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jinandaf
The
unimettial
INCLUDING
Bank & Quotation Section
Railway Earnings Section
li-runtde
Railway & Industrial Section
Bankers' Convention Section
VOL. 108
Electric Railway Section
State and City Section
SATURDAY, JANUARY 4 1919
The (Chronicle.
1918.
Terms of Subscription-Payable in Advance
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BANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
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CIIICAO0 OFFICE-39 South La Salle Street, Telephone Majestic 7396.
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WILLIAM B. DANA. COMPANY, Publishers,
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and
Secretary. Addresses of both, Office of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $7,298,240,778, against $6,241,266,822 last week and $6,071,121,777
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending January 4.
1919.
1918.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$3,590,412,242
393,830,386
329,565,022
304,481,269
130,811,228
134,956,201
95,148,404
99,577,048
42,647,248
65,581,088
55,114,492
$2,836,085,314
397,302,722
273,513,081
245,317,364
152,171,294
138,731,541
80,690,315
62,787,719
44,026,311
35,185,285
54,507,303
+26.6
-0.9
+20.5
+24.1
-10.1
-2.7
+17.9
+58.6
-3.1
+86.4
+1.1
Eleven cities, 5 days
Other cities, 5days
Total all cities, 5 days
$5,248,124,628
825,417,207
$4,320,318,249
704,076,211
+21.5
+17.2
All cities. 1 day
$6,073,541,835
1,224,698,943
$5,024,394,460
1,016,727,317
+20.8
+17.0
Torftl all citing for week
$7.298.240.778 86.071.121.777 +20.2
The full details for the week covered by the above wil be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence In the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Dee. 28 show:
Week ending December 28.
Clearings at
1918.
1917.
$
$
3.459,343,811 2,816,950,900
New York
Philadelphia _ _ _ 373,382,047 305,758,698
Pittsburgh
122,860,586
70,099,678
74,472,229
13altImore
37,314,175
Buffalo
18,264,089
19.431,100
3,466,612
Albany
4,026,257
Washington
10,500,000
11,591,863
Rochester
5,831,268
6,434,740
Scranton
3,702,858
3,578,192
Syracuse
4,425,265
4,500,000
2,054,932
Reading
1,914,759
Wilmington
3,576,556
3,631,099
Wilkes-Barre_ _ _ _
2,100,000
1,808,698
3,829,168
Wheeling
3,465,632
2,456,545
Trenton
2,439,299
York
1,094,574
1,060,587
2,050,037
Erie
1.569,785
Greensburg
1,448,788
1,400,000
Binghamton __ _ _
645,300
771.600
Chester
1,422,218
1,503,697
Altoona
650,000
715,000
Lancaster
1,785,436
1,519,043
Montclair
1,046,930
947,604
Inc. or
Dec.
1916.
Week ending December 23.
Clearings at
-
PUBLISHED WEEKLY.
1915.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _
Columbus
Toledo
Peoria
Grand Rapids_ _ _
Dayton
Evansville
Springfield, Ili_ _
Fort Wayne.-- Youngstown _ _ _ _
Akron
Lexington
Rockford
Canton
Bloomington _ _ - _
Quincy
Springfield, 0
1)ecatur
South Bend
Mansfield
Danville
Lansing
Lima
Jacksonville, III_
Ann Arbor
Owensboro
Adrian
Tot. MidWest
San Francisco__ _
Los Angeles
Seattle
Spokane
Salt Lake City_ _
Portland
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Fresno
Stockton
San Jose
Yakima
Reno
Long Beach
Total Pacific
Kansas City__ _ Minneapolis _ _ _ _
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Duluth
Lincoln
Topeka
Davenport
Cedar Rapids_ _ _
Fargo
Helena
Colorado Springs
Pueblo
Waterloo
Aberdeen
Billings
Fremont
Hastings
Tot.other West
NO. 2793
1917.
Inc. or
i Dec.
1916.
1913.
% 1
$
$
435,695,867! 409,698,689 +6.3 413,318,900 310,513,683
50,667,1511 30,847.684 +64.2
32,413,906
26,682,000
79,087,408
64,934,975 +21.8
53,952,466
31,602,342
60,568,626
47,716,182 +26.9
45,847.667
28,179,487
24,843,379' 22,441.241 +10.7
18,679,718
14,985,473
12,352,000
11,773,000 +4.9
10,750,1)00
8,109,122
9,566.100;
8,357,400 +14.5
8,406,900
5,889,700
10,347,000,
8.110,944 +27.6
8,403.091
6,118,959
3,850,000'
3,500,000 +10.0
3,943,126
2.402,165
3,929,5261
4,240,396 -7.3
4,446,546
3,178,600
3,787.353
3,099,088 +22.2
3,303,317,
2,137,259
3,571,418
3,046,778 +17.2
2,350,018
1,363,613
1,651,104'
1,510,099 +2.5
1,464,429
1,084,213
1,324,877,
1,520,047, -12.9
1,879,940
1,349,111
3,696,306;
3,834,755 -3.6
2,939,855
1,967.405
5,006,000,
5,077.000 -1.4
4,335,000
2,203,000
1,300,000
1,350,000 -3.7;
906,855
895,115
2,029,747,
1,861,495 +9.0
1,160.810
815,448
2,000,000
3,400,000 -41.11
2,596,948
1,950,000
1,057,453',
833,906 +26.9
740,375
628,657
1,100,000,
1,050,000 +4.71
895,199
640,000
1,072,485
1,039,216 +3.2
1,073,880
774.103
815,762
700,427, +16.5
721,382
462,834
941,0671
873,706 +7.8
791,411
789,286
006,167,
971,543 -6.71
685,557
490,262
450,000
425,000 +5.9
385.836
415,434
792,006
844,663 -6.2
942,714
658,282
825,000
775,872 +6.3,
748,930
507,380
586,389
331,582 +76.9
341,449
222,127
224,959;
220,775 +1.9
327,516
245,000
1,329854'
919,777 +44.6
532,258
287.025
72,965'
90,000 -18.9
48,581
54,097
725,448,869, 645,496,810 +12.2 629,334,580, 457,571,182
1
1
115,122,155
76,744,190 +49.9
64,949,220
48,808,741
29,532,000
22,956,000 +28.7, 23,836,651! 18,939,702
33,326,223
21,149.679 +57.6
13,183,385
9,995,031
7,653,8,
18
6,752,159 +13.3
4,587,633
3,342,370
14,829,775
13,886,004 +6.8
13,532,994
7,840,077
27,859,286
17,018,515 +63.7
10,000.000,
8,946,164
4,050,5511
4,207,572 -3.7
1,931,594
1,476,850
7,889,8281
4,549,283 +73.4,
3,988,0471
3,154,918
3,665,436
3,141,383 +16.71 '2,208,058,
1,650,430
1,592,170
2,186,362 -27.2
1,650,000,
1,672,214
775.167!
806,998 -3.8
886,882,
742,940
2,160,9:331
2.120,650 +23.11
1,803.870,
889,574
1,497,941
1,916,025 -21.9,
1,366,920
915,743
750,000
895,000 -16.2;
682,378,
498.373
1.106,530
797,880 +38.7
425,340
330,000
517,790,
450,000 +15.1
253,000;
230,000
865,844
712,081' +21.5
506,250
500,583
253,645,4871 179,689,7811 +41.21 145,792,222 109,933,660
1
148,628,663 159,327,015 -6.7 103,858,950
75,717,666
42,406,744
29,618.748 +43.2
23,150,737, 32,088,803
51,000,000, 35,500,000, +43.7, 23,423,998
17,519,627
16,107,685
13,100,880, +23.0, 10,875,249
14,621,956
17,762.6241 16,173,848' +9.6
12,093.277,
9,371,076
10,199,534' 11,784,837, +37.5' 10,983,454
6,832.960
7,686.672;
6.406.061! +20.0,
5,515,112
4,513,916
6,847,748,
5,700,984 +20.11
4,433,317,
3,215,117
7,597,146'
6,726,260 +12.9'
4,498,285
3,534,242
16,013,172
6.079.000 +163.4
5,344,402,
7,347,459
3,099,397;
3,571,419 -13.2
2,639,555'
2,018,001
2,097,937,
3,759,438 -20.3
2,756.459;
1,781,896
.2,225,700;
2.063.588 +7.9
2.110,516;
1,561.431
1,603,120
1,516,818 +9.7,
1,769,290'
1,425.620
2,831,607;
1,689,249 +67.6
1,303,7811
1,873,618
2,208,670
2,148,685 +2.8,
1,399,881
1,427,898,
604,310'
677,373 -10.8;
590,000
800.0001
530,706
665,074 -20.2
513,9251
356,078
1,500,000
1,564,217 -4.1
1,661,984!
1,601,472
1,067,764
1,063,179 +0.4
820,451
636,0431
1,264,990
1,092,462 +15.7
868,990,
478,735
569,012
'41,131 +11.3,
550.000,
389,816
478,391'
435,912 +9.7
330.550'
247,766
351,251,592 311,176.178 +12.9 221,555,782 189,307,587
$
%
$
+22.8 3,073,177,744 2,664,049,009
+22.1 294,830,124 219,125,123
+75.3
69,523,921
54,933,150
+99.6
35,954,301
40,776,944
+6.4
15,166,357
11,213,599
-13.9
4,093,800
4,113,633
+10.3
8,833,100
7,495,383
+10.3
5,483,630
4,332,384 St. Louis
135,846,417 141,019,001 -3.7 117,164,081
88,803,580
+3.5
3,540,917
2,942,634 Now Orleans.._ _ _
56,349,088
49,794,123 +13.2
32,308,529
19,857,598
+1.7
3,041,854
2,605,055 Louisville
21,685,557, 17,942,280 +20.9
19,447,316
14,039,328
+7.3
2,206,777
1,829,733 Ilouston
16,793,585
15,000.000 +12.0
11,000,000
8,680.812
+1.5
7,205,800
2.392,433 Ilalveston
5,891,802
5.500,000 +6.9
5,006,407
3,851,767
+16.1
1.711,172
1,553,977 Richmond
49,507,082
30,479,372 +62.4
20.587.522
13,208,929
+10.4
3,044,541
2,080,194 Atlanta
54,151,248
44,701 360 +23.4 .22,386.339
15,020,647
+0.7
2,415.153
1,864,219 Memphis
19,863,4011
12,307,217 +61.4
9,889,867
6,850,052
-3.1
971,687
824,784 Fort Worth
11,611,887, 15,657.072 -25.8
0,692,254
7,180,297
+30.6
1,421,716
954,583 Savannah
6,355,0611
7,140,836 -11.0
5,345.645
4,290,039
-3.4
727,239
Nashville
1,077.389
15,411,453
12,586,217 +22.5
7,257,292
5,924,726
-16.3
685,600
784,100 Norfolk
8,510,708,
5,951,467 +43.0
5,048.953
4,260,393
-5.4
1,046,570
956,211 Birmingham _ _ _ _
11,400,530
4,312,019 +164.4
2,706,666
2,532,217
+10.0
625,000
450,694 Augusta
3,694,967,
3,502,596 +5.5
1.352.062
1,727,426
-14.9
1,526,582
1,123,219 Little Rock
5,334,274'
5.083,696 +4.9
2,643,156
2,033.095
-9.5
1,227,894
406,884 Jacksonville __
6,649,005
4,185,270 +58.9
521,674
2,650,000
Chattanooga _ _ _
5,844,549,
4,571.627 +27.8
3,485.644
2,100,583
Total Middle 4,103,017,379 3,299,824,270 +21.3 3,542.467,645 3,027,890,341 Charleston
:1,000,000,
2,987,149 +0.4
1,793.968
1.989,7134
Mobile
1,609,120
1.298,298 +24.0
1,500,010
1,200,000
294,317,860 215,875,768 +36.3 186,831,682 195,342,261 Knoxville
Boston
2,000,000
1,904,501
+0.5
1,830,921
1,406,316
Providence
9,396,000 -1.7
9.239,700
8,812,300
8,299,200 Oklahoma
7,015,278'
8,537,831 -17.8
4,536,108
2,730,600
6,262,104
Hartford
6,695,833 -6.5
7,573,921
Macon
6,864,227
2,250.000
2,500,000 -10.0
1,143.238
3,347,252
4,439,586
Now Haven
4,114,455 +7.0
4,708,243
3,550,642 Austin
2,200,000
2,500,000 -12.0
1,650,000
1,500,000
2,818,261
Springfield
3,059,976 -7.9
3,250,449
3,583,217 Vicksburg
379,760
382,358 -0.7
272,958
252,812
Portland
1,000,000
2,000,000 -5.0
2,404,526
1,844,351 Jackson
525,000
505,423 +3.9
452,699
350,289
Worcester
3,162,346
3,442,534 -8.1
3,441,470
3,453,235 Tulsa
7,511,838
6,465,862 +16.2
4,396.134
2,188.050
Fall River
2,000,000
2,304,559 -13.2
1.103,421
1,529,729 Muskogee
2,538,521!
2,377,438 +6.8
1.311,230
1,223,967
1,348,248
Now Bedford
1,548,264 -12.9
1,251,612
1,210,742 Dallas
20,500,000
19,487,687 +5.2
18,998,598
Lowell
1,137.021
975,000 +16.6
928,152
976,019 Shreveport
2,700,000
3,009.717 -10.3
Holyoke
565,818
652,247 -13.3
821,479
835,287
Total Southern 480,130,137, 431,690,417 +9.8 308.301,853 218,629,379
Bangor__
581,814
685,861 -15.2
684.469
364,320
Total all
6,241,266,822 5,118,627,959 +21.9 5,065,262,344 4,231,i8,9
Total New Eng. 517 773 :158 250.750.497 +30.7 221.811.664 227.853.230
Outside N. Y_ 2,781,923,011 2,301.677:659 +20.9 1,992.084.600 1.567,136.420
Note.
-For Canadian clearings see "Commercial and Miscellaneous News."
*Estimated.
2
THE CHRONICLE
THE GRAVITY OF THE RAILROAD
SITUATION.
A little five-line statement which appeared in
the afternoon papers on Dec. 30 in Washington
dispatches under that day's date passed wholly
without comment, as far as our knowledge goes,
and yet carries tremendous significance with it.
The statement referred to was headed "Rail Keymen's Pay Raised—New Increase for Station Agents
also Ordered by McAdoo," and announced that
railroad telegraphers and station agents had been
given a further wage increase by Director-General
McAdoo, retroactive to October 1.
It is perhaps not surprising that this announcement should have been passed by without notice.
Since the Government assumed control of the railroads, wage increases relating to one class of employees or another have come in such rapid profusion
and the amounts involved have been of such huge
proportions that reports of that kind are accepted
as the regular order and no one bothers much about
them: But is it not time to call a halt? Indeed,
under existing circumstances, should not a vigorous
protest be made against allowing the movement to
proceed any further toward the path of destruction
to which it must inevitably lead if the operation is
not speedily checked? The osten„sible reason for
Government seizure of the roads was the war, but
this is now ended, merely the terms of peace remaining to be arranged and President Wilson being now
in Europe for that very purpose. •
The country has now got peace conditions to face,
and, in our estimation, it is the duty of every one,
including the Director-General of Railroads—and in
particular a Director-General who has already
planned to retire from office—to recognize that fact
and pave the way for a return to the normal. We
are not informed as to the merits of the particular
wage increase of which notice has come this week,
though we do know it is additional to very substantial increases previously made to the same men.
Our criticism is directed to the general movement—
to the prodigal and prolific way in which the compensation of railway employees is being raised in
one class of the service after the other—increases
being piled upon increases, all with such a lavish
hand that the movement is reaching the proportions
of a national scandal. We do not overlook the fact
that proposed advances in pay are in the first instance referred to boards specially appointed to
consider such questions, but the make-up of these
boards is such that a large increase follows as a
matter of course, besides which the Director-General
in the exercise of his authority not infrequently
uses his independent judgment and changes the
award in some of its details so as to make the increase still more pronounced.
The most unfortunate thing about these additions
to the payrolls of the roads is that there is no general
realization of the extent to which the movement has
gone and no appreciation of the:seriousness of the
[VoL. 108.
situation involved in the same from the standpoint
of the country's welfare. There may be reasonslfor
differences of opinion as to whether with the ending
of the war the roads shall be returned to their owners or be retained under Government control, but in
either event the prospect of these great transportation
highways will manifestly be gravely endangered if
they are laden with burdens beyond their ability to
bear. The payroll is the biggest item in the expense
of the roads. The Government cannot without
jeopardy to the country's industrial prosperity make
this payroll so heavy that, should the systems be
turned back to private management, bankruptcy
must ensue, in which case the lines would be unable
to fulfill their transportation functions or else charge
for the carrying of freight and passengers such high
rates that the industrial activities of the country
would be completely paralyzed, thereby inviting
commercial decay. Nor can the Government retain
possession and allow itself to be burdened with such
onerous payrolls, for in that contingency the result
would be that it would be obliged to meet, out of
ordinary taxes, an enormous annual deficit or itself
raise rates to the point where industrial activity would
be checked and perhaps destroyed.
We regret to have to say that,even without the further increases whicli are now being announced,a calm
survey of the situation makes it impossible to avoid
the conclusion that already a point has been reached
where the added pay-roll is beyond the ability of the
roads to carry.
It will be recalled that last June, with the knowledge that tremendous increases in the pay of the
classes of employees represented by the three big
Railroad Brotherhood organizations were to become
presently effective, the Director-General of Railroads, clothed with arbitrary power in that respect,
made an all-around increase in passenger and freight
rates. Passenger fares were quite generally marked
up from 2 to DA cents or 3 cents per mile, while
freight rates were advanced on the average 25%—
in some instances on top of slight previous increases.
Shippers and travelers did not take kindly to these
drastically higher rates, but they were on the whole
accepted with good grace as one of the inevitable
hardships growing out of the war. One of the points
made which events have since shown was decidedly
not well taken was that the rate advances being of
such a radical nature they would yield additional
revenue in magnitude far beyond what would be
needed for the purpose. But the Director-General's
wage advances were not limited to the men included
in the Brotherhood organizations. Other classes of
employees were favored in even more liberal degree.
The result is, that notwithstanding the higher rates
in effect and the huge additional revenues derived
therefrom, the situation is that now, only six months
after the higher rate schedules became effective,
net earnings of practically every leading system
because of the prodigious augmentation of expenses
(in the main as a consequence of the expanded payrolls) are actually smaller than they were before.'
JAN. 4 1919.]
THE CHRONICLE
3
Let the returns for the month of November, now in great part out of the advances
in the pay of the
being filed with the Inter-State Commerce Commis- Brotherhood men, there remained
$34,466,131 insion at Washington, be our witness to the truth of crease in net earnings for
the month, or 31.36%.
this statement. As compared with the correspond- For August the gain in gross
earnings proved still
ing month of the preceding year the Pennsylvania larger, reaching $135,759
,795, or 37.45%; the inRailroad on its lines east of Pittsburgh and Erie crease in the net fell to $24,312,
758, or 20.58%.
reports for that month an increase of $8,760,157 in For September the gain in gross
proved to be $129,gross earnings, but attended by an augmentation in 367,931, dr 36.16%, but
the increase in net was
expenses of no less than $10,557,059, leaving there hardly more than nominal, being
$3,190,550, or
a loss in net earnings of $1,796,902;for the Western 2.79%. For October the growth
in expenses outran
lines of the Pennsylvania Railroad the showing is the improvement in gross
revenue, leaving a decided
also unfavorable, an increase of $2,379,660 in gross shrinkage in the net. In other
words, gross for that
earnings being accompanied by an augmentation in month was $106,956,817, or
28.30% better than in
expenses of $2,547,083, leaving net reduced by $167,- October 1917, but the net
was $15,493,587, or
423, this last being the result for the Pennsylvania 12.63% poorer. For Novembe
r our compilation is
Company. For the Pittsburgh Cincinnati Chicago not yet complete, but from
the returns already re& St. Louis a gain in gross of $1,322,249 is offset ceived it is plain that the showing
will be equally
by an augmentation of $2,377,350 in expenses,leaving bad, and quite likely a great
deal worse. A provithe net reduced by $1,005,101. There are of course sional total based on the individua
l returns thus far
exceptions to the rule and the New York Central out received shows $78,252,950 gain
in gross, or 24.12%,
of an improvement for the month of $7,690,607 in with a falling off of $16,978,473,
or 19.61%, in the
gross was able td save $3,609,103 fOr the net. On net. In tabular form, the
comparisons for the five
the other hand, the Baltimore & Ohio with $3,751,114 months stand as follows:
increase in gross reports $1,297,160 loss in net; the
GROSS EARNINGS UNITED STATES RAILROADS.
Central of New Jersey with $449,023 added to
1918.
1917.
Inc.(+)or Dec.(—).
Month-.
$
$
gross finds its expenses run up by $1,240,001; the July
463,684,172 346,022,857 +117,661,315 34.00
August
498,269,356 362,509,561 +135,759,795 37.45
New Haven road, with gross enlarged $1,451,446 September
487,140,781 357,772,850 +129,367,931 36.16
reports its net reduced $2,085,043 and the Boston & October
484,824,750 377,867,933 +106,956,817 28.30
November (Incomplete)
402,701,687 324,448,737
+78,252,950 24.12
Maine with gross better by $1,165,961 had to pay
NET EARNINGS.
out $2,291,087 more in expenses.
1918.
1917.
Inc.(+)or Dec.(—).
In the West the Burlington & Quincy is able to Month—
$
July
144,348,682 109,882,551
+34,466,131 31.36
show some gain in net as well as a large gain in August
142,427,118 118,114,360
+24,312,758 20.58
117,470,621 114,280,071
+3,190,550
gross, but the Rock Island reports gross increased September
2.79
October
107,088,318 122,581,905
—15,493,587 12.63
only $883,586 with expenses added to in amount of November (Incomplete)
69,612,498
86,590,971
—16,978,473 19.61
$2,318,432; the Milwaukee & St. Paul while having
Speaking roughly, and generally, aggregate exgained $416,283 in gross suffers a loss of $1,493,740 penses are running about 50% heavier than twelve
in net. Similarly the Chicago & North West re- months ago. The rise in the ratio of expenses to
ports gross increased $1,812,108 but net diminished earnings tells what is going on with unmistakable
$778,873; the Illinois Central though having gained plainness. Notwithstanding the higher freight and
$1,663,063 in gross, had to contend with an addition passenger rates, this ratio is now running above
of no less'than $2,065,965 to the expenses; the 80%, while last year it hovered around 70%. Each
Northern Pacific succeeded in adding $2,193,182 month latterly has shown further increase in the
to its gross and $1,634,611 to its net, but the South- ratio, For July it was 68.87%; for August, 71.41%;
ern Pacific found $1,638,563 improvement in gross for'September, 76.09%; for October, 77.92%, while
overcome by $2,255,158 augmentation in expenses. now for November it is up to 82.71%. In October
In the South the Atlantic Coast Line increased its last year the ratio was no more than 67.56%, and
gross by $1,226,184 but overcame this with $1,- in November 73.31%. A graphic picture of
the
959,648 increase in expenses; the Southern •Railway tremendous growth in the expenses and the corwith $1,996,963 increase in gross loses $1,424,200 responding rise in operating costs is furnished in
in the net, and the Louisville & Nashville with the tabular presentation we now insert. It should
gross enlarged by $900,550 finds itself $1,558,207 be understood that these figures of expenses do
not
poorer in net.
include the taxes, in which there has been an indeThus, in all parts of the country, dwindling net pendent further increase.
earnings are the rule in face of gains in gross revenues
OPERATING EXPENSES, EXCLUSIVE OF TAXES.
—Expenses, 1918— —Expenses, 1917—
(by reason of higher passenger and freight schedules
Ratio to
Ratio to
and a greater amount of traffic moved)• that have Month—
Amount. Gross Earn. Amount. Gross Earn.
5319,335,490 68.87% $236,140,306 68.24%
met every expectation. The unfortunate thing is the July
August
355,842,238 71.41%
244,395,201 67.42%
returns of net earnings are getting worse with each September
369,670,160 76.09%
243,492,779 68.06%
October
377,736,432 77.92%
255,286,028 67.56%
succeeding month as further wage increases have to November (Incomplete)
333,089,189 82.71%
237,857,766 73.31%
be taken care of. .In our review of the gross and net
We do not mean to be understood as saying that
earnings for the month of October, given in our issue
all of the increase in expenses here disclosed can be
of Dec. 14, we made an analysis of the situation in ascribed
to the increases in wages made under
that respect, and it will be helpful to our present Governm
ent control with such bounteous liberality,
study to repeat here the findings then reached. For
for fuel and some other items of expense have been
July, the first month in which the higher freight and
on a higher level, but we do assert that the bulk
passenger schedules were in full effect, the showing
of the augmentation in expenses and the whole of
was satisfactory. The gain in gross as compared the
increase in the ratio of expenses to gross earnings
with the same month of the previous year reached is
due to that cause and to that cause alone, for,
no less than $117,661,315, or 34%; and, even after under ordinary
circumstances, higher transportation
providing for the large increase in expenses arising rates
would mean a lowering of the ratio. It seems
4
THE CHRONICLE
[Vol,. 108.
It is difficult to account for prodigious increases
entirely safe, too, to assert that the further increases
on the idea that they have been
in the expense accounts from month to month find like these except
made to exploit some new social theory. At all
their source entirely to the tremendous increases in
have been made with complete indifferthe payrolls, brought about by raising the compensa- events they
the revenue was to be obtained to protion of classes of employees not covered by the ence as to how
In the circumstances, it is easy
Adamson Law, which, it will be remembered, was vide for them.
and why the roads are getting
forced upon the roads by the Brotherhood organiza- enough to underst
in net notwithstanding the shipping
tions. These comprise merely the men engaged in speedily poorer
public is obliged to pay greatly inng
the running of trains, such as the locomotive engin- and traveli
services rendered.
and the various other classes of creased rates for the transportation
eers, the firemen
It is a capital illustration going to show what will
train hands. Outside of these, a vast army of men
sible Government control,
is employed by the railroads, most of them wholly happen under irrespon
are incurred, no care need be
unorganized, and in their case the proportionate in- where, when outgoes
to provide for the same. When the first of
creases have been vastly greater than in the case of taken how
es was announced, at the end of last
the Brotherhood men. Such employees have in not the wage increas
relating to the Brotherhood men—it
a few instances had their compensation raised even May—those
that-the annual payroll of the railroads
without the asking. A favorite method here has was estimated
would be added to in the sum of $475,000,000.
been to prescribe a minimum far above the pay rate
g for the -increases granted to other classes
previously prevailing, and then to add heavy per- Allowin
es, we recently put the total addition to
centages of increase to this minimum. At the same of employe
railroad pay-roll at $700,000,000 per annum,
time, the new scales have usually been made retro- the
but some estimates run as high as $800,000,000, and
active for many months.
and we confess, in view of the figures of
Few persons, even among those ordinarily well even higher,
of pay we have now obtained, that our notion
informed in such matters, have knowledge of the rates
the extent to which the increases had been carried
extent to which men in the railroad service outside of
of the general body of employees does not
of those distinctly engaged in the running of trains in the case
to have been adequate. As still other wage
have had their compensations raised. The fact appear
being announced from week to week,
is such employees have as a rule had their pay more advances are
quite within the pale of probability that the
than doubled, the increases in some cases running it seems
n to the country's railroad payup to 150%. It is highly desirable that the public aggregate additio
long reach $1,000,000,000, unless
mind should be enlightened on this point, and ac- roll will before
y taken to check this movement, apcordingly we now present a table showing how means are speedil
parently made with utter disregard of ultimate conpresent rates of pay compare with those prevailing
We are'stating the case mildly, therefore,
before the Government assumed control, in the sequences.
that the time has arrived for calling a
case of certain bodies of employees not benefited when we say
is, in this matter the country is facunder the Adamson eight-hour law. These figures halt. The truth
l calamity and the arbitrary action of
have been obtained from an authoritative source ing a nationa
upon whom dictatorial powers have been
and will no doubt prove an eye-opener to the gen- one man,
conferred as a war measure, should not be allowed to
eral public. Here is the table:
involve the country in such peril. Public sentiment
•
After
Before
Govt. Control. should make itself manifest in stern disapproval of
Govt. Control.
$60 66 per month $138 92 per mo. his course.
Crossing Flagmen
$72 80 per month $140 44 per mo.
Baggagemen
THE FINANCIAL SITUATION.
Drawbridge Deckhand_ -$91 00 per month $188 28 per mo.
In the preceding article we have shown how serious
Drawbridge Watchman_ -$66 12 per month $147 89 per mo.
Drawbridge Operator_ _ _$88 83- per month $184 86 per mo. the wage increases have become on the railroads.
Freight House Watch'n_ _$80 16 per month $171 08 per mo. Public sentiment should also frown upon further
Ticket Clerk and Teledirections—in industrial pur$75 83 per month $182 00 per mo. wage increases in other
graph Operator
their nature. The War Labor Board
$72 80 per month $122 11 per mo. suits, whatever
Ticket Clerk
Porters and Janitors__ _ _$71 28 per month $138 19 per mo. at Washington is still engaged in awarding wage
00 per week $13 40 per wk. increases of one kind or another. The country is
Office Boy
;$74 75 and $98 28 $182 to $200 per
Station Agent
trying to get back to a peace basis and important
month
1 per month
$9 52 per day price adjustments have already been made to that
Car repairer, blacksmith_ $5 22 per day
$8 12 per day end, but this War Labor Board, presided. over by
day
$4 02 per
Plain carmen
his recent
It will be observed that station agents who, be- the amiable William H. Taft and (until
tion) Frank P. Walsh of unenviable notoriety
fore Government control, were receiving $74 75 resigna
in utter disregard of
and $98 28 per month are now getting $182 to $200 as joint-Chairman, is proceeding
the.past and keeps
per month, that ticket clerks and telegraph opera- the fact that the war is a thing of
of the previous
tors who had been receiving" $75 83 per month have granting new increases in wages on top
the War Labor
been raised to $182 per month, that freight house increases. It is the truth to say
of clothing the
watchmen whose pay before was $80 16 per month Board exists merely for the purpose
the men with official sanction.
have been raised to $171 08 per month, that draw wage demands of
application, it is a forebridge operators formerly in receipt of $88 83 per Whatever the merits of an
ion that the request for higher pay will
month now get $184 86 per month, that crossing gone conclus
count upon
flag men have been moved up in pay from $60 66 in great measure be granted. The men
car re- their demands being scaled down a little and ask for
per month to $138 92 per month, that the
instance, so that
pairer and blacksmith who had been getting $5 22 correspondingly more in the first
down, gives them
per day is now receiving $9 52 per day and that the award, after having been scaled
And they are never disapeven plain carmen are now in receipt of $8 12 per just what they want.
it does seem as if
day where, before the Government control, they pointed in their expectation. But
Labor Board should no longer blink the
this War
were having $4 02 per day.
JAN. 4 1919.]
THE CHRONICLE
5
fact that an adjustment from war conditions to are not making as much profit as before
on account
peace conditions is under way, and in its official of the higher wages paid and
increased costs in
action should impress upon the deluded employees, other directions.
who are determined to get the last farthing they can
It does not seem to be appreciated that transportafor themselves out of the war emergency period, tion costs, fuel costs and labor
costs enter into the
that it is their duty to help the process of adjust- price of everything, and are indeed
the principal and
ment along and not retard it by interposing fresh the controlling elements in all
prices. When the
obstacles of their own making.
War Labor Board in November awarded an increase
One of the things this War Labor Board is still in weekly pay from $30 to $36
to compositors and to
engaged in doing is granting higher wage scales to pressmen,and an increase from
$24 to $30 to the press
street railway employees. The award is usually feeders, and made like advances
to other classes of
accompanied by a recommendation that fares be employees all along the
line in this trade, Mr. Walsh
raised so as to provide the wherewithal in the shape (joint Chairman on the
War Labor Board with forof additional income. In too many cases the recom- mer President Taft,
as already stated) declared that
mendation is either ignored by the public authorities it had been establish
ed that a family could not live
or resolutely opposed. The unfortunate company, on less than $34 00 per
week. If we could imagine
however, which employs the men has no alternative the policy of the Wage
Board continued indefinitely,
but to abide by the award. The men get their it would not be long
before $100 a week would be reincrease. The officials of the company, charged quired to maintain an
average family in comfort.
with responsibility for making both ends meet, are But at $100 this assumed
average family would be
left to whistle for the added income. What happens no better off than
it is now at $34 or than it was a
when wages are increased and fares are held down is short time ago
at $18 per week. In other words,
shown by the receivership for the Brooklyn Rapid the laboring man
gains nothing through these reTransit Company with which the New Year was so peated wage increases
when the purchasing power of
ingloriously ushered in.
the money he gets is correspondingly reduced. We
The War Labor Board is not alone among Govern- are simply moving in a
vicious and never-endin.g cirment bodies in still proceeding to mark labor costs cle. An increase one
in
direction has to be compenup, when every consideration of public policy urges sated by an increase
in another direction. The cry ever
that they should be held down. Only three months is for more and still more,
and yet nobody gains anyago the wages of the miners in the anthracite re- thing, nobody is satisfied.
The true course, theregions were raised $6 a week on top of two pro- fore, is to proceed
with due expedition to restore the
digious previous increases since the advent of the normal. Further
wage increases now can only defer
country into the European war. The only explana- the time of restorati
on. It is the purchasing power
tion offered for the new advance was that it was of the dollar that
should be increased rather than
made to adjust wage schedules in the anthracite wages,and all efforts
ought to be directed to that end.
regions to those prevailing in the bituminous regions. What this latest advance in miners' wages
The ballots of the British elections to the new
means was shown when the Fuel Administrator Parliament counted
on Saturday revealed even a
allowed an increase of $1 05 a ton in the selling price greater landslide for
Lloyd George than his most
of the so-called domestic sizes of anthracite at the ardent friends
had predicted. The membership
mouth of the mine. The increase was then passed of the new House will be
707, but the 73 Sinn Feiners
along to the consumer and every householder now have announced their
intention of not taking their
pays a dollar or more a ton for his coal (and $3 or .seats. Hence in a
House of 634 members the anti$4 more a ton than before the war) to compensate Government forces will not
be able to assemble more
the producer for the additional labor cost involved than 107 to 114
votes, giving the Government a
in the output.
working majority of at least 520. A remarkable
When last June the Director-General raised fright feature of the election
is the enormous majorities
rates, one of the first results was that the. Fuel received
by the winning candidates in many constituAdministrator had to allow increases in the selling encies and almost
complete absence of very small
price of the coal to make up for the higher transporta- majorities. Coalition
leaders claim that the two
tion costs. In similar manner, the Government chief contribut
ing factors to their triumph were the
basing price of wheat had to be raised from $2 20 a votes of the
women and the soldiers. The former
bushel to $2 26 to absorb the higher freight charge. made the majority
secure and the soldiers' votes,
The truth is, entirely false standards have been set according to
one leader, came later as a tidal wave
up as to both wages and profits. It is a well-known in favor of
Lloyd George. Under the provisions of
fact that before the war oranges could be bought at the new Franchis
e Act every candidate who fails
2 @ 3 cents apiece and very good ones at that. to
obtain one-eighth of the votes polled in his conIn October the Federal Food Board in this city stituency
forfeits his deposit of £150 sterling. More
decided that a fair profit for fruit dealers— than 130 candidat
es are victims of this rule. The
profit, be it remembered—would be 2 cents in the twelve divisions
of Birmingham returned Coaliticase of small oranges and 3 cents in the case of large onists, the only
woman candidate in the city being
oranges; in other words, that in reselling to the at the
bottom of the roll and forfeiting her deconsumer they were entitled to add 2 cents apiece posit.
This forfeiture of deposits was also the
for small oranges and 3 cents apiece for large oranges.
fate of three other women candidates, including the
The price of milk, as is well known, has doubled in a
only woman candidate in Scotland. Among the
couple of years, Grade A milk having for the month surprises
of the election was the defeat of Herbert
of December been fixed at 19 cents a quart, and yet H. Asquith,
the ex-Premier. He was rejected in
the official investigators are certain that no one is company
with most of his ablest lieutenants, includmaking inordinate profits, producer, wholesaler or ing Sir
John Simon, ex-Home Secretary; Reginald
the retail handlers. In fact, it is claimed that they McKenna
, ex-Chancellor of the Exchequer; Walter
6
[VoL. 108.
THE CHRONICLE
that this scheme included destruction of Prussian
supremacy, the separation of the provinces of Posen,
Silesia and• the Rhine, destruction of Hungarian
supremacy by a separation of all lands in which the
Hungarian tongue is not spoken, and establishment
of a Danube Czecho-Slovak confederation, including
German Austria. Meanwhile advices via London
state that a Polish army is marching toward Berlin
on what the Polish agency at Lausanne is said to
call "a tearing raid into Germany." This agency
announces that the infantry is well armed and is
cavalry and that as the
President Wilson completed his visit to London supported by artillery and
ized there is a possion the last day of the old year and spent New Year's German railways are disorgan
Berlin. A dispatch from
Day resting in Paris, departing that night for Italy. bility that it will reach
troops have entered FrankFrom the frontier to Rome the journey (quoting Berne reports that Polish
fort 50 miles east of Berlin and occupied Beuthen,
from press dispatches) was like.a triumphal procesBromberg, in the Province
sion. The Royal train with the President on board in Prussian Silesia, and
t of the city of Posen.
was met on Thursday morning at Modane by the of Posen, 61 miles northeas
Gustav Noski, a member of
Duke of Lante, representing King Victor Emmanuel. Copenhagen hears that
charge of military affairs, has
in
Both the French and Italian authorities at the fron- the Ebert Cabinet
meet the ind the Presidential party, as also ordered the 5th German Division to
tier town welcome
The British commander in the Baltic
did American Ambassador Page. Arriving at Rome vaders.
to have issued an ultimatum
a formal reception was tendered to the President in provinces is reported
to the German commander declaring that unless he
the Quirinal, after which he called upon Queen
advance of the Bolsheviki and reMother Margherita. Later he went to the Municipal prevents further
Wenden the Allies will invade
Palace on the summit of the historic Capitoline Hill, captures. Walk and
troops have been forced to
where he was made a citizen of Rome. A number of Germany. German
now is probably in the hands
important conferences have been arranged with abandon Riga, which
Italian statesmen and the President will have an of the Bolsheviki.
audience with Pope Benedict to-day. The PresiIn London the week was broken by New Year's
dent intends to talk directly to the people of Italy
Eng- Day, which was a Stock Exchange holiday as well
just as he talked to those of France and
for securities on
land. For this purpose he will visit the great in- as a bank holiday. The market
with a good undertone,
dustrial centres of Milan and Turin, leaving for those Thursday started 1919
activity. Kaffir stocks were
cities to-night. The President's first important though with very slight
pressure because of the reduced divispeech in Italy, however, was scheduled to take under some
dend, the disbursement for 1918 of all the Kaffir
place last night.
d to £5,331,000, or a
So far as the President's speeches are concerned, companies having amounte
of decrease of £1,240,000 from the 1917 figures. As
he is holding out strongly for a world League
ballots announced last SaturNations—to include all nations—in which he seems expected, the count of
elections registered an overto have the full endorsement of the English statesmen day of the British
n, as explained more
but not of the French. Premier Clemenceau on whelming victory for coalitio
a result having been so widely
Monday won a decided victory in the Chamber of fully elsewhere. Such
d virtually no exDeputies, after a stormy debate in which he indicated expected and discounted, produce
t. Whatever influence was exerted on the
his b,dherence to the "old system of alliances called citemen
confined to British rails, which
the 'balance of power'"and challenged his opponents market seemed to be
to were strong because of the small anti-capital repreby telling the Chamber that now was the time
Parliament, meaning it was
change pilots if they wanted to. The Deputies gave sentation in the new
the event of Government
him a vote of confidence by 380 to 134. The argued better terms in
able doubt whether
Premier explained the peace situation as it con- purchase. There is still consider
the railroads will be brought
cerned France, Great Britain and the United States. nationalization of
Parliament.
He made it plain that it was his intention to support forward seriously during the present
The British Government, as rapidly as possible, is
Great Britain on the question of the freedom of the
to pre-war conditions all
seas and declared that his attitude in this matter endeavoring to bring back
reduce the inflated currency
was approved by President Wilson. His con- financial machinery and
lish the gold standard effecversation with the latter, he said, had been profit- and especially to re-estab
week to the report of the
able, although "I should not be telling the truth tiVely. We referred last
ee which refused to recommend a
if I said I had always been in agreement with him Treasury Committ
production. Later cables state
on all points." On the same day, in his Manchester subsidy for gold
in London the decision has caused no surprise
speech, President Wilson's attitude was clearly that
ntal objections to such a
opposed to any balance of power proposition. The because of the two fundame
that a higher price would be
United States, he said, would "join no combination policy, the first being
good cause for an equivalent rise in the commodity,
of power which is not a combination of all of us."
and second, that it is essential from the British
gold market. This
Advices from Vienna report that PresidentWilson point of view to preserve a free
l business proposition if the
and Premiers Lloyd George and Clemencau have would not be a practica
the metal at the present
agreed on the creation of a new German confedera- plan permitted the export of
d rate after paying a bounty for it. The
tion under Bavaria's direction. Announcement to standar
gound that if enough
this effect is attributed to President Masaryk of the committee's report takes the
to have stated gold could not be produced, then Britain must proCzecho-Slovaks. Masaryk is said
Runciman, ex-President of the Board of Trade;
Herbert Samuel, ex-Postmaster-General; Chas. F.
Masterman, ex-Chancellor of• the Duchy of Lancaster, and others. Labor, too, fared badly, though
more fortunate than the Asquithians. The Labor
Party had expected to elect at least 100 members,
whereas they elected approximately 75, of whom 10
are Coalitionists. Even this, however, is a much
larger representation than Labor had in the old
Parliament.
4
JAN.41919.]
duce services or goods instead. But the committee
believes that sufficient gold will be forthcoming in
the empire and that a subsidy would not bring an
addition adequate to justify itself. In line with this
position it is of interest to note our own Treasury's
committee, appointed to suggest a remedy for the
falling production of last year, takes a similar view.
The return of normal conditions and the falling of
prices are, it believes, expected to stimulate gold
production in the United States this year. Consequenly, it appears unlikely that the committee will
recommend any unusual measures to stimulate production when it makes its report in a week or two.
War bond sales through the English banks last
week amounted to £17,162,000, which was considered
a good record for Christmas week. Through the
post offices the sales for the week ending Dec. 21
were £818,000, making a total of £48,030,000 from
this source and a grand total of £1,436,551,000.
Sales of War Savings certificates issued at a discount and redeemable at £1 in five years from date
totaled for the week of Dec. 21 £2,627,000, making
an aggregate ultimate indebtedness of £276,496,000.
Therelis talk in London of plans to unify the war
debt, but there is no encouragement in the cable
dispatches to believe this matter will be taken up
in the near future, as more important Treasury
problems are pressing, notably that of the liquidation of the external debt to America, no credence
beingTplaced at the British centre in reports from
New York that this debt may possibly be canceled.
The British pre-war national debt was about L700,000,000. To-day the interest item alone on the
debt exceeds £200,000,000. The British revenue
for thellast three months of the year was £165,745,000, or an increase of £20,317,000 over the corresFor the nine months ending
pondinglperiod of 1917..
Dec. 31 the revenue was £509,616,000, an increase
of £108,515,000. The estimated revenue for the
full fiscal year ending March 31 is £842,050,000.
GreatiBritain's total expenditure for the nine months
ending Dec. 31 was £2,049,993,606, an increase of
£20,558,000. It is estimated that the fiscal year's
expenditure will reach £2,973,746,000, an average
weekly expenditure of £52,564,000. This compares
with a weekly .expenditure estimated a year ago at
£57,380,000. Treasury bills outstanding at the
end of the year amounted to about £1,087,000,000.
The annual report of the London Bankers' Clearing
House shows a total turnover for 1918 of £21,198,000,000, an increase of £2,076,000,000 as compared
with 1917 and an increase of £4,761,000 on the prewar record year of 1913. Press advices from London
explain the increase as being due to heavy Government borrowing and disbursement and also to increased prices of commodities. The Bankers' Clearing House report also refers to the British money
situation as follows: "Despite the daily movement of
large sums owing to constant purchases of securities
and rapid disbursements by the Government the
money market has been under such control that there
has been no indication of any stringency and rates
have hardly fluctuated. Trade requirements have
been met without disturbance and the money market
has rarely needed to resort to the Bank of England
for borrowing purposes."
The trend of prices on the London Stock Exchange
was in the main upward in 1918. For the year ending
Dec. 20 the London "Bankers' Magazine" notes a
7
THE CHRONICLE
recovery in the aggregate value of 387 representative
securities listed on the London Stock Exchange of
£200,436,000. This more than offsets the loss of
£157,696,000 in 1917. American securities contributed £40,482,000, or somewhat more than 20%
of the increase during 1918. The aggregate of these
securities for different periods during the war varied
as follows:
1914—
July ____£3,370,709,000
1915—
January_ 3,302,019,000
March __ 3,017,660,000
June____ 3,008,578,000
Sept.....2,906,032,000
Deceni r 2,907,281,000
r
1916—
March _ _L2,862,454,000
June___ _ 2,912,501,000
Sept ___ - 2,896,390,000
r
Decemb' 2,758,349,000
1917—
March _ _ 2,669,377,000
June___ _ 2,717,316,000
1917 (Concluded)—
Sept____ £2,690,337,000
Decemb'r 2,600,653,000
1918—
March __ 2,592,215,000
June....__ 2,633,824,000
Sept........ 2,734,510,000
Decemb'r 2,801,089,000
The aggregate for the month of December showed a
decrease of £21,409,000, or 0.8%, and contrasts with
a gain during November of £27,956,000, or 1%.
The London correspondent of the "Evening Post"
declares that it is considered important in the City
that there should be an early rapprochement between the English and American financial houses.
In pre-war times the close relations between English
and German houses was largely due to recognition
that foreign loans were often too large for flotation at
one centre. This, the correspondent says, will be
more often true in the future, and working arrangements between American and English and possibly
French financial houses are favored in London.
Aside from the possible transition period, when money
may be easy and stocks rather firm, the belief appears
to be general in London that the money position
favors dearer money and dulness in the security markets.
The directors of Lloyd's Bank, France, and the
National Provincial Bank (France), the French subsidiaries of the two important English banks of the
same names, announced that branches of the banks
are about to be opened in Brussels and Antwerp.
One of the first conditions of reconstructing the economic life of Belgium is the provision of proper currency, banking and exchange facilities. The English
banks can assist materially in providing these facilities.
Fgod conditions in France will improve considerably in the near future, according to a statement by
Victor Boret, the Food Minister, in an interview.
New restrictions Will be imposed, however, on consumption in meat because of the necessity of restocking herds in the liberated regions and the lossof some British tonnage which has been used in
transporting frozen meat. The sugar ration, the
Minister added, will be increased soon, while large
quantities of coffee are now on the way from Brazil.Butter is being imported from foreign countries.
Samples from Argentina showed the quality to be
excellent. In spite of the transportation expense,
this butter will be cheaper than that sold in France
at present. Regulations imposed on restaurants
will be ameliorated.
A good indication of the post-war condition of
Franch credit is the fact that the latest loan is. now
quoted at a substantial premium over the issue
price. The subscriptions totaled 30,000,000,000
francs ($6,000,000,000), nominal, of which 21,500,000,000 francs represented actual money, the
loan having been floated at a discount and
certain conversions permitted. The subscriptions
to the loan in the form of Russian Government
coupons amounted to 250,000,000 francs, although
only the 1918 coupons were accepted. This indicates, quoting the Paris correspondent of the "Journal
8
THE CHRONICLE
[VOL. 108.
of Commerce," "inferentially how deeply France is by far the lowest figure on record, and contrasts
interested in Russian recuperation. Before the war with the high record for 1918 of 19.10%, in the first
France invested three-quarters of her savings abroad week of January, while the previous lowest point
through the banks which made a practice of sup- was 15.17% on Dec. 5. The decline was a result
porting foreign Government issues. There is reason of the almost sensational expansion in the deposit
to believe that in the future French funds will be in- items, totaling no less than £2,663,000 in public
vested much more freely at home to assist industry." deposits, £65,857,000 in other deposits and £53,Semi-official authority exists for the statement that 198,000 in Government securities. Undoubtedly,
the formation of a large liquidation company soon however, these changes reflect the year-end settlewill be announced by the French Government. Its ments and will be readily corrected. Loans (other
function will be to dispose of the Government's sur- securities) expanded £14,332,000. The Bank's gold
plus stocks of raw and manufactured materials left supply now stands at £79,976,437, as against £59,over from the war. The new company will regulate 198,840 a year ago, £54,852,464 the year before
distribution in order to prevent a disorganization of that and £37,110,409 in 1914. Reserves total
£28,236,000, in contrast with £31,057,000 in 1918
prices and trade.
In every way possible France is endeavoring to and £33,512,304 the preceding year. Loans aggrehave demobilization proceed with the greatest gate £106,473,000. This compares with £106,possible dispatch. An appeal was made to the 480,000 a year ago and £91,789,493 in 1917. ClearChamber of Deputies early in the week to hasten ings through the London banks for the week totaled
the process as there are only 4,000 non-mobilized £294,760,000, as against £368,640,000 a week ago.
doctors to care for the 35,000,000 civilian popula- Our special correspondent is not as yet able to give
tion, the death rate among whom has doubled owing details by cable of the gold movement into and out
to the influenza. The army's health is said to be of the Bank for the Bank week, inasmuch as the
excellent. There are 16,000 physicians with the Bank has not resumed publication of such reports.
We append a tabular statement of comparisons:
colors.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
The French Treasury has announced a change in
1918.
1917.
1916.
1915.
1919.
the interest rates on the short term national defense
Jan. 6.
Jan. 5.
Jan. 1.
Jan. 2.
Jan. 3.
bonds which are so popular in France that more than Circulation
70,190,000 46,591,020 39,895,160 35,194,245 35,876,575
1,000,000,000 francs of them were subscribed during Public deposits_ _ 26,306,000 32,074,902 53,147,093 58,156,684 23,808,643
Other deposits
214,894,000 158,411,326 116,388,305 105,835,576 133,348,529
the first two weeks of December. These are 1, 3, Govt.securities_ _124,303,000 70,833,770 62,187,545 32,840,016 14,810,845
Other securities__ _106,472,000
6, and 12 months' bonds and when first introduced Reserve notes de coin 28,236,000 106,480,723 91,789,493 114,748,048 108,921,870
31,057,820 33,512,304 34,358,315 51,421,918
all bore 5% interest. A year later the interest was Coin and bullion- 79,976,437 59,198,840 54,957,464 51,102,560 68,848,493
set at 4% for one and three months' bonds. The Proportion of reserve 11.70% 16.30%
20.95%
32.72%
to liabilities
10.76%
5%
5%
5%
5%
6%
new scale is 332% for one month bonds, 4% for Bank rate
three months, 43/2% for six months •and 5% for
The Bank of France announces a further gain of
twelve months. In discussing the provisional credits
8,524,125 francs in its stock of gold on hand this week.
for the first quarter of 1919, Deputy Jacques Stern
The aggregate gold holdings now amount to 5,486,explained that the total war expenses of France
091,975 francs, comparing with 5,355,517,010 francs
would reach 250,000,000,000 francs ($50,000,000,last year and 5,085,782,828 francs in 1917; of these
000). Those of Great Britain he estimated 200,amounts 2,037,108,484 francs were held abroad in
000,000,000 francs and the Belgian 20,000,000,000
1919 and 1918 and 1,693,088,532 francs in 1917.
francs.
Bills discounted during the week were increased by
Premier Clemenceau's administration won a signal
315,647,000 francs, advances were augmented by
victory in the Chamber of Deputies on Monday, 35,662,000 francs and general
deposits were increased'
when the amendment to cut the Government's by 25,512,000 francs. On the other hand, silver
credit was defeated by a vote of 398 to 93. The decreased 184,000 francs and Treasury deposits fell
vote came at the end of an historic session of the off 77,406,000 francs. The large expansion of 805,Chamber during which the Government had been 425,000 francs occurred in note circulation, bringing
severely heckled.
the total outstanding up to 31,055,037,000 francs,
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
43/2% in Holland and Spain. In London the private
bank rate has not been changed from 3 17-32% for
sixty-day and ninety-day bills. Money on call in
London is still reported at 3%. No reports have
been received by cable of open market rates at other
European centres, so far as we have been able to
ascertain.
Another gain in gold was reported by the Bank of
England, the amount being £865,672, while total
reserves also showed a substantial gain, namely,
£982,000; note circulation having declined £117,000. These gains, however, were attended by a
severe drop in the proportion'of reserve of liabilities to 11.70%, as compared with 15.78%
a week ago and 16.30% last year. This is
thus attaining a new high mark for this item and exceeding by 233,792,000 francs the previous high
record of 30,821,245,000 francs, established just
prior to the signing of the armistice with Germany in
1918. In 1914, immediately preceding the outbreak
of war, the total was 6,683,184,785 francs. Last
year at this time the amount was 22,789,122,810
francs, while the year before it stood at 17,001,339,360 francs. Comparison of the various items with
the statement of last week and corresponding date
in 1918 and 1917 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
Inc. 8,524,125
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as of
Jan. 1917.
Jan. 3 1918.
Jan. 2 1919.
Francs.
Francs.
Prat:es.
3,448,983,491 3,318,408,525 3,392,694,295
2,037,108,181 2,037,108,484 1,693,088,532
Inc. 8,524,125
Total
Dec.
184,000
Silver
Bills discounted Inc. 315,647,000
Advances
Inc. 35,602,000
Note circu1ationInc. 805,425,000
Treasury deposits_ Dec. 77,406,000
General deposits _Inc. 25,512,000
5,486,091,975 5,355,517,010 5,085,782,828
291,035,999
318,163,446
246,827,857
745,570,947
1,361,921,600 1,048,247,684
1,251,370,500 1,233,502,510 1,297,265,720
31,055,037,000 22,789,122,810 17,001,339,360
336,604,246
31,278,000
42,519,749
1,391,708,000 2,777,720,052 2,313,885.469
•
JAN. 4 1919.] ,
9
THE CHRONICLE
unnecessary for purchasers of such amounts to buy
adhesive stamps.
Referring to money rates in detail, loans on call
have covered a range of 5@6%, against 4@6%
last week. Monday and Tuesday only one rate
was quoted, 6% being the high, low and ruling rate
on both days. Wednesday was a holiday (New
Year's Day). On Thursday the high was still at
6%, which was also the renewal rate, but the low
4
declined to 53 %. Friday's range was 5@6%,
with renewals again negotiated at 6%. The
above rates apply to mixed collateral loans, allindustrials being still quoted at M of 1% higher.
The firmness of course refleets the exceptionally
heavy January dividend and interest disbursements.
In time money the market was more or less of a
nominal affair-with no trades of importance reported
in any direction. Funds for fixed date loans were
in better supply and quotations closed a fraction
lower at 53@532% for sixty and ninety days and
53'@,6% for four, five and six months; very little
At the correspondbusiness was transacted.
ing period in 1917, sixty days was quoted at 532%,
ninety days at 532@59% and four, five and six
months at 5%@6%.
Mercantile paper was also a shade easier with
sixty and ninety days' endorsed bills receivable
and six months' names of choice character closing
at 5@5%%, and names less well known at
5%@6%.
Banks' and bankers' acceptances have shown a
fair degree of activity, with rates still ruling at levels
The accumulations of the year-end dividend and previously current. The quotation for demand
interest disbursements having been completed and in loans on bankers' acceptances has not been changed
as follows:
large measure disbursed, the local money position is from 43.%. Rates in detail are Delivery
Delirery
Spot
within
again showing indications of ease. Call money
Thirty
Ninety
Sixty
30 Days
Days.
Days.
Days.
loans have been arranged as low as 5%, and while Eligible bills of member banks
6
4;( bid
4%@434 4%@4% 4@4
bid
Eligible bills of
4'/@43(
no important alterations have been made in loans Ineligible bills non-member banks 4%04% 534@5 434@4% 44bid
6
534324
1534@)5
maturities, lenders are evincing greater disfor fixed
position to put out funds. The Money Committee
No changes in rates, so far as our knowledge goes,
set at rest on Monday recent reports that it was have been made the past week by the Federal Reabout to adjourn formally. It announced that, serve banks. Prevailing rates for various classes of
"acting on the suggestion of the Treasury Depart- paper at the different Reserve banks are shown in the
ment," it would continue to function as at present, following:
endeavoring to stabilize call money rates and to
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
prevent expansion of the loan accounts. Under the
original arrangement, control by the Committee
CLASSES
I 1. I g
.
.3
.
OF
was scheduled to cease as of Jan. 10. No date has DISCOUNTS AND LOAN' •
1
I . 1 I
been set for the expiration of the extended life of the
11 q
it di mC
4
Committee, the assumption being in banking quar- Discounts—
3
days,inel. member
ters that the restrictions now current will be enforced Within 15collateral notes_..._ 4 4 4 434 434 434 4 4 434 4;4,4;4 454
banks'
16 to 80 days' maturity__ 434 434 4% 434 5 434 434 434 434 5 1 434 5
at least until the fifth Government war loan, which, 61 to 90 days' maturity__ 4% 4% 434 434 5 4% 434 434 5 5 1 5 5
and live-stock
it is reported, will be called the "Victory Loan," has kgricultural 90 days
5 5 5 534 534 5 534 534 534 534 534 534
paper over
by U. S. certiflcate
distributed. The correspondence between the 3ecuredIndebtedness or LI
been
of
arty
Committee and the Treasury appears on another Within Loan bonds—
15 days, including
member banks' collat4 14;4 4 4M
4 141;4 4 4 4
4 4 4
page of to-day's "Chronicle." The second bieral notes
2434 434 434 434 2434 2434 4344% 434 1434 434 434
16 to 90 days' maturity
• weekly offering of Treasury certificates of indebted- Trade Acceptances4% 434 434 4% 4% 434 4% 414a
4% 434 4% 4% 2
1 to 60 days' maturity
ness, it was announced• by Secretary Glass last 61 to 90 days' maturity 434 434 434 434 434 434 434 434 434 434 434 434
loan operations
Rate of 3 to 434% for 1-day discounts
Monday, had been oversubscribed $72,494,000. of the Government. Rates for discounted in connection with thematuring within
bankers' acceptances
15 days, 4%; within 16 to 60, days 434%; and within 61 to 90 days, 434%.
The minimum offered was $500,000,000. Every dis- +Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper retrict except the Dallas district exceeded its quota. discounted has been taken by discounting member banks at rate not exceeding
interest rate on bonds.
trade acceptances maturing within 15 days, 434%.
As announced elsewhere, a third offering of these a Rate fordays and under, 434%.
Fifteen
Note 1. Acceptances purchased in open market, minimum
432% certificates of indebtedness is now being made, Note 2. Rates for commodity paper have been merged withrate 4%. commercial
those for
maturities.
this time for a minimum of $750,000,000. The Paper of corresponding80-day trade acceptance rate is higher than the I5-day disNote 3. In ease the
rate.
Treasury plans to issue long-term securities into count rate.trade acceptances maturing within 15 days will be taken at the lower -day
Note 4. Whenever application Is made by member banks for renewal of 15
-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90
which War Savings stamps and certificates may be paper of the same class.
converted, and also to continue the War Savings
Sterling exchange remains without new feature,
system in 1920 and succeeding years. The Treasury
is working on plans for issuing War Savings certifi- rates still being arbitrarily pegged, but with a slight
000 denominations to make it improvement in the demand for bills at the close.
cates of $100 and $1;
San Francisco.
vi
New York.
Saturday's bank statement of New York Clearing
House members, which will be found in more complete form on a later page of this issue, in some measure reflected the year-end dividend and interest
Both aggregate and surplus redisbursements.
serves sustained losses. The loan item increased
$7,238,000. Net demand deposits expanded $9,029,000 to $3,926,359,000 (Government deposits of
$177,559,000 deducted). Net time deposits, however, declined $2,956,000 to $132,903,000. There
was a decline in Government deposits this week
from $248,239,000 to $177,559,000. Cash in vaults
(members of the Federal Reserve banks) increased
$3,438,000 to $113,270,000 (not counted as reserve).
Reserves in the Federal Reserve Bank of member
banks were reduced $16,318,000 to $541,528,000.
Reserves in own vaults (S.tate banks and trust companies) expanded $955,000 to $11,389,000, while
reserves in other depositories (State banks and trust
companies) declined $210,000 to $9,020.,000. Aggregate reserves registered a reduction of $15,573,000 to
$561,937,000, which compares with $590,034,000
in the same week of 1917. Surplus decreased $16,887,410, and now stands at $42,804,340, as against
$112,376,830 last year, on the basis in both cases
of 13% reserves for member banks of the Federal
Reserve system (but not counting $113,270,000 cash
in vault held by these banks, which last Saturday
amounted to $113,270,000). The reserve required
showed an expansion of $1,314,410. Circulation
increased $118,000 to $35,934,000.
10
THE CHRONICLE
With regard to quotations in greater detail, sterling
rates on Saturday were a shade easier, with demand at
4 7580 and cable transfers at 4 7655; sixty days remained at 4 733'@4 73%. On Monday transactions
were light in volume and quotations did not vary from
4 7580 for demand, 4 7655 for cable transfers and
4 733'@ 4 73% for sixty days. Pre-holiday quiet pervaded Tuesday's dealings and very little business was
transacted; the undertone was steady, however, and
demand bills advanced to 4 7580@4 75 13-16 and
cable transfers to 4 7655@4 76 9-16; sixty days were
unchanged. Wednesday was a holiday (New Year's
Day). On Thursday,under the stimulus of a better
inquiry incidental to Saturday's mail steamer, rates
again advanced fractionally and demand touched the
highest point in quite some time, viz., 4 75 13-16@
4 7585, although cable transfers and 5ixty days were
maintained at 4 7655@4 76 9-16 and 4 733/2@4 73%,
respectively. The market ruled quiet but firm on
Friday. Closing quotations were 4 7332@4 73%
for sixty days,• 4 75823/@4 75873/ for demand and
2
4 7655@4 76 9-16 for cable transfers. Commercial
sight bills finished at 4 75%@4 75 8, sixty days at
4 723/@4 72%, ninety days at 4 713i@4 713/,
2
documents for payment (sixty days) at 4 72@4 723'(
and seven-day grain bills at 4 747 @4 75%. Cotton
4
and grain for payment closed at 4 759@4 757 .
4
No shipments of gold either for export or import
were reported during the week.
[voL. 108.
Operations in the neutral exchanges showed no
increase in activity, although quotations for the
most part ruled steady. Scandinavian rates were
firm, Spanish pesetas a shade higher and guilders
well maintained. Swiss francs were an exception
to the general firmness, having moved somewhat
irregularly and declined several points during the
week. The persistent strength in neutrals in the
face of anticipations to the contrary is explainable
in some degree by the fact that the substantial
credits which have been established in these countries for the purpose of • supplying various commodities to the belligerents during the war are not
yet exhausted.
Bankers' sight on Amsterdam closed at 42 7-16,
against 42%; cables at 42 11-16, against 42 8;
commercial sight at 42%, against 42 9-16, and
commercial sixty days at 42, against 42 3-16 last
week. Swiss exchange finished at 4 87 for bankers'
sight bills and 4 84 for cables. This compares with
4 80 and 4-77 the week previous. Copenhagen
checks closed at 26 8, and cables at 273/, against
8
26.873/2 and 27.123/. Checks on Sweden finished
2
at 293/g and cables 29%,against 29.123/ and 29.373/2,
while checks on Norway closed at 28.00 and cables
28.25, against 27.873/ and 28.123/ on Friday of
the week preceding.% Spanish • pesetas finished at
20.08 and cables 20.15. A week ago the close was
20.00 and 20.10.
As to South American quotations, the check rate
on Argentina closed at 44.15 and cables at 4431,
as contrasted with 45.10 and 45.25. For Brazil
the rate for checks was lowered and finished at 26.15
and cables at 26.25, against 26.60 and 26.75 last
week. Chilian exchange has remained at 10 7-16.
Peru was not changed from 50.125@50.375.
Far Eastern rates are as follows: Hong Kong,
81@81.15, against 80@803; Shanghai, 124@1241
A
(unchanged); Yokohama 523/@52%,against 52%@
2
53; Manila, 503i@50 (unchanged); Singapore,
563/2@5
6% (unchanged); Bombay, 36%@363 (un4
changed); and Calcutta (cables), 369'@37 (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $8,491,000 net in cash as a result of the
currency movements for the week ending Jan. 3.
Their receipts from the interior have aggregated
$11,688,000, while the shipments have reached
$3,197,000. Adding the Sub-Treasury and Federal
Reserve operations, which together occasioned a loss
of $65,663,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a loss of $57,172,000, as
follows:
In the Continental exchanges the week proved an
uneventful one, transactions continuing, as has been
the case of late, exceptionally light in volume. The
New Year holidays, of course, added to the general
dulness. Quotations have been firmly held, but
fluctuations were slight and changes inconsequential.
In prominent international banking circles the
opinion still prevails that conditions surrounding the
foreign exchange market are likely to remain as at
the present time with Government control more or
less of a predominant feature, at least until the
actual signing of peace treaties. When this has been
consummated, exchange probably will be restored to
its former basis and a great increase in the business
is looked for. Francs ruled firm and a shade higher,
though without specific activity. Exchange on
Rome is still pegged at the levels previously ruling.
As to rubles, no business is passing, and the quotation remains entirely nominal. A dispatch from
Washington states that for the time being the Allies
intend to hold several million rubles in paper curWeek ending Jan. 3.
Into
Out Of
Net Change in
Banks.
Banks.
Bank Holdings.
rency at Vladivostok, which are intended for shipBanks' Interior movement
53,197,000 Gain $8,491,000
ment to the Omsk Government. The money was Sub-Treas. and Fed. Res. operations 511,688,000 99,249,000 Loss 65,663,000
33,586,000
printed in the United States and shipped via San Total
$45,274,000 $102,446,000 Loss $57,172,000
Francisco to Vladivostok. German reichsmarks and
The following table indicates the amount of bullion
Austrian kronen are not as yet quoted in this market. in the principal European banks:
In the occupied areas of Germany, beginning with
Jan. 2 1919.
Jan. 3 1918.
Saturday of last week, the rate of exchange on marks Banks of Gold.
Sitter.
Total.
Total.
Silver.
Gold.
for use of the armies of occupation, was fixed at
£
£
£
£
I
79,976,436
59,198,843
79,976,4361 59,198,843
166 marks for 100 francs. The official London check England__ 137,959,339 12,720,000 150,679,3391132,736,340 9,840,000 142,576,340
France a_
Germany _ 113,131,450 1,006,760114,138,210 120,279,500 9,117,300 129,396,800
rate in Paris closed at 25.98, as against 25.973/b Russia ..... 129,650,000, 12375,000142.025,0001129,650,000 12,375,000142,025,000
Aus-Hun c 11,008,0001 2,289,000 13,297,000 11,008,000 2,289,000 13,207,000
last week. In New York sight bills on the French Spain_._ 91,332,000 25,864,000117,196,00 78,657,000 28,600,00 107,257,000.
38,439,000, 3,200,111 41,639,00 33,364,000 3,265,00 36,629,000
453/ agianst 5 453/; cables at Italy
centre finished at 5
698,111 58,192,00 58,292,000
Netherl'd 57,494,0001
569,600 58,861,600
Nat.Bel.h 15,380.030
600.000i
5 447 gainst 5 447 ; commercial sight at 5 463 SwIteland 15,855,00 2,318,000, 15,980,00 15,380,000 600,000 15,980,000
4
4
14,224,000
18,173,
14,224,000
Sweden __ 15,742,000.
15,742,
12,302,000
12,302,000
against 5 461 , and commercial sixty days at 5 513/ Denmark_ 10,424,0001
4
10,424,000 9,922,000
147,000 10,069,000
2 Norway_ _ 6,726,0001
6,296,000
6,726,000 6,296,000
against 5 513/ a week ago. Lire closed without Tot meek_
723,117,225! 61,070,760784,187,985681,309,683 66,802,000748,112,583
change from 6 36 for bankers' sight bills and 6 35 for Prey.week 722,137,0141 60,930,010783,067,924,678064.921 65,726,450743,701,371
a
cables. Rubles remain as heretofore at 14 for checks held Gold holdings of the Bank of France this year arc exclusive of £81,484,340
abroad.
No figures reported since October 29 1917.
and 15 for cables. Greek exchange continues to be c Figures for both years are those given by "British Board of Trade Journal" for
Dec. 7 1917.
quoted at 5 163/ for checks and 5 15 for cables.
2
h August 6 1914 in both years.
JAN. 4 1919.]
THE CHRONICLE
11
to the general policies of theipresent Coalition.
MEANING OF THE ENGLISH ELECTIONS.
Following the victorious termination of the war, no
The results of the general election in Great Britain, such repudiation of the ministry which won it was
as announced this week, are so remarkable that even to be expected. But even granting Lloyd George's
the English political experts are at a loss to say just prospects of success in this election, political experts
what they mean and just what political situation predicted in advance an unreliable and insecure
they foreshadow. The,present British Premier is a majority, with a consequent brief tenure of power by
past master in political strategy. When, at the the present Premier until, at some early date, the
moment of returning peace, this general election was real popular sentiment should make itself felt.
But the result of the vote has been to leave the
announced, the prevalent comment was that Lloyd
George must have seen his way clear to a popular prophets and the critics in considerable confusion.
vote of confidence under the immediate influence of When the present Parliament was chosen in 1910, it
the news, but have doubted the outcome of a delayed contained an equal number of Liberals and Convote, taken under the influence of the later experi- servatives-272 of each—with 42 Labor members
ences which return to a peace footing might bring. and 84 Irish Nationalists. The Liberal Ministry
But, on the other hand, the present Government retained power at the start, mainly through affiliahad, in the face of things and in the light of prece- tion with the Labor members and throughlthe fact
dent, logical grounds for asking the people to select that the Irish members were fully at odds with the
Conservatives. There have been changes as a result
a new Parliament immediately.
The present Parliament, acting in response to the of numerous bye-elections in the eight intervening
necessities of war, had prolonged its own life far years, but they did not remove the dependence of the
beyond the normal constitutional limit. Ever since Ministry on agreement between two political factions.
Walpole's time, in the earlier years of the eighteenth Minorities often held the balance of power.
century, the "Septennial Act" has limited the conIn preparing for this month's general election, the
tinuous life of any single Parliament to a seven-year coalition between Liberals and Conservatives, on
period. That term was never le.ngthened, even which the existing Ministry is based, was openly and
{luring the many wars of the eighteenth and nine- officially recognized as the Government party.
teenth centuries. In fact, the very Parliament whose Political leaders went so far as absolutely to dictate
life is now ending, and which was chosen in 1910, certain candidates and insist on the withdrawal of
had actualy in its earlier history voted to reduce others in many important constituencies, with
the limit of life for a single Parliament from seven numerous political heartburnings as a consequence.
years to five. Then came the war, anti the general Yet the remarkable result is that the newly/elected
feeling that the great issues involved ought not to members who were chosen because ofitheir/declared
be thrown before the electorate in face of the uncer- ,support of the Coalition Governmentlhold a clear
tainties of battle, caused revocation of that policy, majority of 235. Of the 471 Coalition/members, 334
and by another vote the Parliament prolonged its are normally Liberal-Unionists, 127LLiberals and 10
own life even beyond the seven-year statutory limit. Labor. Of the 236 not classed as:Coalition:members,
The result has been that this Parliament had already 46 are Unionists, 37 "Asquith-Liberals," 65 Labor
lasted, not only seven years, but more than eight. members, and 73 Irish Sinn Feiners. Only seven
It has actually had the longest life of any such body Irish Nationalists and one declared Socialist are
since the "Cavalier Parliament" which was chosen elected. The Liberal party as a separate entity has
at the restoration of Charles II. in 1660—a Parlia- all but disappeared. The Labor party falls short
ment which that king, who then had power in the nearly 50% of the claims lately made for its:membermatter, refused to dissolve during the nineteen sub- ship in a new Parliament.
sequent years because he feared the temper of the
This general outcome is, in some ways, even less
remarkable than some of the individual results. Mr.
electorate.
There were, then, solid constitutional reasons for Asquith, Lloyd George's predecessor in therremierdissolving the Parliament elected in 1910 as soon as ship, and his rival in the present Parliament, fails
the immediate emergency of war was over. Never- of re-election. The Labor leader, Arthur Hendertheless, the political aspect of the move was to in- son, of whom it was predicted not so long ago that
voke what England calls "a khaki election." Eng- he would be the next British Premier, similarly loses
lish political opinion was divided both as to the his seat, and with him his well-known party colwisdom and as to the probable results of such an leagues, Philip Snowden and Ramsay McDonald,
election at this time. That Lloyd George and his are rejected by the voters.
How far, one may ask, will the political predicexisting Government,formed on the basis of coalition
between the Liberal and Tory parties, would win a tions of a month ago have to be revised in the light
Parliamentary majority, was generally conceded. of these striking results? In other words, will the
The case was not even that which arose hi our own Government seated by this election enjoy a reasonrecent Congressional elections.
ably prolonged tenure of power, or will it prove
With us, there was no question of displacing the merely make-shift and stop-gap, to be unseated
Administration which had won the war, but merely after a few months, when new political influences
of shifting majorities in the National Legislature to get into active operation? The problem of Lloyd
a party which could not even be described as the George himself has hardly more than begun, and
Opposition in matters of war policy. An adverse it is certainly full of complexities. Completely
majority in the British Parliament, however, would victorious over those of the Labor and Irish parties
have meant the complete displacement of the Lloyd who opposed his political program, he is on the other
George-Balfour-Bonar Law Government and the hand absolutely dependent on maintenance of the
substitution either of Mr. Asquith, who had handled coalition between the two great opposing parties
the war problems unsuccessfully in the earlier period who are at odds on many vital public questions—
of the conflict, or of a Labor Government opposed a coalition, moreover, in which Lloyd George's
12
THE CHRONICLE
[VOL. 108.
natural allies, the Liberals, hold a minority of the not ring hollow; then it does not assume a represeats. The defeat of Labor members and of other sentative power never specifically delegated to it. To
notabilities in the present Parliament was largely feed a people on luring .phrases that they may be
due to the effective combination of the two main led into the light is not necessarily equivalent to
parties at a time when so complete a working al- speaking what they think. In the late years of a
liance at the polls had nowhere been expected. The changed and changing world, peoples have had little
natural question must arise whether such a political to say, governments much, leaders more. To
combination can last. To that question the only construct, now, a "people's peace," the peoples
possible answer at the moment is that the result will should be heard.
But all this is mere fencing. Let us begin by
depend on the Coalition Government's attitude
towards disputed public questions, and on the man- asking, "liver there a man with soul so dead," that
ner in which those questions arise. Among them he does not want perpetual peace? Of course there
will stand not only the problems of England's at- are qualifications, but let us say a peace that does
titude at the Peace Conference and the practical not make sovereignty in individual and in States
problems of economic reconstruction, but the subservient to a form of slavery, what then? We
political demands of Ireland and the social demands do not believe a man of common intelligence lives,
anywhere, who in his inner heart would deliberately
of the Labor party.
The experience of history seems to teach that visit upon mankind recurrent wars, war in the abCoalition Governments after the main point of stract, if by any means compatible with liberty and
union (such as war) is removed in the progress of honor that can be avoided and prevented. And
events, find almost invariably that continuance of leaders of peoples are right in the assumption that
the relationship is precarious. Usually the end in declaring that the peoples want perpetual peace
comes suddenly. This may or may not be the they speak the peoples' thoughts for them; they
outcome in the case of the new British Parliament; "represent" rightly, and truly serve them. Alas,
circumstances never exactly duplicate themselves. how far this is from the goal. Unfortunately the
But even as matters stand to-day, the situation is peoples are not pow writing this peace of the world.
reassuring. Under all the circumstances of the They may be liberty-loving and democratic, but they
hour, this successful union of two strong parties have no vQice. Nations are making peace, Governfor maintenance of sober and statesmanlike policies ments, through their men and machinery. Even
is an event of real significance. It is at least the now as great events impend on a world-stage, the
strongest sort of indication that one prediction peoples literally wait. We do not include here a
regarding the results of the European war—that a question of peace with the enemy now and later with
wave of reckless socialistic experiments and of the world, or all now, there may be honest differunsettlement in the whole machinery of Government. ences of opinion on the policy. The broad fact is
would instantly follow termination of the war— that in the essentials of the means of begetting and
was erroneous as applied to England. Perhaps insuring world-peace means that involve government
we shall find that the forces which in England have economics and personal liberty, no people has
made possible this result in the first test of her directly spoken.
When our own form of government, State or naelectorate, are at work elsewhere than in England.
We have yet to see how they will bear a similar tional, is sought to be changed, there is a call for a
test on the European continent, and the test may constitutional convention wherein direct reprebring surprises as great as that which has occurred sentatives of the people formulate a creed for future
in England. Even Germany, in the throes of submission to the electorate. In this way open
revolution, is showing, first that habits of political covenants openly arrived at are in truth the voice
and social order are a powerful restraining force, of the popular will. Now, and we do not say it for
and second that the visible results of Russia's ex- the purpose of hamstringing criticism but to disclose
periment have sunk fairly deep into the minds of on the contrary a profound duty, it is proposed to
regulate the affairs of the whole world without referother peoples.
ence of a single one of the compelling and complex
THE COVENANTS OF A "PEOPLE'S PEACE." and unavoidably included problems, to a single
A simple declaration may, upon its face, bear the sovereign people anywhere for endorsement and
stamp of truth, and yet ring hollow. Ideals must adoption. It is said that in a statement of fourteen
needs have their "headliners" to catch the eye of the principles a "charter" has been given to mankind
world. Apt, comprehensive, even mellifluous and and has been adopted by the leading nations. But
revealing phrases, are electric signboards on the a nation is not a people, nor is a leader or statesman
way. In the procession, he who inscribes the a representative of a people, merely by assuming
banner, is the real leader; the marcher only repeats that what he now thinks they also think, until they
the truth, or falsehood, by holding it aloft. Since have spoken.
We have not space to carry this thought further.
the primitive days of picture writing men have
sought to put what they believed to be great truths We have sought to lead to this, and this only—there
into appealing form. The conjecture that poetry never has been a time in the history of the world
preceded prose is not without reason. The ear is when what we term "popular expression" should
attracted by a recurrence of pleasing sounds—and be as free and honest and urgent as now. Wilson,
the mind more readily remembers. Compression George, Clemenceau, have come together for a
into few words, striking comparisons, personifi- purpose, and a single central purpose, to organize
cation, metaphor, epigram, all constitute art in the some plan by which the world may be freed, if
use of speech, in the days of civilization. Yet neither possible, from the curse of war. The nations they
the phrase nor the phrasemaker can express the represent destroyed militarism by force that this might
heart or the hope of humanity unless the truth or be done. But of what use is a "chart" without a
principle is apparent to every man. Then it does compass? What compass can there be which shall
JAN. 4 1919.]
THE CHRONICLE
13
disclose direction if it be not the voice of peoples? sary to the continuous keeping of the peace of the
Everything really is involved in this magnificent world and to the free expression of peoples and
ideal. For with war relegated to ages of barbarism independence of States, large and small, in obeisance
the spiritual progress of mankind can have no limits. to the larger ideal, we pledge our willingness to the
Yet there is talk of Burleson, of Creel, of cables, sacrifice." But no, the spirit of domination is still
of free newspapers, of "publicity," of open and of present, and no nation is apparently prepared to
closed doors at these great conferences, and not a surrender it.
unified and comprehensive expression by a single
The fourteen principles are well enough, but they
people in all these "democracies," as to the necessity cannot cover all human and national relations.
of a League of Nations, as to what is meant by open The President has said they are tentative. He has
diplomacy, disarmament, freedom of the seas, or lately said the "chart" has been accepted. But
the removal of economic barriers. Senator Lodge "disarmament" is "near" to the solution; and
may talk and ask for postponement, and not without tariffs are "economic barriers" and will be to the
reason, and be met by a storm of protest that the end of time; breeders of distrust and disproportion
President should be supported. And he should be. suppressing peoples in their natural energies and
But how? Is there a people on earth brave enough putting barb wires about natural resources. Yet
to declare for absolute free trade, because trade no people declares a willingness to even sacrificially
restrictions are commonly believed to foster wars?
consider the removal of these menacing customs
Not one! Is there a people brave enough to that have so long been hugged to the breast of
• declare that "self-determination," being a continu- nations in fear and enmity. Well—the one thing
ous right of all peoples, demands not only now but sure is that peoples everywhere want war ended.
for the future that all boundary lines shall be deter- This these statesmen know. For the rest there is
mined by plebiscites of those interested and by popular silence; and the United States is fortunate
arbitration? Not one! Is there a people brave in having as its spokesman and representative a
enough to declare that all the present munitions of leader of lofty purpose and of uncompromising
war should be destroyed and every nation solemnly ideals.
agree to make no more forever? Not one! Is there
THE NEW YEAR: A PROSPECT.
a people brave enough to. demand in thunder tones
If the struggle of war filled the year now closed,
that now all "conversations," all conferences and
proposals, be cabled to every hamlet everywhere the struggle for peace will surely characterize the
for popular discussion, approval or rejection? year now coming in. For the lasting peace longed
for is not to be obtained without a struggle of intelNot one!
Now it is no answer to say that at this stage of the lects and a conflict of opinions, though these be
great gamelthis is impossible, or that if attempted finally all reconciled in good-will. As the curtain
could not be accomplished for decades, and that lifts on the year 1919 we see in Paris two great enharmony could never come. How can a League of compassing movements, not wholly opposed nor yet
Nations be constructed without consideration of wholly reconciled, interrelated and interacting, which
these things, and how can war be prevented without may be denominated the Peace Council and the
- some form of a League of Nations? Yet the peoples League of Nations Conference. It is not necessary
wait, the press falters and hesitates, and these here to point out the well-known likenesses and difleaders think they think as the peoples think who ferences of these two great international conventions,
do not think at all, at least loud enough to be heard. if we may use this term. Our purpose is to point
In the olden times men built bonfires on the hills to them as the overwhelming features of the
to light those in the valleys of danger to safety. The dawning year—holding in their keeping not only the
whole world at this moment confronts a situation, calming of the tumult of an unparalleled war,but the
men who are perforce the representatives of peoples, future of a world entering upon a new era.
are about to formulate a plan involving the weal
Although there are elements of force still contendand woe of centuries. What they can do is not to ing in the arena of the late colossal conflict, they may
fetter the peoples and nations for centuries to come be likened to the seethings of the huge cauldron,
by an iron compact, but to accomplish the one thing that, while it has not ceased to boil and bubble, is
that stands large before mankind, the organization slowly simmering down. More auspicious it is to
of the spiritual forces into some form of machinery consider the spiritual forces now at work, rapidly
that shall be operative and continuing, having for concentrating about the great issue of perpetual
its immediate object the abolition of war. What they peace. For this mighty work our own President,
should have is an open outspoken support which breaking all traditions, has crossed the seas, and is
would say (as has been said in the prosecution of now urging harmony and unity. Looked at in this
war to victory) and we make the matter as emphatic light, the coming year may witness a sunburst of
as is possible, a support which would say: "build justice, liberty and democracy that will illumine the
this new universal covenant, set up this inter- world for centuries to come. The heart of humanity
national machinery, we as peoples pledge to it out prays that it may. At Versailles and Paris the naof and by our free and sovereign independence our tions are gathering for the most momentous and
loyalty, and through that loyalty such sacrifice solemn occasion that history has ever known or ever
as will secure the one supreme object—the abolition can know. The indications at this time are hopeful.
and extermination of all war. And in this spirit There are many grave and perplexing problems at
we now declare that once this 'League,' this world stake. A firm and just and proper peace is to be
tribune, is set up, that as lovers of mankind, as concluded with a broken enemy. That may be n0
responsible integers in the peace and progress of the most difficult task that confronts the assembled
mankind, we pledge ourselves to all needed sacri- statesmen of the world. Whether.the larger and
fices—and if on reference of these questions to us it lasting peace shall be included, as far as principles
appears that disarmament and free trade are neces- go, in this, or whether it be separately though
14
THE CHRONICLE
simultaneously considered, or whether it come afterward, though held always in view as the months go
by, is perhaps ground for honest differences of
opinion, but that enduring Peace shall come to
an eager and yearning humanity, this is the
motive and mission that sets apart the year we now
enter.
It is a splendid enterprise that all eyes now envision. World politics such as were never entertained in the past. In the midst of crumbling
dynasties and transforming empires the birth of
democracies that have for their central thought
self-determination and independence. Small States
springing to life amid the dust and ashes of decaying
compulsions and oppressions, while liberty-loving
peoples and vast world-powers stand by to see that
full freedom come as well as honest justice be done.
Not without turmoil and terrorism, for the fearful
and unbridled passions of an all-embracing war do
not cease in a day. Not without suffering, not
without a sentimental madness that fills classes and
combinations with the ecstatic and unstable visions
of an Utopian deliverance. But through all the
wide spaces of a world, in the deep heart of every
people, a hope, transcendent and beautiful, that out
of the mighty sacrifice, by reason of the awful lesson,
in humility and love, there may come some union,
some plan, some federation, that will forever redeem,
and restore to law and order, the races and States
that have travailed low in the Shadow, and
now see, though afar, the growing light of Eternal
Peace.
If the year shall close with the principal thought
realized, it will mark the Beginning, and the date
will forever be apotheosized in human history.
Politics, economics, civics, social relations, prosperity
and progress, the return of life to normal endeavors,
the interpenetration of commerce and trade into
every continent, every nationality, the smoothing
down of the seas that sunder and yet bind, and the
New Civilization that shall grow and flower out of the
magnificent association and compact, all these hang
in the balance of the revolving year.
It is an outlook as sublime as it is comprehensive.
In it there is no room for captious controversy. It
invites the best there is in the devotion and sacrifice
of every people. All else becomes paltry by comparison. As the War engulfed all, so shall this
heroic endeavor for Peace consecrate and immortalize all. The common man can only worship it
with yearning heart and undying hope. They who
gather and deliberate, they who represent Governments and masses of men, shall have glory and
praise, as they bow before the unspoken desire of
toilers and thinkers everywhere, that a way shall
evolve that will harm no nation, no people, and yet
help all.
For the rest, the fierce outburst of world-passion
over, ordinary life that centres in the home and
exerts itself in the mart, will again engage each and
every one who lives and aspires and would be glad.
the true
Somehow, we doubt not, man will -learn .
lesson of his egoistic will. Somehow, he will come
to see, in the reconstruction and resumption that
must come, that his was the terrible error, that still,
#bw as ever, "God's in His heaven, all's right with
the world!" Somehow, as the processes of human
existence, ordained of Divine wisdom, resume their
operations, he will see that labor is a blessing, not
a curse; that life is a privilege, not a penalty, and
[VoL. 108.
that there is comfort, joy and advance for all if man
will work in accord with natural and Divine laws,
and will in all that he thinks and does love his
neighbor as himself. The, change, the conviction,
that should be the lightning flash out of the black and
brooding cloud, that burns away error and reveals
the hidden truth, is not one of States so much as it is
of human souls. We who live make war and we
make peace. Each is a sovereign in his own right.
As we bow to justice and truth and love in our own
lives so shall the great Peace follow. Let us then
toil and aspire, trusting the Divine Plan for the key
to our own plan.
GOVERNOR SMITH'S LEANING TOWARDS
PATERNALISM.
In what he calls "permanent problems of reconstruction" Governor Smith of this State names,
first, "taxation which will bear equally upon all
classes." This is a problem we seem to have ever
with us, not merely as a part of readjustments after
war, but as a part of the day's work of government,
and it has yet to be grappled with seriously and
handled successfully. To this he adds as pressing
problems "provision for the production and distribution of the necessaries of life so that the people
may obtain them at the lowest cost, and more
stringent and universal laws for the protection of the
health, comfort, welfare and efficiency of our
people."
Large problems truly, but for them Governor
Smith proposes the old specific, more legislation.
A minimum wage commission to have power to fix
the living wage to women and minors; but if wages
are to be fixed by statutory action for these there is
no good reason for not handing like beneficenses to
every worker everywhere; and if prices of labor in
terms of money are to be fixed otherwise than by
the law of supply and demand, by an altruistic body
of three, which is to be so constituted "that the
views of employers, employees and the public will
be properly reflected," then all prices should be
regulated in the maximum to consumers. If we can
only have prices low enough when we are buying,
it will matter little what the prices are when we are
selling. There is a self-contradiction wrapped up in
this, but so there was in'the two-headed snake that
tried to crawl in two opposite directions at the same
instant.
Governor Smith proposes sickness and maternity
insurance, a subject already covered or sure to be
covered if the State keeps its hands off. Any health
insurance proposed would naturally be compulsory,
but that has already been tried with disastrous
results, and probably Governor Smith has not read
the address upon the German scheme, lately
delivered by the statistician of the Prudential.
Life.
"Recent years," says Governor Smith, "have
been marked by a great opening of the popular mind
to the true scope of enlightened municipal administration," and he discovers a demand from evety city
"for the granting of power to the cities to acquire,
own, operate and control their public utilities." It
is true that water, sewage, police and a very few
other matters must be undertaken by municipalities
for the same reason that mails-carrying must be done
by government; but as for stepping beyond these
few needs which cannot otherwise be met the evidence against public administration and ownership
JAN. 4 1919.]
THE CHRONICLE
15
is overwhelmingly preponderant. Further, any- being made to keep them out and to see that the
thing useful may be declared a public utility. The test of final enactment should be applied also, as
newspaper is a daily need; so is housing; so is food; far as possible, to preparation and presentation.
so is heat, light, attendance, so is almost every Suppose it were urged that the proper function of a
consumable thing short of the rather indefinite legislature is to review, test by results, condense,
"luxury" class; the crowning vice of public regulation, simplify, and the repeal, rather than to "make" more
control, and ownership is that there is no fixed line statutes? Suppose there were an 'advancement of
of halting its continual tendency and effort to expand the proposition that we, the people represented both
itself, an ominous fact of which there is abundant in Congress and in our home legislatures, have been
illustration. At this hour, after being forced by all wrong in trying to enact ourselves into what the
war further into the "Government" process of doing best of us would have us? Suppose that Governor
things than was dreamed of a dozen years ago, we Smith, head of the largest State, should sound a call
find before us not merely difficulties (serious, though for moving very slowly and very thoughtfully now,
not insurmountable by a union of stern integrity and for each undertaking to reform himself, by himwith native American sense) in the path of getting self and in the light of personal duty to God and
back, but a pressure to prevent our going back and man, instead of waiting for or clamoring for some
to push us farther and permanently in.
more statutes nominally intended to make everybody
"I recommend," says the Governor in a single reform simultaneously? We have tried external
sentence of reference to that subject, "the passage government; suppose we now put more effort and
of legislation to lift labor out of the category of more trust upon self-government?
commodities or articles of commerce." Whatever
is bought, sold, contracted for, or furnished, and
JAPAN'S INDUSTRIAL AND ECONOMIC
expressed in terms of money or of commodities is
DEVELOPMENT.
within commerce ex natura and nothing can lift it
The same uneasiness which has been manifested in
out. As a mere bit of phrasing, this is just the this country, but with more reason and in greater
familiar bow of the politician to the labor "vote;" degree, concerning the immediate effects of peace
taken in any other way, it means that organized upon business prosperity, has burdened the minds of
labor will try, as heretofore, to "lift" itself at the those especially interested in the matter in Japan and
cost and in selfish disregard of all labor, of which the Far East generally. There is likewise the same
it is itself only one part.
difference of opinion in those parts regarding the
One topic is mentioned which is practical, grievous- question. The subject is rather elaborately disly needs attention, and should have it, because here cussed under the heading "Can Japan's Prosperity
is opportunity for treatment at once constructive Survive Peace?" in a recent issue of the commercial
and conservative: the topic of penology. A brighter section of the "Japan Times and Mail." That there
day may seem to have dawned for the unfortunates are symptoms of grave economic weakness, and that
in confinement, as Governor Smith says, yet it is the assumption would be foolish that the present era
emphatically true that they are "still kept under an of prosperity will last forever, is agreed on all sides.
iron discipline which degrades and tends to destroy But there are opinions so-called "pessimistic" and
the very manhood it is our intention to restore." so-called "optimistic" expressed by different experts
If society does consciously desire and intend to with almost equal confidence.
restore or to cultivate that manhood, it has always
The panic of 1916 gave all parties a severe object
gone about it in the wrong way. Nothing in our lesson, and the question is whether the Government
public affairs has been more economically foolish and the more important private corporations and
and morally cruel and destructive than our deal- private individuals have taken the lesson sufficiently
ing with crime. The subject needs serious atten- to heart. Mr. Ikeda, the President of the 100th
tion.
Bank, is confident that, while some industrial underGovernor Smith finds himself almost'alone in the takings have not had time to get a secure financial
new State Administration, politically speaking. footing and may be severely shaken by the arrival of
This seems a disadvantage and liable to neutralize peace, the new industries which have been based on
his influence in making recommendations, yet it sound calculations have no need for misgivings,
need not prove so. Suppose that instead of the since the existing economic activity will be maintained
customary generalities he had taken another turn after the war. He does not believe that any of the
(or that, having thus conformed to custom and leading banks will fail as a result of peace. On the
recommended a lot of things of which few are likely contrary, they will be benefited, because money will
to be attempted) he should now suggest that the become tighter and interest will rise. On the other
Legislature proceed to do by undoing. In other hand, another prominent banker, the President of
words, that he should point out how experience has the Bank of Taiwan, is less optimistic. He thinks
shown the futility of trying to make men virtuous that a great many unsound enterprises have been
and happy by legislating them into virtue and happi- founded since 1916, and that they will certainly be
ness; that the world has been over-governed in dealt a severe blow by the conclusion of peace.
attempt and form and not enough governed in "There can be no doubt that as soon as peace is estabresult. Suppose he should point out that nothing lished there will be a rapid increase in import trade
more needs radical improvement than does the pro- and that it will soon overbalance export trade,
cess of legislating; that the great fault is in the putting the balance against us, contrary to the state
enormous mass of it, piling up until not even the of affairs prevailing during the war." He therefore
lawyers know what "the law" is; that bills should advocates the accumulation of a large specie reserve
not be permitted to come forward for "introduction" abroad and the purchase of exporters' bills by the
by anybody, as though the process were a social one, Government to the utmost possible extent.
but that they should pass the winnowing of some
The view of the "Japan Advertiser" would seem to
ably-constituted board or committee, every effort be on the whole warranted: "Under the cumulative
16
THE CHRONICLE
[VoL. 108.
other advantages which it would be difficult for
our manufacturers to overcome. These are summed
up by the report of the Committee—and it is scarcely
possible to exaggerate them—as follows: "The abnormally low level of wages in Japan; the increasing
efficiency of her operatives; the extension of her
activity to bleached, dyed, printed and finished
cloths; the proximity of the country to the great Eastern markets, and the system of subsidized steamers;
the marketing advantages derived from her knowledge of the languages, customs, and needs of Oriental countries; the close co-operation between the
Japanese Government, banks, shipping companies,
merchants and manufacturers, for the furtherance
of foreign trade, all point to the fact that Japan is
destined to become Lancashire's principal competitor
in years to come."
Since some of these advantages cannot be attained,
and some others are of a nature which a wise knowledge of the difference between our situation and that
of Japan would seem to counsel us not to wish to attain, it would appear that our eyes should be directed
toward countries where we have, and may increasingly have, corresponding advantages for the building up of the country's trade in this class of
goods.
Very.naturally, and on the whole skilfully and successfully, Japan is giving particular attention to building up on firm foundations its trade with China. The
population of Japanese residing in China is increasing rapidly. In spite of their jealousies, and in many
cases despite hatred of each other, the two races
have enough of the same mixture of blood and language to enable the Japanese to come much more
quickly to an understanding with the Chinese than
is possible for us or for any European country. At
present Japan leads all other nations in trade with
China, even if we credit the major part of the trade
coming through Hong Kong to Great Britain and
her colonies. But American trade is growing there,
and is destined to grow more rapidly in the future.
This is just now especially true as regards machinery.
The destruction of wealth in Europe, the increased
value of silver, and the general awakening of industrial enterprise in China, have made the disposal of
this line of products more a question of supply than
of demand. New ventures in almost every conceivable kind of manufacture have sprung up during the
years 1917 and 1918; but the lack of capital has contributed to make the majority of these enterprises of
a joint .character, in which the Chinese supply the
working capital and the labor, and foreign interests
yen-1.570,446.000
1918 Exports
capital in the form of the machin1.352,045.000 furnish the fixed
" Imports
183,768.000 ery for manufacture and raw material. Agricultural
" Increase of exports
554.990.000
" Increase of imports
218,401.000 machinery, knitting machines, and other textile
" Excess of exports over imports
are in cotton machinery, the equipment of rice mills, breweries,
In the exports, the principal increases
sheeting, cotton yarn, raw cotton, habutai, peas and paper mills, factories for the manufacture of porcebeans; the principal decreases are in copper, zinc, lains and glass ware, and engines, dynamos and marice and sugar. In the imports, the principal in- chine t4ols of great variety are in • active demand.
creases are raw cotton, iron, oilcake, rice, machinery, Japan's sales are growing, chiefly in electrical mawool, peas and beans, sugar; the principal decreases chinery; but the trade which Great Britain formerly
are brass and bronze, antimony, sulphate of am- enjoyed, especially in textile machinery, has been almost entirely taken over by the -United States.
monia.
It is reported that the goods of Japan are literally
the foreign trade of the
The most notable feature of
is the fact that Japan is captur- "filling the stores of Ceylon." Here they have capFar East at present
ing the cotton trade in that part of the world. This tured the pre-war trade of Germany and Austria
fact has recently been prominently noticed by the quite completely, and to a considerable extent that of
Committee on Foreign Trade of the National Asso- Great Britain and all the other European countries.
ciation of Cotton Manufacturers. In China and the The list of articles sent to Colombo by Tokyo and
Far East generally, Japan has certain natural and Osaka exporters, and amounting to many million
force of adverse factors piled up lately, the stock market presented an unfavorable showing last week
(about Oct. 1), but its under-current was steady, and
here and there signs of strength were noticed. The
war prosperity has come to a close, but still its presence is traced in the business world."
A very interesting survey of Japan's economic affairs was given by the President of the Yokohama
Specie Bank, Ltd., at the general meeting of its
shareholders about the middle of September. After
dwelling on the flourishing condition of Japan's
foreign trade, and giving the statistics to show how,
in spite of the restrictions imposed by foreign Powers,
and especially the bans placed by the United States,
this trade had "flourished marvellously," Mr.
Inouye summarizes intelligently the effects of the
immense "economic strain" to which Great Britain,
France and Italy have meantime been subject. He
then reviews the enormous growth of foreign trade in
the United States, and of our manufacturing industries, and points out that, in spite of the imposed restrictions of other nations, their trade with us has
undergone a very considerable increase in exports as
well as imports. The foreign trade of Japan with
India, China and Manchuria is then passed in review, and he sums up the results with the showing
that, notwithstanding all the restrictions and disappointments, the bank has distributed 12% in
dividends and has added 1,200,000 yen to its reserve
funds.
One notable result of the stoppage of imports of
steel from England, Germany, and later the United
States, has been that the production of the native
industry has been greatly stimulated. Before the war
the demand for steel was satisfied for the most part
by imports. The imports of steel, which in 1913 had
reached 543,000 tons, fell off in 1915 to 243,000 tons;
but in 1917 increased to 675,000 tons, through the
large supply sent in from the United States. This
supply, however, being cut down, and the foreign
product from all sources being largely cut off, the native product was greatly increased, and the immense
rise in prices enabled the native companies to declare
dividends averaging 50%. But the qualities of the
different grades are said as yet "not to be up to the
mark." This renders the effect of peace upon the
steel industry of Japan still more doubtful.
We have already remarked upon the effect of the
war in greatly increasing the foreign trade of Japan.
The table below summarizes this subject for the year
1918, as compared with 1917, up to the end of October:
JAN. 4 1919.]
THE CHRONICLE
17
rupees in value, is as long as one's forearm. The placing them on experimental farms, and affording
article of greatest gross value is tea chests—to be free instructions to inquiring farmers.
filled, of course, with Ceylon tea. But there are
One of the most marked signs of the financial
other articles, such as refined sugar, textiles, coal, changes impending in Japan is the falling off of the
silk and satin, cement, and even umprellas, of sev- average net yield of the principal securities. Depreeral hundred thousand rupees, each in value. Meas- ciation in the average dividend rates and increase in
ures are already on foot to increase the trade between the average prices have characterized the fluctuations
Japan and Siberia. A Siberian Company is planned, of the Tokyo stock market. This fluctuation has
with a capital of 10,000,000 rubles, to be backed by been principally in company shares, and much less
in bank shares The dividends of the three leading
Japanese and Russians.
The fiscal revenue of Japan is being found greatly ship companies have ranged from 50 to 60% on the
to exceed the estimates, so that the Government shares of stock; or from 11.49 to 17.61% on the maractually has tens of millions more than it counted on. ket value of the shares. The three leading sugar
Without entering into details, the total result may be companies have all paid dividends of 22%; or from
summarized as follows: The receipts for the last fis- 11.26 to 11.34% on their average market valuation.
cal year foot up 1,084,872,593 yen, as against a budget The Kanegafuchi and Fuji cotton companies have
of 730,929,472 yen, or an excess of 353,943,121 yen. paid in dividends, respectively, 70 and 50%; or
But the budget itself turns out to have been over- 14.31 and 15.63% on the prices fetched by sale of the
estimated,and no less asum than 60,238,164 yen can be shares in the open market. All four of the leading
carried forward as unused. This increase of revenue banks reported have paid premiums of 12%; but this
over budget has gone on during so much of the cur- has been only a yield of from 1.09 to 4.53% on the
rent fiscal year as has been already reported.
price commanded by their stocks when offered for
The economic and financial condition of Chosen, sale. None of the dividends quoted fall below 9%
the ancient Korea, has continued to show marked im- on the par value of the shares.
provement ever since it became a dependency of
As with us, prices have been soaring, until, as all the
Japan. The Bank of Chosen has continued to be world knows, the cost of the principal food product,
highly prosperous; even, in spite of not a few obsta- rice, has led to serious rioting. Indeed, the regulacles, in its branches in Manchuria.
tion of the price of rice has come to be Japan's most
The shipping industry and the export of marine serious domestic problem. The price of petroleum
products are flourishing notably in Japan, in spite of has boomed to such an extent .that the producers'
all the restrictions imposed by their allies. The standard price has surpassed that of actual transacKawasaki shipyard, which is competing with Amer- tions in the market.
ica in the matter of rapid construction, is likely to
Serious discussion has arisen, especially on the part
break all its former records. This Japanese firm is of Russians residing in Harbin, as to the legality of
stated to have started building a liner of 9,000 tons the war notes issued by Japan. About the middle of
gross, with this in view, and they promised them- September a large meeting, at which some 250 Russelves to have it ready for launching twenty-four days sians were present, representing the municipal ofafter laying the keel. Shipping facilities for Korea fices, banks and other public institutions, was held
have been completely transformed by the completion in that city. Some of the earlier speakers waxed
of the new harbor works at Chemulpo. Hitherto at very violent, and accused Japan of abusing the sovthis most important port ships of any size could only ereignty of Russia by issuing war notes in Russian
be loaded or discharged by lighters or small boats. territory and thus trampling her sovereignty under
The harbor works just completed were started•eight foot. It was advised that these war notes should be
years ago and have cost 5,600,000 yen. They are on refused for all manner of supplies, and that all kinds
the dock system, this having been adopted on account of Japanese goods should be boycotted. Later speakof the high tide, which is thirty feet at the flood. The ers quieted the audience by assuring them that these
dock is some 1,500 feet in length and about 720 feet notes would doubtless be ultimately converted into
in breadth, with an area of 120,000 square yards. Russian currency. They were also reminded that
It is connected with the sea by a waterway 544 feet all the Japanese war notes issued in Manchuria durlong and 60 feet wide, with two iron lock-gates. In- ing the Russo-Japanese war were subsequently reside the dock the water is 27.5 feet deep at all times, deemed in a most satisfactory manner; and it was
and three vessels of 4,500 tons can be moored at one added, with a touch of deserved sa- casm, that for a
time. The opening and closing of the lock-gates is country which had already issued nearly 60,000
done by electricity in one minute, and a ship can million rubles of paper currency, the issue of a comenter the dock from the sea in less than five minutes. paratively small amount of war notes by a source
Exports of dried cod to the Americas and to the whose financial soundness could scarcely be quesPhilippines and Hawaii have greatly increased. Ex- tioned would not seriously affect the economic situaports of tinned crab and tinned salmon and oiled and tion. As might have been expected, the meeting
tinned sardines have done well, and so have a great dispersed without coming to any conclusion.
variety of marine products. For daring and enterChina's embargo on the export of silver is making
prise no other fishermen in the world excel the some trouble in the trade arrangements of the Far
Japanese.
East. Japan has signified her agreement with the
The manufacture of dyestuffs is succeeding well in principle of the embargo, with the reservation that the
Japan; but there, as well as here, manufacturers fear consuls be eligible to issue passports where export is
the incoming now of cheap foreign stuffs and are • especially desirable. The Chinese, on the other
asking the Government for a protective tariff. The hand, believe that this would give the consuls greater
effort of the Japanese to raise their own wool has as power than they now possess and would handicap any
yet scarcely passed the experimental stage, but the nation prepared to abide by the embargo, besides ofGovernment seems determined to give the experiment fering a premium to those not so disposed, and at the
a fair trial by importing sheep of desirable breeds, same time depriving China of all right of veto.
18
(ftrrent goeuts and
THE CHRONICLE
piscussions
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
same discount basis as last week, viz., 5%%. The bills
are dated Dec. 31.
CONTINUED
NEW CREDIT TO ITALY—LAST CREDIT TO GREAT
BRITAIN IN NATURE OF EXCHANGE.
An additional credit of $100,000,000 was extended to
Italy by the Treasury Department at Washington on Dee.
31, bringing the total obligations of Italy to the Treasury
Department up to $1,310,000,000. The aggregate aid
to the Allies since this country's entry into the war now
,585,523,702, apportioned as follows: Great
reaches
Britain, $4,175,981,000; France, $2,436,427,000; Italy,
$1,310,000,000;Russia,$325,000,000; Belgium,$252,895,000;
Greece, $39,554,036; Cuba, $15,000,000; Serbia, $12,000,000; Rumania, $6,666,666; Liberia, $5,000,000; CzechoSlovaks, $7,000,000.
As reportedlin these columns Dec. 21, page 2325, a credit
of $250,000,000 was extended to Great Britain on Dec. 20.
The Treasury Department in its announcement thereto
stated that:
[VOL. 108.
TOTAL WAR EXPENSES OF FRANCE PLACED AT
250,000,000,000 FRANCS.
The assertion that the total war expenses of France would
reach 250,000,000,000 francs ($50,000,000,000) was made
by Deputy Jacques Stern during the discussion on Dec.
28 by the Chamber of Deputies of the provisional credits
for the first quarter of 1919. To quote from the Paris
cablegrams to the daily press:
Those of Great Britain he estimated at 200,000,000,000, and of Belgium 20,000,000,000. Thus, he said, the Allies could ask from Germany
470,000,000,000 francs ($94,000,000,000).
Deputy Stern recalled that Karl Helferich, an authority on German
financial matters, in 1913 estimated the annual income of Germany at
50,000,000,000 marks. To divide equitably among the Allies the war expenses, M. Stern considered necessary the creation of a financial InterAllied Commission which would proportion the debt among the nations.
This Commission, he believes, could constitute the juridical basis of a
League of Nations. The adhesion of Russia could be obtained, he thought,
by calling on the sane part of the nation.
M. RIBOT ON INDEMNITY WHICH SHOULD BE PAID
Bk GERMANY—FRENCH CLAIMS FIRST.
The statement that France should have priority in the
claims upon Germany for indemnity is attributed to Alexandre Ribot in Associated Press advices from Paris on Dec.
31, which we quote herewith:
The former Premier and Minister of Finance, Alexandre Ribot, said to
the Associated Press to-day that the financial situation of all the nationd
associated against the Germanic coalition must, at the end of their effort.
be adjusted with due regard for the efforts and sacrifices made by each,
The latest credit to Great Britain is made under an agreement that the taking into account their respective resources and their ability to Pay. He
latter will furnish the United States Treasury the equivalent in sterling declared that, in the accounting, sacrifices and losses of man power must
to meet the requirements of the American Expeditionary Forces.
figure along with outlays in money and damages sustained.
Germany and her associates in the war, said M. Ribot, must pay accordIt was pointediout in thelNew York "Times" that the
their own war debts, a share of the
credit was therefore in the nature of an exchange, and it ing to their resources, in addition toover and above the damages they have
expenditures of the Entente coalition
was learned from a Treasury official, is an indication that caused to the invaded countries.
In view of the fact that France was the principal battlefield, and that she
the extension of creditsifor_twar purposes, as these were
furnished by far the greatest effort and sustained the greatest losses in
previously handled, is nearing an end.
proportion to her population, M. Ribot holds that the should have priority
in the claims upon Germany for indemnity.
not
SUBSCRIPTIONS TO FRENCH LIBERATION LOAN. "That indemnity," he added, "must be considerable. But it oughtproto be so big as to place the German people in a sort of servitude for a
the announcement as to the subscriptions longed period. That would eventually engender further strife, which is
Supplementing
to the French "Liberation Loan" made earliei,in the month, precisely what the Peace Congress will aim to make unnecessary and impossible.
and referred to in these columns Dim. 7, page 2133, Louis
"If Germany is called upon to pay the immense total properly chargeable
Klotz, French Minister of Finance, during/aldebate on the to her, she will be able to do so only if she is not entirely deprived of forBudget in the Chamber of Deputies on Dec. 29, stated that eign trade.
"We cannot take her markets from her while expecting her to find the
the amount exceeds that announced on Dec. 3. While the money to meet the engagements we impose upon her. She must have raw
figures are still incomplete, he said, the nominal capital materials to work with and the possibility of exporting her products;
will languish. Inotherwise her
subscribed is over130,000,000,000 francs, representing an stead of beingpopulation will emigrate and her industries she will have diffiable to contribute to the debts of the Allies
effective capital (the bonds were sold atia discount) of culty in meeting her home obligations."
Regarding the amount of the indemnity Germany may be able to pay,
21,500,000,000 francs, or more than four billion dollars.
M. Ribot declined to make an estimate.
"It ought to be limited, however," he said, "to a sum that may be wiped
ALEXANDRE RIBOT ON FINANCIAL PROBLEMS
out, principal and interest, in a limited number of years."
CONFRONTING FRANCE.
The financial problems confron.ting1France were referred
COMMERCE AND
to by Alexandre Ribot, Former Premier andiMinister of FRANCO-AMERICAN BOARD OF
INDUSTRY.
Finance, on Dec. 31, following an outline by him of the
The organization of the Franco-American Board of Comfinancial situation of the Allied Governments and the need
for apportionment of war indemnities. As to the French merce and Industry was effected on Dec. 26 by Gaston
Liebert, French Consul-General in New York; Maurice
debt, the Associated Press quotes M. Ribot as saying:
Our national debt has grown from 32,000,000,000 francs before the war Heilman, Commercial Attache of the French Embassy,
to 170,000,000,000, and will continue to grow until the demobilization of and Emile Utard, representing French commercial interests
the army. Nearly 2,000,000 men, the flower of French manhood, have
The new organization has been creeither been killed or rendered unfit for participation in the activities of in the United States.
the country. This loss in man-power out of about 40,000,000 inhabitants ated with a view to developing the American market for
is more keenly felt, since the population of France ceased to grow Ion
French products and to give to French manufacturers facilibefore the war.
United States, which
We cannot hope to repair these losses as can countries like Russia, Ger- ties for selling their merchandise in the
many and the United States, where the increase in population is steady. latter will include obtaining proper representation here and
These losses, besides being a frightful bereavement to our families, touch special information regarding the prospects for increasing
the financial settlement of the war directly, since they diminish our progoods
ducing capacity in comparison with countries whose resources are superior the sale of French goods in this country and American
to ours.
1111 in France. The Franco-American board will establish headTake the 30,000.000,000 francs of revenue, which before the war was
quarters in New York and will also maintain branches in
the maximum figure for France, and estimate that it was increased by
inflation to 40,000,000,000 during the war. Compare that with the France. At the New York headquarters a permanent ex250,000,000,000 francs of revenue received by the United States and the hibition of French goods will be made. The French Ambasgravity of the decrease in our producing capacity becomes more apparent.
Jules Jusserand, is honorary President
To this one must add the cost of dismantling the principal industries in sador to Washington,
of the'Board. The active officers of the organization will
the north of France.
be Emile Utard, President; Pierre Cartier, Jean Revillon,
FRENCH CHAMBER OF DEPUTIES AUTHORIZES Henry W. Munroe, Vice-Presidents; Lucien Jouvaud,
Treasurer, and Theodore Seltzer, Secretary. The followGOVERNMENT TO ADVANCE 600,000,000 FRANCS
ing board of Governors has been elected:
FOR RE-ESTABLISHMEN.T OF RAILROADS.
Joseph T. Cosby, Vice-President of the National City Bank; Albert
The French Chamber of Deputies voted on Dec. 31 to
Breton, Vice-President of the Guaranty Trust Co.; A. H. Ball of Best &
authorize the Government to advance 600,000,000 francs Co.; J. R. Munoz of the Cosmopolitan Shipping Co.; J. Hauvetto Michelin
for the re-establishment of the railroads after the war. of the Michelin Tire Co.; Paul Brunet of Pathe Exchange, Inc.; Andre
Pierre Cartier, Antonin Chapal
The Paris cablegrams to the daily press in announcing this Carlhian of Carlhian & Co.;Fontaine of Paris; Paul Fuller Jr.of C. & E.
of Coudert
Chapal Freres et Cie, Eugene
stated:
Brothers; Ernest Iselin of A. Iselin & Co.; Lucien Jouvaud, J. M. Langen,
Of this amount 480,000,000 francs are tor be devoted to the"employees and ieux of Langenieux & Sopp; Arthur B. Leach of A. B. Leach & Co.; Cap120,000,000 to repairs and rolling stock. In the debate Albert Claveille, tain Francis Randolph Mayer, President of Franco & Canada Steamship
Minister of Public Works, said that 27,000 American cars would be de- Corporation; Eugene Meyer of Lazard Freres; Henry W. Munroe of Munlivered soon. With regard to the railroads built in France by the American roe Bros., bankers; Jean Revillon of Revilion Freres; Emile Rey of SeligArmy, he said that if the negotiations now going on reached a satisfactory man, Arnold, Rey & Co.; Theodore Seltzer, and Felix Wildenstein..of E.
conclusion, these roads wouldibelkept!and improved.
Gimpel & Wildenstein.
JAN. 4 1919.]
THE CHRONICLE
SUBSCRIPTIONS TO GERMAN-AUSTRIAN LOAN.
A Zurich cablegram to the daily papers Dec. 29 said:
According to the Vienna "Neue Freie Presse," German-A
ustria's first
loan has been highly successful. The subscriptions will close
Dec. 31.
Nearly 600,000,000 crowns had been subscribed by Dec. 24.
This was
more than 100,000,000 crowns over the total asked for.
VALUE OF MARKS FIXED AT 166 FOR 100 FRANCS.
Advices from the Associated Press with the American
Army of Occupation under date of Dec. 27 stated that beginning Dec. 28 the exchange on marks throughout the
occupied area would be 166 marks for 100 francs.
RETURN BY GERMANS OF STOCKS TAKEN FROM
FRENCH BANKS.
The return by the Germans of stocks taken from the banks
in Northern France, amounting to approximately 6,000,000,000 francs, was reported in Paris advices (Havas) to the
daily press on Dec. 25.
19
The project as now framed seeks to have the United States
p y in the
same proportion as the nations with which it is associated
, notwithstanding its participation in the war was much shorter.
This has met with
considerable objection.
It is pointed out that the bill proposed by Deputy Jacques
Stern establishing among the Allies an International Financial Union seeks to distribute the expenses of the war be
tween the nations on the basis of population and power to
contribute. This proposition, according to the Paris reports, is supported by 100 delegates of all parties. It is
further stated that the estimates of the war expenses of the
Allies were given at the time the measure was present
ed
for the Government's consideration as 424,000,000,00
0
francs, while the expenses of the Central Powers aggrega
ted
370,000,000,000 francs. To avoid international bankruptcy, it was declared that such an association was necessary to float an international loan estimated at 518,000,
000,000 francs, to be distributed on a basis of population
and production, each State to guarantee its proportion from
customs and other revenues.
GOLD RESTORED BY GERMANY TO BELGIUM.
In reporting that German representatives had brought to CANADIAN VICTORY LOAN BONDS OF SMALL DENOMINATIONS CAN NOW BE CONVERTED.
Brussels from Cologne 380,000,000 marks in gold, which is
being restored by Germany to Belgium, a Brussels cableVictory Loan bonds of $50 and $100 denominations can
gram of Dec. 21 incidentally noted that the armistice with now be converted into bonds of $500
and $1,000. We quote
Germany provided for the return of the cash deposit of the from the Toronto "Globe" of
Dec. 30 as follows:
National Bank of Belgium, which was removed by the GerBond dealers were on Saturday (Dec. 28) notified that
the Deputy
Minister of Finance had made arrangements with the
mans.
Receiver-General
LAW
BELGIUM'S LOSS $1,200,112,000, SAYS INVESTIGATING COMMITTEE.
A Brussels cablegram of Dec. 2 stated that the Central
Industrial Committee of Belgium, after an investigation,
estimated that Belgium's damage through German military
occupation and seizures of machinery and raw material was
6,000,560,000 francs ($1,200,112,000).
whereby the deputy receivers throughout Canada were
authorized to
convert the small Victory bonds of $50 and $100 denominat
ions into those
of $500 and $1,000. This will obviate what has been a matter
of considerable inconvenience to bond dealers. The arrangement
goes into effect at
once. It is understood that a charge of 25 cents will be
made for the
transfer in each case.
Still another arrangement, but one which does not go into
effect until
Jan. 2, provides that the registration of coupon bearer bonds
and the transfer of coapon registered bonds to bearer may be effected at
the offices of the
Assistant Receivers-General. No transfer of coupon bonds to
fully registered, or from fully registered to coupon, can be effected
until further
notice. At the earliest such transfers cannot be effected until
May 1 next.
GERMANY TURNS OVER TO ALLIES GOLD TAKEN
COMPARATIVE FIGURES OF CONDITION OF
FROM RUSSIAN TREASURY.
CANADIAN BANKS.
On Dec.4 the Germans were said (this was learned through
In the following we compare the condition of the Canadian
a Paris cablegram) to have delivered to the Allies 300,000,banks, under the last two monthly statements, with the
000 francs, gold, which came from the Russian Treasury.
return for Juno 30 1914:
ASSETS.
FRENCH SENATE PASSES BILL FOR EXTENSION OF
Nov. 30 1918. Oct. 31 1918. June 30 1914.
CHARTER OF BANK OF FRANCE.
Gold and subsidiary coin—
In Canada
62.525,910
The bill providing for the revewal for twenty-five years
60.1.10,932
28,918,841
Elsewhere
21.230.791
18.3.3).915
17,160,111
of the privileges of the Bank of France was passed by the
Total
Senate on Dec. 19. The bill passed the Chamber of Depu83,776,751
79.170.817
46,108,952
Dominion notes
182.212,720 167.225.818
ties last July.
92,114,482
Depos. with Minister
PROPOSED INTER-ALLIED FINANCIAL SOCIETY FOR
LIQUIDATION OF ALLIES' WAR DEBTS.
With regard to discussions in Paris anent the proposed
organization of the Inter-Allied Financial Society for the
liquidation of the combined war debt of the Allies, the
Associated Press in a cablegram from Paris under date of
Dec. 29 said:
The financial aspect of the settlement of the war problems
has been
uppermost in the minds of those concerned in Paris during
the last few
days. This is regarded not only by the American delegates
to the Peace
Conference, but by the representatives of the Allies who have
arrived here,
as one of the foremost problems requiring settlement.
The debates in the Senate on the renewal of the charter of
the Bank of
France and in tho Chamber on the provisional military
appropriations
have disclosed lively interest by both Senators and Deputies
in the proposed organization of the "Inter-Allied Financial Society" for
the liquidation of the combined war debt of the Allies.
The Socialists, who are taking a prominent part in the
discussion, appear to prefer the title "Financial Society of Nations," which
would not
preclude the eventual entry of enemy powers into the associatio
n. They
suggest that the members of the Germanic coalition might
be called on
proportionately to the other powers to pay their share—in
round numbers.
Germany 6,500.000,000 francs annually; Austria,
5,000,000.000; Turkey,
2,000.000,000, and Bulgaria, 500.000,000, in addition
to the interest on
whatever sum the peace congress may demand as indemnity
for war damages, which some have put at several hundred billion francs.
In the Chamber yesterday Deputy Jacques Stern, author of
the proposition of an Inter-Allied Financial Society, estimated the total
sum to be
demanded from Germany and her allies as indemnity at
470,000,000,000
francs.
The principal difficulties anticipated are in finding a working
basis for
such a society, and in Germany's ability to bear such an immense
burden.
M. Stern and other members take the successful organization of
an international commission to manage the Turkish public debt as
a precedent,
indicating the possibility of overcoming all difficulties of
organization,
while in answer to the doubts as to whether Germany is able to
pay a large
indemnity, they cite the estimates of the resources of the
German Empire made by Dr. Karl Ilelfferich, Secretary of the German
Treasury before the war. They contend that it will be the duty of
the peace delegates to consider what resources may be found for the payment
of the in
demnity, and point to the ten or twelve billion marks that
Heifferich estimated was the annual savings of Germany from her forty
billion marks
annual earnings.
of Finance
for security of note circulation
5.853.433
5.313.433
Deposit in central gold reserves 131.500,000 123.933,0
30
Due from banks
205,839.325 18.1.757.3,32
Loans and discounts
1,239.717.893 1,163.015.701
Bonds. securities &c
579.281,675 531.311,240
Call and short loans in Canada_
85,675,063
73,535.136
Call and short loans elsewhere
than in Canada
171,035,732 157.010.858
Other assets
98,745,543
98.525.148
Total
6,667.568
3.050,000
123.603.936
925.631.956
102.314.120
67.401,484
137,120,167 *
71.209,738
2.783,641.140 2.638.839.518 1,575.307,413
LIABILITIES.
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
179,000.000
106,914.800
106,587.649
113,425.000
179.033.000
101.914.800
103.587.095
111,125.030
192.866.666
115,434.666
114.811.775
113.368,898
Circulation
Government deposits
Demand deposits
Time deposits
De to banks
Bills payable
Other liabilities
231.982.978 227.597.803
407,257.951 140,123,413
887.661,070 863,122,0)4
939,329.271 1.076.514.627
39,767.953
44,855,724
917,698
935,008
37,846,717
34,610,794
99,133.029
41.453.738
495.057,832
663.650.230
32.426.401
20.096,365
12,656,085
Total, not including capital
or reserve fund
2,547,798,656 2.393,119,523 1,330.488,683
Note.—Owing to the omission of the cents in the official
reports, the
footings in the above do not exactly agree with the total
given.
BRITISH REPORT AGAINST SUBSIDIES ON GOLD.
A Central News cablegram from London on Dec. 27
printed in "Financial America" said:
The Government committee's report on the production of gold
negatives
the proposal to encourage the Empire's output by subildiiing
producers.
It recommends that the Government supervise gold mining
development
and allocate labor equitably.
The report says that to pay more for gold than it Is worth in
currency is
not sustainable except on the supposition of gold to be unavailab
le for export.
The committee sees no use in acquiring gold for such purposes,
but expects that suffielent gold will be forthcoming to adequatel
y strengthen reserves.
20
THE CHRONICLE
[VOL. 108.
ension the increasing agi(5). The Committee had noticed with appreh
production by means
in certain quarters in favor of stimulating gold ment aid. Without
tation
of Govern
of a Government bounty or some other form
of this subject, the Comentering into a discussion of the various phases
the attempt by a Governwishes to register its emphatic opinion that
day, not to recommend a mittee
a time like the present,
The decision of the Treasury, announced yester e because of the two ment bounty to stimulate the production of gold at
no surpris
use of paper money and deposit
subsidy for gold production, has caused
when, through the wide extension of the
gold in bank reserves,
the first being that a higher price
fundamental objections to such a policy,
cy; through the increasingly efficient use of
of gold has been pracrise in the commodity, and the curren
h other influences, the purchasing power
would be a good cause for an equivalent
of view to preserve a free and throug
would be both unsound
point
second that it is essential from the British prosition if this country were tically cut in half during a period of four years,
plan amounts to a proposal
business
gold market, which would not be a
economics and unsound public policy. The
ry whose
after paying a bounty on it.
to provide bounties for stimulating an indust
to export it at the present standard rate
gold we must pro- to tax the people
which these same
tee says that if we cannot produce enough
would raise still higher the cost of living from
The commit
the base of
believes that sufficient stimulation
ally enlarge
committee
are at present suffering. It would artifici
duce services or goods instead, but the
and that Asubsidy would not people
. There is no reason to
gold will be forthcoming in the Empire
our credit structure with inevitably bad results
whose production would be stimulated
to justify itself.
bring an addition adequate
believe that the new supplies of gold
ones are being used, namely,
by a bounty would not be used as the present
structure of circulating
as bank reerves for a continually rising
chiefly
time has been rising with abnormal raOF DR.HAVENSTEINLOF REICHSBANK. credit, a structure that for some er, even if granted, would probably fail
RESIGNATION
ial Bank pidity. The gold bounty, moreov bounty should stimulate gold producDr. Rudolph Havenstein, President of the Imper
•to accomplish its purpose. If the
level would
raising the
(the Reichsbank), has resigned, according to tion the increased gold producton in s and labor general price gold-mining
of Germany
used by the
supple
dispatch from Copenhagen to Lon- raise the prices of machinery,in prices would in turn lead to demands for
an Exchange Telegraph
advances
a supporter concerns; and these to cover rising expenses and so forth ad infinitum.
es
don on Dec. 26. Dr. Havenstein, who has been
nal
sbank additioThebounti tee refers particularly to the advisability of terminating
of the Reich
Commit
(6).
of the Pan-Germans, became President
control of interhis direc- at the earliest possible moment the gold embargo and theemergency work.
of our war
in December 1907, succeeding Dr. Koch. Under
national exchange, which have been features
s for which foreign
war finances.
the amount
Were we to remove the gold embargo to-day
tion the Reichsbank had charge of German
Perhaps a hundred milcountries could draw upon us would be small.
America and perhaps as much or more by the
lions could be drawn by South
the
hundred millions should be drawn from
ICAN ECO- Orient. If a total of three far more than most students of the subject
PROPOSALS OF COMMITTEE OF AMER
States it would be
United
G NORMAL
of removing the embargo would in
expect, while in all probability the act
NOMIC ASSOCIATION FOR RESTORIN
countries to take advantage of
most cases destroy the disposition of foreign
CONDITIONS—GOVERNMENT
BANKING
of more than eight billions
the freedom offered to them. We are the holders al of which must eventualTY OPPOSED.
GOLD BOUN
ment securities, the interest and princip
of Govern
large fracadopted for ly be paid in some form; while during the war we have paid a verythan offset
Suggestions as to measures which might be
ing fraction is more
ng conditions are con- tion of our pre-war indebtedness. The remain have been sent to us in payrestoring normal currency and banki
foreign enterprises which
Finance of the by the claims upon we have shipped abroad. We are therefore out of debt
ment for the goods
tained in a report of the Committee on War
pubby the Chair- on private account and very largo creditors of the rest of the world onavailAmerican Economic Association, presented
from ono-fourth to one-third of the
man, of Columbia lic account. We control to-day The re-establishment of a free international
man of the Committee, E. R. A. Selig
of the world.
-first annual able gold supply and the opening of a satisfactory basis for trading In formarket for gold
University, at the opening session of the thirty
comDec. 27. The eign exchange is now an essential basis for the restoration of normal
meeting of the association at Richmond on
g exhaustively mercial relations with foreign countries.
London to
On the same subject a special cablegram from
of Commerce," published in the latter's issue
the "Journal
of Dec. 30, said:
report is a voluminous one of 127 pages dealin
s Taxes, (2)
with the Federal Income and Excess Profit
ect Taxes, (3) Federal Land
Consumption and Other Indir
Fiscal Aspects
and Capital Taxes,(4) Public Credit and (5)
t and Currency. In summarizing its conof Bank Credi
things:
clusions the Committee says among other
has been to some extent unWhile currency and bonding expansion
than necessary. To prevent furavoidable, it has probably been greater
period, the following suggestions
ther aggravation during the post-bellum
e authorities should follow a
deserve consideration. The Federal Reserv
unt and collateral loans for memless liberal policy in the matter of redisco
made to discourage the "borrowber banks. A greater effort should be
y bonds in so far as borrowing to
and-buy" policy in the matter of Libert
ption. Recourse to
not involve immediate economies of consum
buy does
ry certificates of indebtedness
anticipatory borrowing by the issue of Treasu
should be terminated, and with
should be avoided. The gold embargo
market for gold, the control of
the re-establishment of a free international
, the plan of stimuexchange should be abandoned. Finally
international
form of Government aid is to be
lating gold production by means of some
man in
Those who were associated with Chairman Selig BulJ.
ng the report were Ernest L. Bogart, Charles
drafti
Robert1M.
lock, Fred R. Fairchild, Henry B. Gardner, , AlexanEdwin W. Kemmerer
Haig, Jacob H. Hollander,
Scott and111.
der D. Noyes, Carl C. Plehn, William A.
Parker Willis.
ATION OF
JAMES B. FORGAN ASSERTS THAT INFL
AGO HAS NOT CONTINUED.
YEAR
'1918
Oct. 167
In drawing attention to the fact that the
Comptroller of the Currency indicates
statement of the
credit in the interthat there was no expansion of banking
n,
Dee. 31 1917 to Aug. 31 1918, James B. Forga
val from
the First National Bank ofiChiChairman of the Board of
Dec. 30 said:
cage in an announcement made public
ng to the abstract
deprecated.
ial Measures
The suggestions of the Committee of Remed
ned as follows:
are outli
Reserve authorities to follow a less
(1). It is advisable for the Federal have been following recently in the
liberal policy in the future than they
for member banks. The Commatter of rediscounts and collateral loans
and the low rates for short-term
mittee believes that the low discount rates
e banks have been offering to
collateral loans which the Federal Reserv
deposit currency expansion on
member banks have unduly encouraged
the part of member banks.
that is to a large extent corol(2). A second remedial measure, and one
e of greater effort to discourage
lary to the one just mentioned, is the exercis
of Liberty bonds, in so far as
the "borrow-and-buy" policy in the matter
ate economies in consumption
borrowing to buy does not involve immedi
through the anticipation of
or economies in consumption in the near future
will presumably pay off the
income soon to be realized—economies that who borrows to buy Liberty
man
debt within a short period of time. The
by means of bank loans renders
bonds and carries the bonds indefinitely
. . . Every effort should be made to
very little service to the nation.
in contrast to that of borrowencourage the policy of economizing to buy
ing to buy.
or to meet its requirements
(3). If the Treasury is to continue to endeav
h the issue of Treasury cerby recourse to anticipatory borrowing throug
borrowings in this form to the
tificates of indebtedness, it should limit its
holding of legal reserves against
lowest possible figure by requiring the
a -more rigid discount policy.
Government deposits and by initiating
it possible for the Treasury to
. . . Certificate borrowing has made
and with reasonable, although
supply its fiscal requirements with great ease
hand, it bps involved the
not maximum, economy. But, on the other
credit without corresponding
creation of a huge volume of additional bank
tion or funding of the cercontraction or deflation incident to the liquida
tificate issues.
ion of credit, accompanied
(4). The evil consequences of a largo expans
banks, cannot be overlooked,
by the placing of Government bonds with
t they should be eliminated.
and it is urgent that at the earliest momen
received the attention of the
The question of how this can be done has
process of war financing by
Committee. We are of the opinion that the
are placed with banks and are
means of large issues of certificates which
long-term bonds, which
carried by the latter until they can be funded into
of bank credit extended
In turn are purchased by investors on the strength the
certificates, should
up
to them by the very institutions which at first took
rth be that of transferring
be brought to an end. The effort should hencefo
great holdings of certificates
as rapidly as possible to private ownership the
banks In one form or another.
and bonds which are now carried by the
on of affairs to pass will, we
The practical methods of bringing this conditi
paper to be carried by the
think, be found in a steady reduction of the war
Reserve banks.
a year ago referri
In my annual statement to the press
l banks issued by the Comptroller
of reports of conditions of the nationa
the following sentence occurs: "This
of the Currency, as at Sept. 111917,
us to that date the loans of the
statement shows that during the year previo
00, their investments were
national banks were increased by $1,195,000,0
deposits showed an increase of $1,increased by $668.000,000, and their
900,000,000."
expansion of bank credit in the naIt is interesting to note that this
The same statement issued by
tional banks was not continued in 1918.
that the aggregate resources of the
the Comptroller on Oct. 16 1918, shows first eight months of 1918. On
the
banks only varied $30,000,000 during
000, while on Aug. 31 1918, they
Dec. 31 1917, they were $18,073,000,
es that no
to $18,043,000,000. This, of course, indicat
had been reduced
during that period. Some of the
expansion of banking credit took place
ent throw an interesting light on the
changes in the items of the statem
the period.
trend of banking operations during
ent there appears a reduction in deOn the liability side of the atetem
by the banks borrowing pracof $563,000,000, which was covered
posits
l Reserve banks. On the assets
tically a similar amount from the Federa
and discounts of $103,000,000
side of the statement an increase in loans principally short time certifiies,
and an increase in Government securit
a reduction of $175,000,000 in "other
cates, of $831.000,000 were met by
due from other banks, and'a reduction
bonds," a reduction of $278,000,000
hand and cash items. The lawful reof about $500,000,000 in cash on
l Reserve banks showed practically
serve of the banks with the Federa
Dec. 311917, and $1,111,000,000 on
no change, being $1,110,000,000 on
Aug. 31 1918.
in deposits, $310,000,000 was in
Of the reduction of $563,000.000 shown
on shown on the
s, which was largely offset by the reducti
bank deposit
t due from banks,$278,000,000.
side of the balance sheet in the amoun
other
reduction of compensatory balances
This undoubtedly is largely due to the
to the consolidation of accounts
formerly kept for collection purposes and
al centres brought about by the colkept with banks at the large financi
e banks.
lectioh system of the Federal Reserv
the Federal Reserve banks is now
The amount borrowed by banks from
is against
noteworthy that of this amount 78%
$1,863,000,000 and it is
the banks have borrowed pracGovernment securities. To this extent
the Government on its
e of financing
tically without profit for the purpos
of their clients who subscribed for
short term certificates or for the benefit
ment short time certificates as they mature
Liberty bonds. The Govern
for the liquidation of the amounts
and are paid are, of course, available
ed against them.
borrow
being carried at preferred rates
The Government bonds so pledged are
subscribers for them. It is not exof interest for the benefit of original
continued beyond such reasonable
pected that these preferred rates will be
to pay for them out of their
periods as the original borrowers will require
been arranged for from three months
surplus earnings. Such periods have
JAN. 4 1919.]
THE CHRONICLE
to one year, after which the preferred rates will doubtless
be
As commercial paper forms a much more desirable and more abolished.
liquid asset
for the Federal Reserve banks than loans on bonds of any
kind, it may be
expected, when peace conditions are re-established, that
it will have preference both as to rates and otherwise over loans secured by
Government
bonds.
COMMITTEE ON MONEY TO CONTINUE AT REQUEST
OF TREASURY DEPARTMENT.
The local Sub-Committee on Money of the Liberty Loan
Committee which would have expired by limitation on
Jan. 10, is to continue its existence in compliance with
the request of the Treasury Department. The Federal
Reserve Bank of New York in a statement announcing this
on Monday last said:
In view of the approach of the time when the arrange
ment on the part
of the banks to furnish money for the purpose of stabliliz
ing rates on Stock
Exchange loans would expire by limitation, namely
Jan. 10 1919, it was
deemed wise by the Sub-Committee on Money of the
Liberty Loan Committee to confer with the officials of the Treasury,
that their wishes as to
an extension of the present arrangement might be known.
Such conference was had, and the Treasury has
written
"The Treasury requests the Sub-Committee on Money as follows:
of the Liberty
Loan Committee to continue their operations in aid of
tho Government's
financial requirements on the one hand to prevent an
increase in the rate
for call money and,on the other hand to prevent
expansion of the loan
account."
Acting in accordance with the expressed wish of the
Committee on Money has arranged with the banks to Treasury, the Subarrangement and has arranged with the authorities continue the present
of the
that they shall continue to exercise control to prevent Stock Exchange
expansion of the
aggregate loan account.
21
banks was 5 or 53'
2%, and that of stock land banks was
6%. The report also says:
The loaning of over $150,000,000 has been of distinct and
direct
to more than 64,000 borrowers, and has been of indirect benefit benefit
to every
applicant for a farm loan through private agencies.
A distinct reduction, not only of the rate of interest on such
loans, but
also in the accompanying charges, was manifest immedia
tely after the
passage of the Act. When general conditions made necessar
y in December
1917 an advance of 34 of 1% in the rate charged by Federal
Land Banks,
there was a proportionate increase in the rates charged
by most of the
private agencies, but these rates, even in these days
of stringency and
stress, are little, if any, higher than they were in the normal
times of easy
money, prior to the establishment of the Federal Farm
Loan System, and
in many localities even lower. There could be no
more conclusive proof
of the regulatory effect of the system.
While the loans made by Federal Land Banks in the last
year probably
represent only about one eighth of the total loans
made by
they are far greater than any other single agency. Another all agencies,
illustration is,
therefore, afforded of the truth that a market can be usually
controlled
by one large buyer or seller, if all the rest of the buying
and selling is split
up into small lots.
Information as to the applications by borrowers of loans
from the Land Banks was given in a detailed statement,
dealing with about one-third of all the loans closed by
the
banks. This statement showed that 8% of the procee
ds
of the loans were used to buy land; 10% for buildings and
improvements; 60% to pay off existing mortgages; 10% for
payment of other debts; 5% for purchase of bank stock
4% for purchase of live stock, and 3% for implements and
equipment.
PROPOSED AMENDMENT TO FEDERAL RESER
VE ACT.
For the first time in several weeks it was found
Bills amending the Federal Reserve Act have been
necessary
preto avail of the money pool on Monday last, at which
sented to the House by Representative Phelan, Chair
time,
man
it is said, it was called upon to the extent of about
of the House Banking and Currency Committee
$10,and to the
000,000.
Senate by Senator Hithcock. Representative
Phelan's
bill would liberlize rediscounting through the use of
Liberty
OPENING OF DISCOUNT CORPORATION OF
NEW YORK. bonds, remove restrictions which prevent members of the
The new Discount Corporation of New York began
Federal Reserve Board from holding office in
a
business at 52 Wall Street on the 2d inst. The now organi
bank for two years beyond the, time they hold member
zation
office in
starts with a capital of $5,000,000 and surplus of
the Board; permitting the use of engraved signat
$1,000
ures of bank
The company will devote its resources and energie ,000. officials on bank notes, &c. Senator Hichcock's
s to the
bill, which
development and maintenance of a stable,
open discount was introduced in the Senate on Dec. 26, is similar to that
market, discounting, pucchasing and distrib
uting bills of Representative Phelan. The proposed amendments are
originating in foreign and domestic trade.
The announce- said to be supported by Governor Harding of the Federal
ment relative to the company further says:
Reserve Board. We give Senator Hitchcock's bill
herewith:
A BILL to amend sections 7, 10, and 11 of the Federal
section 5172, Revised Statutes of the United States. Reserve Act, and
Be it enacted by the Senate and House of Represen
tatives of the United
States of America in Congress Assembled, That that
part of the first paragraph
of section 7 of the Federal Reserve Act which reads
as follows: "After the
aforesaid dividend claims have been fully met
all the net earnings shall be
paid to the United States as a franchise tax except
that one half of such net
earnings shall be paid into a surplus fund until
it shall amount to 40%
of the paid in capital stock of such banks," be amende
d to read as follows:
"After the aforesaid dividend claims have been
fully met the net earnings
shall be paid to the United States as a franchise tax
except that the whole
of such net earnings, including those for the year
ending Dec. 31 1918,
shall be paid into a surplus fund until it shall
amount to 100% of the
subscribed capital stock of such bank and
thereafter 10% of such net
earnings shall be paid into the surplus."
Sec. 2. That that part of section 10 of the Federal
Reserve Act which
reads as follows: "The members of said board,
the Secretary of the
Treasury. the Assistant Secretaries of the Treasur
y, and the Comptroller
of the Currency shall be ineligible during the time
they are in office and for
two years thereafter to hold any office, position
, or employment in any
member bank," be amended to read as follows:
"The Secretary of the Treasury, the Assistant
Secretar
and the Comptroller of the Currency shall be ineligibl ies of the Treasury
e during the time they
are in office and for two years thereafter to hold any
office, position or
employment in any member bank. The members
of the Federal Reserve
Board shall be ineligible during the time they are
in office or during the
'term for which they were appointed to hold any
office, position, or employment in any member bank."
Sec. 3. That section 11 of the Federal Reserve
Act as amended by the
Act of Sept. 7 1916 be further amended by striking
out the whole of subsection (m) and by substituting therefor a subsecti
on to read as follows:
(m) Upon the affirmative vote of not less than five
of its members the
Federal Reserve Board shall have power to permit
Federal Reserve banks
to discount for any member bank notes, drafts, or bills
the signature or indorsement of any one borrower in of exchange bearing
excess of the amount
permitted by section 9 and section 13 of this Act,
but in no case to exceed
20% of the member-bank's capital and Surplus:
Provided, however, That
all such notes, drafts, or bills of exchange discount
ed for any member bank
in excess of the amount permitted under such
sections shall be secured
by not less than a like face amount of bonds of the United
States issued since
April 24 1917, or certificates of indebtedness of the
United States."
Sec. 4. That section 5172, Revised Statutes of
the United States, be
amended to read as follows:
"Sec. 5172. That in order to furnish suitable hotes
for circulation, the
Comptroller of the Currency shall, under directio
n of the Secretary of the
Treasury, cause plates and dies to be engraved in
the best manner to guard
against counterfeiting and fraudulent alterations,
and shall have printed
therefrom and numbered such quantity of circulat
ing notes in blank or
bearing engraved signatures of officers as herein
provided, of the denominations of $1, $2. $5, $10, $20, $50, $100. $500,
and $1,000, as may be required to supply the associations entitled to receive
the same. Such notes
shall express upon their face that they are secured
by
deposited with the Treasurer of the United States United States bonds
by the written or the
engraved signatures of the Treasurer and Register
, and by the imprint
of the seal of the Treasury, and shall also express
upon their face the
promise of the association receiving the same to
pay on
by the written or engraved signatures of the Presiden demand, attested
or Vice-President
and Cashier; and shall bear such devices and such t
other statements and
shall be in such form as the Secretary of the Treasur
y shall, by regulation,
direct.':
It will seek to promote the use of dollar exchange in
the trading centre
of the world through affording a ready purchase and
sale in this market
of bills so drawn against shipments.
This is another milestone marking the entrance of
America into the
fields of world finance. Notable among the trade
bulwarks, which enabled
Great Britain to gain commercial supremacy, over
many seas in pre-war
years, were the greet discount companies, with enormou
s resources, which
furnished credits wherever Britain furnished goods.
Their purchase and
sale of finance bills, merchandise bills, bank and trade
ability and readiness to finance long-term transactions, acceptances, their
oversea's exchange of merchandise, did much to entrenc growing out of an
h Great Britain in
her position of financial centre of the world.
Since ono-third of the minted gold of the world
has passed into the
financial channels of the United States, since we
have become so markedly
a creditor nation, since on our ability to produce
a surplus beyond our own
needs and to make that surplus available to other
large measure, their welfare and our own prosperi nations depends, in a
ty, it is a public need of
no small importance that we create powerful
machinery to these ends.
The ability of the Discount Corporation of New
York to take a prominent part in furthering the international commerce
to which America seems
destined is evidenced by its directorate, the
prominence of the financial
institutions represented on its board and the
far-reaching affiliations so
secured.
John McHugh is President of the Corpor
ation, while
Jerome Thralls is Secretary and Treasurer; the
following ar
the directors:
Francis L. Hine, President First National Bank.
Edwin S. Marston, President Farmers' Loan
& Trust Company.
Gates W. McGarrah, President Mechanics &
Metals National Bank.
John McHugh.
J. P Morgan, J 13 Morgan & Company.
Seward Prosser, President Bankers Trust Compan
y.
Charles H. Sabin, President Guaranty Trust
Company.
James A. Stillman, Chairman National City Bank.
Eugene V. R. Thayer, President Chase Nationa
l Bank.
James N. Wallace, President Central Union
Trust Company.
RECOMMENDATIONS OF FARM LOAN
BOARD.
The Farm Loan Board, in its annual
report submitted to
Congress on Dec. 31, recommends that
the Federal Farm
Loan Act be amended so as to change
from
$25,000 the maximum of loans permitted, and $10,000 to
from $500 to
$100 the minimum amount. The Board also
asks that it
be given authority to write fire insurance on
farm property.
The report contains a table showing that farm
loans associations increased from 1,839 to 3,439 during the
year; that the
capital of the twelve Federal Land Banks
increased from
$10,488,230 to $16,250,285; that loans in force
increased
from $29,816,304 to $149,004,430; that
joint stock land
banks increased from four to nine, and
their
amount to $7,380,734, and that interest rate loans now
of the land
22
THE CHRONICLE
RVE
PURCHASE OF PROPERTY tY FEDERAL RESE
OF CHICAGO.
BANK
o
The purchase by the Federal Reserve Bank of Chicag
, from Jackson Boulevard to
of a lot on La Salle Street
ge
Quincy Street, is announced. The site, which has a fronta
feet on La Salle Street and 160 feet on Jackson and
of 165
ll,
Quincy, has been purchased from John G.Shedd of Marsha
l
Field & Co. at a cost, it is said, of $3,000,000. Severa
ced in the property acquired, the buildbuildings are embra
ing the old La Salle Street Trust & Savings Bank and that
of the Royal Insurance Co. being among them. The
Reserve Bank will erect a building of its own on the site.
[VOL. 108.
of the name for advertising
company but solely a desire to obtain the use
law should be so amended,
purposes. I think, therefore, that the banking
and the people of the State,
both for the protection of the trust companies
y" by any corporation
as to prevent the use of the title "trust compan
y under the laws of the
which has not been organized as a trust compan
this suggestion in the reState. Ample precedents may be found for
law with reference to the use
strictions already contained in the banking
s."
of the word "bank" and the use of the word "saving able to make loans
be
It is, moreover, only just that trust companies
ordinary funds upon the same terms and
to their directors from their
under the same conditions as banks.
Act at the present time
The reserves required by the Federal Reserve
ble to State institutions
are in effect quite as onerous as those applica
Bank of New York. In
which are not members of the Federal Reserve
n whether it is comorder, however, to enable a member bank to ascertai
the Federal Reserve Act,
plying with both the State Banking Law and
e recommend the adoption
two computations are necessary, and I therefor
will relieve banks and trust
of an amendment to the banking law which
Bank of New York
companies which are members of the Federal Reserve
they comply with the profrom the provisions of that statute, provided
visions of the Federal Reserve Act.
banks the power to borrow
I believe that it is desirable to give savings
of Banks, for the purpose
money, with the approval of the Superintendent
These bonds are, without
of purchasing bonds of the United States. , the most desirable investc motives
laying undue emphasis upon patrioti
might easily happen that an
ments that such institutions can have and it
amount of such bonds and
institution desirous of subscribing for a large
might not be temporarily in funds
amply able to make such an investment
for sale.
at the exact time that a large issue was offered
section of the savings bank
Some slight amendments to the investment
technical questions being raised
article may also be desirable to prevent
of war conditions.
with reference to its interpretation as a result
ze trust companies to
The provisions of the banking law which authori
cities or villages of the State In
open and maintain branch offices in the
ns, seem to me rather
which they may be located, under specified conditio
than less, restrictions in this
liberal, and I should favor greater, rather
should be authorized to open
respect. I believe, however, that banks
first and second class under the
and maintain branches in cities of the
now have this right in New
same conditions as trust companies. Banks reason why they should not
any
York City and there doe,not seem to be
trust companies in cities like
have this privilege to the same extent as
Buffalo, Rochester and Syracuse.
N. Y. STATE BANK SUPERINTENDENT PROPOSES
TRUST POWERS FOR STATE BANKS—
OTHER AMENDMENTS.
ring of trust powers upolyState banks in New
The confer
York State under certain restrictions is among important
amendments to the New York State Banking Law which
I.
will be urged by State Superintendent of Banks George
Skinner in his forthcoming annual report to the Legislature.
in
Superintendent Skinner also favors giving to State banks
cities the privily° of operating
certain large up-State
branch offices. In what he has to say with regard to giving
to
State banks trust powers, Superintendent Skinner refers
have been empowered to act in
the fact that national banks
nt that
a fiduciary capacity, and he notes that it is appare
are to exercise such powers, the same
if national banks
npowers should be conferred upon State banks under substa
conditions,"and the Superintendent of Banks
tially tho same
should also be authorized to perform such duties in connec FEDERAL RESERVE BOARD ON STRENGTH OF OUR
to
tion with the receipt of deposits from national banks and
RESOURCES AND AVOIDANCE OF UNNECmake such examinations of their trust departments as may
ESSARY LOANS.
be necessary under that enactment in order to carry it into
l ReIn cautioning against unnecessary loans, the Federa
ntendent has
effect." We quote as follows what the Superi
in its monthly "Bulletin" for December says:
serve Board
to say in his report in the matter:
the
due modification at the points thus enumerated,
Even subject to
was amended so as to permit
system exhibits a condition of enorPrior to this year the Federal Reserve Act
banks applying therefor balance sheet of the Federal Reserve
the average reserve percentage for
the Federal Reserve Board to authorize national
in contravention mous strength. It is a notable fact that
es when not
fallen below 50, its extreme fluctuations,
to exercise certain powers of trust compani
amended so as to authorize the the banks as a whole has never 80%. It is therefore capable not only of
of State or local law. It has now been
permit to national banks apply- therefore, lying between 50 and
obligations without difficulty,
Federal Reserve Board to grant by special
the right to meeting large outstanding international
when not in contravention of State or local law,
community with very large addiing therefor,
bonds, guar- but also of accommodating the business
r of stocks and
act as trustee, executor, administrator, registra
position to finance, without embarrassment to
ee of estates of lunatics or in tional discounts. It is in a
the movedian of estates, assignee, receiver, committ
of active commercial paper representing
y in which State banks, trust companies or itself, a large volume
and can expect to supply the
any other fiduciary capacit
consumable commodities to market,
which come into competition with national banks are ment of
utmost ease so long as it adbanks with the
other corporations
in which the national bank is requirements of its member
laid down in the constituent Act
permitted to act under the laws of the State
heres to the limitations and requirements
could
located.
e requirements of war are such that they
The immens
as inconsistent with any theory of State rights creating it.
Federal Reserve system, as they
It seems strange as well
or to enable easily impair the lending capacity of the
systems, wore they to be indefito protect national banks from competition
that, in order
central banking
ions, It should be considered proper have that of other strong
ely apthem to compete with State institut
the period of such drafts is now fortunat
determine the qualifications of execu- nitely continued. But
y, of
to take from the States the right to
notwithstanding the probability, if not certaint
fiscal year
, or to provide that, when the exercise proaching its end,
bonds during the current
tors, administrators and trustees
State further large issues of Government
tion of this period is apnational banks is expressly in contravention of
of such powers by
The fact that the termina
ention of such laws, if any com- ending June 30 1919.
of demand
laws, it shall not be deemed in contrav
however, mean that a period of ease or lack
exercise them. I am so thoroughly proaching does not,
the situation
peting institutions are permitted to
arrived. On the contrary, the indications of
the period of the war, but during the for capital has
needs of the community and of the world at
convinced that, not only during
harmony and co-opera- are all to the effect that the
le a,
reconstruction period, there should be the utmost and national, that I do large for productive resources are likely to increase rather than grow
both State
expected to proceed rapidly in the near futiOn between all banking institutions,
my opinion of proposed and that this increase may be been to produce shortages of materials of
express
not deem It wise to make comparisons, to
the war has
institutions to become members ture. One effect of
which implies that the reserve
legislation that might compel all banking
ion in many different directions, a fact
or of attempts to advertise one class of institutions product
ly small, as compared with total conof the national system
and ill. stock of such articles, always relative
competition, rivalry
allowed to become exhausted. To meet all current
at the expense of another and to promote
State banking system in this sumption, has been
will be a task calling
feeling between them. The strength of the
thus to re-establish such reserve stocks
ion to local needs and changing conditions. demands and
many lines, particularly as the current reState has been due to its adaptat
the business and for the increase of production in
for material to be used in reconstructthat it has sought to promote intelligently
n nations
to the fact
litan port, and to aid the quirements of the Europea will constitute an abnormal addition to regular
commerce of the State and its great metropo
ional commerce. The spirit ing their industrial systemsd, therefore, that the demands of the nation and
nation in assuming Its proper place In internat
be expecte
ormational banks, has not been needs. It must
and for goods will continue to be more or loss active
of its bankers, whether connected with State
New York City in business and of the world for capital
The fear of depression of trade expressed in many
narrow or sectional and the supremacy of
se of its merchants and for a good while to come.
finance, resulting from the foresight and enterpri from It by legislation. quarters need not be entertained with respect to trade as a whole, but
been
rs, cannot be taken
d only in those lines in which demand has
the sound judgment of its financie
ns, even discriminatory legis- depression may be expecte
in the process of readjusting consumption
Under existing circumstances and conditio
d in good suddenly suspended or curtailed
from the
ment, must be accepte
lation, if passed by the National Govern
demand for capital must, however, be met
Banking Law are, In my judg- and production. This
accumulation and not through the creation
faith, and some amendments to the State
ordinary sources of saving and
enactment above referred to.
source from which to
ment, rendered necessary by the
To rely upon bank loans as the
banks are to exercise the powers of banking credit.
industrial operations would raise the quesIt is, I think, apparent that, if national
banks under draw the means for supporting
by resame powers should be conferred upon State
resorting to intensive saving, accompanied
specified, the
tendent of Banks should tion whether instead of
Superin
n of bank liasubstantially the same conditions and the
had resolved to fall back upon inflatio
in connection with the receipt duction of prices, we
also be authorized to perform such duties
y.
to make such examinations of their bilities and of the currenc principles thus set forth that the Board has enof deposits from national banks and
It is in pursuance of the
in order
banks from drawas may be necessary under that enactment,
trust departments
past month to prevent some member institutions for
,
authority to accept such deposits or deavored during the
the resources of the Federal Reserve
to carry it into effect. He has no
present banking law and any refusal ing too heavily upon judgment, wore in no wise essential to the welter% of
make such examinations under the
s which, in its
has been in some instances
lack of authority, would seem like a puerile attempt purpose
the Board
on his part, based upon
the community. The attention of
obtained redismember banks have applied for and
to nullify the Federal statute.
es of the State have built up a called to the fact that
needs or of the
On the other hand, the trust compani
be largely in excess of their natural
to
of the safeguards that have been counts which appear
that such banks
has noted
great reputation, not only on account
of the community they servo, and
funds and the fact that but four requirements
ing paper in the open
thrown about their investment of trust
s of these rediscounts in purchas
to depositors in forty-four years, have used the proceed non-member banks at a profit. The proper comsuch companies have occasioned any loss
d by the various super- market or in lending to
exercise
wise be discouraged, and
but on account of the care which has been
of member banks should in no
corporations to engage in business. mercial activities
effort of bank officers
intendents of banks In authorizing such
no desire to obstruct the very natural
Department not to authorize trust the Board has
business of their institutions. It recogIt has been the general policy of the
increase the normal profits and
occasion nor opportunity to
rendered and are
companies in small places where there was neither extent. As a result of nizes a duty, however, to caution the bankers who have
profit making and
considerable
for the exercise of trust powers to any
efficient service to the Government that nated to the gennine trust companies in the State, al- rendering such
subordi
for some time to come be
this policy, there are only ninetys of $3.221,371,809, and business expansion must
cases in which
though they have aggregate reported resource has been compelled to eral welfare. Particularly does this caution apply to those ing resources
Superintendent of Banks in recent years
ons are sought for the purpose of develop
every
es in cases where It was rediscounting operati
business of the
refuse authorization to proposed trust compani
primarily to increase the profits or the
to exercise the powers of such a from other sections
evident that there was no real intention
JAN. 4 1919d
THE CHRONICLE
banks in any given community. Rediscounting between Federal Reserve
banks has been an indispensable element in the process of financing the war,
and was made necessary both by the Government's operations and by the
essential requirements of the various Federal Reserve districts. Such rediscounting, however, ought not to be undertaken merely for the benefit
of member banks in a given district as a means of enabling them to go outside their natural field for the purpose of making profits. Having knowledge of the fact that abnormal demands upon banking resources may be expected for some time to come, direstors of Federal Reserve banks should
exercise a reasonable prudence in extending accommodations to any member and should satisfy themselves by proper inquiry that the accommodation
sought is intended for legitimate liquid requirements and has not been aplied for merely to increase profits or expand the business of the borrowing
banks. While the directors, with the approval of the Federal Reserve
Board, might by advancing their discount rates curtail the credit extended
to banks which seek rediscounts solely for the purpose of making a profit,
such a course might work hardship upon other member banks which ask
rediscounts for their own natural needs. and might therefore result in an
enforced and premature liquidation of legitimate requirements. The
Board therefore believes that in this, as in other cases, prudence in bank
lending and careful distribution of the supply of credit available is preferable to the application of an indiscriminate increase in rates of discounts.
There is some ground for fearing that the conditions which have thus far
resulted from loans obtained from banks upon the strength of Government
obligations and granted by the various institutions because of their belief
that such action was a patriotic assistance to the public Treasury, will be
continued through the medium of loans granted by banks because of their
belief that such action is urgently necessary in the interests of the community and its prosperity. A temptation to the extension of such loans based
upon long-term securities of an industrial character will be furnished by the
fact that decline in prices is always difficult to endure and is always opposed
by many classes in the community who regard it as synonymous with lack
of prosperity. The suggestion that some measure be taken to prevent the
restoration of the older relationship existing between gold and prices is,
in effect, one way of expressing the demand for a continued maintenance of
inflation. Wages and prices having assumed new relations to one another upon a new basis of relationship to gold, any alteration in this relationship tends to disturb the existing adjustment and necessitates an effort
to restore the older level of prices and wages. It is almost invariable true
that such readjustment would inflict hardship upon some class in the community, due to the fact that wages and prices seldom, if over, decline in
similar proportions, or in a manner precisely parallel in point of time.
Where the decline in wages is more rapid than that of prices, the wage earner
suffers correspondingly, and where prices fall off more rapidly than wages
similar hardship is inflicted upon the producing element in the community.
It is therefore a natural instinct to seek the maintenance of existing conditions as nearly as may be, or if any change be contemplated to ask that it
be a continuation of an existing upward movement which each section of
the community believes will afford to it the possibility of advantage. This
might be regarded as merely a clash of class interests were it not for the
hazard to the general banking structure of the country, which is involved
in the continued progress of inflation of bank credit, essential as this is to
the maintenance of an upward trend in prices.
RECOMMENDATIONS OF TRANSIT MANAGERS OF
FEDERAL RESERVE BANKS.
It is learned from the December number of the Federal
Reserve "Bulletin" that a meeting of the transit managers
and auditors of the Federal Reserve banks was held at Chicago On Nov. 11, 12, 13 and 14, for the purpose of considering matters relating to the clearing and collection system,
also questions relating to transactions between Federal Reserve banks, including their branches. As to the discussions
and recommendations, the "Bulletin" says:
The meetings were attended by representatives from all the Federal Reserve banks and from the Federal Reserve Board. The discussion at the
transit conference, which was the sixth general meeting hold by the.transit
managers since the inauguration of the Federal Reserve system, related
mainly to the development and improvement in operation of the inter-district clearing system. The principal topics covered were: (a) Operation of
the clearing and collection system; (b) ways and means to bring about additions to the par list (items on about 19,000 member and non-member
banks are now collectible at par through the Federal Reserve banks);
(c) so-called "float" carried by Federal Reserve banks; (d) harmonizing inter-district time schedules; (e) extension of facilities to member banks; and
(f) operation of the Gold Settlement Fund.
Discussion at the audit conference, the fourth since the inauguration of
the system, related both to uniformity in accounting between Federal Reserve banks and reports submitted by them to the Federal Reserve Board,
as well as to internal accounting methods.
The recommendations made by the two conferences, at which nearly one
hundred separate questions were discussed, have been submitted to the
Federal Reserve banks and the Federal Reserve Board, and it is expected
that, as a result of the conferences, there will be greater uniformity in handling inter-bank transactions and that many valuable improvements will be
effected in internal accounting methods.
ESTABLISHMENT OF FREE GOLD MARKET RECOMMENDED BY FEDERAL ADVISORY COUNCIL—
GOVERNOR HARDING'S VIEWS.
Details of the mooting on Nov. 19 of the Federal Reserve
Board and the Federal Advisory Council are given in the Federal Reserve "Bulletin" for December. The meeting was
addressed by Governor W.G.P. Harding, who, among other
things, stated it as his opinion, whenever we come to a free
gold basis, whoever has authority in the matter should
require "some definite understanding whereby such gold
operations will be engaged in as current business and upon- a
basis of reciprocity." Regarding after-war policies, it was
recommended, the Board announces, "that the Federal
Reserve banks act as liberally as is consistent with safety,
and that consideration of the status of the gold embargo
be left in the hands of the present committee of the Federal
Reserve Board." The establishment of a free gold market
23
as soon as can conveniently and properly be done was recommended as part of the after-wax reconstruction plan. The
Advisory Council suggested at the meeting the amendment
to the Federal Reserve Act (to which we referred in our is-,
sue of Dec. 21, page 2327), permitting Federal Reserve
banks to accumulate a surplus equal to 100% of their capital,
instead of 40% as now. The amendment reads as follows:
Sec. 7. After all necessary expenses of a Federal Reserve Bank have been
paid or provided for, the stockholders shall be entitled to receive an annual
dividend of 6% on the paid-in capital stock, which dividend shall be cumulative. After the aforesaid dividend claims have been fully met all the
net earnings shall be paid into a surplus fund until it shall amount to 100%
of the paid-in capital stock of such bank, after which all the net earnings in
excess of aforesaid dividend shall be paid to the United States as a franchise
tax.
According to the Federal Reserve "Bulletin" the Council
further repOrted that:
It is generally conceded that following the declaration of peace, this
country will have an opportunity to develop its foreign trade to an extent
impossible before the war. If we are to develop and maintain our export
and import trade it should be financed by American banks and bankers,
and it is therefore essential that the member banks be granted additional
acceptance powers to properly take care of the increasing volume of dollar
exchange and credits.
We recommend that the Federal Reserve Act be amended as soon as
Possible so as to allow member banks to accept on purely foreign transactions up to 200% of their capital and surplus. This limit to include acceptances of foreign banks or bankers for the account of and under the
guaranty of the member banks. This acceptance power to be in addition
to that now provided by the Act for domestic acceptances.
A paraphrase of Governor Harding's remarks in part is
given as follows in the "Bulletin":
When the banks were organized on Nov. 16 1914, the shock given to credit
institutions and industries by reason of the outbreak of the European war
had largely subsided. Through the measures taken, and particularly
through the issue of the emergency currency provided by the Aldrich-Vreeland Act, as amended by the Federal Reserve Act, and through the reduction of member-bank required reserves, the Federal Reserve banks found
themselves at the outset approaching a period of easy money. In 1915 and
up to the early months of 1916, there was such a plethora of money that
most of the Federal Reserve banks were unable to make expenses, and the
control contemplated over the banking situation by means of discount rates
vested in the Board and the Federal Reserve banks was nullified. Discount
rates all over the country were abnormally low. As the Federal Reserve
banks were unable to get business under the prevailing low rates, they
certainly would have gotten even less business at higher rates. Owing to
the urgent demands of European belligerents for supplies and munitions of
war for quick delivery, and as the result of their policy of shipping gold into
this country in payment of their obligations here, we experienced abnormally easy money conditions, which created a good market for foreignowned American securities. The result was that we gained something
over a billion dollars in gold from Jan. 1 1915 to Jan. 1 1917. We saw a
very large increase in the gold volume of bank credits as a result of our
gold expansion.
The only period when the Federal Reserve Board was able to exercise
any effective control over the banking situation was during the last two or
three months of 1916 and the first quarter of 1917. You will remember
that during these months the Board discouraged the purchase of municipal
warrants, advanced discount rates, and advised the Federal Reserve banks
to put their affairs in the most liquid shape possible, and that very material
increases in reserves had been effected by the 1st of April 1917. I believe
You gentlemen will agree with me that the United States entered the war
better prepared from a banking standpoint than in any other line of activity. After April 6 1917, as you know, war necessities became paramount
and imperative. It is not within the power of any group of banks or of
any banking system to regulate the financial demands of war. War is a
hard taskmaster; munitions and supplies must be had at all hazards and
transported to the front without delay, and the only province of the banking community in this connection is to "come across" with the capital necessary to procure the goods and man power required. The military organization makes its requisitions and all other activities must adjust themselves
to the military demands. Now, we are approaching the time of general
International readjustment and reconstruction, and while the war, as far
as actual hostilities are concerned, is ended, it is not over in a financial
sense, and from a standpoint of permanent adjustment. These problems
of readjustment must be met by the civil authorities of the various nations
supported by their military and naval power.
Indications are that we are coming back rapidly to a peace basis. A
great many of the restrictions imposed by the War Industries Board and
other branches of executive departments of the Government are fast being
removed. For example, the domestic use of gold and silver for industrial
purp(ass and in the arts has been freed of restrictions. I believe that the
removal of restrictions against the use of gold and silver in the arts will have
a very good effect because while it may result in the presentation of some
Federal Reserve notes for redemption, there will be afforded an opportunity to demonstrate that the Federal Reserve note is what it purports to be
—redeemable in gold—and will show the people that there is no premium
on gold in this country, which can be obtained by the presentation of Federal Reserve notes.
The restrictions imposed upon the exportation of gold were made effective over a year ago (in September. 1917), by an Executive order of the
President which put the whole matter in the hands of the Secretary of the
Treasury, who, in turn, gave to the Federal Reserve Board power to issue
licenses in specific cases. The question arises as to when the Board should
advise that these restrictions be modified or lifted entirely.
The suggestion has been made that it would be wise policy for the Federal Reserve banks to reduce their rates on banker' acceptances against the
exportation and importation of goods. Such a course would give the banks
quickly available resources in the shape of prime investments and would
enable us to meet foreign competition. There would be no reason then for
anyone to hesitate as between drawing in dollars or in sterling or feel obliged
to use sterling because of lower rates. In order to put the banks in a position to give those low rates, it seems necessary to continue the existing rates
on our internal transactions. There does not appear to be any reason why
we should consider at this time any reduction of the discount rate on 90-day
commercial paper or member banks' collateral notes.
Upon the entrance of the United States into the war, the Federal Reserve
Board, in line with its policy of supporting the Government to the utmost
of its ability, established a differential rate on paper secured by Government obligations. The rate of interest on Treasury certificates and Government bonds was established by the Secretary of the Treasury after con-
24
THE CHRONICLE
[VOL. 108.
tended for the maintenance of the national integrity, there can be no doubt
that the policy to be adopted must be one which should subordinate all
other considerations to that of success of national finance. With the
return of peace the close of the period of urgent Government financing
through the sale of long or short-term obligations comes in sight. and the
resumption of their function as a regulator of credit becomes a duty for Federal Reserve banks.
Reduction of loans on war paper is doubtless a problem to be at once
faced by the Federal Reserve banks and their members. The reasons for
such action from the standpoint of banking prudence are obvious. In
former numbers of the "Bulletin" the Board has, moreover, explained its
view of the connection between these expanded loans and prices. Return
to stability of prices, as well as of economic relationships generally, must go
hand in hand with the reduction of the banks' holdings of such paper. It
is to the public that we must look for effective aid in the accomplishment of
this object. Direct absorption of tho Government bonds now carried by
the banks through extensive popular saving is the only means by which
real improvement can be effected. Such saving means the creation of new
current wealth through continued activity in industry and its application
to the process of reducing outstanding purchasing power in the shape of
bank credit. As bank obligations are restored to a condition of normal
liquidity and as commercial paper growing out of actual transactions takes
the place of notes secured by bonds and certificates of indebtedness, which
now make up so large a proportion of the assets of,both Federal Reserve
and member banks, prices will gradually work toward a normal and stable
basis. The transition period will unquestionably involve new and large
needs for credit and capital. It will require both the provision for natural
growth of industry, for the furnishing of aid to businesses which are in process of transition from a war to a peace basis, and finally for the usual and
permanent capital advances which aro required in carrying their regular
FEDERAL RESERVE BOARD ON RATIONING OF FINAN- financing. The completion of the movement toward a stable banking basis
does not necessarily imply a restoration of the older level of prices, since
CIAL RESOURCES OF COUNTRY DURING
the equation of supply and demand throughout the world is now different
TRANSITION PERIOD.
from what it was before the war. Costs of production are fundamentally
With regard to the shifting of the financial resources to a altered and conditions of consumption have been widely changed. We
for a return to the older level of prices,
need not, therefore, necessarily
peace basis, the Federal Reserve Board in its "Bulletin" for and we certainly cannot expect lookrestoration of that older level in the case
the
of the war has of any given commodity, but the return to normal conditions in prices, so
D ecember stated that "while the termination
set definite limits to the requirements of public finance, the far as these have been affected by inflation, through the elimination of that
but a necessary expectation.
a
United States, in common with the rest of the world, is con- inflation, is not only in reasonable are different from those which have exthe world
Present conditions
fronted with the important economic problems and needs isted after previous wars in that all leading countries are involved. On
growing out of "reconstruction." Continuing along this former occasions these conditions were more or less localized, In most
-day there exists a condition of banking and credit inflation,
countries to
line it said:
sometimes for one reason and in other cases for others. But whatever the
Sales of certificates of indebtedness and bonds for the purpose of ob- cause, the outward result and consequences have much similarity. The
taining the funds which must be had by the Treasury in meeting the con- necessities of the war and the difficulties of obtaining supplies have resulted
tracts and other obligations already incurred in the prosecution of the war in a far-reaching alteration in the distribution of gold. Much of this gold
will be a continuing burden upon the banks of the country for many months has accumulated in the United States, but considerable portions of it have
to come. The banks will, at the same time, necessarily be called upon to gone to the countries which remained neutral throughout the war—Spain,
lay the foundations for the financing of new trade growing out of the re- Holland, Switzerland, and Scandinavia. The question may be fairly
establishment of normal business and to assist in the resumption of devel- raised whether the return of prices and bank credit to a normal level can
opmental enterprises necessarily suspended during the continuance of the be expected without changes in the existing adjustment of the gold supply
war.
of the world. It is probable that the supplies of gold which are thus needed
Experience has shown the character of the problems which must be met will not be as great in many cases as they were before the war, since it may
In the financing of the war, and they are perhaps better understood to- be expected that the use of gold in current circulation will be far less than
day than at any time in the past. The Board has emphasized the necessity before. The movement of gold, therefore, from the countries which have
of saving and conserving resources, the indispensable requirement that, acquired it to those which now need it will undoubtedly be gradual and is a
so far as practicable, long-term securities shall be paid for, either outright matter of common concern to all of them. It is, Indeed, quite possible that
or within the period of subscription, and has laid especial stress upon the peace adjustments may be such as not to disturb In large degree the concall for the limitation of industry to those lines which may properly be tinued holding of considerable quantities of gold by the countries which now
called "essential." These admonitions will continue to have much the possess them, notwithstanding that they still continue to be used as a
same force as in the past, so long as the nation is engaged in completing basis for banking in other nations.
its war financing and in facilitating the transition to the peace basis. This
But, as in time the gold supply of the world is gradually redistributed in
transition will not involve any wide departure from the principles already accordance with the needs and requirements of circulation and banking redeveloped out of our war experience but rather a modification of the de- serves in the different countries, there will necessarily be alterations of the
tails of their application. The liquid capital of the country may for a long percentage relationship of the gold held to the domand obligations of the
time to come be inadequate to meet the needs of the world, and some pro- banks in the countries which are affected by such shifting of the metallic
cess of husbanding or rationing it must therefore be applied during the supply. These changes in reserve percentages need not, therefore, necesperiod of reconstruction, just as has been the case during the period of war. sarily be regarded as ihdicative of any abnormal situation. Provided that
This system of distributing or rationing—to use a word already made fa- the process of reducing war obligations is steadily and conservatively purmillar--can not be the same and can not employ the methods that have sued, the supply of gold in reserves will take care of itself and the liquidity
been found effective under a regime of military necessity; yet the object to of the banks will be insured through the regulation of the volume and qualbe gained—that of husbanding our resources and of distributing them in ity of their assets far more freely and promptly than through the reduction
such a way as to promote the process of return to normal conditions— or amassing of quantities of the reserve metal.
will be closely analogous to those which have been pursued during the war.
Coincident with the reduction of domestic war loans there may probably
Some of the steps which must be taken in the development of this policy be expected to develop a direct demand upon our banking resources for achave already been indicated by the War Industries Board and by other commodation designed to facilitate the movement of goods to other counGovernment organizations, which have shifted their system of rationing tries. Such accommodation has been extended in large measure ever since
or control in such a way as to give preference to those industries which are the opening of the European war—first, through the extension of loans to
considered essential to industrial restoration as against those which have belligerent countries, privately placed with bankers in the United States,
thus far been deemed essential to success in war. To the frivate individual and later, when the United Statesi tself became a belligerent, through the
the process of shifting to the peace basis must mean much the same as the issue of Government bonds whose proceeds were advanced to foreign counprocess of conserving resources during war. In both cases it is incumbent tries and were then used by them in payment of supplies purchased in the
upon him to avoid undue waste, to limit his consumption to what Is neces- United States. It may be passible, as has already been intimated, that
sary to efficiency, and to devote his savings systematically and fully to the additional credits may from time to time have to be opened in favor of the
t strengthening of the banking and investment position of the country. The Allied nations, but from this time forward the bulk of our foreign financing
erection of a strong foundation for the peace industry of the future de- will necessarily return to a peace basis and the services of our banks will
mends the continued exercise of self-denial and foresight just as during the lie in supplying the means for financing the movement of consumable goods
war.
to the foreign countries by which they are needed. '
That the transition of the world from t war to a peace basis must necessarily exert an important and direct influence upon banking is, of course,
clearly obvious. Immediately the problem will be that of preventing M. W. BELL, CASHIER, FEDERAL RESERVE BANK OF
credit from expanding too far and,so far as practicable, of reducing any exATLANTA—RESIGNATION OF J. B. PIKE.
cess that already exists. The economic history of the period immediately
The Federal Reserve Bank of Atlanta announces the
succeeding wars of the past has shown that in practically every instance
there has been a tendency toward the use of bank funds for the purpose of election of M. W. Bell as Cashier; effective Dee. 15, and
promoting the development of Industries and enterprises involving a conthe resignation of J. B. Pike at Deputy Governor, effective
siderable investment of capital. The Federal Reserve system is now in an
exceptional position for influencing the distribution and use of banking credit Dec. 10.
upon an economic basis. Prior to the entry of the United States into the
European war the volume of business at Federal Reserve banks was too SUBSCRIPTIONS TO SECOND OFFERING OF TREASURY
limited, while the available or free resources of member banks were too
CERTIFICATES IN ANTICIPATION OF
large, to enable the Federal Reserve institutions to exert more than an inFIFTH LIBERTY LOAN.
cidental influence upon credit uses. The period of belligerency has changed
these conditions, and the Federal Reserve banks now stand as practically
Subscriptions of $572,494,000 to the second issue of
entire reserve of the country—the directors of what is
the holders of the
probably to be regarded as the one unexhausted reservoir of banking credit Treasury certificates of indebtedness issued in anticipation
in the world. To them is thus assigned a function of surpassing impor- of the Fifth Liberty Loan were announced by Secretary of
tance—to maintain the liquid character of the assets held against the deTreasury Glass on Dec. 28. A minimum of $500,mend obligations of the banks, and, by regulation of discount rates, to the
regulate, as conditions permit, the uses and limits of credit. This func- 000,000 was offered. Every Federal Reserve District,
tion has almost bf necessity been temporarily suspended during the con- except Dallas, it is announced, exceeded its quota. It is
tinuance of the period of belligerency. So long as the United States is in
included in the subscriptions reported
the market as the greatest borrower and so long asi ts borrowings are in- also announced that
-sultation with various interests all over the country, and in order to make
it possible for banks to engage in these transactions without being penalized
the Board felt that it would be helpful to establish a differential. The result has been that the invested resources of the Federal Reserve banks
aro between 70% and 80% in paper secured by Government obligations and
the balance in commercial obligations, with the further effect that the Federal Reserve notes outstanding are thus indirectly secured proportionately
by Government obligations.
It is evident that a reduction in the Federal Reserve banks' rate on bankers' acceptances will have a tendency to restore the proper equilibrium in
the banks' invested resources and give them an opportunity gradually ;;o
work off these obligations secured by Government issues.
Whenever we establish a free gold market in this country we should be
particularly careful to see that it is not one-sided and that ;t works both
ways. Take the case of a bank which suspends business and then is reorganized within a brief period. It as a rule provides for the payment of old
deposits over a period of months or years in installments. It then opens
Its doors for business; any new deposits coming in are subject to payment in
cash on demand, old deposits being treated as time obligations until due under the terms of the agreement. It seems to me that wheeler has authority
in the matter should require, whenever we come to a free gold basis, some
definite understanding whereby such gold operations will be engaged in as
current business and upon a basis of reciprocity, so that whenever our trade
balance should permit or require there should be no obstruction to our drawing in gold because of the erection of artificial barriers on account of old
war debts. Unless our free gold market is established upon that basis, a
nation might withdraw gold and impound it as a reserve against its war debts
nstead of treating the gold transaction as one of current business.
JAN. 4 1919.]
THE CHRONICLE
by the Federal Reserve Bank of New York is one of $35,000,000 made by the Japanese Government. This purchase of Treasury certificates, it is stated, has been one
among various methods, directly or indirectly, used by the
Japanese Government to keep within bounds exchange rates
between the two countries in the last three years. New
York heads the list with a quota of $169,000,000 and a
subscription of $199,117,000 to the second offering of the
Treasury certificates; Chicago stood second with a quota of
$70,000,000 and subscription of 3,189,000, and Cleveland
third with a quota of $45,300,000 and a subscription of
$52,000,000. Boston is fourth with a subscription of $45,010,500 on a quota of $43,400,000; the subscriptions of the
Federal Reserve Bank of Philadelphia aggregated $40,409,500, against a quota of $35,300,000.
THIRD OFFERING OF TREASURY CERTIFICATES IN
ANTICIPATION OF FIFTH LIBERTY LOAN.
The offering of the third issue of Treasury certificates of
indebtedness in anticipation of the Fifth Liberty Loan was
announced by Secretary of the Treasury Carter Glass on
Dec. 27. The present offering is for a minimum of $750,000,000, as compared with $500,000,000 in the second
offering and $600,000,000 in the first. The latest issues
of certificates is dated Jan. 2 1919 and will be payable June
3 1919, with interest at 432%. Subscriptions will be received by the Federal Reserve banks up to .Jan. 7. The
certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000 and $100,000. The issue is known as
Series 5-C.
LONG TERM SECURITIES PLANNED INTO WHICH
WAR SAVINGS OBLIGATIONS MAY BE CONVERTED.
Besides planning to continue the war savings system in
1920 and succeeding years the Treasury Department contemplates the issuance of long term securities into which
war savings stamps and certificates may be converted.
An announcement to this effect by Lewis B. Franklin,
Director of War Loan Organization for the Treasury, was
made on Dec. 31 at the conclusion of a two-day conference
of District War Savings Managers, held at the instance of
the Secretary of the Treasury. The proposed plans are
said to have been recommended by the District Managers.
While details of the securities into which war savings certificates may be converted are still to be worked out, it is
stated that they will run for more than the five-year term of
war savings obligations. The question as to whether they
are to bear more than the 4% carried by the war savings
obligations has not been decided. Plans for issuing war
savings certificates of $100 and $1,000 denominations, to
make it unnecessary for purchasers of such amounts to use
stamps, are likewise under consideration.
WAR SAVINGS STAMPS GOOD WHETHER THRIFT
CARD IS FILLED OR NOT.
To dissipate the impression which had gained ground
among some people that war savings stamps must be cashed
before Jan. 1 Lewis B. Franklin, Director of the War Loan
Organization on Dec. 24 said:
War savings stamps and thrift stamps are as good as gold, whether
your certificate or thrift card is completely filled or not. The idea that unfilled certificates must be cashed before Jan. 1 is absolutely baseless. The
Government will continue to sell thrift stamps so that you can fill out these
cards and exchange them for the 1919 issue of war savings stamps.
GUY EMERSON DIRECTOR OF WAR SAVINGS FOR
NEW YORK FEDERAL RESERVE DISTRICT.
Guy Emerson, Director of Publicity of the Liberty Loan
Committee, has been selected as Director of Government
Savings for the Second Federal Reserve District. Under
the present plan there will be closer co-operation between
the Liberty Loan and the Goverment Savings and towns
in the district will have hereafter combined quotas for both
Liberty Loan and Government Savings.
TREASURY DEPARTMENT'S CIRCULAR GIVING
DETAILS AS TO 1919 ISSUE OF WAR
SAVINGS CERTIFICATES.
A circular of the Treasury Department, giving details of
the War Savings certificates, Series of 1919, was made
public this week, although it bears date Dec. 18. The new
series of certificate stamps will be issued at the same price
as those of 1918, the cost ranging from $4 12 to $4 23 from
January to December. The average issue price by this
25
plan, with interest compounded quarterly for the average
period of maturity, will amount to $5 on Jan. 1 1924. As
in the case of the certificates issued last year, payments
on account of the new issue may be evidenced by United
States Thrift stamps, which will cost 25 cents. Under the
new law as recently amended the total of War Savings certificates outstanding may amount to 1,,,000,000,000, instead
of $2,000,000,000, the previous limit, and any one person is
permitted to hold an aggregate amount of $1;000 of each of
the series. Previously the total holdings of any person had
been limited to $1,000. The tax exemption features are the
same as those prevailing as to the 1918 issue of certificates.
The following is the Treasury Department's circular made
public this week:
TREASURY DEPARTMENT.
1918
Department Circular No. 128
Office of the Secretary,
Washington, D. C., Dec. 18 1918.
Loans and Currency
The Secretary of the Treasury offers for sale to the people of the United
States an issue of United States War Savings Certificates. Series of 1919,
authorized by Act of Congress, approved Sept. 24 1917, as amended and
supplemented. Payments for or on account of such War Savings Certicates must be evidenced by United States War Savings certificate stamps.
Series of 1919, which are to be affixed thereto.
The sum of War Savings certificates of all issues outstanding shall not
any one time exceed in the aggregate $4,000,000,000 (maturity value).
It shall not be lawful for any one person at any one time to hold War Savings
certificates of any one series to an aggregate amount exceeding $1,000
(maturity value).
War Savings certificates. Series of 1919, War Savings certificate stamps,
Series of 1919, and United States Thrift stamps (described below) may be
purchased, on and after Jan. 1 1919, at the prices hereinafter mentioned,
at post offices, and at numerous banks and other agencies appointed by
the Secretary of the Treasury.
1. Descrption of War Savings Certificates, Series of 1919.
A United States War Savings Certificate, Series of 1919. will be an
obligation of the United States when, and only when, one or more United
States War Savings certificate stamps, Series of 1919, shall be affixed
thereto. Each of such War Savings certificates will have spaces for twenty
War Savings certificate stamps, Series of 1919, and each of such stamps
thereto affixed will have a maturity value of $5 on Jan. 11924, which will
accordingly give each such certificate, when bearing its full complement
of such stamps, a maturity value of $100 on said date.
No War Savings certificate will be issued unless at the same time one or
more War Savings certificate stamps shall be purchased and affixed thereto,
but no additional charge will be made for the War Savings certificate itself.
The name of the owner of each War Savings certificate must be written
upon such certificate at the time of the issue thereof.
War Savings certificate stamps, Series of 1919. will be issued in 1919
at the following prices.
September....$4 20
12
January$4 16
May..
4 17
October ____ 4 21
February...... 4 13
June
July
November_ _ 4 22
4 18
March
4 14
December __ 4 23
April
August
4 19
4 15
Average issue price above fixed in year 1919, with interest at 4% per
annum, compounded quarterly, for the average period to maturity, will
amount to $5 on Jan. 1 1924.
War Savings certificate stamps, Series of 1919, shall not be affixed to
War Savings certificates, Series of 1918, nor shall War Savings certifcate
stamps, Series 1918, be affixed to War Savings certificates, Series of 1919.
Such stamps affixed to War Savings certificates of another series will not
add to the value thereof.
2. Payment at Maturities.
Owners of War Savings certificates, Series of 1919, will be entitled to
receive on Jan. 1 1924, at the Treasury Department in Washington or a
money order post-office, the office where registered in the case of a registered
certificate, upon surrender of such certificates and upon compliance with
all other provisions thereof, $5 in respect of each War Savings certificate
stamp, Series of 1919, then affixed thereto, but no post office shall be required to meet such payment until ten days after receiving written demand
therefor..
3. Payment Prior to Maturity.
Any owner of a War Savings certificate, Series of 1919, at his option
will be entitled to receive, at any time after Jan. 10 1919, and prior to Jan.
11924, at a money order post-office, the office where registered in the case
of a registered certificate, upon surrender of his certificate, and upon
compliance with all other provisions thereof, in respect of each War Savings
certificate stamp, Series of 1919, then affixed to such certificate the amount
indicated in the following table, but no post office shall make any such payment until ten days after receiving written demand therefor, and such
certificate must be surrendered for payment within sixty days after such
demand, otherwise the demand will be deemed to be waived and a new
demand will be required before payment.
1923.
1919.
Month—
1922.
1921.
1920.
$4 60
January
$4 12
$4 24
$4 36
$4 48
4 61
4 13
February
4 25
4 49
4 37
4 62
March
4 14
4 38
4 50
4 26
April
4 63
4 15
4 39
4 51
4 27
4 64
4 16
4 52
May
4 28
4 40
4 65
4 53
June
4 17
4 29
4 41
4 66
4 54
July
4 30
4 42
4 18
4 67
August
4 19
4 31
4 43
4 55
4 68
September
4'0
4 32
4 44
4 56
4 69
October
4 21
4 57
4 33
4 45
4 70
November
4 22
4 58
4 34
4 46
1
4 59
4 71
December
4 23
4 35
4 47
January 1 1924, $5.
4. Registration.
War Savings certificates, Series of 1919, may be registered without cost
to the owners at any post office of the first, second or third class, or at
certain specially authorized post offices of the fourth class, subject to such
regulations as the Postmaster-General may from time to time prescribe
and payment in respect of any certificate so registered will be made only at
the post office where registered. Unless registered, the United States will
not be liable if payment in respect of any certificate or certificates be made
to a person not the rightful owner thereof. The Postmaster-General may.
by regulation, provide for the transmission of registered certificates by mail
to the post office of registration for payment and return of proceeds by
money order, in cases in which it appears that the owner is unable to
26
secure payment personally, or by a representative, pursuant to regulation
therefor.
War Savings certificates, Series of 1919, are not transferable and will be
payable only to the respective owners named thereon, except in the case
of the death or disability of any such owner.
5. Tax Exemption.
War Savings certificates, Series of 1919, shall be exempt, both as to
principal and interest, from all taxation now or hereafter imposed by the
United States, any State, or any of the possessions of the United States or
by any local taxing authority except (a) estate or inheritance taxes, and
(b) graduated additional income taxes, commonly known as surtaxes, and
excess profits and war profits.taxes now or hereafter imposed by the United
States upon the income or profits of individuals, partnerships, associations
or corporations, the interest on amount of bonds, and certificates, authorized
by said Act, approved Sept. 24 1917 and amendments thereto, the principal
of which does not exceed in the aggregate 85,000 owned by any individual,
partnership, association or corporation, shall be exempt from the taxes
provided for in class (b) above.
6. Thrift Cards and Thrift Stamps.
Payments on account of War Savings certificates, Series of 1919, may
also be evidenced by United States Thrift Stamps issued at any time
on or after Dec. 3 1917, having a face value of 25 cents each but bearing no
Interest. United States Thrift stamps, however, must not be affixed to
War Savings certificates but only to Thrift cards, which may be obtained
Without cost. Thrift stamps as such are not directly redeemable in cash,
but each Thrift card will have spaces for sixteen such Thrift stamps, and a
Thrift card, when bearing its full complement of such stamps, may be exchanged at a post office, or other authorized agency after Dec. 31 1918,
and on or before Dec. 311019, for a War Savings certificate stamp, Series
of 1919, and upon such exchange the owner of such Thrift card must pay
the difference between $4 and current issue price of War Savings certificate
stamps, Series of 1919, during the month in which such exchange is made,
as shown by the following table:
September __$4 20
$4 16
May
January..- _ -$4 12
October ____ 4 21
4 17
June
February.. __ 4 13
November_ _ 4 22
July
4 18
4 14
March
December __ 4 23
August
4 19
April
4 15
7. Rights of Holders of War Savings Certificates, Series of 1919.
All the provisions of Treasury Department Circular No. 108 (War Savings Circular No. 8) dated Jan. 21 1918, further defining rights of holders
of War Savings certificates, apply to and govern rights of holders of War
Savings certificates, Series of 1919, except as herein expressly modified
with respect to War Savings certificates, Series of 1919, to wit:
(a) In paragraph I thereof the maturity date specified shall read "Jan.
1 1924."
(b) In paragraph VI. thereof the $1,000 limitation on the holdings of a
single person will refer to a maturity value of $1,000 of certificates of the
Series 1919, without reference to any holdings of certificates of any other
series.
(c) In paragraph XI. there shall be inserted in the receipt thereby required to be signed after the words "War Savings certificates" the words
"of any one series."
(d) In paragraph XIV. the aggregate amount of certificates received and
held as therein provided will refer to the aggregate amount of certificates
of the Series of 1919, without reference to any holdings of certificates of
any other series.
8. Other Details.
War Savings certificates, Series of 1919. will not be receivable as security
for deposits of public money, and will not bear the circulation privilege:
The Seeretary of the Treasury reserves the right at any time to withdraw
this circular as a whole, or to amend from time to time any of the provisions thereof to withdraw War Savings certificates, Series of 1919, War
Savings certificates stamps, Series of 1919, or United States Thrift stamps
from sale, to refuse to issue, or to permit to be issued, any War Savings
certificates, Series of 1919, or Thrift cards, and to refuse to sell, or to permit
to be sold, any War Savings certificates, Series of 1919, or War Savings
certificate stamps, Series of 1919, or United States Thrift stamps to any
person, form, corporation, or association. The right is also reserved to
make from time to time any supplemental or amendatory regulations which
shall not modify or impair the terms and conditions of War Savings certificates issued or to be issued in pursuance of said Act of Sept. 24 1917
as amended and supplemented. Further details may be announced by the
Secretary of the Treasury from time to time, information as to which will
be promptly furnished to postmasters at money order post offices and to
other agents.
CARTER GLASS,
Secretary of the Treasury.
DISTRIBUTION AND SALE OF WAR SAVINGS CERTIFICATES AND STAMPS, SERIES OF 1919.
The following circular as to the distribution and sale of
War Savings certificates and stamps has also been issued
by the Treasury Department:
TREASURY DEPARTMENT,
1918
Office of the Secretary,
Department Circular No. 130
December 23 1918.
Loans and Currency
To Federal Reserve Banks, All Agents for the Sale of War Savings Certificates
and Stamps, and Others Concerned:
The provisions of Department Circular No. 94 (War Savings Circular
No. 1), dated Nov. 15 1917, under the title, "Method of Distribution and
Sale," of Department Circular No. 95 (War Savings Circular No. 2),
dated Nov. 30 1917, Department Circular No. 96 (War Savings Circular
No. 3), dated Jan. 2 1918, and Department Circular No. 101 (War Savings
Circular No. 5), dated Feb. 19 1918, are hereby extended, subject to the
provisions hereof and of Department Circular NO. 128, dated Dec. 18 1918.
to the distribution and sale of United States War Sayings Certificates
and War Savings certificate stamps, Series of 1919, and to the distribution
and sale of United States Thrift stamps after Dec. 31 1918.
All provisions of said circulars with reference to War Savings certificates
and War Savings certificate stamps, Series of 1918, issued under Department Circular No. 94, as heretofore and hereby modified, shall, mutatis
mutandis, apply with equal force and effect to War Savings certificates
and War Savings certificate stamps, Series of 1919, issued under Department Circular No. 128, dated Dec. 18 1918.
War Savings certificate stamps, Series of 1919, and United States Thrift
stamps (together with Thrift cards and War Savings certificates, Series of
1919) will be furnished (1) to post offices for sale to the public and to agents
of the first class, and (2) to Federal Reserve banks, as fiscal agents of the
United States, for distribution to'agents of the second class and also for
sale to agents of the first class, such agents being classified as provided
[VOL. 108. .
THE CHRONICLE
In the above-described circulars. Post offices and Federal Reserve banks
will maintain available supplies of stamps, certificates and cards in amounts
sufficient to meet the requirements for such distribution and sale.
• Agents of the first class and cash agents of the second class duly appointed for the sale of War Savings certificates and War Savings certificate
stamps, Series of 1918, may act as such agents, respectively, for the sale of
such Certificates and stamps. Series of 1919, without further application;
and they will by the receipt or sale of War Savings certificates or War
Savings certificate stamps, Series of 1919, or by the receipt or sale of
United States Thrift stamps after Dec. 31 1918 be conclusively presumed to
have assented to all the terms and provisions hereof.
Collateral agents of the second class already qualified to a sufficient
amount pursuant to Department Circulars Nos. 95 and 101, for the sale of
War Savings certificates and War Savings certificate stamps,.Series of 1918,
will not be required to file anew formal applications for appointments as
agents, nor resolutions anti pledge agreements, and they will, by the receipt
or sale of War Savings certificates or War Savings certificate stamps, Series
of 1919, or by the receipt or sale of United States Thrift stamps after Dec.
31 1918, be conclusively presumed to have assented to all the terms and
provisions hereof. Collateral security pledged or to be pledged under
any of the circulars above mentioned will be conclusively deemed to be
pledged as collateral security thereunder and hereunder.
Forms of applications for new appointments as agents hereunder will be
furnished on application.
The provision that the amount of War Savings certificates sold to any
one person at any one time should not exceed $100 has been repealed by
the Act approved Sept. 241918. and is no longer in form.
Collateral agents of the second class may obtain from a Federal Reserve
bank War Savings certificate stamps, Series of 1919, In amounts of $1,000
(maturity value) or less:as well as in amounts in excess of $1,000 (maturity
value). In determining the collateral security to be deposited and pledged
by such agents, War Savings certificate stamps, Series of 1919, shall be
taken at the Dec. 1919 issue price. Any such agent desiring to obtain
War Savings certificate stamps, Series of 1919, at such Dec. 1919 issue
price, and Thrift stamps, to the aggregate amount of $50,000 or more, may
deposit and pledge as collateral security, subject to the provisions hereof,
any securities of the classes described in Treasury Department Circular
No. 92, of Sept. 21 1918, as heretofore or hereafter amended and suplementod.
The Secretary of the Treasury will make provision for the exchange of
Thrift stamps after Dec. 31 1919. into War Savings certificates, Series of
1919. upon payment of the additional amount then required, or into soma
other series, or will otherwise protect the interest of holders of Thrift stamps.
No agent shall sell any United States War Savings certificate stamp,
Series of 1919, at any price other than the current issue price of such
stamp during the month in which sold, as specified in Department Circular
No. 128. •
It is not lawful for any one Faison at any one time to hold War Savings
certificates, Series of 1019 (and War Savings certificate stamps, Series of
1919), to an aggregate amount exceeding $1,000 (maturity value). It is
lawful to hold War Savings certificates, Series of 1919 (and War Savings
certificate stamps, Series of 1919) up to an aggregate maturity value of
$1,090, regardless of the amount of War Savings certificates and War
Savings certificate stamps, of the Series of 1918, that may already be held.
The Secretary of the Treasury reserves the right to withdraw this circular or to amend, from time to time, any of the provisions hereof, and to
terminate any agency created or existing hereunder.
CARTER GLASS, Secretary.
SURRENDER OF 1918 WAR SAVINGS CERTIFICATE
STAMPS, HELD BY AGENTS OF THE SECOND CLASS.
The following circular has been issued by the Treasury
Department:
TREASURY DEPARTMENT,
Office of the Secretary.
Washington, D. C. •
December 23 1918.
Each collateral agent of the second class appointed pursuant to DepartNo. 2), dated Nov. 30 1917,
ment Circular No. 95 (War Savings Circular
is required to deliver to the Federal Reserve Bank to which such agent is
required to account, on or before Jan. 10 1919, all War Savings certificates
and War Savings certificate stamps, Series of 1918, hold by such agent
1918 and shall receive credit for such
at the close of business Dec.
stamps (at the Dec. 1918 issee price) on its account with such Federal
Reserve bank.
All cash agents of the second class appointed pursuant to Department
Circular No. 96 (War Savings Circular No. 3), dated Jan. 2 1918, are required to deliver on or before Jan. 10 1919 to the Federal Reserve bank
from which the same were received, all War Savings certificates and War
Savings certificate stamps, Series of 1918, hold by them at the close of
business Dec. 31 1918. The provisions of said Circular No. 95, reauiring
such delivery on or before Dec. 31 1918, are hereby superseded. Upon
such redelivery, each such cash agent will be entitled to return of the deposit made against the stamps so redelivered computed in the manner
prescribed in said Circular No. 96, or, at the option of such agent, such
Federal Reserve bank will deliver to such agent, in lieu of returning such
deposit, War Savings certificate stamps, Series of 1919, computed at $1 12
each, and United States Thrift Stamps, computed at 25 cents each, and
cash, to an aggregate value so computed not exceeding the amount of the
deposit to be refunded.
CARTER GLASS, Secretary.
1918.
Department Circular No. 131
Loans and Currency.
ai
EXPENDITURES OF UNITED STATES ON WAR
ACCOUNT EXCEED $24,000,000,000.
According to computations from Treasury reports made
public on Dec.31, the amount expended by the United States
in conducting its War Department and in making loans to
the Allies during the year just closed exceeded $18,000,000,000. Altogether since the country's entry into the war
in April 1917 a total of $24,589,986,000 was paid on account
of the war. Of the 1918 expenditures of $18,161,000,000,
probably $10,000,000,000, it is stated, wont for the army
and the general military establishment, about $2,000,000,000
for the Navy, $1,000,000,000 for the shipbuilding program,
$1,000,000,000 for other civil government needs and $4,150,000,000 in loans to the Allies. It is pointed out that although hostilities ceased nearly two months ago, the Govern-
JAN. 4 19191
THE CHRONICLE
27
ment's outlay each day is mounting on account of the liquida- are largely
bookkeep
tion of tremendous war contracts, and Treasury officials basis for taxation. ing or "paper" profits, and should not be used as a
We, therefore, recommend that any tax law shall
are said to have stated that indications were that the deprovide that during
present conditions the
mands on the Government in the first months of the new year his apparent profit taxpayer shall be allowed to make a deduction from
by way of a reserve for subsequent shrinkage
in the
might be even more than for December. With estimates of value of merchandise.
We believe that the interests of the Government
expenses in the last few days not yet actually compiled, offican be protected against
abuse of this privilege by
cials believe December expenses will run to $2,100,000,000, to be allowed, and by the the fixing of a maximum percentage of deduction
use of proper methods of inspection and appraisal.
or nearly $200,000,000 more than the previous month's
It is reported in the "Times" that the Committee suggest
s
high record. This includes nearly $430,000,000 estimated that on page 8 of the
Senate bill, after line 13, the following
for Allied loans, and $1,670,000,000 estimated for the Gov- be inserted:
ernment's actual expenditures. The press dispatches from
"In case the articles dealt in and inventoried by
the taxpayer are of a
kind whose cost has substantially increased since the
Washington Dec. 31 also said:
close of the pre-war
That the public has paid only one-third of the war's expenses,
excluding
foreign loans, in taxes in cash,and two-thirds as loans to
be repaid in another
generation, is indicated by Treasury figures of collection
s from various
sources. With the last four days of the year not yet tabulated
, it is shown
that receipts from taxes, customs and miscellaneous revenue
amounted to
$4,687,063,000. of which $2,949,032,000 came from income
and excess
profits taxes alone;$1,124.518.000from other Federal taxes;
only $171,000,
000from customs duties on imports,and the balance, or
about $441,000,000,
from miscellaneous revenue sources.
During the year $6.038,000,000 has come into the Treasury
from the
Fourth Liberty Loan and $4,171,000,000 from the Third
Liberty Loan.
In addition. $13.802.000,000 worth of certificates of indebtedn
ess have
been sold and subsequently largely redeemed from Liberty Loan
receipts.
War Savings stamps and certificates have brought $953,000
,000 into the
Treasury, which, with the exception of $10,000,000 worth of
these small
securities sold in December, 1917, represents the entire harvest
from War
Savings and Thrift stamps in the year they have been in the
market.
period, as defined in Title III of this Act, the taxpayer
may reduce the
amount of the inventory determined in accordance
with the foregoing prevision by a reduction to be fixed by the commissioner,
but not more than
20%; and in the event of such deduction the taxpayer
shall, with his
return, under the provision of this Act, give bond to
the United States in
such form and in such amount and with such surety
or sureties as may be
required by the commissioner with the approval of the
Secretary, conditioned that if during the next succeeding taxable year
the cost of such
like articles shall not have declined to the full amount
of such reduction
the taxpayer shall pay an additional tax, determined in
accordance with
the provisions of this Act, on the excess of such deduction
over said decline
in cost: that if during the next succeeding taxable year the
cost of such like
articles shall have declined to any amount in excess
of such deductions,
such excess shall be credited or refunded to the taxpayer
in accordance with
the provisions of Section 252."
PREPARATION OF FEDERAL TAX FORMS DELAYED
The following table, showing the war expenditures,from
UNTIL JANUARY 15.
month to month since the participation of the United States
In view of the delay in the enactment of the war revenue
in the war, is reproduced from the New York "Times":
bill, Internal Revenue Commissioner Roper announced
on
1917.
1918.
Jan. 1 that he would wait until the 15th inst. before preApril
$289,893,000 January
$1,090,000,000
May
526,565,000 February
paring forms for income and profits tax returns and
1,012,000,000
June
other412,723,000 March
1,155,000,000
April
1,215.000,000 wise proceeding with collections under either the old law or
Total
$1,229,181,000 May
1,508,000,000 the pending measure. By that time
June
it is hoped that the
1,512,000.000
revenue bill will be sufficiently far advanced to permit the
Total
$7,492,000,000
preparation of forms to be issued in anticipation of later
July
$662,310,000 July
$1,608,000,000 passage of the measure
August
757,457,000 August
. Meanwhile, it was said, there is
1,285,000,000
September
746,378,000 September
1,557,000.000 no legal obstacle to prevent any citizen
October
944,368,000 October
from paying his
1,664,000,000
November
986,081,000 November
1,935,000,000 income taxes any time after the 1st, calculating his assessDecember
1,105.211,000 December
*2,100,000,000 ment on
the income for 1918 at the lower rates of the existing
Total
$5,199,805,000
Total
$10,669,000,000 law. Revenue collectors will
receive returns and accept
payments, but will reserve the right to require later amended
, RECAPITULATION.
April 1 1917 to June 30 1917
returns in conformity to the new law and payment of addi$1,229,181,000
July 1 1917 to Dec. 31 1917
5,100,805,000 tional tax under it. Whether the time for filing income
Jan. 1 1918 to June 30 1918
7,402,000,000 returns will be extended beyond
July 1 1918 to Dec. 31 1918
March 1 this year, has not
10,669,000,000
been determined by the Treasury. One objection to such
Total for 21 months
• $24,589,986,000 an extension, as was made last year to April 1,
is that the
* Partially estimated.
Treasury has sold $794,000,000 of tax certificates of indebtedness redeemable March 15 out of proceeds from the first
WAR REVENUE BILL TO CONFERENCE—PROTESTS installment payment of income and profits taxes, which it
had been planned would be due that day under the new
AGAINST PROPOSED TAXATION.
The war revenue bill failed to go to conference on Mon- revenue act.
day as planned with the refusal on that day of RepresentaEFFECT OF NEW TAXES PROPOSED IN WAR REVEN
UE
tive Lunn of New York (Democrat) to give the necessary
BILL ON INDIVIDUALS AND CORPORATIONS.
unanimous consent because Democratic Leader Kitchin
Several tables showing the extent to which corporations
had declined to promise to report the Senate's second class
mail zone amendment to the House for a vote regardless of and individuals will be affected by the new taxes embodied
the conferees' action. On Monday the House adjourned in the pending war revenue bill have been prepared by Mark
Eisner, Collector for the Third Internal Revenue District
until Thursday, when a special rule was resorted to
by of New York. The tables
were made public on Saturday
House leaders to force the bill to conference without
holding it up for debate on demands for votes on certain Senate last, Dec. 28, and were printed in the New York "Times"
amendments. After being unanimously reported by tho of the 29th. In the computations of excess profits taxas
Rules Committee the rule was adopted by the House with- under the new bill made by Mr. Eisner, the first table (No. 1)
represents the working out of a typical case, while No. 2
out a roll call, with only a few negative votes. Before
the
adoption of the rule Representative Kitchin announced and No. 3 represent the working out of a compa ison bethat after the conference he would bring the bill back to the tween tho tax on the same amount of income when earned
floor of the House for a vote on the Senate amendments by a corporation and when earned by an individual. As
making the "bone dry" law applicable to the District of illustrating the character of the taxes, it is noted that where
Columbia, applying a tax to Inter-State shipments of prod- the corporation in the second example has a net income of
$154,000, and pays a tax of $105,536, the individual in
ucts made by child labor, and taxing political campai
the
gn third example,with the same income
contributions. Votes of these would be taken regardle
,plus a salary of $16,000,
ss will pay a tax of $80,630. The
tables fallow:
of the conferees' action. Representative Lunn's efforts
TABLE NO. 1.
to bring up the question of a separate vote on the Mail
War and excess profits tax
Zone Amendment were shut O'ff by the vote on the rule. (a) Capital for taxable year on a corporation:
$1,500,000
(b) Net income for taxable year
The conferees appointed by the House are Representatives (c) Capital for pre-war period
375,000
1,250,000
(d) Net income for pre-war period
Kitchin, Rainey, Dixon, Fordney and Moore. Among
100,000
Excess profits credit:
the protests received by Representative Kitchin, is one from 8% of capital for taxable year (a) is
120,000
Plus specific exemption
3,000
Joseph H. Dame, Chairman of the War Service Committee of the United States Chamber of Commerce, who,
(e)$123,000
War profits credit:
Average income for pre-war period
according to the "Times," in giving the substance of a reso- Plus 10% of differenc between (d) is
e
average invested capital for pre- $100,000
war period and taxable year (a to c)
lution adopted, said in part:
25,000
Plus specific exemptio
n
We urge Otto Congress should give careful consideration
3,000
to the grave
menace now facing all industry, duo to the fact that both
raw materials
Note.—Had invested capital for taxable year been less (1)1128.000
and finished goods are carried in full measure to meet
than pre-war
the extraordinary re- average, 10% of the difference would have
been subtracted from (j) inquirements of the Government and of the people, and that in
largo part the stead of being added.
stocks have been acquired at abnormal cost and are therefore
First Bracket.
carried into inventories at inflated values, thereby showing apparent profits
which have 30% of net income in excess of excess-profits credit (e) and not in
not been realized and which probably will never be fully
excess of 20% of invested capital (20% of $1,500,000 is
$300,realized. These
000), $300,000 minus $123,000 equals $177.000, at 30% is____ $53,100
28
THE CHRONICLE
Second Bracket.
60% of net income in excess of 20% of invested capital; 20% of
invested capital is $300,000; net income in excess of that is
45,000
375,000, 60% of $75,000 is
$98,100
Total of first and second brackets
Third Bracket (War Profits Tax).
Sum by which 80% of net income in excess of war profits credit exceeds
of first and second brackets:
sum
$128,000
War profits credit (f) is
247,000
Net income in excess thereof is
197,600
0
80% of $247,000 is
Which exceeds the sum of the first and second brackets by (war
99,500
profits tax)
197,600
Total of first, second and third brackets equals
The income tax on this corporation is:
$375,000
Total income
2,000
Exemption
3373,000
Less
197,600
War and excess profits: Tax credit
Tax at 12%
$175,400
.12
$21,048
$218,648
Total tax, 3197,600, plus $21,048
TABLE NO. 2.
Y Z Corporation Federal Tax, Calendar Year 1918.
For war profits tax:
For excess profits tax:
$270,000
$270,000 Capital
Capital
154,000
154,000 Net income
Net income
$21,600 Exemption 10% on capital_ $27,000
Exemption 8% on capital
3,000
3,000 Specific deduction
Specific deduction
b$30,000
•
a$24,600
-30% of the amount of net income in excess of excess
First Bracket.
and not in excess of 20% of the invested capital.
profits credit (a$24,600)
Tax.
Rate.
Taxable.
$8,820
30%
$29,400
20'Yo, $54,000 (credit $24,600)
amount of net
-60% of the
Second Bracket.
income in excess of 20% of the invested capital.
60,000
60%
100,000
Over 20%,3100,000 (credit, none)
c$68,820
Total tax, first and second brackets (excess profits tax)
Third Bracket, the sum, if any, by which 80% of the amount of the net
income in excess of the war profits credit ($30,000b) exceeds the amount
of the tax computed under the first and second brackets.
80% of ($154,000 exceeds b$30,000) equals $99,200.
War profits tax is the amount by which $99,200 exceeds c$68,820,
which is $30,380.
Recapitulation.
$5,820
Tax (First Bracket)
60,000
Tax (Second Bracket)
Excess profits tax
Tax (Third Bracket)
[VOL. 108.
Again, a corporation with a capital of $90,000, income $10,000, and
another with a capital of $25,000, with the same income and no pre-war
experience, under the old law with an 8% exemption, the larger concern
paid no excess profits tax whatever, being subject only to the 6% rate, at
which the tax would be only $600, while the concern with only $25,000 paid
an excess profits tax of $2,387 50 and the 6% tax $156 75, or a total of
$2,844 25.
While under the new law the larger corporation would still be exempt
from the war excess profits tax because of the capital invested, the smaller
corporation's liability, if computed on the regular schedule, would be
$3,600, were it not provided that the tax shall in no case be more than 30%
of the amount of the net income in excess of the specific exemption of $3,000,
which would reduce this tax to $2,100 (30% of $7,000). Adding this new
Income tax (12% in excess of exemption of $2,000 and $2,100 excess profits
tax), $708 makes the total tax of $ .898, Which is a less amount than paid
In 1917.
ATTORNEY-GENERAL GREGORY .DECIDES THAT
PRESIDENT HAS TEN DAYS TO SIGN BILLS
AFTER THEY REACH HIM.
An opinion that the period of ten days which is given the
President, under which to sign or veto bills or resolutions
passed by Congress does not begin until the engrossed copy
of legislation is placed in the hands of President Wilson,
has been rendered to the latter by U. S. Attorney-General
Gregory. Press dispatches from Washington, in announcing
this on Dec. 23, said that all measures sent to the White
House since the President sailed for Europe had been taken
to Paris by State Department messengers, travelling by the
fastest steamers. In this way it was planned to give the
President two or three days in which to act upon legislation
and notify the White House by cable or wireless of what he
had done. Under the Attorney-General's opinion, he has
the same time for consideration he would-have if he were at
the White House.
$68,820
30,380 (War Profits Tax)
$99,200 Tax
Total excess and war profits
Corporation income tax is 12% on the net income less specific deduction
of $2,000 and amount paid as excess and war profits tax.
$154,000
Net income
101,200
Less $2,000 and 399,200 ($101,200)
$52,800
Amount of income subject to 12% tax
6,336
Corporation income tax
99,200
Excess and war profits tax
$105,536
Total tax
As this corporation's pre-war earnings were less than 10%, therefore,
in computing its war profits tax exemption 10% was the percentage used,
Inasmuch as the law states that 10% should be used when the pre-war
earnings are less than this percentage.
TABLE NO. 3.
Tax on individual income for the year 1918. Individual, married, no
children; wife has no separate income:
20:000000
$170,000
$16,000 Net income
Salary
154,000 Exemption
Net income
FIXED PRICES CONTINUING AFTER JANUARY 1.
Daspite the fact that the War Industries Board ceased its
activities on Jan. 1, flip prices fixed for periods after that
date will, it is stated, continue under the supervision of the
Price Fixing Committee until their expiration; these, according to "Financial America" of Dec. 31 are:
Aluminum, expiring March 1; Brick, Philadelphia, Washington and.
Washington
Baltimore, Jan. 31 cotton compressing, July 31; Hides, Fob. 1;
crushed
and Oregon fir logs and lumber, Jan. 15, and sand, gravel and
stone, Feb. 28.
The Committee is reported as saying:
the
Prices fixed by the Committee during its existence have covered
entire field of metals, basic chemicals, wool and woolen fabrics, manufacexception
tured cotton fabrics, hides and leather, all of which with the
Jan, 1.
of the half-dozen commodity prices continued for some weeks, expire
DEPARTMENT OF JUSTICE TO PROSECUTE CONCERTED PRICE FIXING AFTER JANUARY 1.
$168,000 • According to, press advices from Washington on Dec. 30,
$170,000
Total
Rate of normal tax, 12% on $170,000 net income; surtax rate, 56% on
after Jan. 1, when
amounts between $150,000 and $170,000; amount of normal tax, $19,920; concerted price fixing by any industry
amount of tax on installments, $11,200; total surtax, $60,710. Total
the Government ceased to exercise price control, will be
tax, $80,630.
regarded by the Department of Justice as in restraint of Lea
ENT OF W. H. EDWARDS, COLLECTOR OF competition. It is said that the explanation was made
STATEM
INTERNAL REVENUE, ON EFFECT OF NEW
officially in answer to inquiries as to what would happen
TAXES ON CORPORATIONS.
when the War Industries Board would cease to function on
press disW. H. Edwards, Collector of Internal Revenue for the Jan. 1. We quote further as follows from the
Second District of New York, issued a statement on Dec. 28 patches:
of Justice, as outlined by AttorneyThe attitude of
with regard to the bearing on corporations of the new taxa- General Gregory, isthe Department anti-trust law, still effective, will be
that the Sherman
tion contained in the war revenue bill. Collector Edwards's enforced vigorously by the department. It has been in full effect throughof industry in
out the war, but the department has not regarded the action
statement said:
Government as contrary to law. In
Partnerships are not to be taxed, but the individual partners pay tax
on all partnership profits according to their shares, as well as on income
from other sources.
A new classification is made of "Personal Service Corporations." The
stockholders of such are to be taxed on their distributive shares of the net
profits in the same manner as partners are taxed. All income of such corporations must be distributed during or at the close of the taxable year. A
penalizing provision is proposed to deal with a corporation which is formed
for the purpose of preventing the imposition of the surtax upon its stockholders by permitting its profits to accumulate beyond its legitimate requirements instead of being divided. In such cases the profits so accumulated will be assigned to the several stockholders in proportion to their
respective shares, and they will be taxed the same as members of partnerships and not according to the regular rates of corporation tax.
For the normal income tax on corporations there is proposed a flat rate
of 12% on the net income remaining after deducting the war excess profits
tax to be computed on business with invested capital, plus a specific exemption of $2.000. Under the last Act there was no specific exemption allowed
and the rate was 2%,4% or 6%.
For the war-excess profits tax computation there is proposed a mass of
formula that makes the calculation of the fourth dimension look like a
multiplication table. Without wasting the reader's time, we have taken a
few comparisons of the 1917 tax liability with the proposed application of
a few corporations of like capital and income.
Last year, the concern with a capital of $1,250,000 and a not profit of
a
$375,000 with a pre-war capital averaging $1,000,000, and with net
profit average of $200,000 paid (including the 2 and 4% income tax) a
total tax of $97,817 50. Under the proposed law the tax will be $183,448
about double the tax of last year and 50% of the net income.
with a pre-war
A concern with $100,000 capital and $25,000 net income,
capital of $80,000, average income $10,000, paid $1,884 under the old Act,
While the new Act imposes a tax of $12,616 were it not for a provision which
limits the tax on smaller corporations and allows it to deduct slightly,
thus reducing the tax to $10,768.
maintaining prices fixed by the
industry
making this explanation the Attorney-General did not refer to any
would
or specific situation in explaining that no violation of anti-trust laws
be permitted.
heretofore have had charge
Other Department of Justice officiaLs who
the War
of prosecutions under the anti-trust laws, declared that when
of a
Industries Board ceases to exercise control of prices Jan. 1, any act
competition will be
group of business men tending to prevent free play of
law.
examined in the light of the
might be
It is felt that, although an immediate effect of price agreements
result
remporarily to keep prices down and thereby benefit consumers, this
situation is full of danger.
might soon change, and that consequently the
effect
There Is no provision in the law for consideration of whether the
of the suppression of competition might be "benevolent."
attention
It was said that so far the departwent had not given particular
Board a reto the steel industry, which submitied to the War Industries
did not pass
vised list of prices to be effective after Jan. 1. The Board
upon the prices and declined to continue its supervision.
RUBBER RESTRICTIONS REMOVED.
According to the "Wall Street Journal" last night, the
War Trade Board has announced that restrictions upon the
quantity of balata, gutta-percha, gutta-joolatpng and guttasiak, which may be imported from overseas, have been removed. Licenses when granted will provide that the bills
of lading be indorsed to the Rubber Association of America,
Incorporated. It is added:
to maximum prices.
The Board will require no further undertaking relative
importation of any
This relaxation, however, does not authorize the
and gutta-slak from
shipments of balata, gutta-percha, gutta-joolatong
JAN. 4 1919]
THE CHRONICLE 0
any country other than the primary or overseas markets.
Applications
03import licenses for shipments now in countries other than
the primary
or overseas markets will not be considered until after March
19 1919. The
same policy will be applied to applications for licenses to import
shipments
of balata, gutta-percha, gutta-joolatong and gutta-siak now in the
United
States which have been made in violation of the regulations.
29
WAGE DEMAND OF COPPER MINERS.
With regard to the wage demands of copper miners,
we
quote as follows from the "Wall Street Journal" of Dec.
21:
If the copper industry were to agree on a wage minimum
scale based on
25 cents a pound for the red metal if would mean
that miners would be
paid $5 25 a day after Jan. 1 next. They are
now getting in most cases
$5 75 a day.
COPPER PRICE FIXED BY COPPER PRODUCERS' EXPrior to July 1 1917, the big mining companie
s in the Butte, Mont.,
district, paid wages on a sliding scale, which
PORT ASSOCIATION—TERMINATION OF
worked out as follows: $3 50
a day based on copper averaging under
15 cents a pound; $3 75 on copper
GOVERNMENT PRICE-FIXING.
at 15 and under 17; $4 on copper at 17 and
under 19; $4 25 on copper at
A price of 23 cents a pound for export copper was fixed on and under 25; 34 50 on copper at 25 and under 29; $4 75 on copper at 19
29
Dec. 24 by the newly formed Copper Export Association, and under 33.
But the miners objected to this scale,so the
Butte companies adopted a
Inc., to the organization of which we referred in our issue of new arrangement, effective July 25
1917, whereby miners were
Dec. 21, page 2334. As indicated in the same issue, page a day based on copper averaging under 15 cents a pound; $4 onpaid $3 50
copper at
15 and under
2333, copper price-fixing by the Government ended Jan. 1, and under 17; $4 25 on copper at 17 and under 19; $4 50 on copper at 19
21: $4 75 on copper at 21 and under 23; $5 on copper
at 23 and
and the announcement of the Association was the first indi- under 25; $5 25 on copper at 25 and under $27;
$5 50 on copper at
cation by the producers as to any price policy to be adopted. under 29; $5 75 on copper at 29 and under 31;$6 on copper at 31 and27 and
under
The 23-cent figure fixed by it for export copper compares 33. weekly pay day
A
was also adopted, effective Sept. 1 1917, and
wages
with the Government price of 26 cents; which expired on the computed on the average price of copper as given
in the Engineering &
1st. It is pointed out that while the now rate applies to Mining Journal.
In all probabili
export copper only, it is likely that a corresponding decrease tion to a return to ty the copper companies would not interpose any objecthe Butte wage scale which went into
will be made in the price of copper used for domestic purposes. but 1t is not expected that they will agree to the miners' effect July 25 1917.
demand for a miniConcerning the now price the Now York "Times" of Dec. 25 mum wage scale based on 25-cent metal.
This, it is pointed out, would be unfair to producer
s if the metal were
said:
to sell at less than 25 cents a pound, and, furtherm
ore, it would pave the
A reduction in the price of copper was hardly a surprise. For
some time way far additional demands for increased wages at any time the miners
It has been reported that buyers were not inclined to place orders
at the Gov- saw fit.
ernment figure, and they are said to have entered bids from
19 cents to 23.
It is believed now that producers and consumers have come
together on the
-cent basis. Several foreign commissions, it is understood,
23
CANCELLATION OF INTER-ALLIED AGREEMENT
have been
scanning the copper market and making indirect inquiries
as to prices.
FOR TIN CONTROL.
With the 23 cent rate fixed it is expected that large orders will be
offered by
these commissions.
Announcement of the cancellation of the inter-Allied
tin
There was some curiosity yesterday as to how the lower price
would af- agreement was made by the War
Industries Board on Dec.
fect some of the high-cost producing companies. Recent reports
dicated that the cost of their production was close to 20 cents,and have in- 29. According to newspaper dispatches from
it was preWashington,
dicted by a copper authority not long ago that some of the high
-cost con - this throws the tin situation back into the control of the
panies would have to close if the price of copper was to be radically
reduced. British Rubber & Tin Exports
Whether a reduction of 3 cents wauld bring about such a
Committee. The official
situation as a
subject of discussion in the financial district. It was generally
announcement of the cancellation of the agreement said:
believed,
however, that there would be no curtailment.
The Inter-Allied agreement for the control of the
The reduction in the price of copper brings the labor situation
world's supply of tin
at the mines has been abrogated.
to the front. At present a sliding scale is maintained, the
miners being
The War Industries Board mission undertook negotiati
paid according to the price of metal, so that the reduction
ons, with the
means a corre- British Government authorities in London
in the early part of August
sponding cut in wages. For some time representatives of
the miners have 1918, with a view to arranging an
international agreement whereby the
been conferring with the producers with the idea of having their
minimum world's supplies of tin would be controlled and
wages based on 25
distributed to the Allied
-cent copper. It was said yesterday that the
producers nations in an economic and efficient manner, so
had rejected the suggestion. One leading copper man was
as to insure adequate supquoted as say- plies of this necessary material for use in the
ing that the mines would be closed rather than pay wages
war industries.
out of proporAn agreement was negotiated between the United States,
tion to the price of copper.
Great Britain,
France and Italy under which the available world's
It is pertinent to state that the "Wall Street Journal" on allocated to each consuming country in accordancesupplies of tin were
with the ascertain
Dec. 13 reported that substantial lots of copper were being needs of each country for necessary war work. The agreement also created
an Inter-Allied tin executive, whose duty it was to arrange
for the purchase
offered for resale as low as 19 cents a pound by consumers of tin at each producing centre
and allocate
who were well stocked up with the metal following cancella- therewith. It was left to each consuming such purchases in accordance
country to provide its own
tion of orders. On Dec.30,in reporting that the copper mar- machinery to pay for and import the tin allocated to it.
The War Industries Board requested the American Iron
and Steel Inket was very quiet, the same paper said:
stitute to provide some organization for the purpose of
financing and distributing the tin purchased by the executive for consumer
Dealers say that resale metal has been offered at between 20 and
s in the United
21 cents
States, and the American Iron and Steel Institute arranged
a pound, and that some business has been transacted at the latter
, with the apfigure.
proval of the War Industries Board, that the United States
According to gossip in trade circles, foreign buyers will not talk
any 1919
Steel Products
business until the metal gets below 20 cents a pound.
Co. should perform this function.
Leading producers and sellers ask 23 cents a pound for first
Under the tin agreement and the arrangements
quarter 1919
thus perfected the
delivery, but buyers are few and far between. Stocks of
American consumers were assured of obtaining their
crude metal here
supplies of tin at the
still continue to pile up. Japan has a large supply and copper
same price at the point of production that was paid
by the other particiauthorities pating
estimate that Australia has about 50,000,000 pounds on
countries and at absolute net cost of import. In view
hand. The quesof the fact
tion has been asked how much copper is being held by the
that there is no tin produced in this country, the
French Governtin agreement was a
most desirable and efficient arrangement to insure to
ment, how much will be salvaged from battlefields and from
sunken ships
American consumers
that will be raised.
supplies of this metal at a price which would compare
favorably with the
It is believed that copper buying on a substantial scale
will not make its price paid by their competitors in other consuming markets. As a matter
appearance in this country for some time to come, probably
of fact it insured American consumers their supplies of
tin at a lower cost
not before
March. One of the largest manufacturing concerns with a
than that paid by any other consuming market, for
the reason that imstrike on its
hands ordinarily uses something like 25,000,000 pounds a
portations into the United States under the tin agreemen
month. At the
t would be made
and distributed at cost, whereas importations into
present time this company is well stocked up with metal and
other consuming coundoes not intries would carry an importers' profit.
tend to purchase any more until stocks are pretty low.
Everything considered, there is little tendency on the part of
From the New York "Commercial" of"Dec. 30 we take
either domestic or foreign, to take any copper at the arbitrary consumers,
price of 23 the following relative
cents a pound.
to the negotia
tions for the protection
of the industry from price manipulation:
We also take occasion to give here the official announ
ceNegotiations have been pending for some days
ment issued on Dec. 20 by the War Industries Board
between representatives
with of these interests, the importers favored by
them and B. M. Baruch,
regard to the termination of copper price-fixing by the
Chairman of the War Industries Board, looking to
Govprotection of the Ameriernment on Jan. 1:
can tin industry from price manipulation. They were
not completed be •
At a meeting of the Price-Fixing Committee with the
copper industry
held this, the 20th day of December,the Chairman of the Price
mittee explained that inasmuch as the War Industries Board -Fixing Comfunction after Jan. 1, all prices are being allowed to expire would cease to
by limitation,
as the maximum prices on copper agreed upon between the
industry and the
Price-Fixing Committee will cease to exercise any jurisdict
ion over copper
prices after that date.
The Chairman called attention to the fact that among the
vital
of the Government copper ranked second only to steel, and war needs
wished to
place on record the Government's appreciation of the
patriotic spirit in
which the copper producers had accepted maximum prices
suggested by the
Price-Fixing Committee and the industry's unceasing efforts
to
abnormally large quantities of copper required to supply the produce the
war needs of
ourselves and those associated with us in the war.
The industry through its spokesman testified to the courte
y and consideration it has always received at the hands of the Price
mittee, and to the fact that the fixing of maximum prices -Fixing Comby the Government had developed, at the numerous meetings, a vast
amount of information which had been most helpful in stabilizing and
standardizing the
industry. There was a hopeful expression upon the part of
the producers
that the present surplus stock of copper would be soon
absorbed by a large
foreign demand and that the industry would assume its
normal condition
in the not far distant future.
fore Mr. Baruch and Vance McCormick,
Chairman of the War Trade
Board, left for Europe to join the President.
It may be necessary before final adjustment
to invoke the emb argo
power of the War Trade Board to aid the War
Industries Board in its
efforts. Prior to the negotiation of the inter-Allied
tin agreemaat the
Rubber and Tin Exports Committee controlle
d the exportation of tin
from Great Britain and export permits there
were restricted to a limited
number of merchants, who enjoyed thereby a monopol
y of the trade and
were enabled to charge a premium of from 5 to
20 cents a pound.
At present the English market is about 10 cents
under the American
price, anti cleats interests are seeking to "scalp"
the market by buying there
and selling here. They also contend that should
the prices there rise above
the American price they should be permitted to
buy at the American price
and sell in Great Britain.
The War Industries Board is trying to block this
speculative market,
which is at the expense of the association of American
steel men, who vol.
untarhy financed the needs of the United States
for tin under the interAllied agreement.
American tin men are expected to come before the new
Republican Congress with a demand for high protective tariffs on
tin plates, so that they
can buy, if forced to, in a market unfavorable
to them and still compete
In finished products with their favored competitors.
But in the meanwhile
the War Industries and War Trade Boards may have
made some arrangement which will take the props from under their high
tariff agument.
30
THE CHRONICLE
NEW DIRECTOR FOR COUNCIL OF NATIONAL
DEFENSE.
Grosvenor B. Clarkson has become Director of the Council of National Defense, succeeding W. S. Gifford, who
resigned to return to private business. Mr. Clarkson had
been Secretary of the Council throughout the war.
[VOL. 108.
general thought than
commodities to-day and nothing is further from the
and purchasing
that there should be substantial reductions in the income
of this nature should
power of the many, but rather that a realignment
of such wages and salaries as
asSume the form of readjustment in the line
are not warranted under the changed situation.
ion that few things
There is to-day more than ever before the realizat
as universal and high
contribute so much to the prosperity of the country
There is an universal belief, howpurchasing power among the people.
unduly and unnaturally
ever, that the prices of most commodities are
level if any progress
high and that they must, therefore, be redced to a lower
problems—the high
is to be made in the solution of the most pressing of all
OF cost of living.
JAMES SPEYER DECLARES THAT R ELATIONS
Business is going on, the report declares, mush as before
AND LABOR ARE CONTROLLING FACCAPITAL
d
ERITY.
the signing of the armistice, although in somewhat reduce
TORS IN LASTING PROSP
Speyer of the banking house of Speyer volume. The report continues:
The views of James
drastic economy, nor financial panic, nor in
been
There
& Co. on financial, industrial and commercial conditions and fact any has those no sudden events which in the past we have reckoned
untoward
of
of the end of a,period of prosperity.
the outlook for peace were outlined in the New York "Her- as being the natural accompaniment that the present situation is merely a
up his conclusions Mr. Speyer In fact, there is a widespread feeling something far better in the future
ald" of Jan. 2. In summing
rity, readjustment and a realignment to ies that lie directly ahead of us,
states that "in order to enjoy real and lasting prospe
when we have surmounted the difficult
tment and happiness to the greatest number and thus found a firm foundation for greater business, both domestic and
bringing conten
known In the past.
of persons, we must have peace abroad and peace at home." foreign, than we have ever the general thought is most immediately conOn the whole, however,
Stating among other things that our nation is fortunate in cerned as to how we shall compass the next six months, and how we shall
and get safely through the time between now and the coming harvest with as
that it can help repair the financial and material losses
.
business as possible:
world war has caused, Mr. little disturbance to of all kinds is cautious. . conservative and:largely
fill some of the gaps which the
and
Meanwhile buying
materials
are mostly postponed
Speyer points out that "we are able to supply raw
for immediate needs. Commitments for the future
which for some time to come Europe is and until they become more immediately pressing.
and foodstuffs,
are
Stocks in the hands of retailers, the report sets forth,
must be in urgent need of," adding:
own people and generally normal. The feeling is widespread, it is deour
This, if nothing else, should insure employment for
, and
to get the full advantage
industrial and commercial activity, but in order
clared, that goods will be easier to get in the future
is bound to come, possibly after a short
and benefit of this activity (which
said, is leading to some declines in price. "When
home, viz., the relations of what this, it is
is
Period of transition), we must have peace at
basis and unnecessary all has been said," the report declares, "the situation
Is called "capital" and "labor" must rest an a fair
into
and destructive disturbances must be avoided.
most remarkable even when its uncertainty is taken
not regulated by supply
It has come to be recognized that labor wages is
gloom and of pessimwomen who, as living hu- account, for its.absence of depression,
and demand. Labor is performed by men and
of "supply and demand" ism."
man beings, are entitled to considerations outside
in this age of
Of course,
If the well-being of the nation is to be advanced.
be difficult for any one
keen international competition in industry, it will
maintain it permanently
country to set up a higher standard of living and
the interest of all, and esby itself. It is, therefore, much to be desired, in
international conference
pecially of the working people, that at the great
may reach binding agreewhich is about to assemble the industrial nations
as to minimum wages, as
ments as to the hours of work per day or per week,
me that only in this way
to women and child labor, &c., because it seems to
be established and maincan such a standard of living of the working people
beaten by those of
tained by any one country without its industries being
countries with less advanced humanitarian views.
of industry and the deThe last fifty years have seen a marvellous growth
material benefits to
velopment of mechanical devices, resulting in great
I believe, will witness a
the masses of the people. The next fifty years,
e, in the well being, as
great development, through legislation or otherwis
ns, of the individual emregards health, safety and general living conditio
ployed in industry.
years capital and labor
It is to be regretted that during the last four
which are of little or no
have had to be largely employed to produce things
material destined to destroy
economic value—in fact, to produce things and
appalling, and it will
human life and property. This destruction has been
for many years to make
take the combined efforts of both labor and capital
good what has been thus wasted.
will command a higher
For the present not only labor but also capital
price.
t millions of working
As the term "labor" is commonly used to represen
"capital" does not really
men, so it should be borne in mind that the word
men, but it means in civilized
represent a thing nor a few very wealthy
tively moderate means,
countries the savings of men and women of compara
ly, in industrial underwhich they have invested, either directly or indirect
takings giving employment to millions.
rs, life insurance policyThose investors, be they savings bank deposito
securities, &c., be they large
holders, owners of railroad and public utilities
shown as much consideraor small, have during the last few years not been
development.
is necessary for the country's prosperity and
tion as
that there must
I think the people of our country have come to realize
for "labor" to prosper if "capital" is
be a change, because it is impossible
necessities of life, which
deprived of its fair return. The higher cost of the
is a good and sufwas a good and sufficient reason for raising wages, also
to save and invest a
ficient reason to insure to those who have been able
higher return on their investment.
a=
J. B. FORGAN URGES EARLY SETTLEMEIVT Or
OF RESTORING BUSINESS
. AS MEASURE
TO NORMAL CONDITIONS.
anything
The assertion that "the Government cannot do
of the
that will be more helpful in bringing the business
normal conditions than by co-operating in
country back to
liberal
every possible way to bring about early, equitable and
ments of claims based on canceled contracts" was made
settle
the First
by James B. Forgan, Chairman of the Board of
to the
National Bank of Chicago, in his annual statement
given out Dec. 31. Mr. Forgan also said:
press
busi-
as possible, release
Moreover, the Government should, as rapidly
ons which were necessarily
ness from all restrictions, embargoes and regulati
there remains little else for
placed upon It during the war. These done, readjustment of business.
the
the Government to do in .:onnection with incalculable number of units
The business of the country is done by the
own particulaf relation to the
engaged in it, each one of which bears its
be promulgated that would be
fabric as a whole. No general program can
should therefore be permitted and
applicable to all. Each business unit
conditions as rapidly as possible
encouraged to adjust its own affairs to peace
unhampered by any unnecessary
and should be left to do so free and
Governmental restrictions.
perform to the men in the
The Government has, of course, its duty to
faster than suitable employarmy and navy who should not be discharged
such employment all national,
ment can be found for them. To help create
held up during the war
State and municipal projects wilich have been
ities are taken advantage of
should now be launched. If existing opportun
would seem that there should be
and demobilization is not too rapid, it
work enough for all.
largo sum of money and has
While the war has cost this country a very
yet owing to our wealth and
increased the national debt enormously,
system, which Was inaugurated
virility and to our Federal Reserve banking
out of the ordeal considerably
just at the opportune time, we have come
facilities have been tested but
expanded but not broken. Our banking
financially than we were when
by no means to their limit. We are stronger
ahead of unprecedented business
we entered the war, with the prospect
in sight a period of ecoactivity and development. There is, of course,
we are in better shape economic industrial and financial confusion, but
other great country in the
nomically, industrially and financially than any
as has taken place during the
world. After such rapid expansion of credit
'and by Federal Reserve
war represented by bank loans, bank deposits
look for very considerable liquidanotes in circulation, we must naturally
may be expected, sooner or later, a
tion and contraction. With these
s, the high cost of living and a, correduction in the high cost of material
responding readjustment of waaes.
UNITED STATES CHAMBER OF COMMERCE SEES
CHEERY NOTE IN GENERAL CONDITIONS.
general
"The dominant and cheery note in the story of
and collected manner in which
conditions to-day is the calm
which lies
the business world views the uncertain future
Thus is a summary tho general business
before us."
Commerce
situation in a report made to the Chamber of
ics and
the United States by its Committee on Statist
of
A. W. Douglas, of St. Louis. Of APPEAL BY SECRETARY OF LABOR WILSON FOR
Standards, headed by
, according
RESUMPTION OF ROAD BUILDING AND
this outlook for the immediate future.the report
say:
CONSTRUCTION IN GENERAL..
ncement made on Dec. 30, has this to of business
to an annou
volume
public works
are all sorts of forecasts as to the nature and
There
The immediate resumption of road building,
dull winter and a good spring
during the next six months. They vary from a
hout the United States
a good harvest matures, or to only and construction in general throug
and summer to no business at all until
ary of Labor
is completed. But this
a fair business until the reconstruction process
was urged in a message received from Secret
a period of intermediate
second Business Readjustment
seems to be the most popular prophecy, namely:
ught to a far better William B. Wilson at the
foretho
on Doc. 30
length working itself out by common sense and
our portion in the past. In Conference, called at the State House at Boston
era and greater prosperity than ever has been
trade plays a large share.
of Labor and Industries. Secretary
State Board
this forecast the volume of foreign
feeling by the
with
The report points out that there is a widespread
had been slated to speak at the conference but
us will bring Wilson
there must be such readjustments of prices
to be present an abstract of his speech was
that
inability
prices and his
Secretary Wilson
them to a lower level, assuring stabilization of
read by Roger W. Babson. In his appeal
purchasing, and adds:
in part:
said
Inflated, and which has not been put
radical reductions, but rather for such
ip The general desire is not for
Commingled with this is
gradual declines as conditions may warrant.
do with the cost of
the km:Medea that Arrafres and salaries have much to
Building is an industry which is not
on an artificial basis by the war.
JAN. 4 1919.1
THE CHRONICLE
31
Building employs all classes of labor—comm
on labor, stone masons,
brick layers, carpenters, plumbers, steam
fitters, coppersmiths and many dependency in order to receive payments of insurance.
other trades.
We
quote his statement in the matter
Building enables most of the cost to get back
herewith:
into the wage workers'
Considerable confusion and much
pockets. Therefore it makes little difference
misunderstanding seems to prevail
to the worker who builds among the relatives
if' the cost of building should be 20% less
and beneficiaries of men in the
a few years hence; for then, service as to their
military and naval
rights under the war risk insurance
through idleness, his income would be cerres
act. Many mothers
pondingly cut down.
and fathers named as beneficiaries
Building creates permanent wealth, increas
of the Government insurance
es the taxable property of for by their sons
applied
the community, and is a form of wealth subjec
have gained the impression that they
t to little depreciation.
must prove dep ndency in order to receive paymen
Building makes for good citizenship, and it
ts of insurance. This is an entirel
is the only safeguard against erroneous impres
y
sion, probably due to a confusion
Bolshevism. As someone has asked: "Did
of the insurance and
you ever see the red flag of compensation
provisions of the Act of Congress
anarchy fly over a man's own hearthstone?
of Oct. 6 1917, and to a
"
mistaken assumption that the
Building can be tabulated and regulat
terms "insurance" and "compensatio
ed. We know just how many are used
n"
interchangeably, whereas they represe
are being built, as permas must be secure
nt two entirely separate
d for all. We can allot building and distinc
t benefits.
to communities as one would allot quotas
in a Liberty Loan campaign.
Insurance is payable regardless of
The construction industry stands out
any dependency and a beneficiary
almost alone in its ability to be designated
in an app! cation for Government
regulated and stimulated.
insurance, if within the
permitted class of spouse, child, grandc
Deferred construction is really a part
hild, parent, brother, or sister.
of our war debt. It should be one entitle
is
d to receive the insurance in monthly
of the first accounts to be paid, unless
installments without proving
the country is to remain in a state any
dependency upon the insurei.
of arrested development. Inasmuch
as the building industry is regarded
"Compensation," however, which is separa
by many as the means of facilit
te and apart from insurance
ating the general industrial transition
and takes the place of the pensions provid
from a war to a peace basis, it
ed under the old pension system
should have the encouragement of all inis payable only to a wife, child, depend
terests. For ultimately all industr
ent mother or dependent father
ies must suffer and prosper alike. In a
of
man who is disabled or dies as a result
fact, my interest in stimulating constru
of injury suffered or disease conction is only due to my interest in
tracted in the line of duty while employed
every trade and in every citizen
in the active service. Compen.
sation may be payable in addition to insuran
Public construction will be helpful
ce, but a mother or father
in mitigating conditions. While
parks, highways and other public improv
must prove actual dependency in order to
receive monthly payments of
ements add to the general wel- compen
fare of a community, it Is not of itself suffici
sation, although they will receive the
a
insurance in monthly inently comprehensive program stallme
nts if named as the beneficiary thereof
to solve the readjustment problem.
whether they are dependent
or not.
Therefore, it is evident that private as well as
public construction must
No dependency'need be shown by any
be resumed before the country returns to normal
beneficiary in order to receive
conditions. Next to the Govern
placing private funds in Governmental securit
ment insurance, but a mother or father
ies, it is desirable that they
must prove actual dependency upon their deceased son for the
be invested in enduring wealth like constru
necessaries of life in order to
ction. The accumulated receive
earnings of the citizens of the country should
the additional payment of compensation
not be diverted into forms
.
of wealth easily consumed and withOut earnin
g power. Permanent investments of wealth will stabilize the moral
and financial condition of the BLOWING OF
WHISTLES TO WELCOME RETU
country as a whole, as well as benefit the
individual investor and his deRNING
pendents.
TRANSPORTS IN NEW YORK HARB
OR
The main reason why civil construction is held
up is because the public
ORDERED STOPPED.
has been instinctively educated against it. Other
factors which are reBecause of its menace to navigation the blowi
tarding the recovery of the industry are, the
difficulty of obtaining capital;
ng of whistles
the uncertainty of the market as regards supply
and districution of capital to welcome returning transports at the port of
New York
and labor and the problems of price, supply and
irregular and expensive has been ordered stopped. Instru
transportation of building material.
ctions to the
of the Port to enforce new regulations have Commander
May we not overcome these difficulties, in a measur
e at east, and through
been issued
a definite re-education, shape mass psychology
throughout the country by Secretary of the Treasury Glass following the
into a strong, fearless attitude which will favor
complaint
public works, schools, by captains of incoming
hospitals and private construction of certain
ships of their inability to hear
types, at least? The Government must go ahead with its building progra
navigation signals on account of the noise
m and also the States, counof the sirens and
ties and cities. Such public work can be
undertaken without loss; even whistles. A statement issued by
Secretary Glass on Dec.
with present high prices, because the value
of property is dependent, not 27 says:
so much upon what It costs, as upon the cost
of reproducing the same.
The new attitude of the Government toward
The instructions issued by the Secretary of
building and the work thus
the Treasury to the Captain
started must be given as much favorable
publicity as the Government of the Port of New York placing certain restrictions on the movem
ent of
directed unfavorably toward construction during
vessels welcoming incoming transports,
the war. A campaign
have been made necessary
by
to encourage home owning and home building
has already been inaug- reason of repeated representations by the commanders of the cruiser
urated by the Department of Labor under the
and
transport forces as well as by the captains
direction of Mr. Roger W.
of transports, in which it was
Babson and Mr. Franklin T. Miller.
stated that the satity of such transports was
seriously endangered by reason of the action of welcoming vessels.
All the captains of naval transports which
have returned since the
inauguration of the marine welcom
PRESIDENT WILSON FAVORS SPEEDY
RESUMPTION difficulty they have experienced e to troopships, have reported the great
in safely navigating their ships
OF CONSTRUCTION OF HIGHWAYS.
up the
harbor, due to the noise of whistles and sirens
and stream- from fireboats.
This noise renders it absolutely impossible to
A letter in which President Wilson has expressed
exchange proper navigation
himself signal whistles with any vessel or
in favor of the speedy resumption, in full measu
to hear any
re, of high- weather, or to properly distinguish ships ahead of the bell-buoys in thick
when they are cut off by
way construction operations, appeared in
the "Official streams from the fireboats.
Bulletin" for Dec. 21. The letter was addre
The captain of a large transport which arrived
during the last few days
ssed to Secre- stated that, the weather being
thick, he was feeling his
tary of Agriculture Houston to whom a simila
r comniunica- when suddenly one of the patrol boats appeared alongsiway up the harbor,
de and
tion was addressed by Secretary of War Baker
. President sirens, and at the same time the fireboats commenced to shootstarted sthe
stream in
Wilson's letter follows:
the air, so that he could hear no signals from
vessels, bellbuoys, or distinguish any object.
Dear Mr. Secretary: I heartily agree with
you that it would be in the
As a coimquence the transport nearly went ashore
public interest to resume in full measure the
on Governors Island,
highway construction opera- and
only by backing fu'l speed did he save his ship
tions under the Federal Aid Road Act, and to
from grounding. With
do so as speedily as possible.
all this noise and excitement. It is impossible
I understand the necessity which existed for
to keep the troops on board
their construction during the from rushin
g from one side of the ship to the other,
stress through which we have been passing,
but that obstacle is now rewhich causes the ships,
which are in light condition, to list greatly. If a
moved. I believe that it would be highly
col'ision should occur when
desirable to have an additional
a ship is in this condition, there Is great probabi
appropriation made available to the Depart
lity that she would sink
ment of Agriculture, to be used
rapidly and a great marine disaster would
in conjunction, If possible, with any surplus
occur in the Harbor of New
State and community funds,
York.
in order that these operations may be extend
ed. It is important not only
• Upon the urgent recommendation of the
to develop good highways throughout the countr
authorities in charge of the
y as quickly as paisible, transpo
but it is also at this time especially advisable to
rt service, the Secretary of the Treasury
instructed the Captain of
resum. and e :tend all such
the Port that all tugs. motor boats, excursion
essential public works, with a view to furnishing
steamers, and other boats
Who may be seeking new tasks during the period employment for laborers and vessels in New York Harbor will be required
to comply with the folof readjustment. Know- lowing rules:
ing that the Department of Agriculture and
the
(1) That all such craft shall keep at a distanc
in each State have, been carefully working out State highway authorities
e of at least 300 yards from
velop- an incoming transport. unless it be
ing plans and specifications, I have no doubt road systems and
necessary to approach nearer
that
to permit
can be vigorously conducted through these two all activities in this field the vessels to pass in the ordinary course of their
.
navigation.
sets of existing agencies,
acting in full accord. Faithfully, yours,
(2) That such craft shall not blow their sirens or
whistles within a distance of one-half mile from an incoming transpo
rt, except to give the usual
WOODROW WILSON.
and necessary navigation signaLs.
The letter received from Secretary of
(3) That such craft shall not shoot streams of
War Baker by the
water from their hose
Secretary of Agriculture said:
within a distance of one-half mile from an incomi
ng transport, unless necessary to extinguish a fire: and
My Dear Mr. Secretary: I am in full agreem
ent with your view that there
should not only be a prompt resumption
(4) That no band shall be permitted to play in the
of road construction under the
vicinity of such transFederal Aid Road Act, and under such
port while the same is approaching Its dock.
further authority as may exist for
separate State action, but also that additio
The above rules have been promulgated exclusi
vely with a view to innal funds should be made availsuring the safety of the transports and of the
able to your Department for the extension
lives of soldiers and sailors
of such work. The War Dereturning to the United States. They are intend
partment, as you know, detailed one of
ed to interfere to the least
its officers to serve with your
degree, consistent with safety, with the
Bureau of Public Roads in its consideration
welcome accorded to incoming
of highways which might have
transports.
a value for military purposes, and I shall be
glad to have the closest possible co-operation continue as the work enlarge
s. Cordially, yours,
RECOMMENDATIONS TO NEW YORK
NEWTON D. BAKER,
LEGISLATURE
Secretary of War.
BY GOVERNOR SMIT
NOT NECESSARY TO PROVE DEPENDENCY
IN ORDER
TO RECEIVE PAYMENTS UNDER WAR
RISK INSURANCE ACT.
In an explanation as to the difference betwe
en war risk
"insurance" and "compensation" Secretary of
the Treasury
Glass pointed out on Dec. 26 that it is not neces
sary to prove
H.
In his first message to the New York State
Legislature,
following his inauguration as Governor on Jan.
1, Alfred E.
Smith made a number of important recommenda
tions, one
of which is the discontinuance of the two existi
ng Publ;e
Service Commissions of five members each, and
the creation
in their stead of three single-headed commission
s—a C,immissioner to supervise the construction of the
subway rapid
32
THE CHRONICLE
[VOL. 108.
can run, both parties have been
many years back as the mind of any one
self-government to municippromising a larger and broader measure of local
lack of a disposition
ng seems to stand in its way except the
alities. Nothi
on the part of the State to do it.
Wage Commission.
Minimum Wage Commission of
I recommend the establishment of a
t compensation. Appointments
three members, who shall serve withou
of employers, employees
Commission shall be so made that the views
to the
ted. Acting through wage boards apand the public, will be properly reflec
ssion should have the power to fix
pointed for a given industry the Commi
minors. Such a law was recomthe living wage to be paid to women and
a careful investigation
d in this State a number of years ago after
mende
.
by an official Legislative Commission
Health Insurance Law.
protect women who have enThe Labor Law should be extended to
ularly to the emries because of the war. I refer partic
tered new indust
y and elevated railroads and
ent of women on our surface, subwa
ploym
lated,
nt us may be divided In the operation of elevators. Such employment is to-day unregu
The problems of reconstruction that will confro
tion and safeguard that the law
and the women do not receive the protec
into two classes:
for inunediate measures throws around their work in industrial pursuits generally.
First, those of a temporary nature, which call
worker's family as sickness.
d, the impoverished family
Nothing is so devastating in the life of the illness is one of the underof relief, such as the care of the heroic injure ed to the care and protece of
The incapacity of the wage earner becaus
and the orphan child. They are certainly entitl
loyment as a result lying causes of poverty. Now the worker and his family bear this burden
tion of the State. Likewise, the question of unemp
nce Law, which I strongly
to us for an immediate remedy.
alone. The enactment of a Health Insura
o( readjustment, cries
confront us, not urge, will remedy this unfair condition.
g the temporary tasks of reconstruction which
Amon
tions being taken to prevent
to returning soldiers. Many of
Moreover, it will result in greater precau
one is more important than extending help
the State
can live wholesome, satisfy- illness and disease, and to eliminate the consequent waste to
these will want to go to the farm where they
measures of public health
seek
rom. It will lead to the adoption of wider
y. Naturally a large part of those who
theref
ing lives in the open countr
The large perAll the Allied countries except and hygiene, and it will co-operate to conserve human life.
deeply
this field are already fitted for that life.
ion for helping soldiers to centage of physical disability disclosed by the draft shows how
be made
the United States have made generous provis
congenial conditions. This concerned the State is in this matter. Proper provision also should
become established in the country under
ity and of the race.
of poster
for Maternity Insurance in the interest
country can do no less.
Revenue Laws.
••••••••
on which
problems of reconstructi
nment and the pronounced loss
The second class would be permanent
The constantly increasing cost of Gover
ation of democracy at home, the ideal
necessary for the Legislature to greatly
will give to our people a full realiz
In revenue from Excise taxes make it
for all the world.
sing the receipts therefrom
secure
for which they fought so valiantly to
Revenue Laws with a view to increa
my mind problems pressing for revise our
produce sufficient to meet the requireIn the second group there comes to
and to enact new laws which will
the State.
solution as follows:
on which will bear equally upon all ments of
either restrict the service the
The enactment of measures of taxati
We are facing a situation where we must s of revenue.
to the people or find new source
'classes of our people.
tion and distribution of the State gives
estate in excess of the amount reProvision must be made for the produc
I am opposed to any levy upon real
and
may obtain them at the lowest cost.
contributions to the State's Sinking Funds
necessaries of life so that the people
laws for the protec- quired to provide the legal debt. It must be apparent to every thinking
and more universal
We must enact more stringent
the interest upon the funded
ency of our people.
n as it can sustain.
a burde
e and effici
real estate to-day is carrying as heavy
tion of the health, comfort, welfar
g, as well as the questions of sanita- man that
well be calculated to spell
The problems of finance and bankin of women in industry, education Any additional obligation placed upon it ,might
labor, the position
tion, unemployment,
disaster.
on as peace measures.
Abolition of State Police.
and military training, need soluti
tion and distribution of foodstuffs
departments of the State GovernThe readjustment of costs, produc present very large problems.
There is no doubt that many of the
alone,
Highway Department, the Conserand fuel, wages and employment
ms, I ment are over-manned. Notably the
ance in the solution of these proble
of Public Works and the Excise DeAs an effective means of assist
vation Commission, the Department
truction Commission. . . .
Department of State Police.
shall immediately appoint a Recons particularly in New York City, with partment. I believe that you can abolish the r existence. The return to
n,
to be no justification for its furthe
There is widespread dissatisfactio
There seems
Its 250 men cost the State
s.
is not commensurate with the cost.
the Public Service Commission
e should be made in the structure the State
three-quarters of a million dollars
In the First District a radical chang lish results. At the time of its
or salary and• maintenance more than
is to accomp
year.
of the Commission itself if it
sed grave doubt as to whether or not fn one
formation in 1907, there was expres
on
were many who believed that the functi
ERNMENT UP
It would work out well. There
should be ADVANCES TO RAILROADS BY GOV
ads for the City of New York
of constructing rapid transit railro ting public utility corporations genDEC. 31.
TO
divorced from the function of regula demonstrated that they were right.
the United States
has
erally. In my opinion, experience
The advances up to Dec. 31 made by
been
York City, as well as in the State, has
transportaFor years the trend in New
responsibility Railroad Administration to railroads and other
to the end that the
towards single-headed commissions, the recent war the Federal GovernGovernment control amounted to
under
buying
may be fixed upon one man.
single tion properties
results can best be obtained by a
statement issued by Directorment taught us the lesson that
carried 8689,034,759, according to a
power, when any great work is to be
total sum
executive clothed with proper
about by the General McAdoo under date of Jan. 2. Of the
in time of trouble is brought
out successfully. What we do
drawn from the $500,000,000
se.
advanced $453,454,810 was
very best judgment we can exerci
? It is my belief that the subway
was obtained from the
Why is it not sound in time of peace
quicker Revolving Fund, while $235,579,949
of New York can be built better and
rapid transit system of the city
entire time, surplus operating receipts of certain railroads and from
Transit Commissioner whose
under the direction of a Rapid
y sysThe total add to the completion of the subwa
receipts from the express companies.
brains and energy would be devote
Conunission in the First District the
The regulatory functions of the
railroads during the month of December
tem.
er. Not vances to all
single Public Service Commission
amount received during
also might be performed by a
of administration, but it will be produc
amounted to $168,982,711; the total
only will this result in an economy
earnings and
a separation of the
that
from railroads on account of surplus
. The argument has been made
mber
ive of results
re with the work. This I do nots Dece
1 from express companies was $33,ons of the Commission might interfe
functi
including $15,781,54
thi
believe to be the fact.
advances to the railroads for
tion be enacted to bring about
116,985, making the excess of
I therefore recommend that legisla
observation.
years of
and above the amounts received 8135,I make this recommendation after
h over
change, and
above. I also believe that the affairs the mont
Upon the same principle outlined
ral McAdoo also announces that
in the Second District will, be more 865,726. Director-Gene
other transof the Public Service Commission
Commission,
gate amount of loans to railroads and
efficiently managed by a single-headed .
the aggre
economically and more
to bring this about
s, and still outstanding is $171,606,073—
recommend that legislation be enacted
anie
and I
weakness of the law itself in not portation comp
by the Railroad
I further call your attention to the
power to enforce their orders. The
being exclusive of the amount advanced
giving to the commissions sufficient to have been inserted for the benefit this
t. The
y has taught us seem
istration on account of standardized equipmen
Admin
weak spots histor
Without enumerating them in detail
McAdoo's statement in full: States Railroad
the corporations to be regulated.
of
to that part of the report of the joint following is Mr.
31 1918 by the United
In this message, I would refer you
The total sum advanced to Dec. other transportation properties under
investigate the Public Service comlegislative committee, appointed to
1915, and I ask you to Administration to all railroad and
ations for
ature March 10
missions, transmitted to the Legisl these defects and strengthen the arm Government control, including loans made to railroad corpor
y
on, advances made .
enact such legislation as will remed
function current needs and payments on account of compensati
may more effectively carry out the
made on account of the
,• and the payments
of the commissions that they
for operating requirements
$689,034,759
locomotives aggregate
for which they were organized.
new standardized cars and
the Director-General drew on the
Municipal Ownership.
In making these payments
453,454,810
to the extent of
$500,000,000 Revolving Fund
d by a great opening of the popular mind
$235,579,949
amounting to
Recent years have been marke
on. There is every- The balance of the money thus advanced,
tened municipal administrati
s operating receipts of certain
ssive
to the true scope of enligh
was obtained from the surplu
only through the application of progre
from the express companies.
g
where a recognition that it is
railroads and from receipts
can be made tolerable in our teemin
life
to
conceptions of public duty that
uent The total amount deposited with the Director-General up
d growth, in population, and the conseq
s receipts of all railroads and
cities with their unprecedente
ented by their chief
Dec. 31 1918 from the surplu
From every city in the State, repres
l amounted to 270,524 961
Federal contro
living conditions.
transportation companies under
comes the demand that the State confer
received from express companies.
executive in conference, there
public
which included $46,916,416
the Directoracquire, own, operate and control their
ties which have made deposits with
upon the cities the power to
of the
The only railroad proper
ortation, light, heat and power, is
of the ampunts
utilities. The supply of transp community. The services rendered have General of sums aggregating as much as $1,000,000 in excess
local
by the Directorry
utmost importance to each
ting roads and the corporations
health, comfort, convenience and indust of returned to these deposi
become a necessity to the life,
monopolies, and whatever is
General, wore the following:
services are
400,000
.
where it
of the cities. These great
00,000 Dul. Missabe & North. ..$1O,
_ 5,510,000
be a public monopoly, especially
Atch. Top.& Santa Fe_ _$12,6
7,000,000 Louisville & Nashville.._
necessity .a monopoly, should
3,800,000
Elgin Joliet & Eastern_ — 4,000,000 Atlantic Coast Line
universal use.
offers a service of
cities Bessemer & Lake Erie.
2,800,000
legislation be passed granting to our
3,400.000 Pullman Car Lines
1,500,000
I therefore recommend that
Duluth & Iron Range_ _ _ 1,540,000 Atlantic SS. Lines
and control their public utilities.
Rich.Fdksbg.& Potomac.
•
Central RR. of N. J.._ _ - 1,250,000
power to acquire, own, operate
a
the
•
a
•
a
a
•
n's Louisiana & 1,300.000 Nashville Chat. & St. L- 1,000,000
a
Morga
•
•
Texas RR
s municipalities a broader grant of
1,145,000
The State should grant to variou local nature and interest. For as Pere Marquette
s of purely
power to dispose of matter
ate pu lie
transit system of New York City, another to regul
the city, and the third to take over
service corporations in
on. The
the work of the up-State Public Service Commissi
Governor would also abolish the Department
newly irstalled
enactment of
of State Police; he likewise recommends the
operlation giving to cities the power to acquire, own,
legis
public utilities; the establishment of a
ate and control their
nsation,
minimum wage commission to serve without compe women
h would have power to fix a living wage for
and whic
as well as the
and minors, is also among the proposals,
a comintment of a reconstruction commission, and
appo
e the milk situation. In part the
mission to investigat
message said:
JAN. 4 1019.1
THE CHRONICLE
33
The amounts advanced by the United
States Railroad Administration
a
to all transportation systems, making the
above aggregate of $689,034,759 Including the amount of these loans thus collected, the total
up to Dec. 311918. are set forth in the
remaining in the Revolving Fund,
balanc
following list:
plus the sum total of balances remain e
on hand with the Director
ing
Pennsylvania Railroad..-$90,066,000 Hudso
-General from the surplus receipt
s turned over
n & Manhattan.._ _ $1,012,000
by certain roads, aggregates
New York Central
the total sum of
72,720,000 N.Y.
$102,856,762
The aggregate amount of
N.Y. N. H.& Hartford_ 65,925,000 CentraChic. & St. Louis_ 1,009,775
l New England_ _
loans made by the Director-Gener
Baltimore & Ohio
090,000 roads and other transp
al to rail35,875,000 Indiana Harbor Belt_ _ _ __
ortation companies,
Erie
920,000 606,073.
,000 Texas
This is exclusive of the amoun and still outstanding is $171,Chic. Mil. & St. Paul__ - 23,600,000 Pere & Pacific
909,250
t advanced by the Director22,532
Marquette
General for the benefit of
Illinois Central
855,000
various roads on account of standa
17,425,000 Ann Arbor
Southern Pacific
rdized equip801,800 ment.
16,500,000 Toledo & Ohio
Union Pacific
770,000
13,500,000 Monongahela Central__
Southern Railroad
750,000
11,706,650 Rutland RR
Chic. Burl. & Quincy..__ 10,650,000 Wheeling
741,000
&
Chic. R. I. & Pacific_ _ _ _ 9,700,000 Kans.City Lake Erie__ _
700,000 I?.
S. LOVETT ON OBJECTIO
Chic. Northwestern_ __ _ 9,000,000 Atlanta Mex.& Orient.
700,000
NABLE FEATURES OF
Birm. & Atlantic
Delaware & Hudson_ _ _ - 8,790,000 Bangor &
659,000
Aroostook_ _ _ _
GOVERNMENT OWNERSHIP.
Missouri Pacific
643,000
8,400,000 Ft. Worth & Denver City
Seaboard Air Line
619,000
8,075.000 Gulf Mobile &
A statement in which he dilated
Chesapeake & Ohio
600,000
upon what to his mind
8,050,000 Chic. Peoria & Northern..
St. Louis..
Boston & Maine
600,000 are objectionable features
7,067.000 N. Y. Ontario & Western
of Government control was issued
Great Northern
575,000
6,800,000
Philadelphia & Reading.. 6,090,000 Pittsburgh & Shawmut__
528,500 on Jan. 1 by Robert S. Lovett, whose
Lehigh &
resignation as Director
St. Louis San Francisco_ 6,020,000 Old DominNew England..
525,000
ion S.S. Line_
Denver & Rio Grande_ _ _ 6,000,000 Chic.
515,000 of the Division of Capital Expenditures of
Junction
the Railroad
Northern Pacific
500,000 Administration
5,500,000 Gulf Colo.& Santa
became effective on that date. Mr.
Norfolk & Western
500,000
5,250,000 Western Pacific Fe.._ _
Lovett
Wabash
430,000 expressed himself in favor
4,645,000 Kansas City Terminal__
of the preservation of competition
Mo. Kansas & Texas__ _ _ 4,245,000 Chic. T.
400,000
H.& So. East....
Minneapolis St. Paul &
387,913 in service and facilities, giving his
Pittsburgh & West Va___
reasons therefor, and
S. S. Marie
375,000
4,159,000
Buff. Rochester & Pitts.. 4,000,000 Cin. Ind. & Western_ _ _ _
350,000 stated that in consequence of those reasons, if for
Georgi
no other,
Dela. Lacka. & West_ __ 4,000,000 Detroi a RR
309,000 he is opposed
t Toledo & Ironton
to the principle of Government
Western Maryland
300,150
3,558,000 Bklyn. East. Dist. Term.
ownership.
Lehigh Valley
300,000 He further stated that he
3,500,000 Belt Ry. of Chicago......
was "opposed to it also because
Louisville &Nashville_ _ _ 3,000,000 Midlan
290,000
d Valley
Hocking Valley
270,000 the opportunity which Government owner
ship of railroads
Chic. St. Paul Minno- 2,892,000 Trans-Miss. Terminal...._
265,000 would
Mo. Okla. & Gulf
afford to exploit them for promoting
apolis & Omaha
255,000
2,450,000
Ant. &
political ambiMinneapolis & St. Louis.. 2,395,000 San Dodge Aransas l'ass
253,000 tions would be a
Ft.
Des M.& So_
perpetual national scandal and expos
Maine Central
246,000
2,130,000 Vicksburg & Shreveport..
e the
Chicago & Alton
242,000 Government to serious financial
2,060,000 Am. Refrigerator Tr. Co.
burdens." Stating it as
Chic. Indianapolis& Lou. 1,925,000 Chic.&
229,000
Int. & Great northern.. 1,877,215 N. Y. Western Indiana.
215,000 his conviction "that the fundamental quest
Susque
ion is, whether
St. Louis Southwestern.. 1,770,000 Gulf& Ship hanna & W.
200,000 the polic
y shall be regulated monopoly or regul
Chic. Great Western__ _ 1,680,660 Now Orl. Island
200,000
ated compeTex.& Mexico_
Grand Trunk
176,100 tition in service and
1,621,000 Illinois Southern
facilities," Mr. Lovett added:
Kansas City Southern.... 1,585,000 Mo.& N.
160,000
Arkansas
Terminal RR. Ass'n of
If the decision should be in favor
150,000
Dul. So. Sh. & Atlantic_
of the monopoly, then I believe it
St. Louis
150,000 should be through Gover
1,545,000 Ocean Steamship
nment ownership. If, however, the
Line__
Colorado & Southern_ _ _ 1,485,000 Portland
150,000 should be in
decision
Terminal
favor of regulated competition, then
Central of Georgia
150,000
1,450,000 Det. & Toledo Sh. Line_
I believe it should be
Chic. & Eastern Ill
135,000 under exclusivellrederal control and regulation of privat
1,449,000 Cumberland & Pa
e ownership. I
Virginian Ry
127,900 Think the choice lies between the two.
1,300,000 Detroit Bay City & West.
Central RR. of N. J
120,000
1,250,000 N.0.Great Northern__
Pullman Company
120,000
1,200,000 Atlantic Terminal
We give in large part Mr. Lovett's views
Atlantic Coast Line,
115,000
herewith:
So. Bd_
Bd....
Los Angeles & Salt Lake.. 1,175,0 0 Wester
112,000
I believe there is nothing so essenti
0
al to the financial peace and the
Denver & Salt Lake__ _ .. 1,118,460 Mississ n Ry. of Ala
110,000 commercial and industr
ippi Central
ial welfare of this country as a definit
Norfolk Southern
102,500
1,058,000 Ulster & Delawa
e governmental
Florida East Coast
100,000 railroad policy. I take it for granted that the failure of
1,050,000 B.& 0., Chic. re
the present dual
Central Vermont
100,000 and conflicting State and Inter-State Commis
1,035,000 Toledo TerminTerminal..
al
sion system has been demon100,000 strated. It satisfied neither
26 roads receiving in each case less than $100,0
investors nor shippers, and failed to
00
provide
$990,000 the requisite transportation at the time of
Advances to inland waterways and canals
greatest need. To return to it
$4,361,486 inevitably means a renewal of the strife
Payments on account of standardized engine
between shippers and carriers over
s and cars
$114,514,400 rates, between employers and employ
ees over wages, and between different
communities over preferential rate adjust
Total
ments, with each backed more or
-$689,034,759 less by local regulating authorities;
and failure finally to meet the growin
Of the sums shown in the foregoing table the
g
amounts advanced to the needs of the country for transportation facilities, since the necess
various systems during the month of Decem
ary capital
will not be forthcoming. I have hoped
ber 1918 were as follows
that immediately following the
:
N.Y.N. H.& Hartford_$15,475,000 Gulf Colo.
war, it would be possible for Congress to
& Santa Fe_ _ _ 8500.0
decide upon and enact legislation
N. Y. Central Lines..___ 12,850,000
00 establishing a wise and permanent
policy.
Pennsylvania RR.Lines.. 12,696,000 Minneapolis & St. Louis_
50)00
Rutland Railroad
All will agree, I believe, that competition
Baltimore & Ohio
475,000
11,800,000 Terminal RR. Ass'n
in
practically impossible. Competition in rates railroad rates is unwise and
of
Erie Railroad
9,700,000
of St. Louis
cannot exist without rebates,
Union Pacific Lines
464,000 secret rates and other kindred evils that
8,500,000 Chicago & Alton
make it intolerable. But comBoston & Maine
425,000 petition in service and
4,250,000 Kansas
facilities always existed until the beginn
Chic. Burl. & Quincy...._ 4,100,000 AtlanticCity Terminal.._
400,000 Federa
ing of
Coast
l control, and has really been responsible
Great Northern
400,000
4,000,000 Chicago Ind. Line
for the great advance in
Southern Pacific Lines_ 4,000,000 Chicago P. & & Louisv__
400,000 the quality of railroad service in this country, particu
St. Louis....
larly in recent years.
Chicago & Northwestern. 3,770,000 St. Louis So.
400,000 I believe strongly in
Western__
Norfolk & Western
400,000 principle to govern competition in service and facilities as the dominant
2,750,000 Buff. Roch.&
our railroad policy. It means constant
Missouri Pacific
330,000
2,750,000 Atlanta Birm.Pittsb__ _ _
and persistent
& Atlantic
Seaboard Air Line
320,000 progress in improvements of roadway and equipment, in the
2,465,000 Bklyn.East. Dist.
comforts and
Hocking Valley
300,000 convenience of transportation, in considerate
2,392,000 Central Vermont Term.
treatment of the public, in
Minn. St.P.& S. S. M__ 2,107,000 Kan. City
300,000 the quantity and qualit
Mex. & Orient
y of service; and progress in every featur
Delaware & Hudson_ __ 2,000,000 Monongahel
300,000 portat
e of transa RR
ion. Its elimination would mean compar
Chicago Rock Isl & Pac_ 2,000,000
300,000
ative stagnation, would
Philadelphia & Reading.. 1,690,000 Wabash RR
300,000 check enterprise and initiative, and would remove the
inspiration for many
Louisville & Nashville..__ 1,500,000 Ft. Worth & Denver City
279,000 of the .conveniences and facilities
Bangor & Aroost
which are most appreciated by our
Northern Pacific
270,000
1,500,000 Missouri Okla. ock_
Dol. Lack.& Western_ _ .. 1,500,000 Gulf Mobile & Gulf:::
255,000 people. I should7regard it as a national misfortune to eliminate competition
int. & Great Northern.... 1,470,000 Gulf & Ship& Northern... 200,000 In service!and facilities that exists between the trunk
lines
-the New York
Central RR. of N. J____ 1,250,000 N.Y.Susq. Island
200,000 Central and the Pennsylvania linos, for exampl
&
e-the great Middle West
Illinois Central
200,000 systems, the principal lines
1,200,000 Indiana HarboWestern...
r Belt...
through the South, and the trans
Denver & Rio Grande.._ _ 1,200,000 M.K.
200,000
-continental
& T. Lines
Western Maryland
250,000 systems. Where they run to extremes as in duplicating passenger-train
1,185,000
Los Angeles & Salt Lake- 1,175,000 Old Dominion S. S. Lines
200,000 service, for instance, a Government hand may and should
Virginian Railway
be laid upon
Southern Railway Lines_ 1.164,000 Texas &
200,000 them. But this item of waste has been
Pacific
exaggerated. Of course I am not
Grand Trunk
159,250 advocating unregu
1,000,000 N. Y. Chic. & St. Louis_
lated competition, but instead an enlarg
Chesapeake & Ohio
155,000
1,000,000 Missouri & Nor.Ar
ed regulation.
Of course I believe in thorough regulation by
kansas
Chicago Great Western..
150,000
973,000 Ocean Steam Ship Line.._
the national Government
Chicago & East. Illinois_
150,000 of all such competition, with power to check it where
912,000 Denver & Salt Lake
it amounts to an evil.
Chicago Mil. & St. Paul._
127,812 I should permit consolidations,
857,000 Winston-Salem So. Bd....
subject to Government approval, where
Maine Central
112,000
830,000 Norfolk Southern
Pere Marquette
110,000 the public benefit would plainly be promoted, particularly the absorption
775,000 Mississippi Central
Toledo & Ohio Central__
102,600 of financially weak lines of minor importance
770,000 Chic. St.)?. M.&
Central New England__
100,000 munities dependent thereon could be better where by so doing the com690,000 Dot. & Tol. ShoreOmaha
served. But I would steadil
Line.._
Kansas City Southern_ .._
100,000 preserve competition betwee
525,000 Dot. Bay City & West
n the large systems and pursue a policy y
Colo. & Southern
100.000 widening
510,000
of
the competitive area between such large
systems wherever
practicable.
17 railroads receiving sums amounting in each case to
less than
It follows that I am for these reasons, if
$100,000
for no other, opposed to the
$768,375 principle of Government ownership.
Payments on account of standardized locomotives
I am opposed to it also because the
Total of advances to all railroads in the month and cars.... $26,799,274 opportunity which Government ownership
of railroads would afford to exof December
including payments made on account of new
ploit them for promoting political ambitions
would be a perpetual national
rolling stock
scandal and expose the Government to
for various companies, as shown above_
$168,982,711 danger in such circumstances is inhere serious financial burdens. This
Total amount received during December from
nt in our Government and in every
railroa
account of surplus earnings and including $15,781,541 ds on
other democracy. Autocratic Governments which
from
had no electoral constituency to propitiate could avoid the pressur
express companies, was
e. Every politician would
$33,116,985 be almost compelled to exert any
Excess of advances to railroads for the month of
political influence
December
provide places for his supporters or improvements possessed by him to
1918 over and above amounts received as above
and facilities or rate
for same
adjustments desired by them. Each Congre
period
ssman would be pressed by
$135,865,726 all tile ambitious towns in
his district for ornate passenger stations or other
improvements, as he is now pressed for post
All loans to railroad companies by the Director
offices, court houses and other
-General have been made public
at the uniform rate of 6% per annum interest.
buildings; for additional and unnecessary
trains to please particular
communities, and for the construction of
On December 30th and 31st the following railroa
new railroads, extensions and
ds repaid to the United
States Railroad Administration the following
branches to various ambitious towns and localit
ies
amounts with interest at
them. If the executive agents operating the railroa not fairly entitled to
6%, which had been formerly loaned them:
ds for the Government
Chicago Milwaukee & St. Paul Ry. Co
should be strong enough not to respond to these
calls, the Congressman
$8,000,000 could and possibly might combin
Chicago Rock Island & Pacific Ry. Co
e and "log roll" for these political project
s,
6,000,000 just as they are said to have combin
Baltimore & Ohio Railroad Co
ed in time past for the construction
5,450,000 of public buildings, for river and
Southern Railway Co
harbor improvements, &c.
2,170,000
St. Louis-San Francisco Ry. Co
This is a very grave objection to permanent Gover
nment ownership. It
1,710,000 has not been apparent during the
present system of Government control,
Total
and therefore it may be underestimated. But that
is because the present
$23,330,000 control was created during
the war and for war purposes, and reques
ts
34
THE CHRONICLE
ion, new stations, &c., &c.,
for special favors in the way of new construct
conserving capital, labor
could be met by pointing out the necessity of
of peace, however, the pressure
and material for war purposes. In times
"pork barrel" would in
would be enormous and I fear that the railroad
cant in comparison.
time make the other "pork barrels" appear insignifi
Government ownership is
What seems to me also a serious objection to
involved. On Dec.
the very large financial undertaking that would be
the Inter-State Commerce
31 1916, which is the latest date for which
ing capitalization of
Commission has complete figures, the total outstand
d to $20,679,350,501, of
all the railroads in the United States amounte
was bonds. Many
which $8,958,815,811 was stock and $11,720,534,690
many, on the other hand,
of these securities are worth less than par, and
the Class I roads included
are worth more than par. The capitalization of
$16,523,449,283. The
In the above total of $20,679,350,501 amounted to
I roads and the switching terminal
"standard return" of these same Class
,388, which capitalized
companies under Federal control aggregate $905,202
Of course, it would not be
on a 5% basis represents $18,104,045,706.
amount of this huge
necessary for the Government to provide the entire
be willing to acquire the
investment at once, if the Government should
would undoubtedly add
property subject to existing mortgages, but this
ing, since buying subject
enormously to the value of the bonds outstand
ed by the Governto the mortgages, the bonds would in effect be guarante
[voL. 108.
ARGUMENT BY DIRECTOR-GENERAL McADOO FOR
CONTINUED FEDERAL CONTROL OF RAILROADS.
The hearings on the question of proposed legislation affecting the railroads wera opened yesterday (Jan. 3) by the
Senate Committee on Inter-State Commerce. DirectorGeneral of Railroads W.G. McAdoo was the first- to be heard
his
on the subject, and he gave an exhaustive presentation of
contentions in support of his recommendation that Federal
control of the railroads be extended from twenty-one months
after the termination of the war, as provided in the present
law, to five years after the war's conclusion. In his recital
he
as to what had been accomplished during Federal control
said in part:
from five
ment.
p, such as the political
There are other objections to Government ownershi
railroads, the probable
power of the employees to organize and control the
executive and administrative
deterioration in the ability and efficiency of
competition with private
officers under the scale of Government salaries in
business, &c.
as we have the right
• The present method 'of Federal control (so long
control I can imagine
Director-General) is the most efficient of any unified
one man, whereby direct
because it puts complete power in the hands of
obviously it cannot be
and immediate and complete action is obtainable, but
nt policy. Another
made permanent; and I am discussing only a, permane
consolidate all the
plan is to divide the country into regions or zones and
. France, I believe,
railroads in each region or zone into a single company
the roads are owned
has some such system as that, except that in some zones
s, there being a
by the Government and in others by private companie
It has the fundamental obmonopoly, however, in each zone or region.
in service or facilities; and
jection, however, of eliminating all competition
to my mind conclusive.
for reasons already pointed out, that objection is
conflicting national
Then, of course, there is the present system of dual and
commissions quasiand State regulation by various agencies, mostly
administrative in funcjudicial in form and procedure, but legislative aud
tions; and this system has already proven a failure.
n is that the fundamental
As stated at the outset, my own convictio
y or regulated
d
question is whether the policy shall be regulate monopol be in favor
should
competition in service and facilities. If the decision
through Government ownerof the monopoly, then I believe it should be
of regulated competition,
ship. If, however,the decision should be in favor
control and regulation
then I believe it should be under exclusive Federal
the two. I do not
of private ownership. I think the choice lies between
with the private ownerbelieve the people of this country will be satisfied
ion eliminated through the
ship of railroads with every vestige of competit
be maintained, there
zone system or otherwise. If private ownership is to
ion to the extent
must be the initiative and enterprise inspired by competit
service and facilities.
that competition is beneficial to the public, namely in
received
Reports of economies perfected during the war period,
selected principal items savof the seven regions, show that on a group of
from Dec. 31
ings totalling $85,500,000 have been effected in the period
produced this saving in1917 to Dec. 31 1918. The specific items which
on of unnecesclude the unification of terminals and stations, the eliminati
miscellaneous econsary passenger service, reductions in organizations and
omies.
an aggregate of
During the first seven months of Federal control alone
away with in the terri21,000,000 passenger train miles a year was done
in the Eastern territory west of Chicago and the Mississippi River, while
ed. Without this savtory 26,400,000 passenger-train miles were eliminat
of troops could
ing in motive power and equipment the moving of millions
not have been achieved successfully.
nce to the
The unification of terminals has resulted in marked convenie
public.
00 car miles
The elimination of circuitous routes saved a total of 16,860,0
in the Eastern and Northwestern regions alone.
The railroads during
The operating results may be summarized briefly:
more ton miles with
the first ten months of Federal control produced 1.9%
in loaded car miles.
a decrease of 2.1% in train miles and a decrease of 5.8%
tons, a gain of 4.1%,
The average train load increased from 655 tons to 682
29 tons, a gain of 8.2%.
and the average car load increased from 26.8 tons to
the use of approxiThe increase in traffic in 1918 was accomplished by
more freight locomately 3.4% more freight cars and approximately 1.4%
increase in freight
motives than in 1917. Compared with 1916, the 1918
was 2.4%.
cars was 6.9% and the increase in freight locomotives
enormous demands
Probably it would not have been possible to meet the
year without the utilmade upon the transportation system during the past
loading of traffic in the
ization of the permit system, which prevents the
destination. This is a
absence of assurance that it can be disposed of at
in peace times as
reform which under Government contro? would succeed
of preventing
well as in war times and is one of the most important means
transportation stringency or congestion.
In arguing for a continuation of Federal control, the
Director-General said:
s, a sufficient
I believe that even under the handicaps of war condition
I have mentioned
showing has been made to indicate that all the reforms
it is clear that the
are desirable as permanent peace measures. Yet
te this, and to weigh
general public has not had an opportunity to apprecia
has not yet been an
the real value of what has been accomplished. There
the facts. In view of the
opportunity to give the public knowledge of
question which may
LOUISVILLE BOARD OF TRADE OPPOSED TO EXTEND- far-reaching importance of any solution of the railroad the present Federal
be adopted, the public is entitled to have, before
ING'PERIOD OF GOVERNMENT CONTROL OF
peace conditions
control shall be terminated, a reasonably fair test under
RAILROADS.
of the advantages to be derived from these reforms.
Congress ought to
In order to have an accurate idea of this subject.
Opposition to Government ownership of railroads beyond
the operations of the year 1919 under Federal conprovided in the Federal Control Act is expressed have before it at least figures cannot be ready until the spring of 1920.
the period
lle trol. Of course, these to make its permanent solution of this great probin resolutions adopted by the directors of the Louisvi
If Congress undertakes
"Courier lem prior to that time, it will do so without any adequate comparison. 1
Board of Trade. According to the Louisville
until Jan.
This is why I have urged that Federal control be extended
Journal" of Dec. 29, the directors urge upon Congress "the 1924. It will be impossible to view the results of even one year of Federal
law for the return of the control under peace conditions until the spring of 1920, and it will then be
necessity of promptly providing by
such too late for Congress to legislate before the end of the 21 months period.
railroads to private ownership and control under
s under peace conditions with a tenure as short
as will permit of their operation as a asMoreover, the operationcannot possibly constitute a fair test.
Government regulation
the 21 months period
period van
of cars, open
Indeed, the difficulties with operation during the 21 months
unit to the extent of continuing the pooling
ent can be fairly asked to
do not see
the handling of traffic by the shortest and be so serious that IIt seems tohow the Governm who wishes a fair and
terminals and
me that any one
encounter them.
most available route." In addition, it is stated, they urge dispassionate study made as to what is the best ultimate solution and as
of the to the extent to which the reforms I have mentioned are in the Interest
the enactment of a law to provide for the supervision
dis- of the American public and as to the way in which those reforms can best
issue of railroad securities and the settlement of wage
American public—must be
be accomplished—if in the interest of the
employees by the anxious to have a reasonable period of Federal control after the war under •
putes between the railroads and their
d
tranquility and single-mindedness upon
same Governmental agency or commission which is charge conditions calculated to make for organization. I do not mean that this
the part of the Federal railroad
classification, practices, &c.
p.
with the regulation of rates,
would be desired in order to accomplish Government ownershi
it important to
It is learned from the paper quoted that the following
It must be remembered also that Congress has thought
valuation has been in
this
,
valuation of
reasons for opposing Government ownership of railroads provide for a several yearsrailroad property Iand
assume that it will be comat large cost.
progress for
n that
are given by the directors:
the next two or three years. There Is widespread convictio
in
Government pleted
can be made
Because it is our belief, born of experience, that under
no permanent solution whatever of the railroad problem
will be increased cost of transportation with which does not put at rest the present insistent claim as to railroad overownership of railroads there
will have to pay this
ies of the probless satisfactory service, and that the general public
capitalization. It is not possible, as I view the complexit
charges or by public
of railroad control that is
increased cost, either through increased rates and
lem, to effect any marked change in the form
s.
taxation.
not based upon a complete valuation of their propertie
n of railroads by the
Because we believe that the ownership and operatio
of a political
Mr. McAdoo also contended that uniformity of rates
ent will afford the opportunity for the building up
Governm
a constant threat to our and equitable distribution of the rate burden over all railmachine based on special interest which will be
republican institutions.
the fact that some are unusually prosperp and operation roads regardless of
Because we believe that under Government ownershi
under unithe people will have to ous and others poverty stricken is possible only
there will be created a bureaucracy with which
le to a democratic people. fied control. Ho estimated the Government's loss in opercome in daily contact and which will be intolerab
ent of existing
Because the future building of new roads and developm
this year at $136,000,000. This, it is pointed
which may not always be ating railroads
roads will be subject to political influences
out, represents the difference between the amount guaran
by the reasonable demands of commerce.
controlled wholly
the
teed to the roads as rental and the sums credited to
The following reasons are set out for opposing .extension Government in railroad income. If the higher rates had
of the period of Government operation:
he estimated the Governmen't
for our opposition to been in elfect the entire year,
The same reasons that are set forth as the basis
have made a surplus of $100,000,000 and in 1919,
would
Government ownership.
of Government operation is
existing wages, operating costs, and traffic volume
Our belief that the extension of the period
to with
y in order to provide for the orderly return of the roads
in last year, the Govnot necessar
ent remaining substantially the same as
an extension of Governm
private ownership, and the further belief that
by law is justified only by a ernment should make a surplus of $100,000,000. Conoperation beyond the time now provided
is unalterably
p,
movement looking to ultimate Government ownershi which
tinuing he said:
opposed by us for the reasons above given.
JAN. 4 1919.]
THE CHRONICLE
Since the object of the Government should be at all times to operate the
railroads, not for profit, but at cost and to render at tile same time the
during
best possible service, I confidently believe that it will be possible
to effect a conthe year 1919, or certainly at the end of the year 1919,
less
siderable reduction in rates unless the traffic for 1919 should he much
than it was in the year 1918.
during the year are estimated to aggregate beWage increases granted
annum, and in a largo part were
tween $600.000,000 and $700,000.000 per
fixed upon the theory
retroactive from Jan. 1 1918. These wages were not
industry, should compete in prices paid
that the railroads, a permanent
which paid very high
labor with the transient war industries, many of
was made to find a
wages in order to attract labor. Rather, the effort
the war and which would
just. and equitable basis which would outlive
working conditions to every railroad emgive a living wage and decent
and while this
ployee. Efforts have been made to eliminate inequalities
work ha.s not been finished, it has been chiefly done.
The Director-General also said:
during the
Many of the changes in railroad operation inaugurated
and should continue
period of the last year should prove of permanent value
of control is decided upon for the railroads.
if possible, whatever form
so as to
Such reforms include: (1) the maintenance of the permit system
for
control the traffic at its source; (2) the maintenance of heavy loads
of circuitous
cars; (3) the pooling of repair shops; (4) the elimination
of terminals; (6, the maintenance of the "sailroutes; (5) the unification
of
ing day plan;" (7) the consolidation of ticket offices; (8) the utilization
universal mileage tickets; (9) the standarization of equipment; (10) the
classification introduced by the Railmaintenance of the uniform freight
road Administration; (11) the maintenance of common time-tables between
and uniimportant points; (12) the maintenance of high demurrage rates
billing freight from
form rates; (13) the establishment of through way
(14) rendering unnecessary the rebating by
point of origin to destination;
old practice
connecting or intermediate routes; (15) the elimination of the
the use of freight or passenger
of paying mileage or per diem rental for
the simplification of the old practice
cars of one carrier by another; (16)
water
of apportioning interline passenger revenue; (17) the utilization of
routes for the relief of crowded rail lines.
35
The work of the moment is to meet the questions of a five-year extension
of Federal control and operation. The official positions formerly held by
executives of the railroads, who operated their respective properties, have
been taken by Federal managers, under regional directors, and in most
cases these executives are now presidents of the corporations they formerly
operated. They are familiar with the effect and consequences of Federal
control and operation, not only upon their respective railroads, but also
upon the facilities and service furnished to shippers and the traveling
public. They can supply the ata and information in respect to the effect
a continuation of such control and operation will have upon the railroads
and the shipping interests of the country.
These presidents compose very largely the Association of Railway Executives, and we have therefore written their Chairman that the furnishing
of this data and information before the Senate Committee on Inter-State
Commerce at the hearings now to begin would seem to be the immediate
necessity. The conditions found to exist will likely constitute a basis for
the request by the Senate Committee that the Congress pass a joint resolution calling upon the Railroad Administration to give sufficient time for
Congress to enact legislation for the proper and the safe return of the railroads under proper governmental regulatory measures, which doubtless
would be readily given. There can be little doubt that those who have
been operating these properties for the purpose of the war, in which they
have received every co-operation, will now co-operate in putting them in
condition for their proper return when the use for which they were taken
-s
ha been accomplished.
NEW TAX PROPOSALS OF NEW YORK STATE
COMPTROLLER EUGENE M. TRAVIS.
Recommendations for increasing the revenues of New
York State to offset the anticipated loss from liquor receipts
are contained in the report presented to the Legislature by
Eugene M. Travis, State Comptroller, on Jan. 1. The
Comptroller urges the enactment of laws which, with a
to the present railroad situation Mr. McAdoo said in direct tax similar to last year's, will, he believes, balance
As
the budget requirements. He also urges a more stringent
part:
control
Broadly speaking, there are three general permanent situations of the check over the State's income similar to the present
railroad question. The first is to send the railroads back into the private over expenditures, pointing out that considerable loss has
The second Is to have
control of the several hundred old companies.
all the railroads. The third followed the present antiquated methods of collection.
outright Government ownership and control of
these
In his proposals with respect to the inheritance tax the
is to reconstruct the railroad map along logical lines so as to wipe out
ly
hundreds of different railroad companies and substitute a comparative
exemptions allowed to
t
be Comptroller recommends that the
few companies which under strict and close Governmen control can
be reduced and proto combine the advantages of Qovernment control, including corporations and non-resident estates
expected
of
unified control of these things where it is needed with the advantages
gressive rates provided which, according to his estimate,
parthe initiative of private management. I am not committed to any
would greatly increase the State's revenues. His amendticular plan. I wish to lay before you certain reforms which I think are
ments to the investment tax law include short term single
indispensable.
can
I am frank to say I do not believe that these important reforms
investments and those mortgaged prior to 1906. He also
d if we are to have in the future several hundred
possibly be accomplishe
accepting description of the investments in lieu of
different railroad companies as we have had in the pa,st, or even a hundred suggests
be ac- the original, which the owner is reluctant to transmit for
or even fifty different railroad companies. I believe they can all
complished either through a comparatively few railroad companies or through fear of loss in transit. In his review of the State finances
single Federal control.
during 1918 the Comptroller says:
MEETING OF ASSOCIATION OF RAILWAYS EXECUTIVES TO-MORROW—S. DAVIES WARFIELD ON
PROPOSED PLANS FOR RETURN OF RAILROADS.
At its meeting in this city this week, the standing committee of the Association of Railway Executives decided to
call a meeting of all members of the Association at the
Bellevue-Stratford, Philadelphia, to-morrow (Sunday) morning, when the plan agreed on with respect to the return of
the railroads to their owners, and for remedial legislation,
will be submitted for approval.
On Dec. 31 S. Davies Warfield, President of the National
Association of Owners of Railroad Securities, after a conference in this city with members of his Association on the
question of the return of the railroad properties, announced
that, after further conferences, his organization would be in
position to consider the plan submitted by the Chairman of
the Association of Railway Executives. He stated, however,
that the fundamentals of the plan under consideration by
the National Association differed materially from those of
the plan of the Executives Association. Mr. Warfield's
statement follows:
for
The Association will have suggestions to offer in relation to the plans
the return of the railroads to their owners. As announced in the press,
the Association, prior to presentig the suggestions it will formulate to
the Congress, will consult with committees, organizations, and others
concerned, including the shippers, that unity of purpose may be secured if
possible.
We have thought that the shippers should be first consulted in respect
we have in nlind. With this in view,
to the fundamentals of the plans
conferences have been held in Washington with representatives of shipping
organizations from various sections of the country and with others con
future,
corned. After further conferences, arranged for the immediate
the plan, among others.
have been held, we will be in position to consider
submitted to us by the Chairman of the Association of Railway Executives.
ls of our plan now under
We may say, however, that the fundamenta
consideration differ materially from those of the plan of the Executives'
Association. Its Chairman has advised us that he had postponed the
commeeting of tile Association to have been held on Monday, that our
to their full membermittee might consider their plan before submission
Chairman that this would be done as early as
ship. We notified their
been preparing data
practicable. Our experts have for some time past
is not finished. Further,
necessary for the completion of our plan, which
are preparing opinions requested
our advisory counsel, also general counsel,
in our plans and in that proposed
on various legal questions involved, both
problem is one of vast proportions, and upon its
by the executives. The
the success
Proper solution depends not only the fate of the railroads but
of the business interests of the country as well.
On account of the abnormal conditions regarding labor and material, due
to the war, no bonds were issued during the year for construction of canals,
highways and parks. Consequently, the net State debt shows a reduction
of $7,019,965.
During recent times New York has been operating its Government under
highly segregated budgets, which, owing to their nonelasticity, have deis
veloped tendencies to overestimate the neecLs of the State. This much
revealed in comparing the sums of requested revenues since 1910. These
the general fund
figures disclose the fact that 815.190,812 has elapsed into
during that time as a result of this condition. During the last two years
This situation
over $9,475,986 has been returned for the same cause.
demonstrates that a material saving could be made in the amount approand
priated each year if the appropriations were made in a more elastic
condensed form.
The requests for appropriations exceed the estimated resources available
reduring the year 1919-1920 by 538,964,416. Last year's requests were
duced $15,077,019, and as the requested appropriations (aggregating
than 1917, it is reasonable to suppose that
$96,602,290) are $1,512,395 less
rethe same reduction can be made on this year's amount, which would
duce the budget total for the coming year to approximately the same
amount as last year. If this can be done, it will be necessary to Procure
of exadditional tovenue to finance the budget, as the loss in the receipts
revenue
cise taxes makes it imperative that there be a revision of the present
laws.
There is no doubt that this situation will require additional means of
obtaining revenue, particularly if the State's policy relative to its institual
tions, colleges, schools, prisons, reformatories and other Government
functions is to be continued. Such conditions show that the cost of outbe an ever increasing one in
lays for new buildings and improvements will
the budget and one that cannot easily be avoided. Therefore, as a means
in addiof financing the budget for next year, it has been suggested that,
again levied
tion to the estimated available resources, a direct State tax be
taxation—the same as last year—
upon the general property subject to
produce
and that new special taxes be enacted by the coming Legislature to
sufficient revenue to balance the budget requirements.
of GovernThe total of the budget appropriations for general purposes
21,
ment made by the Legislature for the year 1917-1918 was $79.742,834
ons for the
while the expenditures were $73,142,571 02. The appropriati
current year 1918-1919 were $81,525,271 31, while the requests for budget
appropriations filed with the Comptroller for the year 1919-1920 amounted
to $96,602,290 78, or $38,964,416 92 more than the Comptroller estimates
the probable resources available to meet them.
are
The actual cash transactions of the State Treasury for the past year
shown in the follbwing statement:
Receipts.
From taxes, including general property and indirect taxes_ $68,942,580 78
6,936,051 52
From fines, fees, receipts of departments, &c
353,684 87
Receipts from canal construction
3;150,050 04
Sinking fund revenues and receipts
1,253,190 63
receipts
Trust fund revenues and
Actual Treasury receipts
Cash balance in Treasury at beginning of year
$80,635,557 84
51,998,351 75
$13',633,909 59
36
THE CHRONICLE
[Vol.,. 108.
Expenditures.
and acknowledged the cheers of the crowd. So prolonged
For ordinary purposes
$59,477,884 41
was the cheering that the President, showing great emotion,
Capital outlays from proceeds of bonds for construction of
canals, highways, and parks
13,641,281 26 waved the chorus of voices to silence and then addressing
Sinking fund payments for interest on debt
9,502,50000 himself particularly to a group
of wounded soldiers, said:
Other payments and investments
9,662,422 16
I do not want to make a speech, but I do want to tell you how much I
Trust fund payments and investments
842,98423 honor
you men who have been wounded in this fight for freedom and to
Actual Treasury expenditures
$93,127,072 06 thank you all for the welcome you have so generously given me. I hope
Cash balance in Treasury at end of year
39,506,837 53 each and every one of you will come through safely to enjoy the fruits of
the victory for which you so courageously fought.
$182,633,009 59
PRESIDENT WILSON'S WELCOME IN ENGLAND.
The welcome accorded President Wilson in England has
exceeded, if anything, the cordiality of his reception in
France. The President arrived at Dover on Thursday
morning,Dec. 26,having crossed the Channelfrom Calais on
the British ambulance ship Brighton. The Presidential
party was met at Calais by Sir Charles Cast, Equerry to
King George, and a party of British naval and military
officers. At Dover they were received by the Duke of
• Connaught, with his suite, accompanied by John W. Davis,
the American Ambassador; the Earl of Reading, British
Ambassador to the United States; Lord Herschel', Lord in
Waiting in Ordinary, and the Mayor and the Corporation
of Dover. An address of welcomo was read by Sir A.
Bodking,the Recorder of the city,who welcomed the President
"at this season, when thoughts of peace and good-will are
uppermost in our minds," as "President of the republic
which, though far away from Europe, determined to associate herself with us- and our allies in the battle for freedom
and humanity, thus furthering the high ideals, which you
placed beforo the world." After a reference to the valor
of the American armies the address, as quoted in Associated
Press dispatches, continued:
But Dover, keeper of the gate of England and guardian of the narrow
seas, also watched and admired closely the associated measures for the
safety of the seas taken by the navies of the United States and Great
Britain.
The address concluded thus:
This memorable occasion is unique in our history, for it is the first time
we have had the honor of welcoming a President of the United States, a
country linked to us by race and tongue and now by the loss and the grief
suffered to the common end that the principles of liberty, righteous justice,
and peace may alone henceforth guide the destinies of all nations.
To the address of welcome President Wilson made reply as
follows:
Mr. Mayor, you have certainly extended to me and to those who are
accompanying me a very cordial and gracious hand of welcome. Even the
sea was kind to us this morning and gave us a very pleasant passage, so
that it tallied perfectly with our expectations of the pleasure we should
have in landing in England. We have gone through many serious times
together, and, therefore, we can regard each other in a new light as comrades and associates, because nothing brings men together like a common
understanding and a common purpose. I think that in spite of all the
terrible sufferings and sacrifices of this war we shall some day, in looking
back upon them, realize that they were worth while, not only because of
the security they gave the world against unjust aggression, but also because
of the understanding they established between great nations which ought
to act with each other in the permanent maintenance of justice and of
right.
It is therefore with emotions of peculiar gratification that I find myself
here. It affords the opportunity to match my mind with the minds of
those who, with a like intention, are purposing to do the best that can be
done in the great settlements of the struggle.
I thank you very warmly, gentlemen, for your greeting, and beg to
extend to you in the name of my countrymen the most cordial greetings.
A state banquet was held in honor of President Wilson
on Friday night (Dec. 27) at Buckingham Palace, attended
with all the pomp and ceremony for which the English Conrt
is famous. At this banquet the President, speaking in reply
to a formal address of welcome by King George, made the
first important speech of his English visit. The addresses
in full will be found below. During the day, on Friday,
the President had a long conference at Buckingham Palace
with Premier Lloyd George and Foreign Secretary Arthur
Balfour. The conference, according to newspaper accounts,
was in the nature of a heart-to-heart talk, and "showed a
satisfactory similiarity of views." A second conference was
held in the afternoon, following an informal luncheon
arranged by Mr. Lloyd George, at which about a dozen
leading British statesmen representing the Conservative,
Liberal and Labor parties, were gathered to meet Mr. Wilson
and exchange views in regard to the peace conference.
After the luncheon the President was asked to unveil a
picture of George Washington, which had been presented to
the Premier's residence by Lord Albemarle.
On Saturday afternoon (Dec. 28) the freedom of the City
of London was conferred upon President Wilson by the
Lord Mayor at the Guildhall. In his reply to the address
of the Lord Mayor (which is given in full in another article)
the President spoke feelingly ot the close relations between
the United States and England, and made a strong appeal
for the new ideal of a League of Nations to servo all mankind
as against the old idea of a balance of power among individual
States. As to the attitude he found among England
statesmen the President said:
It has been delightful in my conferences with the leaders of your Government to find how our minds moved along exactly the same line, and how
our thought was always that the key to the peace was the guarantee of
the peace, not the items of it; that the items would be worthless unless
there stood back of them a permanent concert of power for their maintenance. That is the most reassuring thing that has ever happed in the
world.
The President concluded his address by saying it was for
the purpose of helping to bring about a peace of agreement,
guaranteed by the organized sentiment of the world, that he
crossed the sea. He said:
It was this incomparably great object that brought me overseas. It
has never before been deemed excusable for a President of the United
States to leave the territory of the United States, but I know that I have
the support of the judgment of my colleagues in the Government of the
United States in saying that it was my paramount duty to turn away even
from the imperative tasks at home to lend such counsel and aid as I could
to this great—may I not say final?—enterprise of humanity.
Following the ceremony at the Guildhall a luncheon was
tendered the President at the. Mansion House. At this
luncheon, which was a comparatively informal affair, the
Lord Mayor,in proposing the health of the President referred
Arrived at London, the Presidential party were met at to the fact that the President's trip to Europe broke all
Charing Cross Station by King George, Queen Mary, Prin- American precedents. In his speech in reply Mr. Wilson
cess Mary, Premier Lloyd George, and all the members of said:
Mr. Lord Mayor, Your Royal Highness, Your Grace, Ladies and Gentlethe Cabinet, the heads of the army and navy, Premiers
men: You
of the various dominions, a representative of India and other welcome have again made me feel, Sir, the very wonderful and generous
of this great city, and you
officials. There was a guard of honor from the Scots become one of the habits of my life.have reminded me of what has perhaps
You have said that I have broken all precedents in coming across the
Guards, while the band of the Grenadier Guards played the
the counsels of the Peaco Conference, but I think those
"Star-Spangled Banner." King George shook hands with ocean to join inassociated
who have been
with me in Washington
President Wilson as the President descended from his train nothing surprising. I said to the members of thewill testify that that is
press in Washington
one evening that one of the things that had interest me most since I lived
and said: "I am very glad to greet you to England."
in Washington was that every time I did anything perfectly natural it was
"I am very happy to come," the President replied.
said to be unprecedented.
American residents of London organized a real American
It was perfectly natural to break this precedent—natural because the
welcome for the President. American naval and military demand for intimate conference took precedence over every other duty.
And, after all, the breaking of precedents, though this may sound strange
missions with leading members of the American colony doctrine in England, is the most sensible thing to do.
commandeered a largo hotel in Paccadilly. Every window
The harness of precedent is sometimes a very sad and harassing trammel.
and balcony was provided with large baskets of laurel, In this case the breaking of precedent is sensible for a reason that is very
prettily illustrated in a remark attributed to Charles Lamb. One °yelling
large handfuls of which were thrown down with flowers as in a company of his friends they were discussing a person who was not
the carriages containing the President and Mrs. Wilson present, and Lamb said, in his hesitating manner: "I h-hato that fellow."
"Why,
passed. President Wilson and King George saluted re- him." Charles," one of his friends said, "I did no know that you knew
"Oh," he said, "I-I-I d-don't. I can't h-hate a man I know."
peatedly in acknowledgment of the tribute.
And perhaps that simple and attractive remark may furnish a secret for
The drive to Buckingham Palace, where the President cordial international relationship. When we know one another we cannot
one
and Mrs. Wilson were the guests of the English King during hatehaveanother. much interested before
I
been very
coming hero to see what sort of
their stay, was through streets crowded with cheering a person I was expected to be. So far as I can make out, I was expected
throngs, the sincerity of whose welcome to the American to be a perfectly bloodless thinking machine, whereas I am perfectly aware
that I have in me all the insurgent elements
President was beyond all question. Thousands of citizens sometimes, by reason of long Scotch tradition, of the human race. I am
able to keep those instincts
crowded into the semi-circular space facing the palace and in restraint. The stern Covenanter tradition that is behind me sends many
waited patiently until the President and King George, an echo down the years.
It is not only diligently to pursue business, but
Queen Mary and Mrs. Wilson appeared upon a balcony comradeship, that I feel it is a privilege to havealso to seek this sort of
come across the seas,
JAN. 4 1919.]
THE CHRONICLE
and in the welcome that you have accorded Mrs. Wilson and me you have
made us feel that companionship was accessible to us in the most delightful
and enjoyable form.
I thank you sincerely for this welcome, Sir, and am very happy to join
in a love feast which is all the more enjoyable because there is behind it a,
background of tragical suffering. Our spirits are released from the darkness of the clouds that at one time seemed to have settled upon the world
in a way that could not be dispersed, the sufferings of your own people,
the suffering of tho people of France, and the infinite suffering of the people
of Belgium. The whisper of grief that has been blown all through the
world is now silent and the sun of hope seems to spread its rays and to charge
the earth with a new prospect of happinats. So, our joy is all the more
elevated because we know that our spirits are now lifted out of that valley.
States," he said, referring to the League of Nations proposal, "would join no combination of power which is not a
combination of all of us." This statement came at the
end of a passage in which the President said:
Between the various items of the busy program arranged
for the President, he received a steady stream of delegations
from British organizations, bearing personal greetings and
assuring him of their support of his peace principles, and
especially the League of Nations. Among the delegations
received was a joint committee from the British Labor
Party, and the Trades Union Congress, headed by Arthur
Henderson, former member of the Cabinet; a delegation
from the League of Nations Union, headed by Viscount
Grey, former Secretary of State for Foreign Affairs; a
delegation from the National Counc;1 of Free Evangelical
Churches. Other representatives of societies received were:
Lord Buckmaster and the Bishop of Oxford, representing the
International League of Nations; representatives of the
English Speaking Union, the American University Union in
Europe, the Atlantic Union, the British-American Fellowship
Society, Lord Gainford, representing the Friends' League
of Nations Committee, and Lord Rothschild, representing
the Zionist movement.
On Dec. 28, the President's sixty-second birthday, King
George called at the President's apartments and wished
him many happy returns of the day. For a birthday gift
the King presented a magnificent set of books, and at the
same time gave gifts to every member of the President's
official party.
On Sunday, Dec. 29, President and Mrs. Wilson paid a
visit to Carlisle, the birthplace of the President's mother,
and in which place his grandfather, the Rev. Thomas
Woodrow, had been a clergyman and school teacher. Here
the President, after a cordial greeting from the officials and
citizens of the city, attended services at the Lowther Street
Congregational Church, of which his grandfather had once
been pastor, and at the urgent request of the minister made
a brief address to the congregation. The President said:
It is with unaffected reluctance that I inject myself into this service.
I remember my grandfather very well, and, remembering him, I can see
how he would not approve. I remember what he required of me and
remember tho stern lesson of duty he spoke. And I remember painfully
about things he expected me to know that I did not know. There has
come a change of times, when laymen like myself are permitted to speak
In a congregation.
There is another reason why I was reluctant to speak. The feelings
excited in me to-day are really too intimate and too deep to permit of
public expression. The memories that have come of the mother who was
born here aro very affecting. Her quiet character, her sense of duty,
and her dislike of ostentation have come back to me with increasing force
as these years of duty have accumulated.
Yet perhaps it is appropriate that in a place of worship I should acknowledge my indebtedness to her and her remarkable father, because,
after all, what the world now is seeking to do is to return to the paths of
duty, to turn from the savagery of interest to the dignity of the performance
of right.
I believe, as this war has drawn nations temporarily together in a combination of physical force, we shall now be drawn together in a combination
of moral force that is irresistible. It is moral force as much as physical
force that has defeated the effort to subdue the world. Words have cut
as deep as swords.
The knowledge that wrong has been attempted has aroused the nations.
They have gone out like men for a crusade. No other cause could have
drawn so many of tho nations together. They knew an outlaw was abroad
and that the outlaw purposed unspeakable things.
It is from quiet places like this all over the world that the forces are
accumulated that presently will overpower any attempt to accomplish evil
on a great scale. It is like the rivulet that gathers into the river and the
river that goes to the sea. So there come out of communities like these
streams that fertilize tho conscience of men, and it is the conscience of the
world we now mean to place upon the throne which others tried to usurp.
In the afternoon the Presidential party proceeded from
Carlisle to Manchester, where they spent the night as guests
of the Lord Mayor at the official residence. Monday
morning the officials and citizens of Manchester, assisted
by thousands from the surrounding districts of Lancashire,
proceeded to give the President a welcome second to none
he has experienced so far. The freedom of the city was
conferred upon Mr. Wilson at a ceremony held in the old
Free,Trade Hall, the largest in the city, where the informal
andifriendly character of the welcome was emphasized by
the entire audience joining in singing "For He's a Jolly
Good, Fellow." In his reply to the address of the Lord
Mayor in conferring the freedom of the city, President Wilson made ono important announcement which immediately
attracted wide attention, and was received with enthusiastic
approval by the Manchester audience. "The Unite
37
You know that the United States has always felt from the very beginning
of her story that she must keep herself separate from any kind of connection
with European politics. I want to say very frankly to you that she is not
now interested in European politics, but she is interested in the partnership of right getween America and Europe. If the future had nothing
for us but a new attempt to keep the world at a right poise by a balance of
power the United States would take no interest, because she will join no
combination of power which is not a combination of all of us. She is not
interested merely in the peace of Europe, but in the peace of the world.
The significance of the foregoing statement of American
policy was heightened by the publication in the same day's
papers of Premier Clemenceau's declaration that he adhered
to "the old system of alliances, called 'the balance of power,'"
and served to draw into sharp contrast the declared attitude
of the official spokesmen of France and America on the most
important subject to come before the Peace Congress. The
full text of the President's Manchester address will be found
below.
Following the ceremony at the Free Trade Hall a luncheon
was tendered the President at which he spoke as follows in
acknowledging the Lord Mayor's greetings:
You have again made me feel the cordiality of your friendship, and I
want to tell you how much I appreciate i, not only on my own behalf,
but on behalf of my partner.
It is very interesting that the Lord Mayor should have referred in his
address to a very vital circumstance in our friendship. He referred to
the fact that our men and your men have fought side by side in the great
battles. But there was more than that in it. For the first time, upon
such a scale at any rate, they have fought under a common commander.
That is an advance which we have made upon the previous days, and what
I have been particularly interested in has been the generosity of spirit with
which that unity of command has been assented to. I not only had the
pleasure of meeting Marshal Foch, who confirmed my admiration of him
by the direct and simple manner with which he dealt with every subject
we talked about, but I had the pleasure of meeting your own commander,
and I understand how they co-operated, because I saw that they were real
men.
It takes a real man to subordinate himself, and it takes a real soldier to
know that unity of command is the secret of success. That unity of-command did swing the power of nations into a mighty force. I think we all
must have felt how the momentum which got into all of the armies was
concentrated into the single army, and we felt we had overcome all the obstacles.
With our unity of command there arose a unity of spirit. The minute
we consented to co-operate our hearts were drawn closer together into cooperation, and so from the military side we had given ourselves an example for the years to come. Not that in the years to come we must submit
to a unity of command, but it does seem to me that in the years to come
we must plan a unity of purpose, and in that unity of purpose we shall find
a great recompense, a strengthening of our spirit in everything that we do.
There is nothing so hampering and nothing so demeaning as jealousy.
It is a cancer. It is a cancer in the heart—not only tliat, but in the counting room. It is a cancer throughout all the processes of civilization, and,
having now seen we can fight shoulder to shoulder, we will continue to
advance shoulder to shoulder, and I think you will find that the people of
the United States are not the least eager for the purpose.
I remember hearing the story of a warning that one of your Australian
soldiers gave to one of ours. Our soldiers were considered by the older
men to be a.bit rash when they were in the field. I understand that one
friendly Australian said that our men were rather rough. On one occasion
an Australian said to one of our men: "Man, a barrage is not a thing to
lean up against." They.were a little bit inclined to lean up against the barrage, and yet I must confide to you that I was a bit proud of them for it.
They had come over to get at the enemy, and they didn't know why they
should delay.
But, now that there is no common enemy except distrust and marring of
plans, we can all feel the same eagerness in the now combat and feel that
there is a common enterprise before us.
We are not men because we have skill of hand, but we are men because
wo have elevation of spirit. It is in this spirit that we live and not in the
tasks of the day. If it is not that, why is it that you hang the lad's musket or sword up above the mantelpiece, but never hang the yardstick
up. There is nothing discreditable in the yardstick. It is altogether
honorable, but he is rising it for his own sake. But when he takes the
musket or the sword he is giving everything and is getting nothing. It is
honorable, not as an instrument, but as a symbol of self-sacrifice.
A friend of mine said very truly:"When peace is conducted in the spirit
of war there will be no war." When business is done with the point of
view of the soldier who is serving his country, then business will be as histrionic as war. I believe that from generation to generation steps of that
sort are gaining more and more, and men are beginning to see, not, perhaps,
the Golden Age, but an age which is conducting them from victory to victory and may lead us to an elevation from which we can see the things for
which the heart of mankind has longed.
After five crowded hours in Manchester the President
and his party returned to London, where Mr..and Mrs.
Wilson were tha guests of King George and Queen Mary
at a farewell dinner party. The next morning (Dec. 31)
President Wilson left for France, arriving at Paris in the
evening, where the President authorized the following
statement in regard to his English visit:
Upon leaving England President and Mrs. Wilson expressed their very
great pleasure at the delightful cordiality of their welcome. The President expressed great satisfaction at finding how closely the purpose and
feeling of the people of Great Britain correspond with the purpose and
feeling of the people of the United States.
On Wednesday evening (Jan. 1) after a day spent in rest
and relaxation President Wilson left Paris for Rome where
great preparations had been madelforihis reception.
38
THE CHRONICLE
[VOL.108.
Therefore,
TEXT OF KING GEORGE'S WELCOMING ADDRESS AND body of men,it is the more delightful to find myself in the company of a
united in ideal and purpose, and to feel that I am privileged
PRESIDENT WILSON'S REPLY.
to unite my thoughts with yours in carrying forward these standards which
we are so proud to hold so high and to defend.
The address of welcome to President Wilson delivered by
May I not, Sir, with a feeling of profund sincerity and friendship and
King George at the State banquet in Buckingham Palace on sympathy propose your health and the health of the Queen and the prosthe night of Dec. 27 paid a warm personal tribute to the Presi- perity of Great Britain?
dent and emphasized the common ideals of Great Britain
PRESIDENT APPEALS FOR LEAGUE OF NATIONS IN
and the United States. He said:
GUILDHALL SPEECH.
This is a historic moment and your visit marks a historic epoch. Nearly
The text of President Wilson's address at the Guildhall
150 years have passed since your Republic began its independent life, and
now, for the first time, a President of the United States is our guest in in London, on Dec. 28 when the freedom
of the city was
England.
We welcome you to the country whence came your ancestors and where conferred upon him by the Lord Mayor, was as follows:
stand the homes of those from whom sprang Washington and Lincoln.
We welcome you for yourself, as one whose insight, calmness, and dignity
in the discharge of his high duties we have watched with admiration. We
see in you the happy union of the gifts of a scholar with those of a statesman.
You come from a studious, academic quiet into the full stream of an arduous public life, and your deliverances have combined breadth of view and
grasp of world problems with the mastery of a lofty diction recalling that
of your great orators of the past and of our own.
You come as the official head and spokesman of a mighty Commonwealth
bound to us by the closest ties. Its people speak the tongue of Shakespeare and Milton. Our literature is yours as yours is also ours, and men
of letters in both countries have joined in maintaining its incomparable
glories.
To you, not less than to us, belong the memories of our national heroes,
from King Alfred down to the days of Philip Sidney and Wake, of Raleigh
and Blake and Hampden, and the days when the political life of the Engish stock in America was just beginning. You share with us the traditions
of free self-government as old as the Magna Charta.
We recognize the bond of still deeper significance in the common ideals
which our people cherish. First among those ideals you value and we
value freedom and peace. Privileged as we have been to be the exponents
and the examples in national life of the principles of popular self-government based upon equal laws, it now falls to both of us alike to see how
these principles can be applied beyond our own borders for the good of the
world.
It was love of liberty, respect for law, good faith and the sacred rights
of humanity that brought you to the Old World to help in saving it from
the dangers that were threatening around, and that arrayed those soldier
citizens of yours whose gallantry we have admired, side by side with ours,
in the war.
You have now come to help us in building up new States amid the ruins
of those that the war has shattered and in laying the solid foundations of
a settlement that may stand firm because it will rest upon the consent of
the emancipated nationalities. You have eloquently expressed the hope
of the American people, as it is our hope, that some plan may be devised to
attain the end you have done so much to promote by which the risk of future wars may, if possible, be averted, relieving the nations of the intolerable burden which fear of war has laid upon them.
The British nation wishes all success to the deliberations on which you
and we and the great free nations allied with us are now to enter, moved by
disinterested good will and a sense of duty commensurate with the power
which we hold as a solemn trust.
The American and British peoples have been brothers in arms, and their
arms have been crowned with victory. We thank with all our hearts your
valiant soldiers and sailors for their splendid part in that victory, as we
thank the American people for their noble response to the call of civilization and humanity._ May the same brotherly spirit inspire and guide our
united efforts to secure for the world the blessings of an ordered freedom and
an enduring peace.
In asking you to join with me in drinking the health of the President,
I wish to say with what pleasure we welcome Mrs. Wilson to this country.
I drink to the health of the President of the United States and Mrs.
Wilson and to the happiness and prosperity of the great American nation.
In his reply President Wilson said:
I am deeply complimented by the gracious words which you have uttered.
The welcome which you have given me and Mrs. Wilson has been so warm,
so natural, so evidently from the heart, that we have been more than
pleased. We have been touched by it, and I believe that I correctly inter.
pret that welcome as embodying not only your own generous spirit toward
us personally, but also as expressing for yourself and the great nation over
which you preside that same feeling for my people, for the people of the
United States.
For you and I, Sir—temporarily—embody the spirit of two great nations,
and whatever strength I have and whatever authority. I possess it only so
long and so far as I express the spirit and purpose of the American people.
Every influence that the American people have over the affairs of the
world is measured by their sympathy with the aspirations of freemen everywhere.
America does love Freedom, and I believe that she loves freedom unselfishly. But if she does not she will not and cannot help the influence
to which she justly aspires.
I have had the privilege, Sir, of conferring with the leaders of your own
Government and the spokesmen of the Governments of France and of
Italy, and I am glad to say that I have the same conceptions that they
have of the significance and scope of the duty on which we have met.
We have used great words, all of us have used the great words "Right"
and "Justice," and now we are to prove whether or not we understand
these words, and how they are to be applied to the particular settlements
which must conclude this war. And we must not only understand them,
but we must have the courage to act upon our understanding.
Yet, after I have uttered the word "Courage," it comes into my mind
that it would take more courage to resist the great moral tide now running
in the word than to yield to it, than to obey it.
There is a great tide running in the hearts of men. The hearts of men
have never beaten so singularly in unison before. Men have never before
been so conscious of their brotherhood. Men have never before realized
how little difference there was between right and justice in one latitude and
in another, under one sovereignty and under another.
And it will be our high privilege, I believe, Sir, not only to apply the
moral judgment of the world to the particular settlements which we shall
attempt, but also to organize the moral force of the world to preserve those
settlements, to steady the forces of mankind, and to make the right and the
justice to which great nations like our own have devoted themselves the
predominant and controlling force of the world.
There is something inspiring in knowing that this is the errand that we
have come on. Nothing less than this would have Justified me in leaving
the important tasks which fall upon me upon the other side of the sea—
nothing but the consciousness that nothing else compares with this in
dignity and importance.
We have come upon times when ceremonies like this have a new significance which most impresses mo as I stand hero. The address which I
have just heard is most generously and graciously conceived, and the
delightful accent of sincerity in it seems like a part of that voice of counsel
which is now everywhere to be heard. I feel that a distinguished honor
has been conferred upon me by this reception, and I beg to assure you, Sir,
and your associates of my very profound apperciation, but I know that I
am only part of.what I may call a groat body of circumstances.
I do not believe that it was fancy on my part that I heard in the voice of
welcome tittered in the streets of this groat city and in the streets of Paris
something more than a personal welcome. It seemed to me that I heard
the voice of one people speaking to another people, and it was a voice in
which one could distinguish a singular combination of emotions. There
was surely there the deep gratefulness that the fighting was over. There
was the pride that the fighting had had such a culmination. There was
that sort of gratitude that the nations engaged had produced such men as
the soldiers of Great Britain and of the United States and of France and of
Italy—men whose prowess and achievements they had witnessed with
rising admiration as they moved from culmination to culmination.
But there was something more in it, the consciousness that the business
is not yet done, the consciousness that it now rests upon others to see that
those lives were not lost in vain.
I have not yet been to the actual battlefield, but I have been with many
of the men who have fought the battles, and the other day I had the pleasure
of being present at a session of the French Academy when they admitted
Marshal Joffre to their membership. That sturdy, serene soldier stood
and uttered, not the words of triumph, but the simple words of affection
for his soldiers, and the conviction which he summed up in a sentence,
which I will not try accurately to quote but reproduce in its spirit. It
was that France must always remember that the small and the weak
could never live free in the world unless the strong and the great always
put their power and their strength in the service of right.
That is the afterthought—the thought that something must be done
now; not only to make the just settlements—that of course—but to see
that the settlements remained and were observed and that honor and
justice prevail in the world. And as I have conversed with the soldiers
I have been more and more aware that they fought for something that not
all of them had defined, but which all of them recognized the moment you
stated it to them. They fought to do away with an old order and to establish a new one, and the centre and characteristic of the old order was
that unstable thing which we used to call the "Balance of l'ower," a thing
in which the balance was determined by the sword which was thrown in
on the one side or the other, a balance which was determined by the unstable equilibrium of competitive interests, a balance which was maintained
by jealous watchfulness and an antagonism of interests which, though it
was generally latent, was always deep seated.
The men who have fought in this war have been the men from the free
nations who are determined that that sort of thing should end now and
forever. It is very interesting to me to observe how from every quarter,
from every sort of mind, from every concert of counsel, there comes the
suggestion that there must now be not a balance of power, not one powerful
group of nations set up against another, but a single overwhelming, powerful group of nations who shall be the trustees of the peace of the world.
It has been delightful in my conferences with the leaders of your Government to find how our minds moved along exactly the same line and how our
thought was always that the key to the peace was the guarantee of the
peace, not the items of it; that the items would be worthless unless there
stood back of them a permanent concert of power for their maintenance.
That is the most reassuring thing that has over happed in the world.
When this war began the thought of a League of Nations was indulgently
considered as the interesting thought of closeted students. It was thought
of as one of those things that it was right to characterize by a name which,
as a university man, I have always resented. It was said to be academic,
as if that in itself were a condemnation—something that men could think
about, but never get. Now we find the practical leading minds of the
world determined to get it.
No such sudden and potent union of purpose has ever been witnessed in
the world before. Do you wonder, therefore, gentlemen, that in common
with those who represent you, I am eager to get at the business and write
the sentences down? And that I am particularly happy that the ground
is cleared and the foundations laid—for we have already accepted the same
body of principles. Those principles are clearly and definitely enough
stated to make their application a matter which should afford no fundamental difficulty.
And back of us is that imperative yearning of the world to have all disturbing questions quieted, to have all threats against peace silenced, to
have just men everywhere come together for a common object. The
peoples of the world want peace and they want it now, not merely by conquest of arms but by agreement of mind.
It was this incomparably great object that brought me overseas. It
has never been deemed excusable for a President of the United States to
leave the territory of the United States, but I know that I have the support
of the judgment of my colleagues in the Government of the United States
in saying that it was my paramount duty to turn away even from the
imperative tasks at home to lend such counsel and aid as I could to this
great—may I not say final?—enterprise of humanity.
PRESIDENT WILSON'S MANCHESTER ADDRESS.
The address delivered by President Wilson on Dec.30at
Manchester was noteworthy for its direct notice that, while
the United States favored a League of. Nations, it had not
forgotten Washington's warning about "entangling alliances,"
and "would join no combination of power that is not a
combination of all of us." This statement was at once contrasted in the press with the address of Premier Clemenceau
(referred to at length elsewhere) in which the French Premier
JAN. 4 1919.]
THE CHRONICLE
declared that he had not abandoned "the old idea of a balance
of power." President Wilson's address in full follows:
39
MANCHESTER "GUARDIAN" ON DANGERS IMMINENT WITH DELAY OF PEACE CONFERENCE.
My Lord Mayor, Ladies and Gentlemen, perhaps I may be permitted
The Manchester "Guardian" in commenting upon Presito add fellow citizens—You have made me feel in a way that is deeply
delightful the generous welcome which you have accorded me, and back of it dent Wilson's mission, and the urgency of assembling the
whom I
I know there lies the same sort of feeling for tne great people
peace conference without further delay, was quoted in cablehave the privilege of representing.
is a feeling of cordiality, fraternity and friendship between the grams on Dec. 31 as saying:
There
two great nations, and as I have gone from place to place and been made
While we are talldng and demonstrating others are acting, and by no
everywhere to feel the pulse of sympathy that is now beating between us means acting in a sense favorable to the translation of the ideal into the
thoughts as to what the basis of it all practical and the establishment of a rule of justice and good-will among
I have been led to some very serious
Is. For I think you will agree with me that friendship is not a mere senti- the nations of the earth.
ment—patriotism is not a mere sentiment. It is based upon a principle,
Italy is creating accomplished facts on the eastern shore of the Adriatic;
,
upon the principle that leads a man to give more than he demands.
a powerful party is forming in France which, not content with the recovery
not merely upon affection, but upon com- of Alsace and Lorraine and the happy healing of that historic sore, threatens
Similarly, friendship is based
you,
mon service. The man is not your friend who is not willing to serve
create a fresh sore by annexation beyond its borders. In Belgium claims
of to
and you are not his friend unless you are willing to serve him. And out
are being influentially asserted not only to Luxemburg, but to sundry
arises that
that impulse of common interest and desire of common service
Portions of Dutch territory on her northern and eastern border. Poland
noble feeling whim we consecrate as friendship.
is threatening, and perhaps actually has occupied Danzig, a German city
to me that the theme that we must have in our minds with a mere sprinkling of Poles, and thus to cut off East Prussia from
And so it does seem
now in this great day of settlement is the theme ofcommon interest and the West Prussia, and apparently she designs to pursue her enterprise by
that
determination of what it is that is our common interest. You know
purely German territory further west and south.
has occupying
heretofore the world has been governed, or at any rate the attempt
Now, this is obviously not exactly conformable to either the spirit or the
it, by partnerships of interest, and that they have letter of President Wilson's terms, but is an attempt to forestall the debeen made to govern
broken down. Interest does not bind men together. Interest separates cisions of the conference when it meets and must tend gravely to hamper
men. For, the moment there is the slightest departure from the nice its work.
only
adjustment of interests, then jealousies begin to spring up. There is
one thing that can bind peoples together, and that is common devotion to OVERWHELMING VICTORY FOR LLOYD GEORGE IN
right.
' BRITISH ELECTIONS.
Ever since the history of liberty began men have talked about their
rights, and it has taken several hundred years to make them perceive that
An overwhelming victory for the supporters of the present
the principal condition of right is duty, and that unless a man performs
his full duty he is entitled to no right. It is a fine co-relation of the in- Coalition Governmen marked the result of the British
fluence of duty that right is the equipoise and balance of society.
general elections held on Dec. 14, the ballots for which
And so, when we analyze the present situation and the future that we
announced on Dec. 28. The
now have to mold and control, it seems to me there is no other thought were counted and the vote
than that that can guide us. You know that the United States has al- new Parliament according to complete returns will be made
ways felt from the very beginning of her story that she must keep herself
up as follows:
separate from any kind of connection with European politics. I want to say
Coalition.
very frankly to you that she is not now interested in European politics,
334
Coalition Unionists
but she is interested in the partnership of right between America and
127
Coalition Liberals
Europe. If the future had nothing for us but a new attempt to keep the
10
Coalition Labor
world at a right poise by a balance of power the United States would take
no interest, because she will join no combination of power which is not a
471
Total coalitionists
combination of all of us. She is not interested merely in the peace of
Other Parties.
Europe, but in the peace of the world.
46
Therefore, it seems to me that in the settlement which is just ahead
Unionists
37
of us something more delicate and difficult than was ever attempted
Asquith Liberals
of mind and of purpose.
65
before has to be accomplished—a genuine concert
Labor
there is an element present that makes it easy.
2
But, while it is difficult,
National Party
1
Never before in the history of the world, I believe, has there been such
Socialist
7
a keen international consciousness as there is now.
Irish Nationalists
abroad in the world just now which
73
There is a great voice of humanity
Sinn Feiners
5
he who cannot hear is deaf. There is a great compulsion of the common
Independents
now in existence which if any statesman resist, will gain for
conscience
the
236
him the most unenviable eminence in history. We are not obeying
Total of other parties
mandate of parties or of politics. We are obeying the mandate of human235
ity.
Coalition majority
327
That is the reason why it seems to me that the things that are most
Coalition majority with 46 Unionists
least significant. I am not hopeful that the
often in our minds are the
707
individual items of the settlement which we are about to attempt will be
Grand total
of the
altogether satisfactory. One has only to apply his mind to any one
It is explained that all Coalitionists, with the Unionists
questions of boundary and of altered sovereignty and of racial aspirations
of and the National Party, may be regarded roughly as supto do something more than conjecture that there is no man and no body
men who know just how they ought to be settled; and yet if we are to porting Lloyd George. Eliminating the Sinn Feiners, who,
make unsatisfactory settlements we must see to it that they are rendered
usual tactics, have announced that they
more and more satisfactory by the subsequent adjustments which are following their
in
made possible. We must provide the machinery for readjustments
will not take their seats, it will be seen, therefore, that the
order that we have the machinery of good-will and friendship.
only opposition will be formed by the Asquithian Liberals,
Friendship must have a machinery. If I cannot correspond with you,
counting the 46
if I cannot learn your minds, if I cannot co-operate with you, I cannot be Laborites and Independents. Thus,
have
Your friend; and if the world is to remain a body of friends, it must
Unionists with the Coalitionists, the Lloyd George Governthe means of friendship, the means of constant friendly intercourse, the
ment will control 517 out of a total of 634 seats, leaving only
means for constant watchfulness over the common interests.
That makes it necessary to make some great effort to have with one 117 seats for all others.
another an easy and constant method of conference, so that troubles may be
The most striking features of the elections were the pracI
taken when thy are little and not allowed to grow until they are big.
I tical disappearance of two great parties—the Liberals and
never thought I had a big difference with a man that I did not find when
came into conference with him that, after all, it was rather a little differ- the Irish Nationalists—and the portentious victory of the
ence, and that if we were frank with one another and did not too much Sinn Feiners in Ireland. The Liberal Party which entered
stand upon that great enemy of mankind which is called pride, we could
the last Parliament (elected in 1910) with 272 members,
come together.
It is the wish to come together that is more than half of the process. had been somewhat reduced as a result of bye-elections,
It is a doctrine which ought to be easy of comprehension in a great comwas prorogued
you. but still had 260,members when Parliament
mercial centre like this. You cannot trade with a man who suspects
now been reduced to 37 members,
You cannot establish commercial and industrial relations with those who in November. This has
do not trust you. Good-will is the forerunner of trade. Good-will is the and the leader of the party, former Premier Herbert H.
foundation of trade, and trade is the great amicable instrument of the
Asquith, was himself defeated for re-election in his conworld on that account.
I felt, before I came here, at home in Manchester, because Manchester stituency of East Fife.
has so many of the characteristics of our great American cities. I was
The Sin Fein victory had been forecast by recent developreminded of an anecdote of a humorous fellow-countryman of mine who was
Ireland, but was even more sweeping than anticisitting at luncheon in his club one day when a man whom he did not like ments in
particularly came up and slapped him on the shoulders and said:
pated, their candidates being elected in mostLcases by very
"Hello, 011ie. How are you?"
large majorities. Instead of taking their seats in the British
He looked at him coldly and said:
the Sinn Feiners have announced their inten"I don't know your face, and I don't know your name, but your manners Parliament,
tion to meet in Ireland as an Irish Parliament, and appeal
are very familiar."
and very
I don't know your name, but your manners are very familiar,
to the Peace Conference for recognition of Irish independelightfully familiar, so that I felt that in the community of interest
and„understanding which is established in great currents of trade we dence.
than they can
are enabled to see international processes perhaps better
Many notable political leaders suffered defeat in the
supposing that
be soon by others. I take it I am not far from right in
surprising, of course, being that of exManchester has been the centre of the groat forward- election, the most
that is the reason why
Sir Alexander Sprot,
sentiments of men who had the instincts of largo planning, not Premier Asquith. His defeat by Col.
looking
Empire and the
merely for the city itself, but for the Kingdom and the
back after four years with the army in France, is atshoulder and just
World. And with that outlook we can be sure we can go
tributed to votes ofCsoldiers and sailors and men discharged
shoulder together.
very from the army, though it is also explained that Mr. Asquith
wish it were possible for us to do something like some of my
I
determined
stern ancestors did, for among my ancestors are those very
against the disadvantage of having understood
could, not for had to labor
persons who were known as the Covenanters. I wish we
t that he was not to be oppose I,
United States, but for France, for Italy and the until nearly the last;momen
Great Britain and the
of
hence he arranged for meetings in other parts of the country
enter into a great league and covenant declaring ourselves first
world,
all friends of mankind and uniting ourselves together for the maintenance and hadj:tojulfill;these engagements and neglect his own
of the triumph of right.
40
THE CHRONICLE
constituency. It is expected that a seat will be found for
him by the resignation immediately after the new Parliament meets of some one of his followers.
Along with Mr. Asquith there went down to defeat several of his strongest supporters, Reginald McKenna, Sir
John Simon, Walter Runciman and Harbert Samuel. • Other
defeated candidates were Arthur Henderson, Laborite, and
former member of the War Cabinet, defeated by a Coalition
Liberal; Philip Snowden, Laborite, and an avowed pacifist;
and John Dillon, leader of the Irish Nationalists.
On the other hand all the members of the Coalition Government were re-elected by large majorities. Lloyd George
was returned for Carnarvon by 13,000 majority, Winston
Churchill received 15,000 majority, and Andrew Bonar
Law 13,000.
The Laborites, while the largest of the opposition groups
in the new Parliament, did not poll as heavy a vote as expected. They increased their representation, however,
from 38 in the old House to 65. The avowed pacifists
were all defeated. The status of the previous House of
Commons, with the fluctuations in party strength, were
set forth as follows in the New York "Times" of Dec. 29:
The House of Commons which went out of existence when Parliament
was
dissolved on Nov. 25 was elected in 1910. There were then 670
seats to
fill, as against 707 to fill by the general election on Dec.
14, the count of
which was announced yesterday.
The following was the strength of the House as it stood in
1910, in 1916,
and on the day of its dissolution last month, alterations meanwhile
having
been made by bye-elections:
1910.
1916.
1918.
Unionists
272
285
282
Liberals
272
261
260
Laborites
42
39
38
Nationalists
84
76
78
Independent Nationalists
8
__
Sinn Feiners
6
Independent
1
_
Total
670
670
664
The new Parliament will be known as the Second Parliament of
George
V. King Edward had two and Queen Victoria fifteen, from
Sept. 11
1837 to Jan. 8 1906. The First Parliament of King George met Jan.
31
1911. Its duration exceeds that of any. Queen Victoria's longest Parliament was the Sixth. It lasted six years, one month and six days,
or
from May 31 1859 till July 6 1865, covering the period of the
American
Civil War.
[VOL. 108.
business men and bankers." The book, entitled "Commercial Banking Practice," contains a compilation of the statutory provisions and Federal Reserve Board rulings and regulations governing acceptances. The material is compactly
presented in a carefully classified arrangement, constituting
a ready .reference for authoritative information either on
specific points or general phases of bank and trade acceptances. Marginal captions running with the text and a detailed index have been provided to aid this purpose. The
book is divided into four parts. Part I deals with banking
acceptances. Part II takes up rediscounts with Federal
Reserve banks. Part III has to do with advances of Federal
Reserve banks on promissory notes to member banks, and
Part IV with open market transactions.
Special efforts are being made by New York State Superintendent of Banks, George I. Skinner, to complete the
liquidaton of the assets of all failed institutions under his
supervision and to distribute the proceeds of such liquidation among the depositors and creditors. In announcing
this under date of Dec. 28 the Banking Department says:
With this end in view, Superintendent Skinner has obtained the approval of the Supreme Court to pay additional dividends to the depositors
with the following institutions: The Borough Bank of Brooklyn, Union
Bank of Brooklyn, Washington Savings Bank of New York and the Sea
Cliff Bank of Sea Cliff, Long Island.
Checks representing 6% dividends have been mailed to the depositors
with the Borough Bank of Brooklyn, resulting in a disbursement of $54,782. The depositors with the Union Bank of Brooklyn are to receive an
additional 5% dividend which will mean the disbursement of $179,770.
This will make the second 5% dividend paid to these depositors this year.
The depositors with the Washington Savings Bank are to receive an
additional 12% dividend, resulting In the disbursement of $170,730, and
making a total of 75% paid in dividends.
The depositors with the Sea Cliff Bank are to receive an additional 11%
dividend, making a total payment of 100% in dividends. In addition
these depositors are to receive 6% interest on their claims. The payment
of 11% and interest will result in the disbursement of $16,000.
The amount to be disbursed by the payment of those four dividends
aggregates $421,282, making a total of over $950,000 paid in dividends
during 1918 by Superintendent Skinner to the depositors of defunct institutions under the supetVision of the New York State Banking Department. Since the organization of the Liquidation Bureau, a total of over
$14,000,000 has been returned in dividends to depositors of incorporated
banking institutions closed by the New York State Banking Department.
Commenting upon the work of the Liquidation Bureau
during 1918, Superintendent Skinner, in his annual report
ANNUAL BANQUET OF' TRUST COMPANIES OF U. S. to the Legislature, says:
A special effort is being made to complete the liquidation of the assets
TO BE HELD FEB. 20.
of all failed institutions and to distribute the proceeds of such liquidation
John W. Platten, President of the Trust Company Sec- among the depositors and creditors.
A single
tion of the American Bankers Association, announces that as the special deputy superintendent in charge ofbank examiner now acts
all such liquidations but
the eighth annual dinner of the Trust Companies of the one, and, as the result of the consolidation of the work and the practical
completion of certain liquidations, large economies have been effected.
United States will be held at the Waldorf-Astoria, New York During the past year there has been an approximate reduction
of 50% in
City, on Thursday Evening, Feb. 30.
the amount paid for rentals and for clerical service. An agreement has
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No sales of bank or trust company stocks were made at
auction this week. Sales of bank stock at the Stock Exchange amount to 120 shares. 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 January 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 department of this paper, and will be
found to-day on page 70.
Shares. DANK—New York.
Law High. Close.
120 Commerce, Nat. Bank of.._ _201
201
201
Last previous sale.
Dec. 1918— 200
The directors of the National Bank of Commerce in Now
York on Jan. 2 voted to transfer $5,000,000 from undivided
profits to surplus, thereby increasing surplus account from
$15,000,000 to $20,000,000. The bank now has a capital
and surplus of $45,000,000 and undivided profits of more
than $4,500,000. A year ago the surplus fund was increased
from $10,000,000 to $15,000,000. This further increase
in the surplus account of the National Bank of Commerce is
in keeping with the continued progress the institution has
made under President James S. Alexander, who was elected
to office in 1911. At that time thO bank's resources were
over $207,000,000. At the last call for a statement of
condition made by the Comptroller of the Currency Nov. 1
1918, the total resources were over $590,000,000.
Commercial banking has been made more efficient through
acceptances, it is declared by President James S. Alexander
of the National Bank of Commerce in New York, in the foreword of a book of 136 pages just issued by the bank to further
acceptance dealings and "to meet the needs of practical
been entered into for the sale of the solo remaining property of any size
belonging to the Binghamton Trust Company upon such terms as will
ultimately permit the payment of a further dividend to the depositors
with that corporation. An offer has been. received which practically
involves the settlement of the action against the stockholders of the Lafayette Trust Company and the sale of its remaining assets. This offer,
If accepted, will permit an immediate additional payment to depositors
with that institution of more than one-half as much as has been paid in
the ten years since the institution was closed. They have already received
55% of their claims. In view of the final disposition of bitterly contested litigation and the large immediate payment to depositors rendered
possible by this officer, it will be submitted to the court for its approval.
The Liquidation Bureau is still rendering such assistance as is practicable
in the liquidation of the affairs of private bankers which wore closed by it.
Such liquidations are conducted under the Bankruptcy Law of tho United
States. Notwithstanding the delays and litigation sometimes incident to
liquidation by this Department, I believe the interests of depositors with
private bankers would be better protected, if private bankers who set
aside a permanent capital and segregate their banking assets were exempted
from the provisions of the Bankruptcy Law and their affairs in case of
failure liquidated by the Superintendent of Banks in the same manner as
the affairs or incorporated institutions. The liquidation of failed institutions is at best a thankless task. Depositors with such institutions
who cannot of course be paid the full amount of their claims are always
dissatisfied and forgetful of the fact that in such liquidations the Superintendent of Banks and his examiners can have but one ambition which is
to realize as much as possible for them. No Superintendent would therefore recommend an extension of his' duties and responsibilities in connection with such liquidations, except as a matter of duty.
Two decisions of importance in the liquidation of institutions under the
supervision of this Department were rendered by Supreme Court Justice
Stephen Callaghan of Brooklyn in actions to enforce the double liability
of stockholders of the Union Bank of Brooklyn and the Borough Bank of
Brooklyn. Justice Callaghan upheld the contention of the attorneys for
the Superintendent that they were entitled to collect interest upon the
principal sums involved from the time when demand for the payment of
an assessment of 100% was made by the Superintendent of Banks.
In connection with the liquidation of the Carnegie Trust Company, the
local courts of Tennessee have refused to enforce the double liability of
stockholders against residents of that State and thus far their decision has
been upheld by the United States courts.
The third annual reception by the Irving National Bank
of this city to its depositors was held Tuesday at the Bank's
quarters in the Woolworth Building. This annual reception
has become a permanent institution in the Irving, formingla
part of its regular activities. The object is to maintain
cordial personal relations with customers and other friends.
JAN. 4 1919.]
THE CHRONICLE
41
Robert B. Newell, a Vice-President of the Fidelity Trust
Co. of Hartford, Conn., has been elected Treasurer of the
institution to succeed Loomis A. Newton who has resigned.
Mr. Newell has been with the Fidelity Trust Co. since
April 1917 at which time he was elected a Vice-President.
Prior to that time he was with the State Savings Bank of
Announcement was made on Jan. 2 by Edouard de Billy, Hartford for ten years. He was born in Hartford in 1879.
Deputy High Commissioner of the French Government Mr. Newton had been in the employ of the Fidelity Trust
that the title of Chevalier of the Legion of Honor had been Co. for thirty years.
conferred by that Government upon Charles H. Sabin,
A plan to unite the City Bank and the Central City Trust
President of the Guaranty Trust Co. of New York. The
H. D. Bentley, for some time an Co. of Syracuse, N. Y., was approved by the directors of the
Guaranty announces that
Assistant Manager of its Bond Department, has been latter institution on Dec. 23 and a meeting at which the conappointed Manager of the Bond Department of its Fifth sent of the stockholders will be asked has been called for
Jan. 13. On the following day (Jan. 14) the stockholders of
Avenue Office.
the City Bank will meet to vote on the proposed merger and
James I. Bush, former Correspondent of the Guaranty also on the transforming of the institution into a trust comTrust Co. of New York, has just returned to town, having pany under a new certificate of organization, giving increased
been placed on inactive duty of the U. S. N. R. F. Mr. money-making powers. The application for this certificate,
Bush will again return to his former position as Chicago we understand, has already been made. The enlarged inCorrespondent of the Guaranty Trust, 105 South La Salle stitution will probably be known as the City Bank Trust Co.,
with a capital of $1,400,000 and surplus and undivided profits
Street, Chicago.
of more than $700,000. The basis upon which the amalgaThe directors of the National City Company of New mation is to be arranged is three shares of Central City Trust
York have made P. V. Davis, head of the railroad depart- Co. at $200 per share for four shares of City Bank stock at
ment, a Vice-President of thecompany; F. F. Winans, head $150 per share, the rating being agreed upon for this purpose.
of the Chicago office, a resident Vice-President; and Edward The undivided profits of the Central City Trust Co. after
F. Barrett, now chief clerk, Assistant Secretary. H. S. the deduction of charges will be distributed to the shareholdBoone of San Francisco, B. H. Collins of Atlanta and S. B. ers as a cash dividend. Arthur N. Ellis, President of the
Terry of Chicago have been made Assistant Vice-Presi- City Bank, is to be the President of the enlarged institution.
dents. The appointment of the following new district
sales managers was announced at the same time: William
R. Bruce Wallace was elected President and a director of
Miller, Atlanta, Ga.; Chester H. Pease, Portland, Maine. the Manayunk National. Bank of Philadelphia on Dec. 24.
R. W. Leith, Providence, R. I.; Dolson Quier, Kansas City; Mr. Wallace succeeds Edward H. Preston, whosa death was
Harry Markoe, Jr., Seattle; T. A. Eakins, Philadelphia; announced in our issue of Dec. 14, 1918. Eugene J. Morris,
R. W. Hynson, Washington, D. C.; and Norman L. C. Assistant Cashier, has been advanced to the post of Cashier.
Mather, Montreal. W. K. Zerringer has been made assistant district manager at Philadelphia. Mr. Mather was
James MacBurney has been elected Secretary and Treasformerly of the firm of Farrell, Mather & Co., Montreal, urer of the Haddington Title & Trust Co. of Philadelphia.
which has been dissolved. This is the first Canadian office Mr.MacBurney had previously been connected with the State
of the National City Company. The National City Com- Banking Department as an expert accountant. Along with
pany opened on Jan. 2 another new office, located in Roches- Mr. MacBurney's election as Secretary and 'Treasurer of
ter, with John Day in charge.
the Haddington Title & Trust Co., Claude Henderson has
been made Assistant Secretary and Treasurer.
Arthur D. Wolf has been elected a Vice-President of the
Union Exchange National Bank of this city.
Raymond R. Bosworth and Herbert S. White were appointed Assistant Cashiers of the Third National Bank of
Announcement that controlling interest in the Lincoln Philadelphia on Dec. 19. The officers of the bank are:
Lewis R. Dick, President; G. Brinton Roberts, Vice-President; W GiffTrust Co. of this city had been acquired by the Banca Commerciale Italiana of Milan, the largest commercial bank in ord Wood, Cashiier; Wm. T. Tomlinson, Assistant Cashier; Raymond R.
fBosworth, Assistant Cashier; Herbert S. White, Assistant Cashier.
Italy, was made on Dec. 31 by A. S. Webb,President of the
The purchase, it is said, will make the
trust company.
E.
Edward E. Newman, Secretary of the Cleveland Trust
latter practically the branch in the United States of the Co.
of*Cleveland, died in Kansas City on Dec. 25 of pneuItalian institution. It is said that this is the first instance monia superinduced by Spanish influenza. Mr. Newman,
of control of an established financial institution in the who was thirty-eight years of age, was born in Cleveland.
United States being acquired by a foreign bank. The Banca He entered the Cleveland Trust Co. as a stenographer in
Commerciale Italiana has fifty branches in Italy and one in 1897. In 1907 he was elected Trust Officer; in 1910 he beLondon. It has a capital of about $40,000,000 and surplus came Assistant Secretary, and in 1914 Secretary of the instiof $13,000,000. The Lincoln Trust, which was established tution. He was also in charge of the corporate trust departin 1902, has a capital of $1,000,000, deposits of $17,000,000 ment for many years. Mr. Newman was interested in sevand resources of over $24,000,000. According to President eral Cleveland enterprises, among them being the Cleveland
Webb the present officers will continue, only minor changes Advertising Club of which he was Treasurer and a director.
being anticipated.
The Ohio Savings Bank & Trust Co. of Toledo recently
A number of now appointments to the official staff of the
assets (assets above liabiliTrust Co. of this city were announced this week .purchased for $220,000 certain
Equitable
ties) of the Continental Trust & Savings Bank Co.(capital
as follows:
$200,000) and at the same time purchased the entire assets
Vice-Presidents, Richard R. Hunter, formerly Secretary, and Herman J.
of the Market Savings Bank Co. (capital $200,000) of that
Cook, formerly Treasurer.
Secretary, William J. Eck, formerly Assistant Secretary.
city. The remaining assets of the Continental Trust &
Treasurer, Arthur A. Miller, formerly Assistant Treasurer.
liquidated by the Continental
Assistant Secretary, George V. Drew, formerly Assistant Manager Savings Bank Co. will be
Colonial Branch; Frank H. Shipman, formerly Assistant Treasurer; Harry and, we are informed, finally should result in its stockP. Nash Jr., Joseph E. Smith, Virgil W. Miller and Russel Brittingham.
holders receiving approximately $200 per share for their
Manager Publicity and Now Business—James Q. Newton.
stock. The assets of the Market Savings Bank Co. were
Assistant Manager Real Estate Department, William J. McNicol.
Assistant Managers, Colonial Branch, P. A. Scherer and W. I'. Hough
purchased by the Ohio Savings Bank & Trust Co. at a
ton.
price netting the stockholders $110 per snare. The enthus become the largest bankmeeting of the stockholders of the New Neth- larged institution, which has
At a special
ing institution in Toledo, has a capital of $1,000,000 with
erland Bank, of this city, to be held on Jan. 14, action will surplus and undivided profits of $677,478. The par value
be taken on the question of increasing the capital from of its shares is $100. The officers of the Ohio Savings
8200,000 to $300,000. It is proposed to issue the new stock Bank & Trust Co. are:
at $200 per share.
President; Howard I. Shepherd, First Vice-President;
The spacious quarters of the bank, extending through several
floors of the Woolworth Building were thrown open to guests.
An informal reception was held, refreshments served and
everyone who wished had an opportunity to visit the different
departments of the bank.
Application has been made to the Comptroller of the
Currency for a charter for the First National Bank of Revere, Mass., capital $100,000.
George M. Jones,
Edward Kirschner, Vice-President and Secretary; Frank P. Kennison,
Vico-President and Trust Officer; Seymour H. Hoff, Treasurer; Ernest
W. Davis, Comptroller; Rowland J. Tappan, Manager Safe Deposit
Department, and C. Emil Christen, Manager Foreign Department.
42
THE CHRONICLE
. [VOL. 108.
The Comptroller of the Currency has approved a $100,000 F. W. S. Crisp°, Assistant General Manager at the Winniincrease in the capital of the First National Bank of Gas- peg office; F. W. Ashe, Assistant General Manager at Lontonia, N. C., raising the amount from $150,000 to $250,000. don, England, and George Wilson, Assistant General Manager at Toronto.
—4
The Hamilton National Bank of Chattanooga, Tenn.,
The annual report of the Bank of Toronto, covering the
with capital of $1,000,000, recently purchased the State
Bank of Commerce of that city with capital of $150,000, fiscal year ended Nov. 30, makes a highly satisfactory showing for the twelve months. Assets for the year passed the
paying 90 cents on the dollar for the stock.
$100,000,000 mark, being shown in the report as $100,207,997 against $84,293,918 last year. Net profits are given
A charter has been issued by the Comptroller of the Cur- at $844,402 as compared with $802,920 in 1917. There
rency for the Union National Bank of Seattle, Wash., with was a balance from the previous year of $555,306, which,
a capital of $600,000. The proposed institution, as indi- when added to the net profits for the year just closed, made
cated in our issue of Oct. 26, will represent a conversion of $1,399,708 available for distribution. Out of this sum divithe Union Savings & Trust Co. of Seattle with two branches dends amounting to $550,000 (11% per annum) were paid;
within the limits of the city of Seattle.
$50,000 was appropriated for war tax on circulation; $110,884 was written off bank premises; $38,200 was subscribed
to patriotic and other subscriptions and $25,000 transferred
The following appointments have been announced from to officers' pension fund, leaving a balance of $625,623 to
the head office of the Union Bank of Canada at Winnipeg: be carried forward to new profit and loss account.
PRICES IN 1918 AT THE NEW YORK STOCK EXCHANGE.
The tables on the following pages show the highest and lowest prices at the New York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities,
for each month of the past year. The tables are all compiled from actual sales. Under a resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been on a different basis. The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"—that is, the price included all accrued interest. Income
bonds and bonds upon which interest is in default are still dealt in "flat."
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS.
191S.
BONDS
January February
March
April
May
June
July
August Septembe, October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Ann Arbor
-1st 1995 gold
4 56 59
56 56
55 56
52 5314 5113 5118 ---- -—
5512 56
545 6434 57 59
Atchison Topeka & Santa Fe—
Genera 1 gold 1995
4 827 8538 8212 853 80 83 80 81% 8018 823 80 81% 8012 9114 8012 8112 79 81
8
8
4
7034 86
84 00 8312 8714
Registered
4
80 80
- 8512 8512 -------Adjustment gold 1995
4 7212 73 74% 76
71
4
12 7312 7312 -7,-- 74
-7,- 14 /it;
-- 713 73
1
72 17 - 81 81
79 80
Registered
7312 7312
4
Stamped
4 7412 75
76 78 71% 7412 73 74
7412 7618 7312 7478 73'2 75 -73'2 7534 -7 6 7112 -7153 16 78 Wit;"7812 81
77
Registered
4
7213 73
50-year cony gold 1955
4
83 8434 82% 86
8112 8331 8214 87 84 84
"iii 1178
8 -Convertible 1960
4 84 86
8412 84% 84 86
82 8314 8214 8731 8434 86
84 85
84 86
8518 06 02 0618 05 0512
112 9 1 2
East Okla Div 1st 1928
4
0112 9112
---Rocky Mtn Div 1st 1465
4
--79 79
.___
Transcon Short Line 1st g_4 80 101 ----'77- 77;
7612 7612
7612 78
77 77
7418 /81- -8218 - -1- -7618 86
4
86 2
Cal-Ariz 1st & ref 1962_4% 8234 823
4
79 81
79 79
80 85 8312 8312 8312 8312
------- 8312 85 8453 8512 8514 8514
Atlantic Coast Line
1st 1952 gold
4 8178 843 8312 8412 82 84
4
8114 83% 8034 8334 7918 81
77 80 78% 80 78% 804 8053 8314 84 8914 84 85
General unified 1964-4M 8114 82 8112 8212
75 75 78 81
78 7812 7814 7612 76 77
76 7612 74 8014 0112 0918 .. 8712
88 88 2 84_ 3
4
Alabama Mid 1st gu 1928.._5
95% 95%
---- 953 95 4
4 ,
Bruns & West 1st gu 1938_4
----76- 18Lou & Mashy colt 1952 g.„4 70 /11; 71 73
12 70 7214 7018 7234 -7112 /38 70 7114 . 10;2 71 -7112 12 3 697 7212 6914 79 78 8112 -76;8 16
-1- 8
7
712
Say Fin & West 1st, 1934_6
---- -108 108
---Silv Spgs0& G gu 1918-4 09 -9
---- -- 99 9912 ---_—
Baltimore 8z Ohio—
Prior lien g 1925
31 87 8912 87 881, 8612 88
8512 863 863 89
8612 87
8
12 8614 87 86 87 87 8812 8634 00 89 923 8918 9113
4
18
4
Gold 1948
4 77 78
76 74
76 7714 763 7714 7612 78% 75 7712 76 78
8
733 76
8
7318 7434 7312 787 7812 87 80 84
2
20-year cony 1933
43-5 7634 7912 7818 7914 7612 783 7612 787 7918 8038 7812 79% 78 7914 713 78
4
8
7618 8514 833 88
753 77
4
4
7712 8514
Refund & gen 1995, Ser A__5 80 8312 81 82 80% 8178 80 80% 80 82
783 8013 78 79
4
77% 8014 7712 7012 7578 86 8414 9234 81 88
Pitts June & M Div
82 82 8312 8312 ---- -- 8134' 8131 8218 8218
81
81
86 86
8713 8712
- Pitts L E &•W Va System...4 75 75.
— 72 72
747 75
8
7418 74%
7214 76
7278 74-3- 7333 75 75 83 75 7818
4
Southwestern Div 1st g 34 83% 85 83 85 81 85 833 833 82 847 83 83% 82 83% -6212
4
4
8
80 83% 81 8634 863 8812 8614 88
4
Cleve Lorain & W 1933
5
9512 9512
9612 9612
9312 9312
Ohio River liR gen 1937 gs
---- 88 88
---- Pitts Cleve & Tol 1st 1922_6
991 9918 ---- ---—
---Tot Pc On 14 Er ref 195) A 4
5712 1/2
11---- ---65 68 . . 68
1!) 2
.1
Buff Roch & Pitts—Gen '37_5
- -6-- 1191; 99 99 ---0 12
998 99;
-7
Roch & Pitts 1st 1921 9-6
103 103
101 fOi"
161- 101
Roch & Pitts cons 1st 1922_6
-6612 la;
1007 1007
*
8
-- --- -Canada Southern—
Cons guar Series A 1962.--A 867 87 90 9112 90 9112 90 90 91 9112 90 4 913 87 87
8
86 86% 85 86% 87 92
3
4
9512 100 04 9812
Caro Clinch & 0-13t 1938_ _5
---- ---- -8212 84
Central of Georgia-1st 1945_5 97 97 --- - -- 974 974 -6612 - 1- 9714 9714
992
-64" 98-- -6612 1501907 997
4
Consol 1945 gold
5 8812 90 8912 90
873 8812 88 90
4
85 61 86 90
86 87
- - 03 9433
643;
Chattanooga Div 1951 g- - -4
—
_
---723 723
4
4
---Macon & Nor Div 1946
90 90
-—
---Mobile Div 1st 1946 g
5
-611 84 8412 842
4
14
—
--——
Cent RR & 11kg of Ga-1937_5
-- -.- 83 83 ---- ----- -—
WI; 8853 8838
Central of New Jersey—
General 1987 gold
5 102 103 103 104 102 104 10312 10312 100 103 101 10214 1004 102 10018 10111 10012 10212 101 10218 1061 10812 101 106
8
Registered
10212 10212 104 104 102 103
102 102 10112 101% 100%101
100 100
American Dock & Impt
5 9912 9912 09 99 9812 99 -66- - - 99 99
99
98 9812 9812 (W1- 0812 9812 0758 9812 -98 2 187 -66;116
,
- 2
;
Lehigh & H R gu 1920 g
5
100 100
---Central Vermont—gu 1st g
4 65 65
---- ---6565
-67- 61- 67 6714 -66- - 9- ---6
-Chesapeake & Ohio—
Gen fund & impt 1929
5
80 80
87 88 88 90 90 94
9014 9014
9114 9114
-let consol 1939 gold
5 9514 10018 97 100 957 9712 95 9612 96 9714 9612 9714 95 963 945 9512 95 0512 9514 97 0612 101
8
4
8
99 101%
General 1992 gold
455 72 753 73 74
4
75 76
76 78
763 78 76 7678 7514 7718 743 7618 7434,81
8
758 77
7814 8313
4
7878 88
Convertible 1930
438 6512 7012 6912 71
7134 73
703 73
4
7278 7512 75 76
74 76
7534 7714 76 7712 78 80 798 8512 7912 8213
30-year convertible 1946.-5 76 7818 7714 .797 78 8112 788 WI 7934 82% 79% 81% 8012 8112 80 8134 79 813 7912 8612 8511
.1
90% 87 89
Big Sandy 1st 1944
4
R & A Div 1st cons 1989 g 4
---- -76 76 7 12 7512
6
5
7
6
Chicago & Alton—
Refunding 1949 gold
3
80 5014
52 52 52 52
5112 5112 51
5112 503 51
4
51
51
_ _ 5512 55t2
Chic & Alt fly 1st 1950 g__33.5 3612 4712 39 40 37 40 3514 38
38 41
39 41
3712 3918 3814 40
37 381.1 51114 42 • 40 443 38 4118
37 2 53
4
Chic Burlington & Quincy—
Denver Division 1922
4 9753 9834 983 99%
4
9912 9912
091s 9918
99530053 -------Illinois Division 1949.—.354 734 737 7311 7512 -7314 7-- 73 7414 733 76
4
8
744
/37 71% 7212 72 73
8
72 7/- 7113 7512 763 783 7.7; -- 12
2 798
Illinois Division 1949
4 83 84 84 8712 82 837 85 86
85 8514 8212 8312 82 8234 8012 817 80 8018 8012 8312 86 8818 8512 8813
8
Iowa Division 1919, a f
5 9912 991
,
98 98
98 994
— 99% 99
%
Iowa Division 1919,8 f
4 97 97
98 98 -6713 971- -98 11;- -6712 - 3- 98 993 984 9812
2
91 4
4
-Nebraska Extension 1927-4 9114 9114 9112 92 92 161- 9218 92;-6153 Ws; 9138 9132 905 92 9012
.4
8
1
8
90% 897 8978 9118 93 9214 953 93 944
4
Registered
4
91 91
General 1958
4 81 8334 825 8412 824 833 80 83 "ii" 131- "io" WI; -66- - -1- -7634 191- -76- 16- -761- Slit; -621 89*
4
2
61 8
2
8
8
I/1-2
s Option sale.
-7612 76-1;
6
-
-ia- 03 93
"ii"
"io"
THE CHRONICLE
JAN. 4 1919.]
43
1918-Continued.
BONDS
October
November December
August Septenzber
July
June
May
March
April
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Chicago & Eastern Illinois
_ 27 2978 2912 3018 ____ ___ _
_
2818 2814 --------30 30
26 26
25 25
25 28
Refunding & impt 1955 g__4 30 30
2029
28 2812 2812 2918 30 30 _-- --- 2812 2912 28 29
22 29
25 23
Trust Co certis of dep____
100 100
98 101
100 100
6
gold
1st consol 1934
72 72
-_-5
---General consol 1st 1937
---Eerr Coctfs of dcp ---- ---- 70 70
US Mtg
_
do stamped
_
Guaranty Tr Co ctfs(len ---- -11 6 67 60 69 60 - -G
53 56 117-14 5014 8
5.112 5712 5512 5912 58 597 58 5914 5012 Chic Great %Vest-1st 1959._ _4 57 6014 54 6812 54 55
8
9814 10018 99 9931 993 10012 --------9912 9912 100 100 101 101 101 101
Chic Ind &Lou-Ref 1947 g__6 ---- -- 98 98
3
8
7612 7614 825 773 SO
725 7253 723 7058 7212 71
7114 71
8
71
7478 75
7334 76
8
ChicMilw & St P-Gen 1989_4 767 79 ---- -- 77 77
8412 84 8818 80 8612
82 8312 83 84
8112 83 81
79 81
7812 80 80 82
7712 8011 7812 80
4 7612 130
Permanent 1925
70 7712
6034 68 663 6818 67 70
6714 6878 67 6814 67 6912 67 681 1 6714 7312 73 81
4
43 6434 70 673t 69
Gen & ref 2014 A
SO 33
7678 76 80
76
7312 793 78 87 88 94
77
76 7912 74
5 7714 80
7614 79
8
783 80 78 80
Gen ref cony 2014 II
66 66 - --------60 66
331
General 1989 set 13
7712 83 87 8812 8 313 8 -18
6
8 8
8
i3512 83 i
.O1 0 i8013 -- 5 783 80
9
83 8412 8312 8412 8238 8312 8012 81
General 1939 ser C
76 7612
74 81
71 ----- ---- 70 7034 70 71
71
8
707 75
74 74
70 70 -607 -;
8 11
25-year debenture 1934____4
75 84
8
75 8214 8212 89
74 7618 7512 777 7612 7734 7512 78
7114 75
,
7212 75
432 73 751: 7114 75
74 78
Convertible 1932
978978
Chic & Lake S Div 1921___5 97 07
92 92
_
94 94
Chic & Mo River Div 1926_5
9
9
_ _ _ 0797 961 1 97 6.85 - 18 98 -- --8166
_
4
063 9034 _ _ _ _
9512 0612 0613 97 8
,
Chic & Poe West 1st 1921__5 97 98 98 0812 97 97
747 /4
g
-78 7413 7412 --------7413 741: 7513 751 1 7814 80 797 80
8
Chic Mil & Puget Sd 1st__ _4
97199717
6i
- 2
-9 . 9912
I)ubuque Div 1st a f 1920___6
- - -LaCrosse & Davenport 1919.5 98 98
9818 981
95 95 9514 9614 08 98
09 100
96 96
5
Wise 84 Minn Div 1921
9716713 -- 8 9778 9778
6
---- -Wise Val Div 1st s f
85 85
45
Milw & Nor 1st ext
911
8812 887 9))
43", 8114 811 t 8114 8114
Consol 1934
Chic & N West-Ext 1886-19264 89 89
6512 15 ------------------------95 95
-12
4
---- -Registered
72 75
7
70 70
6973 038 6712 6734 6731 68 6773 70 7374
707 71
8
336 7134 713t 7213 731s 70 72
General 1987 gold
71
71
3!1
Registered
8718
112 . , .til2 8212 8414 85
1
11. -'.; ;12 ii
1;2
4 8018 - - 84 8414 83 8412 797 83 803 12
8
811.1
4
-34 8014 --- 805s - 1
8238 General 1987
4
81
81 - ----- ----8018 821 793 82
81
81
Stamped
- ----- ------------10018 1007
0973 9978 -,8
8
9978 9978 0912 997 101 101
5 101 101 102 103
Jois
9978 9978
General 1987 stamped
6
Sinking fund 1879-1929
---- 104 104 --- -___ __-- ---- ---- ---- ---- ---- ---- ---- ---- -___ ---- ------59418 9418
____
Sinking fund 1879-1929
---oa - 6___
5
6 - .7.____
Registered
9512 0612 95 9g 951, 951,
8
9,5 98
5
1.1
Debenture 1921
5 100 100
_Registered
5
-65E3 -- - -6:. 9313 -oi- 97 9518 9518 95 9612 93 93 --------9213 9218 --------93 98
8 - T2
935
1933
.3
Sinking fund deb
5
_
9) 9412
12
Registered
6 101 101
10713 109 106 106 110- 110.16:1 165 Fremont Elk & Mo V Ist
- 6
.
4
4
-1---- 101 101 1622 16212 1003 1003 10112 161 2
Milw L S & W Ist 1921 g
5 ___
8- 9
9
-612 -- -12 --- - -- -08 08 _ _ - _ _ _ _ 9518 96 - --------93 - 9
---- 98 98
1929 gold
6
Ext & impt
6
10213 162 s
_- -1Mich Div 1st 1924 g
4
___
76
76
_ 74 74
7318
7334 7331 7312 7618 7414 741 73
Milw Sparta & N W Ist
02
_-9:3 93 - --------92 --- ---- --- - 92 931: 9312 03 -------12
St L Pc° & N W 1st 1943_5
- 7 111 151: 743 76
4 74 7612 7012 7724 73 1i18 -7,- 1
3
727358 7212 77
78 8414 79 813
7312 747 7312 7412 7412 76
4
8
C It I & P Ry-Gen 1988 g
4
3
712 7138
Registered
6212 6434 -6334 051- 6518 68
4 65 6818 6412 67
7314 8014 7., 76
6814 6914 6812 74
4
6612 GS
gold
663 6812 67 69
-2
Refunding 1934
70 71
80l
70 70
20-year debentures 1932...„5 66 66
62 62 -02- 627 627 6714 65E4 --71
3
7
- -18 63 --- i012 -67 71
6712
3
It I Ark & Louis 1st 1934_43 6278 63 62 64
951..95
96 96
5
13url C R & Nor 1934 g
95 100
__-gen 1919 b
-6'7 07
Choc Okla & Gulf
5
93 93 ____
Consol 1952 g
57 60
70 65 69
_ 66
_
61 63
60 60
Keokuk & Des Moines 1st 5
59 59
59 6112 6112 6112 65 69 68 - . (1712 59 59
--6869 69 72 69 7113
6712 (ii
Wits 6712 681 _-6812
St Paul & K C Sh L
103 103 10412 10458 1053 10612 1045 10518 1017 10514 10118 105 -------- 103 106 110 112
102 102
_
3
8
4
Chic St P Minn lk
8512 8512
3:
Cons Gs reduced to
8518 8518
5
-667.
3
Debenture 1930
1001.1 10014 10018 10014 iiiiors 16614
.578
7: 99 4 e.; 9 2 j 14 912 93 90 90
'
)
i(iii- 166- ii - 166- -9 . 96 8 883 { 24 88 4 (( 0 90 100 102 102
2 4 X
)
St Paul & Sioux City 1st 11_6
5
95 95
Superior Short L 1930
58 58
Chic Terre II 84 So E-Ist'60_5
- 2
-- - 7
'10312103 2 165 10.3 105 105 --------------------------------10213104
-- 1
Chic & West Indiana-1932..6 10312 1031- 10312 10317 10312 164
6512 6658 66 67
4 64 66
8
6412 67
6512 6534 6513 657 652s 6538 6238 6358 62 70 62 67
64 6618 6533 66
Consol 50-year 1952
Cin Ham & Dayton79 79
------- -Dayt &Mich 1st cons 1931 43.
6314
60 6212
7112 - -12
6618 69 7458 7
1";:i14 64
71
61
6512 - 18 6212 - 334 65 .12 64
6218 62 6312 62 -Cloy Cin Chic & St I.-1.993_4 59
69 72
436 6812 7012
6514 7412 7412 7512 7513 7612 ___ ____ 7712 7712 7712 7712 ____ ____ 6813 8312 80 8112
20-year deben )931
8614 8614
5
SO 80
General Series II 1993
62 65
Cin Wab & Isiich Div 1st'91_4
64 64 63 6334 64 64 63 68 --------------------- ---- 6034 70 .. ;73 VC
6
05 - - ;
(
St Louis Div 1st 1990
4
67
7114 7114 07
Registered
0999
Cin Ind St L 8c C cons 1920_6
CCC&I gen cons 1934 _ _6
6
4
1003 10034
Registered
:46 477;
-9
5
515 - - i2
5.5i31 - -1 34 40 50 50 501 --------58 - -- - 60f.
--- 5831 -- -Peoria &East 1st cons 1940_4 47 5112 50 50
1
4
12 1618 ----------------3
_
13 -------- 1213 13
13
1212 1i 13
Incomes 1990
-15- ---- -10-- ---- -Trust Co certificates..___
8
897 90 90 91
Cleve Short L-lst 1961 gu.43i 88 00 8812 8312 90 90 85 8512 8618 8618 8618 87 8718 90 --------8313 8312
8 ---- -4 6
8
7
Colorado Midland-1st g
---712 712
4
518 53
____
Co certfs of deposit___
Trust
8
8
s
4 8234 84 8312 8614 837 86 8378 8418 85 86 847 8514 85 8553 8512 8538 837 85 85 87 8178 91 8412 89
Colo & South-1st 1929 g
8
7712 822 78 81
7318 713 77
3
7312 71
4
4
43", 66 73 687 7012 6714 70 68 703 70 7214 703 71n8 702 7212 71
4
Refund 8c eaten 1935
9618 0818 9512 97 *9312 0812
_
8
9618 93 96 97 003 97 ---------------- 9934 9934
Ft Worth & Den City lst.-6 96 06
Delaware Lack 8c Western___ ___ --_
_
7512 7518
__
_
747 747 7412 7412
/
Morr &Essex Ref 2000 gu_31 4 731,3 7318
_
-- -0 - -12
iOi 161 ----- ---- 101 101 10- 101 102 102 102 102
.
NY Lack & West 1st 1921_6 10058 10212 10153 16Z- 10112 102 - 102 102 10113 102
08 08
5
9
957 957
03 - 6 .95 90 95 95 --------98 94
8
8
Construction 1923
4
4 933 9324
impt 1923
Terminal &
Delaware 8c Hudson
.
_ 94 94 --------9353 9412 ---9338 9338
---- -- 9314 9314 9314 9314 94 94
-1st lien equip 1922
8212 8312 413,1 8612 8012 821 1 -8173 - - 82 8512 8118 83 _---- 79 8034 i
80 80as
4 87
8512 86 8358 8 12 -4 83 88
834
1st refunding 1943
8
5 8712 90 8712 89 8512 8612 86 861.1 88 8812 8813 885 867 8312 --------8614 851 8614 9014 907 9312 9518 9713
8
8
1935
Convertible
7512 76
8
_
7712 7612 7613
71
7512 72 7312 7314 7314 7123 713 7214 721 1 ----- ---- 7214 7221 76
Alb & Susq cony 1946 g--31't 74 7412
10112 10112 1033810338
Reuss & Saratoga 1st 1921_ _7
Denver & Rio Grande
6711 CS
665g 68 63 67 6.112 70
70 77
72 7412
4 6012 69 64 0634 6414 6512 63 (15
63 67 67 69
lit consol 1936 gold
72
8
7113 76
797 80 77 77
7118 --------7112 7158 71
71
68 71
43-f 63 71
Consol gold 1936
82 90
-- 73 7412 72 72
70.13 7038 77 81
8
7534 72 747 70 70
12
72 7412 74
Improvement 1928 gold____5 76 7631
521 54
6412
56 621 61 63 .5 12 - 53
53
5 49711 5112 4814 50 49 5012 487 501 1 5013 56
,
51
8
51
517 56
3
lit & refunding 1955
5114 5114 ------------- ----50 50 52 56
Trust Co certifs of depos_
6712 64 6414 6312 65 64 65 6313 66
7222 7112
3
63 64
6S7 15
4
6612 67 61 65 6363 63 64
Rio Cr West 1st 1939 e
51
50 50 --------5034 51
51
55 55 61 6112 59 59
50 55
50 51
Mtge 8c coil tr A 1949 g___4 52 55 52 54
7612 7612 76 7628 73 757 75 7712 77 17
8
807 837 83 8353
8
7513 7518 73 75
75 79
77 77
,
Detroit Term Tunn 1961_436
9712 9712 9634 9634
Dul Missabe &Nor-Gen 1941.5
10034 10034 - .11 9414
97 97
Dui & Iron Range--Ist 1937_5
82 85
87 87
---- ---- ---- ---- ---- ---- --- _--- -___ -__- ____ __-- ---Duluth S S & AU-1937
_ ____ ____ -_ .
_
99 99
90
Elgin Joliet & East-Ist 1941_5
7 ioi- 16f9312- -- ------ ---- -- KO- 166- 10018 101 10014 10012 10014 10014 --------100 10012 100 10012 100 10112 16612 1002;
Erie-1st consol 1920 golti
781 78i
78 78
---- ---N Y & Erie lit ext 1947 g..4
9018 96%
--- _
_
2d ext 1919 gold
43i 9312 95
3d ext 1923 gold
1003810038
N Y I. E., 8c NV fund 1920_ _ _7
6612 687 65 66
67 69
79 7 7 - 12
Gi 66 6078 6512 --6 8 ii
6612 - 0
7
66 66 --- 6613 - -- i0 -66 69 67 6712
8
1st cons prior lien 1996
4 4912 5711 51 5318 51 5212 5114 5334 53 57
5234 537 523 5958 58 6112 53 60
8
4
4
63 55
.
5334 543 53 54
lit cons gen 1996 g
g_4 7812 73 7812 7812 7812 7812 7312 .7912 8134 86 80
7312
7514 7514 76 76
77 79
7712 7838 78 78
Pennsylvania coil tr 1951
4 42 4818 44 46
4712 5211 5112 53 47 5312
4212 4534 44 4458 45 4914 4712 50 48 4938 4712 4912 4712 49
I
50-yr cony Ser A 1953 ,
4431 46
44 46
59
51
4012 63
44 45 4434 4911 4712 4978 48 49 43 4938 48 4914 4712 52
50-yr cony Ser 13 1953g. ____4 4212 49
4812 51
5134 5212 507 5338 50 55
5212 62
50 5814
4912 51
8
52 54
8
8
4934 5012 497 5334 525 54
Gen cony 1953 Series D____4 4914 56
93 90 02 88 88
f.2 se
9118 96
91
93 93 90 90 -------- 82 82 88
4
5 90
873 83 91 93
Chic & Erie lit 1982 g
10:12102 99 103
9813 9812 100 100 ___ ____ ____ ___ ...._ ____ ____ ___ 08 09
Erie & Jersey 1st if 19S5..6
Genessee River lit if 1957._6
108 lOS
6
Long !rock cons, 1935
6 103 10i- 103 103
Cool & RR 1st gen 1922
s Option sale.
6.6 -6-6-i, 66.2 6.2 65i, -0-6-12
-
-ai-
a
THE CHRONICLE
44
[Vol... 108.
191S—Continued.
November December
October
August September
July
June
March
Awn
May
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BONDS
Erle--(Concl.)
4
4
N Y Susa & W 1st ref 9—A 74 75 743 7434 _.— ____ ___.,. __ 7453 743 80
Terminal 1st 1943
General 1940 g
5 ___ ____
Wilkes &East 1st gu 9
80
75
77 ----------------81
81
78
78
78
a -6.i. ------------------------63
63 66 66 6513 6512 6513 6513 67 67 _-_- ___- ----07 07
82
8112
-- --------8112 --- ----------------8153 -- -12 8212 8212 Hi
81
--------------------------------81
80
0612 9513
1 9 3 9312 94 94
9314 9438 9373 9412 9312 04
8
9253 0438 9234 94 92 93 9213 927 9253 94
-_
933 933 9312 9312 -------93 9312 9414 9414 -: 4
4
0213 9314 __
___ 913 92 9213 9213 923 9314
-3
4
_
87
8678 -- ----- ---- 8614 873 88 87 4 8513 8812 89 9212 80
8678 8678 8812 90
89 88 88
8612 8'714 88 -
80
---13
80
963
8
-- -13.
92
4M
Florida East Coast 1st
5
Galves Hous & Hen-1st
4
Gr North—C 13 & Q coil tr
4
Registered
1st & refund Ser A 1961-4X
4
St P Minn & Man 1933
8
--1
- -6 -------- ----------------108 108 - ----------------------------------------106 10 - 111 11 - ---1st cons 1933 g
-34
4
913 9212 92 9212 Out 9 14 --------92 95 0112 9112 943 64
4
4
3
Reduced to
43 9334 94 933 933 9353 9358 9312 931 931 05
4
8312 8334 -------- 8153 8312 --------883 8914 90 00
- ---- ----84 84
4 8112 8112 817 817 8178 8214 85 85
3
8
Mont ext 1937 9
East Ry Minn No Div lst...4
-- Minneap Union 1st 1922_6 ---- ----------------------------10014 1001 ---- --- __-- ____ __-_ ____ ____ ____ -- ---- -- ____ ---- ---_
Mont Cent—lst guar 1937 9.6 -------- ----------------------------- ---- --------10518 10518 --------10458105 --------108 108 ---- - --8
-1st guar'37 g.._5 ----------------9253 925 9312 9312 ------------------------05 95 95 95 _--_ _ __ __ ---- - Mont Cent
4 9
818
712 71 --------712 - --------83 -918
__
7
__ --- -- ____
Green Bay & W—debctfs B___ ____ ___ ____
76 76 - ------------- ----8173 83 33 83
77 77 78
757
3
7
8
75 75
83 78 -- --------7613 -Gulf & Ship IsId—Ist 1952_5 81 83 8512
74 80 82 86
75 7512 75 76
7614 77 76 77
75 7612 7478 78
7512 76
7513 76
Hocking Vail-1st cons g....4M 7513 78
435
,
Registered
75i3 -- .12 - - -- -- -- •--- -- -. 7
3
4_
Col & MV 1st ext 1948
--- ___- _--- ____ ____ ____ ---- ---Col & Tol 1st ext 1955
_ 85 85
_ _ _
_ ___ ___ ______ _ _ ___
_ - — --- __ __ ____ __ _ __
5 .. _ _ _ -Houston Belt & Ter—Ist
03
0 93 --- 88 ---13 93 91 9112
89 -- 9
9 14
3
87 ----------------9314 --95
-7 -I linois Central—lst 1951 g
4 95 95 05 --- 8
4
77 /7 -----------------753 753
1st gold 1951
iM
7912 80
7912
3
4 74 77 78 78 . 78 7814 7213 7758 ----------------777 7778 ---------------- 76
Collateral trust 19529
8
8
815 Si 837 85
,
7712 82
3
4
7812 797 783 7912 7712 781 i 73
8
4 79 8018 82 83 8013 813 79 80
1st refunding 1955
70 70 70
70
71 71:...- _-. Purchased lines 1952____33 ---------------81
77 62 '7112 - 12
3
77
7113 7412 74 7414 72 Vi.; 73 4 74 7412 7412 7612 75 7612 _____ 7414 7618 7412 75
LNO&T19539
472 72
Registered
478
1
ii ---- ---Cairo Bridge 1950 g
3M --------71 71 --------6413 6418 6514 6514 _--- --- 66 6618 --------6414 6414 --------7312 7312 ---- ---Louisv Div 1953 g
3
Omaha Div 1st 1951
62
-1
_ __ __ (2 - -_____ ___ ___
__ _
1951_3 --------62 62 62 62 __
St Louis Div & Term
4 65 4
63
.
_
St LouisDiv &Term1951_3M --------63 63 --------83 -- ------------------------653 -- -3 --------65 651 ---- ---- -:::r
80
4
---------------- --------7813 785 783 783 --------75 75 ---------8012 -- -12
4
4
West Lines 1st 1951 9
-- — 79 79
-9533 96
_
3
Chic St L & N 0 1951 g..........5 --------98 98 97 97 ------------ -------------------- --------947 06
..
5 _
Registered
____
_ ____ ---- ---Gold 1951
95
14 -6 9212 9313 90 94
6
-- - 8
4
88 87 81 853 8612 8512 ---14 8513 86 85 8518 9012 9
91 8514 8512 --------88 -0
Joint Ist ref A 1963
_4
Memphis Div 1st 1591
--_- -- _-_- ___ ____ ____ -- _-__ -- --8
0
--------80 --- ----__ ____ _ — ___ ____
-St L Southern 1st guar4
---------------- ------------------------04 9512 9512 96
_ 915 92 -------- -93 931 ---- _ 8
Internat & Gt Nor—lst'19 9_6 90 90 _ _
6212 65
8
-13
_
4
6112
Kansas C Sou-1st 1950 9..... _ 3 58 5958 60 --- 583 60 59 60 -------- 6112 6212 54 60 60 613 5914 5938 6113 612 62 65
8353 9112 84 87
77 81
8
7812 7912 7812 7012 7712 785 75 78
7713 80
7512 78
75 77 7414 76
4
Refund & Improv't 1950_ _5 733 77
7112 7612 7673 8312 80 82
78
75 76
7453 751 741 751 7 1 78
73 751 7212 7312 7113 73
8
753 765
4
Kansas City Term—lst 1960.4 7514
88
8912 8912
_
_
8113 9058 85 92 -- ---- ---- ---- ----8312 8312 -------- --------85 85 85 86 86
5 78 78
Lake Erie & W—Ist 1937 g
803 803
3
8
_
. _ __ __ _ _
....
____ ___ ___ ___ ___ .._
_
__
North Ohio 1st gu 1945 9_5
8
— 847 ---- 8412 92 ; 92
- s 847
85
4
943 943 94 94 8712 Lehigh Val (N Y)
-1st gu--4M __-....- 4 __-_-- --- 8712 85 85 ----------------85 -- - ---77 77
8153 817 80 8012
75
76 77
8
78 78 ----------------7413 7418 75 -4
-2003g
Lehigh Val(Pa)
88 88 --_—_ 85 87 891 891 91 92
88 88
8
4M 90'1 901 903 903 8713 871 87 87 --------88 88
General Consol 2003
_
6 100 100 ----- ---- 103 103
-----------------------------06 -0
_
_
Lehigh Val Term-1st gu g5 ---- ---- ----- ----102 102 - -----------8
Lehigh Val-10-yr coll tr '28 9_6 --------------------------------------------------------9814 99 973 985 9813 101 100 10314 102 10314
993 9934
4
--------------------------------99 99 ----- ------------100 100
0014,10014 9634100
Lehigh Val Coal-1st gu 9_5 1(5014101
Vi
--
93 6
-613 96 ----------------------------------------93 - - - . 5
_
-,- 941
Long Island-1st cons 19319_5 9J4 - 75
4
3
8
4 ----------------------------- ------------715 715 7153 758 713 7212 --------74 74
General 1938 gold
4M
Ferry gold 1922
71 --------7113 7118 ----------------78
4 ------------ ----------------------------71
Unified 1949 gold
5 97 97
Debenture 1934 gold
7612 7 .
15
.
7.'
7212 ii 70 ii ii ii iii 'id '
71 7
5 72 75 75 71 74 /4: 73 /i ii 20-yr deben 1937
80
7414 75 ...--__ 7213 7218 --------80 80
4 '7913 7912 ----------------73 73 75 75
Guar refund 1949 gold
"9
6 __—
7912 81 61
-; .
8
76;8
.
7/12
7812
-.
84
7714 79
- 921 9213
-- ----- ---------------------------- 90 66 ------------------------01 91
9
6
Louis .Sc Arkan-1st 1927_ __5 iii4 - . ---- -90.
. ii
8
8
8
810958 1107 1078 1107 1107 ----------------111 111 --------108 108
--------109 109 1005
Louisville &Nash—gen 1930
-9-6 109 1093 109 109
4
9418 9418 - — ...._ ___- ___ 9313 9318 -------- 93 93 94 91 100 100
5 9334 933
4
Gold 1937
8614 8912
8513 90
8412 8113 87
8
-51 - 8 8412 863 83 8412 8313 8412 81
883
8312 8412 8
Unified gold 1940
831 83 6574 8512 875 853 _ 93 23 06 9612 0812 9812 ---- --.99 - ------------- ------------96 96
Collateral trust 1931 gold....5 99 99 - ----- ---- 9_
160T81:66 ..... ___ ___ ___ .... .... ..-- ......
18
6
E H & Nash 1st 1919 g
.ioo 161 ----------------10113 11Tit2
__ ___ ___ ___ ____ __ ___ ____ ___ ___ ____ ___. —
___ __
6
N 0 & Mobile 1st 1930 g
6 1C1018 10018 ----------------------------------------10014 10014 11)11210112 --------100 100
St Louis Div 1st 1921
------------------------5713 5718
....... ..— ___ ___ ____ --- ...— ..... .....
58 5814
3
2d gold 1980
82 83
79 83
'7
--------7413 78
79 '71 771 7712 7712 74 74 773a 7712 80 8018 78 78
Atlanta Knoxv & Cin Dlv__4 '
----- -------- 9513 9518 95 95 --- —.
Atian Knox & Nor 1st 1946_5 ------------------------------------------------9513 9518 _.
Henderson Bridge 1st 1931.6
4
74
73
;if 73 -- - ----------------743 743 75 75 ____ ____ 78 -'8 _Kentucky Central 1987 g---4 ------------ ------------74 9212 94 93 93 90 9312 0012 905 9113 9414 93 9512 ---- —..
Lexington & East gu 1965-5 13 93 ---- ------------93 96 9512 06
85
---------------------------------------------------------.8313 8318 -------- 85_
_
L &N &Mob &Mont 1945 4m
_
L & N—Sou-Monon joint_4 ------------ ------------6714 6714 ____ 6812 6812 ----------------6714 6714 ---- ---- ---- ---- --- ---_ _ 95
_ __ _ _ _ _ _ _ _ __ ...:_ ___ _ — — _ .. _ _ _ _
4
Nashv F & Sheff 1st gu _ _ _ 5 963 9634 _
14
- -12
6
1021210212 --------------------------------10112 101 --------------------------------10114 101
Pensacola & Atl 1st gu
5
So & No Ala gu 1936
5 9313 9313
Gen cons 1963 gu
Louisv 8c Jeff Bridge—gu__4 ---- -------------------------------------------- 60
4
7
i(14 104 ------------------------10 104 101 101 _ - ___ - — ---- ---- ---- ------ — —
Minn & St L—Ist 19279
-14 72 75
7814 7812 --- - —
7114 71
76 79
74 74
4
74 7414 74 793 74 78
5
1st cons 1934 9
52
48 5312 45 45 4512 4412 453 45 48
45 46
4518 46
4213 431 423 46
42 44
43 44
4 41 46
1st & ref 1949 gold
8
3
----45 46
457g 457 443 443 41 41 - --------50 5014 4713 5013
8
46 46 - ----5
43 43 40 42
Ref &eaten 1962 Ser A
80 8312
813 82
4
8112 8112 ----------------7812 7812 78 78
81 81
78 81
5 7873 79
4
753 8018 80 80
Iowa Cent 1st 1938
46 52
45 49
45 47
4 4153 4614 43 4412 42 45 4013 4318 4212 4518 4318 4413 4313 445 13 461 45 46
• Ref 1951 gold
8
857 8514 00 88 8911
813 81
_
843 8412 -------- ----- ---- 80_
3
M St P & S S hi—Cons'38 9-4 8312 8412 8312 8612 8433 8438 8412 8412 86 86
_
9412 0412 -------- -9713 0712 100 102
5
1st consol 1938
_ _
__
_ ___
_ _ 9453 --9451
4
III S S M & Ad 1st 1926
. 67 6978
69 68 774
- -14 67 - 62
3
Mo Ran & Texas 1st 1990 9_4 6012 6214 6012 6214 6053 63 6018 63 61 6418 6012 6112 6013 6112 611- 62 62
301b 351:
36 37
3314 35
4
30 3012 303 3?.
31 3212 3113 3112 30 30
28 29
33 34
2d 1990 gold
4 35 35 3334 35
33 3312 _.. _—. 283s 32
3112 3113 ----------------30 30
25 31
28 3234 2712 28
32 32
34 34
Trust co receipts
5
1st extension 1944 9
-- ____ ---- — —
Trust co receipts
40
.
40 40 _____ 4212 45 ----------------40 40 --------40 13 11 - ' __ _ .
4
1st & refunding 2004
.
42 ------------------------------------------------ 41 41
T
--------3253 3412
263 2712 2514 212 26 2612 2633 212 32 321
4
----4
3
4
General sink fund 1936 - M 27 -- ----- ----30 30 --------27 29
.
2612 27 27 - --------325s 323,
5 2514 26
26 28 -------------------------------- 2
30 32
28 28
Trust co receipts
Kan C & Pac 1st 19909
rust co
---------
..... ____
receipts
Ttu,t co receipts
double
do
M K & T of Texas 1st gu g_.5
Test & 0km 1st gu 1943 g_.5
Missouri Pacific (slew co)
5
1st .e.c ref 1965
5
1st & ref 1923
5
1st & ref 1926
4
General 1975
Missouri Pac-1st con 1920 9_6
4
40-year gold loan 1943
Pac of Mo 1st eat 1938 ft....A
St Louis Iron Mtn (.3c So—
Gen cons ry F.: 1 gr 1931 9-5
4
Unifying & ref 1929 g
Ely & Gulf Div 1933 g4
----------------41
- ____ ___ 5012 8212 50
- ail
ioC2 1612 ---------5213 16
-
85
9114
4
873
583
8
983
4
84
90
8514
574
983
4
4-9
40
5618 52
40
55
51
53-
5014 51
--
85
9012
8912
5513
9812
86
92
90
593
4
9912
8373
91
89
5712
9914
84
92
90
59
0912
803
3
90
8613
56
9912
8
827
9114
8778
58
0912
79
00
87
563
3
09
80
80
79
80
80
80
7812 7812 ___ __ — ___ 7912 7912 —_—_---__ 7912 31
81
8
905
88
8
577
0918
81
9014
8712
5714
987d
82
9114
887
8
5914
9918
4
9012 9414 9314 9412 9212 9518 92 93 923 94
7353 75
7212 75
73 74
7312 7412 73 76
6318 6912 6812 70
6612 69
69 71
6912 71
3 Ontinn gale.
837
3
90
8712
5713
09
84
9034
88
5818
99
84
9013
8713
573
4
9S3
s
85
905
8
8778
5814
4
983
81
3
897
8514
56
98
81
90
867
8
58
9812
82
00
863
3
563
4
4
983
853
s
9214
9112
62
99
55
- 58
86 893
4
923 9512
4
9212 94
613 67
3
00 3 100
,
8812
9413
9312
625
3
9./13
891.:
96
931:
65
993,
--------8412 - - -1:
84
9312 93 9334 9513 9614 9553 98
91
91.1 1 933 9112 04
4
9213 94
8
3
.1
7453 7538 7412 7634 7413 763 753 7612 7934 815 81 83 SO4 821:
76 7.35
7113 717 68147O18 6812 7538 7453 77
8
70 72
693 72
4
THE CHRONICLE
JAN. 4 1919.]
45
191S—Continued.
BONDS
January February
March
June
July
April
May
September October
November December
August
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
10212 10212 10212 10212 101 10212 10112 10112
10112 10112
Mobile 8c Ohio—New 1927 g_6
92 92 _95 6
61
---1st extention 1927 g
4
6512 6512
---- -__- 65 65
71
---- 7012 7012 71
General 1938 gold
78 78
Cairo guar 1931._ 4
---St L &
---Nash Chatt & St L—
9618 957 100 100
5 8 101 -- -- - 10014 101
0712 9712 0778 9912 _
8
I st cons 1928 gold
_
3118
30 30
Nat! Rys Mex—prior 1 1957_435
21 - if
Mex—Ist cons 1951 4
Natl RR
6 2 03 2
63 63
63 04 - 1. - 14 10 -4 ,
6i 623 62 4
05 65 63 YO- 69 69
New Orleans Terrill-1st
9212 N
93 933.1 9234 9312 9212 9312 9212 9212 92 - 91
94 0712 96 9712
4
NO Texas & Mexico—Ist A__ _6 92 9214 94 9412 93 94 933 94
45 4712 4618 4714 4512 4612 45 4912 48 51
5 40 46 45 48 46% 49% 45 46
54 5712 52 57
48 54
Non-cum income A 1935
8
9112 9334 927 933.1 93% 94% 93% 95
93'2 9412 9334 9414 93 9414 933 083 98%103 2 J75 10114
4
8
RR—Deb 1935___6 233 9412 93 94
,
N Y Central
6 9212 0418
9134 0134
Registered
69 693 69 70 69 75
693 71
4
7312 74
4
4 74 7434 73 74
71% 7312 7118 7334 74 75
75 8212 7612 ‘812
1998 series A
Consol
4
7712 7712
Registered
77 797 7712 84
8014 8153 80 81
8218 8118 833 8418 8114 83 8212 85
80 83
8
8
8314 87 8 82 8512
,
Ref & impt set A 2013____435 80 82
N Y Cent & Hudson River—
7418 72 7214 71
70 69% 72
7214 7014 70% 70 7111 70
7534
6933 71% 69 7012 7014 7212 75 76
71
Gold Mortgage 1997
33 71
70 70
6653 66%
701 7034
,
335
Registered
7818 81
8
78 8112 767 78
4
7718 7712 7714 777 771g 82 -8112 8912 8412 - - -8
8
9
.1 79
7614 7712 743 78
78 79
4
773
Debenture 1934 gold
_
—
79 79
4
Registered
_ 61 61% 6134 6012 6312 7118 . 8T4 - - - 7 3 73
68
G
713
4
61 6414 6414 65% 64 6512 64 6514 6413 6412 64 64 62 6514
Lake Shore coil g 1998-335
_-_- 61
_
_
61
62 6012
Registered
33'6
6316313 64
6212 63% 6334 633 ____ --_- 6312 6312 6312 - 2 64 64
4
_ 63 63 6913 6918 0918 601;
3
Mich Cent coil g 1998
____
---8614 8614
4
Beech Cik 1st gu, 1936
7214 73
_
72 72
_
7318 7318
Mohawk &Malone 1st gu 4
---- 7012 7912 ---____
9558 - 955
8
N Y & Northern 1st 1928_5
7412 7412
773 - 4
4 7734 7213 7334
NY & Putnam 1993 g
9514 0512 9512 9623 90 96
9658 98
- 4
9814 913-1- 08 98
Rome W & Ogd 1st cons__ _5
---9614 9812
6714 6714
72 73 83 83
Rutland 1st cons 1941-436
---- ---63 63
60 60
4
_
603 603
4
4
Og & L Champ gu
_
---4 70 70
Rutland-Can 1st gu
---92 94
---Utica & Black River gu_ _4
4
4
73 7312 713 713 72 7-1 - 73 7214 733 70 7212 7012 717 71
id
73
72
76 - ."
72 74
8
335 7314 757 72 74
4
L S Sc S gold 1997
7212 7212
73 73
71
71
71
71
335
Registered
851g 8658 83 8512 82 84
8414 8712 8412 86
4 8i84 8612 84 857 85 8512 8514 87% 877 9214 8833 - -161 2
8
g
Debenture 1928 gold
4
8012 8912
Registered
4 82
"
-7
4 84 85 84 8612 -8212 83; 813 -- -1; -82;3 - 8
i- 83 842 8312 8412 84 8412 84 14 8 82 - S- 87 92% 88 90
-73
1
25-year 1931 gold
92 92
5
9812 9812
Michigan Cen 1931 reg
4
74 7412
_
7 8 75
4
1940
7234 74
7312 74
7414 2
76
74 8012 7712 7833 7812 8112 -8 .1-2 88
84
.3
-- 84 20-year debenture 1929_4 861- 8012 75 77
752 78% 79 82
8118 82
7612
77 77
76 78
7612 80 81 8712 82 82
NYChic&StLIst I937g 4 82 82 8012 82 78 78
62 62 63 04 64 64
61 61
0312 68 66 7412 7112 7212
63 63 65 65 63 64
4 61 6312
25-yr deben 1931
76 7712 761i 79
7673 773 77 79
7311 74
73 77
4 77 80
7314 75
72 80
7112 74
7978 8258 82 82
West Shore 1st 2361 gu
7l1
--- 7312 7412 7212 76
70 7631 7212 75
711. 70 75 2 78 80
1
72
4
7812 7812
7112 7112 71
,
Registered
—
8512 8512
7718 81
81
81
90 90 88% 89
N Y Connecting-1st 1953_435 868 88
NY New Haven & Hartford—
5012 5012 50 51
— _
52 52
51
51
51
51
59 62
5514 5814
Non-cony deben 1954—.335
55 55
Non-cony deben 1947____335
-ill- 11
-4
60 60
Non-cony deben 1947
—
4
58 58
Non-cony deben 1954
5512 5012 573 60
52 52
4
4
60 6118 59 60 59 107 5834 583 59 63
8
.1
Non-cony deben 1955
5513 5583 56 57
4
56 58 60 16- 59 61
56 5912
59 59 60 60
55 593 5912 60
4
Non-cony deben 1956
5118 6114 5113 53 53 60
— -- --- -- ---- -52 54
54 55
5312 56
55 58
Convertible deben 1956_335
84 86
8334 8634 84 8614 "- 90 87 88 82 87 83 8812 8818 00 857,8 9324 92 95 01 94
84 86
8ii2
Convertible deben 1948...
6
Registered
8312 8312 8312 8312
60 60
- Consol fly non-cony I955 4
733
_
733 - 4
69 73
Harlem R St Pt Ches 1954_ 4
4
60 16 - 69 - - 66 683
6V
4
Cent N E 1st 1961 An
46 4912 4734 41 45 4712 4514 47
52
13
-- 5212 53
4713 51
51 - - '5412 5818 5913 6512 5312 5813
5212 60
NY Westches & Bos
64 6018 6813 681 6818 6812 64 6734 64 6512 65 65
64 6414 6312 6312 6313 63.2 66 68% 68 73
70 71
N Y Ont Sc W —1st g
4
---- -- 60 60
General 1955
5 61 6312 6312 64 60 6312
601g 6018 62 63 6173 65 65- - - 654 6533 -65Es - -1
6533
67- -67- - - 8 -6/ W9;
685Nonf South-1st & ref 1961
8278 8412 8112 8112 815g 81%
5
Norf & South 1st 1941
--- - - -106 106
100 - 166-- 10514 165 4 -- - - - - Ilia- 166- 106 10812
- .1Norfolk & West—Gen 193I__6
6
New River 1st 1932
105 105 106 106 1063 10634 10718 1071s
4
4 83 85 8314 85 8112 83 82 8312 8112 844 80
-861-2 - -1 4 80 8012 79 8012 7913 8512 87 8812 84 8912
N& W Ry 1st cons 1996
8 -34 7418 7418 7412 7612 757 7612 7573 7578
8
Divisional 1st lien
7813 7818 71
8
7612 78
7412 745 78
76 807 8412 8514 85 851i
8
435 10514 10514 10512 10512
---- 105 105 104 105 10312 10312
10412 105
Convertible 1938
3104%
---- 1043
---8
1063 10853
10-year convertible 1929..6 __-- -joint.4 8314 85 8518 8518
7613 76 76
80, 81
8
Pocahontas C & C
7813 797 --. - -- 7612 8
---8312 8312 84 863
4
Scioto Val 8c N E 1st guar4
7812 7918 7712 7712
---- -- ---- -78 79
72 7412 76% 80
Northern Pacific—
4 8312 84% 82 8431 797 8112 7912 81
3
7931 823 797 8112 801i 8112 801g 8134 793 813 7934 8514 837g 90 833 8812
8
4
Prior lien 1997 gold
8
8
4
4
80 80 -783 7912 783 7834
4
Registered
4
79 7914 ---- -3 5912 --1 2 -5912 61
57 5912 -?}iiis 578 57 60, 5812 5914 5918 61
61
General lien 2047 gold
58 5912 57 58, 5812 6014 593 6414 8014 62%
4
8
3
Registered
58 58
---3
85% 8538
Refund & imp scr A 2047_435 853 8538
-8. i8858 -8: - 83
-2
3
8278 83 8312 9018 -;61 Vi5
---4
1996
74 74
St Paul-Dul Div
75 75
s
102 102 1025 103
6 102%1027 102
- -7
St P & Nor Pac gen gold_
101 101 ioi- 103 la 78103;
1008 1011
W P & Dul 1st cons 1968__ A
---77Is 7718 76% 78
Nor Pacific Terminal—Ist_6
41083
8
108%1083 1003
8
107 107
---1027 73
75
72 7258 7218 7212 73 74
72 7312 71
Oregon Wash—Ist & ref 196E4 71
731 1 7112 73 -. ) 5 - 72- 6514 7810 77 8012 78 791.
83 83 82 8412
Pacific Coast Co
-1st gold_ 5 90 90
3
877 88"
84 84
Pennsylvania 11R
.- 4
951, 9514
1st 1923
9314 9314 0312, 9312
100 165- 100 100 100 100
Consol 1919 gold
100- 16688"
4 88 "
Consol 1943 gold
88 88
88 88
-961- - 14 66 4
-3
4 88 90 8712 87;
Consol 1948 gold
85 87
3
02 9218 8713 90,
-- 8412 8518 84 85
8-3 85 8334 84
4
stamped $ bonds
4
853 8534
435 07 99 9714 9812 0578 98 96 0712 0612 - - -18 -053 161; -1y-;2 16 9412 95 927 945 937g 9512 07 99% 937
-4
Consol 1960
.97 810013
,8
8
4
435 8912 92 8912 9118 89 007 883 8958 887 9034 867 8912 863 89 8618 87 857 8718 857 9114 91 96% 88 931.4
8
General 1965
8
8
4
3
8
4
Allegheny Val gu 1942
_
85 8712 ---- -4
Philo halt & NV 1943
875 8753
8
435 97 9714 07 98 97 98
0613 97 968 971,
4
Pennsylv Co—gu 1st g
- - - - 6818 Vir; -6612 - 985
8 -.
. 9i- 967 98 97 973 -9714 0814 9714 9812
8
9534 96
435
Registered
9712 9712
---7414 145; 74% 78
335 70 70
Guar coil ctfs 13 1941
7612 4 612
----,
84 "8"f 84 84
4
15-25-yr guar gold 1931
8712 8712
8212 8312 8218 82%
4
Series E 1952
Guar
_ 84 84
------- ---Cleve & Pitts gu 1942 A..45
0634 -- 0634
---- ---Grand Rap & Intl 1941._
---81
8418 841
- ---- ---- 81
4
Ohio Connecting 1943
---78 78
---- ---P C C & St L gu 1940 A___435 ---9213 0212
9112 - - - 2 ---- ---- 9134 9134 -. lily -- -12
9210
93
9312 95
435
Guar 1942 Series B
0112 9112 ---- 9212 93
_
4
888 s88
Guar 1945 Series 13
---8
---- 887 88% 90 90 9013 91
335
87 87 ---Series E guar 1949
-- 88 88 _--89 90 9012 9012
_
4
Series F guar 1953
91 91
- ----4
Series G guar 1957
8873 888 90 90 91 91 ---92 02
4
873 8734 88 88
4
Series H guar 1960
88 88
8813 8812
00 90
435
Series I guar 1963
93 93
05 -"
95
:435
Series J guar 1964
95 95
---5
100 106Chic St L & Pitts cons
1061-2166 2
- 1- - -19 2
8
---3
7978 8112 8112 8258 80 11 4 80 8112 80 81
Pere Marquette-1st A 1956...5 80 82. 803 8112 79 81
79% 81
379% 8412 84 90
Si's 89
6212 631 65 65
4 65 65
6418 05% 64 66
1st Series 13 1956
65 66
64 647 64% 65 6812 6812 697 7312 70% 71%
8
4
44 50
Philippine Ry—lst 1937
45 45
45 45
40 46
Pitts Shen Sc L E-1st 1940_5 09 99
84 85
4 83 86
81-' 8412 81 83 82 8434 817 8334 83 8112 8153 84
Reading—Gen 1997 gold
8 .80 4 8213 81 8514 8433 - 2 8,12 89
3
9114
Registered
8112 8112
-2
.
Jersey Cent coil 1951 gold_4 86 86
8314 831 8114 83 8213 111- 83 833 8112 8212 83 83
8634 87
4
8112 811 82 827 87 88
s
4
Registered
80 80
80 SO
---St Jos Sc Gd IsIti—lst 1947._ _4
63 63
-T
ifig - - ;
71-7
---- -- __St Louis & San 12 (Reorg Co)—
5712 5958 5612 5512 667 5812 5818 6014 58% 5912 5911 60
3
4
Prior lien 1950 series A..„4 55.2 61
59 597g 57'4 59% 5812 63
6212 6712 6212 643
693 7214 7012 75
4
Prior lien '950 series 13..„.5 66 7412 7031 73 6912 71
733 75
4
7334 75
71
72% 74
7314 71
8
7712 7534 82% 783 81
A 6 60 6712 64 68 64 67 61 64
Cum adjust 1955 series
6814 74
8
713 76 65 7253
4
6"4 663 6614 6734 67 6814 6712 6812 683 70
4
473 497 44 477 45 51
4
6 46 507 48 61
3
8
Income 1960 series A
8
4712 4912 4812 5014 4834 52
4812 55
43 5034
5014 54
458 51
s Option sale.
-- 86
-ga-
[voL. 108.
THE CHRONICLE
46
191S—Continued.
BONDS
November December
July
August
September
May
October
June
April
March
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
1005 1005
8
10012 10012
8
10114 10114 101 101
St L-San Fr lfy gen 1931 g____6
9
97 Vi 2 97 97 96 96 96
i9412 9158 -in- - .
195
5 9518 9518 95 05
91 92 -91- 94
General 1931 gold
8
3
.1
8
. 4
-K C Ft S & M cons 1928 12_6 10212 10212 101 102 1001. 161 10012 1003 1005 101 10118 10112 100 1011s 100 10014 9938 993 100 10014 1007 103 101 10314
6438 6512 65 7312 72 77
7412 77
631,g 6514 65 69 663 673 66 6634 64 66
4 683 69
4
Refunding 1936 goid
8
62 64
4
5
851s 8518 8518 851s _
K C & Ry & 13dge 1929
7231 75
77
8
/-1-1st g.._4 6612 6812 66 6712 65 6612 653 66
4
St Louis Southwest
4
653 6712 6612 6714 637 6814 64 65 6512 66 66- 7 2 2 7213 57 57
55 55
4 5012 5012
51 54
2d inc bonds ctfs gold
6i4
6458 6812 647 -- 14 62 64
757 59
57 62 -LT 108 -La- -. 3- 58 60 59 60 5918 65
6 s
0
Consol 1932 gold
6012 6012 59 61
6078 65 60 61
5 573 5912 58 58
5634 5814 57 62
54 54
55 5812 58 5814 58 5814 57 58
4
52 55
1st terml & unify 1952
56 6018 64 6612 6612 6814
8
8
-1st gu g..4 59.14 6012 593 6012 5912 5953 59 5938 59 6018 5778 5878 57 587 547 5514 5412 56
San Ant & Aran P
4
100 100
San Fran &Nor Pac--Ist s f 5
-- -Seaboard Air Line—
757g 757
8
4
7112 7112 -----67 671s
Gold 1950.
7514 7258 74
70 70 -i1- 7212 72
6814 70
4 70 7012 7912 7012 7112 7112 ___
1950 gold stamped
5014 59
5512 5713 537s 55
54 5514 5112 5914 5612 61
.- 54 57
Adjustment 1949
5212 553 4912 5212 49 5012 49 5014 -ioki 16
4
57 64
4
4 5313 5614 53 5514 52 5312 513 52
4
56 5712 5712 6412 62 66
52 5612 553 5612 563 5738 5612 57
Refunding 1959
4
74 74
4 74 74
Atl-Birming 1st 1933 g
73 75
-7 6- 75
7
4 77 77
76 76
Carolina Cent 1st cons
9314 9314 _
9212 9212 0212 9212 95 95
Fla C & Perlin cons 1943__
5
9012 9012
Ga & Ala 1st cons 1945
5
94 94
Ga Caro & Nor 1st guar
9114 9114 9114
Scab et Roanoke 1st 1926_5
-9114 -77 16'723g 7278 70 /23; 71
77- 82
So Poe Co—Cen Pac coil '49 g..4 7212 76
721. 76
72 7238 71 /2 713 74
1
7214 701g 7218 72 7712 7
;
4
4 7512 79
Convertible 1929
8314 88 8414 8614
757 77
8
77 8018 783 703 7812 7934 783 793 77 7038 7734 85
4
763 7818 757 78
4
8
4
4
4
5 8618 8914 89 9238 00 9358 9012 9212 91 95
90 90 9014 9114 9018 9218 897 92
90 4105 9918 10914 101 105
3
8
Convertible 1934
8912 8912
5
Registered
_
841791Z
7.
5
4 78 82
8
Cent Pac 1st ref gu g
3
80 8158 79 8158 773 803s 8012 8114 79 80 4 7718 - - 7658 7912 7 - W - 75 8358 -Li- 16- -Li- - 3
Mtge guar gold
313 8612 8612 87 88
86 86
85 85 8634 8634 5612 8658 8534 8612
---Through St L 1st gu g.4 71
76 76
7478 747
71
8
7212 7212
------- 76 78
GH&SA 2,1 gu exten 1931_5 9634 963
4
------- ---Gila Vol G & N 1st 1924..._5
------- ---- 05 95 ---Hous E & W Tex 1st 1933__5
- — ---- 8512 8512
---- ---_00
Hoot & Tex Cen 1st, 19375
------- ----- 93
-603
4 87 87
General gold 1921
92 9212
90 91
---93 93
5
Austin & N W 1st 1941
Morgans La t Tex 1st 1920_6
/
1
4
100 100
95's96
5 933a 033
Ore & Cal 1st 1927 gu
- 2
0W1s
7334 73-i 73
8
77- - 8 793 81
80173 73
7114 13- 71l 74 7
78 78
San Fran Terml 1st 1950_4 7712 8112 78 78
74 77
8
4
4 787 8258 81 8212 763 803 763 7814 777 803 7712 80
4
7558 773 753 8212 8112 8614 825 853
4
8
Sou Pac RR 1st ref 1955
4
8
7712 7812 7612 78
4
4
4
Southern
5 9014 9314 02 93 91 0212 0112 93 92 93
8673 883 88 9514 04 100 05 063
4
4
883 9012 89 9014 8858 90
4
1st 1994 gold
5
0012 9012
Registered
-6214 68 -0012 73 -0012 70
4 59 6112 60 6158 6014 6112 6014 617 -91'78 63 -6112 ---7- -0218 - 3- -6234 64
634
62 8
Develop 8c gen Ser A
8
75 75
7312 75
6718 6718 6512 66
66 80
65 66
66 66
Mobile & Ohio coil tr g____4 68 6812 68 68 67 67
--- _92 92
Memphis Div 1st g___43--5 87 87
6618 69
74 74
4 675 6912
6612 6612 6412 67
-07. - - 64'8 65 685s 69 69 19
118 667
8
Louis Div 1st gold
8
St
93 93 03 93
5
Ala Gt Sou 1st A
873s 877
8
---- -- --8212 8212 8412 8413
2
Atl & Char A L 1944 A___4;(
-0812 97
92 9312 -_-_-_91
5 91 05 94 -4
9
i- 921 i 94 9134 9314 9212 9312 92 93 4 9214 923 91 923 91
Atl & Char A L 1944 B
--1----70 70
4
Atlan &Danv 1st 1948 g
7014 7014
----5
E T Va Ga div 1930
96 96 06 96
5
-8
1.
Cons 1st 1956 gold
071g 9712 94 95 0412 9413 9112 92 -0114 138 9112 12 2 -0218 121- - lig 1173 0118 05 - 05 9514
-1..2 52
5
00 9218 _5_ -- —
88 88
E Tenn reorg lien 1938
86 86
---3 63 63
Ga 1111dland 1st 1946
---if51- 6
3
Ga Pacific 1st 1922
10013 f66 2 10013 166 2 100- 166 8
1- 110012 1661- 101 101
16 100 100 0.ig -- 5Knoxville & Ohio 1st g
101 10114 8 9 8
6
10012 101
---- 0514 9814 100- 166
Mob & Sir prior lien 1945._ _5
0113 0113
---4 68 68
Mobile & Birm 1945 g
--____
5 05 05
Rich & Danv deb 1927
-----Sou Caro 8c Ga 1st g
5
673 9678
.
98 98
9818 9818 9512 9818 /612 --5
Va Midland tar E 1926
93 93
---9413 -911; 9t 9413
13
5
General 1936
__----93 93 932 94
04 /4 Va & S W 1st gu 2003
5
8108 815
---5 7212 7212
Va & S W 1st cons 1958
____
6714 6714
Terml Assn St Louis—Ist_4;3
86 86
5
1st cons 1894-1944 g
95 05
00 90
4 82 8214
Gen ref 1953 s f
_ -ai- 144 66 7512
80 80 -7812 11
12
6' 6
88 .
:i 83 2
3
ii
00
5 83 86
--1st g
Texas & Pacific
84 85 4 85 8514 -8511 8618 8512 13513 83 8412 824 8418 82 - - 7034 81
8014 847
64
4
408
8 .118 : _il _ 6. 8
.11:
44 ...1:9'I
4 -_i 37
-89: 1
9_:: 7
9 9.
5
2d income 2000
4663 4618
41 41
------5
L A Div 11 L 1st 1931
86 86
---- -- -------1st g 5 90 03
9012 9012
Toledo & Ohio Cent
93 93
5
-LO
Western Div 1st, 1935
_
5 _
0iGeneral 1935 g
- -- -oi- -6712 6712
Kan & Mich 1st gu 1990___
69 69
89
5
2d 20-year 1927
_
-77 77
77i 7712
Tol St L & W—Prior
80 80 80 80
477 50
'5613 -Li- 10
5213
4 52 52
481 50's 45 48
48 49
46 47 :11 2 If 43 4912 49 52
50-year 1950 g
/
.
53 53
5914 5914
5
88 88 85 85
Ulster & Dela--Ist cons
_
87 8958
8712 87 8834 84 871 -81- 86
8
8
.- 853 87
855 8734 8558 8
Union Pac—RR & L gr 1947...4 87 89
6'63 4 88
8112 8712 853 88 -Lir.,
8412. 8412 83 83
4 85 86 86
- 8453 8512
86
Registered
86 86
8814
84 8
6
4
4 84 8612 8614 877 823 87
8233 8612 863 89
20 year cons' 1927
4
8
85 87 - 83 843 8314 853 8412 8512 833 8712 821 0
8
8
4
712 821
4 7512 7912 7814 813 7812 81
4
78s 7914 78 7934 77 791s 781s 823
78 80
1st & refunding 2023
7814 8012 7612 79
4
6
8
1013 10314 1023 104 10234 10412 104 10514
8
10-year secured 1928
79 8014 83 85 85 86
4 80 8112 -621 821- 80 80 -75;4 80 80
-2
8
Oregon RR &Nov con g
7
8
80
70's 804 788 783 783 787s 787 79
6 104 104 1015
8
8
8
Oregon Sh Line 15t g
8102 1005 10112 101 102 10112 1017 10178 10214 101 1021 1, 10114 10114 1003 10118 997 10012 101 10214 10112 104
8
0512 9712 0413 9514 9514 9514 953 9738 06 96 9558 9578
5 05 97
06 96
1st cons 1946 gold
4
4 8214 8412 83 85 817 84
807 863 07 0712 8912 89 3
8
Guar ref 1929 gold
3
82 831s 835 8512 82 8312 813 823 81 .82
81 82
4 8512 00 05 974
8
4
4
Utah &Nor 1st ext
89 89
------4 80 80
Vandalia—cons 1955
____
---- ---4 ---- -Consol Series B 1957
i61;
---- -Virginian-1st 1962 ser
91 - 3 93 9113
66101
9114 03 90 9173 8814 903 89 90 8914 9112 88 9012 -873 /6- 8812 " - 7; -01T4 - 2
4
86
80 01187
4
5 93 9512 0312 9558 9212 0458 9214 9312 9234 95 93 9512 91 9313 9058 92
Wabash—lst 1939 gold
95 975 05 9714
8
91
96
5 85 8612 843 86
2c1 1939 gold
853 86
4
8434 86
8918 8978 83 8913
4
80 8212 80 86
4
843 843 8212 8412 82 82
4
6
Deben series D 1939
90 90
---1st lien equip 1921 gold
5 ---- ---- 9814
if- 96 96
98 98
0712 9712 -08- 98
- 6i- 97 -96- -.
4 100' lOOli
4 ---1st lien 50-yr terml 1954
__
65 65
---- -Washington Terml—lst 1945_4
--_- -82 82
i472 687 67
West Maryland—Ist gold ._4 88- 61 - 2 5918 61
6115918 5912 -691. 62
8
. 8 1.8 1
9,158
668
4 71- - 3- 5712 (13
5918 - 7- 6012 6012 58 583
West N Y & Pa—tst 1937 g....5 99 99
_
---4
70 70
General 1943 gold
60 60
_______ 70 70
7
66
Western Pacific—Ist 1946 A..5 7;0- 81 -7914 81 4
if 8012 82
81 82 -6- 12 /34 8l3 8212 82 8211 8012 813 80- -.-3- -i0- 833 8314 - - 85 87
1
.
4
100 03
Wheel & Lake E—lst 1926 g 5
- -------Li- - . .6
3
Refunding 1966 seriesA__4360 60 GO
60 -6
666
___- 60 60
5513 5513 5612 5612
4
60 60
66 59 5912 5912 6012 63 69 61 64
Ist cons 1949 gold
60 60
573 575s 56 8
_
4
72 72
-1st
Winston-Salem S B
_
6714 671,
---- --1st gen_4 72 72 7218 7218 72 7263 7134 7212 72 73
725 757 76 83 79 8113
8
8
Wisconsin Cent
6914 697 6913 72
7134 7214 72 72
8
787 7878
8
Sup & Dui div & term Ist_4 72, 72
702
75 75
7414 7714
75
-oai4
194
-
-a- -6 -
-6913 I6'1;
----
-9713
8512 8512
-ia-
STREET RAILWAY
5
-1945 g
Brooklyn Rap Tr
4
1st refund cony 2002 g
secured notes 1918_5
6-year
7
Certfs for 3-yr Option A
7
Certfs for 3-yr Option B
7
3-year secured 1921
5
City 1916-41
Brooklyn
Brooklyn-Un El 1st g____4-5
4-5
Stamped guar
4
Kings Co El 1st 1949
4
Stamped guaranteed
Nassau Elee guar g 1951...4
5
Chicago Rvs—lst 1927
Conn Ry & Lt—Ist 1951__44
4 y,
Stamped quer 1951
43
Oct Unit—Ist cons '32 g
8118 815 8118 8212
8
803 81 81
4
65 65
6814
975 9512 9812 05 0731 9518 0612
8
06 97
0612 - - -19 2
6
---_
9518 9611
------- -82- 79 8018 50- -78- 16- —
76- 164
5
6- 7918 80 -. 91. 16- —
7 4
85 8712 82- 79 7978 80 80 80 80
8514 8514 81 82
7934 793 7512 7918
4
69 66
-----4
-Li- 56- -8512 56 - 5512 55'2 -563 16.
.
--- -82 8314 81 82 81 8214 8213 8312
8112 84
84 8612 8312 85 82 84
797 8134 82
8
65
9434 9714 95
69
72
63
8318 82 8312 80
69
6512 69 68
0612 9214 9612 95
833 80
4
68 68
973 97
4
85 85
_7012 69 7212 72 7212 7213 7314 69% 7212 70
8 Option sale.
8312 8312 8018 85
65 65
06 96
_—
943 95.1 943,
4
89
8218 8218 80
80
6812
847 83
8
—
.
9653 -058912
85 85
8612
81
6812 70
8434 85
50 85
953 9534
4
- - 8312
OW
92
863 80
4
8634 8212
72
8
717
6812
60
61;- 65 (35
63 6518 -02- - .
87 88
81
8012 8314 8012 84
_ 8712 8712
8512 8512
8534 8614 8614
8512
73 80
75
4
0
7
6- 693 7412 71
70's -. 9- - -
9512
92
84
8212
7176
6812
62
8712
47
THE CHRONICLE
JAN. 4 1919.1
1918 —Continued.
BONDS
August
,
Novemh 7 December
July
Se ptemlyr 0ctob r
June
May
January February
April
March
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
2
8
54 5612 54 607 58 6214 577
547 57
2
2
4
Hudson & Hanhat-1967 A--5 487 5312 523 61
20 2412 1812
5 43 11
193
1 17
151 161 151 25
Adjustment Inc 1957
5 --------- -------- ---- -_
------- ---- ---- ------------90
_
_
___
NY &Jersey 1st
5412 5012 53
5012
51
Interboro-Metrop—Coll_4M _ 5312 5712 53 557 5212 5414 513 54
4
2
81 85 8012 8212 7912
5
12 84
83 85
79 8312 791a 82
Interboro It T 1966
5 ----------------79
Registered
;
783
4
4 79 79
79 8012 --------76 " - -------- 7453 W5 ii
Manhattan Ry—Cons gold
4
4 .
9 '9 82 '
78 781 745 763 743
'7 77
Stamped tax-exempt
------------------------------------------- ------ ---- 80
_
_
_
5
__
Manila Elec-1st & coil
5952 573 60 59 5912
4
211 181 201 1838 201
90 - ---- ---- -------__
50 51
52
48 5034
8152 7732 793 78 807
4
2
7514
75
76
59
19
87
5012
7812
65
2014
87
5512
83
60 6934 55 65
1712 22, 1612 2012
51
80
18 38
52
8414 69
911s 15
7312 " 2 7314 773 3118 - iii
4 70 76 7612 753 77 80 8412 80
12
8
1114
8112
16
81
762-4 -7-,i. i
6- .
7
--------80 80 --------79 85
25 ----------------------------------------788
Metropol St—Bway & 7th Av_5
-- -- -- - --- F112 8112
Milw Elec Ry &Lt—ref 1931.4M ----------------------------------------------8112 8112 __ 5312 5012 53 483 -51
4 7878- ---- 475012 --52 464834 - --- 41
4 4951 505012 4934 50 49 50 49 54
5212 ?814 473
4
NY Railways ref 1942
8
23
22 24
20 231 19 2032 19 22
18 2112 11
1911
1034 17 2434 21
173 183 18
Adjustment income 1942__5 18 217 1734 19
M --------------------- ---- --------68 68 68 70 66 667 -------- 63 63 63 6512 6434 6518 ____ ____
_
2
_
NY State Rys-1962
6612 6612 67 67
_
Port Ry L & P—cony 1942___5 -------- ---------6212 6212 6212 6212 --------6612 68
53
4 53 5418
5212 55
55 58 58 59
53 - - 8812 5812 5514 - 14 5112 56
E8
56
5212 55
5312 55
55 55
Third Ave-1st ref
311 361 3212 387 28 36
5 34 381 28 3614 2712 32
297 3172 33 3114 321 3612 3414 3612 34 36
293 35
4,
Adjustment income
__
_
5 95 95 - --------------------- ----9012 9012 ----- ----9012 9112 90 9012 ----- -------- ---- -------- 07 97
Third Ave RR-1st 1937
9514
4
9112 9212 ---- -- -95_
91 92 9212 933 92 9214 923 923 91 9112 91 91
3
4
Tel-City Ry & Light-1st— _5 92 9412 9212 96
76 78
80 80
Underground of Lon 1938__4
6 60 60
Income 1948
------------------ ---- ------------59 59 --------66
_
_ ___
16 65 66
56 ---- i8 Un Rye Invest—Pitts issue...._5 6() 60
- - 1 ---- ---- 5012 012 51
6i
,.
_
.
4
United Rye St Louis 1st
_
_ ____
__ ____
____ ___
____
_
--25 25 ____
_
_
825 -------- ----_
__ ____
-4 --------s25
United RRs San Francisco
22
__
22 -- 24 261 22 -2212
2434 2434 - - 25
24 25
22 25
23 2212 --- ---- ---- ---- ----2212 -2
Union Tr(NY) ctf of deP— 2512 - 12 2434 25
22 23
__ 25 25
___ 2434 s25
25 25
23 25
23 27 - --------2212 223 2212 2212 22 22 ____
4
Equit Tr(NY)inter ctfs__ _
77 77
77 77__—
4
8012 --------79 79 ______ 77 77
773 7814 77 773 7712 78
4
5 80 Virginia Ry &Power 1st
- -6. ai
6
GAS AND ELECTRIC
9114 92 8812 .91
87 91
907 941 94 95
g
87 881 --------85 87
Brooklyn Union Gas —Ist__-5 141 95 94 95 94 94 90 90
_
..
Cincinnati G & E—Ist & ref_5 ---- ------------90 90 8912 90 --------00 905 -------- -------------------------------- 91 91
.
70 78
75 75 -------- 78 78
7912 80
8212 8212
-1st 1927_5 7512 753 __ --- ''3 80
7912 7912 82 82
75 78
Columbia G & E
5 76 76 - -------- ------- 78 78
8134 8134
__
79 81 • 82 82
_
77 80
78 78 ----------------79 79
Stamped
6 100 102 10012 101
Gas—cony
9914 101
99 100 99 993 99 9912 99 10052 10034 106 103 108 101 106
4
100
Consolidated
9912 10
052 9914
Con Gas E L & P of Bait
5
9212 9212 _ _
____ ____ ____ ___ ___
__ ____
_ 9112 9112 ____
9514 9514 ____
_ __ _ _ .
5-year cony 1921
-5
9414 9512 9412 -- -3 -------- 04 -1923 g
95
94
94 -94 95 --- 941g 941 933 -- -3- --- - ---- 9512 -- -12 9512 9512
95
4 93
Detroit City Gas
9 ;
6
5 92 6
.
2 05 95
Edison—lst 1933
2
2
3
96 95 953 08 98 945 947 9472 95 -------- 897 90 - ----------------9412 9412
Detroit
5
____ 0212 9212 --- -9112 9113
1st & refund 1940 A
-- --00 ;i
-i, "ii1 --------- ---- ---6
Kings Co E L & P—Pur M '97.6 -------- ------- - ------------------------4 ---------------- ---- _-- ---- ---Edis El Ill Bklyn 1939
5 9712 98 9734 081
-1st 1919 g
9714 9814 977 9812 981.2 9814 98 981
2
1 98
Laclede Gas
887 89
8
2
_
Refund and ext 1st 1934 g5 943 943 12 9 - ------ 89 39
4
8912 893 -------_
-1st 1927..4 -----------------_
__
i .s I57 85 857 85 85 8512 8612 _ __
- i
3
2
8
Milwaukee Gas Lt
5
8714 88
-12 8712 893 8812 8812 8712 90
8712 8818 (
36 88
Lt lit & Pow
2
N Y Gas Elec
73
70 7012 6912 7014 69 7014 68 687 68 683 68 68
2
4
Purch money coil trust g_.4 69 Pacific Gas & Electric—
4
8
4
Calif Gas & El Corp-1937 —5 9052 9212 911 92 887 9114 863 863
4
80 803 7812 8014 783 793
General & refund 1942_5 7912 80
Coke-1st -6 9812 9812 -------- 08129812 ----- ---_
People's Gas Lt &
5 80 81
797 8 1 78 7818 74 7718
Refunding 1947 gold
5 82 84 ---------80 80
Phila Co—Cony 1922
_ __
___ - ___ ____
Standard G & E cony 1926 —6 ---------------- ---- - -------Syracuse Lt & Pow—i954
88
783
----7312
78
91
8812
793
---_
74
78
91
i
7
- 97
---- ......9712 98
89 91
__ _
__
86 - -3
87 4
68 69
-73 /3
975 981
8
-------_ _
_
8
-7 -- 4
8736812 69
7 7314
98
9014
8412
8
69
/3
-12 78 /8
.
9912
9822 9812 93 99
9112 --------94 9414
8412 -- - --- ---9512
9718 9112 --0 901g '7312 76 7612 '7612 76 2
,
005 9112 90 2 90 4 8712 89 88 88
3
3
8734 90
8
7872 801 79 791 7632 781 77 8312
78 79
_
--------100 100 - -------- -------- 100 1007
8
73 73
711 75 7278 727 747 747 7712 83
2
2
------------ ------------ 78 78
86 90
go 9012 ------------------------91 91
7 97
12
95
.
United Fuel Gas—let 1936 —6 97 .-12 --- -------------------------9114 - . 9312 2912 --------92
5 8012 83 83 84
-1944
8914 9312 8014 4
Utah Power & Lt
82 813g 8312 8212 8314 823 83 81
5
-1950
Westchester Light
ii
8312 80
91 9572
85 88
1007 1007
2
2
85 86
8912 92
90 90
95 953
4
87 88
10132 10132
9134 92
96 96
97 97
- -7 8112 81;
9512 8512 90 893 8912
2
-891 8912
MISCELLANEOUS
—
. 64 66
6612 661 66 66 63 63
66 663 65 6612 60 64 60 63 --------85 69
4
Adams Express—coil trust..-4 ____ _--1812 --21
6 1034 2612 1814 19
-1925
19 20 - --------18 24
23 25
22 25
25 32
32 39
24 30
3212 35
Alaska Gold Mines
2
6 19 247 20 26
19 20
19 20 --------18 20
2114 28
22 25
25 25
26 32
30 36
31 35
10-year cony 1926 sec B
-1st real extext..4M 84 843 8412 8714 83 8512 823 847 8412 857 83 857 83 85
8112 83 82 83 823 87 _ _ _8512 873
2
2
8572 89
2
4
Armour & Co
4
_
.
- 90 90
—
-8 f 19266 ..
Booth Fisheries
9
9 9134 93 5238 6 89i.s -91 OiT2 "
-1931
ii 56 IZ 55 16 ii If 51 Vi Oi - - ii Vi oi 1
6212
91 05 29
Braden Copper
14
4 83 83 82 82
-1st 1952
79 79
79 79 ---------------- 83 83 80 80 80 8212 80 80
_
Bush Terminal
5 8412 8112 80 80 89 16 ----------------83 83 ----------------7518 803 7812 797 7912 86
2
4
Consol 1955
74 74
76 77
—5 75 79
757514 7612 77 -------- -80 80 8012 81
81 81
797 797 81 85
2
2
8112 63
Buildings gu tax-exempt
4
8
Cerro do Pasco Copper-1925 _6 103 106 1053 10712 1053 10614 10512 10612
Chic City & Conn Ry-1927 5 ----------------58 58
4
2 66 8812 16 867 868 877 - -7 85 li 85 - 14 85 8712 8712 Vf 86 16
2
89
2 87; .
Chic Un Station 1st 1963___ 4% 89 90 87 893 8614 8712 873 7 1023 10612 106 10712 103 107 10312 10112 10312 10512 10334 10512 106 10814 10412 10634 10412 107 10714 116 111 11812 1057 11212
2
3
Chile Copper cony 1923
,
'1 7
''1 803 78 79
2
7812 80 78 80
75 7814 7712 8712 8514 8912 817 8618
Coll tr & cony A sub rects _6 73 771 701 80 ' 5 7
_ ___ __ 79 8012 77 77
79 8712 85 8912 83 8512
Coll trust Ser A 1932 cony..6 -------- ----- ---- ---- - ----- - ------- 7713 81 79• 80
Computing-Tab-Rec 1941 _6 7812 7812 79 79 __ __ __ _
8112 -- ---- ----- 80 8052 805 8052 8058 805 80 80
83
_
8
82 85
82 85
95 -961 963, 963 96 961 ....—___ 98 98
94 94 - ---------100 100
98 98
Granby Cons Al S & P—lst —6 91 97 -----6 91 9512 9512 9512 96 - 9
0 95 95 - ----- ---- -------- ----------------97 97 _
_
_Stamped
93 94
_
_
9012 9012 9052 9052 ------------------------0112 9112 93 9312 _
Great Falls Pow-1st 1940 „.5 0312 94
9214 9412 9014 93 90 03 00 8 10 3 9712 1023 965g 9812 9512 9972 9712 9912 . 7is 104; 98i2 10 -7- 190i2 109
9 - -- -7
:
internal Mere Marine-1st...6 9014 95
- -- 8
4
-. 2
4
3
8
4
5 863 897 8872 92
88 9012 8812 89 8838 8914 883 8912 883 89 87 89 87 88
4
851 89
Montana Power—let A
8858 9214 9112 93
4
-1st s f 1939_43 ---- ---- ---- ---- ---- ---- ------- ------ - -Morris & Co
- _ - 75 75 ---- ----81 81
- --4 ----------------66 (36
65 66 6
-6 --- --- 67 6767 --- - - 67 67 ----------------7334 73;
6767
New York Dock-50-year
5----------------963 97 __
4
981
9012 92
Niagara Falls Power 1932
81
F
98
95 95
9112 93 91 91
96 97
94 9618
6 ----------------------------------------------.
. __
_
_ _ _
_ _ _
_ _
_ 9912 9912 99 9912 1001210012
Refund & gels 1932
8534 --- 8-12 - - - 83 --- 83 8512 87 911 90 91
- 8 14 -5 8512 6
8
5
Northern States Pow-1941-5 86 8712 86 8712 8 14 8712 861
7 8614 87
8512 8712 ----- -----86 87 _.... ___ 8612 8612 86 87 86 861g 863 863 -------- 874 89
86 86
5
Ontario Power N F—Ist
4
4
_
1
Pan-Amer Pet & Trans
..i1, -8-64
.
6
1920
6
-1921
6
1922
6
1923
6
1924
6
-1925
6
1926
6
1927
Public Service Corp NJ
7 8
3
7 4
1 ii:s- -. 1 -'77 - 7- -777 If- -7 .3.
;
-:1-2 798 7 8
5 7312 76
76
7812 79 1 2 -7712 16 "
21
Tenn Copper--cony 1925
6
911 --------92 93 11 921
1 921
1 921
95 94
-------------------------------------------- Washington W P
-1st
5_
-90 4
3
-1st 8 f 1941-6 937 9514 95 8 9614 9
Wilson & Co
2
,
961 93T2 25— 6- " 963- Oi- 9512 9312 li 91
i
4
116 119
iii 76- /714 763 79 -79- 66 —7912
2
95 95 95
9412 9512 9412 9112 91
90 4 ------------------------9234
3
9352 9072 92 91 9534 953 100
2
9758
- 12
96
91
923
4
9914
.
MFG AND INDUSTRIAL
Amer Agric Chem-1st '28_5 9212 9412 97 10012 93 98 9312 08 9514 9612 9512 9634 953 97 943 963 9312 96
9418 9612 9612 9712 93 99
4
2
2
5 91 94 923 951
4
debe_n 1924
1 95 92 93 921 95
Cony
923 941 9314 9412 933 100 967 99 9812 106 10014 101 10114 103
,4
2
Amer Cotton Oil—deb 1931-5 82 89 82 82 --------83 83 ----- --------- ---- 82 82
_
_ 80 82 81 84
85 897 87 88
2
6 9814 9812 9812 100 1.05 100 100 100 .0 13 12
Amer Hide & Leather-1 st
1
- 10012 101 ioiii4161 100 101 100 10014 too 100 9912 100
5 8612 89 88 8912 8614 88
Am Smelting & Ref—lst A
8634 8914 87 8914 863 8814 873 8812 867 885 847 873 86 90 90 9532 913 92 2
2
8
8
8
4
2
12
4
,
4 9672 973 971 973
American Thtead—lst
5
3
93 9814 981 985 937 983 991 99 993 9914 9932 9914 9932 9958 9958
_
- _--_
American Tobacco-40-yr_6 -------- ----- ---- -------- ---- - 17_
- _
117 - ----- ---- ----- ---- -------- 117 117 11712 11712 117 117
4
7
412 74 2 '71 /1
,
'71 71 ----------------7112 712 ______ 7114 7114 7114 71-14 ___ ____ '7
Gold 1951
75
_ _ _
_ ____ _ __ __
_
Dividend cents Ser C 1921_ _ _
_
_
_ 115 122
- 84
5 79 --- 821s 87
Paper—Ist
84 -8
6 83 -8
i iii - -7 82 Si 85311 Amer Writing
84 2
8514 ii14 - 8
i ii.3 8 ii 8614 90 8412 89 C3812 8812
Trust co ctfs of dep
-9 - - - 1 -- -14 9 4 --134 - - -Baldwin Locom Works—isr_5 99.2 10034 lop 100 9-34 10 - 10-12 101 1. 03 10 - 19012 10 -7g ___. _ _ 9912 9912 6 0
0
99 9738 - .6
6 99 - -. 14
-31
Central Leather-20-year_5 943 96 9514 97.s 94 971 93 9518 94 9512 9412 96
931 911 9314 941 9312 941 9358 951 953g 9632 9 2 -- --57 97
_
Central Foundry—let 1931..„6 ----- -------------------- 80 80 8212 8312 8412 8412 ----- ---- 84 84 - -------- -------- 8122 82 80 80
_
_
4
Consol Tobacco-1951
6734 - .- 974 998 98149814 9834 I83- 9912 5 975 9752 9712 9712 ____
2
97 1
3
Corn Products Refg—s f
,
4
9912 9658 6958 --------101 161
- - 9912 9912
1st 25-year sink fund 1934_5 05 97 8 9714 98 973 - -3- 9712 973 977 9834 081g 09 99 9912 9912 9912 9914 9958 ____ ____ 9912 100 9912101
,
4 97 4
4
.3
2
Cuban-Amer Sugar-10-yr__6 997 10012 100 100
Distiller's Securities—cony. 5 75 823 7812 82 '9i ii *TO Ii1 ii5r4 4
7
iti
ii ii58 Si ii, Ii1 -.
31 - 1 84 67
8512 9812 8712 I9
-13
General Baking-1st 1936____6 --------------------- ---- -------- 75 75 ------------------------ ---- ------ 79 79
_
__
_
80 80
83 83
sOption sale.
ia
48
THE CHRONICLE
[VoL. 108.
191S—Concludod.
BONDS
January February
March
April
June
May
August
July
September October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
General Electric 1942
33 ---------------- 71
74 --------73 73 73 73
73 73 ----------------6614 6614 72 7314 687 7013
s
Debenture 1952
5 0434 97
9612 973 98 8 100 95 9812 9614 0812 96 983 9712 0818 0712 9913 9714 98
4
4
,
96 073 9712 1017 99121013
4
8
4
Ingersoll-Rand-1st 1935_ _..5 _ _
_ _
_
_ _ _
_
_ _
_
_
_
_ _ _ _
__ _ _
__ 96 96
Internet Agric Corp-1932_5 5.812 -- -17 '73 13
73
-12 70 1 .34 '7'0, 11 . , 13 '723 - - - i'l V512 15 7 . '723 -i512 7, - -712 7413 7714 i513 ii
4 7
4
13
31 i0 4
/512 . 4
2
178 7
International Paper—Ist......6 993. 993
4
1st & ref cony s f, 1947
Consol cony sink fund
5 6T3 "oli -------- ------ - 97_
' Vi
Ligget & Myers Tobacco
7 114 115
512 117 114 115 10 113 112 114 111 1123 110 1112 109 110
4
-073 10812 10812 11112 1153 112 111 113
4
4 12
1951
881 1
5
95
1 913 00 0112 00 90 887 887 86 9014 897 9314 015 933
93
931
95
8
8
8
8
4
Registered
5 --- -- ---- ----- ----- -- ------ ----- 8912 8912
_
_
_
_
_ _ _ _ _
_
_ _ _
Lorillard (P)
7 111 11312 115 115 -------- 110 11418 110 8 112 1 1012 1117 110 1 1 114 - -93 1 0 107 10 - 108 111 11034 1 - - 11112113
,
8
10- 8 -1- -14 - - -- 34 9
-- -12 - -12
1951
5
90
92 90 01
93
1 90
8
, 8712
00 913 881 8912 87 8712 84 85
8312 90 9034 03 91 93
Mexican Petrol—cony 1921A 6 --------------- -- 10534 106 --------------------- ------------107 116 117 1811 165 165
..
1st & ref 1921 Series C
6 ------------------------ 106 106
0618 10712 1063
410634 --------107 107 100 108 117 175 - --------162 fal
Nat Enam & Stamp—lst
-------------------------95
Nat Starch deben 1930
5 9114 9114 921.t --0214
93 93 ------------------------04 91
National Tube
-1st 1952
5 9412 9412 93 93
05 95 9 , 06 97
8
94 -- - 05 95 05 96
9534
97 647 94 8 95 97 97 - 8
97
-7N Y Air Brake—Cony
6
100
1 3 093
993
1 993
97 0712 9834 0918 903.1 100
3
7 99
8 9714 98
3 991
Pierce 011-5-yr cony 1920
------- ------ ------ ---- -- ---- ---- ---- --- ----6 -------- 9534 983 9912 101 12 091210012 993 10012
8
4
10-year cony 1924
6 -------------------- - -------------------------------------8312 85
8314 85 83 001.3 8614 90
88 8918
Railway Steel Spring—
Inter-Ocean Plant 1st 1931-5 _-- -- 0618 0618 ------------------------ 904 9914 9014 9912 1047 1047 1047 1047 ___ ____ ____ ___ ____
8
8
8
8
--Sinclair Oil & Refining—
.
Ist (warrants attached)
7 86 8912 8914 9312 88 91
9314 0612 0518 9712 96 9814 97 0912 99 100
87 00 8912 9314 92 93 03 94
Without stock warrants_7 8411 88 8618 8814 86 87 85 8718 87 9134 00 9112 0012 02 9012 93 3 1)2 941s 92 95
,
ovs 9514 Oli 06
Standard 131illing—lst
5 88 00 00 90 __
_._ _ 9212 9212 02 9314 -- - —
- - - - ---Texas Co (The)—Cony 1931_6 9612 10118 9812 100 98 10 - 9712 9 - 9'73 9912 0'712 0814 98 - , 6 - - - ---- - - -- 3
- 58
8
-0
00 8 .
6V3 9878 5014 05 190 9912 1908 16612 1034
s
7
3868 88
Stamped
5
Union Oil of Cal—Ist A
U S Realty & Impt—deben— -5
_
;ft; 45 -- 45
(')
-52
47
51 55
5334 i6 53 Iii 5312 67 55 653 6134 - 4
643
U S Rubber—coll tr 1918
-0
6 115() 10 -18 No loots loo 100 100 10018 loo 100 100 lot Imo 10018 loci loo loo 10018 Iola lows loo loo
...
5-year sec notes. 1923
7
__
__
_
_
.
151 1623;
- 1st & refund 1947 Ser A_5 762 -' 7812 777a 793 76 7812 7714 7834 785 81
4
79 8012 7914 8012 7934 81
8
7934 81
7934 85
4
833 8812 8518 8712
U S Smelt Ref & M-1926
6 04 97
0612 98 0512 97 93 96
9218 97
9512 9718 95 06 93 94 94
9518 9312 06 9512 100 9914 1001s
Va-Caro Chemical 1st 1923-5 90 9314 94 9714 933i 06513 033 9434 94 9538 9358 043 03 963 9414 05
9318 9312 9378 9112 06 06
4
4
4
95 0812
Cony deben 19248 f
6 0414 05
9612 0734 9512 96 95 93 05 98
0634 98 9614 9834 9614 0612 073 9812 100 1003 100 1017
06 06
4
r2
4
Western Electric—tat
5 95 08 97 9712 9512 97 9512 9712 06 98
9512 9612 06 9612 9512 9612 9514 95 8 947 9678 9614 977 97 98
,
8
8
61'3112 116-12 ------------------------9312 V;
_
9712 67
iii
COAL IRON & STEEL
Bethlehem Steel-1926
1st & refunding 1942A
Purchase money 1936
5 06
5 87
5 80
5612 61 12
-12
9878 9812 09
0518 9514 9318 0612 933 00
4
95
00
8
89 897 9212 9318 8912 92 897 01
00
s
813 8Ci 81
4
7812 80 '7914 80
793 8334 81
4
9614 953 0612 96 9634 94 9612 92 93 94 9612 9514 06
4
0038 86 90 87 89
8814 89
8814 9012 89 9012 8712 89
83 8078 8212 813 82
8012 8211 8012 8134 813 8712 83 86
8
8
Debenture 1926
5 85 81
i11 8(31
5
Col Fuel &Iron—s f 1943
83 83 8412 85 85 85 85 86
84 84
8312 8312 ----------------86 86
86 86
Colorado Indust
-1st 1934
5 7312 74
733 76
74 75
74 75
73 75
4
74 7418 7412 75
73 8 7412 7312 74
,
4
733 75
7312 76
Consol Coal Md-1950
5 83 83
Elk Horn Coal-1925
6
_
Grand RN C &C—Ist 1919_ _6
04 Oh
Illinois Steel—deb 1940---- 5 81 -- - 81
84: 82 --- 8112 -8i 12
8514 83 - .- 83 8212
4
8312
82 813 - -58 8118 82
8 1328.1
4 32
-58 817 - 12 82 - -12 8518 -- 12
8
0
Indiana Steel 1st 1952
5 05 97
91344 97 05 98
95 0534 943 957 94 95
8
94 05 91 9412 03 0412 92 95 043 98
4
4
Lackawanna Steel—lst cony.5 047 957 05 9612 95 0612 947 96 95 9612 9512 96
8
8
9414 9512 9412 96
043 9812 0453 9512 95 95
4
8
1st con 1950 Series A
5 88 9012 89 00 8812 90 891s 0034 903 9812 9114 93 01 0218 92 923 90 91
4
4
86 897 86 00
8
Midv Steel & 0—cony'36 s f_..5 80 8 8314 82 8512 801 85 8313 85 847 92 80 8812 9712 8812 8712 8812 86 88
,
8
8712 92
8512 89
Pocahontas Cons Colleries
5 .... _
__ 8512 8512 ---- ------------8718 8718 8718 8718 _ _
_ _ _
8633 8633 8814 8814
_ 87 87
Repub Iron & St—s f 1940-- —5
-9
6
'3
81
977 9612 9712 9412 9714 94 9714 9-14 - - 9214 - - - 9314 06
-2 9234 923
4
93 95 927
8
St L Rocky Mtn &Pac—Ist
5 -------------- ------ 80 8() ------------------------------------------------81 81
_
Tenn Coal Iron & RR—Gen_..5 55 9712 9512 0512 9512 9512
9212 9512 98 96
96 97
9512 953 95 9512 9212 9311 0434 96
4
U S Steel—s f 10-60-year
5 08 100 99 9934 97 09.s 0612 --' 9718 100 97 983 98 991 08 981 06 9812 96 0812 977 10014
8
0
4
8
Registered
5 98 98 99 9978 9714 9712 0634 963
9714 9714 9812 99 - -------- 06 981 97 08 98 98
73 99
Va Iron Coal & Coke—Ist
5 83 8518 85 85 85
86
84 84 - ----- ----8534 86
86 86
85 8534 86 86 - --------8553 8512
863 863
4
4
75 753
4
81
97
96
8312
85
-3612.
99
97
89
8914
94
9512 iit -
TELEGRAPH
Amer Telco 8t Teieg coil tr —4 82 8318 81 83 8114 83 8014 82
8012
Convertible 1936 gold
4 8134 8134 8512 8512 _
_
- ___.
__ _ -20-yr convertible 1933____444 86 8812 001s 9112 8- --1
-8 9 - 86 -89 80
30-yr coil trust 1946
5 00 04
9312 0518 9C1 937 0033 9314 897
8
8
_
7-year convertible 1925., _ 6 _
_ _ _ _
_
_ _
__ _
Cent District Teleg—lst
5 5818 - - - 5614 - - - 5812 - - - 6812 - 09
9912
09
9812 581s
Chicago Telephone—lst 19235
Commercial Cable—lst regis_4 6-18 --- _ _ _ .
-8 6818
.. _
_ _ _
Cumberland T & T-1st
3 00 -- - 00 --1 4 9-7 --112 92
5
--12 0318 - 9 -3- -0 8 9 -hletrop Telep 8c Teleg-1918 5 ---------0913 99
Michigan State Telep--lst
5 853 863 ---- -----8712 4
8
ii
33 88 - 1 8e1.
NY &NiTelep-1920
5 97 97 - --------97 97 -------- 97
_
N Y Telephone--Ist 1939-4% 853 8718 8612 8734 87 89
4
8612 8714 8634
Pacific Telep & Teleg—Ist
5 9034 9218 9214 9212 91 9258 01 92 00
Southern Bell T & T—Ist__5 91 92
9018 92 9112 0212 92 9212 93
West Union Teleg-1938
5 90 93 02 931 90 03 90 9034 9212
Fund & realest 1950 g____43i 87 88 -------- --------80 8512 85
_
4 Option sale.
83 80
_ _ _ —
- - 85
87
9438 8612
____
-- -38 --- 08
__ ____
-9212 91
Vii W732
98
89
92
95
93
80
98
85
90
903
4
9318
8053
8234 78
_ _ _
- -- 82
8612 0014 86
____ d9378
---- - - - -
8018 8018
95 9512
99 101
9812 10058
8014 867
8
805s 77
_ ____
82
-- 84
8812 86
15/0412 e93
- — -- - -
7812 7712 78
78 83 83
88
8412 8612
8
_ 817 817 813 87
_ _ _.
8
78 78
-82 8212 - - -12 84 90
82
89 92
8612 92
883 89 0078 9014 0318 9314 9714 9214 06
4
d9518 d9411d96 d957
3
8d10013 007 105 1003.1103
-- - — - - ___ ....... ___ _..... ___ ____ ____
-- 9313 9312
_ _ __
_ _ ..„— - _— -- - - ---- - - - -3
0
5 9- 18 9318
0
86 8
02 873 - -3 135 -8'7 9 - 9318 - -6 -- s 8'7 8
8
'7
_
_ _
__ _ __
_ __
88 88 --------87 -- -11 8914 8
9
ii
01
98 --------97 97
8714 8514 863 85 8614 84 865 8512 - - -5s 875 02
4
8
8
9
. 8 91
fi953 - -8g
91
8912 005 87 887 8712 8912 89 903 0034 9612 9412 06
8
8
4
877 9012 86 883 87 873t 8712 91
8
91
4
93 07
9312 9512
9312 9014 9012 90 00 8718 8718 8912 01
03 9312 01 8 0312
,
8114 8012 8114 8018 8114 8114 8114 80 8412 8518 9218 90 9153
d Full paid receipts. e Part paid receipts.
13,51., -id.
13
-88-ls
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK EXCHANGE IN 1918.
BONDS
January February
April
March
June
May
July
September
August
November December
October
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Amer Foreign Securities 1919_5 9434 97 96 9712 95 9612 9112 9612 9534 9738 9612 9712 9634 9734 9718 98
9714 981 48 9714 9853 9812 0934 00%1 100
,
Anglo-French 5-year
5 8814 897 8918 9012 8912 9038 90 91
8
9018 9212 92 9353 9314 9512 04 953 91 9512 95 07
90 93
4
9618 9712
Argentine—Internal 5s of'09_2: 78 80 80 80 80 18 8018 8312 8312
_
_ 8214 8214 837 8512 851s 8513 ____
8
_ 85 87
8818 8914 89 89
Bordeaux (City) 3-year 1919 6 84 90
87 90 85 893 86 883 __- --- 88 92
9114 9412 9314 9714 9612 --- 0814 10013 0912 102 10018 1013
4 880012
8
9914
4
Imperial Chinese Govt—
Hukuang Ry sterling 1951_5 ----------------532 6012 60 60 ___ ____ 6312 65 --------68 70
70 70
68 7014 7112 72
70 70
Republic of Cuba—
External debt loan of 1904_5 0012 9112 0412 95
9531 953 0512 963 9714 100 --------0314 9914 93 08
4
4
9512 0512 ----------------95 06
External debt ser A of 1914_5 9014 0212 __ ____ 9212 9212 9218 923 0212 9414 --------0214 9312 ----------------9313 9318 ____ ____ _
3
_
_
External loan 1949
4580 80
84 84
Dominion of Canada—
Gold bonds 1921
5 9414 9512 94 9512 91 0512 9314 0512 9153 9631 9512 0653 9112 9853 91 9518 9518 0512 95 9612 06 99 07 983
8
Bonds 1926
5 007 95
9214 91
8
9112 0412 92 911s 0212 93 017 933 92 9312 9173 9412 9312 9512 94 957 953 9712 903 0714
8
8
8
3
4
Bonds 1931
5 8878 9358 9234 04
00 03
9018 9112 01 02
91
9218 92 927 0314 95
9214 91
8
04 0012 0614 99 967 031s
8
French Republic—
Temp 2-yr secur loan '19_55 04 97
9612 08
0518 973 9514 9614 9578 9853 973 9814 977g 9812 0318 10014 99%10114 101 103 1027 10112 10312 10512
8
4
8
Imperial Japanese Govt—
Sterling loan 1925
4% 00 9212 897 9212 89 8978 8012 847 8312 85 ____ ---_ 857 87 877s 8914 87 877 85113 00 00 02
8
3
s
8612 87
3
do English stamp
90 00
do German stamp
_ __
_ __ _
_ 81
if ____ __ _ __ _ _ __
-- .8013 8013 -- - - -- - -- - -- - - - -- - --Second series 1925
__ 4
--- -% 0
3
-C1 927 01 --- 85 8914 84 84
0212
- 8312 -- -12 87 -83
87 873 00
86 - .
4
8 . 85 9
t3i 1357
- 8
.
88
do English stamped _____ _
_ ____ .___
do German stamped
8 - 7814 797 78 7912 7714 7912 79 8018 SO 81
8
4
77
- 7 803 7912 --1
8512 85 00
.1
801s 803 80 8012 81
8512 8712
Sterling loan 1931
4 7412 7412 76 76
7512 7512 _—
__
_ 737 737 --------------------------------- 743 7434 7518 751s
_
8
8
4
Lyons (City) 3-year 1919
6 84 90 8612 8912 85 89
883 88 --- 83 9112 907 9414 9318 967 96 0914 9812 10018 9912 10212 100 10153
80 _-- 4 _00
8
8
Marseilles (City) 3-year 1919 6 84 8934 8612 8912 85 89
4
86 883 88 00
88 92
91
9412 9314 07 9618 9914 035 1001s 993 103 101 1013
8
4
4
U S of Mexico—
External loan of 1899
£ 5 40 42 8 4014 4014 ----------------4012 4012 4012 4012 ----------------493 4934 60 62
4
,
84 84
62 62
Gold debt of 1904
4
40 40
50 53 ___ - ---Paris (City) 5-year 1921
6 8212 8912 843 8912 817 8614 82 86
8
83 8612 8133 85
4
823 893 887 95
8
07 0912 08 0914 9814 9912
4
8
033 98
4
Tokyo (City) loan of 1912_£ 5 68 7012 7012 71
883 7212 72 7712 7518 70
4
73 8013 80 8212 8018 8114 80 80
7912 81
81
81
8.1
8112
UnitcdKing of Gt Brit & Ire
2-year notes___Sept 1913_5 07 99% 9338 9918 083 0912 983 0912 99% 093 9953 9934 99% 997 0914 100 --4
8
4
8
-- -- ---- ---3-year notes___Nov 1919% 0514 9718 0631 98
_5
9653 98
.1
9612 98
053 971s 053 97
4
9733 9814 98 9918 985 --- -- 3 --- 0812 -- 4 -993 9913 100
8 0912 083 0912
5-year notes___Nov 1921_5M 0153 9112 933 943 02 933 923 9334 93 1)512 93 3 9434 9418 9512 05 0614 06 9718 0018 975 971 4 9312 973 993
,
4
4
4
/
4
8
4
8
Convertible notes Feb '18.5% 9958 100 _ _ _
.
---- -- ---- ---- ---- ---- .--- ---- ---- ___--- -__--- ---- ---- ---- ---- ---- ---- ---Convertible notes Feb'19.5% 9778 9912 0858 --- 0833 100 035 100 983 0912 99 0938 99 9012 99 9978 9913 0978 0933 101 1001 105 10018 10158
0912
8
4
4
20-year gold 1937
Vo 13712 0112 T30
.
£ In case of bonds ot foreign Governments issued In pounds sterling, indintecl thus—L—the usage 01 1110 Stock Exchange is to consider $5 as the equivalent of one
s Option sale.
pound sterling, and the above quotations are on that basis.
49
THE CHRONICLE
JAN. 4 1919.]
COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1918.
[Compiled from sales made at the New York Stock Exchange.]
REGISTERED BONDS.
COUPON BONDS.
Consol3s,
idated
1918.
3%s, 1st 4s, 24 4s, 1st 434s, 24 4%s,344%s, 4th 4%s 2s,
1932-47. 1932-47. 1927-42. 1932-47. 1927-42. 1928. 1938. 1930.
Liberty Loan.
January.
97.02
98.60
Opening
98.40
98.88
High
96.50
97.20
Low
96.54
08.00
Closing
February.
96.60
98.00
Opening
97.50
98.46
High
96.01
97.46
Low
97.08
97.06
Closing
March.
97.08
97.96
Opening
97.70
99.00
High
96.10
97.26
Low
97.10
98.96
Closing
April.
97.06
98.96
Opening
97.06
99.30
High
95.88
98.56
Low
96.70
99.06
Closing
May.
96.80
99.06
Opening
96.84
99.98
High
93.86
98.82
Low
91.00
99.86
Closing
June.
93.96
99.88
Opening
95.20
99.88
High
93.00
99.46
Low
94.32
99.52
Closing
July.
94.26
99.52
Opening
94.70
99.92
High
93.90
99.52
Low
94.38
99.84
Closing
August.
94.44
99.86
Opening
94.50
102.50
High
94.02
99.86
Low
101.60
94.50
Closing
September.
101.64
94.46
Opening
96.94
102.00
High
94.44
100.02
Low
95.64
100.12
Closing
October.
95.64
100.06
Opening
98.50
100.24
High
95.60
99.50
Low
97.32
• 99.94
Closing
November.
97.38
• 90.96
Opening
98.30
100.00
High
95.70
98.94
Low
95.90
• 99.00
Closing
December.
95.90
99.00
Opening
95.90
, 99.60
High
92.20
• 97.20
Low
go 50
93.00
Closing
S First sale
a First sale May 10.
97.20
97.20
95.76
05.90
96.00
97.26
94.70
06.40
4s,
1925.
Pan. Pan. Consol3s,
Can. Can. idcued
2s,
1918.
33,
2s,
1961. 1936. 1930.
____
97
. _
--------------------------------97
--------------------------------97
--------------------------------97
___
_
_
---------
- ---
----
105
105
105
105
98%
99
98%
- - 9_
____
96.42____
____
07.98_
_
____
_
95.76
____
__
____
97.00
_------ 99.10a
_
99.10
--------96.80
--------96.86
93.00
95.18
93.00
91.30
____
__ __
__ _ _
___ _
Pan. Pan. Pan.
Can. Can. Can.
2s,
28,
35,
1961. 1936. 1938.
_________
____
____
105
105%
105
105%
971
%
9735
973/,
97%
____
97%
97%
97%
97%
97%
97%
97%
9735
-------
-----
-------
- -- - - --
_-_-
99%
99%
9935
0935
____
____
____
____
-------
97%
97%
-9735
-9735
----
-- --
105
105
105
105
97%
97%
9735
97%
99
99
99
99
105%
105%
105%
105%
--------9735
--------97.35
--------9735
97%
____
____
99
99
99
09
105%
105%
105%
105%
-------
____
____
99%
09%
99%
99%
105%
105%
105%
105%
--------9734
97%
____
____
--------9735
--------9735
9935
99%
99%
99%
105%
105%
105%
105%
83
83
83
83
106%
106%
106%
106%
07.00__
____
97.06
95.82
___-______
____
96.78
96.80
96.84
93.86
93.90
____
---------------
4s,
1925.
85
85
85
85
--------96.80
--------97.32
_
95.32
-------- 06.60
____
____
06.40106%
106%
96.46
------------ 106%
____
___
05.02
___
106%
_
____
95.50
____
98%
98%
98%
08%
____
----
____
98%
_ __
--------99
____
98%
___
09
--------
____
____
____
____
106%
106%
106%
106%
--------9
9
--------9
9
--------09
--------99
____
____
____
____
____
____
____
____
98%
981
%
98%
98%
_______
____
____
106%
107
106%
106%
---_______
____
98%
98%
98%
98%
--- ---
----
--
98
98
(
18
98
____
94.26
94.26
93.10
93.50
03.906
94.70
03.90
91.46
93.945
94.14
93.10
93.50
93.52
94.30
93.30
94.30
94.44
94.50
93.80
94.50
93.51
94.24
93.30
94.24
95.46
95.78
94.74
04.98
____
____
____
____
94.28
98.00
94.20
95.70
94.54
97.10
94.46
95.64
94.28
98.00
94.20
95.70
95.00
97.10
94.96
05.96
------------107
____
____
__--
----
106%
89
106
106
____
__
____
____
____
____
____
____
106%
106%
89
89
95.70
97.54
95.64
97.14
95.64
99.00
95.60
97.40
95.68
97.50
95.60
97.30
95.90
97.50
95.86
97.18
______ _ _ _
____
____ ____
_
_
_
_ _
106%
106%
106%
_106%
85%
85%
85%
85%
____
____
____
____
____
____
____
___-
____
____
____
----
97.16
100.00
94.60
94.60
97.40
98.00
97.4()
97.80
97.16
98.14
96.36
96.68
97.18
98.40
96.30
96.80
98.00d
98.10
96.76
96.90
____
____
____
____
106%
106%
106%
106%
___
____
____
--_-
____
____
____
_---
_-_____
____
----
---____
____
----
91.56
94.60
92.6()
03.00
97.80
98.00
96.30
96.58
96.50
97.82
93.80
94.96
96.60
96.88
94.00
96.40
----------------96.78 98
____
____ --__
06.90 98_
94.00 98
9534 98
____
July 13.
d First sale No. 4.
____
____
98%
087
%
98%
08%
____
_ _.. _
____
____
____
____
____
____
____
____
____
____
8106%
107
106%
106%
106%-106%--106%
106%
--- ---- ---105%
105%
105%
105%
----
----
----
___ ----
-------
---
105
105
s Option sale, "s5f."
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR 1918.
191S.
September
October
November December
August
July
January February
June.
March
April
Mat/
Low high Low High Low High Low High Low High Low High Low Iligh Low High Low High Low High Low High Low High
Par $ per share $ ver share $ per share S per share 5 per share $ per share $ per share $ per share S per share $ per share $ per share $ per share
Albany & Susquehanna_100
--------------101 101
100
Allegheny & West gu
100
American Cities, pref
9514
8618 9714 9014 0934 8912 -- 4
8
853 84 86 845 8712 843 88
4
Santa F 100 8212 871; 83 861s 81 8618 8214 8414 83. 88
8312
Atchison Top &
100 80 8212 8014 8218 80 82
813 8312 80 8112 8112 8518 85 9212 86 0012
8
8014 82 813 8212 82 85 82 84
8
Preferred
912 8 1012 712 819 5
75
8
814
912 912 9
100 818 9
912 1012 8
858 858 818 912 818 938
83
8 9
Atlanta Iiirm & Atlan
4
100 8912 92 90 92 9012 9112 893s 003 90 9434 913 95
91 93 93 98 9512 983 957 104 102 109 100 1067
8
8
8
Atlantic Coast Line Rit
4
4812 56
100 49 5514 5014 5438 5012 5614 503 5212 51
5518 5318 5612 53 573 53 5834 5112 62
54
533 56
4
57
Baltimore & Ohio
53 6112 5512 6112 5312 5734
54 5614 53 5412 5338 57
5514 57
5412 57
5.514 57
538 56
100 55% 5712 55 56
Preferred
3638 4312 253 383
8
4
Brooklyn Rapid Transit_100 41 4814 38% 4612 3812 417 3812 4318 39 4512 36 447 38 4112 3814 4112 3818 4112 40 45
_
100 80 80
75 75
Buffalo Roch & Pittsb
100 100
100 110 110
---- ---- ---- ---Preferred
-- --. ---- ---- ---- ---- ---- ---- ---- ---- --. 421- -. --------46 46
4 4214
49 49
_ _
100
41 41 __ _ _
-Canada Southern
. -- 4
1407 135 139 1371 150 14318 149 146 154 8 151 1727 156 1i012 16212 1747 15534 172 15412 16112
- 8
- -- -5g - -18 -- -70
100 1358 149i 1:1412 14 3- 13
- -1
Canadian Pacific
216 216 216 210 202 203 - ---- ------------------------------------ 210 220 220 220
100
Central of NewJersey
3
4
5614 5931 5634 617 553 6238 5412 5 4
8
4
553 573 56 59
54 6038 54 8 5634 5512 6038 553 59
4
93
4
100 493 5434 5218 56
,
Chesapeake & Ohio
8 . 11
712 8 4
9
912 7
- ---- 7 2 734 ---- --,
,
100 818 93
8
912 912 _--- ---- 10
10
4
Chicago 8c Alton lilt
100
Preferred
5
912
5
E Ills Pref tr rec_-_100 5
Chic &
i1
778 7 -8
-18 838 712
7
818 7
- -3- 8 --1
84
17
-58 -934
8
7
4 7
8
6
658 618 vs 8. - Chicago Great Western__ _100 678 83
8
247 2318 2518 221g 2518 2312 2534 24 32
2312 30
1812 19
203 2118 20 23
1912 2334 2212 2412 24
4
100 19% 25
Preferred
3553 437 3714 4112 375 4634 42 45
4
3934 4434 4338 517 4714 5414 46 5312 44 537 38 48 8
,
8
8
Chicago Milw & St Paul__ _100 41 4734 38 443
7518 8112 7512 84
78 863 70 82
8
74 81
77
8
100 72 7914 68 7634 6912 76
61314 717 69 7734 73 753 71
8
Preferred
4
96%107 94 10014
4
Chicago & North Western _100 9212 95 9234 9.13 8912 9312 90 9112 9014 9334 9114 03 9214 927 9112 94 933 9514 9414 104
125 125 127 130 127 127 129 130 129 135 13014 131 18
_
100 137 137
Preferred
25 3212 2478 2814
4
8
3
193 2112 19 2278 18 2018 1812 2412 2238 2334 225 2412 2312 2612 213 2712 23 29
Chic Rock I & Pacific tern ctfs_ 18% 23
8
735 8034 76 8214 7718 8314 7812 88
7813 855
8
7112 76
64 6912 (35 6712 6612 7114 69 76
4
563 67 6112 (16
7% preferred
65 6112 647 6258 6814 6512 6914 6012 7234 65 75 6234 73
5312 5912 5458 5712 5512 61
59
46 5714 5114 56
6% preferred
757 78
70 70 69 71
75 78
76 82
_ 70 7018 70 70 6978 697 ---- ____ 74 74
8
Chicago St Paul M & 0____100 70 70
100
---Preferred
3278 36
33 3912 351 40 3434 37
30 --- 30 35
32
28 31
26 30
313 33
4
30 3112 31 38
Ciev Cin Chic & St Louls 100 28 30
__
_
__ 69% 70 67 6718
4
100 61 61
61 61 - -- - _ --- 583 6431 65 65 633 6334 658 67
4
Preferred
2223 __- _2234 _-- -2212 26% 23 2712 2018 2312
21
21
21
2034 2112 2014 - 100 20 23
2112 18 "iii 18 2314 22 23
Colorado & Southern
52 5312 5112 55
8
49 51
s
100 50 5012 48 50 48 48
49
4818 498- ---- 503 503 50 51
47 47
49
First preferred
47
4312 44
46 48
45 45 40 40
100
44 44 __ ____ ____ ___ ___ ____ 44 44 44
Second preferred
pref__100
28 28
Cripple Creek Cent
4
100 1. 53 113 10912 11518 io(ii2 iff14 10012 106 10358 112 10912 1107 10712 10812 108 11012 1073 110 109 11712 112' 11934 100 11531
8
( .4
;
Delaware & Hudson
100 170 180 17712 17712 173 179 160 170 16434 165 16212 16312 16012 16212 163 183 170 185 176 183 175 185 176 185'
Del Lack & Western
57
312 6
5
7
- 412 518 4
5
- ___ - 100 214 6
5
4
512 6
312 4
4
Denver & Rio Grande
95
1212 93 1218 5 105
4
912 8
718 -- --6
6
634 63
4 912 8
100 612 1338 7
1038 712 834 _814 6
5
Preferred
_
_ 87 88
85 85 80 80
100 90 00 85 85
85 85 88 83 -_- --85 85
Detroit United RY
434 314
31g 3
_ __-.. __- _- -18 3
318 318
_
212 212 2% 258 212 212, 23
100
4 412 _ _
Duluth S S & Atlantic_
_
5
812 _ _ _ _
8 658 712 8
8 __712 7)4 65
658 8
658 _-438 6
100 7
5
5
-_
7
Preferred
1814 17 233 1612 _-8
4
8
20
4
1614 1518 1534 143 157 15 163 15
1614 14
1518 1418 173 1538
100 1418 1718 1438 153; 1412 --Erie
4
3014 343 2014 .3612 265g 3212
3014 3318 3014 34
313 333 3112 33
4
4
100 2318 2841 2434 2634 2434 303 271s 2938 28 35
'First preferred
22 24 22
2412 2038 2714 20 23
2114 24
1912 2034 20 2434 23 2378 23 23
100 1812 2114 1912 195) 19 22
Second preferred
4
4
8934 9212 8712 9214 877 91
88 9314 89 003 90 013 9014 9312 89 0312 0012 0612 9334 10612 937 99
Great Northern preferred..100 86 92
7
3112 31% 3338
263 3014 2538 2958 2612 3058 2014 343 3114 3414 3118 3312 3118 327 30 3312 29 3438 31
8
4
4
Iron Oro Properties_no par 2518 283
934 s
s
_ 812 10 ______
9
.---- --- ---- ---- 8
8 8
97
8 8
912
Gulf Mobile & Nor stk tr ctfl00
31 ,.-- 33 33
3312 35
33 3518
...._ ____ ____ __ -:.- -j1
3012
28 2312 27 28
27 --- 30 30
27
3012 --100
Preferred
05 95
-100
Havana Mee I. 8c
Vi 66 97.58 9512 9818 95 ;Si 9618 1023- ( 818 1-0512 6.51.8 1.
4
)
0034
- (33
4 100 92 06 04 9614 9412 0614 ;013 0 / 613
Illinois Central
4 8
,
4 73 0
8
712 912 43
63
4 818 6 4 72
3 8
878 (33
718 812 73
634 9
8 8
4 8% 67
1nterboro Consol Corp. no par 72 912 8
3312 39
33 38
8
1714 34
3612 3812 34 383 29 34
4114 4334 39 4412 3512 46
36 4178
100 43% 4712 41 46
Preferred
STOCKS
•
9712 6
50
THE CHRONICLE
[VOL. 108.
1918—Continued.
_,.
STOCKS
January February
June
July
March
August
September
October
May
November December
April
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Pay $ per share
er share $ per share $ per share $ per share $ per share $ per share $ per share per share
er share $ per share $ per share
Iowa Central
100 21
4 ----------------------------------------------3
3 -------- -3
5
4
512 3
412
K C Ft Scott &Mem pf tr et.100 ---- ---- ---------------- 65 65 --------60 60
59 59 __-_
_ __ _ __ _
_ ____.
- _
_
Kansas City Southern
100 157 8 4 17 11 1514 17 - 1518 16
18 194 1713 1853 1714 -- -38 1712 --- 18 --19
-4 2138 1914 -- -14 13 -- 14
2
0
8
- 21
24
3
153 20
3
13
3
Preferred
100 45 50 49 51
3
503 5234 52 52
5213 56
54 554 5212 54
543 5912 53 55
s
48 493 48 4912 50 53
Keokuk & Des Moines
------------- -----------------------------------------------3
100 412 412
3
3
3 2 3 4 33
,
3
4
Lake Erie & Western
100
913 11
9 9 4 912 712 8
5
84 9
3
10
918 818 1012 9
s
93- 9
714 1012 93 1178 713 853
Preferred
100 ------ 21 21 - ----- ---- 18
20 22
21
20 23
2034 ,25
1814 20 2011 --------21
25 25
18 23
Lehigh Valley
50 55 5914 563 5912 l 6 627 5714 5913 5631 62
57 5914 5713 603 5912 6134 59 633 563 6518 5358 60 4
58% 60
8
4
4
3
4
3
Louisville & Nashville----100 110 115 1113411412 11234118 111 11434 11258117 115 1164 113 11612 114 11612 1147 11612 1153
41213 116 1243 118 1217
3
4
4
8
Manhattan Railway
100
98
1 98 94 983 94 95 05 100 9912 9912 9734 93 96 981 94 9612 94 981, 98 10312 7813 10012
Guaranteed stock
100 ------------------- 9514 96 ----------------96 96 -------- 05 95 100 100 - ----- ----80 1001s
_
_
Michigan Central
100
s
9114 92
8
8
8512 91
8012 812 ------------------------ 917 95 917 917 --------89 89
Minneap & St Louis (new)_100 914 1012 814 914 014 05
3
4
712 9
3
914 138 94 113 1012 113 1012 1134 9 117 10 117 107 157 1012 -3
8
8
15
Minn St P &S S M
891 87 90 87 8812 874 89 88 89 88 8912 8814 93 94 94
1 89
100
89 95 93 9712 90 9314
Preferred
---- ------ --- 109 109 105 105 106 108 --------105 105 1051810513 --------112 112 112 113 10614 108
100_ _
Leased line certfs
100
Missouri Kansas & Texas-100 43s 612 4is 514 412 --- i3g -452 -8
-6
47
i
b
- -3- 5
54 6
-512 .i4 - -12 5
3
6
- -14 514 634 412 1
6
12
Preferred
100 613 912 77 8
1018 12
812 9
812 714 512 714 i 912 713 9
10 1114 1012 1312 814 1312
8
83 10
4
8
Missouri Pacific tr etts
100 20 247 2113 24
8
4
2112 2414 20 2214 2012 2478 223 2412 2238 2411 2253, 2478 234 2618 233 2714 2412 3158 24 283
4
8
Preferred tr etfs
100 41 46
4
4312 5178 5014 541 501 521 52 5518 5312 5512 543 5812 5312 587 55 593 5612 60
551 62
5114 587
s
Morris & Essex
50
70 70 - -------- 69 73 ---- ----70 70
_
5 - ----- ---- 70 70 ---- —__ 67 67
_
Nashv Chatt & St Louis__ 100 ---------------- -----------------1197811973 ----------------108 108 --------117 117 1197
3197 -_-:. - -Nat Rys of Mex second pref.100 613 1 12 --------71
43
/
54 514 5
453 5
918 83 1038 8
712 5
5
67
8
453 6
5
5
9
New OrleansTex&Mexvt c100 18 21
8
17 1812 19 2434 20 217 18 184 19 23
23 28
2812 35
207 24
187 2012 13 20
3
3
30 3612
N Y Central
100 6712 735 697 7234 68 735 675 701 68 753 7114 7314 71
7312 71
7218 761 73 8212 75 8453 7312 7934
75
8
3
N Y Chicago & St Louis..
14 16
_
8
22 34
15 1514 1558 16 - ----- ---- 16_
28 333s
16 - ----------------1412 15 -------- 133 21
First preferred
100 _
Second preferred
100 _
_
___ ____ ___ ___ 42 -42 4ii2 --- -------------------------------- 40 44
. 4112
45 48
41 -- -744 3
100
N Y Lack & Western
...... ____ 9313 9312
100 2712 - 8 3712 3012 2712 3034 27 2934 28 4578 373 454 3618 4214 3912 4434 384 4518 38 4258 3314 427 301s 3714
4
N Y N II & Hartford
7
327
8
N Y Ontario & Western-100 1814 2114 1912 2012 20 2112 19 20
19 2178 2013 2253 20 23
197 2218 2014 227 203 24
3
3
4
2013 243 20 2114
8
Norfolk Southern
100
20 21
.
17 20
20 20
14 16
16
14 2114
16
1612 ----------------16 16
173 173 16
4
4
Norfolk & Western
100 102 10512 10314 10638 102 10634 10274 105 103 10838 10214 10412 1023 10414 1027 1083 1025 1077 104 11112 103 11214 1041210853
/
4
g
3
8
3
Rights
__
_ _
8 11s
Preferred
100
78 79
ii i76 0 i5 i5 a - - 7i. 7
5 7
6 7 - ---- . _ _ 7- -_
6
71
- --------7214 7312
4
50 ------------------------ 7214
Northern Central
_
Northern Pacific
100 811g 8812 83 863 84 863 8212 8512 84 . 3 -- - 87i4 8135 88
91 138i2 11
4
-2 -12 8- its -4
0 9 105 a -- -14
-8 0
81
97
Pacific Coast Co
100
4514 4514 .___
_ __ _
__ _
__ ____ ____
_ _ _ ____
__ _
._ __ _
_ _ 40 40
50 4512 1714 443, 46
Pennsylvania
4514 4334 - -7 4312 -44 -44 8
.1114 435s -45 431 44 433s 1458 425s 4934 4612 - -18 4333 4712
4112 4312 50
Peoria & Eastern
100 6
6 - ----- ---- 412_
5
418 5
514 6 ---------433 43
512 534 6
5
5
54 078 518 512
6
Pere Marquette v t c
100 117s 14
12
1112 1234 912 12
13
912 133.1 1112 I614 137 1514 1412 1513 1212 1534 1312 1553 15 187 125 174
3
8
8
Prior preferred v t c
100 55 55
53 5834 5473 57
5212 5613 56 58
57 5712 5512 58 57 60
61 61
583 63 60 64
4
577 60
8
Preferred v t c
100
37
3
31
31
5
30
39 39
35 36
35 367 367 397 3813 40
8
8
44 44
40 42
8
40 50
_
Pitts Cin Chic & St Louis 100 -----------------------------5014 533 257 257 504 51
_
50 527 54 5413 54 577 53 5812 46 53
8
Pitts Ft Wayne & Chicago-100 ----------------128 128 127 127 -------- ----- ---- --------130 130 - --------1241212412 1251212512 13014 13014
_
_
Pitts & West Virginia
100 2253 2812 2614 2812 26 3018 2512 2734 27 3114 2812 3112 3253 7
3312 3812 3313 403 3414 383
3212 373 323 37
8
4
8
4
Preferred
100 61 6713 66 6734 66 6812 66 69 67 7034 684 8012 78 80
4
773 30 78 807 77 82
8
7838 81
7814 8118
Reading Company
50 7013 767 735 787 753 851 775 83 7834 90 4 8614 95 8618 9314 863 917 853 92
4
s
3
3
8
863 9614 81 93
4
4
784 86
First preferred
50 35 36
35 35
37 38 - ----- ----38 39
345g 3814
__ 37 37 - ----- ----35 3718 37 383 3712 3712
4
Second preferred
50 36 37 36 37 35 3812 3653 37
4040 37 3812 37 37 38 3912 38 3914 357 39
36 38
38 3918 -- -8
Rensselaer 8,Saratoga
100
Rutland preferred
100
St Louis-S F stk tr etts
100 Thi2
iii4 1212 il -12 1.0. 1212 10T2 12
-2 1112 i3; -1
1i 1234 17 4
,
Preferred series A
100 23 30
25 26
21 29
22 2518 21 21
26 28
28 28
277 2812 27 2812 28 2912 30 3313 2214 33
8
.100 20 23 20 20
St Louis Southwestern..
20 20 20 20 ____ ____ 19 2334 195 25
194 1918 --------2012 2314 21 22
19
1912
Preferred
100 40 4012 3412 3978 37 37 404
13 3712 40 -_-_ 35 37
334 3412 ____
_
28 3712 3712 40
28 37
100 712 813 712 812 712 812 7
Seaboard Air Line
73
4 74 814 714 __712 _- - 814 914 83 12
4 712 8
s 73
814 73
93
8
8
8 1014
Preferred
100 1614 1914 173 1814 163 1914 1513 1712 1614 1812 1712 2113 1813 20
1914 2112 19 23 2038 2212 1912 2514 17 2112
8
4
Southern Pacific Co
100 8012 85 8253 883 8114 8773 80 3 833 8118 8718 821 841 823 8514 84 893 84 881 87 1053 97 110 973 1045
7
4
4
4
8
4
s
U P-Ore Sh L etfs of Int
____
..
_ _ __
_ ____
_ _—
_ 1143411434 ----- ---- --------11814 11814 ----- ---- -------- --------13812 138 2
,
Southern Railway
---- 2134 -- 3 23 -- -3 2153 --- 203 -- 4 203 26
-2
23 247- 2314 2438 23 2653 2513 283- 2714 3258 275 347 2814 3238
3 223478
4
2518
2 4
4
8
3
Preferred
100 57 597g 5712 6014 58 617 5712 60 4 5853 63 61 6234 6173 63 623 667 66 6914 6712 707 653 7514 68 70 4
8
3
3
3
3
4
3
Texas & Pacific
100 16
14
1834 1734 1978 18 194 15 16
1734 16
1734 15
16
1453 157 15 1612 15
1813 1812 2713 223 2 12
8
4 9
Third Avenue
100 1'733 2134 177 1958 1713 1778 16
18
1712 21
17 18
1812 1933 1812 1912 1514 1812 173 211 141 201 1214 16
3
4
100 ___ ____ _______ _______ _______ ___ ____ _-__ ____ - Toledo St Louis &West
_ ___. ___
53
4 534 7
7 - ----- ---- 412_
412
Preferred
100
-614 5
.
7
Toledo St L & West tr rects ___
-.. 7-14 ,aill - 2 614 .714 51.
514 7
67
, ,
b; 012 ------------------------554 612 i
Pret trust receipts
124 1212 ---- ----812 9 --------9 1112 8
12 1012 1014 15
1414 16
12
11
11
14 1413 10 10
15
Twin City Rapid Transit_100 65 6514 62 6514 52 6178 47 52 4212 4418 3918 41
4014 433 4214 4414 43 4314 45 51
4
48 50
32 5278
Union Pacific
100 10934118 11312 12334 116 12312 llf 1207 118 12613 120 12333 120
3
5312313 12038 129 1224 12813 120 13712 1261213712 12512 132
Preferred
100 69 703 7013 7213 7112 7414 70 71
7014 71
7014 7112 1393 7014 6912 715 703 763 693 7414
70 7114 6914 71
3
8
8
4
4
4
United Rys Investment
100 434 653 4 4 638 47
713 613 1014 8 4 93
8 638 5
3
9 10
3
814 8
4 814 912 8
812 813 11
3
74 8 4
Preferred
1012 1514 1312 20
100 12 143 11
4
17 18
1334 103 12
16
4
1713 1314 1512 14 1512 14 19
15 18
1314 1613
Wabash (Reorg Co)
100 734 914 814 87
73
4 012 7
4 712 912 858 12
8 73
10 113
4 918 1014 83 10
4
812 1013 9 1114 77 1018
8
Preferred A
100 3914 4412 4013 4338 40 4312 394 4153 3934 4312 41 4312 3813 43 37 40
377 4018 33 407 303 413 307 3914
s
4
8
4
3
Preferred 13
100 2014 23
2114 2314 22 2312 22 2212 22 2514 237 2612 24 26
8
2314 2412 2314 2478 23 25
23 26
191 2418
,
100 13 1438 144 1734 14 1714 1318 1458 135s 16
Western Maryland
137 16
14 153 143 1538 13 1533 1234 1513 1234 1613 10 14
1
4
8
25 25 25 2812 273 32 ----- ---- 2034 307 25 25 25
100 20 20
2d preferred
28 3112 29 30
4
8
31
26 307 24 30
3
Western Pacific
100 13 15
1514 13 1514 15 2034 19 2413 2112 227 19 2133 1812 1912 183 194 19 2434 19 23
1414 1612 14
3
4
Preferred
100 46 53 52 58 51 5414 5012 513 5112 593t 59 64 61 6314 60 62
4
59 62
58 6012 60 64
0112 61
9
97
2 914 912 81,1 914 832 914 814 934 0 1234 814 1012
Wheeling 8c L Erie
100 812 1014 9 1018 9 1014 8
87
3 8 10
Preferred
1713 18
100 2078 2112 20 223 21
1873 22
21
19 20
4
1913 20 s 18
7
1912 26
183 18 18
19 23
8
1713 207
s
Wisconsin Central
100 37 3912 3614 38
3614 3812 36 36
34 3812 3513 3634 3514 3712 35 3814 343 36
36 393 34 38
4
4
297s 36
8a -13-7-78
-34 -1 -14
-11 ii 12 9 3 12 638 To-34 612 13 Hi 13 8
-34 s '
8 -;
EXPRESS
Adams
American
United States
Wells Fargo
100 '7 80 71
100 -------- 80
100
100 75 8314 80
7514 65
80 80
16
8212 78
73
8018
1614
80
65
80
1412
7114
7313
88
15
76
5912
82
1512
7034
6714 62 69
59 59
88 8913 90 .........
__
1612 --------1614 1614
763 73 79
72 72
4
5012
804
1614
70
55
8312
1614
71
48
7712
1618
633
4
5114
79
1618
65
52
85
16
6412
61
91
1618
79
5934
91
10
74
69
9512
1612
78
i
42
80
1618
61
5958
89
Ms
7314
COAL AND MINING
10 134 278 134 258 113 2
Alaska Cold Mines
114 13
.1 113 134 13s 34 214 458 318 33
4 212 37
8 314 413 312 533 33
8 43
4
Alaska Juneau Gold mg
10 238 313 2
112 2% 112 3
278 15s 213 112 178 112 2
178 214 112 218
134, 212 2
278 112 238
25
Amer Coal of Alleg Co
Amer Zinc Lead & Smelting-25 1273 174 14
167 13 1612 134 14
- 8
133 193 1512 20 8 18 -- -3s 17i4 -- -34 ii 1712 1 1
4
s
, - 21
- . 18
1814 i3i4 1512 il 13
7
-12
Preferred
25 41 47 43 47
43 40 45 47 4412 491s 48 52 4958 5314 4912 5018 50 52
5112 45 50 383 4612
51
4
Anaconda Copper
50 5018 6412 6112 6612 60% 65 627g 66
0114 7112 6112 0814 65 6912 6514 69
0512 697 6712 7414 0312 7338 59 677
8
Ilatopllas Mining
20 1
118 1
112 1
114 1
158 1
114 118 112 lls 138 1
114 1
118 1
112 '112 238 13
8 13
4
Hums tiros
100 11(134 114 108 11958 116
4 12012 132 12312 134 120 128 12012139 13512 14853 139 155 148 10112 14518 1553 119 156
4
100
Preferred
110 110 110
125-0
Butte. Copper Ec Zinc v t c.._5 - 958.
103
4 914 1018 8
68
-is - -7- oi8 10:4 93 --- 1 lig -- -7- 1i g 1212
312 8
-7 -1
-Ett 10 8 1i% 98 1 -14 9 -- -7- 8 11
-12 li Ts - -78s
Butte & Superior Mining-10 1612 2112 183 223 1818 2412 185a 215 1812 3312 21
4
8
5
2912 263 313 2514 2758 25 273 23 2714 185 257 1612 213g
4
3
8
3
Calumet & Arizona Mining_10 6312 66 6512 70 6712 69 67 6913 683 71
4
667 69
8
6714 69 68 68
07 70 66 7012 66 7012 01 69
Cerro de Pasco Copper_no par 2934 3212 3114 3314 2914 3218 3012 3212 3112 3512 3112 3414 3312 3412 333 35
327g 3434 3414 38
3214 39
33 36
25 15 1758 16 173 15 1612 1412 167 15 8 1712 1518 167 161g 1718 16
Chile Copper
8
8
3
3
167 153 175 1718 24
8
8
4
1812 231 1714 20 3
8
3
Chino Copper
5 4118 44 4313 4513 39 4338 4013 4278 40 4714 3638 4212 39 417 3858 40, 3814 407 3812 4414 3738 4478 3133 383
3
8
8
4
Colorado Fuel & Iron
100 3434 3914 374 4212 3612 40 3612 42
E93 5413 4533 503 443 4814 45 4814 45 4938 3814 4614 3514 41
4
8
4
36 4112
Preferred
100
—_—_.101 101
-__ _—
Cons Interstate Callahan_10 8 10 --------8 10
8 13
73 812 814 9
10 1114 9 10
4
312 10
9 1038 83
.1 914 814 1
14
Consolidation Coal of Md-100 92 94
10 833 10
Dome Mines Ltd (The)
- 53 6
8
812 918 8
1
12 712 038 7
018 7
-.
0
4 814 9
1-7
33
12 -15
11 T378
50 22 243 2338 2812 263 287 26 267 2538 27
Elk Horn Coal Corpn
4
25 2734 2478 2638 2613 3014 2712 2813 2812 2914 28 3114 2853 30
4
8
50
Preferred
37 37 ---------------------------------------------------------4313 4313 __—
_
FederaiMining8cSmelting_100 934 1373 105s 13
11
1113 94 913 94 12
912 912 1212 1213 10 147 1134 17 1134 15
3
3
1014 14
12
9 -- Prererred
100 27 36
3114 3612 30 33 30 32
29 3613 3012 3438 34 34
33 4312 3712 423 3818 4413 393 43 37 407
4
4
8
Granby Cons 111 S &P
100 74 7912 75 78
76 78
71112 79
754 80
76 79
7412 76
79 8253 81 81
79 86
76 83
78 81
Greene Cananea Copper..100 384 4114 4014 45
3912 4112 4012 433 40 45 4014 4234 4213 4412 43 4514 443 5038 49 57
4
4
4412 5814 4112 4014
Hotnes.take Mining
100 8112 89 8112 84 80 8012 75 76
68 70 70
74 75
72
75 75
30 85
90 95 95 95
Inspiration Consol Copper_20 4253 4858 4413 485 4353 4612 4614 54
8
474 - -3- 4734 55 513 5614 51
56 4
5413 52 5514 534 5812 46 5612 4113 4914
4
Island Creek Coal
1
60 60_ __
4
_ 623 623 ____
4
67 67
Kennecott Copper---no par 308 333 3214 3414 29 -4
3312 30 12 323 3112 ---- 31
4
3318 325 --- 33 - - 3212 ---8 3312- - 18 3458 4114 3114 - 65
3418
3418
347
3478
40
.3 -8
Miami Copper
5 2934 3318 3014 3212 297 3138 2714 31
27 3034 267 287 2873 30 2733 2858 2758 2913 273 2913 24 2812 2214 2538
s
3
3
4
Nevada Consol Copper
5 18 1914 .1838 1938 173 20
4
4
3
1833 193 191s 217 19 2012 1953 2012 193 2078 197 21
4
8
193 21
8
1714 21
1612 1913
Ontario Silver Mining—AO° 414 514 5
5 4 512 814 734 1012 83 1112 1078 13
3
4
97 1214 813 1014 74 1018 67
s
s 73
4 7
8 814
8
67
100 42 4712 467 583 51 5712 507 54 4812 564 48 54
Pitt:bur6h Coal (Fa)
3
s
4
4912 5253 50 523 48 513 4714 533 4413 497 4534 4814
4
8
4
8
Prof,rreci'
100 7033 8214 814 .84 80 8314 81 81
80 84
80 817 8013 8158 8112 8278 8212 8314 8258 8314 8114 844 85 8578
3
1673 534 148
JAN. 4 1919.]
THE CHRONICLE
51
1918 - Continued.
STOCKS
January February
March
April
June
May
July
August September October
November December
Low High Low High tow High tow High Low High Low High Low High Low High Low
High Low High Low High Low High
Par $ per share 5 per share 5 per share $ per share $ per share $ per share $ per share per
share $ per share $ per share 5 per share $ per share
$
Pond Creek Coal ctfs
10 1818 103 ----------------18 18
8
12
19
19
19 20
1812 1812 --------1712 1812 1612 1612 15
16
Ray Consolidated Copper 10 2238 2418 2338 25
2212 247 2338 2518 2334 2614 23 253 2312 25
8
8
233 243 2314 2458 2334 2514 21
4
8
2512 1514 224
Shattuck Arizona Copper 10 1558 1712 17
3
1814 16
177 155, 1714 16
3
18
16
163 16
4
16% 1514 1614 143 1512 1458 1614 15
4
17
13
1538
Tennessee Cop & Chem_no par 1278 1734 1512 1758 1514 1738 17
1834 163 1912 1712 2018 19 21
4
1912 16
1938 16
183 1314 177 1234 15
8
Utah Copper
10 78 8312 8034 8534 763 8212 7738 8114 77 878 767 8212 80 843 18
4
8
4 80 8414 81
85
81
93
753 0112 7114 803
4
Virginia Iron Coal & Coke 100 50 55
4
64 7038 6612 69 6712 73
55 66
73
71
7118 7312 72 73
71
7212 70 72
59 70
50 5818
VARIOUS
Acme Tea 1st prof
100
Advance Rumely
1 00 ii - -------------------------8013
1114 23g 478
12 112 1414 1612 14 -- 17
-512 --- 16 -- -78 15i- -- -38 151-4 - - -14 1858 2634 . 312
1
18
17
2 17
21
2
.1 6
Preferred
1 -18
100 257 2912 2614 3012 28 2912 2812 3214 33 3612 34 4178 1912 4512
8
43 48
44 4934 4718 52
50 4 627 5712 6114
3
8
Ajax Rubber, Inc
50 49 51
51 56
507 52
8
61 58
58 6018 58 64
6514 6212 6314 5r.
61
57
55 635 6278 6614 65 7214
8
Rights
__
1
112
Allis-Chalmers Mfg
100 1734 21
8
203 277 23 2612 2212 285 2818 37
4
32 3518 3112 348 3212 3412 294 333 2518 30
8
2414 29
263 338
4
Preferred
100 7214 76
74 814 79 8312 76 81
4
813 8612 84 8614 8212 8312 83 8414 8234 8412 7934 83
7934 848 82 8512
Amer Agricul Chemical
100 78 86
8558 90 85 87 81% 84
8314 88
871 91
893 9258 89 101
4
96 100
9812106 100 1038 9914 10214
Preferred
100 8918 91
91 92 9212 9212 0212 95
9312 9412 9314 9412 0212 9212 92 9218 93 95
9412 90
9518 9814 9612 101
American Bank Note
50 2
--------3158 341 3112 313 321 3512 35 35
31 34
35 35
Preferred
50 ----------- ---- ---- 42_
42 - ----- ----413 413 --------4212 4212 - 4
4
- - - -- - - American Beet Sugar
- - 100 '7512 - - '77 14
i97
8
74% 82
70 701.1 7 12 75
0
64 7012
/ 7218 683 715 67 - -- 6412 71
4
8 - -% 7 1 -0
--1 48 -- - 5012 - - 66
-66
Preferred
100 84 85 86 86 --------86 86
87 911 83 83 --------85 85
82 82 - -------- --------85 8534
_
Am Brake S & Fdry
100
t. - -- ------------ --------90
_—
_
90 90
Preferred
100 17
7478 175 168 168 165 16514 15
16314 --------168 168 162 162
American Can
-0
100 345 415 378 4314 388 435 40 4512 4212 5034 4238 4712 45 4914 168 168 --------175 fig --------160 16
8
4614 4812 4314 47% 4114 47
4014 48
Preferred
4214 '48
100 8914 0012 90 95
/
1
4
9418 963 96 97 958 97 937 96
4
8
4
9312 913 93 9458 0134 94
92 9412 93 9712 9512 99
Amer Car & Foundry
100 6814 7312 713 783 74 795 7514 803
4
4
8 748 8158 7512 87
8238 8658 8358 8614 8234 888 805 8814 793 0612 8218 033
8
8
4
Preferred
103 106 109 110 11012 10912 110 110 11012 110 1103 109 10912 10934 10934
4
10712 1093 10914 11112 10878 11112 107 111 10734 11512
4
American Cotton 011
100 25 3234 30 33
3018 32
31
3812 3612 431 38 4318 3914 4212 4012 4334 3912 4334 41
4434 383 4458 3858 4171
Preferred
100 80 80 80 8018 79 8112 788 80
78 84 - --------78 79 _ __
__ ' 78 82
82 83
8434 85
86 88
Amer Hide & Leather
8
100 118 1312 1218 143 12 1334 12
138 1234 1434 132058 1614 1914 18 22
19 2212 147 2058 1312 1614 127 1514
8
8
Preferred
100 50 56
5512 6312 558 6212 5612 60
59 693 653 82
4
8
75 813 80 947 86 943 7712 9114 6912 8118 6512 7614
4
8
4
American Ice
100 1112 1212 1212 15
123 133 1414 2014 247 3512 293 337 293 337 32 353
4
4
4
8
4
4 257 3618 3212 49
8
37 48
3918 4378
Preferred
100 383 43 41 4212 414 42
4
4212 48
4558 53 49 51
4814 50
4952; 5158 4812 54
5118 51
51
57
55 587
3
Amer Internat 60% pd _.100 54 5838 33 5812 524 5512 52
1
55
4
4
American Linseed
100 27 337 315 3412 305 333 305 3414 5214 58 8 53 573 523 5414 5212 5514 5112 5412 5338 6012 52 5834 5334 58':
8
8
8
8
3234 427 3814 425 40 4258 41
8
43 4018 4234 39 4214 39 42
40 474
Preferred
100 6914 743 74 758 /13 75
4
4
71
74
75 8114 78 8112 7814 8012 78 803 7614 797 77
4
8
793 7812 8312 82 92
4
100 5312 593 5758 6918 598 6718
American Locomotive
8
6018 663 62 7134 62 6014 6334 6812 6512 6734 6412 68
8
6212 69
5934 683 60 6614
100 95 0612 90. 100 98 9912
Preferred
2
98 99 9712 100
9714 08
93 99
9712 99
9312 9918 9914 10112 997 10012 100 10238
8
100 9
Malting
American
1118 978 1312 9
103
4 812 101,
1 712 038 74 9
5
814 5
7
238 518 3
314 5
518 33
4 5
100 51
50
49 5818 44 537 4212 4931 4412
1st preferred
8
404 44 4612 4312 4812 43 4312 39 42
403 4034 4214 50
4
1st pref certfs of deposit_ - ____ ___ _ _ ____ __ _
_ _ _
__
_
____ ____ 4212 4312 41
43 --------42 4512 4312 -4
9
American ShipbuildIng
100 --------90 90 92 - - 59 12
- 99
- -3 125 144 129 4 135 --------130 13012 132 140
--- -3 - - 258 0318 0212 03 92 9412 8958
Am Smelt See pref A stpd _
9114 89 8978 8918 898 8 3 893 90 9012 9112 9112 8512 8
8
91
52 91 55 -95
Amer Smelting & Refining_150 7612 85
8058 8612 7512 8212 7412 7934 73 8412 733 803 764 8138 7658
8
4
7912 755 80% 764 9134 7934 9114 713 8638
8
8
100 104 10512 105 106 105 1063
Preferred
4 10414 10518 10312 106 1043 104 104%10618 105 1061 103 1041 10312 103 106
4
11014 10378 10818
American Snuff
100 97 90 94 9
911 93
1 95
10
'
97
997 97 97 - -------- 85 9. 90 997 100 107
_
- -- ------------ ---- ---------- ---- ------- Preferred new
------ -- 85_
100 58 64
Amer Steel Foundries
60 6812 6114 6612 5112 - 6512 61 68 63 6778 66 7514 72 798 ii - 34 8512 92
64 8- 3.4 5- 95
American Sugar Refining-100 98 10714 104 10812 100 106
8258 - 0233
9834 10614 101 116 108 1141 109 114 1087 11158 10(;18 110 1073 1143 10918
8
4
8
11378 110 113
Preferred
100 109 11012 1097 11012 10814 110 110
8
110 110 11312 108 4 110 109 111% 10914 110 10S1310914 10912 111 11158 114 112 11412
,
.
100 603 683 6612 9514 86 961
Amer Sumatra Tobacco
4
4
2 9078 10012 975 145 1283 1457 11714 14212 12114 13214 1055 126 10412 1173 9112 10912 903 10514
8
4
8
8
4
4
100 81
Preferred
88
88 03 9014 93 90
00
89 100
4
983 103 96 101
89 95 8212 88
8234 87
84 90
90 9234
Amer yelegraph & Cab1e_100 51
5312 60 60
60 50
61 51
50 5114 50 50
5114 55
56 66
55 55
100 9934 108 1047 1091 9918 1071
Amer Teleph & Teleg
/
4
2 95%10138
99
9912
9058 -- - 9.12 - - - 9812 10914 10234 10918 673
100 14012 165 162 16878 1503 159 154 16812 96 10114 95 10014 9114 08
American Tobacco
1
8
15514 170 158 166 160 165 157 16434 160 165 16512 195 18512 19512 188 s 164 4
Preferred new
100 94 0812 97 99
1983
4
94 9812 95
95 954 9412 05
93 9514 9218 95
947 08
8
963 997 9814 10011
4
100 4458 4938 49 563 48 5614 4978 95 93 95
8
Amer Woolen of Mass
8
5312 5212 6078 5414 59
57% 603 58 5914 533 5838 4858 5518 49 513 50 5878
8
4
Preferred
100 92 93 9258 9414 93 957
8 93 9478 94 953 9312 947 0358 953 0518 957 95 953 9418 95
3
4
8
9418 96
8
25 3142 2318 273
Amer Writing Paper pref 100 203 25
9412 963
4
4 2014 2512 22 2534 22 2314 23 2814 2712 293 3212 3812 3012 36
2914 33
2712 32
Assets Realization
_
1
11
_
138 112 -------- --------113 112 112 212
_
12 112
100 ____ ____ 1212 -- - 2 13
Goods
Assoc 1)ry
121
13 ----------12
__
12
12 -1. 13
2
15
15
15 --------14
14
13 13
100
13
1st preferred
1858
543 541
100 3518 16 _
-18
- -2d preferred
100 50 59.2 5 - - - - -5-- - - - -iy
Associated 011
ii5
5
7 .5i
-- 4
511; -...- "u- ---- ---- ---. --- - --- 2 ---- -- Ws --- - ----- 978 -5- ---586014 5934 6560r 64 6 71 6514 9-- 56953
Atlan Gulf 8cW IS S Lines_100 9734 10534 10534 12014 1033 114 104.2 11212 -57- If
4
10134 11334 10212 112 101 10512 102 106 100 106 103 1143 103 11518 101 11211
4
100 58 6012 603 63 6012 643 6114
Preferred
4
4
6212 62 6314 61 64
633 65 6312 65 6318 6412 63 6618
4
675 6514 6711
100 5618 6414 623 817 7158
8
Baldwin Locomotive
4
8
798 73 8338 787 10134 8044 9614 84 9312 8858 9612 86 9514 7314 895 6458
8
7812
8 7012 8412 71
100 93 98 9612 100 987 99
Preferred
8
90 97 9812 100 100 100 100 10018 100 8 100 8 1018 102
, ,
4
9914 104 102 104 102 102
100 85 86 87 93 8614 9112
Barrett Co (The)
8514 88
9218 0478 9212 94 92 9612 95 109 100 10112 10118 110
8
86 933 88 95
100 100 101 100 10112 10013 101
Preferred/
0913 102 102 102 100 1013 100 101 101 10312 10412 10412 10718 10718
8
8
100 744 8314 77 837 7814 823 10034 101 1003 101
Bethlehem Steel Corp
8
4
8114 8658 81 85 833 8512 7934 87 67 7812 6014 6612 60 681
4
100 7238 833 75 823 74 81. 78 7934 80 96
Common class 13
4
8
755 813 7712 94
8
775* 8712 7918 8512 8218 857 78% 873 6738 79
4
8
593 69
4
6018 69
100 90 0012 -------- 92_
Preferred
92
.. _ _ ____ ____ __ -.- 90 90 90 90
_
___ 94 94
8914 91
91 91
84 91
100 0612 10012 0018 103 9934 1013
8% preferred
4 10118 1067 104 10634 104 106 104 106 1523 10514 1027 105 102 10114 10134 106
8
4
8
104 1061;
100 21
2312 22 26
Booth Fisheries
2214 2434 2214 25
2214 2434 2214 2434 23 2712 2514 277 2512 2812 2212 2612 22 26
2114 2413
100 _ .
Brooklyn Union Gas
_ 85 85 80 80 ......_
__ 8412 8412 .. __
__ 798 85
78 78
80 82
90 93 92 9312 80 90
100 6212 6212 6314 6314
Brown Shoe
-.-65 - - --------62 -65
65 68 68 67 67 67 67 65 65
71
74
68 68
100 95 95
Preferred
95 95 9696 98 98 96 96
97 97
96 96 __ _
_ 96 96
05 95
96 90
Brunswick Term & RY Sec-100 618 738 714 88 63
4 718 612 612 7
1158 11% 1618 11% -- -12 11
13
1212 11 - 3 10 1312 8
11 8
10
814 914
Busts Terminal
100 30 80
100 _ _
Butterick
__ 1518 1112 1518 1018 _ _
712 94 734 1018 9
_
912 834 83
/
1
4 84 11
1012 154 1558 1812 17
171
:
Calif Packing Corp(The) no par 2- -612 39
3712 3914 3834 4012 3534 -4912 3958 4512 40 41
407 4134 4158 4318 40 407 40 4334 435 50 46
8
8
3
Calif Petrol vot trust cds_100 12
1612 1514 1838 15
4834
1612 153 1812 164 197 19
2138 1814 20
8
8
1838 207 18 2112 1934 243 1814 247 19 2313
4
8
Preferred
100 30 443 43 4814 43 4614 43 49
4712 59
5812 637 5912 613 60 6314 6114 65
8
4
6112 68
6112 6034 63 701
Case (J I) Thresh M pf etf_100 73 78 82 85 84 8514 8314 84
84 8812 85 85
82 82 - 8312 8512 83 8312 __ ____ 89 9018 91 921
:
Central Foundry
100 30 3514 28 3312 26 40
37 4112 37 41
35 37
343 3518 32 3218 ____ ____ 22 25
4
18 20
19 19
Preferred
100 41 46
43 4512 4112 403 48 53
4
45 5018 4512 48
44
4612 43 46
_
__ 34 35
33 35
35 39
Central Leather
100 6112 6914 68 7338 62 7134 63 7038 6314 72
6314 7234 6618 7138 6618 713 _-- -6514 7114 6212 7014 563 6112 543 641;
8
4
Preferred
100 103 105 105 10812 10212 107 10212 10334 103 10412 103 10412 10234
104 103 101 1023 104 10312 107 10118 108 10112 106
4
Cent & South Amer Teleg.100 4 105 106 1071 109 110
108 ____ ____ 05 105 103 104 --------105 105 102 103 101 104 106
106
Certain-Teed Products_no par ---------------- -------- ----- 35 38
33 34 ----------------30 30
35 4012 3712 3734
100
1st preferred
90 00 87 87
8414 8414
85'2 851:
2.1 preferred
7814 7814
Chandler Motor
8 1--0 2 95
8112 - 901, 7; - 83 7512 - 34 ;2 - - -- 81
81
8778
88 85 1912 85 - 12 8814 - 3 5412 1698 15258 1697;
99
59 4
- 3
- Chicago Pneumatic Tool _100 ____ __ _ _ _ _
__ _
__ . __ -__ _ _
_ _ 68 7034 _ _
_ _ 6812 6912 6938 6958 68 69
Cluett Peabody & Co
100 45 51
- 52 5
.
9 547 - 5
556 50 5254
-- - - 4812 4812 5012 - - 53 53 54 54
-52
51
55
65 - - 61 -- 55
6434
Preferred
100 95 95 --------9811 994 ---------------------------------------95 98
99 100 105 105 103 103
Columbia Gas 8, Electrie-100 313 35
8
333 35
2834 337
8
4 34% i4 33
4
12 337 3 7 34
8
8
33 3718 333 36
4
3512 417 368 4134 3712 4474
8
computing-Tab-Record -A00 30 32
3018 31
3212 3212 3212 3212 37 3712
39 39
35 35
35 35
3312 38
36 37
3634 3814
Cons Gas El L & P (Balt)100 95 98
96 96
Consolidated Gas N Y.-100 84 92 8218 - 12 84 90
92
l3578 99 8718 - - 8212 1814 823 9114
4 92 .14 - 9012 813 -04 65 164 6; 16538 9,- 10;
1 Continental Can Inc
100 847 9238 697 95 6814 7378 70 7138 6778 7512 70
72 68 723 707 73 6634 713 6512 7614 69 7412 6758 721
4
8
8
:
Preferred
100
101 101 103 105 103 103 104 104
9914 103 99 10114 9814 9814 99 100 102 106 105 10514 10414
-25 45 45 44 46
107
Continental Insurance
44 44
48 50
50 5014 50 5312 _ _
_ 50 51
513 547g 54
4
Refining_100 2978 3414 3278 353 3412 38
57
56 60
Corn Products
4
3518 - - 3814 4334 39 4234 41.8
7 4234 11 4 3912 4434 4212* 4512 455 5018
3934
3
8
40 49
Preferred
100 9012 9312 933 963 06 9778 9512 077 9714 991 0918 10134 10014 45
8
8
8
102
99%1003 10014 1023 101 103 10114 103 102 104
8
4
100
Crcx Carpet
4412 4412 40 40 40 40
50 50 - ----------------------------------------50
5112 - - - Crucible Steel of America_100 52 69
55 683 59 658 605 6758 60 747 6014
8
8
7018
8
8
5514 -61-1:
100 86 90 88 90 88 90 8812 90 897 9112 9018 9134 6:114 693 6514 70 63 6912 512 6158 5312 58
Preferred
8
903 9112 9012 9118 8914 91
4
88 90 88 91
87 01
Cuba Cane Sugar Corp_no par 2814 3312 3012 337 2818 33
2712 3114 283 3312 2912 327 29 3212 2914 513 2912 3158 285 338 2814 34
4
4
8
2834 3134
100 783 82
4
Preferred
SO 83 7818 83 79 803 7912 813 707g 8112 807 8112 8018
4
4
8134 79 81
7814 82
79 8138 771.1 813.
4
Cuban-American Sugar100 1463 152 145 150 -------- 145 115 ___ ____ 152 152 ___
_
___ 136 136 ___ ____ ____ ____ ____ _—_ 150 150
100 95 95 94 957 0091 95 95 __
Preferred
- __ —
- - -- - - --- - -- ------ -- 100
Deere & Co preferred
9412 96 9434 9534 95 957 9512 - -- -9512 65 VII 5278 9278 64 04 5214 9214 953 4 61; 95 VC; 6378 - - a
.
95,
Detroit Edison
100 98 98 10212 108 103 105 104 10112 104 106 103 10412 103
104 __ ____ 104 101 109 109 110 120
100
Diamond Match
4312 -3 4118 5812 -- - 3712 4112 3814 5238 4934 -- - 55
Distiller's Securities Corp..100 3- -6434 6112 53 - - -38 :56 8 --- 4-4 518 4
- -14 6
0
-5 6 4 -9
0
- -5 13 4-12 51
-14 -4
-- 46 523;
Electric Storage Battery 100___
_ ____
_ _ 49 49 48 49
5012 5012 5012 5158 5234 56
5614 5614 52 5212 51
554
28
Fisher Body Corporation 00 par 26 - _- 34 - . 34 3512 33 35
34
35 35
343 43
3714 39
4
3512 3914 35 36
34
35 42:2 5; -40
36 17
Preferred
100 7014 77
75 80
7912 8012 --------87 8834 89 91
90 91
8212 8212 8712 9014 91
9212 9212 93
3334 Gaston Wms & Wigmore_no par 335 36
36 3134 3414 331 4 34
31
3614 2634 331 28 31
2653 30
28 2958 2514 3174 2814 32
29 321;
General Chemical
100 165 175 180 180 170 175 1651.1 173 174 176 180 180 - --------185
185 180 18012 17712 180 148 16812 168.2 1681;
Preferred
4
100 1033 10334 10012 10012 --------10014 10014 100 102.2 9914 100 __ _
_ 100 1004 100 10014 9912 10012 100 101 102%103
100 34 361 1 3712 43 397 45 42 42
General Cigar, Inc
3
401 43
41 08
45 --- 4812 53 4412 497 4414
5214
Preferred
100 ----------------9614 0614 ------------- ----9934 100, 0912 993 99 99 --------9934 487 4334 4514 4514 4914
4
105
--------
1.0 aiT4 ----84
[VOL. 108.
THE CHRONICLE
52
191S—Continued.
Novembe. December
August September October
July
June
April
May
March
January February
High Low High Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low High Low
per share $ per share $ per share
Par $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $
4
1413 149 14812 15812 147 157 14212 15512
4
General Electric
100 12734 140 134 14313 13414 14138 13614 143 142 153 142 14912 143 14912 1443 14712
23g 314
Rights
--- 0
1- 2 -(i4 131 - 1- 14 - i22 13612 12318 132
i ii
-9
- -i
- -- ii5 15 - 152 16
8
--- - 1
4
1' -- -38
GeneralMotors Corpn.. _100 1063 13912 1-013 1413 ii3'2 129 iiii4 12334 ii;lig 12 - i17 15
4
g
4
8
81 8234 8114 8212 80 82 77 7812 753 793 797 8618 80 8318
79 8112 7914 81
8
8014 84
100 81 833 8312 88
Preferred
4
8
597 5314 573
8
4
4
8
4112 5014 4112 45 42 4718 42 4614 4213 457 443 473 4412 457 4412 4714 47 598 51
100 38 49
Goodrich (B F)
4
102 10112 1033 9558 104
100 96 9914 98 100 9912 9912 99 100 9914 100 98 100 98 100 100 100 100 10012 10012
Preferred
4
4
83 853 7912 8538 7614 87 63 77 63 6914 583 694
88 93 88 11112 84 10934 84 86
961 90 95
Gulf States Steel tr ctfs 100 86
9912 9912 --------9512 9512 9314 95
100 102 102 -------------------------------------------------9912 9912
1st preferred tr ctfs
54 55
46 48
5018 52
37 40 --------4012 4112 4118 42 -------- 4553 4512 48 48
40 42
100 42 44
Hartman Corpn (The)
,
4312 465 45 4814 45 48 8
8
4512 48 44 47
39 431 4114 4314 4212 4914
4
par 34 3978 3712 40 3712 423 37 4
Haskell & Barker Car.
100
Helme(G W)pref
--- -- -185 135
.
_
_
100 -------- -------------------------------------------- ----- Ingersoll-Rand
1611612 14 -- 4 1014 1514 1034 14
-8 14
-2 17
614
'3 19
.6
1212 52 434 17
13
514 12 -100
Int Agricul Corp
4
57 613 57 6234 6014 6312 57 6312 44 5812 47 5214
100 38 4812 47 4934 40 44 42 47 44 5712 55 65
Preferred
130 120 12612 11512 122 121 13134 12612 12814 12414 12758 12412 130 125 13212 131 138
100 11112 122 120
Int Harvester of N J
4
4
100 10612 10812 109 11012 109 109 1083 11012 1083s 110 110 110 112 112 106 11112 104 106 106 1063 ---- ---- ---- ---Preferred
64 6612 62 6312 66 70
6134 65 60'12 6712 6478 66
72 53 601 55 61
100 59 70 70
Int Harvester Corp
100 9'7 97 10212 10212 -------- 971_ 2 100 95 9714 96 96 100 100 108 108 104 10612 106 106
Preferred
10573 11612
_ ____ ____ ____ ___ ____ ____ ____ ___ ____ ____ ____ 104 10912 106
_ _
100 ____ ____
Int Harvester (new) ctfs
107 10918 107 114 114 116
100
Preferred certfs
217g 3114 2518 2838
8
4
4
4
4
0% 273 3114 253 2814 253 283 2514 295 27 33
3
2314 -6
2
100 21 2514 2433 3134 2318 2934 2318 -Marine
Intern Mercan
8
9553 1043 9713 10658 10418 12458 93 12512 10834 117
8
100 8338 9412 9212 10214 8918 9958 8514 9438 85 10512 1007 10912 9312 104
Preferred
3118 3334
4
8
2713 293 281 315 2914 303 29 303 30 341 305 35
25 27 3078 2758 2934 2713 2934 27 2878 2738 31
Internat Nickel
9612
8912 90 - ----- ----90 90 92 92 - -------- ---- -96_
100 95 95 96 96 95 98 92 92 8812 90
Preferred
8
4
3114 3612 32 3712 2912 353 295 3314
4
4
4
4
8
100 2412 3078 293 3312 2858 3414 29 413 333 4512 333 405s 3418 373 34 38
International Paper
100
Preferred
di
. di% 6112 52T8 6114
63 :02 --51 -61
58 6512
100 .- --Preferred stamped
_ ___- —
------------ ---- 60
_ _ __
6112 _- 8
100 __ _ 5632; 5638 5312 56 ------- 53 551 553 5513
International Salt
3418
27 - 40
8
3
29 30
28 --- 34% -- -13
4
35 3914 3014 423 31 33 - --------3014 321 34 34
38 40
6
100 36 3
Jewel Tea Inc
94 9412 88 88
94
100 97 9714 95 95 92 92 88 901 8818 881 92 9358 91 91 - ----------------94
Preferred
105 --------103 103
100 95 95 104 104 ---------------- 100 100 - ------------------------100 101 105
(Julius)
Kayser & Co
3
103 4 10512 ---- - -- -- - - - - - 100
1st preferred
-0 72
- - 63
57 5413 ---12 6- - 47 4 46 - -3- 4812 -48 513 4712 51
4634 4512 51
25 3 471 44 4714 42 47 41 45 41
KeI1 y-S prIn gfieId Tire
90 90 90 9018
85 85 - ----------------87 87
76
_
100 -------- 7638 765 ------------------------76
Preferred
26 293
33 33
35
4
100 28 29 -------- 29 30 --------2812 281 --------2438 245a ----------------28
Kelsey Wheel
87 87
87 87 - ------------ -----------86 86 --------00 90
89 89 90 90 90 90
100 81 81
Preferred
871 90 941 101 104 104
60 87 89
89 9312 95 8934 9314 9212 9212 90 90
Elec Lt & P_100 2 95 94 94
Kings County
_
95 95 ---- -------- ----105 105 155 165
_
100 --------------------------------85 85 83 85 90 90
Kresge (S S)
10478 106 105 105
Preferred
60 64 --------6714 6714
55 5534 55 . 55 --------55 55
5712
-5 55 50 ----------55 -- - 5- --- 55
100
Kress (S H)& Co
103 103 10212 10212 --------103 1035s
__
8
100 100 100 ----------------10214 1023 103 103 103 10312 103 103
Preferred
72 8114 6858 7414 6512 72
4
853
4 82 ---- 80 86
4
76 8012 733 815 76 82 80 9158 83 8714 81 843 _100 7334 81
Lackawanna Steel
83 88
847 87
84 89
_
85 82 8318 --------83 83
La 8
clede Gas (St Louis)..-100 85 85 85 85 87 90 - ----------------85
3
1914 1812 2234 1812 2212 19 2058 187 2112 19 2314 2012 24
16
1838
1213 1512 12 1314 14
13 16
Lee Rubber & Tire--no par 13 15
18634 179 18912 189 210
165 185 182 19534 180 180 165 165 165 180 165 165 16612 16612 16414 16912 168 171 17214
Liggett & Myers Tobacco-100
103 10934 110 110 106 10614
8
8
8
100 10178 103 104 107 10334 10718 102 10312 10178 10312 10013 1033 10218 104 1017 1023 10212 104
Preferred
3534 4078 38 4534
27 42
27 29
267 25 2912 2712 31
181 2238 2112 23 21
Loose-Wiles Biscuit tr ctfs_100 1712 1934 1713 2212 19 20
8314 86 8612 87 87 --------8514 9114 93 94
100 /1 83 8312 831 ------------ ----85 85 831
First preferred
91 92 91 26
_ 7712 7712 81 86
100 ---- ----53 57 - --------6112 63 58 63 ----- ----70 75 _ - preferred
Second
160 150 160
4
- -- 0
100 160 175 185 196 20 200 170 170 17212 17212 170 179 163 195 1441 163 14538 148 1453 162 152
P Lorillard
100 98 99 101 101 104 105 --------104 104 102 103 ------------ ----100 10018 101 107 110 110 10412106
Preferred
70 75
7638 7714 75 77
-- 5 75
4
713 73 ---- ----7334 755g 7258 74
100 7412 7512 75 7812 74 7612 -------- 7
Mackay Companies
64
64 64 64 6412 . 0412
64 6412 65 64 05 64 6414 6414 .6412 64 64
59 6212 6112 6212 64 100 57 58
Preferred
100
Manhattan Beach
_
Manhat Electric Supply100 ------------------------ ---- ----_
8
7
78 - -- -77
- 65
100 '75 —- ------------------------70 70 65 65 --------65 -- --------74 - 5
7
Manhattan Shirt
85
75 82 80 75 75
__ _ _ _ _ _ ___ ___ ____ ____ 85 87
_
____
_
_
Marlin-Rockwell v t c_ _no par
-- -- -- -- ----- - --- -- ------------------- ---------------- - 40
ks___50
Mathieson Alkali Wor0
4212 - 8 3 14
7
3
4 293
2734 2512 --- - 29 ---12 2512 -- - 271- --32% 25 -8
2 4 2912 2412 2913 25% 28'12 26 ---3- 27 0 27 1218 2618 3
100 2512 -Maxwell Motor
4
597 673 5013 697 50 5312
5634 60
5512 52 5514 53 5618 5414 5812 5412 58
51
100 5573 60 60 6434 5312 61
First preferred
2038 2338 20 2112 2012 2212 23 2913 19 3238 19 2212
2018 22
19 2134 1912 21
21 23
2178 26
100 193 24
4
Second preferred
59 6312
533 531 541 53 621 61 63
511 521 51
5034 53
5012 541 511 54
48 50
May Department Stores._10047 4712 5178 42
---- ----__ 10012 102 - ----- ---- 98 100 - --------100 104
_
100 983 983 10018 103 10078 103 -------- ---- ----102 102
4
4
Preferred
; 0 10238 9012 10214 96 103 9914 10212 97 l 1238 11614 194 15018 176 15514 17934
100 79 937 883 9814 8938 9838 9012 973
4
Mexican Petroleum
9512 96 9618 97 98 10212 101 10134 107 107
94 95 9514 96
100 87 90 92 95 91 93 937 938 94 94
Preferred
41 47
4
5418 4434 513 4214 46
8
4
47 533 4912 5313 515 5414 51
1 41 443 4712 4518 61
4
4'1
1
1 48'
Midvale Steel & Ordnance.-50
100
Moline Plow 1st pref
7 8
/3112 7134
- 7- 7338 6714 69
6712 73
100 --------------------------057
Montana Power
_ 106 101A
4
100 9978 10018 --------95 983 98 9812 9812 9812 --------101 10112 10114 10112 --------9014 9914
Preferred
30 --- 273 301;
3112
4
4
8
307 313 3032; 31
8
30 3118 307 32
4
293 31
31 33
50 263 303 30 32
2714 2978 2814 30
4
4
National Acme
_ 9112 109 105 1097 108 1101;
_
61 9412 95 91 97 90 91
21
4
100 93 100 98 100 97 9734 923 94
National Biscuit
--- --_
_
1101 110 114 109 111 ---- ----- 10712110 109 109 --------1061410614 109 110 10834, 1101 11214 1123,
100
1 110
10
Preferred
_
55 58 - ------------- ---- 66 671;
_
100 ------ -72 72 - ----------------------------- ------------58 60
National Cloak & Suit
0 10012 --------10312104
12
- 1021212 ----------------100 100 100 103 10
100
102.2 ---- ---Preferred
612 1414 173
4
1714 153 1812 13
1812 1458
8
1412 85 1718 2138 36
-7
8
Natl Conduit & Cable_no par 1518 177 15 185s 1412 1512 1312 18 8 1358 18
53 50 5234 4312 5014 4012 45 44 49
4
Nat Enameling & Stamp-100 3714 4412 43 5312 46 4913 4712 527 4814 5412 49 523 5038 5312 51
9014 91
92 95 9113 9112 83 88
95 95
4
4
4
100 96 96 983 9912 9734 9734 973 973 97 973 9412 9412 96 96
4
Preferred
5714 6434 60 63 6214 693,
8
34
4
4
4
5438 613 56 6112 563 593 5812 60 58 593 57 59
100 4314 4714 47 5818 54 59
National Lead
104 10514 10414 1051;
8
100 104 104 100 103 9934 101 105 105 102 10512 10018 10018 164 10414 1013 104 10112 102 10318 105
Preferred
9934 103 9812 10311
100 11718 125 12612 138 121 13512 122 128 125 839 12314 129 123 127 12314 12912 1187 125 10978 121
New York Air Brake
2314 261;
22 22
2012 2012 20 2278 201 24
23
24 25
19 201 ______ 20 27
100 1812 2012 22 22
New York Dock
47 48-18 ----- ----45 481;
_ 46 48
_
_ _ _
46 46
47 47 - --------4634 48
46 46
100 42 44
Preferred
5712 45 531,
4012
41 4212
2312__ __- - - 3712 --- 39 4212 44 4658 5
_
—
Nor Amer Co new stock100 43 4514 45 4612 44 4518 43 45 4134 4314
64 67 60 6234 59 6312 5213 551
62 ' 70
5760
100 6314 69 673 69 62 04
59 62 60 6314 ..-- --- 5612 61
4
Nova Scotia Steel &Coal
3914 4778 4158 4431
4
8
8
8
25 3512 40 4 3814 4258 3518 397 351 391 36 4234 36 387 36 3938 3714 4012 37 383 373 48
3
Ohio Cities Gas (The)
417 44
4338 45
4234 46'13 4158 43 42 4414 4178 4212 40 44
42
25 4252 4434 42 4334 4112 42'12 ----- ---- -42_
Ohio Fuel Supply
8
4
60 7014 5712 6912 563 617 54 62 44 581,
59 61
59 61
58 61
59
'
1 621
65
3 60
Owens Bottle-Machine (The)25
109 109
_ __ . _
- _ --- ----- ------107 107 _-__
100 ----- --Preferred
40
-34 315 1514 33 -8
327
073
5 2312 25'12 2412 30 4 2'778 307- 29 3258 2912 3218 2814 -- 8 2812 - -8 3114 3314 3012 13 31 13
8
3
Pacific Mali Steamship
Rightsis 53 153 212
_
_ __
_ ___
_ ____
_ _____ ___
10112 ____ ____ _ _
N
.
203
20 -19
6 2038 -2
19 -27
24
2212 ---12 1814 --'
21
8
0
8
..........-0 1912 9
Pacific Tele p &...
4
12 183 26
2012 223 207 207 24 2478 ... _ _ __ __ 20 --4
_ 6314 7214 64 7034 6413 701.
_ __
_ _ __ _ _ ____
_ _
__
__ _
_ _
_
Pan-Amer Petro1.8c Trans___50,
95
97
-1 - - 9218 --- 97 12412 112 123 113 121
95
-212 --- 9
92 9
-100
89 25
Preferred
4713 5631
48 61
42 481 421 451 4218 515 44 473 45 503 49 59
1003958 55 44 5312 4014 43 4013 47
People's Gas Lt & Coke
_
_
_
_
35 37 - ----- ---- -------- -------- -------- 30 30 ____ _........ 30 30
100 2978 32
35 35 ______ 33 33
Pettibone-Mulliken
..
__ __
_ ____
_ __
_ __ _
_ __ _
100 98 98 99 99 --------100 100 --------96 96 .._ _
1st preferred
333;
4 35 2814 -35
9
- 4 2812 7 8 2
9
2
8 28 297 2812 ---12 263 --- 2-3 -- -34 2614 -- -14 303 -2512 31
23 2558 21 28
2518 26
P
Ph iIad eI ph ia Co ( 1ttsb —50 26 30
4
4018 5134 393 46
8
4 403 40 47
8
8
36 4212 3678 4318 3614 3918 3634 43 37 4112 38 407 3712 393 373
Pierce-Arrow Motor Car-no Dar 34 38
8
100 893 92 9012 03 933 9712 1)212 95 0512 97 95 98 96 97 97 977 9514 9812 98 10158 10012 103 10113 101
8
4
Preferred
8
4
__ 1613 1712 147 173 1614 1918 1558 1812 1534 17
25
Pierce Oil Corpn
90 91A3
,
6112 92
9314 9314 91 91
73
9218 97 7472 94 9418 9114 94
91
00 90 93 93 90 90 93 93
100 903 98
8
Pittsburgh Steel pref
5512 6914 60 67
60 70
4
100 59 6312 5978 6912 58'12 6434 5734 603 56% 6212 591g 6938 64 71
6814
Pressed Steel Car
g
93 947 957 96 95 100 9413 9834 95 9712 98 100
8
9634 977 95 06 93 95 93 94
100 95 95
Preferred
92
100 10112 10112 102 10412 10412 10912 98 10012 9812 10434 100 102 98 100 89 97 95 9812 85 97 88 93 5513 -Pub Serv Corp of N J
4
4
24114 110 117 115 1183 11414 119 112 11512 11112 11478 111 11218 11112 114 114 129 1243 13214 11412 1251
Pullman Company
100 10018 116 1143
7 485 553 51 5713 523 5834 53 583 5614 623 603 7018 655 713 65 6912 6514 7214 71
4
701;
8
8
4
4
4
100 4513 5314 5153 56
4
8
Railway Steel Spring
8
9812 9812 9812 100 100, 10212 10138 10212 10012 10218 102 101 103 1051;
9658 9778 9778 98
100 95 96 98 98 9614 98
Preferred
8
73 7831
8112 9312 8812 9438 91 9414 8758 9414 80 913 73 83
8
8
8
Republic Iron & Steel„ 100 725 823 75 815 76 8118 7714 8478 81 96
8
4
8
3
100 9258 9514 9534 9912 97 977 973 98 977 100
9838 100 9912 101 100% 10112 997 10212 9938 1003 9914 993 967 100
4
8
3
Preferred
ttsp4 131 70 110
7312 100 98 145
87 117 98 1Ci614 103 109
Royal Dutch Co tr co ctfs-- 7053 7738 7312 7714 7018 8012 7213 7714 '75 91
Rights
4
-2 --- 6i14 -- -14 '70 8 -12 ii 0
0 7
73 7218 i3
68
- i- 12 --- 6214 7414
-6 7
0
100 53 6614 6- --- 6
68
Savage Arms Corp
818 18
7 10 4
,
8 612 614 12
67
4 712 57
812 43
100 63 11
614 718 67
4
3 718 87
8 93
9 103
4 734 10
Saxon Motor Car Corp
4
4
100 1393 1551 149722 156 140 152 141 1441 1361 1441 1333 136 136 143 13614 14014 139 14112 142 16;) 158 1673 161 1761;
Sears Roebuck & Co
_
_
_
100 117 117 - ---- ----1101211912 -------- ---- ---- ----- ------------118 116 120 120
Preferred
3151
31 4
385
8
3138 -- - 8 5212 - 3 5113 8
8
Sinclair Oil & Refg Corp no par 2914 34 3339 2738 353 2514 2938 2634 307- 2713 343 3018 3414 3034 3338 3014 34
46 51
5913 6213 5913 6212 51 60 45 52
8
4
4
Sloss-Sheffield Steel & 1_100 39 423 42 5312 48 553 50 605 58 7114 6414 7034 62 64
9314 92 92 03 93 87 90 90 90 _-__ _.
81
100 -------81_
87 8712 92 93 93 93 93
Preferred
- - --South Porto Rico Sugar_100 158 162 170 170 160 160 152 152 160 160 134 160 125 127 125,126 120 125 135 135 135 140 ---- ---.
Rights
- -10
_
__
100 102 102 155 105 155 Cdi -------- --------105 105 107 107 - ------------------------110 1 -Preferred
18 110 118 117 117 117 11812 11612 11712 125
43 9434 10213 103 10634 105
43
92 92
911 96
100 84 84
Standard Milling
85 8614 853 86
4
100 89 89 ---- ----------------- ----- 8012 8112 80 8012 ------------------------81 84
__
Preferred
8
4
47
4212 4534 43 5312 523 708 475 727 4812 5334
391 473 4313 -100 46 5518 4614 5612 3834 4912 337 4138 3532 44
Studebaker Corp (The)
98 95 100 91 05
_
8638 90 --- ---- 801, 841,1 00 90 92 92 92
100 94 94 94 95 90 92 85 85
Preferred
STOCKS
iii- -111414
fit
a -6-5'
4
631- 6 Ii1- (iii4 13-12 a -643-
6 12-34 a -u-12
6 -5-6
_
46 "4"Ei a-8 -iii- ____ ____ __ . __ ____ ____ _ __ _ ____
-4-6
a5
.
a 73;
_ ____ ___
8
614 -6112 ti:i -6-6' iiiis 1/7- ai, -ii ais -ii iii
-ifi
it5ii foo100
ew
.......
. _
Preferred
-
--------------------------------10112---
iii -9-6 i6 -66-
iiii Vika io -6-358 6614
-12
598 (Ti Lo 6
6- 1.1-2 Wil.,
fiti
JAN. 4 1919.]
tHE CHRONICLE
53
1918—Concluded.
STOCKS
January February
March
April
June
May
July
August
September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High
Low High Low High Low High
Par $ per share S per share $ per share $ per share $ per share $ Per share $ per share $ per share
$ Per share $ per share $ per share $ per share
Stutz Motor Car of Am no par 3834 47
4318 4734 4114 4312 4312 463 43 45
4212 4234 40 403 393 393 38 3914 37 43 42 4834 45 55
4
4
4
4
Superior Steel
100 3412 40
3414 3612 35 403 3758 4558 3812 4334 42 4412 3912 4312 41
3478 38
4
4314 3712 4112 3478 37513 35 38
100
1st preferred
95 95
98 100 _
95 95
9818 9818
Texas Co (The)
100 1562 15512 148 16034 140- 1133
4
14i1- 1,-- 2 121a 15 34 195 19514
6 43 56
19434 19412 14912 188 176 203 178 196 b17514 1913
49 55
4
Rights
1412 1714
_
Texas Pacific Land Trust__100
13012 15
-6
Tidewater Oil
101 178- flit; 185 fig 18 " 166- 200- 2
186
66___
15 180 182 fii 190- 19
- -0
14266 4
2061
Tobacco Products Corp.. 100 49 56
53 5634 4812 5418 51
6712
557 53 6334 56 .186-6158 --8
7218
s
8
7914 7612 8238
Preferred
100 90 9112 90 93 8714 90 0018 901s 91 95 0212 957 93 9714 6738 727 6315 7212 681a 773
8
9634 98 96 97 943 96
4
90 101
965 10478
8
Transue&Williams Steel no par 397 4018 40 4038 40 4014 30, 4018 39 42
8
2
3712 4034 3912 40
373 387 363 3812 37 407 3812 4078
4
8
8
4
Underwood Typewriter__ A00 ------10012 103 104 10418 100 1001s 10014 102 10412 10434 105 105
105 105 104, 104, 106 11014 109 11178 112 112
8
8
Preferred
100
4
5 1083- 112 112
4
107 107 106 106
106 104 104
107 107 107 107
115 115
UnionBag&PaperCorp (new)I00 65 6712 70 70 68 68
6778 75
75 75 75
7812 80
75
70 7518 70 7512 71
74
7212 7512 74 76
United Alloy Steel ____no par 37 397 3812 40
8
3812 40
3812 4914 39 4412 39 41
38 40
38 397 37 39
8
367 3912 367 403 375 3912
8
8
8
8
United Cigar Stores
100 89 99 903 973 8334 911.1 857 0058 87 9478 873 10512 9518 10212 973 10418 97
4
4
8
8
4
8
1043 987 10558 10014 1053 10312 10834
4
4
Preferred
100 10114 10114
106 106 103 103 104 104 110 110 102 106
105 107
10814 1083
8
United Drug
100 6912 70 6958 7012 6912 7014 70 70 693 71
69 70
4
71
71
_
70 76
75 79 84 907
8
1st preferred
50 46 48
4612 4812 50 50
4814 4814 4812 4812 4912 4912 -48- 48- 4712 48
49 49
5012 5012 495g 50
2nd preferred
100 80 80
78 79
78 78
773 7712 78 79
8
77 77
7712 78
7812 7812 7918 84
84 8514
United Dyewood
100
59 61
58 58
_
58 58
Preferred
100 -------- ---- ----96 - 61- 95 95
-- . 2
9.
_
United Fruit
100 116 4 fir
.1133 119 131 11912 125 119 fii 1.24- 12
-0- 124 1285 12512 13012 128 13
8
-i- 1371 148 14212 147 145 166 2
- -1United Paperboard
100
---- -- 2113 22
U S Cast Iron Pipe & Fdry_100 113 1412 -14- -11371 14
4
1414 1118 1412 1318 1678 14 16 8 -143 - 3- -1318 15
-14 11 4
1222 14
14
1512 13
-151 161-2
2
Preferred
100 44 44
43 473 41 45 42 433 4334 4512 4212 4412 4312 4312 43 4412 40 4314 42
4
4
-411-4 4312 4612
612
4512
U S Industrial Alcohol
100 114 12412 11912 1303 11812 12514 12012 12714 11612 137 117 1257 1207 13012 12314 12934
4
8
8
109 12414 977 114
8
97 10514 96 10534
Preferred
100 95 95
97 97 9812 99 05 97 9478 97
97 97
9518 9514 9514 96
9414 95 94 9412 943 9412 96 9734
8
U S Realty & Improvet_100 1112 1112 812 9
814 10
8
17
1258 1414 133s 14
1312 171s 1612 167 143 143 17 26
4
8
197 23
8
1714 22
4
U S Rubber
100 51
57
56 5914 54 577 52 59
8
54 6014 5434 60
58 6314 6012 6438 5914 64
61
7012 65 7538 7218 8012
First preferred
100 95 9814 99 10118 10018 10314 10218 10412 1023 10518 10214 10312 104 10618 104 105
8
10233 10412 1017 10112 10212 108 107 110
8
U S Smelt Ref & Mg
50 427 4712 4434 4834 42 4612 36 4314 3814 44
8
4018 45
42 4434 42 4212 4134 437 4212 503 4512 503 433 48'4
4
4
4
Preferred
50 43 4512 44 453 453 4534 4238 4512 4212 4312 44
4
4
4414 4414 4414 4238 43
4312 4434 45 467 47 473
8
4
United States Steel------100 8858 98
9278 9812 8612 9258 883 963 953
4
81133.1 0614 11038 10112 10914 10738 11612 1O71 116 10078 11458 94 1044 0212
s
993
4
Preferred
100 10818 1125 10914 11214 108 11018 105 111 10958 11158 10914 112
8
11012 11214 1093 11212 110 111 11018 1123 11012 11234 11118 11358
4
4
Utah Securities v t c
100 1112 1412 1338 1512 13 132 12
1318 1258 1.112 12
1212 11
1258 1212 135 12
8
1514 13
123 11
4
1634 12
143
4
Virginia-Carolina Chem...100 3334 4212 39 43
3812 4118 41 47 44 4958 47
5258 4712 5218 505 5612 5134 553 533 5914 50 6014 51 56
8
4
4
Preferred
100 98 10112 1003 103 10212 10212 10214 10414 10778 109 106
4
109 10912 10912 10414 107 105 108 10914 110 110 111 11114 1135
8
Vulcan Detinning
814 814 73
100
4 8
912 912
_
_
878 1012
100 ____
Preferred
2514 2514 32 3812
38 38
42 42
35 42
Western Union Telegraph_100 8538 92 89 91
8938 93 92 955 8912 943 8914 9112 7934 80- 7714 8518
4
813 8514 82 9512 95 9312 8434 8914
4
Westinghouse Air Brake__ „50
_ _
_
_
_
95 95
Wes'house El & Mfg
50 3812 433 -4-0-58 431- 40 4218 391g 4112 7
8
-- 2
6:78 - - - 41 -- - - 4112 13 41 443 42 443 4212 453 4114
471;
4414
4
12
8
4
4534 4014 4412
50 59 59 643 6412 637 637 64 64
First preferred
8
8
8
6314 64 60 60
_ 59 59
60 64
6412 6412
Weyman-Bruton
100
100
Preferred
---- i55- 200
100- 10050 3634 40
White Motor
4018 45'12 42 41- 4134 4312 -36C2 - 2 -4012 - 411- .
42- 4112 4318 4212 467 441 -- 7 46 4818 ---- 50
408
8
45
4252 472
Willys.Overland
25 1512 22
1734 20
17
19
1658 1778 167 213 1834 21
8
1914 21
8
191g 20
1918 2118 2012 2614 2212 30
2418 27
100 75 7814 7812 8214 7912 8212 80 82
New preferred
80 8112 797 827 8178 83
8
8
8214 83 80 83
82 85
8412 8914 8712 89
100 451 59 511 5612 5012 573 52 563 55 6612
Wilson & Co Inc v t c
4
4
565 6514 60 64
8
5612 6212 4912 58
51 6414 61
73 68 7714
Preferred
100 ----- --------- ----O838 983
8
95 9512
9012 9012 92 9218 98 98 99 2 9912
,
Woolworth (F W)
100 114 1212
0
12
0 110 11878 116E8 1157- 11212 115
8
ffi" 110141133
11112 112 113.8 12812 120 125 12014 12738
4
Preferred
100
11434 11434 1133 11334
4
_ _ _ _ 114 115 111 113 113 113
Worth i'n Pump & Mch v t c.10 34 35 34 4218 3812 43 -;16- 433 41 5514
4
4612 5612 54 6758 62 69 62 67
51 6134 5018 55 51
573
100 86 8712 853 8812
s
Preferred A
8
89 9114 8812 91
4
893 893 88 91
4
90 9018 90 90 90 90 90 90 88 88
100 59 60
Preferred 11
597 6212 62 6312 6214 6434 65 6814 67
8
69
677 7038 6812 6912 66 69
s
6334 66
66 68 66 6812
Ex-rights.
iji:3 116
7412
COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE YEAR 1918.
BONDS
January February
March
April
May
June
July
August
September
October
November December
Low High Low High Low High Low Iligh Low High Low Iligh Low
High Low High Low High Low High Low High Low High
New York State—
/Rahway Improvement.
1963 10412 10412 1043
4;is
010712
105 105
10814 10814
10712 10712 10612 10612
1963 104 104
43.4s. registered
106- 1661965
45(s
1015T4 166 4
- 11668
- 11962
48
9738 973 9812 9812
8
------ -5'7C4 9714
-6512 - 2
. 681
1961
4s
99 99
____
1061
48, registered
_-_9712 9712
1960
4s
-- -65i8
-- ___Canal Improvement.
1964 105 10512 106 106 10634 10634
4s
106 106 10734 10734
113822 10812 10712 10712
1965
*is
10412 10412
1021 1021z
1062
48
08I 0812
---08 - 9i 973 9734
4
1961
43
64 4
96 9714 -9414 - 1---- ---- -55i2 9812
1960 96 96
4s
9424 9414 95 95 ---Virginia
68 deferred, Brown Bros.
& Co. certificates
44 50 45 52
4612 4018 4758 60
5812 7014 693 71
4
6012 65
6612 70
1091
Funded debt 2.38
787 787
8
8
New York City—
Corporate Stock.
coupon
1955
_- 78 78
35s,
May 1954 7818 7812
355s, coupon
-r
7O- - 4 -; 3- -ii " -55F8
ti6- 1/.
-8112 8212
8034 - 5- -1
818 3F 82
82 85 -Wir8 1E4 Nov 1054 78 78
7814 Iii- - ( - - 7518 7614 77
3558. coupon
1r4 i814
7912
8
817 8258 813 8138 81
8112 7912 82
8
845 8458 84 85
1959 8612 87 87 871s 8614 8718 85 8612 8414 895S -8958 01
4s, coupon
9012 9112 893 0012 8914 91
8
89 9018 90$4 9314 9214 94
1959
48, registered
-90 90
9014 9014
1958 863 8612 -8714 - 4 - ni.,
48, coupon
8
87l- 1- 8912 9012 -653 --13 -65- -- -W6i4 if- 89 - 2 9138 93 -62 4 - - -8(1 4
- 9 ;
4
9
6i6-1 94
1958
48, registered
88 88
1057 8612 - - 3(c
8 4
48, coupon
-.65- 16 8 -5ii8 4
16 -161
fi6- -903 91 -65E8 .- 1 8 -55f4 0014 "65- - -- 803 8934 913 9314 -551. --- 4
4
4 9311956 85 8518
48, registered
- .i 37,
5
1 851 --------8512 8618 8914 891* 9014 903 893 8978 89 89
4
4
8912 897
1955 8412 86 -ii-iii
---4s, registered
-------------- 86 8612 8914 8914
897s 9014
9014 -- 4 ____
9011936
48, registered
89 1;6- ---- -95 95
1966 8858 913
90 9018 9012 9012 -87is 88- -85241s, coupon
6611.
4
913; 93 9312 9812 99, 9712 991g
2 -0- f - -65r8947 -56- - 4 9434 943 9412 :
8
1964 90 903 8934 9014 9014 905 877 877 887 92
s
43s, coupon
8
8
8
93 9514 953 9634 945 9478 943g 05
8
8
4
93 9434 9514 9812 9612 993
1964
4 Xs, registered
9412 9412
1960 89 9014 8912 - 371 -i- 8 Vic, "iiii4 'id -ithi,l - - - - -63T4 - 345(s. coupon
91
0
0312
918 -5414 .- 1 2 -9414 951 94 05 -65- - - 9634 -- 7- 9612 OS7s
.
9 1645;
98 8
1960
4Y/s, registered
90 00
____
---- - - 9614 9614 9834 9834
1967
450, coupon
10238 10314 102 10212
4148, coupon
1065 943 9058 9578 -- - 1 95 -- 2 -o5r4 95' 943. - - - 09.58 1664 oo" 161
4
96196-1963
4
- -7- -997 166 8 155- 1668 6614 1661- 10012 10358 101 1023
8
1- 32
4
1965
45s, registered
9618 9613 ___ ____ ____
locos
_
1963 9412 9614 0578 9612 95 963i 93 9614 9514 166 995g 10018 9912 10i
43s, coupon
10014
- 8 -6612 -- 77
166 4 -6/ 1661- 155- 165-1- 1021 103
- 19 8
6
- 2
4
registered
1963
454s,
9814 98'4
101 101
Nov 1957 95 9612 9578 - - -9612 - - - -9358 -- - 9033 093 9913
4548, coupon
ill
965
8
95
8
166 2 100 1017 -6612 1661- -691- 166 4 -6834 1664 15534 163 - jai: 1627
- 1. - 4
8
2
11- -8
454s, registered .___Nov 1957
98 98 -- -- --- _
May 1957 95 9612 -65314 - - - -0538 ii" -55T2 95;8 0012 983 9978 10012 1569 2
6
454s, coupon
58
161 2 -66f., 100 -6678 166 -5812 166 8 15612 1633 ioi- 1E1-1- ;
1
- -8
12
May 1957
061, 061,
4;is, registered
----
.512 .512 -if.; -gi- iii4 -wir2
.7.. .712 _8.34 - _7-..
.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from tile weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 12 1918:
•
GOLD.
I% The Bank of England reports an increase In its gold reserve against notes
for the thirty-third week in succession. On this occasion the gain, £1,731,065, is the largest made during the period.
SILVER.
The tone of the market still continues good, but, owing to the reduced
rates of insurance from America, the price fell 5-16d. on the 6th inst. An
m
Order-in-Council has been gazetted, removing the embargo upon the export of articles wholly or partly composed of silver; this doubtless will
tend to increase the trade demand for silver in this country. The Shanghai exchange has vacillated slightly. The High Commissioner of Canada
reports that the silver production of the Province of Ontario for the first
nine months of the current year shows an increase of nearly half a million
dollars over that of the corresponding period of last year. This is not sur-
prising, inasmuch as the average price of silver for the first nine montheof
1918 was 47.025d., as compared with 39.918d.for the similar period of 1917.
Indian Currency Returns.
(In Lacs of Rupees.)
Nov. 22. Nov. 30.
Dec.t7.
Notes in circulation
13,876
14,076
14,255
Reserve in silver coin and bullion (within and
without India)
3,220
3,419
3,599
Gold coin and bullion in India
2,044
2,045
2,044
Gold coin and bullion out of India
12
12
, 12
The percentage of metallic reserves (gold and silver in and out of India
combined) to the Indian note issue, touched its lowest point on July 7 last,
since that date there has been an improvement nearly every week. The
figures at monthly intervals are appended:
(In Lacs.)
Note Issue.
Gold & Siker. Percentage.
July 7 1918
11,558
3,615
31.2
Aug. 7 1918
12,434
4,083
32:8(g
Sept. 7 1918
13,273
4,674
35.2%
Oct. 7 1918
13,439
4,840
36.0%
Nov.7 1918
13,761
5,161
37.5%
Dec. 7 1918
14,255
5,655
39.6%
The stock in Shanghai on Nov. 30 consisted of about 20,600,000 ounces
in sycee and 11,300,000 dollars. No fresh news has been received.
Cash quotations for bar silver, per ounce standard:
d 48 7-16
d 48 7-16 Dec. 12
Dec. 6
48.437
48 7-16 Average
7
" 9
..
5%
48 7-16 Bank rate
48 7-16 Bar gold per oz. standard__77s. 9d.
" 10
487-161
" 11
No quotation fixed for forward delivery. The quotation to-day for cash
delivery is 5-16d. below that fixed a week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Dec. 28. Dec. 30. Dec. 31. Jan. 31. Jan. 2. Jan. 3.
London,
Thurs. Fri.
Wed.
Tues.
Mon.
Sal.
Week ending Jan. 3.
d 487-16 487-16 48 7-16 Holiday 487-16 48 7-16
Silver, per ounce
Holiday 593.
59%
5934
Holiday 59J(
Consols,2% per cents
94A
Holiday 94A
Holiday 944
944
British,5 per cents
993
Holiday 99%
99A
Holiday 99A
British,4A per cents
Holiday 61.55
61.55
61.55
French Rentes (in Paris)_fr..
War Loan (in
French
Holiday 88.35
88.30
88.30
ft_
Paris)
The price of silver in New York on the same days has been:
Silver in N.Y., per oa___ets_101%
[VoL. 108.
THE CHRONICLE
54
101%
10134
Holiday 10134
10134
eontm etcjaIt.
5CeliAlle01.154ZIUS
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
Capital.
For organization of national banks:
$25,000
The First National Bank of Nash, Okla
100,000
Revere, Mass
The First National Bank of
50,000
The Equity National Bank of Nampa, Idaho
250,000
Webster County National Bank of Fort Dodge, Iowa_
The
For conversion of State banks:
The First National Bank of Tuttle, No. Dak. Conversion of
25,000
the First State Bank of Tuttle
By Messrs. R. L. Day & Co., Boston:
per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
30 Rights Mass. Cotton Mills.._...9-9(
6 Second Nat. Bank,Boston...._ _283
9 Bigelow Hartf. Carpet, pref._ 9534
138
2 Federal Trust Co
3 Hood Rubber, preferred
9934
108
100 Arlington Mills
82
6 Boston Wharf
1 Androscoggin Mills, ex-div._..180
1 Boston Athenaeum, par $300_ _410
Manufacturing Co..183
10 Great Falls
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
10 Ridgeway Hotel Co. of N. J__ 30
60 Tennessee Ry., L.& P., pref._ 1334
130 Tennessee Ry., L.& P.,corn.- 234
143 Terre H.Inds.& E.Tract., pref 634
144 Terre H.,Inds.& E.Trac.,com. 3
434
72 North Coast Power, pref
35 Corn Exchange Nat. Bank_ _ _ _336
9 Rights to subscribe to Corn
Exch. Nat. Bank (a) $200.. 133
3 Philadelphia National Bank_ 341
5 West Phila. Title & Tr.,$50 ea.147
$5 lot
800 The Rock Island Co., pref.
800 The Rock Island Co., corn__ _ _$5 lot
6 FireAssn.ofPhil.,$50ea_30234-303
5 United Gas & Elec., 1st pref._ 4034
50 Phila. Bourse, pref., $25 each.. 20
10 Amer. Pipe & Construction_ _ 10
950 Philadelphia Yeast Mfg_ _$275% lot
50 Clear Springs Water,$50 each_ 25
50 Tri-State Stamp Vending,$501
45 lot
each
5 Units Cushing Development.)
5 Horn & Hardart Auto., corn_ _425 lot
$ per sh.
Shares. Stocks.
10 Horn & Hardart Automat (Ill.),
$50 lot
preferred
Per cent.
Bonds.
$10,000 Consol. Gas of Pitts. 1st 5s,
60
1948, certfs. of deposit
$10,000 Duquesne Traction 1st 5s,
90
1930, receipts
$10,000 United Trac. of Pitts. gen.
50
5s, 1997, receipts
$5,000 Fort Pitt Trac. 1st 5s, 1935_ 90
$5,000 Monongahela Street Ry. 1st
90
5s, 1928
$5,000 2d Avenue Tree., Pitts.,
00
cons. 55, 1934
$1,000 Sunnyside Irrig. Dist., Ida.,
3
1st series 65, 1929
$4,000 Ajax Cons. Coal ger. A 6s,'28 3
$5,500 Ajax Cons.Coal ser.13613,'28 1
$4,000 North Coast Power gen,lien
21
.
inc. 6s, 1941
$18,000 Consumers Brewing gen.1
$140
45, 1943
lot
60 shares Consumers Brewing_ _ _ _1
DIVIDENDS.
The following shows all the dividends announced for the
future by largo or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe, pref.(No. 41) 2% Feb. 1 Holders of rec. Dec. 31a
3% Jan. 10 Holders of rec. Doe. 24a
Atlantic Coast Line RR., common_
Feb. 1 Holders of rec. Deo.r28a
2
CHARTERS ISSUED.
tBaltimore & Ohio, common
1% Jan. 2 Holders of rec. Dec. 28a
Boston Revere Beach Lt Lynn (guar.)
Conversion of State bankm
1% Feb. 1 Holders of reo. Dec. 31a
Canada Southern
The First National Bank of Cloverdale, Cal. Conversion of
$50,000 Cleve. Cin. Chic. & St. L., pref. (guar) 134 Jan. 20 Holders of rec. Dee. 30a
the Bank of Cloverdale
Sc. Feb. 15 Holders of rec. Jan. 20
Dayton (Tenn.) Coal, Iron & Ry., pref
The First National Bank of Tuscumbia, Ala. Conversion of the
50,000 Delaware Lackawanna dr Western (qu.)_ $2.50 Jan. 20 Holders of rec. Jan. 6
Colbert County Bank, Tuscurnbia.
2
Jan. 6 Holders of reo. Dec. 20a
Detroit Hillsdale & Southwestern
The Union National Bank of Seattle, Wash. Conversion of
Jan. 15 Holders of rec. Jan. 8a
3
Detroit River Tunnel
Union Savings & Trust Co. of Seattle with two branches
600,000 Georgia RR.& Banking (quay.)
3
Jan. 15 Jan. 1 to Jan. 14
within limits of City of Seattle
1% Feb. 1 Holders of rec. Jan. 3a
Great Northern (guar.)
$700,000 Joliet & Chicago
1% Jan. 6 Holders of rec. Dec. 27a
Total
Jab. 15 Holders of rec. Deo.r31a
tKansas City Southern, pref. (guar.)-- 1
INCREASES OF CAPITAL APPROVED.
Amount. tLehigh Valley, corn. and pref. (guar.) $1.25 Jan. 4 'Holders of rec. Dec. 14a
$1.25 Jan. 15 Dec. 17 to Jan. 15
Little Schuylkill Nay. RR.& Coal
The First National Bank of Gastonia, N. C. Capital increased
334 Feb. 10 Holders of roe. Jan. 20a
$100,000 Louisville & Nashville
from $150,000 to $250,000
Feb. 1 Holders of rec. Jan. 8a
$5
Mahoning Coal RR., common
Tho Citizens National Bank of Winterset, Iowa. Capital inJan. 20 Holders of reo. Doe. 31a
2
150,000 Michigan Central
creased from $50,000 to $200,000
$1.25 Jan. 15 Dec. 21 to Jan. 14
Mine Hill dr Schuylkill Haven
National Bank of Forney, Texas. Capital increased
The Farmers
234 Jan. 2 Dec. 20 to Jan. 1
50,000 New London Northern (guar.)
from $50,000 to $100,000
134 Feb. 1 Jan. 4 to Jan. 22
tNew York Central RR. (guar.)
The Silver City National Bank, Silver City, N. M. Capital in1
Feb. 19 Holders of rec. Jan. 31a
50,000 Norfolk & Western, adj. pref. (quar.)_ _
$100,000
creased from $50,000 to
$2
Jan. 15 Holders of roe. Dec. 31a
Northern Central
134 Feb. 1 Holders of rec. Jan. 3a
$350,000 Northern Pacific (guar.)
Total
Jan. 10 Dec. 28 to Jan. 10
Northern Securities Co
CHARTERS EXTENDED.
Jan. 10 Jan. 1 to Jan. 10
Philadelphia & Trenton (guar.)
The National Bank of Commerce of Wichita, Kan. Charter extended Pitts. One. Chicago & St. Louis
Jan. 25 Holders of rec. Jan. 15a
until close of business Dec. 28 1938.
Pittsb. Ft. Wayne & Chic., reg. au.(qu.) 134 Jan. 7 Holders of rec. Dec. 10a
The First National Bank of Tulsa, Okla. Charter extended until close Reading Company, common (guar.)Feb. 13 *Holders of rec. Jan. 23a
1939.
of business Jan. 2
500. Jan. 0 Holders of rec. Dec. 26a
Second preferred (quay.)
The Citizens National Bank of Bedford, Ind. Charter extended until United N.J. RR.& Canal Cos.(guar.). 2% Jan. 10 Dec. 21 to Jan. 1
close of business Jan. 2 1939.
VOLUNTARY LIQUIDATIONS.
Street & Electric Railways.
Capital. Cm.Newp.& Coy.Lt.& Tr.,corn.(qu.) 1;4 Jan. 15 Jan. 1 to Jan. 15
1% •Inn. 15 Jan. 1 to Jan. 15
The National Bank of Jellico, Tenn. Liquidating Agent: Z. D.
Preferred (guar.)
$25,000 Cities Service, corn. & pref.(monthly)_.
Baird, Jellico, Tenn. Succeeded by a State bank
34 Feb. 1 Holders of reo. Jan. 15a
Feb. 1 Holders of reo. Jan. 15a
The Riverside National Bank, Riverside, N. J. Liquidating
Common (payable in common stock)_ 11
L. Pancoast.
Committee: H. J. Dennis, Delanco, N. J., and A.
34 Jan. 10 Dec. 27 to Jan. 1
Columbia Ry., Gas & Elec., corn.(qu.)100,000 Consolidated Traction of New Jersey
Jan. 15 Holders of rec. Dec. 31a
Succeeded by the Riverside Trust Co
The Fayette National Bank of Connersville, Ind. Liquidating
Duquesne Light, pref. (qu.) No. 16).. 1% Feb. 1 Holders of rec. Jan. 1
3
Jan. 13 Holders of rec. Doe. 23a
Agent, Charles Cassel. Succeeded by the Fayette Bank &
Co., pref.(No. 33)
100,000 ElPrimo Elec. SU.,Phila. Pass.IN
*$1.30 Jan. 7 *Holders of rec. Dec. 23
Trust Co. of Connersville
Green eb Coates
Dec. 31 Dee. 25 to Doe. 31
Honolulu Rap. Tran. Lt Land (qua?.)... 2
$225,000 Lancaster County Ry. & Light, common
Total
334 Dec. 31 Holders of rec. Doe. 31a
134 Dee. 31 Holders of reo. Dec. 26a
Preferred
2a
la Holders
Manchester
-The clearings for the week Ottumwa Ry.Trac., Light & Power (qu.)_ 2 Jan. 15 *Holders of reo. Jan. 31
j.4 Jan.
Canadian Bank Clearings.
of rec. Dec.
& Light, preferred (guar.).
rec.
Holders
Western Ry., p1.
ending Dec. 26, at Canadian cities, in comparison with the Philadelphia & preferred (guar.) (qua. 62;40. Jan. 15 Dec. 16 of to Doe. 31a
134 Jan. 1
Dec. 31
same week in 1917, show an increase in the aggregate of Pine Bluff Co., preferred (guar.)
1% Jan. 2 Dec. 21 to Jan. 1
Porto Rico Rys.,
Jan. 15 Holders of rec. Dec. 31
Republic Ry.& Light, pf.(qu.)(No.30)
38.2%.
Jan. 20 Holders of reo. Doe. 310
Virginia Ry. & Power pref
West Penn Power, pref. (guar.) (No. 12). 134 Fob. 1 Holders of rec. Jan. 21
Week ending December 26.
62%c. Jan. 30 Holders of reo. Jan. 20a
York Railways, preened (guar.)
Clearings at
Inc. or
Banks.
1915.
1916.
Dec.
1917.
191'8.
4
Jan. 6 Holders of rec. Jan. 4a
Corn Exchange (special)
Jan. 3 Holders of rec. Jan. 2
Harriman National
$
$
%
$
$
4
Jan. 15 Holders of rec. Jan. 14a
58,048,779 Mechanics (42 Metals National (guar.)_
73,085,107
68,158,793 +67.2
113,944,235
Montreal
4
Jan. 15 Holders of rec. Jan. 2a
Mercantile Bank of the Americas
37,490,512
54,503,860
51,634,390 +35.7
70,083,374
Toronto
38,459,841
44,528,999 Produce Exchange, New York (guar _ _ *4 • Jan. 15 *Holders of rec. Jan. 10
44,622,147 +30.3
58,128,149
Winnipeg
5,192,049
6,230,692
8,248,519 +29.2
10,653,963
Vancouver
Trust Companies.
5,160,489
4,477,294
6,209,262 +29.6
8,048,541
Ottawa
Jan. 10 Holders of real Dec. 3Ia
5
3,623,108
2,802,680 Equitable (extra)
3,851,109 +30.5
5,024,759
Quebec
2,528,712
2,118,434
2,989,840 +20.9
7,615,722
Halifax
Fire Insurance.
4,315,146
3,125,247
4,501,397 -8.5
4,117,836
Hamilton
$2.50 Jan. 8 Holders of rec. Doe. 28a
1,736,274
1,269,771 Continental
1,701,264 +16.2
1,977,093
St. John
Jan. 8 Holders of reo. Dec. 28a
15
1,703,869 Fidelity-Phenix
1,866,167
2,149,568 +7.9
2,318,042
London
$1.50 Jan. 2 Holders of rec. Dec. 24
(No. 149)
4,615,512
4,795,677 Hanover Fire (guar.)
7,066,364 -12.8
6,260,993
Calgary
1,057,008
1,387,581
1,865,355 -4.6
1,779,226
Victoria
Miscellaneous.
2,463,818
3,600,889 • -1.6
2,080,977
3,541,222
Edmonton
Jan. 15 Holeters of rec. Jan. 2
2,569,681 Air Reduction,Inc., corn.(qu.)(No.7). $1
3,415,739 +6.9 • 2,848,086
3,651,202
Regina
134 Jan. 15 Hok&rs of reo. Jan. 2
Preferred (guar.)
613,425
772,700
660,729 -5.4
1624,608
Brandon
4
Jan. 10 Dec. 31 to Jan. 10
Alabama Company,common
767,278
519,016
795,866 +9.4
870,180
Lethbridge
1% Jan. 10 Doe. 31 to Jan. 10
First and second preferred (guar.).-1,742,257
1,360,838
1,811,414 +4.9
1,900,000
Saskatoon
1% Jan. 2 Dec. 24 to Jan. 1
Alabama Fuel Lt Iron (guar.)
1,094,996
1,272,833
1,424,882 +28.1
1,824,766
Moose Jaw
2
Jan. 2 Dee. 24 to Jan. 1
Extra
504,284
886,167
776,958 +12.1
870,752
Brantford
134 Jan. 16 Holders of rec. Jan. 10
545,460
902,812 Alliance Realty (guar.)
923,919 -17.3
763,800
Fort William
1% Jan. 15 Holders of rec. Dec. 31a
Allis-Chalmers Mfg., pref. (guar.)
265,820
250,656
387,250 +23.3
477,887
New Westminster
Jan. 15 Holdertaof rec. Doe. 3Ia
Pref. (extra acct. accumulated dive.).
417,228
372,145
567,256 -23.1
436,320
Medicine Hat_ _ _
Jan. 15 Holders of rec. Dee. 23a
472,018
428,706 Amer. Agric. Ch., corn.(qua (No. 29). 2
923,049 -8.3
846,495
Peterborough
134 Jan. 15 Holders of reo. Dec. 23a
(No. 54)
Preferred,(quar.)
633,517
610,617 +5.7
645,579
Sherbrooke •
Jan. 31 Holders of rec. Jan. ha
American Beet Sugar, common (guar.)
440,027
585,663 +19.6
700,000
Kitchener
1
Feb. 1 Holders of rec. Jan. 18
American Chicle, common
*2
Feb. 1 *Holders of rec. Jan. 15
17R 074 clA
American Cigar, common (guar.)
gill Ina. 744 910 452 q9n 4.1A 2 211 2941029
Te.n1 Onnnitn.
Amer. Gas & Elec., pref.(qu.)(No.48). 1;4 Feb. 1 Holders of reo. Jan. 18
134 Jan. 25 Holders of rec. Jan. 15
American Ice, preferred (guar.)
rec.
8
Holders
-Among other securities, the following Am.La France Fire F:ng..Ino..com.(qu.) 1% Feb. 15 Jan. 5 of to Feb. 15
Auction Sales.
Jan.
134 Jan. 15
were recently sold Amer. Laundry Machinery, pref.(qua - 134 .lan. 21 Holders of rec. Jan. 3a
not 'usually dealt in at the Stock Exchange
Locomotive, pref. (guar.)._
American
50a. Jan. 15 Holders of rec. Dec. 31a
Amer. Rolling Mill, common (guar.) at auction in Boston and Philadelphia:
250. Jan. 15 Holders of rec. Dec. 31a
Common (extra)
& Hagen, Boston:
By Messrs. Millett, Roe sh. Shares. Stocks.
Feb. 1 *Holders of rec. Deo. 310
common stock). *5
Common (payable in
$ per sh.
$ per
Shares. Stocks.
Jan. lb Holders of rec. Dec. 21a
Preferred (guar.)
1 Boston Wharf
158
8234
4
p Jan. 15 Holders of reo. Dec. 31.a
25 Lanett Cotton Mills
Amer. Seeding Machine, corn. (guar.)
163
13634 1 Naumkeag Steam Cotton
8 American Glue, preferred
134 Jan. 15 Holders of rec. Doc. 31a
Preferred (guar.)
8X
20 Rights Mass. Cotton Mills
138
10 Hood Rubber, common
Total
$450,000
•
JAN. 4 1919.1
THE CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
55
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Concluded).
13
4 Feb. 1 Holders of rec. Jan. 15a Montreal Telegraph (guar.)
Amer. Shipbuilding, common (guar.)____
2
Jan. 15 Jan. 1 to Jan. 15
234 Feb. 1 Holders of rec. Jan. 15a Morris Plan Co
Common (extra)
3
Feb. 1 Holders of rec Dec. 20
American Telephone St Telegraph (guar.) 2
Jan. 15 Holders of rec. Dec. 20a Mt. Vernon-Woodberry Mills,Inc., pref.
Jan. 15 Holders of rec.
2
1
American Type Founders, corn.(guar.)_
Jan. 15 Holders of roe. Jan. 10a Mountain States Telep.& Teleg.(guar.) 334 Jan. 15 Holders of rec. Jan. 31a
134
Dec.
(guar.)
Preferred
134 Jan. 15 Holders of rec. Jan. 10a National Aniline & Chemical
134 Jan. 15 Dec. 17 to Dec. 29
American Woolen, common (quar.)
Preferred (account accumulated diva.) "h334 Jan. 15 *Holders of rec. Dec. 20
Common (payable in Liberty Ln.bda.) t5
Feb. I Dec. 17 to Dec. 29
National Biscuit, corn.(quay.)(No.82)
134 Jan. 15 Holders of roe. Dee. 30a
Preferred (guar.)
134 Jan. 15 Dec. 17 to Dec. 29
Nat. Cloak & Suit, corn.(qua (No. 8).. 134 Jan. 15 Holders of roe. Jan. Sc
$1.50 Feb. 24 Holders of rec. Jan. 18a NationalFuel Gas (guar.)
Anaconda Copper Mining (quar)
234 Jan. 15 Holders of rec. Dec. 31a
Anglo-American Oil, Ltd
15
Jan. 15 Holders of coup. No. 16
National Licorice, common (No. 33)
234 Jan. 7 Jan. 4 to Jan. 14
Asbestos Corp.of Can.,Ltd.,00m.(No.1) 131 Jan. 15 Holders of rm. Jan. 1
Common (extra)
1
Jan. 7 Jan. 4 to Jan. 14
Preferred (quar.)
131 Jan. 15 Holders of rec. Jan. 1
National 011, pref. (guar.)
20c. Jan. 15 Holders of rec. Jan. la
Associated Oil ((Mar-)
134 Jan. 15 Holders of rec. Dec. 31a National Paper & Type, corn.(quar.)- 2
Jan. 15 Holders of rec. Dec. 31a
$5
Atlantic Gulf & W.1. SS. L.,common
Feb. 1 Holders of reo. Dec. 30a
Preferred (guar-)
134 Jan. 15 Holders of rec. Dec. 31a
Barnhart Bros. & Spindler
New Jersey Zinc (quar.)
*4
Feb. 10 *Holders of rec. Jan. 31
First and second preferred (guar.).
- 134 Feb. 1 Holders of rec. Jan. 27a New York Dock, common (No. 1)
234 Feb. 15 Holders of rec. Feb. 4a
Barrett Co., preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 30a
Preferred
234 Jan. 15 Holders of rec. Jan. 4e
2
Bell Telephone of Canaria (guar.)
Jan. 15 Holders of rec. Dec 31a New York Transit (quar.)
4
Jan. 15 Holders of rec. Dec. 21
Jan. 15 Holders of rec. Jan. rita Nil:aiming Mines, Ltd. (guar.)
Bell Telephone of Pennsylvania (guar.)_
25c. Jan. 20 Jan. 1 to Jan. 17
*134 Jan. 2 *Holders of rec. Dee. 30
Bliss (E. W.) Co., common (guar.)
Extra
25e. Jan. 20 Jan. 1 to Jan. 17
.10
Jan. 2 *Holders of rec. Dec. 30
Common (extra)
Northern.Ontario Light & Power, pref._
3
Jan. 15 Holders of rec. Dec. 31a
*2
Jan. 2 *Holders of rec. Dec. 30
Preferred (guar.)
Northern States Power, pref. (guar.)
134 Jan. 20 Holders of rec. Dec. 31
231 Jan. 15 Holders of rec. Jan. 6a Ohio Brass, preferred (guar.)
Bush Terminal, common
13.4 Jan. 15 Holders of rec. Dec. Si
Common (payable In common stock)_ (234 Jan. 15 Heiders of rec. Jan. 6a Ohio Fuel Supply (guar.)
6234c Jan. 15 Holders of rec. Dec. 31a
Canada Cement,Ltd.com.(quara(No.11) 134 Jan. 16 Holders of rec. Dec. 31
Extra (payable in Liberty Ln. bds.)
150c. Jan. 15 Holders of rec. Dec. 31a
134 Jan. 10 Holders of reo. Jan. la Oklahoma Natural Gas
Canadian Car & Foundry, pref.(quar.)_
.50c. Jan. 20 *Holders of rec. Jan. 34
(guar)
Canadian Cottons,Ltd.,com. & pf.(qu.) 134 Jan. 4 Dec. 25 to Jan. 3
Extra
"234 Jan. 20 *Holders of rec. Jan. 3
Jan. 15 Holders of rec. Dec. 31a Ontario Silver Mining (quar.)
Canadian Fairbanks-Morse, pf.(No.27) 3
50e. Jan. 4 Holders of rec. Doe. 20a
Dec. 31 Holders of rec. Dee. 27a Otis Elevator, common
3
Canton Co
(guar.)
134 Jan. 15 Holders of rec. Dec. 31
2
Jan. 15 Holders of rec. Jan. 10
Carbon Steel, common (quar.)
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31
3
Jan. 15 Holders of rec. Jan. 10
Common (extra)
Pacific Telep.& Teleg., pref. (quar.)..
134 Jan. 15 Jan. 1 to Jan. 15
u4 • Mar.31 Holders of roe. Sept.26
First preferred
Pan-Amer.Petrol. de Transp.,corn.(qu.) $1.25o Jan. 10 Holders of rms. Dec. 144
6
July 30 Holders of rec. July 26
Second preferred (annual)
Penmans, Limited,common (quar.)._. 154 Feb. 15 Holders of rec. Feb. 5
Central Coal & Coke, common (guar.). 134 Jan. 15 Holders of rec. Dee. 31a
Preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 21
Preferred (Plan)
134 Jan. 15 Holders of rec. Dec. 31a Pennsylvania Salt Manufacturing
$1.25 Jan. 15 Holders of rec. Dec.
Central Foundry, ordinary pref. (guar.) 134 Jan. 15 Holders of rec. Dee. 31a Pierce-Arrow Motor Car,corn.(quar.)_ _ $1.25 Feb. 1 Holders of rec. Jan. 31a
15a
2
Jan. 15 Holders of roe. Dec. 31a Pittsburgh Coal of Penna., corn.(qu.)
First preferred (guar.)
134 Jan. 25 Holders of rec. Jan. 10a
Central Leather, common (guar.)
134 Feb. 1 Holders of rec. Jan. 10a
Preferred (guar.)
151 Jan. 25 Holders of rec. Jan. 100
134 Jan. 9 Holders of rec. Dec. 31a Pittsburgh Coal of N.J., pref.(quar.)_ _
Central & South Amer.Telegraph (gu.)134 Jan. 25 Holders of roe. Jan. 10a
Chicago Pneumatic Tool (guar.)
Jan. 25 Holders of rec. Jan. 15
Prairie Oil & Gas (guar.)
*3
Jan. 31 *Holders of rec. Dee. 31
Colorado Power, common (guar.)
A Jan. 15 Holders of rec. Dec 31a
Extra
*5
Jan. 31 *Holders of rec. Doe. 31
*2
Commonwealth-Edison (guar.)
Feb. 1 *Holders of rec. Jan. 15
Prairie Pipe Line (quar.)
3
Jan. 31 Holders of roe. Dee. 31a
Computing-Tabulating-Recording (qu.) 1
Jan. 10 Holders of roe. Dee. 24a Procter & Gamble, preferred (guar.)
- 2
Jan. 15 Holders of rec. Dee. 240
Continental 21Iotors Corp., pref. (quar.)_.. 134 Jan. 15 Dec. 29 to Jan. 15
Public Service of Nor. Itt., corn. (guar.) _ '134 Feb. 1 *Holders of rec. Jan. 15
Continental Refining, corn.(monthly)._ glee. Jan. 10 Holders of reo. Dee. 31
Preferred (guar.)
'134 Feb. 1 *Holders of rec. Jan. 15
pref. (guar.)
134 Jan. 15 Holders of rec. Jan. 6a Quaker Oats, common (quar.)
Corn Products Rote.,
3
Jan. 15 Holders of roe. Dec. Sic
Creamery Package Mfg., corn. (quar.)_
134 Jan. 10 Jan. 1 to Jan. 15
Common (extra)
1
Jan. 15 Holders of rec. Doe. 31a
Preferred (guar.)
134 Jan. 10 Jan. 1 to Jan. 15
Preferred (guar.)
134 Feb. 28 Holders of roe. Feb. la
Cresson Cons. Gold Min. & Mill.(mthly.) 10e. Jan. 10 Holders of rec. Dec. 31
Realty Associates (No. 32)
3
Jan. 15 Holders of rec. Jan. Sc
*334 Feb. 1 "Holders of rec. Dec. 31
Cuba Co., preferred
Republic Iron St Steel, com.(qu.)(No.9) 134 Feb. 1 Holders of roe. Jan. 154
334 Jan. 15 Holders of rec. Jan. 3
Curtiss Aeroplane & Motor, preferred_ _
Securities Company
234 Jan. 15 Holders of rec. Dec. 31a
Delaware Lack. & West. Coal (guar.)
$1.25 Jan. 15 Holders of rec. Dec. 31a Shattuck-Arizona Copper Co. (guar.).- 50e. Jan. 20
Holders of rec. Doe. 31a
2
Detroit Edison (guar.)
Jan. 15 Holders of rec. Dec. 31a Shawinigan Water & Power (quara__
154 Jan. 10 Holders of rec. Dec. 27
Detroit Iron & Sleet, common
25c. Jan. 15 Jan. 5 to Jan. 15
Southern California Edison, 1st pf. (qu.). 134 Jan. 15 Holders of rec. Dec. 31a
1734e. Jan. 15 Jan
Preferred
5 to Jan. 15
Southern N. E. Telephone (guar.)
134 Jan. 15 Holders of rec. Dee. 31
• Distillers Securities Corporation (quar.)_
Jan. 18 Holders of rec. Jan. 2a Steel Co.of Canada,corn.(qu.)(No.8).
134 Feb. 1 Holders of roe. Jan. 10
Extra
Jan. 18 Holders of roc. Jan. 2a
Preferred (quar.) (NO. 30)
134 Feb. 1 Holders of roe. Jan.' 10
134 Jan. 15 Dee. 20 to Dee. 31
Dominion Pow.& Trans., Ltd., pf.
Stetson (J. B.) Co., common
*15
Jan. 15 *Holders of rec. Jan. 1
134 Jan. 15 Holders of reo. Dec. 31
Dominion Textile, Ltd., pref. (guar.)_ _
Preferred
"4
Jan. 15 "Holders of rec. Jan. 1
duPont
(E.I.)de Nem.& Co.deb.stk.(qu.)
Jan. 25 Holders of roc. Jan. 10
Superior Steel, common
134 Feb. 1 Holders of rec. Jan. 15a
234 Jan. 15 Holders of rec. Jan. 2
Eastern Steel, common (quar.)
.
First and second preferred (guar.)_ _
Feb. 15 Holders of rec. Feb. la
Electrical Securities Corp., pref. (guar.) 134 Feb. 1 Holders of rec. Jan. 24a Swift International (Compania Swift :2
tr-4
Emerson-Brantingham, prof. (guar.)_ _ '134 Feb. 1 *Holders of rec. Jan. 18
Internacional) (No. 1)
$1.20 Feb. 20 Holders of rec. Jan. 11
134 Jan. 10 Holders of rec. Jan. 1
Empire Tire & Rubber. pref.(quar.)
Tobacco Prod., corn.(pay. In coin. stk.) 101
Jan. 15 Holders of roe. Jan. 2a
134 Jan. 2 Holders of rec. Dec. 20a Transue&WilliamsSteel Forg.,com.(qu.)
Erie Lighting, preferred (guar.)
$1.25 Jan. 15 Holders of rec. Doe. 310
5
Eureka Pipe Line (guar.)
Feb. 1 Holders of rec. Jan. 15
Tuckett Tobacco, pref. (guar.)
134 Jan. 15 Holders of rec. Dee. 31
Everett. Heaney & Co., Inc. (quar.)_ *50e. Jan. 10 *Holders of rec. Dec. 31
Union Natural Gas(guar.)(No.62)___ _
234 Jan. 15 Holders of rec. Dee. 31a
*2
Fairbanks Co., 1st pref. (guar.)
Feb. 1 *Holders of rec. Jan. 20
United Alloy Steel (guar.)
$1
Jan. 20 Holders of rec. Jan. 10a
10c. Jan. 1 Holders of rec. Dec. 20
Federal Ott, preferred (guar.)
United Drug, first pref. (quar.)(No. 12)' 8731 Feb. 1 Holders of roe. Jan. 15a
Firestone Tire & Rubber. pref. (quar.)_
Jan. 15 Holders of roe. Doe.
Fruit
2
Jan. 15 Holders of roe. Dec. 20a
(iiva.
)11 1-3h Jan. 10 Holders of roe: Nov. 31a United Gas & (guar.) (No. 78)
FultonMot.Truck,of.(acet.accum.
United
18
Electric Co., preferred
234 Jan. 15 Holders of rec. Dec. 31
234 Feb. 1 Holders of roc Dec. 31a United Gas Improvement (guar.)
General Chemical,common (extra)
$1 Jan. 15 Holders of rec. Dee. 31a
2
General Electric (quar.)
Jan. 15 Holders of rec. Dec. 7a United Paper Board, pref. (guar.)
Holders
154 Jan.
2e
Extra (payable in stook)
Jan. 15 Holders of rec. Dec. 7a United Shoe Machinery, corn. (guar.)_ _ 50c. Jan. 15 -Holders of roe. Jan. to
4
of rec. Doe. 17
General Motors Corp., common (guar.)_ _ _
3
Feb. 1 Holders of rec. Jan. 15
Preferred (guar.)
3734e Jan. 4 Holders of rec. Dec. 17
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 15
U. S. Playing Card (quar.)
Jan. 2 Holders of rec. Dee. 21a
3
Debenture stock (guar.)
134 Feb. 1 Holders of rec. Jan. 15
Extra (payable in Liberty Loan bonds)_ 15
Jan. 10
134 Jan. 15 Holders of rec. Dec. 31
Globe-Wernicke Co., preferred (guar.)._ _
U. S. Industrial Alcohol, pref. (quar.)._
134 Jan. 15 Holders of rec. Dec. 31a
1
Goodrich (B. F.) Co.. common (quar.)
Feb. 15 Holders of rec. Feb. 5a U. S. Rubber, 1st pref. (guar.)
Jan. 28 Holders of rec. Jan. 15a
2
Goodyear Tire & Rubber, preferred (guar.) 134 Jan. 1 Holders of rec. Dec. 15
U. S. Smelt., Refg. & Min., corn.(qu.) $1.25 Jan. 15 Holders of rec. Jan. 3a
Granby Cons. M.,S.& Power, Ltri.(qu
234 Feb. 1 Holders of rec. Jan. 17a
Preferred (guar.)
8731c
Harbison-Walker Refract., corn. (extra) 6
Jan. 25 Holders of rec. Jan. laa Milted Verde Extension Mining ((marl_ 50e. Jan. 15 Holders of rec. Jan. Sc
Feb. 1 Holders of rec. Jan. 3a
Harbison-Walker Refract., pref. (guar.) 134 Jan. 20 Holders of rec. Jan. 104
Extra
25e. Feb. 1 Holders of rec. Jan. 3a
(guar.)_ _ _
134 Feb. 1 Holders of rec. Jan. 15
Holly Sugar Corp., preferred
Va.-Carolina Chem., corn.(qu.)(No.46) 1
Feb. 1 Holders of rec. Jan. 15a
14 Dec. 31 Holders of rec. Dec. 30
Houston Gas & Fuel, preferred (guar.)_
Preferred (guar.) (No. 93)
2
Jan. 15 Holders of rec. Dec. 31a
50. Jan. 15 Holders of rec. Dee. 31
Howe Sound Co. (guar.)
Victor Talking Machine,common(MO - 5
Jan. 15 Jan. 1 to Jan. 5
134 Jan. I Dee. 21 to Jan. 1
Indiana Coke & Gas, common
Preferred (guar.)
154 Jan. 15 Jan. 1 to Jan. 5
134 Jan. I Doe. 21 to Jan. 1
First preferred
Warner (Chas.) Co. of Del., corn.(qu.)
Jan. 23 Holders of rec. Dec. 31a
1
134 Jan. 1 Dec. 21 to Jan. 1
Second preferred
Preferred (guar.)
134 Jan. 23 Holders of rec. Dec. 31a
52
Indiana Pipe Line (guar.)
Feb. 15 Holders of rec. Jan. 25
Westchester & Bronx Title Sc Mtge__ _ _
4
Jan. 7 Holders of rec. Dec. 31
$1.50 Feb. 15 Holders of rec. Jan. 25
Extra
Western Power Corp.. preferred (guar.)_
1
Jan. 15 Holders of rec. Dec. 31a
Inspiration Consol. Copper Co.(quar.). 32
Jan. 27 lIblders of rec. Jan. 10a Western States Gas & Elec., pref. (guar.).
134 Jan. 15 Holders of rec. Dec. 31
Int. Agrio. Corp., pref. (guar.)
134 Jan. 15 Holders of roe. Deo. 31a Western Union Teleg. tquar.)(No.
199) 134 Jan. 15 Holders of rec. Dee. 20a
International Harvester, corn. (guar.). 131 Jan. 15 Holders of rec. Deo. 24a Westinghouse Air
Brake (guar.)
$1.75
International Mercantile Marine. pref
3
Feb. 1 Holders of rec. Jan. 15a Westinghouse Elec. & Mfg.,corn.(qu.)_ 8734c. Jan. 31 Holders of rec. Dec. 31a
Jan. 31 Holders of rec. Dec. 31a
International Paper, preferred (guar.).131 Jan. 15 Holders of rec. Jan. (la
Preferred (guar.)
87340. Jan. 15 Holders of rec. Dec. 31a
International Petroleum, Ltd
50c. Dec. 31 Holders of coupon No.2
Wheeling Mould de Foundry, common_ _ _
1
Feb. 1 Jan. 22 to Feb. 1
Kayser (Julius) & Co.
Common (extra)
3
Feb. 1 Jan. 22 to Feb. 1
First and second preferred (guar.).-134 Feb. 1 Holders of rec. Jan. 20a
Willys-Orerland, common (guar.)
"25c. Feb. 1 *Holders of rec. Jan. 15
1
Kress (S. H.) & Co.. common (quar.)
Feb. 1 Holders of rec. Jan. 20a
134 Jan. 15 Doe. 31 to Jan. 14
Lukens Steel, common
* From unofficial sources. a Transfer books not closed for this dividend. b Less
MaoAndrows St Forbes, corn. (guar.).- 231 Jan. 15 Holders of roe. Dec. 31a
234 Jan. 15 Holders of rec. Dec. 31a British income tax. d Correction. e Payable in stock. I Payable in common
it Common (extra)
Payable in
131 Jan. 15 Holders of rec. Dec. 31a stock. g Payable in scrip. h On account of accumulated dividends.
IV Preferred (quar.)
Liberty Loan bonds. I Red Cross dividend. m Payable in U. S. Liberty Loan
Magma Copper (guar.)
50e. Jan. 6 Holders of rec. Doe. 20
Manufacturers' Light & Heat (guar.)... $1
Jan. 15 Holders of rec. Dec. 31a 434% bonds. n Payable in Canadian Government Victory Loan bonds. t Declared subject to the approval of Director-General of Railroads. r The New York
231 Jan. 18 Holders of rec. Jan. 3
Maple Leaf Milling, Ltd., corn. (guar.)_ _
Stock Exchange has ruled that stock will not be quoted ex-dividend on this date
Common (bonus)
1
Jan. 18 Holders of roe. Jan.. 3
and not until further notice. a Ex-dividend on this date.
134 Jan. 18 Holders of rec. Jan. 3
Preferred (quar.)
Mason Tire & Rubber, corn. (No. I)... w2
Feb. 20 Holders of rec. Jan. 31
U Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 30 1919
MassachusettsGas Cos., common (qu.) 134 Feb. 1 Holders of rm. Jan. 15
to holders of record Sept. 26.
Massachusetts Lighting Cos., pref.(qu.) $1.50 Jan. 15 Holders of roe. Dee. 26a
o Payable one-half in cash and one-half in L. L.434% bonds.
Mexican Petroleum, common (guar.).- o2
Jan. 10 Holders of rec. Dec. 14a
Mexican Telegraph (guar.)
234 Jan. 16 Holders of ree. Dec. 31a
w Declare 6% on common, payable 2% as above and 2% each on May 20 and
Mohawk Mining (guar.)
e$2 Feb. 1 *Holders of roe. Jan. 18
Aug. 20 1919, all to holders of record Jan. 31 1919. z 52.043'(..
1.34
134
134
134
134
134
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 OP MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS DECEMBER 20 1918.
Large increases in Government deposits, also substantial gains in holdings of Liberty bonds and loans secured by
accompanied by liquidation in some volume of all other loans and investments, are indicated by the Board's weekly Government war obligations.
statement showing condition
on Dec.
member banks in leading cities.
Holdings of Treasury certificates decreased
millions at all reporting banks, the larger decrease of
millions reported by the New York City
banks being almost entirely offset by increases under this head shown for other central reserve and reserve city banks.
United States bonds, other
than circulation bonds, show an increase for the week
millions, substantial gains being reported by both reserve city and country banks. • War
paper, I. vs. loans secured by Government war obligations, increased
millions, largely at banks outside reserve cities
All other loans and investmillions, net liquidation under this head of
ments decreased
millions being reported by banks in New York City and in other reserve
and
cities, respectively, while country banks show an increase for the week
millions.
'rho ratio
war obligations and war paper combined to total loans and investments of all reporting banks works out at
against
the week before. For the central reserve city banks this ratio remains unchanged at
•
Government deposits show an increase for the week
millions, of which
millions represents the increase at New York City banks and
110.4 millions the increase at banks in other reserve cities. Other demand deposits. net, increased
millions,
reported by the New York City banks being partially offset by net withdrawals at banks in other reserve cities. the larger gain of 48.8 millions
Inversely time deposits declined
millions representing withdrawals at other reserve city banks.
33.4 millions during the week,
20 of 756
2.8
18.7
of 32.2
22.4%
77.7
of U. S.
32.2
of 219.6
23.3
8
57.8
of 9.7
91.4
22.7 as
24.5%.
36.4
[VOL. 108.
THE CHRONICLE
56
Reserve balances with Federal Reserve banks went up 31.3 millions at New York City banks and 29 millions at all reporting banks, while cash
in vault declined 5.1 millions. For all reporting banks the ratio of deposits to investments, mainly because of the large increase in Government deposits, works out at 80.2% as against 78.3% tho week before. Likewise this ratio shows a rise from 86.4 to 89.2% for the central reserve city banks.
The ratio of combined cash and reserve to deposits declined from 15.4 to 15.3% for all reporting banks, while for central reserve city banks this
ratio rose from 16.2 to 16.4%. "Excess reserves" of all reporting banks works out at 105 millions, as against 78.1 millions the week before. For
the central reserve city banks an increase in this item from 46.6 to 68.1 millions may be noted.
1. Data for all reporting banks in each district. Two ciphers (00 omitted.
Total.
Boston. New York. Phil ;lel. Cleo:land. flilsn'd. Alfalfa. Chicago. St. Louts. Minnen). Kan. CIty Dallas. San Iran.
Member Banks.
---------....
751
45
50
75
35
32
101
45
81
85
44
56
107
Number of reporting banks.__
$
$
8
$
s
3
$
$
$
$
$
$
$
286,840,(
19,030,0 17,655,0 6,419,0 13,610,0 17,929,0 33,975,0
50,085,0 11,492,0 42,514,0 24,314,0 15,465,0
U.S. bonds to amuse cireulat'n 14,352,0
Other U. S. bonds, including
871,902,1
21,838,0 324,875,0 74,716,0 92,338,0 57,291,0 43,285,0 116,033,0 42,270,0 12,863,0 29,973,0 21,476,0 34,894,0
Liberty bonds
957,489,1
(7.8. certifs. of indebte4ness__ 67,407,0 456,748,0 52,715,0 62,870,0 31,663,0 38,490,0 113,147,0 23,373,0 14,423,0 27,283,0 11,519,0 57,871,0 2,096,231,1
97,240,0 248,210,0 83,298,0 33,705,0 70,846,0 50,924,0 126,740,0
103,647,0 831,708,0 138,923,0 197,722,0 113,268,0
Total U. S. securities
64,521,0 25,164,0 11,107,0 10,295,0 7,825,0 19,840,0 1,286,292,1
Loans sea. by U.S. bonds, &e.. 102,988,0 691,802,0 167,457,0 101,949,0 43,274,0 20,090,0
All other loans & Investments_ 758,216,0 4,052,923,0 619,798,0 947,751,0 390,951,0 320,482,0 1,397,820,0 371,523,0 245,703,0 462,826,0 181,438,0 513,703,0 10,263,132,1
Reserve with Fed. Res. Bank_ 77,733,0 663,553,0 63,701,0 84,203,0 33,442,0 28,453,0 155,297,0 35,492,0 23,963,0 41,935,0 17,958,0 48,232,0 1,273,962,1
402,652,1
65,458,0 13,556,0 9,294,0 22,263,0 12,266,0 21,599,0
26,290,0 137,023,0 22,291,0 37,909,0 18,229,0 16,474,0
Cash in vault
714,958,0 4,662,838,0 634,332,0 748,856,0 328,972,0 233,128,0 1,151,185,0 277,546,0 203,482,0 393,455,0 146,462,0 399,152,0 9,894,366,1
Net demand deposits
97,616,0 243,014,0 18,212,0 227,200,0 59,578,0 93,409,0 387,386,0 72,833,0 43,061,0 59,829,0 25,928,0 116,614,0 1,444,680,1
Time deposits
624.452.1
37.575.0 23.713.0 13.595.0 20.922.0 4.993.0 4.983.0
110 AVIA 301.245 n 47 114 0 AR MR 0.25695.0 27.372.0
anvernmsnt. clAnnsita
2. Data for banks in each Central Reserve city, banks in all other Reserve cities and other reporting banks.
Chicago. St. Louis. Total Central Res. Cities.
New York.
Two ciphers (00) omitted.
Dec. 13.
Dec. 20.
Number of reporting banks__
65
U.S. bonds to secure elreulat'n
$5
36,333,0
s
65
36,334,0
Dec. 20. Dec. 20.
$
44
$
14
1,119,0 10,555,0
Dec. 20.
$
123
48,037,0
Dec. 13.
$
123
48,008,0
Other Reserve Cities.
Dec. 20.
s
467
172,019,0
Dec. 13.
s
Total.
Country Banks.
Dec. 20. Dec. 13.
470
$
166
$
166
Dec. 20.
$
751
172,570,0 46,814,0 47,114,0 266,810,0
Dee. 13.
$
750
267,692,0
Other U. S. bonds. Including
839,691,0
272,281,0 277,518,0 53,522,0 31,436,0 357,230,0 380,515,0 425,578,0 399,319,0 89,085,0 79,827,0 871,902,0
Liberty bonds
960,287,0
U.S. certifs. of Indebtednees_ 429,917,0 448,572,0 52,454,0 18,013,0 590,331,0 51'3,848,0 396,530,0 338,461,0 60,575,0 59,975,0 957,489,0
738,531,0 762,454,0 107,095,0 60,005,0 905,630,0 922,401,0 991,127,0 958,353,0 196,474,0 188,916,0 2,096,231,0 2,087,670,0
Total U. S. securities
695,172,0 481,103,0 483,915,0 83,724,0 79,181,0 1,286,292,0 1,258,268,0
Loans see. by U.S. bonds, &o.. 635,609,0 632,437,0 43,228,0 19,625,0 693,462,0
All other loans & investments- 3,633,090,0 3,665,310,0 853,551,0 285,035,0 4,753,676,0 1,786,293,0 4,623,963,0 4,681,753,0 882,493,0 872,809,0 10263132,0 10,340,863,0
Reserve with Fed. Res. Bank_ 627,395,0 596,079,0 109,746,0 26,539,0 763,630,0 736,036,0 447,924,0 418,130,0 62,358,0 58,775,0 1,273,962,0 1,244,941,0
407,737,0
119,149,0 113,222,0 38,783,0 7,730,0 165,632,0 160,033,0 197,141,0 207,224,0 39,819,0 40,450,0 402,652,0
Cash in vault
4,272,793,0 4,223,979,0 790,708,0 198,055,0 5,211,558,0 5,212,555,0 3,910,571,0 3,923,612,0 722,239,0 721,760,0 9,894,388,0 9,857,927,0
Net demand deposits
52,599,0 387,059,0 392,951,0 861,669,0 837,936,0 192,952,0 197,185,0 1,441,680,0 1,478,075,0
187,746,0 191,037,0 146,714,0
Time deposits
404,905,0
277,822,0 188,375,0 27,694,0 19,355,0 321,871,0 232,215,0 251,630,0 114,283,0 41,951,0 28,427,0 621,452,0
Government deposits
Ratio of combined reserve and
22.96
'22.7
19.2
20.1
20.7
21.1
24.5
24.5
20.0
14.8
26.8
26.7
clash to total net deposits
*Including returns from six El Paso banks,shown in the country banks' column the week before. El Paso was mAde a reserve city Dec. 2.
-Following is the weekly statement issued by the Federal Reserve Board on Dee. 28:
The Federal Reserve Banks.
A general outline of development in the field of Federal Reserve banking during the calendar year 1918 is presented by the Federal Reserve
Board's weekly statement of condition of the Reserve banks on the last Friday in 1918 and 1917.
War service in the fiscal field involving close co-operation with the Government in floating the Liberty loans, including concentration and disbursement of funds for and on account of the Government, became the leading activity of the banks during the year, overshadowing to a large extent
their purely commercial functions. As fiscal agents for the Government the Reserve banks received subscriptions through member and non-member
banks and bankers to the Third and Fourth Liberty Loans of 4 159 and 6,955 millions, besides placing 15 issues of Treasury certificates in anticipation of the Third, Fourth and Fifth Liberty Loans, representing a total of 8.781 millions and 7 issues of certificates aggregating 1,884 millions
Issued in anticipation of tax payments.
By far the larger portion of the funds collected for the Government was disbursed in New York City and this necessitated continuous transfers
of funds from the interior through the use of the Gold Settlement Fund. After disbursement the greater part of these funds found their way back
to the various sections of the country, again largely through the credit machinery of the Federal Reserve System, without actual shipment of currency.
Not less important was the work of the Reserve banks in financing their members in connection with the several war loan operations of the Government. It is this part of their work which is mainly reflected in the adjoining statement, primarily through the largo growth of the Reserve banks'
holdings of so-called war paper, I. e., bins secured by Liberty bonds and Treasury certificates. As a matter of fact, of the total increase for the year
of 1,250 millions in earning assets, 1,117 millions is represented by the increase in the holdings of war paper. Amounts of other discounts on hand
shown the
at the close of the present year (commercial paper proper) after the usual seasonal fluctuations vary but little from corresponding totals then
these
year before. Acceptances on hand were largest in volume about the end of October, when nearly 400 millions were reported. Since
offerings have somewhat slackened and the total holdings reported at the close of the year, 304 millions, are about 28 millions in excess of the total
shown for Dec. 28 1917.
During the year the Banks' holdings of U. S. bonds show a reduction by about 20 millions, partly through the redemption by the Government
of 3% bonds due during the year, also through the disposal of Liberty bonds held temporarily for the accommodation of member and non-member
banks. An increase of 224 millions in the holdings of Government short-term securities represents primarily a total of 162 millions of Treasury certificates to cover temporary advances to the Government held at present by one bank pending the collection of funds from depositary institutions,
and to a lesser extent investments in 1-year 2% certificates to secure Federal Reserve bank notes. Total earning assets of tho banks increased
during the year from 1;068 to 2,318 millions or 117%. Of the latter total, discounts constitute 73.5% as against 63.7% at the end of 1917; acceptances
13.1% as against 25.8%, and U. S. securities 13.4%, as against 10% at the close of 1917.
Concentration of the country's monetary stock of gold at the Reserve Banks continued during the year with the result that the Federal Reserve
banks hold at present 2,000.3 millions of gold as against 1,671.1 millions on the last Friday in 1917, their present holdings being over two-thirds of
the officially estimated monetary stock of gold in the country. A large portion of this gold was obtained in exchange for Federal Reserve notes,
the circulation of which increased during the Year from 1,246.5 to 2,685.2 millions. The latter total constitutes about 70% of the total paper circulation of the country (exclusive of the gold and silver certificates) as against 54% at the close of 1917. Included in the total present paper circulation is a total of 117 millions of Federal Reserve bank notes, which were issued to take the place of standard silver dollars broken up and silver
certificates retired from circulation under the Act of April 23 1918.
Some indication of the growth of the system is afforded by the comparative figures of paid-in capital, which show an increase of over 10 millions,
from $70,442,000 to $80,681,000, representing an increase in the aggregate capital and surplus of member banks of $341,300,000, practically all of
which is due to the acquisition of new members during the year. The largest relative gains in capital are shown by the Philadelphia and Chicago banks, while the largest increases in the number of banks admitted to membership during the year are reported for the Chicago, Dallas and
San Francisco districts.
Gross deposits of the Reserve banks show an increase from 1,771 to 2,312.5 millions, the largest increases under this general head being shown
for members' reserve deposits and foreign Government credits. Net deposits indicate a much smaller growth, because of the reduction in Government deposits and the larger "float" carried at present by the Reserve banks.
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.
-The week statement issued by the bank subdivides some certain items that are included
FEDERAL RESERVE BANK OF NEW YORK.
under a more general classification in the statement prepared ap, Washington. Thus, "Other deposits, Ste., as of Dec. 27, consisted of "Foreign
Government deposits," $96,311,732; "Non-member bank deposits, $3,163,542, and "Due to War Finance Corporation, $3,101,268.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 27
1 918
Dec. 27 1913. Dec. 20 1918. Dec. 13 1918.1 Dec. 6 1918.'Nov. 29 1918.1Nov. 22 1918. Nov. 15 1918. Nov. 8 1918. Dec. 28 1917.
$
$
$
$
$
$
$
I
336,516,010 353,233,0001 370,938,000i 371,493.000 375,527,000 386,437,000 499,917,000
437,563,00 422,491,0301 393,292,0301 435,893,000 433,885,000 435,452,000 317,520,000
52,500,000
5,829,000
5,829,000
5,829,000
5,829,030 5,829.000
5,329,000
Total Roll held by banks_
717,952,003 802,339,00) 829,913,003 781,523,0)) 772.05.3,033 813.219,000 815,241,000 827,718,000 869,937,000
.
Gold with Ere leral Reserve Agents-- - 1,283,309,003 1,194,223,010 1,167,771,000 1,207,377,000 1,216,541,033 1,165,917,000 1,168,579,000 1,143,840,000 781,851,000
19,345,000
73,233,000
74,957,000
78,129,000
76.613.000
78,490.003
82,421,030 30,821,033
Gold redemption fund
84,013,030
Total gold reserves
2,093,274,000 2,073,933,003 2,078,513,010 2,057.411,000 2,065,213,000 2,060,265,000 2,056.777.000 2,046,591,000 1,01,133,000
49,635,000
54,248,000,
55,092,00053,039,000
Legal tender notes, silver, dm_ ..........
55,753,0)9„00) 53,158,030
54,636,033
55,945,003
,
Total reserves
2,146,219,003 2,133,624,003'2,131,263,030 2,121,367,000 2,120,371,000 2,116,257,000 2,109,816,000 2,100,839,00011,720,768,000
1
Bills discounts l" Secure by 0 Worn
meat war oblig Worts__
1,410,371,001 1,299,524,003 1,493,811,013 1,487,3'32,000 1,412,511,003 1,231.245.000 1,358,416.000 1,316,967,000 680,706,000
All other..
302,567,00) 306,778,000 355,614,033 396,462,0031 412,631,000 428,190.000 439,392,000 480,271,0001 J
Bills bought In open m tom
..... 353,673,003 310,765,003 358,591,000 371.406,000 375,341,00) 388.784,000 377.877,000 374.522,000 275,365,000
RBSOU1tCSS.
Gold In vault and In transit__
Gold settlement fund-F. Ft. B ,ard_
_
Gold with foreign agencies_
$
337,385,000
374,758,000
5,829,030
$
335,141,000
461,389,000
5,829,000
Tow bills on trAu
2,006,611,00)1,917,067,030 2,216,057,003 2,235,190,0001 2,193,536.000 2,078,219.000 2,175,685,000 2.171,760,0001 956,072,000
48,350,000
29,479,000,
29,478,000
29,134,000
29,132,033
29.189,000
29,196,000
17. S. Government long-term securItleJ.
23,850,030
23,889,000
58,883,000
91.958,000,
93.449,000
92,681,031 143,180.000
U. S. Government stt )rt-term securities 282,877,001 325,073,033 111,477,003 105,608,00)
4,990,000
28,000'
28,000
27.000
27,033
27,003
27,030
All other earning assets.
13,003
16,000
Total earning assets __ 2,313,170,000 2,301,003,000 2,358,750,033 2,370,019,033 2,312,359,090 2,255,560,000 2,298,640,000 2,293,223,000 1,068,295,000
Uncollected items (deduct Irons gross
deposits).
759,608,000 826,831,030 719,591,030 850,039,000 736,328,090 819,010,000 717,785,000 637,468,000 313,043,000
5% redemp.fund atm. F. R. bank notes
AU other resources_
Total resources
5,938,000
22,005,000
5,880,000
20,793,000
5,508,000
18,824,000
4,844,000
22,410,000
4,621,009
21,309.000
4,008,000
18,169,000
3,924.000
18,790,0001
537,000
46,000
5.251.990.000 is 2RA 13innn s 234 034 nnn 5 150 700 mom let Gag ono 5 010 517 non n 14R 459 non 5.104 244.0001 3.102.6R9.000
qlnoludes amount formerly shown again! Items due from or due to other Federal Reserve banks net.
4,525,000
24,175,000
JAN. 4 1919.]
THE CIIRONICLE
57
Dec. 27 1918. Dec. 20 1918. Dec. 13 1918. Dec. 6 1918. Nov. 29 1918. Nov. 22 1918. Nov. 15 1918. Nov.8
1918. Dec. 28 1917.
LIABILITIES.
$
$
$
$
$
$
$
$
$
Capital paid in
80,681,000
80,585,000
80,492,000
80,301,000
80,072,000
80,025,000
79,903,000
70,442,000
79,824,000
Surplus
1,134,000
1,134,000
1,134,000
1.134.000
1,134,000
1,134,000
1,134,000
1.134 000
Government deposits
63,367,000
38,693,000 161,614,000 185,355,000 207,157,000 113,174,000 246,401,000
108,213,000
Due to members-reserve account__ ... 1,587,318,000 1,642,441,000 1,567,927,000 1,547,838,000 1,488,893,000 1,601.033.000 1,449.949,000 160,256,000
Collection Items
554,823,000 588,755,000 556,76-1,000 514,512,000 602,667.000 620,608,000 573,727.000 1,515,996,000 1,453,166,000
191,689,000
106,992,000 106,689,000 106,012,000 106,685,000 105,894,000 113,967,000 113,385,000 527,796,000
Other deposits, incl. for. Gov't credits114,941,000
17,969,000
Total gross deposits
2,312,500,000 2,376,581,000 2,392,317,000 2,354,390,000 2,404,611,000 2,451,782,000 2,383,462,000
2,348,989,000 1,771,037,000
F. R. notes In actual circulation
2,685,244,000 2,663,701,000 2,601,580,000 2,584,523,000 2,568,676,000 2,555,215,000
2,562,517,000 2,558,196,000 1,246,488,000
F. R. bank notes in circulation, net liab. 117,122,000 111,900,000 102,202,000
92,799,000
86,003,000
80,504,000
72,930,000
8,000,000
68,864,000
All other liabilities
55,309,000
54,224,000
54,209,000
55,559,000
54,492,000
50,867,000
48,472,000
6,722,000
47,237,000
Total liabilities
5,251,990,000 5,288,134,000 5,234,934,000 5,168,709,000 5,194,988,000 5,219,527,000
5,148,418,000 5,104,244,000 3,102,689,000
DOI reserve against net deposit !lab_
53.1%
53.0%
52.5%
52.3%
52.1%
51.8%
72.1%
50.9%
51.4%
Gold res. agst. F. R. notes in act. droll
52.2%
52.0%
51.7%
51.5%
51.3%
50.8%
50.2%
78.5%
49.8%
Ratio of gold reserves to net deposit and
Fd. Res. note liabilities combined_
52.9%
52.6%
51.9%
51.8%
51.7%
50.9%
50.9%
50.6%
75.1%
Ratio of total reserves to net deposit and
.
Fed. Res. note Ilabilities combined
50.6%
50.6%
49.9%
49.5%
50.0%
50.5%
49.9%
49.8%
61.8%
Ratio of gold reserves to F. R. notes In
actual circulation. afterl ettIng aside
35% against net deposit liabilities
59.7%
59.7%
59.5%
59.0%
59.8%
60.5%
59.8%
59.4%
Distribution by Maturities
1-15 days bills discounted and bought_ 1,254,392,000 1,185,006,000 1,453,746,000 1,432,969,0001,305,634,000 1,206,215,000 1,353.310,000
1.354.320,000 395,697,000
1-15 days U.S. Govt. short-term secs_ 176,438,000 218,069,000
12,043,000
11,473,000
8,895,000
69,029,000
18,481,000
15.701,000
1-15 days municipal warrants
3,000
9,000
5,000
5,000
5,000
116,000
7,000
7,000
16-30 days bills discounted and bought_ 340,022,000 170,107,000 143,767,000 170,319,000 225,900,000 175,680,000
118,545,000
168,765,000 176,019,000
16-30 days U.S. Govt.short-term secs_
1,263,000
1,184,000
10,227,000
10,275,009
1,183,000
73,000
101,000
16-30 days municipal warrants
10,000
1,000
3.000
10,000
10,000
10,000
31-60 days bills discounted and bought.. 271,754,000 436,395,000 461,343,000 444,719,000 470,666,000 333.876,000
301,760,000 304,615,000 280,136,000
31-60 days U. S. Govt. short-term eee9_
627,000
699,000
1,409,000
9,220,000
12,584,000
10,335,000
9,132.000
10,684,000
31-60 days municipal warrants
10,000
14,000
16,000
4,000
6,000
652,000
15,000
15,000
61-90 days bills discounted and bought 113,506,000 131,149,000 132,992,000 164,334,000 165,185,000 337,346,000
334,095,000 319,973.000 152,708,000
61-90 days U.S. Govt. short-term secs_
1,027,000
7,900,000
899,000
351,000
1,086,000
2,023,000
2,194,000
3,557,000
61-90 (lays municipal warrants
3,000
5,000
3.000
123,000
Over 90 days bills dtseled and bought_
26,937,000
24,410,000
24,209,000
22,849,000
23,151,000
20,102,000
8,986,000
17.755,000
16,833,000
Over 90 days U.S.Govt.short-term secs. 103,324,000
97,221,000
86,894,000
70,323,000
72,275,000
66,793,000
63,569,000
61,913,000
Over 90 days municipal warrants
3,000
3,000
3,000
3,000
3,000
104,000
6,000
6,000
Federal Reserve Notes
2,855,604,000 2,815,450.000 2,764,699,000 2,741,852,000 2,773.043.000
Issued to the banks
170,360,000 151,749,000 160,119,000 157,329.000 204,367,000 2,768,777,000 2.761,812,000 2,743,686,000 1,341,752,000
Held by banks
213,562,000 199,295,000 185,490,000
95,264,000
2,685,244,000 2,663,701,00(1 2,604,580,000 2,584,523,000 2,568,676.000
In elreulation
2,555,215,000 2,562,517.000 2,558.196,000, 1.246,488,000
-Fed. lies. Notes (Agents Accounts)3,865,020,000 3,813,200,000 3,781.800,000 3,731,861,000 3,692,060,000 3,660,540,000
Received from the Comptroller
3,629,140,000 3,609,760,000 1,796,340,000
724,491,000 710,225,000 693,652,000 677.229.000 603,417.000
Returned to the Comptroller
591,693,000 580,183,000 572.078,000 247,163,000
3,140,529,000 3,102,975,000 3,088,148,000 3.054,632,000 3.083.643,000
Amount chargeable to Agent
284,925,000 287,525,000 323,449,000 312.780.000 315,600.000 3,068,847,000 3,048,957.000 3,037,682,000 1,549,177,000
In hands of Agent
300,070.000 287,145.000 293,996,000 207,425,000
Issued to Federal Reserve hanks_ 2,855,604,000 2,815,450,000 2,761,699,000 2,741,852,000 2,773,043,000 2,768,777,000 2,761,012.000
2,743,686,000 1,341,752,000
flowSecured240,327,000 216,327,000 250,327,000 231,627.000 212,627,000
By gold coin and certificates
211,626.000 210,176,000 198,176,000 250,423,000
By lawful money
1,567,295,1)00 1,621,222,000 1,596,928,000 1,534,475,000
By eligible paper
1.556.502,000 1,599,860,000 1,595.233,000 1,598,046,0001 559,901,000
81,951,000
001(1 redemption fund
79,074,000
74.376,000
75.679,000
77,991,000
78,793.000
41,479,000
78,352.000
78,586,000,
960,031,000 868,827,000 843,068,000 900,071,000
With Federal Reserve Board
925,923,000 878.498,000 878.051,000 868,878,000, 489,949,000
2,855,24,
1,000 2,815,450,000 2,764,699,000 2,741,852,000 2,773,043,000
Total
2,768,777.000 2,761,812,000 2,743,686,000. 1,341,752,000
Eligible paper delivered to F. R. Agent_ 1,95(1,357,000 1,913,404,000 2..176,4107000 2,161.1.89.000 2,114.588.000 2,006.306,000
2,120,296.000 2,116.238.000 606,705,000
a Net amount duo to other Federal Reserve banks. b This Item includes foreign Government credits. t Revised figures.
WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS
at CLOSE of BUSINESS DEC. 27 1918,
Two ciphers (00) omitted.
Roston. I New york. pht!adel. Cleveland. Itichned.
Atlanta
Chicap , SI. Lou),. NIinneap. Kan. City
Dallas, San Fran.
3
$
$
3
I
7,990,0 23,351,0 4,296,0 8,299,0
145,0
8,389,0 111,569,0 26,997,0 17,203,0 34,018,0
175,0
816,0
233,0
233,0
291,0
1
$
5,718,0 12,021,0
3,615,0 25,674,0
204,0
321,0
,
r,,, ,i
RESDURCES.
Gold coin and certifs. In vault_
Gold settlement fund
Gold with foreign agencies
$
3,187,0
42,635,0
403,0
$
$
$
$
256,404,0
577,0 13,013,0 2,334,0
12,440,0 32,855,0 44,206,0 15,097,0
2,011,0
408,0
525,0
201,0
Total gold held by banks
Gold with Federal Res. Agents
Gold redemption fund
46,230,0
60,160,0
7,610,0
Total gold reserves_
Legal-tender notes, silver. Ste_
114,000,0
1,168,0
Total reserves
Bills discounted:Secured by Govt
war obligations
All other
Bills bought In open market
116,328,0
13,814,0
15,944,0
270,855,0 33,840,0 57,834,0 17,635,0 16,554,0 135,736,0
31,526,0
294,891,0 100,918,0 138,669,0 64,990,0 44,012,0 267,717,0 63,771,0 25,735,0 34,454,0 9,537,0 38,016,0 717,952,0
25,000,0 7,900,0 1,002,0 5,395,0 6,742,0 14,719,0 3,398,0 56,112,0 54,549,0 22,391,0 120,126,0 1,288,309,0
4,878,0 3,597,0 2,195,0 1,777,0
84,013,0
590,749,0 142,658,0 197,505,0 88,020,0 67,308,0 418,172,0 98,695,0 86,525,0 92,600,0
34,123,0 159,919,0 2,090,274,0
46,516,0
808,0 1,074,0
214,0
230,0 1,670,0 2,197,0
119,0
140,0 1,230,0
55,945,0
459,0
637,295,0 143,556,0 193,579,0 88,234,0 67,538,0 419,842,0 100,892,0 86,644,0
92,740,0 35,353,0 160,378,0 2,146,219,0
610,770,0 161,417,0 118,006,0 66,228,0 47,960,0 106,124,0 49,309,0 32,143,0 20,245,0,
19,705,0
1,400,371,0
41,605,0 19,247,0 10,139,0 16,646,0 29,204,0 54,668,0 16,268,0 5,555,0 36,153,0, 31,229,0 52,136,0 302,567,0
69,323,0 3,248,0 39,276,0 5,103,0 12,239,0 75,068,0 7,824,0 20,078,0 14,403,0 2,678,0 28,039,0 303,673,0
38,489,0
721,698,0 183,912,0 167,421,0 87,977,0 89,403,0 235,860,0 73,401,0 57,776,0
70,801,0 53,612,0 118,664,0 2,006,611,0
1,395,0 1,385,0 1,085,0. 1,234,0
552,0 4,509,0 1,153,0
123,0 8,867,0
28,869,0
202,331,0 10,034,0 11,681,0 4,784,0 6,066,0 15,612,0 6,568,0 5,163,0 4,396,0 4,000,0 3,461,0 282,677,0
3,900,0 4,726,0
13,0
13,0
Total bills on hand
U. S. long-term securities__
U. S. short-term securities
All other earning assets
115,168,0
146,086,0
1,105,0
7,416,0
Total earning assets
154,607,0
Uncollected Items (deducted from
gross deposits)
03,191,0
5% redemption fund against Federal Reserve bank notes
All other resources
Total resources
.
270,0
1,520,0
3
337,365,0
374,758,0
5,829,0
925,424,0 195,331,0 180,187,0 93,995,0 06,034,0 255,981,0 81,122,0 63,062,0 84,064,0
61,512,0 126,851,0 2,318,170,0
171,368,0 86,793,0 58,640,0 57,774,0 38,289,0 73,055,0 61,011,0 16,988,0 56,786,0
21,875,0 53,838,0 759,608,0
1,646,0
9,813,0
450,0
1,811,0
516,0
766,0
311,0
1.370,0
285,0
766,0
828,0
1,410,0
286,0
556,0
236,0
207,0
566,0
1,004,0
312,0
948,0
282,0
1,834,0
5,988,0
22,005,0
334,756,0 1,745,546,0 427,941,0 438,688,0 241,684,0 202,912,0 751,113,0 243,867,0 167,137,0 235,100,0 120,000,0 343,183,0 5.251,990,0
Capital paid in
6,688,0
Surplus.
75,0
Government deposits...... _ _ 13,533,0
Duo to members-Reserve acc't _ 98,921,0
Collection Items
44,669,0
0th. deposits incl. for Gov't()red.
20,820,0 7,562,0 9,055,0 4,051,0 3,190.0 11,128,0 3,800,0 2,931,0 3,659,0 3,154,0 4,633,0
80,681,0
649,0
116,0
40,0
216,0
38,0
1,134,0
5,142,0 5,021,0
290,0 4,438,0 2,960,0 8,612,0 4,660,0 3,432,0 5,814,0 2,116,0 7,349,0
63,367,0
682,887,0 92,955,0 114,860,0 52,560,0 44,091,0 219,664,0 57,083,0 48,487,0 68,032,0
32,767,0 77,008,0 1,587,318,0
143,992,0 76,991,0 45,440,0 36,061,0 22,216,0 51,564,0 49,194,0 8,978,0 30,566,0 15,038,0 30,214,0 554,823,0
102,577,0
79,0
39,0 1,504,0
171.0
16,0
2,606,0 106,992,0
Total gross deposits
155,026,0 931,598,0 174,907,0 160,669,0 93,059,0 89,306,0 281,344,0 111,108,0
F. R. notes In actual circulation_ 163,205,0 730,552,0 233,481,0 255,486,0 138,118,0 122,764,0 433,775,0 120,722,0 60,913,0 104,412,0 49,921,0 117,177,0 2,312,500,0
97,361,0 112,510,0 59,578,0
F. R. bank notes 10 ciro'n-Net_
5,828,0
32,725,0 8,578,0 9,382,0 3,879,0 5,753,0 17,524,0 6,128,0 4,140,0 11,404,0 5,539,0 211,692,0 2,885,244,0
11 other liabilities
3,934,0
20,202,0 3,353,0 4,096,0 2,451,0 1,859,0 7,129,0 2,109,0 1,754,0 3,175,0 1,808,0 6,242,0 117,122,0
3,439,0
55,309,0
334756.0 1 745 518 0 .1570(1 0 ,15511101 09.11 115.1 0909 019 0751 110 0 955 007 0 107 107 n 95, 100
0 Ion nnn 0 551 1515 n r, 951 non
*Difference between net amounts duo from and net amounts lire to other Federal
Reserve banks. x Net amount duo to other Federal Reserve Banks. Overdraft
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DEC.
27 1918.
Two cf Oars (00) omitted
Federal Reserve notesReceived from Conaotrollor.
Returned to Comptroller_
Bpdon.
3
New York. i PhUlde/.1,1en.tan4.1 iticyn'd. 1
$
I
$
1
$
.
$
1
Chicag). St• Lots s•;M n leap K-m.'Vol Dallas. iSac
s%)
s
Total.
S
'
$
f
1
$
1
!
$
)
238,760,0 1,261,780,0,32,
1,420,0 318,480,0 191,580,0 196,210,0 511,360,0 161,380,0 121,430,0 151,700,0 99,920,0
3,865,020,0
55,507,0 340,843,0 61,574,0 31,589,0 37,205,0 27,572,0 47,668,0 28,473,0 19,062,01 27,760,0 21,568,0 248,920,0 724,491,0
19,670,0
I
,
Chargeable to F. Ft. Agent
_ 183,253,0 920,937,0 259,816,0 283,891,0 157,375,0 168,608.0 493,692,0 132,907,0 105,418,0 126,910,0 78,352,0 229,250,0 3,140,529,0
In bands of F. It. Agent_
13,810,0 109,800,0 17,010,0 18,980,0 6,220,0 42,415,0 40,810.0 3,300,0 6,450,0, 7,520,0 17,920,0
284,925,0
I
Issued t) ft Bank
- -- 169,413,0 811,137,0 212,201,0 231,911,0 151,155,0 123,253,0 452,852,0 129,607,0 98,968,0 119,420,0 60,432,0 229,250,0!2,355,604,0
Held by F. It Agent
1
Gold coin and certlfleate.s-- 5,01)0,0 178,740,0
1 31,450,0I 2,501,0
'
13,052,0
246,327,012,581,0
__
Gold redemption fund
9,160,0
16,151,0 13,296,0 14,219,0'
990,0 2,738,0 2,814,0' 2,640,0 2,260,0 3,189,0
81,951,0Gold Sett. Pd., F. It Board _ 46,000,0 100,010,0 87,622,0 90,000,01 61,000,0 38,770,0 264,903,0 61,132,0 40,800,0 51.360,0 3,126,0 11,365,01
6,68-1,0 108,761,0 960,031,0
Eligible paper, min.
109,253,0 516,243,0 141,238,0 128,212,0 83,165,0 82,241,0 185,135,0 65,836,0 42,856,0 64,871,0 33,041,0
109,124,0 1,567,295,0
Total
169,413,0 811,137,0 242,206,0 201,01l,0151,155,0 126,253,0 452,852,0 129,607,0 98,908,0119,420,0 60,432,0 229,250,0 2,855,604,0
Amount of eligible paper delivered to F. It. Agent
146,086,01 721,698,0'150,926,0 167,065,0 86,793,01 82,769,0 235,860,0 71,624,0 56,293,0 70,801.0 53,612,0 112,830,0 1,956,357,0
F. R. notes outstanding169,413,0 811,137,0 212,203,0 264,911,0 151,155,0 126,253,0 452,852,0 129,607,0 98,968,0 119,420,0 60,432,0 229,250,0 2,855,804,0
F. R. notes held by banks
6,208,0, 74,585,0 8,725,0 9,425,01 13,037,0 3,489,0 19,077,0 8,885,0 1,607,0 6,910,0
854,0 17,558,0 170,360,0F. R. notes In actual cIrcula'e- 163,205,0 736,552,0 233,481,0 255,486,0 138,118,0 122.761,0 433,775,0 120,722,0 97,361,0 112.510,0
59,578.0 211,692,0 2,685,244,0
I
1
I
[VOL. 108.
THE CHRONICLE
58
-The following detailed statement
Statement of New Stork City Clearing House Banks and Trust Companies.
shows the condition of the New York City Clearing House members for the week ending Dec. 28. The figures for the sep•
arate banks are the averages of the daily results.. In the case of totals, actual figures at end of the week are also given
NEW YORK WEEKLY CLEARING HOUSE RETURN. •
CLEARING HOUSE
MEMBERS.
Net
Profits.
Loans,
Discounts,
(Nat. Banks Nov. 11 Investments,
Week Ending
&v.
[State Banks Nov. 1)
Dec. 28 1918.
[Trust Co's Nov. 1)
-----------Average.
Members of Federal
Reserve Bank.
46,992,000
Bank of N Y, N B A_ 2,000,000 5,525,500
61,788,000
Bank of Manhat Cu. 2,500,000 7,165,700
29,225,000
Merchants' National. 2,000,000 2,809,700
6,000,000 11,137,700 163,118.000
Metals Nat_
Mach &
33,528,000
1,500,000 6,859,700
Bank of America _
25,000,000 51,380,200 618,251,000
National City
77,669,000
Chemical National._ 3,000,000 9,623,200
17,727,000
951,000
1,000,000
Atlantic National ___
2,971,000
108,600
300,000
Nat Butch& Drovers
5,000,000 5,571,300 110,251,000
American Exch Nat_
Nat Bank of Comm__ 25,000,000 24,376,700 374.953,000
15,341,000
500,000 1,097,500
Pacific
92,028,000
- 3,500,000 3,031.400
Chat & Phenix Nat
Hanover National.... 3,000,000 18,278,000 135,808,000
37,901,000
2,550,000 2,992,200
Citizens' National_
42,240,000
2,000,000 2.316,800
Metropolitan
Cora Exchange. - 3,500,000 8,518,600 105,614,000
34,242,000
Nat 1,500,000 8,023,000
Importers& Trad
5,000,000 18.591,200 194,458,000
National Park
3,466,000
100.800
250.000
East River National.
20,225,000
- 1,000.000 4,018.200
Second National.
10,000,000 31,603.600 304,081,000
First National._
4,500.000 5,647,300 102,825,000
Irving National_
10,870,000
392.900
N Y County National 1,000,000
6,993,000
661,000
1,000,000
Continental...
10,000,000 15,522,900 327,703,000
Nationl
Chase
19,742,000
200,000 2.223,700
Fifth Avenue.......
6,335,000
871,100
200,000
Commercial Etch..__
6,664,000
753,900
400,000
Commanwealth
15,792,000
Lincoln National.... 1,000,000 2,008,600
12,717,000
1,000.000 1,372,600
Garfield National.._
7,317,000
408,900
250,000
Filth National.
48,599,000
1,000,000 3,716,100
Seaboard National__
73,880,000
Liberty National.... 3,000,000 4,132,800
14,616,000
Coal & Iron National 1,000,000 1,028.100
13,277,000
Union Exchange Nat. 1,000,000 1,326,500
36,033,000
1,500,000 2,518,300
Brooklyn Trust Co__
Bankers Trust Co._. 11.250,000 16,283,200 278,191,000
59,670,000
U 8 Mtge & Trust Co 2,000,000 4,628,600
Guaranty Trust Co... 25,000,000 27,428,900 465,427,000
10,305,000
1,000,000 1,283,200
Fidelity Trust Co..
86,311,000
Columbia Trust Co- 5,000,000 6,850,500
26,923,000
Peoples Trust Co-... 1,000,000 1,306,400
96,883,000
3,000,000 10,769.900
New York Trust Co_
29,865,000
Franklin Trust Co..... 1.000,000 1,170,100
20,520,000
614,300
Lincoln Trust Co.-.- 1,000,000
46,999,000
Metropolitan Trust_ 2,000,000 4.383,200
15,680,000
Nassau Nat, B'klya. 1,000,000 1,173,000
39,362,000
Irving Trust Co.__ ... 1,500,000 1,142,000
Farmers Loan & Tr- 5,000,000 12,009,800 122,761,000
Capital.
Legal
Tenders.
Gold.
Silver.
National
Bank
and
Federal
Reserve
Notes.
Reserve
with
Legal
Deposi-
Additional
Deposits
with
Legal
Depositaries.
-Average.
Average.
Average. Average. Average
$
204,000 4,534,000
93,000
98,000
24,000
532,000 1,082,000 6.379,000
366,000
336,040
190,000 3,254,000
231,000
70,000
79,000
512,000 2,068,000 31,170,000
164,000
7,639,000
454,000 4,095,000
323,000
219,000
176,000
865,000 2,655,000 103,372,000
8,284,000 3,015,000
773,000 9,352,000
490,000
247,000
176,000
133,000 1,829,000
192,000
123,000
85,000
467,000
8,000
47,000
58,000
14,000
342,000 1,371,000 13,054,000
146,000
536,000
566,000 1,574,000 39,299,000
294,000
55,000
770.000 1,761,000
228,000
332,000
60,000
515,000 1,186,000 3,281,000 12,976,000
460,000
849,000 19,463,000
435,000
182,000
4,169,000
632,000 4,785,000
443,000
32,000
100,000
923,000 2,992,000
622,000
150,000
555,000
202,000 2,871,000 5,678.000 15,311,000
1,184,000
181,000 3,624,000
48,000
457,000
55,000
695,000 1,095,000 21,798,000
751,000
83,000
591,000
54,000
15,000
132,000
3,000
272,000
547,000 2,293,000
23,000
82,000
456,000 20,701,000
611,000
560,000
20,000
339,000 1,985,000 1,674,000 14,114,000
1,068,000
887,000 1,702,000
219,000
63,000
36,000
685,000
114,000
15,000
16,000
22,000
446,000 28,810,000
2,598,000 2,826,000 1,290,000
916,000 2,716,000
573,000
172,000
42,000
946,000
124,000
84,000
58,000
51,000
180,000 1,025,000
184,000
18,000
40,000
647,000 1,891,000
143,000
241,000
120,000
252,000 1,689,000
111,000
5,000
1,000
857,000
189,000
181,000
28,000
35,000
521,000 6,103,000
112,000
243,000
356,000
459,000 8,921,000
12,000
187,000
615,000 1,480,000
111,000
60,000
5,000
327,000 1,766,000
269,000
34,000
15,000
441,000 3,187,000
109,000
25,000
71,000
936,000 28,296,000
65,000
182,000 •
144,000
371,000 5,062,000
282,000
101,000
39,000
281,000 2,671,000 47,512,000
88,000
1,873,000
941,000
221,000
54,000
53,000
85,000
909,000 9,217,000
231,000
42,000
38,000
703,000 2,284,000
236,000
88,000
40,000
197,000 5,097,000
6,000
7,000
46,000
258,000 2,072,000
139,000
47,000
71,000
501,000 2,129,000
37,000
10,000
25,000
676,000 4,019,000
49,000
38,000
68,000
413,000 1,049,000
84,000
111,000
3,000
579,000 2,067,000 4,887,000
99,000
103,000
345,000 15,585,000
57,000
13,000
3,737,000
Average.
251,000
264,000
461,000
6,205,000
3.750.000
Trust Companies.
Title Guar & Trust
Lawyers Title & Tr__
4.048,200
77,823,000 2,835,000 1,723,000 1,435,000 3,135,000
1,841,090 1,554,000 3,308,000
1,5131,000 1,279,000 3,011,000
1,409,000 1,292,000 2,973,000
914,000 3,557,000
1,257,000
79,491,000
77,486,000
75.042,000
-•_
74.752,000
_ •----1V'm Memo hers of Pad era! Rese•oe
37,237,000
5,000,000 11,917,901)
23,408,000
4,000,000 5.236,200
2,899,000
2,781,000
2,768,000
2.781,000
100,000
190,000
116,000
172,000
188,000
65,000
60,645,000
290,000
288,000
253,000 1,060,000
Totals, actual °milt! on
Totals, actual oondlti on
Totals, actual conditi on
Totals, actual oonditi on
Totals, avge for wk
Dec. 23
Deo. 21
Dec. 14
Dec. 7
9,000,000 17,184,100
563,000
497,000
Vet
TIrne
Deposits.
National
Bank
Cfrcula.
lion.
Average.
s
Average.
Average.
32,513,000 1,851,000
52,152,000
299,000
22,551,000
168,578,000 8,142,000
29,005,000
597,250,000 16,176,000
63,690,000 6,049,000
561,000
13,262,000
2,683,000
95,955,000 5,919,000
304,120,000 4,778,000
70,000
13,955,000
85,190,000 7,968,000
133,205,000
304,000
33,708,000
50,000
22,846,000
113,623,000
25,827,000
166,661,000 3,088,000
4,108,000
16,215,000
164,734,000 1,451,000
.798,000
105,531,000
238,000
10,714,000
4,922,000
279,259,000 10,952,000
17,826,000
6,430,000
6,875,000
100,000
14,701,000
36,000
10,820,000,
371,000
6,380,0001
140,000
44,011,000,
65,399,0001 1,748,000
433,000
10,047,000,
481,000
13,598,0001
23,654,000, 4,328,000
222,137,000, 11,750,000
45,359,000. 1,994,000
370,407,000 19,474,000
453,000
7,979,000
72,930,000 4,771,000
'22,228,000 1,665,000
48,384,000 2,451,000
14,222,000 1,865,000
13,151,000 1,927,000
30,348,000 1,170,000
666,000
9,935,000
37.850,000 1,046,000
111,430,000 7,883,000
789,000
1,809,000
3,745,000
1,445,000
442,000
143,000
297,000
4,939,000
2,224,000
150,000
984,000
51,000
4,944,000
50,000
650,000
8,369,000
1,000,000
198,000
1,100,000
210,000
398,000
256,000
70,000
798,000
413,000
396,000
50,000
3,789,264,000 133,044,000 35,920,000
Average for week__ 192,900,000 355.796,400 4,524,138,000 35,094,000 13,146,000 19,122,000 43,039,000 527,142,000
4,519,677,000 34,986,000 14,479,000 19,404,000 44,401,000 511,528,000
Totals, actual conditl on Dec. 23'
4,513,450,000 35.509,000 12,011,000 19,722,000 42,590,000 557,840,000
Totals, actual oonditi on Dec.21
4,536,269,000 33,730.000 11,797,000 19,661,000 39,098.000 533.758,000
Totals, actual conditi on Dec. 14
4,533,020,000 34,202,000 13,516,000 19,915,000 40,214,000 553,208,000
Totals. actual oonditi on Dec. 7
----Not Stem bore of toed er.a Reserve Sant.
State Banks.
222,000 1,494,000 1,228,000
92,030
575,000
15,835,000
500.000 1,476,800
Greenwieh
307,000
310,000
11,000
46,000
281,000
5,351,030
816.601)
250,000
Bowery............
585,000 1,927,000
456,000
591,000
473,000
20,957,000
N Y Produce Exch... 1,000,000 1,203,500
T46,000 2,743,000
746,000
994,000
35,637,000 1,505,000
548,300
2,000.000
Totals, avge for wa
Net
Demand
DeposUs.
3,810,717,000 131,782,000 35,934,000
3,807,709,000 134,687,000 35,816,000
3,770,285,000 140,022,000 35,698,000
3,682,305,000 150.975.000 35.654.000
16,016,000
5,115,000
21,099,000
35,859,000
68,000
5,000
976,000
79,029,000
73,000
764,000
5,732,000
554,000
5,980,000
5.728,000 1,052,000
5,822,000
158,000
81,323,000
77,744,000
75,956,000
75,351,000
73,000
73,000
72,000
71,000
=====
898,000
474,000
19,887,000
13,240,000
524,000
545,000
3,025,000 1,372,000
33,127,000
1,009,000
1,988,000
1,037,000
=
=
=
=
34,319,000 1,018,000
987,000 3,288,000 1,320,000
233,000
299,000
288,000
60,293,000
Totals, actual condlti on Dec. 24
31,877,000 1,099,000
915,000 3,250,000 1,244,000
271,000
286,000
297,000
61,287,000
Totals, actual conditl on Dec. 21
33,253,000 1,075,000
935,000
890,000 3.194,000
250,000
299,000
297,000
61,717,001)
Totals, actual conditi on Dec. 11
976,000
33,215,000
910,000
958.000 2.976,000
276.000
320,000
309,000
62,569.000
Totals, actual conditi on Dec. 7
===== ===== ======== =====
===
===== =========== ===== =====
4,652,605,000 38,219,000 15,157,000 20,810,000 47,234,000 536,372,000 2,348,000 a3,901,420,000 134,186,000 35,920,000
Grand azgregate,avge 205,650,000 377,028,700
-2,050,000 +1012003 +1197000 +11,000 +787,000 -37901000 +487,000 -10,810,000 -5,523.000 +147,000
Comparison prey wk.
Grand antate. actual condition Dec. 23... 4,659,451,000 38,173,000 16,619,000 21,191,000 48,676,000 550,548,000
+7,233,000 -117,000 +2761000 -81,000 +2130000-13528000
Comparison prey wk.
- -- --------=
Grand ag'gate, actual coalition Des. 21... 4,652,223,000 38,590,000 13,853,000 21,272,000 46,510,000 567,076,000
Grand ag'gate. actual oOndition Dec. 14.... 4,673,023,000 15.795,090 13.503,000 21,216,000 12,961,000 542,680,000
Grand ag'gate, actual condition Dec. 7___ 4,670,311,000 37,215.000 15,093,000 21,105,000 44,739,000 552,008,000
Grand forgats. aotna1 condition Nov. 30.... 4.622.936.01)0 37,752,001 15.157.000 22,133.000 41.435.000 518.677.000
2,084,000 b3,926,359,000 132,903,000 35,934,000
+9,029,000 -2,956,000 +118,000
+286,000
--1,798,000 3,917,330,000 135,859,000 35,816,000
1,987,000 3,879,499,000 141,169,000 35,698,000
1,008,000 1790,871,01)0 152,022,000 35,654,000
1.910,000 3'737,525,000 154.002,000 35.446,000
a U. S. deposits deducted, $217,567,000. b U. S. deposits deducted, $177,559,000.
STATEMENTS OF RESERVE POSITION
Actual Figures.
Averages.
•
Members Federal
Reserve Bank_
State banks
Trust'sompanies•
Total Dec. 28_
Total Dec. 21_
Total Dec. 14_
Total Deo. 7..
Reserve
Cash
In
Reserve
in Vault. Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviousWeek
$
1
a
511,528,000 511,528,000 499,346,670 42,181,330-16,621,890
+74,780
695,860
9,602,000 5,732,000 15,334,000 14,038,140
-340,300
1,787,000 3,288,000 5,075,000 5,117,850 del72,850
11,389,000550,548,000 561,937,000 519,132,660
10,498,000 574,273,000 584,771,000 517,251,900
10,531,0005.59,935,000 570,496,000 508,889,050
10,621,000 545.733,000 555,351,000 503,777,650
42,801,340-16,887,410
67,519,100 +5,912,150
61,605,950 +6,030,600
55,576,350 -12.810,730
Reserve
Cash
in
&WM
in Vault. Depositaries
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Inc. or Dee.
from
PreviotuWesk
$
527,142,000 527,142,000 490,595,640 30,540,300 -35,836,130
b
-25,880
9,128,000 6,205,000 15,333,000 14,225,220 1,107,780
-56,000
1,891,000 3,025,000 4,916,000 4,969,050 def53,050
11,019,000 536,372,000 547,391,000 515,789,910
10,434,000 567,076,000 577,510,000 517,818,250
10,188,000 512,680,000 552,868,000 512.998,490
10,385,000 562,005.000 572,391,000 501,774,330
31,601,090 -35,918,010
59,69a750 +19,822,240
39,869,510 -30.747,160
70,616,670 +6,435,920
• Not members of Federal Reserve Bank.
of the Federal Reserve Banks
•This is the reserve required on net demand deposits in the case of State banks and trust companies, hut in the ease of members
14, $4,203,690; Dec. 7, $4,552,200.
Includes also amount of reserve required on net time deposits. which WU as follows: Dec. 28, $3,991,320; Dec. 21, $1,156,710; Doe.
in the ease of State banks and trust companies. but In the ease of members of the Federal Reserve Bank Includes
b This Is the reserve re:aired on net demand deposits
Dec. 7, $4.529,250.
also amount of reserve required on net time deposits, which was as follows: Dec. 28, $3,953,460; Dec. 21, $4,040,610; Dec. 14, $4,200,660;
C Amount of cash in vault. watch le no longer counted as reserve tor members of the Polecat Reserve Bank, was as follows:
Dec. 28, $110,401,000; Dec. 21, $107,915,000; Dec. 14, $107,855,000; Dec. 7, 8108,045,000.
d amounts of mash in vaults. mum is no longer counted as reserve tor memoers of the Federal Reserve Bank, was as follows:
• Dec. 28, $113,270,000; Dec. 21, 3109,832,000; Dec. 14, $104,289,000; Dec. 7, $107,847,000.
JAN. 41919.]
THE CHRONICLE
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 front
Dec. 28.
previous week.
Loans and investments
$716,130,500 Inc. $3,541,900
Specie
8,164,000 Inc. 1,094,600
Currency and bank notes
16,576,500 Inc.
603,900
Deposits with the F. B.. Bank of New York
60,435,900 Inc.
670,400
Total deposits
758,143,100 Inc. 4,553,900
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchanges and U.S. deposits 686,035,700 Inc. 5,631,700
Reserve on deposits
123,326,900 Dec. 3,471,900
Percentage of reserve, 20.2%.
RESERVE.
-Slate Banks
-Trust Companies
Cash in vaults
517,447,200 13.40%
$67,730,100 14.15%
Deposits in banks and trust cos
11,638,100
8.94%
26,511,500 5.54%
Total
S29,085,300 22.34%
$94,241,600
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 20
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dee 7
Dee. 14
Dec. 21
Dec. 28
Loans
and
Investments
Demand
Deposits.
5,173,0'31,5 4.406,150.0
5,249,1013,5 4,475,183,9
5.233,177,2 4.418,249.8
5.294,283,6 4,427,043,3
5,296,960,1 4,450,212,9
5,373.198.8 4,537,675,4
5,413.086.8 4.435,747,6
:5,3'36,207,9 4,487,786,5
5,457,805,1 4,520,463,6
5,499,400.2 4,361,815,8
5.471,164,4 4,430.932,2
5,489,226,0 4,515,346,9
5,470,203,8 4,511.208,2
5,360.177,9 4,449,150,6
5,330,133,6 4,458,973,9
5,384,107,7 .1,527,415,1
5,373,134,6 4,592,634,0
5,378,736,5 4,587,455,7
Specie.
71.853,1
70,700,1
71,038,6
70,472,1
70,816,0
69,970,7
69,765.2
70,376,0
71,255,2
69,692,6
68.979,4
69,440,7
69,250,6
68.759,7
67,037,7
60,311,3
65,076,3
67,193,9
a
Legal
Tenders.
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.
Week ended Dec. 28.
Dec. 28
1918.
Trust Companies.
Differences from
precious week.
Dec. 28
1918.
1Differences from
precious week.
$
Capital as of Nov. 1_
24,100,000
99,550,000
Surplus as of Nov. 1..
42,973,000
169,723,000
Loans & investments 505,572,100 Inc. 7,001,300 2,525,398,200 Inc.605,246,600
Specie
9,171,700 Dec.
372,700
13,223,500 Inc.
251,300
Currency & bk. notes
29,995,200 Inc. 2,147,300
20,512,700 Dec.
371,500
Deposits with the F.
R.. Bank of N.Y.
_
44,707,100 Dec. 5,562,600 186,983,300!Dee. 6,535,600
Deposits
594,656,000 Inc. 1,483,600 1,923,744,700 Inc. 16,377,000
Reserve on deposits_ 102,359,100 Dec. 5,335,100 271,594,000,Dec. 9,547,200
P. C. reserve to dep_
22.1% Dec.
1.2%
17.7%'Dec.
0.7%
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:
19.69%
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
-
59
Total Reserve it
Cash in DeposiVault.
taries.
86,335,2 158,138,3 558,574,4
87,712,1 153,412,2 583,554,8
88.345,3 159,383,0 554.398.2
90,532,8 1(17,004.1)571,118,2
94,623,1 165,439,1 587,573,3
91,434,6 101,405,3 587,014,3
85,254,7 155.019,9 574,142.4
92,445,8 162,821,8 580,295,4
04.750,5 160,005,7 619,305,3
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
93,400,6 162,160,3 602,957,6
89,910,6 156,978,3 592,051,4
9:3,272,8 159,584,1 602,623,2
03,695,1 158,771,4 617,263,4
1)6,364,4 163,558,3 574,521,6
4 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 Now 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, soo "Chronicle," V. 98, P. 1661.
The provisions of the law governing the reserve requirements of State banking institutions, as amended May 22
1917 wore published in tho "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 wore given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
BOSTON CLEARING HOUSE MEMBERS.
Dec. 23
1918.
Changes from
previous week.
$
Circulation
4,739,000 Inc.
Loans, disc'ts & Investments_ 522,512,000 Dec.
Individual deposits, Inci.U.S. 438,383,000 Dec.
Due to banks
111,253,000 Dec.
Time deposits
13,679,000 Inc.
Exchanges for Clear. House_ 19,73-1,000 Inc.
1)ue from other banks
70,179,000 Dec.
Cash in bank & in F. R. Bank 62,728,000 Dec.
Reserve excess in bank and
Federal Reserve Bank_
16,345,000 Dec.
Dec. 21
1918.
Dec. 14
1918.
$
2,000 4,737,000 4,737,000
8,681,000 531,196,000 533,210,000
3,849,000 442,232,000 442,441,000
4,453,000 115,706,000 115,005,000
187,000 13,492,000 13,838,000
3,010,000 16,694,000 15,370.000
1,490,000 71,669,000 72,385,000
5,832,000 68,560,000 62,991,000
4,853,000 21,198,000 15,607,000
Philadelphia Banks.
-The Philadelphia Clearing House
statement for the week ending Dec. 28, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Dec. 28 1918.
Two ciphers (00) omitted.
Membersof
F.R.Sys14171
Capital
Surplus and profits
Loans, disc'ts & Investin'ts
Exchanges for Clear.House
Duo from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Ites've with Fed.Res.Bank
Ites've with legal deposit's
Cash in vault.
Total reserve & cash held_
Reserve required
BUM res. & cash in vault
$28,475,0
77,326,0
712,960,0
25,088,0
116,559,0
156,948,0
456,943,0
4,708,0
618,599,0
Trust
Cos,
$3,000,0
7,498,0
25,358,0
449,0
10,0
270,0
16,081,0
16,351,0
49,732,0
19,120,0
68,852,0
47,365,0,
21,487,0,
2,752,0
801,0
3,553,0
2,383,0
1,170,0
Dec. 21
1918.
Dec. 14
1918.
Total.
$31,475,0
84,824,0
738,318,0
25,537,0
116,569,0
157,218,0
473,024,0
4,708,0
634,950,0
28,298,0
49,732,0
2,752,0
19,921,0
72,405,0
49,748,0
22,757,0
$31,475,0
84,829,0
739,145,0
25,080,0
121,313,0
155,940,0
475,003,0
4,818,0
16,116,0
32,033,0
52,187,0
2,451,0
18,695,0
73,333,0
49,371,0
23,962.0
$31,475,0
84,829,0
738,668,0
22,687,0
116,640,0
151,417,0
471,175,0
4,972,0
627,564,0
22,720,0
50,156,0
2,124,0
18,475,0
70,755,0
49,236,0
21,519,0
*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
non-member institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
1
Net
Capital. ! Profits.
0.0000000
0000000.0
Loans,
National
Reserve Additional
Discounts, .
Bank
with
Deposits
National
{Nat. banks Nov. 1 Investments,
Legal
& Federal
Legal
with Legal
Net
Net
Bank
We k ending Dee. 28 1918. State banks Nov. 1
&c.
Gold.
Tenders.
Silver.
Reserve
DeposiDeposiDemand
Time
CirculaTrust cos. Nov. 1
Caries.
Notes.
Deposits.
Miles.
Deposits.
lion.
Members of
Average.
Average. Average, Average. Average. Average. Average.
Average.
Average. Average.
F ederal Reserve Bank.
$
$
s
$
$
$
$
$
$
$
$
Bat tory Park National Bank_ 1,500,000
11,565,000
13,000
21,000
36,000
140,000 1,417,000
00,000
7,163,000
68,000
192,000
Coltimbla Bank
1,000,000
13,690,000
18,000
338,000
263,000 1.765,000
954,000 12,686,000
395,000
Mu alai Bank
200,000
8,102,000
3,0110
4,000
215,00(1
191,000 1,197,000
285,000
8,238,000
259,000
200,000
Newr Netherland Bank
4,384,000
19,000
11,000
101,000
147,000
757,000
241,000
4,728,000
33,000
500,000
W. R. Grace & Co.'s Bank__
7,297,000
4,000
6,000
1,001,000
5,244,000
570,000
200,000
Yor kville Bank
8,298,000
5,000
50,000
374,000
913,000
645,000
4,635.000 3,835.000
First Nat'l Bank, Brooklyn__
300,000
7,829,000
4,000
10,000
73,000
217,000
648,000
421,000
5,979,000
490,000
296,000
31)0,000
Nat!anal City Bank,Brooklyn
0,285,000
2,000
31,001)
50,000
163,000
549,000
609,000
5,284,000
445,000
120,000
First Nat'l Bank, Jersey City
400,000
10,842,000
80,000
199,000
74,000
239,000 1,030,000 3,203,000
7,259,000
397,000
ate!
4,600,000 6,895,000 78,292,000
148,000
282,000
037,000 1,734,000 9,277,000 6,448,000 61,216.000 6,145,000 1,005,000
State Banks.
•
Not Members of the
vederal Reserve Bank.
100,000
Ban k of Washington Heights_
469,500 2,413,000
70,000
52,000
138,000
129,000
2,154,000
500,000 1,088,400 10,047,000
Col 'Mal Bank
217,000
250,000
505,000
402,000
660,000
128,000 10,898,000
500,000
Intotuitional Bank
198,800 5,481,000
155,000
11,000
72,000
274,000
281,000
15,000
4,671,000
628,000
Meehanics' Bank, Brooklyn__ 1,600,000
865,700 22,814,000
92,0110
267,000
576,000 1,014,000 1,705.000
24,709,000
42,000
200,000
Nor(II Side Bank, Brooklyn__
226,600 5,384,000
23,000
28,000
118,000
309,000
244,000
394,000
4,495,000
319,0,00
2,900,000 2,849,000 46,139,000
)tal
557,000
556,000 1,323,000 2,137,000 3,019,000
537,000 46,927,000
989.000
--Trust Companies.
Not Members of the
Federal Reserve Bank.
500,000 1,030,700 7,870,000
Ha allton Trust Co, Brooklyn
313,000
10,000
12,1)00
84,000
250,000
303,000
5,006,000 1,176,000
200,000
Me hanks Trust Co, Bayonne
377,900 8,977,000
13,000
12,000
81,000
165,000
612,000
69,000
5,560,000 3,659,000
Dtal
700,000 1,408,600 16.853,000
326,000
22,000
93,000
219,000
862,000
372,000 10,566,000 4,835,000
Gra id aggregate
8,200,000 11,152,600 141,281,000 1,031,000
860,009 2,353,000 4,120,000 13,158,000 7,357,000 a118,709,000 11,969,000 1,005,000
Co marlson previous week..
+26,000 +12,000
-2,000 +347,000 +207,000 -634,000 +44.000 -1,235,000 +121,000
+8,000
Exc ”.1.4 reserve
$244,020 Decrease
Gra id aggregate Dec. 21_ _ _ 8,200,000 11,152,600 141,258.000 1,019,000
862,000 2,000,000 3,913,000 13,792,000 7,313,000 119,944,000 11,848,000
997,000
Gra id aggregate 1)ee. 14. _
8,450,000 11,913,800 145,479,000 1,068,000
868,000
Gra id aggregate 1)ec. 7_ _ _ _ 8,450,000 11,913,800 143,409,000 1,096,000 1,021,000 2,142,000 3,927,000 12,895,000 7.879,000 121,1(10,000 12,321,000 1,187,000
2,180,000 4,039,000 12,312,000 9,440,000 120,080,000 12,231,000 1,187.000
Gra id aggregate Nov. 30_ _
7,350,000 11,035,300 141,878,000 1,083,000
919,000 2,176,000 3,890,000 11,037,000 8,736.000 116,866,000 12,032,000 1,175,000
a U. S. deposits deducted $6,261,000.
[VoL. 108.-
THE CHRONICLE
60
Vaulters"
azette.
STOC1SS.
Week ending Jan. 3.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range for Year 1918.
. Lowest.
Highest.
Par. Shares $ per share. $ per share $ per share.S per share.
Jan
Dec 80
100 3,050 44 Dec 28 50 Jan 3 42
Adams Express
Wall Street, Friday Night, Jan. 3 1919.
Dec 13. Dec
3 1
1%
1 Deo
Rubber rights
Situation.—An AjaxBank Note pref._50 5,055 42 Jan 28 42 Jan 2 41% Jun • 42% Aug
The Money Market and Financial
Jan
2
100
Am
Jan
Dec
2
2160
101
interesting event of the week and one we believe wholly Am Brake S & F pref 100 728 160 Jan 30 84% Jan 2 160 Sept 175 Nov
95%
Jan
Dec
773
without precedent in Stock Exchange history, has been American Express....100 101 80 Dec 31 92 Dec 31 81 Jan 103 June
92
Am Sumatra Tob pf _100
Dec 2%
3
1%
Dec
-the selling on an enormous scale of securities, principally Assets Realization___10 1,800 % Jan 28 17% Jan 31 12A May 184 Nov
Dec
Dec
3
1,4'' 175
Liberty Loan issues, to take advantage of the loss in values AssociatedDryGoods100 2,111 68 Dec 30 725 Jan 3 54 Apr 71 Oct
100
Associated 011
during the calendar year in anticipation of income tax Atlanta Birm & Atl..100 2,800 53 Dec 30 7% Dec 31 5 Dec 105 June
Jan 2% Nov
1
1% Jan
1% Dec
Mining _
returns for that period. The total sales of bonds on Mon- BatopilasSteel pref _ _ _20 700 84 Dec 28 90% Jan 3 84 Dec 94 Sept
3
28
300
_100
Bethle'm
Nov
day was approximately $47,000,000, an amount largely Bklyn 'Union Gas 100 400 80 Dec 28 80 Dec 30 78 Aug 935 June
Jan
9
9
in excess of any previous record in this market and in several Brunswick Terml 100 100 17% Dec 31 1744 Dec 31 6% May 165 Nov
734
Jan 2
183
Jan 2
101
100
cases the bonds referred to established a new low record. Buttericket Arizona___10 501 61 Dec 3' 615 Dec 28 61 Dec 71 May
Calumet
Aug
May 49
175 46 Dec 28 46 Dec 28 41
100
Southern
There was a substantial recovery, however, soon after sales Canada I) pref
02% Dec
Jan
300 91% Deo 31 92% Dec 31 73
100
Apr
Nov 53
for the purpose mentioned had ceased and the market has Case (J
100 36 Dec 30 36 Dec 30 33
Cent Foundry prof._100
Nov
Ap 11
7
Chicago & Alton_ _ _ _100• 21 t 8 Dec 30 834 Dec 3
now assumed practically normal conditions.
1034 Dec 18
100 1034 Dec 30 1034 Dec
100
Preferred
enduring event has C StPM AC Omaha..i00 200 78 Dec 30 8034 Jan 30 69 Sept 82 Nov
Dec
Another more important and more
3
65
been the passing of the Brooklyn Rapid Transit Company Cluett,Peabody&Co100 2001 61 Dec 30 64 Dec 31 45 Jan 105 Nov
Nov
3 95
Preferred
The developments in this Computing-Tab-Reo 10 200103 Dec 30103 Deo 30 30 Jan 30 July
•into the hands of a receiver.
Jan
101 37 Dec 31 37 Dec
100
13
734
case may, and probably will, open up the whole local trans- Cons Interstate Call_ _1 3001 834 Dec 30 834 Dec 30 99 Sept 107 June
310434 Jan
Can pref10
is a very complicated Continental Insur____25 200104j4 Jan 3 5834 Jan 3 44 July 60 Dec
portation problem which certainly
Dec
Feb
3
200 58 Jan
Continental
Feb
300 9534 Dec 28 9534 Jan 2 90 June 96
one needing careful attention.
Deere dc Co pref.. _100
15
9
93(
usual attaches to the Bank Federal Mg & Smelt _100 500 9 Dec 30 3734 Dec 30 27 Dec 4434 Oct
Somewhat more interest than
Oct
Jan
Dec 30
100 3734 Dec 30
100
Preferred
Dec
.of England's weekly report showing an addition of $4,- Fisher Body pref _ _ _ _100 100 9234 Dec 31 9234 Dec 31 7034 Jan 93 Aug
Jan 185
125,z168%Dec 31 x168%Deo 31 165
holdings and a drop in its percentage of General Chemical_ _ _100 2,0001
325,000 to its gold
Jan 58 Juno
Dec 28 4854 Jan 3 34
%
reserve to 113 , which is the lowest on record. The local General Cigar Inc_ _ _100 10,000 4594 Jan 3 234 Jan 3
134
General Motors rights..
Mar 3534 Dec
100 33 Dec 31 33 Dec 30 27
in all essential features.
Mob & Nor prof 100
Gulf
money market remains unchanged
Jan
100 9334 Dec 31 9334 Deo 31 9334 Dec 102
Gulf States Stl 1st pf 10
Dec
Mar 55
100 800 54 Dec 30 55 Dec 30 37
Foreign Exchange.—Sterling exchange has ruled quiet Hartman Corp
Nov
10' 94 Jan 2 94 Jan 2 68 June 95
.100
Homestake
Dec
but closed firm, in view of the better demand for bills en- Int HarvestMining. 1
Oct 116
200 116 Dec 31 116 Dee 31 107
(new) pf
Mar
100 9634 Dec 31 963-4 Dec 31 8834 May 98
10
couraged by the excellent mail opportunity of to-day. The Int Nickel pref
Dec 31 3 Dec 31 234 June 534 Nov
100 3
100
continental exchanges as a whole, belligerent and neutral, Iowa Central
Dec 4034 Nov
100 4,300 27 Dec 30 3034 Jan 2 27
Jewel Tea Inc
Oct
Jan
Deo
were steady except Swiss exchange, which was under pressure. Kayser (Julius) & Co 100 201 103 Dec 30103 Jan 30 95 Feb 105 Dec
9034
3 7694
456 90 Dec 28 91
To-day's (Friday's) actual rates for sterling exchange were 4 733 ® Kelly-Springf pref_ _ _1
Oct
401 2734 Dec 30 2934 Dec 28 2454 July 35
100
cheques and 4 7655® Kelsey Wheel Inc
4 734 for sixty days, 4 7582@4 75873 for
Mar
Jan 90
100 87 Dec 31 87 Dec 31 81
. 100
Preferred
4 76 9-16 for cables. Commercial on banks, sight, 4 75@4 75%, sixty
Jan 6754 Dec
100 6734 Dec 31 6734 Dec 31 50
ninety days 4 71%04 713, and documents for Kress (S H)& Co...._10
days 4 723@4 723,
Jan 10354 Dec
101 103 Dec 28 103 Dec 28 100
1
Preferred
8,
/
Mar
payment (sixty days) 4 72@4 725. Cotton for payment 4 753@4 757
July 90
200 8434 Dec 30 849-4 Dec 30 82
10
7
Laclede Gas
and grain for payment 4 75% ®4 75/,.
Dec
800210 Dec 28220 Jan 3 16454 Aug 210
bankers' francs were 5 51% ® Liggett & Myers__ _10
To-day's (Friday's) actual rates for Paris
Nov
201 106 Dec 28 10634 Dec 30 10034 June 110
100
Preferred
5 51% for long and 5 46@5 463j for short. Germany bankers' marks
Mar
Aug 200
900152 Dec 3016354 Jan 3 14434
1
were not quoted. Amsterdam bankers' guilders were 42@42 1-16 for long Lorillard (P)
Dec 10034 Dec
Manhattan(Elev)gu 100 3,475 80 Dec 30 8654 Dec 30 80
and 42 7-16®42V for short.
Sept
Oct 87
200 80 Dec 31 8134 Dec 28 75
Exchange at Paris on London, 25.98 fr.; week's range, 25.97% fr. high Marlin-Rock v t e_no par
Jan 6334 Dec
400 59 Dec 30 6034 Dec 28 47
10
May Dept Stores
-and 25.98 frs. low.
Dee
Oct 104
300100 Dec 28 104 Jan 2 98
100
Preferred
The range for foreign exchange for the week follows:
9734 Nov
M St P & SS Marle_100 1,700 90 Dec 28 9334 Dec 31 8054 Jan 113
Cables.
Cheques.
Sixty Days.
Sterling ActualNov
Apr
100 701 10634 Dec 31 108 Dec 28 105
Preferred
4 76 9-16
4 758734 733%
High for the week
May
5 1,600 2794 Dec 30 30 Jan 3 2634 Jan 33
National Acme
4 7655
4 7580
4 733
Low for the week
Aug 11034 Dec
611 109 Jan 3112 Jan 3 90
National Biscuit_ _ _ _10
Paris Bankers' Francs—
Sept 6734 Dec
100 6734 Dec 31 6734 Dec 30 55
Natl Cloak & Suit_ _ _100
5 44%
5 45%
5 51%
High for the week
Dec
Jan 104
200 10334 Dec 20104 Dec 30 100
100
Preferred
5 45
5 455
5 51%
Low for the week
Apr 3634 Dec
400 31 Dec 30 31 Dec 31 17
N 0Tex dr Mex v t 0_100
Germany Bankers' Marks—
Nov
100 2834 Dec 31 2834 Dec 30 13% Oct 34
N Y Chic & St Louis_ 111
High for the week
Nov
Oct 48
100 41 Dec 31 41 Dec 31 40
.10'
Second preferred.
Low for the week
May
401 2534 Jan 3 26 Dec 30 1834 Jan 27
10
New York Dock
Amsterdam Bankers' Guilders—
Nov 2134 Dec
5i 1 18 Jan 2 19 Dec 28 14
Norfolk Southern_ _ _101
427/i
427/i
42 3-16
High for the week
Mar
Sept 79
201 73 Jan 3 7334 Dec 30 69
Norfolk & West pref_100
42 11-16
42 7-16
42
Low for the week
44 Dec 134 Dec
44 Jan 2
44 Jan 2
13,700
Rights
Aug
Domestic Exchange.—Chicago, par. Boston, par. St. Louis, 25®
Nova Scotia S & C__101 2,800 5234 Dec 31 54 Dec 28 5234 Dec 70 June
Oct 4634
15c. per $1,000 discount. San Francisco, par. Montreal, $17 50 per Ohio Fuel Supply____25 1,100 4354 Dec 31 48 Jan 2 40
Dec mi Aug
$1,000 premium. Cincinnati, par.
.25 1,000 44 Dec 31 49 Dec 31 44
Owens Bottle-Mach.
Oct
Dec 27
1834 Dec 30
Dec
Tel & Tel__
State and Railroad Bonds.—Sales of State bonds at Pacific& Eastern_ _ _ _101 211 1834 ,Tan 31 534 Dec 30 1834 Apr 834 Nov
434
2
300 554
_100
Peoria
5834
2534
50
the Board limited to $11,000 Va. 6s def. tr. receipts at 70. Pitts Cin C ez St L._100 30 46 Dec 31 90 Dec 30 90 June 98 Nov
Jan
Apr
Dec 31
100 650 90 Dec 31
The general bond market has recovered somewhat from Pitts Steel pref
Dec
Dec 20
101 20 Dec 3 20 Dec 30 20
Rutland preferred_..100
Nov
Apr
-the depression noted last week; of the list of 23 active,repre- St 1.-San Fran pref A 100 200 2234 Dec 30 2434 Dec 31 21 Dec 3334 May
Dec
8034
5134
Dec
Savage Arms
sentative issues then referred to 16 advanced and 6are lower. So Porto Rico Corp 101 2,155 5134 Jan 31 58 Jan 28 120 Sept 162 Jan
2
2132
100132
Sugar_100
Jan
Of the latter the local tractions are conspicuous. B. R. T. Standard Mill pref:_111 100 8534 Jan 2 8534 Jan 2 80 June 89 Dec
Oct
3
Dec
1,600
7s close at 843 against 87 last week and 93% three weeks Stutz Motor Car__no pa 28,395 48 Dec 30 5034 Jan 3 37 Dec 55 Dec
1734
31 1734 Jan 3 1434
15
Texas Co rights
ago, while Interboro and Inter. Met. have been weak.
200180 Jan 3180 Jan 3 13034 June 150 June
Texas Pac Land Tr_ _111
2194 Jam
1234
Jan
Dec
On the other hand, St. Paul, Great Western, So. Pao., Third Avenue ay__ _100 5,500 1254 Dec 30 1434 Jan 3 178 Dec200% Dec
Jan
3
30207
100
Oil
20020034
Ches. & Ohio, Eries and New York Centrals are a point or Tidewater
31 69 June 9034 Dec
300 90 Dec 28 9034 Dec
101
United Drug
Jan 5034 Nov
5' 600 50 Dec 31 5034 Jan 3 46
First preferred
more higher than we last reported them. A list of other
Oct
Mar 26
8
31 20
Impt__100
1734
bonds which have advanced during the week includes Am. U S Realty &Express 100 400 64 Dec 30 66 Dec 30 6354 Sept 833i Jan
Dec 31
Dec
700
Wells, Fargo
Dec
Dec200
1 200 Dec 31 200 Dec 31 200
'Tel. & Tel., U. S. Steel, W. S. Rubber, Reading, Mo. Pac., Wevman-Bruten 100
Lehigh, and Rock Island. •
United States Bonds.—Sales of Government bonds at
the Board include Liberty Loan 33/2s at 99.30 to 99.80,
L. L. 1st 4s at 92.84 to 93.08, L. L. 2d 4s at 92.80 to 93.20,
L. L. 1st 43s at 96.30 to 96.60, L. L. 2d 43s at 93.90 to
95.20, L. L. 3d 43s at 94 to 96.50 and L.L. 4th 43ts at
94 to 96.18. For to-day's prices of all the different issues
and for the week's range see third page following.
• Railroad and Miscellaneous Stocks.—The stock market
was decidedly active and irregular on the closing days of the
old year. Over 1,100,000 shares were traded in on Monday,
when the lowest prices of the week were recorded. Since
Monday the volume of business steadily decreased until
to-day, while the tendency of prices has been towards a,
higher level. To-day's mhrket displayed a decidedly cheerful tone and the tendency of prices was steadily upward.
While no sensational results of the day are seen, a good
many stocks, including both lists, advanced an average of
a point or more.
As a result of the week's operations, Canadian Pacific
3
shows a net gain of 53 points, Reading 3%,So. Pacific 33.,
Atchison 3 and St. Paul, Union Pacific, Pennsylvania and
New Haven from 1 to 3.
The miscellaneous list contains a few erratic features.
Royal Dutch, ex-div., is down 22% points, while Mex.
Petroleum is just 22 points higher than last week. It is an
interesting coincidence that U. S. Steel, Cruc. Steel and Am.
Sum. Tobacco each close 23% points higher than last week.
On the other hand, At. Gulf & W. I. has lost 2 points and
'Texas Co. is fractionally lower.
, For daily volume of business see page 69.
The following sales have occurred this week of shares not
.represented in our detailed list on the pages which follow:
Outside Market.—The feature in "curb" trading this
week was the activity and strength of the oil shares, Standard
Oil issues especially being in steady demand, while the other
oil issues developed increased business. Standard Oil of N.J.
sold up from 646 to 710, closing to-day at 688. Standard Oil
of N. Y. gained 28 points to 329 and ends the week at 319.
Standard Oil (Calif.) advanced from 250 to 280, closing
to-day at 266. Prairie Oil & Gas improved from 610 to 662
and reacted finally to 655. Penn-Mex. Fuel rose from 60
to 65, but receded to 62, closing to-day at 623/9. Of the
other Oil shares Internat. Petroleum touched a new high
8
point, advancing from 183% to 193/, then selling down to
1734, ex-dividend, and up again to ,203%, with the close
8.
to-day at 203/ Island Oil & Transport from 53% sold up
5
to 7%. Houston Oil com. from 733/2 reached 82% and sold
finally at 81. Merritt Oil in the early trading declined from
%
223 to 22, but later sold up to 243%. Midwest Refg.
moved up from 122 to 130, with the final figure to-day 129.
Royal Dutch new stock gained 8 points to 743/ and ends the
week at 723%. Oklahoma Prod. & Refg. was heavily traded
in and improved over a point to 103/9 the close to-day being
at 103/8. Of the industrials Keystone Tire & Rubb. corn.,
after loss of a point to 44%, moved up to 46%, reacted
again and closed to-day at 443%. Intercontinental Rubber,
after sales at 103% to-day jumped to 143/2. United Motors
2
declined in the early trading from 333% to 323/, but later
advanced to 35, closing to-day at 343'. Submarine Boat
lost about 13/2 points to 93, but recovered finally to 133-i.
Bonds were only moderately active. The Interboro R. T.
9
7s weakened from 923/ to 893% and sold finally at 91. The
now Anaconda Copper Mining 6s wore traded in for the first
time, "w, i.," up from 983/i to 983%.
•
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
61
OCCUPYING TWO PAGES
For record of 8a1C3 during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PLedi CENT.
Saturday
Dec. 28
Monday
Dec. 30
Tuesday
Dec. 31
iVednesday
Jan. 1
Thursday
Jan. 2
Friday
Jan. 3
Sales107
the
1Veek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Year 1918.
On batts of 100-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1917
Lowest.
Highest
per share $ per share $ per share $ per share $ per share $ per share
Railroads
Par $ per share. $ per share. $ per share $per8hGrd
9113 93
92
934 913 9113
9212 9:312 9:3
4
9114 12,100 Atch Topeka & Santa Fe_ _100
31 Mar23 9934 Nov12
75 Dec 10712 Jan
8812 8712 8912 386
88
8812
8812 8812 *8812 89
pref
Do
2,000
100
80
Jan30 9212 Nov12
75 Dec 10012 Feb
8
100 1005 *100 102
1,700 Atlantic Coast Line KR. 100
893 Apr22 109 Nov20 z7973 Dec 119
3
Jan
-50T8 -51 - 484 5014 4812 50
4938 50
-75E3 50
1
39,600 Baltimore & Ohio
4812 Dec31 62 Nov12
100
3814 Dee 85
Jan
55
5513 5312 55
5112 55
5512 5512 553 553
Do
3
pref
8 5,100
53 Apr25 6412 Nov13
100
4814 Dec 7678 Jan
26
27
254 2631 26
27
2033 2331 2014 233 114,000 Brooklyn Rapid Transit_ _100
4
254 Dec26 4814 Jan 2
36 Dec 82
Jan
156 15712 15614 15712 15812 16012
15812 16114 15912 16134 8,700 Canadian Pacific
100 135 Mar25 1747 Oct14 126 Dec 16738 Mar
3
55
553
3 5513 56
5512 57
5612 5714 563 5714 7,150 Chesapeake de Ohio
4
4934 Jan15 623 Nov12
100
3
42 Nov
65.34 Jan
734 8
753 77
753 8
8
8
838 3,600 Chicago Great Western.
.100
,
Apr 9 11 Nov12
*7 2 8 2
,
6
6 Dee
1418 Jan
2414 2414 2312 2412 2334 25
2513 2514 26
Do
2612 3,000
pref
1812 Apr 9 32 Nov12
100
1712 Dee 4134 Jan
3833 3914 38
3933 3813 3934
387 3912 3912 403 37,350 Chicago Milw & St Paul.
3
.100
8
3714 Apr22 5414 Sept 7
35 Nov 92
Jan
70
7153 7012 7212 7114 7314
7212 73
7312 74
Do
17,920
prof
6614 April 863 Nov12
100
3
6212 Dec 12512 Jan
9453 953
4 91
9512 9153 96
9534 96
96
9612 14,290 Chicago & Northwestern_ _100
8912 Mar25 107 Nov 9
85 Dec 12414 Jan
0131 136
13113 13113 *131 136
.131 136 *131 132
Do
prof
100 125 July15 137
Jan29 1374 Dec 17212 Feb
2514 2558 2513 2512 244 253
25
3
2514 25
2612 10,000 Chic Rock 181 & Pac temp ctfs.
18
Apr22 3212 Nov12
16 Dec 3813 June
7853 80
7912 80
783 8014
4
783 7912 80
4
7% preferred temp ctts____
8014 2,000
563 Jan15 88 Nov12
4
44 Dec 8414 Apr
654 66
66
68
6612 67
60
66
67
67
2,700
6% preferred temp etts___
46
Jan15 75 Nov12
AP:
353 Dec 71
4
*333 38
3434 35
4
3134 3134
*3412 36
30
36
700 Clev Cln Chic Sc St Louis. 100
26
40 Nov 8
Feb21
Jan
24 Nov
51
*68
72
z67
6718 *664 72
*6634 72
*68
200
72
Do
prof
100
Jan
6134 Oct 80
583 May 7 70 Nov22
4
*2012 24
2013 2012 2013 2013
*20
2113 2113
23
1,300 Colorado & Southern
18
100
Apr22 2712 Nov12
Jan
18 Nov 30
*50
*49
5112 49
49
51
*49
51
4314 4814
200
Do 1st pref
47
100
Apr 3 55 Nov 4
5712 Jan
3
447 Nov
010
48
*40
48
48
*40
*40
48
*40
48
Do 2d pref
40
100
Apr 4 48 Dec16
41 Sept 48 Mar
100 10212 10053 1023 101 101
4
*10212 110 *103 103
6,800 Delaware & Hudson_ ..._..100 10012 Aprll 1193 Nov12
4
87 Nov 1514 Jan
/80 180 *175 185 *175 185
1823 18234 *180 190
4
200 Delaware Lack & Western.
.50 160
Apr17 185 Sept 4 1674 Dec 238 Mar
*358 7
312 353
34 33
4 *312 5
*312 7
900 Denver & Rio Grande.
...100
214 Jan 4
7 Nov21
5 Dec 17
Jan
63
8
6
57
8 7
714
618
714
634
11,220
Da
7
7 13
prof
5
Apr23 134 Jan 2
100
Jan
8
97 Dec 41
1612 17
1612 1714
1634 1714
1653 1713
1634 173 23,600 Erie
14
100
Apr17 234 Nov12
8
1313 Dec 344 Jan
2714 2813 2653 283
2733 2813 2714 2814 13,000
3 27
28
100
Do 1st pref
2313 Jan16
494 Jan
3612 Nov12
1834 Dee
•20
22
20 203
*20
22
3 20
*20
22
2012
700
Do 2d pref
1812 Jan25 2714 Nov12
100
1513 Dec 3934 Jan
937 943
3
4 94
914 94
9153 9512 3933 9112 40,740 Groat Northern prof
954
4
100
Jan15 10612 Nov12
86
7914 Dec 11814 Jan
315 317
8
3134 3214 3178 3233 13,569
3 3153 32
3114 3213
Iron Ore properties_ -Vo par
3318 Mar
2513 Jan15 3412 Nov14
2238 Nov
*96
9514 9612 9513 06
9913 *90
9812 9312
9912 2,100 Illinois Central
_100
Jan 7 10512 Nov12
92
85 4 Dec 10638 Jan
3
5
518
43
4
513
43
4 518
5
513 53 34,400 Interboro Cons Corp._ No par
8
514
434 Dec26
912 Jan 3
54 Dec 1718 Jan
1833 19
16
1714 19
18
1734 1834
18
187 26,950
Do
pref
3
474 Jan 3
1714 Dec30
100
3913 Dec 7214 Jan
1812
18 1812
*1814 1834
1814 1814 18
19
1914 3,300 Kansas City Southern._ _100
1513 Apr17 2114 Nov12
1313 Nov
254 J9.13
53 53
*52
55
55
*52
*52
55
*50
55
100
Do
pref
45
_100
Jan 5 5912 Nov12
40 Nov
5813 Jan
*7
712 712 *8
912
10
812 914
700 Lake Erie & Western__ _100
94 94
714 OctIO
1173 Nov13
2514 Jan
812 Nov
_22
•18
22
*18
*18
22
*18
22
100
Do
prof
18
..100
Apr23 25
Oct22
23
Oct 534 Jan
51
545
8 5353 5413 533 5512
4
51
5513 54
55
24,400 Lehigh Valley
5353 Dec21 654 Nov12
50
5038 Dec
7912 Jan
118 118
118 11812 11814 111314
*11714 121
1,800 Louisville & Nashville_ -100 110
Jan 2 1243 Nov12, 103 Dec 13334 Jan
4
1012 11
1012 11
1113 1113
*11
12
-1T1
-2 1134 7,801 Minneap & St L (new)___100
712 Apr17
157,3 Nov12,
8
67 Dec 3214 Jan
5
5
412 5
412 47
3
5
5
5,800 Missouri Kansas & Texas_100
54 6
413 Jan 5
,
63 Nov12'
4
312 Dec
11
Jan
812 84, 814 853
814 812
*814
834 *812 1012
900
pref
Do
100
,
6 2 Jan29 1312 Nov12
7 Nov
2012 Jan
25 2533! 2112 2512 2453 2512
244 2512 2512 27
21,300 Missouri Pacific It etfs_100
20
Jan
Jan15 3158 Nov12
1978 Nov 34
5253 533
3 5253 5312 53
5312
5312 5:312 5312 5134 2,800
prof tr etts___ _100
41
Do
Jan15 62 Nov18
3713 Dec 61
Jan
7312 7412 7312 7412 7353 75
7412 7513 £7413 7514 36,350 New York Central__.100
6712 Jan15 8453 Nov12
6212 Dec 1034 Jan
3013 3112 304 3214 3114 3238
:3112 :32
3112 3314 41,751) N Y N H & Hartford__ 100
27
454 May29
AprIl
2113 Sept
5278 Jan
2013 20
2012 2012 20
20
1012 20
20
20
1,500 N Y Ontario & Western.
1814 Jan22 2433 Nov 9
.100
17 Nov
2914 Jan
10614 103
4
10112 1084, 1053 108
10712 10814 108 10814 6,200 Norfolk & Western
Jan24 11214 Nov12
100 102
9258 Dec 13838 Jan
93
93341 93
94
9114
93
9334 9112 39212 9314 41,000 Northern Pacific
100
811s Jan24 105 Nov12
75 Dec 11014 Jan
434 453
4! 4333 45
437 4134
3
4513 4512 454 4514 58,812 Pennsylvania
4314 June27 5013 Nov12
50
404 Dec, 573 Jan
8
13
1234 1334! 1253 1314
13
1313
1314 1334 5,600 Pere Marquette v t o __100
134
91 May 1
187 Nov12
3
12 Dee 3634 Jan
a
I 5773 5813 59
59
682
Do prior pref v t c___-100
5212 Apr 3 64 Nov 18
45 Nov I 7312 Jan
*43
49
_
Do pref v t 0
30
Apr 5 50 Nov18
100
37
Oct 57 June
rn
38
4
383 -374 - - 1;
-56'4 3712, 37
374 :385; 3734 ":W 2 655 Pittsburgh & West Va. -100
8 (
224 Jan 2 4033 Nov14
183- Dee! 354 June
81
8012 8053 8113 81
80
*80
82
*80
82
1,400
Do
Jan 1
prof.
61
82 Nov14
100
Apr! 88
Jan
8234
7934 804! 80
8114 81
8114 823,1 8212 8112 80,900 Reading ................50
704 Jan15 9614 Oct23
6018 Nov! 10414 Jan
*3712 3812' *3712 3312 *3712 3812
*35
:3812 *3513 3812
Do 1st pref.
Jan12 39 May15
35
50
Jan
34 Nov/ 45
313
*3714 39 I 357 367
3 3612 3613
8
37
37
*36
39
900
35 Mar3O 40 July 6, 3373 Dec' 4512 Jan
Do 2d pref
31
,
1:312 1312
1234 1312 13
124 1273
14
3
137 1414 2,100 St Louis-San Fran It otts_100
933 Apr 3 1714 Dec 9
12 Dec 2653 June
2212 *16
19
*16
2212
*16
23141 19
*16
2212
100 St Louis Southwestern._ __100
19
Oct 2 25 Nov12, 22 Dec 32
Jan
3512 28
35
*28
:3012 :3012 *3018 :3512
3512
500
pref
Do
28
Oct 2 4012 Jan 3' 34 Dee 53
.100
Jan
818 9
•812 9 1
8
812 87
*812 9
313
87
3 87
8 2,900 Seaboard Air Line
____100
7 Apr17 12 Nov12
Jan
714 Dec 18
1731
1812 1812' 1734 1814 17
1753 1753 18
18
2,600
Do
pref__ ___.___.100
1518 Apr19 2514 Nov12
1678 Dec 3912 Jan
9938 102 1 10012 10212 101 10212
10053 10212 10213 1033 107,800 Southern Pacific CO 4
8012 Jan24 110 Nov 7
100
7534 Dec 9312 Mar
284 29731 287 294 2912 304
8
29
2073 2938 3013 34,700 Southern Railway
2013 Apr30 34% Nov12
._100
2113 Dec 3333 Jan
6312 6812' 6334 70
697 7013
3
70
70
70
70
1,800
pref.
57 Jan21
Do
100
7514 Nov12
5153 May
7013 Jan
27
2814 2714 2838 2753 29
28
313
:32
0214 3618 72,500 Texas & Pacific
14 May 4 2912 Dec 9
100
19 4 Jan
2
1158 Nov
rn
40 40
32
37121 3.158 :3611
*37
4:3
*37
42
1,700 Twin City Rapid Transit 100
32 Dec30 6514 Jan31
62 Dec 95
Jan
0
12818 129381 1285 1:3033
127 129
8
12813 1287 129 1:3012 26,500 Union Pacific._ ______ _100 10031 Jan15 13712 Oct19
3
10114 Dec 1494 Jan
7014 7114 7112 717
3 7173 7258
7214 7212 7213 723
69
4 5,900
Jan 3 7634 Nov12
pref_
Do
100
Jan
6914 Dec 85
714 74
718
77
8
73,, 734
C.)
*714 8
800 United Railys Invest.-100
43 Jan15 12 June27
4
*1
'1
8'4
2
414 Dec
113 Jan
1518 1518 1:34 1434 134 1512
*15
16
*15
16
1,100
....
1012 Apr 9 20 May 7
prof _____._ 100
Do
114 Dec 2334 Jan
818
838
778
773 814
153
4
813 814
814
812 16,000 Wabash
7 Apr26
__
.100
113 July 8
4
7 Nov
15 4 Jan
,
.19
32
3234 3073 3212,
3218
:32
:3212 3214 3333 27,500
304 Dec30 4413 Jan 2
Jan
Do prof A._____
100
3614 Dec 58
1913 2014
1913 193.II 1914 19,
*1912 21
*1913 21
4
8,900
194 Dec30 2613 Juee26
Do pref B.
100
18 Dec 3012 Jail
11
1134
1012 1112 1033 11
11
1112
3
113 1134 18,100 Western Maryland (new)_100
10 Dec27
Apr
1734 Feb15
23
12 Dec
.22
29
29
*22
*22
29
*2:3
29
*23
:30
20
Jan29 32 June22
Do 2d pref._ __._.___100
20 Dec 41 Mar
20
20
1912 20
19
19
*19
20 * 20
2013 1,400 Western Pacific. _ 100
13
Jan 2 244 Nov12
1012 Dec
1812 May
62 *____ 62
613 613
*___ 62
4
4
62
100
46
Jan 3 66 June27
Do preferred --- -----100
3512 Dec 48 July
311
":8;gi2 9
812 83
4
814 834
*812 9
814 9
4,200 Wheeling & Lake E Fty _100
8 Apr22 1234 Nov12
712 Dec 224 Jan
*1712 1812
*1712 19
4 1712 18
173 173
4
*18
20
400
preferred._ _100
1712 Apr17 26 Nov12
Do
1653 Nov
504 Jan
*30
31
34
32
*32
*33
36
36
*34
:39
297 Dec26 393 Oct22
1,300 Wisconsin Central
3
100
4
33 Dec 5414 Jan
34
Industrial & Miscellaneous
233 233 *2313 2412 *2312 2412
4
4
*2312 243
4 241 25 4
800 Advance Rumely.._ _ __100
Janie 261 Nov21/
11
4
,
74 Nov
1812 Jan
5712 5712 584 593
*53
3 00
60
60
60
6013
600
257 Jan 9 624 Nov19
8
Do pref
100
Oct 3713 Jan
19
65
6514 66 •
65
66
*6613 68
67
6778 68
49
1,000 Ajax RubberInc
Jan 2 7214 Dec18
50
4513 Dec 80
Jan
1)2
334
34
3
312 3 4
34 34
33
3 34
34 4
114 Apr27
12,600 Alaska Gold Mines..
.10
Dec
54 Nov 6
1
1112 Jan
178
14
134
112
134
13
4
112 13
4
213 26,650 Alaska Juneau Gold Min*g_10
173
112 Apr 1
14 Dec
312 June21
84 Mar
3213 3314 3214 3273 3214 33
32
3278 32
323,1 11,200 Allis-Chalmers Mfg__
174 Jan15 37 May24
_100
15 Dec 3253 May
85
8514 8112 85
z83
*8212 8414 83
83
83
1,400
7214 Jan 4 8612 May24
Do preferred..100
65 Dec 8673 Mar
994 10012 10013 101
101 101
101 101
101 10114
2,500 Amer Agricultural Chem...100
Jan 2 106 Oct 17
78
72
Dec 9512 May
095
99
*95
*96
9312 *96
99
*00
99
98
prof_
8918 Jani7 101 Aug27
Do
100
91
Dec 10313 Jan
13013 6134 61
6218 617 6312
633 65
4
3
62
6814 18,000 American Beet Sttgar__ ..100
48 Nov26 84
Feb27
63 Dec 10212 Feb
*853 89
4
8514 853 *82
*82
4
90
*82
90
90
100
.100 z82 Sept13 9112 May 8
prof
Do
7312 Dee 98
Jan
40
463
4678 49
4 4614 474 463 4753
48
4
483 51,700 American Can.__
4
3153 Jaul5 5034 May171
_100
2912 Nov
53 May
973 973
4
4 974 9812 983 99
*97
9912 *9813 9912 1,700
,
4
8914 Jan23 99 Dec31. 87 Do ini2June
.100
Do Prof
9013 9133 9113 924 9153 933
02
9:378 92 9114 28,800 American Car & Foundry 100 6314 Jan14 9334 Dee31 57 Feb 8033 June
4
115 11512
114 114
Jan 3 11512 Dec30 100 Nov 11884 May
300
Do
prof.
100 1013
393 1614 41
39
39 39 3912 ----39 -3912
4113
Jan16 443
21
Dec 5012 Jan
'86 90 86 86 *86 90
*so 90 *87 90 1,900 American Cotton 01._._100 25 May16 83 4 Oct IS 80 Dec 10112 Jan
78
100
pref._._. __
Dee 1,
Do
_100
1278 13
1278 13
*1318 1,1 *1313 14 2,100 American Hide & Leather.100 1173 Jan10 2213 Sept141 10 Feb 1714 Mar
13
131 i
694 703
4 7013 7073 7114 73
71)4 7212 7212 7212 10,801) Do prof_
Jan 2 914 Aug24! 4314 Dec 75
50
Jan
...._._ 100
3912 40
40
4012 3913 401 i
40
4014
40
4013 2,700 American Ice__ ......__ _100
1112 Jen 2 49
Oct28;
167s Aug
872 July
56
56
57
5712 *53
57
.56
*59
5712
53
WI Jan 16 61
600
preferred._
Oct21! 35 Dec 55 July
Da
_ _100
5513 56
554 53
8 5514 5578 6,200 Amer international Carp 100
557 5512
3
5512 557
46
514 Sept13 00120et 141
Oct 624 Aug
4634 4718 4512 47
46
47 ,471a
47
4612
477 10,11)0 American Linseed __ ._ _100
8
27
Jan 7 4712 Dec27I
2913 Aug
154 Feb
90
90
89
9078 *89
91
894 8911 *893 9134
4
800
6914 Jan 7 92 Dec13' 48
pref.
Do
100
Feb
75 Nov
6012 613
4 6014 6112 6012 6114
61
61
61
63
1:3,100 American Locmotive ._..100
5313 Jan15 713 May161
4
4653 Dec 824 Jan
4100 102 *100 102 *100 102
*101 103
*98 102
Jan 4 1023 Dec 3; 93 Dec 1067 Jan
pref.
Do
_100 z95
5
3
3
414 43
4
4
4
33
4 33
*4
5
*33
4 5
2,300 Amerloan Malting _ ..... _100
238 Sept28
1312 Feb
814 Dec
193 Mar
4
4511 451 i
48
•44
4513 46
*4512 48
*45
48
600
41 Septi8 48 Dec10;
Do let pref eertfs. of dep
112
142 41- _- 142
90 Feb21 144 Maylt
American StdpbulidIng._ .100
88 Nov 93 liov
7512 708 7412 7(313 751j 77
7514 7713 763 7833 69,950 Amer Smelting dr Refining 100
4
4
73 May28 943 Oct 18! 674 Dec 1123 June
4
1034 105
$10612 10717 106 106
*10312 10512 10112 10513 1,400
prof
Do
100 103 Sept25 11014 Nov12 29913 Nov 11711 Jan
8513 8531 8138 854 8513 8513
85
85
85
31312 2,800 Amer Steel Foundries._ ._100
Jan15 95 Nov19
58
5013 Dec 75 June
11111 11112 111 11114 1104 1114
*111 112
11214 11312 4,300 American Sugar Refining._100
Janiti 116 May15, 89:8 Nov 12438 June
93
•11233 11412 113 113 *11213 111
*11212 114 *11212 11,1
100
pref.
Do
Dec t2112 Jan
.100 10.44 Mar23 11412 Dec t 106
954 96 4 06
9653 957 9738
3
,
97
975
3 973 983
4
4 9,601) Am Sum4tra Tobacco_ _100
6014 Jan 5 145 May24: 30 May 624 Dec
9733 98
4
10014 1007
9.312 10014 993 101
8 904 1007 28,603 Amer Feleptione & Telog_100
8
904 1ug 5 10914 Feb 1; 954 Dec 12812 Jan
19131 195
19334 195
191 19173
19512 19512 19712 19313 2,440 American Tobacco
4
_100 14012 Jan 5 1983 Dee 5: 123
Dec 220 Mar
*93
9912 6314 9913 100 100
101 14 10114 *100 105
1,000
9213 Sept14 111012 Dec 6
Dec 1093e Jan
Do pref (new) - _ ._100
89
*5014 505
51
8 5014 504 5012 5118
515s 5153 514 3,901) Am Woolen of Mass. 1
444 Jan15 604 May241
Mass__ 101)
3718 Feb 5834 June
*9114 9512 9514 9514 *9114 951 1
9518 9514 *9412 9514
300
Jan 4 963 Deo 8; 87 Nov 100 June
92
pref__
4
._...100
2814 2812 2313 29
2712 2478
2753 2312 29
2914 5,70) Am Writing Paper prof. 100
204 April
393 Aug28!
3
5411 Mar
17 Nov
*1212 1312
11
1212 11
1112
*1114 1:312
1212 1231 3,000 Am Zino Lead Sc S.__ _ .25
11
Dec30 2133 July 3'
1133 Jan
l012 Dec
4212 .1212
3334 4131 4:3
43
42
42
*39
4512 1,151)
:3814 Dec30 5314 July
pret__
3912 Dec. 7212 Jan
Do
_ ___ .25
594 6012 59
6034 5913 6012
5053 61
60
6138 100,800 Anaconda Copper Mining_53
59 Dec30 57414 Oct 13. 514 N'ovI 87 May
1094 11012 r101 107
107 103
107 1073 10673 103
4
974 Jan 5 12014 Feb18: 8753 Sept/ 1214 Jan
8,800 At! Gulf & W I SS Line._ .100
6612 6912 6512 6612 6712 671 2
67
*06
67
6714
53
Jan 5 6753 Nov20:
1,100
Jan
Do
Feb; 66
$1
100
7333 7414
7234 7414
7514 75 7712 51,000 Baldwin prof
7312 754
74
56.3 Jan15 10134 May18!
Locomotive Wks.100
13
764 July
Feb
102 102
100
Jan '2 101
90
pref
00[21' 93 Dec 10212 Jae
Do
100
10113 1023 1.2T8 163" 15114 10212
8 0
103 103
101
1,700 Barrett Co (The)........100
Jan
Jae 4 110 Dec 9:
85
Dee 136
32
603 6118 (30
3
6114 6114 (31l 6118 3,300 Bethlehem Steel Corp....100
605
8 60
6134
63 Dec30 96 Mayli, 664 Dee 515
Jan
6033 6153 6014 6153 601 t 6131
61
6173 6112 6312 39,400
5014 Nov12 94 May1.6. rails 1)ec 156 June
Do class 13 commen..100
"
010113 10114 10114 10114 1014 1014
10114 1017 10112 105
8
700
9613 Jan15 1064 Apr29: 93 Dee 10112 Oct
Do cum cony 8% pret_
2158 2178 22
2253 221i
23
223 2211
4
284 Sew 5 ..... _
1.401 Booth FIsheries.___ _ _No par
Jan21
21
.
_
*BM and asked prices; no sales on thls day.
Leal than 101) shares a Er-div and rights s Es-dividend
Ex-rights
b Before payment of first Instati,neut
62
New York Stock Record-Concluded-Page 2
second page preceding.
For record of sales during the week of stocks usually Inactive, see
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
Jan. 3
Jan. 2
Jan. 1
Dec. 31
Dec. 30
Dec. 28
Selesfor
the
Week
Shares
STOCKS
NEW YORK STOGIE
EXCHANGE
PER SHARE
Range Year 1918.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1917
Lowest
Highest.
Per Mare, $ per share $ per share
Industrial&bilsc.(Con.) Par $ per share.
share
$ per share $ per share $ per share $ per share $ per share $ per 157
89 Jan 12514 Apr
100 108 Feb 5 16112 Oct 26
2,300 Burns Bros
155
152 155
*150 ____ *148 154 *150 154
518 Dec30 124 July10
& Zino v t c.._5
8 9,600 Butte Copper
614 63
6
6
3
514 55/
6
621g Jan
May14
512
I
614
161 Jan 2 3312
6
4
4 193 2118 12,400 Butte & Superior Mining_10
193
19
8
8 165 1734
8 1612 175
187
18
333 Nov 4214 Augl
4
3812Jan 3 50 Nov23
1,500 California Packing__No par
4814 4814 4812 50
4
4734 4814 4734 473
.
2
1014 Dec 304 Jan
12 Jan 7 2473 Nov 9
100
2218 2278 5,400 California Petroleum
2038 22
8 2114 2112
201-20rs - 4 20 205
2912 NOV 6214 Jan
36 Jan 5 7012 Decll
100
Do pref
6418 6514 6512 6712 2,300
63 12 64
6334 63 63
2
63
0518 Une
o 1117 JJan
6557
4
543 Dec26 733 Fob 27
100
26,600 Central Leather
8 6018 61
60 605
5
4
583 60 8
59
5712 5814 58
Dec
100 10113 Dec26 108 Nov12
pref
Do
300
*10212 105 *10314 105
103 103
103 103
5 Dec
6 Nov 140134 MarFeb
2
5
2914 Mar 6 39 Nov12
3458 13,000 Cerro de Pasco Cop_No par
34
3312 34
H3414 -33- 3378 3414 33
6814Jan 2 1094 Decll
100
500 Chandler Motor Car_
107 107
106 106
104 104
8
8
1025 1025 104 104
8
1114 Nov 275 Mar
1412 Apr 4 24 Oct 18
25
1858 29,285 Chile Copper
174 1814 18
1738 1833 1714 1814
1734 18
4
354 Nov 633 Mar
3138 Dec28 4714 May16
5
22,400 Chino Copper
3318 3418 3358 34
8
315 3214 3214 34
3138 32
3434 Jan 29 5412 May24
100
2
367 384 9,800 Colorado Fuel de Iron
3658 37
8 3612 3714
367
36
3614 37
8
2534 N v 48 un
295 Nov7s Apt
5 7
8
2834 Mar25 447 Dec 30
100
22,800 Columbia Gas &Elec
4212 43
43
4258
8 4218 43
4218 4414 4258 447
Dec
8234July15 10538Nov12
(
97
9712 9514 0712 19,880 Consolidated Gas N Y) 100
9718 9514 9678 9578 97
96
761 NovoJune
1(1.314 .
13 5 - 1n
48
6512 Oct 7 95 Feb 19
100
6918 6918 6918 7012 3,100 Continental Can, Inc
8
6912 673 6914 6812 69
69
18 Feb 374 4131y
2978Jan 15 5018 Nov16
4814 5058 54,750 Corn Products Refining 100
4734 4812
8
8 4734 4812 474 487
8
473 483
8812 Nov 11238 Jan
100 z9012 Jan 7 104 Dec31
Do prof
900
104 . 104
104 104
Jul
10314 10314 10234 10234 10312 104
Dec
52 Jan 12 7478 May16
5814 6012 19,450 Crucible Steel of Amerloa-100
58
57
5812
5614 5712 5614 5714 56
80 Jan 31 9134 June 4
100
Do prof
9112 9112 1,100
91
91
8818 8812 8914 91
.8812 89
844 8 Dec 915 Xan
235734 Nov 15 :j yan
10 34 Nov12
:4
4
274 Apr
294 294 2934. 3034 21,350 Cuba Cane Sugar-__No Par
2
2834 2914 2878 2958 2914 293
8
747 DecDeo 944 an
7714 Dec30 83 Feb 18
100
Do pref
6,500
7914 7914 784 79
7714 7812 7812 7912
7812 79
4May 4414 Oct
113
5114 5118 5212 38,600 Distillers' Securities Corp_100 z33 Jan 2 6434 May24
x49
3
4 5034 5134 5114 523
513
51
Nov 1 116 Noe 1213 Jan
44
73
4
8 Dev
6 June19 15
10
8,200 Dome Mines, Ltd
8 1214 13
1112 123
12
1112 113
4
11
1178 12
28 Feb 4112 Aug
40ct 11 39 Feb 13
253
6,545 Gaston W & W Ino__No par
3
3012 297 30
30
4
293 3014
2912 2958 2912 30
100 12784 Jan 7 15818 Oct 18
8
15158 1515 15178 15178 4,000 General Electric
4
149 1503
14712 14712 14834 151
8
Aug21
4
7 3 Dev 9 18 an
721: Noe 143 Jan
100 10634Jan 15 164
21,200 General Motors Corp
13112 13412 129 134
12914 132
3
1293 130 4 129 130
4
7538 Oct 10 88 Feb 1
100
prof
Do
8214 8214 1,300
84
.82
3
7
*80 8 8112 80 4 8112 8133 813.1
3214 Dec 6114 Jan
38 Jan 2 5978 Oct 18
100
4
8
565 5712 563 5712 7,000 Goodrich Co (13 F)
8
547 5612
5434 56
8
553 56
8
955 Dec23 104 Dec 9 2914 Dec 112 Jan
100
Do pref
300
*101 106 *10112 106.
100 10012 *10012 106 *10012 106
8
65 Nov 923 Jan
74 Jan 25 86 Oct 23
1,900 Granby Cons M S & P.--100
80
79
79
79
7812 7812 7812
7814 7814 78
34 Nov 47 Jail
3812Jan 17 5814 Nov 6
8 3,950 Greene Cananea Copper. 100
45 457
4334 45
45 14
45
4412 45
4
443 45
77 Nov 137 Jam
5834 Dec19 1114 Apr 25
8 3,175 Gulf States Steel tr otts_100
8
6212 617 617
.60
8
5912 817
61
614 59
61
40 Junee
38 N
2712 Nov 661 Jun
34 Jan 5 4914 July30
300 Haskell & Barker Car__No par
4
4534 4512 453
*45
45
*4312 4512 *4312 4512 45
414 Dec26 5812 Oct 18
4578 4658 4614 474 38,000 Inspiration Cons Copper_20
4
3
4518 47
8
457 4712 45 4 463
734 Nov 2178 May
10 Jan 8 19 Jone20
.__100
3
1012 1012 1034 10 4 5,400 Internat Agricul Corp.
10 4 10 4
3
3
4
13
103 11
.11
2614 Nov 604 JOly
38 Jan 5 65 June18
100
Do prof
4812 4,300
*47
48
*47
4814
z47
49
48
51
*49
115 11612 3,600 Intern Harvester (nevr)......100 104 Oct 14 121 Nov12
115 115
11218 11612
8
11112 1115 112 112
,,ar.
1521 Jan 15 33 Oct 10 -Hi - e; -Ws -14 2614 2634 19,600 Int Mercantile Marine. 100
8
2612 267
8
265
2514 2612 26
2514 26
6258 Feb 10612 ,„••10
`
100
834 Jan 2 1254 Nov 6
8
Do pref
11134 11314 11134 1137 98,500
10912 11214 10958 11338 112 11314
244 Dec 47 s Al„
3
27 Jan 15 35 Nov 7
3238 26,500 International Nickel (The)25
3214 32
32
4
3258 3112 3218 3134 323
32
1812 Nov 496s Jan
2412Jan 15 4612 May15
100
3112 17,900 International Paper
3033 3114 3014
30
3
30 4
2934 31
3014 31
6
04
o
8 18
3 7 Nov "77 .
1 Une
58 Jan 22 6512Jan 3
:j
100
an
1,228
Do stamped pref
63
6278 6278' *62
613 6212
4
6112 62
*6112 63
41 Apr 2 72 Dec19
6934 7112 7112 7134 2,600 Kelly-Springfteld Tire___25
8
6914 6934 693 6912
69
69
M
ov
28 Nov 101718 J ag
29 Mar25 4114 Nov121 66 Ne
...No par
4
3214 3314 323 3338 82,300 Kennecott Copper.
8
June
3218 33
3114 3234. 3158 323
6512 Dec30 9158 May16'
100
6712 68 I 6712 6818 11,200 Lackawanna Steel
67
6612 674 6512 67 I 66
1038 Nov 30 Jan
12 Apr 2 24 Decll
2,600 Lee Rubber & Tire-No par
2112 2112 2112 22
2214 2212 20 4 2134 2012 2112
3
Nov 2718 Jan
1712Jan 8 4553 Dec31
2,010 Loose-Wiles Biscuit tr ctfs_100
4
4534 443 46
45
*4012 4478 4434 4534 454 4558
56
65 Jan 64 .,Jan._
I00
53 Feb 15 96 Dec23
Do 2d pref
9612 *94
9612
*94
_
! *94
9612
*93
4
70 Nov 893 ..e.
70 Dec14 7812 Feb 28
100
Companies
Mackay
7314
734 *70
*70
7314
i214'
*70 *70
7314 *93- *70 5714 Dec 674 J.031
87 Jan 4 65 May28
100
Do pref
300
6518
6518 *64
.63
6518
6413: *64
6518 64
*63
4
1918 Nov 811 tan
2312Jan 15 424 Nov12
100
4 2,400 Maxwell Motor, Inc
2812 283
2812 2812
1 2718 28 I 2758 2812
8
49 Dec 7414 tan
50 Dec27 697 Nov 8
100
:42: : 507 507s 4,700
0333
4 ; 5_ 14
14291 _4243 2,
_
8
Do let prof
3
8
5(512 107 1 50
50 4, 504 5012
13 Nov 40 Jan
19 May27 323s Nov 9
100
Do 2d pref
___
5,400
1914 1914' --_1912 1912' 1918 1912: 19
1914
67 Dec 10012 Jan
79 Jan 5 194 Oct 19
100
4
1753 18912 18634 19714 193,000 Mexican petroleum
4
16814 169
167 16912 16714 1793
844 Nov 974 ,June
87 Jan 15 107 Deell
100
20
Do pref
__
,*10312
*10312
__ *10312 107 ;1107 107
25 Nov 434
2214 Dec31 331g Jan 31
5
2414 12,400 Miami Copper
24 -2258 2318: 2212 2312 2214 227
8
394 Deo 8712 June
41 Dec30 61 May16
& Ordnance_50
4312 4414 68,200 Midvale Steel
4278 4134 4358
4238 4314 41
DecDeo 10914 _an
64 June26 8112 Nov13 558Jan
100
600 Montana Power
*73
75
4
---I 713 7234' *72
951s Dec 1174 mar
95 Mar19 10618 Dec 5
100
Do pref
134 Dec 39 June
13 Nov25 2138July 5
-1- 9,100 Nat Conduit & Cable No par
id- -in- 16 3 -- -1512 8
1112 147 Id
4
3 1584
1414 4
24 Feb 461 "
11
374 Jan 7 5412 May20
WO
4778 4778 4812 4934 5,300 Nat Enanfg & Stamp's
4734
4714 4312 4658 48 I 47
914
9 5 d lY
7
0
3 18 Deo
9 72 Msy 63 8 •juar
88 Nov21 991k Feb 20
100
Do pref
94
*90
94
*90
_
---94
94 i *90
*90
4314 Jan 7 6934 Dec11
100
4
653 654 6534 6578 2,000 National Lead
6
6
6278 6314 6214 6378 65 - 9934 Mar 2 10512 May18
100
•Do pref
107 107
*106 107
*105 108 ,*1.03 107 *10512 107
1612 Dec30 2178 May16
..5
4
*163 1712 1712 1712 7,100 Nevada Consol Copper..
8
173
8 1612 17 I 17
s
167 167
a
2116
918
969 Nov; 1541 j n
9812 Dec27 139 May22
50
7,900 New York Air Brake
102 102
*99 105
4 0834 994
8
987 9914' 984 993
8 mar
39 Dec 723 JuneMM
,
100
37 2 Aug16 5712 Nov22
800 North American Co
53
*46
48
*47
4
453
3, 473 474 45
4
8
477 477
,
8
s
317 Oct 1437 _AP
25
3518 M ar25 48 Oct 18
4414 4478 21,700 Ohio Cities Gas (The)
433t 4412
4314 44 I 4314 44 I 4314 4438
414 Jan 22 13 June17
4
73 Agin
358 Nov
738 738 1,800 Ontario Silver Mining__ -100
733 738
8'
71s 73
74 758
*713 758
12
18 k''eb 30 June
231j Jan 21 40 Dec17
5
*3712 3912 38
1,700 Pacific Mail SS
38
3712 3734
3814 38141
38
38
6314 Oct 30 7214 Oct 28
50
7414 87,500 Pan-Am Pet di Trans
4
683 7214 72
4
6512 66
6512 66 I 653 7014
87 Nov 98 J1,11
86 Jan 8 12412 Oct 28
100
Do pref
119 125 1 126 12812 8,100
115 121
25 Dec
35 Dec 140611144 Janune
3954Jan 2 61 Nov 6
4
49 I 483 5012 8,500 People's G L & C (Chic).-100
4858
4712 - -I 4734 49
49
4814 49
2412 Dec 42 Jan
21 Apr 12 3514 Oct 29
1,740 Philadelphia Co (Pittsb)_-50
30
30
31
§31
2814 2912' 3112 3112
2912 30
34 Jan 16 5134 Nov12
.No par
4
423 4314 1,000 Pierce-Arrow M Car..
42
43
4258 43
4212 4318 4212 43
88 Nov 984 Aug
5
89 4 Jan 26 104 Dec14
100
Do pref
200
10112
10112
102 102
*10112 102 *10112 102 *10112 103
16 Sept13 1918 Oct 16
25
25,500 Pierce 011 Corporation
174 18
17
16
1612
1573 1614 16
1578 16
371; Dec
42 Jan 15 5834 Feb 28
477 4834 4,300 Pittsburgh Coal of Pa__ A00
8
*4612 48
4638
46
4614 47
4658 47
79
44 Decr,99,04 ug
4
793 Jan 2 857 Deo16
8
100
.
Do pref.
150
86
86
8
*855 86
AJan
*10112 102 .10112 102 *10112 103
5512 Nov26 73 Aug13
100
6212 6212 6312 6412 20,950 Pressed Steel Car
62
61
6278 6178 63
62
93 Apr 27 100 Aug 5 z90 Nov 2107 Jan
100
Do prof
100
*97 102
101 101
*96 • 101 *96 101
Jan
99 Dec 131
Oct 2 10912 Mar 5
85
_ ______ Public, eery Corp of N J..-100
*89
_
.89
94
.119- - -94
*89
95
*89
,100 100's Jan 7 13214 Nov12 10614 Dec 1674 Jail
2,664, Pullman Company
0
-120 12 - *11712 122
11514 119
11518 116
115 115
3614 Nov 88 June
4512Jan 7 7812 Decll
75
76
7512 7738 7,555' Railway Steel Spring
100
Jan
75
7458 7534 7514 76
74
8812 Dec 101
95 Jan 2 10512 1)ec31
100
Do pref
5001
____ 105 10512
*104
*102 ____ 10412 10412 10512 10512
1914 Dec26 2614 May10
3
20 4 2114 2112 2134 11,9111 Ray Consolidated Copper_10
3
8
1978 2014' 197 20 4
8
197 20
9
4
10 Fov 3 2 u r
691' N eb 9 4 JAge
8Jan 15 90 May16
Steel_100 s725
Iron &
7634 12, 00 RepoblioIr_
3
p
0501
4
743 7512 76
7514
7358 7458 74
7478
74
8
89 Dec 1057 MAP
2
925 Jan 2 10212 Sept17
100
prof
*98 101
*98 101
*98 100
*97
97
97
59 may 7314 NOV
24,000 Royal Dutch Co etfe dep.___ z70 Dec31 145 Oct 18
7812 81
78
74
77
z70
103 10312 10218 104
44 Nov 68 Jan
Aug22 18 Nov13
4
43
100
4
714 73
714
714 3,300 Saxon Motor Car COrP
74 714
7141
7
714 712
Dec
17434 176
2,1001 Sears, Roebuck di Co....._100 13334Jone 8 17612 Dec31
175 176
1744 17534' 17612 17612
175 176
10 x13 Dec31 1814 Feb 19
1,500. Shattuck Aria Copper
13 '13' 14
13
1312
14141 x13
14
14
14
Dec 5984831 bfja
122155311: Dec 2239 4 Mar
2514 Apr 11 39 Feb
3314 3458 3478 3634 140,500 Sinclair Oil & Ref'g___No par
8
3341 327 3412
3112 3312 32
3312 Nov 744 Mar
39 Jan 24 7114 May24
4812 4934 2,200 Sloss-Sheffield Steel & Iron100
4
493 50
50
50
50 50
50 50
8
3358 Nov 11012 Jan
334 Apr 24 727 Nov 8
100
40,300 Studebaker Corp (The)..
8
504 5214 507 52
5112
5034' 50
8
497 5034 50
8
85 Nov 1085 Jai/
100
80's July 3 100 Nov 9
Do prof
500
97
9212 9212 *92
923.1
92
9214 92141 *92
*91
3014 Nov 5134 June
8414 Mar25 4558May 3
100
200 Superior Steel Corten
*3512 37
*3512 37
3614 36141 3514 3514' *354 3612
90 Dec 10212 July
95 Feb 16 100 Ben127
100
Do let pref
10
*____ 981s *__ 9812
*--__ 9812 §9818 9818 *____ 984
12Junene
3
191k an
11
4
123 Dec28 21 July 6 ,1438 Nov
1378 1378 7,300 Tenn Copp & C tr ctts_No par
*1318 14
1234 1314i 1234 1358
1234 13
Dec 243 Jan
184 18814 1884 10134 34,200 Texas Company (The)-.100 136',Jan 7 203 Oct 18
189 190 517514 1783 17612 18612
4
s
4212 Dec 805 Aug
484 Mar25 8258 Decli
22,700 Tobacco Products Corp__100
76
x7314 7412 74
8014 81
8058 8114
8058 814
8
100 38714 Mar.19 1047 Dec30 z86 Dec 105 Mar
Do prof.
1,300
10212 10312' 103 104
103 10478 *10214 104
102 103
85 Jan 24 80 May13
300 Union Bag & Paper Corp_100
75
75
78
*73
75
78 1 75
76
76
*75
Jane
Jun
341k
364 Oct 30 444 May10
3834 3912 5,900 United Alloy Steel____No par
3834 3834
3
38 4
3818 3914 3758 3912 38
4
4
833 Mar28 1083 Dec28
4
10734 1103 13,700 United Cigar Stores____100
10714 108
4
Mat
108 10834 10734 10812 1073 10814
Aa
11
4
838
5 7 Dec 122419032 Mua
9 1i NDD
100 10114Jan 5 110 July18
Do pref
2,800
*107 125 *107 116
*108 125
10814 10858
--s
100 11614 Jan 16 16612 Dec31 z105. Dec 1543 Jan
3,000 United Fruit
16714 16734 165 165
16458 166 I 166 16612
160 163
10 Nov 2412 JIM.
114 Apr 6 19 May 7
100
700 US Cast I Pipe & Fdy
1418 144
15
*14
15
1438 1438 1418 1418 *14
42 Dec 83 Jan
41 Mar26 47'e Feb 1
100
Do pref
700
4312 4312 434 4312
4712 4312 4312
*41
4712 *41
984 Nov 17112 June
1024 10412 12,600 U S Industrial Alcohol. 100 z 96 Dec 2 137 May24
10212 104
1014 10234 10114 10258 10114 103
88 Nov 106 June
94 Oct 11 99 Mar21
100
9614 9614 4•95
9512
100
Do pref
98 I *9314 9612
98
*95
95
45 Dec 67 AUg
Jan 15 8012 1)ec31
51
.100
3
7812 80 4 7712 7914 38,100 United Stator Rubber...
8012
78
7918 7712 7938• 79
100 z95 Jan 15 110 Dec30
Do 1st preferred
920
8
10978 1097
*10914 110
3
1087 110
*109 110
1087 110
8
hn
641 an
4
0 p
4
91 Dec 1171
3212 Apr 12 503 Oct 19
50
Smelting Ref & M
54614 4614 3,600 U 8
454 46
4512'
44
4334 45
4412 45
524 Jan
ao 4238 Apr 12 4734 Dec12 434 Nov 13858 May
Do prof
4
473 *434 47
*44
4734, *4658 50
*46
4
483 .46
794 Dec
95381 947g 9634 393,100 United States Steel Corp..100
864 M ar28 11612 Ang 28
9433
8: 93 8 9584
9334 9434 9412 953
7
4
70'425k
7018 Dec 281 Jan
100 108 Mar25 1134 Dec31 1023 000 11134 May
Do prof
2 6,400
11137
11312 11338 1135
11173 11234 112 11318 1121.1 11358
7114 Dec26 93 Oct 19
10
s
8
7314 744 735 743 25,900 Utah Copper.
7212 747
713 723
8
4
4 7218 73
94 Dec 244 Jail
4
11 Bootle 161 Nov12
100
1,500 Utah Securities v t o
1314 ___ ____
13
13
13
13
12
20 Nov 48 Ma,
4Jan 2 6014 Nov 8
333
4,600 Virginta-Carolina Chem_100
5314 51
524 63
4
2
5212 513 517
5238 51
52
4
97 Dec 1121 Jan
8
98 Jan 16 1135 Dec16
100
pref.
Do
*108 112 *109 111
*111 113 *111 113 *108 113
46 Feb 77 Mar
60 Jan 5 7312 July27
100
300, Virginia Iron C & 0
*57
60
_57
57
56
56
7714 Aug 2 9551 Apr 15 z76 Dec 994 Jan
2,500 Western Union Telegraph-100
88
*85
88
*86
8638
8618 8814 85
85
8512
4
333 Dec 56 MAY
3812Jan 17 4712 May16
4114 4158 4158 4214 35,200 Westinghouse Eiec 4 Mfg..50
4338 54014 413
4238 43141 42
4
Dec 704
ao 59 Jan 11 6412Feb 20 5214 Nov 624 Jan
Do 1st preferred
60
*59
70
*59
*5918 70
70
*60
70
*60
ao 36 Jan 2 40 Nov 9 3334 Nov 3812 Jan
45
5,200 White Motor
4512 45
*43
4212 4312
44
4412 4412 43
Jan
16
151s Jan 15 30 Nov12
(The)._ 25
2534 2638 2531 2638 28,500 Willy -Overland
2614
25
25381 244 2514 25
69 Nov 100 Mar
75 Jan 3 8914 Nov19
100
Do Pre (new)
*8714 8914 *8734 8934 1,200
8712 8834'
8818 8818 8753 88
42 Nov 844 Mar
454 Jan 2 7714 Dec17
73
74
4,200 Wilson & Co. Inc. v t 1
3-100
73
73
7312
7314 73
7318 74
73
Jan
2
997 Dec 151
100 110 Mar25 128120ct 21
8 2,000 Woolworth (F W)
*125 12712 12614 1263
8
1273 1274
12312 127
12612 127
100 111 Oct 2 115 Sept 9 113 Dee 12818 Jan
Do prof
*115 121 *115 121
*113 121 *113 121 *113 121
1
/
234 Feb 374 June
34 Jan 4 69 Aug 28
670 Worthington P & M•t o_100
54
55
5414 5414
*5212 55
53
53
53
153
88 Nov 9714 June
3
85 8Feb 5 9112 Apr 6
100
89
Do pre! A
100
*85
90
*85
89
*85
88 88
*8212 89
50 May 63 June
3
59 Jan 18 70 s Joly26
100
60
Do prof B
800
66
0612 67
6612 6612
67
67 . 66
*66
i manta to Par $10 per share a Par 6100 per share. z Et-dividend.
t g;v4ights
. Lear tn.) 100 gh Iwo+
*BM *ad astral omen. so S/1164 •IU toi4 i4
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
63
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"--except for interest and defaulted bonds.
Price
Friday
Jan. 3.
BONDS
La. Y. STOCK EXCHANGE
Week Ending Jan 3.
Bid
U. S Government.
U S 3yie Liberty Loan_1932-47 J
0 8 4e converted from lot Lib1932-47 J
erty Loan.
It S 4s 2d Liberty Loan__1927-42 M
S 4).(s converted from lot
1932-47 J
Liberty Loan
U S 4s converted from 25
1927-12 M
Liberty Loan
U 8 41is 3d Liberty Loan__1928 M
,
U S 4018 4th Liberty Loan..1938 A
U S 2s coneol registered__d1930 Q
d1930 Q
0 8 2s coneol coupon
1925 Q
S 4e registered
1925 Q
US 413 coupon
0 8 Pan Canal 10-30-yr 2s_k1936 Q
U S Pan Canal 10-30-yr 28 reg '33 Q
1961 Q
11 S Panama Canal 38 g
1961 Q
Registered
() S Philippine Island 18_1914-31 Q
Week's
Range or
Last Sale
Ask Low
111
531
4'
Range
Year
1918
High No. Low
High
D 99.53 Sale 99.30
99.80 4316 97.29 102.50
92.90 Sale 92.81
N 93.03 Sale 92.80
93.08 129, 92.20 98.50
93 20 1223; 92.60 100.00
96.60 Sale 96.30
96.60 529 93.80 99.00
N 95.20 Salo 93.90 95.23 21383
S 96.20 Salo 94.00 96.59 21160
95.62 Sale 9s.09 96 18 41917
98 34 Aug'18 ---98
98 Dec'18
98 _ _ _
Dec'18
106 1105
F
4
10614 1063 Nov'15
F
F 98 ____ 98 June'18
N 98 --__ 99 July'18
1
M 83 ---- 85, Oct'18
88 -__ 89 Sept'18
M
100 Fob '15
F
93.10 98.14
94 0)99.10
91.00 98.10
99
97
9718 98%
105 107
105 107
93
93
97% 99
8512
85
89
85
Forelln Government.
9934 127 9412 100
99% Sale 9912
1919 P A
emer Foreign &cur be
8
9712 2237 8814 9712
Anglo-French 5-yr 6,3 Eater loan_ AO 9714 Sale 907
Dec'18 -- -- 78
8914
Argentine Internal Is of 1909_ _ M S 8918 ____ 89
4
1013 102 84 102
Sale 101
Bordeaux (City of) 3-yr (30 1919 MN 101
1 5312 72
70
67
7012 70
(Flukuang lty) 58 of 1911 J D
Chinese
Dec'18
96
9012 100
Cuba-External debt 58 of 1904_ MS 9212 94
1g
'13
Eater eh Is 01 1914 scr A 1949 FA ---- 9212 93 Oct8212 ----, 00,4 9114
10 80
81
8218 Sale 82
1919 P A
External loan 4Yis.
54' 9314 99
98
Dominion of Canada g 58...A921 AO 93 Sale 97
8 35, 007 9712
072
8
1926 AO 97% Sale 96%
do
Do
52 8878 99
93
Sale 9714
1931 AU 98
do
Do
974 94 10512
105
10118 Salo 10138
French R.eptib 534s secured loan1 8012 92,2
87
87
8612 87
3apanese Govt-.£ loan 41.38_1925 FA
Dec'18
8812 86
83% 9278
1925 3 j I 86
Second series 41is
8512
8512
1, 77
90
Do do "Gorman stamp".. _
1 737 76
7518
7518
:
J, 75 _
8
1931
Sterling loan 43
10112 86 84 10212
11;lo 101
1919 M N 1 101
Lyons (City of) 3-yr Os
10112 80 84 103
Sale 101
Marseilles (City of) 3-yr 68.__1919 M N 101
Des'18
61
70
61
40
Mexlco-Eater loan .1; Ss of 1899 Q J I 66
53
1951 J 0 43 __ _ _ 53 Nov'18 -- 40
Gold debt 4s of 1904
9914
993 631 815 9912
4
8
Paris (City of) 5-year 00---1921 A 0 9912 Sale
81
Sale 81
8212
M S 81
08
rokyo city Sc loan 01 1912
K of Gt Brit & Ireland6781
Sale 99%
100
9514 100
1919 M N 100
3-year 5% notes
9918 183! 9158 9812
9814 Sale 9818
1921 M N
11-year 5% notes
101% 747) 9778 105
Convertible 513% notes-1919 F A 10114 Sale 101%
10134 252 100'8 1013
4
20-yo sr gull bona 5343 1937 F A 10112 Sale 10114
.Theie are prices on the basis of 8510E,
State and City Securities.
Y City-448 Corp stock 1960 M
444 Corporate Moak_ _1964 M
4 qs Corporate stock__1966 A
4No Corporate stock July1967
43-00 Corporate etook1965 J
434s Corporate stock____1963 M
1959 M
4% Corporate stock
1954 M
4% Corporate titock
1957 M
4% Corporate etock
4% Corporate Rock reg_1959 M
1957 M
Now 43-4e.
434% Corporate stock_ 1957 M
Corporate stock..l351 M
3
19131 M
Y State-4s
Canal Improvement 40_ A961 .1
Canal Improvement 4,3_1962 J
1960 J
Canal Improvement 4s
Canal Improvement 4348_1964 J
Canal Improvement 4348A965 J
M
Highway Improv't
Highway Improv't 43.(5_1065 M
2-313_ _1931 J
irginta funded debt
_
fls deferred Brown Bros
9714 Sale 9612
9714 3
9
9714 93
9612 12
9612
971
9918
1
9314
---- ----102 Dee'18113 1013 1013 101
8
4
Dee'181....-81 10138 10134 102
102 I
1
5
9214
9214
N
1
92141
9214 9312 9214
N
9212 9312 9314 Dec'18
N
N 9212-__ 897 Oct '18 ---N 103 18
102
Sale 101
8
10112 14
N 1013 102 101
N 8314 844 84% Dec'18 -90 July'18
13 ---- 98
-___ 101
9812 July'18 ---973 Dec'18 -4
.1 ---- 9312 9718 Oct '18 ---J
106% 10612 Oct '18 --__
j
10212 Dec'18
---- 10712 10612 Oct '18
S0018Juite'18
---- -----7838 Dec'18 - _ _
-11
Sale 70
70
8
O
Railroad
11995 Q J
.on Arbor let g 48
itchison Topeka & Santa Fe
1995 A 0
Gen 'g 48
1995 A 0
Itegi8tered
/1995 Nov
adjustment gold 40.
/1995 Nov
Registered
11995 M N
Stamped
1955.3
Cony gold 413
D
1960
Cony 48 lime of 1910
Ewa Okla plc let g 40-1928 M S
Rocky Mtn Div let 48-1965 J J
Trans Con Short L let 49.1953 J J
Cal-Arlz lot & ref 4 Yis-A"1902 M 8
Fe Pres & Ph let g 5s___191'2 M S
at! Coa91 L lot gold 4I____111952 M 13
D
1964
Gen unified 454s
Ala Mid lot gu gold 513_1928 M N
•
Bruns & W lot gu gold 4e..19381 J
Charles & Say let gold 70..1936 -1 2
01952 M N
L & N coil gold 48
Say F & W let gold 5s____1931 A 0
1934 A 0
181 gold 5e
1925 .1
*4alt & Ohio prior 334s
/1925 Q J
Registered
/1948 A 0
-year gold 4s
let 50
11918
•J
Registered
1933. .
10-yr cony 4545
Refund & gun Is Series A_1995 J 0
Pitts Juno let gold 68._....192'2 J .1
P Juno & M Div let g 33is 1925 M N
Pb.E & W Va Sys ref 48._ _1941 M N
J
13outhw Div lot gold 3148_1925 J
Cent Ohio It lit c g 434e-1930 M S
CI Lot & W con 1st g 58_1933 A 0
Monon River lit gu g 58_1919 F A
Ohio River RR let g 5s _ -1931 J D
1937 A 0
General gold 53
Pitts Cloy & Tol let g Os...1922 A 0
Buffalo It & P gen g 5s_ _1937 M S
1957 M N
Consol414s
1993 A 0
All A West let g 4e gu
Clear & Mali let gu g 50_1913 J J
Rech Az Pitts let gold 68_1921 F A
1922 J 0
.
Consol lot g 613
Canada Sou cone go A Ss._A902 A 0
Oar Clinch it Ohio let 30-yr 5s'33 .1 I)
,
Central of Ga 1st gold 68___y1915 le A
1918 Ni N
Con8o1 gold So
Chatt Div put money g 4s 1951 J
Mac & Nor Div let g Se. 1946 J J
1917 J .1
Mld (la & Atl I)Iv 51
.
J
1940
Mobile Div Lit g So
RR A 901 Ga coil g 58_1937 M N
Cent
Cent of N J g011 gold 5s....._1937 .1 1
/1937 (1 .1
Registered
Am Dock A Imp gu 58_1921 J
J
Loh A Hud, itiv gen go 5s '20 .1
N Y & Long Br gun g 19_ _1941 M S
Cent Vermont let go g 413 ....e1920 Q F
•311ega & 0 fund & impt So _1929 J J
1939 M N
lot mewl gold Is.
tea() M 1.7
Registered
'No arum
.
riclay, biLliell thie
55
57
57
Dec'18
8
4
873 987
877g 9914
8 0918
871
10214 10314
9314 10338
93 10314
91
85
85
94
93,4
85
9034
85
9358 103
9312 10318
85
76
99
99
9114 9812
9718 9812
9114 9718
105 10012
10212 10112
10112 10712
10018 10114
78% 7878
41 ' 71
51
4
613
8518 Sale 837
8514 153 79
8
90
80
8512 Nov'18
83
-- 7912 3512
8
797 8014 76
2 7134 82
76
7312 June'18 -- 7312 7312
21 70
7812 787 79
79
8
8212
7, 7112 87
7812
77
Sale 76
95
93
95
95
1 82
9618
1 9112 9112
9'218 Sale 9218
9'218
_-_- 8234 79 Juno'18
79
70
79
80% 7818
81
18 74% 86
8512 ___- 8514 Dec'18 --I 79
8512
93 ---- 993 July'17
4
8612 111 77
837o 80 1 8112
8914
8 74
8712
8514
88
87
8912
96 ....-- 9312 Nov'18
9558 9312
78 Oct '18
8018 89
78
78
111 --- 129% Aug '15 --I
7318
80
7312 20 6914 8112
70
103 --__ 103
Dec'18 --1 103 100
105 July'15
9334
4 Sale 8814
88, 8914 13 -E1- 923
2
4
9012 Secot'17
Sale 8012
8114 8212 35 73l 87
9238 Mar'17
7918 Sale 7712
80
98 753 88
812o 85
81
8 40. 757 92%
827
8
---- 112 Jan '12
831
1
8- 8712
8712
2
-gi17
Sale 78
78
78
83
72
2 80
8614
8614
87
82
8312
8912 _- 100 Apr 17
95% ---- 9312 Aug'18
2
-1/.3110114 Nov'16
- -- --4
953 ____ 9914 Oat '17
89% ____ 88 Ntay'18
83 -gi_ _ 9918 M ir'18
99
,
1998 9918
9912 107
9978 June18
99
99_8
8738....... 9912 Det, '17____
7634 ___ 97 Nov'16
8614 ____ 10318 Feb '16
101 ____ 101 Nov'18 -- 101 10:1
101
8
1007 Sept'18
9913 10.113
95
9612 91
13 85 100
91112
__-- 8112 8212 Nov'18
8212 81
100 102
997 Dec'18
9612 9978
91
91
941 91
1 8.5
9158
7318 __- 7234 Nov'18
7234 7234
8614 ---- 90 May'18
90
90
8734 ___ 91s Juan 17
---- -9112 --- 8112 Aug'18
1 8414 8112
8658
_ 88% Dec'18
83
8458
Sale105 Sale 101
105
25 100 10812
---- 10612 100 Sept'18
100 101
0978 _ _ _ 100
Dec'13
,
97 8 100
MO Apr '18
100 100
10012 J in '13
_
60 Sept'18
70
75
6714
6.5
9118 ____ 9114 Nov'18
94
89
99
93
9934 Dec'18
8
94% 1013
109 1041, Jan'17
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 3.
Price
Friday
Jan. 3.
Week's
Range or
Last Sale
111
Range
Year
1918
High No. Low High
Ask Low
Bid
Chesapeake At Ohio (Cooli
,
:
8_2 3 ;a_l _ 7 : 83 8
86
1992 as s _81_1 ..8 le 891 m z,r,117 _2_3 72
General gold 4 kie
Registered
8112 21 0512 -37;2
7934
20-year convertible 4 is 1992 F 1
1(
3
90 M
9058
76
-year cony secured 58_1916 A ico
30
8814 Sale 8712
7712 __- 75 Nov 9 -2 _ 75
'
8 18 2 4
75
Big Sandy lot 48
Coal River Ity 181 go 1s 1945 .j 0 68 ____ 8512 Nov'18- - - 1914 j D
1940 j j -4
963 Fe:) '16 ---- ---- ---Craig Valley lot g 5s
Pottg Creek Br lot 4,4
1946 j j - ------ 8434 Jan '13!---- ---- ---90
7612 Nov'18 __- -id- -'16,R & A Div let con g 4,.l)$9 j j 72
2
1989 j j 6818 75
71 Oct '17 --__
25 contiol gold 13
Greenbrier ity let gu g 19_1940 M N
7i8 9214 11314 & '15!-__
331- -5 : WI°,---- -----;
12
Feb
::-_-_ ::::.
Warm Springs V lot g 58_1911 rgi s 3 50
5512
-12
Chic & Alton RR ref g 3s...._11919 J 0
5512
2 A
1 99502 F Aj
39
40
40
40
11 3514 4712
/Who/ay let lien 3kis
Chicago Burlington A Quincy93 100
2
9914
9914
Denver Div 4s
7 12 799712
Illinois I)Iv 334o
1919 j j 7514 77% 7712 Dec'18 ____! 9158 98
8514 Sale 8512
4 13 80
853
Illinois Div 48
8312
9912 _ 9378 Oct'18 ----1 98
Iowa Div sinking fund 58_1919 j OP
4
993
191 9 A
4 912
9934
Sinking fund 4e.
1919 A o 983 6 - 9812 Nov'18 --- 1 97
Joint bonds. See Great North.
Nebraska Eaten3ton 48_1927 6, NN _9212 94
9 111
:. _
93 MaP18 _-_,Ii 9973 953
i 81
1
91 s
Registered
80 78
89
General 48
1954 Ni 8
i3-1:.14 28
9
2
8 14 Nov 2 _ ___I 25
'
8 18
2014
Ohio & E III ref & itnp 48 g 1955 J J 22
30%
22
28
29 Nov'18- 22
-1
13 8 Mtit & Tr Co ctfs of dep_
30
Dec'18 ----' 98 101
6 10018 -„- 100
1934 I lot corm)! gold 68
7518 78% 72
Aug'18:..-.! 72
72
N
General consol let 5s
1937 m
US Mtg & Tr Co ctf8 of dep_ _ __
,11
6- ws? :11 -_-_-_- 1 70
.
5
:
71 -5
7538
• Guar Tr Co etfs of Sep
'75
73
-Purch money let coal 53_1912 1 -A
36 ---- 9734 Feb '13'
---Chic & Ind 0 Ry let 5o...19.38 J .1 --------32 Mar'171---6212 44 -54
69
4
Chicago Great West let 48_1959 M S 6214 Sale 603
Cute Ind A Louisv-Itef 110..1947 J
J 103 ___. 101 Nov'18 ____I 98 101
82
10012 Apr '17:--Refunding gold 51
8 : -_-... -_:::::: _-___-__-___-___
17
6 3 A :17 ..
j
.
Refunding Is Series C_......1947 .j j 65 -- -_ 94:2 J
191 j
70 Nov'16 --Ind dc Loulriv 1st gu 4.3
1956 j
811.,
Caic In I At Sol 50-yr 43._1956 J
9738 Dee 161 ----1
Chic L 8 & &tit let 410_ _ _1969 J
1
Chicago Milwaukee A St Paul
76
7738
8
773
5 70% 82%
Gen'i gold 4s Series A....._81939 3 j 75
Feb '16 ____'
el939 Q
Registered
733•13 81
8134 20 -i6 2 -8.
-1- . 1;
8
Permanent 4e
1925
D
7414 1 17 643 81
,
4
Gen A ref Sot A 4 kis__ _a2014 A 0 7312 Sale 89
866114 Sale 879902'814
94
Gen ref cony Her B 5s_ __a2014 F AJ
74
63
'
Gen. gold 354t Her B____e1989 J
66
66
8712 8838 Dec 1 __::'
11
'
8:
General 4 kin Series C__e1939 J j 83
2.5-year debenture 1i
1934 J
J
72
Sale 766 NI:ev 11; 5
705
c:1 1-8
87F 889
; 7 : 8911s
4
Convertible 41511
1 D 81
97%
Chic & L Sun Div g 53
1921 J j 95% 93% 97% Dec'18 ----! 97
92 Oct '18 _ - -I
Chic A Mo RN Div 58_ -1 )28 J j 951a 100
3
72
8
3 9512 104%
92
931
Chic A P W let g 5s
9
0
1921 J j 93, Sale 9838
7 Dee' 18._._t 74,8 80
C M & Puget Sd 1st gu 4s_1949 J J ---- 7812 79
1013 __ _ _ 9712 Aug'18, _ -I 9712 9912
Dubuque Div bit of 63_1920
8
Fargo Sc Sou am= g 60._1924 J1 _--- 19814 1017 Scot'171_-J .1 9318 01
1919 j j ---- 10314 98 Jan '18:.- _-1La Grote% & 13 let 58
ii- -6i98 Dec'18.--I 95 100
Wle & Minn Div g 53_ 7_ _1921 J
J
Wle Valley Div lot 64_ _ _1920 .1
j 99 --- .018 1300 1 --....1 85
Milw A Nor lot eat 4As.._1931 .1 D 8812 - -- 9712 ‘1:1Y:18 --.- 97
'3 9772
018
Com extended 1349____1931 I D 7612 90
913 2
-2 9
9 18
Ohio & Nor West Ex 48 1836-1926 F A 91 ____ 92% Dec 912 - .! 8114 9211
1 58
91
Dec'18'..___I 8512 95
95
Registered1886-1926 F A 90
70
72
72 Dec'13'
- -6712 75
I
General gold 354,
1947
0 7M N
71 Oct '18I ----I 71
71
Registered
1987 m N
8212 803 8112
4
9 797 88
8158
3
General 4s_
1987 m N ---- 8212 8178 Oct'I8 ----! 7934 8212
Stamped 4s
1987 m N 10012 _--- 10018 Dee'li -- -- 9912 103
General 58 stamped
18:
1, _______-, 101 101
,
Sinking fund 63 _-__1879-1929 A cs 10214 __. 11009%
Apr
Reghltered
1879-1929 A 0 -_-_- - ---_-_- ---Sinking fund 5s
1879-1929 A 0 el% ---- 9418 July'18...--' 9i18 9118
96
9
6 Dev:18
ItegHtered
1379-1929 A (;) 91 ---- 93 No e 9:-_-___-_ 96
Debenture 543
1921 A 0 93
99%
09
Registered
98
1921 A 0 ---- ---- 100 Jan '18.. - 1115 100
98
Dec'18 -- -. 9218 93
Sinking fund deb Is
1933,M N ---- 93
4
-77
97 No .16 :
19331M N -7 . ....:::: 10112 Octy' 81-_-_Registered
9112 97
Des Plainee Val let gu 41is '47'M 8
Dec'18 __- ilif- [ft) From Elk & Me V let 6, _1933 A 0 109 _-- llo
3
Jan'17I-__ __-- ---Man 0 B & N W let 3kie_1911 J .1 09 ---- 88
Mllw A 8 I. lot gu 3 qs.....1941 J J
g
- ' : -l
2
Mil L s & West let g 6s
1921 M 8 iji s :::: IJOIs iCu- - ill: :-- ifi- i(1/198
Ext & Imp s t gold 5s
1929 F A 9838 -- -- 901s Nov'181--- 93
( ,8 met ' 5
02
0512 _-_
1 !....:: ioii; .
18nland Div let g 68_1925 M 8 105 _ __-_ 11170 D Cy.,-. ioii
Mich Div lot gold 60
1924 J
J
76 Oct '18 ---- 73
MII Soar & N W let gu1s_1917 SI S 8014 91
7010
St L Peo de N W lot gu 58_1948 J 1 91
9312 Nov 11-- 92
99
.
9312
Chicago Rock IA A Pactettitoly go ieral gold 48.....198.3 2 .1 ---- 817 79
81
1988 j j ------ 7138 NI A Y'1:4 .-4- 62 8 8:44
5 713
62
79 81 2-9 724 ”1
03
Registered
1934 A 0 76Sale 75
Refunding gold 4o..
0
01
97 1
'8 -26 96612 901s
20-year debenture So..._.1932 J s -7 .2 - - -i 8 . Aug06 i3,__11- 652
0
- 1- sile 7 1 2
N J
8
763
It I Ark A Louis let 4148_1931
1934 A 0 90
Burl C it Sc N lot g 53
Sale 96
C It I F & N W let gu 58_1921 A 0 97'4 93
'4 9712 June 17
Oboe old Ac0 gen g 5,..g1919 j j 9512 --- 97 Misell ----' -135 - 100
,
70
93
_ 9.
s5 4
93 Nfay'11, _ 21 5
1952 M N ---- 92
Consul gold 5,3_
715
7
0012
Kook & Des Moines lot 53 1923 A 0 6705iz
Sale
72
St Paul & K C Sh L lot 410'41 F A
9 102 112
Chic St P MAO cons 68
2
59
1930 J I) 10712 111 112 Nov'18
Cone 6.3 reduced to 310_1930 J D 8318 ---- 88 Sept'18....-1 8112 88
1930 iy. 5 8858 100
97
97
Debenture 53
_
7 5
North Wimcon3In lot 69_1930 J J 101 ---- 113 Nov'18 - - --, 1._18 97
311' AS City lot g 63____1919 A 0 9938 ---- 100
Dec'18 ----! -991- 1001,
2
4
Superior Short L lot Se g.c1930 IA S 90 ----' 95 MaY'll----i 95
95
Chic T It & So East let 5s__1960 J D. --272 10412 1( 8
3
18
11
)
5212
2
'2
90118 - - -- 10812 108
1 52
Ohio & West Ind gen g 60__71932 Q M
'
55
65
34 62
Como'50-year 4s
70
1952 J 1 6412 Sale 62
Gin II Ac 1) 2d gold 454s. .l937 J .1
75 -- --I 90 M•iy1.7 ----1__ ........
0 Find & Ft W 1st gu 48 g 1923 M N --------88 Mar'll
84 --_-1 79 Nov'18 _--- 79
79
Day AG Nlich lot cons 4(is 1931 .1 J
8
745
2 59
7112
7118 71% 7112
Cloy Cin Ch A St I. gen 4s 1993 J D
80
20-year deb 4 kie
79
80
80
1931 J J
.
1 65'4 8 4
8712 8614 Aug'18 ____ 89 83 3
General 5e Series B._ __1993 J D .73
6
J 031a ---1 8378 NI tr'17 -- --_- ---Cairo Div let gold 18_ _1939 J
Cin WA M DIY let g 40_1991 J
65
J 6712 --,-I 63 Oct '18 ---- 62
St L Div 191 coll It g 48_1990 M N
7618 77
76 Nov'18 ----; 63
76
7118 ---- 7312 .1inie'171----'
Apr Sc Col Div 131 g 4,s910 81 S
6318 ..--- 84 Nov'161----! ::-_-_ -_:::
J
W W Val Div 1st g 43__1910 J
0 1St L & C coniol tit_ l921) 151 N 992 l001 99 Sept'18 ----' 99
99
90
87 Deo '17 --1 ___- --k1935 Q F 82
lot gold 48
Registered._ _.
.....k1936 Q F --------8313 ‘19V.15,---8
J 925 _-.- 10218 Jan '171- --'
Clu 8 & Cl cone let g 53__1923 J
000 A I gen cone it 63_ _1934 1 J 107 -- -- 106 Nov'18,__ -1 iii6 - 106
End II & W lot prof 1e____1910 A 0 72 ---- 91 July'03'....-i
0 Ind & W let prof 5.3....41935 Q J
4 --,Peoria A East let cons 48_1910 A 0 56
1
:: --- :
ii
53 1 53
59
.- 16% 17 Oct '18,----1 12
1990 Apr -..2
Income 4s
17
Clove Short I. lot gu 410_1961 A 0 93 -- '9) Dec'18 _- ..! 8312 90
8 Sale, 8712
Colorado A Sou lot g 41_ 1929 F A 835
8338 31 8234 91
7912 Sale, 78
7912 21 66
823g
1935 IR N
Refund & Ext. 454s
Ft W & Den C lot g 11s__ _1021 J 0 9912 ----' 993 Dec 18
4
--.! 96
9938
Conn A Pas Rive lot g 4s .A943A 0 65 - - 1----I
J ---- Cli- -ii Feb 'le - __
Cuba RR 1st 50-year 51 g_195.! J
Del Lack A Western
l
7518
Morris & Roe 1st gu 334e_2000 J 0 7438 ---- 71
Oct'18,___-' 71
1921.3 J 10138 ---- 102
Dec'18 -_-' 100 10212
N Y Lack & W 1st (Os.
98
1923 F A 95% ---- 98 Oct '18 ____I 95
Construction 53
.
Dec'18... _I 92
92
1923 M N 9112 96
Term Ac Improvt 4a
93 4
,
Warren let ref gu g 34n....2000 F A --- .--- 1.0213 Feu '08 ___..! ---- ---i
week. a Due Jan. d Doe April- 5 Due MCI. o Due June. ta Due July. 1 Duo Aug. o Due Oct.
--.
V
Doe Nov. e Due Dre. e Option We
64
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 3.
New York Bond Record-Continued-Page 2
Price
Friday
Jan. 3.
Week's
Range or
Last Sale
41
.11
;
Range
Year
1918
High No Low High
Ask Low
Bid
Delaware & Hudson
9314 9412
9112 Nov'18
9518
1922 J
let lien equip g 41is
3 79
8838
8512
8418 857 8512
8
1943 M
let Sc ref 48
97118 28 8512 9812
Salo 95
95
1935 A
20
-year cony 58
7712
7612 28 71
7612
7558 80
Alb & Susq cony 31,e_..1946 A
10318
8
10338 Sept'18
10112 1033
Henze & Saratoga let 7e 1921 M
Denvor & Rio Grande
73 Salo 72
4 20 6012 77
733
1036 J
let cons g 48
80
68
4
753
4
753 Sale 7534
1936 J
Consol gold 414s
90
70
90 Nov'18
80
1928 J
Improvement gold 58
5812 12 4814 63
5714 Sale 5412
1955 F
let & refunding 53
4
873 Nov'16 -92
82
1939 J
Juno let gu g 58
Rio Or
6114 Apr'll
-- ---1940 J
Rio Or Sou let gold 43
39 July'17
---1940 J
Guaranteed
10 63
75
72
i 2
72 -7 61- 70
Rio Or West let gold 4s 1939 J
6112
57
5 50
59
57
55
Mtge & coil trust 48 A 1949 A
82 Dec '16
- -671s 78
(Jet & Mack-let lien g 4s 1995 J
7512 July'10
89
1995 J
Gold 4s
8
73- -557
8112 841s 83 Dec '18
Det Riv Tun Ter Tun 43-‘3_1961 M
963 9712
4
97- 9634 June'18
5s 1941 J
Dul Missabe & Nor gen
4
90 1003
- 9414 Dec'18
94 i'66
1937 A
Dul & Iron Range let 58
10513 Mar'08
1937 A
Registered
87
82
0- 87 Mar'18
8
1937 J
Dul Sou Shore & Atl g 55
99
90
99 Nov'18
99 102
Elgin Joliet & East let g 5s 1941 M
10012 1003s 10012 10012 2 100 10112
1920 M
Erie let consol gold 7e
7818
78
s
813 ---- 7818 Oct '18
1947 M
N Y & Erie let ext g 4s
9618 961s
8
973 -- 9618 June'18
2d ext gold 58
1919 M
- 9312 Jan'18 -- 9312 95
9014
1923 M
3d ext gold 4348
8
983 -- 9912 July'17 -- ---- -1920 A
4th ext gold 53
- 9434 Nov'15
8714
1928 J
6th ext gold 48
8
8
-61 1003 July'18 -- 1003- 366;
100 1
N YLE&Wlstgfd7s 1920 M
79
7012
7112 73 65
71
69
Erie let cons g 4s prior., 1906 J
---- -- 84 Dee '10 ---1996 J
Registered
2
69 492 -6i150
5512 Sale 53
let consol gen lien g 48_1996 .1
73 June'16
1096 J
Registered
7514 86
7712 8514 86 Dec'18
Penn coil trust gold 4s 1951 F
68
51 42
48
4778 Sale 47
-year cony 4s Ser A 1953 A
50
8
4314 11 4212 59
4814 467
47
1963 A
do Series B
88 4812 62
53
Sale 52
52
1953 A
Gen cony 48 Serial D
96
82
9518 9512 95 Dec'18
Chic & Erie let gold U....1982 M
8
1067 Jan'17
Cloy & Mahon Vail g 58._1938 J
,
85 4
.
-98- 36E99 Dec'18
Erie & Jersey let s f 6s
1955 J
-gf 102 97 Oct '18 ---- 96 98
Genesee River let at 6s
1957 J
108 Deo '18 ---- 108 108
108 Long Dock consol g 6s......1935 A
Jan'18 -- 103 103
90 -- 103
Coal & RR let cur gu (3s 1922 M
8612 -- 10213 July'17 -Dock & Impt let ext 5s...._1943 J
8618 ____ 85
85 85
Jan'18
N Y & Green L gu g 68_1946 M
14 74
81
80
80
80
78
N Y Susq tic3h7 1st ref 513 1937 J
_
10014 Dec'06
2d gold 43e
1937 F
61
60
60 June'18
_ 55
1940 F
General gold Is
s 97 97
97
f
i -- 97
Terminal let gold 58_A943
Jan'17
108
_
9214 _
Mid of N J 1st ext 5s
1940 A
67
62
____ if 67 Oct'18
Wilk & East let gu g 58_1942 J
2312 Jan'17
Ey & Ind let cons gu g 68_1926 1
7 -97 - 97
97
97
95 100
Evansv dc T II 1st cons 68_1921 J
8518 June'17
---(351 1 70
1942 A
let general gold Is
____
108 Nov'll -1923 A
Mt Vernon 1st gold 138
95 June'12 -Sull Co Branch let g 58..1930 A
---- -8234 Deo '18 --- -if 83
8112 92
Florida E Coast let 43613
1959 .1
,
- -- 92 Aug'10 -Fort St U D Co let g 410_1941 J
Ft Worth & Rio Or let g 48_1928 J
'5512 - - 5613 Oct'17
7
80 80 Dec '18 ---- 80 80
75
Galv Hone & Hen let Is.. _1933 A
9612 Sale 95%
9612
4
953 475 92
Great Nor C B & Q coil 4s 1921 J
_ 94 9414 Nov'18 -- 9134 9414
51921 Q
Registered
89
26 85
9212
80
8878 89
let & ref 41is Series A _1961 .1
96 June'16 -1961 J
Registered
-561- -66
8
8912 Apr'18
8934 93
St Paul M & Man 4s
1933 J
106 111
111 Nov'18
111
1933 J
let consol g 68
118 Apr'17
106
1933 J
Registered
6E9114 94
04 10314 94
Reduced to gold 430_1933 J
99 10212 May'16
90
1933 J
Registered
90 Dec'18 -- 8112 90
8718 88
1937 .1
Mont ext let gold 4s
8512 -- 9512 Mar'16 -1037 J
Registered
_
7612
8512 Nov'15
1940 J
Pacific ext guar 413 £
80 Nov'18 -- 80 80
E Minn Nor Div 1st g 48._1948 A
10014 10011
10014 May'18
183 4
013
Minn Union let g 6s
1922 J
8
108 Nov'18 -- 1045 108
MontO 1st gu g (Se
1937 J
13614 May'06
100112
18 3
1937 J
Registered
2
99 -- 95 Sept'18 -- -6i5 -66let guar gold 58
1937 J
4
1093 Aug '16 -9714
Will & S F let gold 58_1938 J
_
14
_ '5 6934 Dec '16 --Green Bay & W deb ctfa "A"____ Feb
7
918
4
83 Dec'18
Feb
Debenture ate "B"
83
75
8118 Sale 8212
13
8212
1
.1
.
Oulf & S I 1st ref & t g 5e_ _b19.52 J J
813
8434
4
843
I 74
Hocking Val 1st cons g 4)4s 1999 J .1 83 86
7312 7312
7312 June'18
Registered
1999 J
7312 7812
7312 Oct'18
Col & II V let ext g 4s__ _1948 £ 0 7812
6712 75
- 75 Feb'18
Col & Tol let ext 4s
1955 FA 7613
85
_
-89 85 Dec'18 -- 85
Houston Bolt & Term let 58_1937 J
95
87
9112 Dec'18
8
0i
6 - 93
Illinois Central let gold 48...1951 .1
92 Sept'17'-93
66
1951 J
Registered
4
753 77
4
753 Oct'13'
80
73
let gold 330
1951
70 ---- 81 Nov'15 -1951 .1
Registered
73 ---- 80 June'17
1951 A 0
Extended let gold 334s
'
---1351 A 0/ 70 ---Registered
let gold 3s sterling
1951 NI
---- 80 July 09 ---- ---_
---- 1951 111
Registered.
7212 SO
8612 80 Dec'18
79
Collateral trust gold 48
1952 A
8
7518 -- 953 Sept'12
1952 A 0
Registered
8
8.114 12 773 87
8114 Sale 837
let refunding 48
1955 M
71
70
71 May'18
(3934 75
Purchased lines 3s
1952 J
3 7118 82
7712
80
80
79
L N 0 & Texas gold 4s__ _1953 M
72
72
Feb'18
72
7418 81
Registered.
1953 M
78
78
79 -- 78 Nov'18
Cairo Bridge gold 48
1950 J
Feb'14
6018 ---- 79
Litchfield Div 1st gold 38_1951 J
84's 7312
7612 7312 Nov'18
71
/
Louis, Div & Term g 334e 1953 J
83 Au g 12
1953 .1
Registered
Middle Div rea 58
1921 F A 97 ---- 102 June'16
5814 581,
Omaha Div let gold 38_ .1951 F A 59 -- 5814 Sept'18
62
62
65 6512 62 Oct '18
St Louis Div & Term g 58-1951 J
653t
6:3
701.4 8312 6518 0(3'18
Gold 334e
19513
80 June'16
6458
1951 J
Registered
65 8112 8038 Nov'16
Seringt Div let g 310
1951 J
80's
75
8012 Dec'18
7718 82
Western lines 1st g 4s
1951 F A
92 Nov'10
1951 F A
Registered
1174 May'10
-Beliey dc Car 1st Gs
1923 1
Jan'17
- 90
7?12
Garb & Shaw let gold 48..1932 M
4 10 917898
.993
Chic St L & N 0 gold 58._1951 J 13 993.4 Sale 9934
90
90
Oct'18
00
Registered
1951 .1
6512 6512
Gold 330
651s -- 6512 July'18
1951 J
Registered
1
1951
5 8518 96
94 18
94
5418 95
Joint let ref 5s Series A.1963 J
7012 7018
- 7018 Oct'18
7112
Memph Div 1st g 4e.._ 1951 J
65 Nov'17
Registered
1951 J
80
80
St Louis Sou let go g 48 _1931 M
7753 -- 89 Feb '18
Apr'17
89
Ind III & Iowa let g 4s
1950 J
8
815 95
96
90
Int & Great Nor let g 6s___ _1919 M
s
9512 967 9512 Dec'18
8212 June'17
James Frank & Clear 1st 413_1959 J
8011 00
4 58 -6E 6314
6212
Kansas City Sou let gold 36.1950 A
64 65
Oct'09
78
Registered
1950 A 0
19 -7E34 -611
8514 85
85
2
Ref & impt 5.1
85
Apr 1950J
14 7118 8312
Sale 8012
81
Kansas City Term let Is__ _1960 J
81
92
78
8912 Dec'18
Lake Erie & West 1st g 6s...1937 J
4
893 90
8058 Feb '17
25 gold 53
___ 85
1941 J
3-56 8 -WI;
803s Oct '18
North Ohio 1st guar g5 e 1945 A 0
_ 85
8412 9434
Leh Val NY 1st gu g 430_1940 J
66 05 92 Nov'18
Oct'17 8418 93
89
Registered
1940 J
-417;
8013 Dec'18
Lehigh Val (Pa) cons g 40_2003 M
8013 99
92
85
92 Dec'18
General cons 43e
2003 m
8918 92
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 3.
4;
Price
Friday
Jan. 3.
[VOL. 108.
Week's
Range or
Last Sale
1411
'
;
Range
Year
1918
Ask Low
High No.ILow High
Bid
Leh V Term Ry let gu g 5s__1941 A0 101 1071s 103 Dec'18 ---- 96 103
_ 113 Mar'17
1041 A0
Registered
l622 Sale 102 10238 43 9734 10314
Loh Val RR 10yr coil 63-n1928
10012 9934 Dec'18 ---- 9614 101
Leh Val Coal Co let gu g 55-1933
105
Oct'13
1933 J J ---Registered
1933 .1 J 7913 ---let lot reduced to 48
70
Leh & N Y 1st guar g 4s
1945 MS 79 __-.. -76" Juryif; --- 70
1945 MS
Registered
4
66- f661- 96 Nov'18 ---- 913 96
8
Long Isld 1st cons gold 5s__51931 Q J 51931 Q J 8633 ___ 9114 June'16
1st consol gold 4-3
81
Dec'18 ---- 7153 81
1938 J D 81
General gold 4e
85 Sept'18 --- 85 85
1922 MS 8814 98
Ferry gold 4343
-9914 Oct'06
1932 3D
Gold 4s
78
78 Nov'18
89
7 71
1949 MS 71
Unified gold 4s
1
Sale 81
81 - 97 97
1931 3D 81
Debenture gold 5.9
MN 76
7712 765 Dec'18
1937
-year p in deb 58
20
4
793 7714
7714
1949 MS 71
Guar refunding gold 4a
95 Jan '11
1949 MS
Registered
94
NY B&MB let con g 58-1935 A0 94 __ 94 Dec'18 ---- 94
6i 94 Dec'18 ---- 9212 94
1927 MS 90
NY &RB let gold 5s
Nor Sh B 1st eon g gu 51-01932 Q J 90 ____ 100 Aug'16
1
S 873 9312 91 Dec'18 ---- 8714 91
4
1927
Louisiana & Ark let g 51
Louisville SG Nashv gen 68_1930 J D 10612 11212 108 Dec'18 --- 108 111
93 100
• N 10012 105 100 Nov'18
1937
Gold 68
90
887
s 22 81
1940 J .1 8612 88.2 8614
Unified gold 4s
8
1940 J J 8313 8814 905 Jan'17
Registered
99
1931 MN 100 10112 9812 Nov'18 --- 93
Collateral trust gold 5s
10018 Aug'18 -- 1001s 10018
E H & Nash 1st g (Is
1919 J o
87
3
L Cln & Lox gold 4348_1931 MN 913 9512 87 Apr 18 --- 87
N 0 & M 1st gold 63
1930 J J 10412 10712 10112 Dec'18 --- 100 10412,
9312 100 1011s Feb '17
25 gold (Is
1930 J J
9012 Apr '12
---89
Paducah & Mom Div 46_1946 FA 78
100
Oct'18 --- 100 10112
St Louis DINT 1st gold 6s...1921 MS 10014 -5718 July'18 ____ 5718 5814
2d gold 38
1980 MS 5514 57
3 74
83
83
83
83
• N 80
AU Knox & Cin Div 4s
1955
9518
_ 95 Nov'18 --- 95
Atl Knox & Nor 1st g 58_1946 J O 9414
102 10312
Render Bdge let s f g 6s 1931 MS 1013e 112 10312 Sept'18
78
73
78 Nov'18
83
Kentucky Central gold 48_1987 J J 80
96
9512 Nov'18 ---- 90
Lox dr East 1st 50-yr 5s gu 1965 AO 9252 101
8312 88
9614 88 Nov'18
L&N&M&Mlstic41131945 MS 88
6714 Sept'18 _--- 6714 6812
---- 76
L & N-South M Joint 48_1952 J
Feb'05
51952 Q J ---- -- 95
Registered
95 Aug'18
4
963
95
1937 FA 9312
NFla&Slstguic5s
8
_ 977 May'18
8
N dc C Bdgo gen gu g 43.43,1945 J .1 847
- 10114 10213
Pensao & AU let gu g 68..1921 FA 10114 104 10114 Dec'18 99
99 Apr'18 ---- 99
1936 FA 9414 106
& N Ala cons gu g 5s
9312 Jan '18 ---- 9312 9312.
96
Gen cons gu 50
-year 58_1963 A0 91
60
_ 60 July'18 ---- 00
L & Jeff Bdge Co gu g 4
8-19 MS 72
45
---Manila RR-Sou lines 4s
1036 MN
Mex Internat let cons g 4s 1977 M S ---- ---- 77 m;;;:i6
75 Nov'10
Stamped guaranteed
1977 M S ---Midland Term-lst e f g 58_1925 J o 80 ____ 9112 June'17
101 July'18 ---- 101 101
Minn St Louis let 78
1927 J D 10113 ---- 99 103 Oct '16
Pacific Ext let gold 68_1921 AO
4,
80
7812 Nov'18 --- 7114 793
let consol gold 55
1934 MN 78
6 41
531s
45
45
• S 4412 48
let & refunding gold 48......1949
44
504
5013 Dec'18 --- 40
50
Ref & ext 50-yr 58 Ser A.
.1962 Q F
Feh'15
60
Des M & Ft D 1st gu 45_1935 J J
--6E180 Dec'18
-fE3
81
2
Iowa Central 1st gold 5E3_1938 J D 79
11 404 52
45
Refunding gold 4s
1951 MS 4412 Salo 4412
90
8812 Dec'18 ---- 80
90
MStP&SSMcong4sIntgu-1938 J J 87
08 ---- 102 Nov'18 ---- 9412 102
1st cons 5s
1938
1941 MN 88 ---- 92 Jan '17
let Chic Term s f 48
- 9438 1115
s
9153 Dec'18
9414 96
MSS M &A 1st g 48 intgu-'26
95 Deo'16
Mississippi Central let 53
1949• j ___ 90
Missouri Kansas & Texas
3 6018 73
67
6812 67
1st gold 4s
1990 J D 67
37
3012
31
31 28
3012 37
Id gold 45
g1990 FA
32
32 Sept'18
32
35
1944 MN 30
let ext gold 58
40
4312 44 Nov'18 -- 40
let & refunding 48
2004 M S 42
42
41
Dec'18
4712 41
Trust Co cents of dep.....
325 Dec'18 --- 2514 34
8
Gen sinking fund 410_1936 J- -3 2612 37
40 Nov'10
St Louis Div 1st ref g 48_2001 AO ---- 30
------- 3712
5% secured notes "ext"..'16
-661; ApFii _-Dail & Waco let gu g 5s-1940 MN
60
60 ____ 60
Oct'18 --- 50
Kan City & Pao 1st g 43._1990
53
53 Nov'18 -- 30
1942 AO 3314 58
Mo K & E 1st
g 5s
731e
731s Nov'18 --- 00
M K & Okla 1st guar 5s 1942 MN 7112 75
55 Nov'18 --- 49
58
M K & T of T let gag 58_1912 M S 5013 59
51
Deo'16
Sher Sh & So let gu g 58-1942 J O -- 65
40
30
3018 Nov'18 -614 50
.
Texas & Okla let gu g 5s 1943 MS 5
Missouri Pacific) (reorg Co)
3 79
883s
89
89
A 88
8914
1st & refunding 5s Ser A„.1965
A 93188 : 91,3, Dee'911:88
52
151 90
999 2 953142 99913 : 41
1st Ac refunding 5s Ser 134_1923
6
9
87 9
864 04
A
1st & refunding 5a Ser C 1926
0312 132 881, 674
6312 Silo 6252
General 48
1975
98 100
Missouri Pao let cons g 6s-1920
58
58
53
Oct'18
1915
-year gold loan 4s
40
00
800 ,pr 138
: 214 ti11br 1 7
0 .
t):
_661;
3d 58 extended at 4%._ 1938
A
Boony St L & S let Is gu-1951
-,
8'1
13 ▪ 63
9712 Doc`13
Cent Br U P 1st g 4s
1918
7812 8412
8412 Dec'18
A 8218 86
Pao R of Mo 1st ext g 4s._1933
85
1934
2(1 extended gold 53
08
9038 12
8 11ale 9614
963 St L Ir M & S gen con g 53_1931 A
102 July'14 -.
6
-1
Gen con stamp gu g 58_1931 A
8114 Salo 8118
8134 20 '72
1929
Unified & ref gold 4s
_
8078 Oct'17 ---1
1929
Registered
78
601 78&
11.1v & G Div let g 4s__ _1933
7 '2 73
8612. _ 788 8°1)1.'15
7
Verdi V I & W 1st g 53_1926
1
1051.,
10514
1051 4
1927
Mob & Ohio new gold 6s
1070034 _ _ __ 95 NI y 18
51927
1st ext. gold 68
1;
71
92
61
165- i9651
71 Nov'18
8O
a
1933
General gold 48
A 85 -- _- 93 July'17 -Montgotnery Div 1st g 58.1947
84
90 Aug'17 -87
St Louis 131v 53
1927
5 5
Oct'18 ____ - - - 78
7012 85
1931
St L & Cairo guar g 4s
,
'
Nash Chatt & St L let 5i..1928 A 0 100 _--- 100 Nov'18 --- 9518 101
10018 10414 11014 Mar'17
Jasper Branch let g 63_1923
38
50 30
35
- 3113
8
305
Nat Rye of Mex pr lien 410_1957
35 Aug '10 --38
--Guaranteed general 4s_ 1977 A
30 ____ 967 Feb 13
.
8
Nat of Mex prior lion 4145_1926
--51
21
_ 21 Aug'18
1951 A
let consol 4s
70
69
67
69 Dec'18 ---- 60
1953
New Orleans Term let 4s
9712
961s 9712 96 Dec'18 --- 92
N 0 Tex & Mexico let 6s. 1925
5712
53
6 40
.8
543 57
5413
Non-coin Income 53 A._1935 A
New York Central RR
392 9113 10312
100
• N 0958 Sale 9914
1335
Cony deb 08
8211
7612 Salo 7612
7612 32 69
1998 FA
Con.sol is Series A
8759
3 77
8218
2013 AG 8218 Sale 82
Ref & imp 430 "A"
New York Cent & End Wv70
71
.1
713
11 69
7114 73
1997
Mortgage 33s
8
s
*---- 7212 667 Aug '18 -- 063 714
1997
Registered
85(2 21 743 8913
4
8413
8412 86
1934
Debenture gold 4s
79
79
- 79 Nov'18
1934
Registered
4
713
1
2 10 61
(147
A 6812 7212 68(4
1998
Lake Shore colt g 334s
6012
01
67
A 67
Sale 67
1998
Registered
1 6212 1391s
70
A 70 Sale 71)
Mich Cent coil gold 330.._1998
A
75 Mar'17
1998
Registered
Battle Cr & Slur 1st gu 33.1989
8
805
Beech Creek let gu g 43_1936
4
953 Nov'10
1930
itegtstered
.1 8718 ____ 104 May'10
1936
2d guar gold 5,3
.1
1936
Registered
-- Beech Cr Eat let g 310_01951 A
75 _
91-i6 N(.;,.e15
Cart & Ad let gu g 4e _1981
Gouy & Oswe let go it 56_1942
78 --73's Oct'18
1991
Moll & Mal let gu g 4s
A
631 1 --_- 8912 Fob '16
1980
N J Junc R guar let 48
7514 ---- 80 May'17
N Y & Harlem g 3143,,.. 2
000
9712 ---- 955 June'18
8
N Y & Northern let g 58_1023 A
•No price Friday; late,' bid aid asked Ibis Week. •Due Jan. •Duo Feb. 0 Due June. 5 Duo July, a Due Sept. • Due Oet. a Option sale.
A
a't
JAN. 4 1919.],
BONDS
N. Y.STOCK EXCHANGE
Week ending Jan. 3.
N Y Cent & II B. RR (Con.)
N Y Pu 1st cons gu g 4s_1993 A
Pine Creek reg guar 6s____1932 J
It W & 0con 1st ext 59._h1922 A
Rutland 1st con g 4 AH___1941 J
Og L Cham let gu 4s g_1948 J
Rut-Canada 1st gu g 43_1949 J
St Lawr & Adir let g 5s___1998 J
1996 A
2d gold 6s
Utica & Blk Riv gu g 4s-1922 J
1997 J
Lake Shore gold 3%s
1097 J
Registered
1028 M
Debenture gold 4e
1931 M
-year gold 4s
25
1931 M
Registered
1938 J
Ka A & R let gu e 5s
1934 J
Mahon CI RR 1st 55
Pitts & L Erie 2d g 5s... a1928 A
Pitts McK & Y 1st gu 6s 1932
1934 J
2d guaranteed (3s
1931 M
Michigan Central Os
1931 Q
Registered
1940 J
45
1940 .1
Registered
J L & S 1st gold 3%0_1951 M
1952 M
1st gold 330
1929 A
-year debenture 45
20
Y Chia & St L let g 48-1937 A
1037 A
Registered
1931 M
Debenture 4s
West Shore let 4s guar_._2361 .1
2361 J
Registered
N Y C Lines eq tr Os...1910-22 M
Equip trust 43.s_1919-1025 .1
N Y Connect 1st gu 4 As A 1053 F
N Y N II & Hartford
1947 M
Non-cony deben 45
1947 M
Non-conv deben 3%5
1954 A
Non-cony deben 3%s
1955 J
Non-cony &ben 45
1956 M
Non-cony deben 45
1950.3
(Cony debenture 3%s
1948 J
Cony debenture Os
1030 F
Cons Ity non-cony 4s
1954 .1
Non-cony deben 4s
1955
Non-cony deben 4s
1955 A
Non-cony deben 4s
1956 J
Non-cony deben 4s
Harlem it-Pt Chee 1st 4o_1954 M
IS& N Y Air Line 1st 4s 1955 F
Cent New Eng 1st gu 4s 1981 J
1930 M
Hartford St Ry 1st 4s
Housatonic R cons g 50-1937 M
1954 M
Naugatuck Mt let 4s
1942 A
N Y Prov & Boston 4s
cherr&B lstser I4%a 1946 J
NYW.
Terminal let 4s_.-1939 A
Boston
1945 J
Now England cons 50
1945J
Cense'4s
Providence Secur deb 4s_ A9571M
Prey de Springfield let 60_1922 J
1956 M
Providence Term 1st 4s
1943 J
W de Con East let 43.4e
NYO&W re( let g 4e____g1092 M
Registered $5,000 only_g1992 M
1955 J
General 4s
Norfolk Sou let & ref A 50_1001 F
1941 M
Nont & Sou 1st gold 55
Nod & West gen gold 6s._ 1931 M
Improvement & eat g 60..1934 F
New River let gold Os_....1932 A
N & W Ry let cons g 413_1996 A
1906 A
Registered
DWI let lien & gen g 46_1944 J
1932 .1
10-25 year cony 48
1032 M
10 -year cony 45
-20
1938 M
10
-25-year cony 43i8
-year cony 68 (w I) 1929
10
1941 JPocah C & C joint 40
CCAT 1st guar gold 58_1922 .1
Seto V & N .E lat gu g 4s 1989 M
Northern Pacific prior lien
railway de land grant g 49_1997 Q
1997 Q
Registered
a2047 Q
General lien gold Is
a2047 Q
Registered
2047 J
Ref& imp 4jis ger A
St Paul-Duluth Div g 4s 1996 J
St P & N P g3n gold Cs...._1023 F
Registered certificates. 1923 Q
St Paul & Duluth 1st Os..1931 F
1968 J
let consol gold 4s
Wash Cent let gold 4s._A948 Q
Nor Pac Term Co let g 60_1933 .1
1961 J
Oregon-Wash let & ref 45
J
Pacific Coast Co let g
Paducah & Ills 1st 51 4 As1955 J
Pennsylvania RR let g 46_1923 M
1919 M
Consol gold 5s
1019 Q
Registered
1943 M
Consol gold 45
1948 M
Coneol gold 4s
1960 F
Control 4%s
1985 J
General 43.s
1942 M
Alleg Val gen guar g 4s
DR RR & Wge let go 4s g_1938 F
Phila Bait & NV 1st g 4s 1943 M
Sodus Bay & Sou 1st g 513_1924 J
Sunbury & Lewis let g 48_1036 J
U N J RR & Can gen 4s-1944 M
Pennsylvania Co
1921 J
Guar let gold 4;is
1921 J
Registered
Guar 3%0 coll trust reg A_1937
Guar 3%/1 coll trust set B.1941 F
1942 J
Einar 330 trust ctfs C
1944 J
Guar 3%s trust Ws D
Guar 15-25-year gold 40..1931 A
-year guar 40 Ws Stir B_1952 M
40
Cin Leb & Nor gu 4s g__ _1942 M
GI de Mar 1st gu g 4%0_1935 M
Cl & P gen gu 43.0 ser A_1942 J
1042 A
Series B
Int reduced to 3%0_1942 A
1948M
Series C 3%0
1050 F
Series D 3%s
Erie & Pitts gu g 33s B 1040 J
1940 J
Series C
Or U & I ex let go g 4340_1941 J
Ohio Connect 1st gu 45...1943 M
Pitts Y & Ash 1st cons 58_1927 M
Tol W V &0 gu 4%s A 1931 J
1933.3
Series B 454ri
1942 M
Series C 4s
P C C& St L gu 4%s A 1940 A
1942 A
Series 11 guar
Series C guar
1942 M
Series D 4e guar
1945 M
Series E 31is guar gold.1949 F
Series F guar 48 gold_ 1953 J
New York Bond Record-Continued-Page 3
1Week's
Range or
Lass Said
Price
Friday
Jan. 3.
Range
Year
1918
High No. Low High
Ask Low
Bid
-. 7734
5 7218 7734
7754
773
4
10214 -- 113 May'15
9558 -- 9812 Dec'18
-SiO*17t
7454 -- 83 Nov'18
6714 83
6118 ____ 603 Nov'18
4
(30
63
70 Jan '18
70 _ _
70
70
.
825 _ - -- 101 Nov 16
8
8718 -- 103 Nov'16
0418
- _ 94 Apr '18
92
04
76 Dec'18
74
73
70 70
7512 733 Nov'18
73
8
71
7333
4
5 82
89
007 893
8
893
4
9214
89 Sale 8814
33 8134 9218
89
s
-- - - 837 Nov'17
0012 - - - 04 _ _ _ _ 1(541- Dec '15
2
102 _ _ _ _ 103 May'17
10518
- - 1301s Jan '09
--- 10214 - - 12314 Mar'12
9512 -- -- 9912 Aug '17
94 _-__ 0812 Nov'18
9812
92
8053 8812 7412 Aug '18
74
75
---- 87 Feb '14
____
00 June'08
8
7438 _ _ _ 797 July'17
80 8312 84 Dec'18
7234 88
7913 847 82 Dec'18
8
7512 8712
77 ___ _ 85 Nov'17
7112 Sale 7112
7112
3 61
7412
8018
_ 82 Dec'18
7112 8258
763 7812 7812 Dec'18
4
70 80
99
9938 10012 Jan '17
-983 July'17
8
_ 102
--8714 885s Dec'18
85
7718 90
--_ 6178 60 Oct'18
55 Sept'18
_ 54
563 Nov'18
4
---- 6038 63 Nov'18
56
---- 5912 56
5012 5412 5413 Dec'18
86
8938 91 Dec'18
50 Oct '17
0112 Jan '12
60 July'18
_--- CO
7334 l)cc'18
7414
69 ____ 7913 Deo '17
5514 67 66 Nov'18
-
-5f _....,.110658
95 ---- 87 July'14
9012 ---- 83 Aug '13
52 54
6313 Dec'18
69 ____
98
7
91
70 SepH7
- 7
48
57 Apr '16
997 Dee '13
8
0012 ---- 883 Feb '14
8
713 ---8
70 D- iTi
---- 71
W
9212 Juno'12
5218 65
60 Apr '18
6718 70
6712 Dec'18
8612 ---- 8153 June'18
10914 111 109 Dec'18
1065 ---- 122 Nov'16
8
107 --__ 10718 Dec'18
84
8434 84
8458
9312 Dee '16
84
85
85's 12378 May'1718
17
60
55
50
52
25 45
5113
82
60
55
62
63
61
60
95
60
------7334
69
60
-a645
69
6512
_
---____ ---____
6312 73
-56- -5660
6914
8112 8412
10514 109
105
20 79
15f18
8912
4
-if- -8E1-
11714 May'17
15414
10412 10113
1 io312 10512
107 Sale 107
108
158 10614 10813
8418 8612 84
8634 15 76
8634
97 ---- 103 Sept'16
81
8414 so Nov'18
80
72
8558 Sale 833
4
855 105 79 00
8
7914 Oct '18
7834 80
617s
45 5653 6414
558 Oct'18.... 68
9
2
58
00 ___ 91
91
7518 86
74 Aug '18 _ -5 84
ti 2
0
- 7278 75
91
105 102
1110058 1037
8
101.18 ---- 1033 &MIT
4
98 ---- 107
Oct 1(4___ _
.
77 --_- 78
78
3 fa; 78
6814 85
3612 Dee'16
107 ---- 107 Nov'18 ---I 1063 10838
-4
79
7912 79
7914
6 6514 8012
88
2 82 90
---- -95 10818 Feb'17
88
0
--- 8
9514 Nov'18
951,
9812 100 100 Aug '18
100 100
,
8971s
-60-17 4
0014
88
8653 8712 8718
8718
2 83
9218
Sale 937
96
8
90
18 9278 10018
8912 Sale 88
8934 231 8578 9618
8612 88
8712 Nov'18
86
8712
823 ---- 8412 Sept`113 ....„
4
8712
8758 Dec'18
875 875
_02 ja, .93
-85 62
_
-0
D '
60i
0714 9753 9713
9712
1 9618 085
8
0514 _--- 9712 July'18 __ 953 9712
4
7612 ____ 87 Feb '17
7812 80
7612 Dec'18
70
78
75 __-- 8114 July'17 ___
---761s 373t Dec '10 ___ ____
8312 91
8712 Dec'18
8218 8712
8612 867 84 June'18
8
84
84
8012 8734 86 Oct '17
8712 ---- 9614 May'17
0518 ---- 9634 May'18
-56i.; -654
.
9012 ---- 104 Dee '10
8612 --_- 9814 Feb '12
83 _9018 Oct '12
83 ---- 8812 Feb '17
7553 ---- 88 Apr '17
755 _
8
0018 July'12
8118
8418 10 81
8418
8418
8318 ---- 78 Oct '18
78
78
0653 ---- 93 May'10
86
90
983 Apr '17
4
92 Dee '17 _ - -7818 ---- 8818 Sept'17
9313 9413 9212 Dec'18 _ _ _ 0112 -5E923 9512 93 °wig
4
0112 03
9018 99
99 June'17
8714 93
9038 Sept'18
88
90
9012 Sept'18
87
9012
-gil 93
l
01 sepvis
91
01
• No prfoo Friday
:West bid sad asked. I Del Jae. b Due Feb. •Due June. h
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 3.
t•.`=
65
Price
Friday
Jan. 3,
1Veek's
Range or
Last Sale
1,ui
Range
1 18
1
).(
Bid
Ask Low
P C C & St L (Con.)High No. Low High
8714 8918 92 Nov'18
1957 M N
Series G 48 guar
887 92
8
1963 FA
Series I cons gu 4%s
95 Nov'18
93
95
99 --1 4
C St L & P 1st cons g 5s 1932 AO 10118 10 -3- 9812 Oct'18
9678 10012
_ 100 June'17
Peoria & Pekin Un 1st 6s g 1921 Q F
01921 01 N
2d gold 4%s
87 Mar'16
Pere Marquette 1st Ser A 55_1950
88 Sale 875
195
6
8
8812 -ig -79 - 90
70
72
lot Series B 4s
715 Dec'18
8
6212 7312
49
Philippine Ry 1st 30-yr sf 4s 1937 3 -.1 44
40 Dec'18
40
50
1,40 AO 9512
943
_ 99
Pitts Sh de L E lot g 58
Jan'18
99
99
1st consol gold 5s
J J
9714 Dec'17
867
Reading Co gen gold 4s
1997 J J 9312 -gi 7, 847
8
8512 102,
3
6
Registered
1997
J
8112 June'18
8112 8112
1951 AO
88
Jersey Central coil g 4s
863
4
863
4
-(3131-4 -°. 1;
6 4 88
f
Atlantic City guar 4s g
1951 J J
St Jos & Green Isl 1st g 4s 1947
J -5E- 71 "717- DWig
8
-63 - -ifi8
St Louis & San Fran (reorg Co)64
50 J J 6314 Sale 6212
Prior lien Ser A 4s
97 5512 6712
Prior lien Ser B 5s
1950 J J 7812 Sale 7814
79
80 66
825s
Sale 05
Cum adjust Ser A 6s____0 55 AO
11190
,
68
85 60
76
441$ Sale 44
6844
19
45
Income Series A 6s
Oct
49 43
55
,14
3
St Louis & San Fran gen 69_1931 J J 105
10058 Sept'18 ---- 10012 10114
9612 97
General gold 5s
1931 J J
Nov'18
91
9712
78 May'16
St L& S F RIt cons g 4s1996 J J
---- 90 May'17
Southw Div 1st g 5s
1947 AO
-7
8
K C Ft S & 01 cons g 6s_1928 MN 102 - 111314 10314
10314
-663 10318
4
K C Ft S & M Ry ref g 4s1936 AO 75 Sale 75
75
2 62
77
_ 8518 Aug'18
K C Se 01 R & B 1st gu 58_1929 AO 8714
8518 8513
7234
74
St L SW 1st g 4s bond ctts 1989 01 N
20 637 77
8
58
653 57 Nov'18
4
2d g 4s income bond etfs-1)1989 J
5013 57
Consol gold 4s
1932 J D ____ 6312 6478 Dec'18
57
70
61
1st terminal & unifying 58_1952 J J 58
Cl
61
10 52
65
9812 Jan'14
Gray's Pt Ter 1st gu g 58_1947 J O
68 Sale 68
S A & A Pass 1st gu g 4s
1943
68
5412 -g1
4
100 June'18
1919 J J
SF&NP1stskidg 5s
100 100
8
Seaboard Air Line g 4s
1950 AO -fi- 757 757 Dec'18
67
7578
73 Dec'18
Gold 4s stamped
1950 AG
6814 7514
721 Sale:
0949 FA 521 7114 5014
Adjustment 5s
5312 59 49
61
1959 A0 60 Sale 57
56 5112 66
60
Refunding 4s
79
74 Nov'18
At! firm 30-yr 1st g 4se1933 M S 74
73
75
_ _ 76
Oct'18
Caro Cent lot con g 4s
1949 J J 7212
75
77
Fla Cent & Pen 1st ext 6E1.1923 J j 9512
- -1131
Dec 15
.
1st land grant ext g 5s 1930 J J 93 _
- -95 Nov'18
1943 J J - - 9-5
Consol gold 5s
9213 95
9012 June'18
Ga & Ala Ry 1st con 5so1945 J
9012 9012
94 June'18
Ga Car & No 1st gu g 5s1929 J J 93
94
04
8 97
:
:
Seaboard & Roan 1st 5s_1920 J J 6f714 : 9114 June'18
9114 9114
Southern Pacific Co
77
Gold 45 (Cent Pac coll)__k1949 J O 7818 SO
25 70
82
00 Feb 9
8 14
k1949 J O
Registered
2 Sale 84'4
g1929 MS
853 478 7512 88
4
20
-year cony 4s
8
1934 J D 1047 Sale 10134 105
20
-year cony 5s
465 8618 10914
83
31 75
Cent Pee 1st ref gu g 4s._1949 FA 8238 8314 82
86
8712 Sept'16
1949 FA
Registered
8512 8612 853 Dec'18
4
Mort guar gold 3%s_k1929 J
"gg- 88
8012 76 Nov'18
Through St L 1st gu 4s..1954 AG 76
71
96
Oct'18
• N 0114 101 100
G &SAM&P lst 5s 1931
963 Jan'18
4
1931 J J ---- 97
26 exten 65 guar
-663 -6E31
4
102
95 Nov'18
Gila V G & N lst gu g 5s 1924 MN
95
05
1933 MN
Hone E & W T lst g Os
8512 8512
P 98 1051' O
99'8 8
0Oct 6
julY:18
1933
let guar Os red
•N 9
935 98
8
96 Dec'18
H & T C let g 56 int gu _ _1937 J
96
96
9418 93 Nov'18
Gen gold 4e int guar__ _1921 AG 93
87
93
Waco & N W div lst g es '30 MN ---- 10012 10912 Nov'15
05 103 A ory:18
9
0 No 1
,
A&NWlstgugOe
1941 • j
93
93
10014 Out '17
1921
Louisiana West 1st (313
J
Morgan's La & T 1st f3s 1920• J
166- ICJ1948 A0 9318 ____ 10218 Oct'18
No of Cal guar g Sc
9312 96 1)ec'18
1927 J J 97
Ore & Ca! 1st guar g 5s
0358 -6512
96 ____ 10712 Sept'16
So Pee of Cal-Gil g 53.....1937 MN
So Pee Coast 1st gu 45 g 1937 J J 9058 93 9312 Aug '17
793
8
San Fran Terml let 45
1950 AG 7812 8114 7958
7114 8112
94 Noy'16
Tex & N 0 con gold Os__ A943 J J 80 85
84 34 755 8C1
96:2 72
4
So Par RR 1st ref 4s
1955 j j 831s Sale 83
9614 Sale 95
1994 j
Southern-let cons g 5s
8678 100
_ 10014 Aug'16
J
Registered
2
683 210 59
Develop & gen 4s Ser A...1958 AG 681- Sale 6612
91
9
4
73
7014 7278 75 Dec'18
Mob & Ohlo colt tr g 4s
1938 65
80
Mem Div 1st g 4%e-5s
1990 J J 93 ____ 92 July'18 ___
87
92
1951 J J
St Louts div 1st g 4s
6418 74
7318 . 73's
1e
's
7 11
Ala Gt Sou 1st cons A Egi 1943 J D 93 83 _ 93 Nov 38
877 03
8
8412 Oct'18
Atl& Chart A List A 43i81944 J J 86
8212 84ts
9612
1st 30
-year Is Ber B__1944 J J 9318 9712 9612
91
97
70 Oct '18 ___ 70
1948.3
Atl & Deny 1st g
7014
8112 Mar'16
1948J J
2d 4s
75 Feb 17
4s...1949 A 0
.
Atl & Yad 1st g suer
E T Va & Ga Div g 50_ 1930 J J 9412 991s 90 Mar'18
96
96
9978 95 Dec'18'____ 9114 9712
Cons let gold Is
1956 M M 95
9412 9218 Nov'181....... 86
M S 92
E Tenn more lien g
9218
52 Dec'181___ 51
1948 A 0 52
Ga Midland 1st Is
63
__ 101
1922 .1 J 101
Ga Pac Ity let g es
1)ec'18
100 101
8
1925 J J 1005 ____ 100 Oct '18 --- 9814 10114
Knox / & Ohio 1st g 6s
,
95
9113 Oct '18
Mob & 1.31r prior lien g 50.1915 J J 88
9112 9112
7212 68 Jan '18
1945 J .3 65
Mortgage gold 45
68
68
8
95 Jan '18
Rich & Dan deb Is stmpd_1927 A 0 923 102
95
95
73 Elept 12
1948 M N
Rich & Meek 1st gu 4s
.
4
1919 111 N 98% 9914 983 Dec'18
So Car & Ga 1st g Is
-56 8 - -87;
7- 9
10212 June'll
Virginia Mid Ser D 4-6s_ _1921 M S
_- _Series E Is
1928 M S 93'4 --- _ 93 Apr '18
93
93
1926 M S 9158 ____ 10412 Dec'18
Berke F Os
_
1936 M N 9618 98
98 Dec'18
General 5s
93
98
87 ____ 815 Sept'18
Va & So'w'n 1st go 58..2003 .1 J
8
815 8158
8
-year 515_1958 A 0 7118 80
701s Nov'18
let cons 50
6714 7212
937 Mar17
8
W 0&W 1st cy gu 4s___ 1924 F A 85 92
Spokane Internet let g Es 1955 J J --- 82
953 Mar'17
4
8718 Dec'18
Term Assn of St L let g 448.1939 A 0 8712 93
8512 8718
3
1894-1944 F A 953
1st cons gold Os
943 Dec'18
4
90
95
8134
Gen refund s I g 4s
1953 .1 J 7814 ---- 8112 Nov'18
81
8314
901 94122 0512 Juee
0
9 78 Dly:18
0
St L M Bridge Ter gu g 5s_ 1930 A 0 ,1: ,0
._.2000i D
7934 -9218
Texas & Pee let gold Is.
2d gold Income Esi
65
02000 M a r 46
41 Sept'18
8
4618
41
93
LaDivIsL 1st g
1931 J J
86 May'18
86
86
10612 Nov'04
W Min W & N W lstgu 501930 F A _
_
9878 9012 Oct '18
Tol & Ohio Cent 1st gu Os 1935.3 .1 92
00
95
1935 A 0 87
Western Div 1st g 5s
9212 92 Dec'18
89
92
84
1935 J D 74
93
General gold 5s
Oct'18
93 93
80
Kan & 01 let gu g 4fi
1990 A 0 78
6712 Sept'18
6712 69
2d 20
1927 J J 9012 95
-year 511
89 Dec'18
89
90
Tol P & W 1st gold 4s
1917.3 J 36 ____ 52 Aug'17
52
Tol St L & W pr lien g 3%0_1925 J J -in; 8312 8412 No y:188
53 Dec 1
- 7- -5;
5/12
1950 A 0
50
-year gold 4s
5812
45
11)1'7 F A --- 32
Coll trust 4s g Ser A
185 Mar'06
8
-Trust co ctis of deposit__ _
- 1814 18 Aug'18
18
18
Tor Ham & Buff let g 4s__01948 J D 7018 87 80 Apr '17 _Ulster & Del let cone g 5s...1928 J D 8914 98
8914 Dec'18
85
891
1952 A 0
_ 70 58 Sept'17
let refunding g 4e
Union Pacific let g 4s
1947 J J
88 89
8712
88
3.5 84
91
1947 J J 8413 863 8513 Oct'18
Registered
8
83 03
1927 J
J 89
20-year cony 4s
Sale 8814
8912 48 823 91
4
let & refunding 4r
02008 M S 8312 Sale 8214
8312 18 7512 8713
10-year perm secured 6s.1928 J .1 10434 Sale 104
10478 71 10158 10514
Ore RR & Nay con g 4s__1948 J D 86
Sale 86
783 86
s
F A 101 103 10112 Dec'18
Ore Short Line 1st g
6
997 104
8
1948 J J 97
let consol g Is
98
99
09
4 9418 9911
1929 J D 8653 Sale 8638
Guar refund 4s
8658 14 807 9012
8
1928
J 9118 ____ 98 Dec'17
Utah & Nor gold 5s
1933 J
J 8214 89 89 Feb 18
let extended 40
.
89
89
Vandalia cons g 4s Ser A. 1955 F A
Jan'18 -- 80
---. 80
80
1957M
Console 4s Series B
7912 --__ 8018 June'18
801s 8018
Vera Crux & P let gu 4125_1934 J
---- 35 Sept'17
____ 8,8
____
Din
July, k Due Aug. 0 Due ocr.
V Do. NOV.
q
Due Dec. 5 Option gale
BONDS
N. Y.STOCK EXCHANGE
Week ending Jan. 3
[VoL. 108.
New York Bond Record-Concluded-Page 4
66E3
Virginian 1st 5s series A __._1962 IW
1939
Wabash 1st gold 5e
A
1939
2d gold 55
1939
Debenture series B
let lien equips fd e 5g____1921
1st lien 50-yr g term 4s___1954
.1
Del & Ch Ext let g 5s-...1941
Des Moines Div 1st g 411_1939
1941 A 0
Om Div 1st g 3%s
Tol & Ch Div let g
A
Wash Terml 1st gu 33.48-.1945
A
1945
let 40-yr guar 48
1952 A 0
West Maryland 1st g 4a
West N Y& Pa let g 5s_.-1937
1943 AO
Gen gold 4s
p1943 Nov
Income 58
Western Pac let ser A 5s___1946 MS
Wheeling .3: L E let g 63-.1926 A0
Wheel Div let gold Es____1928 J J
Eaten & Impt gold 5s__1930 PA
Refunding 4%s series A__1966 MS
1949 MS
RR 1st consol 4s
Winston-Salem S B 1st 4s__1960 J J
WM Cent 50-yr 1st gen 4s.._ _1949 J .1
N
Sup de Dul div & term 1st 4s'36
Price
Friday
Jan. 3
131
Ac%1
Range
Year
1918.
High
Low High
Ask Low
Bel
6 8414 9818
9418
9418 Sale 9418
6 90 97%
9612
961 Sale 9612
8
897
8912 88 Dec'18 -- 80
85
90
90 Aug'18.... 90
96 10014
975g _ - 98 Nov'18
65 65
96 --_- 65 Sept'18
991 Sept'17
8
873 102
80 Aug '12
---- 77
Apr'17
76
72
69
----- 8414 Jan'17
4
773 _-_- 76 Deo'17
82
82
_ 82 Aug '18
8418
16 567 72
8
53
53 Sale 56%
99
90
8
9714 997 99 Jan '18
70
60
---- 8538 70 Dec'18
36 Oct '17.... ---- -6 7914 90
86
86 -6';le 8512
93
Oct'18
93
90
96
90
..
---- 96 100 Feb'17
4
--_-_ 983 995 Mar'17
61
60
561T 70 61 Dec'18
5512 69
7018 __- 69 Nov'18
6714 72
72 Nov'18
82
75
38 6914 83
80
7712 792 79
8
787
72
8
787 Nov'18
7812 80
Street Railway
Brooklyn Rapid Tran g 58-1945 A
let refund cony gold 48......2002 J
-year secured notes U....1918 J
6
Otis 3-yr see 7%notes op A1921
3-yr 7% secured notes_h1921 J
Bk Cty let cons 5s...1916-1941 J
Bk Q Co &S con gu g 5e__1941 M
Bklyn Q Co &S let 5s____1941 J
Bklyn Un El 1st g 4-58_1950 F
1950 F
Stamped guar 4-5e
Kings County E 1st g 4a....1949 F
1949 F
Stamped guar 45
Nassau Elec guar gold 48_1951 1
1927 F
Chicago Rye 1st 5s
Conn Hy & L 1st & ref g 4%91951 J
1951 1
Stamped guar 43411
Del United let cons g 4546..1932 J
n Smith Lt & Tr 1st g 58.-1936 M
1057 F
Bud dc Manhat 50 ser A
1957...
Adjust income 58
1932 F
N Y & Jersey let 5s
Interboro-Metrop coil 43.s-1956 A
1nterboro Rap Tran let 50...19681
Manhat Ry(N Y) cons g 4e-1990:A
1900,A
Stamped tax-exempt
Manila Eleo Ry & Lt at 58-1953 M
Metropolitan Street RPBway & 7th Av let o g 58_1943
Col & 9th Av 1st gu g 58_ _1093
Lex Av & P F 1st gu g 58_1993
Met W S El(Chic) let g 48..1938
Milw Eleo Ry & Lt cone g Se 1926
Refunding & eaten 434s_.1931
Minneap St let cons g 50-1919
Montreal Tram let & ref 58_1941
New On Ry dc Lt gen 4lis__1935
N Y Municip Ry lets f 58 A 1966
NY Rye let It E& ref 4s_ _1042 1
a194.2 A
-year adj Inc 5s
30
Y State Rye let cons 4lis_1962
Portland Ry let dr ref 5s____1930
Portld Ry Lt & P 1st ref 58_1942
Portland Gen Eiec let 58_1935
131Jos Ry L H & P let g 56_1937
St Paul City Cab cons g 5e-1937
1960
Third Ave let ref 4s
Ad)income 5s
a1960 A
1937
Third Ave Ry 1st g 56
Tr -City Ry & Lt lets f 5e...1923 A
Undergr of London 454s.._.._1933
1948
Income 68
United Rye Inv Se Pitts les...1926
United Rye St L 1st g 411_1934
1924 A
St Louis Transit gu 5s
United RRa San Fr a f 48_1927 A
Union Tr (N Y)c ertfs dep__
Equit Tr (N Y) Inter ctfs___
Va Ry & Pow 1st de ref 56-1934
Gas and Electric Light
Atlanta G L Co 1st g 5s____1947
Bklyn Un One 1st cons g 5s_1945
Mein Gas & Elea let&rof 5e 1956 A
1927
Columbia 0 & E 1st Se
Columbus Gas let gold 58_1932
.1920
Consol Gas cony deb Os...
Cons GM EL&P of Balt 5-yr 58'21
Detroit City Gas gold 5s_ _1923
Detroit Edison let coil tr 58_1933
let 8: ref 56 ser A
51910
Eo GLNY 1st cons g 58_1932
Gas & Elea Berg Co o g 5e__1949
Havana Elec consol g re..___1052
Hudson Co Gas let g 58___1949
Kan City (Mo) Gas let g 58.1922 A
Kings Co El L & P g 56.__1937 A
1997 A
Purchase money 6s
1925
Convertible deb Os
Ed El III Bkn let con g 48_1939
Lac Gas L of St L 1st g 5s....1919
1934 A
Ref and ext let g 5e
Milwaukee Gas L 151 4e.......1927
Newark Con Gas g Se
1948
1948
NYGELfl&Pg 5s
Purchase money g 4s_
1949
Ed Elec III 1st cons g 58_1995
NY&Q El L&P 1st con g 58_1930
Pacific CI & El Co-Cal & E
Corp unifying .3: ref 58.._1937
Pacific 0 & E gen & ref 58_1912
Pao Pow & Lt let & ref 20-yr
58 International Series _1930
Pat dt Passaic (.1 dc El 5s____1949
Peop Gas & C let cons g Os_1943 A
1947
Refunding gold 5e
Ch G-I.& Coke 1st gu g 58 1937
Con CI Co of Ch 1st gu g 581936
Ind Nat Gas & 01130-yr 581036
Mu Fuel Gas 1st gu g 5s__1947
Philadelphia Co cony 5s___ _1919
1922
Cony deben gold 5e
Stand Gas & El cony a f 6s__1926
Syracuse Lighting let g 5s__1951
Syracuse Light S: Power 58_1954
Trenton G dt El 1st g
[Talon Else Lt & P 1st g 5e__1932
Refunding & extension 58.1933 SI
United Fuel Gas 1st e f 66_1936
Utah Power 3: Lt let 5e____1944
UticalElec L & P 1st g Ss--1950
Utica•Gas & Eleo ref 5a____1957
Westchester Ltg gold 5s. _ _1050
Week's
Range or
Last Sale
8
76
Sale 75
75
43
51
4512 Sale 45
4
953 Dec'18
9614 Aug '13
87% 275
8411 Sale 79
92 Dec'18
_-_- 94
_ -- 70 80 May'12 -9912 101 May'13 _7934 80 Dec'18 __75
_--- 8718 8212 Dec'18 _-7178 Dec'18 -__
65 77
568 72% 6312 Deo '18
10
60
60
5614 78
2
81
4
813 87 81
8712 Nov'18
88% _ 8614 Oct '18
88%
4
7312
7212 7412 7318
-- 70 81 Jan '14
143
58
5718 Sale 55
17% 24
8
17
4
173 167
Oct'18
90 100 87
43 12291
4114 Bale 3918
7212 1900
71% Sale 69
80 75 Dec'18
75
80 Dec'18
77
80 80 July'18
75
N
J
A
S
J
.1
A
D
D
J
N
J
A
J
D
79% 88
50 69
9214 9812
96 97
8312 Ms
92
89
78 -ift;
7812 863
4
72
66
0312 6312
55
6518
8012 88
8512 8712
85
8614
80
68
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 3
Miscellaneous
1948
Adams Ex coil tr g 4s
Alaska Gold M deb as A__ 1925
1926
Cony deb 6e eerie@ 8
1920
ArirSS of W Va let 5s
Armour & Co let real eel 4;4a '39
Booth Fisheries deb s f 6s..- 1926 A
Braden Cop M coil In e f (le. 1931
1952 A
Bush Terminal let 4s
1955
Consol Se
1960 A
Bldge Se guar tax ex
Chic C & Conn Rys a f 5s-1927 A
Chic Un Stat'n let gu 4%s A 1963 .1
Chile Copper 10-yr cony 7s_ 1923 SI
Recta (part paid) cony Os ser A
Coll tr & cony (is ser A.1932 A
Computing-Tab-Rec s 1 65_1941
Granby Cons M Sae P eon as A '28
1928
Stamped
Great Falls Pow let s f 5e-. 1940
Int Mercan Marine s f Os
1941 A
1943
Montana Power let 5s A_
1939
Morris (3: Co isle f 4
Mtge Bond (N Y)4s ser 2_ 1966 A
1932
10-20-yr 5.1 series 3
1951
N Y Dock 50-yr let g 4s
Niagara Falls Power let 5s 1932
a 1932 A
Ref & gen 63
Niag Lock &0 Pow let Is.. 1954
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F 1st 5s___ 1943
1915
Ontario Transmission
Pan-AmPet&Trlst conves'19-27
Pub Serv Corp NJ gen 56._ 1959 A
Tennessee Cop let cony 69..1925
Wash Water Power let 5s__1939
Wilson & Co let 25-yr s I 68_1941 A
Manufacturing & Industrial
Am Ag Chem 1st c 5s
1928 A
1924
Cony deben 5s
Am Cot Oil debenture 51.....1931
Am [Ilde& L 1st s f g 63___191,9
, Am Stn & R 1st 30-yr baser A 1047 A
Am Thread 1st coll tr 4s____1919 .11
Am Tobacco 40-year g (Se___1944 A
Gold 4s
1951
Am Writ Paper let s f 58_1912
1434 25
Baldw Loco Works let 5e__1940
90
87
Cent Foundry 1st a f 6%.__1931
33
58%
Cent Leather 20
-year g 5.9_1925 A
69 85
Consol Tobacco g 40
7314 8118
1951
2
Corn Prod Ref s g 50
1931 cii
74% 84,
let 25
-year a f 58
1934 11 1
.
80 80
Distil Sec Con cony let g 55..1927 A
E I du Pont Powder 4;43
1936
7614 85
7
7612 84 8 79 Dec'18
--_General Baking let 261 r tie.,1936 .1
05 May'17
__- 70
_-__
Gen Electric deb g 334s._.1942
74
74
--- 74
5 54 54
Debenture 5s
.,- _1952
54
54
Ingersoll-Rand let 5s
1935
10011 June'17
97
8113 Int Agricul Corp let 20-yr 513 1932
gf;
-- 8112 Dec'18
Int Paper cony a f g 5a
1935
9834 Aug'17
9912 let & ref s f coav Sc ser A1947
9718 July'17 --Liggett & Myers Tobao 7a 1944
____ 7212 74 Aug'17 -5s
1951
_- 99 May'17 ___-,
Lorillard Co (P) 7s
4312 109. 3314 57
1944 A
Sale 40
42
Se
4
243
1951
4
123 385 11
1214 Sale 11
Mexican Petrol Ltd con 63 A 1921 A
70
6434 Nov'18
63
_ _ 62
let lien & ref 6s series C 1921 A
88% Nov'16
72 99
-621; 68
Nat Enam & Stpg let 5e....„1929
---- 67 Aug'18
Nat Starch 20-yr deb 5s
9012 Feb '17
1930
___
National Tube let fe
1952
- 95 July'17
81
N Y Air Brake let cony 6s._1928
10212 Mar'12
Pierce 011 5
53
-year cony 6s_q1920
91 5112 59
Sale 51
51
10-year cony deb (is__ __h1924
4
293 2211 27% 38%
29 Sale 23
Sinclair Oil & Refining
90
97
06 100 97 Dec'18
1st e f 7s 1920 warrants attach
1 91
96
947 9514 9514
8
9514
do without warrants attach
80
76
7612- 76 Mar'18
Standard Milling 1st 5s_-__1930
60
56
212- 56 Aug '18
The Texas Co cony deb fis__1931
66
65 Dec'18
58
69
_6
Union Bag & Paper let 5s__1930
5514
49
50 Deo'18
.4612 50
50 June'17
1930
57
Stamped
Union Oil Co of Cal let 5.1_1931
.
25 -H25 May 18
____ 35
US Realty & I cony deb g 5e 1924
2612
10 22
22
25% 22
22
U S Rubber 5-yr sec 7s___:_1923
27
22
22 Dec'18
22 25
let & ref 5s series A
77
80%
1947 .1
8012 -- 77 Oat '18
U El Smelt Ref & M cone 611.1926
V-Car Chem let 15-yr 58._ _1923
Cony deb fle
el924 A
9318 -- 103 Sept•15 -West Electric 1st 5a Dec.. .1922
95
5 85
95 I
9412
95
94
91 Dec'18.... 8912 91
90 Coal. Iron & Steel
8212
8212 8212 Dec'181-- 75
82
Beth Steel let ext s f 5s
97 Feb '15 -..
1928
let .3: ref 5s guar A
1942
47 99 108
103
8
6;172 1011
152- 20-yr pm & imp i f 58_1936
9514 Oct '18 -- 9112 2514
Buff & Susq Iron a f 5s____1932
8
9513 Dec'18 -- 233 963
4
9618 Debenture 5.1
a1926
89% 93
0518 -- 9412 Dec'18
Cabsba C M Co let gu 6s...1922
9112 94%
9112 Dec'18
9412 95
Col F & I Co gen s f 58
94
94
94 Feb '18
1943
Col Indus let & coil fe gu-1934
---- 100 Feb '13
Cons Coal of Md Ist&ref 58_1950
--- ---90% 928 Nov'17
81
____
Elk Horn Coal cony Os
1925
93 -- 96% Dee '17
Or Riv Coal & C let g 6a__51919 A
5
8834 _ _ 907 Dee'16
Ill Steel deb 4l4a
1940 A
-- 90 Dee '17
908
1052
; Indiana Steel let 5e
97 -661
97 Aug '18
100
Jeff & Clear C A I 25 68.. _1926
1
90
90
95
Lackaw Steel 1st g 5s
1923 A
78
73
8 - 78 Nov'18
797
let cons 5s series A
1950
4 9714 9912
9912
9918 9914 9914
Midvale Steel &0cony s f 581936
5 88% 94%
91
94
94
97
Pleasant Val Coal islet 53_1928
8412 8618
8714 ---- 8412 Oat '18
Foca: Con Collier islet 5s_1957
____ -- 10112 Apr '17
Repub IA 5 10-30-yr See 1_1940 A
97I
88
90% 93 9112
9112
St L Rock Mt & P 5s stmpd_1955
68 • 7612
74
7612 Dec'18 73
Tenn Coal I & RR gen 5a-1951
8
100 --- 947 Sept'18 -- 94% 94%
-Icoup ___d1963
U S Steel Corp
____
9612 Aug '47 --a 1 10-60-yr 5s,reg -__41963
Utah Fuel lot a f 58
1931
9512 Sale 9:514
8
?
861 * 957
9512
Victor Fuel let a f 5s
1953
29 76% 84
88
88 'Sale 87%
Vs Iran Coal & Coke 1st g Is 1949 141
88
92 95 Jan '17
Telegraph & Telephone
......100 July'17
93t 1013s
Auk Telep & Tel coil tr 4e___1929
10138 Dec'18
1036
Convertible 4e
10 7112 86
77 85
76
76
20-yr convertible 4
9278 90 Sept•17
1946
30-yr temp coil tr 53
____ 05 100 Apr '17
7-year convertible ft....1925
_ _ 89 Mar'17
Cent Dist Tel let 30-yr 5s 1943
94 July'17
_
Commercial Cable let g 40_2397
9612 9812 egt, Nee'15
2397
Registered
92
78
4
4
913 013 Dec'18
Cumb T & T let & gen 5s-1937
90 91
90 Nov'18
Keystone Telephone let 5s-1935
100
-. - 9712 May'17
Mich State Telepb let 5e....1924
714 7518 70 Nov'18
70
70
NY &NJ Telephone 5a g...1920
_ 9818 Oct '17
NY Telep let & gen at 4%8_1939
-tici" 90
90
- 90
1937
Pacific Tel & Tel 1st 5s
10118 Nov'18
"iff; -971; South Bell Tel & T lat el 58..1941
97 Dec'18
95
98
1938
West Union coil tr cur 5e
90
1 80
8912
8812 89
89-2
1950
Fd and real est g 4
101 June'17
Mut Un Tel gu ext Sc __ _1941
87 -H- 96 Aug'17
Northwest Tel gu 4%s g _1934
-1;
90 93 89% Dec'18
-gra 79
8
-ig; -.63;
Ask Low
814
65 Sale 65
Sale 3212
33
308 3512 32
-88
-gv;-- 90
---A
0
0
0
0
0
0
A
0
0
A
0
0
Range
I
iYear
1918
High No. Low
°
3
63
33
1 1°
5 68
25 18
High
39
69
36
8018
29, 81% 89
90 90
Feb '18
22 8978 9614
96
96
83
80 Dec'18 ____ 79
8518 Nov'18 __ 7518 86
85
74
8112 Dec'18
58
58 Mar'18 -- 58
91
15 85
88
87
89
89
110 Sale 10518
99 10218 11812
110
8412 107 73
8912
8
2
84, Sale 817
8114 Sale 83
8712
9 77
8412
83 Dec'18 -___ 7812 85
85
82
93 Dec'18 -- 91 100
07 98
97
97 Sept'18 ___ 91
99% 101
93 Sept'18
9014 04
9012 91
8
16 90 1017
102
101% Sale 101
92% 95% 924
93
6 8512 93
81
81
8778 81 Nov'18 -_ '75
Apr
3
84 J
_ 9
4
16
i 14
733 Dec'18 -- -99 -7083
72
68
0
a1
85: 183 4
908 102
94 Dec'18 ---2
8
4
1013 10214 10012 Dec'180 2
-_-- 938 8912 Oct '17 ---91
37 83
Sale 00%
91
0l's
89 Dec'18 ____ 85% 89
89 _
84 June'17 --- 95
sr2
12114 Sale 11512 122
63 17313 ily
i
5 88
78% 81
80
80
4
9512
91
01 Dec'18
88
94
927 _ _ 4
Dec'18
9034 923
9838 00 907 100
8
9812
98
Sale
85
85%
81%
96
83
81
79
9212 100%
0 9814 9812 99 Dec'18
4
1013
1 9014 106
4
A 10134 102 1013
83
8712 8712 Dec'18
s
897
80
2 9814 101
4
993
99%
El ---- 100
07 847 9518
92
Sale 92
93
8
0078 99%
99% Nov'18
117 Nov'18 ---- 117 11712
0 119
75
75 Dec'18 --- 71
80
A 75
90
4
883 Sale 8814
4 13 79
883
99% _
4
4
991 Nov'18
97% 1013
80 Dec'18
82
8412
80
A 80
17 93
Sale 963
4
97
9714
0 97
- 8012 73% Dec'18
7312 7312
A
9714 101
100 _- 9912 Dec'18
0912 Sale 9912
4 95 101
9912
11 75
9014
8912
0 9014 Sale 908
- - 100 104 May'17
83
-.- 83 Dec'13
75
604 74
70 Dec'18
A 7012 74
3 9434 1017
99 Sale 99
e
1003
4
96 --- 96 Nov'18
62
VI
7612 7612
77
94 Oct '18
9512 99
9012 Nov'18
--,- 96
11312 89 196°3883113 19979179:7:22
997 23
0 4
6
- 11318 114 112
93 Dec'18 --- 86
95
A 923 16 107 115
Sale 112
113
0 113 491
94
L 83% 93
,
A 93 2
4
175 165 Nov'18 -- 1053 18112
0
4
0 ---- 175 1633 Dec'18 --- 106 175.
9512 Nov'18 -- 95
96
98
94 Aug'18
.1 9312
9512 Dec'18
95
93
100
4
: 99114 990
Sale 100
100 ::: 97 103:42
993
_
104 0534 10112
4 101
53 83 9012
4
90 Sale 883
10190
-.
141 86 100
A 100 Sale 0934 100
9614 24 84% 96
A 9614 Sale 96
98 June'18
95
06
9314
88
102% 1027 103
1033
8
4 13 961k 10334
88 Oct '18 :I. 8678 88
3 87
85
87
87 Dec'18
.1
03 - ; 00 Oat '18 --- 90
90
91
7
51
4
643 643 Dec'18
4
4
1023 Sale 102%
- 46 68 4
1023
4 -9 101 1023
8712 Sale 8518
8712 667 76
88%
4
8112
_ 1 99940
A 9914 99% 0912 Dec'18 . 7848 100 8
_ I
95
4
953 Dec'18
06
8
101%
0 1007 101 10114
15
97% Sale 977
s
98
96
99
1 92
96
8814
8814
9318
2 86
83
0 78% 8712
83
90 May'18,
90
90
8614 July•18...--- 85
8614
101 Dec '14
8514 -gift 863
4
663863
4
1 -AV - 4
75
1 73
76
75%
753 7612
4
83
868 -- 87 Aug'18
90
95
-- 95 Aug '18
95
95
94
94
94
Feb'18
40 81
84 Sale 82
8612
84
9714
95
97
9714
1 02 99
- --9614 Salo WI
9614
7, 9414 97
8638 8712 8313
8618 49, 8312 9612
78 8012 92
86% Sale 85
88
76% ____
00 Sale
00
--- 8513 88'4
8
923 94% 91 Dec'18
9814
91
77
8018
80 81
80% 80%
I 9212 9712
0514 90% 9514 Dec'18 217, 96 101
99% Sale 99
100
1 96 100%
98 _- 9312 .9318
4
863
80 Dee' 16 " I
75
86% 8712 86% Dec'18 7-7.1 83
801s
06
8814
7912
90
---A
A
0
0
0
8
Sale
Sale
83
96
31 77% 88
85
8414 8.512 8414
88
78
78 Dec'18
---- 78
9212
861) 4 82
8612
89
85
12 23, 86
9714
93
Sale 92
92
4
8 102% 258 933 105
8
A 1011 Sale 1013
9914 May'18 ---- 9818 99%
06% 100
------ 73 Nov'17
081 6SI
6818 Jan•18
5 85
93
95
4 .- fii.le 93
- -2 '
:
.1 ---- 961 98 Apr '16
8'
6.
-. 14 91
A 888 ___. 8818 Dec'18
98
9712 --- 97 Aug'18 -- 97
3
90 4 49 84
92
9034 Sale 90
9514 39, 87
0114 Sale 9414
9612
3 86
04
97
93 Sale 03
9334 03 Dec'18 -... 8718 9312
93
11 80
92
92 Sale 92
92%
•17 --- 99 10112 Sept
8114 ---- 94 Nov'18 ---
o
•Ne wise Friday:latest big and salted. is Dash's g Dee Apdl. e Due MAY. 0 Due June. h Due July. k Due Aug., Due glot.
Week's
Range or
Last Sale
Prfes
Friday
Jan. 3
cr.
.
Due NOV (Due Dec. 1 Option sale.
BOSTON STOCK EXCHANGE-Stock Record s..
JAN. 4 1919.]
SHARE PRICES
-NOT PER CBNTUM PRICES.
Saturday I Monday
Dec. 28.
Dec. 30.
133
68
*93
*2914
•
+____
+____
135
134
6812 67
95
*93
293
.1 29
168 *____
2
.50
12
12
• __ 13534 *_ _ _
Tuesday 'Wednesday , Thursday
Dec. 31.
Jan. 1. I
Jan. 2
135
135
681.1 66
95
95
291 2 2912
168 • __
.50
.50
12
12
135
68
95
30
168
.50
12
16171
1353 • __ 13534
4 *__
*85 _--- *85
*85
*110 115 *105 115 *110 115
-- *57
59
57
*57
57
59
*107 -- _- *107
*107 _--74
*70
74
74
*70
*70
82
82 82
82
83
82
214 214
2
23
8
2
218
1112 1214 11
12
4
103 12
3214
3038 313
8 307 32,
8
4 31
*90 --_- *90
*90 __
*107 _--- *104
*105 109
22
*18
4
203 *19
22
*91 101
*91 100
*95 101
4412 4412 4312 4412 4312 45
•52
53
51
52
51
51
9938 1005 100 101 1 1 101 10112
8
97
9738 9712 9712 9612 97
.55 .55 *.59 1
..55 1
54 5
,
514 51 2
514 512
*11118 111.i 11112 11112 111 Ill
11212 113
113 113 *11212 114
9712 981 1 9778 100
993 10114
4
5018 5018 503 5058 *51
4
5112
95
95
9112 95
95
95
83
*82
82
*81
82
82
80
*78
78
78
7812 7812
*16
1812 *16
1812
1812 *16
*10912 112 x107 107
1075s 10758
*65
*65 ____
_
4
*65-213 22
2214 23
2234 2278
145 147
8
4
8 145 14% 143 1434
8
13
1212 1212
13
4
123 13
*412 5
478 47
412 412
s
171 17234 170 171
161318 170
62
4
62
613 6134 6112 6158
149 15114
1483 150
*147 148
4
29
29
30
*291 1 30
*29
434 43i
434 434
434 434
1812 *1812 ---1812 1812 18
578 618
614 658
53 5%
4
*93
95
*93
*93
95
95
81
83
8212 81
83
81
69
6814 69
68
68
68
13312 13312 13318 13318 133 133
*92 ____
*92 -- *92
-12
-III" 12 2 91 1121- -51- 0171;
56
*52
54
54
5418 53
116 116
114 114
11514 116
50
*49
48
48
48
48
13
13
14
*13
*1214 14
3534 30
3343 3512
3512 36
4
4
123 124
12314 1233 12312 12412
5414 5414
55
51
*54
54
16014 16212 163 160 *164 16412
4412 443 4512
4
44
4412 44
*26
20
26
2014 20
2612
933 943
9512
4
4 9414 0434 94
*11112 11212 *11212 11312 11314 11314
712 75
8
712 8
712 Vs
*.75 .99
70
70
33s 35s
+.20 .40
4012 4012
10
4
113
4012 4012
1212
12 Tit; 12
*.30 .40 *.30 .40
1634 17
4
1133 1718
6114
61
6112 61
430 430
425 430
*12
13
1212 13
8
4018 4114 405 4134
258 25
*258 27
8
8
5
5
5
518
914 058
918 912
312 33
3 2 331
,
1
81
*77
*77
81
46
*4312 445
8 46
43
434 5
4 6
*.60 .70
.50 .60
4478 46
40
46
82
793 793 *80
4
4
24
24
24
24
514 514 *51, 512
*.95 1
.95 .95
412 412
334 4
*214 212 *218 23
4
*212 3
234 234
414 414
4
4
3
278 3
3
*3
312
234 314
5012 52
51
52
1612 1634 *17
173
4
*112 2
*112 2
10
10
*83
4 934
*12
*12
15
15
6412 6512 6312 6412
9
918 *814 9
1012 1112 1012 107
8
.55 .55 •.55
-*112 2
*I
2
32
34
34
35
48
48
48
48
1234 1314 1234 1312
60
60
4
593 60
*2014 21
20
20
40
40
3812 40
.32 .32
.25 .31
3
3
234 :3
8,14, 112
13
8 13
8
.10 .10 *.10 .13
5
512 53
6
4
212 3
3
3
212 2% *212 3
.73 .80 •.75 .85
4412 4534
4414 45
4034
47
4714 46
278 3
3
3 14
8
8
7
734
112 158
114
158
178 2
158 218
.90 .09
.85 .9'
18
1818 1818
18
*.25 .50
.50 .50
.60 .60 *.75..99
72
70
70
*70
35 3%
4
312 3 2
,
*.20 .40 *.20 .30
*42
44
4114 4114
12
*12
13
11
12I8 12I4
*.20 .30
*1712 19
61
6114
425 430
*1212 1312
4014 40 4
3
+25
8 278
478 5
831 9 4
,
34 34
3
3
*77
80
*4412 4512
512 55
8
*.60 .70
4512 4512
8
795 7953
23
23
*514 512
.95 .95
4
412
*214 234
*212 3
*4
412
*278 3
*3
312
53
*52
*1612 1712
*112 2
*834 012
*12
15
*6412 70
878 9
1114 115s
•.05
*112 2
34
34
4712 48
1278 13
60
59
*20
203
4
40
40
•.30 .35
3
3
*114 112
•.I0 .13
*5 2 612
,
*3
314
*212 234
•.73 .80
4412 4512
4612 4012
311 314
718 812
1% 1%
214 214
.80 .80
18
18
•.25 .50
'Bid and asked prices. a Er-dividend
Friday
Jan. 3
Salesfor
the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
67
Range Since Jan. 1.
Lowest.
I
Highest.
Range for Previous
Year 1917
Lowest
Highest
Railroads
443 Boston & Albany
100 12212 AprI7 146 Nov22 120 Dec 175
Jan
2,967Boston Elevated
,
100 37 Jan 2 80 Nov12
27 Dec 79 Jan
24 Boston & Lowell
100 80 Julyll 101 Nov20
7012 Dec 133 Mar
991iBoston At Maine
100 19
Jau23 40 Sept 9
15 Dec 45 Mar
'Boston dc Providence
100 150 Apr15 170 Aug 9 150 Dec 213 Jan
1,150 Boston Suburban Elec__no par .50 Dec30
3 June 5
2 July
3 July
175 Do pref
no par 1014 Mar 1 15 June17
9 June 30 July
Last Sale 412 Nov'16
Boston & Wore Elee_no par
Last Sale 30 Nove18
Do prof
no par 25 July19 3014 Nov19
30 Aug 38 Feb
Last Sale,138 Sept'18
Chic Juno Ry & U S Y____100 138 July 2 147 Apr17 148 Nov 150 Jan
Last Sale,8512 Dec'18
Do pref
100 8212 Apr18 8512 Dec19
8312 Dec 108
Jan
Last Sale 115 Dec'18
Connecticut River
100 104 Feb19 125 Nov18 10212 Nov 140 Mar
58
58 I 57
57
108 Fitchburg pref
100 53 Jan22 65 Jan 3
44 Dec 7812 Mar
Last Sale.109 Oct'18
Georgia Ry & Elea stampd 100 106 SeptI9 11614 Jan 9 116 Dec 133 Jan
Last Sale'7014 Oct'18
Do pref
100 70 Oct 3 81 Feb25
83 June 9212 Jan
*83
_
48 Maine Central
100 7712June18 88 Nov19
78 Dec 10012 mar
238 23 - 8 - 27
8
23
8 3,210 Mass Electric Cos
100
134 Sept 6
712 May16
I Dec
638 June
12
1214 1214 133
4 5,094 Do pref stamped
100
812 Jan22 33 May16
6 Dec 3114 July
4
3114 317
8 313 3234 1,846 N Y N II & Hartford
100 27 Feb25 46 May29
2134 Sept 5234 Jan
Last Sale 92 Nov'18
Northern New Hampahlre_100 84 Oct 7 95 Nov14
9012 Oct 105 Apr
*105 109
105 105
10 Old Colony
100 38812 June14 11212 Dec 9
85 Dec 135 Jan
Last Sale 20 Dec'18
Rutland, prof
100 20 Jan 2 25 Jan 8
1612 Dec 8412 Feb
Last Site 90 Nov'18
Vermont & Massachusetts_100 80 Aug 6 90 Oct 4
83 Dec 110 Jan
45
45
46
463
4
677 West End Street
50 37 Feb20 50 July 5
34 Dec 5612 Mar
*51
53
47 Do prof
50 47 Janie 62 Apr 1 z45 Dee 74
Jan
Miscellaneous
10112 10112 10114 10112
830 Amer Agricul Chemical
100 7812 Jan 2 100 Oct 18
4
73 Dec 943 May
98
98
9712 98
211 Do prof
100 885 Jan 2 100 Dec 5
3
88 Dec 10312 Jan
.55 .55
.60 .60
600 Amer Pneumatic Service
25
.40 July 1
212 Mar 2
1 Dec
238 Jan
53
8 512 *514 512
450 Do prof
50
4 Sept30 155 Mar 4
8
712 Dec 14 Mar
111 111
112 113
140 Amor Sugar Refining
100 99 Jan 2 11512 May15
90 Nov 12614 June
113 114
11318 11318
138 Do prof
100 107 June 4 115 Dec 6 105 Dec 12112 Jan
10012 101
100 101
9,793 Amer Telco & Telog
100 903 Aug 5 10918 Oct 9
4
96 Dec 12814 Jan
5112 5112 *5114 52
32 American Woolen of Mass.I00 4512 Jan 8 605 May24
8
387 Nov 58 June
8
9412 9514 95
9538
450 Do prof
100 90 Jan 3 9712 Decll z8714 Dec 10014 June
*81
83
_
25 Amoskeag Manufacturing__ 6012 Jan 2 92 Nov 8
60 Dec 75 July
*78
80
16 Do prof
76 Jan 7 82 June 5
75 Dec 9712 Jan
Last Sale 18 Dec'18
Art Metal Construe Ino___ 10 11 Feb21 x19 Dec13
6 Dec 1434 Doc
*10512 108 *107 109
110 Atl Gulf & W I 8 S Lines_100 98 Jan15 12014 Feb16
88 Sept 12112 Jan
Last Sale 65 Dec'18
Do pref
100 5812 Jan17 6714 Nov20
5512 Feb 66 Jan
22
2212 2238 2238 1,485 Booth Fisheries
no par 21 Jan25 2812 Sept 5
1414 147
8 1434 15
2,160 Century Steel of Amer Inc_ 10 1014 May18 147 Dec28
8
13
14
1,830 Cuban Port Cement
10 1112 Nov30 1712 May 1
9 Dec 2018 June
458 45
8
115 East I3oston Land
10
4 Jan31
534 May15
378 Dec 10 Jan
170 172
170- 172
- -426 Edison Electric Illum
100 134 June21 186 Nov21 1331s Dec 226
JIM
6031 6114 593 6012
4
601 Fairbanks Co
25 2712June27 6414 Nov16
150 15114 151 152
441,General Electric
100 128 Jan16 15734 Nov 9 1183 Dec 17014 -Jan
4
2912 293
4 :30
30
10:3 Gorton-Pew Fisheries
50 27 Aug29 35 Aug30
.
43
4 512
2,215 Internat Port Cement__ 10
412 Oct 10
7120ct 23
4 Dec 1812 Jan
1812 193 -183 1858 2,1251 Do pref
8
4
50 12 Apr23 23 Nov25
Jan
0
653
612 758 6,100'Island Oil& Trans Corp
10
318 Aug23
65 Dec31 -__ Dec__3312____
8
_
Last Sale 92 Dec'18
McElwain (W H) 1st pref_100 88 Sept30 93 Nov13
Jan
9212 Dec 102
1082
8212 8212 83
341 Massachusetts Gas Cos___100 37714 Jan15 9114 Nov13
71 Dec 10012 Mar
6912 6912 6918 '70
870 Do prof
\ 100 62 June17 71 Nov 4
63 Dec 81 Mar
13312 13312
23 Mergenthaler LinotYPe---100 107 Junell 147 Nov14 110 Dec 160 Jan
Last Sale 00 Nov'13
New Eng Cotton Yarn_ .100 88 Jan15 95 Oct29
35 Jan 95 Mar
Last Sale 9212 Aug'17
Do pref
100
0212 Aug
6930
9112 9312 9:3
94
645 New England Telephone _100 8212 July30 10012 Oct 10
Dec 12412
*5112 56
1,094 Nova Scotia Steel & C
100 53 Dec30 69 Jan 2 z59 Nov 112 Mar
Jan
*117 120
102 Pullman Company
100 102 Jan 7 130 Nov13 107 Dec 16614 Jan
*49
50
-W
426 Punta Allegro Sugar
50 29 Jan 3 51 Dec 5
29 Dec 46 Jan
4'1234 14 14 12:14
30 Reece Button-Hole
10 11 Jan29 13711 Mar16
10 Dec 16 Mar
3412 347
8 3414 35
1,982 Stewart Mfg Corpn
27 Oct 23 4112 Nov20
12312 125
125 12614 1,309 Swift & Co
100 102 Aug30 14614 Aug'17 116 Nov
54
54
54
54
44 Torrington
25 45 Jan29 56 Dec12
6A
40 Nov 1 8 June(3
278
16412 1667 1643.4 16612
8
789 United Fruit
100 11512 Jan17 166 Dec30 1105 Dec 15512 Jan
45
4534 443 4512 5,940 United Shoe Mach Corp
4
25 3812 July 9 4812 May16
3712 Dec 5814 Jan
2614 2012 2014 2614
549 Do prof
4
25 243 Aug 9 2612 May28
25 Oct 3018 Mar
943 9518 95
8
965
8 2,565 U S Steel Corporation__100 87 Mar25 11612 Aug28
795 Dec 135 May
8
113 113
17 Do prig
100 108 Mar25 1133 1)ec16 1033 Dec 121
8
Jan
4
8
814
8
818 5,666 Ventura Consol Oil Fields_ 5
5 Jan 2
9 Nov 8
414 Dec
87 Jan
s
Mining
•.75 .99 *.75 .99
50 Adventure Con
12Junc27
13 Jan25
25
4
1
414 Jan
Oct
*70 ___
73
74
130 Ahmeek
25 69 Dec27 86 Nov12
70 Dec 108 Jan
*358 4
358 4
4,315 Alaska Gold
13 Apr25
8
10
53 Nov 6
8
1 Dec 1 112 Jam
Last Sale .20 Dec'18
Algomab Mining
.15 Julyll
.45 May13
1, Sept
25
114 Jan
*41
43
*42
44
38 Alloucz
25 4012 Dec31 54 Feb27
45 Dec 70 Mar
12
12
1212 13
1,487 Amer Zino, Lead & Smelt_ 25 10 Dec31 2114 July 3
11 Dec 4114 Jan
210 Do prof
25 4012 Dec31 54 July 6
40 Nov 73 Jan
---3;1 - 1212 1212
12
305 Arizona Commercial
5 11 Jan 5 1614 Aug24
818 Nov
1514 June
Last Sale .30 Dec'18
Butte-Balaklava Copper_ 10
.20 Oct 21
.48 Nov22
.25 Dec
214 Jan
*19
21
*20
2112
320 Butte & Sup Cop (Ltd)___ 10 1614 Dec30 33 May14
1258 Dec 52 Jan
6112 6112 613 6212 1,692 Calumet & Arizona
8
10 61 Dec27 7312 May16
55 Dec 8514 Jan
430 435
445 445
113 Calumet & Ifecla
25 425 Dec26 470 Dec 4 411 Dec 590 Feb
*1212 13
*1212 1312
250 Centennial
4
25 103 June27 1412 Feb19
11 Dec 2714 Jan
4114 42
4112 42
6,264 Copper Range Co
25 40 Dec26 5112 Nov12
3914 Dec 68 Jan
258 258 *238 258
135 Daly-West
3 Sept30 1
112 Apr10
20
112 Apr
3 Jan
5
518
518 514 1,807 Davis-Daly Copper
10
434 Dec23
8
67 Mar 8
314 Nov
714 Jan
912
912
914 933
831 East Butte
812 Mar25 12 Nov12
10
814 Dec 16 Jan
*312 37
2 *334 378 1,315 Franklin Copper Min
3 June21
6 Feb18
25
4 Dec
9 Mar
Last Sale 80 Dec'18
Granby Consolidated
100 7312 Junel4 843 Oct 24
4
66 Dec 92 Jan
4534, 453 *45
4
46
140 Greene Cananea
100 39 Jan17 5734 Nov 7
35 Nov 4612 Jan
5
512
518 518 2,038 Hancock Consolidated
4
43 Dec31 101s Jan 2
25
7 Dec 2012 Jan
*.60 .70 *.60 .70
250 Indiana Mining
July23
.40
1
Jan 3
25
Dec
4618 4618 4712 4734 3,265 Island Creek Coal
1 447 Dec30 70 May15
8
52 Nov 7612 June
4
4 i‘ar
*80
82
82
82
40 Do prof
1 7912 Oct 1 84 Feb18
80 Nov 94 Apr
24
24
*24
25
130 Isle Royale Copper
25 1912 Jan14 29 July 3
20 Dec 36 Jan
512 512
553 53
8
180 Kerr Lake
5
5 Jan 2
6120ct 18
414 Apr
6 Aug
*.95
1
*.95
1
200 Keweenaw Copper
.80 Septl 1
13 May15
25
4
114 June
434 Jan
412 412
412 412 1,280 Lake Copper Co
334 Dec30
25
83 May14
4
5 Oct 18 Jan
*214 234
234 23.
35 La Salle Copper
2 Jan 2
314 Mar 5
25
114 Dec
5 Jan
*212 3
*212 3
100 Mason Valley Mine
5
234 Dec27
6 Feb13
418 Nov
83ft Aug
412 43
4
412 412 1,095 Mass Consol
4
33 Sept17
25
7 Jan 2
5 Nov
1512 Jan
234 27
2 *278 3
1,035 Mayflower-Old Colony_ 25 .65 Mar26
412 Nov 4
1 Nov
3 May
*3
312 *3
312
75 Michigan
.40 June28
25
414 Oct 29
158 Aug
512 Mar
5212 53
54
5434
390 Mohwak
25 5012 Dec30 6612 May16
57 Dec 98 Jan
*17
1734 *1714 18
500 Nevada Consolidated
5 1612 Dec30 2012 May14
16 Nov 2612 Mar
Last Sale 112 Dec'18
Now Arcadian Copper__ 25
114 Aug29
212 July 1
112 Dec
6 Jan
*83
4 03
4
5 New Idrla Quicksilver__ 5
934 Dec27 1714 Mar 7
10 Nov
1712 Apr
Last Sale 12 Aug'18
New River Company
100 12 Aug29 20 Jan 2
22 Jan 30 Mar
*6312 65
160 Do pref
100 6312 Dec31 80 Jan31
65 Dec 9214 Mar
*814 812
2:35 Nlpissing Mines
5 8% Janll
97$ AprIl
634 July
958 Sept
1034 11
103 11
4
4,305 North Butte
15 1012 Dec30 173 May16
8
113 Oct 2414 Mar
4
*.55 .75
50 North Lake
.25 Feb14
25
.95 Mar19
.30 Nov
234 Jan
Last Sale 158 -- D
Onbway Mining
12June21
25
158 Dec10
.98 Dec
27 Jan
8
3434 3434 3434 3434 1,419 Old Dominion
Co
25 32 Dec30 4512 Jan 3
33 . Nov 673 Mar
4
4814 49
49
49
180 Osceola
25 4612 Junel1 65 Jan 9
5312 Dec 95 Mar
13
1312 *13
1312 3,015 Pond Creek Coal
10 1234 Dec30 2014 Feb20
16 Nov 283 June
4
60
60
60
61
311 Quincy
25 59 Dec27 78 May16
60 Nov 9412 Feb
*21
213 *2112 22
4
350 Ray Consolidated Copper_ 10 1912 Dec26 253 May23
4
20 Nov 3218 Apr
*40
42
*4012 44
340 St Mary's Mineral Land_ 25 38 Dec27 57 Jan 2
48 Dec 8934 Mar
+.30 .35 *.25 .50 2,400 Santa Fe Gold Copper
.25 Dec12
&
10
114 Feb21
.58 Dec
2 Jan
3
3
3
3
2,705 Shannon
10
234 1)ec30
534 Jan 2
518 Oct 19 Jan
*11,1
112 *114 112
700 South Lake
12 Sept30
25
2 Jan 3
.89 Dec
614 Jan
*.11 .12
- 2,500 South Utah M & 9
5
.10 Dec30
.20 Jan 8
.10 Dec
.31 Jan
*53
4 6 4 *531 6 4 1,400 Superior
,
,
25
4 Feb19
8
87 Nov20
314 Dec 165 Mar
8
*278 314 *27
8 34
050 Superior & Boston Copper_ 10
,
114 Aug13
43 Sept27
4
358 Dec
814 Jan.
212 212 *212 234
700 Trinity
212 Sept23
25
412 Feb13
3 Nov
812 July
*.75 .80
.78 .78
400 Tuolumne Copper
1
.73 1)ec27 I% Aug20
1 May 2( Jan
/4
11
4518 46
x4514 4512 1,305 US Smelt Rena & Min.._ 50 36
Apr13 5012 Oct 18
4018 Dec 673 Jan
4
4612 47 4 4512 4618
,
370 Do prof
50 42 July24 4712 Nov 8
4312 Nov 5212 Jan
2% 3
318 318 7,560 Utah-Apex Mining
5
114 May31
418 Nov18
17 Mar
8
378 Sept
s 83
83
8
8
8 1,091 Utah Consolidated
83
5
7 Dec30 12 Jan16
912 Dec 2112 Feb
1% Ds
158 158 9,550 Utah Metal & Tunnel
1
1 Dec 9 31 { Apr 8
,4
218 Dec
658 Jan
'214 214
214 214 3,023 Victoria
25
153 Dec30
3 Jan 3
2 Oct
6 Jan
.95 .95
.95 .05
535 Winona
25
12 Nov21
2 Jan 3
2 Oct
51s Jar
•18
1312 1812 1812
245 Wolverine
25 18 Dec16 36 Jan 3
31 Dec 5312 Mar
*.40 .50 •.40 .50
200 Wyandott
25
.40 May19 1% Mar 7
.15 Aug
218 Jan
and right:'. s Assessment paid. b Ex-stook dividend. A
Er-rights. g Er-dIvidal(1• w Half-paid
135 136
134 134
6712 68
68
6912
*93 ___- 93
95
3012 31
Last Site 168 Dec'13
*.50 3
[VOL. 108.
THE CHRONICLE
68
-The complete record of
Chicago Stock Exchange.
transactions at the Chicago Stock Exchange from Dec. 28
-Transactions in bonds at Bos- 1918 to Jan. 3 1919, both inclusive, compiled from the
Boston Bond Record.
stocks are all
ton Stock Exchange Dec. 28 1918 to Jan. 3 1919, both inclu- official sales lists, is given below. Prices for
dollars per share, not per cent. For bonds the quotations
sive:
are per cent of par value.
Friday
I
Outside Stock Exchanges
Last Week's Range Sales
for
ofPrices.
Sale.
Par. Price. Low. High. Week.
Bonds-
US Lib Loan 35%8_1932-47
1st Lib Loan 48_1932-47
2d Lib Loan 48_1927-42
1st Lib L'n 4340_1932-47
2d Llb L'n 434s.1927-42
3d Lib Loan 4%s_1928
4th Lib Loan 4348_1938
Alaska Gold ser B 6s_1926
Am Agric Chem 5s....1928
Am Tel & Tel coil 4s_ _1929
Atl G & W I SS L 5s_ _1959
Central Vermont 4s_ _1920
Chic June & U BY 55_1940
1940
4s
-C
Gt Nor B & Q 4s.. _ _1921
1929
Mass Gas 434s
Miss River Power 5s_ _1951
N1E Telephone 5s_....l932
1934
New River 5s
Punta Alegre Sugar 681931
1944
Swift & Co 1st 5s
United Fruit 434s_ _ _ _1925
1923
43is
Ventura 011 cony 7s__1922
Western Tel & Tel 5s_1932
99.04 99.40 18,750
400
92.64 92.64
92.60 93.00 31,600
95.14 96.50 9,450
93.90 95.18 20,500
95.04 96.50 10,150
94.04 96.30 265,850
3034 30% 22,500
2,000
99
99
84% 8434 2,000
24,000
82% 8234 84
1,000
9434 9434 2,000
1,000
75
75
75
95% 95% 1,000
3,000
92
92
1,000
75
75
93
93% 13,000
7534 7534 1,000
1,000
90
90
90
2,000
96
96
96
5,000
100 100
4,000
100 100
92% 9334 105,000
90
9034 7,000
90
Rangefor Year 1918.
High.
Low.
96.52 Jan
92.64 Dec
92.60 Dec
93.64 July
93.04 July
94.54 Aug
94.04 Dec
Feb
20
Jan
92
Aug
77
74% Sept
Dec
60
8734 Apr
72% Apr
Mar
92
Sept
85
6734 Jan
84% Aug
75 June
May
77
90% Sept
Jan
91
Jan
93
Jan
80
82% June
102.50 Aug
98.86 Oct
97.90 Mar
98.90 Nov
98.14 Nov
May
101
98.24 Nov
34% Nov
99% Feb
8734 Nov
Dec
84
Dec
70
93 • Dec
Dec
75
9534 Nov
9234 Nov
7634 Dee
9434 Nov
Jan
79
Dec
92
97% Nov
Dec
100
Dec
100
94% Nov
Nov
92
-Complete record of the
Baltimore Stock Exchange.
transactions at the Baltimore Stock Exchange from Dec. 28
1918 to Jan. 3 1919, both inclusive, compiled from the official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Par. Price. Low. High. Shares.
Stocks-
100
Alabama Co
100
2d preferred
Arundel Sand & Grave1.100
10
Atlantic Petroleum
100
Baltimore Tube
100
Preferred
Comm'l Credit, pref B _25
Consol G,EL & Pow_ _100 1065%
82
Consolidation Coal_
5
Cosden & Co
4
5
Preferred
Davison Chemical_ no par 32%
50 29%
Elkhorn Coal Corp
Georgia So & Fla 2d pf _100
Houston 011 trust ctfs_ _100
Preferred trust ctfs_ _100 74
Kirby, preferred
Mt V-Wood Mills v t r_100
100
Preferred v t r
50
Northern Central
Pennsylv Water & Pow.100
United fly & Electric__ _50 20
Wash Bait & Annap_ _50
5
Wayland Oil & Gas
Bonds.
Charl Cons Ry,G&E5s1999
City & Suburb 1st 5s..1922
Cons G,E L & P 5% notes
8% notes
Consol'n Coal ref 5s_ _1950
1923
Convertible 68
Cosden & Co Ser A 68_1932
1932
Series B 6s
Elkhorn Coal Corp 63_1925
Fla Cent & Pen extd 6s_
Georgia & Florida 5s_ A956
Hous 011 div ctfs_1923-25
Kirby Lumb Contr 133_1923
Mary'd Elec Ry 1st 5s 1931
Minn St & StPC jt 58_1928
Monon Vail Traction 7s.. _ _
United fly & Elec 4s_ _1949
1949
Income 4s
1936
Funding 5s
1936
small
do
Wash Bait & Ann 5s....1941
30
30
65
65
35
35
2
2
70
70
8134
81
25
25
105 106%
83
82
6% 7
3% 4
28% 34
28% 29%
65
65
72% 7234
7034 7434
6434 6434
1634 1634
7434 78
7534 7534
78
78
21
20
26% 27
334 3%
90
90
100 100
96% 96%
97% 97%
9234 9234
100 100
85% 85%
8534 86
99% 99%
101% 10134
12
12
98% 99
98% 9834
92
92
93% 9334
98% 98%
7634 77.
5434 54%
75% 76
78% 7834
8334 8334
10
20
55
1,250
100
25
60
396
270
2,983
275
2,482
163
10
40
951
10
3
345
77
107
2,080
493
300
Rangefor Year 1918.
High.
Law.
30
56
3134
1%
70
81
24
94
80
5%
3%
2834
22%
65
40
64
6434
14%
68
69
60
17%
24
3 •
Dec 106
Jan 87
Jan 40
3%
Sept
Dec 87
Dec 86
Dec 2534
Jan 108%
Dec 106
8%
Sept
434
Jan
Dec 39%
Jan 31%
Dec 65
Jan 86
Apr 8034
Dec 65
June 1734
Jan 78
Aug 76
Jan 80
June 24%
Jan 3134
3%
Apr
May
May
Sept
Feb
May
Apr
Aug
Dec
Jan
Jan
Nov
Aug
Nov
Dec
June
June
Dec
Sept
Dec
Nov
Nov
Feb
Sept
Jan
Dec 9234 June
$1,000 90
Feb
8,000 96% Sept 100
Nov
11,000 90 June 98
Nov
Sept 99
13,000 94
Jan 92% Dec
3,000 82
1,000 9834 July 103% Jan
9,000 77 June 86% Dec
28,000 78 June 8734 Dec
2,000 93% Aug 99% Dec
5,000 99% Nov 101% Dec
Apr
Dec 22
45,000 12
Aug
Jan 102
10,000 88
Nov
4,000 9534 Apr 99
Feb
10,000 87% Jan 92
Jan
7,000 89% July 95
2,000 98% Dec 98% Dec
Nov
Sept 79
12,000 71
Nov
Aug 59
16,000 52
Nov
11,000 7334 Aug 82
Feb
800 73% Aug 82
Jan 8534 Nov
1,0110 80
-The complete recorcrT
Pittsburgh Stock Exchange.
transactions at the Pittsburgh Stock Exchange from Dec. 28
1918 to Jan. 3 1919, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
•
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Low. High. Shares.
Par. Price.
Amer Rolling Mills corn 25 4434
100
Amer Sewer Pipe
Amer Wind Glass Mach100 88
100
Preferred
Amer Wind Glass pref_100
Columbia Gas & Elec_ _100
Consolidated Ice, corn._50
2
Indep Brewing com___50
50
Preferred
La Belle Iron Wkscom_100 102
100 175
Lone Star Gas
50 49
Mfrs Light & Heat
Nat Fireproofing corn _ _50
50
Preferred
1 19
Ohio Fuel 011
25
Ohio Fuel Supply
Oklahoma Natural Gas_25 3034
Peop Nat Gas& Moue 25 30
3
Pittsburgh Brewing corn 50
9
50
Preferred
Pittsburgh Coal com_100 485%
Pittsburgh Jerome Copp_l
Pitts & Mt Shasta Copp_ _1
834
Pittsburgh Oil & Gas_..100
Pittsb Plate Glass com_100
Ross Mining & Milling...A
Union Natural Gas_ _100 128
U S Steel Corp corn _ _ _ _100 9634
West'house Air Brake_ _50
West'house El & Mfg_ _50
BondsI:gnat, ThqmsrinaRa
1040
z Ex-dividend.
4434
15
8734
77
98
4234
3
15%
534
102
175
49
5
10
155%
4334
30
30
25%
7
465%
100
25c
75%
119
5e
128
9434
x90
z4034
22
Rangefor Year 1918.
22
52000
High.
Low.
50 43
4434
10 1234
15
605 45
895%
275 73
80
10 96
98
195 2834
445%
2
110
3
462
2
134
434
372
634
55 103
102
115 95
180
205 463.4
50
3
415
554
7
225
1034
731 135%
19
4534 2,965 z4094
1,420 23
3134
196 33
30
174
365
3
5
415
9
665 445%
4834
6c
110 21,540
2,900 210
250
534
874 8,373
18 107
119
Sc
1,000
So
66 128
128
80 8734
9654
1,185 90
935%
4334 1,157 39
An
Aug
Jan
Jan
Oct
Dec
Jan
Feb
Jan
Sept
Dec
Jan
Sept
Jan
June
Sept
Sept
July
Aug
Mar
Sept
Nov
Nov
Jan
Jan
Sept
Dec
Dec
Mar
Oct
Jan
Jan
Apr
Nov
Dec
Jan
Feb
Dec
May
Aug
Jan
Feb
Aug
Jan
Aug
Aug
Nov
June
Dec
Jan
434 Aug
Jan
13
5834 Feb
1
Feb
48o Mar
Nov
8
Nov
120
17e Mar
151
May
Aug
116
9734 May
May
47
55
16
8934
965%
101
445%
354
334
93-4
115
197
53
55%
1334
1634
465%
3234
3434
AA
Slur
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Par. Price. Low. High. Shares.
American Radiator_
100
Preferred
_100
Amer Shipbuilding...._.100
100
Preferred
Armour & Co pref
Booth Fisheries
Common,new__(no par)
100
Preferred
Chic C'y & C fly pt sh corn
Preferred
Chic Pneumatic Tool_ _100
Chic Rya part ctf "2"
Commonwealth-Edison 100
Cudahy Pack Co corn_ _100
Cudahy rights
100
Deere & Co prof
100
Diamond Match
100
Hartman Corp
100
Illinois Brick
Libby(W I)
10
Lindsay Light
Mid West Utilities pref 100
Mitchell Motor Co
National Carbon pref._100
Peoples' Gas Lt & a. _100
Pub Ser of No III com_ _100
100
Quaker Oats Co
100
Preferred
Sears Roebuck common100
Shaw W Wcommon_ _100
100
Preferred
Stew War Speed corn _ _100
100
Swift & Co
Swift International
Union Carb&Carb (no par)
Rights
United Paper It'd com_100
Ward Montg'y & Co pref_ _
Western Stone
100
Wilson & Co corn
100
Preferred
Bonds
Chic C'y & Con Rys 58'27
1927
Chicago Rys 55
Chic Rye 4s ser "B"
Commonw-Edison 58_1943
Met NV Side El ext g 4s'38
Northwestern Elev 58..1941
Pub Serv Co let ref g 5s'56
South Side Elev 430_1924
Swift & Co 1st g 5s__ _1944
Wilson & Co let 6s... _1941
Rangefor Year 1918.
Low.
High.
50 235
10 122
75 87
15 84%
1,033 9634
June
Nov
Jan
Dec
Sept
298
136
144%
93%
104
Dec
Jan
May
May
Nov
18%
75
%
8
4734
7%
100
10234
%
92
92
45
45
18%
14
40
25
107
4034
70
235
9234
133
5334
88%
47
102
32
4734
3
1434
100
1
46
91%
Jan
Nov
Dec
Dec
Jan
Jan
June
Dec
Dec
June
June
Oct
Oct
Oct
Dec
Sept
Dec
Mar
Apr
June
Oct
Aug
June
Jan
July
Jan
Aug
Oct
Apr
Dec
Feb
Aug
May
Jan
Oct
28
86
234
18%
71%
16
118%
133
11034 no 111
5434 55
56
56
56
2334 21% 2334
14%
14
55
55
25
25
121 121
48% 4734 49
9034 90% 90%
300 300
101 102
175% 173 176%
90
80
100 100
100
85
83% 78
12534 123 12634
4534
45% 40
55% 5734
56
3%
3
331
19% 20
20
108 108
434 634
5
7434
73
74
98
98
98
1,835
82
149
8,867
385
1,811
411
216
320
105
75
1,700
10
4,849
425
25
500
20
1,010
25
82
20
1,578
410
90
7,421
7,729
17,172
6,685
64,387
375
95
755
285
85
98
111
60
67
26
28
65
25
121
61
97
300
102
178
90
9134
85
146
50
69
3%
26
110
8%
77
99%
Sept
Feb
June
Nov
Apr
June
Nov
Nov
Dec
Nov
Dec
Oct
Nov
Oct
Jan
Jan
Dec
Dec
Nov
Nov
Dec
Jan
Dec
Dec
Feb
Dec
Apr
Nov
Nov
Dec
Oct
Feb
Dec
Dec
Mar
49
81
4934
95
5534
70%
87%
80
9834
9834
0,000
7,000
4,000
1,000
10,000
20,000
32,000
15,000
13,000
3,000
49
81
49
87%
45
70%
78
78
90
92
Dec
Dec
Dec
Sept
Apr
Dec
Oct
Oct
Sept
Oct
62%
88%
60
98
58%
7034
91
91
98%
98%
Aug
Apr
Nov
Nov
Nov
Dec
Nov
Sept
Dec
Dec
295
125
110
89
101% 10034
295
125
22%
82
295
125
112
89
101%
21% 2334
8134
34
8
834
62%
65
73.4
111
115
,
10234
34
3.4
82
34
934
65
8
115
103
34
95A 9634
81
9834
49
81
49
95
55%
76%
87%
7934
96 •
9834
•
5i
-The complete record of
Philadelphia Stock Exchange.
transactions at the Philadelphia Stock Exchange from Dec.
28 1918 to Jan. 3 1919, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Low. High. Shares.
Par. Price.
19
65
1034
70
75
73
53
53
62
62
109 109
52% 53%
41
38
77
76
27
28%
21
20
49
49
17
1834
6834 73
5334 5534
41% 44
50
50
84% 8534
43% 45%
19
55
1034
70
7334
10
Alliance Insurance
100
American Gas
10
American Milling
American Railways pref100
Baldwin Locomotive_ _100
Buff & Susq Corp v I c_100 71
100 53
Preferred v t c
Consol Trac of N J_ ..100
Continental Passenger_ _ _ _ -----Eleo Storage Battery_ _100
100 41
General Asphalt
100 77
Preferred
Co of N A_ _10
Insurance
100 21
J G Brill Co
Keystone Telephone pf.50
Lake Superior Corp.._ _100 18%
50 72%
Lehigh Navigation
50 5434
Lehigh Valley
Midvale Steel & Ord _50
50 50
Minehill & S II
50 84%
Pennsyl Salt Dag
50 45%
Pennsylvania
Philadelphia Co (Pitts)
3234
32
Pret (cumulative 6%)50
2434 2534
Phila Electric of Pa_ _ _25 25
26% 27
Pinta Rapid Transit v t r 50
71
71
Philadelphia Traction _ _50 71
50 8334 80% 83%
Reading
38
38
50
let preferred
234 2%
234
Tono-Belmont Devel_
3
3
3
1
Tonopah Mining
150 150
Union Passenger
383-4 39
50 39
Union Traction
190 100
100
United Cos of N J
x7034 7234
50
United Gas Impt
95%
94
U El Steel Corporation_100
45
44
West Jersey & Sea Shore 50
83
80
_100
Wm Cramp & Sons_ _ _
Rangefor Year 1918.
Low.
10 19
28 50
934
100
10 58
610 5834
45 58
3 46
250 62
25 109
1,072 48
1,548 1434
1,130 47
64 24
260 18
31 4634
4,470 12
818 61%
1,817 5334
2,888 41%
40 4934
58 80
7,954 4334
50
3,784
4,370
180
1,160
70
3,055
810
106
7,550
2
3,618
3,520
95
167
•
High.
Jan 19% Jan
Jan
Aug 89
Jan 1134 Aug
Feb
Oct 80
Jan 100% May
Jan 7534 Dec
Dec
Jan 57
Mar
Dec 67
Dec
Dec 109
Oct
Mar 57
May 40% Dec
Dec
Jan 78
Jan 28% Dec
July
Jan 27
Sept 5734 Jan
Jan 21% July
Jan 7634 Nov
Dec 6534 Nov
Dec 59% May
Nov
Nov 52
Oct 8634 Nov
June 5034 Nov
Mar 37%
29
24 June 2734
23% Mar 30
z6534 Sept 72%
Jan 9534
71
Aug 38%
33
3%
1 5-16 Sept
4
234 July
Dec 150
150
36% Aug 42%
18234 Aug 195
6234 Oct 7734
86% Mar 11634
May 48
39
Jan 9534
74
Nov
Nov
Jan
Nov
Oct
Nov
Mar
Jan
Dec
Jan
Feb
Nov
Aug
Mar
June
Bonds
Jan 102.40 Aug
$150 97
98.80 98.80
U S Lib Loan 3348_1932-47
400 92.60 Dec 97.90 Jan
93.00 95.20
1st Lib Loan 48_1932-47
850 92.40 Dec 97.84 Nov
92.50 92.60
48_1927-42
2d Lib Loan
350 94.00 Dec 95.90 Sept
94.00 94.00
2d Lib Loan 434s 1927-42
95.10 96.38 11,100 94.30 Sept 98.52May
3d Lib Loan 494s_ _1928
94.00 05.50 175,850 94.00 Dec 08.00 Nov
4th Lib Loan 434s. _1938
Feb
Sept 95
23,000 85
90
90
Consol Trac NJ 1st 5s 1932
Sept 73% May
12,000 67
71
70
Elec & Peoples tr ctfs 4s'45 71
Jan
July 42
13,000 36
40
40
Inter-State Rys coil 4s 1943
Jan
6,000 8734 Oct 90
90
89
Keystone Teleph 1st 5s '35
Dec
5,000 47% Jan 62
59
59
1924
Lake Superior Corp 58
Oct 10134 Oct
4,000 101
Lehigh Valley Cons 6s 1923 10234 10234 10234
May
1,000 9934 Sept 101
100% 100%
Lehigh Vail Coal 1st 55'33
Jan
Aug 40
35,000 30
35
35
Natl Properties 4-6s. 1946
Sept 9834 Jan
93
27,000
96
94
Penns RR consol 430 1960
Dec
Mar 78
1,000 70
77
77
Ms 4s 1943
Peoples Pass tr
21,000 85% Feb looq Dec
100 100
Phila Co let 5s stpd_ _1949
Jan
68,000 sog Sept 96
94% 95
Phila Electric let 58_1966 95
May
July 97
300 93
97
96
1966
small
do
Nov
62,000 mg Sept 91
1997 8634 84% 86%
Reading gen 4s
Apr 6734 Nov
0334 10,000 54
63
United Rys Invest 5s.1926
JAN. 4 1919.1
THE CHRONICLE
Volume of Business at stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Total
588,099
1,204,402
919,518
474,165
765,828
Slate, Mon.
& Foreign
Bonds.
Bonds.
Far Value
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad,
Stocks.
Week ending
Jan. 3 1919.
851,805,150 81,614,000
4,203,000
106,701,450
84,041,610
2,136,000
HOLI DAY
44,884,400
1,705,000
2,509,500
72,143,425
U. S.
Bonds.
$434,000 $17,477,000
761,000 41,279,000
771,0001 24,534,000
855,0001
3,314,500
7,124,000
6,871,000
3,952,012 $359,576,035, 812,257,500 $6,135,500 $97,285,000
Jan. 110 Jan. 3.
Week ending Jan. 3.
Soles at
Vew York Stock
gichange.
• 1919.
1918.
1919.
1918.
4,720,690
3,952,012
Stocks-No. shares_ _ _
8359,576,035 $433,628,500
Par value
$12,000
$1,100
Bank shares, par
Bonds.
Government bonds_ _ _ $97,285,000 $9,912,500
3,437,000
6,135,500
,
State,mun. &c., bonds
rut. and misc. bonds_ 12,257,500 10,054,500
1,2:39,993
$117,027,825
$12,000
3,356,290
$311,084,500
$1,100
$13,995,000
4,169,500
4,304,500
$5,783,500
2,093,000
5,589,500
$115,678,000 $23,404,000
822,469,000
813,466,000
Total bonds
DAILY TRANSACTIONS AT TIIE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Jan.3 1919.
Saturday
Monday
Wednesday
Wednesday
Thursday
Friday •
Total
I
Philadelphia.
Baltimore.
Shares. ,Bond Sales.' Shares. Bond Sales. Shares. BondSales.
20,610 $182,450,
65,317, 472,350,
169,450;
44,803
I
14,269
77,900!
14,941
12,000
I
159,910 $914,150!
6,360
871,750
19,874
372,250
22,978
74,850
IIOLI DAY
4,414
29,300
10,206
32,000
63,832
$580,150
756
3,661
4,222
$13,600
38,000
118,000
2,489
1,605
23,200
9,000
12,733
$201,800
Now York "Curb" Market.-Bolow we give a record of
the transactions in the outside security market from Dec.28
to Jan. 3, 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 Now 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 transactions. 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.
Sales
Friday
Last Week's Range for
Shares.
of Prices.
Sale.
Par. Price. Low. High. Week.
Week ending Jan. 3.
Stocks-
___
Aetna Explos_r. (no par)
Air Reduction r__(no par)
Brit-Am Tob ord. bearer Ll
Butt'w'th-Jud Corp-r(t)
100
Chevrolet Motor
Columblaville Woolen r 10
Curtiss Acropi & M com(t)
100
Preferred
Dlctagraph Products_ r_10
Edmunds & Jones Corp
Common r
(t)
Emerson Phonograph_ _5
General Asphalt, coma* 100
Gen Motors 6% deb stk w I
Gillette Safety Razor-r (t)
Hupp Motor Car Corp_10
Intercontinental Rubb_100
Keyst Tire & Rub.com_10
Lake Torpedo Boat_r_ _10
Marconi Wlrel Tel of Am_5
Mitchell Motors_ r (no par)
100
Nat Ice & Coal_r
North Am Pull) & PAD (t)
Peerless Trk & Mot Corp50
Penn Seaboard SteeL-(t)
Perfection Tire & Itub _r _1
Poulson WIreless_r_ __ _100
10
St Joseph Leathr
10
fimIth Motor Truck r
5
Steel Alloys Corp_ r
Bubmar Boat Corp v to..(t)
Todd Shipyard Corp r(t)
United Motors r.._(no par)
United Profit Sharing_ _25c
US Light & Ilt coin_ r_ _10
10
U.S Steamship r
5
Wayne Coal
World Film Corp v t e_ 5
Wright
-Martin Alro r--(t)
Profcrroti_r
100
Rights
General Motors
5%
50
24
24%
2041
147
150
11%
11%
11
50
748
8%
7%
Low.
5%
7% 41,300
204 50
58
6,000 14%
25
300 19
20)4
3,300 100
155
580 10%
11%
22,000 10
14
525 50
50
735
,
844 8,750
200
1,100
3,150
2,500
1,371
2,600
5,050
53,150
2,400
14,000
1,125
900
3,000
1,000
810
17,700
800
230
38,500
600
19,500
25
25,600
5,750
3,335
26,900
10,100
2,000
3% 4% 25,300
61)4
300
01
21
21
2
2%
40% .37% 40%
79
78
79
109 114
113
4% 43i
4%
log 14)5
1434
43)4 46%
44%
1%
1%
3% 4%
444
20
25%
50
42
49
2)1
2%
18%
18
40
40%
11-16
%
%
5% 6%
13
12
1-32 3-32
8% 8%
9% 13%
1:3%
102 102
3248 35
34%
7-16
%
1%
1%
1%
4%
5)4
5
4% 418
43-8
Range for Year 1918.
1% 1'2%
7,400
21
1
23%
78
77%
2%
8
11%
1%
2%
20
42
2
13
34%
36e
5%
10
.12
5
9%
73
19%
34
1
3%
2%
%
3%
45
High.
Dec 16%
Dec 77
Apr 25
Dec 59%
Jan 160
Sept 12
Nov 42
Dec 74
Dec
8
May
Mar
Dee
May
Oct
Oct
Juno
June
Dec
Dec 21
Dec
4% Jan
Aug
June 40% Dec
Nov 83% Nov
Mar 114
Dec
Jan
594 Nov
Aug
15q Oct
Oct 46% Dec
Dec
6
May
July
53, Nov
I)ec
34
June
Dec 48
Dec
Apr
4% Aug
Apr 20
Feb
Nov
56% Juno
Dec
1
Deo
Dec 15% May
Dec 17% Feb
Dec
2% Apr
June
83-4 Dee
Dec
20% May
Jan 102
Dec
Jan 35% Nov
Feb 11-16 Feb
Mar
2% May
Nov
7% May
Oct
4% Dec
Dec
Mar
Dec 11% May
Feb 69
Juno
Friday
Sales
Last Week's Range for
Former Standard Oil
of Prices.
Sale.
Week.
Subsidiaries.
Par.
Low. High. Shares.
69
Range for Year 1918.
Low.
High-
Awrio-Amer 011_r
El
1,100 1134 Feb
18% Oct
17% 1”1
Illinois Pipe Line_r_ _ __100
155 155
Sept 192
10 138
Jan
National Transit _r _ _12.50
16
1634
400 14
Oct 16% Dec
Ohio OlLr
319 335
25
1,027 290
Sept 365
Jan
Penn-Mex Fuel_r
251 6234 60
65
1,300 26
Oct 64
Dec
Prairie Oil & Gali_ r__ __100
610 666
806 418
Jan 662
Dec
Prairie Pipe Line_ r _ _ __100
242 275
40 242
Dec 296
Oct
South Penn Oil_r
100 302
298 305
100 245
Sept 300
Oct
Standard Oil (Calif) r_ A00 266
250 280
540 210
June 260
Dec
Stand 011 of N Jr..
...100 688
648 710
950 490
Sept 710
Dec
Standard 011 of N Y_ r _100 319
301
329
1,070 248
Sept 327
Dec
Union Tank Liner. _100
25 85
107 107
Mar 107
Dec
Vacuum Oil
100
430 317
405
391
Sept 420
Oct
Other 011 Stocks.
Atlantic Pet roleuin _ r_ _ _ _5
3
2% 3
3,000
3
Mar
244 Mar
Barnett Oil & Gas r
1
3-16
4,800
3-1
41
1 .3 Aug 1 3-16 Jan
4
Boston-Wyoming Oil_ r_ _1 22e
20c
23c
15,000 15e Sept 33c
Jan
Cosden & Co common r 5
7
6%
744 28,200
Sept
8% Feb
Crystal Oil & Ref r
1
13,4
35
1%
June
1%
1
1% July
Elk Basin Petroleum r _ _ _5
6
5y, 6
3,300
5% July
7% Oct
Esmeralda 011 Corp _ r
5
1
4%c 60 57,400
6
2
3c Sept
5-16 Jan
011 r
234Fedral
1% 2% 10,200
4
Feb
131 Aug
Glenrock Oil r
434
10
3)4 4% 17,200
Jan
5
234 Sept
Houston 011 corn r__100 81
73% 82)4
6,900 39% Jan
86%IJune
Internet Petrol .r
.£1
16% 20% 18,600 12% Feb 19% Dec
2044
Island Oil& Trans r
794
5% 7% 87,500
10
154 Jan
6% Dec
Kenova. Oil
15e
1
16e
13c
27,300 3-32 Jan
4. Feb
Kinney Oil_ r
1
5,000
Apr
)8
1
)8
34 Dec
Merritt 011 Corp_r
24%
22
4,300 17% Mar 29% June
Metropolitan Petroleum25 22)1 2 1-16 2% 40,500
M
4
Jan
23-4', Dec
Midwest 011 common r__1
1.16
1.13 1.20 31,500 87e
Apr
1.35 Dec
Preferred.r
144 17-16 8,800
1 1 7-16
Apr
1)4 Dec
1
Midwest Refining_r__50 129
122 130
2,800 97
Mar 139
Nov
Northwestern 011, com_r_1 52c
46c 54c 41,500 42c Sept 89c
Feb
Oklahoma Prod & Ref
9% 10% 35,500
5 103-4
6% Apr
10% Oct
Okmulgee Prod & Refg_ _5
2
2%
700
1
Dec
234
11% Mar
Omar Oil & Gas corn_ _I
22c 23e
6,000 18c Nov
40e
Jan
Queen 011_ r
72
18c
12c 20c
18,700
80 May 86e
Jan
Royal Dutch Co new_r__5II
66% 7444 26,700 56
Nov
82
Nov
Sapulpa Refining r
6% 7% 6,100
5I
7%
Sept 10% May
Savoy 011
200
696
6% 644
51
Oct
6
9% Jan
Security Prod & Refg_ _ _ _5
14
5-4 14,200
34
5-4 Sept
34 Oct
Sequoyah 011 & Ref
44 9-16 2,700
9-16
1% Mar
31 Sept
Sinclair Gulf Corp_r_(t) 2314
1
Jan 24
6 21% 23% 14,100 15
Oct
Southwest 011.r
I 40c
39c 40c
2,000 25c Sept 58c June
Stanton 011.r
1% 1%
7,400
1
134
2% Mar
3-4 Sept
Texans Oil & Refg_r_ _ _ _1
20c
20c 22e
1,600 3-16 Nov
1% May
Victoria 011.r
2
2% 2,400
6% Mar
13.4 Sept
Mining Stocks.
Alaska-Br Col Metals..10 5
Alaska-lint
45c 50e 29,500
2
_ :
5-16 Apr 70c May
America Mines_r
89c 910
1 91c
700 34o July 91c
Dec
Atlanta Minas
Sc
1
53.4c
544c 13,300
3c July
13c
Feb
5 15-16
Big Ledge Cooper
14,600
44
1
% Sept
1% Mar
13ooth_r
16e
16e
1
500
3c
Jan
23c
Dec
Boston & Montana Dev_ _5 520
52c 54c
7,800 38e Sent 96c Mar
Butte & N Y Copper_ _ I
7,000
31
45
%
13-4 May
3-4 Dec
Caledonia
28c
27c 29c
13,200 27c Dec 56e
Jan
Calumet &Mining1
Jerome Cop _r 1
34
7,600
44
% Dec
%
134 Mar
IA AD;
2 1 15 16 2)f. 4,400
Canada Copper Co Ltd_..5
2% Dec
Candalarla SlIver_r
1
53c
52c 53c
11,550 37o Aug 53c Dee
Cash Boy
744c Sc
1
8c
16,700
30
Oct 190 Feb
Cerbat Silver M & M_r I
IN
1%
3,600 42o
13-4
Jan
1% July
Consol Arizona Smelt......5 1 9-16 1 7-16 1 9-16 9,200 1 5-16 Feb
29-fa Nov
Consol Copper Mines
5
69.4
4% Aug .
5% 6% 11,300
7% May
Cresson Cons Gold M&M 1
4% 5% 11,400
431
4% Mar
6
Nov
1)arwin Lead & S M & I)_5
5
5
100
244 Feb
5
Dec
El Salvador Silver_ r
1%
3,600 55c Mar
1)4
1
1% Dec
Eureka Croesus Min r
1% 3,850
144
144
% Feb
2% June
First National Copper___5
134
775
174
1% Sept
13-4
2% Jan
Goldfield Consolidated _10
21c 23e
4,500
17c
Oct
7-16 Jan
Great Bend _ r
4)4c 2,500
4c
1
244eSept
10c
Feb
Heels Mining
4%
25e 4 13-16
1,850
49-4
2% Jan •6'3{, Nov
Howe Sound
3% 4% 2,450
1
3% Dec .
4% Dec
Jim Butler_r
34c
36c
5 35c
1
7,750 32c
Dec 90c
Jan
Jumbo Extension
4
12c
18:
14e
1
5,000
8o July
24c
Jan
Kerr Lake
sy, 5% 1,000 5
Jan
6% Jan
Kewanus_ r
7%c 3,500
7c
1%c Oct
Feb
Oc
3-16 5-16 8,000 3-16 Dec 11-16 Apr
La Rose Consol Mines.. _5
Liberty Silver (prospt)_r_l 53e
45e
57e
5,650 28e
Feb
62c July
Lone Star Consol_ r
6c
1
831c
944c 315,000
lc May
33c July
MacNamara Mining_r _1
32e 33e
3,500 32c Dec 340 Dec
Magma Chief
25c 25c
400
% Apr
1
% May
Magma Copper
23
26
2,725 23
5
Dec 42
Jan
Mason Valley
2% 2%
5
7.500 '2% Dec
6% Jan
Mother Lode.r
1
34c
33e 35c
5,700 25c
Jan
56e
Apr
NIpis.sing Mines
8% 9
5
1,100
8
Jan
9% Dec
Nixon Nevada
40c 45c
15,400 31c
1% Mar
Oct
Onondago Mines _ r
4)4
7,100
2
33.4
Jan
6
July
Ray Hercules Mlning_r ; 431
3% 3,400
5
1
Dec
3
4% Jan
25c 29c
Rochester Mines
1
26e
11,200 27e
Jan
54c May
8%c 8%c
San Toy Mining
1
700
7c Sept
18e
Jan
14% 16
Seneca Copp Corp (no par)
4,000
16
744 Jan
Dec
60e
Silver Canon
74c
1
4,600 60c Sept 88e Dec
Silver Pick Consol_ r
1
034c 544c 644c 3,500 244c Oct 9%c Dec
Standard Sliver-Lead. _I
200
% Dec
34
34
45 Apr
16e
Stewart
16e
13,300 11e Aug
1
% Jan
Success Mining
7e
8c
1
4,700
7c
Jan
17c Dec
2 9-16 2% 3,500
Tonopah Belmont Dev r_l
1% Sept
3% Mar
Tonopah Extension
2
1
2
2% 13,700
1
Nov
2% Dec
Tonopah Mining
3
1
3
1,500
2% Sept
4
Jan
Tuolumne Copper
1
34
3,000
31
1% Mar
N Dec
4%
4)4
United Eastern Mining_A
3
2,760
5% Feb
July
25e 26e
Ward Mining & Milling_ _1
26c
4c May 52c Nov
13,000
89c 91c
Washington Gold Quartz_l
91e
2,500 73c
Oct 91c Dec
1 3-16
West End Consolidated_ 5
4,000 65e
Jan
114
I% June
I3c
17c
17e
Western Utah Exten I r_ _1
19,500 llo
Oct 23c Sent
10e
Ile
White Caps Mining___10c lie
13,400 834c Sept
% Jan
13,4
White Knob pref r
10
500
1
1% Nov
June
131
Wilbert Mining
Sc
5c
40 Sept
1
14c
2,000
Jan
24% 24%
Yukon-Alas Tr Ws_ _ (t)
30 21
Dec 26
Dec
Bonds
Amer Tobacco serial 7s r'19
101
101
$3,000 100% Oct 101% Dec
Serial 7s_ r
1921 102% 102% 102%
2,000 9934 Oct 102)4 Dec
Serial 7s_r
1922 102% 10231 102% 17,000 99;i Oct 103)4 Oct
102% 103
Serial 75 r
1923 103
62,000 99% Oct 103
Nov
Anaconda Cop Min 6sA'29 9831 98% 98% 160,000
Beth Steel esr 7s_ r_1919
100% 100%
7,000 98% July 101
Aug
Serial 7s_r
1923 10031 100% 101
57,000 9644 July 101 , Dec
Canada (Dorn of) 5s..1919 9944 .99
9994 190,000 94% Jan 99% Dec
Ch&NWRygen5sw1.
87 10094 100% 100% 175,000 100% Dec 101% ,Dec
102 10234 9,000 97% Aug 102% Dec
Cudahy Pack 7s
1923
Federal Farm Loan 5s____ 1039-4 103% 104
85,000 10134 June 106% Aug
Interboro R T 7s... _ _1921 91
89% .92% 295,000 90
Dec 99% Nov
on% 100)4 65,000 99% Nov 100% Nov
KanCityTermRy as w I '23 1009-4
9944 99% 50,000 98% Nov 99% Dec
Uggett&Myers Tob 681921 9994
Penn RR gen 5s w I
983,' 98% 98% 480,000 98% Dec 99% Dec
48
Russian Govt 6%e r.._1919 52
55 247,000 38
Mar 78
Oct
42
5%s_r
53 176,000 32
1921 50
Apr 73
Nov
St Paul Union Depot
1923 99% 98% 99% 215,000 9854 Dec 99% Dec
Studebaker Corporation
5 bakcr
i
Serial 7s_r_wl
1921
99% 99%
1,000 9934 Dec 100
Dec
99
Serial 7s_r_w I
99
_ _1922
20,000 98% Dec 100
Dec
1924
97% 97%
Serial 7s_r_w I
1,000 97% Dec 99% Dec
97
97
Serial 7s_r _w L _ _ _1925
3,000 96% Dec 97
Dec
93% 9(34 380,000 93% Dec 98% Dec
Wilson & Co Inc flow 1 '28 943.4
• Odd lots. t No par value. I Listed as a prospect. I Listed on the Stook
Exchange this week, whore additional transactions will be found. o New stock
r Unlisted. to Ex-cash and stock dividends. to When issued. x Ex-dividend.
y Ex-rights. C Ex-stock dividend.
[VOL. 108.
THE CHRONICLE
70
CURRENT PRICES.
-The partnership lately existing between John II. Brooks, George G.
Brooks, Thomas R. Brooks, J. Edwin Weissenfluh and Fred B. Atherton,
under the firm name of Brooks & Company, Scranton, Pa., expired by
limitation on Dec. 31. George G. Brooks is authorized to make settlement
of all debts owing to or by the late firm.
-Winslow, Lanier & Co., 59 Cedar St., this city, announce that Charles
Lanier, James F. D. Lanier, Robert M. Pettit and Reginald Bishop Lanier
as general partners will continue the banking business of this old concern
at home and with foreign countries, as successors to the old firm with the
same name and at the same address.
-The firm of Well, MacMeekin & Co. of Philadelphia was dissolved Jan.
1 by mutual consent. The business will be continued by James A. S. MacMeekin under the firm name of MacMeekin & Co., transacting a general
banking and brokerage business, specializing in Government, municipal
and high-grade railroad bonds.
-The Equitable Trust Co. of N. Y., Bond Department, has issued a
pamphlet showing the comparative earnings of the principal telephone
companies, their management, and operating policies and the market
records of their bonds. A copy of this interesting analysis may be had
upon application.
-Lawrence L. Gillespie and Holliday S. Meeds, Jr., have formed a
co-partnership under the firm name of Gillespie, Moods & Co., to deal
in the distribution of investment securities at 44 Wall Street, New York,
on and after Jan. 11919. An office will also be conducted in the DuPont
Building, Wilmington, Del.
-Kidder, Peabody & Co. of 115 Devonshire St., Boston, and 17 Wall
St., New York, advise the purchase and are making a specialty of United
States Government bonds. Kidder, Peabody & Co. are prepared, at any
time, to buy or sell large or small lots of United States Government bonds.
-J. Wood Rutter, formerly of the firm of Rutter & Ream and Rutherford Hopkins, formerly with Abbott, Johnson & Co., announce that they
have formed the firm of Rutter & Co. at 2 Wall St. to deal in bonds and
high-grade investment securities. Telephone Rector 470.
-The bond department of the Continental & Commercial Trust &
Savings Bank, Chicago, has issued the usual January circular of investment securities, describing and offering bonds and notes of various wellknown properties as well as various municipal issues.
Charles E. Doyle and Edward Sykes announce that they have formed
a co-partnership under the firm name of Charles E. Doyle & Co.,to transact
a general brokerage business in stocks and bonds, with offices at 30 Broad
St., this city, telephone "7106-7-8-9 Broad."
-White, Weld & Co. and William A. Read & Co. of this city are jointly
advertising in this issue and offering $1,265,000 Pacific Power & Light Co.
First and Refunding (now first) Mortgage 5% bonds, due Aug. 1 1930..
Price 89% and interest, to net over
-The January Investment List of Estabrook & Co., 15 State St., Boston,
and 21 Broad St., N. Y., offers for sale a very largo variety of municipal
and other securities, yielding from 4.05% (for State of Massachusetts 3As)
up to 6A %.
-Wood,Gundy & Co.announce that Mr. Arthur W. Scripture and Mr.
William E.Wilder who have been associated with the business for a number
of years have been admitted to partnership, beginning Jan. 1 1919.
-The co-partnership heretofore existing under the firm name of Hanson
& Doyle, composed of Arnold R. Hanson and Charles E. Doyle, 30 Broad
St., this city, has been dissolved by mutual consent.
634%.
William H. Schubert becomes a partner of Louchhelm, Minton & Co.,
Mr.Schubert
Is Manager of the Hotel Astor office of the firm.
- Wood Rutter and Rutherford Hopkins announce that they have
J.
formed the firm of Rutter & Co., dealers in investment securities, with
offices at 2 Wall Street.
J. Kenneth Clarke and Edward W. Hubbard announce that they have
formed the brokerage firm of Clarke & Hubbard at 40 Exchange Place,
this city.
14 Wall St., are advertising a list
-In this issue Remick, Hodges &
Co.,
of conservative municipal bonds suitable for banks, estates and individuals.
Scott & Stringfellow of Richmond, Va., announce that Thomas
Branch McAdams was admitted to membership in their firm on Jan. 1.
Boettcher, Porter & Co., bonds, investment securities, Denver, Colo.,
have issued a circular offering January 1919 investments.
-Ray A. Miller of the firm of Earle A. Miller & Co. has returned from
service in the navy and is again actively trading at his desk.
71 Broadway,this city, and Stephen Jonas retires on Jan. 1.
New York City Banks and Trust Companies
All prices now dollars per share.
Trust Co's. Bid. Ask
Banks.
Banks-N.Y Bid. Ask.
New York.
America*-___ 500 515 :Irving (trust
certificates) 274 280 Bankers Trust 1365 375
Amer Exch.._ 220 230
415 430 Central Union 407 415
170 180 Liberty
Atlantic
270 300 Columbia__ 305 315
Battery Park_ 190 200 Lincoln
Bowery *___ - 400Manhattan *- 180 190 Commercial_ 88 100
1285 295
BroadwayCen 135 SIE- Mech & Met- 330 340 Empire
125 135 Equitable Tr- 385 395
Bronx Boro*. 125 175 Merchants
__ Farm L & Tr_ 410 420
160 170 Metropolitan* 175
Bronx Nat
Fidelity
220
Bryant Park* 145 155 Mutual *......_ 375
230 2iiii25 New Neth*„ 200 215 Fulton
Butch & Drov 20
165 170 New York Co 130 140 Guaranty Tr- 305 375
Cent Mere
425
Hudson
135 145
412 417 New York_
Chase
150
__ Pacific•
---- Irving Trust_ jSee Irving
Chat & Phen_
540
INat Bank
115 125
Chelsea Exch* 245-- Park
___ Law Tit & Tr 96 102
Chemical_ _ _ 450 lig _ Prod Exch*._ 200
240 250 Lincoln Trust 175
Public
____
218
Citizens
460 470 Seaboard__ -.450 470 Mercantile Tr
City
de Deposit- 210
400 425
215 225 'Second
Coal de Iron
125 135 Metropolitan_ 345
_..
400- Sherman
Colonial*
120 125 Mutual(WestColumbia*__. 155 fii6 State *
..
cheater)
115 130
105 125
Commerce_ - . f201 ifo - 23d Ward*
.
Union Exch.._ 145 155 N Y Life Ins
Comm'l Ex*. 390
UnitedStates* 500& Trust_.... 775 825
-- __
CommonN Y Trust
595 610
195
_ Wash H'ts*... 275
wealth *_
-115
Continental*. 107 1 - Westch Ave*. 160 175 Scandinavian 290 305
290 310 Title On & Tr 335 345
350 357 Yorkville *
Corn Exch*
Transatlantic._170
Cosmoplano_ 85 100
Brooklyn.
US Mtg & Tr 46- 430
Cuba (Bk of). 175
ii- Coney Island* 140 155 United States 885 910
20
East River
265 280 Westchester
130 140
110 130 First
Europe
150 165
Brooklyn.
Fifth Avenue*11800 2200 Greenpoint
215 230 Hillside 'P.__ 110 120 Brooklyn Tr.. 500 515
Fifth
80 Franklin
70
220 230
950 975 Homestead *
First
62 Hamilton
._ 57
260 270
175 185 Mechanics' 4
Garfield
95 Kings County 620 650
85
___ Montauk 5.._
200
Gotham
200 207 Manufacturers 160
335 350 Nassau
Greenwich*
---290_ _
Hanover
735 750 National City 133 138 People's
245
. _ North Side_ 175 200 Queens Co-._ 65 - 6
Harriman__
75
130 140
People's
515 i'i
Imp & Trad
Bid.
Ask.
._
New York City Realty and Surety Companies
Alliance R'Ity
Amer Surety_
Bond & M GCasualty Co_
City Investing
Preferred__
All prices now dollars per share.
Bid. Ask.
Bid. Ask.
Bid. Ask.
65 Lawyers Mtge 107 112 Realty Assoc
55
(Brooklyn). 75
85
90
67 Mtge Bond__ 85
62
215 225 Nat Surety- 208 215 US Casualty_ 175 190
60
U S Title Guar
75 N Y Title de
_
95 West & Bronx
Mortgage__ 85
-- - 20
17
150 170
Title & M
67
60
Quotations for Sundry Securities
All bond prices are "and interest" except where marked
I
RR. Equipments-Perel.Basis .1
Standard Oil Stocks Pe r Share
6.00 5.60
Par Bid. Ask. • Baltimore & Ohio 4).is
Anglo-American 011 new_ .£1 1712 18 Buff Roch & Pittsburgh 4)0 5.00 5.60
5.90 5.60
Equipment 4s
100 1040 1060
Atlantic Refining
6.15 5.75
100 460 485 ,Canadian Pacific 4s
Borne-Scrymser Co
50 *94 96 ;Caro Clinchfield & Ohio 5s_ _ 6.50' 6.00
Buckeye Pipe Line Co
6.00 5.50
0 Central of Georgia 5s
Chesebrough Mfg new..„100 3CIO 32
6.00 5.50
I Equipment 43.s
100
Colonial Oil
6.90 6.00
100 500 515 - I Chicago & Alton 4e
Continental 011
7.25 6.25
50 *37 39 Chicago & Eastern Ill 5 yis
Crescent Pipe Line Co
7.25 6.25
Cumberland Pipe Line.. 100 175 185 I Equipment 4s
6.50 0.00
100 185 195 ;Chic Ind & Louisv 4s
Eureka Pipe Line Co
5.90 5.50
Galena-Signal 011 corn._.100 87 92 ;Chic St Louis & N 0 be
5.70 5.20
100 115 130 ,Chicago & N W 4)0
Preferred old
6.50 6.00
103 106 Chicago R I & Pao 4s
Preferred new
6.25 5.75
100 164 163 :Colorado & Southern
Illinois Pipe Line
6.20 5.70
50 100 104 'Erie be
Indiana Pipe Line Co
6.20 5.70
Equipment 4%s
International Petroleum_ V. *1912 2012
6.20 5.70
Equipment 4s
National Transit Co_ __12.5 *16 17
6.00 5.50
100 190 200 1Hocking Valley 4s
New York Transit Co
6.00 5.50
Northern Pipe Line Co_100 105 110 I Equipment 5s
5.75 5.35
25 *328 333 Illinois Central Ss
Ohio 011 Co
5.75 5.35
Equipment 4
25 *60 64
Penn-Mex Fuel Co
6.2' 5.75
100 640 650 Kanawha & Michigan 4
Prairie 011 & Gas
5.75 5.25
100 275 277 Louisville & Nashville 5s
Prairie Pipe Line
8.15 5.80
100 360 380 Michigan Central bs
Solar Refining
6.00 5.50
Southern Pipe Line Co...100 175 180 Minn St P&SSM
100 298 303 Missouri Kansas & Texas 5s.. 6.75 6.00
South Penn 011
6.75 6.00
Southwest Pa Pipe Lines_100 100 104 Missouri Pacific 58
6.40 6.00
Standard 011 (California).100 265 270 Mobile & Ohio 55
6.40 6.00
Equipment 4 As
Standard Oil (Indiana). _100 740 750
Standard Oil (Kansas)......100 525 550 New York Central Lines 5s.._ 6.00 5.70
6.00 5.70
Equipment 43.s
Standard 011 (Kentucky) 100 345 355
6.15 5.65
Standard 011 (Nebraska).100 470 490 N Y Ontario & West 4
5.70 5.30
_
Standard Oil of New Jer_100 683 693 Norfolk & Western 4
5.70 5.30
Equipment 4s
Standard 011 of New Y'k.100 317 320
5.70 5.30
'00 460 480 Pennsylvania RR 431s
Standard Oil (Ohio)
5.70 5.30
Equipment 4s
Swan & Finch
100 100 105
100 106 108 St Louts Iron Mt & Sou Is... 7.00 6.00
Union Tank Line Co
100 398 403 St Louis & San Francisco 5s.. 7.00 6.00
Vacuum Oil
6.50 6.00
10 *33 37 Seaboard Air Line 5s
Washington Oil
.5 6.00
Equipment 4 M s
Southern Pacific Co 4)s...
6.0 5.50
Sduthern Railway 4)is
6.25 5.70
Ordnance Stocks-Per Share.
0.50 6.00
Aetna Explosives pref....100 55 60 Toledo & Ohio Central 4s
5
American & British Mfg_100
2
Tobacco Stocks-Per Sh are.
Preferred
100 20 35
Ask.
Pi0,ar
Atlas Powder common.
...100 147 153
104 110
100 86 90 American Cigar common_
Preferred
Preferred
90
Babcock & Wilcox
100 109 111
15
0 60 80
5 85
Bliss (E W)Co common_ 50.250 325 Amer Machine & Fdry__10
Preferred
50 *65 75 British-Amer Tobaa ord....E1 *2112 24
25
Ordinary, bearer
Canada Fdys & Forgings_100 194 19514
140 ;290 20
01
3
Carbon Steel common. l00 90 97 Conley Foil
1st preferred
100 93 100 Johnson Tin Foil & Met..100 75 00
2d preferred
100 60 70 MacAndrews & Forbes.A00 190 10
I Preferred
100 95 05
Colt's Patent Fire Arms
25 *38 42 Reynolds (R. J) Tobacco_100 365 90
Mfg
B common stock
100 275 00
duPont(E I) de Nemours
Preferred
95
100 10 5 107
& Co common
100 247 253
A dividend scrip
98
100 91 92
Debenture stock
B dividend scrip
100 75 85
95 98
Eastern Steel
100 120 150
Empire Steel & Iron com_100 25 35 Young (J S) Co
Preferred
100 95 105
100 x65 70
Preferred
Hercules Powder com
100 197 204
Short Term Notes-Per Cent.
Preferred
100 105 109
-Pond com_100 100 110 Amer Cot Oil bs 1919...M&S 9918 995s
Niles-Bement
7% notes Sept 1919
10038 101
Preferred
100 95 98
Penn Seaboard Steel(no par) *40 4012 Amer Tel & Tel 6s 1919_F&A 100 10015
Phelps
-Dodge Corp
100 280 300 Balto & Ohio 5s 1919.....J&I 9914 9912
5
Scovill Manufacturing.._100 340 375 Canadian Pac 6s 1924.M&S 2 10038 100 8
Del & Hudson 55 1920-F&A 983 99
Thomas Iron
• 50 *25
4
Erie RR 5s 1919
A-0 95 96
Win Repeat Arms corn (new) 100
Preferred (new)
165 Fed Sugar Rfg 5s 1920 J&J 9712 9812
100 45 55 General Elee 65 1920_ _ _J&J 10034 1011s
Woodward Iron
3
6% notes (2-yr) 1919.J&D 100 8 100%
Preferred
85 95
Great North bs 1920......M&S 983 99
4
Stocking Val 6s Feb '19
K C Term liy 41s 1921_J&J 971 09 Public Utilities
MScN-55 Nov 15 1923_ M&N 15 100 10014
Amer Gas & Elea cora... 50*x93 103
Preferred
50 *44 47 Laclede Gas Lt 5s 1910F&A 9912 1001s
Amer Lt & Trac com
100 241 245 Liggett&MyersTob6s'21J&D 9914 9912
Preferred
N Y Cent 5s 1919__M&S 15 9914 997
100 99 101
Amer Power de Lt corn..
.1
52 56 I'enn Co 4s 1921-J&D 15 965 9714
4
Preferred
100 75 80 Pub Ser Corp NJ 5s '19.M&S 98 99
Amer Public Utilities com100 15 18 Rem Arms U M C 58'191r&A 9814 9914
Preferred
100 36 3912 Southern Ry 55 1919_M&S 2 98% 99
Carolina Pow&Light corn 100 32
Utah Sec Corp 6s'22.M&S 15 89 90
Cities Service Co corn.. 100 290 298 W'house El & M 6s'19_F&A 100 10018
Preferred
100 80 81
Winches RepArrns7s'19.M&S 995 100
8
Colorado Power com
100 26 2712 •
Industrial
and Miscellaneous
Preferred
100 9
98
100 210 215
Com'w'th Pow Ry & Lt...100 20 21 American Brass
Preferred
100 40 43 American Chicle corn
100 58 62
Preferred
Elea Bond & Share pref 100 d92 95
100 74 76
Federal Light dc TractIon.100
8 11 American Hardware
'100 x133 138
Preferred
100 40 43 Amer Typefounders corn-100 38 43
Preferred
Great West Pow 5s 1946_Jea 83 87
100 83 87
Mississippi Riv Pow corn..100 1012 1212 Borden's Cond Milk com_100 99 101
Preferred
Preferred
100 95 99
100 38 40
First Mtge 58 1951._..J&J 75 77 Celluloid Company
100 135 140
North'n States Pow com_100 58 61 Columbia Graphoph Mfg (t) *128 131
Preferred
Preferred
100 87 90
100 89 9012
North Texas Elea Co corn 100 57 62 Freeport Texas Co
35
01
3
Preferred
100 70 75 Havana Tobacco Co
10 *33
)
Pacific Gas dr Elec corn.
..100 43 45
Preferred
100
2
5
1st preferred
100 86 87
1st g be Juno 1 1922 J-D 140 46
Puget Sci Tr L & P cora_ _100 15 19 Intercontinen Rubb corn-100 14 15
Preferred
100 50 52 Internat Banking Co
100 160
Republic Ry & Light..
100 52
..100 1712 19 International Salt
Preferred
1st gold 5s 1951
A-0 70 7114
100 53 5512
South Calif Edison corn.
.100 82 86 International Silv,er pref _100 80 90
Preferred
Lehigh Valley Coal Sales- 50 *85 88
100 96 101
Standard Gas& El(Del)_ 50 *12 14 Otis Elevator common...10060 65
Preferred
100 81 87
50 *32 34
Preferred
Tennessee Ry L & P eore_100
3 Remington Typewriter
2
Preferred
Common
100 34 36
100
15
1st preferred
100 282 84
00 101
United Gas & Eleo Corp-100
3
5
1st preferred
100 38 40
2(1 preferred
104
22
2d preferred
100
5
8 Royal Baking Pow corn_ _ 100 180 130
Preferred
United Lt & Rys corn....100 38 40
89
1st preferred
100 70 72 Singer Manufacturing.. 100 180 185
Western Power common_100 15 17 Texas Pao Coal & 011__ _ _1001425 1500
Preferred
100 62 65 W'houseC hurchKerr&Co 100 64 67
100 80 86
Preferred
I
2
4
W-
* Banks marked with a (*) are State banks. t Sale at auction or at Stock
•Per share. b Basis. 4 Purchaser also pays accrued dividend. e New stook.
Exchange this week. 2 Includes one-third share Irving Trust Co. g New stock.
1 Flat Price. es Nominal. s Ex-chyldend. y Ex-rights. SEX-dividend of 28%.
g Ex-rIghte.
0) Without par value.
71
THE CHRONICLE
JAN. 4 1919.]
inoestuunt anti gailroati /ntelligente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns 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.
1Jan. 1 to Latest Date.
ROADS.
Latest Gross Earnings.
Jan 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
220,799 206,042 2,208,247 1,927,190
Alabama & Vicksb. November
Ann Arbor
3d wk Dec
84,458
57,124 3,419,276 3,065,512
Atch Topeka & S Fe November 14814265 12580398 148372062 128669967
Gulf Colo Sr S Fe October
1,768,506 1.629,583 15,796,925 14,032.454
Panhandle & S Fe October
510,798 650,899 4,893,461 5,765.304
Atlanta Birm & Atl November
461,321 351,689 4,234,205 3,600,252
Atlanta & West Pt- November
241.412 170,374 2,283,116 1,603,311
Atlantic City
November
440,424 187,904 3,943,609 3,027,832
Atlantic Coast Line November 4,991,597 3,765,412 51,372,447 39,455,234
Baltimore & Ohio November 15529392 11778278 158832635 122945071
B & 0 Ch Term.-- November
130,949 148,966 1,645,426 1,818,865
Bangor & Aroostook November
467,904 346,390 4,425,606 4,045,182
Bellefonte Central_ November
7,518
6,953
80,513
73,680
Belt By of Chicago_ November
307,327 302,604 3,594,965 3,537,891
Bessemer & L Erie_ November 1,088.102 1,168,726 12,554,752 11,682,313
Bingham & Garfield October
309,687 321.188 2,908,243 2.704,286
Birmingham South_ October
92,840 121.782 1,229,763
912,890
Boston & Maine
November 6,280,374 5,114,413 64,176,642 54,515,752
Buff Roch & Pittsb 3d wk Dec 330,035 298.945 17,817,939 14,905.755
Buffalo & Susq RR_ November
175,868 168,032 2,069,798 1,629.923
Canadian Nor Syst_ 3d wk Dec 1,277,000 738,300 45,649,000 40,604,090
Canadian Pacific.. 3d wk Dec 3,731,0003.051.000 150370883 146201646
Can P Lines in Me_ October
117,946 122,550 1,844,238 1,993.210
Caro Clinch & Ohio November
455,109 380,381 4,316,467 3,752,558
Central of Georgia_ November 1,789,054 1,625,069 18,790.847 14,387,635
Central RR of N J.. November 3,704,189 3,255,166 41,230,780 34,329,024
Cent New England.. October
456,095 477,316 5,058,304 4,581,251
Central Vermont.... November
428,997 379,314 4,735,741 4,120,500
Charleston & W Oar October
341,926 252,455 2,416,555 1,919,742
Ches & Ohio Lines.. November 7,263,217 4,924,538 66,631,181 49.902,851
Chicago & Alton.... October
2,388,753 1.911.764 20,124,094 17,171,101
Chic Burl & Quincy November 13071405 10380642 131533451 111954305
Chicago & East Ill_ October
2,731,341 1,898,964 22,206,343 17,465,428
Chicago Great West November 1,594,112 1,399,272 17,431,464 14,991,897
Chic Ind & Louisv_ November
984,968 800,038 9,971,999 8,411,673
Chicago Junction... November
308,535 282,702 3,096,606 3,000,065
Chic Milw & St P.._ November 11571383 11155099 120559910 104550780
Chic & North West November 11315957 9,503,849 116619479 99,476,025
Chic Peoria & St L.. November
157,032 219.888 1,988,183 2,015,611
Chic RI & Pacific November 8,665,381 7,781,794 91,445,672 78,204,333
Chic R I & Gulf October
385,065 378,683 3,642,362 3.117,128
Chic St P M & Om_ November 2,348,526 1,965,743 22,583.987 19,620,112
554,594 337.799 4.185,700 3,079,853
Chic Terre H & S E October ,
263,107 219,177 2,868.440 2,435,274
Cinc Ind & Western November
September
147,808 112,558 1,061,414
Coal & Coke
970,919
9,464 194,829
Colorado Midland.. September
991,011
Colo Sr Southern.. 3d wk Dec 257,160 240,561 12,178,656 10,596,787
,
Ft W & Den City November
781,879 658,160 7.150,198 5,892,053
111,092 128,243
Trin & Brazos Val October
947,427
834,428
105,000
Colo & Wyoming October
90.978
941,604
996,668
Constit Rys of Mex 1st wk Nov 621,178
79,954
89,833
Grip Crk & Col Spgs October
790,004
950,351
October
753.182 587,890 10,818.016 6,147,788
Cuba Railroad
Delaware & Hudson November 2,933,494 2,502,766 32,188,160 27,768,844
Del Lack & West November 6,264,230 4,880,755 62,730,352 52,925,159
Deny & Rio Grande November 2,935,940 2,624,939 28,482,682 26,038,789
Denver & Salt Lake November
177,453 187,160 1,993,650 1,934,878
Detroit & Mackinac November
108,396 105,422 1,399,192 1,237,311
326,846 231,148 3,090,747 2,702,659
Detroit To! & Iront November
Dot & To! Shore L_ November
178,116 141,115 1,794,797 1,680,180
Dul & Iron Range.... November
449,886 792,000 8,859,779 7,214,208
Dul Missabe & Nor November 1,377,248 1,751,215 21,303,126 14,961,564
65,492
Dul So Shore & Ati_ 3d wk Dec
70,634 4,634,467 4,208,395
Duluth Winn & Pac October
120.780 140,400 1,388,669 1,746,331
102,040
East St Louis Conn October
87,197
938,715
864,024
Elgin Joliet & East_ November 2,014,855 1,397,306 18,647,486 14,621,785
El Paso & So West_ November 1,261,595 1,019,468 13,668,195 12,459,001
November 8,232,525 6,426,714 79,679,000 65,872,976
Erie Railroad
Chicago & Erie.... October
1.209.803 852,421 8,797,711 7,307,573
686,018 8,019,537 8,019,537 7,483,634
Florida East Coast.. November
Fonda Johns & Glov November
92,557
81,602 1,023,981
974,279
115,682 144,044 1,175,197 1,038,120
Ft Smith & Western November
65,895
Galveston Wharf.._ November
72,143
938,123 1,000,038
699,506 475,478 6,078,975 3,829,504
Georgia Railroad November
Grand Trunk Pac 4th wk Nov 219,880
Grand Trunk Syst_ 2d wk Dec 1,385,902 728:653 67,343:422 55,607,503
Grand Trunk By 4th wk Nov 1,998,280 1,319,644 56,584,647 47.361,575
Grand Trk West.. November 1,864,402 1,495,096 17,165,003 14,684,911
Great North System November 10155811 8.054,625 90,812,867,81,649,320
Gulf Mobile & Nor.. November
211,219 199,673 2,198,94W 2,142,442
186,759 211,631 2,365,5801 2,126,157
Gulf & Ship Island_ November
Hocking Valley _ _.November 1,071,034 958,522 12,456,6171 9,948,828
,
.
Illinois Central
November 9,196,391 7,533,327 98,190,217179,746,003
Internat & Gt Nor_ November 1,174,600 1,249,477 12,298,539 11,327,359
132,983 110,946 1.112,5351 990.659
Kan City Mex & Or October
111,121 128,562
K Mex & 0 of Tex October
999,078 1,074.890
Kansas City South_ November 1,374,999 1,169,920 13,863,378 11,338,664
127,720
Texark & Ft Sm.. October
99,667 1.014.1021 910,520
114,613 102,206
Kansas City Term.. October
938,970
938.970
199,773 184,564 2,104,599, 2,089,302
Lehigh & Hud Riv_ November
337,903 326,994 3,655,1671 3,412,530
Lehigh & New Eng.. November
Lehigh Valley
November 6,014,373 4,559,628 59,692,726 49,495.607
1,482,289 1,216,365 12,039.570 10,567,777
Los Ang & Salt L.._ October
Louisiana & Arkan_ November
136,903 143,913 1,525,5801 1,426,928
Louisiana By & Nov October
261,905 262,159 2,515,4781 1,991,461
Louisville & Nashv.. November 8,187,716 7,287,165 91,748,390 70,040.802
Louisv Ilend & St L November
257,751 192,608 2,595,702 2,034;737
Maine Central
November 1,447.229 1,130,226 14,985,764,13.000,393
328,219 290,776 3,181,241' 2,670,125
Midland Valley..... November
3d wk Dec
22,266
Mineral Range
24,321 1,115,382' 1,182,245
Minneap & St Louis November 1,006,803 939,571 10,960,675 9,971,366
Minn St P&SSM November 3,478,413 3,068,555 32,025,114 31,960,405
94,201 109,232 1,166,525
Mississippi Central_ November
862,493
Missouri Nan & Tex November 3,124,371 2,398,310 30,193,721 23,656,018
Mo K & T Ry of Tex November
,
14,525,335
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
Mo & North Arkan,October
117.159 132,994 1.178.027 1.197.216
Mo Okla & Gulf.....
'November
141,822 192,452 1,658,930 1,761,689
Missouri Pacific.._ 1 November 8.249,835 6,851,450 81,498,804 71,540.000
Monongahela
1November
315,572 178,449 2,915,936 1,981.558
Monongahela Conn November
222,079 145,383 2,245,461 1,710,105
Nashv Chatt & St L November 2.073,269 1,429,991 19,864,025 13,840,363
Nevada-Cal-Oregon 3d wk Dec
375,278
4,608
6,424
279,329
Nevada Northern_ _jOctober
262,165 242,915 2.248,052 2,062,463
Newburgh & Sou Sh November
914,872
149,935
75,174 1,318,919
New Orl Great Nor..
'November
190,958 158,880 2,040,349 1,750,535
New Orl & Nor East November
490,965 472,499 5,902,664 4,457,360
N 0 Tex & Mex
!October
175.756 153,441 1,639.809 1.159.380
Beaum 8 L & W..!October
111.562
803.399
93,811 1.187.194
St L Browns & M October
461.585 325,321 3,661.414 3.204.783
New York Central..1November 28014171 20323564 267308434 219740943
Ind Harbor Belt.. November
518,485 413,625 5,061,456 4,776,154
Lake Erie & W....,November
841,434 705,357 8,570,884 7,499,910
Michigan Central November 6,382,961 4.756,05861,951,200 48,152,039
Cleve C C& St L.. November 6,134,343 4,525,298 66.093,555 48,406.492
Cincinnati North November
268,960 220,464 2,546,184 2,263,839
Pitts & Lake Erie November 2.802,700 2,246,246 30,230,268 23,681,336
To!& Ohio Cent..
'November
730,464 769,949' 9,050,777 7,504,984
Kanawha & Mich November
486.525 306,827 5,472,767 3,306,441
N Y Chic & St Louis November 2,189,445 1,403.157 20,151,020 15,607,415
NYNH& Hartf November 8.630.784 7,179,338 93,686,061 78,823,275
N Y Ont & Western November
750.649 719,527 10,071,006 8,476,630
N Y Susq & West November
426,557 275,354 4,015,791 3,236,666
Norfolk & Western.. November 7,910,911 5,889,669 75,175,346 60,555,477
513,104 415,446 5,186,947 4,883,652
Norfolk Southern November
Northern Pacific_ _ _ November 10028583 7,835,401 92,841,868 80,856,976
884,234
Minn & Internat. October
69,812
843.183
77,630
Northwest'n Pacific October
541.815 482,707 4,834,459 4,066.071
Oahu Ry & Land Co September
145,687 120,150 1,199,110 1.155,010
Pacific Coast
October
524,821 580,339
1,974,101
November 32915931 24155773 333169367 267753149
Pennsylvania RR
Bolt Ches & Atl November
130.631 111,201 1,301,306 1,200,366
648,617 393,657 5.321,515 4,460,151
Cumberland Vail. November
Long Island
November 1,691,535 1,381,465 20,552.913 15,959.656
Mary'd Del & Va October
102,947
851.453
881,113
99,461
N Y Phila & Norf November
740,538 502,400 6,867,317 6,111.681
827,664 548,532 9,808,432 8,008,471
W Jersey & Seash November
Pennsylvania Co...... November 9,200,041 6.820,380 86,575,711 72,846.146
Grand Rap & Ind November
633,873 500,679 6,649,119 5,986.981
Pitts C C& St L_ November 7,638,774 6,316,525 79.888,416 67,667,403
111,892 101.561 1053580 1,015,495
Peoria & Pekin Un_ October
Pere Marquette
October
2.960,109 2,157:387 23,400:041 19,549.682
99,409 102,095 1,227,382 1,067,154
Pittsb & Shawmut_ November
Pittsb Shaw & Nor. October
78,257 107.964 1,050.650 1,033,030
Pittsb & West Va.... November
141,068 148,968 1.722,803 1,463,891
Port Reading
November
262,928 248,141 2,342,016 1,832,571
723.844
97.010
890.777
Quincy Om & Han C Octobet
84,057
Reading Company:
Phila & Reading_ November 6,810,740 5,874,872 73,140,301 61,712,551
819.711 443,009 6,422,497 4,451,580
Rich Fred & Potom November
383,928 248,066 3.100.850 2,087,666
Wash Southern__ October
Rutland
November
341,702 350,686 4,199,931 3,999,774
240,797 221.411 2,208,768 1,947.699
St Jos & Grand Isi'd October
St Louis-San Fran.. October
6,612,190 6,430,115 57.326,977 47.346.597
95,234 103.093 1,050,973
911,482
Ft W & Rio Gr November
St L-S F of Texas October
123,620 111.345 1.161.660
961.335
St Louis Southwest 3d wk Dec 422,000 352,000
St L S W of Texas October
505,080 656,065 5,517,474 4,597,291
San Ant & Ar Pass_ November
434,933 401,228 4,000,350 3,740,962
Seaboard Air Line.._ November 3,362,067 2,727,558 35,313,920 27,507,652
November
South Buffalo
135,590
80.718 1,437,511 1,094,951
Southern Pacific.. November 13430018 11791455 139986983 119997572
361,920 348,454 4,083,942 3,915,064
Arizona East.. _ _ _ November
Galv Harris & S A November 1,852,920 1.746,995 19,423,431 17.908,972
704,683 840,277 8,240,927 7,316,539
• Hous & Tex Cent November
Hous E & W Tex_ November
188,206 167,441 1,891,188 1,675,441
344.195 375,946 3,973,791 3,299,470
Louisiana West November
498,865 732,086 7,511,099 6,204,164
Morgans La & Tex November
676,170 593,557 6,818,627 5,819,756
Texas & New Orl November
Southern Railway November 10466665 8,469,702 115846923 82,317,061
838,853 698,146 8,330.776 6,424,148
Ala Great South.. November
1,371,191 1,202,572 12,567.165 10,928,927
Cin N 0& Tex P_ October
591,210 471,648 5,411,699 3,984.862
New Orl & Nor E October
November 1,188,431 1,130,286 13,499,826 12,557,154
Mobile & Ohio
349,746 295,167 3,273,228 2,654,620
Georgia Sou & Fla November
South By in Miss October
162.714 133,646 1.175,771 1.023.804
94.124 104,666
797,298
Spokane Internat'l_ October
839,361
Spok Port!& Seattle October
899.060 622,366 7.001.361 5.637.547
Staten Island R T_ _ November
181,243 121,464 1,755,587 1,388.176
Tenn Ala & Georgia 3d wk Dec
2,288
118,575
1,852
134,794
Tennessee Central.. November
270,573 162,997 2,766,719 1,655.360
Term Assn of St L... October
385,560 299,740 3,214.265 3,168,013
377,687 301,252 3,065.338 2,629,086
St L Mer Bdg T. October
Texas & Pacific
3d wk Dec 727,739 534,939 26.151,579 21,903,477
Toledo Poor & West November
133,392 107,508 1,481,009 1,181,955
Toledo St L & West November
766,088 642,941 7,568.077 6,525,551
November 8.954,345 7,450,567 89,710,833 69,906,404
Union Pacific
Oregon Short L.... October
3,427.247 2,984.830 28,045,125 25,271.983
Ore-Wash RR &N November 2,141,428 1,958,256 23,922,334 20,244,215
Union RR (Pa)......_ November
613,871 492,477 6,432,149 5,370,796
October
152.010
Utah
1,175,274
Vicks Shreve & Pac November
248,586 246,593 2,365,305 1,980,865
Virginian RR
October
1.231,845 894.666 9,911,594 8,645,171
November 4,270,770 3.637,972 43,689,430 37,189,669
Wabash RR
Western Maryland.. November 1,384,844 1,187,852 13,656,724 12,361,567
Western Pacific........ November
760.121 797,158 10,174,320 9,019,647
Western By of Ala. October
254,764 175,971 2,070.806 1.376.180
Wheel & Lake Erie_ November 1,128,869 1,040,170 12,640,717 10,285,124
Wich Falls & N W_ October
89,309
840.609
106.120
869,399
Yazoo & Miss Vali_ November 2,173,895 1,788,419 20,078,207 16,342.070
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
week
week
week
week
week
week
week
week
week
week
week
Oct
Oct
Oct
Oct
Nov
Nov
Nov
Nov
Dec
Dec
Dec
Current
Year.
Previous
Year.
Increase or
Decrease.
%
:
7.172,415 5,656,143 +1.516,272 26.81
.
i10 roads)
7,762,172 6,931,491
15 roads)_
+8:30,681 11.98
15 roads)_ -_- 7.664.060 6,809.000
+855,060 12.04
16 roads).....- 11,833.602 10.309,702 +1.523,900 14.78
(16 roads)..... 7,581.166 6,615,360
965,806 14.59
7,191,421 6.850,256
(15 roads)____
314,165 5.03
111 roadsl_ _ 7,551,945 6,734,968
816,977 12.13
7.631.596 7.492.658
10 roads
+138,940 1.85
15 roads ___ 7,582,032 6,541,897 +1,010,1:35 15.99
13 roads ___ 7,853,955 5,756,694 +2,097,261 36.43
11 roris)____ 6,921,046 5,376,100 +1,547,946 28.79
• Monthly Summaries.
Mileage.
Cur. Yr.
December...247,988
Jauuary ____240.046
PO bruary __230.336
March
238.891
April
233.734
May.
230.355
June
220.303
July
231,700
August
230.743
September_232,186
October
230.184
Current
Year.
Previous
Year.
Increase or
Decrease.
Prey. Yr.
247.265 343.875.0.52 317.836,386 +26.038.666 8.18
239.885 282.394.885 294,002.791 -11.608.126 3 96
228.835 382.761.238 312.276.881 +50.484.357 16.22
237.463 285.776.203 260.627.752 +25.148.451 9.65
232.255 369.409.895 319 274.981 +50.134.914 15.70
228,892 374.237.097 342.146.098 +32.091.001' 9.38
219.294 :363.165.528 323.163.161 +40.002.412 12.38
2.30,570 463.681.172 346.022.857 +117061315 34.00
230.015 498.269.356 362.509,5 1 +135759 795 37.45
232.378 487.140.781 357.772.850 +120367,931 36.16
230,576 484,824.750 377,867.933 +106956817 28.30
72
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third week
of December. The table covers 11 roads and shows 28.79%
increase in the aggregate over the same week last year.
Third Week of December.
1918.
1917.
Ann Arbor
84,458
57,124
Buffalo Rochester & Pittsburgh
330,035
298,945
Canadian Northern
1,277,000
738,300
Canadian Pacific
3,
731,000 3,051,000
Colorado & Southern
257,160
240,561
Duluth South Shore & Atlantic
65,492
70,634
Mineral Range
22,266
24,321
Nevada-California-Oregon
4,608
6,424
St Louis Southwestern
422,000
352,000
Tennessee Alabama & Georgia..
2,288
1,852
Texas & Pacific
727,739
534,939
Total(11 roads)
Net increase (28.79%)
Increase. Decrease.
$
27,334
31,090
538,700
680,000
16,599
5,142
2,055
1,816
70,000
436
192,800
6,924,046 5,376,100 1,556,959
1,547,946
9,013
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--NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
71,167
Alabama & Vicksburg_ b Nov 220,798
206,041
35,276
557,734
Jan 1 to Nov 30
2,208,247 1,927,190
390,363
68,453
Ann Arbor_,
Nov 365,133
266,632
86,290
730,381
Jan 1 to Nov 30
3,215,738 2,881,057
328,367
Atch Topeka & S Fe_b_Nov14,814,264 12,580,398 4,427,736 4,578,583
Jan 1 to Nov 30
148,372,062 128669,967 45,393,458 48,299,932
41,268
Atlanta firm & Atl_bNov 461,321
351,689 def32,366
Jan 1 to Nov 30
4,234,205 3,600,252 def277,965
588,277
Atlantic City_b
Nov 440,423
187,903
2,675
191,384
Jan 1 to Nov 30
869,842
3,943,609 3,027,831 1,295,042
Atlantic Coast Line_b__Nov 4,991,596 3,765,412
863,707 1,097,170
Jan 1 to Nov 30
57,372,446 39,455,234 12,480,006 12,158,528
Atlantic & West Pt_b__Nov 241,412
170,374
80,504
60,917
Jan 1 to Nov 30
2,283,116 1,603,311
727,425
496,107
Baltimore & Ohlo_b___Nov15,529,392 11,778,277
620,658 1,917,818
Jan 1 to Nov 30
158,832,635 122945,070 13,255,096 28,737 176
Balt& OhioChiTermbNov
130,948
148.966
85,282
6,091
Jan 1 to Nov 30
1,645,425 1,818,864 def783,409 def17,685
Belt Ry of Chl_b
Nov 307,527
302,604
14,086
75,266
Jan 1 to Nov 30
3.594,965 3,537,891
114,052 1,007,872
Bangor & Aroostook_b_Nov 467,904
104,594
345.390
114,538
Jan 1 to Nov 3
4,425,606 4,045,182
591,657 1,354,544
Bessemer & Lake Erie b Nov 1,088,102 1,168,726
178,294
373,901
Jan 1 to Nov 30
12,554,752 11,682,313 4,088,223 3,765,473
Boston & Maine_b
Nov 6,280,374 5,114,412 def206,571
918,554
Jan 1 to Nov 30
64,176,642 54,515,752 7,318,015 11,967,949
Buffalo & Susqueh_b___Nov 175.867
168,031 def70,796
42,192
Jan 1 to Nov 30
2,069,798 1,629,922
18,137
324,713
Canadian Northern_a__Nov 4,679,500 4,050,200
660,700
754,700
July 1 to Nov 30
21,578.100 18,583,600 2,198,400 3,269,800
Canadian Pacific_a____Nov15,023,088 15,191,163 3,398,472 5,257,893
Jan 1 to Nov 30
141,786,843 139318,453 31,691.375 42,634,740
Caro Clinch & Ohlo_b__Nov 455,109
380,381
116,738
173,233
Jan 1 to Nov 30
4,316.467 3,752,558 1,054,591 1,613,776
Central of Georgia_b___Nov 1,789,054 1,625,069
397,325
595,583
Jan 1 to Nov 30
18,790,847 14,387.634 4,148,979 4,227,683
Central RR of N J_b_Nov 3,704,189 3,255,165
874,14
83,167
Jan 1 to Nov 30
41,230,780 34,329,023 8,852,722 10,587,672
Central Vermont_b____Nov 428,997
379,314 def67,269
42,151
Jan 1 to Nov 30
4,735,741 4,120,500 def109,106
704,671
Chesapeake & Ohio_b__Nov 7,263,216 4,924,537 2,319,889 1,517.724
Jan 1 to Nov 30
66,631,180 49,902,850 17,433,781 14,982,496
Chic & North Western b Nov11,315,957 9,503,848 1,896,629 2,675,503
Jan 1 to Nov 30
116.619,478 99.476,024 18,881,507 27,332,976
Chic Burl & Quincy-b__Nov13,071,405 10,380,641 3,365,062 2,890,493
Jan 1 to Nov 30
131,533,450 111954,304 29,929,811 38,651,585
74,803
Chicago Great West_b_Nov 1,594,152 1,399,271
294,168
Jan 1 to Nov 30
17,431,464 14,991,896 1,420,799 3,487,577
800,038
74,651
179,603
Chic Ind & Loulsv_b___Nov 984,968
Jan 1 to Nov 30
9,971,999 8,411,673 1,594,695 2,547,589
Chicago Junction_b____Nov 308,535
282,701 def13,517
18,895
Jan 1 to Nov 30
3,016,606 3,000,065 def296,715
354,786
650,273 2,144,014
Chic Milw & St Paul_b_Nov11,571,382 10,155,099
Jan 1 to Nov 30
120,559,909 104550,780 10,913,807 27,059,883
219,888 def61,437
48,235
Chic Peoria & St L_b___Nov 157,032
Jan 1 to Nov 30
1,988,183 2,015,611 def248,250
337,069
838,351 2,273,396
Chic R I & Pacific_b_-_Nov 8,665,381 7,781,794
91,445.672 78,204,333 14,000,265 20,201,214
Jan 1 to Nov 30
446,235
Chic St P Minn & 0_ b__Nov 2,348,526 1,065,742
495,910
Jan 1 to Nov 30
22,583,986 19,620;111 3,660,687 5,307,460
219,176 def21,737
30,418
Cin Ind & Western_b__Nov 263,106
Jan 1 to Nov 30
13,504
503,689
2,868,440 2,435,274
Colorado & Southern System
Ft Worth & Den Cy b Nov 781,878
235,962
264,249
658,160
Jan 1 to Nov 30
7,150,197 5,892.053 1,644,350 2,300,073
Delaware & Hudson_b_Nov 2,933,494 2,502,766
233,857
318,970
Jan 1 to Nov 30
32,188,160 27,768,844 3,556,447 6,458,952
Dela Lack & West_b___Nov 6,264,230 4,880,755 1,728,890 1,413,666
Jan 1 to Nov 30
62,730,353 52,925,159 17,636,486 18,771,394
Denver & Rio Grande.b.Nov 2,935,940 2,624,939
633.483
692,087
Jan 1 to Nov 30
28,482,681 26,038,789 5,644,765 8,264,498
Denver & Salt Lake_b_Nov
177,453
187,160 def263,240
21,468
Jan 1 to Nov 30
44,957
1,993,650 1,934,878 def669,407
Detroit & Mackinac_b_Nov 108,396
105,421 def82,717
11,373
Jan 1 to Nov 30
49,980
261,325
1,399,192 1,237,510
Detroit & Tol Sh Line b Nov 178,115
141,114
86,084
65,277
Jan 1 to Nov 30
787,522
881,032
1,791,796 1,680,179
Detroit Tol & Ironton b Nov 326,846
231,147 def82,385 def28,415
Jan 1 to Nov 30
3,090,747 2,702,659 def313.790
300,528
Duluth & Iron Range_b_Nov 449,885
791,999
def9,519
364,021
Jan 1 to Nov 30
8,859,778 7,214,207 4,428,214 3,134,723
Dul Missabe & Nor_b_Nov 1,377,248 1,751,215
732,395
944,237
Jan 1 to Nov 30
21,303,126 14,961,564 13,819,743 8,306,423
Elgin Joliet & East_b__Nov 2.014,851 1,397,306
805,531
429,981
Jan 1 to Nov 30
18,647,406 14,621,784 5,204,712 4,364,857
El Paso & Southwest_b_Nov 1.261,595 1,019,468
565,940
400,643
Jan 1 to Nov 30
13,568,194 12,459,001 5,659,616 5,793.981
Nov 8,232,525 6,426,713
Erie b
701,021
834,293
Jan 1 to Nov 30
79,679,000 65,872,976
338.206 10,833,687
Florida East Coast_b__Nov 686,018
6,213
617,608
238,736
Jan 1 to Nov 30
8,019,537 7,483,674 1,980,504 3,397,821
144,404
61,705
Ft Smith & Western_b_Nov 115,582
20,851
Jan 1 to Nov 30
1,175,197 1,038,120
154,159
191,939
Galveston Wharf_b__Nov
65,894
72,142
9,254
30,235
Jan 1 to Nov 30
938,122 1,000,037
309,765
437,475
Nov 699,505
Georgia_ b
475,477
246,127
172,643
Jan 1 to Nov 30
6,078,974 3.829,503 2.185,956 1,236.613
Roads.
[VoL. 108.
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Grand Trunk Lines in New
def62,653
Nov 252,264
England_b
def237,685
Jan 1 to Nov 30
1,105,237
262,727
Grand Trunk We.st_bNov 1,864,402 1,495,095
418,612
Jan 1 to Nov 30
14,684,911 1,153,723 2,089,346
17,165,503
Great Northern.b
Nov10,155,810 8,054,624 2,545,966 2,640,295
Jan 1 to Nov 30
90,812,866 81,649,320 16,663,831 27.343,437
62,220
17,453
Gulf & Ship Island_b___Nov 186,759
211,630
761,133
534,268
Jan 1 to Nov 30
2,365,579 2,126,156
63,941
Gulf Mobile & Nor_b___Nov 211,219
199,673 def24,601
703,070
Jan 1 to Nov 30
2,198,939 2,142,442
284,782
167,204
245,870
Hocking Valley_b
Nov 1,071,034
958,551
Jan 1 to Nov 30
12,456,617 9.948,828 2,802,937 3,245.087
Illinois Central_b
Nov 9,196,390 7,533,327 1,518,599 1,924,502
Jan 1 to Nov 30
98,190.217 79.746.002 17,372,560 22,728,575
438,117
127,325
Internat & Grt Nor_b__Nov 1,174,600 1,249,486
Jan 1 to Nov 30
12,298,590 11,327,359 1,858,367 3,511,161
473,319
Kansas City South_b_ __Nov 1,374,998 1,169,919
68,197
13,863,378 11,338,663 3,630,157 4,425,325
Jan 1 to Nov 30
82,743
Lehigh & Hud River_b_Nov 199,773
184,563
46,041
749,156
345,803
Jan 1 to Nov 30
2,104,599 2,089,302
113,601
326,993
103,445
Lehigh & New Eng_b__Nov 337,902
Jan 1 to Nov 30
3,655,167 3,412,529 1,074,370 1,317,515
789,588
Nov 6,014,372 4,559,628
941,498
Lehigh Valley_b
Jan 1 to Nov 30
59,692,725 49,495,607 7,888,488 11,273,146
41,350
23,223
Louisiana & Arkansas b_Nov 136,903
143,913
410,779
Jan 1 to Nov 30
220,805
1,525,579 1,426,928
57,059
86,222
Lottisv Hand & St L_bNov 257,750
192,607
741,699
799,668
Jan 1 to Nov 30
2,595,702 2,054,737
951,628 2,509,836
Louisville & Nasitv_b__Nov 8,187,716 7,287,165
91.748,390 70,040,801 20,027,642 21,935,163
4 Jan 1 to Nov 30
219,569
41,954
Maine Central_b
Nov 1,447,228 1,130,225
14,985,764 13,000,393
681,576 3,324,279
Jan 1 to Nov 30
98,252
52,197
Midland Valley_b
Nov 328,218
290,776
830,636
839,756
Jan 1 to Nov 30
3,181,240 2,670,124
198,698
32,813
939,570
Minneap & St Louis_ b_ _Nov 1,006,802
573,428 2,721,109
10,960,675 9,971,365
Jan 1 to NOV 30
518,863 1,078,796
Minn St P & S S M_b__Nov 3,478,412 3,068.555
Jan 1 to Nov 30
32,025,114 31,960,405 4,893,336 11,015,982
34.106
5,768
109,232
Mississippi Central_b__Nov
94,201
272,798
297,565
1,166,525
862,493
Jan 1 to Nov 30
607,123 •
878,845
Missouri Kan & Tex_b_Nov 3,124,370 2,398,310
30,193,720 23,656,018 5,647,749 6,748,650
Jan 1 to Nov 30
582,689
269,834
Mo Kan & Tex of Tex.b.Nov 1,858,479 1,737,164
990,781 2,381,496
Jan 1 to Nov 30
17,915,201 14,525,334
45,015
192,451 def20,529
•Mo Okla & Gulf_b__..._Nov 141,822
346,658
Jan 1 to Nov 30
1,658,929 1,761,689 def237,786
Missouri Pacific_b
Nov 8,249,835 6,851,449 1,855,383 2,131,661
15,432,160
Jan 1 to Nov 30
81.498,803
def5,788
14,044
145,382
Monongahela Connect b Nov 222,079
161,079
304,031
1,710,104
Jan 1 to Nov 30
2,245,461
369,295
341,488
Nashv Chatt & St L_ b_ _Nov 2,073,269 1,429,990
19,864,024 13,840,363 3,840,004 3,363,908
Jan 1 to Nov 30
35,652 def22,071
75,174
Newburgh & So Shore_b Nov 149,934
914,872
276,847 def22,966
Jan 1 to Nov 30
1,318,919
135,066
472,498 def23,096
New On & Nor East_b_Nov 490,965
Jan 1 to Nov 30
5,902,664 4,457,360 1,197,726 1,402,889
51,942
47,675
158.880
On Great North_ b_Nov 190,957
New
632,235
565,450
2,040,348 1,750,535
Jan 1 to Nov 30
20.323,563 7,837,868 4,228,764
New York Central_b___Nov28,014,171
267,308,434 219740,942 56,935,219 59,849,121
Jan 1 to Nov 30
220,464
59,969
50,721
Cincinnati North_b__Nov 268,960
606,811
426,301
2,546,184 2,263,839
Jan .1 to Nov 30
981,682
C C C& St Louis_ b__Nov 6,134,342 4,525,297 1,586,313
66,093,555 48,406,491 18,130,971 13.473,247
Jan 1 to Nov 30
61,917
413,624 def68,173
Indiana Harbor Belt b Nov 518,485
Jan 1 to Nov 30
5,061,456 4,776,153 def684,141 1,092,705
93,398
306,827
83,243
Kanawha & Mich_bNov 486,525
981,070
5,472,767 3,306,441 1,507,521
Jan 1 to Nov 30
118,161
705,356
138,620
Lake Erie & West_b_Nov 841,434
976,614 2,067,862
Jan 1 to Nov 30
8,570,884 7,499.909
Michigan Central_b_ _Nov 6,382,960 4,756,058 1,680,034 1,276,543
Jan 1 to Nov 30
61,951,200 48,152,039 15,330,278 12,891,514
147,828
769,949 def40,304
Toledo & Ohio Cent.b.Nov 730,464
898,848 1,951,895
Jan 1 to Nov 30
9,050,777 7,504,984
571,065
239,074
Chic & St Louis_b_Nov 2,189,444 1,403,156
NY
Jan 1 to Nov 30__. 20,151,019 15,607,415 4,408.236 3,457,891
270,704 1,814,338
N Y N H & Hartford_b_Nov 8,630,783 7,179,337
Jan 1 to Nov 30
93,686,060 78,823,275 14,797,515 22,633,241
719,527 def175,264
122,675
N Y Ont & Western_b__Nov 750,649
10,071,006 8,476,630 1,099,187 2,398,472
Jan 1 to Nov 30
275,354
93,993
55,083
NY Susq & Western_ b_Nov 426,557
4,015,791 3,236,656
576,483
750,912
Jan 1 to Nov 30
Norfolk & Western_b___Nov 7,910,910 5,889,669 2,185,140 2,200,185
Jan 1 to Nov 30
75,175,346 60,555,477 18,894,059 22,993,932
415,445
53,398
79,277
Norfolk Southern_b____Nov 513.103
507,436 1,505,108
Jan 1 to Nov 30
5,186,947 4,883,651
Northern Pacific_b____Nov10,028,583 7,835,400 4,017,035 2,382.423
92,841,867 80,856,976 28,295,191 32,406,460
Jan 1 to Nov 30
Pennsylvania RR_b____Nov32,915,930 24,155,773 2,292,386 4.089,288
333,169,366 267753,148 33,430,220 61,742.35Z
Jan 1 to Nov 30
391
111,201 def14,769
Balt Ches & Atlan_b_Nov 130,631
144,240
32,596
Jan 1 to Nov 30
1,301.306 1,200,366
150,655
393,657
309,963
Cumberland Valley_b Nov 618,617
Jan 1 to Nov 30
5,321,515 4.460,151 2,010,732 2,099,210
79,783
327,332
Nov 1.691,535 1,381,464
Long Island_b
20,152,913 15,959,656 5,699,402 '5,226,705
Jan 1 to Nov 30
62,508
178,449
17,775
Monongahela_b
Nov 315,571
900,775
756,366
2,915,9351,981,558
Jan. 1 to Nov 30
74,207
502,399
125,542
NY Phlia & Norf_ b __Nov 740,538
6,867,316 5,111,680 1,194,168 1,402,905
Jan 1 to Nov 30
107,508 def17,276
1,446
Tol Poor &IWest_b__Nov 133,392
106,865
Jan 1 tolNov 30
1,481,009 1,181,955 def26,997
548,532 dof190,940 def39,007
West Jersey & Se.Ash b Nov 827,663
803,813 1,609,306
9.808,431 8,008,470
Jan 1 to Nov 30
987,255 1,154,678
Nov 9,200,040 6,820,379
Pennsylvania Cob..
8,732,518 15,917,434
86,575,710 72,846,145
Jan 1 to Nov 30
81,934
87,536
Grand Rapids & Ind b Nov 633,873
500,679
787,079 1,188,352
6,649.118 5,986.981
Jan 1 to Nov 30
262,425 1,317,526
Pitts Cin Ch & St L.b_Nov 7,638,773 6,316,524
Jan 1 to Nov 30
79,888,415 67,667,403 8,441,191 16,475,021
901,f90 1,561,862
Nov 6,810,739 5,874,871
Phila & Reading_b
Jan 1 to Nov 30
73,140,301 81.712,551 13,652,902 19,321,290
837,622
744,692
Pittsb & Lake Erie_b_ _Nov 2,802,700 2,246,246
Jan 1 to Nov 30
30.230,268 23,681,336 10,152,301 8,588,920
1,564
15,454
99,409
102,094
Pittsb & Shawmut_b___Nov
56,857
246,013
1,227,382 1,067,154
Jan 1 to Nov 30
43,793
Pittsb & West Va_b__ __Nov 141,067
148 968 def14,775
434,606
Jan 1 to Nov 30
1,722,803 1,463,891 def26,131
55,350
Nov 262,928
248,140
139.655
Port Reading_b
720,973
619,528
1,832,571
Jan 1 to Nov 30
2,342,015
Richmond-Washington System
396,486
443,009
200,342
Rich Fred & Potom.b.Nov 819,711
Jan 1 to Nov 30
6,422.497 4,451,580 2,973,223 1,890,130
Roads.
•JAN.• 4 1919.]
THE CHRONICLE
73
-Gross Earnings- -Net Earnings
Latest Gross Earnings.
Jan. 1 to Latest Date.
Previous
Current
Current
Previous
Name of Road
Year.
Year.
Year.
Year.
Roads.
or Company.
Week or Current Previous Current
Previous
$
$
Month.
Year.
Year.
Year.
Year.
341,685 def48,761
Nov 341,701
Rutland _ b
85,750
4,199,930 3,999,773
215,567 1,005,718
Jan 1 to Nov 30
$
$
8
$
St Louis-San Fran System-Jacksonville Trac Co October
73,974 59,744
656.766
567,592
103,092 def8,812
95,234
14,632 Keokuk Electric Co_ October
Ft Worth & Rio Gr_b_Nov
21,699 20,431
203,941
217,587
1,050,973
911,482
46,106
111,590 Key West Electric Co October
Jan 1 to Nov 30
18,163 13,649
118,379
161.314
176,118 142,841 1,809,869 1,475,626
216,391
508,711 Lake Shore Elec Ry_ October
St Louis Southwestern b Nov 1,107,542 1,038,866
11,716,400 10.406,387 3,794,312 4,764,297 Lewist Aug & Watery October
67,900 78,606
764.735
738,453
Jan 1 to Nov 30
102,885
22,555 24,568
112,865
401,228
60,244
102,523 Long Island Electric_ June
San Ant & Aran Pass_ b_Nov 434,933
Louisville Railway.._ November 321,256 289,154 3,373,789 2,989,549
4,000,350 3,740,962 def47,887
541,657 Lowell
Jan 1 to Nov 30
Electric Corp_ October
79,632 63,409
582,785
700,773
Seaboard Air Line_b___Istov 3,362,067 2,727,558
159,422
722,193 Manhat Bdge 3c Line June
12,066 10,111
69,641
60,928
35,313,920 27,507.651 5,507,642 7,955,207 Milw El By & Lt Co. November 836,299 737.569 8.073,703 7,180,220
Jan 1 to Nov 30
Nov 135,589
80,718
26,026
South Buffalo_ b
2,010 Milw Lt, Ht & Trac_ November 293,096 193,061 2,759,404 2.024,402
1,437,511 1,094,951
308,128
Jan 1 to Nov 30
274,271 Missipp Riv Pow Co_ October
180,537 179,050 1,841,194 1,648-.719
970,106 905,216 5.297.130 4.822.70.9
Nov13,430,018 11,791,454 2,931,144 3,547,739 Montreal L, H & P.... October
-Southern Pacific_ b
235,249 211.324 2,317.048 2,022.941
139,986,981 119997,571 38,618,837 46,399,996 Nashville Ry & Light October
Jan 1 to Nov 30
341,938 257,796 2,842.420 2,127.154
348,454
Arizona Eastern_ b_ _ _Nov 361,920
116,692
171,776 Now England Power_ October
187.664 142,310 1,766,613 1,081.412
4,083,942 3,915,064 1,424,639 1,958,659 NewpN&IIRy,G&E October
Jan 1 to Nov 30
Nevada-Cal El Corp.. October
176,611 167,784 1,844.277 1.676.290
189,465
Galv Har & San An.b.Nov 1,852,920 1,746,995
727,204 N Y & Long Island__ June
44,461 37,595
210,615
197,432
19,423,430 17,908,971 5,790,591 6,939,237 N Y & North Shore__ June
Jan 1 to Nov 30
14,207 14,607
68.348
75,561
840,277
Hous & Tex Cent_ b_ _Nov 704,683
153,331
380,814 N Y & Queens Co__ June
84,795 97.994
588,343
443.641
8,240,926 7,315,538 2,353,076 2,782,204 New York Railways.. October
Jan 1 to Nov 30
934,683 1103,614 9,329.746 10,489.453
21,071
214,682
167,440
59,991
Hous E & W Texas.b_Nov 188,205
55,032 Northampton Trac__ November
585,622 551,295 5,997.743 5,345,584
1,891,187 1,675,621
Jan 1 to Nov 30
501,535
672,768 Northern Ohio Elect_ October
h North Texas Elec__ October
200,632 298,952 2,464,098 2,017.396
375,945
Louisiana Western_ b_Nov 344,194
119,800
198,624
18,115 15,548
50,404
55,011
3,973,791 3.299,469 1,852,117 1,759,531 Ocean Electric (L I)_ June
Jan 1 to Nov 30
Pacific Gas & Elec_ _ _ October
1910.696 1619,738 18.412,850 16.296.962
732,085
Morg La & T RR&NbNov 798,865
246,746
353,731 Pacific Power & Lt__ October
154,800 151,310
7,511,098 6,204,163 2,532,154 2,674,964 g Paducah Tr & Lt Co August
Jan 1 to Nov 30
26.280 23.298
204,534
198.993
593,557
04,260
Tex & New Orl_ b_ _ _ _Nov 676,170
207,771 Pensacola Electric Co October
40,173 25,808
407,479
283,247
6,818.626 5,819,756 1,313,326 2,280,157 Phila Rapid Transit.. November 2764,923 2512,229 28,820,945 27,104,497
Jan 1 to Nov 30
Phila & Western_ _ _ _ November
56,993 45,018
Southern Railway_b_ _ _Nov10,466,665 8,469,701 1,420,950 2,845,150
166,667 124,346
115,846,923 82,317,061 32,309,306 27,232,845 Portland Gas & Coke October
Jan 1 to Nov 30
Port(Ore)Ry,L&PCo. October
627.971 522.294 6,288,847 4,903,679
608,146
Alabama Great Sou.b.Nov 836,853
76,849
218,691 Porto Rico
86.047 72.493
865.213
744,454
8,330,776 6,424,148 2,020,857 2,150,946 g Puget Sd Railways.. October
Jan 1 to Nov 30
Tr, L & P.. August
1021,191 774,847 7,629,623 5,910,905
295,166
48,757
Ga South & Fia_b_ _ _Nov 349,746
82,609 °Republic Ry & Light September 443,863 426,250 4.151.145 3.469.834
3,273,228 2,654,619
Jan 1 to Nov 30
351,493
651,278 Richmond Lt & RR_ June
42,100 44,102
209,211
208,060
Mobile & Ohio_ b_ __Nov 1,188,430 1,130,286 def19,868
449,085 347,635 4,366,541 3.168,737
175,681 St L Rocky Mt & Pa,c October
13,499,826 12,557,153
Jan 1 to Nov 30
57.100 52.630
557.494
619,217 3,044.263 Santiago El Lt & Tr_ October
473.834
October
106,444 88,589
964,593
787.456
121,464
Staten Island R T_b_ __Nov 181,242
3,200
12,671 Savannah Electric Co June
Second Avenue (Rec)
79,749 78,170
391,753
391,180
1,755,587 1,388,176
Jan 1 to Nov 30
217,698
302,797 Southern Boulevard.. June
16,390 19,959
99,400
106,723
Tennessee Contral_b___Nov 270,572
162,997 . 6,205
32,275 Southern Cal Edison_ November 668.681 633,515 7,384,318 7,332.220
2,766,718 1,655,359
Jan 1 to Nov 30
310,517
397,660 Staten Isl Midland_ June
28,095 34,560
132,300
156,755
Nov 2,602,899 2,174,896
Texas & Pacific_ b
478,225
740,604 Tampa Electric Co__ October
82,786 82,710
868,073
835.272
21,241,738 20,272,236 4,886,577 6,215,866 Tennessee Power..___ October
Jan 1 to Nov 30
190,335 182,292 1,775,807 1.599.476
496,257 442,750
642,910
Toledo St L & West_b_ _Nov 766,087
220,585
171,890 Tenn By, Lt & P Co_ October
7,568,076 6,525,550 1,604,580 1,958,633 Texas Power & Lt Co October
308,131 261,005
Jan 1 to Nov 30
316,629 359,429 1,909,852 2,064.547
Nov 8,954,345 7,450,567 3,471,303 3,111,059 Third Avenue Ry.... June
Union Pacific_b
D D E B & B RR__ ,June
51,366 39,120
240,805
219,345
89,710,832 69,906,404 36,144,147 28,393,792
Jan 1 to Nov 30
42dStM&StNA Ry June
140,262 157,493
799,125
872,686
Ore-Wash RR & N_b_Nov 2,141,427 1,958,255
350,255
573,811
UnionRyCo(NYC) June
255,823 259,112 1,302,869 1,425.071
23,922,333 20,244,214 5,945,952 6,830,298
Jan 1 to Nov 30
Yonkers Railroad_ June
72,552 72,231
395,598
387,744
492,476
Union RR (Penna)_b_ _ _Nov 613,870
169,605 def55,059
N Y City Inter Ry June
58,271 63,019
338,642
370,710
6,432,148 5,370,795
Jan 1 to Nov 30
Belt Line Ry Corp.. June
605,454
48,053 57.607
345.163
298,470
213,302
246.592
Vicksb Shrev & Pac_bNov 248,585
18,357
112,408 Third Avenue System November 781,242 853,699 7,210.093 7,801,590
2,365,305 1,980,864
Jan 1 to Nov 30
406,005
696,872 Twin City Rap Tran_ November 748.352 807,839 8.799.564 9,345,634
& Power_ November
Nov 4,270,769 3,637,971
Wabash _b
672,340 1,029,334 Virginia By& Annap_ September 647,196 607,654 7,187,007 6,013,083
323.635 179.669 2,105.150
943.843
43,689,430 37,189.669 7,306,976 11,297,935 Wash Bait
Jan 1 to Nov 30
Westchester Electric_ June
54,888 48,553
272,214
253,554
Western Maryland_b_ _Nov 1,384,843 1,187,851 def90,736
317,486 York Railways
October
80.583 92.737
888.983
863.491
13,656,723 12.361,567 def410,855 3.604,010 Vellincratnarn Ar !Min OrtnhAr
Jan 1 to Nov 30
:54.028 R1.257
5140.445
9051 f/R7
Nov 760,121
797,157
Western Pacific_ b
140,738
217,881
10,174,319 9,019.646 3,221,203 3,381,726
a Now covers only the lines east of York Beach. Me.; in the first four
Jan 1 to Nov 30
of York Beach. Me.
months of 1917 covered
Includes
Lake Erie_ b_ _ _Nov 1.128,868 1,040,170
Wheel &
119,753
359,240 all sources. d Decreasealso the lines westdue to unusually earlybrains and
in gross earnings
12,640,717 10,285,124 2,364,003 3,436,876
Jan 1 to Nov 30
recent influenza epidemic. f Earnings given in milreis. g Includes conValley_ b_Nov 2,173,895 1,788,418
Yazoo & Miss
716,180
628,170
companies. h Decrease
20,078,207 16,342,070 5,193,397 5,029,639 stituent or subsidiary the Texas State Fair, to in gross earnings due to the
Jan 1 to Nov 30
omission this year of
the influenza epidemic and
to the reduction in the number of troops at army camps.
hero given are after deducting taxes.
a Net earnings
b Not earnings here given are before deducting taxes.
Electric Railway and Other Public Utility Net EarnNet after
Other
Gross
Gross
Fixed
Balalce,
ings.
-The following table givos the returns of ELECTRIC
Tazes.
Income.
Earnings.
Income.
Charges. Surplus.
$
$
$
$
railway and other public utility gross and net earnings with
Fonda Johnstown Sr Gloversville RR
21,345
3,259
92,557
24,604
Nov '18
31,903 (1017,299 charges and surplus reported this week.
26,062
2,929
81,533
28,991
'17
-Gross Earnings--Net Earnings
32,357 def3,:3603
315,979
32,008
377,985
11 mos'18 1,023,981
Current
Previous
361,546
Current
16,4:39
Previous
388,423
22,058
974,279
410,479
'17
Companies.
Year.
Year.
Year.
360,755
49,724
Year.
New York Chicago & St Louis RR
471,035
5,935
477,000
Nov '18 2,189,414
37,803
Nov 1,343.655 1,243,066
439,200 Illinois Traction_a
377,720
288,646
181,059
13,673
197,732
'17 1,403,155
Jan 1 to Nov 30
193,521
13,446,064 12,275,726 3,664,597 4,123,059
4,211
123,884 4,011,965
11 mos'18 20,151,019 3,888,081
728,558 3,283,407 Sou Canada Power,Ltd..Nov
48,409
37,945
22,190
17,733
324,394 3,212,059 2,229,948
'17 15,607,415 2,887,665
982,111
Oct 1 to Nov 30
93,457
73,214
42,782
32,435
Utah Securities Corporation
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
(subsidiary cos only)_Nov 586,028
592,304
307,995
311,621
Dec 1 to Nov 30
6,968,844 6,493,550 3,721,814 3,474,901
Latest Gross Earnings.
39,877
I Jan. 1 to Latest Date. West Pow of Can, Ltd.._Oct
40,736
25,476
30,220
Oct 1 to Nov 30
Name of Road
450,357
445,017
303,101
318,718
Week or Current Previous Current
or Company.
Previous
Year.
Month.
Year.
a Net earnings here given are after deducting taxes.
Year.
Year.
b Net earnings here given are before deducting taxes.
$
1
$
Net after
Gross
Fixed
Balance,
Adirondack ElPow Co November 183,538 152,332, 1,671,569 1,485,154
Taxes.
Earnings.
Charges.
Surplus.
275,827 198,4411 2,434,406 1,707,560
Alabama Power Co- October
S
$
1203,058 1004,972.
Amer Power & Lt Co October
Oct '18
173,236
4,103
November
12,888 11,713
37,910 def33,807
Atlantic Shore Ry_
158,193
219.305 Aurora Elgin &
Chicago
181.129
'17
45,890
173,236 181,129 1,775,304 1,819,988
35,619
Aurora Elgin & Chic.. October
10,277
10 mos '18 1,775,304
245,239
73,541 79.191; 759,258
Bangor By & Electric October
361,839 def116,601
726,248
'17 1,819.988
518.806
357.279
21,564 19,338
161,520
Baton Rouge Elec Co October
214,808
189,862
October
230,135 183,302 1,974,162 1,619.312 Federal Light &
Blackstone V 0& EL
Sept '18
288,640
70,076
50,870
19,206
18052000 18006000 185782,000 139884,000
Brazilian Trac, L & P October
Traction Co
'17
237,357
58,101
50,583
7,518
6,248
Brock & Plym St Ry_ October
12 mos '18 3,407,747 1,011,053
90,859
730,545
280,508
106,891
2774,333 2677; 28 15,240.907 14,879,323
3
Bklyn Rap 'Fran Syst June
'17 2,678,008
863,849
712,998
150,851
43,392 43,397
Cape Breton Elec Co October
412,594
375,347 Hudson & Manhat Oct '18
632,686
202,407
4.810 z198,517
28,327 25.966
Cent Miss V El Prop_ October
277,582
254,672
639.491
'17
267,496
5,049 z263,232
151,946 89.429 1,499,619, 1,024,736
Chattanooga Ry & Lt October
10 mos '18 5,463,482 2,357,668
870,509 x1,494,239
Cities Service Co_ _ _ November 1821,533 1732,-112 20,474,249 17,539,806
'17 5.069,677 2,534,272
873.280 x1.660,190
43,362 44,939
Cleve Painesv & East October
460,188
454,347
856,709 835,614 9.353,690. .8.718,356 Interboro Rap Tran Nov '18 3,435,687 1.090.619 1,536,845 z239,822
aColun3bia Gas & EL October
'17 3,454.687 1,554,618 1,095,265 x685,036
96,231 104,131
Columbus(Ga) El Co October
972,816
885,876
5 mos '18 16,170,935 4,730,497 7,230,483 x439,963
353.675 354,895 3.475.765 2.268.924
Colum (0) Ry P & L_ October
'17 15,928,088 6,909,408 5,380,054 z2,765,798
1799.629 1763,894 17.715.993 15.905.165
d Com'w'th P.Ry& Lt October
Nov '18
91,027 78,111
668,681
Connecticut Pow Co_ October
433,850
249,488
184,362
815,461
711,050 Southern Callfornia Edison
582.240 514,113 5,261,858 4.655,528
'17
633,515
Consum Pow (Mich).. October
399,516
215,811
183.705
247,729 267,632 2,663.996 2.589.282
12 mos '18 8,608,980 5,308,560 2,922,345 2,386,215
Oumb Co (Me) P & L October
Dayton Pow & Light November 260,472 187,664 2,162,925 1,673,911)
'17 8,281,386 5,310,294 2,386,041 2,924,250
g Detroit Edison__ November 1322,435 1156,068 12,386,391 10,983.739 Third Ave By Syst Nov '18
781,242
109,112
219.872 zdef97,625
°Detroit United Lines October
1568,263 1388,579 15,672,246,14,527,741
'17
853,699
162,522
220,656 xdef45,356
Duluth-Superior Trac November 123,967 138,967 1,519,812 1,458,087
5 mos '18 4,190,950
727,025 1,104,474zdef311,343
East St Louis & Sub_ October
391,548 307,827 3.442,480 3.005.218
'17 4,597,085 1.083,577 1,112,598
z34,981
Eastern Texas Elm_ September
94.589 79.889
738,589
622.288
g El Paso Electric Co September 104,290 105,018
x After allowing for other income received.
933.514
955,836
Pall River Gas Works October
65,921 56,330
588,876
483,686
a Federal Lt & Trac_ September 286,640 237,357 2,576,526 2,036,089
Gross
Net
Fixed Chgs. Balance,
112,621 94,583
Ft Worth Pow & Lt__ October
Earnings. Earnings. 8:. Taxes.
Surplus.
Galv-Hous Elec Co.._ October
207,069 197,919 2,193,561 1,682,258
i
$
$
$
97,455 103,246 1,055.070 1,085,922 lIarrisburg
Grand Rapids Ry (Jo October
Nov '18
118.822
57,144
37,473
19,671
aGreat West Pow Sys November 478,262 369,059 4,199,624 3,645,510
Railways
'17
96,651
41,033
32,877
8,156
Harrisburg Railways November 118,822 96,651 1.073,902 1,189,917
11 mos '18 1,073,902
505,736
357,844
147,892
Havana El Ry. L & P October
733,443 635,822 6.775,949 6.672.408
'17 1,189.917
494,335
385,410
108,925
Honolulu R T & Land September
62.657 62,793
523.803527,494 Virginia By &
Nov '18
647,196
153,918
165,392
z264
Houghton Co El L Co October
34,431 36,719
340,155
336,149
Power Co
'17
607,654
278,846
152,215 x135.761
Houghton Co Tr Co. October
21,061 26,024
267,977
285 953
:
5 mos '18 3,313,809 1,011,121
867,406 x211,613
b Hudson & Manhat_ October
632.686 639,491 5,463,482 5,069,677
'17 2,946,271 1,353,300
782,382 x619,154
Illinois Traction_ ___ November 1343,655 1243.066 13,446,064 12,275,726
Interboro Rapid Tran November 3435,687 3454.687 37,099.648 36,771,208
z After allowing for other income received.
THE CHRONICLE
74
[Vol,. 108.
The Commission has before the Board of Estimate an agreement providing for the installation of tracks in the new Broadway subway, north of
42nd St. which if approved and put in effect, will make it possible to
-An index to annual reports of steam continue the Broadway subway operation to 57th St. and 7th .Ave., perFinancial Reports.
'
Times Square, and obviate
mitting express
railroads, street railways and miscellaneous companies which the necessity oftrains north of Union Square to to and from Brooklyn.
a change of cars by passengers
have been published during the preceding month will be given
-the 59th
The easterly connection of this last-named line to Queens
on the last Saturday of each month. This index will not and 60th Street subway-is well advanced; the station finish contracts
been let,
Include reports in the issue of the "Chronicle" in which it is have every hope arrangements are being made for installation of tracks,
with
that service can begin during 1919. This line is for operapublished. The latest index will be found in the issue of tion by the B. R. T. and gives a connection between the Broadway subway
in Manhattan and the Queens elevated lines, over which the B. R. T. has
Dec. 28. The next will appear in that of Jan. 25.
trackage rights in common with the Interborough, which now operates
them in connection with the Queensboro subway.
Rapid Transit in New York City.
The Commission expects soon to let the contracts for the extension of the
Queensboro subway from Park Ave. to Times Sq:, and for the construction
(Progress of Contruction in 1918-Outlook for 1919.)
of the Nassau St. subway, the latter being in effect an extension from the
with the Whitehall Montague St.
to a
Municipal
A statement issued by the Public Service Commission Tunnel lineBuilding Centreconnection subway operated by the B. R. T.,
St. Loop
of the
on Dec. 29 says in substance:
and now terminating at the Municipal Building.
-The year 1919 will witness the letting of the last important
Construction.
Another contract to be let early in 1919 is that for the erection of the
-Eastern
contracts for the Dual System of rapid transit, and the completion of all elevated section, in the Bushwick neighborhood, of the 14th St.
the mileage of the new lines included in those contracts, and those let Subway line. Important progress has been made of late, and it may be
previously with the exception of about one-tenth of the total. In other placed in operation during 1920, if, of course, the necessary funds are
words, more than 300 track miles of the total of 341 track miles of the new provided by the city authorities.
It is believed that the Interborough Rapid Transit Co. will soon comlines will be practically ready for trains, or in operation, by Dec. 31 1919.
provided there is full co-operation on the part of the city authorities [the plete arrangements to go ahead with the completion of construction of the
Board of Estimate and others] in the financing of the additional work, &c. Webster Ave. extension of the 3rd Ave. Elevated line over Webster Ave.
Contracts to be Let.
-The end of 1918 finds the Dual System nearly '75% and Gun Hill Road to a connection with the White Plains Road subway
completed, and with practically all of the major contracts awarded with extension. The company recently took stops to oust the contractor for
only a few exceptions. Those exceptions include: (1) The elevated por- failure to get the line built, and would make other arrangements to see
-Eastern Line in Williamsburg; (2) the extension of the it through. This line could then be completed late in 1919.
tion of 14th St.
Queensboro Subway from Park Ave. to Times Sq.;(3) the erection of the
[Compare map of Interborough Rapid Transit Co. on page 64 of "Railsteel work on Westchester Ave., east of the Bronx River, on the Pelham way & Industrial Section," and maps of Brooklyn Rapid Transit Co. on
Bay Park Line;(4) the Nassau St. extension of the Centre St. Loop,from pages 14 and 15 of "Electric Railway Section."]
-V. 107. p. 2477..2290.
-Montague
the Municipal Building to a connection with the Whitehall St.
Bt. tunnel line to Brooklyn. If the funds are forthcoming the contracts
Canadian Car & Foundry Co., Ltd.
will be let early and in the new year pushed to early completion.
-The contracts which have been awarded by the
Contracts Let to Date.
(9th Annual Report-Year ending Sept. 30 1918.)
Commission for the city-owned lines of the Dual System, toward which
the operating companies contribute a part of the cost including lines already
President Hon. N. Curry, Senator, Montreal, Dec. 19
completed and in operation, aggregate at the end of 1918, approximately
in substance:
$208,000,000. Exclusive of their purchases of real estate, the two operating wrote
-Combined profits of the Canadian Car & Foundry Co. Ltd.
Results.
-the Interborough Rapid Transit Co. and the New York Municompanies
cipal Railway Corporation (Brooklyn Rapid Transit Co., have made and Canadian Steel Foundries, Ltd., and other associated companies for
the fiscal year ending Sept. 30 1918, after charging all expenditures for
contracts or entered into agreements for the construction of companyowned lines and for the equipment of these lines, as well as of the city- the maintenance and renewals of plant and amortization of munitions
equipment aggregated $4,617,391. The provision for depreciation and
owned lines, involving a total of about $102,000,000 more.
-These lines aggregated renewals amounted to $711,563, and the interest on bonds outstanding to
Value of Lines Placed in Operation in Year 1918.
in cost to construct $103,000,000, exclusive of the cost of the equipment $507,305 and interest on bank loans, &c., $145,913, leaving profits for the
used in them. Moreover, they include three trunk line subways, reaching fiscal year subject to Government taxes, $3,252,609. Adding the comInto the traffic heart of Manhattan. They include: (a) Broadway sub- bined (p. & 1.) surplus Sept. 30 1917, $2,840,063, and deducting dividend
way [B. R. T.], from Union Sq. to Times Sq.; (b) New Lexington Ave. 334%[paid July 15 1918, V. 106, p. 2347] on preference stock, $262,500,
carried forward Sept.
subway [I. R. Ti;(c) 7th Ave. subway [I. R. Ti;(d) Northern portion of makes the surplusthe balance sheet of 30 1918, $5,830,172. dividends
Sept. 30 1918 states that
-note to
[A foot
the Jerome Ave. line [I. R. T.]; (e) 162nd St. connection in the Bronx
elevated line [B. R. T.) on the preference shares have been paid to Dec. 311914. A quarterly divi[I. R. T.]; (f) Easterly half of the Jamaica Ave.
% has since been declared on the prof. shares payable Jan. 10
in Queens; (g) Third track on the 9th Ave. Elevated line from 125th St. dend of
-Ed.]
1919.
to 155th St.[I. R. T.].
At the annual meeting held July 15 1918, in addition to the report for
These lines added 63 track miles to the 217 track miles in operation at
the year ending Sept. 30 1917, an audited statement was presented for
the beginning of 1918.
30 1918 (V. 107, p. 183).
the fiscal
The 7th Ave. subway, with its Battery and William St. branches, con- seven months of Contracts. year ending Sept. were dealt with at the last
-These contracts
Russian Shell
nected up with the old subway at 42nd St., forms the new West Side subhave been adjusted, and
way line of the Interborough Rapid Transit Co., while the Lexington Ave. annual meeting.allSince then a number of claimscontracts will be disposed
matters connected with these
subway, connected with the first subway at Grand Central Station, con- it is hoped that
of within the next few months.
stitues the East Side subway line of the same company; thus giving to Man-In this case, referred to in last report, we reAmerican Can Co. Case.
hattan two through north-and-south, for the most part 4-track, subways ceived a verdict for over $713,000, with interest from Dec. 17 1917. The
-track subway, doubling the facilities and doubling the
in place of one 4
directors, however, decided that they would like to have the lower Court's
possible service. The opening of these lines, with the through operation decision confirmed by the Appellaa.e Court, and the case is to be argued
of the Jerome Ave. and the partial operation of the Pelham Bay Park in the higher Court on Jan. 20 1919.
branches of the Lexington Ave. line, provide transportation facilities for
-The aggregate output of your combined companies for the fiscal
Output.
new and important parts of Bronx Borough.
year was approximately $45,233,000, of which amount about 75% was
The extension of operation of the Broadway (B. R. T.) subway from car and foundry business in our regular lines and about 25% munition work.
at
Union Sq. to Times Sq., which took place early in the year constituted
The subsidiary companies had a prosperous year, and contributed their
-cent fare zone for passenger
the same time an important extension of the 5
share to the profits of the parent company.
traffic originating on the B. R. T.system in Brooklyn.
-Your steel foundries have been operating 15 openWar Munitions.
The opening of the 162nd St. connection between the 9th Ave. elevated
shell steel for Imperial
line and the Jerome Ave. elevated line, together with the opening of the hearth furnaces; over 70% of the output being this being forged at our
of the Jerome Ave. line to service, were important addi- Munitions Board and U. S. Government, part of
northern portion
works and part delivered in blanks ready to forge. The car shops at
tions to transportation arteries in the western portion of the Bronx. The
-track line from 155th St., Manhattan, across Montreal and Amherst have been forging 75 mm. shells for the U. S.
162nd St. connection is a 2
Soon
the Harlem River to Sedgwick Ave., and the new southern terminal of the Government and 18-pounders for the Imperial Munitions Board.greatly
N. Y. Central RR,'s Putnam Division, and on to Jerome Ave. Operation after the armistice was signed in France, all of the above work was
of the Jerome Ave. line was not carried north of Kingsbridge Road until curtailed, and ceased entirely at the end of November.
Large sums are due your company for forgings, blanks and machined
1918, when the shuttle service was established from that point to the northern terminus of Van Cortlandt Park. The third track of the 9th Ave. shells; also for equipment provided for contracts that have been canceled.
155th St., was a distinct addition to the These matters are now under adjustment with Imperial Munitions Board
elevated line from 125th St. to
transportation facilities of the upper West Side, and also in connection and U. S. Government. earnings have been charged with the full cost
-The
Depreciation, &c.
with the service over the Jerome Ave. line.
In
well as
The opening of the remainder of the Jamaica Ave. elevated route (B. of maintenance of all your plants, as charged the regular depreciation. puragainst earnings for the
R. T.) from Richmond Hill into Jamaica, provided rapid transit service addition, the sum of $1,196,164 wasexpenditures made for the production
pose of writing down extraordinary
for a section previously served only by steam railroads and trolley lines.
-Early in 1919, two additional rapid of munitions and ships. After making the above provisions, the net profits
New Lines Nearly Completed.
$3,252609.
transit lines will be placed in service. These are (a) the portion of the for the year, after deducting all charges except war tax, areits subsidiaries
-The combined order books of your company and
Orders.
Bay Park line, extending from 3rd Ave. and
Southern Boulevard-Pelham
at Dec. 16
aggregate $20,000,000. Adding to this shipments made
138th St., past five additional stations, to Hunts Point Road [opening set since Oct. 11918 new
and
business in sight, we are hopeful that output for the
for Jan. 8]; and (b) the new Culver Elevated structure in Brooklyn, from
9th Ave. and 38th St. to Kings Highway, and later to Ave. X. The line year 1919 will be as largo as 1918, notwithstanding the elimination of all
last named will eventually extend to Coney Island, that part from Ave. X munition work.
Shipbuilding.-Reference was made in our last annual report (V. 106,
to the sea shore now being under construction.
the conorder received from
Beyond Hunt's Point Road, the construction of the Pelham Bay Park p. 1794) to ansteel mine sweepers. the French Government for in record
This contract was
line will be elevated in character, the steel for which is all under contract struction of 12boat leaving Fort William on Nov. 21. completed the enorOwing to
delivered, ready to be erected. This line should be time, the last in
and a portion already
mous increase
the cost of labor, and the urgent necessity of getting those
opened about the end of 1919.
were disbefore close
vessels out
The new Culver Elevated line, in Brooklyn, which is city-owned and appointing. of the lakesthe contract of navigation, the profits
was completed to the entire satisHowever,
will replace a company-owned line over
operated by the B. R. T. system,
plant for this
an up to
French officials, and as
which an elevated train service is maintained along the route of a one-time faction of the should we receive-futurewe havewe believedate results should
tho
orders
steam railroad. It connects with the 4th Ave. subway line at the 38th class of work,
St. cut, in Brooklyn, extends to and over Gravesend Ave. to Ave. X, be satisfactory.
and thence by Shell Road and private property to a connection with the CONSOL. SURPLUS AND INCOME ACCT. YEARS END. SEPT. 30.
new B. R. T. elevated railroad terminal at Coney Island. The elevated (Incl. Can. Car & Fdy. Co., Ltd., Can. Steel Foundries; Ltd., and Assoc. Cos.)
structure is practically completed from 38th St. cut (9th Ave. Station) to
1914-15.
1915-16.
1916-17.
1917-18.
Avenue X, while the portion from Avenue X to Coney Island is under
$5,500,000
construction. It is expected that through operation of this line to Coney Approximate output _ _ _$45,233,000 $25.000,000
$321,840
Net profits
$4,617,391 $2,572,884 $1,292,105
Island will -be possible by or before the autumn of 1919.
325,000
350,000
711,563
467,610
-Two new tunnel lines between Brooklyn and Deprec'n & renewals..
New Tunnels to Brooklyn.
555,312
538,693
523,915
507,305
will be opened during 1919. The Clark St. Tunnel line forms Bond interest
Manhattan
50,156
50,019
the connection between the William St. or express branch of the West Int., &c., on deb. notes..
145,913
118,331
Side subway and the existing Interborough lines in Brooklyn. It is Int. on bank loans, &c__
(3A %)262.500
hoped to get this particular line ready for use late in the spring of early In Pref. dividends
the summer, making available the two inside tracks of the Interborough
Bal.,sur. or dof_ _sur$2,990,110S.31,413,009 sur$353,256 def$558.472
line in Brooklyn east of Borough Hall.
The Montague St. Tunnel line, which provides an additional connection
CONSOLIDATED BALANCE SHEET SEPT. 30.
between the 4th Ave. subway In Brooklyn and the Broadway subway in (Incl. Can. Car & Fdy. Co., Ltd., Can. Steel Foundries, Ltd., and Assoc. Cos.)
Manhattan, will probably be completed during the summer or early fall,
1918.
1917.
1917.
1918.
to be operated in large part by trains of the Brighton Beach line in BrookLiabilities
Assets$
lyn, which are to be diverted from the Fulton St. elevated line into a new Red estate, buildPreference stock _ - 7,500,000 7,500,000
Malbone St., Brooklyn, extending through Flatbush
-track subway at
2
Ordinary stock ___ 4,975,000 4,963,700
ings, machinery,
Ave. and St. Felix St. to a connection between the Fourth Ave. subway.
patents, &c____21,376,024 20,498,506 Can. C.&F. 1st M. 5,222,593 5,385,693
The construction involved in this work includes the rebuilding of the
Can, Steel F'dries
from Church Ave. to Malbone St., now about 80% Inv.for red. Mont.
Brighton Beach line
1st M.& collat. 2,334,929 2,440,146
100,000
St. Wks. bonds- 100,000
completed, and a new subway under Flatbush Ave., which is well advanced.
. 742,000
749,000
Mont.St .1sthl
Other Ltnes.-The completion of the Eastern Parkway line for operation Material,supplies,
100,000
100,000
&c.(at or below
Craig St. Mtge_ _ _
by the Interborough with the subway branch extending down Nostrand
12,016,773 7,760,663 Bank loans, &c_ _ 2,275,000 2,940,951
cost)
Ave., and an elevated branch from Buffalo Ave. into the heart of Browns102,501 Accts., &c., pay'le 6,012,072 4,663,127
been long delayed by the contractors. Certain portions are Bonds,stocks,&c- 165,479
ville, has
138,781
A ecr. bit. & taxes_ 151,523
already finished, and could be made ready for trains within a short time, Accts., bills, rec.,
4,463,638 2,829,364 Agency Russian
less reserve_
while other portions are seriously delayed. One such delayed section is
600,043 1,373,371
contracts
Agency of Co. Rusthat of the Inter-Continental Construction Corporation, extending from
sian shell conDeprec. & sinking
Prospect Park Plaza to the vicinity of Nostrand Ave. The company,
3,028,304 2,316,741
1,013,595 4,002,967
fund reserve
tracts
however, within the past ten days has agreed to obtain sufficient funds to
500,000
24,742 Special reserve..
500,000
prosecute the work swiftly to completion, in the effort to make the line Mortgages
559,601
489,116
298,841 Operat'g,&c.,fund 482,883
ready for operation as far as Utica Ave. and Eastern Parkway, by late in Cash in banks_ _ _ a219,893
5,830,172 2,840,065
853,591 Profit and loss
Fall. The Nostrand Ave. 2
-track subway branch Deferred 'terns._
the Summer or early
has also been seriously delayed, but it is now hoped to have it ready about
39,844,519 36,471,176
39,844,519 36,471,176
Total
Total
the same time. The line from Buffalo Ave. to Brownsville has been
a Includes expenditures in connection with the rearrangement of plant
delayed solely for war reasons. If the delivery of steel begins shortly,
and the purchase of machinery for the manufacture of shells, less amount
Livonia Ave. operation may be had late in 1919, or early in 1920.
FINANCIAL REPORTS
JAN. 4 1919.]
THE CHRONICLE
75
written off to date, $104,506; insurance and taxes unexpired, $77,225; ex- SOUTHWEST SETT. & DEVEL.
CO.
-BALANCE SHEET SEPT. 30..
penses chargeable against future operations, $38,162.
Assets-1918.
[Price, Waterhouse & Co., in their certificate accompanying the balance
1917.
sheet, say in brief: "During the year only actual additions have been Invest. in timber, timber lands and mineral rights
representing property acquired on Aug. 4 1916 in
charged to property account, and sufficient provision has, in our opinion,
pursuance of a certain declaration of trust, less
been made out of the profits for depreciation of plant and the amortization
sales and depredation, &c., losses for period to
of munitions equipment. Physical inventories of materials and supplies
Sept. 1918: 781,480 acres of land, surplus yellow
were recently taken and the book records adjusted in accordance therewith.
pine over and above requirements of Kirby conThe inventories prepared from the book records at Sept. 30 1918 have been
tract,413,165,258ft. of hardwood,undivided onevalued at or below cost. Provision has been made for bad and doubtful
half interest in mineral rights (excl. of oil & gas)
accounts and for all ascertainable liabilities of the company at Sept.30 1918.
$6,628,050
but no reserve has been set up in respect of Government taxes for the year Investment in Sabine property, representing an $6,495,215
undivided interest of 51% of 14.757 acres
ending that date.
50,000'
Other investment (also subject to the above declara"Subject to the realization of assets of the agency of the Canadian Car
tion of trust and acquired under agreements of
& Foundry Co., Ltd., aggregating approximately 31000,000, which aro
April 23 1917)
the subject of litigation (but which the directors consider are collectible),
283,375
283,375.
the attached balance sheet at Sept: 30 1918 is, in our opinion, properly Higgins Oil & Fuel Co. stock (2,8334 shares, par
$100), and $5,000 Southwestern Oil Co. (3,052
drawn up so as to exhibit a correct view of the state of the company's
shares, par $100)
according to the best of our information."]
ffairs
-V. 107, P. 2478.
5,000.
Miscellaneous lands
3,000
Notes & accounts receivable,$39,085; cash, $3,391_
42,476
15,470
Creamery Package Mfg. Co., Chicago.
(Report for Fiscal Year ending Nov. 30 1918.)
President H. H.Curtis on Dec.27 1918 wrote in substance:
After providing for dividends paid during the fiscal year, making, adequate deductions for bad accounts, setting up reserves for discounts, doubtful items, depreciation of buildings, machinery and equipment, expiration
of patents, and U. S. revenue tax, there remains a substantial balance to
the credit of undivided profits.
Nov. 30 Years1917-18. 1916-17. 1915-16. 1914-15.
Net earnings
$621,961 $696,789 5381,3411 $293,405
Depreciation
50.000
50,000
50,0001
Balance
$571,961 $646,789 $331,341 $293,405
Common dividends(6%)
$180,000 $180,000 $180,000 $180,000
Preferred dividends (6%)
17,940
17,823
17,373
16,659
Res'ved for expir'n of pat ts, &c_ 46,305
46,305
41,886
Res. for U. S. revenue taxes_ __ _ 65,000
65,000
Balance, surplus
8262,716 $337,661 3133,968 $54,860
BALANCE SHEET NOVEMBER 30.
1918.
1917.
1918.
1917.
Resources$
Liabilities$
$
Real est.,mach.,&e.*1,442,486 1,458,993 Common stock
3,000,000 3,000,000
Patents
694,578 740,883 Preferred stock
299,000 299,000
Inventories
1,830,723 1,903,865 Bills payable
513,004 790,011
Accts. & bills rec-e1,093,360 1,038,841
do do U.S.
Misc. investments.- 30,276
9,948
Liberty bonds_ _ _ _ 54,000
50,000
U.S. Liberty bonds.. 138,050
50,000 Accounts payable_ _ _ 163,960
Cash on hand
197,130 150,653 Reserve for taxes,&c b95,990 143,819
93,726
Timber lands
144,977 211,404 Surplus
500,000 500,000
Unexpired insurance. 13,349
8,225 Undivided profits... 958,973 696,258
5,584,928 5,572,813 Total
Total
5,584,928 5,572,813
* Real estate, machinery, plants, &c., in 1917 include lands, buildings
and their equipment, $1,070,569; power plants and their equipment,
facturing machinery and minor equipment, $498,415; patterns and manutransportation equipment,$67,412;furniture and fixtures,$54,265,less
reserve to provide for depreciation. a After deducting $70,572 for $248,176
discount
and doubtful items and refrigeration contracts. b Including reserve for
excess profits tax.
-V. 106, p. 391.
Total
$6,824,066 56.981,907
Liabilities
Houston Oil Co. of Texa-Purchase money obligation in respect of assets acquired in pursuance of
declaration of trust of July 14 1916
$6,820,907 $6,988,467
Acc'ts payable,32,946; depos. under contr.,$1,2304,176
1,537
Deferred credit, interest from date to July 1 1926 on
Houston Oil Co.timber certifs. retired out offunds
of this company which interest has been credited
to purchase money obligation account in terms of
deed of Aug.4 1916
4,501
Balance, deficit
def.5,518
def.8,097
Total
$6,824,066 36.981,907
HOUSTON OIL CO. REALIZATION ACCT. FOR SEPT. 30 YEARS.
1917-18.
1916-17.
1915-16.
1914-15.
a Installm'ts rec'd from
Kirby Lumber Co_ __-$1,562,500 $1,562,500 $1,445,313 $1,406,250
Proceeds from land sales_
13,104
11.180
Turpentine privileges,&c_
42,356
65,004
50,227
33,946
Rev,from oil, &c., prop's 115,534
43,165
39,269
5,935
Proceeds stumpage, &c_
7,684
28,139
17,179.
Interest received
24,372
20,930
35,881
38,834
Realized on assets written
off, &c
91,900
Miscellaneous income..
13,902
25,409
Total timber rects.,&c_$1,850,564 $1,724,693 $1,611,933 $1,513,333'
Deduct
-Taxes
331,593
$94,641
$69,087
$63,416.
Gen'l admin., &c., exp. 174,291
164,285
170,080
166,377
Int. on timber certifs
273,481
306,711
368,272
373,820
Preferred dividends__ - 676,150
671,950
671,950
669,240
Commission on sale of
securities, &c
259.466
,
Judgments
59,679
24,949
Cr.5.223
Misc. deduc'ns (net)
11,407
17,130
5,859
9.500
New wells in Corsicana
field
16,671
11,709
Reserve, loss on S. W. S.
& Dev. Co
10,000
Balance,sur. or def_,sur.$607,291 sur.$423,317sur.$326,685 def.$23,272
a Being installments received from Kirby Lumber Co. under stumpage
contract of July 1 1901, as modified by decree of court July 28 1908.
HOUSTON OM CO.
-BALANCE SHEET SEPTEMBER 30.
Houston Oil Co. of Texas.
1918.
1917.
1918.
1917.
AssetsLiabilities•S
(Annual Report for the Year ending Sept. 30 1918.)
$
inv in timber lands
Common stock__ _20,000,000 20,000,000
& oil & gas ets.z32,555,179 26,130,902 Preferred stock.... 8,947,600 8,947,600
The report says in substance:
Trustees S.W.SetTimber certificates
Properties.
-The following report constitutes a review of the
tle't & Dev.Co_
6,978,467 second issue__ __
597
597
of both the Houston Oil Co. of Texas and of the Southwestern activities Kirby Lumber Co.
Series(Aug. 1 '11) y4,283,000 4,768,000
& Development Co. (Not Incorporated), taken as a whole. Settlement
(current)
394,191
394,046 do accrued int.
43,592
47,600
-During the past fiscal year the total oil produced by and Kirby Lumber Co.
Oil Produced.
Accrued taxes..___
90,429
101,100
for account of the two companies was 157,743 bbls. (an increase of, say,
(suspense)
446,112
337,104 Notes payable_ _
s45,000
130,000
32% over the preceding year), including: (1) Houston Oil Co. of Texas Notes & accts. rec.
53,320
31,152 Accounts payable.. 104,321
17,619
,
from the Corsicana field, 45,872 bbls., an increase of 17%;(2) company's Liberty bonds and
Unearned income
interest in Republic Production Co. for joint account in the Saratoga and
franchise tax
29,099
on turpentine
Liberty County fields 43,016 bbls.; (3) company's interest in the product Cash
117,897
150,524
contracts
23,390
79,359
tion of the Higgins Oil & Fuel Co., and through the latter in that of the Miscall. accounts_
4,501
5,023 Reserves
69,113
56,184
Booth Oil & Gas Co., 68,855 bbls.
Ctf. of int. in co's
Oil Wells.-Tho existing wells at Saratoga have ceased to be remunerative,
sec.held in treas.
6,742
120,842
so the oil output above noted (43,016 bbls.) is practically all from Liberty
County; production from this source commenced in the latter part of July
Total
33,607,041 34,148,059 Total
33,607,041 34,148,059
1918. There have been six wells located on the Liberty County tract, of
x Book value of properties owned, being the cost thereof as originally acquired
which Nos. 1 and 2 were abandoned, and.Nos. 3, 4 and 6 are now flowing; for cash or preferred
Nos.5 and 7 are now drilling. An additional well(No.8) has been located expenses and expenses stock and common stock, adjusted to include organization
of receivership and litigation, less net realizations to Sept. 30
and several additional sites are now in process of
1917,
so far obtained seem to fully justify the expectationlocation. The results mentssaid net realizations being the proceeds from sales of property, and installthat production from
received
this field will be worked up to a gratifying total, in anticipation of which preferred stock under the Kirby contract in excess of expenses, taxes, interest,
dividends and other outgo, $33,105,390.
it has been deemed wise to acquire, jointly with the Republic Production
These
Co., certain terminal facilities atIfni!, Liberty County, Tex. (a station Lumber properties consist of (a) installments still to be received under the Kirby
on the Gulf Coast RR.) and other lands and leases of mineral rights, ad- July 28 Co. contract as modified by the decree of the U. S. Circuit Court, dated
1908. (b)
joining or adjacent to the 800-acre tract. The total of such acquisitions Development Co. The company's interest in the Southwestern Settlement &
(not incorporated), owning approximately 780,000 cares of land,
amounts to 1,780.76 acres.
together with
Land Sales.
,
-These during the year aggregated 2,083 acres (first payment cans oil fields:any surplus pine timber, hardwood, &c. (c) Investment in the Corsi((i) Undivided one-half interest with the Republic Production Co. In
having been made in each instance) at an average price of, say,
$20 32 oil and
per acre, an increase in acreage sold of 413% an an increase in average interestsmineral rights in approximately 1,000,000 acres. Add joint purchases of
in oil lands and leases, $55,882; deduct surplus of timber receipts and other
price per acre of 1%.
Other Operations.
-Receipts from turpentine operations during the past income over disbursements, $607,291: adjustment of amount due by the Southfiscal year amount to $44,892, a decrease of, say, 27%. Sales of hardwood western Settlement & Development Co., $1.198: total as above, $32,555,179.
y Authorized, $6,250,000, less certificates redeemed, $1,967000.
amounted to $22.361, a decrease of. say, 9%.
s Notes plyable secured by deposit of $50,000 certificates of beneficial interest in
Hurricane.
-Early in August 1918 a hurricane caused a
stock, and
tion of standing timber in which this company is interested.heavy destruc- preferredSettlement 500 shares of Higgins 011 & Fuel Co. stock owned by SouthIt is believed western
& Development Co.
-V. 107, p. 2479.
that 39,232,000 ft. of yellow pine and hardwoods were
or left in grave risk of ultimate destruction by firespractically destroyed
and by the ravages
Imperial Tobacco Co. of Canada, Ltd.
of insects. The apparent gross money loss, appraising the yellow pine
at $5 per 1.000 ft. and the hardwood at $2 50 per 1,000 ft.(the book values)
(Seventh Annual Report-Year ending Sept. 30 1918.)
would amount to, say, $181,972; however, salvage to the
has been already arranged for, without concession of extent of $72,500
The report, dated Nov. 25 1918, says in substance:
any legal rights
claimed by your company.
The very large increase in sales for the current year has enabled the
-The item "Southwestern Oil Co.," heretofore appearing company
S. W. Oil Co.
to earn a substantial increase in profits; but the
among the assets of the "Southwestern Settlement & Development Co.
and other materials make it necessary to employ a muchhigh cost of leaf
larger working•
at $5,000, disappearsithrough the sale of the bulk of the property for $75,000,
which amount was paid over to Houston Oil Co. on acct. of indebtedness. capital. During the year dividends amounting to 6% were paid upon the
-During the past year the Kirby Lumber Co. has met preference shares of the company and four interim dividends aggregating
Kirby Lumber Co.
6% were paid on the ordinary shares, leaving a balance of $2,581,216
promptly the minimum semi-annual payments due to the Houston Oil Co.
57
(L530,386 19s. 4d.).
of Texas under the terms of its contract.
The net profits for the year after deducting all charges and expenses for
Litiqation.-The suit by the State of Texas against your company has management,
&c., and providing for excess profits war tax (1918) were
been decided by the Court of Civil Appeals in your favor, but the State's
application for writ of error to the Supremo Court of Texas has not yet $3,624,487. To this must be added: Amount brought forward from last
year, $1,328,704, less final dividend of 1% for year ended Sept. 30 1917,
been passed upon.
[The report is signed by S. W. Fordyce, President Houston 011 Co., and paid Dec. 28 1917. $270,025, making a total of $1,683,167. Deduct divs.
paid: 6% on preference shares, $481,800, and 6% on ordinary shares,
Edwards 1Vhitaker, Pres. of trustees for S. W. Settlem't & Devel. Co.]
$1,620,150, leaving available balance of $2,581.217, out of which the
directors recommend the payment of a final dividend on the ordinary
SOUTHWESTERN SETTLEMENT & DEVELOPMENT CO.
-RESULTS shares of 1%, absorbing $270,025, and that the
balance of $2,311,192 be
FOR YEARS ENDING SEPTEMBER 30.
carried forward.
The above figures do not include the company's proportion of undivided
1917-18. 1916-17.
Profits on Sales-Land (2,083.16 acres), $42,328; yellow
profits of the associated companies, and which they have not thought fit
pine (237,470 ft. and saplings, &c.), $1,440; hardwoods
to declare as dividends.
(1,423,573 ft. timber and 23,785 ties), $9,047; total_ _ _$52,815 $24,752
[Signed by M. B. Davis and D. C. Patterson as directors, and 0. S.
Cost on Above Sales-Land, $10,937; yellow pine, $1,187;
Perrault, Sec.]
hardwoods,$5,937; total
Sept. 30 Years1917-18.
18,061
1916-17.
11,460
1915-16.
1914-15.
Net profits for year_ _ _ _x$3,621,488 $2,455,224 $2,755,619 $2,313,425
Balance
481,800
$34,754 $13,292 Preference shares (6%)_
$481,800
$481,800
3481,800
Rents collected (net) on Sabine prop., $2,716; other inOrdinary shares
(7%)1,890,175(7)1,890,175(7)1,890,175 (6)1,620,150
come,$8,348;total
11,064
8,874
Balance, surplus
x$1,252.513
383,249
$384,644
$211,475
Total
Total profit & loss surp.. $2,581,217 51,328,704 $1,215,455
$860,810
Land & legal exp., $20,785; other expenditures, $22,453..-$45,818 $22,165
43.238 28,176
x After providing for excess profits war tax (1918).
The above figures do not include the company's proportion of undivided
Balance for year
sur.$2,580 def$6,011 profits of the associated companies.
THE . CHRONICLE
76
BALANCE SHEET SEPTEMBER 30.
1917.
1918.
1917.
1918.
Liabilities
Assets
8 030,000
Real est. & bidgs. 1,577,676 1,524,698 Preference shares.. 8,030,000 27,002,500
999,003 Ordinary shares__27,002,500
Plant, mach'y,&c. 1,171,238
Premium on pref.
trade
Good-will
240,836
240,836
shares
& patents_26,816,801 26,816,801
mks.
929,354
444,958 Sundry credit, &a_ 2,299,114
Sh's in assoc. cos.... 444,958
950,000
686,717 Bills payable
378,196
Cash
101,579
101,579
Capital surplus
Stock in trade and
878,886
9,035,789 5,665,823 Reserve funds_.._ 1,021,413
leaf funds
803,000
803,000
Sundry debtors,&c 3,605,001 3,176,859 General reserve__ 2,581,217 1,328,704
Profit and loss__
[VOL. 108.
State Street Ry. Boston.-Hearings.----
Bay
Dec. 31
'
Judge Morton in the United States District Court at Boston on to disfor authority
began hearings on the petition of Receiver Donham Receiver is quoted as
unprofitable lines. Counsel for the
continue certain
but
saying that loss in revenue from those lines is estimated at $682,000,
of $263,000
that operating expenses would amount to $945,000, a saving
p. 2374.
-V. 107,
in not operating.
43,029,659 39,314,860
Total
43,029,659 39,314,860
Capital Authorized, $39,733,309: Issued, $35,032,500.
Issued.
Authorized.
Cumulative 6% preference shares of £1 each (converted at the statutory rate of 34 86 2-3 per £)-- $9,733,309 $8,030,000
30,000,000 27,002,500
Ordinary shares of$5 each
before
The profit and loss surplus Sept. 30 1918, $2,581,217, is shown in the
deducting the final ordinary dividend of 1% (3270,025, included leaves
earnings statement). Allowing for this dividend
7% in foregoing
the surplus to be carried forward $2.311,192.-V. 106; p. 2563.
Total
-New Trustee.
Elevated Railway.
Boston
of State
James F. Jackson has been appointed a member of the board
-V. 107, p.-2474.
Trustees by Governor McCall.
-New Trustee.
Boston Railroad Holding Co.
r, and
George W. Anderson, former Inter-State Commerce Commissione
has accepted an appointnow a Judge of the United States Circuit Court, a member of the board of
ment to succeed the late Marcus P. Knowlton, as
RR.Co.,
trustees which holds the majority of stock of the Boston & Maine& H. RR.
and stock in its subsidiary companies owned by the N. Y. N. H.
Henry
The co-trustees are Frank P. Carpenter of Manchester, N.H.,and
-V.106,p.1688.
B.Day,James L.Doherty and Charles P.Hall,all of Boston.
-Bond Issue Ratified.
Boston & Lowell RR.
The stockholders on Jan. 3 ratified the proposal to issue $1,034,000
-V. 107, p. 1919, 1384.
20-year bonds.
-New Trustee.
Boston & Maine RR.
-V. 107, p. 2474, 2375.
See Boston Railroad Holding Co. below.
a Natural Gas Co., Tulsa, Okla., and
Ry.-Aid.
. Oklahom
. Brockton, Mass., & Plymouth Streetvoted to grant-financial
Pittsburgh, Pa.
Towns of IIanson, Pembroke and Plymouth have
shortly.
aid to this company. Other towns are expected to do likewise
Stock Exchange.)
(Official Data Furnished Pittsburgh
p. 2475, 2008.
V. 107,
-Appropriation Rescinded.
The Pittsburgh Stock Exchange, having listed $2,000,000.
Brooklyn Marginal RR.
the action
The New York City Board of Estimate on Dec. 30 rescinded a marginal
additional stock Dec. 30 1918, making the total amount of
$9,400,000 for
on appropriating
stock $10,000,000, furnishes the following data showing the of the previous City administrati that the action was taken so that unenrailroad in Brooklyn. It is stated
available
basis and the effect of the me:ger of July 1919:
cumbered balances and unused city appropriations might be made
-V. 105. p. 1417.
-Incorporated Oct. 12 1906 in Oklahoma' for other public improvements.
Organization-Capital Stock.
share. In July
-Lindley
-Receivership.
Originally capitalized at 34,000,000, par value $100 per
Brooklyn Rapid Transit Co.
and the par
1917 the capital was increased from $4,000,000 to 310,000,000 new stock,
Secretary of War, was appointed temOf the
value was changed from $100 per share to $25 per share. the $4,000,000 old M.Garrison, formerly
$8,650,000 was issued in exchange, viz.: $4,000,000 for the $1,500,000 of porary receiver of the system late on Tuesday, Dec. 31, by
stock of the Oklahoma Natural Gas Co.; $2,000,000 for
River Federal Judge Julius M. Mayer, upon application if the
Osage & Oklahoma Co. stock; 32,000,000 for the 31,000,000 of Caney
Gas Co. stock;$100,000 for the $300,000 Enid Natural Gas Co.stock; $250,- Westinghouse Electric & Manufacturing Co., a creditor.
stock; $300,000 for
000 for the $100,000 of People's Fuel Supply Co.(Okla.) of the stock of the The receivership became necessary owing to the inability of
the $250,000 of Oklahoma Fuel Supply Co. stock. All
on $57,735,000
six named companies was acquired and the properties were all merged into the company to meet interest due Jan. 1
capital for necesthe (new) Oklahoma Natural Gas Co.
sold to of 7% and 5% notes, and also obtain fresh
The balance of the treasury stock [S1,350,000 has since been
notes sary new construction .and improvements.
stockholders at par and proceeds applied partly to payments on
and balance on new construction work.
Present Outstanding Capitalization.
$10,000,000
Stock, par $25 a share authorized and outstanding
Oklahoma Natural Gas 1st M.6%,authorized $1,000,000, dated
Colonial Trust Co.. Pittsburgh, Pa.
March 11015. Trustee,
Interest M. & S. Denom. $1,000, $500, $100. Amount
[still] outstanding, $825,000, due in annual installments each
• March 1, viz.: $100,000 yearly 1919 and 1920;$100,000 1921.
825,000
3100,000 1922,$140,000 1923, $200,000 1924, $85,000 1925.._
Caney River Gas Co. 1st M. 6%, authorized $500,000, dated
Co., Pittsburgh, Pa., trustee.
Oct. 1 1915. Colonial Trust
.
Interest A. & 0. Principal due $50,000 each Oct. 1 1919 to
450,000
1927, both inclusive. Denoms. $1,000 each
Enid Natural Gas Co. 1st M.6%, total auth. $500,000. Olean
Trust Co., Olean, N. Y., trustee. Int. A. & 0. Duo $25,275,000
000 each April 1 and Oct. 1 1919 to April 1 1924
1%
-On the old capital ($4,000,000), an initial dividend of1911
Dividends.
paid each quarter from April
was paid in December 1910 and 1% was
was paid each
to and including Oct. 1912; Jan. 1913 to July 1917 1% per year have
quarter. Regular qaurterly dividends at the rate of 8%incl. Oct. 1917.
been paid each January, April. July and October since and
In Dec. 1918 the company declared four quarterly dividends of 34% each,
payable out of gasoline and oil earnings, in conjunction with and in addition to the regular quarterly dividends of 2% to be paid on the 20th days
of January, April, July and October 1919.
-Owns distributing plants in the following cities and towns:
Distribution.
Tulsa, Nola, Porter, Coweta, Haskell, Turley, Dawson, Red Fork, Ramona, Sapulpa, Edmond, Arcadia, Luther, Wellston, Chandler. Davenport, Stroud, Depew, Kelleyville, Midlothian, Meeker, Hunter, Nardin,
Pond Creek, Deer Creek, Lamont, Shamrock, Peckham, Claremore,
McCandless, Wagoner.
Through other distributing companies, supplies the following cities and
Beggs,
towns: Oklahoma City, Guthrie, Shawnee, El Reno, Enid, Yukon,
Bixby, Muskogee, Oilton, Putnam, Newkirk, Tonkawa.
miles.
Properties of the Cornpany.-(a) Pipe lines aggregating 1,000 rights.
(TAcreage, 200,000 acres, of which about 90,000 acres carry oil 300, or
lines number
(c Oil wells number 88. (d) Gas wells connected to
w ch 75 are owned; number of consumers. 55,000. (e) Gasoline plants, 8.
(f) Compressor stations, 5.
-(al Gas about 500 million feet, open flow.
Daily Average Production.
gallons.
(b) OIL between 450 and 500 barrels. (c) Gasoline, about 7,000
Number of towns supplies, 44.
Earnings for 10 Months ended Oct. 31 1918 (Fiscal Year ends Dec. 31).
Gross earnings: Gas sales, 32.921,365; gasoline, 3263.627; oil$3,446,391
sales, $261.398; total
1,838,880
Expense-Including operating, taxes, gas purchased and int_
$1,607,511
Net earnings from operations
Assets-Plant
Investment
Less depreciation
Balance Sheet as of Aug. 31 1918.
Liabilities
318.916,391 Capital
*Less unissued
1,522,001
$17,394,390
397,563
Departmental investm'ts
55.550
Other investments
446,385
Suspense constr'n accts_
141,713
Cash
747,088
Accounts receivable._ _ _
92,402
Deferred charges
$10,000,000
1,356,500
$8,643,500
1,620,000
1,543.783
648,480
1,425,066
5.394,262
Funded debt
Bills payable
Accounts payable
Surplus
Property adjustment.._ _
Total each side
$19,275,092
* Treasury stock has since been sold and proceeds applied partly to payments on notes and balance on new construction work.
V.
PoDirectors (and Officers).-President, G. T. Braden; Vice-Presidents, J.
BMA,J. II. Evans, R. C. Sharp; Vice-Pres. and Treasurer, R. H. Bartlett;
Harry Heasley, W. W.Splane, E. P. Whitcomb and R. W. Hannan. The
-V. 107, p. 2481.
Secretary is John C. Bartlett.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
-Fare Situation.
Arkansas Valley Ry., Lt. & Power Co.
Colorado P. U.
This company, which has had an application before the
Commission for permission to raise fares from 5 to 6c. in Pueblo. Colo., has
-V. 107, p.1747.
filed an amendment application asking for a 7c. fare.
Auburn & Syracuse Electric Ry.-6-Cent Fare Granted.
The New York P. S. Commission has granted this company permission
to increase its fare in Auburn and the Auburn zone from 5 to 6 cents.
V. 107 p. 2097.
•&Mara
Augusta Southern Ry.-Federat Contract.
Announcement has been made of the signing of the Federal operating
contract between this company and the Director-General of Railroads, the
annual compensation being fixed at 328,000.-V. 107, p. 905.
Williams.
Statement Issued by President Colonel Timothy S.
-Judge Julius M.Mayer of the United States District Court
Receivership.
made an order appointing ex-Secretary of War Lindley M. Garrito-day
RR. Corson receiver of the B. R. T. Railroad Co., New York Municipal
two
poration and the New York Consolidated RR. Corporation-these was
subsidiaries of the Brooklyn Rapid Transit Co. The order
being
Westinghouse Electric & Mfg. Co., a
made upon the application of the
total floating
creditor, for material furnished [to a total of $46,462. The of $4,850,000
debt, according to the receivership bill, aggregates upward
-Ed.].
and supplies.
for money borrowed and for materials
The companies did not oppose the action, for they felt that they would
be subserved by a temporary receivership.requirements were for meeting
-The immediate
Cause of Receivership.
been obJan. 1 obligations for about $2,000,000. And this could have
work now under
tained. But to complete the construction and equipment similar purposes
for
contract, and to provide for additional expendituresmany millions more,
during the coming year, will require the raising of with their stationary
and the general situation affecting street railroads,
and made impossible up to
fares and rising costs, had injured their credit of fresh capital.
the present time provision for the investment
for these construction and equipment
Every possible effort to provide
had
needs,including informal applications to the War Finance Corporation,
and it seems
been taken by the directors, but without substantial results, and appregeneral knowledge
wise to face the issue now with the hope that
ciation of the necessities would suggest a way for their solution. the city in
The company has been greatly handicapped by the delay of
completion of its subways. These should have been mostly in operation
two years ago.
the meantime
The essential parts of them are still under construction. In
a large part of our $60,000,000 investment is unproductive and existnig
completed parts of the system cannot be effectively operated.
and
and
In addition to this handicap, the high cost of labor and materials near
the other hardships caused by the war have largely reduced the not fare
on the pmt of the company to restore rates of
ings. The efforts
authorized by their franchises or to get the right to charge fares sufficient to
meet the cost of service have thus far failed.
Default-Committee for Notes and Bonds.-Tha committee
of bankers named below, in view of the receivership and the
default Jan. 2 in the payment of interest on the issues named
invite deposits of these securities with the Central Union.
Trust Co., 54 Wall St., on or before Jan. 31. An advertisement on another page says:
To the Holders of the Following Notes and Bonds.
B. IL T. Co. Three-year 7% Secured Gold Notes, due July 1 1021 [recently 356,229,000-V. 106, p. 2648; V. 107 p. 7031; 1918 [recently
July 1
B. R. T. Co. Six-year 5% Secured Gold Notes, due 107, p. 703
$1 506,000-V. 94, p 1694; V. 101, p. 1188; V.
New York Municipal Railway Corporation First Mortgage 5% Sinking
Fund Gold Bonds, Series A, due Jan. 1 1966 [recently 2,265.000
outstanding and 357.735.000 pledged to Secure the aforesaid notes.
In view of the appointment of a receiver of the properties and the impendr
of interest on the above-mentioned Three-Yea„
ing default in the payment
entioned bonds, thr.
Notes and of interest and sinking fund on the above-mthereof, believe the
undersigned, owning and representing large amounts the above-mentioned
taken for the protection of
prompt action should be
invite
notes and bonds, and to that end, acting as a protective committee,
all coupons
the holders of said notes and bonds to deposit the same, withCo., of New
with Central Union Trust
attached, on or before Jan. 311919.
agreeYork, 54 Wall Street, N. Y. City, as depositary, under a deposit
ment which is now in course of preparation.
the depositary will, if desired by
• The undersigned have arranged that
depositors of said Three-Year Notes or First Mortgage bonds, advance
amount of the
to them upon such notes or bonds, at the time of deposit, the
in accordinterest maturing thereon Jan. 1 1919. Ownership certificates
the Federal Income Tax law will be required upon all advances.
ance with
Co. of New York, Kuhn, Loeb & Co.
Committee: Central Union Trust
54 Wall
and Kidder, Peabody & Co., with Charles E. Sigler, Secretary,
St., and Cravath & Henderson, Counsel.
-The following committee reStockholders' Committee:
quests stockholders to deposit their certificates of sock with Mercantile Trust & Deposit Co. 115 Broadway, N. Y., or
with People's Trust Co.. 181 Montague St., Brooklyn, as
depositaries under protective agreement dated Jan. 2:
-Albert H. Wiggin, Chairman; Charles A.
Stockholders' Committee.
Doody, Frederick H. Ecker, Seward l'rosser, Galen L. Stone, Frederick
and E.B.Sweezy, with Chellis A. Austin, Secretary, 115 Broadway,
Strauss
CulNew York, and Rushmore, Bisbee & Stern, 61 Broadway, N. Y., and
pages).
len & Dykman,177 Montague St.,Brooklyn,as Counsel. (See adv.
Possible Additional Receiver to Represent City's Interest
-The
Mayor Sees Opportunity for Changed Relations With City.
order appointing Mr. Garrison as temporary receiver is returnable Jan. 15 and at or before that time it is expected
the city authorities will apply for a co-receiver to represent the city's large interest in the enterprise.
JAN. 4 1919.]
THE CHRONICLE
Digest of Statement Issued by Mayor HyIan on Jan. 2.
The receivership of the B. R. T.has precipitated and laid the foundation
for a readjustment of the entire transit situation. The city has a far larger
Interest in the subject than any one of the transit companies. About
$250,000,000 of city money is invested in the dual subway systems, a substantial part of which is to be operated by the B. R. T.
More important than this, however, is the rendering of proper and adequate service by the transportation companies,so that the public may travel
in a reasonable degree of comfort and with proper accommodations.
In order to make sure that these public requirements are fully
may be expected that the Board of Estimate and Apportionment met, it
request the Corporation Counsel to apply to the U. S. District Courtwill the
for
appointment of an additional receiver to be named by and to represent the
interests of the City of New York in the receivership proceedings.
The whole matter will be the subject of a conference of all
members
of the Board of Estimate and Apportionment. The letter thePresident
of
Shonts of the Interborough requesting an 8-cent fare [see above] is a part of
the whole subject, and will be considered in the same manner and at the
same time.
Statement Issued by the Public Service Commission.
Under the dual contracts the gross receipts are used first for the payment
of operating expenses, maintenance expenses, fixed charges on the company's investment, preferential, and then fixed charges on the city's investment, and the Commission has the right to check and audit the financial accounts of the companies, to make sure that only proper deductions
are being made from the gross revenues, in order that the city's investment may be protected. The two companies in question
transit lines upon which the city's expenditures amount to are using rapid
000, and it is the protection of this interest that causes theover S100,000,Commission to
make application to tho Court.
Need for Higher Fares on Subway and Surface Lines.—
Progress of Construction Under Dual Contract With City.—
See "Rapid Transit
Compare Interborough Rap. Tran. Co. and New York Rys. Co. below.
p. 2375, 2288,
in New York City" under"Reports"above.—V.107,
Buffalo & Lake Erie Traction Co.—Disapprove
The New York P. S. Commission has denied the petition of d.—
George Bullock, for leave to abandon that part of the road from Receiver
Main to
Temple Streets, Fredonia, to the State line between N. Y. and Pa.
The
commission holds that in the interest of the public the road should
abandoned. The section which it was proposed to abandon runs not be
through
Fredonia, Brocton, Portland, Westfield and Ripley.—V. 107, p.
2475, 1191
Centre & Clearfield Street Ry.—New Treasurer.—
L. II. Mountney has been elected Treasurer to succeed F.
who was appointed Asst. Secretary of the company.—V. 105,P. Bagley,
p. 1998.
77
Franchises, with minor exceptions, are perpetual.
of 80 miles of track, 106 cars, steam electric powerThe equipment consists
plants with a capacity
of 4,000 h. p., electric distribution systems, car barns, shops,
&c.
power required for the business of the company is purchased Electric
from the
Tennessee Power Co., largely from its hydro-electric plants,
arrangement whereby the steam plants of the Chattanoo but under an
ga Co. may be
operated, if required, under the control of the Tennessee Power
Co.
Security.
---A direct obligation of the company, the present
by deposit of the following: (a) $682,000 Chattanooga Ry.issue secured
& Light Co.
1st & Ref. Mtge. 5% bonds, due May 1 1956. (b) $389,000
Lookout
Mountain By. Co. 1st Mtge. 67 bonds, due May 1
o
1956.
Additional notes may only be issued to the extent of
70% of the face
value of the bonds of the same issues pledged as security.
The Chattanooga By. & Light Co. 1st & Ref. 5s are a mortgage
on the
entire property of the company now owned or hereafter
acquired. A
first mortgage on the electric light and power properties, and
a mortgage
on the railway lines subject to $2,165,000 Chattanooga
Rys. Co. First
Consol. 5s, and $625,000 Chattanooga Electric By.
1st M. 5s, both of
which issues are closed.
The Lookout Mountain 1st M. 6% bonds are a first lien
on about ten
miles of the electric railway encircling and on top of
Lookout Mountain.
All the stock is owned by the Chattanooga Ry. & Light Co.
and the company's lines connect with the city system.
Earnings for Calendar Year 1918 (December Estimated).
Gross earnings, $1,844,239; net, after taxes
$411,763
Int. on bonds (incl. railway bonds—see below) and bank
loans
262,196
12 months' interest on $750,000 notes (q)
%
56,250
Balance
$93,317
Due to constantly increasing costs of labor and materials, the earnings
of the railway lines have not been sufficient in recent years to provide
for
the interest on the $2,165,000 Chattanooga Railways 1st Consol.
Mtge.
bonds, and as these bonds were not assumed or guaranteed by
the Chattanooga R y. & Light Co., the interest due Nov. 1 1918 was not paid.
In the
above statement, however, interest for the entire year on these
bonds has
been included in the fixed charges.
If the earnings from the railway properties
had been eliminated entirely and no interestcovered by the railway bonds
paid on those bonds for
year, the net earnings for 1918 (December estimated) would have the
$276,282 available for the payment of $56,250 interest on this issue of been
notes.
—V. 107, p. 1836.
Chicago City & Connecting Ry.—Dividend Omitted.
—
The semi-annual dividend which would ordinarily come tip
Dec. 20 was not acted upon at the meeting on that date.—V. for action on
107, p. 1286.
Chicago & Eastern Illinois RR.—To Pay $125 on each
Chattanooga Ry. & Light Co.—Status of 1st M. $1,000 Purchase Money Coal Bond from Deficiency Judgment.
Central Union Trust
Bonds, Due Jan. 1—Payment of Coupons—Plans Under ofThe deficiency judgment Co., N. Y., has received $636,750 on account
the
heretofore entered in its favor as Trustee of
Consideration.—In circular of Dec. 30 addressed to the. the Purchase Money Coal Co. of the railroad company, dated Feb. 11912,
holders of the $625,000 1st Mtge. Chattanooga Electric Ry. and being now ready to make distribution of the same to the bondholders,
gives notice that
pay
5% bonds maturing Jan. 1 1919, President C. M. Clark Purchase Money it will bondthe sum of $125 to the holders of each $1,000
Coal
on account
principal and interest, on presentation ofof the amount due thereon for
says in substance:
the same to it, with coupon of
Feb. 1 1915 and since attached
A circular letter was sent [on Oct. 311 to the holders of
Consol. Mortgage bonds of the Chattanooga Railways Co., the First
referring to
default in interest upon said bonds on Nov. 11918. [See said letter,
V. 107.
p. 1836.1 The Chattanooga Electric By.are secured by mortgage
and t icticallthe sa me
o pi e ta Ients madproperty a
T
Chattanooga Railways a& nond:
n
hC ab
statements
o i that letter apply11 to
Electric
1st Mtge. bonds. The earnings have not been
provide for the interest oven upon the Chattanooga Electricsufficient
and funds are not available for the payment of the principal due By. bonds,
Consideration is now being given by representatives of the Jan. 1 next.
Railways bondholders to a plan for the protection of both Chattanooga
therefore suggest that you should not present your bonds forissues, and we
such time as a plan can be developed and submitted for your payment until
Any plan must necessarily provide for a reasonable extension consideration.
of principal of
the Chattanooga Electric Ry, bonds and to assist in such extension
arrangements have been made to secure the money required to pay
the coupons
maturing on Jan. 1 1919.
The Chattanooga Ry. & Light Co. will continue to operate the
property
for the best protection of the bondholders as well as of its own
In the railways, the larger part of which is subject to both the investment
Chattanooga
Railways and the Chattanooga Electric By. mortgages. While
able results have yet boon attained in the direction of increase no favorin street
railway fares, a plan is being worked out which we hope
revision of fares on some equitable basis which will enable will result in a
way lines to earn a fair return upon the investment in thethe street railrailway property. It will be some months before this plan can become
effective.
Meanwhile every effort is being and will continue to be
large net earnings out of the railway lines as possible. made to make as
To Exchange 6% Notes on 7M% Basisfor Similar 7%
Due June 1920.—Holders of the $750,000 1-year 6%Notes
gold
coupon notes, matured June 1 1918, have received a
from President Clark dated Dec. 27 saying in brief:circular
In the letter sent you in November
reference was made
then under consideration for financing the above mentioned to two plans
overdue notes,
either of which would have provided part payment in cash.
were predicated upon arrangements with the War Finance Both plans
Corporation,
either direct or through an intermediary financing company.
Shortly
after the signing of the armistice the War Finance Corporatio
that it would make no further loans of this character, and n announced
this decision
necessitated the abandonment of both plans.
It is now proposed to ask the noteholders to accept a new
Dec. 1 1.918, maturing Juno 1 1920 and bearing 7% interest. note dated
On
1918 interest at the rate of 7% was paid on the overdue notes from Dec. 1
to Dec. 11918. The now notes will be offered at 99% in exchange June 1
for the
overdue notes at par, the balance of 1% being paid in cash. This
will
in the holders receiving 7 % interest from the date of maturity result
overdue notes, June 1 1918, to date of maturity of the new notes, of the
1920. It is proposed that the collateral on the new notes shall June 1
remain
the same as on the old ones.
We have consulted practically all of the largo holders of these
notes,
representing 75% of the total amount outstanding, and without
exception
they have agreed to this extension. It is hoped that the holders
of the
smaller amounts will also accept the new notes, as the company
otherwise provide for their payment. Attention is called to the cannot
accompanying circular descriptive of the now notes, and giving informatio
n concerning earnings, &c. The overdue notes should be presented to
sylvania Co. for Insurances on Lives & Granting Annuities, 517the PennSt., Philadelphia, on or after Jan. 15,and there will be delivered in Chestnut
exchange
therefor new notes of the same face value as the old notes, together
with
cash equivalent to 1% of the overdue notes exchanged.
Description of New Notes—Status of Property.—An official
circular dated Dec. 31 1918, gives the following particulars
regarding the 7% gold coupon notes, due June 1 1920,
prin. and int. guaranteed by the Tennessee Ry., Light &
Power Co., which see below.
for proper stamping, at its office, 54
[The coal property was sold under foreclosure to the committee Wall St.
on Dec.
18 and 19 1917 for $3,800,000. V. 105, p. 1617, 2542: V .100,
p. 307, 641.
In Nov. 1917 this issue received a payment of 20%
chiefly from coal earnings accumulated during the($200 per $1,000 bond)
receivership.
p. 2093. A further $18 76 per bond was paid in April 1918.—Ed. V. 105.
The committee of holders of these bonds, George C. Van ]
Chairman, announces that a payment of $100 as to each $1,000 Tuyl Jr.,
bond will
be made on presentation of certificates of
Co., 60 Wall St., N. Y.—V. 107, p. 2289,deposit at Metropolitan Trust
1836.
Chicago Railways Co.—Bonds.--
This company has filed a petition with the Illinois P. U. Commissio
ing approval of an issue of $1,995,414 of 4% bonds.—V. 107, p. n ask1481.
Cincinnati (0.) Lawr. & Aurora Trac. Co.—Fares.—
Receivers Hooven and Stark have applied to the County Commissio
for an increased rate of fare, declaring that the ruling of the War ners
Board fixing the maximum pay of conductors and motormen at 45Labor
cents
an hour makes an increased fare imperative, and thus the receivers
ask
that the Commissioners request the Ohio P. U. Commission to examine
the property and fix an "equitable rate of fare."—V. 107, p.
1099.
Columbus Ry., Light & Power Co.—Brief Filed.—
This company has filed a brief in the United States Supreme Court in
its action for increased fares which says in part:
"The situation that has been brought about by the war, resulting in a
most unexpected increase in operating expenses of all kinds, and
the compulsory annual wage increase of $560,000 to the award particularly
of the National War Labor Board, cannot be held to have been within the contemplation of the parties when the franchises were granted and accepted.
"Under these circumstances the company is entitled to a release of the
obligations, if any, that these grants may have imposed upon it to continue
to operate under them."—V. 107, p. 2475, 919.
Commonwealth Power Ry. & Light Co.—Sub. Co. Bds.
See Michigan Light Co. under "Industrials" below.—V. 107, p.1192,109
9.
Concord (N. H.) Electric Ry.—Fare Increase.—
This company has been granted permission to raise its fare
6 cents and bn the interurban line to Manchester to charge 2from 5 to
cents per
mile.—V.83, p.971.
• Connecticut Company.—Extensions.—
This company has filed petitions in the office of Secretary of
Connecticut as follows: (a) To construct and operate a street State of
railway
beginning at Occum, in the town of Norwich, along the Norwick and Worcester turnpike, the Versailles road, the Jewett City-Norwich road, Main
and North Main streets in Jewett City and then to the connection with
its
tracks near Contra! Village; (b) to extend charter rights in Taftyille for the
purpose of connecting its tracks through Norwich Ave. from South B to
North B Sts.: (c) to construct and operate a railway in Hamden from the
connection in Dixwell Ave. near Blake's Corner, along Dixwell
Ave.
to the connection in Whitney Ave. near the town hall.—V. 107, p. 2376.
1384.
Denver & Salt Lake RR.—Operations, &c.—
The "Railway Age" in its Issue for Dec. 27 published a four-page
article
describing the difficulties encountered in operating
tions of which are about two miles above sea level. by this line some pornated by a photograph and charts.—V. 107, p. 2187,The article is illumi1192.
Denver Tramways Co.—Fare Situation.—
In an effort to prevent the company from putting into effect the
7
-cent
fare authorized by the Colorado P. U. Commission, the city (of Denver)
officials on Dec. 23 petitioned the Commission for a rehearing of
the
case. An increase in fares to 6 cents for the war period from
the
cents, provided for in the company's charter, was permitted by the five
but the addition of another cent in the fare charge is being resisted.city,
A press dispatch from Denver on Jan. 2 states
against the collection of the 70. car fare resulted in that demonstrations
Int. J. & D. Denom. $1,000. Red. at par and int. on any int.
practically tying up
upon 30 days' notice. Pennsylvania Co. for Insurances on Lives, date the system of the company.—V. 107, p. 2376, 2097.
&c.,
Phila., Pa., trustee. Amount auth., $1,000,000. Amount to be issued
in
East St. Louis & Suburban Co.—Earnings—Coupon
exchange for like amount of notes which matured June 1 1918,
$750,000.
Payment—Exchange of 6% Convertible Bonds Due Jan. 1 1919
Capitalization of Chattanooga Ry. & Light Co.— Authorized. Outstand'g
.
First & Refunding 5s
$15,000,000 *$2,395,000 for Similar 7% Convertible Bonds Due Jan. 1 1921 with
Bonus
Bonds on Railway System (only)
Closed
2,790,000 of 1% in Cash.—President C. M.
Lookout Mountain By. 1st Os
Clark in circular letter
2,000,000 a
7% coupon notes
1,000,000
750,000 dated Philadelphia, Dec. 28, addressing the holders of the
Preferred stock
2,000,000
2,000,000 $2,094,000 5
-year 6% convertible bonds of the company,
Common stock
3,000,000
3,000,000
due Jan. 11919, says in brief:
* $682,000 additional bonds of this Issue pledged as security for
Referring to our letter of Dec. 16 1918, we now beg to advise you
the
above-mentioned $750,000 of notes. a All of the outstanding
that
this Issue pledged as security for the above-mentioned $750,000 ofbonds of the coupons on the above mentioned bonds, due Jan. 1 1919, will be paid as
usual on presentation.
Company.—Does all the city and most of the suburban electricnotes.
railway
The company proposes to create new 7% Convertible bonds, dated
business, and nearly all the electric light and power business of
and Hamilton counties, Tenn.,serving an estimated populationChattanooga Jan. 1 1919, maturing Jan. 1 1921, similar in other respects to the present
of 100,000.
5
-year 6% Convertible bonds, and to offer these new bonds at 99% in
78
THE CHRONICLE
exchange for the present bonds maturing Jan. 1 1919, the 1% discount
being paid in cash. The indenture to the Pennsylvania Co. for Insurance,
on Lives & Granting Annuities, trustee, provides for the rights of the bondholders in case all the 6% bonds should not be exchanged.
The aforesaid trustee will be prepared to deliver new bonds in exchange
for the old bonds upon presentation on and after Jan. 2 1919 at Its office
517 Chestnut St., Philadelphia. and to make the cash payment called for
by the discount on the new bonds.
The following combined statement of the companies controlled by the
East St. Louis & Suburban Co., operating in the East St. Louis territory,
with all inter-company items eliminated, shows the balance properly
applicable to payment of interest on the Convertible bonds for the year
ending Nov. 30 1918. The earnings of the Alton companies, controlled
by the East St. Louis & Suburban Co., are not included, because those
companies are not earning the interest on their own bonds and their earnings should therefore not be included in a statement showing correctly the
earnings available for these Convertible bonds.
Earns. Applicable to Convert. Bonds Year End. Nov.30 1918 (Alton Cos. Excl.)
$3,164,926
Gross earnings
2,189,528
Operating expenses and rentals
[VOL. 108.
-Cent Fare Denied.—
6
See Indianapolis Traction & Terminal Co. below.—V. 106, P 2560.
Interborough Cons. Corp.—Financial Status—Necessity
for Higher Fares—Progress of Construction
See Interborough Rapid Transit Co. and New York Railways below and
Rapid Transit in New York City under "Reports" on a preceding page.—
V. 107, p. 1287.
Interborough Rapid Transit Co., N. Y.—Necessity
-Cent Fares—Serous Effect of Present Situation on City's
for 8
Finances.—In a letter sent on Dec. 31 to Mayor Hylan,
the Board of Estimate and the Public Service Commission,
President Theodore P. Shouts says in substance (compare
New York Rys. below as to action by Board of Estimate):
Dual Plan.—As the lease of the new subways to be operated by the
Interborough Rapid Transit Co. will commence to-morrow, Jan. 1 1919,
In accordance with the arrangement made on Aug. 1 1918, I would call
$975,398 attention to the importance of immediate consideration by you of the
Net earnings 162,500 situation brought about by conditions due to the war.
Taxes
101,636
The dual plan provided that the Interborough would furnish $58,000,000
Int. & discount on bonds & floating debt of operating cos., &c
400,000 toward the cost of constructing the new railroads (that being then estimated
Int. on Collateral Trust bonds of East St. Louis & Suburban Co_
173,794 as one-half the cost) and the city would furnish the remainder of the cost
Interest on Convertible bonds and floating debt
of such construction, while the Interborough agreed, in addition, to furnish
Balance over all interest, available for requirements ofcompany $137,468 the funds for the cost of equipment, then estimated at $22,000,000; but all
equipment to be furnished by the Interborough no matter what the additiCompare V. 107, p, 1837, 1192.
o_
[We learn that the total authorized issue of new 77 Convertible bonds onal cost. The contracts were finally executed on March 19 1913.
The Interborough forthwith proceeded to raise the necessary funds for
will be $3,000,000, as is the case of the old issue due January 1, but it is
not expected that any of these bonds will be issued in excess of the amount both subway and elevated railroad improvement by the issue and sale of
to refund the maturing issue, namely $2,116,000.1—V.107,p.1837. $160,000,000 of its First & Refunding Mtge. 5% bonds secured by a mortnecessary
gage upon its interest in the enterprise.
Fresno Interurban Ry.—Discontinuance.—
Status Prior to War.—Matters were progressing finely and just prior
The California RR. Commission has given this company permission to to the entry of this country into the war a re-examination of the earlier
discontinue service in Fresno on the score that the traffic offering to the estimates of the probable earning power of the new venture warranted the
street car line does not justify a continuance of its operation.—V.103,p.665. conclusion that the deficits during the lean period immediately following
the opening of the completed new system would be about one-third of
Georgia & Florida RR.—Contract Signed.—
the amount originally anticipated.
Effect of War.—Then came the war. The costs of everything mounted
Announcement has been made of the signing of the Federal operating
contract between this company and the Director-General of Railroads, the higher and higher. It became necessary, in order to complete the Interborough's part of the contracts, to raise about $40,000,000, in addition
annual compensation being fixed at $88.000.—V. 106, p. 2010.
to the $160,000,000 originally borrowed. This was done in 1918 by a
Government Control of Railroads.—Deficitfrom Govern- short term note issue secured by $61,000,000 of the First &• Refunding
Mtge. bonds as collateral.
at $150,000,000.—
ment Operation in 1918 Put
This, of course, increased greatly the fixed charges payable for interest
See preceding pages in this issue.—V. 107, p. 2374.
and sinking funds. But in addition operating costs soared. Wages and
this day.
Inter. Ry. materials were on a war basis. These high costs continue$10,000,000 out
Grand Rapids Grand Haven & Muskegon
Interborough had accumulated a cash surplus of
Judge C.W.Sessions in the U.S. District Court at Grand Rapids, Mich., ofThe
which to take care of operating losses during the lean years heretofore
fares to 3 cents per mile.
bas denied this company's petition to increase
mentioned. Had it not been for the war such a sum would have been ample
The decision holds valid the Michigan 2-cent fare law.—V. 107, p. 291.
with a five-cent fare. But it is no longer adequate, and it is rapidly being
exhausted.
Grand Rapids & Indiana Ry.—Regional Change.—
Decrease in Earnings.—For the year ended June 30 1918, there was a
See Pittsburgh & Lake Erie RR. below.—V. 107, p. 1003, 905.
deficit of subway earnings of $620,438 and of elevated earnings of $2,306,Hudson Companies.—Reduction of Stock, Etc.—The 818,compared with the amounts the company was entitled to receive under
revenues,
deficits are payable
stockholders will vote Jan. 14 on reducing the capital stock its contracts. These semi-annually, beforeout of futureentitled to with
any
the city is
interest compounded
from $21,000,000, consisting of 210,000 shares of $100 each, share in either subway or elevated earnings.
1919 the outlook is much worse.
For the fiscal year ending June 30
to $4,000,000, to consist of 160,000 shares of the par value Based on the actual figures for the four months ended Oct. 31 1918, the
of $25 each, and determining or providing for the return to trend indicates that on June 30 1919 the deficit under the subway contract
the stockholders pro rata at such times and in such manner will be $3,887,000, and under the elevated contracts $4,952,000, or a total
ahead of the city's right to a return for
as the directors shall determine of the amount of capital over accrual for the year of $8,839,000
the year ending June 30 1919.
As it is probable that the years 1920 and 1921 with a five-cent fare will
and above the amount of the reduced capital.
accumulate arrears as large as if not larger than those of 1919, it is apparent
Statement by President W. 0. Oakman in Circular of Dec. 23.
June 30 1921 the accruals ahead of the rights of the city [to parThe circular letter of May 1 1917 (V. 104, p. 1801) containing the plan that by in the income of the propertyj will aggregate $30,000,000.
maturing notes by the issue of stock and ticipate
for refunding the then presently
Effect on Taxation.—For the next three years, if the fare remains at five
notes of the newly formed Greeley-Hudson Securities Corporation con- cents, the city will have to raise by taxation on account of interest and sinktained the following statement: "After consummation of this plan Hudson ing fund on its investment in the Interborough subways sums aggregating
Companies will still own its Hudson & Manhattan RR. Co. stocks (being about $12,000,000 during that period irrespective of interest on the city's
a substantial majority of all outstanding) and all of the $2,000,000 stock
of the new company not sold with the notes. Your directors are assured other bonds. be increased to eight cents recourse to taxation will not only
that if this plan becomes effective the common stock of Hudson Companies beIf the fare but the city will receive from the Interborough lines over
prevented
will be surrendered and canceled, whereupon it will be in order to reduce
in cash into its treasury.
the preferred stock and distribute to the holders thereof such remainder of $2,000,000
Other Possible Effects.—The Interborough Company is entitled to borrow
said
the capital stock of the new company, Hudson Companies retaining
the accruals and thus continue in possession of the property
railroad company holdings. To have this 'control' of the Hudson & Man- cash against But if for any reason it should not be able to raise the money
leases.
hattan 1111. Co. thus set free from all lien or debt and held together for under the city kept it down to a 5-cont fare and a receivership should
because
future realization is obviously of great advantage."
the situation would not be changed so far as the city is concerned—
The holder of all of the outstanding common stock has surrendered the follow, it might be worse because receivership certificates might be necescertificate for the same to the company with an agreement that in the indeed
sary, which would be a paramount lien, thus setting the city's investment
process of reduction all of such common stock shall be canceled. It is
to the rear.
contemplated that at the meeting to be held on Jan. 14 1919 a resolution further
So long as the operator, whether it be the Interborough or a receiver,
will be presented accepting this offer of the holder of the common stock performs the contract the city's investment remains subordinate to the
and approving the cancellation of such stock. This will leave 160,000 Interborough investment. Even if there be a default which entitles the
shares, toeing all of the present pref. stock which aro to be made of the par city to take possession, the interest and sinking fund on Interborough
value of $25 each, thus making the total stock $4,000,000.
payable prior to the city's interest and sinking fund.
The whole issue of $2,000,000 of Greeley-Hudson Securities Corporation bonds are can gain nothing, therefore, by starving the Interborough into
The city
1917,
notes (V. 105, p. 1806), mentioned in said circular letter of May 1of the bankruptcy. On the cnntrary, it can indirectly do itself great financial
was disposed of together with $1,000,000 par value, that is 50%,
damage through the impairment of approximately $500,000,000 of securities
stock of said securities corporation, leaving $1,000,000 of said stock in the In the combined Interborough system, and still have to face the problem
treasury of Hudson Companies. This stock the directors of the latter of increasing fares to escape ruinous taxation. If the city were in possession
company expect to distribute, as soon as practicable after its capital stock of the railroads a continuation of a 5
-cent faro would be at the expense of
shall have been reduced as aforesaid, to the holders of its pref. stock, who the taxpayers and contrary to the spirit of the Rapid Transit Act.
by such reduction will have become its only stockholders.—V. 106, p. 493'
Legislature, in the Rapid Transit Act as long ago
Public Operation.—The
as 1906, authorized the city to operate subway roads, but the law_provided
Illinois Central RR.—General Manager.—
be fixed by the commiggion with
A. E. Clift has been appointed General Manager under the U. S. Govt., In such case that the rates of fare should adjusted, fixed, and readjusted
the approval of the Board of Estimate, and
succeeding T. J. Foley, deceased.—V. 107, p. 2290, 1747.
always with a view to securing as nearly as may be sufficient receipts
Indianapolis Street Ry.—Interest Deferred—Dividend.— therefrom to provide for operating expense, maintenance, interest on the
In view of the refusal of the Indiana P. S. Commission to permit an in- cost, all the proper charges and a sinking fund to discharge the bonds issued
crease of fares in Indianapolis, the board of directors of the Indianapolis for the construction and equipment of such road or roads within a reasonable
Traction & Terminal Co., which is controlled by the Terre Halite, Indian- period, without recourse to taxation. (Section 30 Rapid Transit Act.) a
But irrespective of the theory of the Rapid Transit Act and simply as
apolis & Eastern Traction Co. (see that company below), decided to defer
the payment of the interest due Jan. 1 on the $6,000,000 4% bonds of the business proposition in which the city has an interest (aggregating in the.
Street Ry. It was proposed, howofer, to pay promptly the dual system $250,000,000) the enterprise should be made self-sustaining
Indianapolis
3% semi-annual dividend on $5,000,000 stock in order to continue the lease. without recourse to taxation. A readjustment of fares will prevent taxaIt was also agreed to meet $5,000, interest due Jan. 1 on $200,000 of tion and the accumulation of arrears payable ahead of any return to the
bonds of the Broad Rippel Traction Co. The bond issue of this company city. There is no other way of solving the problem.
For the city to starve the joint enterprise and destroy or impair its own
is $400,000, half of which is assumed by the Indianapolis Street Railway
Co., and under the lease, by the Indianapolis Traction & Terminal Co., and investment, as well as that of its partner, whose participation it invited,
Co. of Indiana.
is so contrary to good business principles, that I do not hesitate respectfully
half by the Union Traction
but urgently to request that you immediately raise the fare to eight cents
Letter Sent to Holders of the $6,000,000 4% Bonds.
We regret to advise you that the interest maturing Jan. 1 1919 upon the to continue as long as conditions remain abnormal
Street Railway Co. cannot be
general mortgage bonds of the Indianapolis
paid at this time. The earnings of this company within the last few years
Earnings for November and 5 Months ended Nov. 30.have been affected by conditions which have been general throughout the
1918—November-1917. 1918-5 Months-1917.
country.
$3,435,687 $3,454.687 $16,170,935 $15,928,088
Gross revenue
7,474,053
9,867,148
In November 1917, to meet the emergency, we presented a petition for Operating expenses..... 2,097,888
1,552,988
to enter1,544,627
1,573.291
347,081
relief to the Public Service Commission of Indiana, who declined Supreme Taxes
247,180
tain the petition on the ground that it had no jurisdiction. The
$4,730,497 $6,909,408
Operating income_ _ _ _ $1,090,619 $1,554,618
Court of Indiana, having decided against the contention of the Public
207,567
233,459
41,065
57,306
Service Commission, a hearing was finally secured in August 1918. The Other income
$1,147,925 $1,595,683 $4,963,956 $7,116,974
Gross income
following Oct. 14 1918 the company was permitted to discontinue the sale
for a quarter and 25 for a dollar, making the fare 5 cents, Accruals under CityConof six tickets
tract No. 3, payable
with a charge of one cent for transfers, which the company was required to
1,028,878
2,706,491
186,618
628,743
from future earnings_
refund to the rider upon the use of the transfer.
The above relief was granted for 60 days and was conditioned on an
$1,776,668 $1,782,301 $7,670,447 $8,145,852
Total
that
increase in the wage budget of approximately 50%. It has developed
rentals, &c., ncl.
Int.
5,380,054
7,230,483
this increase in wages has added to operating expenses an amount in excess
1,097,265
Ry. guaranty_ 1,536,845
of the increased earnings allowed. 'Therefore after sixty days' trial, as
Net corp. income,incl.
provided for in the order, the company on Dec. 14 asked for futrher relief,
$439,963 $2,765,798
V183,036
$239,822
accruals
and on Dec. 28 its petition was denied. In its order of Dec. 28 the Commis65,189,573 65,068,325 305,903,284 303,727,758
sion directed the company to lay certain suggestions before the security Passengers carried
holders. At the earliest practicable date, therefore, copies of the order —V. 107, p. 2376, 2008.
will be furnished all security holders together with a statement ,of facts
-6
Indianapolis Traction & Terminal Co. -Cent Fare
and such suggestions as we are able to make.
[It is understood that the sinking fund payment of $60,000 on the $5,- Denied—Int. Deferred,•
Traction & Terminal Co. will also
000,000 5% bonds of the Indianapops
The Indiana P. S. Commission on Dec. 28 denied this company'sTreremain unpaid. The interest on these bonds does not fall due till May 1, quest for a 6
-cent fare, abolished the penny charge and rebate for a transfer,
when the company will be able to avail itself of its six months' period of authorized the company to continue to charge 5 cents straight fare until
interest.
grace before suit for foreclosure on account of defaulted
JAN. 4 1919.]
THE CHRONICLE
100 days after peace is signed, unless the commission decides otherwise
in the meantime, and directed the security holders of the petitioner and
allied and underlying companies to hold special meetings as soon as possible
and consider an act voluntarily on reducing fixed charges and sinking
fund payments so that sufficient revenue will be left to discharge franchise obligations.
In handing down the above decision the commission considers the value
of the combined property as "somewhat less than $14,000,000."
See Indianapolis Street By. and compare Terre Haute Indianapolis &
Eastern Traction Co. below.
-V. 107, p. 8Q2.
Kansas City Railways.
-Federal Control-Fare Appeal.
Under orders from Judge John C. Pollock of the U. S. District Court
of Kansas City, United States Marshals on Jan. 2 took conttiol of the company's property in Kansas City, Kan., as an outgrowth of the strike in
progress since Dec. 11. Trainmen and guards employed by the Federal
authorities are all armed. In Kansas City, Mo., there is no change in
the situation.
The company has made an appeal to the United States Supreme Court
to restrain the Missouri State officials from preventing the company
charging increased fares in Kansas Ctiy. The company holds that unless
it is permitted to increase fares a deficit of $2,000,000 in its operating
expenses is likely.
-V. 107, p. 2376, 2290.
Manistee & North Eastern RR.
-Receivership.
The Michigan Trust Co. of Detroit on or about Dec. 28 was appointed
receiver for this company following a strike which tied up operations for
nearly two weeks. The company, it is stated, found itself unable to meet
financial obligations falling due Jan. 1.-V. 106, p. 2011.
Midland Railway (Georgia).
-Bonds.
-
This company has applied to the Georgia RR. Commission for authority
to issue $1,000,000 under its First Consolidated Mtge., proceeds to be used
as follows: $600,000 to be used as collateral security for a loan from the
U.S. Railroad Administration of $350,000 if granted, application for which
has been made; 3360,000 to retire First Mtge. bonds now outstanding,
and the remainder, $40,000, to be used in providing working capital.
-V. 104, p. 1489.
79
owners will be enatied to charge a full five-cent fare on each of their lines
with no obligation to exchange free transfers. Even if you order through
routes and joint rates, you will have to make them high enough to produce
at least a 6% return upon the fair value of the property used by the public
to avoid having your orders set aside as confiscatory.
The destruction of the values of the investment in the property of the
New York Railways Co. will ruin so many people of moderate means that
I deem it my plain duty once more to urge immediate action.
Proposition to Place Revenue in Hands of Trustees Pending Appraisal.
We do not ask that any return be assured at this time, beyond that necessary to avoid bankruptcy. An appraisal of the property and the question
of the fair return upon the value ascertained will naturally take several
months of time. During that period we are willing that the revenue above
what is needed to avoid bankrutpcy be held by trustees and ultimately be
disposed of and may hereafter be agreed upon or determined by arbitration.
8
-Cent Fares With 3
-Cent Transfers.
-Our studies indicate that for the immediate future the surface lines should be authorized to charge an 8
-cent
fare and 3 cents for a transfer. Such charges during the next 18 months
should provide only a reasonable return on the actual value of the New
York Railways property used in the public service and accumulate in addition about $2,003,000 for the benefit of the city. But I repeat that we are
willing that every dollar above what is necessary to keep the property intact
as a going concern may be held in trust until the property shall be appraised
and the ratio of return agreed upon by the city.
The situation is critical.
[Funds to meet the January interest on the First Refunding 4% bonds,
it is stated, was met by deferring other charges, for instance the rental to
the New York & Harlem, which fell due on Dec. 26, was deferred because
under the New York & Harlem lease there is a period of 90 days in which
we are not in default, and payments to some of our material men have also
been deferredl
Board of Estimate Denies Fare Increases.
-The N. Y. City
Board of Estimate yesterday, after a two-hour executive
session, decided to grant no increase in fares for the subways,
elevated or surface lines of this city as long as they are privately operated. Compare Interborough R. T. Co. above.
New Orleans Railway & Light Co.
-Interest Deferred.
Comptroller Craig, speaking for Board of Estimate, said:
Notice is given to the holders of the 434% General Mortgage bonds
of
We have determined not to consent to an increased fare to any private
this company that in respect of the interest due Jan. 1 1919 on said bonds, operator such as the Interborough.
this company finds it necessary because of abnormally high operating at all it must be modified in other If the dual subway contract is modified
particulars so as to make the modificosts to avail itself of the days of grace as provided by the mortgage securing cation reciprocal and mutual.
said bonds within which period it is confidently believed said interest will
"Are you impressed with the need of higher fares?" he was asked.
be paid.
"Temporarily," said Mr. Craig, "there is an occasion for a greater fare
• Earnings for the First Three Quarters of 1918 and 1917.- than conditions justified at the time the contracts were made." This,
however, applied only to the subways and elevated as operated under the
Months Ending
Months Ending
1918.
1917.
9
9
1918.
1917.
dual subway contract and did not in any wise include reference to the
Sept. 25-Sept. 30$
$
surface situation.
6,222,619 5,752,366 Int. on general mtge.
Gross earnings
•
"What if the lines were operated by the city?" was another question.
44% bonds__ .592,110 692,110
Open exp., tax., &c.4,372,020 3,657,775
"Under the Rapid Transit Act," answered the Comptroller,"municipally
Refunding
229,408 220,489 operated lines must be self-sustaining. Fares would have to be
adjusted
1,850,499 2,094,591
6% deben. and 7%
Net earnings
liens_to meet the situation," ("Evening Sun.")
-V. 107, p. 2290, 2098.
31,813
gold notes
Miscell. deductions_ 53,499
181,012 158,169
War Finance loan_ 12,050
Int. on underly'g bds 433,828 435,031
Norfolk & Western Ry.-Federal Contract Signed.
Announcement is made of the signing of the contract between this comNet Inc. applicable
pany and its subsidiaries and the RR. Administration,fixing a total annual
to dive., &c_
-V. 107, p. 2476, 2376.
348,591 656,079 compensation at $20,640,899.-V. 107, p. 2098.
-Federal Contract Signed.
New York Central RR.
-
Omaha & Council
Bluffs St. Ry.-Municipal Ownership.
The Federal operating contract between this company and subsidiaries
The Omaha (Nebraska) City Council
and the RR. Administration was signed Jan. 3. For the New York Cen- with representatives of the company onhas appointed a committee to confer
the subject of municipal ownership
tral proper annual compensation was fixed at $55,802,630.
for this company's properties. Compare V. 107, p. 2477, 1193.
This amount is increased to $58,122,084 if we add the following subsidiaries, viz., Toledo & Ohio Central Ry., $1,086,650; Zanesville & WestOttumwa Railway & Light Co.
-Fare Increase.
ern, def. $107,598; Kanawha & Michigan, $1,295,141; Kanawha & West
The City Council of Ottumwa, Ia. has granted this company an inVirginia, $45,260.
crease in fares to 6 cents.
-V. 107, p. 1748.
'
The compensation becomes $87,629,534 if the other (separately operated)
subsidiaries shown below are included.
Pacific Gas & Electric Co.
-Offering of General &
Annual compensation for other subsidiaries was fixed at: $9,945,738 for
-Mention was made in these columns last
the Cleveland Cincinnati Chicago & St. Louis RR. and the Muncie Belt Refunding Bonds.
$8,980,219 for the Pittsburgh & Lake Erie RR.;$317,628 for the Cin- week of an offering of $3,500,000 General & Refunding
RR.;
cinnati Northern RR.; $296,053 for the Indiana Harbor Belt RR.;$8,105,727 for the Chicago Kalamazoo Saginaw RR. and the Michigan Central; bonds. The issue was brought out by a syndicate headed
$1,548,541 for the Lake Erie & Western; $127,081 for the Lake Erie & by the National City Co., Harris, Forbes & Co. and Halsey,
Eastern RR., and $186,460 for the Detroit Tunnel RR.
-V.107. p. 2476. Stuart & Co., all three houses participating.
A description
2376.
New York & Harlem RR.
-Rental Delayed.
-
-V. 106, p. 2229.1
See New York Railways below.
New York New Haven & Hartford RR.
-Discontinuance.
Announcement has been made of the discontinuance on Jan. 1 of business
on the North Hampton-Shelburne Falls extension of the so-called canal
line of this company, running from New Haven, Conn., to Shelburne
Falls. Lack of business is given as the reason for the above.
-V. 107,
p. 2376, 1747.
New York & North Shore Traction Co.
-No Fare Incr.
of the issue appears in V. 107, p. 2477.
Pennsylvania Company.
-Semi-Annual Dividend.
-
The directors declared a semi-annual dividend of 3% on the stock, all
of which is owned by the Pennsylvania RR., payable Dec. 31 to holders
of record Dec. 27. In June last a dividend of 3% was paid.
See Pittsburgh Cin. Chic. & St. Louis RR. below.
-V. 107, p. 1837.
Pennsylvania RR.
-Dividend Paid by Controlled Company.
See Pennsylvania Company above.
Sub. Co. Bonds Retired.
-
Judge Chatfield in the U. S. District Court in Brooklyn on Jan. 2 denied
the application of the receivers of this company for permission to increase
fares from 5 to 7c., and in an opinion set forth the limitations of franchise
obligations and the necessity resting upon a holder of a public franchise
to keep to its terms, or if unable to do so, to liquidate.
-V.107, p. 1482.
First Mtge. 3M % bonds of the Girard Point Storage Co. (V. 105,
p. 1523, 1310), to a total of $24,000, have been retired through the sinking
fund, leaving listed on Phila. Stock Exchange Dec. 28 1918 $1.888,000.V. 107, p. 2477, 2376.
railroads, nevertheless the financial life of the surface railroads is in the
keeping and under the control of the members of the Board of Estimate
and Apportionment and of the Public Service Commission, through your
power to authorize or refuse increased fares.
If you take no action, it will be only a matter of a short time before the
company will be without funds to continue operation. The credit is so impaired by high costs, due to the war, and the refusal, so far, of those in authority to give any relief, or hope of relief that it has become impossible to
borrow any more money on its credit. Its accumulated funds are
exhausted and for several months its passenger revenue has not equaledabout
operating expenses and taxes.
Through indulgence of creditors it was possible to scrape together enough
pay the interest duo Jan. 1 1919, and thereby avoid an immediate
noney to
foreclosure and receivership. But a receivership is inevitable in the near
future unless you grant immediate relief.
-An application for a temporary relief by authorizAppeal Disregarded.
ing a charge for transfers was made to the Public Service Commission In
May, 1917, twenty months ago, but no relief has been granted.
Last summer the Board of Estimate & Apportionment was petitioned to
request the Public Service Commission to investigate and report the facts
and to recommend such change in fares and transfer charges as might be
just. A brief hearing before the Franchise Committee of the Board of
Estimate was held in July but no report was made and in November, a
few days after the armistice was declared, the Board of Estimate discharged its committee and filed away the applications.
There is no dispute about the conditions. The only objection raised by
any public official has been that the rentals for the leased lines are too high.
-Our answer has been to lay before you
Company's Reply to Criticisms.
the facts: (1) The aggregate rental for the leased lines is exactly 7%%
upon the aggregate stocks and bonds in the hands of the public,• (2) an appraisal of the actual property belonging to the owners of the leased lines
shows that it is worth many millions of dollars more than the par value of
the stocks and bonds;(3) the rental is actually 5% of that value; (4) there
is no legal way by which the operating company can compel the owners
to reduce the rentals, and that (5) even if the operating company loses possession of the leased lines and they be returned to their owners, the public
will certainly have to pay a return for that use greater than 5% of the value
of the property at the service of the public.
Bankruptcy No Protection to Pubilc.-Thcre can be nothing saved to the
public, therefore, by forcing the bankruptcy of this company and the consequent return of the leased lines to their owners. On the contrary, those
Int. J. & J. at Old Colony Trust Co., Trustee, Boston, without deduction for normal Federal income tax amounting to 2%. Denom. of $100,
$500 and $1,000c* interchangeable. Callable as a whole at 101 and int.
upon 30 days' notice.
"Passed by the Capital Issues Committee as not incompatible," &c.
Company.
-Through ownership or control, does the entire electric lighting, power and street railway business in Pensacola, Florida. It also
owns and operates a 7-mile interurban railway to Warrington which
serves, besides a substantial suburban population, the Naval. Air Station
and Fort Barrancas. Population served approximately 37,000. Pensacola is one of the important Gulf ports and in normal times exports large
quantities of lumber and naval stores. During the war it has become
a shipbuilding centre, with 16 steel ships now building.
Capitalization (upon Completion of Financing).
Authorized. Outstanding.
*1st Mortgage 55, due 1931
$1,500,000
$1,255,000
Two-Year 7% notes
500,000
500,000
Preferred, 6% cumulative stock
500.000
300,000
Common s
1,050.000
800,000
Pennsylvania RR. (Lines West).
-Government Contract.
-Jan. Interest Paid but Need 'for
The stockholders on Dec. 30 ratified the Federal operating contract
New York Railways.
between the company and the Director-General of Railroads, the comIncreased Fares Is Pressing-Request for 8
-Cent Fares With pensation being fixed at $15,154,719.-V. 107, p. 2477, 2376.
-A letter sent on Jan. 2 by President
3 Cents for a Transfer.
Pensacola (Florida) Electric Co.
-Offering of Two-.
Theodore P. Shonts to the Mayor, the Board of Estimate &
--Stone & Webster are offering $500,000 TwoApportionment and the Public Service Commission says in Year Notes.
substance (compare Interborough Rapid Transit Co. above): Year 7% gold coupon notes, dated Jan. 2 1919, due Jan.
-While the city has no investment in the surface 1 1921.. A circular shows:
Need of Higher Fares.
* In addition to the $1,255,000 outstanding bonds,$86,000 of bonds have
been issued and retired by the sinking fund.
Purpose of Issue.
-The proceeds will be applied to the retirement of
$500,000, coupon notes due Jan. 1 1919, and the company's floating
Indebtedness amounting to $220,000. The balance of the funds will be
supplied by the sale of $420,000 1st Mtge. 58, due 1931, which will also
provide for further extensions and improvements under construction.A
Earnings and Expenses Since 1910.
Year1910.
1912.
1914.
1916.
1917.
Gross earnings
$273,103 $285,429 $264.840 $280,100 $350,459
Net, after taxes
$104,264 $108,970 $95,048 $122,764 $146,778
Earnings for the 12 Months Ending October 311918.
Gross earnings, $473,692; net after taxes
$153,316
Total interest charges, including bonds and notes now offered
97,750
Balance
$55,566
Franchises.
-Electric light and power franchise Is unlimited in time.
Railway franchise expires in 1933.
This company has been under the management of Messrs. Stone &
Webster since 1906.-V. 106, P. 397.
80
THE CHRONICLE
[VOL. 108.
We have consulted practically all of the large holders of these notes,
who represent in the aggregate 75% of the total amount outstanding.
and they have agreed to extend. It is hoped that all the holders will
accept the new notes, not only because the company cannot otherwise
provide for their payment, but because
Pittsburgh Cin. Chic. & St. Louis RR.—Semi-Ann. Div. large surplus is being earned over the the notes are amply secured and a
amount required for interest.
The directors have declared a semi-annual dividend of 2%, payable
The overdue notes should be presented to the Bankers Trust Co.. 16
Jan. 25 to holders of record Jan. 15. In July a dividend of 2% was paid, Wall St., New York, on or after Jan. 10, and there will be delivered in
the first under Federal operation, previous to that 5% p. a.(2A % semi- exchange therefor new notes of the same face value as the old notes, toannually) was paid.
gether with cash equivalent to 1% of the overdue notes exchanged.
Philadelphia & West Chester Traction Co.—Fare Inc.
This company has announced an increase in fares from 5c. to 6c. on each
"fare limit.
'V 107, p. 1193.
Meeting Adjourned.—
The special meeting scheduled for Dec. 30 has been postponed until
Feb.3. The stockholders were to vote on the proposed issue of$35,000,000
bonds, the purchase of the Indiana & Frankfort RR. and the approval of
the Federal operating contract. For full particulars see V. 107. p. 2377.
Pittsburgh & Lake Erie RR.—Regional Change.—
The Director-General of Railroads has announced the transfer of this
company, the Monangahela, the Pittsburgh & West Virginia and the
West Side Belt railroads from the Allegheny to the Eastern Region, and the
Grand Rapids & Eastern RR.from the Eastern to the Ailgeheny Region.—
V. 107, p. 2009, 697,
Pittsburgh Rys. Co.—Receiver Named—Operations.—
Official Statement Regarding New 7% Gold Notes Issuable in
Exchange.---rIn circular of Dec. 30 the company reports:
Description of New 7% Gold Coupon Notes.—Dated Dec. 1 1918, due
June 1 1920. Auth. issue, 34,000,000; present issue, $2,500,000, to be
exchanged for present outstanding notes aggregating $2,500,000, as set
forth in [foregoing] circular letter of Dec. 30. Interest J. & D. Denom.
$1,000 and $10,000 c*. Subject to redemption at 100 and int. upon 30
days' notice. Bankers Trust Co., New York, trustee.
Company.—A holding company and owns practically all of the $4,000,000
common stock; $335,300 of the $2,500,000 pref. stock of the Nashville Ry.
& Light Co., practically all of the $3,000,000 common stock, and $2,000,000
pref. stock of the Chattanooga R.& Light Co. and the $20,000,000 capital
stock of the Tennessee Power Co.
Security.—These notes, of which $2,500,000 are to be exchanged for an
equal amount of the present outstanding notes, are the direct obligations
of the company and will be secured by the deposit of the following: (a)
Tennessee Power Co. 1st Mtge.5% gold bonds (a first and only mortgage),
$2,500,000; and (b) Nashville R. & Light Co. com. stock, $2,500,000.
These securities represent an investment on the part of the Tennessee Ry..
Light & Power Co. of over $5,000,000. Pro rata amounts of stock and
bonds must be deposited with the trustee to secure such additional notes as
may be issued.
Combined Earnings of Sub. Cos. (All Inter-Co. Items Eliminated)—Cal. Year
1918 (December Estimated).
$2,280,899
Gross earnings, $6,142,008; net, after taxes and rentals
1,299,968
*Int, and divs. on outstanding obligations of underlying cos..
S. Larue Tone, President of this company when it was placed in receiver's
hands in April 1918 was on Dec. 31 1918 appointed the third Receiver.
The Pennsylvania P. S. Commission in its opinion accompanying its
order to the company to prepare all its closed cars for winter service, comments on the financial results of the company in part as follows:
"Testimony was taken from which the following facts appear: The
revenue of the company for the first seven months of the fiscal year, April
1 1918 to Nov. 1 1918, yielded $8,565,000. The operating expenses for the
same period were $6,427,000. The increase of revenue was only 3% over
the same period of the preceding year, while the increase of operating expenses was 15%. There was a falling off in the number of riders of 12 %.
"All of this is disappointing, but it is impossible, in view of the abnormal
conditions existing during the war, to fix the responsibility for this loss of
traffic during the period mentioned. The fare of approximately 534
cents was in vogue until June 23 1918 and from the last-mentioned date,
$980,931
Balance
for a period of more than four months included in the calculation, the fare
was 5 cents for persons riding exclusively within an inner district with a Int. chgs. on $2,500,000 of notes and floating debt T.R.L.&P.Co. 265,500
radius of about 2 miles. and 7 cents for all others."—V. 107, p. 2377, 2290.
* Interest on Chattanooga Rys. Co. 5% cons, bonds accruing after
Pittsb. & West Virginia Ry.—Regional Change—Officers. May 1 1918, not deducted above on account of default on Nov. 11918. If
this default had been in effect during the entire year 1918, the above surplus
See Pittsburgh & Lake Erie RR. above.
Arthur H. VanBrunt has been elected General Counsel, effective Jan. 1 would have been increased by $36,083.
Equity.—The company has outstanding in the hands of the public
1919. The office of Advisory Counsel, heretofore held by Mr. VanDrunt,
is abolished. William B. Wilbur was made Auditor, effective Nov. 14 1918. $10,250,000 pref. stock and $18,000,000 common stock. These notes
The corporate officers follow: W. H. Coverdale. Chairman of Board, therefore, in addition to being secured by collateral worth far in excess of
N. Y.; H.
Farrell, Pres., Pittsburgh; W. H. Coverdale, V.-Pres.; Arthur the face value of the notes, are prior to over $28,000,000 of stock.
E.
H. VanBrunt, General Counsel, and J. J. O'Brien, Asst. Sec., New York;
Subsidiary Companies.
William B. Wilbur, Aud.; John S. Wendt, Gen. Attorney, and D. W.
Nashville R. & Light Co.—Does the entire street railway, electric light
Summerfield, Sec. & Treas., Pittsburgh.—V. 107. p. 1385, 402.
and power business of Nashville, Tenn., under a perpetual franchise. It
operates 101 miles,of railway (single track
Rapid Transit in New York.—Interborough Line io cars and all the necessary shops, barns, &c. basis) and is equipped with 242
Its power plant of 22,500 h. p.
Ocean Via Long Island RR.—
capacity is operated by the Tennessee Power Co., which furnishes from
Representatives of the Interborough Rapid Transit Co. and the Long hydro and steam generation all the electricity used by the Nashville co.
Chattanooga Ry. & Light Co.—Does practically all of the street railway,
Island RR. have under consideration a proposal to provide a through service from Manhattan to the ocean by a connection of the Nostrand Ave. elestric light and power business in Chattanooga and vicinity under fransubway extension in Brooklyn with the Manhattan Beach Branch of the chises which, with minor exceptions, are without limit of time. The railLong Island RR. It is stated that tunneling would involve but slight way mileage operated is 80 miles (single track basis) and the company owns
difficulties being but for two blocks. It is estimated that $500,000 would 106 cars, with necessary shops, barns, &c. The company purchases its
electric power for all purposes from the Tennessee Power Co.
cover the cost of the improvement.
For several years the railway part of the property of the Chattanooga
Report of Rapid Transit Commission.—
Ry.& Light Co. has not been profitable. The railway lines are covered by
See 'Reports" above.—V. 107, p. 2477, 2290.
mortgages which were not assumed or guaranteed by the Chattanooga Ry.
& Light Co., and the railway rarnings have not been sufficent to pay the
Sacramento Northern RR.—Bonds Authorized.—
The California RR. Commission has authorized this company to use Interest on these bonds. Default was, therefore, made on Nov. 1 1918, in
be
$653,750 realized from its Class A bonds to pay reorganization and fore- the interest on the Chattanooga Ry. bonds. It will the an advantage to
of
payment of the
the Chattanooga Ry. & Light Co.
closure expenses and to satisfy a mortgage indebtedness of the Northern interest on the bonds on the railway to be relieved large amount of money
as a
Realty Co. The company owns $75,500 worth of stock of the Northern has in recent years been paid out to property, this interest, which was not
maintain
Realty Co., and uses some of its properties for operative purposes. The earned from the operation of the railway lines (see caption of Chattanooga
mortgage indebtedness it will pay for the realty company amounts to Ry. & Light Co. above).
$76,250.—V. 107, p. 2098, 182.
Tennessee Power Co.—Furnishes, either directly or through distributing
companies, electric power for street railway, light and power purposes in
San Antonio Public Service Co.—Fare Situation.—
and other towns
Nashville,
City of San Antonio has appointed Council to defend the action brought Tennessee,Chattanooga, Knoxville, Cleveland Among the largein Eastern
industrial
and in Rome and Dalton, Ga.
by the company in the United States District Court at San Antonio to consumers are the Aluminum Co.of America, American Zinc Co., Tennessee
-cent street car fare.—V. 107, p. 1482.
obtain a 7
,&c., &c.
Copper Co.,Ducktown S. I.& C. Co., Southern Ferro-Alloys Co.
The company owns: (a) Hydro-electric generating plants with installed
San Diego & Arizona Ry.—Extension of Time.—
capacity of 58,000 h. p., and controls, by contract, 50,000 h. p. additional.
This company has been granted an extension of time to July 1 1919 to
enable it to dispose of $1,500,000 of 6% bonds, the proceeds of which were (b) Steam plant, for standby and reserve purposes, of installed capacity of
to be used for the purchase of the capital stock of the San Diego & South- 20,000 h.p.,and has available, through contract, additional steam capacity
of about 30,000 h. p. (c) Additional water-power sites capable of developeastern Ry.—V. 107, p. 1670, 1194.
ment. (d) 565 miles of high-tension transmission lines, of which 534 miles
Renewal.— are owned and 31 miles leased.
San Francisco Oakland Terminal Ry.—Note
subsidiaries,
This company has applied to the San Francisco RR. Commission for of Territory.—Through its communities serves a total estimated population
are important industrial and dis373,000. The .larger
permission to renew a note for $45,682 50, Issued to the Realty Syndicate tributing centres and are showing rapid, healthy development. The terriCo. of Oakland as payment for lands in Oakland and Berkeley used for
extension purposes. The new note will be for $56,637, the increase being tory is rich in natural resources, coal, iron ore, copper, zinc, bauxite (the
to take care of interest on the original note unpaid since Dec. 31 1914. qasis of aluminum) and hardwood timber.
The original note was issued on April 9 1914.—V. 107, p. 2098, 2009.
Guaranteed Notes.—See Chatt. Ry. & Light Co. above.—
Savannah Electric Co.—Strike Over.—
An agreement was signed Dec. 24 under the terms of which the differences between the company and the employees are settled and the street
railway strike comes to an end.—V. 107. p. 2478.
Southern Pacific Co.—Sub. Co. Fare Increase.—
See Stockton Electric Ry. below.—V. 107. 13. 2290, 2188.
Stockton Electric Ry.—Fare Increase.—
This company a subsidiary of the Southern Pacific Co., has been authorized by the California RR. Commission to charge a 6-cent fare, on the
ground that the increase is necessary to meet wage increases and the higher
cost of materials and supplies. The company had applied for permission
to charge seven conts.—V. 91, p. 1517.
Tennessee Railway, Light & Power Co.—Exchange of
Notes on 732% Basis.—New $4,000,000 7% Issue Due
June 1 1920 With Additional Collateral.—President C. M.
Clark in circular, dated at Philadelphia Dec. 30 1918, addresses the holders of $2,500,000 Two-Year 5% Gold
Coupon notes, matured June 1 1918,in substance as follows:
In letter of Nov. 16 1918, reference was made to two plans then under
consideration for financing the above mentioned overdue notes, either of
which would have provided part payment in cash. Both plans were
predicated upon arrangements with the War Finance Corporation, either
direct or through an intermediary financing company. Shortly after the
signing of the armistice the War Finance Corporation announced that it
would make no further loans of this character and this decision necessitated
the abandonment of both plans.
It is now proposed to ask the noteholders to accept a new note, dated Dec.
1 1918, maturing June 11920, and bearing 7% interest. On Dec. 11918,
interest at the rate of 7% was paid on the overdue notes from June 1 to
Dec. 1 1918. The new notes will be offered at 99% in exchange for the
overdue notes at par, 1% being paid in cash. This will result in the
holders receiving 7 % interest from the date of maturity of the overdue
notes, June 1 1918, to date of maturity of the new notes, June 1 1920.
The present overdue issue is for $2,500,000, secured by $2,500,000 Tennessee Power Co. First Mortgage 5% gold bonds arid $2,500,000 Nashville
Railway & Light Co. common stock. In order to provide for other indebtedness and to pledge as collateral on the new note issue all of the
Tennessee Power Co. bonds and all of the Nashville Railway & Light Co.
common stock owned by the Tennessee Railway, Light & Power Co. it is
proposed to make the new note issue of an authorized amount of $000,000. Notes in excess of $2,500,000, present issue, will be issued from
time to time, secured by $1,000, face value,of Tennessee Power Co. bonds
and $1,000 ,face value, of Nashville Railway, & Light Co. common stock
for every $1,000 of notes issued. It is desirable to have all of this collateral
under one control and the entire indebtedness secured thereby maturing
on the same date.
V. 107, p. 502.
Terre Haute Indianapolis & Eastern Traction Co.—
In the hearing on Dec. 23 before the Indiana P. S. Commission on the
petitions for an increase in fare from 2M to 2j cents a mile, this company
filed the following financial statement showing a balance after charges for
1918 of $77,174, comparing with, it is said, $77,650 for 1917, $204,146
for 1916 and $66,389 for 1915. The 2%-cont fare was put in effect in
June 1918(V. 106, p. 2650).
Results for Calendar Year 1918 (Ten Months Figures, Two Months Est.).
Operating revenue, $3,097,613; opor. exp., $2,063,321; net__$1,034.292
Net revenue, auxiliary operation
363,660
Net operating revenue
Taxes
$1,397,953
216,411
Leaving operating income of
$1,181,542
Non-operating income: From dividends, $135,880; from rental
160,031
of freight terminal,$12,500;interest on bank balance,311,651_
Total income
Total deductions and rentals
Sinking fund
$1,341,572
1,037,977
226,421
$77,174
Balance
President Robert I. Todd explained that the Indianapolis Traction &
Terminal Co. owes the T. H., I. & E. Traction already about $600000
for power, and hence the balance does not disclose the actual condition,
for it treats the $600,000 as if already paid.
1917.
1916.
1915.
1918.
(2 mos. of 1918 est.)—
No.of passengers carried 8,317,798 8,914,378 8,294,124 7,684,591
Operating expenses were $1,'794,839 in 1917 and $2,063,321 in 1918
(last two months estimated).
Interest Deferred on Bonds of Subsidiary—Div. Payment.—
See Indianapolis Street Ry. below.
Fare Increase Denied by P. S. Commission.—
The Indianapolis "News" on Jan. 1 says:
"The Public Service Commission last week denied an increase in street
care fare in Indianapolis and directed the security holders of the petitioner
and of allied and underlying companies to hold special meetings as soon
,
as possible and consider and voluntarily act on proposed reductions in the
fixed charges. Tho Commission's order suggested a suspension or reduction in sinking fund payments and suggested that sinking funds accumulated during several years be brought out and be put back into the property,
and that lease and rental obligations be considered.
"Marshall S. Morgan, who came hero from Philadelphia, to considerthe order of the Public Service Commission, says the sinking fund payments that have been made have been used by the trustees to buy in bonds,
that are canceled and non-negotiable, but are held alive, inasmuch as they
JAN. 41919.]
THE CHRONICLE
draw interest on the full amount of the issue, though in fact some of them
have been paid.
Inasmuch as the sinking fund payments have been paid to former bondholders, Mr. Morgan says it will not be feasible to carry out that part of
the Commission's order contemplating that the accumulation of sinking
fund payments be used to rehabilitate the property and comply with
franchise obligations as to service.
See Indianapolis Traction & Terminal Co. above.
-V. 107, P. 1670.
-Earnings.
Union Traction Co. of Indiana.
-
Changes in Charges for Installation of Telephones.
-
See page 2439 in last week's issue.
-V. 107. p. 2378. 2100.
Anaconda Copper Mining Co.
-Sale of Series. "A"
Ten-Year Bonds.
-The National City Co. and the Guaranty
Trust Co. have sold at 9834 and int., nptting close to 634%,
$25,000,000 Series A 6% Ten-Year Secured gold bonds dated
Jan. 1 1919, due Jan. 1 1929. Authorized, $50,000,000-, to
be presently issued, Series A, $25,000,000. The Series "A"
bonds will not be subject to redemption prior to maturity.
Int. J. & J. without deduction for any taxes except Federal
income taxes now or hereafter deductible at the source in
excess of 2%. Denom. $1,000c*. See also advertising pages.
The company on Dec. 23, when applying for an increase in interurban
rates from 2%c. to 23 c. a mile, submitted the following statement to
%
the Indiana P. S. Commission:
Results for Calendar Year 1918 (Last Three Months Estimated).
Operating revenue
813,199
$3,147,133 Other income
2,177,958 Gross income
Operating expenses
838,374
144,000 Bond interest, &c
Taxes
684,289
Rental leased lines
199,384
Principal and interest payable in U. S. gold coin at the National City
Net after taxes
$825,175
Deficit
845,299 Bank of N. Y. and Guaranty Trust Co. of N. Y., trustee.
If skg. fd. charge of $63,546 be incl.. the deficit is increased to $108,845.
Data from Letter of Chairman John D. Ryan, Dated New York,Jan.2
1918.
1917.
1916.
1915.
Company.
-The largest producer of copper in the world, its mines being
No. of passengers carried_ _ _ _7,065,170 9,089,140 7,712,654 7,052,957
in one of the greatest known mineral belts, the Butte District in Montana.
-V. 107, p. 83.
During the past 35 years the group of mines now owned has produced and
United Railways Co., St. Louis.
-Fares-Litigation.
- is now producing more copper and more silver than any other district in the
The Missouri Supreme Court has overruled a motion of City Commis- world. The capacity of the smelters and refineries of the company and
sioner Danes of St. Louis for a rehearing of the 6-cent fare case. An appeal its constituent cos. is not only sufficient to handle all the production of the
company, but they also treat upon a custom basis quantities of ores and
by the city, it is stated, is being considered.
Judge Dyer in the U. S. District Court at St. Louis has dismissed the metals of other producers.
In addition to the stocks specifically pledged, the company owns 51%
motion for dismissal of receivership suit filed against the company by John
W. Seaman. The company is given until Jan. 20 to answer bill of com- of the stock of the Butte Anaconda & Pacific Ry., which carries its ores
plaint. Last January Mr. Seaman, a preferred stockholder, asked for the from Butte to Anaconda; 250,900 shares of Inspiration Consolidated Copappointment of a receiver, alleging that the Keokuk power contracts were per Co. in the Globe District in Arizona, and 59,600 shares of the Greenenot advantageous and asking for the restitution of oversharges by reason Cananea Copper Co. The company directly or through its subsidiaries
owns about 1,100,000 acres of timber lands in Montana, and conducts a
of the contracts.
-V.107, p. 2478, 2377.
large lumbering business in that State and Idaho. In addition, large areas
of coal lands are owned in Montana and Wyoming. Other properties
Virginia Ry. & Power Co., Richmond.
-Report Denied.
We have been officially informed that there is nothing in the report that comprise large holdings of agricultural lands, townsites, public lighting,
the company is preparing to construct a great dam at the falls of the Appo- street railway and water plants and Improved real estate.
Covenants -The company, among other things, covenants:
mattox for the purpose of developing the water power in the vicinity of
Petersburg.
(a) Not to mortgage, pledge or suffer any mortgage or other charge to
-V. 107, p. 1288, 1284.
be imposed upon any of its fixed assets without providing prior security
-Director-General Approves Telegraphers' Increase. for the bonds and for their payment in priority to all other obligations seWages.
The Director-General of Railroads has approved a Maher increase in cured by such mortgage or pledge, and will not permit constituent companwages of telegraphers and station agents except agents whose duties are ies to mortgage or pledge their fixed assets unless the obligation ssecured
purely supervisory and agents at small non-telegraph stations. The most thereby (other than those issued in renewal of existing obligations) are
essential feature of the new order is the change in basis for arriving at the pledged under the trust agreement.
The earned surplus of the company (incl. any amount which may have
rate of compensation, to which is to be added an increase of 13 cents per
-V. 107, p. 1102, 1005.
been employed in the payment of any future stock dividend) shall always
hotir granted by the order.
be maintained at least equal to the outstanding bonds.
•
-Foreclosure Sale.
Waycross & Western RR.
(b) In case the company or any constituent co. shall sell any part of its
Alex K. Sessons, Commissioner, will sell under foreclosure on Jan. 7 fixed assets, the proceeds or their equivalent shall be applied to the purchase
at Waycross, Ga. (a) the entire 44.6 mile property from Waycross to of other fixed assets, or to the purchase of ten-year bonds for cancelation.
Berrien as an entirety and as a going concern; (b) that portion of the line
(c) The company will not consolidate with or permit itself to be merged
from Waycross to Cogdell about 21 miles with equipment, as an entirety, into any corporation other than a constituent company if 25% of the holdand separately, the rails, &c.upon the lino from Cogdell to Milltown, ers of the outstanding bonds shall object, unless all the bonds are secured
.
Ga., which last named is to be dimantled.
by a closed first mortgage and pledge on and of all its fixed assets and other
The property is to be sold to satisfy a mortgage for $300,000 securing properties.
an issue of 1st Mtge. 5% gold bonds, dated 1913, due Aug. 1 1943.Stocks Pledged.
-In addition, the company will specifically pledge all of
V. 107, p. 907.
the shares of stock owned by it in the following companies, constituting
practically the entire outstanding catital stock thereof:
-Power Co.
West Penn Traction & Water Power Co.
- International Smelting
Co.
Andes Copper Mining Co.
In the statement of capitalization of the West Penn Power Co. as printed
Andes Exploration Co.(Delaware).
in the "Chronicle' of Dec. 28 1918 (p. 2471) the amounts of capital stock International Lead Refining Co.
Tooele Valley Railway Co.
Andes Exploration Co.(Maine).
issuedby that company preferred and common, were accidentally trans- Raritan Copper Works
Santiago Mining Co.
osed. .As a matter of fact the West Penn Power Co. has issued only
Potrerillos Railway Co.
2,750,000 of its preferred stock, all of which is in the hands of the public. Diamond Coal & Coke Co.
These companies, together with the Anaconda company itself, constitute
of $10,000,000 common stock is owned by the West Penn
The entire issue
Railways Co., as clearly stated in the foregoing statement.
-V. 107, p. the essential parts of the operating organization engaged in the production,
transportation, smelting and refining of copper and other ores and their
2471, 2290.
by-products. We value the pledged stocks at an amount in excess of
$100,000,000.
West Side Belt Ry.-Regional Change.
-V. 105 p. 182.
Purpose of Issue.
See Pittsburgh & Lake Erie RR. above.
-The proceeds of the Series A bonds are to be used
toward the equipment of the properties of the Andes Copper MiningtCo.
and the Santiago Mining Co., and to replace in current account part of the
earnings which have been heretofore invested.
INDUSTRIAL AND MISCELLANEOUS.
Assets and Liabilities.
-The $25,000,000 bonds constitute the only funded
debt of the company. The following shows the approximate current posiColor Works.
-Earnings.
Acme White Lead &
tion as of Sept. 30 1918, as well as the change since Jan. 1 1913:
Years ending November 30.
Results for
Sept. 30 1918. Inc. in 5% Years.
1917-18.
Resultsfor Years ending Nov. 30.
1916-17.
1915-16.
Current assets
$73,000,000
$44,500,000
$463,678
$491,445
Net profit from operations
$380,529 Curren* liabilities
41,400,000
33,300,000
21,966
Other income
11,954
7,405
Net current assets
$31,600,000
$11,200,000
$485,644
Gross income
$503,399
$387,934
Earnings.
-During the period from Jan. 1 1913 to Sept. 30 1918 the
75,500
Interest on funded debt
80,625
85,125 company and its
constituent companies earned, after paying interestjand
$410,144
Net income
$422,774
$302,809 all taxes, but before depreciation charges, the following amounts:
500,000
Previous surplus
500,000
$12,050.85711916
454,420 1913
$57,941,835
1914
9,635,216 1917
39,721,188
$910,144
Total surplus
$922,774 .$757,229 1915
18,596,384 9 mos. to Sept.'18 (est.)- 27,115,499
325,590
Reserves
358,220
192,675
Equity.
-The company has outstanding $116,562,500 capital stock which,
64,554
Preferred dividends (6%)
64,554
64,554 at recent market quotations, indicates an equity in excess of $139,000,000
20,000
Common dividends(1%)
over and above these bonds.
$500,000
Balance, surplus
8500,000
$500,000 Data From Statement by Chairman John D. Ryan. N.Y..Jan.21919.
-v. 106, p. 84.
Your company and its subsidiaries (whose outstanding capital stocks are
owned entirely by it with the exception of directors' qualifying shares),
-Dividends.
American Beet Sugar Co.
exclusive of the South American Companies, which will be dealt with
The directors have declared a dividend of $8 per share on the common separately, show
following earnings and dividend payments, and
stock, payable in four $2 installments, as follows: (1) April 30 1919 to (2) an increase in(1) theof
assets
$59,000,000 upon a conservative basis, during
stockholders of record April 12, (2) July 31 to holders of record July 12, the period embraced from Jan.
1 1913 to Sept. 30 1918:
(3) Oct. 31 to holders of record Oct. 11,(4) Jan. 31 1920 to holders of record
Jan. 10 1920.
(1) Earnings Jan. 1 1913 to Sept. 30 1918 (1918 est.), After Paymentrof
quarterly dividend of 31 50 per share on the preferred stock
The regular
Interest but Before Depreciation Charges
was declared, payable on April 1 1919 to holders of record March 15.
Earnings. Dividends
Earnings. Dividends
_v. 107. D. 804.
Year- (After Int.) Declared.
Year- (After Int.) Declared.
1913
$12,050,857 $12,997,500 1917
$39,721,188 $19,815,625
-Prices Reduced-Dividend.
American Can Co.
1914
9,635,216
9,077,500 9 mos. 1918
This company announces new prices for packers' cans, effective Jan. 3, 1915
18,596,385 . 9,325,000 (est.)
27,115,499 13,987,500
running 2yi to 6% lower than prices established July 1 1918.
1916
57,941,835 17,484,375
No action has yet been taken by the directors in regard to a dividend
Total 531 years
$165,060.981 $82,687,500
-V. 107, p. 2190, 1671.
on the common stock.
Balance for 531 yrs. after dividends but before depreciation- _$82,373,481
-Common Dividend Increased.American Cigar Co.
Fixed Assets of Co. and Subsidiaries. Together
The directors have declared a quarterly dividend of 2% on the $10,000,000 (2) Sept. 30 1918, Show an Increase of $59,109,458Aggregating $155,687,253
During these 5% Yrs.
common stock, payable Feb. 1 to holders of record Jan. 15. Divideds of Metal mines, mining claims, coal lands &
lands for refineries, &c
1% quarterly (6% p. a.) have been paid since 1912.-V. 106, P. 1226.
Buildings, machinery,&c.(1) at mines, $33,639,493;(2) at reduc- $6,598,215
•
tion works and refineries: Washoe Reduction works, AnaAmerican Hide & Leather Co.
-Government Maximum
conda, $11,938,868: Great Falls Reduction works, $10,183,Skins to End Jan. 31.
Prices for Hides and
741; Tooele and Miami plants,$7,445,705: Raritan Copper
-V. 107. p. 1748, 1006.
works,$8,326,771; miscellaneous, 12,331,851; total, $43,866,See page 2433 in last week's issue.
430; less $5,658,019; net
-Hog Island Status.
Amer. Internat. Shipbldg. Corp.
- Investments: (a) Inspiration Consul. Copper Co., 250,900 38,208,411
-V. 107, p. 2099.
shares at $32 72 per share, $8,210,433; (b) Greene Cananea,
See page 2434 in last week's issue.
Copper Co., 59,600 shares at 337 94 per share, $2,261,437
-Extra Dividend.
American Shipbuilding Co.
(c) .Arizona Oil Co., amount paid on 8,160 shares, $780,000
(d) miscellaneous stocks, Liberty bonds, &c., $3,050,960
The directors have declared an extra dividend of 2%% on the common
total
stock in addition to the regular quarterly dividend of 1 y
t% both payable
14,302,831
Feb. 1 to holders of record Jan. 15. In February and again in May 1918,
Total increase in assets
23•6% extra was paid in cash; in August 5% and Nov. 10%, both payable
$59,109,458
-V. 107, p. 2378.
% Liberty bonds.
In
South American properties, additional, upon which, to Sept.
American Telephone & Telegraph Co.
30 1918, there had been expended
-Financing.
$15,234,918
Although confirmation was unobtainable yesterday a report was current
The improvements and additions which have been made to the
yesterday that arrangements are being made by this company to sell to and methods devoted to copper recovery at the 'Washoe Reduction plants
Works
a syndicate of bankers understood to be headed by J. P. Morgan & Co., and the Great Falls Reduction Works
and the First National Bank, an issue of $40,000,000 long term bonds conditions of cost which existed during have demonstrated that under
years 1911, 1912 and11913,
the proceeds from the sale of which are to be used for refunding the same and the pre-war prices which prevailed the metals, these
for
additionsi and
amount of notes of subsidiary companies due Feb. 1.
improvements in practice would add approximately $8,000,000 a year to
In addition to the above-mentioned 340,000,000 bonds (or possibly the net earnings of the company. On the new electrolytic zinc
plant
notes), an issue of $25,000,000 long-term debenture bonds of the New York the total sum expended was $6,852,923, and the profit resulting
from,its
Telephone Co. is, it is stated, being arranged for.
operation during 1916 and 1917. $5,250.201.
k,
.
81
82
THE CHRONICLE
[VoL. 108.
Pres. John L. Merrill, N. Y., Dec. 20, wrote in substance:
Results of Principal Sub. Companies and Investments During the Period.
Inspiration. Greene Can.
(1) Copper Mining CompaniesThe estimated net addition to surplus for the current quarter, $366,920,
59,600 is most encouraging, especially in view of the large deductions above shown.
250,000
Shares held, number
The provision for the war taxes of 1918 is merely an estimate.
Cost per share (Inspiration 0 $32 72; Greene
$8,210,433 $2,261,437
When the censorship regulations of our Government were established,
Cananea © $3794
1,130,600 prohibiting code messages and therefore necessitating the sending of longer
4,544,700
Dividends received •
476,800 messages, we reduced our rates 25% in the line of public service.
2,007,200
Annual return at present rate
United
For over 40 years we endeavored to provide an American-owned cable
Raritan
Internat.
(2) Smelting Refining .Internat.
fete's.
connection with Brazil, and were blocked in our endeavors by exclusive
" Smelting. Lead Refin. Copper.
& Selling Cos.50,000 British concessions. In our report of Sept. 19 1917 you were advised that
60,000
7,500
120,000
Number shares owned__
right to
$750,000 $6,994,774 $5,741,249 the President of Brazil had signed the decree granting us theWe have lay
$12,000,000
Book value
re1 $3,030,000 $3,700,000 cables from Rio de Janeiro and Santos to the Argentine.
Dividends received.. _ _ _ $3,600,0001
cently received advice that a similar decree has been issued granting us
$216,567
Earnings from May 27
a564,813 the right to lay cables northward from the city of Rio de Janeiro, via the
921,739
974,865
1914 above dividends..
north coast of Brazil, thus connecting with our station at Guantanamo,
3,951,739 $4,264,813 Cuba, and thence to New York. We expect the cables from Buenos Aires
$216,657
$4,574,865
to Rio de Janeiro and Santos to be constructed very shortly, and we shall
Earnings from April 1 1915.
a
possible moment. These exAn appraisal of the securities enumerated at market value, or upon make the northern extension at the earliest between the three Americas.
the basis of actual value of assets, would increase substantially the book tensions will provide unparalleled cable facilities decrees from Argentina and .
We have also recently secured the necessary
shown.
values here
Uruguay for a direct cable connection from our Buenos Aires office to the
South American Properties (Andes Copper fining Co., (lc.) Valued in city of Montevideo. The cable for this connection will soon be ready and
Excess of $60,000,000 (Investment, $15,234,915).
we look forward to our early entrance into Uruguay.
The company has expended, through its South American subsidiaries,
We are assured that both Brazil and Uruguay and particularly the
to Sept. 30 1918, the sum of $15,234,915. Included in this amount are American merchants dealing with these countries, will welcome the inauguand also the purall items of examination, exploration and development
ration of the same good cable service which other republics of Central and
chase price paid for, and all expenditures thus far made in connection with, South America have enjoyed from us for so many years.
the properties of the Andes Copper Mining Co. and the Santiago dining Co.
We have on hand from accumulated earnings the funds required to make
Development work on these properties is being pushed as expeditiously the necessary connections and we expect that. the traffic to and from our
as possible.
new stations will in a comparatively short time fully justify their esCopper Mining Co. has completed its wharfs and warehouses tablishment.
The Andes
at Barquito, its Pacific Port, has constructed an aggregate of 58 miles of
The usual quarterly dividend of 135% will be paid Jan. 9 1919 on stock
main line railroad, is working on the section of railway from mill site to of record Dec. 31.
mine, a distance of 5.5 miles; office buildings and houses for the accom(The company now operates telegraph and cable lines extending from
modation of employees are rapidly being completed; a temporary power Vera Cruz, Mexico, to the principal ports of Central and South America, as
plant, transmission line from coast to mine, water supply line, &c., are far south as Valparaiso and Santiago, Chile, and from those points to
under construction, and definite plans for permanent plant and equipment Buenos Ayres, Argentina. The extent of the cable lines is 13,250 miles,
are now in course of preparation.
and of the land lines about 1,730 miles.
It is estimated that, in addition to the amounts which have been exIt also operates jointly with the Mexican Telegraph Co. cables from
pended as above, there will be required, in order to fully complete the Galveston, Texas (where connection is made with the Western Union
equipment of these properties for an annual production of 140,000,000 Telegraph Co.) to Coatzacoalcos. Mexico, and from New York to Colon,
pounds of copper, an additional sum of approximately $30,000,000. but Isthmus of Panama, via Cuba.
The South American mines have not as yet been fully explored,
Officers include W. Emlen Roosevelt, Chairman of Board; J. L. Merrill,
sufficient ore has been developed to insure, upon a basis of a cost of nine President; Clarence Rapkin, Treas.; J. R. Beard, Vice-Pres. and Sec'y;
cents per pound of copper, which is believed to be liberal, and a price of 15 F. K. Warren, Asst. Treas. The directors are E. D. Adams, R. W.
cents per pound, which is conservative, aggregate net earnings in excess deForest, W.P. Hamilton, J. M.Hare, Chas. Lanier, W.Emlen Roosevelt,
of $100,000,000 within a period of twelve years after reaching the output F. L. Higginson, D. P. KIngsford.1-V. 107, p. 2010.
for.whIch plant and equipment are now being designed. Production will,
it is estimated, reach the above amount of 140,000,000 pounds per annum
-Offering of Series C 7% Convertible
Cities Service Co.
within three years after orders for equipment have been placed, which
-Shareholders are given the right to subscribe at
Debentures.
will be done as soon as shipping facilities are assured.
The minimum value of these properties may be indicated in terms of 100 and int. to a new issue of $10,000,000 Series C 7% Concompresent worth, which it is calculated, after making provision for the excess
vertible gold debentures, dated Jan. 11919, due Jan. 1 1966.
plete amortization of all capital requirements, is as of Jan. 1 1919, in
ore into consideration.
of $60,000.000 net, taking only developed
Authorized, $17,500,000; outstanding, $10,000,000 (now
-Our outstanding capital stock is $116,562,500, against which
Status.
'(in treasury). The issue is undersince Jan. 1 1913 our assets have been increased $119,109,458, including as offered), $7,500,000
. A circular shows:
above: (1) fixed assets, $44,806,627; (2) investments, $14,302,831; (3) written (see below)mining properties in South America, $60,000,000. Against this increase
Interest J. & J. without deduction for normal Federal income tax in
in assets of $119,109,458, there has been issued but $8,250,000 of stock,
U. S. gold coin at offices of Henry L. Doherty & Co., N. Y., or office of
which was paid to shareholders of International Smelting & Refining Co.
$500 c*: $5,000, $1,000,
-It is difficult to predict the immediate prospect of the copper Cities Service Co., London. Denom. $1,000 andBankers Trust Co., N.Y
Outlook.
.
multiples of $10 r. Trustee,
business, but there is no sound reason for pessimism in regard to it, after a 3500, $100,$10 and0 7% Debentures are direct obligations of the comSecurity.-Serles
few months of necessaty adjustmIht from a war to a peace basis have
bonds and
elapsed. There can be no doubt that as soon as industry generally can pany, and with $45,198 Series A 5% convertible gold debenturethe funded
la 7% convertible gold debentures make up
readjust itself to the pursuits of peace, an era of great and lasting prosperity $12,500,000 Series company, both Series A and B issues to be closed.
'saw obligations of the
-V. 107, p. 2478, 2291.
awaits the copper business.
Callable, all or part, at 102 and int. after notice. The right of holders
to exercise conversion is secured for 30 days prior to the redemption date.
-Development.
Andes Copper Mining Co.
Company.-Incorp. in 1910 in Dela. to acquire securities of public utility
-V. 102, p. 713, 524.
See Anaconda Copper Mining Co. above.
and kindred corporations, is not only one of the leading public utility operating organizations of the countr3r,but is also a vital factor in the oil-produc-Extra Dividend.
Co.
Atlantic Steel
distributing industries of the U. S.
An extra dividend of 5% has been declared on the $1,000,000 common ing, transporting, refining and
Outstanding. Held in Treas.
Authorized.
Capitalizationstock in addition to the regular quarterly dividend of 135%,both payable
$45,198
Series A 5 debenture bonds_To be closed
Jan. 2 to holders of record Dec. 21.-V. 106, p. 711,609.
12,500,000
To be closed
Series B 7 debentures
$7,500,000
10,000,000
$17,500,000
-Purchase of Cornwall Properties. Series 0 7% debentures
Steel Corp.
Bethlehem
2,493,900
67,466,600
100,000,000
Negotiations are pending for the outright purchase by this company of Preferred stock
4,249,430
28,267,900
50,000,000
railroad, ore mines, furnaces, &c., operated at present under Common stock
the Cornwall
The company has guaranteed $1(1,000,000 Cense'. Cities Light, Power &
lease. It is proposed to purchase the title of the above properties from the
-V.107, p. 2478,2378. Traction Co. 1st Lien 5% gold bonds; $11,606,500 Empire Gas & Fuel Co.
Freeman Estate which owns the controlling interest.
Empire
0
Collateral Trust Sk.
1st
- GasMtge. &Co. notes; $8,386,000 Fd. 67 gold bonds; $2,000,000 7% seDividend.
-year
Cities Fuel & Power Co. 2
(E. W.) Bliss Co., Brooklyn, N.
& Fuel
-year secured notes, and the
have declared an extra dividend of 10% along with the cured notes; $750,000 the Richland Co. 7% 2
The directors
quarterly dividends of 1 q,% on the common and 2% on the pref. stocks, 5% annual dividend on $1,560,000 St. Joseph Ry., Light, Heat & Power
all payable Jan. 2 to holders of record Dec. 30. In April and again in July Co. pref. stock.
-Of the $30,000,000 7% Convertible gold debentures authorDebentures.
1918 an extra of 11 Ys % in cash was paid and in Oct. an extra of 10% in
-V. 107, p. 1387.
ized early in 1918, $12,500,000 was issued as Series B 7% Convertible
Liberty bonds.
gold debentures (V. 106, p. 1126). The issue of Series B 7% debentures is
-Sub. Co. Prices.
Borden's7Condensed Milk Co.
to be closed, and the remaining $17,500,000 debentures has been issued as
-V. 107, p. 2478.
Series 0, similar and 'ranking with the Series B debentures, except the
See Borden's,Farm Products Co., Inc., below.
change in the amount of Cities Serice Co. pref. and common stock to be
- received by the holders at conversion.
-Milk Price Cut.
Borden's Farm Products Co., Inc.
Series C 7% Convertible gold debentures are senior to and followed by
This company announced a reduction in milk prices effective Jan. 2 1919,
as follows: Grade A milk, quarts, 18c.; Grade B milk, quarts, 16c.; Grade B $67,466,600 pref. and $28,267,900 common stocks outstanding, these stocks
having a present market value in excess of $130,000,000.
milk, pints, 10c.; Extra heavy cream, 35 pints,26c.; Route cream, 35 pints,
-V. 107, p.
,
-Series 0 debentures may be converted at the option of the
Conversion.
20c.; Condensed milk, 35 pints, 16c.; buttermilk, quarts, 10c.
holder into Cities Service Co. common and pref. stocks on and after Jan. 1
606.
1921 or earlier, should the directors so elect or should the debentures be
-New Officers.
' Boston Belting Corporation.
called for payment, on the following basis:
William A. Gaston has been elected President and Henry L. Sprague
Each $1,000 principal amount Series 0 7% debentures is convertible
as Treasurer of this company and the Roxbury Carpet Co. The directors into nine shares Cities Service Co. pref. stock and one share Cities Service
E. Snow, Frank W. Knowlton, John 0. Rice, Otis B. Pres- Co. common stock, together with the cash and stock dividends which may
are: Frederic
cott and William A. Gaston. New offices have been leased in the Textile have accumulated on one share of Cities Service Co. common stock from
-V. 107, p. 504.
Building, 99 Chauncey Street, Boston.
Jan. 1 1919 up to and including the date of conversion.
-To provide for the conversion of Series 0
Accumulation of Dividends.
-New Stock, &c.
Bristol Brass Co.
debentures the company is setting aside amounts of cash and common stock
This company, which has been operating under a special charter with a equal to the dividends which may have been declared and paid on an
capital stock of $1,000.000, has filed a certificate of incorporation under amount of common stock equal to that into which the debentures are conConnecticut laws changing its name to the Bristol Brass Corporation with vertible from and after Jan. 1 1919 to the date of conversion.
The directors shall from time to time invest the cash so accumulated in .
scapital stock of $2,000,000, the new corporation to take over all the assets
-V. 102, p. 2168.
Series 0 7%, debentures if they be purchasable in the open market at 105
olthe old company.
and int. or less, but if not so purchasable then the cash may be invested
-Govt. Price Control Ends.
Brown Shoe Co.
in Series C debentures or in Series B debentures or in pref. or in common of
-V. 107, p. 2004, 1839.
See page 2432 in last week's issue.
Cities Service Co. Cash dividends received on the securities so purchased
----may be reinvested in the same manner for the benfeit and account of holders
-Dividend.
Raisin Co.
California Associated
Series 0 debentures.
A dividend of 8% has been declared on the stock, payable Dec. 15 to of Holders of Series 0 79' debentures upon exercising conversion shall
1917 and also in 1916 paid 8%;in 1915,
holders of record Dec. 1. In Dec.
receive for each $1,000 Series 0 7% debentures, in addition to nine shares
6%, and in 1914, 5%.-V. 103, ri. 2344.
of pref. stock and one of common, a proportionate share of the cash or of
-Govt. Prices End-Dividend.
the securities purchased through investment of these cash funds, and also
Central Leather Co.
maximum prices for hides, &c., see shall receive the accumulated stock dividends on the amount of Cities
As to the termination of Government
Service Co. common stock into which the Series 0 debentures are convertV. 107, p. 2433.
conversion.
The regular quarterly dividend of $1 25 has been declared on the common ible from Jan. 1 1919 up to and including the date of
-The trustee may not certify for issue debenPrevious dividend
Restriction on Future Issues.
stock payable Feb. 1 1919 to holders of record Jan. 10.
the net
tures in excess of $30000,000 (the present principal amount) unlessrentals,
record follows:
1914. 1915. 1916. 1917. 1918. income, after deduction from gross income of expenses, including
Dividend Recordthan three times the interest charges
5
5
3
7
2
license charges and taxes, are not less
On common stock
Nov.,2% for a like period on all debentures already outstanding and those requested
4
4
-do extra
to be certified, as well as upon all other indebtedness outstanding.
-V. 107, p. 1749, 1671.
Months of 1918, 1917 and 1916.
- Comparative Statement of Income for the 1130 '18.. Nov. 30 17. Nov. 30 '16.
-Earnings, &c.
Nov.
Central & So. Am. Telegraph Co.
Eleven Months Ending$20,474,252 $17,539,809 $8,539,523
The estimated earnings for the quarter and 12 months ended Dec.31 1918 Gross income
19,794,980 17,210,203 8,061,797
Net, after interest
compare, it is understood, as follows:
2,132,041
3,690,896 3,380,401
Calendar Year- Tot. Inc. Net Inc. War Tax. Dividends. Bal., Sur. Preferred stock dividends
5,929,756
1918 3 months)__$1,100,500 $776,791 $200,000 (135)3209,871 3366,920 Surplus for reserves and common stk.. 16,098,084 13,829,802
1
209.868 630.132
(7)
1,050,000 840,000
to be ample reserves had
1917 3 months)-The above figures are after what are believed
4.332,500 3,167,375 780,000 6 839,485 1,547,890 been charged from profits of subsidiary corporations for payment of all
1918 year
4,429,425 2,563,965 653,783 6(7 773,172 1,137,010 Federal excess profits taxes, income taxes and other charges.
1917 year
6% 574,260 1,968,065
3.402,656*2,542,325
1916 year
* In 1916 before adjustments on account of depreciation, &c.
Notice to Shareholders-Right to Subscribe to $10,000,000
x The net income for the quarter ended Dec. 31 1918 is shown less prowith Option on
visions as follows, for cable and shore end repairs, $13,000; clearing of Series C Debentures-Issue Underwritten
-Series B Closed.
land lines, $600; replacement of plant and equipment, $52,034, and sun- Further $5,000,000 Till Jan. 31 1919
dries, $1,075.
of Jan.2says in brief:
The total estimated profit and loss surplus Dec. 31 1918 is $2,895,323. President Henry L. Doherty in circular
'1.-Extra
JAN. 4 1919.]
THE CHRONICLE
In March 1918 and in August 1918 there was offered to the
shareholders
for subscription $9,000,000 Series B 79 Convertible gold debentur
es,
$3,000,000 at 100 and int. and $6,000,000 at 10234 and int. Series viz.,
B
bentures are now bid at 119 and offered at 121. There is now outstand deing
$1g,500,000 Series B debentures;the issue is to be closed at that amount.
Holders of Series B debentures have been given the privilege of converti
ng
10% of their holdings as of Dec. 1 1918 after Jan. 1 1919 into Cities Service
Co. common and pref. stocks, and it is expected that further privilege
s of
conversion will be extended gradually throughout 1919,so that all
of Series B
may have such privilege prior to Jan. 1 1920.
Your directors have now authorized an issue of $17,500,
Convertible gold debentures and offers to stockholders of000 Series 0 7%
record Dec. 31
1918 the privilege of subscribing to $10,000,
at 100 and int.
up to and including Jan. 25 1919, subscript000 thereof paid
ions to be
(a) 20% forthwith and 20% each March 1, April 1, May 1 and as follows:
June 1 1919,
with option of anticipating anyor all of these
In
subscription, allotments will be made upon payments. e event of overan equitabl
This offering of Series 0 debentures has been underwritten basis.
of bankers, which syndicate, in addition to the $10,000, by a syndicate
to stockholders, has an option until Jan. 31 1919 on all or 000 now offered
any part of $5,000,000 principal amount.
83
A circular is in preparation which will be sent shortly to
record, giving terms and conditions of rights to subscribstockholders of
e
United Motors Corp. Assigns Rights to Stock to Shareholders.
—In an announcement Pres. Alfred P. Sloan Jr. of
the
United Motors Corporation says:
The rights which United Motors Corp. have as a
of the common stock of the General Motors Corp. holder of 99,564 shares
stock offered for subscription by General Motors to subscribe to the new
Corp. at $118 a share,
are to be assigned to the stockholders of the United
Motors Corporation.
United Motors stockholders, upon
entitled to receive for each ten shares ofdistribution of its assets, will be
stock owned by them, three shares
of General Motors debenture stock and one share of
General Motors common stock, and the cash equivalent of the Nov.
1 1918 and Feb. 1 1919
dividends of the General Motors stock.
As the subscription offered to General Motors
stockholders is to the
extent of 20% of their holdings on Jan. 15 1919, the
holder of record on
Jan. 15 1919 of ten shares of United Motors stock
would therefore have a
right to subscribe for one-fifth of the share of General
Motors corn,stock.
A letter of instructions is being prepared and will be
forwarded to stockholders of the United Motors Corp. The record
Acquisition—Control of Western Light dc Power
of stockholders of the
United Motors Corp. will be taken
This company has purchased control of the Western Light Co.—
of business on Jan. 15 next
& Power Co. and warrants for subscription 3vill at the closeshortly
of northern Colorado, and it is stated will make
be mailed
thereafter to stock$1,000,000. The control of the company was improvements costing over holders of record on that date.—V. 107, p. 2380, 2292.
house Church, Kerr & Co. The Cities Service formerly held by Westingorganization purchased the
Globe Wernicke Co.—Export Combination.—
majority stock and assumed all indebtedness(V. 102,
p.891; V.105, p.2191)
See U. S. Office Equipment Export Association below.—
Vice-Pres. Frank W. Frueauff, of the
V. 107, p. 185.
organization, is quoted as
follows: "To raise the necessary capital Dohertyfor needed
to pay
Great Western Power Co.—Notes.—
and lift the indebtedness, a reorganization of the Western improvements
Light & Power
The California RR. Comm. has granted this company
Co. is likely to be made. The Colorado concern
authority to issue
bonded
ness of $2,300,000, due in five years. Expansion has a cannot indebted- a six months 6% $350,000 promissory note to refund an indebtedness of
work
be
at once, but it will be got under way as soon as conditions justify started $350,000, payable to the Bankers Trust Co. of N. Y. The payment of
and will the note is secured by the deposit of $570,000 of the power
be carried on as rapidly as possible. The last few
company's
ones for this concern, and the new control does notyears have been hard bonds.—V. 107, p. 1841, 1388.
mean
right away. Rather will this probably mean reorganizingsmooth sailing
Greeley-Hudson Securities Corporation.—
the company
and a lot of additional hard work. Eventually we shall very
See Hudson Companies under "Railroads" above.—
a tie-in line between the Western Light & Power Co. plant and likely build
V. 106, p. 503.
our Denver
plant—that of the Denver Gas & Electric Light Co.
Guffey Gillespie Oil Co.—Offering
Conversion of Debentures.—
ferred Stock.—Hayde
of Convertible Pre-
n, Stone & Co. are offering at 100 and
Holders of this company's Series "II" 7% Convertible
will, it is announced, be permitted to convert, on or after Gold Debentures dividend the unsold balance of $2,000,000 7% cumulative
Jan.
of the aggregate principal amount of the debentures owned 11919, 10% convertible preferred (a. & d.)
stock, redeemable all or part
by them, respectively, on Dec. 1 1918 into common and preferred
stock. The basis after Dec. 1 1920 at 105 on 60 days'
of exchange is 8 shares of the prof. stock and 2 shares of
notice.
common stock,
together with the accumulated cash and stock dividends from
Dividends Q.
-M. The stock is convertible, 1 share of
Jan. 1 1918
preferred. 4
to date of conversion, on two shares of common stock for
of common stock, of which there are issued 225
each $1,000 prin- shares out
shares of no par .
cipal amount debentures. (See V. 107, p.2100.)—V. 107,
value,
of a total authorized of 300 000 shares.
p. 2479, 2100
The company is engaged in producing crude oil and
Commonwealth-Edison Co., Chicago.—Bonds.—
well-known fields of Kansas and Oklahoma, and owns natural gas in the
or controls oil and
gas leases covering 28,605 acres
Application has been made to the Illinois Public Utilities
one-half
Commission a large proportion of which has and a tested interest in 520 acres ofland,
for permission to issue $4,000,000 first mortgage bonds, to
been
and proven productive. Furfinance exten- ther particulars should appear another
Mons during the coming year.—V. 107, p. 1006.
week.
Consolidated Coppermines Co.—Production (Pounds).—
Harbison-Walker Refractories Co.—Ex
Jan _ _ _1,059,979 April_ __1,163,889 July —1,059,389 Oct
Feb__ _1,188,650 May _ _ -1,924,286 Aug _1,357,603 Nov_ _ _ _1,479,024
___1,278,116
March _1,070,862 June ___1,217,412 Sept __-1,196,884
Production for the 11 months aggregated 13,996,094
lbs.—V.107,p.1483.
Dearborn Truck Co.—Stock Increased.—
,
An extra dividend of 6% has been declared on the tra Dividend.—
stock, payable Jan. 25 to holders of record Jan. $18,000,000 common
15. Previous dividend
record follows:
Dividend Record—
{ '07.'08-'09.'10-'14.
1918.
On com,stock, regular.._ 34% None 2% yly '15. '16. '17.
234 534 6 6 (134 Q.
-M.)
do
extra
4 18 June,6%
—V. 106, p. 2125.
The company has increased its authorized capital stock from
to $10,500,000. The company was incorporated Nov. 25 1918 $5,500,000
Harris Abattoir Co., Ltd.—Stock Increase.—
to manufacture motor trucks, automobiles, power boats &c. in Delaware
Incorporators, C. L. Rimlinger, M. M. Clancy, P. B. Drew.—V.
This Ontario company has increased its
107, P. 2479.
$1,000,000 to $5,000,000 by the creation ofauthorized capital stock from
40,000 shares at
Denver Gas & Electric Light Co.—Rate Decision.—
$100. Stockholders, it is said, will be permitted to subscrib par value of
e to one half
The Colorado Supreme Court on Dec. 19
of the new stock at par pro
injunction privileges stopping the collection 1918 denied the city of Denver William Thomas Harris and rata. It is reported that William Harris,
of increased gas rates, thereby
James Harris, according to the terms
holding as collectible the increase of 10 cents in rates,
awarded by the agreement, will first take one-half of the new stock.—V. 106, P. 2348. of
P. U. Commission.—V. 107, p. 1581.
(Joseph) Dixon Crucible Co.—Extra
An extra dividend of 3234% has been declared on Dividend.—
,
the
stock in addition to the regular quarterly of 234%, both$1,000,000 capital
In the three previous quarters 234% extra was paid with payable Dec. 31.
dend of 234 %, making with this distribution a total of the regular divi60% for the year.
—V. 106, p. 1464.
Hart, Schaffner & Marx Co.,
Inc.—D
Stockholders will vote on Jan. 27 on proposed ecrease in Stock.
$3,396,100 to 53.331,500.—V. 106, p. 503, 496. decrease in stock from
Imperial Tobacco Co. of Canada,
(E. I.) du Pont de Nemours Export
An ordinary interim dividend of 134% and Ltd.—Dividend.—
declared on the stock were payable Dec. 27 to an ordinary dividend of 1%
holders of record Dec. 16.—
V. 105, p. 2454.
Eastern Steamship Lines.—Sale of Vessels
Co.—Sa
Edward N. Hurley, Chairman of the U. S. Shipping le Arranged.—
Board, in an interview in Paris is quoted as saying:
"The taking over of between 30 and 40 ships from
the White Star Line
—comprising about 700,000 tons—is now
are now on their way for the President'spractically agreed upon. Papers
signature.
ranged in perfect harmony, the agreement includin Everything was arfly the British flag for three years after the war." g that the ships are to
Co.—Organization.
Announcement has been made of the incorporation
organized to take over the du Pont company's foreignof this enterprise
business and to
develop the same.
The officers are: Pres., F. W. Pickard, V.-Pres, of the
du Pont Co. in
charge of the Sales Department; V.-Pres. and Director
Gavan; Treas., F. D. Brown; Sec., Alexis I. du Pont. of Sales, Walter S.
The directors of the new export corporation are Mr.
Mr. Brown, F. C. Peters, C. L. Petzo, J. A. Burckel Pickard, Mr. Gavan,
and J. E. Hatt.
A press report from Boston states that this company .—
has
two more of its vessels at a price of about $325,000 each, recently sold
the proceeds of
the sale to be used in the further reduction of bonded
now has 15 steamers left.—V. 107, p. 1581, 1290. debt. The company
Ford Motor Co.—Wages $6 a Day.—New
President.—
A press dispatch from Detroit on Jan. 1 says in
substance:
"A now minimum wage scale of $6 a day,
approximately 28,000 employees throughouta flat increase of $1 a day for
the country,
to-day by the Ford Motor Co. Employees of the Ford was announced
are included in the increase, which laecomes effective tractor interests
to-day.
three thousand other employees of the Ford interests already Twentyreceive $6
or more a day.
"Henry Ford has formally resigned as President of the Ford
Motor Co.,
and his son, Edsel, succeeds him at a salary of $150,000
a year. Mr.
Ford in resigning gave as his reason his desire to
tractor industry. He retains his seat on the boarddevote more time in the
in
"Edsel Ford is only 24 years old. Ile entered thean advisory capacity.
Ford shops when he
was 16 years old. He has been acting as executiv head of
tho
Co. for the last row months, his father havinge withdraw Ford Motor
participation in the management to devote his time to the n from active
tractor business
and a now national weekly newspaper.
"Concerning the wage increase, Henry Ford said to-day that
a just reward to the men who remained loyal to the companyit was 'only
during the
war period.'"
Dividend of 200% Declared on Stock.—
A
200% dividend has been declared on the $2,000,0
00 capital stock,
payable 100% Jan. 1 and 100% Feb. 1.
further dividends may be declared within aA press report intimated that
short time.
be realized by the seven principal stockholders from the The amounts to
present distributions are reported AS approximately: Ford family,
Couzons, $600,000; Dodge brothers, $400,000; Gray$2,225,000; James
estate, $400,000;
J. W. Anderson, $200,000 and H. H. Rackham,
$200,000.—V. 107, p.
2292, 2192.
(H. H.) Franklin Mfg. Co.,Syracuse.—Spec
ial
A. special dividend of 3% has been declared on the $1,818,4 Dividend.
ing common stock along with the regular quarterly dividend 00 outstandof 2%, both
payable Jan. 1.—V. 107, p. 2479.
General Electric Co.—Export Organization.—
This company, which has as its subsidiaries the General Electric
Co. of
Brazil and the General Electric Co. of Australia, has, accordin
g to press
reports, applied for a charter under the Webb bill to form
to represent the company in its export trade.—V. 107, p. an organization
2479, 2472.
General Motors Corp.—Subscription Rights to
Shares of Common Stock.—Common stockholders of240,000
Jan. 15 are given the right to subscribe to 240,000 record
of
common stock at $118 per share to the extent ofshares of
20%
present holdings, payment to be made 35% Feb. 15 1919,
35% May 15 and the balance of 30% Aug. 15.
International Mercantile Marine
Resumption.—
This company announces that the Red Star
York and Antwerp, which had been operated Line service between New
continuously from 1868 till
August 1914. will be resumed this month.—V.
107, P. 2293.
International Petroleum
The directors declared a dividend of 50 Ltd.—Dividend.—
Co.,
after Dec. 31 to holders of record Dec. 30. cents per share, payable on or
An
was paid in Jan. 1918.—V. 105, p. 2547, 2369. initial dividend of 50 cents
Interstate Utilities Co.—Control.
—
This company, which operated a telephone
and northern Idaho, has been purchased by system in eastern Washington
Butte, Mont., interests, who
have acquired the stock holdings of Philip ITIamilin,
amounting to over
90%. The following officers have been elected:
John Maginnis, Pres.;
John T. Davies, V.-Pres. & Gen. Mgr.; H.I. Wilson,
Treas.; A. L. Hatch,
Sec.—V. 100, P. 312.
Jim Butler Tonopah Mining Co.—Dividend
Omitted.—
The directors have omitted the semi-ann
A dividend of 10% was paid semi-annuallyual dividend due in February.
from
In Aug. 1918 only 7% was paid.—V. 106, p. 927.Aug. 1915 to Feb. 1918.
Lowell (Mass.) Electric Light Corp.—New
Stock.—
The stockholders were to vote Dec. 31 1918 on
or Vice-President to petition the Board of Gas authorizing the President
sioners for approval of an issue of 2,941 additiona& Electric Light Commis,
l shares of capital stock.
In circular of Dec. 19 Edward T. Clark,
in brief: "During the past five years your Clerk of the corporation, says
incur a large floating debt in order to providecompany has been obliged to
new power
and lino extensions required to meet the normal growth station equipment
of business and also
the unusual demands caused by the war.
this indebtedness should now be largely In the opinion of your directors
issue of additional stock. They, thereforepaid off by the proceeds of an
, recommend an issue of 2.941
additional shares of stock, being one new share for
each
now outstanding. In case of favorable action by the four shares of stock
Commission these new shares will later be offered to Gas & Electric Light
scription at a price approved by the said Board." stockholders for sub—V. 107, p. 2480.
Mackay Companies.—Possible Litigat
ion.—
Officials of the Postal Telegraph Co. are quoted as
ened wholesale consolidation of the offices of their saying that the- threatthe Western Union Telegraph Co. will be vigorously conapany with those of
conteste
William J. Deegan, Secretary of the Mackay Compani d in the courts.
es, stated Jan. 2
that if the contemplated action is carried into effect
General Burleson's decision to merge the land lines following,Postmasterof
the Postal Telegraph authorities will push suits with the two companies
the Public.Service
Commissions in the several States.—V- 107. p.
.
2480, 2380.
aWMilling4Co.—ExtralDividend.—
An extra dividend of 1% has been declared on the
stock, along with the regular quarterly dividends of $2.500,000 common
and 13-% on the preferred, all payable Jan. 18 to 23.4% on the common
hold&c, of record Jan. 3,
84
THE CHRONICLE
On Dec. 10 an extra of 10% was paid in Victory bonds and in April. July
-V. 107. P. 2102.
and October 1M % each was paid.
-Bonds Sold.Maple Leaf Shipping Co., Ltd.
Hannevig & Co., N. Y., announce that the entire issue of First Mtge..
7% gold bonds has been sold. See offering V. 107, p. 2193.
-Sub. Co. Cancelations.Marlin-Rockwell Corp.
A press report from Plainville, Conn., states that the Rockwell-Drake
Corp., a subsidiary of this corporation, has received orders from Washington canceling its contracts on Browning machine guns. Compare
V. 107, p. 2293.
-New Stock.
Massachusetts Cotton Mills Co.
Stockholders of this company are offered the right to subscribe at $100
per share to two new shares for each three held, increasing the amount of
capital stock from $3,000,000 to $5,000,000, payment to be made 10% on
subscription, and 90% by March 10.
The company has decided to exercise its option to purchase the Massachusetts Mills in Georgia which Massachusetts Cotton Mills have leased
since 1894 and proceeds from new stock will be used for this purpose. The
-V. 107, p. 408.
leased company has $2,000,000 stock.
Mexican Telegraph Co., New York.-Earnings.-Pres.
John L. Merrill, in circular of Dec. 19 1918, says in brief:
[VOL. 108.
River to Syracuse, on which there is a duplicate transmission line. (b) A
hydro-electric plant on the Salmon River about 42 miles from Syracuse,
with a capacity of 35,000 h. p. together with 42 miles of tarnsmission lines.
'
(c) A steam generating plant atLyons, N. Y., with a capacity of 40,000 h.p.
In addition, the company has two other sources of power, namely: (a)
The Ontario Power Co. of Niagara Falls, which is delivering not less than
50,000 h. p. under a contract which runs to 1950; (b) the hydro-electric
plant on the Oswego River at Minetto. N. Y., capacity 12,000 h. p., which
is operated under lease from the Northern N. Y. Power Corp. under a
contract extending until 1940.
Gross and•Net Earnings for the Period 1912 to 1917.
GrossSales. NetEarns.
GrossSales. NetEarn. YearYear$1,883,431 $974,629
$1,306,231 $478,782 1916
1912
2,311,718 1,023,510
520,468 1917
1,518,621
1913
635.148 1918 (12 mos.
1,403,574
1914
1,413,473
736,080end.Oct.31). 3,019,068 1,287,305
1915
-Regular provision is made for maintenance and reMaintenance. &c.
newals, with the result that the physical properties are in excellent condition. In addition, the company has provided for depreciation by the creation of a reserve fund amounting at this date to approximately $535,000.
-Annually from Feb. 1 1920, equal to not less than 1%
Sinking Fund.
of the Ref. Mtge. bonds outstanding, and reserved for refunding purposes.
The operation of the sinking fund will be sufficient to retire at their maturity the whole amount of Ref. Mtge. bonds outstanding. Bonds so acquired are to be kept alive for the benefit of the sinking fund.
-Dated Feb. 1 1918, due Feb. 1 1958;interest at6%,payable
Bond Issue.
without deduction for any tax, assessment or Governmental charge, other
than any income tax imposed by the Government of the U. S. of America,
which the company or the trustee may be required to pay or to retain
therefrom under any present or future law of the U. S. of America; or of
any State, county, municipality or other taxing authority therein. Redeemable as a whole but not in part at 110 and int. on any int. date upon 60
days' notice. The total authorized amount of Refunding Mtge. bonds is
$15,000,000, of which 31,980,000, being bonds of Series "A," were issuable
to refund or provide for capital expenditures heretofore made. For the
1 .30O ole
e t irlyan bglids %1410 for
i g
l n onc s woutsta
purpose ofi tuedtng tlie ere resnding ugemlinte el in r
additions, improvements, &c., to the exten't of85% of the cost of such, provided
net earnings available for bond interest have been at least 1% times the
annual interest on all outstanding bonds, including those proposed.
For description of earnings, properties, &c.. see V. 106, p. 612. For
"annual report" compare V. 106, p. 2753; see also V. 107, p. 2480.
Traffic to and from the republic of Mexico continues to show a gradual
increase. In view of your company's joint ownership in the duplicate
Via Colon cables, between New York and Panama,and its pro rata participation in the receipts accruing therefrom. I quote below, for your information, a portion of the quarterly report to the shareholders of the Central &
South American Telegraph Co. [see that company above.-Ed.l.
likThe directors on Dec. 19 declared a quarterly dividend of 2%% from the
net earnings for the fourth quarter of the year 1918, payable on and after
Jan. 16 1919 to shareholders of record Dec. 31 1918. This is dividend
No. 140.
Earnings for Three Months and Years ending Dec. 31.
Bal. Sur.
War Tax.
Net,
Dividends.
Gross.
1918, 3 mos.*- $418,200 $293,575 $52,500 2% )$124,880 $11 ,195
124,877 191,123
316,000
23
1917, 3 mos-- 385,000
499,520 492,128
1918, year*-__ 1,562,200 1,149,155 157.507 (10
1917, year,....... 1,712,721 1,044,182 176,631 (10% 464,370 403,181
* Partly estimated
[The company now operates three cables in the Gulf of Mexico, from
Bond Redemp.Galveston, Texas. to Vera Cruz, Mexico, comprising about 2,100 miles
-year Secured 6% Convertible
Notice is hereby given that all of the 2
of lines. It also owns a one-third interest in two cables from New York
to Colon, Isthmus of Panama, 1.476 miles, and a land line from Vera Cruz gold notes dated Jan. 31 1918 have been called for payment on Feb. 1 at
-V. 107. P. 2480.
the Equitable Trust Co., N. Y., at par and interest.
267 miles.
to the City of Mexico,
The company has an int. in the Central & South American Telegraph Co.
-No Purchase.
Nipissing Mines Co.
The officers include E. L. Baynes, Chairman of Board J. L. Merrill,
Treasurer P. C. Pfeiffer has denied the report that the company has
President; J. R. Beard, Vice-Pres. and Sec'y; Clarence Rapkin, Treas.;
F. K. Warrent, Asst. Treas. The directors are J. W. Auchlncloss, E. L. purchased the property of the Empire Copper Co. at Mackey, Idaho.
Baylies, R. Fulton Cutting, J. J. Pierrepont, P. R.Pyne, W.Emlen Roose- -V. 107, p. 2294, 2103.
velt, Chas. Howland Russell, Cornelius Vanderbilt.1-V. 107, p. 2013.
-Name.
North American Steel Products Export Corp.
-A.B.
The combination of independent steel manufacturers recenty organized,
-Offering of First & Ref. 5s.
irfeEigan Light Co.
--it
under the above title, will change this name, having been found to conLeach & Co. are offering at 89 and int., yielding 5.80%, flict with the name of another csrporation.-V. 107, p. 2481.
$700,000 First & Refunding Mortgage 5% gold bonds dated
-Dividend Omitted.
North Butte Mining Co.
March 11916, due Mar. 11946. Int. M.& S. Red. at 105
The quarterly dividend due at this time has been omitted. A statement
and int, on any int. date on 30 days' notice. See adv. pages. issued by the company says: "The directors decided to temporarily suspend dividends on account of the unsettled conditions now existing in the
"Passed by the Capital Issues Committee as not incompatible," &c.
market for metals. The company's financial condition is good and it
Summary of Letter of W. I-1. Barthold, Vice-Pres, of the Company. was considered advisable to conserve its resources during the period of
-Does without competition the entire gas business in Saginaw. transition from a war to a peace basis."
-V. 107, p. 1750.
Business.
Flint, Kalamazoo, Bay City, Jackson and other municipalities in Michi-New Stock-Status.
Oklahoma Natural Gas Co.
gan, serving a total population estimated at over
300,000.
-These have a total maximum daily generating capacity of
Properties.
The Pittsburgh Stock Exchange listed $2,000,000 additional stock of
-V. 107.
17,720,000 cu. ft., including water gas capacity held in reserve, nineteen this company. See "Annual Reports" on a preceding page.
gas holders of an aggregate capacity of 5,362,000 cu. ft., 533 miles of mains p. 2481, 1485.
and 50,956 service meters.
-An absolute first lien on the properties in Saginaw and ManisSecurity.
-Extra Dividend.
Pacific Portland Cement Co.
tee, and by lien on the properties in the other municipalities. The replaceearnings, which
An extra dividend of $1 50 has been declared out of
ment value is substantially in excess of the total amount of bonds outstand- makes the second extra dividend for the year 1918. The company also
paid $3 in extra dividends in 1917.-V. 107. p. 107, 186.
larnings.-Net earnings for the twelve months ended Sept. 30 1918
i
amounted to approximately twice the interest charges on all bonds out-Offering of First & Ref. 58.
Pacific Power & Light Co.
standing.
-The company is a constituent company of the Common- Wm. A. Read & Co. and White, Weld & Co. arc offering by
Management.
-V.106,P. 1039, 402.
wealth Power, By.& Light Co.
advertisement on another page, $1,265,000 First & Refund-
ing (now First) Mtge. 5% gold bonds, due Aug. 1 1930.
-Stock Plan Approved.
Nashua Manufacturing Co.
The shareholders on Dec. 28 approved the plan to increase the stock to Secured by first mortgage lion on the entire physical property
$10,000,000, to reduce the par value of the shares from $500 to $100 and of the company, which operates electric light and power
to issue 5 shares to present shareholders for each share held. The out..
standing capital at present is $1,450,000. Compare V. 107, P. 2380, 2103. plants in Washington, Oregon and Idaho. It also operates
gas, waterworks and electric railway properties, and serves
-Extra Dividend.
National Licorice Co.
An extra dividend of 1% has been declared on the $1,000,000 common 47 communities in all.
stock in addition to the regular semi-ann. of 2%%, both payable Jan. 7
total amount of these bonds issued is $8,863,000. They are followed
- byThe
to all stockholders of record. In Jan. 1918 an extra of 1% was paid.
$4,200,000 Preferred stock, paying dividends of 7% per annum, and
V. 107, p. 713, 92.
$6,100,000 Common stock. A full description of this issue, &c., may be
found in V. 107. p. 2381.
-Discontinuance.
New York & East River Ferry Co.
This company, which operated three ferry-boats between 92d St. ManPage & Shaw (Confectionery) Boston.-New Control
hattan, and Fulton Ave., Long Island City, permanently discontinued ser'
Control in this company, formerly held by Pres. Charles M. Shaw, has
vice on Dec. 28. Failure of the city officials to take action upon a request been purchased by 0. E. Dunham, Managing Director of the company,
from the company that the city either buy the company's franchise or pro- who now owns the entire issue of $300,000 common stock. A Boston paper
vide a yearly subsidy that would enable the company to continue opera- understands that the new owner paid "considerably over $1,000,000"
-V.107. p. 1197. for this stock. Mr. Shaw, it is understood, will continue in an advisory
tion without a loss resulted in the suspension of service.
an interest in the preferred issue which amounts to
capacity
-Further Data. $340,000 retaining
Niagara Lockport & Ontario Power Co.
-V. 102. p. 158.
outstanding.
-The offering by William Salomon & Co. at 93 and int. of
$990,000 Refunding Mtge.6% Sinking Fund gold bonds,
Series "A," was noted in these columns last week.
-Stock Increase.
Pennsylvania Rubber Co.
This company has filed notice in Harrisburg, Pa., of an increase in the
authorized capital stock from $6,000,000 to $6,210,000.-V. 90. P. 1366.
Digest of Letter from Pres. Fred. C. Corey, Dated Buffalo, Dec. 19'18.
-Sub. Co.
Riordon Pulp & Paper Co., Ltd.
-Organized in N. Y. and is engaged in the production and disCompany.
See Ticonderoga Pulp & Paper Co. under "Financial Reports" above.
tribution of electric power, serving a highly developed territory, extending
from the Niagara River to Syracuse, with a population estimated at 1,- V. 107, P. 2095.
500,000.
Savage Arms Corp.-Cancelation of Contracts.
-year Secured
-The company has outstanding $962,000 2
Purpose of Issue.
This company has notified its 4,000 employees that the Government had
6% Convertible gold notes which it is proposed to call for redemption on
be closed
Feb. 11919. The proceeds of these $990,000 bonds are to be applied to canceled contracts for Lewis machine guns and the factory would with onethe retirement of such of these notes as may not be converted into bonds of Dec. 31. Business is to be resumed on a 48 hours a week basis
-V. 107, p. 2194, 1750.
half the present working force.
said Refunding Mortgage Series "A."
-Year Notes,
Outstanding Capitalization upon Sale of Bonds and Retirement of2
-Sales.
Sears, Roebuck & Co., Chicago.
Ref. Mtge.6s, Series"A" *5990,000
N. L. & 0.Power Co. 1st
Increased 1918-12 Mos.-1917. Increase.
-1917.
-Dec.
1918
2,750.300
$4,067,000 First preferred stock
M 5s
178,268,223 20,254,851
Second preferred stock.-- 2,000,000 322,364,842 $18,864,372 $3,500,4701198,523,074
Salmon River Power Co.
1,230,000 -V.107, p. 2194. 1750.
4,838,000 Common stock
1st M 5s
-Milk Price Cut.- •
Sheffield Farms Co., Inc.
with any Iiefunding Mtge. Series "A" bonds which may be
* Together
This company has announced a reduction in the price of milk of 1 cent a
Issued against conversion of the Two-Year 6% notes.
-V. 106, P. 821.
$933,000 Niagara Lockport & Ontario First 5s and $162,000 Salmon quart from present prices.
River Power 1st 5s are held in their respective sinking funds. The company
-Rates to Be Higher.
Southern California Edison Co.
guarantees the principal and interest on 50% of $632,000 outstanding
The California RR. Comm. has authorized this company to increase its
Niagara & Erie Power Co. 1st M.5s,and owns 50% of the stock of latter co.
year by surcharges. The increase in revenue
-A general mortgage on all the properties now owned or here- gross revenue by $1,000,000 a
Security.
after acquired,subject only to the liens of the closed first mortgages securing will amount to net yearly earnings amounting to 8%,figured on the basis
to 14%.
the $8,905,000 underlying bonds. These underlying bonds are being re- of the 1918 operations. The surcharges will range from 101008. depend-V. 107. p. 2295,
duced each year by their sinking funds, $244,000 being thus retired during ing upon the class of service supplied.
1918. A like amount of the Ref. Mtge. Sinking Fund gold bonds was re-Acquisition Bonds.
Southern Counties Gas Co.
served to refund these underlying bonds. The Refunding Mtge. bonds,
This company has'filed'an amended application for permission to purupon the retirement of the underlying bonds, will be a first mortgage upon
chase the properties of the Ontario-Uplands Gas Co., the amended petition
entire property.
the
k.s Over and above the underlying first mortgage bonds the total cash invest- covering extensions and betterments made by the Ontario company since
sell $108,000
ment in the properties (which is believed to be less than actual present Sept. 1917. The company also asks permission to issue and treasury.
of its bonds at not less than 82 plus interest, to reimburse its of its bonds
value) is upwards of $5,250,000.
The company has'alsoifiled an application to issue $360,000
les Properties. &c.
-Properties owned and subject to the Refunding Mtge.
to the
Include: (a) Power transmission system equivalent in the aggregate to a at not less than 82 plus interest, and also to issue its bonds of 1916of perlength of 420 miles of single line. This property includes some 3.794 acres amount of $160,000, to reimburse the company for 80% of the cost
of land, forming a continuous right of way for 154 miles from the Niagara manent extensions.and,betterments.-V. 107, p. 808.
JAN. 4 1919
THE CHRONICLE
85
Southern New England Telephone Co.—New Rates.—
This company, with the approval of Postmaster-General Burleson, has
announced a general increase in tho exchange service rates throughout
Connecticut, effective Jan. 1, applicable to all exchange service furnished
on a flat rate basis, and representing, in general, an increase of 25 cents a
month for residence telephones and 50 cents a month for business telephones.
—V. 107, p. 179.
Stollwerck Cocoa Co.—Receiver Appointed.—
Vice-Chancellor Lewis in the New Jersey courts has appointed E. I.
Edwards of Jersey City Receiver for this company.—V. 107, p. 2482.
Submarine Boat Corporation.—Operation.—
This company proposes to increase its working force at the Port Newark
works to about 18,1100 employees. It is understood that the company
has work on hand to keep the plant operating well into 1920.—V. 107,
p. 2482, 2383.
Sun (Oil) Co.—Stock Increase.—
This company has filed notice of an increase in its authorized capital
stock from $6,000,000 to $7,920,000.—V. 106, p. 2763.
Swift International Corp.—Initial Dividend.—
A dividend of 8% has been declared on the stock, payable Feb. 20 to
holders of record Jan. 11. Future dividends, it is announced, will be paid
semi-annually. See Swift & Co. in V. 107, p. 2296,12015,1583, 1198, 910.
Swift & Co.—Subsidiary Co. Initial Dividend.—
See Swift International Corp. above.—V. 107. p. 2296.
Sutter-Butte Canal Co.—Bonds.—
This company has applied to the California RR. Commission for permission to issue S800,000 6% Refunding bonds.—V. 102, p. 256.
Union Twist Drill Co.—Common Dividend of $6.—
A dividend of 6% has been declared on the $1,500,000 common stock
and 136% on the preferred stock, payable Jan. 2 to holders of record Dee.
20. In .[one last a dividend of 12% was paid on the common stock.—V.
106, p. 2350.
United Motors Corp.—Assignment of Rights to General
Motors Common Stock to Stockholders.—
See General Motors Corporation abovo.—V. 107, p. 2104, 2015.
U. S. Office Equipment Export Association.—Formed.
In order to engage in export trade in office equipment, the Globe Wernicke
Co., Cincinnati, the Marble Chair Co., Bedford, 0., and the Commercial
Furniture Co., Chicago, filed with the Federal Trade Commission a states
ment of their combination under the Webb export law.
United Oil Co. (Calif.).—Dividend Increased.—
The directors have declared a quarterly dividend of 1% on the $2,000,000
outstanding capital stock, payable Jan. 1. Previous to this the dividend
was 36 of 1% quarterly.
,
United States Smelt., Ref. & Min. Co.—Earnings.--
CURRENT NOTICE.
—Blodget & Co., bankers, of 34 Pine St., N. Y., in making public the
plans of the firm for the coming year, announced on Monday last that
Bayard F. Pope, Manager of the Liberty Loan Committee's advertising
bureau, would become a member of the firm onigan. 1. Mr. Pope was
loaned to the Government by Blodget & Co. at the beginning of the war
and was associated with the Liberty Loan Committee in all _four of its
campaigns. During 1918, in the third and fourth drives, he is said to
have established a world's record in directing the placing of thirty million
lines of advertising in publications in the Second Federal Reserve District.
—In our advertising columns to-day, the National City Company of
this city is advertising a list of January investments subject to sale and
change in price. Bonds and short-term notes are now selling at prices
affording liberal yields and present unusual opportunities for the investment of Januay funds. The Government and municipal issues detailed
in this list yield 3.55 to 4.55%,railroads 4.97 to 6.50%,foreign governments
5.35 to 7.10%, public utility 5.90 to 7.00%, industrial 5.75 to 6.28%.
Complete information regarding any of the issues advertised will be furnished upon request.
—The partnership heretofore existing under the name of Chas. D.
Barney & Co. was dissolved Jan. 1. The business will be continued by
the now firm and will be a limited partnership under the name of Chas. D.
Barney & Co. at the same offices, 15 Broad St., this city, and 122-124
So. Fourth St., Philadelphia. The new firm will include all the old members, with the exception of Jay Cooke. The general partners will be
Henry E. Butler, John P. Grier, Edward H. Levis and Philemon Dickinson, and the special partners are J. Horace Harding and Henry Sanderson.
—For the requirements of investors with surplus funds for January
investment, the bond department of the Bankers Trust Company, 16 Wall
Street, this city, are featuring a diversified list of railroad, municipal,
Industrial, foreign Government and public utility bonds, and short-term
notes yielding 4.30 to 6.75%. elsewhere in the "Chronicle" to-day.
General particulars appear in the advertisement. The January circular
and full information regarding any one of the securities listed will be gladly
furnished on request to the bond department.
—Glover & MacGregor of 345 Fourth Avenue, Pittsburgh, are distributing a folder containing an attractive list of investment securities which they
own and offer to prospective purchasers. The offerings of Philadelphia
Company 5s, Drexel & Co. participation certificates in Alan Wood Iron &
Steel Co. 6s, the South Pittsburgh Water 5s, the Pennsylvania Railroad
General 5s and the West Penn Power 6s appearing in the list are specially
recommended by the firm to the private investor, as all these issues are
exempt from the Pennsylvania State tax.
—Imbrie & Co.,;bankers,61 Broadway,!N. Y.,have:opened a new branch
office at 13 Congress St., Boston, for the transaction of business in investment securities. Last year Imbrie & Co. opened a new office in Pittsburgh and prior to that offices were established in Chicago and Milwaukee.
William Minot, director of the State Street Trust Co. of Boston, has been
admitted to partnership in the firm. Mr. Minot and Waldo S. Kendall
will be in charge of the new Boston office.
—A. B. Leach & Co., Inc., are offering, at 89 and interest, yielding
5.80%, $700,000 Michigan Light Co. First & Ref. Mtge. 5% gold bonds,
due March 11046. The bonds are secured by a first lien on the cmopamy's
properties in Saginaw and Manistee, and by lien on properties in other
cities. The company's net earnings for the 12 months ended Sept. 30 1918
amounted, it is stated, to approximately twice the interest charges on all
bonds outstanding.
The directors on Dec. 28 having declared quarterly dividends at the same
rates as for the past two years, namely (V. 103, p. 2436), 1 % (8736 cents
,
per share) on the pref. stock and 234% ($1 25 per share) on the common
stock, payable Jan. 15 on stock of record Jan. 3 1919, Issue the following:
"The earnings in 11 months of 1918 to Nov. 30 were approximately
$4,503.500, after creating reserves amounting to $2,614,520 for depreciation, depletion, exploration, Federal taxes and other purposes. These
earnings are at the rate of 7% per annum on the preferred, plus $8 38 per
share for 11 months on the common, or at the rate of $9 14 per share per
annum (18.28%) on the common stock. After providing an additional
reserve of $500,000 to write down metals at the end of the year, these
earnings will be reduced to $4,003,500 for the 11 months, or at the rate of
7% per annum on the pref. plus 15.2% on the common stock.
Operations and output have been interfered with during the past
months at mines and plants both in this country and in Mexico by two
the
influenza epidemic. The latest information from Mexico is that the influenza troubles have taken a decided turn for the better and that the longdelayed completion of the addition to the mills is progressing favorably
with the expectation that the additions to both of the mills will be running
shortly after the first of the year.
—William R. Compton Co. of this city, jointly with the Equitable Trust
"At the coal properties in Utah the tonnage mined in 11 months
to Nov. 30 was 1,182,983 tons, as compared with 801,981 tons of 1918 Co. of Now York and the Palmer Bond & Mortgage Co. of Salt Lake City,
corresponding period of 1917, an increase of 4734 %."—V. 107, p. in the are offering for investment $500,000 State of Utah
1292.
434% coupon road
United States Steel Corp.—Government to Complete bonds in a half-page advertisement in to-day's "Chronicle." These bonds
are legal investments for savings banks and trustees in Now York and other
Ordnance Plant at Neville Island.—
Eagfern States and-Zie exempt from—all Federal income taxes.
- -See page 2438 in last week's issue.—V. 107, p. 2383, 2296.
—Tho well-known bond house of Kean, Taylor & Co. announces that
Utah Copper Co.—Tax Litigation—Suit Filed.—
This company is one of a groin) of 20 Utah mining companies which on the partnership heretofore existing having expired by limitation Dec. 31
Dec. 13 filed suits in the U. S. District Court against the State Treasurer 1918, the firm will be continued under the same name at 5 Nassau St.,
to test the validity of the so-called occupation tax on mines, amounting to this city, 105 South La Salle St., Chicago, and 244 Fourth
Ave., Pittsburgh.
3% of the net proceeds, attempted to be assessed under the statutes passed
by the Legislature in 1917. The taxes in question aggregate about $800,000 The succeeding members of the firm are: Hamilton F. Kean, Moses Taylor.
Those interested are the Utah Copper, 'Pleasant Valley Coal, Utah Fuel, George E. Barstow Jr., Edward J. Duffy and Jerome Hill.
Silver King Coalition, Grand Central, Gold Chain, Chief
—At 983 and int., netting close to 634 %, the National City Co. and
Eagle and Blue Bell, Bingham Mines, Victoria, Mammoth Consolidated,
Bullion Consolidated, American Fuel, Standard Coal, Utah Apex, Cameron Coal. Guaranty Trust Co. are offering for subscription by advertisement to-day
Schofield Coal, Ohio Copper, Western Utah Copper and Cardiff.—V.
elsewhere in the "Chronicle" $25,000,000 Anaconda Copper Mining Co.
107,
p. 2195, 1925.
Series "A", 6% 10-year secured bonds, duo Jan. 1 1929. Subscription
books opened yesterday and will be closed anytime without notice. Full
Wages.—Salary Increases for Telegraph Employees.—
Postmaster-General Burleson has announced an increase in salaries particulars of this offering appear in the advertisement.
effective Jan. 1 amounting to 5 and 10% for employees in all departments
—The firm of II. A. Kahler & Co., dealers in investment securities at
of the telegraph companies under Government control.—V. 107, p. 2195
135 Broadway, Now York,
of
Wellman-Seaver-Morgan Co., Cleveland.----Stock Inc. P. G. Merrifield, dissolvedcomposedby H. A. Kehler, T. F. Sherwood and
Dec. 31
mutual
The shareholders on Dec. 3 readjusted the authorized capital stock so and P.0.Merrifield have formed a partnership consent. T. F. Sherwood
under the name of Sherwood
that it now consists of $9,000,000 divided into 90,000 shares (par
$100), & Merrifield, as successors to II. A. Kabler & Co., and will continuo
of which $6,000,000 is common stock and 33,000,000 7% cumulative
the
preferred stock.—V. 106, p. 1583.
same lino_of business at the old address.
000,
Wells, Fargo & Co.—Dividend—Status.—
The directors have further deferred consideration of a
dividend paid was 134%, on July 20 1918.—V. 107, p.dividend. The last
1292.
Welsbach Company, Philadelphia.—Bonds
Retired.—
This company has retired through the sinking fund $112,600
-year
collateral trust bonds, duo 1930, leaving 82,475,500 listed Dec. 30
28 1918
on Phila. Stock Exchange.—V. 107. p. 410.
—The United States Mortgage & Trust Co. of this city is advertising in
the "Chronicle" to-day under the caption "A Conservative Investment for
January Income," first mortgages on improved city real estate in amounts
of $1,000 and upward, to yield purchasers 534 %. A list of the offerings,
together with illustrated booklet M-5, describing the loans, will be mailed
upon request.
—Beginning Jan. 1 Hartshorne, Fales & Co. will conduct the business
heretofore carried on by Hartshorne & Picabia, at 7 Wall St., this city,
which firm expired by limitation on Dec. 311018. The partners of HartWilkes-Barre Lace Mfg. Co.—Stock Increase.—
shorne, Fales & Co. are Douglas R. Hartshorne, member New York Stock
This company has filed notice at Harrisburg, Pa., of an increase
Exchange; Haliburton Fales, Jr.; E. Kenneth Heeden, and Austin K.
auth. capital stock from $1,000.000 to $2,000,000.—V. 81. p. 619. in the Noftel.
(J. H.) Williams Co., Brooklyn.—Stock Increase.—
—Harris, Forbes & Co. of this city are offering and advertising in the
This company on Dec. 30 filed a certificate at Albany, N.
"Chronicle," their animal list of high grade bonds for investment yielding
its authorized capital stock from $300,000 to $5,000,000. Y.. increasing
4.10 to 6.25%, comprising municipal issues with a 4.10 to 4.80% return,
Wilson & Co., Inc.—Stock to Employees—Certificates.— railroads 4.65 to 5.70% and public utilities 5.28 to 6.25%. The firm
This company has announced a plan for offering to employees
invites correspondence and suggests that inquirers ask for circular "E.
-I."
stock at $70 a share with a discount of $10 a share to employeescommon
who remain with the company during the two years necessary to purchase the •+4—The:firm:of Hemphill, White & Chamberlain having expired by limitastock on an installinent plan. Employees are limited to the purchase
of tion Dec. 31 1918, Jansen Noyes, Charles E. Gardner, Stanton Griffis.
stock of a par value amounting to one-half of their annual salary.
company aims to sell stock to each of its 25,000 employees, establishingThe J. Dugald White, Clifford Hemphill, member N. Y. Stock Exchange,
the have formed a now partnership to carry on the
relationship of partners with them.
business, under the firm
Temporary certificates for the $20,000,000 10-year Convertible Sinking name of Hemphill, Noyes & Co., at 37 Wall Street.
Fund 6% bonds are now ready for delivery at the securities department
of
the Guaranty Trust Co.
—Imbrie & Co., 61 Broadway, this city, announce that William Minot
has been admitted to partnership in the firm as of Jan. 1 1919. The firm
Temporary Certificates.—
has opened an office at 13 Congress St.. Boston, for the transaction of
Temporary certificates for the $20,000,000 ten-year Convertible Sinking
Fund 6% bonds are ready for delivery at the securities department of
the business in investment securities under the management of Waldo S.
fofico of tho Guaranty Trust Co., 140 Broadway, N. Y.—V. 107, p. 2482. Kendall and William Minot, resident partners.
Western Light & Power Co.—New Control.—
Soo Cities Service Co. abovo.—V. 105, p. 2191.
86
THE CHRONICLE
[VOL. 108.
with an increasing of ocean shipping, rates will decline. It is
said to-day that ocean freights at Southern ports to Liverpool have been reduced 95 cents, or to $4 50 per 100 lbs.
This still is an enormous price, but the tendency is plainly
COMMERCIAL EPITOME
downward. In normal times it would be 40 to 60 cents.
Maximum prices for hides have been removed. Grade "B"
Night, Jan. 3 1919.
Friday
mill has been reduced one cent and further reductions are
General trade still hesitates until it can get a clearer idea expected shortly.
of future prices. The general notion is that present prices
STOCKS OF MERCHANDISE IN NEW YORK.
Jan. 1 1918.
must decline. The Government is said to hold $750,000,000
Jan. 1 1919. Dec. 1 1918.
1,457,924
702,749
bags_455,663
Coffee,
worth of textiles, &c., and sooner or later these must come Coffee, Brazil
7,886
13,624
bags_ 4,288
Java
489,311
374,925
bags_406,904
ficial outgivings are to the effect Coffee, other
on the market. Semi-of
18,074
tons_ 7,681
effect on Sugar (refiners' stock)during war)
that the selling will be made with due regard to the
Hides (not published
104,898
64,831
bales- 61,300
Cotton
prices, and that there will be no sudden and severe decline Manila hemp
bales_
18,200
16,200
barrels_ 19,700
the stocks are there. Flour
because of such selling. But for all that
LARD steady; prime Western, 24.30©24.40c.; refined
They must be marketed some time or other. Not a few are
; Brazil
America,
keeping this clearly in mind and awaiting their opportunity. for the Continent, 28.75c.; South ted within28.900. limits
narrow
s fluctua
As usual after the holidays, trade in some directions is actu- in kegs, 29.90e. Future European buying. But stocks
ing on
ally dull. Buyers of pig iron on old contracts are endeavor- at one time advanc
bly with receipts of hogs large
ing to have them modified, owing to recent declines in prices. have been increasing noticea light, and later prices ded rather
home
In the iron and steel business, with war work stopped, there and the To-daydeman again fell, but rallied later. They
they
is naturally more or less prevalent belief that production will clined.lower for the week, however.
be reduced. Many lumber mills, it is stated, are closed. ended
ES IN CHICAGO.
Fri.
Though collections are generally good, they are rather slow DAILY CLOSING PRICES OF LARD FUTUR
Thurs.
Wed.
Mon. Tues.
Sat.
Hoff- 23.62 23.60
at the South because of the holding back of cotton. Labor January delivery__cts_23.87 24.00 24.50
day. 24.00 24.00
24.05 24.40 24.02
too much so by any means, de- May delivery
is more plentiful, though not
spite the fact that many thousands have recently been disPORK steady and in fair demand; mess $50@$51; clear
charged from munition factories and that troops are rapidly $44@$52. Beef products steady; mess $35©$36; packet,
returning from abroad and are being gradually mustered out $37@$38; extra India mess $63©$65. No. 1 canned roast
of service. On the other hand, the first very cold weather beef $4 25; No. 2, 1.: 25. Cut meats easier at 30@30c.
of the season has helped retail trade in the West, Northwest for pickled hams, 10 to 20 lbs., and 35©36c. for pickled
and Southwest. Snow covers much of the wheat belt, so bellies. To-day January pork closed at 47.50e., the same
that the cold weather is less dreaded. Mail order as a week ago. Butter creamery extras 69 ©700. Cheese,
few,
business is still large. Failures are still very years. flats, 32@37c. Eggs, fresh gathered extras, 67@68c.
and for 1918 were the fewest in thirty-six
COFFEE quiet on the spot; No. 7 Rio, 173c.; No. 4
BosThe fright congestion in New York, Philadelphia and
Cucuta, 23 ©24c. Futures
tee of North Atlantic Santos, 22©22Mc.; fair to good rallied on buying by Euton caused the Freight Tariff Commit
ds,at the suggestion declined on trade selling, but later
Europe is
ports,representing North Atlantic railroa
embargo rope. Not a little of the earlier selling partly.for
of the Food Administration to declare to-day an less than believed to have been for short account. Central Europe
in
upon the shipment to these three ports of freight the New though bare of coffee is supposed to be in bad shape financarload lots. The accumulation of supplies on e immedi- cially, and may regard coffee as a semi-luxury and buy it
York piers is large, and there is not enough tonnag
ly for a time. Wall Street, however, has bought
ately available to relieve the congestion. The situation is sparing decline. Japanese interests are said to be buying in
handlers in New York on the
aggravated by the strike of freight
it is Santos. It is understood this has been largely the cause
harbor. The embargo applies only to freight which these of the recent rise there. Latterly they have fallen sharply.
the freight offices in
distrust of
necessary to have handled at
, as The discounts on distant faonths indicate some Brazil and
ports. All through shipments of freight by the carload
us stocks in
yards and by private present prices, owing to the enormo of the Central Powers.
well as the freight shipped in private
greatly curtailed purchasing ability
tion.
freight lines, will go through as usual to its destinafood- the
s, while
ly affect the shipment of
SUGAR has been as a rule without striking featuretee, all
The situation will not serious
by the Commit
stuffs to Europe, most of which is handled in private freight 35,000 tons of Cuban were bought ugal, 96-degrees test,
York
yards. Lattezly there have been fears that New strike for early January shipment. Centrif
bought by the Internathe
Harbor may be badly tied up by a strike. If ened, it in 7.28c. New Cuban raw have beenfreight New York. The
and
should go fully into effect, as has been threatbe affected tional Committee at 5.88e. cost
Rican crop, it is believed, has been
estimated that some 15,000 tugboat men would them. Of purchase of the Portofor. Details are expected shortly.
ed
and some other thousands of workers may join is asserted practically arrangthe new Cuban crop at 4,010,571 tons.
Himell estimates
these a large number will be longshoremen. It
The total of purchases last week
300 others are on
that 6,000 organized freight handlers and ing higher wages. This is the first estimate.
the island,
for December and early January clearance from
strike. Labor is still restless and demand
n to strike aside from the above, was 328,812 bags, approximately
Ten thousand local garment workers here threate
hours from
established basis of 5.88c. cost and
unless their demands for a reduction of working and other 60,000 tons on the Refiners are still taking orders for de49 to 44 hours a week, a 15% wage increase demand- freight New York. as supplies are light.
matters are arbitrated. Local coal truck drivers are ion of layed delivery only
1.55e.
and
ing increases of $8 a week in their wageshave a reduct
-Linseed steady and in moderate demand at edible
OILS.
threatened to
-barrel lots; prime
1.58©1.59e. for 5
working hours from 10 to 8 a day, and
d that nearly for City raw and
%
/
strike if they don't get them. It is asserte restaurants 2.25 ©2.30c. Cocoanut, Ceylon, barrels, 1632@163 c.
i
8,000. waiters, &c., in New York hotels and a time when Cochm, barrels, 18 ©18Mo. Soya beau, 17(0173"o. Corn
at
Eve.,
8e. Olive, $4 25. Cod, domestic,
struck for higher wages on New Year's Eve.
hotels and oil, crude wood, 17%©1
holiday making always runs high here. others substituted $1 45@$1 50. Spirits of turpentine, 71 ©720. Common
restaurants acceded to the demands, butplaces and some on to good strained rosin, $14 15©$14 25.
®
women waiters from popular quick lunch ged soldiers and
PETROLEUM steady; refined in barrels, cargo, $17.25
New Year's Eve employed dischar Carleton. Some $18.25; bulk, New York, $8.25@$9.25; cases, New York
Ritz
sailors, more particularly at the
©$20.25. Gasoline firm; motor gasoline in steel
r cos.
28,000 employees of the Ford Motor and Tracto $6 a $19.25, to garages, 243/2c.; to consumers, 2632c. Gas
barrels
a day, making it
ical Survey puts
have had their pay increased $1
President of the machine, 41 Mc The United States Geolog
day. Henry Ford has resigned as years old, has been the country's marketed crude yield for 1918 at 345,500,000
24
Ford Motor Co. and his son Edsel,
1917 and 300,767,158
of $150,000 a year. bbls., against 335,315,601 bbls. in
elected to succeed him at a salary rous as never before. bbls. in 1916. The current output includes 6,500,000 bbls.
prospe
year. The surface
The country is believed to be
way the removed from field storage during the and pipe lino comA straw, possibly a good sized one, showing which
ers
the total value of diamonds reserve of crude held by oil produc
0,000
wind is blowing is the fact that
which is
in this country in 1918 is estimated at 123,00
in the United States is estimated at $1,000,000,000,ixing by panies against 150,000,000 last year.
bbls.,
Concerted price-f
fully half the world's supply.
$2 38 Illinois; above 30
e price
ania dark $4 00 South Lima
degrees$2 42
2 28
any industry after the Government ceased to exercisof Jus- Pennsylv
2 77 Indiana
Cabell
2 42 Kansas and OklaPrinceton
by the Department
1 40
2 25
Crichton
control, Jan. 1, will be regarded
homa
2 60
2 85 Somerset,32 deg
ably be
1 25 Caddo, La., light_ 2 25
tice as in restraint of free competition, and presum East Corning 2 58 Ragland..
Wooster
2 25 Caddo, La.. heavy 1 55
h the weather in the
2 25 Electra
2 87
Thrall
prosecuted accordingly. Thoug
2 25 Canada
atures Strawn
2 25 Moran
1 45
2 33 Healdton
has remained mild, and latterly has been rainy, temper
2 15 Plymouth •
2 25
Henrietta _L
been below zero. Chicago De Soto
2 38
North Lima
at the West have in many cases
and
are to a large
has been close to it. Even California, New Mexico ippi
TOBACCO has been very quiet and prices which may
developments
Arizona have been unusually cold. Between the Mississ
extent nominal pending further There is no particular preszero.
and the Sierras it has been several degrees below some come in the early part of 1919.
in
usual at this
Citrus fruits have been damaged in California, where ropical sure to sell but at the same time buyers as inventories
parts it has been only 16 above zero. Even semi-tBritish time of casting up annual accounts and taking
disposition to purchase beyond their present
Mexico has had frost. It is stated that when the
20% show but little
Government carries out its promise to release from 15 to com- necessities. This applies both to domestic and foreign
for
of cargo space on all shipping under the British flag lty in tobacco.
difficu
is said it
mercial purposes there will be no longer any between the
COPPER 23e. nominally. On the 2d inst. it
getting imports and exports back and forth mean that was offered at 20c. Also it is said that copper has been
' United States and Russia. That is taken to
The Touxnurcial
tin
THE CHRONICLE
JAN. 4 1919.]
offered at between 21 and 200. and that some sold at 210
Foreign buyers, some think, are awaiting an opportunity to
buy below 20c. Leading producers and sellers ask 23c. for
first quarter 1919 delivery, but buyers are few. Stocks of
crude metal in the United States continue to increase.
Japan has a large supply and some authorities estimate that
Australia has about 50,000,000 lbs. on hand. It is said that
the copper output in the United States is being curtailed to
70% of capacity as against 80 to 85% early in December.
The fact that the War Industries Board has announced the
cancellation of the inter-Allied tin agreement, throwing the
tin situation back into control of the British Tin Exports
Committee, has aroused sharp discussion. For the protection of American industry from tin price manipulation it
may be necessary to invoke, it is argued, the embargo power
of the War Trade Board. At present English prices are
about 10 cents under American, and British interests, it is
said, are seeking to "scalp" market by buying there and
selling here. Spelter down to 8.20©8.25c., with a large
production. Lead dull at 5.75@6c. Tin quoted at 71®
72c. The trade want import regulations removed.
PIG IRON shows a cautious tone, as there is much uncertainty in regard to the future. There will be two prices
for the product, it is argued, for some little time to come.
But many agree that the future outlook for the trade is
bright.
STEEL has shown as a rule comparatively light changes,
but scrap has declined sharply. Shell has sold, it is said, at
as low as $21, a fall since the armistice of about 33%. Enormous Government tonnages of semi-finished shells and shell
steel which the Government will no longer require will be sold.
COTTON
87
51,980 to France and 17,176 to other destinations. Exports for the week and since Aug. 1 1918 are as follows:
Week ending Jan. 3 1919.
Exported to
Exports
from-
From Aug. 1 1918 to Jan. 3 1919.
Exported to
-
Great
Great
Britain.France. Other. Total. Britain. France.
Other.
Total.
Galveston_ _ 24,179 25,560
49,739 362,650 25,5i1 168,631 556,841
Texas City
15,800 15,800
Pt. Nogales
130
13
NewOrleans 14,798 24,524 11,022 50,344 244,652 108,563 86,979 440,194
Mobile _
33,48
33,485
Pensacola_
4,750
4,750
Savannah_
68,111 92,55
60,817 221,478
Brunswick
30,875
30,875
Wilmington
5,646
5,64.
Norfolk_
11,55
31
11,681
New York_ 10,96
1,896 6,154 19,010 199,276 44,592 136,048 379,916
Boston
5,57.
21,462
27,038
Baltimore_
12,355
12,355
Philadelphia
19,075
1,398 20,473
Pacific po
130,697 130,697
Total_.._ _ 49,937 51,98
Tot.'17-'18* 95,889
Tot.'16-'17_ 112,264
17,17 119,093 1,C08,241 276,872 606,146 1,891,259
7,086 79,37 182,3521,358,007 328,665 670,9832,357,655
1,205 24,368 137,837 1,651,057 459,772 1,130,8653,241,964
*Figures adjusted to make comparison with this season approx mately correct.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared for
Jan. 3 atGalveston ____
New Orleans__
Savannah
Charleston
Mobile
Norfolk
New York *_
Other ports*__
Great
Other CoastGerBritain. France. many. Cont't. wise.
30,802
15,273
1,180
18,292
10,815
8,000
7,500
808
6,000
1,000
600
500
Total.
Leaving
Stock. ,
56,594
28,076
14,000
1,000
13,500
500
11,000
16,500
219,188
406,411
259,272
57,215
21,756
103,398
104,932
89,663
12,900
Friday Night, Jan. 3 1919.
THE MOVEMENT OF THE CROP,as indicated by our
6,000 2,000
3,000
12,000 1,500
3,000
telegrams from the South to-night, is given below. For the
Total 1919-- 76,975 4,680
43,107 16,480 141,170 1,261,835
week ending this evening the total receipts have reached
Total 1918__ 42,738 35,985
17,035 14,400 110,157 1,215,714
Total 1917__ 88.703 31.395
44,860 25,011 189,969 1,324,524
123,074 bales, against 135,441 bales last week and 171,357
bales the previous week, making the total receipts since
*Estimated.
Aug. 1 1918 2,787,667 bales, against 3,566,344 bales for the
Speculation in cotton for future delivery has been on a
same period of 1917-18,showing a decrease since Aug.1 1918 somewhat smaller 3cale and prices at times have weakened
under.liquidation. For four days in succession there was
of 778,677 bales.
little or no cotton exported. Bankers express scepticism as
to the likelihood of big exports of cotton,owing to the possible
Mon. Tues. Wed. Thurs. Fri.
Sat.
Total.
difficulty of financing such business with Europe's finances
1,066 5,3'72 6,463 4,789 7,268 9,8'75 34,833
Galveston
1,255
Texas City
-------------,
„ 1,255 naturally more or less impaired after four and a half years of
war. They concede, of course, there is enormous need of
6,552 5,496 10,476 1,851 3,936 3,820 32,131 textile raw materials
New Orleans
in the territory of the Central Powers.
261 3,090 1,038
Mobile
2,244
325 1,798 8,756
Pensacola
But the question is, how can these countries pay for any large
Jacksonville
1,100 1,1.66
Savannah
_--_ 4,036 3,330 21,912 quantity of cotton, especially at the high rate of $150 a bale
4,938 5,389 4,219
____
Brunswick
3,000 3,000 or more? And the exports to other parts of Europe hinge on
Charleston
-e5 2,Nd _
,
.
1- 684
1,5
1,582 6926 the question of financial arrangements. As regards northern
Wilmington
698
713
666
656
352
682 3:747
--_- 2,295 1,149 7,624 France, Mr. Hoover is quoted as stating in a dispatch
Norfolk
'786 1,922 1,4'72
N'port News, &c
___---------- ---41
41 to the Washington authorities from France that "the
New York
Boston
-58
-io
79
:::: :::; -6 -55o entire industrial life of the region has been destroyed.
____
__
Baltimore
-------428
is scarcely a single factory that can be
428 There
Philadelphia
------------------- ____ operated without a very large portion of new
TWAlcithicivinuAr 1R R79 1Q.004 2R_RRO 8.314 19.584 27 SRA 191 A7d equipment. The coal mines are totally destroyed and the
The following shows the week's total receipts, the total network of railways in this region has been rendered almost
since Aug. 1 1918 and the stocks to-night, compared with hopeless of reconstruction for many months." The population of this area at the moment of the armistice was about
last year:
1,500,000. Thousands are homeless through the destruction of some twenty principal towns and hundreds of vil1917-18.
1918-19.
Stock.
lages. It is evident that trade with this region can only be
Receipts to
This Since Aug This Since Aug
Jan. 3.
revived very gradually. Also exports are still some 450,000
Week. 1 1918. Week. 1 1917.
191g.
1918.
bales smaller thus far than up to this time last year. Ocean
Galveston
34,833 943,335 48,979 1,109,167 275,782 274,078 freights are still scarce and high. American mills are buying
--Texas City
28,852
25,231
1,255
6,109
17,684 slowly. The American consumption is
admittedly very
5,492
-Port Arthur
12,987
Aransas Pass,&c_
14,562 3,351
982
moderate. As regards the Central Powers, some take the
New Orleans
32,131 737,774 54,526 861,268 434,487 365,339
ground that there is no possibility of much, if any, export
604
63,576
81,550
Mobile
8,756
35,256
8,054
5,725
---4,640
Pensacola
trade with them before June or July. Latterly, too, South13,521 1,000
30,650
Jacksonville
1,100
9,800
16,000
Savannah
21,912 562,658 14,849 705,698 273,272 225.471 ern hedge selling here has been larger. Some take the ground
47,450 2,500
Erunswick
90,900
3,000
4,300
24,000 that the South is glad enough to sell at 30 to 31c. They main6,926 101,472 3,197 158,146
Charleston
58,215
59,220 tain that if it does not stocks will simply pile up and
63,002
531
58,708
Wilmington
• 3,747
53,871
49,279
7,624 157,358 4,138 192,259 103,898
Norfolk
84,339 the carryover into next season will be all the larger. New
481
2,863
N'port News, &c_
2,868
41
404 100,298 115,932 147,084 Orleans prices have at times shown quite pronounced weak2,522
New York
Boston
72,555
15,944 4,266
339
13,792
19,054 ness. Spot quotations have declined. There is some fear
Baltimore
47,223
468
28
12,174
29,527 of a spinners' strike in Lancashire. Liverpool has been
___
Philadelphia ------------30
---3,389
6,117
6,742 selling here to some extent. Bankers call attention
to the
Tettnia
123.074 2.787.087 130.204 3.666.344 1.402.005 1 295 271 fact that Southern warehouses are carrying very nearly
In order that comparison maybe made with other years, 4,500,000 bales, as against about 3,700,000 bales a year ago,
an increase of about 20%. Manufacturing establishments,
we give below the totals at leading ports for six seasons:
it is also recalled by bankers, who are studying the cotton
situation, are holding close to 1,700,000 bales, as against
1918.
1917.
1916.
Receipts at-- 1919.
1915.
1914.
about 1,400,000 bales a year ago. Here is another increase
48,979
50,912
34,833
Galveston _
66,056 163,494
98,729 of 20%, while at the same time the exports are in the neigh3,351
18,382
2,237
TexasCity,&c
16,855
28,996
21,093
54,526
37,651
Now Orleans_
26,097
32,131
57,734
63,746 borhood of 20% less than a year ago. And many look for
1,769
604
Mobile
2,137
8,756
3,996
10,925 a big acreage this spring. Heavy rains within the last few
14,502
14,849
Savannah
15,262
21,912
74,086
39,610 months
have put the soil of the South in exceptionally good
1,000
2,500
Brunswick _
1,200
3,000
9,000
6,500
2,030
3,197
Charleston,&c
1,857
6,926
10,680
2,268 condition. Within a few days there have been further
187
531
Wilmington.._
714
3,747
5,537
7,574 rains and also snow in Texas and the Mississippi
8,558
4,138
Norfolk
12,038
7,024
18,701
15,008
481
N'port N.,&c.
368
41
2,487
Naturally, they have injured cotton left still
6,584 Valley.
12,263
All others
10,399
6,138
1,867
5,611
3,033 unpicked.
But this is believed to be offset by the
Total this wk. 123,074 139,294 147,260 152,983 380,322 275,070 the improved "season" now in the ground over a wide tract
Since Aug. 1_ 2,787,667 3,566,344 4,763,945 4,202,726 4,952,768 7,406,285 of cotton country. So that some maintain that it would not
be at all surprising if the next crop should be the largest on
The exports for the week ending this evening reach a total record. The soil is in far better shape than usual, labor
of 119,093 bales, of which 49,937 were to Great Britain, becoming more plentiful and Shipping Chairman Hurley says
half a million tons of Alsatian potash will be exported to this
country. That will go a long way towards supplying the demand for fertilizers. Besides, the production of American potash, it is said, will be double that of last year. This in itself,
it is contended, will be enough to supply the agricultural
demand. Also, the supply of nitrates will be much larger.
On the other hand, spot houses have been good buyers.
January has been freely taken by these trade interests of
late. Exports after a lull of four days increased noticeably.
The comparison with last year is gradually improving. Spot
holders at the South are said to be generally firm. They
have sold a good deal of cotton at high prices. They are
well off. A very large proportion of them are in no urgent
need of money. Besides, the banks are said to be advancing
responsible people $100 a bale. Also some Southern adfices
say that there is a brisk demand from Spain, Italy, France
and Scandinavian countries. Though freights are still
high, they are expected to decline. The tendency is plain
towards an increase of tonnage for commercial purposes as
time goes on. Also Japan is on the alert. It is said that there
will be 3or 4 steamers a month taking cargoes of merchandise,
including cotton, by way of the Panama Canal to
Japan. A good many mill and dry goods people are looking
for higher prices of raw cotton. Wall St. and so-called
Waldorf-Astoria interests have been buying more freely
for a rise. Yet the short interest has latterly increased.
In other words the technical position is in better shape.
All eyes are now fixed on the domestic and foreign demand
for the actual cotton. If American trade brightens and
Europe takes anything like the quantity of cotton which the
bulls have been predicting it would many think there is
nothing for it but a rise in prices. For the first time the
N. Y. Exchange will be closed on Jan. 8, Jackson Day, the
same as the New Orleans Exchange at the suggestion of
the Bureau of Markets for the purpose of uniformity/ Today prices fell 70 to 75 points here on heavy Southern hedge
selling and also selling by commission houses generally.
Liverpool and Japanese interests were understood to be
selling. On the whole exports though larger than before
the armistice are not satisfactory. It is said, however,
that the export allotment for February is 700,000 bales.
Southern freights are 950. lower at $4.50 to Liverpool.
Spot middling uplands 31.65c., a decline of 65 points.
The following averages of the differences between grades,
as figured from the Jan. 2 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on Jan. 9:
1.74 on
Middling fair
1.28 on
Strict good middling
0.90 on
Good middling
0.46 on
Strict middling
1.23 off
Strict low middling
3.38 off
Low middling
5.61 off
Strict good ordinary
7.31 off
Good ordinary
Strict good mid."yellow" tinged_0.12 on
Good middling "yellow" tinged...0.35 off
Strict middling "yellow" tinged-0.98 off
1.85 off
Middling "yellow" tinged
Strict low said. "yellow" tinged 2.90 off
"yellow" tinged_ 4.78 off
Low middling
Good middling "yellow" stained.2.05 off
Strict middling "yellow" stained_2.90 oft
4.00 off
Middling "yellow" stained
Good middling "blue" stained...2.63 off
Strict middling "blue" 8tained__3.60 off
4.90 off
Middling "blue" stained
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 28 to Jan. 3Middling uplands
Wat. Mon. Tues. Wed, Thurd. Fri.
33.00 32.30 32.60 Rol 32.40 31.65
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Jan.3for each of the past 32 years have been as follows:
1919.c
1918
1917
1916
1915
1914
1913
1912
[Vol,. 108.
THE CHRONICLE
88
31.65
32.70
17.55
12.40
7.90
12.40
13.30
9.35
1911_c
1910
1909
1908
1907
1906
1905
1904
15.00
16.10
9.35
11.40
10.75
11.85
7.10
13.50
1903_c
1902
1901
1900
1899
1898
1897
1896
9.00
8.31
10.12
7.75
5.88
5.94
7.19
8.31
1895_c
1894
1893
1892
1891
1890
1889
1888
5.69
8.00
9.85
7.81
9.19
10.25
) .75
10.56
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot
Market
Closed.
Saturday_ __
Monday
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
Futures
Market
Closed.
Steady, 70 pts. adv. Strong
Quiet, 70 pts. dec.._ Barely steady_ _
Steady, 30 pts. adv. Steady
HOLI DAY
Quiet, 20 pts. dec.. Steady
Quiet, 75 pts. dee__ Barely steady__
Spot.
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Dec. 28. Dec. 30. Dec. 31. Jan. 1. Jan. 2. Jan. 3.
Week,
January
29.05-.00 28.65-.20 28.65-J45
28.98-J00 29.30-J45 28.90-.60
Range
- 29.40-.44 28.65 Closing_ __ _ 29.95-00 29.30-.35 29.58-.60
February
28.75-.90
28.75-.90
Range
29.20 -27.50 - -28.70 -28.00 -28.50 Closing
March
27.60-.45 27.25-.84 27.25-/00
27.85-/00 27.60-.30
27.70-.60
Range
27.95-.00 27.25-.30--28.55-.60 27.85-.90 28.25-.31
Closing
April
HOLTRange
Closing__ _ 27.85 -27.00 -27.40 - DAY. 27.10 -26.40 --- May
26.57-.50 26.23-.80 26.23-110
26.80-.75 26.85- 10 26.55-.22
Range
26.94-.08 26.23-.25--27.65-.70 26.85-.92 27.17-.22
Closing
June
27.15 ---27.15 ----Range
26.25 -25.50 ----Closing-. 27.20 -26.25 -26.50 July
25.70-.58 25.38-.93 25.38447
26.25-.10 26.03-147 25.70-.43
Range
-26.04-.10 25.38-.42- 27.00-.05 26.03-.10 26.35-.40
Closing
August-24.65-*90
24.65-.60- 25.90 -24.95-.83 25.25-.30
Range
- 24.65-.75 24.00 - 25.90 -24.95 -25.25-.30
Closing
September
23.35-.68 23.10-.37 23.10-.00
24.60-.95 23.85-.00 23.90-.00
Range
- 23.35-.40 23.10 24.90 -23.85 -24.00 Closing
October
23.25-08 23.60-.29 23.00-z96
24.00-.76 23.60-z96 23.45-00
Range
24.65--23.60-.65 23.00-.9423.35-.40 23.00 -- Closina
J300. £29c. f 28c. 127c. * 25o. z24c.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Jan. 3Stock 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
1919.
bales__ 376,000
17,000
79,000
1918.
454,000
21,000
42,000
1917.
868,000
29,000
93,000
1016.
829,000
65,000
89,000
472,000
517,000
59,000
1,000
15,000
10,000
146,000
3,000
57,000
29,000
990,000
*1,000
*1,000
263,000
6,000
52,000
193,000
*1,000
983,000
*1,000
*1,000
291,000
2,000
76,000
264,000
*1,000
.
85,000 235,000 517,000 636,000
Total Continental stocks
557,000 752,000 1,507,000 1,619,000
Total European stocks
47,000
75,000
42,000
10,000
India cotton afloat for Europe
331,000 238,000 525,946 400,736
Amer. cotton afloat for Europe
54,000
63,000
Egypt,Brazil,&c.,afloat for Eur'e 76,000 153,000
368,000 320,000 204,000 220,000
Stock in Alexandria, Egypt
*525,000 *460,000 489,000 586,000
Stock in Bombay, India
1,403,005 1,325,871 1,514,493 1,769,580
Stock in U. S. ports
Stock in U. S. interior towns_ __ _1,485,119 1,304,120 1,352,284 1,507.714
3,756
39,400
29,574
5,998
U. S. exports to-day
4,761,122 4,624,565 5,770,123 6,207,786
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales_ 227,000 298,000 692,000 556,000
Liverpool stock
66,000
82,000
22,000
54,000
Manchester stock
*69,000 *203,000 *425,000 *544,000
Continental stock
331,000 238,000 525,946 400,736
American afloat for Europe
1,403,005 1,325,871 1,514,493 1,769,580
U. S. port stocks
1,485,119 1,304,120 1,352,284 1,507,714
U. 8. interior stocks
3,756
39,400
5.998 .29,574
exports to-day
U. S.
3,575,122 3,420,565 4,631,123 4,847,786
Total American
East Indian, Brazil, ctc.149,000 156,000 176,000 273,000
Liverpool stock
65,000
29,000
21,000
17,000
London stock
23,000
11,000
20,000
25,000
Manchester stock
*16,000 *32,000 *92,000 *92,000
Continental stock
47,000
75,000
42,000
10,000
India afloat for Europe
54,000
63,000
76,000 153,000
Egypt, Brazil, &c.. afloat'
368,000 320,000 204.000 220,000
Stock in Alexandria, Egypt
525,000 *460,000 489,000 586,000
India
Stock in Bombay,
1,186,000 1,204,000 1,139.000 1,360,000
3,575,122 3,420,565 4,631,123 4,847,786
Total East India,&c
Total American
4,761,122 4,624,565 5,770,123 6,207,786
Total visible supply
8.22d,
21.24d. 23.10d. 10.96d.
Middling upland, Liverpool
17.90c. 12.55c.
Middling upland, New York...... 31.65d. 32.35c.
Egypt,good brown,Liverpool.. 36.50d. 33.15d. 20.95d. 11.15d.
Peruvian,rough good, Liverpool_ 37.00d, 33.00d. 18.00d. 11.40d.
7.80d.
18.17d, 21.95d. 10.45d.
Broach,fine, Liverpool
7.92d.
18.42d. 22.13d. 10.57d.
Tinnevelly, good, Liverpool
*Estimated.
•
Continental imports for past week have been 58,000 bales.
The above figures for 1919 show an increase over last week
SALES.
of 33,276 bales, a gain of 136,557 bales over 1918, a decrease
,Contract Total.
of 1,009,001 bales from 1917 and a loss of 1,446,664 bales
from 1916.
"ociii -OM
QUOTATIONS FOR MIDDLING COTTON AT
8,500 8.500
-Below are the closing quotations of middling
MARKETS.
cotton at Southern and other principal cottoh markets for
each day of the week:
9,600
Total_
-The highest, lowest and closing price at
FUTURES.
New York for the past week have been as follows:
9,600
Closing Quotations for Middling Cotton on
-The closNEW ORLEANS CONTRACT MARKET.
ing quotations for leading contracts in the New Orleans cotton market for the past week have been as follows:
January
March
May
July
October
Tone
Spot
Options
Week ending
Jan. 3.
Galveston
New Orleans_
Mobile
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday, Savannah
Charleston
Dec. 28. Dec. 30. Dec. 31. Jan. 1. Jan, 2. Jan. 3.
Wilmington___ _
28.94-.95 28.21-.25 Norfolk
28.90 -29.20-.30
29.70-.72
27.63-.65 26.75-.81 Baltimore
8.21-.23 27.45-.50 27.75-.80
27.45-.47 26.63-.68 26.88-.92 ROLL- 26.63-.67 25.75-.85 Philadelphia _
26.83-.85 25.80-.85 26.20 - DAY. 25.78-.80 24.95-.01 Augusta
22.90-.00 22.00-.05 Memphis
24.35 -23.10-.20 23.35 Dallas
Houston
Quiet
Steady
Steady Steady
Quiet
,
Steady IFiv St's Little Rock
Very st'y Steady Steady
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
32.20
31.00
30.00
31.00
30.50
29.88
31.00
33.25
30.25
30.50
32.00
30.50
32.20
31.00
30.00
31.00
30.50
29.25
30.25
31.50
32.55
29.94
30.50
30.80
31.25
30.50
32.20
31.00
30.00
31.00
30.00
29.25
29.50
31.00
32.85
30.00
30.50
31.05
31.40
30.50
31.75
30.75
29.50
31.00
30.00
HOLIDAY. 29.50
31.00
32.65
29.88
30.50
30.75
31.40
30.50
31.25
30.75
29.25
31.00
30.00
28.25
29.25
31.00
31.90
29.75
30.50
30.35
30.65
30.00
JAN. 4 1919.[
THE CHRONICLE
89
AT THE INTERIOR TOWNS the movement-that is,
Galveston, Tex.
-We have had rain on three days of the past
the receipts for the week and since Aug. 1, the shipments for
week, the
the week and the stocks to-night, and the same items for the thermome rainfall being twelve hundredths of an inch. The
ter has ranged from 29 to 64, averaging 47.
corresponding period of the previous year-is set out in
Abilene, Tex.
-Rain on two days of the week. The raindetail below.
fall has been sixty hundredths of an inch. Average thermometer 43, highest 60, lowest 26.
Movement to Jan. 3 1919.
Movement to Jan. 4 1918.
Amarillo, Tex.
-We have had rain on two days the past
Towns.
Receipts.
Ship- I Stocks
Receipts.
Ship- Stocks
menu. j Jan.
week, the rainfall being twenty-six hundredths of an inch.
ments. Jan.
Week. Season. wj 3.
Week. Season. Week.
4.
The thermometer has averaged 20, the highest being 48
and
Ala., Eufaula__
10
3,902T11 2,562
10
3,619
110 2,300 the lowest
-8.
Montgomery. 1,077
54,791 1,0231 26,271
386
44,666 1,514 14,828
Selma
500 51,901
25,045
200 32,643
5001
479 2,500
Brownsville, Tex.
-There has been rain on one day of the
Ark., Helena
500
26,847
6001 7,669
512
30,557
888 20,158
Little Rock- 4,880 101,608 3,255 43,674 6,855 148,756 7,378 52,223 past week, to
the extent of two hundredths of an inch.
Pine Bluff. _ 4,051
.
76,857 3,508 42,607 3,000 101,604 4,000 58,246
• Ga.,Albany-38
9,662
107 4,491
38
11,970
238 2,173 The-thesmometer has averaged 54, ranging from 32 to 76.
Athens
4,455 88,833 1,200 45,722 2,338 92,778 2,048 39,405
Dallas, Tex.
Atlanta
-It has rained on two days during the week,
5,517 114,046 5,971 24,636 3,000 192,405 7,000 52,506
Augusta
9,080 267,387 7,367 167,581 7,849 364,700 3,849 163,182 to the extent
of eighteen hundredths of an inch. The therColumbus __
1,285
44,314 1,700 25,200 1,350
27,585 3,300 13,125
Macon
5,906 125,497 5,226 36,637 4,002 119,519 4,607 23,758 mometer ranged from 18
to 62, averaging 40.
Rome
2,34
36,074 3,037 15,337 1,964
41,728 2,025 15,372
La.,Shreveport 3,446 97,845 3,024 53,852 5,75
Palestine, Tex.
-Rain on three days of the week. The
161,417 7,673 50,632
Miss.,Columb
67
16,584
____ 8,227
85
8,527
312 3,729 rainfall has been sixty-eig
Clarksdale
ht hundredths of an inch. Average
2,865
88,580
295 50,032 1,500 95,494 1,500 54,201
Greenwood.... 3,000
94,578 3,
45,139 2,000 98,415 1,500 38,957 thermometer 41, highest
62, lowest 20.
Meridian
971
29,993
709 15,767 1,038
23,696 1,430 11,448
Natchez
682
32,637
San Antonio, Tex.
758 16,934
283 43,184 1,572 10,878
'
-There has been rain on one day during
Vicksburg_ --562
22,517 1,022 11,771
658
15,425
46 5,612
Yazoo City
1,542
24,201
322 16,988
400
31,305
500 14,565 the week, the rainfall being two hundredths of an inch.
Mo.,St. Louis_ 11,135 245,140 10,646 22,813 29,411 704,871 27,400
15,619 The thermometer has averaged
N.C.,Gr'nsboro 1,214
47, the highest being 66
20,092
268 9,109
500
20,502
700 4,201
Raleigh
237
4,334
28
224
89
5,157
150
161 and the lowest 28.
0.,Cincinnati_ 3,144
69,483 3,144 14,000 9,395
70,555 2,374 20,924
Okla., Ardmore
Taylor, Tex.
-There has been rain on one day the past
23,750 1,000 9,000
Chickasha
700
27,610 1,334 10,400
500 35,886 2,500 7,326
week, to the extent of six hundredths of an inch. MiniHugo
1,168
24,997
926 3,848
598
25,367'
450 8,200
Oklahoma 500
25,687
700 6,800
700
22,076
900 8,022 mum thermometer 18.
S.0„Greenville 2,000
44,819 2,200 24,220 3,264
62,518 2,169 18,093
Greenwood__
12,176
___ _ 9,723
50
10,706
New Orleans, La.
50 4,816
-Rain on two days during the week, to
Tenn.,Memphis 26,653 494,943 6,062338,929 50,386 690,857 39,621 278,494
Nashville
59
1,268
___ _ 1,552
____
1,217
--__
969 the extent of one inch and sixty-eight hundredths. The
Tex., Abilene
467
6,677
4701 1,306
23,294
150
251 1,500 thermometer
has averaged 51.
Brenham
200
15,674
3001 5,395
100
18,660
200 1,208
Clarksville_
1,331
32,027 2,0881 9,065 2,319 41,722 1,515 9,178
Shreveport, La.
-The week's rainfall has been eighty-eight
Dallas
1,126
51,809 1,7021 13,599 4,288
96,190 4,78. 18,745
Honey Grove..
764
20,468
9241 5,737 1,827
46,381
741 8,884 hundredths of an inch, on three days. Highest thermometer
Houston
48,222 1,148,775 41,68913 6,584 50,621 1,424,032 60,641 213,395
0
Paris
4,452
72,728 2,5571 13,179 2,875 64,942 2,807 15,222 71, lowest 24.
-San Antonio
700
28,562
4,494
8
639
24,828 • 478 1,566
Vicksburg, Miss.
-It has rained during the week to the
,
rntni 41 tnwnq 15ft R4n1.755.013119.7441485119203.9185.103.504201
22n Mai9n extent of two inches and thirty-eight
hundredths. The
The above totals show that the interior stocks have in- thermometer has averaged 45, the highest being 70 and the
creased during the week 37,102 bales and are to-night 180,999 lowest 21.
Mobile, Ala.
-We have had rain on three days of the past
bales more than at the same time last year. The receipts at
all towns have been 47,072 bales less than the same week week, the rainfall being one inch and thirty-nine hundredths.
The thermometer has averaged 50, ranging from 35 to 67.
last year.
Savannah, Ga.-It has rained on one day during the week
OVERLAND MOVEMENT FOR THE WEEK AND to the extent of one hundredth of an inch. The thermometer
SINCE AUG. 1.
-We give below a statement showing the has averaged 51, the highest being 74 and the lowest 30.
overland movement for the week and since Aug. 1, as made
Charleston, S. C.
-We have had rain on two days the past
up from telegraphic reports Friday night. The results for week, the rainfall being six hundredths of
an inch. The
the week and since Aug. 1 in the last two years are as follows: thermometer has averaged 50, the highest being
70 and the
----1918-19-------1917-18---- lowest 29.
Jan. 3Since
Since
Charlotte, N. C.
-There has been rain the past week to the
Shipped
Week.
Aug. 1.
Week. Aug. 1.
Via St. Louis
10,646 236,022
27,490 a698,605 extent of two inches and one hundredth. The thermometer
Via Mounds, &c
6,428 228,813
13.893 289,269 has averaged 47, ranging from
Via Rock Island
445 11,426
24 to 70.
617
4,947
Via Louisville
3,218 65,123
876 43,947
Memphis, Tenn.
Via Cincinnati
-We have had rain on four days of the
2,529 40,253
678 23,990
Via Virginia points
1,046 87,636
1,246 149,106
Via other routes, &c
25,018 269,639
22,461 334,637 past week, the rainfall being four inches and five hundredths.
Total gross overland
49,330 938,912 67,261 1,544,591 The thermometer has ranged from 21 to 64, averaging 39.
Deduct shipments
The following statement we have also received by teleOverland to N. Y., Boston, &c...._ 767 32,924
5,138 233 465
Between interior towns
1,214 27,438
1,872 5,Si116
Inland, &c., from South
4,199 116,252 a16,952 a353,809 graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Total to be deducted
6,180 176,614
Jan. 3 1919.
23,962 637,390
Jan. 4 1918.
Feet.
Feet.
Leaving total net overland *
New Orleans
43,150 762,298
Above zero of gauge_
9.3
43,299 907,201 Memphis
3.5
Above zero of gauge_
24.2
Nashville
* Including movement by rail to Canada. a Revised.
Above zero of gauge_
51.2
- Y.§
Shreveport
Above zero of gauge22.2
*6.6
The foregoing shows the week's net overland movement Vicksburg
Above zero of gauge29.6
3.1
*Below.
has been 43,150 bales, against 43,299 bales for the week last
RECEIPTS FROM THE PLANTATIONS.
year, and that for the season to date the aggregate net over-The followland exhibits a decrease from a year ago of 144,903 bales. ing table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
-----1918-19----- ----1917-18----In Sight and Spinners'
Since
Since nor Southern consumption; they are simply a statemen
Takings.
Week.
t of
Aug. 1.
Week.
Aug. 1.
Receipts at norts to Jan. 3
123,074 2,787,667 139,294 3,566.344 the weekly movement from the plantations of that part of
Net overlandto Jan. 3 43.160
762,298
43,299 907,201 the eeop which finally reaches the market
Southern consumption to Jan. 3a_ 65,000 1,734,000 81,000 1,897,000
through the outLotal marketed
231,224 5,283,965 263,593 6,370,545 ports:
Interior stocks in excess
37,102 788,503
2,679 949,178
Week
Receiptsat Ports.
Stocks at inurfor Totems. ReceiptsfronsP anti:Nona
Came int osight during week..268.326
end'g.
Total in sight Jan 3
--,072,ioA 266,272
d'"1918-19 191748 1916-17 1918-19. 1917-18.11916-17. 1918-19 1917-181196-17
Nor. spinners' takings to Jan. 3-- 50,955 1,095,925 42,125 b1,342,291 Nov.
15-- 145,643 206,568263,463 1,288,852 1.016.864 1,230,704205.354290,823,301.251
a Those figures are consumption; takings not available.
22- 134,414 202,316240,082 1,326,6771,108,162 1,274,398 194,239 293,6141283.776
b Adjusted to conform to export revision.
29-- 136,348182,282239.911 1.340.0021,151.522 1.308.950I49.671 225,622274463
Deo.
8-- 150,747 194,241 242,504 1,331,27 1,218,859 1,350,749 142,024 259,878284,303
Movement into sight in previous years:
13_ 147,395158,476200,13 1,343,6381,248,0951,379,059 159,754 189,912,228,440
Bales.
KA- WeekSince Aug. 1Bales.
20- 171,357122.999 148,843 1,390,823 1.259,429 1.382,887 218,542 134,333452,471
210,691 I 1916-17-Jan.5
1917-Jan. 5
8,681.265 27-- 135.441 124,475141,234 1,448,017 1,301,441 1,405,560 192,635 166,487 163,907
1916-Jan. 6
238,967 1915-16-Jan.6
7,479,317 Jan.
1915-Jan. 8
475,118 1914-15-Jan.8
8,095,576
3.. 123,074 139,294 147,2601,485,119 1,304,120 1,352,284 160,176 141,973 93,984
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening from the South indicate that
while rain has been general during the week the precipitation
has been light or moderate in the main. At some points the
temperature has been quite low, Amarillo, Texas, reporting
8 degrees below zero.
The above statement shows: 1.
-That the total receipts
from the plantations since Aug. 1 1918 are 3,576,170 bales;
in 1917-18 were 4,515,522 bales, and in 1916-17 were 5,762,495 bales. 2. That although the receipts at the outports the
past week were 123,074 bales, the actual movement from
plantations was 160,176 bales, the balance going to increase
[VOL. 108.
THE CHRONICLE
90
stocks at interior towns. Last year receipts from the plantations for the week were 141,973 bales and for 1917 they
were 93,984 bales.
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.
4
1917-18.,
1918-19.
Cotton Takings.
Week and Season.
Week.
Season.
Week.
Season.
4,589,261
Visible supply Dec. 27
4,727,846
2,814,776
Visible supply Aug. 1
3,027,450
268,326 6,072,468 266,272 7,319,723
American in sight to Jan. 3
571,000
39,000
537,000
Gombay receipts to Jan.
860,000
44,000
1,000
Other India shipm'ts to Jan. 2..
12,000
504,000
26,000
489,000
828,000
Alexandria receipts to Jan. 1
60,000
81,000
8,000
98,000
Other supply to Jan. 1*
5,085,172 10,235,918 4,929,533 11,313,499
Total supply
FOREIGN TRADE OF NEW YORK.
324,050 5,474,796
232,050 4,446,796
92,000 1,028,000
304,968 6,688,934
243,968 5,418,934
61.000 1,270,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indie,s &c.
a This total embraces the total estimated consumption by Southern mills,
-takings not
1,734,000 bales in 1918-19, and 1,897,000 bales in 1917-18
being available-and the aggregate amounts taken by Northern and foreign
spinners, 3,740,796 bales in 1918-19 and 4,791,934 bales in 1917-18 fo
which 2,712,796 bales and 3,521,934 bales American.
b Estimated.
1917.
1917.
1918.
1917.
1918.
$
$
January.. _ 88,164,970 128,344,239 248,203,724 303,906,525 7,488,551 13,494.316
February 94,303,999 97,834,888 168,713,182 223,464,135 8,177,780 10,800,297
March __ _ 98,360,412 147,901,883 251 325 068 258.020,408 9,870,168 13,395,986
121,564.991 128,801,160191,719,439 263,873,049 10,525,971 14,052,313
April
149,434,134 118,850,759 219,019,748 245,998,346 12,162,731 18.823,305
May
112,622,429 154,901,984 205,313,999 274,287,250 10,665,910 10,256,450
June
96,101,747 95,713,123 237,731,667 210,181,903 9,215,233 11,190,704
July
August.. 122,452,147 122,231,66 209,108,295 274,627.773 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
October _ _ 105,821,699 91,319,486 182,657,189 219,908,712 7,350,251 9,548,029
November 98,787,677 89,530,607 231,464,051 270,128,789 7,390,251 8,733,214
Total___ 1203345823 1273234974 254298141112786528970 99,874,001 130,448,819
Imports and exports of gold and silver for the 11
months.
-New York.
Silver
Gold Movement al New York.
1918.
January_
February _
March
April
May
June
July
August_
September
October
November
Total...._
1,070,279
994,103
628,514
518,140
660,277
534,406
627,829
688,892
559,988
456,282
531,69
Imports.
Exports.
Imports.
Month.
4,761,122 4,761,224 4,624,565 4,624,565
Total takings to Jan. 3..a
Of which American
Of which other
Exports.
Imports.
1918.
Deduct
Visible supply Jan. 3
Customs Receipts
at New York.
Merchandise Motement as New York.
Sleuth.
1917.
1,930,781
1,085,806
1,074,962
877,460
1,084,038
1,194,622
904,838
1,245,038
980,609
1,225,028
1,090,730
1917.
657,940
3,170,387
301,073
223,177
1,302,42
203,500
3,903,713
268,800
737,990
381,200
221,832
10,494,074
14,129,717
9,819,730
3.017,151
17,629,499
13,564,850
19,179,282
12,337,552
11,331,810
7,484,497
3,911,375
Exports.
1918.
1,409,524
1,444,351
606,260
726,467
1,317,371
1.115,157
1,803,038
2,421,115
2,012,001
1,551,114
1,738,094
1918.
1918.
2,746,717
2,186,324
3,294,034
3,944,455
3,910,742
5,596,300
2,435,000.
2,985,275
2,784,204
0,358,613
1,513,080
7,270,400 12,693,912 24,168,356 22,899,537 16,144,492 37,754,744
EXPORTS OF COTTON GOODS FROM GREAT
-As shown on a previous page, the
BRITAIN.
SHIPPING NEWS.
give the exports of cotton yarn, goods, exports of cotton from the United States the past week have
Below we
8ce., from Great Britain for the month of November reached 119,093 bales. The shipments in detail, as made
and since Aug. 1 in 1918 and 1917, as compiled by us from up from mail and telegraphic returns, are as follows:
Total
the British Board of Trade returns. It will be noticed NEW YORK-To Liverpool-Dec.27-Megantic,2,334_ __Dec.28 bales.
-Baltic, 3,252; Cedric,
-Walmer Castle, 1,500_ _ _Dec. 30
that we have reduced the movement all to pounds.
000's
1917.
omitted. 1918.
Total of AU.
Cloth.
Yarn & Thread
1918.
1917.
yards.
yards.
It,..
lbs.
9,665 18,766 267,620 469,083
8,176 11,074 247,790 420,448
8,717 12,272 226,110 382,821
1918.
1917.
1918.
1917.
lbs.
87,679
78,671
71,555
lbs.
lbs.
59,687 106,445
54,492 89,745
83,827
50,081
1st quar 26,558 42,112 741,520 1,272,352 138,602 237,905
73,736
Nov -__ 11,018 9,929 232,763 394,487 43,503
3,874
To Havre-Dec.28-Thorwald Halvorsen, 1,896
31-Armando,
-Dec. 28-Aniwa,
To Genoa
2,074; Tunica, 985
-Dec. 31-Clan Mackenzie, 12,797GALVESTON-To Liverpool
-Jan. 1-Minnie de Larrinaga, 11,382
To Manchester
To Havre-Dec. 30-Californie, 25,560
-Dec. 30-Nessian, 3,829
-To Liverpool
NEW ORLEANS
Dec. 31-Explorer, 10,969
-la Perouse, 24,524
30
To Havre-Dec.
-Dec. 30-'4'osilipo, 11,022
To Genoa
165,160 280,017
83,665
54,521
August..
Sept __ _
Oct _
lbs.
50,022
46,316
42,264
488
Stockings and socks
Sundry articles
18,786
562
14,939
6,154
12,797
11,382
25,560
14,798
24,524
11,022
119,093
The particulars of the foregoing shipments for tho week,
arranged in our usual form, are as follows:
238,955 379,183
Total exports of cotton manufactures
10,960
1,896
Ort.Britain.
Galveston..
New Orleans
Arrivals from the interior are in full swing, and the commission have this
week given notice that, owing to want of space, it will be unable to buy
all the cotton tendered to It. The Southern regions of the Delta have
given better yield results than last year, whilst those of the North are rather
inferior. On account of the special selling conditions this year, when many
lots are arbitrated, there is a marked tendency on the part of cultivators
to clean the cotton before ginning, in a more thorough manner than in
previous years. The Alexandria General Produce Association have estimated the crop at about 5 million cantars, but we expect this figure to be
slightly surpassed if the good climatic conditions, which we have had
lately continue.
Of which speculators took_
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Total
Italy.
Total.
1,896
25,560
24,524
6,154
11,022
19,010
49,739
50,344
49,937
The foregoing shows that there have been exported from
the United Kingdom during the four months 238,955,000
pounds of manufactured cotton, against 379,183,000 pounds
last year, a decrease of 140,228,000 pounds.
France.
10,960
24,179
14,798
New York
51,980
17,176
119,093
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, 8603., at that
-The Alexandria Cotton
EGYPTIAN COTTON CROP.
Co., Limited, has the following by mail from Alexandria port:
Dec. 13. Dec. 20. Dec. 30. Jan. 3.
under date of Nov. 8:
2,000
2,000
1,000
Sales of the week
1,000
53,000
261,000
135,000
28,000
16,000
218,000
175,000
42,000
305,000
177,000
108,000
91,000
187,000
149,000
NO
37,000
376,000 REPORT
227,000
122,000
96,000
152,000
100,000
The tone of the Liverpool market for spots and futures
-Our report received by
MANCHESTER MARKET.
each day of the past week and the daily closing prices of
cable to-night from Manchester states that the East is inspot cotton have been as follows:
quiring for cloth, and business is maturing. We give
Friday,
prices for to-day below and leave those for previous weeks
Tuesday. Wednesday. Thursday.
Saturday. Monday
Spot.
of this and last year for comparison:
Market. {
83j lbs. Airl- Cot'a
ines. Common Mid.
Uprs
to finest.
32s Coy
Twist.
d.
54
53
50
46
s. d. d. d.
a. d.
293 037 9 21.34 30%
28 9 037 3 19.96 32
28 3 036 9 20.60
27 0 036 0 20.50 365i
44
43
40
40
25 9
25 0
24 6
24 6
40
23 9 032 0
034
®33
033
033
6
9
0
0
20.16 37
20.07 37X
20.40 38
20.40 383i
21.24 39
0 0000 0000
Nov d.
8 51
15 50
22 48
29 43
Dec.
6 41
13 41
20 38
27 38
Jan.
3 38
0 0000 Sege
325 Cop
Twist.
12:15
P.M.
1917-18.
1918-19.
83i lbs. Shirt Cot'n
tags, Common Mid.
to finest.
Uprs
e. d. d.
d. e .d.
32% 151041520 IA 21.55
35 16 6 0201034 22.10
3og 170
@226
38X 173 @230
22.16
22.47
39 176 @240
39 178 @243
39U 179 @246
3( 171034024 9
22.10
22.31
22.31
22.68
40( 18 4%025 9
23.10
Mid.Upl'd
Good Mid.HOLIDAY
Uplands
Sales
Quiet.
21.40
21.40
Quiet,
Quiet.
22.03
22.03
500
1,000
21.24
HOLIDAY HOLIDAY
21.87
500
Futures.
Market 5
opened
Quiet
Steady
24(4)49 pts. 81518 pts.
decline.
advance.
Quiet,
6010 pts.
advance.
Market, I
4
P. M. t
Quiet
Steady
26047 pts. 461567 pts.
decline.
advance.
Quiet,
16021 pts.
decline.
- The prices of futures at Liverpool for each day are given
below.
JAN. 4 1919.]
THE CHRONICLE
91
futures in coarse grains has been removed. As a war measure, the Food Administration some time ago set 200,000
bushels as the limit of a long or short interest in corn,
oats, rye or barley. The removal of this limitation naturally
d.
d.
d.
d.
,
d.
d.
d. C1.
d.
d.
4.
New Contracts. d.
means the restoration of free trading in coarse grains. Any
. 22.04 22.04 __ _ _
December ____
20.4320.48 20.1320.02
19.8719.84 step toward the pre-war status of business is, of course,
January
Holiday. 19.38 19.43 19.05 18.92 Holiday. Holiday. 18.79 18.76
February
18.46 18.54 18.15 17.97
17.88 17.79 welcome. The announcement affects principally the Chicago
March
17.38 17.5017.1016.92
Anril
16.70 16.71 Board of Trade. On the New York Produce Exchange trading in grain futures is very small, business being chiefly in
cash grain. New York has not the storage facilities requisite
for a "futures" market. But as it is well known, a good deal
BREADSTUFFS
of business in futures is wired to Chicago.To what extent the
Friday Night, Jan. 3 1919.
Flour has been dull, irregular and more or less depressed. removal of the 200,000 bushels limit will make a practical
Buyers are carrying liberal supplies. Besides, there is no difference is not yet altogether clear. To-day prices adfree storage, no free lighterage here. Traffic regulations, in vanced on smaller offerings and end higher for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
other words, still hamper the trade. Peace conditions have
Sat. Mon. Tues. Wed. Thurs. Fri.
not be restored. Cars arrive here in a more or less hap- No. 3 yellow
cts_17634 178% 178% Hol. 168% 165%
hazard manner. They are apt to come in large groups. In
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Fri.
Sat.
that case it is difficult to handle the flour which they bring January delivery in elevator__cts_143 Mon. Tues. Wed. Thurs. 14334
143% 142% Boll- 141%
in the time allowed by the railroads. Under the regular con- February delivery in elevator
day. 1364 ---161
1633( 164
13534 13734
trol as distinguished from that by the Government, things March delivery in elevator
Oats were higher at one time and then reacted Not that
might be different. There seems to be a lack of discipline
among railroad employees; they appear to do pretty much as they have fluctuated within wide limits; quite the contrary.
they please, and to all appearance there is nobody to bring The tone of late until to-day has been rather easier. Exthem sharply to book as there should be. Mills are offering porters are said to have bought about 100,000 bushels on.
freely and prices are unsettled or easier. Southwestern mills Dec. 30. But they have not been buying much for shipmaintain quotations more firmly than do those of the spring- ment from the West. In fact no shipping permits were
wheat section. The output of flour last week at Minneapolis obtainable. It is believed that the railroads are carrying so
decreased 109,385 bbls., making the total for the week end- much other grain and flour at the moment that the Food
ing Dec. 28 235,755 bbls., against 271,270 in the same week Administration is not disposed to encourage much further
last year. There is an embargo on home or foreign ship- business at the moment lest congestion complicate the
ments of grain and grain products at New York for the present. situation. On the 2d instant deliveries at Chicago on JanuWheat visible supply gained last week 3,412,000 bushels, ary contract were 590,000 bushels. The visible supply in
making the total 117,225,000 bushels, against only 18,936,- this country increased last week 1,356,000 bushels. That
000 a year ago. Crop conditions in the United States are makes the total 33,900,000, or well in excess of that of a
considered generally favorable. There is an embargo on year ago. On the other hand, as already stated, prices at
shipments, foreign or domestic, of grain or grain products one time were higher. At no time have they shown SO
at New York. In the United Kingdom the weather has much weakness. Latterly country consignments and offerbeen generally good for the ploughing and sowing, although ings have been small. Chicago has reported a brisk de• there were some days which could not be called good for mand from the South. It is believed to be only a question of
operations. Mild and wet weather has prevailed there time when export business will be revived on a noteworthy
recently, and while the rain is unfortunate, the mild tem- scale. To-day prices were higher and they end at an adperatures will give crops lately sown a fine chance to estab- vance for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
lish a strong plant. According to the Food Production
Sat. Mon. Tues. Wed. Thurs. Fri.
Department's latest bulletin, the statement, made in the Standards
79
Holt- 7834 79©80
cts 7834 79
79
day. 78 . 80081
House of Commons, that prices to be paid to farmers for No. 2 white
7834 79
OATS FUTURES IN CHICAGO.
cereals harvested in 1919 will not be less than those now DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed. Thurs. Fri.
current has had a beneficial effect on grain sowing. In January delivery in elevator __cts_ 693 69% 6734 Holi- 68% 70
8
day. 69% -France early sown winter wheat and rye show a nice plant, February delivery in elevator_.. _- 69% 69% 69
March delivery in elevator
69% 71
but prevailing weather has not favored later sowings. The
The following are closing quotations:
weather in Italy recently has been good for sowing, and the
FLOUR.
Government is urging farmers to sow as much wheat as
Spring patents
$10 45 $10 80 Barley flour (to arrive)-$7 50@$8 00
possible. Agricultural preparations for the new crop are Winter
10 40
10 75 Barley goods
-Portage barley:
nom.
No. 1
1060@11 00
progressing more rapidly. It is said that in Rumania food Kansas
Rye flour
Nos 2, 3 and 4
400
8 50
9 25
supplies are very short, owing to the quantities taken by the Corn goods, per bbl.
Nos. 2-0 and 3-0
5 50©5 65
Germans and Austrians, and the poor crops that were
5 75.
White flour
No. 4-0
$8 50
Oats goods
-Carload,spot deYellow flour
800
harvested last summer and autumn. In Spain the supply
9 50
livery
situation has improved. Wheat is offered there freely, but
GRAIN.
Oats
the demand is slow. Fair quantities of Argentine wheat Wheat
No.2 red
$2 3734 Standard
78%
have been bought. Tonnage is still scarce. Stocks are
No. 1 spring
2 4034 No.2 white
7835
barely abundant and prices consequently are declining. The
No.3 white
78
No.4 white
77®7734
Australian harvest is progressing under fairly satisfactory Corn 2 mixed
No.
nom. Barley
conditions. A preliminary official estimate gives the yield
No.2 yellow
Feeding
1 01©1 06
1 7134
No.3 yellow
Malting
1 6834
1 124/1 18
of wheat this year at about 80,000,000 bushels, against
Argentine
Rye
112,000,000 bushels in 1917, 150,000,000 in 1916 and
No. 2..
170
179,000,000 in 1915. Home consumption there can be
The statements of the movement of breadstuffs to market
reckoned at about 40,000,000 bushels, which would leave a indicated below are prepared by us from figures collected by
surplus of 40,000,000 bushels available for export from the the New York Produce Exchange. The receipts at Western
present crop, to which must be added the stocks of old wheat lake and river ports for the week ending last Saturday and
(approximately 175,000,000 bushels), making a total export- since Aug. 1 for each of the last three years have been:
able surplus of 215,000,000 bushels. If freight is obtainable
- Flour..
Wheat.
Corn.
Oats.
Barley.
during the year, Australia is in a position to furnish a, Receipts at
Rye.
goodly portion of tho world's wheat requirements. Shipbbls.1961bs. bush.60 lbs.bush.56 lbs.bush. 32 lbs bush.48lbs. bush.561bs.
ments have been of fair proportions recently. Here at Chicago
278,000 i,693.iii
593,000 2,507,
173,000
662,000
Minneapolis
241,
3,649,111
1,029,
859,000
530,000
New York there is an embargo, supposedly for ten days, on Duluth
3,343,10
i02,l II
105,000
60,000
domestic or foreign shipments of grain or grain products.
Milwaukee
13,000
300 II
71,
1,086,000
199,000
103,000
Sat.
Dec. 28
to
Jan. 3.
Mon.
Tues.
Wed.
Thurs.
Fri.
4 123
4
123 12% 124 4 12M 4 123( 4 123
p. rn.p. m.p. m.p. m D. m.p.m.p. m.p. m.p.m.lp. m.y.m.p. m.
DAILY CLOSING PRICES OF WHEAT IN
Sat.
No.2 red
No. 1 spring
NEW YORK.
Mon. Tues. Wed. Thurs. Fri.
cts_237% 2373 2373 Holl- 237% 237
,
,
240% 240% 240% day. 2403 240
Toledo
Detroit
St. Louis_ _ _
Peoria
Kansas City_
Omaha
Indianapolis _
43,000
58,000
4,000
34,111
13,000
332,
6,
645,
611,
19,000
42,000
44,
186,
266,
396,000
512,000
234,000
166,000
66,000
534,000
77,000
81,000
397,000
230,000
14,000
1,000
8.000
4,000
Indian corn was at one time higher, but later on reacted
under larger offerings. December corn at Chicago on Dec.
31 ranged from $1 59 to $1 64, closing at $1 64. It is Total wk.1918 396,000 10,375,000 2,585,000 6,275,000 1,795,000 923,000
expected that the movement of quotations will be more Same wk.1917 383,000 3,782,000 3,396,000 5,404,000 2,270,000 586,000
normal now that the December option has passed out. Same wk.1916 324,000 4,967,000 5,220,000 2,941,000 1,316,000 384,000
Farmers show more disposition to sell. The cash demand is Since Aug.11918
7,727,0003i4,894,000 95,718,000 163,322,000 36,173,000 21,513,000
moderate at the best. Eastern buyers are taking very little.
7,273,000,121,594,000 59,294,000 162,604,000,50,214,000 15,227,000
1917
Trade has shown little or no increase in spite of the removal
1916
8,220,000218,965,000 87,248,000 150,850,00055,868,000 15,376,000
of restrictions as to quantities that may be bought or sold.
The exports from the several seaboard ports for the week
Country consignment notices are larger. On the'2nd inst.
sample prices at Chicago declined 2 to 3 cents except on No ending Dec. 28 aro shown in the annexed statement:
3 grades which fell 5 to 7 cents. The weather that day was
Exports from
Wheat.
Corn.
Flour.
Oats. I Rye. Barley. Peas.
clear and cold. Of course, this was favorable for selling
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
and marketing. On the other hand, prices advanced later. New York
515,074 123,894 96,185
112,924 277,184 48,077
Eastern consumers are said to be rather poorly supplied. Boston
680,000
34,000 320,000
612,000
Certainly their stocks are believed to be far from largo. Philadelphia
532,000
3,000
344,000
'
And it is also believed that when receipts increase and prices Baltimore
Newport News_
52,000
I
767,000
10,000 95,000
begin to fluctuate within normal limits these buyers will New Orleans
77,0001
390,000
77,000
take hold more freely. The visible supply after a decrease Galveston
I
last week of 85,000 bushels is only 2,469,000 bushels.
Total week
3,496,074 136,894 354,185 741.000 112,924 277,184 48: "
1.179.434 174.995 295.917
37.064 78.017 1.223
.The limit placed by the Food Administration on trading in Week 1917
THE CHRONICLE
92
The destination of these exports for the week and since
July 1 1918 is as below:
Exports for Week,
Week
and Since
Dec. 28
July 1 to-
Corn.
Wheat.
Flour.
Since
July 1
Week
Dec. 28
Since
July 1
Since
July 1
Week
Dec. 28
Bushels.
Bushels. Bushels.
Barrels. Barrels. Bushels.
1.591,499
United Kingdom_ 269,657 1,183,408 1,821,074 25,588,703
Continent
70,528 1,543,768 1,675,000 33,906,654 126,894 1,138,478
16,125
So.dc Cent. Amer. 10,000
34,372
45,024
10,000
West Indies
4,000
129,758
Brit.No.Am.Cols.
2,253
44,505
Other Countries__
Total
Total 1917
•
354,185 2,915,809 3,496,074 59,495,357
295.917 3.071.678 1.179.434 40.610.080
136,894 2,793,379
174.995 7.719.270
r. Total receipts Dec. 28 and grain at the seaboard ports for
of flour
1918 follow:
the;week ended
Wheat.
Receipts at
-1 Flour.
Corn.
Barley.
Oats.
Bushels.
172,000
16,000
53,000
85,000
1,000
Rye.
Bushels. Bushels.
89,000
235,000
13,000
47,000
69,000
Bushels.
1,068,000
417,000
492,000
39,000
1,000
Barrels.
Bushels.
327,000
754,000
New York_ _ ..
72,000 1,509,000
Philadelphia _
114,000
905,000
Baltimore _ __
52,000
N'port News_
105,000
164,000
New Orleans*
349,000
Galveston __ _
272,000
478,000
Montreal _ _ _ _
7,000
69,000
270,000
Boston
88,000
333,000
22,000
136,000
282,000 2,483,000
339,000
Total wk.1918 1,018,000 4,429,000
Since Jan.1'18 19,625,000 101,926,000 20,311,000 102,514,000 10,258,000 8,016,000
145,000 1,013,i i i
215,000
168,000
Week 1917.._
404.000 1,794,000
Since Jan.1'17 21.062.000204.521.000 49.439.000 135.255.000i7.396.000114.599.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The world's shipments of wheat and corn for the week
ending Dec. 28 1918 and since July 1 1918 and 1917 are
shown in the following:
Corn.
Wheat.
Exports.
a 1917.
1918.
Week
Dec. 28.
Since
July 1.
Since
July 1.
a 1917.
1918.
Week
Dec. 28.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
127,000 6,055,000 13,725,000
North Amer. 8,347,000141,624,000 151,551,000
Russia
'Danube _
Argentina _
500,000 56,625,000 7,900,000 1,108,000 16,482,000 10,576,000
Australia _ _ 840,000 19,676,000 25,438,000
5,623,000 9,808,000
India
Oth.countr'
102,000 1,908,000 1,247,000
134,000 1,995,000 1,966,000
Total --_- 7,789,000225,456,000195,944,000 1,369,000 24,532,000 26,267,000
a Revised.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom.' Continent.
Corn.
Total.
United
Kingdom. Continent.
Bushels.
Bushels.
Bushels.
Dec.28 1918_ _ Not avail able
Dec.21 1918_ Not avail able
Dec.22 1917__ Not avail able
40,904,000
Dec.30 1916_
Bushels.
Total.
Bushels.
Bushels.
19,574,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Dec. 28 1918 was as follows:
United StatesNew York_
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit
Chicago'
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Canal and River
Total Dec.28 1918
Total Dec.21 1918
Total Dec. 29 1917
Total Dec.30 1916
GRAIN STOCKS.
Oats.
Wheat.
Corn.
Rye.
Barley.
bush.
bush,
bush.
bush.
bush.
2,975,000
131,000 2,571,000 1,009,000 488,000
493,000
177,000
1,000
1,723,000
40,000
757,000 532,000
25,000
2,059.000
84,000 1,087,000 1,204,000
2,000
150,000
3,748,000
194,000
743,000
1,750.000
5,000
6,943,000
128,000 1,847,000 2,944,000 231,000
22,781,000
11.638,000 3,058,000 750,000
1,443,000
37,000
838,000
61,000
1,000
69,000
100,000
241,000
67,000
13,079,000
394,000 7,181,000 1,219,000 1,629,000
2,422,000
50,000 1.616,000 925,000 1,522,000
14,757,000
361,000 628,000 742,000
22,029,000
40,000 1,012,000 3,166.000 1,461,000
2,485,000
157,000
260,000
65,000
52,000
13,692,000
208,000 1,925,000 147,000
37,000
283,000
311,000
459,000
312,000
13,000
4,461,000
405,000 1,010.000 216,000 129,000
117.225,000
113,813,000
18,936,000
59,483,000
2,469,000
2,554,000
3,097,000
5,828,000
34,509,000 15255,000
30,753,000 13419,000
17,657,000 2,450,000
48,823,000 2,568,000
7,032,000
7,558,000
3,554,000
4,290,000
Note.
-Bonded grain not included above: Oats, Duluth, 3,000 bushels; total,
3,000, against 2,121,000 bushels in 1917; and barley, Duluth, 77,000 bushels; total,
77,000, against 413,000 in 1917.
Canadian
Montreal
5,749,000
201,000
967,000
3,000 460,000
Ft. William & Pt. Arthur_ _ 14,552,000
2,747,000
Other Canadian
11,455,000
697,000
Total Dec. 28 1918
Total Dec. 21 1918
Total Dec.29 1917
Total Dec. 30 1916
Summary
American
Canadian
Total Dec.28 1918
Total Dec.21 1918
Total Dec.29 1917
Total Dec.30 1916
31,756,000
28,819.000
18,928,000
31,663,000
201,000
203,000
11,000
13,000
4,411,000
3,988,000
5,920,000
24,397,000
3,000
3,000
19,000
5,000
460,000
442,000
78,000
134,000
117,225,000 2,469,000 34,509,000 15255,000 7,032,000
31,756,000
201,000 4,411,000
3,000 460,000
148,981,000
142,832,000
37,884,000
91,148,000
2,670,000
2,757,000
3,108,000
5,841,000
38,920,000 15258,000
34,741,000 13422,000
23,577,000 2,469,000
73,220,000 2,573,000
7,492,000
8,000,000
3,632,000
4.424.000
[VOL. 108.
THE DRY GOODS TRADE
New York, Friday Night, Jan. 3 1919.
Although the opening of the new year found conditions
in the markets for dry goods very quiet, merchants are optimistic as regards the future. There are still many uncertainties confronting the trade, but it is expected that these
will soon be adjusted. Most of the Governmental restrictions and regulations have been removed, and buyers now
have a free hand. Fabrics classified during the war as nonessential are gradually returning, and while the process of
changing conditions from a war basis to a peace basis is a
tedious procedure, good progress is being made and the outlook is that the situation will return to normal before many
months. During the year just ended, merchants for the
most part made large profits, but these will be materially
reduced by heavy taxation. A general holiday tone prevailed during the past week, and consequently business was'
of small volume. The limited amount of sales booked consisted largely of odd lots for nearby delivery, as neither buyer
nor seller was desirous of making commitments too far ahead.
It is expected, however, that before long manufacturers will
be in a better position to look after forward business than
they are at present. Many mills, particularly those located
in New England, have been curtailing their output, as they
are doubtful whether or not they will be able to dispose of
their stock at prevailing high prices. Furthermore, with
the removal of Government-fixed prices, there is more or
less uncertainty regarding the trend of quotations as conditions return to normal and the urgent demand for the army
and navy ceases. With business again open to competition,
many in the trade expect lower prices. It is the general
opinion that the reason for the Government fixing prices so
high was to stimulate production in order to meet war requirements. Manufacturers have had adverse labor conditions to contend with, but now look forward to improvement,
as many laborers are being released from special war work,
while the draft army is being demobilized. Whether or not
it will be necessary.to continue to pay high wages remains to
be seen, but in any event, many believe that in order to
avert serious labor difficulties high remuneration will have to
be maintained until living costs are reduced. Despite the
many uncertainties, merchants see prospects of a large export trade developing and therefore are making preparations
for an extended business with both South American and European countries. In order to enlarge and improve the export
trade in textiles, a corporation under the name of the Textile Alliance Export Corporation has been formed by manufacturers of woolen, worsted and cotton goods.
-Merchants dealing in
DOMESTIC COTTON GOODS.
staple cottons are displaying more interest infuture business,
though the week just past has been a quiet one. Fixed
Government prices for cottons are no longer in existence, as
they expired along with other Governmental regulations
at the close of the old year. While there has been no lowering of prices, mills have been willing to offer concessions
where large lots of fabrics have been wanted. Throughout
the cotton trade there is considerable uncertainty as regards
the future course of prices, which tends to restrict business.
Shootings continue to be firmly maintained, as in most cases
mills are sold well ahead. Coarse fabrics are scarce and as
d' result manufacturers are in a position to demand full
prices. Cutters have been showing more interest in offerings of goods, but demand has not been general from this
source. Print cloths have ruled quiet. Spot fabrics are
firm, though where fair-sized quantities are requested manufacturers have been willing to grant concessions. Prices on
combed-yarn goods are reported to be easier. Business in
fine goods continues limited.
-There has been no revival of busiWOOLEN GOODS.
ness in markets for woolens and worsteds, but merchants
are beginning to show more interest in the future. Interest
of manufacturers has lately been centered on the wool auctions, though the second series of sales received less attention. Demand for fabrics has been generally dull, as many
buyers are holding off in expectation of lower prices. Mills
manufacturing woolen dress goods are said to have a number
of lines to offer the trade, but are uncertain as to what prices
to name. In knit goods mill agents are preparing samples for
the influx of buyers due about the middle of the current
month.
-Nothing of new interest has
FOREIGN DRY GOODS.
developed in the market for linens, business continuing
quiet. There have been moderate receipts of fabrics from
abroad, but they have not been sufficient to relieve the situation to any extent. While advices from the other side
indicate that matters are being gradually adjusted to a peace
basis,there are still many uncertainties confronting the trade.
There is very little prospect of prices going lower for the
present. Department stores are preparing for their usual
January sales of white goods, and most of the linens to be
featured are those taken from stock. Aside from the removal of the Government embargo, effective Feb. 1, nothing
of interest has taken place in market for burlaps. Trade
continues quiet with light weights quoted at 10.25c.and
,
heavy weightslat 15.500.
JAN. 4 1919.]
THE CIIRONICLE
ANGELINA COUNTY COMMON SCHOOL DISTRICT NO. 18,
Tex.
-BOND SALE.
-S1,400 5% school bonds went to the State of Texas
at par and interest during December.
tatt and, Titg Department
ANGELINA COUNTY COMMON SCHOOL DISTRICT NO. 26,
Tex.
-BOND SALE.
-This district in December put out $3,000 5%
school bonds. They went to the State of Texas at par and interest.
NEWS ITEMS.
ARCHER COUNTY COMMON SCHOOL DISTRICT NO.24, Tex.
BOND SALE.
-An issue of $2,000 5% school bonds was purchased at par
and interest by the State of Texas during the month of "December.
ASTORIA, Clatsop County, Ore.
-BOND OFFERING.
-It is reported that E. G. Gearheart, Secretary of Sanitary and Reclamation Commission, will receive bids until 12 as. Jan. 8 for the $200,000 5% bulkheadwall bonds recently voted (V. 107, p. 2023). Denom. $1,000. Date
Oct. 11918. Int. A. & 0. Due Oct. 1 1958, subject to cal after 10 years.
Cert. check for 5% required.
ATTLEBORO, Bristol County, Mass.
-TEMPORARY LOAN.
On Dec. 30 the temporary loan of $25,000 issued in anticipation of revenue,
dated Dec. 31 1918 and maturing Juno 30 1919 (V. 107, p. 2491) was
awarded, it is stated, to S. N. Bond & Co. of N. Y. on a 4.20% discount
basis plus a premium of $1 30. Other bidders were:
Discount.
Discount.
F. S. Moseley & Co., Boston_4.21% E. M. Hamlin & Co
4.37%
Old Colony Trust Co., Boston.4.28%
AUBURN, Dekalb County, Ind.
-BONDS PROPOSED.
-It is stated
that the issuance of $7„500 4 % water-supply bonds is under consideration.
BAYARD SCHOOL DISTRICT (P. 0. Bayard), Morrill County,
Neb.-BOND SALE.
-On Dec. 12 Bosworth, Chanute & Co., of Denver,
were awarded $76,500
% building and funding bonds for $76,825, equal
to 100.424. Denom. $500. Date Dec. 15 1918. Int. M. & N. Due
$2,000 annually.
BELL COUNTY COMMON SCHOOL DISTRICT NO. 107, Tex.
BOND SALE.
-During the month of December the State of Texas purchased at par and interest $750 5% bonds.
BELLEVILLE, Essex County, N. J.
-BOND SALE.
-John L. Daly,
Town Clerk, will receive bids until 8 p. m. Jan. 14, it is stated, for an issue
of 5% 10U-year average sewer bonds, not to exceed $75,000. Int. semiann. Cert. check for 2% required.
BOISE INDEPENDENT SCHOOL DISTRICT (P. 0. Boise), Ada
County, Ida.
-BOND OFFERING.
-Proposals will be received by Chas.
S. Kingsley, Clerk Board of Trustees, until 7:30 p. in. Jan. 20 for not less
than $60,000 nor more than $90,000 10-20-year (opt.) gold school bonds,
Series A, 1918. Denom. $1,000. Date July 11918. Int. semi-ann., and
not to exceed 6%. Cert. check, irrevocable, for $2,500, payable to the
School District, required. All bids must be unconditional.
BOSOUE COUNTY (P. 0. Meridian), Tex.
-BOND SALE.
-On
Oct. 14 Taylor, Ewart & Co., of Chicago, were awarded the following 5%
road bonds at par less a commission:
$50,000 Road District No. 3 bonds.
40,000 Road District No. 8 "A" bonds.
10,000 Road District No. 7 bonds.
40,000 Road District No. 1 "A" bonds.
Denom. $1,000. Date Aug. 15 1918. Int. F. & A. Due in 20 years,
subject to call yearly.
BOSQUE COUNTY COMMON SCHOOL DISTRICT NO. 47, Tex.
BOND SALE.
-The State of Texas purchased at par and interest during
December $2,000 5% school bonds.
BUFFALO, N. Y.
-BOND SALE.
-During December the Park Sinking
Fund purchased the following 4% bonds:
$5,000 water refunding bonds. Date Dec. 1 1918. Due Dec. 11943.
2,500 water refunding bonds. Date Dec. 15 1918. Due Dec. 15 1943.
5,302 31 monthly local work bonds, dated Dec. 16 1918 and maturing
Dec. 16 1919.
CALHOUN COUNTY (P. 0. Blountstown), Fla.
-BOND SALE.
On Dec.9 the $70,000 6% road-impt. bonds (V. 107, p. 2205) were awarded
to II. B. Gaskin of Biountstown at par. Due $2,800 yearly, beginning
Jan. 15 1924.
CALLAHAN COUNTY COMMON SCHOOL DISTRICT NO. 21,
Tex.
-BOND SALE.
-This district last month sold an issue of $600 5%
bonds at par and interest to the State of Texas.
CALLAHAN COUNTY COMMON SCHOOL DISTRICT NO. 38,
Tex.
-BOND SALE.
-The State of Texas during the month of December
purchased at par and interest an issue of $375 5% bonds.
CHEROKEE COUNTY COMMON SCHOOL DISTRICT NO. 4,
Tex.
-BOND SALE.
-During December $1,000 5% school bonds were
taken by the State of Texas at par and interest.
CHEROKEE COUNTY COMMON SCHOOL DISTRICT NO. 14,
-BOND SALE.
Tex.
-$1,000 5% school bonds went during December to
the State of Texas at par and interest.
CHEROKEE COUNTY COMMON SCHOOL DISTRICT NO. 78,
Tex.
-BOND SALE.
-This district in December put out $800 5% school
bonds. They went to the State of Texas at par and interest.
CHIPPEWA COUNTY (P. 0. Montevideo), Minn.
-BOND SALE.
-On Dec. 27 Kalman, Matteson & Wood of St. Paul were awarded the following three issues of 5% coupon ditch bonds, aggregating $59,000, for
102.00:
360,180, equal to
$8,000 Ditch No.35 bonds. Denom.$500 and $1,000. Duo 1 bond yearly
on Nov. 1 from 1924 to 1938 incl.
10,000 Ditch No. 36 bonds. Denom. $500 and $100. Due yearly on
Nov. 1 from 1924 to 1938 incl.
41,000 Ditch No.37 bonds. Denom.$1,000. Duo from 1924 to 1938 incl.
There were no other bidders.
CINCINNATI, Ohio.
-BOND SALE.
-An issue of $400,000 street and
sewer repair bonds recently authorized will be taken by the Board of Sinking Fund Trustees, it is reported.
-It is also reported that a resolution was
BONDS AUTHORIZED.
adopted authorizing the issuance of $16,500 street bonds.
CLEVELAND HEIGHTS VILLAGE SCHOOL DISTRICT (P. 0.
Cleveland Heights), Cuyahoga County, Ohio.
-BOND OFFERING.
Sealed bids will be received until 12 m. Jan. 7 by Ezra K. Bryan, Clerk
Board of Education, for $525,000 5% coupon school bonds. Audi. Sections 7625, 7626 and 7627, Gen. Code. Denom. $1,000. Date Jan. 7
1919. Int. semi-ann. (A. & 0.), payable at the office of the District
Treasurer. Due yearly on Oct. 1 as follows: $10,000 1921 to 1940 incl.;
$20,000 1941 to 1945 incl.•, $40,000 1946; $50,000 1947 to 1949 Incl., and
$35,000 1950. Cert, check on some bank other than the one making the
1)1(1, for 5% of the amount of bonds bid for, payable to the Board of Education, required
Bonds to be delivered and paid for within ten days from
time of award at the office of the Guardian Savings & Trust Co., Cleveland. Purchaser to pay accrued interest.
COLEMAN COUNTY COMMON SCHOOL DISTRICT NO. 30, Tex.
-BOND SALE.
-$5.000 5% school bonds have been issued by this district.
The State of Texas took the bonds at par and interest during December.
COLEMAN COUNTY COMMON SCHOOL DISTRICT NO. 44, Tex.
-During December the State of Texas purchased at par
-BOND SALE.
and interest $5,000 5% school bonds.
COLEMAN COUNTY COMMON SCHOOL DISTRICT NO. 48, Tex.
-BOND SALE.
-The State of Texas purchased at par and interest during
December $2,500 5% school bonds.
COLEMAN COUNTY COMMON SCHOOL DISTRICT NO. 23, Tex.
-BOND SALE.
-An issue of $4,000 5% bonds was awarded during Docomber to the State of Texas at par and interest.
COLLIN COUNTY COMMON SCHOOL DISTRICT NO. 11, Tex.
BOND SALE.
-This district sold to the State of Texas an issue of $8.000
5% bonds at par and interest during the month of December.
COLLIN, GRAYSON AND FANNIN COUNTIES COMMON
SCHOOL DISTRICT NO. 15, Tex.
-BOND SALE.
-$3,500 5% school
bonds were placed last month with the State of Texas at par and interest.
COMANCHE AND BROWN COUNTIES COMMON SCHOOL DISTRICT NO. 79, Tex.
-BOND SALE.
-This district last month sold an
issue or $1,500 5% bonds at par and interest to the State of Texas.
Bristol, Va.-Tenn.-Fire Causes Large Property Losses.
On Dec. 29 a fire which destroyed five largo business houses,
including the Dominion National Bank and threatened
destruction to a large portion of the business district, was
checked only after the arrival of fire companies from Kingsport, Tenn., in response to a call from the Mayor of Bristol.
The fire started in the five-story structure on State street
occupied by the Mitchell-Powers Hardware Company. As
the firemen arrived there followed a series of explosions of
dynamite and shells in the building, and nearby structures
were set on fire by flying embers. The Bristol Gas & Electric Company was then destroyed and this threw the city
into darkness and the firemen were further handicapped by
the exhaustion of the city's water supply. Engines were
quickly moved to a nearby - creek, however, and water was
pumped from there. No loss of life has yet been reported
but the estimated damage is put at $1,500,000.
-Developments in Local Bond Case.
Detroit, Mich.
According to the Detroit "Free-Press" of Dec. 30, an informal meeting was held in Controller Engel's office, attended
by Aldermen Littlefield, Verner, Bradley and Kronk, City
Clerk Lindsay, Corporation Counsel Frazer and the Controller. Quoting the above newspaper, the following is a
report of the meeting:
The City Controller informed the committee he had received from the
attorneys representing Merrill, Oldham & Co., bond buyers, of Boston, a
letter asking that tho certified check accompanying their bid for the
$998,700 in sower bonds be refunded, inasmuch as the obscrurity of the
charter might result in litigation.
Stumbling Block Revealed.
The charter provides that "no bonds shall be issued except special
assessment bonds, refunding bonds and emergency bonds as defined by
law, and bonds that the city is annually authorized to issue, unless approved
by three-fifths of the electors voting thereon at any general or special
election."
"Bonds that the city is annually authorized to issue," is the stumbling
block which must be removed before the city will be able to sell any bonds
for necessary improvements. Attorneys for bonding houses in Boston
and New York raise the point whether it means the city is authorized to
annually issue bonds in lieu of special taxation. The Controller and
members of the committee feel that the intent of the charter provision is
implied, if somewhat obscured.
Court Decision Solution.
Controller Engel suggested that the city send some representative to
meet with the Boston lawyers and arrange details for a friendly suit to be
tried in the courts here to determine the legality of the issue. After discussion, and acting on the suggestion of Corporation Counsel Frazer, a
telegram was sent to the bond buyers. The wire stated: "If legal objection raised by you on sewer bonds purchased by you is cleared by court
decision, will you accept delivery of bonds?"
Mr. Frazer said that was the first point to be cleared. If the Boston
firm agrees to take the bonds in the event all legal objection is removed,
arrangements will be made for a friendly suit, either with the Boston
people participating or by selling a single bond to some individual in the
city to form a basis.
All Improvements Held Up.
The committee is somewhat exercised over the question. It was pointed
out at the meeting that no bonding house would be willing to buy bonds
if at the same time they were also buying a lawsuit. Thus all improvements would be held up.
It was decided to frame a charter amendment, to be presented January 14, which would correct such defects in the charter as are now apparent.
This will be done as a precautionary measure and, if the court finds the
provision on the sale of bonds, such as the sewer issue, is legal, the ordinance
providing for the amendment can remain on the table.
It was also tentatively decided to reject all bids for bonds which might
be forthcoming until the courts finally adjudicate the matter.
-Plans Amendment Contest.
North Dakota.
-The Minneapolis "Tribune" of Dec. 27, in Associated Press dispatches
from Fargo, furnishes intelligence concerning legal steps that
are in contemplation, to test the action of the canvassing
board in having declared certain constitutional amendments
carried at the last election:
A contest will be launched in the Supremo Court of North Dakota
against the action of the State Canvassing Board in declaring passed the
group of five constitutional amendments initiated by the Non-Partisan
League, that failed to obtain a "majority of all votes cast in the election,"
as provided by the constitution, but which were declared passed because
they had a majority of the votes cast on each individual amendment.
Ever since the Canvassing Board declared the amendments passed, on
the strength of an opinion signed by Wiliam Langer, as Attorney-General,
who hold that the clause in the constitution requiring that an initiated
amendment to pass must have "a majority of all the votes cast" in the
election meant a majority of votes cast for and against the amendment, it
has been regarded as certain that a test would be started.
BOND CALLS AND REDEMPTIONS.
Saskatoon, Sask.-Place of Payment of Interest Coupons.
-J. C. Oliver, City Treasurer, in an official'advertisement,
dated Dec. 5 1918, requests all holders of Saskatoon debentures, payable at the Union Bank of Canada in Toronto
and Montreal, to present their interest coupons, duo Jan.
1 1919, for payment at the Bank of Montreal in either of
the above cities.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ADAMS COUNTY (P.O. Ritzville), Wash.
-BOND SALE.-Iteeently
an issue of $5,000 road bonds was awarded to the Lumbermans Trust Co.
of Portland at par, it is reported.
ALLEN COUNTY (P. 0. Ft. Wayne), Ind.
-BOND OFFERING.
It is reported that Wm. F. Ranko, County Treasurer, will receive proposals until 10 a. as. Jan. 15 for $6,000 and $8,800 43 % 10-year highway
,
6
impt. bonds.
BOND OFFERING.
-Proposals will also be received by Will Johnson,
County Auditor, until 10 a. m. Feb. 4 for $25,000 5% coupon tuberculosis hospital bonds. Denom. $500. Date Dec. 14 1918. Int. A. & 0.
Duo $500 each six months beginning Apr. 15 1919. Cert. check for 3%
of tho bonds bid for, payable to the County Board of Commissioners,
C.)flirl -llheionounty Auditor
ionb tus C
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ZIT
cgiriti eclngeaTaf?fg:ir
f
a i
93
94
THE CHRONICLE
CONVERSE COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Glen.
-An issue of $15,000 6% school building
rock), Wyo.-BOND SALE.
bonds offered on Dec. 21 was awarded on that day to Keeler Bros. of
Denver for $15,250, equal to 101.66.
CORYELL COUNTY COMMON SCHOOL DISTRICT NO.10, Tex.
-31,500 5% school bonds were sold to the State of Texas
BOND SALE.
at par and interest during December.
-BOND SALE.
COSHOCTON COUNTY (P.O. Coshocton), Ohio.
The $31,000 5% coupon road-impt. bonds, offered on Nov. 30 (V. 107,
p. 1936) were awarded on Dec. 2 to the Commercial National Bank of
Coshocton at par and interest.
-FINANCIAL STATECUMBERLAND, Guernsey County, Ohio.
-We are in receipt of the following financial statement, issued in
MENT.
with the offering on Jan. 15 of the $4,000 53V coupon elecconnection
tric-light-plant bonds (V. 107, p. 2392): Bonded debt Dec. 20 1918,
$7,950; floating debt, $1,282 76; sinking fund, $1,448 47; assessed
valuation, $536,000; assessment debt, $12,536.
-BONDS VOTED.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-Local papers state that the County Commissioners on Dec. 21 voted to
jail and criminal court building bonds.
issue $1,150,000
-BONDS AUTHORIZED.DAYTON, Montgomery County, Ohio.
On Dec. 18 an ordinance was passed authorizing the issuance of $25,000
Park and Playground bonds. Denom. $1,000. Date Feb. 1 1919.
5%
Int. semi-ann. Due June 1 1944. E. L. Pletcher is Acting City Clerk.
DELTA COUNTY COMMON SCHOOL DISTRICT NO. 40, Tex.
-3700 5% bonds were placed with the State of Texas
BONDS SALE.
during December at par and interest.
-BOND OFFEREAST LIVERPOOL, Columbiana County, Ohio.
-John Stamm, City Auditor, will receive proposals until 12 m.
ING.
Jan. 22 for the following 5% 1-5-year serial street special assessment
Improvement bonds:
$942 44 McKinnon St. impt. bonds.
559 45 Jackson & Baum Streets impt. bonds.
1,161 48 East Sixth St. impt. bonds.
Date July 1 1918. Int. ann. Cert. check on a solvent bank for 5%
of the bonds bid for, payable to the City Treasurer, required. • Bonds
to be delivered and paid for within 5 days from time of award. Purchaser
to pay accrued int.
-On
-BOND SALE.
FAYETTE COUNTY (P. 0. Uniontown), Pa.
-were awarded
-V. 107, p. 2392
-year bonds
Dec. 28 the $94,000 4%% 10
for $95,538, equal to 101.636.
to the Mellon National Bank of Pittsburgh
Other bidders were:
$94,845 06
$95,532 00 National City Co
A. B. Leach & Co
94,799 94
Wm. R. Compton Co..___ 95,287 80 Harris, Forbes & Co
94,417 00
Glover & Mac Gregor____ 95,002 00 A. B. Sperry & Co
80
94,898
Lyon, Singer & Co
-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-10-year serial Franklin County Memorial
On Dec. 30 the $10,000 5% 2
Building improvement bonds, dated Jan. 1 1919 (V. 107, p. 2306) were
awarded to the Provident Trust & Savings Bank of Cincinnati at 101.07.
Other bidders were:
W.L. Slayton & Co., T0l_$10,086 00 Durfee, Niles & Co., T0l_$10,035 00
Hanchett Bond Co., Chi_ 10,067 75 Seasongood & Mayer,Cin. 10,031 00
Stacy & Braun, Cincinnati 10,019 51
Wm. R. Compton Investment Co., Cincinnati__ 10,052 90 Sidney Spitzer & Co., Tol. 10,011 10
Ohio Nat. Bank, Columb. 10,052 80
-The other bids received
-BIDS.
FREEPORT, Nassau County, N. Y.
for the $35,000 3-14-year serial coupon (with privilege of registration) refunding water bonds, awarded on Dec. 26 to H. A. Kahler & Co. of N. Y.,
at 100.09 for 4.60s (V. 107, p. 2491), were:
Bid.
Interest Rate.
100.082
4.60%
Harris, Forbes & Co
100.188
4.65%
Farson, Son &
100.07
4.65%
Geo. B. Gibbons & Co
100.50
4.75%
Hornblower & Weeks
GARRETTSON, Minnehaha County, So. Dak.-BOND OFFERING.
until Jan. 24 for $10,000 5% water-system-Proposals will be received
extension bonds. Due Jan. 1 1939.
GIDDINGS COUNTY INDEPENDENT SCHOOL DISTRICT Tex.
-$7,500 5% school bonds have been issued by this district.
-BOND SALE.
The State of Texas took the bonds at par and interest during December.
GIRARD SCHOOL DISTRICT (P. 0. Girard), Trumbull County,
-An election will be held Jan. 6, it is stated,
-BOND ELECTION.
Ohio.
to vote on a proposition to issue $60,000 school bonds.
-A
-TEMPORARY LOAN.
GLOUCESTER, Essex County, Mass.
temporary loan of $50,000 issued in anticipation of revenue, dated Jan. 3
1919 and maturing Nov. 17 1919, has been awarded, it is stated, to the
Gloucester Safe Deposit & Trust Co. of Gloucester on a 4.15% discount
basis, plus a premium of $6.
GREENVILLE SCHOOL DISTRICT (P. 0. Greenville), Greenville
-According to re-BOND ELECTION PROPOSED.
County, So. Caro.
ports this district is contemplating the holding of an election to vote on a
proposItion to issue $150.000 bonds.
HALE COUNTY COMMON SCHOOL DISTRICT NO. 7, Tex.
-The State of Texas during the month of December purBOND SALE.
chased at par and interest an issue of $7,000 5% school bonds.
HALE COUNTY COMMON SCHOOL DISTRICT NO. 10, Tex.
-During the month of December the State of Texas purBOND SALE.
chased at par and interest $6,000 5% bonds.
HALE COUNTY COMMON SCHOOL DISTRICT NO. 18, Tex.
-The State of Texas purchased at par and interest during
BOND SALE.
December $1,600 5% school bonds.
HALE COUNTY COMMON SCHOOL DISTRICT NO. 32, Tex.
-This district sold to the State of Texas during December
BOND SALE.
an issue of $1,000 5% school bonds at par and interest.
-BOND SALE.-DurIng November
HAMBURG, Erie County, N. Y.
Geo. B. Gibbons & Co., of N. Y., were awarded $38,400 5% Judgment
bonds at 104.27. Date .an. 11919. Int. J. & J. Due $2,400 yearly on
Jan. 1 from 1923 to 1938 incl.
-NO ACTION YET
HARRIS COUNTY (P. 0. Houston), Tex.
-We are advised that no action has yet been taken looking
TAKEN.
-V.107,
towards the issuance of the $400,000 road bonds recently approved.
-but it is probable that the local sinking funds will take care of
p. 2303
them.
HIDALGO COUNTY COMMON SCHOOL DISTRICT NO.6, Tex.
-This district sold to the State of Texas an Issue of $5,000
BOND SALE..
5% school bonds at par and interest during the month of December.
HOLLANSBURG VILLAGE SCHOOL DISTRICT (P. 0. Hollans.
-On Dec. 27 the $1,100
-BOND SALE.
burg), Darke County, Ohio.
6% 1-11-year serial transportation bonds (V. 107, p. 2392) were awarded
to W. L. Slayton Lk Co. of Toledo for $1,113 97, equal to 101.27. Durfee,
Niles & Co., also of Toledo, bid $1,115 80 and, although this bid appears
higher than the one upon which the bonds were awarded, it was so reported
to us by T. J. Davis, Clerk, Board of Education.
HOPKINS COUNTY COMMON SCHOOL DISTRICT NO.53,Tex.
-An issue of $1,400 5% bonds was awarded during the
BOND SALE.
month of December to the State of Texas at par and interest.
-The sale of the
-BOND SALE POSTPONED.
JERSEY CITY, N. J.
school bonds offered on Jan. 3 (V. 107, p. 2393) has been postponed until
Jan. 21 and the sale of the general impt. bonds also offered on Jan. 3 has
been indefinitely postponed. The following, taken from the Hudson
"Observer" of Dec. 31, appears to be the reason for the postponement:
"Supreme Court Justice Swayze on Dec. 30 granted a writ of certiorari
to take to the Supreme Court for review the ordinance passed by the
Jersey City Commission calling for the floating $2,382,000 4q% serial
bonds. This will prevent Director of Revenue and Finance James G.
Gannon Jr. from receiving on Jan. 3 any bids for the proposed bonds for
general and current purposes. Application to have $1.603,000 proposed
school bonds included in the writ were denied by the Court. The bonds
for general and current purposes, it was pointed out, should be included in
the regular budget."
[VOL. 108.
-On Dec. 30
-BOND SALE.
JOHNSTOWN, Cambria County, Pa.
the $200,000 43 % 10-year tax-free sanitary sewer, garbage disposal and
highway impt. bonds of 1918 (V. 107, p. 2206) were awarded to Biddle
& Henry of Philadelphia at 101.280. Denom. $1,000. Date Sept. 2
1918. Int. M. & S.
-The City Sinking Fund has
KANSAS CITY, Mo.-BOND SALE.
purchased $100,000 5% Union Approaches Station bonds, it is reported.
-During December H. A. Kohler
-BOND SALE.
KENMORE, N. Y.
& Co. of New York were awarded $7,692 5% 1-5-year serial paving bonds.
Int. semi-annual.
KENMORE SCHOOL DISTRICT(P.O. Kenmore),Summit County,
-An election will be held Jan. 21 to vote on
-BOND ELECTION.
Ohio.
a proposition to issue $140,000 school system impt. bond, it is said.
KOSSUTH SCHOOL DISTRICT (P. 0. Corinth), Alcorn County,
-Proposals will be rceived by 0. M. }Tinton,
-BOND OFFERING.
Miss.
Clerk Board of County Supervisors, until 2 p. m. Jan. 7 for $6,000 coupon
tax-free school bonds not to exceed 6% int. Auth. Chap. 172, Acts of
1918. Denom. $100. Date Jan. 11919. Semi-ann. int. (J. & p.) payable in New York or Chicago. Due $300 yearly beginning Jan. 1 1920.
Cert. check for $500, payable to the above Clerk, required. Bonded debt
Dec. 26 1918, this issue only ($6,000). There is neither floating debt
nor sinking fund. Assessed valuation, $131,367. Tax rate (per $1,000)
$19.25.
LAMAR COUNTY COMMON SCHOOL DISTRICT NO. 2, Tex.
-This district in December put out $1,500 5% bonds.
BOND SALE.
They went to the State of Texas at par and interest during December.
LAMAR COUNTY COMMON SCHOOL DISTRICT NO. 13, Tex.
-$2,500 5% school bonds went to the State of Texas at par
BOND SALE.
and interest during December.
LAMAR COUNTY COMMON SCHOOL DISTRICT NO. 14, Tex.
-$3,800 5% school bonds were taken by the State of Texas
BOND SALE.
at par and interest during December.
LAMAR COUNTY COMMON SCHOOL DISTRICT NO. 62, Tex.
-$2,000 5% school bonds were placed with the State of
BOND SALE.
and interest.
Texas during December at par
LAMAR COUNTY COMMON SCHOOL DISTRICT NO. 69, Tex.-.
-During December $1,000 5% school bonds were taken by
BOND SALE.
the State of Texas at par and interest.
-On Dec. 23 the
-BOND SALE.
LAUREL, Jones County, Miss.
Hanchett Bond Co. of Chicago was awarded $5,000 6% 20-year refunding
for $5,327, equal to 106.52. Denom. $500. Date Jan. 1
school bonds
1919. Int. J. & J. Due Jan. 1 1939.
LEON COUNTY COMMON SCHOOL DISTRICT NO. 8, Tex.
-$600 5% school bonds were taken by the State of Texas
BOND SALE.
at par and interest during December.
-On Oct. 2
-BOND SALE.
McINTOSH COUNTY(P.O. Darien), Ca.
John Nuveen & Co. of Chicago were awarded $48,000 6% road bonds for
Denom. $1,000. Date Nov. 1 1918. Int.
and in
$49,085 (102.26)
M.& N. Due $2,000 yearly on Nov. 1 from 1919 to 1942, Inch
-BOND OFFERING.MACANESE, Crow Wing County, Minn.
Sealed bids will be received until 8 p. m.Jan. 24 by I. C. Dimmick, Village
Clerk, for $30,000 6% coupon water-works bonds. Denom. $500. Date
Oct. 11918. Interest semi-annual. Due $10,000 in 10, 15 and 20 years.
Certified check for 1% of the amount of bonds bid for, payable to the
Village Treasurer, required.
MASON AND McCULLOCH COUNTIES COMMON SCHOOL
-During December $8,000 5%
-BOND SALE.
DISTRICT NO. 4, Tex.
school bonds were taken by the State of Texas at par and interest.
MATAGORDA COUNTY COMMON SCHOOL DISTRICT NO, 3,
-This district in December put out $3,500 5% school
-BOND SALE.
Tex.
bonds. They went to the State of Texas at par and interest.
MATAGORDA COUNTY COMMON SCHOOL DISTRICT NO. 9,
-An issue of $2,000 5% school bonds was awarded
-BOND SALE.
Tex.
during December to the State of Texas at par and interest.
-BOND
MATAGORDA COUNTY COMMON SCHOOL NO. 14, Tex.
SALE.
-$2,500 5% school bonds went during December to State of Texas
par and interest.
at
-Sealed bids
-BOND OFFERING.
MAUMEE, Lucas County, Ohio.
will be received by Henry E. Geiger, Village Clerk, until 12 m. Jan. 27
for $10,000 6%, coupon refunding bonds. Denom. $500. Date Jan. 1
1919. Prin. and semi-ann. int. (J. & J.) payable at the Village Treasurer's
office. Due Jan. 1 1929.. Cert. check (cash or New York draft properly
endorsed) on a bank in Lucas County, for not less than 3% of the bonds
bid for, payable to the Village Treasurer, required. All bids must be
unconditional.
MEDICINE CREEK DRAINAGE DISTRICT, Livingston County,
-G. H. Walker & Co. of St. Louis have purchased an
Mo.-BOND SALE.
% drainage bonds. Denoms. $1,000 and $500.
issue of $160,000
Date Sept. 2 1918. Prin. and semi-ann. int. (M. & N.) payable at the
St. Louis Union Trust Co. of St. Louis. Due yearly on May 1 from 1922
to 1938 incl. Estimated assessed valuation $625,000.
-BOND OFFERING.-'-Louis
MIDDLETOWN, Buller County, Ohio.
T. Nein, City Auditor, will receive bids until 12 m.Jan. 23 for the following
two issues of 5%% bonds, aggregat ng $9,928:
$4,928 sidewalk curb and gutter bonds. Auth., Sections 3865 and 3914.
Gen. Code. Denom. $492 80.
5.000 Third Street resurfacing bonds. Auth. Sec. 3939. Denom. $500.
Date Jan. 1 1919. Interest sem -annual, payable at the National Park
Bank, New York. Due yearly. beginning Jan. 11920. Cert fled chock on
some solvent bank for $100, required. Bonds to be delivered and paid
for within ten days from time of award. Purchaser to pay accrued interest.
MILAM COUNTY COMMON SCHOOL DISTRICT NO. 81, Tex.
BOND SALE -During December $3,500 5% school bonds were placed
with State of Texas at par and interest.
MILLE LACS COUNTY INDEPENDENT SCHOOL DISTRICT
-On Dec. 20 the Minnesota Loan &
-BOND SALE.
(P.0. Milaca), Minn.
Trust Co. of Minneapolis purchased for $25,750, equal to 103.00, an issue
of $25,000 6% 15-year refunding bonds offered on that date. Denom.
$1,000. Date Dec. 1 1918. Int. J. & De Due Dec. 1 1933.
-BOND SALE.
MONTAGUE COUNTY (P. 0. Montague), Tex.
On Dec. 2 the $200,000 5% road bonds (V. 107, p. 2025) were purchased,
it is stated, by Halsey, Stuart & Co. of Chicago.
MOOREHEAD INDEPENDENT SCHOOL DISTRICT NO. 2 (P. 0.
-We are advised that
-BOND SALE.
Moorehead), Clay County, Minn.
the $150,000 high-school bonds mentioned in V. 106, p. 207 have been
placed with the State of Minnesota.
-On
-BOND SALE.
MOORESVILLE, Iredell County, No. Caro.
-year serial
Dec. 9 Prudden & Co. of Toledo were awarded $12.650 6% 1-10
street impt. bonds for 312,812, equal to 101.28.
MORRILTON SEWER IMPROVEMENT DISTRICT NO. 2 (P. 0.
-On Dec. 30 the
-BOND SALE.
Morrilton), Conway County, Ark.
-year serial sewer construction bonds (V. 107, p. 2393)
$22,000 6% 1-20
were awarded to S. R. Morgan & Co.at 102.25. Denom.$500 and $1,000.
Date Jan. 11918. Int. J. & J. Other bidders were:
98.018
101.00ranchett Bond Co
W. W. Elkins
100.00 Bankers Mtge. Co., St. Louis_96.50
Lesser Goldman Co
98.10
Edgar J. Hahn
MOUNT VERNON, Westchester County, N. Y.-IfOND
On Dec. 31 the $45,000 5% 1-15-year serial registered refunding bonds,
dated Jan. 1 1919 (V. 107, p. 2492) were awarded to Rolnick, Hodges &
Co. of N. Y. at 103.05 and interest.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 9 (P. 0.
-20-year (opt.) coupon
-The $4,600 5
-BOND SALE.
Musselshell), Mont.
school-building bonds, offered on Dec. 19, (V. 107, p. 2307) were awarded
that day to the Merchants Loan Co., of Billings, at par plus a bonus of
on
$50 for 6s.
-BOND SALE.
-During
NEW HAVEN, New Haven County, Conn.
December R. L. Day & Co. of Boston and H. C. Warren & Co. of New
% sewer bonds. Date Dec. 1
Haven were awarded jointly $300,000
1918. Int. J.& D. Due $100,000 yearly on Dec. 1 from 1946 to 1948 incl.
95
THE CHRONICLE
JAN. 4 1919.]
-BOND OFFER- Delafield & Longfellow of New York City, that the bonds are binding and
NEW KENSINGTON, Westmoreland County Pa.
the village of Ridgefield Park. The bonds will be
ING -Proposals will be received by W. N. Jenkins. Sec'y of Council, legal obligations ofsupervision of U. S. Mortgage & Trust Co., which will
impt. bonds. Denom. $1,000. prepared under the
until 8 p. m. Jan. 21 for $25,000 4%
1)%te Dec. 30 1918. Due $5,000 on Dec. 30 in 1928, 1938 and 1943 and certify as to the genuineness of the signatures of the officers and the seal
$10,000 Dec. 30 19V. Cert. check for $200, payable to the "Borough impressed thereon.
Financial Statement December 1 1918.
cof New Kensington, required.
$6,850,774
Assessed valuation 1918
-On Bonded debt, including these issues
-NOTE SALE.
NORFOLK COUNTY (P. 0. Dedham), Mass.
$238,500
142,424
Dec. 31 S. N. Bond & Co. of N. Y. were awarded at 100.4431 and interest Sinking fund
tax-free tuberculosis hospital notes, dated Jan.
the $50,000 5% coupon
$96,076
1 1919 and maturing Dec. 1 1919.-V. 107, p. 2492.
Net bonded debt
199,626
Floating debt
-CERTIFICATE SALE.NORWICH, Chenango County, N. Y.
the National Bank of Norwich has purchased $5,206 78
It is reported that
$295,702
Total debt
ann.
-year (aver.) paving certificates at par. Int.
5% 2
Tax rate per thousand
7 00
$31 6
OCHO IRRIGATION DISTRICT (P. 0. Prineville), Crook County, Population 1915
7,500
-Proposals will be received until 12 m. Jan. 13, Population 1918, estimated
-BOND OFFERING.
Ore.
It is stated, by B. A. Sordal, Secretary Board of Directors, for $200,000
ROBERTSON COUNTY COMMON SCHOOL DISTRICT NO. 7,
not exceeding 6% interest. Interest semi-annual. Tex.
Irrigation bonds, at
-During December $5,000 5% school bonds were
-BOND SALE.
Certified check for 5% required.
purchased at par and interest by the State of Texas.
-BOND SALE.
OKMULGEE COUNTY (P. 0. Okmulgee), Okla.
ROBERTSON COUNTY COMMON SCHOOL DISTRICT NO. 22,
-year funding bonds, it is re- Tex.
This county has disposed of $150,000 6% 20
-BOND SALE.
-$1,200 5% school bonds were purchased at par and
ported. Denom. $1.000. Int. semi-annual.
interest by the State of Texas during December.
-Reports
-BONDS PROPOSED.
OXFORD, Oakland County, Mich.
ROBERTSON COUNTY COMMON SCHOOL DISTRICT NO. 16,
state that the town is considering the issuance of$50,000 electric-light bonds Tex.
-BOND SALE.
-$3,200 5% school Bonds have been issued by this
-BOND OFFERING. district. The State of Texas took the bonds at par and interest during
PALO PINTO COUNTY(P.O.Palo Pinto),Tex.
bids will be received until Jan. 13 by W. December.
-Reports state that sealed
% 2-30-year serial road bonds.
E. Smith, County Judge, for $50,000
-BOND ELECTION
ROCKWALL COUNTY (P. 0. Rockwall), Tex.
- PROPOSED.
-Reports state that this county is contemplating the holding
PARKER COUNTY COMMON SCHOOL DISTRICT NO. 86, Tex.
district in December put out $700 5% school bonds. of an election to vote on the question of issuing $500,000 road bonds.
-This
BOND SALE.
They went to the State of Texas at par and interest.
-On
-BOND SALE.
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND OFFERING.
-John Dec. 26 the $63,000 5% coupon water, light and power-plant purchasing
PATERSON, Passaic County, N. J.
G. Brophy, Clerk of the Board of Finance, will receive bids until 4 p. m. bonds (V. 107, p. 22075. were awarded to Seasongood & Mayer of CinJan. 23, it is stated, for the following bonds not to exceed the amounts cinnati for $63,065 (100.103) and interest. Date Dec. 15 1918. Due as
sewer $42,200 4% improvement and $31,- follows: $1,000 yearly on Oct. 1 from 1924 to 1934 inclusive, and $1.000
mentioned: $594,820 4
each six months from April 1 1935 to Oct. 1 1954, inclusive. There were
548 4%% hospital bonds. Cert. check for. 2% required.
no other bidders.
PAULDING SCHOOL DISTRICT (P. 0. Paulding), Paulding
-We are
28 an issue of $10.000 6%
ST. CLAIR COUNTY (P. 0. Osceola), Mo.-BOND SALE.
-On Dec.
-BOND SALE.
County, Ohio.
-year serial funding bonds was awarded to Otis & Co. of Cincinnati advised that the $585,000 5% bonds voted Sept. 28 (V. 107, p. 1401)
1-20
equal to 106.50. Denom. $500. Date Dec. 1 1918. Int. will be delivered to judgment creditors.
for $10,650,
J. & D.
-BOND SALE
SANGER INDEPENDENT SCHOOL DISTRICT,Tex.
-BOND OFFERING.
- -$500 5% school bonds were placed last month with the State of Texas
PINELLAS COUNTY(P.O. Clearwater), Fla.
J. N. Smith, Chairman of the County Board a Commissioners, will receive at par and interest.
bids, it is reported, until 11 a. m. Jan. 20 for $100,000 53% 20-year road
-BOND OFFERSAN JOAQUIN COUNTY (P. 0. Stockton), Calif.
and bridge bonds.
-Reports state that proposals will be received until 2 p. m. Jan. 9 by
ING.
PORTLAND SCHOOL DISTRICT NO, 3 (P. 0. Portland), Ionia W. C. Neumiller, County Treasurer, for $500,000 reclamation bonds.
-At an election held Dec. 26 a ro- Cert. check for 10% required.
-BONDS VOTED.
County, Mich.
position to Issue $100,000 school bonds carried by a vote of 250 "for' to
SAN PATRICIO COUNTY COMMON SCHOOL DISTRICT NO. 2,
"against." C. R. Crane is Secy. School Board.
89
-BOND SALE.
-The State of Texas was awarded at par and interest
Tex.
-DESCRIPTION OF BONDS.
- during December $11,500 5% school bonds.
PRINEVILLE, Crook County, Ore.
-year tax-free gold municipal bonds, reported sold in
The $85,000 6% 1-20
-On
SARGENT COUNTY (P.O. Forman), No. Dak.-BOND SALE.
V. 107, p. 2308, are in denoms. of $1,000 and dated Oct. 1 1918. Prin.
bonds offered as 7s
Oct. 8 the
and semi-ann. int. (A. & 0.) payable at the Fiscal Agency of the State of awarded to$127,020 drainage Dakota at par for(V. 107, p. 1401), were
4s.
the State of North
Oregon.
Financial Statement.
SHELBY COUNTY COMMON SCHOOL DISTRICT NO. 4, Tex.
$1,450,000 BOND SALE.
Real valuation, estimated
-An issue of $3,000 5% school bonds was sold during
$285,000 December to the State of Texas at par and interest.
Total bonded debt, all purposes
Population, officially estimated
1,
500
SHELBY COUNTY COMMON SCHOOL DISTRICT NO, 40, Tex.
-BOND OFFER- BOND SALE.
REDWOOD COUNTY (P.O. Redwood Falls), Minn.
-During December this district placed $1,500 5% school
-Bids will be received by L. P. Larson, County Auditor, until 2 bonds with the State of Texas at par and interest.
ING.
-20
p. m. Jan. 8 for $90,000 5 -year serial ditch bonds. Cert. check for
SOUTH SAN JOAQUIN IRRIGATION DISTRICT (P.O. Manteca)
$1,000 required.
San Joaquin County, Calif.
-BOND ELECTION PROPOSED.
-An
Financial Statement.
election will be held in the near future, it is stated, to vote on a proposition
valuation for 1918
$20,897,433
Redwood County assessed
to issue $500.000 improvement bonds.
$986,000
Outstanding ditch bonds
175,000
Outstanding road bonds
TRAILL COUNTY (P. 0. Hillsboro), No. Dak.-BOND SALE.
On May 21 the $11.498 40 15
-year Hillsboro No. 26 construction bonds
1,161,000 (V. 106, p. 2148) were awarded at par for 4s to the Board of University
Total bonded indebtedness
- and School Lands of North Dakota.
-BOND OFFERING.
RIDGEFIELD PARK, Bergen County, N. J.
Additional information is at hand relative to the offering on Jan. 7 of the
UPSHUR COUNTY COMMON SCHOOL DISTRICT NO. 13, Tex.
following two issues of coupon (with privilege o. registration) bonds BOND S4LE.-$300 5% school bonds have been issued by this district.
aggregating $38,000 (not $46,000 as first reported-V. 107, p. 2393). The State of Texas took the bonds at par and interest during December.
will be received by M.D. Starker, Village Clerk,
Proposals for these bonds
-BOND SALE.
-On Dec. 10 the
WARSAW, Duplin County, N. C.
until 9 p. m. on that date:
$34,000 assessment bonds. Due $4,000 yearly on Aug. 1 from 1919 to $12,0006% public utility bonds(V. 107, p. 2116) were awarded. It is stated,
to Prudden & Co. of Toledo for $12,067 equal to 100.558. Due first $4,000
1926, incl., and $2,000 Aug. 1 1927.
4,000 general improvement bonds. Due $500 yearly on Aug. 7 from as follows: $500 ann. on Sept. 1 from 1920 to 1927 mci. Remaining
$8.000 due $500 yearly on Sept. 1 from 1920 to 1935 incl.
1920 to 1927, incl.
-BOND OFFERPr Denom. $1,000 & $500. Date Aug. 1 1918. Prin. and semi-ann. int.
WASHINGTON PARISH (P. 0. Franklinton), La.
The ING.
-Sealed bids will be received, according to reports, until 12 m.
(F. & A.) payable at the First Nat. Bank of Ridgefield Park.
successful bidder will be furnished with the opinion of Messrs. Hawkins, Feb. 7 by the President of the Police Jury for $500,000 5% road bonds.
,6
FINANCIAL
Foreign Exchange Department
Letters of Credit Negotiated
Arrangements can be made for
the importation of merchandise
through the use of dollar acceptances.
FINANCIAL
RUTTER /11, CO.
2 WALL STREET
NEW YORK
J. Wood Rutter, formerly of the firm of RUTTER & REAM,
and Rutherford Hopkins, formerly with Abbott, Johnson & Company, take pleasure in announcing that they have this day formed
the firm of RUTTER & CO.,at the above address, to deal in bonds
and high-grade investment securities.
Capital and Surplus, $2,250,000
OFFICES
Flatbush
Market & Fulton
81-83 Fulton St.
New York
New Utrecht
January 2nd, 1919
Telephone-Rector 470
839 Flatbush Ave.
Brooklyn
Eighth Street
J. Wood Rutter
Rutherford Hopkins
.0.1.1•••••••••••••••=1
B'way & 8th St. New Utrecht Avw.& 54th St.
Brooklyn
New York
Aetna
Long Island City
92 West B'way
New York
Bridge Plaza
Long Island City
Irving Trust Company
FRAIDERIO G. LEE,
Woolworth Building
New York
111thitoisTrutsit&SavingsBank
CHICAGO
Capital, Surplus and Undivided Profits
$16,400,000
Pays Interest on Time
Has on hand at all times a variety of exDeposits, Current and Reserve
°client securities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bonds.
96
THE CHRONICLE
[Vol.. 108.
WEST PARK, Cuyahoga County, Ohio.
-BOND OFFERING.
-J. J.
Hayes, Village Clerk, will receive bids until 12 m. Jan. 20 for $9,200 5%
coupon special assessment bonds. Denom. $1,000 (1 for $200). Date
Jan. 15 1919. Interest semi-annual. Due $1,000 yearly on Jan. 15 from
1920 to 1928, inclusive, and $200 Jan. 15 1929. Certified check on a bank
other than the one making the bid, for 5% of the bonds bid for, payable to
the Village Treasurer, required. Bonds to be delivered and paid for
within fifteen days from time of award.
•
WESTON VILLAGE SCHOOL DISTRICT (P. 0. Weston), Wood
County, Ohio.
-BOND OFFERING.
-Proposals will be received until
1 p. m. Jan. 7 by the Clerk Board of Education. for $4,200 6% coupon
school bonds. Auth. Sec. 7629, Gen. Code. Denom. 1 for $200 and 8 for
$500. Date Oct. 1 1918. Interest semi-annual (A. & 0.), payable at the
office of the above Clerk. Due each six months beginning April 1 1920.
Certified check on some solvent bank in Wood County for 10% of the
amount of bonds bid for, payable to the Clerk Board of Education, required.
WISE COUNTY COMMON SCHOOL DISTRICT NO. 2, Tex.
BOND SALE.
-$1,200 5% school bonds went during December to the
State of Texas at par and interest.
WISE COUNTY COMMON SCHOOL DISTRICT NO. 39, Tex.
BOND SALE.
-The State of Texas was awarded at par and interest during
December $3,000 5% school bonds.
WOOD COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Coteau),
No. Dak.-BOND SALE.
-On Nov. 23 the State of North Dakota purchased at par the $11,000 4% 30
-year school bonds voted on May 25V. 106, p. 2777. Denom. $1,000. Date Aug. 15 1918. Int. J. & J.
Optional on any interest paying date.
YOUNGSTOWN, Mahoning County, Ohio.
-BONDS AUTHORIZED.
-On Dec. 12 an ordinance was passed by the City Council authorizing the issuance of $32,000 5% coupon street
-improvement (city's share)
bonds. Denom.$1.000 or in such other denominations as the purchasers of
said bonds desire. Date Feb. 20 1919. Interest semi-annually, payable at
the office of the Sinking Fund Trustees. Due $4,000 yearly on Oct. 1
from 1920 to 1927. inclusive.
YUBA CITY, Sutter County, Calif.
-BOND SALE.
-On Nov. 11 an
issue of $8,726 02 7% 2
-11-year serial paving bonds was awarded at par to
the Federal Construction Co. Denom. $500, $250, $122 60. Date
Oct. 21 1918. Int. J. & J. Due $872 60 yearly from 1920 to 1929, incl.
BARTON TOWNSHIP (P. 0. Hamilton), Ont.-DEBENTURE
SALE.
--On Dec. 26 Wood, Gundy & Co., of Toronto, were awarded four
Issues of 53 % and 6% bonds,aggregating $66,355 15,for $67,961. Denom.
,5
$1,000. Interest semi-annual. Due in 10, 20 and 30 Years.
CABR1C, Sask.-DEBENTURES AUTHORIZED.-AceordIng to reports, this town has been authorized to issue $4,000 10-year fire apparatus
and water supply debentures at an interest rate not to exceed 8%. Thos.
Bell is Town Secretary-Treasurer.
CALGARY, Alta.
-TEMPORARY LOAN.
-It is reported that the Molsons Bank of Canada has loaned at 6% interest, $500,000 to Calgary for
the liquidation of the balance of a loan raised in the United States.
CHATHAM, Ont.-DEBENTURE SALE.
-On Dec. 18 A. E. Ames &
Co. purchased an issue of $67,0006% 20-installment debentures, it is stated.
DUNDAS, Ont.-DEBENTURE SALE.
-On Dec. 18 Brent, Noxon &
Co. purchased, it is stated, $27,000 6% 20-installment debentures.
DUNNVILLE, Ont.-DEBENTURES PROPOSED.-Counell proposes
to issue $12,500 hydro-electric debentures, it is reported.
ECLIPSE SCHOOL DISTRICT, Sask.-DEBENTURE SALE.
-The
Canada Landed & National Investment Co. of Winnipeg purchased during
December $2,500 school debentures.
HANLEY SCHOOL DISTRICT, Sask.-DEBENTURE SALE.
-An
issue of $3,000 school debentures has been sold locally, it is reported.
McMASTERVILLE, Que.-DEBENTURE SALE.
-An issue of $30,000
6% 5-year debentures has been purchased by the Credit Canadien, Inc,. of
Montreal, it is reported.
MOUNT FOREST, Ont.-DEBENTURE SALE.
-It is reported that
Turner, Spragge & Co. purchased on Dec. 23 $6,000 5 % 28 installment
debentures.
NEW TORONTO, Ont.-DEBENTURE SALE.
-G. A. Stirnson & Co.
of Toronto have purchased $3,500 6 % 15 annual installment debentures,
it is reported.
SAINDON, Que.-DEBENTURE SALE.
-The Credit Canadien, Inc.,
of Montreal, has purchased, it is stated, an issue of $41,000 6% 5
-year
debentures.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-DEBENTURES
.AUTHORIZED.
-The Local Government Board has authorized the following school districts to issue bonds to the amounts mentioned: Silver Cliff,
-years not exceeding 8% annuity; F. J. Decker, Valbrand.
$1.500 10
Freeland. $2,600 10 years not exceeding 8% annuity, Wm. Binnington,
Lipton. Lupescu,
BRANTFORD TOWNSHIP (P. 0. Brantford), Ont.-DEBENTURE Cupar. Lonesome $5005 years not exceeding 8% annuity. I. S. Bricker,
Pine, $1,200 10 years not exceeding 8% annuity.
OFFERING.
-Proposals will be received by J. A. Smith, Township Treas., E. D. Shore, Paddling Lake.
until 12 m. Jan.4 for the following 5A % coupon hydro-electric debentures,
THOROLD, Ont.-DEBENTURE SALE.
-Reports state that on
dated Sept. 1 1917
Year
Amount of PrinciYear
Amount of Princi- Dec. 23 Wood, Gundy & Co. purchased $7,500 6% 25-installment debenPayablepal Payable.
Payablepal Payable. tures.
VANCOUVER, B. C.
Sept. 1 1920
-DEBENTURE ELECTION.
$861 86 Sept. 1 1927
-An election wil
$1,253 73
Sept. 1 1921
909 27 Sept. 1 1928
1,322 69 be held Jan. 9 to vote on a proposition to issue $544,000 6% 20-year seria
Sept. 1 1922
959 27 Sept. 1 1929
1,39543 school debentures.
Sept. 1 1923
1,01204 Sept. 1 1930
1,472 19
VERDUN PROTESTANT SCHOOL DISTRICT, Que.-DEBENSept. 1 1924
1,067 70 Sept. 1 1931
1,553 15 TURE SALE.
-It is stated that A. E. Ames & Co., of Toronto, have purSept. 1 1925
1,12642 Sept. 1 1932
1,638 58 chased $100,000 6% 5
-year school debentures. Payable in Now York and
Sept. 1 1926
1,18837 Sept. 1 1933
1,728 70 Montreal.
CANADA, its Provinces and Municipalities.
INSURANCE
$9,000
ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 25th, 1918.
The Trustees, in conformity with the Charter of the Company,submit the following statement of its affairs on the
31st of December, 1917.
ge'
The Company's business has been confined to marine and inland transportation insurance.
•
Premiums on such risks from the 1st January, 1917, to the 31st December, 1917
$11,105,619.46
Premiums on Policies not marked off 1st January, 1917
1.135,785.43
Total Premiums
$12.241,404.89
Premiums marked off from 1st January, 1917, to 31st December, 1917
fi:111,T361791
Interest on the investments of the Companyreceived during the year $404,411.15
Interest on Deposits in Banks and Trust Companies, etc.
t. 126,991.53
Rent received less Taxes and Expenses
93,474.66 $ 624,877.34
Losses paid during the year
$3,513,853.20
Leas: Salvages
$336,896.32
Re
-insurances
503,857.68 $ 840,754.00
$2,672,899.20
Re
-Insurance Premiums and Returns of Premiums
- -79T37 10:
11
- 8
7 .
Expenses, Including compensation of officers and clerks, taxes, stationery,
advertisements, etc.
857,596 09
A dividend of interest of Six per cent. on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the fifth of February next.
The outstanding certificates of the issues of 1915 and of 1916 will be redeemed and paid to the holders
thereof, or their legal representatives, on and after Tuesday the fifth of February next,from Which date all
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent.is declared on the earned premiums of the Company for the year ending
31st December, 1917, which are entitled to participate in dividend, for which, upon application, certificates
will be issued on and after Tuesday the seventh of May next.
By order of the Board.
EDMUND L. BAYLIES,
G. STANTON FLOYD-JONES, Secretary.
TRUSTERS.
HERBERT L. GRIGGS
SAMUEL T. HUBBARD,
LEWIS CABS LEDYARD.
WILLIAM H. LEFFERTS.
CHARLES D. LEVERICH,
NICHOLAS F. PALMER,
WALTER WOOD PARSONS.
CHARLES A. PEABODY,
ANTON A. RAVEN,
JOHN N. BEACH,
JOHN J. RIKER,
NICHOLAS BIDDLE,
DOUGLAS ROBINSON,
JAMES BROWN,
JUSTUS RUPERTI
JOHN CLAFLIN,
WILLIAM JAY SCHIEFFELIN,
GEORGE C. CLARK,
SAMUEL SLOAN,
FREDERIC A. DALLETT,
WILLIAM SLOANE,
CLEVELAND H. DODGE,
LOU STERN,
CORNELIUS ELDERT,
WILLIAM A. STREET
RICHARD H. EWART,
JAMES H. POST,
GEORGE E. TURNURE.
G.STANTON FLOYD-JONES, CHARLES M.PRATT.
GEORGE C. VAN TUYL, Jr.
PHILIP A.S. FRANKLIN.
DALLAS B.PRATT,
RICHARD H. WILLIAMS.
A. A. RAVEN, Chairman of the Board.
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 2d Vice-President.
WILLIAM D. WINTER,3rd Vice-President.
A SSE'7'S.
LIABILITIES.
United States and State of New York
Estimated Losses and Losses Unset$ 1,185,000.00
Bonds
$ 4,432,959.08
tled In process of Adjustment
City of New York and
Stock of the
Premiums on Unterminated Risks_ _ _ 1,089.550.06
Stocks of Trust,Companies &Banks 1,445,550.00 Certificates of Profits and Interest
Stocks and Bonds of Railroads
3,287,129.85
Unpaid
301,406.75
Other Securities
305,410.00 Return Premiums Unpaid
121,989.96
Special Deposits in Banks and Trust
Taxes Unpaid
500,000.00
Companies
3,000,000.00 Re
-insurance Premiums on TermiReal Estate cor. Wall Street, William
nated Risks
365,667.8/
Street and Exchange Place___
3,900,000.00 Claims not Settled, including ComReal Estate on Staten Island (field
pensation, etc.
183,517.10
under provisions of Chapter 481.
Certificates of Profits Ordered ReLaws of 1887)
75,000.00
deemed. Withheld for Unpaid PrePremium Notes
1,009,577.74
miums
22,750.10
Bills Receivable
1,038,460.86 Income Tax Withheld at the Source
3,135.96
Note Receivable
6,122.26 Certificates of Profits Outatanding
5,722,500.00
Cash in hands of European Bankers
to pay losses under policies payable
Balance
5,318,322.55
in foreign countries
598 675.67
Cash in Bank and in Office
2,187.198.87
letatutory Deposit with the State of
Queensland, Australia
4,765.00
$18,041.890.25
$18,041,890.25
Balance brought down
$5,318,322.55
Accrued Interest on the 31st day of December, 1917, amounted to
Si 75,724.00
Rents due and accrued on the 31st day of December, 1917, amounted to
i 22,201,50
Re-insurance due or accrued, in companies authorized in New York, on the 31st day , f
December, 1917, amounted to
$ 583,467.92
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island ob
In excess of the Book Value given above, at
8 63,700.00
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by
On the basis of these Increased valuations the balance would be
$2,303,887.87
$8,367,303.84
CITY OF WOLF POINT, MONTANA
6% WATER BONDS
NOTICE IS HEREBY GIVEN of intention
to issue and sell $9.000 Water, 8%. 20 year,
optional after ten years, bonds of the City of
Wolf Point, Montana, by the Council thereof.
on MONDAY. THE 7TH DAY OF JANUARY,
A. D., 1919, at the hour of EIGHT O'CLOCK
P. M. to the highest bidder, at the City Hall In
the City of Wolf Point, Montana. Certified
check on a National Bank for $3,000 required.
(Signed) FRANK KENNY,
Clerk.
$14,000
CITY OF WOLF POINT, MONTANA
REFUNDING 6% BONDS
NOTICE IS HEREBY GIVEN of intention
to issue and sell $14,000 Refunding 6%, 20 yr,
optional after ton years, bonds of the City of Wolf
Point, Montana, by the Council thereof, on Monday, the 7TH DAY OF JANUARY, A. D..
1919, at the hour of EIGHT O'CLOCK, P. M.,
to the highest bidder, at the City Hall in the
City of Wolf Point, Montana. Certified check
on a National Bank for $3,000 required.
(Signed) FRANK KENNY,
Clerk.
STONE&WEBSTER
FINANCE public utility developments.
BUY AND SELL securities.
DESIGN steam power stations, hydroelectric developments, transmission
lines, city and interurban railways,
Pe plants, industrial plants and
buildings.
CONSTRUCT either from our own deo
signs or from designs of other engineers or architects.
REPORT on public utility properties,
proposed extensions or new projects.
MANAGE railway,light, power and gao
companies.
.PIEW YORK
BOSTON
CHICA4141)
@FedFRASER