transmit this
to make clear the procedure the
Department desires to adopt.
“The procedure above outlined has been
carefully worked out since and
In the light of the discussion in
my office Tuesday.
The importance of
the
adoption
by
the
War Department of some definite procedure to meet
the readjustment problems with which we are faced is as
obvious to you
as to me. and I
hope you will help us by deciding the matter as speedily
as
possible, and if
by telling
us so
you see where the suggested procedure can be
improved
and advising us how to improve it.”
Form of Agreement.
The agreement referred to above is as follows:
“Agreement entered into this
day of
19__, between
United States Army (herein called
‘contracting
officer’), acting by authority of
and under the
direction of the
War,
and
Secretary
of
for
in
behalf
of
the
United
States
of America (herein called the ‘United
States’), party of the first part, and
McAdoo on Nov. 12.
(herein called ‘contractor’), party of the second
part.
“Whereas a certain (purchase order was issued
by) (contract was entered
into between) the United States (to)
(and) the contractor, No
COMPTROLLER OF THE TREASURY DECIDES WAR dated
(herein called ‘original contract,’ which term shall also
include, wherever used herein, all agreements or orders, '
CONTRACTS MAY NOT BE CANCELED BY
any, supple¬
mentary to said contract or purchasing
order, except this agreement).
“And whereas the furnishing and
STANDARD COMPROMISE AGREEMENTS,
delivering
of further articles or work
under said original contract will exceed the
present requirements of the
United States.
A decision
the
Warwick
“And whereas it is in the public interest to terminate
said original con¬
tract as herein provided.
that the War
has no
to compro¬
“And whereas the contractor, pursuant to the
original contract, has in¬
mise with contractors for war materials
means of a pro¬ curred expenses and obligations for the purpose of furnishing and delivering
articles or work remaining undelivered under said
original contract.
standard form of cancellation agreement has held
“And whereas the contractor is willing to accept the
termination of said
original
contract
and
to
forego
such
profits as might accrue to it from
up
the
to handle
completion of said original contract, and to accept this contract in the
lieu
enormoui volume of business connected with
of said original contract, and any and all claims and
demands of every
nature whatsoever arising, or which
may
out
of
arise,
said
original contract.
and
“And whereas the contractor estimates the
to a stop
vast
of war production.
amount of said expenses
and obligations incurred by it in the sum of
The War
to facilitate the return of the
“And whereas the contracting officer has examined
said statement and
that the amount of such expenses and
upon war orders to commercial
obligations for which the con¬
“in the inter¬ finds
tractor is entitled to be reimbursed is not less than the
sum of
est of labor and the industrial
“Now, therefore, in consideration of the premises and of the mutual
the
covenants herein contained, it is
agreed between the parties hereto as
worked out a standard form of cancellation cont 'act
follows:
“1. This contract supersedes and takes the
to put a
place of said original con¬
stop to
production of army
not tract, which is hereby terminated, and the contractor
hereby releases the
United States from any and all claims of
now needed, while at the same time
every
nature whatsoever arising
manu¬ out of said
original contract.
facturers and
“2. The contractor shall furnish and deliver and the United
their use the
needed
States shall
accept and pay for no more articles or work agreed to be delivered
to switch labor and
under
to peaceful
said original contract.
“3. All articles or work delivered and accepted on or
As described
before
in a letter to
the date
of this contract under and in pursuance of said
original contract and not
yet paid for shall be paid for in accordance with the provisions
the War
was as follows:
of said
original contract as if it had not been terminated.
The Department, therefore, desires to enter into a
im
“4. The United States shall forthwith pay to the
supplementary con¬
contractor the sum of
tract with such contractors by which a sum well within what it is
(this being seventy-five (75) per cent of the amount found
certain
by
the contracting officer to be the minimum amount for which
would havfe to be paid by the Government on such basis or
the contractor
adjustment will
is entitled to be reimbursed), and
agrees to pay to the contractor such
be paid immediately to the contractor upon his consent to a termination
of
further sum as may be found by the Secretary of War is the
amount which
the original contract and a release to the Government from all its
will when added to the said sum of
obliga¬
herein agreed to be paid
tions thereunder, the Department agreeing to pay
forthwith,
reimburse
the
contractor
for
and
hold
him
harmless against the
subsequently such addi¬
expenses and obligations incurred by him pursuant to said original
tional sum as the Secretary of War may determine will
contract
complete payment
and properly applicable to the unfinished
portion thereof and compensate
to the contractor on such basis of adjustment.
him for the termination of said original
contract, it being agreed that the
sum allowed for such compensation shall not
exceed ten (10) per cent of
refused to approve the the cost of the unfinished
articles on hand at the date
hereof, and may be
any less sum in the absolute discretion of
the
contract,
Secretary of War.
the
had
r‘5. This agreement shall not become a valid and
binding obligation
no
of the United 8tates unless, and until, the approval of the
to agree
a contractor on an
Board of Review
of the office of
has been noted at the end of this
instrument.
sum to cover liabilities unless authorization is
“In witness whereof the parties hereto have
for this
executed and delivered
this agreement in triplicate as of the date first
in a
hereinabove written, and
contract. This
is
the contracting officer hereby certifies that if the
contractor is a corpora¬
tion the said officer has satisfied himself of the
many
war contracts lack.
authority of the person
signing the contractor’s name to bind the contractor and has waived the
Another
feature of the decision is that orders filing of written evidence of said authority.
“Witness:
for war material have not been
executed unless
as to
—
by Comptroller of
Department
posed
the plans of
Tx’easury W. W.
legal authority
by
Department
bringing
the
Department,
engaged
expeditiously the
slowing down
machinery
plants
work,
security of
country,” had
designed
quick
the
supplies
safeguarding the
releasing for
working capital
machinery back
production.
by Secretary Baker
Comptroller
Warwick,
Department’s proposal
Comptroller Warwick, however,
proposed form of
holding that
authority
with
previously existing
of the
important
Department
arbitrary
given
provision, it
said,
legally
signed
by a Government contracting agent and the contractor.
By this ruling orders for v ar materials, amounting to what
is believed to be hundreds of millions, are rendered open
to'question. In the rush of carrying out the enlarged war
program, it seems that many orders were communicated to
as
“Approved:
to
“(/. S. Army.
By
i;
‘’Board of Review,
By
“The undersigned sureties to the bond
pertaining to the above-described
original contract assent to the foregoing modification thereof
and hereby
stipulate that said bond shall be construed to apply
accordingly.
[Vol. 107
THE CHRONICLE
3152
day of
“Witness our hands and seals this
“Witnesses:
as
to
as
to
19..
papers generally are intended to
In themselves they
contracts.
“U. S. Army.
By
“Attest:
By
“(The following affidavit is required only on the copy of the contract
for the Returns Office.)
/swear
1
an exact copy of a contract
the contractor named above: that I made
benefit or advantage to myself, or allowing
any such benefit or advantage corruptly to the contractor or any other
person; and that the papers accompanying include all those relating to
me contract, as required by the statute in such case made and provided.
U. S. Army.
“Subscribed and f sworn to 1 before me this
day of
19
“I do solemnly/affirm
such as letters, purchase orders, procurement orders, Ac.
These
be and are preliminary to the execution of
place no obligations on the Government.
The latter may be liable on the quantum meruit for the fair value of articles
delivered and accepted, but it has no legal obligation for expenses incurred,
value of incomplete work, material on hand or arranged for, &c., unless a
contract in legal form has been made.
Of course, it is understood a legal
contract cannot be made now for articles the Government does not need,
and this is true regardless of prior negotiations or understandings, written
papers,
/that the foregoing is
made by me personally with
the same fairly, without any
1 affirmed /
Duty of Drafting Contract.
It is not the province of this office to prescribe the form of the contract
which administrative officials are authorized to enter into, as it may become
for It to construe its terms in connection with payments made.
It Is the duty of the proper legal officers of the Government to draft the
contract and the responsibility must be theirs and that of the adminis¬
trative officers.
»
An attempt by this office to decide whether or not payments of public
necessary
authorized to be made under proposed contracts to terminate
existing contracts would not be justified without a consideration of the
language of the existing contracts. Some may provide a specific method
of payment on termination. v To substitute, by a new contract, another
and different method of payment would be justified only when the new
method is not prejudicial to the interests of the Government.
It cannot
be assumed, as the proposed contract form does, that the contractor an¬
ticipates profits from completing his contract. There may be contractors
willing to terminate their existing contracts, whether containing termina¬
tion clauses or not, on terms more favorable to the Government than are
contained in the proposed form.
It is possible some may be willing to
terminate existing contracts on the basis of payment for what is delivered
money are
oral.
or
As your
no
discussion of the
Dependent Upon Proof.
not signed by the officer named as contracting
officer, their validity is open to question and is dependent upon proof of
the fact, if it be a fact, that the officer who signed was a duly authorized con¬
tracting officer and mpde the agreement with the contractor and that the
officer named as contracting officer did not. The statute clearly requires
the act of one officer in the making and signing and wholly negatives the
idea of one officer signing for another.
of section 3744, Revised Statutes, has been so clearly stated
times by the Supreme Court, and the result of failure to comply
with it has been so often pointed out by that court that I do not cite or dis¬
cuss the cases.
The decisions of this office have followed the interpretation
of the statute as announced by that court and have been, uniform for 40
The purpose
many
years or more.
This office is anxious to
do all in its power to meet the situation referred
letter and to facilitate settlement with contractors legally entitled
to payment on the termination of their contracts.
Cases involving only
equitable claims cannot be settled by executive officers without new
to in your
Respectfully,
legislation.
W. W. WARWICK,
SECRETARY
In
Having no authority to decide the form of contract, the only question
properly for the decision of this office in your submission is whether pay¬
ment would be authorized of the sum being 75% of the amount found by
the contracting officer to be the minimum amount for which the contractor
is entitled to be reimbursed.
The making of the supplemental agreement
and the simple certifying to a minimum amount by the contracting officer
upon the statement and estimate of the contractor will not be sufficient nor
conclusive upon the accounting officers.
The supplemental agreement
cannot be permitted to impose a liability upon the Government where
under section 120 of the
(39 Stat., 213),
As to outstanding contracts
before termination.
Question for Decision.
inquiry does not relate to orders given
National Defense Act of June 3 1916
status of such orders is necessary.
a
BAKER EXPLAINS POLICY
CELING CONTRACTS.
statement issued
on
Comptroller.
IN
Nov, 29, Secretary of War Baker
as follows the Department’s policy in canceling
contracts and disposing of accumulated supplies:
Where it becomes necessary in the public interest to discontinue the
production of supplies for materials which are no longer needed for the
army, negotiations for prompt settlement of contracts will be undertaken
by the War Department in a spirit of fairness and helpfulness to all con¬
It is understood that the contractors in their turn will undertake
cerned.
to furnish in the manner prescribed definite statements which will facilitate
prompt payment of the obligations of the Government.
explained
war
theretofore existed.
It will be the right and duty of the accounting officers in each case in
which such a payment is made to inquire in the first instance that there was
none
legal contract with the Government made prior to the supplemental
agreement (of which the contract date alone will not be conclusive), in
compliance with the provisions of Revised Statutes, section 3744, that the
contract be reduced to writing with the names of the parties signed at the
end thereof; and section 3745, that the oath of the officer personally re¬
sponsible for the contract appears (as to which a signing by proxy is con¬
sidered by this office as not permissible, in view of section 3746, the penal¬
a
prescribed being persona] to the officer); to require the submission of
showing the basis of the minimum amount fixed by the con¬
tracting officer, and that no amount has been paid without adjustment of
such claims as the Government may have against the contractor arising
out of defective performance, defaults, &c., under the contract, and for
this purpose a specific statement will be required of both the contractor
and the contracting officer of what the claims of the Government are or
impression prevails in some places that the responsibility
cancellation of contracts rests in the War Industries Board.
This is not the case, the War Industries Board is endeavoring to bring to¬
gether the various purchasing departments in order that a common policy
may be adopted.
The War Department is the principal in the matter
of its adjustments though it may when it seems desirable advise with the
War Industries Board or other Governmental agencies on matters of
An
erroneous
for reduction or
general policy.
present too violent dislocation of industry from the standpoint of
employer and employee accumulations by the War Department either
raw materials or finished products will be distributed when and where
To
both
ties
of
facts and details
liquidation of such supplies will least interfere with the return of
that there are none.
The general answer
to
industry
normal conditions.
YORK MANUFACTURERS URGE THAT WAR
CONTRACTS BE CANCELED GRADUALLY—
ENDORSE MINIMUM WAGE LEGISLATION.
NEW
accordingly can only be given, that if there is a legal
liability of the Government for the amount, of
agreement, such payment is authorized.
CAN¬
which 75% is paid under the
avoid¬
slowly
Tenor of Agreement.
and gradually, in order to avoid unemployment and hard¬
For your information, I have to say the tenor of the agreement is that the
termination of a contract authorizes a payment to the contractor.
It does ship, were passed by the Associated Manufacturers and Mer¬
Resolutions urging that, so far as consistent with
of unnecessary waste, war contracts be canceled
ance
its rights to recover payments improperly
made under the original contract and to enforce the liability of the contrac¬
tor and surety for defects in materials, work done, &c.. which may hereafter
not reserve to the Government
chants of New York State at
its semi-annual meeting at
The association also adopted reso¬
lutions
supporting
the
Government in its reconstruction
appear.
It refers to “articles and work,” but does not specifically in¬
clude labor.
The provisions of article 3 are objectionable in that they
program and pledged its co-operation with labor, “thereby
would permit deliveries in the interval to the date of the supplemental
contributing to the maintenance of peace and the general
agreement notwithstanding notice of the intention of the Government to
terminate.
In connection with this the provisions of
involve a delay before the contract becomes effective.
paragraph 5 may
The expenses and
obligations of the contractor properly applicable to the unfinished portion
of the contract and to compensate for the termination of the contract
(par. 4) furnish no definite standard of compensation, the limitation is not
clear that the compensation shall not exceed 10% “of the cost of the un¬
finished articles on hand at the date hereof," and there is no limitation
that the amount payable under the supplemental agreement shall not
exceed the amount of the original contract.
No Provision for
There also is no
Crediting Value.
provision for crediting the value of the property
and
things, supplies, raw materials, &c., entering into the computation of the
compensation, if they remain the property of the contractor, or for giving
the Government the option to take them at such valuation.
If it is the intention that the compensation for termination of the contract
and all the liabilities of the Government thereunder shall not exceed 10%
of the cost of the unfinished work on hand at the date of notice of termina¬
tion, a simple provision to that effect would appear practicable in connec¬
tion with a provision stipulating for inventories of such work and how its
cost shall be arrived at and what shall be included therein.
Assuming that a legal contract for a definite work or quantity of articles
is to be terminated by a new contract superseding it; that the Government
will not be prejudiced financially by the change or will be benefited; that
the Government has no Igeal method, or none of more benefit to it, other
than the execution of a new contract to terminate the old, I think it clear
that payment under such new contract is justified and can be made from
public money.
Should Not Cover “Purchase Orders
Syracuse on Nov. 26.
welfare of all
the people.”
The resolutions follow:
successful prosecution of the war has required that indus¬
try set aside its normal business and that every effort be devoted to the war
Whereas, The
needs; and
Whereas, The
'
ending of the war compels the withdrawal of Government
conditions; and
period for both
employer and worker, who in the war period have done their utmost in
response to war’s demands; therefore
Resolved, That Associated Manufacturers and Merchants of New York
State, by the unanimous vote of its members, expresses the hope that those
who are charged with the great responsibility of withdrawing orders from
industry will consider the seriousness of the situation as affecting both
employer and employee, and so far as is possible consistent with the avoid¬
ance of unnecessary waste permit easy but steady withdrawals of orders
and insure a supply of materials suited to peace business, so that if possible
there be no unemployment either now or when actual demobilization of the
business from the industries and a readjustment to peace
Whereas, This time of readjustment constitutes a critical
armed forces occurs;
be it further
here pledges the support of its members
and to the authorities charged with these
grave responsibilities, in all that they may be called upon to do to prepare
for the new period of peace, and to co-operate with each other and with
labor, thereby contributing to the maintenance of peace and the general
Resolved, That this association
to the President and the Congress
welfare of all the people.
adopted a resolution endorsing the
adequate wage for women and minors, and
went on record as favoring a minimum wage commission law
for the Empire State if the employer, employee and the
Any form of contract similar to that now considered should not attempt to
cover a “purchase order" as this form does by reference in the second para¬
public were represented on such commission. It is stated
graph—the first “whereas.” There may be legally issued purchase orders that so far as known this is the first big organization of em¬
that it is desirable to terminate, but the term is liable to misapplication.
ployers to endorse the minimum wage and the action is
I refer to the fact that there are in the hands of contractors many informal
The association also
principle of
an
Dec. 7 1918.]
THE CHRONICLE
considered significant in view of the fact
that the associa¬
tion is the largest State
manufacturers’ association in the
country, employing, it is said, a total of 300,000
men and
100,000 women. The text of the resolution follows:
Resolved, That the matter of minimum wage and minimum
wage com¬
mission be and hereby is referred to the
Legislative Committee for definit e
decision upon the questions
involved, they, however, to take into considera¬
tion the sense of Associated
Manufacturers and Merchants of New York
State, in convention assembled this day, which
is hereby declared to be as
follows:
1. We are in favor of the
principle-of an adequate wage for women and
minors.
2. We favor the creation of a State
Minimum Wage Commission which,
however, shall be competent and properly
representative of industry,
labor and the public.
3. That we especially favor the
enactment of a Federal minimum
wage
commission law which, upon its
enactment, shall supersede existing State
laws.
We recommend to the Legislative
Committee that it invite suggestions
from individual members of the
Association who are interested, covering
their views as to particular features of
the proposed legislation.
Referring to the above resolution, Carle ton A. Chase
Syracuse, President of the association, was quoted
saying:
of
as
The adoption of this resolution is in no
way astonishing.
It merely is
indicative of the attitude of modern
employers who desire to deal reason¬
ably and equitably with their employees and with those
problems which
affect both employer and employee.
Our association adopted this
policy
when we organized in 1914 and has
maintained it since.
PLAN
FOR
ADJUSTMENT OF TERMINATED CON¬
TRACTS BY DISTRICT BOARDS.
To facilitate the speedy settlement of
terminated con¬
tracts,
a system of district boards is to be established
to
take up the matter of
adjustments with concerns in their
neighborhood.
The plan, it is stated, “will make it
prac¬
ticable for contractors to secure almost
immediately a very
substantial part of their working capital
for use in switching
back to commercial work, even where the
circumstances
such that the final determination of the
compensation
paid cannot be so speedily arrived at.” The proposed
system was explained as follows in a statement issued
by
are
to be
Benedict Crowell, Assistant
munitions
of Dec. 2:
Secretary of War, in charge of
production, printed in the “Official Bulletin”
The War Department authorizes the
following statement by Benedict
Crowell, director of munitions, as to methods of contract
adjustment:
The Armistice has come when American
industry was reaching the peak
of Its production.
There are, therefore, thousands of contracts
outstand¬
ing
which commitments for raw materia] for the future
have been made,
on which much raw material has
been received, on which there is a
large
amount of work in various
stages of completion on its way through the
on
shops.
The Department has first to determine as to
each of these contracts
whether it Is to be carried through, whether the
rate of amount of produc¬
tion Ls to be so reduced that the manufacturer
can gradually taper off and
get into his accustomed civilian work, or whether the
contract is to be
terminated at once.
These questions have to be decided
with due regard
to the conditions of the particular
industry and the importance of preserv¬
ing the continuous employment of labor. When decided
*
there remains a
very serious problem of how to arrive at a just and
prompt determination
of what is due the contractor as a result
of such reduction or termination
of the contract.
Promptness of this adjustment is exceedingly important.
If all the steps for the determination of the
amount due contractors under
these widely scattered
contracts had to be centralized in Washington, no
matter how large and expert the force, it would
take undue time and im¬
pose serious burdens on the contractors.
To meet this situation the War
Department has outlined and adopted the following procedure:
Form of Procedure Adopted.
The contractor will make an
inventory of the raw material on hand,
work in process, and finished articles
ready for delivery, and any other
items of costs, with figures on the various elements of
cost which have en¬
tered into the getting ready for
production, such as new buildings and
machinery not otherwise taken care of. This will be checked
by ac¬
countants of the War Department.
These statements in the
majority of
cases will then be presented to district
boards organized in many of the
larger cities which are the centres of production, such as
port,
New York,
Boston, Bridge¬
Rochester, Philadelphia, Pittsburgh, Cleveland, Chi¬
cago, Detroit, St. Louis, &c.
A board to deal with ordnance contracts at
each of these places will be
presided over by the district ordnance chief, who in every case Ls a civilian
and a prominent business man of the
community, frequently, prior to the
war, having been connected with industries
along similar lines to those now
engaged in war work.
Another member of the board will
generally be
the regional advisor of the War Industries Board.
Such advisors are
prominent business men, often selected for the position by the local Cham¬
ber of Commerce and in intimate touch with the
problem of adjustment
presented by reason of their experience with the industries in their locali¬
ties in getting ready for war production.
Another member will be of legal
training, another a cost accountant, and the fifth a man versed in technical
production.
The latter three members are generally
already available
on the staff of the ordnance district
chief.
With a board so constituted
the public, the Government, and the industries will feel
assured that a just
and prompt settlement may be arrived at.
Boards will also be established
for the settlement of contracts for more standard articles of
merchandise,
such as clothing, leather goods, &c.
Settlement
With
These boards will endeavor to reach
Contractor.
a
settlement with the contractor
along the lines of the policy laid down by the War Department in Wash¬
ington.
Wherever a settlement can be reached between the contractor
board, the board will make its recommendation to
Washington and
the settlement will be finally approved and the amount
thereof
and
a
will
be
promptly paid in full. Wherever there is a difference of opinion between
the^board and the contractor a statement thereof may be made to the sev¬
21S3
eral claim boards in this line of
work in
matter from the data
Washington, who will consider the
presented by the local boards and endeavor to reach
settlement with the contractor.
Failing this, there has been set up in
the War Department a board of
contract adjustment to assist the Secre¬
tary of War. This board, as far as the War Department is
concerned, is
the final tribunal in such cases.
Of course, if the contractor is still dis¬
satisfied with such decision he
may appeal to the Court of Claims.
It is hoped that by this
set-up a very large proportion of the cases may
be settled by the local
boards, and no appeals will be necessary. Since
these local boards wdll be in touch wdth
the local Industry, and they will
have before them the great
importance of a fair and prompt settlement,
the Industries themselves will have
confidence that they will receive fair
treatment, and by decentralizing the work a
prompt settlement may be
a
accomplished.
Repayments to Contractors.
The Department recognizes that it is
highly important to make pro¬
vision for cases where contractors have
such a considerable part of their
working capital tied up in expenditures for labor and other
disbursements
on unfinished work that
without a speedy repayment to the contractors
of at least a part of this sum
they can not make that prompt return of the
plants to commercial work essential to prevent a break in
their continuous
operation and employment of labor.
In many such cases, while it is prac¬
ticable to determine readily a minimum
sum which will be within the
figure
of ultimate settlement, it wdll
frequently be distinct to fix with exactness
the ultimate sum without
delay which will lose to the Government and
the country the
advantage of a speedy return of such plants to commercial
work.
Where this situation exists and to meet
it it will be the policy of
the Department to stand
ready to enter into supplementary contract with
such contractors by which a sum not
to exceed 75% of the amount which
it is certain will
ultimately be paid by the Government on the agreed
basis of adjustment will be
paid immediately to the contractor upon his
consent to a termination of the
original contract and a release to the Gov¬
ernment of its obligations
thereunder, the Department agreeing to pay
subsequently such additional sum as it may determine will
complete pay¬
ment to the contractor on the
agreed basis of adjustment. The machin¬
ery outlined above will be availed of in
arriving at the terms of final set¬
tlement.
This plan will make it practicable for
contractors to secure almost Im¬
mediately a very substantial part of their working
capital for use in switch¬
ing back to commercial work, even where the circumstances
are such that
the final determination of the
compensation to be paid cannot be so speed¬
ily arrived
at.
U. S. CITIZENS ADVISED BY STATE
DEPARTMENT
TO FILE CLAIMS FOR SUBMARINE
DAMAGES.
advised in a statement issued
by
Secretary Lansing on Dec. 1 that they file at the State De¬
partment within thirty days from that date information
concerning losses sustained through German submarine
warfare either before or after the United States
entered the
war.
Insurance companies who have paid or have
pending
claims for losses from the same cause
may also submit
American citizens
were
claims. The statement as printed in the
“Official Bulletin”
Dec. 2 was as follows:
on
In order that American citizens and
concerns may be permitted to co¬
operate fully with the Department of State in the
complete and accurate
ascertainment of the losses sustained by them as a result of
German sub¬
marine warfare, both before and after the United
States entered the war,
the Secretary of State has designated a
period of 30 days, dating from
Dec. 1 1918, in which such information
may be filed with the Department.
Information with respect to losses of cargoes or other
personal property
or effects owned
by Americans should be submitted only where the same
were uninsured or
only partially Insured, and regardless of whether the
property was carried in American or foreign vessels and of the
locality
where the loss occurred or of the destination
of the vessel.
In case of
losses partially covered by insurance the
total value and the amount of
the insurance should be given.
To the original invoice or actual value or
uninsured property should be added all
expenses incurred in connection
therewith.
The name and address of the owner
should be given in every
instance.
•
Statements by Insurance Companies.
American insurance companies who have
paid, or have pending for set¬
tlement, cargo and other personal property losses oi
Americans, in both
American and foreign bottoms, may submit
statements giving totals of
such payments or pending claims.
In submitting the foregoing information it
is desired that it be given
separately under the name of each vessel.
Every
native
submitting information should show
natura ized citizen of the United States.
person
or a
whether he be
a
BILL PROPOSING GOVERNMENT CONTROL OF
WIRE¬
LESS STATIONS IN UNITED STATES.
Hearings
mittee
control
to begin on Dee. 12 before the House Com¬
on a bill
proposing permanent
by the Government of all radio communications
on
are
Marchant Marine
through the acquisition and operation by the Navy Depart¬
ment
of all shore wireless stations in the United
States,
used for commercial purposes.
The bill was introduced in
the House by Representative Alexander, Chairman of
the
House Committee which is to conduct the
hearings on the
measure.
A similar bill, introduced in the Senate
by Chair¬
man Fletcher, of the Committee on
Commerce, is said to
have been approved by President Wilson. Aside
from
providing for the acquisition and operation of the stations
by the navy, the bill directs that the Secretary of the Navy
shall, so far as may be consistent with the transaction of
Government business, open radio stations to general
public
business under regulations prescribed by him and shall fix
the rates for such service.
He i3 also empowered to establish
special rates for the handling of press dispatches by trans¬
oceanic or either special stations. Commercial
business
has been handled
four year8,
[Vol. 107
THE CHRONICLE
2154
through some naval
and since the nation
wireless stations for
entered the war all stations
have been, and still are, operated by the
taken over after the declaration of war
navy.
Stations
included the big
plants at Sayville, L. I., and Tuckerton, N. J., which were
said to have been financed by Germany. A statement,
prepared by officials of the Navy Department setting out
the reasons why the Government regards it as necessary for
the navy to operate or control radio stations in this country,
made public on Nov. 24 by Representative Alexander.
was
all times and at rates lower
is being petitioned by busi¬
York to resume its service,
cables and the poor service which
business public accurate and reliable service at
than those charged by the cables.
Already it
ness firms on the Pacific Coast and in New
owing to the congested condition of the
they are giving.
communication is so
should not be given the
It seems a pity, at this time, when transoceanic
important, that commercial wireless companies
fullest opportunity to meet the public demands.
John W. Griggs, President of the
to say with regard to the prospects
of the bill, the following being taken from the
We also quote what
Marconi Company, has
of the passage
New York
“Times:”
a year ago last
Committee refused to
In general, the bill provides for the acquisition and operation by the Navy
not in favor of Gov¬
ernment ownership.
At that time the bill had the indorsement of every
Department of all radio stations on shore used for commercial purposes.
Irrespective of the general subject of Government ownership, this principle member of the President’s Cabinet, but apparently this was not sufficient
to influence the Committee to act against its own opinions.
la clearly indicated as necessary in the case of this particular public utility.
These last two bills reflect the desire of the Navy Department to bring
Since the early days of the use of radio-telegraphy many companies have
tried to operate radio stations as a commercial enterprise, in the United radio communication, for commercial purposes, entirely into its own hands.
If these bills are pushed now, they will have to be taken In joint considera¬
States generally or in certain localities.
tion with the control of the cables and the land wires.
I think that, in
Except In very special circumstances, these enterprises have failed to
view of the great importance of the question of public or Government
make an adequate return, and in most cases no profit has been made except
through the sale of stock. The reason for this is that a complete monopoly ownership, such measures will not be put before the members of Congress
is necessary.
A period of about eighteen years has clearly demonstrated in the short session that will soon begin. Such bills should be brought
up for consideration when there Is ample time for investigation—I doubt
that the United States Government Is the only concern able to obtain and
whether Congress, realizing its limitations as regards time, will seriously
maintain such a monopoly.
consider these proposals.
The part played by high power stations in this war and before the United
I do not think, either, that they will be pushed.
There are members
States became a party to it shows very clearly the necessity for Govern¬
mental operation of these stations.
Trans-oceanic radio telegraphy is not of Congress who are not in favor of Government ownership, you know.
serious competitor of the cables.
High power stations are not yet able As regards the Navy Department, the officers are divided on control;
of them seem to be wrapped up in Government ownership, while
to receive from one another all day in all seasons.
Cable communication
others are not at all in favor of it.
is secret, while signals from radio stations are transmitted equally in all
It said in part:
bill was before Judge Alexander’s Committee
January, but after full hearings in the matter, the
report the bill because the members at that time were
A similar
a
some
directions, and all
nations can read the
business of all others.
Signals from high power stations become international matter
Even the signals of an ordinary shore station transcend the
at once.
three-mile SECRETARY DANIELS URGES BIG NAVY DESPITE
ENDING OF WAR.
limit and are capable of interfering with the legitimate work of an installa¬
tion under a foreign flag.
Only by the most careful regulation of radio
Continued upbuilding of the American Navy notwith¬
traffic, through international agreement, can the maximum good be ob¬
tained, and only by each nation having the operation of radio stations under
standing the ending of the war and the possibility that the
Its direct control can international agreements be properly executed.
The scien¬ peace conference may adopt measures for international dis¬
This bill is not to create a complete Government monopoly.
armament was urged by Secretary of the Navy Josephus
tist, manufacturer and shipowner are specially provided for, and no change
Is proposed in their status under existing law.
Stations may be licensed for Daniels on Nov. 20 in presenting before the House Naval
special communication, and these are exempted from Government operation. Affairs Committee the estimates of the needs of the naval
In accordance with the Act of 1912, all radio
This Is not a war measure.
during the 1920 year. The three-year
promptly building program provided for by Congress in 1916 is near¬
In April 1917, as a war measure, and are now being operated by that De¬
ing completion, and the Navy Department is now asking
partment. Many changes have occurred during the war. Stations for¬
merly operated commercially have been found to be unnecessary for either for $600,000,000 more in cash and authorization to begin
commercial or war purposes.
a second
three-year construction program. The comple¬
The business of all companies having been suspended, and their op¬
tion of the first three-year program and the carrying out of
erators having made an Instant show of patriotism by joining the navy in
his present recommendations, the Secretary stated, would
the earliest days of the war, It is believed that most of the companies owning
radio stations would be glad at this time to sell their stations to the Govern¬
give the American fleet thirty-two new capital ships or fiftyment at a fair price, which is provided for In the bill.
one dreadnoughts, which would place the Navy of this
At this time, when most of the world is to be made over, when the United
States is fostering the beginnings of a great merchant marine, whose ser¬
country in second place, and close to Great Britain. The
vant radio-telegraphy is, and when the American news and American view¬
new three-year building program, approved by the Presi¬
point are to be disseminated throughout the nations, it is submitted that
dent, calls for construction of 10 superdreadnoughts and 6
the greatest good to the people of the United States as a whole will accrue
already in the establishment
stations in the United States and possessions, which were not
Government’s hands, were taken over by the Navy Department
at sea and
from a variety
of stations
to them from well-regulated communications with their ships
with foreign nations at reasonable rates without interference
of rival Interests within our own borders, utilizing the systems
which is absolutely necessary for the control of the fleet.
battle cruisers besides 140 smaller craft.
In reply to questions as to why he
advocated the policy
expanding the Navy in face of the possible creation of
the
League to Enforce Peace, Mr. Daniels said that it was
The Navy recently completed the most powerful radio
desirable to have a Navy which would be thoroughly repre¬
plant in this country at Annapolis, and messages from it
have been sent dirrect to France and other foreign countries. sentative of the nation, and place it in a position of strength
Another new station is being built on the South Atlantic comparable with the fleets of other world powers. Secre¬
Coast. On the Pacific Coast the Navy operates stations tary Daniels said he favored a League of Nations, without
'at San Francisco and San Diego. Under the proposed bill which, he thought, a great fruit of the war would be lost.
it is provided that just compensation is to be paid for any But as such a League would require an international police
stations acquired in accordance therewith or those which force of sufficient power to compel obedience of its decrees,
may be closed permanently.
In case of disagreement as to he said, the United States must have a large number of
the amount of this compensation the Secretary of the Navy dreadnaughts and battle cruisers., While the Navy had
shall make an offer. If this is, refused he will pay three- expanded in the last year, he explained, construction of
fourths of it pending final adjustment of the claim in the big ships had been put aside to provide small craft to fight
courts.
Edward J. Nally, Vice-President
of the Marconi Wireless Telegraph
ment, issued on Nov. 25,
Government with regard to
ties, said:
Mr.
and General Manager
Company, in a state¬
of
submarines.
Estimates for the Naval bill, which were prepared with
a view of continuing the war, called originally for $2,440,-
concerning the proposal of the 000,000, but were subsequently scaled down, in view of
taking over the wireless proper¬ the signing of the Armistice, to $1,463,992,000. No re¬
duction, however, was made in the estimates for new
Nally wished to particularly point out that the situation with respect
in no way different from that of communication by tele¬
to wireless was
graph, telephone, and submarine cables. In other words, there L* no special
for Government ownership and operation of radio communication
that does not equally apply to other means of communication.
The fact that the statement prepared by the Navy Department and
given out by Judge [Representative] Alexander states that transoceanic
radio telegraphy is not a serious competitor of the cables, and that high-
reason
building.
Rear Admiral Taylor, Chief of the Construction Division
of the Navy, stated before the House Naval Committee on
Nov. 22 that American naval strength will be about twice
the United States
ships will be
Twenty-four
power stations are not yet able to receive from one another all day and in
all
proves that the Government is not able to make the most of
superdreadnaughts
in
1920
will be included the
fleet. There
its opportunities and get the best results from transoceanic wireless opera¬
are now nineteen, and five will be built before July 1920.
tion.
This statement is a weak attempt to minimize, in the eyes of the
Three of the latter are nearing completion—the Idaho,
public, the importance of wireless competition with the cables.
As
matter of fact, before the war, the Marconi Wireless Telegraph
Tennessee, and California. Three hundred and fifty new
Company had inaugurated its transpacific service with Japan and was
destroyers also will be completed by that time, together
building up a very successful commercial business with the Orient. The
cable companies recognized that there was a competitor In the field, be¬
with 112 patrol boats, 35 to 40 submarines, 50mine sweepers,
they were forced to reduce their rates and to add new classes of
and 25 tugs. Submarine chasers, built or building, will
service, which, during all the years they monopolized transpacific commu¬
as great by 1920 as it was in 1917, the year
entered the war. The total number of all
about 800, as compared with 300 in 1917.
seasons,
a
cause
nication, they had refused to do.
The Marconi Company, by reason of its
paparatus, particularly with the aid of the Weagant invention, of
wide announcement was recently made, is in position to guarantee
commission in 1920, Admiral Taylor said.
regard to the contract held by the Ford Motor Com¬
pany for the construction of 112 “Eagle boats,” a new type
not be in
organization and its improved
which
to the
In
Dec. 7
2155
THE CHRONICLE
1918.]
exhibited a copy after peace is declared the President’s authority in this
showing that the respect ends. But the Fleet Corporation has five years to go.
company was to receive a fixed profit of $20,000 on each There remains $200,000,000 of the appropriation, and the
boat.
It may also receive one-fourth of the amount saved $50,000,000 capital stock is intact.
This $250,000,000, Mr.
under an estimated cost of $275,000 each.
“I don’t believe Piez thought, is about enough to meet contingencies in such
that the boats can be built at that price,” said Admiral a vast program.
The steel program of shipbuilding will
Taylor. “If the cost comes below $400,000, it will be extend through the early part of the year 1920. The wood
very creditable.”
In reply to Chairman Padgett, Admiral program will run out in the middle of 1919. If Congress,
Taylor said it was not advisable “as regards the great therefore, votes no more money in 1920, the Emergency
majority of the boats,” to stop construction work because Fleet Corporation will come to an end.
Mr. Piez’s opinion was that the wood ship has fallen in
most of the material ^and machinery was now on hand.
The Navy Department, however, he said, was investigating hard lines because it at once met the prejudice of the people.
His objection was principally that it is too small.
to see whether the program might be reduced.
Most of
those built have been a bit shy of 3,500 tons, and are useful
WOODEN SHIPBUILDING PROGRAM CALLED COM¬
chiefly for the coastwise rather than overseas trade. Only
PLETE FAILURE.
97 of the 712 have been put in service, mostly in the Chilean
By a resolution passed by the Senate on Nov. 21, the nitrate trade, the Hawaiian and the West Indian trade, for
United States Shipping Board was called upon to furnish full which they are specifically suited. Mr. Piez was further
data in regard to the building and disposition of wooden ships quoted as follows:
There are some good ones and some bad ones among the wood vessels.
and the present status of outstanding contracts. According
They were made from new designs and by inexperienced men and built at
to unofficial figures, it is estimated that something like
yards that had never built any ships before. They were essentially an
$303,000,000 was allotted to the building of wooden ships. emergency ship. Most of their fault has been due to mechanical and hull
Certain Senators desire to ascertain just what became of this troubles coming from improper caulking.
The Shipping Board has instructed us to cancel contracts for over a
money and what degree of success attended the wooden ship hundred of them, but a large number will be built yet before the middle of
The resolution of inquiry, introduced by Senator the year 1919.
program.
If, as is the case, the ships are subjected to the investigation and classifi¬
Harding of Ohio, follows:
cation of Lloyd’s Registry, and the American Bureau of Shipping, and are
of anti-submarine craft, Admiral Taylor
of the contract with the Ford company,
Resolved, That the United States Shipping Board be, and is hereby re¬
quested to furnish the Committee on Commerce with a detailed statement
showing:
The number of ships built by the Emergency Fleet Corporation, the yards
where built and the kind and cost of each ship.
The number of ships launched, the number delivered, the number in
service, and what service and terms thereof, including ahe kind of ship in
each instance, and if there has been delay between launching and service,
the reason therefor, with number and kind of ships involved.
Wha^ has been done and when and the details with reference to providing
with regard thereto.
housing for shipworkers under the Act passed
introducing the resolution, Senator Harding said:
In
inspired by the publication in the press of utterances of
Shipping Board and of the Direcor-General of the
Emergency Fleet Corporation that there are places in the shipyards now
for 200,000 men additional to the present force.
It requires but a little fig¬
uring to present the fact that that means an additional expenditure over our
present outlay of more than $600,000,000 a year for labor alone.
No matter what the policy of the Government may be as to the future and
no matter how earnestly we all favor the construction of the largest merchant
marine in the world, it is inconceivable that the Government will go on
The resolution is
the President of the
appropriating money for ship construction at the present rate,
from four to six times the normal cost.
which is
Senator Fletcher explained to the Senate that the law re¬
quires the Shipping Board to make a report to the Senate
Dec. 1, but suggested that this report is general in character
and would not cover the information desired by the resolu¬
tion.
York on Nov. 21 sent a letter to
the Shipping Board, expressing his
Senator Calder of New
Chairman Hurley of
opinion that the whole wooden ship program was a failure,
that no more ships of wooden construction be
started. The Senator’s letter read:
and urging
November 21 1918.
Dear Mr. Hurley:
The Senate to-day by
Committee
on
resolution authorized an investigation by the
of
prompts me to address you relative to the present condition
wooden ship program.
I have information that from 90 to 100 wooden
This
ships have been delivered by the builders, and of this number less than
thirty have actually carried cargoes.
I am also informed that the first
of these vessels sunk in ballast before it could be delivered to the trans¬
portation company to which it was assigned, and the second one consigned
I also understand that
not one of these vessels has yet gone overseas: that none are fit to go, and
that in the neighborhood of 140 wooden ships under contract have not yet
been started.
It is in reference to these 140 that I write to urge that
immediate steps be taken to prevent anything further being done upon
to the same company
sank on its first trip out.
them.
of shipping men have been to see me and they state frankly
whole wooden ship program has been a failure, and that practically
A number
our
all of the money
invested in these vessels will be lost to
the Government.
of course, will be brought out in the investigation, and now
that the war emergency is over, it seems very proper to me that the building
of any further wooden ships should stop.
These facts,
Will you
Sincerely
advise me just what has been
done in the matter?
yours,
WILLIAM M. CALDER.
of Chairman Hurley of the Shipping Board,
Europe, the Senate resolution and Senator
Harding’s statement brought forth a prompt reply from
Charles Piez, Vice-President and General Manager of the
Emergency Fleet Corporation. The Philadelphia “Press”
on Nov. 23 quoted Mr. Piez as saying that Senator Harding
In the absence
who is now in
proceeded on the assumption that the Corporation was
going ahead on an unlimited program, whereas contracts
have been given that practically exhaust the available funds.
Congress voted the Corporation $50,000,000 capital, and
.the President has given over $3,071,000,000 in appropria¬
tions for the Corporation to expend as his agent.
Six months
had
the Senate resolution, Mr. Piez prepared
m offering the resolution calling upon the United
Shipping Board Emergency Fleet Corporation to furnish certain
statements concerning the number of ships built and the cost of same,
stated that the resolution was inspired by the publication in the press of
utterances of the President of the Shipping Board and the Director-General
of the Emergency Fleet Corporation, that there are places in the shipyards
now for 200,000 men additional to the present force.
That estimate was prepared several months ago when, under the pressure
of the war’s necessities, our demands for ship production during the year
1919 could only be met by a very considerable increase in the number of
shipbuilders.
As a matter of fact, however, the Board of Trustees decided early in
September that no new contracts for ships or plant construction were to
be let that vessels that were not likely to be built during the early months
of 1920 were to be canceled, and that the Emergency Fleet Corporation
should begin to shape its policy toward the end that ships should be built
with economy rather than speed as the sole consideration.
The Shipping
Board has announced no policy of unlimited ship construction, but is, in
fact, engaged at this time in imposing such restrictions and making
such cancellations as will assist in bringing the shipbuilding industry
promptly back to a normal basis.
All vessels, both wood and steel, are subjected by the classification
societies to a survey as to the stauncheness and soundness of the hull, the
machinery and the completed vessel, ani a certificate is issued by the classifi¬
cation societies.
The vessels in addition are inspected by the United
States Steamboat Inspection Service, which covers a minute inspection
of the machinery of the vessels.
In addition, all vessels are subjected to
a close inspection by inspectors of the staff of the Fleet Corporation.
All
wooden vessels are subjected before delivery to both a dock and sea trial.
Every possible safeguard Is, therefore, made through inspection and
actual test, as to the seaworthiness of the vessels before delivery.
Minor difficulties with the machinery are apt to arise in vessels of all
kinds, and inexperience of both shipbuilders and workmen in the new yards
is apt to result in defective workmanship in both steel and wood vessels.
Senator Harding,
States
,
Shipping Board and Emergency Fleet
pertaining to the construction of ships of every
character.
that
In response to
the following statement:
Commerce of the
Corporation on all matters
our
required to pass a dock trial and a sea trial, isn’t it proper to ask how a ship
has been operated, if she goes down after passing these tests?
ADVANCES TO RAILROADS BY GOVERNMENT.
Advances of
$515,690,060 have been made by the U. S.
Railroad Administration from April 1 to Dec. 1 1918 to
railroad and other transportation properties under Govern¬
ment control, according to a statement issued under date of
Dec. 2 by Director-General of Railroads W. G. McAdoo.
Of the sum indicated, $316,206,536 came from the $500,000,000 Revolving Fund, while $199,483,524 was obtained from
the surplus
earnings of certain railroads and from the
Ameri¬
Railway Express Co. The advances to the railroads
during November amounted to $94,139,461; the total amount
received during November from 70 railroads on account of
surplus earnings, and including $10,492,968 from the Amer¬
ican Railway Express Co., was $47,646,069, making the ex¬
cess of advances to the railroads for the month over and above
the amounts received $46,493,392. The following is the
statement issued by Director-General McAdoo:
Since April 1 1918 the United States Railroad Administration has ad¬
vanced to the railroad and other transportation properties under Govern¬
ment control, including loans and payments made to railroad corporations
to meet their needs, advances made for operating deficits, and payments
on account of the new standardized equipment, the sum of
$515,690,060
Of this sum the amount secured from the $500,000,000 Re¬
volving Fund was
$316,206,536
can
The balance was
tain roads,
Of the
obtained from the surplus earnings of cer¬
and from the American Railway
ing after deducting the
-$199,483,524
remain¬
Express Co
$500,000,000 Revolving Fund, the amount
above advances to the railroads
$183,793,464
$199,483,524 deposited with the Director-General from time to
time by various railroad lines from their surplus earnings, very much the
larger portion was returned to the railroads which had temporarily made the
Of the
2156
THE CHRONICLE
deposits, and the only railroads which have handed over to the DirectorGeneral up to Dec. 1 1918 surplus earnings in individual cases of as much as
$1,000,000 in excess of the amount advanced to them by the Railroad Ad¬
ministration, were the following:
Atlantic Coast Line and
Louisville & Nashville.$12,355,168
Atchison Topeka & 8 Fe. 11,200,000
Duluth Missabe & Nor.. 10,400,000
Union Pacific System
7,300,000
Northern Pacific
6,777,933
Elgin Joliet & Eastern
6,000,000
Bessemer A Lake Erie
4,000,000
Chicago Burl & Quincy.. 3,950,000
! Duluth & Iron Range—
! Chicago & North West..
Central RR. of New Jer.
Pere Marquette
Pullman Car Lines
Rich Fred & Potomac.__
Los Angeles & Salt Lake.
Atlantic 8. 8. Lines
$3,400,000
3,270,000
2,500,000
1,920,000
1,800,000
1,540.000
1,500,000
1,500,000
The aggregate of sums advanced
by the United States Railroad Adminis¬
transportation systems from April 1 1918 to Dec.
1 1918
(including 121 railroad properties) are shown in the following list:
Pennsylvania RR. Lines_$77,670,000 New York Chicago A St L
$854,775
New York Central Lines. 59,870,000 Atlantic Coast Line
800,000
N. Y. N. H. & Hartford. 50,450,000 Texas A Pacific
750,000
Baltimore & Ohio
24,076,000 Ann Arbor RR
761,800
Chic Milw & St Paul
21,675,000 Central Vermont
735,000
Illinois Central
16,225,000 Indiana Harbor Belt
720,000
Erie Railroad
13,900,000 Chicago Great Western.
707,660
Southern Pacific Lines.. 12,500,000 Wheeling A Lake Erie
700,000
Southern Railway Lines. 10,542,650 Grand Trunk Western__
621,000
Chic Rock Isl & Pac
7,700,000 N Y Ontario A Western.
575,000
Chesapeake & Ohio
7,050,000 Chicago A East Illinois._
537,000
Delaware & Hudson
6,790,000 Pittsburgh A Shawmut.
528.500
Chicago Burl & Quincy.. 6,550,000 Lehigh A New England.
525,000
St Louis-8an Francisco._
6,020,000 Hocking Valley
500,000
Missouri Pacific
5,650,000 Chicago Junction Ry
500,000
Seaboard Air Line
5,610,000 Western Pacific
430,000
Chicago & North West.. 5,230,000 Internat A Great North.
407,215
Union Pacific Lines
5,000,000 Gulf Mobile A Northern.
400,000
Denver & Rio Grande.
4,800,000 Kan City Mex A Orient.
400,000
Philadelphia & Reading. 4,400,000 Chicago Terre H A 8 E
387,913
Wabash Railroad
4,345,000 Bangor A Aroostook
373,000
Northern Pacific
Ind
Cine
A
4,000,000
Western....
350,000
M K A T Lines
3,995,000 Ft Worth A Denver City
340,000
Buffalo Roch A Pittsb..
3,670,000 Atlanta Birm A Atlantic
339,000
Lehigh Valley
3,500,000 Old Dominion SS Lines.
315,000
Boston A Maine
2,817,000 Georgia Railroad.
309,000
Great Northern
2,800,000 Centra! New England
300,000
Norfolk A Western
2,500,000 Pittsburgh A West Va._
300,000
Del Lack A Western
2,500,000 Belt Railway of Chicago.
290,000
Western Maryland
2,372,999 Midland Valley.
270,000
Chic St P Minn A Om...
2.350,000 Rutland RR
266,000
Minn St Paul A 8SM...
2,052,000 Detroit Toledo A Ironton
262,775
Minn A St Louis
San
Ant
A Aransas Pass.
1,895,000
253,000
Chicago A Alton
1,635,000 Ft Dodge Des M A Sou..
246,000
Chicago Ind A Louisvi.. 1,525,000 Vicks Shrev A Pacific
218,000
Louisville A Nashville...
1,500,000 Chicago A West Indiana.
215,000
Central of Georgia
1,450,000 Chicago Peoria A St L._
200,000
St Louis A 8outn West..
1,370,000 Trans-Miss T Ry
190,000
Maine Central
New
Orl Texas A Mexico
1,300,000
176,100
Pullman Car Lines
1,200,000 Illinois Southern
160,000
Kansas City Southern
1,060,000 Duluth S S A Atl
150,000
Hudson A Manhattan
1,012,000 Portland Terminal
150,000
Virginian Railway
l,l0O,OOO Monongahela RR
150,000
Term RR Assn of St L_.
1,081,000 Amer Ref Trans Line
132,000
Florida East Coast
1,050,000 Cumberland A Penna
127,900
Denver A Salt Lake
990,648 New Orl A Great Nor
120,000
Colorado A Southern
975,000 Balt A Ohio Chic Term..
100,000
Norfolk Southern
948,000 Toledo Terminal
100,000
26 roads receiving in each case less than $100.000
1,030,000
Payments on account of standardized engines and cars
87,715,125
tration to all the
.
_
_
Total
$515,690,060
In the following list are shown the amounts advanced
by the DirectorGeneral to various railroads during the month of November, 1918:
Pennsylvania RR Lines.$21,050,000
Southern
Pacific
Chicago Milw A St Paul.
New York Central Lines.
Southern Railway Lines.
Delaware A Hudson....
Boston A Maine RR
Baltimore A Ohio RR
Louisville A Nashville.
Missouri Kan A Tex Ry.
Pullman Car Lines
Maine Central
Erie RR
Chic St P Minn A Om..
Missouri Pacific
_
Chesapeake A Ohio
Atlantic Coast Line
Texas A Pacific
Illinois Central
Buffalo Roch A Pitts
Western Maryland
Lehigh A New EnglandCentral Vermont
N Y N H A Hartford...
Denver A Rio Grande
Denver A Salt Lake
Virginian Railroad
Great Northern.
Term RR Assn of S L__
15 railroads receiving sums
$100,000
Ft Worth A Denver City
5,000,000 Florida East Coast
4,750,000 Ft Dodge Des M A Sou.
4,550.000 Minn A St Louis
3,294,650 Old Dominion SS Line..
2,000,000 Wabash Railroad
1,892,000 Chicago Great Western1,825,000 Cine Ind A Western
1,500,000 Norfolk Southern
1,350,000 N Y Ont A Western
1,200,000 Pittsburgh A Shawmut.
1,000,000 N O Texas A Mexico
1,000,000 Colorado A Southern
1,000,000 Atlanta Birm A Atlantic
800,000 Rutland Railroad
800,000 Chicago Burl A Quincy._
800,000 Monongahela RR
750,000 Seaboard Air Line
:
750,000 Ann Arbor RR
630,000 Soo Line.
560,000 Amer Ref Trans Line
525.000 Chicago A North West..
450,000 I Chicago Terre H A S E__
450,000 Chic Ind A Louisville
400,000 Cumberland A Pennsyl.
400,553 Central of Georgia
300,000 Pittsb A West Virginia..
300,000 Chicago A East Ill
256,000 Toledo Terminal
amounting in each case to less than
_
$255,000
250.000
246,000
225.000
220,000
220.000
200,000
200,000
188,000
175.000
175,000
176,100
170,000
150.000
150.000
150,000
150,000
160,000
148.800
142,000
132,000
130,000
108,461
100,000
102,900
100.000
100,000
100,000
100,000
550.500
ayments on account of standardized locomotives and cars
29,281,495
Total of advances to all railroads in the month of
November,
including payments made on account of new rolling stock for
various companies, as shown above
94,139,461
Total amount received dur ng November from 70 railroads on
account of surplus earnings and including
$10,492,968 from
American Railway Express Co., was
47,646,069
Excess of advances to railroads for the month of November
1918 over and above amounts received as above for same
period
$46,493,392
All loans to railroad companies by the Director-General have been
made
6% per annum interest.
at the uniform rate of
RAILWAY EXECUTIVES' ADVISORY COMMITTEE
DECLARES GOVERNMENT OWNERSHIP AND OP¬
ERATION NOT CONDUCIVE TO
HIGHEST EFFICIENCY.
Problems growing out of the readjustment of the railroads
to
a peace basis were discussed
at a meeting in this city on
the 4th inst. of railroad executives held at the call of
the
Railway Executives’ Advisory Committee. At the con¬
clusion of the meeting a statement was issued
by Thomas
De Witt Cuyler, Chairman of the
Committee, in which he
stated that the railroads “neither expect
nor wish to
escape
[Vol.107
adequate, responsible public regulation,” and that “they
back into the resumption of private operation
all of the good features of Federal control.”
Mr. Cuyler
embodied in his statement resolutions adopted at the meet¬
ing, which among other things declared that “private
initiative, enterprise and responsibility in the creation, ex¬
tension, improvement and operation of the American Rail¬
ways should as a matter of national policy be fostered and
preserved and that Government ownership and operation of
these facilities is not conducive to the highest economic
efficiency of the country.” It is stated that the only one
dissenting from the views expressed in the resolutions was
Newman Erb, President of the Ann Arbor RR., who is said
want to carry
to have declared that unless the roads were returned under
better conditions than those prevailing before the properties
were taken over by the Government, he
preferred that his
road be purchased by the Government.
Alfred P. Thom, General Counsel to the Committee, pre¬
sented a report at the meeting in which he is credited with
stating that the railroad contract would be signed by a ma¬
jority of the roads by Jan. 1, at which time Director-General
McAdoo’s resignation becomes effective.
The “Journal of
Commerce” also had the following to say
regarding Mr.
Thom’s report:
Another feature of Mr. Thom’s report, it was learned, was the statement
that the dispute regarding the allocation of equipment had been
settled
satisfactorily from the standpoint of the corporations. The point of con¬
tention was that the companies were not satisfied with an
arrangement
under which they would be charged for new
equipment at war values and
be paid for depreciation, retirement and
salvage on the basis of pre-war
book values.
The Government has conceded that the
payments shall be
lA% on capital represented. This, it is estimated, will
the rate of 4
at
an additional payment to the carriers
annually of $175,000,000,
distributed as follows: Depreciation, $110,000,000; retirement,
$50,000,000,
mean
and
salvage, $15,000,000.
The settlement of this question clears up the last
remaining difference
between the Railroad Administration and the corporations, it was said.
The following is the statement issued at the conclusion of
the meeting by Mr. Cuyler:
To discuss the
to
problems growing out of the readjustment of the railroads
peace basis, a meeting of the executives of nearly all the American
roads was held to-day at the New York Chamber of Commerce at the call
of the Railway Executives’ Advisory Committee.
There was a frank
exchange of views as to the measures which would have to be taken by
the companies and by the Government to meet the
a
present problems and to
provide for the future development of the railroads.
To-day’s meeting showed that the railroad companies want a read¬
justment which will give the best possible system of transportation to
the country.
They neither expect nor wish to escape adequate, re¬
sponsible public regulation.
They w^ant a relation between rates, wages
and dividends which will stimulate business,
adequately reward labor
and attract the volume of new capital needed for
expansion.
They want,
therefore, regulation which is helpful and constructive as well as corrective.
They want to carry back into the resumption of private operation all of
the good features of Federal control.
If Congress and the public opinion
of the country will pieet the railroads half
way, as we are sure they will,
a solution of all our
transportation problems can be found which will be a
permanent asset in the great tasks which await us.
I can best evidence the spirit and intention with which
our
railroad
men
facing the future by quoting the resolutions adopted to-day
1. That private initiative, enterprise and responsibility in the
creatkm,
extension, improvement and operation of the American Railways shoular
as a matter of national
policy, be fostered and preserved, and that Govern¬
ment ownership and operation of these facilities Is not
conducive to the
highest economic efficiency of the country.
2. That the principle of reasonable, responsible and
adequate Govern¬
mental regulation of these facilities is
recognized and accepted, but such
regulation should provide for encouragement, protection and
upbuilding
of the railways as well as for the correction and check of
any abuses.
3. That, in view of the termination of the w'ar emergency which caused
the taking over of the railroads and their operation
by the Federal Gov¬
ernment, the remaining period of Federal control should be characterized
by a policy of restoration of the integrity of individual properties and of
are
preparation for their return to their respective owners in the
highest pos¬
sible state of efficiency to serve the
country.
4. That a system of Governmental
regulation or control, to be appli¬
cable wrhen the properties are returned, should be
provided by Congress
wrhich, while safeguarding the public, will provide uniformity of
regula¬
tion in essential matters, insure
a
business treatment of the vast interests
involved, attract adequate capital and assure the commercial, manufac¬
turing and agricultural interests of the country of transportation facilities
which shall keep pace with their growing necessities, and deal
equitably
with questions affecting wages and
working conditions of railroad employees.
5. That the standing committee with the advice and assistance of the
Law Committee, be requested to consider and
report back to an adjourned
meeting of member-roads proposals to accomplish the foregoing result? and
plans and methods to be favored in connection with the return of the rail¬
road properties to their respective owners.
6. That, in their consideration of the subject, the Committee invite
the co-operation and assistance of advisers
fairly representative of the
best and soundest thought and experience of the
country.
7 That assurance be given to the Director-General of Railroads and his
associates of our earnest desire to co-operate with them in the performance
of their important and difficult trust and in the
adoption of plans for the
return of these properties to private management and
operation, which
plans shall be just alike to the public, to the owners of the properties and
to the employees engaged thereon.
To work out the plans and legislation required by these resolutions will
take much time and conference.
ings like that of to-day.
nounce
There will, of course, be future meet¬
At this time, however, it is impossible to
the date of the next
an¬
meeting.
Following the meeting the Committee went into executive
session, and added eight new members to its personnel.
These additions
are:
Dec. 7
THE CHRONICLE
1918.]
2157
'
Charles E. Hayden, President of the Chicago Rock Island Sc Pacific
Ry. Co. and of the Minneapolis 9c St. Louis; S. M. Felton, President of
the Chicago Great Western; Henry Ruhlender, Chairman of the St. LouisSan Francisco Ry. Co.; William Church Osborn, General Counsel of the
El Paso 8c Southwestern; L. E. Johnson, President of the Norfolk Sc West¬
ern; E. E. Loomis, President of the Lehigh Valley; W. R. Cole, President
of the Nashville Chattanooga 8c St. Louis, and Bird M. Robinson, Presi¬
dent of the American Short Line Railways Association.
The other members of the Committee
are:
Mr.
Cuyler; S. T. Blescoe, General Counsel of the Atchison Topeka Sc
Earling, Chairman Chicago Milwaukee 8c St. Paul; Howard
Elliott, President of the Northern Pacific; A. H. Harris, Vice-President of
the New York Central Lines; E. M. Hyzer, Vice-President of the Chicago
8c North Western; L.‘ F. Loree, President of the Delaware Sc Hudson;
C. A. Peabody, President of the Illinois Central; Samuel Rea, President
of the Pennsylvania; W. L. Ross, receiver of the Toledo St. Louis Sc West¬
ern; Frank Trumbull: President of the Chesapeake Sc Ohio; F. D. Under¬
wood, President of the Erie; Daniel Willard, President of the Baltimore Sc
Ohio; C. B. Seger, President of the Union Pacific; Henry Walter, Chair¬
man of the Atlantic Coast Lines; J. Kruttschnitt, President of the Southern
Pacific, and A. P. Thom, General Counsel to the committee.
Santa Fe; A. J.
ASSOCIATION OF OWNERS OF RAILROAD SECURITIES
ASKS HEARING BEFORE CONGRESS.
In other words, the
Federal Control Act did not provide for such ex¬
the Railroad Administration apparently deem necessary
In their unification and other plans that were in mind in respect to the
railroads.
This was the position taken by this Association during the
negotiations of the railroad contract. We did not believe that the Federal
Control Act provided for expenditures that the contract offered by the
Railroad Administration seeks to cover.
The statement of the President
Indicates that the position then taken by us was correct.
This situation
has therefore to be taken into consideration, we feel* in connection with
as early a settlement of the railroad problem as is practicable.
Added
importance is given to this because of the purpose of the. President to pro¬
vide for as early a return of the properties as can be satisfactorily accom¬
plished.
At this time we have no completed plans to offer.
The subject is of
vast proportions.
If is it perfectly agreeable to you I will call upon you
with a view of making arrangements for the Association to be heard by
your Committee or by such body as may be delegated by the Congress to
study the questions at issue, and when the plans of the Association have
sufficiently matured to admit of an appearance.
penditures
as
FURTHER OBSERVATIONS OF JOHN J. MITCHELL ON
GOVERNMENT OWNERSHIP OF RAILROADS—
VIEWS OFE. P. RIPLEY AND G. M. REYNOLDS.
.
The Boston “News Bureau” has the following to say rela¬
question of the return of the railroads, growing out tive to the views of John J. Mitchell of Chicago on Govern¬
of President Wilson’s address, was discussed at a conference
ment ownership of railroads, to which we referred last week,
in this city on the 3rd inst. of members of the Advisory
page 2064:
Counsel, recently appointed by the National Association of
John J. Mitchell, President of Illinois Trust Sc Savings Bank and director
Owners of Railroad Securities, and also of General Counsel of St. Paul, Pennsylvania and other large railway systems, also of Pullman
of the Association. At its conclusion a letter sent by Co., has been bombarded with telegrams since his recent interview recom¬
mending government ownership of the railroads. Mr. Mitchell told a
S. Davies Warfield, President of the Association, to the
representative of Dow, Jones Sc Co. the interview was intended as a private
The
Chairman of the Committee on Inter-State Commerce of
the Senate, and also of the House was made public.
In it
Mr. Warfield asks that the Association be given an oppor¬
the question at issue. Of the Advisory
Counsel, ex-Senator Elihu Root and John G. Milburn, New
York, John S. Miller, Chicago, and Hugh L. Bond, Balti¬
more, were present.
The members of General Counsel who
were in
conference were Samuel Untermyer and B. H.
Inness Brown, New York.
The conferences were called by
Mr. Warfield, who was also presents The letter follows:
tunity to be heard
on
Dec. 3 1918.
respectfully ask that at a propitious time
will accord the Association an opportunity to be *ieard in respect to
On behalf of this Association we
you
the return of the railroads to their owners.
The National Association of Owners of
Railroad Securities through its
membership, directly and indirectly, by institutional and individual
membership, represents five billions of the oustanding seventeen billion
dollars of securities of the railroads.
It represents through such member¬
ship thirty million people of the country of the fifty millions (nearly onehalf of the total population). who own or are interested in railroad securities.
Its management is vested in an Advisory Committee of 150 members from
67 cities and 36 States, an Executive Committee of 33 members, an active
Sub-Executive Committee of nine members, a Financial Committee of
70, named from 34 cities and 30 States, a General Committee of 15, rep¬
resenting 10 States, many of this latter committee being sappers.
This Association, therefore, represents largely the ownership of the
railroads of the country.
The position taken by
the Association in so far as the return of the rail¬
is almost identical with that largely
taken by the President in his address before the Congress yesterday.
The
President said among other things the following:
“The one conclusion that I am ready to state with confidence is that it
would be a disservice alike to the country and to the owners of the railroads
to return to the old conditions unmodified.
These are conditions of re¬
straint without developemnt.
There is nothing affirmative or helpful
What the country chiefly needs is that all its means of trans¬
about them
portation should be developed, its railways, its waterways, its highways,
and its countryside roads.
Some new element of policy, therefore, is
absolutely necessary—necessary for the service of the public, nece&sary
for the release of credit to those who are administering the railways, neces¬
sary for t e protection of their security holders.
I hope that Con...
roads to their owners is concerned,
stituted
Sess
once
complete
study
of the
will at
have
a and
prosecuted
and impartial
as rapidly
as possible.
and anxious to release the roads
so
at
a
very
problem
whole
I stand
ready
from the present control, and I must do
early date if by waiting until the statutory limit of time is
of doubt and uncertainty
reached I shall be merely prolonging the period
which is hurtful to every interest concerned."
the public press stated that
under plans which shall protect alike the
shipper, the traveling public, labor and the security owner; provide ade¬
Only recently has the Association through
the railroads must be returned
Governmental regulation, including supervision of railroad
We stated that the Inter-State Commerce Commission Is
the authorized agency to which this will be likely entrusted, and that
legislation by the Congress would be necessarily required for the direction
of that Commission, if continued by the Congress as the regulating body.
We also stated that provision should be made for the retention of such
methods of administration as may have been found to be effective during
Federal control: to increase rather than diminish the advantages to be secured
from individual initiative and to provide for taking care of the obligations
to the Government of each railroad incurred during the continuance of
quate means for
security issues.
Federal control.
We have taken the position that the railroads cannot be returned with
their credit impaired.
If it is. it will be costly to the shipper and to the
The higher their credit, the cheaper can money be secured by
hauling freight and passengers.
that comprehensive plans for strict Governmental
regulation, which shall include supervision of security issues, must be
studied.
They are to be decided upon by the Congress, and should be
worked out coincident!y with the operation of the railroads by the Gov¬
ernment during the remainder of Federal control, with the fixed purpose
and to the end that Congress intended.
Your attention is requested to an important part of the President’s
public.
them for purposes of
We have stated
address in which he says.
“The full equipment of the railways which the Federal Administration
had planned could not be completed within any such period (twenty-one
months).
The present law does not permit the use of the revenues of the
several roads for the execution of such plans except by formal contract
with their directors, some of whom will consent wh le some will not. and
therefore does not afford sufficient authority to undertake improvements
upon
the scale upon which it
would be necessary to undertake them."
conversation, in which he favored government ownership as the lesser of
two evils, but not as the only practical solution of the railway tangle.
Mr. Mitchell now recommends handling the railroads through an organi¬
zation similar to the Federal Reserve system.
The Chicago “Tribune,” from which we quoted Mr.
Mitchell’s remarks of last week, gives the following expres¬
sion of views by him this week (Dec. 4):
John J. Mitchell, after noting extracts from the President’s message
bearing on the railroads, suggested as a solution for the situation that Con¬
gress formulate a plan for control of the properties in a manner similar to
that of the Federal Reserve Bank system which controls in large part the
banking activity of the country. He would have a board of control as
Washington and regional directors responsible to it with the properties
directly operated by the present owners. Mr. Mitchell said in substance:
“I have not the message of the President in full, but I see he accords a
great deal of prominence to the thought that something must be done to
meet new conditions which have arisen since the Government assumed
I feel the President appreciates the largeness of
direction of the roads.
the proposition with reference to the disposition of the properties, and I
regard it myself as an extremely live matter.
Like Reserve System.
feel convinced that the ra¬
be through an organization
similar to that of the Federal Reserve banks system.
To formulate recom¬
mendations to Congress there should be appointed a commission to go
over thoroughly all relations between the owners of the properties, the ship¬
pers and the wage earners, the research to be made with a view to an organ¬
ization such as now substantially controls the banking business.
From the thought I have given the subject I
tional way to handle the roads in the future will
a board of control at Washington appointed In a manner
by Congress and consisting of the foremost men in the
country.
It is my idea that a board of seven members be constituted, with
either three railroad men as a minority or four railroad men as a majority.
Let there then be appointed regional directors, seven in number possibly,
covering the entire country. We have twelve Federal Reserve bank dis¬
tricts, all subject to control of the Federal Reserve Board at Washington.
There should be
to be determined
Operated by Owners.
Let the properties remain under their present ownership for operation,
but directed by regional directors, subject in turn to the final authority of
Washington.
disposition of the railroads to be of as much. If not
more, Importance to the country than that of the banking system.
There
are so many ramifications and changes which have been brought about by
the war that their adjustment for the general Interest of the country at
large presents possibly the most important domestic problem before the
country to-day.
A reversion to the situation which obtained before the war would leave
the public, the investors, the wage earners, and the railroads in an unthink¬
As I see it, no power except that of the Government is now
able condition.
It alone can make rates
able to handle the situation which has developed.
and wages upon a basis which will be accepted as satisfactory.
j
the Government board at
I consider the
wise
Were
Facing Bankruptcy.
It may be noted that to turn back the roads without further legislation
to their present owners would leave them legally in the matter of rates
just where they were before the war, with increased cost of operation.
Be¬
fore the Government took over the properties about a year ago there ap¬
peared to be only bankruptcy ahead, a condition which, of course, would
have upset the country economically.
The
Chicago “Herald and Examiner” on Dec. 3
Mr. Mitchell
as
quoted
follows:
The President shows he has a complete understanding of the Importance
of the railroad problem, both from the standpoint of the investor in railroad
securities and the future of the nation.
I am thoroughly in accord with his intermediate course of “modified
private control under a more unified and affirmative public regulation and
under such alterations of the law as will permit wasteful competition to be
avoided and a considerable degree of unification of administration to be
effected.”
The Government should have
4
full power to maintain an equilibrium be¬
and income. It should be in a position to fix salaries of all
employees. This equilibrium should be maintained in such a
manner as to give a fair return on the Invested capital.
„
Wages have recently been raised and rates have been increased. The
public has accepted these advances without question, as they were decreed
by the Government as a war measure.
tween expense
railroad
THE CHRONICLE
9158
But if the railroads
morrow
there would be
for lower
were
a
to be turned back to
private ownership to¬
shipper in the United States
clamor from every
freight rates.
According to the Chicago “Economist” of Nov. 30, B. E.
Sunny, President of the Chicago Telephone Co., a director
in the General Electric Co. and Chicago City Railway Co.,
and identified with other properties that would be affected,
heartily indorses the position taken by Mr. Mitchell. The
“Economist” says:
[Vol. 107
tration Advisory Committee on Finance, and is in New York
making arrangements for the financing of post-war require¬
ments of Italian interests.
Mr. Criscuolo has been one of
the most ardent advocates of the financing of Italian indus¬
tries by American interests and his articles on the subject
have attracted wide attention in financial circles both here
and abroad.
other persons assenting neces¬
EX-KAISER SIGNS ABDICATION DECREE-CROWN
PRINCE STILL CLINGS TO RIGHTS.
sarily consider this as right from the standpoint of good business theoretics.
It is simply a surrender.
It is a necessity of the situation, as they look at it;
and this view applies not only to the railroads but to all public utilities,
The text of the formal act of renunciation of the former
German Emperor was made public by the Berlin Govern¬
the Federal Government to control the steam roads and each State
ment
It must not be understood that either he
or
or
municipality its own local utilities.
Mr. Sunny thinks that the country should take this ground as a protec¬
tion against Bolshevism, which is latent in a large percentage of our people,
and has at times made some demonstrations.
It is a safeguard against
chaos.
He is well acquainted with the situation in all cities of this country,
and considers the status of the public utility companies utterly pitiable,
with the corporations pauperized on a 5-cent fare, or quarrelling with the
public over a possible 6 or 7, with certain companies already on the higher
level but yet earning nothing on their stock, with great improvements a
necessity to the proper performance of their functions and no capital avail¬
able for the creation of those improvements.
He is willing under the
circumstances that the burden shall be thrown
on
the various govern¬
ments, deficits to be made up by taxation of the people.
The change in the attitude of these leading men is marvelous.
A year,
three months, or perhaps thirty days ago, they would have stood by the
principle of corporate ownership. To-day they say, “Let the public take
properties and we will see what they can do with them. We have
worked faithfully and intelligently in the creation of the utilities.
We are
denied a reasonable income on our capital.
The governments, under the
leadership of politicians, not all of whom are of the highest type, have
denied us a fair chance.
We throw up the sponge.”
these
E. P. Ripley, of
the following to say
Atchison Topeka & Santa Fe RR., has
with regard to Mr. Mitchell’s views:
I think Mitchell’s statement was more of a diagnosis than a recommen¬
I agree with him that Government ownership is necessary under
dation.
the present conditions, because the public would not be willing to pay for
the cost of better service that would come with private ownership.
Now
the service is inferior and rates are high.
It is the desire of the public to
*
get the best kind of service for the least amount of money.
My objections
to Government ownership are not made from the standpoint of stockhold¬
ers, but from the standpoint of a citizen.
I think it will mean the begin¬
ning of the end of our republic. It is utterly Impossible for a country like
ours
to manage
the railroads without politics.
And politics will certainly
kill service.
George M. Reynolds, President of the Continental &
Chicago is quoted to the fol¬
lowing effect:
Commercial National Bank of
I think President Wilson’s scheme of modified private control under
Government regulation is the best solution to the railroad problem that
has yet been advanced.
However, I feel that the regulation should be
absolute control so far as wages and rates are concerned.
The Govern¬
ment should be empowered to fix wages and to fluctuate rates to meet
#
changing conditions.
These two factors form the balance wneel of the
situation.
If wages are low and rates high the railroads will make more
money than they are justly entitled to, and vice versa.
In short, I feel the Government should nationalize our railroad lines, com¬
bining and consolidating where it is essential, but leaving actual ownership
in private hands.
In doing this the Government should see that the security holders are
protected, both as to their principal and their income. I think this is
what the security holders desire.
JULIUS
KRUTTSCHNITT OPPOSED TO
GROUPING OF RAILROADS.
REGIONAL
According to the New York “Evening Post” of Dec. 4,
Julius Kruttschnitt, President of the Southern Pacific, is
opposed to “regional grouping” of railroads mentioned by
President Wilson in this week’s message to Congress.
The
“Post” quotes Mr. Kruttschnitt as saying:
My objection to the regional plan as I understand it is that it would
a forced alienation of the properties at what would, no doubt, be
a sacrifice of values, and would result in a practical destruction of all com¬
petition. For what purpose? Apparently for the purpose of securing the
benefits of unified control and the efficiency of Federal operation.
Is it not well to ask whether the price to be paid for these benefits is not
too high, and whether they cannot be secured at a lower price?
There is
no reason whatever, as has been proven by past experience, why with a
modification of the Federal control which has existed in the past, the
public cannot secure the unquestioned benefits of private initiative and of
efficiency equally as great as, or greater than, that shown by the Federal
start with
Railroad Administration.
The latter has made more intensive
use
of all of the methods the railroads
originated in the way of securing greater car loading and greater train load¬
ing, rendered possible by the exercise of powers which had always been
denied to private control.
As I have already said, these benefits, if the
public desires them, can be provided under private control with such
Governmental regulation as will make the results possible.
Much has been accomplished by the Federal Administration in suppress¬
ing competition and using faclities in common where it was for the public’s
good.
Railroad officers generally believe that the absolute suppression
of competition contemplated by the regional plan, as well as by Government
ownership, would result in stagnation, and that there would be no stimulus
for the roads under such a plan to strive continually to better their service;
whereas, under competition regulated by Government, all of the benefits
arising from the desire of private owners to increase the traffic and earnings
of their roads would follow.
RESIGNATION OF SECRETARY OF RR. ADMINISTRA¬
TION ADVISORY COMMITTEE ON FINANCE.
Luigi Criscuolo, formerly with Redmond & Co., has re¬
signed as Secretary of the United States Railroad Adminis¬
on
Nov. 30, “in order to reply to certain misunder¬
standings which have arisen with regard to the abdication.”
It was signed at Amerongen on Nov. 28, and reads as fol¬
lows:
By the present document I renounce forever my rights to the crown
rights to the German imperial crown. I release at the
same time all the officials of the German Empire and Prussia and also
of Prussia and the
all officers, non-commissioned officers and soldiers of the Prussian navy
and army and of contingents from confederate States from the oath of
fidelity they have taken to me as their Emperor, King and Supreme Chief.
I expect from them, until a new organization of the German Empire
exists, that they will aid those who effectively hold the power in Germany
to protect the German people against the menacing dangers of anarchy,
famine and foreign domination.
Made and executed and signed by our own hand, with the imperial seal,
at Amerongen, Nov. 28.
WILLIAM.
(Signed)
While the foregoing
of the
makes
document constitutes a renunciation
rights of the former Emperor, it is to be noted that it
no
dynasty.
to his
reference
heirs
or
the Hohenzollern
to
And the former Crown Prince, in
an
Associated
Press interview granted at his place of internment in Hol¬
land on Dec. 3 took occasion to deny explicitly that he had
abandoned his rights to the throne or signed any act of re¬
nunciation.
His words, as quoted, were:
I have not renounced
anything and I have not signed any document
However, should the German Government decide to form
a republic simlmar to the United States or France, 1 should be perfectly
content to return to Germany as a simple citizen ready to do anything
to assist my country.
I should even be happy to work as a laborer in a
factory. At present everything appears chaotic in Germany, but I hope
things will right themselves.
whatever.
Advices to the State
30 said:
Department from Berne
Nov.
on
It is said in competent circles in Berlin that although William II. has
formally renounced the throne, the renunciation affected only himself,
which shows that the German people were quite right when they refused
to believe that the Emperor had actually abdicated.
The renunciation
which he consented to make, if the information reported is correct, includes
also all sorts of mental reservations.
A
special dispatch from Washington to the New York
on Nov. 30, in referring to the fact that Admiral
von Hintze, former Foreign Secretary, had been sent by the
“Times”
Berlin Government to obtain from William II.
abdication,
a
formal
said:
It was assumed at the State Department that Admiral von Hintze was
selected for his delicate mission because he is an intimate friend of the exKaiser.
It is known that William II. has desired to evade an unequivocal
surrender of his title and authority, hoping that developments in the former
Empire might so reshape political conditions and national thought that he
might regain the throne.
It was intimated in a diplomatic quarter to-day that the new German
Government bad been informed that the Allies and America could not
treat with
Germany’s representatives at the Peace Conference as the pleni¬
potentiaries of a democracy so long as there was no absolutely dependable
proof of the abdication of the Emperor.
The final abdication of the thrones of Germany and Prussia signed by
William Hohenzollern on Nov. 28 had already been announced by Prince
Max on Nov. 9 in a decree which began with the words “The Kaiser and
King has decided to renounce the Throne.” It went on to say that the
Crown Prince would do the same; that a bill for general suffrage was to be
proposed, and one for a “German National Assembly which will finally
setvle the future form of Government of the German nation.”
The Kaiser did not sign this decree, which was the
Max as Chancellor.
He was on his way to Holland.
There
last issued by Prince
two readings to a certain passage in the decree—one sent abroad
published in Germany. The former reads: “For the Regency he
(the Kaiser) intends to appoint Deputy Ebert as Imperial Chancellor.”
The one for German consumption read: “He contemplates proposing to
the Regent [probably Prince Max, who may have figured as such in a decree
never published], the appointment of Deputy Ebert as Chancellor.”
The formal abdication of Nov. 28, as sent from Berlin, makes no mention
and
are
one
of the other Hohenzollems.
The amendments to the German constitution
proposed by the Kaiser in a decree published Sept. 30 do not deal with the
succession.
They provide that a member of the Government may also
retain his seat in the Reichstag and divide the responsibility of the Federal
Council, on questions of peace and war, with the Reichstag; but the first
paragraph of Article XI, which states that the King of Prussia shall be
the President of. the Confederation, with the title of German Emperor,
remains unaltered.
Therefore, with the abdication of Wilhelm II as King and Emperor, Prince
Friedrich Wilnelm, the former Kaiser s eldest son, became de jure King of
Prussia and German
Emperor.
The fact that Wilhelm II did not sign
Prince Max’s decree of Nov. 9 made it binding upon neither father nor son.
That both Prince Max and Herr Ebert considered it binding on themselves
to a certain extent was solely due to their power and inclination to make it
so.
Both chose to ignore
the Regency
passage
either way it reads.
An Amsterdam dispatch to London on Dec. 1 indicated
that the Kaiser’s abdication decree was published at the re¬
quest of the Dutch Government.
The
many rumors
and
Dec. 7
1918.]
THE CHRONICLE
reports representing the ex-Emperor as plotting to return to
the German throne placed the Netherlands Government in
the
embarrassing position of apparently sheltering an active
of the Allied nations. Public feeling in Holland, the
dispatch said, had been driven to a high pitch by these re¬
ports, and it was believed that the Hague Government served
a virtual ultimatum on the ex-Kaiser,
resulting in the publi¬
cation of the decree, though ostensibly it came in response
enemy
demand from the Berlin Government.
out in London, however, that the document
to
a
It
was
was
pointed
not counter¬
signed by a responsible German statesman. Under the Im¬
perial constitution of Germany, all decrees of the Kaiser
must be countersigned by the Chancellor to be valid.
Recent news from Germany indicates that counter-revo¬
lutionary activity by army officers has been giving much
concern to the new Government, and the Socialist press has
served notice that a continuance of royalist agitation will
bring reprisals. The Berlin “Vorwaerts,” as quoted in dis¬
patches to the New York “Times,” on Dec. 3, after referring
to a number of incidents of the kind, wound up by saying:
The officers will have to blame themselves If such incidents create
a
dangerous situation. In our interest they should prevent irresponsible
parties from committing such obnoxious acts. The people will no longer
tolerate the insolence of a small class relying on the sabre.
Officers as a
class will suffer for this sort of thing, and very bitterly.
The most formidable plot so far discovered involved Field
Marshal von Mackensen and many of the higher officials and
Generals of the old regime, and was described as follows in a
dispatch from Amsterdam to the London “Express” on Dec.2:
According to the dispatch, which was filed at Amsterdam on Friday, the
men behind the plot were Field Marshal von Mackensen, General von
Born, and General Count 3ixt von Araim. It is said that they instructed
the Prussian Officers Corps to carry on a pro-Emperor agitation, begin¬
ning immediately after the demobilization of the troops was completed.
Large sums of money are said to have been placed at the disposal of the
leaders by munitions makers.
The plot collapsed, owing to the fact that a Secret Service agent overheard
a telephone conversation.
Many arrests have been made in Berlin and
other cities, while the Government has long lists of suspects, who had
planned to seize members of the present Government.
No direct evidence of William Hohenzollem’s connection with the plot
has been found, it is said, but it is believed that the outline of the plan was
brought to Berlin by two of his suite, who recently went to the German
capital for the ostensible purpose of taking the wife of the former Emperor
toAmerongen, Holland.
Lieutenant Dr. Gustav Krupp von Bohlen is said to have been in control
of the financial arrangements.
Firld Marshal von Mackcesen is reported
to have attempted to induce Field Marshal von Hindenburg to Join, but
the latter refused, saying that he intended to retire after the demobiliza¬
chief
tion of the army.
The whole Prussian Court, it is stated, was in sympathy with the plotters
and Prince von Bulow and Dr. Georg Michaelis, former Imperial Chancel¬
lor, had promised to help.
The plan
ment under Field Marshal
von
was to organize a provisional Govern¬
Mackensen or some other military leader
and then urge William Hohenzollem to return.
BAVARIAN GOVERNMENT REVEALS GERMAN GUILT
FOR STARTING WAR-SOCIALISTS DEMAND
TRIAL OF KAISER.
The publication by the new Bavarian Government of cor¬
respondence from the Bavarian Ambassador at Berlin in
1914, tending to prove the guilt of the Kaiser’s Government
in starting the world war, created a great stir in Germany and
resulted in renewed demands for the trial of the Kaiser and
his principal Ministers before a revolutionary tribunal.
This
demand was voiced in the “Vorwaerts,” organ of the Moder¬
Socialists, as well as in the organs of the Liebknecht, or
Spartacus group. The latter, however, are said to demand
a reckoning with Ebert, the present Chancellor, and other
Socialist leaders, declared to be compromised with the old
regime. A British Wireless dispatch from London on Nov.
25 gave the following summary of the revelations made by
ate
the Bavarian Government:
Publication of the official reports from the Bavarian Minister at Berlin
to his home Government confirms and amplifies evidence already in the
hands of the Entente, that Germany and Austria conspired to bring about
the war.
It was for this reason that the terms of Austria’s ultimatum to
Serbia were made so drastic that hostilities were bound to follow.
These revelations have been published in Munich after permission had
ben asked by the Bavarian Premier and Foreign Minister of the German
Federal Government.
They are in the form of a report sent to Munich on
July 18 1914 by Count von Lerchenfeld, the Bavarian Minister at Berlin.
According to the report, the delivery of the ultimatum to Serbia was de¬
layed, as previously intimated, until after President Poincare and Premier
Viviani of France had visited St. Petersburg, which would make it difficult
for the Entente nations to arrive at an understanding and take counter
measures.
Count von Lerchenfeld said that “Serbia, obviously, cannot accept such
conditions as will be laid down,” and that as a consequence, “there must be
war.”
He declared that action on the part of Austria could not be long
delayed, “for that might give Serbia, under pressure from France and Rus¬
sia, an opportunity to offer satisfaction.”
feii In a telegram fo Munich from Berlin on July 31 1914, Count von Lerchen¬
feld said that Sir Edward Grey’s efforts to preserve peace would “certainly
not succeed in arresting the course of events.”
Later on the same day he
wired information as to ultimatums to Russia and France, forecast their re¬
jection by both nations, and told of plans to hurl Germany’s armies against
He said
France, which, he said, would be “overwhelmed in four weeks.”
that the morale of the French army was poor and that it was poorly armed.
2159
On Aug. 4 the Bavarian Minister outlined Germany’s intention to violate
Belgian neutrality, saying:
“The Chief of the General Staff has declared that even British neutrality
will be paid for too dearly if the price is respect of Belgium.
An attack on
France is possible only through Belgium.
With regard to the effect in Germany of these disclosures,
Associated Press dispatch from Berlin dated Nov. 25 said:
an
“We demand the immediate convening of a revolutionary tribunal for
the purpose of passing sentence on the Hohenzollerns, father and son, and
Bethmann-Hollweg, says the “Red Flag,” the organ of Dr. Karl
Liebknecht, in commenting on the disclosures made in Munich concerning
the complicity of Germany in bringing about the war.
“William II.,”
the paper continues, “must be commanded to return and give and account
before this tribunal.”
The Spartacus organ also demands a reckoning with the Socialist leaders,
Ebert, David, Molkenbuhr, and others, for participation in propaganda
calculated to absolve Germany from responsibility for causing the war.
“We have been told that Germany had no knowledge of Austria’s ulti¬
It was a lie,
matum to Serbia.
“Berlin was said
says “Vorwaerts."
to have admonished Vienna to go slow.
It was a lie. On the contrary,
on von
Berlin incited Vienna.
“In the course of his proclamation William II. declared: ‘In
peace we are
attacked by the enemy.’
the midst of
A base, impudent, bottomless,
shameless lie.
“And does this band of mass murderers, who in the progress of the revo¬
lution and through the generosity of the German people managed to escape
unhurt, really still believe it can once more establish its blood-stained,
bedecked rule?”
lie-
of the Independent Socialists, “Die Freiheit,” says:
“They committed high treason. We cannot lay hands on William and
his son, but it is to be hoped that they will yet be broughe to justice.
Their
fortunes, however, must be confiscated.
Von Bethmann-Hollweg, von
Jagow and Zimmermann, who were their tools, must forthwith be arrested
and brought into court.”
The Conservative “Tagliche Rundschau” asserts that the disclosures not
only are inopportune in view of the negotiations, “for a revision of the
armistice conditions,” but primarily are intended to stimulate a revolu¬
tionary sentiment.
Count zu Reventlow in the “Tageszeitung” says that neither BethmannHollweg nor his associates desired a world war, and that they were not
prepared for it. The Count adds:
“It is not to be denied, however, that their jumbling was responsible
for complications which ultimately involved Germany.”
The organ
INVESTMENT BANKERS’ ASSOCIATION TO MEET IN
ATLANTIC CITY NEXT WEEK.
change in the convention plans of the Invest¬
America was announced this
week.
It had originally been planned to hold the conven¬
tion in St. Louis on Nov. 18, 19 and 20; the influenza epi¬
demic there, however, caused a postponement in the date
several weeks ago, Dec. 9, 10 and 11 being chosen as the new
dates.
This week, because ot a fresh influenza outbreak in
St. Louis it was decided to hold the convention in Atlantic
City, at the Marlborough-Blenheim Hotel. The meeting
will take place next week on the scheduled dates, namely,
Dec. 9, 10 and 11. Particular attention is to be paid at
the convention to the securities of foreign countries, some
of which were introduced here during the war, and many
more of which are expected to be offered as time goes on.
On,e interesting report to be presented at the convention
will be that of the Foreign Securities Committee, of which
T. W. Lamont of J. P. Morgan & Co. is Chairman.
This
committee has given a great deal of time and thought to
the study of foreign securities and the probable market for
them in this country.
Advices were received in New York
on the 5th from the Secretary’s office of the association stating
that William G. Baker, Jr., of the banking firm of Baker,
Watts & Co. of Baltimore, has been nominated for President
by the Nominating Committee.
A further
ment Bankers’ Association of
ITEMS
ABOUT
BANKS,
TRUST COMPANIES,
&c.
Only two shares of bank stocks were sold at the Stock Ex¬
change this week and none at auction. Two lots of trust
stock, aggregating 22 shares, were sold at auction..
reporting bid and asked quotations, de¬
posits, surplus, &c., of banks and trust companies in all im¬
portant cities in the United States are published monthly in
the “Bank and Quotation” Section, the December issue of
which accompanies to-day’s “Chronicle.” Bid and asked
quotations for all New York City bank and trust company
stocks are also published weekly in another departemnt of
this paper, and will be found to-day on page 2179.
company
Extensive tables
BANK—New York.
Low. High.
Shares.
*2 Commerce, Nat. Bank of
195
195
TRUST COMPANIES—New York.
10 Central Union Trust
12 N. Y. Life Ins. & Trust
*
416
869
416
869
195
Last previous sale.
Nov. 1918— 207H
416
869
Nov. 1918— 871
Close.
—
Sold at the Stock Exchange.
•
Growing out of the necessity for expansion as an after the
measure the Bank of Montreal at a meeting of the
directors on Monday last announced through its New York
office at 64 Wall Street, that an agency was soon to be opened
in Paris. This step was taken, it was said, as a special
war
2160
measure
spend
THE CHRONICLE
of service to Canadian and British soldiers who will
some
time in France,
or even
Germany,
even
after
the articles of peace have been definitely signed, as guards
in policing the occupied territories during the reconstruction
period. The decision was made at the instance of Sir Vin¬
cent Meridith, Bart., President of the bank, and was unani¬
mously acted upon by the directors. At the same time it
was decided to place the stock of the bank on a straight
12% basis without a bonus, instead of retaining the old
method of 10% paid quarterly with the bonus of 2% semi¬
annually. While the dividends to all intents and purposes
will remain the same, the payments are to be placed on a
straight percentage basis.
The New York agency at 68 Wall Street of the Standard
Bank of South Africa, Ltd., announces the receipt of a
cable from its London office, stating that on the 2nd inst.
a branch of the bank was opened at 17 Northumberland
Avenue, London, next door to the Royal Colonial Institute.
[Voi.. 107
banks in the country where the president has been in the institution longer
than any of the other officers or employees.
Mr. Alexander came to the bank Jan. 2 1885, and, barring a short
period, from May 1907 to February 1908. when he was Treasurer of the
American Express Co., he has been continuously with this bank ever since
he joined it.
“We can hardly refer to a more conspicuous instance of reward gained by
constant, persistent energey," said Mr. Saunders in commenting on these
facts.
The appointment of two new
Assistant Cashiers is
an¬
nounced by the National Bank of Commerce in New York.
One appointment comes as a promotion for Don L. Moore,
Manager of the Bond. Department of the bank, while the
other, that of E. W. McDonald, represents the addition of a
man of special experience in the steel trade to the bank’s
forces.
Mr. Moore is a specialist in bonds.
He joined the
National Bank of Commerce in July of this year. Previous
to that he was a member of the bond house of Kelley &
Moore. Mr. McDonald was assistant to the President of
the Truscon Steel Co., Youngstown, Ohio.
He has served
with that company in various responsible capacities since
1906.
It is announced that the Hanover National Bank of this
Following usual custom, the Fulton Trust Co., Singer
city has availed of the privileges to act in a fiduciary ca¬ Building, this city, will deliver
to its depositors and friends
pacity under the terms of the Federal Reserve Act. The a leather-bound pocket diary
of 1919.
institution, it is stated, is the first national bank in the
•
city to take this action.
The suspension from the New York Stock Exchange for
The National
City Bank of New York announces the open¬
ing of three additional banking houses in South America.
Two of them are to be opened at once in Argentina.
One
will be at Rosario, the important city of Argentina situated
on
the River Parana north of Buenos Aires and second in
period of five years of Charles Morgan of the firm of
Morgan & Kane was announced on the Exchange on Dec. 5.
Mr. Morgan, it is said, was charged with conduct “inconsist¬
ent with just and equitable principles of trading.”
A
statement issued by him said:
a
November 1917 I was a member of the firm of Sheldon, Morgan
importance to Buenos Aires as a port of the country. Rosario & Until
Co.
I was the floor member operating on the Exchange, and Paul
is an important and live centre of distribution of merchan¬ Sheldon was the office member of the firm. In November 1917 the firm
dise. Its exports in 1913 (the latest normal year of com¬ was dissolved and that of Morgan & Kane was formed by Harry J. Kane
and myself.
merce) aggregated nearly $90,000,000, compared with nearly
Mr. Morgan is further said to have explained that about
$170,000,000 exported through Buenos Aires. It imported
a
year and a half before the dissolution of Sheldon, Morgan
about $37,000,000 worth of general merchandise in 1913, as
&
Co. there was formed without his knowledge a pool in
compared with something over $300,000,000 that came in
some stocks, which likewise without his knowledge, he said,
through Buenos Aires. The other Argentine banking house
will be technically a sub-branch of the Buenos Aires branch, were bought in the name of the firm. These stocks, he said,
but will be completely equipped for full banking service. were later sold to customers without his knowledge, a com¬
It is located in the Once section of the city of Buenos Aires. mission of one-eighth being charged on the sales. Mr.
This is the heavy wholesale merchandising and manufactur¬ Morgan is reported as adding:
It is a violation of one of the ru.es of the Stock Exchange to charge a
ing section of the city (which has 1,600,000 inhabitants), as commission
on the sale of your own stock.
The entire transaction was
distinguished from the financial district, where the head unknown to me. Recently it was discovered by the Governing Committe
banking house for Buenos Aires (the pioneer of foreign of the Stock Exchange while going through some other transactions. As
branches of national banks of the United States) is situated. the floor member of the firm the charge was made against me, and though
I was entirely innocent I was held responsible, the contention of the Board
For many months it has been felt that a banking house in of Governors being that the floor members of partnerships should know
the Once section of the metropolis of the Southern Hemi¬ what the office members are doing.
sphere would be a means of additional service to the business
interests of the city and a means of handling the transactions
Major Gerrard Comly has resigned from the Army and
♦
involved in the heavier movement of commodities with better
The third banking house to be opened at once will
be at Santiago, Chile., where there has been an office for
results.
has resumed his duties as Vice-President of the Citizens’
National Bank of New York. Major Comly was a member
several months through which business was done
of the General Staff and returned from France early in
November.
by the
Valparaiso banking house. A complete bank has been found
necessary because of the growth of the business.
In regard
to the Buenos Aires branch, it may be of interest to state
that after its establishment, in November 1914, in the Bolsa
(Bourse) Building, it was compelled to seek larger quarters
in 1916 at 84 San Martin, where its present banking house is.
The deposits of this banking house, according to recent
cablegram, were equivalent to $33,000,000.
«
The proposal of Empire Trust Co. of this city to increase
its capital from $1,500,000 to $2,000,000, having been
approved by the State Superintendent of Banks and by the
Capital Issues Committee, the new stock will be offered to
shareholders of record Dec. 10.
•
The stockholders of the East River National Bank of this
city
on
Dec. 4 ratified the proposition to increase the capital
from $250,000 to $1,000,000.
John W%. Marno has been elected Cashier of the National
Union Bank of Boston, succeeding Arthur E. Fitch, whose
sudden death was noted in these columns Nov. 23.
Mr.
Marno had previously been Assistant Cashier of the bank.
At
a
meeting of the board of directors of the Ninth National
Bank of Philadelphia, held Dec. 4, John G. Sonneborn,
Cashier, was elected a Vice-President and Charles B. Conn
appointed an Assistant Cashier. The other officers are:
was
A
“Commerce” book entitled “Commercial Banking
Practice,” has been issued by the National Bank of Com¬
merce of New York.
The new book presents a compilation
of the law rules and regulations governing acceptances.
The development of American Commerce following the
new
return of peace will be materially aided by acceptances, the
use of which means added
efficiency and economy in com¬
mercial banking.
The following concerning the length of service of President
Alexander in the National Bank of Commerce appears in
the “Commerce Monthly” for November:
President J. S, Alexander is tiie oldest man In point of service in the
personnel of the National Bank of Commerce in New York, it is pointed
out bw Cashier Saunders.
Mr. Saunders believes that there are very few
Ira W. Barnes, President.
,
Joseph T. Pearson, Vice-President.
E. Henry Thurman, Assistant Cashier.
»
Paul A. Seeger, formerly President of the Drovers &
Mechanics National Bank of Baltimore and now a VicePresident of the National Exchange Bank of that city,
together with R. Howard Bland, heretofore a director of
the former institution, have been elected members of the
board of directors of the National Exchange Bank.
Other
directors of the Drovers & Mechanics National Bank,
retiring as a result of the decision of that institution not to
unite with the National Exchange Bank (referred to in our
issue of Nov. 23) have been asked to joint the directorate
Dec. 7
1918.]
THE CHRONICLE
of the National Exchange Bank,
although it was explained
their election could not take place until the annual
meeting
of the stockholders of the institution in
3161
for the past several years
traveling auditor for the Helman
banking interests on the Pacific Coast. Mr. Newman has
January next when been an employee of the bank for the last thirteen years, and
by-laws may be changed, increasing the fnembership of has come up the line from clerk through the various tellerboard.
It is expected Hamilton G. Fant, Merville ships to an official
position.
Carter, George W. Atkinson and George W. Kirwan
the
the
H.
will avail themselves of the invitation.
In the meantime,
these four prospective directors have been invited to attend
the board meetings of the National
so
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
Exchange Bank, if they
desire, and in this
as
way become familiar with its business
methods and accounts.
President Hopkins of the Drovers
reported by cable, have been
London,
Week ending Dec. 6.
Silver, per oz
d.
Consols, 2 yi per cents
British, 5 per cents
British, 4H per cents
French Rentes (in Paris), fr_
French War Loan (in Paris) fr
& Mechanics National Bank, we understand, has
arranged
to
buy the stock of the retiring directors, leaving them free to
invest in the stock of the National Exchange Bank and
thus become eligible for membership in its directorate.
The
»
Nov.30.
follows the past week:
as
Dec. 2.
Dec. 3.
Sat.
Mon.
Tues.
48^
48?*
59 %
94H
99
Holiday
Holiday
Holiday
62.90
87.90
48J*
price of silver in New York
Silver in N. Y„ per oz-_.cts.101H
101
Dec. 5.
Wed.
Thurs.
94H
48J*
69^
94H
99
62.90
87.90
99 %
62.90
87.95
59
62.90
87.90
Dec. 4.
the
on
101 %
Dec. 6,
Frl.
48^
48 7-16
60
94 H
99*4
59 %
94V*
99
62.90
87.95
62.90
day has been:
same
101H
101H
101X
The Mellon National
Bank, of Pittsburgh, by the transfer
of $800,000 from undivided profits increased its
surplus,
Dec. 2, to $4,000,000, leaving undivided
profits of $431,000.
The capital stock of $6,000,000 is
unchanged.
Canadian Bank Clearings.—The clearings of the Cana¬
dian banks for the month of November 1918 show an increase
over the same months of 1917 of
16.1%, and for the eleven
months the
November.
The
Susquehanna Trust & Safe Deposit Co. of Williams¬
port, Pa., has been admitted to membership in the Federal
Reserve Bank of Philadelphia. The company has a capital
of $400,000 and a surplus of $300,000 and total resources
of nearly $3,000,000.
1918.
Vancouver ._1
Ottawa
Quebec
Halifax
Calgary
Hamilton
St. John
Victoria
London
Edmonton
Sheppard is Secretary-Treasurer of the Nelson-Sheppard
Company.
..
Regina
Manufacturing District Bank
Brandon
Lethbridge
of Chicago have elected F. C. Hoebel an Assistant Cashier.
Mr. Hoebel’s banking experience extends over a
..
Saskatoon
Moose Jaw..
Brantford
Fort William
New Westm’r
Medicine Hat
period of
but for the past three years he has been con¬
nected with the W. T. Rawleigh Company at
Freeport, Ill.*
many years,
Peterborough
«
Sherbrooke
Kitchener...
_
In addition to the proposed amalgamation of the Citizens
National Bank and the Union National Bank of Louisville,
referred to in these columns in our issue of Nov. 9, plans are
S
%
$
$
%
351,626,954 + 44.8 4,275,697,317 3,862,559,246 + 10.7
256,019,252 + 15.4 3,044,580,666 2,752,434,921 + 10.6
336,048,611 —7.9 2,094,602,565 2,377,218,918 —11.9
42,660,326 + 17.2 491,645,814 380,505,321 + 29.2
24,105,206 + 65.1 314,799,867 264,571,514 + 19.0
20,751,039 + 16.1 213,085,816 194,710,624 + 9.4
14,237,854 + 37.0 195,853,196 139,604,252 + 40.3
44,451,931 —25.8 298,545,703 312,846,907 —4.6
22,341,652 + 5.7 239,386,529 222,506,965 + 7.5
9,054,252 + 19.9 106,999,697
95,798,172 + 11.7
7,395,243 + 13.9
91,622,638
76,666,223 + 19.5
9,959,196 +26.0 114,362,177 102,572,936 + 11.5
16,822,074 —7.2
154,355,750 127,841,426 +20.7
21,596,458 —0.8 165,062,487 152,236,104 + 8.4
4,101,824 + 1.5
29,186,421
27,437,576 + 6.4
5,073,333 —21.2
38,277,716
40,985,490 —6.6
11,636,385 —17.5
81,880,936
85,571,712 —4.3
8,285,595 + 29.7
68,200,769
58,676,112 + 16.2
3,937,345 + 14.1
43,581,933
38,320,941 + 13.7
4,028,798 +2.9
33,982,523
30,008,735 + 13.2
1,594,154 + 39.3
15,811,307 + 34.7
21,302,880
3,157,533 —30.3
21,986,931
28,101,929 —21.8
3,219,862 +21.3
33,687,667
29,729,855 + 13.3
3,204,834 + 32.6
38,708,985
.31,177,254 + 24.2
2,729,030 + 17.7
29,292,100
27,408,411 + 6.9
.
1,426,014,810 1,228,038,751 + 16.1 12,240,688,983 11,475,302,851
+ 6.7
Week ending November 28.
Clearings at—
Canada—
Montreal
Toronto
Vancouver
Ottawa
Quebec—
Halifax
Calgary
St. John
Hamilton
London
Victoria
Edmonton.
meeting of the respective boards of directors of the Fidelity &
Columbia Trust Co. and of the Citizens-Unlon National Bank, held at the
offices of each institution on Friday afternoon, the directors of each insti¬
tution approved of a general plan by which the stock of the
Fidelity &
Columbia Trust Co. and the stock of the Citizens-Union National
Bank,
now in process of formation, may be more closely associated under a
Joint
ownership of stock upon the following conditions, provided they can
worked out satisfactorily:
First. The combined stock of the two institutions may be
represented by
a capital of $3,000,000 and a surplus
ana undivided profits of $2,500,000.
$
$
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westmin’r.
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total Canada-
340,996,969
Inc.or
Dec.
78,244,242
53,841,647
75,293,821
9,316,037
5,017,469
4,471,218
2,937,138
9,893,200
1,846,287
5,015,046
2,027,111
1,463 ,.502
3,513,204
4,570,597
807,957
1,102,971
2,395,938
1,824,459
900,290
967,679
352,310
768,157
685,903
549,853
4,792,620
2,563,007
1,834,951
3,627,596
4,377,145
987,713
769,765
2,148,455
2,545,829
909,567
1,047,433
455,297
491,486
869,063
924,429
762,158
Brandon
National Bank will contribute to the
proposed capital, surplus and undivided profits, acceptable assets to the
amount of $2,750,000.
The Fidelity & Columbia Trust Co. will con¬
tribute to the proposed capital, surplus and undivided profits,
acceptable
assets to the amount of $2,750,000.
Third. There will be allotted to the Fidelity & Columbia Trust
Co., or
its shareholders, for its contribution to the capital, surplus and undivided
1917.
2,383,763
Regina
Citizens-Union
1918.
133,167,645
68,065,912
69,509,049
11,033,255
11,795,352
5,138,458
4,904,691
7,892,330
Winnipeg
a
%
+ 70.2
+ 22.7
—7.7
+ 18.4
+ 135.1
+ 14.9
+ 67.0
—20.2
+ 29.1
—4.4
+ 26.4
+ 25.4
+ 3.2
.......4,2
+ 22.3
—30.2
—10.3
+ 30.9
+ 1.0
+ 8.3
+ 29.3
—36.1
579^336
+ 26.8
+ 68.2
+ 31.6
268,385,372
+ 27.1
1918.
1915.,
$
$
85,339,725
56,634,145
63,950,023
7,378,753
5,254,512
4,160,483
2,821,255
7,409,849
1,652,360
4,568,399
1,912,660
1,692,726
2,952,653
3,897,032
622,040
1,107,558
2,300,417
1,583,202
648,452
657,752
254,374
770,109
512,746
536,649
483,205
65,135,922
45.933,966
59,844,842
5,846,753
5,119,344
3,537,130
2,488,817
5,133,427
1,412,192
3,529,149
1,803,453
1,487,614
2,849,639
3,169,784
875,333
610,866
1,668,696
1,517,087
590,732
670,271
232,889
425,551
602,558
259,101,079
211,666,015
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out
once a month.
The figures are received by telegraph from
other leading cities.
—The subjoined table,
profits, stock of the par value of $1-,560,000; the Citizens-Union National
Bank, or its shareholders, to receive for its contribution to the capital,
surplus and undivided profits, stock of the par value of $1,440,000.
Fourth. The purpose is to preserve the respective
names of the separate
institutions.
Fifth. Executive officers of the companies were authorized to
appoint
committees to act m conjunction with them in preparing the details of
a
such
plan to be submitted at a later date to the boards of directors, and if
Clearings—Returns by Telegraph.
Week ending December 7.
by them approved, thereafter to be submitted
to the stockholders.
The object of the meeting was not to prescribe any particular form of
association, but merely the suggested amount of capital, surplus and undi¬
vided profits, the contributions thereto of the respective institutions, and
the stock to which each institution would be entitled should the plan become
effective.
One of the strongest financial powers is, therefore, in process of organi¬
New York
Chicago
Philadelphia
Boston
Kansas City
.
.
St. Louis
San Francisco
--
Pittsburgh
Detroit
zation, with business deposits of not less than $25,000,000 and total re¬
sources of over $30,000,000, and with a trust business which stands first
Baltimore
New Orleans
importance in the South.
-
Elevpn
«
Other
Inc. or
Dec.
1917.
gate of 27.1%.
dent, has a capital of $2,000,000 with surplus and undivided
profits of $838,877 and deposits aggregating $5,000,000.
The statement referred to above, as printed in the Louisville
‘‘Courier-Journal”, is as follows:
Albert Denton* has been elected Treasurer of the Union
Trust Co. of San Francisco, and Marion Newman has be¬
Mr. Denton was formerly assist
come Assistant Cashier.
ant to A. Kains, San Francisco Clearing House Examiner, and
1918.
The clearings for the week ending Nov. 28, in comparison
with the same week of 1917, show an increase in the aggre¬
being formulated to bring the Fidelity & Columbia Trust
Co. of Louisville into the merger. Arrangements to this
end have been under discussion for some time
by the direc¬
tors of the different institutions mentioned and on Nov. 22
public announcement of the plan was made in a statement
issued on behalf of all three institutions. The
Fidelity &
Columbia Trust Co., of which John W. Barr Jr. is Presi¬
in amount and
_
Total Canada
now
Second. The
509,093,163
295,575,307
309,539,522
50,005,350
39,790,054
24,099,732
19,502,640
32,988,781
23,610,888
10.852,205
8,420,643
12,549,078
15,619,488
21,429,155
4,164,430
4,000,000
9,596,446
10,748,115
4,493,802
4,147,172
2,220,483
2,200,000
3,905,613
4,250,000
3,212,943
Winnipeg
Inc. or
Dec.
1917.
$
Montreal....
Toronto
The New First National Bank of Columbus, Ohio, has
elected James T. Sheppard as a director of the bank. Mr.
At
Eleven Months.
Clearings at-
«
The directors of the Central
gain reaches 6.7%.
All
cities, 5 davs
cities, 5 days.
cities, 1 day
Total all cities for week
„
* Partly estimated.
.
_
Per
Cent.
1918.
1917.
$3,384,785,124
467,123,891
345,432,745
283,420,398
162,115,683
*140,000,000
112,030,326
109,531,54458,696,797
74,454,609
64,361,830
$3,072,863,131
441,345,617
320,702,998
246,0-10,453
180,091,897
149,179,400
89,801,699
64,428,987
44,508,952
39,355,467
62,054,981
+ 10.2
+ 5.8
+ 5.7
+ 15.2
—10.0
$5,201,942,947
952,079,860
$4,716,373,582
850,008,989
+ 10.3
+ 12.0
$6,154,022,807
1,100,246,983
$5,566,382,571
994,438,993
+ 10.6
+ 10.6
$7,254,269,790
$6,560,821,564
+ 10.6
+24.7
+ 70.0
+ 31.9
+ 89.2
+ 3.7
[Vol. 107
THE CHRONICLE
2162
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the eleven months of 1918 and 1917 are given below:
Eleven Month*.
November.
Clearings at1917.
1918.
Inc. or
Dec.
%
Descrip-
825,809,066
199,381,015
Minneapolis
213,000,000
Omaha
St. Paul
78,198,727
Denver
136,121,725
80,761,609
Duluth
St. Joseph-..
68,115,797
Des Moines.
37,147,133
31,845,776
Sloux City..
Wichita
35,369,452
10,787,485
Topeka
Lincoln
18,702,717
*13,000,000
Davenport*
8,131,375
Cedar Rapids1
13,474,758
Fargo
Kansas City.
Eleven Months 1917.
Eleven Months 1918.
.
or
Aver.
Price.
Actual
Value.
Par Value
lion.
Quantity.
Par
Quantity.
or
Aver.
Price.
Actual
Value.
Value
172,861,225
132,193,166
\Val- $12358,003,065 $11436,211,999 92.5 $15945,838,570 $14683,872.679 92.1
88.3
396,328,927 90.5
437,729,000
275,223,955
RR. bonds
311.572.500
Stock JSh’s.
U. S. Gov’t
bonds._.
1,127,348,000 1,092,141,812 96.9
State,. &c.,
226,875,144 94.7
37,786 196.7
239.683.500
19,200
bonds
Bank stks.
99.2
231,142,750
230,382,271
275,504,500
122,700
265,138,651 96.2
217,808 177.5
$14036,626,265 $13030,490,696 92.8 $16890,337,480 $15575,940,336 92.2
Total
The volume of transactions in share properties on the
York Stock Exchange each month since Jan. 1 in 1918
1917 is indicated in the following:
SALES OF STOCKS AT THE NEW
>Jew
and
1917.
Number
of
Par.
Actual.
$
$
Shares.
Kan.C’yKan.
1,662,542
1,725,279
2,179,468
2,400,000
Lewistown
3.900,000
Lawrence
Iowa City—
—
of
Shares.
Hastings
Grand Forks.
Values.
Number
Par.
Actual.
*
S
Oshkosh
Jan
13,616,357 1,279,740,700 1,175,427,682 16,939,440 1,537,971,930 1,465.687,290
996,548,289 13,588,465 1,219,280,130 1,170,569,988
Feb. 11,418,079 1,083,216,900
772,475,950 710,581,417 18,658,267 1,654,197,470 1,588,437,263
Mar. 8,419,477
.
lstqr 33,453,913 3,135,433,550 2.882.557,388 49,186,172 4,411,449,530 4,224,694,541
....
..
2d qr 40,315,527 3,759,382,850 3.468,441,220 52,705,215 4,857,572,475
4,659,808,116
73,769,440 6,894,816,400 6,350,968,600 101891387 9,269,022,005 8,884,502.657
771,723,890
651,885,275
727,457,350
8,449,888
6,887,589
Sept. 7,763,068
July.
Aug.
718,468,917 13,325,365 1,273,055,300 1,197,403,416
600,499,818 11,636,853 1,109,321,950 1,053,240,109
681,746,982 13,822,775 1,298,464,450 1,158.262,097
3d qr 23,100,545 2,151,066,515 2,000,715,717 38,784,993 3,680,841,700
3,368,905,622
9mos 96,869,985 9,045,882,915 8,351,714,325 140676380 12949 863701 12253408279
Oct. 20,671,337 1,945,685,625 1,800,457,268 17,368,787 1,612,627,550 1,322,479,682
Nov. [14,651,844 1,366,434,525 1,284,040,396 14,816,058 1,383,347,275 1.107,984,718
St. Louis
New Orleans.
Louisville
Houston
Galveston
Memphis
Fort Worth..
Richmond
Atlanta
Savannah
Nashville
Norfolk
Birmingham.
Augusta
Jacksonville
Knoxville
Little Rock..
Chatt,anoog3
Charleston
Mobile
Oklahoma
.
..
Macon
Columbia
The following compilation covers
since Jan. 1 1918 and 1917:
the clearings by months
Apstin
Beaumont
Wilm’n.N.C.
Columbus ,Ga
Vicksburg
MONTHLY CLEARINGS.
—
Jackson
Clearings Outside New York.
Clearings, Total AU.
Muskogee
Month.
1918.
1917.
1917.
1918.
%
$
$
Jan
26,538,574,018 25,640.505,506
Feb
22,257.358.866 21,629,473,389
Mar.. 26,084,799,579 24,792,414,566
S
+ 3.6 11,819,506.488
+ 2.8 9,998,002,811
$
10,513,139,790
8,835,386,145
+4.2 12,244,518,198 10,563.287,306
..
Tulsa
El Paso
Dallas
%
+ 12.6
+ 13.2
+ 15.9
1st qu. 74,880,732,462 72,062,393,360
+ 3.9 34,062,027,497 29,911,813,241 + 13.0
April. 26,485,086.036 25,012,249,100
May.. 28,269,235,579 26,316,501,561
June.. 27,341,671,217 27,734,347,702
+ 5.9 12,391,579,089
+ 7.4 12,709,535,909
+ 19.6
+ 18.4
+ 17.2
2d qu. 82,068,992,832 78,063,107,363
+ 5.1 37,558,140,695
31,728,350,196 + 18.4
6
mos.
I
til I I
I
1
10,360,027,203
10,733,053,558
+2.2 12,457,025.697 10,635,269,435
31,038,832,167
+ 26.1
+ 6.8 110769,237,587
92,678,995,404 + 19.5
Oct
32,066,173.268 28,264.308,306 + 13.4 15,150,894,022
Nov.. 29,339,559,785 27,229,438.014
+ 7.7 13,733,733,693
12,540,914,667 + 20 0
12,395,262,742 + 10.8
mos.
240122,304,593 224912,848,960
..
The course of bank clearings at leading cities of the country
for the month of November and since Jan. 1 in each of the
last four years is shown in the subjoined statements:
BANK
New York
Chicago
AT
■November
1915.
$
1917.
$
(000,000*
omitted.)
1916.
$
CITIES.
LEADING
1914.
$
1917.
$
Jan. 1 to Nov. 301915.
1914.
1916.
$
$
$
.15,606 14,834 16,653 11,829 161,874 162,791 142,645
2,171
2,128 1,932 1,482 23,685 20,903 18,482
860
9,177
14,200 11,490
1,461
1,247 1,103
875
15,648
11,731
17,945
1,782
1,533 1,274
401
4.S16
658
697
537
6,294
7,131
3,073
240
558
345
310
3,694
5,198
253
474
361
4,399
3,123
507
5,082
2,005
192
170
331
198
2,077
2,988
1.5S6
131
238
167
162
2,585
1,874
526
4,433
886
394
6,846
826
9,147
2,191
378
336
156
275
3,939
3,364
97
1,206
242
216
165
1,729
2,392
1,324
199
174
165
154
1,725
1,507
848
917
71
79
91
86
1,055
2,026
227
2,522
228
144
293
2,875
942
78
105
1,184
124
120
1.345
1,155
96
181
1,381
125
137
1,404
-
Boston.
.
Philadelphia
-
8t. Louis
.
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
New Orleans
Minneauolis.
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul.^
CLEARINGS
.
.
.
.
98,233
14,621
7,422
7,828
3,726
2,398
2,432
1,625
1,235
3,453
1,389
.
.
862
.
.
..
..
..
..
Richmond
94
Memphis
Seattle
Hartford.
Salt Lake City..
Total
Other cities
664
1,334
..
Indianapolis
Denver
1,170
.
51
213
100
78
59
136
252
--
171
34
70
53
203
90
74
59
101
175
83
116
32
76
47
124
73
79
53
72
103
68
83
43
59
42
91
58
79
43
56
64
46
55
34
39
545
496
466
2,581
1,035
1,695
1,154
897
689
630
788
718
714
505
613
827
414
726
714
1,083
2,150
1,300
642
541
1,687
1,042
381
619
388
634
713
392
449
v
757
946
378
891
550
590
401
459
468
313
558
322
308
..26,860 24,856 24,988 18,038 276,733 257,720 128,268 155,333
16,249
12,174
1,347
24,795 22,686
2,480
2,373
1,827
..
Total all
-.29,340 27,229 26,815 19,385 301,528 280,406 234,562 167,507
Outside Nev Yol .13,334 12,395 10,162
7,556 139,654 117,615 91,917 69,274
Other w
ward from
ern
and
page.
3,812,129
..
..
Tot. South.
+2
Southern.—Clearings brought for-
$
%
9,146 ,820,440 ,846,352,557 + 33.6
+
14.4
1,724 ,836,218 ,507,344,068
2,581 ,089,603 ,694,302,146 +52.4
726 ,422,402
689,249,890 + 5.4
1,083 ,422,902 788,099,032 + 37.5
406 ,638,621
287,010,811 +41.7
814 ,532,994 696,529.096 + 16.9
457 .146,088
383,774,804 + 19.1
401 ,827,010
301,812,006 + 33.1
428 ,123,208
306,968,933 +39.5
153 ,996,512
128,995,559 + 19.4
210 ,866,548
184,663P,279 + 14.2
127 ,241,124
115,581,248 + 10.1
94 ,093,894
118,483,054 —20.6
109 ,336,965
91,419,857 + 19.6
95 ,799,320
77,377,557 + 23.8
36 .679,088
41,266,495—11.1
33 ,448,177
29,708,534 +12.6
36 ,492,263
29,486,411 +23.8
26 ,951,294
24,137,478 +11.7
63 ,711,505
48,913,962 +30.3
94 ,781,716
110,777,539—14.5
91 ,044,663
91,939,000— 1.0
52 ,439,841
52,574,000 —0.3
88 ,294,741
89,051,483 —0.8
62 ,102,800
58,210,000 + 6.7
19 ,360,803
16,104,472 +20.2
19 ,443,711
16,771,067 +15.9
23 ,761,190
22,418,445 +6.0
25 ,917,217
22,328,977 +16.1
28 ,330,696
31,022,044 —8.7
696,844 264 —5.6
216,139 626 + 12.1
86,115 006 + 5.2
84,024 048 —17.5
33,367 ,196 —30.7
83,146 ,271 + 13.2
77,896 ,232 —23.4
174,592 126 + 44.2
223,381 ,6841 + 22.5
58,305 ,139,-50.7
63,549 ,8361+12.0
39,358 ,429i—0.07
17.609 ,150 +193.0!
21.609 ,836—16.7!
20,408 398 + 41.4;
11,624 052 —6.831,780 929 —3.3,
23,264 412 +0.5
17,046 198 —12.1|
6,014 867 + 6.1
50,885 ,234 —8.2;
10,748 ,296 -11 6
11,091 ,464.-0.04!
20,759 ,077,—45.0!
6,129 ,584| —6.9:
5,046 ,869—21.5
4,039 ,586 -10.0
2,445 ,455 -13.1
3,323 ,266 —9.7
24,322 ,532—51.8
31,202 .121 + 9.0
17,454 ,975 + 20.3
100,930 ,000 + 6.1
3,838 ,356 + 50.8
5,471 ,430 + 31.9
5,066 ,208 + 31.2
5,239 ,912i—16.0
4,393 ,695 + 4.7
14,805 ,760 -15.2
2,398,799,379 3,313,271.519
Inc. or
Dec.
+2.919265,013,454 14902,673.804 +29.3
,131,022,038 ,293,984 196 + 13.3
,392,112,182 ,729,140 133 + 38.3
,055,011,988 917,390 913 + 15.0
720,2 *0,976 631,992 048 + 14.0
249,286,615 253,258, 343 —1.6
642,005,287 540,905. 833 + 18.7
636,295,925 593,956, 341 +7.1
,150,304,350 ,300,145, 051 + 65.4
,264,922,058 ,370,440, 290 + 65.3
344,788,087 372,730, 946 —7.5
672,125,344 469.138, 662 +43.3
389,304,078 287,715,,405 + 35.3
165,771,,438 + 75.6
291,161,300
133,908,,272 + 30.1
174,161,550
186.349,,348 + 33.7
249,221,458
114.349,,933 + 12.1
128,132,623
187,664,,233 + 31.6
247,021,924
184,894,,193 +26.4
233,785,626
134,764,,541 + 16.3
156,724,197
64,372, ,636 + 10.1
70,957,821
435,209.465 352,172, ,337 + 23.6
79,270, ,562 + 24.6
98,801,705
66,230, ,673 +48.9
98,642,2641
172,396,790 164,186,,612 + 5.0
53,768 ,014 + 15.1
61,898,485
34,009 ,480 + 23.9
42,150,439
25,747 ,997 + 40.6
36,202,323
14,699 ,269 + 29.1
18,979,972
26,314 ,084 + 6.7
28,084,725
99,917 ,659 + 20.8
120,666,451
431,150,885 309,626 ,778 + 39.2
189,297
,310 + 8.8
206,005,513
965,333,687 698,178 ,432 + 38.3
29,480 ,598 + 61.3
47,566,009
51,256 ,805 + 42.9
73,246,338
53,707 ,454 + 23.0
66,060,110
29,259 ,612 + 13.3
33,148,544
34,120 ,622 + 25.9
42,965,675
96,166 ,780 + 23.2
118,440,797
+3.7 23295.576.69418340,283.833
+27.0
Week ending November 30.
Clearings at—
28,644,789,823 25,664,326,634 + 11.6 13,243,582.672 10,479,033,048 +26.4
28,156,158,940 25,093,230,233 + 12.2 13,197,733,316 10,413,908,705 + 26.7
26,371,630,536 24,029,791,370 + 9.7 12,707.753.407 10,145,890,414 + 25.2
3d qr. 83,172,579,299 74,787,348,237 + 11.2 39,149,069,395
9
Newp’t News
Montgomery
Tamp3
Texarkana
Raleigh
Shreveport
658,030,157
242,387,719
90,593,460
69,326,070
23,119,428
94,162,129
50,675.496
251,699,807
273,637,842
28,723,856
71,150,571
39,330,321
51,598,470
18,000,000
28,848,798
10,839,671
30,723,837
23,375,187
14,985,397
6,383,881
46,710,134
9,496,203
11,087,288
11,424,708
5,704,363
3,962,093
3,636,413
2,123,263
3,000,000
11,723,049
33,998,748
21,000,000
107,131,695
5,789,473
7,215,939
6,649,112
4,400,000
4,600,000
12,554,801
1918.
+4.6 71,620,168,192 61,640,163,237 + 16.2
156949725294 150125500723
2,227,672j +7
Tot.oth. West 1,844,734,308 1,793,541,932
....
April 7,401,174 687,371,800 631,497,814 14,258,162 1,289,483,950 1,237,415,208
May 21,139,092 1,984,405,900 1,826.464,917 19,354,400 1,780,716,450 1,709,948,702
June 11,772,261 1,087,605,150 1,010,478,462 19,092,653 1,787,372,075 1,712,444,206
6mos
3,370,165
3,244,249
2,335,082
2,299,433
5,963,657
6,134,638
10,546,470
6,108,888
6,935,000
7,922,000
Joplin
M In.
Values.
8,160,802
Sioux Falls..;
Colo. Springs
Pueblo
Fremont
Aberdeen
Waterloo....
Helena
Billings
YORK STOCK EXCHANGE.
1918.
.
885,644,601 —6
174,180,530! + 14
202,808,617 + 5
73,949,381 + 5
100,540,874 +35
37,082,805 +117
67,572,883 + 0
37,550,018 —1
34,332,716 —7
34,798,880 + 1
13,426,963 —19
18,205,506 + 2
12,159,610 + 6
11,270,317 1—27
10,300,609 + 30
8,962,783 —8
3,389,764 —0
3,043,673 + 6
2,528,893 —7
2,358,035 —2
6,658,0001—10
9,416,990 —34
10,883,914 —3
5,656,000 + 8
7,706,161 1—10
7,410,000 + 6
2,087,393 -20
1,544,586 +11
2,031,629 +7
1917.
1918.
$
169,186,652
39,639,218
47,000,000
16,706,857
17,646,758
20,290,562
14,791,815
7,437,147
6,980,671
6,785,413
3,326,630
1,869,634
2,500,000
1,859,717
3,055,089
490,000
City
Minneapolis
Kansas
Omaha.
St. Paul
Denver
Duluth
St. Joseph.
Des Moines
Sioux City
Wichita
Lincoln
—
Topeka
Davenport
Cedar Rapids—
Fargo
Colorado Springs
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Billings
Hastings
Total oth.West
1,124,539
2,400,673
1,411,096
1,300,000
417,747
1,564,274
2,379,332
1,124,608
1,413,302
435,912
—2.0
—1.7
—7.3
—28.1
+ 0.9
+ 25.5
—8.0
—4.2
367,249,493
340,346,644
+ 7.9
-
'
I
Tulsa
Dallas
!
Shreveport
•
Total Southern
*
i
.
$
%
i
—0.5
170,011,117
33,893,718 + 17.0
39,000,000 + 20.5
14,160,840 + 18.0
20,232,537 —12.8
7,952,367 + 15.5
+ 9.1
13,554,794
+ 1.8
7,305,704
+ 3.2
6,761,540
—3.5
7,033,979
—4.3
3,474,044
2,422,078 —22.8
2,270,746 + 10.1
—7.5
2,010,757
1,770,192 + 72.6
500,000
579,531
495,272
,
Vicksburg
Jackson
Muskogee
Inc. or
Dec. i
569,650
459,625
134,329,306
51,489,899
Louisville
18,843,408
14,862,660
Houston
4,129,083
Galveston
18,383,137
Memphis
Fort Worth
11,673,562
52,622,338
Richmond
51,069,698
Atlanta
5,822,104
Savannah
13,806,680
Nashville
8,221,269
Norfolk
11,465,033
Birmingham
4,000,000
Augusta
Jacksonville
6,412,161
1
2,400,000
Knoxville
1
5,187,118
Little Rock...—!
5,089,343
Chattanooga
;
3,000,000
Charleston
1
1,500,000
Mobile
i
9,680,107
Oklahoma
!
2,100,000
Macon
2,111,554
Austin
St. Louis
New Orleans....
1917.
378,285
650,000
2,371,915
6,882,097
22,000,000
2,400,000
472‘880,'’57
+ 1.5
+ 0.1
+ 15.8
—23.4
132,289,964
51,415,283
16,269,836
19,400,000
2.6
7,200.000
16,417,943 + 12.0
15,566,882 —25.0
34,152,188 + 54.1
44,058,736 + 15.9
10,584,098 —45.0
12,025,880 + 14.8
6,880,215 + 19.5
3,637,574 + 215.2
4,562,978 —12.3
4,294,725' + 49.3
.0
2,500,000i
6,717,9191 —22.8
+
1.1
5,034,540
3,487,289 —14.0
+ 7.1
1,400,000
—0.0
9,680,914
—8.7
2,300.000
4,000,000 —47.2
563,839 —32.7
734,742 —11.5
3,328,387 —28.8
5,848,885 + 17.7
+ 2.1
21,554,101
3,GOO,000 —20.0
448,906.918'
Estimated from bank transaction returns
+5 3
received.
1916.
S
107,048,564
36,977,944
26,945,769
14,297,683
15,183,385
9,864,210
9,714,723
5,453,686
4,417,785
4,454,190
2,991,672
1,812,274
1,816,706
1,886,043
1,856,784
600,000
450,073
588,786
1,775,775
2,040,550
828,055
909,142
422,988
252,336,787
1915.
$
88,959,880
40,436,176
20,755,380
20,211,683
12,536,230
14,016,133
7,869,995
6,071,265
3,600,000
4,484,382
2,548,194
1,360,832
1,779,259
1,961,250
2,964,913
480,400
387,160
600,000
2,109,781
1,810,132
997,469
793,927
312,364
237,046,805
113,147,132
36,047,048
17,136,474
13,985,960
6,840,127
13,261,357
10,866,277
21,346,080
23,729,082
8,675,584
8,378,408
6,026,599
2,871,741
3,281,385
2,000,000
2,200,696
3,569,167
3,275,360
2,913,691
1,346,025
5,346,605
5,346,926
2,500,000
314,066
382,416
1,445,820
4,012,117
15,300,300
94,810,809
25,850,166
17,889.450
10,609,565
4,962,603
11,017,066
9,375,189
16,254,514
19,771,269
6,513,388
7.802,121
6,329,875
3,208,131
2,269,037
3,053,944
1,946,309
3,618,450
2,759,524
2,098,351
1,046,844
3,384,296
3,884,253
2,985,437
338,754,283
262,548,003
359,062
505,220
1,172,513
2,124,461
Dec. 7
THE CHRONICLE
1918.]
©nmmcvctal andpSUsccIIaujcous foetus
National Banks.—The following: information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For organization of national banks:
Capital.
$50,000
50,000
30,000
25,000
The People’s National Bank of Victoria, Tex
The First National Bank of Lusk, Wyo
The Equity National Bank of Bennett, Iowa
The First National Bank of Oberlin, La
To succeed the Calcasieu State Bank of Oberlin.
For conversion of State banks:
The Torrington National Bank, Torrington, Wyo
Conversion of the Torrington State Bank.
The First National Bank of Russell Springs, Ky
Conversion of the Bank of Russell Springs.
For conversion of State banks:
The First National Bank of Hinsdale, Illinois
Conversion of the Hinsdale Trust & Savings Bank.
Total
2163
Per
Cent.
Name of Company.
Railroads (Steam) (Concluded.)—
2
Chesapeake A Ohio
2
Chicago Burlington A Quincy (quar.)
1
Chicago Great Western, preferred
Chicago A North West., com. (quar.)..
IX
2
Preferred (quar.)
Chicago Rock Island A Pacific, 7% pref.
3X
3
6% preferred
2X
tDelaware A Hudson Co. (quar.)
Detroit A Mackinac, com. and pref
2X
Erie A Pittsburgh (quar.)
S7Xc
Fonda Johnstown A Gloversv., pref. (qu.)
IX
2
Hocking Valley
Interborough Rapid Transit (quar.)...
2X
*$1.25
tLehigh Valley, com. and pref. (quar.)
Little Schuylkill Nav. RR. A Coal
*$1.25
Manhattan Railway (quar.)
IX
2
Mobile A Birmingham
Norlolk & Western, Common (quar.)
IX
50c.
Reading Company, first pref. (quar.)..
4
Rensselaer A Saratoga
Southern Pacific (quar.) (No. 49)
IX
Union Pacific, common (quar.)
2X
—
35,000
25,000
..
$50,000
$265,000
CHARTERS ISSUED.
Original organizations:
The
The
The
The
First National Bank of Pequot, Minn
$25,000
First National Bank of Iaeger, W. Va
25,000
First National Bank of Musselshell, Mont
25,000
National City Bank of Chelsea, Mass
100,000
The Twin Falls National Bank, Twin Falls, Idaho
150,000
The First National Bank of Montebello, California
25,000
Succeeds Commercial Department of the Montebello State Bank.
Conversion of State hanks:
The First National Bank of Underwood, North Dakota
25,000
Conversion of the First State Bank of Underwood.
The First National Bank of Molalla, Oregon
25,000
Conversion of the Molalla State Bank.
-
Street & Electric Railways.
Brasilia % Trac., Lt. A Pow., pref. (quar.)
CHARTERS EXTENDED.
The Bedford National Bank, Bedford, Iowa.
Charter extended
until close of business Nov. 30 1938.
The Farmers National Bank of Fresno, California.
Charter
extended until close of business Dec. 4 1938.
Deo. 31
Dec. 26
2
Jan.
Jan.
2
ran.
2
Dec. 31
Dec. 31
Dec. 20
2
Jan.
Dec. 10
Dec. 15
Dec. 31
Jan.
2
Jan.
4
Jan. 15
Jan.
1
Jan.
1
Dec. 19
Dec. 12
Jan.
2
Jan.
2
Jan.
2
Jan.
Feb.
Feb.
Dec.
♦S3
2X Dec.
4
Jan.
3
Ian.
Dec.
3
Jan.
$3
IX Jan.
*$4.75 Jan.
♦SI.50 Jan.
Jan.
*$2
IX Dec.
IX Dec.
Jan.
*$5
Frankf. & S’wark
(Phila.) P. Ry.
Indianapolis Street Ry
Union Passenger Ry., Philadelphia.
Union Traction (Philadelphia.)
West Philadelphia Passenger Ry.
Holders
Holders
Holders
Holders
Holders
Dec. 14
Dec. 14
Holders
Holders
Holders
Holders
Holders
Holders
*
♦
Holders
Dec.
3
Holders
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
to
to
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
to
of rec.
to
of rec.
Holders of rec.
Dec. 16
to
Holders of rec.
of rec.
Dec.
6a
Dec. 19a
Dec. 14a
2a
Dec.
2a
Dee.
1
Jan.
1
Jan.
Nov. r27a
Dec. 14a
Nov..30a
Dec. 10a
Dec. 13a
Dec. 20a
Dec. 14
Jan. 15
Dec. 16a
1
Jan.
Nov. 30a
Nov. 26a
1
Jan.
Nov. 30a
Dec.
2a
1 Holders of rec.
1
Holders of rec.
1 Holders of rec.
30 * Holders of rec.
16 Holders of rec.
2 Holders of rec.
1
Dee.
21
to
2 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 *
1 *
2 * Dec. 21
to
16 Holders of rec.
16 Holders of rec.
1 <
Dec.
Jan.
Jan.
Nov.
Dec.
Nov.
Jan.
Nov.
Nov.
14
15a
15a
30a
2a
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
14
14
10
2
2
2
14
29a
1
29a
29a
Banks.
Commerce, National Bank of (quar.).
Greenpoint National (Brooklyn)..
Amount.
Capital increased from
$25,000
VOLUNTARY LIQUIDATIONS.
Trust Companies.
Guaranty (quar.)
Scandinavian (No. 1)
United Slates
2 Holders of
2 * ‘Holders of
2 ‘Holders of
*3
*2
Jan.
Jan.
Jan.
5
10
25
Dec. 31
Dec. 31
Jan.
2
2X
Extra
INCREASES OF CAPITAL APPROVED.
The Farmers’ National Bank of Pella, la.
$25,000 to $50,000
Books Closed.
Days Inclusive.
IX
X
fl
Cities Service, com. A pref. (monthly)..
Common (payable In common stock).
Continental Pass. Ry., Phila
$400,000
Total..
When
Payable.
rec.
rec.
rec.
Dec. 20a
Dec. 21
Dec. 21
Holders of rec. Dec. 20
Holders of rec. Dec. 14a
Holders of rec. Dec. 19
Capital.
For consolidation with other national banks:
The City National Bank of Greenville, South Carolina
$100,000
Liquidating Committee: H. P. McGee, C. M. McGee and
fl. J. Haynsworth, Greenville. Consolidated with the
Miscellaneous
Adirondack Et.ec. Power, pref. (quar.)
Ahmeek Mining (quar.) (No. 28)
Ajax Rubber, Inc. (quar.)
AUis-Chalmers Mfg., pref. (quar.)
-
Norwood National Bank of Greenville.
-
Other liquidations:
The Farmers National Bank of
Allouez Mining
Valparaiso, Ind
$75,000
Expiration of corporate existence. Liquidating agent: Henry
Winneguth, Valparaiso. Succeeded by the Farmers State
Bank of Valparaiso.
The First National Bank of New Market, Virginia
25,000
Liquidating Committee: C. O. Miller, B. F. Conner and W. J.
Stirewalt, New Market.
The Norwalk National Bank, Norwalk, Ohio
Absorbed by the Citizens Banking Co, of Norwalk.
100,000
(quar.).
.
)
American Can, preferred (quar.).
-
)
Preferred (quar.) (No. 79).
-
-
American Cigar, preferred (quar.).
American Express (quar.)
-
-
-
$200,000
Amer. Internat. Corp., com. A pref.(qu. )
American Linseed, preferred (quar.)..
American Locomotive, com. (quar.)
-
-
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 & Sons, New York:
Shares.
Stocks.
Per cent.
10 Central Union Trust
416
12 N. Y. Life Ins. & Trust
869
20 Crowell Publishing, 7% pref. 85
100 Federal Utilities, common
2
129 Cal. Ry. & Pow. prior pf_. 10^-12
41 Chalmers Motor, pref
.
16
187 Chalmers Motor, com
$3 per sh
59 Kinemacolor of Am., pref-_S20 lot
278 Kinemacolor of Am., com._$20 lot
9 Natural Color Pic., Inc., pf_ .$5 lot
9 Natural Color Pic., Inc., cora$2 lot
68 Incaml. Lt. & Stove, pref__$49 lot
25 In lane. Lt. & Stove, com. .$25 lot
15 Donald Steamship, pref
100
Stocks.
Shares.
Per cent.
714 Donald Steamship, com
56
1,000 Fonda John.&Glov. RR.$1 per sh.
Bonds.
Per cent.
$3,750 Great Northern Ry. of Can.
cons. 4s, 1934, A-O
56
$2,600 Chalmers Motor temp. 1st
61
5-year 6s, 1922
$25,000 Garden City Sugar A Land
1st ref. 6s, 1934, J-J
20
£24,700 Mexico Northwest. Ry. 1st
5s, 1959
$9,300 lot
£22,432 Granville Mining, Ltd.. 1st
charge deb. stock
$500 lot
By Messrs. R. L. Day & Co., Boston:
Shares.
Stocks.
$ per sh.
4 Merchants National Bank
251
190
10 Natl m il Sh i wmut Ban's
16 Great Falls Manufacturing. 179
30 Bigelow Hartf. Carpet., com.733 Vi
1 Tremont & Suffolk Mills
157 Yi
7 Union St. Ry., New Bedford. 125
33 Lowell Gas-Light
170
Shares.
Stocks.
42 Hlngham
$ per sh.
Water
110
1,290 Roxbury Carpet. .$633,400 for lot
27 Lawrence Gas
10 Fisk Rubber, 1st preferred
2 Conn. Power, preferred
4 Pub. Service Invest., pref
2 Railway & Light Sec., pref.
_
110
_.
.
100
73
55
75V%
By Messrs. Millett, Roe & Hagen, Boston:
Shares.
Stocks.
$ per sh.
12 International Trust, Boston.229
10 Farr Alpaca
168
4 U. S. Worsted, 1st pref
65
105
5 Acadia Mills
5
Shares.
Stocks.
$ per sh.
10 Thomson Elec. Weld., $20 ea. 50
8 Bausch Mach. Tool, com
32
2 Bay State Finishing, 2d pref. 61
2 Boston Storage
26
—
29
Springfield Railways, pref
_
Shares.
Stocks.
$ per sh.
500 Cons. Brew. 4s, 1943, 2 Com.
Nat. Bank (in liq.), 3 Cons.
Percent.
$5,000 G. A. & Fla. Ry. 1st 5s, 1950 5
$15,000 St. Petersburg & Gulf Ry.
1st 6s
$10,750 lot
$2,000 U. S. Pub. Serv. 1st 6s, 1929 88
$1,000 N.E. Pa. RR. 1st 5s, 1990.. 97 X
$1,000 Pottstown & Phoenlxville-. 81
The following shows all the dividends announced for
future by large or important corporations.
Dividends announced this week are 'printed in italics.
Compary.
-
-
)
Preferred B (quar.)
Amer. Smelting A Refg.. com. (quar.).
American Snuff, common (quar.)
Preferred (quar.).
American Steel Foundries (quar.)
Extra (payable in 4X% L. L. bonds)
-
...
-
.
-
-
.
.
-
)
Common (extra).
)
)
American Thread, preferred
American Tobacco, preferred (quar.).
American Woolen, common (quar.)..
Common (payable in Liberty La. bds.)
.
♦l X
*15
_
-
Per
Cent.
When
Books Closed.
Payable.
Days Inclusive.
the
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Feb.
*$5
Dec.
5
Dec.
2
Dec.
3
D6c.
) $1
Jan.
3X
$1.25 Jan.
3 Xh Dec.
■Tan.
2 X
2X Jan.
Jan.
2
IX Jan.
50c. Jan.
IX Jan.
)
IX Dec.
IX Jan.
IX Jan.
Jan.
3X
IX Jan.
1X Jan.
Dec.
$2
Dec.
2
Dec.
$1
IX Jan.
Dec.
$2
Dec.
$15
Dec.
75c.
Dec.
75c.
)
IX Dec.
Jan.
2
*2
Jan.
Jan.
3
Mar.
U4
6
July
Dec.
2
Dec.
2
Dec.
$1
IX Jan.
)
IX Dec.
.
-
.
-
.
Belding Paul Corticelli, preferred.
Bethlehem Steel, common (quar.)
Common B (quar.)
Cum. conv. pref. (quar.)
Non-com preferred (quar.)
Booth Fisheries, common (quar.)...
Preferred (quar.)
Borden’s Condensed Milk, pref. (qu
.
.
-
.
.
-
Brier Hill Steel, common
Common (extra)
Preferred (quar.)
(quar.).
.
.
-
Brooklyn Union Gas (quar.)
Buckeye Pipe .Line (quar.)
.
.
.
California Packing Corp.
-
Preferred (quar.)
-
-
Calumet A Hecla Mining (quar.)..
Cambria Steel (quar.)
Extra
Canadian Consol.
Rubber, Ltd., pre.
Canadian General Electric, Ltd. (qut
Carbon Steel, common (quar.)
Common (extra)
First preferred
Second preferre 1 (annual)
Celluloid Company (quar.)..
Extra
Centennial Copper Mining (No. 4).
Central Leather, preferred (quar.).
.
.
.
.
.
.
_
.
.
.
.
(quar.)
Railroads (Steam).
Albany & Susquehanrta
Atchison. Topeka A Sa^ta Fe, preferred—
Atlantic Coast Line Co., Conn, (quar.).
Boston & Albany (quar.)._
Boston A Lowell
Canadian Pacific, common (quar.)
*1X
IX
* 1X
-
.
Atlantic Refining (quar.)
Atl!9 Powder, common (quar.).
Common (extra)
IX
.
..$5 lot
Brewing
Bonds.
DIVIDENDS.
Name of
-
.
By Messrs. Barnes & Lofiand, Philadelphia:
Shares.
Srock.s.
$ per sh.
30 Franklin Institute, first, class... 2.20
20 Northwestern Trust, $59 each.286
1 Second & Thir 1 Sts. Pass. Ry..211
7 United Gas & Elec, 1st pref
40 X
15 N. E. Pennsylvania RR
$18 lot
5 Ins. of State of Pennsylvania.
54
2 Phila. Germant’n A Nor. RR..119V^
8 Swarthraore National Bank—183
25 Mutual Trust...
35
100 Empire Trust
15
Preferred (quar.)
American Public Service, pref. (quar.)..
American Radiator, common (quar.)..
American Sewer Pipe (quar.)
Preferred (quar.)
Armour A Co., pref. (quar.) (No. 2)..
Associated Oil (quar.)
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
75c. Jan.
IX Dec.
IX Jan.
Jan.
2
IX Jan.
Jan.
IX
IX Jan.
Jan.
IX
IX Jan.
90c Dec.
IX fJan.
IX Jan.
IX Jan.
*1X Jan.
3
Dec.
X Dec.
IX Jan.
IX Jan.
IX Dec.
Jan.
3
IX Jan.
*1X Dec.
*m 1 x Dec.
IX Jan.
IX Jan.
X Jan.
Dec.
15/
Jan.
2
12Xc. Jan.
*1X
$2
$1.50
IX
hX
*$1.50
.
-
Chandler Motor Car (quar.)
Charcoal Iron of America, com. (quar.).
Preferred
.
4X
2X
$1.50
2X
4
2X
Jan.
2
Feb.
1
Dec. 10
Dee. 31
Jan.
2
Dec. 31
Holders
Holders
Dec.
1
Holders
Holders
Holders
of
15a
31a
9
30a
30a
Nov. 30a
rec. Dec.
of rec. Dec.
to
Dec.
of rec. Nov.
of rec. Nov.
of
rec.
Chicago Telephone (quar.)
Childs Co., preferred (quar.).....
Chino Copper (quar.)
City A Suburban Nome*.
.
.
.
IX Jan.
Jan.
3
20c. Dec.
30c. Dec.
Dec.
2
Dec.
Dec.
*$1
Dec.
2
2
31
15
15
15
31
2
31
2
1
1
2
2
2
2
31
2
3
21
2
31
20
2
2
16
2
2
31
31
2
2
2
7
15
1
2
15
1
15
1
15
1
15
10
10
30
1
2
14
2
2
2
2
2
2
14
2
2
2
2
2
14
31
16
1
23
31
14
14
31
I
15
15
31
30
31
31
31
2
31
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
►Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
♦Holders <iof rec.
Dec. 22
to
Dec. 10
to
Dec. 14
to
Dec. 14
Nov. 28
Holders of rec.
Holders of rec.
♦Holders of rec.
♦Holders of rec.
Dec. 21
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Nov. 15
to
Holders of rec.
$
Dea. 15
Nov. 21
Dec.
1
Dec.
1
Holders
Hollers
Holders
Hollers
Holders
Holders
Hollers
Hollers
Holders
Holders
Holders
Holders
Dec. 21
Dec. 21
Dec. 21
Hollers
Holders
Hol lers
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Hollers
Hollers
Holders
Holders
Holders
1
2 Holders
31 Holders
31 Holders
31 Holders
10 Nov. 30
31 ►Hollers
4 Dec.
3
Dec
Dec
Nov
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov.
Dec.
Dee.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
to
Dec.
to
to
Dec.
of rec. Dec.
to
of
of
of
of
of
of
of
of
rec.
Dec.
rec. Dec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
to
of
rec.
to
14
31
20
22
22
5
14a
14a
14
14
1
2a
2a
3a
20a
30
14
16
16
31
31
30
14
9
9
16
7a
14a
2a
16a
16a
16a
16a
14a
14a
Dec.
Dec.
Dec.
Dec.
DecDec.
Dec.
Nov. 30a
of rec.
or rec.
of rec. Nov.
Jan.
to
Jan.
to
Jan.
to
of rec. Dec.
of rec. Nov.
of rec. Dec.
of rec. Nov.
of rec. Dec.
of rec. Dec.
of rec. Dec.
of
of
of
of
of
of
of
of
of
of
of
of
of
10
7
30a
31a
31a
17
16a
14a
16a
12a
12a
20
14a
30a
14a
16a
16a
18a
3a
30a
1
1
1
12a
23
20
30a
16a
6a
7
Nov. 30a
Nov. 30a
Dec. 20
Dec. 14
Jan. 10
Jan. 10
Sept. 26
July 26
Dec. 16a
Dec. 16a
Dec.
7
Dec. 10a
Dec. 10
Dec. 20a
Dec. 17
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
16
16
30a
10
16
4
THE CHRONICLE
2164
Name of Company.
Miscellaneous (Continued)—
Cleveland-Akron Bag, common (quar.).
Common (extra)
Cluen, Peabody A Co., Inc., pref. (guar.)
(No. 24)
Colorado Power, common (quar.)
Common (extra, pay. In L. L. bonds)
Preferred (quar.)
Columbia Graph’ne Mfg., com. (quar.)
Preferred (quar.) (No. 3)
Computing-Tabulating Recording (qu.)
Consolidate 1 Arizona Smelting (quar.).
Consolidated Gas (quar.)
Con. Gas, El. L. A P., Balt., com. (qu.)
Continental Can, Inc., com. (quar.)
Preferred (quar.)
—
Continental OH (quar.)
Continental Refining, com. (monthly)..
Copper Range Co. (quar.)
Crescent Pipe Line (quar.)
Cresson Cons. Gold Min. A Mill, (mthy)
Crex Carpet
Crucible Steel, pref. (quar.) (No. 65)..
Cuban-American Sugar, com. (quar.)..
Preferred (quar.)
Cuba Cane Sugar, pref. (quar.)
Cumberland Pipe Line
Per
When
Books Closed.
Cent.
Payable.
Days Inclusive.
4J*
1K
K
Ki
IK
$1.75
IK
1
5c.
IK
2
IK
IK
3
glOc.
$1.50
75c.
10c.
3
IK
2K
IK
*IK
6
—
.
.
FultonMot.Truck.pl .(acct.accum.divs.) 111-3 h
2
Galena-Signal Oil, preferred
New preferred
2
General Chemical, common (extra)
2 K
Preferred (quar.)..
IK
2
General Electric (quar.)
——
Extra (payable In stock)
2e
■General Ry. Signal, com. (quar.) (No. 22)
IK
Preferred (quar.) (No. 58)
IK
Globe Oil (monthly)
lKc
Globe Soap .corn., 1st,2d A spec.,pf.(qu.)
IK
Globe-Wernicke Co., common (quar.)
2
-
1
-
—
Preferred (quar.)
IK
IK
ft
IK
$2
IK
10 m
IK
2K
IK
IK
IK
$1
2K
IK
Hercules Powder, common (quar.)
Common (extra)
Homestake Mi dug (mthly.) (No.
Horn Silver Mines
Illinois Pipe Line
2
2
532)
—
*50c.
5c.
6
Imperial Tobacco of Canada, ordinary...
Preferred
Indian Refining, common (quar.)
Preferred (quar.)
Ingersoll-Rand Co., preferred
*1K
Inter rational Salt (quar.)
Isle Royale Copper Co. (quar.) (No. 12)
Jewel Tea, Inc., pref. (quar.)
Kayser (Julius) A Co., common (quar.)..
First and second preferred (quar.)
IK
—
-
Kelly-Springfield Tire, preferred (quar.)..
Kennecott Copper Corporation
Capital distribution
Kerr Lake Mines, Ltd. (quar.) (No. 5)
La Belle Iron Works, common (quar.).
to (Common (extra)
Preferred (quar.)
Lackawanna Steel (quar.)
Ladede Gas Light, common (quar.)
li[Preferred
Lehigh Valley Coal Sales (quar.)
*1
3
IK
3
50c.
IK
2
IK
IK
50c.
50c.
25c.
1
2
2
IK
IK
2K
$2
IK
LorUlard (P.) Co., common (quar.)
Preferred (quar.)
Mackay Cos.,
com.
(quar.) (No. 54).
Preferred (quar.) (No. 60)..
Manati Sugar, pref. (quar.)
Manhattan Electrical Supply, com. (qu.)
First and second preferred (quar.)
Marlin-Rockwell Corp. (monthly).
Mexican Petroleum, common (quar.).
Preferred (quar.)
J* Preferred (quar.) (No. 25).
Montgomery Ward A Co.,prej
3
IK
IK
1
*1K
1
IK
10 n
$1
2
v2
2
K
IK
IK
*1K
1
(^Preferred (quar.)
Mt. Vernon-Woodberry Mills, Inc., pref
Nat. Enamel A Stpg., pref. (quar.]
National Glue. com. A pref. (qu&r.j
National Grocer, common (quar.).
Preferred
National Lead, common (quar.)...
National Lead, preferred (quar.)..
National Oil, preferred (quar.)
National Sugar Refining (quar.)...
National Surety (quar.)
National Transit (quar.)
Extra
Nevada Consol. Copper (quar.)
New York Dock, preferred.
New York Transit, (quar.)..
Per
Cent.
Name of Company.
When
Books Closed.
Payable.
Days Inclusive.
Miscellaneous (Concluded).—
1 Ye
Dec. 30
Dec. 30
Dec. 22
Dec. 22
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Dec.
Jan.
Dec.
Holders of
Holders of
Holders of
Holders of
Hoi lers of
Hollers of
Hol lers of
Holders of
Holders of
25c
Davls-Daly Copper Co. (No. 2)
Deere & Co., pref. (quar.)
IK
Detroit A Cleveland Navigation
$2
2
Diamond Match (quar.)
1
Dominion Glass, Ltd., com. (quar.)
Preferred (quar.)
IK
Dominion Iron & 8tcel, pref. (quar.)
IK
Dominion Steel Corp. .corn (qu.) (No .49)
IK
Dominion Textile, Ltd.,common (quar.)..
2
Preferred (quar.)
IK
2
Draper Corporation
duPont (E. I.) deNem. & Co.,com.(qu.)
4K
Debenture stock (quar.)
IK
East Butte Copper Mining
*$1.50
Eastern Steel, common (auar.)
2K
1st and 2d preferred (quar.)
IK
Eastman Kodak, commoafquar.)
2K Jan.
Common (extra)
7K Jan.
Preferred (quar.)
IK Jan.
Electric Storage Battery, com. A pref. (qu.)
1
Jan.
2
Dec.
Elgin National Watch (extra)
Elk Horn Coal Corporation, common.. $1
Dec.
Preferred
$1.50 Dec.
Dec.
Equitable Ilium. Gas Light, Phila., pref. *3
Federal Mining A Smelting, pref. (quar.)
IK Dec.
Federal Sugar Refining, com. (quar.)..
IK Dec.
Preferred (quar.)
Grassellt Chemical, common (quar.)..
Common (payable in common stock).
Preferred (quar.)
Great Northern Iron Ore Properties—
Great Western Sugar, common (quar.)
Common (payable in L. L. bonds)..
Preferred (quar.)
Gulf 8tates Steel, common (quar.)
First preferred (quar.)
Second preferred (quar.)
Harblson-Wulker Refract., pref. (quar.)
Haskell A Barker Car (quar.)
Helme (Geo. W.) Co., common (quar.)
{VOL. 107
IK
*3 K
IK
IK
2
2
3
IK
IK
20C.
IK
3
50c
50c
*75c
5
2K
4
Jan.
Dec.
)ec.
Feb.
/an.
Ian.
fan.
Jan.
Jan.
Dec.
Dec.
Dec.
Feb.
Jan
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Jan.
Jan.
Feb.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Jau.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Tan.
1
15
20
16
1
1
10
17
16
2
1
1
16
10
14
16
10
14
20
2
2
2
16
30
10
16
16
1
1
1
1
2
15
1
16
25
27
15
16
2
2
2
2
21
11
11
16
15
16
10
31
31
1
2
15
15
2
2
10
16
10
15
2
31
31
31
17
2
2
2
2
2
2
20
2
2
2
24
24
26
20
31
to
to
rec.
rec.
Jan.
Jan.
1
1
Dec. 21
Dec. 31a
Nov. 30a
Nov. 30a
Dec. 16a
rec. Dec. 16a
rec. Dec. 24a
rec. Nov.30a
rec. Nov.
7a
Hol lers of rec. Dec. 14a
Holders of rec. Dec. 20a
Holders of rec. Dec. 20a
Nov. 26
to
Dec. 16
Holders of rec. Nov 30
Holders of rec. Nov. 20a
Nov. 24
Dec. 16
to
Hol lers of rec. Nov. 30
Holders of rec. Nov. 30a
Holders of rec. Dec.
6a
Holders of rec. Dec. 14a
Holders of rec. Dec. 14a
♦Holders of rec. Dec. 16
Holders of rec. Nov. 30
Holders of rec. Dec. 10
Holders of rec. Nov. 15a
Dec.
1
to
Dec. 16
Holders of rec. Nov. 30a
Holders of rec. Dec. 14
Holders of rec. Dec. 14
Holders of rec. Dec. 14
Holders of rec. Dec.
5
Holders of rec. Dec. 14
Holders of rec. Dec. 31
Holders of rec. Dec.
7
Holders of rec. Nov. 30
Holders of rec. Jan. 10
♦Holders of rec. Dec.
7
Holders of rec. Jan.
2
Holders of rec. Dec.
2
Holders of rec. Nov. 30
Holders of rec. Nov. 30
Holders of rec. Nov. 30
Holders of rec. Dec. 16
Holders of rec. Dec. 14a
Holders of rec. Dec. 2a
Holders of rec. Dec.
2a
♦Holders of rec. Dec.
7
Holders of rec. Nov. 25a
Holders of rec. Dec. 6
Holders of rec. Nov. 18
Holders of rec. Nov. 30a
Holders of rec. Nov. 30a
Holders of rec. Dec. 31a
Holders of rec. Dec. 18a
Holders of rec. Dec. 7o
Holders of rec. Dec.
7a
Holders of rec. Dec. 20
Holders of rec. Dec. 20
Holders of rec. Nov. 25
Dec.
1
Dec. 16
to
Holders of rec. Nov. 30
Holders of rec. Feb.
5a
Holders of rec Dec 20a
Holders of rec. Dec.. 15a
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Holders of rec. Nov. 30a
Holders of rec. Dec. 14a
Holders of rec. Dec. 14a
Holders of rec. Dec. 14a
Holders of rec. Dec. 16a
Holders of rec. Dec. 16a
Holders fn rec. Dec. 16a
Holders of rec. Jan. 10a
Holders of rec. Dec. 16a
Holders of rec. Dec. 14
Holders of rec. Dec. 14
Dec. 15
Dec. 24
to
Dec. 15
Dec. 24
to
♦Holders of rec. Dec. 20
Dec.
7
to
Dec. 19
Dec.
1
to
Dec. 22
rec.
rec.
rec.
..
__
16
16
1
1
31
2
1
1
2
31
31
16
31
31
31
31
16
16
2
1
2
2
2
2
2
2
2
10
11
31
10
2
2
2
1
14
14
15
15
31
1
31
31
31
14
15
2
2
16
16
31
20
15
15
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Dec. 21
to
Dec. 21
to
Holders of rec.
Dec.
5
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
♦Hol lers of rec.
Holders of rec.
Holders of rec.
♦Hollers of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Dec. 21
to
Den. 21
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
♦Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov.
Nov.
Jan.
Dec.
Dec
Dec.
Jan.
Jan.
Dec.
Nov
J in.
Dec.
Dec.
Nov.
Nov.
Dec.
Dec.
2a
2a
14a
14a
7
20a
20a
20a
16
10a
10a
2a
17a
17a
17a
10a
2a
2a
19
16
14
14
7a
7a
14
1 k
1
25
10
4a
14a
14a
14a
14a
20
30a
30a
2
30a
11a
16a
1
1
13a
22
1
9
20a
30a
30a
16
2a
Jan.
4a
Dec. 21
Nlles-Bement-Pond,
Northern Pipe Line
3
common (quar.)..
Dec.
5
Jan.
Nova Scotia Steel A Coal, com. (quar.)
Jan.
IK
Preferred (quar.)
2
Jan.
Ohio Cities Gas, preferred (quar.)
IK Jan.
Ohio Fuel Oil
♦50c. Dec.
Ohio Fuel Supply (quar.)
♦62)4c Jan.
♦
Extra (payable in L. L. bonds)
i50e. Jan.
Ohio Oil (quar.)
$1.25 Dec.
Extra
*4.75 Dec.
Oklahoma Production A Refining (quar.) 12Kc Jan.
Old Dominion Co. (quar.)
♦$1
Dec.
Osceola Consol. Mining (quar.) (No. 93)
$2
Dec.
Otis Elevator, common (quar.)
IK Jan.
IK Jan.
Preferred (quar.)
Pabst Brewing, preferred (quar.)
IK Dec.
50c. Dec.
Pacific Mail Steamship, common
$1
Common (extra)
Dec.
Packard Motor Car, preferred (quar.).
IK Dec.
Pan-Amer. Petrol. A Transp., com. (qu.) $1.25® Jan.
*1K Jan.
Preferred (quar.)
i
IK Jan.
Pennsylvania Water & Power (quar.)..
Peltibone, Mulliken A Co., 1st A 2d pf(qu) *1K Jan.
43.75c Dec.
Philadelphia Electric (quar.)
2
Pierce-Arrow Motor Car, pref. (quar.).
Jan.
50c. Dec.
Pittsburgh Brewing, common (quar.) —
IK Jan.
Pittsburgh Coal of Pennsylvania, com. (qu.)
IK Jan.
Preferred (quar.)
IK Jan.
Pittsburgh Coal of N. J., pref. (quar.)
1
Jan.
Pittsburgh Rolls Corp., common
2
Price Brothers (quar.)
Jan.
3
Jan.
common
Quaker Oats,
(quar.)
1
Jan.
Common (extra)
Preferred (quar.)
IK Feb.
$2
Dec.
Quincy Mining (quar.)
2
Dec.
Railway Steel Spring, com. (quar.)
Preferred (quar.)
IK Dec.
*75c. Dec.
Ray Consol. Copper (quar.)
3
Jan.
Realty Associates (No. 32)
IK Feb.
Republic Iron A Steel. com.(qu.) (No. 9)
Preferred (quar.) (No. 61)
IK Jan.
*1K
Safety Car Heating A Ltg. (quar.)
IK
IK
IK
IK
IK
IK
Sears, Roebuck A Co., pref. (quar.)
Shawinigan Water A Power (quar.)
Sherman-WilUams Co. of Can., pf. (qu.)
Solar Refining
—
— ..
Extra
South Penn Oil (quar.)..
South Porto Rico Sugar, com.
5
5
6
5g
2
3
(quar.)..
Preferred (quar.)
—
S. W. Pennsylvania Pipe Lines (quar.).
Standard Gas A Electric, pref. (quar.) —
Standard Oil Cloth, Inc., com. (quar.)..
Common (extra)
Preferred A and B (quar.) (No. 18) —
Standard Oil (Calif.) (quar.) (No. 40)..
Standard Oil (Kansas) (quar.)
Extra
Standard Oil (Kentucky) (quar.)..
Standard Oil (Nebraska)
Standard OU of New Jersey (quar.)
Standard Oil of N. Y. (quar.)
Standard Oil (Ohio) (quar.)
Extra
Standard Sanitary Mfg., com. (extra).
*1K
1
1
IK
2 K
3
3
3
10
5
3
3
2
75c.
Stromberg Carburetor (quar.)
Extra
Stutz Motor Car of Amer. (quar.)
25c.
$1.25
8ubway Realty (quar.)
IK
Swift A Co. (quar.) (No. 132)
Texas Company (quar.).
Texas Pacific Coal A Oil (quar.)
2
2K
IK
5
2
3
Special
Tide Water OU
Extra
(quar.)
—
Todd Shipyards Corp. (quar.)
Tonopa'i Extension Mining
10/
IK
$1.75
(No. 10).
5c.
IK
IK
Common (extra)..
Preferred (quar.).
5
Union Carbide A Carbon (quar.).
1
United Dyewood, com. (quar.) (:
IK
IK
(quar.) (No. 9)
United Paper Board, common._.
Preferred (quar.)
U. S. Gypsum, preferred (quar.).
U. 8. Industrial Alcohol, com. (q
U. 8. Steamship (bi-monthly)...
Extra
U. S. Steel Corp., com. (quar.)..
Common (extra)
1
IK
IK
4
10c.
5c.
IK
2
Utah Copper (quar.)
Wabasso Cotton Co.
*$2.5C
1K
(quar.) No
Washington OU (annual)
Preferred
$4
10c.
10c.
2
$2.50
(extra).
Western Electric Co.,
Inc.,
com.
(quar.).
Preferred (quar.)
Western Grocer, common
Preferred
IK
4
1
3
IK
1
Common (extra)..
Preferred (quar.).
IK
2K
IK
Preferred (quar.)
Wheeling Steel A Iron (quar.).
Extra
White Motor (quar.)
.
2
1
*1
IK
$1
Wolverine Copper Mining (quar.).
Woolworth (F. W.) Co., pref. (qua
Preferred B
IK
IK
IK
(quar.).
.
•
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Deo.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Jan.
Dec.
Jan.
Jan.
IK Jan.
IK Dec.
$1.25 Jan.
IK Dec.
IK Jan.
United Drug, common (quar.) (No.
Preferred
Dec.
50c. Dec.
St. Joseph Lead (quar.)
Savage Arm3 Corp., com. (quar.)
First preferred (quar.)
Second preferred (quar.)
2
Jan.
Jan.
Jan.
Dec.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
20
2
2
2
1
Holders
Holders
Holders
Holders
Holders
of
of
of
rec.
rec.
rec.
of rec.
of rec.
Dec.
Dee.
Dec.
Dec.
Dec.
2a
13
14
14
15
20
15 ♦Holders of rec. Dec. 31
15 ♦Holders of rec. Dec. 31
31
Dec.
3
to
Dec. 29
31
Dec.
3
to
Dec. 29
3
Holders of rec. Dec. 20
31 ♦Holders of rec. Dec. 17
31
Holders of rec. Dec.
7
15
Holders of rec. Dec.
3
15 Holders of rec. Dec.
3
14 Dec.
7
Dec. 15
to
16 Holders of rec. Dec.
2a
16
Holders of rec. Dec. * 2a
16 Holders of rec. Nov. 30a
10 Holders of rec. Dec. 14a
2
Holders of rec. Dec. 14a
2
Holders of rec. Dec. 19a
2 ♦Holders of rec. Dec. 23
14 Holders of rec. Nov. 23a
2
Holders of rec. Dec. 16a
14
Holders of rec. Nov. 30a
25 Holders of rec. Jan. 10a
25 Holders of rec. Jan. 10a
25
Holders of rec. Jan. 10a
1
Dec. 21
to
Jan.
1
1
Dec. 15
to
Dec. 30
15 Holders of rec. Dec. 31a
15 Holders of rec. Dec. 31a
28 Holders of rec. Feb.
la
23 Holders of rec. Dec.
2a
30 Holders of rec. Dec. 14a
20 Holders of rec. Dec.
7a
31 ♦Holders of rec. Dec. 16
15
Holders of rec. Jan.
6a
1
Holders of rec. Jan. 15a
2
Holders of rec. Dec. 14a
23 ♦Holders of rec. Dec. 10
to
20 Dec. 10
Dec. 20
15 Holders of rec. Nov. 30a
15 Holders of rec. Nov. 30
15 Holders of rec. Nov. 30
Holders of rec. Dec. 14a
1
10 Holders of rec. Dec. 27
30 Holders of rec. Dec. 15
1
to
Dec. 20
20 Dec.
to
20 Dec.
1
Dec. 20
31 Dec. 13
to
Jan.
1
Holders of rec. Dec. 14a
31
Holders of rec. Dec. 14a
31
31 Holders of rec. Dec. 16
16 ♦Holders of rec. Nov. 30
Holders of rec. Dec.dl4a
1
Holders of rec. Dec d 14a
1
Holders of rec. Dec.dl4a
1
16 Holders of rec. Nov. 15
14 Dec.
1
to
Dec. 16
1
to
14 Dec.
Dec. 16
to
Jan.
2
2 Dec. 15
to
Dec. 20
20 Nov. 21
16 Holders of rec. Nov. 20
16 Holders of rec. Nov. 22
to
Dec. 18
1 Nov. 30
to
Dec. 18
1 Nov. 30
10 Holders of rec. Nov. 5
2 Holders of rec. Dec. 16
2 Holders of rec. Dec. 16
2 Holders of rec. Dec. 16
2 Holders of rec. Dec. 20a
Dec.
8
to
Jan.
9
1
Holders of rec. Dec.
2
31
30 Holders of rec. Dec. 19a
30 Holders of rec. Dec. 19a
Holders of rec. Dec.
31
9a
Holders of rec. Dec.
31
9a
2
15 Holders of rec. Jan.
2 Holders of rec. Dec. 21a
20 Holders of rec. Dec.
6a
Dec. 22
Dec. 12
to
1
13 Holders of rec. Nov. 30
Holders of rec. Dec. 14a
1
Holders of rec. Dec. 14a
1
1
Holders of rec. Dec. 14a
16 Holders of rec. Dec.
6a
1
Holders of rec. Dec. 12a
Holders
of
rec. Nov. 29a
16
2 Holders of rec. Dec. 16
2 Holders of rec. Dec. 16
2 Hollers of rec. Dec. 14a
Holders of rec. Dec. 14a
2
16 Holders of rec. Dec.
2a
15 Holders of rec. Jan.
la
to
Dec.
14
Dec.
25
25
16 Holders of rec. Dec.
2a
2 Holders of rec. Dec. 16
2 Holdens of rec. Dec. 16
to
Dec.
30 Nov. 30
2
to
Dec.
30 Nov. 30
2
31 ♦Holders of rec. Dec. 16
2 Holders of rec. Dec. 13
Dec.
31
1
to
Dec. 31
11 Holders of rec. Dec.
2
11 Holders of rec. Dec.
2
5
to
Dec. 16
16 Dec.
31 Holders of rec. Dec. 21a
31 Holders of rec. Dec. 21a
Dec. 21
31
to
Jan.
1
Dec. 21
31
to
Jan.
1
1(
Holders of rec. Nov. 30
Holders
of
1(
rec. Nov. 30
Holders of rec. Nov. 30
1C
Holders of rec. Dec. 16
2
2
Holders of rec. Dec. 16
Dec. 20
1
to
Jan.
1
]
Dec. 20
to
Jan.
1
31
rec.
Dec.
Holders of
14a
1
Holders of rec. Dec. 20
Holders of rec Dec. 14a
2
2
Holders of rec. Dec. lha
2
Holders of rec. Dec. 20a
Hoi lers of rec. Dec. 20a
2
2
Holders of rec. Dec. 23
From unofficial sources,
a Transfer books not closed for this dividend,
b Less
Income tax.
d Correction,
e Payable In stock.
/Payable in common
British
stock,
h On account of accumulated dividends, i Payable In
g Payable In scrip,
I Red Cross dividend, m Payable In U. S. Liberty Loan
Liberty Loan bonds.
4K% bonds, a Payable In Canadian Government. Victory Loan bonds,
t De¬
clared subject to the approval of Director-General of Railroads,
r The New York
Stock Exchange has ruled that stock wUl not be quoted ex-dlvldend on this date
and not until further notice,
s Ex-dlvldend on this date,
t Declared 7%, payable
In quarterly Installments of 1 K% each on Jan. 2, April 1, July 1 and Oct. 1 1919
to holders of record on Dec. 16' 1918, March 15, June 16 and 8ept. 15 1919, respec¬
tively
u Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 30 1919
to holders of record Sept. 26.
v Payable one-half In cash and one-hall In L. L. 4)4 % bonds.
.
Dec. 7 1918.]
THE CHRONICLE
3165
Member Banks of the Federal Reserve System.—Following
is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which
was published
m the “Chronicle” of Dec. 29
1917, page 2523.
STATEMENT SHOWING PRINCIPAL.RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN
CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS
NOVEMBER 22 1918,
Large reductions in the holdings of Treasury certificates, following the redemption of the
July 23 issue of about 585 millions of these certificates’
as against substantial increases in the
holdings of Liberty bonds and war paper are indicated by the Federal Reserve Board’s weekly statement o*
condition on Nov. 22 of 752 member banks in leading cities.
U. S. bonds, other than circulation bonds, on hand show a total increase of
49.8 millions, though the banks in the central reserve cities report a
decrease under this head of 3.7 millions.
Increases in these bond holdings are shown for nearly all sections of the
country outside of New York and
Chicago.
Treasury certificates on hand show a decline of 270.8 millions for all reporting banks, and of 118.5 millions for the banks in the central
secured by U. S. war obligations (war paper) went up 68.2 millions, over one-half of the increase
falling to the share of the
All other loans and investments fell off 103.4 millions, the central reserve
city banks alone reporting a decrease under this
head of 68.3 millions.
The ratio of U. 8. war securities and war
paper
combined
to
total
loans
and
investments
decfinedfrom
21.9 to 21.2% for
all reporting banks, and from 23.7 to
22.9% for the banks in the central reserve cities.
Net withdrawals of Government
deposits
for
the
week
totaled
270.5
millions
millions,
of
which
150.9
represents
from the central
withdrawals
reserve city banks.
Net demand deposits at the latter banks increased 19.9 millions.
For all reporting banks a decrease of this item by 15.4 millions is noted.
Time deposits increased 11.3 millions.
Total reserve balances with the Federal Reserve banks show an increase for the week of 106.6
raOhons, of which 79 millions represents the gain at the central reserve cities. Cash in vault gained 11.5 millions.
For all reporting banks the ratio of
deposits to investments shows a decline from 78.7 to 78.1%. For the central reserve city banks this ratio
i
UDCRaag8<^ at 85.2%. The ratio of combined reserve and cash to deposits, because of the large gain in reserve, shows a rise from 14.4 to
io.8% ror all reporting banks and from 15.2 to
17.6% for the banks in the central reserve cities. For the same reason “excess reserves” of all report¬
ing banks show an increase from 42.1 to 149.2 millions.
For the central reserve city banks an increase in this item from 27.3 to 103.7 millions is
noted.
reserve cities.
Loans
central reserve cities.
1. Data for all reporting banks in each district.
Member Banks.
Boston.
Number of reporting banks
New York.
44
PMladd. Cleveland
106
53
I
S
S
U. 8. bonds to secure circulat’n 14,358,0
49,636,0 11,492,0
Other U. 8. bonds. Including
Liberty bonds
22,737,0
352,683,0 78,936,0
CF. 8. certlfs. of Indebtedness.. 45,638,0
352,330,0 28,315,0
Total U. 8. securities
82,733,0
754,649,0 118,743,0
Loans sec. by U. 8. bonds, Ac. 112,888,0
676,885,0 169,830,0
All other loans A Investments. 778,658,0 4,177,732,0
623,245,0
Reserve with Fed. Res. Bank. 76,799,0
678,416,0 57,937,0
Cash in vault
132,158,0
22,333,0
27,416*0
Net demand deposits
686,138,0 4,523,655,0 612,191,0
Time deposits
98,284,0
262,891,0
Government ^deposits
85,578,0
tUchm'd.
85
%
81
$
42,833,0
24,314,0
Atlanta
Two
Chicago.
45
St. Louie. Mlnneav
32
$
34
S
73
S
18,951,0
17,655,0
6,269,0
13,710,0
•
105, 577,0 55,928,0 44,768,0
131, 748,0 44,245
42, 741,0 22,723,0 31,250,0
68, 533,0 12,811
191, 151,0 102,965,0 91,483.0
219, 232,0 74,711
95, 152,0 41,215,0 19,725,0
85, 512,0 24,306
967, 310,0 389,322,0 321,601,0 1.414, 844,0 376,139,
86, 582,0 32,552,0 27,996,0
152, 904,0 34,603
40, 322,0 22,352,0 16,349,0
60, 950,0 13,158
747, 408,0 313,086,0 225,986,0 1,101, 245,0 263,343
15,593,0 223, 144,0 55,976,0 91,193,0
379, 051,0 73,845
33,023,0 64, 825,0 22,631,0 21,521,0
24, 503,0 29,057
287,489,0
Kan. City
101
$
$
15,465,0
ciphers' (00 omitted.
14 704,0
8, 719,0
29, 692,0
8, 917,0
260 162,0
23, 830,0
9, 504,0
213, 048,0
46, 756,0
8, 592,0
Dallas.
San Fran.
Total.
45
9
53
9
9
17,929,0
34,505,0
752
267,117,0
27,725,0 23,247,0 34,825,0
937,123,0
18,296,0
8,102,0 43,738,0
683,196,0
59,731,0 49,278,0 113,068,0 1,887,436,0
10,164,0 10,051,0 16,798,0 1,271,443,0
457,160,0 183,108,0 552,396,0 10,501,677,0
50,114,0 15,459,0 53,280,0 1,290,472,0
16,866,0 12,392,0 23,887,0
397,687,0
381,678,0 144,772,0 431,896,0 9,644,446,0
58,754,0 25,251,0 124,049,0 1,454,787,0
8,659,0
3,536,0
9,510,0
598,924,0
2. Data for banks in each Central Reserve city, banks in all other Reserve cities and other
reporting banks.
New York.
Chicago. SI. howl*. Total Central Ret. Cities.
Two ciphers (00) omitted.
Nov. 22.
Number of reporting banks...
Nov. 15.
71
Nov.
22. Nov.
71
44
22.
Nov. 22.
14
Nov. 15.
129
Other Reserve Cutes.
Nov. 22.
129
Country Bank*.
Nov. 15.
453
Nov.
22. Nov.
453
170
$
$
$
$
$
$
$
$
$
U. S. bonds to secure circulat’n
36,954,0
36,879,0
1,119,0 10,555,0
48,628,0
48,553,0
170,769,0
170,818,0
47,720,0
Other U. S. bonds, including
Liberty bonds
298,737,0
309,379,0 72,881,0 32,504,0
404,122,0
407,853,0
442,897,0
396,731,0 90,104,0
U. S. certlfs. of Indebtedness..
339,059,0
440,211,0 24,239,0
9,954,0
373,252,0
491,794,0
264,807,0
397,210,0 45,137,0
Total U. S. securities
674,750,0
786,469,0 98,239,0 53,013,0
826,002,0
948,200,0
878,473,0
964,759,0
182,961,0
Loans sec. by U. 8. bonds, Ac.
629,765,0
586,510,0 63,676,0 19,056,0
712,497,0
677,797,0
482,214,0
454,314,0 76,732,0
All other loans A Investments. 3,832,015,0 3,896,670,0 889,454,0
270,916,0 4,972,385,0 5,040,694,0 4,644,774,0 4,681,257,0 884,518,0
Reserve with Fed. Res. Bank.
650,152,0
577,662,0 108,502,0 26,839,0
785,493,0
706,493,0
445,583,0
416,974,0 59,396,0
Cash In vault
i
117,731,0
118,580,0 35,788,0
7,568,0
161,085,0
158,052,0
190,722,0
185,952,0 45,880,0
Net demand deposits
4,203,453,0 4,199,132,0 757,906,0 189,115,0 5,150,474,0 5,130,620,0 3,782,890,0 3,814,179,0 711,082,0
Time deposits
211,215,0
211,362,0 142,106,0 53,845,0
407,166,0
405,799,0
850,010,0
837,597,0 197,611,0
Government deposits
Ratio of combined reserve and
cash to total net deposits...
265,308,0
383,622,0
12,090,0
25,369,0
302,767,0
453,674,0
261,249,0
368,917,0
24.7
25.4
15.6
17.9
22.9
23.7
19.8
20.5
The Federal Reserve
Total.
15.
Nov. 22.
Nov. 15.
171
752
48,319,0
267,117,0
267,690,0
82,729,0
64,952,0
196,000,0
71,137,0
883,086.0
60,389,0
42,169,0
715,039,0
200,114,0
34,908,0 46,832,0
937,123,0
683,196,0
1,887,436,0
1,271,443,0
1,290,472,0
397,687,0
9,644,446,0
1,454,787,0
598,924,0
887,313,0
953,956,0
2,108,959,0
1,203,248,0
10,605,037,0
1,183,856,0
386,173,0
9,659,838,0
1,443,510,0
869,423,0
21.2
21.9
$
18.5
753
$
%
10501 677 0
19.1
Banks.—Following is the weekly statement issued by the Federal Reserve Board
on
Nov. 30:
Large increases in the holdings of war paper, offset in part by reductions In the amounts of other discounts and Government securities carried*
are indicated by the Federal Reserve Board’s
weekly bank statement issued as at close of business on Nov. 29 1918.
INVESTMENTS.—Of the total increase of 131.3 millions in the volume of war paper reported, 71.4 millions represents the Increase at the New
York Bank, the other Eastern banks and the Atlanta Bank likewise
showing substantially larger figures than the week before. Other discounts de¬
creased 25.5 millions, mainly at the New York, Chicago and
Minneapolis banks. A decrease of 55.5 millions in Government short-term securities
is due largely to the redemption of the temporary
Treasury certificates held by the New York Bank to cover last week’s advance to the Government.
Total earning assets show an increase of 56.8 millions.
DEPOSITS.—Government deposits increased 94 millions, while members’ reserve deposits show a more than corresponding decline of 115.1
millions.
Net deposits because of the consideralbe reduction of the “float” increased 35.5
.millions.
RESERVES.—The week witnessed a further gain of 5 millions in the gold reserves, while total cash reserves show an increase of 4.1 millions.
TheTbanks’ reservepercentage, largely because of the increase in net deposits, shows a decline from 50.5 to 50%.
NOTE CIRCULATION.—Federal Reserve agents
report a net addition of 4.3 millions to the total of notes issued to the banks. The latter
show an actual Federal Reserve note circulation or 2,568.7
millions, an increase of 13.5 millions for the week, besides an increase of 5.5 millions in
their aggregate liabilities on Federal Reserve bank notes In circulation.
CAPITAL.—Increases in the capitalization of member banks and accessions to membership account for an increase of $47,000 in the Federal
Reserve Bank’s paid-in capital, Philadelphia and Minneapolis reporting the largest portion of the increase.
„
The figures of the consolidated statement for the system as a whole are given in the
following table, and in addition
present the results for each of the seven preceding weeks, together with those of the
corresponding week of last year,
thus furnishing a useful comparison.
In the second table we show the resources and liabilities separately for each of
the twelve Federal Reserve banks.
The statement of Federal Reserve Agents’ Accounts (the third table following)
gives details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and
between the latter and the Federal Reserve banks.
we
FEDERAL RESERVE BANK OF NEW YORK.—The week statement issued by the bank subdivides some certain items that are included
under a more general classification in the statement prepared at Washington.
Thus, “Other deposits, &c.,” as of Nov. 29, consisted of “Foreign
Government deposits,” $93,428,936; “Non-member bank deposits, $6,337,088. and “Due to War Finance
Corporation,” $1,870,653.
Combined Resources
and
Liabilities
of the
Federal Reserve Banks
Nov. 29 1918. Nov. 22 1918. Nov. 15 1918.
RESOURCES.
Gold In vault and In transit
Gold settlement fund—F. R. Board
Gold with foreign agencies
9
9
$
375,527,000
433.885,000
5,829,000
Nov. 8 1918.
9
386.437,000
435,452,000
5,829,000
at
Nov. 1 1918.
9
the
Close
of
Business Nov. 29 1918
Oct. 25 1918. Oct. 18 1918. Oct. 10 1918. Nor. 30 1017.
%
S
$
372.922,000
448.720.000
6.829,000
499,887,000
395,236,000
52,500,000
Total gold held by banks
Gold with Federal Reserve Agents
Gold redemption fund
772,059,000
813,219,000
815,241,000
827,718.000
838.910.000
798,184,000
804.402.000
827,471,000
1,216,541,000 1,168,917,000 1,166,579,000 1,145,640,000 1,149,859,000 1,184,998,000 1.173,521,000 1,157,000,000
76,613,000
78,129,000
74,957.000
73.233,000
63,460,000
61.950.000
57.390.000
46,765.000
947,623,000
661,824,000
12,278,000
Total gold reserves
Legal tender notes, silver, Ac
2,065,213,000 2,060,265,000 2,056,777,000 2.046.591,000 2,052,229,000 2,045,132.000 2,035,313.000 2.031.236,000 1,621,725,000
55,158,000
55,992,000
53,039,000
54.248.000
53,037,000
52.372,000
53.456.000
52,122.000
54,486,000
...
370,938,000
395.292,000
5,829,000
371,498,000
435,892,000
5.829.000
Total reserves
2,120,371,000 2,116,257,000 2,109,816,000 2.100,839,000
Bills discounted: Secured by Govern¬
ment war
obligations
All other
Bills bought In open market
383,833,000
449,248,000
5,829,000
376,679,000
415,676,000
6,829,000
382,160.000
416,413,000
5,829.000
2,105.685.000 2,098.169,000 2,087.685,000 2,083,358,000 1,676,211,000
1,412,511,000 1,281,245,000 1,358,416,000 1,316,967,000 1,252,904,000 1,092,417,000 1,262,757,000 1.304.383,000 1 756,398,000
402,684,000
428,190,000 439,392,000
480.271,000
453,747.000
425,799,000
493,043,000
450,086,000
375,341,000
368.784,000
377,877,000
374.522.000
370.136.000
398.623.000
377,072,000
338.620,000
205,454,000
Total bills on hand
2,190,536,000 2,078,219,000 2,175,685.000 2.171.760,000 2.123,019.000 1,944.787,000 2.058.692,000 2,093.089,000
U. S. Government long-term securities.
29,132,000
29,134,000
29,478.000
29.479,000
28.251,000
28,205,000
28,214.000
29,472.000
U. 8. Government short-term securities
92,664,000
148,180,000
93.449,000
91,956,000
322.060,000
67.738.000
88.750,000
66.193.000
All other earning assets
27,000
27,000
28,000
28,000
24.0<00
35,000
197,000
188,000
Total earning assets
2,312,359,000 2,255,560,000 2,298.640.000
Uncollected Items (deduct from grow
deposits)
6% redemp. fund agst. F. R. bank notes
All other
resources
Total
*
resources
961,852,000
47,304,000
41,792,000
1,429,000
2,293,223,000 2.241,276.000 2.295,122,000 2,154.832.000 2.187.684.000 1,052,377,000
736,328,000
819,010,000
717,785,000
687,468.000
684,315.000
856.923.000
803.517,000
72.3.430.000
373,160,M0
4,621,000
21,309,000
4,525,000
24,175,000
4,008,000
18,169,000
3,924.000
18,790,000
3,703.000
17.075.000
3.692.000
16,879.000
3.425.000
13,757.000
3.177,000
13.485.000
2,499,000
537,000
5.194,988,000 5,219.527.000 5.148.418.000 5.104.244.000 5.052.114 000 5.270.7*5.000 5.063 216.000 5 011.134 .000 3.104.784,000
Includes amount formerly Shown as alas
$
Items due from
or due to other Federal Reserve banks net.
[Vol. 107
THE CHRONICLE
2166
Nov. 8 1918.
Nov. 29 1918. Nov. 22 1918. Nos. 15 1918.
%
$
LIABILITIES.
S
*
%
t
Oct. 25 1918. Oct. 18 1918. Oct. 10 1918.
Nov. 1 1918.
Nov. 3* 1917.
t
S
S
78,956.000
68,500,000
79.057,000
79,190.000
79.360,000
79,824,000
80,025,000
79,903,000
80,072,000
1.134.000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
Surplus
220,962,000
230,889,000
78,218,000
179.868.000
249,397,000
160.256,000
113,174,000
246,401,000
207,157,000
Government deposits
1,488,893,000 1,604.033,000 1,449,949,000 1,545,996,000 1,442,493.000 1,683,499,000 1,506.727.000 1.508,334,000 1,489,370,000
Due to members—reserve account
238,867,000
585.090.000
514,110.000
702,107,000
543,975,000
527.796.000
602.667,000
573,727,000
620,608,000
Collection Items
19,473,000
108,256,000
112,634.000
117,001,000
111,827,000
114,941,000
113,967,000
113,385,000
105,894,000
Other deposits. Incl. for. Gov’t credits.
2,348,989,000 2,347,692,000 2,580,825,000 2.384.319.000 2,361,589,000 1,968,672,000
Total gross deposits
- 2,404,611,000 2,451,782,000 2,383,462,000
2,568,676,000 2,555,215,000 2,562,517,000 2.558,196,000 2,515,504,000 2.507,912,000 2,502,488.000 2.478.378.000 1,056,983,000
F. R. cotes in actual circulation
8,000,000
52,031,000
55.666,000
58,859,000
63,338.000
68,864,000
86,003,000
80,504,000
72,930,000
F. R. bank notes in circulation, net liab.
39,046.000
2,629,000
40,552.000
42,865,000
45.086,000
47,237,000
54,492,000
50,867,000
48,472,000
All other liabilities
Capital paid In
-
5,194,988,000 5,219,527,000 5,148,418,000 5,104,244,000 5,052,114.000 5,270.785,000 5,063.216.000 5,011,134.000 3,104,784,000
Total liabilities
72.2%
50.6%
50.8%
51.2%
51.7%
50.9%
51.4%
52.1%
51.8%
Gold reserve against net deposit liab..
78.6%
50.0%
49.6%
50.7%
50.9%
49.8%
50.2%
51.3%
50.8%
Gold res. agst. F. R. notes in act. clrc’n
Ratio of gold reserves to net deposit and
75.2%
50.1%
50.6%
50.8%
51.3%
50.6%
50.9%
51.7%
50.9%
Fd. Res. note liabilities combined—
Ratio of total reserves to net deposit and
63.2%
50.6%
51.1%
49.6%
50.4%
49.8%
49.9%
50.5%
50.0%
Feel. Rea. note liabilities combined..
Ratio of gold reserves to F. R. notes in
actual circulation, after settlng aside
60.9%
61.3%
59.6%
60.6%
59.4%
59.8%
60.5%
59.6%
35% against net deposit 11 abilities...
s
*
$
l
%
8
S
Distribution by Maturities —
581,763,000
1-15 days bills discounted and bought. 1,305,634,000 1,208,215,000 1,353,310,000 1,354,320,000 1,336,423,000 1,198,861,000 1,343,320,000
10,750,0001
250,906,000
11,402,000
15,688.000
15,701,000
8,895,000
69,029,000
18.481.000
1-15 days IJ. 8. Govt, short-term secs.
31.000
7 non
517,000
2,000
33,000
2,000
5 000
5,000
7,000
1-15
1.425.804.000! j
days municipal warrants
16-30 days bills discounted and bought.
16-30 days U. 8. Govt, short-term secs.
16-30 days municipal warrants
31-60 days bills discounted and bought.
31-60 days U. 8. Govt, short-term secs.
31-60 days municipal warrants
61-90 days bills discounted and bought
61-90 days U. 8. Govt, shortterm secs.
61-90 days municipal warrants
Over 90 days bills disc’ted and bought.
Over 90 days U.8.Oovt.short-term secs.
Over 90 days municipal warrants
Federal Reserve Notes—
Issued to the banks
Held by banks
175,680,000
225,900,000
1,188,000
10,000
168,765,000
73,000
10,000
338,876,000
301,760,000
10,335,000
9,132,000
15,000
6,000
337,346,000 *334,095,000
2,023,000
2,194,000
3,000
17,755,000
20,102,000
63,569,000
66,793,000
470,666,000
9,220,000
4,000
165,185,000
1,086,000
5,000 !
23,151,000 I
72,275,000
3,000
3,000
176,019/100
101,000
304,615,000
10,684,000
15,000
319,973,000
3,557,000
16,833,666
61,913,000
188,642,000
221,020,000
137,000
7,000
117,000
5,000
291,511,000
617,000
5,000
284,735,000
8,109,000
10,000
21,708,000
64,199,000
279,786,000
42,000
265.599.000
163,000
7.000
188,485,000
8,851,000
5,000
12,034,000
41,300.000
10,000
232,891,000
8,676,000
10,000
12,229,000
62,319,000
91,556,000
2,OOOi
15,66o
273,091,0001
I 140,417,000
707.0001
7,000
-
7,000
6.000
6,000
203,960, OOOi
5.412,000
249.254,000
6.022.000
-
174,622,000
8.104,000
11,000
15,612,000
41,220,000
10,000
125,000
141,927,000
!
!
652,666
6,248,000
***
*1*2*0*OOO
2,773,043,00012,768,777,000 2,761,812,000 2,743,686,000 2,710,680,000 2,697,090,000 2,667,024,000 2,623,339,000i 1,126,345,009
204,367,000! 213,562,000 199,295,000 185,490,000 195,176,000 189,178,000 164,536,000
144,961,000jj 69,362,000
1,056,983,000
In circulation
2,568,676,0002,555,215,000 2,562,517,000 2,558,196,000'2,515,504,000(2,507,912,000 2.502,488.000 2,478,378,000;
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller
3,692,060,000i3,660,540,00013,629,140,000!3,609,760,000 3,561,280,000 3,525,460,000 3,488,640,000 3,414,220,000 1,590,340,000
557,446,000
555,671,0001! 234,185,009
560,860,000
562,931,000
Returned to the Comptroller
603,417,0001
i
591,693,000j 580,183,000| 572,078,000
3,088,643,000 3,068,847,000i3,048,957,000 3,037,682,000 2,998,349,000 2,964,600,000
267,510,000
287,669,000
293,996,000
Amount chargeable to Agent
fn hands of Agent
2,931,194,000|2,858,549.000iT,356,155,000
315,600,000} 300,070,000! 287,145,000
Issued to Federal Reserve banks..
How Secured—
By gold coin and certificates
By lawful money
By eligible paper
Gold redemption fund
With Federal Reserve Board
Total.
2,773,043,0002,768,777,000
-
»
264,170,000
235,210,000!'
229,810,0*0'
|2,761,012.000 2,743,686,000 12,710,680,000 2,697,090,000 2,667,024,000'2,623,339,OOO: 1,126,345,000
208,167,000
242,985,000
1,512,092.000 1,493,503.000 1,460,339,000
78,053,000
77,477,000
78,609,000
894,229,000
871,356,000
899,213.000
464,521,000
33,714,000
385,125,000
2,773,043,000 2,768,777,000 2,761,812,000 2,743,686,000 2,710,680,000 2,697,090,000 2,667,024,000 2,623,339,000
|l.126,345,000
212,627,000} 211,626,000 i 210,176,000 198,176,000 200.176.000
1,556,502 .OOO11,599,860,665 1,595,2*33”,666 1,598,046,666 1,566,821*666
77,991,000!
78,793,000
925,923,000;
878,498,000
78,352,000
878,051,000
81,776,000
867,907,000
78,586,000
868,878,000
207,176,000
201,239,000
1
Eligible paper delivered to F. R. Agent. 2,114,588,000 2,006.806,000 2,120,296,000 2,116.238.000 2.060.562.000 1,901,642.000 2,012,927,000 2,049,522.000
a Net amount due to other Federal Reserve banks.
6 This Item includes foreign Government credits, t Revised figures.
WEEKLY STATEMENT of RESOURCES and LIABILITIES
Two ciphers
New York.
Boston.
(00) omitted.
S
RESOURCES.
Gold coin and certifs. in vault..
Gold settlement fund
Gold with foreign agencies
*
277.665,0
17,142,0
2,011,0
3,875,0
21,465,0
408,0
of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS NOV. 29
PhUadel. Cleveland
%
Run-"-'a
?
%
2,336,0
21,754,0
204,0
28,198,0
34,723,0
525,0
104,0
39,529,0
408,0
490,932,000
■nlanta
CMcc.gn
*
*
St. LouU
816,0
175,0
M inneap. Kan. City
%
2,096,0
26,493,0
233,0
7,573,0 24,168,0
8,546,0 126,902,0
Dallas.
S
8,416,0
23,673,0
233,0
9
S
202,0
26,971,0
291,0
5,669,0
6,514,0
204,0
Son Fran.
*
10,638,0
41,580,0
321,0
1918.
Total.
*
370,938,0
395,292,0
5,829,0
40,041,0 63,444,0
78.605,0 132,321,0
635,0
7,700,0
24,294,0
60,833,0
5,798,0
16,294,0 151,886,0
44,399,0 244,167,0
5,242,0 12,067,0
28,822,0
53,083,0
3,322,0
32,322,0
57,279,0
3,926,0
27,464,0
52,799,0
3,704,0
772,059,0
12,387,0 52,539,0
22,500,0 117,550,0 1,216,541,0
76,613,0
2,153,0
257,0
Total gold reserves
103,350,0
3,151,0
Legal-tender notes, silver, Ac...
604,030,0 126,346,0 196,400,0
574,0
638,0
44,624,0
90,925,0
647,0
65,935,0 408,120,0
1,515,0
228,0
85,227,0
1,975,0
93,527,0
83,0
83,967,0
153,0
37,040,0 170,346,0 2,065,213,0
55,158,0
273,0
1,297,0
Total reserves
106,501,0
Bills discounted: Secured by Govt
648,654,0 126,920,0 197,038,0
91,572,0
66,163,0 409,635,0
87,202,0
93,610,0
84,120,0
38,337,0 170,619,0 2,120,371,0
131,096,0
12,616,0
25,229,0
626,905,0 165,505,0 107,287,0
84,263,0 16,486,0 17,313,0
166,732,0 15,875,0 50,673,0
65,683,0
18,956,0
2,724,0
41,205,0 123,047,0
39,135,0 60,987,0
12,927,0 37,357,0
47,819,0
32,233,0
3,756,0
21,180,0
12,436,0
22,390,0
47,765,0
9,304,0
16,646,0
32,327,0
4,025,0
168,941,0
1,403,0
5,416,0
877,900,0 197,866,0 175,273,0
1,088,0
1,375,0
1,398,0
8,731,0
6,299,0
35,423,0
87,363,0
1,234,0
93,267,0 221,391,0
4,509,0
12,612,0
83,808,0
1,153,0
5,568,0
45,443,0
125,0
2,997,0
79,459,0
8,867,0
2,909,0
52,998,0 106,827,0 2,190,536,0
29,132,0
3,461,0
4,000,0
92,664,0
2,400,0
3,003,0
27,a
Total earning assets
175,760,0
Uncollected items (deducted from
914,721,0 205,540,0 185,092,0
91,881,0
97,835,0 238,512,0
90,529,0
48,565,0
91,235,0
59,398,0 113,291,0 2,312,359,0
war
obligations
All other
Bills bought In open market....
Total bills on hand
U. S. long-term securities
U. 8. short-term securities
All other earning assets
gross
296,818,0
282,220,0
24,992,0
25,748,0
70,785,0
6,817,0
Total gold held by banks
Gold with Federal Res. Agents..
Gold redemption fund
deposits)
3,284,0
519,0
4,022,0
27,0
Total
43,748,0 1,412,511,0
402,684,0
28,776,0
375,341,0
34,303,0
<
64,049,0
143,304,0
81,055,0
69,356,0
57,018,0
34,386,0
78,889,0
66,619,0
19,139,0
55,918,0
20,098,0
46,497,0
736,328,0
220,0
1,137,0
1,055,0
8,238,0
300,0
3,590,0
383,0
797,0
256,0
1,157,0
207,0
810,0
719,0
1,366,0
253,0
550,0
188,0
197,0
557,0
1,043,0
227,0
803,0
256,0
1,621,0
4,621,0
21,309,0
5% redemption fund against Fedoral Reserve bank notes
All other resources
11,827,0
347,667,0 1,715,972,0 417,405,0 452,666,0 241,884,0 199,401,0 729,121,0 245,153,0 161,699,0 232,873,0 118,863,0 332,284,0 5,194,988,0
resources
LIABILITIES.
6,598,0
Capital paid In
Surplus
Government deposits
20,726,0
649,0
26,616,0
636,346,0
161,993,0
101,637,0
75,0
Due to members—Reserve acc’t.
Collection items.
Oth. deposits incl. for Gov’t cred.
.
_
42,802,0
93,043,0
46,216,0
Total gross deposits
182,061,0
F. R. notes in actual circulation. 150,906.0
F. R. bank notes In clrc’n—Net
4,253,0
All other liabilities
s.
3,771,0!
.
1
8,886,0
7,486,0
4,044,0
3,175,0
11,108,0
116,0
40,0
216,0
4,519,0
53,665,0
40,754,0
28,087,0 28,256,0
78,428,0 103,690,0
71,411,0 53,774.0
68,0
3,785,0
7,325,0 14,106,0
41,919,0 217,166,0
24,204,0 60,554,0
28,0
1,554,0
19,583,0
53,026,0
50,401,0
307,0
•
926,592,0 177,926,0 185,788,0 98,938,0 73,476,0 293,380,0 123,317,0
720,294,0 223,730,0 247,535,0 134,467,0 117,151,0 403,634, Oilll,403,0
4,664,0
2,037,0
3,889,0 14,131,01
6,662,0
25,627,0
5,278,0
3,795,0
1,670,0
6,652,0
2,252,0
22,084,0
2,985,0
1,984,0
j
2,928,0
38,0
9,187,0
46,160,0
11,758,0
15,0
3,655,0
3,141,0
i 1,754,0
55,460,0
37,618,0
2,0
31,155,0
16,283,0
8,0
*3,989,0
4,540,0
80,072,0
1,134,0
207457,0
10,933,0
78,835,0 1,488,893,0
602,667,0
27,701,0
105,894,0
2,275,0
67,120,0 104,834,0 51,435,0 119.744.0 2,404,611,0
87,597,0 'ill,958,0 58.792.01201.209.0 2,568,676,0
2,420,0
86,003,0
9,397,0
3,824,0 i
3,788,0
1,596,0
1,671,0 j
54,492,0
3,029,0 1
3,003,0
1
347,667,0 1,715,972,0 417,405,0 452,666,0 241,884,0 '199,401,0 729,121,0 245,153,0 161,699,0 232,873,0 118,863,0 '332,284,0 5,194,988,0
♦Difference between net amounts due from and net amounts due to other Federal Reserve banks,
z Net amount due to other Federal Reserve Banks. ♦ Overdraft.
Total liabilities
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS NOV. 29 1918.
Two ciphers (00) omitted.
Boston.
New York.
ClecCdl*
pntiudti
Rlchtn'd
Atlanta
Chicago.
St. Louis. Af inneap
Kan. City
S
$
%
S
%
%
%
*
I
Federal Reserve notes—
Received from Comptroller... 232,540,0 1,201,840,0 313,780,0 312,960,0 186,880,0 185,640,0 512,720,0 151,280,0 112,480,0 152,700,0
24,897,0
31,236,0
Returned to Comptroller
33,747,0 25,185,0 41,298,0 25,676,0 17,895,0
260,663,0 56,427,0
49,682,0
Dallas
San Fran.
Total
>
t
%
99,920,0 229,320,0 3,692,060,0
603,417,0
20,465,0 16,246,0
.
t.
182,858,0
20,520,0
941,177,0 257,353,0 281,724,0 153,133,0 160,455,0 471,422,0 125,604,0
7,735,0
8,060,0 40,205,0 47,120,0
111,200,0 25,520,0 21,380,0
94,585,0 127,803,0
5,950,0
8,420,0
79,455,0 213,074,0 3,088,643,0
19,490,0
315,600,0
Issued to F. R. Bank
162,338,0
Held by F. R. Agent—
Gold coin and certificates
5,000,0
Gold redemption fund
9,170,0
Gold Sett. Fd., F. R. Board.. 56,615,0
Eligible paper, min. req'd
91,553,0
829,977,0 231,833,0 260,344,0 145,073,0 120,250,0 424,302,0 117,869,0
88,635,0’119,383,0
59,965,0 213,074,0 2,773,043,0
13,052,0}
12,581,0
212,627,0
77,991,0
3,235,0 10,989,0
6,684,0 106,561,0
925,923,0
37,465,0 95,524,0 1,556,502,0
Total..
1162,338,0
Amount of eligible paper dellv- 1
ered to F. R. Agent
168,931,0;
F. R. notes outstanding
162,338,0,
F. R. notes held by banks
11,432,0
829,977,0 231,833,0 260.344,0
F. R notes in actual clrcula’n. 150,906.0
158,740,0
18,750,0
13,480,0 12,404,0 13,571,0
110,000,0 66,201,0 100,000,0
547,757,0 153,228,0 128,023,0
1
i
Chargeable to F R. Agent
In hands of F. R. Agent
1,833,0
59,000,0
84,240,0
2,504,0
2,125,0
3,365,0
39,770,0 240,802,0
75,851,0 180,135,0
2,000,0
2,953,0
48,130,0
64,786,0
2,427,01 2,439,0
41,800,0! 50,360,0
31,356,0, 66,584,0
145,073,o!l20,250,0(424,302,0|ll7,869,0 88,635,0^19,383,0 59,965,01213,074,0 2,773,043,0
1
877,900,0 166,907,0 175,019,01 84,821,0! 80,073,0*221,391,O' 70,179,0! 38,859,0' 79,459,0 52,998,0' 98,051,0 2,114,588,0
829,977,0 231,833,0 260,344,0 145,073,0 120,250,0 424,302,0 117,869,0} 88,635,0 119,383,0 59,965,0 213,074,0 2,773,043,0
109,683,0
8,103,0
12,809,0>
10,606,Oj 3,099,0( 20,668,0
6,466,0
720,294,0 223,730.0 247,535,0 134,467,0 117,151,0 403,634,0 111,403,0
7,425,0
1,173,0 11,865,0 204,367,0
87,597,0 111,958,0
58,792,0 201,209,0 2.568,676,0
1,038,0
Dec. 7
2167
THE CHRONICLE
1918.]
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 Nov. 30. The figures for the sep¬
arate banks are the averages of the daily results.
In the ease of totals, actual figures at end of the week are also given
NEW YORK WEEKLY CLEARING HOUSE RETURN.
Net
-CLEARING HOUSE
MEMBERS.
Capital.
Week Ending
Not. 30 1918.
Nat.
estate
(Trust
Members of Federal
Reserve Bank.
Bank of N T. N B A.
Bank of Manhat Co.
Merchants’ National.
Mech A Metals Nat
Bank of America
National City
Chemical National—
Atlantic National
Nat Batch a Drovers
American Exch Nat.
Nat Bank of Comm..
Pacific
Chat a Phenlx Nat..
Hanover National
Citherns’ National.
Metropolitan
Corn Exchange
Importers a Trad Nat
National Park....
East River National.
Second National
First National....
Irvins National
N Y County National
Continental
Chase National
Fifth Avenue
Commercial Exch
11
Banks Not. 1}
Co’s Not. 1J
Banks Not.
1
8
..
,
Commonwealth...
Lincoln National....
Garfield National...
Filth National
Seaboard National..
Liberty National
Coal A Iron National
Union Exchange Nat.
Brooklyn Trust Co..
Bankers Trust Co...
C S Mtge A Trust Co
Guaranty Trust Co..
Fidelity Trust Co
Columbia Trust Co-
Peoples Trust Co
New York Trust Co
Franklin Trust Co
Lincoln Trust Co
Metropolitan Trust.,
Nassau Nat. B’klyn
frying Trust Co
Farmers Loan & Tr._
Loam,
Discounts,
Investments,
Profile.
Gold.
SQver.
Tenders.
Ac.
$
2,000,000
2,500,000
2,000,000
6.000,000
1,500,000
25,000,000
3,000,000
1,000,000
300,000
5,000,000
25,000,000
500,000
3.500.000
3,000,000
2,550,000
2,000,000
3,500,000
I,500,000!
5,000,000
250,000
1,000,000
10,000,000
4,500,000
1,000,000
1,000,000
10.000,000
200,000
200,000
400,000
1,000,000
1,000,000
250,000
1,000,000
3,000,000
1,000,000
1,000,000
1,500,000
II,250,000
2,000,000
25,000,000
1,000,000
6,000,000
1,000,000
3,000,000
1,000,000
1,000,000
2,000,000
1,000,000
1,500,000
5,000,000
Legal
Average.
Average.
$
%
9
National
BanX
and
Federal
Reserve
Notes.
Average.
%
Average.
%
Average.
%
188,000
Reserve
with
Additional
Deposits
Legal
Deposi¬
Legal
Deposi¬
taries.
taries.
Average.
S
Average.
$
51.380.200
9.623.200
951,000
108,600
5.571.300
24.376.700
1,097,500
3,081,400
18,278,000
2.992.200
2.318.800
8.548.600
8,023,000
18.591.200
100,800
4,018,200
31,608,600
5.647.300
392.900
664,000
15.522.900
2.223.700
871,100
753.900
2,008,600
1.372.600
408.900
3.716.100
4.132.800
1,028,100
1.326.500
2.518.300
16.283.200
4.628.600
27.428.900
1.283.200
6.850.500
1,306,400
10.769.900
1.170.100
614,300
4.383.200
1,173,000
1,142,000
12,009,800
Deposits.
Deposits.
Average.
%
Average.
%
*
National
Bank
Circula¬
tion.
Average.
*
776,000
1,740,000
284’,566 1,779",666
17,138,000
3,712,000
16,041,000
4,846,000
553,000
1,445,000
431,000
147,000
295,000
4,873,000
5,876,000
4,784,000
70,000
7,652,000
2,172,000
233,000
150,000
973,000
4,007,000
4,887,000
61,000
50,000
650,000
8,252,000
1,000,000
1,651,000
789,000
248,000
25,000
9,558,000
197,000
1,100,000
210,000
394,000
242,000
70,000
800,000
411,000
396,000
100,000
32,000
161,000
140,000
1,623,000
427,000
479,000
4,888,000
12,113,000
0,924,000
22,170,000
450,000
8,702,000
1,591,000
2,666,000
1,696,000
1,744,000
1,164,000
639,000
1,010,000
9,035,000
50,000
3,659,759,000 153,249,000 35.513.000
192,900,000 355,796,400 4,526,127,000 36,151.000 13,438,000 19,993,000 38,043,000 547,755,000
Average tor week.
Net
Time
33,582,000
50,014,000
21,739,000
155,300,000
25,174,000
599,108,000
61,382,000
13,935,000
2,736,000
85,011,000
283,180,000
13,659,000
80,132,000
132,215,000
31,440,000
24,206,000
105,369,000
25,690,000
163,375,000
3,770,000
14,678,000
155,362,000
101,404,000
10,315,000
5,028,000
282,304,000
16,794,000
5,950,000
6,787,000
13,697,000
10,297,000
6,230,000
44,069,000
64,697,000
11,107,000
12,863,000
21,801,000
212,604,000
40,885,000
353,396,000
8,184,000
66,081,000
22,584,000
51,378,000
14,126,000
12,458,000
31,486,000
9,404,000
37,634,000
105,073,000
5,242,000
85,000
94,000
46,833,000
24,000
7,891,000
457,000 1,016,000
290,000
306,000
60,232,000
168,000
2,904,000
279,000
79,000
70,000
28,942,000
159,192,000 8,478,000
159,000 1,171.000 1,995,000 28.380.000
385,000
364,000
3,526,000
691,000
172,000
29,419,000
836,000 2,187,000 122,932,000
617,292,000 8,364,000 3,025,000
650,000
247,000
432,000
8,657,000
122,000
81,396,000
80,000
131,000
210,000
1,940,000
16,923,000
87,000
9,000
455,000
57,000
60,000
3,056,000
11,000
516,000 1,193,000 11,610,000
618,000
159,000
112,214,000
532,000 1,587,000 30,783,000
187,000
409,485,000
298,000
557,000
1,699,000
326,000
215,000
15,573,000
51,000
490,000 1,051,000 2,647,000 13,244,000
88,650,000
468,000
708,000
20,562,000
478,000
136,432,000 4,169,000
194,000
351,000
710,000
5,095,000
41,035,000
111,000
34,000
978,000
3,223,000
554,000
150,000
789,000
36,266,000
168,000 2,507,000 4,662,000 14,284,000
97,542,000 1,099,000
299,000
354,000
54,000
3,389,000
70,000
35,511,000
383,000
419,000! 1,122,000 21,782,000
35,000
203,040,000
112,000
15,0001
35,000
638,000
3,000
3,314,000
252,000
602,000
2,114,000
21,000
85,000
18,065,000
664,000 19,295,000
654,000
614,000
13,000
316,009,000
443,000 2,365,000 1,212,000 12,863,000
102,834,000 1,009,000
606,000
162,000
1,778,000
34,000
11,160,000
59,000
99,000
15,000
795,000
13,000
6,833,000
33,000
678,000 34.779,000
320,845,000 2,199,000 3,857,000 1,356,000
548,000
500,000
2,103,000
55,000
161,000
20,359,000
115,000
855,000
73,000
52,000
46,000
5,980,000
160,000
933,000
134,000
21,000
40,000
6,790.000
787,000
1,801,000
207,000
168,000
112,000
14,770,000
151,000
132,000
1,594,000
3,000
5,000
12,408,000
175,000
195,000
842,000
23,000
7,455,000
37,000
445,000
5,979,000
145,000
349,000
259,000
47,943,000
527,000
9,888,000
30,000
69,592,000
184,000
584,000
1,679,000
140,000
54,666
14,008,000
6,000
276,000
2,054,000
309,000
12,000
56,000
13,035,000
447,000
3,004,000
148,000
76,000
32,000
36,553,000
729,000 30,551,000
64,000
158,000
146,000
258,794,000
274,000
5,609,000
83,000
154,000
43,000
59,850,000
120,000
311,000 2,768,000 46,016,000
456,221,000 1,781,000
50,000
160,000
1,082,000
45,000
90,000
10,697,000
704,000
8,891,000
38,000
265,000
92,627,000
23,000
591,000
2,181,000
262,000
80,000
51,000
27,095,000
169,000
7,710,000
12,000
52,000
10,000
96,868,000
216,000
2,112,000
145,000
34,000
68,000
28,169,000
325,000
2,000,000
17,000
28,000
18,000
19,570,000
656,000
3,837,000
49,000
68,000
37,000
50,404,000
103,000
1,145,000
247,000
72,000
3,000
15,627,000
4,917,000
504,000 2,022,000
124,000
41,718,000
103,000
269,000 15,112,000
61,000
20,000
121,501,000 3,743,000
5.525.500
7.165.700
2.809.700
11.137.700
6.859.700
Net
Demand
with
3,628,302,000
3,712,817,000
3,703,293,000
3,667,756,000
152,898,000
152,203,000
152,935,000
150,010.000
106,000
83,000
249,000
15,032,000
4,831,000
20,718,000
33,465,000
65,000
5,629,000
438,000
74,040,000
70,000
3,658,000
3,469,000
3,120,000
2,957,000
0,110,000
5,626,000
5,405,000
6,684,000
421,000
195,000
368,000
234,000
75,120,000
74,289,000
73,826.000
73,204,000
71,000
68,000
64.000
52,000
218,000
,63,000
537,000
401,000
2,221,000
1,161,000
784,000
534,000
21,620,000
12,570,000
468,000
575,000
289,000
281,000
938,000
3,382,000
1,318,000
34,190,000
1,033,000
292,000
298,000
312,000
303,000
211,000
323,000
324,000
314,000
804,000
854,000
994,000
1.029,000
3,250,000
3,433,000
3,565,000
3,033,000
1,519,000
1.893,000
1,107,000
1,168,000
34,103,000
33,878,000
35,203,000
33,445.000
1,033,000
1,032.000
1,039,000
923,000
Grand aggregate,avge 205,650,000 377,028,700 4,660,089,000 39,404,000 15,013,000 21,218,000 42,434,000 556,776,000
Comparison prev wk.
—91,083,000 + 125,000 —31,000 —244,000 —295,000 —4,652,000
+ 302,000
20,926,000 36,973,000 539,317,000
34,743,000
36,401,000
35,808.000
35,714,000
13,438,000
13,681,000
13,233,000
13,450,000
N Y Produce Exch—
State
500,000
250,000
1,000,000
2,000,000
Bank.
of Fed oral Reserve
602,000
1,476,800
14,641,000
276,000
5,048,000
816,600
579,000
19,362,000
1,206,500
32,235,000 1,506,000
548,300
95,000
34,000
483,000
674,000
211,000
11,000
497,000
225,000
1,300,000
291,000
513,000
1,349,000
1,168,000
290,000
1,714,000
2,457,000
Totals, avge for wk
3,750,000
4,048,200
71,286,000
2,963,000
1,286,000
944,000
3,453,000
71,190,000
71,557,000
73,237,000
73.097.000
2,728,000
3,007,000
2,936,000
2,941,000
1,427,000
1,149,000
1,285,000
1,356,000
996,000
938,000
1,103,000
1,093,000
5,000,000
4,000,000
Bank.
of Fed eral Reserve
95,000
38,988,000
11,947,900
195,000
23,688,000
5,236,200
115,000
174,000
9,000.000
17,184,100
62,676,000
290,000
61,884,000
63,149,000
63,501,000
64,161,000
291,000
291,000
293,000
293,000
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condltl
condltl
condltl
oondit)
State Banks.
Greenwich
on
on
on
actual condltl, on
actual oondltl on
actual condltl on
actual condltl on
Trust Companies.
Title Guar A Trust..
Totals,
Totals,
Totals,
Totals,
for wk
avge
actual
actual
actual
actual
condltl
oondltl
oondltl
oondltl
Nov. 30
Nov. 23
Nov. 16
Nov. 9
on
on
on
on
Nov. 30
Nov. 23
Nov. 16
Nov
9
condition
Nov. 30... 4,622,986,000 37,762,000 15,157,000 22,133,000
+ 29,000 + 446,000
—57,535,000 —1937 000
Grand
Grand
Grand
Grand
condition
condition
oondltlon
condition
Nov. 23... 4,680,521,000 39,699,000 15,128,000 21,687,000 41,272,000
Nov. 16... 4,789,928,000 39,037,000 14,830.000 22,092,000 40.900,000
Nov.
9... 4,746,200,000 38,948,000 15,109,000! 21.769.000 41,634.000
Nov. 2.— 4,724.372,000 39,058,000 14,007,000 20,080.000 37,190,000
a
actual
actual
actual
actual
5,000
U. S. deposits deducted, $290,120,000.
1,756,000 a3,767,995,000 154,352,000 35,513,000
—66,412,000
—550,000
—6,000
41,435,000 548,677,000 1,940,000 b3 737,525,000 154,002,000 35,446,000
+ 699,000 —119,000
+163,000 —43744000 —148,000 —83,459,000
Grand ag’gate. actual
Comparison prev wk.
ag’gate,
ag’gate,
ag'gate,
ag’gate,
35,446,000
35,565,000
35,615.000
35.824,000
Not Mem hers
Lawyers Title A Tr„
Totals,
20,420,000 36,949,000 583,362,000
20,065,000 36.786.000 514,061,000
20,362,000 37,648,000 547,841,000
Not Mem hers
Bowery..
Totals,
Totals,
Totals,
Totals,
4,489,912,000
4,545,815,000
4,653,190,000
4,608,942,000
Nov. 30
Nov. 23
Nov.
Nov.
on
592,421,000
523,031,000
556,558,000
533,995,000
2,088,000
1,476,000
1,402,000
1,816,000
3,820,984,000 153.303,000 35,565,000
3,812.322.000 154.028.000 35.015.000
3,774,405,000 150,985.000 35,824,000
3,699,663,000'150,452,00030,098.000
b U. S. deposits deducted, $231,500,000.
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank.
State banks
Trust companies*
....
$
Totai Nov.16-
Total Nov. 9.
•
Depositaries
10,444,000
10,458,000
10,320,000
10,280,000
Inc.
a
Total
Reserve.
%
5
or
Dee.
Reserve
Surplus
from
Reguired.
Reserve.
Previous Week
$
547,755,000 547.755,000 480,368,140
8,646,000
5,629,000 14,275,000 13,328,280
1,798,000
3,382,000
5,180,000
5,128,500
&
Total Nov.30Total Nov. 23.
Reserve
in
%
67,388,860
940,720
51,500
556,766,000'567,210,000 498,822,920 68,387,080
561,418,000 571,870,000 507,467,490
567,018,000 677,338,000 507,908.010
544,960,000 555,240,000 497,131,820
$
+4,072,280
—56,460
—37,250
+ 3,978,570
64,408,510 —5,021,480
69.429,990 + 11,321.810
58,108,180 + 6,072,110
Cash
Reserve
in Vault.
%
Dee.
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
from
Previous Week
%
*
1
s
S
539,317,000 539,317,000 476,266,200
6,110,000 14,919,000 13,521,600
8,809,000
5,115,450
4,848,000
3,250,000
1,598,000
b
10,407,000
10,329,000
10.367.000
10,280,000
Inc.
b
Reserve
in
548,677,000
592,421,000
523,031,000
556,658,000
559,084,000
602,750,000
533,398,000
566,844,000
494,903,250
505,686,020
504.585.270
499,502.050
or
63,050,800 —33,078,900
+ 580,420
1,397,400
—384,750
def267,450
64,180.750 —32,883,230
97,063,980 + 68.251.250
28,812,730 —38,529.220
67.341,950
13,160,820
Not members of Federal Reserve Bank.
Stats banks and trust companies, but In the case of members of the Federal Reserve Banks
follows: Nov. 30, $4,597,470; Nov. 23, $4,614,030; Nov. 16, $4,588,050: Nov. 9, $4,493,860.
b This Is the reserve required on net demand deposits in the ease of State banks and trust companies, but In the case of members of the Federal Reserve Rank Includes
also amount of reserve required on net time deposits, which was as follows: Nov. 30, $4,586,940; Nov. 23, $4,560,090; Nov. 16, $4,509,240; Nov. 9, $4,500,300.
c Amount of cash in vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Nov. 30, $107,625,000 Nov. 23. $108,058,000; Nov. 16. $108,076,000; Nov. 9, $103,523,000.
d Amounts of cash In vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
^
Nov. 30, $106,080,000; Nov. 23, $107,457,000; Nov. 16. $106,492,000; Nov. 9. $107,174,000.
This Is the reserve required on net demand deposits In the ease of
Includes also amount of reserve required on net time deposits, which was as
a
2168
THE CHRONICLE
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, as follows:
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.
Capital
Surplus
-
Deposits in banks and trust
cos
Total
Trust
$15,395,600
12,593,200
12.21%
$27,988,800
as
as
of Nov. 1.
of Nov. 1.
Loans and investm’ts
Specie
Currency A bk. notes
Nov. 30.
1918.
Diffe'encei from
Nov. 30.
1918.
Differences from
previous week.
$
$
$
$
24,100,000
42,973,600
475,203,000 Inc.
9,841,400 Inc.
26,431,000 Inc.
previous week.
99,550,000
169.723.600
323,500 1,902,758,300 Dec. 41,425,700
289,100
12,682,400 Dec.
346,200
142,100
19,143,500 Inc.
376,900
Deposits with the F.
R. Bank of N. Y__
Deposits
Reserve on deposits.
P. C. reserve to dep.
RESERVE.
Stale Banks
Trust Companies.
Week ended N<fc. 30.
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
{figures Furnished by State Banking Department.) Differences from
Nov. 30.
previous week.
Loans and investments
$700,088,900 Dec.$17,942,900
Specie
8,137,700 Dec.
371,900
Currency and bank notes
15,198,500 Inc.
238,400
Deposits with the F. R. Bank of New York
58,798,100 Inc.
805,000
Total deposits
749,494,900 Dec. 13,067,900
Deposits, eliminating amounts due from reserve de¬
positaries and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits 681,155,600 Inc. 4,354,400
Reserve on deposits
128,325,900 Inc. 4,599,800
Percentage of reserve, 21%.
Cash in vaults
[Vol. 107
42,322,500 Dec.
559,841,900 Dec.
96,519,100 Dec.
22%
1,158,500
189.883.600 Inc.
1,374,100
8,195,500 1,867,279,200 Dec. 52,425,500
1,592,200
280.651.600 Inc. 7,072,600
18.7% Inc.
0.6%
Boston Clearing House Banks.—We
give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
Companies
9.98%
$66,738,700
33,598,400
13.84%
6.96%
22.19%
$100,337,100
20.80%
mary
B08TON CLEARING HOUSE MEMBERS.
The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
Nov. 30
1918.
Changes from
previous week.
Nov. 23
1918.
Nov. 16
1918.
$
$
$
$
Circulation.
4,703,000 Dec.
1,000
4,704,000
4,738,000
Dec.
Loans, dlsc’ts A investments. 533,132,000
6,816,000 539,948,000 569,900,000
Individual deposits, incl.U.S. 458,044,000 Dec. 22,444,000 480,488,000 506,633.000
Due to banks
114,880,000 Dec. 5,020,000 119,900,000 116,028,000
Time deposits
14,005,000 Inc.
435,000 13,570,000 13,515,000
...
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
(Two ciphers omitted.)
Loans
and
Investments
Week
Ended—
Aug. 3.
Aug. 10......
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14......
Sept. 21
Sept. 28......
5
Oct.
Oct. 12
Oct. 19.
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
*
Specie.
Tenders.
Total
Cash in
Vault.
$
$
$
Demand
Legal
Deposits.
5,137,068,5 4,296,324,2
5,231.510.0 4.297.646.1
5,281,063,9 4.317.718.7
5.230.921.4 4.314.490.2
5,173,081,5 4,406,150,0
5.249.106.5 4,475,183,9
5,233,177,2 4.418.249.8
5.294.283.6 4,427,043,3
5.296.960.1 4.450.212.9
5.373.198.8 4.537.675.4
5,413,086,8 4,435,747,6
5.386.267.9 4.487.786.5
5.467.805.1 4.520.463.6
5.499.400.2 4.364.815.8
5,471,164,4 4.430.932.2
5,489,226,0 4.515.346.9
5.470.203.8 4.511.208.2
5.360.177.9 4.449.150.6
74,037,6 88.453.1
73.349.2 87,040.8
72,660,0 90,058,1
72.410.2 86,569.3
71.853.1 86.335.2
70.700.1 87.712.1
71,038,6 88.345.3
70.472.1 96,532,8
70,816,0 94.623.1
69,970,7 91.434.6
69.765.2 85.254.7
70,376.0 92.445.8
71.255.2 94.750.5
69.692.6 85.425.1
68,979,4 89.755.9
69.440.7 91.559.5
69.250.6 92.303.2
68.759.7 93.400.6
IN
Deposi¬
taries.
$
162.490.7 578,552,0
160,390,0 557,064.2
162.708.1 549.748.1
158.979,5 551.742.5
158,188,3 558,574,4
158.412.2 583.554.8
159,383,9 554.898.2
167,004,9 571.118.2
165,439,1 567.673.3
161.405.3 587,014,3
155,019,9 574.142.4
162.821.8 580.295.4
186,005,7 619.305.3
155.117.7 585.223.6
158.735.3 591.280.8
161,000,2 610.910.4
161.553.8 603,681,3
162.160.3 602.957.6
*
Included with “Legal Tenders” are national bank notes and Fed. Reserve notes
held by State banks and trust cos., but not those held by Fed. Reserve members.
,
In addition to the returns of “State banks and trust
by the State Banking Department, the Department also
presents
a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see “Chronicle,” V. 98,
p. 1661.
The provisions of the law governing the reserve require¬
ments of State banking institutions as amended
May 22
1917 were published in the “Chronicle” May 19 1917 (V.
104,
p. 1975).
The regulations relating to calculating the
amount of deposits and what deductions are permitted in
April 4 1914 (V. 98,
p.
were
Due from other banks
Cash In bank A In F. R. Bank
Reserve excess In bank and
Federal Reserve Bank
given in the “Chronicle”
16,580,000 Inc.
77,537,000 Dec.
62,819,000 Dec.
13,000
2,860,000
5,434,000
16,567,000
80,397,000
68,253,000
16,299,000
78,989,000
57,557.000
14,518,000 Dec.
2,985,000
17,503,000
4,414,000
Philadelphia Banks.—The Philadelphia Clearing House
ending Nov. 30, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
“Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes “Reserve
with legal depositaries” and “Cash in vaults.”
statement for the week
Week ending Nov. 30 1918.
Two ciphers
(00) omitted.
Members of
Capital
Surplus and profits.
Loans, dlsc’ts A Investm’ts
.
Exchanges for Clear .House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Nov. 23
1918.
Trust
Cos.
F.R.System
com¬
panies in New York City not in the Clearing House,” furnished
the computation of the reserves
Exchanges for Clear. House-
Reserve in
$28,475,0
77,667,0
708,669,0
24,830,0
122,435,0
151,738,0
454,6.54,0
4,776,0
611,168,0
Total.
$3,000,0
7,498,0
25,242,0
359,0
13,0
273,0
14,828,0
15,101,0
U.S.deposits (not Included)
Res’ve with Fed.Res.Bank
Res’ve with legal deposit’s
Cash In vault*
Total reserve A cash held.
Reserve required
Excess res. A cash in vault
1045).
*
50,905,0
1,932,6
17,196,0
68,101,0
48,055,0
22,046,0
Cash in vault is not counted
780,0
2,712,0
2,209,0
503,0
as reserve
Nov. 16
1918.
$31,475,0
85,165,0
733,911,0
25,189,0
122,448,0
152,011,0
469,482,0
4,776,0
626,269,0
27,593,0
50,905,0
1,932,0
17,976,0
70,813,0
48,264,0
22,549,0
$31,475,0
84,795,0
743,957,0
25,857,0
127,515,0
159,622,0
474,320,0
4,685,0
638,627,0
38,435,0
48,604,0
2,128,0
18,967,0
69,699,0
48,950,0
20,749,0
$31,475,0
84,780,0
743,046,0
23,343,0
126,027,0
153,683,0
461,998,0
4,603,0
620,284,0
60,169,0
46,870,0
2,062,0
18,550,0
67,482,0
47,510,0
19,972,0
for Federal Reserve bank members.
Non-Member Banks and Trust Companies.—Following Is the report made to the Clearing House by clearing nonmember institutions which are not inoluded in the “Clearing House return” on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
Capital.
NON-MEMBERS.
Week ending Nov. 30 1918.
Members of
Federal Reserve Bank.
Battery Park Nat. Bank
Columbia Bank
New Netherland Bank.
W. R. Grace A Co.'s bank
YorkvlUe Bank
First. Nat. Bank, Brooklyn._
Nat. City Bank, Brooklyn..
First Nat. Bank, Jersey City
Hudson Co. Nat., Jersey City
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights.
Colonial Bank
International Bank
Mutual Bank
Mechanics' Bank, Brooklyn.
North Bide Bank, Brooklyn..
Total..
....
Trust Companies.
Not Members of the
Federal Reserve Bank.
Ham > on Trust Co.,Brooklyn
Mechanics' Tr. Co., Bayonne
Total
Grand aggregate
Comparison previous week..
Excess reserve
Grand aggregate Nov. 23
Grand aggregate Nov. 16...
Grand aggregate Nov.
9...
Grand aggregate Nov.
2...
•
Net
1 Profits.
1
Nat. banks Nov. 1
State banks Nov. I
(Trust cos. Nov. 1
$
>
National
Additional
Legal
Deposi¬
with
Silver.
A Federal
Reserve
Notes.
taries.
Average.
$
Average.
%
Legal
Ac.
Cold.
Tenders.
Average.
Average.
$
Average.
$
$
1,549,200
651.200
196,500
757.100
609.100
663.100
595,000
1,325,800
761.200
10,987,000
13,539,000
4,222,000
5,709,000
8,255,000
8,285,000
6,333,000
10,303,000
4,879,000
12,000
24,000
4,000
4,000
1,000
6,000
1,000
81,000
39,000
12,000
30,000
151,000
4,000
4,650,000
7,108,200
72,512.000
172,000
100,000
600,000
500,000
200,000
1,600,000
200,000
469,500
1,088,400
198,800
548,000
865,700
226,600
2,430,000
10,573,000
5,330,000
8,044,000
21,694,000
4,665.000
70,000
235,000
152,000
3,100,000
3,397,000
500,000
200,000
1,030,700
700,000
$
Reserve
with
Bank
1,500,000
1,000,000
200,000
500,000
200,000
300,000
300,000
400,000
250,000
16,000
Deposits
Legal
Deposi¬
Net
Demand
Net
Time
taries.
Deposits.
Deposits.
Nationa
Bank
Circula¬
tion.
Average.
$
Average.
Average.
$
Averags.
$
Average.
$
84,000
1,609,000
222,000
480,000
620,000
2,633,000
1,002,000
6,191,000
11,469,000
4,322,000
4,194,000
4,689,000
5,940,000
5,225,000
6,509,000
3,852,000
71,000
354,000
64,000
570,000
3,694,000
478,000
445,000
577',666
287,000
119,000
387,000
193,000
1,175,000
$
23,000
280,000
86,000
98,000
249,000
123,000
44,56o
245,666
24,000
53,000
104,000
55,000
112,000
142,000
218,000
154,000
743,000
1,295,000
665,000
825,000
835,000
602,000
538,000
850,000
324,000
225.000
669,000
1,341,000
6,677,000
7,026,000
52,391,000
6,253,000
110,000
12,000
282,000
11,000
100,000
258,000
10,000
38,000
445,000
72,000
140,000
592,000
117,000
183,000
256,000
342,000
285,000
894,000
295,000
125,000
656,000
272,000
935,000
1,472,000
228,000
291,000
187,000
205,000
336,000
438,000
2,092,000
10,940,000
4,340,000
7,636,000
24,539.000
4,112,000
621,000
276,000
52,736,000
579,000
661,000
1,404,000
2,255,000
3,688,000
1,457,000
53,659,000
1,255,000
7,750,000
8,880,000
315,000
17,000
13,000
20,000
16,000
87,000
76,000
218,000
255,000
417,000
253,000
377,900
5,113,000
5,703,000
1,173,000
3,351,000
1,408,600
16,630,000
332,000
33,000
103,000
294,000
672,000
253,000
10,816,000
4,524,000
8,450,000 11,913,800 141,878,000
+783,000
Increase
$20,300
8.450.000 11.913.800 141,095,000
7,350,000 11.036.300 141,801,000
7,350,000 11,035,300 142,624,000
7,350,000 11,035,800 147,072,000
U. 8. deposits deducted. $5,185,000.
Loans,
Discounts,
Investments,
■9,000
3,000
..
376,666
189,000
39.000
319,000
—
—
919,000
1,083,000
—34,000 —277,000
2,176,000 3,890,000 11,037,000 8,736,000 all6.866.000 12,032,000
+309,000 —231,000
+38,000 —188,000
+ 155,000 + 157,000
1,175,000
1,117,000
1,030.000
1,867,000
2,066,000
2,132,000
2,129,000
1,174.000
1,177,000
1,191,000
1.199.000
1.027.000
1,631.000
1,196,000
1,041,000
1,185,000
1.277,000
4,121.000
4,148,000
4,154,000
3.981.000
10.999.000
11,105,000
11,397.000
11.482.000
8.924,000
8.370,000
9,204,000
8.387.000
116,711,000
116.693,000
114,625,000
113.397,000
11,875,000
11,802,000
11,755,000
11,761.000
+ 1.000
Dec. 7 1918.]
THE CHRONICLE
2169
V
IPjmtesr (gajaetfce.
WaK Street, Friday Night, Dec. 6 1918.
The Money Market and Financial Situation.—Events
of chief importance during the
early part of the week were
the President’s message to Congress and his departure for
attendance at the peace conference in France. The former
was
disappointing to those who had expected
a definite
in certain matters
regarded as of vital importance to the country. But neither
this message nor anything else seems to have influenced the
security markets, unless it may be said that business has been
statement
as
restricted,,
bank
to his attitude and purpose
as
credits
heretofore, by the limitations placed
The matter of restricted volume of business referred to
does not apply to the various issues of Liberty Loan bonds,
which have been very active on a declining market—some
of them having established new low record prices.
This is
not surprising, however, in view of the fact that
nearly threefourths of the total bond transaction during the month of
November was in these issues. Evidently the time is not
as near, as some would like to have it, when an
equilibrium
will be established between the supply and demand, as every
one knows will be the case, and
liberty Loan bonds auto¬
matically sell at par and then go higher.
Among other important events of the week have been a
beginning of the return of our army from Europe, a removal
of some of the trade restrictions imposed as war-time measures
and the cancellation, on a large scale, of orders for munitions
and other
war
material.
Foreign Exchange.—Sterling exchange showed some
improvement early in the week in demand bills, owing to
the improved mail opportunities.
Later the market be¬
came dull and a trifle easier.
The Continental exchanges
have been irregular, closing quite firm.
To-day’s (Friday’s) actual rates for sterling exchange
were
4 73 %@
4 73** for sixty days, 4 75% @4 75% for cheques and 4 76 7-16 for cables.
Commercial on banks sight 4 75** @4 759*. sixty
days 4 72%@4 72%,
ninety days 4 71@4 71 % and documents for payment (sixty days) 4 71 % @
4 72.
Cotton for payment 4 75** @4 75?* and grain for payment 4 759* @
4 75%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 51 % @
5 51% for long and 5 46** @5 469* for short.
Germany bankers’ marks
not
quoted. Amsterdam bankers’ guilders were 41 9-16@41 13-16
for long and 41 15-16@42 3-16 for short.
Exchange at Paris on London, 25.97** francs; week’s range, 25-96 francs
high and 25.98 francs low.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Cables.
Sterling, Actual— Sixty Days.
Cheques.
4 76 7-16
High for the week
4 73 %
4 7580
Low for the week
4 75%
4 76 7-16
4 75%
were
Paris Bankers’ Francs—
High for the week
5 51%
5 51%
Low for the week
Amsterdam Bankers’ Guilders—
High for the week
5 45%
5 45%
5 45
5 45
41 13-16
42
42%
Low for the week
417-16
42
41%
Domestic Exchange.—Chicago, par.
Boston, par.
St. Louis, 25®
15c. per $1,000 discount.
San Francisco, par. Montreal, $15 per $1,000
premium. Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at the
Board include $10,000 N. Y. Canal 4s of 1962 at 97%,
$41,000 N. Y. Canal 4%s 1965 at 102% and $79,000 Vir¬
ginia 6s deferred trust receipts at 66% to 70.
The record of this week’s market for railway and indus¬
trial bonds is quite in contrast with our last report. While
this department has been overshadowed by the enormous
V
The industrial group has been decidedly irregular as usual.
Am. Sum. Tob. has dropped 7% points, Inter. Mer. Mar.
pfd. 4 and Royal Dutch 5%. On the other hand Am. Car
& Found, is 2% points higher, Studebaker 2%, Texas Co.
2, Bald. Loc. 2%, At. Gulf & W. I. 3% and others are from
one to two points higher than last week.
For daily volume of business see page 2178.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Range for Week.
Week ending Dec. 6.
Week.
upon
by the Money Committee. The latter has been
modified, however, by lowering the margin to be held on
purchases from 30 to 20%, although this passed practically
without effect in Stock Exchange operations.
t.
Lowest.
Range since Jan. 1.
Highest.
Lowest.
Par. Shares
Adams
Express
100
American Express
100
Am Malt 1st pf ctfs dep.
American Snuff
100
Am Sumat Tob,prof.100
Assets Realization
10
Assoc’d Dry Goods.. 100
Associated Oil
100
Atlanta Blrm & Atl._100
Batopllas Mining....20
Brown Shoe, pref
100
Brunswick Ter ml
100
Calumet & Arizona
10
Case (J I), pref
100
Chicago & Alton.... 100
100
Preferred
Chic St P M & Om__100
100
Preferred
Cluett .Peabody&Co 100
.
Comput-Tab-Record 100
Cons Interstate Call. 10
Continental Can, pf.100
Elk Horn Coal
50
Federal M & S, pref. 100
Gen Chemical, pref.. 100
General Cigar, Inc.. 100
Gulf Mob & Nor stk ctfs
100
Preferred
Hartman
100
Homestake
100
Int Harv (new), pref .100
Int Nickel, pref
100
.
Jewel
Tea, Inc
100
Kelsey Wheel, Inc.. 100
Kress (8H) & Co, pf.100
Laclede Gas
100
Liggett & Myers.... 100
Lorillard (P)
100
Manhat (Elev) Ry__100
Guaranteed
100
Marlin Rock v t c.no par
$ per share
$ per share
$ per share.
200 59% Dec
6 59 % Nov 30 48
Sept
100 89
Dec
4 89
4 77** Sept
Dec
1,800 43** Dec 4 47
Dec
5 41
Sept
700 99 % Nov 30 105** Dec 6 85
Oct
200 85 % Nov 30 90
Dec
6 81
Jan
300
1% Dec 2
1
Mar
1** Dec 2
100 13
Dec
5 13
Dec
5 12
May
660 65% Dec 5 67
Dec 2 54
Apr
400
7% Nov 30
7% Nov 30
7** Nov
1,200
1
1% Dec 4
Jan
1% Nov 30
10
900
100
100
700
300
400
100
200
300
400
100
400
200
10
Dec
3 96
5
9%
Nov 30 66
Dec
5 91
8
Dec 3
4 14**
Dec
Dec
6 82
Dec
6 110
Dec
2 62**
Dec 2 37**
Dec 2
9**
Dec
6 106
Dec 2 31
Dec 2 40**
Nov 30 102**
Dec 4 49**
Dec 2
9**
Dec 4 35**
Dec
5 54
Dec
2 95
Deo 3 114**
Dec
5 96
Dec 4 34**
Dec
5 28
Dec 2 103**
Dec
5 88
Dec
3 200
Dec
5 157
Dec 3 100**
Dec 6 100**
Nov 30 85
Dec
5 60
Dec 2 30**
Dec
5 109
Dec
5
8**
Dec
2 35
Nov 30 33?*
Dec
8% Dec
Dec
2
5
4
4
48
Dec
4
44
Dec
2 57**
2 30
6 53
2 130**
2 30
2 60
3 47**
5 16
5 190
4
5
6 38**
4 84**
5 50
2 84?*
3 58
2 73**
5 94
Dec
66
91
7%
14
80
110
62
36 %
8H
106
z30
39 %
102%
2,200 45*4
300
700
100
100
100
200
100
550
100
200
800
400
210
200
200
200
May Dept Stores
100
National Acme
National Biscuit
50
100
1,100
Natl Rys, Mex, 2d pflOO
N OTex&Mexvtc.lOO
N Y Chic & St Louis. 100
New York Dock
100
100
Preferred
N Y Lack & West... 100
Norfolk Southern
100
Norf & West rights
Ohio Fuel Supply
25
600
Owens Bottle-Mach__25
Pettibone-Mulllken .100
Pitts Cin Ch & St L.100
Pitts Ft Wayne & C.100
St L-San Fran pf A.. 100
Savage Arms Corp.,100
Stutz Motor Car.no par
Third Avenue Ry
100
Tidewater Oil
Tol St L & W trust rects
Transue & W’ms.no par
United Drug.
100
1st preferred
50
2d preferred
100
United Dyewood__-_100
Wells, Fargo Express 100
West’house Air Brake.50
96
200
1,300
9%
34%
54
95
114**
96
34%
26
103**
86
189
156
100 %
100 %
82
60
30 %
109
8
33
600
3 95
5
6**
Nov 30 63**
Dec 5 73
Nov 30
7
Dec 2 14
Dec 4 69
Dec 6 110
Dec 2 45
Dec 6 30
Dec 4
7**
Dec
6 99
Nov 30 22
Dec 6 27
Nov 30
Dec 6
Nov 30
Dec 2
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
31**
Dec
1,100 22 J* Nov 30 24** Dec
100
7
300
3,700
200
300
100
300
6
400
200
48
Dec
93** Dec
14
Dec
1% Dec
44
57
30
52
Dec
Dec
Dec
Dec
130** Dec
30
58
3,700 45
300 15
50 190
5
200
100 38**
300 84
100 50
400 84
200 58
250 73
82 94
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Outside Market.—Business
on
93** Dec
15
Dec
1** Deo
Dec
Dec
Dec
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Deo
Dec
Dec
99**
34
8
27
5 37
2 68
3 107
5 88**
4 28
2 24?*
2 100
4 82
6 164**
6 144**
3 94
6 96
2 75
5 47
5 26?*
5 90
2
4?*
6 17
3 13?*
2 18**
2 42
5 93**
4
14
4
1%
5 40
5 54
2 29**
e
25**
2 124**
3C ! 21
6 53
4 i 37
2 14**
5 178
,
:
4!
6
5
5
5
3
2
5
4
36%
69
46
77
58
63?*
94
Highest.
■
S
share.
Jan
95** Nov
47
Deo
105** Dec
103
June
2** Nov
15
July
71
Oct
10*4 June
2?* Nov
Jan 98
At»r
Jtfn 16** June
Jan 71
May
Jan 91
Deo
Apr 11
Nov
Dec 18
Nov
Dec
Sept 82
Dec 110
Deo
Jan 65
Nov
Jan 39
July
Sept 13?* June
Oct
July 106
Jan 31** Nov
Jan 44**
Oct
June 103?*
Jan
Jan 58
June
Mar 10
May
Mar 35** Dec
Mar 54
Dec
June 95
Nov
Oct 114** Deo
May 98
Mar
Oct 40** Nov
July 35
Oct
Jan 103?* Dec
July 90
Mar
Dec
Aug 200
Mar
Aug 200
Mar 103** Nov
July 100** Dec
Oct 87
Sept
Jan 63
Nov
Jan 33
May
Aug 109** Nov
May 10?* Nov
Nov
Apr 35
Oct 34
Nov
Jan 27
May
Jan 48**
Oct
Dec 93** Dec
Nov 21
Feb
Dec
1** Dec
Oct 46** June
Nov 70** Aug
Jan 37
May
June 58** Nov
Oct 130** Dec
Apr 33** Nov
Jan 80** May
Oct 48?* Nov
Nov 21?*
Jan
Jan 190
Mar
June
7** Aug
Oct 42
May
June 84** Dec
Jan 50** Nov
June 84?* Dec
Sept 61
May
Sept 83** Jan
Dec 94
Dec
per
80
the “curb” this week
was
transactions in Government issues and the volume of busi¬ quiet, with the undertone good throughout. Price move¬
ments were irregular, though changes for the most part
ness restricted, the tone of the market has been strong and
were small.
There were a few strong spots, chief of which
of a list of upwards of 20 representative issues 15 have ad¬
was Keystone Tire & Rubber com. which was heavy traded
vanced and only 4 are fractionally lower than last week.
in.
In the opening trading it sold off from 27% to 24%,
With the former are included Am. Tel. & Tel., Balt. &
after which it rose steadily reaching 33% and reacting
Ohio, Ches. & Ohio, Burlington, Chic. Gr. West., Rock
Island, Lehigh Valley, New York Cent., Pennsylvania, finally to 31%. Aetna Explosives com. weakened from
5% to 5%, then advanced to 6%. Burns Bros. Ice com.,
So. Pac., Rubber and Steel bonds.
In addition to the after
a loss of three points to 42 sold up to 47.
Marconi
above the active list includes Atchison, St. Paul, Inter.
Wireless
fluctuated
between
Tel.
and
4%
4%,
closing
to-day
Mer. Mar. and the local traction issues.
The latter have
at 4%.
Submarine Boat lost almost two points to 11%
been notably weak.
and ends the week at 11%. United Motors after early
United States Bonds.—Sales of Government bonds at loss from 33 to
32% advanced to 34% and finished to-day
the Board include $3,000 2s coup, at 98, Liberty Loan 3%s at 34.
Airplane
issues were quiet. Curtis3 Aeropl. & M.
at 97.50 to 99.06, L. L. 1st 4s at 94 to 96, L. L. 2d 4s at 93.50
com. on few sales lost about three points to 13.
Wrightto 95, L. L. 1st 4%s at 97.54 to 98, L. L. 2d 4%s at 95.90 to
Martin Aire. com. weakened from 4% to 4%.
Oil shares
97.82, L. L. 3d 4%s at 95.94 to 96.88 and 4th 4%s at were without special feature. Among Standard Oil issues,
95.90 to 96.94.
For to-day's prices of all the different issues Ohio Oil
gained abput six points to 320 and sold finally at
and for the week's range see third page following.
318.
Prairie Oil & Gas fell from 585 to 550 but recovered
Railroad and Miscellaneous Stocks.—The market for to 567.
Of the other oil shares, Midwest Refg. was active
shares has been much less active than of late and the move¬ and sold up from 131 to 138 and down finally to 134%.
ment of prices has generally been within a narrow range.
Houston Oil com. gained five points to 77. • Island Oil
There has been practically no change in the tone or trendof & Transp. after improving during the week from 3% to 3%
the market from day to day and few exceptional features are to-day jumped to 4% closing at 4%.
Oldahoma Prod. &
found in the week’s operations, especially in the railway list. Refg. advanced from 9% to 9%. Merritt Oil rose from
These advanced on the announcement of President Wilson 21% to 22%.
In mining stocks activity developed in the
in his message that he has no definite plan as to future low-priced issues, the Goldfield issues making substantial
In bonds the new Norfolk & West. 6s were
Government control of railways, but this advance has not advances.
been wholly maintained and of a list of 12 active features heavily traded in up from 107 to 109% and at 108% finally.
The new Wilson & Co. 6s were dealt in for the first time
in this group, 5 show a loss during the week.
In to-day’s market the aggregate transactions were only “w. i.” up from 96 to 97 and down to 95%, the close to-day
about % the average of, as noted above, a very dull week being at 95 %.
Russian Govt. 6%s gained about four points
and price changes were wholly unimportant. As a result to 71 and reacted to 69; the 5%s rose from 62 to 68 and sold
of the week’s operations St. Paul and New Haven are a finally at 65.
A complete record of “curb” market transactions for the
point higher, Union Pacific is over 2 points lower and Can¬
week will be found on page 2178*
adian Pacific unchanged.
New York Stock Exchange—Stock
2170
HIGH AND LOW BALM PRICES—PER
Not. 30.
106
*102
544 56
64*4
56 %
57
56*4
106
54is
56*s
38% 39
15912 161
58l2 585$
9
9
27%
45*4
28%
46
80
81%
38-%
159
58
9
55is
5612
38
*159
161
5912
5914
9>8
9i8
38*4
27*4
29
46
80
481s
82
55!s
557s
56*4
57
38
3312
161% *159%
59i2|
59
912
9i8
29
47*4
82
99*4
2812
47i2
80*4
Friday
Dec. 5
Dec. 6
the
Week
Shares
9 per share > $ per share
94l2 94*41 94*8 94%
89
8912 *89
90i2
107
1067g 1067a *106
55
55
55%
5578
55%
56*2 56?g
56*4 567S
56*4
38
37l2 37i2
367g 38
161%! 159 15914 159 160*4
5914
59*4
58
*5714
59*8!
*8*4
912
9i2!
*9is
912
285$
28*8
46
47
j
*2812
29
28*4
28*4
46%
47
47
47
*35
*68
39
*35
40
*35
40
75
*68
75
*68
75
*23% 26
*23% 26
*23% 26
*50
54%
54
54% *50
*50
46
*41
46
*41
*42
45
114
115*4 115*4
"107
115 H*107
*175
180
180
"175
177% *175
*31
*68
*5%
10*4
18%
*5%
10
18%
31%
7%
10*4
19
317s
*31
*22
*20%
9712
31*4
24
97%
31%
*99
*7%
*32%
20
*53
*10
*20
97%
31%
101
7%
31
*20
24
99
98
31*4
Xl00*4
32%
778
8
33
20
34
20*4
*32%
20*4
*53%
59
11
22
*53
*8
*20
34%
20%
59
11
22
60
32%
101
*98
8
20
*5%
9%
19%
7%
10%
*8
•20
60
60%
60%
5912
*11612 124 1*11612 124 ,*117
13
12*4
1312
1234 12*4
5i8
5i2
512!
5^8
5**;
*11
12
lll2 11% *H
27U
26U 26V 26U 27%;
58
58
68 t
58is 58*4'
78
7878
7712 79*41
78V
36%
35*8
36*4
34l2 35 |
21
21
I
106U 106% 106
95
96*8
9512
46*4
4678 47
16i2
16*4 16781
*24
*50
*41
*77
35V
79
833s
84*8
37
37
38*8
13*4
*1912
*35
351s
| *77
8312
*37l2
38l2
38*8
14 |
13*4
24%! *19i2
37
9*4
9*4
•2012 21
IOII4 103
29*8 30U
68I2 69
*20 ' 22*4
97V
95%
97%
47
17
47
4712
*48
36*4
80*4
8.5*8' 84i8
38 I *36
3812 *36
14l2
147g
24U *1912
3612
80
10H2
29*4
6812
2234
•48
52
131*4
132% xl29
74
74
574
9
9%
*8*4
16
*15% 16
10
9%
9*4
52
131%
73%
*8*4
*15%
9%
37%
*23
13
*26
*21
*60
38%
25
13%
31
23
10%
*19%
*32
61%
10%
22
36
23%
23*4
59
59%
38%
*22*2
13%
28
21%
61%
*9%
*19%
35%
24
59%
*61
.3%
2%
26%
81%
101
*96
4
2%
27
81%
101
100
51%
52%
4
2%
26%
*80
35%
24
60%
65%
4%|
2%
27%
82
102%
*9612 100
50% 51%
85
85
95%
81%
42%
95%
83%
42%
95%
43%
95%
33%
"39%
39%
-
-
£?
*82
14
72
-
14
72%
40%
55
56
40
*80%
60%
*100
14
72%
40%
55
56
40
82
48
142
8134 82%
*43
*
98%
51%
*94
*29
*12%
*40
65
108
*6412
71
*101
190
98%
5134
95
33
14
47l2
65%
110%
68
72%
104
62% 63%
104% 105
23% 23%
52
*48
*73
*8*4
*15
9%
38*4
*24
13
*28
22
*61%
*10
*20
*34
36
24
60
24%
60%
65
4%
2%!
27%;
|
—
t
*96
51%
*82
43%
52%
90
j
46%'
25
22%
62*4
10%
23
38
13
22
*62%
*10
23%
*59
65%
4%
2
2
27%
28
82
53%
*82
85
46
45%
96%
83%
89
*82
89
*82
40%
82
61
102
4%
48
142
191
99
52%
94%
31
13
47
69
72%
104
63% 6384
63% 64%
105i2 105%
,23% 23%
14%
7412
42%
56%
55
40% 40%
82% 82%
60% 62
102% 102%
*3%
4%
*43% 48
*106
82
108
89
142
83%
108
90%
110% 111
114
114%
29034 92
102% 103%
188
98%
53
*94
30%
1234
*39%
65
188
98%
54%
95%
31%
12%
46%
66%
10S34 111
*64
72
*161
68
7534
104
64% 64%
64% 66%
105% 10538
23% 23%
9612
84%
14%
74%
42%
56%
14%
73%
42%
56
36
36%
82
85
14%
*19%
35%
79
84
38
38%
14%
24%
*30
38
*37
9*4
9*4
21*4
101% 102%
31
31%
*21
31%
71
24*4
70
25
*48
70
26%
52
129% 130
73
73
8*4
8*4
9%
16
16
*15
9%
9%
38%
24%
13*4
9%
38%
24%
13%
*38
*22%
13%
*27
22%
*62%
*9*4
*20
*34
30
22
62*4
10%
19%
37
24%
24%
60
60
65
65%
434
2%
300
2,100
8,100
6.600
1,075
63
49
*45%
35%
78%
83*4
*37%
30
22%
6234
10%
22
37
'
100
25
60%
2,700
2,000
66
4%
2
2%
28% 29%
83
83%
101% 101%
*98
57
*82
58
85
44%
96%
83%
4584
96%
84%
' ’46’
14%
14%
*82
14%
72
41
56
73
*71
42%
40%
*55
56
59%
85
45%
97
84
40’%
89
14%
73
42%
57
*43
*108
83
48
140
*108
85%
83%
108% 108% 108%
88% 90
88%
11034 111
110%
114% 114% *113
92
91% 9134
103
10334 104
189
189% 190%
99
99
99%
55
54% 55%
95
94% 94%
32
*29
*31%
13%
12% 13%
*41
47%
46%
65%
65% 66%
109
110% 109
68
*65
*64%
7334
74% 75%
103% 103%
64% 66
105% 10534
23% 23%
142
*108
*113
97
10434 103
19834 *190
100
100
115
96
55%
95%
34
13%
46%
66%
109%
68
75%
105% 105%
6334
142
83% 84
108% *107% 108
90
89% 89%
111
111% 111
84%
65
105% 105%
23% 2334
J Ex-rlghts.
115
9834
10334
198
100%
55% 5834
95% 95%
*29% 34
*1234 1334
46
46%
65% 663s
111
109
*64% 68
74
74%
*97% 107
10534 108
64% 643i
106% 106%
23% 2334
'
100
50
50
Pennsylvania
Pere Marquette v t c ....100
Do
prior pref v t 0
100
Do
100
pref v t c._
100
100
60
50
5
100
Wisconsin Central
Industrial A Miscellaneous
Advance Rumely
100
:
pref
100
400 Ajax Rubberlnc
50
10
9,400 Alaska Gold Mines
42,300 Alaska Juneau Gold Mln’g.10
10,500 Allls-Chalmers Mfg v t o.. 100
600
Do
preferred v t 0
100
2,700 Amer Agricultural Chem.. 100
Do
pref
100
100
11,900 American Beet Sugar
100
Do
pref
100
100
29,100 American Can
940
Do
pref
100
6,800 American Car A Foundry. 100
100
Do
pref
100
100
1,900 American Cotton Ol
Do
pref
100
American
Hide
A
Leather.
100
2,100
Do
3.600
pref
1(M)
100
3,100 American Ice.
Do
100
1,000
preferred.
1.600 Amer International Corp.100
100
16,600 American Linseed
Do
3,300
pref
100
100
9,200 American Locmotlve
300
Do
pref
100
100 American Malting
100
Do
1st pref
.100
American Shipbuilding —100
65,320 Amer Smelting A Refining. 100
450
Do
pref
100
100
6,100 Amer Steel Foundries
2,900 American Sugar Refining.. 100
598
Do
pref
100
100
18,600 Am 8umatra Tobacco
14,400 Amer Telephone A Teleg.100
1,300 American Tobacoo
100
Do
1,000
pref (new)
100
100
13,800 Am Woolen of Maas
700
Do
pref
100
450 Am Writing Paper pref—100
25
1,900 Am Zinc Lead A S
300
Do
pref
25
39,200 Anaconda Copper Mining.50
10,400 Atl Gulf A W I SS Line...100
Do
pref
100
50,900 Baldwin Locomotive Wks.100
Do
pref
100
500 Barrett Co (The)
100
400 Bethlehem 8teel Corp
100
Do
45,700
clasB B common.. 100
1,000
Do
cum oonv 8% pref
2,000 Booth Fisheries
Ns par
Do
Ex-dlv. and rights.
58*4 May 7)
18
Apr22
47
Apr 3,
40
Apr 4i
100% April!
160
Aprl7
2% Jan 4
5
Apr23
14
Aprl7|
23% JanlO
18% Jan25;
86
25%
92
6%
7%
18
55
110
7%
4%
6%
20
41
..
a
Janl5
Feb21
100
N Y Ontario A Western..100
orfolk A Westero
100
Northern Pacific
100
f Less than 100 shares,
46
26
*
15%
45
Janl5i
Novl2
Novl2
Nov20
Novl2
Novl3
Jan 2
Octl4
Novl2
Novl2
Novl2
Sept 7
Novl2
JanlO
70% JanlS!
Jaol2j
Mai30
9% Apr
19
28
7
3]
Oct 2;
Oct 21
Aprl7|
15% Aprl9|
80% Jan24!
20% Apr30
57
14
Jan21
May 4
39%Junel3
109% Janl5
69
Nov 9
Jan29
Novl2
75
40
70
Jan 3
41
Sept;
46
Dec'
17
41
18
5
Novl2
Nov 12
18*4
Novl2
Novl2
Novl4
Novl2
Jan 3
Jan 3
Nov 12
Novl2
Novl3
16%
79%
22%
85*4
5*4
39%
131*
40
81*
23
Oct 22
Novl2
60%
Nov 12
103
6%
3%
7
Nov 9
17
92%
76
40%
12
45
37
18*4
Nov 9
9A
57%
Jan
Jan
Jan
Jan
Mar
Nov
Dec
Dec
Dec
Dec
Novi
34*4
49%
39*4
118%
38%
106*8
17%
72%
25%
681*
25%
63*4
79%
133*4
32%
Jaa
Jan
Jan
Jaa
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11
Jan
20% Jan
Jan
Jan
103% Jan
627* Jan
29% Jan
138% Jan
110% Jan
34
61
Jan
Jan
73% Jan
57%
36*4
June
35*4 June
Jao
68
63% Apr
60% Nov. 104% Jm»
45
Jan
34
Nov 1
337* Dec
45% Jaa
Novl8;
Novl4
Novl4
96% Oct23
39 Mayl5
40
July 6
17
25
Novl2
Nov 12
40% Jan 3
12
22
34
12
34% Novl2
75% Novl2
27% Nov 8
7%
18%
75*4
21%
61%
11%
65%
62
Novl2
25% Novl2
110
Dec
Dec
Dec
Nov
Dec
Dec
Dec
Nov
Nov
Nov
Oct
Dec
Dec
Dec
Dec
Nov
Nov
Dec
Dec
19%
37%
621*
21% Sept
Novl2
M ay29
Nov 9
Novl2!
Novl2
Novl2,
Novl2
82
61
80
87
Nov 1517* Jan
Mar
187% Decj 238
Nov 7
Jan31
137% Octl9
76% Novl2
4*4 Janl5
10% Apr 9
7
Apr26
36*4 Nov25
20% Janl5
12% Oct 8
12
20
20
13
46
8
Jan29
Jan 2
Jan 3
32
11
Janl9
Jan 9
Jan 2
26*4 Nov2l!
62% Nov 19
66% Nov 8
Apr27
Apr 1
5% Nov 6j
3% June21
37
May24j
Apr22
17% Aprl7
34
May 2
44%
9% Dec
13% Dec
62
Highest
Novi
Oct!
Nov]
Nov!
24
61%
Novl2
Novl2
Novl2
31% Novl2
84%
27
April! 45%
24%
18% Jan22i
102
Jan24j 112%
81% Jan24! 105
50%
43% June27
18%
9% May 1
52% Apr 3’ 64
30
50
Apr 6
22% Jan 2j 40%
j
$ per share % per share
76
Dec 107Ja»
75
Dec 100% Fe«
x79% Dec 119
Jan
85
Jan
38% Dec
767* Jao
48% Dec
36
Dec
Jan
82
126
Dec 167** Mar
42
Nov
65*t Jan
6
Deo
14% Jan
17% Dec
41*4 J*o
92
Jan
35
Nov
62% Dec 125% Jan
86
Decj 124% Jan
137% Dec’ 1721* Feb
16
Dec; 38% June
44
Dec! 84% Apr
71
Apr
35*4 Decj
Nov 12
Novl2
Nov 8
Nov22
2712 Nov 12
55
Nov 4
47
Oct23
119*4 Nov 12
185 Sept 4
Nov21
7
13% Jan 2
Janl5|
67% JanlSi
35
35
Lowest,
share.
23%
36%
27%
Janl5 106%
34%
Janlo
Jan 7| 105%
9%
8ept20
8eptl6. 47*2
Aprl7l 24%
Jan 5!
59%
OctlOl 11%
25
Apr23
Janl5! 65%
Jan 2| 124%
15%
Aprl7|
6%
Jan 5'
13%
Jan29
61
Year 1017
Highest.
f per share. ! f per
81
Mar23
99*4
80
Jan30
92%
109
89% Apr22
62
49
Jan24!
53
Apr25
64%
36 June26
48%
135
Mar26 174%
62*8
49% JanlSi
11
6
Apr 9
32
181* Apr 9
54%
37% Apr22
86%
66% April
89lt Mar25 107
137
125
Julyl5
18
32%
Apr22
88
56*4 Jan 15
29
200
Do
2d pref
2,409 St Louls-San Fran tr ctfa. 100
St Louis Southwestern.... 100
Do
100
pref
100
900 Seaboard Air Line
100
Do
800
pref
100
100
160,600 Southern Pacific Co
100
52,800 Southern Railway
Do
pref
100
2,000
Texas
A
Pacific
100
17,900
Twin City Rapid Transit. .100
100
24,500 Union Pacific
Do
pref
100
1,150
100 United Railways Invest.. 100
Do
pref
100
.100
3,400 Wabash
Do
pref A
100
3,600
Do
pref B
100
24,200 Western Maryland (new) .100
Do
2d pref
100
1,000
900 Western Pacific
100
100
Do
preferred
100
100 Wheeling A Lake E Ry..l00
100
Do
preferred
100
500
PER SHARE
Range for Previous
100
100
100
Louisville A Nashville.... 100
9,800 Pittsburgh A West Va
Do
300
pref
41,900 Reading
200
Do
1st
pref
4%
28
82
par
Mlnneap A St L (new)
100
5.600 Missouri Kansas A Texas. 100
Do
100
100
pref
100
25,600 Missouri Pacific tr ctfs
Do
100
1,100
pref tr ctfs
100
13,200 New York Central
17,450 N Y N H A Hartford....100
97
*58
63
49
40
89
200
900
47*8
17
*16%
100
Illinois Central
6,000 Lehigh Valley
13
96
47
100
1st pref
100
Do
2d pref
100
Great Northern pref
100
Iron Ore properties. .No par
Lake Erie A Western
Do
pref
55
55
55% 56
54% 56
41% 43%
40% 41%
41% 4134
83
84%
85%
84%
8284 82%
63
62
6334
63%
61% 62t2
*100
102
102
*100% 10238 *100
4
4
4%
*3%
4%
*334
•Bid and asked prices: no sales on this day.
*9%
38
*34
24
60
*81% 82
102
102
*96% 99%
52% 53
*82
*8*4
*82
*55
55
79*8
52
129% 131
73
73
19%
"4% "4%
27
24%
*27
30
1%
31
*70
*22%
13*4
100
100
pref
3.400 Interboro Cons Corp_.No
Do
pref
1.500
2.500 Kansas City Southern....
Do
100
pref
27%
58
78%
36%
*21
21%
106% 106%
58
102% 103%
*15
9*4
39%
11
23
200
6,725
8,600
27%
*57%
78%
35%
27*4
*48
16
*9
*11
38
10
88
14%
73%
41%
13
38
10
21%
74%
9%
7%
31*4
20%
53%
*20
*30
10
*21
52
7%
31%
20%
53%
Denver A Rio Grande....100
Do
1,900
15,000 Erie
Do
4.400
60%
60% 60*4
121
120*4 *119
14
1234 13
6
6
6%
14%
*19%
129% 130*4
22
82
57
11
23
*37
"40‘
*39%
64% 6534
108% 109%
*101
1012
101% 101%
7%
37%
38%
14%
24%
2lV *21
46
113*4 11334
33
21
37%
40%
§1%
*66
71
*20
*36
10
100 Colorado A Southern
100
Do
1st pref
100
Do
2d pref
100
100
300 Delaware A Hudson
100 Delaware Lack A Western. .50
*175
180
6
6
*5%
10%
9% 10
19
18*4 19
32
32% *31
22
*22
23
97*4 98
98%
32
31% 3134
101
101
*98
*78
84
*40%
56
94%
27
*80
25%
54%
*50
*41
82
85is
3812
3812
14*4
24U
40%
55
*29
13
1%
*23%
116
35%
‘39%
55%
*185
*98
52
14*4
36
39%
109
82%
10834 10834 *10734 IO8S4
893s 90%
89% 90%
112
112
112% xlll
114
*111
113
fll3
104
103
103% 105%
10234 104% 10134 1033s
*185
*4%
23%
180
*58
*45
60
96%
8438
55
*
24
60%
*61
39
72
...»
96%
82%
40%
*3%
*43%
*3*4
*48
*35
*68
----
45%
9612
8334
14%
73%
41%
40
82
60
102
61%
102%
46
116
180
2134
102*8 104U 10212 103*4
3118 3178
3078 3134
70
7034l 70
7034
24
25%
2412 25%
*2114
35%
.
*37
38
*20
13%
29%
84%
*37l2
85l2
38
38%
15
24U
24
25
101
O0CO o dtc £
80*41 *78
21%
61%
10*4
39%
36
365s
129% 131
73*4 74%
9
*8*4
*15% 16
10
9*4
39
39%
*23% 25
13% 14
29% 30
21% 21%
*61% 63
*10
10%
90
*82
42
•
*30
*10
2112
104*8
32%
69%
23%
23%
54%
40
72
2H2
IO6I2 107
IO6I2 107
96l2 97U
9512 96U
47%
47U 47121 47
16l2 16%
! *2ou
106 j IO6I4 107
37
10
37
10
21
,
*36
*68
*110
*175
180
*5
*5%
6%
6*4
10
10
*9*4
10%
20
18*4
18% 19%
31
31%
32%
31%
22
*22
23%
23%
99
98
98
98
32
32%
32%
31%
101
*98
100*4 *98
8
7*4
7%
7*4
34% *32% 34
32%
21
20% 20% *20
*52
*53
58
57
11
*9%
*8% 11
22
22
*20
*20
60
60%
60%
59%
121
120
124
*119
13
13
13
*1214
6
6
5*8
*512
n%; *11
12l2 *11
27i8
28%! 2718 28
*57
58%; *56*4 58
79
78*8
7914
79*8
35
37%
3512 36
*21
*21
22
22
*110
60
35U
81
39
75
26
Par
3.200 Atch Topeka A Santa Fe_-100
Do
400
pref
100
200 Atlantic Coast Line RR..100
100
13,400 Baltimore A Ohio
Do
pref
100
4.000
5.200 Brooklyn Rapid Transit.. 100
100
3,668 Canadian Pacific
100
6,500 Chesapeake A Ohio
800 Chicago Great Western.. 100
Do
pref
100
2,100
6,300 Chicago Mils A St Paul..100
Do
pref..
100
6,400
1,600 Chicago A Northwestern.. 100
100
Do
pref
100
12,000 Chic Rock Ial A Pac temp ctfa.
7% preferred temp ctfs
1,600
6% preferred temp ctfs
2,700
CSev Cin Chic A St Louis.. loo
Do
pref
100
78% 79
78*8 79*4
99
99*4' 99*4 99*4 99% 99%
*9812 99
*10012 101
134
*131
134
134 1*131
137
130% 130i4;*131
*132
13712 *128
28
27
28
27i2 *27
2718 275s! 27
26*4 28%
26l2 27
*82% 84%
83i4 83%
8312 84
8212 83121 *83% 84
8214 827,
*71
71
71
7U2
71
7078 71%
72%
71U
70
“
70
71U
7912
99*4
PER SHARE
Ranee tines Jan. ).
On basis of 100-share lots.
Lowest.
Railroads
$ per share
94
94i2
*88
90i2
*106
107
$ per share
94
95
*8812 90
107
♦104
$ per share $ per share
93
94*4
94
94*8
89
89
*88*s 8812
j
Dec. 4.
Thursday
inactive, see preceding page.
STOCKS
NEW YORK STOCK
EXCHANGE
Salesfor
SHARK, NOT PER CENT.
Wednesday
Tuesday
Dec. 3.
Monday
Dec. 2.
Saturday
*104
Record. Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of mIm during the «e4 of stocks usually
June27
May 7i
11% July 8
44% Jan 2
26%June26
17% Febl6
June22
24*4 Nov 12
64
June27
12% Nov 12
26
Novl2
39*4 Oct22
Oct'
57
Dec
Dec;
26%June
Dec!
Dec]
32
63
18
Dec
Dec
Dec
Dec
May
Nov
Dec
101%
69%
4%
11%
Dec
Dec
Dec
7
Nov
Dec
Jan
Jan
Jan
39% Jan
981* Mar
33% Jan
701* Jan
227s
50%
54%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Mar
May
July
Jan
Jan
Jan
18%
37%
Jan
Jan
80
11%
8%
Jan
19*4
95
149%
85
11*8
23*4
16*4
36% Dec
68
18
12
20
Dec
30%
Dec
Dec
101*
351*
71*
16%
Dec
Dec
Dec
Nov
23
41
18%
48
33
Dec
!
25%
49
1%
1%
17%
72%
Janl5
Jan 4
78
Jan 2
89% Jan 17
48
Nov26
x82
8eptl3
34%
89%
68%
106
25
78
11%
50
Janl5
Jan23
Janl4
Jan 3
Jan 16
Mayl
JanlO
Jan 2
11% Jrn 2
38*4 Janl6
51% 9eptl3
27
Jan 7
69% Jan 7
53% Janl5
x96
Jan 4
2% Sept28
Sept25
39
90
73
103
58
98
108%
60*4
90%
140%
92%
44%
92
20%
Feb21
May28
Sept25
Jan 15
Janl6
Mar23
Jan 5
Aug 5
Jan 5
8eptl4
Jan 15
Jan 4
April
12% Nov25
41
Jan 2
x59%
97%
Jan 18
68
56%
93
85
Jan 5
Jan 5
Janl5
Jan 2
Jan 4
60% Nov 13
59*4 Nov 12
96% Janl5
21
J&n21-1
Ex-dlvldend.
86% May24l
106
101
17
Aug27
84
Feb27
91% May 8
50*4 Mayl7
97% Nov 8
88% Sept27
Oct
111% 8ept30
44*4 Oct 18
85
Nov 6
22% Sept 4
94% Aug24
49
61
Qct28
Oct2l!
60%Oct 14!
43% Dec 6
85% Dec 6
71% Mayl6
102% Dec 3
13% Feb 6
58%
144
Feb
6|
Mayl4|
94% Oct 18
110% Novl2
95
116
Novl9
Mayl5i
114% Dec 4
146 May24
109% Feb 1
198% Dec 5
100% Dec 6
60% May24
96
39%
21*8
53%
x74%
120%
67%
101*4
104
109
Nov
9
Aug28
July 3
July 1
Oct 18
Febl8
Nov20
May 18
Oct21
Octl8
96
Mayl6
94
Mayl6
106% Apr29
28% Sept
7% Nov
19
Oct
45% Dec
1
Dec
1% Dec
15
65
72
91
63
Dec
Dec
Dec
Dec
Dec
78% Dec
29% Nov
87
57
100
21
80
10
Dec
Feb
Nov
Dec
Dec
Feb
43% Dec
87* July
36
48
Dec
Oct
16*4 Feb
48
46%
93
8%
60
88
67%
x99%
60%
89%
106
30
95*4
123
89
37%
87
17
Feb
Dec
Dec
Dec
Dec
Nov
Dec
Nov
Dec
Nov
Dec
May
Dec
Dec
Dec
Feb
Nov
Nov
101* Dec
39i* Dec
51% Nov
87% Sept
54
Feb
43
Feb
93
Dec
82
Deo
66% Dec
r66% Dec
93
Deo
32%
86%
96%
1031*
1021*
Jan
Mar
May
Mar
May
Jan
Feb
Jan
May
111%June
80% June
118*4 May
601* Jan
101% Jan
17% Mar
Jan
75
167* Aug
66
July
62% Aug
29% Aug
98
63
76
Nov
82% Jan
1067* Jan
19*4 Mar
71% July
93
Nov
112% June
1171* Jan
75 June
126% June
121% Jan
62% Dec
128% Jan
Mar
220
109% Jan
68% June
100 June
54% Mar
41*8 Jan
72% Jan
87
May
121% Jan
Jan
66
76% July
102% Jan
136
Jan
Jan
515
156 June
101% Oct
b Before payment of first Installment.
New York Stock
2171
Record—Concluded—Page 2
Fee record of aalee during the week of stocks usually Inactive, see second page preceding.
HIGH AND LOW BALM PRICES—PER SHARE, NOT
Satwrdag
Monday
Tuesday
Wednesday
Thmrtdag
Friday
Noe. 30
Dec. 2
Dec. 3
Dec. 4
Dec. 5
Dec. 6
f per share
*146
151
$ per share
% per
*144
S per share 1 $ per share
share
151
8
81*
JO »
49
•14312 151
mm
mm
49U
♦184*
8
20
8
20
48**
19*8
6312
581*
48*ft
19*8
63l2
59U
20
63
63
67*ft 58
1041* 104*8 •103
84
35
100*8 100*8
20U 20U
375*
377*
375*
106
34*4
103
*144
8*8
85s
87*
21
21
20*ft
2 lift
47*4
48ls
1912
64*ft
61*8
46
46*4
21**
o81*
19
•631ft
597*
•103
34*ft
103
19*ft
3712
151
20**
375*
80*4
47U
1212
29*4
464*
121ft
291ft
•151
153
12512 126
*80
82
527g
54ift
♦1017* 106
8OI2
46
12
291*
153
125*4
81
64*4
•1017*
79
79
474ft
6712
47*ft
48
68
47
47
4712
477*
*78
681ft
•1212
51ift
112
35U 351ft
10312 105
20
20*8
3812
38*4
3812
IOU2
7212
4812
103
371*
13
13
13
5112
5112
112
287*
116
118*8
31ift 3112
29*ft 301ft
64
59
35*8
68*8
211ft
70
213*
37
•85
•73
37
95
75
*6212
*26ift
5118
•19*4
6412
2714
5118
21
156*4 158*4
•73
14i2
42is
*83
60
347*
67U
2D*
35U
38
*89
•721*
*63i2
27l2
15
15
427*
44
92
91
63
625* 625*
•103
105
*103
17ift
177*
107
53
41** 42
*7i8
•33ift
65*ft
•112
•5H2
3Hft
42l2
•100
*16
457*
84U
59
*95
*91
*120
71U
•102
712
341ft
65*ft
114
521*
31U
42*4
1035*
161ft
96
75
*89
75
6412
*6312
28ig
52*8
21*8
39lft
....
•104
•142
14
•42
100
*95
71
•104
47
*44
_
_
16i8
4412
51
•118
•110
524*
•85
66l2
6412
*63i2
28U
51*4
29
53
21
160
*104
107
25
25U
447*
79
_
15*4
4514
92
65
106
*99*8
98
*95
99*4
100
100
•93
*74
101
76
3812 39
10312 104
*104
145
112
145
*1312 15
•42
46
z96
96*4
96
96
721*
107
25
64U
7*8
*3H2
65*ft
116
53
307ft
81
81
487S
13*4
....
484
....
_
_
_
264 27
1114 1144
324 334
31*ft 32
*624 64
654 66*4
35*4 364
69*4 70
224 23
40
404
*894 95
*74
75
*634
644
*28
29
624 524
21
214
1584 1624
25
6512
105
18
104
57
254
42*8
712
33
66*8
116
63
444
664
94
6678
....
18
*102
*53
42 *8
74
*31*4
654
115
53
*9012
32
184
110
55
86
62
100
125"
741*
7U*
99*4 99*4
98
IOOI2
812
8*4
161
*15
34
*46
51
95
*35
*95
115
56
7612
965*
•74
39
104
•106
*143
*9012
*50
•45
33*4
•467*
50*4
*93
*35
*95
147*
186
164
15
241*
*86
68
*118
*110
511*
•85
661*
6712
47
24*ft
88
70
122
115
341*
15*8
33*8
47
52l2
97
38
100
15
186
77*4
7912
97
76
98
98
7512
75»2
38
391*
10412 1067*
515s
*93
47*4
484
*13
52
114
14
-
15
147g
185*4 186
794 804
*96*8 98
744 744
38
384
105
1074
*50
47
24*ft
*86
69*8
70
47
251ft
90
701*
•50
47
24*ft
*87
6912
70
47lft
26U
88
70*8
1074 107*8
47*4 48
*454 464
95*8 96*4
112
1124
77*4 794
14*4 14*4
.....
----
•56
8878
43
*50
*45
26
88
694
123
*118
123
*118
*118
•112
115
•112
*110
115
54
51
51lft
521ft 52U
51*2
*84
91
*85
*84
91
91
68
68
*6612
674
6712 *6612
this day.
....
58
894
437S
70
47
26*4
88
42*4
*7
*324
65
32
434
*994
66
43*8
74
33
655ft
117
56*8
324
445ft
102
16
16
46*4
46*4
*84
60
*95
*91
125
724
86
60
100
95
1254
73
....
214
75
99*4
94
84
*93
*35
*95
15
185
224
754
99*4
954
8*4
97
374
100
15
186
804
815ft
*95
99*4
*72
744
38
384
1064 1084
1074 1074
*475ft 48*4
*46
300
2,200
1,300
8,400
10,500
1,100
1,800
4,400
600
24,300
f per share.
108
8
*50
•45
.„
.
Do
400
pref
100
9,400 Crucible Steel of America. 100
Do
inn
pref
No Par
9,400 Cuba Cane Sugar
Do
pref
100
1,900
20,600 Distillers’ Securities Corp.100
10
11,200 Dome Mines, Ltd
6,920 Gaston W A W Inc..No par
General
Electric
100
2,800
100
4,600 General Motors Corp
Do
100
pref
1,600
100
4,400 Goodrich Co (B F)
Do
60
pref
100
100
1,700 Granby Cons MSA P
Greene
Cananea
Copper.
.100
1,400
_
300 Gulf States Steel tr etfs._100
600 Haskell A Barker Car. .No par
100 North American Co
100
25
13,800 Ohio Cities Gas (The)
700 Ontario 8liver Mining....100
200
8,600
Pacific Mall 88
Pan-Am Pet A Trans.
Do
pref
5
60
100
4,400 People’s G L A C (Chic).. 100
800 Philadelphia Co (Plttsb)..60
500
8,000
IOC
No par
Pierce-Arrow M Car
Do
pref
100
Pierce Oil Corporation
25
4,200
2,700 Pittsburgh Coal of Pa_.._ 100
600
Do
pref
100
100
200 Pressed Steel Car
Do
prwf
_ 100
300 Public Serv Corp of N J..100
400 Pullman Company
100
8,100 Railway Steel Spring..
100
171
Do
pref
100
12,000 Ray Consolidated Copper. 10
100
6,800 Republic Iron A Steel
Do
1,300
pref
100
7,000 Royal Dutch Co ctfs dep
100
2,400 Saxon Motor Car Corp
100 Sears, Roebuck A Co....100
400 Shattuck Arts Copper
10
No par
3,000 Sinclair OH A Ref’i
200 Sloss-Sbeffield Steel A Iron 100
131,650 Studebaker Corp (The).. 100
500
100
2,800
1,900
48,400
400
200
2,900
31,700
Do
pref
Superior Steel Corp’n
100
100
100
1st
Do
pref
Tenn Copp A C tr ctfs.No par
Texas Company (The)
100
Tobacco Products Corp. .100
Do
pref
100
Union Bag A Paper Corp.100
United Alloy Steel
No par
United Cigar Stores
100
Do
pr*f_
100
.
250 United Fruit
300 U S Cast I Pipe A Fdy
100
100
100
Do
pref
7,100 U S Industrial Aloobol-.lOO
200
Do
pref..
....100
100
35,600 United States Rubber
400
Do
1st preferred
100
2,600 U S Smelting Ref A M
60
_
47
25*4
874
70
123
*118
*112
115
54
544
91
•85
*674
| Lsss than 100 shares.
70
46
265ft
87*4
704
123
121
65
91
684
Do
400
50
pref
Do
White
1st preferred,
Motor
50
60
45.200 WIliya—Overland (The).. 26
420
Do
pref (new)
-.100
11,800 Wilson A Co, Ino. V t 0...100
Wonlwnrth (F W)
100
Do
pref
100
2,600 Worthington P A M T t e. 100
Tlo
pref A,
100
300
De
pref B
100
8 Ex-rights.
Highest.
a Ex-dlv. aad
rights.
S per share.
1611* Oct 26
127ft July 10
331* May 14
Feb
5
Nov25
lOitJan 2
36is Jan 3
12 Jan
7
36 Jan
6
954 964 404,400 United States Steel Corp.100
111*4 Ill’s
Do
1,600
pref
100
775ft 79% 23,300 Utah Copper
10
300 Utah Securities v t e
•13*4 14*4
100
534 534
2,300 Vlrglnla-Carollna Chem.-lOO
1114 1124
400
Do
pref
100
400 Virginia Iron C A C
564 564
100
Union
Western
Telegraph.
100
874 874
1,600
43*4 43*4
4,300 Westlnghouse Elec A Mfg.60
69*4
674
5,800
6,600
IndustrialAcMisc.(Con.) Par
—-
•1597ft 165
15*8 *15
154
34
34
34*g
47
*46*4 48
52*8
507g 534
97
3,300
1,200
1,600
13,500
PER SHARE
Mono* for Presume
Year 1917
Burns Bros
100
Butte Copper A Zinc v t c_.5
Butte A Superior Mining. .10
California Packing
No par
California Petroleum
100
Do
pref
100
Central Leather
100
Do
pref
100
Oerro de Paaoo Cop
No par
Chandler Motor Car. ....lOO
Chile Copper
25
Chino Copper
5
Colorado Fuel A Iron....100
Columbia Gas AElec
100
Consolidated Gas ( N Y)__100
Continental Can, Inc
100
Corn Products Refining..100
....
164
....
300
PER SHARE
Range einee Jan. 1.
On basis of 100-shars tots.
Lowest.
15,800 Inspiration Cons Copper..20
200 Internet Agrlcul Corp....100
600
Do
524
pref
100
1144
1,400 Intern Harvester (new)
100
264 264 16,080 Int Mercantile Marine.. 100
Do
1104 112*4 188,400
pref
100
32
324
8,800 International Nlekel (The) 25
32
31
2,700 International Paper
100
Do
*624 64
stamped prpf
10ft
67
67*4
4,800 Kelly-Sprlngfleld Tire
25
354 364 21,500 Kennecott Copper
No par
71
71
'.100
6,200 Lackawanna Steel
No par
225ft 227ft
4,200 Lee Rubber A Tire
*40
Biscuit
otfs.
100
tr
404
1,900 Loose-Wiles
*90
200
Do
2d pref
100
*73
75
100 Mackay Companies
100
Do
pref
100
*624 644
28
29
100
2,000 Maxwell Motor, Ino
Do
1st pref
51*4 524
100
3,100
Do
2d
800
204 204
pref
100
100
1594 161
70,900 Mexican petroleum
Do
inn
pref
25
254
5
6,725 Miami Copper
444 444 15,825 Midvale Steel A Ordnance. 50
200 Montana Power
100
*774 79*4
200
Do
*1044
pref
100
164 164 10,300 Nat Conduit A Cable No par
45
45
3,400 Nat Enam’g A Stamp’s...100
21C
Do
593
93
pref
100
100
66*4 674
7,300 National Lead
200
Do
1044 1044
pref
100
184 187*
4,200 Nevada Consol Copper
5
*102
105
400 New York Air Brake
50
*106
112
*105
115
*106
115
115
144
*140
145
146
|144
14'
14
14
14
*134 15
*1312 15
*41
46
*41
464 *41
4612 *41
464
100
99
97
99U 9912
1014
99*4 100
*95
97
96
96
98
*95
•9512 98
74
74
73
755g
751ft
74*4
735* 75*4
•Bid and asked prices; ae sales on
*162
48
107
70
92
...
7812
3912
105*8
16
47
86
126' *1244 126
715g 727ft
71*8 72
1037* 1037* *102
21U 221*
214 22
754 76
76U 76lft
99*4
99*4
997* 997*
100
100
964 100
8*4
85s
85g
812
*161
15
1512
95
38
100
14*8 15
186
189
44
92
70
*46*4
47*4
*1124
554
•120
161
3412
47*4
531*
86
62
100
*88
*53
424
74
327ft
657ft
31*4
16
47
*484
13*4
1554
1275*
81*4
574
106
*103
106
80
81
804
49
484 487ft
_
_
81
484
137ft
314
*152
152
1234 127
814 82
*564 574
47
475g
204
38*4
39
394
104
684
48*s
1024
574
90*4
314
31
31
*89
77
*104
18
*101
*53
42
31*8
91
77
45
91
*90
16*4
45*8
45ift
*10312
15*4
-
47
57
92
447g
*76
79*4
106
1064
164 16*4
454 45*4
441*
*10612 10912 107i8 107i8
48% 48*4
4712 48
4712
46
*4512 47
*4512 461*
957* 97*8
94*8 96
951ft 97*8
mi* 11H2 112ig 112i8 1117* 1121*
77*4 7914
78% 79*4
767* 777*
16
*14
14*8 14*8
*1312 16
641ft 647*
5312 541*
5214 53*8
•110
1121*
11218 •111
1121* •111
57
57
58
58
581s 58>8
*88
90
•86
89
8712 88*s
43
43
4314
43lft
42*4 43
107
*45
*44
52*8
91
6412
28U
525*
211*
162**
1024
564
102*4
125
24*8
68
123
115
91
75
---
105
48
484
124*ft 124*4
71
717*
39U
70
47
265*
91
*74
17*4 I8I4
1021ft 10214
63ift 53U
41*4 4212
7*8
7*8
•31*4 3412
66
667*
32
44
14
52
115
47*4
102*4
557*
*90*4
304
804
48*8
124
304
154*4
125*8
81*4
564
*1004
804
*484
*834
367*
88**
427*
561*
9012
3012
801*
491*
1214
30U
1551ft
3941
103*4
734
*84
*59
*95
1612
4612
367*
107
47
46
49
103
354
*374
394
1034
684
384
*83
*69
*95
102
95
96
74
73l2
101
*71
38*ftl
85
*5812 60
*95
100
91
91*2
102
51*ft
„„
39
39
101
105
20
37
20
19*4
364
*374
*384
105
*34*4
31*4
444
*994 102
32
445*
95
62
112
•581* 60
671*
•10312
155s
45
*83
64
6412
*103
105
49*4
52
•110
47
24
62
91
5012
120
147
14
46
101
39
101
*71
48
103
56
2II4 2H4
156*4 163l2
*104
25
25*8
44
44l2
•75
78
46
947* 95*4
•1107* IIU2
76*4 7712
14lft 141ft
88*s
42*4
•50
•
107
46
100
76
381*
95
75
70
22
46
99
39
100
14
37
105
| 105*8 105%'
20*8
38%
41lft
54
65
69
141* 1412
1821ft 183 *182% 18212
76*ft 7714
76*ft 77lft
•93
*74
*53
61
2U2
3912
85s
8*ft
•158
161
•15812 162
•15
1512
15U 1514
337* 341*
335* 34U
•45
48
•75
•35
•95
14
351*
106
1912
27lft
110
114*8
32*4 33*4
31*8 32
*52
5312
641* 66*4
36
3612
69*4 70
22*4 23U
4012 41*4
72
•102
•102
108
105
215* 22
21*ft
2U2 22
75
75
76i2
74*8 747*
21*ft
745*
99*4 99*4
9912 102i2
85*
85*
847*
I
106
36
•311ft 31*4
437* 441ft
•99i2 102
157ft 16
46*ft 47
4312
85
72
106
106
35
4512
•991* 102
15*ft 161*
46*4 47*8
*31
84%
125"
27*4
109*4 1151*
321ft 3212
31
315*
42l4
7*8
*3112 33U
65*4 657*
117
1131ft 113U *115
52
52
627* 537*
15*4
45*4
59
26
21*8
387*
415*
7*8
46
100
60*4
*13
52
1147* 1147* *113
69
*17l2 18lft
*10H2 IOH2
*50
67
13
53
365*
28
51
21
13
*51
35U
155U 158*4
24*ft
43*4
*73l2
*103l2
107
*51
113
60
25
44
78
•10312
.
2712 28*8
11518 117
3118 32ift
30
303s
*5212 54
*104
•
245*
4312
113
58
92
$ per share
151
1494 151
84
84
81*
84‘
*20
21
*20
214
464 4641 *45*4 464
214 234
2138 223ft1
674 68*4
664 684
597* 60
59*4 604
106
105
the
Week
Shares
149
*90ift
30U
307*
8012
8012 80l2
8OI2
48
4612 4812
46l2
12
121ft
12l2
1212
30
3018
30ig
29*4
15414 1531* 154i8 15412
127
125*4 126
1277* 126
8Hft 8H4
8H4
8H2 81lft
56
551ft
55i2 57
56*4
106 11031* 1031* *10012 106
79
80
79
80
8OI4
48
48*ft 49
48*g 49U
68
*67
70
*6512 70
4612 46*4
46*4 46*4
4812
475* 48*4
47*4 4914
477*
51U
27*ft
•53
59
35
•4612
47*8
*104
106
39
377* •37
38>4
38
38
38
3712 37*4
1005* 102
•100l2 102i2 101
*08
71
71
681*
I1
46*4 47
46*4 471*
471ft
*101*4 103
•101*4 103 *101*4
041* 5512
55*4
55U 55*4
*90
93
*90
*90
92
30
293* 29*4
30*8
3012
804*
20ift
64*4
5912
STOCKS
NEW YORK STOCK
EXCHANGE
Salesfor
PER CENT.
62
86
108
39
108% Nov 12
11*4 May
15
39
Oct
3i
'
Nov li
Feb 13
1581* Oct 18
164
Aug21
88
Feb
1
Jan
2
Jan 10
Jan 25
697ft oct 18
103*4 Novl2
38ia Jan 17
68I4N0V 6
lllift Apr 26
4914 JulySO
58% Oct 18
Oct 30
Jan
5
42*8 Jan 15
10 Jan
8
38
Jan
6
104
Oct 14
21
Jan 15
83*8 Jan
27
2
Jan 15
24iftJan 15
58
41
29
Jan 22
Apr
2
Mar25
6714 Dec 2
12 Apr 2
17ift Jan g
53
Feb 15
71*4Junel8
Jan
4
231* Jan 15
501* Nov29
19 May27
67
79
87
24
Jan
6
Jan 15
Nov23
42*8 NoV25
64 June25
95 Mar 19
13
Nov25
3714 Jan
7
88
Nov21
43U Jan 7
99*4 M ar 2
1714 Nov30
99*4 Nov 4
37‘ft Aug 1(
35lft Mar26
4U Jan 22
23ift Jan 21
63i4 0ct 30
86
Jan
8
39*8 Jan 2
21 Apr 12
34
Jan 16
89*4 Jan 26
15 Septl3
42
Jan 16
79*4 Jan 2
551* Nov26
93 Apr 27
85 Oct 2
lOOift Jan 7
451* Jan 7
Jan
2
Nov23
*72*8 Jan 15
95
21
92*8 Jan
2
70*8 Mar23
4*4 Aug22
133*4 June 8
14*8 Oct 9
2514 Apr 11
39
Jan 24
337ft Apr 24
80ift July 3
3414 Mar25
96 Feb 16
127ft Jan 2
1361* Jan 7
48lft Mar25
S87I4 Mar 19
65
Jan 24
367ft Oct 30
83*4 Mar28
IOII4 Jan
6
II6I4 Jan 16
IDs Apr 6
41
M ar28
x 96
Dec 2
94 Oct 11
51 Jan 15
*95 Jan 15
321* Apr 12
42*8 Apr 12
86i*Mar25
108
Mar26
75*4 Nov22
11
Septl6
33*4 Jan 2
98 Jan 16
5
50 Jan
77U Aug 2
381* Jan 17
69 Jan 11
36*4 Jan 2
151* Jan 16
76
4514
110
111
34
Jan
3
Jan
2
Mar26
Oct
2
Jan
4
86*8 Feb 6
69 Jan 18
9 Par 310 per share,
not
Not
Not
Not
76
18
747ft May 16
91*4 June 4|
Junel9
63
34
11^4
35't
29*4
25*8
761*
64%May24i
103
34
83
38
96
74
Dec
Deo
Dec
Not
Novl2
Feb I81
Feb 19
50% Novl6
25*4 Oct 11
127*4 Jan 7
106*4 Jan 15
75*8 Oct 10
65
97
25
66
Dec
Not
Feb
88i* not
454ft Dec
83
Dec
247* not
747* Deo
95
271* Apr 10
781* Mar26
*33 Jan 2
6
Oct 18
4714 May 16
64% May24
417ft Oct 17
105*8 Novl2
Jan 12
Jan 31
9 per there
125% Apr
Jan
13^1 Dec
Novl2
Novl2
24
I per than
334ft Not
10% Deo
29*1 Not
247ft Nov 9
68*4 Dec 6
73*« Peb 27
56** Nov29
1021s Mar 14
2914 Mar 6
68U Jan 2
14i* Apr 4
36*8 JunelO
34*4 Jan 29
28*4 Mar26
82*4 July 15
651* Oct 7
297ft Jan 15
*901* Jan 7
HUHost.
89
Nov23
50
Lowest.
86
19
65
121
33
Oct 23
June20
Junel8
Novl2
Oct 16
1251* Nov 6
35
Nov 7
45ift Mayl5
65% Jan 3
67*4 Dec 6
41% Novl2
91% May 16
23U Nov20
42
92
Oct 19
Novl6
781* Feb 28
65 May2P
42% Novl2
697ft Nov 8
32% Nov 9
194
Oct 19
104*4 Novi 2
33% Jao 31
61 Mayl6
81% Novl3
106% Dec 5
21*8 July 5
54% May20
99% Feb 20
67% Dec C
106% May 18
217s Mayl6
139 May22
67% Nov22
48
13
Oct 18
Junel7
35% Nov 7
72% Oct 28
124% Oct 28
61
Nov 6
35% Oct 29
51*4 NOV12
103
Nov20
19% Oct 16
68*4 Feb 28
85
73
100
Dec 6
73
104
Dec 6
Nov23
Augl3
Aug 6
109% Mar 5
132% Nov 12
26% May 16
96
Mayl6
102% Sept 17
145
18
169
Oct 18
Novl3
Oct 14
6i* Not
28
118
Feb
Deo
741*
724*
32ift
*914*
not
Deo
Dec
Deo
65
34
77
Not
Not
Not
271* not
38
171*
62**
241*
18i*
SOU
367*
Deo
Feb
Deo
not
not
Dec
26
Not
68
Not
10** Not
12U not
55
Jan
70
Not
67ift Dec
19i* not
49
13
67
25
391*
*68*4
951*
131*
24
Nov 9
45% May 3
Sept27
July 6
100
21
203
Oct 18
81*8 Dec 6
101
80
Nov 9
May 13
44% May 10
108% Dec fl
110 Julyl8
148
19
Oct'19
May 7
47*4 Feb 1
137 May24
87
85
16*4 Novl2
60% Nov 8
93
Jan
61U
jan
924* Jan
47
137
40
367* Mar
106i* oet
47*8 Mar
49*8 Jan
77i* June
64i* jan
50i8 May
1037* June
30
64
Jan
89*4
67i*
614ft
74i*
Feb
114
98
Jan
106U Jan
Jan
414t June
98i* Aug
87i* Dec
641* Sept
74
49
*90
99
90
Deo
Aug
Deo
83U jan
Jan
Not *107
Jan
Dec 131
106U Dee 167i* Jan
58 June
36ift not
Jan
881* Deo 101
191* not
60
89
Feb
Dec
69
May
47* Not
1231* Deo
86
80U
96
11
32ift Apr
94i* June
1057* May
73ift not
68
114*4 Dee
42i* Deo
243
*86
105
112
694*
341*
81i*
98U
*105
10
42
981*
46
*76
Dec
Dee
Deo
not
Dee
Dec
Not
Deo
not
Not
Deo
Deo
Deo
Not
Deo
Deo
Mar
Jan
49*8 June
1277* Aug
120*4 Mar
154** Jan
24i* June
63
Jan
1711* June
106
67
June
Aug
Jan
Jan
ju
May
Deo
Deo
1144t
674*
62ift
136**
121U
118*«
244t
Not
Deo
Feb
Dec
77
Mar
994t
Jan
May
Jan
46
May
11214 jan
Jan
May
70i* jan
62i* jan
881* Jan
128% Oct 21
115 Sept 9
113
997* Dee
Dec
231* Feb
n Par 8100 per share.
Jan
80** Aug
100
88
50
Jan
2381ft Jan
Deo
29*4 Mar
Dec
694t Mar
Not
744ft Mar
Not 110i* Jan
Not 108*1 Jan
Not
614t June
Dec 102i* July
Not
19i* June
Not
Not
Aug 28
91% Apr 6
70*8 July26
Jan
264* June
Mar
72*8 Mar
1437* Apr
7*4 Sept
80i* June
156
69
42
69
jan
Jan
Jan
40
Jan
1061* jan
977* June
4314 Apr
67i* June
1091ft Jan
1171* Mar
39 June
464ft Oet
994ft July
63ift Mar
Nov22
73
Jan
27i* Jan
56
Nov 9
Nov 12
Jan
Jan
June
66i* June
217* May
60i* July
Deo
Deo
Not
Not
89% Nov 19
Jan
112
33*4
52U
33*4
15
49
30
June
42
43*8
79i*
102*4
70U
9i*
26
97
112% Dec 6
73% July27
95*s Apr 16
47iz May 16
64% Feb 20
58
477* Apr
134>* Jen
103U June
37ift July
112** Jan
917* July
1174ft Jan
55ift jan
94i* jan
44ift Oet
24*4 Jan
411* Aug
171*4 Jan
146i* Jan
Deo
Not
467ft Novl3
116% Aug 28
112*4 Oct 23
Oct 19
Feb
25
88
88
45
91
40
93
Not
Deo
41
1044t Mar
27*8 Mar
63*4 Mar
241* Dec
Mar21
75*4 Dec 4
Nov 12
108
50*4 Oct 19
99
Feb
Dec
Not
Not
Deo
317* Oct
3** Not
18
Feb
15
100
Deo
Dec
Deo
99
16
98
39
25U
331*
33»*
5
Not
Dec
901* May
377* Dec
18% Feb 19
Feb
Dec
Not
Deo
847* not
39
71% May24
727ft Nov 8
Not
7«ft Not
26ift Not
52i« Jan
421ft AVf
30i* Jan
62ift jan
1011* June
1157* Jan
Not
May
Mar
84U Mar
161
Jan
126i* Jan
17*i June
97ift Juns
68
June
s Ex-dlvldend.
New York Stock
2172
I
BONDS
N.Y. STOCK EXCHANGE
Week Ending Des. 6
Exchange—Bond Record, Friday. Weekly and Yearly
method of tooting bond* too* changed and prices are now—“and interest”—except for interest and defaulted bonds.
In Jan. 1909 the Exchange
O 8 3H« Liberty Loan.. 1932-47
U S 4a converted from let Lib
arty Loan
1932-47 J D 94.09 Sale
O S 4a 2d Liberty Loan.. 1927-42 M N 93.59 Sale
0 0 414 s
converted from 1st
Liberty Loan
1932-47 J D 97.60 Sale
0 0 414a
converted from 2d
Liberty Loan
1927-42 M N 98.12 Sale
O 8 414a 3d Liberty Loan..1928 M S 93.10 Sale
O B 414s 4th Liberty Loan. 1938 A O 96.00 Sale
98
O 8 2a consol registered
41930 Q J
98
0 S 2a consol coupon
41930 Q J
108
O 8 4a registered
1925 Q F
106*4
O 8 4s coupon
1925 Q F
93
O 8 Pan Canal 10-30-yr 2s.M9.36 Q F
98
O 8 Pan Canal 10-30-yr 2s reg '38 Q N
M
83
Q
U 8 Panama Canal 3s g._..1961
88
M
Q
Registered
1961
O 0 Philippine Island 4a. 1914-31 Q F
....
_____
_____
_
Foreign Government.
Foreign Secur 5s
1919
Anglo-French 5-yr 5s Ex ter loan.
Argentine Internal 5s of 1909....
Bordeaux (City of) 3-yr 6s.. 1919
Chinese (Hukuang Ry) 5s of 1911
Amer
M
M
J
M
F
F
A
A
A
89
8
N 100*4
D t 69%
8
A
A
80
O
O
O
J
N
N
J
D
Lyons (City of) 3-yr 6s
1919 M
Marseilles (City of) 3-yr 6S..1919 M
Mexico—Exter loan £ 5a of 1899 Q
Gold debt 4s of 1901
1954 J
Paris (City of) 5-year 6s
1921 A
U £ of Gt Brit A Ireland—
4-year 6*4% notes
1919
4-year 5*4% notes..
1921
Convertible 6H% notes..1919
JThese are prices on the basis of
State and City Steurltbf.
01 Y City—4)4s Corp stock 1960
4 Hi Corporate stock
1964
4)4* Corporate stock....I960
4Hs Corporate stock Julyl967
448 Corporate stock....1965
4 H$ Corporate stock
1963
4% Corporate stock
1959
4% Corporate stock
1958
4% Corporate stock
1957
4% Corporate rtock rog_.1958
New 44s
1957
4)4% Corporate stock... 1957
3H% Corporate stock... 1954
IV Y State—Is
1961
Canal Improvement 4s__.1961
Canal Improvement 4s... 1962
Canal Improvement 4s
1960
Canal Improvement 4H<- 1964
Canal Improvement 4*48.1965
3
9
A
O
-
-
_
_
J
D
S
N
M N
M N
M N
M N
M N
M N
tv»
S
J
J
J
J
J
J
J
NJ
J
/J
Highway Improv’t4)4s..l963 M /»
Highway Improv't 4J4S..1965 M 8
Virginia funded debt 2 3s__-ll"' J
J
6s deferred Brown Bros ctfs.
M
M
....
....
-.
99% 1034
96*2 2455
Nov’18
97*8
97
98
97%
96%
97*2
Sale
Sale
Sale 103%
....
Sale
Sale
101
47;
82%
81
93%
Nov’18
91
389j
1
7
...
.
.
.
....
1
7
6
4
22
32
2
5
_
_
_
_
.
_
.
_
.
_
....
-
.
89
.
99%
97
90% |00
90% 94%
34
93% 99
90% 97*2
887* 99
94
104%
80% 92*2
83% 92%
90
77
73%
84
.
76
102%
84
40
103
40
53
81%
99%
68
82*2
62
95*4 99%
91% 98*2
97% 105
87% 98%
37% 99*4
87% 99%
102*8 103*4
93% 103%
103%
93%
94
93*4
90%
93
85
85
85
3
93% 103
93% 103%
17
76
85
99
99
9414 98%
10
97% 98%
94‘4 97%
105
108*2
41
102% 104*2
104% 107*2
100% Ml*4
....
.
.
..
.
_
.
.
....
....
.
94*2
88%
85
....
_
_
195:
....
_
.
67
87
99% 503
98% 561
101% 1296
98*2 93% 98%
98%
99*4 Sale 98*2
99%
98% Sale 93%
99%
102% Sale 102%
102*2
102% 102% 102*2
102%
102*2 102% 102%
103
93% 94
93%
93%
94
94
93%
93%
93% Nov’18
92%
89% Oct *18
102% Sale 102%
102%
102% 102% 103% Nov’18
85
85*4 84%
84*2
99
97*4 98
July’18
9734101
98*2 July 18
97*4
97%
97*4
9734
97% Oat ’18
107
106*2 Oct ’18
*98
102% 102*2
102*2
107
106% Oct ’18
100% June’18
78'8 74 Deo ’17
_
99
85*2
80
97
98%
Bale 99%
Sale 97*4
Sale 101
99%
97%
....
....
1*
Sale
.
_
93%
81%
....
97*2
Nov’13
Nov’18
_
49
Apr ’18
62
53
.
.
98
78
89%
84
102
531* 72
....
98%
103%
90% Nov’18
87*2
87%
86
87*2
74*4 Nov’18
100
100%
100
100*2
83
98%
107
107
..
98%
Sale
98.14
99.10
98.10
99
....
84
87*2
..
....
85
.
57
M
M
m
M
....
93% Oct *18
_
87
88
86*2
X 75%
100*4
100%
X 63
S
N
N
F
A
$5to£
....
Sale 100*8
100*2
71
71% Nov’18
95
95% Sept’18
103%
O
M
97.82 6509 93.10
98.83 14738 94 70
96.94 22508 95.90
93*4 Aug’18
97
2
98
98
97**
105% Nov’15
105
106% Nov’15
105
98
June 18
93
99
July’18
97%
85*2 Oct’13
85
89
Sept’18
85
100
Feb ’15
92*2
_
536 93.8 ) 99.00
95.90
95.94
95.90
89
....
A X
J t
—-w
Pakyo City 5s loan of 1912
96‘4
_
_
98.09
96%
O
Cuba—External debt 5a of 1901.
Exter dt 5s of 1914 ser A.. 1919
External loan 4Hs. .....1919
Dominion of Canada g 5s
1921
Do
do
..1926
Do
do
..1931
French Repub 54s secured loan.
Japanese Govt—£ loan 4 He-1925 F
Second series 4Hs
1925 J
Do do
"German stamp”.
Sterling loan 4s
1931 j
97.54
Sale
A
High
97.20 102.53
96 09 231 93.00 98.50
95.09 2039 93 00 100.00
991*
A
99.06 3566
94.0)
93.50
99% Sale
F
84 ice
Jan. 1
No. Low
High
Sale 97.50
97.59
D
Range
P
or
Last Sale
Ask Low
Bid
U. %. Government.
J
Range
6.
Dec.
3*
Week’s
Price
Priday
<2
....
....
63
70
66*2
70
79
58
Sale
58
59
3
51
64%
86%
Sale
86%
85%
87%
85*2
84
79
90
79*2
71%
73*2
85*2
82
73*2
70
82%
71%
87
82
96%
91%
91%
71
44
Q
J
O
O
Nov
Nov
M N
J
D
J
D
IN
S
*DV YPoa* AvDU
J
J
Trans Con Short L 1st 4s. 1958 J
J
Cal-Aria 1st A ref 4Hs’’A”1962 M s
8 Fe Pres A Ph 1st g 5s...1942 M s
Atl Coast L 1st gold 4«
51952
Gen unified 4 He
1964
Ala Mid 1st gu gold 5s... 1928
Bruns A W 1st gu gold 4s. 1938
Charles A Sav 1st gold 7s. 1936
LAN coll gold 4s
...01952 M N
Sav F A W 1st gold 5s
1934 A O
1st gold 5s..
1934
Balt A Ohio prior 3)4*
1925
Registered
51925
1st 50-year gold 4s
51948
Registered
51948
10-yr conv 4*4 s
1933
Refund A gen 5s Series A. 1995 J
Pitts June 1st gold 6s.__.1922
P June A M Dlv 1st g 3)4s 1926 M
P L E A W Va Bys ref 4s..1941 M
Southw Dlv 1st gold 3 48.1925 J
Cent Ohio R 1st c g 4Ha..1930 M
Cl Lor A W con 1st g 5S..1933 A
Monon River lBt gu g 5s. .1919 F
Ohio River RR 1st g 5s... 1936 J
General gold 5s
1937 A
Pitts Clev A Tol 1st g 6s..1922 A
Buffalo RAP gen g 5s....1937 M
Consol 4 Hs
1957 M
All A West 1st g 4s gu
1998 A
Clear A Mah 1st gu g 5s.. 1943 J
Roch A Pitta 1st gold 6s..1921 F
Consol 1st g 6s
1922 J
Canada Sou cons gu A 5s
1962 A
Oar Clinch A Ohio 1st 30-yr 5a ’38 J
Central of Ga 1st gold 5s...pl945 F
Consol gold 5s
.1945 M
Chatt Dlv pur money g 4s 1951 J
Mac A Nor Dlv 1st g 5s.. 1946 J
Mid Ga A Atl Dlv 5s
1947 J
Mobile Dlv 1st g 5s
1946 J
Oe*»t RR A B of Ga coll g 5s. 1937 M N
Cent of N J gen gold 5S....1987 J
A
A
VMM
t/lT
82
51987
Am Dock A Imp gu 5s.. .1921
Leh A Hud Rlv gen gu 6s '20
N Y A Long Br gen g 4s.. 1941
Cent Vermont 1st gu g 4s ..<1920
Ohesa A O fund A lmpt 5s ..1929
1st consol gold 5s
1939
Registered
1939
79’
J
J
M
J
<mi
,
•No prloe Friday;latest this week.
a
Nov’18
73*2 June’18
79% Nov’ IS
72
Oot ’18
..
..
85
95*2
Sale
91
93
95%
95*2
91% Nov’18
82%
79
86
86
85*2
85*2 Nov’18
99% July 17
....
80*2
85*2
93
87
85
96
80
....
.
_.
.
90
I
Sale
87
85
1
....
....
_
_
.
.
1
....
June’18
Nov’18
85
981* Nov'18
78
Oct *18
129% Aug 16
79Sale 79%
80%
107%
115
July’17
93% .... 105
July 15
91% Sale 91
91%
90% Sept’17
5
....
14
89
110%
84
Sale!
83
38
84
86
92%
87
76
87%
85%
94*4
Sale
87
112
86
80
87
100
89%
93%
101*4
99*4
94
99% 107
87%
76*4
86%
101
101
95%
80
99%
93%
72%
86%
81%
90
86
106%
87%
88
79
Sale
95%
89
99
84
88
99's
99%
991*
97
79
74%
86
79
85%
77
74
89%
89%
95%
98%
78
78
69%
'81%
85%
92*4
73%
87
85
88
Jan 12
Nov’18
Nov’18
57
23
'75*4 ~88 ”
87%
Apr 17
Aug’18
Nov ’16
Oot 17
May’18
Mir’is
June 18
Oct 17
14
75%
92*4
80%
86
72
83
80
881*
93%
96%
88
83
99*8
99%
99%
99
Nov’16
103% Feb ’16
101
101
s Due
April,
103
101
100% Sept’18
Sale 94
95%
89
82% Nov’18
99%
99%
’95' 93%
93%
72*4 Nov’18
90
May’18
87% Jane 17
84% Aug'18
88% 87% Nov’18
107*4 106% Nov’18
106%I100 Sept’18
100% 99%
99%
100
Apr ’18
100% Jm ’13
66
Sept’18
91% Nov’18
101%
101%
104% Jan*17
Dunjan.
79
35
84
92% Mar’17
100
Q
82
75
’
Q
79%
86
.
Registered
....
75*2
e
99% 103'*
100
85
72*4
84
99%
94%
72*4
90
90
82%
96%
85
84
83
100
100
4
97%
....
100
65
80
84%
87%
108%
104
93%
100
67%
94
94*8 101%
Due May
Pries
BONDS
Y. 8TOCK EXCHANGE
Week Ending Dec. 6.
Bid
M
m
M
F
A
J
J
J
J
J
J
M
M
Refunding 4« Series C....1947
Ind A Loulav 1st gu 4s
1956
Chic Ini A Sou 50-yr 4a
1956
Chic L3 A East 1st 4H3____ 1969
Chicago Milwaukee A St Paul—
Gen’l gold 4s Series A
el98'J
Registered
<1989
Permanent 49
1925
Gen A ref Ser A 4 H8....a2014
Gen ref conv Ser B 5s
a2014
Gen’l gold 3H1 Ser B
<1989
General 4 Ha Series C
<1989
25-year debenture 4a_.
1934
Convertible 4 Ha
1932
Chic A L Sup Dlv g 5s....1921
Chic A Mo Rlv Dlv 6a... 1926
Chic A P W 1st g 5s
1921
C M A Puget Sd 1st gu 4s. 1949
Dubuque Dlv 1st 9 f 6a...1920
Fargo A Sou aaaum g 6S..1924
La Crosse A D 1st 5a
1919
Wls A Minn Dlv g 59
1921
Wia Valley Dlv 1st 6a....1920
Mllw A Nor 1st ext 4H8--1934
Cons extended 4 Ha
1934
Chic A Nor West Ex 4a 1886-1926
Registered
1886-1926
1879-1929
1879-1929
1879-1929
1879-1929
1921
1921
Del Lack A Western—
Morris A Ess let gu 3H8-2000
N Y Lack A W lat 6a
1921
Construction 5a
..1923
Term A lmprovt 4a....1923
Warren 1st ref gu g 3 H 8--2000
o
J
J
F
M
F
....
85%
96*4
8D4
76%
Nov’18
Nov’16
Feb ’16
’13
)-i
Nov’18
Got ’17
62
53
41% Sale
80
....
99%
98%
Oct’18
78
76%
53
35*4
47%
99% Nov’18
78% Nov’18
97%
71%
80
98
97
99%
78%
88%
99*4
99*4
89%
95*4
91
78
25
22
98
72
70
75
91
89
88
Nov’18
94
96
93% Nov’18
871*
Sale
30%
30
91
87
Mar’18
-
29*4
29
100
84% 72
....
....
74%
56
75
50
99%
99%
98% Nov’18
70%
75.
41%
40%
Sale
99%
28
100
68
-
88% Sept*16
92% 113% Feu *15
79
89
D
J
A
N
A
75
....
99% 101
A
J
S
J
J
J
J
J
D
High No. Lew Higk
82%
86
82%
12 72
86% Mar*17|
•
82
82%'
44 65% ’85%
87
88% 176 76
90%
71
58
o
J
O
O
o
o
o
o
N
N
3
O
J
J
1933
1933
....
76%
68%
73%
N
S
D
D
A
A
N
F
N
N
N
1987
Sale
Sale
0|—68
D
J
J
J
J
J
J
J
J
J
1987
1987
A Due July, k Due Aug.
82
....
19
25
87%
29%
Nov’18
Oct *18
Aug’18
75% Oct ’18
75
Nov’18
30%
30
101
72
75%
75
97*4 Feb *13
32
65%
101
81
65
Sale
Mar’17
64*4
66
01
_
_
—
75
_
—
—
78%
80
76
88
66*4
88%
76
78
106
....
.
.
.
.
99%
80
104
98*2 100
98*4 99
99
96%
88*2
92%
92%
_
_
.
102*4
97%
96%
96*2
_
.
.
.
.
.
.
95
75
71
86
84
104
Sale
__
_
_
80
70%
92% Feb ’16
86
86%
75%
76'4
88
88%
76*2
64*4
66
87
81
Nov’18
Nov’18
Nov’18
84
81%
97
Jan’18
92
Oct ’18
99
93%
64
_
—
881*
81
89
97
94
95*2 100%
74% 80
97*2 99%
98
95
88% Nov’18
89 -Sept’18
81%
95
73
71
80*2
67*2
98
100
97%
85
89
Q5
71
20
94%
96
Nov’18
95% May 18
»
100
Jan ’18
98
110% 92% Oct ’ 18
98
97
Nov’18
77*4
101% Oot 16
109
110
110
*60
88
Jan’17
97%
887*
88%
89
95
74
71
88
79%
79*4 82**
99** 103
104
104
94% July’18
..
77%
66%
Jan ’18
Nov’18
97% May 18
88% Nov’18
Nov’18
Oct ’18
87
85%
81% Oct’18
101
Sept’18
104
May 18
109% A or 16
88%
81
94
66
71%
35
1
82%
74
66
97
92
98
98
_
_____
.
12
69
101
Nov’16
79%
79%
97% Aug’ 18
104% Sept’17
.
54
98
96% Jan ’17
97% Deo ’16
79
86
Sale
Sale
70
89
78
Sale
84%
81%
98%
95*s
98%
—
45
„Nov’18
103% \jr '17
84% \r>r ’17
70
81%
J
J
D
O
A
J
J
J
1987
pl987
Ask Low
87%
76%
J
J
J
J
Range
Since
Jan. 1
or
Last Sale
82% Sale
8
S
Dea Plaines Val 1st gu 4H® '47
Frem Elk A Mo V 1st 6S..1933
Man G B A N W 1st 3H«-1941
Mllw A S L 1st gu 3Hu—1941
Mil L 8 A West 1st g 6s... 1921
s
Ext A Imp s f gold 5a
A
1929
Ashland Dlv 1st g 6a._.1925
9
Mich Dlv 1st gold 6s
J
1924
Mil Spar A N W 1st gu 4s. 1947
S
St L Poo A N W 1st gu fis.1948
J
Chicago Rock lal A Pao—
Railway general gold 4s
J
1983
Registered
1988 j J
J
Refunding gold 4s
..1934 A o
20-year debenture 5s.
1932 J
J
RI Ark A Louis 1st 4 Ha
1934 M 8
Burl C R A N 1st g 5a....1934 A O
C R I F A N W 1st gu 5a..1921 A
o
Choc Okla A G gen g 5s. _t)1919 J
J
Consol gold 5s
1952 M N
Keok A Dea Moines 1st 5a 1923 A O
St Paul A K C Sh L 1st 4 Ha ’41 F
A
Chic 8t P M A O cons 6s
1930 J
D
Cona 6a reduced to 3H8..1930 J
D
Debenture 5s
1930 M S
North Wisconsin 1st 6a
1930 J
J
St P A 8 City 1st g 6e.__.1919 A o
Superior Short L 1st 5s g.el930 M s
Chic T H A So East 1st 5S..1960 J
D
Chic A West Ind gen g 6h._</1932 Q M
Consol, 50-year 4s
1952 J
Cln H A D 2d gold 4 H8—.. 1937 J
O Find A Ft W 1st gu 4s g 1923 M
Day A Mich 1st cons 4 Ha 1931 J
Clev Cin cn A St L gen 4a.. 1993 J
20-year deb 4 Ha
J
1931 J
General 5a Series B
D
1993 J
Cairo Dlv 1st gold 4a....1939 J
J
Cln W A M Dlv 1st g 48..1991 J
J
St L Dlv 1st coll tr g 4a...1990 M N
Spr A Col Dlv 1st g 4a
1940 M %
W W Val Dlv 1st g 4s
J
1940 J
C I St L A C consol 6j.__.1920 Wl N
1st gold 4a
F
*1936 Q
F
Registered
*1936 Q
Cln S A Cl cons lat g 5s..1923 J
J
C C C A I gen 00ns g 6a..1934 J
J
Ind B A W 1st pref 4a.__.19l0 A O
O Ind A W 1st pref 5a
J
41938 Q
Peoria A East 1st cons 4s. 1940 A O
Income 4s
1990 Apr
Cleve Short L lat gu 4 He
1961 A O
Colorado A Sou lat g 4s__._1929 F
A
Refund A Ext 4H*
1935 M N
Ft W A Den C 1st g 6a...1921 J
D
Conn A Paa Riva lat g 4a
1943 A O
Cuba RR 1st 50-year 5a g
J
1952 J
g Due June.
Range
Dec. 6.
Coal River Ry 1st gu 4s..1945
Craig Valley 1st g 5s
1940
Potts Creek Br 1st 4s
1946
R A A Dlv 1st con g 4s...1989
2d consol gold 4a
1989
Greenbrier Ry 1st gu g 4s. 1910
Warm Springs V 1st g 5S..194I
Chic A Alton RR ref g 3s
1949 A
Railway 1st lien 3Hs
1950 J
Chicago Burlington A Quincy—
Denver Dlv 4s
1922 F
Illinois Dlv3Hs
1949 J
Illinois Dlv 4s
1949 J
Iowa Dlv sinking fund 5s. 1919 A
Sinking fund 4s
1919
Joint bonds.
See Great North.
Nebraska Extension 4s
1927
Registered
1927
General 4s
1958
Chic A E 111 ref A Imp 4s g._1955
U 8 Mtg A Tr Co ctfs of dep__
1st consol gold 6s..
1934
General consol 1st 5s
1937
U S Mtg A Tr Co ctfs of dep.
Guar Tr Co ctfs of dep
Purch money 1st coal 5J..1942
Chic A Ind C Ry 1st 5s
1936
Chicago Great West 1st 4s..1959
Chic Ind A Loulav—Ref 6a. 1947
Refunding gold 5s
1947
General gold 3Hs
Registered
1
General 4s
Stamped 4s
General 5s stamped
Sinking fund 6a
Registered
Sinking fund 5e
Registered
Debenture 5s
Registered
Sinking fund deb 5s
Week'e
Friday
Chesapeake A Ohio (Con)—
General gold 4)4*
1992
Registered...
1992
20-year convertible 4H»-_ 1930
30-year conv secured 5s.. 1946
Big Sandy 1st 4s
1944
Registered
Railroad
Atchison Topeka A Santa Fe—
N.
94%
96
95
100
96
1 101
’ no
98
97
96**
100
92% 97
94*2 97
....
....
_____
—
101
100
103
100*2
96%
111%
104*8 106% 102%
80% 89
76
93
102% 98%
....
_
_
Aug’18
Nov’18
Dec 15
May’18
98
102%
98
! 93
1
1 102*8 102%
Oct ’18
Nov’18.
i
73
92
761*
98%
72
84%
71%
80%
80**
I
75%
Sale
78
Sale
72
93
73
96
81%
77
92
92
71
81%
81%! 12
71% May’18;
76
75*4
69
80% Aug’18 ——
73
1
73
96
Feb ’18—
97% June 17
97
May’13
93
May’18
68
Sale 69
106% 112
112
82
88
96
96*2
93
104
118
100
Sale 100
69
70
Nov’18
_
68
70
....
83%
61
103%
66%
75
83%
63%
81*8
85
69
65
....
74%
68
....
95
63
58
105
104
Sale 66
90
88
79
72
72
Sale 80%
90
86%
83%
69
63
75
76
....
...
....
...
99
82
87
92%
...
....
107
71%
54%
19
91
87
79*4
99*4
....
59
...
...
89*2
Sale
66
62
96
-
100
93
70
72
112
81% 88
Sept’18
Nov’18
Nov’16
100 j
85*s
4
May’18
July’18
73
96
95
93
57
59
102
17
68
93
99*2 100%
95 k
58
105
62*4 70
95
58
103
104
67
May’17
Mar’ll
Nov’18
Nov’18
79
59
13
81%
Aug’18
Mar’17:
Oct *18
Nov’18
73*f June’17
84
NoV16|
99% 101
71%
62%
79
80
74%
83*2
86*4
62
63
65
76
99
99
106
106
40
62
17
90
91
65%
....
Sept’18;
Dec ’17
88% May 15!
102% Jan ’17|
106
94
Nov’18
July’03;
60
17
90
Nov’18
Oct ’18
Nov’18
91
Nov’18,
79*2
99*4
81
12
I
99*4
37:
1
83*2
82*4
66
96
82*4
71
100
95
75%
102%
60
....
95
73
101%
95%
89%
90
....
96
94
71
102
96
Feb ’16
Oct’18
102 |
Oct ’18
2
92% Oct’18
102% Feb *08
Due Oct. p Due Nov. « Due Deo.
92*2
t
98
93*4
Option sale
Dec.
New York Bond
71918.]
'BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 6.
ll
Fries
Week's
Friday
Bangs or
Dee. 6
Last Sals
J Bid
Bangs
<1^
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 6.
Sines
Jan. 1
So
High
Ask Low
Record—Continued—Page 2
1Lots
......
1922 r
1943 11
-
20-year eonv fie
1935 k
Alb A Susq eonv 3 Ha
1946 \
Wen— A Saratoga bit 7s..1921 N
Denver A Rio Grand*—
1st eons g 48..
Consol gold 4 Vis
.
Improvement gold fie
1st A refunding fia
1.
Win Or June ](rt gi| g
fi$
RlO Or Sou 1st gold 4s
Onsrsnteed
1955 F
193Q r
1940 I
A
o
82
1923
1920
1928
NYLEAWlstgfd 7s.. 1920
4s prior
1996
Regtetemd
J
A
1
1
M
J
A
A
J
M
M
M
M
ft*
A
J
M
J
J
1996
1st consol gen lien g 4s. 1996
1996
Weglaternri
Pena coll trust gold 4s..1951
50-year eonv 4s Ser A..1953
do
Series B
1953
Gen eonv 4s Series D
1953
Chio A Erie 1st gold 5s... 1982
Clev A M»hnn Vail g fin
1928
Erie A Jersey 1st s f 6s
1955
Genesee River 1st a f 6s
1957
Tying Dock Minanl g 6a
1925
Goal A RR 1st cur gu 6s. .1922
J
J
F
A
A
A
M
j
J
J
A
M
N Y A Green L gu g fie
1946
N Y Susq A W 1st ref 5s..1937
2d gold 4 Vis
.1937
General gold fis
1940
M
J
F
F
.
...
O
D
D
N
J
O
O
J
N
S
N
%
S
O
D
S
J
j
J
j
A
O
O
O
N
j
3
J
O
N
Registered
Extended 1st
gold 3 tie
Registered
1951
1951
Registered-1951
Bellev A Car 1st 6s
1923
Carb A Shaw 1st gold 4s.. 1932
Chic St L A N O gold 6S..1951
Registered..
1951
_
_
Gold 348
1951
1951
Registered
1951
8t Louis Sou 1st gu g 4s..1931
Ind Ill A Iowa 1st g 4s
195C
Lut A Great Nor 1st g 6s
191?
g
4a
...
Jam— Pmnk A Cl—r lut 4s
195?
Kama* city Son lit gold 2a 195f
Registered
I95f
n«f A Impt. 5m
Apr 195C
2d gold 5s
North Ohio 1*t gnar
gfi
a
Leh Vai n y 1st gu g 44a
Registered-
J
0
m a
j
j
M *
J
E
A
J
A C
J
J
J
j
j
j
j1
1941 J
1941S a
i»4t J
.
_
194(1
D
j
a1
J
j
Lehigh Val (Pa) cons g 4s. .2003 M *N
General
•
No
flona
44*
-
-
2003
M
N
834
86
.
36
....
S'
43
76
96
644
49*2
75*4
81*4
42
58
59
42*2
484
1,
82
62
96
7
98
96
103
98
....
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•
5
j
103
103
85
74
85
81
564
.
.
....
62
67
_
97
97
—
354. June* 16
954
Sale
92
924
954
954
944 Nov’18
924
924
279
105
924
89
89
85
964
94*4
92*2
91*4
....
1
June’16
894 Apr’18
111
Nov’18
118
Apr’17
1034 914 Nov’18
99
1024 May’1C
894 Nov’18
954 Mar’16
854 Nov’15
80
Nov 18
85
"
764
83
110
106
....
....
854
754
744
824
894
95
814
89*4
80
80
Nov’18
95
924
69*4 Dec T6
794
10
817g
86
2
8*4
8*4
817» Nov’18
84
854
734 June’18
734 Oct’18
——
Feb’IS
85
894 Nov’18
92
Sept*17
75*4
84
80
....
----
9*8
7
75
74
5
75
85
05
014
83
86
73*2
78*2
734
734
67*2
85
87
75
85
95
75*4
77
....
2
794
754
Oct’18
Nov’15
June'17
85"
73
79
744
7834
60
84 ^
85
71
79
72
78
79
Sale
75
824
84
....
64*4
964
58*4
----
102
— —
794
....
....
——
—
....
90
95*s
90
724
....
95
92
90
58*4
58*4
62
63
62
65*4
....
7
80*j
75
80*2
....
8
l
....
Jan’i;
Oct’ll 1
Oct’l! 1
....
947g
....
90
....
65*2 July’18
....
99*4
Oct*06
78
97
78
Jan’18
77*2
78*2
77*2 Nov’18
77
79
80
95
944
....
78
774
804
954
784
98
967i
00
65
Sal<)
86
814
894
...
...
861
Salt 1
00
83
80
1
94*2
94*
704 Oct’l! !
65
Nov’i;
89
Feb ’E
89
Apr’i;
95*2 Nov’l?
98
90
65*2
65*2
854
70*g
96
824 Jnne’l'
65
78
84
814
88
_
2
1
23
35
81*
Nov’E
....
804 Fee’i;
804 Oct ’18
844
03
92
89
SO
91
99
92
814 Nov’18
894 Nov’18
954
90
....
65
92
80
80
_
....
....
s Dae Jan.
65
...
73*4
714
91*2
834
78
92
"
_
....
Nov’18
Oct’lJ
58
804
844
804
94*4
74*8
8178
90*2
85
• Dae Feb.
97*2
94
:
100*2
----
89
....
m^mm
4
91
Oct’18
Nov’18
70
70
91*4
96
81
85
85
71
97
70
78
97
72*8
78**
84
92*2
92*t
87*4
91
109
93
18
81
111
100
90
93
99
I*
89*4
Nov’18
Aug’18
.
-
•
•
100*8 100*8
Sept’18
87
.1..
100
87
101
inn
miu
Feb *17
Apr T2
Oot’18
57*8 July’18
83
71*8
Jan’17
100
....
82
....I
10
80
Jan ’ll
----
54*4
1
03*4 Apr ’18
92*2 Apr T8
00
Aug*16
83*2
99*8
100*4
90*2
1041a
93*2
76*4
"
1005s
82
95
57*8
5
82
Nov’18
58*4
74
83
95
95*8
103*2 Sept’18 ----j 102 103*2
79
78
83
Nov’18
j 73
78
1 90
95*2 101
95*2 Nov’18
96
88
Nov’18
96*4 88
83*8 88!
A71
ft £1«
82
6714 S«pt’18
95
Feb’05
95
92*2
Aug’18
95
06*4
94*2
101*8 113
....
a
....
J
D
O
N
S
F
J
D
Refunding gold 4a
1951 M 8
M StPASSM cong4alnt gu 1938 J
J
1st Chic Term s f 4s...” ..1941 M N
M 8 S M Sc A 1st g 4s lntgu.’26 J
J
Mississippi Central 1st fis
1949 J
Missouri Kansas Sc Texas—
1st gold 4s
1990
2d gold 4s
gl99(]
1st ext gold 5a
.1944
1st A refunding 4s
2004
Trust Co certfa of dep
Gen sinking fund 4 Vis... 1936
St Louis Div 1st ref g 4s..2001
5% secured nut— “ext” *16
Dali A Waco 1st gu g 5a. 1940
Kan City A Pac 1st g 4s. .1990
Mo K A E 1st gu g 5s....1942
M K A Okla 1st guar 5s.. 1942
....
83*2
101*4 104
101*2 July’18
99
A nr'IS
9334 1Q6
86*2 94*2 93*2 Jan T8
60
68*4
July’18
101*2 102*f
QQ
QQ
93*2
93*2
60
60
101
104
....
77
75
80
....
Mar’10
Ncv’10
91*2 June’17
g
....
77
83*2
48*2
47*2
53"
Sale
83*2
47*4
88*4
Sale
50
Sale
68
....
38
41*2
38*2
44*2
4712
J
A
34
37
30
40
M
F
M
F
F
F
F
J
J
J
J
J
A
Cart A Ad 1st gu g 4s....1981 J
Oouv A Oawe 1st gu K 5s_ 1942 J
Mob A Mai 1st gu g 4s... 1991 |M
N J June R guar 1st 4s._.1986 F
N Y A Harlem g 3 Vis
200C IM
N Y A Northern 1st g fis. 1923 'a
.
38*4
58
73
55
87
59
65
50
....
30*2
73*8
55
51
85
96^8
81
76
"86
103*2
95*4
71
84i2
.....
n Due
Sept,
J
J
c
0
E
2
ft
N
0
88*4
16
Nov’18
May’ll
Oct’18
Nov’ie
30
21
67
Oct’18
Nov’18
Sale
....
....
80
....
....
50
....
..
9412
037g
99*8
76
78
----
2
3
1
95
71
93
90
78
.
30
35
967g
21
Sale
71
90
55
Sale 100*8
Sale 78*8
Sale 85
Sale
....
Sale
91
Sale
*66*4
69*8
62*2
75
Nov’18
281
2
65
99*8
6
37
32
46
42
25*4
34
—•
60
53
73*8
58
30
40
79
89*4
95*2
94
67*4
100
58
78*2
81
90l2
98
72*2
83
....
1
....
2
77
66*2
77
Sept’15
101
92
65
May’lS
Nov’18
Oct’18
Aug ’16
Feb’13
Aug’18
69
Nov’lS
57
78
95
71
78
95*8 101
....
30
30
21
60
92
40
21
70
....
....
....
3
....
I
67
160
11
22
44
....
|
I
26
!
Oct’E
69*j
1
97*2
57*2
91*2 103*2
69
82*2
77
87*8
8
76
89
Nov’18
71
7078
102*2
....
101*4
78*2
85*4
87
79
75
73
98
58
Oct’18
665* Aug ’IS
66*2
69*8
00*8
28
32
40
41
897g
85*4
55*8
101*2 Sept’18
97*8
*
"
52
80
50
30
60
49
„
Nov’ 18
Dec’16
94*2
94
55
75
70
89
m „
„
73*8
89
69*8 69
1
97*4 97
100*2
78*8
85*4
R31.
AprT7
July’i;
87
Aug’17
Oct’18
78*2 85
Nov’lS
99*2 100*2 100
100*8 104*4 110*4 Mar’17
32
7Mi
40*2
Dec’16
Apr’17
100 Feb *13
84*8 97** Deo’13
81
Oct’18
86
100*4 Apr’18
98
95*8
98
102
July’14
81
82*4 81
807g Oct’17
84
....
63*f
50*4
Jan '17
89
68
82
82*8
1
2
23
“
79*i
~
41
40
30*8 Nov’18
88*2 89
94*4 9412
9312 937g
64*2 Sale
993s 100
63
71*4
7
1
-
69*2
09
76
66*8
74*4
71*4
8912
79
61
61
79
71
62*2
66*2
69*8
72
79*2
95H
95*2
Mar’ll
....
85*2
-
.
44
42
32
40
60
53
60
_
N
N
ft
ft
ft
ft
0
49
72ia Nov’18
35*2
36
32
Sept’IS
7078
Sale
30
83*2
48
88
92
95
27
....
83*2
90
70*2
35*2
J
C
July’18
Oct T6
78*2 Nov’18
52
52
47*2
50
60
FebT5
85*8 Nov 17
947g
____
_
1931934
Registered
Lake 8bore coll g 3 Vis
199S
199*Registered
Mlch Cent coll gold 3 Vis. 1998
Registered
1998
Battle Cr A Stur 1st gu 3s. 198?
Beech Greek 1st gu g 4s..1936
Registered.
1936
24 guar gold 5s
1936
1936
Registered
Beech Cr Ext 1st g 3 ViS-51951
ft Due July,
100
J
D
F A
M N
M f
Debenture gold 4s.
Dae June,
101
103
101*8
J
N
A
A
O
M N
MKATofTlstgUg 58.1942 M S
0
J
Sher Sh A So 1st gu g 5s
1942
Texas A Okla 1st gu g 5a
1943 M s
Missouri Pacific (reorg Co)—
A
1st A refunding 5s Ser A.. 1965 F
A
1st A refunding fie Ser Ba.1923 F
F
A
1st A refunding fie Ser C..1926
General 4s
1975 ft* S
Missouri Pac 1st cons g 6s.. 1920 M H
40-year gold loan 4a
1945 M 6
3d 7s extended at 4%
.1938 M N
Boonv St L Sc 8 let 5s gu.1951 F A
Cent Br U P 1st g 4s
1948 J D
Pac R of Mo 1st ext g 4s
1938 F A
J
2d extended gold 5a
1938 J
St L Ir M Sc 8 gen con g 5s. 1931 A O
Gen oon stamp gu g 5s__1931 A O
J
Unified A ref gold 4s... 1929 J
J
Registered
1929 J
Rlv A G Div 1st g 4s..-1933 M N
Verdi V I A W 1st g 5e... 1926 M S
Mob A Ohio new gold 6s
1927 J D
*
J
1st ext gold 6s
5192; Q
General gold 4s
193* M S
ft
F
Montgomery Div 1st g fie. 194;
c
St Louis Div fis
1927 J
J
St L A Cairo guar g 4s.... 1931 J
Nashv Cbatt A St L 1st 5e.-192$ A c '
J
Jasper Branch 1st g 6s.. 1923 J
J
Nat Rys of Mex pr lien 4 Vis. 1957 J
Guaranteed general 4s
197* A ( '
J
Nat of Mex prior Uen 4 Vis
1926 J
1st consol 4s
I
1951 A Q
J
New Orleans Term 1st 4s.
1953 J
E
N O Tex A Mexico 1st 0s.__1926 J
>
A
«
Non-cum income 5e A
193'
New York Central RR—
Conv deb 6s
19315 «* N
ft
Consol 4s Series A
...1991 F
1
Ref A imp 4 Vis ”A”
20K A C
New York Cent A Hud Rlv—
Mortgage 3ViS
1997 J
J
Registered.
1997 J
.....
’
Oct’0?
86
90
704
....
....
....
93*2 91
109*4 111
00
102
89*2 88*2
88*4 96*8
101*2 98*2
00i8
95*»
100
107*2
l04*8
901*
89
.
94
82
I
89
88
108
1
81
78
80
87*2
i
94*4 Juue’18
98
k
M
.
.
Nov’1C 1
97*4 103*4
96*4 101
—« —
•
96
88*4
.
....
1174 May’lC
724
974
73*2
714
....
June’16
92
644
70
....
Feb’ 14
72
78
87
71
82
72
78
774
i
79
Feb'E
Nov’E
584 Sept’18
804
82
82
*
9
85
May’18
Oct *18
654 Oct’18
80
June’1C
805* Nov’16
*
79*2
72*2
62
834
644
m r
734 Nov’18
83
Augli
764
66
61
70
July’09
794 Oct’18
95*8 Sept’12
....
o
s
J J
VI s
D
1
N N
1
J
r
J
M N
1
D
L Cin A. Tyrr gold 4
1931 Vf N
Via
N O Sc M 1st gold
1
J
2d gold 6s
J
1930 1
Paducah Sc Mem Div 4s..1946 F
A
St Louis Div 1st gold 6s
1921 M 3
2d gold 3s
..1980 M S
Atl Knox Sc Cin Div 4s
1955 w N
Atl Knox Sc Nor 1st g 5s. .1946 J
D
Hender Bdge 1st a f g 6s.. 1931 M &
J
Kentucky Central gold 4s. 1987 J
Lex Sc East 1st 50-yr 5s gu 1965 A O
LkNikM&M 1st g 4 Vis 1945 M s
J
j
_
"
80
S
s
_
1364 May’OC
93
90
69
72
70
914
1004 1004
1044 108
95
Sept’18
109*4 Aug ’1C
97
8*4
108
N
1
1Q9.9. 1
_
1004 May’18
....
....
89*2
111
106
....
.
984
65
864
....
....
1004
81
I
-
_
79*4
1st gold 7s
.1927 J
Pacific Ext 1st gold 6s
1921 A
1st consol gold 5s
1934 M
1st Sc refunding gold 4s
1949 M
Ref A ext 59~yr 5s Ser A
1962 Q
Dee M Sc Ft D 1st gu 4s
1935 J
Iowa Central 1st gold 5a
1938 J
96
87*4
1084
81
1
M
1
1 HI
D
s
D
s
D
N
.
(J
<J
24
Minneapolis Sc St Louis—
82*2
92
1
96
Vf
1 vf
_
High
102
*
1027g Sale 1027s
103*8
LOO
Nov’18
99*2 101
A
J
A
A
F
Gen cons gu 50-year 58.1963 A O
L Sc Jeff Bdge Co gu g 4s
1945 M s
Manila RR—Sou lines 4s. .1936 ft* N
Mex Internal 1st cons g 4s..1977 M S
Stamped guaranteed.
1977 M s
Midland Term—1st s f g 5s. 1925 J
D
....
81
J
J
s
s
J
J
Mar’17
96*g 100*8
87*s
....
_
i
113
July’18
.
ft 1952 Q
N Fla Sc S 1st gu g 5s._-_.1937 F
J
Pensac Sc Atl 1st gu g 6s.. 1921 F
June’12
81
80
.
j
Registered
61
60
....
i
Sines
Jan. 1
High No. Low
*96
Oct’18
AskJLow
107*o 100
6s—.”1930
—
— .
1004 1004
4
79
65
824 Nov’18
92
Aug’10
564 Oct’17
price Friday; latest bid and asked tills week,
....
1067®
95
a
.1951
_
....
----
aa
J
_
24s
Western lines 1st g 4s
87
99
....
70
Memph Div lat
_
g
8378
974
100*4
1014
784
964 96*8
95
93*2
....
Jan’17
Sale 99
103
97
102
Oct T8
1104 Nov’17
103
Jan’18
1024 July’17
85
Jan’18
854
78
80
82
80
1004 Dec’06
60
52
60
June’18
108
97
Jan’17
108
Jan’17
924
67
Oct’18
67
71
234 Jan’17
97
100
97
Nov’18
73
65
854 June’17
108
Nov’11
....
O
1951
Registered
Joint 1st ref 5s Series A. 1963
Registered..
flprtngf TMw 1st
....
Deo ’16
60
June’16
96
96
94
86
99
87
105
90
85
614
82
90
100
78
....
814 Nov’18
524
534
53
524
57
584
Sale
Sale
Sale
724
196!
24s
84
59
73
....
J
_
90
....
Sale
6
_
96*4
.
Bangs
H
or
70
Gold 4s
1932
Unified gold 4a
1949
Debenture gold 5s
1934
20-year p m dob 5s
1937
Guar refunding gold 4s
1949
Registered
1949
N Y B A M B 1st oon g 58.1935
N Y Sc R B 1st gold 5e
1927
Nor Sh B 1st con g gu 5e.ol932
Tyiuiniann. A Ark 1 at.
g fiq
1927
Louisville Sc Nashv gen 6s.. 1930
Gold 5s
1937
Unified gold 4s
1940
Registered
...1940
Collateral trust gold 5s
1931
EH* Nash 1st g 6s
1919
.
73
....
....
1951 J
Registered.
1953
Middle Div res fie
1921
Omaha Div 1st gold 3s...1951
St Louis Div A Term g 38.1951
5
....
Last Sals
72
.
75
..
-
....
934 Jan’18
994 July’17
94*4 Nov’15
1004 July’18
754 75
754
63
50
Dee. 6
Oct’13
__
Ferry gold 4V^a
----j
....
——
48*4
2
....
534
524
574
J
M N
M M
J
D
3
J
J
J
J
J
F
A
F
A
J
J
J
J
j J
J
J
F
A
F
fi
3 E
M S
J
C
J E
E
J
J
E
J
0
68
70
i.
o
o
k
_
77
80
90
63
604
Bangs
05
__
|
July’16
834
June’18
Nov’18
Mar’08
Nov’18
1014 1014 Nov’18
784 Oct *18
964 June’18
'
71
77**
1014 1034
10
~ Mar’18
87
99
....
1951 A
U5l A
Purchased lines 3 Vis
L N O A Texas gold 4s
1953
Registered
1953
Cairo Bridge gold 4s
I960
Litchfield Div 1st gold 3a. 1951
Louisv Div A Term g 3 Vis 1953
Cold
——
....
85*2
....
ll
Week’s
Friday
Bid
Leh V Term Ry 1st gug 5s.. 1941
Registered
1941
Leh Val RR lOyr coll 6s..nl928
Leh Val Coal Co 1st gu g 5s. 1933
Registered
1933
1st lnt reduced to 4a_
1933
Leh Sc N Y 1st guar g 4s....1945
Registered
-1945
Long laid 1st cons gold 5s._ftl931
1st oonanl gold 4a
ft 1931
General gold 4s
1938
944
884
984
79
37
Dec ’16
754
834
964
1004 100*4
L054
82
s
O
1952! A O
1955 M N
J
1952 !j
gold 4s
Registered
1st refunding 4s
82
89
837g
59
1951 !m
1952 A
Registered
Collateral trust
75
964
.
19511J
67
81
100
74
.
1st void 2 Us
734
634
88
99
101
81
97
90
4slll921
,
724
574
83
97
94
2
16
9
Nov’18
614
614
87*4 Nov‘16
614 Apr’ll
39
July’17
734
734
614 Nov’18
....
Series
,
90
92
j
j
J
934
734
744
797* Nov’18
....
N
J
A
A
Terminal 1st gold 5e
1943 ns n
Mid of N J 1st ext. 5s
1940 A O
Wllk A East 1st gu g 5s.. 1942 J
D
Ev A Tnd 1st. eons gu g 6s
J
1926 J
Evanev AT H 1st cons 6s .1921 J
J
1st general gold fia
1942 A O
Mt Vernon 1st gold 6s
1923 A O
A O
Florida E Coast 1st 4 Vis
1959 J D
Fort St TT D Co 1st g 4]i&~ 1941 J
J
J ‘ J
C1a.lv FTniin Af. Ffen 1st 5s
1Q22 A O
Great Nor C B A Q coll
J
J
51921 Q
Registered..
J
1st A ref 4 Vis
J
A .1961 J
J
Registered
1961 3
St Paul M A Man 4s
1933 J
J
1st consol g 6s
J
1933 J
J
J
Registered
1923
Reduced to gold 4 Vis. 1933 J
J
Registered
1932 j
J
Mont ext 1st gold 4s
1937 J D
Registered
1927 J D
J
J
R Mipn Nor Div lnt g 4a
19411 A O
Minn Union 1st g 6s
J
1922 J
Mont C 1st gu g 68..
1937 J
J
Registered
1927 J
J
1st guar gold fis
J
1937 J
Will A S F 1st gold fis
1938 J D
Feb
Bay A W deh rtf* “ A”
Debenture ctfs “B”
Feb
Gulf A 8 I 1st ref A t g fis..61952 J
J
Hocking Val 1st eons g 4 Vis 1999 J
J
Registered
1999 j
j
Col A H V 1st ext g 4s
1948 A O
Col A Tol 1st ext 4b
1956 F
A
■Vm*ft4>n Welt A Tenn 1st fie 1927: j
j
Illinois Central 1st gold 4s
J
19511J
Registered
”
1951IJ
J
.
944 Nov* 18
864
87
96
964
77**
774
L03*s Sept’18
744
764
1
i
.
....
Sale
804
824
594 62
1940 I
cons g
79
103
J
J
D
_
Erie 1st
97
87
Sale
1936 1
1936 1
1928 1
Rio Or West 1st gold 4s..1939
Mtge A coll trust 4e A.. 1949
Det A Mack—1st Uen g 4b1995
1995
Gold 4s
Det Riv Tun Ter Tun 4 Vis..1961
Dul Miasabe A Nor gen fis..l941
Dul A Iron Range 1st fie....1937
Ragiat—Ml
1927
Dul Sou 8hore A Atl g fie...1937
Elgin Joliet A East 1st g fie..1941
Erie 1st consol gold 7s
1920
N Y A Erie 1st ext g 4s...1947
2d ext gold fie
1919
3d ext gold 4 Vis
4th ext gold 5s
5th ext gold 4s
95*8
864
964
j
N
O
O
N
Pries
High
Delaware A Hudson—
1st lien equip g4^f
1st Are! 4s
3173
....
_
87
73
90
77*2
68
92
....
89
Maj’K1
Nov’l(V
,
....
....
....
72*2
95
96*8 Apr M;
95*4 Nov’16
104
....
e Dae Oct.
73*8
Oct’ll\
....
891* Feb ’1(1
80
M»v’17!
95*8 June’18
$ Option sale.
....
New York Bond
2174
BONDS
N. Y. STOCK EXCHANGE
Week
■5 a.
ending Dee. 6.
N Y Cent tHBRR {Con..
N YkPu 1st eons gug4a. 1993 A
Fine Creek reg goer 6s
1932 J
R W A O con let ext 5e. .51922 A
Rutland 1st eon g 4H*---194l J
Og&LCham 1stgu4sg.1948 i
Rut-Canada 1st gu g 4s. 1949
St Lawr A Adlr 1st g 5s...1996
2d gold 6s
1996
Ytlca A Blk Rlv gu g 4s..1922
Lake Shore gold 3H*~—1997
Registered
Debenture gold 4s
25-year gold 4s
Registered
J
J
A
J
J
1997 J
M
1928,
1931 M
1931 M
Ka A A G R 1st gu C fie
1938 J
Mabon Cl RR 1st 5s
1934 J
Pitts A L Erie 2d g 5s
a 1928 A
Pitts McK A Y 1st gu 6s..1932 J
2d guaranteed 6s
1934 J
1931 M
1931 Q
4s
1940 J
Registered
1940 J
J L A 8 1st gold 3H*
1951 M
1st gold 3 H*
1952 M
20-year debenture 4s... 1929 A
N Y Chic A St L 1st g 4S..1937 A
Registered
1937 A
Michigan Central 5s
Registered.
Debenture 4s
1931 M
West Shore 1st 4s guar...2361 J
Registered
2361 J
NYC Lines eq tr 5s.. 1918-22 M
Equip trust 4Mis.. 1919-1925 J
N Y Connect 1st gu 4Mis A..1953 F
N Y N H A Hartford—
Non-conv deben 4s
1947
Non-cony deben 3%*—.1947
8
8
O
1954
1956
J
N
1956
Conv debenture 3 Mis
J
1956
J
Conv debenture 6s
1948
Cons Ry non-conv 4s
A
1930
Non-conv deben 4s....1954
J
Nen-conv deben 4s
1955
J
Non-conv deben 4s
1955
O
Non-conv deben 4s
1956
J
Harlem It-Pt cues 1st 4s. 1954
N
BA N Y Air Line 1st 4s.. 1955
A
Cent New Eng 1st gu 4s..1961
J
Hartford St Ry 1st 4s....1930 M S
Heusa ionic R cons g 5s
1937 M N
Naugatuck RR 1st 4s....1954 M N
N Y Prov A Boston 4s...1942 A O
NYW’cheeAB letter 14Hs 1946 J
J
Boston Terminal 1st 4s...1939 A O
New England oone 5s
1946 J
J
1945 J
Consol 4s
J
Providence Secur deb 4s..1957 IN N
Prov A Springfield 1st Ss.1922 J
J
Providence Term 1st 4s
1966 M 8
W A Con East 1st 4Ha...1943 J
J
R YOA Wref 1stg4s
01992 M 8
Non-cony deben 3Hs
Non-cony deben 4s
Non-conv deben 4s
Price
wears
Fridag
Dec. 6
Mange or
Bid
76*4
10U*
98>2
Ash Low
——
....
113
....
....
....
....
....
93
75'*
721*
....
....
9U4
891* Sale
91
931*
102
1041*
1021*
95
93
801*
....
....
....
....
....
....
94
74
72*4
831* 84
84
847*
....
78
72
82
78
....
Sale
831*
781*
Since
Jan. 1
May* 15
Nov’18
Nov*18
Nov’18
Jan *18
....
....
....
....
72%
High
741*
95% 98%
671* 83
60
70
63
70
Nov* 16
Nov* 16
Apr *18
....
11
76
73** Nov’18
9U2
88i«
90
837* Nov* 17
....
91
1041* Dee *15
103
May* 17
1301* Jan *09
123U Mar* 12
991* Aug *17
981* Nov’18
741* Aug *18
87
90
Range
High No. Low
741* Mar*18
\96
83
6U*.... 60*4
55
70
101
82**
103
821*
80
ll
Lost JMf
16
5
92
70
71
82
94
76
73%
92%
81% 92%
....
....
....
92
74
98%
75
Feb *14
June’08
797* Juiy*17
88
88
2
85i* nov’18
85
72
82
Nov* 17
16
2
1
721*
82
781*
781*
1001* Jan *17
102
98** July*17
885*
88** Sale 88**
72%
75%
61
88
87%
71%
741*
82%
70
80
77%
90
....
55
53
54
55
59
55
93
....
....
58%
60
55
Oct *18
Sept* 18
56*4 Nov’18
Nov’18
591* 63
591* 591* Nov’18
Sale
94
7
55
93U
60
55
50
52
45
....
....
....
....
55
94
3
27
51%
82
60
55
62
63
61
60
95
50
Oet *17
9U2 Jan *12
....
74
69
551*
90*4
75 '
801*
58
60
60
73
....
67
....
....
Sale
July*18
60
—
Aug* 18
60
69
73
60
69
791* Dec *17
66
Nov’18
——
1061* May’15
87
July'14
83
58
Aug *13
581*
18
45
65%
AQ
901*
701*
69
707,
....
....
....
70
57
Sept* 17
Apr 16
997* Dec *13
88** Feb *14
721* 71
71
June'12
Apr '18
Nov’18
june'18
Oct *18
Nov*16
Nov’18
921*
Registered 35,000 only..a1992 M 8
60
General 4s
62
1965 J D
67
Norfolk Sou 1st A ref A 5s..1961 F A
68
69
Norf A Sou 1st gold 5s
86
315*
1941 M N
Nerf A West, gen gold 6s
1931 M A 109 111 1081*
122
Improvement A ext g 6s..1934 F A 106
106*4
New River 1st gold 6s....1932 A © 1071*
N A W Ry 1st oons g 4s..1996 A O
88%
88** Sale 87*4
93i* Dec *16
Registered
1996 A O
Div’l 1st lien A gen g 4s.1944 J
85%
85%
85U
J
1287* May’17
10-25 year conv 4s.....1932 J D
117U May’17
10-20-year conv 4s
1932 M t
104% Sept’18
10-25-year conv 4Ha...1938 M 8 104**
Pocab C A C Joint 4s... 1941 J
86>* Sale 861* ' 861*
103
O C A T 1st guar gold 6S.1922 J
8ept*16
96i*
80
8de VAN S 1st gu g 4s..1989 M
81
Nov’18
Northern Pacific prim lien
88
88
railway A land grant g 4s.1997 Q J
881* 87U
Registered
1997 Q
J
861* .... 79% Oct *18
62
General lien gold 3s
O2047 Q F
621* 621*
62i4
58 Oct ’18
56
66
Registered
S2047 Q F
Ref A Imp 4)4s ser A
2047 J
J
90*4 Sale 90
90*4
St Paul-Duluth Dlv g 4s..1996 J
751* —— 74 Aug *18
D
103
St P A N P gen gold 6s
Nov’18
1923 F A 1031* 104
Registered certificates.. 1923 Q A 101
103*4 Sept* 17
107
St Paul A Duluth 1st 5s..1931 F
Oct*16
F
961*
1st oonsel gold 4s
771, Nov’18
1968'J D 75
Wash Cent 1st gold 4s
361* Dec’16
1948 Q M
65<4 85
Nor Pae Term Co 1st g 6a_.1933, J
Nov’18
J 106** 1091* 107
79
79
Oregon-Wash 1st A ref 4s... 1961 J
78
J
79*4
84
Pacific Coast Co 1st g 5s
Nov’18
1946 J D
85% 88
Paducah A Ills 1st sf4Hs..l955 J
95
1001* Feb’17
J
95% Nov’18
Pennsylvania RR 1st g 4s. .1923 M N
95*4
Consol gold 5s
98
100 100 Aug *18
....1919 M 8
Registered
1919 Q M
971* ....
Consol gold 4a
1943 M N
90% —— 90% Nov’18
Consol gold 4a
Nov’18
1948 M N
901* 917* 92
Consol 4 Mis
98
1960 F A
998* 99
1001*
General 4 Ha
1966 J D
93U Sale 93
93U
88
Alleg Val gen guar g 4s...1942 M 8
887* 871* Nov’18
84i* Sept’16
DRRRAB'gelstgu4ag.l936 F A
821*
Phila Balt A W 1st g 4a..1943,M N
861* .... 92
Aug’17
Sodas Bay A Sou 1st g 5s.1924 J
102 Jan *93
J
80
Sunbury A Lewis 1st g 4a. 1936 J
J
92 Dee ’17
U N J RR A Can gen 4a..1944 M S
84**
Pennsylvania CoGuar 1st gold 4Hs
1921 J
J
98i4 Sale 98%
98%
Registered.
1921 J
J
95U .... 971* July*18
Guar 3Hs coll trust reg A.1937|M
87
Feb
17
76*8
Ouar 8 He ooll trust ser B.1941 F
78
76i*
July*18
Guar SHs trust etfl C...1942 J
747, .... 81U July’17
Guar SHs treat otfb D...1944 J
37*4 Deo *16
757*
Guar 15-25-year gold 4a.. 1931 A
82% July*18
831* 91
84 June’18
86
40-year guar 4s ctfs Ser B.1952 M
Cln Leb A Nor gu 4s g
86
87
Oet ’17
1942 M
87*4
Cl A Mar 1st gu g 4Hs—1936 M
87
96% May’17
Cl A P gen gu 4Hs ser A.1942 J
96*4 May'18
951*
Series B
104
1942 A
90
Dee *15
Int reduced to 3HS..1942 A
861* .... 96% Feb ’12
Series C SHs
1948 M
90% Oet *12
825,
Series D 3Hs
1950F
80S* .... 88% Feb *i7
Erie A Pitts gu g SHs B..1940 J
831* —— 88 Apr ’17
Series C
1940’J
90% July’12
83%
Or R Alex lstgug 4%*.1941J
81
84
Aug *18
Ohio Connect 1st gu 4s...1943 M
82*4 .... 78 Oct *18
Pitts Y A Ash 1st oons 5s.1927 M
93
957* ....
May’10
Tol W Y A O gu 4Hs A..1931 J
85*f 95
98% Apr *17
Series B 4Hs
92
1933 J
Deo *17
85**
Series C 4s
1942 M
78
88% Bept*17
P C C A St L gu 4He A..1940 A
93
941* 93% nov’18
Series B guar
1942 A
931* 951* 93
Oct’18
Series C guar
1942 M
99 June’17
90*8 99
Series D 4a guar
1946 M
89% 93
90% Sept’18
Series B SHs guar gold.1949,F
891,
90% 8ept*18
Series F guar 4s gold...19531J
91
89U 93
8ept*18
....
....
....
1
..
....
....
63% 73
60
60
60
68%
81% 84%
105% 108%
105
8 79
10
——
....
.
....
71
106*4
88%
85%
----
103% 105%
76
86%
72
22
79
40
78%
66%
21
80
90
80
64%
58
58
82%
90%
75
74
100% 103
•1--T
77%
....
77%
106% 108%
5
65%
801,
32
90
....
93%
____
100
38
83
5
72
—
4
....
90%
92%
927b 100 U
85% 96%
85
—mm
95%
100
871*
96% 98%
95% 97%
70
78
....
82%
....
■T-
84
84
84
....
96%
96*4
—-
—-
....
T1r
81
78
81
78
—..
•
Ne pries Fzlday; latest bid and asked, a Du* Jem,
——
S Due Feb.
0
91%
91%
95
93
88
87
91
90
90%
91
Price
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 6.
P C C A St L (Con.)—
Series O 4a guar
1957 M
Series I eons gu 4Hs...1963 F
CSt LAP IsteonsgSo..1932 A
Peoria A Pekin Un 1st 6s g..1921Q
2d gold 4 He
61921 M
Peru Marquette 1st Ser A 5s. 1956
1st Series B 4s
1956
Philippine Ry 1st 30-yr s f 4s 1937
Pitta 8h A L E 1st g 5s
1940
1st oonaol gold 5s
—1943
Reading Co gen gold 4s
1997
Registered
1997
Jersey Central coll g 4s
1951
Atlantic City guar 4s g
1951
St Jos A Green Ltd 1st g 4s..1947
St Louis A San Fran (reorg Co)—
Gray’s Pt Ter lstgug 5s. 1947 J
1943 J
1919 J
1950 A
1950 A
ol949 F
Refunding 4s
1959 A
Atl Birm 30-yr 1st g 4s..el933 M
Caro Cent 1st con g 4s
1949 J
Fla Cent A Pen 1st g 5s...1918! J
1st land grant ext g 5s.. 1930 J
Consol gold 5s
1943 J
Ga A Ala Ry 1st con 5s. .01945'J
Ga Car A No 1st gu g 5s. 1929 J
D
J
J
O
O
Seaboard A Roan 1st 5s..l926|J
Southern Pacific Co—
Gold 4s (Cent Pac coll)..61949 J
*1949 J
Registered
20-year conv 4s
01929 M
20-year conv 5e
1934 J
Cent Pae 1st ref gu g 4a..1949 F
Registered
1949 F
J
.
Mort guar gold 3Hs.-*1929
Through St L 1st gu 4s.1954
GHASAMAPlst5s.. 1931
2d extra 5s guar
1931
Glia VG AN lstgug6s-. 1924
Hous E A W T 1st g 5s...1933
1st guar 5s red
1933
H A T C 1st g 5s int gu
1937
Gen gold 4s int guar...1921
Waco A N W div 1st g 6s *30
A A N W 1st gu g 5s
1941
Louisiana West 1st 6s
1921
Morgan’s La A T 1st 6s..1920
No of Cal guar g 6s
19*8
Ore A Gal 1st guar g 5s
1927
So Pae of Cal—Gu g 6s...1937
So Pae Coast 1st gu 4s g._1937
San Fran Terml 1st 4s...1950
Tex A N O con gold 5s
1943
So Par RR 1st ref 4s
Mob A Ohio ooUtr g 4s...l938
Mem Dlv 1st g 4Hs-5s...l996
St Louis dlv 1st g 4s
1951
Ala Ot Sou 1st oons A 5s.. 1943
AU A Chari A L 1st A 4Hsl944
1st 80-year 5s Ser B
1944
Atl A Daav 1st g 4a
..1948
2d
4a
iQifl
Atl A Yad 1st g cuar 4*1.1949
E T Va A Ga Dlv g 5s...1930
Cons 1st gold 5s
1956
B Tenn reorg lien g 5s....1938
Ga Midland 1st 3s......_1946
Ga Pac Ry 1st g 6s
1922
Knoxv A Ohio 1st g 6s...1925
Mob A Bir prior lien g 5s. 1945
Mortgage gold 4a
1945
Rich A Dan deb 5s stmpd.1927
Rich A Meek 1st gu 4a...1948
So Car A Ga 1st g 5s
1919
Virginia Mid Ser D 4-5S..1921
Series E 5a
1926
Series F 5s
1926
General 5a
1936
Va A So’w’n 1st gu 5s..2003
1st eons 50-year 6S..1968
WOAWlstcygu4s
1924
Spokane Internal 1st g 5s..1955
Term Asm of St List g 4HS.1992
1st oons gold 5s
1894-1944
Gen refund a f g 4s
1953
St L M Bridge Ter gu g 5s
Texas A Pac 1st gold 5s
2000
2d gold Income 5s
*2000
La Div B L 1st g 5s
1931
W Min W A N W lstgu 5sl930
Tol A Ohio Gent 1st gu 5s..1935
Western Dlv 1st g 5s
1935
General gold 5s
1935
Kan A M 1st gu g 4a
1990
2d 20-year 5s
1927
Tol P A W 1st gold 4a.
1917
Tol St L A W pr lien g 3HS.1925
50-year gold 4a
1950
Coll trust 4s g Ser A
1917
Trust eo ctfs of deposit
Tor Ham A Buff 1st g 4s. .61946
Ulster A Del 1st eons g 5s..1928
1st refunding g 4s
1952
Union Pacific 1st g 4s
1947
Registered
1927
20-year eonv 4s
J
A
Dos June, h Dm July,
ft Due Aug.
0
Due Oct.
72%
72
50
103
55
4
95
101% 103
76*4 Sale
87%
....
74
75
58
Sale
62
57%
67
.61
66%
68%
72
75%
72%
58%
74
59
Sale
79
62
74
----
93
90%
93%
90%
79
.
...
—
97
78
90
101
103%
83*4
84%
86%
86*4
79
80
99%
93
1001* ion*
91
971*
Nov'18
May’16
May*17
101
15
99% 103
77
851*
57
67
62
Nov’18
.—I
501*
67i4
8
851*
77
67
57
62
70
65
Nov’18
981* Jan’14
661*
100
67
100
67
July’18
7414 Nov’18
68I4
59
64
Nov’18
Oct’18
99*4 June* 17
101
Dec’15
95
Nov’18
901* June’18
94
June* 18
91*4 June’18
79
Feb’14
86
105
83*4
84^2
87** Sept’16
86** Nov’18
637,
541* 661*
661*
June’18
58
62
74
76
9
24
49
51*4
73
75
10
260
71.8
23
Nov’18
Oct’18
Jan’18
70
95%
75
86
85
71
88
96
95
93
Oct T6
Nov’18
87
Nov’18
100*4 Out 17
69*4 Sale
77
....
78
....
....
.
76
80
94
100
83*4
96
75
92
74
93
96
95
94
52
92%
101%
100%
87
65
....
.“l
109
Nov’18
July’18
Nov’18
Nov* 18
52
95
100
Feb’17
Mar’18
Nov’18
Nov’18
52
68
95
811*
75% 86%
867* 100
59
65
87
73
80
92
74
93
84%
95
70%
....
i
Oet *18
91% Oct *18
72%
91% 102
71U
91
70
100% Nov’18
....
*961*
64%
877*
821*
Oct’18
Oct’18
70
Oct *18
81% Mar’16
93
99%
96% 100
99
32
84%
93%
75
mmmm
85*4
96*4
100
93**
Nov’16
100% Ang *11)
69 '
70
93
93" "ST
93
85
Sale
Sale
...
95
851* 851*
1091* Nov’15
_
82%
96% 97
82
96*4 96*4
Nov’18
104% 100 " Apr ’18
1021* Oct '17
95*s Sale 95**
• 95*8
93i*
1071* Sept’16
9012 93
931* Aug ’17
78** 79*4 801* Nov’18
74
93
66
75
77
751* 88
861* 1091*
93
92%
75U
61
103** Aug’17
95'
75
100
7U*
921* 95
901* 901*
94
94
91U 91U
85** July’18
100
95
96
93%
671*
82**
76
55
62
95
91
91
551*
66
60
44
717*
...
96*i
97
—
166
34
52
33
185
76
100
91% 101
85*4
96%
50
99
77
73*4
85** Aug’18
74
741*
77
90
Sale 85**
Sale 103
86
78
90
80*t 9U*
8U* 811*
8U4 88
63
78% Sale
98*4
95
621* 731*
44
99
631*
64*4
81
801*
Sale 717,
72i4
Sale 49S*
50*4
103% 100% Sept* 18
....
Jan *18
Jan *18
96
96
91%
971,
921*
86
51
100
98%
63
100%
101%
91% 91%
68
68
95
95
967*
98%
93
93
73
99
991*
95%
98
93
91%
96
87
70
....
*
871*
947*
.7714
88
46
....
95
87
74
78
87
35
....
102
83
92
82
99%
86
.
....
81
70%
94%
81% Nov’18
95% July’18
89
65
93
89
41
86
99
897*
56
32
87
90
70
Sale
101
103
99% 100%
87
88%
91
82
89
-fV— — —
79%
....
....
9 Due Nov.
93
98
81%
67%
81%
721*
....
85%
2
89
1
8ept’18
90
61
79%
41
May'18
86
86
95
83%
42%
46%
86
....
90
93
93
93
67% Sept’18
90
Nov’18
52
Aug’17
671*
89%
69
84
55
671*
93
Jan’17
Oct* 18
Nov’18
Nov’18
90
84
45
561*
18% Mar’06
Aug’18
Apr ’17
18
18
Oet *18
85
18
80
85
58
Sep *17
89%
88*4
89%
85% Oct’18
897* Side 88%
89%
86% Sale 86
86%
105
Sale 104
105%
85
Nov*18
87** 85
....
2
106% Nov’04
901* Oet *18
92% 100
84
80
5
July’18
94*4
94%
82%
53
Sept’12
987*
102% June’ll
93
Apr ’18
104% Dec’16
987*
98
98
81% 8ept*18
70% Nov’18
937* Mar 17
95*4 Mar’17
...
18%
D
D
O
J
J
J
8
J
D
A
J
D
J
J
A
N
J
93
967*1001*
....
94%
72%
High
887* 92
63% Sale
80% Sale
J
J
A O
J
J
M N
J
J
A O
J
J
J
J
J
J
J
J
A O
M S
J
J
J
J
J
D
J
J
J
J
J
J
J
J
A .O
J
J
M M
III S
A O
J
J
J
J
J
J
J
J
A O
M N
M N
m 8
M 8
m 8
m N
j
J
A O
F A
j
J
A O
F A
J
J
A O
J D
Mar
J
J
F A
J
J
A O
J D
A O
J
J
J
J
J
J
A O
F A
70
Low
....
89
D
D
S
D
A
A
D
O
J
85%
86%
92%
J
J
J
J
High No.
Nov*18
Nov*18
981* Oct* 18
100 June’17
87
Mar* 16
89
Sale 87*4
74
7034
70*4
49
45
Oct *18
99
Jan’18
97*4 Dec’17
Sale 88
89
89% 8U* June’ 18
87
87
863*
40
95
O
8
J
J
J
J
N
N
N
J
O
N
J
Ash Low
92
95
961*
871*
70%
A
M
M
M
J
A
M
J
J
J
A
J
J
J
M
J
J
F
J
1st eonsol g 6s..
J
Guar refund 4a..
J
J
F
Vandalla eons g 4s 8er A...
M
Consols 4a Scries B......
J
Vera Crus A P 1st gu 4**8.1934 J
Once
Jon. 1
100
M N
J
Range
Range or
La* Sale
89i4
901*
J
J
A O
A J
J J
J
J
A O
J J
J
J
S A A A Pass 1st gu g 4a
8 F A N P 1st sk fd g 5s
Seaboard Air Line g 4s
Gold 4s stamped
Adjustment 5s
Week's
Friday
Dec. 8
Bid
N
A
O
F
N
Prior lien Ser A 4s
1950 J
J
Prior lien Ser B 6e
1950 J
J
Cum adjust Ser A 6s....61955 A O
Income Series A 6s
61960 Oct
St Louis A San Fran gen 6s. 1931 J
J
General gold 5s
1931 J
J
St L A 8 F RR cons g 4a..1996 J
J
Southw Div 1st g 5s
1947 A O
K C Ft S A M cons g 6s. 1928 M N
K C Ft S A M Ry ref g 4sl936 A O
K C A M R A B 1st gu 5s. 1929 A
O
St LS W 1st g 4s bond ctfs..1989,M N
2d g 4s income bond ctfs. pl989 J
J
Consol gold 4s
1932 J D
1st terminal A unifying 5s.l952! J
J
Registered.
1
(Vol. 107.
Record—Continued—Page 3
101
97
Nov’18
98
89
80
Dec’17
39
.
20
8
..
Nov’18
87
851*
89
80
80%
Jan’18
§ Dus Dee.
82%
....
«
91
93
90
75% 871*
88 101% 105%
78% 85
99% 104
94% 971*
22
807* 901,
Feb’is
80% Juneri8
35
8ept’17
88
....
8483
89
80
80%
....
Option sal*
Dec. 7
217 5
New York Bond Record—Concluded—Page 4
1918.]
*•
H. T.
8TOCff*§xCHJlNQE
Week ending Dec. 6
^0.
Pride*
Dec. 6
Debenture series B
1939
1st Hen equip s fd g fis
1921
1st Uen 50-yr g term 4s
1954
Das A Ch Ext 1st g 6s.
1941
Des Moines Dlv letg 4s..1939
Om Dlv 1st g 3 Ha
1941
Tol A Ch Dlv 1st g 4s
1941
Wash Terml 1st gu 3 He
1945
1st 40-yr guar 4s
1945
West Maryland 1st g 4s
1952
West N Y A Pa 1st g 6s
1937
Gen gold 4s
....1943
Income fis
pl943
Western Pae 1st ser A fis...1946
Wheeling ALE 1st g fis
1926
Wheel Dlv 1st gold fis
1928
Exten A Impt gold fis
1930
Refunding 4Ha series A.. 1966
RR 1st consol 4s
1949
Winston-Salem S B 1st 4s..I960
Wls Cent 50-yr 1st gen 4s...1949
Sup A Dul dlv A term lst 4s *36
Sines
Jan. 1
Week Ending Dec. 6
...
99is Sept’17
69
80
76
77L
80
841$ Jan’17
76 " Dec* 17
84
65
'
*45
86
94
88
M
8
A O
J
J
F
A
M S
M S
J
J
J
J
M N
Aug ’18
65is
86is
96
96
11
571*
90
60
....
....
82
72
99
70
ChlcUnStat’n 1st gu 4 Hi A 1963
Chile Copper 10-yr conv 7s. 1923
Recta (part paid) conv 6a ser A
Coll tr A conv 6s ser A__ 1932
90
93
Granby Cons M8AP con 6s A ’28 M N
Stamped
1928 IN
63
69
Montana Power 1st fis A
Morris A Co 1st s f 4 He....
**ond (N Y) 4# ser 2
1 (VS>ft-yr 5m anrlM S
N Y Dock 60-yr 1st g 4s
Niagara Falls Power 1st fis.
Ref A gen 6s
a
Mtug T sink A O Pow 1 at. 5a
Nor States Power 25-yr 5s A
Ontario Power N F 1st fis...
79U
90
....
Feb* 17
995| Mar’17
76
734
804
76is
82
82
81
63
69
72
80
' Nov’18
J
M
F
Adjust Income 5s
1957
N Y A Jersey 1st 5s
1932 F
Interboro-Metrop coll 4Ha. 1956 A
Interboro Rap Tran 1st 6s..1966 J
A
A
M
88
Nov* 18
Nov’18
Nov’18
64
9534
977*
95
92
Sale
94
80
60
..
554
674
094
....
72
83
'
72
....
82
68
787*
72*4
62
64
87
83i2
885s
885*
734
.
J
O
O
S
78i2
75
98
81i2
99ls
82
Gas and Electric Light
Atlanta Q L Co 1st g 5s
1947 J
M
A
J
Columbus Gas 1st gold fis..1932 J
Consol Gas conv deb 6s....1920 Q
Cons Gas ELAP of Balt 5-yr fis *21 M
J
J
\f
1st A ref fis ser A
h
Eq G L N Y 1st cons g fis..1932 M
J
F
M
Hudson Co Gas 1st g fis...
A
A
A
IS
J
Ref and ext 1st g 5s..
~
45
17
61U
72
81
20i2
Oct *18
54U
81is
Nov’18
Nov’18
July’18
52i2
804
81i$
834
69
52
57
22
~
Aug ’lfi
Oct ’1*
Mar’ll
Aug ’18
66
51
July’18
June’17
M iy’18
50
25
25
22
77
F
1054
F
A
M
J
J
O
N
D
D
A
J
A
N
j
A
e
A
0
M S
J
J
j J
M N
M N
F
A
91
94i2
88I4
904
100
95
"
797*
99
94
95
D
J
D
Fen ’15
95
76
100
9534
87*$
75
285
....
....
95T«
88
_
Wilson A Co 1st 25-yr s f 68.1941 A
72
Manufacturing
55
651$
801*
851*
88
871*
88I4
80
487*
69*4
87
48
585$
25
90
77*$
85
73*4
74'*
811$
841*
80
80
Baldw Loco Works 1st 5a.. 1940
Cent Foundry 1st s f 6s.__.1931
Cent Leather 20-year g 5s__1925
Consol Tobacco g
1951
4a
Corn Prod Ref s 1 g fis
1931
1st 25-year s f 5a
1934
Distil Sec Cor conv 1st g fis. 1927
A
F
M
M
A
J
A
F
J
M
F
A
F
M
M
A
8U*
....
8
12
41
54
17*4
243$
63
70
68
62ls
85
917$ 96
100
89
94
98i2 99U
....
90
J
8
S
N
J
A
70
40
521*
271*
59
90
91
76
56
58
95
96
80
60
66
50i2
55U
25
22
22
77
25
387$
261*
27
801$
s
f
fis
conv
J
o
80
,
2
.
.
.
.
....
85
95
891*
90S*
75
82
,
__
103
....
....
108
99
■ f 5a
1926
1st A ref 5a guar A
1942
20-yr p m A Imp 9 t 5s
1936
Buff A Suaq Iron s f 6s.__.1932
Debenture 5e
al926
9514
96**
911*
93*4
897*
9112
98
94
94
931*
"
.
97
.
_
.
9914
Col F A I Co gen s f 5s
1943
Col Indus 1st A coll 5s gu._1934
Cons Coal of Md lstAref 56.1950
Elk Horn Coal conv 6s.....1925
Gr Rlv Coal A C 1st g 6s
*1919
III Steel deb 4Hs—
1940
1952
Indiana Steel 1st 5s
Jeff A Clear C A I 2d fie
1926
Lackaw Steel 1st g fie
1923
1st cons 5s series A._
1950
Midvale Steel A O conv s f 6el936
_
is
.....
73
97i4
887*
841*
2
86
68
947$
6
15
86*4
76*s
78
99
94*$
861$
971$
761*
947$
957$
Pocah Con Collier 1st s f 5s. 1957
Repub IAS 10-30-yr 5s s f.1940
St L Rock Mt A P fie stmpd.1955
Tenn Coal I A RR gen 5s..1951
U S Steel Corp—1 coup
d 1963
s f 10-60-yr 5s reg
dl963
Utah Fuel 1st s f 5s
1931
88'
....1
7i
....
485
6
—
103
92
Nov’18
95
98
Sale
'
90
897$
96
"
83
J
76*$
86
3
74
68
85
85
68
91
'
901*
255
90
23
•
851$
mmm
94
1047$
924
75
81
65
67
Apr ’14
June’16
8ept’18
901*
1004
Oct ’ 17
904
91
86*4 Oct ’18
994
88
104
100
82
80
681* 721* 73
100
10U* 1011*
96
90
76
Sale 754
94
95l8
95
HU* H2I4 111
93
Sale 914
1
904
I!
99
981*
1004
....
23
9U*
871*
83
854
3
731*
j
954
90*4 90*4
907$ 100
88
158
12
24
98
1024
924 1001*
904 106
80
897*
984 101
847$ 95*$
967* 995$
1
Nov’18
Nov’18
i
31
924
Nov’18
Nov’18
Oct ’18;
88 I
1191*
86
105
mm
90*4 Aug T8
975*
984
1- 117
71
54 79
1171$
741$
90
Nov’18! -—I 977* 1014
Nov’18!
9612
Mar’18
Nov’18
1011
99i2 101
8812 Sale
N
O
89
90
18
14 1024 1184
45 73
891*
30 77
871*
2
781* 85
91
106
91
97
84 June’17
95
117
108
Nov’18
Sale 80
80
94
944 Nov’18
9234
8U*
79
—.1
1124
864
....
O
A
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A
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J
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974 101
100
95
75
881*
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884
May’17
....
11U2 11214 110*4
92^$ gale 90*4
165
175
95
160
160
97
931*
....
....
....
95
99
100
Sale
100
13,
841*
974
....
Nov’ 18
Nov’18
89
604 74
94*4 1017*
96
96
681* 774
934 99
75
i
1017$
6
Nov’18
76
Oct ’18
16
j
1
j
95
88*4 Sale
88
99i2
9512
99
95
98
994
954
o
1001* 100*4 100
98
IOOI2 98
J
J
M N
J
J
D
J
M 8
D
j
F
A
A
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D
J
D
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A
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J
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J
J
A
o
J
J
J
J
M N
M N
M N
J
j
M
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64i2
102
98
86*4 Sale 864
100
991* 100
954
95i2 96
951*
88I4
961*
954
88*4
88*4
85
Sale
96
90
....
911*
85U
89
76
77
881*
95
80
97U
951*
95!2
80i2
99
26
..mm
Nov’18
1021*
895
874! 359
1004!
15
954
2
30
0
951*
934
964 1015*
867$ 88
83
83
90
90
45
68
101
1024
76
884
024 1004
90
974
944 10044
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2
14
89
954
991*
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100*4
98 "
86
Dec ’14
Nov’18
92
86
99
934
784
874
90
85
864
90
83'
86
73
83
95
94
81
92
70
90
95
94
94
Feb’18
854
864!
98
99
14
10
3
21
944
14
804
97
964
92
854
924
984
864
99
____
Sale
89
96
87
8714
76*$
88I2
93*$
8812
877*
949$
100*4
74
42
754 Nov’18
87
Aug’18
95
Aug ’18
97
87
77
__
89
847*
86
90
May’18
864 July’18
101
86
....
_
June’18
IOU4 1004
1014
907* | 88 Oct ’18
83
94
Aug’18
'
937$ 90 Oct ’18
1
61 <4 65
Sale 101
105*4 18U*
151
106
95
98
914 924
6
93
974
97
100
18 95*4 1014
26 83
901*
__
!
95
1001*
88*4
90
101
89
87
93
j
1114
925*
Nov’18
Oct ’18
98*4 Nov* 18
Sale'100
Sale
Sale
29 107*4 117
5
86
95
3 107
116
3
831* 93
112
93
954 Nov’18
94
Aug ’18
N
J
J
J
J
J
D
J
A
D
Coal, Iron A Stool
Beth Steel 1 at ext
Sale
90
69
39
36
....
5a
1951 F
LorUlard Co (P) 7s
1944 A
fis
1951 F
Mexican Petrol Ltd oon 6s A 1921 A
1st Uen A ref 6s series G
1921 A
Nat Enam A Stpg 1st 5s
1929 J
Nat Starch 20-yr deb 5s
1930 j
National Tube 1st fiM
1952 M
N Y Air Brake 1st conv 6s
1928 M
Pierce Oil 5-year conv 6s.tfl920 J
10-year conv deb 6s
*1921 J
Sinclair OH A Refining—
1st s f 7s 1920 warrants attach F
do without warrants attach F
Standard Milling 1st 5s....1930 M
The Texas Co conv deb 6s.. 1931 J
Union Bag A Paper 1st 5S..1930 J
Stamped
1930 I
Union Oil Co of Cal 1st 5s..1931 J ‘
U 8 Realty AI conv deb g fis 1924 J
U S Rubber 5-yr see 7s
1923 J
1947 J
1st A ref fis series A
U S Smelt Ref A M conv 6s. 1926 F
V-Car Chem 1st 16-yr fis
1923 J
Conv deb 6a__
_«1924 A
West Electric 1st 5s Deo
1922 J
,
83
Mar’18
90
98
Sale 93
o
1014
A 1021$ 103
87
881* 89
N
991* 9934 100
8
9214 Sale 91*4
o
997* 100
995*
J
117
o *117
75
80
714
A
88
88I4 864
J
100
99*4
N
80
82
82
A
96
96
97
O
81
A
101
99l2
N
A1947
ser
Feb T8
96
80
85s* Nov’18
Sale 101
Sale 914
877$ 81
83
94
67
74
102
964
102
1004
93U 894
....
o
Liggett A Myers Tobao 7s..1944 A
_
Telegraph A Telephone
981* 1007$
7U2 86
Nov’15
4s—1929
J
193<L M
193.1
1946
1925
Cent Diet Tel 1st 30-yr 5S..1943
July*17
Nov* 15
M
J
F
J
Q
9J
.J
Am Telep A Tel coll tr
Convertible 4s
20-yr convertible 4 H*
30-yr temp coll tr 5s
7-year convertible 6s
Sept'17
Apr *17
Mar’17
Nov’13
7a
Q<>
90
91
Q7U M iir*17
70
70
Nov’18
93*8 Oct ’17
Nov’IS
90
101'•* Nov’H
Nov’18
985a 96
Sale 89*2
894
101
June’17!
75i2
70
9T14
....
•No price Friday; latest
83
58
90
90
Sale 111
82i$
85*$
82
90U
861$
Q
Cumb T A T 1st A gen 5s.__ 1937 J
J
F
M
M
J
J
J
s
9
D
A
D
J
J
J
i
A
Mich State Telepb 1st 6s.._1924
N
N Y A N J Telephone fis g..l920
N
N Y Telep 1st A gen s f 4 H«-1939
99
90
J
193i
Pacific Tel A Tel 1st 5s
M
J
South Bell Tel A T 1st s f 5s. 1941
97
971*
J
J
90
West Union coll tr cur 5s ...1931 J
F
13 80
89i2
Fd and real est g 4H*
j
j
1951 iM N
N
M
Mut Un Tel gu ext 6«
1941
j
j
93
L
J
Northwest Tel gu 4 H* * —1934 iJ
M ir’17
J
o
97
105
*85
J
M
M
8U*
____
o
A
_
8
874
High
97
874
88*4 !
86
....
....
94
801*
884 Nov’18
94
81
951*' 95
Sale 997*
Nov’18
Nov’18
....
95 1
4
100*4 ! 175
98
Nov’18
Dec’ie
884
80
81
924
974
100*4
997$
96
96
87
70
80
864
Sale
854
864
Sale
85
864
86
Nov’18
92
92 I
94**
954 !
....
864
4
83
27
777*
81*4
864
Jan ’17
95
100
J.
M
D
o
A
1952 M s
j
1935 j
1932 M N
j
1935 j
Tngcrsoll-Rand 1st 5m
Int Agrlcul Corp 1st 20-yr 5a
Tnt Paper conv a f g fis
.
9
122
87
90
96
80
Sale
68
94
99
■
Va Iron Coal A Coke 1st g fis 1949
85
85
Industrial
A
Ag Hhflm 1st A 5m
1928
Conv deben 5s
1924
Am Cot Oil debenture 5a
1931
Am Hide A L lstsf g6s
1919
Am Sm A R 1st 30-yr fis bot A 1947
Am Thread 1st coll tr 4s____1919
Am Tobacco Afl-ycar g 6s
1944
Gold 4a
1951
Am Writ Paper 1st a f 5s.._19lJ
85
8U*
July’17
1007$ Nov’13
100
1943 F
871*
86*4
14*4
69
35
35
atom
Jan. I
No. Low
1
60
18
18
18. 18
High
304
96
80
81
•va
1st A ref
*1 S
87i2
1932 J
1932 A
1954
1941 A
Debenture fia.
....
Juna’17
Nov’18
987$
99
91*2 Oct ’18
O
----
1
A
J
o
Raking 1st*fi-jr6s 1936 J
Gen Electric deb g 3H»
1942 F
Dec ’17
Aug ’18
953.
T
1951 F
66
Nov’17
Deo’17
Dec’ lfl
877$
1932
General
Feb ’18
Feb *13
96
A
781*
764
104i2 Apr ’17
95’2
95i2
76i2 76»2 Nov’18
947i Sept’18
961* Aug *17
103
96>s
|
....
97
92
78i2
90
188
106
95U Oct ’18
95i2 Nov’18
90
Sept’18
9d2 Nov’18
K41« rtet.
*3714
DdlC
J
97
....
861*
102
92
81
J
J
1966
Pan-AmPetdcTrlst conv6s ’19-’27 J
Pub Serv Corp N J gen 5s. 1959 A
___J
" 944
June’18
Nov’18
100
905$ 92 $
95
96 $
907$
90
97
110
78
994
92
Sent’15
90
82
94
80
93
96&s
89
85
68
2
Sale 1041$
95i2
.
.
Nov’18
23
Oct ’18
93U
94i2
931$
.
....
36
90
92i2
76
56
65
D
N
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J
J
N
J
J
g
8
D
A
N
G
O
O
R
J
.
56
33i4
!l03
Sale 944
85
97
94*4
Mar’14
87*4
90
96
May’17
Sept’17
8U2
824
4
Oct ’18
22
25*4
981*
1943 J
1939 j
Am
...
.Tune’17
July’18
Aug’17
96
July’17
72% 74
Aug’17
99
May’17
48
45
454
194
18i2 181$
65
Nov’IS
64*4
99
881$ Nov’ie
67
Aug’18
90i2 Feb ’17
95
July’17
1021$ Mar’12
56
"
92U
78
1
10012
81i$
98*4
97i2
7612
62l2
,
1712
87
80
95
80
30
Sale
3312 Sale
100
97
94i2 96
65
75
Jan ’ 14
65
22
20
J
5
....
717$
July’17
Nov’18
87i2
87i2 Nov’18
86U Oct ’18
75
84
64
65
96
1
78
65
87
80
56
N
Q
Purchase money g 4s....1949 F
J
Eld Elec Ill 1st cons g 5s..
F
NYAQ El LAP 1st con g fis.
Pacific G A El Co—Cal G A E—
Corp unifying A ref 5s...1937 M
Pacific G A E gen A ref 5s..1942 j
Pae Pow A Lt 1st A ref 20-yr
F
m
83
80
86
70
74
85
.....
J
0
O
.
78*2
D
J
M %
M 8
F
A
F
A
J
J
J
j
Mlnneap St 1st cons g 5s
J
j
Montreal Tram 1st A ref fis.
New Oft Ry A Lt gen 4H«--*^ J
J
j
N Y Munlclp Ry 1st s f 58 A 1966 J
J
N Y Rys 1st R E A ref 4s...1942 J
A O
N Y State Rys 1st cons 4 He-1962 M N
Portland Ry 1st A ref 5s
1930 M N
A
Portld Ry Lt A P 1st ref fis. 1942 F
J
J
Portland Gen Elec 1st fis.
M N
St Jos Ry L H A P 1st g 5s..
J
St Paul City Cab cons g fis..
J
J
Third Ave 1st ref 4s
J
A 0
J
J
Third Ave Ry 1st g fis.
A 0
J
J
United Rys St L 1st g 4s
1934
St Louis Transit gu fis
1924 A
United RRs San Fr s f 4s...1927 A
Union Tr (N Y)c ertfs dep
Eqult Tr(NY) Inter ctfs
Va Ry A Pow 1st A ref fis..1934 J
_
Sale
Sale
100
52*4 Sale
80*4 Sale
Metropolitan Street Ry—
M
J
.
75
64
19
85
O
i
96U Aug ’18
95
95i2
88
69
797*
....
717$
664
A
Nov’18
65
Sept 18
92
92
80
May’12
99is 101 May’13
84
84
84
84
86*4 Nov'18
83ts
J
8
A
88
65
96
86
Rants
1?
851* 857$ 85*$
86
851* Sale 85*$
83
84
84*4 84
100
Nov’18
981*
100
101
97
Bept'18
93
921* 96
Sept’18
ex
787$ Nov’18
89*$
79
351*
351*
89
112
j
J
M N
A o
A O
M.
..
_
Street Railway
Brooklyn Rapid Tran g fis..1945 A O
1st refund conv gold 4s
J
2002 J
J
6-year secured notes 5s...1918 J
Otfs 3-yr sec 7%notes op A1921 j
j
J
3-yr 7% secured notes..A1921 J
Bk Cty 1st cons 5a.. 1916-1941 J
J
BkQOoAS con gu g 5S..1941 M N
J
Bklyn Q Co A 8 1st 5s
1941 J
Bklyn Un El 1st g 4-5S...1950 F A
Stamped guar 4-6e
1950 F A
Kings County E 1st g 4s..1949 F A
Stamped guar 4s
1949 F A
Nassau Elec guar gold 4s.1951 J
J
Chicago Rys 1st fis
1927 F A
Conn Ry A L 1st A ref g 4Hel951 J
J
J
Stamped guar 4 Ha
1951 J
A
J
6
87
Oct’18
98*4
.
82
.....
Aug’18
861s
Ask Lots
69
32
681*
321*
30U
A
Oct ’17
93
LOO
T
■
A
67
63
68
—
1955
fVtnanl Km
Jan ’18
99
60
36
.....
Wot
n
Apr* 17
82
661$
974 100
853*
Last Sals
-_Vte
|
” Aug ’12
77
73
WsePs
Range or
_
....
875* 102
Prim
Friday
Dec. 6
i31d
Miscellaneous
Adams Ex coll tr g 4s
1948 M 8
Alaska Gold M deb 6s A____ 1925 M 8
Conv deb 6s series B__._. 1926 M 8
Am S3 of W Va 1st fis
1920 h a XT
Armour & Co 1st real est 4H$ ’39 j D
Booth Fisheries deb s f 6s— 1926 A o
....
.
Y. STOCK EXCHANGE
N-
Ask Jjow
High NO. Low Hioh
33 841$ 961*
Sale 92*4
94
5 90
96
975$
96i2 96
2
80
897$
89i2
89is Sale 891s
90
90
90
Aug ’18
98
Nov’18
96
100U
964 .
65
96
65
65
8ept*18
j
8
J
J
J
O
S
A
A
O
J
O
r
M
1
F
J
A
M
F
F
A
J
A
li
!|
la.
BONDS
Rangs
J9id
93
96
1962 M N
1939 M N
1939 F A
Virginian let fie aeries A
Wabash 1st gold 6s
>d gold 6s
Week’s
Eon#* or
fiifff SolS
Prim
bid and Mkod. s Dm Jan. 4 Dm April, s Due
....
....
91
78
92
95-4 Sale
1024 Sale 1024
103 I
994 May* 18
974 100
73
Nov’17
63U
-
934
....
91
88
86
921*
97*4
93*4 105
984 994
....
1
33
252
82
86
....
-.
95
90*4
93
964 100
90*4 Sale
95 !4 96
94i$ Sale
924
91
91*,
95
98
91
97
Nov’18
Apr ’If
' 91
Aug ’18
895*
90*4
95*2
981*
934
94*j
915*
91*1
914
915,
89 11014 Sept’171
94
Nov*
.1
10;
....
1
24
12
7
4
4
....
684
684
85
95
"
'
854
91
97
84
87
86
98
92
874
934
924
904
97
80
’
-
mmmm
May. t Dm June. A Due July. k Due Aug. o Due Oct. y Due Nov. f Due Deo. $ Option sale.
BOSTON STOCK EXCHANGE—Stock Record
3176
SHARS PRICKS—NOT PER CENTUM PRICES.
Saturday
Tuesday
Monday
Nov. 30
Wednesday
Thursday
Prldiy
Dec. 4
Dec. 5
Dec. 6
Dec. 3
Dec. 2
STOCKS
BO8TON STOCK,
EXCHANGE
f
Saletfor
the
Week
Shares.
[Vol. 107.
Range Since Jan. 1.
Range for Previous
Year 1917
Lowest.
Highest.
Lowest
Highest
Railroads
143
143
76*2
*96
32
143
76i2
76*4
7678
98
98
98
33
98
98
33*2
33*2
32*4
32*4
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30
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in
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49*4
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101
101*2
63*4
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49
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74
88
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36*8
2
12
37
95
111
24
101
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110
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57
55
|
97
97*2 97*2
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103
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108
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23*2
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153
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-
-
Oct’18
87
87
48*2
4834
760
56 Old
85*4
79*2
*17
*108
67
_
115
104
85*4
79*2
18
110
67
23*4
13*2
23*2
13l2
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67
23*2
13*2
12*2
111
67
23*2
13*2
*2934
30*4
5*2
93
92
92
85*4
68*2
85*2
68*2
86
68*2
Last
Last
Last
136
100
96
63
77 1
3*2
85
85*4
*68
Sale 133 Nov’18
Sale ,90
Nov’18
Sale 9219 Aue’17
97* 1
96
96
Sale 60
Nov’18
-
-
-
-
44*8
26*4
9578
_
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44*2
26*8
971s
43*4
26*8
4334
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26
96
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4434
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96*2
44*8
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2,975:Stewart Mlg Corpn
1,992'Swift A Co
100
25
465 United Fruit
100
l,559jUnlted Shoe Mach Corp.. 25
197 |
Do pref
26
4,012 U 8 Steel Corporation....100
Do
pref
100
750 Ventura Consol Oil fields.
6
130jTorrington
44*2
26*4
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Last Sale 112*«Nov’18
8
8
8
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4
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1
78
4
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48
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----
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312
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55
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55
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178
178
12
15
70
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13
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8*4
125s
5
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*2*8
6
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2*2
*3
4
Last Sale 234
Nov’18!
*3
4
*3
4
Last Sale 5
Nov’18
*4*2
12
15
70
14*2
14*2
14*2
1*4
67
*12
*66
*8*2
12*4
*.50
1*4
66
378
*1*4
*.10
6
378
1*2
.13
6
378
1*4
.10
.10
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612
3*2
*6*8
3*4
.13
7
*.10
6*4
3*2
3
*.79
47
3
.80
47
*3
.80
*47*2
45*2
3*8
8*4
45*2
46
2
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9
2
2*4
.lb
.85
20*4
20*4
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.75
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.75
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8*4
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.95
22
.75
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22*4
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2184
42
.45
*41
*.40
45
.45
3*4
6*2
3*2
3*4
.80
48
3
*.78
48
46*2
3*8
8*4
46
2
3*8
*8*4
1*8
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*1234
834
13
1*2
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65
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39*2
65
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.13
378
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3
.82
*3
*.79
48*4
46*4
3*2
9*2
1*4
47*2
*46*4
33g
9*4
1*4
.75
20*4
20*2
*.60
.75
Ex-dlvidend and rights,
1*2
3834
1*2
39
*14
*65
14*2
66
1,690 Mayflower-Old Colony... 25
510 Michigan
25
205 Mohw&k
25
60 Nevada Consolidated
6
190 New Arcadian Copper..._ 25
New Idria Quicksilver....
5
New River Company
Do
nref
..
IOO
IOO
75 Nipissing Mines
430 North Butte
North Lake
700 OJibway Mining
280 Old Dominion On
5
15
25
25
_
25
240! Pond Creek Coal
150 Quincy
45! Ray Consolidated Copper.
10 St Mary’s Mineral Land..
37s
215|8hannon
...
591 South Lake
lOU Mar 1
25
138
Vuiyl9
104
53
106
70
Febl9
Jan22
July 2
8212 Apr 18
Septl9
Oct
3
77*2 Junel8
1*4 Sept 6
8*2 Jan22
27
84
Feb25
7
Oct
*88*2 Junel4
20
Jan 2
80
Aug 6
37
Feb20
47
Janl6
78*2 Jan 2
88*8 Jan 2
•40 July 1
4
Sept 30
99
107
Jan 2
June 4
90*4 Aug 5
45*2 Jan 8
90
Jan 3
Jan 2
76
Jan 7
11
Feb21
98
Janl5
58*2 Janl7
21
Jan25
60*2
June
3
30
July
July
30*4 Novl9
Aprl7
148
Nov
38
150
Feb
Jaa
10212 Nov
140
Mar
147
85
125
65
Jan30
Novl8
Jan 3
116*4 Jan 9
81
88
44
Dec
Dec
78
1
6
Dec
Dec
Feb25
Novl9
7*2Mayl6
Mayl6
May 2 9
33
46
95
112*8 Nov23
Oct
4
July 5
Apr 1
2ig Mar 2
15*s Mar 4
115*2 May 15
Dec 6
115
109*8 Oct 9
60*8 May 24
96*4 Mar 12
25
10
25
10
25
10
5
90 Utah Consolidated
5
1
25
25
25
25
7,905 Utah Metal A Tunnel
Victoria
1,859 Winona
350 Wolverine
Wyandott
6 Ex-stock dividend.
__
.
.....
A Ex-rights.
TW
Janl6
Aug29
4*2 Oct 10
12
Apr23
3*8 Aug23
88
Sept 30
*77*4 Jan 15
62
107
88
Junel7
Junell
JanlS
23
82*2 July30
66
102
29
11
27
102
45
July 5
Jan 7
Jan 3
Jan29
Oct 23
Aug30
Jan29
116*2 Jan 17
38*2 July 9
24*4 Aug 9
87
108
6
Mar25
Msr25
Jan 2
*2 June27
71
Junel3
1*8 Apr25
.15 Julyll
*47
Junel4
12&s Mar23
41
Jan 2
11
Jan 5
.20 Oct 21
17
Mar25
02*2 JanlS
427
Feb28
10*4 June27
43*$ Mar25
1*1 AprlO
47s Novl2
8*2 Mar25
3
June21
39
Janl7
6*8 June21
•40 July23
48
Dec 5
79*2 Oct 1
19*2 Janl4
5
Jan 2
.80 Septll
6
Mar2 5
2
Jan 2
3*2 8ept20
3*4 Sept! 7
' Mar26
.40 June28
*53*2 Oct 11
18*8 Dec 6
.65
1*4 Aug29
10
Nov20
12
65
Aug29
Aitg2Q
8Ks Janll
12*2 Nov30
.25 Febl4
*2 J une21
38
Dec 4
46*2 Junell
14i2 Nov27
65
Sept30
21*8 Dec 5
42
Dec 2
.40 Nov21
3
AprlO
712 Dec
90
105
96
387s Nov
*87*4 Dec
20
« Ex-dlvldend.
~ Jan
66
20*( June
” Jan
Jaa
133*8 Dec
10
226
118*4 Dec
170*4 Ja*>
4
10
Dec
Dec
921$ Dec
71
"
Dec
63
Dm*
110
35
Dec
Jan
Ov
18*2 Jaa
331$ Jan
Jaa
100*2 Mar
81 ’ Mar
169
Jaa
95
Mar
102
JoH
12412 Mar
Dec
Novl3
107
29
Dec
Dec
10
Dee
116
Nov
1627$ Apr
148*2 Novl2 zl05
Dec
48*2 May 16i
37*2 Dec
26*2 May 28!
25 ” Oct
116*2 Aug28:
79*8 Dec
155*2 Jan
68*4 Jan
Dec 5
1378 Marie
4112 Nov20
146*4 Aug’17
53
lia
9
Nov27
rw
Nov 8
4*4 Dec
1
70
1
54
Feb27
45
21*4 July 3
54
July 6
16*4 Aug24
11
40
.48 Nov22
33 May 14
73*2 May 16
Dec 4
14*2 Febl9
51*2 NOV12
3
Sept30
67$ Mar 8
12
6
Novl2
Febl8
Oct
Dec
Dec
*4 Sept
Dec
Dec
Nov
8*8 Nov
>
.25 Dee
12*8 Dec
65
411
Dee
Dee
11
Dec
39*4 Dec
1*2 Apr
3*4 Nov
8*4 Dec
4
Dee
84*4 Oct 94
AA
nan
57*4 Nov 7
10*8 Jan 2
35
7
Nov
Deo
70
MaylS
52
Nov
84
Ffihl 8
20
Dec
29
July 3
6*2 Oct 18
1*4 MaylS
8*4 Mayl4
4*4 Apr
1*4 June
5
3ti Mur A
6
Febl3
4*2 Nov 4
4*4 Oct 29
66*2 May 16
20*2 Mayl4
2*2 July 1
17*4 Mar 7
20
80
Jan 2
Jan31
978 April
17*sMayl6
.95 Marl 9
1*2 Mar30
45*2 Jan 3
65
Jan 9
20*4 Feb20
78 Mayl6
25^4 May23
57
Jan 2
1*4 Feb21
5*4 Jan 2
Jan 3
Jan 8
JanlS
w«w-|rM
Jan
Mar
46
16
68
1*4 Jan25
86
Novl2i
6*8 Nov 6
.45 May 13
470
Jan
112
166*4 Jan
'June
361$ Mar
135
" May
9.9.
2
Jan 3
36
Jan 3
1 % Mv 7
»
12ii2 Jan
Nov
12
Nov25
Dee
9
Mar
14
126*4 June
12112 Jaa
128*1 Jan
58 June
100*4 June
75
July
97*2 Jan
14*4 Dee
93
3K» Apr 8
.40 MavlQ
Dec
Dec
Dec
Sept
55*2 Feb
16
878 Nov20
4*4 Sept27
4*2 Feb 13
1% Aug20
50*2 Oct 18
47*2 Nov 8
41$ Nov 18
1*4 May31
8*4 June25
1*8 June 5
2*8 Aug26
*2 Nov21
Nov
Dec
Dec
rSfl
.20
1*4 Augl3
2*2 8ept23
”
Jan 2
69
130
51
2
*2 Sept30
84*2 Feb
Jaa
56*2 Mar
74
Jan
94*4 May
103*2 Jan
2*8 Jaa
Novl3
100*2 Oct
Apr
Jaa
Dec
Dec
Dec
Nov25
Nov 4
Novl4
Oct29
31*4 July
62*14 Jaa
105
135
73
88
1
9U4 Novl3
71
147
95
100*8 Mar
6*s June
lio'
5*s Mar 18
93
Jan
Dec
Dec
Dec
64i4 Novi6
157*4 Nov 9
35
Aug30
7*2 Oct 23
27*2 June27
48*2
46*4
8,920 Utah-Apex Mining
Vila
128
27
*47*2
10
Dec
Nov21
.75 Nov22
38
Aprl3
42
July24
735|Superlor A Boston Copper.
85
78*2 Mar
133
83
34
z45
Oct 18
Dec 5
106
100
Dec
21*4 Sept
90*2 Oct
Nov 14
90
50
62
Dec
Dee
116
186
425 Trinity
25
800 Tuolumne Copper
1
463 U S Smelt Refin A Min... 50
371
Do
pref
50
paid.
July
9
134 June21
Jan31
3
.79
s Assessment
2
88
3
.79
Sept 18
15
150
Feb 16
Nov20
Sept 5
Augl9
May 1
Mayl5
4
Jan
Jan
Mar
Mar
Sept 9
Aug 9
120*4
67*4
28*2
14*2
17*2
5*4
11*2 Nov30
175
79
133
45
June 5
Junel7
6
10*4Mayl8
Dec
Dec
70*2 Dec
60
75
.10 Nov27
4
Febl9
li$
120
27
July 8
25
1
21
Nov22
Novl2
Nov20
Nov 8
June 5
222{Superlor
.90
21
146
80
104
40
170
3
15
92
82
18
*35$
46
20*2'
Jan26
Jan23
300 South Utah MAS
3K«
|
Aprl5
2
7*8
378
7
48
46*4
150
Jan 2
25
5
.85
Last Sale
100
_
L
*33$ 3K.
9*4
*8*8
878
1*4
1*4
178
Last Sale.2*2
Nov’18
20*2
70
170
200
5
8*4
12*4
Nov’18
_
_
Aug’18
3*4
7*4
334
3*4
1
145
Nov’18
*42
45
Last Sale .40 Nov 18
.80
40
Nov’18
8*4
1234
10
25
25
25
20
10
25
Granby Consolidated
100
Greene Cananea
100
Hancock Consolidated.... 25
Indiana Mining
25
Island Creek Coal
1
Do
Dref
1
Isle Royale Copper
25
Kerr Lake
6
Keweenaw Copper
25
Lake Copper Co_
26
La Salle CoDDer
25
Mason Valley Mine
5
Maas Consol
25
78|Osceola
14*2
.13
7
.75
18*8
1*4
58
4
1*2
21
.75
18's
1*2
Last Sale .75
*334
*1*4
.75
21
*.60
55
3*2
4*4
55*2
Last Sale 10
Last Sale 12
Last Sale 66
378
1*4
3
.95
3*2
*334
10
10
45 Franklin
25*2
5*4
*1
1*4
5K« 5%
35s
3*4
56.
18*4
2
21*s
42*4
2*4
a
3*4
3*8
5584
_.
3,530 Davla-Daiy Copper
2,667 East Butte Copper Min... 10
*24*2
5*4
6
213s
42*4
*2*2
3
•Bid and asked prices
3*8
8*4
1%
K»
1*2
66
3*4
1*4
3
13
.80
39
56
3*4
*1*4
3*8
*8*4
884
38
56
*14
3*4
1*4
68
5
*10
40
55
U2
Last Sale
IK.
12
15
70
40
59
11*8
4*2
*.99
3*2
4*4
55*2
18*2
1*8
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40
55
11*4
*4*4
25*2
534
13s
3*4
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55*2
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1*8
13
.80
5
25*2
*5*2
.75
50
3*8
3*4
55*2
18*4
178
8*4
5
25
Ahmeek
25
Alaska Gold
10
Algomab Mining
26
Allouei
25
Amer Zinc. Lead A Smelt. 25
Do
pref
25
Arlxona Commercial
5
200 Butte-Balaklava Copper..
Butte A Sup Cop (Ltd)...
369 Calumet A Arlxona
52 Calumet A Hecla
245 Centennial
438 Copper Range Co
400 Daly-West
*12*2 13*2
45*4 4534
2*4
234
5*8
5*8
x978 10
*4*4
4*2
793. Nov’181
*48*2 49*2
25*2
5*8
3*4
*1*4
45
11*2
412
13*2
45*2
3
*5*2
.45
4712
45*4
3*8
K.
13*4
45*4
*234
84
2112
.85
5
3,140
1334
Sale 7
Nov’18
Sale .80 Nov’18
49
*48
49
Sale 321* Nov’18
42
.45
*3
*.78
*46
13*2
4534
2*4
14
Last
Last
48
Last
42
*.40
3*2
3U
68
470
13*2
75
*.35
.50
.48
.48
Last Sale 19
Nov’18
67
*67*2 68*2 *66
465
470
455
455
48*4
21l2
3%
2H2
*45
Julyll
Adventure Con
_
14
47
48*4
*66
*22
*40
*.40
21*4
42*2,
*66
50
*25
6%
lh
4
5
13
.80
*13
25*2
5*2
*3*2
*4*2
8*4
13*2
*25
5*4
4
5
*64*2
8*4
13*4
100
115
80
10
*82l2
*312
*4*2
*6412
*8i2
12*2
.45
84
234
3*2
*10
*12
*.25
*8212
6
12
15
70
.40
47
*7
*.70
*48
*2
*10
*12
*.20
47
.75
50
*5*4
*1714
178
.35
47
14
46
14
.40
*.70
*48
Vl
2*4
214
*.25
47
*13
48*4
7*2
6
18
6,105
*4778
*5*4
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*1*4
4*2
49*2
7*2
—
55
4*2
*48*2
*6*2
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4*8
48*2
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4*2
81
2*4
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4*2
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4
56
7678
82
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3*8
7678
4*8
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.99
6
3
.99
46
37
80
19
Mining
*.75
80
.75
51
84
26
Last Sale 1
Nov’18
*76
77
75
*74
Edison Electric Ilium
_
_
43*2
in
10
1221* Aprl7
_
,*!25
1
52*4
145 !
__
100 j
3,741 Fairbanks Co
25 i
25 General Electric
100
482 Gorton-Pew Fisheries
60
925 Internat Port Cement..__ 10
245
Do
pref
60
470 Island Oil A Trans Corp
10
10 McElwaln (W H) 1st pref.100
812 Massachusetts Gas Cos...100
Do
308
pref
100
Mergenthaler Linotype... 100
New Eng Cotton Yarn
100
Dref
Do
inn
173 New England Telephone.. 100
Nova Scotia Steel A C
100
4 Pullman Company
100
1,165 jPunta Allegre Sugar
50
47 Reece Button-Hole
in
23
4
22i2
3*8
100
120 .Cuban Pm Cement
'East Boston Land
6
*22*2
*33s
3*2
pref
1,316 (Century Steel of Amer Inc. 10 !
30*4
30*2
100
j
23*2
133s
*12
Last Sale 47g
Nov’18
184
184
184*2 184
62
6212 63l2
633s
15434 155
*156
5
184
100
Colpny
Rutland,
101*2 10178
114
103
pref
Vermont A Massachusetts. 100
164 West End Street
60
Do
115
pref
50
Miscellaneous
828 Amer Agrlcul Chemical... 100
Do
408
pref
100
Amer Pneumatic Service.. 25
36C
Do
pref
60
32 Amer Sugar Refining
100
162
Do
pref
100
2,151 Amer Telep A Teleg
100
American Woolen of Mass. 100
251
Do
pref
..100
10 Amoskeag Manufacturing...
8
Do
pref
100 Art Metal Construe Inc
10
205 Atl Gulf A W I S S Lines.. 100
10
Do pref
100
830 'Booth Fisheries
no par
4834
96
*96
95
Last
*58
63
*125
*124i2 126
47*2
48
50
50 I
50*4
4934 51
47
*12
13
13
13
12*2 1212
39
38*8 39
38
37*8 38*4
37*4 37*2
124*4 126*2 126
126*2 x124*2 125
127*2 126
53
53
*53
*53
54*4
145
144*4 145
145
144*8 145
144*2 145
j *58
50
633
2,097
....
102
100
100
100
Georgia Ry A Elec stampd 100
Do
pref
100
Maine Central
100
Mass Electric Coe
100
Do
pref stamped
100
N Y N H A Hartford
100
Northern New Hampshire. 100
Oct’18
Last Sale 49*8 Nov’18
95
95*2
95*4 9534
26*8
97*8
•111
112
*111*4 112*2 *111*4 112*2
1
8
*778
8
*7*4
8*4
8*4
9478
-
-
T
8 Connecticut River
44 Fitchburg pref
....
111*2 111*2
114*4 11434
103*8 10434
18
110
3*2
Do
99
99*2
Last Sale .85 Nov’18 1
*5
5
5
5*4
184
184
60*4
60
62i2 6234
153
155
*154
*153
154
*155
156
30
30
30*4 30*4
29l2 29l2
30i4
6
6l2
6*2
*6
6*4
612
6*2
6*2
*21
22
22
221$ *21
22
22
2212
—
Chic June Ry A U S Y
Nov’18
98*2 100
99
1
5*4
110*8 111
*113*2 115
10334 103*4 104*4
54*2 *55
55*4
94*2
94i2 9478
87
*85*4 87
2312
13*2
30
138
85
2*4
12
35*4
48*2
111
114
23*2
13&8
12*4
Sept* 18
.
_
101*2 102
*80
*17
*108
*67
Nov’18
Boston A Providence
Boston Suburban Elec..no par
Do
no par
pref
Boston A Wore Elec..no par
Do
pref
.no par
Last Sale 22*2 Nov’18
Last Sale 90
Nov’18
*55
81
-
*2*8
2*4
12
1138
35
35*2 36
Last Sale 92
Nov’18
110
110
55
5*4
-
Nov'19
14*2 July’18
4*2 Nov’16
87
11*2
55
1
-
100
100
100
100
100
Boston A Lowell
Boston A Maine
June’i^
....
87
2
*92
98
*.50
*5
169
3
Last Sale 109
Last Sale 70U
74
88
74*4
-
Sale
Sale
Sale
Sale
Sale
Sale
Sale
120
*61*4
61*4
55
97*4
33
Boston A Albany
Boston Elevated
35
903
58
275
_
73*4
Last
Last
Last
Last
Last
Last
Last
3
30
30*4
138
♦
145
76
98
3212
33*2
48*2
*67
-
_
48*2
18
-
76*2
97*4
49*2
18
i *17
109i2 109*2 109*2 HO
*67
_
61*4
101*2 102
101*4 101*4
*961
*5012
9478
*85*2
*
*61*4
*106
*70
*87
145
74
*95
145
*168
138
|*115
120
97*4
33*2
3
30
*86
*61*4
*106
*70
*87
2
74
4914
*
30*4
*86
120
62*4
*106
*70
*87
2
*14
138
125
*61*4
*
3
30
*14
138
*86
*115
*168
*168
*
145
76
145
76*2
*163
*
*143
143
76i2
Oct
87$ Jan
414 Jan
108' Jan
ilit Jan
liT Jan
Mar
70
4ii4 Jan
~ Jan
1514 June
73
2i4 Jan
62
'
Jaa
8514 Jaa
590
'
Feb
2714 Jan
68
3
'
Jan
Jan
7*4 Jan
16
9
' Jan
Mar
461$ Jan
20*i Jaa
4 * Mar
76I2 June
36
6
Jan
Aug
4ki Jan
18
'
Jan
rw
41* Nov
8*b Aug
1
3
Nov
1*8 Allg
98
16
Nov
11 j> Dee
10
Nov
65
May
51$ Mar
”
jfLfl
261$ Mar
6 ” Jan
171$ Apr
Dec
6*4 July
11*4 Oet,
9*8 Sept
24*4 Mar
.30 Nov
.98 Dec
33
Nov
53*2 Dee
16
Nov
60
Nov
20
Nov
48
Dec
.58 Dec
5*8 Oct
.89 Dec
.10 Dec
2*4 Jan
27g
3*4 Dec
3*s Dec
679$ Mar
95
'
Mar
28*4 *nn*
941$ Feb
321$ Apr
89*4 Mar
2
19
*
Jan
Jan
6*4 Jan
.31
Jan
3
1
May
40*8
43*2
178
9*2
2*8
Dec
Nov
Mar
Dec
Dec
16*s Mar
8*4 Jan
8*2 July
2^£ Jan
67*4 Jan
6212 Jan
37* Sept
214 Feb
6*8 Jan
2
2
31
Oct
Oct
Dec
63*2 Mar
.15
Nov
An®
*>v
Jao
Dec. 7
1918.]
THE CHRONICLE
Outside StocK
Philadelphia Stock Exchange.—The complete record
Exchanges
Boston Bond Record.—Transactions in bonds at Bos¬
ton Stock
3177
Exchange Nov. 30 to Dec. 6, both inclusive:
of transactions at the Philadelphia Stock Exchange from
Nov. 30 to Dec. 6, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks ara all
dollars per share, not per cent. For bonds the quotations
per cent
are
of
par
Friday
Last
Sale
Price.
Honda—
U S Lib Loan 3*8.1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4s_. 1927-42
1st Lib L’n 4Ms. 1932-47
2d Lib L’n 4*8.1927-42
3d Lib Loan 4Ms..1928
4th Lib Loan 4 M 8. 1938
Am Tel & Tel 5s
1946
Atl G & W I SS L 5S..1959
Chic June & U S Y 5s. 1940
Gt Nor-C B & O 4s.
1921
K C & M Ry & Bge 5s.1929 ..88
Maas Gas 4 Ms
1929
Miss River Power 5s. 1951
Pond Creek Coal 6s. .1923
92 M
Punta Alegre Sugar 6s. 1931
92
United Fruit 4Ms
1923
1925
4y$g
U 8 Smelt, RAM conv 6s.
100
Ventura Oil conv 7s_.1922
93
Western Tel A Tel 5s. 1932
.
.
.
.
Week's Range
Sales
of Prices.
Low.
High.
for
98.24
94.24
93.44
97.04
95 .84
95.74
95.74
94*
Week.
99.04 $23,850
95.10
4,900
95.54 14,750
97.80
1,650
96.60 16,400
96.80 41,850
97.00 44,400
94*
1,000
1,000
7,000
1,000
10,000
5,000
10,000
8,000
14,000
1,000
3,000
3,000
21,000
4,000
80
80
93 M
93 M
95 M
95 M
88
88
92 M
92 M
75 M
75 M
92
92 M
92
88
96 M 96 M
96 M 96 M
100
100
93
93
90
90
Range since Jan. 1.
Low.
High.
102.50 Aug
98.86 Oct
92.84June
.97.90 Mar
July
July
Aug
Dec
86* July
74 M Sept
87 M Apr
92
Mar
84 M July
85
Sept
67 M
Jan
90
Apr
77
May
Jan
93
91
Jan
93
July
80
Jan
82 M June
”98.90
Nov
98.14 Nov
101
May
98.24 Nov
95 M
Feb
83 M Nov
94 M Nov
95 M Nov
91
Oct
92 M Nov
75 M Nov
95 M Nov
Dec
92
96 M Nov
96 M Nov
100 M Nov
94 M
92
Nov
Nov
Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from Nov. 30
to Dec. 6, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Sales
Friday
Stocks—
Last
Week's Range
for
Sale
Week.
Price. Low.
High. Shares.
Par.
Alabama Co, 2d pref..100
Atlantic Petroleum
10
ialtimore Tube, pref. .100
Celestine Oil voting trust..
Consol Gas, E L A Pow 100
Consolidation Coal
100
Cosden A Co
5
Preferred
5
Davison Chemical..no par
Elkhom Coal Corpn
50
Preferred
50
Houston Oil pref tr ctfs. 100
Mer A Miners Trans. .100
Mer A Min Trans V T.100
Mt V-Wood Mills v t r. 100
Preferred v t r
100
Northern Central
50
67
108
7
4
33 *
30
70
17
77 M
75
Pennsylv Wat A Pow. .100
United Ry A Electric
50
Bonds.
Anacostia A Potom 58.1949
Atlanta Consol St 5s. 1939
22
97
85 M
85 M
99 M
Fairmont Coal 5s
1931
Fla Cent A Penln extd 6s..
Hous Oil div ctfs. 1923-25
99
.
Kirby Lum Contr 6s. 1923
Maryland Dredge 6s
Maryl’d Elec Ry 1st 5sl931
Monon Valley Trac 7s
Norfolk Ry A Lt 5s. .1949
Public Service Building 5s.
United Ry A Elec 4s_ 1949
99*1
.
n
.
1949
56
Funding 5s, small.. 1936
6% notes
96
15
405
5
500
137
225
360
385
340
411
60
130
30
20
302
2M
85
85
1.2C 1.20
107
108
82
83 *
7
6*
4
4M
33*
35
29 M
44 M
70 M
70
70
16 M
72 M
75
79
30*
44 M
21M
99 M
.
Augusta Ry A Elec 5s
City A Suburb 1st 58.1922
City A Sub (Wash) 1st 5s’48
Consol G. E L A P 4Ms ’35
5% notes
Cosden ACoserA 68.1932
Series B 6s
1932
Elkhorn Coal Corp 6s. 1925
Fair A Clarks Trac 5s. 1938
Income 4s.
67
2M
72
70
70
17
77 *
76
80
22 M
1,669
185
788
754
90
90
99 M 99 M
87
87
100
100
89 M 89 M
85 M 85 M
96 M 97
84 M 85 M
84 M
85 M
98 M 99 M
96
95M
92
92
100M 100 *
99
99 M
99
99
99 M 99 M
91M
98 M
91M
98 M
95
95 M
77
56
82
96
95
95 M
77 M
57
82
96
$1,000
4,000
3,000
1,000
3,000
10,000
29,000
38,000
20,000
20,000
4,000
1,000
7,000
4,000
10,000
1,000
2,000
1,000
3,000
1,000
14,000
12,000
1,600
6,000
Range since Jan. 1.
Low.
High.
Jan
82
Sept
Sept
86
Apr
1 20 Dee
1
fiS.Tnnp.
94
82
Jan
Nov
5* Sept
3M Jan
30
Jan
22 M
Jan
39 M Mar
64
Apr
Jan
56
62 M Aug
14 M June
68
Jan
69
Aug
60
Jan
17* June
86
95 M
84
96 M
87 M
78
90
77
78
93 M
90
91
99 *
88
95 M
98
87 M
98 M
90
95 M
71
52
73 M
Feb
Mar
Aug
May
3M
108
106
Nov
95M
Sept
Aug
79
59
82 M
96
Feb
Oct
June
June
June
Aug
Apr
Apr
Nov
Jan
Apr
Nov
Jan
Nov
Aug
91M June
Dec
Jan
Jan
Nov
45
Nov
80 M June
92
Jan
90
Mar
17 M Sept
76
July
76
Nov
80
Nov
24 M
Feb
Apr
Sept
Feb
8M
4M
39 M Aug
31M Nov
90
99 M
87
100
89 M
85 M
98
85 *
85 *
99 M
96
93 M
100 *
102
99
99 M
92
98 M
96
Amer Railways, pref__100
Baldwin Locomotive.. 100
Dec
Dec
Dec
Feb
Dec
Nov
Nov
Dec
Dec
Dec
Dec
Feb
Dec
Aug
Nov
Nov
Feb
Nov
Oct
Nov
Nov
Nov
Feb
Feb
Pittsburgh Stock Exchange.—The complete record of
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par
value.
Keystone Telephone.
50
Lake Superior Corp
100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Val Transit pref .50
11
Minehlll A S H_.
Northern Central
50
50
Pennsyl Salt Mfg
50
Pennsylvania
50
Philadelphia Co
(Pitts)
pref (cumulative 6 %). 50
Phila Electric of Pa
25
Phil Rap Tr vot tr rets.50
Philadelphia Traction. .50
Reading
50
First preferred
50
Tono-Belmont Devel
Tonopah Mining
.
Union Traction
United Gas Impt
U S Steel Corporation.
West Jersey A Sea Sh
Westmoreland Coal
Wm Cramp A Sons.
Last
Sale
Price.
Par.
Stocks—
American Sewer Pipe.. 100
Amer Wind Glass MachlOO
Preferred
100
Amer Wind Glass, pref. 100
Commonw’th Trust
100
Crucible Steel, pref
100
Lone Star Gas
Mfrs Light A Heat
50
Nat Fireproofing, com..50
Preferred
50
Ohio Fuel Oil
1
Ohio Fuel Supply
25
Oklahoma Natural Gas.25
Pittsb Brewing, com
50
Preferred
50..
Pittsburgh Coal, com.. 100
Pittsb-Jerome Copper... 1
Pittsb A Mt Shasta Cop.. 1
Pittsb Oil A Gas
100
Wftmuitfl
_
_
_
_
.
85
83
#
160
50
11*
44
29 M
.
.
for
of Prices.
Week.
Shares.
Low. High.
16
87
80
83
96
98
120
120
90
90
160
160
49* £0
15*
80*
5*
U*
15*
41*
28*
1*
7
47*
lie
7M
10c
28c
7
1.10
_
i
30
95 M
112M
43*
5*
11*
15*
45
29*
2
7
47 M
13c
30c
230
4,050
230
210
15
90
10
564
50
24
100
3,390
1,215
65
205
50
19,700
7,400
97*
112*
92* 93*
42* 43*
448
38
350
800
10
100
350
200
420
196
3-16 3-16
280
35*
$2,000
2*
_
Sales
Week’s Range
.
_
Riverside East Oil, pref. .5
Ross Mining A Milling—1
Union Natural Gas
100
United Coal Corp, com.100
U 8 Steel Corp, com.
100
Preferred
100
West’house Air Brake..50
West’h'se Elec A Mfg—50
6c
132
30
7M
1.10
2*
6c
132
30
95*
112
Rights.
pittsb nil A Gas
Bonds.
Indep Brewing 6s..-.1955
*
Ex-dlvidend.
71*
35M
35*
Range since Jan. 1.
Low.
12*
40
73
96
120
89
95
High.
Jan
Jan
Oct
Dec
Dec
Mar
Jan
46* Sept
3
7
Jan
June
13* Sept
z40* Sept
23
July
1* Mar
5
Sept
44* Nov
6c
21c
Nov
Jan
5* Jan
1.10 Dec
2*
6c
132
30
87*
110
90
39
Apr
Dec
Dec
Dec
Mar
May
Oct
Jan
16
87
96*
101
120
92
197
53
Nov
Dec
Jan
Feb
Dec
May
Aug
Jan
5* Aug
13* Aug
16* Nov
46* June
31* Aug
4* Aug
13
58*
1
48c
8
Jan
Feb
Feb
Mar
Nov
1.10 Dec
Feb
17c
Mar
2*
151
May
30* May
116
Aug
112* Dec
97* May
47
May
3-16
Dec
26
Nov
34
Apr
40
Jan
32
71
64
11
71
59*
51
47*
34
25*
26*
70*
25
51
76
86
2*.
3*
72*
95*
73
100
Bonds—
U S Lib L 1st 3 Ms. 1932-47
3d Lib Loan 4 Ms. .1928
4th Lib Loan 4 M s.. 1938
2*6
3
40
72
do
72
1945
58
Lehigh CAN cons 4Ms ’54
Lehigh Valley 6s certfsl928
Annuity 6s
Gen consol 4s. J
2003
Gen consol 4Ms
2003
Penna RR gen 4Mb..1965
Consol 4Ms regis..
PWAB ctfs4s....1921
Pa A Md Steel cons 6s
Phila Co 1st 5sstmpd.
Cons A coll tr 5s stmp’51
Phila Electric 1st 5s..
do
small
103*
94*
88*
Spanish-Am Iron 6s. .1927
United Rys Invest 5s. 1926
z
Ex-dlvidend.
288
285
13
86
15
297
2,752
40
2,142
269
25
145
100
38
2*
3*
1,607
495
851
414
42
88*
85*
85*
72*
72*
90
58
55
93* 93*
102* 103*
118
81
91
93
99
96
102
98
1951
J-C collat 4s
25*
26*
70*
85*
46
73
86
54
55
5,114
25
52
76
46
73
85
72*
89*
1924
small
18*
71*
60*
72*
97*
85
72
365
15
341
5
50
26
64
11
98.90 98.90
95.98 96.80
96.06 97.50
88*
2,640
15*
94*
2007
Small.
Elec A Peoples tr ctfs 4s ’45
Keystone Teleph 1st 5s ’35
Lake Superior Corp 5s 1924
54
37
73
34
Amer Gas A Elec 5s..2007
small
39*
34
88*
85*
do
104
56
86*
47*
*25*
26*
70*
84*
6
710
59
56
35
302
69*
75*
46*
38
1
Allegheny Vail gen 4s.l942
102
55
16*
50
50
69*
15*
25*
1
50
100
50
for
Week.
of Prices.
Low. High. Shares.
39*
52*
37
118
81
2,975
3
40
230
$3,000
16,500
4,000
1,000
1,000
700
8,000
200
2,000
67,000
500
1,000
60,000
1,000
2;ooo
93
99
96
102
98
86* 87
5,000
2,000
24,000
22,000
2,000
5,000
7,000
93*
20,000
96
88
87
100
65
91*
94*
96
88*
87*
100
65
500
14,000
9,000
1,000
3,000
Range since Jan. 1.
Low.
58
High.
Oct
Jan
Jan
Jan
Oct
Mar
58*
95*
46
36*
48
14* May
47
Jan
Dec
Jan
Dec
Aug
Jan
Jan
Jan
Dec
Nov
15*
24
64
7
12
61*
55
25
49*
67
80
Sept
Oct
43* June
29
24
Mar
June
23* Mar
z65* Sept
71
Jan
33
Aug
1 5-16 Sept
2* July
36* Aug
*62* Oct
86* Mar
39
May
69
74
97
94.30
96.06
85
Mar
Jan
80
Feb
100* May
104
56
43
57
37
74*
17
Deo
Nov
Mar
Oct
Oct
Nov
Jan
27* July
70
12
Mar
Nov
21* July
76* Nov
65* Nov
25
52
76
86*
50*
Dec
Nov
Dec
Nov
Nov
37* Nov
27* Nov
30
Jan
72* Nov
95* Oct
38* Nov
3* Mar
4
Jan
42* Jan
77* Nov
116* Aug
48
76
Mar
Jan
June
95*
Jan
102.40 Aug
Sept
98.52May
Dec
Nov
98
76* Sept
77* Mar
67
Sept
Oct
Oct
Jan
’Jan
65
87*
47*
48
88* Sept
97* Sept
115* Sept
75
85
July
86*
Aug
99
Dec
Oct
Mar
Feb
Oct
94*
100
85*
73
Apr
89* Sept
93
July
80* Sept
83
99
54
Apr
July
Apr
Nov
88* Deo
85* Nov
86
Nov
73* May
74
90
59*
59
95
Jan
Jan
Aug
Aug
Jan
103* Nov
120
May
82* Nov
91* Feb
94
99
96
103
98
87
96
97
91
Feb
Dec
Apr
Jan
Dec
Dec
Jan
May
Nov
87* Nov
101
Feb
67* Nov
* Ex-rights.
Chicago Stock Exchange.—The complete record of
transactions at the Chicago Stock Exchange from Nov. 30
to Dec. 6, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
Par.
Last
Sale
Price.
Amer Shipbuilding....100
100
Preferred
Armour A Co preferred...
Booth Fisheries, common
84*
102*
(no par)
23*
new
Preferred
...100
Chic CityAC Ry pt sh com
Preferred
83
*
13*
Chicago Elev Ry pref
Friday
Sales
Week’s Range
71*
104
56
Stocks—
transactions at the Pittsburgh Stock Exchange from Nov. 30
to Dec. 6, both inclusive, compiled from tne official sales
69*
Preferred
100
Susq Corp pf v t c 100
Cambria Iron
..50
Elec Storage Battery.. 100
General Asphalt
100
Preferred
100
Hunt A Bd Top pref
50
Insurance Co of N A
10
J G Brill Co preferred.. 100
Buff A
...
56
87
Last
Sale
Par. Price.
Stocks—
96.52 Jan
93
June
93.64
93.04
94.54
95.74
value.
Friday
Chic Pneumatic Tool.. 100
Chic Rys part ctf “1”
Chic Rys part ctf “2”
Common wealth-Edison 100
Cudahy Pack Co com.. 100
Deere A Co, pref
100
Diamond Match
100
Hartman Coro
100
Hart,Shaft AMarx.com 100
100
Preferred
Libby (WI)
Lindsay Light
10
National Carbon pref.. 100
Page Woven Wire Fence 20
People’s Gas Lt A Coke 100
Pub Serv of N Ill, com. 100
Quaker Oats Co pref.. 100
Sears-Roebuck, com. 100
..
Shaw W W common... 100
Stewart-Warner Sp com 100
Swift A Co
100
Swift International
Union Carbide A Carbon Co
(no par)
do
rights
United Paper Bd com.. 100
Western Stone
Wilson A Co common.. 100
Preferred
100
Bonds—
Booth Fisheries s f d 6s ’26
Chicago City Ry 5s. .1927
Chic CityACon Ry 5s 1927
nhlmpn Wyu Sfl
.1927
Chicago Telephone 5s. 1923
Commonw-Edlson 5s. 1943
Ogden Oflii Sa
“1945
Swift A Co 1st g 5s.
1944
.
.
for
Week.
of Prices.
Low.
High. Shares.
109* 115
84* 84*
102
102*
23
80
24
83
*
13*
17*
*
13*
18*
64
40
65
40
10*
131
116
129
95*
111
73*
24
111
54
72
106
23
14*
118
56
100
Preferred
Sales
Week’s Range
162*
78*
124*
44*
64*
3*
4
70
98
91
91
52*
96*
4*
52*
95
88
99
160
75
24*
15
120
4*
56
95
88*
23
4
68
98
70
99
67*
3*
8*
91
91
87*
52*
87*
96*
96*
96*
96*
85
85
97
96*
805
300
55
929
85
25
65
20
375
50
20
50
140
15
131
96
111
54
74
106
64*
3*
22*
89
52
2,310
10*
116*
99
163
76
75* 80
124
127
44
45*
90*
910
15
660
11,069
*
235
130
100
90
16
100
80
660
90
790
6,207
10,584
19,768
7,030
170
540
745
105
7,000
2,000
43,000
7,000
1,000
9,000
2,000
7,000
Range since Jan. 1.
Low.
87
High.
Jan
84* Dec
96* Sept
Jan
Nov
* Aug
12
June
12
June
47* Jan
39
Nov
8
Jan
100
June
107* Jan
92
June
102
Jan
45
Oct
53
Jan
103
Sept
18* Oct
14* Nov
107
Mar
4* Dec
18*
75
40*
70
79
Apr
June
Sept
92*
Aug
June
53* Jan
Jan
47
102
Aug
32
Oct
133
47*
3*
14*
1
46
28
86
Sept
Feb
2* June
Nov
18*
Nov
22
71*
Mar
June
118* Nov
Nov
133
98
Nov
115* Nov
60
Oct
Dec
74
Feb
108
Oct
26
Jan
28
Deo
120
7
May
61
Nov
97
Nov
90
Jan
100
Jan
168* Nov
Nov
76
82
Nov
146
Apr
50
Nov
26
May
Apr
Jan
Jan
June
June
92*
87* Sept
Apr
60
16
69
91*
75
90
Nov
Apr
88
52
82
104
Dec
Feb
Jan
Oct
84*
144* May
93* May
99*
Nov
Dec
Oct
Dec
Nov
Mar
91
91
Nov
Nov
62*
Aug
3*
8*
72*
88* Apr
96* Nov
June
98
86
Sept
97* Sept
Nov
Nov
[Vot. 107
THE CHRONICLE
2178
Friday
Volume of Business at Stock
Railroad,
81ocks.
Par Value.
Sharet.
$24,608,800
42,601,100
52,523,000
38,487,200
37.678.700
25,979,800
$1,027,000
2,253,000
1,754,000
1.482,000
1,618,000
1,745,000
2,403,388 !$221,878,600
$9,879,000
265,358
458,241
561,920
418,414
423,577
280,878
Saturday
Monday
Tuesday
Wednesday..
Thursday.
Friday
-
Total
dbC.,
Bond*.
C7. B.
Bond*.
Bond*.
$5,117,000
8.403,000
7,142,000
10,899.000
9,269,000'
8,818,000
$7,167,000 $49,648,000
New York Stock
1917.
1918
Exchange.
1917.
1918.
Stocks—No. shares...
2,554,490
134,336,196
175,415,715
2,408,385
Par value
$221,878,600 $237,237,250 $12,554,772,915 $16,183,075,780
$200
$125,300
Bank Shares, par
Bonds.
$12,528,000
$1,171,879,000
$243,670,750
Government bonds— $49,648,000
$2,600^
State, mun., Ac., bonds
RR. and mlsc. bonds..
$66,694,000
Total bonds..
$19,900
2,703,500
256,544.000
7,009,500j
320,425.000
$22,241,000
$1,748,848,000
7,167,000
9,879,000
278,208,000
444,738,500
$966,617,250
Bond Sales.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
97,250
Total
$37,800;
2.084
36,700
47,450
39,072
40,700
4i;000
6,046
6,313
4,961
3,619
3,577
$242,722
26,600
11.820
22,736
20,873
14,926
12,051
14,844
Shares.
15,200
2,329
1,163
1,747
1,005
$27,000
40,000
51,400
25,200
41,100
54,000
$274,850
7,641
$238,700
80.200
give a record of
the transactions in the outside security market from Nov. 30
to Dec. 6, both inclusive.
It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the “Curb” as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed—that
Is, securities where the companies responsible for them have
oomplied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
Insure that quotations coming over the “tape,” or reported
In the official list at the end of the day, are authentic.
On the “Curb,” on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of “Curb” transactions, and
we give it for what it may be worth.
Stocks—
Last
Sale.
Par. Price.
Aetna Explos.r...(no par)
Brit-Amer Tob ord bear_£l
Burns Bros lee com r .100
Butt’w'th-Jud Corp.r.(t)
Car Ltg A Power.r.
25
ColumblavlUe Woolen r 10
Curtiss Aero A M,com.(t)
Emerson Phonograph
6
General Asphalt, com.r 100
Gen Motors 6% deb stk wi
Hupp Motor Car
10
Intercontinental Rubb.100
Keyst Tire A Rub. com. 10
Manhattan Transit.r.. .20
Marconi Wlrel Tel of Am.5
North Am Pulp A Pap (+)
Penn Seaboard Steel..(t)
Poulsen Wireless.r
RNe Equipment r
Smith Motor Truck r
Stand Mot Constr.r
8teel Alloys Corp.r
Week's Range
6*
5*
22 *
47
27
22 *
42
19
2*
11*
------
37
13
2
34 *
47
30
2*
11*
900
16
2
37
79
2,000
100
2,400
*4034
11*
*
11
1-16
11*
300
635
3-16
6,800
8*
8*
8*
8*
8*
2,900
100
6*
26
26
11*
UK
32*
5*
3X
H
34
5*
Wrtght-Martin Aire r._(+)
100
Preferred .r
18,100
3,600
1,900
2,600
1,800
42 *
------
Stromberg Carbur_.no par
Bubmar Boat Corp vto. (t)
United Motors r__(no par)
U 8 Steamship
10
Wayne Coal
6
World Film Corp v t e
6
634
22*
4*
2*
31*
6
Range since Jan. L.
7834
4*
10*
24 y8
*
4*
2*
4*
10
10
for
Week.
of Prices.
Low.
High. Shares.
------
10
we
Sales
Friday
Week ending Dec. 6.
4*
4*
500
4*
1,100
11
200
72,200
5,600
4,000
1,300
1,875
33*
*
4*
3
42*
7
300
27
13
200
8,200
6,600
34*
6*
15.800
14,550
1,500
8,200
4
*
4*
63
60
625
*
19c
Boston-Wyomlng Oil_r__l
Cosden A Co eommon r__5
Preferred .r
.5
Elk Basin Petroleum r—5
Esmeralda OU r
.1
Peri—-*! OH r.,„
5
Glenrock Oil r
10
Houston OU com t—-100
8c
3*
77
Imperial Con Oil I. r____l
£1
15*
10
4*
10
1
11-16
Metropolitan Petroieum25
1.04
Midwest Oil eommon r..l
Midwest Reflning.r
50 134*
Northwestern Oil, com.r. 1
Oklahoma Prod A Ref—5
9*
1*
Okmulgee Prod A Refg..5
25c
Omar Oil A Gas com
1
60
Royal Dutch Co new.r__5
8a pul pa Reflning.r
5
Security Prod A Ref
5
9-16
Sequoyah OH A Ref
1
Sinclair Gulf Corp r—(t)
------
------
------
40c
1
Southwest Oil.r
1
Stanton OU.r
United Western Oil, new.r
Victoria OU.r
10
320
585
287
232
286
*
19c
6*
1*
2*
-
Bond Sales.
469
928
$30,200
56,000
61,750
31,500
New York “Curb” Market.—Below
228
------
314
550
285
228
282
6*
3*
5*
4*c
290
55
11
64
91
5-16
20c
7
11.500
3,000
2,700
100
3*
800
6*
8c 116,750
2
2*
4,200
3*
7,500
3*
•77
1,100
.
73
600
*
*
3.100
15* 15*
4* 39.500
3*
800
21* 22*
11846
15,700
1*
1.03 1.07
8,200
7,340
131* 138
48c
47c
4,000
9*
9* 30,800
1
1*
12,000
23c
25c
20,500
63
60
4,700
7
310
6*
*
2,500
*
*
* 12,200
700
19* 20
40c
35c
6,960
1* 12,400
1*
15-16 15-16
5,000
2*
2*
3,023
Range since Jan. a.
Low.
290
418
249
210
248
High.
June1
365
586
296
249
Sept
$02
Sept
Jan
Sept
•A Aug
Sept
6* Sept
3* Mar
6* July
3c Sept
1* Aug
2* Sept
$9* Jan
* June
12* Feb
1*
Jan
17* Mar
* Jan
15c
87c
97
42c
6*
1
18C
56
6
Apr
Mar
Sept
Apr
Dec
Nov
Nov
Sept
* Sept
* Sept
15
25c
Jan
Sept
* Sept
* Aug
1* Sept
Jan
Dee
Oct
Nov
Nov
1 $-16
33c
8*
3*
7*
6-16
4
6
86*
%
16*
Jan
Jan
Feb
Jan
Oet
Jan
Feb
Jan
June
Nov
Oet
Mar
5*
29* June
2* Nov
1.24 Jan
139
Nov
89e
Feb
10* Oct
11* Mar
40c
Jan
82
Nov
10* May
* Oct
1* Mar
24
58c
Oet
June
2* Mar
2* Feb
6* Mar
Mining Stocks.
Bond Sales.
Shares.
AND
Baltimore.
Philadelphia.
Boston.
------
-
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA
BALTIMORE EXCHANGES.
Week ending
Dec. 6 1918.
Ohio OU.r
25
Prairie Oil A Gas.r
100
Prairie Pipe Llne.r
100
Standard Oil (Calif) r..l00
Standard OU of N Y.r.100
Other Oil Stocks.
Barnett OU A Gas r
1
Interaat Petrol.r
Island OU A Trans r
Merritt Oil Corp.r
Jan. 1 to Dec. 6.
Week ending Dec. 6.
Sales at
8tate, Mum.
dt Portion
$306,000
1,861,000
1,473,000
1,051.000
1,341,000
1,135,000
Par.
(Concluded.)
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Dec. 6 1918.
Last WMF* Rang*
for
Bale.
Week.
ef Prices.
Price. Low.
High. Share*.
Former Standard Oil
Subsidiaries.
Exchanges
Low
6*
!
•
Dec!
14* Apr
18* June
19
Dec
1* Oet!
10* Sept!
10
Nov|
1
Aug
23* June
78
Nov
2*
Jan
8
Aug
11*
Oct
High.
16*
23*
53*
59*
3*
12
42
4*
37*
83*
6*
15*
33*
5-16
Apr
2* July
2
Apr
34* Nov
6*
Dec
10* July
A
Dec
7* Nov
5
21
11
June
June
Nov
19* Jan
3* Nov
2* Oct
* Sept
4*
45
Nov
Feb
*
5*
4*
56*
15*
13*
2*
13*
8*
-27
20*
35*
7*
4
May
Nov
Nov
May
Mar
Oct
June
Jan
Oct
Nov
Nov
Oct
Dec
Dec
Nov
Aug
June
May
Oct
Apr
June
Dec
Dec
May
Nov
May
Nov
* Mar
11* May
69
June
Alaska-Brit Col Metals.. 1
America Mines.r
..1
Arizona Bingh
5
Atlanta Mines
1
40c
------
4
6c
1 1-16
12c
50c
33c
..5
Big Ledge Copper
1
5
Caledonia Mining
1
Calumet A Jerome Cop.r 1
*
Canada Copper Co Ltd—5 2 3-16
Candalarla Silver.r
1
52c
Cash Boy
1 7*c
Cerbat Sliver M A M.r..l
1*
Consol Arizona Smelt....5
1*
Consol Copper Mines....5
6*
Consol Homestead.r
1
Cresson Cons Gold MAM 1
5*
Denbigh Mines.r.......1
Dundee-Arizona Copper. 1
Eureka Croesus Min r
1
1*
First National Copper
5 2 7-16
Fortuna Consol.r
1
Goldfield Consolidated. 10
26c
6c
Goldfield Merger.r
1
1
Great Bend.r
5*c
Hattie Gold Min.l.r
1
45c
Hccla Mining.
5
25c
Iron Blossom r
10c
40c
Jim Butler.r
1
__1
15c
Jumbo Extension
Kewanas r
1 5*c
La Rose Consol Mines
5
39c
Liberty Silver (prospt).r.l
Booth r
Boston A Montana Dev
------
_
_
_
_
_
5
1
5
Magma Copper
Marsh Mining.r
Mascn Valley
Mclntyre-Porcuplne
McKinley-DarragbSav. 1
Mines Co of America—.10
Mother Lode.r..
....1
_
1
Nixon Nevada
Onondago Mines.r
1
Ray Hercules Mlning.r__5
Red Warrior Mining _r
1
Rochester Mines
1
San Toy Mining
1
Seneca Copp Corp (no par)
Silver Canon
1
Silver Fissue Silver r
1
Silver King of Arizona
1
Silver Pick Cons.r
1
Standard SUver-Lead
1
1
Stewart
Success Mining
1
------
4c
------
Bond*—
Am Tel A Tel 1-yr 6s.rl919
Amer Tobacco serial 7s rTt*
1920
Serial 7s.r
Serial
7*
r
.
_
1921
Serial 7s r
1922
Serial 7s r
1923
Beth Steel ser 7s.r-..1919
Serial 7s.r
1920
Serial 7s.r
1922
1923
Serial 7s.r
Braden Cop Mines 6s w i’31
Canada (Dom of) 5s.. 1919
Cudahy Pack 7s w 1..1923
Federal Farm Loan 5s
Gen Elec 6% notes
1919
Interboro R T 7s
1921
KanCityTermRy 6s w i *23
LlggettAMyers Tob 6sl921
Norf A West conv 6s w ’29
Russian Govt 6*« r..1919
5*s r
.1921
U S Rubber 7s.r
Wilson A Co Inc 6s w i ’28
1*
1*
5*
*
4*
*
1*
1*
6*
*
5*
*
1
1
1*
2*
1*
2*
40c
22c
5c
4c
44c
35c
34c
4*
3*
------
31c
14*
85c
13-16
------
40c
3Sc
11c
1 13-16 1 13-16
48c
48c
*
*
34c
34c
4
35c
34c
3*
4*
3*
3-16
31c
5-16
32c
8*C
9*C
13'
15'
84c
87c
13-16 13-16
7-1C 7-16
5*c
*
5*c
*
17c
15c
17c
10c
10.-.
1 13-16
3*
4*
9*c
*
2*
3*
4*
29c
31c
44o
49c
81c
843
1 5-16 1 3-16 1 5-16
20c
18c
22c
2c
2c
2c
14c
14c
16c
7c
7e
101*
101*
102*
102*
99*
100*
97*
99*
99*
69
65
95*
400
800
76,700
15.800
47,500
42,400
29,250
17,000
'
* Sept
3c
38c
32c
23c
96c
56c
Jan
Apr
25,600
23,000
5,200
2,100
13,500
37c
3c
42c
1 5-16
Aug
Oct
J&n
Feb
Aug
500
6,800
300
200
6.400
4,330
500
22c
Feb
4* Mar
*
Oet
7-16 July
* Feb
1 * Sept
30c
June
Oct
17c
1 *cJune
2*cSept
33c
June
Jan
u
Nov
Dec
37c
2*
8c
July
1*C Oct
25c
28c
27
Jan
Feb
May
2*cNov
2* Dec
Dee 1
300] 1 13-16
Nov
3,000
33c
100
* Dec
Jan
25c
6,900
Oct
31c
200
4,900
1,900
2,100
8,400
2,500
2,500
16,600
2,500
200
12.500
1,450
31,600
300
19,750
100
6,000
16.500
8,500
5.400
7,600
63,200
3.500
24,500
1.000
1^000
96
107
109* 1155000
67
71
71,000
64
68
122,000
100* 101 V4
35,000
95* 97
265,000
2
3*
Jan
Dec
3-16 July
Jan
27c
7c
Sept
7* Jan
60c
Sept
* Mat
7-32 Apr
2*c Oct
A
lie
7c
1
Oct
Aug
Jan
Nov
2* Sept
3
July
4o
May
37 *C Nov
73c
65C
lie
Oct
Jan
Oct
l*c Nov
8Sc Sept
4c
Sept
98*
100*
99*
99*
1*
Dec
A Nov
4*
70c
88c
6
13C
Sept
1*
~ 55,000
98* 99* 154,000
101* 101* 14,000
104* 104*
1,000
100* 100* 12,000
97* 98* 213,000
99* 99* 36,000
98* 99* 375,000
96
5-16 Apr
34c
July
3* Dec
3c
July
3,900
99* 100
$4,000
100* 101* 17,000
100* 101* 111,000
mi u 109
131,000
102 " 102* 15.000
102
102* 88,000
7,000
100* 100*
100
100U
10,000
100* 100*
2,000
10014 10014
96
4,200
56,500
140,000
5*c
87,000
45c
5,000
4*
5*
3,925
9-16
*
1,450
40c
37c
19,200
15c
23c
48,200
5c
10*3
72,800
*
*
500
38c
51c
3,900
600
28* 29*
4*c 5c
4,500
2*
3*
2,600
------
Tonopah Extension
.1
1
Tonopah Mining
United Eastern Mining..] l 9-16
Ward Min A Milling
30c
)
47c
Wasaplka
1
83c
Washington Gold Quarts.!
West End Consolidated. .5
Western Utah Exten i r__l
White Caps Extension. 10c
White Cape Mining
10»
WUbert Mining
1
40c
88c
4
3*
5*c 8c
1
1*
6C
23c
48c
51c
36c
32c
9-16
*
2 1-16
2*
47c
52c
6c 7*c
38c
88c
Aug
Oct
Oct
1*
2*
52c
19c
May
Nov
Aug
Feb
Mar
Dec
Mar
Jan
Mar
Nov
Dee
Feb
1* July
2A NOV
•7* May
* Mar
6
Nov
9U
Jntv
1 5-16 Nov
2* June
2* Jan
46c
Aug
7-16 Jan
lie
Dee
10c
Feb
86c
Sept
*8A Nov
11-16 Jan
Jan
90c
24c
Jan
Feb
9c
11-16 Apr
62c
July
Jan
42
8*eMar
AW
Jen
13-Ta
Dm
60c
Jan
1* June
56c
Apr
1* Mar
July
4* Jan
* Mar
54c
May
6
18c
Jan
15* Nov
*
Nov
1
AUg
* June
9*c Dec
* Apr
* Jan
16c
Apr
1*
4
5*
52c
49c
84c
Jan
Jan
Feb
Nov
Nov
Dec
1* June
Sent
23c
18c
*
14c
100
101*
101*
102
Feb
Jan
Jan
Nov
Dec
Dee
PfA
Oct
99* Oct 103*
Nov
99* Oct 103
AUg
98* July 101
98* July 100* Oct
97 * July 100* Nov
96* July 100* Oct
96
Dec
94* Jan
97* Aug
101* June
99
97*
99*
98*
104*
38
32
Jan
Nov
Nov
Nov
Nov
Mar
Apr
99* Nov
95* Dec
96
99*
101*
Dec
Dec
Dec
106* Ang
100* Apr
99* Nov
100* Nov
99* Nov
109* Dec
Oct
Nov
101* Nov
97
Dee
78
78
*
Odd lots,
t No par value. I Listed as a prospect.
I Listed on the Stoek
Exchange this week, where additional transactions will be found, o New stoek.
r Unlisted.
« Ex-cash and stoek dividends,
s When Issued,
t Ex-dividend
V Ex-rights,
e Ex-stock dividend.
Rights.
Norf AWes RR(to take bds)
Port Lobos Petroleum
Texas Co.r
Wilson A Co.r (to take bds)
Former Standard Oil
Subsidiaries.
Anglo-Amer OU.r
.£1
65,000
14*
*
2*
15*
1*
1,500
2
,
Buckeye Pipe Line.r...6C
Illinois Pipe Llne.r
100
X
1*
15
*
600
56,000
*
2
12*
*
Nov
DW,
Oct
Dee
1* Nov
9. U
Dne
17* Nov
1 * Dec
-
-
if*
16*
93
93
.
157
17
93
157
6,300
20
15
11*
85
138
Feb
Sept
Sept
18*
100
192
Oct
Feb
Jan
CURRENT NOTICE.
—The formation of BenweU. Phillips, Este Sc Co. has been announced by
Oswald F. Benwell, for many years President of Oswald F. Benwell 9c Co.,
specialists in Western municipal bonds. Clare N. Phillips, formerly Treas¬
urer and Manager of the mundipal buying department of Sweet, Causey,
Foster 9c Co., investment bankers, of Denver, and Sydney V. N. Este, who
until now has been Assistant Secretary and head of the sales department of
Dec. 7
THE CHRONICLE
1918.]
Sweet. Causey. Foster 8c Co., The new firm has moved into enlarged quar¬
ters hitherto occupied by Oswald F. Benwell 4c Co. in the New Colorado
National Bank Building. Denver, and will specialize in municipal and cor¬
poration bonds.
—Announcement is made that the Philadelphia firm of Bloren 8c Co.,
established 1865, will continue under the same name at 314 Chestnut St.
with the admission of E. Curzon Poultney to the succeeding partnership.
T. H. Dudley Perkins of the old firm recently died.
All the old partners
are members of the new firm with Mr. Poultney, including E. Clarence
Miller, Walter H. Lippincott, Henry D. Wieand and Harry B. Ireland.
Bioren 8c Co. are members of the New York and Philadelphia Stock ex¬
changes.
—The issue having been oversubscribed, tke Guaranty Trust Co., Hallgarten 8c Co., William Salomon 8c Co., Illinois Trust 8c Savings Bank and
the Continental 8c Commercial Trust 4c Savings Bank are jointly advertis¬
ing in to-day’s issue as a matter of record only, their recent offering of
S20.000.000 Wilson 4c Co., Inc., 10-year convertible sinking fund 6%
bonds.
Price 95 and int., yielding about 6.70%.
Full particulars ap¬
pear in the advertisement.
—To yield the investor 7>£ to 8%, the bond department of Hannevig
4c Co., 139 Broadway, this city, are offering a list of short-term marine
equipment issues secured by first mortgage on new steel cargo vessels pro¬
tected by insurance in excess of outstanding bonds.
The list will be mailed
to all inquirers asking for 0107.
Hannevig 4c Co. specialize in marine
financing and marine securities, deal in foreign exchange and issue letters
of credit.
yielding about 6>4 %, Kissel, Kinnicutt 8c Co., this
offering for investment $5,000,000 Braden Copper
Mines Co. 15-year 6% sinking fund bonds due 1931.
The details of the
offering appear in to-day’s advertisement on another page.
—Eugene M. Hoyne 8c Co. announce that they have taken over the
business of Perry, Price 8c Co. and will conduct a general brokerage busi¬
ness in stocks, bonds and grain at 105 South La Salle Street, Chicago. •
—Harry A. Sharpe, formerly in business as Harry A. Sharpe 8c Co., in
Pittsburgh, and previously of the Duquesne Bond Corporation, has been
appointed assistant to the Sales Manager of Bonbright 4c Co., Inc.
—Theodore Berdell is back at his desk at Berdell Brothers after having
served in the U. S. Army with the rank of Major.
—At 96 and interest,
city and Chicago,
are
FOREIGN
OF
TRADE
NEW
YORK.
Merchamtue Movement at New York.
Month
Imports.
1918.
Customs Receipts
at New York
Exports.
1918.
1917.
1918.
1917.
1917.
$
f
f
f
S
7,488.551
January.. 88.164,970 128,344,239 248,203,724 303,906,525
8,177.780
February. 94,303,999 97.834,888 168,713,182 223,464,135
March
9,870.168
98.360,412 147.901,883 251,325,068 258,020,408
121.564,991 126.801.160 191,719,439 203,873.040 10,525.971
April
149.434.134 118.850.759 219,019,748 245.998.346 12,162,731
May
June.
112.622,429 154,901,984 205.313.999 274,287,250 10,685,910
9,215,233
96,101.747 95,713,123 237,731,667 210,181,903
July
8,589,023
122.452,147 122,231,660 209,108,295 274,627,773
August
8,438,132
September 115.731.618 99.805,185 197,725,054 242,132,080
October
7,350,251
105,821,699 91,319,486 182,657,189 219,908,712
New York City Realty and Surety Companies
All prices now dollars per
Bid.
65
y
r
60
r.
205
>_
«
Impo rta and e x ports
of gold
anc ;
Standard Oil Stocks
Month.
January..
February.
1918.
1917.
S
•
April
May
June
534.406
July
August
September
627.829
688,892
...
October
<^738,710^
Total
New
559,988
456,282
..
1918.
1,930,781
1.085,806
1,074,962
877,460
1.084.038
1,194,622
904,838
1.245,038
980,609
1,225,028
1,070,279
994,103
628,514
518.140
660.277
March
Exports.
Imports.
£1
Anglo-American Oil
Atlantic Refining
100
Borne-Scrymser Co
100
Buckeye Pipe Line Co
50
Cbesebrough Mfg new...100
Colonial Oil
Continental Oil
Crescent Pipe Line Co
Cumberland Pipe Line
Eureka Pipe Line Co
*
057,940
3.170,387
301,073
223,177
1,302.420
203,500
3,903,713
268,000
737,990
381,200
1918.
8
10.494.074
14,129,717
9,819,730
3.017,151
17,629,499
13,564,850
19,179,282
12,337,552
11,331,810
7,484,497
%
1,409,524
1,444.351
s
2,740,717
2,186.324
606.260
3,294,034
3,944,455
3,910,742
5,590,300
2,435,000
2,985,275
2,784,204
6,358,613
720,467
1,317,371
1.115,157
1,803,038
2,421,115
2,012,001
1,551,114
Atlantic
Battery Park.
Bowery *.
Broad way Cen
Bronx Boro*.
...
Bronx Nat
Bryant Park*
Butch A Drov
Cent Merc
.
Chat A Phen.
Chelsea Exch*
Chemical....
Citisens
City
Coal A Iron..
Colonial*....
Columbia*
Commerce
Comra’l Ex*.
Commonwealth *
Continental*.
Corn Exch*..
Coemop'tan*.
Cuba (Bk of).
Bid.
495
220
170
190
400
135
125
160
145
19
165
395
235
115
398
215
440
215
400
155
tl95
390
dollars
195
100
325
85
1
tlrvlng (trust
certificates) 270
395
Liberty
145
175
170
155
23
170
410
245
125
408
225
Metropolitan*
Mutual *-.-_
New Neth*..
New York Co
New York...
Pacific *
Park
Prod Exch*..
Public
Seaboard
Second
Sherman
State *
23d Ward*...
Union Exch..
United States*
Wash H’ts*..
Westch Ave*.
Yorkville *
....
225
....
165
410
107
335
100
250
170
320
125
170
375
200
130
425
135
520
200
220
450
400
125
110
115
145
500
275
160
290
1
275
410
275
180
330
135
175
(Bankers Trust 440
_
Empire
Equitable Tr.
290
360
Farm L A Tr.
400
210
330
375
135
Fidelity
_
Fulton
Guaranty Tr.
'Hudson
-
-
-
530
_
175
310
Brooklyn.
Coney Island*
175
20
110
First.
_
l!
•
l
Hillside •
ilHnmestead *
| Mechanics' *.
Montauk*
Nassau
!
National Cltv
North Side*.'.
People’s
140
265
150
110
70
57
85
200
133
175
130
155
280
165
120
80
62
95
207
138
200
140
315
100
300
370
415
220
360
385
145
95
100
100
110
210
Metropolitan. 345
Mutual (West-^
130
155
_
450
Irving Trust. /See Irving
\Nat Bank
Law Tit A Tr
Lincoln Trust
Mercantile Tr
A Deposit.
235
470
425
135
_
Ask.
Central Union ^416
Columbia
305
Commercial..
88
215
140
-
Bid.
_
105
Chester)
N Y Life Ins
A Trust
t869
N Y Trust... 595
Scandinavian
280
Title Gu A Tr 290
Transatlantic.
U S Mtg A Tr 410
United States 895
Westchester.. 130
_
•
Banks marked with a (*) are 8tate banks,
Exchange this week,
t Includes one-third share
Ex-rights.
Trust Co’s.
New York.
Ask.
Brooklyn.
Brooklyn Tr.
Franklin
Hamilton....
Kings County
Manufacturers
People's
Queens Co
t Sale at auctl
Irving Trust Co.
_
.
500
220
260
020
160
290
65
125
610
300
_
170
_
_
_
980
450
*92
290
25
460
*35
160
180
85
115
100
163
*97
80
USTltleGuar
West A Bronx
Title A M G
80
190
60
150
170
_
910
140
515
230
270
650
75
■
*
Per share,
n
/ Flat price,
ft Basis,
Nominal.
i
(
;<
| Equipment 4>*s'<
,<
1
Equipment 4Hs
<
(
<
<
<
15** i
Equipment 4tfs.
Equipment 4s
Equipment 6s.
:
|
1
1
:
Equipment 4*4s.
ew
7
38
72
14
58
York Central 1
Equipment 4>4e.
585
286
475
105
109
373
40
Equipment 4s.
ennsylvania RE
Equipment 4s.
St Louis A San Francisco 6s.
Seaboard Air Line 5e
Equipment 4*4s
Southern Pacific Co 4J4s..
Southern Railway 4Hs
55
5
35
158
Toledo A Ohio Central 4s
256
91
85
40
72
212
109
119
98
44
305
375
B common stock
Preferred
A dividend scrip
B dividend scrip
Young (JS) Co
Preferred
100
100
94
94
100 120
95
6.26
6.26
6.00
6.00
6.75
6.76
5.00
6.26
6.25
5.25
6.26
6.00
6.00
6.00
6.00
640
5.65
6.75
Ati.
103
90
80
23
23
|210
100
190
100
390
320
109
98
98
150
105
Short-Term Notes—Per Cent
Amer Cot Oil 5s 1919..MAS
98V 9914
7% notes Sept 1919
100«4 1001*
Amer Tel & Tel 6s 1919.FAA 100 1001*
Balto & Ohio 5s 1919..-JAJ
9914 99**
Canadian Poe 6s 1924.MAS 2 100 loot*
Dei A Hudson 5s 1920..FAA
98V 98V
Erie RR 6s 1919
A-Ol 96V 97
Fed Sugar Rfg 5s 1920.. JAJ
97V} 981*
General Elec 6s 1920....JAJ 1001*1007*
6% notes (2-yr) 1919.JAD loots 100*8
Great North 5s 1920...MAS
983s 987*
_
800
55
95
105
46
Hocking Val 6s Feb '19 MAN
K C Term Ry 4^s 1921.JAJ
238
6s Nov 15 1923..MAN 16
Laclede Gas Lt 6s 1919.FAA
101
60
76
20
41
35
95
295
82
29
95
24
48
95
11
44
83
LigrettAM yersTob6s’21JAD
N Y Cent 5s 1919..MAS 15
Penn Co 4^s 1921..JAD 15
Pub 8er Corp NJ 5s ’19 .MAS
Rem Arms U M C 5s ’19FAA
Southern Ry 5s 1919.MAS 2
Utah Sec Corp 6s *22 .MAS 15
W’bouse El A M 6s ’19.FAA
Winches RepAra)s7s’19. MAS
Industrial
and Miscellaneous
American Brass
100
American Chicle com.... 100
Preferred
100
American Hardware
100
Amer Typefounders com. 100
Preferred
100
131*
Borden’s Cond Milk com. 100
Preferred
100
Celluloid Company
100
Columbia Graphopb Mfg (+)
Preferred
100
41
78
63
88
64
75
41
88
20
50
19
59
! Freeport Texas Co
(+)
Havana Tobacco Co....100
Preferred
..100
1st g 5s June 1 1922..J-D
Intercontlnen Rubb com. 100
Internat Banking Co.... 100
100
International Salt
1st gold 58 1951
A-O
International Silver pret.100
81*2
i Lehigh Valley Coal Sales. 50
| Otis Elevator common
1
3V
18
7
40
10
41
74
16
61
290
106
...
100
Preferred
100
100
*97*2 99”
99*4
98V
987g
99ig
9612
997*
991*
991*
99*8
971*
98
99
9«U 99
991s 99%
86
88
997* loot*
99*4 99*4
208
66
74
133
38
83
96
95
135
•98
86
*331*
1
2
/38
101*
160
52
70
80
*87
55
77
|212
69
76
140
43
87
99
99
140
102
89
35
3
5
45
11
62
71V
90
90
82*
Remington Typewriter—
j
Common
1st preferred
2d preferred
100
Preferred
100
100
100
Royal Baking Pow com..100
Singer Manufacturing
,
Ex-dividend,
y
Ex-rights,
100
34
108
100
124
87
198
940
36
112
103
130
90
200
« New stock.
(t) Without par value.
d Purchaser also pays accrued dividend.
*
7.00
7.00
6.60
6.60
6.00
6.00
6.30
5.75
5.75
6.75
5.76
7.00
7.00
7.00
7.00
5.90
6.15
6.25
Tobacco Stocks—Psr Share
Par Bid
89**
112
American Cigar common.100
98
350
Preferred
100
83
Amer Machine A Fdry._100
75
60
200
British-Amer Tobac ord..£l *21
100
Ordinary, bearer
£1 *22
100
Conley Foil
100 190
Johnson Tin Foil A Met. 100
70
70
MacAndrews A Forbes.. 100 170
48
Preferred
90
100
Reynolds (R J) Tobacco. 100 360
102
•121* 14
34
*32
38
Equipment 4Hs.
!:
465
17i2
5
60
6.106.60
6.106.80
6.60 6.00
6.00 6 60
6.00 6.60
6.90 6.00
7.266.25
7.26 6.26
6.26 6 75
6.90 6 40
6.76 6.30
6.50 5 75
6.256.75
6.25 5 95
6.26 6.95
6.25 6 96
6.261 6.60
6.26 6.60
5.86 6A5
6.86 5.36
6.266.76
5.80* §.S0
6.00 5.75
6.00 6.60
Equipment 4s..
16
190
115
319
48
570
286
350
185
286
105
233
690
540
350
57
79
97
17
6.00 5.60
I
175
95
110
35
170
39
170
190
90
130
105
158
100
Preferred
10C
South Calif Edison com. 100
Pi eferred
100
Standard Gas A El (Del). 50
Preferred
50
Tennessee Ry L A P com. 100
Preferred
100
United Gas A Elec Corp. 100
1st preferred
100
2d preferred
100
United Lt A Rys com
100
1st preferred
100
Western Power common. 100
Preferred
—100
31*
Equipments—PerCt. Basis.
!]
| 000
Republic Ry A Light....100
.
I New stock.
75
176
.
Ask.
Public Utilities
Amer Gas A Elec com
5C *103
50 *44
Preferred
Amer Lt A Trac com.... 100 236
99
10C
Preferred.
Amer Power A Lt com
55
IOC
74
Preferred
100
10
Amer Public Utilities com 100
38
100
Preferred
32
Carolina 1'owALight com 100
90
Preferred
...10C
Cities Service Co com
100 292
81
Preferred
10C
27
Colorado Power com.... 100
90
Preferred
...10C
22
Com’w’th Pow Ry A Lt.. 10C
Preferred
10C
46
Elec Bond A Share pref.. 10C 492
8
Federal Light A Traction.10C
Preferred
10C
40
81
Great West Pow 5s 1940.JAJ
1U2
Mississippi Rlv Pow com. 100
38
10C
Preferred
First Mtge 5s 1951...JAJ
74l2
61
North’n States Pow oom.lOC
87
Preferred
10C
North Texas Elec Co com 100 x59
70
Preferred
10C
39
Pacific Gas A Elec com.. 100
86
1st preferred
10C
15
Puget SdTrLAP com. .100
48
Preferred
10C
share.
per
Bid.
Lincoln
Manhattan *.
Mech A Met.
Merchants
_
25
Enrnn«
130
Fifth A venue*/1800 2200
230
215
Fifth
950
920
170
185
Garfield
200
Gotham
340
330
Greenwich *_.
700
685
250
240
Hand man
515
Imp A Trad.. 505
East River
Banks.
Ask.
505
230
180
200
1
RR.
|
151*) 17
Ordnance Stocks—Per 8 hare.
Aetna Explosives pref
60
100
2
American A British Mfg. 10C
Preferred
100
20
Atlas Powder oommon
10C 154
10C
Preferred
871*
10C 110
Babcock A Wilcox
Bliss (E W) Co common. 5( •300
6C *65
Preferred.
Canada Fdys A Forgings. 10C 195
90
Carbon Steel common
10(
1st preferred
93
10(
2d preferred
67
10(
Colt’s Patent Fire Arms
Mfg
25 *45
duPont (E I) de Nemours
A Co common
10( 250
Debenture stock
89
10(
Eastern Steel
10C
75
25
Empire Steel A Iron com. 10C
68
Preferred
..10C
Hercules Powder com
10C 205
Preferred
10C 105
Niles-Bementr-Pond com. 10C 117
95
Preferred
10C
Penn Seaboard Steel (no par) *40
100 290
Phelpe-Dodge Corp
Scovill Manufacturing
100 350
Thomas Iron
5C *25
Winchester Repeat Arms. 100 700
50
Woodward Iron..
10C
85
Preferred
11,603,182 73,946,524 118,988,162 14,406,398 36,241,664
All prices now
s
1918.
1917.
Sha)t
Bid.
Preferred old
100
Preferred new
Illinois Pipe Line
.100
Indiana Pipe Line Co
60
International Petroleum. £1 •15U
National Transit Co...12.50 •151*
New York Transit Co...100 180
Northern Pipe Line Co.. 100 105
Ohio Oil Co
26 *315
25 *46
Penn-Mex Fuel Co.
Prairie Oil A Caa
100 560
Prairie Pipe Line
100 282
8olar Refining
100 325
Southern Pipe Line Co.. 100 180
South Penn Oil
100 280
Southwest Pa Pipe Lines. 100 100
Standard Oil (California). 100 228
Standard Oil (Indiana)..100 680
Standard Oil (Kansas)... 100 520
Standard Oil (Kentucky) 100 340
Standard Oil (Nebraska). 100 450
Standard Oil of New Jer.100 580
Standard Oil of New Y’k.100 282
Standard Oil (Ohio)
100 450
Swan A Finch
100 100
Union Tank Line Co.__.100 107
100 308
Vacuum Oil
10 *36
Washington Oil
fork City Banks and Trust Companies
Banks—N. Y.
America *
Amer Exch..
rthaan
Exports.
100
100
60
100
100
Galena-Signal Oil com... 100
York.
Imports.
Pe
Par
92,483,750121,715.605
Silver—New
Ask.
Realty Assoc
(Brooklyn)
U S Casualty.
“and Interest” except where marked ‘*f.*
new.
silver fc>r the 9 months:
Gold Movement at Now York.
Bid.
90
90
224
Quotations for Sundry Securities
'
Total... 1104558146 1183704367 2311517365 2516400181
14
60
share.
A«k.
Ask. I
Bid.
80
65 Lawyers Mtge
85
Mtge Bond..
Nat Surety.. 218
215
75
N Y Title 8c
70
19
Mortgage..
67
All bond prices are
•
13,494.316
10.800.297
13.395,986
14.052,313
18.823,305
10.256.450
11,190,794
10,684.750
9,469,365
9,548,029
__
6.10
2179
3180
THE CHRONICLE
[Vol. 107
IpMstmmt and fftaitoad Intelligence.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regulaiisieekly or monthly returns
The first two columns of figures give the gross earnings for the latest week or month, and the last two
can be obtained.
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric
railways
are
brought together separately
Latest Gross Earnings.
ROADS.
Week or
Month.
Alabama Sc Vicksb. October
Ann Arbor
2d wk Nov
Atch Topeka & S Fe
Gulf Colo & S Fe
Panhandle & S Fe
Atlanta Birm Sc Atl
Atlanta & West Pt.
Atlantic City
Atlantic Coast Line
Atlantic Sc St Lawr.
Baltimore Sc Ohio..
B&OCh Term..
Chicago & Alton
Chic Burl Sc Quincy
October
October
October
October
October
October
October
June
October
October
October
October
October
October
October
October
October
4th wkNov
October
4th wk Nov
4th wk Nov
October
October
October
October
October
October
October
October
October
October
Ch Det & C G Trk.
July
Bangor Sc Aroostook
Bellefonte Central.
Belt Ry of Chicago.
Bessemer & L Erie.
Bingham Sc Garfield
Birmingham South.
Boston & Maine
Buff Roch Sc Pittsb
Buffalo & Susq RR.
Canadian NorSvst.
Canadian Pacific..
Can P Lines in Me.
Caro Clinch Sc Ohio
Central of Georgia.
Central RR of N J_
Cent New England.
Central Vermont.
Charleston & W Car
Ches Sc Ohio Lines.
_
Chicago Sc East Ill.
Chicago Great West
October
October
October
October
October
October
October
October
October
October
October
October
subsequent
on a
page.
Jan. 1 to Latest Date.
Previous
Year.
$
I
S
236,582
230,475
78,068
64,133
15425189 12996636
1,768,506 1.629,583
510,7981 650,899
463,206
385,835
251,363
180,824
350,372' 226,536
4,987,089 3,661,236
197,384!
122,364
18261058 12525425
155,183
163,732
462,944
393,185
7,958
6,232
349,690
329,001
1,530,951 1,249,280
309,687
321,188
92,840
121,782
Current
Year.
%
1,987,448
3,013,939
Previous
%
133560797 116089569
15,796,925 14,032,454
4,893,461 5,765.304
3,772,885 3,248,562
2,041,704 1.432,937
3,503,185 2,839,928
46,380,850 35,689,822
986,133
926,429
143303243 111166993
1,354,700 1,183,300
4,502,000,4,598,000
139379883 136953646
187,4271
117,9461
408,123
168,619
122,550
359,643
1,844,238
3,861,358
1,774,420 1,592,578 17,001,793
4,434,685 3,299,778 37,526,591
456,095j 477,316 5,058,304
517,993
420,082 4,306,744
341,926! 252,455 2,416,555
7,467,628 5,046,572 59,367,963
2,388,753 1,911,764 20,124,094
14429333111342614 118462046
163,436
122,207
800,805
1,669,899
3,699,791
66.727
3.235.286
10,513,586
2.704.286
912,890
49,401,338
14,008,919
1,461,890
38,196,800
1,993,210
3,372,177
12,762,566
31,073,858
4,581,251
3,741,186
1,919,742
44,978,312
17,171,101
101573663
748,485
2,731,34111,898,964 22,206,343! 17,465,428
_
_
_
__
Grand Trunk Pac__
Grand Trunk Syst.
Grand Trunk Ry
Grand Trk West.
Det G H Sc Milw.
Great North System
Gulf Mobile Sc Nor.
Gulf Sc Ship Island.
Hocking Valley
4th wk Oct
2d wk Nov
2d wk Nov
October
July
October
October
September
October
October
October
October
October
October
October
October
Lehigh & Hud Riv. October
Lehigh Sc New Eng. October
Lehigh Valley
October
Los Ang Sc Salt L__ October
Louisiana Sc Arkan. October
Illinois Central
Internat Sc Gt Nor.
Kan City Mex Sc Or
K C Mex & O of Tex
Kansas City South.
Texark Sc Ft 8m.
Kansas City Term.
Louisiana Ry Sc Nav
Louisville Sc Nashv.
Louisv Hend Sc St L
Maine Central
Midland Valley
Mineral Range
Minneap Sc St Louis
Minn St P Sc S S M
September
October
October
October
October
255.200
1,471,654
1,372,660
2,004,327
265,944
12090441
216,347
226,242
1,561,990
9,769,270
1,319,817
132,983
111,121
1,507,335
127,720
114,613
191,753
305,513
6,292,522
1,462,289
134,338
268,860
10192132
254.995
959,136
742,623
1,455,210
274,888
8.834.849
229,628
234.995
1,066,127
5,090,273 4,850,992
61,223,341 51,889,262
53.227.582 45,059,264
11,383,091 9,755,840
1,759,411 2.015.444
80,657.056 73,594,695
1,987,722 1,942,770
1,974,730 1,665,768
11.385.582 8,990,276
88,993,826 72,212,676
11,123,939 10,077,883
990,659
1,112,535
999,078 1,074.890
12487380 10,168,745
1,014.102
910,520
938,970
938.970
1,904,827 1,904,738
7,980,068
1,355,372
110,946
128,562
1.078,274
99,667
102,206
187,848
349,263 3,317,264 3,085,536
4,970,374 53,678,353 44.935,979
1,216,365 12,039,570 10,567,777
145,171 1,388,675 1,283,015
242.028 2,253.573 1,729,302
7,074,789 83.560,674 62,753,637
202,722 2,357,952 1,842,129
1,277,220 13,538,535 II,870,168
264,234 2,853,022 2,379,349
22,013 1,024,823 1.077.284
962,522 9,953,872 9,031,795
3.435.849 28\546,70l
28,891,850
>8\5
119,428 1JP 72,324
753,260
287,963
1.410,692
332,255
3d wk Nov
24,098
October
1,216,595
October
4,256,833
89,614
Mississippi Central. October
Missouri Kan Sc Tex October
3.556,118 2,390,043 27J069.350 21,257,708
_
.
AGGREGATE OF GROSS
Current
Weekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
Year.
Previous
Year.
%
week
week
week
week
week
week
week
week
Sept
Sept
Sept
Sept
(16 roads).
(15 roads).
(14 roads).
(13 roads).
Oct
Oct
Oct
(10 roads).
(15 roads).
(15 roads).
(16 roads).
Oct
week Nov
week Nov
week Nov
(16 roads).
(15 roads).
(6 roads).
7,102.544
6,484.655
7,230.476
9,735.164
7,172,415
7.762.172
7.664.060
11,833,602
7,581.166
7,194,421
5,474,341
Increase or
Decrease.
5,656,143
6,931.491
6,809,000
10.309,702
6,615,360
6,850.256
5,160,954
Mo K&T Ry of Tex
Mo Sc North Arkan.
Mo Okla Sc Gulf
Missouri Pacific
October
September
October
October
Monongahela
October
Monongahela Conn October
Nashv Chatt Sc St L October
830,899
96,874
138,098
8,461,602
349,462
236,223
2,137,227
Nevada-Cal-Oregon 3d wk Nov
Nevada Northern
October
Newburgh Sc Sou Sh October
Jan 1 to Latest Date.
Previous
Year.
$
711,524
130.000
Current
Year.
Previous
Year.
$
$
16,056,723'12,788,171
1,060,868! 1,064,222
178,829 1,498,186 1,569,238
7,199,531 73,248,969 64,688,550
195,824, 2,600,364| 1,803,109
202,797 i 2,023,382 1,564,722
1,453,249 17,790,855 12,410,872
7,222
253,079
341,820
242,915 2,248,052 2,062,463
96,804 1,168,984
839,698
179,088 1,849,391 1.591,654
471,648 5,411,699 3,984,862
153,441 1,639,809 1,159,380
93,811 1,187,194
803,399
325,321 3,661,414 3,204,783
4,889
262,165
169,845
New Orl Great Nor. October
196,069
New Orl Sc Nor East October
591,210
N O Tex & Mex
October
175,756
Beaum SLAW. October
111,562
St L Browns Sc M October
461,585
New York Central. October
28673375 22768782 239294263 199417379
Ind Harbor Belt. October
487,642
420.658 4,542,970! 4,362,529
Lake Erie Sc W__ October
972,138
713,311 7,729,4501 6,794,553
Michigan Central October
6,644,539 4,990,388 55,568,240 43,395,981
Cleve C C Sc St L October
7,137,150 5,063,791 58.959,212 42,881,194
Cincinnati North October
295,785
241,961! 2,277,224| ^2,043,375
Pitts Sc Lake Erie October
3,310,812 2,531,575 27,427,568 21,435,089
Tol Sc Ohio Cent. October
1,133,380
860,021 8,320,314! 6,735,035
Kanawha Sc Mich October
692.797
333,263 4,986,2421 2,999,614
N Y Chic Sc St Louis October
2,327,661 1,546,355 17,961,575 14,204,259
N Y N H Sc Hartf.. October
9,353,128 7,704,668 85,055,277 71,643,937
N Y Ont Sc Western October
900,824
771,188: 9,320,357 7,757,103
N Y Susq & West._ October^
504,877
295,459! 3,589,234 2,961,302
Norfolk Sc Western. October^
8,027,950 6.300,313 67,264,435 54,665.808
Norfolk Southern.
October
521,271
472,921 4,673,8431 4,468,206
Northern Pacific
October
12167 442 8,338,680 82,813,285 73,021,575
Minn Sc Internatij October
69,812
77,630
843,183
884,234
Northwest’n Pacific October
541,815
482,707 4,834,459 4,066,071
Pacific Coast
October
524,821
580,339
1,974,101
Pennsylvania RR_ October 1
36962924 26549030 300253436 243597375
Balt Ches Sc Atl. _!October!
130,991
122,682 1,170,675 1,089,164
Cumberland Vail October
561,621
433,389 4,672,898 4,066,494
Long Island
I October
1,817,118 1,739,471 18,861,378 14,578,191
Mary’d Del Sc Va September
133,132
110,232
751,992
778,166
N Y Phila Sc Nor.!October
727,733
488,939 6,126,779 4,609,282
W Jersey & Seash! October
808.413
644,004 8.980.768 7,459*939
Pennsylvania Co.
10368824 7,438,264 77,375,671 66,025,767
jOctober
Grand Rap Sc Ind October
691,073
550.658 6,015,246 5,486,302
Pitts C C & St L_ [October
8,996,414 6,526,122 72.249,641 61,350,878
Peoria Sc Pekin Un_ October
111,892
101,561 1,053,580 1,015,495
Pere Marquette
2,960,109 2,157,387 23,400,041 19,549,682
October'
Pittsb Sc Shawmut. October”
100,090
109,131 I,127,973
965,059
Pittsb Shaw & Nor. September
90,471
100.863
972,395
925,066
Pittsb Sc West Va__ Octoberjj
170,080
171,874 1,581,737
Port Reading
October
257,308
141,720 2,079,089 1,584,432
Quincy Om Sc Kan C October JJ
97,010
84,057
890,777
723,844
Reading Company ;
Phila Sc Reading. October
6,750,197 6,194,124 66,329,562 55,837,679
Rich Fred Sc Potom October
644,379
446,455 5,602,786 4,008,570
Wash Southern._ October
383,928
248,066 3,100,850 2.087,666
Rutland
October
424,201
391,534 3,858,229 3,649,088
St Jos & Grand Isl’d October
240.797
221,411 2.208.768 1,947,699
St Louis-San Fran. October
6.612.190 5.430.115 57,326,977 47,346,597
Ft W Sc Rio Gr__ October
108.696
117,008
808,389
955,739
St L-S F of Texas October
123,620
111,345 1,161,660
961,335
St Louis 8 W Syst.. 1st wk Nov
368,000
363,000 16,485,767 14,327,813
St L Southwest.. October
1,026,629 1,075,517 10,608,859 9,367,521
St L S W of Texas October
505,080
656,065 5,517,474 4,597,291
San Ant & Ar Pass. October
478,073
411,823 3,565,417 3,339,734
Seaboard Air Line. October
3,347,370 2.840.116 31,951,853 24,780,094
South Buffalo
October
94,427 1.301,921 1,014,232
140,108
__
_
.
_ _
_
Southern Pacific
Arizona Eastern.
Galv Harris & S A
Hous Sc Tex Cent
Hous E & W Tex.
Louisiana West..
October
October
October
October
October
October
Morgans La<fcTex October
Texas & New Orl
Southern Railway..
Ala Great South.
Cin NOA Tex P_
New Orl & Nor E
Mobile Sc Ohio
Georgia Sou & Fla
South Ry in Miss
October
October
October
October
September
15263 100 13239308 126556955 108206117
388.185
337,960 3,722,021 3,566,609
1,882,010 1,773,918 17,770,511 16,161,976
809,938
864,116 7,536,244 6,475,261
177,369
172,410 1,702,982 1,508,180
394,262
395,392 3,629,596 2,923,525
677,497
677,675 6,712,234 5,472,078
636,536
610,706 6,142,457 5,226,199
12269788 9,139,552 105380258 73,847,359
822,985
688,471 7,543,9221 5,826,002
1.371.191 1,202,572 12,567,165 10,928,927
665.186
450.804
4.820.489
October
October
3,513,212
1,397,986 1,248,350 12,311,396 11,426,867
323,467
288,806 2,923,4821 2,359,453
October
T162.714
133,646 1,175,771' 1,023,804
Spokane InternatT. October
94.124
104,666
797,298
839,361
Spok Portl Sc Seattle October
899.060
622,366 7,001,361 5,637,547
Staten Island R T__ September
202,198
140,474 1,401,613 1,157,479
Tenn \la Sc Georgia 2d wk Nov
2,880
2,402
119,356
107.708
Tennessee Central. October
279,168
171,292 2,496,146 1,492,363
Term Assn of St L_. October
385,560
299,740 3,214,265 3,168,013
St L Mer Bdg T_ October 4
377,687
301,252 3,065,338 2,629,085
Texas Sc Pacific
3d wk Nov
637,010
518,724 23,253,683 19,548,168
Toledo Peor & West October
155,508
122,372 1,347,617 1,074,444
Toledo St L Sc West October
767.459
647.209 6,801,990 5,882,611
Ulster Sc Delaware. August
129.189
139,563
679,694
695,679
Union Pacific
October
10897225 8,108,851 80,755,988 62,455,037
Oregon Short L__ October
3,427,247 2,984,830 28,045,125 25,271,983
Ore-Wash RR&N October
2,506,042 2,329,693 21,780,906 18,285,959
Union RR (Pa)____ October
684,332
528,215 5,818,278 4,878,319
Utah
October
152,010
1,175,274
Vicks Shrev Sc Pac. October
245.494
240,871 2,116,719 1,734,272
Virginian RR
October
1,231,845
894,666 9,911,594 8,645,171
Wabash RR
October
5.067.330 3,830,117 39,418.661 33,551,697
Western Maryland. September 1,455,299 1,205,513 11.009,406 9,938,958
Western Pacific.._. October
1,065,733
966,393 9,414,199 8,222,489
Western Ry of Ala October
254,764
175,971 2,070,806 1,376,180
Wheel Sc Lake Erie October
1,519,074 1,219,238 II,511.848
9,244,954
Wich Falls Sc N W. October
106,120
89,309
869,399
840,609
Yazoo Sc Miss Vail. October
1,970,668 1,840,834 17,904.312 14,553,651
EARNINGS—Weekly and Monthly.
%
S
5.908,578
5.564,164
6.251.935
8,158,016
Current
Year.
%
1,721,148
2,751,316
1,514,477
3,957.702
72,995
3,287,438
11,466,648
2,908,243
1,229,763
57,896,268
16,847,398
1,882,930
42,171,900
6,104,232 5,500,374
414,528
432,763
Week or
Month.
Year.
1,740,764 1,491,165 15,837,352 13,592,625
1,082,409
844,622 8,987,030 7,611,625
Chicago Junction..
323,653
296,778 2,778,071 2,717,363
Chic Milw & St P__
14616212 11034551 108988527 94,395.681
Chic Sc North West13876431 10477718 105303522 89,972,176
Chic Peoria Sc St L_
194,321
201,973 1,831,152 1,795,724
Chic R I & Pacific..
10160103 8,162,555 82,780,290 70,422,539
Chic R I & Gulf..
385,065! 378,683 3,642,362 3,117.128
Chic St P M Sc Om.
2,496,072 2,054,564 20,235,460 17,654,369
Chic Terre H Sc S E
554,594
337,799 4,185,700 3,079,853
Gin Ind Sc Western.
271,355
218,948 2,605.333 2,216,097
Coal Sc Coke
September
147,808
112,558 1,061,414
970,919
Colorado Midland September
9,464
194,829
991,011
Colo & South RR.. 3d wk Nov
242,281
227,706 11,061,200 9,669,595
Ft W Sc Den City October
820,060
674,193 6,368.318 5.233,894
Trin Sc Brazos Val October
111,092
128,243
947,427
834,428
Colo Sc Wyoming. October
105,000
90.978
941,604
996,668
Constit Rys of Mex 1st wk Nov
621,178
Crip Crk Sc Col Spgs October
79,954
89,833
790",004
950,351
Cuba Railroad..__ September
875,550
690,125 10,064,834 5,559,898
Delaware Sc Hudson October
3,172.081 2,867.915 29,254,666 25,266,078
Del Lack Sc West.. October
6,729,812 5,342,937 56,466,122 48,044,404
Denv & Rio Grande October
3,257,741 2,794,326 25,547,191 23,413,851
Denver Sc Salt Lake October
223,698
209,094 1,816,197 1,747,717
Detroit & Mackinac 2d wk Nov
38,822
25,387 1,373,304 1,166,925
Detroit Tol Sc Iront October
354,043
238,377 2,763,901 2,471,512
Det Sc Tol Shore L_ October
169,995
159,277 1,616,456 1,539,065
Dul & Iron Range.
October
1,098,610
969,806 8,409,892 6,422,208
Dul Missabe & Nor October
3,195,440 1,899,046 19,925,878 13,210,348
Dul 80 Shore Sc Atl. 3d wk Nov
85,184
77,942 4.291,455 3,847,190
Duluth Winn & Pac October
120,780
140,400 1,388,669 I,746,331
East St Louis Conn October
102,040
87,197
938,715
864,024
Elgin Joliet Sc East- October
2,394,206 1,334,379 16,632,632 13,224,478
El Paso & So West. October
1,179.4661,113,680 12,306,600 11,439,533
Erie
October
9,492,5166,923,296 71,446,475 59,246,263
Chicago Sc Erie.. October
1,209,803
852,421 8,797,711 7,307,573
Florida East Coast. October
611,213
560,740 7,333,519 6,866,026
Fonda Johns Sc Glov September
116,327
95.622
843,017
805.950
Ft Smith & Western October
134,955
130,828 1,059,615
893,715
Galveston Wharf-_ October
65,185
872,229
927,895
81,738,
October
Georgia Railroad
657,3371 536,405 5,379,469 3,354,026
Chic ind & Louisv.
Latest Gross Earnings.
ROADS.
Current
Year.
4-1,193 .966 20.21
•
Monthly Summaries.
Mileage.
Cur. Yr. Prev. Yr.
November.. 242.407
+920 ,491116.54
December. 247,988
+978 .54115.65
January
240.046
+ 1.577 ,148 19.33
February
230.336
+1.516 .272 26.81
March
238,891
+830 ,681 11.98
April
233,734
+855 .060 12.04
230.355
May
+ 1,523 .900 14.78 j June
220.303
+965 .806 14.59 ! July
231,700
+344 .165 5.03 j August
230.743
+313 ,387 6.07 ' September. .232,186
Current
Year.
%
241.621 360.062, .052
247,265 343.875 .052
239,885 282.394 .665
228,835 362.761 .238
237.463 285.776 .203
232.255 369.409 .895
228.892 374.237 097
219.294 363.165 .528
230.570 463,684 172
Previous
Year.
Increase or
Decrease,
S
%
j
%
326, 757.147 +33,304. 905 10.19
317 836,386 + 26.038, 666| 818
294 ,002.791! —11.608 126 3.95
312 276.881 + 50.484, 357116.22
260 627.752! +25.148, 451
9.65
319 274.981! +50.134 914 15.70
342 ,146.096 + 32.091 001 9.38
323 ,163.1611 + 40.002, 412 12.38
346 ,022.857 + 117661 315 34.00
230.015 498,269 ,356 362 .509,561 + 135759 795 37.4*
232,378 487,140 ,781 357 .772,850 +129367 .931 36.16
I
Dec. 7 1918.]
THE CHRONICLE
Latest Gross Earnings by Weeks.—For the second week
of November our final statement covers 15 roads and shows
5.03 %
increase in the aggregate
Second week of November.
1918.
Previously reported (12 roads).
Ann Arbor
N evada-Califomia-Oregon
Tennessee Alabama A Georgia.
Total (15 roads)
Net increase (5.03<£1
over
the
same
week last
year.
Increase. Decrease.
1917.
$
7,109,658 6,774,612
78,068
64,133
3,815
9,109
2,880
2,402
%
665.169
7,194,421
679,582
344,165
%
330,123
13,935
5,294
478
6,850,256
335,417
ported this week:
Roads.
Earnings
Year.
*
Alabama & Vicksburg-b Oct
236,582
Jan 1 to Oct 31
1,987,448
Ann Arbor.b
Oct
338.&03
Jan 1 to Oct 31
2,850,604
Previous
Year.
Net Earnings
Current
Year.
Previous
Year.
$
230,475
1,721,148
$
39,253
355,086
S
84,903
486,567
257,213
2,614,425
72,730
242,077
68,222
661,928
Atch Topeka & S Pe.b—Octl5.425.188 12,996,635 4,981,345 4,999,072
Jan 1 to Oct 31
133,560,797 116089,568 40.965.722 43,721,348
Oulf Colo A 8 Pe_b—Oct 1,768,506
1,629,583
429,381
577,575
Jan 1 to Oct 31
15,796,924 14.032,454 3,864,420 4,078,766
Panhandle A 8 Pe.b.-Oct
510.798
Jan 1 to Oct 31—
4,893,461
Atlanta A West Point.b.Oct
251,362
Jan 1 to Oct 31—— 2,041,703
650,899
5,765,304-
def25.372
607.747
304,859
2,387,507
180,824
1,432,937
55,295
646.920
70,528
Atlanta Birm A Atl.b..Oct
463,206
Jan 1 to Oct 31
3,772,884
385,835
113,442
3,248.562 def245.598
Atlantic City-b
Jan 1 to Oct 31
226,536
2,839,927
Oct
350.371
3,503,184
B A O Chicago Term.b Oct
155,182
Jan 1 to Oct 31
1,514,477
Bangor A Aroostook_b—Oct
Jan 1 to Oct 31
462,943
3,957,702
Belt By of Chicago.b—Oct
349,689
Jan 1 to Oct 31
3,287,437
,435,189
7
96,103
547,009
113,438
1,103,657
36,896
867,166
163,732 def95,627
1,669,898 def698,127
393,185
7,013
3,699,791
487.062
def5,986
defll.593
172,645
1,239,805
329,001
3,235,286
def20,318
99,966
87,807
932,606
Bessemer A Lake Erie. b-Oct 1,530,951
1,249,279
Jan 1 to Oct 31
11,466,649 10,513,586
541,165
3,909,929
379,268
3,391,572
Bingham A Oarfield.b—Oct
Jan 1 to Oct 31
Birmingham Southern.b Oct
Jan 1 to Oct 31
309,686
2,908,243
321.188
2,704,286
148,252
1,393,592
205,117
1,651,639
92,840
1,229.763
121,781
912,889
61,890
335,774
12,973
36,568
Oct 6,104,231
5,500,373
-57,896,268 49,401,339
Buffalo A Susquehanna-bOct
187,426
Jan 1 to Oct 31
1,882,930
168,619
1,461,890
1,360,746
574,471
7,524,586 11,049,394
def8,585
88,934
38,191
282,520
Buffalo Roch A Pitts.b.Oct 1,743,177
1,478,738 defl48,716
Jan 1 to Oct 31
15,393,611 12,466,380
965,973
380,776
2,730.142
CanPac Lines in Maine-bOct
117,946
Jan 1 to Oct 31
1,844,238
122,549 def50,579
1.993,209 def275,167
def43,513
304,997
Caro Clinch A Ohio-b—Oct
408,122
Jan 1 to Oct 31
3,861,358
359,642
3,372,177
58,105
937,852
153,798
1,440,543
Central New England-b-Oct
456,095
Jan 1 to Oct 31—*— 5.058,304
477,315
4,581,251
def39,856
718,883
133,452
1,626,002
Central of Georgia.b—Oct 1,774,419
1,592,577
Jan 1 to Oct 31
17,001,793 12,762,565
117,909
3.751,653
573,264
3,632,100
Central Vermont.b
Jan 1 to Oct 31
Oct
517,992
4,306,743
420,082
3,741,185
37,750
def41,836
43,050
662,516
Charleston A W Caro-b Oct
341,925
Jan 1 to Oct 31
2,416,555
252,454
1,919,742
146,108
516,570
101,957
628,220
Chicago A Alton.b.--.-Oct 2,388,752 1,911,763
Jan 1 to Oct 31
20,124,094 17,171,101
585,290
3,371,687
436,742
4,999,043
Chicago A East Ill.b—Oct 2,731,341
1.898.964
Jan 1 to Oct 31
22,206,343 17,465,427
531,348
2,580,685
457,140
3.957,828
Chicago A North West-bOctl3,876,430 10,477,717 3,901,329 3,350,365
Jan 1 to Oct 31
105,303,521 89,972.176 16,984,878 24,657,473
Chicago Burl A Quincy.bOctl4.429,332 11,342,613 4,101,148 4.209,101
Jan 1 to Oct 31
118.462,045 101573,663 26,564,748 35,761,091
Chicago Great West-b—Oct 1,740,764 1,491,164 def429,042
Jan 1 to Oct 31
15,837.352 13,592,624
1,345,996
355,261
3,193,408
Chicago Ind A Louisv.b-Oct 1,082,408
Jan 1 to Oct 31
8,987,030
245,996
1,520,044
264,775
2,367,986
296,778 def24,128
2,717,363 def283,197
17,162
335,890
Chicago Junction.b
Jan 1
Oct
to Oct 31
323,653
2,778.070
844,622
7,611,625
Chicago MUw A St P-b-Oct 14,616,212 11,034,551
147,504 3,005,028
Jan 1 to Oct 31
108,988,526 94,395,681 10,263,533 24,915,868
Chicago Peoria A St L.b-Oct
Jan
1
to
Oct 31
194,320
1,831,151
201,973
1,795,724
9,024
186*813
21,274
288,834
Chic Rock Lsl A Pac.b.-Oct 10,160,102
8,162,555 2,407,906 2,579,408
Jan 1 to Oct 31
82,780,290 70,422,538 13,161,714 17,927,817
Chicago R IA Gulf-b.Oct
378,682
3,117,127
89,661
981,323
168,132
1,053,588
Chic St P Minn A O.b.-Oct 2,496,072
2,054,564
Jan 1 to Oct 31
20,235,460 17,654,369
164,144
3,214,451
572,509
4,811,549
Jan
1
to
Oct 31
385,065
3,642,362
Chic Terre HA SE-b... Oct
554,594
Jan 1 to Oct 31
4,185.699
337,798
3,079.852
218,94*
2,216,097
145.413
588,748
52,872
753,022
def7,746
35,241
32,623
473,271
CincN O A TexPac-b..Oct 1,371,190
1,202,752
Jan 1 to Oct 31
12,567,165 10,928,926
318,574
2,442,258
421,233
3,693.170
Colorado A Southem-b.Oct 1,181,111
Jan 1 to Oct 3110,332,576
Ft W'th A Den City-b Oct
820,060
Jan 1 to Oct 31
6,368,319
279,186
2,659,248
251,898
1,408,387
Cincin Ind A Western-b.Oct
271,354
Jan 1 to Oct 31
2,605,333
Trinity A Braz Val.b-Oct
Jan 1 to Oct 31
Colorado A Wyoming.b-Oct
Jan 1 to Oct 31
Crip Crk A Colo Spgs.b.Oct
Jan 1 to Oct 31
111,092
947,427
1,023,255
414,892
3,476.852
293,187
2,035,824
19,672
128,243 def30.406
834,428 def319,006 def233.731
8,978.416
674,193
5,233,892
105,000
90,977
21,112
941,604
996,668
219,760
79,954
790,004
89,832
34.192
30,372
401,735
44,525
315,161
477,717
2,794,325
705,801
Denver A Rio Grande-b-Oct 3,257,741
Jan 1 to Oct 31
25,547,191 23.413,850 5,011,282
209,094 def52,344
Denver A Salt Lake.b—Oct
223,698
Jan 1 to Oct 31
1,816,197 1,747,717 def406,166
Detroit A Mackinac-b.-Oct
135,436
132,733
6,563
Jan 1 to Oct 31
1,288,796 1,131,889
132,697
959,183
7,572,411
40,505
23,489
169,994
Detroit A TolSh Line. b-Oct
Jan 1 to Oct 31
1,616,456
m
950,351
159,276
1,539,064
68,111
701,087
Gross Eami
mings
Current
Previous
Year.
Year.
Roads.
29,264
249,951
85,564
815,754
Net Earnings
Current
Previous
Year.
Year.
%
%
$
Detroit Tol A Ironton.b-Oct
def9,254
354,043
238,376
Jan 1 to Oct 31
2,763,900 2,471,511 def231.404
Duluth A Iron Range-b.Oct 1,098,609
634,913
969.806
Jan 1 to Oct 31
8,409,892 6,422,208 4,437,733
Dul Missabe A North.b.Oct 3,195,440
1,899,046 2,324,813
Jan 1 to Oct 31
19,925,877 13,210,348 13,087,348
Duluth Winn A Pac.b.-Oct
120,779
150,399
8,340
Jan 1 to Oct 31
147.796
1,388,669 1,746,330
East St Louis A Conn.b.Oct
102,039
87,197 def50,735
864.024 defl60,107
938,714
Jan 1 to Oct 31
,
596,678
4,399,180
El Paso A Southwest.b..Oct 1,179,466
1,113,680
257,620
Jan 1 to Oct 31
12,306,599 11,439,533 5.093.676
A
Q93
9Q*»
Erie-b—
1.811,933
Oct_9,492,516
Jan 1 to Oct 31
71,446,475 59,246,’262 def362,814
Chicago A Erie.b
Jan
Gross
Current
3181
--s
Elgin Joliet A East-b—Oct 2,394,206 1,334,379
Jan 1 to Oct 31
16,632,631 13,224,478
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
Boston A Maine.b
Jan 1 to Oct 31
r
Oct 1,209,802
1 to Oct 31
8,797.711
Florida East Coast, b—_Oct
611,213
Jan 1 to Oct 31
7,333,518
Ft Smith A Western.b__Oct
134,954
Jan 1 to Oct 31
1,059,614
Galveston Wharf.b
Oct
81,737
Jan 1 to Oct 31
872,228
Georgia, b
Oct
657,336
Jan 1 to Oct 31
5,379,468
Gd Tk A West Lines.b—Oct 2.004,327
852,420
7,307,572
560,739
6,866,025
130,828
893,715
65,185
927,894
536,404
3,354,025
1,455,210
434,413
870,943
26,382
1,974,290
30,689
133,307
7,666
300,510
285,210
1,939,828
378.962
$
704
328,943
509,951
2,770,701
1,082,669
7,362,185
24,589
472,091
5,955
171,144
384459
3,934,876
536,200
5,393.338
1,280,705
9,999,394
237,500
1,931,806
139,819
3,159,092
47,126
136,233
22,784
407,239
268,661
1,063,969
193,784
Jan
1 to Oct 31
Trunk Linos in
Grand
New England.b
Oct
143,308
def217,221
July 1 to Oct 31
848,973
defl75,031
Great Northern_b
Oct 12,900,441
8,834,849 4,169,931
Jan 1 to Oct 31
80,657,056 73,594,695 14,117,864
Gulf Mobile A Nor.b—Oct
13.825
216,346
229,627
Jan 1 to Oct 31
1,987,720 1,942,769
307.384
Hocking Valley.b
Oct 1,561,990
1,066,127
550.923
Jan 1 to Oct 31
11,385,582 8,990,276 2,620,243
Illinois Central.b
—Oct 9,769,270
7,980,068 1,541,632
Jan 1 to Oct 31
88,993,826 72,212;675 15,853.961
Internat A Grt North-b.Oct 1,319,817
310,476
1,355,371
Jan 1 to Oct 31
11,123,938 10,077,882 1,731,041
Kansas City Mex A O.b Oct
132,983
110,945 defl4,193
Jan 1 to Oct 31
1,112,535
990,658 def219,869
Kan City MAO of Tex-b Oct
111,120
128,562 def43,516
Jan 1 to Oct 31
999,077 1.074,890 def225.850
Kan City Southern.b
1
078 273
466,024
Oct 1,507,334
Jan 1 to Oct 31.
12;487,379 lO.'ieS,^ 3,561,960
Texarkana A Ft Sm.b.Oct
64,960
127,719
99,666
Jan 1 to Oct 31
1,014,102
910,520
316,254
Kan City Terminal.b...Oct
923
114,612
102,205
Jan 1 to Oct 31
138,771
1.033,199
938,969
Lehigh A Hudson Riv.b Oct
191,752
1,904,826
Lehigh A New Eng.b._.Oct
305,513
Jan 1 to Oct 31
3,317,265
Los Ang A Salt Lake.b.Oct 1,462,289
Jan 1 to Oct 31^
12,039,570
Louisiana A Arkansas.b.Oct
134,338
Jan 1 to Oct 31
1,388,676
Louisville A Nashville-b Oct 10,192,131
Jan 1 to Oct 31
83,560,674
Lou Hend A St Louis.b.Oct
287,962
Jan 1 to Oct 31.
2,357,951
Maine Central.b
Oct 1,410,692
Jan 1 to Oct 31
13,538,535
Minn A St Louis.b
Oct 1,216,594
Jan 1 to Oct 31
9,953,872
Minn St P A S S M-b...Oct 4,256,832
Jan 1 to Oct 31
28,546,701
Mississippi Central.b
89,614
Oct
Jan 1 to Oct 31
1,072,324
Mo Kan A Texas.b
Oct 3,556,117
Jan 1 to Oct 31
27,069,349
Mo Kan A Tex of Tex. b-Oct
830,898
Jan 1 to Oct 31
16,056,722
Mo Okla A Gulf-b
Oct
138,098
Jan 1 to Oct 31
1,498.185
Missouri Pacific-b
Oct 8,461,602
Jan 1 to Oct 31
73,248,968
Monongahela Conn.b.-Oct
236,222
Jan 1 to Oct 31
2,023,382
Nashv Chatt A 8t L-b-.Oct 2,137,226
Jan 1 to Oct 31
17,790,855
Nevada Northern.b
Oct
262,164
Jan 1 to Oct 31
2,248,051
Newburgh A So Sh.b—-Oct
169,845
Jan 1 to Oct 31
1,168.984
New Orl A Great Nor-b.Oct
196,069
Jan 1 to Oct 31
1,849,390
New Orl A Nor East.b_ .Oct
591,209
Jan 1 to Oct 31
5,411,698
New Orl Tex A Mex-b—Oct
175,756
Jan 1 to Oct 31-..
1,639,809
Beaumont SLA W.b.Oct
111,562
Jan 1 to Oct 31
1,187,194
St L Browns A Mex.b-Oct
461,584
Jan 1 to Oct 31
3,661,413
Jan 1 to Oct 31
—
—
-
187,848
1,904,738
349,263
3,085,536
1,216,365
10,567,777
145,171
1,283,014
7,074,789
62,753.636
202,722
1,842,129
1,277,219
11,870,167
962,522
9,031,794
3,435,849
28,891,850
119,428
573,260
2,390,043
21,257,708
711,523
12,788,170
178,828
1,569,237
7,199,531
202,796
1,564,722
1,453,249
12,410,872
242,914
2,062,462
96,804
839,698
179,088
1,591,654
471,647
3.984,861
153,440
1,159,379
93,810
803,399
325,320
3.204,781
17,520
299.762
75,351
970.924
491.520
3,142.132
3,371,032
24.703.142
88,830
639.128
333,843
2,999,217
2,304,607
20,804,072
556,199
3,073,044
14.908
defl99
32,010
def2,269
412,330
3,952,005
46,911
434.679
24,416
319,963
65,814
666.412
136,332
1,203,914
526,733
4,218,725
7,163
49,160
197,582
369,428
1.847,879 2,131,194
19,076,013 il9.427.327
73,257
125,130
713,445
684,640
def44,048
332,635
639,622 3,104,709
211,882
212,911
608,504 2,522,410
1,414,511
1,270,134
4,374,472 9,937,186
8,684
52,631
291.797
238.691
1,399,322
562,215
4,770,903 6,141,527
116,611
561,685
720,946 1,798,807
def22,937
46,018
def236,178
301,643
433,348 2,652,813
13,576,776
1Q.872
61,343
289,987
166,867
478.709
416,988
3,498,516 2,994,613
131,126
133,741
1,147,347 1,199,820
53,073
def1,589
def 895
241,195
54.818
66,569
523,508
584,559
129,394
150.310
1,218,822 1,267,823
55,747
58,441
412,522
362,905
34.819
37,339
393,588
268,955
119,231
222,469
1,201,969 1,243,928
New York Central-b—-Oct 28,673,374 22,768,782
9,534,580 7,123,225
Jan 1 to Oct 31
239,294,263 199417,379 49,097,351 55,620,357
Cincinnati North.b._.Oct
85.807
68,280
295,784
241,960
Jan 1 to Oct 31
556,088
366.331
2,277,224 2,043,375
Clev CincJCh A St L.b Oct 7,137,150 5.063,791
1,403,701
1,402,535
Jan 1 to Oct 31
58.959,212 42,881,194 16.544.658 12,491,565
Ind Harbor Belt.b.—Oct
420,657 defl54,170
52,105
482,642
Jan 1 to Oct 31
4,542.970 4,362,529 def615,967 1,030,787
Kanawha A Mich-b—Oct
300,791
333,262
100,891
692,796
Jan 1 to Oct 31
897,826
4,986,241
2,999,614 1.504.123
Lake Erie A West-b..Oct
713,311
46,936
196,026
972,138
Jan 1 to Oct 31
658,452 1,929,242
7.729,450 6,794,553
Michigan CentraJ-b—Oct 6,644,538
Jan 1 to Oct 31
55,568,239
Pitteb A Lake Erie-b—Oct 3,310,811
Jan 1 to Oct 31
27,427,568
Toledo A Ohio Cent-b Oct 1,133,380
Jan 1 to Oct 31
8.320.313
N Y Chic A St Louis.b—Oct 2,327,660
Jan 1 to Oct 31
17,961,574
N Y N H A Hartford.b—Oct 9,353,128
Jan 1 to Oct 31
85.055,277
N Y Ont A Western.b.-Oct
900,823
Jan 1 to Oct 31
9,320,357
N Y
Susq A West.b
to Oct 31
Oct
504,876
3,589,233
Norfolk A Southern.b__Oct
521,270
*■
Jan 1 to Oct 31
4,673.843
Jan 1
4,990,387 2,056,675 1,684,712
43.395,981 13,650,243 11,614,971
2,531,575 1,230,183 1,087,657
21,435,089 9,314,678 7,844,227
860.021
264,319
308.045
6,735,034
939.156 1,804,072
1,546,355
626,904
354,812
14,204,258 3,837.171 3.218,817
7,704,668 1,324,577 2,120,040
71,643,937 15,068,220 20,818,902
771,188
13,585
175,500
7,757,103 1,274,452 2,275,797
214,346
295.459
54,269
2,961,302
482.490
695.828
472,921
42,627
122,907
4,468,206
454,037 1.425.830
Gross
Current
%
Northern Pacific.b
__Oct 12,167,441
Jan 1 to Oct 31
82,813.284
Oct
69,812
ytnn & Intemat.b
Jan 1 to Oct 31
843,183
Northwestern Pacific. b Oct
541314
Janlto Oct 31
4334.458
Pacific Coast.a
524,821
Oct
Jan 1 to Oct 31
1,989,679
.
Previous
Current
Previous
Year.
Year.
Year.
%
Oct
349,461
%
195,823
defl0,700
47,364
135,456
1,700,769
149,044
701,144
251,337
5,619,618
114,295
2,600,363 1303,109
838,266
N Y PhUa A Norf.b_.Oct
727,732
488,938
98.257
Jan 1 to Oct 31
6,126,778 4,609,281
1,119,961
122,372
def3,649
Tol Peoria* West.b-.Oct
155,508
Jan 1 to Oct 31
def9,720
1,347,617 1,074,443
West Jersey A Seash.b Oct
644,003 defl63.889
808.412
Jan 1 to Oct 31
994,753
8,980,767 7,459,938
101,560 def27.349
Peoria & Pekin Union.b.Oct
111,891
Jan 1 to Oct 31
1,053,579 1,015,495 defl20,546
Pere Marquette.b
Oct 2,960,108 2,157,386
836,995
Jan 1 to Oct 31
23.400,040 19,549,682 4,169,452
Pittsb Sc Shawmut.b
109,131 def32,213
Oct
100,090
Jan 1 to Oct 31
965,059
55,292
1,127,972
Pittsb Sc West Va.b
Oct
170,079
171,873 def46,970
Jan 1 to Oct 31
1,581,735
defl1,359
Port Reading.b
Oct
89,033
257,307
141,719
Jan 1 to Oct 31
2,079,087 1,584,430
665,622
1
to Oct 31
Quincy Omaha Sc K C.b.Oct
Jan 1 to Oct 31
97,009
890,777
Richmond Washington System—
Rich Fred Sc Potom.b.Oct
644,378
Jan 1 to Oct 31
5,602,785
383,927
Washington South.b-.Oct
Jan 1 to Oct 31
3,100,850
Rutland-b
Oct
424,201
Jan 1 to Oct 31
3,858,228
Oct 6,612,190
8t Louis-San Fran.b
Jan 1 to Oct 31
57,326,976
Ft Worth Sc Rio Gr.b.Oct
108,695
Jan 1 to Oct 31
955,739
St L-8an Fr of Tex.b.Oct
123.620
Jan 1 to Oct 31
1,161,660
St Louis Southwest.b..-Oct 1,026,628
Jan 1 to Oct 31
10,608,858
St L S W of Texas.b—Oct
505,079
Jan 1 to Oct 31
5,517,473
San Ant & Aran Pass.b.Oct
478,072
Jan 1 to Oct 31
3,565,416
8eaboard Air Line.b
Oct 3,347,369
Jan 1 to Oc t31
31,951,853
Southern Pacific.b
Octl5,263,100
Jan 1 to Oct 31
126,556,955
Arizona Eastern.b
Oct
388,184
Jan 1 to Oct 31
3,722,021
Galv Har Sc 8 Ant.b.-Oct 1,882,010
Jan 1 to Oct 31
17,770,510
Houston Sc Tex Cent.b Oct
809,938
Jan 1 to Oct 31
7,536,243
Houston EAWTexas-bOct
177,368
Jan 1 to Oct 31
1,202,982
Louisiana Western.b.Oct
394,262
Jan 1 to Oct 31
3,629,596
Morgan’s La Sc Tex RR
& STav.b
Oct
677,496
Jan 1 to Oct 31
6,712,233
SoPacCoAtlSSLines.bOct
846,082
Jan 1 to Oct 31
7,473,700
Texas & New Orl.b...Oct
636,536
Jan 1 to Oct 31
6,142,456
Southern Railway System—
Ala Great Southern.b.Oct
822,985
Jan 1 to Oct 31
7,543,922
Georgia So & Fla.b...Oct
323,467
Jan 1 to Oct 31
2,923,482
Mobile Sc Ohio.b
Oct 1,397,986
Jan 1 to Oct 31
12,311,395
South Ry in Miss.b_.Oct
162,713
Jan 1 to Oct 31
1,175,770
Spokane Internat’l.b
Oct
94,123
—...
Jan 1
Spok
to Oct 31
Portl'A
839,361
Seattle.b_.Oct
%
8,838,679 5,559,673 3,839,831
73,021,575 24.278.156 30,024,037
16324
77,629 defl0,539
265,410
884,233
29,254
482,706
177,334
211,388
4,066,071 1.668,614 1,494,207
580,339
67,878
123,796
,1974,100
309,031
411,064
Pennsylvania System—
BaltChes A Atl.b
Oct
130.990
122,682
1,170,674 1,089,164
J»i 1 to Oct 31
Cumberland Valley.b.Oct
561,620
433,389
Jan 1 to Oct 31
4,672,897 4,066,494
Grand Rap A Ind.b—Oct
691,072
550,657
6,015,245 5.486,301
Jan 1 to Oct 31
Long Island, b
Oct 1,817,117 1,739,470
18,861,378 14378,191
Jan 1 to Oct 31
Monongahela. b
Net Eamtngv
Earnings
Year.
Roads.
Jan
[Vol. 107
THE CHRONICLE
2182
84,056
def24,141
7,666
143,848
192;017
1,948.554
108,461
1,100,816
596,088
4,899,372
51,837
738,591
124.574
1,277,362
22,151
105,419
defl5,215
1.648,313
8,805
115,390
625,303
5,199,398
21,260
230,559
73,302
22,961
479,872
18,804
723,844 defl41,279
57.526
307,161
2,576,737
190,145
1,468,017
def46,747
264,329
185,173
1,690,788
122,176
998.847
446,455
4,008,570
248,066
2,087,665
391,534
3,649,088
5,430,115
47,346,577
117,008
808,387
111,345
961,335
1,075,516
9,367,521
656.065
4,597,291
411,823
3,339,733
2,840,115
24.780,093
13,239,307
108206,117
337,959
3,566,608
1,773,918
16,161,976
864,116
6,475,261
172,409
1,508,180
395,391
2,923,523
54,918
def8.467
186,760
96,685
3,577,921
defl47,936
def73,689
80,254
defl08.131
356,830
5,348,219
5,891,424
35.687,684
131,749
1,307,946
602,737
5,601,126
231,174
2,199,744
33,923
441,544
207,843
1,732,317
677,674
5.472,078
922,123
9.548.809
610,705
5,226,198
213,373
2,285.407
120,017
348,370
40,808
1,219,066
339,696
2,321,233
206.002
2,189,907
267.896
2,027,386
688,471
5,826,002
288,806
2,359,452
1,248,349
11,426,867
133,645
1,023,803
104,665
797,297
622,365
5,637,547
112,233
1,266.712
171,291
1,492,362
122,897
1,944,008
25,836
302,735
99,605
639,086
16,269
82,317
33,245
288,899
357,545
2,961,931
21,942
214,498
25,023
334,312
34,891
593,968
def3,914
185,115
658,254
4,408,351
272,594
1,932,255
78,458
168,668
292,050
2,868,581
38,117
213,902
53,324
283,260
315,944
2,945,230
10.089
290,126
53,649
365,385
104,083
1,477,022
80,752
709,603
1,541,545
12,131,002
def32,756
Gross
Net after
Other
Earnings.
Taxes.
Income.
%
%
S
New York Chicago Sc St Louis Railroad—
Oct *18 2,327,661
626,904
7,118
*17 1,546,356
34,623
299,731
10 mofl *18 17.961,575
8.417,016
117,950
*17 14,204,259 2,703,606
298,128
Net earnings here given are after deducting taxes,
b Net earnings.here given are before deducting taxes.
Balancer
Surplus
%
%
634,022
334,354
3,534,966
3,001,734
Latest Cross Earnings.
Name of Road
or
Current
Year.
Week or
Month.
Company.
72,418
661.604
103.933
690.758
800,230
230,421
2,844,206
2,201.504
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
16?,932 14?,158
October
1,488.031 1,332.822
274.022 195.767 2,158.579 1,509,119
September
September 1249.284 942.377
October
9.961
11,804
145,305
207,592
210,299 202.866 1,602,068 1.638,860
September
83.952
80.836
685.71?
647,057
Bangor Ry Sc Electric September
Baton Rouge Elec Co September
21,909
170,524
19.710
193.244
Blackstone V G Sc El September
214,109 168,564 1,744,027 1,436,010
Brazilian Trac, LAP September /9081000 /7925000 /7?730!000 /68430](X)0
Brock Sr Plym St Ry September
9,506i
11.699
82,611
97,382
Bklyn Rap Tran Syst May
2761.039,2607.401 12.466.574 12.201.995
46,0271 39.805
369,202
331.950
Cape Breton Elec Co September
Cent Miss V El Prop. September
29,847
28.216
249,255
173.242
72.342 1,347,673
35,307
Chattanooga Ry Sc Lt September
October
Cities Service Co
1784.000 1659.665 18.652.716 15307.394
Cleve Painesv Sc East September
52.596
50.941
409.407
416.826,
^Columbia Gas Sc El. October
856,709 835,614 9,353,690. 8,718.366
Columbus (Ga) El Co September
95,028
91,873
781.745
876,585'
Colum (O) Ry PAL. September
331.983 349.881 3.122.090 1.924.029
Com’w’th P, Ry A Lt October
1763.894 17,715,993 15,905,165
Connecticut Pow Co. September
76.472t
724.434
632.939
Consum Pow (Mich). October
582.240 514,113! 5.261358 4,655,528
299.726 281.195 2.416.267 2.321,650
Cumb Co (Me) PAL September
218.689 1743871 1.902.453 1.486.270
Dayton Pow A Light October
1268.289 1129,43711,063.958 9327371
g Detroit Edison.... October
^Detroit United Linen September 1710,423 1484,328 14,103.983 13.139.162
Duluth-Superior Trac October
125.099 139.148 1395,844 1319.119
East St Louis A Sub. September
385.033 320.857 3.050.932 2,697.391
Eastern Texas Elec.. September
94,589
79,889
622,288
738,589
a El Paso Electric Co September
104,290 105,018
933,514
955,836
Fall River Gas Work* September
64,173
57350
427356
622,955
a Federal Lt A Trac. August
283.088 230.227 2389.886 1.798.732
Ft Worth Pow A Lt. September
110.208
89,685
Galv-Hous Elec Co.. September
243,118 185.633 1.986.492 1.484.339
Grand Rapids Ry Co September
113.480 114.773
957.615
982.676
Great West Pow 8yst October
391,756 336.667 3.721,362 3.276,451
110,299
103.594
878,328
September
976.219
Harrisburg Railways
Havana El By, LAP September
714.696 617,641 6.042,506 6.036.586
Honolulu R T A Land September
527.494
62.657
62,793
523,803
303,436
33.881
HoughtonCoEl L Co. September
33,135
301,718
Houghton Co Tr Co September
246.916
259,929
25,258
28,608
b Hud A Manhat RR September
395.697 352,103 3,620,534 3,223.714
Illinois Traction.... October
1249,294 1226,336 12,102.409 11,032,660
1 nterboro Rapid Tran September 3176,578 3073,471
29,752.929
Jacksonville Trac Co September
507.848
97.820
54.794
582.792
Keokuk Electric Co September
23.820
22.985
183,510
195,888
12.659
104.730
19,153
Key West Electric Co September
143,151
Lake Shore Elec Ry September
216,052 167,622 1,633,750 1.332,784
Lewist Aug A Waterv September
686,129
91,827
86.834
670.553
88.297
Long Island Electric. May
19.131
21.111
80.330
Louisville Railway.. September
345,246 302.040 2,764,357 2,389,871
Manhat Bdge 3c Line May
50.817
12.417
57.575
10.542
MOw El Ry A Lt Co. October
761.466 698,131 7,237,405 6,442.651
MUw Lt, Ht A Trac. October
292.240 190,838 2,466,308 1,831.341
Montreal L, H A P__ October
970,106 905,216 5,297,130 4,822,709
Nashville Ry A Light September
271.642 210.085 2.081.799 1,811.617
NewpNAHRy.GA E October
187.664 142,310 1,766,613 1,081,412
Nevada-Cal El Corp. October
176,641 167,784 1,844,277 1.676.290
N Y A Long Island— May
40.928
36.654
166.154
169.837
N Y A North Shore.. May
13.618
54.141
60.954
14,525
N Y A Queens Co
97.584
490.349
May
83.921
358.846
New York Railways. May
1017.842 1045.802 4.679.714 6.042.054
New England Power. September
338,160 215.462 2.500.482 1.869,358
21.578
July
19.059
130.577
122.831
Northampton Trac.
Northern Ohio Elect- October
585,622 551,295 5,997,743 5,345,584
North Texas Electric September
226,618 252.878 2,263,466 1,718.444
Ocean Electric (L I). May
11.854
10.134
36.896
34.856
Pacific Gas A Elec... October
1910,696 1619,738 18,412.850 16,296,962
Pacific Power A Lt
October
154,800 151,310'
26.280
23.298
198.993
g Paducah Tr A Lt Co August
204.534
Ponsacola Electric Co September
47,385
257,439
367.306
31,397!
Phi la Rapid Transit. October
2462,189 2602.141 26.056.022 24.592.268
Phila A Western
October
45,285
49,440Portland Gas A Coke October
166,667 124,346
672.791 501.149 5.660,876 4,381,386
Port(Ore) Ry.LAPCo. September
Porto Rico Railways October
86,047
72,493
865,213
744.454
1021,l<h 774,847 7,629,623 5.910.905
g Puget Sd Tr, LAP August
^Republic Ry A Light September 443,863 426.250 4,151,145 3.469.834
A dlrondack El Pow Co
Alabama Power Co..
Amer Power Sc Lt Co
Atlantic Shore Ry
Aurora Elgin Sc Chic.
S28,706
.
94,290
919,968
2,051,677
16,916,028
20,767
96,958
25,020
118,082
566,652
4,255,585
237,964
685,541
117,858
439,133
871,682
7,233,013
5,953,179
42,852,257
175,513
1,786,881
665,330
6,212,033
410,355
2,401,389
86,365
617,733
246,037
1,560,906
Richmond Lt A RR May
St L Rocky Mt A Pac October
Santiago El Lt Sc Tr
39.705
449,085
59.887
101.467
September
Savannah Electric Co September
Second Avenue (Rec) May
Southern Boulevard May
Southern Cal Edison. September
Staten Isl Midland.. May
77 890
18,639
815.183
25.600
91.614
557.768
326.820
330.733
40,461
149.763
237,919
72.069
60.725
54,282
Tampa Electric Co_. September
Term Ry.Lt A P Co September
Texas Power A Lt Co September
Third Avenue Ry
D D E B A B RR.
42dStMAStNA Ry
Union RyCo(NYO)
Yonkers Railroad.
N Y City Inter Ry
Belt Line Ry Corp.
Third Avenue System
Twin City Rap Tran.
May
May
May
May
May
May
May
October
October
797,504
751.697
594,948
Virginia Ry A Power. October
Wash Balt A Annap. September
323.665
50,632
80,583
40.657
Westchester Electric. May
October
York Railways
Youngstown A Ohio.
—
•
Heed
Charges.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
899,059
7,001,361
Staten Island R T.b
Oct
172,731
Jan 1 to Oct 31
1,574,344
Tennessee Central.b
Oct
279,167
Jan 1 to Oct 31
2,496,145
Term’l RR Assn of StL.bOct
285,560
299,740
Jan 1 to Oct 31
3,214,264 3,168.013
StLMerBdgeTerm. b.Oct
377,687
301,252
Jan 1 to Oct 31
3,065,337 2,629,085
Oct 2,679,297
Texas Sc Pacific.b
2,206,148
800,868
Jan 1 to Oct 31
21,638,838 18,097,339
5,475,261
Union Pacific System—
Oregon Short Line.b_.Oct 3,427,247 2,984,830 1,309,052 1,638,608
Jan 1 to Oct 31
28,045,123 25,271,983 10,459,253 11,803,755
Ore-Wash RR ANav.b Oct 2,506,041
2,329,692
576,144 1,012,706
Jan 1 to Oct 31..
..21,780,905 18,285,958 5,595,704 6,256,487
St Jos Grand Island.b.Oct
240,796
221,411
37,568 def29,758
Jan 1 to Oct 31
2,208,768 1,947,699
148,148
51,323
Union RR of Penn-b
Oct
684,331
558
528,214
def6,293
Jan 1 to Oct 31
5,818,278 4,878,318
435,848
268.362
Utah.b
Oct
152,009
71,599
Jan 1 to Oct 31
1,175,274
608,757
Vicks Shreve & Pac.b—Oct
245,494
240,870
24,187
100,723
Jan 1 to Oct 31
2,116,719 1,734,271
387,648
584,464
Western Pacific.b
Oct 1,065,732
220,829
966,392
382,450
Jan 1 to Oct 31
9,414,198 8,222,488 3.080,464 3,166,456
Western RR of Ala.b—_Oct
254,763
175,971
41,991
52,225
Jan 1 to Oct 31
2,070.806 1,376,180
576,527
372,526
Wheeling Sc Lake Erie.b.Oct 1,519,074 1,219,238
411.281
436.244
Jan 1 to Oct 31
11,511,848 9.244,954 2,244,250 3,077,635
Wichita Falls Sc N W.b—Oct
106,120
89,308
def7,393
18,621
Jan 1 to Oct 31
869,398
840,608 def218,873
40,909
Yazoo Sc Miss Valley-b__Oct 1,970.667
1,840,834
563,032
739,194
Jan 1 to Oct 31
17,904,311 14,553.651 4,477.216 4,401,468
Jan 1 to Oct 31
Gross
Income.
%
September
36.881
167.111
563.598
347,635
4,366,541
500.394
858,149
312,004
83.010
6.015,679
3,168,737
421,204
698,867
51.639
82.259
69.222
18.841
712.529
29,128
104.205
79,667
410.940
231,569
785,287
350.327
37.730
150.474
1.593.223
250,676
1,047.046
72,489
64,502
60,290
323.046
280,371
250.417
896,965
805.687
609,622
179,669
44.570
92,737
33.797
189.439
658.863
8.051.211
6.539,811
2.105,150
217.326
888,983
314.517
313.010
86,764
5.972.706
122,195
752.562
1,705,118
180.225
715.193
1.166.969
816.513
307.661
287.556
8,537.793
5,405,430
943.843
204.998
863.497
261,807
a Now covers only the lines east of York Beach, Me.: in the first four
months of 1917 covered also the lines west of York Beach, Me.
b Repre¬
sents income from all sources,
c These figures are for consolidated com¬
pany.
/ Earnings given in milreis. g Includes constituent companies.
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week.
Gross
Current
Year.
Companies.
4
Earnings
9.961
Previous
Year.
11,804
Net Earnings
Previous
Current
Year.
%
420
Atlantic Shore Ry.b
Jan 1 to Oct 31
Oct
145.305
207,592
29,995
Illinois Traction.a
Oct 1.249,294
1,226.336
296,188
3.286,877
404,186
3,834.413
298,278
3,098,964
314,673
2.871.690
^/Jan 1 to Oct 31
Utah Securities Corp—
Jan 1 to Oct 31
.
12,102.409 11,032.660
Oct
584,527
5,767,591
596,108
5,379,063
Dec. 7
Gross Eami
ruing*——
Previous
Current
Year.
Year.
Companies,
Net Earnings
Current
Previous
Year.
Year.
t
%
$
Western Power Co of
Canada Ltd
22,599
307,852
87,872
428387
36,015
Sept
451,256
8ept 1 to Sept 30
Net earnings here given are after the deduction of taxes,
b Net earning* here given are before the deduction of taxes.
Fixed
Gross
Net after
Taxes.
Charges.
Earnings.
%
26,744
810.648
a
Aurora Elgin ft
Sept *18
’17
Chicago
9
mos
Kansas Gas ft
Electric Co
*18
*17
Oct ’18
*17
12 mos
|1|
Newport News ft
Oct '18
Hampton Rds Gas ft ’17
Elect Co
10 mos ’18
’17
Pacific Gas ft
Electric Co
21oj&99
A A
“x
CAA
jOTX
202,866
1,602,069
1 <638,860
64,851
241.136
472,917
163,940
128,494
2,018,143
1.731344
51,916
38361
637,991
495,533
187,664
142.310
1,766,613
1,081,412
44.443
48353
485,157
421,950
571334
436,229
7,152,937
Oct‘18 1,910,696
’17 1,619,738
12 mos ’18 21,929,268
*17 19,579.199
7.315.412
234,015
*24,185
*25.972
*286.878
*216.193
481,043
*130,378
484.832
*4372
5,797399 *1.824368
5,666,194 *2.250.912
20,446
20,671
205313
208.073
67,649
73.939
891,081
690,992
285,462
173.037
14,796
158,241
2,174,877
1357.964
120,861
1.137.103
40,657
33,797
409,270
346.487
13.168
13,047
117,038
126,171
6.000
5.000
60,000
60,000
8.168
8,047
57,038
66,171
166,667
124.346
1.711.085
1336.975
St Louis Rocky
Oct '18
449,085
Mountain ft Pac Co
'17
347.635
10 mos ’18 4366.541
*17 3,168,737
Oct ’18
*17
12 mos *18
21,105
23,057
206,052
208345
*17,104
11,613
9277,160
108.095
94,610
1.096394
899.065
Portland Gas ft
Coke Co
Wayne Coal Co
$.
7,668
29376
def82.793
151357
72,984
64.902
770,295
613,555
63306
78.192
853352
832,589
Oct *18
*17
’18
’17
Surplus.
*19348
40376
*372,530
401373
154.800
151310
1,825,73V
1,608,309
mos
37.176
35375
323,929
321.660
39,342
27,248
370,225
261318
Balance,
44343
37,616
482,020
431,116
29,097
28,594
352.028
831,951
Pacific Paw ft Lt Co Oct *18
*17
12 mos ’18
’17
12
43,887
26,308
418367
281,604
‘17
Youngstown ft
Sept ’18
Ohio
12
x
mos
*17
*18
’17
Gross
1917.
8
received.
—Net
1917.
1918.
8
8
Central Mississippi Valley Electric Properties—
Surplus after Chargee
1918.
8
1917.
8
*
7,768
82319
9,272
93,369
4,913
49,649
6,850
67,183
79,889
916,137
34,931
467,616
33,951
417,916
20,616
331,079
23,755
301,673
105,018
1378352
30,645
416,085
37311
510,951
23,901
336,081
30320
447,206
Sept
6,707
mos
75372
1,284
25.494
6,665
75319
283,977
3,449,558
112,771
1,543,619
1,174,375
29,847
332.178
Sept
12
mos
28,216
306320
Eastern Texas Electric Co—
Sept
94,589
12 mos
1,054,375
El Paso Electric Co—
Sept
12 mos
104,290
1361304
Haverhill Gss Light Co—
1,659
30,435
27,325
28,978
321,478
304,983
Puget Sound Traction. Light ft Power Ce—
376,479
Aug 1,021,191
774,847
12 mos 11,173,578 8337,724 4337353
12
87387
FINANCIAL REPORTS
Financial Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month.
This index will not
include reports in the issue of the “Chronicle” in which it is
published. The latest index will be found in the issue of
Nov. 30.
The next will appear in that of Dec. 28.
Canadian Northern Railway System.
{Third Annual Report—Year end. June 30 1917—Not 1918.)
President Sir William Mackenzie of Toronto, in pamphlet
dated Oct. 1918, reports (in substance) as follows for the
year
ended June 30 1917 (not 1918):
Mileage.—The average mileage operated was 9,396 miles, as compared
with 8,048 miles for the year 1915-16; the total mileage in operation June 30
1917 being 9,433.4 miles, an Increase of 137.4 miles over June 30 1916.
Earnings.—The gross earnings amount to $43,495,077, an increase of
$8,018,801, or 22.6%, and the gross earnings per mile of line operated are
$4,629, compared with $4,408 the previous year.
Net earnings show an increase or $2,772,138, or 29%, and net earnings
per mile of line operated are $1,293, compared with $1,165 the previous year.
Traffic.—With one exception there was an Increase in the tonnage of all
commodities handled.
Revenue tonnage increased by 7.887%—the aver¬
age haul increased by 30.93 miles.
Grain shows a decrease of 1,258,048
bushels, not due to any competitive loss, but from a decrease in total yield.
As the Increase in grain handled in 1916 over 1915 was 125.31%, and as
the increase of 1917 over 1915 is 123.2%, and as the total tonnage of grain
and flour handled in the year is greater, no anxiety is felt on this feature,
especially when the increases in aJl other commodities are considered. The
advantage of
a
diversified distribution of Waffle is shown by the slight
increase in the ton mile rate, which advanced from .679 in 1916 to .688
in 1917 (V. 107, p. 1522).
Not since 1912 have we handled so many cars of immigrants’ effects.
European immigration is for the present discontinued, but from Eastern
Provinces, and still more largely Worn the United States, have come homeseekers of the most valuable type from a traffic-producing point of view.
Coal traffic from the DrumheUer District in Alberta is showing satis¬
factory development, the returns for the last six months of the calendar
year showing an increase in tonnage of 138%, the total for the half-year
being 329,552 tons in 1917, compared with 137,997 tons in 1916. The coal
from this section is being used m a rapidly widening field.
The territories served by your Western lines continue to show most
'or the last
calendar
progress
year
the Canadian
and Winni¬
sheep.
Sromising
in the
production
of liveNorthern
stock, including
brought hogs
into the
peg market, of the
the cattle brought
346, or
109.8%7
total receipts, cattle, 42.6%; hogs, 33.4%; sheep, 36.3%;
by us into that market increasing from 63,004 to 120,-
Mixed farming Is being carried on more and more along your lines in the
West.
This is indicated by the fact that for Manitoba the output of cream¬
ery
butter increased by 951,846 lbs., the total for the year being 7,500,000
There were exported 90 carloads, or 2,000,000 lbs., whereas in 1912
lbs.
Manitoba imported 55 carloads of butter for local use.
Cheese production
increased by 213,159 lbs., the total for the year being 1,093.887 lbs.
Passenger Traffic.—The position with reference to passenger business
shows steady progress.
While incomplete terminals at Montreal and Van¬
couver have prevented the inauguration of the main transcontinental ser¬
vices, the Toronto-Vancouver tri-weekly trains in each direction continues
show satisfactory results. The increase in passenger train earning* (of
go
and In the
steam-operated Hnee) overlap
w»
number of passengers carried the increase was 15.12%. With the comple¬
tion of the terminals already referred to and the establishment of a duly
service from coast to coast, your directors have every reason to expect a <
very substantial and profitable addition to thejpassenger revenue.
Expenses.—The working expenses were 74.77% of the gross earnings Of
the system proper, and including taxes 72.08% of the gross earnings from all
sources, compared with 74.73% and 73.58% respectively last year.
The fiscal year under review was a very trying one to railway officials
generally.. The coal situation caused your operating officers the greatest
25.62^
concern, not alone due to the much higher price paid for fuel coal, but also
due to the failing off in the quality or coal obtainable. The prospect for
immediate improvement in this respect is not reassuring. AO other ma¬
terials have been similarly affected.
The oost of the principal supplies in
use
by the railway has increased from 50% to over 100%.
The cost of living also increased. This was seized upon by every class
of labor employed by the railway as a ground on which to make demands
fear increased wages.
On the top of this thdte developed a great shortage of
unskilled labor, which was particularly felt hi the maintenance of way dept.
Under such conditions it is remarkable that operating expenses only in¬
creased by $5,246,664, or30.10%.
However, it should be stated that due
to the shortage of labor, work considered necessary and desirable could hot
be undertaken, and must therefore only be considered as deferred.
Land Sales.—Land sales during the year were 17,654 acres for $314,720,
an average of $17 82 par acre, compared with $16 37 for the preceding year.
Previous sales aggregating 16,227 acres were by mutual agreement can¬
celed. so that the acreage of land available for sale has been decreased by
1,427
acres,
leaving
a
total of 841,700
acres
unsold..
Car Trusts.—Car trust obligations were created to the extent of $1,250,000 for the purchase of cars ordifferent kinds.
During the year $3,266,000
was repaid in respect of previous obligations, thus making a net decrease
on this account for the year of $2,016,000.
Increased Rates.—During the year an application was made to the Rail¬
194-5—87.,0236
Commission for Canada by the principal Canadian railway companies
increase of 15 % in their freight ana passenger rates as a necessary
offset rapidly increasing wage bills and cost of materials of au
On Dec. 261917 the Commission issued an order allowing increases
kinds.
referred to below, but, owing to opposition from various interests, the
matter was delayed pending appeal to the Governor-in-Council.
As later
ordered by the Board, the Increased rates were to take effect from Feb. 1
except that increased rates on wheat were deferred until June 1 1918. On
March 15 the Governor-in-Council issued an order confirming the order of
the Board but limiting its effect to one year after the war.
way
for
an
measure to
The increases allowed are estimated to amount to approximately 7%
the system’s passenger revenue, and to 10% on freight revenue proper,
that is, exclusive of earnings from services supplementary to and grouped
In this report as earnings from passenger ana freight traffic.
On these
supplementary service earnings no increases apply; therefore, on a full
on
Sear’s
estimated
operations
to bethe
rates
about
total97%
additional
revenue total
from earnings
the increases
on the system’s
from in
passen¬
i
After allowing for other ineome
1918.
$
2183
THE CHRONICLE
1918.]
ger and freight traffic.
Due to the date on which the increased rates take effect, very little benefit
will be obtained therefrom during the present fiscal year. The operating
results of Canadian railways since July 1917 show that the slightly higher
rates now authorized will not offset the increases in the railway’s operating
expenses which have taken place, and which continue to occur month by
month. If these increased rates had been put into effect earlier, they would
have been particularly valuable as partly offsetting the abiomal weather
conditions which have prevailed on this continent during the winter months
and which have been the worst in the history of the company.
Report of Messrs. Loomis and Flatten.—Early In 1916 we had negotiations
with a strong financial group, having in view the financing of the com¬
pany's securities, and the providing of additional funds to complete its
construction and betterment program.
tives of the group agreed with the
President of the Lehigh Valley RR. v».t
President United States Mortgage ft Trust Co., to
.uu
...
»
report on the general
undertaking of the system, the well-known New York firm of Ooverdale ft
Colpitis also aiding in an inspection from coast to ce ist.
The report received from this source in March 1917 [see V. 104, p. 1700]
is most exhaustive and illuminating.
“In so far as the physical property
is concerned,” it says, “there can be no question as to the ability of the
Canadian Northern to meet competition, as the railway Is well located and
well built; its transcontinental main line grades over practically its entire
route are the most favorable in existence; and under a normally developed
traffic density the railway should operate a ratio previously unknown,
and at enormous profit."
Toronto Niagara A Western Ry.—Reference was made in last year's report
to the advantage to be obtained from the construction of a line from
Toronto to the Niagara frontier (compare V. 106, p. 1901, 2010) as a neces¬
sary complement to the Canadian Northern System.
Messrs. Loomis and
Flatten say:
“The existing inadequate transportation service via the
frontier lines is detrimental to Canada.
The Niagara line is therefore
greatly needed tor the further development of the Dominion facilities as a
whole, as well as to connect the Canadian Northern main line with the city
of Hamilton, with its St. Catharines line, with United States railroads, ana
with thw intermediate manufacturing districts.
“The construction of this line should produce profitable returns from
both freight and passenger traffic, because it will afford favorable facili¬
ties for Canadian interchange not now enjoyed by certain important
United States railroads.’’
Purchase of Capital Stock by Government.—Under an Act of Parliament of
Canada passed at its last session, authority was given to the Government of
Canada to acquire all the capital stock of the company upon certain terms,
with which you, as shareholders, will be fully familiar.
Provisions are also
embodied in the Act authorizing the Government to assist the company
in respect of its financial obligations.
[V. 106, p. 2344, 2559; V. 107, p.
1191, 81; V. 105. p. 2364, 2271, 996. 496.1
The action which the Government is taking under the above legislation
will preserve the corporate existence of the parent, constituent and subsidi¬
ary companies, and the rights of the security holders will not ba changed.
Colonization.—The company’s colonization work in Northern Ontario
made considerable progress during the fiscal year.
The malting of railway
ties for the system s use Is one of the activities from which a substantial
benefit will be derived.
Construction.—Notwithstanding the abnormal cost of work of all kinds,
your directors have continued the construction work on the Montreal
The scarcity of labor and materials has con¬
and Vancouver terminals.
siderably delayed completion of the works, but it is confidently expected
that facilities at both these points will be completed and ready for service
before the end of the year.
[For amounts needed to complete construction
as estimated in 1917 see V. 105, p. 1207.
The Mount Royal Tunnel was
opened for traffic Oct. 21 1918. V. 107. p. 1669, 1286; V. 105, p. 1898.]
New Fiscal Year.—In line with the changes made by other railway com¬
panies. the fiscal year of the company has been changed to run concurrently
with the calendar year instead of ending June 30.
[As to recent action placing all lines controlled by the Canadian Govern¬
ment under the charge of the board of directors appointed for the Canadian
Northern Ry. by the Canadian authorities, see V. 107, p. 2097.
Regarding
note issues, ftc., sold, exchanged, paid, ftc., see V. 107, p. 291, 180, 81;
V. 106. p. 2755, 1343, 188; V. 105, p. 2271, 1801. 817, 180, 71.]
(For income account, balance sheet and statement of funded debt, see
V. 106, p. 2223, 2336; V. 105. p. 1304.)
FREIGHT CARRIED, YEARS ENDED JUNE 30 1917 AND 1916.
1915-16.
1916-17.
130,720,761
8,333,769
Grain, bushels
Flour, sacks of 100 lbs. each
Live stock, head
Logs and lumber, feet
Firewood, cords
Coal, tons
immigrants' effects, cars
Building material, cars
518,735
2,080,002,000
346,107
1,940,023
4,696
42,340
131,978,809
7.574,500
488.809
1.809.565.000
286,745
1,741,031
2,968
41,887
4,237,921
Miscellaneous, tons
3.722.085
fe EARNINGS. EXPENSES AND NET EARNINGS.
Total
Av.Miles
Year—
Oper.
Earnings.
Operating
Expenses.
Net
Per Mile Oper.—
Earnings. Earns. Op. Exp. Net.
$25,912,106 $19,288,814 $6.623392 $3,565 $2,654 $911
35,476,275 26,102,745 9,373,530 4.408 3,243 1,165
43,495.077 31,349,408 12,145,668 4.629 3,336 1,293
Fixed Charges per Mile of Line—
1916-17. 1915-16. 1914-15.
Amount required per mile of road to pay fixed
charges. Including leased lines
$1,555 $1,196 $1,137
2184
THE CHRONICLE
PASSENGER, FREIGHT AND MISCELLANEOUS STATISTICS FOR
YEARS ENDING JUNE 30.
1916-17.
1915-16.
1914-15.
Average mileage operated
9,334
7,987
7,208
Passengers carried (revenue)
4,443,465
3,859,844
3,961,787
carried
mile
205.327.011
Passengers
one
294,515,612 226,934,368
do
do
per mile of road._
31,351
28,413
28,486
58,794
Average distance carried
66,280
51,812
Total passenger revenue
$6,273,153 $5,040,088 $4,629,581
cts.
Amt. received per passenger per mile.
2.229
2.254 cts
2.129 cts.
Total passenger train earnings
$8,428,992 $6,715,097 $5,836,430
$1.03954
do
do
$0.97269
per train mile..
$1.20761
Revenue tons freight carried
13,984,475 12.930,460 10,088.236
Revenue tons freight carried 1 mlle.4,588,734,595 3842826,173 2140759,693
do
do
481,135
per mile of road.
489,418
296,998
Average distance haul of one ton
328,124
297,191
212,203
Total freight revenue.
$31,360,486 $25,929,039 $17,645,020
Avge. revenue per ton per mile..
.00683 cts. .00675 cts. .00524 cts.
Total freight train earnings
$31,876,052 $26,266,862 $17,947,532
do
do
$2.54264
per train mile..
$2.64344
$2.47963
ACQUIRED STOCKS AND BONDS (Cost to Railway Co. $46 ,372,892).
Stocks.
Bonds.
Company—
Minnesota & Ontario Bridge Co
$100,000
$180,000
Minnesota & Manitoba Hit
400,000
250,000
Lake Superior Terminals Co
2,000,000
500,000
Canadian Northern Telegraph Co
500,000
2,000,000
300,000
Winnipeg Land Co., Ltd
100,000
St. Boniface & Western Land Co
250,000
750,000
Edmonton & Slave Lake Ky
420,000
Canadian Northern Ry. Express Co., Ltd
3,000,000
1,000,000
Canadian Northern Steamships, Ltd
2,000,000
2.920,000
Canadian Northern System Terminals, Ltd
2,000,000
7,000,000
1,395,000
Bay of Quinte Ry
Central Ontario Ry
3,329,000
Irondale Bancroft at Ottawa Ry
53,000
450,000
Canadian Northern Quebec Ry
2,000,000
— .
.....
Halifax & Southwestern Ry
Bessemer & Barry’s Bay Ry.
Marmora Railway & Mining
925,000
125,000
Co
Pacific
8uebec & Northern
Lake St. John
RyRy
anadian
Canadian
Canadian
Canadian
Canadian
Canadian
Northern
Northern
Northern
Northern
Northern
201,000
922,000
4,002,800
250,000
10,000,000
Ry.
3,060,000
5,000,000
Mt. Royal Tunnel & Terminal Co., Ltd
Northern Consolidated Holding Co., Ltd
*4,446,700
$73,659,500 $19,570,000
Total (see above)
*
Represented by Canadian Northern Quebec Ry. capital stock amount¬
ing to $5.144,600.—V. 107, p. 2097, 2008.
Chicago Elevated Ey. Collateral Trust.
Gross income
$1,387,682
on notes & deben's. $1,255,795
Other interest-1
72,493
General expense
33,890
Dividends on pref. par¬
$1,372,475
$1,186,815
29,792
$1,152,630
$1,120,000
$1,828,049
$1,310,000
32,067
26,213
33,351
480,000
ticipation shares
Again we are able to state—“the past year’s business
most successful In volume and profits of any year in the
Slant
value
of $24,942,790,
31 1917.measurement.
of Oct.
The inventoryItwas
taken
y the
company
by actual as
count,
weight
is priced
at cost or
$123,801
$6,417
$4,698
CHICAGO ELEVATED RYS. COLLA TERAL TRUST BALANCE SHEET DEC. 31.
1916.
1917.
1916.
1917.
Liabilities—
$
$
$
Assets—
$
$14,000,000 2-year 5% Secured Notes
7,000,000 10-year 6% debentures
160,000 pref. participation shares
Cash.
250,000 common participation shares
Bills receivable
Notes payable
1,300,000 1,300,000
Other
investments
1,569
8,908
2,043,426 1,707,626 Accounts payable
(cost)
Accounts receivable.
4,290
4,^90 Accrued interest
628,005
626,815
Accrued interest
24,091
42,200 Excess current assets
over current liabll. 1,988,566 1,989,162
Capital stock, bonds,
&c., pledged
x
See note x below
785,768
776,333
1,070,000 1,385,000
3,918,140 3,924,885
Total
These are the assets
Total
3,918,140 3,924,885
pledged under $14,000,000 Secured Gold Notes,viz.:
Other Assets So Pledged—
Pledged.
(Par Val.)— xPledged.
Metrop. W. S. Elev. Ry., pref.$8,707,500 Investment in securities of and
7,462,800
claims against Chic. & Oak
Common .•
Park (not incl. $1,347,363
Northw. Elev. RR., pref
4,944,400
receiver’s
Common
4,946,400
equip,
certfs.,
First Mortgage 5s
notes, &c., carried among
12,500,000
‘‘other investments”)
South Side Elev. RR. stock.. 10,231,400
$1,709,373
Stocks & Bonds
x Being in each case the entire outstanding amount.
The underlying securities
in the hands of the public Include chiefly (a) Metropolitan W. S. Elevated Ry.
First Mortgage 4s, $10,000,000, and Extension Mtge. 4s, $5,000,000 (except $567,000 held in the treasury of the Chicago Elevated Coll. Trust: (b) South Side Elevated
RR. First Mtge. 4>4s, $8,000,000: (c) Union Elevated RR. First Mtge. 5s, $4,472,-
000; (d) Chicago Junction RR. First Mtge. 4s, $2,327,000 (the $50,000 stock is held
by the South Side Elevated RR.: (e) Northwestern Elevated RR. First Mtge. 5s,
$12,500,000; (/) Union Consolidated Elevated RR. Guaranteed 5s, $453,000; (p)
Chicago & Oak Park Elevated RR. First Mtge. 5s, $4,432,000, equipment notes
$184,000, real estate mtges. $6,862. Equipment trust of Aug. 1 1914, issued
jointly and severally by Metropolitan, Northwestern and South Side companies, 5%
equip, notes payable 1917 to 1929, auth. $2,600,000, outstanding $2,190,000. Ed.
COMBINED INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
(Incl. Met. W. S. Elev. Ry., Northwest. Elev. RR. and So. Side Elev. RR.)
1917-18.
1916-17.
$9,777,164
5,227,078
932.408
$9,289,913
Operating income
$3,616,778
Non-operating income._
150,490
Operating revenue
Operating expenses
Taxes, &c
Interest and rents
Dividends
Surplus
1915-16.
1914-15.
863,334
$8,435,008
4,335,061
722,115
$8,045,265
3,870,306
700,243
2,390,450
1,198,395
$3,602,093
151,589
2,386,662
1,176,345
$3,377,831
135,694
2,247,406
1,135,543
$3,474,716
117,905
2,188,410
$178,423
$190,675
$130,576
$298,838
4,824,486
1,105,373
BALANCE SHEET JUNE 30.
1918.
$
Assets—
Road and equip¬
ment
96,038.491
Other investments
54,130
Current asset!}
1,924,287
Deferred assets
2,739
Unadjusted debits
107,
p.
1483.
Liabilities—
1918.
$
1917.
$
36,292,500 36,292,500
Capital stock
55,234,000 55,455,000
96,057,937 Funded debt
Bills
payable
with
53,530
C.El.Rys
1,070,000 1,070,000
1,852,812
1,320 Current liabilities. 2,857,230 2,461,169
547,772
533,454
155,260
84,347 Accrued liabilities
Unadjusted credits
461,032
460,434
Corporate surplus. 1,712,374 1,777,389
.98,174,910 98,049,948
Total
—V.
1917.
$
Total
under, including crude rubber, which latter commodity is priced
both under cost and under the present market value.
The current assets
have been carefully reviewed and there have been eliminated therefrom
These latter are included under the
any which are doubtful of collection.
caption of “suspended assets” and full provision for non-collection is pro¬
vided in the reserve for doubtful accounts.
First preferred capital stock of the
par value of $609,900 was redeemed.
The net income was $15,388,191, subject to Federal taxes for the year.
There remains an unappropriated surplus of $20,717,356, subject to
Federal taxes for the year.
RESULTS FOR YEAR ENDING OCTOBER 31.
1917-18.
1916-17.
1915-16.
1914-15.
Gross business
$131,247,382 $111,450,644 $63,950,400 $36,490,652
Net income
$15,388,191 $14,044,206 $7,003,330 $5,137,083
First pref. divs. (7%)
$1,693,328
$1,499,040
$764,239
$469,583
Second pref. divs
506,408
Cash com. divs_(12%)
2,451,816 (12)2,228.342(12)1261,332(21)1686,151
98,174,910 98,049,948
$10,316,824
$4,977,759
$2,981,349
BALANCE SHEET OCTOBER 31.
1918.
1917.
Assets—S
$
Real est. & bldgs.15,577,399 14,125,498
Mach. & fixtures-14,207,647 10,817,292
1
1
Securities owned.. 3,896,553
Pref .stock in treas. a 149,636
U. S. Liberty bds. 1,466,950
1,706,426
18,700
Pats.,tr.marks,&c.
Emp. subscription
2nd pref. stock.
Notes
$25,503
Surplus income
has been the
history of the
company”—sales being $131,247,382, against $111,450,644 for the preced¬
ing year; net profits being $15,388,191, against $14,044,216 for 1916-17.
The results are satisfactory when we take into account the fact that out
factories were operated with an inadequate supply of labor during the entire
year, more than 6,000 of our employees having entered the military service
(43 having given their lives to our country’s cause), and the further fact
that at no time during the year were we able to
supply product in sufficient
quantity to meet the demand—Government restrictions since July 1 limit¬
ing our production of pneumatic tires, up to six inches, to 50% of the
production of the preceding year.
Net profits were materially reduced by the fact that Government busi¬
ness (approximately 15% of the total volume) was handled at a consider¬
ably lower percentage of profit than our regular business.
One year ago the company had in excess of $15,00,000 notes payable
outstanding. In view or the changed financial situation growing out of
the war, and anticipating that the war might continue for several
years,
your directors deemed it wise to increase the fixed capital, which was
successfully accomplished by the sale of $15,000,000 of 8% second preferred
stock to over 16,000 stockholders composed almost entirely of customers
and employees—liquidating thereby its entire account of notes payable
(V. 107, p. 1484).
In common with many other lines of industry, the
rubber industry has
been adversely affected by the war and will most likely require six months
to a year in reaching its normal position.
There never has been a time in the history of the company when its
condition was as sound financially, its good will with customers as great,
its facilities for serving the needs of its trade as extensive, as at present—
barring the one factor of an adequate supply of labor. Notwithstanding
this, your directors feel that the coming year’s business will produce
equally as satisfactory a result as is shown in this statement.
Data from Certificate Given by Audit Co. of N. Y. Nov. 25 1918.
Increases to “plant” have been carefully reviewed.
The reserve for
depreciation, amounting to $5,096,474, is equivalent to 20.43% of the
Balance, surplus... $10,736,639
CHIC. ELEV. RYS. COLL. TRUST—INCOME ACCT. FOR CAL. YEARS.
1917.
1916.
1914.
1915.
Income— Dividends
$1,196,701 $1,218,991 $1,027,045 $1,109,798
Interest
190,980
153,483
125,585
718,251
Int.
Goodyear Tire & Rubber Company.
{Report for Fiscal Year ending Oct. 31 1918.)
Pres. P. A. Seiberling on Nov. 25 1918 said in substance:
or
200,660
25,000,000
3,000,000
2,000,000
1,000,000
Alberta Ry
& Western Ry
Saskatchewan Ry
Manitoba Ry—
Ontario Ry
Duluth Winnipeg & Pacific
lbo'ooo
100,000
Co
Qu’Appelle Long Lake & Sask. Ry. & 8. B. Co—
Niagara St. Catherines & Toronto Ry
Niagara St. Catherines & Toronto Navigation Co.
[Vol. 107
rec.
513,633
for co’s
cap. stk. secured 1,112,017
Inventory
30,507,967
Adv. to cos., agts.,
&c
2,101,278
Cash
6,344,490
Accts. & notes rec.13,353,985
Prep’d rentals, &c.
690,181
208,324
Suspended assets.
Adv. to Goodyear
Impt. Co. & to
Goody .Hts .R .Co 3,488,957
Total
1918.
1917.
Liabilities—
$
S
Pref. stk. 7% cum.23,783,800 24,393,700
2nd pref. stock 8%
cumulative
15,000,000
Common stock
20,466,800 20,278,620
Notes payable
15,410,800
Purchase accounts
payable
5,687,407
Sundry other ac¬
counts payable. 1,432,046
1,033,640 Unpaid Lib. bds..
571,500
28495,624 Acer. 1st pref. div.
138,739
2nd pref. div. pay.
Nov. 11918
2,390,345
253,791
3,783,354 Reserves—
Doubtful acc’ts
16,384,333
803,919
(current)
231,445
175,587
Suspended accts
208,324
Deprec. of plant 5,096,474
2,827,872
93,619,018 82,562,592
Insur. on branch
stocks..
4,864,761
850,968
531,445
175,587
3,248,030
Surplus
31,336
45,000
20,717,356 12,763,681
Total
93,619,018 82,562,592
There is also a contingent liability for notes receivable discounted,
amounting to $5,077,973, and guarantee of loans by Canadian bankers to
the Goodyear Tire & Rubber Co. of Canada, Ltd., amounting to $300,000.
a First preferred, 1,475 shares (par value $147,500), $135,465: second
preferred, 145 shares (par value $14,500), $14,171.—V. 107, p. 1484.
Mergenthaler Linotype Co., New York.
{Report for the Fiscal Year ending Oct. 1 1918.)
President Philip T. Dodge, on Nov. 19 1918, said in subst.:
Results.—Notwithstanding all these adverse [war] conditions, the net
gain for the year was $1,343,545, an amount somewhat less than the
gain of the preceding year, but slightly in excess of the amount required
to pay the regular dividend of 10% on the outstanding stock amounting to
$12,800,000, distributed among more than 3,000 stockholders.
Additions.—Many improvements were made in the Brooklyn buildings,
tools and machinery: and in order to provide for the business under abnormal
war conditions, a building of substantial size was purchased on advantageous
terms in Brooklyn in convenient relation to the main factory.
Improvements.—Work has continued systematically in the Experimental
and Manufacturing Departments looking to the standardization and im¬
provement of the linotype machines of different models.
As a result,
certain models have been adapted to produce with marked advantage classes
of composition heretofore accomplished only by hand.
From year to year your company has expended large sums in develop¬
ment work and in the purchase of patents of various inventors, besides
paying to Mr. Mergenthaler and his estate substantially more than $1,000,000 in royalties.
Output.—Up to the present time approximately 40,000 linotype machines
have been built by your company and its associates.
Strike.—The eight-hour day, with extra pay for overtime, has prevailed
in the works for many years, and, in addition to contributing a mutual aid
society, the company has outlined the system of insuring the lives of all
persons in its service.
Notwithstanding this fact, on July 26 800 of the
employees walked out on strike, with great loss to the company, without
having first made complaint, or demand of any kind. This strike was
undoubtedly brought about by the influence of outside mischief-makers.
The demand that the shop should be unionized was refused: with the
result that most of the employees returned to their work within a week,
the company declaring that it would maintain an open shop, control its
own operations, and pay its workmen the best wages generally pijovailing.
Women Employees.—The lack of loyalty shown by many men' in the
strike and the general shortage of labor has led us to employ women in
the manufacturing departments in general.
They bad been employed in
substantial numbers for some years in the Matrix Department.
At the
present time, after special instruction, more than 200 additional women,
operating a variety z" machine tools, are doing as much and as good work
as was ordinarily accomplished by the same number of men.
For this
work they receive the same pay as the men.
The moderate decrease {$256,455] in the surplus is due to the fact that
the amount paid in dividends included an extra dividend [of 2K% paid
Dec. 1917] and for this reason exceeded the earnings for the year.
Financial.—Up to Oct 1 1918, the company paid in dividends $39.113,229, of which $12,962,181 represented special or extra dividends.
Dec. 7 1918.]
THE CHRONICLE
Loans—Liberty Bonds.—The
bills payable—loans from the bank—shown
In the report represent in large
part the purchase of Liberty bonds.
War Service.—-Of our forces almost 400 have entered the
military service.
Throughout the war the company has done all in its power to assist the
Government.
When important Governmental
printing was said to be
in arrears the
company tendered to the Government, without change,
linotype machines in such number as could be advantageously empoyed.
The company has loaned linotype machines to the
Surgeon-General’s
office and has offered to give employment in its
factory to cripped soldiers.
It is proposed, whenever
possible, to re-employ. men formerly in its
service who joined the colors.
Government Work.—In addition the company has done for the Govern¬
ment a moderate amount of work
requiring extreme precision obtainable
only in the company’s tool-room and in a few other places. This work
occupied the greater part of the tool-room force and was carried on at
considerable disadvantage to the
company, but it was felt to be a duty.
Foreign Business.—Directly and indirectly the company is the owner of
extensive credits given to the purchasers in various countries.
It may be
that substantial losses will occur in those sections in which the war
has
been actively conducted and those countries in which the
Governments
have been disorganized.
It may be fairly said, however, that the safeguards
provided and the depreciation already represented on the books
prevent
any serious losses, or losses which could materially affect
your company or
its
earning power.
The British company,
throughout the
Linotype & Machinery, Ltd., has been engaged
war principally in the production of war materials for the
In the face of great difficulties the
company has been conducted
in the most gratifying manner.
It could not be expected to reap large
profits on the Government work, but the property has been
protected, the
fixed charges paid, and the financial conditions
improved.
Future Prospects.—It is believed that the termination of the war
will be
followed by a gradual approach t-o normal conditions in all lines of
business;
that your company will be relieved from the many restrictions and inter¬
Allies.
ferences now existing: that the opening of the seas will
again develop foreign
trade; and that the domestic business will increase and an era of
prosperity
follow the war—if past experiences can be relied
upon as a guide.
The company continues to sell its products, at home and
abroad,
in large
part on long-time payments, or, in other words, on the installment plan.
While this involves the use of large working
capital, it permits the purchase
of machines by men of limited means
conducting small offices, who would
not otherwise be able to purchase.
INCOME ACCOUNT FOR YEARS ENDING SEPT. 30.
1917-18.
1916-17.
1915-16.
1914-15.
Total net profits
§1,343,545
Dividends (about)__,__
1,600,000
Dividend rate
(12H%)
Susplus
or
deficit
§1.883,159
1,600,000
(12*4%)
$1,898,200
1,279,990
(10%)
$1,467,015
1,663,997
(13%)
def.$256,455sur.$283,159sur.$618,210 def.$196,982
BALANCE SHEET OCTOBER 1.
Assets—
1918.
Plant, real estate, &c
$2,237,322
Linotypes
69,605
Office fixtures, &c
56,272
Rights, priv., franchises
patents & inventions.
3,656,330
Stock and bond account
4,042,640
Cash
348,190
Bills receivable
Accounts receivable
Raw materials, &c
Canadian Linotype,
6,695,149
881,277
2,998,415
Ltd
Total assets
358,462
1917.
1916.
$2,338,525
70,180
1915.
$2,262,525
80,155
60,865
54,613
3,655.230
3,677,473
256,098
6,447,052
1,253,770
2,580,477
303,348
3,650,000
3,905,507
832,796
5.676,538
1,398,193
1,735,455
309,198
$2,397,091
46,980
66,596
4,000,000
3,658,998
1,031,827
5.148,928
1,230,673
1,936,235
339,347
$21,343,662 $20,636,765 $19,911,233 $19,856,675
Liabilities—
Capital stock
Creditors’open accts
41,209
1,281,300
698
126,587
Surplus
7,093,869
35,768
450,000
673
43,420
648
628
7,350,323
7,067,165
7,041,503
14,645
Total liabilities..... .$21,343,662 $20,636,765 $19,911,233 $19,856,675
—V. 107, p. 2013.
South Porto Rico Sugar Co.
(Report for Fiscal Year ending Sept. 30 1918.)
Chairman William Sehall on Sept. 30 1918 wrote in subst.:
The amount of sugar made during the crop of 1918 was 90,400 tons.
It
is estimated that the output in 1919 will be about 96,000 tons of sugar.
The company has contracts with Russell Sc Co., S. en C. and other
planters in Porto Rico covering approximately 24,000 acres, from which a
crop of 525,000 tons of cane is expected.
The lands in cultivation in Santo Domingo amount to approximately
12,000 acres, from which a crop of 320,000 tons of cane is expected.
The new raw sugar factory at La Romana, Santo Domingo, is completed
and it is expected that grinding will begin in December 1918.
During the fiscal year ending on this date there has been paid the regular
dividend of 8% on the pref. stock; also 20% on the common stock, of which
was paid in cash and 10% in scrip (V. 107, p. 2015, 910).
Pursuant to authority given by the stockholders, on July 1 1918 an
additional issue of $1,125,000 of common stock was sold to the common
stockholders at par (V. 106, p. 2654).
10%
Negotiations with the U. S. Food Administration are progressing favor¬
ably for a sale of the sugars to be made during the coming crop.
The company has subscribed to $375,000 of U. S. 4)4% Liberty bonds.
A donation of $15,000 to the American Red Cross was authorized by the
directors and made in May 1918.
Out of the profits of the company for the year there has been set aside
$500,000 for the payment of income and profits taxes.
CONSOL. RESULTS YEARS END
SEPT. 30 (.Incl. Central Romana, Inc.).
1916-17.
1915-16.
Sept. 30 Years—
1917-18.
92,342
75,550
Sugar made (tons)
90,400
Total receipts
$11,448,242 $10,690,741
$8,396,562
Net earnings
$2,617,957 $3,687,200
$2,691,851
Res. for working capital
600,0001
300,000
1,181,243
Reserve for depreciation
545,878
466,668/
1914-15.
63,355
$7,384,493
$2,096,061
1,168,701
Reserve for income and
profit taxes
500,000
Pref. dividends (8%)—
319,507
Common divs. (cash)_(10%)450,000
Common divs. (stock)(10)506,250
Balance, surplus
& 1. sur. Sept. 30
Total p.
$70,217
$993,768
300,000
312,730
298,900
296,680
(20)823,890 (40)1378,327 (10)337,100
(18)606.840
$114,670
$923,551
$221,.890
$808,882
$293,580
$586,992
CONSOLIDATED BALANCE SHEET SEPT. 30.
1918.
S
ftigAssets—
constrl 11 ,950,545 (
Equipment, &c_.) 1 ,144,972(
Live stock
)
l
Materials & supp.
796,655
Cash
229,609
Accts.rec (secured)
737,016
Cultivation (crops)
Sundries (crops)
‘8*, 728
Bonds and stocks57,500
Mtges (PortoRico) 2 ,221,186
Advances to plant¬
ers (secured)
344,854
U.S. Lib. bonds..
90,000
568,290
Comissary stores.
Real C3t. &
1917.
S
7,185,832
774,822
80,238
Demand loans and
19,618,480
Total
-V. 107, p.
1,469.125
2104.
1918.
S
Liabilities—
Preferred stock
Common stock
3,995,000
5,625,000
Bonds, 6% conv__
1,270,089 Accounts payable.
1,107,344 Miscellaneous
3,980,900 Deprec. ,&c. .res've
44,018 Div. scrip, payable
131,243
July 1 1921....
127,500 Div. scrip payable
375,719
....
2,063’,905
mach’y, working
capital, &c
4,209,448
993,768
799,019 Profit and loss
15,501,003
Total
1917.
*
3,988,000
4,500,000
12,000
172,565
4,722
1,697,746
224,695
Oct 1 1921
280,945
Loans
1,350,000
Reserve for taxes.
500,000
Reserve for new
—
accept’s (secur.)
Construction.—The progress in construction and operation
may be
as satisfactory if the conditions
prevailing throughout the year
taken into account.
garded
re¬
are
The influence of the war was
felt as the
entry of the United States greatly intensified theincreasingly
difficulty of
supplies and shipping. Nevertheless work on the new power securing
plant at
Camarasa which was begun in July 1917, has
proceeded without Interrup¬
tion and has made such progress that there is some
hope
of
bringing
one
unit into operation before the end of
1919, although the difficulty of
securing licenses for shipment of certain essential
supplies has made this
uncertain.
It was stated in the last report that such
financial provision
had been made as would carry
the new work into 1918. Subsequent to
June 1917, £260,000 Prior Lien “A” bonds were
sold, and early in the
present year a further 10,000,000 pesetas (£400,000) of the bonds were
sold in Spain, thereby providing the funds
required in 1918.
Results.—The balance sheets of the Ebro Irrigation & Power
Co., Ltd.,
the Perrocarriles de Cataluna,
S.A., and the Ferro Carril de Sarria a
Barcelona, the chief operating companies in Spain in which this
company
is interested, are annexed hereto, and show that
the combined surplus
earnings of these companies were larger by $479,649 than in 19167
No
ondholders
and loss
under thecompanies
Dy the
Erofit
in statement
is published,
plan approved
1915, all earnings
of theas
associated
and when
as
received
are applied as providea in the committee
agreement, bond interest,
excepting that on the Prior Lien "A” bonds, being satisfied by 5% notes.
Net Revenue from All Sources
for the Payment of the Interest
“A” Bonds.
_
Interest
on
prio rlien “A” bonds
Balance, surplus
Prior Lien
1915.
1916.
$1,316,283
96,356
1917.
$1,875,316
331,900
$2,354,964
378,352
$1,219,927
$1,543,415
$1,976,612
_
Net revenue
on
Balance Sheet.—The chief changes as compared with 1916 were
caused by:
(а) An increase of $3,038,187 in the amount of 5% notes issuable
inpayment
of interest on bonds, in accordance with the agreement of
April 9 1915.
(б) Further advances to associated companies, the money thus advanced
having been applied to construction.
Extension.—Work on the extension of the Ferrocarriles de Cataluna
proceeded steadily throughout the year. The line was opened for traffic
to the town of San Cugat in December 1917,
and to the town of Rubi in
Sept. 1918. It is expected that the railway will be completed to Tarassa
in 1919.
Traffic returns have been very satisfactory, and it is clear that
the railway when in full operation will be a valuable
property, and provide
a substantial annual contribution to the revenues of mis
company.
Pledge.—The shares in the capital stock of the Tramways de Barcelone
purchased by this company are still held as security for the balance of the
purchase price, under the conditions explained in the report of 1915, and
will probably remain so until after the war.
The earnings of the Tramways
Co. showed a satisfactory increase, and there was a good
surplus over the
dividend upon the common shares, which this
company guarantees.
Reorganization.—Under the plan of reorganization approved by the
bondholders in 1915, the funding
period expired on June 1 1918, and
thereafter all interest should be paid in cash.
The directors early this
year came to the conclusion that it would be impossible to resume full
interest payment at once, and after several months of
negotiation a plan
of extension was
adopted, subject to the approval of the bondholders.
The details have been fullySet out in the public
press and in a report issued
by the bondholders’ committee, which is available to all shareholders.
Having regard to the difficulties of the times, and the many conflicting
interests involved, the directors believe that the best
arrangement that was
possible has been made and that the sacrifices involved have been fairly
apportioned as between the holders of the various securities of the company
107, p. 1918, 2007).
(V7
Dividends unpaid
Reserve for taxes
£3
Barcelona (Spain) Traction, Light & Power
Co., Ltd.
(Third Annual Report—Year ended Dec. 31 1917.)
President E. R Peacock, Toronto, Nov. 12 wrote in subst.
$12,800,000 $12,800,000 $12,800,000 $12,799,900
Bills payable
excess
2185
300,000
3,902,418
923,551
19,618,480 15,501,003
Data from Report of H. F. Parshall, Pres. Ebro Irrigation & Power
Co., Ltd., and the Ferrocarriles de Cataluna, S. A.
The following summary of the 1917 and 1916 results from the
operation
of the combined enterprises shows the progress made:
1917.
1916.
Increase.
1915.
Pesetas.
Pesetas.
1917.
Pesetas.
Gross
earnings
Operating expenses
Net earnings
22,966,847 20,225,827 13.55%
16,804,223
6,758,841
6,661,218
1.47%
7,202,840
16,208,005 13,564,610 19.49%
9,601,383
The company at the end of 1917 had on its lines the very
satisfactory
total of 99,649 customers, compared with 79,702 in 1916 while the new
contracts signed called for 16,501 k. w., against 10,606 in 1916:
Customers Dec. 31.
No. of Customers—New Contracts
1917.
1916.
Electric light
89,488
71,926
Power
10,161
7,776
Total
Total k.
99,649
w.
covered
by
new contracts
79,702
signed
New Contracts.
1917.
1916.
17,686
2,402
16,159
1,510
20,088
16,501
17,669
10,600
Steam and Hydraulic Generation for the Years 1917 and 1916.
K.W.H.
1917.
1916.
1917.
1916.
.
Steam generat’n.5,340,725 7,166,958 Hydraulicgener’n (Con.)—
Seros
Hydraulic generation—
131,873,500 148,119,900
Pobla
..6,632,010 9,238,065
Tremp
97,947,600 51,085,680
Corbera
Total
6.404,870 4,330,330
248.198,705 219,940,933
The maximum monthly output at Seros was 15,387,900 k.w.h.; at
Tremp,
__
12,080,100 k.w.h.
Making due allowance for the incomplete data it would appear that the
capacity of Tremp in an average year should reach 120,000,000 k.w.h.,
and therefore in the assumed capacity of the average year there Is some
margin.
During December the water in the Talarn reservoir fell to
approximately
its lowest working level.
Manufacturers were asked to curtail their con¬
sumption as far as possible, and the Manufacturers’ Association was asked
also to agree to a provision which would to some extent
indemnify the
company against the heavy loss which would arise through steam genera¬
tion.
This they did, so that the cost of steam generation in 1917, although
the year was not particularly favorable, did not amount to more than Pts.
1,756,093, against Pts. 1,391,654 for 1916.
The year 1917, however, it should be remarked, according to the
ordinary
hydraulic calendar, fell 15% below a year of average hydraulic output.
Indeed the year was altogether an extraordinary one from the standpoint
of hydraulic generation.
The Pallaresa River, on which the Talarn reser¬
voir and the Tremp works are situated, had a diminished supply
compared
with the average year, whereas the Segre, into which the Pallaresa flows at
Camarasa, and which has its origin under conditions similar to the Palla¬
resa, was frequently in flood when the Pallaresa was low.
For this reason
the plant at Seros was operated at something like normal output
during the
dry months, whereas Tremp was only operated at half power during Dec.
Contracts.—Many of the supply companies in Spain have now reached
the conclusion that it would be impossible for them to develop by steam the
amount of power required to make up the deficiency in hydraulic
supply
in extraordinarily dry years and that all future contracts must be safe¬
guarded by a proper coal clause.
The one adopted by this company is to
the effect that the customer undertakes in his monthly accounts to make
such additional payment to the company as will cover the cost of steam
generation during that month.
This matter is also under the consideration of the
Spanish Government,
and the suggestion is that if the
companies are forced by excessive drought
to supplement the hydraulic supply by steam, the consumer must bear the
cost of have his supply proportionately diminished during the
dry period.
Prices.—There was some material improvement during 1917 in the price
obtained for energy both for light and power in certain districts, thus the
average price for power in the Interior District was 8.21 centimes for 1917,
as against 8.04 centimos for 1916.
The increase in price, however, was not
consistent with the increased cost of material and labor.
Owing, however,
to the fact that in the early part of 1917 Spain generally, and Cataluna in
particular, did not recognize that, on account of the increased cost of
material and labor brought about by the war, higher prices for energy would
have to be charged, it was practically impossible to secure new business on
a higher scale of prices.
Rehabilitation.—A good deal of the Barcelona system was installed some
years ago, and, like the 110-volt three-wire D. C. supply, requires coniderable reformation.
COMBINED EARNINGS FERRO CARRIL DB SAttBIA
CARRILES DB CATALUNA.
Calendar Years
{All Pesetas)—
Trafnc receipts, Ac
Operating expenses
Bond int., redemp. Aprov. for
Total deductions
Net receipts
EBRO IRRIGATION A
1916.
1917. June 30*18
1,051,532 1,187.927 1,659.720 1376.000
576,157 693,606 773,156 912,000
270,000 432,525 430,000
tax 161,672
737,829
863,606 1,205,68011;342,000
313,703
324.321
534,000
354.040
POWER CO., LTD., BALANCE SHEET DEC. 31.
1917.
Assets—
Lands and indemnities——
Hydro-electric power installations
Power transmission
1916.
...
and distribution system, Ac.
Incidental equipment, sundry interest, Ac—...
Additional taxes
Less—Net earnings from operation, Ac., receipts
23.131
587,291
1,613.829
1,807.715
53,444
211,813
during 1917, $2,196,293; amount rec'd from Bar¬
celona Tr., Lt. A Pow. Co., Ltd., in accordance
with agreement of April 9 1915, $415,120
Cr.2,611,414 Cr.3,008,035
Leased and associated cos.: Advances applied in
1382.677
extension of subsid. light A power undertakings. 2,314,881
866,445
819,892
Materials in store and in transit
Sundry debtors and debit balances in 1917. $1,789,669. less reserve for bad and doubtful debts,
1,451,677
$178,455
1.611.213
Oovt. and other deposits, govt, inspection charges
123,500
Cash in banks and on hand..
...
1,329,109
698,537
Total assets
Liabilities—
Share capital authorized
$100 each, fully paid)
tas
$51,511,579 $51,216,659
and issued (25,000 shares,
executed under Spanish law (pese¬
50,000,000)—
6% Gen. M. bonds auth. A issued.
£9,500,000
Leased and associated cos.: Current accounts..—
$2,500,000
$2,500,000
President M. H. Lewis
favorable. Insufficient rainfall
part of the growing season retarded development and reduced
tonnage of the cane, and 1044% of the company's fiekls were not cut.
Unseasonable rains throughout the last half of the harvesting season con¬
siderably delayed and likewise increased the cost of that work, with a
similar effect upon the work and cost of manufacture.
Ail costs in every
department were very high, due to the abnormal conditions affecting labor,
materials and shipping, and the aggregate increase in these costs was not
compensated by the increase in the Government fixed price of sugar.
Grinding began Dec. 12 1917 and ended June 11 1918,.during which
Weather conditions as a whole were not
the latter
$45,728,136
38,841
498,234
417.409
19,444
...
(,Report for Fiscal Year ended July 31 1918.)
on Nov. 21 1918 said in substance:
6 Mot. to
1916-
46,233,333
1,512.831
970,495
1,130,732
x46,233,333
1,647,514
—
Sundry creditors and credit balances—
Total liabilities
$51,611,579 $51,216,659
x Interest waived under terms of committee agreement dated April 91915.
Note.—There are contingent liabilities in respect of guarantees given by
an average polarity of 30.20.
Gross revenues from all sources, including proceeds of sugar on hand at
the beginning of the year, amounted to
Operating expenses
of all kinds, including repairs and replacements, aggregated $911,143. The
gallons of
$1,232,275.
earnings, including $47,058 net from sugar on hand above mentioned,
The profit, after deducting $21,761 for interest
amounted to $319,824.
on current debt, $42,272 for bond interest and $78,092 for depreciation
provisions, amounted to $181,007. The amount written off represents
5% on manufacturing plant and plantation railroad, 10% on railroad rolling
stock and buildings other than factory, and 20% for exhaustion of cane
plantings, all as recommended by the auditors, and considered by the
management to be ample.
gross
The
excess
profit tax and income taxes referred to in balance sheet are
estimated at $20,000 to $30,000.
Since July 31 the funded debt has been
chase and cancellation of $50,000 bonds
Capital expenditures for the year amounted to $85,083.
rainfall thus far has been seasonable, the growth of the cane satis¬
expected that grinding will begin the middle of December.
contracted for the entire
advance over last year’s
The U. S. Sugar Equalization Board, Inc., has
Cuban sugar crop for the ensuing season at an
price of 90 cents per 100 pounds.
$
Assets—
1916.
S
1917.
S
Liabilities—
int. thereon:
Cr.235,718 Cr.225,405
receipts
(1)
Advances to:
Cataluna RR.
(8. A.)
Catalonian Land
Co., Ltd
Cash
Sundry debtors...
2,275,968
2,275,968
483,767
402,509
118,305
100,936
676,321
371,693
In respect to
Prior "B" bonds
A 1st M. bonds. 8,851,325
6,029,643
(2)
In respect to
20,000,000
5% Mtge. deb.
Pts.
311,142
Bare. Elec. Co.
527,647
Loans agst. secur.
incl. int. thereon 3,330,806
3,144.205
136,715
173,320
Sundry creditors..
100,947,511 96,561,868
x Int. in discharge of which there is an obligation to issue 5% 10-yr. notes.
Note.—There are contingent liabilities in respect of guarantees given by
this company in connection with associated companies.
OTHER BALANCE SHEETS DEC. 31 [IN PESETASI.
-Cataluna RR. (S. A.)- Ferrocarril de S. a B.
1917-(Pesefos)-1916.
Assets—1
1917- (Pesetas)-l 916.
4,715,285
4.945,428
Capital account
37,059,824 34,136.486
100,947,511 96,661,868
Total
Total
.
Ferrocarrile de Sarria a
Barcelona, S. A.:
Loan account
1,908,442
Secur. acquired (6,000,000
pts. bds.) Cataluna HR
Securities with Govern’t.
61,394
69,177
Guaranty deposits
Sundry debtors, Ac
4,738,034
398,439
Cash
Materials
44,235,311
Total
Liabilities—
Share capital
12,000,000
17,900,000
Mortgage bonds
Barcelona Tr., L. A P.Oo.
adv. with accrued int..12,669,584
Sundry creditors, Ac
1,667,897
Directors, guaranty, Ac.
911,143
2,000,000
5,400,000
9,308
5,400,000
9,308
46.250
1,805
41,028
46,250
33,122
220,952
61,394
378,172
1,892,323
616,615
39,084.990
10,213,676
10,655,060
12,000,000
14,000,000
2,000,000
5,955,000
2,000.000
6,000,000
33,402
46.250
80,547
58,162
46,250
85,195
386
386
1,908,442
2,000,000
140.746
324,322
-
12,669,584
415.407
144,649
45,000
39,084,990 10,213,676 10,655,060
[Committee for the Bondholc^ers of the Barcelona Traction, Light A
Power Co.,
v^v.,
Ltd.: A. E. Baker, Robert Fleming, H. Malcolm Hubbard,
The Hon. Gilbert Johnstone, H. C. Levis, E. R. Peacock and C. D. Seligman.] Compare plan, Ac., V. 107, p. 1918, 2007.
Mason Tire & Rubber Go.
COMPARATIVE SALES AND EARNINGS FISCAL YR. END,
,
1918
1917
OCT. 31.
1917.
$48,486
Gross sales.._$2,321,1.44 $1,200,000 Divs. declared $132,861
55,971
Net profit
203,406
104,457 Bal., surplus.
70,545
1919.
Note —Including 6% payable on common stock during year
GENERAL BALANCE SHEET OCT. 31.
1918.
Assets—
Real est.,plt.Aequlp. <694,825
Tr.-mks., gd.-wlll,Ac 363,092
22,362
Cash.
Accts. A bills rec. c640,116
Inventories
do
rub.,Ac.,equlty
Lib. bonds equity
Int. accrued on
Liberty bonds..
Securitles owne 1..
Com. stk. bonusDeferred assets..-.
474,478
b5,697
•5,697
583
2,500
186,710
13,177
Liabilities—
1918.
Preferred stock
$1,309,210
Common stock
861,880
Accounts and bills
$987,180
549,750
payable
437,238
445,912 Taxes and interest
cl00,920
236,662
accrued
Reserve for com¬
mon dividend..
Reserve for taxes.
Dividends accrued
8,598
1917.
$431,281
297,577
30,227
1,000
225,081 Surplus
22,041
1917.
53,220
11,651
‘“’941
104,173
$2,403,542 $1,890,357
Total
$2,403,542 $1,890,357
Liberty bonds as collateral, $52,250, less loans, $46,553.
b Rubber
c See notes a and b.
and fabric in bond, $186,506, less loans, $150,855.
d Inventories in 1918, stock in process and finished goods, $269,089: ma¬
terials and supplies, $169,739; rubber and fabric equity,
See
also note b.—V. 107, p. 1842.
GENERAL BALANCE SHEET.
July31’18. Oef.15’17.
JulyM’\%. Oct.l5’17.
$
$
Property and plant.2,417,049
Bldgs-, mach’y, RR.
and equipment...
829,309
Work animals
43,540
Planted and growing
173,647
cane
Advances to colonos
and contractors..
Materials A supplies
8,608
127,290
Sugar and molasses
hand
*388,069
93,075
Accounts receivable.
Bills receivable
U. 8. Liberty t>onds.
3,900
Admin, expense
Cash
95.268
1,410
Accrued Int. recelv’le
41,844
Co.’s bonds (50 bds.)
on
Liabilities—
Pref. stock, 7%
Common stock
2,590,536
750.000
120.000
1,673
7,600
113,928
18,934
120,233
income taxes
3,299
7,100
1918-1919 crop—
Miscellaneous
300
4,245
Total
4,233,709 3,762,135
Total
$
$
cum.1,000,000 1.000,000
1,750,000 1,750,000
701,611 First Mortgage 6%
■Inking fund gold
35,643
bonds/due 1927— c750.000
Bills payable
Notes payable
520,000
Accounts payable
45,296
2,072
239,965 Accrued wages
Accrued Interest....
1,458
75,754 Depreciation on man¬
ufacturing plant..
33,802
6,620
15,000 Depreciat’n on build¬
ings
10,847
10,000
4,672 Income from sugar..
71,504 Miscel. income
0.584 Surplus, subject to
excess profit
and
bl
Treasury stock
Unexpired Insurance
Repairs applicable to
4,233,709 3,762,135
a At prices subsequently realized except 1,343 bags still unshipped but
contracted for with International Sugar Committee at net contract price,
b Preferred 1,318 shares, common 361 shares,
c Reduced Nov. 15 1918
to $700,000.—V. 106, p. 403.
Alegre Sugar Co. (Cuba), Boston.
(Report for Fiscal Year ending May 31 1918.)
Pres. Edwin P. Atkins on Nov. 1 1918 said in substance:
Punta
Results—Additions.—As compared with the production
estimated at the time of the second
of 425,000 ban,
annual report, the total output of
the
442,746 bags, as follows: Central Punta Alegre, 215,927; Cen¬
tral Florida, 145,295: Central Trinidad, 81,524.
In spite of unfavorable weather, the tonnage of cane was greater than
had been estimated.
Orders were placed for the machinery required to
complete the original program of construction. Practically all this ma¬
chinery has been delivered and is being erected.
From now on additions
will be required only for future needs.
road cars nave been purchased so that
$35,650.
A locomotive and 60 additional rail¬
additional cane may be readily avail¬
able; the railroad has been extended about 7 H kilometers.
We have not
Increased our own acreage, but the farmers have planted about 2,200 acres
There are now under cultivation 7,200 acres of administration
of cane.
cane fields and 10,000 acres belonging to farmers under contract, which
should be sufficient to insure an ample supply.
The Florida factory had a very successful campaign.
There has been
a considerable development of cane fields throughout this district, and in
consequence a large supply of cane became available on very satisfactory
conditions for a term of years.
It was therefore considered advisable to
and contracts have been made for
work is progressing satisfactorily,
operate before Dec. 31 1918. The
transportation facilities have been increased by the purchase of a locomotive
and 30 new cane cars, and the construction of 8^ kilometers of railroad line.
double the normal capacity of the mill,
the necessary machinery.
Installation
and it is expected that the new unit will
farms Macagua
The Florida
38% of the cane
1917 the Trinidad Central suf¬
purchased
The farm Aurora of 825 acres has been
and the
and Luisa of 2,000 acres have been leased for a term of years.
mill now produces, from its own plantations, about
required for the mill.
On account of a severe drought during
fered severely from shrinkage in the tonnage
of cane. The sugar content,
however, showed a marked increase, and the final output was larger than
in 1917.
On account of the light tonnage the earnings were not satisfac¬
tory.
The company has purchased a tract of some 1,650 acres, which is
now being planted, and additional large plantings were made during May
and June.
Connection has been made with the Cuba RR. which will open
have been purchased
controlled by the United States and her allies, in¬
cluding the output of your company, were sold to the International Com¬
mittee on the Sugar Supply at a fixed price and freight rates and shipping
have been under direct Governmental control.
On account of the uni¬
versal shortage of tonnage there still remain in Cuba 14,000 bags for ship¬
ment, but It is expected that these will be removed prior to the commence¬
ment of the new campaign.
The unusual conditions have caused excessive
expense for warehousing, shipping and interest charges, and to many mills
throughout the island the financial returns were unsatisfactory.
Under
up new areas
in the Trinidad Valley and 10 more cars
for this service.
Sales.—All sugars
the circumstances we
51,713
18,000
Total
a
$120,233
Balance, surplus
$321,132
Operating profit
60,774
Preferred dividends.
estates was
Bondholders for interest.
243,796
Miscellaneous
Loan acc’t (CatalunaRR)
Reserves
Profit and loss
354,040
44,235,311
Total
1918
76,092
$1,232,275 Depreciation
Gross revenue
Operating expenses
Assets—
Capital account..93,485,394 88,869,433 7% n.-c. pref. shs.
(auth. 912,500,Investm’t in Ebro
000), par 9100.. 8,483,500 8,483.500
Irrig. & Power
Co.. Ltd
415,120 1,224,719 Ord’y shares (auth.
930.000,000) par
Interest on bonds,
9100
27,450,000 27,450,000
loans, Ac
3,406,978 3,204,040
Prior Lien “A"
7%
Interest on Pts.
bonds
6,083,333 4,866,667
20.000,000 Mtge
7% Prior Lien “B”
debentures
of
bonds
9,733,333 9,733,333
BeroelonesaElec.
196,206
196,206 5% 1st Mtge. 50Co.
year
36,267,325
36,267,325
bonds
Administrat' n, Ac.,
charges
70,830
82,089 Aecr’d bond int.,
payable in cash.
83,526
102,733
Franch fiscal taxes
54,342
59,680
xCoupons scor'd A
Sundry divs., Ac.,
YEAR ENDING JULY 31 1918.
$21,761
71,645 Interest on current debt
42,272
511,774 Bond interest
INCOME ACCOUNT FOR
Output—Sugar (bags)
Molasses (gallons)
connection with associated companies.
BARCELONA TRAC., LT. A POW. CO., LTD.—BAL. SHEET DEC. 31
1916.
$
reduced to $700,000 by the pur¬
by the sinking fund.
The
factory, and it is
this cempany in
1917.
Corporation.
Santa Cecilia Sugar
AND FBBBO-
Capital account, incl. expend, on construction and
equip., cost of franchises, concessions, lands, Ac.$46.917,323
Construc’n, Ac., expend, during year in respect of:
33,146
Franchises, concessions, water rights, Ac——
First Mortgage,
fVoL. 107
THE CHRONICLE
3186
very
satisfactory.
consider that the showing of your company was
Outlook.—For the coming crop
....
,
the outlook is quite encouraging.
This
will be sold to the International Committee, and, while shipping con¬
demand that deliveries extend over nearly a year
instead of over six months, as in normal times, the advance in price of
nominally 90c. a cwt. will tend to make conditions easier for the producer.
It is expected that all three plants except the new Flori i
unit will begin
grinding as soon after Dec. 1 as weather conditions will permit.
Under conditions of unexampled difficulties as regards shortage of labor
and materials, the crop of 218,000 bags in 1917 was increased to 442,000
bags In 1918, and the foundation has been laid for an estimated crop of
625,000 bags for the coming season.
crop
ditions will doubtless
Dec. 7 1918.]
THE CHRONICLE
CONSOLIDATED PROFIT AND LOSS STATEMENT.
PuntaAlegre
Sugar Co.
_
Sugar output (bags)
Operating profit
Depreciation on plant
215,927
$1,000,329
$190,458
Interest on loans
100,002
Interest on bonds
270,000
Miscellaneous
Cr. 2,431
Est.U.S.inc. Aexc.prof.tax. 120,000
Adjustment on prev. periods
Cr.913
Proportion organlx. expenses
23,314
Net addition to surplus...
$299,898
CONSOLIDATED
Trinidad Comp.Azn
carer a Fla.
Sugar Co.
81,524
$157,690
$116,403
35,228
Cr .3,292
$9,351
Consolidated Cos—
1917-18.
1916-17.
145,295
442,746
$591,360 $1,749,379
$74,833
$381,694
80,911
216,141
270,000
Cr.2,431
120,000
30,362
26,158
13,837
37,151
218,627
$911,357
$323,246
219,082
$391,417
$123,332
$700,666
187,801
20,746
37,151
BALANCE
SHEET MAY 31.
PunlaAlegre Trinidad Comp.Azu
Consolidated Cos—
Assets—
Sugar Co. Sugar Co. careraFla. 1917-18.
1916-17.
Buildings, machinery, equip$
$
$
$
$
ment, Ac
2,879,543 1,028,483 1,158,782 5,066,808 4,464,183
Plant under construction
25,165
987
20.771
46,923
125,722
Lands, pastures and wells
488,348
197,398
46,060
731,806
722,936
Cane fields A new plantings.
822,977
402,224
171,330
1,396,531 1,060,541
Organization expenses
186,512
110,695
297,207
334,358
Inter-co. cap. stk.A deb. bal. 3,884,326
450,000
Mortgages receivable
;.
82,532
4,000
86,532
42,532
Live stock
100,209
187,247
20,539
307,995
269,377
Supplies in warehouse
303,622
107,271
118,621
529,514
401,075
Sugar in process
702
702
5,340
Expenses acct. growing crop
28,870
61,072
10,506
100,449
26,568
Prepaid insurance, Ac
11,939
8,457
11,307
31,703
7,706
Supplies in stores
74,205
67,250
141,455
120,577
Unliquidated sugar A moias’s al,999,757
449,198 1,257,080 3,706,034 1,375,325
Accts. rec. from planters, Ac.
383,482
91,182
24,934
499,597
427,414
E. Atkins A Co
1,326,659
558
23,909
Cash
91,042 0.1,145
25,377
115,274
106,043
.
Total assets
Liabilities—
12,689,189 2,604,884 3,426.000 13,082,439 9,489,697
Capital stock, P. A. Bug. Co. 3,100,000
Surplus accounts
308.393 1,090,793
Inter-company
897,600
Sub. co. in hands of public
2,400
Surplus on stock of sub. co.
in hands of public
2,400
1st M. 6% conv. bds (1935). 1,500,000
Coll.Tr. 6%conv.bds. (1931) 2,995,200
15-year notes, due 1931
Inter-co. credit balances
450,000
Reserves for fire loss
18,021
Notes A acceptances outst’g.b3,645,000
Bond interest accrued
112,200
Provision for U. 8. A Cuban
Income A excess profits tax.
E. Atkins A Co
Drafts outstanding
Accounts payable
661,537
550,000
3,100,000 3,100,000
823,998
123,332
2,400
1,200,666
120,000
157,000
41,982
573,850
36,000
687,476
379,114
19,219
170,987
600
2,400
2,400
2,400
1,500,000 1,500,000
2,995,200 2,995,200
18,021
3,765,000
112,500
18,021
112,500
193,600
11,924
1,261,147
53,377
569,321
309,497
Total liabilities
12,689,189 2,604,884 3,426,000 13,082,439 9,489,697
Note.—Contingent Liabilities. The Compania Azucarera Florida has
guaranteed payment to the banks of $160,994 on account of notes dis¬
counted ana advances made to planters.
Estimated proceeds, pledged as security to notes and acceptances
outstanding, $3,765,000. b Secured by unliquidated sugar and molasses,
a
$3,706,034, and succeeding crops.—V. 107,
p.
2015.
Atlantic Coast Electric Ry.—Increased Fare.—
The New Jersey P. U. Commission has granted this company permission
to increase fares in each zone from 5 cents to 6 cents.
The company had
sought an increase to 7 cents.—V. 107, p. 801.
Atlantic Coast Line Co.—Advances by U. S. Government—
Surplus Earnings Held by U. S. Govt, in Excess of Advances.—
Baltimore & Ohio RR.—To Vote Dec. 16.—
The stockholders will vote Dec. 16 on accepting the Government contract
as submitted by the RR. Administration.—V. 107,
p. 1836, 1747.
Baltimore & Sparrows Point RR.—Sale.—
See
Philadelphia Baltimore Sc Washington RR. below.—Y. 107,
p.
2007.
Bay State Street Ry., Boston.—Wage Increases.—
The National War Labor
Board on Dec. 6 handed down an award by
which motormen and conductors who formerly received a maximum wage
of 40Mc. per hour will receive under the award 41c. for the first three months
of employ, 43c. for the next nine, and 45c. after the first year of service.
Wages or other employees are increased in the same proportion, the award
being retroactive to Oct. 22 last.—V. 107, p. 2007, 1918.
Black River (N. Y.) Traction
Co.—Mortgage—Stock.—
The New York P. S. Commission has authorized this company to execute
to William A. Waddingham of Watertown, N. Y., as Trustee, a mortgage
to secure $500,000 First Mortgage 30-year bonds.
The commission has
also empowered the company to issue $300,000 bonds as well as $180,000
in common stock.
Boston & Maine RR.—Advances by U. S. Government.—
See preceding pages of this issue.—V. 107, p. 2007, 1918.
Boston Elevated RR.—Dividends.—
The Boston "News Bureau” says: "Trustees of the company have de¬
clared a dividend of $2 04 1-6 on preferred and $2 50 on common,
payable
Jan. 2 1919.
These are initial dividends under public control and call
for $658,235.
The odd amount declared on 7% preferred is due to the
fact that the stock was not fully paid July 1, the first
subscription pay¬
ment of $35 being made at that time and other payments later. —Y. 107,
p.
2097, 2007.
Brooklyn Rapid Transit Co.—Litigation.—
Justice Benedict in the Supreme Court in Brooklyn on Dec. 5 granted
the application of the P. S. Commission for writs of mandamus to' compel
the surface operating companies of the system to purchase 250 new steel
cars tinder the order of the Commission, which has been in litigation
for
some time.—V. 107, p. 1919, 1836.
Canadian Northern Ry —Tenders. -
Lazard Brothers & Co., London, are prepared to receive tenders to absorb
about £40.000 First Mtge. 4% Land Grant bonds out of a total issue of £1,-
which 1s available for sinking fund purposes.—V. 107, p. 2097.
Canadian Northern Quebec Ry.—Construction Fund.—
027,400
Jee
Great Northern Construction Co. under
V497, p.950.
Central Ry. of
"Industrials,” below.—
Canada.—Agreements of Sale.—
Notice is given that an application will be made to the Board of Railway
Commissioners in Canada to recommend for confirmation by an Order in
Council certain agreements of sale, between this company ana the following
named which have been ratified by the President and Secretary of the
respective companies: Central Counties Ry. Co., Ottawa Valley Ry. Co.,
Ottawa River Ry. Co.. Carillon Sc Grenville Ry. Co., Ste. Agathe Branch
Ry. Co.; Ottawa River Navigation Co.—V. 106, p. 928.
Chesapeake & Ohio Ry.—Advances by U. S. Government.
See
preceding pages in this issue.—Y. 107,
p.
1003, 603.
County (HI.) Court on Nov. 27
fares
from 5 to 6 cts.
The appeal is taken from the 6-cent decision
recently
made by the State Utility Commission.
The City Council Committee on local transportation
began consideration
of plans for a new traction and subway ordinance
looking to better transit
conditions in Chicago. Alderman Swartz is quoted as saying that the trustee
ordinance was defeated because the people want municipal
ownership of
all the transit facilities.
It is stated that since the company began
charging 6c. fares on Nov. 22
the increase in gross receipts has averaged about 10%, while the decrease
in the number of passengers carried is about 8%.
See "Annual Reports
on a preceding page.—V. 107, p. 2008, 1286.
Chicago Milwaukee & St. Paul Ry.—Govt. Contract.—
At the monthly meeting of directors, Dec. 3, it was stated that the
contract between the company and the Government might be signed before
the end of the month. The question of dividends was not discussed.
Advances by U. S. Govt.—
See preceding pages of this issue.—V.
107,
p.
2097, 1919.
Chicago Rock Island & Pacific RR.—Final Distribution
on Bonds of Old Holding
Company (Foreclosed).—
Holders of gold bonds of 2002 and appurtenant coupons of May 1 1914
notified that pursuant to order of u. S. District Court for Southern
District of N. Y. they are entitled to receive at Central Union Trust
Co.,
54 Wall St., N. Y., for each $1,000 of bonds, if
accompanied by the ap¬
purtenant coupon which matured May 1 1914, the sum or 66 1-3 cents, or if
are
not accompanied by the coupon which matured May 1
65 5-153 cents.
Holders of coupons which matured May
1914, the sum of
1 1914. presented
separate from the bonds to which they appertain, will be entitled to receive
the sum of one and 1 46-153 cents for each $20 of such coupons.
These sums are payable out of the final $47,000 remaining after pro¬
vision for sundry claims and they are distributable, so far as the public is
concerned, only to such few holders of the $71.353,500 old bonds as did not
elect to pay $4 45 per bond and received ten shares ($1,000) of stock of the
Chicago Rock Island Sc Pacific Railway in exchange for each of their $1,000
bonds.
Such non-assenting holders in January 1915 received the decree
value of $98 50 per $1,000 bond out of the proceeds of the foreclosure sale
and in July 1916 a further $8 50, and now a further 66 1-3 cents out of
assets not specially included in the mortgage.
See adv. in last week's
"Chronicle” and compare V. 100,
p. 139, 229, 473 , 900: V. 103, p. 60.*1!
The Court allows a claim of $68,273,372 to the plaintiff on a
deficiency
judgment, with interest from Jan. 18 1915.—V. 103, p. 60.4
Chicago St. Paul Minneapolis & Omaha Ry.—Adby U. S. Government.—
vances
See
preceding pages in this issue.—V. 107,
p.
1669, 1286.
Chicago Surface Lines.—Objection to 7-Cent Fare.—
The
City of Chicago has filed objections with the Illinois P. U. Commis¬
allowing the company to raise its fare to 7 cents.—Y. 107,
sion against
p. 2097.
Cleveland Electric Railway.—Strike.—
Street
car employees in Cleveland on Dec. 3 to the number of
2,000
struck, demanding mat the company cease employing women conductors.—
V. 10f. p. 695, 603.
Mgr.—^
the Texas
Dallas Terminal RR. & Union Depot.—Gen.
jurisdiction of A. G. Whittington, General Manager of
The
Sc Pacific RR. and other roads, has been extended to cover this
property.
—V. 79, p. 2455.
Delaware & Hudson Co.—Advances by U. S. Govt.—
See preceding pages of this issue.—V. 107, p. 2008, 1384.
Denver & Salt Lake Ry.—Advances by U. S. Govt.—
See
preceding
pages
in this issue.—Y. 107, p. 905, 1192.
Empire City Subway Co., N. Y.—Litigation.—
1836, 1573.
p.
Chicago Elevated Ry.—Fare Appeal—Revenues—Report.
appeal was filed In the Sangamon
An
Involving the right of the elevated lines in Chicago to increase their
Project.—
RAILROADS, INCLUDING ELECTRIC ROADS.
107,
Chicago & Western Indiana RR.—Obituary.—
Michael J. Clark, Secretary, died Nov. 27.—V.
107, p. 1836, 1669.
Cleveland Union Terminal Co.—To Vote on
The citizens of Cleveland will vote on Jan. 6 on an ordinance
authorizing
the Mayor to enter into a contract with the company providing for the
construction and operation of a union passenger
depot
in
Cleveland
for
the steam and electric railroads.—V. 107, p. 1836, 1191.
GENERAL INVESTMENT NEWS
See preceding pages in this issue.—V.
2187
Judge E. H. Lacombe, Adrian H. Larking and George Gordon Battle,
by the city of New York against this company which
carrying telephone and telegraph wires in the original
subway, have filed their report, which finds that instead of the company
owing the city large stuns under a contract giving 10% on its capital in¬
vested, the company has failed to earn $2,600,000 to which it would have
been entitled under the contract.—Y. 106, p. 1903.
as referees in action
owns the conduits
Erie Railroad.—Advances by U. S. Government
Bee preceding pages of this issue.—Y. 107, p. 1384, 1003.
Evansville
(Ind.) Railways.—Receiver.—
On petition of the Pittsburgh Trust Co., W. A. Carson, Vice-President
has been named receiver of this company, which operates 60 miles of trac¬
tion lines between Evansville, Mt. Vernon, Rockford and Grand View, Ind.
It is stated that the company has paid no interest on its bonds since Jan.
1917, the accruals amounting to $1,330,000. Compare Y. 104, p. 952.
—V. 107, p. 1192.
Express Rates.—Increased Rates Beginning Jan. 1.—
See page 2065 in last week’s issue and page 1978 in that of the previous
week.—V. 101, p. 291, 367.
Fort Dodge Des Moines & Southern (Electric) RR.—
November Dividend on 5% Basis Pending Completion of
Government Contract—Return to 7%.—President Homer
Loring, 201 Devonshire St., in circular dated at Boston,
Dec. 3 1918, says in substance:
The control of the road
Jan. 1 1918.
was
taken
over
by the U. S. Government
Earnings of Road for the Calendar Year 1917.
Freight revenue
$478,175 Operating income...
Passenger revenue
420,823 Interest on bonds..
Miscellaneous
Rent of equipment
Total revenues
...
152,424
477,078
Net income
Preferred dividends..
as
of
$698,263
284,892
$404,371
91,000
168,750
$1,528,500 Common dividends
expenses
714,661
Reserve for depredation..
124,576
Balance.....
$144,621
The earnings since Dec. 31 1917 have been for the account of the U. S.
Railroad Administration. The compensation to be paid for the use of the
road was fixed by law as the average operating income for the three yean
ending June 30 1917, with such additions as are justified by special circum¬
stances.
The compensation has not yet been determined.
The average
Operating
.....
operating income for the three years, after deducting Interest charges, was
$351,986, and 7 % dividends on both preferred and common stocks amount
Special additional compensation will be claimed for the
new Webster City Division which was not in complete operation until 1918
and for equipment purchased in 1915 and 1916.
The law under which the roads are controlled provides that dividends
in excess of the average paid during three years ending June 30 1917 can¬
not be paid without express authority from the Railroad Administration.
This has made it necessary for us to secure authority for each dividend.
There has been considerable delay in securing this authority, due largely
to the enormous amount of work thrown upon the Railroad
Administration,
and the payment of your dividends has been
correspondingly delayed.
The preferred dividend, due Aug. 1, was paid Sept. 30.
The preferred
dividend, due Nov. >, is being paid to-day.
Pending the definite fixing of the anual compensation of the road, the
Administration refused to consent to quarterly common stock dividends of
to $266,000.
more than 1M % •
The dividend due Aug. 1 was reduced to 1M % by the
Administration and payment was delayed until Oct. 17.
The Nov. 1
dividend is being paid to-day at the reduced rate.
It is hoped that after
the compensation is fixed, tne Administration will permit us to return to
the former 7 % basis and to make up the amount or the reductions.
The property is being well maintained by the Administration and if
eventually returned to the owners will be in as good physical condition as
formerly.—V. 107,
p.
1579.
Great Northern Ry. of
See Great Northern
Canada.—Construction Fund.—
Construction Co. under “Industrials” below.—
bonds, payable
of $100,000,000—of First Refunding Sc Collateral Mortgage
in 25 years and to bear interest at a rate not exceeding 6%
and authorizing an issue of $15,000,000 of five-year 6%
company to be issued under the terms of a trust indenture
many as may be necessary of such issue of bonds are to
collateral.
[The date of this stockholders’ meeting
last week as Dec. 4.]
For official circular as to new issue
p.
2098.
a supplement, an “Organization Diagram of the United States RR.
Administration,” giving also a list of railroads under Federal control, and
the names and titles of officials in charge.—V. 107, p. 1836, 1669.
as
International Ry., Buffalo, N. Y.—Deposits Invited—
Committee.—The committee Darned below urges the prompt
deposit of the Refunding & Improvement 5% bonds with
the Bankers Trust Co., 16 Wall St., and 5th Ave. & 42nd
St., N. Y. City, as depositary under agreement of Nov. 18.
The committee says:
“In view of the non-payment of the interest due
on Nov. 1 1918, on the above bonds, it has become desirable for the bond¬
holders to unite for the protection of their interests.
All bonds deposited
should have attached the coupon maturing Nov 11918 and all subsequent
coupons.”
Committee.—Charles W. Beall, Chairman, Harris, Forbes & Co., N. Y.;
Francis E. Frothingham, Coffin & Burr, Inc., Boston and N. Y.; Arthur
Perry, Arthur Perry Sc Co., Boston; Richard B. Young, E. H. Rollins &
Sons, N. Y.; Sullivan & Cromwell, Counsel, with Raymond Spellman,
Compare statement by President Connette
Secretary, 61 Broadway, N. Y.
in “Chronicle” of Nov. 9, p. 1837.—V. 107, p. 2097.
Louisville & Nashville RR.—Advances by U. S. Govt.—
Surplus Earnings Held by U. S. Govt, in Excess of Advances.—
See
preceding pages in this issue.—V. 107, p. 1287.
Maine Central RR.—Advances by U. S. Government.—
See preceding pages of this issue.—V. 107, p. 1747, 1579.
Michigan Central Railroad.—Obituary.—
See New York State Rys.
below.—V. 107, p. 1192.
Missouri Kansas & Texas Ry.—June 1 Coupon.—
©bupons for Interest matured June 1 1918 on the First Mortgage 4%
bonds, due 1919, will be paid upon presentation at the office of the Agent
for the receiver, 6l Broadway, N. Y., on and after Dec. 2.
Advances by U. S. Govt.—
See preceding pages in this issue.—V. 107, p. 1837, 1747.
Morningside Electric Street Ry.—Coupon Payment.—
The coupon due Oct. 1 on the $200,000 First Mortgage gold bonds, guar¬
anteed principal and interest by the Philadelphia Co., will be paid upon
presentation at Brown Brothers & Co., funds having been provided.
National Railways of Mexico.—New Directors.—
In Mexico City, Frederick
The following new directors have been elected:
Adams, Carlos Basave y del Castillo N., Victor L. Blanco, Jose V. Burgos.
Lie. Luis Cabrera, Elias S. A. de Lima, Mario Mendez, Rafael Neito,
Francisco Puga, Lie. Julian Ramaircz Martinez, Ignacio S. Rodriguez,
Lie. Fernando Gonzalez Rao.
In New York, Henry Bruere, Alfredo
Catureglia, Ramon P. Denegrl, J. J. Hanauer, J. Hlrscbman, Jesus
Martinez, Lie. Juan B. Rojo, W. T. Rosen, H. |H. Wehrhane.
V. 107,
p 1385.
New Orleans Ry. & Light Co.—6-Cent
Fares Legal.—
Orleans on Nov. 25
upheld the legality of the 6-cent fare ordinance enacted by the Commission
Council and put into effect by the company.—V. 107, p. 1579, 1482.
Judge H. G. Cage of the Civil District Court at New
New York Central RR.—Advances
See preceding pages of this
See New York State Rys,
issue.
below.—V. 107,
by Govt.—Obituary.—
p.
1920, 1579.
New York State Railways.—Rochester
Fares—Obituary.
The Rochester Common Council has recommended denial of the applica¬
tion of the company for permission to charge a 6-cent fare in Rochester.
Horace Ellsworth Andrews, President of this company, Mohawk Valley
Co., Rochester Ry. Sc Light Co. and a director of the New York Central
and Michigan Central RR.’s and several other railroad and banking
corporations, died of pneumonia on Dec. 1.—V. 107, p. 2098.
Northampton Easton &Wash.Trac.Co.—Fare Increased:
The New Jersey P. U. Commission has authorized this company to in¬
its fares to 7 cents in each zone.
On March 11 last fares were
advanced from 5 to 6 cents.—V. 107, p. 604.
crease
Oregon Electric Ry.—Coupon Payment.—
due Nov. 1, on the $2,000,000 First Mortgage bonds,
payment of which was delayed because of changes resulting from the trans¬
ferring of management to the U. S. Railroad Administration, is now being
paid at the Columbia Trust Co., N. Y. City. The company's common
stock is held by the Spokane Portland & Seattle Ry.—V. 95, p. 1274.
The interest,
Pennsylvania Railroad.—Government Contract Ratified.—
The stockholders have ratified the Federal operating contract, compensa¬
tion being named as $53,603,427.
The contract covers the Pennsylvania
RR. and subsidiaries operated or wholly owned east of Pittsburgh.
Separ¬
ate contracts are being negotiated for lines west of Pittsburgh, Erie and
Buffalo, and for Eastern subsidiaries owned only in part.
In connection with the announcement of the amount of
compensation, President Samuel Rea made the following
statement:
The compensation received from the Government, under
the contract, as well as the income derived from investments,
the terms of
must be used
bond interest, rentals and all other fixed charges of the company’s
also deficits incurred by branch line companies which are not
self-supporting.
After such fixed charges and payments are made, the net Income of the
to pay
concern,
sufficient to continue
company will, In the opinion of the directors, be
the 6 % dividend upon the capital stock, and have a moderate
annual surplus
during Federal control.
The stockholders, by the resolutions adopted, have given the directors
power to amend the agreement before or after execution, if, in their judg¬
ment, it is considered to the company’s interests to do so.
They also con¬
ferred upon the directors authority to join with the Pennsylvania Co. in the
execution of an
agreement for the compensation
covering the lines of the
Pennsylvania Railroad System west of Pittsburgh. The entire capital
stock of the Pennsylvania Co. is owned by the Pennsylvania Railroad Co.
by U. S. Government.—
See preceding pages
of this issue.—V. 107, p. 2098, 2009.
Philadelphia Baltimore & Washington RR.—Voted.—
The stockholders on Dec. 3 approved the acquisition of the Baltimore &
Sparrows Point RR.—V. 107, p 2009.
Philadelphia Co., Pittsburgh, Pa.—To Vote Feb. 3 on
Increasing Indebtedness and AiUhorizing Notes.—
The stockholders will vote Feb. 3 1919 on Increasing the Indebtedness of
the company to the aggregate amount of $100,000,000, authorizing a mort¬
gage upon the property and franchises of Hie company to secure an issue
Filed.—
appeal
against
Pittsburgh Railways.—Rentals to Be Paid—Master.—
Judge Orr in the U. S. District Court at Pittsburgh on Nov. 26 filed an
order requiring the company to pay $186,735 rentals on several underlying
companies due Oct. and Nov. The payments were divided as follows:
Rental Central Traction Co., $22,500; rental Duquesne Traction Co.,
$60,000; rental Pittsburgh Traction Co., $87,500; rental Central Traction
Co., $620; rental Duquesne Traction Co., $7,365; rental Pittsburgh Trac¬
tion Co. ,$8,750; total, $186,735.
Judge Charles P. Orr and Judge W. S. Thomson in the United States
District Court at Pittsburgh on Nov. 29 appointed William R. Blair
,
referee in
bankruptcy,
master
in the receivership proceedings.
The order
him to investigate the payments of fixed charges, rentals, bond
interest, improvements, the keeping of separate accounts of receipts and
disbursements of underlying companies and to harmonize the relations be¬
tween the receivers and others at interest.—V. 107, p. 2098, 2009.
empowers
Portland (Me.)
Terminal Co.—Federal Manager.—
The jurisdiction of D. C. Douglass, Federal Manager of
tral RR., has been extended over this company.—V. 107, p.
Rochester Railway
See New York State Ry3.
the Maine Cen¬
1385.
& Light Co.—Obituary.—
above.—V. 107, p. 1197.
Richmond Fredericksburg & Potomac
The Commonwealth of
Virginia
on
RR.—Suit.—
Nov. 29 filed suit against this com¬
the Richmond Sc Petersburgh Railroad Connection Co. for the
forfeiting the charter of the Connection company. The plaintiff
alleges that the corporation has failed to live up to agreements made when
incorporated in 1866.—V. 107, p. 2009, 1005.
pany, and
purpose of
Rockford (Ill.) &
Interurban Ry.—Fares.—
Rockford, III., on Nov. 22 granted
injunction restraining the Attorney General and the Illinois P. U.
Commission from interfering with the company’s advance of passenger
Judge Carnes in the Circuit Court at
an
rates to 3 cents a
mile..—V. 98,
St. Paul Union
Missouri Pacific Ry.—Advances by U. S. Government.—
See preceding pages in this issue.—V. 107, p. 182, 1004.
2098, 1837.
Morningside Electric Street Ry. above.—V. 107, p.
This company has filed in the Pennsylvania Supreme Court an
from the recent Common Pleas Court decision against the company in the
cases of ten subsidiary companies to determine the liability for payment
of the Federal war and excess profits taxes.
The Continental Passenger Ry., one of the subsidiary companies
which the decision was rendered, also filed its appeal.—V.107, p. 2009,1573.
See
Advances
t
Guaranteed Bond Payment.—
Philadelphia Rapid Transit Co.—Appeal
Government Control of Railroads.—Roads
Under
Federal Control and Names of Officials in Charge.—
The “Railway Review” in its issue of Nov. 30 has compiled and published
per annum;
gold notes of the
under which so
be pledged as
appeared erroneously
see V. 107,
V. 84. p. 794.
r
[Vol. 107
THE CHRONICLE
3188
p.
691.
Depot.—Director.—
S. M. Felton, President of the Chicago Great Western
Vice-President Park as a director.—V. 107, p. 1838.
RR., succeeded
Salina Northern RR.—Sale.—
See Union Pacific RR. below.—V. 107, p.
1482.
Salt Lake & Utah RR.—Offering of First Mtge. Notes.—
Wilson, Cranmer & Co., International Trust Co. and E. H.
Rollins & Sons, all of Denver, Colo., are offering at 98%
and int., netting about 7%%, $562,500 First Mtge. Bond
Secured 3-year 7% notes, dated Aug. 1 1918, due Aug. 1
A circular shows:
1921.
“Passed by the Capital Issuas Committee as not incompatible,” See.
Interest F. & A. at Salt Lake City, Chicago or N. Y.
Denom. $100,
$500 and $1,000c.
Optional at 101 H and int. to Aug. 1 1919 and thereafter
at 101 and int. to Auz. 1 1920, and thereafter at 100 and int. to Aug. 1
1921.
Coupons payable, so far as the company lawfully made so so, w ith¬
out deduction for normal Federal income tax.
Northern Trust Co.,
Chicago Tru$t66
Security.—Secured by deposit with trustee of $750,000 1st M. 6% bonds,
Additional notes
ratio of 133 1-3% of bonds to notes.
up to $1,000,000 are authorized to be issued only against the deposit of
133 1-3% of 1st M. bonds, when the net earnings are 1 % times the interest
on all the bonds and notes outstanding.
The total 1st M. bonds issued is
$2,000,000, of which $1,250,000 are outstanding and $750,000 deposited
as collateral for these notes.
Additional bonds issuable only for 75%
of the cash cost of improvements, &c., when net earnings are 1 % times
all bond interest requirements
(See description in V. 102, p. 801, 438.)
Property.—These notes are the direct obligation of the company, which
owns ana operates 76 miles of electric railway in and between Salt Lake
City, Provo and Payson, with a branch to Magna, Utah, serving about
175,000.
The road was placed in operation between Salt Lake and Provo,
of 48 miles, in July 1914.
It was extended to Springville in 1915 and was
completed to Payson, 67 miles from Salt Lake, early in 1916.
It has 80-lb.
steel rails in cities, 75-lb. between Salt Lake and Provo, and 65-rail between
Provo and Payson, with other construction of similar grade.
Except in
cities, the road is all on private right of way.
Power is purchased from the
Utah Power & Light Co.
The company has a half interest with the Bam¬
berger Electric road in the Salt Lake Terminal Co., owning terminal facil¬
ities in Salt Lake City.
It connects there with territory north of Salt
Lake City.
Territory.—The tributary territory is rich and rapidly growing. Among
the communities served are Salt Lake, Taylorsville, West Jordan, South
Jordan, Riverton, Lehi, American Fork, Pleasant Grove, Provo, Spring¬
ville, Spanish Fork, Salem and Payson, with a branch to Magna, the loca¬
tion of the great ore treatment plants of the Utah Copper Co.
Earnings for Twelve Months Ending June 30 (Gross earnings in year 1917-18
due 1944, at the
were
$538,367).
1916.
1917.
1918.
Net, after taxes
Interest on $1,250,000
6% bonds
$62,341
$113,630
$150,446
$188,440
Balance
Interest on $562,500 notes
$62,341
$113,630
$150,446
$113,440
1915 (11 mos.)
Year—
75,000
(this issue)
$39,375
Security.—The 6% bonds deposited at 75% to secure this issue are a
first mortgage on all the property.
The stockholders have made a cash
investment greatly in excess of the amount of the bonds, so there is a
large equity for the protection of the bondholders.
These bonds sold as
high as 102 before the United States entered the war.
Purpose of Issue.—To fund indebtedness incurred for permanent exten¬
sions and improvements.
Management.—W. C. Orem, Salt Lake City, is President.
[The Palmer Bond & Mortgage Co., Salt Lake City, are also interested
in the above
offering.]—V. 107, p.
li02.
Southern Pacific Co.—Advances by U. S. Government.—
See preceding pages of this issue.—V. 107, p. 1921, 1670.
Southern Railway.—Advances by U. S. Government.—
See preceding pages of this issue.—V. 107, p. 1921, 1670.
Spokane Portland & Seattle
See
Ry.—Sub. Co. Interest.—
Oregon Electric Ry. above.—V. 107, p.
1102.
Texas & Pacific Ry.—Advances by U. S. Government.—
in this issue.—V. 107, p. 1482, 803.
See preceding pages
Toledo St. Louis & Western RR.—Treasurer.—
been appointed Treasurer
107, p. 2098, 2009.
A. L. Ungewitter, assistant to the receiver, has
and Assistant to the President and receiver.—V.
Toledo Terminal RR.—Treasurer, &c.—
A. L. Ungewitter has been
Treasurer.
C. S. Sikes has
appointed Assistant to the President
been appointed Vice-President
Thomas, Secretary.—V. 107, p. 1838.
and
and Bryan
Dec. 7 1918.]
THE CHRONICLE
Toronto Railway.—Sale of Two-Year
6% Notes.—Wm.
A. Read & Co. have sold at
Washington (D. C.) Ry. & Electric Co.—Offering of
Bonds.—J. S. Wilson Jr. & Co., Robert Garrett
& Sons and
the Mercantile Trust & Deposit Co. have sold at a
subscrip¬
tion price of 96 and int., yielding about
7%, $1,000,000 5-year
6% General Mtge. gold bonds, dated Dec. 2 1918, due Dec. 1
1923, but redeemable all or part at 101 and int. at any
time on eight weeks’ notice.
price to net
7% per annum
$1,000,000 Two-Year 6% gold notes, dated Dec. 1 1918,
due Dec. 1 1920.
Int. J. & D. in New York, also Toronto
and Montreal.
Denom. $1,000c. Trustee, Continental &
Commercial Tr. & Savs. Bk., Chicago.
a
The company agrees to pay, so far as
permitted by law, all Canadian
and United States taxes
including any normal U. S. income tax deductible
at the source up to 4%.
Interest J. Sc D.
Denominations $1,000 and $500 c*. Trustee, Mer¬
cantile Trust Sc Deposit Co. of Baltimore.
The company agrees to pay
any normal Federal income tax which it
may lawfully pay at the source,
to an amount not exceeding 2%.
“Passed by the Capital Issues Committee as not
incompatible,” &c.
Data From Letter of Sir Wm. Mackenzie, Pres.,
Toronto, Nov. 7 1918*
This Issue.—The direct obligation of the
company, which owns and
operates 127 miles of electric street
railway lines. The company will pay
the trustee $43,500 monthly beginning Jan.
1919 for the retirement of notes
by purchase at not exceedingpar and int., being sufficient to retire the en¬
tire amount by maturity.
The company further agrees not to issue any
bonds or other funded debt prior to Dec. 1
1920, without providing funds
for the redemption of these notes.
Outstanding Capitalization.—First M. Sinking Fund 4H% bonds of
1921, $2,730,000; 6% gold notes, due Dec. 1 1918 (to be refunded
issue), $1,000,000; capital stock paid up, paying 4% per annum,by present
$12,000,-
“Passed by the Capital Issues Committee as not
incompatible,” Sec.
Data from Letter of Pres. William F. Ham,
Washington, Nov. 23 1918.
Company .—Owns and controls the major portion of the electric
railway
system in Washington, and adjacent territory,
comprising 175.56 miles of
track, together with car houses, &c., &c.
Rolling
stock consists of 713
ssenger cars, of which 487 are double-truck
type, with necessary freight
and miscellaneous equipment.
Operates the city lines with current from
underground conduit.
Controls, through stock ownership, the following with a milegage of 72.59
miles: City & Suburban Ry. of
Washington, Georgetown Sc Tennallytown
Ry. Co., Washington Sc Rockville Ry. Co., Washington Interurban
RR.,
Washington & Glen Echo RR.
Also owns all the $6,000,000 capital stock of Potomac Electric
Power Co.,
upon which dividends are paid at the rate of 11%, the
only company
authorized to sell electricity for the commercial electric
light and power
business in Washington and adjoining
communities, having an estimated
population of 475,000. Also controls Great Falls Power Co. with valuable
undeveloped water power on the Potomac River. The power plants have
an installed capacity of 70,000 k.w.
Security.—A direct mortgage on the entire property, subject to the lien
of $16,471,350 underlying bonds
outstanding, none of which mature until
Feb. 1 1925.
No additional underlying bonds can be issued
during the
life of this issue.
The sinking fund retires $227,500 1st M.
4M bonds annually and has
already retired $1,820,000.
Earnings.—For the eifdit months ended Aug. 31 1918, gross earnings
were $4,365,546 and net
earnings, before taxes and payments to the city,
$1,623,770, as against gross earnings of $4,042,174 and net
earnings or
$1,628,580 for the same period in 1917.
Undivided surplus as at Aug.
31 1918 nearly $6,000,000.
Calendar Years—
1917.
1916.
1915.
1914.
Gross earnings
$6,291,759 $5,973,161 $5,694,136 $6,127,097
Net income
1,241,698
1,496,915
1,359,846
1,450,160
Interest charges. &c
146,888
156,122
167,357
182,500
Surplus
$1,094,810 $1,340,793 $1,192,489 $1,267,660
Franchise—Valuation.—The franchise expires Sept. 1 1921. In 1913,
experts, in the interest of the city, valued the physical assets alone at about
$10,000,000.
Proposed Issue.—These notes are issued to refund a like amount due
Dec. 1 1918, originally outstanding in the
aggregate of $1,500,000 and
reduced to the present amount by retirement
through earnings, and rep¬
resent expenditures for extensions and
improvements of the business and
properties of the Toronto Power Co., Ltd., which endorses them.
As
equivalent interest on these advances is received from the Toronto Power
Co., both items are excluded from the statement of earnings shown above.—
V. 107, p. 1580.
Underground Electric
Total authorized issue of these bonds
$5,000,000, of which $150,000 in
addition to the present $1,000,000 may be issued and
pledged for a loan of
$125,000 from the U. S. Housing Corp., the latter sum being the estimated
cost of track extensions authorized Nov. 20
1918; and $500,000 bonds may
be issued on or before Jan. 1 1920 for not
exceeding the cash cost of exten¬
sions, additions, &c.
Thereafter bonds may be issued at the rate of
only
75% of the cost of extensions, additions, &c. No additional bonds
may be
issued unless combined net earnings of the
sub.
cos.
1
company
and
are
times the annual interest charges on their total
outstanding funded debt,
including bonds proposed.
Purpose of Issue.—To purchase 50
new double-truck semi-steel
pre¬
payment cars, constructed at a cost of $620,000,
including electrical and
other equipment, and to reimburse the
company for capital expenditures.
Equity.—There is outstanding $8,500,000 cumulative 5% pref. stock;
also $6,500,000 common stock, on which consecutive
dividends have been
paid for a period of years, ranging from an initial 1% to 7%; present
rate, 5% per annum.
Rys. in London.—Tramways
Railway World” in its
Bill.—The London “Tramway and
issue of Nov. 2 said:
Earnings of Company and Subsidiary Companies for Calendar Years 1914-1917
and Year ended Sept. 30 1918.
The London United Tramways are seeking
powers to enable the under¬
on without loss.
A bill promoted with this view was
before a Select Committee of the House of Lords this week.
The system
includes 50 miles of line in western and southwestern districts of the
Metro¬
taking to be carried
politan
Years {all %)—
Gross income
1914.
1915.
1916.
1917;
1917-18.
5,082,326 5,213,955 5,566,975 5,529,562 6,621,629
♦Netearnings.
2,379,504 2,535,915 2,682,475 2,083,846 2,422,478
Int. on funded debt..1,151,204 1,144,582 1,144,644
1,166,098 1,195,494
area.
For the company, Mr. Honoratus Lloyd, K.
C.,
that'they had
money to pay dividends on ordinary or preferenceNshares, no
money
to pay debenture interest, a receiver in
possession, and nb money to carry
out renewals.
It was proposed to jettison £1,500,000 of
capital, and to
stated
no
provide £400,000 for reconstruction, besides providing a reserve for re¬
newals.
The company were asking for a definite tenure of
occupancy
postponing the dates of the earliest acquisition by local authorities to
950), for the abolition of certain abnormal fares (one being 3 1-3 miles
lor a penny at Acton and Ealing), and for powers to revise fares and to
‘carry out financial organization and reconstruction.
No new work would
be carried out until after the war.
Of the 24 local authorities through
which districts the tramways passed only three, said counsel, were
opposing
—Acton, Hammersmith and Ealing, where the fares were abnormally low
and quite unprofitable.
Mr. J. Devonshire, Managing Director of the company, said the future
financial stability of their scheme depended on their being authorized to
charge Id. per mile for ordinary passengers.
The company must have an
income if it was to carry on and ne saw no alternative to
raising the fares.
They were only asking for what all other tramways were getting.
Mr. A. L. Barber (Secretary of the
company) said the additional fares
would provide a net revenue of about £100,000.
The bill was allowed to
proceed.—V. 107. p. 803,
Union Pacific
RR.—Judge Lovett Returns—Acquisition.
Judge Robert S. Lovett has resigned as Director of
the Division of
Capital
Expenditures of the Railroad Administration, and will, it is announced,
resume his
position
executive head of the. Union Pacific RR., assuming
the duties of President on March 1.
See United States Rubber Co. under
“Industrials” below.
This company on Nov. 27 took over the property of and will
operate the
Salina Northern RR.
Improvements, it is understood, will be undertaken
at once.—V.
107,
p.
as
1386, 1194.
Union Traction Co. of
Philadelphia.—New Director.
Arthur V. Morton has been elected
deceased.—V. 103, p. 1302, 1120.
a
director to succeed James Gay
Utah Power & Light Co.—Offering of First Mige. 5s.—
Harris, Forbes & Co., N. Y., Harris, Forbes & Co., Inc.,
Boston, and the Harris Trust & Savings Bank, Chicago
are offering at 893^ and int. $2,847,000 First
Mtge. 5% golc
bonds of 1914, due Feb. 1 1944, making the total amount
outstanding $23,566,000. Int. A. & O.
“Passed
by the Capital Issues Committee
as
not
Incompatible,” &c.
Data from Letter of V.-Pres. George E. Claflin, N. Y., Nov. 25 1918.
Company.—Owns and operates large hydro-electric and steam develop¬
ments and transmission lines, serves with electric
light and power an ex¬
tensive territory in Utah and Southeastern Idaho.
Also serves through its
subsidiary, the Western Colorado Power Co., an important section in
Southwestern Colorado.
The company has leased for 99 years from Jan. 1
1915 the electric light and power and gas properties of the Utah Light &
Traction Co., all of the capital stock of which is owned.
The Utah com¬
pany guarantees the bonds of the Traction company.
Through this lease
and through property directly owned the company now does the entire
electric light and power business in Salt Lake City and the entire electric
light and power and gas business in Ogden.
Capitalization (After Present Financing)—
" Authorized. Outstanding.
Common stock
$35,000,000 $30,000,000
Preferred (7% cumulative)
Second preferred (7% cumulative)
First Mortgage 5s
15,000,000
a8,000,000
10.000.000
b4,937,000
100,000,000 c23,566,000
a Includes $600,000 about to be issued,
b A total of $7,837,000 2d pref.
stock has been issued, of which $2,900,000 has been converted into
pref.
stock,
c Includes
$2,847,000 bonds now offered. These bonds were
formerly pledged under an indenture securing $2,050,000 2-year 6% Se¬
cured gold notes, which have been called for payment.
Earnings (Incl. Western Colorado Power Co.) Year ended Oct. 31 1918.
Gross earnings
$5,522,1501 Ann. int. on First M. 5s_$l,178,300
Net aft. maint., rent. Sc tax $2,861,267 [Balance
$1,682,967
Property.—Owns hydro-electric generating stations with a total installed
capadty of 108,757 k.w. and steam electric generating stations with 1,465
k.w.
The electric generating stations leased from the Utah Light & Trac¬
tion Co. have a combined rated capacity of 29,800 k.w., of which 13,800
k.w. is hydro-electric and 16,000 k.w. is steam.
The company also holds,
under long-term leases, steam station capacity of 8,500 k.w. and hydro¬
electric capacity of 2,350 k.w.
The total installed capacity of the plants
owned and leased is 150.872 k.w., of which 124,907 k.w. is hydro-electric
and 25,965 k.w. is steam.
To take care of new business, the construction
of 26.500 k.w. additional capacity has been partially completed.
For
further data see Y. 106, p. 2764.—V. 107. p. 2104, 1751.
3189
Balance
*
*
1,228,300 1,391,333 1,537,831
After
917,748 1,226,984
deducting operating expenses, taxes and current maintenance
(not including depreciation).
The results for 1917 were
adversely affected by a strike of conductors
and motormen, and results for both 1917 and 1918
reflect abnormal cost
of operations under war conditions.
The total interest charges,
including
the present issue, will be $1,321,494.
In July 1917 the P. U. Commission ordered the
Potomac Electric
Power Co. to make certain reductions in its rates.
The company secured
an injunction and the new schedules
have never been
The amounts collected, however, in excess of such new put into effect.
schedules, have
been put into a special fund and are not included in
earnings stated above.
Fares.—The company formerly sold 6 tickets for 25
cents, but thd P. U.
Commission has granted a straight 5-cent fare from Dec. 1 1918.
We esti¬
mate that this increase will add $500,000 to
gross earnings, which, how¬
ever, for the time at least, will be absorbed in increased costs of labor
and
material.—V. 107, p. 1386, 1288.
INDUSTRIAL AND MISCELLANEOUS.
Adirondack Electric Power Corp.—Consolidation.—
The New
York P. S. Commission on Dec. 4 gave a
hearing upon the
joint petition of this corporation and the Schenectady Illuminating
Co.
of Schenectady for authority to the Adirondack
company to take over the
property and franchises of the Schenectady Illuminating
Co.
Electric
power and lighting service in about ten or twelve counties are involved in
the
proposed plan to unify six
power corporations under the
control of the
Adirondack Electric Power Corp. of Glens Falls.
The sale by the Schenectady Illuminating Co. also
involves the transfer
to the Adirondack
corporation of these corporations, to be acquired by
the Schenectady Illuminating Co. by
merger.
The Adirondack company also
petitioned the Commission for authority
to issue, $1,800,000 7% preferred stock,
$2,500,000 debenture bonds or
preferred stock and a certain amount of 2-year notes necessary to
carry
out the proposed purchase.
The Schenectady Illuminating Co., which is
to take over the four
other corporations, has about 20,000 consumers
in
a unification of the corporate interests
first started about three years ago.—V.
107, p. 2099.
Schenectady.
were
Steps to bring about
""Advance-Rumely Co.—Offering
of 6% Pref. Stock.—The
Central Bond & Mortgage Co., Chicago, report in subst.:
Incoroorated
Dec. 14 1915 in Indiana, as successor of the M.
Rumely
Co. ana its subsidiary, the Rumely Products Co.
The company is engaged
in the manufacture or tractors, gasoline
engines, treshing machinery, and
other similar products, its business
having been established in 1853. The
capital stock authorized and issued consists of $13,750,000
$12,500,000 6%
stock and
preferred, par $100 a share.
1917, the net quick assets after deducting all indebtedness,
including the debenture debt not due until 1925, amounted to
$11,015,396,
equivalent to about $90 per share on the total issue of
pref. stock. The
cum.
As of Dec. 31
total indebtedness of every kind and character was as
follows: Debenture
debt, due in 1925, $3,263,000; current liabilities—not due,
$369,845;
total indebtedness, $3,632,845, as against available
quick assets of $14,648,241 as follows: Cash, $2,594,167; Liberty bonds and other invest¬
ments, $1,153,505; notes and accounts receivable, net, $3,618,790; Inven¬
tories, $7,281,779.
In addition the extensive manufacturing plants are
valued in the annual report of Dec. 31 1917, at
$3,716,993
The net earnings available for the payment of dividends on its
preferred
stock have been as follows:
Cal. year 1916, $283,479, or 2.27%:
1917,
$550,557, or 4.40%; 1918, estimated, $1,500,000. Pref. dividends (none
yet paid) are cumulative at the rate of 6% per annum after Jan. 1 1919.
Properties.—These are at La Porte, Ind., Battle Creek, Mich., Toronto,
Can., and Stillwater, Minn, (storage).
La Porte, Ind.—19 main buildings, as follows:
(a) Separator, steam
engine and storage plant buildings, all of brick, protected by
sprinkler
equipment, a total floor space of nearly 600,000 sq. ft. at which are em¬
ployed 400 men.
(b) Oil pull plant> which is of fireproof construction,
equipped with modern appliances. Sec. The site includes 170 acres em¬
ploying, when at capacity, about 2.500 men.
Dining 1917 the company began the erection of an additional warehouse
for storage of new machinery and two additional branch houses in the
field.
Battle Creek, Mich.—15 main buildings on about 35 acres.
The plant is
modemly equipped. About 700 men are employed when operating at
Floor space aggregates 450,000 sq. ft.
capacity.
During 1917 the company obtained a contract for the manufacture at
Battle Creek of marine boilers for the U. S.
Shipping Board Emergency
Fleet Corp., and this contract should engage
the boiler shop at Battle
Creek
throughout 1918.
Toronto, Ont.—10 main buildings of brick and concrete
modernly equipped, employing when at full capacity, aboutconstruction,
700 men.
Advance-Kumely Co. owns in addition to its manufacturing
plants.
number of warehouses and branch
States and Canada.
the entire capital stocks
(excepting directors’ qualifying shares) of Canadian Rumely Co., Ltd.,
organized in Ontario. Can., with an authorized capital stock of $1,000,000.
Resumption of Merger Negotiations.—
through Its subsidiary companies, a
offices situated in different parts of the United
Controlled Companies.—The company owns
Also owns the entire capital
of Advance-Rumely Thresher Co., Inc.,
organized in N. Y. in Sept. 1915, with an authorized capital stock of
$50 000 par value, as a sales company to market the products of AdvanceRumely Co. The duration of its charter is perpetual.—V. 107, p. 2099.
The duration of its charter is
stock (except directors’ shares)
Aetna
[Vol. 107
THE CHRONICLE
2190
perpetual.
Explosives Co., Inc.—Tentative Plan.—
The committee of lawyers,
company were appointed by
to formulate a reorganization
who as representing leading interests in the
Federal Judge Julius M. Mayer on Nov. 4
plan, made reports to the court on Dec. 2,
See Tobacco Products
Corp. below.—V. 107, p. 2099, 2010.
American Woolen Co.—Extra Common Dividend.—
An extra dividend of $5 a share has been declared on the $20,000,000
common stock, payable In Liberty bonds on Feb. 1 or as soon thereafter
as arrangements can be made for the disbursement.
The regular quarterly
dividends were also declared, 1
% on the common and 1%% on thepreferred, both payable Jan. 15 to holders of record Dec. 16.—V. 107, p.
1006, 804.
American Writing Paper Co.—Time for Deposits Ex¬
tended.—The committee representing the holders of the First
Mtge. Sinking Fund 5% gold bonds of 1899 (George C. Lee,
Chairman) announces that a substantial majority of the
a) Chairman
all Victor
payments of 90% or par to be
as Roy
outlined
in wished cash
Presenting,
papers,
outstanding $11,000,000 bonds have already been deposited
made on the bonds and 85% on the pref. stock, with new 1st pref. stock
to cover the remaining 10% on the IS2.382.600J bonds and a further 30%
under the plan dated Oct. 10 for the refunding of the bond
on the [$5,322,650] 7% pref. stock, the accumulated divs. aggregating 14%;
(which was published in full in our issue of Oct. 26 last),
(b) G. M. Brooks, representing Josiah Howard, a large holder of pref.
therefore the time for further deposit is extended until
shares, would be willing to settle with the pref. stockholders at 85% or par
the daily
in cash with no pref.
three divergent plans, viz.:
stock distribution; (c) the other members,
John B.
Stanchfleld, James N. Rosenberg, Henry Wollman and Samuel Strassbourger desired the carrying out of the sinking fund provisions of both the
bonds and the pref. stock, and the payment of the accumulated dividend
on the latter, together with a prompt termination of the receivership.
In view of thi« lack of unanimity Judge Mayer submitted a tentative
plan for the consideration of the committee, saying in brief:
Bonds.—Give to the bondholders the alternative of ^payment in cash
at 90%, or let the bonds remain, the principal to be paid bff in twelve equal
annual installments, or at the rate of 8H % per annum.
Pref. Stock.—The deferred dividends aggregate 14% ($745,000). Lay¬
ing aside any questions of law. it is but just that the plan should con¬
template the payment of this 14%. This amount has been earned by the
recovers and should be paid in cash practically contemporaneously with
the retirement of the bonds.
The liquid assets justify this course. Then
let the preferred
stock be converted into 1st M bonds at 6% (with a 4%
sinking fund retirement provision) on the basis of 80% of par value It is
not possible at this time to foresee with accuracy the amount of the liqud
assets at the close of the receivership [including the salvage from the Maine
and Canada cos.J, but I suggest that an amount up to 20% more or less
should be left to be paid thereon in cash at the discretion of the Court and
the receivers in case conditions Justify, reducing correspondingly the 80%
suggested to be discharged with bonds.
Common Stock.—If the foregoing suggestions shall be accepted, it will
be for the new management to determine the policy of the company,
which will involve a consideration of engagement in new branches of manu¬
facturing endeavor [hydro carbon products have been suggested—Ed.]
It is vital, therefore, tnat the new board of directors shall be men of such
experience and standing as to command confidence in the sense in which
that word means working for the common purposes of success.
It may
be though desirable that a voting trust be created for the common stock.
There are outstanding at present, bonds, $2,382,600; pref. stock. $5,322,650; accumulated pref. dividend, $745,171; total, $£L450,421; while the
moneys payable or obligated to be paid aggregate $7,117,631.
In case the
funds available shall permit the payment of 20% in cash on account of the
principal of the pref. stock, leaving only 60% (of the 80%) to be discharged
with new 1st M. 6% bonds, the amount of cash required would be as
follows: To redeem the present bonds at 90, $2,114,340; 20% on pref.
stock, $1,064,530; accumulated dividends, $745,171; total. $3,924,041.
Moreover, as against the total of $8,450,421 of bonds, pref. stock and
accumulated dividends now outstanding, there would be in the hands of
the public $3,193,590 of the new bonds, involving an interest charge of
$191,615, contrasting with $505,521, the present total of bond interest
and pref. dividend, a reduction of $313,906.
Awnming that the liquid assets will aggregate $10,000,000, there would
remain about $5,000,000 after applying $3,924,041 to payments on the
bonds and pref. stock as aforesaid, and after setting aside $1,000,000 for
contingencies. &c.—V. 107, p. 1921, 1838, 1833.
Proposed Final Payment to Merchandise Creditors.—
Judge Julius M. Mayer in the U. S. District Court on Dec. 4 heard
Henry L. Stimson, of counsel for the receivers, upon a motion asking for
authority to pay off the final 25% dividend to merchandise creditors,
which will amount to about $145,000.
A question arose at the hearing,
however, between counsel for the receivers and counsel of the general
creditors’ committee, including the New York Trust Co., as to Just when
Judge Mayer
interest on the merchandise creditors’ claims should begin.
accordingly adjourned the matter pending some agreement as to the
question of interest.—V. 107, p. 1921, 1838, 1833.]
Alaska Gold Mines Co.—Ore Milled (Tons).—
1917. Decrease. 11918—11 Months—1917.
November
1918
Decrease.
94,395
175,960
81,56511.168439
2,075.126
906,987
—V. 107, p. 2099, 1838.
Allis-Chalmers Mfg. Co.—Accumulated Dividend.—
A dividend of % of 1 % has been declared on the pref. stock on account
of accumulations. In addition to the usual quarterly dividend of 1 % %, both
The committee says:
Dec. 20 1918.
Bondholders
are
requested to deposit their bonds with
the Jan. 1 1919
and July 1 1919 coupons attached with the Old Colony Trust Co. of Boston,
the Central Union Trust Co. of N. Y. or the Springfield Safe Deposit Sc
Trust Co. of Springfield, Mass., on or before Dec. 20 1918.
Interest on
deposited bonds will be paid by the committee as and when received by it.
In the opinion of the committee, the new bonds will combine a high
degree of safety of principal with an
interest yield which takes into account
abnormal
return advantageous
Bresent
fe of the
as well
as an adequate
for the entire
issue. conditions,
The committee
considers
the plan highly
unhesitatingly recommends its prompt ac¬
Time being of the essence of the matter, the committee urges
bondholders to deposit their bonds without delay.
Compare V. 107,
to the bondholers and again
ceptance.
all
p.
1748, 1671.
Anaconda Copper Mining
Co.—Chairman.—
John D. Ryan has been elected Chairman of the
also President of the United Metals Selling Co.
board of directors and
Copper Co.—
Interest in Inspiration Consolidated
The “Boston News Bureau’’ of Dec. 2 srid: “The election of O. F.
Kelley, President of Anaconda Copper Mini;)
Company and Vice-Presi¬
Presidency of Inpsiration, have been taken
by Anaconda interests.”—
dent of Greene-Cananea Co. to the Presidr .cy of Inspiration Consoli¬
dated Copper Co. (V. 107, p. 2101) would sc m to indicate that Anaconda
has secured virtual control of both Greene and insT iration.
Anaconda
as of Dec. 31 1917. owned 56,60>0 shares of Greene t .d 250,900 shares of
Inspiration, more than 21% of the latter. While A r xconda may not hold
control of Inspiration in its own name, there is every reason to believe that
the stockholdings of Colonel William B. Thompson, who iesigned from the
over
V. 107, p. 2099, 2010.
“Financial America” Dec. 3 reported:
“It can be stated on the highest
possible authority that there is no truth in the reports that plans are being
considered for a merger of the Anaconda Copper Mining Co., the Inspira¬
tion Consolidated Copper Co. and the Greene-Cananea Copper Co. There
have been no plans of any kind made for a merger and the matter has not
even been discussed by officials of the various companies.”
Output (in Pounds).—
1918—Nov.—1917.
Increase.
22,600.000 21.666,000
—V. 107, p. 2099, 2010*^
[
1918—11 Mos.—1917.
934,0001275,934,000 233,027,469
Increase.
42,906.531
Armour & Co.—Improvements at Jacksonville.—
This company has completed arrangements with the City of Jacksonville,
Fla., by which the company becomes the owner of land adjacent to its
present establishment by which the capacity of the
be increased from $4,000,000 to $8,000,000
Jacksonville plant will
per annum.
Federal Trade Commission Report.—
See Swift Sc Company below.—V. 107, p. 2099,
1748.
Bingham Mines Co.—Dividend.—
A dividend No. 7 of 50 cents a share has been declared on the $1,500,000
stock (par $10) from the earnings of 1916, payable in U. S. Liberty 4K%
bonds on Dec. 31 to holders of record Dec. 20.
This makes a total divi¬
dend distribution of $2 50 per share during the calendar year 1917.—V.
107, p. 1103.
Braden Copper Mines Co.—Sale of Additional Bonds
Due 1931.—Kissel, Kinnicutt & Co., New York and Chicago,
have sold, see advertisement on another page, at 96 and int.
yielding about 6H%, $5,000,000 15-year 6% Sinking Fund
gold bonds of 1916, due Feb. 1 1931. Int. F. & A. Auth.
and issued $20,000,000; canceled by Sinking Fund, $2,106,payable Jan. 15 to holders of record Dec. 3l. By the present payment of 000; at present outstanding, $17,894,000.
the H of 1% on account of accumulations, the amount now remaining
unpaid is 4%.—V. 107. p. 1748. 1580.
American Bank Note Co.—Obituary.—
Capt. Joseph R. De Lamar, a director of this company, died of pneu¬
monia on Dec. 1.
Mr. Lamar was also a director of the Coronet Phosphate
Co. and Manati Sugar Co. and President and director of the Dome Mines
Co.. Ltd., and 2d Vice-President and director of the International Nickel
Co.—V. 107, p. 796.
American Can Co.—Sub-Co. Plant Closed.—
See Liberty Ordnance Co.
American Gas Co.,
below.—V. 107, p. 1670, 1386.
Philadelphia.—Dividend Status.—
An exchange journal says:
“Interests close to the management say
resumption or dividends must await return of more normal conditions. It
Is too early to make predictions as to any lowering tendency in operating
costs, but eventually this is anticipated as a consequence of the termination
of the war.”—V. 107, p. 804.
American Locomotive Co.—Status of Business.—
A press dispatch from Boston states that this company has experienced
no
cancelation of orders by reason of the fact that it had been building
heavy standard types of locomotives.
It is announced, however, that the 8chenectady plant of this company
la on a five-day per week working basis.—V. 107, p. 2099. 1580.
American Malting Co., New
York.—Plan Operative.—
The committee representing the first pref. stockholders announces that
more than 60.000 shares of first pref. stock have been deposited and that
therefore the plan has been declared operative.
On Dec. 31 1917 $8,559,000 1st pref. stock was outstanding, but of this amount some $1,422,200
had been bought in at an average price of $43,375 per share and was held
in the treasury.
The stockholders will vote on Jan. 9 on a resolution to dissolve the
corporation.—V. 107, p. 2099, 2010.
A like amount was paid in Sept, last in 4%
Liberty bonds. The following statement was made after the directors
meeting: “The suggestion appearing in the press for a change in the capi¬
talization of the company was informally called to the attention of directors,
but it was not officially considered or acted upon.
Fractional payments of
the extra dividend will be made in cash at par."—V. 107, p. 1839, 1386.
Dec. 14.
American Sugar
See page
Refining Co.—Restrictions Reduced.—
2051 in last week’s issue.—V. 107. p. 1194, 1103.
American Sumatra Tobacco Co.—Only
able Is 15% Stock Dividend.—
New Stock Issu¬
We are officially informed that of the new stock as increased to $15,000,000 tiie directors have decided to make no increase in the outstanding
amount other than the declaration of the 15% stock div. Bee V. 107, p.2099.
Security.—The company owns all the bonds and stock of the Braden
Copper Co. (the operating company), and has pledged such securities now
existing or which may hereafter be created (except current commercial
loans) to secure this issue of bonds. The Braden Copper Co. owns in fee
the mines, plant and equipment.
Sinking Fund.—An amount equal to 3 1-3% of all bonds issued (now
3 1-3% of $20,000,000 or $666,666), to be paid each six months (F. Sc A.)
to the trustee, and if in any year the ore extracted exceeds 3,650,000 long
tons a proportional additional sum.
The sinking fund has bought in ana
canceled since Feb. 1 1917 $2,106,000 bonds, ana at the minimum rate of
$1,332,000 per annum now in effect will provide the sum of $16,666,000
as compared with $17,894,000 bonds outstanding.
Braden Copper Mines Co.—Incorporated in Dela., May 26 1909; charter
perpetual. The Braden Copper Co. is a Maine corporation, organized
June 18 1904; duration of charter 99 years.
Braden Copper Co.—Registered in Chile
and owns in fee at and near
Sewell, Chile, 469 mining claims, equal to about 6.008 acres, and at Ranabout 16 acres for railroad terminals; also has a concen¬
caqua, Chile, owns
trator with a daily
capacity of 5.600 tons of
ore: a
complete smelting and
converting plant; hydro-electric power plant of 8,000 k. w. capacity;
electric and steam railroad, 43 miles long, connecting the properties with
Rancaqua, on the Government railway about 48 miles southeast of Santiago.
The principal groups of mines are known as “Teniente," “Fortuna” and
“Centinela.
They were discovered and worked by Spaniards in the early
of theThe
The Copper
company
the property
J>art1904.
18th century.
is
concentrating
sulphide
ore, acquired
in an extinct
volcano.
n
ore
Ore
reserves as
a
of Dec. 31 1917 were calculated at 239,192,000 tons, 149,-
192,000 tons of proven ore and 90,000,000 tons of probable ore. The
value of the reserve of proven ore alone is about $404,000,000.
On the
basis of a daily extraction of 10,000 tons, this gives a life of 40 years based
proven ore, or 27 years beyond
rate of extraction is 5,600 tons, at
ore would be over 70 years.
on
American Steel Foundries Co.—Extra Dividend.—
An extra dividend of 1M % has been declared, payable in 4H % Liberty
bonds, in addition to the regular quarterly of 1 % %, both payable Dec. 31
to holders of record
Denom. $1,000c*.
Redeemable at 105 and int. on any int. date upon
three weeks’ notice.
Trustee, Bankers Trust Co., N. Y.
“Passed by the Capital Issues Committee as not Incompatible,” Ac.
Data From Letter of V.-Pres. Stephen Birch, Dated Nov. 25 1918.
the maturity of the bonds. The present
which rate the life of the mine on proven
Earnings.—During the 12 months ended Aug. 31 1918. 71,295,824 lbs.
of copper were produced and 62,099,410 lbs. were sold and delivered.
The earnings for that period, on the basis of copper not only sold but actu¬
ally delivered, were
Copper sales
Cost, incl. taxes
follows:
$18,244,0121 Net profit on sales
*$8,525,602
9,718,4101 Other income
784,505
Total for interest and sinking fund on 6% bonds, dividends and
depletion
*$9,310,107
Annual interest on $17,894,000 6% Sinking Fund gold bonds
outstanding
$1,073,640
as
* These
earnings do not include profit on copper on hand and sold, but
undelivered.
The amount of profit on such copper on hand is approxi¬
mately $2,500,000.
Thus during these 12 months during which period average daily tonnage
of ore treated was 5.600 tons, the net profits from copper actually delivered
were more than eight times the interest on all the bonds now outstanding,,
including the present issue.
Dec. 7 1918.]
THE CHRONICLE
Adjusted Balance Sheet Aug. 31 1918. (Total each side, *52.013,102.)
(After giving effect to the present issue of bonds.)
*29,153,955 Stock, 2,590,706 shares,
property
Investments
no par value
447,140
*12,953,530
Supplies. Ac., at cost... 7,899,399 6% Skg. Fd. gold bonds. 17,894,000
Copper at cost
4,743,644 Accounts payable, Ac
4,002,729
ClICLU
—.
Other items m transit
Accounts receivable....
Cash
Prepaid and def. accts
Sinking fund
VU
2,113,225 Reserves
487,790 Surplus
832,633
6,251,347
Total each side
83,969
August 31
9,496,858
7,665,985
*52,013,102
The total assets as of
000,000, of which *17,660,000 are
that have been built up.
Had the present issue of *5,000,000 been made
as of Aug. 31,
quick assets would have amounted to *16,076,691 and
current liabilities *4,002,729,
leaving net working capital of *12.073,962.
CtwUrol.—The Kennecott Copper Corp. owns 99% of all of the stock of
the Braden Copper Mines
Co., for which Kennecott paid with 800.000
shares of its own stock.
Over *30,000,000 has been spent on the
property
for construction and development.—V.
107, p. 606, 183.
representcd^^th^re^v^ and^^plus
..
Brooklyn Edison Co., Inc.—New Name, <ftc.—
See
Kings County Electric Light & Power Co. below.
Burns
Brothers, N. Y.—Coal Investigation—Earnings,—
See preceding pages In this issue.—V.
107. p. 1922, 1581.
Butte & Superior Mining Co.—Report for
Quarter
Ended Sept. 30.—Pres. Jackling, Nov. 11, wrote in sudst.:
The following statement shows the
principal operating features for the
quarter as compared with those for the second quarter of 1918:
Third
Second
Third
Second
Quarter.
Quarter.
Quarter.
Quarter.
Ore milled, dry tons.. 108,182
Cost per Ton—
114,716
Avg. zinc content (%) 15.647
16.242
Direct mining
*8.2078 *7.0247
dosllver, ora. perton. 6.331
6.154
Direct milling
3.0145
2.8841
Zinc concentrates, tons 29,683
32,653
Other excl. freight
1.1134
1.5363
Zinc In above, %
51.9708
51.882
Total cost
*12.3357 *11.4451
do
Total, 1000 lbs. 30,853
33,882
There was a decrease in tonnage of ore milled as compared with the
first
and second quarters, due to a further
shortage of labor, but ending with
operations approximately 10% less than normal. The greater part of
development work was confined to exploration work, somewhat remote
from the ore bodies, and to Apex Litigation
A further Increase in mining and milling development.
costs has occurred due to an
advance at the beginning of the quarter of 50 cents
per day in the wage
scale, and to decreased efficiency due to a greater proportion of inexperienced
workmen employed.
The direct mining and milling costs were *1 31 per
ton higher than during the previous quarter.
Financial Results of Operations for the Third and Second Quarters
of 1918.
Concentrates:
Third
Second
Third
Second
Quarter.
Quarter.
Quarter.
Quarter.
Net value zinc,
Total aforesaid In¬
mills
*1,122,021 *1,124,895
come
*1,479,949
Net value lead.
342,226
302,609 Oper. costs, taxes.
Mlscel. Income...
15,702
Ac
13,816
1,334,502
Balance profits
*145,448
*1,441,319
1,312,932
*128,387
The above statement includes charges for Germania operations and a
charge for depreciation, but none for depletion. Reserves, estimates to be
sufficient, have been set up for payment of such State and Federal taxes as
are not now determined.
The spelter price used in estimating concentrate
returns was 8.6954c. per pound.
The contract with the American Metal Co. for disposition of our con¬
centrate production has been modified and an agreement made
whereby
we dispose of a definite monthly tonnage to the Metal
Company, leaving
us in a position to make contracts at will for the sale of the balance.
Rapid progress was made with the developments at the Germania shaft,
a total of 1,131 feet of crosscutting having been
completed during the
period, leaving the breast of the crosscut 1,195 feet from the shaft.
At a point about 1,100 feet from the shaft station a vein formation about
30 feet wide was cut believed to be the
objective of the crosscut, but its
character as shown by developments to this date is not promising.
On Aug. 9 the appeal in the Apex Litigation was docketed in the U. S.
Supreme Court. A motion to dismiss the appeal is noticed for Nov. 18.
The trial of the supplemental bill of complaint, which was set for trial on
Oct. 17, was vacated prior to this date owing to the appeal in the U. S.
8upreme Court, and will probably not be heard until after the decision of
the U. S. Supreme Court as to dismissal.
In the flotation litigation, the plaintiff filed Its application for a writ of
certiorari in the U. S. Supreme Court on Oct. 6, at which time our answer
was also filed.
A decision may be expected at any time.
Compare also
V. 107, p. 1922, 1839.
Butte & Superior Mining Co.—Production.—
1918—Nov.—1917.
„
Zinc (in pounds)
Silver (in ounces)
—V.
107,
p.
1918—11 Mos.—1917.
11,760,000 134,252,000 117,375,000
225,000
2,480,000
2,326,000
9,752,000
185,000
1922, 1839.
(The) Butterick Company, New York.—Ann. Report.-
6 Mos. June 30
Years end. Dec. 31
1918.
1917.
1916.
1916.
1915.
1914.
Net Income
*300,991 *206,319 *201,724 *410.306 *458,139 *499.104
Dividends paid
219,708 329,562 439,416 439,416
Rate per cent
(1H%)
(2X%)
(3%)
(3%)
Balance..sur.*300,991sr*206,319df*17,984 sr*80.744 sr*18,723 sr*50,688
Consolidated Balance Sheet
Assets—
Real est. A lmpts.
as
of June 30 1918.
JuneSO'IS. Dec.Zl'll.
*
*
J*n«30’18. Dec. 31'17.
Liabilities—
*
*
1,618,430 Capital stock
14,647,200 14,647,200
1,834,856 Fed. Pub. Co. bds.
178,000
184,000
Rldgway Co. bds
63,800
1,624,359
Machinery A plant 1,957,955
Patents, good-will,
contracts, copy¬
Mortgages
Butterick Co. notes
rights,
trademarks, Ac
12,873,400 12,873.400 Bills payable—Lib¬
Stock owned
5,860
15,860
erty bonds
Accts. receivable—
Liberty bonds..
Accts.
Bills payable
92,496 Accounts payable.
2,301,855 Reserve for taxes.
448,024 Reserves and de¬
105,007
receivable. 2,507,054
Paper In stock
502,654
Mdse, manufact’d
and In process..
Cash
predation
878,511
218,754
950,346 Surplus
218,889
Total
20,673,554 20,354,155
-V. 106, p. 1233; V. 105, p. 822.
Total
500,000
274,000
500,000
363,000
140,000
857,632
376,561
15,000
110,000
808,933
360,442
1,485,233
2,199,929
1,417,843
1,898,938
3,898,000
Decrease. \
4,200,000
1483.
—V. 107, p. 1839,
20,673,554 20,354,155
Co.—Copper Production {lbs.)
1918—11 Months—1917. Decrease.
53,565,205
302,000147,476,000
6,089,205
Cannelton Coal & Coke
Co.—Redemption.—
Twenty (*20,000) 5% First Mortgage gold bonds, due 1950, have been
drawn for redemption by the sinking fund at par and interest as of Jan. 1
1919 at the Fidelity Trust Co., Philadelphia.—V. 107, p. 908.
Carbo-Hydrogen Co. of America.—Earnings.—
Aug. 1918. Sept. 1918. Oct. 1918.
Gross earnings
Deduct—Operating
Dividends
on
expenses
pref. stock
*83,764
49,905
10,000
9,611
*85,131
48,272
10,000
*102,119
53,398
10,000
9,554
9,324
*14,247
*17,305
(Reported by bankers Interested.)—V. 107, p. 406, 293.
*29,498
Depreciation, taxes, interest, Ac..
Balance for commoq stock
Pittsburgh.—Extra Dividend.—
Chesapeake & Delaware Canal Co.—Sale to Government.
It is proposed that the Government will pay *2,514,000 for the prop¬
erty of this company under an agreement tentatively reached between the
company and the War Department.—V. 107, p. 1387, 504.
Chino Copper Co.—Output {in lbs.).—
1918—November—1917. Increase. I 1918—11 Months—1917. Decrease.
„
6,464,285
6,313,272
—V. 107, p. 1839. 1387.
Childs
151,013 73.129,697
74,305,366
1,175,669
(Restaurant) Co.—Profits.—
The U. S. Food Administration has received an accountant’s report
showing that in the year 1917 the system served 50,608,463 persons at an
average cost per meal of 27.26 cts., making a net profit on the meal of 1.78
cents, and that in the ten months ended Sept. 30 1918 it served 40.150,132
meals at an average cost per person of 31.38 cents.
The net profits on
each meal, after deducting administration and general expenses and depre¬
ciation, were as follows: 1913, 1.83 cts.; 1914, 1.34 cts.; 1915, 1.20 cts ;
1916. 1.84 cts.; 1917, 1.78 cts.
As to 1918, the Auditor’s statement adds:
"Upon the assumption that
the administration, general expenses and depreciation for 1918 will result
in an identical per meal cost as for the
year 1917, it would follow that the
net profit over operations for the ten months ended
Sept. 30 1918 would
represent three-fourths of a cent per meal."—V. 107, p. 2100.
Clyde Steamship Co.—Private Ownership.—
See Merchants’ A Miners’ Transportation Co. below.—V. 106, p.
Colonial Oil
Co.—31%
a
1798.
Share in Liquidation.—
The company has declared a dividend of 31 % in liquidation, payable on
presentation of certificates of stock at its offices, 17 Battery Place, New
York. This is the final dividend to be paid on the stock, and makes a total
of 181% distributed to shareholders since
they voted to liquidate the
company, in Nov. 1915.
The other dividends paid in liquidation were,
100% on May 1 1916 and 50% on Nov. 20 1917.—V. 106, p. 926.
Columbia Gas & Electric Co.—Gasoline Output.—
Production of gasoline, as reported by A. B. Leach A Co., Inc.:
Company’s Gasoline Production—
1918.
1917.
For week ended Nov. 22
gallons.
317,897
295,158
From Jan. 1 to Nov. 22, 46H weeks
gallons. 10,671,632 10,153,558
Vice-Pres. Cartwright reports in subst.: "The yield per million for this
week is the highest for any week since the plants were started.
The yield
on Nov. 22 was 51,420
gallons, which has been exceeded only by our record
day last spring, when we made 51,600 gallons. All conditions are much
mproved, particularly the yield per million.”—V. 107, p. 1671, 1387.
Consolidated Gas Electric Light & Power Co., Balto.
i
The Maryland P. S. Commission on Nov. 26 handed down an order
permitting the company to increase its secondary gas rate from 35 to
50 cents per 1,000 cubic feet, but denying the company’s petition for per¬
mission to increase its primary rate from 75 to 85 cents.—V. 107, p. 1476
Consol. Interstate-Callahan Mining Co.—Earnings.—
Results for Three and Nine Months ending Sept. 30.
_
1918—3 Mos.—1917.
,
Total net income
Operating costs
Cost of improvements.
Surplus
*270,710
*220.959
_
622
*653,027
*283,831
66,090
*49,128
*303,106
1918—9 Mos. —1917.
*1,176,141 *2,000,799
*797,218
*845,041*
22,790
169,039
*356.133
*986.719
The total production for the quarter was taken from the
tailings dump,
coming from the mine.
From this there was milled 42,661 tons, of
which there was recovered and shipped 8,129,308 lbs. of zinc, 62,222 lbs. of
lead and 990 ounces of silver.
No dividend was declared during the quarter.
President John A. Percival further says:
"The high operating costs for the quarter are chiefly due to the extensive
development work done and the alterations and repairs on the mill. The
development work cost *61,862 and repairs and alterations cost *38,447.
"The crosscut which we have been driving from the No. 6 level through
the Silver State property encountered the Nipsic vein 233 feet from the
Nipsic side line. At the intersection this vein was from 1H to 3 ft. in
width, and an assay showed 25.8% lead, 7.7 ounces of silver, with no zinc
values.
This crosscut has encountered the ore 1.000 ft. below the ore body
no ore
previously developed on the upper workings of the Nipsic, and we are now
drifting on this vein, and expect to encounter a large body of high-grade
lead-silver
ore.
"Development work In the mine has proved very satisfactory, one of the
most important disclosures being on tne No. 9 level, where a continuous
ore shoot has been proved for a distance of 255 feet, and the whole face of
the drift is in high-grade zinc ore.”
As to recent settlement with American Metal Co. and reduction of out¬
standing stock from 464,990 to 298,303 shares,
see
V. 107, p. 1483.
Continental Motors Co. (Detroit).—Restrictions Off.—
A press dispatch from Detroit states that this company, which 18 months
ago was ordered by the Michigan Securities Commission to keep down its
dividends on the common stock to 6 % and to reduce its good-will account
of *5,000,000, has been relieved of the restrictions, the requirements of
the Commission having been complied with.—V. 107, p. 1840.
(Wm.) Cramp & Sons Ship & Engine Building Co.—
Geo. H. McFadden has resigned as
a
director of this co.—V.107, p. 1387.
(The) Cudahy Packing Co., Chicago.—Reappraisal—
Stock Dividend of 25% to Common Shareholders of Record
Dec. 15, Who May Also Subscribe for Additional 25% New
Common at Par—Remaining Book Value of Common $150 a
Share.—President Edward A. Cudahy in circular of Nov. 30
wrote in substance:
Annual Meeting—Stock Increase.—The annual meeting of
California Wine Association.—Bond Conversion.—
Calumet & Arizona Mining
Carbon Steel Co.,
An extra dividend of 3 % on the common stock has been declared in addi¬
tion to the regular quarterly dividend of 2%, both payable Jan. 15
to hold¬
ers of record Jan. 10.
The annual dividend of 6% on the second preferred
was also declared, payable
July 30 to holders of record July 26 1919. The
company has declared the full dividend of 8% on the first preferred, pay¬
able 4% on March 31 to holders of record March 26
1919, and 4% on Sept.
30 to holders of record Sept. 26 1919.—Y. 107, p. 2010, 1746.
stockholders
duly held Nov. 29 1918. The necessary legal action was unanimously
by which the authorized capital was increased from *20,000,000
[*11,449,500 being common stock, all outstanding] to *35,000,000. The
increase consists of 150,000 shares of common stock of tho par value of
*100 each [making the total authorized common stock *26.449,500. of
which $17,174,250 will presently be outstanding, including theproposed
25% stock dividend and 25% allotment at par referred to below.—Ed.]
was
This company has been given permission to issue 420 shares of common
stock in exchange for 35 outstanding mortgage debenture bonds which have
been deposited for conversion with the Union Trust Co. on the basis of 12
shares of stock for each bond.—V. 107, p. 2010, 1749.
1918—November—1917.
2191
taken
Reappraisal.—When this company was organized and began its business,
effective Nov. 1 1915, many of its capital assets (real estate, buildings,
were entered and carried on its books at less than actual value,
and have continued to be so carried in lino with the conservative manage¬
ment of the company’s affairs.
However, in tne last few years Federal legislation and regulations by
various Federal boards have been based upon the amount of "invested
plants, Ac.)
.
,
capital,” and it has therefore become important that the books should show
the actual value of the capital assets, so that the actual "invested capital”
of the company may be accurately determined
Accordingly an appraise¬
ment has been made by Lloyd-Thomas Co., appraisers, of certain of these
capital assets, as of the date of their acquisition, and the paid-in surplus
on the company’s books has been accordingly adjusted to reflect actual facts.
Report—Usual Dividend.—The detailed annual financial statement and
the President’s report which will shortly be forwarded to you show the year’s
profits after setting aside an adequate reserve for taxation to be satisfactory.
The board to-day declared the regular quarterly dividend of *1 75 per share
on common stock, payable on Jan. 6 1919 to stockholders of record Dec. 15
1918. Stock transfer books will be closed from Dec. 16 to 24, both incl.
Stock Distribution.—The legal details have now been accomplished so
that the board has directed a distribution of common stock (based on paid-in
surplus) to the holders of common stock at the close of business Dec. 15 1918
to the extent of 25% of each shareholder’s holding.
Option to Subscribe.—Also, the board decided to extend to holders of
common stock at the close of business Dec. 15 1918 the right and privilege
to subscribe at par for an additional 25% of new stock.
Each such holder
3192
THE CHRONICLE
of common stock will be entitled to subscribe for (and receive when such
payment is made by him on or before Feb. 6 1919) one share of new stock
at $100 for each four shares held by him on Dec. 15 1918.
Subject to the action of the board and to the approval of the Capital
1% of stock distribution
in the hands of stock-
will be exchangeable for
regular stock certificates' on arid after Jan. 6 1919 upon the conditions set
forth therein.
All new stock, when regular certificates for same are issued,
>1111 participate in all dividends paid on common stock after Jan. 6 1919.
Book Value of Common Shares.—You will be interested to know that,
after the 25% stock distribution has been made and after all new stock
subscriptions have been made, assuming that all rights to subscribe will
be exercised, the book value of all common shares will still remain in excess
of $150 per share.
Prospects.—The outlook for the ensuing year is good. The calls upon
animal producers and packers to feed the starving millions of Europe will
require a larger output even than that during the last few years.
Stocks
of animals have been greatly depleted upon the continent of Europe and
will require some years to rebuild.
In tne meantime the heavy demand,
both at home and abroad, for products will continue and must be met.
Further Published Statement Made by President E. A. Cudahy.
Record Sales, &c.—During this last year of the war all records of produc¬
tion in the packing industry have been exceeded.
In 1913 for tne first
time our sales were above $100,000,000.
The excess was from products
not derived from animals.
During the fiscal year just closed our gross
sales have amounted to around $275,000,000. of which $50,000,000 ap¬
proximately have been from non-animal products.
In 1913 our company paid farmers of the United States some $75,000,000
for animals purchased.
This year, and for a volume and weight approxi¬
mately 33 1-3% greater, we have paid more than $180,000,000.
In 1913 we paid employees some $7,000,000 for wages and salaries. This
year we paid them in excess of $15,500,000.
Our net profits as compared
to 1913 will be found in
a
ratio to
our
turnover
as
in that year.
Peace Prospects.—We now have before us the problem of adjusting the
business of the world to peace conditions.
For tne live stock and packing
industry, it would appear to me that the next four or five years will require
even greater activity than the past four years.
The herds of Europe have been depleted.
American farmers and packers
will be called on to feed our allies.
In addition, we must feed the neutral
countries.
They have suffered greatly through their inability to secure
sufficient supplies.
More important is the fact we must immediately arrange to relieve the
starving population in those countries with which we have been at war.
Production of food in this country has been stimulated to a very intense
degree by wise plans of the Administration.
See also circular of Nov. 11 in V. 107, p. 1922.
Houston (Tex.) Lighting & Power Co. 1905.—Offering
of First Mtge. 5s.—Halsey, Stuart & Co. are offering at 95
and int. a Dlock of First Mtge. 5% sinking fund gold bonds
of 1911, due April 1 1931.
Int. A. & O. in N. Y. and New
Orleans.
Total outstanding, $1,903,000.
“Passed by the Capital Issues Committee as not incompatible,” Ac.
Data from Letter of V^Pres. S. R. Bertron Jr., Houston, Tex., Nov, 2$.
Company 1905.—Incorporated Jan. 8 1906 in Texas, as successor to the
Houston Lighting A Power Co., and has been continuously and successfully
engaged to a general electric light and power business. Operates without
competition in Houston and vicinity, which territory includes the town of
Harrisburg and growing industrial district along the new ship channel.
Capitalization—
Outst. with Public.
Capital stock (authorized $2,000,000)
$2,000,000
First Mtge. 5% bonds, due 1931 (auth. issue $5,000,000)
1,903,000
Purpose of Issue.—To provide additional working capital and retire
bank loans incurred to provide plant extensions.
capacity of 15,700 k.w.
energy
Earnings for Year ended July 31 1918.
Gross earns., incl. misc. inc_$959.4691 Annual
interest on
Net after maint. and taxes. .$372,8471
Mortgage bonds
For further data see V. 103, p. 1891.—V. 107, p. 505.
First
International Nickel
p.
Increase. I
1918—11 Mos.—1917.
17,000 23,112,738
17,749,848
Increase.
5,362,890
East Butte Copper Mining Co.—Dividends Nos. 3 and 4.
The above dividends
Copper Co. to be canceled.
are
payable Dec. 21
1918 to stockholders of record Dec. 7 1918.—V. 107, p. 1841, 1387.
Essential Industries Finance Corporation.—Dissolved.
Announcement is made of the dissolution of this corporation organized
In September at the instance of the War Finance Corp. to undertake the
financing of public utilities in need of aid, the usefulness of the organization
having termination with the warSee V. 107, p. 1221.
Fifth Avenue Coach Co., New
meeting of the stockholders.—V. 106,
p.
1464.
Ford Motor Co.—River Rouge Plant.—
The River Rouge plant which is now producing “Eagles” for the Navy
will, it Is announced, be used upon completion of present Government
contract to construct barges for service on canals, &c.
Mr. Ford is quoted as saying that his company has manufactured 23,000
its books orders for 23,000 more.
Press reports state that Henry Ford has determined to retire from active
work in this company to engage in publishing a national weekly paper.
Edsel Ford, it is said, probably will succeed his father.—V. 107, p. 1582.
Fox River Butter Co.—Balance Sheet March 31.—
1918.
1917.
I
Liabilities—
1918.
1917.
Plants&equipm’t.$1,653,193 $1,617,942 Capital stock, pref$1,000,000 $1,000,000
Inventories
Accounts receiv’le.
Notes receivable..
Cash
U. 8. Liberty bds.
Deferred charges.
Total
592,384
773,153
22,170
318,734
136,300
27,707
do
common.. 1,000,000
424,664
1,099,088 Notes payable
538,000
51,674 Accounts payable.
22,442
133,174 Patrons’ and ship¬
pers’ accounts..
39,080
9,738 Acer, taxes & res.
for war taxes
50,000
Miscellaneous16,236
.Surplus
857,883
..$3,523,641 $3,336,281'
1,000,000
356,000
30,920
60,601
7,805
51,370
829,585
Total
$3,523,641 $3,336,281
Dividends: Pref., 7% per ann., payable Jan., April, July and Oct 1,
since issued.
Common, regular rate, 10% per ann. from April 1913 to
date, payable quarterly on the third Monday of Jan., July and Oct. and
on the fourth Monday of April.
Extra dividends: Dec. 1917, 1%; Dec.
1916, 2%: 1915, 1%: Dec. 1914, 2%; Dec. 16 1912, 2%.
Officers: H. S.
Johnson, President; C. E. Cromer, V.-Pres.; N. A. Emmertz, Sec. & Treas.
For further particulars see V. 105, p. 2002.
Grasselli Chemical Co.—Extra Dividend of 5%.—
An extra dividend of
5% has been declared on the $15,000,000 out¬
standing common stock, payable in common stock along with the regular
quarterly dividends of 1U% on the common and 1 H% on the preferred,
all payable Dec. 31 to holders of record Dec. 15.
In March the common
shareholders received 1% extra and in June and again in September 2%
extra in cash.—V. 107, p. 908.
(George W.) Helme Co.—Extra Dividend Omitted.—
The
regular quarterly dividends of 2H%
on
the
common
and IX%
on^the^preferred have been declared payable Jan. 2 to holders of record
The directors announce that “Omission of extra dividends has been
deemed advisable on account of greatly increased needs for working capital,
made necessary by war conditions, and not on account of earnings, which
have been very satisfactory.”
An annual extra of 4% was declared on the
common stock in Dec. 1915, 1916 and 1917—V.
106, p. 1226, 1039.
Hercules Powder Co.—Extra Dividend.—
An extra dividend of 2 % has been declared on the common stock in
addition to the regular quarterly of 2%, both
payable Dec. 24 to holders
of record Dec. 14, making a total of
8% extra (2% guar.) paid for the
along with 1 % for Red Cross.
The extra cash dividends, begun in
«191A%Sggp5s?'^1r-^1^5
to 1916 and 1917 47 H%
French bonds.—V.
107,
107,
p.
V.107.p. 2101,1841
2012.
Shortly after the 15,000 employees of paper mills in New York and New
England went on strike yesterday, the International Brotherhood of
Paper Makers instructed the men to return, notifying them that the War
Labor Board would render
a
decision to their
case.
week’s Issue.—V. 107,
as
p.
to Daily Newspapers.
1575, 700.
Ivanhoe Furnace Corporation.—Sale.—
company’s property is ofrbred for sale at a public auction to be held
Wythevifle, Va., on Dec. 14.
The property consists of a 75-ton blast iron furnace at Ivanhoe, Wythe
This
County, Va.; 480
Iron and zinc
acres
ore
of land to fee; 468
acres
of mineral lands, containing
and limestone, to Wythe and Carroll Counties, Va.;
acres of iron ore lands, and 13 acres to fee, to Washington Co., Va.:
of about four miles, to Wythe and Carroll
Counties.
The furnace and principal mining plants are in the Cripple Creek Min¬
ing region, at and near the junction of the main line of the Speedwell Ex¬
tension of the Cripple Creek Extension of the Norfolk A Western Ry. Co.,
32 miles from Pulaski, Va.
900
yeaF S?°' in 1916 39H% and in 1917 4%, while
and 47% respectively was distributed to Anglo1388, 10077
p.
,
Kansas City Breweries Co.—Foreclosure Sale.—
Master Commissioner Conrad H. Mann will on Dec. 16 sell the property
of the Imperial Brewing Co. under foreclosure, pursuant to the decree of
the U. 8. District Court for the Western Division of the Western District
of Missouri.
The mortgage foreclosed was made in 1903 (V. 82, p. 337)
by the Imperial Brewing Co. to the Germania Trust Co., Trustee, to
$200,000 First Mortgage 6% bonds of the Imperial Co. which wore
guaranteed by the Kansas City Brewing Co.—V. 106, p. 194.
secure
Kennecott Copper
See Braden
Corp.—Sub. Co. Bonds Offered.—
Copper Mines Co. above.—V. 107,
p.
2102
1841.
Keystone Steel & Wire Co.—Offering of Three-Year
are offering at 98% and int.,
to net 7%%, $2,250,000 3-year 7% Secured Convertible
gold notes dated Nov. 1 1918, due Nov. 1 1921, but callable
in whole or in part at any time on 60 days’ notice up to
'Nov. 1 1919 at 102 and int.; thereafter to Nov. 1 1920 at
lOl hnd int.; thereafter to maturity at 100% and int.
Notes.—Wm. A Head & Co.
“Passed by the Capital Issues Committee as not incompatible,”
Convertible at par into First Mortgage 7% Sinking Fund gold
due 1938; denom. $1,000, $500 c*.
Interest M. A N. in gold in N.
Ac.
bonds,
Y. and
Cleveland. Total authorized and outstanding, $2,250,000. First Trust
& Savings Co., Cleveland, trustee.
Interest payable without deduction
Federal normal income tax up to 4%.
Summary of Letter of Pres. P. W. Sommer, Dated Nov. 21 1918.
The company, started to 1889, is the second largest producer of woven
wire fence in the U. S.
Growth has been continuous, gross business,
which was $1,532,556 in 1913, having increased to $6,914,604 in 1918.
Property.—An extensive steel plant at Peoria, Ill., for the manufacture
of woven wire fence, barbed wire, Ac., including a new steel plant with
open-hearth furnaces, and blooming and rod mills, producing the wire
rods required for finished output.
The value of the property to be covered
by the first mortgage lien of the pledged bonds is nearly $6,000,000.
Capitalization (After Present Financing)—
Outstanding. Authorized.
Three-year 7% Convertible notes (present issue)__ $2,250,000 $2,250,000
7% preferred stock
1,526,400
3,500,000
Common stock
3,366,300
3,500,000
Security.—The direct obligation of the company, specifically secured by
pledge of $3,000,000 of its First Mortgage 7% sinking fund gold bonds,
for any
Henry Ford Retires.—
Assets—
Co.—Obituary.—
74,550,000
International Paper Co.—Strike Ended.—
York.—Earnings.—
June 30
Gross
Net after
Other
Improve- Surplus Ad- Balance,
Years—
Earnings.
Taxes. Income, ments, &c. justments.
Surplus.
1917-18
$2,654,457 $399,147 $50,444 $106,774 def.$151,023 $191,794
1916-17
2,243,816 622,508 19,735
59,708 def. 13,806 568,729
1915-16
1,669,726 499,770 23,167
cr.
79,941
11,133 454,129
The balance sheet of June 30 1918 is said to show cash amounting to
$76,255, a decrease of $127,756; corporate surplus, $1,466,617, an increase
of $191,794, and total assets and liabilities $2,719,371, a gain of $933,896.
The annual report will not be ready until April 71919, the date of the annual
on
1917.
11 Months
the Ivanhoe A Carroll RR.
The directors have declared the following dividends:
Dividend No. 3
of 50 cents per share to be paid from earnings and Dividend No. 4 of $1
per share to be paid from sums realized from the sale of pref. stock of the
Pittsmont Copper Co.
This stock was acquired by the East Butte Copper
Mining Co. in Dec. 1912, and has now been bought in by the Pittsmont
tractors and has
1918
See American Bank Note Oo. above.—V.
at
2,033,000
1841.
I
2,500,000191,175.000
output in 1917 was due to labor troubles.
The small
Dome Mines Co., Ltd.—New President.—
2,050,000
—V. 107,
1917.
November
7,500T000
See page 2056 to last
East Butte Copper Co.—Production {in Pounds).—
$95,150
Inspiration Consol. Copper Co.—Production {in lbs.)—
1918
Paper Restrictions Withdrawn Except
2454.
through
21,356 meters.
J. S. Bache succeeds J. R. De Lamar, deceased, as President.—V.
1918—Nov.—1917.
The distribution system consists of about 265
undergorund lines, serving electrical
miles of overhead and
See Swift A Company below.—V. 107, p. 1922.
p.
*
Security.—A first mortgage on the entire property owned. Authorized
issue $5,000,000.. The remaining $3,028,000 to escrow ($69,000 having
been heretofore retired) may be issued from time to time for 80% of the
cash cost of permanent extensions, Ac., when net earnings are at least twice
the annual interest charges on all bonds outstanding, incl. those proposed.
Property.—Owns and operates a steam generating plant with an Installed
Federal Trade Commission Report.—
106,
[Vol. 107
due Nov. 1 1938.
Pledged Bonds.—To be secured by direct first mortgage lien upon the
entire physical property of the company through retirement of $1,400,000
Serial bonds now outstanding.
An annual sinking fund will retire at least
2-3 of all bonds issued, by maturity.
Additional bonds issuable at par for
only 65% of cost of additions when available earnings are at least three
requirements.
Earnings for Years ended June 30—
1917-18.
1916-17.
1915-16.
Gross profits
.$1,163,450
$805,458
$640,211
Net profits after expenses and taxes....
$705,137
$394,023 $326,987
Sales for Six Fiscal Years.
times interest
1918.
Year—
1917.
1916.
1915.
1914.
1913.
Sales..$6,914,604 $3,600,326 $2,513,497 $1,934,637 $1,868,581 $1,532,556
Net Profits.—For the year ended June 30 1918 these were $705,137, or
the current
annual
of $157,500
on exceed
these notes.
fjractically
4M fiscal
timesyear
will largely
those inProfits
1918.
it isinterest
estimated
n
Participation to war work has been limited to orders for barbed wire allotted
and accepted as a patriotic duty.—V. 107, p. 407.
Kilburn Mills, New
A dividend of 6%
Bedford, Mass.—Dividend of 6%.—
has been declared on the $1,500,000 stock (par $100)
payable Dec. 16, comparing as follows:
Dividend Record in Years 1917 and 1918.
19181917
Oct.
Jan.
Jan.
Apr. Julu.
Apr. July.
Regular
_
■
1H% 1H% 1 H%
Extra
V. 105, p. 1313.
ft*
m% 1%%
2%
2%
Oct. Dec. 16
% m%
2%
6%
Kings County Electric Light, Heat & Power Co.,
Brooklyn, N. Y.—New Name,—New Mortgage &c.—
The stockholders will vote Dec. 18 on the following propositions:
"(a) That the name of the company be changed from Kings County
Electric Light A Power Co. to Brooklyn Edison Company, Inc.
“(6) That the company execute a general mortgage upon all its property
to secure bonds to be issued from time to time to provide means for the ac-
!
Dec. 7 1918.]
THE CHRONICLE
quisition of additional
property, the extension and improvement of the
co™R^ny_18
Plant and facilities, and the refunding of its lawful obligations;
saia bonds to be issued in
series, each series to bear interest at such rate,
and to mature at such
date, as may be determined by the Board of Direc¬
tors.”—V. 106, p. 2348, 1904.
Lackawanna Steel Co.—Extra Dividend Omitted.—
««T1£LreSular
Qnarteriy dividend of 1H% has been declared on the
097,500
Dec. 10.
outstanding
common
$35,-
stock, payable Dec. 31 to holders of record
President E. A. 8. Clarice made the following announcement: “In view
of the general uncertainty as to the future of all
lines and the consequent
advisability of conserving resources, it was deemed inadvisable to declare
any extra dividends, although estimated
earnings of current year would
under normal conditions have
justified an additional distribution.”
Dec. 1916 an extra of 3% was
paid with the regular
1917
—V. 107, p. 1484.
1)4%; in June
extra, and June 1918 2extra.
Dec* 1917,
Liberty Ordnance Co.—Plant
payment for the
stock will be due and payable at the New York Trust
before Jan. 6 1919.
Warrants will be mailed on or before
Dec. 20 1918 to stockholders and holders of
voting trust certificates of
record Dec. 12.
The issue of this stock has been passed by the Capital
Issues Committee.—V. 107, p. 185.
Co., N. Y.,
Milliken Bros. Mfg. Co., N. Y.—New Co.—Plant, <Stc.—
recently organized to succeed Milliken Brothers, Inc.,
has purchased the plant of the James H.
Young Stone Co., 136th St. and
East River, for its proposed new works.
The
area, will be equipped as a fabricating works for
building construction and the manufacture of transmission and radio
towers, steel poles and other all-steel specialties of the company. An ad¬
joining plot has also been secured, making a total of about two acres of
property, with water and rail facilities. A galvanizing plant Is
projected.
The company will manufacture its standardized
truss unit Duudlhga.
C. T. Clack is President and Robert Grant Treasurer.—V.
106, p. 2762.
Mohawk Valley
Closed.—
Morris & Co.,
Increase. I
—V.
107,
p.
1918—10 Afos.—1917.
Increase.
8,718,162
105,309
170.35318,823.471
_
Mount
The
Transportation Co. below.—V. 106,
Manati (Cuba) Sugar
p.
1799.
Co.—Obituary.—
See American Bank Note Co. above.—V.
106. p. 2233, 1228.
Maple Leaf Shipping Co., Ltd.—Bonds Offered.—Imrecently offered $650,000 First Mtge. 7% gold
bonds, dated Nov. 1 1918, due May and Nov. 1919, $150,000
each; M. & N. 1920, $100,000 each and M. & N. 1921,
brie & Co.
$75,000 each. The bonds are redeemable all
day’s notice at 100 ^ and int.
30
part
or
Canada,
Toronto, Canada.
1
jKPassed by the Capital Issues Committee as not incompatible,” Ac.
Official permission for the issue of these bonds, as
required by Order-InCouncil (3449) of Dec. 22 1917, has been duly obtained,
Ac.
Data From Letter of Pres. J. B. Simpson, Dated November 1918.
Company.—The company, incorporated in Canada, has acquired the
steamship “St. Mihiel,” which was launched by the Dominion Ship¬
building Co. of Toronto on Oct. 11 1918.
Security.—A direct obligation of the company, secured by a first mortgage
on the steamship “St. Mihiel,”
costing $1,150,000, 56% of which this
bond issue represents, the balance of 44% being a cash
equity of $500,000.
The “St. Mihiel” is a steel single screw ocean
going cargo
having general dimensions of 261 feet over all in length; 43 feet, steamship,
6 inches In
breadth; a moulded depth of 28 feet, 2 inches, and capable of carrying a
deadweight of about 4,200 tons.
Redemption Fund.—On Nov. 1 1919, May 1 1920, Nov. 1 1920 and May
1 1921, unless all the bonds of this issue shall have been
previously retired,
will
it
deposit with the trustee in cash or in bonds of this issue, not less than
50% of its net income to such dates, after deduction of all operating and
management charges, maturities, interest, taxes, and a return on the cash
equity
in the vessel at the rate of 8% per annum. Whenever the monies
in this redemption fund amount to $10,000 or
more, bonds shall be re¬
deemed Dy purchase, or call.
Insurance.—The company will insure the steamship “St. Mihiel,” for
not less t.ian 125% of the face amount of the bonds then
outstanding.
Management ana Earnings.—The steamship “St. Mihiel” will be managed
by Christoffer Hannevig, Ltd., a Canadian corporation, under a contract
whereby the manager guarantees that the earnings of the “St. Mihiel”
shall be sufficient to pay the principal and interest of all bonds of this
issue;
and the manager further guarantees that all contracts of the
company,
with respect to insurance, liens, taxes,
repairs and payments into the
redemption fund shall be observed.
Marconi Wireless Telegraph Co.—Government Purchase.
A Press dispatch from Washington states that the U. S. Government
has purchased 45 coastal stations of American Marconi
Co., 19 of which
are situated on the Atlantic and Gulf
coasts, 16 on the Great Lakes and 10
on the Pacific Coast.
The four high-power units which company retains includes Belmar-New
Brunswick station in New Jersey for transmission of messages to England;
Chatham, Mass, to Scandinavia; Marshall-Bolinas, California to Hawaii,
and Kokohead-Kahukee, Hawaii to Japan.
The price paid by the Govern¬
ment is not announced, although it is said to have been
definitely settled.—
V. 107, p.2102,2013.
Mason Valley Mines
1918—Oct.—1917.
1,086,200
1,469,631
—V. 107. p. 2013, 1582.
Co.—Output (in Lbs.).—:
Decrease.
{ 1918—10 Mos.—1917.
383,431 13,691,971
Increase.
2.394,082
11,297,889
Massey-Harris Co., Toronto.—Acquisition.—
This company has purchased the Structural Steel Co.’s plant at Weston,
Ont., and will remove its gasoline engine manufacturing department to
the new factory, where it will also turn out cream separators and farm
tractors.
A company
was
ized
bearing the name “Massey-Harris Harvester Co., Inc.,"
incorporated June 25 1917, under the laws of New York, with an author¬
capital stock of $3,000,000.—V. 106, p. 2233.
Merchants’ & Miners’ Transp. Co.—Private Ownership.
The U. S. RR. Administration
on
Dec. 5 issued
order
relinquishing to
private control the ownership and operation of this company’s line and also
the lines of the Clyde Steamship Co., the Mallory Steamship Co. and the
Southern Steamship Co., effective Dec. 6 1918.—V. 106, p. 1581.
an
Mexican Oil Tax.—Conferences Broken Off.—
Foreign oil interests, comprising American, British and Dutch
repre¬
sentatives, have broken off conferences with the Mexican Government.
a new Mexican law ignoring the property rights of for¬
eign interests brought the matter to a crisis.
The “Oil Trade Journal” of
New York for December publishes the reasons for this action with a trans¬
lation of the text of the new law.
Compare V. 106, p. 1465.
The introduction of
Mexican Petroleum Co.—Dividend Declared.—
Co.—Output (in Pounds).—
1918—Nov.—1917.
4,382,730
3,361,426
—V. 107, p. 1842, 1388.
Increase.1
38,096,812
Increase.
15,504,546
Michigan State Telephone Co.—Wages—Rates.—
A press dispatch from Detroit states that this company’s rates and
wage
schedules were to be advanced beginning Dec. 1 upon authorization by
Postmaster-General Burleson, in charge of the Federalized telephone and
telegraph systems of the country.—V. 107, p. 506, 179.
Mid-West Refining Co., Denver.—New Stock.—
The shareholders are given the right to subscribe to new stock to the
extent of 20% of present holdings at par $50.
An official announcement
says in subst.:
Warrants will be issued to stockholders of record Dec.
12 1918, entitling them to subscribe to their proportion of 102,234 shares
of capital stock at its par, being a right to subscribe for one share to every
five owned.
Warrants will be issued for full and fractional shares, and
610, 185.
Vernon-Woodberry Mills, Balto.—Pref. Divs—
Municipal Gas Co., Albany, N. Y.—Litigation.—
National Conduit & Cable Co.—New
Officers.—
Hugh J. Pritchard, Vice-Pres., has been elected President to succeed
George J. Jackson, deceased; G. H. Hawley has been made Vice-Pres, in
charge of manufacture, and George F. Bauer was made Treasurer, formerly
Controller.—V. 107, p. 1924.
National Lead Co.—Lead Price Reduced.—
The War Industries Board has announced a reduction of lc.
per pound
in the price of lead, the basis being 6.75c. at East
St. Louis and 7.05c.
at New York.—V. 107, p. 1750.
Nevada Consol. Copper Co.—Production (lbs.).—
1918—November—1917.
6,601,000
6,900,000
—V. 107, p. 1842, 1389.
Decrease. I
1918—11 Months—1917. Decrease.
299,000 72,831,415
73,787,350
955,935
New Cornelia Copper Co.—Production (in lbs.).—
1918—November—1917.
3,264,000
4,666,000
—V. 107, p. 1842 610.
Decrease. Ill Months 1918.
1,402,0001
6 Months 1917.
43,142,000
15,281,164
,
Newton Arms Co., Inc.,
Buffalo, N. Y.—Sale.—
Receiver B. E. Holmes will until Dec. 11 receive bids for the purchase of
this company’s property.
The business and plnat consisting or tool room
and machinery, cartridge plant, gauges, Ac. Ac.
Niagara Falls Power Co. (Consolidated).—Offering of
Hydraulic Power Co. of Niagara Falls Refunding and Improve¬
ment (Closed) Mtge. 5% Gold Bonds.—Spencer, Trask & Co.
are offering, to net about
5.45%, $2,000,000 Hydraulic
Power Co. of Niagara Falls Refunding & Improvement
(closed) mtge. 5% gold bonds of 1916, due Oct. 1 1951,
making the total outstanding (including present issue)
$6,500,000. Authorized amount, $10,000,000.
“Passed by the Capital Issues Committee as not incompatible,” Ac.
Outstanding Capitalization of New Company, Including These* 2, 000,000 Bds.
'
Authoirized.
Outstanding.
Hydraulic Power Co. of Niagara Falls 1st A ref. 5s,
due 1950Closed
$3,500,000
do
ref. A impt. 5s, due 1951
Closed
*6,500,000
Niagara Falls Power Co. 1st M. 5s, due 1932
Closed
10,000,000
do
Refunding & gen. mtge. 6s, due 1932.-$20,000,000
8,226,000
Capital Stock of Consolidated Company (When Exchanges are Completed.).
7% cumulative preferred stock
$11,515,400 $11,515,400
Common stock
14,484,600 14,484,567
*
*
Includes present issue of $2,000,000.
The remaining
of the auth. issue of $10,000,000 are reserved to retire the
Co. of Niagara Falls First A Refunding Mtge. 5s.
$3,500,000 bonds
Hydraulic Power
Combined Earnings of Hydraulic Power Co., Cliff Electrical Distributing Co.
and Niagara Falls Power Co. (Constituent Corp.) Cal. Year and 10 Mos.
ended Oct. 31 1918.
Calendar Years—
1915.
1917.
10Mos.’18
1916.
Gross earnings from oper_$4.370,562
$5,125,592 $5,893,855 $4,791,267
Oper. exp., taxes A insur. 1,484,634
1,755,380
2,479,221
2,039,531
Net earnings from oper.$2,885,928
Other income
268,966
$3,370,213
269,650
$3,414,634
311,310
Total net for interest..$3,154,894
$3,639,863 $3,725,944
Bond int. (on bonds as indicated above Including bonds offered)
Surplus
Depreciation
-
I
Pension and other
p.
reserves
[For description of bonds, Ac.,
295, 699.1
Data Relative to
see
V. 92,
p.
1639; V. 103, p.
$2,751,737
318,281
$3,070,018
1,244,633
$1,825,384
112,845
18,979
2341; V.107,
Organization of New Co.—The following
have been
data prepared by the Secretary of the company
received by the “Chronicle:”
Organization.—Pursuant to special authorization by the Legislature of
the State of N. Y. and the approval of the New York P. S. Cpmmission,
2nd District, the consolidation of the Niagara Falls Power Co., Cliff
Electrical Distributing Co., and Hydraulic Power Co. of Niagara Falls into
a new
corporation under the
name
of the Niagara Falls Power Co., became
effective Oct. 31 1918.
Financial.—The consolidated company assumed the outstanding bonds
and other obligations of the constituent companies and with the consent
of the Federal Capital Issues Committee issued in exchange for the stocks
of the constituent companies its authorized $26,000,000 capital stock,
of which $11,515,400 is 7 % cumulative preferred and the remainder common
stock
.
.
Power
Capacity.—Including the plant of its subsidiary, the Canadian
Niagara Power Co., the company has an installed capacity of about 370,000
and is installing an additional 100,000 h. p., to be ready for operation
during 1919, making it the largest and most important power installation
h. p.
of the world.
It is proposed to
„
,
substitute for one of its present 100,000 h. p. plants
200,000 h.-p. plant.
For the undertaking of this work of reconstruc¬
tion the constituent, the Niagara Falls Power Co., had put
itself into a
strong cash position.
The consolidated company has liquid assets available
a new
1918—11 Mos.—1917.
1,021,304153,601,358
p.
•
The directors have declared a quarterly dividend of 2% on common,
half of which is payable in cash and the other half in 4 M
% Liberty bonds,
on Jan. 10 to stock of record Dec. 14.
Regular preferred dividend of 2%
was also declared, payable Jan. 1 to holders of rec. Dec. 14.—V.
107, p.
1672. 909.
Miami Copper
Company below.—V. 107,
The New York P. S. Commission has been
given permission by the
Court of Appeals to
intervene in this company’s gas case to declare the
$1 gas law for Albany confiscatory in order to permit the rate to be raised
to $1 30 per thousand cubic feet.
Compare V. 107, p. 2013, 1196.
on
Interest M. A N.
The company agrees to pay the normal United States
Federal income tax, in so far as it
lawfully may, not to exceed 4% a year,
and to refund the Pennsylvania State tax.
Denom. $1,000 and $500c*.
Trustee, Imperial Trust Co. of
1461.
Chicago.—Commission Report.—
directors have declared a dividend of
3H% on the preferred stock
payable Jan. 15 to holders of record Jan. 2. The initial dividend, of 2)4 %,
was paid in Feb. 1918, and in
Aug. 3% was paid.—106, p. 1898,1691.
Mallory Steamship Co.—Private Control.—
See Merchants’ A Miners’
.
Company.—Obituary.—
See New York State Railways below.—V. 106,
p.
See Swift A
Magma Copper Co.—Production (in Lbs.).—
1918——Oc*.
1917.
structure, with about 40,000
sq-ft. of manufacturing
106, p. 2233.
779,102
2013, 1582.
new
on or
This company,
The plant of this company, formerly
the
at present controlled by the American Can Bridgeport Projectile Co. and
Co., will be closed Dec. 7.—V.
949,455_
3193
for the purpose approximating $6,000,000, including $2,250,000 invested
in Liberty Loan and Canada Victory Loan bonds.
Directors.—The board is composed of most of the former directors of the
constituent companies, organized on Nov. 1 1918, by the election of Jacob
F. Schoellkopf as Chairman, Stacy C. Richmond, Pres., C. P. Hugo
Schoellkopf, Vice-Pres., Paul A. Schoellkopf, Vice-Pres. and Gen. Mgr.,
Morris Cohn, Jr., Vice-Pres. and Gen. Counsel, Philip P. Barton, VicePres., Frederick L. Lovelace, Sec’y, W. Paxton Little, Treas., Carlton W.
Pierce, Assist. Sec’y and Treas.
Messrs Richmond, Barton, Lovelace and Little held the same offices
in the constituent the Niagara Falls Power Co.
The others were officers
of the Hydraulic and Cliff companies.
v
Messrs. Francis Lynde Stetson, Edward D. Adams, Ogden Mills, Victor
Morawetz, Chas. D. Dickey and Nicholas Biddle, all or New York, whc
had been members of the board of directors of the constituent, the Niagara
k
Falls Power Co., for many years, are continued on the board of the con¬
solidated company.
{The by-laws of the company have been printed in pamphlet form and
Chow among other things that the annual meeting of the stockholders shall
be held on the last Friday in March in each calendar year after 1919.]—
V. 107. p. 2014. 1924
Ohio Fuel Supply
¥ An extra dividend of
addition to the regular
of record Dec. 31.
—V. 107, p. 507.
In
Co.—Extra Dividend.—
2% has been declared,
payable in Liberty bonds, in
quarterly of 2H%, both payable Jan. 15 to holders
July an extra or 2% was also paid in Liberty bonds.
Old Dominion Co. of
—V.
i07.
Maine.—Output (in Pounds).—
Decrease. I 1918—11 Mos.—1917.
1918—Nov.—1917.
2,101.000
743.000 29.897,500
2.844,000
p. 1842, 1485.
Increase
27.566.000
2.331.500
Norfolk & Washington Steamboat Co.—Bond Call.—
All the outstanding 5% bonds have
interest on April 1 1919.—V. 106, p.
been called for payment at 105 and
820.
Pacific Steamship Co.—Vice-President.—
A. P. Haines, General Manager, has
V. 107, p. 1672. 909.
been elected
a
Vice-President.—
£ Pan-American Petroleum & Transport Co .—Dividend.
The directors have declared a quarterly dividend of $1 25 a share on the
stock, half of which is payable in cash and the other half in 4H %
Liberty bonds, on Jan. 10, on stock of record Dec. 14. Regular preferred
dividend of 1 H% was also declared, payable Jan. 1 to stock of record
Dec. 14.—V. 107, p. 1672.
common
Parke, Davis & Co., "Detroit.—Dividends.—
P The directors have declared a dividend of $2 per share on the $11,836,830
capita] stock, par $25, payable Dec. 31 to holders of record Dec. 21. In
the last three quarters a dividend of $1 was paid, making with the present
distribution a total of $5 (or 20%) in cash for the year, as against 17% in
1917, 20% in 1916 and 17% in 1915. In Jan. 1917 a 20% stock dividend
was paid.—V. 106, p. 1349.
Pettibone-Mulliken Co. (Chicago).—Status.—
President Mulliken is quoted as saying: “We had practically completed
our war orders before the armistice was signed, and we have enough old
domestic orders accumulated to take up the slack for several months.
Our labor situation is all right, and all we are waiting for now in order to
right ahead Is Government fixing of steel prices for the next
go
seven
months.”—V. 106, p. 1688, 933.
Phelps, Dodge Corp.—Output (in Lbs.).—
1918—Nov.—1917.
Decrease. I
15,785,011
16.465,995
—V. 107, p. 1843, 1389.
1918-—11 Mos.—1917.
Increase.
680,984 196,607,647 183,802,269 12,805,378
Pierce Oil Corp.—Vice-Pres. Resigns.—
O. W. Cahoon has resigned as Vice-Pres. and director.—V. 107, p. 1291.
Pullman Company.—Advances by U. S. Government—
Surplus Earnings Held by Govt, in Excess of Advances.—
See preceding pages in this issue.—V. 107, p. 2104.
Ray Consolidated Copper Co.—Production (in lbs.).—
1918—November—1917.
7,020,000
—V. 107,
p.
[Vol. 107
THE CHRONICLE
2194
7,600,000
1843. 1389.
Decrease. I
1918—11 Months—1917. Decrease.
580,000 80,907,559
85,556,679
4,649,120
Remington Typewriter Co.—Time for Deposits Extended
—Capital
Increase.—
While the financial
Southern Steamship Co.—Private Control.—
See Merchants* A Miners’ Transportation Co. above.
Stromberg Carburetor Co., Inc.—Extra Dividend.—
dividend of 25cts. per share on the
50,000 shares outstanding capital stock (of no par value) along with the
regular quarterly dividend or 75 cts. per share, both payable Jan. 2 to
holders of record Dec. 16. JlA like amount was paid in Oct. last.—V. 107,
The directors have declared an extra
p.
2015.
Studebaker Corporation.—New Financing.—
Pres. Erkskine has made
public the following statement
regarding thejeompany’s financial plan:
It is true that our directors have had under consideration some plans with
regard to additional financing for the company. There is no intention of
making any offer of preferred stock.
The great increase of the company's business prior to the war led to the
forming of plans to construct an additional modern new automobile plant
and thereby increase our capacity.
During the war it has been impossible
in connection with war orders to make much progress in the construction
of these additional plant facilities and the directors have had under con¬
sideration the possibility of completing these plants at an early date.
It is not possible to state as yet what conclusion in this connection wffl be
While we expected to discontinue the manufacture of automobiles
reached.
if the war continued, the changed conditions have permitted us to obtain
steel
iron,
and other raw materials, and we will be back in large production
by the early part of next year.—V. 107, p. 298.
Sunday Creek (Coal) Co.—Receiver Discharged.—
The receivership
of this company terminated on Nov. 27 in proceedings
by which the receiver was discharged and the property returned to the
company, which, it is stated, will operate the same.
Tne “Coal Trade Journal
says: “John H. Winder as receiver had suc¬
ceeded in paying off all of the claims and John S. Jones has acquired all of
the bonds and stock of the concern.
The New Jersey corporation will be
Barton Griffith has;been
maintained and officers are to be elected soon.
President of the company.
It is also planned, however, to maintain the
organization of the Ohio Land A Ry. Co. and the Buckeye Coal A Ry. Co-.
two corporations which have partly taken over the Sunday Creek interests
—V. 105, p. 1062.
[A dispatch from Columbus states that the reorganization wasTeffected
Dec. 3 with John H. Winder as Pres.; P. A. Coen, Vice-Pres.; J. P. Smith,
Sec.; C. C. Cook, Treas.; John F. Jones, Chairman of the Directorate.
The capitalization remains $4,000,000, and the company will continue to
operate under its New Jersey charter.
Mr. Coen will continue also as
Pres, of the Buckeye Coal A Ry. Co., and the Ohio Land A Ry. Co.l—
V. 106, p. 2349.
1
Swift & Company,
Chicago.—Charges.—
The Federal Trade Commission in a supplemental report submitted to
Congress Dec. 2 charged the following five meat packing companies with a
combination in restraint of trade and with controlling the sale of live stock
and fresh meat.
The companies named are Swift A Co., Armour A Co.,
Morris A Co., Wilson A Co., Inc., and the Cudahy Packing Co. *
Referring to the above President Louis Swift said: “So far as we know
and certainly as far as Swift A Co. is concerned, there is no foundation for
the Federal Trade Commission’s repeated charge of combination.
We are
in open and active competition with all other packers both in the buying of
live stock and the sale of meats.
These charges are a re-hash of old matters
thzt have been fully answered many times and apparently now resurrected
to create
antagonism toward the packing industry. —V. 107,
p.
2104, 2015.
Texas & Pacific Coal & Oil Co.—Extra Dividend.—
An extra dividend of 5% on the $5,000,000 outstanding capital has been
declared in addition to regular quarterly of 1%, both payable Dec. 30 to
holders of record Dec. 19.
An extra of 5% was paia in Oct. last.—V.
107,
p.
1583.
plan (see V. 107, p. 1927) issued as of Dec. 5 has
been declared Operative because certain preferred stock held
Tobacco Products Corp.—Merger Negotiations Under¬
stood to Be Under Consideration.—Interests affiliated with the
deposited and of the second preferred 84%. The time for making de¬
posits has been extended two weeks to Dec. 14.
The company has filed notice of an increase in the capital stock from
$20,000,000 to $22,000,000, the increase being from $4,000,000 to $6,000,000 authorized in the first preferred issue, as contemplated by the plan.
Capital Stock and Bonds 'Before and After Reorganization.
United Cigar Stores Co., the American Sumatra Tobacco Co.
and the Tobacco Products Corp. are understood to have re¬
sumed negotiations looking toward the combination of the
three enterprises as contemplated some time ago. The
“Wall Street Journal” says:
not
yet
abroad or otherwise dimcult to obtain has not assented the “Chronicle,”
is informed as of Dec. 5 that of the first preferred stock, 88% had been
■
Authorized
Issued
Before.
Before.
After.
After.
$10,000,000 $10,000,000 $10,000,000 $10,000,000
4,000,000
6,000,000
4,000,000
5,000,000
Common
First preferred..
Second preferred
6,000,000
6,000,000
First Mtge. 6% bonds.
Closed
Closed
See plan, V. 107, p. 1927, 1925, 1750.
_
5,000,000
4,400,000
Reo Motor Car Co*, Lansing.—Balance Sheet
1918.
Assets—
$
Land,
buildings,
machinery, Ac.a5,229,538
Int. in other cos..
78,787
Cash
405,353
Receivables
b3,283,329
Inventories
6,771,550
Deferred charges.
21,825
Total
.....
Includes in
1917.
—
5,000,000
1,650,000
Aug.
31.—
1917.
Liabilities—
%
$
Capital stock.c.. 6,937,250 6 ,937,250
5,488,923 Notes payable.... 1,250,000
950,000
122,788 Accounts payable. 1,700,900
,619,444
172,792 Accrued pay-roll..
122,827
190,638
1,122,449 Reserve for taxes \
284,578/
83,692
7,541,681 Other reserves
40,047
/
l
19,353 Surplus
5,494,828 4 ,646,915
%
Total
15,790,383 14,467,986
15.790,383 14,467,986
1&8
land, $273,205; buildings, $1,364,071, and machinery
and equipment, $3,592,262.
b Includes in 1918 miscellaneous receivables,
$1,537,311; less reserves, $65,228, due on Govt, contract, $1,811,246.
c The total authorized stock is $10,000,000; unissued, $3,062,750; balance
as above. $6,937,250.—V. 106, p. 714.
a
Sacramento Valley West Side Canal Co.—Bonds Sold.
The San. Francisco “News Bureau” says: “After having been on the
market but a few days the $400,000 issue of receiver’s certificates are un¬
officially reported already to be practically sold to the land owners of the
district.
This means that water for 16,000 additional acres of rice under
the canal is virtually assured for next year.”
Savage Anns Corporation.—Machine Gun Deliveries.—
Deliveries of the Lewis machine guns by this company to the army and
navy up to Nov. 10 1918 total 47,122, of which 38,672 were airplane
guns and 8,450 were of the standard type.—V. 107, p. 1750, 1673.
Savannah (Ga.) Gas Company.—New Gas Rates.—
The Georgia RR. Commission has ordered the following new gas rates,
to be effective Dec. 1: First 10,000 cu. ft., $1 25 per $1,000 net; next 20,000
cu. ft., $1 15 per 1,000; next 20,000 cu. ft., $1 05 per 1,000: next 50,000
cu. ft., 95 cents.
This is an increase of 5 cents over the former price.
—V. 107, p. 1750.
Schenectady Dluminating Co.—Merger.—
-Sales.—
1918.
November
Eleven months
—V. 107, p. 1750, 1389.
Shattuck-Arizona Copper
1918
Copper (lbs.)
Lead (lbs.)
Silver (ozs.)
Gold (ozs.)
—V. 107, p. 1843,
1917.
$24,128,700 $19,872,435
176,158,232 159,403,851
Nov.
583,655
514,127
11,296
86.03
1389.
Smith Form-A-Truck
Increase.
$4,256,265
16,754,381
Co.—Output.—
-1917.
777,616
77,633
13,798
103.52
1918—11 Mos.—1917.
8,575,627
2,019,097
139,724
1,134.14
Co.—Bankruptcy.—
11,308,705
1,962,589
148,527
1,456.42
fwAttorneys for this company have filed a voluntary petition in bank¬
ruptcy in the United States District Court at Chicago.
corporation would probably be
a
holding
company
which would purchase
the securities of the component corporations.
Such a consolidation would
be able to start with a solid foundation of large combined earnings.
The
aggregate balance of earnings applicable to the stock of the three corpora¬
tions would range between $12,000,000 and $15,000,000 a year at the outset.
On the volume of stock that is to be issued by the holding company, this
would probably mean ability to pay cash dividends at the rate of $10 a
share on common stock, and still leave a surplus of $4,000,000 to $5,-
000,000 annually.
Whether this proposed combination is finally consummated or not, it
be stated that the Amercian Sumatra Tobacco Co. will continue to
expand its fields of activity. This expansion is likely to take the direction
of absorption of a number of cigar-manufacturing concerns, negotiations
for the purchase of which are understood to be under way.
The carrying
out of these plans will give the American Sumatra Co. customers within
its own family who would consume the bulk of the tobacco which it produces.
Should the larger merger be carried through, the American Sumatra Co.
would largely expand its farming business by entering upon the growing of
other grades of tobacco not now raised, or produced to only a small extent.
With the merger of American Sumatra into Cigar Stores and Tobacco
Products, there would result an organization markedly self-contained.
Through the American Sumatra Co. it would raise a large part of its
wrapper tobacco which would be used in cigars made by the concerns which
the American Sumatra plans to absorb.
The United Cigar Stores Co.
would be the marketing end, not only for cigars made by the American
Sumatra Co., but also of the cigarette business of the Tobacco Products
Corp.
may
New Stock.—
Of the new stock as increased from $16,000,000 to $20,000,000 (to be
voted upon Dec. 10 by the stockholders) $1,600,000 will be utilized in
paying the 10% stock dividend; the residue, we are informed, will remain
unissued for the present.—V. 107, p. 2015, 1673.
,
Todd
Shipyards Corporation.—Tenders for Conv. Notes.
The Brooklyn (N. Y.) Trust Co. will receive up to noon Dec. 10 sealed
offers for the sale to it of 5-year 6% convertible gold notes at not exceeding
107 and int.
These notes will be paid out of moneys in the sinking fund,
which on Dec. 16 will amount to $828,226.—V. 107, p. 1576, 1485.
Towar Cotton Mills, Inc. (Niles, Mich.).—Offering of
Notes.—W. G. Souders & Co., Chicago, are offering, by
advertisement in the “Bank & Quotation” Section, issued
to-day, at
See Adirondack Electric Power Corp.—V. 106, p. 1040.
Sears, Roebuck Co., Chicago.
If the negotiations are consummated, it is not improbable that the consoli¬
dation will be under the name of the American Sumatra Co.
The new
par
and int., $100,000 First Mtge. 7% gold notes,
dated Nov. 1 1918, maturing $25,000 each May 1 and Aug. 1
1919 and Feb. 1 and May 1 1920. A circular shows:
Interest payable semi-annually at Fort Dearborn Trust A Savings Bank,
Chicago, trustee. Normal Federal income tax paid; tax-exempt in Mich.
Security.—A 1st M. on all the property now owned or hereafter acquired.
Company.—Manufactures cotton duck suitable for manufacture of fabric,
beltings, rubber beltings, hose, packing, tents, tarpaulins and fabric for
automobile tires.
A present Government contract Is for about $107,438,
deliveries in October, November and December 1918.
Balance Sheet of Oct. 1 1918 (Total each side, $595,563).
Assets
Real estate, buildings,
Current assets
Other assets
*
Liabilities—
Ac. .$363,079 Capita] stock: Pref. auth.,
..$401,790
$500,000; issued
174,170
*127,556
68,314 Current liabilities
Surplus
66,216
Includes item of $91,986 of notes payable to be paid from proceeds
of this issue.
Dec. 7
1918.]
THE CHRONICLE
Earnings.—Commenced operation in Nov. 1916, producing 18,000 lbs.
per week, the
capacity of Mill No. 1.
To meet
new
demand Mill No. 2
^“erected, which will allow a production of 30,000 lbs. per week, or
iioOp.000 lbs. per year. Gross income: 1,500,000 lbs. at present prices,
$150 000’ deduct c°8t °* raw material and labor, $750,000; net profit,
Management.—S. C. To war. Pres.; H. M. To war. Sec. Sc Treas.
Tonopah-Belmont Development Co.—Div. Deferred.—
on Nov. 27 took no action
The directors
jbe
capital stock, which
V.
107,
1105.
p.
were
towards resuming dividends on
deferred in the last quarter. Compare
Union Carbide & Carbon Corp.—New Stock
Offering in
Ratio of 20% of Present Holdings.—An official circular dated
Dec. 5 says:
Subject to the approval of the Committee on Capital Issues, stockholders
of record Dec. 12 1918 have the right to subscribe
to additional stock at
$40 per share to the amount of 20% of their
holdings, the stock to be
offered in two portions, 50% to be subscribed and
for on or before
the close of business Jan. 15 1919 and the balance on paid
or before the close of
business on April 1$ 1919.
Subscribers may, if they wish, subscribe and
pay for their full amount
on or before Jan. 15
1919, in which case the shares so subscribed for will
be then issued and will be entitled to
any dividends which may be declared
and paid after that date.—V.
105, p. 2100, 1904.
United Cigar Stores
Co.—Merger Negotiations.—
See Tobacco Products Corp. above.—V.
107, p. 1751, 1389.
United Drug Co., Boston.—Extra Dividend.—
The directors have declared an extra dividend of
1% on the common
stock along with the regular quarterly
of IX%. both payable Jan. 2 to
holders of record Dec. 16, making a total or
6% for tne year.—V. 107,
p. 2104, 1009.
United Fruit Co.—Vessels m Company Control.—
Replying
to our inquiry we are informed as of Nov. 29 that out
23
ships owned by the
company and
company control,
of the
employed in its American service, seven
the eighth vessel, the “Almirante,”
having been recently lost through collision.—V. 107, p. 2015, 1925.
are
now
under
United Gas Improvement Co.—General
Manager.—
Lewis Lillie, 3d Vice-Pres. of this company, has also been elected Gen¬
eral Manager.—V. 107, p. 399.
United Metals Selling Co.—New President.—
See Anaconda
Copper Mining Co. above.—V. 107,
p.
1009.
Charles B. Seger has been elected President to succeed Col. Samuel P.
Colt who has become Chairman of the Board.
Lester Leland, for many
years Vice-President of the U. S. Rubber Co., was elected Vice-Chairman.
Mr. Seger is Vice-President, Comptroller and director of the Union Pa¬
cific RR., Oregon Short Line RR. Co., and the
Oregon-Washington RR.
Sc Navigation Co.
He will now retire as Chairman and President of the
several companies comprising the Union Pacific system.
For the past two
years he has been associated with the U. 8. Rubber Co., being a member
of the board of directots and of its executive committee.
He is therefore
well fitted for his new office.—V. 107, p. 2104, 2094.
Utah
Copper Co.—Production (in lbs.).—
Increase. I
1918—11 Months—1917. Decrease.
200,000 184,398,596
188,452,325
4,053,729
Utah Securities Co.—Notes.—
See United Power Sc Light Co. above.—V. 107, p. 1479.
Utica (N. Y.) Gas & Electric Co.—General
Frank A. Steel succeeds W. A. Buttrick
p.
as
2565.
General
Manager.—
Manager.—V. 106,
Victor Talking Machine Co., Philadelphia.—Status.—
The Philadelphia News Bureau, Dee. 4, said:
The company is gradually restoring operations to its regular lines but an
officer of the company says it will take several months to get back to normal
production. The wood working department was almost entirely on Govern¬
ment work, and it will require considerable time to get the lumber kiln
dried for the cabinet work.
The production of records was not cut down
so radically by the interruption or war
business, but the company is short
of workers in the various
Operations
—VT 107,
p.
on
departments.
aeroplane and rifle parts
are
1105, 1009.
being finished
up,
it is stated.
Wages.—Schedule of Increases Granted Anthracite Miners.
See page 2057 in last week’s issue.—V. 107, p. 2104, 1751.
Weyman-Bruton Co.—Stock Increased.—
The stockholders
on Dec. 4 voted to increase the authorized common
preferred stocks by $3,000,000 each making the total amount author¬
ized of each class $9,000,000.
Stockholders may subscribe to the new
stock at par pro rata to their present holdings.
and
Cash Dividends Without Extra.—
Dividends of 2X% on the common and IX% on the preferred hwe
been declared, payable Jan. 2 to holders of record Dec. 16.
In Oct. last
the common shareholders received 20% stock dividend in lieu of the usual
cash dividends which normally would have been paid Apr. 1, July 1 and
Oct. 1.
In Jan. paid 3% and 2% extra.
Compare V. 106, p. 507, 1040,
1686; V. 107, p. 1105, 1292, 1843, 2015.
Willys-Overland Co.—New Vice-Presidents.—
H.
Belden, Chief Engineer has been elected Vice-President in charge of
Kelley R. Jacoby has also been elected a Vice-Pres.,
formerly assistant to C. A. Earl, First Vice-Pres.—V. 107, p. 2104, 1925.
engineering and
Wilson
&
Co., Inc.—Ten-Year Convertible 6% Bonds
Oversubscribed.—Guaranty Trust Co. of New York, Hallgarten & Co. and William Salomon & Co., New York, and
the Illinois Trust & Savings Bank and the Continental &
Commercial Trust & Savings Bank, Chicago, have sold at a
subscription price of 95 and int., to yield about 6.70%,
$20,000,000 10-year Convertible Sinking Fund 6% gold
bonds, to be dated Dec. 1 1918, to mature Dec. 1 1923.
(See also advertising pages.)
“Passed by the Capital Issues Committee as not incompatible,” &c.
Total to be authorized and presently issued, $20,000,000.
Interest
J. & D. in N. Y. City.
Denom. $1,000 c*.
Redeemable as a whole, or in
?art,
theint.,
option
of the
on 60 days’atnotice
1919
05% at
and
angk,on
anycompany,
int. date thereafter
105% on
andJune
int. 1less
X at
of
1% for each year, or part thereof, elapsed after June 1 1919. Guaranty
Trust Co. of N. Y., trustee. (Sinking fund and conversion feature below.]
As holders of voting trust certificates
representing common stock are
to be given the prior right to subscribe to this issue through the exercise of
rights, allotments can not be made before Dec. 26 1918.
Data from Letter of Pres. Thos. E. Wilson, New York, Dec. 2 1918.
Company.—The business began about 65 years ago in New York City
and is now one of the four largest packing concerns in the United States.
The growth has been not only in the meat-packing lines and by-products,
but also, in recent years, in fresh, canned, dried and preserved^ood products.
The company’s plants now owned
directly or by subsidiary or allied com¬
panies comprise 12 meat-packing plants advantageously situated in the live
stock producing areas in the U. 8., and other plants for canned food
Westtwo
andmeat-packing
?roducts
'he company
in various
partsthrough
of the Middle
on the Pacific
Coast.
also owns
subsidiaries
plants
in
South America, and through another subsidiary operates a third meat¬
packing plant there in which the company has a very substantial interest.
Net Sales.—The net sales of the company and its subsidiaries have in¬
creased from $55,000,000 in 1903 to $122,000,000 in 1915, to $225,000,000
In 1917, and to $250,000,000 in the first nine months of 1918.
Capitalization.—Upon completion of present financing, which in addition
to the sale of these bonds contemplates the issue
and sale of $5,000,000
First Mortgage bonds, the capitalization will be as
follows:
Capitalization—
Authorized. Outstanding.
First Mtge. 6% 25-year bonds, due
Apr. 1 1941..$25,000,000
Ten-year Conv. Sink. Fd. 6% bonds (this issue). 20,000,000 $20,250,000
20,000,000
7% cumulative preferred stock
12,000,000 10,476,400
Common stock (no par value)
(shares)
500,000
200,000
The company also has $300,000 real estate
mortgages
Purpose of Issue.—All the proceeds will be used to reduceoutstanding.
the company’s
current liabilities and will greatly improve its
working capital position.
The aggregate indebtedness will not be increased
by this issue of bonds.
After giving effect to the sale of these bonds and the
additional First Mort¬
gage bonds about to be issued, the net quick assets of the
company and its
subsidiaries, based on the balance sheet as of Sept. 28 1918,
will approxlma^e
000 000.
This Issue.—Direct obligations of Wilson &
Co., Inc. So long as any
of these bonds are outstanding, (1) no new
mortgage dial] be placed on
the properties of the company or of any
subsidiary,
except inter-company
or purchase money mortgages, but this shall not
restrict the issue of addi¬
tional First Mortgage bonds, or the purchase of additional
sub¬
ject to lien or mortgage; (2) quick assets shall be maintained property
at least equal
to IX times current liabilities; (3) net quick assets shall
be maintained at
least equal to 1X times the
principal of these bonds then outstanding.
Sinking Fund for These Convertible Bonds.—The company will pay to the
trustee $1,500,000 annually on each March
1, 1921 to 1925, both incl., and
$2,000,000 annually on each March 1 1926 to 1928, both incl., to be
applied
to the purchase or redemption of bonds.
The company is to be entitled
to credit on its sinking fund obligation for the
principal amount of
the bonds which shall be exchanged for common stock
in the exercise of
the conversion privilege hereinafter mentioned.
Sinking fund payments
may be anticipated. Bonds thus acquired or exchanged for common stock
shall be canceled.
These sinking fund provisions call for the retirement
prior to maturity of about 65% or the total issue.
Conversion.—These bonds are to be exchangeable from and after Dec. 1
1920 at option of holder at any time prior to maturity into common stock
at the rate of 10 shares of stock for each
$1,000, principal amount of
bonds, with cash adjustment of interest and dividends.
Bonds called for
redemption after Dec. 1 1920 or for the sinking fund may be exchanged
up to 30 days prior to the date fixed for redemption.
Provision will be
made so that there may be an adjustment of the basis of
exchange in certain
cases where the company shall issue additional common stock
(other than
stock Issued in exchange for these bonds); but in no event shall
the exchange
be made on a basis or less than ten shares for each $1,000
bond.
The book value of the common stock as of Dec. 29 1917 was
equal to
$118 per share, without making any allowance for patents or
and
this figure will be materially larger at the close of the currentgood-will,
fiscal year.
Sales, Ac. for Fiscal Years ending on or About Dec. 31.
xlncluding sales of cos. whose entire stock is owned.
United States Rubber Co.—New President.—
1918—November—1917.
16,500,000
16,300,000
—V. 107, p. 1843, 1389.
3195
1915.
1916.
1917.
1918.
Fiscal Years—
$
Net sales
122,000,000 159,000,000 225,000,000 See”sales”above
Net profits after de-
prec’n,
int.
and
tax reserves
2,463,732
4,913,873
6,504,422 est. $7,500,00
It is estimated that the net profits for the
present fiscal year, after int.
charges and reserves for depreciation and taxes, will exceed $7,500,000.
Dividends.—Regular quarterly dividends have been paid upon the pre¬
ferred stock since its issue in 1910.
The company’s surplus earnings have
been conserved and no dividends have yet been paid on tne common
stock.
During the three fiscal years ended Dec. 29 1917, the profits applicable to
dividends on pref. and common stocks amounted in the
aggregate to $13
882,027, of which only $2,097,751 was distributed in pref. dividends and
the remaining $11,784,276 was retained in the business.
The earnings on
the common stock amounted to $8 90 per share in
1915, $21 06 in 1916
and $28 96 in 1917.
Outlook.—Although war activities have stimulated the packing business
in this country, the companies engaged in this
industry have developed
favorably under normal conditions. It is believed that the close of hos¬
tilities will not lessen the demand for our products, which are
to-day more
diversified than at any previous time.
In view of the wide and growing
market for our products, I anticipate a continued and conservative de¬
velopment of our business.
[Note.—The shareholders
are to vote
of the above bonds.]
Federal Trade Commission
See Swift Sc
Dec. 17
on
Report.—
Oompany above.—V. 107,
p.
authorizing the issuance
*
2104, 1583.
Winchester Repeating Arms Co.—Option to Sharehold¬
ers.—Kidder, Peabody & Co. in circular dated at New York,
Dec. 3 1918, say in substance:
The proposed reorganization plan of Oct. 26 1918 (V.
107, p. 1751).
offers to tne depositing stockholders 7 X shares of first
preferred stock or
the new company for each share of stock which they now
It is our
hold.
expectation that this preferred stock should pay dividends from the start
and should prove a good investment.
Some of the stockholders have expressed their desire to take a business
risk rather than an investment interest in the new
company to be formed,
by participating with us in its common stock. We and our associates,
therefore, are glad to give a choice of the following offers to such stockhold¬
ers,
provided that the reorganization plan becomes operative and that
they
shall have deposited their stock thereunder:
(A) From each 7 X shares of First Pref. stock of the new company that
the depositing stockholder is entitled .to receive under the
plan of reorgan¬
ization, he may deliver 1X shares to us and obtain 1 share of the common
stock of the new company m exchange.
(B) A depositing stockholder, in addition to receiving 7X shares of First
new company for each share of stock of tne
existing com¬
pany deposited by him, may participate with us in financing the $3,500,000
which is to be provided for the new company under the
plan, on the fol¬
lowing terms: For each share of stock or the present
deposited,
he may subscribe the sum of $350 to the syndicate to company
be formed by us to
provide the said $3,500,000, and thereupon will be entitled to share pro¬
portionately in the securities of the new company to be received by us for
providing said sum, to wit: 2X shares of the new first preferred stock, 2
shares or the new second preferred stock, and 1 share of the new common
stock for each $350 subscribed, except that, for their own services and those
of their associates in making this offer, Kidder,
Peabody Sc Co. are to re¬
ceive for themselves and their said associates as compensation 1 share of
new second pref. stock on each subscription of $350 to the
underwriting.
The payment of said subscriptions to the syndicate or as much thereof as
may not have been provided through the syndicate’s sale of first and second
Pref. stock of the
8referred
stock, will
be determine,
made on July
1919,
or on such later
ate
be required
Kidder,
Peabody
Sc Co. to
may
but1 in
any event not later
as
than Dec. 31 1919.
Any subscriber, however, may elect to pay the full
amount of his subscription and thereupon withdraw his full
proportion.of
stock less the said commission of second preferred stock.
Each stockholder accepting option “B” will be
required to sign a syndi¬
cate agreement, copy of which may be obtained at our office.
This agree¬
ment will contain the customary restrictions respecting the sale of stock
owned by the members during the life of the syndicate.
SP"CM
We have made a close study of the affairs of the
company for the* last
2X years, and in our opinion the situation is such that the interests of the
present stockholders require that a plan be promptly put into effect that
will incorporate the principles and advantages of the proposed
plan.
In our judgment tne new common stock will have a
purely problematical
value, the present possibilities of dividends on this stock being remote. *
The success of the enterprise will depend entirely
upon the ability of the
new management and their success in
introducing new lines of business.
For the benefit of those stockholders who have not yet
deposited their
stock the time for deposit has been extended to Dec. 14 1918.
f*4
We reserve the right, after Dec. 21 1918, to withdraw the above offer
without notice.
Compare V. 107, p. 2015, 1105.
Winter Haven (Fla.) Water, Light & Ice Co.—Sale.—
This company’s property, located at Winter Haven,
Fla., and supplying
the towns of Winter Haven, Florence Villa, Lake Alfred and
Eagle Lake,
is offered for sale.
Franchise till 1941.
Equipment includes two 200 h. p.
and one 300 h. p. Diesel engines with direct connected
generators, 15-ton
York raw water compression ice system, ten-inch
well, 600 ft. deep, with
Platt pumps, pole lines and water mains; 800 customers.
8teel frame,
stucco
building.
%\xc (&ammzxtml ^itiueso
COMMERCIAL EPITOME
tinue high, even if not so high as at present, owing to the
high cost of living. But the demobilization of the army
and navy at home and abroad will naturally swell the supply
of labor.
Also thousands of women will be released from
war industries.
What will be the effect remains to be seen.
STOCKS OP MERCHANDISE IN NEW YORK.
Dec. 1 *17.
Dec. 1 ’18. Nov. 1 *18.
Friday Night, December 6 1918.
cautious for distant delivery await¬
light on the future of prices. And even for im¬
mediate delivery transactions are comparatively small.
This, to be sure, is not unusual as we approach the end of
the year when inventories are taken.
In the jobbing business
the sales are mostly for immediate wants.
Wholesale
trade is noticeably slow. And there are additional cancel¬
lations of war orders. Not that there is a note of pessimism;
far from it.
But as trade swings from a war to a peace
basis there is naturally a feeling of conservatism. Yet
in various parts of the country retail trade is brisk. The
holiday trade is increasing with the encouragement of the
authorities. And it is a sign of the times and of the big
wages paid the working population that the demand for
jewelry is unusually large. Diamonds and watches are
selling on a scale that excites comment. Luxuries for
several years past, it need hardly be said, have been slow of
sale so far as the great bulk of the population is concerned.
In some parts of the country the effects of the influenza
epidemic are still observable in a contracted retail trade,
notably in parts of the West and Southwest, particularly
in country sections. At the same time prices are generally
Trade is increasingly
ing
[Vol. 107.
THE CHRONICLE
2196
more
Coffee, Brazil
Coffee, Java
Coffee, other
Sugar (refiner’s stock)
Hides(not published during
Cotton....
Manila
Flour
hemp
bags.702.749
bags. 13,624
bags.374,925
814,762
7,450
519,646
1,628,057
15,490
597,405
bales. 64,831
60,700
125,927
21,700
15,000
barrels. 18,074
war)No.
bales.
barrels. 16,200
21,349
8,264
- — --
1,325
LARD lower; prime Western, 27.00@27.10c.; refined
for the Continent, 29.25c.; South American, 29.40c.; Brazil
in kegs, 30.40c.
Futures advanced with hogs higher and
the stock statement generally bullish not to speak of the
advance in corn, winch undoubtedly has had an effect.
Also shorts have been buying.
Packers have found the
offerings light. As to lard it is true the stocks increased
during November but the point is that supplies of other
hog products decreased. Of contract lard the total supply
on Dec. 1 was 7,988,070 lbs., against 6,101,855 on Nov. 1
and 4,963,526 lbs. on Dec.l last year.
The grand total
of all kinds at Chicago on Dec. 1 this year was 39,724,782
lbs., against 28,421,601 on Nov. 1 and 20,702,309 on Dec.
1 last year.
To-day lara was lower, but it ends higher
for the week
Chicago estimates that there are nearly
80,000,000 hogs in this country, compared with Government
high, especially for foodstuffs. Everybody predicts lower estimates on Jan. 1 of 71,374,000, valued at $1,392,276,000,
prices eventually, but the readjustment to a more normal which was an increase of 127% over value of hogs early in
scale may be slow. Building operations are still very light. 1914. Clement Curtis & Co. state:
“Reports of our
The November exhibit is none too cheerful, although in this correspondents which are nearly complete show an average
city real estate on the whole seems to be in rather better increase of 10% in the number of hogs on the farms com¬
demand. And it is very generally believed that building pared with a year ago. Applying this percentage to the
will increase in the forepart of 1919 when an easier money Government figures last year it indicates a total hog pro¬
situation is expected. The mercantile world is more than duction of 78,500,000.
The heaviest gains are in the States
ever interested in the question of money rates.
Southern of large corn production. The average increase in the
cotton dealers are holding back cotton finding money more four big hog. States, Iowa, Indiana, Illinois and Ohio, is
easily procurable and commercial paper has a readier 14%, the total increase being 3,287,000 in these four States
sale at the West. Meanwhile commercial failures are the out of a grand total increase of 7,851,000 in the country.
smallest for many years past. Exports of wheat are on a The reports by States show the hog increase has more than
large scale, the total for the week exceeding 8,600,000 kept pace with the gain in corn production and does not
bushels. And it is computed that some 300,000,000 people suggest an unusual surplus of feeding grains.”
in foreign countries will have to look largely to America for DAILY CLOSING PRICES OP LARD FUTURES IN CHICAGO.
Sat.
Wed.
Fri.
Mon.
Tues.
Thurs.
food for a year to come, though Argentina can supply a
December delivery.cts_26.30
26.35
26.45
26.40
26.40
26.25
good deal. War restrictions are being gradually removed. January
delivery.-. 26.05 26.15 26.35 26.40 26.32 26.25
A free steel market is looked for by the first of the year.
PORK stronger; mess $49 @$49 50; clear $45 @$53.
Beef
And it is believed that the prohibition on the short selling
products
steady;
mess
$35@$36;
packet
$37
@$38;
extra
of cotton at New York and New Orleans exchanges will be
India mess
No. 1 canned roast beef, $4 25;
rescinded before many weeks, possibly before Jan. 1.
The No. 2, $8 25.$62@$63.
Cut meats in fair demand and firm; pickled
Cotton Distribution Committee has given its sanction to
10 to 20 lbs., 3334@33*^c.; pickled bellies, 35@36c.
through export bills of lading on cotton, something which hams,
is considered as marking a significant step towards the To-day pork closed at 48.50c. for January, a sharp rise for
the week.
Butter creamery extras, 57 @68 34c. Cheese,
resumption of cotton exports, so valuable in the country’s
flats,
30
@36
34c. Eggs, fresh gathered extras, 63@74c.
finances, on something like a normal scale in the forepart
COFFEE
Cost and freight Santos 3s and
nominal
here.
of 1919.
The winter wheat crop looks well.
It is believed
that the total wheat acreage or the United States in 1919 4s at one time was 22c. bid and 22.40c. asked; Rio 7s and 8s
will overtop ail records. The Food Administration an¬ reported sold at 15.15c. steamer, London credits. The
Government has modified its regualtions but some large
nounces that the guaranteed 1919 price for wheat of $2 26
importing interests here are said to be opposed to resuming
a bushel, Chicago basis, will stand even though the Lever
Act, under which the price was fixed, should become in¬ trading in futures until all restrictions are removed. Others
operative through the conclusion of peace. Argentina is think that under the modified rules the Exchange should be
said to be selling wheat at much less than half the American reopened at once for trading, with possibly some restrictions
price. Dr. Garfield’s resignation as Fuel Administrator has on selling against old stocks or coffee afloat prior to Dec. 15,
been accepted. The situation, however, is admitted at and that trading should be confined to March and later
Washington to need attention until the winter is passed and months. Next Monday the members of the Exchange will
the Fuel Administration will give it. Washington advices hold a meeting to consider this question. The matter of re¬
state that all remaining restrictions on use and consumption opening the Exchange will of course be the most interesting
of coal, except anthracite, as well as fixed prices and zone question discussed.
Some think the resumption of trading
limits, will be removed by the Fuel Administration withn will mean a big advance in prices now that peace is assured
the next ten days. With the close of Lake navigation it and European stocks are supposedly down to a minimum.
is believed, that the supply of anthracite in the East will Brazilian markets have been more or less irregular. Many
soon be increased.
It is said that coal prices will remain at think that the Exchange will shortly reopen on the terms
their present high level throughout the winter, owing to laid down by the Government. To-day the purchases re¬
4t‘increased costs of production and transportation.” Secre¬ ported were: Santos 4s at 22^c ex-ship, to be shipped
tary Baker announces that 90% of the war workers in the equivalent to about 22^c. in store New York, and 7s and
War Department at Washington will be separated from 8s at 2034c. ex-ship, to be shipped to New Orleans, equiva¬
service within the next 45 days.
Over 1,000 were dropped lent to about 20^sc. in store.
on Saturday.
SUGAR.—Raw unchanged.
This discharge of Government employees
Refined has been in good
there will doubtless be followed by similar action in various demand. Western beet sugar is selling more freely.
Busi¬
parts of the country and with returning soldiers and sailors ness in refined is increasing from day to day. But refiners
will help to swell the supply of labor. Maximum prices are said to be pretty well supplied with raw sugar. At any
on foreign hides and skins to cover shipments
during Novem¬ rate they are supposed to have enough on hand to last until
ber and December 1918 will expire by limitation and will new-crop Cuban sugar begins to arrive early in 1919.
Five
not be continued, the War Industries Board announces.
centrals are now grinding in Cuba as against two a week ago.
All foreign hides or skins unsold Jan. 1 will not be governed Thus far this season Porto Rico has exported to the United
by maximum prices. Possibly this may be a step toward States 354,595 tons, against 463,358 tons a year ago. Cuban
cheaper shoes for the people. Some of the war prices seem receipts of old stock last week were 14,096 tons; none a year
fantastic.
In New York State average weekly wages in ago; exports, 34,053 tons, as against only 2,507 in the same
four years have risen 81% and food 73%.
Since 1916 the week last year; stocks, 182,197 tons, against 203,154 in the
number of workers has decreased slightly, but total wages previous week and 9,651 last year. An important announce¬
have risen 49%. For the three years’ period dating from ment dining the week is that restrictions on the purchase of
October 1915, employees and wages have risen 15 and 93%, sugar for consumption in homes and public eating places are
respectively, and for the four year period, 1914 to date, the removed by the Food Administration. The increase in the
number of workers has increased 22% and aggregate wages supply of Louisiana cane and Western beet sugar and an ex¬
123%. The average weekly wage for October was $22 34, pectation that the new Cuban crop will begin to arrive soon
a gain of 3 cents over the
previous high mark in September. permit the abandonment of the sugar ration system, the
The corresponding averages, as reported in October 1917, Administration said.
It is believed that the New York Cof¬
1916, 1915 and 1914, were respectively, $17 33, $14 95, fee and Sugar Exchange will shortly reopen on^the terms
$13 30 and $12 26. It is suggested that wages may con¬ specified by the Government.
,
Dec. 7
1918.]
THE CHRONICLE
3197
OILS.—Linseed nominal. Reported car lot sold a
$1 50 for January, trading generally quiet. Lard prime
edible, $2 30@$2 35. Cocoanut, Ceylon, barrels, 16@
150,747 bales, against 136,346 bales last week and 134,414
bales the previous week, making the total receipts since
Aug. 1 1918 2,210,400 bales, against 3,021,100 bales for the
Corn
of
16%c.; Cochin, barrels, 18@18^c. Soya bean, 18@18Mc
oil, crude wood, 17%@18c. Olive, $4 25. Cod
domestic, $1 45@$1 50. Spirits of turpentine, 71@73c
Common to good strained rosin, 15.25@15.60c.
PETROLEUM steady; refined in barrels, cargo, $17 25@
$18 25; bulk, New York, $8 25@$9 25; cases, New York,
$19 25 @$20 25. Gasoline firm; motor gasoline in steel
barrels to garages, 24 ^c., to consumers, 26 f$c., Gas machine,
41 ^c. There is a more favorable showing at Osage, Okla¬
homa, where there is a well credited with opening at 2,000
barrels; others, 400 and 500. It is said that independent
oil men have been discussing a new oil combination to con¬
test for world markets with the Standard Oil and Royal
Dutch Cos. The companies discussed as eligible members
are Mexican Petroleum, Pan-American Petroleum, Union
Petroleum, Associated Oil Companies, Oklahoma Producing
& Refining and Union des Petroles d’Oklahoma, controlled
by Oklahoma Producing.
Pennsylvania dark $4 00 South Lima
Cabell
Crichton
2 77
1 40
Corning
Wooster
Thrall
Strawn
De Soto
North Lima
Indiana
Princeton
2 85 Somerset, 32 deg
58 Ragland
2
2
2
2
2
25 Electra
25 Moran
15 Plymouth
38
$2 38 Illinois, above 30
2 28
degrees.
$2 42
2 42
Kansas and Okla¬
homa
2 25
2 60
1 25 Caddo, La., light. 2 25
2 25 Caddo, La., heavy 1 55
2 25 Canada
2 33 Healdton
Henrietta
generally firm both for domestic and foreign, but the
attitude of the trade, as a whole, is a waiting rather than an
aggressive one. Kentucky advices state than angered by
what they considered inadequate prices offered at the first
are
season
on
the Owensboro loose leaf tobacco
market, several hundreds of farmers adopted resolutions
urging other farmers to withhold their crops from the market
until better prices are offered.
The sales, the other day,
totalled about 500,000 pounds at an average price of $14 10
a hundred pounds, compared with $16 68 a hundred pounds
at the
opening sales last year. The decrease in the average
largely due to the slump in prices paid for “trash”
which this year sold for only about $7 a hundred pounds,
compared with about $10 a hundred pounds last year. The
above may be a straw showing which way the wind is blowing.
COPPER 26c.
The Italian Government bought 10,000,000 lbs. at 26c.
France is said to want 200,000 tons but
has not bought it.
Tin dowD to 69@70M>c. spot. The Pig
Tin Committee has announced the following fixed prices
covering December and January shipments: Ex-dock or
store, New York or Chicago or f. o. b. delivery points at
Chicago and points east, seller’s option, 72J^c.; ex-dock or
store Pacific Coast ports, seller’s option, 71 l/£c.
Dealers
may resell in lots of 5 tons or over at a gross profit not ex¬
ceeding 2lA%. Jobbers may sell to consumers in lots of
less than 5 tons at a profit not to exceed 5%.
Lead lower at
7.05c.
Spelter higher and in moderate demand at 8.70c.
PIG IRON has remained quiet.
There has been quite a
little export demand, but little or nothing has yet come of
it.
In general the trade here is awaiting the decision as to
the question of Government control in the future. A meet¬
ing on this question will be held at Washington on Dec. 11
prices
was
with the War Industries Board.
Sat.
Galveston
Texas City
Port Arthur, &c_
New Orleans.
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Resale lots have been
It is considered that the question of can¬
cellation has been satisfactorily settled.
In cases where
allocations have been followed by the making of formal
contracts, buyers will have to accept deliveries.
Therefore
most of the furnace capacity is booked for the coming months.
Producers therefore predict that there will be no decline in
prices on a return to an unrestricted market.
STEEL is moving slowly. Civilian business is smaller
than was expected. It is an interesting question what is
to be done with the big production, with war wants declining
and peace wants thus far more or less disappointing. The
trade would be glad to return to unrestricted prices. It
wants the free play of the old law of supply and demand.
Things would then work themselves out in a perfectly
natural way and it is felt that the outcome would be in the
main favorable to the trade at large.
On Dec. 11 there
conference between the Steel Manufacturers’ Com¬
mittee and the War Industries Board at Washington.
This it is believed will put an end to price fixing.
On Dec. 9
there will be a general meeting of iron and steel manu¬
facturers at New York to decide upon a line of action, pre¬
sumably with reference to the conference two days later at
Washington. British export prices announced last week are
from $15 to $20 per ton above official prices here for heavy
Tties.
Wed.
Thurs.
Fri.
Total.
8,296
8,677
2,213
5,512
2,328
11,553
864
14,668
1,065
864
3,264
10.020
757
14,103
4,649
268
445
688
9,191
1,236
55,895
4,459
3,971
2,546
6,913
3,383
878
237
747
141
894
141
685
149
370
449
2,571
1,266
2,197
1,103
2,070
234
50
230
25
____
N’port News, <fcc
New York
Boston
Baltimore
Philadelphia
3,203
.
40,000
2,328
328
328
4,064
2,050
1,112
24,080
2,050
4,695
1,245
11,434
128
2,227
150
689
2,650
2,650
30
Totals this week.
27,148
17,251
30
29,190
22,311
19,294
35,553 150,747
The following shows the week’s total receipts, the
since Aug. 1 1918 and the stocks to-night, compared
last year:
1918.
1917.
total
with
Stock.
Receipts to
Dec. 6.
This
Week.
Galveston
Texas City
*
Port Arthur
Aransas Pass, &c_
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
40,000
2,328
Wilmington
Since Aug
1 1918.
768,791
24,080
43,139
8,052
64,743
24,080
2,050
9,592
454,378
41,350
4,695
76,403
1,245
11,434
46,234
120,399
2,557
2,522
13,547
11,391
30
2,300
29.950
4,000
9,118
3,328
328
N’port News, &c_
689
*
2,650
Philadelphia
30
Since Aug
1 1917.
950,001
16,935
5,492
3,932
674,215
58,910
1,155
25,250
630,600
88,400
—
573,292
53,142
4,640
4,459
New York
Boston
Baltimore
This
Week.
281
864
55,895
Norfolk
1,934
1918.
1917.
297,927
9,373
258,676
402,351
28,552
303,249
17,940
9.400
12.000
269,542
27,500
279,533
5,000
48,006
46,354
89,163
138,768
59,041
160,756
1,623
95,826
52,981
53,826
3,389
13,460
109
11,943
9,240
1,048
148
141,484
11,697
13.939
10,325
9,388
58,18a
45,318
74,535
143,666
14,486
28,486
5,604
150,747 2,210,400 194,741 13,021,100'1,393,104' 1,268,575
Totals
In order that comparison may be made with other years,
we
give below the totals at leading ports for six
1918.
Receipts at—
Galveston
1917.
40,000
3,192
55,895
TexasCity,&c.
New Orleans.
Mobile
Savannah
Brunswick
Norfolk
1915.
281
126,679
16,410
54,372
3,813
11,013
68,854
7,328
33,919
3,000
7,856
84,528
9,000
19,549
6,857
19,955
9,468
7,227
370,458
5,196
3,697
24,679
12,764
150,747
194,741
242,504
265,737
Since Aug. 1_ 2,210.400 3,021,100 4.126.678
1913.
94,814
109
Total this wk.
1914.
25,283
11,645
9,429
_
seasons:
'
93,163
12,306
51,399
4,056
34,945
4,500
7,986
1,366
20,019
64,743
1,934
29,950
4,000
9,118
3,328
13,460
N’port N.,&c.
All others.
1916.
43,139
4.459
24,080
2.050
4,695
1,245
11,434
Charleston,&c
Wilmington..
36,418
15,362
81,171
19,103
52.983
4,500
16,424
14,802
28.808
4,589
17,170
291,330
3,402,627 3,391,817 6,195,323
The exports for the week
ending this evening reach a total
123,640 bales, of which 90,078 were to Great Britain,
6,643 to France and 26,739 to other destinations.
Ex¬
ports for the week and since Aug. 1 1918 are as follows:
of
promptly taken.
will be
Mon.
decrease since Aug. 1 1918
a
3,749
Norfolk
2 78
1 45
2 25
TOBACCO has been in only moderate demand per ding
further developments.
Nothing new has arisen. Prices
sales of the
period of 1917, showing
810,700 bales.
same
Week ending Dec. 6 1918.
Exported to—
Exports
from—
Great
Britain. France.
GalvestonTexas City.
Pt. Nogalez
NewOrleans
Mobile
Pensacola._
Savannah..
Brunswick
_
.
31,144
From Aug. 1 1918 to Dec. 6 1918.
Exported to—
Great
Other.
Total.
Britain.
12,764 43,908
22,177
1,605
2,560
24,737
1,605
5,850
5,850
14,352
14,352
France.
282,838
189,360
20,249
4,750
57,028
25,548
Wilmington
Norfolk.
New York.
Boston
Baltimore.
Phlladel’a.Pac. Ports.
20,800
6,643
1,870 29,313
.
3,695
11,581
135,050
16,718
11,450
6,002
>
Other.
Total.
107,947
15,800
390,785
15,800
130
130
84,039
58,284
58,200
43,894
331,683
20,240
4,750
159,122
25,548
5,646
11,612
266,492
21,519
11,450
6,402
66,098
§i
34,557
4,801
5,646
96,885
400
3,695
66,098
Total....
90,078
6,643
760,574
181,628
395,084 1,337,286
Total 1917.
Total 1916.
24,880
69,265
1,200 31,338 57,418 1,058,353
6,816 52,842 128,923 1,309,570
279,417
389,354
482,231 1,820,001
907,293 2,606,217
26,739 123,460
id
a
products. International competition has not yet appeared.
British galvanized sheets for export, it is stated, have sold
at about 6.50c., whereas the price fixed at Pittsburgh is
6.25c.
In another week the outlook for the steel trade in
this country may clear up. A free market is looked for
before long.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New
York.
On
Great )
| GerBritain. France.' many.
Dec. 6 at—
Galveston
New Orleans
Savannah
Charleston
20,238;
__
____
Friday Night, Dec. 6 1918.
as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
THE MOVEMENT OF THE CROP,
New York*
Other ports*__
Total 1918__
Total 1917—
Total 1916.
.
*
21,685;
6,716
9,000j
5,000
Other
Cont't.
34,546
12,140
8,000
Estimated.
10,000i
Coast¬
wise.
8,500
1,621
1,000
6,000|
Mobile
Norfolk
COTTON
Shipboard, Not Cleared for—
Total.
63,284!
3.000
5,000;
71,923 14,716,
77,267, 10.172
94,251! 30,0231
5,000
2,000
61,686
34,383
—
Stock.
22,000!
234,643
360,189
257,533
1,000!
47,006
42,162
6,000
600
Leaving
600
18,000
7,000!
22,552
88,563
123,484
99,088
11,721 160,046 1,233,058
12,950 134,772 1,133,803
46,9991 21,093 192,366 1,377,641
THE CHRONICLE
3198
Speculation in cotton for future delivery, at one time
very quiet, has increased somewhat of late at sharply rising
prices. Strong spot prices, coupled with an increasing
export demand, have been an inspiriting factor. Exports
on Thursday were something over 42,000 bales.
This ex¬
cited comment. Spot prices have been rising and the basis
is the highest of the season. A steady inquiry is reported
from Belgium, parts of France, and Italy, particularly
Also Spain, Holland, Sweden, Japan and
Italy.
China have been inquiring for cotton. Finally the British
demand is said to be more insistent. Freights to England
on Feb. 1 will be cut $1 per hundred pounds, bringing them
down to $4 50. There are growing nopes that the supply
of ocean tonnage will soon increase materially. The trans¬
port ships which are bringing back American troops to this
country are taking out cotton on the return trip to Europe.
Liverpool at times has shown exceptional strength. Stocks
there, needless to say, are still very small. Strict middling
has sold in Texas at 425 points on January. Texas disatches reported the demand from France, Holland and
weden. Some of the crop estimates during the week have
been around 11,300,000 bales, though one reached 11,476,000
and another 11,565,000 bales, excluding linters. There is
uite a general expectation of a bullish ginning report on the
th inst. Some look for a small crop estimate
by the Gov¬
ernment on the 11th inst.
Meanwhile some of the spinners
are believed to be short here against their stocks of raw
cotton.
At the same time there is believed to. be a large
straddle short interest at New York for Liverpool account.
Liverpool has bought here to some extent. And the techni¬
cal position, so far as the long account is concerned, has had
a drastic corrective in recent very heavy selling, which car¬
ried January down last Monday to 24.53c., a decline of 2
cents from last Friday.
Later on, however, January mount¬
ed to 26.78c. on the 5th inst. under the spur of Wall Street,
local,' trade and Liverpool buying. Another interesting
fact is that people are
beginning to discuss somewhat
hopefully the possibility of an early lifting of the ban on
short'selling here and in New Orleans, with the practical
certainty that this would be followed by similar action in
Liverpool. President Wilson, previous to his sailing, is
quoted as saying that he favored a removal of restrictions on
cotton trading as soon as it was consistent with the public
welfare to do so. But the fact that the War Industries
Board goes out of existence on Jan. 1 is regarded as of hopeful
For with it will not the Cotton Distribution Com¬
mittee also cease to exist? Very many think so. And it
was that committee which imposed the embargo on short
selling here and in New Orleans. It is felt very strongly
that the imposition of this ban on the free working of the
augury.
market had not a little to do with the recent decline. It is
needless to enter into a discussion of this point. Let it
suffice that fluctuations have been very erratic and that the
market has at least been deprived of the potential support
that always goes with the short interest. The hope that
free market is not far off had something to do with the
advance. But in the main it is the brightening outlook for
exports that has moulded opinion in the trade and favored
the rise.
Latterly, moreover, the Continent has been buy¬
ing in Liverpool. Liquidation there has fallen off. As for
Southern hedge selling, always a matter of no small interest
at this time of the year, it has latterly been on a very moder¬
ate scale, whatever it may have been earlier in the week.
But to return to the spot situation, this is regarded as the
key to the future. By many it is considered as pointing
unerringly to higher prices. They deem it inconceivable
that as time goes on and the country gets back to a peace
basis, and with it a return to normal exports to Europe,
now
in the throes of a cotton famine, prices should
fail
to
advance
further,
and
perhaps materially.
On the other hand, Liverpool at times of late has not been
quite so firm. Possibly, however,, this is in recognition of
the coming increase in imports and the undoing of straddles.
Also Japanese selling during at least half of the week was
considered large. On the 4th inst., for instance, it was esti¬
mated at as high as 30,000 bales. Also at times Wall Street
has taken profits on a considerable scale.
The market
quires steady support with short selling banned.
re¬
The short
interest has at times been plainly missed. And Southern
hedge selling early in the week was not without a certain
effect.
Cotton goods too have been quiet. Manchester
has been dull and more or less depressed. Ocean freights,
whatever may be the case in future, were still scarce and
high. And the actual total exports thus far are much behind
those of last year. Some regard the recent rise as simply a
natural rally after the previous bad break and look for a re¬
sumption of the downward course of prices in the not dis¬
tant future.
They also believe that eveiything points to
large increase in the acreage next spring. And Texas
diming the last month of six weeks has had such copious
rains that its soil is in an exceptionally good condition.
To-day prices here were higher on talk of plans for large
exports to Holland and England, good trade buying, buying
by prominent local interests and lessened selling by Japanese
a
interests.
Mr. Brand
of
announces
that through export bills
lading will be permitted under certain conditions. There
is a growing hope that the prohibition on short selling will be
rescinded before the end of the year. Prices are
higher for
the week.
Spot cotton closed at 29.75 for middling up¬
lands, showing a rise for the week of 70 points.
[Vol. 107
The official quotation for middling upland cotton in
New York market each day for the past week has been:
the
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec. 6 for each of the past 32 years have been as follows:
1918.c_.....29.75
1917
...29.95
1916
...20.15
1915
...12.60
1914
7.50
1913
...13.50
1912.... ...12.75
1911....
9.35
1910-C—
1909
1908
1907
1906
1905
1904
1903—
...
...
.—15.00
...14.85
9.35
...12.05
...11.00
—12.60
8.00
—12.65
1902-C—
8.50 1894-C—.
5.75
1901
8.31 1893
7.94
1900
—10.19 1892
8.38
1899
7.69 1891
8.06
1898
5.62 1890
9.44
1897
5.88 1889
...10.25
1896
7.56 1888
9.86
1895
8.38 1887
—10.50
...
...
—
—
...
...
...
.
—
...
...
...
—
...
...
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on
days.
same
Market
Closed,.
Futures
Market
Closed.
Quiet 95 pts dec
Quiet 60 pts dec
Steady 65 pts adv
Steady 40 pts adv
Steady 70 pts adv
Steady 50 pts adv._
Barely steady
Barely steady..
Steady
Barely steady..
Strong
Easy
Spot
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
._
SALES.
Spot.
Contract
Total.
1
Total....
FUTURES.—The highest, lowest and closing prices at
New York for the past week have beenas follows:
Saturday, Monday, Tuesday, Wed’day, Thursd’y,
Nov. 30.
December—
Range
Dec. 2.
Dec. 3.
Dec. 4.
Dec. 5.
Friday,
Dec. 6.
Week.
26.50-.40 25.70-115 26.00-.71 26.80-.50 27.10-.85 27.80-.50 27.50 z50
26.50-.55 25.99-.10 26.65-.75 27.05-.10 27.75-.80 28.25-.30
Closing
January—
—
—
—
25.30-.25 24.53-/00 24.85-.70 25.65-.42 25.90-.78 26.65-.43 24.53-143
Closing.... 25.30-.45 24.75-.85 25.60-.70 25.90-.95 25.73-.78 27.05-.12
February—
Range
Closing.... 24.60
—
24.13
—
24.92
—
25.05
—
25.75
—
26.10
—
_
_
_
March—
24.45-.40 23.60-.J30 24.02-.80 24.75-.45 24.90-.65 25.58- 30 23.60-/30
Closing.... 24.45-.58 23.98-.00 24.75-.80 24.90-.95 25.60-.65 25.95-.05
April—
Range
_
Range
—
—
——
—
—
—
—
—
—
—.
—
—
—
—
—
—
—
——
—
24.10 — 23.45 — 24.23 — 24.15 — 24.83 — 25.15 —
Closing..
May—
24.05-.00 23.20-465 23.44-.25 23.90- .80 24.10-.80 24.73-.50 23.20-.J50
Range
Closing.... 24.05-.10 23.40-.60 24.18-.25 24.10-.15 24.78-.80 24.07-.15
—
—
—
__
—
—.
June—
Range
Closing....
Juiy—
Range
Closing....
August—
Range
Closing....
23.80
—
23.15
—
23.90
—
23.80
—
24.35
—
24.50
—
_
...
——
23.75-.70 22.95-440 23.15-.85 23.68-.53 23.70-.35 24.25-.86 22.95-486
23.75- .80 23.10-.20 23.85-.90 23.72-.76 24.30-.35 24.45-.50
—
22.80 — 22.90-.95 22.40
22.75-.80 22.30 — 23.10
—
—
—
23.40 — 23.55 — 22.80-.65
22.90-.95 23.35-.45 23.50-.55
—
_
September—
Range
22.25 —
21.60-.90 22.60-.65 22.40-.50 22.50-.55 22.75
—
—
Closing.... 21.95
—
—
—
—
—
22.25
—
—
—
October—
21.90-.50 21.90-.00 21.40-.10 21.85-.60 21.80-.30 22.20-.85 21.40-085
Range
Closing.... 21.60-.75 21.15-.35 22.10-.15 21.85-.00 22.25-.30 22.40-.50
—
28c.
z
I27c.
/26c.
J 25c.
QUOTATIONS
4 24c.
0
22c.
FORMIDDLINGCOTTONATOTHER
MARKETS.—Below are the closing quotations of middling
cotton at Southern and other principal cottoh markets for
each day of the week: ‘
Week ending
Dec. 6.
Galveston
New Orleans
Mobile
Savannah
Charleston
Closing Quotations for Middling Cotton
Augusta
Memphis
30.00
28.75
27.00
29.00
28.00
26.75
27.25
28.00
28.35
27.12
30.00
Dallas
Houston
Little Rock
29.40
29.50
Wilmington
Norfolk
Baltimore
Philadelphia
on—
Saturday. Monday. Tuesday. Wed’day. Thursd’y. Friday.
29.50
28.75
25.38
29.00
27.25
27.50
27.75
26.62
29.00
26.80
28.00
29.00
29.50)
28.25i
25.38
29.00
26.50
25.50
27.00
28.40
26.62
29.00
27.50
28.75
29.00
29.50
28.25
23.75
29.00
29.75
28.25
26.00
29.00
26.50
26.38
27.50
28.80
26.82
26.50
26.63
27.50
29.50
27.25
29.00
28.55
29.70
29.00
29.00
28.00
29.10
29.00
30.10
28.63
27.00
29.00
26.50
27.00
28.00
30.00
27.62
29.00
28.85
30.00
29.00
NEW ORLEANS CONTRACT MARKET.—The
closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday, Monday, Tuesday, Wed’day, Thursd’y,
Dec. 2.
Dec. 3.
Dec. 4.
Dec. 5.
25.73-.75
24.75-.80
24.02-.03
23.63-.65
23.00 —
21.60 —
25.00 —
24.00-.06
23.20-.30
22.78-.80
22.50 —
20.45-.50
26.32-.35
25.18-.20
24.27-.30
23.80 —
23.40-.42
21.40-.50
26.60 —
25.25-.30
24.30-.37
23.75-.78
23.35-.38
21.35 —
27.60 —
26.30-.38
25.08-.13
24.38-.40
23.91 —
21.90-.00
Quiet
Quiet
B’ly st’y
Steady
Steady
Steady
Steady
Steady
Steady
Nov.
December
January
March
May
July
October
Tone—
Spot
Options
30.
Easy
Friday,
Dec. 6.
27.70--85
26.60-.66
25.35-.38
24.70-.75
24.22 —
22.00-.05
Steady
Steady
THE VISIBLE SUPPLY OF COTTON to-night, as made
up
by cable and telegraph, is
as
follows.
Foreign stocks,
as
well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to? make 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 Fnday only.
Dec. 7 1918.]
THE CHRONICLE
Dec. 6—
Stock at Liverpool
Stock at London
Stock at Manchester
bales.
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1918.
1917.
1916.
1915.
282,000
16,000
48,000
414,000
21,000
35,000
701,000
859.000
66,000
87,000
346,000
470,000
77,000
167.000
4,000
40,000
23,000
796,000 1,012.000
*1,000
*1,000
*1,000
*1,000
219,000
265,000
5,000
2,000
47,000
67,000
225,000
225,000
*1,000
*1,000
1,000
25,000
14,000
Total Continental stocks
117,000
29,000
66,000
234.000
499,000
Total visible supply
4.362,912 4,302,445 5,555.357 5,832,263
Of the above, totals of American and other descriptions are as follows*
American—
Liverpool stock
bales. 153,000
298,000
558,000
618,000
Manchester stock
29,000
32,000
55,000
68,000
Continental stock
*101,000 *196,000 *407.000 *463,000
American afloat for Europe
199,000
250,000
600,170
362,987
U. 8. port stocks
1,393,104 1,268,575 1.570.007 1,578,149
U. 8. Interior stocks
1,331,279 1,216,659 1,350,749 1,468,597
U. S. exports to-day
32,529
6,211
25,431
32,530
...
3,238,912 3.267,445 4,566,357 4,591,263
129,000
16,000
19,000
*16,000
14,000
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
44,000
329,000
*557,000
116,000
143,000
29,000
11,000
*92,000
52,000
81,000
250,000
331,000
21,000
3.000
*38,000
30,000
88,000
279,000
*460,000
241,000
66,000
19,000
*99,000
53,000
70,000
234,000
459,000
Total East India, &c
Total American
1,124,000 1,035,000
989,000 1,241,000
3,238,912 3,267,445 4,566.357 4,591,263
Total visible supply
4,362,912
4,302,445
5,555,357
5,832.263
tu\
inj
ncJ
Middling upland, Liverpool
Middling upland. New York
Egypt, good brown, Liverpool
1
20.16d.
29.75c.
31.05d.
Peruvian, rough good, Liverpool.
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
38.00d.
16.93d.
17.18d.
on
in
22.10d.
29.95d.
33.70d.
31.00d.
21.15d.
21.33d.
n
12.05d.
19.15d.
21.55d.
17.00d.
11.45d.
11.57d.
aa,1
7.66d.
12.50c.
10.20d.
11.25d.
7.25d.
7.37d.
•Estimated.
Continental imports for past week have been 42,000 bales.
The above figures for 1918 show an increase over last week
of 34,276 bales, a gain of 60,467 bales over 1917, a decrease of
1,192,445 bales from 1916 and a loss of 1,469,351 bales from
1915J
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week since and Aug. 1, the shipments for
the week and the stocks
to-night, and the same items for the
corresponding period of the previous year—is set out in
detail
below.
Towns.
Receipts.
Shipmenu.
Week.
91
Ala., Eufaula..
Montgomery
1,795
1,228
1,298
6,790
3,268
.
Selma
Ark., Helena..
Little Rock..
Pine Bluff—
Ga., Albany...
383
Athens
Atlanta
Augusta
Columbus....
Macon..
4,218
8,709
7,902
2,299
6,752
2,084
4,546
Rome
La., Shreveport
Miss.,Columbus
Clarksdale
Greenwood
Meridian
Natchez
....
Vicksburg....
Yazoo City..
Mo., St. Louis.
N.C.,Gr’nsboro
Raleigh
O., Cincinnati.
Okla., Ardmore
Chlckasha
Hugo
Oklahoma
1,096
6,509
5,100
1,115
1,833
1,000
1,200
17,178
1,856
123
.
3,967
1,580
420
700
S.C.,Greenville
2.405
Greenwood...
100
Tenn.,Memphis 29,508
Season.
Week.
Tex., Abilene
....
199
2,281
1,043
Honey Grove.
92
Houston
Paris
San Antonio..
34,679
2,506
961
Movement to Dec. 7 1917.
Stocks
Dec.
6.
Receipts.
284
844
6,354
16,371
24,930
44,952
17,179
955,971
55,698
24,806
250
1,168
256
5,312
7,999
3,183
4,654
12,011
5,584
1,913
60,857 313,752 64,135
3,527
9,051
3,761
488
701
3,298
1,577
659
Shipmenu.
Week.
21
132
3,694
2,438
840 25,093
50,468
1,984
610 19,297
848
42,037
24,047
2,020
1,559
7,469
4,516 34,069 14,118
80,397
58.995
3,849 35,022
7,474
143
128
9,061
4,648
70,567
2,552 39,036
8,039
7,032 23,215 16,698
89,967
224,905 11,046 143,367 20,246
799 25,000
40,784
1,200
4,735 32,442
101,105
7,008
969
27,896
13,540
3,000
2,396 47,505
80,294
9,636
465
359
14,856
5,566
72,062
2,930 43,253
3,000
80.268
6,933 42,181
7,461
24,223
1,103 13,682
1,230
900
27,449
13,524
2,411
800
16,919
9,664
1,354
1,100 14,705
20,647
1,800
173,716 14,852 24,081 68,041
16,347
1,712
8,240
2,100
150
181
232
3,611
3,867 14,100
7,031
56,643
1,000
1,118 10,400
23,778
3,397
19,395
1,819
2,403
2,300
800
800
20,887
7,000
35,935
,3093 23,320
5,830
51
700
11,777
9,324
372,633 27,079 279,109 55,727
Nashville
Brenham
Clarksville
Dallas
Shipped—
Via
Via
Via
Via
Via
Via
Via
Season.
3,434
41,562
31,401
26,811
122,399
84,987
11,659
79,971
152,864
323,493
23,325
102,827
31,673
135,651
7,404
82,229
85,300
19,867
38,350
13,464
28,408
549,610
18,465
4,427
51,843
23,250
31,312
23,066
18,455
49,787
9,698
520,350
1,217
21,551
Week.
Stocks
Dec.
7.
206
2,685
18,527
4,128
831 18,936
10,209 50,392
5,264 52,210
20
2,440
4,137 38,831
15,648 45,610
14,737 145,963
700 14,879
5,906 23,297
2,600 11,503
6,305 47,824
412
3,715
2,400 50,583
5,237 34,249
892 12,124
2,262 12,401
1,097
5,942
1,200 13,568
66,768
9,538
1,700
3,913
2,301
2,291
275
181
1,132 22,388
1,200 12,000
381 13,078
896
9,556
700
6,901
2,174 15,744
700
4,527
38,252235,861
969
2,170
2,043
618
17,897
1,730
35,166
2,898
8,730
80,387
4,625 17,040
39,584
3,292
7,242
1,216,108 54,535 222,042
52,375
3,809 12,642
818
727
22,277
Total, 41 towns 168,8143,041,623177,5371331279336,7354,233,984271,5981216659
The above totals show that the interior stocks have de¬
creased during the week 8,723 bales and are to-night 114,620
bales more than at the same time last year. The receipts at
all towns have been 167,921 bales less than the same week
last year.
from telegraphic reports Friday night. The results for
in the last two years are as
the week and since Aug. 1
follows:
Mounds, &c
Bock Island
Louisville
Cincinnati
Virginia points
other routes, &c
66,768
28,841
a549.425
210,103
3,704
35.280
21,471
136,890
234,923
766
3,308
3,804
4,729
14,530
.59.892
713,764
3,369
1,511
6,603
27.490
22,334
97,616
22,379
2,618
a22,589
a272(725
.11,483
11,483
147,440
47,586
520,821
Leaving total net overland*...48,409
.48,409
566,324
75,160
670,975
.
.
.
Total to be deducted
*
Since
Aug. 1.
193,081
Deduct Shipments—
Including movement by rail to Canada,
a
122,746 1,191,796
206,022
42.074
Revised.
The foregoing shows the week’s net overland movement
has been 48,409 bales, against 75,160 bales for the week last
year,
and that for the
land exhibits
a
season
decrease from
to date the aggregate net
a
year ago
-1917Since
Takings.
Since
Week.
Receipts at ports to Dec. 6
150,747
Net overland to Dec. 6
48,409
Southern consumption to Dec. 6.o 70,000
Aug. 1.
2,210,400
566,324
1.469,000
194.741
75,160
80,000
Total marketed
Interior stocks in
4,245,724
634,663
349,901
65,137
269,156
*8,723
excess
Came into sight during week_.260.433
Total in sight Dec. 6
4,880,387
North, spinners’ takings to Dec. 6 84,301
870,657
a
over¬
of 101,651 bales.
-1918In Sight and Spinners'
Week.
Aug. 1.'
3,021,100
670,975
1,573,000
5,265,075
861,717
415,038
6,126,792
112,282
1,132,312
These figures are consumption; takings not available.
Movement into sight in previous years:
Week—
1916—Dec. 8
1915—Dec. 10
1914—Dec. 11
Bales.
Since Aug. 1—
450,197 1916—Dec. 8
464,541 1915—Dec. 10
517,598 1914—Dec. 11
Bales.
7,511,196
6,148,785
6,043.472
RECEIPTS FROM THE PLANTATIONS.—The follow¬
ing table indicates the actual movement each week from the
plantations.
The figures do not include overland receipts
they are simply a statement of
the weekly movement from the plantations of that part of
the crop which finally reaches the market through the out-
nor
Southern consumption;
ports:
Week
Receipts at Ports.
Stocks at Interior Toums.
Receipts from P emotions
end’g
1918.
Oct.
18..
25..
Nov.
1..
8..
15..
22..
1917.
1910
1918.
1917.
103,047235,539 340,497 1,011,610
109.230224.873 325,901 1,066,369
152.254224.873 325,901
134,013212.054 271,037
145,043200.506 263,463
134,414202,310 240.082
29.. 136,346182,262 239,911
1916.
1918.
1917.
1916.
673,994 1,053,374 233,038 364,942 428.889
878,891 1.158.599 223,987 328.981 379,421
1,141,246 878,891
1,207,141 932,607
1,266,852 1,016,864
1,326,677 1,108,162
1,340,002 1,151,522
1.158.599 227,133 328.981 379,421
1,192,916 199,908 285,770 305,354
1,230.704 205,354 290.823 301,251
1,274,398 194,239 293,614 283,776
1,308,950 149,671 225,622 274,463
150,747 194,241 242,504 1,331,279 1,216,659 1,350,749
142,024)259,8781284,303
The above statement shows:
1.—That the total receipts
plantations since August 1 1918 are 2,845,063 bales;
in 1917 were 3,882,817 bales, and in 1916 were 5,123,693
bales. 2.—That although the receipts at the outports the
past week were 150,747 bales, the actual movement from
plantations was 142,024 bales, the balance being taken from
stocks at interior towns. Last year receipts from the plan¬
tations for the week were 259,878 bales and for 1916 they
were 284,303 bales.
from the
WEATHER REPORTS BY TELEGRAPH.—Our ad¬
vices from the South this evening by telegraph denote that
low temperature has been quite general during the week, with
occasional heavy frosts in northern districts of Texas.
There has been little or no rain in most sections.
Galveston, Tex.—Thermometer ruled low in Texas through¬
heavy frosts and freezing tem¬
perature in northern sections. Dry here all the week.
Average thermometer 54, highest 66, and lowest 42.
Abilene, Tex.—It has been dry all the week. The ther¬
mometer has averaged 50, the highest being 70 and the
out the week with occasional
lowest 30.
Amarillo, Tex.—We have had
no rain during the week.
averaged 38, ranging from 16 to 60.
Brownsville, Tex.—We have had rain on two days of the
past week, the rainfall being fifty hundredths of an inch.
The thermometer has ranged from 36 to 76, average 56.
Dallas, Tex.—Dry all the week. Average thermometer
53, highest 72, lowest 34.
Palestine, Tex.—It has been dry all the week. The
thermometer has averaged 52, the highest being 72 and the
The thermometer has
lowest 32.
San Antonio, Tex.—We have had rain on one
day of the
past week, the rainfall being two hundredths of an inch.
The thermometer has averaged 51, ranging from 32 to 70.
Taylor, Tex.—There has been no rain during the week.
Minimum thermometer 30.
New Orleans,
La.—-Rain
on
five days of the week.
rainfall has been two inches and sixteen hundredths.
The
Aver¬
thermometer 54.
Shreveport, La.—It has been diy all the week. The ther¬
mometer has ranged from 34 to 69.
Vicksburg, Miss.—It has been dry all the week. Ther¬
mometer has averaged 51, ranging from 37 to 70.
Selma, Ala.—We have had no rain the past week. Aver¬
age thermometer 44, highest 63, lowest 28.
age
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up
St. Louis
1917
Week.
12,018
Dec.
6..
Movement to Dec. 6 1918.
1918Sines
Week.
Aug. 1.
14,852
163,330
20,614
184,757
1,702
8,130
3,318
54,068
2,492
31,677
4,896
78,721
Dec. 6.
562,000
Total European stocks
463,000
704,000 1,295,000 1.574.000
India cotton afloat for Europe
14,000
30,000
52,000
53,000
Amer. cotton afloat for Europe.. 199,000
250,000
600,170
362,987
Egypt,Brazil,&c.,afldat for Eur’pe
44,000
88,000
81,000
70,000
Stock in Alexandria, Egypt
329,000
279,000
250,000
234,000
Stock in Bombay, India
*557,000 *460,000
331,000
459,000
Stock in U. S. ports
1,393.104 1,268,575 1,570,007 1,578,149
Stock in U. S. interior towns
1,331,279 1,216.659 1,350,749 1,468,597
U.S. exports to-day
32,529
6,211
25,431
32.530
Total American
East Indian, Brazil, &c.—
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
2199,
THE CHRONICLE
2200
Savannah, Ga.—Rain has fallen
on
four days of the week,
The
the rainfall being three inches and one hundredth.
thermometer has averaged 51, ranging from 39 to 65.
Charleston, S. C.—There has been rain on four days of
the past week, to the extent of one inch and fifty-six hun¬
dredths. The thermometer has averaged 51, ranging from
[Vol. 107
MANCHESTER MARKET.—Our report received by
cable to-night from Manchester states that the market is
stagnant with many sellers but few buyers.
for to-day below and leave those for
and last year for comparison:
39 to 62.
of the dates
a. m.
given:
Bee. 0 1918.
Feet.
Bee. 7 1917.
3.6
4.2
7.8
*6.6
4.0
New Orleans
Above
of gauge.
4.4
Memphis
Above zero of gauge.
10.7
9.8
13.2
12.0
Nashville
Shreveport
Vicksburg
*
Below
1917.
1918.
Charlotte, N. C.—It has rained on one day during the week
to the extent of thirty hundredths of an inch. The thermom¬
eter ranged from 32 to 62, averaging 47.
Memphis, Tenn.—Dry all the week. Average thermom¬
eter 49, highest 69, lowest 32.
November rainfall 2.75
Inches; average temperature 51.
The following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8
We give prices
previous weeks of this
zero
Above
zero
of gauge.
Above
Above
zero
zero
of
of
gauge.
gauge.
Feet.
32* Cop
Twist.
Sept
11
18
25
Not
1
8
15
22
29
Dec.
6
d.
55
@
@
@
6454
54
to
1 VpFs
finest.
d.
s. d.
57
30 0 @38
56
30 0 @38
55 H 30 0 @38
1
5554 29 3 @37
50
48
43
54
53
50
46
29
28
28
27
@37
@37
@36
@36
9
9
3
9
0
41
@
44
25 9 @34
6
5154
3
9
3
0
1
6
6
6
@
@
@
@
@
52
d.
s.
d.
d.
22.02 27
22.10 27
21.63 2854
@
@
@
21.26
21.34
19.96
20.60
20.50
20.16 37
30
3054
32
3454
3654
CoTn
854 lbs. Shirtings. Common
to finest.
32s Cop
Twist.
d.
8
Mid.
Vpfs
8. d.
d.
@181054 20.07
20.52
@19 0
@19 154 20.42
d.
2854 14 6
29
30
15 0
15 0
@
@
@
@
@
32
15 6
@19 9
20 154
@201054
@22 6
@23 0
21.27
21.55
16 6
3654 17 0
3854 17 3
@
39
@24 0
22.10
3254 1510 U
35
17 6
22.10
22.16
22.47
SHIPPING NEWS.—In harmony with the desire of the
Government to observe secrecy as to the destination of cotton
of gauge.
zero
854 lbs. Shirt- Corn
ings, Common I Mid.
leaving United States ports, our usual details of shipments
have been suspended for an extended period but will be
resumed shortly.
Ls
goods, &c., from Great Britain for the month of October
and since Aug. 1 in 1918 and 1917, as compiled by us from
LIVERPOOL.—By
cable from Liverpool we have the fol¬
the British Board of Trade returns.
It will be noticed lowing statement of the week’s sales, stocks, &c., at that port:
Nov. 22.
Bee. 6.
Nov. 15.
Nov. 29.
that we have reduced the movement all to pounds.
Sales of the week
4,000
EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.—Below we give the exports of cotton yam,
2,000
Yarn & Thread.
000’#
omitted.
1918.
1917.
lbs.
August.
Sept...
Oct....
lbs.
9,665 18,766
8,176 11,074
8,717 12,272
1st quar 26,558
42,112
Cloth.
1918.
1917.
Total of AU.
1918.
1917.
1918.
yards.
469,083
420,448
382,821
lbs.
lbs.
lbs.
50,022
46,316
42,264
87,679
78,671
71,555
59,687
54,492
50,981
106,445
89,745
83,827
741,520 1,272,352
138,602
237,905
165,160
280,017
yards.
267,620
247,790
226,110
Total exports of cotton manufactures.
lbs.
363
443
13,930
11,272
179,453
291,732
foregoing shows that there have been exported from
the United Kingdom during the thfee months 179,453,000
pounds of manufactured cotton, against 291,732,000 pounds
last
year, a
decrease of 112,279,000 pounds.
WORLD’S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statements indicate
glance the world’s supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
at
a
Cotton Takings*
Week and Season.
1918.
Week.
Visible supply Nov. 29
Visible supply Aug. 1
American in sight to Dec. 6
Bombay receipts to Dec. 5--.
Other India snip’ts to Dec. 5
Alexandria receipts to Dec. 4
Other supply to Dec. 4*
Sales, American
Forwarded^:
Stockings and socks..
Sundry articles
The
.
1917.
1917.
Season.
Week.
4,328,636
4,177,175
260,433
615,000
3,027,450
4.880,387
334,000
641,000
62,000
12,000
348.000
91,000
415,038
50,000
2,000
47,000
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
2,814,776
6,126,792
Spot.
Market,
12:15
P. M.
Saturday.
f
(
1
Mld.Upl’ds
...
Uplands
HOLIDAY.
Sales
Futures.
Market
opened
4
P. M.
[
{
1
Sat.
4,362,912
4,362,912 4,302,445
4,302,445
New Contracts.
December
d.
January
February
HOLIDAY.
BOMBAY COTTON MOVEMENT.—The receipts of
India cotton at Bombay for the week ending Nov. 14 and for
the
season
from
Aug. 1 for three
have been
years
1918.
as
1917.
follows:
1916.
Nov. 14.
Receipts at—
Since
Week.
Bombay
Any. 1.
15,000
289,000
Since
Week.
Aug. 1.
12,000
213,000
Since
Week.
Aug. 1.
43,000
254,000
^ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.—The following are the receipts and shipments for
the week ending Nov. 13 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
1918.
1917.
Nov. 13.
1915.
Receipts (cantors)—
This week
,
Pi Since Aug. 1
Exports (bales)—
306,554
1,748.598
227,251
1,975,852
353,465
2,382,556
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Week. Aug. 1.
To Liverpool
\
To Manchester, &e
4,834
To Continent and India.
To America
Total exports
56,752 19,205
33,404 5,036
29.529
2,630
11,792
|
57,870
5,220
'
20,738
31,824 11,972
11,147
Since
64,770
40,823
31,997
24,331
4.834 131,477 26,871 110,432 28,339 161,921
Note.—A cantar Is 99 lbs.
Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week ending
Nov. 13 were 306,554 cantars and the foreign shipments
were
4,834 bales.
-
143.000
96.000
Tuesday.
More
demand.
Quiet.
Quiet.
Quiet.
Quiet.
20.25
20.16
20.16
20.07
20.16
20.88
20.79
20.79
20.70
26.79
3,000
1,000
1,000
1,000
1,000
Wednesday. Thursday.
Friday.
Steady.
27 @39
pts. adv.
Steady,
Steady,
Quiet,
15@28 pts. 24@48 pts. 5@45 pts.
Quiet at
3@42 pts.
advance.
advance.
advance.
Mon.
Dec. 6.
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,469,000 bales in 1918 and 1,573,000 bales in 1917—takings
not being available—and the aggregate amounts taken by Northern and
foreign spinners, 2.860,925 bales in 1918 and 3,818,123 bales in 1917, of
which 2,121,925 bales and 2.806,123 bales American.
6 Estimated.
103,000
decline.
Tues.
Wed.
Thurs.
given
Fri.
Not. 30
9,643,568
*
142.000
The prices of futures at Liverpool for each day are
below.
8,692,837 4,694,213
5.391.123
4.379.123
1,012,000
122,000
Monday.
pts. dec.
4,647,069
391.768
316.768
75,000
109,000
149.000
117,000
follows:
as
Dull,
41,000
4.329.925
3.590.925
739,000
2,000
55,000
282.000
153,000
72,000
46,000
60,000
77 @100
3.000
284.157
245.157
39,000
1,000
66,000
266,000
Quiet,
Quiet, unSteady,
Quiet, 12c
86@100pts. changed to 42@45 pts. 18 pts. dec.
pts. dec. 12 pts. dec. advance.
\
/
1254 1254 1254
p. m. p. m. 0. m.
d.
____
Total takings to Dec. 6_a
Of which American
Of which other
2,000
58.000
228,000
109,000
41.000
27,000
181,000
Good Mid.
to
Total supply
Beduct—
Visible supply Dec. 6
1,000
40,000
224,000
126,000
70,000
spot cotton have been
298,000
36,000
377,000
5,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
Market,
Season.
3,000
Of which speculators took
Of which exporters took
March
April
p.4«.
d.
d.
19.09:19.14
17.83 17.88
17.02 17.06
16.27 16.27
—
1254
4
1254
4
1254
4
1254
4
p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m.
d.
19.33
18.08
17.17
16.12
—
d.
19.42
18.15
17.21
16.43
15.36
d.
19.72
18.45
17.50
16.72
15.50
d.
19.89
18.63
17.63
16.84
15.60
d.
19.84
18.47
17.44
16.59
15.34
d.
19.83
18.58
17.55
16.51
15.15
d.
20.00
18.81
17.81
16.82
15.50
d.
19.86
18.69
17.76
16.81
15.57
BREADSTUFFS
Friday Night, Dec. 6 1918.
Flour has been quiet. The domestic trade seems to be
pretty well supplied for the time being. Certainly it is
buying very sparingly. The export movement is beginning
on a considerable scale.
Exports from North America last
week were certainly large. Also considerable was shipped
from Montreal.
At present the Government demand is
the principal source of trade. At the same time mill prices
are strong.
The Government buying has helped to make
them so. In fact it has infused new life into the whole
situation. Moreover, deliveries by jobbers are quite large.
But as already intimated, new domestic buying is on a
moderate scale. Nobody wants to see a repetition of the
congestion which occurred last summer and also in Septem¬
ber. Rye flour has been quiet. The export demand for rye
has decreased.
At times rye
prices have been easier. As
regards substitutes the Committee in charge of the pur¬
chasing of them is now receiving offerings. They must be
in writing. They must be submitted by Dec. 20, and com¬
bined moisture and fat content of com meal offered must not
exceed 14 to 14H%The local committee will consider
only stocks in Greater New York. Those having unfilled
mill contracts must dispose of them through the zone Com¬
mittee, in the district where the mill is situated.
Wheat stocks continue to decrease.
Last week the
visible supply in this country fell off 5,991,000 bushels, as
against only 182,000 in the same week last year. That is
to say the total is now 121,561,000 bushels, against 21,031,000 a year ago. Attention is riveted on the fact that
300,000,000 people in trans-Atlantic countries are depend¬
ing
upon
food conservation in the United States to avert
l
Dec. 7
famine.
for
1918.]
Some
are
THE CHRONICLE
predicting famine conditions in
any case
parts of the world. Certainly it looks as though
Europe would need large supplies of wheat and other food¬
some
stuffs from the United States.
Meanwhile the American
farmer is guaranteed a high price until 1920 regardless of
the size of the harvest.
The Oklahoma condition is put
by King & Co. at 93%, against 85 last month and 51 last
year.
Farmers still hold 11% of this year’s Oklahoma
crop, against 18% a year ago.
In general the winter wheat
crop in this country looks well.
Prices have been generally
steady in this country. Though arrivals of spring wheat
those of winter have continued small.
Shipments down the Lakes and to Europe have been heavy;
so also have been exports.
In a single day 1,300,000 bushels
have been large,
of wheat went out and 125,000 barrels of flour..
A Wash¬
ington dispatch says the British Government is obtaining
a supply of wheat from Australia at 96 cents a
bushel, while
the United States pays wheat growers $2 20 a bushel under
contract to continue in force until June 1 1920.
The scarcity
of shipping prevents importation of Australian wheat into
the United States. Australia has more than 200,000,000
bushels surplus. In Italy seeding continues active under
more favorable weather conditions.
Arrivals of wheat have
been somewhat larger, and the supply situation generally is
rather more favorable.
In France very favorable sowing
conditions prevail and growers are busy on the land in the
liberated districts. There are complaints of insufficient labor
and scarcity of fertilizers, but work is being pushed on as
rapidly
as
possible and there is reasonable hope that
a
good
will be put under winter cereals.
Supplies are being
furnished rather more freely and the outlook on the whole
is more optimistic. In Spain the weather has been suitable
for new seeding and satisfactory progress is now being made.
Latest reports speak more favorably of the supply situation.
Li the United Kingdom the weather has favored the gather¬
ing of the last remnants of the grain harvest. Conditions
have shown a marked improvement in the agricultural sit¬
uation and a good amount of plowing and sowing has been
put in hand. In India there have been beneficial rains in
the Bombay district but elsewhere the weather has been
clear. Moisture is badly needed in many sections of Upper
India and no precipitation can be expected until midwinter,
when the cold weather rains are due.
Sowing of wheat is
area
going forward slowly, owing to the unfavorable condition of
the soil in many parts. The outlook for native grains is
not altogether favorable.
No further exports of wheat are
likely except from port stocks. In Argentina rains have fallen
in some sections and have hindered cutting
operations. The
weather is now clear, however, and harvesting has been re¬
sumed.
from
Argentina. ‘ This at one time made shorts
ever.
Also prices were stimulated by a
report that the hog price for January had been fixed at $17 50.
To-day prices declined. But they are higher for the week.
There was considerable long liquidation to-day.
corn
more nervous
than
DAILY CLOSING PRICES OP CORN IN NEW YORK.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
No. 3 yellow
cts.162
160$* 160$* 165$* 166$* 168$*
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
12834 130$* 134
134$* 133$*
12634 128$* 130$| 132$* 132
130>i
_
December
delivery in elevator.cts. 127
January delivery In elevator
Oats have advanced, partly in response to the rise in corn
and partly owing to intrinsic merits of their own. For in¬
stance, the cash situation has been very steady. Old export
orders have absorbed offerings at the West for Lake-and-rail
shipment, even when new European business was scarce.
And although the visible supply last week increased 4,024,000 bushels, the edge of this exhibit was taken off by the very
general belief that most of this grain is owned by exporters
and they are simply awaiting transportation to Europe. Also
a report that the importation of corn from
Argentina into
the United States, will be forbidden by this Government
tended to strengthen the prices for oats. Even though the
market has shown no aggressive upward tendency; far from
it.
At the same time, however, country offerings have not
been large and shippers have been fair buyers at Chicago.
At times, too, premiums have been somewhat stronger.
On
the other hand, of late cash prices have weakened somewhat.
The export demand has fallen off. Oats prices have not kept
pace with those of corn.
Exporters’ and holders’ ideas of
prices have at times been rather far apart. And the fact
remains that the visible supply did increase last week over
4,000,000 bushels, whereas, in the same week last year the
increase was only 597,000.
Also the total visible supply is
now 29,143,000 bushels, against
18,595,000 bushels a year
ago.
November deliveries on contract ware 1,850.000
bushels.
To-day prices advanced early and reacted later,
ending a shade lower for the week on January.
DAILY CLOSING PRICES OP OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
Standards
cts.8334-84 8434-85 8434-85 8434-85 83-8334 83
No. 2 white.
84
85
85
85
84
8334
DAILY CLOSING PRICES OP OATS FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs? Fri.
December delivery in elevator
7234 73
72 $* 7334 733* 733*
»
January delivery In elevator
The
following
71 $4
72 $*
72 $4
72
7234
7234
closing quotations:
are
FLOUR.
Spring
$10 85 >$11 10 Tapioca flour
nom.
Winter
10 40 > 10 65 Hominy
nom.
Kansas
10 85 > 1L4Q Yellow granulated
nom.
Rye flour
8 75 > 8T50 Barley goods—Portage barley:
Corn goods, per bbl.—
No. 1
nom.
White flour
Noe. 2. 3 and 4
4 00
$8 50
Yellow flour
Nos. 2-0 and 3-0
800
5 50@5 65
No. 4-0
Rice flour, spot and
5 75
nom.
to arrive
Oats goods—Carload, spot de¬
Barley flour (to arrive) .$7 50@$8 00
livery
9 80
_
-
-
DAILY CLOSING PRICES OP WHEAT IN
Sat.
Mon. Tues.
No. 2 red
cts_237M 237$* 237$*
No. 1 spring
240$* 240$* 240$*
Indian
tions of
3201
advanced
NEW YORK.
Wed. Thurs.
Fri.
237$* 237$* 237$*
24034 24034 24034
big feeding demand and good
buying by shorts. The technical speculative position had
grown strong.
In other words, there were too many bears.
Meanwhile hogs are increasing faster than the supply of
feed grain.
The effect is not difficult to discern. In fact,
there are said to be 78,500,000 hogs in the country. More¬
over, the receipts have continued small.
Farmers seem dis¬
posed to hold back ,their com. Every now and then we
hear predictions of an increase in receipts in the near future.
But they are not verified by the event.
It is true that about
corn
on a
Christmas time farmers increase their sales of corn for ob¬
vious reasons. But just now at any rate the demand more
than keeps pace with the offerings. Meanwhile the farmer
notes the fact that some 300,000,000 people of Europe will
have to be fed very largely by the United States.
Moreover,
the Secretary of Agriculture was quoted early in the week
saying that he could see no good reason for a drop in
prices. Not even predictions that the next wheat crop
would make a new high record dampened the enthusiasm
of buyers.
In other words, Europe must be fed on a large
scale and the United States will have to help despite the
competition of Argentina. Moreover, the hog-raising in¬
dustry is expanding in this country. In Ohio, Indiana,
Illinois and Iowa the gain in the total number of hogs on
farms as compared with a year ago is stated at 7,851,000.
And the visible supply of com in this country fell off last
week 678,000 bushels, against an increase in the same time
last year of 277,000, making the total now 2,611,000 bushels,
against 1,932,000 a year ago. November deliveries at
Chicago were 380,000 bushels of com, 78,000 of rye and
239,000 of barley. On the other hand, there has been a
good deal of selling on the rise. Of late country offerings
have increased somewhat in parts of Illinois and Iowa.
Also it is stated that Argentina has granted a credit of
$240,000,000 to England and France with which to buy
grain in that country. Of course that makes it just so mucn
the clearer that Argentina will compete actively in the export
business in com with Europe. Also it is said by the way
that there is a fair American demand for com in Argentina.
It was rumored that Americans have paid something like
75 cents f.o.b. at Rosario.
If Argentina is going to have
enough corn not only for Europe but also to supply any
demand that may come from this country, it suggests that
the corn situation in this country may become a bit com¬
plicated during the present season. But another interesting
circumstance is that a rumor has latterly been circulated
that^the United States Government will not permit importaas
Wheat—
No. 2 red
No. 1 spring.
—
.
Corn—
No. 2 mixed.
No. 2 yellow
No. 3 yellow
.
.
.
GRAIN.
Oats—
Standard...
$2 37
No. 2 white.
2 40
No. 3 white.
No. 4 white.
1 61
Barley—
1 73$
Feeding
1 66
Malting
-.83
-.83
-82
-82
1 05
1 10
Rye—
Argentine
No. 2
1 7534
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at—
Chicago
Minneapolis
.
Duluth
Milwaukee
Toledo
Detroit
St. Louis
Peoria
Kansas Clty.
Omaha..
..
Indianapolis
Flour.
Wheat.
Since Aug.l—
1918
1917
1916—
Oats.
49,000
79,000
5,000
153 ,000
104 ,000
486 ,000
23 ,000
139 ,000
326 ,000
36 ,000
15,000
31,000
402,000
642,000
193,000
264,000
230,000
303,000
331,
301,0
10,071,000
5,398,000
9,332,000
2,607,000
3,590,000
6,232,000
*
Rye.
166, 000
57 000
336 ,000
172 ,000
94 ,000
356 ,000
272 ,000
6,620,000 2,272,000 1,578,000
6,009,000 1,722,000
641,000
5,619,000 2,661,000
707,000
6,147,000
5,422,000 79,520,000' 135,302,000 27,650,000 16,004,000
6,8.50,000 105,837,000 43,854,000 142,572,000 42,479,000 13,172,000
6,860,000 194,015,000 65,342,000 135,069,00048 ,315,000113 ,233,000
Total receipts of flour and grain at
he week ended Nov. 30 1918 follow:
i* mtt
Barley.
bbls.imbs. bush. 60 lbs. bush 56 lbs. bush 32 lbs btishASlbs. bush.56lbs.
720,000
156,000
1,200 ,000
2,849, 000
365,000
176,000
35,000
119, 000
2,758 ,000
825,000
430,000
000
4,000
187,
676,000
4,316 ,000
803,000
530 ,000
71,000
1,012, 000
14,000
361,000
163,000
.
Total wk. '18
Same wk. ’17
Same wk. ’16
Corn.
the seaboard ports for
«•>
Receipts at—
New York—
Portl’d, Me..
Philadelphia
.
Baltimore
N’port News-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
158,000
1,208,000
41,000
502,000
""87”,666
688,000
536,000
145,000
4,000
61,000
128,000
87.000
**3*3*666
129.000
70,000
37,000
934,000
39,000
5,000
33,000
*’*'3*,666
6,000
103,000
‘"62*666
93*666
24,000
35,000
1,020,000
127,000
403,000
Total wk. ’18
Since Jan.1’18 16,054,000
3,817,000
79,837,000
139,000
1,839,000
6*JX)0
143,000
19,478,000 94,671,000 8,870,000 7,206,000
3,659,000
482,000
Week 1917—
Since Jan. 1’ 17 19,931,000 189,604,000
282,000
2,626.000
400,000
461,000
48,384,000 138,618,000 16,680,000 13,366,000
New Orleans^
Montreal-..-
*
on
Receipts do not include
through bills ol lading.
53,000
grain passing through New Orleans lor foreign
por
2203
THE CHRONICLE
The exports from the several
ending Nov. 30
Exports from—
seaboard ports for the week
shown in the annexed statement:
Portland, ma
Boston.
Philadelphia
Newport News
Oats.
Bushels.
1,048,051
688,000
676,682
1,016,035
96,920
82,825
39,999
189,000
6,000
4,000
7,000
17,000
.....
Rye.
Peas.
Barley,
Bushels. Bushels. Bushels.
16,868
58,132
102,920 86,825
126,999
1,686
129,968 165,216 2,247,611 300,015 2410021
3,617,948
1,540,498
Total week
Week 1917
Flow.
Barrels.
Corn.
Bushels.
Wheat.
Bushels.
New York
New Orleans.
are
58,132
951
The destination of these exports for the week and since
July 1 1918 is
below:
as
Flour.
Wheat.
Corn.
Exports for Week,
Since
Week
Nov.30
and Since
July 1 to—
„
July 1
Week
Nov. 30
Since
Week
Nov. 30
July 1
Since
July 1
veloping
a
[Vai.. 107
feeling of pessimism.
With the
progress
of
re¬
construction making headway, however, many in the trade
are of the opinion that as soon as Government control is
relinquished it will not take long before general business
will return to a normal basis.
The present dull period was
to be expected as a natural relapse from the activity and high
tension of war work. As there are no precedents to follow,
the change from war to peace conditions must take place
slowly and merchants and manufacturers will have to adapt
themselves to new developments.
There are too many un¬
certainties for merchants to leap blindly forward into new
commitments, especially so as the economic structure of the
whole world is undergoing a marked change.
Buyers of
merchandise therefore are showing little interest in offerings.
In view of the easier undertone the market has displayed
recently, they feel that by holding off they will be able to
obtain a better buying basis. For the past year or so orders
96,920
for civilian account have been secondary to official business,
So. A Cent. Amer.
West Indies
4,000
6,000
and
merchants have been obliged to wait for delivery of
Brit.No.Am.Cols.
Other Countries..
34,166
2.220
their fabrics. As a result, many have become accustomed
Total
to doing business on a hand-to-mouth scale, and they now
86,825 1,657,554 3,617,948 32,754,061
102,920 2,422,279
Total 1917
165,216 2,484,457 1,540,598 33,867,120
129,968 7,260,800
realize that the risk in dealing in this manner is much smaller.
The world’s shipments of wheat and corn for the week The attitude of consumers is causing merchants much con¬
ending Nov. 301918 and since July 11918 and 1917 as issued cern. They are not certain that the public will immediately
abandon their policy of economy acquired during the war.
by Bromhall are shown in the following:
The fact that prices for most lines of goods are tending down¬
Wheat.
Com.
ward, and that the urgent buying by the Government is
over, places the market again under control of civilian de¬
1918.
al917.
1918.
al917.
Exports.
mand.
Neither has the continued downward tendency of
Week
Since
Since
Week
Since
Since
prices
for
raw material been overlooked.
These are now well
Nov. 30.
Nov. 30.
July 1.
July 1.
July 1.
JtUy 1.
below the basis used by the Government in establishing fixed
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
prices for the manufactured product. Government orders
North Amor. 9,053,000 100,187,000 125,651,000
161,000
5,581,000 12,723,000
are being canceled while new business from ordinary chan¬
Russia
nels is of such small proportions that mills are beginning to
Danube....
Argentina... 1,440,666 53‘,808.666
6,044,666 1,449",666 127965",666 7,915*,666 curtail their production. A number of mills have en¬
Australia
740,000 16,466,000 23,428,000
deavored to encourage new business by offering concessions,
India
5,623,000
205,000
9,008,000
Oth.countr's
140,000
1,458,000
909,000
122,000
1,549,000
1,591,000
but according to reports results have not been very promis¬
Total.... 11,578,000 177,542,000 165,040,000 1,732,000 20,095,000 22,229,000
ing. Additional small cancellations of orders for export
account have been received during the past week, particu¬
The quantity of wheat and com afloat for Europe on dates
larly from South America. These have been offset to a large
mentioned was as follows:
extent, however, by the receipt of new business.
European
Governments are said to be seeking supplies in this market,
Wheat.
Corn.
Barrels.
Barrels.
United Kingdom
Continent
621,551
913,992
8.919
78,926
67,069
15,756
.
Bushels.
2,898,130
719,818
Bushels.
Bushels.
13,960,948
18,793,113
Bushels.
1,591,499
799,605
3.220
25,735
•
but
United
United
Continent.
Kingdom.
NOV. 301918..
NOV.23 1918—
Dec. 11917..
Dec. 21916—
Bushels.
Bushels.
Not avail able
Not avail able
Not avail able
Total.
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
21,803,000
39,984.000
so
far sales have been small.
It is understood that such
purchases will be given preference in the way of shipment.
It is claimed that exporters are also planning to sell American
woolens and worsteds to European buyers as soon as condi¬
tions abroad become more settled.
DOMESTIC COTTON GOODS.—Little business is pass¬
ing in staple cottons, and mills are beginning to complain
supply of grain, comprising the stocks in about the possibilities of curtailed production. There is a
granary at principal points of accumulation at lake and distinctly easier undertone noted, and moderate concessions
under Government fixed prices are being offered by manu¬
seaboard ports Nov. 30 1918 was as follows:
facturers in an effort to stimulate inquiry. It is expected
GRAIN STOCKS
Wheat,
Corn.
Oats.
Rye.
Barley,
that after the end of the current year the Government will
United States—
bush.
bush.
bush.
bush.
bush.
New York
relinquish
control over prices as well as distribution. Second
1,007,000
164,000 1,768,000 1,653,000
130,000
Boston
274,000
76,000
2,000
hands are still selling at concessions ranging from 10 to 15%
1,840,000
Philadelphia
29,000
371,000
323,000
5,000
under Government maximums, and there appears to be a
Baltimore
858,000
35,000
550,000
731,000
49,000
Newport News
387,000
general
disposition to reduce stocks as much as possible
New" Orleans
5,410,000
65,000
461,000
during the period of reconstruction. A few moderate orders
Galveston *
3,014,000
7,000
Buffalo..
are being placed for delivery next spring but the
.10,972,000
126,000
712,000 2,547,000
775,000
difficulty
afloat
.14,867,000
7,129,000 2.670,000
225,000
in arriving at a price basis is bothering both buyer and seller.
Toledo
1,432,000
25,000 1,098,000
54,000
6,000
Detroit
44,000
127,000
233,000
79,000
Although mills are rapidly catching up with backward de¬
Chicago
.15,562,000
760,000 5,981,000
687,000 1,349,000
liveries,
cancellations are coming to hand from many direc¬
Milwaukee
3,407,000
906,000
7.000
244,000 1,002,000
tions as buyers are grasping every opportunity to release
Duluth
.11,682,000
160,000
360,000 1,039,000
.22,181,000
Minneapolis
89,000 1,487,000 1,293,000
730,000
themselves from their obligations. Brown sheetings and
St. Louis
3,398,000
114,000
278,000
33,000
40,000
several constructions of print cloths have been in fair in¬
Kansas City
15,244,000
288,000 2,243,000
89,000
Peoria
98,000
504,000
quiry, as these fabrics have been scarce for some time past,
278,000
Indianapolis
330,000
371,000
40,000
while prices for these goods are more favorable when con¬
Omaha
4,430,000
347,000 1,540,000
72,000
115,000
On Lakes
5,346,000
2,888,000
634,000
636,000
sidering cost of production. Several lines of ginghams for
On Canal and River
315,000
fall 1919 delivery have been opened and a fair business has
Total Nov.30 1918
121,561,000 2,611,000 29,143,00011,511.000 6,101,000
been booked. Markets for fine goods rule dull.
Total Nov.23 1918
127,552,000 3,289,000 25,119,000 9,952,000 5,280,000
The visible
'
.
.
.
.
.
.
*'
.
.
.
.
.
.
.
Total Dec. 1 1917
Total Dec. 2 1916
* Last week's stock.
21,031,000
62,026,000
1,932,000 18,595,000 3,768.000 3,910,000
2,677,000 47,458,000 1,959,000 4,742,000
Note.—Bonded grain not Included above: Oats, Duluth, 3,000 bushels; total,
3,000, against 52,000 bushels In 1917; and barley, Duluth, 77,000 bushels; total
77,000, against 364,000 In 1917.
Canadian—
Montreal
3,836,000
Ft. William A Pt. Arthur.. 7,624,000
Other Canadian
11,486,000
Total
Total
Total
Total
Nov.30
Nov.23
Dec. 1
Dec. 2
1918
1918
1917
1916
22,946,000
25,547,000
19,318,000
25,683,000
219,000
331,000
2,442,000
477,000
2,000
340,000
219,000 3,250,000
191,000 3,516,000
15,000 7,228,000
4,000 18,860,000
2,000
5,000
21,000
340,000
396,000
66.000
81,000
Summary—
American
Canadian
Total
Total
Total
Total
Nov.30
Nov.23
Deo. 1
Dec. 2
1918
1918
1917
1916
121,561,000
22,946,000
2,611,000 29,143.00011,611,000 6,101,000
219,000 3,250,000
2,000
340,000
144,507,000
153,099,000
40.349,000
87,709,000
2,830,000
3,480,000
1,947,000
2,681,000
32,393,00011,513,000
28,635.000 9,957,000
25.823,000 3,789,000
66,318,000 1,959,000
6,441.000
5,676.000
3,976,000
4,823,000
WOOLEN GOODS.—Conditions in markets for woolens
and worsteds
are unsettled pending Government action as
material. Demand for woolens is quiet. The
feeling appears to be general that lower prices will prevail
later on, and buyers therefore are deferring. purchases.
Many manufacturers of clothing are reported to have can¬
celled orders with mills, and the latter are in need of new
business to keep their machinery going. Manufacturers of
dress goods also report a scarcity of orders for civilian ac¬
count.
In export circles sentiment is more cheerful, and
exporters are already taking steps to increase their trade
regards
raw
abroad.
FOREIGN DRY GOODS.—Nothing of special interest
has taken place in the markets for linens.
Retailers report
their Thanksgiving sales as having been satisfactory, and
good Christmas trade. In primary mar¬
No change is noted in conditions
abroad, and it is stated in some quarters that the British
Government will continue control of the flax crop as well as
the linen industry for another year, although it is expected
many
anticipate
a
kets business is slow.
THE DRY GOODS TRADE
New York, Friday Night, Dec. 6 1918.
Quietness continues in the markets for dry goods with no that there will be more fabrics available for civilian use. A
indications of any activity developing within the near future. better inquiry developed for burlaps during the week, and
Conditions are still very unsettled, and in quarters where a prices ruled firmer. Light weights are quoted at 12.40c.,
compared with the Government price of 14c. Heavy weights
feeling of conservatism prevailed there appears to be de¬ are firmly held at 16.50c.
Dec. 7
1918.]
THE CHRONICLE
2203
The number of municipalities emitting bonds and the num¬
ber of separate issues made during November 1918 were 77
and 99, respectively.
This contrasts with 100 and 115 for
3P« (Ptrcmitle.
2
0
3
.
A
s
h
e
v
i
l
,
t
b
o
r
B
n
1
8
5
y
4
w
g
d
p
9
6
3
.
C
a
h
e
2
0
o
l
5
—
r
202219346.GDFersbcnqtuvil,
PUBLISHED WEEKLY;
October 1918, and with 328 and 463
Terms of Sabfvrlptioih-Payable In Advance
Por Six Month*
i
.
tor November 1917.
comparative purposes, we add the following table
showing the aggregate of permanent loans for November and
For
m
Suropewn Subscription (including
13 00
iMopea Subscription nx months (including postage)
7 go
Animal Subscription in London (including pontage)
£2 14 a.
Six Months Subscription in London (including postage)
£1 11s.
Canadian Subscription (including postage)
fll go
Subscription includes following Supplements—
Bara and Quotation (monthly) | railway and Industrial (3 times
yearly)
Railway Earnings (monthly)
I Electric Railway (3 times yearly)
Stats and Crrr (semi-annually) | bankers' Convention
(yearly)
the eleven months for
1
9
3
6
—
J
o
h
n
s
t
w
,
2
4
.
K
a
0
156152180112222110980356567——..-PNMRLositrcwcrgtghilhdaoeensnlu,p,
Terms of
Advertising—Per Inch Space
Transient matter per inch space (14 agate lines)
( Two
Standing Btutaew Crf«
Months
) ZgltontE!**
34 20
(8 times)
22 00
ffigBgj-—""—So
00
87 00
-
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
....
....
....
16,890,626
18,813,239
28,815.595
21,691,126
30,708,685
13,021,999
19,738,613
24,456,351
18,906,555
28,427,304
4,408,381
12,511,550
25,888,207
2510 210567—.RTaoipncuhxestr,
v.
Twelve Months (52
times)
Chicago Omc»—39 South LaSalle Street* Telephone Majestic7396.
London Office—Edwards A Smith* 1 Drapers’ Gardens* E. C.
WILLIAM B. DANA COMPANY, Psbllihen,
Front* Pine and Depcystcr 8t*., Hew Tark.
Page.
BOND
SALES IN
also true
as
times.
The total of new issues of long-term bonds actually offered
and sold in November aggregated $25,858,576, comparing
with only $6,873,002 bonds sold in October, when canvassing
for the Fourth Liberty Loan and the refusal of the Capital
Issues Committee to approve new loan applications limited
the output.
While the total for November is larger than that for the
period in 1917, the aggregate for the 11 months of this
is of course considerably less than for the 11 months of
1917, the figures being $265,488,378 and $418,719,565,
respectively.
Temporary loans or short-term securities placed in No¬
vember aggregated $42,913,900, including $39,418,900 tem¬
porary securities (revenue bonds and bills, corporate stock
notes and tax notes) issued by the City of New York.
In Canada borrowing last month reached a total of over
$655,000,000, the greater portion of which, however, is
represented by the subscriptions to the Victory Loan, which
amounted to $676,057,867, of which it is expected about
$650,(XX),000 will be accepted. Porto Rico placed during
November $500,000 4 % 9 2-3-year average bonds with
New York bankers at 98.644, a basis of about 4.17%.
Below we furnish a comparison of all various forms of
obligations put out in November during the last five years:
same
year
1915.
1916.
1914.
*****
1917.
Permanent loans (U.S.) 25.858.576 15.890.626
♦Temporary l’ns (U.8.) 42,913,900 10,393,900
441,250
3,500,000
None
Canadianl’na (perm't)a650,032,175
Gen .fund bda.(N.Y.C.) 16,600,000
Bds. of U. 8. possess’ns
600,000
TotaL
18,813,239 28,815,595 21,691,126
11,728,517 14,569,879 9,188,325
9,166,526x109,866,549 2,737,198
None
8,500,000
12,500,000
None
None
4,700,000
735,804,651 30,225,776 56,908,282 161,751,023 33,616,649
Includes temporary securities Issued by New York City, 339,418,900 In 1918,
36,414,900 in 1917, 39,504.900 in 1916, 311.503,677 in 1915 and 31.471,900 in 1914.
a Includes 3650,000,000 ‘'Victory Loan” bonds; the subscriptions aggregated
3676,067,867, but it la not expected that over 3650,000,000 will be accepted.
•
z
Includes 3100,000.000 loan made by Dominion Government.
-i.
6.624,901
138,789,25*
136,895,772
116.092,342
1233723U
113,131,780
95,778*460
120,128*531
95,831,771
105,475,820
...
4,549,580
103,689351
6,989,144
...
—
...
34,913,894
60,114,700
80,626360
.
NOVEMBER BOND SALES.
Name.
Rate.
5
5
5H
4H
5
4H
No. Caro
Man..
County, Minn
Man
2205--Boston, Man
4)|
Green City 8. D., 0__ 6
Conn
5
2114.-Brighton, N Y
5
5
Tenn
2205—Cadiz, Ohio
6X
Sch. Diet., Mo
2114-.Chicago.Ill8
4
2024
..
Clay County Supervisors Dist.
No. 2,
Miss
Grove,
Ohio
6
6
Amount%
Maturity.
1919-1953 *1,315,000
1923
6,000
1919-1928
64,000
1919-1928
22,500
1919-1928
16,029
1920-1928
11,000
1963
47,000
25,000
1923-1947
650.000
1919-1938
33.000
1948
19,000
1925-1929
5,000
15,000
3,000.000
1919-1933
1928
Springs, Colo...
2114—Compton High S. Dist., Calif2024
Crookston, Minn
..
5
1933
6
1928^-1938
4X
1923-1928
1929-1938
1938
2024. .Cushing, Okia
HI
Des Moines, Iowa
Moines, Iowa
5
2114—Detroit, Mich—
4H
County, Iowa
was
For the
11 Months.
1904..—.. ...*32,697309 3240,819,161
1903
1902
1901
1900
1899
1898
1897
1896
1896
1894
1893
1892
2205-.Allendale, N. J.
regards other cities. For instance, the city of Akron* O.,
during November placed $1*315,000 5% 20^-year (average)
bonds on a 4.68% basis; Bridgeport, Conn., $650,000 5%
5-20-year serial bonds on a 4.36% basis; Detroit, Mich.,
$088,500 4K% 30-year bonds on a 4.31% basis and
Kansas City, Mo., $600,000 5% 16 2-3-year (average)
bonds on a 4.42% basis. It deserves also to be stated
that as far as the market for outstanding old issues of
municipal securities is concerned, there was a pronounced
rise in prices during November—the improvement being
more general perhaps than in any other similar period in
1918.
444362,916
358,611,490
358393.919
360330,804
283*414,600
307,673,842
285,747,250
213,924,703
180,483,172
174,825,430
Month
November.
-
price* the bonds being disposed of on a 4.33% basis* and
subsequently retailed to investors on an income basis of
4.25%. This sale evidently had a stimulating effect upon
the municipal market* as was demonstrated the following
week when Rochester* N. Y., on Nov. 25 sold $1*468*000
1-30-year serial and $800,000 30-year 4H% bonds to a
New York syndicate on a basis of 4.28%. The bonds were
offered by the syndicate to the public at a 4.20% basis and
were rapidly absorbed* indicating the eager demand for
recent
*265,488378
418,719.565
421361371
463,644,631
1854. Akron, Ohio——
NOVEMBER.
Renewed activity developed in the municipal bond market
during the month of November. No better proof of this
is needed than the sale on Nov. 18 by the city of Philadelphia
of $7*000*000 4^% 30-year bonds at a most satisfactory
securities of this character.
What was true in the above instances
series of years:
In the following table we give a list of November loans to
the amount of $25*858,576, issued by 77 municipalities. In
the case of each loan reference is made to the page in the
“Chronicle” where the account of the sale is given*
Jftate and ©itg gjeparimjettt
MUNICIPAL
a
For the,
11 Monthi.
Month
November.
..
Wayne, Ind
2114—Freeport, Ohio
2024—Fremont. No. Caro
4)4
5
6
2205
Glenwood Sch. Dist., Minn... 4
2024-.Greeley Consol. Ind. 8. D., Ia_ 5
Ohio
6
2114
Hominy, Okla
„
-
6
5
6
Twp., Ind
Pa
..
5
2207
2207
2207
2207
1856
Scotia, N. Y
City Ind. 8. D., Iowa
South Dakota (State of)
South Dakota (State of)
South Dakota (State of)
Swlssvale Sch. Dist., Pa
Ind_____
2115—Tonawanda, N. Y.
2115—Troy, N. Y
2026 Troy, Ohio
Urbana. Ohio
West Allis, Wis
2026—West Hoboken, N. J
1923-1942
3,000
2,600
9,400
600,000
197,155
50,000
2,00048,000
5,000
240,000
27,500
6
4)4
2,000
31.400
3,900
25,000
100,000
9,000
34.600
75,000
75.000
450.000
6
1929-1936
1921-1953
dl928-1938
5
6
5
5
1919-1936
1923-1938
1920-1922
dl928-1938
5
3 /On or after!
«*<?
5
4)4
4
4
4
4
6
5
5
5
5
5
7
5
4)4
4
5
4H
4%
5
4.60
6)4
4H
5
5
5
100
100.728
100
105.98
107.18
102.21
102.578
100
101.34
103.344
100
102.627
100
100
100
103.33
101.672
103.13
106.529
100
100
101.041
100
100.052
100.13
100
100
100
102.229
106.276
100.678
101.70
101.647
101.14
101.004
100
1943
15.000 108.19
1944
13.500 108.43
1928-1929
26.600 104.11
due y’rly
18,6651 102.315
1920
240/
1929-1948
100,000 105.599
1948
70,000 100.76
1919-1938
116,000 100
1933
22,600 101.533
1948
7,000,000 102.868
dl921-1928
115.648 104.03
dl921-1928
53.000 100
1948
600.000 100.75
1919-1929
5.500 100
6
6
6
5
4)4 1919-1923
1923-1928
5
dl928-1938
6
1919-1948
4
1919-1948
4
1948
4
1948
4
6
5
100.83
101.076
(Jan. 2 1919/
6
—
301,568
90,000
1,000
25.000
21,027
12,000
1,094
50,000
5
534
7
100
90,000\100.714+
400.000]
988,500 103.17
1919-1958 1,425,000
1938
8,000
5
Ore..
Ore
2207 Portsmouth, Va
1856
Pulaski Twp. 8. D., Pa
Quincy, N. Y
Red Hook, N. Y
1937
2207
Ripley Sch. Dist., Ohio
N. Y
Rochester, N. Y
N. Y
2115..Rochester, N. Y
Rochester, N. Y
2115
Rochester, N. Y
N. Y
N. Y
St. Helens, Ore
1957—8t. Louis County, Minn
1937 St. Louis County, Minn
2207
St. Paul, Minn
Paul, Minn
2026 Sampson County, No. Caro—
Benito, Tex
41919^1931
41928-1938
41928-1938
4
5
6
5
5
5
5
6
5
:
2116—Sandusky, Ohio (7 issues)
2207_.Schenectady, N. Y
1919-1923
1939
1019-1928
5
„
2206—Niagara Falls, N. Y
Falls, N. Y
Falls, N. Y
N. Y
N. Y
Ossining, N. Y
1937
Paducah, Ky
Miss
1919^1933
1938
1936
1920
2024. -Jefferson A Madison Counties
Jt. S. D. Nos. 16 A 31, Mont. 6
2114—Jefferson Twp. S. D., Ohio... 6
N. Y
City, Mo
City, Mo
City. Kan
2114—King Co. 8. D. No. 131, Wash.
Lincoln County, Mont
2114_ .Lock Haven, Pa
Beach, Calif
Beach, N. Y
Los Angeles County Flood
Control District, Calif..
2206. _Luverne, Iowa
2115
McDonough Common School
Dist. No. 1, N. Y
County. Ind
2206. .Minerva Sch. Dist., Ohio
Tex
So. Dak
Calif
County, Minn
County. N. Y
Newton School Dist., Iowa
York City, N. Y. (3 iss.)_
■*"1948“’
15,000
6.000
46,000
20,000
16,000
150,000
225,000
103, i
1919-1948
1919-1948
1919-1938
1919-1938
dl928-1938
1928
1929
1938
1919-1947
1919-1928
199.500
8,000
2.500
225,000
900,000,
575,000
226,000
100.279
101.30
100.04
102.722
135,000
75,000
63,000
70,000J
5,000
100
126,000 101.44
11,000 102.90
140.0001 101.277
95,000/
100,000
7,000
15,400
1923-1927
100
100
100
1919-1929
101.30
5.500
2.500
300,000
500,000
500,000
1,500,000
48.000
3,750
111.000
1919-1928
10,200
1925-1947
22,600
1926-1930
15,000
1919-1933
20.000
1919-1938
64.000
1937
1937
1938
101.23
109.04
100.08
101.82
104,240
100
101.19
102.532
221033—-APtohretns,
Maturity.
Page.
Name.
Bate.
2116--Wheatland Co. 8 D. 6. Mont
2116 Woodfield, Ohio
6
2116--Youngstown, Ohio-.
—
5J4
665401032291191009322365644——.-.CHJKDaloeysmtnvpesgrrabwounlkddgt.,
-Lb
1920-1930
1921-1922
ties, covering 99 separate Issues)
Average date of maturity.
Amount.
Price.
3,600
100
3,600
100
66,000
6,000
104.699
100.619
1918 (77 munhd-
Total bond sales for November
23 2110190356657———..-TRSPNMoiepalrwditdrsismettoo,nunu,,h
...
6
2116—Youngstown, Ohio
a
4 Subject to call in and after the earlier
BONDS OF UNITED STATES POSSESSIONS.
Bate.
Name.
Rico (Republic of)
5612219935676—..WCMaaoillniyunedemts
4
We have also learned of the
Amount.
Maturity.
1927-1930 $500,000
Price.
98.644
following additional sales for
previous months:
Page.
Maturity.
Bate.
Name.
Ohio
2114 Bethany. Mo. (August)
2205— Big Creek Dr. D., Mo. (July).
2024 Bronson, Kan
2024 Butler Co. 8. D. No. 31. Kan.
2205 Carroll Co., Ind. (Sept.)
2024 Cheyenne County Sch. Dlst.
No. 77, Kan
2205 Chouteau Co., Mont. (July)—
Cleveland, Ohio
Ohio
1919-1924
<21929-1938
5H 1921-1938
1920-1935
6
1919-1923
5
1919-1928
4H
6
6
.
6
376,000
67.169
62,229
26,000
4H
1924-1933
1919-1928
1919-1928
1920-1923
150,000
7,000
20,000
10,000
2114.-Iron County Sch. Diet. No. 4,
Utah
(March).
Jasper County, Iowa (Jan.)
5
1919-1938
42,500
62,000
4&
6
5
6
5
5
County, Iowa (Sept.). 5
Impt. Dlst. No. 1. Ida. 7
6
920—KendaU Co., Tex. (Aug.)
Drainage District,
Miss. (August)S. D., Pa. (Sept.)
6
4X
2025—Lockport, N. Y
5
S. D.t Calif. (July)— 5
Colo. (April)
5H
2025—Mansfield, Ohio (Sept.) (3 las.) 5
622—Manville, Wyo. (July)
6
Miller County Levee Dist. No.
6, Ark. (Aug.)
6
Haven, Fla
6
2025—Ness Co. S. D. No. 85. Kan... 5
Castle, Wyo
6
1209—New Mexico (State of) (Sept.). 6
2115—O’Brien A Osceola Counties
Joint Drain. Diet. No.\6,
Iowa (Sept.)
L. 5*A
2025--Osborne County Sch. Dist. No.
38, Kan
5
1024.-Owensboro, Ky. (Sept.)
6
Mhm..—
5H
Pipestone Co. S. D. No. 1,
Minn
6
824—Pleasantville, N. Y. (Aug.)
5
Ohio (Aug.)
5
.
Putnam Co., Ind. (June)
2361
4M
2025—Rawson Village Sch. Dist..
Ohio (Sept.)
5
County Sch. Dist. No.
77. Kan
824—Riverton, Wyo. (Aug.)
Saluda, rfo. Caro
2115—San Bruno, Calif. (July)
1937--Seattle, Wash. (5 issues)
County S. D., Kan
312 Texas (State of) (July, 21 lss.).
Ohio
2026—Van Zandt Co. Road Dist.
...
No. 4. Tex.
(April)
41938-1948
1919-1922
1919-1938
1928-1933
1919-1923
41933-1948
1919-1938
47,000
10,878
1,000
15,000
10,000
100
100
100
<11928-1933
1919-1930
101.315
100.12
19194928
95,000
6,000
21,000
12,200
1920-1934
12.000
1919-1928
1919-1945
250,000
1928-1935
1938-1947
1924-1938
1920-1925
251,000
20,000
27,000
125,500
41923-1938
(July)
1211 ..Youngstown, Ohio (Sept.)
1211—Youngstown, Ohio (Sept.)
12lTjL Youngstown, Ohio (Sept.)
6
1929-1938
25,000
6
6
1920-1923
1921-1925
7,500
10,800
Au\the
above sales
1920-1924
issues
100
100
100.055
SOLD
BY
MUNICIPALITIES
IN
NOVEMBER.
Page.
Name.
Bate.
Price.
Maturity.
Amount.
1 Allanville School District.Sask.
1928
$2,600
2116—Badgerville Sdh. Dist., Sask—
2,000
(Victory Loan)
.650,000,000
5H
2116.-East Whitby Twp. S. D., Ont. 6
1838
8,000 100
2208 Gunn son School Dist., Sack..
98.27
2,500
800
2116—Kamsack, Sask
2208.-Pleasant Butte S. D., Sask
3,000
2116
Saskatoon, Sask
2,325
Creek Sch. Dist., Sask
2,800
2208—Sambor School District, Sask.
1928
2,600
2,000
2208—Stoney Plain Sch. Dist., Sask.
2208. .Tyner School District, JSask
750
2116.-Watson Creek Sch. Dist., Sask.
2.800
Total
_.
..
..
amount of debentures sold
in Canada
$650,032,175
during November 1918
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
Page.
_
Name.
Bate.
2116 Etna School District, Sask
2116
Fisher School District, Sask
2116—Griffin School District, Sask—
2116 Lancer School District, 8ask—
Cedar 8. D., Bask..
1856—New Westminster (B.C.(July)
2116.-Ruth School District, Sask
Maturity.
_.
_.
1923
Amount.
Price.
$2,400
2,100
2,500
3,500
2,500
170,000
2,500
—
All the above sales of debentures (except as indicated) took
These additional October sales make the
total sales of debentures for that month $1,818,400.
place in October.
municipalities comprising the second class cities
are
Third class cities had a total debt of $49,030,971 18. Of
the general bonds issued $18,429,673 80 were for city pur-
poses
and $7,614,884 17 for school purposes. Other bonds
.nding for 1917 were $13,285,98169 public utility
$4,616,039 54 assessment bonds and $2,006,635 81
general city
Of temporary loans $1,632,985
purposes
and $1,259,317 90 for school
Other indebtedness amounted to $236,053 02.
48 third class cities in the State of New York.
were
for
purposes.
There
are
Of the 466 villages in the State 335 reported indebtedness
78 report no indebtedness and 53 filed no report. The total
debt for the villages reported was $25,306,002 85; $14,575,601 78 general bonds and $9,803,839 90 public utility Donas
are the only outstanding bonded indebtedness.
Temporary
loans totaled $429,657 07; other indebtedness $444,703 83.
Of the 931 towns in the State 340 report indebtedness, 501
no indebtedness and 90 filed no report.
For those
towns reported the total debt was $9,726,230 39.
Outstand¬
ing bonds were divided as follows: $908,307 15 general,
$4,449,403 69 highway and bridge, $2,247,337 34 special
tax district and $1,327,297 34 railroad aid.
Temporary loans
aggregated $781,780 70, while other indebtedness amounts
to only $12,104 26.
Numerous discrepancies were discovered in the reports and
the Comptroller in speaking of this says:
report
25,125
will make the total sales
CANADIAN
get the county out of debt, it is stated.
New York State.—Debts of Municipalities.—The follow¬
ing figures are for the fiscal year ending Dec. 81 1917 and
are taken from the State Comptroller’s report iust issued.
The various municipalities of the State are classed as follows:
Counties, second class cities, third class cities, villages and
towns, and we present figures in that order.
The total debt for counties except those comprising the City
of New York at the end of 1917 was $88,549,816 98. In
these counties $8,965,757 09 construction bonds, $11,448,964 67 highway bonds, $2,516,676 18 refunding bonds and
$8,916,345 general bonds were outstanding, while temporary
loans for general purposes amounted to $1,042,002 34 ana
for highway improvements to $615,268 14.
Other indebt¬
edness totaled $44,303 56.
For cities of the second class the total bonds issued for gen¬
eral city purposes was $19,789,867 07 and for school pur¬
poses $10,168,752 55.
Public utility bonds aggregated $11,795,686 24, assessment bonds $5,208,731 95 and refunding
bonds $1,853,350. Temporary loans for general purposes
were negotiated to the amount of $4,588,592 41 and for
assessments $1,599,217 92.
General sinking funds totaled
$1,376,421 29 and water smiting funds $822,147 99. The
unding bonds.
102.65
100
100
(not including temporary notes) for that month $6,873,002.
DEBENTURES
Jefferson County (P. O. Louisville), Ey.—County id Be
Debt Free in December.—It is reported that on Nov. 29 County
Treasurer D. Clines was authorized by an order entered by
the Fiscal Court, to pay local banks $875,000 previously bor¬
rowed from the financial institutions to conduct the business
of the county on a cash basis. An additional $275,000 will
be paid in December which, with $100,000 already paid, will
Binghamton.
(except as indicated) are for October.
These additional October
Dec. 81 1918.
Syracuse, Albany, Yonkers, Utica, Schenectady, Troy and
100
100
100
5
convene on
Florida (State of).—State Legislature Convenes.—Pur¬
suant to a proclamation made on Nov. 15 by Governor Catts
—V. 107, p. 2028—the Florida State Legislature convened
in special session Nov. 25 to consider legislation prohibiting
shipment of liquor into the State after Jan. 1 next, when it
becomes “dry/’ stabilize labor conditions, amend the auto¬
mobile laws, provide farms for soldiers and provide funds
for public institutions.
It is understood that considerable opposition to the special
session developed because of the expense and because the
Legislature meets in regular session next April, but the
seven
100.125
2026—Witt. Ills. (July)
1937—Wood River Irrlg. Dlst., Ida.
5
100.375
30,000
2,500
4,000
58,000
16,000
1938
1919-1938
100
95
3,200 100
23.500 100
3.000 1/100
30,340
100
61,831
(U9234938
6
Mont
100.60
95
1919-1923
1919-1928
dl928-1938
500
1937—Wichita Falls Ind. S. D., Tex. 5
Co., Ohio (Sept.)... 5
100
100
100
97
100
59.500
200,000
Co., Ohio (Sept.)
5
1937—West Manchester Twp. Sch.
Dist., Pa
5
1937 Wheatland Co. S. D. No. 2,
100
100.088
101.378
100
16,000
1919-1923
6H
103
100
100
1919-1928
5
Venice Island Reclame. Dist.
No. 2023 Calif. (Sept.)
6
2026-.Verona Village Sch. Dist., Ohio 5H
Wan tonwan County, Minn
5
100.05
100,000
30,000
1,400
200,000
50,000
1938
7
5
5
100.80
1920-1926
41933-1948
1920
1919-1929
(11933-1948
1920-1934
1919-1923
5
6
6
97.24
100
100
38,000 1/100
95,000
44,000
6,218
5,000
16,000
10,260
17,000
Canada (Dominion of)*—Parliament to Convene.—The
Dominion Parliament of Canada prorogued to Nov. 25 will
Governor did not cancel his call.
In order to save time, it is planned to have four committees
of House and Senate members prepare measures and intro¬
duce half of them in the House ana half in the Senate. As
soon as a measure is passed by one branch it will be trans¬
ferred to the other.
100
100
100
9,000/
1928-1937
1948
1948
1928
4H
Price.
100
1,700 100
90,000
40,0001 fob'
600,000
10,000
Farms Reclamation Distrlct, Calif
6
.
$1,700
10,000
67,000
16,000
3,880
30.000
1919-1933
1926-1944
Corpus Christ!, Tex
5
Spec. S. D., Ark.(June) 6
1399—Detroit, Mich. (July)
1399—Detroit, Mich. (Aug.)
Tenn. (June)
2024--East Chicago A Indian Har¬
bor Sch.Corp., Ind. (July).
Grenada S. D., Calif. (Sept.).
Hardin County, Ohio
Kan. (February)
1921-1927
SH dl933-1938
1921-1923
5
10411
5
Amount.
NEWS ITEMS.
again
*325,868.676
—
year and mature in the latter year.
* Not including $42,913,900 of tem¬
porary loans reported, and which do not belong in the list,
x Taken' by
■fniring fund as an investment, v And other considerations.
Pace.
[Vol. 107
THE CHRONICLE
2204
During 1917. as in previous years, it was the policy of the Department
to confine its examinations to municipalities of the same class and to groups
of such municipalities in selected sections of the State. This was found
to be productive of more economical results.
As will be noted from the list of examinations made, third class cities and
towns were the subjects of special study and investigation.
Work was
undertaken in counties and villages only upon request of officials or others
interested, and not chen unless facts were presented which seemed to justify
immediate consideration.
It
desirable to state briefly certain findings and deductions which
demonstrate the wisdom of State supervision over municipal finances:
First. In the accounts of 24 of the 52 municipalities examined in 1917
discrepancies or shortages were found.
Second. Of the 24 discrepancies or shortages disclosed, 15 were of sums
ranging from $100 to $3,800, averaging $976 16.
Third. In the 38 examinations of the year, the scope of which included an
analysis of the legality of expenditures, it was found that in the aggregate
$79,436 39 was expended for purposes not legally chargeable against the
municipalities.
It may seem startling that a discrepancy or shortage of $100 or more
should be found in the accounts of one of every three municipalities examined.
......
Were that the experience of but one year it might be viewed as accidental,
but experience suggests that substantially the same ratio will be main¬
tained Tn making original examinations of the 1,500 or more municipalities
of the Stated
This conclusion is based upon the experience gained in 141
examinations made during the years of 1915, 1916 and 1917. In which dis¬
crepancies (Mr shortages were found in 60 instances and in 41 of which the
individual
amounts exceeded $100,
aggregating for the 60 $82,690 19.gfl
Dec. 7
1918.]
THE CHRONICLE
More.Inaccuracies are disclosed in the accounts of town officers than in
other class of officials whose accounts have been examined.
Inttie 75 townsexamined in 1915,1916 and
1917,33 discrepancies or short¬
ages were found, aggregating 357,647 26.
those of any
a[khterin <Uacrei)anc*®8 or shortages” Is used to Indicate deficiencies
In
Someof the deficiencies were occasioned by misappropriations
or pecu¬
lation of funds by officials and involved moral
turpitude. In several
instances of this character criminal
proceedings have been instituted and
tne offenders were convicted and
imprisoned. In other cases the dericiencles may be attributed to the failure to
keep accurate accounts and the
neglect of officials to correct errors In their favor. No disposition is in¬
tended to reflect unjustly on the
honesty of officials, but it Is noticeable
tuft* the number of errors made against the interests
of the
municipalities
greatly outnumber those made against the interests of officials. In another
class of cases the discrepancies in cash
may fairly be attributed to mis¬
takes difficult for the officer to detect because of
crude and imperfect
accounting methods.
Jain none of the instances where a discrepancy or shortage is reported does
aW>wr that the deficiency is based upon amounts said to have been il¬
legally expended, but in each instance it was found that less cash was in the
municipal treasury than should have been, assuming all payments to have
been legal.
Whether the shortage was caused by deliberate stealing, gross
carelessness or mistake, the effect upon the taxpayers was the same.
*
Ohio (State of).—Referendum Adopted.—Incomplete
reports on the vote cast upon the amendment to the Ohio
constitution, permitting a referendum upon Acts of the
General Assembly in ratifying Federal constitutional amend¬
ments, indicate its adoption, it is stated, by 193,000.
Oregon
(State of).—Vote
on
Proposed Constitutional
Amendment.—The vote on the seven measures proposed
at the general elections held Nov. 5 follows:
Two new normal schools, yes 49,965, no 66,021.
Home for delinquents, yes 43,237, no 65,291.
on
Credit.—Reference to
BOND CALLS AND REDEMPTIONS.
Bolivia (Republic of).—Bond Call.—It is now reported
on July 2 1918, at the office of J. P. Morgan & Co.,
drawing was held and that bonds numbered as follows—
that
47, 56, 107, 126, 127, 373, 405, 516, 653, 725, 981, 1056,
1057, 1069, 1071, 1174, 1212, 1323, 1371, 1412, 1413, 1497,
1553, 1617, 1618, 1797, 1968, 1969, 1970, 1983, 1986, 2121,
2122, 2123, 2124, 2125, 2182, 2218, 2250, 2344, 2408—were
drawn by lot for payment on Jan. 1 1919, pursuant to the
terms of said bonds.
Interest on the bonds so drawn will
cease on and after Jan. 1 1919.
Payment will be made on
or after that date at the office of J. P. Morgan &
Co., in
New York, or at the office of Morgan, Grenfell & Co., in
presentation of said bonds, with all
attached maturing on or after Jan. 1 1919.
London,
on
BOND PROPOSALS AND
this week have been as follows:
coupons
NEGOTIATIONS
ALLENDALE, Bergen County, N. J .—NOTE SALE.—The 35,000
5% park notes, offered without success on Oct. 24—V. 107, p. 2023—
were awarded on Nov. 26 to Cy Gousset at par.
Denom. 31.000. Date
Oct. 1 1918.
Int. A. Sc O.
Due Oct. 1 1923.
ASHLAND. Ashland County, Ohio.—BOND SALE.—The 34,000 6%
3-6-year serial storm-sewer bonds recently authorized (V. 107, p. 2023)
will be taken by the City Sinking Fund Trustees when issued.
ASHTABULA,
Ashtabula County, Ohio.—BOND OFFERING.—
City Auditor, will receive bids until 12 m. Dec. 28, it is re¬
for
3140.Q00
ported,
4H% grade-crossing bonds. Int. semi-ann. Cert,
check for 5% required.
BEAVER FALLS, Beaver County, Pa.—BONDS PROPOSED.—
Reports state that the borough is considering the issuance of 390,000 bonds.
BELL COUNTY SPECIAL ROAD DISTRICT, Tex.—BONDS REGIS¬
TERED.—We are advised through official communication that on Nov. 25
an issue of 3150,300 5% road bonds was registered.
Due 33,500 yearly.
BELL COUNTY COMMON SCHOOL DISTRICT NO. 19, Tex.—
BONDS REGISTERED.—The State Comptroller has registered an issue of
34,000 5% 15-year school bonds, we are advised.
BIG CREEK DRAINAGE DISTRICT NO. 2, Johnson County, Ark.
—BOND SALE.—G. H. Walker Sc Co. of St. Louis have purchased and are
now offering to investors at a price to yield 5.25%, an issue of 367,000
gu% tax-free bonds. Denom. 3500. Date July 1 1918. Prin. and
semi-ann. int. (A. & O.) payable at the office of the County Treasurer,
or may be collected through the purchasers’ office without charge.
Due
A. T. Faulkner,
yearly from 1921 to 1938 mcl.
BIGTIMBER, Sweet Grass County, Mont.—BOND OFFERING.—
Additional information is at hand relative to the offering on Dec. 16 of the
340,000 6% refunding water bonds, series of 1907—V. 107, p. 2114.
lSue Jan. 1 (939, subject to call Jan. 1 1929. Heart. check
reputable bank, for 31,000, payable to the city, required. Pur¬
blank bonds. Bonds to be paid for before Jan. 1 1919.
BOSQUE COUNTY COMMON SCHOOL DISTRICT NO. 1, Tex.BONDSREGI STERED.—On Nov. 25 an issue of 340,000 5% school bonds
was registered with the State Comptroller.
BOSQUE COUNTY COMMON SCHOOL DISTRICT NO. 3, Tex.—
BONDSREGI STERED.—An issue of 350,000 5% school bonds has been
registered with the State Comptroller.
BOSQUE COUNTY COMMON SCHOOL DISTRICT NO. 7, Tex.—
BONDS REGISTERED—On Nov 25 the State Comptroller registered,
Due 3500 yearly.
we are advised, an issue of 310,000 5% school bonds
BOSQUE COUNTY COMMON SCHOOL DISTRICT NO. 8, Tex.—
BONDS REGISTERED—The State Comptroller on Nov. 25 registered
an Issue of 340,000 5% school bonds
Due 31,000 yearly.
BOSOUE COUNTY COMMON SCHOOL DISTRICT NO. 47, Tex.—
BONDS REGISTERED —An issue of $2,000 6% 10-20-year school bonds
was registered on Nov
25 with the State Comptroller
BOSTON, Mass.—BOND SALE.—During November the Trust Fund
nnrchased at par an issue of $47,000 4Dorchester Tunnel bonds.
Date Nov. 1 1918. Due Nov. 1 1963.
BRIDGEPORT, Belmont County, Ohio.—NO BONDS PROPOSED.
of purchaser.
on some
chaser to furnish
stated that this dty contemplated Issuing
bonds—V. 107. p. 2024. We are now advised by
City Auditor that no bonds will be issued at present.
—Using newspaper reports we
$9,000 fire-apparatus
the
Conn.—BOND SALE.—On Nor.
Bridgeport were
bonds for
3696,683. eouai to 107.18. Denom. 31.000 Date Dec. 21918. Int. J. Sc D.
Due 326,000 yearly on Dec. 2. from 1923 to 1947 ind.
an
issue of 3650,000 5% 6-29-year serial sewer
BUFFALO, N. Y.—BOND SALE.—During the month of November the
aggregating 310,494 69 were purchased
by the Sinking Fund at par:
35.000 00 refunding water bonds. Date Nov. 1 1918. Due Nov. 1 1943.
5,494 59 monthly local work bonds. Date Nov. 15 1918. Due Nov. 15
following two issues of 4% bonds
Nov. 15 1919.
J1?"4*0" Co««ty. Ohio.—BOND SALE.—On Nov. 30 the
$5,000 5M% 7-11-year serial refunding bonds, dated Dec. 1 1918—V. 107,
awarded
to Weil, Roth Sc Co. of Cincinnati at
&1936—were
terest.
Other
bidders
were:
102.575 ana
Davies-Bertram Co., Cin__36,126 00 Durfee, Niles Sc Co., Tol—36,103 80
Otis Sc Co., Cleveland
5,121 40 Seasongood Sc Mayer, CinTillotson Sc Wolcott Co., Cl. 5,106 00
cinnati—
6,091 50
Graves, Blanchett Sc Thorn¬
W. L. Slayton Sc Co., Tol— 6,076 00
burgh, Toledo
5.104 75
CALHOUN COUNTY (P. O. Blountstown), Fla.—BOND OFFER¬
ING.—Further details are at hand relative to the offering on Dec. 9 of the
370,000 6% coupon State and road bonds—V. 107, p. 2114. Proposals
for these bonds will be received until 1 p. m. on that
day by the Board of
County Commissioners. Denom. 32,800. Interest ispayabie at the Bank
of Blountstown.
Due 32,800 yearly beginning Jan. 151924.
Cert, check
for 2%, payable to J. R. Peacock, County Clerk, required.
CANTON, Stark County, Ohio.—CERTIFICATES AUTHORIZED.—
On Nov. 18 the Council Finance Committee authorized the renewal of
340,000 certificates of indebtedness, it is reported.
CARROLL COUNTY (P. O. Delphi), Ind.—BOND SALE.—During
September the Meyer-Kiser State Bank of Indianapolis was awarded at
par and Interest 330,000 4$4% 1-10-year serial gravel road bonds.
De¬
nom. 3500.
Interest M. Sc N.
CASTRO COUNTY COMMON SCHOOL DISTRICT NO.
14, Tex.—
BONDS REGISTERED.—We are advised on Nov. 30 an issue of
32,000
5% 10-20-year school bonds was registered with the State Comptroller.
this is made m our “Current Events and Discussions’*
oolumns of this week.
a
^BRIDGEPORT. Fairfield County,
30 Harris, Forbes Sc Co. of New York and Hincks Bros, of
Jotatlyawarded
CASTRO COUNTY COMMON SCHOOL DISTRICT NO. 4.—
Tex.—BONDS REGISTERED.—During November an issue of 34,000
5%
10-20-year school bonds was registered with the State Comptroller.
Prohibiting fishing in Rogue River, yes 45,511, no 50,227.
Closing Willamette River to fishing, yes 55,659, no 40,893.
Delinquent tax bill, yes 66,652, no 41,595.
Fixing rates for legal advertising, yes 50,171, no 41,826.
Increasing State tax levy, yes 41,365, no 56,974.
Russia.—Payment of Interest
2205
CASTRO COUNTY COMMON SCHOOL DISTRICT NO.
19, Tex.—
BONDS REGISTERED.—An issue of 31,600 5% 10-20-year school bonds
was recently registered with the State
Comptroller.
CHOUTEAU COUNTY (P. O. Benton), Mont.—BONDS OFFERED
BY BANKERS.—Kauffman-Smith-Emert Investment Co. of St. Louis
are offering to Investors at a price to
yield 4.80%, an issue of 390,000
5H % 15-20-year (opt.) tax-free funding bonds. Date July 1 1918. Semi¬
annual int., payable in New York.
Financial Statement.
Real value taxable property
351,959,298
Assessed valuation taxable property
17,319,766
Net debt
585,000
Population, estimated, 20.000.
COLLIN, GRAYSON AND FANNIN COUNTY LINE COMMON
SCHOOL DISTRICT NO. 15, Tex.—BONDS REGISTERED.—On Nov.
25 an issue of 33,500 5 % 5-20-year school bonds was registered with the
State Comptroller.
COLORADO SPRINGS, El Pa»o County, Colo.—BOND SALE.—
During November the City Treasurer was authorized to sell 345,000 city
bonds to local clearing house banks.
The banks offered to pay 95 and int.
COLUMBIAVILLE, Lapeer County, Mich.—BONDS
proposition to issue 310,000 electric-light and water bonds
voted, only four votes being cast against it, reports state.
VOTED.—A
recently
was
COLUMBUS, Ohio.—BOND ELECTION PROPOSED.—It Is stated that
election is proposed to vote on a proposition to issue about 31,000,000
bonds.
BONDS AUTHORIZED.—An issue of 314,925 river channel impt.
bonds has been authorized.
*
an
COMANCHE COUNTY ROAD
REGISTERED.—We
DISTRICT NO.
2, Tex.—BONDS
specially advised that on Nov. 25 an issue of
374,000 6% 10-30-year road bonds was registered with the State Comptrol¬
are
ler.
CONVOY VILLAGE SCHOOL DISTRICT (P. O. Convoy), Van
Wert County, Ohio.—BOND OFFERING.—Sealed bids will be received
until 12 m. Dec. 20 by H. B. Leslie, Clerk Board of Education, for$2,000
5H% coupon school bonds. Auth. Sections 7625-7626 and 7627, Gen.
Code. Denom. $500. Date Dec. 20 1918. Int. M. & S. Due $500 each
six months from Sept. 15 1940 to Mar. 15 1942 incl.
Cert, check on some
solvent bank for 5% of the amount of bonds bid for, payable to the above
Clerk, required. Purchaser to pay accrued interest.
CORPUS
CHRISTI,
Mercantile-Union
Trust
Nueces County,
Co.
of Jackson
Fla.—BOND SALE.—The
was
awarded
during October
$600,000 5% sea-wall construction bonds. Denom. $1,000. Date Sept.
1 1918.
Int. M. Sc S.
Due yearly from 1919 to 1933. incl.
DETROIT, Mich.—BOND OFFERING.—George Engle, City Comptrol¬
ler, will require bids until 11 a. m. Dec. 16 for the following 4M % 30-year
coupon or registered tax-free general public impt. bonds: $250,000 issue
ana $100,000 issue.
Denom. $1,000. Date Dec. 1 1918. Prin. and
semi-ann. int. payable at the city s fiscal agency In New York or at the
City Treasurer s office, at option of holder. Bonds to be delivered at the
City Treasurer’s office. Cert, check (or cash) on any national bank in
the U. S. or any State bank in Detroit for 2% of bonds bid for required.
These bonds have been approved by the Capital Issues Committee.
Sealed proposals will, until the same hour of the same day, also be re¬
ceived for the purchase of said bonds to bear such rate of interest as the
Common Council of the city of Detroit may determine when considering
bids received by the Comptroller and by him reported to said Common
Council, it being in contemplation that the rate of interest then to be deter¬
mined will be the lowest rate of Interest named at which the prospective
purchaser will purchase said bonds at par.
DRUMRIGHT SCHOOL DISTRICT (P.
O. Drumright), Creek
County, Okie.—BOND OFFERING.—Proposals will be received until
2 p. m. Dec. 21 by Clerk Board of Education for 335,000 5% school bonds.
Denom. $1,000.
Interest semi-annual.
DUBUQUE COUNTY (P. O. Dubuque), Iowa.—BOND SALE.—It is
reported that the $88,000 bridge bonds recently declared Illegal
now
V. 107, p. 1936—have been purchased by Geo. M. Bechtel Sc Co. of Daven¬
These bonds are part of an Issue of $301,567 92 bonds offered on
port.
Sept. 10—V. 107, p. 1023—the remainder of which were also awarded to
Geo. M. Bechtel & Co.
ENGLEWOOD CLIFFS SCHOOL DISTRICT (P. O. Coytesville),
Bergen County, N. J.—BOND SALE.—On Dec. 5 the $18,000 5H%
1-18-year serial school bonds—V. 107, p. 2115—were awarded to the N. J,
Fidelity Sc Plate Glass Co. of Jersey City at par.
ESSEX COUNTY (P. O. Newark), N. J .—BONDS AUTHORIZED.—
On Oct. 10 a resolution was adopted by the Board of Chosen Freeholders
authorizing the issuance of $119,000 5% gold coupon (with privilege of
registration) tuberculosis hospital bonds. Denom. $1,000. Date Dec. 1
Prin. and semi-ann. int. (J. Sc D.) payable at the U. S. Mtge. Sc
1918.
Trust Co.. N. Y.
Due yearly on Dec. 1 as follows: $5,000 1919 to 1928
incl., $6,000 1929 and $7,000 1930 to 1938 incl.
FISHER COUNTY ROAD DISTRICT NO. 8, Tex.—BONDS REGIS¬
TERED.—From official
sources we
understand that
on
Nov. 26 the State
Comptroller registered an issue of $60,000 6M % road bonds. Due $2,000
yearly.
FISHER COUNTY ROAD DISTRICT NO. 4, Tex.—BONDS REGIS¬
TERED.—The State Comptroller on Nov. 26 registered we are advised,
an issue of $100,000 5H% road bonds.
Due $3,000 yearly.
GLENWOOD SCHOOL DISTRICT (P. O. Glen wood), Pope County,
Minn.—BOND SALE.—Recently the State of Minnesota purchased at
par $21,027 4% 20-year floating indebtedness bonds, we are advised.
Int.
annual.
[Vot. 107
THE CHRONICLE
2206
GRENADA SCHOOL DISTRICT (P. O. Ynk»), Siskiyou County,
Calif.—BOND SALE.—The $7,000 6% 1-10-year aerial school bonds
offered on Boot. 2—V. 107, p. 919—have been awarded to L. E. Guilbert
of Yreka at 103.
HARTFORD. Hartford County, Conn.—NOTE SALE —The Equita¬
ble Trust Co. of N. Y. has purchased and Is now offering to inrestors at a
price to yield 4.20% an issue of $800,000 4W% coupon permanent impt.
notes.
Denom. $1,000.
Date Dec. 2 1918. Prin. ana semi son. tot.
(J. A D.) payable to New York City. Due yearly on Dee. 1 from 1920
to 1927 industre.
HASTINGS, Barry County, Mich.—BOND SALE.—On Dec. 2 the
National Bank purchased at par an issue of $5,000 bonds.
HOBOKEN, Hudson County, N. J.—BOND BALE*—On Dee. 3
the 5% gold coupon (with privilege of registration) refnadhgr bonds, not to
A Co., J. S. Bfople A
Geo B. Gibbou.
Gibbons «■»
w.,
£Oo.±
Hodges A Co., A. B.
ww..
Horn
blower A Weeks.R. M. Grant A Co.,
uwuvwna
nris. Porbes
A Co.,
vw., w,»,
v» w «.
w., RemickNational City Co.,
Harris
«v«*»,
Leach A Co., and William Salomon A Co.
JACK COUNTY COMMON SCHOOL DISTRICT NO. 4, Tmju—
BONDS REGISTERED.—An issue of $1,500 5% 10-20-year school bonds
has been registered with the State Comptroller.
JOHNSTOWN, Cambria County, Pm*—BOND OFFERING.—Pro¬
posals will be received by H. W. Sefdc, City Treasurer, until 12 m. Dec.
30 for $200,000 4M% j<Hrear tax-free sanitary sewer, garbage disposal
and highway impt. bonds of 1918.
Denom. $1,000. Int. M. A S. Pur¬
chaser to pay accrued interest.
KANSAS CITY. Kans.—BOND SALE.—During November $50,000
Impt. bonds was sold.
KANSAS CITY, Uo^—CEMtIFICA TB SALE.—On Nov. 30 the $197,154 90 5% 1-10-year serial Condemnation Fond certificates for Union
Station approaches, mentioned in V. 107, p. 2025, were awarded to Cooper,
Neil, Wright A Co. of Kansas City at par. Date May 13 1918.
m LAKELAND, Polk County, Fla.—BOND OFFERING.—Reports state
that proposals will be received until 2:30 p. m. Dec. 23 by H. L. Swatts.
City Cleric, for $15,000 6% 1-10-year serial impt. bonds. Int. seml-aan,
LAMAR COUNTY COMMON SCHOOL DISTRICT NO. 14. Tex.—
BONDS REGISTERED.—On Dec. 2. an issue of $3,800 6% 10-20-year
school bonds was registered with the State Comptroller, we are advised.
LANSING, Mich.—BOND ELECTION PROPOSED.—Local papers state
that the City Council has passed an ordinance calling for a special election
Dec. 28 to vote on a proposition to issue $25,000 water-works impt. bonds.
LA VINA SCHOOL DISTRICT (P. O. Madera), Madera County.
Calif.—NO BIDS RECEIVED.—No bids were received for the $12,000
5% 1-12-year school bonds offered Sept. 4—V. 107, p. 420.
LIBERTY COUNTY ROAD DISTRICT NO. S. Tex.—BONDS REGIS¬
TERED*—From special advices we learn that an Issue of $125,000 6H%
20-30-yr. road bonds was registered with the State Comptroller on Nov. 25.
Bonds to be delivered and paid toe
Purchaser to pay accrued Interest.
NEW MEXICO (State
bonds, aggregating $18,713 81 (V. 107,
p. 1936), were awarded to the Wm. R. Compton Co. of Cincinnati as fol¬
lows: $16,213 81 3-7-year serial city’s portion for $16,581 16 (102.265-f);
$2,500 1-10-year serial refunding toe $2,540 25 (101.61).
Other bidders
were:
City’s Portion. Refunding.
$2,500 00
$16,213 81
*$16,588 35
1,503 10
16,550 81
$19,033
2,527 60
16,552 00
2.526 00
16.440 61
2,615 75
16,340 27
Breed. Elliott A Harrison
Spitzer, Rorick A Co
Brighton Bank A Trust Co
Seasongood A Mayer
Durfee, Niles A Co
W.L. Slayton A Co
*
Although this bid appears hither than that of the purchasers, it Is so
officially reported to us by the City Auditor.
Lucas County (P. O. Toledo), Ohio.—NO ACTION YET TAKEN.—
No action has yet been taken looking toward the issuance of the $250,000
Soldiers’ and Sailors’ Memorial Building bonds, mentioned in V. 107,
2025.
LUVERNE, Kossuth County, la.—BOND SALE.—An issue of $8,000
5H% water-extension bonds offered on Nov. 1 was awarded on that day
to white A Co. at par.
Date Nov. 1 1918. Int. M. A N. Due Nov. 1
p.
1938.
MADISON SCHOOL DISTRICT (P. O. Woodland), Yolo County.
Calif.—BOND SALE.—On July 1 the $5,000 5% school bonds, voted
during May (V. 106, p. 2250) were awarded to the Bank of Woodland at
par and interest.
Denom. $250. Date June 3 1918. Int. J. A D. Due
$250 yearly from 1919 to 1938, tod.
MAINE (Stats of).—BOND SALE.—On Dec. 4 the $500,000 4% taxfree coupon war loan bonds—V. 107, p. 2115—were awarded to Wm.
Salomon A Co. of New York at 98.59.
Date Dec. 1 1918.
Due $50,000
yearly on Dec. 1 from 1923 to 1932 tod., subject to call at 103 and tot.
>ec. 1 1923 or any interest-paying date thereafter.
Other bidders were:
Hornblower A Weeks, N. Y 96.918
Merrill, Oldham A Co., Bost.9’
Merrill Trust Co
Maynard 8. Bird A Co
\
Hurls, Forbes A Co
>97.536 Blodgett A Co., Boston
96.524
H. C. Payson A Co
Lee, Higginson A Co., N. Y.
)
Chas. H. Gillman A Co
Edmunds Bros., Boston
96.34
J
E. H. Rollins A Sons, Boston.97.289 A. B. Leach A Co., Boston! ZZ95 48
National City Co., N. Y
96.69
BIDS REJECTED.—On the same day the following bids received for
the $218,500 4% tax-free coupon highway bonds due Dec. 1 1920—V. 107,
p. 2115—were rejected:
1
Blodgett A Co., Boston
1100.02 Merrill Trust Co
Lee, Higglnson A Co., N. Y.j
Harris, Forbes A Co
>100.00
A. B. Leach A Co.. N. Y
100.01 H. C. Payson A Co
]
Hornblower A Weeks, N. Y_ 1100.00 Chas. H. Gillman A Co
J
Maynard S. Bird A Co
j
W MAYFIELD, Santa Clara
County. Calif.—BONDS TO BE OFFERED.
—We have been advised that the $6,000 6% storm-sewer bonds mentioned
to V. 107, p. 1024, will be offered about June 11919.
MERCED COUNTY (P. O. Merced,) Calif.—OFFICIAL
VOTE.
—The official vote polled on Nov. 5 upon the proposition to issue
$1,250,000 5% 3-32-year tax-free gold
coupon highway bonds—V. 107.
1937—was 2.802 “for” to 1,168 “against.” Denom. $1,000. Date
Prin. and semi-ann. tot. (J. A J.) payable to Merced. The
above bonds, we are advised, will not be offered before July 1 1919.
MIFFIN TOWNSHIP SCHOOL DISTRICT (P. O. Homestead),
p.
July 1 1918.
Allegheny County. Pa.—BONDS TO BE OFFERED SHORTLY.—The
$90,000 school bonds, recently voted-(V. 107, p. 2025) will be offered
shortly, we
are
advised.
MINERVA SCHOOL DISTRICT (P. O. Minerva),* Stark County,
Ohio.—BOND SALE.—On Nov. 29 the $3,900 6% school bonds dated
April 1 1918—V. 107, p. 1937—were awarded to Stacy A Braun of Toledo
for $4,144 75, equal to 106.275.
Due $500 yearly on April 1 from 1929 to
1935 tod. and $400 April 1 1936.
Other bidders were:
F. C. Hoehler A Co., Tol
$4,135 50 Brighton Bank A Tr. Co_.$4,089 50
Seasongood A Mayer, C!n_ 4,135 00 Terry. Briggs A Co
4,072 00
Hanchett Bond Co., Chic. 4.069 00 W. C. Thornburg. Toledo. 3[945 00
TillotsonAWoJcottCo.,Tol_ 4,025 58
(And Immediate converting of
W. L. Slayton A Co.. Tol.. 3,943 29 ^ y bond tot. to 5H%-) *. s- *** P
""MISSOULA COUNTV SCHOOL DISTRICT1 NO. $4 (P. OZcirf^ttr,
Mont.—BOND SALE POSTPONED.—The $2,500 6% bonds offered on
Oct. 15 (V. 107, p. 1496) were not sold as the sale was postponed until
next spring, we are advised.
O' Portsmouth), Scioto County. Ohio.—
BOND OFFERING.—Proposals will be received until 12 m. Dec. 16 by
M. H. Bridwell, Village Clerk, for $11,000 6% coupon special assessment
bonds. Auth. Sec. 3914 Gen. Code.
Denom. $500.
Date Oct. 1 1918.
Int. semi-win. (A. A O.) payable at the office of the Village Treasurer.
Due $1,000
yearly on Oct. 1 from 1919 to 1929, tod. Cert, check for 5%
of the amount or bonds bid for, payable to Village Treasurer, required.
ct)*-B0ND8 DEFEATED.—U Is repotted
that incomplete reports tend to show that an amendment to the State
Constitution to issue $200,000 capital building extension bonds has fUDed.
“NEW ROCHELLE, Westchester County, N. Y*—BOND OFFERING.
proposals will be received until 11 a. m.Dec. 11 by Barry A.
Archibald! City Comptroller, for toefdtowta* 6% registered brads:
$64,500 00 school brads. Denoms. 64 for $1,000 and 1 for $500. Dot
yearly on May 1 from 1924to 1935 tod., and $4,500
fKoOO
May 11936.
11.637 50 municipal improvement bonds. Denoms. 11 for $1,000 and
1 for$637 So. Due $2,000 yearly on May 1 from 1921 to
—Sealed
*
1925 mcl^jmd $637 60 May 1 1926.
Date Dee. 1 1918. Prin. and semi-ann. int. CM. A N.) payable at the
office of the City Treasurer, but interest wm, at the request of the regis¬
tered holder, be remitted by mall in New York exchange. A deposit in
cash or a certified check on some advent banking corporation loorted in
New York or any national tank for 2% of the amount of bonds bid for.
payable to the city, required. Bids must be upon minted form furnished
by the above City Comptroller. Bonds to be delivered at the office of the
U. S. Mtge. A Trust Co. of N. Y. at 11 a. m. Dec. 18 1918. or as soon
thereafter as bonds can be prepared. The bonds which have been approved
by the Capital Issues Committee, will be engraved under the supervkton
of the U. 8. Mtge. A Trust Co. of N. Y., which will certlfir as to the grantee*
ness of the signatures and the seal thereon, andtheir legality wip be ap¬
proved by Caldwell A Maaslicb of New York, whose optoira will be fur¬
nished purchaser. Purchaser to pay accrued Interest.
NEW YORK CITY.—BOND SALE.—During the month of November
the City Stoking Fund purchased at par'three Issues of 3% aamasment
bonds, aggregating $450,000, due on or after Jan. 2 1919.
..
TEMPORARY LOANS.—The following short-term securities, consisting
of revenue bonds and bills, tax notes
and corporate stock notes, aggre¬
gating $39,418,900, were also issued during
November:
Bills, 191$, Aggregating $22,$00,000.
Int. Rate.
Maturity.
4.45%
Feb. 181919
4.45%
Feb. 101919
4.45%
Jan. 241919
Revenue
Amount.
$5,000,000
2,400,000
1,100,000
6.000,000
4,000,000
5.000.000
$2,500,000
2.500,000
1500!000
109,000
Dote Sold.
Nov. 19
g«r*20
Nov. 20
4.40$
Nor. 21
Nov. 22
Nor. 26
Feb. 21 1919
Feb. 41919
Mar. 171919
Revenue Bills, 1917, Aggregating $$,<09,000.
4.45%
Jan. 15 1919
4.45%
Feb. ,17 1919
4.45%
Feb. 201919
4.40%
On demand
4.40%
4.40%
Nor. 15
Nov. 15
Nov. 20
Nor. 29
Special Revenue Bonds, 1918, Aggregating $754,900.
$4,900
750,000
4%
LORAIN, Lorain County, Ohio.—BOND SALE.—On Dec. 4 the two
issues of 5 H % coupon street-unpt.
within 10 days from time of award.
Nor. 7
Nov. 20
Aggregating $150,000.
On or after Jan. 2 1919
Nor. 20
On
Tax Notes,
*3%
$250,000
Nov. 7 1919
after Jan. 2 1919
%
or
Corporate Stock Notes, Aggregating $9,10$,000.
Various Municipal Purposes.
Mar. 10 1919
4.45%
$1,800,000
On demand
*3%
500.000
Water Supply.
Feb. 10 1919
4.45%
$600,000
Mar. 20 1919
4.45%
50.000
Rapid Transit.
Mar. 10 1919
$200,000
Feb. 10 1919
1.000,000
Mar. 17 1919
4.000.000
Mar. 20 1919
On demand
On demand
On demand
350,000
250.000
500.000
55,000
Nor. 13
Nor. 25
Nor. 20
Nor. 20
Nor.
Nor.
Nor.
Nor.
Nor.
Nov.
Nor.
13
13
20
20
20
20
22
♦Purchased at par by the Sinking Fund.
During November there were also taken by the Stoking Fund three issues
of 3% “General Fund” bonds, aggregating $16,500,000. maturing Nov. 1
1930 and issued to accordance with the law passed to 1903 for the purpose
of releasing the surplus revenue of the Stoking Fund of the old City of N. Y.
NIAGARA FALLS, Niagara Countv. N. JT—BOND
Nov. 27 the following three
SALE.—On
issues of 5% registered bonds, aggregating
15,000 municipal
bonds
building
to Geo.
Gibbons A Co. of „
N. Y.
{55,000—V.
107, p.basis
1856—were
awarded
as B.follows:
_ at
108.19.
of 445%. Date Aug. 1 1918. Due Aug. 1 1943.
a
13,500 park bonds to Geo. B. Gibbons A Co. of N. Y. at 108.43, a basis
of 4.45%.
Date Aug. 1 1918. Due Aug. 1 1944.
,
26,500 sewer bonds to Hornblower A Weds of N. Y. at 104.11, a basis
of 4.46%. Date Oct. 1 1918.
Due $13,500 fan. 1 1928 and
$13,000 Jan. 1 1929.
NORFOLK, Norfolk 9>«nt7;Var-N0 ACTION YET TAKEN>No action has yet been taken looking towards the issuance of the $70,000
water-works-impt. bonds recently authorized.—V. 107, p. 2025.
NORTH ARLINGTON SCHOOL DISTRICT (P. O. North Arling¬
ton). Bergen County, N. J.—BOND SALE.—On Dec. 3 the 5% coupon
(with privilege of registration) school bonds—Y. 107, P- 2025—-were
awarded to R. M. Grant A Co. of New York for $26,004, equal to 100.015.
The New Jersey Fidelity A Plate Glass Co. bid par for $26,000.
NORTHEAST SCHOOL DISTRICT (P. O. Hartford), Hartford
County, Conn.—BONDS PROPOSED.—This district proposes to Issue
$250,000 for school-building purposes.
OAKLAND COUNTY (P. O.JPontlac), Mich.—BONDS PROPOSED.—
Local papers state that the Capital Issues Committee has been asked to
permit the issuance of $250,000 road-impt. bonds.
OREGON (State of).—BOND OFFERING.—Further details are at hand
relative to the offering on Dec. 10 of the $250,000 4% State highway
bonds (V. 107, p. 2115).
Proposals for all or any part of these bonds will
be received until 11 a. m. on that"day by Roy A. ifiein. Secretary of State
Highway Commission (P. O. 1301 Y©on Buflding, Portland).
Auth.
Chap. 423. Laws 1917. Denoms. $1,000 each, «*cept> that 7th brad will
Date Dec. 1 1918. frta- and interest
be issued in denom. of $250.
at the office of the
payable at the office of the State Treasurer, Salem.
Fiscal Agency of the State to New York City.
Due $6,250 April 1 1924,
and a like amount each April 1 and Oct. 1 thereafter, until full amount is
paid.
Cert, check for 5% of amount of bid payable to the State Highway
Commission, required. The legality of this Issue has been passed on by
Storey. Thorndike, Palmer A Dodge of Boston, and an approving optoira
will be furnished to the
successful bidder.
The bonds haves been^approved
Ijy the Capital Issues Committee. Assessed value 1917, $928,605,570 36.
PARKER COUNTY COMMON SCHOOL DISTRICT NO. $6, Tex-—
BONDS REGISTERED.—An issue of $700 6% 5-10-year school bonds wap
registered with the State Comptroller on Nov. 25.
PASSAIC. Passaic County, N. J.—BOND OFFERING.—Sealed bids
by A.P-•
will be received until 1030a.
for an issue of 5% tax-free general impt. bonds, not to exceed
Bonds may be registered as to principal and Interest.
Denom. $1,000.
Date Dec. 1 19UL
Prin. and semi-ran.
Passaic National Bank, Passaic, or the Chase National Bank, N. Y.
nx.Dec.26
Dueyeariy
onDectlas follows:
iSurrffi^Frrnnfi*
$157,000.
$4,000 1919 to 1926, toed., rad $5,000
1927 to 1951, tad. Cert, check tor 2% of Issue required. The bonds,
which have been approved by the Capital Isnire Committee .will be cer¬
tified as to their genuineness by U. 8. Mtge. A Trust Co.,N. Y., rad their
Ddafleld A Longfellow of N. Y.,
thereto mvcontroversy or litigation pending or threatened concerning the
validity of these bonds, the corporate existenoe or boundaries of toe muni¬
cipality or the title of present officials to their respective offices .andthat
there has never been ray default to the payment of ray of the dty s
legality will be approved by Hawkins,
whose opinion wul be furnished
purchaser. Official circular states tow
obligations.
Dec. 7 1918.]
THE CHRONICLE
Financial Statement*
valuation of real and person*! property, equalized
...,yT,. •JTu
11918 (indudbig this Issue)
for 1918
'
*-164,964.70100
Total bonded debt. Not.
3,409.750 00
Ftojting debt or other debt in addition to bonded debt, .
* IMS
680.670 93
Sinking fund. Oct. 17 19184714270 62
Value of property- owned by municipality.62,843,862 94
_Census) 1910. 54J73; (State Census) 1916, &U225;
1918 (est.), 67,500.
-
-
*
—
-
Tax rate, 1918, 61 92.
PENDLETON, Umatilla County, Ora.—DESCRIPTION OF BONDS.
PITTSFIELD, Berkshire County. Mass.—TEMPORARY LOAN.—
of6200,000 issued in anticipation of revenue,
On Dec. 3 the temporary loan
dated Dee. 4 1918 and maturing June 4 1919 V. 107. p. 2115—was
negotiated, with the Commonwealth Trust Co. of Boston on a 4.19%
discount basis:
,
$500,000 4H% Issue of 1917. Int. semi-ann. Due Sept. 11937.
^500,000 4Issue of 1917. Int* semi-ann. Due Dec. 11937.
1,500,000 5% issue of 1918. Int. semi-ann. Due May 15 1938.
^ST^PAUL, Minn.—BOND SALE.—On Nov. 27 the following two issues
of 5% 10-year coupon (with privilege of registration) tax-free water works
refunding bonds, aggregating 6235JOOO, were awarded to E. H. Rollins
ft Sons, for $238,003. equal to 101.&77.
6140,000 bonds. Date Jam. 2 1918.
95.000 bonds.. Date Jan. I 1919.
The following is the list of bids:
-
.
“—The 620,000 6% water bonds, recently voted (V. 107, jp. 1937) are in
denom. of $14)00 and are dated Jan. 11919. Int. J. ft J. Due in 10 years,
subject to call $2,000 yearly.
_
2207
Discount.
_
Salomon Bros, ft Hutzler, N. Y
4.21 %
Trust Co., Boston
Oldpolony
S. N.
ft
—4.25%
Bond
Co.. N. Y
Blake Bros, ft Go., Boston
Premium.
65.00
6 50
4.25%
6 25
4.39%
PLATTSBURGH, Clinton County, N. Y.—BOND OFFERING.—
Farther details are at hand relative to the offering on Dec. 10 of the 618,000
±H% tax-free coupon or registered water refunding bonds (V. 107, p. 2115).
Proposals for these bonds will be received until 7:30 p. m. on that day by
W. A. Childs, City Clerk. Denom. 6500. Date Jan. 1 1919. t: Int. J. ft
J.
Doe 61 <000 yearly from 1920 to 1937, incl. Bonded debt (including
——
_
tide issue), Dec. 1 1918. 6383,500.
Floating debt (addl) 622,000.
sessed value, 1918. 66.281,490. Total tax rate (per 61.000). 645.00.
As¬
prPOMPTON LAKES, Passaic County, N. J.—BOND OFFERING.—
Proposals will be received by J. Frank Cornelius, Borough Clerk, until
8 p. m. Dec. 10 for the following 5H% coupon (with privilege of regis¬
tration) bonds not to exceed the amounts mentioned below:
656,000 electric-light and power bonds. Dater June 1 1918. Due 62,000
June 11920 and 63,000 yearly on June 1 from 1921 to 1938, incl.
27,000 funding bonds. Date May 11918. Due 62,000 yearly on May 1
from1919 to 1930. incl., and 63.000 1931.
Denom. 61,000. Prin. and semi-ann. int. payable at the First National
•
Amount.
w
_
E. H. Rollins ft Sons
Merchants Trust ft Savings
Wells-Dickey Company
Livingston ft Co
Seasongood ft Mayer
*6235.000
.
Bank
\
Remick, Hodges ft Co.
Stacy ft Braun
235,000
Kissel-Kinnicutt ft Co
Blake Bros, ft Co
,
Continental ft Commercial Trust ft Savings
Bank
•
.3
The Minnesota Loan ft Trust Co
The National City Co
follows:
6115.648 10 to Carstens ft Earles, Inc., of Seattle at 104.03,
.
a
basis of
4.54%.
53,000 00 to City Treasurer Adams at par.
Deaoms. not to exceed 61,000. Date Nov. 1 1918. Prin. and semiann. int. payable at the City Treasurer’s office.
PORT OP SEATTLE (P. O. Seattle), King County, Wash,—BOND
OFFERING.—Proposals will be received until 2 p. m. Dec. 11 by W. A.
Lincoln, Auditin' of Port, for the 61.990,000 26H-year aver, terminal
bonds, at not exceeding 5H% interest, recently voted —V. 107, p. 1401—
Date Jan. 1 1919. Cert, check for 1& required.
PORTO RICO.—BONDS OFFERED BY BANKERS.—On a preceding
page of this issue Redmond ft Co. of New York are offering at par and int.
6500,000 4% Porto Rico bonds recently awarded their company.
PORTSMOUTH, Va*—BOND SALE.—On Nov. 22 R. M. Grant ft
Co. of N. Y.
awarded at 100.75
Date Dec. 1 1918.
issue of 6600,000 0% water bonds.
Int. J. ft D. Due Dec. 1 1948.
were
Denom.61,000.
RIDGEFIELD PARK, Bergen
an
First National Bank of Ridgefield Park.
Due yearly on Aug.
1919. Cert, check (or cash) for 2% of bid. payable to the
1 beginning
“Village 6?
Ridgefield Park,’’ required. Bonded debt (incl. this issue) Nov. 30 1918
6238.500. Floating debt (addl) 6199,626.
Sinking bind, 6142,424.
Assessed valuation 1918, 66,850,774.
State and county tax rate (per
61.000) 1918 is 610.719. Total tax rate (per 61.000) 631.60.
RIPLEY SCHOOL DISTRICT (P. O. Ripley), Brown County, Ohio.
—BOND SALE.—On Nov. 29 Davten-Bertram Co. of Cincinnati was
awarded 62,500 5% coupon refunding bonds at 100.04.
Denom. 6500.
Date Nov. 29 1918. Int. M. ft N. Due Nov. 29 1938, subject to call
10 yean after date.
ROBERTSON COUNTY COMMON SCHOOL DISTRICT NO. 66,
Tex.—BONDS REGISTERED.—On Nov. 29 an issue of 61,200 5% 5-42year school bonds was registered with the State Comptroller.
ROCHESTER, N. Y.—NOTE SALE.—On Dec. 2 the 620.000 Plymouth
and Brooks Avenue overflow sewer notes, payable 8 months from Dee. 6
1918 at the Central Union Trust Co.. N. xwere awarded to S. N. Bond
ft Co. of N. Y. at 4.375% interest plus 61-25 premium.
ROCKY RIVER, Cuyahoga County, Ohio.—BOND OFFERING.—
Proposals will be received by Frank Mitchell, Village Clerk, until 12 m.
Dec. 26 for 663,000 5% coupon water, light and power-plant purchasing
bonds.
Denom. 61,000.
Date Dec. 15 1918. Int. semi-ann. Due as
follows: 61.000 yearly on Oct. 1 from 1925 to 1934 ind., 61,000 each six
months from Apr. 1 1935 to Oct. 1 1954 ind.
Cert, check for 6500.
payable to the Village Treasurer, required. Bonds to be delivered and
paid far within 10 days from time of award.
SALUDA, Polk County, No. Caro.—BOND SALE.—During October
the 63.000 6% water-works bonds, mentioned in V. 106, p. 1820, were
awarded to the Carolina State Bank of Saluda, at par and interest and cost
of legal opinion, lithographing and printing of bonds.
Denom. 6200.
Date Oct. 1 1918.
Prin. and semi-ann. int. (A. ft O.) payable at the
National Park Bank, N. Y.
Due 6200 yearly on Oct. 1 from 1920 to 1934
ind.
SAN FRANCISCO, Calif.—BONDS APPROVED.—Reports state that
the Capital Issues Committee has
an
approved the issuance of 61.000,000
issue of 617,000,000 applied for.
SAN JOAQUIN RECLAMATION DISTRICT NO. T56, Calif
BONDS OFFERED BY BANKERS.—On a preceding page of this issue,
W. P. Blakewell ft Co. of Los Angeles are offering in an advertisement
the 6401.250 6% 10-15-year serial redamation tax-free bonds recently
awarded their company.—V. 107, p. 1762.
SCHENECTADY, Schenectady County, N. Y.—BOND SALE.—
xNov. 29 the City Controller purchased for the Police Pension Fund
issue of 65,500 5)4-year average bonds at par for 4j£s.
Int. J. ft J.
SCOTIA, Schenectady County, N. Y.—BOND SALE.—On Nov. 4
the Village Treasurer was awarded at par 62,500 4% fire-alarm bonds.
Denom. $500.
Date Aug. 1 1918. Int. F. ft A. Due 6500 yearly on
Aug. 1 from 1923 to 1927. ind.
SCURRY COUNTY COMMON SCHOOL DISTRICT NO. 61, Tex.—
BONDS REGISTERED.—An issue of $1,200 5% 20-year school bonds was
registered with the State Comptroller on Nov. 25.
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. O. Sioux
City), Woodbury County, Iowa .—BOND SALE.—On Nov. 19
a syn¬
dicate composed of the William R. Compton Go., the Continental ft Com¬
mercial Trust ft Savings Bank and A. B. Leach ft Co. were awarded 6300,000
6% refunding bonds at 101.30.
Int. J. ft J.
Due 625.000 yearly
6100.000 Jan. 2 1929.
Denom. 61,000.
on
Date Jan. 2 1919.
Jan. 2 from 1919 to 1928, ind., and
SNYDER, Scurry County, Tex.—BONDS APPROVED.—At an elec¬
a proposition to issue 6200,000 road bonds was unani¬
mously favored, it is reported.
SOUTH DAKOTA (State of)*—BOND SALE.—The State has dis¬
posed of the following three issues of rural credit coupon bonds, aggregating
tion held Nov. 30
62,500.000:
923 55
8.906 50
>%
\%
235.000
235,000
140,000
140,000
95.000
95,000
9,162 65
232 65
6,309 00
989 00
*«#
M28S8
9,511 00
235,000
235,000
235,000
235,000
{
210,000
25,000
235,000
[
53 00
10,528 00
1,386 00
164 07
235,000
This bid was submitted in addition to the bid upon
awarded the bonds.
10.00
11,021 50
which they were
were
SPRINGFIELD, Hampden County, Mess.—TEMPORARY LOAN.—
On Nov. 29
a temporary loan of 6500,000, dated Nov. 30 1918 and maturing
April 10 1919. was awarded to the Old Colony Trust Oo. of Boston, on a
4.24% discount basis, plus a premium of $5. Other bidders were:
Discount.
Premium.
Blake Bros, ft Oo., Boston
4.24%
63,000
Salomon Bros, ft Hutzler, Boston
.......4.28%
8. N. Bond ft Oo.. N. Y
4.30%
SULPHUR SPRINGS. Hopkins County, Tex.—BONDS REGIS¬
TERED.—Through official communication we are advised that on Nov. 25
610,000 5% street-impt. and $20,000 5% funding bonds were registered with
the State Comptroller.
Due $500 yearly on both issues.
TARRANT COUNTY COMMON SCHOOL DISTRICT NO. 6, Tax.—
BONDS REGISTERED.—An issue of $2,000 5% 20-year school bonds was
registered with the State Comptroller on Nov. 30.
TAYLOR COUNTY COMMON SCHOOL DISTRICT NO. 6, Tex.—
BONDS REGISTERED.—On Nov. 27 an issue of $2,000 5% 10-20-year
echoed bonds was registered with the State Comptroller.
.....
......
County, N. J .—BOND OFFERING.—
Proposals will be received by the Village Board of Commissioners, N. D.
Starker, Clerk, until 9 p. m. Jan. 1 few an issue of 5% coupon gold assess¬
ment and impt. bonds not to exceed 642,000.
Denom. 61,000 and 6500.
Date Aug. 1 1918.
Prin. and semi-ann. int. (F. ft A.) payable at the
Hetch-Hetchy bonds of
*
11,914 50
10.347 05
9,447 00
117 50
\
I
*10,181
00
8,295 50
235,000
235,000
7
Northwestern Trust Oo
980 00
7,167 50
Wm. B. Compton Oo..
Kalman. Matteson ft Wood
t
6,533 00
235,000
Minneapolis Trust Co.
White. Grubbs ft Co
Homblower ft Weeks.
R. M. Grant ft Co
Harris Trust ft Savings Bank
A. B. Leach ft Oo
127 00
235,000
235,000
235,000
235,000
235.000
James L. Martin ft Oo..
i%
235.000
.= :}
Premium.
$11,930 95
4H%
140,000
95.000
235.000
Field, Richards ft Co..
Elston ft Co
The Northern Trust Co
William Salomon ft Oo.
Guaranty Trust Co
5%
235,000
Weil . Roth ft Co
Bank of
Pompton Lakes. The bonds will beprepared under and certified
by the U. 8. Mtge. ft Trust Co. of N. Y. The legality of the bonds will
be approved by Hawkins, Delafleld ft Longfellow of N. Y.
Cert, check
upon an incorporated bank or trust company for 2% of the bonds bid for,
payable to “Borough of Pompton’* Lakes, required.
PORTLAND, Ora.—BOND SALE.—On Nov. 26 an issue of 6168,*
648 10 6% 3-10-year (opt.) general-impt. gold bonds was awarded as
235,000
_}
.
Rate.
THROOP, Lackawanna County, Pa.—BOND SALE.—The following
bids
were received for the $65,000 5% 11-14-year serial tax-free refunding
bonds offered on Dec. 4 (V. 107, p. 2026):
Hanchett Bond Oo., Chlc.$66,807r001 Lyon. Singer ft Co
$66.680 00
A. B. Leach ft Co.. N. Y. 66.683 50 [Martin ft Co
66,002 26
TIPTON, Tipton County, Ind.—BOND SALE.—On Nov. 28 the
63.7(H) 5H% city bonds (V. 107, p. 1937) were awarded to J. M. Waugh
of Orawrordsville at 109.04 and interest.
The two other bidders were:
Hanchett Bond Co.. Chic-63.987 751F. E. Davis
63,755 00
URICHVILLE, Tuscarawas County, Ohio.—BOND OFFERING.—
Additional information Is at hand relative to the offering on Dec. 21 of the
315.500 5% coupon street impt. bonds (V. 107, p. 2115). Proposals for
these bonds will be received until 12 m. on that day by H. O. Snyder, Vil¬
lage Clerk. Auth. Sec. 3914, Oen. Code. Denom. $387 50. Date
Sept. 1 1918. Int. semi-ann., payable at the office of the above Clerk,
Due $1,550 yearly on Sept. 1 from 1919 to 1928. Cert, check tor $500,
payable to the above Clerk, required. Bonds to be delivered and paid for
within ten days from time of award.
Purchaser to pay accrued interest.
Bonded debt (including this issue), Nov. 29 1918, $211,500.
Sinking fund
$1,160. Assessed value $4,989,260.
VAN ZANDT COMMON SCHOOL DISTRICT NO. 47, Tex.—
-
BONDS REGISTERED.—The State Comptroller on
issue of $2,100 5% 20-year school bonds.
Nov. 25 registered an
WARSAW, Duplin County, No. Caro.—FINANCIAL STATEMENT.
—We are in receipt of the following financial statement in connection
with the offering on Dec. 10 of the $12,000 6% public utility bonds (V.
107, p. 2115):
Financial Statement.
Estimated value of taxable property
Assessed value taxable property last assessment
Value of municipal property
Total bonded debt, including this issue
.$1,000,000
1917
637,000
483.437
30,000
7,000
Floating debt
Total indebtedness
44,000
644,000
Official circular states that this town has never defaulted in the payment
of any part of either principal or interest of its indebtedness.
WASHINGTON, C. H. Fayette County, Ohio.—BONDS AUTHOR¬
IZED.—On Nov. 13 a resolution was adopted authorizing the issuance of
610.500 6% 10-year bonds. Denom. 6500. Int. semi-ann., payable at
the office of the City Auditor.
WATERBURY, New Haven County, Conn.—BOND SALE.—
On Dec. 5 the $400,000 AVi % 1-40-year serial coupon (with privilege of
registration) water funding bonds dated July 1 1918 (V. 107; p. 2115)
were awarded to Kissel, Kinnicutt ft Co. and the First National Bank,
both of New York at their joint bid of 102.88.
WATERTOWN, Middlesex County, Mass.—TEMPORARY LOAN.—
temporary loan of 650.000 maturing Apr. 16 1919 (V. 107
2115) was awarded to F. S. Moseley ft Co. of Boston on a 4.21% dis¬
On Dee. 5 the
p.
s. N. Bond of New York bid 4.22%.
WILBARGER COUNTY (P. O. Vernon). Tex.—BOND OFFERING.—
Sealed bids will be received until 10 a. m. Dec. 10. it is stated, by E. L.
McHugh, County Judge, for 6101,500 5% 1-29-year serial road bonds.
Int. semi-ann.
Cert, check for 610,000 required.
count basis,
WINSTED, Litchfield County, Conn.—BONDS AUTHORIZED.—
According to local papers an issue of 650.000
authorized.
% 10-year bonds has been
J. Albert Smith is Town Treasurer.
WOLF POINT, Sheridan County, Mont.—BOND OFFERING.—
Proposals will be received by Frank Kenny, City Clerk, until 8 p. m.
Jan. 7 for the following 6% 10-20-year (opt.) bonds:
69,000 water bonds.
14,000 refunding bonds.
Cert, check for 63.000 on each bid required.
official notice of this bond offering will be found among the advertise•
Department.
YOUNGSTOWN. Mahoning County, Ohio*—BONDS PROPOSED.
—According to local papers this city contemplates the issuance of betwen
6300.000 and 6400,000 hospital bonds.
The
merits elsewhere in this
THE CHRONICLE
2208
MARIPOSA, Sask.—DEBENTURES AUTHORIZED.—According to
reports an issue of $4,487 21 16-year Union Hospital debentures at/not
exceeding 8% has been authorized.*J. A. McLellan Is Sec’y-Treas.
CANADA, its Provinces and Municipalities.
ALLANVILLE SCHOOL DISTRICT .Saak.—DEBENTURE SALE.—
The Waterman-Waterbury Mfg. Co. of Regina purchased during Novem¬
ber the $2,600 10-year school debentures, recently authorized (V. 107,
ORKDALE,
soon
after the first of the
new
teas
of
OSCOODE TOWNSHIP, Ont.—DEBENTURE SALE.—During 'No¬
vember $13,000 6% 20-year school debentures dated Nov. 4 1018 were
awarded to G. A. Stimson A Co. of Toronto.
r BEAVER FLAT SCHOOL DISTRICT,
Sack.—DEBENTURES
AUTHORIZED.—During November an issue of $3,000 10-year school
debentures was authorized by the Local Government Board, it is stated.
BRANTFORD SCHOOL DISTRICT (P. O. Brantford), Ont.—
DEBENTURE ELECTION.—An election will be held Jan. 6 to vote on the
question of issuing $75,000 school debentures recently authorized (V. 107.
p. 2116).
The rate of interest will be either 5 or 5 H % and the principal
will be payable in 20 installments, we are advised.
DAFAL SCHOOL DISTRICT, Sask.—DEBENTURES AUTHOR¬
IZED.—The Local Government Board has authorized, it is stated, $350
7-year debentures. J. S. McKay (P. O. Dafal) is District Sec’y-Treas.
GREATER WINNIPEG WATER DISTRICT. Man.—DEBENTURES
PROPOSED.—It is reported that the district will float $3,000,000 deben¬
GUNNSON
Sask.—DEBENTURES m AUTHORIZED.—An
$3,846 16 10-year Union Hospital debentures at not exceeding 8% has been
authorized, it is reported. J4Brent|(P.JkO. Coleville) is Sec’y-Treas..
p. 2116).
tures
[V ol. 107
PLEASANT BUTTE SCHOOLS DISTRICT.' Sask.—DEBENTURE
SALE.—DurlngNovember an lssuelof $3,000 school debenturesjwas pur¬
Waterman-Waterbury Mfg. Co.^Co. of Regina. *1
chased by the
ROSEMARY SCHOOL DISTRICT, ' Sask.—DEBENTURES AU¬
THORIZED.—According to reports an issue'of $2,800Jias been authorized.
J. Brownlee (P. O. Unity) is DistrictiSec’y-Treas.
j
SAMBOR SCHOOL DISTRICT,WSask.—DEBENTURE SALE.—
During November the $2,600.10-year school debentures recently author¬
ized (V. 107, p. 2116) were awarded to thejWaterman-Waterbury Mfg. Co.
of Regina.
tss
Uta
year.
SASKATOON, Sask.—DEBENTURE rOFFERING.—C .*rJYorath,
City Commissioner, will receive tendersJuntil 5‘p.yn. Dec. 16 forZ$30.000
6% 15-year debentures. Date^Jan.*1*1919.AIntlJ. A J. j*
SCHOOL
DISTRICT.' Sask.—DEBENTURE SALE.—
The Waterman-Waterbury Mfg. Co. of Regina purchased during Novem¬
ber an issue of $2,500 school debentures.
HIGHCRAFT SCHOOL DISTRICT, Sask.—DEBENTURES AU¬
THORIZED.—According to reports an issue of $3,500 10-year debentures
has been authorized.
O. P. Lee (P. O. Kincaid) is District Sec’y-Treas.
LIGHT SCHOOL DISTRICT, Sask.—DEBENTURES AUTHOR¬
IZED.—An issue of $800 10-year debentures has been authorized by the
Local Government Board, it is stated.
Thos. Howsey (P. O. Barves) is
District Sec’y-Treas.
STONEY PLAIN
SCHOOL'DISTRICT/Sask.—DEBENTURE SALE
—Recently the Waterman-Waterbury Mfg. Co. of Regina purchased, it ia
stated, $2,000 school debentures.
TYNER
SCHOOL
DISTRICT.'** Sask.—DEBENTURE SALE.—
During November the Canada Landed A National Investment of Win¬
nipeg purchased an issue of 750 schoolgdebentures.
WILLOW LAKE SCHOOL1*DISTRICT,* Sask.—DEBENTURES
AUTHORIZED.—During November the Local (Government Board author¬
ized the issuance of $1,200 10-yearfdebentures. J. McNevin (P. O. Delmont) is District Sec’y-Treas.
_
LONDON, Ont.—DEBENTURES PROPOSED.—At the January elec¬
tions a proposition to issue $100,000 medical school debentures will probably
be voted upon, it is stated.
yitumctel
NEW LOANS.
ATLANTIC MUTUAL INSURANCE COMPANY
$9,000
New
York, January 25th, 1918.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on the
31st of December, 1917.
^
“
Premiums
Premiums
The Company's business has been confined to marine and inland transportation insurance.
such risks from the 1st January, 1917, to the 31st December, 1917
$11,105,619.46
on Policies not marked off 1st January, 1917
*
1,135,785.43
CITY
OFfWOLF POINT, MONTANA
on
Total Premiums
6% WATER BONDS
$12,241,404.89
Premiums marked off from 1st
January, 1917, to 31st December, 1917-..—.-.——
$11,171,853.93
Interest on the Investments of the Company received during the year $404,411.15
Interest on Deposits in Banks and Trust Companies, etc.
126,991.53
Rent received less Taxes and Expenses
93,474.66 $ 624,877.34
Losses paid during the year
$3,513,653.20
Less: Salvages
$336,896.32
Re-Insurances
503,857.68 $ 840,754.00
$2,672,899.20
,
Re-Insurance Premiums and Returns of Premiums
$1,913,710.65
Expenses, including compensation of officers and clerks, taxes, stationery,
advertisements, etc
$
857,596.09
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
HERBERT L. GRIGGS
ANTON A. RAVEN,
SAMUEL T. HUBBARD,
JOHN J. RIKER,
LEWIS CASS LEDYARrf.
DOUGLAS ROBINSON.
JOHN N. BEACH,
NICHOLAS BIDDLE,
JAMES BROWN,
JOHN CLAFLIN,
GEOROE C. CLARK,
FREDERIC A. DALLETT,
CLEVELAND H. DODGE,
CORNELIUS ELDERT,
LEFFERTfi,
RICHARD H. EWART
O. STANTON FLOYD-fc>NES,
PHILIP A. S. FRANKLIN.
WILLIAM H.
CHARLES D. LEVERICH,
NICHOLAS F. PALMER.
WALTER WOOD PARSONS.
CHARLES A. PEABODY.
WILLIAM R. PETERS,
JAMES H. POST,
CHARLES M. pAATT.
DALLAS B. PRATT,
JUSTUS RUPERT I
WILLIAM JAY 8CHIEFFELIN.
SAMUEL SLOAN.
WILLIAM 8LOANE,
LOUIS STERN.
WILLIAM A. STREET,
GEORGE E. TURNURE,
GEORGE C. VAN TUYL. Jr.
RICHARD H. WILLIAMS.
A. A. RAVEN, Chairman of the Board.
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 2d Vice-President.
WILLIAM D. WINTER, 3rd Vice-President.
ASSETS.
United States and State of New York
Bonds
$ 1,185,000.00
Stock of the City of New York and
Stocks of Trust Companies A Banks
1,445,550.00
Stocks and Bonds of Railroads..
3,287,129.85
Other Securities.
305,410.00
Special Deposits in Banks and Trust
Companies
Real Estate cor. Wall Street, William
..
Street and Exchange Place
Real Estate on Staten Island (held
under provisions of Chapter 481,
Laws of 1887)
Premium Notes..
Bills Receivable
Note Receivable
Cash in hands of European Bankers
to pay losses under policies payable
in foreign countries
Cash In Bank and In Office
Statutory Deposit with the State of
Queensland, Australia..—
3,000,000.00
3,900,000.00
75,000.00
1,009,577.74
1,038,460.86
5,122.26
IS*HEBEBY GIVEN5*** intention
sell $9,000 Water, 6%, 20 year,
optional after ten years, bonds of the City or
Wolf Point, Montana, by the Council thereof,
onMONDAY, THE 7tH DAY OF JANUARY.
A. D„ 1919, at the hour of EIGHT O’CLOCK
P. M., to the highest bidder, at the City Hall in
the City of Wolf Point, Montana.
Certified
check on a National Bank for $3,000 required, j
(Signed) FRANK KENNY,
Clerk.
A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the fifth of February next.
The outstanding certificates of the issues of 1915 and of 1916 will be redeemed and
paid to the holders
thereof, or their legal representatives, on and after Tuesday the fifth of February next, from which date all
interest thereon will cease.
The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent. Is declared on the earned premiums of the Company for the year ending
81st December, 1917. which are entitled to participate In dividend, for which, upon application, certificates
will be issued on and after Tuesday the seventh of Stay next.
EDMUND L. BAYLIES,
“NOTICE
to issue and
$14,000
CITY OF WOLF POINT, MONTANA
REFUNDING 6% BONDS
NOTICE IS HEREBY GIVEN of Intention
$14,000 Refunding 6%, 20 yr.,
optional after ten years, bonds of the City of Wolf
Point, Montana, by the Council thereof, on Mon¬
day, the 7TH DAY OF JANUARY. A. D.,
1919, at the hour of EIQHT O’CLOCK. P. M„
to the highest bidder, at the City Hall in the
City of Wolf Point, Montana. Certified check
on a National Bank for $3,000 required.
to Issue and sell
(Signed)
Cleric.
LIABILITIES.
Estimated Losses and Losses Unset¬
tled in process of Adjustment
$ 4.432.959.00
Premiums on Unterminated Risks...
1,069.550.96
Certificates of Profits and Interest
Unpaid
Return Premiums Unpaid
Taxes Unpaid
Re-insurance Premiums on Termi¬
nated Risks
Claims not Settled, including Com¬
pensation, etc
x
Certificates of Profits Ordered Re¬
AUCTIONEERS
301,406.75
121,989.96
500,000.00
365,667.8/
183,517.10
If There Is A Market We Can Find It
deemed, Withheld for Unpaid Pre¬
miums
Income Tax Withheld at the Source.
Certificates of Profits Outstanding
Balance
_
22,750.10
3,135.96
5,722,590.00
We hold sales of stocks
and bonds every WednesdOT,
5,318,322.55
598 675.67
2,187,198.87
charging $1 50 entrance fee
4,765.00
$18,041,890.25
for each item. Our weekly
catalogues and postal c&rd servids
reach every market. We take
pleasure in furnishing quotations.
$18,041,890.25
Balance brought down.*
$5,318,322.55
Accrued Interest on the 31st day of December, 1917, amounted to
$
75,724 00
Rents due and accrued on the 31st day of December. 1917, amounted to
$
22,201 50
Re-insurance due or accrued, in companies authorised in New York, on the 31st day ;of
December, 1917, amounted to
$ 583,467.92
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island
In excess of the Book Value given above, at
..$
63,700.00
The Insurance Department’s valuation of Stocks, Bonds and other Securities exceeds the
Company’s valuation by
$2,303,887.87
$8,367,303.84
On the basis of these increased valuations the balance would be
Barnes & Lofland
Stock Brokers & Auctioneers
147 S. 4th
Act* as
Executor
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on
deposits.
FRANK KENNY,
Girard Trust
CAPITAL and
Philadelphia
Company
PHILADELPHIA
Chartered
St.,
LIQUIDATION
1836
SURPLUS, $10,000,000
Mcmbav ol Fodoral Roaorvo System
E. B. Morris, Provident
The Riverside National Bank, located a*
Riverside. In the State of New Jersey. Is daring
All noteholders and other creditors
of the Association are therefore hereby notified
to present their notes and other claims far pay¬
its affairs.
ment.
_
ALBERT \a. PANCOAST. Cashier.
Dated. October 24. 1918.
Dec. 7 1918.]
THE CHRONICLE
Cotton
Obia. o. Cora
August Schtaraaberg
Quinxt Companies
Paul Schwan
Frank A. Kimball
Corn, Schwarz & Co.
COMMISSION MERCHANTS
15 William Street
New York
NowfYork Cotton Exchange
Now Orleans Cotton
Exchange
New York Produce Exchange
New York Coffee Exchange
London Commercial Sale Rooms (Coffee
E.)
Geo. H. M?.Fadden &
COTTON MERCHANTS
A/#
til Chestnut St.
Bro.,
SI Broad St.
NEW YORK
PHILADELPHIA
The NEW ENGLAND
TRUST COMPANY
Rhode Island
BOSTON, MASS.
Hospital Trust
CAPITAL, $1,iff.806
Liverpool Correspondents:
FREDERIC ZEREGA A CO..
Havre Correspondents:
BOCIETE ^IMPORTATION et de
COMMISSION
mi*n
Correspondents:
McFADDEN A CO.. LTD.
Alexandria Correspondents:
REINHART A CO., LTD.
GWATHMEY A CO.
20*24 EXCHANGE PLACE, NEW YORK
MEMBERS
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
Stephen M. Weld & Co.
COTTON MERCHANTS
62-92 Beaver Street, New York City
FALL
PHILADELPHIA.
RiVBR.
UTICA, N. Y.
WELD A CO.,
LIVERPOOL.
PROVIDENCE,
NEW BEDFORD.
ROBERT MOORE &, CO.
Mills Building
IS Broad Street, N.
COTTON
Y.
MERCHANTS
Members New York Cotton Exchange
Members Liverpool Cotton
D1BECT0B8
Edward D. Pearce
Law or
GEO. COPELAND A CO.,
COTTON BROKERS.
£8-26 Cotton Exchange
New York
Orders for future delivery contracts executed
the New York and Liverpool Cotton
Howard 0. Stages
Stephen O. Metcalf
Walter R. Callender
Edward Holbrook
James E. Sullivan
Benjamin M. Jackson
Frank W. Matteaon
Robert H. 1. Goddard
OFFICERS.
JAMES R. HOOFER, President
ARTHUR ADAMS, Vice-President
ALEXANDER COCHRANE, Vlce-Pres.
FREDERICK P. FISH, Vice-President
FREDER’K W. ALLEN, Treasurer
CHARLES E. NOTT, Secretary
EDWARD B. LADD, Asst. Treasurer
RAYMOND MERRILL. Asst. Treas.
JOHN W. PILL8BURY, Asst. See.
ORRIN O. HART. Trust Officer
ARTHUR F. THOMAS. Asst. Trust Officer
R. B. GAGE, Manager Safe Deposit Vault
Vice
President
Thomas H. West, Jr.,
Vice President
Henry L. Sladeb,
w
Vice President
_
G. A. Harrington,
Asst. Trust Officer
Robert T. Downs.
Asst. Trust Officer
Henry B. Hagan,
Rond C. Taft
J. Arthur Atwood
William C. Dart
Preston H. Gardner,
V-Pres’t and Trust Off.
William A. Gamwbll,
Vice President
John H. Wells,
- v- -
Secretary
Ernest A. Harris,
Asst. Trust Officer
John E. Williams.
Asst.
_
Asst. Secretary
Ralph 8. Richards,
Arthur Adams
J. D. Cameron Bradley
8. Parker Bremer
Alexander Cochrane
George H. Davenport
Francis W. Fabyan
Frederick P. Fish
Charles H. W. Foster
James R. Hooper
David P. Kimball
Robert A. Leeson
Augustus P. Loring Jr.
Ernest Lovering
Walworth Pierce
James M. Prendergast
Frank H. Gage
Morris Gray
Sydney Harwood
Franklin W. Hobbs
Edwin M. Richards
Herbert M. Sears
Arthur R. Sharp
Secretary
Geoboh H. Capron,
_
Asst.
Secretary
Asst. Secretary
Providence. Rhode Island
Henry H. Proctor
I860
1918
The United States Life
Insurance Co.
Henry L. Shattuck
CENTRAL
TRUST COMPANY
OF ILLINOIS
IN THE CITY OF NEW YORK
laaues Guaranteed Contracts.
125 West Monroe St., CHICAGO
JOHN P. MUNN, M. D., PRESIDENT.
$6,000,000
2,500,000
50,000,000
Finance Committee.
CLARENCE H. KELSEY. Prcs.TUleGu.A Tr Co,
WILLIAM H. PORTER, Banker.
ED.
TOWNSEND, Pres. Imp. A Trad. Nai. Bank
Good men, whether experienced In Ufe Insurance
not, may make direct contracts with this Com¬
received upon favorable terms
pany, for a limited territory, if desired, and secure
for themselves, in addition to first year's commis¬
Thoroughly equipped to handle all business sion. a renewal interest insuring an income for the
pertaining to banking, and invites the future. Address the Company at Its Home Office
accounts of banks, corporations, firms and
No. 277 Broadway, New York City.
Individuals.
Accounts of banks and bankers
or
CHARTERED 1858
United States Trnst
Company of New York
45-47 WALL STREET
m
Capital,
m
m
m
m
Surplus and Undivided Profits9
JAMES TALCOTT, lie.
Pounded 1884
Rowland Hasard
OFFICERS
BOARD OF DIRECTORS
Exchanges
Jfattnss
Isaac B. Merriman
Charles C. Gardiner
Alfred K. Potter
William L. Hodgman
Frank H. Swan
Hbrbekt J. Wells, President
Hosasio A. Hunt.
George Wlgglesworth, Chairman
Capital
Surplus & Profits
Deposits - - -
Henry D, Sharpe
Herbert J. Wells
Lyman B. Goff
Also sets as Trustee under Mortgages and as Transfer
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to Check.
WILLIAM RAY A CO,
Successors to
on
Company
Safe Deposit Vaults
Authorised to set as Executor, and to reeetve and hold
money or property in trust or on deposit from Courts of
6
BOSTON,
SURPLUS, $2,fff,fff
Equity, Executors, Administrators. Assignees,
Guardians, Trustees, Corporations and Individuals.
MEMBERS OF
■.
m
$2,000,0001)0
$14,207,295.69
This
Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on
deposits.
Production of Mills Financed
It holds, manages and invests
money,
securities
and other property, real or
Sales Cashed With or Without personal, for estates,
corporations and individuals.
Guarantee
226 FOURTH AVE.
Now York
City
EDWARD W. SHELDON, President
WILLIAM M. KINGSLEY, Vice President
WILFRED J. WORCESTER, Secretary
WILLIAMSON PELL, Aut. Secretary
CHARLES A. EDWARDS, Sd Asst.
Secretary*
TRUSTEES
AMERICAN MFG. CO.
CORDAGE
JOHN A. STEWART, Chairman of the Board
WILLIAM ROCKEFELLER EDWARD W. SHELDON
CORNELIUS N. BLISS, JB.
FRANK LYMAN
CHAUNCBY KEEP
HENRY W. de FOREST
JOHN J. PHELPS
ARTHUR CURTISS JAMES
WILLIAM VINCENT A8TOS
LEWIS CASS LED YARD
WILLIAM M. KINGSLEY
CHARLES F. HOFFMAN
LYMAN J. GAGE
WILLIAM STEWART TOD
WILLIAM 8 LOANS
PAYNE WHITNEY
OGDEN MILLS
MANILA, SISAL, JUTE
loble A West Streets, Brooklyn, N. Y.Cttf
L. F. DOMMERICH & CO.
FINANCE ACCOUNTS OF MANUFACTURERS AND
GEO. B. EDWARDS
MERCHANTS, DISCOUNT AND GUARANTEE SALES
t-
INVESTMENTS
82 Broadway, NEW YORK, N. Y.
FOR SALE—Timber, Coal, iron. Ranch and
other properties.
Confidential
Negotiations,
Investigations,
Settlements and Purchases of Property.
United States.
West Indies.
Canada.
General Offices, 254 Fourth Avenue
NEW YORK
Established
over
60 Yean
tvoi.. ior.
THE CHRONICLE
XX
$
JixmtiaX
Exempt from Federal Income Tax
Odd Lot
Municipal and
Corporation Bonds, ana High
Grade Investment Preferred
of Government,
Stocks.
BONDS
Bought and Sold
Offering! solicited from Banin,
Individuals and Trust Estates
Bids will be promptly submitted
Drainage 6% Bonds
AMES, EMERICH & CO.
SS9 S. La Salle St.
Flret Nat. Bank Bldg.
CHICAGO
MILWAUKEE
Boiger, Mosser & Willaman Central Bond & Mortgage Co.
29 So. La Salle St.,
Chicago
Cuban Government
6% Internal Gold Bond* of MW
SOS So. La Salle Street
CHICAGO
NsgotUto and Iuu. Loans for
and Established Corporations.
Railroads
PAPER
SAFETY
INVESTMENT BANKERS
Specialists
CHICAGO
Bonds
CHICAGO
106 So. La Salle St.
Borland
CAPITAL, $990,900
0* the Banka In
New Tork City use
NATIONAL
Wollenberger & Co.
Co F. Childs & Company
Uo So Government
O£t/0
Stook
_
Buy and sell Bonds suitable for Investment.
134 So. La SaU. Street
National Bank of Cubs
J. M. HOTT,
JAMBS M. HURST, Prsddeat
O. B. LKTTLB, Viee-Pws. a Trees.
KBMBBTH D. 8TEEBB. Vlee-Pree.
L. A. STBBBUfS. 8sVy A Gen. Oovned
W. M. 0GHELUNGE&. Aaft Secfy.
EVERSZ & COMPANY
t.t
ORIGINAL ISSUES
MUNICIPAL
$114,000
Adams County, Illinois
..at#.:
fuuttum
ftomuM
CHICAGO
NEW YORK
9SS So. La Sail# St.
1SS Broadway
Bonding
rOB THMB CHECKS
George La Monte & Son
Hew Tork
H Broadway
Taylor, ewart &
Co.
INVESTMENT BANKERS
199 South La
,F. H. PRINCE & CO
Salle Street
CHICAGO
Cotton
Henry Hentz & Co.
BOSTON, MASS.
Municipal, Railroad and Public
Utility Bonds
MUM-GRADE investments
SS Congress Street
St William Street
NEW YORK
BOSTON, MASS.
COMMISSION MERCHANTS
AND BROKERS
Members of ’
Kew Tork Stock Exchange
Nee York Cotton B: “
Nov York Coffee A
Caldwell & Company
of New York 4b Boston
Stook Exohanga
SOUTHERN MUNICIPALS
Cumberland Tel. 4c Telep. Co. 9s
Nashville Chattanooga A St. Louie By.
Nashville t Decatur By.
Nashville BaUway^ Light Co. Securities
Hew York Produce
Chicago Board of Trade
NASHVILLE. TENN214 Union Street
Members of
Liverpool Cotton
Hubbard Bros. & Co.
COFFEE EXCHANGE BUILD1NQ
ST. LOUIS. MO..
917 Security
W. G. SOUDERS
HANOVER SQUARE
Bldg.
&CO.
109*411 Continental & Commercial Bank BldO
INVESTMENT BONDS
NEW YORK
208
CHICAGO
MILWAUKEE
DETROIT
COTTON MERCHANTS
EMERY, PECK & ROCKWOOB
South
La
Salle
Street
INVESTMENT BONDS
Liberal Ad ranees Made on Cotton
CHICAGO
Consignments.
Hopkins, Dwight & Co.
COTTON
and
•COTTON-SEED OIL
COMMISSION MERCHANTS
Room 90, Cotton Exchange Building,
NEW YORK.
££52“*
BONDS
M w 11 ^ w
corporation
CHRISTIAN 9 PARSONS CO.
1 La Sail SI
CHICAGO
Otago, U.
^Financial
DominicK & Dominick
FIRST NATIONAL BANK
A. G. Becker & Co.
RICHMOND, VIRGINIA
(INCORPORATED)
Capital and Surplus,
SHARKER, WALLER & CO
Commercial Paper
Collateral Loans
Investment Securities
-
$3,000,000
John M. Millar Jr., Preeident
W. M. Addison, Vico Pres, dc Cash.
Frank F. Fagan, Vice Pres.
Chas. R. Burnett, Vice Free.
Established 1870
115 BROADWAY
Dealers in
COMMERCIAL PAPAR
INVESTMENT SECURITIES
Chicago
197 South La Sails Street
Members New York Stock Exchange.
Correspondence Invited
N. Y., N. H. & Hartford Deb. 4s, 1922
Elston & Company
MUNICIPAL
GAS AND ELECTRIC
SEASONGOOD, HAAS & MACDONALD
Members New York Stock Exchange
SO Broadway
New York
St. Louis
Philadelphia
BONDS
Milwaukee
39 South La Salle Street
CHICAGO
Municipal Bonds
'Are
Inapt from Federal Inaams T
Yielding from «H% to 6%
find for IAM
THE HANCHETT BOND CO.
39 South La Sail. Straat
CHICAGO
@FedFRASER