Full text of Commercial and Financial Chronicle : December 7, 1918, Vol. 107, No. 2789 [Copy 2]

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The ,

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fir tde

taninurrial
VOL.107

DECEMBER 7 1918

NO.2789 ,

Published every Saturday morning by WILLIAM 13. DANA COMPANY;
Jacob Seibert Jr.. President and Treasurer; Arnold G. Dana, Vice-President
and Secretary. Addresses of both. Office of the Company.

CLEARINGS-FOR NOVEMBER, SINCE JAN. 1, AND FOR WEEK ENDING NOVEMBER 30
November.

Eleven Months.

Week ending November 30.

Clearings at1918.

1917.

Inc. or
Dec.

1918.

1917.

$
15,605,826,092 14,834,175,272
New York
1,761,704.327 1,532,681,531
Philadelpnia
345.407,951
557,504,171
Pittsburgh
198,139,441
330,798,813
Baltimore
90,397,657
100,200,942
Buffalo
22,942,281
21,562,931
Albany
67,512,399
50,940,603
Washington
33,506.871
31,014,418
Rochester
16,719,911
15,199,212
Scranton
21,933,593
20,009,096
Syracuse
11,202,000
11,211,114
Reading
14,372.229
14,129,709
Wilmington
8,816,079
9,222,596
Wilkes-Barre
16.076,751
18,234,705
Wheeling
12,113,290
11,587,071
Trenton
12,104,413
11,011,179
Harrisburg
4,934,402
5,877,788
York
8,852,733
8,210,485
Erie
5,332,781
5,044,764
Greensburg
6,610,539
5,485,147
Chester
3,102,524
4,008,000
Binghamton
3,468,499
3,052,668
Altoona
1,957,533
2,032,686
Franklin
2,497,231
2,297,111
Frederik
2.305,628
County,
Pa_
3,039,222
Beaver
9,669,736
9,887,437
Lancaster
3,106,824
2,879,418
Norristown
1,571,086
2,099,231
Montclair
4,084,637
4,375,408
Oranges
2,805,784
2,649,5213
Hagerstown
Total Middle

.N.2 161,874,172,344 162,791,422,467
+16.2 17,944,573,706 15,648,242,558
+61.4 5,197,824,644 3,694.145,089
+67.0 2,987,927,726 2,077,110,608
+10.8 1,034,846,432
896,499,625
-6.0
233,948,334
229,627,054
+32.5
646,496,118
513,499,976
+8.0
358,802,647
331,057,201
+6.5
183,838,499
166,081,456
+9.6
218,880,428
204,344,347
-0.08
127,321,161
125,357,429
+1.7
151,604,934
152.551,833
-4.4
100,847,210
94,777,303
-11.8
188,770,466
181.201,531
+4.5
130,079,862
121,019,183
+9.9
141,860,662
115,658,482
-16.0
61,217,834
59,050,048
+7.8
97,699,076
84,409,852
+5.7
54,948,210
49.382,153
+20.5
73,741,865
64,458,660
-22.6
39,612,784
44,383,900
+13.6
37,174,595
33,552,612
-3.7
21,116,144
21,413.174
+8.7
25,917,046
22,193,991
-24.2
31,866,496
33,974,863
-2.2
128,297,226
110,235,379
+7.9
34,450,986
23,464,183
-25.2
19,037,088
23,625,825
-6.7
45,057,962
45,079,081
+6.9
32,860,126
30,185,453
18,672,254,719 17,277,742,127 +8.1 192,220,471,331 187,998,326,576

Inc. or
Dec.

1918.

-0.6 3,258,670,915 3,107,307,571
+14.7
360,364,516 313,102,355
+40.7 121,366,335
67,967,020
+43.8
70,237,355
39,368,085
+15.4
15,798,863
20,177,310
-1.8
3,773,518
3,600,819
9,511,411
+25.9
13,426,943
+8.4
6,214,844
5,843,176
2,832,897
+10.7
3,593.776
+7.1
4,245,340
4,200,000
2,411,269
+1.6
2.140,455
2,672,353
-0.6
3,228,778
+6.4
1,400,000
1,483,295
+4.2
3,353,921
3,881,698
2,878,283
2,408.259
+7.5
+22.7
1,125,108
+3.7
1,008,267
+15.7
1,746,259
1,562,407
+11.3
1,000,000
1,126,497
+14.4
1,395,574
1,233,191
-10.7
560,200
658,100
+10.8
663,505
609,391
-1.4
+16.8
-6.2
+16.4
1,914,783
1,826,461
+16.9
306,104
-19.4
451,985
-0.05
+8.9

+2.2 3,883,548,659 3,591,170,533
1,461,204,926 1,246,925,149 +17.2 14,199,845,765 11,489,869,725 +23.6
295,474,214 235,368,638
50,880,200
52,682,900 -3.4
545,146,500
10,999,000
495,811,600 +9.9
9,338,800
34,332,291
32,042,068 +7.2
381.078,992
6,214,572
6,566,075
384,057,127 -0.8
22,076,180
20,866,913 +5.3
242,990,536
237,721,716 -5.4
4,854,996
4,344.311
14,469,131
17,370,012 -16.2
176,967,309
195.097,348 -9.3
3,068,268
3,126,955
10,900,000
11,787,832 -7.5
122,431,054
2,200,000
2.500,000
129,433,154 -5.4
15,709,948
16,749,253 -6.2
2,966,471
172,055,500
3,145,596
175,240,179 -1.8
13,707,064
-30.4
9,536,360
1,729,916
2,732,568
102,374,850
96,302,375 +6.3
10,080,277 -6.5
9,426,205
90,124,439
1,685,028
1,896,240
80,932,408 +11.4
5,727.242
5,814,666 -1.5
57,790,038
+9.1
1,204,926
833,461
52,982,801
3,327,388
3,449,631 -3.7
35,910,106
40,714,790 -11.8
653,578
726,911
2,805,022
3,658,727 -23.3
34,267,103
33.687,051
+1.7
513,195
637,478
8,938,800 -17.2
7,401,000
90,051,500
105,577,778 -14.7
2,473,717 -5.5
2,336,960
26,452,103
26,743,093 -1.1
Total New England 1,650,132,853 1,446,556,610 +14.1 16,277,486,195 13,544,171,145 +20.2 330,083,088 272,698,108
2,170,617,047 2,128,296,861
+2.0 23,685,368,420 22,902,547,193 +3.4 466,035,484 425,106,462
Chicago
238,448,992
166,881,398 +42.9 2,584,635,224 1,873,853,656 -37.9
Cincinnati
34,319,091
50,145,730
378,437,031
335,996,420 +12.6 3,938,818,766 3,363,974,356 -17.1
Cleveland
87,727.209
61,418,800
292,881,702
227,708,177 +28.6 2,874,563,383 2,521.648,339 -14.0
Detroit
58,738,327
44,891,808
124,457,903
119,583,563 +4.1 1,344,927,711 1,183,760,829 -13.1
Milwaukee
25,091,377
22,609,225
58,948,000
58,560,000 +0.7
Indianapolis
11,717,000
11,324,000
713,926,000
629,556,764 -13.3
46,749,700
43,202,900 +8.2
Columbus
8,755,600
505,669,700
482,407,300 +4.8
8,502,500
47,548,746
43,192,704 +10.1
Toledo
491,118,067
9,245.098
7,195,438
489,599,687 +0.3
15,300,000
15,844,940 -3.4
Peoria
3,600.000
209,774,176
233,309,607 -10.1
3,960,000
22,402,785
21,082,845 +6.3
Grand Rapids
4,440,492
4,442,572
243,802,318
226,003,715 +7.9
17,928,134
13,489.589
+31.9
Dayton
191,584,757
162;913,612 +17.6
3,519,903
3,539,058
12,700,844 +36.5
17,586,895
Evansville
3,571,418
179,256,745
129,345,693 +38.1
2,700,000
7,182,298 +9.5
7,863,628
Springfield, Ill
104,035,158
1,634,672
90,369,637 +15.1
1,391,329
6,341,631 -17.1
5,257,391
Fort Wayne
61,381.481
862,388
1,202,071
70,507.030 -12.9
23,086,000 -0.5
22,932,000
Akron
276,935,000
5,138,000
257,073,000
-7.2
4,411,000
4,373,994
4,397,628
-0.5
Lexington
900,000
57,839,627
40,750,640 +41.9
922,166
13,788,243
14,479,163 -4.8
Youngstown
3,019,163
174,311,434
3,105,805
165,962,806 +5.0
8,080,322 +3.9
8,397,288
Rockford
89,165,284
75,496,209 +18.1
1,649,655
1,734.648
10,323,496 -8.1
9,483,541
Canton
134,794,915
154,883,212 -13.0
1,982,956
1,947,451
5,425,220 +0.2
5,436,912
Quincy
64,647,732
1,200,394
53,845,550 +20.1
1,000,000
4,562,701
4,967,805 -8.2
Springfield, 0
57,656,190
58,320,077 -1.1
976,538
1,006,300
5,097,000
5,046,825 +1.0
South Bend
59,040,281
880.028
884,043
51,213,293 +1.c.3
5,014,7/4
4,846,013 +3.5
Bloomington
1,106,692
902.041
64,352,411
55,193,789 +16.5
4,353,653
4,149,482
+4.9
Mansfield
51,377,655
778,728
43,975,593 +16.8
800,000
4,154,024
3,198,002 +30.0
Decatur
898,113
50,296,217
40,003,880 +25.7
701,391
4,512,945
5,165,421 -12.6
JaoKson
49,422,360
51,215.214 -3.5
2,270,103
2,189,600 +3.7
Danville
27,831,877
+5.4
29,338,104
450.739
405,686
3,831,354
3,369,586
+13.7
Lima
746,341
38,467,396 +12.7
634,082
43,278,149
4,077,297
4,308,518 -5.4
Lansing
800,000
46,613,059
52,128,968 -10.6
733,700
2,177,529
1,956,151 +11.3
Jacksonville, Ill
26,570,374
20,031,443 +32.6
485,040
400,386
1,872,776
1,561,879 +7.1
Ann Arbor
15,873,912
250.000
17,275,278 -8.1
298,004
233,954
588,683 -51.8
Adrian
4,354,033
4.910,448 -11.3
62,988
136,921
3,807,675
2,457,174 +54.9
Owensboro
41,.306,857
30,612,722 +34.9
833,190
549,463
5,345,155
8,160,773 -34.5
Flint
69,979,884
78,622,301 -11.0
1,119,353
939,239
Lorain
+19.2
11,995,360
9,895,191 +21.2 •
4,316,212
4,091,023
+5.5
Gary
43,583,163
36,972,001 +17.9
544.880
696,016 -21.8
New Albany
6,834,304
7,490,427 -8.8
5,000.000
4,377,963 +14.2
Paducah
62,816,897
55,411,458 +13.4
1,554,652
1,495,667 +4.0
Hamilton
18.353,431
17,653,769 +4.0
2,760,841
2,837,807 -2.7
Aurora
33,208,011
28,897,598 +15.0
Total Middle West_ 3,575,350,800 3,332,365,637 +7.3 38,692,946,550 35,853,732,957 +7.9
757,353,139 653,904,624
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford
Lowell
Holyoke
Bangor
Waterbury
Stamford

San Francisco
Los Angeles
Seattle
Portland
Spokane
Salt Lake City
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
Pasadena
San Jose
Yakima
Bats°
Ogden
Reno
Long Beach
Bakersfield
Total Pacific

507,099,801
136,582,000
171,007,138
132,049,604
36,043,860
69.814,539
23,123,767
31,803,742
18.800,230
8,087,966
14.423,195
8,403,625
3,888,910
4,659,063
5,360,240
6,380,313
11,028,238
2,722,349
4,014,815
2,988,771

473,683,034
+7.1
125,185,000 +9.1
116,125,787 +47.3
04,002,803 +40.5
39,179,844 -8.0
76,039,715 -8.2
16,937,894 +36.5
23,519,630 +35.2
18,095,293 +3.9
10,240,865 -21.0
15,586,609 -7.5
10,059,489 -10.5
4,427,101 -12.2
7,799,624 -40.3
4,568,832 +17.3
9,233,852 -30.9
11,286,906 ,-2.3
3,296,478 -17.4
3,297,324 +21.7
3,394,109 -12.0

5,031.783,942
1,404.447,000
1,686,640,612
1,189,464,370
381,270,261
618,502,058
222,163,181
302,064,031
183,691,976
97,232,411
113,546,614
91,401,893
45.707,403
49,998,305
39,269,878
66,187,000
88,122,433
28,111,539
47,205,749
39,723,766

1,198,287,726 1,065,960,189 +12.4 11,776,543,422

Details of other West ern and South ern will be fou nd on

Inc. or
Dec.

1917.

1915.

+4.9 3,630,423,592 3,074,951,255
+15.1 272,420,322 244,926,275
69,809,855
65,600,309
+78.6
44,962,219
48,380,845
+78.4
+27.7
14,530,440
16,709,581
4,804,817
5.667,756
+4.8
9.198,274
9,559,156
+41.2
- 6,190,630
6,819,422
+6.3
3,369,613
+26.9
2,587,069
+1.1
3,558,294
3,458.229
2,184,092
-11.2
2,394,901
2,127,202
+20.8
3,222.606
1,465,130
1.905.479
-5.6
2,891,334
-15.8
3.746,187
2,762,767
2,712,069
+19.5
-10.4
+11.8
-11.1
+13.1
-14.9
+8.9

1,213.621
1,358,030
778,129
1,156,889
591,000
600,000

965.202
1,065,301
937,524
994,054
867,900
567,133

-4.6

1.639,988

1,643.439

--32.3

548,835

529,132

+8.1 4,080,541,689 3,498,654,158
+25.5
-15.1
-5.4
+11.7
-1.9
-12.0
+6.0
-36.7
-11.1
+44.5
-10.1
-19.5

220,018,174
9,423,000
7,955,730
4,316,593
4,157,149
2,853,241
3,584.322
1,645,685
1,825,054
949,104
1,002,065
750,265

206,484,563
9,496,700
6,989,183
4,306,872
3,790,659
3,000,000
3,635,015
1,476,530
1,300,632
1,009,462
881,569
428,630

+21.0

258,480,382

242.799,815

+9.6
+46.1
+42.8
+31.1
+11.0
+3.5
-2.9
+28.5
+10.0
+0.05
-0.5
+32.3
+17.5
-28.3
+16.5
-2.4
-2.8
-4.9
+1.8
+20.0
-3.0
-0.5
+22.6
+2.7
+28.1

428,335,054
31.850,815
53,979,249
48,138,610
21,639.747
11.483,610
7,499,600
7,587.035
4,800,000
4,479,173
2,581,877
1,963,261
1,240,417
1,368,339
4,014,000
670,105
3,375,844
1,252,843
2,660,402
917.235
1,050,067
900.000
844.297
602,371
752,491

374,673,907
32,385,450
37,123,305
35,643,054
19,429,460
9,513.512
8,965,700
6,831,094
4,095,401
3,593,636
2,468,347
1,851,074
1,266,240
1,370.618
3.031,000
793,000
2,140,259
812,188
2,100,000
861,737
917.971
864,891
855,780
614,295
603,352

+11.1
+17.5
-8.3
+21.1
+19.2
-54.1
+51.7

481,036
599.506
1,076,533
307,589
275,000
55,443
431,771

458,310
628,711
774,785
285,743
245,000
56 594
373,413

+15.8

647,613.320

553.737,827

+21.4
+16.2
+57.2
+111.0
+2.2
+7.4
+38.1
+53.6
+10.3
-12.6
-5.2
-19.7
+17.6
-18.2
+21.0

81,221,978
27,667.000
17,339,047
12,720,357
5,645,525
16,000,000
2,057.598
4.660,575
2,480.087
2,243,125
1,997,083
1,924,089
996,738
1,069,119
671,307

66,927,731
24,098,000
13,782,954
10,698,834
4,824,000
10,705,907
1.923,168
4,152.081
3,062,591
2,029,938
1,592,198
1,442,743
968,321
815,418
580,000

+15.5
+1.8
+61.9
+51.6
+22.9
-2.5
t52.8
23.0
27.6
-11.7
+18.4
+11.0
-14.4
+4.1
+19.5
-12.0
+0.6
+1.7
+42.4
+13.6

112,396,999
29,398,000
38,172,519
28,699,328
7,521,648
17,275,709
4,306,501
7,174,344
3,854,543
1,616,919
2,600,000
1,656,535
832,431
960,395
1,106,308
500,000
908,011

525,000 -4.8
704,201 +29.0

450,000
646,513

287,723
617,014

9,767,406,964 +20.6

258,980,190

201,256,693 +29.2

179,790,141

148,508,621

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
87,626,637
27,653,657
33,085,002
34,982,385

92,653,140
25,298,000
24,284,344
13,602,577
7,357,609
16,087.504
3,118,721
4,670.556
3,494,878
1,849,118
2,742,392
2,062.504
818,055
1,173,307
914,787

1916.

page 2161 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

237,046,805

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

448,906,918

+5.3

338,754,283

265,101,947

Total all

29,339,559,785 27,229,438,014

+7.7 301,528,037,646 280,406,595,279

+7.5 6,070,095,326 5.508.283,5201 +10.2 5,757.216,652 4,946,349,173

Outside Now York__ 13,733,733,693 12,395,262,742 +10.8 139,1353,865,302 117,615,172,812 +18.7 2,311,424,41112,400,975,9491 +17.1 2,126,793,060 1,871,337,888
Clearings by Telegraph and Canadian Clearings on page 2161.




2118

TETE CHRONICLE

THE FINANCIAL SITUATION.
No fault can be found with the President in naming
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 position. It would be hard to find another man in the
country possessing the dynamic energy of Mr. McAdoo, but after the floating of another large Liberty
Loan the coming spring there will no longer be call
for the great driving force combined with executive
ability of the highest order which so pre-eminently
qualified Mr. McAdoo for the task of conducting the
national finances during a most momentous period
in the country's history. With the lapse of another
six months, considerable slowing down will have been
accomplished, and then there will be need for a man
of the conservative type with well-balanced judgment. Then Mr. Glass, with his sane and sober
views and the advantage of being well grounded in
the underlying principles of finance and economics,
will have an opportunity to distinguish himself and
to render a service to his country as pre-eminent as
that rendered by Mr. McAdoo. This service will
consist in guiding the country along safe and sound
paths and in resisting the vagaries and wild schemes
of men of the Bolsheviki class, the acceptance of
whose theories would plunge the country into
disaster':
It should not be forgotten that the Secretary of
the Treasury, besides his multifarious other functions,
is also ex officio a member of the Federal Reserve
Board—is in fact the controlling spirit in it, every
one deferring to him and being guided by his wishes
and judgment. Here Mr. Glass will be in his
element. As Chairman of the House Banking and
Currency Committee, he had an important part
in shaping the original Federal Reserve Act and
when it left his hands it was in every way a sound
enactment. Since then it has undergone important
changes under the stress of war—changes the most
pernicious of which Mr. Glass resisted with all
his influence, but finally was overborne by his
colleagues. As the law now stands, its distinguishing characteristic is that it provides for
Federal Reserve note issues on an ever increasing
scale. Last Saturday there were $2,568,676,000 of
these Federal Reserve notes in actual circulation,
besides $86,003,000 of Federal Reserve Bank notes,
which latter are like the ordinary national bank notes.
In war times inflation is inseparable from affairs
and the Reserve Act fitted in well with the general
scheme of things. But now that thd war is over,
unless we would invite danger of a most serious
kind, we must speedily get back to the normal,
and these excessive note issues gradually be retired.
We know of no man who has a clearer comprehension
of the problem, or who is better fitted to grapple
with it, than Carter Glass. The country is to be congratulated, therefore, that Mr. Glass has found it
possible to accept the tender of the office. It would
have been regrettable had he been obliged to decline.
The exhibit of bank clearings for the United States
for November 1918 appears to indicate that, notwithstanding the cessation of hostilities abroad and
the consequent cancellation of large contracts for
supplies for our armies and the let-up in work in
other dirctions associated with the war, the business
of the country as a whole continues very:active upon



[VOL.107.

an inflated level of prices. In fact, the tendency
toward the making of new high records in clearings
is still in evidence, although less marked than in the
preceding month. It does not follow, of course,
that, the war being over, there will be a rapid return
to normal either in the matter of business volume
or in the prices for commodities. So far as prices are
concerned, any important drop is naturally dependent
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
for some time to come.
At New York the total of clearings for this latest
month, while not a high mark, exceeds that of the
period a year ago and the cause therefor is not to
be found in any greater volume of speculation on
the Stock Exchange as compared with 1917. Outside
of this city a new high record for November has been
established, and, furthermore, as in the case of the
aggregate for the whole country, these outside clearings run ahead of all other months in our history,
only excepting October this year. Only three cities
furnish monthly totals of unprecedented magnitude,
namely Washington, Yakima and Newport News;
but at quite a number of other points previous records
are .crowded closely, with Boston, New Orleans,
Richmond, Memphis, Buffalo, Oakland, Little
Rock and Jacksonville among them. Moreover,
90 of the 174 cities included in our compilation set
new records for November; in only 39 instances have
the current year's eleven months aggregates ever
been exceeded and in 102 the current totals exceed
those for any preceding full year—quite largely in
a number of cases.
Clearings at New York for November exhibit a
gain of 5.2% over 1917, but for the eleven months
there is a nominal decrease-0.6%. Contrasted
with 1916, on the other hand, the loss for the month
is 6.3%, but for the longer period an increase of
13.5% is recorded. Combined the 173 cities outside
of New York give an aggregate 10.8% greater than
that of November 1917, with the augmentation for
the eleven months 18.7%, and comparison with
1916 reveals gains of 30.9% and 51.9%, respectively.
Indicating the phenomenal expansion in clearings
at some points during the elapsed portion of 1918,
and this following conspicuous gains in 1917 at most
places, we note that increases over 1917 in excess of
30% (and in a number of instances running well
above that figure) are disclosed at 33 cities, including
Pittsburgh, Cincinnati, Evansville, Jacksonville, Ill.,
Seattle, Portland, Ore., Tacoma, Baltimore, Kansas
City, Omaha, Denver, Duluth, Sioux City, New
Orleans, Richmond, Atlanta, Nashville, Norfolk,
Augusta, Birmingham, Little Rock, Jacksonville,
Fla., Columbia, Columbus, Ga., Long Beach,
Wichita, Dallas, Newport News, and Montgomery.
The result for the United States as a whole for the
month of 1918 at $29,339,559,785 exceeds 1917 by
7.7% and 1916 by 9.4%, and for the period since
Jan. 1 at $301,528,037,646 exhibits gains of 7.5%
and 28.6%.
Operations in shares on the New York Stock Exchange in November 1918 were considerably smaller
than in October, but almost identical with those for
the month last year. The transactions in November
this year summed up 14,651,844 shares, against
14,816,058 shares in 1917 and 34,552,860 shares in
1916. For the eleven months the totals are

DEC. 71918.]

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 corresponding 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
November of that year. Sales of United States
Liberty Loan bonds were enormous, reaching over
160 million dollars par value—much the best monthly
total on record—whereas in 1917 operations in
Federal Government bonds were only 53 millions
and in 1916 reached the merely nominal total of
$4,500. Collectively the bond sales of the month
were appreciably more than those of a year ago,
reaching no less than $246,828,000 par value, against
$98,124,000, while for the eleven months the aggregate (a high record) at $1,678,604,000 compares with
944 1-3 million dollars last year and 1,054 millions
in 1916. At Boston stock trading was more active
in November than in 1917, transactions in 451,992
shares contrasting with 341,076 shares, and for the
period since Jan. 1 the respective totals were 3,446,570 shares and 4,786,548 shares.
Canadian clearings for November are not a whit
behind those of the United States in reflecting a
very satisfactory business situation in the Dominion.
For the 25 cities covered by our compilation the
month's aggregate shows a gain of 16.1% over 1917
and 22.5% over 1916, while for the eleven months
the augmentation is 6.7% as contrasted with 1917
and 29.5% with 1916. The exhibit is especially
good at Vancouver, Halifax, Edmonton and Victoria for the eleven months and the results at Montreal, Ottawa, Quebec, St. John, London, Moose
Jaw and Kitchener for November are new high
monthly records.

2119

nationalize the railways. Advices cabled from London say that the widest interest followed his statement. What form the nationalization will take has
not been given out. Mr. Lloyd George,the Premier,
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."
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
the railways can be removed and all privileges restored to the public."

As to the attitude of the various nations at the
Peace Conference prospects appear clearly to favor
a desire for unity of action. However, England
has been very prompt in giving advance notice that
she will permit no limitation of her naval power,
which has stood herself and civilization, as a whole,
in such good stead during the war that now is ending.
Winston Churchill, speaking as Minister of Munitions in Dundee, on Thursday declared that Great
Britain would insist upon retaining the supremacy
of the sea at any cost, although, he added, the
British naval authorities had decided it would not be
necessary to demand the return to England of the
island of Heligoland ceded to the British by Denmark in 1814, but traded by England to Germany
in 1890 for territory in Africa and converted by
Germany into a great naval stronghold. The
statement made by Mr. Churchill in regard to the
supremacy on the seas follows:
"We enter the peace conference with the absolute
determination that no limitation shall be imposed
on our right to maintain our naval defense. We
do not intend, no matter what arguments and
appeals are addressed to us, to lend ourselves in any
way to any fettering restrictions which will prevent
the British Navy maintaining its well tried and well
deserved supremacy."
Premier Clemenceau of France in an interview
The President sailed on Tuesday morning for states that there is complete agreement among the
France to take part as one of the official delegates of Allies on all questions.
the United States in the Peace Conference, which is
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
formerly a German steamer of the North German of counter-revolutions. Marshal Foch is reported
Lloyd fleet; and were convoyed by the battleship to have sent a new ultimatum to the German ArmisPennsylvania and a number of destroyers. The tice delegates demanding that Germany give up the
Pennsylvania has particularly powerful wireless rest of the locomotives agreed to. Mathias Erzequipment and the George Washington also is well berger, leader of the German Armistice Commisequipped 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 Armisknowledged 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 agreewhich shall be fair alike to the public and the holders ment with the policy of Lloyd George as to compelling Germany to pay up to the limit of her capacof securities of the roads.
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 responsiChurchill 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

THE CHRONICLE

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
to 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 Emperor of Germany and King of Prussia. His son,
the former Crown Plinee, has not yet renounced
his right of succession.
In London a disposition to await the results of the
election before entering into new speculative commitments is evident. Peruvian and Chilian securities 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 reconstruction 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
the 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 understood that the capacities of the various companies
will be devoted as rapidly as possible to the manufacture 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 companies will remain separate, though the concerns
themselves will work together under identical directors.
Restrictions are still continued by the London
Stock Exchange Committee with the object of preventing speculative operations. A ruling has been
filed that in the case of shares which were not dealt
in during the war, special permission will be required
before dealings can be resumed, the object being to
prevent revival of moribund companies as a nucleus
for floating new schemes and thus evading registering
new companies,as a subterfuge to escape the necessity
of applying for permission to issue shares. This is a
check upon a movement which already appears to
have attained considerable headway. The decline
in subscriptions to the British war bonds which was
so widely expected, is beginning to show itself in a
practical way, last week's distribution having
amounted to only £16,831,000 as compared with
£22,251,000 for the week of Nov. 23. The total now
of continuous issue is £1,302,996,000. The week's
sales through the post office to Nov. 23 aggregated
£1,073,000 bringing the total in this channel up to
£45,144,000 and making the grand total £1,348,140,000. The sales of war savings certificates of
£1 each for the week aggregated £3,041,000, bringing the total ultimate indebtedness under this head




[VOL. 107.

up to £264,674,000. It seems to be agreed that some
new and more effective form of financing soon will
be found necessary to supplement the war bond subscriptions. 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 representative securities dealt in on the London Stock
Exchange. These figures, received by cable, represent the regular monthly tabulation compiled by the
"London Bankers' Magazine." During the month
British and India funds declined M of 1%, foreign
Government bonds increased 4%, American railways 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
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 Commercial 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 acquisition 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 succession of recent amalgamations. Besides numerous
offices in the United Kingdom, it has branches in
France and Spain. Its paid-up capital is £6,828,
565 and it has a reserve of a similar amount. The
Commercial Bank of Scotland, established in 1810
with head office in Edinburgh, has 174 branches
scattered throughout Scotland. Its paid-in capital
is £1,000,000 and it has a reserve fund of £700,000,
with deposits of £26,000,000.
Great Britain has decided to assist the Provisional
Bank of Russia by establishing a new ruble currency
at the fixed rate of exchange of 40 rubles to £1 sterling. Money thus received will be deposited in the
Bank of England as an unalienable reserve to insure
the convertibility of Russian notes into sterling at
the above rate. It is understood that similar plans
are contemplated to stabilize ruble currency in
France and the United States.
Advices received by the Department of Commerce
at Washington contain interesting details of the
efforts being made by the British Government to
secure the return as soon as possible by that country
to its former position in the financial world. According to these reports, "No precise measures are

DEC. 7 1918.]

THE CHRONICLE

at present recommended to restore the situation
after the war because these will depend upon a
variety of conditions which cannot be foreseen.
There is, however, unanimous agreement that the
gold standard should be maintained. The conditions necessary to the maintenance of an effective
gold standard no longer exist, and the investigating
committee declares it to be imperative that they be
restored without delay." For the restoration of an
effective gold standard the cessation of Government
borrowing as soon as possible after the war is recommended. To reduce the British obligations to the
United States it was recommended that a sinking
fund be established immediately "so that there may
be a regular annual reduction of capital liabilities,
more especially those which constitute the floating
debt." Other recommendations include the use of
the Bank of England's discount rate and other
recognized banking machinery and the discontinuance of differential rates for home and foreign money
after the war; limitation by law of the issue of fiduciary notes and present arrangemeftts to be terminated immediately.

2121

accurate, the number of separate subscriptions, was
7,000,000. Premier Clemenceau was quoted by
Minister Klotz as saying:"The most terrible account
of a people to a people is open. Certainly the taxpayers will accept all the sacrifices, but they must be
given knowledge of the fact that we have exacted
from the enemy complete restoration and reparation."
In accordance with recent announcements the
French Government has denounced all commercial
conventions containing the most-favored-nation
clause. In explaining this move M. Clementel,
Minister of Commerce, declared that this course was
necessary to permit the nation to compete in the
after-war struggle for trade and because of the world
problem of obtaining raw material. M. Clementel
argued that as a result of the war, which he said,
was a real economic revolution, work would not be
resumed along the lines in force prior to the war
because of the world problem of obtainineraw materials. This problem would be solved in favor of
France only by sacrifices, by collective interests and
the application of a new system. Instead of liberty
without restraint, the Minister said, it would be
necessary to substitute organized or restricted
liberty. The situation showed the necessity of
solving the vital question of increased production
so that victorious France should not come out of the
war economically conquered. 'He said that-among
the teachings of the war there was one to which the
Government attached great importance. This was
the necessity of considering the new relations between the heads of industry and labor. For the
idea prevalent in Germany of a struggle between
classes, France must substitute a plan of co-operation of classes in the common interest. 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
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.

The British Treasury statement for the week
ending Nov. 23 indicated a slight reduction in expenditures. 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, equaledL £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
Speaking of the immediate demands of France,
the week preceding. The Exchequer balance aggre- Jules B. Clausse, President of the Syndicat des
gates £9,610,000, as contrasted with £9,403,000 Mecaniciens Founders in France, declared (quoting
last week.
a recent cabled interview) that France must have
machinery at the cheapest possible price in the shortThat the war has by no means exhausted the float- est time. To get this it must be manufactured in
ing supply of French wealth is indicated by the re- France; hence the raw material supply was of paramarkable volume of subscriptions which, with the mount importance. "In this difficult period of
signing of the armistice, have comp forward to the demobilization," he:said, "it is a question of new
new French loan, whose official title is the "French organization of work shops with their ordinary
Liberation Loan." M. Louis Klotz, Minister of peace staffs and of winding up the work under satisFinance, announced on Tuesday that the subscrip- factory conditions. The great problem is to blend
tions to this loan had reached the nominal total of the two processes. There were working in France
27,750,000,000 francs, or a real value of 19,750,000,- for the national defense on war material 1,750,000
000, the bonds selling at 70.80 francs. The final men and women. They must be placed in suitable
results of the campaign are not yet known, complete occupations as well as those who are demobilized.
foreign and colonial subscriptions not yet having Even if the majority of women workers returned to
been compiled. The three previous loans realized their work of pre-war days, there would be about
respectively 15,000,000,000 francs, 11,000,000,000 1,500,000 to be re-employed." There is to be a
and 14,000,000,000 francs, idicating that the final demand for labor, the speaker said,. but raw maresults of the last loan will probably be 50% greater terials will be lacking. Mechanical engineering
than the lagest one foated in the past. Argentina firms are unanimous in the demand for raw materials.
was a subscriber to the amount of 125,000,000 francs, In this the Allies could help France, while French
compared to 12,500,000 francs in 1917; Algeria, mines were being put in order. It was more than
500,000,000 francs, against 230,000,000 francs, and ever necessary that the French decree ofJuly 18 1916,
Morocco 56,000,000 francs, compared with 7,500,000 whereby the free importation of metals was profrancs. The number of subscribers, or to be more hibited, should be canceled. Cancellation would




2122

THE CHRONICLE

end much bureaucratic routine, a disastrous check
upon production and a handicap in both Government
and private construction. This decree had been
one of the prime factors responsible for the scarcity
of raw material from which France is suffering and
had caused the present weakness of the French constructural industry. If breaking down the checks
and granting free competition to private concerns,
the speaker concluded, did not suffice to ease the
situation, then industry must be able to call upon
the State for special premiums to compensate certain
branches of industry which are of most importance
to the country's activities. By this means the
State would permit French constructors to compete
almost on a level with foreign houses.
The French Government has issued a decree prohibiting the importation of German bank notes,
coins or any other German monetary medium. The
French Minister of Marine has ordered the discharge
on Dec.10,unless they prefer otherwise,of all sailors
40 years of age or more or those who are the fathers
of at least four children. It is estimated that about
7,000 seamen will thus be released from service.
Trading for the account was resumed on the Paris
Bourse on Thursday.
Very little of financial nature has come forward
from Germany. A press dispatch indirectly from
Berlin quotes Rudolf Havenstein, President of the
Imperial Bank of Germany, as urgently admonishing
the people not to hoard cash. He said that between
Oct. 1 and Nov. 23 there had been withdrawn from
the Imperial Bank 3,683,000,000 marks, against
397,000,000 marks last year and this, after 4,000,000,000 marks had already been drawn out in the
third quarter. More than 1,000,000,000 marks of
new currency had been circulated in the same period
by means of coupons and on the notes of private
banks and communes, making the total emergenCy
money 5,000,000,000 marks between the above
dates. The speaker announced the final total of the
last war loan subscription as 10,433,959,700 marks,
of which 93.14% had already been paid. According
to the weekly report of the Bank of Germany issued
on Nov. 23 gold reserves in connection with the
obligations undertaken under Article 19 of the armistice terms had undergone a reduction of 241,790,000 marks, the gold reserve standing on that date
at 2,308,558,000 marks. Article 19 of the armistice
provided for the restitution of the Russian and
Rumanian 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
in question also required that the following 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."
Official discount rates at leading European centres continue to be quoted at 5% in London, Paris,
Berlin, Vienna and Copenhagen; 53/2% in Switzerland; 6% in Petrograd and Norway; 63/2% in Sweden,
and 432% in Holland and Spain. In London the




[Vol,. 107.

private bank rate has not been changed from 3 1732% for sixty-day and ninety-day bills. Money
on call in Londoh is still reported at 3%. No reports have been received by cable of open market
rates at other centres, so far as we have been able
to ascertain.
A further gain in gold is shown by the Bank of
England, namely £165,585. There was, however, a
heavy loss in total reserves amounting to £892,000,
following an expansion of £1,057,000 in note circulation. The proportion of reserve to liabilities
was again reduced, this time to 15.17%, as compared with 16.20% a week ago and 183
4% last
year. Public deposits registered a decrease of
£3,897,000, although other deposits expanded £10,449,000. Government securities were increased
£10,915,000. Loans (other securities) were contracted £3,395,000. The Bank's stock of gold on
hand now stands at £76,011,241, as against £57,534,955 in 1917 and £55,942,730 the year before.
Reserves aggregate £27,413,000, comparing with
£32,256,875 a year ago and £36,534,395 in 1916.
Loans amount to £97,596,000. This contrasts with
£91,798,972 and £106,749,646 one and two years
ago, respectively. Clearings through the London
banks for the week totaled £446,580,000, as compared with £408,940,000 last week and £414,498,000
for the corresponding week in 1917. Our special
correspondent is no longer able to give details by
cable of the gold movement into and out of the Bank
for the Bank week, inasmuch as the Bank has discontinued such reports. We append a tabular
statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1917.
1918.
1916.
1914.
1915.
Dec. 4.
Dec. 5.
Dec. 6.
Dec. 8.
Dec. 9.
67,530,000
Circulation
26,530,000
Public deposits_
154,198,000
Other deposits
Govern't securities_ 73,544,000
07,596,000
Other securities
Res've notes & coin_ 27,413,000
76,011,241
Coin and bullion
Proportion of reserve
15.17%
to liabilities
5%
Bank rate

43,728,080
36,458.001
135,638,569
65,912,870
91,798,972
32,256,875
57,534,955

37,858,335
58,716,597
108,940,191
42,187,693
106,749,646
36,534,395
55,942,730

34,155,360
52,443,879
90,018,941
32,840,075
92,910,363
34,567,388
50,272,748

35,751,370
45,002,331
120,904,048
11,959,187
117,600,404
54,151,403
71,452,773

18.75%
5%

21.79%
6%

24.26%
5%

32.64%
5%

The Bank of France, in its weekly statement,
continues to show gains in the gold item, the increase
for the week amounting to 5,534,000 francs. This
additional gain brings the Bank's aggregate gold
holdings up to 5,467,629,150 francs, which compares
with 5,336,295,567 francs last year; of these amounts
2,037,108,484 francs were held abroad in each year.
In 1916 the total gold holdings stood at 5,054,773,278
francs, of which 1,385,185,949 francs were held
abroad. Silver, during the week, was increased by
678,000 francs, bills discounted were swollen by
182,314,000 francs and advances were further
augmented by 89,416,000 francs. On the other
hand, Treasury deposits were diminished 73,382,000
francs, while general deposits fell off 258,949,000
francs. Note circulation registered a contraction of
339,709,000 francs bringing the total outstanding
down to 28,732,703,000 francs which compares
with 22,911,782,257 francs last year and 16,298,007,495 francs the year before. On Nov. 7 1918,
immediately preceding the signing of the armistice
with Germany, the amount was 30,821,245,000
francs, as contrasted with 6,683,184,785 francs on
July 30 1914, which was just prior to the outbreak of
war. Comparison of the various items with the

DEC. 7 1918.]

THE CHRONICLE

2123

statement of last week and corresponding dates in ficient volume for the present requirements of
mercantile and industrial interests, where increased
1917 and 1916 are as follows:
caution is becoming apparent, in view of the fear
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
of cancellation of war contracts and of other transDec. 6 1917.
Dec. 7 1916.
Dec. 5 1918.
for Week. •
Francs.
Francs.
Francs.
Francs.
actions based on war contracts. So far as Stock
Gold Holdings—
Inc. 5,534,000 3,430,520,666 3,299,187,082 3,669,587,329
In France
Exchange funds are concerned all restrictions now
1,385,185,949
2,037,108,484
2,037,108,484
change
No
Abroad
with the exception of the
Inc. 5,534,000 5,467,629,150 5,336,295,567 5,054,773,278 have been removed
Total
311,008,652
319,941,446
246,254,889
678,000
Inc.
Silver
probably
most
important
of all, namely that of
557,983,333
998,425,600
802,073,883
Bills discounted_ _ -Inc.182,314,000
Inc. 89,416,000 1,179,579,500 1,170,714,260 1,350,212,764 limiting the volume of member's loans to the level
Advances
Note circulation _ _Dec 339,709,000 28,732,703,000 22,911,782,257 16,298,007,495
68,370,811 of September. The requirements of the Money
257,900,000
42,767,163
Treasury deposits_ _Dec. 73,382,000
General deposits_ _ _Dec258,949,000 1,557,094,000 2,796,256,304 1,952,914,037 Committee that the banks shall maintain margins
of 30@3732% on Stock Exchange loans have been
The Imperial Bank of Germany in its weekly removed, the Committee having accepted the
statement, as of Nov. 23, shows the following striking position of the Stock Exchange that the importance
changes: Total gold and bullion registered the heavy of keeping the volume of loans upon securities from
reduction of 242,766,000 marks, and gold 241,790,000 increasing at the present time is thoroughly undermarks, representing in part the gold taken from stood and appreciated by the financial community
Russia and Rumania, which under the terms of the and that therefore the Committee's requirement of
armistice Germany is called upon to pay back to the the margin in question had ceased to be necessary.
Allies in trust. Treasury notes were incresaed 392,- The correspondence on this subject between the
391,000 marks, notes of other banks expanded 11,- President of the Stock Exchange and Governor
497,000 marks; bills discounted were reduced 195,- Strong, head of the Money Committee, appears on
868,000 marks, advances decreased 8,789,000 marks; a later page of the "Chronicle". Secretary Ely of
investments increased 692,000 marks, and other se- the Stock Exchange has sent a notice to members
curities 78,784,000 marks. Note circulation showed calling attention to the fact that new forms for
the substantial expansion of 451,109,000 marks, reporting borrowed money to the Committee of the
while deposits fell 91,561,000 marks, and other lia- Exchange must be used from now on.
bilities were contracted 323,607,000 marks. The
Referring to money rates in detail, loans on call
German Bank's gold holdings are now reported at have again this week ranged between 5 and 6%.
2,308,558,000 marks, as against 2,403,792,000 marks On Monday and Tuesday the high was 6%, which
last year and 2,518,240,000 marks-in 1916.
was also the rate for renewals, with 5% low.
Wednesday there was no range, 6% being quoted
day, and on Thursday also this was the only
all
Saturday's bank statement of New York Clearing
named, while renewals were made on this
figure
be
found
which
will
in
commore
members,
House
plete form on a later page of this issue, made a less basis. On Friday the range was 53'@6%, with the
favorable showing, there having been a reduction latter the renewal basis. The above applies to loans
in both aggregate and surplus reserves. This was based on mixed collateral. Loans on all-industrials
undoubtedly due to Government withdrawals of continue to be quoted M of 1% higher. In time money
funds from the banks, while preparations for the a somewhat firmer tone has been apparent, due to
month-end dividend and interest disbursements Government withdrawals of funds and payments
were also a factor. The loan item decreased $57,- incidental to the Dec.1 financing. A fair supply of
535,000. Net demand deposits showed the heavy money was available for the short maturities, but
contraction of $83,459,000, to $3,737,525,000 (Gov- offerings for the longer periods showed a falling
ernment deposits of $231,500,000 deducted), al- off. Transactions in the aggregate were light.
though net time deposits expanded $699,000, to Sixty and ninety-day funds are now available at
$154,002,000. Cash in vaults (members of the 5%@6%, against 6% last week, with four, five and
Federal Reserve Bank) was reduced $1,377,000, to six months still quoted at 6%. A year ago sixty
0, ninety days and four months
$106,080,000 (not counted as reserve). Reserves days money was 537
and
five
and
six months at 51
/
2@5X%.
51
/
1@5M%
Federal
the
Reserve
banks
Bank
of
member
in
Mercantile paper presented no new feature. A fair
declined $44,045,000, to $539,317,000. The reserve in own vaults (State banks and trust compan- volume of business is being transacted at 5%@6%
ies) increased $78,000, to $10,407,000, and in other for sixty and ninety days' endorsed bills receivable
depositories (State banks and trust companies) and six months' names of choice character, the same
there was an expansion of $301,000, to $9,360,000. as last week. Names less well known continue to
Aggregate reserves registered a loss of $43,666,000, be quoted at 6%.
Banks' and bankers' acceptances have ruled firm
to $559,084,000, comparing with $615,337,000 a
year ago. Reserve requirements were brought and without quotable change. A good demand is
down $10,782,770; hence the reduction in surplus reported with both local and out of town buyers
was cut to $32,883,230. This leaves a total of ex- in the market. The rate for demand loans on
cess reserves on hand of $64,180,750 (not counting bankers' acceptances has not been changed from
$106,080,000 cash in vaults held by these banks), 434%. Rates in detail are as follows:
Spot Delivery
Delivery
as against $152,122,450 in the same week of 1917.
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days.
These figures are in each instance based on 13% Eligible bills of member banks
4% bid
4%043 4%04% 4%04
reserves for member banks of the Federal Reserve Eligible bills of non-member banks
4%04% 45
/s1543443.1 043i
41. bid
53@5
55605
6
bid
Ineligible bills
53505
system but not counting cash in vault. Circulain
far
as
our
changes
rates,
so
knowledge
goes,
No
tion declined $119,000 to $35,446,000.
have been made the past week by the Federal ReConditions in local money circles are becoming serve banks. Prevailing rates for various classes of
more nearly normal. Funds are available for time paper at the different Reserve banks are shown in the
commitments in moderate volume—in fact in suf- following:




2124

THE CHRONICLE

DISCOUNT RATES OF FEDERAL RESERVE BANKS.

[Void. 107.




I

Richmond.

I

Philezde2vhia.

I

New York.

Boston.

I

indisposition manifested by exchange operators to enter into important new commitments until something
CLASSES
definite is known of the results of the Versailles Peace
t
* 1 8
j
OF
DISCOUNTS AND LOANS
zei o A 1 I 4 ,..2 Conference. Rates have shown almost no variation,
a
1
though a better undertone was evident as a result of
1
Discounts—
improvement in both mail and cable facilities.
Within 15 days,Incl. member
banks' collateral notes____ 4 4 4 4% 4% 4% 4 4 4% 4% 434 431
Francs were well maintained and closed at a slight
16 to 60 days' maturity___ 4% 4% 4% 4% 5 4% 4% 4% 4% 5 4% 5
61 to 90 days' maturity__ 4% 4% 4% 4% 5 4% 434 434 5 5 5 5
net advance for the week. Italian exchange remains
Agricultural and live-stock
paper over 90 days
5 5 5 5% 5% 5 5% 5% 5% 54 534 531
at the official rates previously current, while rubles
Secured by U. S. certificat
of indebtedness or Li.
continue to occupy an entirely nominal position.
erty Loan bonds—
Within 15 days, including
Quotations for reichsmarks and kronen are as yet
member banks' collateral notes
4
4
4 24 2434 4
4 4
4 2434 4 43
unobtainable. The official London - check rate on
16 to 90 days' maturity__ _ 434 434 4% 2434 2434 24% 2434 434 434 2434 434 434
Trade AcceptancesParis closed at 25.97, against 25.98 a week ago. In
1 to 60 days' maturity
4% 4% 24% 44% 4% 4% 4% 434 434 434 43 Vas
61 to 90 days' maturity _ 436 4% 434 434 434 434 4% 434 434 434 49_ 431
New York sight bills on the French centre finished at
Rate of 3 to 434% for 1-day discounts in connection with the loan operations
/
5 s; cables at 5 45, against 4 45;
of the Government. Rates for discounted bankers' acceptances maturing within 5 453/, against 5 45
15 days, 4%; within 16 to 60, days 434%; and within 61 to 90 days, 434%
Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper re- commercial sight at 5 463, against 5 463
%,and com•
discounted has been taken by discounting member banks at rate not exceeding
interest rate on bonds.
mercial sixty days at5 51%,against5 513
%
a
week
ago
.
Rate for trade acceptances maturing within 15 days, 434%.
Rate for trade acceptances maturing within 15 days,434%; 16 to 90 days,434% Lire closed at 6 37 for bankers' sight bills and 6 35
a Fifteen days and under, 434 %.
for cables, the same as last week. Rubles have not
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates for commodity paper have been merged with those for commerciel been changed from 14 for checks and 15 for cables.
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate is higher than the 15-day dis- Greek exchange continues to be quoted at 5 163 for
count rate,trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application is made by member banks for renewal of 15-day checks and 5 15 for cables.
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
As to the neutral exchanges, some irregularity
paper of the same class.
developed with a tendency towards lower levels
Sterling exchange has not yet worked back into early in the week, though with recoveries later.
the position of a free market. The re-establishment Swiss francs broke sharply, at once time touching
of mailing opportunities was responsible for a 4 97 for checks, which contrasts with the firmness
moderate advance in demand rates, but the market recorded a week ago. No specific reason was assigned
soon settled to its former position of dulness. As for this weakness, although it is believed that it
to the day-to-day rates, the position of exchange on was largely in response to movements in the EuroSaturday, in comparison with Friday of last week, pean markets. International banks were heavy sellers
was firm and fractionally higher for demand, which of the bills. Before the close, however, there was a
5 and sixty days at 4 73%@ partial rally. Guilders opened weak, but steadied
ranged at 4 7532@4 75%
4 733/, cable transfers remained at 4 76 7-16. On and finished without important change. Spanish
Monday a decided improvement was shown in pesetas were weak and lower. Scandinavian rates
sterling quotations and demand bills were advanced moved within narrow limits. Trading throughout
to 4 75%@4 7580; this, of course, was the result of was dull. An interesting development likely to arise
expectations that the Mauretania, just arrived, as a result of the war, according to Trade Commiswould sail before the close of the week, carrying sioner Newman L. Anderson, will be the commercial
mail; other rates were not changed with cable supremacy of Scandinavian ports over those of
transfers still at 4 76 7-16 and sixty days at 4 73%@ Germany. Hamburg, he said, had dominated all
a. Trading was quiet on Tuesday and changes the Baltic seaports before the war, but this situation
4 733/
in rates were unimportant; demand eased off a had now been overcome by the Scandinavian coun3 although cable transfers tries. He further stated that Scandinavian steamtrifle, to 4 7570@4 75%,
and sixty days continued at 4 76 7-16 and 4 73%@ ship companies had established direct connections
4 733/a, respectively. Wednesday's market was in- with all parts of the world and that the Scandinavian
active; a good undertone was noted and quotations banks were amply supplied with money ready for
ruled at the levels of the day preceding. A slightly use as soon as commerce was resumed. Bankers'
easier tone developed on Thursday and demand sight on Amsterdam closed at 423, against 41%;
bills receded to 4 7565@4 759.-i, chiefly because the cables at 423', against 423j; .commercial sight at
inquiry for bills to go on the Mauretania had been 42 3-16, against 4113-16, and commercial sixty days
satisfied; other rates remained at 4 76 7-16 for cable at 4113-16, against 41 5-16 last week. Swiss extransfers and 4 73%@4 7332 for sixty days; trading change finished at 4 93 for bankers' sight bills and
was dull and featureless. On Friday the market 4 90 for cables. This compares with 4 92 and 4 90
was quiet and about steady. Closing quotations thd week previous. Copenhagen checks closed at
were 4 739s@4 733/ for sixty days, 4 75%@4 75% 26.60 and cables 26.90, against 26.50 and 26.80.
for demand and 4 76 7-16 for cable transfers. Com- Checks on Sweden finished at 28.30 and 28.60,
mercial sight bills finished at 4 75%@4 75%, against 28.00 and 28.30, while checks on Norway finsixty days at 4 723
/
/
2@4 725
8, ninety days at 4 71® ished at 27.60 and cables at 27.90, against 27.30 and
4 713j, 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%. Cotton and grain for payment closed at the close was 20.00 and 20.10.
4 755
/
g@4 759.. No gold imports were reported
In South American quotations, the check rate on
during the week, but a small consignment of $200,000 Argentina declined and closed at 44.85 and cables
was engaged for shipment to Mexico.
at 45.00, against 44.873' and 45.123/
2. For Brazil
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
Contnental exchange at the various Allied centres. and 26.75 last'week. Chiliap exchange remains at
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
. ,..:

.
a

8

DEC. 7 1918.]

THE CHRONICLE

2125

temporarily suspending the negotiations pending
between this country and the Latin-American Governments for the establishment of additional foreign
exchange pools. As may be recalled, negotiations
were under way for the establishing of special arrangements with Peru, Uruguay and Chile, and that
arrangements had already been concluded with
Argentina and Bolivia, the purpose being to enable
Americans to pay debts in South America by depositing funds in this country to the credit of South
Americans. Now that the United States is taking so
prominent a part in world affairs, a decided change
of attitude on the part of South American bankers
has appeared and the pressure for the exportation
of gold to pay trade balances has almost entirely
ended.
Far Eastern rates are as follows: Hong Kong,
81@81.15, against 79.90@,80.00; Shanghai, 123@
2@52%, against
1233/ (unchanged); Yokohama, 523/
563@563/2; Manila, 503@503/2 (unchanged); Singapore, 56%@563/2 (unchanged); Bombay, 363/2@
3 (unchanged), and Calcutta (cables), 36%@37
36%
(unchanged).

men responsible for the war," even if their heads were
crowned, "must be tried by an international court,"
and when Sir Auckland Geddes of the Local Government Board asserts that "such men as the former
German Emperor . . . will be placed on trial,
and if found guilty their lives will be forfeit,"
it is. perhaps wise not to leap too rapidly to conclusions. We are not hearing any similar confident
predictions from the French statesmen.
But whatever the actual decision, it is growing
daily more apparent that the least probability is
a reaction in Germany in his favor. The situation in
Germany itself has already developed in such way
as seemingly to preclude any reversion to the old
regime. Only two causes might have made such
reaction,possible. One would have been the plunge
of Germany into outright anarchy; which has not•
happened. The other might be such actual persecution of the Kaiser individually, by the Entente
Powers, as should cause a revulsion of political sympathy in Germany.
Other current events are even now suggesting how
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
operations with interior banking institutions, have few days ago that we had the former Kaiser's pergained $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 lay to your charge responsiInto
Out of
Week ending December 6.
Net Change in
Banks.
Banks.
Bank Holdings.
bility for this war.'"
$9,878,000
Banks' Interior movement
$4,167,000 Gain $5,711,000
These assertions, however the public may be im49,235,000 134,047,000 Loss 84,812,000
Sub-Treas. and Fed. Res. operations
Total
$59,113,000 $138,214,000 Loss $79,101,000 pressed by them, bear curiously on three independent
The following table indicates the amount of bullion facts. One is the interesting statement, made in
a letter from the London "'Economist's" Berlin corin the principal European banks:
respondent, dated July 9 1914, that "as usual, the
December 5 1918.
December 6 1917.
Norway voyage of the Kaiser marks the beginning
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
of the dead season in German politics." The other
£
I
£
England__ 76,011,241
76,011,241 57,534,955
57,534,955 is the communication of July 26 1914 from the
Franco a.._ 137,220,826 12,760.000 149,080,826 131,967,483! 9,840,000 141,807,483
Germany _ 115,427,900 1,119.560 116,547,460 120,215,250 6,752,850126,968,100 British Embassy at Berlin to Sir Edward Grey,
Russia *__ 129,650,000 12,375,000142,025,000 129,650,000 12,375,000142,025,000
Aus-Hun c 11,008,000 2,289,000 13,297,000 11,008,000 2,289,000 13,297,000 reporting that "the Emperor returned suddenly
Spain ____ 89,130,000 25,786,000 114,916,000 78,460,000 28,833,000107,293,000
38,439,000 3,200,000 41,639,000 33,343,000, 2,600,000 35,913,000 to-night," that "the Under-Secretary
Italy
of State for
Netherl'ds 57,785.000
600,000 58,385,000 57,698,0001
573,500 58,271,500
600,000 15,980,000 15,380,000,
Nat.Bel.h 15,380,000
600,000 15,980.000 Foreign Affairs says the Foreign Office regrets this
Switeland 15,171,000
15,171.000 14,024,000i
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 initia130,000 10,465,000 10,515,0
Denmark. 10,335,000
0 01
153,000 10,668,000
Norway__ 6,738,000
6,738,000 •6,489,0001
6,489,000 tive," and that "they fear that his Majesty's
1
sudden
Tot.week 717,634,9671 58,859,560 776,494,527,678,206,688 64,016,350742,223,038
58,771.560788,064,951
729,293,3911
Prey,week
678,426,079 63,210,400 741,636,479 return may cause speculation and excitement."
The second of these excerpts might seem at first
a Gold holdings of the Bank of France this year are exclusive of £81,484,340
held abroad.
sight to give confirmation of the Kaiser's assertions.
*No figures reported since October 29 1917.
c 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 on the basis of the Dec. 7 1917 totals.
h August 6 1914 In both yerrs.
ference," to which, in the first week of that July
—less than a week after the assassination of the
THE KAISER AND THE SECRETS OF THE WAR. Austrian Archduke—the Kaiser summoned the miliHow far this week's various declarations of British tary and financial leaders and notified them to
statesmen, as to "what should be done with the prepare for war? Regarding the fact of this conKaiser," represent the mature thought and fixed ference, we have both the absolute testimony of
purpose of the speakers, it is a little difficult to guess. Herr Muhlon of the Krupps, in a signed public
The campaign for a general election is already under statement not denied in Germany when it was
way in England;the statesmen now in office are stand- published, and the admission of the German Aming for re-election, and assurances that the extreme bassador at Constantinople, made a few months
of personal punishment will be visited on the Hohen- later to our own Ambassador, Mr. Morgenthau,
zollerns is perhaps as popular a "slogan" in the con- But if such a conference was held, and at that date,
test as could exist in the circumstances. When, then the Kaiser's voyage was a blind, manifestly
therefore, Premier Lloyd George declares that "the intended to throw France and other nations off their



41.

2126

THE CHRONICLE

[vol.. 107.

guard. As a matter of fact, von Bethmann-Hollweg, plan. Yet these facts did not explain either the abwho was Chancellor when the war began, has him- solute crumbling away of the German centre under
self come into print in Germany this week, denying the attack by Foch's weary soldiers, or the 50-mile
absolutely that the Kaiser was sent away or that retreat of a powerful and organized army under the
there was any purpose of removing him from respon- pursuit of an exhausted French army, notoriously
sibility for the war. In this extraordinary exchange inferior in numbers. The real questions still remain,
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.
Prince, who says in an interview of his own this week We have yet to get light on this.
So with the Verdun experiment. If it was not the
that, in regard to the Emperor's message of 1899 to
Prince's idea, then whose was it? The Kaiser
Crown
was
father
"my
that
Boer
War,
Kruger in the
missed no opportunity of applauding and
certainly
adhis
political
by
telegram
this
send
to
made
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;
secrets also. It was evident enough that an outburst that can be done by publishing the hitherto unpubof mutual recrimination and of effort at personal ex- lished State papers. The new Bavarian Governculpation was sure to come,among the personages in ment has already shown signs of revealing some very
Germany who had been involved in the Government's pointed communications made to Munich from Berwar 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
pected. From the same press interview given a word from which was published, even in the famous
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
early in October, 1914, that we had lost the war." now very soon be forced to light, and it is altogether
He tried, so he tells the world, to persuade the Gen- for the best that the facts in the matter should be
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."
doubt whatever is the enormity of the crime which
in
being
of
The Crown Prince had the distinction
in
was committed, both against the world at large and
Verdun
at
force
German
whole
the
of
command
1916, and of part of the army at the first Marne against the German people. All civilized communiand in the drive of 1918. As a General he has, there- ties have a vital interest, with an eye to the future as
fore, an unbroken record of disastrous failure. But to the past, in knowing just how such a thing was
his explanation is ready. He,the Crown Prince, was done in a modern Government.
never at fault. The battle of the Marne would not
have been lost in 1914 "if the chiefs of our General THE PRESIDENT AND THE RETURN OF THE
RAILROADS TO THEIR OWNERS.
Staff had not suffered a case of nerves." He had
Several incidents in this week have renewed the
"thought that the Verdun attack was a mistake,"
and, when he finally attaCked, he "was not properly call to the country to seriously consider the transsupported." He was ordered, contrary to his own portation problem. On Monday, the President
view, to make the attack in March of the present distinctly told Congress that something must be
year, "and was compelled to obey." As for his done about it; on Tuesday, Mr. Warfield asked the
Generals, "Ludendorff continually underestimated appropriate committee in each branch of Congress
the enemy's forces," and Hindenburg "was a mere for an opportunity to be heard on behalf of the
security-owners; and on Wednesday, a meeting of the
figure-head."
This effort to clear his own skirts at the expense of executives of roads representing some nine-tenths of
his associates, made by a prince who commanded the country's mileage was held here, at call of the
armies, not because of military experience but be- Executives' Advisory Committee, to consider the
cause of hereditary title, will not enhance the world's situation and lead to the formulation of some definite
respect for the giver of the interview. No one will plan.
It is inconceivable that the Congressional comthink of accepting assertions made with so obvious a
motive until some one else is heard from. Usually, mittees will not promptly and gladly offer a hearing
military tradition and formality would prevent any to the security owners at the earliest convenient date,
reply from the generals in advance of a court martial and it is eminently fitting that they should have their
or a ;Government inquiry. Yet these are strange times 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 demandhad 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 inMoltke 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



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2127

no spokesman. Mr. Warfield's Association came
The President admitted that he has no answer
late upon the scene, yet it was timely, and it has now ready to the question what shall be done, but
served the necessary purpose of focusing attention declared his willingness and desire "to release the
and of gradually bringing the country to see that the roads from their present control," and gave Congress
rights of owners, the rescue and restoration of railway a hint to take up the problem seriously by adding
credit, and the prosperity of roads and the country, that he must direct such release "at a very early
date," and even within the 21 months, if by waiting
are inseparably bound together.
Between the Warfield Association and the railway to the end of that term he will be "merely prolonging
executives there is no difference of end, and it is not the period of doubt and uncertainty, which is hurtful
likely that any serious differences about definite to every interest concerned."
The control law did pledge a return, unimpaired,
plans for that end will arise. On behalf of the
Association, Mr. Warfield tells the Congressional in not more than 21 months after the war, a date
committees that if the roads go back to their private which the President now thinks will not be farther
owners with impaired credit, "it will be costly to ahead than the beginning of 1921. But it may be
the shipper and the public, for the higher their credit, well to point out that this claimed and had the
the cheaper can money be secured by them for excuse of a predominant war emergency and that,
purposes of hauling freight and passengers;" further as a legal proposition, the pledge is not binding in
"comprehensive plans for strict Governmental regula- practice. The moral obligation is clear and the
tion which shall include supervision of security issues country can better afford almost anything rather
must be studied." This is for Congress to work out, than do a moral wrong by failing upon a pledge—
and it should be done "coincidently with the opera- no words need be expended upon so much. Yet let
tion of the railroads by the Government during the us be frank enough and sober enough to admit
remainder of Federal control, with the fixed purpose that to merely notify the owners, through their
and to the end that Congress intended." No com- representatives, to take back their properties would
pleted plan is now ready, but Mr. Warfield desires not fulfill the pledge to return them unimpaired,
to have the study begin forthwith and to be heard because they have in fact been impaired; the impairment is by changes which are obvious enough,
when something concrete can be framed.
On their part, the railway executives adopted most seriously by loading them down with increased
resolutions which declare for preserving and fostering payrolls. The properties seized for occupancy and
private initiative and responsibility, and broadly rental have been altered, and bidding the owners
against Governmental ownership and operation, in take them back would not restore them; the changes
railways; they recognize and accept "the principle must be readjusted somehow, the rights of owners
of reasonable, responsible and adequate regulation," must be saved from impairment. The victim of a
but say that this should encourage and upbuild habit of narcotics or of a term of starvation cannot
roads as well as restrain abuses. The remainder of be thrown abruptly upon his own resources; some
the term of control "should be characterized by a restorative nursing is necessary for his safety. Railpolicy 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.
Upon so much as this the President, Mr. Warfield's
hindering and destructive; and in pursuance of the
resolutions steps were taken for framing and reporting Association, the railway executives, and probably
back definite proposals of "methods to be favored .in all men in or out of Congress who have begun to
connection with the return of the railroad properties think upon the difficult subject, are substantially
to their respective owners."
agreed: something must be done, something preAnd on Monday the President spoke of the subject paratory for fulfillment of the pledge. Fulfillment
in language more than usually plain as well as 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 indispensalike 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 theretransportation 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,
necessary for the protection of their security-holders. much haste. But the planning and the study, a
The old policy may be changed much or little, but study more serious and more competent than the
usual perfunctory investigation by special cornsurely it cannot wisely be left as it was."




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mittee, can begin now. 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 transportation 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 relations. We have now passed byond the possibility
of such dawdling treatment. Our national problem
must be handled wisely and masterfully, or we &all
not escape the penalty of incompetence.
PRESERVING THE SPIRIT OF PEACE.
One of our most 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
we are 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 conduct of life. Now, as we look at conditions in the
world, they have a longer reach, a wider sweep,
than ever before. On the eve of perpetual peace
they assume tremendous significance. And it becomes an intensely important duty to keep our
ideal ever before us. Can we become as obsessed
for peace as we have been for war? 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 over a 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 consideration, 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 practical 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 return to our former tasks. Trade is the
autonym of war. 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 business interests, industries and labors, were subjected
to Governmental control, were restricted, supervised,
in some instances taken over. We now approach
the task of resumption and reconstruction. We shall
be intensively occupied. As we are able to return
we shall be largely unconscious of the enfolding secu


[VOL. 107.

rity of peace. We shall accept the condition without
perhaps thinking seriously and continuously of the
duties which it imposes. Yet not only the impending construction of a League of Nations to insure
peace, but the civic relations, the economic and business 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.
Just now 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 representative, 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 engrossed in our personal affairs as to be oblivious as
to what is transpiring "over there," of what avail
is our new freedom?
None can doubt the imperious demands of the
coming months upon us. We have not fully defined
democracy. Individualism and socialism as principles 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 production. These are all matters of peace; they, as did
the powers of war, reach into every hamlet, affect
every life.
The sublime ideal of a better world must not die.
Self-interest must not dull our patriotism. Selfabnegation must not fail us now. The soldier must
become a 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 all Governments, will pull
down prices and prices will pull down wages. If
these are the so-called "advantages" gained that
will not be willingly relinquished, they must nevertheless 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 conditions that tends to carry us
beyond the golden mean of averages and equilibrium.
It takes hold on the new thought of the time and
affects Government itself. It fosters the impossible
theories of Utopia that seek to establish themselves
in the lax conditions of transition. These theories
seek to wear the livery of the new Ideal. Democracy
is never socialism. The latter has taken a strangling
grasp upon Russia and Germany. The fevers of
this doctrine are attacking the stability of republican
Governments and the freedom of industry everywhere. They blind many minds by their false
light. They tend not toward peace, but turmoil.
They obscure the Ideal fought for in the great war,
and they rob the individual of his heritage through
the victory.

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2129

How shall we 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
subabsorbs the individual in the State Sand forever tract them from our total by self-imposed economies
imposes a system of slavery upon one of original of 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 is short and we can make more money itself.
by taking the line of least resistance we submit to
It must be pleasing to every person, even though
encroachments of Government, tainted it may be the condition saddens, that this last call for
conby 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 demust 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 spreadNot 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, magnicontrary 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. Indithat 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 conforted 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 cancountry 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 perBy 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,



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[VOL. 107.

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 fitheir 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 substanthose in need. So that if but the heart of humanity
expense by a private corporation no selfish
our
tial
supply
will
be right, the energies of mankind
attached itself to the manner in which the
interest
though
even
become,
may
they
wants, however dire
was handled, nor did there appear to
proposition
a
of
heart
the
at
clutch
hunger
of
fingers
bony
the
distant people. We prefer to believe, therefore, be 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,
this demand upon the "feeling heart," will show however, 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
years. The concensus of opinion was, therefore,
man in truth "his brother's keeper."
Of the more material considerations of the cam- to take the admirable report of the corporation at its
paign certain factors have not, perhaps, been suf- face value'.
At the time when the report was made war was
ficiently stressed. Unless all our schemes of human
and, although there was some justification
rampant,
call
betterment shall go awry, this will be the last
that the construction of the tube
contention
the
of
pitiless,
is
that
much
nature
of the kind. It is not so
in
order to relieve traffic congestion,
necessity
a
was
inare
they
as
benign
as
are
laws
Her
as man.
violable. The perennial harvests will come, and nothing definite was done and the scheme has since
with vast energies turned back to seedtime and been dormant. Extravagantly high prices, also,
cultivation, there will be probably a fullness of probably exerted a potent influence in retarding
plenty in a single year. Even as we write we read active measures.
But, with the coming of peace, bringing with it a
that Australia is offering millions of bushels of wheat
of lower prices and much construction
probability
at
of
exchange
free
in world markets, on conditions
tube matter assumes different proporthe
activity,
20.
$2
is
home-price
our
fixed
while
$1 14 per bushel,
to this the recent recommendations
Add
tions.
goodwill,
in
sell
and
send
and
save
while
we
And
it is not asked as a gratuity and becomes perforce made to the Board of Estimate of New York City
a business transaction also. This very conservation by Comptroller Craig covering a plan for improving
movement to send our grain and our other more traffic conditions on the West Side water front of the
needed foodstuffs abroad has the material advan- city, and the necessity of co-operating with our New
tage of diminishing our surpluses in advance of a Jersey neighbors in solving this feature of the
certainly falling market in the future. We can problem becomes evident. Mr. Craig's plan for
afford to save, if by saving, we tend more surely relieving the congestion of freight and vehicular
to distribute our surplus. Just as emulation, and traffic along the North River water front is most
even organization if free and voluntary, increases comprehensive, and, although the construction of a
production, so conservation, through a united effort vehicular tube to the opposite shore is not mentioned
for a definite purpose, accelerates distribution and therein, the two schemes of improvement and
augments foreign trade. Conditions, later, may development are almost inseparable.
All big undertakings must, of necessity, first go
cause Congress to appropriate money to feed these
suffering peoples, but this will not alter the physical through a long period of study and investigation.
This condition is accentuated where the interests of
facts which are joined up in this problem.
It would be inappropriate to dwell upon the trade people living in adjacent and different States and
features of this generous outflowing of the spirit of municipalities and concerned, and where the enterkindness. Yet we may draw one lesson from it prise is of such a nature that ample precedent from
without embarrassment to the beneficence of the which conclusions may be drawn does hot exist.
This is what happened in connection with joining
cause. And it lies in a perception of the natural
relations of supply and demand. Though famine the City of New York and New Jersey with some
and pestilence may yet come, even with diminishing kind of structure, be A a bridge or a tunnel, for
recurrence by reason of scientific progress, human vehicular travel.
For fifty years, at least, the matter has been under
effort when unrestricted tends to equalize conditions
Elaborate plans for bridging the North,
discussion.
throughout the world. We exchange our surpluses,
time to time, been worked out by
from
have,
River
credit.
cash
or
for
sell
must
though sometimes we
And the spirit of helpfulness runs like a golden thread joint State commissions, by the railroad interests,
through all trade, however extended—for feeding a and by private promoters. The bridge idea, howpeople overseas is the same process in principle and ever, never seemed to appeal to the people. Its
practice as feeding a neighbor who has lost all by practicability could not be fully demonstrated. The
War Department would not permit a central pier to
storm or sickness.
be placed in the river. This necessitated a bridge
THE NEW YORK AND NEW JERSEY
of such enormous and almost unprecedented span,
VEHICULAR TUNNEL.
and raised the cost to such a prohibitive figure, that
Rather more than a year ago the Public Service the doom of the bridge idea was sealed.
Then came the era of sub-aqueous tunnel eonstrucCorporation of New Jersey took up the old matter
of a vehicular tunnel under the Hudson River be- tion. Following the lead of England and practically
tween New York City and New Jersey and went copying her methods of design that had been successto an expense of approximately $75,000 in making fully demonstrated, not only New Jersey but Long
surveys, investigations, and in working out detailed Island had been joined to New York by a system of
plans for its construction. Not only were the tunnels. It was necessary to go to England for



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2131

engineers and contractors to build these first tunnels. 1902, of 3,716,000 pedestrians and 862,800 vehicles.
Our own technical men had no knowledge or experi- Assuming that an average rate of two cents for pedesence in this class of work. Now, after the successful trians and 27 cents for vehicles might have been
completion of so many in and about New York and charged and collected (had the enterprise been a prielsewhere, the "shield" method of tunnel construc- vate one) the results from operation might have been
tion has become so well known there can be found, something like the following:
Receipts from pedestrians
$74,320
probably, a score of engineers and contractors fully
Receipts from vehicles
232,956
such
work.
undertake
qualified to
Total
$307,276
These New York and other tubes are, however,
Operating expenses
25,672
railroad tunnels. Nothing in the way of subNet yearly revenue
$281,604
aqueous tubes for vehicular traffic has yet been
undertaken in this country. The engineering and This is equivalent to 4.10% annually on the cost
construction features encountered in building such reported.
tubes are essentially the same as those encountered
The Rotherhithe tube accommodated, from 1909
in the railroad tunnels. The financial and political to 1913, a yearly average of 2,314,000 pedestrians
features involved, however, inject new thoughts and and 919,000 vehicles. Applying the same kind of
considerations that must be met and solved. Granted analysis as before the following results ensue:
$46,280
Receipts from pedestrians
that there is a demand for a tube to accommodate
248,130
Receipts from vehicles
vehicular travel between New York and New Jersey,
$294,410
Total
built?
How
by
and
how and by whom is it to be
19,050
Operating expenses
whom financed? This is a consideration that did
275,360
Net yearly revenue
not enter into the deliberations of our previous river
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. Although these figures of possible earnings
parties and operated as a public utilities enterprise, are but estimates based on what might be called a
charging a fare or "toll" to those using it, or shall it fair "toll," yet the operating expenses used are as
be made an inter-State affair built jointly as a public officially reported, and include even the charge of
enterprise, paid for by the floating of State, county, policing.
The plan put forward by the Public Service Coror municipal bonds authorized especially for the
purpose, and the tube, when finished, thrown open poration of New Jersey is to build a "shield" tube
to the public to be used by it the same as any other from 12th Street, Jersey City, near the terminal of
highway? Both of these plans will be here discussed, the Erie Railroad, under the Hudson River, to
but it may be said at the outset that "toll" roads Canal Street, Manhattan, the tube to be for the
were abolished in this country more than a generation travel of pedestrians and vehicles only, 10,390 feet
long between street entrances, 9,405 feet between
ago.
Precedent for a sub-aqueous tube to accommodate portals. The top surface of the tube to be 50 feet
vehicular travel is found in London where such tun- below mean tide water with approach grades of 3%.
nels have been in operation long enough, now, so To be elliptical in shape and designed of sufficient
that it is proper to draw inferences and conclusions width so that vehicles may readily pass one another.
from their experiences.
Sidewalks are also provided on each side of the tunnel.'
London Bridge is at the head of navigation of the Erovision is made for artifical ventilation, and the
river Thames. Although the city extends for many tube will be electrically lighted throughout.
miles on both sides of the river below this point,
The engineers of the Public Service Corporation
it
made
difficulties
to
impracticable
again
physical
made two separate estimates of cost. One of $8,span the river. The congested condition of the 529,000 based on what might be called normal
harbor, too, had made ferry boat traffic slow and prices, or prices for materials and labor as they were
annoying. It took fully a hundred years of agitation in 1914. This is at the rate of $827 30 per foot of
of a tunnel project to overcome these difficulties tunnel and approaches. The other estimate is
before the first one was successfuly built. The year based on war prices, or prices for materials and labor
1897 saw the completion of the Blackwell tunnel, as at the time of estimating, amounting to $10,819,a free highway for the use of the public and, in 1908, 000, or $1,030 per foot. Both these estimates
the Rotherhithe tube, also a free highway, was opened include all costs of construction and property needed.
to the public. The former is about nine And a half
The engineers of the corporation also went into
miles and the latter about two and a half miles the matter of possible revenue in case the tunnel
below London Bridge and connect populous sections is operated as a private enterprise and the vehicular
of that city.
travel at the ferries oT the North River was under
Both of these tubes are constructed on the "shield" observation by them for a long period. An average
plan. The Blackwell is 6,200 feet long and cost rate of toll per vehicle is taken at 35 cents. They
$6,841,596, or at a rate of $1,103 per foot. The Roth- estimated that 2,000,000 vehicles would use the tube
erhithe is 6,826 feet long and cost $9,732,000, or at a in the first year of its operation,increasing up to the
rate of $1,426 per foot. No tramway or other tracks fifth year to 2,928,000. On this basis they figured
are in either tube, which are of ample width to allow that the first four years of operation would result in
vehicles to pass freely. There are sidewalks on a loss, but that with the fifth and subsequent years
both sides to accommodate foot travel which is said a handsome return might be expected on the investto be heavy in the morning and evening hours. 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 CorporaAlthough 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.




2132

Closely following this report came that of MajorGeneral George W. Goethals to the New Jersey
Hudson River Bridge and Tunnel Commission in
which he endorsed the findings of the engineers of
the service corporation and recommended the immediate construction of the tube. He claimed that,
as a war measure, this action would greatly relieve
the congestion of freight at the terminals on both
sides of the river and that its construction should
not be delayed on account of war or the high prices
then prevailing.
Contractor John F. O'Rourke, at that time,
offered to complete the construction at a cost not to
exceed $12,000,000. And there the matter rested.
No one who has ever watched the congestion of
teams and motor vehicles at the Pennsylvania, Erie
or Lackawanna ferries can doubt the need of some
better mode of connecting the populous New Jersey
centres with the Metropolis. It does not need the
report of experts nor a close analysis of the subject
in order to comprehend this point. The long rows of
ever-waiting vehicles mutely testify, each day and
almost every hour of each day, to this lack of
facilities.
New Jersey, through the Public Service Corporation, and the New Jersey Hudson Bridge and Tunnel
Commission, took the initiative. It is for New
York to follow this lead, and a consideration of this
feature finds a proper place in any of the deliberations
of the Board of Estimate of New York when improved West Side conditions are involved.
New Jersey has obtained from that State the
legislation necessary in the matter. She has also
obtained the requisite permits from the War Department to enter upon the construction of the tunnel
in accordance with the plans and specifications submitted. Grave questions are yet to be solved. Shall
private enterprise and private capital dominate
this important undertaking and shall we return to
the "toll" road idea of our fathers? Or shall we
take a broad view of the matter and build a highway
as other highways are built, by and for the people
and without direct charge to them for its use?
The neighboring cities across the North River have
many common interests with New York, yet they
fall apart occasionally and become at loggerheads
over their various interests at times. Will not the
joint ownership of a tunnel, such as has been suggested,serve to cement closer relations between these
cities?
It took a long time to create "Greater New York."
Possibly, in the distant future, a "Still Greater New
York" may be a practical proposition.
It may be that the tunnel will hasten this day.
THE CANADIAN FARMER AND THE
CANADIAN TARIFF.
Ottawa, Canada, Dec. 6.
The clans are gathering for the inevitable battle
on the tariff. Years ago, the threat of an assembly
of Canadian farmers to interfere in public policies
disturbed the practiced politician but little. Nowadays a meeting of "The Canadian Council of Agriculture" is of national moment. The present Union
Cabinet at Ottawa is the creation of prairie province
farmers. The general manager of one of their
great co-operative companies is the Minister of
Agriculture. When this Council met a few days
ago and demanded a direct tax on unimproved land
values, a sharply graduated inheritance tax on large




Wm. 107.

THE CHRONICLE

estates and a graduated income tax on corporation
profits as a substitute for at least the top story of
the Canadian customs tariff, it was speaking with
the authority of practically the whole population
of Manitoba, Saskatchewan and Alberta, and much
of the farming constituency of Ontario as well.
The Council of Agriculture believes that a tax
of 1% on the site value of land would raise for the
Dominion Treasury $70,000,000 a year. It also
demands that a sharp reduction in the tariff against
British goods should lead eventually to complete
free trade with the mother country.
This interesting attempt to direct the Government's reconstruction program is almost certain to
win concessions at the next election. So badly shattered was the Liberal Party of Canada by the adhesion of its most popular leaders to the cause of Union
Government that whatever split now takes place
in the Unionist group, either the Western radicals
or the Eastern conservatives will dominate the next
election. Freedom from food taxes and elimination
of protective tariffs on agricultural implements are
reasonably certain to be granted whatever element
comes into power. Free trade with the British Isles
has not the same grip upon public imagination,
although it is a cardinal point in the Western declaration of faith. It is an interesting fact that the Government's possession of 14,000 miles of Canadian
railways now ranges it alongside the Canadian
Pacific Railway in fighting the north-and-south
tendency of trade and preserving the costly but
nationally-essential east-and-west trend of transportation.
SEEDS OF NEW WARS.
[From the New York "World, Friday, Dec. 6 1918.1

It was comparatively easy for the people of the United
States to accept President Wilson's brief summary last
January of the purposes of this Government in the war.
In the course of time the Western Allies found inspiration
in his words, and finally, with reservation as to one point,
accepted them.
Men's souls were tried during the first six months of the
present year as never before during the conflict. The question was whether the power of the United States could be
exerted in time to save the day. While the fate of the
world hung in the balance the ideals of liberty, justice and
peace which were gloriously borne upon American bayonets
were everywhere applauded, and even Germany, as the
hour of its overthrow approached, embraced them.
With victory a great change is to be noticed. American
politicians who were silent a few weeks ago are now discovering that the fourteen points are indefinite and that some of
them run counter to our interests of prejudices. In England
a considerable section of the press is asking with well-simulated tolies of injury why any visionary altruism on the part
of American dreamers or British mobocrats should deprive
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
lofty principles and creeds which too often are forgotten
when an opportunity for action arrives. It is easy to
promise. It is difficult to fulfill.
If we were asked to put Mr. Wilson's fourteen points into
one, we should say that his purpose was to make this war the
end of war. A suffering world so iuterpreted it. Everything that he suggested led up to that idea. His splendid
hope nerved every soldier of democracy, and so far as the
enemy came finally to comprehend the aspiration it removed
to some extent the bitterness of his defeat.
Neither this war nor any other war will ever end war
unless victors and vanquished move forward from the old
ruts of greed, arrogance and suspicion. How important it
is that what is to be done must be done quickly is shown by
the activity of the forces of reaction.

DEC. 7 19181

THE CHRONICLE

The dead are hardly buried, the wounded still languish,
the scourged peoples still hunger and the guns have not yet
cooled, and yet Toryism and jingoism are at work for bigger
armaments, trade restrictions and territorial acquisitions,
just 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
under the leadership of Wilson, Lloyd George, Clemenceau
and Orlando cannot make secure at the peace table the aims
which carried their armies to triumph, we are going to have
as a 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 of a new war."
Have men learned nothing since his evil day? Treaties
plant the seeds of new wars only as the men who make them
are selfish and cruel.

atrrent giteuts and piacnssions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills was
disposed of this week by J. P. Morgan & Co. on the discount basis recently prevailing, namely, 6%. The bills
are dated 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 ,220,340,702, apportioned as
follows: Great Britain, $3,945,000,000; France $2,445,000,000; Italy, $1,210,000,000; Russia, $325,000,000; Belgium,$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.

2133

Gold reserves in the Imperial Bank of Germany, in connection with the
obligations undertaken under Article 19 of the Armistice terms, have undergone 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 Rumanian gold yielded to Germany or taken by that power.
This gold was to be delive-red in trust to the Allies until the
signature of peace. The article also required that the following 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 wail losses.

WARNING AGAINST HOARDING OF CASH IN GERMANY BY PRESIDENT OF IMPERIAL BANK.
A warning against the hoarding of cash in Germany is
reported in the following Associated Press advices from
Berlin 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
hoard cash. He said that between Oct. J and Nov.23 there had been withdrawn 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 Canadian
banks, under the last two monthly statements, with the
SUBSCRIPTIONS TO FRENCH "LIBERATION LOAN." return for June 30 1914:
The subscriptions to the French "Liberation Loan," acASSETS.
cording to an announcement on Dec. 3 by Louis Klotz,
Oct. 31 1918. Sept. 30 1918. June 30 1914.
French Minister of Finance, reached on the 3d inst. the Gold and subsidiary coin—
55,686,673
28,948,841
60,630,932
In Canada
nominal total of 27,750,000,000 francs, or a real value of
18,997,700
17,160,111
18,839,915
Elsewhere
19,750,000,000, the bonds selling at 70.80 francs. In mak46,108,952
79,470,847
74,684,373
Total
ing these figures public it was announced that the final re- Dominion
92,114,482
167,225,818 187,080,654
notes
sults of the campaign were not yet known, complete foreign Depos. with Minister of Finance
6.667,568
5,853,438
5,850,615
for security of note circulation
and colonial subscriptions not being reported. The cable3,050,000
Deposit in central gold reserves 123,900,000 100,070,000
gram advices on the 3d from Paris to the daily press added:
183,767,332 178,221,331 123,608,936
Due from banks
M. Klotz said that foreign subscriptions so far received had totaled
938,000,000 francs, nominal. The three previous loans realized, respectively, 15,000,000,000, 11.000,000,000 and 14,000,000,000, he said, pointing out that the result of the subscriptions to the last loan will probably 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, compared 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.
20 and 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.

1,168,016,701 1,107,728,963
Loans and discounts
581.354,240 529,915,398
Bonds, securities, &c
74,137,860
Call and short loans in Canada_ 73,685,136
Call and short loans elsewhere 157,040,858
159,680,810
than in Canada
90,344,809
98,525,148
Other assets
Total

Capital authorized
Capital subscribed
Capital paid up
Reserve fund
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities

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.
$
179,000,000
106,914,800
106,587,095
111,125,000

183,866,666
111,781,466
111,453,477
114,142,333

192,866,666
115,434,666
114,811,775
113,368,898

227,597.808 211,623,8.56
140,123,468 117,544,521
868,422,094 806,426,687
1,076,514,627 1,037,498,920
46,869.061
44,855,724
1,833,157
965,008
27,169,035
34,640,794

99,138,029
44,453,738
495,067,832
663,650,230
32,426,404
20,096.365
12,656.085

Total, not including capital
2,248,965,237 1,330,488,683

2.393,119,523
or reserve fund
PAYMENT OF INTEREST ON RUSSIAN GOVERNMENT
Note.—Owing to the omission of the cents in the official reports, the
CREDIT.
footings in the above do not exactly agree with the total given.
On Dec. 2 the National City Bank paid the semi-annual
interest due on the $50,000,000 5Y2% bonds of the Imperial SUBSCRIPTIONS TO CANADA'S SECOND VICTORY
Russian Government. The funds were supplied by the
LOAN—REDUCTIONS IN ALLOTMENT.
Russian Embassy.
As reported in these columns in our issue of Nov. 23
Canada's Second Victory Loan subscriptions totaled $676,REDUCTION IN BANK OF GERMANY'S GOLD RE- 057,867 though the Dominion Government asked for a
SERVES INCIDENT TO ARMISTICE.
maximum of only $500,000,000. In banking circles the
Cablegram advices to the daily papers from Berlin (via opinion is expressed that possibly not more than $25,000,000
Amsterdam) on Nov. 30 had the following to say regarding will be withdrawn, leaving the amount of new money raised
in the neighborhood of $650,000,000. Reductions in allotthe reduction in the Bank of Germany's gold reserves:




2134

THE CHRONICLE

[VOL. 107.

ments are to be optional with the subscribers. All those
WHAT FRANCE HAS RAISED.
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 comParis 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
of allotment will apply.
loan, called the "Liberation Loan" (to be issued Oct. 20), Louis Marin
The allotment plan, as announced from Ottawa Nov. 27 joins the following figures of Government recourse to loans and credits at
home and abroad from the beginning of the war to the end of last August.
Is on the following lines:
The statement rectifies many opinions that have been currently expressed.
1. Applications up to $500,000 will be accepted in full.
2. Applications between $500,000 and $1,000,000, the first $500,000 in
full and the balance to the extent of 80%•
3. Applications in excess 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
in all.
•
In the case of subscriptions in excess of $1,000.000, the allotment will
be $900.000 for the first million, and then 60% of the balance. So in the
case of a subscription of $2,000,000 the allotment would be $900,000 plus
$600,000, or $1,500.000 in all.
Some typical examples of the working of the plan follow:
Application.
Allotment
Total Allotment.
$600,000
$500,000 + $80,000
$580,000
700,000
500,000 + 160,000
660,000
800,000
500,000 + 240,000
740,000
900,000
500,000 + 320,000
820,000
1,000,000
500,000 + 400,000
900,000
2,000,000
900,000 + 600,000
1,500,000
3,000,000
900,000 - 1,200,000 •
2,100,000
4,000,000
900,000 - 1,800,000
2,700,000
5,000,000
900,000 - 2,400,000
3,300,000
10,000,000
900,000 - 5,400,000
6,300,000

THE ITALIAN FINANCIAL MARKET.
The 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 market
have been constantly increasing, reaching a distinctly high level 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.
Financial Activities Unusual.
Expert writers have defined present financial activities as being exaggerated, feverish and unwise, and as being likely to bring about losses and
disappointments to capital and to create unnecessary disorder in the market 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 remarkable having occurred in the stocks of the Cotonificio Veneziano
(Venetian Cotton Mills), amounting to 104%.

(1) Realized in FranceAdvances of the Bank of France and Bank of Algiers
National Defense notes (Treasury)
National Defense obligations (Treasury)
Irredeemable State loans
Total
(2) Credits from Allies and NeutralsEngland
United States
Spain
Sweden
Norway
Switzerland
Holland
Argentina
Japan

Francs.
19,415,000,000
26,452,883,000
679,232,000
32,186,859,000

78,733,774,000
Francs.
12,552,927,000
11,887,114,000
326,000,000
46,687,000
67.478,000
97,050,000
33.280,000
471.726,000
196,704.000

Total
25,678,966,000
In terms of American money, it will be seen that sums raised in France
have been equivalent to $15,750,000,000, while credits abroad have accounted for $5,136,000,000.
To all these war resources, properly so-called, should be added the tax
receipts of the ordinary budge, 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). During the first eight months of 1918, the
deposit of public funds with Trea.sury 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 increased resources from neutrals.

RUSSIAN BUREAU OF WAR TRADE BOARD FORMED
BY UNITED STATES TO EXTEND ECONOMIC
AID TO RUSSIA.
Supplementing its previous announcement concerning the
creation of the War Trade Board of the United States
Russian Bureau, Inc., (mention of which was made in our
issue of Nov. 16, page 1873) the War Trade Board at Washington issued 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
Board's latest announcement:

The War Trade Board of the United States Russian Bureau (Inc.) is a
Capital in Stock Companies Shows Great Increase.
The following table classifies the leading Italian stock companies, 67 in company which has been organized by the War Trade Board at the direction
number, in groups according to business, and gives for each group the of the President for the purpose of helping the Russians to help themselves
aggregate capital invested and average per cent increases in prices of in stabilizing the economic situation in Russia. It has a capital stock of
shares in April 1918 and July 1918, with respect to prices in December 1917 $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
States Government.
Increase in Stock
The company will engage in the business of exporting to Russia and
Prices over Dec.1917 Siberia agricultural implements, shoes, clothing and other commodities
Group.
Number
Aggregate
which the Russian population needs, bringing back Russian and Siberian
of CornCapital
April
July
raw materials in return. The company thus is intended to aid in supplying
panics.
in Lire.
1918.
1918.
the needs of the people of Russia, in encouraging Russian production and
trade and assisting in the marketing of Russian products in America and
Banking
6
791,000,000
10%
23%
their exchange for American goods. One of the chief objects which the
Railways
2
349,000,000
19%
company will have in view will be the oncoragemont of private capital to
26%
Inland transportation_ __ _
2
32,000,000
engage in trade in Russia and Siberia as shipping becomes available for
23%
---Navigation transportation
1
120,000,000
9%
87%
the purpose. Its policy will be to co-operate with, encourage and promote
Cotton
3
41,00,0000
6%
such trade with Russia as will assist in the rehabilitation of her economic
53%
Wool
2
25,000,000
life and to cover by its direct operations only such portions of the field as
2%
---Linen and hemp
1
10,000,000
cannot at present be served readily by private enterprise.
9%
36%
Mining
3
88,000,000
The company has already begun the transaction of business by the dis2%
36%
Foundries
6
patch of three vessels from the Pacific Coast to Vladivostock, carrying
359,000,000
- -- 13%
Mechanical plants
5
172,000,000
commodities which its representatives in Siberia has designated as being
- -_ 12%
Automobiles
4
most urgently needed there. By addressing the Russian Bureau, persons
66,000,000
14%
58%
Electricity
5
125,000,000
interested in Russian trade may receive more detailed information as to the
21%
40%
Chemicals
6
152,000,000
commodities most needed by Russia and the commodities likely to be
5%
34%
Sugar
5
available for export from Russia. Additional vessels will from time to
61,000,000
12%
33%
General food, plants
time be scheduled, and shippers are urged to file applications for licenses
3
37,000,000
31%
---Aqueducts
3
to export to Russia such commodities as they know to be needed.
35,000,000
17%
20%
Real estate
'6
The head office of the Russian Bureau is in the War Trade Board Build148,000,000
24%
40%
Miscellaneous
ing at Washington, D. O. The board of directors of the company consists
4
46,000,000
16%
41%
of the members of the War Trade Board, Hon. Vance 0. McCormick,
67
2,657,000,000
Chairman of the War Trade Board, is President of the company; John
Foster Dulles is Secretary and Treasurer; Henry B. Vansinderen Is Acting
As will be seen, the highest increases occurred in navigation lines, auto- Manager. The directors are Vance C. McCormick, Thomas L.
Chadmobile manufacturing companies, cotton mills, real estate companies, bourne Jr., Edwin F. Gay, Albert Strauss, Alonzo E. Taylor, J. Beaver
chemical and electrical works, hemp and linen companies, sugar refineries, White and Clarence M. Woolley.
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- CANADIAN COMMISSION TO PROTECT COMMERCIAL
sent the most vital industrial branch of the country for the great contribuINTERESTS OF DOMINION IN RUSSIA.
tion to war requirements, but it must be kept in mind that in December
The Toronto "Globe" of Oct. 22 in announcing the ap1917, on which month the comparison is based, such stocks were high,
compared with other stocks which had remained too low. Another reason pointment of an Economic Commission to which would
be
is the recent combination of the larger companies with the smaller and
their joint deliberations relative to stock prices. In June 1918 foundry entrusted the commercial interests of the Dominion in
stocks were quoted considerably lower than in July 1918, per cent in- Russia, said:
creases over December 1917 being 4% and 12%. respectively. The July
The commercial interests of the Dominion in Russia are to be placedlin
increase in this group was due almost entirely to Terni steel plants, for the care of an Economic Commission, which, in conjunction with comWhose stocks there was a most extraordinary demand.
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:
Cl. F. Just. Chief Canadian Trade Commissioner in Russia; W. D. Wilgross, 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 WiIgress are officers of the Department of Trade and
Commerce. Col. Dennis and Mr. Owen place their services at the disposition of the Government for the work without remuneration.
It is the intention of Sir 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. Those
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. Wi!gross are already in Siberia.

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 former Austrian Empire and the
republics are so complicated now that business is complicated. For instance, my bank has branches in Prague and Budapest, but soon beta 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 entering that port enjoyed a lower taritz 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
Fiume. Even as a neutral port Trieste has no future. Itally cannot afford
to make the sacrifices made by Austria through pride. Whatever overseas trade the new republics will have will go by way of the Danube River
and the Black Sea mute, though the Czechs probably will use the North Sea.
I don't think there will be immediately more wars among us if the Allies
The Commission's Duties,
can send help now to prevent Bolshevism. But it will be observed that
The Order-in-Council naming the Commission states that its members
the Czechs are making inroads into the territory of their German neighbors
will be expected to make a careful study of local conditions in Siberia,
which may sow seeds of later troubles. The Czechs are now rich and going
both economical and social, to inquire into transportation facilities, to
ascertain the wants of the farming community in respect to agricultural woll. Their revolution is not socialistic but business-made with imperialistic
tendencies.
implements and equipment, and to note the improvements in methods
It is said the Allies intend to settle forever wars breaking out in the
of handling grain, and in mining, forestry and fishing operations. The
Commission is also instructed to investigate the opportunities, present and Balicans. I hope so. But I suggest the reading of the first lines of the
prospective, for increasing commercial interchanges between Russia and document of the Peace Conference of Vienna in 1815 when the Allies, on
Canada, and to make recommendations as to the particular lines along overthrowing Napoleon, agreed to prevent future wars and to erect a new
Which Canadian experience and industry might best be served to the re- Europe. That solution 'sated 100 years. If the one now made lasts
habilitation of Russian business activities and the development of her another hundred years it will do well.
vast natural resources.
The economic confusion likely to result from "the false
Haw Canada Could Help.
.
idea of self-determination" was emphasized by Councillor
The Government is of the opinion that similarity of natural conditions
Julius Meinl, described as probably the wealthiest man in
between Siberia and Western Canada, as well as the problems connected
with agriculture and transportation, mining and fisheries, are factors which Austria, in an interview at Berne on Nov. 27. Dr. Meinl
should enable Canada to co-operate under present conditions in the supply predicted that economic necessity
would result in the develof the commodities urgently required, and also from experience and adaptability to afford practical assistance by advice and reconstruction along the opment among the former Austro-Hungarian States of what
lines particularly vital to Siberian reconstruction.
would be tantamount tea "league of nations." The interIt is also recognized that Canada's interest in trade with Russia is un- view with
Dr. Meinl was reported as follows by the Assobounded. Besides assisting in the protection and pacification of Russia
by means of the Canadian force now being mobilized, it is proposed, in ciated Press:
conjunction with other countries, to reorganize her financial and commerDr. Moinl came to Berne as the representative of Prof. Heinrich Lams
cial activities, which have been thrown inte confusion by a long period of masch, former Austrian Premier. So sure is he that Austria-Hungary will
war and internal disorder.
always remain a federation of States more or less closely interknit that he
The British Government has appointed a Commercial Commission to criticized President Wilson—although he is wholly in sympathy with him—
work in conjunction with the British High Commissioner in Vladivostok, for what probably was an unintentional wording of his declaration that
and has intimated its willingness to attach a representative of Canada people must have the right of self-determination. This phrase, when
to his staff.
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,
AUSTRIAN BANKERS OVTLINE PROBLEMS FACING
was that Austro-Hungarian peoples should have the right of regeneraang
THEIR COUNTRY.
and rebuilding the Empire on a basis of perfect political inuependence of
That the States making up the former Austro-Hungarian sovereignty between the various States, but with Federal economic unity
Empire will recuperate and be able to pay their debts if somewhat on the lines foliowea in the establishment of the United States."
Dr. Meinl fears that for a number of years Austria-Hungary will be so
allowed to get food and raw materials was asserted by Dr. split up by the
"false idea of self-determination" that all economic ties
Alfred Treichl, Managing Director of the Anglo-Austrian will be broken, and each new nation will rear an economic wall against
Bank, which has a working capital of $50,000,000 and every other nation, which will be disastrous because every section is dependent on every other.
branches throughout the former Austrian Empire, in an
Ile says he is firmly against the pan-German move, now evident everyinterview with the Associated Press on Nov.30. He is 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
quoted as saying:
carried out, Dr. Meinl says, Austria still more would become a mere apThe biggest question the world is now facing is whether the free trade pr pendage of Germany, meanwhile arousing the
antagonism of France,
the high tariff principle shall be applied between the nations, and in par- which would see Germany gain 12,000,000 persons by
the war.
ticular, what the United States will do in this respect. On this question
He makes a strong plea for an era of peace which shall permit all peoples
depends certainly the economic prosperity of the former Central Empires to carry out the hard task of reconstruction in
a conciliatory spirit. He
and possibly their political happiness.
believes such amity and conciliation are essential unless all the warring
The dimensions of the war certainly have been too great for Austria. We o untries are not soon to meet with serious
trouble from the labor element.
are ovorloadea with war debts, though it must be remembered they are
Ludwig von Neupath, director of the Austrian Credit
largely internal, with two or three billion crowns owned to Germany and
also small loans obtained in the United States before that country ceased Bank, while discussing the situation with a representation
neutrality.
its
We have among ourselves merely exchanged materials for paper money, of the Associated Press on Nov. 24 said:
The Austrian Republic must first be given a loan, to be used for the
notes and bonds. One problem we are facing is for each of the new repubpurpose of sending food and coal into the country to prevent famine and
lics to make up its accounts and divide the war debts so that each will know
disorder.
Then it must obtain another loan of So0,000,000 to buy a six
stands.
where it
months stock of cotton, wool and copper.
Never in history, however, has any enterprising people been crushed
by
Diplomatic pressure should be brought to bear against the Czechs, who
debts. If we can produce we can pay back all our debts in ten years. But
are attempting to prevent the arrival of coal and metals from Galicia and
the great difficulty is how to start production.
other
points. The peace conference should also apportion the debts of the
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 former Austrian Empire equitably among the Czechs. Hungarians, Austrains and Jugo-Slavs. This debt now totals 56.000.000.000 kronen,
enemies.
The important point is, will the United States send us raw materials 32,000,000,000 of which is in paper money, which is circulating in all parts
against a loan. I say the United States because It has copper and cotton of the country. If the Austrian Republic is made to shoulder this war
and.nobody on earth can do business without American cotton. Possibly debt she is bound to be bankrupt. Before the war the normal expenses
South America could sell us wool, but doubt exists if it will be able to sell 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
on time.
Financial help for the former Central Empires must come from the Anglo- debt.
Americans. They are the only nations able to furnish aid of this kind, as
Franco no longer is in the position of money lender to other countries.
MODIFICATION OF RESTRICTION ON STOCK
It must be understood that the riches of any country are not in the gold
EXCHANGE BORROWING.
reserve, of which we possibly possess a quarter of a billion crowns, but in its
production capacity.
A further modification of the restrictions affecting borrowSpeaking from a Continental point of view, it must be asked whether ings for Stock Exchange purposes
wasannounced on Wednes..
America will continue to soli raw products. Since the war she has increased
the number of her factories. Now, will she insist on selling finished prod- day of this week, Dec. 4. Last week, page 2046, we referred
ucts to us? If so, that will be the cause of a still greater Continental crisis. to the lessening of restrictions to the extent of permitting
If the United States and the Allies wish to prevent such an economic financing,
for purposes of distribution or purchase of bonds
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 notes. This week, at the request of the Stock Exchange
and pay.
Committee of Five, of which H. G. S. Noble, President of
The Peace Conference should arrange first to pay our debts outstanding
Exchange, is Chairman, the so-called "Money Comthe
abroad later collecting from us, and second, should provide us with financial
mittee" reduced the margins required by banks on loans to
moans and give us raw materials.
Those terms apply to the former Austrian Empire. As regards the 20%. At the instance of the "Money Committee" a
margin
German republics and their war indemnities, they are richer than are we.
of 30% was required, beginning Nov.4, on all regular loans,
They also hold more foreign stocks and bonds.
Regarding the political future of the republics of the former Austrian instead of the customary 20%, a corresponding increase in
Empire, I do not believe they will get together for many years, though their margins being required on other loans. Details
of these
economic relations would be greatly improved by a common money standard, such as exists between France, Italy and Switzerland, and also by increased margin requirements were given in our issue of
free trade.
Oct. 26, page 1612. The letters of Messrs. Noble and




2136

THE CHRONICLE

[void. 107.

Strong, which resulted in the restoration of the 20% margin,
were made public as follows by the Stock Exchange:

Members are cautioned that stock or registered bonds affected by such
a demand of the Alien Property Custodian do not constitute a delivery.
GEORGE W. ELY, Secretary.

December 4 1918.
To the Members of the New York Stock Exchange:
Your attention is called to the following letter addressed to Mr. Benjamin
Strong and his reply thereto:
GEORGE W. ELY, Secretary.

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 anticipated when the mails are freed from censorship.

November 30 1918.
Beng. Strong, Esq., Governor, Federal Reserve Bank, New York City:
Dear Sir.—The importance of keeping the volume of loans upon securities
from increasing, at the present time, is thoroughly understood and appreciated by the financial community. It would seem, therefore, that the
Money Committee's requirement of a margin of from thirty to thirty-seven
and 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 Exchange is amply able to control the situation without it, the Stock Exchange
Committee, of which I am Chairman, would urge that the Money Committee consider the advisability of having this additional margin requirement
withdrawn.
Hpoing that the Money Committee will give this request favorable consideration, I am,
Yours very sincerely
H. G. S. NOBLE, President.

C. E. MITCHELL ON READJUSTMENT PROBLEMS—
INDUSTRIAL AND FINANCIAL.
"Readjustment Problems, Industrial and Financial,"
were discussed by C. E. Mitchell, President of the National
City Co. of this city, before the Cleveland Chamber of Commerce at Cleveland on Nov. 26. Referring to the fact that
we have paid off practically our entire debt abroad, and have
loaned to foreign Governments approximately eight billion
dollars, Mr. Mitchell stated that instead of sending abroad
great amounts for interests and dividends, as we did prior
to the war, we shall in the future, be receiving from abroad,
in interest on national debt alone, close to 400 million dollars
annually. Continuing, he said:

December 4 1918.
H. G. S. Noble, Esq., President, New York Stock Exchange, New York, N. Y.:
My Dear Sir.—Your letter of November 30th was submitted to the
Money Committee at its regular meeting held yesterday afternoon.
There has been no change in the situation to justify an increase in the
total of the Stock Exchange loan account, and it is not probable that additional funds will be available for Stock Exchange loans so long as the
Government continues to be a borrower on the present large scale; nevertheless, as your letter states that the Exchange is amply able to control
the situation without continuing the requirement by the lending banks of
Have you answered to yourselves, I wonder, the question as to how these
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 great interest payments, and how gradually the payment of principal,
banks
of November 30th, and will at once communicate with the associated
may be made to us? It cannot be in gold, that we know, for the total
in this city to that effect.
In the event of developments necessitating such action, the committee annual production of gold in the world, outside of the United States, would
will request the associated banks to exact requirements for additional mar- not suffice even for the interest charge. It cannot be by trade balance
Very truly yours',
gin.
if our exporting business develops as we all expect. We have, for many
(Signed) BENJ. STRONG,
years, had a balance in our favor in foreign trade, and we hope to enlarge
Chairman, Sub-Committee on Money of the
it rather than to see the balance change. Except as the trade balance
Liberty Loan Committee, for the Committee.
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 exNEW FORM ON WHICH STOCK EXCHANGE MEM- tending credit to the world in increasing amount. We will have to capitalize the interest payments and reinvest that capital abroad, and if we
BERS MUST REPORT BORROWINGS.
are to extend our exports we will have to take their evidences of indebtedaffecting
restrictions
the
of
modification
the
Following
ness, as represented by bonds and stocks, in return, and will have to follow
borrowings by members of the New York Stock Exchange, England in the course that she has long followed of steadily increasing
foreign investment.

referred to in these columns last Saturday, page 2046, a new
Emphasizing "the necessity of America's investing in ever
form of report to be used in supplying data relative to bor- and ever larger amounts in foreign countries," Mr. Mitchell
rowed money on time and demand has been issued by the added:
Exchange. The following is the new form:
That movement must start at once if American industry is going to reName
Date
Report to the New York Stock Exchange of outstanding loans as at the
close of business on above date.
1. DEMAND LOANS:
(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 Now
York
(c) Carried by and collateral actually lodged with
lenders OUTSIDE OF NEW YORK for Now
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
INCREASE
DECREASE
NOT TO BE INCLUDED ABOVE.
BONDS AND NOTES
3. LOANS it
Purchased for distribution AFTER NOV.30 1918
4. LOANS AGAINST UNITED STATES GOVERNMENT
SECURITIES
GRAND TOTAL
Further notations may be made on the other side.

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 bo paid for by credits established in American banks. It cannot bo 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 supplies, 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 Government, 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
American investors with little difficulty, I know. America has broadened
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 municipalities anti States all the world over and distribute them directly to investors throughout the United States. If the time comes when such bonds
• begin to flow hero 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 a provincial country.

The form on which members were previously required to
Mr. Mitchell referred to the labor problem as "perhaps
report was given in our issue of Sept. 14, pago 1047. To
greatest of all the problems of the readjustment period."
the
put
have
we
differ
two
indicate the particulars wherein the
discussed it at length.
and
in italics the now matter carried in the latest form.
STOCK EXCHANGE RULING RELATIVE TO ALIEN
OWNED SECURITIES.
A ruling in which members of the New York Stock Exchange 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:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
November 29 1918.
The Alien Property Custodian is authorized by law to serve upon corin the name of or
outstanding
bonds
registered
or
stock
having
porations
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.
Enemy in the stock or registered bonds to the Alien Property Custodian
and may render the outstanding certificates non-transferable.




ESSENTIAL INDUSTRIES FINANCE CORPORATION
TO DISSOLVE.
The decision to 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
of the armistice and the resultant modification of the war
time restrictions of the Capital Issues Committee upon the
flotation of capital issues, have operated to bring about the
discontinuance of the Corporation. Details of the organization of the Corporation were given in these columns Sept. 28,
page 1236; Oct. 19, page 1520, and Oct. 26, page 1612. The

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 Corporation and industrial corporations. The Essential Industries
Finance Corporation wasformed 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 probability, 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. &c., 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 Company,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 officers 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 Leo, 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.;
0. 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.;
Willard V. 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, tho order cited.
Abolishing the agency hero will throw the stockman back largely on his
borrowing power in local banks. In special instances, which will be desCribed in a circular letter to stockmen, now under preparation here, applications may be made through the Federal Reserve Bank, which will send
thorn 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
Wax 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 Corporation, 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.
Up to Oct. 31 1918, according to the annual report of
Secretary of the Treasury McAdoo, loans of $67,716,342
were advanced by the War Finance Corporation; of the
sum indicated, the Secretary reported, $29,863,748 had
been repaid, leaving $37,852,595 outstanding. In the
report presented to Congress by the War Finance Corporation itself on Dec. 3, the advances made by it during the
six months since its organization are given as $71,385,000,
this aggregate covering presumably a later period than
Secretary McAdoo's figures. The Corporation in its
report suggested changes in the existing law to permit it to
continue "judicious use of its large resources" during the
period of readjustment. Since the passing of the war
emergency the Corporation practically has caased receiving
applications for advances. "It is believed unless a new
emergency should arise," its report says, "that meritorious



2137

enterprises can now be financed through their accustomed
channels." Most of the Corporations loans were to public
utilities at interest rates ranging between 6 and 7%. Concerning 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 contemplated applications for advances, aggregating a large amount, which
were considered and acted upon by the board without ever being formally
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
$896,542 49
Section 7, paragraph No. 2
1,530,600 00
Section 8
550.000 00
Section 9
64,739,200 00
Total amount advanced
Less repayments

$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

37,852,594 89
73,400,634 00
2.785,650 93
9,463 51
400,862 38
814,532 06
113 24
7,404 73

Total
$140,173,017 85
Liabilities—
Capital paid in (authorized, $500,000,000)
$140,000,000 00
Gross earnings
$2,228,333 49
Less administrative expenses:
Salaries
$50,354 06
Printing and stationery
2,455 68
Supplies
81.33
Travel
1,189 75
Sundry
4,645 81
58,726 63
Net earnings
Interest collected but not earned

2,169,606 86
3,410 99

Total
$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 was organized was so large that the corporation issued a statement of its 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 totalling $185,000,000, of which approximately $136,000,000 was for refunding,
&c., and $49,000,000 for improvements, extensions, and new constructions. Forty-nine of the pending applications were Tor miscellaneous
activities aggregating in round figures $8,500,000. Only three of those
applications were from savings banks and loan associations under section
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 a helpful character. In many instances
these conferences have resulted in 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."

JAMES B. FORGAN'S VIEWS ON READJUSTMENT TO
PEACE BASIS—GRADUAL RELAXING OF
CAPITAL ISSUES' STRICTURES.
While stating that "the Capital Issues Committee will
continue in existence for the present, and probably until
after the Government's big financing is over," James B.
Forgan, Chairman of the Board of the First National Bank
of Chicago, and a member of the Advisory Council of the
Federal Reserve Board,says,however,that "it will gradually
relax its policy of holding up the financing of municipal
improvements and industrial capital expansion." Mr. Forgan, whose views were expressed following his return to
Chicago from Washington last month, is also quoted as
saying that he has "formed the opinion that, while all the
problems confronting us in connection with the reconstrue
tion and readjustment of 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 as
at first appeared." Mr. Forgan's observations were printed

2138

[VOL. 107.

THE CHRONICLE

in the Chicago "Herald and Examiner" of Nov. 24, ii,nd we
quote what he had to say therein in full herewith:
During my stay in Washington I attended the conferences between the
Federal Reserve Board and the Federal Advisory Council, also a conference with the Capital Issues Committee. I spent a forenoon in the War
Trade and War Industries Boards, after which I was present at a luncheon
given by the Secretary of the Treasury to members of the Federal Advisory
Council and the Federal Reserve Board.
From these sources I absorbed quite an optimistic view as to the prospective progress and development of business during the period of reconstruction 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
incurred by the contractors. I was assured that all contracts now in operation which have to be canceled will be settled for generously and promptly
and the contractors will be protected from loss.
At all the conferences it was forcefully pointed out that promptness in
the adjustment and settlement of canceled contracts is tho most essential
feature in connection with the reconstruction of business and the resumption of normal conditions.
The various Government departments, including the army and navy,
are said to be fully alive to the necessity of prompt adjustment and settlement of canceled contracts and will co-operate in bringing them about.
while Secretary McAdoo said the Government would pay all warrants
issued on the Treasury for such claims just as soon as they are certified'to
and presented.
The Capital Issues Committee will continue in existence for the present
and probably until after the Government's big financing is over, but it will
gradually relax its policy of holding up the financing of municipal improvements and industrial capital expansion, while it will be as vigilant as heretofore, or more so, in obstructing the flotation of so-called "blue-sky"
securities.
Altogether, therefore, I formed the opinion that, while all the problems
confronting us. In connection with the reconstruction and readjustment of
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
as at first appeared.
If the determination is, as it appears to be, and if the Government will
co-operate with business as it promises, with the strong financial condition
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
'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 TO
SECRETARY OF THE TREASURY Mc ADOO.
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
and Currency) is expected to assume his new post Dec. 16.
A statement issued by Secretary McAdoo on the 5th inst.
regarding the appointment said:

Federal Reserve
District-Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago

Subscriptions
Allotted.
$88,728,000
350,847,500
29,283,500
112,500.000
12.458.000
11,487,000
103,828,000

Federal Reserve
District—
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Subscriptions
Allotted.
$17.109,500
10,220,500
7,443,500
12,103,000
38,164,000
$794,172,500

TREASURY CERTIFICATES ISSUED IN ANTICIPATION OF FOURTH LIBERTY LOAN CALLED FOR
REDEMPTION.
Treasury certificates of 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
Dec. 19 1918 at par and accrued interest. The following is
the notice, issued Dec. 4 by Secretary of the Treasury McAdoo:
Notice to holders of United States Treasury certificates of indebtedness
of series IV E, dated Sept. 3 1918 and maturing Jan. 2 1919.
All United States Treasury certificates of indebtedness of series IV E.
dated Sept. 3 191b and maturing Jan. 2 1919, are hereby called for redemption on Dec. 19 1918 at par and accrued interest, pursuant to the provision
for such redemption contained in the certificates. On Dec. 19 1918 interest
on all certificates of said series will cease to accrue.

The New York Federal Reserve Bank in a statement in
the matter issued Dec. 5 said:
The Secretary of the Treasury has to-day cal ed for prepayment on Dec.
19 1919 the entire issue of Treasury certificates of indebtedness dated
Sept. 3 19_8, maturing Jan. 2 1919, known as series IV-E, the call being in
conformity with the terms of the issue.
Due formal and legal notice of this call will appear in the financial advertising columns of the press.
Under the terms ot Treasury Department Circular No. 121, certificates
of that series may be used in making payments on Liberty Loan subscriptions due on Dec. 19 next, but no certificates other than those of this issue
can be accepted for the bond payment due Dec. 19.
•To the extent in which certificates of indebtedness of this issue are applied
in bond payments due Dec. 19, the money situation will be relieved of congestion and stringency. Of the issue 4-E there was issued in this district
$210,068,500.
After the redemption of this issue there will remain outstanding of Treasury 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
payment on the Fourth Liberty Loan; that the Treasury's requirements
for cash were never greater, 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 hi-weekly offerings of Treasury certificates announced by the Secretary of the Treasury under date of Nov.27

ANNUAL REPORT OF SECRETARY OF TREASURY
McADOO.
Much important data dealing with the financing of the
war by the Government is contained in the annual report of
Secretary of the Treasury McAdoo made public 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
The acceptance by the Hon. Carter Glass of the Secretaryship of the part of the essential information furnished in the report.
Treasury will, I am sure, give great satisfaction to the entire country.
In presenting it Mr. McAdoo notes that "the payment into
The tremendously important part he had in the formulation and passage
bond sales,
of the Federal Reserve Act, his familiarity with banking and economic the Treasury of vast sums in war taxes and from
problems growing out of his long service in Congress and for the past six and the transformation of our varied and complex economic
years as Chairman of the important Committee on Banking and Currency
the supreme task of winning the war, have been
have earned for him the confidence of financial and business interests. life to
lie has unusual qualifications for the great office to which the President accomplished without shock or financial disturbance. The
has nominated him. Personally, I am deeply gratified that Mr. Glass is credit and business structure of the nation remain sound
to be at the head of the Treasury. and I am confident he will give the
and strong." Fr the fifteen months to June 30 1918
country a brilliant and satisfactory administration.
Secretary McAdoo estimates that the total cost of the war,
in
Va.,
Lynchburg,
in
born
was
Glass
Representative
with allowances for the Government's ordinary expenses in
News"
1858. He is the owner of the Lynchburg "Daily
times, was $13,222,749,734; nearly one-half of
ordinary
and the "Daily Advance". His political career was begun
750 went toward investments of a per$6,499,784,
or
this,
as•
served
he
later
Senate;
State
in 1899 as a member of the
in
the form of ships, navy yards, army
character,
manent
a member of the Virginia Constitutional Congress. He was
to the Allies, or to American war
loans
buildings,
elected to his tenth term in Congress at last November's camps,
of
public debt transactions 31.6%
Exclusive
industries.
the
drafting
in
l
elections. He was largely instrumenta
year were paid from revenue
the
for
s
expenditure
the
of
Federal Reserve Act, and has an intimate knowledge of
year 1919 Secretary McAdoo forefiscal
the
For
receipts.
have
which
relations
close
the
a
of
result
as
Treasury affairs
casts expenditures of $20,687,938,691 for Government purexisted between himself and Secretary McAdoo.
poses and $4,375,565,250 for loans to the Allies and $2,540,624,960 for the redemption of outstanding certificates
SUBSCRIPTIONS TO TREASURY CERTIFICATES IS- and other debt cancellations. Total disburstimonts for the
year are estimated at $27,718,128,901. Against this
SUED IN ANTICIPATION OF TAXES.
little more
Subscriptions of $794,172,500 to the offering of Treasury estimate, which actual expenses., at the rate of a
indicate is
date
to
month
a
dollars
half
a
and
billion
a
than
maturing
and
Certificates of Indebtedness, dated Nov.7 1918
March 15 1918, and issued in anticipation of taxes, were too high. Mr. McAdoo calculated that the Government
of the fiscal
announced by Secretary of the Treasury McAdoo on Nov.30. would receive $5,000,000,000 before the end
$1,100,taxes;
profits
and
income
from
30
June
next
year
T
Subscriptions to the certificates, which are known as Series
and which bear 432% interest, closed Nov. 27. The offer- 000,000 from other taxes, $190,000,000 from customs and
ing was referred to in our issue of Nov. 9, page 1784. The $555,000,000 from miscellaneous sources, including $70,000,000 from increased postage, making total estimated
results by Federal Reserve districts were as follows:



DEC. 71918.]

THE CHRONICLE

receipts from ordinary sources $6,846,900,000. In addition, he figured roughly on $5,025,670,000 from further
issues of Liberty bonds and $1,200,000,000 from war savings. 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 $21,022,488i712, or
$6,695,000,000 less than tentative estimates of disbursements. 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 departments 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 regarding loans to foreign Governments Secretary McAdoo
announces that he will "recommend the enactment of legislation 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 importance 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
now 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
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.

PURCHASES OF LIBERTY BONDS BY TREASURY
SINKING FUND.
The purchases of Liberty bonds by the Treasury's sinking
fund, with a view to keeping the price from goindbelow par,
are disclosed by Secretary of 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 4Yi% issues, $70,935,500
were Third Liberty Loan bonds, and $656,000 were First
Liberty Loan converted bonds. The report has the following
to say in the matter:
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 tendency
were unfavorable factors with respect to new loans. The situation was
called to the attention of the Congress by tne Secretary in connection with
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,
from time to time until the expiration of one year after the war, to purchase bonds issued under authority of the Act approved Sept. 24 1917,
including bonds issued upon conversion of bonds issued under that Act
or under the Act approved April 24 1917, at such prices and upon such
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 immediately applied to the 4% bonds Issued upon conversion of the 33 % 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 43,4% bonds of the
Third Liberty Loan, and to the 434% 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. 311918,
Inclusive, the following bonds had been purchased, canceled and retired:

2139

WAR REVENUE BILL REPORTED TO 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 Congressional 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 program 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 consideration of the measure begin next Tuesday. Senator
Penrose, as ranking Republican member of the Committee,
announced that a formal dissenting minority report would be
submitted, and Senators La Follette and Smoot said they
would present supplementary minority reports. Senator
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 1M 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 1M cents, respectively, Chairman Simmons and
other members announced that the one-cent rate would
apply within a radius of 200 miles from mailing points. The
amendment actually adopted, however, and now incorporated in the bill, according to press dispatches from Washington on the 30th, provides that the one-cent rate is applicable 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
Committee. One of these was to eliminate the taxes on the
salaries of Federal Judges and the President. The other
was of the war and excess profits taxes under the head of
"war excess profits taxes," designed to remove the objections to a dual system of taxation, but accomplishing the
same purpose. An important amendment was the addition
of a section taxing employers of child labor. It is intended
to replace the child labor law, declared unconstitutional by
the Supreme Court. It imposes a tax of 10% on products
of child labor. Some of the other principal features of the
bill, as summarized in the New York "Evening Sun" last
night are as follows:

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 31,000 or more and married persons
with $2,000 or more to be taxed.
Surtaxes ranging from 1% on incomes between 35,000 and $6,000 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.
Principal
Amount of
Freight transportation taxed 3%, express transportation 1 cent for each
Amount
Amount Paid. Accrued Interest 20 cents paid.
Purchased.
Paid.
Telegraph, telephone, radio and cable messages costing 14 to 50 cents
taxed 5 cents; more than 50 cents taxed 10 cents.
First Liberty Loan conLeased wires taxed 10%.
verted bonds of 1932-47$656,000 00
$10,266 77
$631,621 80
Distilled spirits in bond taxed $2 20 a gallon and $6 40 If withdrawn for
Second Liberty Loan 4 and
beverage purposes.
4% bonds of 1927-42_ 172,445,000 00 165,199,543 55 2,843,264 09
Beer, ales and porter taxed $6 a barrel.
Third Liberty Loan 434%
Cigars taxed from SI 50 to $15 per thousand, according to weight and
bonds of 1928
815,812 25
70,935,500 00 68,479,278 00
retail price.




2140

THE CHRONICLE

Wines taxed from 16 cents to $1 a wine gallon.
Admission to theatres taxed 1% on each 10 cents charged.
Club dues over $10 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.

INTERNAL REVENUE COMMISSIONER ON SITUATION OCCASIONED BY DELAY IN PASSING WAR REVENUE BILL.
The concern which has developed by reason of the failure
of Congress to enact the pending war revenue bill is the subject of a letter which has been addressed by Internal Revenue
Commissioner Daniel C. Roper to Secretary of the Treasury
McAdoo. Mr. Roper calls attention to the "serious dilemma" confronting his office and states that it is clearly its
duty, in view of the fact that only one month remains before
the commencement of the time for filing income and excess
profits returns, to proceed with plans for the collection of the
taxes under the old law unlass the pending bill is placed on
the statute books before Jan. 1 next. We quote from his
letter as follows:
I am impelled by the imperative necessity of setting in motion immediately the administrative machinery for the collection of internal revenue
taxes for the current taxable year to bring to your attention the serious
dilemma that confronts us.
Only one month remains before the commencement of the period prescribed by law for the filing of income and excess profits tax returns.
Return forms, instructions and regulations must be constructed and millions
of copies printed and distributed through the country. Thousands of
internal revenue officers and employees must be mobilized and intensively
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 conflict with other provisions or are otherwise incapable of satisfactory administration.
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 guide the tax administration of the last year. But now, with the time for taking action
already at hand,I 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 administration 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. 26 1917, under your inspiring leadership 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 improvement 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
submitted. Seven months have been consumed in bringing the bill to its
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 problems 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 completion 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
new law before Jan. 1 1919.

PRESIDENT WILSON'S ANNUAL MESSAGE TO
CONGRESS.
President Wilson in his annual address delivered at the
opening of Congress before a joint session of the House and
Senate on Monday last, Dee. 2, on the eve of his departure
for Europe to participate in the Peace Conference, formally
declared his purpose "to join in Paris the representatives
of the Governments with which we have been associated
in the war . . . for the purpose of discussing with
them the main features of the treaty of peace." The.President'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,




[VOL. 107.

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
interpretation and application, the President stated that he
owed it to the associated Governments to see that "no false
or mistaken interpretation is put upon them, and no possible
effort omitted to realize them." While the President's
announcement of his trip to Europe was received by the
Democrats of the House with cheers, in which some Senators
joined, the address evoked no outburst on the part of the
Republicans, except when reference was made by the President to the valor and efficiency of the United States soldiers
and when mention was made of Pershing and Sims.
Aside from what he had to say regarding his overseas
mission, the principal feature of the President's address
was his reference to the railroad situation. The President
admitted that he had no answer ready to the question as to
what should be done with the railroads "in the interest of
the public and in fairness to their owners." In what he had
to say in the matter'he announced that it would presently become his 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." In setting forth the alternative courses lying
open, the President said:
We can simply release the roads and go back to the old conditions of
private management and unrestricted competition and multiform regulation 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 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, 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 suffrage in recognition of what had been done by
the women in the war was made by the President and he
urged early and favorable action on the unratified treaty
of adjustment with the Republic of Colombia. "So far as
our domestic affairs are concerned," said the President,
"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 of the war
longer than we have." He further said:
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 business man is of quick initiative.

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.
Something more must be done than merely find the money."
He therefore suggested that Congress "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 themselves in a pitiless competitive market."
The President also reverted to the taxation program and
urged upon Congress the acceptance of Secretary McAdoo's
recommendation 'that the taxes to be paid in 1920 be reduced from $6,000,000,000 to $4,000,000,000. He further
urged that the naval program undertaken before we entered
the war be carried out. The following is the message in
full:
Gentlemen of the Congress:
The year that has elapsed since I last stood beforb 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 processes, 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 I 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.]

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2141

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.

monarchs and ambitious military coteries, and made ready for a new order,
for new foundations of justice and fair dealing.

Vast Army Transported Overseas2inla Year.
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 continuing 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 equipment and supplies, an 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 attack630 of whom were upon a single English transport which was sunk near
the Orkney Islands.

Order and Organization to Peace.
We are 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 misunderstanding with our immediate neighbors and give proof 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
Republic of Colombia. I very earnestly urge upon them an early an 1
favorable action upon that vital matter. I believe that they will feel.
with me, that the stage of affairs is now set for such action as will be n
only just but generous, and in the spirit of the new age upon which we hay
so happily entered.

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 organization of the industries of the country and of all its productive activities 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 experience 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 unparalleled energy and quick accomplishment.
Tribute to American 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 achievement 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 men did. Their officers understood the grim and exacting task they had undertaken and performed it with an audacity, efficiency, 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 accomplish. I am proud to be the fellow-countryman of men of such stuff
and valor. Those of us who stayed at home did our 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; yet, all shall be forgot,
but he'll remember with advantages what feats he did that day!"

Economic and Industrial Readjustment.
So far as our 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 of the war longer
than we. Our people, moreover, do not wait to be coached and led.
They know their own business, are quick and resourceful at every readjustment, definite in purpose, and self-reliant in action. 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 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 personally 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 industries 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 material 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
Entered Battle at Critical Moment.
readily or so quickly the control of foodstuffs and of shipping, because the
What we all thank God for with deepest gratitude is that our men went in world has still to
be fed from our granaries and the ships are still needed
force into the lino of battle just at the critical moment when the whole fate to send supplies to our men overseas, and to bring the men back as fast as
of the world seemed to hang in the balance, and threw their fresh strength the disturbed conditions on the other side of the water permit. But even
into the ranks of freedom in time to turn the whole tide and sweep of the these restraints
are being relaxed as much as possible, and more ana more
fateful struggle—turn it once for all, so that thenceforth it was back, back,
as the weeks go by.
back, for their enemies,always back,never again forward. After that it was
Placed at Disposal of Business.
only a scant four months before the commanders of the Central Empires
knew themselves beaten, and now their very empires are in liquidation!
Never before have there been agencies in existence in this country which
the
spirit
of
fine
the
all,
how
it
nation
And throughout
was, what unity knew so much of the field of supply, of labor, and of industry as the War
of purpose, what untiring zeal! What elevation of purpose ran through all Industries Board, the War Trade Board, the Labor Departrient, the Food
its splendid display of strength, its untiring accomplishment. I have said Administration, and the Fuel Administration have known since their labors
that those of us who stayed at home to do the work of organization and sup- became thoroughlY systematized, and they have not been isolated agencies. .
ply will always wish that we had been with the men whom we sustained They have been directed by men which represented the permanent departby our labor; but we can never be ashamed. It has been an inspiring thing ments of the Government, and so have been the centres of unified and
to be here in the midst of fine men who had turned aside from every private co-operative action. It has been the policy of the Executive, therefore.
interest of their own and devoted the whole of their trained capacity to the since the armistice was assured (which is in effect a complete submission
tasks that supplied the sinews of the whole great undertaking! The of the enemy) to put the knowledge of these bodies at the disposal of the
patriotism, the unselfishness, the thoroughgoing devotion and distinguished business men of the country, and to offer their intelligent mediation at
capacity that marked their toilsome labors day after day, month after every point and in every matter where it was desired. It is surprising
month, have made them fit mates and comrades of the men in the trenches how fast the process of return to a peace footing has moved in the three
and on the sea. And not the men hero in Washington only. They have weeks since the fighting stopped. It promises to outrun any inquiry
but directed the vast achievement. Throughout innumerable factories, that may be instituted and any aid that may be offered. It will not be
upon innumerable farms, in the depths of coal mines and iron mines and easy to direct it any better than it will direct itself. The American busicopper mines, wherever the stuffs of industry were to be obtained and pre- ness man is of quick initiative.
pared, in the shipyards, on the railways, at the docks, on the sea, in every
Employment for Returned Soldiers.
•
labor that was needed to sustain the battle lines, men have vied with each
The ordinary and normal processes of private initiative will not, howother to do their part, and do it well. They can look any man at arms in
provide
immediate
ever,
employment for all of the men of our returning
the face and say, We also strove to win and gave the best that was in us to
armies. Those who are of trained capacity, those who are skilled workmake our fleets and armies sure of their triumph!
men, those who have acquired familiarity with established businesses,
Women's Help Beyond Appraise!.
those who are ready and willing to go to the farms, all those whose aptiare known or will be sought out by employers, will find no difficulty,
tudes
And what shall we say of the women—of their instant intelligence,
quickening every task that they touched: their capacity for organization it is safe to say, in finding place and employment. But there will be others
and co-operation, which gave their action discipline and enhanced the who will be at a loss where to gain a livelihood unless pains are taken to
effectiveness of everything they attempted; their aptitude at tasks to which 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
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 seems to melimportant, therefore, that the development of public works
of every sort should be promptly resumed, in order that opportunities
is beyond appraisal. They have added a new lustre to the annals of
should be created for unskilled labor in particular, and that plans should be
American womanhood.
y. The least tribute we can pay them is to make them the equals of men in made for such developments of our unused lands and our natural resources
as we havehitherto lackeestimulation to undertake.
political rights, as they have proved themselves their equals in every field
Plans for Reclaiming Lands.
of practical work they have entered, whether for themselves or for their
country. These great days of completed achievement would be sadly -,.f 5 I -particularly direct your attention to the very practical plans which
marred were we to omit that act of justice. 13estdes the immense prac- the Secretary of the Interior has developed in his annual report, and before
tical services they have rendered, the women of the country have been your committees for the reclamation of arid, swamp, and cut-over lands,
moving spirits in the systematic economies by which our people have which might, if the States were willing and able to co-operate, redeem
voluntarily assisted to supply the suffering peoples of the world and the some three hundred million acres of land for cultivation. There are said
armies upon every front with food and everything else that we had that to be fifteen or twenty million acres of land in the West, at present arid,
might servo the common cause. The details of such a story can never be for whose reclamation water is available, if properly conserved. There
fully written, but we carry them at our hearts, and thank God that we can are about two hundred and thirty million acres from which the forests have
say that we are the kinsmen of such.
been cut, but which have never yet been cleared for the plow, and which
And now we are sure of the great triumph for which every sacrifice was lie waste and desolate. These lie scattered all over the Union. And
made. It has come, come in its completeness, and with the pride and there are nearly eighty million acres of land that lie under swamps or subinspiration of these days of achievement quick within us, we turn to the ject to periodical overflow, or too wet for anything but grazing, which it is
tasks of peace again—a peace secureagainst theAviolence of irresponsible perfectinfeasible to drain and protect and redeem. The Congress can at




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once direct thousands of the returning soldiers to the reclamation of the
arid lands which it has already undertaken, if it will but enlarge the plans
and the appropriations which it has intrusted to the Department of the
Interior. It is possible in dealing with our unused land to effect a great
rural and agricultural development, which will afford the best sort of opportunity to men who want to help themselves, and the Secretary of the
Interior has thought the possible methods out In a way which is worthy
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 service to
which our forces overseas are entitled and which should also be accorded the
shipments which are to save recently liberated peoples from starvation and
many devastated regions from permanent ruin. May I not say a special
word about the needs of Belgium and Northern France? No sums of
money paid by way of indemnity will serve of themselves to save them
from hopeless disadvantage for years to come. Something more must
be done than merely find the money.
If they had money and raw materials in abundance to-morrow, they
could not resume their place in the industry of the 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
facilities which is now to set in.
I hope, therefore, that the Congress will not be unwilling, if it should become 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 themselves in a pitiless competitive market.
Readjustment of Taxes.
For the steadying and facilitation of our own domestic business readjustments nothing is more important than the immediate determination
of the taxes that are to be levied for 1918, 1919, and 1920. As much of
the burden of taxation must be lifted 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.
If the war had continued it would have 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
of the Government is not to be looked for. Contracts made for war supplies will, indeed, be rapidly canceled and liquidated, but their immediate
liquidation will make heavy drains on the Treasury for the months just
ahead of us.
The maintenance of our forces on the other side of the sea is still necessary. A considerable proportion of those forces must remain in Europe
during the period of occupation, and those which are brought home will
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 suffice
to supply a sound foundation for the financial operations of the year.
Treasury Recommendations Approved.
I entirely concur with the Secretary of the Treasury in recommending
that the two billions needed in addition to the four billions provided by
existing law be obtained from the profits which have accrued and shall
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 business originating in war contracts. I urge your acceptance of his recommendation that provision be mane now, not subsequently, that the taxes to be
paid in 1920 should be reduced from six to four billions. Any arrangements 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 vrue friend of the nation's essential business interests can afford to be responsible for creating or prolonging. Clearly determined conditions, clearly and simply charted, are indispensable to the economic revival and rapid industrial development which
may confidently be expected, if we act now and sweep all interrogation
points away.
I take it for granted that the Congress will carry out the naval program
which was undertaken before we entered the war. The Secretary of the
Navy has submitted to your committees for authorization that part of the
program which covers the building plans of the next three years. These
plans have been prepared along the lines and in accordnnce with the policy
which the Congress established, not under the exceptional conditions of
the war, but with the intention of adhering to a definite method of development for the Navy. I earnestly recommend the uninterrupted pursuit of that policy. It would clearly be unwise for us to attempt to adjust
our program to a future world policy as yet undetermined.
•

[VOL. 107.

Face to Face with the Question.
Exceptional circumstances and exceptional methods of administration
were not needed to convince us that the railroads were not equal to the
immense tasks of transportation imposed upon them by the rapid and continuous development of the industries of the country. We knew that already. And we knew that they were unequal to it partly because their full
co-operation was rendered impossible by law and their competition made
obligatory so that it has been impossible to assign to them severally the
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 present
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 Federal
Administration had planned could not 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
does not afford sufficient authority to undertake improvements upon the
scale upon which it would be necessary to undertake them. Every approach 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 of 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 release 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 simply
release the roads and go back to the old conditions of private management,
unrestricted competition, and multiform regulation by both State and
Federal authorities; or we can go to the opposite extreme and establish
complete Government 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 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,
as, for example, by regional corporations, under which the railways of
definable areas would be in effect combined in single systems.
One Confident Conclusion.
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. Those are conditions of restraint without development. There is nothing affirmative or helpful
about them. What the country chiefly needs is that all its means of transportation 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, necessary for
the release of credit to those who are administering the railways, necessary
for the protection of their security holders. The old policy may be changed
much or 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 problem 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.
The Paris Peace Conference.
I welcome this 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 the Central Empires for the purpose of discussing with them the main features of the treaty of peace. I realize the
great inconveniences that will attend my leaving the country, particularly
at this time, 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.
The Allied Governments have accepted the bases of peace which I outlined to the Congress on the 8th of January last, as the Central Empires
also have, and very reasonably desire my personal counsel in their interpretation and application, and it is highly desirable that I 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 settlements 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 interest 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 express those ideals; they have accepted my statements of them as the substance 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
effort omitted to realize them. It is now my duty to play my full part
in making good what they offered their life's blood to obtain. I can think
of no call to service whichsould transcend this.

/n Close Touch with Congress.
I shall be in close touch with you and with affairs on this side the water,
The question which causes me the greatest concern is the question of the and you will know all that I do. At my request the French and English
policy to be adopted towards the railroads. I frankly turn to you for coun- Governments have absolutely removed the censorship of cable news which
sel upon it. I have no confident judgment of my own. I do not see how until within a fortnight they had maintained, and there is now no censorany thoughtful man can have who knows anything of the complexity of ship whatever exercised at this end, except upon attempted trade comthe problem. It is a problem which must be studied, studied immediately, munications with enemy countries. It has been necessary to keep an
and studied without bias or prejudice. Nothing can be gained by becom- open wire constantly available between Paris and the Department of
ing partisans of any particular plan of settlement.
State, and another between France and the Department of War. In order
it was necessary that the administration of the railways should be taken that this might be done with the least possible interference with the other
over by the Government so long as the war lasted. It would have been uses of the cables, I have temporarily taken over the control of both cables
impossible otherwise to establish and carry through under a single direc- in order that they may be used as a single system. I did so at the advice
tion the necessary priorities of shipment. It would have been impossible of the most experienced cable officials, and I hope that the results will
otherwise to combine maximum production at the factories and mines and justify my hope that the news of the next few months may pass with the
farms with the maximum possible car supply to take the products to the utmost freedom, and with the least possible delay from each side of the
ports and markets; impossible to route troop shipments and freight ship- sea to the other.
ments without regard to the advantage or disadvantage of the roads emAsks United Support of Congress.
ployed; impossible to subordinate, when necessary, all questions of conMay I not hope, gentlemen of the Congress, that in the delicate tasks I
venience to the public necessity; impossible to give the necessary financial
perform
on the other side of the sea, in my efforts truly and
shall
have
to
support to the roads from the public treasury. But all these necessities
(now been served, and the question is,'What is best for the railroads, faithfully to interpret the principles and purposes of the country we love, I
I may have the encouragement and the added strength of your united support?
for the public in the future?
PO4CII




Toward the Railroads.

DEC. 7 1918.]

THE CHRONICLE

I realize the magnitude and difficulty of the duty I am undertaking. I am
poignantly aware of its grave responsibilities. I am the servant of the
nation. I can have no private thought or purpose of my own in performing 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 inaccessible. The cables and the wireless will render me available for any counsel
or service you may desire of me, and I shall be happy in the thought that
I am 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.

DEPARTURE OF PRESIDENT WILSON FOR EUROPE
—MEMBERS OF PEACE DELEGATION.
The departure of President Wilson from the United States
for Brest, France, where he is to participate in the Peace
Conference, occurred on Wednesday, the. 4th inst. The
President sailed from New York 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 gahered
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 Washington 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. Grayson, 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; Yarnell,
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, commanded by Capt. F. B. Bassett; Oklahoma, Capt. Charles
B. McVay; Arizona, Capt. John A. Dayton. Rear Admiral Rodman's division has been serving during the past
year as a battle squadron of the British fleet, while Admiral 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 Washington and will report to Admiral Benson, naval representative with Col. House on the peace mission, as his assistants. 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.
The names of those who were to serve with the President
as peace envoys from the United States were made known in
the following statement issued at the White House on Nov.
29:



2143

It was announced at the Executive Offices to-night that the representatives of the United States at the Peace Conference would be: The President
himself, the Secretary of State, the Hon. Henry White, recently Ambassador to Prance; Mr. Edward M. House, and General Tasker H. Bliss.
It was explained that it had not been possible to announce these appointments before because the number of representatives of the chief belligerents
were to send had until a day or two ago been under discussion.

As indicated above, two of those in the peace delegation,
Secretary of State Robert Lansing and Henry White, accompany the President abroad. Col. House and General
Bliss are already in Europe.
VICE-PRESIDENT MARSHALL CANCELS SPEAKING
TOURS—HIS STATUS DURING PRESIDENT
ABSENCE.
WILSON'•
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 offidal
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 Washington dispatch of the 29th appearing in the New
York "Times" quoted Mr. Marshall as 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 Marshall 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 suggested 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
fr.om 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 President'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 opportunity 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 necessitylof

2144

THE CHRONICLE

exercising it." Mr. Wickersham, in these points, declared
the absence of the President in Europe would "constitute
an inability to discharge the power and duties of his office."
"The Constitution," Mr. Wickersham concluded, "does
not provide who shall decide when a disability occurs justifying the Vice-President in assuming to act as President.
If the Vice-President should assume to act and should himself 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, a question would arise
for the courts to determine as to the powers of the VicePresident to act for the President."
On Nov. 27 the New York "Times" printed the following
regarding Vice-President Marshall's views as to Mr. Wickersham's contentions:

[VOL. 107.

Senator Pittman also",said that the presence of the Committee at Paris might embarrass and interfere with President 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 consideration, was offered by Senator Borah on the 4th. On the
5th Senator Borah introduced a 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 Senator
Knox) would limit the American delegates at the peace table
to discussion of "the aims for the attainment of which the
United States entered hre war." Another of the resolutions
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.

Vice-President Thomas R. Marshall was interviewed over the long-distance 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 Now 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
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 replying to them informally and without mature consideration. Nevertheless, he was quite frank as to his attitude toward the contemplated departure of President Wilson and as to his own course during the President's
absence.
EX-PRESIDENT ROOSEVELT CRITICISES PRESIDENT
Mr. Marshall stated categorically his attitude toward the three methods
WILSON'S MISSION ABROAD.
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
Ex-President Roosevelt criticises President Wilson's
nation, as follows:
"Ono—With regard to the suggestion that I might voluntarily assume the message to Congress and the object of his mission abroad
Presidency and raise a legal question as to my right of tenure by some such in his characteristic caustic fashion, saying that "inasmuch
act as the signing of a legislative bill: I can state now definitely and posi- as Mr. Wilson is going over,
it is earnestly to be hoped that
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 it is his business not to try and be an umpire between our
attend the Peace Conference.
Allies and our enemies but act loyally as one of the Allies."
"Two—As for the suggestion that a joint resolution of Congress might be
As to the fourteen points Col. Roosevelt declares that the
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 Allies and the United States have never accepted them, but
Congress should adopt jointly such a resolution.
that Germany and Austria have enthusiastically accepted
"Three—In answer to the suggestion that a court having jurisdiction
might mandamus me to as.sume the duties of the President, I unquestion- them. The following is the Colonel's statement as given
ably would assume the Presidency of the United States and exercise the out by him at Roosevelt Hospital, where he is recovering
duties of that office if a court having jurisdiction directed me to do so."
from the effects of a recent operation:
These three categorical answers were telegraphed back to Boston last
President Wilson has not given the slightest explanation of what his views
night, submitted to Vice-President Marshall, and verified by him as corare or why he is going anroad. Ile pleads for unity, but he is himself rerect. To the "Times" correspondent in Boston he added:
sponsible
for any division among the American people as regards the Peace
"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, Conference at this time.
He has never permitted the American people to pass on his peace prowould feel compelled to do so.
"I hopo the controversy will be stopped, as I have not the slightest de- posals, nor has he ever made those proposals clew and straightforward. As
for
the fourteen points, so far as the American people have expressed any
sire nor intention of interfering with the President, unless I am forced to,
opinion upon them, it was on Nov. 5, when they rejected them. What Mr.
and that will be of infinite regret to me."
Wilson says of these points is sheer nonsense. He says the American Army
We refer in another item to a resolution proposing to have 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
VicoPresident Marshall act as President during President
smash Germany. The American people wanted Germany smashed.
Wilson's absence.
The Allies have never accepted the fourteen points. The United States
has never accepted them. Germany and Austria enthusiastically accepted
them. Here certain individuals, including President Wilson, Mr. Hearst,
Mr. Vierick, as I understand it, and a number of pro-Germans and pacificts
RESOLUTION TO DECLARE OFFICE OF PRESIDENT and
International Socialists have accepted them, but neither the America
VACANT—OTHER RESOLUTIONSINCIDENT
people nor the American Congress has accepted them.
Wilson himself has rejected at least ono of the fourteen outright and
Mr.
TO PRESIDENT'S MISSION ABROAD.
has interpreted another in the airectly opposite sense to its plain and obSeveral resolutions growing out of President Wilson's vious meaning. The simple truth is that some of the fourteen points
are
mission abroad wore brought before Congress with its re- thoroughly mischievous under any interpretation and that most of the
others
are
so
vague
and
ambiguous
that
it
is
nonsense
to do anything with
convening on Monday the 3rd. In the Senate Senator them until they
have been defined and made definite.
Sherman (Republican) made known his intention to offer
Inasmuch as Mr. Wilson is going over, it is earnestly to be hoped that it
a resolution declaring the office of President vacant as a Is his business not to try and be an umpire between our Allies and our enemies, but act loyally as one of the Allies. We have not suffered as much
result of the President's absence. In the House a resolution and
we have not rendered as much service as the leading Allies. It is the
was offered by Representative Rodenberg of Illinois (Re- British Navy ansl the French, British
and Italian armies that have clone
the
most
to bring about the downfall of Germany. and, therefore, the
publican) empowering Vice-President Marshall to act as
safety of the United States. It is our business to stand by our Allies.
President while the President is abroad. Senator Shorman's
The British Empire imperatively needs the greatest navy in the world,
resolution also proposed to confer the duties of President 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,
upon Mr. Marshall. It was referred to the Judiciary ComFrance needs greater militery strength than we do, but we should have all
mittee. There was also introduced in the Senate on Dec. our
young men trained to arms on the general lines of the Swiss system.
2 by Senator Cummins, a resolution calling for the creation
The "freedom of the seas" is a phrase that may mean anything or nothing.
If It is to be interpreted as Germany interprets it, it is thoroughly
of a committee of the Senate to be "charged with the duty
mischievous. There must be no interpretation of the phrase that would
of proceeding to Paris at the proper time in order to be there prevent
the English Navy, in the event of any future war, from repeating
present during the said Peace Conference." On the 5th the tremendous service it has rendered in this war. The British must, of
course,
keep
the colonies they have conquerea.
inst. the Senate Foreign Relations Committee unanimously
As for this
it must keep Its absolute economic independence and
voted to report unfavorably the Cummins resolution. Its raise or lowernation,
its economic barriers as its interests demand, for we have to
look
author, it is said, plans to make a vigorous speech in suafter the welfare of our own workingman. We must insist on the
preservation of the Monroe Doctrine. We must keep the right to close
port of it. In anticipation of this Senator Pittman, of the
Panama Canal to our enemies in wartime, and we must not undertake
Nevada, Democrat, a member of the Committee, sub- to interfere in European, Asiatic, or African matteits, with which we ought
mitted a separate report to the Senate on the 5th, explain- to have properly no concern.
As for Mr. Wilson at the Peace Conference, it is his business to stand by
ing his objections to the resolution. Seantor Pittman states France,
England, and our other Allies and to present with them a solid
that the proposed Senate mission to Paris could perform no front to Germany.

Constitutional function imposed upon the Senate with relation 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 circiunstances, 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.




W. II. TAFT ON WHAT MAY BE GAINED BY
PRESIDENT'S TRIP.
Ex-Presidont William H. Taft, in a special copyright
article in the Philadelphia "Ledger" of Doc. 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 1918.]

THE CHRONICLE

If one can judge from the serious doubts of the wisdom of the President
going in person to the Paris conference expressed in friendly Democratic
newspapers, it is not popular.
The advantages of the President's going seem clear. His presence in the
•conference will stamp upon it a democratic character in the eyes of all but
the wild Bolshevik'. This will be a real aid in allaying the unrest among
the peoples of the Allies. The conference between Mr. 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 analogous to those of the three Premiers, except that he adds to his the titular
headship of the American nation as well. The personal 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
alms and harmony. Those who have projected 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 is 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 disinthe
terestedness of this country in respect to most questions arising for
decision and action of the League would make the American President a

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 Governments have lifted all censorship regulations bearing upon American press
matter.
The widely circulated rumor that George Creel, Chairman of the Committee 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 iaterView, 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
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 Conference 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.

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 unusual opportunity to study the possibilities of a League of Nations, its
practical difficulties and their solution. There is nothing like oral, intimate discussion to winnow out real differences and to remove disagreements duo to 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
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 assume that the President himself may not attend a conference to which he
can 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
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 imposed 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,
and it is difficult to see why it should be implied. The President is the
Commander-in-Chief of the Army and Navy. If we 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, oven 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 hero in connection with a
session of Congress, Congress may well wait until his return, or, if the public exigency requires. may invite the Vice-President to do those things as
acting President which the absence of the President on foreign duty prevents 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, Premiers 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

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, commensurate with its importance, will be given the news associations and representatives 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 peace deliberations. No discrimination
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 Cortes', Chief of the Rome Bureau; L.0. 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. I3ouman, Burge McFall, James P. Howe, Philip M. Powers, Stuart
Maroney, S. F. Wader and T. T. Toppin.

GUARANTEED PRICE OF WHEAT TO STAND FOR 1919
CROP.
at the guaranteed price of
A statement to the effect that
wheat for the 1919 crop stands under the terms of the Lever
Act, under which the U. S. Food Administration is operating, was made by the Food Administration on Dec. 3. The
statement adds:

respect.

PARIS OFFICE OF COMMITTEE ON PUBLIC INFORMATION TO BE HEADQUARTERS OF AMERICAN
NEWSPAPER MEN—NO CENSORSHIP OF NEWS.
A farewell dinner was 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 whatever 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 American newspaper correspondents in forwarding the news to
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 correspondents 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 individual 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
,the
France. The Orizaba will leave the Hoboken dock at 12 o'clock noon
Sunday. Dec. 1. All passengers will report to General McManus at port
of embarkation, Pier 3.
It is requested and hoped that correction will be made of the very
untrue report 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 Conference, and to assist news distribution in every possible way.




2145

The President's proclamation of Sept. 2 1918 stated that the "producers
of wheat produced within the United States . . . for the crop of 1919"
toe 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 11920.

In referring in our issue of Sept. 7, page 945, to the issuance 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 $2 393 at this terminal, and that similarly the
price in Chicago was advanced from $2 20 to $2 26.
The following Washington advices concerning the continuance of the U. S. Food Administration Grain Corporation appeared in "Financial America" of Dec. 5:

Measures providing for the continuation of the grain corporation or a
new organization clothed with similar powers are expected to be adopted
upon the return to this country of Herbert Mover, 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 expected, another lease of life for the grain corporation would seem certain.

The same paper on Nov. 20 had the following to say as
to the assurances to farmers on the wheat price:

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

2146

THE CHRONICLE

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 maximum 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, effective at once and
to continue until Jan. 1, permits for grain shipments will be
required for wheat only. All others can be shipped without
a permit.
WHEAT PRICE GUARANTEED TO AMERICAN FARMERS AS COMPARED WITH THAT PAID BY
ENGLAND.
The following concerning the price paid for wheat to
farmers in the United States, as compared with that paid for
Australian wheat by England appeared in the Philadelphia
"Record" of Nov. 30, the advices emanating from Washington:
The British Government is securing a supply of wheat from Australia
at 96 cents a bushel, while Uncle Sam is paying his wheat growers $2 20
a 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 Government cannot escape the guaranty of $2 20 for No. 2 red wheat, such as
Australia is turning out to the British Government at less than a dollar per
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 ofit.
Interesting questions have come up in connection with the guaranteed
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 States, 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 wheat already looming large since
the signing of the armistice.
During the war the Australian wheat was bottled up, and the Government of Great Britain fixed the price at 06 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 President 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 guaranteed wheat price as an instance where their administration is furnishing the
growers of this grain a protection against wheat from other parts of the
world, as 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.
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, or 40 cents
less than guaranteed to the American farmer by the President's order.
Democrats point out that but for the fixed guarantee the farmers 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 unchecked 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 we should make no change in the guarantee 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."

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 crops to those two countries have been about
concluded. The "Sun" further says:
In order to facilitate payment for the crops the Argentine Government,
It 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 Argentine grain supply will be taken into consideration in assessing the world's
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



[VOL. 107.

effect that the increase in the supply of Louisiana cane
sugar and Western beet sugar, and the fact that the new
Cuban crop is expected shortly, made possible the rescinding 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.
It was also made known at the same time that sugar restrictions had been removed from the home, consumers no
longer being required to observe the ration of 4 pounds of
sugar per person per month. The Federal Food Board of
New York in an announcement on the 4th inst. regarding
the rescinding of the sugar restrictions said:
Removal of the restrictions on the sale and use of sugar is made possible
by the very 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, Madura, 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 wore reduced to two pounds for each person a month
and two pounds 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 rations 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 Administratibn, shows that the United States has at the present time
the largest individual ration, three pounds for each person per month
(fbur 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 103,6c. per pound, while in Spain the
price ranges from 21c. to 26c. per pound; in Austria it is 21c. to 54.6c., and
Turkey from $1 77 to $5 05 per pound.
In Germany the ration ranges between 1.4 to 1.6 pounds per person per
month, with an average cost to the consumer of 7c. to Sc. 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 followLbs. per Mo.
Retail Price!
Lbs. per Mo.
Retail Price
Allies— per Person. Cts. per Lb.! (Cond.) Per Person. Cis. per Lb.
*Un. States_3
I Switzerland _1.1
10.5
15.0
England_ _ _ _2
!Argentina_
14.1
__
16.2
France
1.1
18.4©19.31Spain ______
21.0©26.0
Italy
.7
19.9 ©35.4 I Sweden
2.5
12.0(4)14.0
Canada
2
11.2
I Central Powers—
Neutrals—
IGermany _1.461.6
7.0(4) 8.0
Norway _ _ _ _2.2
13.3
lAus.-Hung'y 1.2©1.7
21.0©54.6
Holland _ _ _ _2.2
12.9
!Turkey
$1 77(4)5 05
* 4 pounds beginning Dec. 1 1918.

FOOD ADMINISTRATOR HOOVER IN URGING CONTINUED FOOD SAVINGS APPEALS TO
"WORLD CONSCIENCE."
An appeal for the continued conservation of food is contained in a message from U. S. Food Administrator Herbert
Hoover read in the churches end various institutions of
the country with the opening of conservation week on Dec.
1. Mr. Hoover, who has been abroad since the middle of
November arranging for food supplies for the populations
of Europe, said that the people of the United States now
have an opportunity for renewed service to mankind by
helping, through the cm servation of food here, to feed upward of 200,000 people in Northern France, Belgium, Central 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 now appeal is to the 'world conscience' which must be the guiding
inspiration of our future program." The message follows:
Again in full confidence, I call upon the American people to set aside Sunday, Dec. 1, and the week following, for the consideration of America's opportunity for renewed service and sacrifice.
Last summer, when the military situation was acute, we assured the
Inter-Allied Food Conference in London that wilatever the war-food program 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.]

TIIE CHRONICLE

2147

to have the reserves in food to supply all necessities..The ending of the
war does not release us from the pledge. The same populartions must be
fed, and until another season has passed they cannot feed themselves.
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 Argentine. 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 opportunity 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 looking 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 inspiration 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 arrangementslfor
foodstuffs to the populations of Belgium and France now being released,
and to organize and determine the need of provisions to the liberated peoples 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 obligation 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. She has established the
foundations of government by the people throughout the enemy countries,
and this is the real bulwark of world peace. We have yet to build on these
foundations. No Government or nation can stand if its people are starving. We must do our part if the world be not consumed in a flame of
anarchy.
The American people, in this most critical period of their history, have
the opportunity to demonstrate not only their ability to assist in establishing peace on earth, but also their conservation, by self-denial, to the
cause of suffering humanity.
HERBERT HOOVER.

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
of Herbert Hoover, U. S. Food Administrator, as Director.
General 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 cablegrams, would be the supreme executive head and would
work in conjunction with the existing inter-Allied Maritime, Food and Financial Commissions which have headquarters 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 inter-Allied relief fleet shall fly an inter-Allied
flag so that the countries receiving relief will feel that it
comes from all alike rather than from any one country.
Mr. Hoover sailed for Europe on Nov. 15. With his arrival 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
was accompanied to Paris from London, where he had arrived several days previously by Hugh S. Gibson, First
Secretary of the American Embassy there. It is stated
that after going to Brussels, Mr. Hoover will probably
return to London, where the plan for Director-General
of Relief will be considered further. On Nov. 30 the Paris
cables said that it had been learned that the plan had received the approval of the highest American authority, and
that it would go before the Supreme War Council for final
An announcement made by the Food Administration determination. 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, reprein part:
The Conservation Week campaign will bring out the need for saving food senting the War Trade Board and the Food Administration,
and sharing It with the Allies and the liberated nations. Conservation is and Robert P. A. Taft of the law division of the Food Adabsolutely 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,
the red scourge of revolution is bound to spread, and we will see a definite his departure Mr. Hoover took occasion to answer the
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 destroyea the
any sacrifice with a view to feeding the Germans." The
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:
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.

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
of Europe.
The food saved through conservation, plus our surplus, will help feed
Europe and aid in stabilizing the Governments shaken by social disorder
and anarchy.

SALE OF CHRISTMAS CANDY UNRESTRICTED.
Christmas candy will not be restricted by the Food Administration. An official statement announcing this, issued in Washington Nov. 30, said:
Many candy storm, 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 neces.sary conservation
measure this holiday season, since the sugar shortage has been materially
relieved.
Last year the nation faced a serious sugar shortage at Christmas time,
and the manufacurers wore allowed to use only 50% of their normal requirements of sugar. This brought about a candy shortage, and the
Food Administration was at that time asking people as a patriotic conservation 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 whicli would limit
manufacturers' sales to individual customers. Several of the confectioners' associations, however, have passed resolutions requesting their
members to sell not more than one pound to a customer, unless it is for
shipment to soldiers overseas. While the Food Administration has never
participated in any of these measures during the sugar stringency, it regarded them as valuable aids to conservation. The need for sugar saving
in this direction, however, has passed, and the Peed Administration this
year will not ask that the Christmas purchases be limited.




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.

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
Germans:
One of the problems which lie before Great Britain and her allies in the
immediate future is 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
starvation. This matter is one which we cannot afford to ignore. Victory
as well as war imposes obligations on us.
It is a satisfaction to me to have, in conjunction with Mr. Hoover,
M. Beret 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
first claim on our attention.
The emancipated peoples in Belgium and Northern France, Italy and the
Balkans already are receiving supplies through our inter-Allied organization. We must of necessity be satisfied as to the actual conditions of the
German people before sending our help to them.
Next week I hope to discuss the whole situation with Mr. Hoover and
the other food controllers at a meeting of the Inter-Allied Council.

On Nov. 19 it was reported that ships carrying 200,000
tons of food for the populations of northern France, Belgium
and Austria were en route to Europe. They were proceeding under sealed orders to Gibraltar and Bristol Channel
ports, and on arrival would await word from Food Administrator 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:
M.Zerbik, the Minister of Public Works, has asked the Austrian Foreign
Minister to address a telegram to the Governments of the United States,
Groat Britain and France 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

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TIIE CHRONICLE

says, and the gas and electricity services in Vienna cannot be kept going
more than twor,or three weeks.

It was learned through an Amsterdam cablegram of
Nov. 19 thaSa'dispatch received there from Berlin stated that
the Board of Directors of the American Association of Commerce 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 connection with the prosecution of the work of relieving the food situation in
Germany.
The association is especially impressed with the genuine sense of righteousness 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.

VOL.[

107

REMOVAL OF RESTRICTIONS ON USE OF NEWS
PRINT PAPER.
The withdrawal of all restrictions on the use of news print
paper was 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 consumption of newsprint paper 15% in daily editions and 20%
in the Sunday editions. Last week we referred to the withdrawal, 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.
RESTRICTION ON IMPORTATION OF COCOA BEANS
MODIFIED AS TO THE DOMINICAN REPUBLIC
AND HAITI.
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 111918, they will consider
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 originating 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.

CHILDS COMPANY CLAIMS SMALL PROFITS.
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
on 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, makingla net profit on* the meal of 1.78 cents;
that in thelmonths ending Sept. 30 1918 they served 40,150,132 meals at al:II:average cost per person of 31.38 cents. The
net profits on each meal, after deducting administration and
general expenseslandi'depreciation, were, according to the
report, as follows:
REGULATIONS GOVERNING THE EXPORTATION OF
1913
1.88 cents 1915
1.20 cents11917
1.78 cents
RAGS.
1914
1.34 cents 1916
1.84 cents]
The War Trade Board on Nov. 29 announced 'that apAs to 1918, the Auditor's statement adds that:
Upon the assumption that the administration, general expenses and de- plications for licenses for the exportation of one or more of
predation for 1918 will result in an identical per meal cost as for the year
the following kinds of rags and no other will now be consid1917, it would follow that the net profit over operations for the ten months
ered:
ending Sept. 30 1918 would represent three-fourths of a cent per meal.
1. New and old felts not woven.
The accountants point out that this reduction in net profit
2. Old plain black skirted cloth.
is partly accounted for by the fact that the gross profit in
3. Old plain dark skirted cloth.
4. Old plain dark-blue skirted cloth.
1918 is subject to a charge of $154,565 for wage bonuses paid
to employees of the various restaurants. This method of
IMPORTATION OF NEW ZEALAND FIBER.
increasing wages:based upon 10% of the amount of the wages
The War Trade Board made known on Nov.30 that W.T.
payable to faithful employees monthly was adopted in
February 1918, and this bonus account has been treated by B. R. 277, which restricted the importation of New Zealand
the companyt7as a separate item of expense and not charged fiber, also known as New Zealand flax and New Zealand
into service cost. Reference to the Proposed investigation 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
was made in these columns Nov. 9, page 1786.
tons, to be brought forward on sailing vessels.
DISCONTINUANCE AFTER JAN. 15 OF DOUGLAS FIR
MAXIMUM PRICES.
The following announcement is made by the Price Fixing
Committee of the War Industries Board:
At a meeting held between the Price Fixing Committee and the representatives of the Northwest Lumbermen and Loggers it was agreed that the
existing maximum prices on Douglas fir logs and lumber should be discontinued 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 co-operation it has received from this
industry in carrying out the war program of the Government.

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 industry, 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, Chairman 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 accordance with the conservation schedule, It appears to be in the general
interest that the conservation schedule should be carried out by the
wholesale clothiers and retailers for the spring and summer seasons of 1919.
In order to assist in stabilizing conditions in the industry the War Industries Board earnestly hopes that the wholesale and retail clothiers will
continue to observe the conservation schedule for the spring and summer
seasons.




MODIFICATION OF RESTRICTION ON GUTTA-SIAK.
On Nov. 29 the War Trade Board announced that applications 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
licensing of which the War Trade Board has heretofore
approved. The Bureau of Imports will allocate the importations permitted under the terms of this ruling to industries
other than chewing-gum manufacturers on the basis of consumption during the year 1917.
EXTENSION OF PERIOD OF VALIDITY OF IMPORT
LICENSES.
In W. T. B. R. 315, issued Nov. 111918, 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 boon authorized to certify invoices under license numbers cabled to them until tho amount
of the license is exhausted, irrespective of the date of shipment.

DEC. 71918.]

THE CHRONICLE

2149

PRICE ANNOUNCED FOR PIG TIN.

Association, Inc., against the plan. On Nov. 18 a commit-

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

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 Commerce" of Nov. 19; as follows:

The price at which the United States Steel Products Co. tee of the Association, in furtherance of the Government's
has been authorized by the War Industries Board traig- request, presented to George Armsby, head of the Tin

Iron & Steel Institute, of which Sub-Committee John Hughes
is Chairman. To consumers, jobbers and dealers a price
of 72M 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 71 Yi cents per lb. ex-dock
or store Pacific ports, seller's option. These prices are for
shipment during December and January, and sales 'and

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 and
ships the tin as directed. (In the case of the United States, McAllister &
Co., Ltd., is the shipping agent at Singapore.)
3. The sole importer of tin for this country is the United States Steel
• shipments by the United States Steel Products Co. are to Products
Co., which company finances its importations, and attends
be confined to lots of 25 gross tons or over on one purchase. to its entry on arrival.
4.
The
United
States Steel Products Co. then delivers the tin to the
Dealers may resell in lots of 5 gross tons and over to conconsumers, dealers and jobbers, as provided for by purchasing licenses.
sumers or jobbers holding purchase licenses at a gross profit
The alternative plan for the various operations as offered by the Tin Imof not to exceed 21 2%, and jobbers may resell to consumers porters Association, Inc., is as follows:
1. No change from present operations.
in lots of less than 5 tons at a gross profit not to exceed 5%.
2. Various shippers at producing points receive, pay for and ship such
The following is the statement issued by Mr. Hughes's tin as is allocated them, respectively, by the Inter-Allied Tin
Executive.
3. The War Industries Board will appoint some organization to be the
Committee on Dec. 3:
consignee for all tin that comes to this country, and which will pass on and
New York, Dec. 3 1918.
supervise the entry, release and distribution of the tin, and will endorse over
CIRCULAR LETTER NO. 8.
the bills of lading to the proper parties to enable deliveries to be made.
To the Tin Trade:
4. All importers are to be licensed and required to give such guarantees
PIG TIN.
as may be considered necessary to accomplish the desired control, and all
The plan for the distribution of tin allocated by the Inter-Allied Tin import licenses are to be passed on by the War Industries Board or their apExecutive, for consumption in the United States, is set forth in a letter pointees before shipments can be made. These importers are to be divide
from the War Industries Board, which is quoted in full for the information into the following three classes:
of the trade, as follows:
A. Importers who are also consumers. This class will give guarantee
that they will import only such quantities as they can reasonably expect to
WAR INDUSTRIES BOARD.
use, and such quantities so be subject to the approval of the War IndusWashington, Dec. 2 1918.
tries Board.
B. M. Baruch, Chairman,
American Iron'and Steel Institute, 61 Broadway, New York, N. Y.
B. Importers selling direct to consumers, dealers or jobbers. Both
Attention of Mr. John Hughes, Chairman Sub-Committee on Pig
the importers and their buyers are to give suitable guarantees covering
Tin.
Gentlemen:
the final disposit on of the tin.
Pig Tin—Allocations by Inter-Allied Tin Executive to United States Steel
C. Importers, who are also dealers or jobbers, are to be required to give
Products Company for Distribution at Cost to American Consumers.
Referring to letter addressed to me by United States Steel Corporation suitable guarantees.
date
of Nov. 21 1918, setting forth the allocations of pig tin to the
under
5. The War Industries Board is to ascertain and fix a suitable amount to
United States by the Inter-Allied Tin Executive in London,and the
average cover all charges and commissions over and above the actual cost in produccost of these allocations, please be advised that this letter is your authority
ing
country; this fixed amount to be subject to change at the discretion of
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- the War Industries Board.
thorized to offer this tin to consumers, jobbers and dealers in the United
6. All dealers and jobbers to be licensed and permitted to charge a
States holding purchase license from the War Industries Board at the
reasonable commission or profit, and required to account at regular interfollowing net cost prices:
vals for the tin released to them. Thus giving the authorities power to
Ex dock or store port of New York or Chicago, or f. o. b.
delivery points at Chicago and points East,seller's option_ _$.723. per lb prevent hoarding (which would probably not occur, as the limitation of
Ex dock or store Pacific Coast ports, seller's option
8.71 X per lb. profit would deter anyone from carrying unreasonable stocks).
Terms of payment—United States Steel Products Company will sell spot
cash or sight draft, seller's option, payable in New York exchange, against
The Association's statement also said:
presentation of invoice with documents attached.
The only advantage of the announced plan over the proposed substitute
The above prices are for shipment during the months of December 1918
and January 1919. Sales and shipments by the United States Steel is the saving to the ultimate consumer of one commission, namely that of
Products Company to be confined to lots of twenty-five gross tons or over the importers in this country, who take the place of the United States Steel
on one purchase.
Products Co. This importer's commission, necessarily small on account
Consumers, dealers and jobbera may purchase from the United States
of competition and profit limitation, being but a small proportion of the
Steel Products Company in lots of not loss than twenty-five gross tons
on
amount above cost allowed by regulation, might be considered negligible,
one purchase.
Dealers may re-sell in lots of five gross tons and over to consumers or having regard to the g reatadvantages of keeping the usual channels of
jobbers holding purchase license from the War Industries Board at a gross trade in working order.
profit not to exceed 23,5%•
We doubt it it is the desire of the United States Government to put the
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- importers out of business, in order to save such a trifling sum. Such a
tries Board will not be required to cover jobbers' sales of less than five gross saving is certainly not a sufficient justification for the placing of the entire
tons, but records of such sales shall be kept and reported to the American business in the hands of one importer,
who offers to do the business for
Iron and Steel Institute, as heretofore.
1.4
The regulations of the War Trade Board and the War Industries Board, nothing. We believe that most of the consumers would, if asked to make
as promulgated in Tin Bulletin of the American Iron & Steel Institute, a choice, signify their preference for many importers, rather than one only.
remain in full force and effect, and the regulation prohibiting the sale of
The argument that the United States Steel Products Co. is the only
tin by consumers is to be strictly enforced. For the purpose of administering the instructions set forth in this letter intelligently, the classes of buyers concern capable of financing this business does not hold, as it has been
clearly demonstrated by years of experience that the tin importing trade
to whom sales are to be made are defined as follows: p•-•
Consumer—A concern which buys only for its own consumption.
is entirely competent in this respect.
Consumer who jobs—A concern whose purchases are chiefly for its own
We believe the plan proposed would effectively take the place of the
consumption and whose jobbings in tin are incidental.
presently adopted plan of the War Industries Board, and would accomplish
Dealer—A concern who sells in lots of five gross tons and over.
the objects of the control as stated to the committee by Mr. Armsby.
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
If the War Industries Board will point out any particular fault in this
source, are strictly prohibited except to holders of purchase licenses
plan, or any object not attainable by it, this committee will be glad to give
issued
by the War Industries Board.
the matter further consideration and try to remedy the defects.
Very truly yours,
By adopting the proposed alternative plan, the transition from the period
WAR INDUSTRIES BOARD,
GEORGE ARMSBY, Chief in Charge of Tin.
of control to free trading can be accomplished without any confusion by
simple withdrawing of the functions of the Inter-Allied Tin Executive
the
A set of the license forms adopted is enclosed herewith. Consumers, dealcontrolling bodies here. The trade would then automatically
ers or jobbers desiring to purchase tin should fill out the form in quadrupli- and the
continue in the usual channels without restrictions.
cate and forward all copies to Mr. H. H. Cook, Assistant to Chief in Charge
This committee gathered from their conversation with Mr. Armsby that
of Tin, War Industries Board, care of American Iron and Steel Institute,
he was under the impression that the tin importing trade was controlled
61 Broadway, New York, N. Y. Mr. Cook has been appointed Assistant
by
a few speculators who took advantage of conditions to make large profits
to Chief in Charge of Tin for the purpose of facilitating a prompt issuance
at the expense of the consumers, whereas the facts are that these importers
of licenses to the trade.
have
for many years been the main course of supply for most of the conIt is not necessary for a consumer who desires to make a purchase of loss
sumers, and have, with the greatest difficulty, succeeded in supplying their
than five gross tons to obtain a purchase license, as such purchases may
customers with the necessary tin by purchasing it wherever they could
be made from jobbers. Additional license forms needed will be supplied get it all over
the world.
upon application to War Industries Board, care of American Iron and Steel
It is also well known that almost without exception the Importers used
Institute, 61 Broadway, New York, N. Y.
influence to keep prices down at a time when consumers were excitedly
their
United States Steel Products Company will give prompt attention to all bidding up the market, and
some speculative dealers were attempting to exapplicants holding purchase licenses from the War Industries Board to ploit the situation.
A canvass of the consumers would show, we believe,
purchase parcels of twenty-five tons or more, and applications will be that instead ot being profiteers,
they were the salvation of the trade at a
handled consecutively in the order of receipt by the Products Company, critical period, when some consumers were so intent
on stocking up with
under the terms and conditions set forth in Mr. Armsby's letter quoted a surplus supply that they aid not consider
the effect their action was
above. So far as possible, shipments will be made from delivery point having on the markets of the world, and
the harm they were doing the
most convenient to the buyer.
smaller consumers, who were not so fortunately situated to obtain their
Straits and Australian are the only kinds of tin thus far allocated to the supplies.
United States by the Inter-Allied Tin Executive and these are the only
The object which the Committee has a mind in giving attention to this
grades at present available for distribution by the United States Steel side of the question is not to criticise any particular part of the tin trade,
Products Company under the terms of this circular.
but is to remedy the wrong impression which seems to exist as to the standVery truly yours,
ing and utility of the importers Its a whole.
JOHN HUGHES,Chairman Sub-Committee on Pll
It might not be amiss here to express the opinion that the chief causes
In our issue of Nov. 9, page 1790, we published the of the shortage and high prices were:
1. Embargo in England on all ahipments of tin from that country. This
announcement issued on Nov. 1 by B. M. Baruch, Chair- happened in January 1918, and was modified a little
later, so that Straits
man of the War Industries Board, concerning the distribu- tin only was completely embargoed. This action made it necessary to
bring all Straits tin required in the United States via the Pacific Coast.
tionLby the, United States Steel Products Co., and at the in%
caused a delay of one or two months in getting the tin started by that
samelLtime gave the protest,made„by.the.Tin Importers' acute to take the place of that bought for shipment from or via England.




THE CHRONICLE

2150

[VOL. 107

A further delay was encountered when the tin arrived at the Pacific Coast present, would appreciate the full measure of the support which the War
on account of railroad congestion, so that shipments sometimes took four Industries Board under the guidance of Mr. Baruch had contributed to
months in trans:t from the Pacific Coast to Chicago or New York. For a the winning of the war. Mr. Baruch replied with feeling.
time there was an absolute embargo on all railroad lines from the Pacific
Coast.
RESIGNATION OF DR. H. A. GARFIELD AS UNITED
2. Dutch shipping condit ons were such that between February and
STATES FUEL ADMINISTRATOR.
May 1918, practically no tin was shipped from Java. This shut off a
aupply of at least one thousand tons monthly.
of Dr. H. A. Garfield as U. S. Fuel Adresignation
The
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 ministrator was made known in the following announcement
seek other kinds of tin naturally resulted in advancing the Java, China issued at the White House on Dec. 3:
and Australian markets. Even then we were disappointed in our attempt
It was announced at the Executive Offices to-day that United States
to get quick supplies by the shutting down of Dutch shipping in Java.
Fuel Administrator Garfield had tendered his resignation, to take effect
Supplies of China tin, which were very plentiful early in the year, pracat the pleasure of the President, and that the President had accepted the
tically ceased in June, on account of absence of ore (the miners at that time resignation, although it was made clear that the need of domestic conof year leave the mines and work in the fields) and all surplus stocks had
sumers will continue to receive the attention of the Fuel Administration
been absorbed by the urgent demand.
until the winter is passed.

RESIGNATION OF B. M. BARUCH AS CHAIRMAN OF
WAR INDUSTRIES BOARD—LATTER TO
CEASE JAN. 1.
The resignation of Bernard M.Baruch as Chairman of. the
War Industries Board has been accepted by Presiddnt Wilson, to take effect Jan. 1, on which date the Board will cease
to exist as a Government agency. When it was made known
on Nov. 30 that Mr. Baruch had tendered his resignation,
to become effective the first of the year, it was stated that the
Board's activities had been curtailed as rapidly as the relations with industries would permit, and that virtually all
restrictions placed on industries, made necessary to complete
the war program, had been removed. Mr. Baruch gave as
his reason for resigning the fact that with the signing of the
armistice and the "consequent cancellation of contracts,
there was no longer a shortage of materials, and the War
Industries Board immediately removed its curtailments.
In like manner the necessity for maximum prices is disappearing, except in a few isolated cases, which can best be
regulated through the War Trade Board." Mr.Baruch also
stated that the facilities of the Board had been placed at the
disposal of the various contracting agencies of the Government and that the activities believed to bo of lasting value
were being transferred to permanent departments of the Government,where they might be carried forward. He suggested
that the various heads of commodity divisions might rander
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:
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
ways it may be found possible to continue the promotion of a bettor
understanding between the Government and industry, including in this
term employers and employees alike, so that problems affecting all may in
times of peace be approached in the same spirit of helpful co-operation that
has 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 agencies as points of contact between them and industry.

It is said to be understood that Dr. Garfield plans to remain at his post the remainder of the month, but that after
the holidays he will resume his duties as President of Williams College. The White House statement makes it clear
that the Fuel Administration will continue to function, certainly until the end of the winter. Dr. Garfield announced
recently that he hoped to be able to remove price restrictions and possibly the zone regulations on bituminous coal
about the middle of this month, but that control over the
domestic supply of anthracite would be continued until the
end of the coal year, next April 1.
BASIL M. MANLY SUCCEEDS FRANK P. WALSH AS
CHAIRMAN OF NATIONAL WAR LABOR BOARD.
The resignation of Frank P. Walsh as joint Chairman with
William H. Taft of the National War Labor Board has been
accepted by President Wilson and Basil M. Manly has been
appointed successor to Mr. Walsh. Announcement of the
action was made by Mr. Walsh at the meeting of the Board
on Dec.3. Mr. Manly has been assistant to the joint Chairmen. The statement concerning Mr. Manly's appointment
issued by the National War Labor Board says:
While the appointment was made by the President as was the appointment 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
on the War Labor Board. Five members of the Board represent and
were chosen by employers; five represent labor; and the Chairman, representing the public, are selected, one by labor and one by the employers.
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
practice law in New York.

Mr. Manly was special agent for the Bureau of Labor Statistics (Department of Labor) from 1908 to 1913, during
which time he made a complete survey of the iron and steel
industry. 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 likewise Director of Research and Investigation for the United
States Industrial Relations Commission, and in 1915 wrote
It was announced on the 4th inst. thatPresident,,Wilson what is known as the "Manly Report" on the work of the
had accepted Mr. Baruch's resignation. The Presidentin his Commission. The resignation of Mr. Walsh from the Naletter said:
tional War Labor Board was noted in our issue of Nov. 23,
While I agree to the conclusion which you have come to and deem it page 1967. In his letter of acceptance, President Wilson
best, as you do, that the activities of the Board as such should cease with said:
the first of January next, it is with a feeling of very sincere regret that I

THE WHITE HOUSE,
Washington, Nov. 27 1918.
My Dear Mr. Walsh: It is with real regret that, after carefully considering
as joint Chairman of the
resignation
your
tendering
of
19
Nov.
your letter
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
administered with such judgment, tact, and robust integrity. For the
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,
Thelpresentation of a silver loving cup to Mr. Baruch was that you will carry with you into private life and into the practice of
best wishes for the success you deserve for the high
announced as follows last week by the War Industries Board: your profession my always
consistently maintained.
character you have
Members of the organization of the War Industries Board, including
Cordially and sincerely yours,
preto-day
employees,
and
chiefs,
and
section
division
members,
board
WOODROW WILSON.
sented to Chairman B. M. Baruch a silver loving cup in token of their
Hon. Frank P. Walsh, Joint Chairman National War Labor Board,
confidence and esteem. Each of the "dollar-a-year men" contributed
Washington, D. C.
his;annual "salary," and employees down to the youngest messengers
contributed toward the cup, which carried the following inscription*

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 greet 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
to us.
As I have told you, rthink 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 dispense.

BERNARD M. BARUCH,
Chairman of the United States War Industries Board.
As a token of confidence and affection from the
members of the organization, which, under his
leadership, aided in the winning of the war.
Washington, November 26th, 1918.
The tribute came as a complete surprise to Mr. Baruch, who was attending 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
prioritiesiCommittee, who declared that the future, even more than the




N. Y. CHAMBER OF COMMERCE URGES CO-OPERATION
OF WAGE EARNERS AND CAPITALISTS.
A resolution placing the New.York Chamber of Commerce
on record as favoring the closer association of wage earners,
managers and capitalists in all industrial establishments
and the formation of representative committees in which
differences and disputes can be ironed out and adjustments
effected, contained in a report of its Committee on Industrial
Problems and Relations, was adopted as follows by the
Chamber on Dec. 5:
Whereas, In the opinion of the Chamber of Commerce of the State of
New York, grave questions involving.'far-reaching changes of industrial

DEC. 71918.]

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 wage-earners, managers and capitalists is vitally necessary to economy
and efficiency of industrial production, and to the maintenance of the competitive place of the United States in the trade with the other continents; and
Whereas, The social peace and order of the whole world may easily depend upon the example set by the industries of the Great Republic in adjusting class 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 of representative committees in which differences and disputes can be ironed out and adjustments effected; and particularly whereby 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 degreo of cordial and henry co-operation between the three factors of production which will afford the highest degree of economy and efficiency, and will
tend to stabilize prosperity, and if adhered to will eventually give American
industry its rightful position of supremacy in the trade and commerce of
the world.
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.

FEDERAL WAR RISK INSURANCE AGAIN LOWERED.
A further reduction in the rates of the marine and seamen'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
McAdoo on Nov. 12.
COMPTROLLER OF THE TREASURY DECIDES WAR
CONTRACTS MAY NOT BE CANCELED BY
STANDARD COMPROMISE AGREEMENTS.
A decision by Comptroller of the TA•easury W.W.Warwick
that the War Department has no legal authority to compromise with contractors for war materials by means of a proposed standard form of cancellation agreement has held
up the plans of the Department to handle expeditiously the
enormou3 volume of business connected with slowing down
and bringing to a stop the vast machinery of war production.
The War Department, to facilitate the return of the plants
engaged upon war orders to commercial work, "in the interest of labor and the industrial security of the country," had
worked out a standard form of cancellation contract designed
to put a quick stop to the production of army supplies not
now needed, while at the same time safeguarding the manufacturers and releasing for their use the working capital needed
to switch labor and machinery back to peaceful production.
As described by Secretary Baker in a letter to Comptroller
Warwick, the War Department's proposal was as follows:
The Department, therefore, desires to enter into a supplementary contract with such contractors by which a sum well within what it is certain
would have to be paid by the Government on such basis or 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 obligations thereunder, the Department agreeing to pay subsequently such additional sum as the Secretary of War may determine will complete payment
to the contractor on such basis of adjustment.

Comptroller Warwick, however, refused to approve the
proposed form of contract, holding that the Department had
no authority to agree with a contractor on an arbitrary
sum to cover liabilities unless authorization is given for this
in a previously existing contract. This provision, it is said,
many of the war contracts lack.
Another important feature of the decision is that orders
for war material have not been legally executed unless signed
by a Government contracting agent and the contractor.
By this ruling orders for •i% 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




2151

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 cancellar
tion.
Comptroller Warwick's decision was embodied in a letter
to 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:
•

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 believes 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.
"The Department therefore desires to enter into supplementary contracts
with such contractors by which a sum well within what 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 obligations thereunder, the Department agreeing to pay subsequently such additional sum as the Secretary of War may determine will complete payment
to the contractor on such basis of adjustment. The Department desires
your opinion as to whether it can enter into supplemental contracts involving 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 contractor 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 you see where the suggested procedure can be improved
by telling us so 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 Secretary of War, for and in behalf of the United States
of America (herein called the 'United States'), party of the first part, and
(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.
(herein called 'original contract, which term shall also
dated
include, wherever used herein, all agreements or orders,' any, supplementary to said contract or purchasing order, except this agreement).
"And whereas the furnishing and delivering of further articles or work
under said original contract will exceed the present requirements of the
United States.
"And whereas it is in the public interest to terminate said original contract as herein provided.
"And whereas the contractor, pursuant to the original contract, has incurred expenses and obligations for the purpose of furnishing and delivering
articles or work remaining undelivered under said original contract.
"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 the
completion of said original contract, and to accept this contract in lieu
of said original contract, and any and all claims and demands of every
nature whatsoever arising, or which may arise, out of said original contract.
"And whereas the contractor estimates the amount of said expenses
and obligations incurred by it in the sum of
"And whereas the contracting officer has examined said statement and
finds that the amount of such expenses and obligations for which the contractor is entitled to be reimbursed is not less than the sum of
"Now, therefore, in consideration of the premises and of the mutual
covenants herein contained, it is agreed between the parties hereto as
follows:
"1. This contract supersedes and takes the place of said original contract, which is hereby terminated, and the.contractor hereby releases the
United States from any and all claims of every nature whatsoever arising
out of said original contract.
"2. The contractor shall furnish and deliver and the United States shall
accept and pay for no more articles or work agreed to be delivered under
said original contract.
"3. All articles or work delivered and accepted on or before 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 of said
or nal contract as if it had not been terminated.
'4. The United States shall forthwith pay to the contractor the sum of
(this being seventy-five (75) per cent of the amount found by
the contracting officer to be the minimum amount for which the contractor
is entitled to be reimbursed), and agrees to pay to the contractor such
further sum as may be found by the Secretary of War is the amount which
will when added to the said sum of
herein agreed to be paid
forthwith, reimburse the contractor for and hold him harmless against the
expenses and obligations incurred by him pursuant to said original contract
and properly applicable to the unfinished portion thereof and compensate
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
the cost of the unfinished articles on hand at the date hereof, and may be
any less sum in the absolute discretion of the Secretary of War.
"5. This agreement shall not become a valid and binding obligation
of the United States unless, and until, the approval of the Board of Review
of the office of
has been noted at the end of this instrument.
"In witness whereof the parties hereto have executed and delivered
this agreement in triplicate as of the date first hereinabove written, and
the contracting officer hereby certifies that if the contractor is a corporation the said officer has satisfied himself of the authority of the person
signing the contractor's name to bind the contractor and has waived the
filing of written evidence of said authority.
"Witness:
as to
"U. S. Army,
as to
By
"Approved:
"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.

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"Witness our hands and seals this
"Witnesses:

day of

19

as to
"U. S. Army.
"Attest:

as to
By

By
"(The following affidavit is required only on the copy of the contract
for the Returns Office.)
fswear 1
"I do solemnlylaffirm fthat the foregoing is an exact copy of a contract
made by me personally with the contractor named above; that I made
the same fairly, without any 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
the contract, as required by the statute in such case made and provided.
, U. S. Army.
"Subscribed and fsworn tolbefore me this
day of
19--.
laffirmed f
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
necessary 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 administrative officers.
An attempt by this office to decide whether or not payments of public
money are 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. 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 anticipates profits from completing his contract. There may be contractors
willing to terminate their existing contracts, whether containing termination 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
before termination.
Question for Decision.
Having no authority to decide the form of contract, the only question
properly for the decision of this office in your submission is whether payment 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
none 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
a 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 responsible for the contract appears (as to which a signing by proxy is considered by this office as not permis.sible, in view of section 3746, the penalties prescribed being personal to the officer); to require the submission of
facts and details showing the basis of the minimum amount fixed by the contracting officer, and that no amount has been paid without adjustment of
such claims as the Government may have against the conlfractor 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 aro or
that there are none.
The general answer accordingly can only be given, that if there is a legal
liability of the Government for the amount, of which 75% is paid under the
agreement, such payment is authorized.
Tenor of Agreement.
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
not reserve to the Government its rights to recover payments improperly
made under the original contract and to enforce the liability of the contractor and surety for defects in materials, work done, &c., which may hereafter
appear. It refers to "articles and work," but does not specifically include labor. The provisions of article 3 are objectionable in that they
would permit deliveries in the interval to the date of the supplemental
agreement notwithstanding notice of the intention of the Government to
terminate. In connection with this the provisions of paragraph 5 may
involve a delay before the contract becomes effective. 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 unfinished 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 Crediting Value.
There also is no 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 termination, a simple provision to that effect would appear practicable in connection 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 Iva] 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."
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 paragraph—the first "whereas." There may be legally issued purchase orders
that it is desirable to terminate, but the term Is liable to misapplication.
I refer to the fact that there are in the hands of contractors many informal




[vol.,. 107.

papers, such as letters, purchase orders, procurement orders, &c. These
papers generally are intended to be and are preliminary to the execution of
contracts. In themselves they 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
or oral.
As your inquiry does not relate to orders given under section 120 of the
National Defense Act of June 3 1916 (39 Stat., 213), no discussion of the
status of such orders is necessary.
Dependent Upon Proof.
As to outstanding contracts 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 contracting officer and made 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.
The purpose of section 3744, Revised Statutes, has been so clearly stated
many 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 discuss 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
years or more.
This office is anxious to do all in its power to meet the situation referred
to in your 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
legislation.
Respectfully,
W. W. WARWICK, Comptroller.

SECRETARY BAKER EXPLAINS POLICY IN CANCELING CONTRACTS.
In a statement issued on Nov. 29, Secretary of War Baker
explained as follows the Department's policy in canceling
war 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 concerned. It is understood that the contractors in their turn will undertake
to furnish in the manner prescribed definite statements which will facilitate
prompt payment of the obligations of the Government.
An erroneous impression prevails in some places that the responsibility
for reduction or cancellation of contracts rests in the War Industries Board.
This is not the case, the War Industries Board is endeavoring to bring together 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
general policy.
To present too violent dislocation of industry from the standpoint of
both employer and employee accumulations by the War Department either
of raw materials or finished products will be distributed when and where
liquidation of such supplies will least interfere with the return of industry
to normal conditions.

NEW YORK MANUFACTURERS URGE THAT WAR
CONTRACTS BE CANCELED GRADUALLY—
ENDORSE MINIMUM WAGE LEGISLATION.
Resolutions urging that, so far as consistent with avoidance of unnecessary waste, war contracts be cancelTd slowly
and gradually, in order to avoid unemployment and hardship, were passed by the Associated Manufacturers and Merchants of New York State at its semi-annual meeting at
Syracuse on Nov. 26. The association also adopted resolutions supporting the Government in its reconstruction
program and pledged its co-operation with labor, "thereby
contributing to the maintenance of peace and the general
welfare of all the people." The resolutions follow:
Whereas, The successful prosecution of the war has required that industry set asidalts normal business and that every effort be devoted to the war
needs; and
Whereas, The ending of the war compels the withdrawal of Government
business from the industries and a readjustment to peace conditions; and
Whereas, This time of readjustment constitutes a critical 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 avoidance of unnecessary waste permit easy but steady withdrawals of orders
and insure a supply of materials suited to peace business, so that if passible
there be no unemployment either now or when actual demobilization of the
armed forces occurs; be it further
Resolved, That this association here pledges the support of its members
to the President and the Congress 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-op/rate with each other and with
labor, thereby contributing to the maintenance of peace and the general
welfare of all the people.

The association also adopted a resolution endorsing the
principle of an 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
public were represented on such commission. It is stated
that so far as known this is the first big organization of employers to endorse the minimum wage and the action is

DEC. 71918.]

THE CHRONICLE

considered significant in view, of the fact that the association 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 commission be and hereby is referred to the Legislative Committee for.definit e
decision upon the questions involved, they, however,to take into consideration 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, Carleton A. Chase of
Syracuse, President of the association, was quoted as
saying:
The adoption of this resolution is in no way astonishing. It merely is
indicative of the attitude of modern employers who desire to deal reasonably 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 CONTRACTS BY DISTRICT BOARDS.
To facilitate the speedy settlement of terminated contracts, 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 practicable 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
are such that the final determination of the compensation
to he paid cannot be so speedily arrived at." The proposed
system was explained as follows in a statement issued by
Benedict Crowell, Assistant Secretary of War, in charge of
munitions production, printed in the "Official Bulletin"
of Dec. 2:
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 outstanding on which commitments for raw material 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
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 production is 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 preserving 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 impose serious burdens on the contractors. To meet this situation the War
Department has outlined and adopted the following procedure:

2153

eral claim boards in this line of work in Washington, who will consider the
matter from the data presented by the local boards and endeavor to reach
a settlement with the contractor. Failing this, there has been set up in
the War Department a board of contract adjustment to assist the Secretary 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 dissatisfied 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 will be in touch with 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 fat:
treatment, and by decentralizing the work a prompt settlement may be
accomplished.
Repayments to Contractors.
The Department recognizes that it is highly important to make provision 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 practicable to determine readily a minimum sum which will be within the figure
of ultimate settlement, it will 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 Government of its obligations thereunder, the Department agreeing to pay
subsequently such additional sum as it may determine will complete payment to the contractor on the agreed basis of adjustment. The machinery outlined above will be availed of in arriving at the terms of final settlement.
This plan will make it practicable 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 are such that
'the final determination of the compensation to be paid cannot be so speedily arrived at.

U. S. CITIZENS ADVISED BY STATE DEPARTMENT
TO FILE CLAIMS FOR SUBMARINE DAMAGES.
American citizens were advisedin a statement issued by
Secretary Lansing on Dec. 1 that they file at the Stata Department 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
claims. The statement as printed in the "Official Bulletin"
on Dec. 2 was as follows:

In order that American citizens and concerns may be permitted to cooperate fully with the Department of State in the complete and accurate
ascertainment of the losses sustained by them as a result of German submarine 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 of
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 settlement, cargo and other personal property losses of Americans, in both
Form of Procedure Adopted.
American and foreign bottoms, may submit statements giving totals of
The contractor will make an inventory of the raw material on hand, such payments or pending claims.
work in process, and finished articles ready for delivery, and any other
In submitting the foregoing information it is desired that it be given
items of costs, with figures on the various elements of cost which have en- separately under the name of each vessel.
tered into the getting ready for production, such as new buildings and
Every person submitting information should show whether he be a
machinery not otherwise taken care of. This will be checked by ac- native or a natura ized citizen of the United States.
countants of the War Department. These statements in the majority of
cases will then be presented to district hoards organized in many of the
larger cities which are the centres of production, such as Boston, Bridge- BILL PROPOSING GOVERNMENT CONTROL OF WIREport, New York, Rochester, Philadelphia, Pittsburgh. Cleveland, ChiLESS STATIONS IN UNITED STATES.
cago, Detroit, St. Louis, &c.
A board to deal with ordnance contracts at each of these places will be
Hearings
are to begin on Dec. 12 before the House Compresided over by the district ordnance chief, who in every case is a civilian
bill proposing permanent
and a prominent business man of the community, frequently, prior to the mittee on Marchant Marine on a
war, having been connected with industries along similar lines to those now control by the Government of all radio communications
engaged in war work. Another member of the board will generally be through the acquisition and operation by the Navy Departthe regional advisor of the War Industries Board. Such advisors are
prominent business men, often selected for the position by the local Cham- ment of all shore wireless stations in the United States,
ber of Commerce and in intimate touch with the problem of adjustment used for commercial purposes. The bill was introduced in
presented by reason of their experience with the industries in their locali- the House by Representative Alexander, Chairman of the
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 House Committee which is to conduct the hearings on the
production. The latter three members are generally already available measure. A similar bill, introduced in the Senate by Chairon the staff of the ordnance district chief. With a board so constituted
man Fletcher, of the Committee on Commerce, is said to
the public, the Government, and the industries will feel assured that a just
and prompt settlealent may be arrived at. Boards will also be established have been approved by President Wilson. Aside from
for the settlement of contracts for more standard articles of merchandise, providing for the acquisition and operation of the stations
such as clothing, leather goods. &c.
Settlement With Contractor.
Those boards will endeavor to reach a settlement with the contractor
along the lines of the policy laid down by the War Department in Washington. Wherever a settlement can be reached between the contractor
and a board, the board will make its recommendation to Washington and
the settlement will be finally approved and the amount thereof 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-




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 is also empowered to establish
special rates for the handling of press dispatches by transoceanic or either special stations. Commercial business

2154

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[VOL. 107.

has been handled through some naval wireless stations for business public accurate and reliable service at all times and at rates lower
those charged by the cables. Already it is being petitioned by busifour years, and since the nation entered the war all stations than
ness firms on the Pacific Coast and in New York to resume its service,
have been, and still are, operated by the navy. Stations owing to the congested condition of the cables and the poor service which
taken over after the declaration of war included the big they are giving.
It seems a pity, at this time, when transoceanic communication is so
plants at Sayville, L. I., and Tuckerton, N. J., which were important,
that commercial wireless companies should not be given the
said to have been financed by Germany. A statement, fullest opportunity to meet the public demands.
We also quote what John W. Griggs, President of the
prepared by officials of the Navy Department setting out
the reasons why the Government regards it as necessary for Marconi Company, has to say with regard to the prospects
the navy to operate or control radio stations in this country, of the passage of the bill, the following being taken from the
was made public on Nov. 24 by Representative Alexander. New York "Times:"
A similar bill was before Judge Alexander's Committee a year ago last
It said in part:
In general, the bill provides for the acquisition and operation by the Navy January, but after full hearings in the matter, the Committee refused to
Department of all rad.lo stations on shore used for commercial purposes. report the bill because the members at that time were not in favor of GovIrrespective of the general subject of Government ownership,this principle ernment ownership. At that time the bill had the indorsement of every
is clearly indicated as necessary in the case of this particular public utility. member of the President's Cabinet, but apparently this was not sufficient
Since the early days of the use of radio-telegraphy many companies have to influence the Committee to act against its own opinions.
These last two bills reflect the desire of the Navy Department to bring
tried to operate radio stations as a commercial enterprise, in the United
radio communication, for commercial purposes, entirely into its own hands.
States generally or in certain localities.
Except in very special circumstances, these enterprises have failed to If these bills are pushed now, they will have to be taken in joint consideramake an adequate return, and in most cases no profit has been made except tion with the control of the cables and the land wires. I think that, in
through the sale of stock. The reason for this is that a complete monopoly view of the great importance of the question of public or Government
Is necessary. A period of about eighteen years has clearly demonstrated ownership, such measures will not be put before the members of Congress
that the United States Government is the only concern able to obtain and 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
maintain*such a monopoly.
The part played by high power stations in this war and before the United whether Congress, realizing its limitations as regards time, will seriously
States became a party to it shows very clearly the necessity for Govern- consider these proposals.
I do not think, either, that they will be pushed. There are members
mental operation of these stations. Trans-oceanic radio telegraphy is not
a serious competitor of the cables. High power stations are not yet able of Congress who are not in favor of Government ownership, you know.
to receive from one another all day in all seasons. Cable communication As regards the Navy Department, the officers are divided on control;
Is secret, while signals from radio stations are transmitted equally in all some of them seem to be wrapped up in Government ownership, while
others are not at all in favor of it.
directions, and all nations can read the business of all others.
Signals from high power stations become international matter at once.
Even the signals of an ordinary shore station transcend the three-mile SECRETARY DANIELS URGES BIG NAVY DESPITE
limit and are capable of interfering with the legitimate work of an installaENDING OF WAR.
tion under a foreign flag. Only by the most careful regulation of radio
traffic, through international agreement, can the maximum good be obContinued upbuilding of the American Navy notwithtained, 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.
This bill is not to create a complete Government monopoly. The scien- peace conference may adopt measures for international distist, manufacturer and shipowner are specially provided for, and no change armament was urged by Secretary of the Navy Josephus
is proposed in their status under existing law. Stations may be licensed for
special communication,and these are exempted from Government operation. Daniels on Nov. 20 in presenting before the House Naval
This is not a war measure. In accordance with the Act of 1912, all radio Affairs Committee the estimates of the needs of the naval
stations in the United States and possessions, which were not already in the establishment during the 1920 year. The
three-year
Government's hands, were taken over by the Navy Department promptly
in April 1917, as a war measure, and are now being operated by that De- building program provided for by Congress in 1916 is near-.
partment. Many changes have occurred during the war. Stations for- ing completion, and the Navy Department is now asking
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.
The business of all companies having been suspended, and their op- a second three-year construction program. The compleerators having made an instant show of patriotism by joining the navy in tion of the first three-year program and the carrying out of
the earliest days of the war, it is believed that most of the companies owning
his present recommendations, the Secretary stated, would
radio stations would be glad at this time to sell their stations to the Governgive the American fleet thirty-two new capital ships or fiftyment at a fair price, which is provided for in the bill.
At this time, when most of the world is to be made over, when the United one dreadnoughts, which would place the Navy of this
States is fostering the beginnings of a great merchant marine, whose servant radio-telegraphy is, and when the American news and American view- country in second place, and close to Great Britain. The
point are to be disseminated throughout the nations, it is submitted that new three-year building program, approved by the Presithe greatest good to the people of the United States as a whole will accrue dent, calls for construction of 10 superdreadnoughts and 6
to them from well-regulated communications with their ships at sea and
with foreign nations at reasonable rates without interference from a variety battle cruisers besides 140 smaller craft.
of rival interests within our own borders, utilizing the systems of stations
In reply to questions as to why he advocated the policy
which is absolutely necessary for the control of the fleet.
of expanding the Navy in face of the possible creation of

The Navy recently completed the most powerful radio
plant in this country at Annapolis, and messages from it
have been sent dirrect to France and other foreign countries.
Another new station is being built on the South Atlantic
Coast. On the Pacific Coast the Navy operates stations
at San Francisco and San Diego. Under the proposed bill
it is provided that just compensation is to be paid for any
stations acquired in accordance therewith or those which
may be closed permanently. In case of disagreement as to
the amount of this compensation the Secretary of the Navy
shall make an offer. If this is refused he will pay threefourths of it pending final adjustment of the claim in the
courts.
Edward J. Nally, Vice-President and General Manager
of the Marconi Wireless Telegraph Company, in a statement, issued on Nov. 25, concerning the proposal of the
Government with regard to taking over the wireless properties, said:
Mr. Nally wished to particularly point out that the situation with respect
to wireless was in no way different from that of communication by telegraph, telephone, and submarine cables. In other words, there is no special
reason 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 highpower stations are not yet able to receive from one another all day and in
all seasons, proves that the Government is not able to make the most of
its opportunities and get the best results from transoceanic wireless operation. This statement is a weak attempt to minimize, in the eyes of the
public, the importance of wireless ,competition with the cables.
As a matter of fact, before the war, the Marconi Wireless Telegraph
Company had inaugurated its transpacific service with Japan and was
building up a very successful commercial business with the Orient. The
cable companies recognized that there was a competitor in the field, because they were forced to reduce their rates and to add new classes of
service, which, during all the years they monopolized transpacific communication, they had refused to do.
The Marconi Company, by reason of its organization and its improved
paparatus, particularly with the aid of the Weagant invention, of which
wide announcement Was recently made, is in position to guarantee to the




the League to Enforce Peace, Mr. Daniels said that it was
desirable to have a Navy which would be thoroughly representative of the nation, and place it in a position of strength
comparable with the fleets of other world powers. Secretary Daniels said he favored a League of Nations, without
which, he thought, a great fruit of the war would be lost.
But as such a League would require an international police
force of sufficient power to compel obedience of its decrees,
he said, the United States must have a large number of
dreadnaughts and battle cruisers. While the Navy had
expanded in the last year, he explained, construction of
big ships had been put aside to provide small craft to fight
submarines.
Estimates for the Naval bill, which were prepared with
a view of continuing the war, called originally for $2,440,000,000, but were subsequently scaled down, in view of
the signing of the Armistice, to $1,463,992,000. No reduction, however, was made in the estimates for new
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
as great by 1920 as it was in 1917, the year the United States
entered the war. The total number of all ships will be
about 800, as compared with 300 in 1917. Twenty-four
superdreadnaughts will be included in the 1920 fleet. There
are now nineteen, and five will 6e built before July 1920.
Three of the latter are nearing completion—the Idaho,
Tennessee, and California. Three hundred and fifty new
destroyers also will be completed by that time, together
with 112 patrol boats, 35 to 40 submarines,50 mine sweepers,
and 25 tugs. Submarine chasers, built or building, will
not be in commission in 1920, Admiral Taylor said.
In regard to the contract held by the Ford Motor Company for the construction of 112 "Eagle boats," a new type

•

DEC. 7 1918.j

THE CHRONICLE

of anti-submarine craft, Admiral Taylor exhibited a copy
of the contract with the Ford company, showing that the
company was to receive a fixed profit of $20,000 on each
boat. It may also receive one-fourth of the amount saved
under an estimated cost of $275,000 each. "I don't believe
that the boats can be built at that price," said Admiral
Taylor. "If the cost comes below $400,000, it will be
very creditable." In reply to Chairman Padgett, Admiral
Taylor said it was not advisable "as regards the great
majority of the boats," to stop construction work because
most of the material and machinery was now on hand.
The Navy Department, however, he said, was investigating
to see whether the program might be reduced.
WOODEN SHIPBUILDING PROGRAM CALLED COMPLETE FAILURE.
By a resolution passed by the Senate on Nov. 21, the
United States Shipping Board was called upon to furnish full
data in regard to the building and disposition of wooden ships
and the present status of outstanding contracts. According
to unofficial figures, it is estimated that something like
$303,000,000 was allotted to the building of wooden ships.
Certain Senators desire to ascertain just what became of this
money and what degree of success attended the wooden ship
program. The resolution of inquiry, introduced by Senator
Harding of Ohio, follows:
Resolved, That the United States Shipping Board be, and is hereby requested 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.
What has been done and when and the details with reference to providing
housing for shipworkers under the Act passed with regard thereto.

In introducing the resolution, Senator Harding said:
The resolution is inspired by the publication in the press of utterances oi
the President of the Shipping Board and of the Direcor-Genoral 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 figuring 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
appropriating money for ship construction at the present rate, which is
from four to six times the normal cost.

Senator Fletcher explained to the Senate that the law requires 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 resolution.
Senator Calder of New York on Nov. 21 sent a letter to
Chairman Hurley of the Shipping Board, expressing his
opinion that the whole wooden ship program was a failure,
and urging that no more ships of wooden construction be
started. The Senator's letter read:

Dear Mr. Hurley:

November 211918.

The Senate to-day by resolution authorized an investigation by the
Committee on Commerce of the Shipping Board and Emergency Fleet
Corporation on all matters pertaining to the construction of ships of every
character.
This prompts me to address you relative to the present condition of
our wooden ship program. I have information that from 90 to 100 wooden
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 those vessels sunk in ballast before it could be delivered to the transportation company to which it was assigned, and the second one consigned
to the same company sank on its first trip out. I also understand that
not one of those 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
them.
A number of shipping men have been to see me and they state frankly
that our whole wooden ship program has been a failure, and that practically
all of the money invested in these vessels will be lost to the Government.
These facts, 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.
Will you advise me just what has been done in the matter?
Sincerely yours,
WILLIAM M. CALDER.

2155

after peace is declared the President's authority in this
respect ends. But the Fleet Corporation has five years to go.
There remains $200,000,000 of the appropriation, and the
$50,000,000 capital stock is intact. This $250,000,000, Mr.
Pies thought, is about enough to meet contingencies in such
a vast program. The steel program of shipbuilding will
extend through the early part of the year 1920. The wood
program will run out in the middle of 1919. If Congress,
therefore, votes no more money in 1920, the Emergency
Fleet Corporation will come to an end.
Mr. Piez's opinion was that the wood ship has fallen in
hard lines because it at once met the prejudice of the people.
His objection was principally that it is too small. Most of
those built have been a bit shy of 3,500 tons, and are useful
chiefly for the coastwise rather than overseas trade. Only
97 of the 712 have been put in service, mostly in the Chilean
nitrate trade, the Hawaiian and the West Indian trade, for
which they are specifically suited. Mr. Pies was further
quoted as follows:
There are some good ones and some bad ones among the wood vessels.
They were made from new designs and by inexperienced men and built at
yards that had never built any ships before. They were essentially an
emergency ship. Most of their fault has been due to mechanical and hull
troubles coming from improper caulking.
The Shipping Board has instructed us to cancel contracts for over a
hundred of them, but a large number will be built yet before the middle of
the year 1919.
If, as is the case, the ships are subjected to the investigation and classification of Lloyd's Registry, and the American Bureau of Shipping, and are
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?

In response to the Senate resolution, Mr. Pies prepared
the following statement:
Senator Harding, in offering the resolution calling upon the United
States 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 classification societies. The vessels in addition are inspected by the United
States Steamboat Inspection Service, which covers a minute inspection
of the machinery of the yawls. In addition, all vessels are subjected to
a close inspection by inspectors of the staff of the Fleet Corporation. All
wooden vessels are sunjected 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.

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 Government 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 American 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 American Railway Express Co., was $47,646,069, making the excess of advances to the railroads for the month over and above
the amounts received $46,493,392. The following is the
issued by Director-General McAdoo:
statement
In the absence of Chairman Hurley of the Shipping Boa‘rd,
Since April 1 1918 the United States Railroad Administration has adwho is now in Europe, the Senate resolution and Senator vanced to the railroad and other transportation properties under GovernHarding's statement brought forth a prompt reply from ment control, including loans and payments made to railroad corporations
meet their needs, advances made for operating deficits, and payments
Charles Piez, Vice-President and General Manager of the to account
of the now standardized equipment,the sum of_._ _$515,690,060
on
Emergency Fleet Corporation. The Philadelphia "Press"
Of this sum the amount secured from the $500,000,000 Reon Nov. 23 quoted Mr. Pies as saying that Senator Harding
volving Fund was
$316,206,536
had proceeded on the assumption that the Corporation was
The balance was obtained from.the surplus earnings of cergoing ahead on an unlimited program, whereas contracts tain roads, and from the American Railway Express Co
$199,483,524
have boon given that practically exhaust the available funds.
Of the $500,000,000 Revolving Fund, the amount remain$183.793,464
Congress voted the Corporation $50,000,000 capital, and ing after deducting the above advances to the railroads
Of the $199,483,524 deposited with the Director-General from time to
.the President has given over $3,671,000,000 in appropria- time
lines
from
railroad
their surplus earnings, very much the
by various
tions for the Corporation to expend as his agent. Six months larger portion was returned to the railroads which had temporarily made the




2156

THE CHRONICLE

depo.iits, and the only railroads which have handed over ter the Director:.
General 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 Administration, were the following:
Duluth & Iron Range..__ $3,400,000
Atlantic Coast Line and
Louisville & Nashville_$12,355,168 Chicago & North West__ 3,270,000
Atchison Topeka & S Fe_ 11,200,000 Central RR. of New Jer_ 2,500,000
1,920,000
Duluth Missabe & Nor__ 10,400,000 Pere Marquette
1,800,000
Union Pacific System..__ 7,300,000 Pullman Car Lines
6,777,933 Rich Fred & Potomac___ 1,540,000
Northern Pacific
6,000,000 Los Angeles & Salt Lake.. 1,500,000
Elgin Joliet & Eastern_
1,500,000
4,000,000 Atlantic S. S. Lines
Bessemer & Lake Erie
Chicago Burl & Quincy.._ 3,950,000
The aggregate of sums advanced by the United States Railroad Administration to all the 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 & St L $854,775
800,000
New York Central Lines_ 59,870,000 Atlantic Coast Moe
750,000
N. Y. N. H.& Hartford.. 50,450,000 Texas & Pacific
761,800
24,075,000 Ann Arbor RR
Baltimore & Ohio
735,000
21,675,000 Central Vermont
Chic Milw & St Paul
720,000
16,225,000 Indiana Harbor Belt____
Illinois Central
707,660
13,900,000 Chicago Great Western..
Erie Railroad
700,000
Southern Pacific Lines.._ 12,500,000 Wheeling & Lake Erie_ _ _
621,000
Southern Railway Lines_ 10,542,650 Grand Trunk Western__
575,000
7,700,000 N Y Ontario & Western..
Chic Rock Isl & Pac
537,000
7,050,000 Chicago & East Illinois__
Chesapeake & Ohio
528,500
6,790,000 Pittsburgh & Shawmut__
Delaware & Hudson._
625,000
Chicago Burl & Quincy.._ 6,550,000 Lehigh & New England_
500,000
St Louis-San Francisco.._ 6,020,000 Hocking Valley
500,000
5,660,000 Chicago Junction Ry___
Missouri Pacific
430,000
5,610,000 Western Pacific
Seaboard Air Line
407,215
Chicago & North West__ 5,230,000 Internat & Great North..
400,000
5,000,000 Gulf Mobile & Northern..
Union Pacific Lines
400,000
4,800,000 Kan City Max & Orient..
Denver & Rio Grande
387,913
Philadelphia & Reading.. 4,400,000 Chicago Terre H & S E_
373,000
4,345,000 Bangor & Aroostook........
Wabash -Railroad
350,000
4,000,000 Cinc Ind & Western_ __ _
Northern Pacific
340,000
3,995,000 Ft Worth & Denver City
M K & T Lines
339,000
3,670,000 Atlanta firm & Atlantic
Buffalo Roch & Pittsb
315,000
3,500,000 Old Dominion SS Lines_
Lehigh Valley
309,000
2,817,000 Georgia Railroad
Boston & Maine
300,000
2,800,000 Central New England___
Great Northern
300,000
2,500,000 Pittsburgh & West Va....
Norfolk & Western
290,000
2,500,000 Belt Railway of Chicago..
Del Lack & Western
270,000
2,372,999 Midland Valley
Western Maryland
266,000
Chic St P Minn & Om_ -- 2,350,000 Rutland RR
262,775
Minn St Paul & 511 M__. 2,052,000 Detroit Toledo & Ironton
253,000
1,895,000 San Ant & Aransas Pass_
Minn & St Louis
246,000
1,635,000 Ft Dodge Des M & Sou__
Chicago & Alton
218,000
1,525,000 Vicks Shrev & Pacific__
Chicago Ind & Louisvi
215,000
1,500,000 Chicago & West Indiana
Louisville & Nashville
200,000
1,450,000 Chicago Peoria & St L._
Central of Georgia
190,000
St Louis & South West.._ 1,370,000 Trans-Miss T Ry
176,100
1,300,000 New On Texas & Mexico
Maine Central
160,000
1,200,000 Illinois Southern
Pullman Car Lines
150,000
Kansas City Southern..__ 1,060,000 Duluth S 5 & Atl
150,000
udson & Manhattan...... 1,012,000 Portland Terminal
150,000
1,100,000 Monongahela RR
Virginian Railway
132,000
Term RR Assn of St L__ 1,081,000 Amer Ref Trans Line..
127,900
1,050.000 Cumberland & Penna......
Florida East Coast
120,000
990,648 New On & Great Nor__
Denver & Salt Lake
Bait & Ohio Chic Term.._
100,000
975,
Colorado & Southern
100,000
948,000 Toledo Terminal
Norfolk Southern
1,030,000
26 roads receiving in each case less than $100.000
87.715,125
Payments on account of standardized engines and cars
$515,690,060
Total
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 Ft Worth & Denver City $255,000
250,000
5.000.000 Florida East Coast
Southern Pacific
246,000
Chicago Milw & St Paul.. 4,750,000 Ft Dodge Des M & Sou..
225,000
New York Central Lines_ 4,550,000 Minn & St Louis
220,000
Southern Railway Lines- 3,294,650 Old Dominion SS Line
220,000
Delaware & Hudson....__ 2,000,000 Wabash Railroad
200.000
Boston & Maine RR........ 1,892,000 Chicago Great Western..
200,000
Baltimore & Ohio RR___ 1,825,000 Cinc Ind & Western
188,000
Louisville & Nashville__ 1,500,000 Norfolk Southern
175,000
Missouri Kan & Tex Ry_ 1,350,000 N V Ont & Western _ 175.000
1,200,000 Pittsburgh & Shawmut__
Pullman Car Lines
176,100
1,000,000 NO Texas & Mexico____
Maine Central
170,000
1,000.000 Colorado & Southern__
Erie RR
150.000
1,000,000 Atlanta Birm & Atlantic
Chic St P Minn & Om
150,000
800,000 Rutland Railroad
Missouri Pacific
150,000
800,000 Chicago Burl &Quincy....
Chesapeake & Ohio
150,000
800,000 Monongahela HR
Atlantic Coast Line
160,000
750,000 Seaboard Air Line
Texas & Pacific
148,800
750,000 Ann Arbor RR
Illinois Central
142,000
630,000 Soo Line
Buffalo Roch & Pitts___
132,000
560,000 Amer Ref Trans Line......
Western Maryland
130,000
525,000 Chicago & North West....
Lehigh & New England..
108,461
450,000 Chicago Terre H & S E._
Central Vermont
100,000
450,000 Chic Ind & Louisville__
N Y N 11 & Hartford
102,900
400,000 Cumberland & Pennsyi_
Denver & Rio Grande
100.000
400,553 Central of Georgia
Denver & Salt Lake
100,000
300,000 Pittsb & West Virginia__
Virginian Railroad
100,000
300,000 Chicago & East Ill
Great Northern
100,000
256,000 Toledo Terminal
Term RR Assn of S L__
15 railroads receiving sums amounting in each case to loss than
550.500
$100.000
ayments on account of standardized locomotives and cars....__ 29,281,496
Total of advances to all railroads in the month of November,
including payments made on account of now rolling stock for
94,139,461
various companies, as shown above
Total amount received dur ng November from 70 railroads on
account of surplus earnings and including $10.492,968 from
47.646,069
American Railway Express Co., was
Excess of advances to railroads for the month of November
1918 over and above amounts received as above for same
$46.493,392
periol
All loans to railroad companies by the Director-General have been made
at the uniform rate of 6% per annum interest.

[VoL.107.

adequate, responsible public regulation," and that "they
want to carry 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 meeting, which among other things declared that "private
initiative, enterprise and responsibility in the creation, extension, improvement and operation of the American Railways 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
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, presented a report at the meeting in which he is credited with
stating that the railroad contract would be signed by a majority 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 contention 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 pro-war
book values. The Government has conceded that the payments shall be
at the rate of 434% on capital represented. This, it is estimated, will
mean an additional payment to the carriers annually of $175,000,000,
distributed as follows: Depreciation, $110,000,000; retirement, $50,000,000.
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 problems growing out of the readjustment of the railroads
to a 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 present problems and to
provide for the future development of the railroads.
To-day's meeting showed that the railroad companies want a readjustment which will give the best possible system of transportation to
the country. They neither expect nor wish to escape adequate, responsible public regulation. They want a relation between rates, wages
and dividends which will stimulate business, adequately reward labor
and attract the volume of now 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 meet 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
are facing the future by quoting the resolutions adopted to-day:
1. That private initiative, enterprise and responsibility in the creation,
extension, improvement and operation of the American Railways 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.
2. That the principle of reasonable, responsible and adequate Governmental 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 chock of any abuses.
3. That, in view of the termination of the war emergency which caused
the taking over of the railroads and their operation by the Federal Government. the remaining period of Federal control should be characterized
by a policy of restoration of the integrity of individual properties and of
preparation for their return to their respective owners in the highest possible state of efficiency to serve the country.
4. That a system of Governmental regulation or control, to be applicable when the properties are returned, should be provided by Congress
which, while safeguarding the public, will provide uniformity of regulation in essential matters, insure a business treatment of the vast interests
involved, attract adequate capital and assure the commercial, manufacturing and agricultural interests of the country of transportation facilities
which shall keep pace with their 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 results and
plans and methods to be favored in connection with the return of tho railroad 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 anti 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. There will, of course, be future meetings like that of to-day. At this time, however, it is impossible to announce the date of the next meeting.

RAILWAY EXECUTIVES' ADVISORY COMMITTEE
DECLARES GOVERNMENT OWNERSHIP AND OPERATION NOT CONDUCIVE TO
HIGHEST EFFICIENCY.
Problems growing out of the readjustment of the railroads
to a peace basis were discussed it a meeting in this city on
the 4th inst. of railroad executives held at the call of the
Railway Executives' Advisory Committee. At the conFollowing the meeting the Committee went into executive
clusion of the meeting a statement was issued by Thomas
De Witt Cuyler, Chairman of the Committee, in which he session, and added eight new members to its personnel:
stated that the railroads "neither expect nor wish to escape These additions are:




DEC. 7 1918.]

THE CHRONICLE

2157

Charles E. Hayden, President of the Chicago Rock Island & Pacific
Ry. Co. and of the Minneapolis & St. Louis; S. M. Felton, President of
the Chicago Great Western; Henry Ruhlender, Chairman of the St. LoutsSan Francisco Ry. Co.; William Church Osborn, General Counsel of the
El Paso & Southwestern; L. E. Johnson, President of the Norfolk & Western; E. E. Loomis, President of the Lehigh Valley; W. R. Cole, President
of the Nashville Chattanooga & St. Louis, and Bird M. Robinson, President of the American Short Line Railways Association.

In other words, the Federal Control Act did not provide for such expenditures as 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
The other members of the Committee are:
as early a settlement of -the railroad problem as is practicable. Added
Mr. Cuyier; S. T. Blescoe, General Counsel of the Atchison Topeka & importance is given
to this because of the purpose of the President to proSanta Fe; A. J. Earling, Chairman Chicago Milwaukee & St. Paul; Howard vide for as
early a return of the properties as can be satisfactorily accomElliott, President of the Northern Pacific; A. H. Harris, Vice-President of
plished.
the New York Central Lines; E. M. Hyzer, Vice-President of the Chicago
At this time we have no completed plans to offer. The subject is of
& North Western; L. F. Loree, President of the Delaware & Hudson; vast proportions.
If is it perfectly agreeable to you I will call upon you
C. A. Peabody, President of the Illinois Central;'Samuel Rea, President
with a view of making arrangements for the Association to be heard by
of the Pennsylvania; W. L. Ross. receiver of the Toledo St. Louis & Westyour Committee or by such body as may be delegated by the Congress to
ern; Frank Trumbull; President of the Chesapeake '8& Ohio; F. D. Understudy the questions at issue, and when the plans of the Association have
wood, President of the Erie; Daniel Willard, President of the Baltimore &
sufficiently
matured to admit of an appearance.
Ohio; C. B. Seger, President of the Union Pacific; Henry Walter, Chairman of the Atlantic Coast Lines; J. Kruttschnitt, President of the Southern
Pacific, and A. P. Thom, General Counsel to the committee.

FURTHER OBSERVATIONS OP JOHN J. MITCHELL ON
GOVERNMENT OWNERSHIP OF RAILROADS—
VIEWS OF E.P. RIPLEY AND G. M.REYNOLDS.
The Boston "News Bureau" has the following to say relative to the views of John J. Mitchell of Chicago on Government ownership of railroads, to which we referred last week,
page 2064:

ASSOCIATION OF OWNERS OF RAILROAD SECURITIES
ASKS HEARING BEFORE CONGRESS.
The question of the return of the railroads, growing out
of President Wilson's address, was discussed at a conference
in this city on the 3rd inst. of members of the Advisory
Counsel, recently appointed by the National Association of
John J. Mitchell, President of Illinois Trust & 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 recommending government ownership of the railroads. Mr. Mitchell told a
S. Davies Warfield, President of the Association, to the representative
of Dow,Jones & Co. the interview was intended as a private
Committee
on
Inter-State
Chairman of the
Commerce of conversation, in which he favored government ownership as the lesser of
the Senate, and also of the House was made public. In,it two evils, but not as the only practical solution of the railway tangle.
Mr. Mitchell now
handling the railroads through an organiMr. Warfield asks that the Association be given an oppor- zation similar to therecommends
Federal Reserve system.
the
question
at issue. Of the Advisory
tunity to be heard on
The Chicago "Tribune," from which we quoted Mr.
Counsel, ex-Senator Elihu Root and John G. Milburn., New Mitchell's
remarks of last week, gives the following expresYork, John S. Miller, Chicago, and Hugh L. Bond, Balti- sion of views by him this week (Dec. 4):
more, were present. The members of General Counsel who
John J. Mitchell, after noting extracts from the President's message
were in conference were Samuel Untermyer and B. H. bearing on the railroads, suggested as a solution for the situation that Congress
formulate a plan for control of the properties in a manner similar to
York.
New
The
Brown,
conferences were called by
Inness
that of the Federal Reserve Bank system which controls in large part the
Mr. Warfield, who was also present. The letter follows:
banking activity of the country. He would have a board of control as

Dec. 3 1918.
Washington and regional directors responsible to it with the properties
On behalf of this Association we respectfully ask that at a propitious time directly operated by the present owners. Mr. Mitchell said in substance:
you will accord the Association an opportunity to be heard in respect to
"I have not the message of the President in full. but I see he accords a
the return of the railroads to their owners.
great deal of prominence to the thought that something must be done to
The National Association of Owners of Railroad Securities through its meet new conditions which have arisen since the Government assumed
membership, directly and indirectly, by institutional and individual direction of the roads. I feel the President appreciates the largeness of
membership, represents five billions of the oustanding seventeen billion the proposition with reference to the disposition of the properties, and I
dollars of securities of the railroads. It represents through such member- regard it myself as an extremely live matter.
ship thirty million people of the country of the fifty millions (nearly oneLike Reserve System.
half of the total population). who own or are interested in railroad securities.
From the thought I have given the subject I feel convinced that the raIts management is vested in an Advisory Committee of 150 members from
67 cities and 36 States, an Executive Committee of 33 members, an active tional way to handle the roads in the future will be through an organization
Sub-Executive Committee of nine members, a Financial Committee of similar to that of the Federal Reserve banks system. To formulate recom70, named from 34 cities and 30 States, a General Committee of 15, rep- mendations to Congress there should be appointed a commission to go
resenting I0 States, many of this latter committee being shippers.
over thoroughly all relations between the owners of the properties, the shipThis Association, therefore, represents largely the ownership of the pers and the wage earners, the research to be made with a view to an organrailroads of the country.
ization such as now substantially controls the banking business.
The position taken by the Association in so far as the return of the railThere should be a board of control at Washington appointed in a manner
roads to their owners is concerned, is almost identical with that largely to be determined by Congress and consisting of the foremost men in the
taken by the President in his address before the Congress yesterday. The pountry. It is my idea that a board of seven members be constituted, with
President said among other things the following:
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,
"The one conclusion that I am ready to state with confidence is that it
would bo a disservice alike to the country and to the owners of the railroads covering the entire country. We have twelve Federal Reserve bank disto return to the old conditions unmodified. These are conditions of re- tricts, all subject to control of the Federal Reserve Board at Washington.
straint without developenint. There is nothing affirmative or helpful
What the country chiefly needs is that all its means of transabout them
Operated by Owners.
portation should be developed, its railways, its waterways, its highways,
and its countryside roads. Some new element of policy, therefore, is
Let the properties remain under their present ownership for operation,
absolutely necessary—necessary for the service of the public, necessary but directed by regional directors,subject in turn to the final authority of
for the release of credit to those who are administering the railways, necessary for t e protection of their security holders. . • . I hope that Con- the Government board at Washington.
I consider the wise disposition of the railroads to be of as much, if not
gress will have a complete and impartial study of the whole problem
instituted at once and prosecuted as rapidly as possible. I stand ready more, importance to the country than that of the banking system. There
and anxious to release the roads from the present control, and I must do are so many ramifications and changes which have been brought about by
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 the war that their adjustment for the general interest of the country at
which is hurtful to every interest concerned."
large presents possibly the most important domestic problem before the
Only recently has the Association through the public press stated that country to-day.
A reversion to the situation which obtained before the war would leave
under
returned
plans
must
be
railroads
which
shall
protect alike the
the
shipper, the traveling public, labor and the security owner; provide ade- the public, the investors, the wage earners, and the railroads in an unthinkquate means for Governmental regulation, including supervision of railroad able condition. As I see it, no power except that of the Government is now
security issues. We stated that the Inter-State Commerce Commission is able to handle the situation which has developed. It alone can make rates
the authorized agency to whieh this will be likely entrusted, and that and wages upon a basis which will be accepted as satisfactory.
legislation by the Congress would be necessarily required for the direction
Were Facing Bankruptcy.
of that Commission, if continued by the Congress as the regulating body.
It may be noted that to turn back the roads without further legislation
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 to their present owners would leave them legally in the matter of rates
Federal control; to increase rather than diminish the advantages to be secured just where they were before the war, with Increased cost of operation. Befrom individual initiative and to provide for taking care of the obligations fore the Government took over the properties about a year ago there apto the Government of each railroad incurred during the continuance of peared to be only bankruptcy ahead, a condition which, of course, would
have upset the country economically.
Federal control.
We have taken the position that the railroads cannot be returned with
The Chicago "Herald and Examiner" on ,Dec. 3 quoted
will
be
it
is.
costly
to the shipper and to the
their credit Impaired. If it
Mitchell as follows:
public. The higher their credit, the cheaper can money be secured by Mr.
The President shows he has a complete understanding of the importance
them for purposes of hauling freight and passengers.
We have stated that comprehensive plans for strict Governmental of the railroad problem, both from the standpoint of the investor in railroad
regulation, which shall include supervision of security issues, must be securities and the future of the nation.
I am thoroughly in accord with his intermediate course of "modified
studied. They are to be decided upon by the Congress, and should be
worked out coincidently with the operation of the railroads by the Gov- private control under a more unified and affirmative public regulation and
ernment during the remainder of Federal control, with the fixed purpose under such alterations of the law as will permit wasteful competition to be
avoided and a considerable degree of unification of administration to be
and to the end that Congress intended.
Your attention is requested to an important part of the President's effected."
The Government should have full power to maintain an equilibrium beaddress in which he says.
should be In a position to fix salaries of all
Time full equipment of the railways which the Federal Administration tween expense and income. It
employees. This equilibrium should be maintained in such a
railroad
any
such period (twenty-one
had planned could not be completed within
months). The present law does not permit the use of the revenues of the manner as to give a fair return on the invested capital.
several roads for the execution of such plans except by formal contract
Wages have recently been raised and rates have been increased. The
with their directors, some of whom will consent while some will not, and
therefore does not afford sufficient authority to undertake improvements public has accepted those advances without question, as they were decreed
by
the Government as a war measure.
necessary
to undertake them."
upon the scale upon which It would be



2158

THE CHRONICLE

But if the railroads were to be turned back to private ownership tomorrow there would be a clamor from every shipper in the United States
for lower freight rates.

[VoL. 107.

tration Advisory Committee on Finance, and is in New York
making arrangements for the financing of post-war requirements of Italian interests. Mr. Criseuolo has been one of
the most ardent advocates of the financing of Italian industries by American interests and his articles on the subject
have attracted wide attention in financial circles both here
and abroad.

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:
EX-KAISER SIGNS ABDICATION DECREE—CROWN
PRINCE STILL CLINGS TO RIGHTS.
It must not be understood that either he or other persons assenting necessarily consider this as right from the standpoint of good business theoretics.
of the formal act of renunciation of the former
text
The
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, German Emperor was made public by the Berlin Governthe Federal Government to control the steam roads and each State or ment on Nov. 30, "in order to reply to certain misundermunicipality its own local utilities.
standings which have arisen with regard to the abdication."
Mr. Sunny thinks that the country should take this ground as a protection against Bolshevism, which is latent in a large percentage of our people, It was signed at Amerongen on Nov. 28, and reads as foland has at times made some demonstrations. It is a safeguard against lows:

chaos. He is well acquainted with the situation in all cities of this country,
By the present document I renounce forever my rights to the crown
and considers the status of the public utility companies utterly pitiable,
rights to the German imperial crown. I release at the
with the corporation's pauperized on a 5-cent fare, or quarrelling with the of Prussia and the
officials of the German Empire and Prussia and also
public over a possible 6 or 7, with certain companies already on the higher same time all the
officers and soldiers of the Prussian navy
level but yet earning nothing on their stock, with great improvements a all officers, non-commissioned
from confederate States from the oath of
of
and
contingents
army
and
necessity to the proper performance of their functions and no capital availand Supreme Chief.
able for the creation of those improvements. He is willing under the fidelity they have taken to me as their Emperor, King
I expect from them, until a new organization of the German Empire
circumstances that the burden shall be thrown on the various governpower in Germany
the
those
effectively
hold
they
aid
who
that
will
exists,
ments, deficits to be made up by taxation of the people.
The change in the attitude of these leading men is marvelous. A year. to protect the German people against the menacing dangers of anarchy,
three months, or perhaps thirty days ago, they would have stood by the famine and foreign domination.
Made and executed and signed by our own hand, with the imperial seal,
principle of corporate ownership. To-day they say, "Let the public take
these properties and we will see what they can do with them. We have at Amerongen, Nov. 28.
WILLIAM. •
(Signed)
worked faithfully and intelligently in the creation of the utilities. We are
denied a reasonable income on our capital. The governments, under the
While the foregoing document constitutes a renunciation
leadership or politicians, not all of whom are of the highest type, have
,of the rights of the former Emperor, it is to be noted that it
denied us a fair chance. We throw up the sponge."

makes no reference to his heirs or to the Hohenzollern
E. P. Ripley, of Atchison Topeka & Santa Fe RR., has
And the former Crown Prince, in an Associated
dynasty.
the following to say with regard to Mr. Mitchell's views:
Press interview granted at his place of internment in HolI think Mitchell's statement was more of a diagnosis than a recommendation. I agree with him that Government ownership is necessary under land on Dec. 3 took occasion to deny explicitly that he had
the present conditions, because the public would not be willing to pay for abandoned his rights to the throne or signed any act of rethe cost of better service that would come with private ownership. Now
nunciation. His words, as quoted, were:
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 stockholders, but from the standpoint of a citizen. I think it will mean the beginning 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.

I have not renounced anything and I have not signed any document
whatever. 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.

George M. Reynolds, President of the Continental &
Advices to the State Department from Berne on Nov.
Commercial National Bank of Chicago is quoted to the folsaid:
30
lowing effect:
It is said in competent circles in Berlin that although William II. has
I think President Wilson's scheme of modified private control under formally renounced the throne, the renunciation affected only himself,
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 Government 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, combining 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 REGIONAL
GROUPING OF RAILROADS.
According to the New York "Evening Post" of Dec. 4,
Julius Kruttsehnitt, 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
start with 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 competition. 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
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 loading, 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 DA Will make the results possible.
Much has been accomplished by the Federal Administration in suppressing 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 rtompetition 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.

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
"Times" on Nov. 30, in referring to the fact that Admiral
von Hintze,former Foreign Secretary, had been sent by the
Berlin Government to obtain from William II. a formal
abdication, 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 had been informed that the Allies and America could not
treat with Germany's representatives at the Peace Conference as the plenipotentiaries 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
settle the future form of Government of the German nation."
The Kaiser did not sign this decree, which was the last issued by Prince
Max as Chancellor. He was on his way to Holland.
There are two readings to a certain passage in the decree—one sent abroad
and one 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
of the other Hohenzollerns. 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 Wilhelm, 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.

RESIGNATION OF SECRETARY OF RR. ADMINISTRAAn Amsterdam dispatch to London on Dec. 1 indicated
TION ADVISORY COMMITTEE ON FINANCE.
Luigi Criscuolo, formerly with Redmond & Co., has re- that the Kaiser's abdication decree was published at the resigned as Secretary of the United States Railroad Adminis- quest of the Dutch Government. The many rumors and




DEC. 7 1918.]

THE CHRONICLE

2159

On Aug.4 the Bavarian Minister outlined Germany's intention to violate
reports representing the ex-Emperor as plotting to return to
neutrality, saying:
the German throne placed the Netherlands Government in Belgian
"The Chief of the General Staff has declared that even British neutrality
apparently
of
active
an
position
sheltering
the embarrassing
will be paid for too dearly if the price is respect of Belgium. An attack on
enemy of the Allied nations. Public feeling in Holland, the France is possible only through Belgium.
With regard to the effect in Germany of these disclosures,
dispatch said, had been driven to a high pitch by these reports, and it was believed that the Hague Government served an Associated Press dispatch from Berlin dated Nov. 25 said:
tribunal for
a virtual ultimatum on the ex-Kaiser, resulting in the publi- "We demand the immediate convening of a revolutionaryand
son, and
purpose of passing sentence on the Hohenzollerns, father
cation of the decree, though ostensibly it came in response the
on von Bethmann-Hollweg, says the "Red Flag," the organ of Dr. Karl
Berlin
pointed
Government. It was
Liebknecht, in commenting on the disclosures made in Munich concerning
to a demand from the
in bringing about the war. "William II.,"
out in London, however, that the document was not counter- the complicity of Germanybe
commanded to return and give and account
the paper continues, "must
German
responsible
Imthe
Under
statesman.
a
signed by
before this tribunal."
The Spartacus organ also demands a reckoning with the Socialist leaders.
perial constitution of Germany, all 'decrees of the Kaiser
Ebert, David, Molkenbuhr, and others, for participation in propaganda
must be countersigned by the Chancellor to be valid.
calculated to absolve Germany from responsibility for causing the war.
Recent news from Germany indicates that counter-revo- "We have been told that Germany had no knowledge of Austria's ultilutionary activity by army officers has been giving much matum to Serbia. It was a lie, says "Vorwaerts." "Berlin was t.aid
eoncern to the new Government, and the Socialist press has to have admonished Vienna to go slow. It was a lie. On the contrary,
Berlin incited Vienna.
served notice that a continuance of royalist agitation will
"In the course of his proclamation William II. declared:'In the midst of
bring reprisals. The Berlin "Vorwaerts," as quoted in dis- peace we are attacked by the enemy.' A base, impudent, bottomless,
lie.
patches to the New York "Times," on Dec. 3, after referring shameless
"And does this band of mass murderers, who in the progress of the revoto a number of incidents of the kind, wound up by saying:
lution and through the generosity of the German people managed to escape
unhurt, really still believe it can once more establish its blood-stained, liebedecked rule?"
The organ 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 brought to justice. Their
however, must be confiscated. Von Bethmann-Hollweg, von
The most formidable plot so far discovered involved Field fortunes,
Jagow and Zimmermann, who were their tools, must forthwith be arrested
Marshal von Mackensen and many of the higher officials and and brought into court."
The Conservative "Tagliche Rundschau" asserts that the disclosures not
Generals of the old regime, and was described as follows in a
only are inopportune in view of the negotiations, "for a revision of the
the
to
Amsterdam
from
London "Express" on Dec.2: armisace conditions," but primarily are intended to stimulate a revoludispatch
According to the dispatch, which was filed at Amsterdam on Friday, the tionary sentiment.
were
plot
the
Field
behind
Marshal von Mackensen, General von
chief men
Count zu Reventlow in the "Tageszeitung" says that neither BethmannBorn, and General Count Sixt von Arnim. It is said that they instructed Hollweg nor his associates desired a world war, and that they were not
the Prussian Officers Corps to carry on a pro-Emperor agitation, begin- prepared for it. The Count adds:
ning immediately after the demobilization of the troops was completed.
"It is not to be denied, however, that their jumbling was responsible
Largo sums of money are said to have been placed at the disposal of the for complications which ultimately involved Germany."
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 INVESTMENT BANKERS' ASSOCIATION TO MEET IN
other cities, while the Government has long lists of suspects, who had
ATLANTIC CITY NEXT WEEK.
planned to seize members of the present Government.
No direct evidence of William Hohenzollern's connection with the plot
A further change in the convention plans of the Investhas been found, it is said, but it is believed that the outline of the plan was
ment Bankers' Association of America was announced this
brought to Berlin by two of his suite, who recently went to the German
It had originally been planned to hold the convenweek.
taking
of
the
wife
purpose
of
ostensible
the
the
for
capital
former Emperor
to Amerongen, Holland.
tion in St. Louis on Nov. 18, 19 and 20; the influenza epiLieutenant Dr. Gustav Krupp von Bohlen is said to have been in control
demic there, however, caused a postponement in the date
of the financial arrangements. Find Marshal von Mackcesen is reported
to have attempted to induce Field Marshal von Hindenburg to join, but several weeks ago, Dec.9, 10 and 11 being chosen as the new
the latter refused, saying that he intended to retire after the demobiliza- dates. This week, because ot a fresh influenza outbreak in
tion of the army.
decided to hold the convention in Atlantic
The whole Prussian Court, it is stated, was in sympathy with the plotters St. Louis it was
and Prince von Bulow and Dr. Georg Michaelis, former Imperial Chancel- City, at the Marlborough-Blenheim Hotel. The meeting
lor, had promised to help. The plan was to organize a provisional Govern- will take place next week on the scheduled dates, namely,
ment under Field Marshal von Mackensen or some other military leader
Dec. 9,'10 and 11. Particular attention is to be paid at
and then urge William Hohenzollern to return.

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.

BAVARIAN GOVERNMENT REVEALS GERMAN GUILT
FOR STARTING WAR—SOCIALISTS DEMAND,
TRIAL OF KAISER.
The publication by the new Bavarian Government of correspondence 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 Moderate 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
the Bavarian Government:

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.
One 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.

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Only two shares of bank stocks were sold at the Stock Exchange this week and none at auction. Two lots of trust
company stock, aggregating 22 shares, were sold at auction.
Extensive tables reporting bid and asked quotations, deposits, surplus, &c., of banks and trust companies in all important 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.

Publication of the official reports from the Bavarian Minister at Berlin
to his home Government coafirms 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 delayed, as previously intimated, until after President Poincare and Premier
Low, High. Close. Last previous sale.
Vivian! of France had visited St. Petersburg, which would make it difficult Shares. BANK—New York.
Nov. 1918— 207X
195
195
195
for the Entente nations to arrive at an understanding and take counter *2 Commerce, Nat. Bank of
measures.
TRUST COMPANIES—New York,
416 416 416
Count von Lerchenfeld said that "Serbia, obviously, cannot accept such 10 Central Union Trust
Nov. 1918— 871
869 869 869
conditions as will be laid down," and that as a consequence, "there must be 12 N. Y. Life Ins. & Trust
war." Ile declared that action on the part of Austria could not be long
Stock
Exchange.
the
at
Sold
*
delayed, "for that might give Serbia, under pressure from France and Russia, an opportunity to offer satisfaction."
r,In a telegram to Munich from Berlin on July 311914, Count von LerchenGrowing out of the necessity for expansion as an after the
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 war measure the Bank of Montreal at a meeting of the
wired information as to ultimatums to Russia and Prance, forecast their re- directors on Monday last announced through its New York
jection by both nations, and told of plans to hurl Germany's armies against office at 64 Wall Street, that an agency was soon to be opened
France, which, he said, would be "overwhelmed in four weeks." Ile said
that the morale of the French army was poor and that it was poorly armed. in Paris. This step was taken, it was said, as a special




2160

THE CHRONICLE

measure of service to Canadian and British soldiers who will
spend 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 Vincent Meridith, Bart., President of the bank, and was unanimously 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% semiannually. 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.

[VOL. 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
facto.

The appointment of two new Assistant Cashiers is announced 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 caBuilding, 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- a period of five years of Charles Morgan of the firm of
ing of three additional banking houses in South America. Morgan & Kane was announced on the Exchange on Dec. 5.
Two of them are to be opened at once in Argentina. One Mr. Morgan,it is said, was charged with conduct "inconsistwill be at Rosario, the important city of Argentina situated ent with just and equitable principles of trading." A
on the River Parana north of Buenos Aires and second in statement issued by him said:
Until November 1917 I was a member of the firm of Sheldon, Morgan
importance to Buenos Aires as a port of the country. Rosario
was the floor member operating on the Exchange, and Paul
& Co.
is an important and live centre of distribution of merchan- Sheldon Iwas 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. Kano
merce) aggregated nearly $90,000,000, compared with nearly and myself.
Mr. Morgan is further said to have explained that about
$170,000,000 exported through Buenos Aires. It imported
about $37,000,000 worth of general merchandise in 1913, as a year and a half before the dissolution of Sheldon, Morgan
compared with something over $300,000,000 that came in & Co. there was formed without his knowledge a pool in
through Buenos Aires. The other Argentine banking house some stocks, which likewise without his knowledge, he said,
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 comIt 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 4tock. 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
the
floor
member
of the firm the charge was made against me, and though
branches of national banks of the United States) is situated.
I was entirely innocent
held responsible, the contention of the Board
For many months it has been felt that a banking house in of Governors being thatI was
the floor members of partnerships should know
the Once section of the metropolis of the Southern Hemi- what the office members arc 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 has resumed his duties as Vice-President of the Citizens'
results. The third banking house to be opened at once will National Bank of New York. Major Comly was a member
be at Santiago, Chile, where there has been an office for of the General Staff and returned from France early in
several months through which business was done by the November.
Valparaiso banking house. A complete bank has been found
necessary because of the growth of the business. In regard
The stockholders of the East River National Bank of this
to the Buenos Aires branch, it may be of interest to state
city
on Dec. 4 ratified the proposition to increase the capital
that after its establishment, in November 1914, in the Bolsa
from $250,000 to $1,000,000.
(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
John W. Marno has been elected Cashier of the National
cablegram, were equivalent to $33,000,000.
Union Bank of Boston, succeeding Arthur E. Fitch, whose
sudden death was noted in these columns Nov. 23. Mr.
+--The proposal of Empire Trust Co. of this city to increase Marno had previously been Assistant Cashier of the bank.
its capital from $1,500,000 to $2,000,000, having been
approved by the State Superintendent of Banks and by the
At a meeting of the board of directors of the Ninth National
Capital Issues Committee, the new stock will be offered to Bank of Philadelphia, held Dec. 4, John G. Sonnoborn,
shareholders of record Dec. 10.
Cashier, was elected a Vice-President and Charles B. Conn
was appointed an Assistant Cashier. The other officers are:
Ira W. Barnes, President.
A new "Commerce" book entitled "Commercial Banking
Joseph T. Pearson, Vice-President.
Practice," has been issued by the National Bank of ComE. Henry Thurman, Assistant Cashier.
merce of New York. The new book presents a compilation
of the law rules and regulations governing acceptances.
Paul A. Seeger, formerly President of the Drovers &
The development of American Commerce following the
Mechanics National Bank of Baltimore and now a Vicereturn of peace will be materially aided by acceptances, the
President of the National Exchange Bank of that city,
use of which means added efficiency and economy in comtogether with R. Howard Bland, heretofore a director of
mercial banking.
the former institution, have been elected members of the
The following concerning the length of service of President
Alexander in the National Bank of Commerce appears in board of directors of the National Exchange Bank. Other
directors of the Drovers & Mechanics National Bank,
the "Commerce Monthly" for November:
retiring as a result of the decision of that institution not to
President J. S. Alexander is the oldest man in point of service in the
personnel of the National Bank of Commerce in New York, it is pointed unite with the National Exchange Bank (referred to in our
out by Casaler Saunders. Mr. Saunders believes that there are very few issue of Nov. 23) have been asked to joint the directorate




DEC. 7 1918.]

2161

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 January next when
the by-laws may be changed, increasing the membership of
the board. It is expected Hamilton G. Fant, Mervin()
H. Carter, George W. Atkinson and George W. Kirwan
will avail themselves of the invitation. In the meantime,
these four prospective directors have been invited to attend
the board meetings of the National Exchange Bank, if they
so desire, and in this way become familiar with its business
methods and accounts. President Hopkins of the Drovers
& Mechanics National Bank, we understand, has arranged
to buy the stock of the retiring directors, leaving thorn free to
invest in the stock of the National Exchange Bank and
thus become eligible for membership in its directorate.

for the past several years traveling auditor for the Heiman
banking interests on the Pacific Coast. Mr. Newman has
been an employee of the bank for the last thirteen years, and
has come up the line from clerk through the various tellerships to an official position.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Nov.30. Dec. 2. Dec. 3. Dec. 4. Dec. 5. Dec. 6.
Mon. Tues.
Wed.
Thurs. Fri.
Sat.

London,
Week ending Dec. 6.
Silver, per oz
Consols, 23 per cents

d. 48%

British, 5 per cents
British, 435 per cents
French Rentes (in Paris), fr_
French War Loan(in Paris) fr

48%

483
5934

48%
60

9435
9934
62.90
87.95

9435
9931
62.90
87.95

483j

Holiday 5935
9435
Holiday
Holiday 993/1
62.90
62.90
87.90
87.90

5935
9435
9931
62.90
87.90

48 7-16
5934
9434
9931
82.90
_

The price of silver in New York on the same day has been:
10134

Silver in N.Y., per oz___cts_101%

10134

10134

10134

10134

The Mellon National Bank, of Pittsburgh, by the transfer
Canadian Bank Clearings.-The clearings of the Canaof $800,000 from undivided profits increased its surplus,
banks for the month of November 1918 show an increase
Dec. 2, to $4,000,000, leaving undivided profits of $431,000. dian
over the same months of 1917 of 16.1%, and for the eleven
The capital stock of $6,000,000 is unchanged.
months the gain reaches 6.7%.
The Susquehanna Trust & Safe Deposit Co. of Williamsport, 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.
The New First National Bank of Columbus, Ohio, has
elected James T. Sheppard as a director of the bank. Mr.
Sheppard is Secretary-Treasurer of the Nelson-Sheppard
Company.
The directors of the Central Manufacturing District Bank
of Chicago have elected F. C. lioebel an Assistant Cashier.
Mr. Hoebel's banking experience extends over a period of
many years, but for the past three years ho has been connected with the W.T. Rawleigh Company at Freeport, Ill.

Eleven Months.

November.
Clearings at
1918.

1917.

Inc. or
Dec.

S

35

%

1918.

1917.

Inc.or
Dec.

s

$

%

Montreal_ ___ 509,093,163 351,626,954 +44.84,275,697,3173,862,559,246 +10.7
295,575,307 256,019,252 +15.43,044,580,6662,752,434,921 +10.6
Toronto
Winnipeg __. 309,539,522 336,048,611 -7.92,094,602,5652,377,218,91: 11.9
491,645,814 380,505,321 +29.2
314,799,887 264,571,51+19.0
213,085,816 194,710,624 +9.
195,853,196 139,604,252 +40.3
25.81 298,545,703 312,846,907 -4.8

Vancouver
Ottawa
Quebec
Halifax

50,005,350
39,790,054
24,099,732
19,502,641

42,660,326 +17.21
24,105,206 +65.11
20,751,030 +16.11
14,237,854 +37.01

Calgary
Hamilton

32,988,781
23,610,888

44,451,931
22,341,652 +5.7 239,386,529 222,506,965 +7.5

St. John
Victoria
London
Edmonton
Regina
Brandon

10,852,205
8,420,64'3
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

9,054,252 +19.91
7,395,243 +13.91
9,959,196 +26.01
16,822,074 -7.21
21,596,458 -0.81
4,101,824 +1.51
5,073,333 21.21

Lethbridge
Saskatoon__ _
Moose .Taw
Brantford
Fort William
New Westm'r
Medicine Hat
Peterborough
Sherbrooke
Kitchener_

11,636,385-17.5
8,285,595 +29.71
3,937,34 +14.1
4,028,798 +2.91
1,594,154 +39.31
3,157,533 30.3
3,219,882 +21.31
3,204,834 +32.61
2,729,030 +17.7j

106,999,697
95,798,172 +11.7
91,622,638
76,666,223+19.5
114,362,177 102,572,938 +11.5
154,355,750 127,841,426 +20.7
165,062,487 152,238,104 +8.4
27,437.5761 +6.4
29,186,421
38,277,716
40,985,4901 -6.6
81,880,936 85,571,712 -4.3
88,200,769
58,676,112 +18.2
43,581,933
38,320,941 +13.7
30,008,735 +13.2
33,982,523
21,302,880
15,811,307 +34.7
28,101,929-21.8
21,986,931
29,729,855 +13.3
33,687,567
38,708,985 .31,177,254 +24.2
29,292,100
27,408,411 +8.9

In addition to the proposed amalgamation of the Citizens 'rat,•1 Clanfteln. 1 4.26 014 8101.228.038.751 4-16.112.240 fiRS.98311.475.302.1351 4-6.7
National Bank and the Union National Bank of Louisville,
The clearings for the week ending Nov. 28, in comparison
referred to in these columns in our issue of Nov. 9, plans are
the same week of 1917, show an increase in the aggrenow being formulated to bring the Fidelity & Columbia Trust with of
27.1%.
gate
Co. of Louisville into the merger. Arrangements to this
for
discussion
some
under
have
boon
time
end
by the direcWeek ending November 28.
tors of the different institutions mentioned and on Nov. 22 Clearings at
Inc. or
' 1918.
1917:
1916.
1915.
Dec.
public announcement of the plan was made in a statement
8
issued on behalf of all three institutions. The Fidelity &
Canada3
$
8
%
85,339,725
65,135,922
133,167.645
78,244,242 +70.2
Montreal
Columbia Trust Co., of which John W. Barr Jr. is Presi- Toronto
53,841,847 +22.7
56,634,145
45,933.966
66,065,912
59,844,842
69,509,049
83,950,023
75,293,821 -7.7
dent, has a capital of $2,000,000 with surplus and undivided Winnipeg
11,033,255
9,316,037 +18.4
7,378,753
5,846,753
Vancouver
11,795,352
5,017,469 +135.1
5,254,512
5,119,344
profits of $838,877 and deposits aggregating $5,000,000. Ottawa
5,138,458
4,471,218 +14.9
4,160,483
3,537,139
Quebec
The statement referred to above, as printed in the Louisville Halifax
4,904,691
2,937,138 +67.0
2,821,255
2,488,817
7,892,330
9,893,200 -20.2
7,409,849
5,133,427
Calgary
"Courier-Journal", is as follows:
1,412,192
2,383,763
1,652,360
1,846,287 +29.1
St. JohnAt a meeting of the respective boards of directors of the Fidelity &
Columbia Trust Co. and of the Citizens-Union National Bank, hold at the
offices of each institution on Friday aft.ernoon, the directors of each institution 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 representea by
a capital of $3,000,000 and a surplus anu undivided profits of $2,500,000.
Second. The Citizens-Union 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 contribute 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 sharehoiders, for its contribution to the capital, surplus and undivided
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 in conjunction with them in preparing the details of
such a plan to be submitted at a later date to the boards of directors, and if
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 undivided 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 organization. with business deposits of not less than $25,000,000 and total resources of over $30,000,000, and with a trust business which stands first
in amount and importance in the South.

Albert Denton has been elected Treasurer of the Union
Trust Co. of San Francisco, and Marion Newman has become Assistant Cashier. Mr. Denton was formerly assist
ant to A.Kains,San Francisco Clearing House Examiner,and




Hamilton
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _
New Westmin'r.
Medicine Hat._ _
Peterborough
Sherbrooke
Kitchener

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
909,587
1,047,433
455,297
491,486
869,063
924,429
782,158

Tnt.R1 Canada_

340.996.969

-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
+26.8
+68.2
+31.8

4,568,399
1,912,660
1,892,726
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

3,529,149
1,803,453
1,487,614
2,849,639
3,189,784
875,333
610,866
1,668,696
1,517,087
590,732
670,271
232,880
425,551
602,558

268.385.372 4.27.1

259.101.079

211.666.015-

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
087,679
352,310
788,157
635,903
549,853
579,338

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, 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.
Clearings-Returns by Telegraph.
Week ending December 7.

1018.

1917.

Per
Cent.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans

$3,384,785,124
467,123,891
345,432,745
283,420,398
162,115,683
*140,000,000
112,030,326
109,531,544
58,698,797
74,454,809
64,361,830

83,072,883,131
441,345,617
326,702,998
248,040,453
180,091,897
149,179,400
89,801,699
64,428,987
44,508,952
39,355,487
62,054,981

+10.2
+5.8
+5.7
+15.2
-10.0
-6.2
+24.7
+70.0
+31.9
+89.2
+3.7

Eleven cities, 5 days
Other cities, 5 days

83,201,942,947
952,070,860

$4,716,373,582
850,008,989

+10.3
+12.0

Total all cities, 5 days
All cities, 1 day

$6,154,022,807
1,100,248,983

85,568,382,571
994,438,993

+10.6
+10.6

57 954 MI 790

55 cm) $1•)1 5S4

4- in ft

'TWO nit Mt'm for week
•partly estimated.

2162

THE CHRONICLE

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 Months 1918.
DescripSion.

Eleven Months 1917.

Actual
Value.

Par Value
or Quantity.

Aver. Par Value
Price. or Quantity.

Actual
Value.

Aver.
Price.

StockfSh's.
132,193,166
172,861,225
kVal_ $12358,003,065$11436,211,999 92.5515945,838,57 514683,872,679 92.1
RR. bonds
275,223,955 88.3
396,328,927 90.5
311,572,500
437,729,000
U.S. Gov't
bonds... 1,127,348,000 1,092,141,812 96.9
230.382,271 99.2
231,142,750
State, &e.,
bonds_ _ _
226,875,144 94.7
265,138,651 96.2
239,683,500
275,504,500
Bank stks_
19,200
37,786 196.7
122,700
217,808 177.5
Total _1314036,626,265$13030,490,696 92.8$16890,337,4801$15575,940,336 92.2

The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1918 and
1917 is indicated in the following:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1918.

1917.

M'th.
Number
of
Shares.

Values. .
Par.

Actual.

$

5

Number
of
Shares.

Values.
Par.

Actual.

$

$

Jan _ 13,616,357 1,279,740,700 1,175,427,682 16,939,440 1,537,971,930 1,465,687,290
Feb _ 11,418,079 1,083,216,900 996,548,289 13,588,465 1,219,280,130 1,170,569,988
Mar_ 8,419,477 772,475,950 710,581,417 18,658,267 1,654,197,470 1,588,437,263
1st qr 33,453,9133,135,433,5502,882,557,38849,186,1724,411,449,5304,224,694,541
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
Jun 11,772,261 1,087,605,150 1,010.478,462 19,092,653 1,787,372,075 1,712,444,206
2d qr 40,315,5273,759,382,850 3,468,441,22052,705,2154,857,572,4754,659,808,116
6mos 73,769,4406,894,816,4006,350,998,600 101891 3879,269,022,0058,884,502,657
July_ 8,449,888 771,723,890 718,468,917 13,325,3651,273,055.300 1,197,403,416
Aug. 6,887,589 651,885,275 600,499,818 11,636,853 1,109,321,950 1,053,240,109
Sept. 7,763,068 727,457,350 681,746,982 13,822,775 1,298,464,450 1,158,262,097
3d qr 23,100,5452,151,066,515 2,000,715,717 38,784,9933,680,841,7003,368,905,622
9mos96,869,9850,045,882,9158,351,714,325 140676 38012949863701 12 253408 279
Oct _ 20,671,337 1,945,635,625 1,800,457,26S 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

The following compilation covers the clearings by months
since Jan. 1 1918 and 1917:
MONTHLY CLEARINGS.
Clearings, Total All.

Clearings Outside New York.

Vona:.
1918.

1917.

%

1918.

1917.

%

3
IS
$
5
Tan___ 26,538,574,018 25,640,505,506 +3.6 11,819,506,488 10,513,139,790 +12.6
Feb __ 22,257,358,866 21,629,473,389 +2.8 9,998,002,811 8,835,386,145 + 13.2
Mar _ 26,084,799,579 24,792,414,566 +4.2 12,244,518,198 10,563,287,306 +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 +5.9 12,391,579,089 10,360,027,203 +19.6
May__ 28,269,235,579 26,316,501,561 +7.4 12,709,535,909 10,733,053,558 +18.4
June-- 27,341,671,217 27,734,347,702 +2.2 12,457,025,697 10,635,269,435 +17.2

[VOL. 107.
eleven mow's.

.
°waver.
.

Clearings at
1918.
Kansas City_
Minneapolis.
Omaha
St.Paul
Denver
Duluth
St. Joseph...
Des MoinesSioux City
Wichita
Topeka
Lincoln
Davenport*_
Cedar Rapids
Fargo
Sioux Falls
Colo. Spring
Pueblo
Fremont
Hastings....
Aberdeen
Waterloo_ _ _ _
Helena
Billings
Joplin
Grand Forks_
Lawrence
Iowa City
Oshkosh
Kan.C'yKan.
Lewistown

$
825,809,066
199,381,015
213,000,000
78,198,727
136,121,725
80,761,609
68,115,797
37,147,133
31,845,776
35,369,452
10,787,485
18,702,717
*13,000,000
8,131,375
13,474,758
8,160,802
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
1,662,542
1,725,279
2,179,468
2,400,000
3,900,000

1917.

Inc. or
Dec.

1918.

1917.

Inc.or
Dec.

IS
%
$
$
%
885,644,601 -6.89,146,820,4406,846,352,557 +33.6
174,180,531 +14.5 1,724,836,218 1,507,344,068 +14.4
202,808,617 +5.02,581,089,8031,694,302,146+52.4
73,949,381 +5.7 726,422,402 689,249,890 +5.4
100,540,874 +35.4 1,083,422,902 788,099,032 +37.5
37,082,805 +117.8 406,638,621 287,010,811 +41.7
67,572,883 +0.8 814,532,994 696,529,096 +16.9
37,550,018 -1.1° 457,146,088 383,774,804 +19.1
34,332,716 -7.2 401,827,010 301,812,006 +33.1
34,798,880 +1.6 428,123,208 306,968,933 +39.5
13,426,963-19.7 153,996,512 128,995,559 +19.4
18,205,506 +2.7 210,866,548 184,663,279 +14.2
12,159,610 +6.9 127,241,124 115,581,248+10,1
11,270,317-27.9
94,093,894 118,483,054-20.6
91,419,857 +19.6
10.300,609+30.8 109,336,965
8,962,783 -8.9
95,799,320
77,377,557 +23.8
41,266,495-11.1
3,389,764 -0.6
36,679,088
3,043,673 +6.6
29,708,534 +12.6
33,448,177
29,486,411 +23.8
2,528,893 -7.6
36,492,263
2,358,035 -2.5
26,951,294
24,137,478 +11.7
48,913,962 +30.3
6,658,000-10.4
63,711,505
9,416,990-34.9
94,781,716 110,777,539-14.5
10,883,914 -3.0 91,044,663
91,939,000- 1.0
5,656,000 +8.0
52,439,841
52,574,000 -0.3
7,706,161-10.0
88,294,741
89,051,483 -0.8
7,410,000 +6.9
62,102,800
58,210,000 +6.7
16,104,472 +20.2
2,087,393-20.4
19,360,803
1,544,586 +11.7
19,443,711
16,771,067 +15.9
2,031,629 +7.3
22,418,445 +6.0
23,761,190
2,227,672 +7.8
25,917,217
22,328,977 +16.1
3,812,129 +2.4
28,330,690
31,022,044 -8.7

Tot.oth.West 1,844,734,308 1,793,541,932 +2.919265,013,454 14902,673,804 +29.3
St. Louis_ _ _ _
New Orleans.
Louisville...
Houston
Galveston...
MemphisFort Worth
Richmond_ _ _
Atlanta
Savannah...
Nashville _ ....
Norfolk
Birmingham_
Augusta
Jacksonville.
Knoxville
Little Rock
Chattanooga
Charleston..
Mobile
Oklahoma
Macon
Columbia
Austin
Beaumont
Wilm'n,N.C.
Columbus,Ga
Vicksburg...
Jackson
Muskogee...
Tulsa
El Paso
Dallas
Newp't News
Montgomery
Tampa
Texarkana
Raleigh
Shreveport _ _

658,030,157
242,387,719
90,593,460
69,326,070
23,119,428
94,162,129
59,675,496
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

696,844,264 -5.67,131,022,0386,293,984,196 +13.3
216,139,626 +12.12.392,112.1821,729,140,133+38.3
86,115,006 +5.21,055,011,088 917,390,013 +15.0
84,024,048-17.1 720,200,976 631,992,048 +14.0
33,367,196-30.7 249,286,615 253,258,343 -1.6
83,146,271 +13.2 642,005,287 540,905,833 +18.7
77,896,232-23.4 636,295,925 593,956,341 +7.1
174,592,126 +44.22,150,304,350 1,300,145,051 +65.4
223,381,684 +22.52,264,922,058 1,370,440,290 +65.3
58,305,139-50.7 344,788,087 372,730,946 -7.5
63,549,836 +12.0 672,125,344 469,138,662 +43.3
39,358,429-0.07 389,304,078 287,715,405 +35.3
17,609,150 +193.0 291,161,390 165,771,438 +75.6
21,609,836-16.7 174,161,550 133,908,272 +30.1
20,408,398 +41.4 249,221,458 186,349,348 +33.7
11,624,052 -6.8 128,132.,623 114,349,933 +12.1
31,780,929 -3.3 247,021,924 187,664,233 +31.6
23,264,412 +0.5 233,785,626 184,894,193 +26.4
17,046,108-12.1 156,724,197 134,764,541 +16.3
70,957,821
64,372,636 +10.1
6,014,867 +6.1
50,885,234 -8.2 435,209.465 352,172,337 +23.6
79,270,562 +24.6
10.748,206-11.6
98,801,705
11,091,464-0.04
66,230,673 +48.9
98,642,264
20,759,0771-45.0 172,396,790 164,186,612 +5.0
53,768,014 +15.1
6,129,584 -6.9 61,898,485
34,009,480 +23.9
5,046,869-21.5
42,150,439
36,202,323
25,747,997 +40.6
4,039,586-10.0
2,445,455-13.1
18,979,972
14.609,269+29.1
26,314,084 +6.7
3,323,266 -9.7
28,084,725
90,917,659 +20.8
24,322,532-51.8 120,666,451
31,202,121 +9.0 431,150,885 309,626,778 +39.2
17,454,975 +20.3 206,005,513 189,297,310 +8.8
100,930,000 +6.1 965,333,687 698,178,432 +38.3
47,566,009
29,480,598 +61.3
3,838,356 +50.8
73,246,338
51,256,805 +42.9
5,471,430 +31.9
53,707,454+23.0
66,060,110
5,086,208+31.2
33,148,544
29,259,612 +13.3
5.239,912-16.0
34,120,622 +25.9
4,393,695 +4.7
42,965,675
14,805,760-15.2 118,440,797
96,166,780 +23.2

Tot.South.2.398.799.379'2.313.271.519 4.3.7 23295.576.694 18340.283.833 +27.0
Week endi! g November 30.
Clearings at

3d qu.. 82,068,992,832 78,063,107,363 +5.1 37,558,140,695 31,728,350,196 +18.4
1918.

1917.

Inc. or I
Dec.

1916.

1915.

3 mos. 156 949725294 150 125500723 +4.6 71,620,168,192 61,640,163,237 +16.2

Other W tern and Southern.--- Clearings brought forward from rs page.




1

169,186,652
39,639,218
47,000,000
16,706,857
17,6,16,758
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
569,650
459,625
1,124,539
2,400,673
1,411,096
1,300,000
417,747

-0.5
+17.0
+20.5
+18.0
-12.8
+15.5
+0.11
+1.8
'+3.2
-3.5
-4.3
-22.8
+10.1
-7.5
+72.6
-2.0
-1.7
-7.3
-28.1
+0.9
+25.5
-8.0
-1.2

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

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

367,249,493

340,346,644

+7.9

252,336,787

237,046,805

134,329,306
51,489,899
18,843,408
14,862,660
4,120,083
18,383,137
11,673,562
52,622,338
51,009,698
5,822,104
13,806,680
8,221,269
11,465,033
4,000,000
6,412,161
2,400,000
5,187,118
5,089,343
3,000,000
1,500,000
9,680,107
2,100,000
2,111,554
378,285
650,000
2,371,915
6,882,097
22,000,000
2,400,000

132,289,964 +1.5
51,415,283 +0.1
16,269,836 +15.8
19,400,000 -23.4
7,200,000 -42.6
16,417,943 +12.0
15,561,882 -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
2,500,000 -4.0
6,717,919 -22.8
5,034,540 +1.1
3,487,289 -14.0
1,400,000 +7.1
0,540.014 -0.0
2,300,000 -8.7
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
3,000,000 -20.0

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,[45
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
4,902,603
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
359,062
505,220
1,172,513
2,124,461

Total Southern 472'880,757 448,906,918 +53
* Estimated from bank transaction returns received.

338,754,283

252,548,003

Kansas City---Minneapolis .._ _
Omaha
St. Paul
Id qr- 83,172,579,299 74,787,348,237 + 11.2 39,149,059,395 31,038,832,167 +26.1 Denver
Duluth
)mos. 240122,304,593 224912,848,960 +6.8 110769,237,537 92,678,995,404 +19.5 St. Joseph
Des Moines
4Det __ 32,068,173.268 28,264,308,306 +13.4 15,150,894,022 12,540,914,667 +20.0 Sioux City
Vim?
99 220 WI 7R2 97 990 49(1 014 -1.77 19 722 722 awl 12 202 922 742 -1-108
Wichita
Lincoln
Topeka
The course of bank clearings at leading cities of the country Davenport
for the month of November and since Jan. 1 in each of the Cedar Rapids...
Fargo
last four years is shown in the subjoined statement:
Colorado Springs
BANK CLEARINGS AT LEADING CITIES.
Pueblo
Jan. 1 to Nov. 30- Fremont
November
Waterloo
1914.
(000.0003
1916. 1915.
1917. 1916. 1915. 1914. 1917.
Helena
omitted.)
5
$
$
$
$
$
$
$
New York
15,606 14,834 16,653 11,829 161,874 162,791 142,645 98,233 Aberdeen
Chicago
2,171 2,123 1,932 1,482 23,685 20,903 18,482 14,621 [Siblings
Boston
7,422 Hastings
1,461 1,247 1,103
9,177
860 14,200 11,490
Philadelphia
7,828
1,782 1,533 1,274
875 17,945 15,648 11,731
Total oth.West
St. Louis
6,294
4,816
3,726
658
697
537
401
7,131
Pittsburgh
3,694
2,398
558
345
3,073
310
240 5,198
2,432 St. Louis
San Francisco
4,399
3,123
507
474
5,032
361
253
Baltimore
170
2,988
2,077
2,005
1,625 New Orleans_ _ _ _
331
198
192
Cincinnati
1,874
1,546
1,235 Louisville
238
167
2,545
162
131
6,846
4,433
Kansas City
826
9,147
3,453 Houston
886
526
394
Cleveland
378
336
275
156
3,939
3,364
2,191
1,389 Galveston
New Orleans
1,729
1,206
862 Memphis
242
216
97
2,392
165
Minneapolis
199
174
165
154
1,725
1,507
1,324
1,170 Fort Worth
Louisville
1,055
917
848
664 Richmond
91
86
79
71
Detroit
293
2,522
2,026
1,334 Atlanta
228
2,875
227
144
Milwaukee
124
120
1,345
1,184
942
757 Savannah
105
78
Nashville
Los Angeles
137
125
181
96
1,404
1,381
1,155
946 Norfolk
378
Providence
545
496
466
51
53
47
42
Omaha
213
1,154
891 Birmingham _
203
2,581 " 1,695
124
91
Buffalo
100
897
718
550 Augusta
90
73
1,035
58
_
St.Paul
74
79
79
726
689
714
590 Jacksonville
78
Indianapolis
59
59
53
43
714
630
505
401 Knoxville
Rock
Little
Denver
136
101
72
56 1,083
788
613
459
Richmond
252
175
103
1,300
827
468 Chattanooga _ _ _ _
64
2,150
Memphis
46
642
541
414
313 Charleston
94
83
68
Seattle
1,042
713
558 Mobile
171
116
83
55
1,687
Hartford
34
381
388
392
322 Oklahoma
34
32
43
Salt Lake City_ _ _ _
634
449
303 Macon
70
76
59
39
619
Austin
Total
26,860 24,856 24,988 18,038 276,733 257,720 128,268 155,333 Vicksburg
Other cities
9,480 2,373 1,827 1,347 24,795 22,686 16,249 12,174 Jackson
Muskogee
Total all
29,340 27,229 26,815 19,385 301,528 280,406 234,562 187,507 Tulsa
Outside Nes Yoe _13,334 12,395 10,162 7,556 139,654 117,615 91,917 69,274 Dallas
Shreveport
July __ 28,644,789,823 25,664,326,634 +11.6 13,243,582,672 10,479,033,048 +26.4
kug
28,156,158,940 25,093,230.233 +12.2 13,197,733,316 10,413,908,705 +26.7
3ept- 26,371,630,536 24,029,791,370 +9.7 12,707,753,407 10,145,890,414 +25.2

%

$
170,011,117
33,893,718
39,000,000
14,160,840
20,232,537
7,952,367
13,554,794
7,305,704
6,761,540
7,033,979
3,474,044
2,422,078
2,270,746
2,010,757
1,770,192
500,000
579,531
495,272
1,564,274
2,379,332
1,124,608
1,413,302
435,912

DEC. 7 1918.]

THE CHRONICLE

(Comm trcial anaMiscellanconsgnus
WM.+

National Banks.-Tho following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
Capital.
For organization of national banks:
Bank of Victoria, Tex
National
The People's
$50,000
The First National Bank of Lusk, Wyo
50,000
The Equity National Bank of Bennett, Iowa
30,000
The First National Bank of Oberlin, La
25,000
To succeed the Calcasieu State Bank of Oberlin.
For conversion of State banks:
The Torrington National Bank, Torrington, Wyo
35,000
Conversion of the Torrington State Bank.
The First National Bank of Russell Springs, KY
25,000
Conversion of the Bank of Russell Springs.
For conversion of State banks:
Illinois
Hinsdale,
Bank
of
National
First
The
$50,000
Conversion of the Hinsdale Trust & Savings Bank.
Total
$265,000
CHARTERS ISSUED.
Original organizations:
The First National Bank of Pequot, Minn
$25,000
The First National Bank of Iaeger, W.Va
25,000
The First National Bank of Musselshell, Mont
25,000
The National City Bank of Chelsea, Mass
100,000
Bank,
Twin
Falls,
National
Idaho
The Twin Falls
150,000
The First National Bank of Montebello. California
25,000
Succeeds Commercial Department of the Montebello State Bank.
Conversion of State banks:
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.

Name of Company.

2163
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam) (Concluded.)Chesapeake 85 Ohio
2
Dec. 31 Holders of rec. Dec. 6a
Chicago Burlington & Quincy (quar.)__
2
Dee. 26 Holders of rec. Dec. 194
Chicago Great Western, preferred__ _ _
1
Jan. 2 Holders of rec. Dec. 14a
Chicago & North West., corn. (guar.)- - 14 Jan. 2 Holders of rec. Dec. 2a
Preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 2a
Chicago Rock Island & Pacific,7% pref. 3% Dec. 31 Dec. 14 to Jan. 1
6% preferred
3
Dee. 31 Dec. 14 to Jan. 1
tDelaware & Hudson Co.(guar.)
24 Dec. 20 Holders of rec. Nov.r27a
Detroit de Mackinac, corn. and grief
2% Jan. 2 Holders of rec. Dec. 14a
Erie & Pittsburgh (guar.)
8734c Dec. 10 Holders of rec. Nov.30a
Fonda Johnstown de Gloversv., pref. (qu.) 134 Dec. 15 Holders of rec. Dec. 10a
Hocking Valley
2
Dec. 31 Holders of rec. Dec. 13a
Interborough Rapid Transit (guar.)
2% Jan. 2 Holders of rec. Dec. 20a
tLehigh Valley, corn, and pref. (quar.)_ _ _ *$1.25 Jan. 4 *Holders of rec. Dec. 14
Little Schuylkill Nay.RR. db Coal
5$1.25 Jan. 15 *Dec. 17 to Jan. 15
Manhattan Railway (guar.)
1% Jan. 1 Holders of rec. Dec. 16a
Mobile & Birmingham
2
Jan. 1 Dec. 3 to Jan. 1
Norfolk & Western. Common (guar.)
14 Dec. 19 Holders of rec. Nov. 300
Reading Company, first pref. (quar.)_ _ 50c. Dec. 12 Holders of rec. Nov. 26a
Rensselaer & Saratoga
4
Jan, 2 Dec. 16 to Jan. 1
Southern Pacific (quar.)(No- 49)
1% Jan. 2 Holders of rec. Nov. 30a
Union Pacific, common (guar.)
214 Jan. 2 Holders of rec. Dee. 2a

Street & Electric Railways.
Brazilial True., Lt. & Po:v., pref. (guar.) 134 Jan, 1 Holders of rec. Dec. 14
Cities Service, corn. A, pref.(monthly)
34 Feb. 1 Holders of rec. Jan. 15a
Common (payable in common stock). fl
Feb. 1 Holders of rec. Jan. 15a
Continental Pass. By., Phila
413 Dec. 30 *Hollers of rec. Nov. 30a
El Paso Electric Co.,corn. Wu.)(No.30) 214 Dec. 16 Holders of rec. Dec. 26
Frank!. & S'wark (Phila.) P. Ry.(qu.).. 4
Jan. 2 Holders of rec. Nov. 29a
Indianapolis Street Ry
3
Jan. 1 Dec. 21 to Jan. 1
Pensacola Electric Co., pref.(No. 22)_ _ _ - 3
Dec. 2 Holders of rec. Nov.29a
Second & Third Sts. Pass., Phila. (gu.)- $3
Jan. 1 Holders of rec. Nov.29a
Spritigfield(Mo.)Ry.&14
.)(No.16) 134 Jan. 1 Holders of rec. Dec. 14
Union Passenger By., Philadelphia
*34.75 Jan. 1 *Holders of rec. Dec. 14
Union Traction (Philadelphia)
*$1.50 Jan. 1 *Holders of rec. Dec. 10
West End Street By., Boston, preferred_ _ _ *$2
Jan. 2 *Dec. 21 to Jan. 2
Total
134 Dec. 16 Holders of rec. Dec. 2
$400,000 West Penn Rys., pref.(guar.)(No.6)
West
W.P.,pf.(qu.)
Penn
(No.
Tr.&
16)
Dec. 16 Holders of tee. Dec. 2
134
CHARTERS EXTENDED.
' West Philadelphia Passenger Ry
*35
Jan. 1 *Holders of rec. Dec. 14
The Bedford National Bank, Bedford, Iowa. Charter extended
business
Nov.
30
1938.
of
close
until
Banks.
The Farmers National Bank of Fresno, California. Charter
Commerce, National Bank of(guar.)
254 Jan. 2 Hollers of rec. Dec. 200
extended until close of business Dec. 4 1938.
Greenpoint National (Brooklyn)
.3 Jan. 2 *Hollers of rec. Dec. 21
Extra
INCREASES OF CAPITAL APPROVED.
*2 Jan. 2 *Holders of rec. Dec. 21
Amount.
Trust Companies.
The Farmers' National Bank of Pella, Ia. Capital increased from
(guar.)
5
Dec. 31 Hollers of rec. Dec. 20
$25,000 to $50,000
$25,000 Guaranty
Scandinavian (No. 1)
10
Dec. 31 Holders of rec. Dec. 14a
VOLUNTARY LIQUIDATIONS.
United Stales
25
Jan. 2 Holders of rec. Dec. 19
Capital.
For consolidation with other national banks:
Miscellaneous.
The City National Bank of Greenville, South Carolina
$100,000 Adirondack Elec. Power, pref.(guar.). _ _ *154 Jan. 2 *Holders of rec. Dec. 10
Ahmeek Mining (guar.) (No. 28)
$2
Dec. 31 Holders of rec. Dec. 7
Liquidating Committee: H. P. McGee, C. M. McGee and
Ajax Rubber, Inc. (quar.)
$1.50 Dec. 15 Holders of rec. Nov. 30a
H. J. Haynsworth, Greenville. Consolidated with the
Allis-Chalmers Mfg., pref. (guar.)
14 Jan. 15 Holders of rec. Dec. 31a
Norwood National Dank of Greenville.
Pref. (extra acc't accumulated dies.)_ _ hy, Jan. 15 Holders of rec. Dec. 31a
Other liquidations:
Allouez
(guar.)
*$1.50 Dec. 31 *Holders of rec. Dec. 17
The Farmers National Bank of Valparaiso, Ind.
$75,000 AmericanMining
Bank Nate, preferred (gust.).
75c. Jan. 2 Holders of rec. Dec. ma
Expiration of corporate existence. Liquidating agent: Henry
Amer.
Beet
Sugar,
pref.
(guar.)
(No.
78)
134 Dec. 31 Holders of rec. Dec. 14a
Winneguth, Valparaiso. Succeeded by the Farmers State
American Can, preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 18a
Bank of Valparaiso.
Amer. Car dc Fdy., corn.(oar.)(No. 65) 2
Jan. 1 Holders of rec. Dec. 12a
The First National Bank of New Market, Virginia
25,000
Preferred (mar.)(No. 79)
154 Jan. 1 Holders of rec. Dec. 12a
Liquidating Committee: 0. 0. Miller, B. F. Conner and W. J.
American Chicle, preferred (quar.)-- 134 Jan. 2 IIolders of rec. Dee. 20
Stirewalt, New Market.
American Cigar. preferred (gnat.)
134 Jan. 2 Holders of rec. Dec. 14a
The Norwalk National Bank, Norwalk, Ohio
100,000 American Express (guar.)
154 Jan. 2 Holders of rec. Nov. 30a
Absorbed by the Citizens Banking Co. of Norwalk.
American Hide & Leather. preferred
131 Jan. 2 Holders of rec. Dec. 14a
Internat. Corp.,corn.& pref.(qu.) 90c Dec. 31 Holders of rec. Dec. 16a
$200,000 Amer.
American Linseed. preferred (gust.)....
151 tJan. 2 Holders of rec. Dec. 16a
American Locomotive, corn.(guar.)
14 Jan. 3 Holders of rec. Dec. 18a
Preferred (guar.)
Auction Sales.-Among other securities, the following
134 Jan. 21 Holders of rec. Jan. 3a
Public Service, pref. (guar.). _ - *14 Jan. 2 *Holders of rec. Dec. 14
not usually dealt in at the Stock Exchange were recently sold American
American Radiator, common (quar.)--- 3
Dec. 31 Dec. 22 to Dec. 31
at auction in Now York, Boston and Philadelphia:
American Sewer Pipe (guar.)
34 Dec. 20 Dec. 10 to Dec. 20
Amer. Smelters Securities, pref. A (guar.) 134 Jan. 2 Dec. 14 to Dec. 22
By Messrs. Adrian H. Muller & Sons, New York:
Preferred B (guar.)
131 Jan. 2 Dec. 14 to Dec. 22
Shares. Stocks.
Per cent. Shares. Stocks.
134 Dec. 16 Nov. 28 to Dec. 5
Per cent. Amer. Smelting & Beta.. corn.(gnat.)_ _
10 Central Union Trust
416
74 Donald Steamship, corn
American &WI,common (guar.)
3
Jan. 2 Holders of rec. Dec. 14a
56
12 N. Y. Life Ins. 85 Trust
1,000 Fonda John.85Glov. RR.$1 per sh.
869
Preferred (guar.)
151 Jan. 2 Holders of rec. Dec. 14a
20 Crowell Publishing,7% pref_ 85
American Steel Foundries (guar.)
*131 Dec. 31 *Hollers of rec. Dec. 14
Bonds.
100 Federal Utilities, common_ _ _ 2
Extra (payable in
% L. L. bonds).. *nr 14 Dec. 31 *Holders of rec. Dec. 14
Per cent.
129 Cal. Ry. 85 Pow, prior pf_ _1034-12 $3,750 Great Northern Ry. of Can.
American Stores, first preferred (gust.). 131 Jan. 2 Dee. 21 to Jan. 1
cons. 4s, 1934, A-0
41 Chalmers Motor, pref
16
Amer.Sugar Refining.corn.& pref.(cm.) 14 Jan. 2 Holders of rec. Dec. 2a
56
32,600
187 Chalmers Motor,corn__ _ _33 per sh
Chalmers Motor temp. 1st •
Common (extra)
54 Jan. 2 Holders of rec. Dec. 2a
5-year 6s, 1922
69 Kinernacolor of Am., pref..320 lot
Amer.Sumatra Tob.,corn.(in com.stk.) 15f Dec. 7 Holders of rec. Dec. 34
61
278 Hinem tcolor of Am.. com_ _$20 lot $25,000 Garden City Sugar 85 Land
American Telephone & Telegraph (guar.) 2
Jan. 15 Holders of rec. Dec. 20a
9 Natural Cohr Pie., Inc., pf _ _35 lot
1st ref. 6s, 1934, J-J
American Thread, preferred
1234c. Jan. 1 Nov. 15 to Nov.30
20
. 9 Natural Color Pic., Inc., com152 lot £24,700 Mexico Northwest. Ry. 1st
American Tobacco, preferred (mar.)
134 Jan. 2 Hollers of rec. Dee. 14
68 Incand. Lt. & Stove, pref__$49 lot
1959
55,
$9,300 lot American Woolen,commo,,(guar.)
1% Jan. 15 *Holders of rec. Dec. 16
25 Indium Lt. & Stove, corn_ _325 lot £22,432 Granville Mining, Ltd., 1st
Common (payable in Liberty La. bds.)_ 415
Fe!). 1
15 13011,
,l,i Steamship, pref
charge deb. stock
Preferred (guar.)
100
*14 Jan. 15 *Holders of rec. Dec. 16
$500 lot
Armour & Co., pref.(guar.)(No.2)-- 14 Jan. 1 Dec. 15 to Dec. 31
By Messrs. R. L. Day & Co., Boston:
*134 Jan. 15 *Hol lers of rec. Dec. 31
Associated Oil (quar.)
Shares. Stocks.
$ per sh. Shares. Stocks.
I. SS. L.,common__ _ *35
$ per sh. Atlantic Gulf &
Feb. 1 *WI lers of rec. Dec. 30
4 Merchants National Bank_ _ _251
Atlantic Refining (guar.)
42 Hingham Water
5
110
Dec. 15 Nov. 21 to Dec. 14
10 National Shawmut Bank_ ___190
1,290 Roxbury Carpet_ _5633,400 for lot Atlas Powder, common (guar.)
2
Dec. 10 Dec. 1 to Dec. 9
16 Great Falls Manufacturing_ _179
Common (extra)
27 Lawrence Gas
3
Dec. 10 Dec. 1 to Dec. 9
110
30 Bigelw Haar. Carpet, com-733
Autosalas Corporation. preferred (guar.) $1
10 Fisk Rubber, 1st preferred _ _100
Dec. 30 Hollers of rec. Dec. 18
1 Tremont & Suffolk Mills.- _157%
Ballwin Locomotive Works, preferred_ 334 Jan. 1 hollers of rec. Dec. 7a
2 Conn. Power, preferred
73
St.
Ry.,
New
Union
7
Bedford-125
Baltimore Electric, preferred
4 Pub. Service Invest., prat
55
31.25 Jan. 2 11,11ers of rec. Dec. 14a
33 Lowell Gas-Light
7 , Belling Paul Corticelli, preferred
170
2 Railway & Light Sec., pref 75/
334h Dee. 14 Holders of rec. Dec. 2a
Bethlehem Steel. common (guar.)._ __
254 Jan. 2 Holders of rec. Dee. 166
By Messrs. Millett, Roe & Hagen, Boston:
Common B (guar.)
234 Jan. 2 Holders of rec. Dec. 18a
Shares. Stocks.
$ per sh. Shares. Stocks.
Cum. cony. pref. (guar.)
$ per sh.
2
Jan. 2 Holders of rec. Dee. lfla
12 Internathnal Trust, Boston-229
10 Thomson Elec. Weld.,$20 ea. 50
Non-cool preferred (guar.)
114 Jan. 2 Holders of ITO. Dec. 16a
10 Farr Alpaca
168
Booth Fisheries, common (guar-)
8 Bausch Mach. Tool; corn ___ :12
50c Jun. 2 Holders of rec. Dee. 14a
4 U. S. Worsted, 1st pref
65%
2 Bay State Finishing, 2d pref. 51
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 144
5 Acadia Mills
105
2 Boston Storage
Borden's Condensed Milk, pref. (guar.) 134 Dec. 14 Holders of rec. Nov.30a
26
5 Springfield Railways, pref._ 29
Brandram-lIenderson, Ltd., pref. (qu.)
14 Jan. 2 Holders of tee. Nov.30a
Brier Hill Steel, common (guar.)
134 Jan. 2 Dec. 21 to Jan. 1
By Messrs. Barnes & Lofland, Philadelphia:
Common (extra)
354 Jan. 2 Dec. 21 to Jan. 1
$ per sh. Shares. Stocks.
Shares. Stocks.
Preferred (guar.)
$ per sh.
134 Jan. 2 Dec. 21 to Jan. 1
30 Franklin Institute, first class... 2.20 500 Cons. Brew. 4s, 1943, 2 Corn.
Brooklyn Union Gas (guar.)
134 Jan. 2 Holders of tee. Dec. 12a
20 Northwestern Trust, $50 awh_286
Buckeye Plp? Line (gnat.)
Nat. Bank (in liq.), 3 Cons.
52 Dec. 14 Htdders of rec. Nov. 23
1 Second & Third Sts. Pass. Ry._211
Brewing
$5 lot Buffalo Ge era! Electric (cum.)(No. 97)- 2
Dec. 31 Holders of rec. Dec. 20
7 United Gas & Ulec, 1st pref___ 404
Bonds.
California
Packing Corp., corn. (gust.). $1
Per cent.
Dec. 16 Holders of rec. Nov. 300
$18 lot $5,000 G. A.& Fla. Ry.1st 5s, 1953 5
15 N. E. Pennsylvania RR
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 16a
5 Ins. of State of Pennsylvania... 54
$15,000 St. Petersburg & Gulf By.
Calumet & Arizona mining (quar.)... $2
Dec. 23 Holders of rec. Dec. 034
1st as
2 Phila. Germant'n & Nor. RR_ _119%
$10,750 lot Calumet & Heels Mining (guar.)
$15 Dec. 31 Holders of rec. Dec. 7
8 Swarthtnore National Bank _183
$2,000 U.S. Pub.Serv. 1st 6s, 1929 88
Cambria Steel (guar.)
75c. Dec. 11 Holders of rec. Nov. 30a
25 Mutual Trust
$1,000 N.F.. Pa. RR.1st 5s, 1920_ 97%
35
Extra
75e. Dec. 14 Hollers of rec. Nov. 30a
100 Empire Trust
51,000 Pottstown & Phoenixville__ 81
15
Canadian Consol. Rubber, Ltd., pref.(yu) 14 Dec. 31 Holders of rec. Dec. 20
Canadian General Electric, Ltd. (gnat.).. 2
Jan. 1 Holders of rec. Dec. 14
Carbon Steel, common (quar.)
2
Jan. 15 Holders of rec. Jan. 10
DIVIDENDS.
Common (extra)
3
Jan. 15 Holders of rec. Jan. 10
First preferred
u4
The following shows all the dividends announced for the
Mar. 31 Holders of rec. Sept.26
Second preferre I (annual)
6
July 30 Holders of rec. July 26
future by large or important corporations.
Celluloid Company (guar.)
2
Dec. 31 Holders of rec. Dec. 16m
Dividends announced this week are printed in italics.
Extra
2
Dec. 31 Hollers of rec. Dec. 160
Centennial Copper Mining (No.4)
$1 Dec. 31 Hollers of rec. Dec. 7
Central Leather, preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 10a
Whet
Per
Books Closed.
Cent. States Elec. Corp., pi.(qu.)(No.26) 14 Dec. 31 Hollers of rec. Dec. 10
Name of Company.
Cent. Payable.
Days Inclusive.
Certain-teed Products Corp., 1st & 2d pref.
(guar.)
134 Jan. 1 Hollers of rec. Dec. 20a
Railroads (Steam).
Chandler Motor Car (guar.)
3
Jan. 2 Hollers of rec. Dec. 17
Albany db Susquehanna
4% Jan. 2 Holders of rec. Dec. 15a Charcoal Iron of America, corn.(guar.). 20c. Dee. 31 Holler] of rec. Dec. 16
Atchison Topeka Rc Sa,,ta Fe, preferred_ _ _ 234 Feb. 1 Holders of rec. Dec. 31a
Preferred
30c. Dec. 31 Holle-s of rec. Dec. 18
Atlantic Coast Line Co., Conn.(guar.). $1.50 Dec. 10 Deo. 1 to Dec. 9
Chicago Telephone (guar.)
2
Dec. 31 Holders of rec. Dec. 30a
Boston & Albany (guar.)
231 Deo. 31 Holders of rec. Nov. 30a Childs Co., preferred (guar.)
134 Dee. 10 Nov. 30 to Dec. 10
Boston & Lowell
Jan 2 Holders of rec. Nov. 30a Choir° Copper (mar.)
4
411
Dec. 31 *Holders of rec. Dec. 16
Canadian Pacific. common (guar.)
234 Dec. 31 Holders of rec. Nov. 30a City & Suburban Homes
2
Dec. 4 Dec. 3 to Dec. 4




Name of Company.

(Vol.. 107.

THE CHRONICLE

2164
When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Miscellaneous (Continued)-Deo, 20 Holders of rec. Dee. 2a
Niles-Bement-Pond, common (quar.)... 3
Cleveland-Akron Bag,common (guar.). 14 Dec. 30 Dec. 22 to Jan. 1
Jan. 2 Hollers of rec. Deo. 13
5
Northern Pipe Line
44 Dec. 30 Dec. 22 to Jan.
Common (extra)
Nova Scotia Steel & Coal, corn. (guar.) 1J.( Jan. 2 Holders of rec. Dec. 14
Clue/I, Peabody cfc Co., Inc., pref. (guar.)
Jan. 2 Holders of rec. Dec. 14
2
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 21
(No.24)
13% Jan. 1 Holders of rec. Dee. 15
Jan. 15 Holders of rec. Deo. 31a Ohio Cities Gas, preferred (guar.)
Colorado Power,common (guar.)
*50o. Dec. 20
i Dec. 20 Holders of rec. Nov. 30a Ohio Fuel Oil
Common (extra, pay. In L. L. bonds)
51324c Jan. 15 *Holders of rec. Dec. 31
13% Dec. 16 Holders of rec. Nov. 30a Ohio Fuel Supply (guar.)
Preferred (guar.)
* 150o. Jan. 15 *Holders of rec. Dec. 31
Extra (payable In L. L. bonds)
Columbia Graph'ne Mfg., corn. (Tsar.) $1.75 Jan. 1 Holders of rec. Dec. Ida
$1.25 Dec. 31 Dec. 3 to Dec. 29
16a
Dec.
011
Ohio
(guar.)
of
1
Jan.
roe.
Holders
13%
Preferred (guar.) (No. 3)
$4.75 Dec. 31 Dec. 3 to Dec. 29
Extra
Jan. 10 Hollers of rec. Dec. 24a
Computing-Tabulating-Recording ((lu.) 1
Oklahoma Production & Refining (guar.) 124c Jan. 3 Holders of rec. Dee. 20
5c. Dec. 17 Holders of rec. Nov.30a
Consolidated Arizona Smelting (guar.).
Dec. 31 *Holders of rec. Dec. 17
*31
Co.
Old
(guar.)
Dominion
7a
of
Nov.
rec.
Holders
13% Dec 16
Conaolidated Gas (guar.)
Jan. 2 Holders of rec. Dee. 14a Osceola Consol. Mining (guar.)(No.93) 82 Dec. 31 Holders of rec. Dec. 7
Con. Gas, El. L.& P., Bait., corn.(qu.) 2
134 Jan. 15 Holders of rec. Dec. 3
1
Jan. 1 Holders of rec. Dec. 20a Otis Elevator, common (guar.)
Confine 'tad Can, Inc., corn. (guar.)
13.4 Jan. 15 Holders of rec. Dec. 3
Preferred (guar.)
13% Jan. 1 Holders of rec. Dec. 20a
Preferred (guar.)
14 Dec. 14 Dec. 7 to Dec. 16
Pabst Brewing, preferred (guar.)
Dee. 10 Nov. 26 to Dec. 16
3
Continental 011 (guar.)
50o. Dee. 16 Holders of rec. Doe. 2a
common
Steamship,
Pacific
Mail
30
of
Nov
Dec.
rec.
Holders
10
glOc.
(monthly)
Continental Refining, coin.
Dee. 16 Holders of rec. Dee. 2a
$1
Common (extra)
$1.50 1)ec. 14 Holders of rec. Nov. 20a
Copper Range Co. (guar.)
Dee. 16 Holders of rec. Nov.30a
Packard Motor Car, preferred (guar.)_
75c. Dec. 16 Nov. 24 to Dec. 16
Crescent Pipe Line (guar.)
10 Holders of rec. Dee. 14a
Jan.
$1.25e
(qu.)
coin.
Transp.,
Pan-Amer.
&
Petrol.
10c. Dec. 10 Holders of rec. Nov.30
Cresson Cons. Gold Min.& Mill.(mthy)
*14 Jan. 2 Holders of rec. Dec. 14a
Preferred (guar.)
Dec. 14 Holders of rec. Nov. 30a
3
Crex Carpet
2 Holders of rec. Dec. 19a
Jan.
(quar.)..
Power
134
6a
&
Dee.
Water
of
Dec.
roe.
Pennsylvania
20
Holders
65)
(No.
(guar.)
prof.
13%
Steel,
Crucible
*13% Jan. 2 *Holders of rec. Dec. 23
Cuban-American Sugar, corn. (guar.)- 24 Jan. 2 Holders of rec. Dec. 14a Pettibone, Mulliken dc Co., lot cit 2d pf(qu)
43.75c Dec. 14 Holders of roe. Nov. 23a
Jan. 2 Holders of rec. Dee. 14a Philadelphia Electric (guar.)
1
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 16a
Pierce-Arrow Motor Car, pref. (quar.)- 2
*13% Jan. 2 *Holders of rec. Dec. 16
Cuba Cane Sugar, pref. (guar.)
50o. Dec. 14 Holders of rec. Nov. 30a
Pittsburgh Brewing,common (guar.).Dec. 16 Holders of roe. Nov.30
6
Cumberland Pipe Line
250 Dec. 30 Holders of rec. Dee. 10
Plusburgh Coal ofPennsylvania,corn.(qu.) 13% Jan. 25 Holders of rec. Jan. 10a
Davis-Daly Copper Co.(No. 2)
134 Jan. 25 Holders of rec. Jan. 10a
Preferred (guar.)
14 Dee. 10 Holders of roe. Nov. 15a
Deere & Co., pref. ((uar.)
13% Jan. 25 Holders of rec. Jan. 10a
Pittsburgh Coal of N. J., pref.(guar.). _
Doc. 16 Dec. 1 to Dec. 16
$2
Detroit & Cleveland Navigation
Jan. I Dec. 21. to Jan. 1
1
Dec. 16 Holders of rec. Nov. 30a Pittsburgh Rolls Corp.,common
2
Diamond Match (guar.)
Jan. 1 Dec. 15 to Dec. 30
2
14
(guar.)
Price
Dec.
rec.
of
Brothers
Holders
1
1
Jan.
(quar.)
Dominion Glass, Ltd., corn.
Jan, 15 Holders of roe. Dec. 31a
3
Quaker Oats, common (guar.)
13% Jan. 1 Holders of rec. Dec. 14
Preferred (guar.)
1
Jan, 15 Holders of rec. Dee. 31a
Common (extra)
14 Jan. 1 Holders of roe. Dee. 14
Dominion Iron & Steel, pref. (guar.).
Feb. 28 Holders of rec. Feb. la
14
Doe.
5
Preferred (guar.)
Dominion Steel Corp.,com.(qu.)(No.49) 14 Jan. 1 Holders of roe.
Dec. 23 Holders of rec. Dec. 2a
$2
Jan. 2 Holders of red. Dec. 14
Quincy Mining (guar.)
Dominion Textile, Ltd.,common (quar.)- 2
Dee. 30 Holders of rec. Dee. 14a
2
((uar.).corn.
Dec.
31
13%
Steel-Spring,
rec.
of
Railway
15
Jan.
Holders
Preferred (guar.)
14
Dee. 20 Holders of rec. Dec. 7a
1 Holders of rec. Dec. 7
Jan
Preferred (guar.)
2
Draper Corporation
.75c. Dec. 31 *Holders or rec. Dec. 16
Ray Consol. Copper (quar.)
duPont(E.I.) de Nem.at Co.,com.(qu.) 44 Dec. 16 Holders of rec. Nov.30
15 Holders of rec. Jan. 6a
Jan.
3
10
Jan.
rec.
of
Holders
32)
(No.
Realty
25
13%
Associates
Jan.
Debenture stock (guar.)
*$1.50 Dee. 27 *Holders of rec. Dec. 7
Republic Iron & Steel, com.(qu.)(No.9) 14 Feb. 1 Holders of rec. Jan. 15a
East Butte Copper Mining
14 Jan. 2 Holders of rec.. Dec. 14a
24 Jan. 15 Holders of rec. Jan. 2
Preferred (guar.) (No. 61)
Eastern Steel, common(gnat.)
*14 Dee. 23 *Holders of rec. Dec. 10
Safety Car Heating & Ltg.(guar.)
13% Dec. 16 Holders of me Dec. 2
.)
1st and 2d preferred (q
50e. Dee. 20 Dec. 10 to Dec. 20
St. Joseph Lead (guar.)
24 Jan, 2 Holders of reo. Nov. 30
Eastman Kodak,commosr(quar.)
rec.
30
of
134 Doe. 15 Holders of re's. Nov. 300
Nov.
Holders
2
corn.
Jan.
(quar.)
Corp.,
74
Arms
Savage
Common (extra)
Dee. 15 Holders of rec. Nov. 30
14
First preferred (guar.)
14 Jan. 2 Holders of rec. Nov. 30
Preferred (quar.)
13% Dec. 15 Holders of roe. Nov. 30
Second preferred (quar.)
1
Jan. 2 Holders of rec. Dec. 16
Electric Storage Battery, corn. & pref.(qua
1 Holders of rec. Dec. 14a
Jan.
14
(guar.).14a
Dec.
roe.
pref.
2
Holders
of
21
Co..
&
Dec.
Sears,
Roebuck
(extra)
Elgin National Watch
14 Jan. 10 Holders of rec. Dec. 27
Doe. 11 Holders of rec. Dee. 2a Saatolnlgaa 1Vater & Power (guar.)
Elk Horn Coal Corporation, common_ _ $1
31.50 Dec. 11 Holders of me. Doe. 2a Sherman-Wililams Co. of Can., pf.(qu.) 14 Dee. 30 Holders of rec. Dec. 15
Preferred
Deo. 20 Dee. 1 to Doe. 20
5
Doe, 16 *Holders of roe. Dec. 7
Solar Refining
Equitable Ilium. Gas Light, Phila., pref. *3
Doe. 20 Dec. 1 to Dec. 20
5
Extra
Federal Mining & Smelting, prof.(guar.) 13% Dee. 15 Holders of rec. Nov. 25a
Dec. 31 Dee. 13 to Jan. 1
5
Doe.
_
6
(guar.).
roe.
of
16
Dec.
Holders
corn.
Oil
14
Penn
(guar.)
South
Refining,
Federal Sugar
Dee. 31 Holders of rec. Dee. 14a
South Porto Rico Sugar, corn. (quar.).... 50
FultonM ot.Truck,pf (sect.accum.diva.)11 1-3h Jan. 10 Holders of roe. Nov. 18
Dec. 31 Holders of roe. Dee. 14a
2
2
Doe. 31 Holders of roe. Nov. 30a
Preferred (guar.)
Galena-Signal Oil, preferred
Doe. 31 Holders of re's. Dee. 16
3
(guar.).
Nov.
rec.
Lines
30a
of
Pipe
Holders
31
Dec.
2
S. W. Pennsylvania
New preferred
24 fob. 1 Holders of rec. Dec. 31a Standard Gas & Electric, pref. (guar.)- *14 Dee. 16 *Holders of rec. Nov. 30
General Chemical,common (extra)
1 Holders of rec. Deo.d14a
Jan.
1
Dee.
18a
(guar.).
roe.
corn.
of
2
Inc.,
fan.
Holders
14
Cloth,
Oil
Standard
(guar.)
Preferred
Jan. 1 Holders of rec. Dec.d1.4a
1
ran. 15 Holders of rec. Deo. 7a
2
Common (extra)
General Electric (guar.)
14 Jan, 1 Holders of rec. Dec.d14a
2.3
ran. 15 Holders of rec. Dee. 7a
Preferred A awl 13 (guar.)(No. 18)-Extra (payable in stock)
Standard Oil (Calif.) (guar.)(No.40)- 234 Dec. 16 Holders of roe. Nov. 15
General Ey. Signal, corn. (guar.)(No. 22) 14 Jan. 2 Holders of rec. Doe. 20
Dee. 14 Dec. 1 to Dec. 15
3
14 ran. 2 Holders of roe. Dec. 20
Standard 011 (Kansas) (guar.)
Preferred (guar.) (No. 58)
Dec. 14 Dec. 1 to Dec. 15
3
134e.Dec. 10 Holders of roe. Nov.25
Extra
Globe 011 (monthly)
2 Dec. 15 to Jan. 2
Jan.
3
16
Dee.
to
spec.,pf.(qu.)
1
16
14
Dee.
(guar.)
Dec.
(Kentucky)
011
Standard
Globe Soap,com.,1st,2d &
Dec. 20 Nov. 21 to Dec. 20
10
Dec. 10 Holders of rec. Nov. 30
2
Standard 011(Nebraska)
Globe-Wernicke Co., common (guar.)__
Dec. 16 Holders of rec. Nov. 20
Feb. 15 Holders of rec. Feb. ha Standard Oil of New Jersey ((oar.).... 5
Goodrich (B. F.) Co:, common (quar.). 1
Dee. 16 Holders of rec. Nov. 22
3
13% Ian 2 Holders of rec. Dee 20a Standard 011 of N. Y.(guar.)
Preferred (guar.)
Jan. 1 Nov. 30 to Dec. 18
3
134 Dee. 31 Holders of rec. Dec. 15a Standard Oil (Ohio) (quar.)
Grasselli Chemical, common (quara_ _ _
Jan. 1 Nov. 30 to Dee. 18
1
Dec. 31 Holders of rec. Dec. 15a
Extra
Common (payable in common stock)_ 15
Dec. 10 Holders of rec. Nov. 5
14 Dec. 31 Holders of roe. Doe. 15a Standard Sanitary Mfg., corn. (extra).- 2
Preferred (guar.)
75c Jan. 2 Holders of rec. Dec. 16
Dec. 17 Holders of rec. Nov. 30a Stromberg Carburetor (guar.)
52
Great Northern Iron Ore Properties
2 Holders of rec. Dec. 16
Jan.
14a
25c
Dec.
_
rec.
of
(guar.)
Holders
2
Jan.
14
common
Extra
Sugar,
Great Western
$1.25 Jan. '2 Holders of rec. Dec. 16
Common (payable in L. L. bonds).-- lOns Jan. 2 Holders of roe. Dec. 14a Stutz Motor Car of Amer.(guar.)
Jan, 2 Holders of rec. Dec. 14a Subway Realty (quar.)
1
154 Jan. 2 Holders of rec. Dec. 20a
Preferred (guar.)
Ian. 1 Dec. 8 to Jan. 9
2
24 Jan. 2 Holders of rec. Dec. 16a Swift & Co.(guar.)(No. 132)
Gulf States Steel, common (guar.)
234 Dec. 31 Holders of rec. Dec. 2
13% Jan, 2 Holders of rec. Dec. 16a Texas Company (guar.)
First preferred (guar.)
14 Dec. 30 Holders of rec. Dec. 19a
14 Jan. 2 Holders In rec. Dee. 164 Texas Pacific Coal & Oil (guar.)
Second preferred (guar.)
1)ec. 30 Holders of rec. Dec. 19a
5
.Special
Harbison-Walker Refract., pref. (guar.) 14 Jan. 20 Holders of rec. Jan. 10a
Dec. 31 Holders of rec. Dec. 9a
2
Jan. 2 Holders of rec. Dec. 16a Tide Water 011 (guar.)
81
Haskell & Barker Car (guar.)
Doe. 31 Holders of roe. Dec. 9.1
3
24 Jan. 2 Holders of rec. Dec. 14
Extra
Helme (Geo. W.) Co., common (guar.)15 Holders of roe. Jan. 2
Jan,
14
stk.)
101
Dec.
rec.
of
13%
corn.
Jan.
Holders
2
Tobacco Prod., corn.(pay, in
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 21a
Dec. 24 Dec. 15 to Dec. 24
2
Preferred (quar.) (No. 24)
Hercules Powder, comma (guar.)
Holders of rec. Dee. 6a
21)
Dec.
24
Dec.
to
15
$1.75
Dec.
24
Dec.
2
(guar.)
(No.
10)Corp.
Todd
Shipyards
(extra)
Common
50. Jan. 1 Dee. 12 to Dec. 22
550c. Dec. 26 *Hollers of rec. Dee. 20
Tonopah Extension Mining
Homestake MI ping (mthly.)(No. 532)
5c. Dec. 20 Dee. 7 to Dee. 19
Tooke Bros.. Ltd., pf. (guar.)(No. 26). 134 floe. 13 Holders of rec. Nov. 30
Horn Silver Mines
0
Doe. 31 Dec. 1 to Dee. 22
Underwood Typewriter,common (guar.) 14 Jan. 1 Holders of roe. Dec. 14a
Illinois Pipe Line
Ian. 1 Holders of roe. Dec. 14a
5
Common (extra)
Imperial Tobacco of Canada, ordinary- *14 Dec.
14 Jan. I Holders of rec. Dec. 14a
Dec.
*I
Preferred (guar.)
Preferred
16 Holders of roc. Dec. 6a
Dec.
2a
of
14
Dec.
rec.
Holders
16
Dec.
3
Union Bag & Paper Cgrp.(qu.)(No.9)Indian Refining, common (guar.)
$1.25 Jan. 1 Holders of rec. Deo. 12a
14 Dee. 16 Holders of reo. Dec. 2a Union Carbide Je Carbon (guar.)
Preferred (guar.)
10 Holders of reo. Nov.'29a
Dec.
14a
Dec.
rec.
of
Holders
1
Jan.
3
(qua
prof.
Amer.,
13-f
of
preferred
Co.,
Stores
Cigar
United
Ingersoll-Rand
14 Jan. 1 Holders of rec. Dec. 14a United Drug. common (guar.) (No. 8)
134 Jan. 2 Holders of rec. Dec. 16
Inter tational Salt (guar.)
Jan. 2 Holders of rec. Dec. 18
1
Conunos (extra) (No.9)
Isle Royale C Ipper C.(guar.)(No. 12) 50c. Dec. 31 Holders of rec. Dec. 7
Jan. 2 Holders of rec. Dec. 20a Unite 1 Dyewood, corn. (guar.)(No. 9). 13.4 Jan. 2 Hollers of rec. Dec. 14a
1
Jewel Tea, Inc., prof.(quar.)
14 Jan. 2 Holders of rec. Dec. 14a
Jan. 1 Holders of rec. Doe. 20a
Preferred (quar.) (No. 9)
Kayser (Julius) nt Co., common (Nara -- 2
Deo. 16 Holders of rec. Dec. 2a
Feb. 1 Holders of roe. Jan. 20a United Paper Board, common
1
14
(guar.)
preferred
secovi
and
First
134 Ian. 13 Holders of rec. Jan. la
Preferred (guar.)
Kelly-Springfield Tire, preferred (quar.) - 134 Jan. 2 Holders of rec. Dee. 16
14 Dec. 25 Dec. 14 to Dee. 25
500. Dee. 31 Hal lers of rec. Dec. 10a U.S. Gypsum. Preferred (guar.)
Kennecott Copper Corporation
Dec. 16 Holders of reo. Dec. 24
4
50c. Doe. 31 Hollers of rec. Dee. 10a U. S. Industrial Alcohol, corn. (qUar.)
Capital distributio 2
10o. Jan. 2 Holders of rec. Dee. 16
25e. Doe. 16 Holders of rec. Doe 2a U. S. Steamship (bi-monthly)
Kerr Lake Mines, Ltd.(guar.)(No. 6).
Sc. Jan. 2 Holders of rec. Dec. 16
Dec. 31 Holders of rec. Dec. 17a
Extra
La Belle Iron Works,common (guar.)- 1
13% Deo. 30 Nov. 30 to Deo. 2
Dec. 31 Holders of rec. Dec. 17a U.S. Steel Corp.. corn.((uar.)
2
id (Common (extra)
Dee. 30 Nov. 30 to Dee. 2
2
Dee. 31 Holders of rec. Dec. 17a
2
Common (extra)
Preferred (guar.)
*82.50 Dee. 31 *Hollers of rec. Dec. 16
14 Dec. 31 Holders of rec. Dec. 10a Utah Copper (guar.)
Lackawanna Steel (guar.)
14 Jan. 2 Holders of rec. Dec. 13
14 Dec. 16 Holders of rec. Dec. 2a Wabasso Cotton Co. ((uar.) No. 4
Laclede Gas Light, common (guar.)
Doe. 31 Dec. 1 to Doe. 31
$4
24 Dec. 16 Holders of rec. Dec. 2a Washington 011 (annual)
14Preferred
100 Dee. 11 Holders of rec. Dec. 2
Jan. 2 Hollers of rec. Dec. 19
$2
Way'Ina Oil & Gas, common (guar.)._
Lehigh Valley C ri Sales ((uar.)
100. Dee. 11 Holders of rec. Doe. 2
Jan. 1 Holders of rec. Dec. 15
Preferre I (extra)
Liggett & Myers Tobacco, pref.(guar.). _ _
Dec. 16 Dec. 5 to Dec. 16
3
Jan. 2 Holden; of rec. Dec. 14
Wectern Ca .ad's Flour Mills, Ltd. (guar.) 2
Lorillard (P.) Co., common (guar.)
Jan. 2 Hollers of rec. Dec. 14
Weaers Electric Co., Inc., cent. (guar.)._ $2.50 Dec. 31 Hol lens of rec. Dec. 21a
Preferred (guar.)
14 Dec. 31 hollers of rec. Dec. 21a
14 .lan. '2 Holders of rec. Dec. 7a
Preferred (guar.)
Mackay Cos., corn. (guar.) (No. 54).
Dec. 31 Deo. 21 to Jan. 1
4
Jan. 2 Hollers of rec Dec. 7a Western Grocer, common
1
Preferred (guar.) (No. 60)
alu Jan. 2 Holders of rec. Dec. 14
Dc's. 31 Deo. 21 to Jan. 1
3
Preferred
Manati Sugar, pref.(quar.)
1
Jan. 2 Dec. 21 to Jan. 1
Wett'house,Church,Kerr & Co.,com.(qu.) 13% Dee. 10 Holders of rec. Nov. 30
Manila/tan Electrical Supply, corn. (gu.)_
13% Jan. 2 Dee. 21 to Jan. 1
Jan. 10 Hollers of rec. Nov. 30
1
Common (extra)
First and second preferred (guar.)
135 Deo. 10 Holders of roe. Nov. 30
Preferre (quar.)
Maple Leaf Milling, Ltd., corn., special_ lOn Dec. 10 Holders of rec. Nov. 25
Dec. 11 Dos. 5 to Dec. 10
24 Jan. 2 Hollers of rec. Dec. 16
$1
Weyman-Bruton Co., corn. (guar.)
Marlin-Rockwell Corp. (monthly)
13-f Jan. 2 Holders of rec. Dec. 16
Preferred (guar.)
Morgenthaler Linotype (guar.)(No. 92) 24 Dee, 31 Holders of rec. Dec. 4a
Jan. 1 Dec. 20 to Jan. 1
v2
Jan. 10 Holders of rec. Dec. 14a 117freelilg Steel db Iron (guar.)
2
Mexican Petroleum, common (guar.)
Jan. 1 Dec. 20 to Jan. 1
Jan. 2 Holders of rec. Dec. 14a
'1
2
Extra
Preferred (guar.)
I4a
Dec.
Dec. 31 Holders of rec. Dee. 144
rec.
of
Holders
2
13%
21
Jan.
25)..
(No.
(guar.)
cons.
White Motor (guar.)
Montana Power,
Jan. 2 Holders of rec. Dee. 14a Willys-Overland Co., preferred (guar.)_._
14 Jan. I Holders of rec. Dec. 20
1
J. Preferred (quar.) (No. 25)
Jan. 2 Holders of rec. Doe. 14a
31
Wolverine Copper Mining (guar.)
.Montgomery Ward & Co., pref.(quar.). *1% Jan. 1 *Hollers of rec. Dec. 20
Dec. 14 Holders of rec. Nov. 30a Woolworth (F. W.) Co., pre!. (guar.)._
13f Jan. 2 Holders of rec. Dee. 10a
Montreal Cottons, Ltd., com.(guar.).- 1
Doe. 14 Holders of rec. Nov. 30a Worthington Pump & Mach., p1. A (qu.) 13-f Jan. 2 Holders of rec. Dec. 200
N.,Preferred (quar.)
2
Jan.
Jan. 2 Hol lers of rec. Dee. 20a
rec.
of
15
Jan.
*Hollers
14
*34
lac.,
pref
Mills,
(guar.)
Vernon-Woodberry
B
Preferred
Mt.
Jan. 2 II adera of roe. Dee. 23
2
14 Jan. 15 Holders of rec. Deo. 30a
Yale & Towne Manufacturing (quar.)
National Biscuit. corn.(guar.)(No.82)_
Dec. 31 Holders of rec. Dec Ila
1
Nat. Enamel & St pg , prof. (guar.)
Dec.
roe.
16a
Holders
of
Jan,
1
2
not
books
closed foe this dividend. b Less
(quar.)..__
Transfer
pref.
a
National Glum, corn. &
* From unofficial sources.
Dec. 31 Dec. 21 to Jan. 1
2
National Grocer, common (guar.)
British income tax. 4 Correction. e Payable in stook. I Payable in common
Dec. 31 Dee. 21 • to Jan. I
dividends. i Payable in
of
3
accumulated
account
On
is
scrip.
in
Payable
Preferred
g
stock.
13% Dee. 31 Holders of rec. Dec. 13a Liberty Loan bonds. I Red Cross dividend. 74 Payable in U. S. Liberty Loan
National Lead, common (guar.)
Dec. 14 Holders of rec. Nov 22
1
National Lead, preferred (guar.)
bonds. n Payable in Canadian Government Victory Loan bongs. t De434%
200. Jan. 15 Holders of rec. Jon. I
Nalional Oil, preferred (guar.)
clared subject to the approval of Director-General of Railroads. r The New York
Jan. 2 [holders of rec. Dec. 9
1
National Sugar Refining (guar.)
Stock Exchange has rolol that stock will not be quote I ex-dividend on this date
Jan. 2 Holders of rec. Dec. 20a and not until further notice. s Ex-dividend on this date. t Declared 7%, payable
3
National Surety (guar.)
150c Dec. 16 Holders of rec. Nov. 30a In quarterly installments of 134% each on Jan. 2, April 1, July 1 and Oct. 1 1919
National Transit (guar.)
50c Dec. 111 Holders of rec. Nov. 30a to holders of record on Dec. 16 1018. March 15, Juno 16 and Sept. 15 1010, respecExtra
*750 Dec. 31 *Holders of rec. I)ec. 16
Nevada Consol. Copper (quar.)
tively.
Doe. 20 Holders of roe. Dec. 2a
5
New York Air Brake (quar.)(No.64)
u Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 30 1019
Jan. 15 Holders of rec. Jan. 4a to hollers of record Sept. 26.
2
New York Dock, preferred
21
Dec.
roe.
of
15
Jan.
Holders
4
.
Transit
York
(gnarl
New
v Payable one-half in cash and one-halt In L.L.434% bonds.




DEC. 7 1918.1

THE CHRONICLE

2165

Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published
in the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS 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 431
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
reserve cities. Loans 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
central reserve cities. All other loans and investments fell off 103.4 millions, the central reserve city banks alone reporting a decrease under this
head of 63.3 millions. The ratio of IT. S. war securities and war paper combined to total loans and investments declined from 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 of which 150.9 millions represents withdrawals from the central
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
millions, 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
remains unchanged 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
15.8'7
0 for 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 reporting 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.
1. Data for all reporting banks in each district. Two ciphers (00 omitted.
Member Banks.

Boston.

Now York. /Wilde& 71ev0and

_
Num ber of reporting banks__

44

0. 13. bonds to secure ciroulat'n

S
14,358,0

106

Nichned. Atlanta

53

85
81
45
S
s
$
s
$
49,636,0 11,492,0 42,833,0 24,314,0 15,465,0

C3ca9c,. :1. Longs. 3finneap. Kan. ecy Dallea. San Prat.
---- ---101
32
73
34
45
53
s
s
s
S
$
s
18,951,0 17,655,0 6,269,0 13,710,0 17,929,0 34,505,0

Taal.
-.
•

752
267,117,0

Other U. S. bonds, including
Liberty bonds
22,737,0 352,683,0 78,936,0 105,577,0 55,928,0 44,768,0 131,748,0 44,245,0 14,704,0 27,725,0 23,247,0 34,825,0
937,123,0
IL 11. certifs. of indebtedness_ 45,638,0 352,330,0 28,315,0 42,741,0 22,723,0 31,250,0
68,533,0 12,811,0 8,719,0 18,296,0 8,102,0 43,738,0
683,196,0
Total U. S. securities
82,733,0 751,649,0 118,743,0 191,151,0 102,985,0 91,483,0 219,232,0 74,711,0 29,692,0 59,731,0 49,278,0 113,068,0 1,887,436,0
Loans SOO. by U.8. bonds, &e. 112,888,0 676,885,0 169,830,0 95,152,0 41,215,0 19,725,0
85,512,0 24,306,0 8,917,0 10,164,0 10,051,0 16,798,0 1,271,443,0
All other loans Ar. investments_ 778,658,0 4,177,732,0 623,245,0 967,310,0 389,322,0 321,801,0 1,414,844,0 376,139,0 260,162,0 457,160,0 183,108,0 552,396,0 10,501,677,0
Reserve with Fed. Res. Bank- 76,790,0 678,416,0 57,937,0 86,582,0 32,552,0 27,996,0 152,904,0 34,603,0 23,830,0 50,114,0 15,459,0 53,280,0 1,290,472,0
Clash In vault
27,416,0 132,158,0 22,333,0 40,322,0 22,352,0 16,349,0
60,950,0 13,158,0 9,504,0 16,866,0 12,392,0 23,887,0
397,687,0
Net demand deposits
686,138,0 4,523,655,0 612,191,0 747,408,0 313,086,0 225,986,0 1,101,245,0 263,343,0 213,018,0 381,678,0 144,772,0 431,896,0 9,644,448,0
Time deposits
98,281,0 262,891,0 15,593,0 223,144,0 55,976,0 91,193,0 379,051,0 73,845,0 46,756,0 58,754,0 25,251,0 124,049,0 1,454,787,0
51 575 0
947 420 11 9.1 0990 et 4 con n og ivii n 'ittoi n
Government.0nnnift.1
OA Kng n on 04.7 n
2
509
II
p
p
p
598,924,0
2. Data for banks in each Central Reserve city, banks in all other Reserve cities and other reporting banks.
New York.
Two ciphers (00) omitted.
Nov. 22.
Number of reporting banks.._

71

Nov. 15.
71

Chicago. St. Louis. Total Central Res. Cities.

Other Reserve Cities.

Nov. 22. Nov. 22.

Nov. 22.

44

Nov. 22.

14

Nov. 15.

129

129

453

Nov. 15.

Country Banks.
Nov. 22. Nov. 15.

453

170

Total.
Nov. 22.

171

Nov. 15.

752

753
$
S
$
$
$
$
5
s
s
s
.5
s
17.13. bonds to secure eirculat'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 48,319,0 267,117,0
267,690,0
Other U. S. bonds, Including
Liberty bonds
298,737,0 309,379,0 72,881,0 32,501,0 401,122,0 407,853,0 442,897,0 396,731,0 90,104,0 82,729,0 937,123,0
887,313,0
U. H. certifs. of indebtedness- 339,059,0 410,211,0 21,2:19,0 9,954,0 373,252,0 491,794,0 261,807,0 397,210,0 45,137,0 64,952,0 683,196,0
933,956,0
Total U. S. securities
674,750,0 786,469,0 98,239,0 53,013,0 826,002,0 948,200,0 878,473,0 964,759,0 182,961,0 196,000,0 1,887,436,0 2,108,959,0
Loans see. by U. S. bonds, dce_ 629,765,0 586,510,0 6:3,676,0 19,059,0 712,497,0 677,797,0 482,214,0 454,314,0 76,732,0 71,137,0 1,271,413,0
1,203,248,0
All other loans Az investments_ 3,832,015,0 3,896,670,0 869,454,0 270,916,0 4,972,385,0 5,040,691,0 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 59,396,0 883,086,0 10501 6770 10,605,037,0
60,389,0 1,290,472,0 1,183,856,0
Cash In vault
117,731,0 116,580,0 35,786,0 7,568,0 161,083.0 158,032,0 190,722,0 185,952,0 45,880,0 42,169,0 397,687,0
386,173,0
Not demand deposits
1,203,453,0 1,199,132,0 757,906,0 189,115,0 5,150,474,0 5,130,620,0 3,782,890,0 3,814.179,0 711,082,0 715,039,0 9,644,446,0 9,659,838,0
Time deposits
211,215,0 211,362,0 142,106,0 53,845,0 407,166,0 405,799,0 850,010,0 837,597,0 197,611,0 200,114,0 1,454,787,0 1,443,510,0
Government deposits
265,308,0 383,622,0 12,090,0 25,369,0 302,767,0 453,674,0 261,249,0 368,017,0 31,908,0 46,832,0 598,924,0
869,423,0
Ratio of combined reserve and
cash to total net deposits
25.4
21.7
15.6
17.9
22.9
23.7
19.8
20.5
18.5
19.1
21.2
21.9

The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Nov. 30:
Largo increases in the holdings of war paper, offset in part by reductions in the amounts of other discdunts 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
York Bank, the other Eastern banks and the Atlanta Bank likewise showing substantially larger figures than the represents the increase at the New
creased 25.5 millions, mainly at the New York, Chicago and Minneapolis banks. A decrease of 55.5 millions in week before. Other discounts deGovernment short-term securities
is due largely to the redemption of the temporary Treasury certificates hold 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 91 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.
Thelbanks reserve percentage, largely because of the increase in net deposits, shows a decline fromm 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 of 2,568.7 inillions, 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 $,17,000 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
we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year,
thus furnishing a useful comparison. In the second table we show the resources and liabilities separately for each of
the twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following)
gives details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and
between the latter and the Federal Reserve banks.
•
FEDERAL RESERVE BANK OF NEW YORK.-The week statement issued by the bank subdivides some certain items that are included
under a more general classification in the statement prepared at Washington. Thus, "Other deposits, Sce.," as of Nov. 29, consisted
of "Foreign
Government deposits." $93.428,935; "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 AT THE CLOSE OF BUSINESS

Nov. 29 1918. Nov. 22 1918. Nov. 15 19113. Nov. 8 1918
RESOURCES.
Geld In vault and in transit
Gold settlement fund-F. R. Board
Gold with foreign agencies

$
370,938,000
395,292,000
5,329,000

$
371,498,030
435,892,000
5,829,000

3
375,527,000
433,885,000
5,829,000

$
386.437,009
435,452,000
5,829,000

Nov. 29 1918

.Vos. 1 1918. Oct. 25 1918. Oct. 18 1918. Oct. 10 1918. Nov. 30 1917.
8
393.833,000
449,249,000
5,829,003

$
378,679,000
415,676.000
5,829.000

$
382,160,000
416.413,01)0
5,829.000

$
372,922,000
448,720,000
5,829.000

S
499,887,000
395,236.000
52,500,000

Total gold held by banke
772,059,000 813,219,000 815.241,000 827.718,000 838.911,000 798.184,000 804,402,000 827.471,000
Clold with Federal Reserve Agents__ _ 1,216,541,000 1,11;4,917,000 1,166,579,000 1,145,640,000 1,149,859,000 1,184.998,000 1,173,521,000 1,157.000,000
Gold redemption fund.
76,613,000
78,129,000
71.957,000' 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
2,065,213,090 2,060,285,000 2,056.777.000 2.041,591,000 2.052,229,000 2,015,132.000 2,035.313.000 2,031,236,000 1,621,725,000
Legal tender notes, silver, Ace
55,158,000
55,992,000
53,039,000
54,248.000
53.456,000
53,037,000
52,122,000
52.372,000
54,486,000
0
Total reserves
2,120,371,000 2,116,257,000 2,109,810,000 2,100,839,000 2,105,635,003 2,098,169.000 2,087,885,000 2,083,353,000i 1,676,211,000
Bills discounted: Secured by Government war obligations
1,412,511,000 1,281,245.001 1,358,411,000 1.316,967,000 1.252,904.000 1,092,117,000 1,262.757.000 1,304,383.0001 i 756,398,001
All other
402,634,000 428,190,1)00 439,392,0001 480,271,000 493,04:1.000 453,747.001 425,799,000 150,098.000; j
Dills bought in open market
375,311,000 368,781.000 377,877,000 371.522.000 377.072.000 398.623.000 370.136.000 338.620,000; 205,454,000
1
'
Total bills on hand
2,190,538,000 2,078,219,000 2,175,685.00012,171.769,000 2.123,019,090 1,941,787,001'2.054,692.090
2,093,049.0001 961.852,000
U.8. Government long-term securities_
29,132,000
29,134,000
29,479,090
29,473,0110
29,472.000
28.251.000; 29,205.000
47.304,0011
28.214,000.
B.
Government
U.
sbort-term securities
02,661,000 148,180.000
93.449.000
91,956,090
88,750.000 322,060,000
67.738,000
66,193,030,1
41,792,010
All other earning assets
27,000
27,000
28.000
28,010
35.000
21.000
197.000
1,429,001
183,0001
1
Total earning assets
2,312,359,000 2,255,580,000 2,298.640.00012.293,223.000 2.211,276,000 2.295,122,010 2,154,332,000 2,187,684,030:1,052.377,000
Uncollected Items (deduct from gross
deposits)
736,323,000 819,010,000 717,785,0001 687,465,009 634,315.000 856,923.000 803,517.000 723.430.000,1 373,160,010
I
6% redemp.fund ngst. F.It. bank notes
4,621,000
4,525,000
4,008,0001
3,924,000
3,703.000
3.692,000
3.425.000
537,11110
3,177.00Q;
All other resources_
21,175,000
21,309,000
18,169,0001
18,790.0001
17.075.000
16.879,093
13,757.000
13.485.00011
2,499,000
Total resources

r. lot

irls2Q .1.1 it 91(1 rtqi AAA r 1,1Q A IQ 119(11 I A 1 9,1 nnn c rr-,

AAA ,97A 74, Ann ,nwt .31 ft nnn,ni 1 1 li (Ann! 1

•Includes amount formerly shown agains Items duo from or due to other Federal Reserve banks net.




int

•fct i AA.

[Void. 107.

THE CHRONICLE

2166

Nov. 29 1918. Nov. 22 1918. Nov. 15 1918. Nov.8 1918. Nov. 1 1918. Oct. 25 1918. Oct. 18 1918. Oct. 10 1918. Nov. 30 1917.
$
$
$ ,
$
$
3
$
3
$
LIABILITIES.
68,500,000
78,956.000
70,057,000
79,190,000
79,360,000
79,824,000
80,025,000
79,903,000
80,072,000
Capital paid in
1,134,000
1.134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
iurplus
220,962,000
78,218,000 170,868,000 230,889,000
207,157,000 113,174,000 246,401,000 160,256,000 249,397,000
Government dePos116
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
602,667,000 620,608,000 573,727,000 527,796,000 543,975,000 702,107,000 585,090.000 514,110,000
Collection items
19,473,000
Other deposits, Incl. for. Gov't credits- 105,894,000 113,967,000 113,385,000 114,941,000 111,827,000 117,001,000 112,634,000 108.256,000
2,404,611,000 2,451,782,000 2,383,462,000 2,348,989,000 2,347,692,000 2,580,825,000 2,384,319,000 2,361,589,000 1,958,672,000
Total gross deposits
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
8'. R. notes in actual circulation
8,000,000
52,031,000
55,666,000
58,859,000
63,338,000
68,864,000
72,930,000
80,504,000
86,003,000
F.R.bank notes in circulation, net'tab.
2,629,000
39.046.000
40,552,000
42,865,000
45,086,000
47,237,000
48,472,000
50,867,000
54,492,000
All other liabilities
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%
51.2%
50.6T
50.8%
51.7%
50.9%
51.47
51.8%
52.1%
Gold reserve against net deposit liab
78.6%
*
49.6%
50.0%
50.7%
49.8%
50.9%
50.2fg
50.8%
51.3%
Gold res. agst. F. R. notes in act. eirc'n
Ratio of gold reserves to net deposit and
75.2%
50.1%
50.6%
50.8%
51.3%
50.6%
50.9%
50.9%
51.7%
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%
Fed. Res. note liabilities combined
.
Ratio of gold reserves to F. R. notes in
.
actual circulation. after s etttug aside
60.9%
61.3%
59.6%
60.6%
59.4%
50.6%
60.5%
593%
35% against net denosititabilities
50
a
a
a
a
a
a
Distribution by Maturities1-15 days bills discounted and bought.'1,305,634,000 1,206,215,000 1,353,310,000 1,354,320,000 1,336,423,0001,198,861.000 1,343,320,000 1,425;04,000 581,763,000
10,750,000
11,402.0(10
250,906,000
15.688,000
15,701,000,
18,481,000
69,029,000
8,895,000
short-term
secs.
1-15 days U.S. Govt.
517,000
31,000,
33,000
2,000
2,000
0,000
7,000
5,000
5,000
145 days municipal warrants
91,556,000
16-30 days bills discounted and bought- 225,900,000 175,680,000 168,765,000 176,019,000; 188,642,000 221,020,000 249.254,000 203,960,0001
5.412,000
6,022,000
117,000
137,000
101,000
73,000
1,188,000
Govt.
short-term secs.
16-30 days U.S.
15,000
2,000
5,000
7,000
10,000
10,000
16-30 days municipal warrants
31-60 days bills discounted and bought.. 470,666,000 338,876,000 301,760,000 304,615,000, 291,511,000 279,786,000 265,599,000 273,091,000 140,417,000
707,000
163,000
42,000
617,000
10,684,000
9,132,000
10,335,000
9,220,000
31-60 days U.S. Govt.short-term secs.
125,000
7,000
7,000
7,000
5,000
15,000
15,000
6,000
4,000
31-60 days municipal war-rants
01-90 days bills discounted and bought 165,185,000 337,346,000 334,095,000 319,973,000 284,735,000 232,891,000 188,485,000 174,622,000 141,927,000
8,104,000
8,851,000
8,676,000
8,109,000
3,557,000
2,194,000
2,023,000
1,086,000
61-90 days U.S. Govt.short-term secs.
652,000
11,000
5,000
10,000
10,000
3,000
5,000
031-90 days municipal warrants
6,248,000
15,612,0001
12,034,000
12,229.000
21,708,000
16,833,000
17,755,000
20,102,000
23,151,000
Over 90 days bills dise'ted and bought.
41,220,000
41,300,000
62,319,000
64,199,000
61,913,000
63,569,000
66,793,000
72,275,000
Over 90 days U.S.Govt.short-term secs.
120,000
10,000;
10.000
6,000
0,000
3,000
3,000
Over 90 days municipal warrants
1
Federal Reserve Notes2,773,043,000 2,768,777,000 2,761,812,000 2,743,686,000 2,710,080,000 2,697.090,000 2,667.024,000 2,623,339,000, 1,126,345,000
Issued to the banks
69,362,000
204,367,000 213,562,000 199,295,000 185.490,000 195,176,000 189,178,000 164,536,000 144,961,000;
Held by banks
In circulation
Fed. Res. Notes (Agents Accounts)
Received from the Comptroller
Returned to the Comptroller
Amount chargeable to Agent
In hands of Agent

2,568,676,000 2,555,215,000 2,562,517,0002,558,196,000 2,515,504,000 2,507.912,000 2,502,488,000 2,478,378,00011,056,983,000
3,692,060,00013,660,540,000 3,629,140,000 3,609,760,000 3,561,280,000 3,525,460,000 3,488,640,000 3,414,220,000.1,590,340,000
603,417,000 591,693,000 580,183,000 572,078.000 562,931,000 560,860,000 557,446,000 555,671,000,; 234,185,000
1
3,088.643,00013,068,847,000 3,048,957,0003,037,682,000 2,998,349,000 2,964,600,000 2,931,194,000 2,858,549.00011 1,356,155,000
315,600,0001 300,070,000 287,145,000 293,996,600 287,669,000 267,510,000 264,170,000 235,210,0001 1 229,810,000

Issued to Federal Reserve banks _ 2,773,043,000;2.768,777,000 2,761,012.000 2,743,686,000 2,710,680,000 2,697,090,000 2,667,024,000 2,023,339,000 1,126,345,000
;
How Secured212,627,000; 211,626,000 210,176,000; 198,176,000 200,176,000 207,176,000 201,239,000 208,167,0001 242,985,000
By gold coin and certificates
By lawful money
1,556,502,000'1,599,860,000 1,595,233,000 1,598,046,000 1,560,821,000 1,512,092,000 1,493,503,000 1,460,339,000 464,521,000
By eligible paper
33,714,000
77,477,000
78.053,000
78,609,000
81,776.000
78,352,000
78,580,000
77,991,0001 78,793,000
Gold redemption fund
925,923,000 878,498,000 878,051,000 868,878.000 867,907,000 809,213,000 894,229.000 871,356.000 385,125,000
With Federal Reserve Board
2,773,043,000 2,768,777,000 2,761,812,00012,743,686,000 2.710,680,000 2.097,090,000 2,667,024,000 2,623.339,000 1,126,345,000
Total
400011 one
000
(Mel 404)
,lie 954 AnnIn nail n‘, Ann 1 n01 RAO 000 0 010 0,7.nnn 0.
.
Eligible paper delivered to F.It. Agent_ o 11,4 KQQ nnn o mut Cillet nnri o ion Ong 00111,a Net amount due to other Federal Reserve banks. b This item includes foreign Government credits. t Revised figures.
WEEKLY STATEMENT of RESOURCES awl LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS NOV. 29 1918.
,
Fowl,
liviraca Chicago St. Louis Mtnneap. Kan. City Dallas. 'tan Fran.
Boston. New York. Phitadel rleselann Maw-ea
Two ciphers (00) omUted.
-$
S
$
i
$
S
$
$
5
$
$
$
$
RESOURCES.
202,0 5,669,0 10,638,0 370,938,0
104,0 28,196,0 2,336,0 7,573,0 24,168,0 2,096,0 8,416,0
3,875,0 277,665,0
Gold coin and certifs. in vault__
17,142,0 39,529,0 34,723,0 21,754,0 8,546,0 126,902,0 26.493,0 23,673,0 26,971,0 6,514,0 41,580,0 395,292,0
21,465,0
Gold settlement fund
5,829,0
321,0
204,0
291,0
233,0
816,0
233,0
175,0
204,0
525,0
408,0
2,011,0
408,0
Gold with foreign agencies
25,748,0
Total gold held by banks
Gold with Federal Res. Agents_ 70,785,0
6,817,0
Gold redemption fund

296,818,0 40,041,0 63,444,0 24,294,0 16,294,0 151,886.0 28,822,0 32,322,0 27,464,0 12,387,0 52,539,0 772,059,0
282,220,0 78,605.0 132,321,0 60,833,0 44,399,0 244,167,0 53,083,0 57,279,0 52,799,0 22,500,0 117,550,0 1,216,541,0
70,613,0
257,0
635,0 5,798,0 5,242,0 12,067,0 3,322,0 3,926,0 3,704,0 2,153,0
24,992,0 7,700,0

103,350,0
Total gold reserves
Legal-tender notes, silver, Scia__.. 3,151,0

604,030,0 126,346,0 196,400,0 90,925,0 65,935,0 408,120,0 85,227,0 93,527,0 83,967,0 37,040,0 170,346.0 2,065,213,0
55,158,0
273,0
153,0 1,297,0
83,0
617,0
228,0 1,515,0 1,975,0
638,0
574,0
44,624,0

106,501,0
Total reserves
Bills discounted:Secured by Govt
131,096,0
war obligations
12,616,0
All other
Bills bought in open market._.. 25,229,0

648,654,0 126,920,0 107,038,0 91,572,0 60,103,0409,635,0 87,202,0 93,610,0 84,120,0 38,337,0 170,619,0 2,120,371,0

168,941,0
1,403,0
6,416,0

877,900,0 197,866,0 175,273,0 87,363,0 93,267,0 221,391,0 83,808,0 45,443,0 79,459,0 52,998,0 106,827,0 2,100,536,0
29,132,0
519,0 4,509,0 1,153,0
125,0 8,867,0 4,000,0 3,461,0
1,398,0 1,375,0 1,088,0 1,234,0
92,664,0
35,423,0 6,299,0 8,731,0 3,284,0 4,022,0 12,612,6 5,568,0 2,997,0 2,909,0 2,400,0 3,003,0
27,0
27,0

175,760,0
Total earning assets
Uncollected items(deducted from
64,049,0
gross deposits)

914,721,0 205,540,0 185,092,0 91,881,0 97,835,0 238,512,0 90,529,0 48,505,0 91,235,0 59,398,0 113,291,0 2,312,359,0

Total bills on hand
U. S. long-term securities
U.S. short-term securities
All other earning assets

5% redemption fund against Federal Reserve bank notes
All other resources
Total resources

220,0
1,137,0

626,905,0 165,505,0 107,287,0 (35,683,0 41,205,0 123,047,0 47,819,0 21,180,0 22,390,0 16,646,0 43,748,0 1,412,511,0
84,263,0 16,486,0 17,313,0 18,956,0 39,135,0 60,987,0 32,233,0 11,827,0 47,765,0 32,327,0 28,770,0 402,684,0
166,732,0 15,875,0 50,673,0 2,724,0 12,927,0 37,357,0 3,756,0 12,436,0 9,304,0 4,025,0 34,303,0 375,341,0

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 20,008,0 46,497,0
1,055,0
8,238,0

300,0
3,590,0

383,0
797,0

256,0
1,157,0

207,0
810,0

710,0
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

736,328,0
4,621,0
21,309,0

347,667,0 1,715,972,0 417,405,0 452,6(36,0 241,884,0 199,401,0 729,121,0 245,153,0 161,609,0 232,873,0 118,863,0 332,284,0 5,194,988,0

LIABILITIES.
6,598,0
Capital paid in
75,0
Surplus
42,802,0
Government deposits
Due to members-Reserve acc't- 93,043,0
46,216,0
Collection items
Oth. deposits incl. for Gov't cred.

80,072,0
20,726,0 7,486,0 8,886,0 4,014,0 3,175,0 11,108.0 3,785,0 2,928,0 3,655,0 3,141,0 4,540,0
1,134,0
116,0
40,0
216,0
38,0
649,0
26,616,0 28,03/,0 28,256,0 4,519,0 7,325,0 14,106,0 19,583,0 9,187,0 11,754,0 3,989,0 10,933,0 207,157,0
636,346,0 78,428,0 103,690,0 53,665,0 41,919,0 217,166,0 53,026,0 40,160,0 55,460,0 31,155,0 78,835,0 1,488,893,0
161,993,0 71,411,0 53,774,0 40,754,0 24,204,0 60,554,0 50,401,0 11,768,0 37,618,0 16,283,0 27,701,0 602,667,0
2,0
8,0 2,275,0 105,894,0
15,0
28,0 1,554,0
307,0
68,0
101,637,0

926,592,0 177,926,0 185,788,0 98,938,0 73,476,0 293,380,0 123,317,0 67,120,0 104,834,0 51,435,0 119,744,0 2,401,611,0
720,294,0 223,730,0 247,535,0 134,467,0 117,151,0 403,6:14,0 111,403,0 87,597,0 111,958,0 58,702,01201,200.0 2,568,676,0
86,003,0
25,627,0 5,278,0 6,602,0 2,067,0 3,889,0 14,131,0 4,664,0 2,420,0 9,397,0 3,824,01 3,788,0
54,492,0
22,084,0 2,985,0 3,705,0 2,252,0 1,670,0 6,652,0 1,984,0 1,590,0 3,029,0 1,671,0 3,003,0
,
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
Total liabilities
*Difference between net amounts due from and net amounts due to other Federal Reserve banks. a Net amount due to other Federal Reserve Banks. *Overdraft.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS NOV. 29 1918.

182,061,0
Total gross deposits
F. R. notes in actual circulation_ 150.906,0
F. It. bank notes In ciren-Net. 4,256,0
3,771,0
All other liabilities

Total
Boston. New York. Phtinari Cier,,,n6 10,6m'a Atlanta. Chicago. St. Louta.1211innean Ran. City Dallas. San Yvon.
Two cipher: (00) omitted.
...-$
Federal Reserve notesReceived 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 99,920,0 229,320,0 3,692,060,0
Returned to Comptroller-___. 49.682,0 260,663,0 56,427,0 31,236,0 33,747,0 25,185,0 41,298,0 25,676,0 17,895,0 24,897,0 20,165,0 16,246,0 603,417,0

•

Chargeable to F. R. Agent. -. 182,858,0
20,520,0
In hands of F. It. Agent

941,177,0 257,353,0 281,724,0 153,133,0 160,455,0 471,422,0 125,604,0 94,585,0 127,803,0 79,455,0 213,074,0 3,088,643.0
315,600,0
111,200,0 25,520,0 21,380,0 8,060,0 40,205,0 47,120,0 7,735,0 5,950,0 8,420,0 10,499,0 .

162,338,0
Issued to F. R. Bank
Held by F. R. AgentGold coin and certificates . 5,000,0
9,170,0
Gold redemption fund
Gold Sett. Fd., F. R. Board _. 56,615,0
_ 91,553,0
Eligible paper, min. req'd

829,977,0 23,833,0 260,344,0 145,073,0 120,250,0 424,302,0 117,869,0 88,635,0 119,383,0 59,965,0 213,074,0 2,773,043,0

2,504,0
2,000,0
18,750,0
158,740,0
13,480,0 12,404,0 13,571,0 1,833,0 2,125,0 3,365,0 2,953,0
110,000,0 66,201,0 100,000,0 59,000,0 39,770,0 240,802,0 48,130,0
547,757,0 153,228,0128,023,0 84,240,0 75,851,01 180,135,0 64,786,0
1
162,338,01 829,977,0 231,833,0260,344,0 145,073.0 120,250,01424,302,0 117,869,0

212,627,0
12,581,0
13,052,0!
77,991,0
2,427,0; 2,439,0 3,235,0 10,080,0
41,800,01 50,360,0 6,684,0 106,561,0 925,923,0
31,356,01 66,584,0 37,465,0 95,524,0 1,550,502,0

88,635,0119,383,0 59,965,0 213,074,0 2,773,043,0
Total
1
Amount or eligible paper deify
168,931,0 877,900,0 166,907,01I75,010,0 84,821,0 80,073,0!221,301,0 70,179,0 38,859,01 79,459,0 52,908,0 98,051,0 2,114,588,0
ered to F. It. Agent..
„0: 829,977,0 231,833,0„
5„ 120,250,024,302,0 117,869,0 88,635,0 119,383,0 59,965,0 213,074,0 2,773,043,0
F. R. notes outstanding.
11,432,0 109,683,0 8,103,0 12,809,0 10,606.0 3,099,01 20,668,0 6,466,0, 1,038,0 7,425,0 1,173,0 11,865,0 204,367,0
F. R. notes held by banks
F. It. flotsamn actual eirenta'n. 150,006,0




720,294,0 223,730,0 247,535,0134.467,0 117.351,0403,1334,0 111,403,0 87,597,0 111,958,0 58,702,0 201,209,0 2,568,676,0

DEC. 7 19181

THE CHRONICLE

2167

Statement of New York City Clearing souse 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 separate banks are the averages of tho daily results. In the case of totals, actual figures at end of the week are also given
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Week Ending
Nov. 30 1918.

Net
Profits.

Loans,
Discounts,
(Nat. Banks Nov. 11 Investments,
&c.
{State Banks Nov. 1)
[Trust Co's Nov. 1.)

Members of Federal
Reserve Bank.
Bank of N Y, N 11 A.
Bankof Mauhat Co_
Merchants National_
Mech 4, Metals Nat_
Bank of America...
National City
Chemical National_ _
_
Atlantic National
Nat Butch dt Drover
American Exch Nat_
Nat Bank of Comm
Pacific
Chat t.% Phenix Nat
Hanover National
Citizens' National_
Metropolitan
Corn Exchange
Importers At Trad Na
National Park
East River National
Second National
First National.
Irving National
N Y County National
Continental
Chase National
Fifth Avenue
Commercial Exch__
Commonwealth
Lincoln National_ __
Garfield National..
Fifth National__ _
Seaboard National_
Liberty National__
Coal ct Iron Nation:*
Union Exchange Nat
Brooklyn Trust Co_
Bankers Trust Co__
Ii El Mtge & Trust Cci
Guaranty Trust Co_
Fidelity Trust Co__
Columbia Trust Co_
Peoples Trust Co....
New York Trust Co
Franklin Trust Co__
Lincoln Trust Co___ •
Metropolitan Trust_ •
Nassau Nat, B'klyn ,
.
Irving Trust Co.....
Farmers Loan & Tr. •

Capital. I

$
2,000,000
2,500,000
2,000,000
6,000000
1,500,000
25,000,000
3,000,1)00
1,000,000
300,000
5,000,000
25,000,000
500,000
3,500,000
3,000,000
2,550,000
2,000,000
3,500,000
1,500,01)0
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
200,0001
400,000
1,000,000
1,000,000
250,000
1,000,000
3,000,01)0
1,000,000*
1,000,000
1,500,000
11,250,000
2,000,000
25,000,000
1,000,000
5,1)00,000
1,000,000
3,000,000
1,000,000
1,000,000
2,000,000
1,000,000
1,500,000
5,000,000

$
5,525,500
7,165,700
2,809,700
11,137,700
6,859,700
51,380,200
9,623,200
951,000
108,600
5,571,300
21,376,700
1,097,500
3,081,400
18,278,000
2,992,200
2,316,800
8,548,600
8,023,000
18,591,200
100,800
4,018,200
31,608,600
5,647,300
392,900
664,000
15,522,000
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
1,300,400
10,769,900
1,170,100
614,300
4,383,200
1,173,000
1,142,000
12,009,800

Legal
Tenders.

Gold.

Average.
$
46,833,000
60,232,000
28,942,000
159,192,000
29,419,000
617,292,000
81,396,000
16,923,000
3,056,000
112,214,000
409,485,000
15,573,000
88,650,000
136,432,000
41,035,000
36,266,000
97,542,000
35,511,000
203,040,000
3,314,000
18,065,000
316,009,000
102,834,000
11,160,000
6,833,000
320,845,000
20,359,000
5,980,000
6,790,000
14,770,000
12,408,000
7,455,000
47,943,000
69,592,000
14,008,000
13,035,000
36,553,000
258,704,000
59,850,000
456,221,000
10,697,000
92,627,000
27,095,000
96,868,000
28,169,000
19,570,000
50,404,000
15,627,0110
41,718,000
121,501,000

Average.
Average.
$
$
24,000
85,000
306,000
290,000
79,000
70,000
8,478,000
159,000
691,000
172,000
8,364,000 3,025,000,
122,000
247,0001
87,000
131,000
11,000
57,000
618,000
159,000
208,000
187,000
51,000
326,000
468,000
490,000
4,169,000
194,000
111,000
34,000
554,000
150,000
1,099,000
168,000
70,000
354,000
35,000
38:3,000
3,000
112,000
85,000
21,000
13,000
614,000
1,009,000
443,000
59,000
34,000
33,000
13,000
2,199,000 3,857,000
55,000
161,000
52,000
46,000
40,000
21,000
112,0110
168,000
3,000
5,000
• 37,000
23,000
349,000
259,000
184,000
6,000
54,000
12,000
56,000
76,000
32,000
146,000
158,000
43,000
83,000
1,781,000
120,000
90,000
45,000
23,000
38,000
51,000
80,000
52,000
10,000
68,000
34,000
18,000
17,000
68,000
37,000
3,000
72,000
103,000
124,000
3,743,000
20,000

National
Bank
and
Federal
Reserve
Notes.

Silver.

Average.
$
91,000
457,000
279,000
1,171,000
364,000
836,000
432,000
210,000
60,000
516,000
532,000
215,000
1,051,000
478,000
710,000
789,000
2,507,000
51,000
419,000
15,000
252,000
654,000
2,365,000
162,000
15,000
1,356,000
500,000
73,0001
134,000
207,0001
132,000
175,000
145,000
30,000
140,000
309,000
148,000
64,000
154,000
311,000
50,000
265,000
262,000
12,000
145,000
28,000
49,000
103,000
504,000
61,000

Reserve
with
Legal
Depositortes.

Additional
Deposits
with
Legal
Depositortes.

Average for week_. 192,900,000 355,796,400 1,526,127.000 36,151,000 13,438,0001 19,993,000 38,043,000 547,755,000

Totals, avge for w ;

30I
Nov.
1,489,912,000 34,743,000 13,434,000,20,926,000 36,973,000'539,317,000
4,545,815,000 36,401,000 13,681,000120,426,000 36,949,000 583,362,000
Nov. 23
Nov. 16
4,653,190,1)00 35,808,000 13,233,000120,665,000 36,786,000 514,061,000
Nov. 9
4,608,942,000 35,714,000 13,450,000 20,362,000 37,648,000 547,841,000
Not Mem bers of Fed eral Reserve Bank.
500,000 1,476,800
14,611,000
602,000
95,000
211,000 1,300,000 1,168,000
8113,600
250,000
5,048,000
276,000
34,000
201,000
11,000
290,000
1,000,000 1,200,500
19,362,000
579,000
497,000
483,000
513,000 1,714,000
2,010,000
548,300
32,235,000 1,506,000
674,000
225,000 1,349,000 2,457,000

3,750,000

Totals, avge for w t

71,286,000 2,963,000 1,286,000

Average.
5
1,740,000

100,000
32,000
161,000
140,000
1,623,000
427,000
479,000
4,888,000
12,113,000
6,924,000
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

103,000
83,000
249,000

15,032,000
4,831,000
20,718,000
33,465,000

5,000
65,000

74,046,000

70,000

421,000
195,000
368,000
234,000

75,120,000
74,289,000
73,826,000
73,204,000

71,000
68,000
54.000
52,000

2,221,000
1,161,000

784,000
534,000

21,620,000
12,570,000

458,000
575,000

9,000,000 17,184,100

3,382,000 1,318,000

34,190,000

1,033,000

3,250,000
3,433,000
3,565,000
3,033,000

34,103,000
33,878,000
35,203,000
33,445,000

290,000

289,000

281,000

61,884,000
63,149,000
63,501,000
64,161,000

291,000
291,000
293,000
293,000

292,000
298,000
312,000
303,000

211,000
804,000
854,000
323,000
324,000
994,000
314,000 1,029,000

938,000

50,000

3,628,302,000 152,898,000 35,446,000
3,712,817,000 152,203,000 35.565,000
3,703,293.000 152,935,000 35,615,000
3,667.756,000 150.010.000 35.824,000
-

438,000

62,676,000

210,000
394,000
242,000
70,000
800,000
411,000
396,000

3,659,759,000 153,249,000 35.513.000

5,629,000

Nov. 30
Nov. 23
Nov. 16
Nov 9

s

776,000

51,000
4,007,000 4,887,000
50,000
650,000
1,651,000 8,252,000
789,000 1,000,000
248,000
197,000
25,000
9,558,000 1,100,000

6,110,000
5,626,000
5,405,000
5,684,000

Totals, actual conditI on
Totals, actual condit1 on
Totals, actual conditI on
Totals, actual conditI on

Average.

16,041,000 1,445,000
4,846,000
431,000
553,000
147,000
295,000
5,876,000 4,873,000
4,784,000
70,000
7,652,000 2,172,000
150,000
233,000
973,000

944,000 3.453,000

Nov. 30
Nov. 23
Nov. 16
Nov. 9

National
Bank
Circulalion.

284,000 1,779,000
17,138,000 3,712,000

71,190,000 2,728,000 1,427,000
096,000 3,658,000
71,557,000 3,007,000 1,149,000
938,000 3,469,000
73,237,000 2,936,000 1,285,000 1,103.000 3,120.000
73,097,000 2,941,001) .1,350,000 1.093,000 2,957,000
---Not Mem hers of Fed oral Reserve Bank.
5,000,000 11,947,900
38,988,000
95,000
115,000
537,000
218,000
4,000,000 5,236,200
23,688,000
195,000
63,000
174,000
401,000

Totals, actual conditIon
Totals, actual condit1 on
Totals, actual cowittIon
Totals, actual condit1 on
Trust Companies.
rime Guar & Trust_ .
lawyers Title & Tr_ .

4,048,200

Net
Time
Deposits.

Average.
Average.
Average.
Average.
$
$
$
$
188,000 5,242,000
33,582,000
1,016,000 7,891,000
50,014,000
168,000 2,904,00021,739,000
1,995,000 28,380,000
155,300,000
385,000 3,526,000
25,174,000
2,187,000 122,932,000
599,108,000
650,000 8,657,000
61,382,000
80,000 1,940,000
13,935,000
9,000
455,000
2,736,000
1,193,000 11,610,000
85,011,000
1,587,000 36,783,000
283,180,000
557,000 1,699,000
13,659,000
2,647,000 13,244,000
80,132,000
708,000 20,562,000
132,215,000
351,000 5,095,000
31,446,000
978,000 3,223,000
24,266,000
4,662,000 14,284,000
105,369,000
299,000 3,389,000
25,690.000
1,122,000 21,782,000
163,375,000
35,000
638,000
3,770,000
602,000 2,114,000
14,678,000
664,000 19,295,000
155,362,000
1,212,000 12,863,000
101,404,000
606,0001,778,000
10,315,000
99,000
795,000
5,028,000
678,000 34,779,000
282,304,000
548,000 2,103,000
16,794,00
855,000,
115,000
5,950,000
160,000
933,000
6,787,000
787,000, 1,801,000
13,697,000
151,0001 1,594,000
10,297,000
195,0001
842,000
6,230,000
445,000; 5,979,000
44,069,000
527 0001 9,888,000
64,697,000
584,000 1,679,000
11,107,000
276,000 2,054,000
12,863,000
447,000 3,004,000
21,801,000
729,000 30,551,000
212,604,000
274,000 5,609,000
40,885,000
2,768,000 46,016,000
353,396,000
160,000 1,082,000
8,184,000
704,000 8,891,000
66,081,000
591,000 2,181,000
22,584,000
169,000 7,710,000
51,378,000
216,000 2,112,000
14,126,000
325,000 2,000,000
12,458,000
656,000 3,837,000
31,486,000
247,000 1,145,000
9,404,000
2,022,000 4,917,000
37,634,000
269,000 15,112,000
105,073,000

Totals, actual condit1 on
Totals, actual condit1 on
Totals, actual condit1 on
Totals, actual condit1 on
State Banks.
•
Greenwich
Bowery
•
N Y Produce Exch..
•
State

Net
Demand
Deposits.

1,519,000
1,893,000
1,107,000
1,168.000

1,033,000
1,032,000
1,039.000
923,000
-- ----Grand uggregate,avg .5 205,650,000 377,028,700 4,660,089,000 39,404,000 15,013,000 21,218,000 42,434,000 556,776,000
1,756,000 a3,767,995,000 154,352,000 35
,513,000
Comparison prey wk.
-91,083,000 +125,000 -31,000 -244,000 -295,000'-4,652,000 +302,000 -66,412,000 -550,000
-6,000
Grand airgate. actuaI condition Nov. 30... 4,622,986,000 37,762,000 15,157,000 22,13:3,000 41,435,000 548,677,000
1,940,000
b3
737,525,000
154,002,000
35,446,000
Comparison prey wk •
-57,535,000----1937000 +29,000 +446,000 +163,000-43744000 -148,000 -83,459,000 +699,000 -119,000
----------Grand ag'gate, actua1 condition Nov. 23... 4,680,521,000 39,699.000 15,1287050 21,617,000 41,272,000 592,421.000 2,088,000 3,820,984,000 153,303,000 35,505,000
Grand itg'gate, actuaI condition Nov. 16___ 4,789,928.000 39,037,000 14,830,000 22,092,000,40,900,000 523,031,000
1,475.000
Grand argate. actua1 condition Nov. 9___ 4,746,200,000 38,948,000 15,109,000 21.769,000141.634,000 556.558,000 1,402,000 3,812.322.000 154,028,00035,615,000
3,774,405,000 150,985,000
Grand aregate, aeto.I condition Nov 9
00107
5 794 '179 non an nos non id 007 on 90 050 0
nn
,07 inn non coo ono nnn 1 121a non 1 arm KM.) non 1.1 .•.1 ivy,'35,824,000
12 nna n nn
a U. S. deposits deducted, $290,120,000. b U. S. deposits deducted, $231,500,000.
STATEMENTS OF RESERVE POSITION.

Averages,
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank.
State banks
Trust companies*
Lie
Total Nov.30_
Total Nov.23_
Total Nov.10_
Total Nov. 9_

Total
Reserve.

a
Reserve
Required.

Actual Figures.
Surplus
Reserve.

Inc. or Dec.
from
Previous Week

$
5
547,755,000 547,755,000 480,366,140 67,388,860 +4,072,280
a
8,616,000 5,629,000 14,275,000 13,328,280
946,720
-56,460
1,798,000 3,382,000 5,180,000 5,128,500
51,500
-37,250
10,444,000 556,766,000 567,210,000 498,822,920
10,458,000 561,418,000 571,876,000 507,407,490
10,320,000 567,018,000 577,333,000 507.908,010
10,280,000 544,960,000 555,240,000 497,131,820

63,387,080
64,408,510
69.429,990
58,108,180

+3,978,570
-5,021,480
+11,321,810
+5,672,110

Reserve
Cash
Reserve
In
In Vault. Depositaries

Total
Reserve.

Reserve
Required.

Sur plus
Reserve.

, Inc. or Dec.
from
Previous Week

$
s
$
5
5
$
b
539,317,000 539,317,000 476,266,200 63,050,800 -33,078,900
8,809,000 6,110,000 14,919,000 13,521,600 1,397,400
+580,420
1,598,000 3,250,000 4,848,000 5,115,450 def267,4501 -384,750
10,407,000 548,677,000 559,084,000 494,903,250
10,329,000 592,421,000 602,750.000 505,080,020
10,367,000 523,031,000 533,398,000;504.585,270
10,286,000 556,558,0001566,844,000'499,502.050

64,180,750 -32,883,230
97,063,980 +68,251,250
28.812,730i-38.529.220
67.341,9501 13,160,820

* Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of
State banks and trust companies, but in the case of members of the Federal Reserve Banks
includes also amount of reserve required on net time deposits, which was as follows:
Nov. 30, $4,597,470; Nov. 23, 54,614,030; Nov. 16. $4,588,050: Nov. 9, $4,493,850.
b This is the reserve required on net demand deposits In the case of State banks and trust companies, but in the case of members of the Federal
Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Nov. 30, $4,586,940; Nov. 23. $4,566,090: Nov.
16, $4.509,240; Nov. 9, 54,500,300.
c Amount of cash In vault. wtitch is no longer counted as reserve for members of the Federal Reserve Bank, was as follows,
Nov. 30, $107,625,000 Nov. 23, 5108,050,000; Nov. 16, 5108,076.000: 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 followa:
Nov. 30, $106,080,000: Nov. 23, $107,457,000; Nov. 16, 5106,492,000; Nov. 9, $107,174,000.




The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in Now York City not in the Clearing House, as follows:
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
previous week.
Not. 30.
$700,088,900 Dec.517,942,900
Loans and investments
371,900
8,137,700 Dec.
Specie
238,400
15,198,500 Inc.
Currency and bank notes
805,000
58,798,100 Inc.
Deposits with the F.It. Bank of New York
749,494,900 Dec. 13,017,000
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y.City,exchanges and U.S. deposits 681,155,600 Inc. 4,354,400
128,325,900 Inc. 4,599,800
Reserve on deposits
Percentage of reserve, 21%.
RESERVE.
- -Trust Companies
-Stale Banks
$66,738,700 13.84%
$15,395,600 12.21%
Cash In vaults
33,598,400 6.96%
9.98%
12,593,200
Deposits in banks and trust cos
$27,988,800 22.19%

Total

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)

Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept.21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30

Loans
Demand
and
Investments Deposits.
$
$
5,137,068,5 4,295,324,2
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 4,427,013,3
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
5,457,805,1 4,520,463,6
5,499,400,2 4,364,815,8
5,471,164,4 4,430,932,2
5,489,226,0 4,515,316,9
5,470,203,8 4,511,208,2
.5 300 177 0 4 ,140 150 a

Specie.
$
74,037,6
73,349,2
72,650,0
72,410,2
71,853,1
70,700,1
71,038,6
70,472,1
70,816,0
69,970,7
69,765.2
70,376.0
71,255,2
69,692,6
68,979,4
69,440,7
69,250,6
an 750 7

STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.

Total Reserve in
*
Cash in DeposiLegal
tartes.
Vault.
Tenders.
$
$
$
88,453,1 162,490,7 578,552,0
87,040,8 160,390,0 557,064,2
90,058,1 162,708,1 549,748,1
86,569,3 158,979,5 551,742,5
86,335,2 158,188,3 558,574,4
87,712,1 158,412,2 583,554,8
88,345,3 159,383,9 554,898,2
06,532,8 167,004,9 571,118,2
94,623,1 165,439,1 517,573,3
91,434,6 161,405,3 587,014,3
85,254,7 155,019,9 574,142.4
92,445,8 162,821,8 580,295,4
04,750,5 166,005,7 619,305,3
85,425,1 155,117,7 585,223,6
89,755,9 158,735,3 591,280,8
91,559,5 161,000,2 610,910,4
92,303,2 161,553,8 603,681,3
(11 min a too Ian a ano 057 a

* 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 companies in New York City not in the Clearing House,"furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of Now York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, P. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the 'Chronicle
April 4 1914 (V. 98, p. 1045).

Trust Companies.

State Banks.
Week ended Nov. 30.
Nov. 30.
1918.

D'fference; from
previous week.

Differences from
previous week.

Nov. 30.
1918.

$
$
$
99,550,000
24,100,000
Capital as of Nov. 1_
169,723,600
42,973,600
Surplus as of Nov. 1..
323,500 1,902,758,300 Dec. 41,425,700
Loans and Investin'ts 475,203,000 Inc.
346,200
12,682,400 Dec.
289,100
9,841,400 Inc.
Specie
376,900
19,143,500 Inc.
142,100
26,431,000 Inc.
Currency & bk. notes
Deposits with the F.
42,322,500 Dec. 1,158,500 189,883,600 Ins. 1,374,100
_
R. Bank of N. Y.
559,841,901) Dec. 8,195,510 1,867,279,200 Dec. 52,425,500
Deposits
96,519,100 Dec. 1,592,200 280,651,600 Inc. 7,072,600
Reserve on deposits_
0.6%
18.7% Inc.
22%
P. C. reserve to dep.

Boston Clearing House Banks.-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

5100,337,100 20.80%

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 Now York City outside of
the Clearing House, are as follows:

Week
Ended-

[VOL. 107.

THE CHRONICLE

2168

BOSTON CLEARING HOUSE MEMBERS.
Nov. 30
1918.

Changes from
precious week.

Nov. 23
1918.

Nov. 113
1918.

1,000 4,704,000 4,738,000
4,703,000 Dec.
Circulation
Loans, diso'ts & investments_ 533,132,000 Dec. 6,816,000 539,948,000 569,900,000
Individual deposits, incl.U.S. 458,044,000 Dec. 22,444,000 180,488,000 506,633,000
114,880,000 Dec. 5,020,000 110,900,000 116,028,000
Due to banks
435,000 13,570,000 13,515,000
14,005,000 Inc.
Time deposits
13,000 16,567,000 16,209,000
Exchanges for Clear. House_ 16,580,000 Inc.
77,537,000 Dec. 2,860,000 80,397.000 78,089,000
Due from other banks
Cash in hank & in F. R. Bank 62,819,000 Dec. 5,434,000 68,253,000 57,557,000
Reserve excess in bank and
Federal Reserve Bank_ _ _ 14,518,000 Dec. 2,985,000 17,503,000 4,414,000

Philadelphia Banks.-The Philadelphia Clearing House
statement for the week 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."
Week ending Nov. 30 1918.
Two ciphers (00) omitted.

Capital
Surplus and profits
Loans, disc'ts & Investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed.Res.Bank
Res've with legal deposit's
Cash in vault*
Total reserve & cash held..
Reserve required
Excess res. & cash in vault

Membersof
F.R.System
$28,475,0
77,667,0
708,669,0
24,830,0
122,435,0
151,738,0
454,654,0
4,776,0
611,168,0

Trust
Cos.
53,000,0
7,498,0
25,242,0
359,0
13,0
273,0
14,828,0
15,101,0

50,005,0
17,196,0
68,101,0
48,055,0
22,046,0

1,932,0
780,0
2,712,0
2,209,0
503,0

Nov. 23
1918.

Nov. 16
1918,

Total,
331,475,0
85,165,0
733,911,0
25,189,0
122,448,0
152,011,0
469,482,0
4,776,0
626,269,0
27,593,0
50,905,0
1,932,0
17,976,0
70,813,0
48,264,0
22,549,0

$31,475,0
84,795,0
743,957,0
25,857,0
127,515,0
150,622,0
474,320,0
4,685,0
638,627,0
38,435,0
48,601,0
2,128,0
18,967,0
69,699,0
48,950,0
20,749,0

$31,475,0
84,780,0
743,016,0
23,343,0
126,027,0
153.68:3,0
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

• Cash in vault is not counted as reserve 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 included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
1
Capital. I ProfUs.

Loans,
Discounts,
1Nat. banks Nov. 1 ) Investments,
cte.
Week ending Noy. 30 1918. State banks Nov. 1 'r
Trust cos. Nov. 1 J
CLEARING
NON-MEMBERS.

Gold.

Legal
Tenders.

Silver.

National
Bank
ch Federal
Reserve
Note?.

Reserve
with
Legal
DeposiRules.

Average. Average. Average. Average. Average.
Average.
Members of
$
$
$
$
$
$
$
$
Federal Reserve Bank.
743,000
98,000
23,000
16,000
12,000
Battery Plrk Nat. Bank. _ 1,500,000 1,519,200 10,987,000
1,295,000
249,000
280,000
24,000
651,200 13,539,000
1,000,000
Columbia Bank_ _
665,000
123,000
86,000
9,000
4,000
196,500 4,222,000
200,000
New Netherland Bank
825,000
3,000
4,000
757,100 5,709,000
500,000
W.R. Grace & Co.'s bank_
835,000
245,000
44,000
1,000
609,100 8,255,000
200,000
Yorkville Bank_
602,000
112,001)
24,000
12,000
6,000
663,100 8,285,000
300,000
First Nat. Bank, Brooklyn....
5:18,000
142,001)
5:3,000
30,000
1,000
595,000 6,333,000
300,000
Nat. City Bank, Brooklyn.,
850,000
218,000
104,000
151,000
81,01)0
400,000 1,325,800 10,303,00()
Firer Nat. Bank, Jersey City
324,000
154,000
55,000
4,000
39,000
761,200 4,879,000
250,000
Hudson Co. Nat., Jersey City
669,000 1,341,000 6,677,000
225.000
172.000
4,650,000 7,108,200 72,512.000
Total.

Additional
Deposits
with Legal
Depositales.

Net
Demand
Deposits.

Net
Time
Deposits.

376,000
480,000
620,000
2,6:13,000
1,002,000

Average. Average.
Average.
$
$
IS
189,000
71,000
6,191,000
11,460,000
354,000
4,322,000
64.000
4,194,000
570,000
4,689,000 3,694,000
287,000
478,000
5,940,001)
110,000
5,225,000
445,000
387,000
6,509,000
193,000
3,852,000
577,000

7,026,000

52,391,000 6,253,000 1,175,000

Average.
a
84,000
1,609,000
222,000

State Banks.
Not Members of the
Federal Reserve Bank.
469,500 2,430,000
100,000
Bank of Washington He(ghts.
500,000 1,088,400 10,573,000
Colonial Bank
198,800 5,330,000
500,000
International Bank
548,000 8,044,000
200,000
Mutual Bank
865,700 21,694,000
Mechanics' Bank, Brooklyn_ 1,600,000
226,600 4,665,000
200,000
Worth Side Bank, Brooklyn..

70,000
235,000
152,000
110,000
12,000

282,000
11,000
100,000
258,000
10,000

3,100,000 3,397,000 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

5,113,000 1,173,000
5,703,000 3,351,000

332,000

33,000

103,000

291,000

672,000

253,000

10,816,000 4,524,000

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

500,000 1,030,700
377,900
200,000

700,000 1,408,600 16,630,000
8,450,000 11,913,800 141,878,000
+783,000
520,300 Increase
8.450.0(10 11,913,800 141,095,000
7,350,000 11,035.300 141,801,000
7,350,000 11,035,300 142,524,000
7.350.000 11.035.300 147.072.000

a U.S.deposits deducted,$5,135,000.




38,000
445,000
72,000
140,000
592,000
117,000

125,000
183,000
656,000
256,004)
272,000
342,000
935,000
285,000
894,000 1,472,000
228,000
295,000

Nationa
Bank
Cfrculalion.

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
39.000
319,000

919,000 2,170,000 3,890,000 11,037,000 8,7313,000 a116,866,000 12,032,000
1,083,000
+155,000 +157,000
-34,000 -277,000 +309,000 -231,000 +38,000 -188,000
1,117,000 1,196,000 1,867,000 4,121.01)0 10,000,000 8,921,000 116,711,000 11,875,000
1,030,000 1,041,000 2,066,000 4,148,000 11,105,000 8,370,000 116,693.000 11,802,000
1,027,000 1,185,000 2,132,000 4,154,01)0 11,397,000 9,201,000 114.625.000 11,755,1)00
1.631.01)0 1.277.000 2.129,000 3,981.000 11,482.000 8.387,000 113,397.000 11,761,000

1,175,000
+1.000
1,174,000
1,177,000
1,101,000
1.190.000

DEC. 7 1918.]

THE CHRONICLE

miters" Oazette.
Wall 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
statement as to his attitude and purpose 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
restricted, as heretofore, by the limitations placed upon
bank credits 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.
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 three-fourths of the total bong 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 automatically sell at par and then go higher.
Among other important events of the week have been a
beginning of the return of our Fitly 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 became 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 4 734
4 73% for sixty days, 4 75%04 75% for cheques and 4 767-16 for cables.
Commercial on banks sight 4 75©4 75%, sixty days 4 72%04 72da,
ninety days 4 7104 71% and documents for payment (sixty days)4 71 7 0
4 72. Cotton for payment 4 757%(34 75% and grain for payment 4 75 0
4 75%•
To-day's (Friday's) actual rates for Paris bankers' francs were 5 51340
5 517% for long and 5 467%05 46% for short. Germany bankers' marks
were not quoted. Amsterdam bankers' guilders were 41 9-160.11 13-16
for long and 41 15-16042 3-16 for short.
Exchange at Paris on London, 25.0734 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:
Cheques.
Sterling, Actual- Sixty Days.
Cables.
High for the week__ _4 73
4 7580
4 76 7-16
4 7534
Low for the week_ _ _4 73
4 76 7-16
Paris Bankers' Francs5 457%
High for the week_ _ _5 51
5 45
Low for the weelc_-5 51
5 45%
5 45
idersAmsterdam Bankers' Gl
42(
High for the week_ _ _ 41 13-16
42M
41
Low for the week_ 41 7-16
423
Domestic Exchange.-Chicago, par. Boston, par. St. Louis, 250
15c. per $1,000 discount. San Francisco, par. Montreal,$15 per $1,000
premium. Cincinnati, par.

2169

The industrial group has been decidedly irregular as usual.
Am. Sum. Tob. has dropped 7M points, Inter. Mer. Mar.
pfd. 4 and Royal Dutch 5.
% On the other hand Am.iCar
& 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.
Week ending Dec. 6.

Sales
for
Week.

Range for Week.
Lowest.

Range since Jan. 1.

Highest.

Lowest.
Highest.
Par. Shares $ per share. $ per share.
per share.it per share.
Adams Express
100 200 597% Dec 6 59% Nov 30 48 Sept 80
American Express_ _100 100 89 Dec 4 89 Dec 4 77% Sept 95% Jan
Am Malt 1st pf ctfs dep. 1,800 4334 Dec 4 47 Dec 5 41 Sept 47 Nov
Dee
American Snuff
100 700 9934 Nov 30 105% Dec 6 85
Oct 1057% Dec
Am Sumat Tob,pref.100 200 8534 Nov 30 90 Dec 6 81
Jan 103 June
Assets Realization _10 300 134 Dec 2 134 Dec 2 1
Mar 2% Nov
Assoc'd Dry Goods_ _100 1
13 Dec 5 13 Dec 5 12 May 15 July
Associated 011
100 86 653-4 Dec 5 67 Dec 2 54
Apr 71
Oct
Atlanta Birm& At1 100 400 754 Nov 30 7% Nov 30 77% Nov 10% June
Batopilas Mining_ _20 1,200 17% Dec 4 1% Nov 30 1
Jan 2% Nov
Brown Shoe, pref 100
10 96 Dec 3 96 Dec 3 95
Jan 98
Apr
Brunswick Tennl 100 900 87% Dec 5 97% Dec5 634 Jan 167% June
Calumet & Arizona..__10 100 66 Nov 30 66 Nov 30 637% Jan 71 May
Case (J I), pref
100 100 91 Dec 5 91 Dec 573
Jan 91
Dec
Chicago & A1ton_100 700 734 Dec 3 8 Nov 30 7
Apr 11
Nov
Preferred
1
300 14 Dec 4 1454 Dec 2 14
Dec 18 Nov
Chic,St P M & 0m 100 400 80 Dec 6 82 Dec 4, 69 Sept 82
Dec
Preferred
100 100 110 Dec 6 110 Dec 6 110
Dec 110
Dec
Cluett,Peabody&Co_100 200 62 Dec 2 6234 Dee 2 45
Jan 65 Nov
Comput-Tab-Record 100 300 367% Dec 2 377% Dec 6 30
Jan 39 July
Cons Interstate Call__10 400 85-4 Dec 2 9% Dec 4 734 Sept 137% June
Continental Can, pf _100 100 106 Dec • 6 106 Dec 6 99 July 106
Oct
Elk Horn Coal
50 400r30 Dec 2 31 Nov 30 22
Jan 31% Nov
Federal M & S, pref_100 200 397% Dec 2 404 Dec 6 27
Jan 44% Oct
Gen Chemical,pref _ -100
1010234 Nov 30 1027% Nov 30 997% June 1037% Jan
General Cigar, Inc_..100 2,200 4554 Dec 4 49% Dec 6 34
Jan 58 June
Gulf Mob & Nor stk ctfs 311 934 Dec 2 9% Nov 30, 8 Mar 10 May
10
Preferred
700 3434 Dec 4 35% Dec 2 27 Mar 357% Dec
Hartman
100 100 54 Dec 5 54 Dec 5 37 Mar 54
Dec
100 100 95 Dec 2 95 Dec 2 68 Jun 95 Nov
Homestake
Int Harv (new), pref.100 100 114% Dec 31147% Dec 3 107
Oct 114% Dec
lot Nickel, pref
100 200 96 Dec 5 96 Dec 5; 88% May 98
Mar
100 100 34% Dec 4 34% Dec 4, 28
Jewel Tea,Inc
Oct 40% Nov
Kelsey Wheel, Inc-100 550 26 Dec 5 28 Dec 21 247% July 35
Oct
Kress(SH)& Co, pf_100 100 1037% Dec 21037% Dec 2 100
Jan 1037% Dec
Laclede Gas
100 200 86 Dec 5 88 Dec 4 82 July 90 Mar
Liggett & Myers_ _..100 800 189 Dec 3200 Dec 6 1647% Aug 200
Dec
100 400 156 Dec 5 157 Dec 6 1447% Aug 200 Mar
Lorillard (P)
Manhat (Elev) Ry 100 210 100% Dec 31007% Dec 3 94 Mar 10334 Nov
Guaranteed
100 200 100% Dec 610034 Dec 6 96 July 10054 Dec
Marlin Rock v t c_no par 2 82 Nov 30 85 Dec 2 75
Oct 87 Sept
May Dept Stores__ _100 200 60 Dec5 60 Dec 5 47
Jan 63 Nov
National Acme
50 1,100 30% Dec 2 3034 Dec 5 267% Jan 33 May
National Biscuit ____100 2 109 Dec 5 109 Dec 5 90
Aug 10934 Nov
Natl Rye,Mex,2d pf100 600 8 Dec5 8% Dec 2 4% May 10% Nov
NOTex&Mexvtc_l
1,300 33 Dec 2 35 Dec 6 17
Ap 35 Nov
N Y Chic dc St Louls-100 600 3134 Nov 30 33% Dec 3 13% Oct 34 Nov
New York Dock
1,100 2254 Nov 30 2434 Dec 2 18% Jan 27 May
1
100 10 48 Dec 2 48 Dec 2 42
Preferred
Jan 4854 Oct
NY Lack & West_ _ _100
7 9334 Dec 5 9334 Dec 5 937% Dec 9334 Dec
Norfolk Southern _ _ _100 300 14 Dec 4 15 Dec 4 14 Nov 21
Feb
Norf & West rights
3,700 17% Dec 4 154 Dec 4 154 Dec 134 Dec
Ohio Fuel Supply_ _ __25 200 44 Dec 4 44 Deo 5 40
Oct 4634 June
Owens Bottle-Mach__25 300 57 Dec 2 57% Dec 5 54 Nov 7034 Aug
Pettibone-Nlulllken _100 100 30 Dec 2 30 Dec 2 29% Jan 37 May
Pitts Cin Ch St L_100 300 52 Dec 6 53 Dec
257% June 58% Nov
Pitts Ft Wayne & C.100
5 nog Dec 2 130% Dec 2 12434 Oct 13034 Dec
St L-San Fran pt A _1100 400 30
2 30 Nov 30 21
Ap 33% Nov
Arms Corp_ 00 200 58 Dec
2 60 Dec 6 53
DecSavg
Jan 80% May
Stutz Motor Car_no par 3,700 45 Dec 3 47% Dec 4 37
Oct 487% Nov
Third Avenue 11y___100 300 15 Dec 5 16 Dec 2 1434 NovI 2134 Jan
50 190 Dec 5 190 Dec 5 178
Tidewater Oil
Jan 190 Mar
Tol St L & W trust rects 200 5 Dec 4.5 Dec 4 4 June 754 Aug
Transue & W'ms_no par 100 38;4 Dec 6 38% Dec 6 3634 Oct42 May
United Drug
100 300 84 Dec 4 8434 Dec 5 69 Jun 8434 Dec
1st preferred
50 100 50 Dec 5 50 Dec 5 46
Jan 5054 Nov
100 400 84 Dec 2 84% Dec 5 77 June 847% Dec
25 preferred
United Dyewood_ _ _ A00 200 58 Dec 3 58 Dec 3 58 Sept 61 May
Wells,Fargo Express 100 250 73 Dec 2 73% Dec 2 637% Sept 8334 Jan
West'house Air Brake.50
82 94 Dec 5 94 Dec 5 94
Dec 94
Dec

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 43s 1965 at 102% and $79,000 Virginia 6s deferred trust receipts at 663/2 to 70.
The record of this week's market for railway and industrial bonds is quite in contrast with our last report. While
Outside Market.-Business on the "curb" this week was
this department has been overshadowed by the enormous
transactions in Government issues and the volume of busi- quiet, with the undertone good throughout. Price moveness restricted, the tone of the market has been strong and ments were irregular, though changes for the most part
of a list of upwards of 20 representative issues 15 have ad- were small. There were a few strong spots, chief of which
was Keystone Tire & Rubber corn. which was heavy traded
vanced and only 4 are fractionally lower than last week.
With the former are included Am. Tel. & Tel., Bait. & in. In the opening trading it sold off from 27% to 243-i,
3 and reacting
Ohio, Ches. & Ohio, Burlington, Chic. Gr. West., Rock after which it rose steadily reaching 33%
Island, Lehigh Valley, New York Cent., Pennsylvania, finally to 31%. Aetna Explosives corn. weakened from
55%
to 53, then advanced to 63/2. Burns Bros. Ice corn.,
So. Pao. Rubber and Steel bonds. In addition to the
above the active list includes Atchison, St. Paul, Inter. after a loss of three points to 42 sold up to 47. Marconi
Mer. Mar. and the local traction issues. The latter have Wireless Tel. fluctuated between 432 and 48%, closing to-day
at'4%. Submarine Boat lost almost two points to 113i
been notably weak.
United States Bonds.--Sales of Government bonds at and ends the week at 11%. United Motors after early
loss from 33 to 323/i advanced to 343 and finished to-day
the Board include $3,000 2s coup. at 98, Liberty Loan 33's at
34. Airplane issues were quiet. Curtiss Aeropl. & M.
at 97.50 to 99.06, L. L. 1st 4s at 94 to 96, L. L.2d 4s at 93.50 corn.
on few sales lost about three points to 13. Wrightto 95, L. L. 1st 43s at 97.54 to 98, L. L. 2d 43s at 95.90 to Martin
Aire. corn. weakened from 45% to 43'. Oil shares
97.82, L. L. 3d 44s at 95.94 to 96.88 and 4th 43s 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 about 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 1343i.
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 trend of & Transp. after improving during the week from 33 to 3%
the market from day to day and few exceptional features are to-day jumped to 43 closing at 438. Oklahoma 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 223/
9. 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
Government control of railways, but this advance has not advances. In bonds the new Norfolk & West. 6s were
been wholly maintained and of a list of 12 active features heavily traded in up from 107 to 1093' and at 1083/i finally.
in this group,5 show a loss during the week.
The new Wilson & Co. 6s were dealt in for the first time
In to-day's market the aggregate transactions were only "w. i." up from 96 to 97 and down to 959., the close to-day
about % the average of, as noted above, a very dull week being at 95%. Russian Govt. 63's gained about four points
and price changes were wholly unimportant. As a result to 71 and reacted to 69; the 53/95 rose from 62 to 68 and sold
of the week's operations St. Paul and Now Haven are a finally at 65.
point higher, Union Pacific is over 2 points lower and CanA complete record of "curb" market transactions for the
adian Pacific unchanged.
week will be found on page 2178.




2170

k Record, Daily, Weekly and Yearly
New York Stock Exchange-Stoc
OCCUPYING TWO PAGES

page.
For record of sales during the wook of stocks usually inactive. see preceding
PER SHARE
PER SHARE
Range for Previous
Range since Jan. 1.
STOCKS
HIGH AND LOW BALE PRICES-PER SHARE, NOT PER CENT. Sa;ester
Year 1917
On basis of 100-share lots.
NEW YORK STOCK
the
EXCHANGE
Week
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
Highest.
Lowest.
Highest.
Lowest.
Shares
6
Dec.
5
Dec.
4.
Dec.
3.
Dec.
2.
Dec.
Nor. 30.
Par 21 Per share. I $ per share. $ per share g per share
Railroads
$ per share $ per share 8 per share $ per share $ per share 3 per share
75 Dec 107.4 Jan
81 Mar23 993 Nov12
9412 9412 9434 9438 9112 3,200 Atoll Topeka & Santa Fe__100
91
95
9434 94
9418 93
94
75 Dec 1004 F41.0
80 Jan30 9212 Nov12
100
Do pref
400
8912 *89
9012
9012 89
*88
*8812 90
89
*8838 8812 89
Jan
8938 Apr22. 109 Nov20 27978 Dec 119
RR-100
Line
Coast
Atlantic
200
107
*106
10678
10678
107
*106
107
*104
106
*102
.104 106
3814 Dec 85 Jan
Nov12
62
Jan24i
49
100
Ohio
&
Baltimore
13,400
5514
5578 55
5518 5578 5518 5578 55
5418 5134 544 56
Jan
4814
8
767
Dec
Nov13
6112
Apr25
53
100
Do pref
5634 5634 5612 5078 5834 5678 4,000
5612 57
5658 5634 5658 57
36 Dec 82 Jan
36 June26' 4814 Jan 2
3712 3712 5,200 Brooklyn Rapid Transit 100
3678 38
38
3812 38
3838 3834 38
387s 39
Dec
Mar
8
126
1873
0014
8
1747
Mar25'
135
100
Pacific
Canadian
159 161 *159 16112 *15914 16112 159 15914 159 16034 3,668
15912 161
493 Jan15; 8238 Nov12
42 Nov 651 Jan
100
6,500 Chesapeake & Ohio
5938 5914 5934 *5714 58
5912 5914 5912 59
5812 5858 58
6 Apr 9 11 Nov12
800 Chicago Great Western..100
919 912 *918 912 *834 912
918 94
918
9
9
9
an
4 la
11138
4
Nov12
1712
32
9'
Apr
1812
100
Do pref
2834 2884 2,100
2858 2858 *2812 29
2812 29
2714 2838 2734 29
Jan
Nov
374 Apr22 544 Sept 7
6,300 Chicago Mliw & St Paul..100
47
47
464 47
47
4818 4712 4734 46
46
4534 46
Jan
639212
12
5
2
2
19
o
v
Nov12
8638
Apr11:
684
100
pref
Do
79
7812
7858 7934
7912 81
8034 82
8118 80 . 82
80
85 Doc 12414 Jan
8912 Mar251 107 Nov 9
9934 9934 9934 9934 9934 9938 9912 1,600 Chicago & Northwestern_ _100
99
x9812 99
*10012 101
c 1g1128
ee
101) 125 Juiy151 137 Jan29 1:17112 Be
Do pref
100
13014 13014 *131 134 *131 134 *131 134
*132 1374 *128 137
June
Nov12
3212
Apr22.
18
errs.
temp
Pac
&
Isl
Rock
Chic
12,000
28
2712 *27
274 2758 27
28
2612 27
2634 2814 27
44 Dec 8414 Apr
563 Jan151 88 Nov12
7% preferred temp etts___
*8212 8412 1,600
8314 8314 8312 84
8214 8278 8212 8312 *8314 84
Apr
Dec 71
4
353
Nov12
75
Jan15
46
otfe____
temp
preferred
6%
2,700
*71
7112
72
71
14
7114 7078 7114
7114 71
71
70
70
Jan
24 Nov 61
28 Feb21: 40 Nov 8
Cloy Cin Chic & St Louis.. _100
39
*35
40
*36
39
*35
39
*35
40
*35
40
*31
61% Oct 80 Jan
58.34May 7, 70 Nov22
100
f
D
72
*88
72
*68
75
*68
75
*68
75
*68
75
*68
Jan
30
Nov12
Nov
2712
18
Apr22
18
100
Southern
&
Colorado
100
2312 2312 *2312 2512
26
*24
*2312 26
*2312 26
*2314 26
4478 Nov 5712 Jan
47 Apr 3: 55 Nov 4
100
Do 1st pref
*50
5412
5412
5412 *50
5412 *50
*50
*50 '54
41 Sept 46 Mar
Oet23
Apr 4. 47
40
100
pref.
2d
Do
46
*41
_
___
46
*41
46
*41
46
*41
45
*42
87 Nov 15178 Jan
100 10012 April: 11934 Nov12
300 Delaware & Hudson
- - 11334 11334
11534 11534 *110 116 *110- 116
*107 115 *107 114
7 Mar
18
e 23
ec
712 Do
100 Delaware Lack & Western.._50 160 Apr17' 185 Sept 4 165
180 180 *175 180 *175 180
*175 17712 *175 180 *175 180
7 Nov21
214 Jan 41
Denver & Rio Grande___100
*512 6
*612 712 *512 712*512 612 *5
634 *512 6
84 Jan
1
4
4
3
2
c
Jan
DecDe
1338
Apr231
1937188
5
100
pref
Do
1,900
978 10
*934 1012
10
978 1038 10
10181
1034 1034 10
14 Apr17; 2338 Nov12
100
15,000 Erie
1834 19
1838 1958 1834 19
193 20
1853 20
1858 19
3612 Nov12
1834 Dec 4914 Jan
Jan16;
2318
100
pref
1st
Do
4,400
32
*31
3218
3112
3158
31
3212
314 3158 3212 31
*31
Jan
Dec
100
1812 Jan25' 274 Nov12
Do 2d prof
200
23
*22
22
2312 22
2378 *22
*20
*2012 24
24
*22
4 Dec 13
91'8
19
7
51 Jan
198:
86 Jan151 10812 Nov12
100
6,725 Groat Northern pref
9812 9734 98
98
98
98
99
98
9718 9712 9712 99
2238 Nov 3818 Mar
Nov14
344
1
Jan15
254
par
_No
properties_
Ore
Iron
8,600
32
3114
3112
4
313
3212
32
3112 3134 3134 3214 313 3214
92 Jan 7' 10512 Nov12
100
100 Illinois Central_
*98 101
*98 101
*98 101 ix10034 10034 *98 101
*99 101
94 Jan 3
614 Sept20
738 738 3,400 Interboro Cons Corp_No par
712 75s
734 734
8
8
758 778
*758 8
3912 Dec 724 Jan
29 Sept18 4712 Jun 3
100
pref
Do
1,500
3212
3114
33
4
313
*3218 3412 *3212 34
34
*3218 3412 33
1512 Apr17 244 Nov12
21
2014 2014 2,500 Kansas City Southern_ _ _ _100
2014 2038 *20
2034 2034 21
204 20
20
45 Jan 5 5912 Nov12
100
pref
Do
100
57
*52
5314
5314
58
*53
57
*53
59
*5312
59
*53
74 OctIO 1178 Nov13
100
Lake Erie & Western
11
*9
*912 11
*814 11
11
*8
11
*8
11
*10
2 22 NovN
4
Oct22 1
O vt 53
582
jjja2
1 Jan
269131
na3:1
18 Apr23 25
100
Do pref
*20
23
23
*20
22
*20
22
*20
22
*20
22
*20
Dec 7912 Jan
55 Jan15 6518 Nov12
50
Lehigh
Valley
6,000
6018
6034
595
6058
8
603
8
60
6012
6012, 6038
60
5912 60
Jan
13334
Nov12
4
1243
105°83
e
'2
Jan
110
_100
_
Nashville..
200 Louisville &
120 12034 *119 121
*11612 124 *11612 124 ,*117 124 *119 121
678 Dec 3214 Jan
712 Apr17 1578 Nov12
900 Minneap & St L (new)....100
1234 13
*1214 14
13
13
13
1234 1234 1234 1312 13
Jan
312 Dec 11
634 Nov12
433 Jan 5
614 5,600 Missouri Kansas & Texas_100
6
538 6
*512 6
512 6
54 512
54 534
612
Nov12
7 Nov 2012 Jan
1312
Jan29
100
Do pref
100
*11
13
13
1212 *11
1112 *11
1112 1112 *11
12
*11
Jan
1978 Nov 34
20 Jan15 3138 Nov12
100
otfe
tr
Pacific
Missouri
274
25,600
2712
274
28
274
2814
4
2714
273
2778
2614 2834 2614
Jan
61
41
Jan15 62 Nov 9
100
Do pref tr Ms
1,100
*5714 58
58
*57
5878 *5634 58
5818 5834 58
58
58
10352 Jan
6712 Jan15 8438 Nov12
100
7938 78511 79.8 7812 7812 13,200 New York Central
7812 7712 7934 78713 7914 79
78
6327
2
111 Sept
27 Aprll 4578 May29
DDeeac 5272 Jan
100
3578 3614 17,450 N Y N H & Hartford
36
35
3412 35
35.38 3634 3614 3714 35112 36
17 Nov 2914 Jan
1814 Jan22 243 Nov 9
300 N Y Ontario & Western-100
2112
*21
22
*21
2112 *21
*2014 22
21
21
13832 Jan
10612 10612 2,100 orfolk & Western _ .......100 102 Jan24 11214 Nov12
10612 107
10612 107
10614 107
10614 10614 106 106
72558 Dec
9
pea 11014 Jan
814 Jan24 10:5 Nov12
100
8,109 Northern Pacific
97
9638 9512 9718 9558 9714 9512 9614 9612 9714 96
95
57% Jan
Nov12
5018
c
evo
oe
D
43
45
June27
4314
54)
4733 6,600 Pennsylvania
47
4738 47
4712 4714
47
4634 47
4678 47
3612 Jan
41294
9
v12
Nov12
478 N
18
9a May 1 6
1,075 Pere Marquette v t o -__100
47121612 1612 *1612 17
_
1634 167s 1612 17
734 JIID
3
Apr
5212
_100
_
o__
t
v
pref
prior
Do
100
63
*58
63
-d6- *58
57 June
Nov18
37
Oct
50
30 Apr 5
100
Do pref v t o
*4518 49
49
*45
1834 Dec 3534 June
2258 Jan 2 4038 Nov14
3515 3618 3512 3512 9,800 Pittsburgh & West Va._ 100 61
-5818 3612 3614 3638 36 36 *78
-1514
Jan
68
Nov14
82
650131
Jan10
Do pret
300
82
784 79
82
8034 8034 *78
80
*77
79
*77
Nov 10414 Jan
7018 Jan15 9614 Oot23
50
41,900 Reading
8334 84
85
8338 8438 8312 8538 844 8512 841.1 8518 84
Jan
45
May15
Nov
39
34
Jan12
35
50
prof
lst
Do
200
*3712
38
37
37
*37I2 38
*3712 3812 3712 3712
38
*36
3378 Dec 4512 MI
35 Mar30 40 July d
5
Do 2d prof
3812
200
3812 *37
3812 *37
3812 *37
3838 3838 3812 3812 *36
12 Dec 2882 June
Apr 3 17 Nov12
932
ctfe_100
tr
Fran
Louis-San
St
1412
1412
2,400
1458
1412
1434
4
143
15
1412
1478
1334
14
4
133
22 Dec 82 Jan
19
Oct 2 25 Nov12
St Louis Southwestern._..i00
2414 *1912 2414 *1912 2414
*1912 2414 *1912 2414 *1912 2414 *20
34 Dec 53 Jan
28 Oct 2 4012 Jan 3
100
Do pref
100
38
*30
38
*30
38
*36
38
*30
37
37
37
*35
Dec 18 Jan
Apr17 12 Nov1.21
7
93
100
Air
Seaboard
Line
900
10
10
4
93
10
10
1012
*10
10
10
4
3
9
934
Nov121
16
8 Dee 3615 Jan
774
2514
Apr19
1518
100
pref
Do
*21
2134
800
2134 *21
2112
2112 *2114 2112 *21
21
*2012 21
8012 Jan24 110 Nov 71 751s Dec 9812 MAT
100
10112 10438 10258 10414 10212 10334 1024 1033.8 10178 10212 160,600 Southern Pacific Co
10114 103
2112 Dec 3382 Jan
2038 Apr30 3478 Nov121
100
314 52,800 Southern Railway
3138 31
2953 3014 2934 3238 3118 3178 3078 3134 31
57 Jan21 754 Nov12, 5158May 7012 Jan
100
Do pref
2,000
70
70
71
7034 *70
7034 70
6812 6978 70
684 69
14 May 4 2718 Nov 8: 1138 Nov 1934 Jan
100
2612 17,900 Texas & Pacific:
2578 2412 2512 2412 2434 25
2234 2234 2378 24
*20
394 June13 6514 Jan311 62 Dec 95 Jan
Twin City Rapid Transit..100
52
*48
52
*48
52
*48
52
*48
52
*48
52
*48
100 10954 Jan15 13712 Oct19 10114 Dec 1461, Jan
12912 130
24,500 Union Pacific
12912 13034 12912 131
13114 13232 x129 13134 12912 131
914 Dec 85 Jan
6
69 Jan 3 7634 Nov12
Do prof
1,150
73
73
73
7412 73
74
§74
7334 7414 *73
7358 74
43 Jan15 12 June27I
Dec 1132 Jan
834 8%
100 United Railways Invest...100
*834 914 *834 94
*834 94 *834 9
*834 9
7!
141111
c 2334 Jan
May
20
9
Apr
104
pref_
Do
16
*15
16
*15
16
*15
*1512 16
*1512 16
*1512 16
7 Nov 1534 Jan
Apr26 1134 July 81
7
.
100
93
Wabash
3,400
8
95
958
4
93
*912
912
10
934
10
934
958 958
58 Jan
2
Jan
4412
3612
Dec
Nov25
3634
100
A
prof
Do
3812
*38
3,600
3814
3914 3834 3918 38
3714 3814 3838 3914 39
18 Dec 3012 Jan
2014 Jan15 2612 June26
100
Do pref B
*2212 2414 *2212 2411
25
*24
*2312 25
*2212 25
25
*23
23 Apr
12
Deo
Feb15
175
8
1234
Oct
(new).100
Maryland
1312
Western
1314
24,200
13
138
13
14
4
133
1338 1314 1378 1312
13
20 Dec 41 Mar
20 Jan29 32 June22
100
Do 2d pref
30
*27
1,000
30
*27
30
*28
2914 2912 30
28
31
*26
1012 Dec 1812 May
13 Jan 2 2434 Nov12
100
2218 2214
900 Western Pacific
22
2218 22
2133 2138 2158 2158 22
23
*21
l 48 July
51 Be
371
46 Jan 3 64 Jone27
100
Do preferred
100
*6178 6234 *6214 6234 *6214 6234
6112 6112 6112 *6158 83
*60
2272 Jan
8 Apr22 1234 Nov12
100 Wheeling & Lake E Ry 100
1012 *10
1012 *934 1014
1012 *10
1014 1014 *912 1034 *10
16% Nov 5032 Jan
1712 Apr17 26 Nov12
100
preferred
Do
22
100
1978 1978 *20
23
*20
22
*20
*1912 24
*1912 22
Jan
5414
33
Dec
Oct22
4
393
2
May
34
100
Central
Wisconsin
*34
500
37
37
*34
38
*34
3514 3514 357s 36
36
*32
Industrial & Miscellaneous
712 Nov 1812 Jan
2884 Nov21
Jan19
11
100
Rumely
25
2414
2,700
Advance
2312
2412
24
24
24
2414
24
24
2334
2338
19 Oct 3712 Jan
257* Jan 9 6278 Nov19
......100
Do pref
60
6058 2,000
60
*59
60
5978 5912 6014 6034 6078 60
59
4518 Dec 80 Jan
49 Jan 2 6814 Nov 8
50
66
400 Ajax RubberIne
6512 6512 65
65
*61
6512 *61
6
Nov
1 Dec 1112 Jan
t)
3
5
Apr27
14
10
Mines
Gold
414
434
412
Alaska
412
9,400
438
412
412 *418
4
412
378 4
812 Mar
312June21
1% Deo
112 Apr 1
218 42,300 Alaska.Juneau Gold Min'ig_10
2
214
2
178 2
218 232
218 218
178 218
15 Deo 3232 May
173 Jan15 37 May24
2814 2914 10,500 Allis-Chalmers Mfg v t 0_ _100
2738 28
28
2714 27
2612 27
2634 2714 27
Mar
8672
864
May24
4
65
Jan
Deo
7214
_100
o__
t
v
preferred
Do
600
82
8338
83
82
*8112 82
82
*80
82
8112 8112 *80
72 Deo owl May
78
10112 10134 10112 10112 2,700 Amer Agricultural Chem_100
101 10214 10112 10112 102 102
101 101
Deo .10312 Jan
1
9
0
91
1
2
17
7
n
1
a
Ja
ig2
j
att
A
O
4
89
pref
_
_
*98
Do
9912
*9612
*96
*9612 100
*96 100
63 Deo 10212 Feb
48 Nov26 84 Feb27
100
57 -59-1-2 1-1,900 American Beet Sugar
- 5212 53
i258
5312 -Ei
5138 5214 5012 5112 5114 -98 Jan
100 282 Sept13 911* May 8
100
Do pref
85
*82
85
*82
*82
85
90
*82
85
85
90
*82
53 May
e
;
Do
812 N
291
7
May17
34
50
Jan15
3458
100
Can
4514
American
4434
29,100
4518
454 4534
46
4278 4214 4314 4312 4612
42
mit
June
Deo
87
8
Nov
9712
8914 Jan23
100
940
Do pref
9512 9512 9512 9512 9614 9614 0612 6612 9614 961. 9678 97
57 Feb 8038 June
8838 Sept27
Jan14
6814
Foundry.100
&
Car
American
6,800
8414
84
8312
834
8412
8334
8
843
8218
8114 834 8234 8314
May
11834
Nov
100
Sept30
11112
3
Jan
108
100
Do pref
100
109 109
21 Dec 5012'Jan
25 Jan16 4434 Oct 18
100
Cotton 01
8 161-2 4012 161; 40 16- -io- -4-61-8 1,900 Americanpref
3914 394 *3814 3912 -565.
80 Dec 10112 Jan
78 Mayl' 85 Nov 6
100
Do
89
89
*82
*82
89
*82
89
88 '82
.82
10 Feb 1714 Mar
1178 Jan10 2218 Sept 4
1418 1414 1438 1414 144 144 141, 1414 1412 2,100 American Hide & Leather_100
14
14
14
4314 Dec 75 Jan
50 Jan 2 947s Aug24
100
Do pref
3,600
73
73
*71
7312 73% 7412 7312 7414 72
72
7214 727
1672 Aug
49 Oct28
2
Jen
1114
100
Ice
American
3,100
4214
4012
41
424
4214
4214
4212
4134
4058 408 4038 4112
e 55 July
aelY
D
878 j
35
Oct21
3834 Jan16 61
100
1,000
preferred
Do
57
*55
56
564 66
5612 58
*55
55
55
55
55
48 Oct 8234 Aug
5112 Sept13 60120ot 14
1,600 Amer Interwitional Corp_100
55
55
5412 58
5512 56
55
55
5572 56
56
56
27 Jan 7 434 Dec 6, 1534 Feb 2912 Aug
100
41% 4314 16,600 American Linseed
4038 4018 4012 4012 414 4114 413
40
40
40
48 Feb 75 Nov
804 Jan 7 8512 Dec (I
100
Do pref
8412 8412 8512 3,300
8214 8238 8234 8278 83
82
82
*8012 82
534 Jan15 7134 May16' 4058 Dec 8234 Jan
100
6312 9,200 American Locmotive
6334 63
6158 624 62
6014 62
61
6078 6112 60
Dec 1067s Jan
93
4
3
Dec
10238
Jan
100
z95
102
102
pref
Do
*100
300
*100
10214 10238 *10012 10238
*100 10214 102 102
814 Dec 1934 Mar
238 Sept28 1312 Feb 6
100
4
4
100 American Malting
42 *334 412
*33
*334 5
*334 434 *334 48
50 Dec 7112 July
39 Sept25 5818 Feb 6
100
Do 1st pref
*43
--48
*4312 48
*4312 48
48
*43
v 93 Nov
00
p0
87853 N
6
90 Feb21 144 May14
100
American Shipbunding
*____ 142 *_ 142 *108 142 *108 140 *108- 1-42- *108 142
11234 June
73 May28 9434 Oct 18
65,320 Amer Smelting & Refining.100
8518 8338 8438 8312 84
8312 83
8134 8212 8138 8278 82
Nov12 z994 Nov 11712 Jan
1104
Sept25
10818
103
100
pref
108
*10714
Do
10818
10818
450
108
10818
108
10834 10834 *10734 10834
75 June
Dec
504
Nov19
95
Jan15
58
_100
8912 8978 6,100 Amer Stepl Foundries__
8838 90
9012 8812 90
894 9014 8938 90% 89
8918 Nov 12638 June
98 Jan16 116 May15
2,900 American Sugar Refining_ _100
11034 111
11012 1114 111 111
11012 111
112 1121z111 112
Jan
12112
4
Dec
11412
Mar23
10814
100
115
*113
115
598
*113
11438
Do Pre
11412 11412
114
1113 113 *111 114
6212 Dec
e
;
pa
6034 Jan 5 145 May24 131 M
9834 18,600 Am Sumatra Tobacco_ __ _100
97
96
9112 9134 • 92
10353 10514 x9034 92
103 104
9534 Dec 12812 Jan
9058 Aug 5 10914 Feb 1
10234 10418 10134 10338 10278 10378 1033 101 • 103 10434 103 103% 14,400 Amer Telephone & Teleg_100 24012
Jan 5 19834 Dec 6 123 Dee 220 Mar
100
1,300 American Tobacco
189 18912 1904 19834 *190 198
188 188
*185 190 *185 191
89 Doc 10934 Jan
9213 Sept14 10012 Dec 6
100
100 10012 1,000
Do pref (new)
9912 100
99
9878 987s 99
99
9878 984 *98
3718 Feb 58% Juno
Jan15 6078 May24
100
4438
Mass
of
Woolen
58%
5514
13,800
5512
Am
55
5512
8
547
544
5278 53
5114 5134 52
9
Nov
96
87 Nov 100 June
4
Jan
92
100
Do pret
700
9518 9514 9512
9512 9478 9478 95
*94
9412 9478 *94
95
17 Nov 5412 Mar
2014 AprIl 3938 Aug28
*2912 34
34
*29
450 Am Writing Paper pref.-100
3078 3112 *3112 32
31
*29
33
*20
1234 Nov25 2138 July 3 1 1012 Dec 4132 Jan
25
1,900 Am Zinc Lead & 8
128 1278 1278 1312 1338 1312 *1234 133
13
13
*124 14
3914 Dec 7212 Jan
41 .Jan 2 5314 July 1
25
4818
300
4712 4612 4612 46
*3912 4612 *41
Do Pre
4712 *3912 47
*40
Oct 18
5118 Nov 87 May
6678 6558 6678 6518 6638 6518 6638 39,200 Anaconda Copper Mintng.50 x5918 Jan18 x7414
6512 6438 6534 65
65
8755 Seln 12112 Jan
972 Jan 5 l2014 Feb18
10,400 All Gulf & W I SS Line__ _100
109 11012 109 10978 109 111
108 11014 10812 10912 10834 111
54 Feb 66 Jan
58 Jan 5 6758 Nov20
100
*6412 68
Do pref
68
*65
68
*64
69
*66
*6412 68
43 Feb 7612 July
5618 Jan15 10134 May18
Baldwin Locomotive Wks.100
50,900 B
7534 744 7538 733 7538
7212 71
7212 72
71
Dec 10212 Jan
0021
104
93
2
Jan
93
100
*9712 107
Do pref
Jan
218 Dec 136
86
4 109 Oet18 05
Jan
85
100
2
1
53
4
64
0
7
(The)
1
*
Co
1
8
712
6
10
Barrett
4
1051
500
103'
fa
2
103'4
104
*101
104
'101
Dec 515 Jan
8614
Nov13
96
May16
6014
_100
Corp.__
00 Bethlehem Steel
700
45,4
6312 6334 6458 6458
156
June
May16
5934 Nov12 94
-&ifs ..6f3-,i
Do class B common..100
6278 03's 63% 6412 6418 6612 -a1.2 -66-- 633 65
93 Dec 10112 Oct
964 Jan15 1007$ Apr29
Do cum cony 8% pref___10512 10512 10538 10538 10558 1053 10512 10512 10614 10614 1,000
10478 105
Jan211 294 Sept 5
21
2314 2312 2314 2312 2314 23A8 2314 2358 2352 23% 2318 23% 2,000 Booth FisheriesNo par
first installment.
of
payment
Before
b
-dividend.
Ex
a
rights.
*Bid and asked prices; no sales on this day. 3 Ex-rights. I Less than 100 shares. a Ex-div. and




Bre

8234 Bee: 'MI 1.."

2171

New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Nos. 30

Monday
Dec. 2

Tuesday
Dec. 3

Wednesday
Dec. 4

Thursday
Dec. 3

Friday
Dec. 6

Saiesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan 1.
On basis of 100-share iota.
Lowest.

Highest.

PER SHARE
Range for Previous
Year 1917
Lowest

Highest,

Industrial&Misc.(Con.) Par $ per share. $ per share. $ per share $ per share
$ per share $ per share $ per share $ per share $ per share l $ per share
100 108 Feb 5 161120et 26
39
Jan 1254 Apr
300 Burns Bros
149 14912 151 151
*144 151 *14312 151 *144 151 *146 151
8 Nov25 1278 July10
3,300
Butte Copper de Zinc v t c_5
1
853 8713
812 812
8 2 012
818 853
8
8
8
818
1214 Dec 571 -.1;1;
1612Jan 2 3313 May14
1,200 Butte & Superior Mining_10
2112 *20
21
21
2034 214 *20
21
_
20
20
3612Jan 3 50 Nov23, 3334 Nov
4214 Aug
461.11 *4534 461 2 1,600 California Packlng____No par
"45- 19-14 4833 4834 4734 484 46 4634 4614
12 Jan 7 2473 Nov 9
100
1014 Dec 3012 Jan
1912 2013 2133 2133 22341 2112 2318 13,500 California Petroleum
1938 1938 19
•1834 20
pref
100
36 Jan 5 6834 Dec 6
2912 Nov
Do
6214 Jan
6612 6812 6712 6834 5,800
6312 6312 *6314 6434 6434 67
63
63
5633 Nov29 7332Feb 27
100
55 Dec 10112 June
6,600 Central Leather
5812 5914 5978 6133 5912 6034 5934 6012 5978 60
5734 58
100 10212 Mar14 108 Nov12
prof
Do
97 Dec 1154 Jan
300
105 105
106 106
10118 101,8 *103 106 *103 106 *104 1041
par
294
Nov12
Cop__•_No
Mar
6
39
2,200
Cerro
do
Pasco
25 Dec 41
3512
Feb
3472
35
36
*343
4
3514
3514
3434
3514
35
3134
34
100
63'4 Jan2 10838 Nov12, 56 Nov 10434 Mar
1,300 Chandler Motor Car_
10538 10512 105 105
105 106
10312 105
1004 10053 103 103
1413 Apr 4 24 Oct 18
25
1114 Nov
2758 Mar
20
2014 8,400 Chile Copper
2038 1912 2038 1934 20
2014 2014 1934 204 20
5
3632June10 4714 May16
3513 Nov 6334 Mar
384 3612 3834 37
3834 10,500 Chino Copper
3753 3753 3712 3753 3713 3812 37
100
3434Jan 29 5412 May24
2934 Nov
1,100 Colorado Fuel & Iron
53 June
*3713 3812 *3712 39
3814 3834 38,2 39
39
3778 3778 *37
100
2834 Mar25 4178 Oct 17
2558 Nov
4778 Apr
*3812 3914 3918 3914 1,300 Columbia Gas &Elec
39
3712 3734 38
38
3812 39
38
8234 Jul y15 10538 Nov12
7612 Dec 13458 Jan
101 10334 10314 104
4,400 Consolidated Gas( N Y)_100
10053 102 *10012 10212 101 10112 101 101
6512 Oct 7 95 Feb 19
100
76 Nov 10314 June
600 Continental Can, Inc
7212 *71
71
7312 *71
7312 6812 68i2
71
6812 71
*68
2978Jan 15 5013 Nov16
18 Feb
4734 4853 48
3714 July
49
4833 24,300 Corn Products Refining_100
4634 4718 4714 4812 48
4634 47
100 *0013 Jan 7 103 Oct 3
10234 102841 10214 10214
Do prof
400
103 103
8312 Nov 11232 Jan
•1013i 103 *10134 103 *10134 103
52 Jan 12 7478 MaY16' 4534 Dec 9178 July
5612 5714 9,400 Crucible Steel of America 100
56
5612 5578 67
5412 5512 5514 5534 5534 58
100
86 Jan 31 9134 June 41
83 Dec 11734 Jan
Do prof
*90
9034
92
*9014 9012 *9034 92
*90
92
93
*90
*90
2713 Apr 10 34 Nov12
2478 Nov
5514 Jan
3012 3033 307a 304 3012 3012 3138 3078 3112 9,400 Cuba Cane Sugar__No Par
2938 2934 30
7818 Mar25 83 Feb 13
_100
7478 Dec 9412 Jan
81
81
1,900
Do pref
803.1 8034 8012 8012 8012 8012 8012 8012; 8012 81
1114 May 4414 Oct
49141 1 43344 484 *4818 4312 20,600 Distillers' Securities Corp_100 z33 Jan 2 6434May24
4612 4612 4812 48
4634 4714 46
1
Nov
1212 1334 1334 1378 11,200 Dome Mines, Ltd
6 June19 15
10
612 Nov
2434 Jan
1212 12
1212 1218 1214
1214 1212 12
39 Feb 13
28 Feb
2514 Oct 11
31
3138 6,920 Gaston W & W Ino__No par
4112 Aug
3018 3018 3014 3012 31
2914 2934 2912 2934 30
100 12734Jan 7 158120ct 18 118 Dec 17134 Jan
2,800 General Electric
*151 153
153 15414 15318 15418 15112 15514 15434 15512 x152 152
Aug21
100 106* Jan15 164
12553 12758 12318 127
7413 Nov 14618 Jan
4,600 General Motors Corp
12534 12534 126 12778 126 127
12512 126
7532 Oct 10 88 Feb 1
prof
100
Jan
Do
7234 Dec 93
1,600
81
81141 8114 8114 8112 814, 8134 8134 8112 82
82
.80
38 Jan 2 594 Oct 18
100
3214 Dec 6114 Jan
56341 5612 5714 *5614 5718 4,400 Goodrich Co (II F)
56
5278 5414 5434 55141 5512 57
9(3 Jan 10 10334 Nov12 x9132 Dec 112
100
Jan
Do prof
60
O10178 106 *10178 106 110318 10318 *10012 106 *10012 106 *103 106
100
74 Jan 25 86 Oct 23
65 Nov 9238 Jan
80
8012 8012 80
81
1,70(1 Granby Cons M El & P
8014 80
79
79
79
79
*78
3333 Jan 17 5814 Nov 6
Jan
4814 4878
34 Nov 47
4833 4914 *4814 49
1,400 Greene Cananca Copper_100
4834 49
48
4734 4734 48
63 Oct 30 11112 Apr 25
Jan
77 Nov 137
*67
70
.68
70
300 Gulf States Steel tr ctfs 100
*6512 70
68
6712 6814 68
July30
4
491
47
747
_No
par
34
Jan
5
Barker
Car_
2712
Nov
June
463.1,
4634
*4634
&
40
4612
Haskell
600
463
4
4812
473
47
*4612
4
47
4258Jan 15 5813 Oct 18
38 Nov (1612 June
4712 4778 4733 4778 4753 4834 4734 4914 4753 4812 4734 4812 15,800 Inaplration Cons Copper_ _20
.,100
14
10 Jan 8 19 June20
13
*13
*13
734 Nov
2178 May
14
200 Internat Agricul Corp
13
13
13
*1213 13
104)
33
Jan 8 65 June18
52
2614 Nov 6012 July
53
52
62
pref
*51
Do
600
5112
5214
5114 5114 5113
100 104 .Oct 14 121 Nov12
114 11412 1,400 Intern Harvester (new)
11478 11478 *113 115
113 113
112 112
21 Jan 15 33 Oct 16
2734 2653 2714 2011 27
171, Dec
387 Mar
2618 2612 113,080 lot Mercantile Marine_100
2734 2878 2712 2838 26
100
8333Jan 2 12512 Nov 6
6253 Feb 10612 Oct
pref
10934 11518 110 1143s 11112 11414 11058 1123.1 188,400
Do
116 11838 11518 117
27 Jan 15 35 Nov 7
2412 Dec 4732 Mar
3212 8,800 International Nickel (The)25
3114 3112 3118 3214 3214 3212 3234 3334 3214 3314 32
2412Jan 15 4512 May15
3134 32
3158 3133 32
100
1812 Nov
4958 Jan
31
32
3038 31
2,700 International Paper
2934 3014 30
5312 *6212 64
100
58 Jan 22 6512 Jan 3
*52
5014 Nov
7712 June
*6212 64
54
Do stamped pref
.53
*5212 54
*53
54
6418 6634 6514 6634 67
41 Apr 2 6734 Dec 6
3678 Dec 8412 Jan
65
61
6734 4,800 Kelly-Springfield Tire____25
60
60
59
59
29 Mar25 4114 Nov12
26 Nov
5018 May
3612 3534 3614 3512 3614 21,500 Kennecott Coppor____No par
35
3538 3478 3514 354 3658 36
6714 Dec 2 9158 May18
100
6934 70
70
6934 70
68 Nov 10378 June
71
71
69
6,200 Lackawanna Steel
6714 69
6853 70
Jan
12 Apr 2 2314 Nov20
2253 2278 4,200 Leo Rubber & Tire___No par
1033 Nov
30
2234 2314 2212 23
2114 2138 2118 2133 2112 22
1712Jan 8 42 Oct 19
1214 Nov
2712 Jan
4014 *40
4012 1,900 Loose-Wiles Biscuit tr ctfs _ 100
3878 3912 4114 4012 4134 40
38
37
37
Jan
100
63 Feb 15 92 Nov16
95
91
91
55
*8914 05
*90
*89
Jan 64
200
Do 2d prof
96
*89
95
*85
8934 Feb
100
7134 Junel8 7812 Feb 28
*74
75
75
*74
75
70 Nov
*73
75
75
100 Mackay Companies
*7212 75
75
*73
57 Jan 4 65 May23
5714 Dec 6713 Jan
100
Do pref
*6212 6412 *6312 6412 *6312 6412 *6312 6412 *6312 6412 *6212 6412
29
100
2313 Jan 15 42.2 Nov12
28
29
1918 Nov 6134 Jan
2818 29
2,000 Maxwell Motor, Inc
284 2814 *28
*2614 2714 2712 28
5013 Nov29 6978 Nov 8
53
5134 5258 5212 5212 5134 5212 3,100
49 Dec 741g Jan
100
5238 52
Do 1s1 pref
5113 5113 51
Jan
2112 2012 2012
100
19 May27 3238 Nov 9
13 Nov
40
2138 2114 2114 21
Do 2d prof
2113 21
21
800
*1934 21
100
79 Jan 5 194 Oct 19
67 Dec 10612 Jan
70,900 Mexican petroleum
15634 15834 15514 15834 15634 16312 160 16238 15814 16214 15914 161
8478 Nov 974 June
100
87 Jan 15 10434 Nov12
prof
Do
*104 107 *104 107 *104 107
25 26-18 25
25
5
24 Nov23 3318 Jai, 31
251* - -5-,72
25 Nov 4314 Apr
2514 25
- .5 Miami Copper
2434 2533 25
2458 25
4478 4412 454 4418 4478 4414 4413 15,826 Midvale Steel & Ordnance_50
4233 Nov25 61 MaYI6
3912 Dec 6712 June
4334 4412 44
4312 44
*70
77
100
64 June25 8112 Nov13 25834 Dec 10914 Jan
7934 *7714 7934
79
77
*75
200 Montana Power
*7313 78
78
*73
95 M ar19 10612 Dec 5
prof
100
9512 Dec 11712 Mar
Do
200
*10312 ____ *10312 ____ *10312 -- -- *10312 -- 106 10618 *10412
--12 10,300 Nat Conduit & Cable No par
13 Nov25 2138 July 5
1312 Dec 39 June
1613 1553 1534 1534 1634 1613 1634 1612 -16
15
1412 15
3714 Jan 7 5412 May20
4514 45
24 Feb
4634 Oct
45
4412 45
4533 4518 4534 45
3,400 Nat Enam'g & Stampl--100
4218 4278 44
*89
04
01
88 Nov21 991 Feb 20
91
100
193
92
9013 May 9934 July
pref
93
Do
*83
210
91
91
92
*83
6414 6512 6618 6678 663.1 6714 7,300 National Lead
100
4314Jan 7 6714 Dec 6
65
374 Dec 6314 Mar
0412 64
6258 6258 63
9934 NI ar 2 10512 May18
Jan
100
10414 10414
99 Dec 114
Do prof
200
*103 105 *103 105 *103 106 *104 105
18 -g118
18
4 1814 187, 4,200 Nevada COEISOI Copper__ _5 1714 Nov30 2178 May16 16 Nov 2638 June
1714 1778 *1712 1814 1734 181 1
50
9934 Nov 4 139 May22
98 Nov 156 Mar
400 New York Air Brake
107 107 210112 10112 10214 10214 *101 104 *102 110 *102 105
57
*53
55
37,2 Aug16 5712 Nov22
*53
100
56
5314 5314 *53
39 Dec 7238 Mar
51
100 North American Co
53 I *50
*51
4238 42,3 4234 4234 4333 13,800 Ohio Cities Gas (The)
354 Mar25 48 Oct 18
25
314 Oct 14378 Apr
4158 4214 4134 4212 42
4132 42
44 Jan 22 13 June17
714
734 Sept
100
352 Nov
714 *7
738 712
712
700 Ontario Silver Mining
738 738
738
*718 712 73s 3314
5
234 Jan 21 3514 Nov 7
*3134 3278 *3212 33
18 Feb 3012 June
*3134 3412 *3112 33
200 Pacific Mall SS
*3314 3414 *3112
6534
6314
Oct
Oct
28
6518
6678
50
30
7214
6578
60
Trans
65
6572
661
8
----Pet
&
Pan-Am
6558
4
8,600
653
6534 6534
115 115 *11212 117
Jan
100
86 Jan 8 12412 Oct 28
87 Nov 98
prof
116 116
500
Do
11314 11314 '115 117
*112 114
53
53
3953Jan 2 61 Nov 6
56
35 Dec 101314 Jan
5514 5633 4,400 People's 0 L & C (Chic) 100
52 I 5278 5378 53
*5112 6212 52
21 Apr 12 3514 Oct 29
3134,
32
*3114
Jan
(Pitt8b)_50
32
2412 Dec 42
313
4
313
4
32
Philadelphia
Co
32
3214
800
3114 3114. *31
1
34 Jan 16 5134 Nov12
4512 434 44 4 44
4412 4312 4453 8,000 Pierce-Arrow M Car___No par
25 Dec 41114 June
4212 4234 4312 4453 44
*9913 102
100
8084 Jan 26 103 Nov20
*9912 102
88 Nov 9813 Aug
pref
*9912 102
*9912 102
. 100
Do
•100 10353 102 102
15 Sept13
1918 Oct 16
25
16
16
-16
16
4,200 Pierce Oil Corporation
1534 1612 1534 1612 1578 16
1614
*16
47
42 Jan 15 5834 Feb 23
47
3712 Dec 5412 Sept
4634 4634 2,700 Pittsburgh Coal of Pa____100
4534 4612 4634 4733 4634 47
4578 46
86
79*
Jan2
85
Dec (I
86
*84
100
*8312
86
*83
74 Dec 90 Aug
pref_
*84
Do
86
85
600
8414 8414 85
62
*59
62
100
5512 Nov20 73 Aug13
49 Dec 8314 Jan
.59
60
200 Pressed Steel Car
60
*5312 60
59
59
*95 100
Jan
100
93 Apr 27 100 Aug 5 2130 Nov :107
*95 100
Do prof
*95 100
*95 100
*95 100
Jan
85 Oct 2 10912 Mar 5
99 Dec 131
-OF 92 *91 95
9113 *9012 ____ *9012
300 Public Serv Corp of N J 100
91
____
*91
100 100's Jan 7 13214 Nov12 10614 Dec 16712 Jan
125 12512
400 Pullman Company
12434 12434 125 125 *120 126 *12412 126
*120 125
7138 72
100
4512 Jan 7 73 Dec 6
7153 7278 7212 73
3014 Nov
58 June
7178 7118 72
8,100 Railway Steel Spring
71
7114 72
10378 10378 *102
Jan
100
95 Jan 2 104 Nov23
pref
8812 Dec 101
Do
171
*102 106 *102 105 .102 108
2158 22
21 Nov23 2614 May18
3214 Apr
1913 Nov
-211-2 223* 12,000 Ray Consolidated Copper_10
2114 2218 2118 22
2134 2134 2112 22
7614
7614
7612
15
96
May16
2725
2
Jan
75
June
100
60
9412
Feb
Steel
7514
3
Republic
Iron
&
76
747
6,800
75
75
743
3
7512
7453
100
9252 Jan 2 1024 Sept17
89 Dec 10578 May
prof
1,300
Do
0931 9934 *993s 9934 9934 9934 9973 9978 9934 9934 9934 9934
08 10012 100 100
7018 M ar23 145 Oct 18
9614 100
59 May 7314 Nov
04
9512 7,000 Royal Dutch Co etre dep_ _
9912 10212 98 100
Jan
434 Aug22 18 Nov13
858
100
812
478 Nov 68
Corp
853 834
812 834
853 834
812 834 2,400 Saxon Motor Car
858 858
.158 161 *15812 162 161 161 *161 164 *162 164 *15978 165
100 13334 June 8 169 Oct 14 12312 Dec 23814 Jan
100 Sears Roebuck & Co
1512 15
10
1453 Oct 9 1814 Feb 19
15
15 Dec 2934 Mar
1512 1514 1514 *15
1533 1538
5
*15
400 Shattuck Ariz Copper
1512
3412 3334 3418 3338 34
2514 Apr 11 39 Feb 5
2514 Dec 5934 Mar
34
3433 3,000 Sinclair 011 & Rerg___No par
3378 3418 3358 3414 34
.46
4734 *4678 48
46
7434 Mar
39 Jan 24 7114 May24
47
46
3312 Nov
47
*4634 48
46
200 Sloss-Sheffield Steel & Iren100
*45
5312
51
5134
334 Apr 24 7278 Nov 8
493.1
5034
(The)__100
3358 Nov 11012 Jan
5012
Corp
5078
5318
Studebaker
5212 5158 5233
131,650
48
95
*93
95
95
*93
97
85 Nov 10858 Jan
100
8013 July 3 100 Nov 9
95
97
*93
pref
07
99
Do
500
*75
38
3414 Mar25 4558 May 3
*35
3672 3678 *35
38
5134 June
304 Nov
*35
39
100 Superior Steel Corp'n_ _ _ _ 100
*35
3712
*05 100
*95 100
100
95 Feb 16 100 Sept27
*95 100
96 Dec 10212 July
*95 100
Do 1st prof
*95 100
121,Jan2 21 July 6
1478 15
1473 15
101 June
11 Nov
1418 1412 1438 15
15
14
15
2,800 Tenn Copp dr C tr etfa_No par
14
186 136
Jan
100 1361* Jan 7 203 Oct 18 11434 Dec 243
1853.1 186
185 186
1,000 Texas Company (The)
18214 183 218212 13212 186 139
4812 Mar25 8153 Dec 6
4212 Dec 8053 Aug
7634 7714 7634 7714 7612 7812 7734 7912 7912 8078 8014 8158 48,400 Tobacco Products Corp100
9658 97
100 28714 hi aril) 101 Nov 9 x86 Dec 105 Mar
98
98
*9638 98
pref
*93 101
*95
400
Do
*93 100
9934
7512 7512 7412 7412 *72
76
7414
Jan
65 Jan 24 80 May13
*74
5932 Dec 112
76
200 Union Bag & Paper Corp 100
*74
76
*74
3912 38
39
3918 33
3678 Oct 30 4412 hlay10
3413 Dec 4138* June
3812 33
3914 3914 3812 39
3814 2,900 United Alloy Steel_ __No par
104 10533 10412 10578 105 10714 10612 10314 31,700 United Cigar Stores___ _100
8.334 Niar28 10814 Dec 6
8112 Nov 12778 Aug
10312 104
100 1011* Jan5 110 July18
9814 Dec 12034 Mar
prof
I)o
*104 120 *104 112 *106 112 *105 115 *106 115 *106 115
100 11614 Jan 16 148 Oct 19 :105 Dec 15433 Jan
145 145 *143 146 1144 144 *140 145
-_
250 United Fruit
*142 147
2412 June
*1312 15
14
14
1112 Apr 6 19 May 7
*1312 15
100
10 Nov
-14- 14
*1312 15
300 U S Cast 1 Pipe & Fdy
14
14
4612 *41
*41
Jan
42 Dec 63
100
41 M ar28 4734 Feb 1
46
4612 .41
*41
pref
46
*42
Do
46
4612
*42
0914 9912 100 10112 9934 100
99
9813 Nov 17112 June
9634 97
296
7,100 U S Industrial Alcohol _100 x 96 Dec 2 137 May24
100 101
97
*9512 98
96
100
94 Oct 11 99 Mar21
*95
06
88 Nov 106 June
*95
Do
prof
96
98
200
06
96
*95
7514 7353 753i 74
45 Dec 67 Aug
100
51 Jan 15 7534 Dec 4
7558 74
7434 35,600 United States Rubber
7218 7412 73
74
71
91 Dec 11434 Jan
100 z95 Jan 15 108 Nov12
Do let preferred
400
107 107 *10612 10912 1074 10718 10718 10718 10712 10712
*104 107
4814 4334 4734 48
40 Dec 6734 Jan
50
3213 Apr 12 5034 Oct 19
4712i 4713 43
*4758 4834 2,600 US Smelting Ref & hI
47
47
*45
5214 Jan
*4512 4612 *4512 461 *46
4238 Apr 12 467s Nov13
4332 Nov
50
*4512 47
40
47
Do prof
*44
46
*44
7912 Dee 13858May
8612 Mar25 11612 Aug 28
9514 9738 054 9732 9533 0634 9514 9613 404,400 United States Steel Corp 100
9473 053.1 9453 CM
12114
Jan
11234
Oct
23
11178
1023
4
Dec
100
103
11218
112
Mar25
11218
11214
1113
prof
1124
4
1,600
Do
11178
*11078 11112 11118 11112
7014 Dec 11834 May
7534 Nov22 93 Oct 19
10
7634 7712 764 7773 7734 7014 7814 7934 7734 7912 7753 794 23,300 Utah Copper
918 Dec 2434 Jan
100
11 Sept16 1634 Nov12
16
1438 1433 1434 1434 *1334 1434
*14
300 Utah Scroll-Mee v t o
1414 1414 *1312 16
333 Jan2 6014 Nov 8
26 Nov 46 May
5312 5312 2,300, Virginia-Carolina Chena_100
52
6214 5333 5312 5412 5414 5478
52
97 Dec 11214 Jan
100
93 Jan 16 11218 Dec 6
prof
11114 1124
400
Do
'110' 112 *110 11218 *111 11218 *111 11212
77 Mar
46 Feb
57
100
50
Jan
5
7312
July27
.
•
;'W
67
*5812 60
58
Iron
C
&
C
58
5612
Virginia
58
400
5612
5813 5818
90
8872 8914 8712 8712 1,600 Western Union Telegraph _100
7714 Aug 2 9558 Apr 15 :70 Dec 9934 Jan
*88
89
883s 8838 8712 8838 *86
3812Jan 17 4712 May16
3384 Dec 56 May
4314 43
4372 4334 4334 4,300I Westinghouse Flee di Mfg_50
434 43
43
4234 4278 4234 43
5214 Dec 7012 Jan
50
59 Jan 11 6412 Feb 20
70
*50
70
*50
*50
Do 1st preferred
70
70
.50
70
70
*50
• *50
363 Jan2 49 Nov 9
3334 Nov 6212 Jan
50
47
47
4714 *45
*45
46
47
400 White Motor
47
47
47
47
*45
1512 Jan 15 30 Nov12
15 Nov 3812 Jan
2834 2534 2658 45,200 Willys-Overland (Tho)__ 25
24
2438 2413 2434 2434 2518 2434 2614 26
69 Nov 100 Mar
100
75 Jan 3 8914 Nov19
88
88
88
.87
90
8712 8734
420, Do pref (new)
*86
88
*86
42 Nov 8414 Mar
45'* Jan2 73 Nov22
6933 7012 6912 7033 6912 6934 70
7012 11,8001 Wilson & Co, Inc, v t 0-100
70
6718 68
68
Jan
9972 Dec 151
100 110 Mar25 128120ct 21
Woolworth (F W)
*118 123 *118 122 *118 123 *118 123 *118 123 *118 123
100 111 Oct 2 115 Sept 9 113 Dec 12812 Jan
Do
pref
*110 115 *110 115 *110 115 *112 115 *112 115 *112 121
2312 Feb 3718 Juno
34 Jan 4 69 Aug 28
5414 54
2,600 Worthington P & M v t 0_100
5118 5214 5214 54
55
5238 5238 5118 5112 61
8532Feb 6 9112 Apr 6
88 Nov 9714 June
100
*85
91
91
*85
91
Do pref A
*84
*35
01
*84
91
*85
91
513 Jan 13 7032 July26
50 May 63 June
.61113 (13 0712 6717 *6712 6313
Do prof B
300
-- 100
6612 0012 0712 6712 *41812 68
*Bid and asked pilots; no sales on thLs day. I Loss than 100 shares. 3 14x-r1401.8.




a Ex-div. and right&

b Par $10 per share. a Par $104) per share. z Ex-dividend.

2172

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

In Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"--except for interest and defaulted bonds.
BONDS
N. Y.STOCK EXCHANGE
Week Ending Des. 6

Price
Friday
Dec. 6.

Week's
Range
Range orSi4CH
44 1 Jan, 1
Last Sale
.
Ask Low
High No. Low high

Price
BONDS
Range
Week's
Friday
N. Y. 5COCK EXCHANGE
Range or
Since
Dec. 6.
Week Ending Des. 6.
Last Sale
Jan, 1
Bid
Bid
Chesapeake & Ohio (CoalAsk Low
High No. Low Higit
U. S. Government.
General gold 414s
8218 12 72
86
1992 M 8 8218 Sale 8218
S 345 Liberty Loan__1932-47 J O 97.50 Sale 97.50 99.08 3586 97.20 102.50
Registered
- 884 Mar'17 -.S 4e converted from let Lib20-year convertible 446 193
Sale 82
.
8212 44 8512 -85
12
990
3F
M A
B 82
erty Loan
1932-47• D 91.0) Salo 94.03 96 00 2311, 93.00 98.50
30-year cony secured 53_1946 A 0 87% Sale 87
8812 176 76
90%
7812
S 4s 2d Liberty Loan_ 1927-42 M N 93.53 Sale 93.50 95.03 2039; 93.00 100.00
Big Sandy 1st 4s
75 Nov'18 -- 75
75
U S 43e converted from let
Coal River Ely 1st gu 4s-1
1
19
81:1
0
5J
.1 0
D
2 68 ---- 8512 Nov'18 -.Liberty Loan
1932-47 J D 97.60 Sale 97.51 98.00 538, 93.80 99.00
Craig Valley let g 5s
9834 Feu '16 -13 S 414e converted from 2d
Potts Creek Er let 4s.....1948 J 2 ---- -- 8434 I
1
'13 - Liberty Loan
1927-42 NI N 96.12 Sale 95.90 97.82 8509 93.10 98.11
R & A Div let con g 4s...1
7612-- 7812 Nov'18 -- 78 -frirs
9
9
8899
j
J
J
O S 44s 3d Liberty Loan__1928 MS 98.10 Sole 95.91 98.88 11/38, 94 70 99.10
6812
2d consol gold 4s
71 °cc '17 -U S 41,18 4th Liberty Loan_1938 AO 98.00 Sale 95.90 96.9422-503 95.90 98.10
734 - 8812 Sept'18 -Greenbrier Ely let gu g 46_1910 NI N
_
S 2e consol registered__d1930 Q
98 --- 9834 Aug'18
Warm Springs V let g 58_1941 M S ---- 9212 11314 Feo '15 -97 99
U 8 2s consol coupon
2' 9713 9878
98
98
d1930 Q J 98
53 62
Chi," & Alton RR ref g 3s =1
53
Oct'18 -- -E6 53
U S 45 registered
105 107
1925 Q F .. - 108 10538 Noy'15
Railway let lien 34e
414 Sale 4078
7 3514 4712
4118
__ 10614 10834 Nov'15
0 13 4e coupon
108 107
1925 Q F
Chicago Burlington & QuincyU S Pan Canal 10-30-yr 29..k1936 Q F -93 ---. 98 June'18
9S
9938 101
98
Denver Div 48
9938 Nov'18
1922 F A
974 9978
13 S Pan Canal 10-30-yr 2s rea '38• N 99 -- 99 July'18
Illinois Div 348
9718 99
80
784 Nov'18
7112 7838
1919 J J 79
II S Panama Canal 38 g
1981 Q M 83 ---- 85,2 Oct'18
8512
Illinois Div 4o
85
1919 J J 89 -- 88 Nov'18
80
881s
Registered
1961 Q M 88 --_- 89 Sept'18
Iowa Div sinking fund 599
85 89
994
98
9934
,
19 A 0 994 Sale 994
U 5 Philippine Island 48_1914-31 Q F ---- --- 100 Feb '15
93% 9914 9812 Nov'18
Sinking fund 4s
97
9934
Joint bonds. See Great North.
Foreign Government.
96
Nebraska Extension 4s.. 1927 M N 91
9338 Nov'18
8978 9534
Amer Foreign Secur bs
0934 1031 94t2 0934
1919 F A 99% Sale 0941
Registered
91 Mar'18
91
1927 111 N
91
Anglo-French 5-yr 5s Exter loan. A 0 964 Sale 08t3
9012,2155 8813 97
General 48
8712 Sale 87
8712
195.8
al
78
89
S
Argentine Internal be of 1909-- M S 89 ---- 89 Nov'18 -..-- 78
8914
Chic & E Ill ref & imp 45 g....1955 J J _.._.. 3018 2934
293
4
304
25
Bordeaux (City of) 3-yr 6s_1919 NI N 10014 Sole 10018
10012 49 34 102 U S Mtg 4c Tr Co Ws of dep._ _
30
29 Nov'18
30
22
_ 28
Chinese (Hukuang Ry) be 01 1911 J 006012 71
7112 Nov'18 -- 5312 72
lat consol gold (18
100 Oct '18
1931 A- -0 100 __
98 101
Cuba-External debt 5s of 1901_ M S _-_- 95
9512 Sept'18 ---- 904 100
General consol let 58
72
1937 M N 88 844 72 Aug'18
72
Eater di 5s of 1914 ear A 1949 F A ---- 9212 9318 Oot '18 -- 9914 9114
704 --- 754 Oct '18
U S Mtg & Tr Co(EN of dep..
70
75%
External loan 44s
85
1909 F A 80
---- 7478 75 Nov'18
75
75
97I
973g
9712
Dominion of Canada g 5s_1921 A 0 9678
14 93'4 99
Purer' money 1st coal 51_ -1912 F- -A 56
9734 Feb '13
07
Do
do
47 .9(14 9712
-1828 A 0 97 Sale 9034
Chic & Iud C Ry 1st 5s
32 Mar'17
1938 J J
Do
Sale 9712
do
1931 A 0 98
9818 91 8871 09
Chicago Great West 1st 43_1959 M S
8134
66
69
54
French Repub 514s secured loan_ _
103% Sale 10312 10378 389 94 10412
Chic Ind dc LOUNV-Ref 68.1917 J J
101 Nov'18
98 101
Japanese Gov t-E loan 448 1925
; 87
8712 9038 Nov'18 -- 9012 9212
Refunding gold 5s
1947 J J Si -- 10012 Aor '17
---Second series 4 48
1925 J J 2 88 83 8712
874
9 4318 9278
Refunding 4813eries C
1947 J J 85 ---- 8412 to,'17
---Do do "German stamp".. _
8612 Sale 88
8712
Ind & Loulsv 1st gu 43_1956 1 J ---- -- 70 Nov'18
77
90
Sterling loan 4s
7434 Nov'18 -__71 7373 /8
8
1931 • JZ 751__.,.
Chic In] at Soo 50-yr 43-...1958 J 1 8112 ---- 9812 Jan '17
Lyons (City of) 3-yr Os
1919 NI N 10014 810 100
1004 67 84 10212
Chic L S& East 1st 44s___ _1969 J D 75 ___ 9738 Dec '16
Marseilles (City of) 3-yr 83_1919 NI N 10014 Sale 100
10012 87 84 103
Chicago Milwaukee & St PaulMexico-Exter loan £ 5s of 1899 Q J063 ---- 62 Nov'18 --- 40
7814 80
Gen'l gold 4s Seriee A_ _81989 J J
82
79
80
12 7058 8238
Gold debt 4a of 1901
5:1 Nov'18
1954 J 13 57
Registered
40 53
9238 Feb '18 -el939 Q .1
Paris (City of) 5-year 08.-1921 A 0 9312 Sale 9814
9834 -i.63 8138 99,2
8612 25
Permanent 4s
89
1925 J D 8138 86
Tokyo City Se loan of 1912
NI S 8112 82% 81 Nov'18 ---- 88
Gen & ref Ser A 1 4s___a2014 A 0 76
Sole 7512
8212
784 98 -f
64
6.3
142 -8t;
K of Gt Brit & IrelandGeo ref cony Ser B 5s._.a2011 F A 88 Sale 88
8812
8, 74
94
8-year 54% notes
1919 MN 9912 Sale 9938
9938 593 9514 99%
Gen'l gold 34 I Ser 11_ __01989 J J 6614 70 66 Nov'18
86
86
6-year 54% notes
1921 NI N 9778 Bele 9734
981s 561 914 98,2
8818 89
General 4%8 Series C__81.989 J J
87 Nov'18
884
7712
Convertible 54% notes..1919 FA 101
Sale 101
10138 1298 974 105
25-year debenture 41
78
81 Nov'18
1931 J 1 78
8878 81
.These are prices on the basis of 155to£
8 Bale 814
Convertible 4jis
1932 J D 81,
84
64 7114 89
9838 _- 97
Me & L Sup Div g 5s
Jan'18 -1921
J
1
State and City Securities.
•
Chic & arlo Riv Div 58_1928 J J 9518 -- 9
02
338 Oct'
2
712 100
0018 -351 95
9
94
718
9312 9378 9812
Y City-43
-is Corp stock 1960
98,2
Chic & P W 1st g 5s
1 8734 9878
1921 J J 9834 9914
9934 Sale 9812
igt Corporate otock
9934
7 g773 9914
1981
0 NI & Puget Sd 1st gu 48_19-19 J J 78
80
794
7978
1 7418 80
48 Corporate stock_ _ _1968
984 Sole 9378
9918
6 8778 9918
- 9712 Aug'18 ---- 9712 9912
Dubuque Div lst s f(38_1920 J 1 100
44s Corporate stock July1987,
10212 Bole 10212 102,2
Fargo & Sou 4481103 g 88 1921 J J
10478 Sopt.'17
4 1023g 1034
414s Corporate stock-----10212 10278 10212 1024 22 934 10338
La Crosse & D 1st ba
08 Jan '18
1919 J J girs 100
102t2 10278 10212 103
434e Corporate stock... _t983
32 93 10314
Wis & Minn Div g 5s____ _1921 J J 9814 99
98 Nov'18 --.- 95 100
4% Corporate stock
9378 94
9334
1959
9334
Wie Valley Div 1st 68_ _1920 J J 99 -- 9778 Vi AY 18
2 85
9334
9718 9773
4% Corporate stock
9378 - -- - 91
1958
94
5 85
94
Milw & Nor let ext 44-0_1934 1 D 9312 -...... 8878 Nov'18 - - 85
8875
, 4% Corporate stock
0378 ---- 9314 Nov'18 ---- 85
1957
9314
Cone extended 4148___1931 J D 8812 -- 8878 Nov'18
1 8878
81
4% Corporate 'took req. 1958
9212 ---.. 894 Oct '18 ---- 85
9034
Cille & Nor West Ex 411886-1928 F A 9238 --- 89 Sept'18 ---- 89 4 89
New 410
10278 Sale 10238 10278
1957
3 93-3•103
92
la
95
Registered
95
1886-1926 F A
95
5 8512 95
44% Corporate stock_1957
10212 1024 1031g Nov'18 --- 9312 10338
71.
General gold 348
75
73 Nov'18 ---- 8712 74
1957 M N
3(.ç% Corporate stock._1954
85
8514 8412
8112 17 76
85
Registered
75
178 Oct 18 -2
D1987 Q F _--- -- 8
-0
- 7
717384 88
728
112
N Y State-is
1981
9734 98
99 July'18 ---- 09
80
99
General 43
Sale
87
1987 M N
Canal Improvement 41_1961
9812 July'18 ---- 9414 984
97
,
4 101
Stamped 4e
1987 NI N 81 ---- 814 Oct'18
9734
____ 9734
Canal Improvement 4e.. _A982
97.34 10 0713 9812
104
-General 5sptamped
101
Sept'18
103
9912
1937 M N
Canal Improvement 413__.1960
9734 ---- 9718 Oct '18 -- 94.4 974
Sinking fund 88
104 May'18 ---- 104 104
1879-1929 A 0 10214
Canal Improvement 414a_1964
107 --- 10112 Oct '18 -- 105 1084
Registered
10912 Aor •16 -.1879-1929 A 0
Canal Improvement 41(8_10135
.98 10234 10212
10212 41 10212 10413
Sinking fund be
3 9418
1879-192U A 0 9714 -- 9118 July'18 ---- -611Highway Improv't 448_1083
107 -..-- 10612 Oct '18 --- 10413 10712
Registered
96 Nov'18
1879-1929 A 0 9814
98
98
Highway Improv't 4Xe 1985
-..-- -- _ - 10018 Juue'18 ---- 10018 0114
Debenture 50
9518 M ty'18 ---- 95
1921 A 0 9612 98
9812
Virginia funded debt 2-3e....1901
97
100 Jan '18
100 100
1921 A 0
88 deferred Brown Bros etfe___
133
70 6812
79 -ir ""fr
70
Sicleg
. 11013 9218 Oat '18 ---- 9218 97
inis
gter
fun
ed
d deb 5s
1933 el N 65
Registered
1933 M N 95 -- 97 Nov'18 ---- 944 97
Railroad
Deo Plaines Vat 1st gu 44s '47 Pa 8 774 ---- 10112 Oct •16
Ann Arbor let g 4s
h1995 Q J 58 Sale 53
59
From Elk & Mo V let 8e_1933 A 0 109 ___ 110
8434
3 51
110
1 101 110
Atchison Topeka & Santa FeMan 0 B & N' W lat 348..1941 J J .60
Jan'17
88
_
Gen g 4o
1995 A 0 804 Sale 8812
8712 81 79
Milw & S L 1st gu 34e
90
1911
J
J
Registered
1905 A 0 82 --- 8512
8512
Mil L S & West lst g 68_1921 al S 101
1 7912 8512
1561-2
jars
78t2 7978 82 Nov'18 -_-_-_-_ 713
Adjustment gold 415
h1995 Nov
loo
Ext
&
imp s f gold 58_1929 F A
9612 Nov'18
14
2 112
98
93
Registered..
h1995 Nov *___ 88
7312 June'18
Ashland Div lit g 68_1925 141 S 103
1114 Dec 15 ---Stamped
h1095 M N 79 -- -- 7912 Nov'18 ---- 70 8212
Mich Div lst gold 68_1924 J J 10118 10014 10218 vlav'18 ..--- 10213 10218
Cony gold 4s
1955.3 D 75 85
72 Oct '18 --Mil
7112 87
Spar & N W 1st gu 48_1947 111 S 8014 89
70 Oat '18
73
Ms
Cony 4s issue of 1910
9812
Sale 9512
1980 J D
I. 82
St L Peo & N W let gu 58_194e I J 93 10234 9812 Nov'18
954
98's
, 92
9812
East Okla Div 1st g 40-1928 M S 91
93
9112 Nov'18 ---- Nis 0112
Chicago Rook 181 .
/
1
4 Pao-1
Rocky Mtn Div let 48.-1985 J J ---- 8234 79 June'18 -- 79
79
12 72
ltaf110(1Y general Old 48_1988 J J 81% Sale 8138
813
8
84
,4
Trans Con Short L let 48.1953 J J 8012 86
8512
88
5
78
Regletered
7138 May'18
7138 7138
1988 J J 77
Cal-Aria 1st & ref 446 A 1982 MI 9 8512 ---- 8512 Noy'18 ---- Ir8
Refunding gold 48.
89 8212 8014
70
1931 A 0 7538 Bale 7514
13 Fe Pres & Ph 1st g be-1942 M S
20-year debenture 5s
88
8018 Aug'18
8018
1932 J J
AtI,Comt L let gold 48.......h1952 PI 5 87 90
87 Nov'18
R I Ark & LOW,lit 448_1931 M S 72
73
77 89 4
73
73
73
62
Gen unified 44e
1964 J D 85 Sale 85
85
Burl C R & N 1st g fel-1931 A 0 93
96
98 Feb '18 -so
96
Ala Mid 1st gu gold 52_1928 M N 96 ---- 9812 Nov'18 --il 9
9712 June'17
C R I F & N W 1st gu 58_1921 A 0
75453 9
83,1
:
Brims & W let gu gold 4s-1938
80 89
78 Oot '18 --- 78..78
Choc Okla & G gen g 58.-g1919 J J
- 92
97 May'18
95 100
Charles & Say 1st gold 78-1938 J J 11014 ---- 1294 Au.g 1
,92
Consol gold Sti
93 May'18
1952
1111
N
93 93
L & N coil gold 4s
01952 M N 704 Sale 794 .. 8012.
.
--.
3 -8914 8132
!
Keok & Des Moines 1st 58 1923 A 0
71
68
89
17 87
70
Say F & W 1st gold 5s____1934 A 0 10712 ....-- 115 Stily'17
St
Paul
&
70
Sale 69
K C Sh L LE 4 43'41 F A
--- ---68 89
72
70
let gold fis
1934 A 0
Chi's St P M &0cone(ie....1930 J D 1084 112 112 Nov'18
112
102
Salt & Ohio prior 34s
d: -5
1925 .1 J 93
-a-le 19
95
1 .191Y911,58 ""L -ggii -iiicoos 68 reduced to 34s 1930 J 0 82 - 88 Sept'18
4
8112 88
Registered
h1925 Q
.. 9012 Sept'17 Debenture bo
93 Nov'18 1930 Al 8 9012 98
8518 93
1st 50-year gold 4e
h1948 A 0 84 fiale 83
84
35 -fir
North WLeconsin 1st 88_1930 J J 101 _ 118 Noy'16
s 87
Registered
h1948 Q
-ii- ..i.
z
.
i 8
94
234 Mar'17 - -St P Jc S City lot g 66_1919 A 0 100
Hale
10014
4
100
iool
10-yr cony 44e
1933
Superior Short L 1st fis irle1930 NI S 8312 95 May'18
95
95
Refund & gen be Series A.1995 115 88 87
8712
88
28 7573 9234
Chic T it *So East 1st 58_1960 J D el
03
58
July'18
58
58
Pitts June let gold 6s
1922 J J 9214 ....-- 112 Jan '12 --Chic & West Ind gen g 68_0932 Q M 10314 105 104
104
103 105
P June & NI Div 1st g 349 1925 M N 87. 88 86 Nov'18 --- - -8-F
8 -g6-Coneol 50-year 4s
31 8214 70
1952 J J 6818 Sale 88
87
P L Eac W Va Sys ref 4s....1941 M N 76
79
80 Nov'18 ---- 72
Cin HI et D 2(1 gold 44s.... _1937 J J 75 ___ _ 90 May'17
83
Soutlfw Div let gold 348_1925 J .1 8714 Sale
14 80 8812
0Find (lc Ft W Ist gu 4e-g 1923 M N
- - -- 88 Mar'l 1
Cent Ohlo R 1st g 448_1930 NI S 8512 891.( 100 Am' 17 -Day & Mieh 1st cons 44s 1931 J J 8318 _ _ 79 Nov'18
CI Lor & W con 1st g 53_1933 A 0 9134 ---- 9312 Aug'18 -- -113
Clay Cin Ch & St L gen 46..1993 J 1) 68(2 fi 72 Nov'18 --- 59
.12 -(767
2
74%
Monon River let gu g 5e._1919 F A ---- -- 10114 Nov '16 ---20-year deb 448
8118
Sale 8012
1931 J J
8118 13 9514 8315
Ohio River RR let g 5s
1936 J D 9512 --- 9914 Oct '17 ---- ---- ---General bs Series B
90
1993 J D 85
8614 AUR.
884
80
General gold be
1937 A 0 89
94 88 May'18 -Cairo Div lot gold 4s
89
-3
8
.
1939
M
J
8378
J
tr'17,
PItto Cley & Tol let g 64_1922 A 0 99 -_
99,8 Mor'18 -- 9918 991s
Cin W dr M Div 1st g 43_1991 J J 65
go' 83 Oct '18 --Buffalo R & P gen g bs
1937 M S 9912 107- 994 June'18 --- 99
St L Div let coll tr g 413.-1990 M N
9978
_ 75 VS Nov'18
COU80i 44s
.
1957 Pit N 873s ---- 9912 Oct '17 ---Spr & Col Div 1st g 40
--734
June'17
-1940 M S
All & West 1st g 4s gu
1993 A 0 7834 --- 97 Nov'16 ...-W Vir Val Div llit g 48
84 Nov'18
1940 J J , 83
Clear dc Malt 1st gu g 53..1913 J J
9912 101
99 Sept'18.Roth & Pitts let gold 8s 1921 F A
1st
gold 4s
21936 Q F 82 --- 87 Deo '171-2 icif- ior
Consol let g fle
1922 J D 101
1004 Sept.'18
9912 to3,3
Registered
k1936 Q F --- -- 884 May'15,-Canada Sou eons gu A 5s__ _1982 A 0 9512 Sale 94
9512
Cin S & Ci cons 1st g 53_1923 J J 9214 - 10218 Jan '171-5 85 100
Car Clinch & Ohio let 30-yr 58'33 .1 D 80 89 8212 Nov'18 ---C C C & I gen cons g 88_1934 J J 107 ---- 106 Nov'18
8212 84
Central of Ga let gold 5e___p1945 F A 9978 _--- 9978
9978
7 9613 994
Ind B & W 1st pref 48_1910 A 0 7114 ..--- 94 July'08 ---Consol gold 50
oats
1915 Nt N 931, 95
9312 25 88
0 Ind & W 1st pref 5e-d19:38 Q J
0138
Matt Div pur money g 40 1951 J D 721g -___ 7234 Nov'18
Peoria & East 1st C0118 4s_1940 A 0 -Eir,-ii -8.0.- 80 Nov 18 --- "ici- -tii"
7234 72,
4
Mae & Nor Div ist g be_1948 J J 8618 ---- 90 Mor18 ----- 90
Income 48
90
19 ---- 17 Oct '18 -- 12
17
1990 Apr
Mid Ga&Atl Div 5s
1947.3 J 8138 --- 97% Jane 17 -Cleve Short L lot gu 4 As-1901 A 0 91 ---- 00 s Nov'18 --- 834 90
Mobile Div let g be
1946 J J 90 ---- 844 Aug'18
Colorado & Sou let g 4s
87
894
91
Nov'18
1929
F
A
8234
91
Dent KR B ot Oa coil 50_1937 es N 88
884 8712 Nov'18
Refund & Ext 4 A3
14
73 l
1935 M N 7934 Bale 7912
81
37 68
ili
8234
Cant of N J gen gold 5,9_ _1987 J J 10614 1074 10614 Nov'18 -_------ -8
Ft W & Den C let g 88-1921 J D 9934 --- 994
--- 100 1084
9934
1 98
9934
Registered
h1987 Q J .--- 10812 100 Sept'18- 100 104
Conn
.
Pat, Rivs 1st g 4e
.
6
0
.
&
.
0
A
1943
Am Dock S:c Imp gu 5s..- -1921 J J 100 10314 994
i 9758 9,112
Cuba
994
RR
1st 50-year 5a g___1952 J J
-Leh & Bud Ely gen gu Ss '20 J
100 Apr '18
Del Lack & WesteruI
N Y & Long Br gen g 113_1941 M S ---- ---Mord,'& E.ss 1st gli 345.2000 1 0 73 --- 71
Oet'18•---- -77 -7
-5;
Cent Vermont 1st gu g 48 e1920 Q F -__ 75
68 Sept'18
N Y Lack & W 1st as
1921 J J 10134 ..--- 102
102 1
-iii" Tii;
2 100 10212
Ohms & 0fund & impt fis _1929 3 J 9112
---- 91,4 Nov'18 -------- 80
Construction 5.4
94
_1923 F A 9512 ---- 98 Oct '18 -- 95
98
let consol gold be
1919 hi N 1004 101 1014
10118
9438
8
10138
Term
Improvt
4s____1923
&
M
8918
N
Oet'18
98
9212
---- 9212 9334
Registered
1939 M N
-134

H

1

101 -Eul;

F -A

22..

•

--i-

-gi-

No price Friday;latest this week. a Due Jan. a Due April.
e Due Ntay




o Due Juno. h Due July. k Due Aug. o Due Oct. D Due Nov. g Due Deo. s 0
-sale
1 Ption

DEC. 7 1918.]

New York Bond Record-Continued-Page 2

2173

-------=-"-!BONDS
N. Y. Brook EXCHANGE
Week ending Dec. 6.

Price
Friday
Dec. 6

Week's
Range or
Last Sale

a.

1

.4 1

Range
Since
Jan. 1

High No Low mph
Ask Low
BId
Delaware & Hudson9314 9112
18 -9.112
Nov'
97
9518
1922 J
1st lien equip g 454s
2 79
88")8
87
8612
8612 87
1943 M
1st & ref 4s
8512 9812
96
9612
16
Salo
9614
A
1935
20-year conv 58
771
7712
71
9
2
____
7712
79
1916 A
Alb & Susq cony 3 34s
103 ____ 10338 Sept'18 --- 10112 1033s
Reims & Saratoga 1st 7s-1921 M
Denver & Rio Grande1936 J
let eons g 4s
- 6
7
i0
814
9
780
4
3 __3
2 8
4118
07
'
9603
7
7
2 79
8a0lle
3 Nov
371)3
113,2t S
7.6
1936 .1
Conked gold 454s
8278 00 Nov'18
1928 J
Improvement gold 5s
6112
6112
5918 62
1955 F
1st .3c refunding 5s.
8734 Nov'lfi --- _--- --_92
82
Rio Or June 1st gu g 5s.__1939 J
_-_- ---- 6114 Apr'll __-1940 ,1
Rio Or Sou 1st gold 4s
____
_ ___-39 July'17 ---- -1940.1
Guaranteed
75
2 63
7012
-51-2 -731
; 7318
Rio Or %Vest 1st gold 4s 1939 J
50
6112
5738 6318 6112 Nov'18
Mtge Jr coil trust 4s A 1949 A
82 Dec '10
75
67
Det & Mack-lst lieu g 4s_ _1995 .1
- - - -_ ,1 7512 July'18 __ -_____. 89
1995 .1
Gold 4s
337,
-.I 73
.5
8353.
8378 8353
83
Det Riv Tun Ter Tun 4545._1941 M
34
96
---97
June'18
9634 97,2
J
5s.._1911
gee
Nor
Dui Mimabe 3c
10018
4
1003
1003
4
90
94
Nov'18
1937 A
Del & Iron Range 1st 55
_--- ---- 10512 Mar'03
1937 A
Registered
--_87
88
-17i---.-2
8
Mar'18
.1
Dul Sou Shore .3c At! g 55_1937
99
99 ---- 99 Nov'18
90
Elgin Joliet & East let g 54.._1911
101 10112 10112 Nov'18
100 10112
1920 l%1
Erie 1st consol gold 78
81 ---- 7818 Oct '18
7818
78
1917 M
N Y & Erie let ext g 4s
97
____
961g
961g 9613
June'18
1919 NI
2d ext gold 5.9
90 -__ 9:112 Jan'18 ---- 9312 95
1923 M
3d ext gold 4340
9618 ---- 99,2 July'17 ---- ---- ---1920 A
4th ext gold 53
81 ---- 9434 Nov'15
1928 .1
5th ext gold 4s
100 ____ 10038 July'18 ---- 10038 10013
NY LE& W 1st g fd 7s._1920
7512 75
74
Erie 1st eons g 4s prior...1996 J
84 Dee7
16
'
5
'
2 74' --_1998 .1
65 -79_ _
Registered
36 49l 8.112
59
Sale
59
48-1990
gets
g
lien
consol
let
____ ____
____ ---- 73 June
6916
1996 .1
Registered
82 ____ 8158 Nov'18
7514 8134
Pone coil trust gold 4s._1951 F
8 42
5312 Sale 5212
5312
58
50-year cony 45 Her A._1953 A
53
43, 4212 59
5212 Sale 5214
1953 A
do Series li
3714 Sale 57
5814 76 4812 62
Gen cony 4s Series D_ _1953 A
90
96
96
90
94
82
Chia Jr Erie let gold 59...1932 fd
86 -- _ 10678 Jan'17 ___1.
Clev & Mahon Vail g 55..1938 J
99
99
Sale
103
7 -iii- i;:Erie & Jersey 1st s f 6s.._1955
8 98
7 102
97 Oct '18 ---- 96
1957 J
Genesee River 1st s f 83
105 ____ 11012 Nov'17 ---Long Dock consol g 139._ 1935 A
--__
103
90
i1: Jan'18
jaiM
63_1922
gu
cur
1st
RR
Coal &
85 ---- 10212 July'17 -- ---- -1943
Dock & Impt 1st ext 55
8513 ---- 85
85
Jan'18 ---- 85
N Y & Green L go g 53_1916 M
78
80
80
82
81
5 71
N Y Steel & W 1st ref 5s_ _19:37 J
____ ........ 10014 Dee'06 --1937 F
2d gold 454s
60 60 Juno'18 --_- -6.0-- -(1i 52
1910 F
General gold 5s
97 ---- 108
.Jan'17 -1943 M
Terminal 1st gold 5s
9'214 ____ 108
Jan'17 ---...... ---- -1940 A
Mid of N 1st ext 5s _
71
67
67
Oct'18 ---- 62
.1
67
1942
5s
g
go
let
East
Jr
Wilk
2312 Jan'17
-__ _ _ _ _
Ev & Ind let cons go g 83...1926 J
3:63- 9
7 :.....-_______ 97
87
518 slI
5 - 117
nve:118
67
tio
-6
97
Evansv & T H 1st eons 68..1921 J
1942 A
let general gold 5s
108 Nov'11
1923 A
Mt Vernon 1st gold 6s
---- --- - 95 June'12 -----___ ---____ -Still Co Branch 1st g 58_1930 A
-8:i18 -id- 8212 Nov'18
8212
81
Florida E Coast 1st 4345.....1959
92 Aug'10 --_Fort St U D Co 1st g 4549 1911 J
---5012
----_-__
()et'17
5012
---J
---44_1928
g
1st
Or
Rio
Ft Worth &
0512 June'16
81
80
1933 A
Only Hous dc Hen lot 5s
:- --- -5i- -56
9512 279
2
.19518 Sale 9518
Great Nor C B & Q coil 4s_ _1921 J
9.114 Nov'18 ---- 9134 9414
Q
11921
Registered
9212
9212
1 85
9212
lit & ref 45(s Series A _1981 J
-62- -6.18 96 Juno'16 ---- -1961 .1
--Registered
-7
-8
-31 -_ -.. -- -- 8912 Apr'18 ---- -861; 8912
1933 J
Si Paul M & Man 4s
10812 _--- 111 Nov'18 ---- 106 Ill
1933 J
1st consol g 69
Apr'17 ---105 77-- 118
1933 J
Registered
9212 10314 91 12 Nov'18 ---- 9114' 95
Reduced to gold 45,49_1933 J
99 10212 May'16 ---89
1933 J
Registered
89 ---- 89,4 Nov'18 ---- 8112 8914
1937 J
Mont ext 1st gold 4s
9513 Mar'16
1937 J
Registered
7613 __ _ 85,2 Nov'15 ---- ---- -1940 J
---Pacific ext guar 4s £
83
---80 Nov 18 ---- 80
A
80
4s.._1948
g
1st
Div
Nor
Minn
F.
10012 _--- 10014 May'18 --- 10014 1001.1
1922 J
Mina Union 1st g 65
110 ____ 108 Nov'18 ---- 10438 108
19373
Mont bit gu g Els
1937 J
Registered
1937 J
1st guar gold 5s
1
,
7'2 _-- -- -- _-- 11093695:44
9080
A
NS1i19'IlYt ?
Will & S F 1st gold 59 1938 J
G -: --- -: -: -EC'
RI
-515- ____ -_Green Bay & W deb(Ms "A"____ Feb ---- 79i14 6931 Deo '16
834 11
0
834
Feb
81
913
7
Debenture Ohl "B"
___
817g
817
J
8
.1
5s__b1952
75
83
Nov'18
---g
t
&
ref
Gulf & S I 1st
g512 86
84
8512
86
5 74
Hocking Val lot cons g 455s 1999 .3 .1
7312 June'18 --- 7312 7312
1990 .1
Registered
1948 AO 7518 _-__ 7312 Oct'18 -.-. 7312 7812
Col Jr Ii V 1st ext g 43
7418 --- 75
1955• A
Feb'18 ---- 6712 75
Col Jr Tol let ext 4s
85
821.1 95
85
2 85
85
Houston Belt Jr Term 1st 5.9.1937 J
891a 9112 89'8 Nov'18 ---1)5
Illineie Central 1st gold 45..1951 J J
1951 J J
69
93
92 Sept'17
Registered
72
1951 J J
90
7534 Oct'18 -- -- -it
let gold 354s
/34 -if 7
13770 __ 84 Nov'15
1051 J J
Registered
1951 AO 721
' -- -- ---- --Extended 1st gold 354s
70 ----------------------------1.151 A
Registered
____ ____
80 Juiy
1951 M
____
-'15; ____
let gold 31; sterling
1951 M
Registered
79l2
7918 84 '51
Collateral trust gold 4s_.A952 A
; oWtviii __ __ 721 -'1:11
1952 A
751s ..„-- 953s Sept'12 --,- ____ -___
Registered
Sale 85
85
1955 MN
7738 87
85
1st refunding Is
1952 J .1
71
75
71 May'18 ---7 70
73
Purchased lines 3543
79
8212 79
1 7118 82
79
L N 0 & Texas gold 44_1953 M N
72
7412 84
1953 MN
72
72
Registered_
Feb'18
78
Cairo Bridge gold 4s_1950 J D 7834 ..--- 78 Nov'18 ---- 78
GO --__ 79
Feb'14
Litchfield Div let gold 39_1951 J
6434 7012 7312 Nov'18 ---- -di1J
8 -rii1-2
Loulev DIv & Term g 314e 1953 J
1953 J
83
Au g 12 -Registered
---- --__ -___
1921 FA
__ ---- ---9012 ---- 102 June'lli
Middle Div reg 5e
5834 --- 5814 8%4'18 --- 5814 58,4
1951 FA
Omaha Div let gold 38
61
MI
62 Oct '18 --- 62
82
St Louts Div & 'l'orm g 39_1951 J .1
70
1951 J
8312 6518 Oct'18 ---- 03
651t
Gold 3549
____ _
80 Jeue'16
1951 J .1 6458 __
Registered
65 _-_- 8059 Nov'14
1951
Springf Div 1st uc 3549
8012
7912 82
1951 lo A
8012-7
- -ig- --ItitT.,
Western lines let g 4s
1951 P A s _ -_ - 82
92 Nov'10
Registered_
11712 May'10 ---- ---- -1923 SD
Bellev & Car 1st (35
Jan'17 ---Carb & Shaw 1st gold 49._1932 MS 7212 --__ 90
9718 _ _ _ _
.3-9178 -9
NO gold 5s 1951 S D
Chic St L drN
90
0
5% 0%
1951 S D
90
t:118
8 -------- 90
Registered
6512 July'18 _--- 6512 6512
1951 SD 7212
Gold 354s
1951 J D
Iteglatered
9.02
1 8518 96
Joint 1st ref 5s Series A-1963 J o -54- -6112 9112
Memph Div 1st g 48-1951 JO 82 ---- 7018 Oct'18 --- 7018 7018
-....
65 Nav'17
1951 J
Itegistered
St Louis Sou 1st go g 48-1931 MS 7712 ----89 Feb '18
80 - 80
89
8013 98
.
1930 J
Apr'17 -Ind Ill Jr Iowa lit g 4s
1919 M N
lot & Great Nor let g Os
95,2
9512 9673 9512 Nov'18 --- 90
71
James Frank Jr Clear let 45_1959 3D 781 1 99
8212 June'17
5
68
. 7
Stie
t5
0e8
0, ---2' -g- -(1;Kansas City Sou 1st gold 35_1950 A J _6_5_ .....
Registered
1950 AO
8012 81
2:3, -534 -611-2
Ref Jr Impt 53
86
Apr 1950'Ii 86
8112 35 711s 831 2
8112 Sale 8114
Kansas City Term 1st 4s___1960 J J
8912 90
88 Nov'18 ____ 78
92
Lake Erie & West 1st g 59_ _1937 J J
_ 83
2d gold his
8053 Fel)'17
J
1311 J
8038 Oct '18 ....-- -- -g(i; -3 iidis
North Ohio 1st guar g5 5_1945 AO --- 80
92 Nov'18 ..-. 8412 943.1
92
Leh Val N Y let gu g 4548._1910 J .1
90
89
3418 93
_1940 J
Reel:item)
J
Oct'l/ ------ - --81% Nov'18 __-_ 7118 8178
99
80
Lehigh Val (Pa) cons g 48..2003 MN
8914 Nov'18 __-- 85
92
General cons 434s
2003 MN
91
901 2
----

--

BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 6.

Week's
anee or
Last Sale

C,
L

1

,

Range
Since
Jan. 1

ma
Asti Low
High No, Low High
10718 100
Oct'18 ----' 96 102
Leh V Term Ity 1st go g 5s__1941 A 0 113 Mar'17
Registered
10313 24 -9734 10314
10273 Sale 10278
Leh Val Mt 10yr coil 63.._o192S
0 9912 101 '100 Nov'18 ----! 9614 11)1
A -.3
1.13 ;I93
Loh Val Coal Co 1st gu g 59_ 19
,
Oct'13
J
10.,
1933
Registered
---1 ---- ---7914
1st lot reduced to 43
5 72 --__ -id- July'18 :::: -ia" -i6"
M S
55
43
Leh & N Y 1st guar g 4s
1193
Registered
8 fail; -6-6- -6-6- ---i - i3-4 -66M S -661915 QJ
Long Isid 1st cons gold 5s_h11931
8748 ____ 9414 June'16 ---- ____ ---1st oonsol gold 43
/1931 Q J
81
D 81 ____ 81
8 81
1 , 71,
1938
General gold 4s
85. Sept'18 ---- 85
85
1922 M S 8814 98
Ferry gold 43,43
9914 Oct'06 ---- ____ ____
19:32 J D
Gold 43
78
78
89
78
1 71
1919 M S 78
Unified gold 4s
88
97
97
Jan'18 ..... 97
1934 J D 80
Debenture gold 55
7712 7812. 7712 Nov'18
20-year p in deb 5s
80
812
74
10 70
79
S 77
N
80
7218 8
7
49
Guar refunding gold 4s
193
95 Jan '11
__-- __-Registered
S 95 ____,10314 Apr '18 ----, ---- ---A O
5M
39
B Ist con g 53_1
94
19
N Y B&
9712 9212 Apr '18 ----, 9212 9211
1927 M S 92
NY&RB lat gold 5s
90
94 1100
Aug'16
Nor Sh B 1st ron g gu 5s_o1932 @ J
4 -if 4
91
1927 11 S 8712 93121 91
61'-1 Louisiana Jr Ark 1st g 5s
Oct'18 _ .i.; 109 111
Louisville Jr Nashv gen 63_19:30 .1 D 103 109141111
1003g
102
N
100
Nov'18
.3_ _ 1_7_
.9
M
1937
Gold 5s
J
89
8912 8812
90
81
1910 J
8914
Unified gold 48
8312 8814 958s Jan'17
Registered
5 9918 10112 9812 Nov'18
M P1
31 5
1949
Collateral trust gold 5s
018
09
1903018 19
10034 -11003 Aug'18
E H Jr Nash 1st g Os
9012 9512 87 % le- 18
87
1%4
87
11 5
93
19
L Chi & Lex gold 454s
100 1(11
1930 J J 10412 10712.100 Sept'18
N 0& If let gold 6s
9312
__ 10413 Feb '17
_-__ -2d gold 65
5 7614 89
9012 Apr '12 ---F A
15
Paducah Jr Item Div 4s_ _1939 13
-...1 inii- 1011,
Oct'18..
St Louis Div 1st gold 05_1921 M S 10012 ____loo
6414 ____ 5718 July'18 ----'1 5718 5814
2d gold 3e
82
82
83
82
83
51 74
5M
950
195
Atl Knox &CM Div 19_1
95,s
Atl Knox Jr Nor 1st g 5.5_1946 J D 9412.... 95 Nov'18 ---- 95
Render ledge let s f g 69_1931 M S 10138 11:3 10312 Sept'18 --- 102 10:312
83
78 Nov'18
79
73
73
Kentucky Central gold 43_1937 5 J
9512 Nov'18 ----, 90
96
Lox Jr East 1st 50-yr 5s gu 1965 A 0 9512 101
961488 Nov'18 ----, 8318 88
L&N&M& N1 1st g 4549 1915 M S 88
J
5 .._-____- 6714 6812
18
it:0
,ep)
SFe
(.4 s
L Jr N-South M Joint 4s 111952 .7
Registered
Aug'18 ..--.1 - ,i
9212 ____ 95
.- -667
1937 F A
4
NFIatSletgugss
8312 ____ 9775 May'18 ----1 ____ --N & C Bdge gen go g 4348-1915 J
Pensac Jr Atl lot gu g f33_ _1921 F A 10114 101 10112 July'18 ---- 10112 10212
99
99
9334 106
Apr'18 ---- 99
1936 F A
S & N Ala cons gu g 53
Gen cons gu 50-year 5s_1963 A 0 862 9413 9312 Jan '13 ....-- 9312 9312
6314
60 July'18 ---- 60
60
L & Jeff ledge Co gu g
_1915 M
1930 M N
Manila RR-Sou lines 4s
' ..----- -_-_-_-_ -_-_-_-_
-:
Mex Ingernat 1st coos g 49_1977 M S ---- ---- -ii- M7tr-'1.0
75 Nov'1.0,--- ---- ---Stamped guaranteed
S 89 ---- 9112 June'171--- ---- --51 D
7 .1
75
92
19
Midland Term-1st s f g 5s_1
Minneapolis Jr St Louis10118 __ 101 July'18
101 101
1st gold 7s
100 103 Oct .16
O
A D
1927 S
Pacific Ext 1st gold 13s___ _1921
8312 7812 Nov'18
77
1934 M N
7114 7934
Lit consol gold 59
7 41 . 5312
52
S 4812 53
52
1st Jr refunding gold 4s.,_1949
1 40
50
5014
Ref Jr ext 50-yr 55 Ser A 1962 Q F 4712 Sale 4712
60
Fetel5
DesM&Ftl) 1st gu 4s 1935 S J
1 -7E4; -AT;
D 8312 Sale 8312
8312
Iowa Central 1st gold 59_1938
2 4012 52
48
49
4714 59
1951
Refunding gold Is
23 80
8834 Sale 88
881.1
90
M
MStP&SSNleong4sIntgu_1938 J
68 -- 92 Jan '17
---let Cede Terra s f 43
8518 Nov 17
M N 9478
1 JJ
946
____ ---MSS M& A 1st g 40 Intgu1_'2
J --_- 90
95
M0'16
____
Mlasissippi Central lot 5s.._ _1949 J
Missouri Kansas Jr Texas7012 707s 72,2 Nov'18
19905 D
6018 73
let gold 4s
1(5 28 37
3512 Sale 35,2
36
90
2d gold 48
27
38
32
32
32 Sept'18
let ext gold 5s
4112 4112 44 Nov'18
46
40
1st
refunding 4s
42
41
M NA
S 382 4712 42 May'18
Trust
Co certfs of dep _ _ __ F
&__________
32
34
37
Oct'18
2514 34
Glen sinking fund 454s_1936
40 Nov'16
St Louis Div 1st ref g 4s_ _2001 A 0 ____ 30
30
40
5% secured notes "ext"_'16
-6612 Apr'17
Dall &Waco let go g 5s 1940 la -P
Oct'18
60
60 -- 65
50
Kan City Jr Pae 1st g 43_1990 F A
53 Nov'18
53
1942 A 0 3814 58
36
Mo K & E 1st gu g 5s
2 60
87
73
7318
7318
7318
M K Jr Okla. 1st guar 58..1912 M N
55 Nov'18
59
58
49
K & T of T 1st gu g 59-1942 M S 55
51
Den'16
Sher Sh Jr So 1st go g 55..1942 J 0 ---- 65
3013 Nov'18
40
30
Texa.9 Jr Okla let go g 5.9 1943 M S 30'2 50
Tsglesouri Pacific (reorg Co)
3 79
89
8312 89
89
8934
1s1 Jr refunding 5s Ser A..1g65 F A
1 8978 9512
9414 9412 9412
9112
1st Jr refunding 58 Her Ba_l 23 F A
9312 9378 91 Nov'18
8514 94
1st Jr refunding 51 Ser C 1928 F A
281 5518 6714
65
1975 M S 6412 Sale 6378
General Is
9918
9918
2 98 100
9938 100
Missouri Pac 1st cons g 69..1920 M N
Oct'18
1945 M
58
58
40-year gold loan 4s
---- 58
82
Apr'17
1938 M N ---3,1 7s extended at 4%
100 Feb '13
Boonv St L & S lst 58 go-1951 F A
03 -f147
,8 9712 Dec'13
Cent Br U P 1st g 45
D 8218 86
81
81
938 FA
Oct'18
Pac R of Mo let ext g 48_19185
1
85 -- 10034 Apr'18
19:33 J J
2d extended gold 5.9
6, 9012 -.
9553
6398
St L It* M S gen con g 59_1931 A 0 9618 98
102 July'14
Gen con stamp gu g 59...1931 A 0
81
8214 81
81
721, 83
Unified Jr ref gold Is. 1929 5 J
807s Oct'17
1929 J J
Registered
N
2 6613 77
77
Sale 76
76
1933
Itiv & G Div 1st g 4s
1926 M S 86
78 Sept'15
Verdi V I & W 1st g 5s
10112 Sept'18
10312
1927 J
101 102I
Mob Jr Ohio new gold 6s
- 95 May'18
95
9514
92
h1927 Q
1st ext gold (is
71 Nov'18
80
71
65
General gold4sM $ 71
A
8412 -- 93 July'17
Montgomery DIv 1st g 35_1917 F
90 Aug'17
87
81
St Louis Div 5e
7612 85
J
1 5 D
Oct'18
937
73
78
192
78
St L Jr Cairo guar g 45
9518 101
Neatly Chatt Jr St L let 5s_1028 A 0 9913 10012 100 Nov'18
1923 J J 10018 10414 11014 Mar'17
Jasper Branch let g 6s
30
32
Oct'18
30
30
Nat Itys of Mex pr lien 4549_1957 J J
35 Aug '16
Guaranteed general 4s_ 1977 A 0 - _- 50
30 ---- 967s Feb'13
Nat of Mex prior lien 45415_1926 J J
-- - 21
1951 A 0 21 ___ _ 21
21
Aug'18
let consol he
3 69
69
6918 89
70
1953 J J 67
New Orleans Term 1st 49
971g 9734 97 Nov'18
1925 J D
92
9712
N 0 Tex Jr Mexico 1st 69
-37 40
(
1935 A 0 55
Sale 55
57
5712
Non-corn income 5s A
New York Central RR1.)35 M N 10012 Sale 10013
101,4 160 9112 10312
Cony deb 89
7838
7838 Sale
11 69
8212
7812
Consol 45 Series A
A
A O
8C
1:
99
101
2
22 77
8758
8514 Sale 85
851 1
Ref & imp 454s "A"
New York Cent Jr Hod
J
J
8 69
75
Sale 75
76
76
Mortga-1e 3ije
1997 J
706838 Aug '18
6658 7114
Registered
44, 7434 8912
89
89 -gale 87
1934 M N
Debenture gold 45
79 Nov'18
01
79
79
Registered
A
M N
26 61
71
71
934 F
Sale 707s
1998
71
Lake Shore coil g 3lis
1998 F A •6814 ___ 6512 Oct'18
61
6012
Registered
1 6212 6913
6918
6918 ____ 6918
coil gold 314s.1998 1r A
isetn
Cent
ege
ch
erimi
Min
1998 F A (4212 ____ 75 Mar'17
_
Battle Cr Jr Stur 1st gu 33_1989 J
7
-17
'
Ap7'g 4+3_1936 J .1
8512
k 1st
red
,treee
ReetgliC
Bee
1936 J J
9534 No,'113
1936 J J
92 104 NUN'10
87
2d guar gold 5s
1936 J J
Registered
Beech Cr Ext let g 3549_51951 A 0
73 _-_- 89 Nov lo
Cart Jr Ad let ger g 4s.. 1981
0ouv & Oswe 1st gui R 5S-1942 5 D 99
7318 Oct'18
1991 M S 7712
'72
'7912
JrMob Mal Ist gu g 49
68 ____ 3912 Fel)'10
N J June It guar let 49.__1981 F A
7212 ---- 80 Mse'17 __I
N Y & Harlem g 348-.2000,Pd N
9553 9553
1:4.1423 A 0 95 ---- 9558 June'18
N Y & Northern 1st a .

• No price Friday; latest bid and asked this week. a Duo Jan. b Due Feb. p Due June. it Due July.




FridayRd
De.:. 6

_8_2_ 96574

-

1

n Due Sept. o Due Oct. 3 Option sale.

2174
BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 6.
N Y Cent & H R RR (Con.)—
N Y &Pu 1st cons gu g 48-1993 A
Pine Creek reg guar Gs_ ___1932 J
W &0 con let ext 5s._h1922 A
Rutland let con g 445___1941 J
Og & L Cham 1st gu 48 g-1948 J
Rut-Canada 1st gu g 45_1949 J
St Lawr & Adir 1st g 5s___1996 J
2d gold 13s
1996 A
utica & Blk Riv gu g 48.-1922 J
Lake Shore gold 34s
1997 J
Registered
1997 J
Debenture gold 4s
1928 M
25-year gold 4s
1931 M
Registered
1931 M
Ka A & G It lst gu 5s
1933 J
Mahon Cl RR let 5s
19341J
Pitts & L Erie 2d g 5s. a1928 A
Pitts McK & Y 1st gu 6s 1932 J
2d guaranteed 6s
1934 J
Michigan Central 59
1931 M
Registered
1931 Q
48
1940 J
Registered
1940 J
J 1. & S 1st gold 34s
1951 M
1st gold 34s
1952 M
20-year debenture 4s
1929 A
N Y Chic & St L 1st g 4s 1937 A
Registered
1937 A
Debenture 4s
19:11 M
West Shore 1st 45 guar_ 23111 J
Registered
2361 J
N Y C Lines eq tr 5s__1918-22 M
Equip trust 44s__1919-1925 J
NY Connect 1st gu 44s A 1953 F
N Y N El & Hartford—
Non-cony deben 4s
1947 81
Non-cony deben 34s
1947 M
Non-cony deben 345
1954 A
Non-cony deben 48
1955 J
Non-cony deben 48
1956 M
Cony debenture 34s
19563
Cony debenture Os
1948 J
Cons ay non-cony 48
1930 F
Non-cony deben 4s
1954 J
Non-cony deben 4s
1955 J
Non-cony deben 4s
1955 A
Non-cony deben 4s
1958 J
Harlem It-Pt Ches 1st 45_1954 M
13.1 N Y Air Line 1st 45_1955 11
'
Cent New Eng let gu 45_1961 J
Hartford St Ry 1st 45
1930 NI
HOUMA ionic R cons g 58
1937 NI
Naugatuck RR let 4s
1954 141
N Y Proy & Boston 4s_ 1942 A
NYW'ches&B Inger'4481946 J
Boston Terminal 1st 4s
1939 A
New England cons 5s
1945 J
Consul 48
1945 J
Providence Secur deb 4s 1957 51
Prov & Springfield lot 58_1922 J
Providence Term 1st 45
1958 M
W & Con East 1st 414s1943 J
NY O& W ref 1st g 49____p1992 M
Registered 15,000 Only.. g1092 M
General 413
1955 J
Norfolk Sou 1st AL ref A 5s_1961 F
Norf & Sou 1st gold 55
1941 M
Nonf & West gen gold 6a
1931 M
Improvement & ext g Os 1934 F
New River 1st gold Os_
1932 A
N& W Ry 1st CODS g 48....1996 A
Registered
1996 A
Div'l let lien & gen g 413_1944 J
10-25 year cony 48
1932 J
10-20-year cony 4s
1932M
10-25-year cony 44s
1938,M
Pocah C & C joint 4s
1941 1 J
C C & T let guar gold 58_19221.)
cioV&N E lst gu g 4s 1989 M
Northern Pacific prior lien
railway & land grant g 48-1997 Q
Registered
1997Q
General lien gold 38
a2047,Q
Registered
a2047 Q
Ref & imp 4ls ser A
20474
St Paul-Duluth Div g 48.._1996'3
St P & N P gsn gold 6a
1923 F
Registered certificates_ _1923 Q
St Paul & Duluth 1st 55_1931 F
let consol gold 4s
1968J
Wash Cent lsL gold 4s
1948 Q
Nor Pao Term Co 1st g 8s....1933 J
Oregon-Wash 1st & ref 45
1961 J
Pacific Coast Co 1st g 5s
1946 J
Paducah & Ills let at 448_1955 J
Pennsylvania RR 1st g 48_1923 141
Consol gold 58
1919 AI
Registered
1919 Q
Consol gold 411
1943 M
Consol gold 42
1948 M
Conaol434a
1980 F
General 44s
1985 J
Alleg Val gen guar g 4a
1942 M
D R RR & B'ge 18t gu 4a g_1936 F
Mita halt & %V 1st g 4s_ _1943 M
Bodes Bay & Sou 1st g 68_1924 J
Sunbury & Lewis 1st g 48_1936 J
U N J RR & Can gen 48_1944 M
Pennsylvania Co—
Guar 1st gold 44s
1921 13
Registered
19214
Guar 310 coil trust reg A.1937 M
Guar 345 coil trust ser B_1941,F
Guar 34s trust ctfs C
19421
Guar 348 trust ctfs 13_19444
Guar 15-25-year gold 45_1931 A
40-year guar 40 ctfs Ser E_1952 II
Cin Leb rt Nor gu 4s g
1942 M
CIA Mar 1st gu g 434s1935 M
CI & P gen gu 44sser A_1942 J
Series B
1942fA
Int reduced to 3411_1942,A
Series C 348
1948 M
Series I) 34s
1950 F
Erie & Pitts gu g 34s B1940 J
Series C
1940 J
Or R & I ex 1st et] g 448_1941 J
Ohio Connect 1st gu 4s_ ....1643M
Pitts Y & Ash 1st cons 58_19271M
Tol W V & 0 gu 44s A 1931;J
Series B 44s
1933J
Series C 4s
1942,M
P C C & St L gu 445 A194BA
Series 13 guar
1942 A
Series C guar
1942,53
Series D 4s guar
1945 M
Series E 33s guar gold_1949 F
Series F guar 4s gold...19534
1

New York Bond Record—Continued—Page 3
Price
F'ridact
Dec. 0

Week's
Range or
Last Sale

High
Ask Low
Bid
7412 MarlS
704 - _ _ 113 May'15
10112
9812
96 Nov'18
80
83 Nov'18
6113 -- 6034 Nov'18
70 Jan '18
8258
_ 101 Nov'16
8212 - - 103 Nov'16
93 ____ 94 Apr '18
76
7513 _- 74
7212 _ _- 7333 Nov'18
9114 91
91
9112
8912 Sale 8813
90
- 8378 Nov'17
-10-113 Dec '15
9312 _ _
103 May'17
102
10412
_ 13018 Jan '09
12:114 Mar'12
10213
95
9912 Aug '17
93 ____ 9812 Nov'18
7412 Aug '18
801s
87 Feb '14
90 June'08
7234
_ 7073 July'17
88
8312 84
88
84
8478 8518 Nov'18
78 - - _ _ 85 Nov'17
Sale 72
72
7212
82
8313 82
82
7812 7812
78
7812
- _ 10012 Jan '17
_ _ _ 102
9833 July'17
8833 Sale 8833
8858

g•.9
-

No.

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Dec. 6.

4313

Price
Friday
Dec. 6

[VOL. 107.
Week's
Range or
Last Sale

Range
Since
Jan, 1

Low High
7218 7413

P C C & St L (Con.)—
Bid
Ask Low
High No. Loin High
1957 M N
Series 0 4s guar
8014 9612 92 Nov'18
88% 02
Series I cons gu 44s
9013 __ _ 95 Nov'18
1963 F A
95
93
98l.
C St L & P 1st cons g 5s 1932 A 0 100
9812 Oct'18
9678 10012
Peoria & Pekin Un 1st Os g 1921 Q V
6714 8:3
- - 100 June'17
6:3
60
2,1 gold 44s
87 Mar'16
70
70
Pere Marquette 1st Ser A 586
8712 -Sale 8714
-..
1 __
N
,
9
95
26
1 i..
1V
1
89
90
55 79
1st Series 13 4s
7034 74
7034
7034
4 6212 7312
Philippine Ry 1st 30-yr s f 4s 1937
--.J 40 49 45 Oct '18
50
44
-92 - -6,1:Pitts Sh & I E let g 5s
33 95
A 0
,
40
3
7 jj
19,
119
99
Jan'18
99
99
11 70
76
1st consol gold 5s
9234
9714 Dec'17
7318
71
Reading Co gen gold 4s
89
Sale 88
89
-8-03-4 -1/1 12
16 82
9211
Registered
1997 3 3 8518 8912 8112 June'18
8112 8113
51 8131 9213
Jersey Central coil g 45
1951 A 0 8612 87
8614
87
811.1 88
Atlantic City guar 4s g
---1951 J J
St Jos & Green 181 1st g 48_1947 J J
---70
7212 717
'1113 1, 63 717
St Louis & San Fran (reorg Co)—
1
Prior lien Ser A 4s
6358 Sale 6312
6434 166 5513 6712
Prior lien Ser 13 5s
8034
1950 j
Sale 8012
81
J 3
31 66
8253
-- Cum adjust Ser A 8s.._ ...,h1955 A 0 72
Sale 7173
721i 52 , 60
76
Income Series A Os
50
Sale 4953
,
96
30 Oct
5034 33.1 44
55
9812
92
St Louis & San Fran gen 6sh_1
103 10314 10058 Sept'18
100t2 10114
74
75
General gold 5s
97 Nov'18
1931 J J 9473 95
9712
91
---St L & S F RR cons g 45__1996 J I ---78 May'16
Southw Div 1st g 5s_ ___1947 A 0
90 May'17
K C Ft S & M cons g 68_1928 l'il N 10111 103 101
101
K C Ft S & Silly ref g 481936 A 0 7631 Sale 7:134
7234 88
77
18
15 -6
619.6
2'; i7
7512 8713
K C & NI R & 11 1st gu 59_1929 A 0 8714
_ _ 8513 Aug'18
854
St IS W 1st g 45 bond ctfs .1989 M N
74
75
74
7412
16 (11
7412
26g 4s income bond etfs_p1989 I J 5714 58
57 Nov'18 _
2
1 6
50
374 5777
2 7112 8253
Consol gold 48
J 67
S
J D
952 I
5._ 1193
67
6714
8 57
70
1 70
80
1st terminal A unifying
01
62 Nov'18 ---- 52
62
85
- Gray's Pt Ter 1st gu g 58-1917 J D
9812 Jan'14
S A & A Pass 1st gu g 4s_-1943 I J 6612 -6814 6613
6612
1 5
-4.12 66,2
7
7 771g 90
SF&NPlost skill g Is
100 Jtine'18
19,
11955
10
9J
A 0
3
100 100
757
72
Seaboard Air Line g 4s
87 July'18
55 ____ 60 Oct '18
60
60 Gold 4s stamped
A 0 7212 74
7414 Nov'18 :::; 6
68
714 75
1114
3
53 ____ 55 Sept'18
55
55
Adjustment 5s
58
A 5814 59
A 0
59
49 F
0195
61
5814 5634 Nov'18
54
62
50
62
Refunding 4s
Sale 62
64
24
" 49
66
1
63
52
At! Flinn 30-yr 1st g 4s_e1933 M S 74
79
74 Nov'18
75
7
73
5
59
5
59:2 6
592 Nov'18
61
45
Caro Cent let con g 4s__1949 J J 7212 _ _ _ 76
Oct'18
55
55
Sale 55
3 5118 60
Fla Cent & Pen 1st g 51918 J 1
9914 June'17
9314
94
93
94
27 82
95
1st land grant ext g 5s__1930 3 J 93 _ _ 101
Dee'15
50 Ost '17
_ 95 Nov'18 ---- 9212 95
---Consul gold 5s
9113 Jan '12
---Ga & Ala Ry let con 5so1
-1 9034 _ _ _ _ 9012 June'18 ____ 9012 0013
131
19
94
5 .1 1
60 July'18
--- 60
00
60
Ga Car & No 1st gii g 5e....1929 3 1 9353 _ _
94 J11110'18 ---- 94
94
Seaboard & Roan let 5s_1926 J J 9073 ____ 9114 June'18
9114 91114
Southern PacitIc Co—
74
73
69
Gold 4s (Cent Pao coll) k1949 J D 7812 Sale
82
8
75012 8
0 7
69 ____ 7918 Dec '17
Registered
k1949 J D
Feb
7'14
779
'JO
66 Nov'18
551a 67
69
60
86
213-year cony 4s
Sale 8533
86
'26
1
10313
20-year cony 5s
Salo 103
9119:2
39
11
105
M I3
8
718 86t8 10914
_ 10612 May'15
9034
Cent Pan 1st ref gu g 4s__1949 F A 8334 8412 8334
8412 23 '75
86
75 ____ 87 July'14
---- _-__ 8712 Sept'111 ..___ __ --Registered
8012 --__ 83 Aug '13
8612 8634 8612 Nov'18 —__ 85
Mart guar gold 348_k1
A
F D
12
19 J
119
88
Sale 38
58
5812 18 45
65(2
80
Through St I 1st gu 48_1951 A 0 79
76 Nov'18 --__ 71
06
69 ____ ---- -G II & S A M & P 1st 5s__1931 M N 9114 101 100
Oct'18
9012 -26 eaten 5s guar
---- 97
9634 Jan'18 __ 9634 9634
7012 ____ -id- Sei-)E.-17
Gila V 0& N 1st gu g 5s_1
95 Nov'18 ___ 95
141 N
1
34
13
19
92
95
57 Apr 16
91
9913 8512 July'18 ___ 8512 8512
Boos E & W T let g 58_19:13 M N
9973 Deo '13
91
95 100 Oct •16
1st guar 53 red
883s Feb '14
H & T C 1st g Is int gu
J
9315 06 10312 Aug'17
M N
1 J
93:
7
193
Gen gold 4s int guar
9513 93 Nov'18
1921 A 0 93
-if - 03
707 7212 71
-if_ _ 10913 Nov'15
63's 73
Waco & N W div lat g 6e '30 M N
9212 June'12
A & N NV let gu g 5s
-„- 95
93 Nov'18
93
60 Ann '18
02
-66- -66_ 10014 Oct • 17 -------Louisiana West 1st Os.,1921 3
3 9834
J 1
68
139
67 Nov'18
(10 6853
Morgan's I.a & T let Os .1920 J J -_.,. - iiii53 100 Apr '18 -_-_-_-_ iiO fir
86 _ _ _ 3153 J u
811. 8412
1)3
No of Cal guar g 6s
__
10213
oet
'17
1948
_
A
0
109 111 10813 Oct '18
10514 10812
Ore & Cal 1st guar g 55_1927 J
J 9553 Salo 9534
--9333 -661
;
106 ____ 122 Nov'16
So Pee of Cal—Go g 58.....1937 53 N
9312 ____ 10713 Sept'16
9553___ 1_
---10718 _-__ 10634 Nov'18
105 166-37,
So Pac Coast let gu 4s g 1937 J .1 9012 93
9312 Aug '17
8838 Sale 8734
8838
8 79
8813
San Fran Term! let 48._ 1950 A 0 7833 7914 8013 Nov'18 :: v 7114 .i
...:i
3.
:
;
1..
---- -- 9312 Deo '16
78
Tex & N 0 con gold 58
85
94 Nov'18
1913 J J
8514 ---- 8514
8514
10 -if- -8E18534 Sale 8334
So Pat. RR let ref 45
4
1955 J J
8534 32 7553 8614
12373 May'17
Southern—let cons g 58
1991 J J
18
0
70
40
-_-_-_-_ 11714 May'17
Registered
A
Nuogv
9:138
6
4 ii2
.
.-5
.-.:
-86
8,6
5
10433 _ _ _110433 Sept'18
10313 10512
Develop & gen 4s Ser A.._ 199
1 6934 -Sale 69
A 0
83
954
70
109
Sale
8612
8612
8612
76
8612
Mob & Ohio coil Erg 4s._1938 M S 75
77
75 Nov'18. _ _ _ _
9612 ____ 103 Sept'16
Mem Div 1st g 430-58._1996 J J 9214 ____ 92 July'18 __ 87
92
81 ____ 80 Nov'18
80
72
St Louis div let g 4s
Ala GE Sou 1st Cons A 58_119
I 93 ___ 93 Nov'18 ____ 8773 03
J D
1j
94
53
88
8818 8714
88
22 79
90
Atl & Chart A L 1st A 4451944 J .1 8212
8412 Oce18 ____ 8212 84,2
8613 --__ 79,4 Oct '18
783i 80
let 313-year Is Ser IL .._ _1944 J J 9614 97
9312 Oct'18 ____ 91
95
6214 6212 62
624 40 5653 6114
Atl & Dans, 1st g 48
70 Oct '18 __
1948 J J ---- 76
70
7014
56
66 158 Oct '18
58
58
2d 48
---- 80
8112 Slar'16 ____
9031 Sale 90
9034 21 8273 903t
Atl & Yad let g auar 48_1
1
A
75
0
1
1
8
9
19
9
4
Feb'17
____
75'8
_ 74 Aug '18 -- 74
75
E T Vs & Oa Div g 5L....1930 J
93
J
9913 96 Mar'18
-66" -OF
10312 104 103 Nov'18
10053 103
Cons 1st gold Is
0614 100
95 Nov'18 ____ 9114 07,2
10334 Sept'171__
101
E Tenn reorg lien g 58
94
9213
99
9218 Nov'18 ____ 86
1
93
9
5
8
6
M
M
M
S
---- 107
Oct'16
Oa Midland tat 3s
52 ____ 52
52
1 51
63
75 -- 771/3 Nov'18
7713
Ga Pee Ity let g661
f1-3
3
A 0
10012 Nov'18 ________
1 10112
92
6 68__ 9
2
46
5
2 .1J
,
1
:1
04
1
(
(
)
)'
:
1
6514 85
3612 Dec'16
Knoxv &Ohio 1st
10053 ____ 100 Oct '18
10638 10912 107 Nov'18
10634 i6A73
Mob & Mr prior lien g 58_1945 J J
87
95 1 9113 Oct '18 --- .
6
::
_6
9
::
79
79
78
7934
5 6514 8013
65
Mortgage gold 45
7212 08 Jan '18 ____ 68
68
84 Nov'18
8514 88
90
32
Rich & Dan deb 5s stmpd_ 119.2
1 9112 102
A 0
15
73
95 Jan '18 ___ 95
95
_
95 10013 Feb'17
s
ltl
occ
ha/A
NI0
ecaltis
lsttgg5s
o 48......1948 M N
73 Sept'12
95.11
_ 9514 Nov'18
9314 %At
99
9912 0878
9878
98 foci 100 Aug '18 ---- 100 100
Virginia Slid Ser D 4-5819
9512
98
92
1? M
AI N
10212 June'11 --S
9713 -Series E 58
_ 93 Apr '18
S
19
H 93
9261:
6
-6S- -6i901 1 -- -6611 Nov'18
9014
38
Series F 53
9153 ____ 10413 DWI()
3 92 Nov'18
9012 9179213
83
General 5s
96 102
98
2 93 -98
98
- -98
9953 99
10018
5 9273 10013
Va & So'w'n let gu Is. _2
87 ____ 8153 Sept'18 ___ 8153 8158
J
10
90
33J N
9314 Sale 93
9314
72. 8573 981s
lin cons 50-year 58_1958 A 0 70
83
7013 Nov'18
' 1 721
88
8878 8712 Nov'18
W 0 & w let cy gll 4s.,__ 1924 F A -8712-----85
8712
--- 92
0378 Mar 17 -----8212 -- 8412 Sept'16
Spokane Internat let g 58..1955 J J
82
-9534 M ar'17 -------8613
92 Aug'17
Term Assn of St I. 1st g 449.1992 A 0
9912 88 July'18 ------102 Jan '93
let
cons
1894-1944 F A
gold 58
____ 9434
---- ---95
9434
2 CIO
80 —__
Gen refund 8 t g 4s
7714 81
8112 Nov'18 ____ 81
---- ---8314
8453 ____ -62- De-o-'17
St L M Bridge Ter an g 58_1
1 *--- 9412 9512 July'18 —__
33
01
A 0
19
95
---- - Texas & Pee 1st gold 59____(12
m aDr
)&0 J
88
2
(
0
89
89
89 .._! -i61
4 -iii
981.1 Sale 98,t 9833 4
2d gold income Is
0833
46
65
41 Sept'18
071* July'18
9514
9534 9712
La Div li L 1st g 5s
--_- 93
86 May'18 _____-______ 8
46
1
48664
87 Feb '17
7633
W Min W .4 N 1,V lstgu 5811930
1
3
1. A
1'
10613 Nov'04
7018
- 78 July'18
78
70
Tol & Ohio Cent let gu 5s....1935 J 1 -6E- -fill 0012 Oct '18
90 - -6i 7473
8114 July'17
Western Div 1st g 5s
0
87
A
1935
9212 100
Jan'17
3734 Dee '16
7573
General gold 58
1935 J I) 74
84
93
Oct'18 ___ -iii- -6i824 July'18
83,3 91
82l 84
Kan & M let go g 48
1990 A 0 78
6712 69
80
6712 Sept'18
86
84 June'18
84
84
2d 20
J
1927 J
87
8973 90 Nov'18 ____ 8913 00
-year 5:1
87
86
873.1
Oct '17
Tol P & W 1st gold 4s
52 Aug'17
87
9614 May'17
Tol St LA W pr lien g 345_ 192
3 1
7 .1
8213 84 Nov'18 :::: -6/1-2 -q915
0634 May'18
9513
-66;
3 -66.350-year gold
4
F
A O
A
53
56
55 Nov'18 ____ 45
5.'2
104 Dee '15
90
Coll trust 4a g Ser. A
---- 32
1853 S
AII2ligr:0
18
13 -__ ..:..:.. _
8612
9614 Feb '12
Trust co ctfs
4s0
of deposit..
_--1.
199.
5
17
_
1814
-fi-N8253
9013 Oct '12 „-- ____
Tor Ham & Buff let g 4s..54946
-6 7018 87 80 Apr '17
8053
8812 Feb '17
Ulster & Del 1st cons g Se...1928 1 D _-_- 90
85 Oct '18 __ -fig- -it"88 Apr '17
8314
let refunding g 43
1952 A 0
70
58 Sep '17 ___
8314
9013 July'12
Union Pacific let g 48
1947 J J
895-3 Sale 8834
8953 39 -84 - -61 84
81 Aug '18
81
81
Registered
1917 J J
_ 8512 Oct'18 ____ 83 93
8214
78 Oct '18
73
20-year cony 45
78
J -8671927 J
8 -gale 8834
8931 20 8234 00
9578
93 May'10
1st A refunding 4e
--_8633 Salo, 86
8612
8 7512 8712
9834 Apr '17
8553 95
10-year temp seeured..
_--- ---.1 105
NI 8
Os92
190
928
8J
Sale 104
10514 88 10133 10514
92 Dec '17
8553
Ore RR dr Nay cou g 45....1946 J D
---- 8818 Sept'17
78
Ore Short Llue let g So......1922 F A 101 103 101 Nov'18 ___ 9978 104
- - -- -9412 9.113 Nov'18
93
9112 95
1st consol g 5s
_1946 J .1 8
99
512 10
80
7:2 9
85
7 N
NOv
v:1118
8 -_-_:-,2 94j 971
1;45142
8.
9312 9512 93
Oct'18
9112 93
Guar refund 48
87
8853 8512
87
2
9018 99
99 June'17
Utah & Nor gold 53_1
J
29 1 D
01 ___- 98 Dec'17 _:—. -ii6... ..gtr
19
926
8914 93
9018 Sept'18
-fig- -66let extended 4s
82
89
89
Fol)'18. .._
9012 Sept'18
8913
Vendetta cons g 4s Ser A___1
9012
87
1
F A.
19
95
33
53
80
Jan'18 ____ 80
80
91 Sept'18
8914 93
91
Con,
91
ols 4s Series 11
7912 ---- 8
018 June'18 :-_____ _8
35
!_8_02!
.
0_1
Vera Cruz & P lot eu 4124_ 19
M N
J ---- ---54
7J
93
•No price Friday; latent bid and asked. a Due Jas. 0 Duo Feb.
•Due June, 5 Due July. k Due Aug. o Due Oat, V Duo Noy. e Due Dee. 8 Option sale.




9514

----

----

'

..97. :_2 7S..:1) 109706414

9173

6•- -ii"

-g,i-g5-

•

New York Bond Record—Concluded---Page 4

DEC. 7 1918.]
BONDS
N. Y.STOCK EXCHANGE
Week ending Dec. 6

Virginian 1st 5e series A____1962
1939
Wabash let gold 5s
A
1939
26 gold 55
1939
Debenture series B
1921
lit lien equip s Id g 5s
1954
1st lien 50-yr g term 4s
1941
Det & Ch Ext let g 5..
Des Moines Div 1st g 4s 1939
1941 A 0
Om Div lot g 3 qs
1941
Tol & Ch Div let g 4s
A
1945
Wash 'Fermi 1st gu 3As
A
1945
1st 40-yr guar 45
AO
1952
g
45
1st
Wait Maryland
J
1037 J
West N Y & Pa 1st g 5s
1943 AO
Gen gold Is
p1943 Nov
Income 5s
Western Pao lot ser A 5s_1916 MS
A0
Wheeling & L E 1st g
Wheel Div let gold 5a____1928 S i
Exton & Impt gold 53____1930 FA
Refunding 4 •if1 mice A__1966 M S
1949 MS
RR 1st consol 4s
Winston-Salem S B let 45_1960 J J
Wie Cent 50-yr 1st gen 43-1949 J J
Sup & Dul div & term 1st 45'36 MN

A

-.-_-

_-_-

---

-_-

_---

-___

.85
86
80 Oct '18 --70
95 May'17 _------ 74
80 Sept'17 —__
_-_- --_- 30 Mar'14 ____
98 ---- 10012 June'17 ---8112 _-_- 3112 July'18 ___
0912 ---- 9831 Aug'17 _ _ - _
82
96
9712 July'17 __
---- 7238 74 Aug'17 ___
99 May'17
-ig- -ii- 45
4512
8
17
1812 1818
1912 12
(3114 65
6134 Nov'18
72
99
8812 Nov'16
____
67 Aug '1$
9012 Pei) '17
81 ---- 95 July'17 _-__
-_— --__ 10212 Mar'12 ---56
Sale 55
50
9
3312 Sale 3314
36
122
97 100
90 Aug 'IA —_
9412 05
9212 Oct '18 ---7612 ---- 76 Mar'18 _-__
6212 ---- 50 Aug '18 ---65
09
65
8
66
52
al July'18 -57
50 Juno'17 -22
25 M ,y'18 --22
2534 25 Nov'18 ____
20
22
22
23
40
8112 8734 77 Oct '18 --_--_-

_-_-

A

-'5.14 -66._
90_
. _ .93_

"66— -ai5512
67,4
6914
72

69
72
83
787s

'7(314 _8_5_ _
_______ --__
---- ---2 --iiii8112
---- - —
---- - —
--- -41
51
1734 2434
63
70
(3212 -iii____ ---___- ____
-- _ 5212 59
2712 3878
913
95
91
96
7(1
80
60
56
58
65
_5_0_1_2 5514
25
22
22
77

-2-g .2012
27
801s

Price
Friday
Dec. 6

BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 6

Bid
Ask
6312 79
3212 3512
3014 3512

Week's
Range or
Last Sale

ts

Range
Since
Jan. 1

Low
69
32
3014

Miscellaneous
1948 M
Adams Ex coil In g 45
1925 as
Alaska Gold M deb tis A
1928 pi
Cony deb (3s series 13
1920 sit
Am SS of W Va 1st 5e
Armour dr Co 1st real eat 414s '39 j
1926 A
Booth Fisheries deb s f (35
Braden Cop 11 coil tr s 1 (le_ 1931
Bush Terminal 1st 4s
A
5
195
052
Consol 5s
Bldgs 5.5 guar tax ex
A
92
6°
7A
Chic C & Conn Itys s f Se.. 19
Chic Un Stat'n let gu 41is A 1953
Chile Copper 10-yr cony 7s_ 1923
Rects(part paid) cony 63 ear A A
1932
Coll tr & cony Sc ser A
Computing-Tab-Rae s f 65 1941
Granby Cons M S & P con tis A '28
1928
Stamped
Great Falls Pow late f 5s
194
20
3 51
lot Mercan Marine s f (38 s
1911 A
Montana Power let 5s A
1943
Morris & Co lets f 430.... 1939
Mtge Bond (N Y) Is ear 2 1966 A
10-20-yr .58 serles 3
1:2
N Y Dock 50-yr 1st g 4e------.151
93
Niagara Falls Power 1st 58 1932
a 1932 A
Ref a; gen Os
Niag Lock &0 Pow 1st 5s__ 1954
Nor States Power 25-yr .53 A 1911 A
Ontario Power N F 1st 5s___ 1913
Ontario Transmission Sc.... 1915 tyl
Pan-Atn?et&TrIst conv6s'19-27
Pub Sexy Corp N J gen 5s__ 1059 A
Tennessee Cop 1st cony 65_1925
Wash Water Power 1st 53..1939
Wilson & Co 1st 25-yr s 1 85_1941 A

High No.I Low High
69
60
69
39
18 18
35
35
18
36
'Si
86
8612 87
8712
7, 8112 89
90
90
---- 90 Feb '18
96
Sale 98
96
485 8978 96
A
80
8218 80
83
80
81
8538 8518 Nov'18
7
79
518 88
3
8112 82
83
83
3 74
85
58 Mar'18....58
58
86" 65
8 85
91
90
90
112
Sale 111
11212 14 10218 11812
8512 8578 853s
8618 45 73
Ws
8512 Sale 853s
86
30 77
8712
83
8434 81
84
2 7812 85
9812 ____ 100 Nov'18 __ 91 103
100 101
97 Sept 18 ____ 91
97
9212 96
93 Sept'18
9012 94
Sale,101
103
203 90 10478
0 102
92 S de' 9112
92
23 8512 0214
81
8778 81 Nov'18 ____ '75
81
83 Apr '14,____
91 June'18____I ---- -68
74
67
67 Sept'18,___,"gE
A
1 9012 9812
9618,
9618
91 102
99 102 10012
10012
1 99 10013
9314 8912 Oct '17 ____I
9014 Sale 9014
91
23, -83-- -011-3
8618 90
8634 Oct '18 ____, 8512 8712
--__ 95
84 June'17
- 117 1103 Nov'18 s__ -1 105 11912
Sale 80
3
80
0 80
-_- 91
9112 Nov'18
8
78
31' 9
36
512
-0234 95
9034 Aug '18
9034 9034
98
Sale 9758
9312 158, 907,2 100

Manufacturing A Indusiro,i2i FA,
Am Ag Chem let C 5s
Cony deben 5s
Am Cot 011 debenture 55_19:31 51
Am Hide St L let s f g 1(s. ._1919s
1919 pa
Am Sm & R 1st 30-yr .59 ser A 1917 A
Am T'areacl let coil tr Is
19
95
19
1F
.11
Am Tobacco 40-year g 6s_1944 A
Gold Is
Am Writ Paper let s f 55
1915 j
Baldw Loco Works 1st -5s 1940 M
Cent Foundry 1st s f 6s
193
951 F
Cent Leather 20-year g 5s_1925 A
Consul Tobacco g 4s
Corn Prod Ref s t g 5s
1931 m
let 25-year s 1 5.1
1934 sd
Dlitil Sec Cor cony let g 55_1927 A
E I du Pont Powder 430_ 1936 j
General Baking let 2a-sr 63_1938 J
Oen Electric deb g 31Ss
1912 F
Debenture 5s
Ingersoll-Rand let 5s
11912
5r
bat Agrlcul Corp 1st 20-yr 5511112
3
Int Paper cony s f g 5s
let & ref 3 f roar 5t ear A1
19
95
17
1 b_...
Liggett & Myers Tobae 7s 1914 A
5s
Lorillard Co (P) 75
1944 A
5e
051 F
Mexican Petrol Ltd con 6s A 1921 A
lien
&
series
let
ref Os
C 1921 A
Nat Enatn & Stpg lot 53__:_1929 J
Nat Starch 20-yr deb 55
19
330
2m
National Tube let 5.5
N Y Air Brake let cony its..1928 M
Pierce 0,1 5-year cony 6s41.920 J
10-year cony deb 63_ .....h1924 J
Sluelalr 011 & Refininglet s f 7s 1920 warrants attach F
do without warrants attach F
Standard Milling 1st 5s
1930 M
The Texas Co cony deb 63_1931 J
Union Bag & Paper let 5s 1930 J
Stamped
1930
Union 011 Co of Cal let 5i 1931 J
U S Realty de I cony deb g lie 1924
U S Rubber 5-yr se.; 7s
1923 J
let & ref 5s series A
1917 J
U S Smelt Ref & M cony Gs_ 1928 F
V-Car Chem 1st 15-yr 51_1923 J
Cony deb 6's
/19211 A
West Electric let 5s Dec....1922 J

1
Sale 98
93
12 9212 10012
0 98
10218 24 9014 106
A 10218 103 10118
87
8312 89 Nov'18
80
8978
9912 9934 100 Nov'18
9814 101
9214 Sale 9134
9212 31 8478 9533
9078 100
9958 Nov'18
9678 995s
0 .117 ____ 117 Nov'18 ----1 117 1174
7412
75
80
7114 Oct '18:..--'• 71
A
88
8814 8612
90
38 I 51 79
100 ____ 9934 Nov'18, ___-,, 9778 10134
80
82
82 Nov
9
87
411:
,
'
3
1I8
2 _3
_5 , 8
90
3
A
96
97
95
801. 81 Mar'18'....,.........
A
9912 101 - 101 Nov'18,---- 9714 101
0912 101
9912
9912,
4 95 100
8812
Sale 83
88121 13 '75
8812
0
100 104 May'171 __!
I)
82 _-_- 80
75
80
A 6312 7212 73 Nov'18....' 6614 74
100 10112 10118
6 9434 10178
10178,
95 ____ 96 Nov'18......7' 9(3
96
76
Sale 7512
76 I 16 13)312 7712
9518 ____ 91 Oct '18,---- 9313 99
_ 9
1E-12 11214
16i3; 117
93
Bile 9112
93
5 86
95
A
11112
3 107 115
0 11112 11214 11034
9253 Sale 9034
9258
3 511. 93
A
169 165 Nov'18 ____ 10534 18112
0
10(3 151
0 ____ 160 175 Oct '13
95
97
9512 Nov'18 ____! 95
98
9312 ____ 94 Aug '18•--... 9114 9214
95
Sale 95
95 I
6 93
9712
99 100
9334 Nov'18
97 100
100
Sale 100
10012 18 9534 10112
8834 Sale 88
9012
8834 25, 83

7

9314 ____/103 Sept'15
____ --_
9412 Sale 9412
9412
2 85
95
90
90 June'18 --- 8912 9055
8214 85
82 Nov'18 ---_ '5
82
Coal, Iron & Steel
97 Feb '15 ............Beth Steel 1st eats 155
1926 J
7 10418 108 los 6 i
10513 Pi
1st & ref 5s guar A
1942 M
0514 Oct '18 ---- 9112 9514
20-yr p m & imp 9 1 53
19:38 J
9512 Nsv'18.__. 9334 9638
9513
Buff & Susq Iron s 1 5s
1932 J
91
90 Sept'18 -__ - 8978 98
a1928 M
Debenture 5e
9318 912 9312 Nov'IS ---- 9112 93,2
(Jellaba C M Co 1st gu (38_1922 J
94 Feb '18 ____ 94
1943 F
91
Col F & I Co gen $ 1 51
100 Feb '13 _-_Col Indus 1st & coll 5s gu_lu9
)2
35
45
F
80
92(3 Nov'17 __ ---- -Cons Coal of lald lstacref 5s_1950 J
93
95
96'8 Dee '17 -___ ---- ---Elk Horn Coal cony 69
-—
8814
907s Dee'16
Gr Illv Coal & C 1st g lis__h1919 A
---- ---90 Dec '17
9014
III Steel deb 4 Vis
1940 A
100
97 Aug '18 Indiana Steel 1st 5s
1952 M
i" "filii;
-695
110 Juna'17
Jeff & Clear C & [26 5s
_192(3 J
7978
713 Nov'18
Lackaw Steel let g M _
,
924 A
m
78
1
73
9914 9378
99
99
1st eons 5.5 series A
18 9714 99
91
9112 Oct '18
95
8878 913(a
Midvale Steel &0 cony s f 5s1936 NI
.8714 ---- 8412 Oct '18
Pleasant Val Coal 1st s f 55_1)28 J
8112 8(318
10112 kw '17
Pocah Con Collier 1st s f 35_1957 J
-- -95
97
9512
Repub 1 & S 10-30-yr Sec f_1910 A
9512
-g(i- -6iiii
76
7612 7612 Nov'18
St L Rock Mt & P 5s stmpd..1955 J
7(312
138
100
9178 Seot'18
Tenn Coal I & RR gen 5.5_1951 J
9478 9178
We Aug '17
____ __ __
U S Steel Corp—lcoup__d1943 M
a 1 10-60-yr Sc rag __'.._d1963 M
9534 96
9534
9311
6, 8(134 9578
Utah Fuel let 51 5s
1931 NI
8738 8778 8712
Victor Fuel 1st a f 5e
1953 J
83
15' 7638 83
Va Iron Coal & Coke let g M 1)19 NI
92
95 Jan '17
100 July'17
Telegraph & Telephone
103
10078 N
Am Telep & Tel coil tr is___1929 J
13
933 lO07
7812 85
19313 M
85 INT iv'lS
Convertible 48
71(2 83
9178 913 Sept'17
1933 M
20-yr convertible 41is
1916 J
100 Apr '17
30-yr temp coil In Sc
- 89 latar'17
7-year convertible ils„ _19'25 F
91 July'17
Cent 1)1st Tel 1st 311-yr 53_1913 J
9612 9312 9914 No,'13
Commercial Cable let g 1s....2397 Q
— _-—
2397 Q
9134 Sale 9134
Registered
92
23 78
92
Cumb T & T let & gen /S5_19:37.1
90 Nov'18
_ - 100
90
91
9712 II ty'17
Keystone Telephone 1st 5s 1935 J
85
Mien State Teleph 1st 53_1924 F
7512 70 Nov'13
70
70
70
N I' & N .1 Telephone 58 g 1920,51
9338 Oct '17
-—
N Y Telep 1st & gene f 4 ais_ 1(139 M
93 Isity'18
93
90
Pacific Tel & Tel 1st Sc ___ _1937 J
10158 Nov10
South Bell Tel AT 1st :3 f 55_1911 J
913 Nov'18
97
-61171
West Union roll tr cur Sc
1938 J
8912 13 80
8912 Sale 89,3
00
1950 M
Fd and real eel g 413e
101 June'17
Nil m
Mut Un Tel gat ext 5.s
96
_ — 03
Aug'17
Northwest Tel 3114!is g 1931 J
97 105 M r'17
85
I

13

____ ____
.2—
-3-i- -i3
5718 72
90
99
60 '70

_-_-

___.

_

A

Low High
8414 0612
90
973s
80
8978
00
90
06 10014
65 (35
____ ____
___ __-

88
893s 88 Nov'18 __ 7978 88
_ 64
65
65
1 65
69
-9534 97711 96 Sept 18 ____ 9214 9812
9614 Aug '18 —_- 96
97
95
Sale 95
9512 06 9434 065s
92
94
92
92
1 8(J
92
--- 80
80 May'12 ....-- _-__ -----_- 9912 101 May'13
- ---- ---8312 84
84
84
4 78
8712
82
84
8634 Nov'18 _7813 8634
7178
1 66
68 --__ 7178
'72
6614 7234 78 July'17: 62
64
65 Nov'18
55
651s
8312 87
87
8712 —71 8012 88
8838 --_- 8712 Nov'18 ---- 8512 871.2
8858 --_- 8614 Oct '18
- 85
8614
7312 75
75
75 _—
80
68
84 Jan '11 ____
131
Sale 61
65
90
3 -6032-,1874
11) Sale 1712
'2012 188 , 1.134 25
85 100
87 Oct '18
90
87
5234 Sale 5212
5414 75, 43
5838
8034 Sale 8014
8112 285 7738 8.5
78t2 ____ 8118 Nov'18 _-__ 7314 8118
7812 8'3
8312 N )v'18 74,
8 8112
75
80
80 July'18 _-_- 80
80

--

A

Range
Since
Jan. 1

_-_-

_-_-

A

I

--

_-_-

A

co

High No.1
Ask Low
Bid
94
Sale 9234
33
93
9612 96
96
5
96
8912
2
8912 Sale 8912
---- -- 91) Aug'18 ---9614 ---- 98 Nov'18 --__
96
sernt:17
8 ::::
6
9
,
512 S
8738 102
____ 77
80 Aug '12 --__
69
73
78
Apr'17 ____
8114 jan'll ____
-ii3-4 -ga- 76
Dec'17 _-__
82 Aug '18 -6618 6512
63
67
11
99 Jan '18 _-__
9714 100
_-- 853s 60 Aug'18 _-_.45 ___- 36 Oct '17 __
86
8612 81312
6
87
94
96
93
Oct'18
88
93 100
Fen'17
- 9834 993 Mar'17
63
70
63 Nov'18
63 ---- 69 Nov'18
7314 82
72 Nov'18
8014 82
80 Nov'18
7612 81
7878 Nov'18

Street Railway
Brooklyn Rapid Tran g 58...1945 A0
J
1st refund cony gold 45___2002 J
6-year secured notes 5s___1918 S i
Otts 3-yr sec 7% notes op A1921 J .1
.1
3-yr 7% secured notes_51921
Bk Cty 1st cons 5s__1916-1941 S i
Bk Co & S con gu g 5s_1941 MN
Bklyn Q Co & S 1st 5s____1941 J J
Bklyn Cu El 1st g 4-55_1950 FA
1950 FA
Stamped guar 4-5e
Kings County E let g 45 1919 FA
1949 F A
Stamped guar Is
J
Nassau Else guar gold 48_1951 J
1927 F A
Chicago Rys 1st 5s
Conn Ry & L 1st & ref g 401951 J J
1951 • J
Stamped guar 430
Det United 1st cons g 4148_1932 J J
Ft Smith Lt & Tr 1st g 5a.__1936
1957 FA
Hud & Manhat 55 eer A
1957
Adjust income 55
1932 FA
N Y & Jersey lot 5s
Interboro-Metrop coil 43is_1956 AO
J
Interboro Rap 'Fran let 55_1966 J
Manhat Ry(N Y) cons g 45_199() AO
1990 AO
Stamped tax-exempt
Manila Elee Ity at Lt s f 51_1953 MS
Metropolitan Street Ity—
Bway & 7th Av let c g 55.1943 S D
S
Col & 9th Av 1st gu g 5s.._1993
Lex Av & P F 1st gu 58-.1993 M FS
Met W S El (Chic) 1st g 4s_ _1938 FA
Milw Else fly & Lt COM g 53 1926 FA
J
Refunding & exten 4 iii 1931
Minneap St let cons g 58-1919 J J
Montreal Train 1st & ref 5(1_1911 .1 J
New On ity & Lt gen 4388.__1935 J
N Y Munich) Ity late 1 55 A 1966 J J
1912• 3
Y Rys let It E& ref 4s
a1942 AO
30-year adJ inc 5s
Y State Rys let cons 410_1962 M N
Portland Ry 1st Sc ref 5s____1930 M N
Forth! Ry Lt St P let ref 55_1942 FA
J
Portland Gen Elea let a_ 1935
St Jos Ry L II St P lat g 59_1937 M N
St Paul City Cab cons g M__1937 .1
106() J J
Third Ave 1st ref 48
(11060 AO
Ad) Income Sc
1937 J J
Third Ave Ity 1st g 54
'Fri-City Ity & Lt 1st s f 5s_.1923 AO
Undergr of London 43is_1933 J J
1948
Income 6s
United Rys by 5$ Pitts iss 1926 MN
United Itys St L 1st g 48_1934 J J
St Louts Transit gu 55_1924 A0
United Ras San Fr s f 1s_ 1927 AO
Union Tr (N Y)c ertf3 dep...._
Equit Tr (N Y) Inter etf5__ _ _
Va Ity & Pow 1st & ref 5.5...1034 Si
Gas and Electric Light
Atlanta 0 L Co 1st g 5s__1917 J
Bklyn Un Gas let cons g 5s_1945 M
Cinein Gas & Dice Ist&ref 55 1950 A
1927 J
Columbia 0 & E let 53
Columbus Gas tat gold 55-1932 J
1920 Q
Consol Gas cony deb 05
Cons Gas EL&P of halt 5-yr 5(5'21 M
Detroit City Gas gold 55_1923 -I
Detroit Edison 1st coll tr 53_1933 J
h1910
1st & ref 5s eer A
Eq GLNY 1st cons g 5s-1932 M
Gas & Elee Berg Coo g 5s__1919 J
F
Havana Elee consul g
Hudson Co Gas let g 5s--.1949 M
Kan City(Mo) Gas let g 55_1922 A
g 55____1937 A
Kings Co El L
1997 A
Purchase money 6s
1925 M
Convertible deb 65
Ed El III ilitn let coo g 48..1939
Lae Gas L of St L 1st g 5s_ _e1919 Q
1934 A
Ref and ext 1st g 5e
1927 M
Milwaukee Gas L 1st Is
1948 J
Newark Con Gas g 54
NYOEL hA P g 54 _ —1948 J
1919 F
Purchase money g 43
Ed Else III tat cons g 5s._1995 J
NY&Q El LAP let con g 5s-19:30 F
Pacific G & El Co—Cal G &
Coro unifying & ref 5s_ _1937 NI
Pacific 0& [(Igen & ref 5s 1942 J
Pee Pow & Lt 1st & ref 20-yr
Sc International Series. 1930 F
1949 M
Pat & Passaic 0 & El 58
Peop Gas & 0 1st cons g 08_1913 A
1947 NI
Refunding gold 5s
Ch G-L & Coke let gu g 5o 1937 J
Con G Co of Ch 1st gu g 5s1930 J
Ind Nat Gas & Oil 313-yr 551936 NI
Mu Fuel Gaza let gu g 55_1917 NI
Philadelphia Co cony 5C. _1919 F
Cony (leben gold Sc
1922 M
Stand Gas & El cony $ f fle 1929 J
Syracuse Lighting let g 5s_1951 J
Syracuse Light Sc Power 515_1954 J
Trenton 0 & 141 1st g 55._ _11,0
M
Union Elee Lt & P let g 5s-1932 It
Refunding & extension 58.1033 M
United Fuel Gas let s f 65...1938 J
Utah Power & Lt 1st M.__ _1944 F
Utica Elea I. & P let g 5s
1950
Utlea Gas & Elee ref 5a
1957 J
Weetehests,Ltv veld 5a_. _1050 .1

Week's
Range or
Last Sale

Price
Friday
Dec. 6

nIl

2175

9912 Sale 99
99121 74 86
9913
9512 Sale 95
9512 42 8412 9512
90
93
98 June'18
88
9314
101 10114 10013
10118 26 0612 10153
89
9078 83 Oct '18 --I 8678 88
87
94
83 Aug '18' — —.I 83
83
9'1
9378 90 Oct '18
90
90
6412 61(.t 65 Nov'18,_-__I 45
68
Sale 101
10218' 895 101 10218
0 102
8634 Sale, 86,s
8714 1 359 76
8813
2
714
9.
9
3,1 1
,
00
,
00
3 I1,
03
012
1
,
00
312;
8
12
,
218 1
51 9
A „
A
A

10012 10934 100
98 10012 98

10014
98

30 9414 10034
6, 9178 98

9512
2 92
9612 9512
99
9318
8834 8834
14 86
89
Sale 8478
86
89 7812 8712
96 I 90 May'18 --__ 90
90
9112, 8614 July'18 —
85
86,4
101 Dec '14
8514 89
8(3 Nov'18
86
-83
A
77
7512 Nov'18 ____I 73
78
A 76
8812 9512 87 Aug'18
90
83
95 ____ 05 Aug '18 ____ 95
95
94
91
Feh'18 ___ 94
86
8612 8512
8612' 14 81
8613
9714 99
98
09
10 92
99
9318
97
Site 95
97 II -394
---1
4 --9787
89
87
8712 21 86
9813
8714 8812 8778
83341 14. 8012 92
7638
-t -------8812 ____ 8814 Nov'131____ 8512 8814
94 Nov'18 ..._l 9214 9814
0 9338 94
77
8012 81 Nov'18
81
80
.1
9458 9512 05
4 9212 9712
95 I
10034 Sale 91178
10011 175 98 10034
93 Nov'18,----' 96
9978
87
80 Dec'18 ----!
---- 70
- 8514 Sale 8312
4
86'
83 8614
9512
8814
85
90
__-

J
S
S
D
A
D
J
J
J
53
A
N
NI
J.
Si
J1
NI
N
J

8612 Sale 85
8612 27,
___- 78
85 Nov'18 __.;
91
92
92
92
1'
9514 Sale 9138
9514 33
10213 Sale 10214
103
252
9712 100
9914 May'18 ____
6314 _ . _ 73 Nov'17,..__,
__ __ __
(38111 Ja.n'18 ____,
9318 95
95 Nov'18 ___9I31 98 Apr 16 ___
9514
-91
93
91
9612 109
97 Aug'
911.8 —1
-1
9014 Sale 895,8
9034 21
9514 96
9512
9518 12
9113 Sale 9312
9418
7
9212 ___- 915e
9158
4
91
9158 9114
9158
4
0112 Sept'17 ....„
..........91 Nov'16 --

777g 88
8134 85
82
9212
85
9714
9334 105
9318 99,2
____ __ __
6818 (3818
85
95
___ _—
97
314 n
84
92
87
9512
86
97
8718 9312
80
9'212
____ -_-__

'No price Friday; latest bid and asked. a Due Jan. d Due April. e Due May. g Due June. h Duo July. k Due Aug. o Due Oct. p Due Nov. g Due Dec. $ Option sale.




BOSTON STOCK EXCHANGE-Stock Record Se.B
.
O.;:tp:age

2176

SHARE PRICES-NOT PER CENTUM PRICES.
Saturday 1
Nov. 30

Monday
Dec. 2

Tuesday
Dec. 3

Wednesday , Thursday
Dec. 4 ! Dec. 5 I
,

Friday
Dec. 6

Salesfor
the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1.
Lowest.

Highest.

[VoL. 107.
Range for Previous
Year 1917
Lowest

Highest

145 I 145 14535
903
4
76
-7314 .;.
7117512 74
58
9734 *95
93
275
-------3312 3212 33
Last Sale 169 Nov18
_
-3
Last Sale 3 June'18
Last Sale 1412 July'18
30
Last Sale 413 Nov'16
*-_ -- -_-_ 1014 *-_ -_ -_ -_ 1610::
36171 *___ 3014 Last Sale 30 Nov'18
Last Sale 138 Sept'18
•___ 138 *____ 138 *____ 138 *____ 138
Last Sale 85 Nov'18
*86 -- *86
__
__ *86
___.
8
*115 125
____ ____
120 120 *115 120 *115
*86120
- *115 120
44
*6134 4234 *6134 6334 *6134 ____ 6134 6134 *6134 Last Site
- 1.56"-oalia
*106
__- *106
*105
___
____ *106
_
Last Sale 7014 Oct'18
*70
74
74
*70
*70 -74
74
*70
50
87
87
87
87
*87
88
88
*87
*87
88
*87
88
633
214 *218 214
2
2
2
2
2
214 238 *214 212
1014 11
2,097
1138 12
1112 14
1138 12
1212 1212 1112 12
760
3412 35
3534 3512 36
3512 3612 35
3638 37
3512 37
Last Sale 92 Nov'18
*90
95
95
95
*92
*92
*92
95
*110 111 3.110 111
110 11056
110 110 *110 112
Last Sale 2212 Nov'18
*22
24
24
*22
*22
*2214 24
24
Last Sale 90 Nov'18
*94 __-- *93 101
*94 101
*94 101
164
4914 4914 49
4834 4834
4938 *4812 4912 4812 4812 4812 481
115
*55
*55
57
65
2_ __- --_55
55
55
*55
57

12212 Apr17 146 Nov22
37 Jan 2 80 Nov12
80 Julyll 104 Nov20
19 Jan23 40 Sept 9
150 Apr15 170 Aug 9
2 Jan26
3 June 5
1014 Mar 1 15 Junel7

120 Dec 175 Jan
27 Dec 79 Jan
7012 Dec 133 Mar
15 Dec 45 Mar
150 Dec 213 Jan
2 July
3 July
9 June 30 July

25 July19
138 July 2
8212 Apr18
104 Feb19
53 Jan22
106 Sept19
70 Oct 3
7712Junel8
134 Sept 6
812 Jan22
27 Feb25
84 Oct 7
38812Junel4
20 Jan 2
80 Aug 6
37 Feb20
47 Janie

3014 Nov19
147 Apr17
85 Jan30
125 Nov18
65 Jan 3
11614 Jan 9
81 Feb25
88 Nov19
713 May16
33 May16
46 May29
95 Nov14
11218 Nov23
25 Jan 8
90 Oct 4
50 July 5
62 Apr 1

30 Aug
148 Nov
8313 Dec
10212 Nov
44 Dec
116 Dee
83 June
78 Dec
1 Dec
6 Dec
2134 Sept
9012 Oct
85 Dec
1612 Dec
83 Dec
34 Dec
245 Dee

38 Feb
150 Jan
108 Jan
140 Mal'
7812 Mar
133 Jan
9212 Jan
1001s Mar
638 June
3114 July
5234 Jan
105 Apr
135 Jan
8412 Feb
110 Jan
5612 Mar
74 Jan

102 102
101 10112 10114 10134 10112 102
10112 10178
10112 102
9812 100
*96
99
97
9912
9734 98
9712 9712 97
99
Last Sale .85 Nov'18
+.50 .85 .3.50 1
.3.50 1
'
3.50 1
5
5
*5
51 1 *5
514 *5
514 *5
511
5
5
*109 110 *11112 11212 111 111
11112 11112
11058 111
11W
- *11012 113
113 114 *11312 115
11434 11434
11314 114
103 10438 102 10312 10278 10334 10334 10414 10338 10434 103 104
Last Sale 4958 Nov'18
*5012 5112 *5212 5312 *5312 5412 *55
553.
9512 9514 9534
9478 95
9414 9478 9418 9412 0412 9478 95
*8512 90
*8514 87
8514 8514 ---*8514 88 I *8514 87
'80___- ..
1 80 ____, 81
81
_
7912 7912
18
*16
18 - *17
18
18 *80-*17
17
18 I *17
108 11038 10912 10912 10912 110 *108 110 *108 110 *110- 111"
*67
67
____ *67
67
67
67
*67
____
2312 2312 2312 2312 2314 2312 *672312 2312
- -- 2314 2312 2312 2312
1312 1312 1312 1312 1312 1338 1312 1312 1312 1312 1312 1358
1112 1112 *llit 1214. 12
1212 *12
1214 *12
1212
Last Sale 47;-1
*434 614 *434 514 *434 5
,
1'
*434 5
*184
184 18412 184 184
__-- 184 18412 *18312 18512 184 184
6338
60
6034 60
6012 6234 6212 6234 6212 6312 62
60
153 153 *153 154 1 3.154 155 *155 156
15434 155 *156
30
3014 *2934 3014 3012 16330
2912 2912 3014 3014 30
4
612 812 612 612. 6 614 *6 612 512 6 -.321
-2212 -2-32212 *21
*2212_
22
22
2212 22
22
312 4
• 338 338 *314 312 '3338 312
312 312 *338 -338
92
*91
92
93
*91
93
93
*91
*91
93
85
8514
85
85
8512 85
85
85
85
8534 8512 86
*6612 ____ 6858 67 68 68 68 6812 6812. 6812 *68 ---Last Sale 133 Nov'18
*135 136 *13412 137 *13212 ---- *130 136
Last Sale 90 Nov'18
*90
___
*90
_1 *92 100
*90 100
Last Sale 9212 Aug'17
-156- -9606
97.4 96
2 -sio- 9634 96 16 "iiE" -66- *96
Last Sale 60 Nov'18
*58
61
63
63
*58
3.58
62 I *58
*125 12612 126 126 '
__ *12412 126
i 3125 ---- *125
*4512 4712 *4612 47
50
60
4712 48 -5014 4934 51
47
13
*12
13
13
1212 1212' •12
1212 1212 13
3718 3814 -3714 /7-1-2
3712 3734 373.3 3814 383s 39
39
38
125 12512 12473 12512 12434 12612 126 12712, 126 12612 21.24,12 125
__ *53
5414
*52
__ __
52
5214 53
53
*53
14412 145
14418 145
14414 145
14312 144
145 145
-144 145
4312 4334 44 4438 4312 4412 4314 44 4334 4434 4418 4412
2618 2a18 2618 26. 2618 2618 2614
26
26
*26
2614 *26
94713 9558 9478 9578 9514 9718 96
9758 9514 9612 9538 9578
Last Sale 11218Nov'18
.3111 112 .3111 112 *11134 11212 *11134 11212
8
8
814
8
8
8
814
*734 814' *778 8
8

7812 Jan 2
8858 Jan 2
.40 July 1
4 Sept30
09 Jan 2
107 June 4
9034 Aug 5
4512 Jan 8
90 Jan 3
6012 Jan 2
76 Jan 7
11 Feb21
98 Jan15
5812 Jan17
21 Jan25
1014 May18
123
1;122 jjN
o
utin
nvee;0
4 Jan31

106 Oct 18
100 Dec 5
212 Mar 2
1558 Mar 4
11512 May15
115 Dec 6
10018Oct 0
6053 May24
9634 Mar12
92 Nov 8
82 June 5
18 July 8
12014 Feb18
6714 Nov20
2812 Sept 5
1412 Aug19
1713 May 1
534 May15
6614
4 Nov1
21
6
18

73 Dec
88 Dec
1 Dec
712 Dec
90 Nov
105 Dec
96 Dee
3878 Nov
28714 Dec
60 Dec
75 Dec
6 Dec
88 Sept
5512 Feb

9454 May
10312 Jan
238 Jan
14 Mar
12614 June
12112 Jan
12814 Jan
58 June
10014 June
75 July
9713 Jan
1434 Dee
12112 Jan
66 Jan

143 143
143 143 *143 145
145
7612 7612 7612 7612 7614 7678 76
*96
98
98
98
98
98
9734
32
3234 3234 33
3312 3312 3312
*168 ____ *168
*168
*168
*_ _ __
*14
30
*14
*14
30
*14
30

-

.3.75 1
'77
78
4
4
3..25 .40
3.47
48
*1212 1313
122s 13
'.35 .40
*1912 21
6612 67
*455 465
13
13
4414 45
*234 3
5
51s
1078 1078
414 414
*78
80
*47
48
*7
712
4..70 .75
.348
51
*8212 84
2534 2534
5% 57s
.99 .99
*514 6
*2
234
*313 4
*412 5
3
338
3.338 4
*55
56
*1714 18
*134 214
3.10
12
*12
15
*6412 70
*812 834
1212 13
'
.55 .80
*1
112
39
39
55
58
1412 1412
66
67
*21
2134
*42
4212
'
.40 .45
334 334
*114 134
.
.10 .13
6
6
31
4 312
314
*3
*.78 .85
3.46
4712
45
4534
338 3323
*834 9
2
2
*212 234
.75 .85
2014 2014
'.60 .75

.3.75 1
77
77
414 412
.30 .30
47
47
13
13
*44
48
1314
13
*.35 .40
*1912 21
6612 6712
460 460
*13
1312
44
45
.3234 3
5
518
1112
11
*418 412
80
*76
*47
4812
*812 712
.3.60 .75
51
*48
*8212 84
2514 26
A3
--------*514 6
*2
234
*312 4
*412 5
3
338
+358 4
55
55
*1714 18
172
Vs
12
*10
15
*12
.36412 70
834 834
13
13
'3.50 ____
112
*1
40
*39
55
59
1412 1412
3.66
68
2112 2112
42
42
'3.40 .45
334 334
134
*114
.10 .10
614 612
312 312
3
3
*.79 .80
47
47
4512 4512
4
333 31
834 834
4
1% 21
*212 3
.75 .95
22
*21
*.60 .75

*Bid and asked prices




'
3.75 1
*76
77
*4
412
'25 .30
4712 4712
*1234 1312
47
1312 14
'35 .40
*2012 22
6714 6712
460 460
*1314 14
4514 4513
*234 3
5
5
1114 1138
*418 412
.78
82
*4812 4912
*612 712
'
3.70 .75
*48
50
*8212 84
2512
*25
A,2 A V
'1
118
*614 6
234
.32
312 312
*412 5
3
338
338 334
55
5512
*18
1834
Vs
178
*10
12
.312
15
*6412 70
834 834
1238 13
'
3.50 .80
114
*1
40
40
55
55
1412 1412
67
*66
*22
2234
*40
42
+.40 .45
378 378
112
*114
.3.10 .13
*638 7
334 334
314
*3
.80 .80
*4712 48
46
4612
33s 333
834 334
158 2
*213 234
.75 .75
21
21
*.60 .75

*.75 .99
7678 7678
438 412
3..25 .35
47
47
*13
14
46
46
1378 14
.40 .40
*2012 2112
6712 68
465 470
1312 1312
4514 4534
234 234
5
5ife
1114 1112
412 412
81
*78
*4778 4834
*7
713
*.70 .75
50
*48
*8212 84
*25
2512
A8
A
*-12
-3
'
0.99 1i.(4
*514 6
*218 212
4
*3
*412 5
314 312
*334 414
5512 5512
*1712 1812
158
158
12
*10
15
*12
*66
70
*812 834
1234 13
4..50 .80
114 113
39
38
56
56
1412
*14
66
66
2134
*21
*41
45
*.40 .45
378 378
114
114
+.10 .13
612 7
312 378
3
3
*.78 .82
48
4834
4614
46
33s 313
*834 912
1.58
134
*212 3
.75 .95
201j 2012
*.60 .75

Last Sale 1
Nov'18
77
*74
75
*76
412 438
412 412
'
3.20 .40 .3.25 .45
47
47
14
1314 1312 *13
50
*45
*4512 47
1312 14
1334 1334
.48 .48
'3.35 .50
Last Sale 19 Nov'18
67
*6712 6812 366
465 470
455 455
1314 1312 *1212 1312
4514 4512 4514 4534
234 234
*234 3
51s 518
5
5
1114 1133 2978 10
*414 4,2 *414 412
Last Sale 7934 Nov'18
4814 4814 *4812 4913
Last Sale 7
Nov'18
Last Sale .80 Nov'18
49
48
*48
49
Last Sale 8212 Nov'18
2512 2512 *2412 2512
514 514
*512 531,
114
138 *1
*1
*514 6
53
4 54e
Last Sale 234 Nov'18
*3
4
*3
4
Last Sate 5
Nov'18
312 312
314 338
338 334 *334 414
5534 56
55
5512
*18
1834 1818 1818
*158 2
112 134
Last Sale 10 Nov'18
Last Sale 12 Aug'18
Last Sale 66 Nov'IS
834 834
*812 834
*1234 13
1234 1234
Last Site .75 Nov'18
112 113
112 112
•39
3912 3834 39
58
*55
1412 *14- -141-2
*14
*65
68
65
65
2133 2138
46
4214 4214 '42
Last Sale .40 Nov'18
334 378
*334 4
*114
112_ _ _
'3.10 .13
7
7111
*7
714
*338 334 *3511 37s
3
314
3
*3
.79 .79
*.79 .85
4712 48
*4712 4813
*4614 4634 46
4614
333 37
4 *33s 37
4
914 914 *838 878
134 118
154 134
Last Sale 212 Nov'18
.80 1
.90 1
2012 2012 21
21
Last Site 112 Sept'18

823
403
360
32
162
2,151
251 Do pref
100
10 Amoskeag Manufacturing_.._
8 Do pref
100 Art Metal Construe Ine___ 10
205 AU Gulf & W IBS Linee_100
10 Do pref
100
830 Booth Fisheries
no par
1,316 Century Steel of Amer Inc_ 10
120 Cuban Port Cement
10
East Boston Land
10
77 Edison Electric Ilium. _.100
3,741 Fairbanks Co
25
General
25
Electric
100
482 Gorton-Pew Fisheries
50
925 Internat Port Cement____ 10
245 Do pref
50
470 Island Oil& Trans Corp
10
10 McElwain(W H) 1st pref_100
812 Massachusetts Gas Cos...100
308 Do prof
100
Mergenthaler Linotype_..100
New Eng Cotton Yarn____100
Do pref
100
173 New England Telephone. 100
Nova Scotia Steel & C____100
pi 4 Pullman Company
100
1,165 Punta Allegre Sugar
ao
47 Fleece Button-Hole
10
2,975 Stewart Mfg Corpn
1,992 Swift & Co
100
130 Torrington
25
465 United Fruit
100
1,559 United Shoe Mach Corp
25
197 Do prof
25
4,012 U S Steel Corporation....100
Do pref
100
750 Ventura Consol 011 Fields_ 5
Mining
Adventure Con
25
75 Ahmeek
25
6,105 Alaska Gold
10
100 Algomab Mining
25
115 Allouez
25
80 Amer Zinc, Lead & Smelt_ 25
10 Do pref
25
3,140 Arizona Commercial
5
200 Butte-Balaklava Copper
10
Butte & Sup Cop (Ltd)___ 10
369 Calumet & Arizona
10
52 Calumet & Heels
25
245 Centennial
25
438 Copper Range Co
25
400 Daly-West
20
3,530 Davis-Daly Copper
10
2,667 East Butte Copper Min
10
45 Franklin
25
Granby Consolidated
100
40 Greene Cananea
100
Hancock Consolidated.... 25
Indiana Mining
25
145 Island Creek Coal
1
Do pref
1
70 Isle Royale Copper
25
170 Kerr Lake
5
200 Keweenaw Copper
25
5 Lake Copper Co
25
La Salle Copper
25
100 Mason Valley Mine
5
Mass Consol
25
1,690 Mayflower-Old Colony
25
510 Michigan
25
205 Mohwak
25
60 Nevada Consolidated
5
190 New Arcadian Copper
25
New 'cilia Quicksilver.... 5
New River Company
100
Do pref
100
75 Niptssing Mines
5
430 North Butte
15
North Lake
25
700 Olibway Mining
25
280 Old Dominion Co
25
78 Osceola
25
240 Pond Creek Coal
10
150 Quincy
25
45 Ray Consolidated Copper_ 10
10 St Mary's Mineral Land
25
Santa Fe Gold & Copper__ 10
215 Shannon
10
50 South Lake
25
300 South Utah M & 5
5
222 Superior
25
735 Superior & Boston Copper_ 10
425 Trinity
25
1
800 Tuolumne Copper
463 U S Smelt Refill & Min__ 50
371 Do pref
ao
8,920 Utah-Apex Mining
90 Utah Consolidated
5
7,905 Utah Metal & Tunnel
1
Victoria
25
1,859 Winona
25
350 Wolverine
25
Wyandott .
25

9 Dec 2018 June
378 Dec 10 Jan
an
13318 Dec 226 Jan

7
128 Jan16 15734 Nov 9 11834 Dec
27 Aug29 35 Aug30 _
7120ct 23
4120ct 10
4 Dec
12 Apr23 23 Nov25
10 Dec
318 Aug23
5111 Mar18
88 Sept30 93 Nov13
9212 Dec
37714 Jan15 9114 Nov13
71 Dec
62 June17 71 Nov 4
63 Dec
107 Junell 147 Nov14 110 Dec
88
212 jJuan3150
ly
95 0(3129
35 Jan
Jan
0
630 DecJa
10012 Oct 10
56 July 5 69 Jan 2 x59 Nov
102 Jan 7 130 Nov13 107 Dec
29 Jan 3 51 Dec 5
29 Dec
11 Jan29 137s Mar16
10 Dec
27 Oct 23 4112 Nov20
102 Aug30 14614 Aug'17 116 Nov
45 Jan29 53 Nov27
40 Nov
11512 jon17 14812 Nov12 3105 Dee
3812 July 9 4812 May16
3712 Dec
2434 Aug 9 2612 May28
25
87 Mar25 11612 Aug28
795s Dec
108 Mar25 113 Oct 22 10334 Dec
5 Jan 2
9 Nov 8
414 Dec
134 Jan25
12June27
71 June13 86 Nov12
138 Apr25
532 Nov 6
.15 Julyll
.45 May13
247 June14 54 Feb27
1258 Mar23 2114 July 3
41
Jan 2 54 July 6
11 Jan 5 1614 Aug24
.20 Oct 21
.48 Nov22
17 Mar25 33 May14
6212 Jan15 7312 May16
427 Feb28 470 Dec 4
1034June27 1412 Feb19
4358 Mar25 5112 Nov12
112 Apr10
3 Sept30
478 Nov12
678 Mar 8
812 Mar25 12 Nov12
3 June21
6 Feb18
7312 June14 8434 Oct 24
39 Jan17 5734 Nov 7
538June21 1018 Jan 2
.40 July23
Jan 3
1
48 Dee 5 70 May15
7912 Oct 1 84 Feb18
1912 Jan14 29 July 3
5 Jan 2
61z Oct 18
.80 Septl1
134 May15
5 Mar25
834 May14
2 Jan 2
314 Mar 5
312 Sept20
6 Feb13
7 Jan 2
334 Sept17
.66 Mar213
412 Nov 4
.40June28
414 Oct 29
z53120ct 11 6612 May16
1818 Dec 6 2013 May14
114 Aug29
212 July 1
10 Nov20 1714 Mar 7
12 Aug29 20 Jan 2
65 Aug29 80 Jan31
83/44 Janll
97s Aprll
1212 Nov30 1738 May16
.25 Feb14
.95 Marie
112 Mar30
12June21
38 Dec 4 4512 Jan 3
4612June11 65 Jan 9
1413 Nov27 2014 Feb20
65 Sept30
pt30 78 May16
2138 Dec 5 2534 May23
42 Dec 2 57 Jan 2
.40 Nov21
114 Feb21
534 Jan 2
3 Apr10
2 Jan 3
11 Sept30
.10 Nov27
.20 Jan 8
4 Feb19
87s Nov20
114 Aug13
434 Sept27
212 Sept23
412 Feb13
.75 Nov22 1% Aug20
36 Apr13 5012 Oct 18
42 July24 4712 Nov 8
418 Nov18
114 May31
834 June25 12 Jan16
4 Apr 8
152June 5 31
3 Jan 3
218 Aug26
2 JATI 3
12 Nov21
20 Nov25 36 Jan 3
1 36 Ms, 7
.4r1Mavlo

a EX-dividend and rights. a Assessment paid. b Ex-stook dividend. /I Ex-rights. •Ex-dividend. el Half-paid

1'7014 Jan
Jan
313811
102 -lin
10012 Mar
81 Mar
169 Jan
95 Mar
a
2 Aug
22
412
19
Mar
112 Jan
16014 Jan
Jan
46
16 Mar
16278 -Ai;
68 June
15512 Jan
5814 Jan
018 M
Maay
r
13
35
121 Jan
87s Jan

414 Jan
1 Oct
70 Dec 108 Jan
1 Dec 1112 Jan
11470114 MararJall
4514 Sept
11 Dec 4114 Jan
40 Nov 73 Jan
818 Nov 1514 June
214 Jan
.25 Dec
1258 Dec 52 Jan
55 Dec 8514 Jan
411 Dec 590 Feb
11 Dec 2714 Jan
3914 Dec 68 Jan
3 Jan
112 Apr
314 Nov
714 Jan
814 Dec 16 Jan
9 Mar
4 Dec
66 Dec 92 Jan
35 Nov 4612 Jan
7 Dec 2012 Jan
Mar
5284 Nov
7611
i
4 June
80 Nov 94 Apr
Jan
20 Dec 36
6 Aug
414 Apr
434 Jan
114 Juno
5 Oct 18 Jan
114 Dec
5 Jan
838 Aug
418 Nov
5 Nov 1512 Jan
3 May
1 Nov
512 Mar
138 Aug
57 Dec 98 Jan
16 Nov 2612 Mar
6 Jan
112 Deo
10 Nov 1712 Apr
22 Jan 30 Mar
65 Dec 9214 Mar
958 Sept
634 July
1134 Oct 2414 Mar
234 Jan
.30 Nov
278 Jan
.98 Dec
33 Nov 6734 Mar
5312 Dec 95 Mar
16 Nov 288 June
60 Nov 9412 Feb
20 Nov 321g Apr
48 Deo 8934 Mar
.58 Dec
2 Jan
51s Oct 19 Jan
614 Jan
.89 Dec
.31 Jan
.10 Dec
314 Dec 1658 Mar
814 Jan
338 Dec
812 July
3 Nov
,4 Jan
I, May 23
4018 Dec 6734 Jan
4312 Nov 6212 Jan
378 Sept
178 Mar
912 Dec 2112 Feb
658 Jan
218 Dec
6 Jan
2 Oct
2 Oct
518 Jan
31 Dee 5312 Mar
Jay
.15 Aw,

Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Nov. 30 to Dec. 6, both inclusive:

Bonds-

Friday
Last Week's Range! Sales
Sale
of Prices.
for
Price. Low. High. Week.

98.24 99.04 823,850
US Lib Loan 3%8_1932-47
94.24 95.10 4,900
1st Lib Loan 4s_1932-47
93.44 95.54 14,750
2d Lib Loan 4s_ _1927-42
97.04 97.80 1,650
1st Lib L'n 4X 8.1932-47
95.84 96.60 16,400
2d Lib L'n 43.0_1927-42
95.74 96.80 41,850
3d Lib Loan 4 Us_ _1928
95.74 97.00 44,400
4th Lib Loan 4X s_ _1938
1946
1,000
Am Tel & Tel 5s
94% 9431
1,000
80
At1G & WISSL 5s__1959
80
Chic June & U S Y 58_1940
933l 9334 7,000
Gt Nor-C B &0 4s_ _ _1921
953-1 9534 1,000
10,000
K C & M Ry & Bge 5s.1929 _ _88
88
88
5,000
Mass Gas 434s
1929
9214 923
Miss River Power 5s.. _1951
753-1 753 10,000
9234 8,000
Pond Creek Coal 6s_ _1023 92% 92
14,000
92
88
Punta Alegre Sugar 68.1931 92
1,000
963-1 9631
United Fruit 43- s_ _ _ _1923
963-I 9631 3,000
414s
1925
3,000
100 100
US Smelt, R & M cony 65_ 100
21,000
93
93
Ventura Oil cony 75._1922 93
4,000
90
90
Western Tel & Tel 58_1932

Low.

High.

96.52 Jan 102.50 Aug
93 June 98.86 Oct
92.84June 97.90 Mar
93.64 July 98.90 Nov
93.04 July 98.14 Nov
May
94.54 Aug 101
95.74 Dec 98.24 Nov
8634 July 953( Feb
7434 Sept 83% Nov
87% Apr 94% Nov
Mar 95% Nov
92
8434 July 91
Oct
Sept 92% Nov
85
67% Jan 75% Nov
90
Apr 9534 Nov
77
May 92
Dec
93
Jan 96% Nov
91
Jan 96% Nov
93
July 100% Nov
80
Jan 9434 Nov
82% June 92
Nov

record of the
transactions at the Baltimore Stock Exchange from Nov.30
compiled
from the official sales
to Dec. 6, both inclusive,
lists, is given below. Prices for stocks are all dollars per
bonds
the
quotations are per cent
share, not per cent. For
of par value.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.

67
67
Alabama Co, 2d pref_ _100
10
234 234
Atlantic Petroleum
85
85
3altimore Tube, pref_.100
1.20 1.20
Celestine Oil voting trust__
107 108
Consol Gas,E L & Pow 100 108
82
8334
Consolidation Coal_ _ _ _100
7
5
634 7
Cosden & Co
4
43-4
5
4
Preferred
Davison Chemical_ _no par 3334 3394 35
293-4 3034
Elkhorn Coal Corpn_ _ _ _50 30
4434 4434
50
Preferred
703-4 72
Houston 011 pref tr ctfs.100
70
70
Mor dr Miners Trans_ _100 70
70
70
Mer & Min Trans V TAO°
163-4 17
Mt V-Wood Mills v t r_100 17
100 773-4 7234 7734
Preferred v t r
76
75
50 75
Northern Central
80
79
Pennsylv Wat & Pow._100
213-4 223-4
United Ry & Electric_ _ _50 22
Bonds.
90
90
Anacostia & Potom 58.1949
Atlanta Consol St 5s_ _1939 9934 9934 99X
87
87
Augusta Ry & Elm 58_ ___
100 100
City & Suburb 1st 5s_1922
893-4 893.4
City & Sub(Wash)lst 5s'48
853.4 853.4
'35
434s
P
&
E
L
G,
Consol
67
963-4 97
5% notes
Cosden & Co ser A 6s_1932 853-4 843-4 8534
8434
8534
8534
1932
6s
Series 11
Elkhorn Coal Corp 68_1925 9914 9834 9934
9534 96
Fair & Clarks Trao 5s_1938
92
92
Fairmont Coal 5s....1931
100X 10034
Fla Cent & Penin extd 65_
99
9914
Hous 011 div °Us_ _1923-25 99
90
99
Kirby Lum Contr 6s_ _1923 99
9994 9994
Maryland Dredge 68
9134 91%
Maryl'd Eleo Ry 1st 5s1931
9834 983-4
Monon Valley Trac 78_
95
95
Norfolk Ry & Lt 58..1949
953.4 953.4
Public Service Building 5s_
77
7734
United Ry & Elea 4s_ _1949
56
57
1949 56
Income 4s
82
82
Funding 5s, small_ _1936
fl Of- nntan
96
96
96

Range since Jan. 1.
Low.

High.

15 56
Jan 87
May
405
134 Sept
334 Feb
5 82
Sept 86
Apr
500
1.20 Dec
1.65June
137 94
Jan 108
Dec
225 82
Nov 106
Jan
360
594 Sept
834 Jan
385 - 33-1 Jan
434 Nov
340 30
Jan 393.4 Aug
411 2234 Jan 3134 Nov
60 3934 Mar 45
Nov
130 64
Apr 803-4 June
30 56
Jan 92
Jan
20 623-4 Aug 90
Mar
302 1434 June 173-4 Sept
1,669 68
Jan 76
July
185 69
Aug 76
Nov
788 60
Jan 80
Nov
754 173.4 June 243-4 Feb
$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

Philadelphia Stock Exchange.-The complete record
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 ar) all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.

Range since Jan. 1.

Baltimore Stock Exchange.-Complete

Stocks-

86
9534
84
9634
873-4
78
90
77
78
9394
90
91
9934
88
9534
98
879.4
983-4
90
953-4
71
52
7334
cri .4

Feb 90
Mar 99j
Aug 87
Sept 100
Feb 893.4
Oct 853.4
June 98
June 8534
June 8594
Aug 9934
Apr 96
Apr 93y,
Nov 10034
Jan 102
Apr 99
Nov 9934
Jan 92
Nov 983-4
Apr 96
Nov 9534
Sept 70
Aug 59
Aug 823-4
Titnn
net

Dee
Dee
Dec
Feb
Dec
Nov
Nov
Dec
Dec
Dec
Dec
Feb
Dec
Allg
Nov
Nov
Feb
Nov
Oct
Nov
Nov
Nov
Feb
v.v.

Stocks-

Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh 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
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Low. High. Shares.
Par. Price.

American Sewer Pipe_ _100
Amer Wind Glass Mach100 85
100 83
Preferred
Amer Wind Glass, pref_100
Commonw'th Trust _ _.100
_ ...100
Crucible Steel, prof .
160
Lone Star Gas
50 50
Mfrs Light & Heat
Nat Fireproofing, corn_ 50
50 1134
Preferred
1
Ohio Fuel 011
25 44
Ohio Fuel Supply
Oklahoma Natural Gas_ 25 293.1
Pittsb Brewing,com_ _50
---50
Preferred
Pittsburgh Coal,com_ 100
Pittsb-Jerome Copper.._1 110
Pittsb & Mt Shasta Cop_ _1
100
73-4
Pittsb Oil & Gas
Warrants
Riverside East Oil, prof_ _5
Ross Mining & Milling_ _1
Union Natural Gas__..100
United Coal Corp,com.100 30
US Steel Corp,coin_ _ _100 953-4
100 11234
Preferred
West'house Air Brake_ 50
West'h'se Elec & Mfg_ _50 4334
Rights.
Pittsb Oil & Gas
Bonds.
!Mon ItrnurIng As
ISM
35%
z Ex-dividend.




Range since Jan. 1.
Low.

1534 16
230 123-4 Jan
805-4 87
4,050 40
Jan
80
83
230 73
Oct
96
98
210 96
Dec
120 120
15 120
Deo
90
90
90 89
Mar
160 160
10 95
Jan
4934 50
584 4631 Sept
55-4
50
55.4
3
Jan
1154 1134
24
7 June
153-I • 153-4
100 1334 Sept
413-1 45
3,390 z4034 Sept
1,215 23
2834 293-1
July
174 2
65
1% Mar
205
5
7
7
Sept
4794 473-4
50 4434 Nov
100 13c
19,700
6c Nov
280 30c
7,400 21c
Jan
7
73-4
448
53-4 Jan
1.10 1.10
38
1.10 Dec
350
214 Apr
234 234
6c
6o
800
60 Dec
10 132
132 132
Dec
30
100 30
30
Dec
350 8734 Mar
9534 9714
112 11234
200 110 May
420 90
9234 9394
Oct
196 39
4234 433.4
Jan
3-16 3-16

280

3514 3514 82.000

High.
16
87
9634
101
120
92
197
53
574
133-4
1634
4634
313.1

Nov
Dec
Jan
Feb
Dec
May
Aug
Jan
Aug
Aug
Nov
June
Aug
43-4 Aug
13
Jan
5834 Feb
1
Feb
48c Mar
8
Nov
1.10 Dec
234 Feb
17c Mar
151
May
3034 May
116
Aug
1123-4 Dec
9734 May
47
May

3-16 Dec

26

Nov

34

40

Jan

Anr

Friday
Sales
Last Week's Range for
ofPrk.es.
Sale
Week.
Par. Price.
Low. High. Shares.

Amer Railways, pref._100 69% 69% 69%
Baldwin Locomotive_ _100
71% 7534
Preferred
100 104
102 104
Buff&Susq Corp pf v t c 100 56
Cambria Iron
50
3934 3934
Elec Storage Battery_ _100
52% 54
General Asphalt
108 37
37
32
100
Preferred
71
73
Hunt & Bd Top pref. 50
15% 15)4
Insurance Co of N A _ _ _10
25% 26
J G Brill Co preferred _ _100
64
64
Keystone Telephone_ _ _ _50 11
11
11
Lake Superior Corp_ _ _100
16% 18%
7134
Lehigh Navigation
so 71% 71
50
Lehigh Valley
59% 60%
Lehigh Val Transit pref _50
25
25
50 51
51
52
Minehill & S H
50
76
76
Northern Central
50
88
Pennsyl Salt Mfg
8634
Pennsylvania
50 47% 46% 47%
Philadelphia Co (Pitts)
34
34
pref (cumulative 6%)_50 34
Phila. Electric of Pa.._ _25 25% 2534 2534
Phil Rap Tr vot tr rcts_50 26)4 2634 26%
Philadelphia Traction_ _50 70% 70% 70%
50
8434 8534
Reading
38
50
First preferred
38
Tono-Belmont Devel_ _1
234s
23s 2%
3
1
3%
3)g
Tonopah Mining
40
42
so
Union Traction
50 72% 72
United Gas Impt
7234
U S Steel Corporation_100 9534 94% 97%
46
46
West Jersey & Sea Sh_ 50
73
Westmoreland Coal_
73
73
85
86
Wm Cramp & Sons_ _ _ _100
Bonds98.9098.90
US Lib L 1st 350_1932-47
95.9896.80
3d Lib Loan 4 Us_ _1928
4th Lib Loan 434s_ _1938
98.0697.50
Allegheny Vall gen 4s_1942 88% 88% 88%
85% 8534
Amer Gas & Elec 5s..2007
2007
85
85%
Small
72
7234
Elec & Peoples tr ctfs 45'45 72
1945
72% 72%
small
do
89% 90
Keystone Teleph 1st 58'35
54
58
Lake Superior Corp 55 1924 58
1924
55
55
do
small
93% 93)4
Lehigh C&N cons 434s '54
Lehigh Valley Os certfs1928 103% 102%103%
118 118
Annuity 6s
2003
81
81
Gen consol 4s
91
91%
Gen consol 434s_ _.2003
93
93
Penna RR gen 4)4s_ _1965
99
99
Consol 414s meg_ _1960
96
96
P W & B ctfs 4s_ _ _1921
102 102
Pa & Md Steel cons 6s 1925
98
98
Phila Co 1st 5sstmpd_1949
86% 87
Cons & coil tr 5s stmp'51
Phila Electric 1st 55..1966 94% 9334 94%
96
96
1966
do
small
1997 88% 88
88%
Reading gen 48
87
1951
J-C collat 45
8734
100 100
Spanish-Am Iron 6s_ _1927
85
65
United Rys Invest 5.8_1926

6
710
59
56
35
302
2,640
365
15
341
5
50
5,114
288
285
13
86
15
297
2,752

Range since Jan. 1.
Low.
58
5834
95%
46
36%
48
1434
47
15%
24
64
7
12
61%
55
25
49%
67
80
4334

High.

Feb
Oct 80
Jan 100% May
Jan 104
Dec
Jan 56
Nov
Mar
Oct 43
Oct
Mar 57
May 37
Oct
Jan 7434 Nov
Dec 17
Jan
Jan 27% July
Dec 70
Mar
Nov
Aug 12
Jan 21% July
Jan 76% Nov
Jan 65% Nov
Dec 25
Dec
Nov 52
Nov
Dec
Sept 76
Oct 8634 Nov
June 5034 Nov

40 29
Mar 37)4 Nov
2,142 24 June 27% Nov
Jan
269 23% Mar 30
25 z65)4 Sept 7234 Nov
145 71
Jan 95% Oct
100 33
Aug 38% Nov
1,807 1 5-16 Sept
3% Mar
Jan
495
4
23.4 July
851 3614 Aug 42% Jan
414 z6234 Oct 77% Nov
2,975 86% Mar 116% Aug
Mar
3 39
May 48
40 89
Jan
Mar 76
230 74
Jan 9534 June
$3,000 97
Jan 102.40 Aug
16,500 94.30 Sept 98.52 May
Nov
4,000 96.06 Dec 98
1,000 85
Nov 8814 Dec
1,000 76% Sept 85% Nov
700 77% Mar 86
Nov
8,000 67
Sept 73% May
Jan
200 65
Oct 74
Jan
2,000 87% Oct 90
67,000 47% Jan 59% Aug
500 48
'Jan 59
Aug
Jan
1,000 88% Sept 95
60,000 97% Sept 103% Nov
1,000 115% Sept 120 May
2,000 75
July 8234 Nov
5,000 85
Oct 91% Feb
Feb
2,000 86% Aug 94
Dec
24,000 99
Dec 99
Apr
22,000 94% Oct 96
Jan
2,000 100
Mar 103
Dec
5,000 85% Feb 98
Dec
7,000 73
Apr 87
Jan
20,000 89% Sept 96
May
500 93
July 97
Nov
14,000 80% Sept 91
Apr 87% Nov
9,000 83
July 101
Feb
1,000 99
Apr 67% Nov
3,000 54

z Ex-dividend. * 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.

Stocks-

Stocks- .

2177

THE CHRONICLE

DEC. 7 1918.]

Friday
Sales
Last Week's Range for
ofPrices.
Salt
Week.
Par. Price. Low. High. Shares.

Amer Shipbuilding__ _ _100
100
Preferred
Armour & Co preferred_ _ _
Booth Fisheries, common
new
(no par)
100
Preferred
Chic City&C Ry pt sh corn
Preferred
Chicago Elev Ry pref
Chic Pneumatic Tool_ _100
Chic Rys part ett "1"
Chic Rys part etf "2"._ _ _
Commonwealth-Edison 100
Cudahy Pack Co corn_ _100
100
Deere & Co, pref
100
Diamond Match
100
Hartman Corp
IIart,Shaff &Marx,com100
Preferred
100
Libby(W I)
10
Lindsay Light
National Carbon pref_ _100
Page Woven Wire Fence 20
People's Gas Lt & Coke 100
Pub Serv of N Ill, com_100
100
Preferred
Quaker Oats Co prof..100
Sears-Roebuck, corn.._100
Shaw W W common_ _ _100
Stewart-Warner Sp com100
100
Swift & Co
Swift International
Union Carbide & Carbon Co
(no par)
do rights
United Paper lid corn_ _100
Western Stone
Wilson & Co common_ _100
Preferred
100
BondsBooth Fisheries s I d 6s '26
Chicago City Ry 5s..1927
Chic City&Con Ry 58 1927
1927
Chicago Rys Ss
Chicago Telephone 58_1923
Commonw-Edison 58.1943
1945
Ogden Gas 5s
Swift & Co 1st g 5s_.A944

109% 115
84% 8434 8434
102% 102 102%
23%
83
74
13%

131
111
73%
24

56

162%
7834
124%
4434
64 34
3%
4
70
98
91
91
5234
96%

23
80

24
83

13)4
17%
64
40
10%
116
129
95%
111
54
72
106
23
14%
118
4)4
5234
95
88
99
160
75
75%
124
44

13%
18%
65
40
10%
11634
131
96
Ill
54
74
106
24%
15
120
434
56
95
8834
99
163
76
80
127
4534

910
15
660

Range since Jan. 1.
Low.

High.

Jan 144)4 May
87
8434 Dec 93)4 May
Nov
96% Sept 104

2,310
805
300
55
929
85
25
65
20
375
50
20
50
140
15
11,069
235
130
100
90
16
100
80
660
90
790
6,207
10,584

18%
75
%
12
12
4734
39
8
100
107%
92
102
45
53
103
18%
1434
107
434
4034
70
79
9234
133
53%
47
102
32

Jan
Nov
Aug
June
June
Jan
Nov
Jan
June
Jan
June
Jan
Oct
Jan
Sept
Oct
Nov
Mar
Dec
Apr
June
Sept
Aug
June
Jan
Jan
Aug
Oct

28
86
2%
18%
22
7134
60
16
11834
133
98
115%
60
74
108
26
28
120
7
61
97
90
100
168%
76
82
146
50

Sept
Feb
June
Nov
Nov
Apr
Mar
June
Nov
Nov
Nov
Nov
Oct
Dec
Feb
Oct
Jan
Dec
May
Nov
Nov
Jan
Jan
Nov
Nov
Nov
Apr
Nov

64%
3%
2234
4
68
98

67% 19,768
3% 7,030
23
170
8%
540
70
745
99
105

473-4
3)4
14%
1
46
91)4

Apr
Dec
Feb
May
Jan
Oct

69
3%
26
8)4
72%
99%

Nov
Dec
Oct
Dec
Nov
Mar

9034
89
52
87%
9634
96%
85
96%

91
7,000
91
2,000
5234 43,000
8714 7,000
96)4 1,000
96% 9,000
2,000
85
7,000
97

88
84%
52
82
9234
87%
75
90

Apr
Jan
Jan
June
June
Sept
June
Sept

91
91
62%
8814
96%
98
86
97%

Nov
Nov
Aug
Apr
Nov
Nov
Nov
Sept

Volume of Business at Stock Exchanges
TRANSACTIONS Al' THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Railroad,
dbc.,
Bonds.

Stocks.

Week ending
Dec. 6 1918.

Par Value.

Shares.

$1,027,000
2,253,000
1,754,000
1,482,000
1,618,000
1,745,000

265,358 $24,608,800
458,241 42,601,100
561,020 52,523,000
418,414 38,487,200
423,577 37,678,700
280,878 25,970,800

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

State, Man.
4E Foreign
Bonds.

U. S.
Bonds.

$306,000 $5,117,000
1,861,000 8,403,000
1,473,000 7,142,000
1,051,000 10,899,000
1,341,000 9,269,000
1,135,000 8,818,000

2,408,388 8221,878,600' $9,879,000 $7,167,000 $49,648,000
Week ending Dec. 6.

&des at
New York Stock
Exchange.

1918,

1917.

•
1

Jan. 1 to Dec. 6.
1017.

1918.

175,415,715
134,336,196
2,554,490
2,408,385
Stocks-No. shares___
$221,878,600 $237,237,250 $12,554,772,915 $16,183,075,780
Par value
$125,300
$19,900
$2,600
. $200
Bank shares, par
Bonds.
$243,670,750
Government bonds_ _ _ $49,648,000 $12,528,0001 $1,171,879,000
278,208,000
256,544,000
2,703,500'
7,167,000
State,mun.,titc., bonds
444,738,500
320,425,000
7,009,500i
9,879,000
RR.and misc. bonds
$66,691,000 $22,241,000 $1,748,848,000

Total bonds

$966,617,250

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Dec. 6 1918.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

I

Shares.

Ifb1dsa1e.i
11,820, $37,800'
36,700'
22,7361
47,450
20,873,
39,072,
14,9261
40,700
12,051!
14,844
41,000,
07,250

Baltimore.

Philadelphia.

Shares. Bond Sales.' Shares. Bond Sales.

$212,722

2,084
6,046
6,313
4,061
3,610
3,577

$30,2001
56,0001
61,7501
31,5001
80,200,
15,200,

26,600

$274,850'

469
028
2,329
1,163
1,747
1,005

$27,000
40,000
51,400
25,200
41,100
54,000

7,6111 $238,700

New York "Curb" Market.-Below we give a record of
• the transactions in the outside security marketfrom 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
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
Insure that quotations coming over the "tape," or reported
In the official list at the end of the day, are authentic.
On the "Curb,"on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transaction.. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Week ending Dec. 6.
Stocks-

Wm,. 107.

THE CHRONICLE

2178

Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.

Aetna Explos_r--(no par)
Brit-Amer Tob ord bear_.£1
burns Bros Ice corn r _100
Butt'w'th-Jud Corp_ r _(t)
25
Car Ltg & Power_ r
Colurnblaville Woolen r 10
Curtiss Aero & Al,com..(4)
Emerson Phonograph_ _5
General Asphalt,com.r 100
Gen Motors 6% deb stk wl
10
Hupp Motor Car
Intercontinental Rubb-100
Keyst Tire & Rub.com_10
Manhattan Transit r. 20
Marconi Wire!Tel of Am_5
North Am Pulp & Pap (t)
Penn Seaboard Steel.._(t)
100
Poulsen Wireless_r_
10
Belo Equipment r
10
Smith Motor Truck r
Stand Mot Constr_r_ _10
5
Steel Alloys Corp_r
Stromberg Carbur_ _no par
Submar Boat Corp v to_(t)
(no par)
United Motors
10
U Steamship
5
Wayne Coal
World Film Corp v t c_ _5
Wright-Martin Aire
100
Preferred r
Rights.
Nort&Wes RR(to take bds)
Port Lobos Petroleum..
Texas Co.r
Wilson & Co.r(to take bds)
Former Standard Oil
Subsidiaries.
El
Anglo-Amer 011.r
Buckeye Pipe Line_ r _ _50
Illinois Pipe Line_r_ _100




655
22%
47
27

37

31%

4255
114
34
834
26
11%
34
5%

5%
224
42
19
24
11%
13
2
344
7855
455
1055
24%
55
455
24
*40%
6%
11
1-16
855
8%
26
11%
3255
5%
351
34
60

15

93

64
22%
47
30
2%
11%
16
2
37
79
4%
11
3334
34
4%
3
4255
7
1154
3-16
855
855
27
13
34%
6%
4
54
63

18,100
3,600
1,900
2,600
1,800
000
2,000
100
2,400
500
1,100
200
72,200
5,600
4,000
1,300
1,875
300
635
6,800
300
2,900
200
8,200
6,600
15,800
14,550
1,500
8,200
625

34 14 65,000
2%
2
600
14% 15% 1,500
56,000
34
16% 17
93
93
157 157

&Inge since Jan. 1.
Low.

I

Dec
Apr,
June
Dec!
Oct!
Sept'
Novi
Aug;
June'
Novi
Jan
Aug
Oct
Apri
Julyi
Apri
Novi
Dec
July
Dec'
7% Nov;
6 June;
21
June
Novi
11
19% Jan
3% Nov:
254 Oct'
Sept
4%- Nov
45
Feb

5%
14%
18%
19
155
104
10
1
23%
78
255
8
11%
5-16
2%
2
34)i
6%
104

High.

log

May
2355 Nov
5334 Nov
594 May
3% Mar
12
Oct
42 June
455 Jan
3755 Oct
8355 Nov
5% Nov
15% Oct
33% Dec
% Dee
5% Nov
455 Aug
5634 June
15% May
13% Oct
2% Apr
13% June
855 Dec
Dec
27
20% May
35% Nov
7% May
4 Nov
% Mar
11% May
69 June

155 Nov
34 Nov!
2
254 Dec
Dec
1255 Oct, 174 Nov
1% Dec
34 Dec

6,300 113.4 Febl 1834 Oct
Sept 100
Feb
20 85
Jan
Sept 192
15 138

Sales
Friday
Last Week's Range for
Former Standard Oil
Week.
Sale.
ofPrices.
Subsidiaries.
(Concluded.) Par. Price. Low. High. Shares.

Range since Jan. 1.
Low.

High.

Jan
Sept 365
290 290
25
314 320
Ohio 011.r
Deo
Jan 585
55 418
550 585
Prairie Oil& Gas_r____100
Oct
Sept 296
11 249
285 287
Prairie Pipe Liner.._....100
Nov
64 210 June 249
228 232
Standard Oil (Calif) r__100 228
Nov
91 248
Sept 302
282 286
• Standard 011 of N Y-r_100
Other 011 Stocks.
54
1
54 5-16 11,500
1/61 Aug 1 3-16 Jan
Barnett Oil & Gas r
Jan
3,000 15c Sept 330
19c 20e
Boston-Wyoming 011_r __1 19c
8% Feb
Sept
2,700
6% 7
Coaden Jr Co common r_-5
3% Jan
100
355 Mar
5
Preferred.r
3% 3%
7% Oct
555 July
800
5% 6%
Elk Basin Petroleum r_ _-5
30 Sept 5-16 Jan
4%c Sc 116,750
1
8c
Esmeralda Oil r
Feb
4
2% 4,200
155 Aug
2
5
Federal 011 r
Jan
Sept
5
10
334
3% 34 7,500
Glenrock Oil r
1,100 39% Jan 864 June
77
73
Houston 011 corn r_-_100 77
life Nov
600
Imperial Con Oil L. r.......1
%
34 June
54
El 1554 154 1555 3.100 12% Feb 15% Oct
Internet Petrol-r
554 Mar
3% 4% 39,500
1% Jan
Island 011 & Trans r..-10
434
800 1754 Mar 29% June
10
21% 224
Merritt Oil Corp_r
1% 113-16 15,700
Metropolitan Petroleum25 111-16
34 Jan • 234 Nov
Apr
1.24 Jan
1.01
1.03 1.07 8,200 870
Midwest 011 common r_ _1
Nov
Mar 130
7,340 97
Midwest Refining_r____50 1344 1314 138
47e 48c
4,000 42c Sept 890 Feb
Northwestern OIL com.r_l
9% 9% 30,800
6% Apr 10% Oat
Oklahoma Prod & Ref___5
Dec 1154 Mar
1% 12,000
1
1
13.4
Okrnulgee Prod & Refg-5
Jan
23e 25c 20,500 18e Nov 400
Omar 011 ,SE Gas corn_ _-1 25c
Nov
Nov
82
60
63
4,700
new_r__5
60
56
Dutch
Co
Royal
Sept 10% May
310
6
5
Sapulpa Refining_ r
6% 7
)4 Oct
5
Security Prod & Ref
55 2,500
54 Sept
34
1/4
1% Mar
9-16
1
Sequoyah Oil & Ref
% 12,200
54 Sept
Oct
Jan 24
19% 20
700 15
Sinclair Gulf Corp r_ -(t)
35e 400
6,960 2,50 Sept 580 June
1 40c
Southwest 011.r
255 Mar
154 12,400
1
Stanton 011.r
34 Sept
134
Aug
2% Feb
15-16 15-16 5,000
United Western 011, new_r
1;1 Sept
6% Mar
23.4
255 2% 3,023
10
Victoria 011.r
Mining Stocks.
5-16 Apr 700 May
38c •40o
4,200
Alaska-Brit Col Metals...1 40c
1
88c 88e
400 34c July 880 Nov
America MInes_r
6
Aug
3% Dec
800
5
4
• 394 4
Arizona BIngh
54c Sc 76,700
3c July 130 Feb
1
6c
Atlanta Mines
55 Sept
14 Mar
155 15,800
1
5 1 1-16
Big Ledge Copper
Jan 230 Dec
3o
6e 230 47,500
1 120
Booth r
48c 51c 42,400 38e Sept 96c Mar
Boston & Montana Dev 5 50e
Jan
1 33c
32o 116c 29,250 32c Dec 500
Caledonia Mining
X. Nov
1)4 Mar
Calumet & Jerome Cop.r 1
34 0-16 17,000
34
24 Nov
14 Apr
Canada Copper Co Ltd....5 2 3-16 2 1-16 254 3,000
1 52c
47c 52c 25,600 37e Aug 52c Dee
Candelaria Silver_r
30
Oct 19e Feb
6e 7540 23,000
1 755c
Cash Boy
Jan
1% July
154
155 134 5,200 42e
Cerbat Sliver M &
2% Nov
Consol Ailzona
1% 14 2,100 1 5-16 Feb
44 Aug *7% May
554 655 13,500
Consol Copper Mines
5
64
% Mar
500 220 Feb
Consol Homestead_r_ _1
14
14
Nov
6
4% Mar
554
4%, 555 6,800
Cresson Cons Gold M&M 1
54 Oct
234 Jul)/
1
55
%
300
Denbigh MInes_r
1
1
7-16 July 1 5-16 Nov
200
Dundee-Arizona Copper-1
55 Feb
I% 14 6,400
21-4 June
Eureka Creesus Min r_-1
214 Jan
155 Sept
2% 255 4,330
First National Copper...5 2 7-16
1
40e 400
500 30c June 46c Aug
Fortuna Consol_r
17c OCT
7-16 Jan
22e 380 56,500
Goldfield Consolldated_10 26c
55cJune lie Dee
6c
1
5c lie 140,000
Goldfield Merger_r
4c 555c 87,000
24cSept 10c Feb
1 54o
Great Bend_r
44c 450
1 45o
5,000 3:313 June 86e Sept
Hattie Gold lalln4.r
25e
5
2% .Jan .611,4 Nov
flocla
43-4 555 3,025
% Nov 11-16 Jan
55 9-16 1,450
10c
Iron Blossom_r
Jan
I 40c
37c 40c 19,200 37c Dec 90.3
Jim Butler_r
Jan
1
15c
8e July 24c
15o 23c 48,200
Jumbo Extension
90 Feb
155c Oct
1 555c
5c 104c 72,800
Kewanas r
11-16 Apr
Jan
%
500 25c
La Rose Consol Mines _5
%
Feb 62e July
38o 510
3,909 28e
Liberty Silver (prospt) r_l 300
Jan
May 42
5
284 2955
600 27
Magma Copper
8HoMar
255eNov
40
44c Sc
1
4,500
Marsh Mining_r
Jan
6
24 Dec
5
Mese n Valley
254 3% 2,600
1 13-16 113-16
300 1 13-16 Dec 1 13-16 Dec
McIntyre-Porcupine
Jan
48o 48c
3,000 33e Nov 60c
McKinley-Darragh -Sa.v _1
14 June
% Dee
100
Mines Co of America_ _10
Apr
Jan 56c
34e 35c
1 350
6,000 250
Mother Locie_r
Oct
1% Mar
1 3413
34c 340
200 31c
Nixon Nevada
Jan
July
455 4,900
6
455
4
1
2
Onondago Mines r
354 1)ec
44 Jan
355
355 354
Ray Hercules Mining_r_5
1,000
A Mar
3-16 July
3-16 5-16 2.100
Red Warrior MinIng_r_ _1
Jan 540 May
1
31c
31e 320
Rocnester Mines
8,400 27c
Jan
70 Sept 180
1
815e 94c 2,500
San Toy Mining
1554 Nov
15
2,500
Seneca Copp Corp (no par) 1434 13
736 Jan
% Nov
1 85c
84c 87c 16,600 60c Sept
Silver Canon
1
Aug
1 13-16 13-16 13-16 2,500
Silver Fimsue Silver r
9-4 Mar
34 June
7-16 7-16
Silver King of Arizona_ _1
200 7-32 Apr
1 5540 5550 055c 12,500
2340 Oct 940 Dee
Silver Pick Cons_r
34 Apr
.Oct
1,450
Standard Sliver-Lead
I
34
34
54
% Jan
1
I7c
15c 17c 31,600 lie Aug
Stewart
103
10o
300
70 Jan 16c Apr
1
Success Mining
1% Jan
Nov
1
1 13-16 2% 19,750
Tonopeh Extension
4
Jan
354 354
24 Sept
100
Tonopah Mining
5%
Feb
454
4
3
July
Mining_l
Eastern
1
9-16
6,000
United
40 May 520 Nov
30c
290 310 16,500
Ward MID & Milling _....1
49c Nov
440 40e
1
47o
8,500 3750 Nov
Wasaplka
Oct 840 Dec
81e 843
5,400 73e
Washington Gold Quartz.] 83c
Jan
1% June
West End Consolidated.._l 1 5-16 1 3-16 1 5-16 7,600 6543
Oct 230 Sent
18c 22e 63,200 lie
Western Utah Eaten I r_ _1
20c
18e Feb
2c
20
2o
White Caps Extension_10c
3,500 134c Nov
white Caps Alloing_..10.
14c
140 16c 24,500 81-5c Sept
3-4 Jan
Jan
7e
70
4o Sept 14c
Wilbert Mining
1,000
BondsNov
99% 100
$1,000 08% Aug 100
Am Tel & Tel 1-yr 6s.r1919
Amer Tobacco serial 78 r'1! 10154 100% 101% 17,000 100% Oct 101% Dee
1921' 10156 100% 101% 111,000 00% Oct 10154 Dee
Serial 7s.r
Dee
1921
101% 102 131,000 994 Qct 102
Serial 7s_r
102 10255 15,000 0934 Oct 1034 Oct
1922 102
Serial 7s r
Nov
1923 1024 102 102% 88,000 99% Oct 103
Serial 7s r
Aug
10054 10054 7,000 98% July 101
Beth Steel ser 7s.r _.1919
1920
100 100% 10,000 9855 July 10055 Oct
Serial 7s.r
1922
100% 100% 2,000 97
July 100% Nov
Serial 7s_r
1023
10055 100%
1,000 0655 Judy 10055 Oct
Serial 7s.r
Dee
06
Dec 96
96
55,000 96
Braden Cop Mines 6s w 1'31 96
Canada(Dom of) 58....1919 994 984 9954 154,000 04% Jan 994 Dee
Dec
101%
101%
9754
Aug
L.1923
10155
7s
w
14,000
Cudahy Pack
101% 104%
1,000 101% Juno 106)4 Aug
Federal Farm Loan 5s_
Jan 100% Apr
100% 1004 12,000 99
Gen Elea 6% notes_ _1919 Interboro It T 7s_ _ ...1921 974 974 9836 213,000 97% Nov 0934 Nov
KanCityTermRy 6s w 1 '23 9934 99% 09% 36,000 99% Nov 100% Nov
Liggett&Myers Tob 6s1921 9936 9834 99% 375.000 9814 Nov 991-4 Nov
107 1094 1155000 10455 Nov 1004 Deo
Norf Jr West cony 6s w '29
Oct
Mar 78
71,000 38
71
67
Russian Govt 614e r_ _1919 69
Nov
Apr 73
61
1921 65
68 122,000 32
,
54s r
10054 10154 35.000 9914 Nov 1014 Nov
US Rubber 7s.r
Dec
Wilson & Co Inc 6s w 1 '28 954 9554 97 265,000 95% Dee 97
* Odd lots. 4 No par value. I Listed as a prospect i Listed on the Stook
Exchange this week, where additional transactions will he found. o New stook.
r Unlisted. u Ex-cash and stock dividends. w When issued. x Ex-dividend
y Ex-rights. z Ex-stock dividend.
CURRENT NOTICE.
-The formation of Benwell, Phillips, Este & Co. has been announced by
Oswald F. Benwell, for many years President of Oswald P. Benwell & Co.,
specialists In Western municipal bonds. Clare N. Phillips, formerly Treasurer and Manager of the munclipal buying department of Sweet, Causey.
Foster Jr 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 19181

2179

THE CHRONICLE

enlarged quarSweet, Causey, Foster & Co., The new firm has moved into
Colorado
ters hitherto occupied by Oswald F. Benwell & Co. In the New
and cormunicipal
in
specialize
will
and
Denver,
Building,
National Bank
poration bonds.
& Co.,
-Announcement is made that the Philadelphia firm of Moron
Chestnut St.
established 1865, will continue under the same name at 314
partnership.
succeeding
the
to
with the admission of E. Curzon Poultney
died. All the old partners
T. H. Dudley Perkins of the old firm recently
Poultney, including E. Clarence
arc members of the new firm with Mr.
and Harry B. Ireland.
Miller, Walter H. Lippincott, Henry D. Wieand
Philadelphia Stock exBioren & Co. are members of the New York and

4

New York City Realty and Surety Companies
All prices now dollars per share.
Bid. Ask.
Bid. Ask.
Bid. Ask. I
90 Realty Assoc
Alliance R'It y 55
so
(Brooklyn)_ 75
90
8oinge
Zer13
65 .11-1a
60
Amer Surety
Bonddr M G_ 205 215 Nat Surety:: 218 224 U S Casualty_ 175 190
60
Guar
Title
&
US
Title
75 N Y
Casualty Co_
80 West & Bronx
Mortgage__ 70
19
City Investing 14
Title dr M G 150 170
67
Preferred__ 60

g2

Quotations for Sundry Securities

changes.
All bond prices are "and interest" except where marked "f."
Co., Hall-The issue having been oversubscribed, the Guaranty Trust
Bank and
Savings
&
Illinois
Trust
Co.,
&
Salomon
William
Co.,
garten &
RR. Equipments-PerCt Basis .1
Standard 011 Stocks Per Share
Bank are jointly advertisPar Bid. IAsk,
the Continental & Commercial Trust & Savings
6.00 5.50
their recent offering of Anglo-American Oil new. £1 1512 17 !Baltimore & Ohio 434*
ing in to-day's issue as a matter of record only,
100 980 1000 Buff Koch & Pittsburgh 434s 6.10 5.50
$20,000,000 Wilson & Co., Inc., 10-year convertible sinking fund 6% Atlantic ReliningCo
6.10 5.50
1
4s
475
Equipment
450
100
ap- Borne-Scrytnser
6.10 5.80
bonds. Price 95 and Int., yielding about 6.70%. Full particulars
Buckeye Pipe Line Co.... 50 •92 95 Canadian Pacific 4345
6.50 6.00
Chesebrough Mfg new_....100 290 310 Caro Clinchfield & Ohlo 58
pear in the advertisement.
6.00 5.50
513
Central
of
Georgia
35
100 2.5
-To yield the investor 73,6 to 8%, the bond department of Hannevig Colonial 011
6.00 5.50
1 Equipment 434s
470
450
100
Oil
Continental
a
list
offering
of short-term marine
6.90 6.00
& Co., 139 Broadway, this city, are
50 .35 39 Chicago dr Alton 4s
Crescent Pipe Line Co
equipment issues secured by first mortgage on new steel cargo vessels pro- Cumberland Pipe Line...1i1 160 170 ,Chleago & Eastern In 530_ _ 7.25 6.25
7.25 6.25
1 Equipment 434*
will
The
190
bonds.
list
be
mailed
180
outstanding
Co__
_100
_
Line
of
Pipe
excess
Eureka
in
insurance
tected by
6.25 5.75
& Co. specialize in marine Galena-131gruil 011 cora_ _ _100 85 90 Chic Ind & Louisv 434s
to all inquirers asking for C-107. Hannevig
5.90 5.40
100 115 130 'Chic St Louis & NO 5s
old
Preferred
In
letters
foreign
issue
and
deal
exchange
5.75 5.30
financing and marine securities,
100 105 Chicago dr N W 434*
Preferred new
6.50
5.75
&
I
Chicago
R
Pac
15.3
ill
153
43.4s
Line
Illinois Pipe
of credit.
Indiana Pipe Line Co.... 5 .97 100 Colorado & Southern 5s__ _ _ 6.25 5.75
-At 06 and interest, yielding about 63%,Kissel, Kinnicutt & Co., this International Petroleum_ El *1514 1512 Erie 5s
6.25 5 95
Copper
6.25 5.95
Equipment 434s
city and Chicago, are offering for investment 85,000,000 Braden
National Transit Co_ _ _12. I *1512 16
6.25 5 95
Equipment 413
Mines Co. 15-year 6% sinking fund bonds due 1931. The details of the New York Transit Co...100 180 190
6.2 5.50
115
;Hocking
4s
Valley
105
100
Co
Line
Pipe
on
another
Northern
advertisement
page.
offering appear in to-day's
6.25 5.50
1
319
58
Equipment
.315
Ohio 011 Co25
5.8 5.35
2 .46 48 1Illinois Central 58
-Eugene M. Hoyno & Co. announce that they have taken over the Penn-Mex Fuel Co
5.85 5.35
4
will
570
a
34s
busiEquipment
conduct
and
560
Co.
general
100
brokerage
&
Gas
&
011
Price
Prairie
business of Perry,
100 282 286 !Kanawha & Michigan 4348. 6.2 5.75
Pipe Line
Prairie
South
La
105
Salle
at
grain
Street,
Chicago.
and
bonds
stocks,
ness In
5.80 5.30
100 325 350 'Louisville & Nashville 5sSolar Refining
6.00 5.75
-Harry A. Sharpe, formerly in business as harry A. Sharpe & Co., in Southern Pipe Line Co..100 180 185 Michigan Central 5.11
5.50
6.
100 280 285 ,Minn St P&SSM
Pittsburgh, and previously of the Duquesne Bond Corporation, has been South Penn 011
Southwest Pa Pipe Lines.100 100 105 'Missouri Kall&113 & Texas 58_ 7. 6.25
appointed assistant to the Sales Manager of Bonbright & Co., Inc.
6.25
7.00
Pacific
Missouri
5s
233
228
Standard Oil (California).100
6.50 6.00
Standard 011 (Indiana) _100 680 690 Mobile & Ohio 5s
-Theodore Berdell is back at his desk at Berdell Brothers after having
6.5 6.00
Equipment 434*
Standard 011 (Kansas)...100 520 510
served in the U. S. Army with the rank of Major.
5.75
Standard Oil (Kentucky)III 340 350 New York Central Lines 5*.. 6.
6. 5.75
Equipment454B
Standard On (Nebraaka).lII 450 465
5.90
6.30
dr
NY
West
Ontario
585
580
Jer.100
434*...
New
of
011
Standard
PORPIR.IN TRADE] 014' NNW YORK.
5.75 5.25
Standard Oil of New Y'k lII 282 285 Norfolk & Western 434s_ _
5.75 5.25
Equipment 4s
III 450 475
Standard 011 (Ohio)
Customs Receipts
5.25
Merchandise Movement at New York.
5.75
RR
434s
Pennsylvania
111
105
100
Swan & Finch
at New York
5.75 5.25
Equipment 48
Union Tank Line Co... 111 107 109
Exports.
Imports.
ill 368 373 St Louis Iron Mt & Sou 5s.._ 7.00 6.00
Month
Vacuum 011
1 *36 40 St Louis & San Francisco 5*. 7.00 6.00
Washington Oil
1918.
1918.
1917.
1917.
6.00
1917.
7.
1918.
SeaboardAir Line 58
7.0 6.00
Equipment 434ff
$
3
3
Southern Pacific Co 434s.. 5.90 5.40
Ordnance Stocks-Per Share.
6.1 5.65
January_ _ 83,161,970 128,344,239248.203,724 303,906,525 7,484,551 13,494,316 Aetna Explosives pref._ _100 50 55 SouthernRailway 454s
6.25 5.75
5 Toledo & Ohio Central 4s2
February 94,303,900 97.834,888 168,713,182223,464,135 8.177,780 10,800,297 American dc British Mfg..100
100 20 35
March __ 98,360,412 147,901,883.251,325.06s 258,020,40s 9,870,168 13,395.986
Preferred
10,525,971 14.052,313 Atlas Powder common_ _ _100 154 158
121,564,991 124 .n1.1601191,719,439 263,873,0
Tobacco Stocks-Per Share.
April
149,434,134 118,850,759 219,019,748 245,998,346 12,162,731 18.823,305
Par Bid. Ask.
100 8712 8912
Preferred
May
112,622,429 154,901,984 205,313,999 274,287,250 10,665,910 10,256.450 Babcock dr Wilcox
10 110 112 American Cigar common.100 98 103
June
100 83 90
96,101,747 95,713,123 237,731,667 210,181,903 9,215,233 11,190,794 Bliss(E W)Co common_ 501'300 350
Preferred
July
5I *65 75 Amer Machine dr Idry_100 60 80
Preferred
August_ _ _ 122,452,147 122,231,660209,108,295 274,627,773 8,589,023 10,684,750
September 115,731.618 99,805,185 197,725,054 242,132,080 8,438,132 9,469.365 Canada Fdys & Forgings.I00 195 200 British-Amer Tobac ord__11 .21 23
El .22 23
October .._ 105,821,699 91,319,486'182 657 189219,908,712 7,350,251 9,548,029 Carbon Steel common...100l 90 100 1 Ordinary, bearer
100 190 10
100 93 100 Conley Foil
1st preferred
1104558146 118370436712311517365 2516400181 02,483,750121,715,605
1001 67 70 Johnson Tin Foil & Met_100 70 100
2d preferred
Total
hlacAndrews eic Forbes..100 170 190
Colt's Patent Fire Arms
Preferred
100 90 100
2 *45 48
Mfg
Imports and exports of gold and silver for the 9 months:
Reynolds(R J) Tobacco_100 350 390
duPont(E I) de Nemours
256
B
10 290 320
common
stock
250
100
& Co common
Sitver-New York.
Gold Movement at New York.
Preferred
100 106 100
100 89 91
Debenture stock
94 98
A
scrip
dividend
85
75
100
Steel
Eastern
Exports.
Imports.
Exports.
Imports.
Month.
94 98
B dividend scrip
Empire Steel & Iron com_100 25 40
120 150
72 Young (J S) Co
100
68
100
Preferred
1918.
1917.
1917.
1918.
1918.
1918.
95 105
212
Preferred
100
205
_100
_
corn_
Hercules Powder
100 105 109
Preferred
3
119
Short-Term Notes-Per Cent.
117
com_100;
Niles-13ement-Pond
657,940 10,494,074 1.409,524 2,746.717
1,070,279 1,930.781
January_
1001 95 93 Amer Cot Oil 5s 1919..-M&S 9874 9914
Preferred
994,103 1,045,806 3,170,387 14,129,717 1,144,351 2,186,324
February.
10014 10012
7% notes Sept 1919
•40 44
301,073 9,8111,730
606,260 3,294,034 Penn Seaboard Steel (no par)
6:18.514 1,074,962
_
March
100 290 305 Amer Tel & Tel 6s 1919_ F&A 100 1001a
Corp
Phelps-Dodge
223,177 3.017,151
877,460
518.1.19
726,467 3,944,455
April___
4
1
Scovill Manufacturing,..100 359 375 Balto & Ohio .5s 1919_ _Jki 9914 99/
1,302.420
1,084,038
17,629,499
3,910,742
1,317,371
660.277
May
Canadian Pac Os 1924.M&S 2 100 10014
50 .25
203,500 13,564,850 1.115,157 5,596,300 Thomas Iron
534,406 1,194,O22
June
Del & Hudson 5s 1920_ _F&A 0814 nig
800
700
Arms.100l
Repeat
Winchester
904,338 3,903,713 19,170,282 1,803,038 2,435,000
627,829
July
A-0 9614 97
100 50 55 Erie RR 5s 1919
268,600 12,337,552 2,421,115 2,985,275 Woodward Iron
688,892 1,245,038
August-85 95 Fed Sugar Rfg 5s 1920 J&I 971 9812
Preferred
980,609
737,990 11,331,810 2,012,001 2,784,204
559,988
September
General Elec Os 1920_ _ _J&J 10012 1007s
381,200 7,481,497 1,551,114 6,353,613
456,282 1,225,028
October _
6% notes (2-yr) 1919.J&D 10014 1003$
Great North 58 1920_ _M&S 9538 987s
Public Utilities
Total... 6,738,710 11,603,182 73,946,524 118,988,162 14,406,398 33,241,664 Amer Gas & Elec corn__ 50'103 105 Hocking Val 6s Feb '19 3.1&N
5 *44 46 K C Term Ry 4)I,,s 1921..J&J Iffy 99
Preferred
5.1 Nov 15 1923__M&N 15 9934 997$
Amer Lt & Trac corn_.1001 236 238
1001 99 101 ,Laclede Gas Lt 5s 1919_ F&A 9812 9912
Preferred
55 60 '1,1g tett&Myers'rob6s'21J&D 9874 9918
1001
corn.
Lt
&
Power
Amer
All prices now dollars per share.
9914 993s
1001 74 76 N Y Cent 5s 1919__M&S 1
Preferred
10 20 -Penn Co 430 1921__J&D 15 9612 9712
Amer Public Utilities com101
Bid. Ask. Trust Co's. Bid.- -Ask.
Banks.
Banks-.V. Y. Bid. Ask. It
99
98
'193l&
5s
NJ
Ser
41
Pub
Corp
38
100
Preferred
, New York.
405 505 .:Irving (trust
America _
Carolina Pow&Light corn 100 32 35 Rem Arms U M C 5s'19F&A 9814 99
certificates) 270 275 Bankers Trust: 440 450
Amer Exch - 220 230
95 Southern Ry 5s 1919_M&8 2 9918 99ss
90
100
Preferred
ILiberty
395
411)
130
416
i
Central
Unto°
170
Atlantic
Cities Service Co corn_..100 292 295 Utah Sec Corp 63'22.M&S 15 86 88
250 275 Columbia._ _. 305 .
.
31i
Battery Park_ 190 200 Lincoln
100, 81 82 W'house El & M 6s'19F&A 9978 1001$
Preferred
170 180 cointnerelal__ 83 100
_ Manhattan
Bowery *. _ 400
Power corn_ _ _ _100 27 29 Winches RepArms7s'19. M&S, 9914 9934
Colorado
320
330
Met_
&
145
.
Empire
Mech
300
290
Bro tdw tyCen 135
Industrial
90 95
100;
Preferred
Bronx Bore*. 125 175 Merchants,.._ 125 135 ,Equitable Tr. 360 370
and Miscellaneous
1 22 24
Com'w'th Pow Ry dr Lt_ _10
Bronx Nat___ 160 170 Metropolitan* 170 175 'Farm I,& Tr_ 400 415
100 208 212
zAmericium
48
Brass
46
1
Preferred
*.
375
Mutual
210
220
155
Fidelity
Bryant Park* 145
100 66 69
Elec Bond & Share pref 1001 d92 95 ;American Chicle com
.. 200 215
_330 360
23 New Neths..
Fulton
Butch & Drov 19
100 74 76
8 11 I Preferred
.100!
&
Light
Traction
Federal
130
140
.
Co
New
375
York
385
Tr_
170
Guaranty
165
_
Mere.
Cent
100 133 140
100' 40 44 'American Hardware
Preferred
425
135 145
Hudson
395 410 New York_
Chase
38 43
135
Irving Trust fSee Irving Great West Pow 55 1946..J&J1 81 83 !Amer Typefounders cora_100 83
Chat & Piton_ 235 245 Pacific •
87
100
1312 1 Preferred
1112
com_100
Pow
Riv
Mississippi
520
ii6"
Park
Bank
1Nat
125
115
Chelsea Each*
99
96
100
com
38
Milk
100
Cond
41Borden's
Preferred
Law Tit dc Tr 95 100
393 404 Prod Exch.._ 200
Chemical
100 95 99
First Mtge .58 1951 _J&J 7412 78 I Preferred
220 235 Lincoln Trust 100 110
215 225 Public
Citizens
100 135 140
,Celluloid Company
63
61
com_100
Pow
States
North'n
450
_
470
_
_
_
Tr
Mercantile
Seaboard
440
City
100 87 83 Columbia Graphoph Mfg (*) *98 102
Preferred
400 425
& Deposit_ 210
Coal & Iron__ 215 225 Second
100 86 89
North Texas Elec Co corn 100 z59 64 I Preferred
Sherman .... _ _ 125 135 Metropolitan_ 345
Colonial •._ _. 400
70 75 Freeport Texas Co
100
Preferred
110
*
Mutual(West165 State
Columbia*„. 155 .
3
*3r2 35
_
Co
_100
Tobacco
Havana
41
39
Pacific Gas & Elec corn..100
115 130
ehester) __ 105 125
_ 23d Ward's_
Commerce.. t19.5
5
2
100
Preferred
100 86 88
1st preferred
.- 145 155 N Y Life Ins
10 Union Exch..
4.
Cr/mm*1 Ex*. 390 .
45
/38
1922....3-13
1
June
5s
g
1st
20
15
_100
corn_
P
&
L
Tr
Sti
Puget
500
& Trust ___ t869
UnitedStates•
Common100 48 50 Intercontinen Rubb corn_100 1012 11
Preferred
N Y Trust_ _ 595 610
_. Wash Is*. 275
195.n
wealth *
100 160
Republic Ry & Light._._100 1712 .19 Internal Banking Co
_ 160 fig Scandinavian 280 300
Continental._ 100 107 ,Westch Ave.
100 52 62
57 59 'International Salt
100
Preferred
Corn Exch. - 325 335 Yorkville •-. 290 310 Title Go & Tr 290
A-0 70 7134
hat gold 5s 1951
Calif Edison cora._100 79 8112
South
6
.
17
Transatlantic.
100
85
Coantop'tan•
80 90
pret_100
Silver
International
102
100
97
eferred
S
U
Mtg
Tr
&
.
_
410
Brooklyn.
Cuba (Ilk on_ 175
Standard Gas & El (Del). 50 *121 14 'Lehigh Valley Coal Sales_ 50 *87 90
25 ,Coney Island* 140 155 United States 895 fifo
East River__ 20
Elevator common_ _ _100 55
:Otis
34
•32
50
Preferred
280
265
130
140
Westchester
First
110 130
Europe
100 77 82
314 354 1 Preferred
Tennessee Ity L & P com_100
150 165
Brooklyn.
Fifth Avenue•11800 2200 „Greenpoint
Preferred
110 120 Brooklyn Tr_ 500 515
1001 17 18 'Remington Typewriter215 230 1 11111side •
Fifth
100 34 35
Common
5
7
CorpJOOl
Elec
&
United
Gas
80
70
220
230
Franklin
920 9150 'Homestead •
First
100 108 112
1st preferred
38 40
1
1st preferred
62 Hamilton_
260 270
170 185 ,!Mechanics'• 57
Garfield
100 100 103
2(1 preferred
7 10
2d
preferred
1001
85
95
650
Kings
County
620
•
,Montauk
200
Gotham
100 124 130
com
Baking
Pow
Royal
41
38
_100
_
comRya
&
Lt
United
200 207 Manufacturers 160
40 -;INiissati
Greenwich'.. 330 3-.
100 87 90
100 72 74 I Preferred
1st preferred
290
685 700 ',National City 133 138 1People's
Hanover
Manufacturing...100 198 200
Singer
16
14
common_100
I'ower
Western
200
65
175
75
Queens
Co--240 250 !North Side*_
Harriman
_.100
940 ---Oil.
&
Coal
Texas
Pac
61
100
58
Preferred
130 140
Imp & Trati_. 50.5 515 'Peonle'a
I

Now York City Banks and Trust Companies

t Salo at auction or at Stock
• Banks marked with a (*) are State banks
• Per share. S Basis. d Purchaser also pays 'accrued dividend. s New stock.
Exchange this week. 2 Includes one-third share Irying Trust Co. t New stock.
I Flat price. n Nominal. I Ex-dividend. y Ex-rights. (t) Without par value.
s Ex-rights.




2180

THE CHRONICLE

[VOL. 107.

Inxtestment and Alailroati intelligence.
RAILROAD GROSS EARNINGS

The following table shows the gross earnings of various STEAM roads from which
regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings
for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest
week or month. The returns of the electric
railways are brought together separately on a subsequent page
Latest Gross Earnings.

ROADS.

Week or
Month.

Current 1Previous
Year.
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

Latest Gross Earnings.

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Jan 1 to Latest Date.
Current
Year.

Previous
Year.

Alabama & Vicksb_ October
236,582 230.475 1,987,448 1,721,148 Mo K&T Ry of Tex October
830,899 711,524 16,056,723 12,788,171
Ann Arbor
2d wk Nov
78,068
64,133 3,013,939 2,751,316 Mo & North Arkan_ September
96,874 130,000 1,060,868 1,064,222
Atch Topeka & S Fe October
15425189 12996636 133560797 116089569 Mo Okla & Gulf__
October
138,098 178,829 1,498,186 1,569,238
Gulf Colo & S Fe October
1.768,506 1.629,583 15,796.925 14,032.454 Missouri Pacific_ __ October
8,461.602 7,199,531 73,248,969 64,688,550
Panhandle & S Fe October
510,798 650,899 4,893,461 5,765,304 Monongahela
October
349,462 195,824 2,600,364 1.803,109
Atlanta Birm & At! October
463,206 385,835 3,772,885 3,248,562 Monongahela Conn October
236,223 202,797 2,023,382 1,564,722
Atlanta & West Pt_ October
251,363 180,824 2,041,704 1.432,937 Nashv Chatt & St L October
Atlantic City
2,137,227
1,453,249 17,790,855 12,410,872
October
3,503,185 2,839,928 Nevada-Cal-Oregon 3d wk Nov
Atlantic Coast Line October
4.889
7,222
253,079
341,820
4,987,089 3,661,236 46,380,850 35,689,822 Nevada Northern
October
262,165 242.915 2,248,052 2,062.463
Atlantic & St Lawr_ June
197,3841 122.364
986.133
926.429
Newburgh
&
Sou
Sh October
169.845
Baltimore & Ohio_ _ October
96,804 1,168,984
839,698
18261 058 12525425 143303243 111166993 New Or! Great Nor_
October
B & 0 Ch Term_ _ October
196,069 179,088 1,849,391 1,591,654
155,183 163,732 1,514,177 1,669,899 New Or!& Nor East October
591,210 471,648 5,411,699 3,984,862
Bangor & Aroostook October
462,944 393,185 3,957,702 3,699,791 N 0 Tex & Mex_
October
175,756
153,441 1,639,809 1,159,380
Bellefonte Central_ October
7,958
.6.232
72,995
66.727
Beaum S L & W. October
111,562
Belt Ry of Chicago_ October
93.8111,187,194
803,399
349,690 329,001 3,287,438 3,235,286
St L Browns & M October
461,585 325,321 3,661,4143,204,783
Bessemer & L Erie_ October
1,530,951 1,249,280 11,466,648 10,513,586 New York Central_
October
28673375 22768782 239294263 199417379
Bingham & Garfield October
309,687 321,188 2,908,243 2,704,286
Ind Harbor Belt_ October
487,642 420,658 4,542,970 4,362,529
Birmingham South_ October
92,840 121,782 1,229,763
912,890
Lake Erie & W.._ October
972,138 713,311 7,729,450 6,794,553
Boston & Maine__ _ October
6,104,232 5,500,374
49,401,338
Michigan Central October
6,644,539 4,990,388 55,568,240 43,395,981
Buff Roch & Pittsb 4th wkNov 414,528 432763 57,896,268
16,847,398 14,008,919
Cleve C 0 & St L October
7,137,150 5,063,791 58,959,212 42,881,194
Buffalo & Susq RR.. October
187:427 168:619 1,882,930 1,461,890
Cincinnati
North
October
295,785 241,961 2,277,224 2,043,375
Canadian NorSyst_ 4th wk Nov 1,354,700 1,183,300 42,171,900 38,196,800
Pitts & Lake Erie October
3,310,812 2,531,575 27,427,568 21,435,089
Canadian Pacific_ _ 4th wk Nov 4,502,000
4,598,000 139379883 136953646
To!& Ohio Cent_ October
1,133,380 860,021 8,320,314 6.735,035
Can P Lines in Me_ October
117,946 122,550 1,844,238 1,993,210
Kanawha
&
Mich
October
692,797 333,263 4,986,242 2,999,614
Caro Clinch & Ohio October
408,123 359,643 3,861,358 3,372,177 NY Chic & St Louis October
2,327,661 1,546,355 17,961,575 14,204,259
Central of Georgia_ October
1,774,420 1,592,578 17.001,793 12,762.566 NYNH& Hartf
October
9,353,128 7,704,668 85,055,27771,643,937
Central RR of N J_ October
4,434,685 3,299,778 37,526,591 31,073,858 N Y Ont & Western October
900,824 771,1881 9,320,3571 7,757,103
Cent New England_ October
456,095 477,316 5,058,304 4,581,251 N Y Susq & West October
504,877 295,4591 3,589,234 2,961,302
Central Vermont.._ October
517,993 420,082 4,306,744 3,741,186 Norfolk & Western_
8,027,950 6,300,313'67,264,435 54,665.808
Charleston & W Car October
341,926 252,455 2,416,555 1,919,742 Norfolk Southern October
October
521,271 472,9211 4,673,8431 4,468,206
Ches & Ohio Lines_ October
7,467,628 5,046,572 59,367,963 44,978,312 Northern Pacific.._ October
12167 442 8,338,680 82.813,285'73,021,575
Chicago & Alton_ _ _ October
2,388,753 1,911,764 20,124,094 17,171,101
Minn & Internat. October
69,812
77,630
843,183
884,234
Chic Burl & Quincy October
14429333 11342614 118462046 101573663 Northwest'n Pacific October
541,815 482,707 4,834,459 4,066,071
Oh Det & 0 G Trk_ July
163,436 122.207
800.805
748,485 Pacific Coast
October
524,821 580,330
1,974.101
Chicago & East Ill_ October
2,731,341 1,898,964 22,206,343 17,465,428 Pennsylvania RR October'
36962924 26549030 300253436 243597375
Chicago Great West October
1,740,764 1,491,165 15,837,352 13,502,625
Balt Ches & Atl October'
130,991 122,682 1,170,675 1,089,164
Chic Ind & Louisv_ October
1,082,409 844,622 8,987,030 7,611,625
Cumberland Vail October
561,621 433,389 4,672,898 4,066,494
Chicago Junction... October
323,653 296,778 2,778,071 2,717,363
Long Island
October
1,817,118
1,739,471 18,861,378 14,578,191
Chic Milw & St P_ _ October
14616212 11034551 108988527 94,395.681
Mary'd Del & Va September
133,132 110,232
778,166
Chic & North West_ October
751,992
13876431 10477718 105303522 89,972,176
N Y Phi's & Nor_. October
727,733 488,939 6,126,779 4,609,282
Chic Peoria & St L. October
194,321 201,973 1,831,152 1,795,724
W Jersey & Seash October
808,413 844,004 8,980,768 7,459,939
Chic R I & Pacific October
10160103 8.162,555 82,780,290 70,422,539 Pennsylvania Co__ _ October
10368824 7,438,264 77,375,071 66,025.767
Chic R I & Gulf.. October
385.065 378,683 3,642,362 3,117.128
Grand Rap & Ind October
691,073 550,658 6,015,246 5,486,302
Chic St P M & Om_ October
2,496,072 2,054,564 20,235,460 17,654,369
Pitts C C & St L. October
8,996,414 6,528,122 72.249,641 61.350,878
Chic Terre II & S E October
554,594 337,799 4,185,700 3,079,853 Peoria & Pekin Un_ October
111,892 101,661 1,053,580 1,015,495
Cin Ind & Western_ October
271,355 218,948 2,605.333 2,216,097 Pere Marquette_
October. 2,960,109 2,157,387 23,400,041 19,549,682
Coal & Coke
September
147,808 112,558 1,061,414
970,919 Pittsb & Shawmut_ October"
100,090 109,131 1,127,973
Colorado Midland_ September
965.059
9,464 194.829
991.011
Pittsb
Shaw
&
Nor..
September
90,471 100,883
Colo & South RR 3d wk Nov 242,281 227,706 11,061,200 9.669,595 Pittsb
972,395
925,066
& West
Octoberd
170,080 171,874 1,581,737
Ft W & Den City October
820,060 674,193 6,368,318 5,233,894 Port Reading Va October
257,308
141,720
Trin & Brazos Val October
2,079,089 1,584,432
111,092 128,243
947,427
834,428 Quincy Om & Kan0 October!'
97,010
84,057
Colo & Wyoming_ _ October
890,777
723,844
105,000
90.978
941,604
996,668 Reading Company:
Constit Rys of Mex 1st wk Nov 621,178
Phila
&
Reading_
October
6,750,197
6,194,124
66,329,562 55,837,679
Crip Crk & Col Spgs October
79,954
89,833
790,004
950,351
Rich
Fred
&
Potom
October
644,379 446,455 5,602.786 4,008.570
Cuba Railroad__ _ September
875,550 690,125 10,064,834 5.559,898
Wash Southern October
383,928 248,088 3,100,850 2,087,666
Delaware & Hudson October
3.172.081 2,867.915 29,254,666 25,266,078 Rutland
October
424,201 391,534 3,858,229 3,649,088
Del Lack & West October
6,729,812 5,342,937 56,466,122 48,044.404 St Jos & Grand Isl'd October
240,797 221.411 2,208,768 1,947,699
Deny & Rio Grande October
3,257.741 2,794,326 25,547,191 23,413,851 St Louis-San Fran_ October
6,612.190 5,430,115 57,326,977 47,346,597
Denver & Salt Lake October
223,698 209,094 1,816,197 1,747,717
Ft W & Rio Gr.. October
108,696 117,008
955,739
808,389
Detroit & Mackinac 2d wk Nov
38,822
25,387 1,373,304 1,166,925
St L-S F of Texas October
123,620 111,345 1,161,660
961,335
Detroit To! & Iront October
354,043 238,377 2,763,901 2,471,512 St Louis S W Syst 1st wk Nov 368,000
363,000 16,485,767 14,327,813
Det & Tol Shore L. October
169,995 159,277 1,616,456 1,539,065
St
L
Southwest
October
1,026,629 1,075,517 10,608,859 9,367,521
Dul & Iron Range_ _ October
1,098,610 969,806
St L S W of Texas October
•
505,080 856,065 5,517,474 4,597,291
Dul Missabe & Nor October
3,195,440 1,899,046 19,925,878 13,210,348 San Ant & Ar Pass_ October
478,073 411,823 3,565,417 3,339,734
Dul So Shore & At!. 3d wk Nov
85,184
77,942
Seaboard
Air
Line
October
f
3,347,370 2,840,116 31,951,853 24,780,094
Duluth Winn & Pac October
120,780 140,400 1,388,669 1,746,331 South Buffalo
October
140,108
94,427 1.301,921 1,014,232
East St Louis Conn October
102,040
87,197
938,715
864,024 Southern Pacific_ _ _ October
15263 100 13239308 126556 955 108206 117
Elgin Joliet & East_ October
2,394,206 1,334,379 16,632,632 13,224,478
Arizona Eastern_ October
388,185
337,980
3,722,021 3,566,609
El Paso & So West_ October
1,179,466 1,113,680 12,306,600 11,439,533
Only Harris & S A October
1,882,010 1,773,918 17,770,511 16,161,976
Erie
October
9,492,516 6,923,296 71,446,475 59,246,263
Hous & Tex Cent October
809,938 884,116 7,536,244 6,475,261
Chicago /4 Erie October
1,209,803 852,421 8,797,711 7,307,573
nous E & W Tex_ October
177,369 172,410 1,702,982 1,508,180
Florida East Coast_ October
611,213 560,740 7,333,519 6,866,026
Louls!ana West October
394,262 395,392 3,629,596 2,923,525
Fonda Johns & Glov September
116,327
95.622
843,017
805.950
Morgans La&Tex October
677,497 877,875 6,712,234 5,472,078
Ft Smith & Western October
134,955 130,828 1,059,615
893,715
Texas & New Or! October
636,536 610,706
Galveston Wharf.. October
81,738
65,185
872,229
927,895 Southern Railway October
12269788 9,139,552 105386258 73:847:359
Georgia Railroad October
657,337 536,405
3,354,026
Ala Great South_ October
822,985 888,471 7,543,922 5,826,002
Grand Trunk Pac_ _ 4th wk Oct 255,200 254,995 5,379,469
5,090,273 4.850,992
Cin N 0& Tex P_ October
1,371,191 1,202,572 12,567,165 10,928,927
Grand Trunk Syst_ 2d wk Nov 1,471,654 959,136 61.223,341
51,889,262
New Or!& Nor E September
665,186 450,804 4,820.489 3,513,212
Grand Trunk Ry 2d wk Nov 1,372,660 742,623 53,227,582 45,059,264
Mobile & Ohio_ _ _ October
1,397,986
1,248,350 12,311,396 11,426,867
Grand Trk
October
2,004,327 1,455,210 11,383,091 9,755.840
Georgia Sou & Fla October
323.467 288,806 2,923,482 2,359,453
Det G H & Milw_ July
265,944 274,888 1,759,411 2,015,444
South
Ry
in
Miss
October
1162,714 133,646 1,175,771 1,023,804
Great North System October
12090441 8,834,849 80,657,056 73,594,695 Spokane Internat'l_ October
94,124 104,686
839,361
797,298
Gulf Mobile & Nor_ October
216,347 229,628 1,987,722 1,942,770 Spok Port!& Seattle October
899.080 622,366 7,001,361 5,637,547
Gulf & Ship Island.. September 226,242 234,995 1.974.730 1,665,768
Staten Island R T._ September
202,198
140,474
1,401,613
1.157,479
Hocking Valley_ __ _ October
1,561,990 1,066,127 11,385,582 8,990,276 Tenn Nla & Georgia 2d wk Nov
2,880
2,402
119,356
107.708
Illinois Central_ _ _ October
9,769,270 7.980,068 88,993,826 72,212,676 Tennessee Central_ October
279,188 171,292 2,496,146 1.492,363
Internat & Gt Nor_ October
1,319.817 1,355,372 11,123,939 10,077,883 Term Assn of St L_. October
385,560
299,740
3,214,265
Kan City Mex & Or October
3,168,013
132,983 110,946 1,112,535
990.659
St L Mer Bdg T. October
377,687 301,252 3,065.338 2,629,085
K0 Mex & 0 of Tex October
111,121 128,562
999,078 1,074.890 Texas & Pacific_ __ _ 3d wk Nov 637,010
518,724 23,253,683 19,548,168
Kansas City South_ October
1,507,335 1,078,274 12487380 10,168,745 Toledo Poor & West October
155,508 122,372 1,347,617 1,074,444
Texark & Ft Sm. October
127,720
99,667 1,014.102
910.520 Toledo St L & West October
767.459 847,209 6,801,990 5,882,611
Kansas City Term_ October
114,613 102,206
938,970
938,970
Ulster
&
Delaware_
August
129.189 139.583
679.694
Lehigh & Hud Riv_ October
695,679
191,753 187,848 1.904,827 1,904,738 Union Pacific
October
10897225 8,108,851 80,755.988 62,455,037
Lehigh & New Eng. October
305,513 349,263 3,317,264 3,085.536
Oregon Short L October
3,427,247 2,984,830 28,045.125 25,271,983
Lehigh Valley
October
6,292,522 4,970,374 53,678,353 44,935.979
Ore-Wash
RR&N
October•
2,506,042 2,329,693 21,780,906 18,285,959
Los Ang & Salt L.._ October
1,462,289 1,216,365 12,039,570 10,567,777 Union RR (Pa)_ _ _ _ October
884,332 528,215 5,818,278 4,878,319
Louisiana & Arkan_ October
134,338 145,171 1,388,675 1,283,015 Utah
October
152,010
1,175,274
Louisiana Ry & Nay September 268.860 242,028 2,253,573
1,729.302
Vicks
Shrev
&
Pac_ October
245,494 240,871 2,116,719 1,734,272
Louisville & Nashv_ October
10192132 7,074,789 83,560,674 62,753,637 Virginian RR
October
1,231,845
894,866 9,911,594 8,645,171
Loulsv Hend & St L October
287,963 202,722 2,357,952 1,842,129 Wabash RR
October
5,067,330 3.830,117 39.418,66133,551,697
Maine Central
October
1,410.692 1,277,220 13,538.535 11,870,168 Western Maryland_ September 1,455,299
1,205.513 11,009,408 9,938,958
Midland Valley_ _ _ _ October
332,255 264,234 2,853,022 2,379,349 Western Pacific_ _
October
1,085,733 986,393 9,414,199 8,222,489
Mineral Range
3d wk Nov
24,098
22,013 1,024,823 1,077.284 Western Ry of Ala October
254,784 175,971 2,070,806 1,376,180
Minneap & St Louis October
1.216,595
9,953,872 9,031,795 Wheel & Lake Erie October
1,519,074 1,219,238 11,511.848 9,244,954
Minn St P&SSM October
4,256,833 3,435,849 28,546,701 28.891,850 Wich Falls & N W. October
106,120
89,309
869,399
840,609
Mississippi Central_ October
89,614 119,428 1,072,324
753,260 Yazoo & Miss Vali_ October
1,970,688
1,840,834 17,904,312 14,553,651
Missouri Kan & Tex October
3,556,118 2.390,043 27,069,350 21,257,708

AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
tat
2d
3d
4th
1st
2d
3d
4th
1st
2d
:id

week Sept (16 roads).week Sept (15 roads)____
week Sept (14 roads)____
week Sept (13 roads)._
week Oct i10 roads)._
week Oct 15 roads)____
week Oct 15 roads)____
week Oct 16 roads)____
week Nov (16 roads)____
week Nov (15 roads)____
week Nov

(8 roads.




Current
Year.

Previous
Year.

$
$
7,102,544 5,908.578
6,484.655 5,564,164
7,230.476 6,251.935
9,735,164 8,158,018
7.172.415 5,656,143
7,762,172 6,931.491
7,664,060 6,809.000
11.833,602 10,309,702
7,581,166 6,615,360
7,194,421 6,850,256
5 4.74 :141

5 len Q54

Increase or
Decrease.

%

$
+1,193.966 20.21
+920,491 16.54
+978,541 15.65
+1.577.14819.33
+1,516.272 26.81
+830,681 11.98
+855,060 12.04
+1.523.900 14.78
+965,806 14.59
+344,165 5.03
4-212 nA7 ft 07

• Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease. I %

Mileage.
Cur. Yr. Prey. Yr.
November. 212.407 241,621 360.062.052 326.757.147 +33.304,905,10.19
December. 247.988 247.265 343,875.052 317,836,386 +26.038,6661 8.18
January. _240.046 239.885 282,394.665 294,002,791 -11.608.1261 3.95
February._ _230.336 228,835 362.761,238 312,276,881 +50.484.3571 16.22
March
238.891 237.463 285.776.203 260,627.752 +25.148.4511 9.85
April
233.734 232,255 369,409.895 319 274.981 +50.134.914 15.70
May
930,355 228,892 374,237 097 342.146,098 +32.091.0011 9.38
June
220.303 219,294 363.165,528 323.163.161, . ', .
July
231.700 230,570 3.884.172 348,022,857 +117861315'34.00
August
•
•
498,289,356 382.509,581 +135759 795 37.45
•
I
September _232,186 232,378 487,140,781 357,772,850 +129367,931
36.16

THE CHRONICLE

DEC. 7 1918.]

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 over the same week last year.
Second week of November.

I

1918.

1917.

$
$
Previously reported (12 roads)_ 7,109,658 6,774,612
78,068
64,133
Ann Arbor
3,815
9,109
Nevada-California-Oregon
2,402
2,880
Tennessee Alabama & Georgia..
Total(15 roads)
Net increase (5.03%)

7,194,421 6,850,256

Increase. Decrease.
665,169
13,935

330,123
5,294

478
679,582
344,165

335,417

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 reported this week:
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
230,475
39,253
84,903
Alabama & Vicksburg-b Oct 236,582
1,987,448 1,721,148
355,086
486,567
Jan 1 to Oct 31
257,213
72,730
68,222
Oct 338,503
Ann Arbor_b
2,850,604 2,614,425
242,077
661,928
Jan 1 to Oct 31
Atch Topeka & S Fe_b__Oct15,425,188 12,996,635 4,981,345 4,999,072
133,560,797 116089,568 40,965,722 43.721.348
Jan 1 to Oct 31
429,381
577,575
Gulf Colo & S Fe_b__Oct 1,768,506 1,629,583
15,796,924 14,032,454 3,864,420 4.078,766
Jan 1 to Oct 31
650,899 def25,372
304,859
Panhandle & S Fo_b__Oct 510,798
4,893.461 5,765,304
607.747 2,387,507
Jan 1 to Oct 31
180,824
70,528
55,295
Atlanta & West Point_b_Oct 251,362
2,041,703 1,432,937
646,920
435,189
Jan 1 to Oct 31
463,206
385.835
_Oct
b_
113,442
96,103
Atlanta firm & Atl_
3,772,884 3,248.562 def245,598
547.009
Jan 1 to Oct 31
Oct 350,371
226,536
113,438
36,896
Atlantic City-b
3,503,184 2,839.927 1,103,657
867,166
Jan 1 to Oct 31
Oct
155,182
Term-b
163,732
def95,627 def5,986
B & 0 Chicago
1,514,477 1,669,898 def698,127 def11.593
Jan 1 to Oct 31
393,185
7,013
172.645
Bangor & Aroostook_ b__Oct 462,943
3,957,702 3,699,791
487,062 1,239,805
Jan 1 to Oct 31
349,689
329,001
Chicago_b__Oct
87,807
def20,318
Belt Ry of
3,287,437 3,235,286
99,966
932,606
Jan 1 to Oct 31
541,165
379,268
Bessemer & Lake Erie_ b_Oct 1,530,951 1,249,279
11,466,649 10,513,586 3,909,929 3,391,572
Jan 1 to Oct 31
309,686
321,188
148,252
205,117
Bingham & Garfield_b__Oct
2,908,243 2,704,286 1,393,592 1,651,639
Jan 1 to Oct 31
92,840
121,781
61,890
12,973
Birmingham Southern_ b Oct
1,229.763
912,889
335,774
36,568
Jan 1 to Oct 31
574,471 1,360,746
Oct 6,104,231 5,500,373
Boston & Maine_b
57,896,268 49,401,339 7,524,586 11,049,394
Jan 1 to Oct 31
168,619
def8,585
38,191
Buffalo & Susquehanna-bOct 187.426
1,882,930 1,461,890
88,934
282,520
Jan 1 to Oct 31
1,478,738
1,743,177
def148,716
b_Oct
380,776
Buffalo Roch & Pitts_
15,393.611 12,466,380
965,973 2,730,142
Jan 1 to Oct 31
122,549 def50,579 def43,513
CanPac Lines in Maine_ bOct 117,946
1,844,238 1,993,209 def275,167
304,997
Jan 1 to Oct 31
359,642
58,105
153,798
Caro Clinch & Ohio-b___Oct 408,122
3,861,358 3,372,177
937,852 1,440,543
Jan 1 to Oct 31
477,315 dof39,856
133,452
Central New England_ b_Oct 456,095
5,058,304 4,581,251
718,883 1,626,002
Jan 1 to Oct 31
Central of Georgia_b___Oct 1,774,419 1,592,577
117,909
573,264
17,001,793 12,762,565 3,751,653 3,632,100
Jan 1 to Oct 31
Oct 517,992
420,082
Central Vermont_ b
37,750
43,050
4,306,743 3,741,185 def41,836
Jan 1 to Oct 31
662,516
252,454
Charleston & W Caro-b Oct 341,925
101,957
146,108
2,416,555 1,919,742
Jan 1 to Oct 31
516,570
628,220
Oct 2,388,752 1,911,763
436,742
585,290
Chicago & Alton_ b
20,124,094 17,171,101 3,371,687 4,999,043
Jan 1 to Oct 31
Chicago & East Ill_b___Oct 2,731,341 1,898,964
531,348
457,140
22,206,343 17,465,427 2,580,685 3.957,828
Jan 1 to Oct 31
Chicago & North West-b Oct13,876,430 10,477,717 3,901,329 3,350,365
105,303,521 89.972,176 16,984,878 24,657,473
Jan 1 to Oct 31
Chicago Burl & Quincy_ b Oct14,429,332 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
355,261
Jan 1 to Oct 31
15,837,352 13,592,624 1,345,996 3,193,408
Chicago Ind & Loutsv_b_Oct 1,082,408
844,622
245,996
264,775
Jan 1 to Oct 31
8,987,030 7,611,625 1,520,044 2,367,986
Oct 323,653
Chicago Junction_b
296,778 def24,128
17,162
Jan 1 to Oct 31
2,778,070 2,717,363 def283,197
335,890
Chicago Milw & St P-b_Oct 14,616,212 11,034,551
147,504 3,005,028
108,988,526 94,395,681 10,263,533 24,915,868
Jan 1 to Oct 31
201,973
Chicago Peoria & St L_b_Oct 194,320
9,024
21,274
1,831,151 1,795,724
Jan 1 to Oct 31
186,813
288.834
Chic Rock Isl & Pac_b__Oct 10,160,102 8.162,555 2,407,906 2,579,408
82,780,290 70.422,538 13,161,714 17,927,817
Jan 1 to Oct 31
Chicago R I & Gulf_b_Oct 385,065
378,682
168,132
89.661
3,642,362 3,117,127
Jan 1 to Oct 31
981,323 1,0.53,588
164,144
572,509
Chic St P Minn & 0_b_ _Oct 2,496,072 2,054,564
20,235,460 17,654,369 3,214,451 4,811,549
Jan 1 to Oct 31
337,798
145,413
52,872
Chic Terre II& S E_b_ _ Oct 554,594
4,185,699 3,079,852
753,022
588.748
Jan 1 to Oct 31
218,947
32,623
def7,746
Cincin Ind & Western_b_Oct 271,354
2,605,333 2,216,097
473,271
35,241
Jan 1 to Oct 31
318,574
421,233
Cinc N 0 & Tox Pac-b_ _Oct 1,371,190 1,202,752
12,567,165 10,928,926 2,442,258 3,693,170
Jan 1 to Oct 31
279,186
414,892
Colorado & Southern_b_Oct 1,181,111 1,023,255
10,332,576 8,978,416 2,659,248 3,476,852
Jan 1 to Oct 31
674,193
293,187
Ft W'th & Den City-b Oct 820,060
251,898
6,368,319 5,233,892 1,408,387 2,035,824
Jan 1 to Oct 31
128,243 def30,406
19,672
Trinity & Braz Val_b-Oct 111,092
834,428 def319,006 def233.731
947,427
Jan 1 to Oct 31
00,977
Colorado & Wyoming_ b_Oct 105,000
21,112
30,372
Jan 1 to Oct 31
941,604
996,668
219,760
401,735
89,832
Crip Crk & Colo Spgs_b_Oct
79,954
34,192
44,525
Jan 1 to Oct 31
790,004
950,351
315,161
477,717
Denver & Rio Grande- b_Oct 3,257,741 2,794,325
705,801
959,183
Jan 1 to Oct 31
25417,191 23,413.850 5,011,282 7,572,411
Denver & Salt Lake_ bOct 223,698
209,094 def52,344
40,505
Jan 1 to Oct 31
23,489
1,816,197 1,747.717 def406,166
132.733
Detroit & Mackinac_ b__Oct 135,436
6,563
29,264
Jan 1 to Oct 31
132,607
249,951
1,288,796 1,131,889
Detroit & Tol Sh Line_ b_Oct 169,994
159,276
68,111
85,564
r"4 Jan 1 to Oct 31
1.616,456 1,539,064
701,087
815,754
Roads.




2181

-Gross Earnings--NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
704
238,376 def9,254
Detroit Tol & Ironton_b_Oct 354,043
328.943
def231,404
2,763,900 2,471,511
Jan 1 to Oct 31
509,951
634.913
969,806
Duluth & Iron Range-b_Oct 1,098,609
Jan 1 to Oct 31
8.409,892 6,422,208 4,437.733 2,770.701
Dub Missabe & North_ b_Oct 3,195,440 1.899,046 2,324,813 1,082,669
19,925,877 13.210.348 13,087,348 7,362,185
Jan 1 to Oct 31
24,589
8.340
150,399
Duluth Winn & Pac_b__Oct 120,779
472,091
147,796
Jan 1 to Oct 31
1,388,669 1,746,330
5,955
87,197 def50,735
East St Louis & Conn_ b_Oct 102,039
171,144
864,024 def160,107
938.714
Jan 1 to Oct 31
384,159
596,678
Elgin Joliet & East_ b_ _ _Oct 2,394,206 1,334,379
16,632,631 13,224,478 4,399.180 3,934,876
Jan 1 to Oct 31
536,200
257,620
El Paso & Southwest_b _ _Oct 1,179,466 1,113,680
12,306,599 11,439,533 5,093,676 5,393.338
Jan 1 to Oct 31
Oct 9,492,516 6,923,295 1,811,933 1,280,705
Erie- b
71,446,475 59,246,262 def362,814 9,999,394
Jan 1 to Oct 31
237,500
434,413
852,420
Chicago & Erie_ b _ __ _Oct 1,209,802
870,943 1,931,806
8,797,711 7,307.572
Jan 1 to Oct 31
139,819
26,382
560,739
Florida East Coast_b___Oct 611,213
Jan 1 to Oct 31
7,333,518 6,866,025 1,974,290 3,159.092
47.126
30,689
130,828
Ft Smith & Western_ b_ _Oct 134,954
136.233
133,307
893,715
1,059,614
Jan 1 to Oct 31
22,784
7,666
65,185
Oct
81,737
Galveston Wharf_b
407,239
300,510
872,228
927,894
Jan 1 to Oct 31
268.661
285,210
536,404
Oct 657,336
Georgia_ b
5,379,468 3,354,025 1,939,828 1,063,969
Jan 1 to Oct 31
193,784
378.962
Gd Tk & West Lines_ b_ _Oct 2.004,327 1,455,210
Jan 1 to Oct 31
Grand Trunk Lines in
def217,224
Oct 143,308
New England_ b
def175,031
848,973
July 1 to Oct 31
Oct 12,900,441 8,834,849 4,169,931 3,371.032
Great Northern b
80,657,056 73,594,695 14,117,864 24,703.142
Jan 1 to Oct 31
88,830
13,825
229,627
Gulf Mobile & Nor _ b_ _Oct 216,346
639,128
307,384
1,987,720 1,942.769
Jan 1 to Oct 31
333,843
550,923
Oct 1461.990 1,066,127
Hocking Valley_b
11.385,582 8,990,276 2,620,243 2,999,217
Jan 1 to Oct 31
Oct 9,769,270 7,980,068 1,541,632 2,304,607
Illinois Central_b
88,993,826 72,212,675 15,853,961 20,804.072
Jan 1 to Oct 31
556.199
310,476
Internat & Grt North_b-Oct 1,319,817 1,355,371
11,123,938 10,077,882 1,731,041 3,073,044
Jan 1 to Oct 31
14,908
110,945 def14,193
Kansas City Mex & 0_b Oct 132,983
def199
990,658 def219.869
1,112,535
Jan 1 to Oct 31
32,010
128,562 def43,516
Kan City M&O of Tex-b Oct 111,120
def2,269
999,077 1,074,890 def225,850
Jan 1 to Oct 31
412.330
466,024
Kan City Southern_ b_ _ _Oct 1,507,334 1,078,273
3,952,005
3,561,960
10,168,743
12,487,379
31
Oct
Jan 1 to
46,911
64,960
99,666
Texarkana & Ft Sm_b_Oct 127,719
434,679
316,254
910,520
1,014,102
Jan 1 to Oct 31
24,416
923
102,205
Kan City Terminal_b_ _ _Oct 114,612
319,963
138.771
938,969
1,033,199
Jan 1 to Oct 31
65,814
17,520
187,848
191,752
Oct
Riv-b
Lehigh & Hudson
666,412
299,762
1,904,826 1,904,738
Jan 1 to Oct 31
136,332
75,351
349,263
Lehigh & New Eng_ b_ _ _Oct 305,513
970,924 1,203.914
3,317,265 3,085,536
Jan 1 to Oct 31
526,733
491,520
Los Ang & Salt Lake_b_Oct 1.462,289 1,216,365
12,039.570 10,567.777 3,142,132 4,218,725
Jan 1 to Oct 31
49,160
7,163
145,171
Louisiana & Arkansas_ b_Oct 134,338
369.428
197,582
1,388,676 1,283,014
Jan 1 to Oct 31
Louisville & Nashville-b Oct 10,192,131 7,074,789 1.847,879 2,131,194
83,560.674 62,753,636 19,076,013119,427,327
Jan 1 to Oct 31
73,257
125,130
202,722
Lou Hend & St Louis _b_Oct 287,962
684,640
713,445
2,357,951 1,842,129
Jan 1 to Oct 31
332,635
Oct 1,410,692 1,277,219 def44,048
Maine Central_ b
639,622 3,104,709
13,538,535 11,870,167
Jan 1 to Oct 31
212,911
211,882
962,522
Oct 1,216,594
Minn & St Louis_ b
2,522.410
608,504
9,031,794
9,953,872
Jan 1 to Oct 31
Minn St P & S S M_b_ _ _Oct 4,256,832 3,435,849 1,414,511 1,270.134
28.546.701 28,891,850 4,374,472 9,937,186
Jan 1 to Oct 31
8,684
52,631
119,428
89.614
Mississippi Central_ b_Oct
238.691
291,797
573.260
1,072.324
Jan 1 to Oct 31
562,215
1,399,322
2,390,043
3,556,117
Oct
.b
Texas
&
Mo Kan
27,069,349 21,257,708 4,770,903 6.141,527
Jan 1 to Oct 31
116,611
561,685
711,523
Mo Kan & Tex of Tex_b_Oct 830,898
720,946 1.798,807
16,056,722 12,788,170
Jan 1 to Oct 31
46,018
178,828 def22,937
Oct 138,098
Mo Okla & Gulf_b
301,643
1,498,185 1,569,237 def236,178
Jan 1 to Oct 31
433.348 2,652,813
Oct 8,461,602 7,199,531
Missouri Pacific _ b
13,576,776
73,248,968
Jan 1 to Oct 31
61,343
10,872
Monongahela Conn_ bOct 236,222 • 202,796
166,867
289,987
2,023,382 1,564,722
Jan 1 to Oct 31
478,709
416,988
Nashv Chatt & St L_b__Oct 2,137,226 1,453,249
17,790,855 12,410,872 3,498,516 2,994.613
Jan 1 to Oct 31
133.741
131,126
242,914
Nevada Northern_ b_ _ __Oct 262,164
2,248.051 2,062,462 1,147,347 1,199,820
Jan 1 to Oct 31
53.073
def1,589
96,804
__Oct
169,845
Newburgh.& So Sh_ b_
241,195
de 895
839,698
1,168,984
Jan 1 to Oct 31
66,569
54,818
179,088
New On & Great Nor-b_Oct 196,069
584,559
523,508
1,849.390 1,591,654
Jan 1 to Oct 31
150,310
129,394
471,647
New On & Nor East_ b_ _Oct 591,209
5,411,698 3.984,861 1,218,822 1,267,823
Jan 1 to Oct 31
58,441
153,440
55,747
New On Tex & Mex_b_ _Oct 175,756
362,905
412,522
1,639,809 1,159,379
Jan 1 to Oct 31
37,339
34,819
93.810
Beaumont S L & W_b_Oct 111,562
268,955
393,588
1,187.194
803,399
Jan 1 to Oct 31
119,231
222,469
325,320
St L Browns & Mex_b_Oct 461,584
3.661,413 3,204.781 1.201.969 1,243.928
Jan 1 to Oct 31
7,123.225
9.534.580
22,768,782
Oct
b
Central
York
28.673,374
New
239,294,263 199417,379 49,097,351 55,620.357
Jan 1 to Oct 31
85,807
68,280
241,960
Cincinnati North_ b_ _ _Oct 295,784
556,088
366.331
2,277,224 2,043,375
Jan 1 to Oct 31
Clev Cincrh & St L_ b Oct 7,137,150 5,063,791 1,403,701 1,402,535
58.959,212 42.881.194 16444.658 12,491.565
Jan 1 to Oct 31
52,105
420,657 def154,170
Ind Harbor Belt_ b_ __Oct 482,642
4,542,970 4,362,529 def615,967 1,030,787
Jan 1 to Oct 31
300.791
100,891
333,262
Kanawha & Mich_ b__Oct 692,796
897,826
4,986,241 2,999,614 1,504,123
Jan 1 to Oct 31
196,026
46,936
713,311
Lake Erie & West-b_ _Oct 972,138
658,452 1,929,242
7,729,450 6,794,553
Jan 1 to Oct 31
Michigan Central_ b_ _Oct 6,644,538 4,990,387 2,056,675 1,684,712
Jan 1 to Oct 31
55,568,239 43,395.981 13,650,243 11,614,971
Pittsb & Lake Erie-b__Oct 3.310.811 2,531,575 1,230,183 1,087,657
Jan 1 to Oct 31
27.427,568 21.435,089 9.314.678 7,844,227
264,319
308,045
860,021
Toledo & Ohio Cent-b Oct 1,133,380
939,156 1.804,072
Jan 1 to Oct 31
8,320,313 6,735,034
354,812
626,904
_
b
2,327.660
Louis_
1,546,355
_Oct
NY Chic & St
Jan 1 to Oct 31
17,961,574 14,204,258 3,837.171 3,218,817
N Y N II & Hartford_ b.. _Oct 9,353,128 7,704,668 1,324,577 2,120,040
85,055.277 71,643,937 15,068,220 20,818,902
Jan 1 to Oct 31
13,585
175,500
771,188
Ont & Western_ b_ -Oct 900,823
N
Jan 1 to Oct 31
9,320,357 7,757,103 1,274,452 2,275,797
54.269
295,459
214.346
N Y Susq & West_ b_ _ _-Oct 504,876
482,490
695,828
Jan 1 to Oct 31
3,589,233 2,961.302
122,907
472,921
42,627
Norfolk & Southern_ b.._Oct 521,270
454,037 1.425,830
4.673,843 4,468,206
les Jan 1 to Oct 31
Roads.

2182

THE CHRONICLE

[VoL. 107.

Other
Gross
-Gross Earnings----Net Earnings
Net after
Balance
Fixed
Gross
Income.
Previous
Current
Surplus
Taxes.
Earnings.
Previous
Income. Charges.
Current
Year.
Year.
$
Year.
Year.
$
$
$
New York Chicago & St Louis RailroadNorthern Pacific_ b
Oct 12,167,441 8,838,67.9 5,559,573 3,839,831
626,904
634,022
Oct '18 2,327,661
7,118
561,604
72,418
Jan 1 to Oct 31
82,813,284 73,021.575 24,278,156 30,024,037
'17 1,546,356
34,623
299,731
334,354
230,421
103,933
Minn & Internat_b___Oct
10 mos '18 17,961,575 3,417,016
69,812
690,758 2,844,206
117,050 3,534,966
77,629 def10,539
16,324
Jan 1 to Oct 31
298,128 3,001,734
'17 14,204,259 2,703,006
843,183
800,230 2,201,504
884,233
29,254
265,410
Northwestern Pacific_b_Oct 541,814
482,706
177,334
211,388
Jan 1 to Oct 31
4,834,458 4,066,071 1,668,614 1,494,207 ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Pacific Coast_a
Oot 524,821
67,878
580,339
123,796
Jan 1 to Oct 31
1,989,679 ,1974,100
411.064
309,031
Pennsylvania SystemLatest Gross Earnings.
I Jan. 1 to Latest Date.
Name of Road
Bait Ches & Atl_ b_ _ _ _Oct 130,990
122,682 def10,700
7,666
or Company.
Week or Current Previous Current I Previous
Jan 1 to Oct 31
1,170,674 1,089,164
47,364
143,848
Year. I Year. I Year.
Month.
Year.
Cumberland Valley_ b_Oct 561,620
433,389
192,017
135,456
Jan 1 to Oct 31
4,672,897 4,066,494 1,700,769 1,948,554
Grand Rap & Ind_b__Oct 691,072
550,657
108,461 Adirondack El Pow Co October
149,044
161,932 147,158!1.488.031 1,332,822
Jan 1 to Oct 31
701,144 1,100,816 Alabama Power Co_ _ September 274,022 195,767 2,158.579 1,509,119
6,015,245 5,486.301
Long Island_ b
Oct 1,817,117 1,739,470
251,337
596,088 Amer Power & Lt Co September 1249.284! 942.377
Jan 1 to Oct 31
18,861,378 14,578,191 5,619,618 4,899,372 Atlantic Shore Ry___ October
9,9611 11,804
207,592
145,305
Monongahela _b
Oct 349,461
114,295
195,823
51,837 Aurora Elgin & Chic.. September 210,299 202,866 1,602,068 1,638,860
,
83.952
647,057
Jan 1 to Oct 31
2,600,363 1,803,109
838,266
738,591 Bangor Ity & Electric September
Baton Rouge Elec Co September
170,524
193,244
.909 19.7101
N Y Phila & Norf_b__Oct 727,732
488,938
98,257
124,574 Blackstone V 0 & El September 214,109
1,744,027
168,564
1,436.010
Jan 1 to Oct 31
6,126,778 4,609,281 1,119,961 1,277,362 Brazilian Trac, L & P September 19081000 17925000 177730.000 168430,000
Tot Peoria & West _ b__Oct 155,508
122,372 def3,649
22,151 Broek Piym St Ity_ September
0,506 11,699
97,382
82,611
Jan 1 to Oct 31
1,347,617 1,074,443 def9,720
105,419 Bkiyn Rap Tran Syst May
2761,039 2607.401 12,466.574 12,201.995
46,0271 39,805
West Jersey & Seash_ b Oct 808,412
331,950
369.202
644.003 def163,889 def15,215 Cape Breton Eiec Co September
Jan 1 to Oct 31
29,847 28,216
249,255
8,980,767 7,459,938
228,706
994,753 1,648,313 Cent Miss V El Prop_ September
Ry & Lt September 173,242 72.342 1.347,673
935,307
Peoria & Pekin Union_ b_Oct 111,891
101,560 def27,349
8,805 Chattanooga
Cities Service Co_ _
October
1784,000.1659.665 18.652,716 15,807.394
Jan 1 to Oct 31
1,053,579 1,015,495 def120,546
115,390 Cleve
Painesv & East September
409,407
416,826
50,941 52,596
Pere Marquette- b
Oct 2,960,108 2,157,386
836,995
625,303 gColumbla Gas & El_ October
856,709 835.614! 9,353,690 8.718,356
Jan 1 to Oct 31
23,400,040 19,549,682 4,169,452 5,199,398 Columbus(0a) El Co September
95,028 91,8731 876,585
781,745
Pittsb & Shawmut_ b_ __ _Oct 100,090
109,131 def32,213
21,260 Colum (0) Ry P & L_ September 331.983 349,8811 3.122,090 1.924.029
Jan 1 to Oct 31
1,127,972
55,292
230,559 Com'w'th P.Ry & Lt October
965,059
1799,629 1763,894 17,715,993 15,905,165
97.7461 76,472
632,939
724,434
Pittsb & West Va_ b_ _ __Oct 170,079
171,873 def46,970
73,302 Connecticut Pow Co. SPptember
Consum Pow (Mich)_ October
582,240 514,113 5,261,858 4,655,52$
Jan 1 to Oct 31
1,581,735
def11,359
Co(Me) P & L September 299.726 281.195 2,416,267 2,321.650
Port Reading_ b
Oct 257,307
141,719
22,961 Cumb
89,033
Dayton
& Light October
218,6891 174.3871 1.902.453 1.486,276
Jan 1 to Oct 31
665,622
2,079,087 1,584,430
479,872 g DetroitPow
Edison__ October
1268,2891129,437 11,063,958 9.827,671
Quincy Omaha & K 0_b_Oct
97,009
84,056 def24,141
18,804 °Detroit United Lines September 1710.423'1484.328 14.103.083 13.139.162
Jan 1 to Oct 31
723,844 def141,279
890,777
57,526 Duluth-Superior Trac October
125.099 139.148 1,395,844 1,319,119
Richmond Washington SystemEast St Louis & Sub. September 385.033 320.857 3,050.932 2,697,391
Rich Fred & Potom_b_Oct 644,378
446,455
185,173 Eastern Texas Elec_ _ September
307,161
94,589 79,889
738,589
622,288
Jan 1 to Oct 31
5,602,785 4,008,570 2,576,737 1,690,788 g El Paso Electric Co September 104,290 105,018
955,836
933,514
64,173 57,350
427,356
522,955
Washington South_b_Oct 383,927
248,066
190,145
122,176 Fall River Oas Work. September
283.088 230.227 2,289,886 1,798.732
Jan 1 to Oct 31
3,100,850 2,087,665 1,468,017
998,847 a Federal it & Trac. August
Ft Worth Pow & Lt. September
89.685
Rutland_ b
Oct 424,201
391,534 def46,747
94,290 G.1v-lious Mee Co__ September 110,208 185.633
1,986,402 1.484,339
Jan 1 to Oct 31
3,858,228 3,649,088
264,329
919,968 Grand Rapids Ry Co September 243.118
113,480 114,773
982,676
957.615
St Louis-San Fran_b_ _ _ _Oct 6,612,190 5,430,115 1,541,545 2,051,677 Great West Pow Syst October
391.756 336,667 3,721,362 3,276,451
Jan 1 to Oct 31
57,326,976 47,346,577 12,131,002 16,916,028 Harrisburg Railways September 110,299 103.594
878,328
976,219
Ft Worth & Rio Gr_b_Oct 108,695
117,008 def32,756
20,767 Havana El Ry, L & P September 714,696 617.641 6,042,506 5,036,586
Land September
Jan 1 to Oct 31
62,657 62.793
527.494
955,739
523,803
54,918
808,387
96,958 Honolulu R
Hough tonCoEl L Co. September
33.881 33,135
301,718
303,436
St L-San Fr of Tex_b_Oct 123,620
111,345 def8,467
25,020 Houghton
(in
'Cr
Co
September
25.258
259,029
28,608
246.916
Jan 1 to Oct 31
1,161,660
961,335
118,082 b Find & Manhat RR
186,760
September 395.697 352.103 3,620,534 3,223,714
St Louis Southwest_ b_ _ _Oct 1,026,628 1,075,516
96,685
566,652 Illinois Traction_ _ _ _ October
1249,294 1226,336 12,102,409 11,032,660
Jan 1 to Oct 31
10,608,858 9,367,521 3,577,921 4,255,585 1nterboro Rapid Tran September 3176,578 3073,471
29.752.929
St L S W of Texas_ b__Oct 505,079
656,065 def147,936
237,964 Jaoksonville Trac Co September
97,820 54,794
507.848
582,792
Jan 1 to Oct 31
5,517,473 4,597,291 def73,689
685,541 Keokuk Electric Co September
23,820 22.985
195,888
183,510
19.153 12.659
143,151
104,730
San Ant & Aran Pass_ b_Oct 478,072
411,823
117,858 Key West Electric Co September
80,254
Lake
Shore
Elec Ry_ September 216,052 167,622 1,633,750 1,332,784
Jan 1 to Oct 31
3,565,416 3.339,733 def108,131
439,133
Levrist Aug & Watery September
91,827 86,834
686.129
670,553
Seaboard Air Line-b____Oct 3,347,369 2,840,115
871,682 Long Island
356,830
Electric_ May
19.131 21.111
88,297
80,330
Jan 1 to Oc t31
31,951,853 24,780,093 5,318,219 7,233,013 Louisville Railway__
September 345,246 302,040 2.764,357 2,389.871
Southern Pacific_ b
Oct15,263,100 13,239,307 5,891,424 5,953,179 Manhat Bdge 3c Lipe May
12.417 10.542
50.817
57.575
Jan 1 to Oct 31
126,556,955 108206,117 35,687,684 42,852,257 Milw El Ry & Lt Co_ October
761,466 698,131 7,237.405 6,442.651
Arizona Eastern_b_ _ _ _Oct 388,184
292,240 190,838 2,466,308 1,831.341
337,959
175,513 Milw Lt, Fit & Trac_ October
131,749
Jan 1 to Oct 31
970,106 905,216 5,297,130 4,822.709
3,722,021 3,566,608 1,307,946 1,786,881 Montreal L, H & P.._ October
Galv liar & S Ant_b__Oct 1,882,010 1.773,918
602,737
665,330 Nashville Ry & Light September 271.642 210.085 2.081,799 1.811.617
187,664 142,310 1,766,613 1,081,412
Jan 1 to Oct 31
17,770,510 16,161,976 5,601,126 6,212,033 NewpN&HRy,G& E October
Nevada-Cal El Corp_ October
176,641 167,784 1,844,277 1,676,290
Houston & Tex Cent-b Oct 809,938
231,174
864,116
410,355 N Y & Long Island_ _ May
40.928 36,654
166,154
159.837
Jan 1 to Oct 31
7,536,243 6,475,261 2,199,744 2,401,389 N Y & North Shore_ _ May
13.618 14,525
54.141
60,954
Houston E&W Texas-bOct 177,368
172,409
33,923
86,365 N Y & Queens Co__ May
83.921 97,584
490.349
358.846
Jan 1 to Oct 31
1,202,982 1,508,180
441,544
617,733 New York Railways. May
1017.842 1045,802 4,679,714 5.042.054
Louisiana Western_ b_Oct 394,262
395,391
207,843
246,037 New England Power.. September 338,160 215,462 2,500,482 1,869,358
Jan 1 to Oct 31
21.578 19.059
130,577
122.831
3,629,596 2,923,523 1,732,317 1,560,906 Northampton Trac._ I uiy
Northern Ohio Elect.. October
585,622 551,295 5,997,743 5,345,584
Morgan's La & Tex RR
North
Texas
Electric
September
226,618
252,878
1.718.444
2,263,466
& Nav_b
Oct 677,496
677,674
213,373
339,696 Ocean Electric (11. L) May
11.854 10.134
36.896
34.856
Jan 1 to Oct 31
6,712,233 5,472,078 2,285,407 2,321,233 PacificGas
& Elec_ _ _ October
1910,696 1619,738 18,412,850 16,296,962
SoPacCoAtISSLines_bOct 846,082
922.123
206,002 Pacific Power & it_ _ October
120,017
154,800 151,310
Jan 1 to Oct 31
7,473,700 9,548,809
348,370 2,189,907 g Paducah Tr & it Co August
26.280 23,298
198.993
204,534
Texas & New Orl_b_ _ _Oct 636,536
610,705
267,896 Pensacola Electric Co September
40,808
47,385 31,397
257,439
367,306
Jan 1 to Oct 31
6,142,456 5,226,198 1,219,066 2,027,386 Phila Rapid Transit_ October
2462,189 2602.141 26,056,022 24,592,268
Phila
& Western_
October
45,285 49,440Southern Railway System166,667 124,346
Ala Great Southern_ b_Oct 822,985
688,471
122,897
272,594 Portland Gas & Coke October
Jan 1 to Oct 31
7,543,922 5,826,002 1,944,008 1,932,255 Port(Ore)Ry.L&PCo. September 672,791 501,149 5,660.876 4.381.385
Porto Rico Railways_
86.047 72,493
744,454
865,213
Georgia So & Fla_ b_ _ _Oct 323,467
25,836
288,806
78,458 g Puget Sd Tr,L & P_ October
August
1021,191 774,847 7,629,623 5,910,905
Jan 1 to Oct 31
9,923,482 2,359,452
302,735
168,668
Republic Ry & Light September 443,863 426,250 4,151,145 3,469,834
Mobile & Ohio_ b
Oct 1,397,936 1,248,349
99,605
292,050 Richmond Lt & RR May
39.705 36,881
563,598
167.111
Jan 1 to Oct 31
12,311,395 11,426,867
639,086 2,868,581 St L Rocky Mt & Pac October
449,085 347,635 4,366,541 3,168,737
South Ry in Miss_b_Oct 162,713
59,887 51.639
133,645
16,269
500.394
38,117 Santiago El it & Tr September
421,204
Jan 1 to Oct 31
1,175.770 .1,023,803
698,867
858.149
213,902 Savannah Electric Co September 101,467 82,2.59
82,317
(Rom May
77 890 69.222
312.004
313,010
Spokane Internat'l_ b_ _ _Oct
94,123
104,665
53,324 Second Avenue
33,245
Boulevard May
18.639 18.841
86,764
83.010
Jan 1 to Oct 31
839,361
283,260 Southern
288,899
797,297
Southern Cal Edison_ September 815,183 712,529 6.015.679 5,972,705
Spok Portl & Seattle_ b_ _Oct 899,059
622,365
315,944 Staten Isi Midland_ May
357,545
25,600 29,128
104,205
122.195
Jan 1 to Oct 31
7,001,361 5,637,547 2,961,931 2,945,230 Tampa Electric Co_ _ September
91,614 79.667
752,562
785,287
Staten Island It T _b_ _ _ _Oct 172,731
21,942
112,233
10,089 Tenn Ry.Lt & P Co_ September 557.768 410,910
Jan 1 to Oct 31
1,574,314 1,266,712
290,126 Texas Power & Lt Co September 326.820 231.569
214,498
330.733 350.327 1.593.223 1,705.118
Tennessee Contral_b_ _ _ _Oct 279,167
171,291
53,649 Third Avenue Ry-- - May
25,023
DDEB&BRR_ May
40,461 37.730
180,225
Jan 1 to Oct 31
189,439
2,496,145 1,492,362
334,312
365,385
42tiStM&StNA ity May
149.763 150.474
658.863
715,193
Term'l RR Assn of StL_ b Oct 285,560
299,740
34,891
104,083
Union
Ity
Co(
NYO)
May
250.676
237,919
1,047.046
1.165.959
Jan 1 to Oct 31
3,214,264 3,168,013
593,968 1,477,022
Yonkers Railroad_ May
72.069 72.489
315,513
323,046
StL Mer BdgeTerm_ b_Oct 377,687
301,252 def3,914
80,752
N Y City Inter ity May
60.725 64.502
307.661
280,371
Jan 1 to Oct 31
3,065,337 2.629,085
185,115
709,603
Belt Line Ry Corp_ May
54.282 60,290
287.556
250,417
Texas & Pacific_b
Oct 2,679,297 2,206,148
797.504 896,965
658,254
800,868 Third Avenue System October
Jan 1 to Oct 31
21,638,838 18,097,339 4,408,351 5,475,261 Twin City Rap 'rran. October
751,697 805.687 8,051.211 8,537,793
Virginia Ry & Power_ October
594,948 609,622 6.539.811 5,405,430
Union Pacific System943.843
Oregon Short Line_ b_ _Oct 3,427,247 2,984,830 1,309,052 1,638,608 Wash Halt & Annap. September 32:3.665 179,669 2.105,150
204.098
217.326
50.632 44.570
Jan 1 to Oct 31
28,045,123 25,271,983 10,459,253 11,803,755 Westchester Electric. May
York Railways
October
80,583 92,737
863,497
888.983
Ore-Wash RR &Nav-b Oct 2,506,041 2,329,692
576,144 1,012,706 Youngstown & Ohio_ September
314,517
40.657 33,797
261,807
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 (1(429,758
a Now covers only the lines east of York Beach, Mt3.,• in the first four
Jan 1 to Oct 31
2,208,768 1,947,699
148,148
51,323 months of 1917 covered also the lines west of York Beach, Me. b RepreUnion RR of Penn - b_ _ _ _Oct 684,331
528,214
558 def6,293 sents income from all sources. c These figures are for consolidated comJan 1 to Oct 31
5.818,278 4,878,318
435,848
268,362 pany. f Earnings given in milrois. g Includes constituent companies.
Utah b
Oct 152,009
71,599
Jan 1 to Oct 31
1,175,274
608,757
Electric Railway and Other Public Utility Net EarnVicks Shreve & Pac_b___Oct 245,494
24,187
240,870
100,723
Jan 1 to Oct 31
2,116,719 1,734,271
387,648
584,464 ings.-The following table gives the returns of ELECTRIC
Western Pacific_b
Oct 1,065,732
966,392
220,829
382,450 railway and other public utility gross and not earnings with
Jan 1 to Oct 31
9,414,198 8,222,488 3,080,464 3,166,456 charges and surplus
reported this week.
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
-Gross Earnings--Net Earnings
576,527
372,526
Current
Previous
Previous
Current
Wheeling & Lake Erie_ b_Oct 1,519,074 1,219,238
411,281
436,244
Companies.
Year.
Year.
Year.
Year.
Jan 1 to Oct 31
11,511,848 9,244,954 2,244,250 3,077,635
Wichita Falls & N W_ b_ _Oct 106,120
89,308
def7,393
18,621
Shore Ry_b_ ___Oct
420
9,961
11,804
617
Jan 1 to Oct 31
869,398
840,608 def218,873
40,909 Atlantic
Jan 1 to Oct 31
29,995
145.305
207,592
42,579
Yazoo & 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 Illinois Traction_a
Oct 1,249,294 1,226,336
296,188
404,180
Jan 1 to Oct 31
12,102,409 11,032.660 3,286,877 3,834,413
a Net earnings hero given aro after deducting taxes.
Utah Securities Corp_ __Oct 584,527
298,278
596,108
314,673
b Net earnings_here given are before deducting taxes.
Jan 1 to Oct 31
5,767,591 5,379,003 3,098,964 2,871,690
Roads.




DEC. 7 1918.]

TIIF, CHRONICLE

2183

- steam-operated lines) over last year's figures was 25.52%. and in the
-Gross Earnings--Net Earnings
number of passengers carried the increase was 15.12%. With the complePrevious
Current
Previous
Current
tion of the terminals already referred to and the establishment of a daily
Year.
Year.
Year.
Year.
Companies.
service from coast to coast, your directors have every reason to expect a
very substantial and profitable addition to the passengerliassenger revenue.
Western Power Co of
Expenses.-The working expenses were 74.77 of the gross earnings of
26,744
22,509
37,872
36,015
Sept
Canada Ltd
system proper, and including taxes 72.08% o the gross earnings from all
the
310,648
307,852
429,387
451,256
Sept 1 to Sept 30
sources, compared with 74.73% and 73.58% respectively last year.
The fiscal year under review was a very trying one to railway officials
deduction of taxes.
a Net earnings here given are after the
generally. The coal situation caused your operating officers the greatest
b Net earnings here given are before the deduction of taxes.
concern, not alone due to the much higher price paid for fuel coal, but also
Balance, due to the falling off in the quality of coal obtainable. The prospect for
Fixed
Net after
Gross
Surplus. Immediate improvement in this respect is not reassuring. All other maCharles.
Taxes.
Earnings.
$
terials have been similarly affected. The cost of the principal supplies in
7,668 use by the railway has increased from 50% to over 100%.
37,176
44,844
210,299
Sept '18
Aurora Elgin &
29,276
35,575
64,851
202,866
'17
The cost of living also increased, This was seized upon by every class
Chicago
323,929 det82,793 of labor employed by the railway as a ground on which to make demands
241,136
9 mos '18 1,602,060
151,257 for increased wages. On the top of this there developed a great shortage of
321,660
472,917
'17 1,638,860
z17,104 unskilled labor, which was particularly felt in the maintenance of way dept.
39,342
51,916
163,940
Oct '18
Kansas Gas &
Under such conditions it is remarkable that operating expenses only in11,613
27,248
38,861
128,494
'17
Electric Co
creased by $5,246,664, or 20.10%. However, it should be stated that due
1/277,150
370,225
637,991
12 mos '18 2,018,143
234,015 to the shortage of labor, work considered necessary and desirable could not
261,518
495,533
'17 1.731,244
be undertaken, and must therefore only be considered as deferred.
z24,185
21,105
44,443
187,664
Oct '18
Newport News &
Land Sales.-Land sales during the year were 17,654 acres for $314,720,
z25,972 an average of $17 82 per acre, compared with $16 37 for the preceding year.
• 23,057
48,853
142,310
Hampton Rds Gas & '17
206,052 z286,878 Previous sales aggregating 16,227 acres were by mutual agreement can485,157
10 mos '18 1,766,613
Elect Co
421,950
208,545 z216,193 celed, so that the acreage of land available for sale has been decreased by
'17 1.081,412
481,043 z130,378 1,427 acres, leaving a total of 841,700 acres unsold. the extent of $1,250.571,334
Oct '18 1,910,696
Pacific Gas &
Car Trusts.-Car trust obligations were created to
x4,572
436,229
484,832
'17 1,619,738
Electric Co
cars of different kinds. During the year $3,266,000
12 mos '18 21,929,268 7,152,937 5,797.299 z1,824,268 000 for the purchase ofof
previous obligations, thus making a net decrease
'17 19,579.199 7,315,412 5,666.194 z2,250,912 was repaid in respect year
of $2,016,000.
on this account for the
z19,248
44,243
154,800
63,306
Increased Rates.-During the year an application was made to the RailPacific Pow & Lt Co Oct'18
40,576 way Commission for Canada by the principal Canadian railway companies
37,616
78,192
'17
151.310
482,020 z372,530 for an increase of 15% in their freight and passenger rates as a necessary
853,052
12 mos '18 1,825,733
401,473 measure to offset rapidly increasing wage bills and cost of materials of
431,116
'17 1,608.309
832,589
issued an order allowing increases
43.887 kinds. On Dec. 26 1917 the Commission
29,097
166,667
Oct '18
72,984
Portland Gas &
from various interests, the
26,308 referred to below, but, owing to opposition
28,594
'17
124,346
54.902
Coke Co
the Governor-in-Council. As later
418,267 matter was delayed pending appeal to
352.028
12 mos '18 1,711,085
770,295
to take effect from Feb. 1
were
rates
increased
the
Board,
the
ordered
by
281,604
331,951
'17 1,336,975
613,555
except that increased rates on wheat were deferred until June 1 1918. On
67,649 March 15 the Governor-in-Council issued an order confirming the order of
20,446
Oct '18
449,085
108,095
St Louis Rocky
73.939 the Board but limiting its effect to one year after the war.
20,671
347,635
94,610
Mountain & Pac Co '17
891,081
205,513
10 mos '18 4,366,541 1,096,594
The increases allowed are estimated to amount to approximately 7%
690,992 on the system's passenger revenue, and to 10% on freight revenue proper,
208,073
'17 3.168,737
899,065
is, exclusive of earnings from services supplementary to and grouped
that
158,241 in this
14,796
Oct '18
173,037
285,462
Wayne Coal Co
report as earnings from passenger and freight traffic. On these
'17
service earnings no increases apply; therefore, on a full
supplementary
120,861 1,137,103 year's operations
12 mos '18 2,174,877 1,257,964
the total additional revenue from the increases in rates
'17
is estimated to be about 97% on the system's total earnings from passen8,168 ger and freight traffic.
5,000
Sept '18
Youngstown &
13,168
40,657
8,047
Due to the date on which the increased rates take effect, very little benefit
5,000
13,047
33,797
Ohio
'17
57,038 will be obtained therefrom during the present fiscal year. The operating
60,000.
12 mos '18
117,038
409,270
66,171
•
60,000
of Canadian railways since July 1917 show that the slightly higher
results
126,171
346,487
'17
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
z After allowing for other income received.
month. If these increased rates had been put into effect earlier, they would
Surplus after Charges- have been particularly valuable as partly offsetting the ab iormal weather
Net
-GNU
1918.
1917.
1917.
1918.
1918.
1917.
conditions which have prevailed on this continent during the winter months
and which have been the worst in the history of the company.
Central Mississippi Valley Electric Properties-.
Report of Messrs. Loomis and Platten.-Early in 1916 we had negotiations
4,913
6,850 with a strong financial group, having in view the financing of the com9,272
Sept
7,768
29,847
28,216
67,183 pany's securities, and the providing of additional funds to complete its
49,649
93,369
82,819
12 naos
306,320
332,178
construction and betterment program. As a preliminary, the representaEastern Texas Electric CoE. Loomis,
23,755 tives of the group agreed with the company to ask Edward
20,616
33,951
34,931
Sept
79,889
04,589
President of the Lehigh Valley RR. Co., New York, and John W. Platten,
301,673
331,079
417,916
467,615
12 mos 1,054,375
916,137
President United States Mortgage & Trust Co., to report on the general
undertaking of the system, the well-known New York firm of Coverdale &
ILI Paso, Electric Co.23,901
37,211
30,620 Colpitts also aiding in an inspection from coast to co ist.
30,645
105,018
104,290
Sept
447,206
336,081
510,951
416,085
The report received from this source in March 19i 7 [see V. 104, p. 17001
12 mos 1,261,204 1,278,052
is most exhaustive and illuminating. "In so far as the physical property
Ilaverhill Gas Light Coconcerned," it says. "there can be no question as to the ability of the
is
6,665
1,284
6,707
1,659
27,325
30,435
Sept
to meet competition, as the railway is well located and
25,494
75,872
75,219 Canadian Northern
28,978
304,983
321,478
12 mos
well built: its transcontinental main line grades over practically its entire
Puget Sound Traction, Light & Power Coare the most favorable in existence; and under a normally developed
route
376,479
87,287 traffic density the railway should operate a ratio previously unknown,
112,771
283,977
774,847
Aug 1,021,191
12 mos 11,173,578 8,837,724 4,237,353 3,449,558 1,543,619 1,174,375 and at enormous profit."
Toronto Niagara et 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 necessary complement to the Canadian Northern System. Messrs. Loomis and
Platten say: "The existing inadequate transportation service via the
lines is detrimental to Canada. The Niagara line is therefore
frontier
Financial Reports.-An index to annual reports of steam greatly needed
for the further development of the Dominion facilities as a
railroads, street railways and miscellaneous companies which whole, as well as to connect the Canadian Northern main line with the city
its St. Catharines line, with United States railroads, and
with
Hamilton,
of
have been published during the preceding month will be given with the intermediate
manufacturing districts.
on the last Saturday of each month. Thigi index will not
"The construction of this line should produce profitable returns from
traffic, because it will afford favorable facilipassenger
and
freight
both
include reports in the issue of the "Chronicle" in which it is ties for Canadian interchange
not now enjoyed by certain important
published. The latest index will be tound in the issue of United States railroads."
-Under an Act of Parliament of
Government.
by
Stock
Capital
of
Purchase
28.
Dee.
Nov. 30. The next will appear in that of
Canada passed at its last session, authority was given to the Government of
stock
the company upon certain terms,
the
of
all
capital
acquire
to
Canada
Canadian Northern Railway System.
with which you, as shareholders, will be fully familiar. Provisions are also
the Act authorizing the Government to assist the company
(Third Annual Report-Year end. June 30 1917-Not 1918.) embodied in
In respect of its financial obligations. [V. 106, p. 2344, 2559: V. 107, Li.
President Sir William Mackenzie of Toronto, in pamphlet 1191, 81; V. 105 p. 2364, 2271. 996, 496.1
The action which the Government is taking under the above legislation
dated Oct. 1918, reports (in substance) as follows for the will
preserve the corporate existence of the parent, constituent and subsidiyear ended June 30 1917 (not 1918):
ary companies, and the rights of the security holders will not be changed.
Colonization.-The company's colonization work in Northern Ontario
Mileage.-The average mileage operated was 9,396 miles, as compared
of railway
with 8,048 miles for the year 1915-16; the total mileage in operation June 30 made considerable progress during the fiscal year. The makingsubstantial
ties for the system-ri3 use is one of the activities from which a
1917 being 9,433.4 miles, an increase of 137.4 miles over Juno 30 1916.
derived.
be
will
benefit
gross
-The
earnings
of
increase
amount
to
Earnings.
$43,495,077 an
Construction.-Notwithstanding the abnormal cost of work of all kinds,
$8,018,801, or 22.61Z,and the gross earnings per mile of line operated are
your directors have continued the construction work on the Montreal
$4,629, compared with $4,408 the previous year.
an
show
increase of $2,772,138, or 29%, and net earnings and Vancouver terminals. The scarcity of labor and materials has conNet earnings
of the works, but it is confidently expected
per mile of line operated are $1,293, compared with $1,165 the previous year. siderably delayed completion
Traffic.-With one exception there was an increase in the tonnage of all that facilities at both these points will be completed and ready for service
For
amounts needed to complete construction
year.
the
of
end
the
commodities handled. Revenue tonnage increased by 7.887%-the aver- before
age haul increased by 30.93 miles. Grain shows a decrease of 1.258,048 as estimated in 1917 see V. 05, p. 1207. The Mount Royal Tunnel was
bushels, not due to any competitive loss, but from a decrease in total yield. opened for traffic Oct. 211918. V. 107, p. 1669. 1286: V. 105. p. 1898.1
New Fiscal Year.-In line with the changes made by other railway comAs the increase in grain handled in 1916 over 1915 was 125.31%. and as
has been changed to run concurrently
the increase of 1917 over 1915 is 123.2%, and as the total tonnage of grain panies, the fiscal year of the company
the calendar year instead of ending June 30.
the
is
in
year
is
no
with
felt
anxiety
this
greater,
on
handled
feature,
flour
and
[As to recent action placing all lines controlled by the Canadian Governmpecially when the increases in all other commodities are considered. The
for the Canadian
advantage of a diversified distribution of traffic is shown by the slight ment under the charge of the board of directors appointed2097.
Regarding
see V. 107. p.
Increase in the ton mile rate, which advanced from .679 in 1916 to .688 Northern Ry. by the Canadian authorities.
note issues, &c., sold, exchanged, paid, &c., see V. 107, p. 291. 180, 81;
in 1917 (V. 107, p. 1522).
V. 105. p. 2271, 1801, 817, 180. 71.1
Not since 1912 have we handled so many cars of immigrants'.effects. V. 106, po. 2755, 1343, 188:
(For income account, balance sheet and statement of funded debt, SEle
European immigration is for the present discontinued, but from Eastern
Provinces, and still more largely from the United States, have come home- V. 106, p. 2223, 2336; V. 105. p. 1304.)
seekers of the most valuable type from a traffic-producing point of view.
FREIGHT CARRIED, YEARS ENDED JUNE 30 1917 AND 1916.
Coal traffic from the Drumheller District in Alberta is showing satis1915-16.
1916-17.
factory development, the returns for the last six months of the calendar
131.978,809
130,720,761
year showing an increase in tonnage of 138%, the total for the half-year Grain, bushels
7,574,500
8,333,769
being 329,552 ions in 1917, compared with 137,997 tons in 1916. The coal Flour, sacks of 100 lbs. each
488.809
518.735
Live stock, head
from this section is being used in a rapidly widening field.
1,809,565.000
2,080,002,000
feet
Western
most
lumber,
your
lines
show
to
continue
The territories served by
Logs and
286,745
316,107
promising progress in the production of live stock, including hogs and sheep. Firewood, cords
1,741,031
1,940,023
For the last calendar year the Canadian Northern brought into the Winni- Coal, tons
2,968
4,696
peg market, of the total receipts, cattle, 42.6%; hogs, 33.4%;sheep,36.3%; immigrants' effects. cars
41.887
42,340
the cattle brought by us into that market increasing from 63.004 to 120,-*
Building material, cars
3,722,085
4,237,921
tons
345, or 109.8°0.
Miscellaneous,
_
Mixed farming is being carried on more and more along your lines in the
L EARNINGS, EXPENSES AND NET EARNINGS.
West. This is indicated by the fact that for Manitoba the output of creamery butter increased by 951,846 lbs.. the total for the year being 7.500,000
-Per Mile Oper.Net
Operating
Ay.Miles Total
lbs. There were exported 90 carloads, or 2,000,000 lbs., whereas in 1912 YearExpenses. Earnings. Earns. Op. Exp. Net.
Oper. Earnings.
Manitoba imported 55 carloads of butter for local use. Cheese production 1914-15__7,269 $25,912,106 $19,288,814 $6,623,292 $3.565 $2,654 $911
increased by 213,159 lbs., the total for the year being 1,093,887 lbs.
35.476,275 26,102,745 9,373,530 4,408 3,243 1,165
Passenger Traffic.-The position with reference to passenger business 1915-16_8.048 43.495.077 31,349.408 12,145,668 4,629 3,336 1,293
shows steady progress. While incomplete terminals at Montreal and Van- 1916-17_9,396
1916-17. 1915-16. 1914-15.
Mile of Lineper
Charges
Fixed
couver have prevented the inauguration of the main transcontinental sermile of road to pay fixed
vices, the Toronto-Vancouver tri-weekly trains in each direction continues Amount required perleased
$1,555 $1.196 $1,137
lines
including
charges,
train
earnings (of
so show satisfactory results. The increase in passenger

FINANCIAL REPORTS




2184

THE CHRONICLE

[VOL. 107.

PASSENGER, FREIGHT AND MISCELLANEOUS STATISTICS FOR
Goodyear Tire & Rubber Company.
YEARS ENDING JUNE 30.
(Report for Fiscal Year ending Oct. 31 1918.)
1916-17.
1915-16.
1914-15.
Average mileage operated
9,334
7,987
7,208
Pres. F. A. Seiberling on Nov. 25 1918 said in substance:
Passengers carried (revenue)
4,443,465 3,859,844 3,961,787
Again we are able to state-"the past year's business has been the
Passengers carried one mile
294,515,612 226.934,368 205,327,011
most
successful in volume and profits of any year in the history of the
do
do per mile of road_ _
31,351
28,413
28,486
Average distance carried
,
,
,812 company"-sales being1131,247-,382, against 5111,450,644 for the precedTotal passenger revenue
$6,273,153 $5,040,088 54,629,581 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 our
Amt.received per passenger per mile.. 2.129 cts. 2.229 cts. 2.254 cts.
Total passenger train earnings
$8,428,992 $6,715,097 $5,836,430 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
do
per train mile
do
$1.20761
31.03954
$0.97269
Revenue tons freight carried
13,984,475 12,930,460 10,088,236 ,(43 having given their lives to our country's cause), and the further fact
Revenue tons freight carried 1 mile_4,588,734,595 3842826,173 2140759,693 that at no time during the year were we able to supply product in sufficient
do
per mile of road_
do
489,418
481,135
296,998 quantity to meet the demand-Government restrictions since July 1 limitAverage distance haul of one ton_ _ _ _
328,124
297,191
212,203 ing our production of pneumatic tires, up to six inches, to 50% of the
Total freight revenue
$31,360,486 $25,929,039 $17,645,020 production of the preceding year.
Net profits were materially reduced by the fact that Government busiAvge. revenue per ton per mile
.00683 cts. .00675 cts. .00824 cts.
Total freight train earnings
$31,876,052 $26,266,862 $17,947,532 ness (approximately 15% of the total volume) was handled at a considerably
lower percentage of profit than our regular business.
do
per train mile
do
$2.64344
32.47963
$2.54264
One year ago the company had in excess of 315,00,000 notes payable
ACQUIRED STOCKS AND BONDS (Cost to Railway Co. $46,372,892). outstanding. In view of the changed financial situation growing out of
the war, and anticipating that the war might continue for several years,
CompanyStocks.
Bonds.
your directors deemed it wise to increase the fixed capital, which was
Minnesota & OntarloBridge Co
$100,000
$180,000 successfully accomplished by
the sale of $15,000,000 of8% second preferred
Minnesota & Manitoba RR
400,000
250,000 stock to over 16,000.stockholders
composed almost entirely of customers
Lake Superior Terminals Co
500,000 2,000,000 and employees-liqu
idating
thereby its entire account of notes payable
Canadian Northern Telegraph Co
500,000 2,000,000 (V. 107, p. 1484).
Winnipeg Land Co., Ltd
100,000
300,000
In
common
with
many
lines of industry, the rubber industry has
St. Boniface & Western Land Co
250,000
750,000 been adversely affected byother
the war and will most likely require six months
Edmonton & Slave Lake By
420,000 to a year in reaching its normal
position.
Canadian Northern By. Express Co., Ltd
1,000,000 3,000,000
There
has been a time in the history of the company when its
Canadian Northern Steamships, Ltd
2,000,000 2,920,000 conditionnever
was
sound financially, its good will with customers as great,
Canadian Northern System Terminals, Ltd
2,000,000 7,000,000 its facilities foras
serving the needs of its trade as extensive, as at presentBay of Quinte By
1,395,000
barring the one factor of an adequate supply of labor. Notwithstanding
Central Ontario Ry
3,329,000
this, your directors
that the coming year's business will produce
Irondale Bancroft & Ottawa Ry
53,000
450,000 equally as satisfactoryfeel
a result as is shown in this statement.
Canadian Northern Quebec Ry
2,000,000
Data from Certificate Given by Audit Co. of N. Y. Nov. 25 1918.
Halifax & Southwestern By
925,000
Increases to "plant" have been carefully reviewed. The reserve for
Bessemer & Barry's Bay icy. Co
125,000
amounting to $5,096,474, is equivalent to 20.43% of the
Marmora Railway & Mining Co
100,000
100,000 depreciation,
plant
value of $24,942,790, as of Oct. 311917. The inventory was taken
Qu'Appelle Long Lake & Sask. Ry. & S. B. Co....
201,000
by the company by actual count, weight or measurement. It is priced
Niagara St. Catherines & Toronto Ry
922,000
cost or under, including crude rubber, which latter commodity is priced
Niagara St. Catherines & Toronto Navigation Co..
200,000 at
both under cost and under the present market value. The current assets
Quebec & Lake St. John Ry
4,002,800
have been carefully reviewed and there have been eliminated therefrom
Canadian Northern Pacific Ry
25,000.000
any which are doubtful of collection. These latter are included under the
Canadian Northern Alberta Ry
3,000.000
caption of "suspended assets" and full provision for non-collection is proCanadian Northern & Western Ry
2,000,000
vided in the reserve for doubtful accounts.
Canadian Northern Saskatchewan By
1,000,000
First preferred capital stock of the par value of $609,900 was redeemed.
Canadian Northern Manitoba By
250,000
The net income was $15,388,191,subject to Federal taxes for the year.
Canadian Northern Ontario Ry
10,000,000
There remains an unappropriated surplus of $20,717,356, subject to
Duluth Winnipeg & Pacific By
3,060,000
Federal taxes for the year.
Mt. Royal Tunnel & Terminal Co., Ltd
5,000,000
Northern Consolidated Holding Co., Ltd
*4,446,700
RESULTS FOR YEAR ENDING OCTOBER 31.
1917-18.
1916-17.
1915-16.
1914-15.
Total (seo above)
$73,659,500 $19,570,000 Gross business
$131,247,382 $111,450,644 $63,950,400 $36,490,652
815,388.191 $14,044,206 $7,003,330 $5,137,083
* Represented by Canadian Northern Quebec By. capital stock amount- Net income
First pref. divs.(7%) 51,693,328 51,499,040
5764,239
$469,583
ing to $5,144,600.-V. 107. p. 2097. 2008.
Second prof. divs_ _506,408
Cash coin. divs_
cf,,,) 2,451,816(12)2,228,342(12)1261,332(21)1686,151
Balance,surplus__ $10,736,639 $10,316,824 $4,977,759 $2,981,34g
Chicago Elevated Ry. Collateral Trust.
CHIC.ELEV. RYS. COLL. TRUST-INCOME ACCT.FOR CAL. YEARS.
BALANCE SHEET OCTOBER 31.
1917.
1916.
1915.
1914.
1918.
1917.
1918.
1917.
Income-Dividends.-__ $1,196,701 31,218,991 $1,027,045 $1,109,798
•
Assets$
Liabilities$
8
$
190,980
Interest
153,483
125,585
718,251 Real est. & bldgs_15,577,399 14,125,498 Prof. stk.7% cum.23,783,800 24,393,700
Mach. & fixtures-14,207,647 10,817,292 2nd pref. stock 8%
$1,387,682 51,372,475 $1,152,630 $1,828,049 Pats.,tr.marks,&c.
Gross income
1
1
cumulative
_15,000,000
Int. on notes & deben's_ $1,255,795 $1,186,815 31,120,000 81,310,000 Securities owned_ - 3,896,553 1,706,426 Common stock _ _ _20,406,800 20,278,620
72.493
Other interest
29,792
Prof.stock in treas. a149,636
18,700 Notes payable
15,410,800
General expense
33,890
32,067
26,213
U.
S.
Liberty bds_ 1,466,950
33,351
Purchase accounts
Dividends on pref. parEmp. subscription
payable
5,687,407 4,864,761
ticipation shares
480,000
2nd pref. stock- 513,633
Sundry other acNotes rec. for co's
counts payable_ 1,432,046
850,968
Surplus income
525,503
$123,801
86.417
$4.698
cap.stk.secured 1,112,017 1,033,640 Unpaid Lib. bds_
571,500
Inventory
30,507,967 28,495,624 Accr. 1st pref. div. 138,739
eiliCAGO ELEVATED RYE. COLLATERAL TRUST BALANCE SHEET DEC.31. Adv.to cos.,agts., 2,101,278 2,390,345 2nd pref. div. pay.
253,791
Nov.11918_
1916.
1917.
1917.
1916.
6,344,490 3,783,354 ReservesCash
8
Assets8
Accts.& notes rec.13,353,985 16,384,333
Doubtful acc'ts
$14,000,000 2-year 5% Secured Notes Prep'd rentals, &c. 690,181
Capital stock, bonds,
803,919 (current)
231,445
531,446
See note x below
7,000,000 10-year 6% debentures
&c., pledged
Suspended assets- 208,324
175,587 Suspended Recta 208,324
175,587
776,333 785,768
160,000 pref. participation shares
Cash
Adv. to Goodyear
Deprec. of plant 5,090,474 3,248,030
1,070,000 1,385,000
250,000 common participation shares
Bills receivable
Impt. Co. & to
Insur. on branch
Notes payable
1,300,000 1,300,000
Other investments
Goody.Hts.R.Co 3,488,957 2,827,872
31,336
45,004
stocks_ _ •
2,043,426 1,707,626 Accounts payable_ _ _
1,569
8,908
(cost)
20,717,356 12,763,681
Surplus
4,1.90 Accrued interest _ _ _ _ 628,005 626,815
4,290
Accounts receivable_
42,200 Excess current assets
Accrued interest _ _ _ 24,091
Total
93,619,018 82,562,592 Total
93,619,018 82,562,592
over current Ilabil_1,988,566 1,989,162
There is also a contingent liability for notes receivable discounted,
3,918,140
3,924,885
3,918,140
Total
3,924,885
Total
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.
x These are the assets pledged under $14,000,000 Secured Gold Notes,viz.:
a First preferred, 1,475 shares (par value $14'7,500), $135,465; second
preferred,
145 shares (par value 514,500), $14,171.-V. 107, p. 1484.
Otter Assets So PledgedPledged.
Stocks h Bonds (Par Val.)- xPledged.
Metrop. W.S.Elev.By.,pref _$8,707,500 Investment in securities of and
Mergenthaler
Linotype Co., New York.
7,462,800
Chic.
claims
&
Oak
against
Common
4,944,400 Park (not incl. $1,347,363
Northw. Elev. RR., pref
(Report for the Fiscal Year ending Oct. 1 1918.)
4,946,400 receiver's certfs., equip.
Common
12,500,000 notes, &c., carried among
First Mortgage 5s
President Philip T. Dodge,on Nov. 19 1918, said in subst.:
$1,709,373
South Side Elev. RR. stock _ _10,231,400 "other investments")
Results.-Notwithstanding all these adverse (war] conditions, the net
x Being In each case the entire outstanding amount. The underlying securities gain
for the year was $1,343,545, an amount somewhat less than the
Metropolitan
chiefly
W.
public
(a)
S.
include
the
Elevated By. gain of
in the hands of
the preceding year, but slightly in excess of the amount required
First Mortgage 4s, $10,000,000, and Extension Mtge. 4s, $5,000,000 (except $567,- to
pay the regular dividend of 10% on the outstanding stock amounting to
000 held in the treasury of the Chicago Elevated Coll. Trust;(b) South Side Elevated $12,800,000,
distributed among more than 3,000 stockholders.
RR. First Mtge. 454s, $8,000,000; (c) Union Elevated RR. First Mtge. 5s, $4,472,Addltions.-Many improvements were made in the Brooklyn buildings,
000;(d) Chicago Junction RR. First Mtge. 4s, $2,327,000 (the $50,000 stock is held tools
and in order to provide for the business under abnormal
and
machinery;
Northwestern
Elevated
RR.;
Elevated
(e)
RR.
First
Mtge.
Side
5s,
by the South
war conditions, a building of substantial size was purchased on advantageous
$12,500,000; (I) Union Consolidated Elevated RR. Guaranteed 5s, $453,000; (0) terms
in Brooklyn in convenient relation to the main factory.
Chicago & Oak Park Elevated RR. First Mtge. 58, $4,432,000, equipment notes
Improvernents.-Work has continued systematically in the Experimental
$184,000, real estate mtges. $6,862. Equipment trust of Aug. 1 1914, issued and
Manufacturing Departments looking to the standardization and imJointly and severally by Metropolitan, Northwestern and South Side companies,5% provement
of the linotype machines of different models. As a result,
equip. notes payable 1917 to 1929, auth. $2,600,000, outstanding $2,190,000. Ed.
certain models have been adapted to produce with marked advantage classes
of composition heretofore accomplished only by hand.
COMBINED INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
From year to year your company has expended large sums In development work and in the purchase of patents of various inventors, besides
(Incl. Met. W.S. Elev. Ry., Northwest. Elev. RR.and So. Side Elev. RR.) paying to Mr. Mergenthaler and his estate substantially more than $1,1916-17.
1917-18.
1915-16.
1914-15.
000,000 in royalties.
$9,777,164 59,289,913 $8,435,008 $8,045,265
Operating revenue
Output.-Up to the present time approximately 40,000 linotype machines
4,824,486
5,227,078
4,335,061. 3,870,306 have been built by your company and its associates.
Operating expenses_ _
722,115
863,334
932,408
700,243
The eight-hour day, with extra pay for overtime, has prevailed
Taxes, &c
Strike.-,
in the works for many years, and, in addition to contributing a mutual aid
Operating income_ - $3,616,778 $3,602,093 $3,377,831 $3,474,716 society, the company has outlined the system of insuring the lives of all
151,589
150,490
135,694
117,905 persons in its service. Notwithstanding this fact, on July 26 800 of the
Non-operating income
2,386,662
2,390,450
2,247,406
Interest and rents
2,188,410 employees walked out on strike, with great loss to the company, without
1,135,543
1,176,345
1,198,395
Dividends
1,105,373 having first made complaint, or demand of any kind. This strike was
undoubtedly brought about by the influence of outside mischief-makers.
3178,423
3130,576
3190,675
$298,838
Surplus
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
BALANCE SHEET JUNE 30.
own operations, and pay its workmen the bast wages generally prevailing.
1918.
1917.
1918.
1917.
Women Employees.-The lack of loyalty shown by many men in the
$ •
LiabilitiesAssets$
strike
and the general shortage of labor has led us to employ women in
Capital stock _ _ _ _36,292,500 36,292,500 the manufacturing departments in general. They had been employed in
Road and equip55,234,000 55,455,000 substantial numbers for some years in the Matrix Department. At the96,038,491 96,057,937 Funded debt
ment
53,530 Bills payable with
54,130
Other investments
present time, after special instruction, more than 200 additional women,
C. El. Rys
1,070,000 1,070,000 operating a variety of machine tools, are doing as much
Current assets__ 1,924,287 1,852,812
and as good work
2,739
1,320 Current liabilities_ 2,857,230 2,461,169 as was ordinarily accomplished by the same number of men. For this
Deferred assets_ _ _
84,347 Accrued liabilities 547,772
533,454 work they receive the same pay as the men.
Unadjusted debits 155,260
Unadjusted credits 461,032
460,434
The moderate decrease (5256455] in the surplus is due to the fact that
Corporate surplus_ 1,712,374 1,777,389 the amount paid in dividends included an extra dividend (of 23,5% paid
Dec. 19171 and for this reason exceeded the earnings for the year.
98,174,910 98,049,948 Total
98,174,910 98,049,948
Total
to Oct 1 1918. the company paid in dividends $39,Financial
-V. 107, p. 1483.
113,229, of which 512,962,181 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 charge,
linotype machines in such number as could be advantageously empoyed.
The company has loaned linetype 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 Government 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, Linotype & Machinery, Ltd., has been engaged
throughout the war principally in the production of war materials for the
Allies. 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 to normal conditions in all lines of business;
that your company will be relieved from the many restrictions and interferences 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.
Tho 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.
$1,343,545 $1.883,159 $1,898,200 $1,467,015
Total not profits
1,600,000
Dividends (about)
1,600,000
1,279,990
1,663 997
(1234%)
(123%)
Dividend rate
(1A%)
(10%)
Swills or deficit_ _ _ _def.$256,455 sur.$283,159 sur.$618,210def.$196,982
BALANCE SHEET OCTOBER 1.
1918.
Assets1917.
1916.
1915.
Plant, real estate, &c.. _ _ $2,237,322 $2,338,525 $2,262,525 $2,397,091
Linotypes
69,605
70,180
80,155
46,980
56,272
Office fixtures, &c
54,613
60,865
66,596
Rights, priv., franchises
patents & inventions.. 3,656,330 3,655.230
3,650,000
4,000,000
Stock and bond account 4,042,640 3,677,473
3,905,507
3,658,998
348,190
256,096
Cash
832,796
1,031,827
6,695,149
Bills receivable
6,447,052
5,676,538
5,148,928
881,277
Accounts receivable__ _ _
1,253,770
1,398,193
1,230,673
2,998,415 2,580,477
Raw materials, &c
1,735,455
1,936,235
Canadian Linotype, Ltd
358,462
303,348
309,198
339,347
$21,343,662 $20,636,765 $19.911,233 $19,856,675
Total assets
Liabilities$12,800,000 $12,800,000 $12,800,000 $12,799,900
Capital stock
41,209
35,768
Creditors' open accts
43,420
14,645
1,281,300
450,000
Bills payable
673
Dividends unpaid
698
648
628
126,587
Reserve for taxes
7,093,869
7,350,323
Surplus
7,067,165
7,041,503

_ 2185

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.
Construction.-The progress in construction and operation may be regarded as satisfactory if the conditions prevailing throughout the year
are
taken into account. The influence of the war was increasingly felt as the
entry of the United States greatly intensified the difficulty of securing
supplies and shipping. Nevertheless work on the new power plant at
Camarasa, which was begun in July 1917, has proceeded without interruption 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
sold in Spain, thereby providing the funds required in 1918. bonds were
Results.-The balance sheets of the Ebro Irrigation & Power Co., Ltd.,
the Ferrocarriles 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 1916. No
profit and loss statement is published, as under the plan approved by the
bondholders in 1915, all earnings of the associated companies as and when
received are applied as provided 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 on Prior Lien
"A" Bonds.
1915.
1916.
1917.
Net revenue
$1,316,283 $1,875,316 $2,354,964
Interest on prio rlien "A" bonds
96,356
331,900
378,352
Balance, surplus
$1,219,927 $1,543,415 $1,976,612
Balance Sheet.-The chief changes as compared with 1916 were caused by:
(a) An increase of $3,038,187 in the amount of 5% notes issuable in payment
of interest on bonds, in accordance with the agreement of April 9 1915.
(b) 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 lino 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 this 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 fully set 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
(V. 107, p. 1918, 2007).

Data from Report of H.
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.
Total liabilities_ ___.-$21,343,662 $20,636,765 $19,911,233 $19,856,675
Gross earnings
22,966,847 20,225,827 13.55% 16,804,223
-V. 107, p. 2013.
Operating expenses
6,758,841
6,661,218
1.47%
7,202,840
Net earnings
16,208,005 13,564,610 19.49%
9,601,383
South Porto Rico Sugar Co.
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
(Report for Fiscal Year ending Sept. 30 1918.)
contracts signed called for 16,501 k. w., against 10,606 in 1916:
Customers Dec. 31.
Chairman William Schall on Sept. 30 191e8 wrote in subst.:
New Contracts.
No. of Customers-New Contracts 1917.
1916.
1917.
1916..
Tho amount of sugar made during the crop of 1918 was 90,400 tons. It Electric light
89,488
71,926
17,686
16,159
will
1919
be about 96,000 tons of sugar.
is estimated that the output in
Power
10,161
7,776
2,402
1,510
The company has contracts with Russell & Co. S. on C. and other
planters in Porto Rico covering approximately 24,000
' acres, from which.a
Total
99,649
79,702
20,088
17;669
crop of 525,000 tons of cane is expected.
Total k. w. coVered by new contracts signed
16,501
10,600
The lands in cultivation in Santo Domingo amount to approximately
crop
of
320,000
Hydraulic
tons
a
Generation
Steam
and
of cane is expected.
for the Years 1917 and 1916.
12,000 acres, from which
•The new raw sugar factory at La Romana, Santo Domingo, is completed
K.W.H.
1916.
1917.
1917.
1916.
and it is expected that grinding will begin in December 1918.
Steam generat'n.5340,725 7,166,958 Hydraulic gener'n (Con.)ending
on
this
date there has been paid the regular Hydraulic generationDuring the fiscal year
Seros
_
_
_131,873,500
148,119,900
dividend of 8% on the pref. stock; also 20% on the common stock, of which
Pobla
6,632.010 9,238,065
Tremp
__
97.947,600 51,085.680
10% was paid in cash and 10% in scrip (V. 107, p. 2015, 910).
Corbera
6,404,870 4,330,330
Total____248,198,705 219,940,933
Pursuant to authority given by the stockholders, on July 1 1918 an
The maximum monthly output at Seros was 15,387,900 k.w.h.;at Tremp,
additional issue of $1,125,000 of common stock was sold to the common
12,080,100 k.w.h.
stockholders at par (V. 106, p. 2654).
Making due allowance for the incomplete data it would appear that the
Negotiations with the U. S. Food Administration are progressing favorcapacity of Tremp in an average year should reach 120,000,000 k.w.h.,
ably for a sale of the sugars to be made during the coming crop.
The company has subscribed to $375,000 of U. S. 43% Liberty bonds. and therefore in the assumed capacity of the average year there is some
A donation of $15,000 to the American Red Cross was authorized by the margin.
During December the water in the Talarn reservoir fell to approximately
directors and made in May 1918.
Out of the profits of the company for the year there has been set aside its loWest working level. Manufacturers were asked to curtail their consumption as far as possible, and the Manufacturers' Association was asked
$500,000 for the payment of income and profits taxes.
also to agree to a provision which would to some extent indemnify the
CONSOL. RESULTS YEARS END,SEPT. 30 (Incl. Central Romana, Inc.).. company against the heavy loss which would arise through steam generaThis they did, so that the cost of steam generation in 1917, although
tion.
1917-18.
1916-17.
Sept. 30 Years1915-16.
1914-15.
the year was not particularly favorable, did not amount to more than Pts.
90,400
92,342
Sugar made (tons)
75,550
63,355 1,756,093, against Pts. 1,391.654 for 1916.
$11,448,242
receipts
Total
$10,690,741 $8,396,562 $7,384,493
The year 1917, however,it should be remarked, according to the ordinary
$2,691,851 $2,617,957 $3,687,200 $2,096,061 hydraulic
Net earnings
calendar, fell 15% below a year of average hydraulic output.
300,000
Res. for working capital
600,0001 1,181,243
1,168,701 Indeed the year was altogether an extraordinary one from the standpoint
depreciation
545,878
for
Reserve
466,6681
generation. The Pallaresa River, on which the Talarn reserhydraulic
of
Reserve for income and
voir and the Tremp works are situated, had a diminished supply compared
500,000
300,000
excess profit taxes..
with
year, whereas the Segre, into which the Pallaresa flows at
average
the
319,507
(8%)
312,730
Prof. dividends
298,900
296,680 Camarasa, and which has its origin under conditions similar to the
PallaCommon divs.(cash)_(10%)450,000 (20)823,890(40)1378,327/(10)337,100 resa, was frequently
in flood when the Pallaresa was low. For this reason
Common divs. (stock)--(10)506,250
(18)606,840
the plant at Soros was operated at something like normal output during the
dry months, whereas Tremp was only operated at half power during Dec.
$70,217
$114,670
Balance, surplus
$221,890
$293,580
Contracts.-Many of the supply companies in Spain have now reached
$923,551
Total p. &I.sur. Sept.30 $993,768
$808,882
$586,992 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
CONSOLIDATED BALANCE SHEET SEPT. 30.
in extraordinarily dry years and that all future contracts must be safe1917.
1918.
guarded by a proper coal clause. The one adopted by this company is to
1918.
1917.
LiabilitiestiAssets8
the effect that the customer undertakes in his monthly accounts to make
$
Preferred
7,185,832
stock__ 3,995,000 3,988,000 such additional payment to the company as will cover the cost of steam
Real est. & constr}11,950,545(
Equipment, &c.._ 1,144,972{ 774,822 Common stock.._ 5,625,000 4,500,000 generation during that month.
80,238 Bonds,6% cony
Live stock
This matter is also under the consideration of the Spanish Government,
t
12,000
Materials & supp- 796,655 1,270,089 Accounts payable.. 375,719
172,565 and the suggestion is that if the companies are forced by excessive drought
Cash
229,609 1,107,341 Miscellaneous ____
4,722 to supplement the hydraulic supply by steam, the consumer must bear the
Accts.rec (secured) 737,016 3,980,900 Deprec.,&c.,res've 2,063,905 1,697,746 cost of have his supply proportionately diminished during the dry period.
44,018 Div.scrip. payable
Prices.-There was some material improvement during 1917 in the price
Cultivation(crops)
131,243 July 1 1921....... 224,695
obtained for energy both for light and power in certain districts, thus the
Sundries (crops)._
8,728
average price for power in the Interior 'District was 8.21 centimes for 1917.
127,500 Div. scrip payable
Bonds and stocks_
57,500
Oct 1 1921
as against 8.04 centimos for 1916. The increase in price, however, was not
Mtges (PortoRico) 2,221,186
280,945
Loans
consistent with the increased cost of material and labor. Owing, however,
Advances to plant1,350,000
Reserve for taxes.. 500,000
344,854
ers (secured)..
300,000 to the fact that in the early part of 1917 Spain generally, and Cataluna in
Reserve for new
particular, did not recognize that, on account of the increased cost of
U.S. Lib. bonds_
90,000
mach'y, working
material and labor brought about by the war, higher prices for energy would
. Comissary stores_ 568,290
capital,&c,
4,209,448 3,902,418 have to be charged, it was practically impossible to secure new business on
Demand loans and
799,019 Profit and loss___ 993,768
accept's (scour.) 1,469,125
923,551 a higher scale of prices.
Rehabilitation.-A good deal of the Barcelona system was installed some
19,618,480 15,501,003 Total
Total
19,618,480 15,501,003 years ago, and, like the 110-volt three-wire D. C. supply, requires coniderable reformation.
-V. 107, p. 2104.




THE CHRONICLE

2186 -

COMBINED EARNINGS FERRO CARRIL DE SARRIA AND FERROCARRILES DE CATALUNA.
6 Mos. to
Calendar Years
1917. June 30'18
1916.
1915.
(All Pesetas)1,051,532 1,187,927 1,559,720 1,876,000
Traffic receipts, &c
576,157 593,606 773,155 912,000
Operating expenses
Bond in,redemp.& prov.for tax 161,672 270,000 432,525 430,000
Total deductions

737,829

863,606 1,205,68011,342,000

313,703 324,321 354.040 534,000
Net receipts
EBRO IRRIGATION & POWER CO., LTD., BALANCE SHEET DEC. 31.
1917.
1916.
AssetsCapital account, incl. expend, on construction and
equip., cost of franchises, concessions, lands,&c.$46,917,323 $45,728,136
Construc'n, &c., expend. during year in respect of:
23,131
33,146
Franchises, concessions, water rights, &c
587,291
38,841
Lands and indemnities
1,513,829
498,234
Hydro-electric power installations
1,807,715
417,409
Power transmission and distribution system,&c_
53,444
19,444
Incidental equipment, sundry interest, &c
211,813
Additional taxes
Less-Net earnings from operation, &c., receipts
during 1917,$2,196,293; amount rec'd from Barcelona Tr., Lt. & Pow. Co., Ltd., in accordance
Cr.2,611,414 Cr.3,008,035
with agreement of April 9 1915.$115,120
Leased and associated cos.: Advances applied in
1,382,677
extension of sub-aid. light & 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
1.611,213
$178,455
123,500
Govt. and other deposits, govt. Inspection charges
598,537
1,329,109
Cash in banks and oh hand
$51,511,576 $51,215,659
Total assets
LiabilitiesShare capital authorized and issued (25,000 shares.
$2,500,000 $2,500,000
$100 each,fully paid)
First Mortgage,executed under Spanish law (pese•
tas 50,000,000)5% Gen. M. bonds auth.& issued, £9.500.000_..x46.233.333 46,233,333
1,512,831
Leased and associated cos.: Current accounts_...... 1,647,514
970,495
1.130,732
Sundry creditors and credit balances
._
-17216,659
$51,511,579 $-5
Total liabilities
x Interest waived under terms of committee agreement dated April 91915.
Note.-There are contingent liabilities in respect of guarantees given by
this company in connection with associated companies.
BARCELONA TRAC., LT. & POW. CO., LTD.-BAL. SHEET DEC. 31
1916.
1917.
1916.
1917.
,
Liabilities
$
AssetsCapital account _ _93,485,394 88,869,433 7% n.-c. pref. sirs.
(auth. $12.500,Investm't in Ebro
000), par WO-- 8,483,500 8,483,500
Irrig. & Power
415,120 1,224,719 Ord'y shares(auth.
Co., Ltd
$30,000,000) par
Interest on bonds,
27,450,000 27,450,000
$100
3,406,978 3,204,040
loans. &c
7% Prior Lien"A"
Interest on Pts.
6,083,333 4,866,667
bonds
20,000,000 Mtge
7% Prior Lion"B"
of
debentures
9,733,333 9,733,333
bonds
BercelonesaElec.
196,206 5% 1st Mtge. 50196,206
Co
36,267,325 36,267,325
year bonds
Administrat'n,&c.,
82,089 Accr'd bond int.,
70,830
charges
102,733
83,526
payable In cash..
59,680
54,342
Francis fiscal taxes
xCoupons accr'd &
Sundry dive., &c.,
int. tt.ereon:
Cr.235,718 Cr.225,405
receipts
(1) In relspect to
Advances to:
Prior "B" bonds
Cataluna RR.
2,275,968 2,275,963 & 1st M.bonds.. 8,851,325 6,020443
(S. A.)
(2) In respect to
Catalonian Land
402,509
Pt& 20,000,000
483,767
Co., Ltd
100,936 5% Mtge. deb.
118,305
Cash
311,142
Bare. Elec. Co. 527,647
371,693
676,321
Sundry debtors_
Loans agst. scour.
Inst. Int. thereon 3,330,806 3,144,205
173,320
136,715
Sundry creditors
100,947,511 96,561,863
Total
100,947,511 96,561,868
Total
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 PESETAS].
-Cataluna RR. (S. A.)- Ferrocarril de S. a B.
1917-(Pesetas)-1916.
1917-(Pesetas)-1916.
Assets37,059,824 34,136,486 4,715,285 4,945,428
Capital account
Ferrocarrile de Swett a
Barcelona, S. A.:
- 1,908,442 2,000,000
Loan account_
-0-60,000
Secur. acquired(6,
5,400,000
5,400,000
pts. bds.) Cataluna RR
9,308
9,308
Securities with Govern't_
46,250
46.250
61,394
61,394
Guaranty deposits
33,122
1,805
378.172
&c
69,177
debtors,
Sundry
220,952
41.028
1,892,323
4,738,034
Cash.,_
616,615
398,439
Materials
44,235,311 39,084,990 10,213,676 10,655,060
Total
Liabilities2,000,000
2,000,000
12,000,000 12,000.000
Share capital
5,955,000 6,000,000
17,900,000 14,000,000
Mortgage bonds
P.Co.
&
L.
Barcelona Tr.,
adv. with accrued Int 12,669,584 12,669,584
58,162
33,402
415,407
1,067,897
Sundry creditors, &c
46,250
46,250
Directors, guaranty, &c..
85,195
80,547
Bondholders for interest.. 243,790
386
386
Miscellaneous
2,000,000
1,908.442
Loan acc't(CatalunaRR)
140,
144,649
Reserves
324,322
45,000
354,040
Profit and loss
44,235.311 39,081,990 10.213,676 10,655,060
Total
&
Light
[Committee for the Bondholders of the Barcelona Traction,
Power Co., Ltd.: A. E. Baker, Robert Fleming, H. Malcolm Hubbard,
SeligD.
C.
and
Peacock
R.
Levis,
E.
C.
El.
.
Johnstone,
The Hon. Gilbert
man.] Compare plan, &c., V. 107, p. 1918, 2007.

Mason Tire & Rubber Co.
COMPARATIVE SALES AND EARNINGS FISCAL YR. END. OCT. 31.
.1917.
1918.
1917
1918.
$48,486
Gross sales_ _ _$2,321,144 $1,200,000 Diva, declared $132,861
55,971
70,545
surplus_
101.457
Net profit...... 203,406
Bal.. stock during year 1919.
Note -Including 6% payable on common
GENERAL BALANCE SHEET OCT. 31.
1917.
1918.
Liabilities- 1917.
1918.
AssetsReal est.,p1t.&equip. $694,825 $431,281 Preferred stock._-$1,309,210 $987,180
549,750
297,577 Common stook... 861,880
Tr.-mks., gd.-willoko 363,092
30,227 Accounts and bills
22,362
Cash
236,662
c100,920
payable
437,238
Accts. & bills rec. c640,116
445,912 Taxes and interest
474,478
Inventories
8,598
accrued
b5,697
do rub.,&c.,equity
Reserve for com85,697
Lib. bonds equity
11,651
51,713
mon dividend
Int. accrued on
18,000
Reserve for taxes..
583
Liberty bonds.._
941
accrued
Dividends
1,000
2,500
Securities owned....
101,173
53,220
225,081 Surplus
Corn. stk. bonus_ 186,710
22.041
13,177
Deferred assets
$2,403,542 51,890,357
Total
$2,403,542 $1,890,357
Total
a Liberty bonds as collateral, $52,250, less loans, $413,553. b Rubber
and fabric in bond, $186,506, less loans, $150,855. c See notes a and b.
d Inventories in 1918, stock in process and finished goods, $269,089; materials and supplies, 8169,739; rubber and fabric equity. $35,650. See
also note b.-V. 107, p. 1842.




(vol.. 107.

Santa Cecilia Sugar Corporation.
(Report for Fiscal Year ended July 311918.)
President M. H. Lewis on Nov. 21 1918 said in substance:

Weather conditions as a whole were not favorable. Insufficient rainfall
the latter part of the growing season retarded development and reduced
tonnage of the cane, and 1034% of the company's fields were not cut.
Unseasonable rains throughout the last half of the harvesting season considerably delayed and likewise increased the cost of that work, with a
similar effect upon the work and cost or manufacture. All 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. 12 417 and ended June 11 1918, during which
period the factory ground 79,910 Spanish tons of cane of 2,500 lbs. each and
made 71,615 bags of sugar of 325 lbs. each, the yield of sugar being 11.60%
and the average polarity 95.647. The molasses output was 511,774
gallons of 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 $1,232,275. Operating expenses
of all kinds, including repairs and replacements, aggregated $911,143. The
gross earnings, including $47,058 net from sugar on hand above mentioned,
amounted to $319,824. The profit, after deducting $21,761 for interest
on current debt, $12,272 for bond interest and $76,092 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-13y the
management to be ample.
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 reduced to $700,000 by the purchase and cancellation of $50,000 bonds by the sinking fund.
Capital expenditures for the year amounted to $85,083.
The rainfall thus far has been seasonable, the growth of the cane satisfactory, and it is expected that grinding will begin the middle of December.
The U. S. Sugar Equalization Board, Inc., has contracted for the entire
Cuban sugar crop for the ensuing season at an advance over last year's
price of 90 cents per 100 pounds.
INCOME ACCOUNT FOR YEAR ENDING JULY 31 1918.
$21,761
71.645 Interest on current debt
Output-Sugar (bags)
42,272
511,774 Bond interest
Molasses (gallons)
76,092
$1,232,275 Depreciation
Gross revenue
60,774
911,143 Preferred dividends
Operating expenses
$120,233
Balance, surplus
$321,132
GENERAL BALANCE SHEET.
Oct.151.7.
July31'18,
July31'18, Oct.15'17.
$
$
LiabilitiesAssets$
T ref. stock,7% cum.1,000,000 1,000,000
Property and plant _2,417,019 2.590,536 ,
1,750,000 1,750,000
Common stock
Bidgs., mach'y, RR.
and equipment.... 829,309 701,611 First Mortgage 6%
sinking fund gold
35,643
43,540
Work animals
bonds, due 1927._ c750,000 750,000
Planted and growing
120,000
Bills payable
173,647
cane
520,000
Notes payable
Advances to colonos
1,673
45,296
Accounts payable
8,603
and contractors
2,072
Materials & supplies 127,290 239,965 A ccruvi wages
7,600
1,458
Accrued interest
Sugar and molasses
75,754 Depreciation on man8388,069
on hand
ufacturing plant.- 33,802
6,620
Accounts receivable_ 93,075
15,000 Depreciat'n on buildBills receivable
10,847
10,000 ings
3,900
U.S. Liberty bonds.
113,928
4,672 Income from sugar_
Admin. expense..
18,934
71,504 Miscel. Income
95,263
Cash
to
subject
Surplus,
6,584
1,410
Accrued int. receivle
excess profit and
Co.'s bonds(50 bds.) 41,844
120,233
income taxes
bl
Treasury stock
3,299
Unexpired insurance
Repairs applicable to
7,100
1918-1919 crop
4,245
300
Miscellaneous
Operating profit

4,233,709 3,762,135
Total
4,233,709 3,762,135
unshipped but
a At prices subsequently realized except 1,343 bags still contract
price.
contracted for with International Sugar Committee at net
b Preferred 1,318 shares, common 361 shares. c Reduced Nov. 15 1918
to $700,000.-V. 106, p. 403.
Total

Punta Alegre Sugar Co. (Cuba), Boston.
(Report for Fiscal Year ending May 31 1918.)
substance:
Pres. Edwin F. Atkins on Nov. 1 1918 said inof
425,000 bags,

Results-A,Villions.-A.4 compared with the production
the
estimated at the time of the second annual report, the total output ofCenestates was 442,746 bags, as follows: Central Punta Alegre, 215.927;
81,524.
Trinidad,
Central
145,295:
tral Viorida,
In spite of unfavorable weather, the tonnage of cane was greater than
required to
had been estimated. Orders were placed for the machinery all
this macomplete the original program of construction. Practically
chinery has been delivered and is being erected. From now on additions
railwill be required only for future needs. A locomotive and 60 additional
availroad cars have boon purchased so that additional cane may be readily
have not
able; tho railroad has been extended about 734 kilometers. We
2,200 acres
increased our own acreage, but the farmers have planted about
of cane. There are now under cultivation 7,200 acres of administration
cane fields and 10,000 acres belonging to farmers under contract, which
should be sufficient to insure an ample supply.
been
The Florida factory had a very successful campaign. There has
this district, and In
a considerable development of cant fields throughout on
satisfactory
very
available
became
cane
consequence a large supply of
to
conditions for a term of years. It was therefore considered advisable
made for
double the normal capacity of the mill, and contracts have been
satisfactorily,
progressing
is
the necessary machinery. Installation work
Dec. 31 1918. The
and it Is expected that the new unit will operate before
a locomotive
transportation facilities have been Increased by the purchase of railroad
line.
of
and 30 new cane cars, and the construction of 834 kilometers
Macagua
The farm Aurora of 825 acres has been purchased and the farms
Florida,
The
years.
of
term
a
for
and Luisa of 2,000 acres have been leased
mill now produces, from its own plantations, about 38% of the cane
required for the mill.
Central sufOn account of a severe drought during 1917 the Trinidad
sugar content,
fered severely,from shrinkage in the tonnage of cane. Thewas
larger than
output
final
the
and
increase,
marked
a
showed
however,
not satisfacin 1917. On account of the light tonnage the earnings were
acres, which Is
tory. The company has purchased a tract of some 1,650
during May
now being planted, and additional largo plantings were made
RR. which will open
and June. Connection has been made with the Cuba have
been purchased
up new areas in the Trinidad Valley and 10 more cars
for this service.
inSales.-All sugars controlled by the United States and her allies,
Comcluding the output of your company, were sold to the International
shipping
and
rates
freight
and
price
fixed
a
mittee on the Sugar Supply at
of the unihave been under direct Governmental control. On account
bags for shipversal shortage of tonnage there still remain in Cuba 14,000
commencethe
to
prior
removed
be
will
ment, but it is expected that these
caused excessive
ment of the new campaign. The unusual conditions have
many mills
to
and
charges,
interest
and
shipping
warehousing,
expense for
Under
throughout the island the financial returns were unsatisfactory.
was
the circumstances we consider that the showing of your company
very satisfactory.
This
Guth:wk.-For the coming crop the outlook is quite encouraging.
while shipping concrop will be sold to the International Committee, and, over
nearly a year
ditions will doubtless demand that deliveries extend
in price of
Instead of over six months, as in normal times, the advance
the producer.
for
easier
conditions
make
to
tend
will
a
90e.
cwt.
nominally
will begin
unit
I
Flor;
new
the
It is expected that all three plants except
will permit.
grinding as soon after Dec. 1 as weather conditions
of labor
shortage
regards
as
difficulties
unexampled
of
Under conditions
to 442,000
and materials, the crop of 218,000 bags In 1917 was increased
bags In 1918, and the foundation has been laid for an estimated crop of
625,000 bags for the coming season.

DEC. 7 1918.]

THE CHRONICLE

CONSOLIDATED PROFIT AND LOSS STATEMENT.
PuniaAlegre Trinidad Comp.Azu- -Consolidated CosSugar Co. Sugar Co. carera Fla. 1917-18. 1916-17.
81,5245,295
442,746 218,627
215,927
Sugar output (bags)
$1,000,329 $157,690 $591,360 $1,749,379 $911,357
Operating profit
$190,458 $116,403 $74,833 $381,694 $323,246
Depreciation on plant
35,228
80,911
216,141 219,082
100,002
Interest on loans
270,000
270,000
Interest on bonds
Cr.2,431
Cr.2,431 187,801
Miscellaneous
120,000
Est. xj. S. Mo.& exc. prottax. 120,000
20,746
30,362
Cr.913 Cr.3,292
26,158
Adjustment on prey. periods
13,837
23,314
37,151
37,151
Proportion organiz. expenses

2187

Chicago & Western Indiana RR.-Obituary.-

Michael J. Clark, Secretary, died Nov. 27.-V. 107, P. 1836, 1669.

Chicago Elevated Ry.-Fare Appeal-Revenues-Report.

An appeal was filed in the Sangamon County (Ill.) Court on Nov. 27
involving the right of' the elevated lines in Chicago to increase their 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.
$9,351 $391,417 $700,666 $123,332
It is stated that since the company began charging 6c. fares on Nov. 22
Net addition to surplus.-- $299,898
the increase in gross receipts has averaged about 10%, while the decrease
CONSOLIDATED BALANCE SHEET MAY 31.
in the number of passengers carried is about 8%.
PuntaAlegre Trinidad Comp.Azu- -Consolidated CosSee "Annual Reports" on a preceding page.-V. 107, p. 2008. 1286.
Sugar Co. Sugar Co. carera Fla. 1917-18. 1916-17.
Assets$
$
$
Chicago Milwaukee & St. Paul Ry.-Govt. Contract.Buildings, maohinery, equip2,879,543 1,028,483 1,158,782 5,066,808 4,464,183
ment, 4zo
At the monthly meeting of directors, Dec. 3, it was stated that the
20,771
987
_ _
46,923 125,722 contract between the company and the Government might be signed before
25,165
Plant under construction_ .
46,060
731,806 722,936 the end of the month. The question of dividends was not discussed.
Lands, pastures and wells_ 488,348 197,398
Cane fields & new plantings_ 822,977 402,224 171,330 1,396,531 1,060,541
Advances by U. S. Govt.110,695
297,207 334,358
186,512
Organization expenses
450,000
See preceding pages of this issue.-V. 107, p. 2097. 1919.
Inter-co. cap.stk.& deb. bal. 3,884,326
4,000
86,532
42,532
82,532
Mortgages receivable
Chicago Rock Island & Pacific RR.-Final Distribution
20,539
100,209 187,247
307,995 269,377
Live stock
303,622 107,271 118,621
529,514 401,075 on Bonds of Old Holding Company (Foreclosed).
Supplies in warehouse
702
5,340
702
Sugar in process
Holders of gold bonds of 2002 and appurtenant coupons of May 1 1914
61,072
10,506
26,568
100,449
28,870
Expenses acct. growing crop
8,457
7,706 are notified that pursuant to order of U. S. District Court for Southern
11,307
11,939
31,703
Prepaid insurance, &c
at Central Union Trust Co..
67,250
74,205
141,455 120,577 District of N. Y. they are entitled to receive
Supplies in stores
Wall St., N. Y. for each 31,000 of bonds, if accompanied by the apUnliquidated sugar 6c molas's a1,999,757 449,198 1,257,080 3,706,034 1,375,325 54
66 1-3 cents, or if
91,182
24,934
499,597 427,414 purtenant coupon which matured May 1 1914,the sum of1914,
Accts. rec.from planters, &o. 383,482
the sum of
not accompanied by the coupon which matured May 1
558
1,326,659
23,909
E. Atkins & Co
1 1914, presented
91,042 Cr.1,145
25,377
115,274 106,043 65 5-153 cents. Holders of coupons which matured Mayentitled
Cash
to receive
separate from the bonds to which they appertain, will be
12,689,189 2,604,884 3,426,000 13,082,439 9,489,697 the sum of one and 1 46-153 cents for each $20 of such coupons.after
Total assets
proThese sums are payable out of the final 347,000 remaining
Liabildtesdistributable, so far as the public is
3,100,000 3,100,000 vision for sundry claims and they are
Capital stock, P.A.Sug. Co. 3,100,000
371,353,500 old bonds as did not
308,393 1,090,793 661,537
823,998 123,332 concerned, only to such few holders of theten
Surplus accounts
shares ($1,000) of stock of the
elect to pay $4 45 per bond and received
897,600 550,000
Inter-company
each of their $1,000
2,400
2,400 Chicago Rock Island & Pacific Railway in exchange for received
2,400
Sub. co. In hands of public
the decree
bonds. Such non-assenting holders in January 1915
Surplus on stock of sub.co.
sale
2,400
2,400
2,400 value of $98 50 per $1,000 bond out of the proceeds of the foreclosure
in hands of public
out of
a
cents
now
1-3
66
and
further
50,
July
in
further
a
1916
$8
and
1,500,000
1,500,000 1,500,000
1st M.6% cony. bds (1935)in last week's
2,995,200 2,995,200 assets not specially included in the mortgage. See adv.
Coil.Tr. 6%conv.bds. (1931) 2,995,200
473, 900: V. 103, p. 60.4t
"Chronicle" and compare V. 100, p. 139,
1,200,000
15-year notes, duo 1931
to the plaintiff on a deficiency
229,
The Court allows a claim of $68,273,372
Inter-co. credit balances_-. 450,000
18,021
18,021
18,021 judgment, with interest from Jan. 18 1915.-V. 103, P. 60.2
Reserves for fire loss
120,000 3,765,000
Notes & acceptances outst'g_b3,645,000
Chicago St. Paul Minneapolis & Omahinry7-2-=d112,200
112,500 112,500
Bond interest accrued
Provision for U. S. & Cuban
by U. S. Government.vances
600
36,000
157,000
tax.
profits
11,924
193,600
income & excess
See preceding pages in this issue.-V. 107, p. 1669, 1286.
41,982 573,850 687,476
1,261,147
E. Atkins & Co
53,377
Drafts outstanding
Chicago Surface Lines.-Objection to 7-Cent Fare.19,219 170,987
379,114
569,321 309,497
Accounts payable
The City of Chicago has filed objections with the Illinois P U Commisagainst allowing the company to raise its fare to 7 cents.-V. 107.
sion
2,604,884
12,689,189
3,426,000
13,082,439
9,489,697
liabilities
Total
2097.
Note.-Contingent Liabilities. The Compania Azucarera Florida has P.
of
banks
on
the
$160,994
of
account
to
notes
dispayment
guaranteed
Cleveland Electric Railway.-Strike.counted and advances made to planters.
Street car employees in Cleveland on Dec. 3 to the number of 2,000
struck, demanding that the company cease employing women conductors.security
as
to
pledged
notes
and
proceeds,
acceptances V. 107, p. 695, 603.
a Estimated
outstanding, $3,765,000. 13 Secured by unliquidated sugar and molasses,
$3.706,034, and succeeding crops.-V. 107. P. 2015.
Cleveland Union Terminal Co.-To Vote on Project.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

RAILROADS, INCLUDING ELECTRIC ROADS.
Fare.Atlantic Coast Electric Ry.-Increased
has

granted this company permission
The Now Jersey P. U. Commission
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.GovernmentSurplus Earnings Held by U. S. Govt. in Excess of Advances.See preceding pages in this issue.-V.107. p. 1836. 1573.

."4111112=11
"

Dallas Terminal RR. & Union Depot.-Gen. Mgr.The jurisdiction of A. G. Whittington, General Manager of the Texas
& 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.-V. 107, p. 905. 1192.

Empire City Subway Co., N. 'Y.-Litigation.-

Judge E. H. Lacombe, Adrian H. Larking and George Gordon Battle,
as referees in action by the city of New York against this company which
The stockholders will vote Dec. 16 on accepting the Government contract owns the conduits carrying telephone and telegraph wires in the original
subway, have filed their report, which finds that instead of the company
as submitted by the RR. Administration.-V. 107, D. Ms,1747.
owing the city large sums under a contract giving 10% on its capital inBaltimore & Sparrows Point RR.-Sale.-vested, the company has failed to earn $2,600,000 to which it would have
See Philadelphia Baltimore & Washington RR. below.---V. 107. p. 2007. been entitled under the contract.-V.106. p. 1903.

Baltimore & Ohio RR.-To Vote Dec. 16.-

Bay State Street Ry., Boston.-Wage Increases.-

The National War Labor Board on Dec. 5 handed down an award by
which motormen and conductors who formerly received a maximum wage
of40 c. 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 of other employees are increased in the same proportion, the award
being retroactive to Oct. 22 last.-V.107. P. 2007, 1918.

Erie Railroad.-Advances by U. S. Government.See preceding pages of this issue.-V. 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 traction 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.
Black River (N. Y.) Traction Co.-Mortgage-Stock.- 1917, the accruals amounting to 31,330,000. Compare V. 104. P. 952.
The New York P. S. Commission has authorized this company to execute -V. 107, p. 1192.
to William A. Wo.ddingham of Watertown, N. Y., as Trustee, a mortgage
Express Rates.-Increased Rates Beginning Jan. 1.to secure $500,000 First Mortgage 30-year bonds. The commission has
See page 2065 in last week's issue and page 1978 in that of the previous
also empowered the company to issue $300,000 bonds as well as $180,000
stock.
common
-V. 101, p. 291, 367.
week.
in

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 declared 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 subscriRtion payment of $35 being made at that time and other payments later. -V.107.
D. 2097, 2007.

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 was taken over by the U. S. Government as of
Jan. 1 1918.
Earnings of Road for the Calendar Year 1917.
$478,175 Operating income
$698,263
Freight revenue
420,823 Interest on bonds
Passenger revenue
284,892
152,424
Miscellaneous
Brooklyn Rapid Transit Co.-Litigation.Net income
477,078
$404.371
Justice Benedict in the Su]preme Court in Brooklyn on Dec. 5 granted Rent of equipment
Preferred dividends
91,000
the application of the P. S. Commission for writs of mandamus to compel
$1,528,500 Common dividends
168,750
Total revenues
the surface operating companies of the system to purchase 250 new steel
714,661
cars under the order of the Commission, which has been in litigation for Operating expenses
Balance
$144.621
Reserve for depreciation.._ 124,576
some time.-V. 107, p. 1919, 1836.
The earnings since Dec. 31 1917 have been for the account of the U. B.
Canadian Northern Ry -Tenders.Railroad Administration. The compensation to be paid for the use of the
Lazard Brothers & Co., London,are prepared to receive tenders to absorb road was fixed by law as the average operating income for the three years
about £40,000 First Mtge.4% Land Grant bonds out of a total issue of £1,- ending June 30 1917, with such additions as are justified by special circumstances. The compensation has not yet been determined. The average
027,400 which is available for sinking fund purposes.-V. 107, P. 2097.
operating income for the three years, after deducting interest charges, was
Canadian Northern Quebec Ry.-Construction Fund,- $351,986, and 7% dividends on both preferred and common stocks amount
Joe Great Northern Construction Co. under "Industrials," below.- to $266,000. Special additional compensation will be claimed for the
new Webster City Division which was not in complete operation until 1918
V.L97, p.950.
and for equipment purchased in 1915 and 1916.
Central Ry. of Canada.-Agreements of Sale.The law under which the roads are controlled provides that dividends
Nalco is given that an application will be made to the Board of Railway In excess of the average paid during three years ending June 30 1917 canCommissioners in Canada to recommend for confirmation by an Order in not be paid without express authority from the Railroad Administration.
Council certain agreements of sale, between this company and the following This has made it necessary for us to secure authority for each dividend.
named which have been ratified by the President and Secretary of the There has been considerable delay in securing this authority, due largely
t
yi
Counties
ar
C
.i
Rayn
ceanrtflaolnC
,COottal4vtea.
g,Dnocil to the enormous amount of work thrown upon the Railroad Administration,
respective
Agatie
and the payment of your dividends has been correspondingly delayed.
River:
Co.
106.
-V.
p•
Ottawa
Navigation
The preferred dividend, due Aug. 1, was paid Sept. 30. The preferred
Co.;
Ry.
dividend,'due Nov. 1, is being paid to-day.
vernment.
Chesapeake & Ohio Ry.-Advances by U. S. GoPending the definite fixing of the anual compensation of the road, the
Administration refused to consent to quarterly common stock dividends of
Bee preceding pages in this issue.-V. 107, P. 1003, 603.
•




2188

THE CHRONICLE

more than 1 3 %. The dividend due Aug. 1 was reduced to 1 i% by the
Administration and payment was delayed until Oct. 17. The Nov. 1
dividend is being paid to-day at the reuuced rate. It is hoped that after
the compensation is fixed, the Administration will permit us to return to
the former 7% basis and to make up the amount of 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 Canada.—Construction Fund.—

See Great Northern Construction Co. under "Industrials" below.—
V.84, p. 794.

Government Control of Railroads.—Roads
Federal Control and Names of Officials in Charge.—:

Under

[VOL. 107.

of $100,000,000—of First Refunding & Collateral Mortgage bonds, payable
in 25 years and to bear interest at a rate not exceeding 6% per annum;
and authorizing an issue of $15,000,000 of five-year 6% gold notes of the
company to bo issued under the terms of a trust indenture under which so
many as may be necessary of such issue of bonds are to be pledged as
collateral. [The date of this stockholders' meeting appeared erroneously
last week as Dec. 4.] For official circular as to new issue see V. 107.
p. 2098.

Guaranteed Bond Payment.—
See Morningside Electric Street Ry. above.—V. 107, p. 2098, 1837.

Philadelphia Rapid Transit Co.—Appeal Filed.—

This company has filed in the Pennsylvania Supreme Court an appeal
from the recent Common Pleas Court decision against the company in the
cases of ten subsidiary companies to determine the liability for payment
The "Railway Review"in its issue of Nov.30 has compiled and published of the Federal war and excess profits taxes.
as a supplement, an "Organization Diagram of the United States RR.
The Continental Passenger Ry. one of the subsidiary companies against
Administration," giving also a list of railroads under Federal control, and which the decision was
rendered, also filed its appeal.—V.107,P. 2009, 1573.
the names and titles of officials in charge.—V. 107, P. 1836, 1669.

International Ry., Buffalo, N. Y.—Deposits Invited—
Committee.—The committee named 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.

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 Traction Co.,$8.750; total, $186,735.
The committee says: "In view of the non-payment of the interest due
Judge Charles P. On and Judge W. S. Thomson in the United
on Nov. 1 1918, on the above bonds, it has become desirable for the bond- District Court at Pittsburgh on Nov. 29 appointed William R.States
holders to unite for the protection of their interests. All bonds deposited referee in bankruptcy, master In the receivership proceedings. The Blair
should have attached the coupon maturing Nov 1 1918 and all subsequent empowers him to investigate the payments of fixed charges, rentals, order
bond
coupons."
interest, improvements, the keeping of separate accounts of receipts and
Committee.—Charles W. Beall, Chairman, Harris, Forbes & Co., N. Y.; disbursements of underlying companies and to harmonize the relations beFrancis E. Frothingham, Coffin & Burr, Inc., Boston and N. Y.•, Arthur tween the receivers and others at interest.—V. 107, p. 2098, 2009.
Perry, Arthur Perry & Co., Boston; Richard B. Young, E. H. Rollins &
Sons, N. Y.; Sullivan & Cromwell, Counsel, with Raymond Spellman,
Portland (Me.) Terminal Co.—Federal Manager.—
Secretary,61 Broadway, N.Y. Compare statement by President Connette
The jurisdiction of D. C. Douglass, Federal Manager of the Maine CenIn "Chronicle" of Nov. 9, p. 1837.—V. 107, p. 2097.
tral RR.,has been extended over this company.—V. 107, p. 1385.

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.—

Mupons 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,61 Broadway, N.Y.,on and after Dec.2.

Advances by U. S. Govt.—
See preceding pages in this issue.—V. 107, p. 1837. 1747.

Missouri Pacific Ry.—Advances by U. S. Government.—
See preceding pages in this issue.—V. 107, p. 182, 1004.
Morningside Electric Street Ry.—Coupon Payment.—

The coupon due Oct. 1 on the $200,000 First Mortgage gold bonds, guaranteed 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.—

Rochester Railway & Light Co.—Obituary.—
See New York State Rys. above.—V. 107, p. 1197.

Richmond Fredericksburg & Potomac RR.—Suit.—
The Commonwealth of Virginia on Nov. 29 filed suit against this company, and the Richmond & Petersburgh Railroad Connection Co. for the
purpose of 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.

Rockford (Ill.) & Interurban Ry.—Fares.—
Judge Carnes in the Circuit Court at Rockford, Ill., on Nov. 22 granted
an injunction restraining the Attorney General and the Illinois P. U.
Commission from interfering with the company's advance of passenger
rates to 3 cents a mile..—V. 98, p. 691.

St. Paul Union Depot.—Director.—
S. M. Felton, President of the Chicago Great Western RR., succeeded
Vice-President Park as a director.—V. 107, p. 1838.

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 73/2% $562,500 First Mtge. Bond
Secured'
3-year 7% notssiltated Aug. 1 1918, due Aug. 1
1921. A circular shows:

The following new directors have been elected: In Mexico City, Frederick
Adams, Carlos Basave y del Castillo N., Victor L. Nance, Jose V. Burgos,
Lic, Luis Cabrera, Elias S. A. de Lima, Mario Mendez, Rafael Neito,
Francisco Puga, Lic. Julian Ramairez Martinez, Ignacio S. Rodriguez,
Lie. Fernando Gonzalez Rao. In New York, Henry Bruere, Alfredo
"Passed by the Capital Issues Committee as not incompatible," &c.
Catureglia, Ramon P. Denegri, J. J. Hanauer, J. Hirschman, Jesus
Interest F. & A. at Salt Lake City, Chicago or N. Y. Denom. $100,
Martinez, Lie. Juan B. Rojo, W. T. Rosen, H.[H. Weluthane. V. 107, $500
and $1,000c. Optional at 101 and int. to Aug. 1 1919 and thereafter
p 1385.
at 101 and int. to Aug. 1 1920, and thereafter at 100 and int. to Aug. 1
1921. Coupons payable, so far as the company lawfully made so so, withNew Orleans Ry. & Light Co.-6-Cent Fares Legal.— out
deduction for normal Federal income tax. Northern Trust Co.,
Judge H. G. Cage of the Civil District Court at New Orleans on Nov. 25
Trustee.
upheld the legality of the 6-cent fare ordinance enacted by the Commission Chicago,
Security.—Secured by deposit with trustee of $750,000 1st M.6% bonds,
Council and put into effect by the company.—V. 107, p. 1579, 1482.
due 1944, at the ratio of 133 1-3% of bonds to notes. Additional notes
to 31,000,000 are authorized to be issued only against the deposit of
New York Central RR.—Advances by Govt.—Obituary.— up
133 1-3% of 1st M. bonds, when the net earnings are 1 Y
4 times the interest
See preceding pages of this Issue.
on
all
the bonds and notes outstanding. The total 1st M. bonds issued is
See New York State Rys, below.—V. 107. p. 1920, 1579.
$2,000,000, of which $1,250.000 are outstanding and $750,000 deposited
collateral for these notes. Additional bonds issuable only for 75%
New York State Railways.—Rochester Fares—Obituary. as
of the cash cost of improvements, &c., when net earnings are 1 yo, times
The Rochester Common Council has recommended denial of the applica- all bond interest requirements (See description in V. 102, p. 801, 438.)
tion of the company for permission to charge a 6-cent faro in Rochester.
Property.—These notes are the direct obligation of the company, which
Horace Ellsworth Andrews, President of this company, Mohawk Valley owns and operates 76 miles of electric railway in and between Salt Lake
Co., Rochester Ry. & Light Co. and a director of the New York Central City, Provo and Payson, with a branch to Magna, Utah, serving about
and Michigan Central RR.'s and several other railroad and banking 175,000. The read was placed in operation between Salt Lake and Provo,
corporations, died of pneumonia on Dec. 1.—V. 107, p. 2098.
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 80-1b.
Northampton Easton & Wash.Trac.Co.—Fare Increased. steel
rails in cities, 75-1b. between Salt Lake and Provo, and 65-rail between
The New Jersey P. U. Commission has authorized this company to in- Provo and Payson, with other construction of similar grade. Except in
crease its fares to 7 cents in each zone. On March 11 last fares were cities, the road is all on private right of way. Power is purchased from the
advanced from 5 to 6 cents.—V. 107, p. 604.
Utah Power & Light Co. The company has a half interest with the Bomberger Electric road in the Salt Lake Terminal Co., owning terminal facilOregon Electric Ry.—Coupon Payment.—
ities in Salt Lake City. It connects there with territory north of Salt
The interest, due Nov. 1, on the $2,000,000 First Mortgage bonds, Lake City.
payment of which was delayed because of changes resulting from the transTerritory.—The tributary territory is rich and rapidly growing. Among
ferring of management to the U. S. Railroad Administration, is now being the communities served are.Salt Lake, Taylorsville, West Jordan, South
paid at the Columbia Trust Co., N. Y. City. The company's common Jordan, Riverton, Lehi, American Fork, Pleasant Grove, Provo, Springstock is held by the Spokane Portland & Seattle Ry.—V. 95, p. 1274.
ville, Spanish Fork, Salem and Payson, with a branch to Magna, the location of the great ore treatment plants of the Utah Copper Co.
Pennsylvania Railroad.—Government Contract Ratified.— Earningsfor Twelve Months Ending June 30 (Gross earnings in year 1917-18
The stockholders have ratified the Federal operating contract, compensawere $538,367).
tion being named as $53,603,427. The contract covers the Pennsylvania
Year—
1017.
1916.
1918.
1915(11 mos.)
RR.and subsidiaries operated or wholly owned east of Pittsburgh. Separ- Net, after taxes
$150,446
$113,630
$188,440
$62,341
ate contracts are being negotiated for lines west of Pittsburgh, Erie and Interest on $1,250,000
Buffalo, and for Eastern subsidiaries owned only in part.
6% bonds
75,000

In connection with the announcement of the amount of
compensation, President Samuel Rea, made the following
statement:

Balance
$113.630
$62,341
$150,446
$113,440
Interest on $562,500 notes (this issue)
$39,375
Security.—Tho 6% bonds deposited at 75% to secure this issue are a
first mortgage on all the property. The stockholders have made a cash
The compensation received from the Government, under the terms of investment greatly in excess of the amount of the
there is a
the contract, as well as the income derived from investments, must be used large equity for the protection of the bondholders. bonds, so
to pay bond interest, rentals and all other fixed charges of the company's high as 102 before the United States entered the war. These bonds sold as
concern, also deficits incurred by branch line companies which are not
extenpermanent
fund
Purpose of Issue.—To
indebtedness incurred for
self-supporting.
sions and improvements.
After such fixed charges and payments are made, the net Income of the
Management.—W. C. Orem, Salt Lake City, is President.
company will, in the opinion of the directors, be sufficient to continue
[The Palmer Bond & Mortgage Co., Salt Lake City, aro also interested
the 6% dividend upon the capital stock,and have a moderate annual surplus in the above offering.i—V. 107, p.
1102.
during Federal control.
The stockholders, by the resolutions adopted, have given the directors
Southern
Pacific
Co.—Advances
by U. S. Government.—
execution,
if.
In
amend
the agreement before pr after
power to
their judgSee preceding pages of this Issue.—V. 107, p. 1921. 1670.
ment, it is considered to the company's interests to do so. They also conferred upon the directors authority to join with the Pennsylvania Co. In the
Southern Railway.—Advances by U. S. Government.—
execution of an agreement for the compensation covering the lines of the
See preceding pages of this issue.—V. 107, p. 1921, 1670.
Pennsylvania Railroad System west of Pittsburgh. The entire capital
stock of the Pennsylvania Co.Is owned by the Pennsylvania Railroad Co.
Spokane Portland & Seattle Ry.—Sub. Co. Interest.—
See Oregon Electric Ry. above.—V. 107, p. 1102.
Advances by U. S. Government.—
See preceding pages of this Issue.—V. 107, p. 2098, 2009.
Texas & Pacific Ry.—Advances by U. S. Government.—

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 Authorizing 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 mortgage upon the property and franchises of the company to secure an Issue




See preceding pages in this Issue.—V. 107, p. 1482, 803.

Toledo St. Louis & Western RR.—Treasurer.—
A. L. Ungewitter, assistant to the receiver, has been appointed Treasurer
and Assistant to the President and receiver.—V. 107, p. 2098, 2009.

Toledo Terminal RR.—Treasurer, &c.—
A. L. Ungewitter has been appointed Assistant to the President and
Treasurer. C. S. Sikes has been appointed Vice-President and Bryan
Thomas, Secretary.—V. 107. D. 1838.

DEC. 7 1918.]

THE CHRONICLE

Toronto Railway.—Sale of Two-Year 6% Notes.—Wm.
A. Read & Co. have sold at a 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. & Says. Bk., Chicago.
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%.
"Passed by the Capital Issues Committee as not incompatible," &c.
Data From Letter of Sir Wm. Mackenzie, Pres., Toronto, Nov. 7 191811I
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 exceeding par and int., being sufficient to retire the entire 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 434% bonds of
1921,$2,730,000;6% gold notes, due Dec. 1 1918 (to be refunded by present
Issue), $1,000,000; capital stock paid up, paying 4% per annum, $12,000,000.
The sinking fund retires $227,500 1st M. 434 bonds annually and has
already retired $1,820,000.
Earnings.—For the eight months ended Aug. 31 1918, gross earnings
wore $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 of
$1,628,580 for the same period in 1917. Undivided surplus as at Aug.
31 1918 nearly $6,000,000.
1916.
1917.
1915.
1914.
Calendar Years—
$6,291,759 $5,973,161 $5,694,136 $6,127,097
Gross earnings
1,241,698
1,496,915, 59,8 6
1,400,160
Net income
156,122
146,888
167,357
Interest charges. &c
182,500
$1,094,810 $1,340,793 $1,192,489 $1,267,660
Surplus
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 represent 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.—
107, p. 1580.
V.'

Underground Electric Rys. in London.—Tramways
Bill.—The London "Tramway and Railway World" in its
issue of Nov. 2 said:
The London United Tramways are seeking powers to enable the undertaking to be carried 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 Metropolitan area.
For the company, Mr. Honoratus Lloyd, K. C., stated that they had
no money to pay dividends on ordinary or preference shares, no money
to pay debenture interest, a receiver in possession, and no money to carry
out renewals. It was proposed to jettison £1,500,000 of capital, and to
provide £400,000 for reconstruction, besides providing a reserve for renewals. 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
Jor a penny at Acton and Ealing), and for powers to revise fares and to
fcarry 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 he 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. D. 803.

Union Pacific RR.—Judge Lovett Returns—Acquisition.
has resigned as Director

2189

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 subscription 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.
Interest J. & D. Denominations $1,000 and $500 c*. Trustee, Mercantile Trust & 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 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
passenger 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 & Tennallytown
By. Co., Washington & 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.
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 extensions, 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 company and sub. cos. are 1%
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 prepayment 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.
Earnings of Company and Subsidiary Companiesfor Calendar Years 1914-1917
and Year ended Sept. 30 1918.
Years (all 8)—
1914.
1915.
1916.
1917.
1917-18.
Gross income
5,082,326 5,213,955 5,566,975 5,529,562 6,621,629
Net earnings
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
Balance
1,228,300 1,391,333 1,537,831 917,748 1,226,984
* After 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 put into effect.
The amounts collected, however, in excess of such new 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 the P. U.
Commission has granted a straight 5-cent fare from Dec. 11918. We estimate that this increase will add $500,000 to gross earnings, which, however, 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.—

of the Division of Capital
Judge Robert S. Lovett
The New York P. S. Commission on Dec. 4 gave a
the
Expenditures of the Railroad Administration, and will, it is announced, joint petition of this corporation and the Schenectady hearing upon Co.
resume his position as executive head of the 'Union Pacific RR., assuming of Schenectady for authority to the Adirondack companyIlluminating
to
take
over
the
See
United States Rubber Co. under property and franchises of the
the duties of President on March 1.
Schenectady Illuminating Co. Electric
"Industrials" below.
power and lighting service in about ten or twelve counties are involved in
the
over
property
took
of
27
and
will operate the the proposed plan to unify six power corporations under the
This company on Nov.
control of the
Salina Northern RR. Improvements, it is understood, will be undertaken Adirondack Electric Power Corp of Glens Falls.
at once.—V. 107, p. 1386, 1194.
The sale by the Schenectady Illuminating Co. also involves the transfer
to the Adirondack corporation of these corporations, to be acquired by
Union Traction Co. of Philadelphia.—New Director.— the
Schenectady Illuminating Co. by merger.
Arthur V. Morton has been elected a director to succeed James Gay,
The Adirondack company also petitioned the Commission for authority
deceased.—V. 103, p. 1302, 1120.
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
Utah Power & Light Co.—Offering of First Mtge. 58.— out the proposed purchase. The Schenectady Illuminating
Co., which is
to take over the four other corporations, has about 20,000 consumers in
Harris, Forbes & Co., N. Y. Harris, Forbes & Co., Inc., Schenectady.
Steps to bring about a unification of the corporate interests
Boston, and the Harris Trust
' & Savings Bank, Chicago, were first started about three years ago.—V. 107, p. 2099.

are offering at 893/2 and int. $2,847,000 First Mtge.5% gold —Advance-Rumely Co.—Offering of 6% Pref. Stock.—The
bonds of 1914, due Feb. 1 1944, making the total amount Central Bond & Mortgage Co., Chicago, report in subst.:
outstanding $23,566,000. Int. A. & 0.
Incorporated Dec. 14 1915 in Indiana, as successor of the M. Rumely

"Passed by the Capital Issues Committee as not incompatible," &c.
Co. and its subsidiary, the Rumely Products Co. The company is engaged
the manufacture of tractors, gasoline engines, trashing machinery, and
Data from Letter of V.-Pres. George E. Claflin, N. V., Nov. 28 1918. In
similar products, its business having been established in 1853. The
Company.—Owns and operates large hydro-electric and steam develop- other
capital stock authorized and issued consists of
ments and transmission lines, serves with electric light and power an ex- $12,500,000 6% cum. preferred, par $100 a share. $13,750,000 stock and
Utah
in
and
territory
Southeastern Idaho. Also serves through its
tensive
As of Dec. 31 1917. the net quick assets after deducting all indebtedness,
subsidiary, the Western Colorado Power Co., an important section in Including
debenture debt not due until 1925, amounted to $11,015,396,
Southwestern Colorado. The company has leased for 99 years from Jan. 1 equivalentthe
to about $90 per share on the total issue of pref. stock. The
and
power
and gas properties of the Utah Light & total indebtedness
1915 the electric light
of every kind and character was as follows:
Traction Co. all of the capital stock of which is owned. The Utah com- debt, due in 1925, $3,263,000; current liabilities—not due, Debenture
$369,845;
pany guarantees the bonds of the Traction company. Through this lease total indebtedness, $3,632,845, as against available quick assets of 314,and through property directly owned the company now does the entire 648,241 as follows: Cash, $2,594,167; Liberty bonds and other investelectric light and power business in Salt Lake City and the entire electric ments, $1,153,505; notes and accounts receivable, net, $3,618,790; invenlight and power and gas business in Ogden.
tories, $7,281,779. In addition the extensive manufacturing plants are
Capitalization (After Present Financing)—
Authorized. Outstanding. valued in the annual report of Dec. 31 1917, at $3,716,993.
_ -----------------------$35,000,000 $30,000,000
The net earnings available for the payment of dividends on its preferred
Common stock
Preferred (7% cumulative)
15,000,000 a8,000,000 ,stock have been as follows: Cal. year 1916, $283,479, or 2.27%: 1917.
10,000.000 b4,937,000 $550,557, or 4.40%; 1918, estimated, $1,500,000. Pref. dividends (none
Second preferred (7%, cumulative)
First Mortgage 5s
100,000,000 c23.566,000 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,
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. Can., and Stillwater, Minn. (storage).
La Porte, Ind.-19 main buildings, as follows: (a) Separator, steam
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- 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 emcured gold notes, which have been called for payment.
ployed 400 men. (b) Oil pull plant, which
of fireproof construction,
Earnings (Incl. Western Colorado Power Co.) Year ended Oct. 31 1918. equipped with modern appliances, &c. The is
$5,522,150fAnn. Int. on First M. 5s_31,178,300 ploying, when at capacity, about 2.500 men. site includes 170 acres emGross earnings
'Balance
Net aft.maint.,rent.& tax $2,861,267
$1,682,967
During 1917 the company began the erection of an additional warehouse
Property.—Owns hydro-electric generating stations with a total installed 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
capacity 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- modernly equipped. About 700 men are employed when operating at
tion Co. have a combined rated capacity of 29,800 k.w., of which 13.800 capacity. Floor space aggregates 450,000 sq. ft.
During 1917 the company obtained a contract for the manufacture at
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- Battle Creek of marine boilers for the U. S. Shipping Board Emergency
electric capacity of 2,350 k.w. The total installed capacity of the plants Fleet Corp., and this contract should engage the boiler shop at Battle
owned and leased is 150,872 k.w., of which 124,907 k.w. is hydro-electric Creek throughout 1918.
Toronto, Ont.-10 main buildings of brick and concrete construction,
and 25,965 k.w. Is steam. To take care of new business, the construction
of 26,500 k.w. additional capacity has been joartially completed. For modernly equipped, employing when at full capacity, about 700 men.
Advance-Rumely
Co. owns in addition to its manufacturing plants,
1751.
2764.—V.
107, P. 2104,
further data see V. 106, D.




2190

THE CHRONICLE

through its subsidiary companies, a number of warehouses and branch
offices situated in different parts of the United States and Canada.
Controlled Companies.—The company owns the entire capital stocks
(excepting directors' qualifying shares) of Canadian Rumeiy Co., Ltd.,
organized in Ontario, Can., with an authorized capital stock of $1,000,000.
The duration of its charter is perpetual. Also owns the entire capital
stock (except directors' shares) 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 Advance,Rumely Co. The duration of its charter is perpetual.—V. 107. p. 2099.

Aetna Explosives Co., Inc.—Tentative Plan.—
The committee of lawyers, who as representing leading interests in the
company, were appointed by Federal Judge Julius M. Mayer on Nov. 4
to formulate a reorganization plan made reports to the court on Dec. 2,
presenting, as outlined in the daily papers, three divergent plans, viz.:
(a) Chairman Royall Victor wishedcash payments of 90% of par to be
made on the bonds and 85% on the pref. stock, with new 1st pref. stock
to cover the remaining 10% on the [$2,382,6001 bonds and a further 30%
on the [35,322,650] 7% pref. stock, the accumulated divs. aggregating 14%;
(b) G. M. Brooks, representing Josiah Howard, a large holder of pref.
shares, would be willing to settle with the pref. stockholders at 857
0 of par
in cash with no pref. stock distribution; (c) the other members, John B.
Stanchfield, James N. Rosenberg, Henry Wollman and Samuel Stressbourger 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 this 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 off in twelve equal
annual installments, or at the rate of 8M % per annum.
Pref. Stock.—The deferred dividends aggregate 14% ($745,000). Laying aside any questions of law, it is but just that the plan should contemplate the payment of this 14%. This amount has been earned by the
receivers 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.), 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 manufacturing endeavor [hydro carbon products have been suggested—Ed.]
It is vital, therefore, that the now 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, 35,322,650; accumulated pref. dividend, $745,171; total, $8,450,421; 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; 207 on pref.
stock, $1,064,530; accumulated dividends, $745,171; total, 33,924,041.
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.
Assuming 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.—

[Vol,. 107.

Resumption of Merger Negotiations.—

-41

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, 13%% on the common and 1 N,%, on the preferred, both payable Jan. 15 to holders of record Dec. 16.—V. 107. I).
1006, 804.

American Writing Paper Co.—Time for Deposits Extended.—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
outstanding $11,000,000 bonds have already been deposited
under the plan dated Oct. 10 for the refunding of the bond
(which was published in full in our issue of Oct. 26 last),
therefore the time for further deposit is extended until
Dec. 20 1918. The committee says:
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 &
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
present abnormal conditions, as well as an adequate return for the entire
life of the issue. The committee considers the plan highly advantageous
to the bondholers and again unhesitatingly recommends its prompt ac-

a

ceptance.al
imea
-eg
o
cos
p. 1748, 1671.

t rg%°;1Vlaethcomrufgns

ottyeicomaIn.r

Anaconda Copper Mining Co.—Chairman.—

John D. Ryan has been elected Chairman of the board of directors and
also President of the United Metals Selling Co.

Interest in Inspiration Consolidated Copper Co.—

The "Boston News Bureau" of Dec. 2 sr id: • The election of C. F.
Kelley, President of Anaconda Copper Minh).- Company and Vice-President of Greene-Cananea. Co. to the Presith ,icy of Inspiration Consolidated Copper Co.(V. 107,D. 2101) would tic m to indicate that Anaconda
has secured 'virtual control of both Greene and 1 nsr,(ration. Anaconda
as of Dec. 31 1917, owned 56,600 shares of Greene e .d 250,900 shares of
Inspiration, more than 21% of the latter. While A acondo may not hold
control of Inspiration in its own name, there is every reaFon to believe that
the stockholdings of Colonel William B. Thompson, who iesigned from the
Presidency of Inpsiration, have been taken over by Anaconda interests."—
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 Inspiration 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.
1918-11 Mos.-1917. Increase.
22,600,000 21,666,000
934,0001275,934.000 233,027,469 42,906.531
—V.107, p. 2099, 2010.

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 Jacksonville plant will
be increased from $4,000,000 to 38.000.000 per annum.

Federal Trade Commission Report.—
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
See Swift & Company below.—V. 107, p. 2099, 1748.
authority to pay off the final 25% dividend to merchandise creditors,
Bingham Mines Co.—Dividend.-which will amount to about $145,000. A question arose at the hearing,
however, between counsel for the receivers and counsel of the general
A dividend No.7 of 50 cents a share has been declared on the $1,500,000
creditors' committee, including the New York Trust Co., as to just when stock (par $10) from the earnings of 1916, payable in U. S. Liberty 43%%
interest on the merchandise creditors' claims should begin. Judge Mayer bonds on Dec. 31 to holders of record Dec. 20. This makes a total diviaccordingly adjourned the matter pending some agreement as to the dend distribution of $2 50 per share during the calendar year 1917.—V.
question of interest.—V. 107, p. 1921, 1838. 18331
107, 1)• 1103
'
Alaska Gold Mines Co.—Ore Milled (Tons).1918—November-1917. Decrease. 1918-11 Months-1917.
81,56511,168,139
2,075,126
175,960
94,395
—V. 107, p. 2099, 1838.

Decrease.
906.987

Allis-Chalmers Mfg. Co.—Accumulated Dividend.—
of 1% has been declared on the pref. stock on account
A dividend of
of accumulations, in addition to the usual quarterly dividend of 1X%,both
payable Jan. 15 to holders of record Dec. 31. By the present payment of
the Yi 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 pneumonia 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. below.—V. 107, p. 1670, 1386.

American Gas Co., Philadelphia.—Dividend Status.—
An exchange journal says: "Interests close to the management say
resumption of 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 Schenectady plant of this company
Is 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.

American Steel Foundries Co.—Extra Dividend.—
An extra dividend of 13%% has been declared, payable in
% Liberty
both payable Dec. 31
bonds, in addition to the regular quarterly of 13%
to holders of record Dec. 14. 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 capitalization 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.

American Sugar Refining Co.—Restrictions Reduced.—
See page 2051 in last week's issue.—V, 107. p. 1194. 1103.

American Sumatra Tobacco Co.—Only New Stock Issuable Is 15% Stock Dividend.—
We are officially informed that of the new stock as increased to $15,000,000 the directors have decided to make no increase in the outstanding
amount other than the declaration of the 15% stock div. See V. 107, p.2099.




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 mt.
yielding about 63%,$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, $2,106,000; at present outstanding, $17,894,000.

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," &c.
Data From Letter of V.-Pres. Stephen Birch, Dated Nov. 25 1918.
Security.—The company owns all the bonds and stock of the Braden
Copper Co. (the operating company), and has pledgedsuch 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 320,000,000 or $666,666). to be paid each six months (F. & 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 and
canceled sfnce Feb. 1 1917 32,106,000 bonds, and 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 Rancaqua, Chile, owns about 16 acres for railroad terminals; also has a concentrator 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
part of the 18th century. The Copper company acquired the property
In 1904. The ore is a concentrating sulphide ore, in an extinct volcano.
Ore reserves as 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 340.4,000,000. On the
basis of a daily extraction of 10,000 tons, this gives a life of 40 years based
on proven ore, or 27 years beyond the maturity of the bonds. The present
rate of extraction is 5,600 tons, at which rate the life of the mine on proven
ore would be over 70 years.
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 actually delivered, were as follows:
Copper sales
$18,244,012 Net profit on sales
*38,525,602
Cost, incl. taxes
9,718,410 Other income
784,505
Total for interest and sinking fund on 6% bonds, dividends and
depletion'
*39,310,107
Annual interest on 317,894,000 6% Sinking Fund gold bonds
outstanding
31,073,640
•
* These earnings do not include profit on copper on hand and sold, but
undelivered. The amount of profit on such copper on hand is approximately $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

2191

Adjusted Balance Sheet Aug. 311918. (Total each side, $52,013,102.)
Carbon Steel Co., Pittsburgh.-Extra Dividend.An extra dividend of 3% on the common stock has been declared in addi(After giving effect to the present is.sue of bonds.)
$29,153,955 Stock, 2,590,700 shares,
tion to the regular quarterly dividend of 27, both payable Jan. 15 to holdProperty
no par value
447,140
$12,953,530 ers of record Jan. 10. The annual dividend of 6% on the second preferred
Investments
Supplies, &c., at cost_ -- 7,899,399 6% Skg. Fd. gold bonds_ 17,894,000 was also declared, payable July 30 to holders of record July 26 1919. The
4,743,644 Accounts payable, &c_ _ _ 4,002,729 company has declared the full dividend of 8% on the first preferred, payCopper at cost
9,496,858 able 4% on March 31 to holders of record March 26 1919, and 4% on Sept.
Other items in transit_ _ _ 2,113,225 Reserves
7,665,985 30 to holders of record Sept. 26 1919.-V. 107, p. 2010, 1746.
487,790 Surplus
Accounts receivable_ -832,633
Cash
Chesapeake & Delaware Canal Co.-Sale to Government.
Prepaid and def. accts.._ _ 6,251,347
$52,013,102
Total each side
It is proposed that the Government will pay $2,514,000 for the prop-'
83,969
Sinking fund
of this company under an agreement tentatively reached between the
erty
The total assets as of August 31 1918 aggregated more than $50,000,000, of which $17,000,000 are represented by the reserves and surplus company and the War Department.-V.107, p. 1387. 504.
made
been
issue
of
present
the
Had
$5,000,000
up.
built
that have been
Chino Copper Co.-Output (in lbs.).as of Aug. 31, quick assets would have amounted to $16,076,691 and
1918-November-1917. Increased 1918-11 Months-1917. Decrease.
current liabilities $4,002,729, leaving net working capital of 312,073,962.
6,464,285
151.013173,129,697 74,305,366 1,175.669
of
stock
6,313,272
Corp.
the
of
owns
all
Copper
99% of
Control.-The Kennecott
the Braden Copper Mines Co., for which Kennecott paid with 800,000 -V. 107, p. 1839, 1387.
shares of its own stock. Over $30,000,000 has been spent on the property
Childs (Restaurant) Co.-Profits.for construction and development.-V. 107, p. 606, 183.
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
Brooklyn Edison Co., Inc.-New Name, dec.average cost per meal of 27.26 cts., making a net 'profit on the meal of 1.78
See Kings County Electric Light & Power Co. below.
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
Burns Brothers, N. Y.-Coal Investigation-Earnings.- each
meal, after deducting administration and general expenses and depreSee preceding pages in this issue.-V. 107, P. 1922, 1581.
ciation, were as follows: 1913. 1.83 cts.; 1914, 1.34 cts.; 1915, 1.20 eta
1.84 cts.; 1917, 1.78 cts.
1916,
Co.
Quarter
-Report
Mining
for
Butte & Superior
As to 1918, the Auditor's statement adds: "Upon the assumption that
Ended Sept. 30.-Pros. Jackling, Nov. 11, wrote in subst.:
the administration, general expenses and depreciation for 1918 will result
The following statement shows the principal operating features for the 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
quarter as compared with those for the second quarter of 1918:
Third
Second represent three-fourths of a cent per meal."-V. 107. p. 2100.
Second
Third
Quarter. Quarter.
Quarter. Quarter.
Clyde Steamship Co.-Private Ownership.Cost per TonOre milled, dry tons_ _108,182 114,716
See Merchants'& Miners' Transportation Co. below.-V.106, p. 1798.
$8.2078 $7.0247
Avg. zinc content(%) 15.647 16.242 Direct mining
3.0145 2.8841
6.154 Direct milling
do silver, ozs. per ton_ 6.331
Colonial Oil Co.-31% a Share in Liquidation.Zinc concentrates,tons 29,683 32,653 Other excl. freight.._ 1.1134 1.5363
The company has declared a dividend of 31% in liquidation, payable on
$12.3357 $11.4451
51 9708 51.882 Total cost
Zinc In above,%
presentation of certificates of stock at its offices, 17 Battery Place, New
do Total, 1000 lbs. 30,853 33,882
York. This is the final dividend to be paid on the stock, and makes a total
There was a decrease in tonnage of ore milled as compared with the first of
181% distributed to shareholders since they voted to liquidate the
and second quarters, due to a further shortage of labor, but ending with company,
in Nov. 1915. The other dividends paid in liquidation were.
than
normal.
The
loss
greater
of
10%
part
operations approximately
on May 1 1916 and 50% on Nov. 20 1917.-V. 106, p. 926.
100%
development work was confined to exploration work, somewhat remote
from the ore bodies, and to Apex Litigation development.
Columbia Gas & Electric Co.-Gasoline Output.A further increase in mining and milling costs has occurred due to an
Production of gasoline, as reported by A. B. Leach & Co., Inc.:
advance at the beginning of the quarter of 50 cents per day in the wage
1917.
1918.
Company's Gasoline Productionscale, and to decreased efficiency due to a greater proportion of inexperienced For
295,158
gallons_ 317,897
week ended Nov.22
workmen employed. The direct mining and milling costs were $1 31 per From
gallons_10,671.632 10,153,558
Jan. 1 to Nov. 22. 463 weeks
ton higher than during the previous quarter.
for this
million
per
yield
"The
subst.:
in
reports
Vice-Pres.
Cartwright
Financial Results of Operations for the Third and Second Quarters of 1018. week is the highest for any week since the plants were started. The yield
Second
Third
Third
Second
our record
by
only
exceeded
been
has
which
on
gallons,
22
Nov.
was
51,420
Quarter.
Quarter.
Quarter. Quarter.
Concentrates:
day last spring, when we made 51,600 gallons. All conditions are much
Total aforesaid InNet value zinc,
1387.
$1,122,021 $1,124,895 come
$1,479,949 $1,441,319 mproved, particularly the yield per million."-V. 107, p. 1671,
mills
302,609 Open costs, taxes.
Net value lead_ 342,226
Co.,
Balto.
Power
&
Light
Electric
Gas
Consolidated
13,816
15,702
1,334,502 1,312,932
ctc
Miscel. Income._ _
The Maryland P. S. Commission on Nov. 26 handed down an order
$145,448 $128,387 permitting
Balance profits
the company to increase its secondary gas rate from 35 to
The above statement includes charges for Germania operations and a 50 cents per 1,000 cubic feet, but denying the company's petition for percharge for depreciation, but none for depletion. Reserves, estimates to be mission to increase its primary rate from 75 to 85 cents.-V.107, p. 1476
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
Consol. Interstate-Callahan Mining Co.-Earnings.returns was 8.6954c. per pound.
Results for Three and Nine Months ending Sept. 30.
The contract with the American Metal Co. for disposition of our con1918-9 Mos.-1917.
1918-3 Mos.-1917.
centrate production has been modified and an agreement made whereby Total net income
$653,027 $1,176,141 $2,000,799
$270,710
we dispose of a definite monthly tonnage to the Metal Company, leaving Operating costs
$845,041
$797,218
$283,831
$220,959
1113 in a position to make contracts at will for the sale of the balance.
169,039
22,790
622
Cost of improvements
66,090
Rapid progress was made with the developments at the Germania shaft,
a total of 1,131 feet of crosscutting having been completed during the
$986,719
Surplus
$356,133
$49,128
$303,106
period, leaving the breast of the crosscut 1,195 feet from the shaft.
total production for the quarter was taken from the tailings dump,
At a point about 1,100 feet from the shaft station a vein formation about noThe
ore coming from the mine. From this there was milled 42,661 tons, of
30 feet wide was cut believed to be the objective of the crosscut, but its which there was recovered and shipped 8,129,308 lbs. of zinc, 62,222 lbs. of
this
is
date
to
developments
not
promising.
by
shown
character as
and 990 ounces of silver. No dividend was declared during the quarter.
On Aug. 9 the appeal in the Apex Litigation was docketed in the U. S. lead
President John A. Percival further says:
Supreme Court. A motion to dismiss the appeal Is noticed for Nov. 18.
high operating costs for the quarter are chiefly due to the extensive
"The
of
bill
complaint,
which
on
was
trial
set
supplemental
for
The trial of the
done and the alterations and repairs on the mill. The
Oct. 17, was vacated prior to this date owing to the appeal in the U. S. development work
work cost $61,862 and repairs and alterations cost $38,447.
Supreme Court, and will probably not be heard until after the decision of development
which
we have been driving from the No.6 level through
crosscut
"The
dismissal.
to
as
Court
Supreme
the U. S.
Silver State property encountered the Nipsic vein 233 feet from the
In the flotation litigation, the plaintiff flied its application for a writ of the
Nipsic side line. At the intersection this vein was from 13 to 3 ft. in
certiorari in the U. S. Supreme Court on Oct. 6, at which time our answer width,
an assay showed 25.8% lead, 7.7 ounces of silver, with no zinc
was also filed. A decision may be expected at any time. Compare also values.and
This crosscut has encountered the ore 1,000 ft. below the ore body
V. 107, p. 1922, 1839.
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
Butte & Superior Mining Co.-Production.ore.
1918-Nov.-1917.
1918-11 Mos.-1917. lead-silver
•
"Development work in the mine has proved very satisfactory*, one of the
11,760,000
9,752,000
117,375,000
134,252,000
Zinc (In pounds)
most
important
disclosures being on the No. 9 level, where a continuous
225,000 2,480,000 2,326,000
185,000
Silver (in ounces)_ _ _
ore shoot has been proved for a distance of 255 feet, and the whole face of
-V. 107, p. 1922,1839.
the drift is in high-grade zinc ore."
As to recent settlement with American Metal Co. and reduction of out(The) Butterick Company, New York.-Ann. Report.- standing
stock from 464,990 to 298,303 shares, see V. 107, p. 1483.
6 Mos. June30- -Years end. Dec. 311916.
1916.
1917.
1915.
1914.
1918.
Continental Motors Co. (Detroit).-Restrictions Off.Net income_ -$300,991 $206,319 $201,724 3410.306 3458,139 $499,104
A press dispatch from Detroit states that this company, which 18 months
219,708 329,562 439,416 ;139,416
Dividends paid_
Securities Commission to keep down its
(3%) ago was ordered by the Michigan
(3%)
Rate per cent_
(154 %) (23(%)
dividends on the common stock to 6% and to reduce its good-will account
of the restrictions, the requirements of
Balance __sur.$300,991sr$206,319df$17,984 sr$80,744 sr$18,723 sr$50,688 of $5,000,000, has been relieved
the Commission having been complied with.-V. 107, p. 1840.
Consolidated Balance Sheet as of June 30 1918.
(Wm.) Cramp & Sons Ship & Engine Building Co.June30'18. Dec.31'17.
June30'18. Dec.31'17.
Geo. H. McFadden has resigned as a director of this co.-V.107, p. 1387.
AssetsReal est. Sr Impts 1,624,359 1,618,430 Capital stock_ _14,647,200 14,647,200
(The) Cudahy Packing Co., Chicago.-ReappraisalMachinery & plant 1,957,955 1,834,856 Fed.Pub. Co. bds. 178,000
184,000
Ridgway Co. bds_
63,800 Stock Dividend of 25% to Common Shareholders of Record
Patents, good-will,
Mortgages
500,000
500,000
contracts, copyAdditional 25% New
Butterick Co.notes 274,000
363,000 Dec. 15, Who May Also Subscribe for
rights, trade12,873,400 12,873,400 Bills payable-LlbCommon at Par-Remaining Book Value of Common $150 a
marks, &o
5,860
110,000
15,860 erty bonds
140,000
Stook owned
Edward A. Cudahy in circular of Nov.30
Bills payable
808,933 Share.-President
857,632
Accts. receivable92,496 Accounts payable- 376,561
360,442 wrote in substance:
Liberty bonds_ 105,007
Annual Meeting-Stock Increase.-The annual meeting of stockholders
Accts. receivable_ 2,507,054 2,301,855 Reserve for taxes_
15,000
448,024 Reserves and dePaper in stock _ _ 502,654
was duly held Nov. 29 1918. The necessary legal action was unanimously
by which the authorized capital was increased from $20,000,000
predation
1,417,843
manufact'd
taken
Mdse.
1,485,233
950,346 Surplus
and In process... 878,511
2,199,929 1,898,938 M11,449,500 being common stock, all outstanding] to $35,000,000. The
218,889
218,754
increase consists of 150,000 shares of common stock of tho par value of
Cash
$100 each (making the total authorized common stock $26,449,500, of
20,673,554 20,354,155 Total
20,673,554 20,354,155 which 317,174250 will presently be outstanding, including the proposed
Total
25% stock dividend and 25% allotment at par referred to below.-Ed.)
-V. 106, p. 1233; V. 105, P. 822.
Reappraisal.-When this company was organized and began its business,
California Wine Association.-Bond Conversion.effective Nov. 1 1915, many of its capital assets (real estate, buildings,
This company has been given permission to issue 420 shares of common plants, &c.) were entered and carried on its books at less than actual value.
stock in exchange for 35 outstanding mortgage debenture bonds which have and have continued to be so carried in lino with the conservative managebeen deposited for conversion with the Union Trust Co. on the basis of 12 ment of the company's affairs.
However, in the last few years Federal legislation and regulations by
shares of stock for each bond.-V. 107, p. 2010, 1749.
various Federal boards have been based upon the amount of "invested
books should show
Calumet & Arizona Mining Co.-Copper Production (lbs.) capital," and it has therefore become important that the "invested
capital"
1918-November-1917. Decreased 1918-11 Months-1917. Decrease. the actual value of the capital assets, so that the actual
302,000147,476,000 53,565,205 6,089,205 of the company may be accurately determined Accordingly an appraise4,200,000
3,898,000
ment has been made by Lloyd-Thomas Co., appraisers, of certain of these
-V. 107, p. 1839, 1483.
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.
Cannelton Coal & Coke Co.-Redemption.Report-Usual Dividend.-The detailed annual financial statement and
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 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.
1919 at the Fidelity Trust Co., Philadelphia.-V. 107, p. 908.
The board to-day declared the regular quarterly dividend of 31 75 per share
on common stock, payable on Jan. 6 1919 to stockholders of record Dec. 15
Carbo-Hydrogen Co. of America.-Earnings.Aug. 1918. Sept. 1918. Oct. 1018.
1918. Stock transfer books will be closed from Dec. 16 to 24, both incl.
Stock Distribution.-The legal details have now been accomplished so
$83,764
$85,131
Gross earnings
$102,119
49,905
48,272
Deduct-Operating expenses
53,398 that the board has directed a distribution of common stock (based on paid-in
to the holders of common stock at the close of business Dec. 15 1918
10,000
surplus)
10,000
Dividends on pref. stock
10,000
9,611
9,554
9,324 to the extent of 25% of each shareholder's holding.
Depreciation, taxes, interest, &c_..
Option to Subscribe.-Alco, the board decided to extend to holders of
$14_,247
$17,305
Balance for common stock
$29,498 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
(Reported by bankers interested.)-V. 107, P• 406, 293.




2192

THE CHRONICLE

of common stock will be entitled to subscribe for (and receive
such
payment is made by him on or before Feb. 6 1919) one share of when
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
Issues Committee, warrants representing the 25% of stock
distribution
and the 25% stock subscription right will be placed in the hands
of stockholders early in January 1919. The warrants will be exchangeable
regular stock certificates on and after Jan. 6 1910 upon the conditions for
set
forth therein. All new stock, when regular certificates for same
issued,
will participate in all dividends paid on common stock after Jan.are
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.
calls upon
animal producers and packers to feed the starving millionsThe
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 the 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
production in the packing industry have been exceeded. In 1913 forofthe
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 approximately 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
approximately 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 the live
and packing
industry, it would appear to me that the next four or fivestock
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.

Federal Trade Commission Report.-

See Swift & Company below.-V.107, p. 1922.

Dome Mines Co., Ltd.-New President.-

J. S. Bache succeeds J. R. Do Lamar, deceased, as President.-V.
106, p. 2454.

[vol.. 107.

Houston (Tex.) Lighting & Power Co. 1905.-Offering
of First Mtge. 5s.-Halsey, Stuart & Co. are offering at 95
and int. a block of First Mtge. 5% sinking fund gold bonds
of 1911, due April 1 1931. Int. A. & 0. in N. Y. and New
Orleans. Total outstanding, $1,903,000.
"Passed by the Capital Issues Committee as not incompatible," &c.
Data from Letter of V.-Pres. S. R. Bertron Jr., Houston,Tex., Nov,29.
Company 1905.-Incorporated Jan. 8 1906 in Texas, as successor to the
Houston Lighting & Power Co., and has been continuously and successfully
engaged in 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.
CapitalizationOutst. 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.
Security.-,A first mortgage on the entire property owned. Authorized
issue $5,000,000. The remaining $3,028,000 in escrow ($69,000 having
been heretofore retired) may be issued from time to time for 80% of the
cash cost of permanent extensions, &c., 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
capacity of 15,700 k.w. The distribution system consists of about 265
miles of overhead and undergorund lines, serving electrical energy through
21,356 meters.
Earnings for Year ended July 31 1918.
Gross earns., incl. misc. inc_$959,469 Annual interest, on First
Net after maint. and taxes_ _$372,847
Mortgage bonds
$95,150
For further data see V. 103. p. 1891.-V. 107, p. 505.

Inspiration Consol. Copper Co.-Production (in lbs.)-

1918-November
1017. 1 1918--11 Months-1917.
7,500,000
2,500,000101,175,000
74,550,000
The small output in 1917 was due to labor troubles.-V.107,p.2101. 1841

International Nickel Co.--Obituary.-

See American Bank Note Co. above.-V. 107, p. 2012.

International Paper Co.-Strike Ended.-

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 in their case.

Paper Restrictions Withdrawn Except as to Daily Newspapers.

See page 2056 in last week's issue.-V.107, p. 1575. 700.

Ivanhoe Furnace Corporation.-Sale.-

This company's property is offered for sale at a public auction to be held
at Wytheville, Va., on Dec. 14.
The property consists of a 75-ton blast iron furnace at Ivanhoe, Wythe
East Butte Copper Co.-Production (in Pounds).County, Va.: 480 acres of land in foe; 468 acres of mineral lands, containing
1918-Nov.--1917
Increase. 1918-11 Mos.-1917.
Increase. Iron and zinc ore and limestone,
Wythe and Carroll Counties, Va.;
2,050,000
2,033,000
17,000123,112,738 17,749,848 5,362,890 900 acres of iron ore lands, and 13in
acres in fee, in Washington Co., Va.:
-V. 107, p. 1841.
the Ivanhoe & Carroll RR. of about four miles, in Wythe and Carroll
,
East Butte Copper Mining Co.-Dividends Nos.3 and 4. Counties.
The furnace and principal mining plants are in the Cripple Creek MinThe directors have declared the following dividends: Dividend No. 3
ing region, at and near the junction of the main line of the Speedwell Exof 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 tension of the Cripple Creek Extension of the Norfolk & Western Ry. Co.,
Pittsmont Copper Co. This stock was acquired by the East Butte Copper 32 miles from Pulaski, Va.
Mining Co. in Dec. 1912, and has now been bought in by the Pittsmont
Kansas City Breweries Co.-Foreclosure Sale.Copper Co. to be canceled. The above dividends are payable Dec. 21
Master Commissioner Conrad H. Mann will on Dec. 16 sell the property
1918 to stockholders of record Dec. 7 1918.-V. 107, p. 1841, 1387.
of the Imperial Brewing Co. under foreclosure pursuant to the decree of
the U. S. 'District Court for the Western Division of the Western District
Essential Industries Finance Corporation.-Dissolved. of
The mortgage foreclosed was made in 1903 (V. 82, p. 337)
Announcement is made of the dissolution of this corporation organized by Missouri.
the Imperial Brewing Co. to the Germania Trust Co., Trustee, to
in September at the instance of the War Finance Corp. to undertake the secure
$200.000 First Mortgage 6% bonds of the Imperial Co. which were
financing of public utilities in need of aid, the usefulness of the organization guaranteed
by the Kansas City Brewing Co.-V. 106, p. 194.
having termination with the war. See V. 107, p. 1221.

Fifth Avenue Coach Co., New 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 79,941 cr. 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 7 1919,the date of the annual
meeting of the stockholders.-V. 106, p. 1464.

Kennecott Copper Corp.-Sub. Co. Bonds Offered.-

See Braden Copper %lines Co. above.-V. 107, p. 2102. 1841.

Keystone Steel & Wire Co.-Offering of Three-Year
Notes.-Wm. A Read & Co. are offering at 984 and int.,
to net 732%, $2,250,000 3-year 7% Secured Convertible
gold notes dated Nov. 1 1918, due Nov. 11921, 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
101 and int.; thereafter to maturity at 1003/i and int.

Ford Motor Co.-River Rouge Plant."Passed by the Capital Issues Committee as not incompatible," &c.
The River Rouge plant which is now producing "Eagles" for the Navy
Convertible at par into First Mortgage 7% Sinking Fund gold bonds,
will, it is announced, be used upon completion of present Government due
1038: denom. $1,000, $500 c*. Interest M.& N. in gold in N. Y. and
contract to construct barges for service on canals, &c.
Cleveland. Total authorized and outstanding, $2,250,000. First Trust
Mr. Ford is quoted as saying that his company has manufactured 23,000 &
Savings
Co., Cleveland, trustee. Interest payable without deduction
tractors and has on its books orders for 23,000 more.
for any Federal normal income tax up to 4%.
Henry Ford Retires.Summary of Letter of Pres. P. W. Sommer, Dated Nov. 21 1918.
Press reports state that Henry Ford has determined to retire from active
The company, started in 1889, is the second largest producer of woven
work in this company to engage in publishing a national weekly paper. wire fence in the U. S. Growth
has been continuous, gross business,
Edsel Ford, it is said, probably will succeed his father.-V.107, p. 1582.
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
Fox River Butter Co.-Balance Sheet March 31.of woven wire fence, barbed wire &c., including a new steel plant with
Assetsopen-hearth furnaces, and blooming and rod mills, producing the wire
1918.
1917. I Liabilities1918.
1917.
Plants & equipm't.$1,653,193 $1,617,912iCapital stock, pref$1,000,000 $1,000,000 rods required for finished output. The value of the property to be covered
Inventories
592,384
424,664' do common__ 1,000,000 1,000,000 by the first mortgage lien of the pledged bonds is nearly $6,000,000.
Accounts receiv'le. 773,153 1,099,088 Notes payable... _ _ 538,000
Capitalization (After Present Financing)356,000
Outstanding. Authorized.
Notes receivable
22,170
51,674 Accounts payable..
22,442
30,920 Three-year 7% Convertible notes (present issue)- _ $2,250,000 $2,250,000
Cash
318,734
133,174 Patrons' and ship
7% preferred stock
1,526,400 3,500,000
U.S. Liberty bds. 136,300
Common
stock
pers' accounts__
39,080
60,601
3,366,300
3,500,000
Deferred charges..
27,707
9,738 Accr. taxes & res.
Security.-The direct obligation of the company, specifically secured by
for war taxes..__
50,000
7,805 pledge of $3,000,000 of its First Mortgage 7% sinking fund gold bonds,
Miscellaneous_ ___
16,236
51,270 due Nov. 1 1938.
Surplus
857,883
829,585
Pledged Bonds.-To be secured by direct first mortgage lien upon the
entire physical property of the company through retirement of $1,400,000
Total
$3,523,641 83,336,281 Total
$3,523,641 53,336,281 Serial bonds now outstanding. An annual sinking fund will retire
at least
Dividends: Prof., 7% per ann., payable Jan., April, July and Oct 1, 2-3 of all bonds issued, by maturity. Additional
bonds issuable at par for
since issued. Common, regular rate, 10% per ann. from April 1913 to
only 65% of cost of additions when available earnings are at least three
date, payable quarterly on the third Monday of Jan., July and Oct. and times
interest requirements.
on the fourth Monday of April. Extra dividends: Dec. 1917, 1%; Dec.
Earnings for Years ended June 301917-18.
1915-16.
1016-17.
1916, 2%: 1915, 1%: Dec. 1914, 2%; Dec. 16 1912. 2%. Officers: H. S.
Gross profits
$1,163,450 $805,458 $640,211
Johnson, President: C. E. Cromer, V.-Pres.: N. A. Emmertz, Sec. & Treas.
Net profits after expenses and taxes_ _ __ $705,137 $394,023 $326,987
For further particulars see V. 105. p. 2002.
Sales for Six Fiscal Years.
Grasselli Chemical Co.-Extra Dividend of 5%.Year- 1918.
1917.
1916.
1013.
An extra dividend of 5% has been declared on the $15,000,000 out- Sales_ _$6,914.604 $3,600,326 $2,513,497 $1,934,637
1915.9
$1,186184,5
.81 $1,532,556
standing common stock, payable in common stock along with the regular
Net Profits.-For the year ended June 30 1918 these were $705,137, or
quarterly dividends of 15% on the common and 1%% on the preferred, practically 434 times annual interest of $157,500 on these notes. Profits
all payable Dec. 31 to holders of record Dec. 15. In March the common in the current fiscal year it is estimated will largely exceed those in 1018.
shareholders received 1% extra and in Juno and again in September 2% Participation in war work has been limited to orders for barbed wire allotted
extra in cash.-V. 107, p. 008.
and accepted as a patriotic duty.-V. 107, p. 407.
(George W.) Helme Co.-Extra Dividend Omitted.-

The regular quarterly dividends of 234% on the common
134
on the preferred have been declared payable Jan. 2 to holdersand
of record
Dec. 14.
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, ar.d not on account of earnings, which
have been very satisfactory." An annual extra of 4% was declared on the
common stock in Dec. 1915, 1016 and 1917.-V. 106, p. 1226, 1039.

Hercules Powder Co.-Extra Dividend.-

An extra dividend of 2% has been declared on the common
in
addition to the regular quarterly of 2%, both payable Dec. 24 tostock
holders
of record Dec. 14, making a total of 8% extra (2% quar.) paid for
the
year along with 1% for Red Cross. The extra cash dividends, begun in
1915, aggregated in that year 8%, in 1916 3934% and in 1017
while
in 1916 and 1917 47j% and 47% respectively was distributed4%,
in .AngloFrench bonds.-V. 107, p. 1388, 1007.




Kilburn Mills, New Bedford, Mass.-Dividend of 6%.A 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 1018.
1917
1918
Jan. Apr. Jul'.. Oct. Jan. Apr. July. Oct. Dec.16
Regular
144% 1M% 1M% 13.6% Bi% 1S% 1S% 14% -Extra
---- 2%
2%
2%
2%
2% 6%
V. 105. P. 1313.
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 & Power Co. to Brooklyn Edison Company, Inc.
"(b) 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-

r

DEC. 7 1918.]

THE CHRONICLE

quisition of additional property, the extension and improvement of the
company's plant and facilities, and the refunding or its lawful obligations;
said 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 Directors."—V. 106, p. 2:348, 1904.

Lackawanna Steel Co.—Extra Dividend Omitted.—
The regular quarterly dividend of 1 % has been declared on the $35,097,500 outstanding common stock, payable Dec. 31 to holders of record
Dec. 10.
President E. A. S. Clarke 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."
In Dec. 1916 an extra of 3% was paid with the regular 134%; in June
1917 an extra 2%%; Dec. 1917, 3j% extra, and June 1918 2M % extra.
—V.107,P. 1484.

Liberty Ordnance Co.—Plant Closed.—
The plant of this company, formerly tho Bridgeport Projectile Co. and
at present controlled by the American Can Co., will be closed Dec. 7.—V.
106, p. 2233.

payment for the new stock will be due and payable at the New York Trust
Co., N. Y., on or 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.

Milliken Bros. Mfg. Co., N. Y.—New Co.—Plant,

This company, 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 structure, with about 40,000
sq. ft. of manufacturing 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 adjoining 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 buildings.
C. T. Clack is President and Robert Grant Treasurer.—V. 106, p. 2762.

Mohawk Valley Company.—Obituary.—
See New York State Railways below.—V. 106, p. 1461.

Morris & Co., Chicago.—Commission Report.—

See Swift & Company below.—V. 107, p. 610, 185.

Mount Vernon-Woodberry Mills, Balto.—Pref. Div.—

Magma Copper Co.—Production (in Lbs.).1918—Oct.-1917.
779,102
949,455
—V. 107, p. 2013, 1582.

2193

Increase. 1918-10 Mos.-1917.
170,35318,823,471
8,718,162

Increase.
105,309

Mallory Steamship Co.—Private Control.—

The directors have declared a dividend of 334% on the preferred stock
payable Jan. 15 to holders of record Jan. 2. The initial dividend, of 236%.
was paid in Feb. 1918, and in Aug.3% was paid.—V. 106, p. 1898, 1691.

Municipal Gas Co., Albany, N. Y.—Litigation.—

See Merchants'& Miners' Transportation Co. below.—V. 106, P. 1799.

Manati (Cuba) Sugar Co.—Obituary.—
See American Bank Note Co. above.—V. 106. P. 2233. 1228.

Maple Leaf Shipping Co., Ltd.—Bonds Offered.—Imbrie & Co. recently 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,
$75,000 each. The bonds are redeemable all or part on
30 day's notice at 100M and int.

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 as 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.

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-Pros. 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
Interest M.& N. The company agrees to pay the normal United States in the price of lead, the basis being 6.75c. at East St. Louis and 7.05c.
Federal income tax, in so far as it lawfully may, not to exceed 4% a year, at Now York.—V. 107, p. 1750.
and to refund the Pennsylvania State tax.
Nevada Consol, Copper Co.—Production (lbs.).Denom. $1,000 and $500c5. Trustee, Imperial Trust Co. of Canada,
1918—November-1917. Decreased 1918-11 Months-1917. Decrease.
Toronto, Canada.
6,601,000
299,000172,831,415
6,900,000
73,787,350
955,935
"Passed by the Capital Issues Committee as not incompatible," &c.
Official permission for the issue of these bonds, as required by Order-in- —V. 107, p. 1842, 1389.
Council (3469) of Dec. 22 1917, has been duly obtained, &c.
New Cornelia Copper Co.—Production (in lbs.).Data From Letter of Pres. J. B. Simpson, Dated November 1918.
1918—November-1917. Decrease.[11 Months 1918.
6 Months 1917.
Company.—The company, incorporated in Canada, has acquired the 3,264,000
4,666,000
1,402,0001
43.142,000
15,281,164
steamship "St. Mihiel," which was launched by the Dominion Ship- —V. 107, p. 1842, 610.
Oct.
11
1918.
on
of
Toronto
building Co.
Security.—A direct obligation of the company,secured by a first mortgage
Newton Arms Co., Inc., Buffalo, N. Y.—Sale.—
on the steamship "St. Mihiel," costing $1150,000, 56% of which this
Receiver B. E. Holmes will until Dec.11 receive bids for the purchase of
bond issue represents, the balance of 44% being a cash equity of $500,000. this company's property. The business and pinat consisting of tool room
The "St. Mihiel" is a steel single screw ocean going cargo steamship, and machinery, cartridge plant, gauges, &c. &c.
having general dimensions of 261 feet over all in length; 43 feet, 6 inches in
breadth; a moulded depth of 28 feet, 2 inches, and capable of carrying a
Niagara Falls Power Co. (Consolidated).—Offering of
deadweight of about 4,200 tons.
Redemption Fund.—On Nov. 11919, May 1 1920, Nov. 11020 and May Hydraulic Power Co. of Niagara Falls Refunding and Improve1 1921, unless all the bonds of this issue shall have been previously retired. ment (Closed) Mtge. 5% Gold Bonds.—Spencer, Trask & Co.
it will deposit with the trustee in cash or in bonds of this issue, not less than are offering, to net about 5.45%, $2,000,000 Hydraulic
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 Power Co. of Niagara Falls Refunding & Improvement
equity in the vessel at the rate of 8% per annum. Whenever the monies (closed) mtge. 5% gold bonds of 1916, due Oct. 1 1951,
in this redemption fund amount to $10,000 or more, bonds shall be remaking the total outstanding (including present issue)
deemed oy purchase, or call.
Insurance.—The company will insure the steamship "St. Mihiel," for $6,500,000. Authorized amount, $10,000,000.
not loss tutu 125% of the face amount of the bonds then outstanding.
"Passed by the Capital Issues Committee as not incompatible," &c.
Management and Earnings.—The steamship "St. Mihiel" will be managed
by Christoffer Hannevig, Ltd., a Canadian corporation, under a contract Outstanding Capitalization of New Company, Including These $2,000,000 Bds.
Authorized. Outstanding.
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; Hydraulic Power Co. of Niagara Falls 1st & ref. 5s,
due
1950
Closed $3,500,000
guarantees
further
that
all contracts of the company,
and the manager
do
ref. & impt. 5s, due 1951
Closed *6,500,000
with respect to insurance, liens, taxes, repairs and payments into the
Niagara Palls Power Co. 1st M. 5s, due 1932_
Closed 10,000.000
redemption fund shall be observed.
do
Refunding & gen. mtge. 6s, due 1932.._320,000.000
8,226,000
Marconi Wireless Telegraph Co.—Government Purchase.
Capital Stock of Consolidated Company (When Exchanges are Completed.).
$11,515,400 $11,515,400
A Press dispatch from Washington states that the U. S. Government 7% cumulative preferred stock
14,484,600 14,484,567
has purchased 45 coastal stations of American Marconi Co.19 of which Common stock
are situated on the Atlantic and Gulf coasts, 16 on the Great'Lakes and 10
* Includes present issue of $2,000,000. The remaining $3,500,000 bonds
on the Pacific Coast.
The four high-power units which company retains includes Belmar-New of the auth. issue of $10,000,000 are reserved to retire the Hydraulic Power
Brunswick station in New Jersey for transmission of messages to England; Co. of Niagara Falls First & Refunding Mtge. 5s.
Chatham, Mass. to Scandinavia; Marshall-Bolinas California to Hawaii, Combined Earnings of Hydraulic Power Co., Cliff Electrical Distributing Co.
and Kokohead-Kahukee, Hawaii to Japan. The price paid by the Governand Niagara Falls Power Co. (Constituent Corp.) Cal. Year and 10 Mos.
ment is not announced, although it is said to have been definitely settled.—
ended Oct. 31 1918.
V. 107, p. 2102, 2013.
Calendar Years—
1916.
1917.
10 Mos.'18
1915.
Gross earnings from oper_$4,370,562 $5,125,592 $5,893,855 $4,791,267
Mason Valley Mines Co.—Output (in Lbs.).2.479,221
Oper. exp., taxes & insur_ 1,484,634
1,755,380
2,039,531
Decrease.; 1918-10 Mos.-1917.
1918-0a.-1917.
Increase.
383,431113,691,971
1,469,631
1,086,200
11,297,889 2,394,082
Net earnings from oper.$2,885,928 $3,370,213 $3,414,634 $2,751,737
—V. 107, p. 2013, 1582.
Other income
269,650
268,966
311,310
318,281

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 'viii also turn out cream separators and farm
tractors.
A company bearing the name "Massey-Harris Harvester Co., Inc.,"
was Incorporated Juno 25 1917, under the laws of New York, with an authorized capital stock of $3,000,000.—V. 106, p. 2233.

Total net for interest_ _$3,154,894 $3,639,863 $3,725,944 $3.070.018
Bond int.(on bonds as indicated above including bonds offered)
1,244,633
Surplus
$1,825.384
Depreciation
112,845
Pension and other reserves
18,979
[For description of bonds, &c., see V.92. p. 1639; V. 103, p. 2341; V.107.
p. 295, 699.1

Data Relative to Organization of New Co.—The following
Merchants' & Miners' Transp. Co.—Private Ownership.
data prepared by the Secretary of the company have been
received by the "Chronicle:"

The U. S. RR. Administration on Dec. 5 issued an 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 Eiec. 6 1918.—V. 106, P. 1581.

Mexican Oil Tax.—Conferences Broken Off.—

Foreign oil interests, comprising American, British and Dutch representatives, have broken off conferences with the Mexican Government.
The introduction of a new Mexican law Ignoring the property rights of foreign interests brought the matter to a crisis. The "011 Trade Journal" of
New York for December publishes the reasons for this action with a translation of the text of the now law. Compare V. 106, p. 1465.

Mexican Petroleum Co.—Dividend Declared.—

The directors have declared a quarterly dividend of 27
0 on common,
half of which Is payable in cash and the other half in 4 Ys % Liberty bonds,
on Jan. 10 to stock of record Dec. 14. Regular preferred dividend of 29
was also declared, payable Jan. 1 to holders of rec. Dec. 14.—V. 107, p.
1672. 909.

Miami Copper Co.—Output (in Pounds).Increased 1918-11 Mos.-1917.
1918—Nov.-1917.
1.021,304153,601,358 38,096,812
4,382,730
3,361,426
—V. 107, p. 142, 1388.

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 102,231 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




Organization.—Pursuant to special authorization by the Legislature of
the State of N. Y. and the approval of the New York P. 8. Commission,
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
h. p. 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
of the world.
It is proposed to substitute for one of its present 100.000 h. p. plants
a new 200,000 h.-p. plant. For the undertaking of this work of reconstruction the constituent, the Niagara Falls Power Co., had put itself into a
strong cash position. The consolidated company has liquid assets available
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-Pros., Paul A. Schoellkopf, Vice-Pres. and Gen. Mgr..
Morris Cohn Jr., Vice-Pros, 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 tho constituent the Niagara Falls Power Co. The others were officers
of the Hydraulic and Cliff companies.
Messrs. Francis Lynde Stetson, Edward D. Adams, Ogden Mills, Victor
Morawetz, Chas. D. Dickey and Nicholas Biddle, all of New York, whc
had been members of the board of directors of the constituent, the Niagara

2194

THE CHRONICLE

un.

Falls Power Co., for many years, are continued on the board of the conSouthern Steamship Co.-Private Control.solidated company.
See Merchants' & Miners' Transportation Co. above.
[The by-laws of the company have been printed in pamphlet form and
show among other things that the annual meeting of the stockholders shall
Stromberg Carburetor Co. Inc.-Extra Dividend.be held on the last Friday in March in each calendar year after 1919.1The directors have declared an extra dividend of 25cts. per share on the
V. 107, p. 2014. 1924
50,000 shares outstanding capital stock (of no par value) along with the
regular quarterly dividend of 75 cts, per share, both payable Jan. 2 to
Ohio Fuel Supply Co.-Extra Dividend.of record Dec. 16...4A. like amount was paid in Oct. last.-V. 107.
r' An extra dividend of 2% has been declared, payable in Liberty bonds, in holders
addition to the regular quarterly of 2M %, both payable Jan. 15 to holders p. 2015.
of record Dec. 31. In July an extra of 2% was also paid in Liberty bonds.
Studebaker Corporation.-New
-V. 107, p. 507.

Old Dominion Co. of Maine.-Output (in Pounds).1918-Nov.-1917.
2,191,000
2,844,000
-V. 107, p. 1842, 1485.

Increase
2.331.500

Decrease.' 1918-11 Mos.-1917.
743,000129,897,500 27,566,000

Pres. Erkskine has made public the following statement
regarding thelcompany'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.
increase of the company's business prior to the war led to the
Norfolk & Washington Steamboat Co.-Bond Call.- The great
of plans to construct an additional modern new automobile plant
All the outstanding 5% bonds have been called for payment at 105 and forming
thereby increase our capacity. During the war it has been impossible
and
Interest on April 1 1919.-V. 106, p. 820.
In connection with war orders to make much progress in the construction
of these additional plant facilities and the directors have had under conPacific Steamship Co.-Vice-President.sideration the pos.sibility of completing these plants at an early date.
A. F. Haines, General Manager, has been elected a Vice-President.
It is not possible to state as yet what conclusion in this connection will be
V. 107. p. 1672. 909.
reached. While we expected to discontinue the manufacture of automobiles
if
the war continued, the changed conditions have permitted us to obtain
Pan-American Petroleum & Transport Co.-Dividend.
steel and other raw materials, and we will be back in large production
The directors have declared a quarterly dividend of $1 25 a share on the Iron,
by
the early part of next year.-V. 107. p. 298.
common stock, half of which is payable in cash and the other half in 4;i%
Liberty bonds, on Jan. 10, on stock of record Dec. 14. Regular preferred
Sunday Creek (Coal) Co.-Receiver Discharged.dividend of 134% was also declared, payable Jan. 1 to stock of record
The receivership of this company terminated on Nov. 27 in proceedings
Dec. 14.-V. 107, p. 1672.
by which the receiver was discharged and the property returned to the
company. which, it is stated, will operate the same.
Parke, Davis & Co., Detroit.-Dividends.-The 'Coal Trade Journal" says: "John H. Winder as receiver had sucp The directors have declared a dividend of $2 per share on the $11,836,830 ceeded
in paying off all of the claims and John S. Jones has acquired all of
capital stock, par $25, payable Dec. 31 to holders of record Dec. 21. In the bonds
stock of the concern. The New Jersey corporation will be
the last three quarters a dividend of $1 was paid, making with the present maintainedand
officers are to be elected soon. Barton Griffith has,been
distribution a total of $5 (or 20%) in cash for the year, as against 17% in President ofand
the
company. It is also planned, however, to maintain the
1917, 20% in 1916 and 17% in 1915. In Jan. 1917 a 20% stock dividend organization of the
Ohio Land & R.Co. and the Buckeye Coal & Ry. Co.,
was paid.-V. 106, p. 1349.
two corporations which have partly taken over the Sunday Creek interests
-V. 105, p. 1062.
Pettibone-Mulliken Co. (Chicago).-Status.[A dispatch from Columbus states that the reorganization was7effected
President Mulliken is quoted as saying: "We had practically completed
3 with John H. Winder as Pres.•, P. A. Coen, Vice-Pres.; J. P. Smith,
our war orders before the armistice was signed, and we have enough old Dec.
Sec.;
C. C. Cook, Treas.; John F. Jones, Chairman of the Directorate.
domestic orders accumulated to take up the slack for several months. The capitalization
remains $4,000,000, and the company will continue to
Our labor situation is all right, and all we are waiting for now in order to
under its New Jersey charter. Mr. Coen will continue also as
go right ahead is Government fixing of steel prices for the next seven' operate
Pres. of the Buckeye Coal & Ry. Co.. and the Ohio Land & Ry.
months."-V. 106, p. 1688. 933.
V. 106, p. 2349.

g

Phelps, Dodge Corp.-Output (in Lbs.).1918-Nov.-1917.
15;785,011 16,465,995
-V. 107, p. 1843, 1389.

•

Decreased 1918-11 Mos.-1917. Increase.
680,9841196,607,647 183,802,269 12,805,378

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 & Co., Armour & Co..
Pierce Oil Corp.-Vice-Pres. Resigns.& Co., Wilson & Co., Inc., and the Cudahy Packing Co.
0. W. Cahoon has resigned as Vice-Pres. and director.-V.107,p. 1291. Morris
Referring to the above President Louis Swift,said: "So far as we know
and certainly as far as Swift & Co. is concerned; there is no foundation for
Pullman Company.-Advances by U. S. Government- the
Federal Trade Commission's repeated charge of combination. We are
Surplus Earnings Held by Govt. in Excess of Advances.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
See preceding pages in this issue.-V.107, p. 2104.
thzt have been fully answered many times and apparently now resurrected
Ray Consolidated Copper Co.-Production (in lbs.).- to create antagonism toward the packing industry."
-V.107, p. 2104.2015.
1918-November-1917. Decrease., 1918-11 Months-1917. Decrease.
Texas 84 Pacific Coal & Oil Co.-Extra Dividend.7,020,000
7,600,000
580,000180,907,559 85,556,679 4,649,120
An
extra
dividend
of
5%
on
the
$5,000,000
outstanding
-V. 107, p. 1843, 1389.
capital has been
declared in addition to regular quarterly of 1;4%, both payable Dec. 30 to
Remington Typewriter Co.-Time for Deposits Extended holders of record Dec. 19. An extra of 5% was paid in Oct. last.-V.
107, p. 1583.
-Capital Increase.While the financial plan (see V. 107, p. 1927) issued as of Dec. 5 has
Tobacco Products Corp.-Merger Negotiations Undernot yet been declared operative because certain preferred stock held
abroad or otherwise difficult to obtain has not assented the "Chronicle,' stood to Be Under Consideration.-Interests affiliated with the
is informed as of Dec. 5 that of the first preferred stock, 88% had been United Cigar Stores Co., the American Sumatra Tobacco Co.
deposited and of the second preferred 84%. The time for making deand the Tobacco Products Corp. are understood to have reposits has been extended two weeks to Dec. 14.
The company has filed notice of an increase in the capital stock from sumed negotiations looking toward the combination of the
$20,000,000 to $22,000,000, the increase being from 34,000,000 to $6,000,three enterprises as contemplated some time ago. The
000 authorized in the first preferred issue, as contemplated by the plan.
"Wall Street Journal" says:
Capital Stock and Bonds Before and After Reorganization.
If the negotiations are consummated, it is not improbable that the consoliAuthorized
Issued
dation will be under the name of the American Sumatra Co. The new
After.
Before.
Before.
After.
Common
$10,000,000 $10,000,000 $10,000,000 $10,000,000 corporation would probably be a holding company which would purchase
First preferred
4,000,000 6,000,000 4,000,000 5,000,000 the securities of the component corporations. Such a consolidation would
Second preferred
6,000,000 6,000,000 5,000,000 6,000,000 be able to start with a solid foundation of large combined earnings. The
First Mtge.6% bonds
Closed
Closed
4,400,000 1,650,000 aggregate balance of earnings applicable to the stock of the three corporations would range between $12,000,000 and $15,000,000 a year at the outset.
See plan, V. 107, p. 1927, 1925, 1750.
On the volume of stock that is to be issued by the holding company, this
Reo Motor Car Co., Lansing.-Balance Sheet Aug. 31.- would probably mean ability,to pay cash dividends at the rate of 310
a
share on common stock, and still leave a surplus of $4,000,000 to $5,1918.
1917.
1918.
1917.
LiabilitiesAssets000,000 annually.
$
S
Whether this proposed combination is finally consummated or not, it
Land, buildings,
Capital stock_c__ 6,937,250 6,937,250
machinery, Scc_a5,229,538 5,488,923 Notes payable__ __ 1,250,000
950,000 may be stated that the Amercian Sumatra Tobacco Co. will continue to
Int. in other cos__
78,787
122,788 Accounts payable.. 1,700,900 1,619,444 expand its fields of activity. This expansion is likely to take the direction
405,353
Cash
172,792 Accrued pay-roll__ 122,827
190,638 of absorption of a number of cigar-manufacturing concerns, negotiations
Receivables
b3,283,329 1,122,449 Reserve for taxes1 284,5781
83,692 for the purchase of which are understood to be under way. The carrying
40,047 out of these plans will give the American Sumatra Co. customers within
Inventories
6,771,550 7,541,681 Other reserves__ _1
1
Deterred charges..
21,825
19,353 Surplus
5,494,828 4,646,915 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.
Total
15,790,383 14,467,986 Total
15,790,383 14,467,986 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
a Includes in 1918 land, $273,205; buildings, $1,364,071, and machinery
and equipment, $3,592,262. b Includes in 1918 miscellaneous receivables. Products, there would result an organization markedly self-contained.
$4537,311; less reserves, $65,228, due on Govt. contract, $1,811,246. Through the American Sumatra Co. it would raise a large part of its
c'the total authorized stock is $10,000,000; unissued, $3,062,750; balance wrapper tobacco tvhich would be used in cigars made by,the concerns which
the American Sumatra plans to absorb. The United Cigar Stores Co.
as above, $6,937,250.-V. 106, p. 714.
would be the marketing end, not only for cigars made by the American
Sacramento Valley West Side Canal Co.-Bonds Sold. Sumatra Co.. but also of the cigarette business of the Tobacco Products
The San Francisco "News Bureau" says: "After having been on the Corp.
market but a few days the $400,000 issue of receiver's certificates are unNew Stock.officially reported already to be practically sold to the land owners of the
Of the new stock as increased from $16,000.000 to $20,000,000 (to be
district. This means that water for 16,000 additional acres of rice under
voted upon Dec. 10 by the stockholders) $1,600,000 will be utilized in
the canal is virtually assured.for next year."
paying the 10% stock dividend; the residue, we are informed, will remain
Savage Arms Corporation.-Machine Gun Deliveries.- unissued for the present.-V. 107, p. 2015, 1673.
Deliveries of the Lewis machine guns by this company to the army and
Todd Shipyards Corporation.-Tendersfor Cony. Notes.
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.
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
Savannah (Ga.) Gas Company.-New Gas Rates.107 and int. These notes will be paid out of moneys in the sinking fund,
The Georgia RR. Commission has ordered the following new gas rates, which on Dec. 16 will amount to $828,226.-V. 107, p. 1576, 1485.
to be effective Dec. 1: First 10,000 cu. ft., 31 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
Towar Cotton Mills, Inc. (Niles, Mich.).-Offering of
cu. ft., 95 cents. This is an increase of 5 cents over the former price. Notes.-W. G. Souders & Co., Chicago, are
offering, by
-V. 107, p. 1750.

Schenectady Illuminating Co.-Merger.See Adirondack Electric Power Corp.-V. 106, p. 1040.

Sears, Roebuck Co., Chicago.-Sales.November
Eleven months
-V.107, p. 1750, 1389.

1918.
1917.
Increase.
524,128,700 519,872,435 $4,256,265
176,158,232 159,403,851 16,754,381

Shattuck-Arizona Copper Co.-Output.Copper (lbs.)
Lead (lbs.)
Silver (ozs.)
Gold (ozs)
-V. 107, p. 1843, 1389.

1918-11 Mos.-1917.
1918-Nov.-1917.
583,655
777,616 8,575,627 11,308,705
514,127
77,633 2,019,097
1,962,589
11,296
13,798
139,724
148,527
86.03
103.52
1,134.14
1,456.42

Smith Form-A-Truck Co.-Bankruptcy.r'Attorneys for this company have filed a voluntary petition in bankruptcy in the United States District Court at Chicago.




advertisement in the "Bank & Quotation." Section, issued
to-day, at 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 & 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 1018.
Balance Sheet of Oct. 1 1918 (Total each side, $595,563)•
Liabilitiesestate, buildings, &c...$363,079 Capital stock: Pref. auth.,
Real
AssetsCurrent assets
174,170
$500,000; issued
$401,790
68,314 Current liabilities
Other assets
*127,556
Surplus
.1
66,216
* Includes item of $91,986 of notes payable to be paid from proceeds
of this issue.

DEC. 71918.]

THE CHRONICLE

2195

Earnings.-Commenced operation in Nov. 1916, producing 18 000 lbs.
Capitalization.-Upon completion of present financing, which in addition
per week, the capacity of Mill No. 1. To meet new demand Mill No. 2 to the sale of these bonds contemplates the issue and sale of $5,000.000
was erected, which will allow a production of 30,000 lbs. per week, or First Mortgage bonds, the capitalization will be as follows:
1,500,000 lbs. per year. Gross income: 1,500,000 lbs. at present prices,
CapitalizationAuthorized. Outstanding.
$900,000; deduct cost of raw material and labor, $750,000; net profit, First
Mtge.6% 25-year bonds, due Apr. 1 1941_ _$25,000,000 $20,250,000
$150,000.
Ten-year
Cony. Sink. Fd. 6% bonds (this issue)_ 20,000,000 20,000,000
Management.-8. C. Towar, Pres.; H. M. Towar, Sec. & Treas.
7% cumulative preferred stock
12,000,000 10,476,400
stock (no par value)
(shares)
500,000
200,000
Tonopah-Belmont Development Co.-Div. Deferred.- Common
The company also has $300,000 real estate mortgages outstanding.
The directors on Nov. 27 took no action towards resuming dividends on
Purpose of Issue.-All the proceeds will be used to reduce the company's
the capital stock, which were deferred in the last quarter. Compare current
liabilities and will greatly improve its working capital position.
V. 107, p. 1105.
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 MortUnion Carbide & Carbon Corp.-New Stock Offering in gage
bonds about to be issued, the net quick assets of the company and its
Ratio of 20% of Present Holdings.-An official circular dated subsidiaries, based on the balance
sheet as of Sept. 28 1918, will approximate $45,000,000.
Dec. 5 says:
This Issue.-Direct obligations of Wilson & Co., Inc. So long as any
Subject to the approval of the Committee on Capital Issues, stockholders
bonds are outstanding, (1) no new mortgage shall be placed on
of record Dec. 12 1918 have the right to subscribe to additional stock at of these
properties of the company or of any subsidiary, except inter-company
$40 per share to the amount of 20% of their holdings, the stock to be the
offered in two portions, 50% to be subscribed and paid for on or before or purchase money mortgages, but this shall not restrict the issue of addithe close of business Jan. 15 1919 and the balance on or before the close of tional First Mortgage bonds, or the purchase of additional property subject to lien or mortgage; (2) quick assets shall be maintained at least equal
business on April 15 1919.
Subscribers may, if they wish, subscribe and pay for their full amount to 184 times current liabilities; (3) net quick assets shall be maintained at
on or before Jan. 15 1919, in which case the shares so subscribed for will least equal to 1'4 times the principal of these bonds then outstanding.
Sinking Fund for These Convertible Bonds.-The company will pay to the
be then issued and will be entitled to any dividends which may be declared
trustee $1,500,000 annually on each March 1, 1921 to 1925, both incl., and
and paid after that date.-V. 105. p. 2100, 1904.
$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
United Cigar Stores Co.-Merger Negotiations.to credit on its sinking fund oblation for the principal amount of
See Tobacco Products Corp. above.-V. 107, p. 1751, 1389.
the bonds which shall be exchanged for common stock in the exercise of
the conversion privilege hereinafter mentioned. Sinking fund payments
United Drug Co. Boston.-Extra Dividend.The directors have declared an extra dividend of 1% on the common may be anticipated. Bonds thus acquired or exchanged for common stock
be canceled. These sinking fund provisions call for the retirement
stock along with the regular quarterly of 13.4%, both payable Jan. 2 to shall
holders of record Dec. 16, making a total of 6% for the year.-V. 107, prior to maturity of about 65% of the total issue.
Conversion.
-These bonds are to be exchangeable from and after Dec. 1
p. 2104, 1009.
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
United Fruit Co.-Vessels in Company Control.Replying to our inquiry we are informed as of Nov. 29 that out of the bonds, with cash adjustment of interest and dividends. Bonds called for
23 ships owned by the company and employed in its American service, seven redemption after Dec. 1 1920 or for the sinking fund may be exchanged
are now under company control, the eighth vessel, the "Almirante," 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
having been recently lost through collision.-V. 107, p. 2015, 1925.
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
United Gas Improvement Co.-General Manager.Lewis Lillie, 3d Vice-Pres. of this company, has also been elected Gen- be made on a basis of less than ten shares for each $1,000 bond.
The book value of the common stock as of Dec. 29 1917 was equal to
eral Manager.-V. 107, 13• 399.
$118 per share, without making any allowance for patents or good-will, and
this figure will be materially larger at the close of the current fiscal year.
United Metals Selling Co.-New President.See Anaconda Copper Mining Co. above.-V. 107, p. 1009.
Sales, ctc. for Fiscal Years ending on or About Dec. 31.
xincluding sales of cos. whose entire stock is owned.
United States Rubber Co.-New President.1915.
1916.
Charles B. Seger has been elected President to succeed Col. Samuel P.
1917.
1918.
Fiscal YearsColt who has become Chairman of the Board. Lester Leland, for many
$
122,000,000 159,000,000 225,000,000 See"sales"above
years Vice-President of the U. S. Rubber Co.. was elected Vice-Chairman. Net sales
Mr. Seger is Vice-President, Comptroller and director of the Union Pa- Net profits after deprec'n,
int.
and
cific RR. Oregon Short Line RR. Co., and the Oregon-Washington RR.
tax reserves
2,463,732 4,913,873 6,504,422 est. $7,500.00
Navigation
Co. He will now retire as Chairman and President of the
'
several companies comprising the Union Pacific system. For the past two
It is estimated that the net profits for the present fiscal year, after int.
years he has been associated with the U. S. Rubber Co., being a member charges and reserves for depreciation and taxes, will exceed $7,500,000.
of the board of directots and of its executive committee. Ho is therefore
Dividends.-Regular quarterly dividends have been paid upon the prewell fitted for his new office.-V. 107. p. 2104, 2094.
ferred stock since its issue in 1910. The company's surplus earnings have
been conserved and no dividends have yet been paid on the common stock.
Utah Copper Co.-Production (in lbs.).During the three fiscal years ended Dec. 29 1917, the profits applicable to
1918-November--1917. Increased 1918-11 Months-1917. Decrease. dividends on pref. and common stocks amounted in the aggregate
to $13 16,500,000 16,300,000
200,0001184,398.596 188,452,325 4,053,729 882,027, of which only $2,097,751 was distributed in pref. dividends and
-V. 107. p. 1843, 1389.
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
Utah Securities Co.-Notes.and $28 96 in 1917.
See United Power & Light Co. above.-V. 107. p. 1479.
Outlook.-Although war activities have stimulated the packing business
In this country, the companies engaged in this industry have developed
Utica (N. Y.) Gas & Electric Co.-General Manager.- favorably under normal conditions.
It is believed that the close of hosFrank A. Steel succeeds W. A. Buttrick as General Manager.-V. 106. 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
p. 2565.
market for our products, I anticipate a continued and conservative deVictor Talking Machine Co., Philadelphia.-Status.- velopment
of our business.
[Note.-The shareholders are to vote Dec. 17 on authorizing the issuance
The Philadelphia News Bureau, Dec. 4, said.:
The company is gradually restoring operations to its regular lines but an of the above bonds.]
officer of the company says it will take several months to get back to normal
Federal Trade Commission Report.production. The wood working department was almost entirely on GovernSee Swift & Company above.-V. 107, p. 2104, 1583;
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
Winchester Repeating Arms Co.-Option to Shareholdso radically by the interruption of war business, but the company is short
of workers in the various departments.
ers.-Kidder,Peabody & Co. in circular dated at New York,
Operations on aeroplane and rifle parts are being finished up,it is stated.
Dec. 3 1918, say in substance:
-V: 107. p. 1105. 1009.
The proposed reorganization plan of Oct. 26 1918 (V. 107. .p. 1761)
Wages.-Schedule of Increases Granted Anthracite Miners. offers
to the depositing stockholders 734 shares of first preferred stock or
the new company for each share of stock which they now hold. It is our
See page 2057 in last week's issue.-V. 107, p. 2104, 1751.
expectation that this preferred stock should pay dividends from the start
Weyman-Bruton Co.-Stock Increased.and should prove a good investment.
The stockholders on Dec. 4 voted to increase the authorized common
Some of the stockholders have expressed their desire to take a business
and preferred stocks by $3,000,000 each making the total amount author- risk rather than an investment interest in the new company to be formed,
ized of each class $9,000,000. Stockholders may subscribe to the new by participating with us in its common stock. We and our associates,
stock at par pro rata to their present holdings.
therefore are glad to give a choice of the following offers to such stockholders, provided that the reorganization plan becomes operative and that they
Cash Dividends Without Extra.shall have deposited their stock thereunder:
Dividends of 234% on the common and 1 X% on the preferred hgve
(A) From each 734 shares of First Pref. stock of the new company that
been declared, payable Jan. 2 to holders of record Dec. 16. In Oct. last the depositing stockholder is entitled to receive under the plan of reorganthe common shareholders received 20% stock dividend in lieu of the usual ization, he may deliver 134 shares to us and obtain 1 share of the common
cash dividends which normally would have been paid Apr. 1, July 1 and stock of the new company in exchange.
Oct. 1. In Jan. paid 3% and 2% extra. Compare V. 106, p. 507, 1040,
(B) A depositing stockholder, in addition to receiving 734 shares of First
1686; V. 107, p. 1105, 1292, 1843, 2015.
Pref. stock of the new company for each share of stock of the existing company deposited by him, may participate with us in financing the $3,500,000
Willys-Overland Co.-New Vice-Presidents.which is to be provided for the new company under the plan, on the fol11. Belden, Chief Engineer has been elected Vice-President in charge of lowing terms: For each share of stock of the present company
engineering and Kelley R. Jacoby has also been elected a Vice-Pres., he may subscribe the sum of $350 to the syndicate to be formeddeposited,
by us to
formerly assistant to C. A. Earl, First Vice-Pres.-V. 107, p. 2104, 1925.
provide the said $3,500,000, and thereupon will be entitled to share proportionately in the securities of the new company to be received by us for
Wilson & Co., Inc.-Ten-Year Convertible 6% Bonds providing
said sum, to wit: 234 shares of the new first preferred stock, 2
Oversubscribed.-Guaranty Trust Co. of New York, Hall- shares of the new second preferred stock, and 1 share of the new common
for each $350 subscribed, except that for their own services and those
garten & Co. and William Salomon & Co., New York, and stock
of their associates in making this offer, Kidder, Peabody & Co. are to rethe Illinois Trust & Savings Bank and the Continental & ceive for themselves and their said associates as compensation 1 share of
second pref. stock on each subscription of $350 to the underwriting.
Commercial Trust & Savings Bank, Chicago, have sold at a new
The payment of said subscriptions to
syndicate or as much thereof as
subscription price of 95 and. int., to yield about 6.70%, may not have been provided through thethe
syndicate's sale of first and second
preferred stock, will be required to be made on July 1 1919, or on such later
$20,000,000 10-year Convertible Sinking Fund 6% gold date
as Kidder, Peabody & Co. may determine,
in any event not later
bonds, to be dated Dec. 1 1918, to mature Dec. 1 1923. than Dec. 31 1919. Any subscriber, however, but
may elect to pay the full
amount of his subscription and thereupon withdraw his full proportionaof
(See also advertising pages.)
stock less the said commission of second preferred stock.
"Passed by the Capital Issues Committee as not incompatible," &c.
Each stockholder accepting
"B" will be required to sign a syndiTotal to be authorized and presently issued, $20,000,000. Interest cate agreement, copy of which option
may be obtained at our office. This agreeDenom.
31,000
City.
c*. Redeemable as a whole, or in ment will contain the customary
J. & D.in N. Y.
restrictions
respecting the sale of stock
part, at the option of the company, on 60 days' notice on June 1 1919 at owned by the members during the life of the syndicate.
105% and int., and on any int. date thereafter at 105% and int. less 34 of
We have made a close study of the affairs of the company for the2"411
last
thereof,
elapsed
1% for each year, or part
after June 1 1919. Guaranty
years, and in our opinion the situation is such that the interests of the
Trust Co. of N. Y., trustee. [Sinking fund and conversion feature below.] 234
present stockholders require that a plan be promptly put into effect that
As holders of voting trust certificates representing common stock are will incorporate the principles
and advantages of the proposed plan.
to be given the prior right to subscribe to this issue through the exercise of
In our judgment the new common stock will have a purely problematical
rights, allotments can not be made before Dec. 26 1918.
value, the present possibilities of dividends on this stock being remote. Al
Data from Letter of Pres. Thos. E. Wilson, New York, Dec. 2 1918.
The success of the enterprise will depend entirely upon the ability of the
Company.-The business began about 65 years ago in Now York City new management and their success in introducing new lines of business.
For the benefit of those stockholders who have not yet deposited their
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, stock the time for deposit has been extended to Dec. 14 1918.
We reserve the right, after Dec. 21 1918, to withdraw the above offer
but also,in recent years, in fresh,canned,dried and proserveaood products.
The company's plants now owned directly or by subsidiary or allied com- without notice. Compare V. 107, p. 2015, 1105.
panies comprise 12 meat-packing plants advantageously situated in the live
stock producing areas in the tr. S. and other plants for canned food
Winter Haven (Fla.) Water, Light & Ice Co.-Sale.products in various parts of the Middle West and on the Pacific Coast.
This company's property, located at Winter Haven, Fla., and supplying
The company also owns through subsidiaries two meat-packing plants in the towns of Winter Haven, Florence Villa,
Lake Alfred and Eagle Lake,
South America, and through another subsidiary operates a third meat- is offered for sale. Franchise till 1941. Equipment
includes two 200 h. p.
packing plant there in which the company has a very substantial interest.
and one 300 h. p. Diesel engines with direct connected generators, 15-ton
Net Sales.-The net sales of the company and its subsidiaries have in- York raw water compression ice system, ten-inch well, 600 ft. deep, with
creased from $55,000,000 in 1903 to $122,000,000 in 1915, to $225,000,000 Platt pumps, pole lines and water mains; 800 customers. Steel
frame,
in 1917, and to 250,000,000 in the first nine months of 1918.
stucco building.




2196

THE CHRONICLE

'Xixt (Canuttertial

Times.>

COMMERCIAL EPITOME
Friday Night, December 6 1918.
Trade is increasingly cautious for distant delivery awaiting more light on the future of prices. And even for immediate 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 cancellations 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
high, especially for foodstuffs. Everybody predicts lower
prices eventually, but the readjustment to a more normal
scale may be slow. Building operations are still very light.
The November exhibit is none too cheerful, although in this
city real estate on the whole seems to be in rather better
demand. And it is very generally believed that building
will increase in the forepart of 1919 when an easier money
situation is expected. The mercantile world is more than
ever interested in the question of money rates. Southern
cotton dealers are holding back cotton finding money more
easily procurable and commercial paper has a readier
sale at the West. Meanwhile commercial failures are the
smallest for many years past. Exports of wheat are on a
large scale, the total for the week exceeding 8,600,000
bushels. And it is computed that some 300,000,000 people
in foreign countries will have to look largely to America for
food for a year to come, though Argentina can supply a
good deal. War restrictions are being gradually removed.
A free steel market is looked for by the first of the year.
And it is believed that the prohibition on the short selling
of cotton at New York and New Orleans exchanges will be
rescinded before many weeks, possibly before Jan. 1. The
Cotton Distribution Committee has given its sanction to
through export bills of lading on cotton, something which
is considered as marking a significant step towards the
resumption of cotton exports, so valuable in the country's
finances, on something like a normal scale in the forepart
of 1919. The winter wheat crop looks well. It is believed
that the total wheat acreage of the United States in 1919
will overtop all records. The Food Administration announces that the guaranteed 1919 price for wheat of $2 26
a bushel, Chicago basis, will stand even though the Lever
Act, under which the price was fixed, should become inoperative through the conclusion of peace. Argentina is
said to be selling wheat at much less than half the American
price. Dr. Garfield's resignation as Fuel Administrator has
been accepted. The situation, however, is admitted at
Washington to need attention until the winter is passed and
the Fuel Administration will give it. Washington advices
state that all remaining restrictions on use and consumption
of coal, except anthracite, as well as fixed prices and zone
limits, will be removed by the Fuel Administration withn
the next ten days. With the close of Lake navigation it
is believed, that the supply of anthracite in the East will
soon be increased. It is said that coal prices will remain at
their present high level throughout the winter, owing to
"increased costs of production and transportation." Secretary Baker announces that 90% of the war workers in the
War Department at Washington will be separated from
service within the next 45 days. Over 1,000 were dropped
on Saturday. This discharge of Government employees
there will doubtless be followed by similar action in various
parts of the country and with returning soldiers and sailors
will help to swell the supply of labor. Maximum prices
on foreign hides and skins to cover shipments during November and December 1918 will expire by limitation and will
not be continued, the War Industries Board announces.
All foreign hides or skins unsold Jan. 1 will not be governed
by maximum prices. Possibly this may be a step toward
cheaper shoes for the people. Some of the war prices seem
fantastic. In New York State average weekly wages in
four years have risen 81% and food 73%. Since 1916 the
number of workers has decreased slightly, but total wages
have risen 49%. For the three years' period dating from
October 1915, employees and wages have risen 15 and 93%,
respectively, and for the four year period, 1914 to date, the
number of workers has increased 22% and aggregate wages
123%. The average weekly wage for October was $22 34,
a gain of 3 cents over the previous high mark in September.
The corresponding averages, as reported in October 1917,
1916, 1915 and 1914, were respectively, $1733, $14 95,
$13 30 and $12 26. It is suggested that wages may con-




[VoL. 107.

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 OF MERCHANDISE IN NEW YORK.
Dec. 1 '17.
Dec. 1 '18. Nov. 1 '18.
1,628,057
814,762
Coffee, Brazil
bags_702,749
15,490
7,450
bags_ 13,624
Coffee, Java
597,405
519,646
bags_374,925
Coffee, other
8,264
21,349
Sugar (refiner's stock)_ _ _ _barrels_ 18,074
Hides(not published during war)No
125,927
60,700
bales_ 64,831
Cotton
1,325
bales..
Manila hemp
15,000
21,700
Flour
barrels_ 16,200

LARD lower; prime Western, 27.00 ®27.10c.; refined
for the Continent, 29.25c.; South American, 29.40o.; Brazil
in kegs, 30.40c. Futures advanced with hogs higher and
the stock statement generally bullish not to speak of the
advance in corn, which 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.1 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 lard 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
estimates on Jan. 1 of 71,374.000, valued at $1,392,276,000,
which was an increase of 127% over value of hogs early in
1914. Clement Curtis & Co. state: "Reports of our
correspondents which are nearly complete show an average
increase of 10% in the number of hogs on the farms compared with a year ago. Applying this percentage to the
Government figures last year it indicates a total hog production of 78,500,000. The heaviest gains are in the States
of large corn production. The average increase in the
four big hog States, Iowa, Indiana, Illinois and Ohio, is
14%, the total increase being 3,287,000 in these four States
out of a grand total increase of 7,851,000 in the country.
The reports by States show the hog increase has more than
kept pace with the gain in corn production and does not
suggest an unusual surplus of feeding grains."
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Thurs. Fri.
Wed.
Mon. Tues.
Sat.
26.25
December delivery_cts_26.30 26.35 26.45 26.40 26.40
26.25
January delivery
26.05 26.15
26.35 26.40 26.32

PORK stronger; mess .1,49 ®$49 50; clear $45@$53. Beef
products steady; mess $35@$36; packet $37@$38; extra
India mess $62@$63. No. 1 canned roast beef, $4 25;
No. 2, $8 25. Cut meats in fair demand and firm; pickled
hams, 10 to 20 lbs., 333' ®33%c.; pickled bellies, 35@36c.
To-day pork closed at 48.50c. for January, a sharp rise for
the week. Butter creamery extras, 57 ®68 Mc. Cheese,
flats, 30@363'c. Eggs, fresh gathered extras, 63@74c.
COFFEE nominal here. Cost and freight Santos 3s and
4s at one time was 22c. bid and 22.40c. asked; Rio 7s and 8s
reported sold at 15.15e. steamer, London credits. The
Government has modified its regualtions but some large
importing interests here are said to be opposed to resuming
trading in futures until all restrictions are removed. Others
think that under the modified rules the Exchange should be
reopened at once for trading, with possibly some restrictions
on selling against old stocks or coffee afloat prior to Dec. 15,
and that trading should be confined to March and later
months. Next Monday the members of the Exchange will
hold a meeting to consider this question. The matter of reopening the Exchange will of course be the most interesting
question discussed. Some think the resumption of trading
will mean a big advance in prices now that peace is.assured
and European stocks are supposedly down to a minimum.
Brazilian markets have been more or less irregular. Many
think that the Exchange will shortly reopen on the terms
laid down by the Government. To-day the purchases reported were: Santos 4s at 224c ex-ship, to be shipped
equivalent to about 22%c. in store New York, and 7s and.
8s at 203c. ex-ship, to be shipped to New Orleans, equivalent to about 20%0. in store.
SUGAR.-Raw unchanged. Refined has been in good
demand. Western beet sugar is selling more freely. Business in refined is increasing from day to day. But refiners
are said to be pretty well supplied with raw sugar. At any
rate they are supposed to have enough on hand to last until
new-crop Cuban sugar begins to arrive early in 1919. Five
centrals are now grinding in Cuba as against two a week ago.
Thus far this season Porto Rico has exported to the United
States 354,595 tons, against 463,358 tons a year ago. Cuban
receipts of old stock last week were 14,096 tons; none a year
ago; exports, 34,053 tons, as against only 2,507 in the same
week last year; stocks, 182,197 tons, against 203,154 in the
previous week and 9,651 last year.. An important announcement during the week is that restrictions on the purchase of
sugar for consumption in homes and public eating places are
removed by the Food Administration. The increase in the
supply of Louisiana cane and Western beet sugar and an expectation that the new Cuban crop will begin to arrive soon
permit the abandonment of the sugar ration system, the
Administration said. It is believed that the New York Coffee and Sugar Exchange will shortly reopen on.,the terms
specified by the Government.

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
163
/0.; Cochin, barrels, 18@183/
2c. Soya bean, 18©183'o
Corn oil, crude wood, 17%@18c. Olive, $4 25. Cod
domestic, $1 45@$1 50. Spirits of turpentine, 71@73o
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,243'c., to consumers,263'c., Gas machine,
41 Mc. There is a more favorable showing at Osage, Oklahoma, 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 contest 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
2 77
Cabell
1 40
Crichton
2 85
Corning
2 58
Wooster
2 25
Thrall
2 25
Strawn
2 15
De Soto
2 38
North Lima

South Lima
$2 38 Illinois, above 30
2 28
Indiana
degrees$2 42
Princeton
2 42 Kansas and Oklahoma....225
Somerset, 32 deg 2 60
Ragland
1 25 Caddo, La., light_ 2 25
Electra
2 25 Caddo, La., heavy 1 55
Moran
2 25 Canada
2 78
Plymouth
2 33 Healdton
1 45
Henrietta
2 25

TOBACCO has been in only moderate demand per ding
further developments. Nothing new has arisen. Prices
are 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
sales of the 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
prices was 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 down to 69@70 Mc. spot. The Pig
Tin Committee has announced the following fixed prices
covering December and January shipments: Ex-dock or
store, Now York or Chicago or f. o. b. delivery points at
Chicago and points east, seller's option, 72Mc.• ex-dock or
store Pacific Coast ports, seller's option, 71 qc. Dealers
may resell in lots of 5 tons or over at a gross profit not exceeding 23/2%. 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 8.70e.
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 meeting on this question will be held at Washington on Dec. 11
with the War Industries Board. Resale lots have been
promptly taken. It is considered that the questipn of cancellation 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
will be a conference between the Steel Manufacturers' Committee 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 manufacturers at New York to decide upon a line of action,. presumably 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
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
6.25e. In another week the outlook for the steel trade in
this country may clear up. A free market is looked for
before long.

COTTON
Friday Night, Dec. 6 1918.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached




2197

THE CHRONICLE

DEC. 7 1918.]

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
same period of 1917, showing a decrease since Aug. 1 1918
of 810,700 bales.
Sat.

Mon.

Galveston
3,749
Texas City
Port Arthur,&c_
New Orleans_ -.... 14,668
Mobile
1,065
Pensacola
Jacksonville
Savannah
3,971
Brunswick
Charleston
878
Wilmington
237
Norfolk
2,571
N'port News, &c
New York
Boston
Baltimore
Philadelphia
Tntalgthisweek

Tues.

Wed.

Thurs.

Fri.

Total.

3,264 10,020 14,103
757
268
445

5,512 11,553 40,000
2,328
2,328
864
864
4,649 9,191 55,895
688 1,236 4,459

2,546

6,913

3,383

3.203

747
141
1,266

894
141
2,197

685
149
1,103

370
449
2,070

234

50

230

25

8,296

8,677

2,213

328
328
4,064 24,080
2,050 2,050
1,112 4,695
128 1,245
2,227 11.434
150
2,650

689
2,650
30

30

27 14g 17.251 20.100 22.311 19.204 35.553 150.747

The following shows the week's total receipts, the total
since Aug. 1 1918 and the stocks to-night, compared with
last year:
1918.
Receipts to
Dec. 6.

Stock.

1917.

This Since Aug This Since Aug
Week. 1 1918. Week. 1 1917.

Galveston
40,000 768,791 43,139
Texas City
24,080
---2,328
Port Arthur
281
Aransas Pass,&c_
8,052
864
New Orleans____ 55,895 573,292 64,743
Mobile
53,142 1,934
4,459
Pensacola
4,640
Jacksonville
9,592 2,300
328
Savannah
24,080 454,378 29,950
Brunswick
2,050
41,350 4,000
Charleston
76,403 9,118
4,695
Wilmington
46,234 3,328
1,245
Norfolk
11,434 120,399 13,460
109
N'port News,&c_
2,557
2,522 11,943
New York_J----____
Boston
13,547 9,240
689
Baltimore
2,650
11,391 1,048
Philadelphia
148
30
30
Total,
:

950,001
16,935
5,492
3,932
674,215
58,910
1,155
25,250
630,600
88,400
138.768
59,041
160,756
1,623
95,826
52,981
53,82;
3,389

1918.

1917.

297,927
9,373

258.676
9,388

402,351
28,552

303,249
17,940

9,400
279,533
5,000
48,006
46,354
89,163

12,000
269,542
27,500
58,184
45,318
74,535

141,484
11,697
13.939
10,325

143,666
14,486
28,486
5,604

150_747 2.210_400 104.741 11.021.100L11911.104 1.268.575

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-

1918.

Galveston _
TexasCity,&c.
New Orleans_
Mobile
Savannah___ _
Brunswick _ _ _
Charleston,&c
Wilmington
Norfolk
N'port N.,&c.
All. others_

40,000
3,192
55.895
4.459
24,080
2,050
4,695
1,245
11,434

Total this wk.

1917. 1

1916.

1915.

93,163
12,306
51,399
4,056
34,945
4,500
7.986
1,366
20,019

3.697

43,139
281
64,743
1,934
29,950
4,000
9,118
3,328
13,460
109
24,679

150,747

194,741

1914. I

1913.

12,764

94,814
16,410
54,372
3,813
33,919
3,000
7.856
5,196
25,283
11,645
9.429

126,679
11,013
68,854
7,328
84,528
9,000
19,549
6,857
19,955
9,468
7,227

36,418
15,362
81,171
19,103
52,983
4,500
16,424
14,802
28,808
4,589
17,170

242.504

265,737

370,458

291,330

Since Aug. 1._ 2,210,400 3,021,100 4,126.678 3,402,627 3,391,817 6,195,323

The exports for the week ending this evening reach a total
of 123,640 bales, of which 90,078 were to Great Britain,
6,643 to France and 26,739 to other destinations. Exports for the week and since Aug. 1 1918 are as follows:
Week ending Dec. 6 1918.
Exported toExports
fromGalveston...
Texas CityPt. Nogalez
NewOrlea.•
Mobile ____
Pensacola
Savannah
Brunswick _
Wilmington
Norfolk
New York..
Boston
Baltimore
PhIladel'a
Pac. Ports_

From Aug. 1 1918 to Dec. 6 1918.
Exported to-

Great
Great
Britain. France. Other. Total. Britain. France.
31,144

12,764 43,908 282,838

22,177
1,605

2,560 24,737 189,360
1,605 20,249
4,750
5,851 5,850 57,028
14,352 25,548

14,352
20,81i

6,643

11,581
1,871 29,313 135,050
16,718
11,450
6,002
3,695 3,695

Other.

Total.

107,947 390,785
15,800 15,800
130
130
84,039 58,284 331,683
20,249
4,750
58,200 43,894 159,122
25,548
5,646
5,646
31
11,612
34,557 96,885 266,492
4,801
21,519
11,450
400
6,402
66,098 66.098

Total__ 90,078 6,643 26,739123,460 760,574 181,628 395,0841,337,286
Total 1917.. 24,880, 1,211 31,338 57,4181,058,353 279,417 482,2311,820,001
Total 1916.. 69.2651 6.816 52.842 128.923 1.309.570 389.354 907.2932.606.217

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.
OnShipboard, Not Cleared forGreat
Other I CoastGerDec. 6 at- Britain.' France. many. Cont't. I wise.
Galveston ____ 20,238:
New Orleans__ 21,6851 6,716
Savannah ____ 9,0001 5,000
Charleston
Mobile
6,000
1
Norfolk
New York*_
10,000, 3,000
Other ports*__ 5,000'
Total 1918_ - 71,923 14,716,
Total 1917_ 77,267, 10,1721
Total 1916.... 94,251! 30,023;
* Estimated.

34,5461
12,140
8,000

5,000
2,000

I

Leaving
Total.' Stock.

8,500 63,284
1,621 42,162
22,000
1.000 1,000,
6,0001
600
6001
18,000,
7,000

234,643
360,189
257,533
47.006
22,552
88,563
123,484
99,088

61,686 11.721 160,046 1,233,058
34.383 12,950 134,772 1,133,803
46,999 21,093 192,366 1,377,641

2198

THE CHRONICLE

[VOL. 107.

Speculation in cotton for future delivery, at one time
The official quotation for middling upland cotton in the
very quiet, has increased somewhat of late at sharply rising New York market each day for the past week has been:
Nov. 30 to Dec.6prices. Strong spot prices, coupled with an increasing
Sat, Mon, Tues, Wed, Thur, Fri,
28.10 27.50 28.15 28.55 29,25 29.75
export demand, have been an inspiriting factor. Exports Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
on Thursday were something over 42,000 bales. This exThe quotations for middling upland at New York on
cited comment. Spot prices have been rising and the basis
is the highest of the season. A steady inquiry is reported Dec.6 for each of the past 32 years have been as follows:
from Belgium, parts of France, and Italy, particularly 1918_c
29.75 1010_c
15.00 1902_c
8.50 1894_c
5.75
1917
29.95 1909
14.85 1901
8.31 1893
7.94
Italy. Also Spain, Holland, Sweden, Japan and 1916
20.15 1908
9.35 1900
10.19 1892
8.38
China have been inquiring for cotton. Finally the British 1915
12.60 1907
12.05 1899
7.69 1891
8.06
1914
11.00 1898
7.50 1906
5.62 1890
9.44
demand is said to be more insistent. Freights to England 1913
13.50 1905
12.60 1897
5.88 1889
10.25
on Feb. 1 will be cut $1 per hundred pounds, bringing them 1912
12.75 1904
8.00 1896
7.56 1888
9.86
9.35 1903
12.65 1895
8.38 1887
10.50
down to $4 50. There are growing hopes that the supply 1911
of ocean tonnage will soon increase materially. The transMARKET AND SALES AT NEW YORK.
port ships which are bringing back American troops to this
The total sales of cotton on the spot each day during the
country are taking out cotton on the return trip to Europe. week at New York are indicated in the
following statement.
Liverpool at times has shown exceptional strength. Stocks
there, needless to say, are still very small. Strict middling For the convenience of the reader we also add columns which
has sold in Texas at 425 points on January. Texas dis- show at a glance how the market for spot and futures closed
patches reported the demand from France, Holland and on same days.
Sweden. Some of the crop estimates during the week have
been around 11,300,000 bales, though one reached 11,476,000
Spot
Futures
SALES.
Market
Market
and another 11,565,000 bales, excluding linters. There is
Closed.
Closed.
Spot. Contract Total.
quite a general expectation of a bullish ginning report on the
Quiet 95 pts dec____ Barely steady
9th inst. Some look for a small crop estimate by the Gov- Saturday___
Monday ___ Quiet 60 pts dec____ Barely steady
ernment on the 11th inst. Meanwhile some of the spinners Tuesday
Steady 65 pts adv__ Steady
Steady 40 pts adv._ Barely steady
are believed to be short here against their stocks of raw Wednesday_
Strong
__ Steady 70 pts adv
cotton. At the same time there is believed to be a large Thursday
Friday
Steady 50 pts adv.. Easy
straddle short interest at New York for Liverpool account.
Total_
Liverpool has bought here to some extent. And the technical position, so far as the long account is concerned, has had
FUTURES.-The highest, lowest and closing prices at
a drastic corrective in recent very heavy selling, which car- New York for the past week have beenas
follows:
ried January down last Monday to 24.53c., a decline of 2
cents from last Friday. Later on, however, January mountSaturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
ed to 26.78c. on the 5th inst. under the spur of Wall Street,
Noo.30. Dec. 2. Dec. 3. Dec. 4. Dec. 5. Dec. 6.
Week.
local, trade and Liverpool buying. Another interesting Decemberfact is that people are .beginning to discuss somewhat
26.50-.40 25.70-115 26.00-.71 26.80-.50 27.10-.85 27.80..50 27.50 z50
Range
Closing.... 26.50-.55 25.99-.10 26.65-.75 27.05-.10 27.75-.80 28.25-.30--hopefully the possibility of an early lifting of the ban on January
short selling here and in New Orleans, with the practical
Range
25.30-.25 24.53-100 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--certainty that this would be followed by similar action in
FebruaryLiverpool. President Wilson, previous to his sailing, is
Range
Closing.... 24.60 -24.13 -24.92 -25.05 -25.75 -26.10 ---quoted as saying that he favored a removal of restrictions on
cotton trading as soon as it was consistent with the public March
24.45-.40 23.60-J30 24.02-.80 24.75-.45 24.90-.55 25.58- 30 23.60-130
Range
welfare to do so. But the fact that the War Industries
Closing.
24.45-.58 23.98-.00 24.75-.80 24.90-.95 25.60-.65 25.95-.05--April
Board goes out of existence on Jan. 1 is regarded as of hopeful
augury. For with it will not the Cotton Distribution Com- Range
Closing_
24.10 -23.45 -24.23 -24.15 -24.83 -25.15 -mittee also cease to exist? Very many think so. And it May
Range
24.05-.00 23.20-165 23.44-.25 23.90-.80 24.10-.80 24.73-.50 23.20-J50
was that committee which imposed the embargo on short
Closing
24.05-.10 23.40-.50 24.18-.25 24.10-.15 24.78-.80 24.07-.15--selling here and in New Orleans. It is felt very strongly JuneRange
that the imposition of this ban on the free working of the
Closing_.._ 23.80 -23.15 -23.90 -23.80 -24.35 -24.50 ---market had not a little to do with the recent decline. It is JuzyRange
23.75-.70 22.95-140 23.15-.85 23.68-.53 23.70-.35 24.25-86 22.95-486
needless to enter into a discussion of this point. Let it
23.75-.80 23.10-.20 23.85-.90 23.72-.76 24.30-.35 24.45-.50--Closing_
suffice that fluctuations have been very erratic and that the August22.80 -22.90-.95 22.40 ----23.40 -23.55 -22.80-.55
Range
market has at least been deprived of the potential support
Closing...._ 22.75-.80 22.30 -23.10 -22.90-.95 23.35-.45 23.50-.55--that always goes with the short interest. The hope that September
Range
22.25
22.25 free market is not far off had something to do with the
Closing____ 21.95 -21.60-.90 22.60-.65 22.40-.50 22.50-.55 22.75 ---advance. But in the main it is the brightening outlook for 7ctober21.90-.50 21.90-.00 21.40-.10 21.85-.60 21.80-.30 22.20-.85 21.40-o85
Range
exports that has moulded opinion in the trade and favored
ningina
91 CO- 75 1 ls- 95 2210-. IA 91 RA- (10 99 9S- 2n 99 40- An
the rise. Latterly, moreover, the Continent has been buyz 28c. 127c. f 26c. J 25c. 124o. o 22c.
ing in Liverpool. Liquidation there has fallen off. As for
Southern hedge selling, always a matter of no small interest
QUOTATIONS FORMIDDLINGCOTTONATOTHER
at this time of the year, it has latterly been on a very moder- MARKETS.-Below are the closing quotations of middling
ate scale, whatever it may have been earlier in the week.
But to return to the spot situation, this is regarded as the cotton at Southern and other principal cottoh markets for
key to the future. By many it is considered as pointing each day of the week:
unerringly to higher prices. They deem it inconceivable
Closing Quotations for Middling Cotton onthat as time goes on and the country gets back to a peace
Week ending
basis, and with it a return to normal exports to Europe,
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Dec. 6.
now in the throes of a cotton famine, prices should
Galveston
29.50
30.00
30.10
29.50
29.501
29.75
fail to advance further, and perhaps materially. New
Orleans
28.75
28.75
28.63
28.251
28.25
28.25
27.00
25.38
On the other hand, Liverpool at times of late has not been Mobile
23.75
26.00
27.00
25.38
29.00
29.00
29.00
29.00
29.00
29.00
quite so firm. Possibly, however, this is in recognition of Savannah
Charleston
28.00
the coming increase in imports and the undoing of straddles. Wilmington
28.60
§11760
§4:10
26.75
§676.
0
Norfolk
26.38
27.00
25.50
26.63
§'77i5
27.25
Also.Japanese selling during at least half of the week was Baltimore
27.50
27.00
27.50
27.50
28.00
28.00
considered large. On the 4th inst., for instance, it was esti- Philadelphia
28.40
28.80
29.50
30.00
27.75
28.35
26.62
26.82
26.62
27.25
27.62
27.12
mated at as high as 30,000 bales. Also at times Wall Street Augusta
Memphis
29.00
29.00
29.00
29.00
30.00
29.00
has taken profits on a considerable scale. The market re- Dallas
28.00
26.80
27.50
28.55
28.85
Houston
28.75
29.10
28.00
29.40
29.70
30.00
quires steady support with short selling banned. The short Little
Rock
29.00
29.00
29.00
29.50
29.00
29.00
interest has at times been plainly missed. And Southern
hedge selling early in the week was not without a certain
NEW ORLEANS CONTRACT MARKET.-The closing
effect. Cotton goods too have been quiet. Manchester quotations for leading contracts in the New Orleans cotton
has been dull and more or less depressed. Ocean freights,
whatever may be the case in future, were still scarce and market for the past week have been as follows:
high. And the actual total exports thus far are much behind
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
those of last year. Some regard the recent rise as simply a
Nov. 30. Dec. 2. Dec. 3. Dec. 4. Dec. 5. Dec. 6.
natural rally after the previous bad break and look for a reDecember
25.73-.75 25.00 -26.32-.35 26.60 -27.60 -27.70-.85
sumption of the downward course of prices in the not dis- January
24.75-.80 24.00-.06 25.18-.20 25.25-.30 26.30-.38 26.60-.66
tant future. They also believe that everything points to March
24.02-.03 23.20-.30 24.27-.30 24.30-.37 25.08-.13 25.35-.38
May
23.63-.65 22.78-.80 23.80 -23.75-.78 24.38-.40 24 70-.75
a large increase in the acreage next spring. And Texas July
23.00 -22.50 -23.40-.42 23.35-.38 23.91 -24.22 during the last month of six weeks has had such copious October
21.60 -20.45-.50 21.40-.50 21.35 -21.90-.00 22.00-.06
Tonerains that its soil is in an exceptionally good condition.
Spot
Quiet
Quiet
Steady Steady Steady Steady
To-day prices here were higher on talk of plans for large Options
Easy Bly st'y Steady Steady Steady Steads
exports to Holland and England, good trade buying, buying
by prominent local interests and lessened selling by Japanese
THE VISIBLE SUPPLY OF COTTON to-night, as made
interests. Mr. Brand announces that through export bills up by cable and telegraph, is as follows. Foreign stocks. as
of lading will be permitted under certain conditions. There well as the afloat, are this week's returns, and consequently
is a growing hope that the prohibition on short selling will be all foreign figures are brought down to Thursday evening.
rescinded before the end of the year. Prices are higher for But to make the total the complete figures for to-night
the week. Spot cotton closed at 29.75 for middling up- (Friday), we add the item of exports from the United States,
lands, showing a rise for the week of 70 points.
including in it the exports of Friday only.




DEC. 7 1918.]
Dec.6-

Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

THE CHRONICLE
1918.
bales.. 282,000
16,000
48,000

1917.
414,000
21,000
35,000

1916.
701,000
29,000
66,000

346,000

470,000

77,000
1,000
25,000
14,000

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

117,000

234,000 , 499,000

1915.
859,000
66,000
87.000

562,000

463,000 704,000 1,295.000 1,574,000
Total European stocks
30,000
14,000
52,000
53,000
India cotton afloat for Europe
Amer. cotton afloat for Europe.._ 199,000 250,000 600,170 362,987
Egypt,Brazil,&c.,afloat for Eur'pe 44,000
88,000
81,000
70,000
329,000 279,000 250.000 234.000
Stock in Alexandria, Egypt
*557,000 *460,000 331,000 459,000
Stock in Bombay, India
1,393,104 1,268,575 1,570,007 1,578,149
Stock in U. S. ports
1,331,279 1,216,659 1,350,749 1,468,597
Stock in U. S. interior towns
6,211
32,529
25,431
U.S. exports to-day
32,530
4,362,912 4,302,445 5,555,357 5,832,263
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American-

2199
-1918---

Dec. 6.
ShippedVia St. Louis

-1917

Week.

Since
Aug. 1.

14,852
20,614
1,702
3,318
2,492
4,896
12,018

163,330
184,757
8,130
54.068
31,677
78,721
193,081

Week, Aug. 1.
66,768 a549,425
28,841 210,103
766
3,704
3,308
35.280
3,804
21,471
4,729 136.890
14,530 234,923

59,892

713,764

122,746 1,191,796

Overland to N. Y.. Boston, &c_.. 3,369
Between interior towns
1,511
Inland, &c., from South
6,603

27,490
22,334
97,616

22.379 206,022
2,618
42,074
a22,589 a272,725

Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments-

Total to be deducted

Since

11,483

147,440

47.586

520.821

Leaving total net overland*___48,409

566,324

75,160

670,975

* Including movement by rail to Canada. a 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 season to date the aggregate net overland exhibits a decrease from a year ago of 104,651 bales.

1918
1917
bales. 153,000 298,000 558,000 618,000
Liverpool stock
In Sight and Spinners'
Since
Since
29,000
32,000
Manchester stock
55,000
68,000
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
*101,000
*196,000
Continental stock
*407,000 *463,000 Receipts at ports to Dec.6
150,747 2,210,400 194.741 3,021.100
199,000 250,000 600,170 362,987 Net
American afloat for Europe
overland to Dec. 6
48,409
566,324 75,160
670.975
1,393,104 1,268,575 1,570,007 1,578.149
U. S. port stocks
1,331,279 1,216,659 1,350,749 1,468,597 Southern consumption to Dec.6..a 70,000 1,469,000 80,000 1,573,000
U. S. interior stocks
32,529
6,211
25,431
U. S. exports to-day
32,530
Total marketed
269,156 4,245,724 349,901 5,265,075
*8,723
634,663 65,137
861,717
3.238,912 3,267.445 4,566,357 4,591,263 Interior stocks in excess
Total American
East Indian, Brazil, &c.
Came into sight during week-260,433
415,038
129,000 116,000 143,000 241,000
Liverpool stock
Total in sight Dec. 6
---- 4,880,387
6,126,792
16,000
21,000
London stock
29,000
66,000
19,000
3.000
Manchester stock
11,000
19,000
870,657 112,282 1,132,312
*16,000 *38,000 *92,000 *99,000 North. spinners' takings to Dec.6 84,301
Continental stock
14,000
30,000
India afloat for Europe
52,000
53.000
a These figures are consumption; takings not available.
44,000
88,000
Egypt, Brazil, &c., afloat
81.000
70,000
329,000 279,000 250,000 234,000
Stock in Alexandria, Egypt
Movement into sight in previous years:
*557,000 *460,000 331,000 459,000
Stock in Bombay, India
WeekBales.
Since Aug. 1Bales.
1916
-Doc. 8
450,197 1916-Dec. 8
7,511.196
arc
India,
1,124.000
Total East
1,035,000 989,000 1,241,000
464,541 1915-Dec. 10
3,238,912 3,267,445 4,566,357 4,591,263 1915-Dec. 10
6,148.785
Total American
1914-Dec. 11
517,598 1914-Dec. 11
6,043,472
4,362,912 4,302,445 5,555,357 5,832,263
Total visible supply
RECEIPTS FROM THE PLANTATIONS.-The follow20.16d. 22.10d. 12.05d.
Middling upland, Liverpool
7.66d. ing table indicates the actual movement each
week from the
29.75c. 29.95d. 19.15d, 12.50c.
Middling upland, New Ifork
Egypt,good brown, Liverpool.._ 31.05d. 33.70d. 21.55d. 10.20d. plantations. The figures do not include overland receipts
Peruvian, rough good. Liverpool- 38.00d. 31.00d. 17.00d. 11.25d.
Southern consumption; they are simply a statement of
16.93d. 21.15d. 11.45d.
Broach,fine, Liverpool
7.25d. nor
17.18d. 21.33d. 11.57d.
Tinnevelly. good, Liverpool
7.37d. the weekly movement from the plantations of that part of
the crop which finally reaches the market through the out*Estimated.

Continental imports for past week have been 42,000 bales. ports:
The above figures for 1918 show an increase over last week Week Receipts at Ports.
of 34,276 bales,a gain of 60,467 bales over 1917,a decrease of pap. 1918. 1917. 1916.
1,192,445 bales from 1916 and a loss of 1,469,351 bales from
Oct.
19151
18__ 163,647035.539 340,497
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.
Movement to Dec. 6 1918.

Towns.

Ala.,Eufaula
Montgomery _

Selma
Ark. Helena....

Movement to Dec. 7 1917.

Ship- Stocks
ments. Dec.
Week. Season. Week.
6.

Ship- Stocks
ments. Dec.
Week. Season. Week.
7.

21 2,438
3,694
91
840 25,093
50,468
1,795
610 19,297
42,037
1,228
24,047 2,020 7,469
1,298
6,790 80,397 4,516 34,069
58,995 3,849 35,022
3,268
128 4,648
9,061
383
4,218
70,567 2,552 39,036
8,709
89,967 7,032 23,215
7,902 224,905 11,046 143,367
2,299
40,784
799 25,000
6,752 101,105 4,735 32,442
2,084
27,896
969 13,540
4,546
80,294 2,396 47,505
1,096
14,856
359 5,566
6,509
72,062 2,930 43,253
5,100
80,268 6,933 42,181
24,223 1,103 13,682
1,115
1,833
27,449
900 13,524
1,000
16,919
800 9,664
1,200
20,647 1,100 14,705
17,178 173,716 14,852 24,081
16,347 1,712 8,240
1,856
3,611
123
150
181
3,967
56,643 3,867 14,100

132
3,434
1,984
41,562
848 31,401
1,559
26,811
14,118 122,399
7,474
84,987
143
11,659
8,039
79,971
16,698 162,864
20,246 323,493
1,200
23,325
7,008 102,827
3,000
31,673
9,636 135,651
465
7,404
3,000
82,229
7,481
85,300
1,230
19,867
2,411
38,350
1,354
13,464
1,800
28,408
68,041 549,610
2,100
18,465
232
4,427
7,031
51,843
23,250
1,000
31,312
3,397
2,300
23,066
800
18,455
5,830 49,787
9,698
700
55,727 520,350
_
1,217
1-,i68
21,651
256
17,897
3,183
35,166
4,654
80,387
1,913
39,584
64,135 1,216,108
3,761
52,375
701
22,277

Receipts.

Little Rock_
Pine Bluff
Ga.,Albany
Athens
Atlanta
Augusta
Columbus- ..
Macon
Rome
La.,Shreveport
Miss.,Columbus
ClarksdaleGreenwood__
Meridian -Natchez
Vicksburg-Yazoo City__
Mo.,St. Louis_
N.C.,Gensboro
Raleigh
0. Cincinnati..
Ardmore
Okla.,
23,778 1,118 10,400
Chickasha ..... 1,580
19,395 1,819 2,403
Hugo
420
20,887
Oklahoma
800 7,000
700
35,935 ,3093 23,320
13.0„Greenville 2,405
11,777
Greenwood-.
100
51 9,324
Tenn.,Memphle 29,608 372,633 27,079279,100
Nashville_
284
6,354
Tex., Abilene_ ..... _ _
844
16,371
250 5,312
199
Brenham __
24,930 1,577 7,999
Clarksville.... 2,281
44,952
659 12,011
1,043
Dallas
5,584
Honey Grove..
92
17,170
34,679 955,971 60,857313,752
Houston
Paris
55,698 8,527 9,051
2,506
488 3,298
24,806
San Antonio
961

Receipts.

206 2,685
2,301 18,527
2,291 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 50,683
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
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 1,730
2,898 8,730
4,625 17,040
3,292 7,242
54,535222,042
3,809 12,642
818
727

Total, 41 towns 168.814 3,041,623177,5371331279 336,735 4,233,984271,5981216659

The above totals show that the interior stocks have decreased 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.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as
follows:




Stocks at Interior Towns.

1918.

1917.

1916.

ReceiptsfromP antenna

1918. 1917. 1916,

1,011,61
673,994 1,053,374233,038 364,942428,889
25._ 169.230224,873325,901 1,066,369 878,891 1,158,599223,987328,981 379,421
Nov.
1 _ .. 152,254 224,873325,901 1.141,24
878.891 1,158,599 227,133328,981 379,421
8._ 134,013012,054271,037 1,207.141
,
1,192,916 199.908 265,771 305,354
15.... 145.643,206.566263,463 1,266,852 1,016,864 1,230,704 205,354 290.823301.251
22_ 134,414,202,316240.082 1,326,67 1,108,162 1,274,398 194,239 293,614 283,776
29_ 136,346182,262239,911 1,340,002 1,151,522 1,308,950 149,671 225,622274,463
Dec.
6_ _ 150,747 194,241 242,504 1,331,27 1,216,659 1,350,749 142,024259,878284,303

The above statement shows: 1.-That the total receipts
from the 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 plantations for the week were 259,878 bales and for 1916 they
were 284,303 bales.
WEATHER REPORTS BY TELEGRAPH.-Our advices 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 throughout the week with occasional heavy frosts and freezing temperature 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 thermometer has averaged 50, the highest being 70 and the
lowest 30.
Amarillo, Tex.-We have had no rain during the week.
The thermometer has 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
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. The
rainfall has been two inches and sixteen hundredths. Average thermometer 54.
Shreveport, La.-It has been dry all the week. The thermometer has ranged from 34 to 69.
Vicksburg, Miss.-It has been dry all the week. Thermometer has averaged 51, ranging from 37 to 70.
Selma, Ala.-We have had no rain the past week. Average thermometer 44, highest 63,lowest 28.

2200

THE CHRONICLE

Savannah, Ga.-Rain has fallen on four days of the week,
the rainfall being three inches and one hundredth. The
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 hundredths. The'thermometer has averaged 51, ranging from
39 to 62.
Charlotte, N. C.-It has rained on one day during the week
to the extent of thirty hundredths of an inch. The thermometer ranged from 32 to 62, averaging 47.
Memphis, Tenn.-Dry all the week. Average thermometer 49, highest 69, lowest 32. November rainfall 2.75
inches; average temperature 51.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg

Above zero of gauge_
Above zero of gauge_
Above zero of gauge._
Above zero of gauge_
Above zero of gauge..

Dec. 6 1918.
Feet.
4.4
10.7
9.8
13.2
12.0

Dec. 7 1917.
Feet.
3.6
4.2
7.8
*6.6
4.0

[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. We give prices
for to-day below and leave those for previous weeks of this
and last year for comparison:
1917.

1918.
83j lbs. Shirt- Cot'n
ings. Common Mid.
to finest.
Uvi's

32a Cop
Twist.
Sept d.
11 55
18 54M
25 54
Nov
1 52
8 51M
15 50
22 48
29 43
Dec.
6 41

328 Cop
Twist.

s. d. d.
d. s .d.
2814 14 6 01810M 20.07
29 150 @190 20.52
30 150 @19114 20.42

d. s. d.
s. d. d. d.
0 57 30 0 038 6 22.02 27
0 56 30 0 038 6 22.10 27
@ 551 30 0 038 6 21.63 2814
0
0
0
0
@

55M
54
53
50
46

@44

29 3
29 3
28 9
28 3
27 0

037
037
037
036
036

8X lbs. Shirt- Corn
Inca. Common Mid.
to finest.
Upi's

9 21.2630
@ 32 15 6 @19 9
9 21.34 .30M 0 3214 151034 Of 20 114
3 19.632!
0 35 16 6 0201014
9 20.60 34U @ 3614 17 0 @22
0 ,20.50 3614 0 3814 17 3 423 0

25 9 034 6

20.16 37

@ 39

17 6 @24 0

21.27
21.55
22.10
22.16
22.47
22.10

SHIPPING NEWS.-In harmony with the desire of the
Government to observe secrecy as to the destination of cotton
* Below zero of gauge.
leaving United States ports, our usual details of shipments
EXPORTS OF COTTON GOODS FROM GREAT have been suspended for an extended period but will be
BRITAIN.-Below we give the exports of cotton yarn, resumed shortly.
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 folthe British Board of Trade returns. It will be noticed lowing statement of the week's sales, stocks, &c., at that port:
Dec. 6.
Nov. 15. Nov. 22. Nov. 29.
that we have reduced the movement all to pounds.
Yarn & Thread.
000's
omitted. 1918.

1917.

lbs.
lbs.
August. 9,665 18,766
Sept ___ 8,176 11,074
Oct ___ 8,717 12,272

Total of AU.

Cloth.
1918. I 1917.
yards.
267,620
247,790
226,11

1918.

yards.
469,083
420,448
382,821

lbs.
50,022
46,316
42,264

1917.

1918.

lbs.
87,679
78,671
71,555

1917.

lbs.
lbs.
59,687 106,445
54,492 89,745
50,981 83,827

1st quar 26,558 42,112 741,5201,272,352 138,602 237,905 165,160 280,017
363
13,930

Stockings and socks
Sundry articles

443
11,272

179,453 291,732

Total exports of cotton manufactures

The foregoing shows that there have been exported from
the United Kingdom during the three 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
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.

1918.
Week.

Season.

1917.
Week.

Season.

Visible supply Nov. 29
4,177,175
4,328,636
2,814,776
Visible supply Aug. 1
3,027,450
American in sight to Dec. 6..
260,433 4,880,387 415,038 6,126,792
334,000
Bombay receipts to Dec. 5
298,000
50,000
b15,000
Other India ship'ts to Dec. 5..
36,000
2,000
12.000
Alexandria receipts to Dec. 4.._ _ b41,000
377,000
348,000
47,000
41,000
Other supply to Dec. 4*
91,000
3,000
b2,000
Total supply
DeductVisible supply Dec. 6
Total takings to Dec. 6_a
Of which American
Of which other

4,647,069 8,692,837 4,694,213 9,643,568
4,362,912 4,362,912 4,302,445 4,302,445
284,157 4,329,925
245,157 3.590,925
39,000
739,000

391,768 5,391,123
316.768 4,379,123
75,000 1,012,000

* Embraces receipts in Europe from Brazil, Smyrna, West Indies, Stc.
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. b Estimated.

Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual wort
Forward
Total stock
Of which American
Total Imports of the week
Of which American
Amount afloat
Of which American

2,000

3,000

4,000

5,000

1,000

2,000

1,000

2,000

40,000
224,000
126,000
70,000
60,000
169,000
122,000

58,000
228,000
109,000
41,000
27,000
181,000
142.000

66,000
266,000
149,000
117,000
103,000
143,000
96,000

55,000
282,000
153,000
72,000
46,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

Saturday.

Monday.

I

Tuesday. Wednesday. Thursday.

Market,
12:15 {
P.M. i

More
demand.

Mid.Upi'd
Good Mid.
Uplands

20.25

20.16

20.88

20.79

3,000

1,000

1,000

Sales

HOLTDAY.

Quiet.

Quiet.

Friday.

Quiet.

Quiet.

20.16

20.07

2016

20.79

20.70

26.79

1,000

1,000

Futures.
Market 1
J
opened

Quiet, un- Steady, Quiet, 12c Steady.
Quiet,
86010Opts. changed to 42045 pts. 18 pts. dec. 27039
pts. dec. 12 pts. dec. advance.
pts. adv.

Market, I
4
P. M. 1

Dull,
Steady,
Steady,
Quiet,
Quiet at
770100 15028 pts. 24048 pts. 5045 pts. 3042 pts.
decline.
advance.
nts. dec. advance, advance.

The prices of futures at Liverpool for each day are given
below.
Sat.
Nov. 30
to
Dec. 6.

Mon.

Tues.

Wed.

Thurs.

Fri.

12M11234 1214 4 1214 4 1234 4 1234 4 1234 4
p. m.lp. m.O. m.p. m p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.

New Contracts.71.1 d.
December ____
January
HOLIFebruary
DAY.
March
April

d.
d.
d.
d.
d.
d.
d.
d.
d. d.
19.09.19.14 19.33 19.42 19.72 19.89 19.84 19.8320.0019.86
17.83 17.88 18.08 18.15 18.45 18.63 18.47 18.58 18.81 18.69
17.02 17.06 17.17 17.21 17.50 17.63 17.44 17.55 17.81 17.76
16.27 16.27 16.12 16.43 16.72 16.84 16.59 16.51 16.82 16.81
_ _ _ __ __ __ 15.3615.5015.6015.3415.1515.5015.57

BREADSTUFFS

Friday Night, Dec. 6 1918.
BOMBAY COTTON MOVEMENT.-The receipts of
Flour has been quiet. The domestic trade seems to be
India cotton at Bombay for the week ending Nov. 14 and for pretty well supplied for the time being. Certainly it is
the season from Aug. 1 for three years have been as follows: buying very sparingly. The export movement is beginning
on a considerable scale. Exports from North America last
1917.
1918.
1916.
week were certainly large. Also considerable was shipped
Nov. 14.
from Montreal. At present the Government demand is
Since
Receipts atSince
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1. the principal source of trade. At the same time mill prices
Bombay
15,000 289,000 12,0001 213,000 43,000 254,000 are strong. The Government buying has helped to make
them so. In fact it has infused new life into the whole
ALEXANDRIA RECEIPTS AND SHIPMENTS OF situation. Moreover, deliveries by jobbers are quite large.
COTTON.-The following are the receipts and shipments for But as already intimated, new domestic buying is on a
the week ending Nov. 13 and for the corresponding week moderate scale. Nobody wants to see a repetition of the
of the two previous years:
congestion which occurred last summer and also in September. Rye flour has been quiet. The export demand for rye
Alexandria, Egypt,
1918.
1917.
1915.
has decreased. At times rye prices have been easier. As
Nov. 13.
regards substitutes the Committee in charge of the purReceipts (cantors)chasing of them is now receiving offerings. They must be
227,251
This week
306,554
353,465
in writing. They must be submitted by Dec. 20, and com.!` Since Aug. 1
1.975.852
2.382.556
1.748.598
bined moisture and fat content of corn meal offered must not
exceed 14 to 143/2%. The local committee will consider
Since
Since
1 Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1. only stocks in Greater New York. Those having unfilled
Exports (bales)TO Liverpool
56,752 19,205 57,870 5,220 64,770 mill contracts must dispose of them through the zone Com, To Manchester, &c
4.834 33.404 5,036 20.738 .__J 40,823 mittee, in the district where the mill is situated.
TO Continent and India_
29,529 2,630 31,824 11,972 31,997
Wheat stocks continue to decrease. Last week the
11,792
To America
11,147 24,331
visible supply in this country fell off 5,991,000 bushels, as
Vie Total exports
4.834 131.477 26.871 110.432 28.339 161.921
against only 182,000 in the same week last year. That is
Note.-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
to say the total is now 121,561,000 bushels, against 21,The statement shows that the receipts for the week ending 031,000 a year ago. Attention is riveted on the fact that
Nov. 13 were 306,554 cantars and the foreign shipments 300,000,000 people in trans-Atlantic countries are depending upon food conservation in the United States to avert
were 4,834 bales.




DEC. 7 1918.]

THE CHRONICLE

famine. Some are predicting famine conditions in any case
for some parts of the world. Certainly it looks as though
Europe would need large supplies of wheat and other foodstuffs 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
have been large, 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
of wheat went out and 125,000 barrels of flour.. A Washington 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 .sending 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, lati.t work is being pushed on as
rapidly as possible and there is reasonable hope that a good
area 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.
In the United Kingdom the weather has favored the gathering of the last remnants of the grain harvest. Conditions
have shown a marked improvement in the agricultural situation 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
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 stock. In Argentina rains have fallen
in some sections and have hindered cutting operations. The
weather is now clear, however, and harvesting has been resumed.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_237% 237% 237% 23734 23734 237%
24034 24034 24034 24034 24034 240%

No. 2 red
No.1 spring

Indian corn advanced on a 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 78,500,900 hogs in the country. Moreover, the receipts have continued small. Farmers seem disposed to hold back their corn.. 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
Christmas time farmers increase their sales of corn for obvious 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
as 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 industry 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.corn 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 corn, 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 much
the clearer that Argentina will compete actively in the export
business in corn with Europe. Also it is said by the way
that there is a fair American demand for corn 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 complicated during the present season. But another interesting
circumstance is that a rumor has latterly been circulated
that.the United States Government will not permit importa-




2201

tions of corn from Argentina. This at one time made shorts
more nervous than 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.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.3 yellow
cts_162 1603 1603( 165% 166% 1683(
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_127
12834 130% 134
13434 13334
January delivery in elevator
12634 12834 130% 13234 132 13034

Oats have advanced, partly in response to the rise in corn
and partly owing to intrinsic merits of their own. For instance, 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 wire 1,850,009
bushels. To-day prices advanced early and reacted later,
ending a shade lower for the week on January.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues.
Wed.
Thurs. Fri.
Standards
cts_83%-84 8434-85 8434-85 8454-85 83-8334 83
No. 2 white
84
85
85
85
84
8334
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator____ 7234 73
72% 73% 73( 73
January delivery in elevator
71% 7254 72
7234 7234 7234

The following are closing quotations:
FLOUR.
$10 85 $11 10 Tapioca flour
nom.
10 65 Hominy
10 40
nom.
Kansas
10 85@ 11 10 Yellow granulated
nom.
Rye flour
8 75@ 9 50 Barley goods-Portage barley:
Corn goods, per bbl.No. 1
nom.
Nos. 2. 3 and 4
White flour
$8 50
4 00
No.
N
Nos.4_0 and 3-0
Yellow flour
800
5 50©5 65
Rice flour, spot and
5 75
nom.
Oats goods-Carload,spot deto arrive
Barley flour (to arrive)-$7 506;8 00 livery
980
GRAIN.
OatsWheatStandard
No.2 red
$237
83
No.2 white
240
No. 1 spring
8334
No. 3 white
8234
CornNo.4 white
82
BarleyNo. 2 mixed
1 61
Feeding
1 73%
No. 2 yellow
1 05
1 66%,
Malting
No. 3 yellow
1 10
RyeArgentine
No. 2..
1 7554
Spring

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-

Flour.

Wheal.

Corn.

Oats.

Barley.

Rye.

bbls.1961bs.bush.60 lbs.bush 56 lbs.bush 32 lbs.bush.481bs.bush.561bs.
720,000 2,849,000
Chicago
365,000
176,000
156,0001 1,200,000
2,758,000
Minneapolis
3.3,000
119,000
825,000
430,000
4,000
187,000
Duluth
676,000
I 4,316,000
803,000
14,0001530,000
Milwaukee 71,000 1,012,000
361,000
163,000
153,000
Toledo
15,000
166,000
104,000
31,000
Detroit
57,000
486,000
402,000
49,000
336,000
St. Louis-23,000
642,000
172,000
79,000
Peoria
139,000
193,000
Kansas City94,000
5.000
326,000
264.000
Omaha
356,000
36,000
230,000
Indianapolis
272,000
Total wk. '18
Same wk. '17
Same wk. '16

303,000 10,071,000
331,000 5.398,000
301,000 9,332,000

2,607.000
3,590,000
6,232,000

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

Since Aug.16,147,000 265,422,000 79,520,000135,302,00027,650,000 16,004,000
1918
5,850,000105,837,000 43,854,000 142,572,000,42,479,000 13,172,000
1917
1010
6 R60.000 194.015.000 65.342.000 135.069.000145.315.00013.233.000

Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 30 1918 follow:
ii.Prt4 4,
Receipts atNew York _ _ _
Portl'd, Me_
Philadelphia.
Baltimore ___
N'port News_
New Orleans.
MontreaL ___
Boston

Flour.

Wheat.

37,000
87,000

Bushels.
1,208,000
688,000
536,000
145,000

62,000
24,000
35,000

93,000
1,020,000
127,000

Barrels.
158,000

Corn.

Oats.

Barley.

Rye.

Bushels.

Bushels.

Bushels.

Bushels.

41,000

502,000

5,000

33,000

4,000

128,000
129.000
70,000

3,000

6,000
103,000

37,000
934,000
39,000

53,000

61,000
33,000

403,000 3,817,000
139,000 1,839,000
Total wk. '18
61,000 143,000
Since Jan.1'18 16,054,000 79,837,000 19,478,000 94,671,000 8,870,000 7,206,000
Week 1917_ _.
Rh...a Inn 1.17 In

482,000 3,659,000,
282,000 2,526,000
400.000
461,000
oat.000189.504.0001 48.384.000 138.618.00016.6R0.00(113.36a Ann

• Receipts do not Include grain passing through New Orleans for foreign por
on through bills of lading.

2202

THE CHRONICLE

WoL. 107.

The exports from the several seaboard ports for the week veloping a feeling of pessimism. With the progress of reending Nov. 30 are shown in the annexed statement:
construction making headway, however, many in the trade
are of the opinion that as soon as Government control is
Exports fromWheat.
Corn.
Flour.
Oats.
Rye. Barley,' Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels. relinquished it will not take long before general business
New York
1,048,051
96,920 82,825
39,999 16,868
58,132 will return to a normal basis. The present dull period was
Portland, Me
688,000
to be expected as a natural relapse from the activity and high
Boston
676,682
Philadelphia
1,016,035
tension of war work. As there are no precedents to follow,
Newport News..-7,000
the change from war to peace conditions must take place
New Orleans
189,000
6,000 4,000
17,000
Total week
3,617,948 102,920 86,825 126,999 1,686
58,132 slowly and merchants and manufacturers will have to adapt
Week 1917
1.540.498 129.968 165.216 2.247.611 300.015 2410021
951
themselves to new developments. There are too many unThe destination of these exports for the week and since certainties for merchants to leap blindly forward into new
July 1 1918 is as below:
commitments, especially so as the economic structure of the
whole world is undergoing a marked change. Buyers of
Flour.
Corn.
Wheat.
merchandise therefore are showing little interest in offerings.
Exports for Week,
and Since
Week
Since
Week
Since
Week
Since
In view of the easier undertone the market has displayed
July ItoNov. 30 July 1
Nov. 30
July 1
Nov. 30
July 1
recently, they feel that by holding off they will be able to
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
1,591,499 obtain a better buying basis. For the past year or so orders
United Kingdom_ 67,069
621,551 2,898,130 13,960,948
Continent
15,756
913,992
719,818 18,793,113
96,920
799,605
So.& Cent. Amer.
8,919
3,220 for civilian account have been secondary to official business,
West Indies
4,000
78,926
6,000
25,735
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
86,825 1,657,554 3,617,948 32,754,061 102,920 2,422,279 to doing business on a hand-to-mouth scale, and they now
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 concern.
They
are
not
certain that the public will immediately
ending Nov.30 1918 and since July 1 1918 and 1917 as issued
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 downward, and that the urgent buying by the Government is
Corn.
Wheat.
over, places the market again under control of civilian de1918.
al917.
1918.
a1917.
Exports.
mand. Neither has the continued downward tendency of
Since
Week
Since
Since
Week
Since
prices for raw material been overlooked. These are now well
July 1.
July 1.
July 1.
Nov. 30.
July 1.
Nov. 30.
below the basis used by the Government in establishing fixed
Bushels.
Bushels.
Bushels.
Bushels.
prices for the manufactured product. Government orders
Bushels.
Bushels.
161,000 5,581,000 12,723,000 are being canceled while new
North Amer. 9,053,000 100,187,000 125,651,000
business from ordinary chanRussia
nels is of such small proportions that mills are beginning to
Danube_
Argentina
1,440,000 53,808,000 6,044,000 1,449,000 12,965,000 7,915,000 curtail their production. A number of mills have enAustralia_
740,000 16,466,000 23,428,000
deavored to encourage new business by offering concessions,
India
205,000 5,623,000 9,008,011
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 promis11,578,000177,542,000 165,040,000 1,732,000 20,095,000 22,229,000 ing. Additional small cancellations of orders for export
Total
account have been received during the past week, particuThe quantity of wheat and corn 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. Europ'ean
Governments are said to be seeking supplies in this market,
Corn.
Wheat.
but so far sales have been small. It is understood that such
purchases will be given preference in the way of shipment.
United
United
Total.
Kingdom. Continent.
Total.
Kingdom. Continent.
It is claimed that exporters are also planning to sell American
woolens and worsteds to European buyers as soon as condiBushels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Nov.301918_ Not avail able
tions abroad become more settled.
Nov.231918_ Not avail able
DOMESTIC COTTON GOODS.-Little business is passDec. 11917__ Not avail able
21,803,000
39,984,000
Dec. 21916_
ing in staple cottons, and mills are beginning to complain
The visible 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 manuseaboard ports Nov. 30 1918 was as follows:
facturers in an effort to stimulate inquiry. It is expected
GRAIN STOCKS.
Rye.
Barley. that after the end of the current year the Government will
Wheat.
Corn.
Oats.
bush.
bush.
bush.
bush.
bush.
United States1,007,000
164,000 1,768,000 1,653,000 130,000 relinquish control over prices as well as distribution. Second
New York
2,000
76,000
274,000
Boston
hands are still selling at concessions ranging from 10 to 15%
5,000
1,840,000
29,000
371,000 323,000
Philadelphia
49,000 under Government maximums, and there appears to be a
550,000 731,000
858,000
35,000
Baltimore
387,000
general disposition to reduce stocks as much as possible
Newport News
65,000
461,000
5,410,000
New Orleans
during the period of reconstruction. A few moderate orders
3,014,000
7,000
Galveston *
126,000
712,000 2,547,000 775,000 are being placed for delivery next spring but the difficulty
Buffalo
10,972,000
7,129,000 2,670,000 225,000 in arriving at a price basis is bothering both buyer
14,867,000
afloat
and seller.
6,000
54,000
25,000 1,098,000
1,432,000
Toledo
Although mills are rapidly catching up with backward de127,000
233,000
79,000
44,000
Detroit
760,000 5,981,000 687,000 1,349,000 liveries, cancellations are coming to hand from many direc15,562,000
Chicago
7,000
906,000 244,000 1,002,000
3,407,000
Milwaukee
160,000 360,000 1,039,000 tions as buyers are grasping every opportunity to release
11,682,000
Duluth
89,000 1,487,000 1,293,000 730,000 themselves from their obligations. Brown sheetings and
22,181,000
Minneapolis
40,000
33,000
278,000
114,000
3,398,000
St. Louis
several constructions of print cloths have been in fair in89,000
15,244,000
288,000 2,243,000
Kansas City
504,000
98,000
Peoria
quiry, as these fabrics have been scarce for some time past,
40,000
330,000
371,000
278,000
Indianapolis
72,000 115.000 while prices for these goods are more favorable when con4,430,000
347,000 1,540,000
Omaha
2,888,000 634,000 636,000 sidering cost of production. Several lines of gingliams for
5,346,000
On Lakes
315,000
On Canal and River
fall 1919 delivery have been opened and a fair business has
121,561,000 2,611,000 29,143,00011,511,000 6,101,000 been booked. Markets for fine goods rule dull.
Total Nov.30 1918
127,552,000 3,289,000 25,119,000 9,952,000 5,280,000
Total Nov.23 1918
WOOLEN GOODS.-Conditions in markets for woolens
21,031,000 1,932,000 18,595,000 3,768,000 3,910,000
Total Dec. 1 1917
Total Dec. 2 1916
62,026,000 2,677,000 47,458,000 1,959,000 4,742,000 and worsteds are unsettled pending Government action as
•Last week's stook.
regards raw material. Demand for woolens is quiet. The
Note.-Bonded grain not included above: Oats, Duluth, 3,000 bushels; total, feeling appears to be general that
lower prices will prevail
3,000, against 52,000 bushels in 1917; and barley, Duluth, 77,000 bushels; total
later
on, and buyers therefore are deferring purchases.
77,000, against 364,000 in 1917.
CanadianMany manufacturers of clothing are reported to have can2,000 340,000
3,836,000
219,000
331,000
Montreal
celled orders with mills, and the latter are in need of new
2,442,000
7,624,000
Ft. William & Pt. Arthur
477,000
11,486,000
business to keep their machinery going. Manufacturers of
Other Canadian
2,000 340,000 dress goods also report a scarcity of orders for civilian ac22,946,000
219,000 3,250,000
Total Nov.30 1918
5,000 396,000 count. In export circles sentiment is more cheerful, and
25,547.000
191,000 3,516,000
Total Nov.23 1918
66.000 exporters are already
15,000 7,228,000
21,000
19,318,000
Total Dec. 1 1917
taking steps to increase their trade
81,000
25,683,000
4,000 18,860,000
Total Dec. 2 1916
abroad.
Summary121,561,000 2,611,000 29,143,00011,511,000 6,101,000
American
FOREIGN DRY GOODS.-Nothing of special interest
2,000 340,000
219,000 3,250,000
22,946,000
Canadian
has taken place in the markets for linens. Retailers report
32,393,00011,513,000
6,441,000
2,830,000
144,507,000
Total Nov.30 1918
their Thanksgiving sales as having been satisfactory, and
153,099,000 3,480,000 28,635,000 9,957,000 5,676,000
Total Nov.23 1918
40,349,000 1,947,000 25,823,000 3,789,000 3,97(1,000 many anticipate a good Christmas trade. In primary marTotal Dec. 1 1917
87,709,000 2.681,000 66,318,000 1,959,000 4,823,000 kets business is slow. No change is noted in conditions
Total Dec. 2 1916
abroad, and it is stated in some quarto's that the British
THE DRY GOODS TRADE
Government will continue control of the flax crop as well as
the linen industry for another year, although it is expected
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
better inquiry developed for burlaps during the week, and
indications of any activity developing within the near future. prices ruled firmer. Light weights are
quoted at 12.40c.,
Conditions are still very unsettled, and in quarters where a compared with the Government price of 14c. Heavy weights
feeling of conservatism prevailed there appears to be de- are firmly held at 16.50c.




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